1924 - complete issue (12.3m) - fraser - federal reserve bank of
TRANSCRIPT
ELEVENTH ANNUAL REPORTOF THE
FEDERAL RESERVEBOARD
COVERING OPERATIONS
FOR THE YEAR 1924
WASHINGTONGOVERNMENT PRINTING OFFICE
1925
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CONTENTS
PagePART I. Report of the Federal Reserve Board, with exhibits 1-290PART II. Charts and statistical tables, arranged by Federal reserve
districts 291-449
PART I.TEXT OF REPORT:
Industry and trade in 1924 w 1Growth of member bank credit 2Volume of Federal reserve bank credit 3Currency demand and the reserve banks 6Gold and Federal reserve bank credit 7Demand for gold and for dollar credits 9Discount and open-market policy in 1924 10Earnings, expenses, and volume of operations of Federal reserve banks 12Fiscal agency operations 17Building operations of Federal reserve banks 18Branches and agencies of Federal reserve banks 19Branch banking 19Changes in membership in Federal reserve system 21Banks on par list 22Bank suspensions 23Check clearing and collection 24Trust powers of national banks 27Administration of Clayton Act 29Legislation affecting the Federal reserve system 30Amendments to regulations of the Federal Reserve Board 30Meetings of the Federal Advisory Council 31Conferences held by the Federal Reserve Board 31Board's organization, staff, and expenditures 31
DISCOUNT AND OPEN-MARKET RATES:No. 1. Discount rates—Changes during 1923 and 1924 in Federal
reserve bank rates 33No. 2. Average rates charged by Federal reserve banks on bills dis-
counted 34No. 3. Average rates of earnings on discounted bills held by the Fed-
eral reserve banks 35No. 4. Open-market rates—Changes during 1923 and 1924 in mini-
mum authorized rates of Federal reserve banks on accept-ances bought in open market 36
No. 5. Average rates charged by Federal reserve banks on billsbought in open market 37
No. 6. Average rates of earnings on bills bought in open market andfrom other Federal reserve banks 38
No. 7. Average rates of earnings on bills discounted and on bills pur-chased by each Federal reserve bank, 1916-1924 39
No. 8. Average rates of earnings on United States securities held bythe Federal reserve banks 40
in
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DISCOUNT AND OPEN-MARKET RATES—Continued Pag*
No. 9. Average rates of earnings on total earning assets and on mu-nicipal warrants, Federal intermediate credit bank deben-tures, and foreign loans on gold held by the Federal reservebanks 41
CONDITION OF FEDERAL RESERVE BANKS:
No. 10. Earning assets of all Federal reserve banks combined, 1914r-1924 _' 42
No. 11. Reserves, deposits, and note circulation of all Federal reservebanks combined, 1914-1924 45
No. 12. Resources and liabilities of all Federal reserve banks com-bined on the last day of each month, December, 1923-December, 1924 48
No. 13. Resources and liabilities of ail Federal reserve banks com-bined, by weeks, during 1924 50
No. 14. Cash reserves, deposits, Federal reserve note circulation, andreserve percentages—Daily averages for all Federal re-serve banks combined, by months, 1920-1924 54
No. 15. Earning assets—Average daily holdings of all Federal reservebanks combined, by classes and months, 1920-1924 55
No. 16. Earning assets—Average daily holdings of all classes com-bined, by banks and months 56
Discounted bills—No. 17. Average daily holdings of each Federal reserve bank, by
months 57No. 18. Holdings of each Federal reserve bank on December 31,
1924, by classes 58No. 19. Holdings of all Federal reserve banks combined at the
end of each month, by classes 58No. 20. Holdings of each Federal reserve bank on December 31,
1924, by maturities 59No. 21. Holdings of all Federal reserve banks combined on the
last report day of each month, by maturities 59No. 22. Holdings of bills secured by United States Government
obligations by each Federal reserve bank on De-cember 26, 1923, and December 31, 1924, by classes. _ 60
No. 23. Holdings of bills secured by United States Governmentobligations by all Federal reserve banks combinedon the last report date of each month, by classes 60
Bills bought in open market (bankers' and trade acceptances)—No. 24. Average daily holdings of each Federal reserve bank,
by months 61No. 25. Holdings of bankers' acceptances by each Federal re-
serve bank on December 31, 1924, by classes of accept-ing institutions 62
No. 26. Holdings of bankers' acceptances by all Federal reservebanks combined at the end of each month during1924, by classes of accepting institutions 62
No. 27. Holdings of each Federal reserve bank on December 31,1924, by classes 63
No. 28. Holdings of all Federal reserve banks combined at theend of each month during 1924, by classes 63
No. 29. Holdings of each Federal reserve bank on December 31,1924, by maturities 64
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CONTENTS
CONDITION OF FEDERAL RESERVE BANKS—Continued
Bills bought in open market—Continued PageNo. 30. Holdings of all Federal reserve banks combined at the
end of each month, by maturities 64United States securities—
No. 31. Average daily holdings of each Federal reserve bank, bymonths 66
No. 32. Holdings of each Federal reserve bank on December 31,1924, by classes 66
FEDERAL RESERVE BANK NOTES:
No. 33. Received from and returned to the Comptroller of the Cur-rency and outstanding, by denominations, 1915-1924 67
FEDERAL RESERVE NOTES:
No. 34. Federal reserve agents' accounts at the end of 1923 and 1924_ 68No. 35. Issued to Federal reserve banks by Federal reserve agents,
held by issuing banks, and in actual circulation; also goldand eligible paper held by agents as security for notesissued to banks—Monthly figures for each Federal reservebank 70
No. 36. Issued and retired by each Federal reserve agent, by months 72No. 37. Issued and retired by all Federal reserve agents combined
and amounts outstanding, 1914-1924, by denominations. 74No.'38. Collateral (gold and eligible paper) pledged with Federal
reserve agents as security for Federal reserve notes issuedto Federal reserve banks—Weekly figures for all Federalreserve banks combined 75
DISCOUNT AND OPEN-MARKET OPERATIONS:
Total volume—All classes—No. 39. For each Federal reserve bank during 1924, by classes. 76No. 40. For. all Federal reserve banks combined, by months
and classes 77No. 41. For each Federal reserve bank, by months 78
3ills discounted—No. 42. Volume discounted by each Federal reserve bank, by
months 79No. 43. Number of banks in each district accommodated
through discount operations, by months 80No. 44. Volume, by States, also number of member banks in
each State and number accommodated through dis-jount operations 81
No. 45. Volume discounted for national banks and for Statebank and trust company members 82
No. 46. Volume discounted by each Federal reserve bank, bymaturities and rates of discount charged 83
No. 47. Volume discounted by all Federal reserve banks com-bined, by months and by maturities and rates of dis-count charged 84
No. 48. Average maturity of bills discounted 85No. 49. Bills secured by United States Government obligations,
discounted by Federal reserve banks 86No. 50. Trade acceptances discounted 87No. 51. Bankers' acceptances discounted 87
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DISCOUNT AND OPEN-MAEKET OPERATIONS—Continued PageBills bought in open market—Bankers' and trade acceptances—
No. 52. Purchased by each Federal reserve bank, by months 88No. 53. Purchased by each Federal reserve bank,'by classes 89No. 54. Purchased by all Federal reserve banks combined, by
months and classes 89No. 55. Purchased by each Federal reserve bank, by rates of
discount charged 90No. 56. Purchased by all Federal reserve banks combined, by
months and b}̂ rates of discount charged 91No. 57. Average maturity of bills purchased _ 92No. 58. Purchased by each Federal reserve bank, by maturities. 93No. 59. Purchased by all Federal reserve banks combined, by
months and maturities 93United States securities—
No. 60. Total volume of all classes purchased by each Federalreserve bank 94
No. 61. United States bonds and Victory notes purchased byFederal reserve banks 1 95
No. 62. United States Treasury notes purchased by Federalreserve banks 96
No. 63. United States certificates of indebtedness purchased byFederal reserve banks 97
No. 64. Special temporary certificates of indebtedness issued toFederal reserve banks by the Secretary of the Treas-ury 98
No. 65. Rediscounts and sales of bills and securities betweenFederal reserve banks 98
GOLD SETTLEMENT FUND:No. 66. Summary of transactions of each Federal reserve bank 100No. 67. Clearings and transfers of all Federal reserve banks com-
bined, by weeks during 1924 101FEDERAL RESERVE AGENTS' GOLD FUND:
No. 68. Summary of transactions of each Federal reserve agent 102CLEARING OPERATIONS:
No. 69. Operations of the Federal reserve clearing system 103No. 70. Number of member banks and of nonmember banks on par
list and not on par list in each State 105No. 71. Number of member banks and of nonmember banks on par
list and not on par list in each Federal reserve district. 106OPERATIONS OF BRANCHES:
No. 72. Volume of operations of each Federal reserve branch bank__ 108BANK PREMISES:
No. 73. Cost of bank premises of Federal reserve banks and branches. 110EARNINGS AND EXPENSES:
No. 74. Earnings and expenses of Federal reserve banks during 1924_ 112No. 75. Gross and net earnings of Federal reserve banks, 1914-1924. 114
RECEIPTS AND DISBURSEMENTS OF FEDERAL RESERVE BOARD:No. 76. Receipts and disbursements of the Federal Reserve Board
for 1924 117ASSETS AND LIABILITIES OF MEMBER AND NONMEMBER BANKS:
No. 77. All banks in United States: Resources and liabilities 120No. 78. All member banks: Resources and liabilities, 1924 121No. 79. National banks: Resources and liabilities, 1924 122
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ASSETS AND LIABILITIES OF MEMBER AND NONMEMBER BANKS—Con. Page
No. 80. State bank and trust company members: Resources andliabilities, 1924 123
No. 81. All member banks in New York City: Resources and lia-bilities, 1924 124
No. 82. All member banks in Chicago: Resources and liabilities,1924__ 125
No. 83. All member banks in reserve cities: Resources and liabilities,1924 126
No. 84. All member banks outside of central reserve and reservecities (country banks): Resources and liabilities; 1924 127
No. 85. All member banks: Principal resources and liabilities, 1914-1924 128
No. 86. National banks: Principal resources and liabilities, 1914-1924 _ . . 130
No. 87. State bank and trust company members: Principal resourcesand liabilities, 1914-1924_^ 132
No. 88. Reporting member banks in leading cities: Principal resourcesand liabilities 134
No. 89. State banks and trust companies: Member and eligiblenonmember banks on June 30, 1924, in each Federalreserve district 136
No. 90. State banks and trust companies: Member and eligiblenonmember banks on June 30, 1924, in each State 137
No. 91. State banks and trust companies: Nonmember banks eligi-ble for membership on the basis of capital stock require-ments for national banks and on the basis of the reducedrequirements of the agricultural credits act of 1923 138
No. 92. All member banks: Earnings and dividends, 1919-1924 141No. 93. Reporting member banks in Federal reserve bank cities:
Amounts due to and due from other banks 143No. 94. Membership in the Federal resources system: Changes in
number of banks and total resources for all districts com-bined 147
No. 95. Membership in the Federal reserve system: Changes innumber of banks, by districts 149
DEBITS TO INDIVIDUAL ACCOUNTS:
No. 96. Debits to individual accounts as reported by banks in 141principal cities—Summary by months and districts, 1919-1924 154
GOLD IMPORTS AND EXPORTS:
No. 97. Gold imports into and exports from the United States, June1, 1919-December 31, 1924, by periods and principalcountries 158
No. 98. Total imports of gold into and exports of gold from theUnited States, by countries, 1922, 1923, and 1924 159
No. 99. Gold imports into and exports from the United States, bymonths, during 1924 159
MONEY IN CIRCULATION:
No. 100. Money in circulation outside the United States Treasuryand Federal reserve banks 160
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CONTENTS
MONET RATES: PageNo. 101. Rates on prime commercial loans of 4 to 6 months maturity
in principal cities, by months during 1924____ 162PRODUCTION INDEXES:
No. 102. Index of production, employment, trade, wholesale prices,and foreign exchange 163
State banks and trust companies admitted to membership 166State bank membership—Summary classification according to capital
stock 191Fiduciary powers granted to national banks 193Banks granted authority to accept drafts and bills of exchange up to 100
per cent of capital and surplus 211Personnel and salaries:
Salaries of officers and employees of Federal Reserve Board 214Salaries of officers and employees of Federal reserve banks 216Salaries of national-bank examiners 220
Directory:Federal Reserve Board 223Federal Advisory Council 223Officers and directors of Federal reserve banks and branches 224
Court opinions:Opinion of United States District Court in Atlanta par clearance case. _ 231Decision of Supreme Court of the United States on right of national
banks in Missouri to exercise trust powers 234Decision of Supreme Court of Rhode Island on right of national
banks to exercise trust powers 237Bills to amend the Clayton Act, proposed 240Extract from World War adjusted compensation act 240Regulations of the Federal Reserve Board 241Recommendations of the Federal advisory council to the Federal Reserve
Board 276Description of Federal reserve districts 285
PART II
Charts showing cash reserves, holdings of earning assets, and Federalreserve note circulation of each Federal reserve bank, 1917-1924__ 292
Charts showing loans and investments and deposits of reporting memberbanks in each Federal reserve district, 1917-1924 305
Statistical tables, arranged by Federal reserve districts:District No. 1—Boston 312District No. 2—New York 323District No. 3—Philadelphia 334District No. 4—Cleveland 345District No. 5—Richmond 357District No. 6—Atlanta 369District No. 7—Chicago 381District No. 8—St. Louis 393District No. 9—Minneapolis 403District No. 10—Kansas City 414District No. 11—Dallas - 427District No. 12—San Francisco 438
Map of Federal reserve districts 450
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PART I
REPORT OF THE FEDERAL RESERVE BOARDWITH EXHIBITS
36569—25t-
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THE FEDERAL RESERVE BOARD
DECEMBER 31, 1924
EX OFFICIO MEMBERS
A. W. MELLON,
Secretary of the Treasury, Chairman.J. W. MCINTOSH,
Comptroller of the Currency.
D. R. CRISSINGER, Governor.EDMUND PLATT, Vice Governor.ADOLPH C. MILLER.
CHARLES S. HAMLIN.
GEORGE R. JAMES.
EDWARD H. CUNNINGHAM.
WALTER L. EDDY, Secretary.
J. C. NOELL, Assistant Secretary.J. F. HERSON,
Chief, Division of Examination andChief Federal Reserve Examiner.
WALTER WYATT, General Counsel.W. M. IMLAY, Fiscal Agent.
WALTER W. STEWART,Director, Division of Research and
Statistics.E. A. GOLDENWEISER,
Assistant Director, Division of Re-search and Statistics.
E. L. SMEAD,
Chief, Division of Bank Operations.
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ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
WASHINGTON, February 20, 1925.SIR: In this, its eleventh annual report, the Federal Reserve Board
reviews the business and banking developments in 1924 as theyaffected the position of the Federal reserve banks and describes theoperations of the Federal reserve system during the year. Theboard, in its annual report for 1923, discussed in the light of theexperience of the Federal reserve system for the preceding ten yearscertain of the basic factors underlying the administration of Federalreserve bank credit. The present report indicates the manner in whichthe discount and open-market policies discussed more fully in lastyear's report have functioned under business and credit conditionsprevailing in 1924.
INDUSTRY AND TRADE IN 1924
Business and industry in 1924, taking the year as a whole, were lessactive than in 1923, when production and trade were in exceptionallylarge volume. The recession in industrial activity which began in thespring of 1923 continued, with a brief interruption at the turn of theyear, until the middle of 1924. Increased output in certain basicindustries early in 1924 resulted in a larger volume of production thancould be currently marketed at prevailing prices, with the consequencethat stocks accumulated, prices receded, production was sharply cur-tailed, and there was a decrease in employment at industrial estab-lishments. The volume of trade, however, continued at a high levelthroughout the period of industrial recession and, as distribution ofgoods to the consumer was in larger volume than current production,stocks of merchandise which had accumulated during the springmonths were gradually reduced and a renewed demand for materialswas reflected in a firmer tone in the commodity markets. This in-dustrial readjustment, together with an improvement in the positionof the farmer, was an important factor in bringing about a businessrecovery during the last quarter of the year. The farmer's income,particularly in certain sections of the wheat producing regions, waslarger in 1924 than in recent years, though the corn crop was short.In the aggregate, crop production was as large as in 1923 and pricesat the farm averaged considerably higher. Conditions in the livestockindustry, however, continued to be unfavorable. Wheat farmers inthis country benefited by the shortage of the world wheat crop andthe consequent larger export demand. Financing of agricultural ex-
1
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2 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
ports as well as of exports of other raw materials in large volume wasfacilitated by the flotation in the United States of an unusually largeamount of foreign loans, which increased the buying power of foreignpurchasers in our markets. This improvement ifKhe European demandfor American products, the increase in the current income of the farmer,and a growth in business confidence were factors in bringing aboutthe increase in business activity during the closing months of the year.Between September and December industrial output and factoryemployment increased sharply from the low point reached in mid-summer, and this expansion in production in basic industries wassufficient to overcome the larger part of the previous decline. At theend of 1924, as a result of a readjustment in prices and the improve-ment in the world market for agricultural products, there was a betterbalance between industry and agriculture than at any time in morethan four years.
GROWTH OF MEMBER BANK CREDIT
In the banking and credit situation the principal development in1924 was a decline in money rates during the first half of the year,which carried those rates by midsummer to the lowest level in adecade. This ease in the money market was the result of an abun-dance of loanable funds at member banks and not of a decreaseduse of credit to finance current business. In fact, throughout mostof the year the volume of commercial borrowing at member banks inprincipal cities continued near the high level of the autumn of 1923,and after the seasonal advance in the latter part of 1924 was inlarger volume than at any time in more than three years. Thiscontinued demand for commercial credit during the period of slack-ened industrial activity may be accounted for in part by the fact thatthroughout this period the volume of trade and distribution wasmaintained at a high level. Decreased industrial activity, however,accompanied by lessened employment and smaller pay rolls, resultedin a diminished demand for hand-to-hand money, and as currencyreleased from circulation flowed into the member banks it increased thevolume of their funds available for lending. Further additions to thesupply of funds arose from gold imports, which during the first halfof the year were in larger volume than during 1923. Member banksused funds arising from these two sources to repay their borrow-ings at the Federal reserve banks, and the reduction during the earlypart of 1924 in the total of Federal reserve bank credit in use wasabout equivalent to the inflow of currency from domestic circulationand of gold received from abroad. When repayment to the reservebanks had brought the volume of borrowing by member banks to alow level, these banks used further additions to their funds as abasis for enlarging the volume of their outstanding credit, chiefly
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ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
through the purchase of investment securities and the making ofloans on stocks and bonds. The growth during the last seven monthsof 1924 in the total loans and investments of member banks in leadingcities was about $2,000,000,000, of which $900,000,000 represented anincrease in investments, $800,000,000 an increase in loans secured bystocks and bonds, and $300,000,000 an increase in commercial loans.
This rapid growth in the volume of member bank credit, whichbegan in June, was accompanied by a correspondingly rapid increasein demand deposits amounting to about $1,800,000,000. In thefinancial centers, where the growth of deposits was largest, the increaserepresented in part a growth of balances held for banks in the interior.This concentration of funds in the money centers, which usuallyoccurs during periods of declining business activity, contributed to theease in the central money markets and was one of the factors responsiblefor the low level of rates prevailing during July and August. Towardthe end of August, however, the demand for credit and currency inconnection with crop moving and the autumn trade, and the revivalof industrial activity, resulted in some return flow of funds to theinterior, and rates became firmer during the latter months of the year.Demand for currency reached its peak in December and, togetherwith the outward movement of gold during that month, led memberbanks to increase their borrowings at the reserve banks. The largegrowth in 1924 in the total of member bank credit in use is shown bya comparison of the condition of all member banks at the end of1923 and 1924.
ALL MEMBER BANKS
—-
LoansInvestments
Total loans and investmentsDemand deposits ._ . .Bankers' balancesTime deposits . . . ._ .. . . .
[In millions of dollars]
End of—
1923
19, 0527,686
26, 73816,0863,5128, 651
1924
20,1818,845
29, 02617, 7664,5489, 805
Increase
1 1291, 159
2, 2881, 6801,036], 154
VOLUME OF FEDERAL RESERVE BANK CREDIT
In contrast with this growth in the loans and investments ofmember banks, the amount of Federal reserve bank credit outstand-ing was no larger at the end of 1924 than at the end of the previousyear. The demand for reserve bank credit, however, fluctuated muchmore widely during 1924 than in the two preceding years. Earningassets of the reserve banks after decreasing by $400,000,000 duringthe first five months of the year to $800,000,000—the lowest levelsince 1917—remained near that level for two months, and then
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ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
increased again by $450,000,000 to $1,250,000,000 at the end of theyear. The decline in the volume of reserve bank credit outstandingduring the first half of the year was due to a decrease in the amountof currency in circulation of $280,000,000 and to gold imports of$240,000,000. During the last five months of the year the increasein earning assets of the reserve banks reflected seasonal growthof $330,000,000 of money in circulation, and the further facts thatduring these months net gold imports were only $16,000,000 and thatduring December, for the first time since 1920, there was a net out-ward movement of gold. Thus in 1924 gold and currency movementsexerted their combined effect during tiie early part of the year towarda reduction in the use of reserve bank credit, and during the latter
MILLIONS OF DOLLARS MILLIONS OF DOLLARS
I EARNING ASSETS IOF FEDERAL RESERVE BANKS
1200
600
1200
600
1922 1923 1924-
part of the year toward an increase in the demand for reserve bankcredit. In this respect the year 1924 differed from 1923, when agradual growth in currency demand was continuous throughout theyear, as were gold imports, with the consequence that the demandfor currency was currently met by member banks out of the balancescreated at the reserve banks through the deposit of imported gold,and the volume of reserve bank credit in use remained throughoutthe year at a relatively constant level.
Changes in the total volume of reserve bank credit outstandingand in its composition for the first seven and for the last five monthsof 1924 and for the year as a whole are shown in the following table,and the course of the different classes of earning assets during thepast three years is presented in the chart above.
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ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
EARNING ASSETS OF FEDERAL RESERVE BANKS
[In millions of dollars]
Dec. 31,1923
July 30,1924
Dec. 31,1924
Increase (+) or decrease (—)
First 7months
1924
Last 5months
1924Year 1924
Total earning assets 1 J 1,211
DiscountsAcceptancesUnited States securities _
723355133 I
825
294 I24 I
505 '
1,249
314387540
- 3 8 6
- 4 2 9- 3 3 1+372
+424
+20+363+35
+38
-409+32
+407
1 Including other classes of earning assets, which on Dec. 31, 1924, aggregated $8,000,000.
During the first seven months of 1924 purchases of United StatesGovernment securities in the open market steadily increased andcarried the holdings of these securities by the reserve banks from$133,000,000 at the close of 1923 to over $505,000,000 at the end ofJuly. The funds thus placed in the market were used by memberbanks in the repayment of their borrowings and resulted further in areduction of the acceptance holdings of the reserve banks. Totalholdings of discounted and purchased bills, which at the beginning ofthe year were about $1,078,000,000, declined almost continuously to$318,000,000 at the end of July. During this period of open-marketpurchases in considerable volume, the total of reserve bank creditoutstanding, as measured by earning assets, declined by nearly$400,000,000, and at the same time there was a considerable changein its composition. The proportion of United States securities,which at the opening of the year constituted about 11 per cent oftotal earning assets, increased to 60 per cent at the end of July, whilethe proportion of discounts declined from 60 per cent to 36 per cent.The decline in total earning assets during this period, as has beenpointed out earlier, is accounted for by the inflow of gold and the de-creased demand for currency, and the fact that the volume of discountsand acceptances decreased to a larger extent than total earning assetswas due chiefly to the security purchases by the reserve banks.
During the last five months of the year there was relatively littlechange in the holdings of United States securities, and the volumeat the end of December was about the same as in the middle ofAugust. During this period, however, total earning assets of thereserve banks increased by over $400,000,000, largely in response toseasonal requirements. In December the growth was principally indiscounts, but for the period as a whole the larger part of the increasewas in holdings of acceptances, which increased after the middle ofAugust from $18,000,000 to $387,000,000 at the end of December.At the close of 1924 acceptance holdings of the Federal reserve bankswere larger than at any time since 1920 and constituted nearly one-
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6 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
half of the total volume of outstanding acceptances. The unusuallyheavy exports of agricultural products during the autumn of the yearwere financed in considerable part through the use of acceptancecredit, and the total amount of credit extended in this form was largerin 1924 than at any time except during the last part of 1919. Thevolume of commodities financed through acceptance credit in 1924 wasin fact larger than in 1919, when measured in terms of physical volume,because in 1919, with prices at a much higher level, more credit wasrequired to finance the same physical quantity of goods. A largepart of the total acceptances purchased by the reserve banks aroseout of the financing of export and import trade with many countriescovering principally the exportation of cotton and grains, and theimportation of coffee, sugar, silk, hides, and wool. With this largevolume of acceptances in the market the seasonal tightening of moneyrates resulted during the last quarter of the year in heavy offeringsof bills to the reserve banks, with a consequent growth of acceptanceholdings by these banks. A table showing the principal assets andliabilities of the Federal reserve banks for every week in 1924 appearson pages 50-53.
CURRENCY DEMAND AND THE RESERVE BANKS
At the reserve banks, through the large amount of currency of allkinds paid in daily and the large volume withdrawn each day, thereis a continuous adjustment between the volume of money in circula-tion and the public's changing requirements for currency. Whilethe net outflow of currency from the reserve banks during the lastfive months of 1924 approximately equaled the net inflow during thefirst part of the year, and there was consequently little change inthe total volume of money in circulation, the amount of currencythat passed through the reserve banks during the year was in excessof $10,000,000,000, or more than twice the amount currently held bythe public. The amount held by the public, about $5,000,000,000,includes the vault cash in banks, the till money of the merchants, andthe cash in the pockets of individuals. Since cash in the vaults ofmember banks does not count as part of their legal reserves, they keepon hand only that amount of currency which experience has shown tobe necessary to meet the immediate demands of their depositors; thisamount in the aggregate is about $500,000,000, and represents 2 percent of their gross deposits. Mercantile establishments also limittheir holdings of cash to till-money requirements, and the amount ofmoney carried by individuals, though it fluctuates to some extentwith the volume of employment and earnings, is determined largelyby pocket-money requirements. In this country, where the bank-ing habit is general, where business concerns and individuals depositwith banks any excess of currency in their possession, and banks
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ANNUAL REPORT OF THE FEDERAL RESERVE BOARD 7
in turn keep on hand only enough cash for immediate needs, anyoutstanding currency above actual requirements promptly flows tothe reserve banks, and any increased demand for currency is reflectedin withdrawals of cash from these banks. It is this responsivenessof the volume of currency in use to the public's requirements andthe promptness with which the net volume of inflow or outflow ofcurrency of all kinds at the reserve banks responds to changes in thedemand for cash that constitutes the elastic character of the cur-rency under the Federal reserve system.
The elasticity of the currency is in no way affected by changesmade by the reserve banks in the relative amount of payments madein Federal reserve notes and in other forms of currency. In 1924the Federal reserve banks continued the practice, which had begunin the middle of 1922, of increasing the amount of gold certificatesin circulation, with the result that the volume of Federal reservenotes outstanding declined further during the year and an equalamount of gold certificates was substituted in their place in thecountry's circulation. As a consequence of this practice, the reservesof the reserve banks during the first part of the year did not increase tothe extent of gold imports during the period, and during the latter partof the year, when the demand for currency was increasing, this demandwas met by the reserve banks out of reserves as well as through anincreased issue of Federal reserve notes. As a result of this paymeiitof gold certificates into circulation, together with net gold exports of$30,000,000 in December, total reserves at the end of the year haddeclined to $3,000,000,000, the lowest figure for three years. Theextent to which gold certificates have been restored to circulation isindicated by the fact that during the three years since 1922, with netgold imports of about $800,000,000, there has been no net increasein the reserves of the reserve banks, and the volume of gold certificatesin circulation has increased by an amount equal to the gold imports.
GOLD AND FEDERAL RESERVE BANK CREDIT
In 1924, as in other recent years, the most important single influ-ence affecting the volume of Federal reserve bank credit in use wasthe continued inflow of gold. While net imports of gold in 1924 weresomewhat less than in 1923, they represented a continuation of amovement which has lasted for over four years, and since their effectupon the relative position of Federal reserve banks and memberbanks has been cumulative, their influence is clearer when consideredin perspective. Gold received from abroad is deposited by memberbanks with the reserve banks, and its immediate effect is to increasetheir reserve balances. The use made by member banks of theseadditions to their reserve balances depends upon the extent of thecurrency demand and upon the indebtedness of member banks at the
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8 ANNUAL REPORT OF THE FEDERAL* RESERVE BOARD
reserve banks at the time the gold is received. In 1921, whenliquidation was under way, balances arising out of the $667,000,000of net gold imports, as well as the currency returned from domesticcirculation were used to reduce indebtedness at the reserve banks.In 1922, when the volume of member bank borrowing was at a lowlevel and there was an increased demand for currency, the largerpart of the additions to reserve balances due to gold imports of$238,000,000 were used to meet the currency demand, though a partremained as a basis for the growth in deposit liabilities of memberbanks which occurred during the first half of the year. In 1923practically the entire amount of net gold imports of $294,000,000was used by member banks in lieu of additional borrowing at thereserve banks to meet demands for currency, and the earning assetsof the reserve banks remained practically unchanged. In 1924,though the volume of earning assets of the reserve banks and thevolume of money in circulation fluctuated considerably during theyear, at the end of the year they were both at about the same levelsas at the beginning, and the $258,000,000 of net gold imports arereflected in a growth of member bank balances. For the entirefour-year period the net gold imports arid the net decline in currencyin circulation have been reflected in a decrease of nearly $2,000,000,000in the earning assets of the Federal reserve banks and a growth of$3,000,000,000 in the loans and investments of member banks. Thisdivergence in the movement of Federal reserve bank credit andmember bank credit since 1920 is shown in the following table:
RESERVE BANK AND MEMBER BANK CREDIT, 1920-1924
[Amounts in millions of dollars]
Federal reserve banks:Total earning assetsMember bank reserve balances
All member banks:Total loans and investmentsDeposits on which reserves are computed.
Hatio of earning assets of reserve banks toloans and investments of member banks(per cent) -.
Ratio of reserve balances to deposits on whichreserves are computed (per cent)
End of—
1920
3,2351,780
25,88817,616
12.5
10.0
1921
1,5241,753
23, 64416,816
6.4
10.5
1922
1,3261,934
25,76918,966
5.1
10.2
1923
1,2111,898
26,73819,505
4.5
9.7
1924
1,2492,220
29,02721, 985
4.3
10.1
Change
1920-1924
-1,986+440
+3,139+4,369
1923-24
+38+322
+2,289+2, 480
The large increase in the loans and investments of member banksand the decline in the earning assets of the reserve banks, shown inthe table, has reduced the ratio of Federal reserve bank credit tomember bank credit in use from 12.5 per cent in 1920 to 4.3 per centin 1924.# The ability of member banks to increase the volume of
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ANNUAL REPORT OF THE FEDERAL RESERVE BOARD 9
their own outstanding credit and at the same time to decrease theiruse of reserve bank credit was due principally to the receipt duringthe four years of $1,500,000,000 of gold from abroad. While theproportion of the amount of reserve bank credit outstanding to loansand investments of member banks is only a fraction of what it wasin 1920, the ratio between reserve balances maintained by memberbanks at the reserve banks to member bank deposit liabilities, asshown by the table, has remained practically constant at about 10per cent, which represents on the average the minimum required bylaw. This constancy reflects the fact that member banks havecurrently utilized the full amount of credit that could be supportedby the increase of $440,000,000 in their reserve balances. Thus,notwithstanding the large addition to their balances, the memberbanks were obliged in the autumn of 1924 to increase their borrow-ings at the reserve banks in order to meet the seasonal demand forcurrency.
DEMAND FOR GOLD AND FOR DOLLAR CREDITS
A factor in the increased demand for reserve bank credit in thelatter part of 1924 was the demand for gold for export, most of whichwas withdrawn by certain European countries to be used in monetaryreconstruction. A large part of these exports went to Germanyand were made possible by the flotation of a loan under the Dawesplan for reparations. The progress made in the settlement of repara-tions and the restoration of sound monetary conditions in Europeresulted in increased confidence of American investors in Europeansecurities, and, together with the abundance of funds seeking invest-ment, facilitated the placing of a large volume of foreign loans in theUnited States. The volume of such flotations in 1924 was nearlythree times as large as in 1923 and larger than for any other yearsince the war. While a large part of these loans was used in thepurchase of goods in the United States, several countries used dollarcredits thus obtained in supporting the exchange value of theircurrencies. During 1924 the exchanges of three European countriesreturned to pre-war parity, several other countries adopted newmonetary units related to gold, and still other currencies weremaintained in a definite relationship to the dollar or to the poundsterling. In the closing months of the year there was a considerableimprovement in many leading European exchanges, particularly insterling exchange, which, after advancing from $4.31 in June to$4.73 at the end of December, was within 2}/% per cent of parity.To the extent that dollar credits created in the United States throughforeign borrowing wrere used to withdraw gold, they made it possibleto increase the actual gold reserves of foreign countries and to utilize
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10 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
for monetary reconstruction a portion of the gold which during recentyears had come to this country as the result of disorganized condi-tions abroad. Gold received from abroad has been the principalfactor in bringing money rates in this country to a low level, and thedifference between rates here and abroad, at a time of increased con-fidence in the European financial situation, facilitated foreign borrow-ing and thus contributed to making dollar credits and gold availableto those countries which have undertaken to reestablish soundmonetary conditions. With the actual resumption of gold pay-ments in certain countries and the stabilization of currencies withreference to gold in many other countries, the year 1924 has beenone of definite progress toward the reestablishment of the inter-national gold standard.
DISCOUNT AND OPEN-MARKET POLICY IN 1924
Federal reserve credit policy in 1924, expressed both in changesof discount rates and in open-market operations, was determinedwith reference to the developments in trade, industry, and credit,which have been outlined in the preceding sections of this report.Discount rates at the Federal reserve banks, which had been uni-formly 43^ per cent at all the reserve banks since the early monthsof 1923, were reduced between May and the middle of October, 1924,to a level ranging at the different banks from 3 to 4 per cent. Thesereductions were made at a time of a recession in industrial activity,decreasing factory employment, slackened demand for commodities,and unusual ease in the money market. Money rates by the middleof the year, as the result of the less active demand for credit, and theabundance of funds arising out of the inflow of currency and of gold,had declined to the lowest level in a decade, and discount rates atthe reserve banks were adjusted to prevailing credit and businessconditions. Atthe Federal Reserve Bank of New York the discountrate was reduced on May 1 from 4J^ to 4 per cent, on June 12 to S}4per cent, and on August 8 to 3 per cent, and continued at that levelto the end of the year. At the Federal Reserve Banks of Boston,Philadelphia, Cleveland, and San Francisco the rates were reduced to3J^ per cent, and to 4 per cent at the other reserve banks. The ratesprevailing at the beginning and at the end of the year at each ofthe Federal reserve banks and the dates on which rate changeswere made are shown in. the following table:
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ANNUAL REPORT OF THE FEDERAL RESERVE BOARD 1 1
CHANGES DURING 1924 IN FEDERAL RESERVE BANK DISCOUNT RATES
BostonN e w York
Phi lade lphia _
Cleveland _ _ _ _ _
R i c h m o n d . . _ . - . - - _A t l a n t aChicago . . __.St. LouisMinneapol is _ . _ . _ .Kansas C i tvDal las . - . _ _ _ . .San Francisco
In effectJan. 1,
1924
i AH
1i
Reduction
Date
June 12May 1June 12Aug. 8June 19June 26June 2Aug. 15June 14June 18June 14June 19Oct. 15July 1July 16June 10Aug. 25
Rate
3H4
3
4 2
44444
443H
In effectDec. 31,
1924
3H3
3H
. 4444444
1 Five per cent on 6 to 9 months agricultural and livestock paper.2 Four and one-half per cent on 91-day to 6-months, and 5 per cent on 6 to 9 months agricultural and live-
stock paper.1̂ ,3 On all classes of paper.
The relationship between the discount rate at the Federal ReserveBank of New York and the rates on commercial paper and on accept-ances for a period of three years is shown in the chart. After a
PER CENT
5 rr-
PER CENT
V iR ''r
MONEYIN NEWY
Commercial PaperRate /—*
f ^L / F.R. Bank Discount Rat
1 K AcceptanceRate
V
RATESORK CITY
—i—i—i—i—i—i—i i i i i
h
J—J—1 _1 . j — i — » — i —
1922 1923 1924-
continuous decline from the high point of the autumn of 1923,money rates in the New York market in the summer of 1924 were ata considerably lower level than during the preceding period of low
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1 2 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
money rates in the summer of 1922. Though rates on commercialpaper advanced in November and December, they were at the endof the year about 1 per cent lower than at the beginning and somewhatlower than in the middle of 1922. The rise in open-market rateson acceptances, which began in the middle of the year, togetherwith the considerable increase in the volume of acceptances offeredto the reserve banks, led to a gradual advance of the buying rate onacceptances at the New York Reserve Bank from 2 to 3 per cent, andin December the rate on 60 to 90 day bills was at the same level asthe discount rate.
Open-market operations in 1924, as in the two preceding yearsr
played an important part in the general credit policy of the reservebanks. The purchase of United States Government securities bythe reserve banks placed funds in the market which were used by mem-ber banks, together with funds arising from other sources, to reducetheir indebtedness at the reserve banks. During the period whenreductions in discount rates decreased the cost of reserve bankcredit to member banks, security purchases, by facilitating the repay-ment of borrowings by member banks, were an influence in reduc-ing the amount of their indebtedness to the reserve banfis. Thisgeneral credit policy was the adjustment made by the reserve banksto the trend in business and credit. At the time when the open-market purchases were made there was a recession in industrial activ-ity, the attitude of the business community was hesitant, and therewas no evidence of the growth of speculation. Open-market purchasesduring this period served to build up a portfolio of securities and toincrease the proportion of outstanding reserve bank credit under thedirect control of the Federal reserve banks. By these purchases thereserve banks placed themselves in a position, through the subse-quent sale of securities in case it should become desirable, to causemember banks to discount and to bring a larger part of the out-standing reserve bank credit under the influence of the discountrate. Thus during 1924 both the discount and open-market policiespursued by the Federal reserve banks, taken as a whole, were ap-proved by the Federal Reserve Board with regard to the broaderaspects of the credit situation and "with a view of accommodatingcommerce and business," the basis provided in the Federal reserveact for discount policy and adopted by the board as the principle forthe conduct of open-market operations.
EARNINGS, EXPENSES, AND VOLUME OF OPERATIONS OF THE FEDERALRESERVE BANKS
Gross earnings of the Federal reserve bank^ in 1924 were $38,340,-000, or 25 per cent less than in 1923 and 1922, when they were about$50,000,000. The lower earnings resulted from a decline of about
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ANNUAL REPORT OF THE FEDERAL RESERVE BOARD 13
one-fifth in the average daily holdings of earning assets, together with adecrease from 4.33 to 3.83 per cent in the annual rate of return. Earn-ings on bills discounted for member banks and on bills bought in openmarket declined from $42,300,000 in 1923 to $21,600,000 in 1924,while earnings on Government securities increased from $7,400,000in 1923 to $14,700,000 in 1924. Miscellaneous earnings, consistinglargely of profits on current purchases and sales of United Statessecurities, of income from rented space in bank buildings and ofpenalties for deficient reserves, were $1,975,000 in 1924, comparedwith $937,000 in 1923. Income from space rented was $436,000 in1924, profits on transactions in United States securities were $750,000,and penalties for deficient reserves $382,000. Average daily holdingsof each class of earning assets, earnings thereon, and annual rates ofearnings in 1924, compared with the two preceding years, are shownin the following table:
HOLDINGS OF E A R N I N G ASSETS, E A R N I N G S T H E R E F R O M , AND ANNUALR A T E S OF E A R N I N G S
[Amounts in thousands of dollars]
Daily average holdings:192219231924
Earnings:192219231924 .
Average rates of earnings (per cent):192219231924
Billsdis-
counted
Billsboughtin theopen
market
573,247 I 159,207738,114 i 226, 548374,834 i 172,428
26, 52332, 95615, 943
4.634.464.25 I
5,6299,3715,710
3.544.143.31
UnitedStates
Govern-ment
securities
454, 750185, 823401, 365
16, 6827,444
14, 712
3.674.013.67
Otherearningassets
6685
1,690
44
61
5.404.503.61
Total
1,187, 2701,150, 570
950, 317
48, 83849,77536,426
4.114.333.83
Current expenses in 1924, exclusive of those fiscal agency depart-ment expenses which are reimbursable by the Treasury Department,amounted to $28,432,000, a reduction from the 1923 total of about$1,340,000, or 4.5 per cent. Most of this reduction was in salariespaid to the clerical staff, which aggregated $13,289,000, as against$14,026,000 the year before, and in the cost of Federal reserve cur-rency, including redemption charges, which amounted to $1,433,000in 1924, as compared with $1,992,000 in 1923.
The Federal reserve banks in 1924 handled a larger volume ofoperations than during any previous year in rendering free servicesto member banks, such as the clearing and collection of checks, thecollection of other items, and the receipt and payment of cash,including such currency and coin operations as were formerly per-formed by sub treasuries. In the cash department, for instance,the number of bills received and counted aggregated 1,838,000,000,
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14 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
compared with 1,̂ 723,000,000 in 1923, an increase of 115,000,000pieces, and the number of coins received and counted was 2,187,000,-000, compared with 2,076,000,000 in 1923. Checks handled by thetransit departments of the Federal reserve banks also increasedmaterially, the number handled in 1924 (743,000,000) being about45,000,000 in excess of the number handled during the precedingyear. Thus, while the earnings of the Federal reserve banks havedeclined materially, the volume of free services rendered to memberbanks has continued to show substantial increases. On the otherhand, the number of notes discounted and of bills purchased in openmarket fell off from 961,000 in 1923 to 726,000 in 1924. Whilethe income of the banks is derived almost wholly from paper dis-counted for member banks and from acceptances and securitiesbought in the open market, operating expenses connected with thesediscount and open-market operations are very small when comparedwith operating expenses in the cash and transit departments.
Notwithstanding the increase in the volume of operations theFederal reserve banks, through increased efficiency, were able toreduce during the year the amount paid as clerical salaries. Thetotal number of employees of the Federal reserve banks at the endof 1924, excluding those in the fiscal agency departments, was9,964, compared with 10,704 at the end of 1923. The number ofemployees in the fiscal agency departments decreased from 957 atthe end of 1923 to 478 at the end of 1924. The volume of opera-tions in the principal departments of the Federal reserve banks duringthe past three years is shown in the following table:
VOLUME OF OPERATIONS IN PRINCIPAL DEPARTMENTS
1924 1923 1922
NUMBER OF PIECES HANDLED
Bills discounted:ApplicationsNotes discounted
Bills purchased in open market for own accountCurrency received and countedCoin received and counted _ _.Checks handledCollection items handled:
United States Government coupons paidAll other
United States securities—issues, redemptions, andexchanges by fiscal agency department
Transfers of fundsEnvelopes received and dispatched
AMOUNTS HANDLED
Bills discounted _Bills purchased in open market for own accountCurrency received and countedCoin received and counted..Checks handledCollection items handled:
United States Government coupons paidAllother
United States securities—issues, redemptions, andexchanges by fiscal agency department
Transfers of funds
129,000583,000143,000
1, 838,279, 0002,186, 737,000
742, 878, 000
50, 471,0006,113,000
16,097,0001, 503, 000
40,050,000
$15, 419,155,0002,172,142,000
10, 777, 306,000293, 924,000
219, 832,179, 000
719, 784,0005, 509,093,000
6, 708,272,000
168,000782,000179,000
1, 722,877,0002,076,075,000
697, 502, 000
64, 662,0005, 732.000
2 114,409,0001, 413,000
44,932,000
$38,379,926,0002, 547,010,000
10,306,411,000308,051,000
207, 719, 529,000
761, 731,0005, 900, 520,000
8,433,891,00098, 359,028,000 78,867,108,000
841,000142,000
1,424,849,0001,945,453,000
638, 634,000
81,694,0004, 722,000
24, 753,0001,190,0000)
$22,082,887,0001,954,688,0008, 602,185,000
221, 871,000160, 472, 450,000
759,124,0004, 768, 971,000
14,135, 914,00070, 553,465,000
1 Data not available.2 Large increase due to redemption of war-savings securities which matured Jan. 1, 1923.Digitized for FRASER
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ANNUAL REPORT OF THE FEDERAL RESERVE BOARD 15
As a consequence of the larger decline in gross earnings than incurrent expenses, current net.earnings of the Federal reserve banksdeclined by more than one-half and amounted to $9,908,000 in 1924,as against $20,938,000 in 1923. As is shown in the profit and lossstatement, the Federal reserve banks charged their current netearnings with net deductions of $6,190,000, made up principally asfollows: Depreciation allowances on bank premises, $4,035,000;reserves for probable losses on paper held under discount for mem-ber banks, $1,067,000; and cost of furniture and equipment pur-chased during the year, $1,075,000. After these charges were made,net earnings available for dividends, surplus, and franchise taxesamounted to $3,718,000, as against $12,711,000 in 1923. Earningsof two of the reserve banks—Cleveland and Kansas City—were notsufficient to cover current expenses, depreciation charges, reservesfor probable losses, etc., or any part of the dividends accrued duringthe year, while the earnings of four other banks—Boston, New York,St. Louis, and San Francisco—though in excess of current expenses,depreciation allowances, reserves, etc., were not sufficient to meetfall dividend requirements. As a result these six banks withdrew$3,266,000 from their surplus accounts built up in previous years.Of the six Federal reserve banks that had earnings sufficient to covercurrent expenses, depreciation charges, reserves and dividends, onlyfour had an excess of earnings remaining after such charges. Ofthese, the Philadelphia, Kichmond, and Dallas banks, whose sub-scribed capital was in excess of their surplus accounts, transferredall of such excess earnings, aggregating $175,732, to surplus account,as is authorized by law, while the Minneapolis bank transferred$12,628 to surplus account and paid $113,646 to the United StatesGovernment as a franchise tax. Gross and net earnings of eachFederal reserve bank during the year, dividends paid to memberbanks, and amounts transferred to or withdrawn from surplus accountare shown in the following table :
FINANCIAL RESULTS OF OPERATION OF THE FEDERAL RESERVE BANKSDURING 1924
Federal reserve bank
Boston _ _New YorkPhiladelphiaCleveland .RichmondAtlanta .ChicagoSt. LouisMinneapolis . __Kansas CityDallas _San Francisco
Total
Grossearnings
$2,559,0168, 569,3502, 915,8463, 770, 6892,210,2401,907,1215,202,1691,688,1431,609,0702, 262, 9102,157, 9643,487, 931
38,340,449
Net earn-ings avail-
able fordividends,
surplus,and fran-chise tax
$470,422616,852747,092
i 473,153379,791272,656909,123203,937329,102
1 253,182265,024250,516
3, 718,180
Dividendspaid
$477, 7981,796,530
615,135756,152351,251272,656909,123304,976202,828265, 697249, 789480,561
6,682,496
Surplus account
Trans-fers to
$131,957
28, 540
12,628
15,235
188,360
With-drawals
from
$7,3761,179,678
1,229,305
101,039
518,879
230,0453,266, 322
Franchisetax paidUnitedStates
Govern-ment
$113,646
113,646
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16 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
A comparison of gross and net earnings and the disposition madeof these earnings for the years 1920-1924 is shown in the table below:
GROSS AND N E T EARNINGS OF FEDERAL RESERVE BANKS, 1920-1924
1920.1921.1922.1923.1924.
Earnings Disposition of net earnings
$181,296,711122,869,94050,498,69950, 708, 56638, 340,449
Net
$149, 294, 77482, 087,22516,497, 73612,711,286
3, 718,180
Dividends
$5, 654, 0186,119,6736, 307, 0356,552,7176, 682,496
j Franchise taxTransferred to ! paid to United
surplus ! StatesI Government
$82, 916, 01415,993, 086
i 659, 9042, 545, 513
2 3,077,962
$60, 724, 74259,974,46610, 850, 605
3, 613,056113,646
1 Withdrawn from surplus. On the basis of 1922 operations there was $2,740,158 transferred to sur-plus, but $3,400,062 was withdrawn in connection with an adjustment of franchise taxes paid inprevious years.2 Withdrawn from surplus.
The table brings out the fact that transfers to surplus, which werelarge in 1920, when the surplus at none of the banks was as large assubscribed capital, declined rapidly, and in 1924 there were netwithdrawals from surplus. The franchise tax paid to the UnitedStates Government also decreased with the decrease of net earningsand during 1924 was only $113,646, compared with about$60,000,000 in 1920 and 1921.
Owing to the substantially reduced earnings in 1924, theratio of current net earnings to average paid-in capital declinedto 8.9 per cent from 19.2 per cent in 1923. If current netearnings are related to paid-in capital and surplus combined,the ratio works out at 3 per cent in 1924, as compared with6.4 per cent in 1923. The highest rate of current net earnings onpaid-in capital and surplus in 1924, 7 per cent, was reported bythe Federal Reserve Bank of Dallas and the lowest ratio, 1.6 percent; by the Federal Reserve Bank of St. Louis. In 1923 the high-est ratio, 10.4 per cent, was reported for the Federal Reserve Bankof Atlanta and the lowest ratio, 4.7 per cent, by the Federal ReserveBank of Chicago. The table below shows current net earnings,daily average paid-in capital, and surplus of each Federal reservebank during 1924, and the ratios of current net earnings to paid-incapital and to paid-in capital and surplus for 1923 and 1924.Detailed figures of both earnings and expenses of each Federalreserve bank appear on pages 112-116.
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ANNUAL REPORT-OF THE FEDERAL RESERVE BOARD 17
RATIO OF CURRENT NET EARNINGS TO CAPITAL AND TO CAPITALAND SURPLUS COMBINED
Federal reserve bank
BostonNew YorkPhiladelphia-ClevelandRichmondAtlantaChicagoSt. LouisMinneapolis.. _Kansas C i t y -DallasSan Francisco.
Total—_
Currentnet
earnings
Daily average
Paid-incapital Surplus
$585, 5152,218, 529
762, 0101,105,839
672,406660,109
1, 255, 733246, 795543, 903396, 823826, 302634, 547
9,908, 511
$7, 963, 30029,942,17310, 252, 25012, 602, 5335,854,1834, 544, 260
15,152, 050 !5,082,933 S3,380,467 !4,428,284 i4,163,1508, 009, 350 i
$16, 389, 56359,928,96719,927, 32923, 691,13811, 672,4838, 950, 30930, 425, 57510, 071, 7437,484, 2199,495, 5407, 577,16015, 301, 038
111,374,933 i 220,915,064
Ratio of current net earningsto average
Paid-in capital
Percent7.4 !7.47.48.811.514.58.34.916. 19.019.87.9
8.9
1923
Percent17.115.523.717.423.331.514.225.918.823.223.023.1
Paid-in capitaland surplus
Percent
2.42 52. 53.03.84.92.81.65.02.87.02.7
19.2 | 3.0
1923
Percent
5.65.18.15.97.8
10.44.78.86.17.68.37.8
6.4
FISCAL AGENCY OPERATIONS
Fiscal agency operations of the Federal reserve banks during 1924included the sale and delivery of newly issued bonds and notes, theredemption of securities called for payment or matured, denomina-tional exchanges, interchanges of coupon and registered bonds, ex-changes of temporary for permanent bonds, conversions, transfers ofownership, purchases of securities in open market for Governmentaccount, maintenance of Government deposit accounts with desig-nated depositaries, and the custody of Government securities. Whilethe volume of transactions is smaller than during the war and the im-mediate post-war period, it is nevertheless still considerable, as maybe seen from the following table giving the number and amount of theprincipal transactions during 1924:
New securities issued _RedemptionsExchanges (securities received for exchange) _Treasury savings certificates issued or received for redemptionWar savings and thrift stamps redeemed, including redeemed stamps re-
ceived from post offices
Number ofitems
260,000579,000
4, 831,00056,000
10, 370,000
$1, 452,793,0002,458,222,0002, 738,126,000
13, 573, 000
45, 557, 000
In addition to the purely fiscal agency operations, the Federalreserve banks, acting as depositaries for the Treasury, pay Govern-ment checks, warrants, and coupons, collect checks and noncashitems for the accounf of the Treasury, withdraw Government depositsfrom depositary banks, transfer funds by telegraph, and carry on theformer subtreasury operations, comprising principally the replace-
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1 8 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
ment, exchange, and redemption of United States paper currencyand coin. During 1924 the Federal reserve banks paid 50,471,000Government coupons amounting to $719,784,000 and 34,289,000checks and warrants drawn on the United States Treasurer amountingto $4,160,286,000. Coin received and counted aggregated 2,187,-000,000 pieces, amounting to $294,000,000. While some of this coinwould no doubt have been handled by the Federal reserve bankseven if the sub treasuries had not been discontinued, a large part ofthis work prior to 1921 was performed by the sub treasuries. OnDecember 31, 1924, the Federal reserve banks held $414,500,000 ofsecurities pledged by depositary institutions as collateral for Govern-ment deposits, which on that date amounted to $228,000,000, and inaddition $2,269,000,000 of securities were held in safekeeping forthe account of the Treasury.
During the war and until June 30, 1921, the Federal reserve bankswere reimbursed by the Treasury for practically all expenses incurredin the discharge of their fiscal agency functions, but at present theyreceive reimbursement for only those expenses incurred directly inconnection with the issue of new securities, all other operations beingconducted at the expense of the Federal reserve banks. Reimburs-able fiscal agency expenses of the Federal reserve banks during 1924were $444,000 and the amount of expenses absorbed was approxi-mately $868,000. These figures do not, however, include the costof handling Government coupons, checks, and warrants and otherdepositary operations, or the cost of handling coin.
BUILDING OPERATIONS OF FEDERAL RESERVE BANKS
Construction was begun in 1924 of a building for the Little Rockbranch of the Federal Reserve Bank of St. Louis and of an additionto the building occupied by the Louisville branch of that bank. Thebuilding for the Jacksonville branch was completed during the yearand construction on the New York and Minneapolis buildings,although not completed, progressed sufficiently so that the New Yorkbank was able to occupy its building in October and the Minneapolisbank to begin moving into its building in December. Work has alsoprogressed on the St. Louis building, and on the San Franciscobuilding which was occupied near the end of 1923.
Eleven of the Federal reserve banks, including Minneapolis, andten of the Federal reserve branch banks are now housed in their ownbuildings, while buildings are under construction for the other reservebank, St. Louis, and for the Little Rock branch. Building sites havealso been acquired for six other branches, two of which were acquiredin 1924, a site for the Birmingham branch by purchase and one forthe Omaha branch by exchange for a building purchased in 1920.Construction of buildings for the Denver and Omaha branches wasauthorized by the Federal Reserve Board in 1924. All Federal
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reserve bank branches, except those at Buffalo, Memphis, Seattle,Spokane, Los Angeles, and Portland, now have their own buildingsor building sites for such buildings. Tables showing the cost ofbuilding operations at each Federal reserve bank and branch areprinted on pages 110 and 111.
BRANCHES AND AGENCIES OF THE FEDERAL RESERVE BANKS
No additional branches or agencies of Federal reserve banks wereauthorized during the year, although the Federal Reserve Bank ofRichmond applied to the board for permission to establish a branchto serve the southwestern portion of the fifth Federal reserve district.This application, however, has not yet been acted on by the board.There has been no change in the character of business transactedby the existing branches and agencies.
Effective January 1, 1925, the board adopted revised rules andregulations with respect to the appointment of directors of Federalreserve branch banks. The new rules provide that each branch shallhave seven directors, appointments being made for designated terms.
As in the case of the parent banks, the volume of work handledby the branches and agencies in their principal operating depart-ments has continued to increase, as may be seen from the followingcomparison for 1923 and 1924:
Checks handled:Number of itemsAmount
Currency received and counted:Number of piecesAmount
Coin received and counted:Number of piecesAmount
1923
207,187,000$53,197,150,000
397, 973, 000$2, 415, 356, 000
353,158, 000 !$55,633,000 I
1924
222, 622,000$54, 763,840,000
433, 582, 000$2, 468,886,000
387, 200,000$60,199,000
Current expenses of the 23 branches and 3 agencies during 1924were $5,747,000, as compared with $5,730,000 in the year preced-ing. The average number of officers and employees was reducedfrom 2,557 in the last quarter of 1923 to 2,384 in the correspondingquarter of the year just closed.
BRANCH BANKING
In respect to branch banking the administrative policy of the boardhas been developed in its actions upon individual applications ofmember banks for permission to establish branches. Under that pro-vision of the Federal reserve act which authorizes it to prescribe con-ditions of admission to membership in the Federal reserve system,the board has generally required State banks and trust companies
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applying for membership to agree that they will not establish anybranch, agency, or additional office except after applying for andreceiving the board's permission. During the past year the board hastaken occasion to give formal statement to the principles by whichit will be guided in acting upon such applications. These principlesare incorporated in the revised form of Regulation H.1
The board has announced further that the establishment of eachbranch must be separately approved, and that no blanket authoritywill be granted to any member bank to establish branches under acontemplated program of extension.
A survey of branch banking developments in the States has beenundertaken by the board during the year, and a preliminary state-ment of the results of this survey was published in the Federal ReserveBulletin for December, 1924. Reports to the board for June showthat 681 banks located in 29 States—including 108 national, 191member State, and 382 nonmember instituitions—were operatinga total of 2,233 branches. Of these banks, 371 were operating onlybranches located in the home city of the parent bank and 310 wereoperating branches outside the home city. More than one-halfof the banks, 376 out of 681, were operating one branch only; 235were operating 2 to 4 branches, and 90 were operating 5 or morebranches. Of the branches reported, 1,463 were located in the homecity of the parent bank and 770 outside the home city. During thefirst six months of 1924 a total of 213 branches were established, ofwhich 154 were home-city and 59 were outside branches, and verynearly this proportion of home-city to outside branches is shownfor the 280 branches established during the calendar year 1923. Itmay be noted that comparatively few banks located in the largercities report outside branches, only 43 of the institutions reportingsuch branches being located in cities of 100,000 or more population,while a large majority of the banks operating only home-city branchesare located in these larger cities. Recent growth in the numberof home-city branches represents an effort on the part of bankslocated in the larger cities to extend their banking facilities to out-lying districts for the accommodation of their customers. Statebanking codes and administrative practice, as is well known, varyfrom State to State—from absolute prohibition of branch bankingin any form in some States to free authorization of the practiceon a state-wide basis in other States. Branch banking territorymay, of course, be either extended or diminished in the future bymodification of State banking codes or administrative practice. Dur-ing the past year Illinois by referendum vote approved a statute(enacted in 1923) prohibiting branch banking. Since, however, nobanks were operating branches in this State, the effect of the en-
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actment is to provide specific legislative authority for an adminis-trative policy continuing present conditions. Two other States haveduring the year amended the branch banking provisions of theirlaws—Maryland, by providing that a bank or trust company estab-lishing a home-city branch shall conform to the capital requirementfor a bank or trust company located in such city or town; andMississippi, by providing that the consent of the superintendent ofbanks (instead of the consent of a majority of State bank examiners)shall be obtained before a bank located in a city of 10,000 or morepopulation establishes a branch within the corporate limits of the city.
CHANGES IN MEMBERSHIP IN FEDERAL RESERVE SYSTEM BETWEENDECEMBER 31, 1923, AND DECEMBER 31, 1924
On December 31, 1924, there were 9,587 member banks in activeoperation in the Federal reserve system, as indicated by the requiredreports of condition which were submitted by the banks as of thatdate. Of this number 8,043 were national banks and 1,544 wereState banks and trust companies, the number of both classes of banksbeing smaller than a year earlier. The reduction was 136 for nationalbanks and 51 for State banks, a total of 187. Despite the decline inthe number of banks, the total resources of both classes of memberbanks show increases for the year.
On December 31, 1924, the aggregate resources of all member bankswere $38,987,000,000, the resources of national banks amountingto $24,369,000,000 and those of State member banks to $14,618,-000,000. For the year resources of all member banks show anincrease of nearly $3,800,000,000, of which about $2,000,000,000was for national banks and $1,800,000,000 for member State banksand trust companies.
The decline in membership during the year was the net result of171 additions and 359 losses, omitting from these figures compen-sating changes between national and State members which affectedmembership in the two classes of banks without changing membershipin the system as a whole. These gains and losses to membershipare classified in the following table, by class of member banks.Tables showing changes in membership, by Federal reserve districts,during the period 1919-1924, appear on pages 147-153.
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CHANGES IN ACTIVE MEMBERSHIP IN THE FEDERAL RESERVE SYSTEM,DECEMBER 31, 1923, TO DECEMBER 31, 1924
Member banks
Number
National State
Active membership Dec. 31,1923
ADDITIONS TO MEMBERSHIP
Primary organization of national banksConversion of nonmember banks to national.Admission of State banksResumption, following suspension _Conversion within the system*
Total additions.
LOSSES TO MEMBERSHIP
Merger of member banks „ _Absorption of member banks by nonmembers.Voluntary liquidation (terminal)Withdrawal.Suspension or insolvencyConversion within the system1 •Others, losses . .
8,179
17
132
Total lossesNet change during the yearActive membership Dec. 31, 1924.
1,595
47
1 !268
- 1 3 68.043
- 5 11,544
Total
9,774
171
83513426
163
358- 1 8 79,587
Resources(in
thousands)
$35,238,606
20,30821,34561,80510,863
114, 321
42,30451, 75266,879
146,892
1,347
309,1742+3, 748, 261
38, 986, 867
1 Compensating items, except for 1 member State bank which succeeded a national bank that didnot report on Dec. 31, 1924, and was therefore not counted among losses in 1924.
2 Includes, in addition to increases classified above, those due to growth and reorganizations.
BANKS ON PAR LIST
The following table shows the number of banks on the par list,that is, of banks which have agreed to pay without deductions forcollection charges such checks drawn upon them as are presentedby the Federal reserve banks in connection with the operationof the Federal reserve clearing system. The table also shows thenumber of banks not on par list. The number of banks on the parlist on December 31, 1924, was 25,127, and included, in additionto the member banks, 15,445 nonmember banks. This total was1,494 below that for the end of December, 1923, and 3,657 belowthat for December 15, 1920, when the number of par collectingbanks was highest. The number of nonmember banks collecting atpar was smaller at the end of December this year than last in allexcept the Boston, New York, Philadelphia, Cleveland, and Atlantadistricts. It was larger than in December, 1920, only in the NewYork and Philadelphia districts.
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NUMBER OF MEMBER AND NONMEMBER BANKS ON PAR LIST AND NOT ON PARLIST, DECEMBER, 1924 AND 1923
Federal reservedistrict •
BostonNew YorkPhiladelphia..ClevelandRichmondAtlanta .Chicago.St. LouisMinneapolisKansas City _..DallasSan Francisco
System
Member banks
Total
1924
420859743872624516
1,419628906
1,086838771
9,682
1923
424839725880631535
1,435630979
1,146863809
" 9, 896
National
1924
384714671753560383
1,059495802
1,051655586
8,113
1923
388695659762564389
1,064501861
1,108670611
8,272
State
1924
36145
7211964
13336013310435
183185
1,569
1923
3614466
11867
14637112911838
193198
1,624
Nonmember banks *
On par list
1924
234381519
1,075743383
3,9272,2251,4982,747
862851
15,445
1923
228360514
1,071865380
4,1052,3732,0852,858
958928
16, 725
Not on par list
1924
10715
1,10521833285320415357
3,647
1923
5637
1,1271142334451969544
2,896
1 Incorporated banks other than mutual savings banks.
BANK SUSPENSIONS
During 1924 there were 759 bank suspensions reported to theFederal reserve banks. Of this number 595, or nearly 80 per cent,were nonmember banks and the remaining 164 were member banks,129 of these being national banks and 35 State banks or trust com-panies. The capital and surplus of the suspended banks for whichinformation was available (all member banks and all but four ofthe nonmember banks) aggregated $41,704,000. The capital and sur-plus of closed nonmember banks amounted to $24,636,000, or 59 percent of the aggregate for all closed banks. The capital and surplusof the national banks amounted to $13,713,000 and that of the Statebanks and trust companies to $3,355,000. There were 39 banks,previously closed, which reopened during the year.
Although bank suspensions occurred in all except the Clevelanddistrict, there were only seven in the Boston, New York, and Phila-delphia districts combined as against 537 in the Chicago, Minneapolis,and Kansas City districts. The banks closed in the latter districtswere equivalent to more than 70 per cent of the total numberof suspensions and had capital and surplus amounting to 63 per centof the total for all closed banks, while those in the eastern districtsmentioned were less than 1 per cent of the total number and hadcapital and surplus of about 6 per cent of the total. The largestnumber of suspensions in any one district was 299 in the Minneapolisdistrict. Although figures for closed banks represent, so far ascould be determined, banks which were closed by order of super-visory authorities, it is not known how many of these institutionsmay ultimately prove to be solvent. Banking suspensions for
36569—25t 3
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the year are shown, by districts and by class of bank, in the follow-ing table:
BANKS CLOSED DURING 19241
Federal reserve district
All districts _ _
BostonNew York _PhiladelphiaCleveland __RichmondAtlantaChicagoSt. LouisMinneapolisKansas City .'. _DallasSan Francisco
All banks
759
1
3444
10455
2991345228
Capitaland
sands ofdollars)
41,704
2502,415
79
1,8172,6706,4612,600
12, 9256,8773,9081,702
Member banks
National(num-ber)
129
121
3461
50321910
State(num-ber)
35
19
102922
Non-memberbanks(num-ber) 2
595
5
30318852
2401003118
1 Includes all banks, incorporated and unincorporated, which were reported closed or insolvent duringthe year.2 Includes 3 nonmember banks in the Chicago district and 1 in the Richmond district for which noinformation regarding capital is available.
Suspensions were more numerous at the beginning of the yearthan during the summer and fall. During the first quarter of theyear there were 302 closed banks, nearly half the total number for theyear. Banks closed during 1924 are shown, by months, in the fol-lowing table:
BANKS CLOSED DURING 1924, BY MONTHS 1
Y e a r . . .
JanuaryFebruary . _MarchAprilMayJuneJulyAugustSeptember.OctoberNovember .December. .
1924
Allbanks
759
1369076718244502935374960
Member
National
129
23191999
1185
* 2888
State
35
1162
111
157
Non-member
595
1026555627332412333283645
1 Includes all banks, incorporated and unincorporated, which were reported closed or insolvent duringthe year.
CHECK CLEARING AND COLLECTION
Atlanta par clearance case.—During the year a new par clearancesuit was instituted against the Federal Reserve Bank of Atlanta,the Federal reserve agent at Atlanta, and the Federal EeserveBoard. This suit differs from the former par clearance cases in
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that it involves a national bank rather than a nonmember bank,and also raises certain questions dealing with check collection trans-actions which have not been adjudicated before. It is anticipatedthat a final decision in this case by the Supreme Court will go along way toward settling the par clearance controversy. A briefstatement of the case is given herewith.
On August 9 the Pascagoula National Bank of Moss Point, Miss.,filed a bill of complaint in the United States District Court for theNorthern District of Georgia against the Federal Reserve Bank ofAtlanta, Joseph A. Me Cord as Federal reserve agent, and the FederalReserve Board. In general, the bill charged the several defendantswith having ignored and violated various provisions of the Federalreserve act, and prayed for an injunction against the Federal ReserveBank of Atlanta which, if granted, would in effect—
(1) Require the Federal Reserve Bank of Atlanta to give imme-diate credit and availability to the plaintiff for all its deposits ofchecks and drafts drawn on other member banks in the Atlantadistrict, no matter at what distance from Atlanta the drawee bankmay be;
(2) Permit the plaintiff to charge exchange on checks drawnupon it and presented for payment by or through the Federal reservebank; and
(3) Prohibit the Federal reserve bank from handling checks forany banks other than its own members and, for its own membersy
any checks which are not payable within the Atlanta district.The bill also asked that the Federal Reserve Board and Joseph A.
Me Cord be enjoined from promulgating and enforcing the provisionsof the board's Regulation J, and further asked for an accounting andrecovery from the Federal reserve bank of the amounts of exchangecharges and interest of which the plaintiff alleged it had been illegallydeprived.
In response to this bill the Federal Reserve Board entered a specialappearance solely for the purpose of pleading its exemption from thesuit in the Northern District of Georgia and filed a motion to be dis-missed from the suit on the ground that it is not an inhabitant of theNorthern District of Georgia and, therefore, is not suable in thatdistrict without its consent, because of the provision of section 51of the Judicial Code that "no civil suit shall be brought in any dis-trict court against any person by any original process or proceedingin any other district than that whereof he is an inhabitant/7
On behalf of the Federal reserve bank and the Federal reserveagent, answers were filed showing cause why the relief prayed forin the bill should not be granted and also going into the merits ofthe case at some length.
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Arguments on the board's motion to be' dismissed from the suitand on the plaintiff's prayer for a preliminary injunction were heardby the court on October 2 and 3; and, at the conclusion of the argu-ment, the court handed down an oral decision from the bench up-holding both of defendant's contentions. Subsequently, brief writtendecrees were signed dismissing the board from the litigation anddenying a preliminary injunction, but no written opinion was ren-dered by the court.
On December 15 the case was argued on its merits, and on Decem-ber 29 the court rendered a decision holding that there was nothingunlawful in any of the acts of defendants complained of and author-izing a decree dismissing the bill. The court's decision, therefore,was a complete victory for the Federal reserve system.
The opinion of the court, which is published on pages 231-234,holds in effect that:
(1) The Federal reserve banks are not required to give depositingmember banks immediate credit and availability for checks anddrafts drawn on other member banks in the Atlanta district and arejustified in refusing to permit the amount of said checks to be countedas reserves or to be withdrawn by check or otherwise until theyactually have been collected;
(2) Under the terms of the so-called "Hardwick amendment" tosection 13 of the Federal reserve act, member banks have not theright to make an "exchange charge" for remitting payment to aFederal reserve bank for checks drawn on themselves, although suchchecks are not the property of the Federal reserve bank but arehandled for collection.
(3) That, under the terms of section 13 of the Federal reserve act,the authority of a Federal reserve bank to collect checks is not limitedto checks sent to it by its own members and checks payable withinthe district of such Federal reserve bank; and, therefore, a Federalreserve bank may collect checks on its own member banks and non-member clearing banks which come to it from other districts, andmay handle checks payable on presentation sent to it by its memberbanks or nonmember clearing banks whether payable within its owndistrict or not; and
(4) That the provision in the "Hardwick amendment" which hasthe effect of requiring member banks to pay without deductionchecks drawn on them when presented by Federal reserve banks,whether paid over the counter or by the more convenient means ofchecks on their deposits elsewhere, does not deprive member banks ofproperty without due process of law and, therefore, is not contrary tothe fifth amendment to the Constitution.
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The plaintiff has appealed the case directly to the Supreme Courtof the United States, on the ground that it involves the constitution-ality of an act of Congress.
Cleveland and San Francisco par clearance cases.—The preliminaryaspects of the par clearance litigation affecting the Federal reservebanks of Cleveland and San Francisco are discussed in the board'sannual report for 1922, where it was noted, among other things, that theBrookings State Bank of Brookings, Oreg., following its suit for aninjunction against the Federal Reserve Bank of San Francisco, hadbrought an action for damages to compensate it for the loss allegedto have been occasioned it by the collection methods employed bythe reserve bank. This damage suit has not yet reached a hearingon the merits and no further action has been taken with regard to theinjunction proceedings.
In June, 1923, the Farmers & Merchants Bank of Catlettsburg,Ky., also followed its suit for injunction against the Federal ReserveBank of Cleveland by bringing an action at law for compensatoryand punitive money damages. This action was brought in the UnitedStates District Court for the Eastern District of Kentucky. TheFederal reserve bank filed a special demurrer to the complaintobjecting to the jurisdiction of that court over the defendant on theground that the Federal Reserve Bank of Cleveland was an inhabitantof the Northern District of Ohio and, because of section 51 of theJudicial Code, could be sued only in the courts of that district. InMarch, 1924, the plaintiff brought a new action for damages againstthe Federal Reserve Bank of Cleveland in the United States DistrictCourt for the Northern District of Ohio. This action has not yetcome to trial, and there are no important developments to reportin connection with the injunction suit against the Cleveland ReserveBank.
TRUST POWERS OF NATIONAL BANKS
During the year 1924 two important court decisions were handeddown affecting the right of national banks to exercise trust powers.In the first of these cases, State of Missouri ex rel Burnes NationalBank v. Duncan, 265 U. S. 17, the Supreme Court of the UnitedStates, in an opinion rendered April 28, 1924, upheld in all respectsthe right of national banks in Missouri to exercise trust powers.The court co as trued the grant of power contained in section 11 (k)of the Federal reserve act to mean " that whatever may be the Statelaw, national banks having the permit of the Federal Reserve Boardmay act as executor if trust companies competing with them havethat power/7 and further held that it was within the constitutionalauthority of Congress to confer upon national banks the right toact in fiduciary capacities, saying in this connection, " The Statecan not lay hold of its general control of administration to deprive
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national banks of their power to compete that Congress is authorizedto sustain." The effect of this decision, therefore, is to establishconclusively the right of national banks to exercise trust powers inany State whose laws authorize or permit the exercise of similarpowers by competing State institutions. The preliminary stages ofthis case, including the decision of the Supreme Court of Missouriwhich had denied the right of the Burnes National Bank to exercisetrust powers, are discussed in the board's annual report for 1923 onpage 55 and a footnote on that page records the fact that the deci-sion of the Missouri Supreme Court was reversed by the UnitedStates Supreme -Court The full texts of the opinions of both courtsare also published in the 1923 report on pages 307 and 314. Forconvenience of reference, the opinion of the United States SupremeCourt is republished in this report on pages 234-237.
In the board's annual report for 1922 a brief statement is made ofa decision of the Supreme Court of Rhode Island which in effect de-nied the right of national banks in Rhode Island to exercise trustpowers. This case, however, was not conclusive on this question,because the decision was based primarily on the ground that theState treasurer could not be compelled by mandamus to accept atender of bonds from a national bank as security for the performanceof its fiduciary functions. For this reason it was felt that the casewas not a proper one in which to test out finally the right of nationalbanks in Rhode Island to exercise trust powers and no appeal wastaken from this decision. Subsequently, however, a proceeding wasbrought against the same national bank—the Aquidneck NationalBank of Newport—by the Attorney General of the State of RhodeIsland for the purpose of determining definitely the right of the nationalbank to continue to exercise trust powers in conformity with the pro-visions of section 11 (k) of the Federal reserve act. In an opinionrendered July 9, 1924, the Supreme Court of Rhode Island followedthe decision of the United States Supreme Court in the BurnesNational Bank case and held that in view of this authoritative con-struction of section 11 (k) of the Federal reserve act, national banksin Rhode Island may continue to exercise trust powers. The fulltext of the opinion of the Rhode Island Supreme Courts is publishedon pages 237-239.
Permits to exercise fiduciary powers.—During the past year theboard has approved 154 original and 20 supplemental applicationsby national banks for permission to exercise fiduciary powers underthe provisions of section 11 (k) of the ; Federal reserve act. Thetotal number of banks holding permits to exercise trust powers onDecember 31, 1924, was 1,802, a list of which, with the powersgranted, is published on pages 193-210.
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ADMINISTRATION OF CLAYTON ACT
In each of the board's annual reports to Congress since 1921 atten-tion has been called to the desirability of amending section 8 of theClayton Act. After several years7 experience in administering thisprovision of law the board has found that the present law is notadapted to carrying out the intention of Congress in regulating inter-locking bank directorates. In its present form section 8 of theClayton Act in operation often defeats the purpose for which it wasenacted; it discriminates against national banks, and in many casesits enforcement results in unnecessary hardship to individuals andto the disadvantage of the banking and credit situation in certaincommunities. The board has repeatedly recommended the enact-ment of an amendment to the Clayton Act to overcome these defects.
During the closing weeks of the first session of the Sixty-eighthCongress two bills were introduced to amend section 8 of the ClaytonAct—S. 3299 in the Senate on May 13, 1924, and H. R. 9344 in theHouse on May 20, 1924. The Senate bill proposed to amend it bythe addition of a clause which would authorize the board to grantpermits for interlocking directorates between a member bank andnot more than two other banks if, in the board's judgment, norestriction of banking credit or lessening of interbank competitionwould result. The House bill proposed to redraft the so-called Kernamendment to section 8 of the Clayton Act in simpler form. Thisbill would have authorized the board to permit interlocking direc-torates between any three banks or trust companies if, in its judgment,it was not incompatible with the public interest, thus giving theboard somewhat wider discretion than contemplated by the Senatebill and removing the requirement in the law as it now stands thatone of the banks involved be a member bank. The fundamentalpurpose of both bills, however, was to give the board more latitudein the matter of permitting interlocking directorates and thus enableit to administer the Clayton Act more effectively and more nearlyin harmony with the apparent purpose and intent of Congress inregulating interlocking directorates. The Senate bill was introducedat the board's request and the House bill with the board's approval.Both bills are reprinted in full on page 240. No action, however,was taken with regard to either of these bills and the first session ofthe Sixty-eighth Congress terminated without any amendment to theClayton Act.
During the past year the board has received and considered 238applications presented to it for permission to serve in interlockingdirectorates. It has also investigated 65 alleged violations of section8 of the Clayton Act reported to it by the Comptroller of the Currency.Thirty-four of these were found to be actual violations of the law andthe bank directors involved were required to comply with the law.
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LEGISLATION AFFECTING THE FEDERAL RESERVE SYSTEM
During the past year no amendments were made to the Federalreserve act, but certain legislation affecting the operation of theFederal reserve system was passed.
By an act approved February 20, 1924, the life of the War FinanceCorporation was extended until January 1, 1925, thus continuingthe various functions performed by Federal reserve banks in con-nection with the operations of the War Finance Corporation.
Section 502 of the World War adjusted compensation act, enactedon May 19, 1924, authorizes Federal reserve banks, subject to regu-lations to be prescribed by the Federal Reserve Board, to rediscountfor member or nonmember banks promissory notes of veterans se-cured by their adjusted service certificates and with maturities notin excess of nine months. The rate of interest for such rediscountsis fixed at the same rate as that charged for the discount of 90-daycommercial paper. It is further provided that no such loan maybe made to a veteran until after the expiration of two years afterthe date of his adjusted service certificate, so that Federal reserve bankswill not be called upon for the present to rediscount this class of paper.The relevant portions of the World War adjusted compensation actare reprinted on page 240.
AMENDMENTS TO REGULATIONS OF FEDERAL RESERVE BOARD
Under date of August 15, 1924, the board published a new issueof all its regulations applicable to member banks. Earlier in theyear Regulations H and J of the 1923 series had been materiallyamended and the prime purpose of the new issue was to provide acomplete edition of all the board's regulations under one cover.The changes made in the regulations may be briefly summarized asfollows:
Regulation A was amended so as to provide expressly for the redis-count of paper secured by bonds or notes of the War Finance Cor-poration, and also so as to require that whenever the makers of notesoffered for rediscount have closely affiliated or subsidiary corporationsor firms, separate financial statements of such corporations or firmsmust accompany the financial statement of the borrower which isrequired to be filed with the member bank under certain circumstances.
Regulation D was rewritten under a new title, "Reserves of memberbanks/7 and there was transferred to it that part of Regulation Jwhich deals with penalties for deficiencies in reserves. Certain othermaterial was also added to provide a more complete regulation onthe subject of reserves.
Regulation H is in the form adopted on April 7, 1924. The prin-cipal change in the new regulation was the incorporation therein of
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ANNUAL REPORT OF THE FEDERAL RESERVE BOARD 3 1
various conditions of membership to which all banks thereafterbecoming members of the Federal reserve system will be subject andof a statement of the principles which will govern the establishmentof branches by State member banks and trust companies. Thesections of this regulation were also rearranged with a view to greaterclarity.
Regulation J is in the form adopted on May 9, 1924, except thatthe section which dealt with penalties for deficient reserves wastransferred to Regulation D. Regulation J, series of 1924, super-sedes the corresponding regulation of the 1920 series. It is completelyrewritten and rearranged with a view to clarification and the incor-poration of the principles governing the collection of checks laiddown by the Supreme Court in the Atlanta and Richmond parclearance cases, decided in 1923. The terms upon which Federalreserve banks will handle checks are also prescribed with greaterdetail and precision so as to define more clearly the rights, duties, andliabilities of Federal reserve banks as collecting agents.
Regulation L was amended by the addition thereto of a new para-graph with reference to the burden of proving the absence of sub-stantial competition in connection with applications for interlockingdirectorates under the Clayton Act.
No material changes were made in Regulations B, C, E, F, G, I, or K.This issue of the board's regulations became effective on Sep-
tember 1, 1924, and the full text thereof is printed on pages 241-275.
MEETINGS OF FEDERAL ADVISORY COUNCIL
Four meetings of the Federal Advisory Council were held inWashington during 1924 on the following dates: February 19, May13, September 25, and November 24.
CONFERENCES HELD BY THE FEDERAL RESERVE BOARD
The Federal Reserve Board, as usual, conferred with the FederalAdvisory Council on the occasion of each of its meetings during the year.
The governors of the Federal reserve banks met in Washington onMay 5-7 and the governors and chairmen of the Federal reservebanks conferred, separately and jointly, on November 10-14. Atboth conferences special sessions were held at which the board was inattendance.
ORGANIZATION, STAFF, AND EXPENDITURES
During the year 1924 there were several changes in the organiza-tion and staff of the Federal Reserve Board. Hon. D. R. Crissinger,whose term as governor of the Federal Reserve Board expired on
36569—251 4
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3 2 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
April 30, and Hon. Edmund Platt, whose term as vice governorexpired on August 10, were redesignated by the President.
Hon. Adolph C. Miller, of California, whose term of office as mem-ber of the board expired August 9, was reappointedforatermof lOyears.
On December 17 Hon. Henry M. Dawes resigned as Comptrollerof the Currency and ex officio member of the board, and wassucceeded on December 20 by Hon. J. W. Mclntosh, of Illinois.
Mr. Morris Jacobson, statistician in the division of research andstatistics, resigned on July 31. Later the office of statistician wasdiscontinued and Mr. E. A. Goldenweiser, who had been servingas associate statistician, was appointed assistant director of thedivision of research and statistics.
On December 31 Mr. Edgar W. Freeman resigned as assistant counsel.The total cost .of conducting the work of the board during the
year 1924 was $720,039.61.Two assessments were levied against the Federal reserve banks
aggregating $663,239.90, or approximately one-fifth of 1 per cent oftheir average paid-in capital and surplus for the year.
By direction of the Federal Reserve Board.D. R. CRISSINGER, Governor.
The SPEAKER OF THE HOUSE OF REPRESENTATIVES.
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DISCOUNT AND OPEN-MARKET RATES
No. 1.—DISCOUNT RATES—CHANGES DURING 1923 AND 1924 ON ALL CLASSES AND MATURITIES OF DISCOUNTED BILLS
[Per cent]
In effect Jan. 1, 1923Changes effective—
1923—Feb. 23____Mar. 6
1924—May I .June 2 _
June 10June 12 _June 14 _June 18
June 19 _ _June 26July 1.July 16
Aug. 8Aug. 15Aug. 25Oct. 15
In effect Dec. 31, 1924
Boston
4
3H
3K
Federal reserve bank
NewYork
4
&A
4
3
3
Phila-delphia
24H
2 3 ^
VA
Cleve-land
4H
4
3H
3H
Rich-mond
4
4
Atlanta
4H
4
4
Chicago
4H
4
4
St. Louis
4M
4
4
Minnea-polis
4M
4
4
KansasCity
4
4
Dallas
4H
4
4
San Fran-cisco
4
4 ^
4
3H
3K
8
3
i3
1 5 per cent on 6-9 month agricultural and livestock paper from April 7, 1923, to June 11, 1924, inclusive.2 5 per cent on 6-9 month agricultural and livestock paper from April 19,1923, to June 25,1924, inclusive; 4J/£ per cent on 91-day to 6-month agricultural and livestock paper from
June 19 to June 25, 1924.NOTE.—Discount rates were made applicable to 6-9 month agricultural and livestock paper, which was made eligible by the March 4, 1923, amendment to the Federal reserve
act, on the following dates in 1923: Boston, Apr. 7; New York, Aug. 6; Philadelphia, Apr. 19; Cleveland, Apr. 9; Richmond, Apr. 7; Atlanta, Mar. 22; Chicago, Aug. 16; St. Louis,Apr. 5; Minneapolis, Apr. 11; Kansas City, Apr. 14; Dallas, Apr. 12; San Francisco, Mar. 21,
CO09
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No. 2.—AVERAGE RATES CHARGED ON DISCOUNTED BILLS CO
[Per cent]
Federal reserve bank
1924BostonNew YorkPhiladelphiaCleveland
RichmondAtlanta,.. . .ChicagoSt. Louis
Minneapolis...Kansas CityDallasSan Francisco
All banks: 1924192319221921
192019191918
January
4 504. 504.504 50
4. 504.504 504.50
4.504. 504.504. 50
4.504.254.846.36
4.904 184.02
Febru-ary
4 504 504.504 50
4 504.504 504.50
4.504. 504. 504.50
4.504.284.776. 36
5.524 144.02
March
4 504 504.504 50
4. 504.504. 504. 50
4.504. 504.504.50
4. 504.494.706. 43
5.644 154.08
April
4 504. 504.504.50
4. 504. 504. 504.50
4. 504. 504.504.50
4. 504.504.606. 33
5. 674 184.23
May
4 504. 004.504. 50
4. 504.504. 504.50
4.504. 504.504.50
4.424.504. 596.20
5. 744. 164.35
June
3.873.674.134.00
4.184.264. 244. 36
4.504.504.504.18
4.164.504.546. 14
6.204. 194.42
July
3.503.503.504.00
4. 004.004.004.00
4.504.004.254.00
3.894.504.396.02
6.214. 144.37
August
3.503. 103.503.72
4.004.004.004.00
4.504. 004.003.90
3.784.504.345.76
6. 194. 124. 25
Septem-ber
3. 503.003.503. 50
4.004.004.004.00
4.504.004.003.50
3.694.504.365.75
6.394. 184.24
Octo-ber
3.503.003.503.50
4.004.004.004.00
4.224.004.003.50
3.654.504.345. 62
6.404. 194.21
Novem-ber
3 503.003.503. 50
4.004.004.004. 00
4.004.004.003.50
3.634.504.295.03
G.454.534.20
Decem-ber
3 503.003.503 50
4.004.004.004.00
4.004.004.003.50
3.564.504.304.91
6.494 674. 18
Year
4 103 924.074 11
4 284.324.334.34
4.454.404.344.30
4.204.474 526.01
6.024 264.26
Prior
1923
4 424.424.504 50
4. 504.504. 504.50
4.504. 504.504.44
years
1922
4.214.214.504.60
4.704. 644.634. 65
4.854.794.864.32
w
oH
H
H
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No. 3.—AVERAGE RATES EARNED ON DISCOUNTED BILLS
[Per cent]
Federal reserve bank M a y
1924BostonNew YorkPhiladelphiaCleveland. _
RichmondAtlantaChicago..St. Louis
MinneapolisKansas CityDallasSan Francisco
All banks: 1924..1923..1922..1921..
J920-.1919..1918..1917..1916..
June
4.293.894.304.23
4.404.464.484.48
4.504.504.504.36 !
July I August
3.643.573.614.07
4.174.264.304.33
4.504.504.474. 14
4.354.504.616.20
5.894.204.313.494.36
4. 114.504.50
6.134.154.403.824.24
3.533.363.523.91
4.084.154.194.23
4. 504.424.284.11
Sep-tember
3.991504.475.91
6. 194. 134.353.774.31
3.523.043.503.57
4.034.094. 114. 14
4.504.284.223.86
3.854.504.425.85
6.224.174.273.794.43
October
3.513.013.503.52
4.014.054. 064.11
4.434.174.183.72
3.754.504.365.69
6.354.154.223.474.35
No-vember
3.503.003.503.50
4.004.014.024.08
4.274.064.073.57
3.694.504.295. 39
6.414.404.273.424.08
De-cember
3.513.003. 503.50
4.004.004.004.02
4.274.014.013.51
3. 594.504.295. 11
6.424. 554.293. 753.81
YearPrior years
1923 1922
4. 18 4. 413. 97 4. 414.12 ! 4.504.17 i 4. 50
4.324.364.374.39
4.494.464.404.33
4.254.464.636.07
4.234.243.614.20
4.504. 504.504.50
4.524.504.504.42
4.244.254.504.64
4.784.764.764.71
5.124. 955. 084.42
M
Q
H
HWW
CO
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No. 4 .—OPEN MARKET RATES—CHANGES DURING 1923 AND 1924 IN MINIMUM AUTHORIZED RATES ON ACCEPTANCES BOUGHT IN OPENMARKET
BANKERS' ACCEPTANCES
[Per cent]
In effect Jan 1 1923Changes effective—
1923-Apr 241924-May 12
May 29June 20June 23
In effect Dec 31 1924
Federal reserve bank
Boston
2H
22
NewYork
2
2
Phila-delphia
2H
2
2
Cleve-land
3
43M
2
2
-Rich-mond
3
3
Atlanta
2H
2
2
Chicago
23^
2
2
St. Louis
Q
2
2
Minne-apolis
3
3
KansasCity
3
3
Dallas
3
3
SanFrancisco
2M
2
2
NOTE.—Acceptances purchased direct from the acceptor are taken at a rate not less than the discount rate on commercial paper.
TRADE ACCEPTANCES
[Per cent]
d
In effect Jan. 1, 1923...Changes effective—
1924-June 20.May 12May 29
In effect Dec. 31, 1924. 33̂2%2% i
wp
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No. 5.—AVERAGE RATES CHARGED ON BILLS BOUGHT IN OPEN MARKET
[Per cent]
Federal reserve bank
1924BostonNew YorkPhiladelphiaCleveland
RichmondAtlantaChicagoSt. Louis .- . _ - -
MinneapolisKansas CityDallas _.-San Francisco .
All banks: 192419231922192119201919
January
4.174.104.174.21
4.314.334.214.18
4.174.564.164.22
4.184.094.286.055. 104.28
Febru-ary
4.154.094.174.18
4.284.314.194.16
4.174.194.174.21
4.164.084.216.015.534.24
March
4.124.094.154.21
4.314.244.224.18
4.144.144.174.21
4 164.093.926.015.804.24
April
4.004.074.114.17
4.254.234.244.14
4.144.114.134.19
4.144.123.485.945.824.24
M a y
3.393.293.653.54
3.754.383.453.56
3.613.543.573.77
3.484.163.285.885.964.24
June
3.133.133.013.13
4.073.083.06
3.133.133.153.14
3.154.183.225.886.074.24
July
2.252.302.322.27
4.052.292.28
2.283.052.292.34
2.354.203.135.706.064.25
August
2.202.252.272.27
2.892.172.27
2.282.242.252.20
2.254.203.105.316.044.25
Septem-ber
2.222.212.342.23
2.742.212.23
2.212.212.222.22
2.234.213.195.356.044.25
October
2.232.142.252.20
2.882.192.19
2.132.172.212.18
2.204.213.684.976.054.26
Novem-ber
2.292.302.342.35
2.602.322.30
2.322.322.34
2.324.194.104.606.454.47
Decem-ber
2.712.772.912.79
3 043.182.842.78
2.742.762.78
2.794.184.114.416.084.84
Year
2.902.933.403.09
4 01* 3.74
3.312.86
3.662.903.262.95
3.084.163.595 495.854.36
Prior years
1923
4.144.114.154.17
4 294.214.214.09
4.074.374.164.17
1922
3.553.573.533.70
4.644.143.503.67
4.603.773.55
o3
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No. 6.—AVERAGE RATES EARNED ON BILLS BOUGHT IN OPEN MARKET AND FROM OTHER FEDERAL RESERVE BANKS
[Per cent]
CO•00
Federal reserve bank
1924BostonNew York _..PhiladelphiaCleveland
RichmondAtlantaChicagoSt Louis
MinneapolisKansas CityDallas- . ,San Francisco „ -
All banks: 19241923._ .19221921
19201919..191819171916 . . .
January
4.184.154.184.21
4.314.284.194. 19
4.184.564.184.21
4.204.014.446.14
4.794.293.642.802.09
February
4.174.104.174.22
4.294.284. 194.16
4.164. 174.174.21
4.184.094.255. 99
5.064.253.793.02207
March
4.164.104.174.21
4.304.254. 184. 15
4.134. 154.184.21
4.174.104.066.01
5.474.263,923. 192.04
April
4.124.104.184.21
4.294.244.174.17
4.154.164.174.20
4.174.083.835.97
5.704.234.183.102.04
M a y
4.023.794.134.18
4.134.244.144.12
4.134.134.174,17
4.054.113.505.98
5.774.254.363.152.07
June
3.513.553.853.73
3.964.173.603.71
3.533.343.173.95
3.664.143.295.97
5.984.194.253.162. 14
July
2.442.633.213.10
3.974.112.853.60
3.033.052.902.96
2.804.183.185.96
6.074.274.243.232.21
August
2.332.342.612.96
3.622.372.50
2.702.692.742.64
2.494.193.115.36
6.074.224.383.192.31
Septem-ber
2.212.222.322.24
2.832.192.20
2.212.172.272.19
2.224.193.115.33
6.064.274.193.352.46
October
2.222.172.232.19
2.722.162.19
2.172.162.202.17
2.204.193.245.04
6.074.224.253.402.12
Novem-ber
2.242.222.262.22
2.572.202.21
2.262.192.212.20
2.234.183.594.91
6.034.334.363.532.52
Decem-ber
2.422.492.362.46
3,042.692.452.47
2.282.432.452.46
2.464.203.844.50
6.054.544.333.43
, n
Year
3.183.013.583.52
4.183.773.482.91
3.733.063.663.26
3.314.143.54
* 5.70
5.664.304.143 262.36
Prior years
1923
4.134.114.134.15
4 274.194 154.07
4.134.264.134.14
1922
3.523.543.503.48
4.834.153 503.36
4.963.673.47
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No. 7.—AVERAGE RATES EARNED ON DISCOUNTED AND ON PURCHASED BILLS
[Per cent]
Federal reserve bank
Boston _ _ ._New YorkPhiladelphia..Cleveland
RichmondAtlanta _.. .ChicagoSt. Louis . -
MinneapolisKansas CityDallas..San Francisco
System
1916
3.523.693.754.25
4.003.774 604.04
4.804.774; 495.01
4.20
1917
3.663.123.733.94
3.913.993 853.85
4.224.144.484.53
3.61
1918
4.014.044.294.28
4.404.274.304.29
4.634. 744.674.65
4.24
Discounted
1919
4.214. 124.134.22
4.344.254.264.25
4.334.684.644.51
4.23
1920
5.915.885.485.88
5.695.776 175.83
6.226 055.675.79
5.88
bills
1921
6.036. 135. 495.85
5.926.126.405.97
6.486.066.255.82
6.07
1922
4.244.254. 504.64
4.784.764. 764.71
5.124.955.084.42
4.63
1923
4.414.414.504.50
4.504.504.504.50
4.524.504.504.42
4.46
1924
4.183.974. 124.17
4.324.364.-874.39
4.494.464.404.33
4.25
1916
2.222.382.312.29
3.09• 2.71
2.282.34
2.322.393.362.39
2.36
1917
3.253.333. 183.24
3.223.343. 113.16
3.163.203.403.25
3.26
1918
4. 194.074. 124.20
4.274.204.244.18
4.364.264.104,20
4.14
Purchased bills
1919
4. 254.254.244.27
4.574.574.334.36
4.274.364.794.29
4.30
1920
5.815.695. 855.67
5.745. 555.645.30
5.265.455.495.61
5.66
1921
5. 615. 595. 615.90
6.036.285.675.68
6.406.105.70
5.70
1922
3.523.543. 503.48
4.834.153.503.36
4.963.673.47
3.54
1923
4.134.114.134.15
4.274.194. 154.07
4.134.264.134.14
4.14
1924
3.183.013.583.52
4.183.773.482.91
3.733.063.663.26
3.31
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No. 8.—AVERAGE RATES EARNED ON UNITED STATES SECURITIES
[Per cent]
Federal reserve bank
1924Boston _ _New YorkPhiladelphia.Cleveland
RichmondAtlantaChicagoSt. Louis
MinneapolisKansas CityDallas jSan Francisco.
All banks: 1924 _1923. -.-19221921
19201919191819171916
Janu-ary
4.374.164.304.17
3.394.243.884.17
4.394.544 194.40
4.263.743.162.13
2.182.263.272.642.14
Febru-ary
4.434.214.294.17
3.444.173.884.17
4.344.504.104.28
4.173.963.582.11
2.172.313.252.672.33
March
4.133.694.174.12
3.684.174.024.08
4.254.324.224.21
4.043.993.722.24
2.102.413.592.662.14
April
4.184.094.244.17
3.684.164.064.0£
4.174.294 084.15
4.144.113.772.15
2.102.433.562.362.34
May
4.094.014.164.04
3.684.054.004.08
4.124.204.064.09
4.054.173.702.49
2.222.423.062.412.26
June
3.703.684.003.81
3.564.213.803.86
3.944.043 613.79
3.794.023.672.40
2.242.333.002.392.29
July
3.723.524.093.71
3.453.823.743.75
3.903.893 603.65
3.684.173.632.31
2.152.242.762.672.38
Au-gust
3.703.424.013.53
3.413.593.653.43
3.783.713.593.48
3.574.153.602.33
2.222.212.872.712.36
Sep-tem-ber
3.470 00
3.973.41
3.353.593.563.31
3.723.663 323.32
3.464.073.652.49
2.272.172.732.752.38
Octo-ber
3.453.353.963.33
3.313.663.553.29
3.653.623 393.30
3.444.213.712.38
2.202.182.443.062.47
No-vem-ber
3.473.343.953.32
3.293:673.563.27
3.773.603.503.27
3.464.183.782.68
2.172.222.492.862.44
De-cem-ber
3.403.263.973.34
3.253.343.563.27
3.673.573 303.26
3.394.033.792.92
2.432.192.402.982.38
Year
3.713.504.093.64
3.473.693.723.54
3.913.873 673.60
3.674.013.672.37
2.212.262.992.682.35
Prior years
1923
3.933.944.253.96
2 363.713 684.21
4.254.163 724.19
1922
3.673.633.833.84
2 062.543 683.70
3.433.682 834.00
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No. 9.—AVERAGE RATES EARNED ON TOTAL EARNING ASSETS
fPer cent]
Federal reserve bank
1924Boston . . _New YorkPhiladelphiaCleveland
RichmondAtlantaC hicagoSt. Louis
MinneapolisKansas City. .DallasSan Francisco .
All banks: 1924 . .192319221921
192019191918.. . . . .19171916
Janu-ary
4.354.374.354.32
4.444.454.334.49
4.444.514.234.39
Febru-ary
4.394.034.625.88
4. 464.043.752.902.85
4.364.354.364.32
4.414.444. 304.46
4.414.474.214.38
4.364.134.475.92
4.884.033.813.032.70
March
4.294.144.344.30
4.424.434.294.40
4.344.384.244.36
4.304.264.345.90
5. 124.023.863.142.26
April
4.294.284.374.34
4.434.464.294.40
4.304.384.214.34
M a y
4.224.044.334.27
4.424.474.264.39
4.274.354.224.30
4.344.324.255.85
5.234.014.072.832.50
4.264.354.085.79
5.363.994.292.932.47
June
3.873.724.133.98
4.324.444.084.30
4.134.243.894.04
4.034.363.985.67
5.514.014.203.082.53
July August
3.593.463.863.80
4.104.243.944.14
4.104.093.833.79
3.804.423.905.60
3.583.343.803.60
4.004.103.803.87
4.023.90
' 3.833.62
3.674.423.855.42
5.723.984.313.342.62
5.813.934.273.372.69
Septem-ber
3.303.113.763.35
3.953.983.603.67
3.903.713.583.33
3.454.413.845.35
5.813.914.213.412.78
October Novem-ber
3.143.003.653.21
3.933.843.483.52
3.723.513.333.16
2.992.993.443.13
3.903.653.393.28
3.803.373.142.98
3.304.443.885.25
5.943.954.133.372.79
3.214.404.004.99
5.984.164.193.372.72
Decem-ber
2.942.993.403.15
3.873.583.453.16
3.763.302.99
-2.95
3.174.384.064.74
5.984.294.143.592.83
Year
3.693.534.023.79
4.244.243.924.01
4.104.023.843.78
3.834.334.115.61
5.504.044.123.292.67
Prior years
1923 1922
4.284.304.374.29
4.444.414.264.40
4.424.374.264.32
3.873.824.114.10
4.574.404.234.14
4.644.254.564.08
NOTE.—Average annual rates earned (per cent) during 1924 on municipal warrants: Philadelphia, 4.58; Atlanta, 4.51; Minneapolis, 4.36; System, 4.56; on Federal intermediatecredit bank debentures: New York, 3.30; Philadelphia, 3.94; Kansas City, 3.36; System, 3.85; on foreign loans on gold: 3.00 for all banks, except Boston which held no foreignloans on gold.
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42 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
CONDITION OF FEDERAL RESERVE BANKS
No. 10.—EARNING ASSETS OF FEDERAL RESERVE BANKS, 1914-1924
[In thousands of dollars]
Date
Nov. 27..Dec. 31.
1914
Jan. 29...Feb. 26..Mar. 26..Apr. 30..
May 28..June 25..July 30. .Aug. 27..
Sept.24_.Oct. 29 _ _Nov. 26..Dec. 30..
1915
Jan.28_.Feb. 25. .Mar. 31..Apr. 28_.
May 26..June30_-July28__Aug. 25..
Sept. 29..Oct. 27 . .Nov. 24..Dec. 29 . .
1916
Jan. 26..Feb. 23 . .Mar. 30..Apr. 27. .
May 25..June 29..July 27 . .Aug. 31 . .
Sept. 28..Oct. 26. .Nov. 30..Dec. 28 . .
1917
1918Jan. 25Feb. 21Mar. 28-29Apr. 26
May 31..June 28..July 26..Aug. 30..
Bills discounted
Secured byU. S. Gov-
ernmentobliga-tions i
1,90025, 54612, 67011, 867
65, 923209, 230405, 608283,421
312, 520263, 905301, 451642, 429
562, 993434, 509673, 231896, 228
Other
7,3839,909
13, 95520, 46931, 68336, 586
I33, 95125, 99629,10229, 275
31,37330,44832, 79432, 368
26, 90122, 82721,26721,448
20, 36521,18827, 59427, 032
25, 95321,13120, 50130,196
15,71120, 26620,10635,043
45, 6872 193, 546125, 789135, 448
167, 616187,864350, 790397, 285
315,142245, 629281, 777259, 314
334, 364434, 666628, 920531, 967
Total
7,3839,909
13,95520, 469 !31,683 !36, 586 I
!33,951 i25, 996 i29,102 i29, 275
31,37330, 44832, 79432, 368
26, 90122, 82721.26721, 448
20, 36521, 18827, 59427, 03225, 95321, 13120, 50130, 196
15,71120, 26620,10635,043
47, 587219,092138, 459147, 315
233, 539397,094756, 398680, 706
627, 662509, 534583, 228901, 743
897, 357869,175
1, 302,1511, 428,195
Billsboughtin openmarket
10, 37911, 62513, 564
13, 05813, 61916,17923, 013
26, 31429, 05440, 40847, 585
52, 70871,09583, 45482, 146
80, 62586, 085102, 092127, 497
97, 697123, 96684,47371, 400
107,377202, 270195,097154, 591
176,169177, 590205,454275, 366
273, 912296,170304,065302, 844
256, 373216, 848205, 274232, 603
UnitedStates
securities
205
Muni-cipal
warrants
12, 91915, 79:
21,37229, 63240, 27549, 681
55, 78257, 12956, 58155, 001
53, 47151, 90450, 59455,414
55, 76948,11847, 700
117, 818
117, 65870, 72876, 95377,927
95,005110,04289,096
107, 233
123,194.222, 657310, 769
78, 853
146, 924259, 066
57,01256,122
734
Totalearningassets
13,18017,417 •21,579 !25,469
6, 947 i 23, 0947, 601 11, 5097, 923 16,1078, 836 25, 808
9, 328 24, 945 I10,505 25,014 |
27,30812, 220
20, 60225, 40333,01536,933
44,946 j22,671 i27, 220 i27, 863
24,028 '29, 89022, 1668,975
12, 24917,12415, 71514, 999
14, 6752,4461,4691,230
224233
1,4291,005
3 4, 9023 3, 4363 3, 5233 2, 722
3 7363 23
3 10367
7,38310,848
27,13537, 88653, 26262,055
63, 99255, 48564, 75777, 483
78, 70479, 58689, 20083, 398
95,189106, 916134, 965155, 647
173, 801172, 083194, 849192, 042
184, 077189,010195, 353222, 082
181, 426209, 474167, 994239,260
287, 297494, 536411,978381,063
504, 937684, 959
1,052, 3771,064,310
1,029, 6701,031,7971, 201, 5851, 286, 162
1, 301, 3901, 345,1121,564,5401, 716, 987
1 Figures to Nov. 30, 1917, inclusive, represent only member banks' collateral notes secured by Govern-ment war obligations and are exclusive of customers' paper similarly secured, the amount of which, how-ever, was small.
2 Includes loans on gold coin and bullion—$21,850,000.3 Includes bill of lading drafts as follows: Jan. 25, 1918, $2 765,000; Feb. 21, $2,821,000; Mar. 29, $2,994,000;
Apr. 26, $2,168,000; May 31, $235,000; June 28, $12,000; July 25, $37,000.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
CONDITION OF FEDERAL RESERVE BANKS 4 3
No. 10.—EARNING ASSETS OF FEDERAL RESERVE BANKS, 1914-1924—Continued
[In thousands of dollars]
Bills discounted
Date I Secured byi U. S. Gov-| ernmentI obliga-| tions
1918—ContinuedSept. 27Oct. 25Nov. 29Dec. 27
Jan. 31. .Feb. 28.Mar. 28..
1919
1, 221, 5331,092, 4171,412,5111, 400, 371
1, 357, 5711, 667, 9651,691,010
Apr. 25 | 1,760,672
May 29 I 1,802,893June 27 i 1,573,483July 25. . . i ! 1,616,210Aug. 29 1,609,296
Sept. 26 1,572,503Oct. 31 1,681,082Nov. 28 1,736,033Dec. 26 ! 1,510,364
1920 |Jan. 30 J 1,457.892Feb. 27 j 1,572,980Mar. 26 1,441,015Apr. 30 j 1,465,320
May28 ! 1,447,962June 25 I 1,277,980July 30 ! 1,241,017Aug. 27 1,314,830
Sept. 24.Oct. 29_.Nov. 26..Dec. 30..
Jan. 31 .Feb. 28..Mar. 31..Apr. 30_.
May 31..June 30._July 3 1 . .Aug. 31..
Sept. 30..Oct. 31...Nov. 30..Dec. 31 . .
Other
491,897453, 747402, 684302, 567
243, 557211,855195, 230189, 740
186,499244, 557251, 392205, 838
309, 779447, 465478,176684, 514
Total
1, 713,4301, 546,1641, 815,1951, 702, 938
1,601,1281, 879, 8201, 886, 2401, 950, 4l2
1, 989, 3921, 818,0401,867, 6021, 815,134
1, 882, 2822,128, 5472, 214, 2092, 194, 878
716, 465 ! 2, 174, 357880,531 | 2,453,511
1,008, 215 | 2, 449, 2301,069,751 i 2,535,071
1,071, 4691,153, 8141, 250, 6131, 352, 297
1, 220, 423 1, 484, 0411, 203, 905 1, 597, 392 j1,192, 425 | 1, 542, 975 |1,141,036 | 1, 578, 098 !
:, 040, 367997, 965971,100937, 652
1, 416, 7501, 391, 5451, 262, 0061,138, 916
Jan. 31...Feb. 28..Mar. 31..Apr. 29..
May 31..June 30..July 3 1 . .Aug. 31..
Sept. 30..Oct. 31...Nov. 29..Dec. 30..
1922
787,244 1,120,669 |637, 590 ! 1,113, 760 j577, 774 I 1, 063, 838 |545, 176 ! 946, 759 j
496, 844 ! 916,169 '462,436 I 850,591476,360 705,941485,233 I 659 113
2, 519, 4312, 431, 7942, 491, 6302, 667,127
2, 704, 4642, 801, 2972, 735,4002, 719,134
2,457,1172, 389, 5102, 233,1062, 076, 568
1, 907, 9131, 751, 3501, 641, 6121, 491, 935
1, 413, 0131, 313, 0271, 182, 3011,144,346
Billsboughtin openmarket
UnitedStates
securities
363,586284,614260,781 !185,743 |
171,106167, 241132, 390126,113
162, 780269, 042315, 280331, 790
475, 299427, 963419, 686324, 361
300, 384294,177273, 788271, 335
300, 916307, 393334,816285, 990
712, 577680,467510,104
471, 490461, 418406,178397, 448
463, 696576, 435650, 096617, 780
288, 391398, 623375, 341303, 673
281, 293276, 919248,107185, 822
183, 650304, 558375, 556363,138
342, 491394,355495, 595585, 212
561,313531, 367451, 879407, 247
418, 600399,185345, 305321, 965
307, 624298, 375247, 703255, 702
163, 700169,421119, 340109, 763
75, 45740, 22317, 97735, 320
45, 04286,11072, ©54
145, 263
74,93593, 458
105, 27090, 677
118,182161,112140, 111180,176
244,375258,165259, 226272,122
Muni-cipal
warrants
78, 643350, 311121, 796311,546
294, 784182, 782200, 935218, 636
229,014231, 569239, 400270, 705
278, 315301, 254314, 937300,405
303, 521294, 354289,922293, 514
306, 394352, 296325, 380300, 580
297, 500296, 371320,614288, 191
287,150282, 807276, 932267, 095
266, 481259,184244, 365230, 233
227, 830192, 521204, 544233,528
293, 085407,889455, 506587,080
603,419555,465536, 669507,131
482, 676362, 639304, 461436,155
M02242713
1067379
206242102
Totalearningassets
2,080, 5662, 295,1222, 312, 3592, 318,170
2,177, 2092,339, 5252, 335, 2852, 354, 870
2, 402,0562,354,1672, 482, 5582,448, 977
2, 503,0882, 824,1563,024, 7413,080, 495
3,039,1913, 279, 2323,191,0313, 235, 832
3, 244, 4253,183, 2753,162, 3153, 289, 672
3, 309, 5883, 396,0433, 303, 7173, 263,027
2,907, 9672,841, 7382, 629, 3782, 453,426
2, 249,8512, 050, 7571, 903,9541, 757, 488
1,685, 8851, 591, 6681,459,8661, 523, 516
1, 207, 1111, 214,1661, 241, 3451,187,861
1,193,0911,177,9951, 082,9611,084, 776
1,190, 7621,197, 2631, 213,8071, 326,096
1 Includes $31,000 of bill of lading drafts.
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44 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
No. 10,—EARNING ASSETS OF FEDERAL RESERVE BANKS, 1914-1924—Continued
[In thousands of dollars]
Date
1923Jan. 31Feb. 28Mar. 31Apr. 30
May 31 __,June 30July 31 ,Aug. 31
Sept. 30Oct. 31Nov. 30Dec. 31
1924Jan.31Feb. 29Mar. 31Apr. 30
May 31June 30July 31Aug. 30
Sept. 30 ,Oct. 31Nov. 29Dec. 31
Bills discounted
Secured byU. S. Gov-ernmentobliga-tions
377,482356,039372, 768386,079
406,824407,356391,937412, 318
401,186425,650406, 533353, 685
267, 978257, 215228,949161,164
164,149115, 58089,42483, 480
111, 591118, 592112,694186,840
Other
219, 769239, 721326,146338,914
363,910429, 593433,999452,244
482, 367458,150 !396,821369,383
264,282271, 748
286,021
277,217 !218,374 i203,623191,188
164, 608145, 549129, 330127, 288
Total
597,251595, 760698, 914724, 993
770,734836, 949825, 936864, 562
883, 553883,800803, 354723, 068
532,260528,963517,885447,185
441,366333,954293,047274, 668
276,199264,141242,024314,128
Billsboughtin openmarket
188,566207, 678263, 358271, 573
258,680205, 600183, 096171, 607
173, 258204,698300, 207354, 637
286,041267,880228, 247124,485
79, 54936, 52423,46958,103
131,821200,114313, 572387,100
UnitedStates
securities
353,735363,074250,360185, 305
191,964101, 503
Muni- | Totalcipal I earning
warrants! assets
101,995
96, 28591,837
104,169133, 566
126, 371165,463262, 867301, 660
352,857431, 085522,897542, 211
576,108584,205583, 738540,160
55651020
31731715451
101 100 '
51 !51 I
2 551 i2 1,301 ii 1,250 >i 1,750 |
1 1, 750 !2 3,557 ii 2, 550 !3 8,050 j
1,139, 5521,166, 5121, 212,6731,181,871
1,221,4331,144,1171,107,1251,138,184
1,153,4131,180,6521, 207,884
.1,211,322
944,682962,406
1, 009,050873,381
874, 323802,864840,66a876, 732
1, 052, 0171,141,8841,249,438
1 Federal intermediate credit bank debentures.»Includes Federal intermediate credit bank debentures as follows: May 31, $500,000; June 30, $1,250,000;
Oct. 31, $3,550,000.3 Comprises $6,000,000 foreign loans on gold and $2,050,000 Federal intermediate credit bank debentures
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CONDITION OF FEDERAL, RESERVE BANKS 45
No. 11.—RESERVES, DEPOSITS, AND NOTE CIRCULATION OF FEDERAL RESERVEBANKS, 1914-1924
[Amounts in thousands of dollars]
Date
1914Nov. 2 7 . . - .Dec. 31
1915Jan.29Feb. 2 6 —Mar. 26.Apr. 30... .
May 28June 25July 30. . . .Aug. 2 7 . . .
Sept. 24Oct. 29Nov. 26Dec. 3 0 —
1916Jan. 28Feb. 2 5 —Mar. 31Apr. 28
May 26 . . .June 30July 2 8 —Aug. 2 5 . . .
Sept. 29Oct. 27Nov. 24Dec. 2 9 —
1917Jan.26Feb. 2 3 —Mar.30Apr. 27—.
May 25.June 29..July 2 7 -Aug. 31.
Oct. 26Nov. 30Dec. 2 8 —
1918Jan. 25Feb. 21Mar. 28-29...Apr. 26—.
May 31.June 28-July 26 -Aug/30.
Sept. 27Oct. 25Nov. 29Dec. 27
Reserves
Gold Total
227,840241,321
251 306269J 753273,137280,543
298,33l|324,183347, 383359,165
405,404433,236492,163542,413
262,470267,899
272,188
296,235307,061
330,320372,031369,475379,043
428,324470, 294529,375555,938
555, 241 j 570,737526,213514, 521487,029
515, 255542,744527, 536536, 221
584,767617,481701,501736,236
791, 245803,324938,046945,141
, 3711,977,1, 294,5121,362, 2631, 353, 498 1
1, 408,4701, 503, 436 11,621,1, 671,
., 725 1., 133 1,
:, 200 2,
, 020,813
, 065, 2132,090, 274
543, 891524, 459499,040
537, 227570,192544,125548,486
5^2,578627, 457719, 475753,774
808,824818,573947,328975,481
Deposits
Gov-ern-
ment
15,00015,00015,00015,000
27, 76032,50138,46940, 660
44,131101,15256,54f50,099
38,98529,98226, 31928,837
25, 60713,40720, 567
., 014,263 76,1141,334,352 300,9661,J, 414, 052 143,032',406,108 154,"'"
1,457, 559% 552,942
, 676, 211, 720, 768
1,726,507 .1,782,7591, 772, 395 1,832, 5241,815, 704 1, 874,0631,827,000 1,890,945
1,917,82611,949,021 2,006^199' 974,
,975,709, 006,199,029, 329
013,794 2,066,962
2, 072,176045,132 2,098,169
2,120, 371"146,219
:, 358 1,
., 289 171,132, 2211220,96!108, 213
1911,5351,
166,84,
233, 040104,729
191, 623278,218207,157
63, 367
Mem-bers' re-serve l
687,841629,475711,117719,785
813,326,033,4601,135,456 1,,069,1, 804 1.
., 136,930L, 264, 3231,489, 3701,453,166
323 1,
135,6911, 480,74:56,165 1,459,"
104,086 1,499,130,668 1,497,
720 14 0 0 14161
>,413 1., 440,, 557,1,435,1,478,639 1,
r, 587 1,1,196 1,
1, 535,4901, 683,4991,488,8931, 587, 318
Total»
249,268256,018
272,095282,248282,644285,364
284,615303,038299,105309,999
337,532350,021398,899394,245
441,663435,793445,328439,013
504,2995.38,241
-535,548530,866
529,360543,703620,128650,665
688,508677,036706,905743,532
796,1711, 261,800% 232,200., 133,926
1,193,886:, 318,7981, 595,5121, 457, 9941
1,492,878 1"., 462,627 1
,535,, 556,
», 367 1i, 303 1
., 586,
., 529,
., 622,87
., 572,898
8191'0 1
F . R.notes incircula-
tion
2,70010,608
14, 50022,95733,76746,444
57,84772,48985,12795,233
115, 662146.025165,304189.026
179,224171,368163, 066163, 094
159,389152,244152, •"156,345
196,538214,622240,448275,353
259, 768303,171357,610420,509
454,402508,753534,015587,915
700,212847, 506
1,056,983-, 246,488 1
, 234,934 1,314,581, 452,838 I!,526,i, 232 1
>, 968 1, 600,., 722,216 1,870,835 12,092,!, 708 1
1,667,109 2, 349, 3261,723,902 2, 507,9121,668,283 2, 568,6761,552,892 2, 685, 244
Re-quiredreserve3
88,32493,850
101,033107,970112,433118,455
122,754135,059138,738146, 593
164,401180,917205,736213,596
226, 27:221,075221,091218,892
240,260249,282248,478248, 341
263,891277,89£ai3,224337,874
344,885358, 231390,461428,441
434,170645,131644,876632,040
697,945800, 581981, 222,008,893
., 016,4811,037,751"., 118,513., 155,199
, 195,700, 224, 323, 316, 339, 387, 597
1, 523, 2181, 606, 5311,611, 3691, 617,610
Excessreserve
174,146174,049
171,155190,868183,802188,606
207,566236,972230,737232,450
263,923289,377323,639342, 342
344,465322,816303, 368280,148
296,967320,910295,6471300,145
328,687349,563406,251415,900
Re-serveper-cent-age
759,614752, 361694,989711,875
766,278794,773755, 550735,746
780,009781,876712,990679,365
548,958491,638509,002528,609
104.2100.5
95.097.993.692.5
96.599.196.293.5
94.594.893.895.3
91.989.686.282.9
80.982.679.179.8
81.682.283.681.4
463,939 85. 3460,342 83. 5556,867 89.0547,040 83.8
580,093 81.1689,221 75. 4769,176 80.1774,068 81.7
77.071.763.263.6
65.466.062.761.3
62.061.758.156.4
51.649.650.050.6
F. R.banknote
circula-t i o n -net lia-bility
9641,669
1,7321,7211,6921,690
3,0331,0311,028
9342,4596,023
8,0008,0008,0008,000
8,0007,9997,9787,895
8,32410,39011,08420,687
35,81958,85986,003117,122
1 Figures not reported separately until January, 1917.2 Figures shown in this column represent net deposits up to and including Feb. 28, 1921, and total
deposits thereafter.3 Forty per cent against Federal reserve notes and 35 per cent against deposits.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
46 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
No. 11.—RESERVES, DEPOSITS, AND NOTE CIRCULATION OF FEDERAL RESERVEBANKS, 1914-1924—Continued
[Amounts in thousands of dollars]
Date
1919Jan. 31Feb.28Mar.28Apr. 25.
May 29.June 27..July 25.-Aug. 29.
Sept. 26Oct.31Nov. 28Dec. 26
1920Jan. 3O._.Feb. 27—Mar. 26. _.Apr. 30—
May 28.June 25..July 30..Aug. 27.
112,106 2,179,646122,998 2,188,723142,305 2,210,524
2,169, 216 2,240,152
187,743 2, 255,1062,147,784 2,216,2562,095,1512,161,023!, 066,788 2,135,976
2,177,854 2,187,505" 138,000 2,205,592093,641 2,159,666
2,078,432 2,135, 536
Sept. 24Oct. 29Nov. 26Dec. 30
1921Jan. 3 1 - _ .Feb. 28.—Mar. 31Apr. 30
May 31.June 30..July 31..Aug. 31.
Sept. 30 _Oct. 31.Nov. 30Dec. 31.
Reserves
Gold Total
Deposits
Gov-ern-
ment
!, 012,656,966,836., 934, 7551, 936, 720
1,953,1031,969,3751,977,7041,971, 825
1,989,835003,320
2,023, 9462,059, 333
2,073,9332,083, 215~ 057,155
,070,765!
103,6602,148,0852, 221,5692,322,683 2,
151, 594168,038195,310249,163 j
319,755!2,363,475!2,436,741"!,505, 612
2, 408,0582,467,6592,543,0392,641,061
2,571,579'2,627,494|2, 697,032" 787,920
2,728, 3722,791, 2722,849,4472,874,995 3, OlOi
1922Jan. 31 2,908,958 3,062,705Feb. 28 2, 946, 739 3,079, 784Mar. 31 |2,974, 784 3,105,039Apr. 29 2, 996, 425 3,128, 306
May 31June 30July 31Aug. 31_
Sept. 30 .Oct.31Nov. 29.Dec. 30.
3, 007, 621 3,130, 4973,021, 767 3144 5423,047, 9493, 061, 9
1923Jan .31Feb. 28Mar. 31Apr. 30 _.
, 049 3
, 210 3,3,077,3, 079,3,072, 858 3,3,047, 393 3,
I, 966 3,
3,075, 810 3,227,3,072,8133,059, 592 3,167;3, 082, 282 3,
928 1,64,210,547168,14791,7726 1
141,479 1, i73,6141,711
72, 357
Mem-bers' re-
serve
, 693,1,620,1,631,"., 664,
132 1,972 1167 13201
656,118 1713,030 1
116,038 l| 718,396 154,494 1,729,950 1
61,2761,731,413 1100,465 1,833,481198,157 1,844,434 1
1,786,""i, 874 1
Total
L, 659, 457t, 796,739L, 741,425L, 752,094
L, 830,920., 750,694L, 796, 561L, 629, 797
L, 634,074L, 850,518L, 889, 399L, 704, 470
72,974 1,850,712il, 806,496133,913J1,871,961J1,884, 57627,711 1,867,125|1, 772,90437,592 1,859,844)1,812,732
, 092,496 36, 433 |.l, 852,91611, 794, 440, 108, 605j 14,189|1,831,916)1, 722, 223, 128,640! 12,16711,808,15611, 697, 245, 127, 827| 43, 510 1, 818,502J1, 717,867
46, 493 1, 800,67718, 754 1, 805,66115,909 1,727,639 1
1, 658, 4641, 674, 553
,71i; 774 1,623,641., 748,979 1,604,190
28,627J1,721,895|1,650,66350,828|1,705,25311,670,01091,61711. 658,625il, 784,39431, 664 1,666, 509J1,732, 214
), 080 1:39,43,32,680 146,
1,446 1
i, 809 1
879, 3312,934,960 j2,989,142n ^0,252!
, 634 1,601,,603,, 625,123 1, 618,0
!, 845 1
,9011
., 670, 624
., 675, 21"
., 683,048
., 690, 754
98, 540 1, 581,032J1,704,80743,086jl, 658,627 1,732,89845,913jl, 670, 362 1,742,83095 95111753 217 1 876082
, j , ,95, 95111,753, 2171, 876,082
3,30, 4973,144, 5423,178, 6523,195, 558
!, 207,4943, 217,8823, 202,8103,176, 872
r,1323, 201, 600" ^,446;, 179, 666
82,81011,677,83:53, 75911, 710, 249187, 588; 1,708, 7\" '51, 981; 1,754, "
761 1[, 844 1
1, 790, 685, 799, 40,834,81.,849,442
54, 295; 1,782,0041,33,093!l, 820, 377 158, 583:1,760,824148,4461,803,6221
', 260 1,14,51111,857,34, 355 1, 812, 570 133,449 1, 807, 631 110,756:1, 933,8881!
46,01411,913,46543,40111,887,55279,35411,862,676 140,29011,864,756"
, 870,152., 883, 329, 846, 582., 874, 688
, 897,185, 875,43i
1, 860, 223"., 973, 532
1,991, 06'"., 952, 31, 961, 651
1, 926,10S
F. R.notes mcircula-
tion
450,729,472,307, 521,776549, 552
519,292499,180504,497580,629
655, 354752,876852, 277057,646
, 561,1021,617,7811,618,209,633,054
, 648,539., 612,415., 630,595., 602,681
, 634,068, 748,831, 802,200., 819,623
850,944019,984048,039074, 555
107,021116,718120,138203,637
,279,996, 351, 303.325,"""", 344,686 1
3,083,3,048,
904,2,844,
155 1,5541
0111,
2,751," 648,08612, 549,626 "2, 481,-, 466 1
2, 482, 427 12, 421,426 12, 366,0062,409, 392, 392 1
2,179, 052* 196,05812,194, 743'2,169,), 420 1
Re-quiredreserve
Excessreserve
1,772,6501,867, 594, 839,731, 864, 278
1, 870,862" 19,465
1, 842,0911, 882, 708
1,926,615"., 898, 489., 899, 341
, 810,994, 803,925786,517743, 879
1,685,466"., 645,5601,608,917"., 584, 348
, 589,6531, 575,0851, 556, 3921, 620, 385
392 1
618, 544570,942592,315607,098
606,567603,841530,428533,295
553,437456,761357,466315,913
301,283215,621217, 424206, 487
221, 634259,140286, 549245,119
259,134241, 423296.821
349.822
508,761559,550650, 224761,733
886,113981,934
1,088,1151, 203,572
1,289, 6781, 359,87,:, 432,7501, 389,86'
1,498, 3611, 508, 2141, 520, 081,515,073
02712,141,184 1, 511,2,152,962 1, 520,35C2,132,145 1,499,16:2,155, 515 1, 518, 34
2, 268,2, 301,2, 329,2, 395,
6521,7771814 1,7891
2, 203, 701
1, 564, 3441, 571, 5701, 584,9581, 613, 233
, 619,47i1, 624,1921, 679, 4901, 677, 21
L, 571, 475 1, 636,01S[, 577,113 1, 640, 769L, 583,004 1, 619,806L, 649,052 1, 527,820
1, 578, 354 1,648, 77!2, 246,943 1,582,086 1,619, 512. 247, 257 1, 585,480 1, 581,9662. 235, 43511, 568, 31111, 611, 35£
Re-serveper-cent-age
53.05.1.351.952.1
51.852.150.250.7
51.047.945.544.8
44.542.542.742.4
42.43.44.243.2
43.43.144.445.4
F. R.baD.knote
circula-tion—net lia-bility
129,445134,042145,540158.848
168,427177,185193.849219,815
239,451254,933256,793261,039
250, 530237,131201, 392177,881
179,185185,604192,168200,793
214,180214,961214,610216,960
200,159187,633169,885154,944
143,706132,568125,046109,864
100, 378
49.050.152.054.8
58.160.863.66.8
68.870. 6 85, 51572. 7 75,86270.2| 83,690
77.277.177.177.8
78.077.979.979.
77.077.076.472.7
82,81180, 71780,57577,135
70, 55367,35161,05253, 636
44,00534,96120,8682,770
76. 9 3,10576. 2 2,64575. 3 2,43176. 41 2,286
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
CONDITION OF FEDERAL RESERVE BANKS 47
No. 11.—RESERVES, DEPOSITS, AND NOTE CIRCULATION OF FEDERAL RESERVEBANKS, 1914-1924—Continued
[Amounts in thousands of dollars]
Date
1923—Con.M a y 31June 30July 31.Aug. 31
Sept. 30Oct. 31Nov. 30Dec. 31____
1924Jan .31Feb. 29 . . . .Mar . 31Apr. 30..._
M a y 3 1 . _ .June 30July 3 1 . . . .Aug. 30. _ .
Sept. 30Oct. 3 1 . . _ .Nov. 29Dec. 3 1 - . . .
3,095,3,100,3,105,903 3,
Reserves
Gold
112,106 3, 201, 333^,,194,6651,190,932l, 188, 541
i, 217 3,1,814 3,
3 , ,3,111,3,101,3,080,
078 3,158 3,032 3;
3,142, 575 3,3,119,652 3,3,094,3,120,
[, 988 3,I, 389 3,
3,112,629 33,128,176 33,143,065 3
127 3
3,046, 723 3,3, 036, 705 3,3,025, 316 3,2,936, 533 3,
Total
112, 717 3,189, 598^,,191,1451,185, 2771,168,934
I, 261,161J, 220,8041,193, 8871,222, 609
!, 205, 513I, 238,803i, 247,113
127 3,168, 536
I,133, 2101,117,8251,110,009I, 047,054
Deposits
Gov- I Mem-ern- j bers' re-
ment serve
,130128,33,535, 81146, 551 I!
, 544 1.
50, 304 1,40,33432, 50138,074 I!
', 582 137,43,99, 58132, 503 I!
1,095 I!
', 477 1
, 899, 810 1,964,128 2, 245, 829 1, 585, 775 1, 615, 558! 76. 0., 851,938 1,914, 043 2, 253,033 1, 571,128; 1, 623, 5371 76.
1, 878, 367 1,936, 938 2,177, 743 1, 549,0261, 641,906 77.'., 844, 718 1,911, 730 2, 226,998 1, 559, 905! 1, 628, 636 77. 0
47,43, 25145, 464 2; 090, 821 2.36,135 2,059, 517
, 906,093 11, 944,095 ~
56, 254 2,110, 949 2,26,976 2,138, 45f "36, 693 2,142,820 2, 208, 728 151,197 2,220,436
Total
! F . R.j notes inj circula-! tion
, 839,142 1,912, 460 2, 267, 620 1, 57i., 895, 265 1,958, 660 2, 224,865 11,864, 794 1, 919,, 898, 315 1,959, 5:
576, 409! 1,613,189575,475(1, 615, 670
214 2, 252, 492 1, 572, 722! 1, 612, 555'9 2, 246, 673 1, 584, 522; 1, 584, 412
., 950, 702 2,
., 900,149 1,964, 451 2, 042, 66i1,885,23"., 944, 952
807 1, 974,2,010,"1,168,1242,128,
317 l!
2201
!, 197,1012 ,194 , ""8271,
!, 010, 322 2, 026, 469 1, 964, , ,
2, 006, 372 2, 002, 7852,005, 3811, 926,013 1
, 440 1,911,., 860,
1, 763,947'., 763, 659 1
I, 923 1,
Re-quired Excess
reserve
Re-serveper-
cent-age
, 514, 201 1, 746,«1, 504, 624 1, 716,1801, 503, 344 1,690, 5431, 472, 289 1, 750, 320
i, 759 1, 455,., 447,980 1
1, 464, 420 1, 450, 341 1
1, 745, 395 1, 467,142 1., 799,104 1,487,833 1, 874, 833 1,522, 988 1
2, 310, 668 1, 862,062 1, 553, 560 1
T49, 754., 790, 823L, 782, 693., 718,195
, 666, 068,629,992., 587,021., 493,494
76.376.376.475.3
80.80.479.782.0
82.583.782.681.4
79.578.176.273.0
F. R.banknote
circula-tion—net lia-bility
1,7241,4251,570520
485523498471
435402383343
319
NOTE.—Figures of cash reserves, Federal reserve note circulation, excess reserves, and reserve percentagesfor dates prior to June, 1917, have been calculated on a basis comparable with figures published subsequentto the passage of the June 21, 1917, amendment to the Federal reserve act, which provides that gold withFederal reserve agent may be counted as part of the bank's required reserves.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
No. 12.—RESOURCES AND LIABILITIES ON THE LAST DAY OF THE MONTH
[In thousands of dollars]00
Gold with Federal reserve agentsGold redemption fund with U. S. Treasury.
Gold held exclusively against Fed-eral reserve notes
Gold settlement fund with Federal Re-serve Board
Gold and gold certificates held by banks....
Total gold reservesReserves other than gold
Total reserves _Nonreserve cashBills discounted:
Secured by United States Governmentobligations
Other bills discounted
Total bills discountedBills bought in open marketUnited States Government securities:
BondsTreasury notesCertificates of indebtedness
Total United States Governmentsecurities. __ _ -..
Foreign loans on goldAll other earning assets -.
Total earning assets _
De-cember,
1923
2,104, 25558, 748
2,163, 003
571, 087345, 942
3, 080, 03288, 902
3,168, 93452, 319
353, 685369, 383
723, 068354, 637
29, 50886,94717,111
133, 566
51
1,211,3221
1924
January
2,129,14050,108
2,179, 248
577, 227386,100
3,142, 575118, 586
3, 261,16157,009
267, 978264,282
532, 260286, 041
18, 59880, 28727,486
126, 371
10
February
44, 586
March
2,104,027 2,080,41345,891
2,148, 613
604,184366,855
3,119, 652101,152
3, 220,80445, 648
257, 215271, 748
528, 963267,880
18, 500114,24632, 717
165,463
100
944, 6821 962,406
2,126, 304
613,339355,345
3, 094,988
3,193, 88745,108
228, 949
517,885228, 24:
18,424181, 49462,-949
262,867
51
1, 009,050
April
2,088,31750, 749
May
2,096,85149,446
2,139, 066
610, 622!370, 7011
2,146, 297
595,403370, 929
3,120, 3891102,220J
3,112,62992, r'
3, 222, 60949,811
3, 205, 51340, 594
161,164286, 021'
164,149277,217
447,185124,485
19, 269221, 77160,620
301,660
51
441, 36679, 549
17,832262, 22872, 797
352, 857
551
June
2,128,42732,166
2,160, 593
576, 218391, 365
July
2, 083, 30227,882
2, 111, 184
604, 816427, 065
3,128,176| 3,143, 065 3, 089,127110,627 104,048 79,409
August
2, 041, 33133, 032
2, 074, 363
630, 795383, 969
3, 238, 803 3, 247,113 3,168, 53645, 525 48,451 37, 245
115,580218, 374
333, 95436, 524
22, 264314, 02894, 793
431, 085
1,301
873,381! 874,323! 802, S
89, 424203, 623
293, 04723, 469
30, 589384, 634107, 674
522, 897
1,250
840, 663
83,480191,188
274, 66858,103
32, 571391, 532118,108
542,211
1,750
Sep-tember
2,026, 23736, 217
2, 062, 454
596, 851387, 418
3, 046, 72386,487
3,133,21038, 647
111,591164,608
276,199131, 821
37,375398, 251140, 482
576,108
1,750
876, 7321 985, 8781
October
38,119
No-vember
1,998,332 1,912,02243, 039
2,036,451! 1,955,061
576, 871423, 383
3, 036, 70581,120
3,117, 82535, 692
118, 592145, 549
264,141200,114
40, 458329,182214, 565
584, 205
3, 557
593, 004477, 251
3, 025, 31684, 693
3,110,00933,299
112,694129, 330
583,738
2, 550
De-cember
1, 702,30641,245
1, 743, 551
679,464513, 518
2, 936, 533110, 521
3, 047, 05462, 567
186,840127,288
75,265349,354115,541
540,1606,0002,050
1,052,017) 1,141,884' 1,249,438
m
Wo
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
5 per cent redemption fund—Federal re-serve bank notes
Uncollected items _.Bank premisesAll other resources
Total resources _._
LIABILITIES
Federal reserve notes in actual circulation..Federal reserve bank notes in circulation-
net. __Deposits:
Member bank—reserve account _.Government __Other deposits
Total deposits _Deferred availability items _Capital paid in _Surplus..All other liabilities _
Total liabilities.
Ratio of total reserves to deposit and Fed-eral reserve note liabilities combined—percent
Contingent liability on bills purchased forforeign correspondents _
28565, 61453,99914,179
5,066,395
2,246,673
471
28534,21854, 61118, 706
4,870,415
2,026,469
435
1,898,315! 1,950,70238, 074! 37, 58223,190| 22,038
1,959, 579516,803110,145220,915
11,809
2, 010, 322489,881110, 028220, 915
12,365
5,066,395| 4,870,415
75.3
18, 995 j
80.8
16,831
28576,79055,17221,548
2,042,665
402
1,900,14943,09521,207
1,964,451529,885110,816220,915
13,262
80.4
10, 721
28481, 510
55,87221,388
4, 806,843
2, 002, 785
28586,35056,49422, 530
4,811, 203
1, 926, 013
343
1,885,237 1,944,95299, 581 32, 50321, 554! 27, 926
2, 006,372! 2, 005, 381451,314110, 850220,915
14, 224
4,806,843
79.7
10, 881
533,466110, 927220,915
14,158
4,811,203
82.0
20,505
28486,163
57,15225, 480
4, 689,253
1,911,440
319
1, 906, 09347,47721, 237
511,60057, 77924, 992
4,681, 563
531, 6091 509,80658,585' 59, 29929,235J 31,959
4, 755,6561 4,683, 577
1,860,923 1,763,947
1,944, 09543,25122, 971
1,974,807 2,010,317455, 777i 466, 562111,457 111,405220,915! 220,915
14,538! 11,441
4, 689,253] 4,681,563
82. 5 83. 7
39, 9651 38, 769
2,090,82145,46431, 839
1, 763, 659
2,059, 5136,13532, 568
2,168,124 2,128,220479, 571 446,978l l l ,503j 112,012220,915 220,915
11,596 11,793
4, 755,656| 4,683, 577
81.4
37,975j 27,63
582, 71660,04026, 210
4,826, 701
591, 964j 646, 34860, 726! 61, 55426, 633! 27,136
656,19757, 59823, 526
4,884,857J 5,020,230| 5,096,380
1,745,395 1,799,104
2,110,94956,25429, 898
2,138, 45226,97629, 399
2,197,1011 2,194,827539, 200 545, 220111,955220,915
12,135
112,017220,915
12, 774
4,826, 7011 "4,884,857
79.5
19, 359
78.1
' 24, 219
1,874,833
2,142, 82036,69329, 215
2, 208,728589, 866112,161220,915
13, 727
1, 862, 062
2, 220, 43651,19739, 035
2,310, 668584, 716112, 038217,837
9, 059
5,020,2301 5,096,380
76. 2| 73. 0
28,186! 42, 683
OO
3'Ao
apa
pa
en
XJl
CD
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
No. 13.—RESOURCES AND LIABILITIES, BY WEEKS
[In thousands of dollars]O
Date
1924 IJan. 2 2,109,715!
9 2,106,705!16 2,130,879!23 - . 2,103,477
2,127,175
Cash reserves
Gold
I
GoldwithF. R.agent
i Gold re-demp-tionfundwithU. S.
Treas-ury
Feb. 6 2,097,83013 [ 2,139,91320 2,116,66227 2,109,124!
Mar. T> •_ 2,050,306:12 2,046,69619 . 2,098,1702 6 . . . . 2,082,659
Apr. ?_.9..
16-23_.30..
M a y14.21.
1,974, 6241,984,0541,997,3642, 047, 4702,088, 317
2,110,7762,135, 2122,113,3402,103,863
57, 32751,44846,80052, 63250,931
50, 31557, 81545,10142,069
48, 39349,10152, 76456, 945
50,53357, 22356. 71555, 97150; 749
39, 75535,91136, 21646, 465
Goldsettle-mentfundwithF. R.Board
568,954583, 522573, 038587, 327573,226
610, 033553.784589.785600, 085
Goldandgold
certifi-cates
held bybanks
Totalgold
reserves
347,890 3,083,886389,867! 3,131,542406, 662408,226391,821
3,157, 3793,151,6623,143,153
381,115 3,139,293376,750 3,128,262373,949 3,125,497371,469 3,122,747
Re-servesotherthangold
87,984106, 965113,025119,923119,758
119, 646117, 224111,917106, 993
644,584 373,480! 3,116,763 106,059657,175 377,1101 3,130,082 105,758606,747 374,164 3,131,845 101,352605,918! 377,422 3,122,944 100,107
709,581 357, 029| 3,091,767 99,564672,888 389,2811 3,103,446 97,975671,222! 379,585| 3,104,886! 100,404623,182j 387, 267i 3,113,890,' 100, 937610,6221 370, 701 j 3,120,389 102,220
601,766 377,309; 3,129,606 102,502 3,232,108578,914 388,439: 3,138,476 102.810 3,241,286595,676! 392,934! 3,138,166 101,819 3,239,985594, 007! 373, 478! 3,117, 813| 96,461 3,214,274
Totalreserves
3,171,8703, 238,5073,270,4043, 271,5853,262,911
3, 258,9393,245,48613,237,4143, 229,740
Non-reserve
cash Securedby U.S.Govern-
mentobliga-tions
3,3, 235', 8403, 233,1973, 223,051
3,191,3313,201,4213, 205,2903, 214,8273, 222, 609
Earning assets
Bills discounted
Other Ibills idis-
counted
422, 764306, 373259, 774
242,085297, 561233,045263, 512
67,57367, 75668,92663, 33159, 661
56, 24051,16050, 50251,091
48,11650,28251,13751, 054
46, 59949,35148, 75051, 62449,811 161,164
51, 243| 167,55652,177 155,53651,135 149,66946,238! 164,566
375,119300, 548274,411
272,927 267,851259,280 263,027
245, 211248, 785263,081268, 078
211,938 276,3702l4,557i 268,842166,826 264,425214,656 267,659
239,063 290,597228, 280190,419187, 914
01, 279279,151284, 929286, 021
272, 729255, 645264.946265; 034
Total
797,883606, 921534,185540,778522,307
Billsboughtin openmarket
347,319,166292,744275,997271,792
487,296 283,399546,346 278,079496,126 253,476531,590 263,310
488,308 259,737483,399! 242,616431,251 194,203482,315 202,458
529, 660529, 559469, 570472, 843447,185
440, 285411,181414, 615429, 600
213, 772197, 606176, 680140,424124,485
87, 28775, 36155, 69286,760
United States Governmentsecurities
Bonds
29,42919, 90320, 02620, 014|18, 584|
18, 35318,23418,26018,347
Treas-ury
notes
79,85962,72,08476,45577,355
78,40180,26195, 599105, 677
18,342 130,22518 2821 155, 31118,264 174,57718,801 176-, 704
18,33118,27318, 855
184, 887187, 615193, 327
18,892 201,15819,269 221,771
18,353 232,09118,463^ 241,72119,522 241,68817,409; 245,722!
Certifi-cates ofindebt-edness
17,35E18,36624, 50224,45724,833
27,90428,76027,87031, 777
33,49938, 776
103,83661, 751
61, 63763,01554,48554, 24560, 820
60, 43862, 98063,43170,151
Total
126,643100,358116,612120,926120,772
124,658127,255141,729155,801
182, 066212,369296, 677257, 256
264, 855268,903266, 667274, 295301, 660
310,882323,164324, 641333, 282
Allother
earningassets i
100
1001005151
5151515151
51551551551
Total
1,271,7621, 026,496
943,561937,711914,881
895,363951,680891,331950,801
930, 211938.484922,182942, 080
1,008,338996,119912,968887, 613873,381
838, 505810,257795,499850,193
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
.Tune 4.11-.18..25..
2, 089, 133j 48, 439: 593, 8721 393, 6482, 091,061 37, 532 601,165i 424, 6902, 118,962 42, 249, 574,150i 422,2802,118,093 38,491 579,518 419,468
July 2 . . 2,126,6869 . . 2,099,835!
16 ! 2,111,173123 " ~"~ '30
33,134 577, 61637,433! 595,60437,6571 574,339
2,100,426! 36,684 584,4882,080,047 43,732 590,814
Aug. 6 2,079,415 35,79!13 2,080,982! 32,15'20. 2,075,614! 39,94727 2,059,620 43,314
Sept. 3 12,019,186 29,93710. _. .-_! 2,035,611! 36,89117 i 2,038,632! 36,63824 2,031,4061 34,686
Oct.
22.
2, 027, 304j 34, 7721,984,893! 39,6051,974,799! 39,9152,006,200! 29,905
29 j 2,004,220) 36,246
Nov. 5 ! 1,989,213 38,07012 ! 1,970,0111 27,11419 j l,933,98l! 38,62026 ! 1,926,215! 42,136
Dec. 3 ! 1,905,73010.17-...24 . ..31
1, 836, 2881,822,4241, 747, 2181, 702, 306
45,
589,472612, 076604,190608, 095
3,125,092! 99,8273,154,448 105,0473,157,641 114,5033,155,570 115,833
383,219 3,120,655 98,963410,530 3,143,402 101,904437,381 3,160,550 105,864445,929 3,167,527, 106,015440, 312 3,154,905 105,093
421, 054419,210406, 897404, 238
3,125,740 103,3093,144,425! 89,0123,126,648 86,3003,115, 267 87,116
656,187 375,705 3,081,015 78,748619,422 392,995 3,0S4,919 86,920611,304 394,919! 3,081,493! 83,919603,448 399,623 3,069,163! 86,852
588,384619,128626,083607, 378580, 869
587,118601, 642610,131591, 026
394,779402,320396, 580400, 735422,491
424,370 3,038,449,115 3,047,468,086 3,050,486,8731 3,046,
3,045,239! 85,7863,045,946| 85,6943,037,377! 83,3073, 044, 218! 87,4033,043,8261 87,' ""
_ , . _ _J ,036 488,376! 3,027,32,093 647,643 481,474J 2,997,47,048 589,390l 4.95,2561 2,954,
771!882[8181250|
930498
45, 75641,245
637,240679, 464
1OZ, DUO
513, 5186051 2,912,819!
- 533!, 936, t
85,14890,06592,41187,701
89,96395, 21894,46784, 694
110,521
3, 224,9193, 259,4953, 272,1443, 271, 403
3, 219, 6183, 245, 3063, 266,4143, 273, 5423, 259-, 998
3, 229, 0493, 233,4373,212,9483, 202, 383
3,159, 7633,171,8393,165,413,156, 015
3,131,0253,131,6403,120, 6843, 131, 6213,131, 594
3,123,9193,137,9473,143, 2293,133,951
3,117,8933, 092, 7163, 048, 5852, 997, 5133, 047, 054
49,61155,94456,641.54,006)
135, 3231 266,097131,268 244,724114,4391 236,941118,117 232,014
48,809< 142,338 226,66354,574 94,607 216,106c7 o io riT ooc one nno57,31255,45649,947
47,74648, 55645,85444,469
37,99346, 09844,54343,191
39, 77646,771!38, 279
97, 235| 208,00885,271! 205,56192,052 201,843
81, 98870, 57077,9381
118, 07384,93183,60189, 515
194,842184,211188, 714184, 622
183, 87i176,299174, 366170,348
104,7851 161,971110,444 155,944
_ , _ . „ 109,851! 153,22742,037i 75,945? 147,29542,300 i 75,4711 147,094
35, 35541,73143,00534, 307
40,02341,64340,41837, 66862, 567
95,175! 134,95,334! 128,84,680 149,16496,204 125,201
124,656! 124,272127,279 126,977158,413! 125,398
401,420 55, 632375, 992 44, 381351, 380 57, 322350,131 i 45,034
369,0011310, 713305,243!290, 832293, 895;
52, 81158, 50937.42831, 53024, 441
273, 638! 22,1266,199, 18,028259, 2841 25,724262,560, 49,
301, 949! 69, 583261, 230! 92, 491257,9671 99,212259,863 92,146
I266,756- 138,506266,388; 175,392263,078| 197,261223,240! 169,659222,565! 215,404
229,263! 234,848224,232! 248,190233,8441 275,245221,405! 281,001
20,098| 296,66622,190! 334,02421,9691 300,21622, 542! 308, 552
21,113! 320,80220,862 330,05120,752; 344,85720,303 353,53130,378 369,655
248, c 354,606!254, 256i 352,838!283, 811! 336,8271
239,230! 157,199! 396,429; 389, 574j186,840! 127,288 314,128 387,100
29, 63430,11831, 66632,391
32,88334,04435, 95137, 061
37,66339,31639,87340,85441, 702
42, 30944, 74644, 24344,320
44, 78546, 35864, 57874, 75675, 265
394,419398,467391, 569391,489
391, 532412, 378397,863397, 753
397, 762397,916400,911397, 931398,429
398, 006398, 318397,568390, 079
390,876361,082341,485342, 552349,354
81,126; 397,89066,69l! 422,905103,717; 425,90298,700 429,794
93,573 435,48899,587; 450,500100,9651 466,574103,377 477,211105,248 505,281
111,464111,740117,875117, 746
117, 730121, 766184,915139, 782
140, 532143,989157,738144, 042144,069
144, 561145,300145, 266147,816
535, 51'540,325541,110541, 626
542,145568,188618, 729574, 596
575,957581,221598, 522582,827584, 200
584,876588,364587,077582, 215
139,282 574,943144,4561 551,896158,0991 564,162120,571 537,879115,541 540,160
1,3011,3011,3011,301
1,250, 250,250,250,250
,250,2501,7501,750
1,7501,7506,9501,750
1,7501,7502,0072,0072,007
3,5573,5572,5502, 550
8,0508,0508,0508,0508,050
856,243844,579835,905826,260
858, 550820, 972810,495800,823824.867
832, 502825,802827.868855,225
915,427923, 659982,858928,355
982,9691,024,7511,060,868977,733
1,024,176
1, 052,5441,064,3431, 098,7161,087,171
1,186,5271,167,0401,192,8501,331,9321,249,438
1 Represents Federal intermediate credit bank debentures except as follows: Municipal warrants—$51,000 on Jan. 2 and 9, $20,000 on Jan. 16, $10,000 from Jan. 23 to Feb. 6, $51,000from Mar. 19 to June 25, $7,000from Oct. 15 to Nov. 12; foreignloans on gold—$6,000,000from Dec. 3 to 31.
OO
2o
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
No. 13.—RESOURCES AND LIABILITIES, BY WEEKS—Continued
[In thousands of dollars]to
Date
Jan. 2-1924
Feb.
Mar.
Apr.
M a y
2330
6
2027
121926
2g
162330
7142128
June 4_.
25 _
5% re-demp-tion
fund,F. R.banknotes
Uncol-lecteditems
679,216606,178670.437591,436531,163
504,353562, 725627,100581.438
606,204638,715681, 527557,304
577, 583713,559611, 729586,350
566, 511673,130598, 587531,954
573, 797573,457685, 234556, 594
Bankpremises
All otherresources
53,99854,00654, 20954,57854, 594
54, 61454, 73255,15355,169
55,19755,25455, 46655,864
55,87655, 98556,16456,48056,494
56, 54056,68756,67957,139
57,17457,27457, 37457, 772
15,83515, 57616,18517,12019,027
19,23720, 08820,90721, 623
22, 07723,28221,28621,486
21,39822,42021,80222,11422,530
23, 73024,81324, 56825,207
26, 77927, 77325,15124, 746
Totalresources
andliabilities
5,260,2825, 008, 5475, 023,7504, 935,7894,842,265
4, 788, 7744, 885,8994, 882, 4354,889, 890
4,884, 6554,941,8854, 964,8234, 850,867
4,909,6554, 902,9074,958, 5614,844,4154,811,203
4, 768, 6654,858,3784, 766,4814, 725,033
4, 788, 5234,818, 5224, 932,4494,790,781
Note circulation
F. R. notesin actual
circulation
2,245,2302,147,0642,084,3202,049, 8342, 022, 514
2, 017,4242, 039, 2032,023,7832, 022,301
2, 019, 7732, 010, 5951, 989,8481,982,706
1,987,2621, 981, 6381, 966,3491,940,8211,926,013
1, 927,0271, 911,8751,886,4291,891,147
1,884, 0391,870,5181,851, 8421,843,922
F. R.bank
notes incircula-
tion,net
470456444439434
427418410405
402394389382
374365356350343
338332322317
Deposits
Memberbank,
reserveaccount
1,963,8741,941, 0061,936,3071,934,9491,927,714
1,893,9881,915,2321,891,2581, 926, 514
1, 906, 7291, 944, 6991,981,0421,912,411
1,933,1131,934, 9991,940,8101,935,1131,944, 952
1, 953, 5321, 939, 5981,941,2851, 936, 074
1, 988, 0472, 031, 9052,103,8152,035, 342
overn-ment
56, 69520,34339, 43661, 18440,941
38,25036, 96039,46738,441
59, 46354,2228.856
75,191
109, 83898,84149, 71144,56732, 503
18, 38130, 37519,05340, 384
31,86635,172
9,64852.110
Other
30,26623, 40623, 89522, 16322, 430
21, 36520, 01720,82620,876
19,83419,92922, 23319, 514
19,41321, 22721, 06421,17627, 926
22, 43924, 96124, 99620, 982
21,22119,80222, 01321. 007
Total
2,050,8351, 984, 7551, 999, 6382, 018,2961, 991, 085
1, 953, 6031,972,2091, 951, 5511,985,831
1, 986, 0262,018,8502, 012,1312,007,116
2, 062,3642, 055,0672,011, 5852, 000, 8562,005,381
1, 994, 3521, 994, 9341,985,3341, 997,440
2, 041,1342, 086,8792,135,4762.108.459
Deferredavaila-bilityitems
620,178532,205595, 671523,511484,338
473, 584529,687561, 666535,818
532,998566,026616,683513,762
513, 463519, 305634,333556, 051533,466
500,211604, 329547,313488, 715
516,199513,620597, 744490. 757
110,483110,506110,302110, 035110,043
110, 005110, 357110, 802110,880
110,831110,836110,828110,831
110, 859110, 837110,869110,865110, 927
111,231111,369111,378111,493
111,456111, 442111,472111.420
220,915220,915220,915220,915220,915
220, 915220,915220, 915220, 915
220, 915220,915220,915220,915
220,915220, 915220,915220, 915220,915
220,915220, 915220,915220, 915
220, 915220,915220, 915220 915
Allother
liabili-ties
12,17112,64612,46012, 75912, 936
12, 81613,11013, 24813, 740
13, 71014.26914,02915,155
14,41814, 78014,15414, 55714,158
14, 59114,62414, 79015,006
14, 78015,14815,00015. 3ftR
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
July
16-23 _30,
Aug.13.20-27 _
Sept. 3_10-
24 _
Oct.
22 _29-
Nov. 5_
1926
Dec, 310172431 1
617,800604,433655,099560, 613518,145
! 514,880I 586,953
572, 931511, 052
590, 970580, 589775,917598, 345
621,409626, 384831,460669,125611,709
583,315685,893713, 720615,240
663, 892649, 131831,419674,514 j656, 197 I
57, 78757, 90757,93258, 37158, 573
58, 66858, 77159,29059, 292
59, 32359, 37659, 67260,026
60,04060,07060,30260, 32260,724
60,74360, 75161, 08561, 55361, 55561,74161, 76861,81957, 598
25,15826, 41227,02327, 66128, 778
30, 07031, 30831,51731,932
32,32233,383
4,827,722 [ 1,874,2704,4;
26,211
26, 51126, 46926,27326, 45026, 766
27, 54127, 43927,17927,363
27, 29926,23923, 45823,82723, 526
19, 604,, 874,275\, 776, 406'-, 740, 308
:, 712,915;, 784, 827r, 750, 408, 704,353
4, 795, 7984,814, 9445, 054,8664,812, 143
4, 861, 7304. 916, 0855, 137,8664, 907, 2884, 897, 269
4,883,4175, 018,1045, 086, 9344, 959, 585
5, 097,1895, 038, 5105,198, 4985,127,2735, 096, 380
1, 855, 0051,812,7121, 782, 6261,761,569
1, 756, 0141, 752, 0251,738,0571,740,709
1, 760, 7571, 750, 6701, 734, 6661, 729,859
1,816,817 I.1,829,202 I1,823,460 |.1,845,308 |.
1,849,006 |-.1,853,614 |_.1,871,453 !_.1,941,747 |.1,862,062 |_
2, 016,1282, 036, 8522, 085,2032, 074, 6362, 087, 395
2, 092, 6962,105,4842, 095, 4082,082,481
2, 101. 9232, 138, 8932, 261, 2552,120,331
1,744.974 ! 2,127,9491,757,452 I 2, 189,5361,767,264 I 2,186,4811,751,701 2,149,9921,766,622 . .. 2,162,347
2,118,0752,172,3542, 215, 3462, 148, 137
2, 252, 4752, 192, 3332, 214, 7442,222,8702, 220,436
32,20319, 15134, 51440,11845, 38535. 07524,99528, 28733, 023
35,15029, 7416,33946,926
56, 54237, 54662, 66323, 19728, 266
29, 81333, 42424, 66726, 723
22,91135, 9758,54258, 07151, 197
26,16122, 90724,28830, 09732, 015
31,88535, 02333, 95334,860
32, 15031, 73429, 58328,625
29,51128, 46930,08328, 85927, 351
31,10729, 66230, 43227,856 j
30,007 I31,002 I33, 02230,24339, 035
2, 074,4922, 078, 9102,144, 0052,144, 8512.164, 795
2,159,6562.165, 5022, 157, 6482,150, 364
2,169, 2232,200, 3682,297,1772,195,882
2, 214, 0022, 255, 5512,279,2272, 202, 0482,217, 964
2,178,9952, 235, 4402, 270, 4452,202, 716
2, 305, 3932,259,3102,256,3082,311,1842, 310, 668
535,024531,328573,337504, 600469,415
452,831522, 516509,847468,103
520, 905518, 542678,050540,929
557, 664557,432745, 661607, 786566, 510
541, 592606, 738646, 230564, 340
595, 581578, 685723,943526,992584, 716
111,407111,400111,405111,409111,487
111,493111,867112,009112,014
112, 003111,989112,032111,976
111,964111,981112,011111,911111,953
112,009112,222112,241112,169
112, 159112,123112, 036112,026112, 038
220,915220,915220,915220, 915220,915
220,915220,915220, 915220, 915
220, 915220,915220, 915220,915
220, 915220, 915220,915220, 915220, 915
220,915220, 915220, 915220, 915
220,915220, 915220,915220,915217, 837
11,61412,04611, 90112,06512,127
12,00612,00211,93212, 248
11,99512,46012, 02612,582
12,21112, 75412, 78812, 92713,305
13,08913, 58713, 64314, 137
14,13513, 86313, 84314, 4099, 059
Q6
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CO
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
No. 14.—CASH RESERVES, DEPOSITS, FEDERAL RESERVE NOTE CIRCULATION AND RESERVE PERCENTAGES, BY MONTHS
[Average daily figures. Amounts in millions of dollars]
Month
January...February.MarchApril
MayJuneJulyAugust..
September.OctoberNovember.December..
Year.
1. Cash reserves
1924 1923
3,2423,2393,2223,202
3, 2223,2473, 2493,211
3,1573,1243,1313,057
3,2023,2093,1913,177
3,1803, 2043,1813, 194
3,1873,1943,2003,169
_! 3,192I
3,191
3,0443,0703,0963,115
3,1273,1363,1583,196
3,1923,2123,2093,166
3,144
1921
2,2872,3442,4032,485
2, 5422, 6062,6552,740
2,8362,9062,9642,995
2,649
1920
2,0982, 0532,0582,084
2,0792,1032,1192,127
2,1392,1622,1832,222
2,119
1924
1,9801,9541,9912,004
1,9802, 0652,1102,140
2,1882,2082,2232,255
2,092
2. Total deposits i
1923
1,9821,9701,9611,945
1, 9491, 9311, 9201, 890
1,9081,9191,9391,931
1,937
1922
1,8011,8141,7951,823
1,8771,8931, 8821,860
1, 8661,8761,8901,891
1,856
1921
1,6341,6601,8091,750
1, 7171, 7231,6961,691
1,7161,7281,7331, 755
1,745
1920
1,7901,7971,7831,770
1,8111,7481, 7061, 699
1, 6651,6811,6681,622
1,728
3. Federal reserve notes in circulation
1924
2,1132,0352,0141,971
1,9151,8711,8251,757
1,7501,7691,8361,884
1,895
1923
2,2892,2452.2532,236
2,2432,2472,2422, 229
2,2642,2762,2572,292
2,256
1922
2,2722,1772,1952,190
2,1532,1382,1572,151
2,2252,3092,3252,416
2,226
1921
3,1783,0692,9792,871
2, 7872,6832,6052, 512
2,4942, 4562,4022,416
2,702
1920
2,8882,9473,0403,072
3,0903,1143,1433,165
3,2763, 3373,3283,343
3,146
4. Reserve percentages Is-(2+3)
1924
79.281.280.580.5
82.782.582.682.4
80.178.577.173.8
80.1
1923
75.076.175.776.0
75.976.776.477.6
76.476.176.375.0
76.1
1922
74.776.977.677.6
77.677.878.279.7
78.076.776.173.5
77.0
1921
47.549.650.253.8
56.459.161.765.2
67.469.471.771.8
59.6
1920
44.943.342.743.0
42.443.343.743.7
43.343.143.744.7
43.5
i Net deposits are shown up to and including February, 1921, and total deposits after that month.
tei
wo>
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
No. 15.—EARNING ASSETS: AVERAGE DAILY HOLDINGS, BY CLASSES
[Amounts in millions of dollars]
Month
January.._-„ February.01 March....
April
MayJuneJuly.....August..
September.OctoberNovember.December..
Year.
Total earning assets 1
1924 1923 1922 1921 1920
1,001 I 1,191922 I 1,153952 1,179940 ! 1,165
840 ! 1,173843 I 1,125826 ! 1,120837 j 1,078
931 ! 1,1231,006 ! 1,1511,085 ! 1,1481,221 j 1,200
950 I 1,151
1,3041,2151,1911,190
1,1891,1671,1281,053
1,1131,1851,2101,304
1,187
3,035
2,7362,527
2,3542,1752,0131,842
1,7401,6411,5201,517
2,160
3,0443,1543,2123,192
3,2563,2103,2013,234
3,3293,3903,3753,314
3,243
Discounted bills
1924 1923 1922 1921 1920
580516479495
435375318270
241229302
375
549611629660
708744837811
848875802775
738
9697736-iO577
439428396
416484624663
573
2,5362,4092,3022,140
1,9671,8181,7251,555
2,1432,2992,3872,440
2,5372,4612,5192,605
1, 445 2, 6771,377 2, 7821,233 2,7761,185 I 2, 731
1,804 I 2,530
Purchased bills
1924 1923 1922 1921 1920
303272230173
815144
90178266357
172
221187232275
271225186177
173184262322
227
103135154159
210252260261
159
201173138110
84552738
405679106
92
576546481420
417401364326
314304279244
389
United States securities
1924
118134243272
323416462537
575585587555
401
1923
421355318230
1941559790
1029284103
186
1922
236355458520
604593546498
487449326
455
1921
287296277
303302261249
255208208226
264
1920
325309344332
302348318303
338304320339
324
ao
g
aoo•=1
1 Includes municipal warrants, Federal intermediate credit bank debenture bonds, and foreign loans on gold.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
No. 16.—EABNING ASSETS: AVERAGE DAILY HOLDINGS OF ALL CLASSES COMBINED
[In thousands of dollars j
Federal reserve bank January February March April May June July August Septem-ber October Novem-
berDecem-
ber Year
Prior years
1923 1922
1924BostonNew YorkPhiladelphiaCleveland
"RichmondAtlantaChicagoSt. Louis
MinneapolisKansas CityDallasSan Francisco--.
Total: 1924.1923.1922.1921.
19201919.1918.19171916
72,187191,62096, 249103,779
52,70968,001124,68347,116
31,03154,22462,46296,607
65, 773
86, 44490,963
53,37655,450106,95541,291
28,68544,50960, 38284, 152
67,057179,71282,40992,516
62,44161,148126,24246,217
34,03148,04460, 20691,751
61,127186, 51575, 61998,976
66, 56452,616129,19245, 520
51,075150,75766,76491,497
62,41647,053120,55837,552
54, 045172,39767, 52685,153
56, 78841,886116,87333,148
49,844215,29457,88568,970
52, 64732, 666108, 50829,462
38, 226AQ HOC I
41, 08147,698
50, 240 40,88187,800 82, 239
1,000,6681,191,1911,304,1633,034,655
3, 043,9522, 213, 5111, 026,365198,23492, 502
921,5881,152.8621, 215, 2202,869, 233
3,153,9942, 225,6861, 001,954199,860103, 619
951,7741,178,9191,191, 0132, 735, 784
3, 211,9362, 318,4221,122,693182,804126,142
940,4931,164,6061,190,0042, 527, 253
3,191,9452,341, 7241, 237, 368229,856149,306
40, 893 40, 83350,844 46,38043,443 47, 83279,967 75, 678
839,5711,173,1941,188,8492, 353, 794
3,255,8592, 391, 7741, 265, 748275,310168, 538
842,9631,124, 8911,166, 6172,175,175
3, 209,6502, 323,992l,274,r"432, 291164,893
52, 597222,48354,91573, 587
40, 24833,427110,95533,423
41, 65144,77051,88776, 591
57,443278,32054,161
61,445 85,341 112,368317,327i 314, 549j 365,81357,0741 72,358; 88, 30499,300 115,040] 136,643
65, 874
71, 60895,286
41,98231,947117,72541,472
41, 59246,61348. 79784, 027
40,469i32,914129,87945,483;
38, 765|49,089,43, 20290, 795
825,9991,119, 7871,127, 8882, 012, 699
3, 200,9732,478, 8631, 439, 286422, 269189, 824
836, 5341, 078, 2041, 053, 0981,841, 596
3, 233, 8622, 442,6271,607, 709372, 358193, 458
930,9651,123,4721,113,3431, 740,474
3,329,4812, 471, 5151,920, 057438,753188, 510
1,005,7421,150, 5931,184,7001,640, 740
3, 390, 0892, 709, 3302,194, 707603, 544188,358
35, 809!33,8971147, 77844, 513|
I33, 723|53, 35046, 786!101,883!
34, 51833,829150,87444,934
31, 32854, 67951,711115, 705
81, 267262,812104, 363106,765
62, 73649,97643, 705]
124,234) 148,76640,838 62,368
36,845 37,12049, 042 63,94350, 636 53, 218
107,616
91,159283,116102,855120,473
59,93152,448153,47557,778
39, 56168,55843,950113,966
1,085,027! 1,220,7061,147,765 1,200,3511,210,126 1,304,433l,520,283| 1,517,194
3,375,395 3,313,5022,907,803 3,034,2242,273,599 2,298,313883,252 1,016,938188,414 221,301
950,317)1,150, 570!1,187,27012,160,179
3, 242,6792,487, 483'1,557,058:
440,499!164. 583:
M
d
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
0. II. DISCOUNTED BILLS*. AVEEAGE DAILY HOLDINGS
[In thousands of dollars!
Federal reserve bank
1924BostonNew YorkPhiladelphiaCleveland
Richmond.AtlantaChicagoSt. Louis..
Minneapolis...Kansas City. . .DallasSan Francisco.
Total: 1924..1923..1922..1921..
1920..1919..1918..1917..1916..
January
34,348120,99845,25842,450
47, 39453,35471, 25145,435
18,18142, 3689,64"49, 677
580, 371548,969968,971
2, 536,105
2,142, 7881, 734, 655611,23520, 87'29, 078
February
30,996122,33940, 81537,016
47,00741,98557,19736,950
15,98931, 2589,36345, 256
516,171610,755772,41
2,408, 792
2,298,9171, 763, 226531, 54117,90024,134
March
27,49379,83141,89538,189
54, 62546,18258,85534,562
14,57025,1969,81148,160
April
23,41787,59040, 54649, 745
59, 27843,81160,62733,290
14,93624, 34011,78445,17."
479, 369628, 519640,303
2,301, 628
2,386, 5371,861, 532
567, 47518,19121,609
494, 537659,932576, 631
2,139,982
2, 440, 3761, 919,461
769, 25924,90321, 956
M a y
17,88762, 28532,94643, 807
June July August
17,108 11,172 11,65341,512; 45,537 31,89030,117 25,6151 21,31635, 661 20,990 16, 931
50, 65555, 80841,123 38,460i 30,58257,511 48,806i 41,66527,325
16, 46024, 83214,195
24,068
14,99523, 81215,938
47,165 35,12330,35734, 763
41, 250) 33, 460
435, 429708, 394481, 626
1,966, 646
2, 537, 5511, 973, 926
902,10242, 71020,184
19, 728
14, 78316,90618, 34525, 764
374, 592 318, 252744, 306 837, 039438, 789 428, 327
1,817,749 1,725,162
2,461,022! 2,519,0441,842,112 1,867,920
938,442> 1,165,649151, 234 147, 797
20, 514! 25, 421
18,870
14, 21812, 56222, 42819, 554
269, 665811,251396, 242
1, 554, 702
2,605,1131, 801, 8871, 337, 70
134, 98828,058
Septem-ber
10,14140,52519,19419, 751
36,27,42429, 53^22,166
12, 22210, 28617,83016, 780
262,75J847, 88,416.61:
1, 445, 691
2, 677, 0521, 777, 3341, 603,153
182,43827, 32C
October
6,91344,92518, 63821, 288
35, 47625, 44629,19321,925
7,7567,6657,884
13,7
240,907875,158484, 443
1, 376, 91'
2, 782, 0552,073, 4161, 709, 766
313, 77122,154
Novem-ber
13,01838, 64422, 89626, 362
30, 82522, 51032, 39615, 912
5,3916,4693, 978
10, 638
229,039801, 388623, 825
1, 232, 576
Decem-ber
21,39175, 49536, 75140, 262
28,81920,89839, 89212,048
5,0755,7153,63'
11,733
301, 716774, 733663, 562
1,185, 432
2,776,457 2, 730, 36C2,145,631 2,157,0211,768,746 1,749,156
568,352 664,15419, 923 32, 645
Year
18,76065/80831,31532, 679
44,07035,15246, 79525,987
12,87519, 25212,08130,060
Prior years
1923
52,633187, 282
59, 84651,717
59, 590!44, 28386,04643, 754
24,10339, 86125,99363,006
374,834738,1141573, 247
1, 804, 305
2, 530, 3791,908,1981,140,053
193,08224,416|
1922
36,39393, 36853,18148,410
53, 75141,01681,19727, 680
28,35730,12731, 65548,112
8
3
8
WDO
C l
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
58 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
No. 18.—DISCOUNTED BILLS: HOLDINGS ON DECEMBER 31, 1924, BY CLASSES
[In thousands of dollars]
Federal reserve bank
BostonNew YorkPhiladelphia .Cleveland
RichmondAtlanta --ChicagoSt. Louis . , .
Minneapolis __Kansas CityDa%sSan Francisco...
Total
Total (allclasses)
28,99481,32236, 28442, 073
33, 54816,07037,82410,130
4,4524,9762,713
15, 742
314,128
Rediscounted bills
Com-mercial
and agri-culturalpapern. e. s
13,7186,7684,7709,911
17, 79713,09217, 7604,200
4,0094,2491,8133,999
102,086
Domestictrade ac-ceptances
5915881
718
462396624624
5226
3,353
Papersecuredby U. S.Govern-
ment obli-gations
16020
504
2627014
170
2445
7
1,276
Member banks'collateral notes
Securedby U. S.Govern-
ment obli-gations
15,05768, 72527,41128,744
11, 6861,259
19,3655,133
229703201
7,051
185, 564
Other-wise
secured
5,6514,0222,196
3,3411,253
613
214
6494,459
21,849
No. 19.—DISCOUNTED BILLS: HOLDINGS ON THE LAST DAY OF EACH MONTH,BY CLASSES
[In thousands of dollars]
Date
1924Jan 31Feb. 29Mar. 31 _ -_-Apr. 30
May 31June 30July 31Aug. 30
Sept. 30Oct. 31Nov. 29Dec. 31
Dec. 31, 1923Dec. 30, 1922Dec. 31, 1921
Dec. 30, 1920Dec. 26, 1919Dec. 27, 1918Dec. 28, 1917—
Total(all
classes)
532,260528,963517,885447,185
441, 366333,954293,047274, 668
276,199264,141242,024314,128
723,068617, 780
1,144, 346
2, 719,1342,194,8781, 702,938
680, 706
Rediscounted bills
Com-mercial
and agri-culturalpapern. e. s.
252,192261,045278, 536275,182
287, 099209,260191,912171,921
145, 288120,106112,308102,086
355,816270,781631,038
1, 521, 546627, 083264,967309,534
Bankers' ac-ceptancesbased on—
Im-portsand
exports
10879
20050
Do-mestictrans-actions
275217160100
929
233130288
17, 21815,479
0)0)
Trade accept-ances based
on—
Im-portsand
exports
108
31
195
Do-mestictrans-actions
6,1705,8565,5296,108
5,4304,6163,5873,012
2,9953,4953,7543,353
7,0424,8259,980
21,42733, 69715,985
0)
Securedby U. S.Govern-
mentobliga-tions
2,1572,7152,5872,411
2,2731,6361,6171,426
1,3071,2681,3841,276
3,9193,618
41, 511
271, 526352, 598363,023132,774
Member banks'collateral notes
Securedby U. S.Govern-
mentobliga-tions
265,821254,500226, 362158,753
161, 876113, 94487, 80782,054
110, 284117, 324111, 310185, 564
349, 766328,172443, 722
869, 5101,157, 7661,037, 348
150,647
Other-wise
secured
5,6454,6304,6034,444
4,5654,4898,124
16,255
16,32521, 94813,26821,849
6,29210, 03517, 752
17,9078,255
21,61587,751
i Included with " Commercial and agricultural paper n. e. s."
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
CONDITION OF FEDERAL. RESERVE BANKS 59
No. 20.—DISCOUNTED BILLS: HOLDINGS ON DECEMBER 31, 1924, BY MATURITIES
[In thousands of dollars]
Federal reserve bank
BostonNew York . .PhiladelphiaCleveland
RichmondAtlantaChicago _St. Louis
MinneapolisKansas CityDallasSan Francisco ._
Total.. _
Total
28 99481,32236, 28442, 073
33, 54816,07037,82410,130
4,4524,9762,713
15,742
314,128*
Maturity
Within15 days
26,36675,83732, 55033, 908
20, 5326,639
22,4896,731
1,2471,1822,099
12,023
241, 603
16 to 30days
5691,448
9672,966
3,9382,8472,9631,018
262420209728
18,335
31 to 60days
1,1642,5281,8963,041
5,7254,1974,1301,153
560747169
1,103
26,413
61 to 90days
8391,505
8611,865
3,1221,9563,706
855
656897181900
17,343
91 days to6 months
564
10282
221397
4,317343
1,3891,669
54799
9,541
Over 6months
11
1034
21930
33861
1189
893
No. 21.—DISCOUNTED BILLS: HOLDINGS ON THE LAST REPORT DATE OP EACHMONTH, BY MATURITIES
[In thousands of dollars!
Date Total
Maturity
Within15 days
16 to 30days
31 to 60days
61 to 90days
91 days to6 months
Over 6months
1924Jan. 30Feb. 27Mar. 26Apr. 30
May 28 _June 25July 30Aug. 27..
Sept. 24Oct. 29__Nov. 26Dec. 31
Dec. 26, 1923Dec. 27, 1922Dec. 28, 1921....Dec. 30, 1920....
Dec. 26, 1919....Dec. 27, 1918Dec 28, 1917....Dec. 29, 1916Dec. 30, 1915,...
Dec. 31,1914....
522,307531,590482, 315447,185
429,600350,131293,895262, 560
259,863222, 565221,405314,128
857,151629,885
1,179, 8332, 719,134
2,194,8781, 702, 938680, 70630,19632,3689,909
341,181350, 745292, 787245,805
234, 773175, 793135, 605122,499
143, 331124,903138,102241, 603
44,48144,94143,01440,070
42,40035, 03827,65328, 218
30, 56927,27123, 60418, 335
67,92267,12068, 57279, 690
55, 71750,01758,153
48,85942, 26632,39726,413
40, 76444,12551, 59746,979
42,68838,39048, 64936,348
28,41719,69517,76117,343
612, 660436, 465708, 361
1, 632,885
1,484, 7901,149,955355, 373i 9,927i 5,229
64, 31048, 609116, 690280,406
244,890266,10757, 367
211, 7942 9,012
4,632
84,06963,372161,202 !430, 676
292, 715166,876175,0065,0069,3523,531
66, 51450,059131,936311,619
152,12593,06183,9742,4234,694
25, 66920,61019,8252S, 289
40,04944,34531, 54316,928
8,2667,9939,0309,541
28, 26931,38061,64463, 548
20, 358
1,0464,081
1,746
2,2904,0496,5206,352
3,021848428414
421437511
1,329
1 Within 10 days.2 From 11 to 30 days.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
60 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
No. 22.—DISCOUNTED BILLS SECURED BY UNITED STATES GOVERNMENT OBLI-GATIONS: HOLDINGS ON DECEMBER 31, 1924, AND DECEMBER 26, 1923
[In thousands of dollars]
Federal reservebank
Memberbanks'
collateralnotes
1924 1923
Redis-counted
bills
1924 I 1923
Total (allclasses)
1924 1923
Secured b y -
United.Statesbonds
1923
Treasurynotes
1924 1923
Certificatesof indebt-
edness
1924 1923
Boston _.New York....Philadelphia-Cleveland
RichmondAtlantaChicago..St. Louis
Minneapolis..Kansas City-.DallasSan Francisco
Total...
15,057 26, 29968, 725 158,17127,41128, 744
11, 6861,25919, 3655,133
229703201
7,051
45,09939, 590
26,47919,31452, 91719,309
6,38518,3382,77223, 010
185, 564 437, 683
15, 217 27,18068, 745 158,19027, 41129,248
11, 9481,32919,3795,303
229727246
7,058
45,45339, 947
26, 74020, 30153, 29219, 785
6,41318, 5992,80823,134
11, 54361,46323, 77826,871
11,696668
17,4304,736
199702246
20,41284,46931, 57830, 717
19,60211,12627, 51715, 025
3,91314,675
87015, 551
3,1797,2073,4292,360
252631
1,899420
3025
"~~97
6,52873,12313,3517,650
6,3762,52423,9323,935
2,5003,6681,7387,306
49575204
3050147
240598524
1,580
7626,6511,843825
256200277
1, 276 4,159 186,840 441,842 166, 2931275,455 19, 529 152, 6311,018 13, 756
No. 23.—DISCOUNTED BILLS SECURED BY UNITED STATES GOVERNMENT OBLI-GATIONS: HOLDINGS ON THE LAST REPORT DATE OF EACH MONTH
[In thousands of dollars]
Date
1924Jan. 30Feb. 27Mar. 26Apr. 30
May 28June 25July 30Aug. 27
Sept. 24Oct. 29Nov. 26Dec. 31
Dec. 26, 1923Dec. 27, 1922Dec. 28, 1921Dec. 30, 1920Dec. 26, 1919
Memberbanks'
collateralnotes
257,066260,861212,163158,753
162, 340116, 50690,44176, 507
88, 30074, 22094,941
185, 564
Redis-counted
bills
437,683312, 724444, 244869, 510
1,157, 766
2,2142,6512,4932,411
2,2261,6111,6111,431
1,2151,2511,2631,276
4,1593,771
42, 949271, 526352, 598
Total
259, 280263, 512214,656161,164
164, 566118,11792, 05277,938
89, 51575, 47196, 204
186,840
441,842316,495487,193
1,141, 0361, 510,364
Seoured b y -
UnitedStatesbonds
147,937158, 918127,448120,248
116, 78697, 69674, 32965,048
77, 63461, 32580, 755166, 293
275,455206, 904345, 372648, 352732, 401
Victorynotes
Treasurynotes
2,26266, 671304,686337, 663
101, 57897,959
34,187
43,92019,63316, 72811,488
10,12212,12212,80919, 529
152,63198,43326, 026
Certifi-cates of
indebted-ness
9,7656,6357,1206,729
3,860788995
1,402
1,7592,0242,6401,018
13, 7568,89649,124187, 998440, 300
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
No. 24.—BILLS BOUGHT IN OPEN MARKET AND FROM OTHER FEDERAL RESERVE BANKS: AVERAGE DAILY HOLDINGS
[In thousands of dollars]
Federal reservebank
1924BostonNew YorkPhiladelphiaCleveland
RichmondAtlantaChicagoSt. Louis
MinneapolisKansas CityDallasSan Franc i sco . . .
Total: 1924192319221921
19201919191819171916.
January
30,70154,90932, 68546, 671
2,64512, 74239, 704
365
2,061154
45, 28934, 583
302, 509220, 733
98, 742200,913
575, 667280, 732265, 590111, 57526,155
Febru-ary
25,86963,15823,48636,663
2,57110,27732,7572,194
3,5544,21442, 58424,081
271,408186,64887,398173,082
546,458276,087289,072117,86528,251
March
21,93540,19416, 78027, 676
9,59234,1406,132
6,7299,86733,50020,414
229, 650232, 486
138,397
481, 238262, 787318, 77899,02635, 292
April
16,20141,33111,33717, 995
2,1607,614
27, 5605,277
4,8706,59817,97914, 744
May
173,666274,533
110,372
419, 746208,905311,98478,81244,150
7,60415,8104,96510,048
1,4835,82413,8563,261
2,6713,0174,5667,709
80, 814271, 263103, 07284, 395
416, 520189, 768278,46499, 51751,155
June
3,93814,6083,4775,280
1,0613,2575,9071,510
1,3761,6504,7204,341
July
4,39018,2951,6462,642
3571,5472,547218
8491,5957,1002,946
51,125225,396135,18154, 716
401,184246,158238, 507164, 35563, 403
44,132185,807154,01026,395
363,621362,298209,174198, 70380, 264
August
2,99214,1381,0311,155
1,1242,238
223548
3,2361,626
28, 371176,950159, 02038,124
325,461371,091217,109162,25282,391
Septem-ber
7,83344, 527
1,6877,141
1,8708,8602,972
1,2062,6453,2867,750
89, 777173,619209, 79340,020
313, 864353,936249, 751167,40382,807
!
October
15,66982, 295
5,18413,763
4,32217, 2346,789
2,3666,2877,44116, 599
177, 949183, 671251, 61856,196
303, 981340,189360,451178, 68082,601
Novem-ber
33,53386,67015,31723,881
7,64028,96011,880
1,16310,85115, 03230, 999
265, 926262, 304259, 98078,867
278, 521455, 057378, 036195, 63596,493
Decem-ber
55, 576101,87719,58636,175
784
30, 22017, 659
11414, 74522, 61148, 440
356, 613322, 431261, 077105,499
244, 001549,959344, 329250,438122, 315
Year
18,85348, 08411,40419,055
1,1426,215
20, 2914,868
2,2595,18417,21717,856
172, 428226,548159,20791,817
388, 746325,232288, 422152,04666, 280
Prior years
1923 1922
17,96647, 97023,06736,380
1,46913,14534,2286,239
762689
19,99524, 638
16,80545, 76120,36921, 376
1,5473,96815,6477,610
QO
2
ao
1785,391
20,555
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
62 ANNUAL. REPORT OF THE FEDERAL, RESERVE BOARD
No, 25.—BANKEKS' ACCEPTANCES BOUGHT IN OPEN MARKET AND FROM OTHERFEDERAL RESERVE BANKS: HOLDINGS ON DECEMBER 31, 1924, BY CLASSESOF ACCEPTING INSTITUTIONS
[In thousands of dollars]
Federal reserve bank Total
Member banks
NationalNon-
national
Non-memberbanksand
bankingcorpora-
tions
Privatebanks
Branchesand.
agenciesof foreign
banks
BostonNew YorkPhiladelphia..Cleveland
RichmondAtlantaChicagoSt. Louis
Minneapolis..Kansas Ci ty . .Dallas . . . .San Francisco.
Total.. . .
63,889101, 596
18, 27641, 217
1,4869,202
33, 88221, 391
815, 66126,19754,068
27,37934,6207,777
10, 445
252, 450
14, 9688,079
14,67330,4855,250
11,163
3,42817,090
14,10015,1093,2536,588
1,4613.225i;4901,980
5,90210, 9771,5067,884
46270545
4,3487,65716, 543
6,1218,97317,316
2,2933,8607,619
1,3533,6107,815
1,83510, 405
4905,137
5364
386,873 134, 291 123, 495 60,978 39,908
1,5462,0974,775
28,201
No. 26.—BANKER'S ACCEPTANCES BOUGHT IN OPEN MARKET AND FROM OTHERFEDERAL RESERVE BANKS: HOLDINGS AT THE END OF EACH MONTH, BYCLASSES OF ACCEPTING INSTITUTIONS
[In thousands of dollars]
Month Total
Member banks
NationalNon-
national
Non-memberbanksand
bankingcorpora-
tions
Privatebanks
Branchesand
agenciesof foreign
banks
1924JanuaryFebruaryMarch _April _
May _JuneJulyAugust
SeptemberOctober.. .November __.December
Dec. 31,1923Dec. 30, 1922Dec. 31,1921
Dec. 31,1920
Dec. 31,1919Dec. 31,1918Dec. 31,1917Dec. 30,1916Dec. 27, 1915
283, 706265,647226,990123,434
79,40736,49923,46958,103
131,426200,114313, 403386,873
351,974270, 944145,045
258,878
566,369285,273266,853121,15420,599
91, 99181,98772,36535,360
22,6518,7986,06014,464
34,72859,18096,851
134,291
118,95697,12860,173
91,44682,27572,260
25,29210,1366,533
21, 727
52, 74472,547
108,613123,495
120,40592,04850,091
169,387
405.239238,257227,71766,80313,790
45,86449,771
25,128
16,3017,9935,4459,638
18,75432,45247,66660,978
55,63138,03613,65638,374
65,33413,18711,34236,1275,989 i
31,14326,93316,463
10,1506,8223,6427,798
14,78521,02032,98639,908
31,35527,01212,31924,905
55,53720,38520,13718,224
820
25,72520,47116,5347,590
5,0132,7501,7894,476
10,41514,91527,28728,201
25,62716,7208,806
26,212
40,15913,4447,657
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CONDITION OF FEDERAL RESERVE BANKS 63
No, 21.—BILLS BOUGHT IN OPEN MARKET AND FROM OTHER FEDERAL R E -SERVE BANKS: HOLDINGS ON DECEMBER 31, 1924, BY CLASSES
[In thousands of dollars]
Federal reserve bank
1924BostonNew YorkPhiladelphiaCleveland
RichmondAtlantaChicagoSt. Louis
Minneapolis _Kansas City .DallasSan Francisco
Total
Total
63,889101,82318, 27641,217
1,4869,202
33,88221,391
815, 66126,19754, 068
387,100
Bankers' acceptances based on—
Total
63,889101, 596
18, 27641, 217
1,4869,202
33, 88221,391
815,66126,19754,068
386, 873
Imports
23, 54230, 2445,322
20, 570
25547
10,489
Exports
20, 39439,9448,349
13,987
2016,590
10. 4847,284 ! 9.168
85,5019,430
23, 877
7,15210,30221. 210
136,839 i 147,781
Domes-tic
transac-tions
19,51027, 5174,3696,284
1,2602,065
12,2044,492
2,8305,9558,070
94,556
Dollarex-
change
4433,076
236376
705447
178510911
6,882
Un-classi-fied
815
815
Trade accept-ances based
o n -
Total
227
227
Im-ports
227
227
No. 28.—BILLS BOUGHT IN OPEN MARKET AND FROM OTHER FEDERALRESERVE BANKS: HOLDINGS AT THE END OF EACH MONTH, BY CLASSES
[In thousands of dollars]
Month Total
1924 j
January | 286,041February 267,880March j 228,247April ! 124,485
May 79,549June 36,524July.__ _ 23,469August.._ 58,103
131, 576200,114313, 572387,100
SeptemberOctoberNovemberDecember __
Total
Dec. 31, 1923 354,637Dec. 31, 1922 272,122
Bankers' acceptances based on—
283, 706265, 647226, 990123,434
79,40736,49923,46958,103
131,426200,114313,403386, 873
351,974270, 944
Imports
116, 761109, 20696, 81358, 027
36, 79015, 05110, 58133, 615
67, 29684, 302
119, 208136, 839
120,957107, 842
Exports
93, 39894,43277, 84940,883
27, 32113, 6838,24716, 292
38, 73070,906113, 398147, 781
119, 91186, 929
Do-mestictrans-actions
59, 29948, 36240,84219, 554
12, 2036,7904,0877,208
20,95338,81371,25194, 556
90,44565, 280
Dollarex-
change
14,19113, 55811, 4024,470
2,823925490726
1,5572,6796,3276,882
Un-classi-
fied
20,4529,713
578984
500
2705064
262
2,8903,4143,219
815
2091,150
Trade acceptances1 on—
Total
2,3352,2331,2571,051
14225
150
169227
2,6631,178
Im-ports
2,2092,2331,2571,051
14225
Do-mestictrans-
actions
126
150 !
169 I227 |
2,1431,130
52048
36569—25f 6
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64 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
No. 29.—BILLS BOUGHT IN OPEN MARKET AND FROM OTHER FEDERALRESERVE BANKS: HOLDINGS ON DECEMBER 31, 1924, BY MATURITIES
[In thousands of dollars]
Federal reserve bank Total
Maturity
Within15 days
16 to 30days
31 to 60 I 61 to 90days ! days
Over 90days butwithin 6months
1924BostonNew YorkPhiladelphia..Cleveland _._
RichmondAtlantaChicago _St. Louis
MinneapolisKansas CityDallasSan Francisco
Total
63, 889101, 82318, 27641,217
1,4869,202
33,88221, 391
15, 66126,19754,068
17, 50050,1195,510
4373,1166,9764,991
3,9596,10312,102
12,91014, 6485,3499,061
1501,9834,7884,250
3,7766,76711, 502
20, 73320,8813,94713,848
7972,89310,0926,704
5,1078,32917,768
387,100 117, 576 75,192 111,099
11,42812,0633,4549,420
1021,21010,9605,418
2,7864,58510,150
71, 576
1,3184,112
162,125
1,06628
4132,546
11,657
No. 30.—BILLS BOUGHT IN OPEN MARKET AND FROM OTHER FEDERAL R E -SERVE BANKS: HOLDINGS ON THE LAST REPORT DATE IN EACH MONTH, BYMATURITIES
[In thousands of dollars]
Datb
Maturity
Total
Jan.30. .Feb. 27_.Mar. 26.Apr. 30..
May 28.June 25..July 30..Aug. 27.
Sept. 24.Oct. 29__Nov. 26.Dec. 31..
271, 792263,310202, 458124,485
86,76045,03424,44149, 289
92,146215, 404
! 281,001387,100
Dec. 26, 1923.Dec. 27, 1922.Dec. 28, 1921.Dec. 30, 1920.
Dec. 26, 1919.Dec. 27, 1918.Dec. 28, 1917.Dec. 29, 1916.Dec. 30, 1915.
336, 415246, 293114, 240255, 702
585, 212303, 673275, 366127, 49723, 013
Within15 days
103,186119, 63788, 08963, 564
66,99518, 39010, 24310, 906
20, 06478, 42975, 403117, 576
117, 28983, 21058, 30687, 030
123, 723104, 43540, 321
i 20, 3291 1, 236
16 to 30days
62, 37251, 091.41,16124,120
8,3498,9695,6579,006
13, 59342,11453, 41275,192
65,12450, 73724, 74364, 745
100, 06173, 91461,177
2 29, 7202 5, 266
31 to 60days
61 to 90days
Over 90days bu twithin 6
! monthsI
72,304 !55,857 I49,817 !29,141 |
8,638 |11,907 I4,099 I8,261 I
24, 27052, 50380, 240
111, 099
94, 22069,05626, 06276,805
209, 280104,880105,13242, 766
7, 508
31,27834, 56521,8847,228
2,2744,0742,287
12, 794
28,15536,66061,80771, 576
55,11938, 0835,114
27,122
152,14820,44468, 73634,6829,003
2,6522,1601,507
432
5041,6942,1558,322
6,0645,698
10,13911,657
4,6635,207
15
1 Within 10 days.2 From 11 to 30 days.
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Federal reserve bank
1924BostonNew YorkPhiladelphiaCleveland
RichmondAtlantaChicagoSt. Louis
MinneapolisKansas CityDallasSan Francisco
Total: 1924.1923.1922.1921.
1920.1919.1918.1917.1916.
No. 31.—UNITED STATES SECURITIES: AVERAGE DAILY HOLDINGS
[In thousands of dollars]
January
7,13815, 71318, 30614, 658
2,6701,868
13, 7281,316
10, 78911, 7027,52612, 347
117, 761421, 469236,148297, 638
325, 497198, 123148, 25655, 09318, 504
Februar y
18, 09422,14317, 284
3,7983,18617, 0012,147
9,1429,0378,43514, 815
133, 990355, 459355, 210287, 359
308, 619186, 372180, 51648, 27326, 576
March
17, 62959, 64523, 70326, 651
5,1255,37433,2475,523
12, 73212, 98116, 89523,177
242, 682317, 897457, 643295, 758
34,4,161194,103235,96149, 24736, 756
April
21, 50957, 59423, 68531, 236
5,1251,191
41, 0056,953
18, 42017,16020, 47727, 883
272, 238230,102520,197276, 899
331, 824213, 358155, 588111,02947,497
M a y
25, 58472, 66228,51137, 642
5,125106
49.1916,966
21, 95019, 84922,12033, 280
322, 986193, 488604,151302, 753
301, 789228, 08084, 646
118, 38754, 959
June
116, 27732, 65644, 212
5,072169
62,1607,570
24, 52225, 38222, 78542,166
415,970155,133592, 647302, 710
347, 445235, 72297, 696
112, 03656, 759
July
34, 282151, 46229, 37445, 338
5,125537
64, 2969,516
25, 20127, 87922, 38746, 968
August September
37,952176,455
31, 02855, 501
5,1251,946
73, 95414, 493
27, 21031, 66026, 22355, 411
462, 36596, 922
545, 546261,141
318, 309248, 64564, 40273, 52957, 377
536, 95889, 988497, 827248, 770
303, 288269, 64852,16573, 86655,297
39,469192, 05531, 53059,994
5,0832,65379, 32816, 334
28,16433,68227, 68159,497
575,470101, 830486,920254, 764
338, 565340, 24667, 08588, 69755,410
October November December
190,10731, 45264, 249
4,9933,146
83,45216, 769
28, 63935, 00827, 87760, 398
584, 95391, 447
448, 617207, 625
304, 053295, 725124, 443110, 808
53, 270
38, 790189, 23531,41264, 797
4,9843,747
86,42216, 721
27,16535, 78027, 77660,246
587,07583,818
326, 294208, 579
320, 417307,115126, 789117, 94150,504
35, 401186,80829, 83059, 527
4,5953,858
79, 86814, 952
25, 93033, 47725, 25055, 091
554, 587103,099379, 763226, 005
339,140327, 244204, 807100, 683
53, 649
Year
28, 261119,175
27, 81143, 494
4,7372,315
57,0779,960
21,69224, 51221, 32041,011
401, 365185, 823454, 750264, 014
323, 554254, 053128, 23288, 35347, 072
Prior years
1923
10,66827, 56021, 430
1,6772,150
28, 49212, 375
12,25423, 3477,230
19, 972
1922
37, 962143, 98829, 25950,688
4,6327,463
56, 63122, 487
11,19138,2476,904
45, 298
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No, 32,—UNITED STATES SECUEITIES: HOLDINGS (PAB VALUE) AT END OF YEAR, BY CLASSES OS
Federal reservebank
1924
BostonNew YorkPhiladelphiaCleveland
$36, 660, 250 $1, 409, 600 $31.169,898,350 " """'29, 888, 800
RichmondAtlantaChicagoSt. Louis
MinneapolisKansas CityDallasSan Francisco. . .
Total: 19241923_—1922..-.1921. .- .1920
19191 9 1 8 - . .1917.--.1916.
All classes of securities
Total
60,049, 900
4, 610, 9003, 784, 700
80, 370, 00015, 087, 500
25, 788, 41033, 380, 85025, 496, 50055,143, 400
540,159, 560133, 569, 010 54, 000̂ 700436,165, 860234,089,110287,026, 610
300,106, 685238, 562, 510121, 689, 68255,414, 650
15, 918, 470
Under re-purchase
agree-ment
, 675, 51, 500,000 167,141,000
12,441,000 17;45,183,
1,000,000125,000
Purchasedthrough
openmarketinvest-
ment com-mittee
500 $3, 575,150 $2, 472, 0501,257,350 12,439,850",447,800 1,345,100,866,400 11,126,2001
3, 270, 0001,317,000
63, 076, 500 17,15, 087, 500
All other
1, 340,9002, 467, 700', 293, 500
7, 744, 91018, 043, 50022, 052, 500 10,328,35023,816,50045,930, 500
1, 555, 0009, 212, 900
4, 034, 600 449,035,000 87,089,960 75, 265,96079, 568, 310
Bonds
Total2 per centconsols of
1930
2 percent
Panamasof
1936-1938
4 per centloan of 1925
$100
$915,1001, 340,4001, 564, 20019, 494, 2001,263, 500|
8,856,8108, 910, 6503, 273, 0003,180, 000
29, 508, 01028,881, 71033,033,26, 309,
915,1003, 323, 5006, 728, 600
610 11,328,600310 14, 267, 350
26,836,110 15,053,70027, 859, 010 15, 053, 70051,847,182 15, 784,050 1,412, 60044, 247, 650 24, 331,150 5,149,800
15, 918, 470
237, 000
260
237, 360604, 660624, 660624,660906,160
927,160927,160
11,951,350
$1, 768,0001, 768,0002,593,0002, 593,000
2, 593,0002, 593, 000
12, 741, 290* 12, 589,500
3 percentloan
of1961
3 percent con-versionbonds of1946-1947
$400
900 3,900 5,900 5,
4 3,967,120
$529,000
549, 200414, 800
10, 300427, 400
114,800
900 2,045,500, 526, 600, 270,900, 270,900
900 6, 526, 300
900 6, 526,300900 6, 526,300900 6, 526,400 3, 612, 650900 2,176, 300
^ pcent
Libertyloan
$31,200
35,600
1,800
68,60028,600134,100229, 200197, 050
114,900503, 600
centLiberty
loan
Treas-ury
bondsof
1947-1952
$1, 928,05012, 384,950
760, 500
1,300
10, 568,400 $45, 200
188,3001,521,400
19,033,0001, 263, 500
8, 522,8503, 586,9503,163, 0003,178,200
13,729,250 625,30012,986,35021,818, 550
21,620,1508 2, 254, 350
511,769, 292
Treasurybonds of1944-1954
96, 000 5,10,000
$15, 000 $23, 726, 700 $10,461, 603"" " " • " 1 36,963,500
4, 416, 50015,065, 500
54, 900 120, 495,35, 30097,800
33, 400
218, 400i, 192,100
100,000
66,099,100 152,500 5, 746,900 349,354, 600 115,20,153,950 101,800 86,951,500
180,393,150 226,891
Treasurynotes
i, 00024,127, 20033,858, 200
2, 464,0001, 349, 000
46, 556, 30011,171,000
13,145,10018,181, 70016,998,00037, 282, 400
26, 792,00011,167,000
Certifi-cates of
indebted-
806, 500871, 500
14,319, 5002, 653, 000
3, 786,5006, 288, 5005, 225, 500
14, 681, 000
i, 539,00017,109,50026,891,000
17,565,000 183,490, 500" 72, 800 260, 644, 500
67, 575 273, 203,0009, 301, 000 201,402, 500
43,050, 500
1 Includes Victory notes. 2 Includes 4 per cent Liberty loan bonds. 3 Victory notes. 4 Includes 3 per cent bonds of 1918. 6 4 per cent Liberty loan bonds of 1942-1947.
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FEDERAL RESERVE BANK NOTES
N o . 3 3 . — F E D E R A L R E S E R V E B A N K N O T E S : R E C E I V E D F R O M AND R E T U R N E D TO COMPTROLLER OF THE C U R R E N C Y , AND OUTSTANDING,BY DENOMINATIONS
[In thousands of dollars]
Received from Comp-troller of the Currency:*
1923192219211920
19191918. . . ._1917 _19161915
Returned to Comptrollerof the Currency:
19241923 .19221921 .
Total
26034,328
126, 324243, 076
222,353120,816
2,73211,285
770
5,86129,754
107, 084259,121
Ones
17,21269,668
171,496
157,14863,368
2,37815,24358,803
176,394
Twos
8,45626,09645,120
38,00017,520
1,3606,725
25,82142,191
Fives
2606 300
28,60024,460
25 07432,3392,3522,065
10
1,2985,427
19, 63636, 698
Tens
1 0801,3201,480
7235 877
1205 560
280
2891,1521,8452,202
Twen-ties
1 280640320
1 4081,712
2603 660
480
5191,188
9261,568
Fifties
200
17195368
Returned to Comptrollerof the Currency—Contd.
1920191919181917
Outstanding Dec 31* 2
19241923192219211920
19191918191719161915
Total
267, 06077 194
5,1292,182
8,55914,42043, 914
116, 670249,467
273, 451128, 29212,60512, 055
770
Ones
188, 38732, 657
981
4,0486,427
21, 67063,261
169,987
186,87862,387
Twos
48, 7848,316
148
1,8483,2079,932
27,29743,392
47,05617,372
Fives
24,31930,110
1,781706
1,4852,7837,950
21,28629,384
29,24334, 2793,7212,075
10
Tens
3,4664,5001,5301,015
441730
1,8822,6473,529
5,5159,2924,9455,840
280
Twen-ties
2,0971,611
689461
7011,2202,408
.2,0542,982
4,7594,9623,9394,140
480
Fifties
7
365372
125193
1 No Federal reserve bank notes have been issued to the Federal reserve banks since 1923.2 All Federal reserve banks have extinguished their liability on outstanding Federal reserve bank notes by depositing lawful money with the United States Treasurer to providefor their retirement.
i
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ouGO
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FEDERAL RESERVE NOTESNo. 34.—FEDERAL RESERVE NOTES: FEDERAL RESERVE AGENTS' ACCOUNTS ON DECEMBER 31
[In thousands of dollars]
OO
RESOURCES
Federal reserve notes on handFederal reserve notes issued to banksCollateral held as security for Federal re-
serve notes issued to banks:Gold and gold certificatesGold-redemption fund__Gold fund, Federal Reserve BoardEligible paper-
Amount requiredExcess amount held
Total
LIABILITIES
Federal reserve notes received fromComptroller of the Currency
Collateral received from Federal reservebank:
GoldEligible paper
Total -
Total
1924
936, 5172,244, 961
279,494114, 918
1, 307, 894
542,655126,138
5, 552, 577
3,181,478
1,702, 306668, 793
5,552,577
1923
813,4542,822,327
326, 584128, 778
1, 648,893
718, 072303, 644
6, 761,752
3,635,781
2,104,2551, 021,716
6,761,752
Boston
1924
45,150241,102
35,30011,065
118,000
76,73716,146
543, 500
286,252
164,36592,883
543,500
1923
81, 050255,108
35,30014,971
118, 000
86,83719,666
610,932
336,158
168, 271106,503
610,932
New York
1924
331,940528,118
188, 53129, 776
166, 000
143, 81116,040
1,404, 216
860, 058
384, 307159, 851
1,404, 216
1923
284, 620712,413
235, 53132, 094
316, 000
128,78895,492
1,804,938
997, 033
583,625224,280
1,804,938
Philadelphia Cleveland
1924
32,000215,664
6,00014, 848
147, 389
47,4275,471
468, 799
247, 664
168, 23752,898
468,799
1923
38,400255, 837
14,000
1924
49,170230, 609
8.78013,180 i 11. 686
153,889
74,7686,082
556,156
294, 237
181, 06980,850
556,156
145, 000
65,14315, 763
526,151
279, 779
165,46680,906
526,151
1923
43,120281,713
8,78015, 240
201, 000
56,69330,185
636, 731
324, 833
225, 02086,878
636,731
Richmond
1924
25,884101, 218
4,38974,795
22, 0349,688
238, 008
127,102
79,18431,722
238, 008
1923
27, 630117, 875
3,85166, 295
47,7295,210
268, 590
145, 505
70,14652,939
268, 590
Atlanta
1924
56, 595166, 830
3,5008,306
131, 500
23, 5241,581
391, 836
223,425
143, 30625,105
391, 836
1923
72, 017158,092
2,4008,289
83,000
64,4033,350
391, 551
230,109
93,68967,753
391, 551
es
1-3
W
4
I
wo
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
RESOURCES
Federal reserve notes on handFederal reserve notes issued to banksCollateral held as security for Federal reserve notes
issued to banks:Gold and gold certificatesGold-redemption fund _ _Gold fund, Federal Reserve Board _Eligible p a p e r -
Amount required __ _Excess amount held
Total
LIABILITIES
Federal reserve notes received from Comptroller ofthe Currency
Collateral received from Federal reserve bank:Gold -.Eligible paper
Total
Chicago
1924
253, 020213, 687
5, 265160,644
47,77823, 657
704, 051
466, 707
165,90971,435
704,051
1923
119, 640462,628
8,273376,644
77, 71159,859
1,104, 755
582,268
384,917137, 570
1,104,755
St. Louis
1924
25,66064,600
9,7752,815
44,000
8,01023,484
178, 344
90, 260
56, 59031,494
178,344
1923
22,74092,258
10,1303,294
3G, 000
42,83414,467
221, 723
114,998
49,42457,301
221,723
Minneapolis
1924
14,99374, 836
13, 052976
59, 500
1,3082,342
167, 007
89, 829
73, 5283,650
167, 007
1923
12, 27569,168
13, 0521,500
40, 000
14, 6162,815
153,426
81,443
54, 55217,431
153,426
Kansas City
1924
26,75381,639
5,11558, 360
18,1642,412
192,443
108, 392
63,47520, 576
192,443
1923
29,15380,544
3,56038, 360
38, 6243,576
193, 817
109, 697
41, 92042, 200
193,817
Dallas
1924
15,15263, 722
14, 5564,130
18, 500
26, 5362,182
144, 778
78, 874
37,18628, 718
144,778
1923
25, 00958, 659
7,3913,923
14,500
32, 84524,454
166, 781
83, 668
25,81457,299
166, 781
San Francisco
1924
60,200262,936
16,547184,206
62,1837,372
593,444
323,136
200, 75369, 555
593,444
1923
57, 800278, 032
20,603205, 205
52,22438,488
652,352
335, 832
225, 80890, 712
652,352
I
CD
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
No. 35.—FEDERAL RESERVE NOTES: ISSUED TO BANKS BY AGENTS, HELD BY ISSUING BANKS, AND IN ACTUAL CIRCULATION; ALSO GOLDAND ELIGIBLE PAPER HELD BY AGENTS AS SECURITY FOR NOTES ISSUED TO BANKS
[In thousands of dollars]
Federal reserve notes:Issued to Federal reserve banks-
Jan. 31Feb. 29Mar. 31Apr. 30
May 31 _ . .June 30July 31Aug. 31
Sept. 30Oct. 31Nov. 30Dec. 31
Held by Federal reserve banks-Jan. 31 _Feb.29Mar. 31Apr. 30
May 31June 30 --July 31Aug. 31._
Sept. 30Oct. 31._Nov. 30Dec.31. . _ .
In actual circulation-Jan. 31 -._Feb. 29Mar. 31Apr. 30.
May 31... -June 30 ___July 31Aug. 31
Total
2,601,1382, 547,9612, 476, 2432,444,073
2,374, 5312, 339, 0482, 271,1172.229, 498
2.230, 5352, 259,1922, 246, 7402, 244, 961
574, 669505, 296473, 458518, 060
463, 091478,126507,170465, 839
485,140
371,907382,899
2, 026,4692, 042, 6652,002,7851,926, 013
1,911,4401,860,9231, 763,9471,763,659
Boston
219, 287222,402224, 926225,857
220,848219, 868219,162216,851
219,168221,005219, 787241,102
18,04417,99317,97420, 278
15,43018, 56823,07116,396
18,63421,23919, 54033,713
201,243204,409206,952205,579
205,418201,300196,091200,455
NewYork
704,693682,966653, 788656, 757
643,281636, 957629, 485618, 930
612, 863615,800603, 330528,118
320, 590303, 542284, 550304, 752
294,622295,161304, 889304, 546
308, 072271,487207,884140, 765
384,103379,424369, 238352, 005
348,659341,796324, 596314,384
Philadel-phia
230,965233, 055226,447223, 731
217,144215,199208, 699202,147
199, 077199,490197, 063215, 664
35, 95626, 69216, 6G526,158
21, 27223, 96233, 54633,929
43, 54741,61829, 54746,927
195,009206, 363209, 782197, 573
195, 872191, 237175,153168,218
Cleve-land
246,726249, 012245, 294244, 579
241,089235, 535228, 992225, 051
229, 068231, 857228, 585230, 609
28, 92819, 66118,51123,489
19,98421,21927, 60514, 709
18, 26122,10518,01032, 094
217,798 I229,351 |226,783 !221,090 !
221,105 I214,316 i201,387 !210, 342 i
Kich-mond
101,49397, 25891,16389, 227
81, 74880,10178, 67777, 997
79,32086, 60993, 585
101, 218
11,4299,5687,50711, 029
5,5216,919
10,1106,235
7,1786,5906,781
13, 639
90, 08487, 69083, 65678,198
76, 22773,18268, 56771,762
Atlanta
146,110145,870148,475151, 344
150, 646148,356145,038147, 685
151, 691153, 355156, 448106, 830
15,04414, 07212, 78411,516
10, 0179, 926
11,82513,923
16,87516,01216,16823, 951
131,066131, 798135, 691139, 828
140, 629138,430133,213133,762
Chicago
417,413379, 216354,251324,076
293, 652283, 715256,385244, 051
229,145225, 236214, 483213, 687
55,18430,49530,94933, 629
22, 60727,86020, 42218,300
13,20818, 50514,38417,158
362,22$348, 721323,302290,447
271,045255,855235,963225,751
St. Louis
86,01184, 05482, 27379, 378
76, 27172,91469, 57666, 326
63, 61063,47163, 931
64, 600
15, 59813, 78314,08613, 796
10,80910,80910,4618,295
6,7026,3536,0236,787
70,41370, 27168,18765, 582
65,46262,10559,11558,031
Minne-apolis
67,21472, 65671, 58970,164
72,65170,84268,49667,027
68, 83573,58774, 97674, 836
5,1035,0834,5724,734
2,6063,0063,3353,271
2,7032,6842,5743,075
62,1 LI67, 57367,01765,430
70, 04567,83665,16163,756
KansasCity
73,42475,97276, 07875,984
75,62274, 57069, 57870, 672
71, 79676,10079,18081,639
10,56311, 70312,03712, 598
11,65310,7226,8316,022
6,2£96,3066,4298,803
62,86164,26964,04163,386
63,96963,84862, 74764, 650
Dallas
49,25348,11547, 74053,423
52, 89948,74546,34550, 987
59,02963, 72361,97363, 722
3,4353,3153,7609,738
9,6777,5166,6665,545
6,4126,0944,6078,081
45,81844,80043,98043, 685
43, 22241, 22939, 67945,442
SanFrancisco
258,549257,385254, 219249,553
248,680252,246250,684241, 774
246,933248,959253,399262,936
54,79549, 38950,06346,343
38,89342,45748,40934,668
37,27941,09539,96047,906
203,754207,996204,156203,210
209, 787209,789202, 275207,106
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Sept. 30 _Oct. 31__ _Nov. 30 _Dec. 31
Collateral pledged with agents as securityfor Federal reserve notes issued tobanks:
Gold and gold certificates-Jan. 31Feb. 29Mar. 31 _Apr. 30.
May 31 ___ _.June30___July 31. _. .Aug. 31
Sept. 30 _._Oct.31_.Nov. 30Dec. 31_
Eligible p a p e r -Jan. 31Feb. 29Mar. 31Apr. 30
May 31June30__ _ __July 31Aug. 31
Sept. 30Oct. 31 _ .Nov. 30 _Dec. 31 _
1, 745,395lt 799,1041,874,8331,862,062
2,129,1402,104,0272,080,4132, 088, 317
2,096,8512,128,4272,083,3022, Q41,331
2,026,2371,998,3321,912,0221,702, 306
790,449756,701710,116546,031
505, 465357,131303,929323, 562
448,083536, 942
200,534199, 766200,247207,389
176,100174, 215191,140197,420
203, 261208, 881213,976204,014
207,931203, 768180, 650164,365
60,24554,88755,61033, 752
30, 27618,02713, 69417,718
17,56725,83858, 538
304, 791344,313395,446387,353
643,297583, 077635,851635,651
635,414635, 238620, 073599,947
569, 843544,786519, 616384,307
165,140148,107143,19063,277
83,70951,31238, 57469, 452
124, 036123, 661130,293159,851
155,530157,872167,516168, 737
168,438181, 288180, 740187,024
184, 897189, 651186, 551185, 499
182, 630173, 503164, 036168, 237
68,90357, 58248, 54837,323
37, 66225, 63423, 63421,068
17,42727,04242, 98252,898
210,807209, 752210, 575198, 515
198,884205,039203, 372204, 702
199, 246213, 693214, 449216, 259
215,4.76216,314201,842165, 466
69,67562,92458, 07958, 630
50, 65125, 62719,13819,340
31, 25337, 06755, 60580,906
72,14280, 01986>80487,579
62, 77960, 20443, 63436,108
38,35539, 40743, 40848, 428
50, 60161, 67573, 95179,184
45, 60654,97761, 87161, 665
54,60651, 91240, 72735, 305
35, 56834,42927, 91231,722
134, 816137,343140, 280142, 879
95,06297,172101,172111, 496
114, 883123,696122, 626120, 231
129, 862129, 490130. 754143,306
57, 99958,16856, 56049, 719
47, 63633, 52832, 20132,138
29,15031, 68633, 88225,105
215, 937206, 731200,099196, 529
384, 337383, 891320, 506300, 245
279, 982279, 738249, 575236,434
221, 290211,193191. 041165,909
97, 394103,59994, 71275,783
63,12245, 08438, 72737, 777
38, 20757, 52061, 06271, 435
56,90857,11857, 90857,813
67,23767, 87965, 01362, 718
63, 11161, 75459, 91756, 666
53,95055, 21155, 37156, 590
41,54243,57245,00232,595
31,99222. 36018,06621, 873
27,90729, 22628, 35331,494
66,13270,90372,40271,761
55,20858,90058,493156, 253
57, 77057, 60755,50053, 778
58,03667, 07971, 25873,528
17,54318, 55519,99416, 757
17,77714,93815,35313,899
11, 7127,3134,8883,650
65, 52769,79472,75172,836
48, 68153,14855,15454, 760
56, 55857, 90660, 77462, 009
60,55262, 93662, 63763,475
34,47235,92927, 78429, 554
26,34019, 81415,47111, 529
12,45215, 98619, 54920,576
.52,61757,62957,36655,641
20,23217, 39318,30432,151
37, 51828, 81423,39328, 036
45, 59748.00245,13137,186
52, 79151,29636, 21322, 769
18,47123, 45326,54724,635
15,26319, 21422,80628, 718
209,654207,864213,439215,030
208,885221,821207,034
225,856232,042233, 060230,030
230,469224,375215, 735200, 753
79,13967,10562, 55364, 207
43,22325, 44221, 797
25,42739,10151,07269,555
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
No. 36.—FEDERAL RESERVE NOTES: ISSUED AND RETIRED BY EACH FEDERAL RESERVE AGENT, BY MONTHS
[In thousands of dollars]
January...February.MarchApril
MayJuneJuly____August.
September,OctoberNovember.December..
Month
Total: 1924.1923.1922.1921.1920.1919.
Outstanding: Jan. 1, 1925..Jan. 1, 1924..Jan. 1, 1923..Jan. 1, 1922..Jan. 1, 1921..Jan. 1,1920..Jan. 1, 1919..
Outstand-ing at
beginningof each
month in1924
2,822, 3272,601,1402, 547, 9612,476,246
2,444, 0742,374, 5292,339, 0482, 271,118
2, 229, 5002, 230, 5362, 259,1912, 246, 739
Total
Issued
50,16293,29583, 780
147, 955
97,15089, 69276, 81083, 928
115, 695127, 780
213, 725
1, 276, 5921, 797,3931, 949, 5952, 049, 6372, 215, 2542, 482, 515
Retired
271,349146,474155, 495180,127
166, 695125,173144, 740125, 546
114, 65999,125
109, 072215, 503
1, 853, 9581, 792, 2571, 914,1953, 003, 5771, 775,3122, 046, 570
2, 244,9612,822,3272,817,1912,781, 7913, 735, 7313, 295, 7892,859,844
Boston
Issued
11,20015,00015, 60014, 650
9,15013, 40014, 20012, 650
18, 40016, 00011, 90041, 200
193, 350195, 650179, 290190, 900225, 680225, 500
Retired
47, 02111, 88513, 07613, 719
14, 15914, 38014, 90614, 961
16, 08314,16413, 11819, 884
207,356167, 342172, 647272, 297178, 844139,768
241,102255,108226, 800220,157301, 554254, 718168, 986
New York
Issued
16, 6209,02011, 46053, 440
11, 24011,40013, 22010,100
12, 00019, 96013, 94032,180
214, 580346, 270470, 200538, 810373, 080753,120
Retired
24, 33930, 74740, 63850, 472
24, 71617, 72420, 69220, 655
18, 06717, 02326, 410107,392
398, 875408, 791512,014758, 416276, 442632, 420
528,118712.413774, 934816, 748
1, 036,354939, 716819, 016
Philadelphia
Issued Retired
1,76015, 24016, 44019, 000
11,04013, 8007,6006,800
5,8009,0406,640
31, 000
144,160206, 400191, 860183, 410177, 420195, 660
26, 63213,15023, 04821, 716
17, 62715, 74514,10013, 352
8,8708,6279,06712, 399
184,333194, 281171,012251, 839134,017189, 635
215, 664255, 837243, 718222, 870291, 299247, 896241, 871
Cleveland
Issued Retired
3,50013,1308,95011,955
11,96511, 0006,70010, 250
16, 80015, 9508,20014, 500
132,900174, 000191,045121, 440249,000163, 565
38,48710,84412, 66712, 670
15, 45616, 55313, 24414,19012, 78313,16211,47212, 476
184,004167, 187156,009260, 269154,109146, 283
230, 609281, 713274, 900239, 864378, 693283, 802266, 520
Richmond
Issued Retired
7556,3002,30011,100
7,5457,5607,6358,460
8,16013, 87512, 20017, 820
103, 710125,110109, 720153, 820179, 004162, 777
17,13710, 5358,39513,036
15, 0239,2089,0599,141
6,8376,5865, 22410,187
120, 368119,299115,113197, 397169, 675162, 070
101, 217117,875112, 064117,457161, 034151, 705150, 998
i
s1w
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Month
January..February.MarchApril
May....JuneJuly....August.
September.OctoberNovember.December..
Total: 192.4.1923.1922 _1921.1920.1919.
Outstanding: Jan. 1Jan. 1Jan. 1Jan. 1Jan. 1Jan.Jan. 1
, 1925.., 1924., 1923.., 1922., 1921.., 1920., 1919_
Atlanta
Issued Retired
3,3906,9159,795
11,030
5,4703,8973,7007,223
9,8757, 5007,950
21, 780
98, 525129,46498, 780
148, 940196, 035183, 598
15, 3727,1557,1908,162
6,1686,1877,0184,576
5,8695,8364,85611, 398
89, 787106, 51592, 281200, 056176,383147,110
166,830158, 092135,143128, 644179, 760160,108123, 620
Chicago
Issued
7,2405,3402,0005,600
9,7006,7005,8007,000
7,0007,5006,000
15,000
84,880306, 840329,140293, 980345, 330324, 320
Retired
52,45643, 53626, 96535, 775
40,12516, 63633,13019,334
21, 90511,40916, 75315, 797
333, 821314,815305, 755
246, 552239, 799
St. Louis Minneapolis
Issued
1,2001,640
400
1,000
2,6003,3003,400
213, 687462, 628470, 603447, 218634,237535, 459450,938
13, 54033,22063, 43074, 960106, 470134, 025
Retired i Issued
6,247 !3,157 |3,421 |3,295 '
4,1083,3563,3383,251
2,7162,7382,8402,731 |
1,7907,2502,2702,030
10, 9102,3753,1152,265
4,6807,0253,9104,410
41,19854, 00064, 495116, 248115, 79898, 426
64, 60092,258113,038114,103155,391164,719129,120
52, 03040, 20543, 36139, 26539, 45039, 990
Retired
3,7431,8093,3363,455
8,4234,1845,4613,734
2,8722,2742,5214,550
46, 36233, 67041, 20560,17446, 50750, 272
74, 83669,16862, 63360, 47781, 38688, 44398, 725
Kansas City
Issued
8005,0803,1002,300
2,8402,8002,8003,860
4,5807,920
5,620
39, 83045,18036, 73072, 57057, 900
Retired
7,9202,5332,9942,394
3,2023,8527,7912,765
3,4573,6163,3003,161
46, 98538, 89441, 01079, 41765, 00067, 662
81, 63980, 54479, 60875,438118,125110, 555120, 317
Dallas
Issued
2,1472, 92.02, 6057,970
5,2101, 3801,6207,200
10, 6807,2901,1205,295
55,43752, 24033, 68425, 76269, 24555, 730
Retired
11,5524,0592,9792,288
5,7345, 5344,0202,557
2,6392,5952,8713,546
50, 37437, 38229,42170, 97863,13537, 581
63, 72258, 65943, 80139, 53884, 75478, 64460,495
San Francisco
Issued
5,9007,6208,480
11, 08015, 38010,4208,120
17, 72013,12015, 08021, 520
135, 400148,164193,905241, 620181, 970186, 330
Retired
20, 4437,06410,78613,145
11, 95411, 81411,98117,030
12, 56111,09510, 64011, 982150,495150, 081213, 233255,487148,850135,544
262, 937278, 032279,949299, 277313,144280, 024229, 238
f
i
Q
GO
Co
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
No. 37.—FEDERAL RESERVE NOTES: ISSUED, RETIRED, AND OUTSTANDING, BY DENOMINATIONS
[In thousands of dollars]
Issued to banks:1914-15 .1916 - . _19171918 . . . _ _1919
19201921 . . .192219231924 . . . _. . „ . _ . _ .
Total__ . . . .
Returned to agents:1914-151916 . --191719181919
1920 . . . .19211922 . . ,19231924 .
Total
Outstanding Dec. 31:191519161917 _ ._19181919
192019211922 - _ . ._1923 .1924
Total
222,155208, 457
1,265,0872,095,6952,482, 515
2 215,2542,049,6371,949, 5951, 797, 3931,276, 592
15, 562,380
8,030122,472214, 573586,475
2,046, 570
1, 775,3123,003, 5771,914,1951,792,2571,853,958
13,317,419
214,125300,110
1,350,6242,859,8443,295,789
3,735,7312, 781, 7912,817,1912,822,3272,244,961
Fives
82, 51978,051
192,057383,769527,665
431, 450473,930507,890479, 200567,940
3, 724,471
2,49055,18374,918
162,964452,728
401,856608,182418, 291424,533599,522
3,200, 667
80,029102,897220,036440,841515, 778
545,372411,120500,719555,386523,804
Tens
78, 76268, 591
433, 228634,451807, 561
568, 800654, 842583, 790499,155248,140
4, 577,320
1, 35546, 23165,049
231, 835708, 838
566, 580907, 888558,128553,062460, 588
4, 099, 554
77, 40799,767
467,946870, 562969, 285
971, 505718, 459744,121690, 214477, 766
Twenties
43,05948, 832
423,376805,055796, 030
779, 060661,485577,310
Fifties
8,1905,772
90,126140,305155, 588
184, 240103, 069122. 465
570,560 ! 128,298329,037 62. 282
5,033,804
2,35515, 26935,807
151, 949690,313
590, 9961,099, 340
618, 255577,059559, 083
4,340,426
40, 70474,267
461, 8361,114, 9421, 220, 659
1,408, 723970, 868929,923923, 424693, 378
1,000,335
1,1352,9348,487
21, 392107,802
101,432198,417133,373114, 217121,141
810, 330
7,0559,893
91, 532210,445258, 231
341, 039245, 691234,783248,864190,005
Hundreds
9,6257,211
126,300124,11592, 639
120, 75590,11382,80554, 46137,690
745,714
6952,855
30,31218,33572, 561
61,606125,322101, 646
58, 56370,324
542, 219
8,93013.286
109,274215, 054235,132
294, 281259,072240, 231236,129203,495
Fivehundreds
22, 757
27, 21415, 79119,19611, 2355, 693
101,886
1,602
8,21116, 87315,8099,776
11,900
64,171
21,155
40,15839,07642,46343,92237, 715
Thousands
8,00055,955
78,90531,80738,46950, 47413, 990
277,600
5,621
26, 97647,01542,14836,49224, 740
182, 992
8,00058,334
110,26395, 05591,376
105,35894,608
Fivethousands
9,000
10, 7008,2007,3802,0602,230
39,570
2,405
6,335120
12,4558,6253,080
33, 020
6,595
10, 96019,04013, 9657,4006,550
Tenthousands
15,320
14,13010,40010,290
1, 9509,590
61,680
4,700
11,320420
14,0909,9303,580
44,040
10,620
13,43023,41019,61011,63017,640
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEDERAL RESERVE NOTES 75
Ho. 38.—FEDERAL RESERVE NOTES: COLLATERAL PLEDGED WITH FEDERALRESERVE AGENTS AS SECURITY FOR FEDERAL RESERVE NOTES ISSUED TOBANKS, BY WEEKS
[In thousands of dollars]
Date
Jan . 2.1924
16..23. . .30...
Feb. 6..13..20..27..
Mar. 5.12...19.26.
Apr. 2__9__
16..?3._30..
May 7. .14..21 . .
June 4__11..18..25..
Ju ly 2__9_.
16...23..30..
Aug. 6..13..20..27. _
Sept. 3 . .10..17.24..
Oct. 1. . .
15..22.29. .
Nov. 5.12.19.26.
Dec. 3 . .10..17..24..31..
Dec. 26, 1923.Dec. 27, 1922.Dec. 28, 1921.Dec. 30, 1920.Dec. 26, 1919.
Dec. 27, 1918.Dec. 28, 1917.Dec. 29, 1916.Dec. 30, 1915.Dec. 31, 1914.
Federalreservenotes
issued toFederalreservebanks
2,805,9722, 756, 2512, 710, 2132, 646, 8762,605, 2442, 589, 5192, 570, 3772, 555, 4122, 550,1022, 537, 2032, 521, 4242, 507, 7582,489,9432, 473,1602, 467, 3232, 445, 3442, 438, 6802,444, 0732,440, 3062,419, 0552, 396,4752, 376, 7082, 374,9432, 363, 6662, 356, 2242,339,9912,340, 3632, 340, 7522, 318, 5102, 290, 7602, 273, 5632,249,1602, 249, 2312, 236, 3052, 232, 2022, 234, 2602, 249, 8242, 247, 0752, 236,4192, 232,4632,250,1372, 244, 3682, 250, 4352, 256, 4522, 252, 3672, 255, 5322, 254,4252, 248, 2132, 262, 8962, 200, 8922, 216, 7292, 253,2342, 244, 961
2,838, 3982, 835,0922, 796, 5403, 738,8803,292,0982,855, 6041, 341, 752300, 511214,12517,199
Collateral pledged as security
Total
3,192,0282,992,0142,929, 3622, 887,9622,892,1072,843, 5212, 935,1512,833, 6672,862,4412, 760,4122, 739,9322, 694, 2542, 736, 7892,688,8142,690,8992,618,1482, 639, 0722, 634, 3482,617, 0052,604,4652, 562, 3242, 599, 3232, 526,7672, 495, 7172, 516, 0602, 501, 0032, 532, 2742, 461, 5252, 442,4622, 414,1472, 385,1782, 364, 4002, 357, 9192, 353,1072, 362, 0532, 376,1382, 372, 8932, 387, 0012, 372, 6862, 411,1912,408, 2572,414,0542, 384, 5742, 422,1242,437, 5472,426, 6762,421,1432,405,0772,477, 3502,414, 5712, 399, 5172,490,0832, 371, 099
3, 246, 5223, 035, 7793,092, 8764,169, 2193,951, 9303, 244, 6661, 388, 556300, 925214,19017, 205
Eligible
1,082,313885, 309
784, 485764,932745, 691795, 238717, 005753, 317710,106693,236596,084654,130714,190706,845620, 784.591, 602546, 031506, 229469, 253
495,460437, 634404, 656397, 098382,910405, 588361, 690331, 289313, 721305,131284, 985276, 937277, 493302, 433356, 952337, 282348, 369341, 280
423, 364439, 255378, 374417,904448, 334456, 665487,162478,862571, 620578, 283577,093742,865668, 793
1,136, 708
1, 246, 5072,893, 0052, 711,8981, 956, 357606, 70518,40216, 7404,953
Gold and gold certificates
Total
2.109, 7152,106, 7052,130,8792,103, 4772,127,1752, 097, 8302,139, 9132,116, 6622,109,1242,050, 3062,046,6962, 098,1702,082, 6591,974, 6241, 984,0541,997,3642, 047,4702,088, 3172.110, 7762,135, 2122,113, 3402,103,8632, 089,1332, 091,0612,118,9622,118,0932,126, 6862, 099,8352, 111, 1732,100, 4262, 080, 0472,079,4152, 080, 9822, 075, 6142, 059, 6202, 019, 1862, 035, 6112, 038, 6322,031,4062,027, 3041,984, 8931,974, 7992, 006, 2002,004, 2201, 989, 2131, 970,0111, 933,9811,926, 2151,905, 7301, 836, 2881, 822,4241, 747, 2181, 702, 306
2,109, 8142,198, 8461, 846, 3691, 276, 2141, 240,032
1, 288, 309781,851282, 523197,450
12, 252
In vault
In re-demp-
tion fundU. S.
Treasury
326, 584326, 584326,584327, 584327, 584
327, 584327, 584328,184328,184
328,184328,184
329, 729
329, 729329, 729329, 729331,939335,864335,864335,864335, 864335,864335, 864335, 864334, 604334, 604334, 604333, 604334,679336, 679334, 779335, 704334, 704331, 504331, 504331, 504331, 504331, 504331, 504331, 505331, 504331, 504331, 504306, 504305, 504290, 504289, 504289,104279,104278, 904278, 904278, 494279, 494
125, 237115, 533120,474119, 072114, 542124, 096117, 215121,925122, 915116, 702115, 728117, 558119,989113, 724124, 769116,157112,153
114, 397112, 704118, 743113,172113,963110, 243115, 986108, 817110,410120, 299113, 690115, 993107, 927112, 602117, 676113, 621107, 736105,088111,360113, 459114, 669115, 626111, 364113, 625112, 523113, 756118, 555117, 372111,111122, 731113, 627113, 954118, 314116, 771114,918
326, 584353, 657349, 013264,926244,148
246, 327250,423164, 567139,940
12, 252
114, 480133,090115,832118, 596103, 575
81, 95141,47915, 376
650
In goldfund
FederalReserveBoard
1, 657, 8941, 664, 5881, 683,8211, 656, 8211,685,0491, 646,1501, 695,1141,666, 5531, 658,0251, 605,4201, 602, 7841, 649, 6731, 632,9411, 531,1711, 529, 5561, 551,4781, 603, 3781, 628, 5841, 660, 5151,686, 6441, 658,7331, 654,8271, 639, 3061, 644,9541, 668, 3721,674, 6721, 681, 6721, 645,9321, 662, 8041, 647, 7541, 637, 3411, 631,1091, 628, 6021, 630,4891, 620, 3801, 582, 5941, 592, 7471, 593, 6691, 585, 2331, 580,1731, 542,0251, 529,6701, 562,1731, 583,9601, 565,1541, 562,1351, 533, 3661, 514, 3801, 512,9991,443,4301,425,2061, 351,9531, 307,894
1,668,7501, 712,0991, 381, 524892,692892, 309960,031489,949102, 58056,860
Excesscol-
lateralpledgedwith
Federalreserveagents
235,763219,149241,086286.863254, 002364, 774275, 511308,093223, 209218. 508186,496246,846215, 654223, 576172,804200, 392190,275176, 699185,410165,849222, 615151,824132,051159,836161,012191,911120, 773123, 952123,017111,615115, 240108, 688116, 802129, 851141,878123,069139, 926136, 267178, 728158,120169, 686134,139165,672185,180171,144166, 718156.864214,454213, 679182, 788236, 849126,138
408,124200, 687296, 336430, 339659, 832389,06246, 804
41465
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
VOLUME OF DISCOUNT AND OPEN-MARKET OPERATIONS OF FEDERAL RESERVE BANKS
No. 39.—DISCOUNT AND OPEN-MARKET OPERATIONS: VOLUME, BY CLASSES
[In thousands of dollars]
Federal reservebank
1924BostonNew YorkPhiladelphiaCleveland
RichmondAtlanta,.ChicatzoSt. Louis
Minneapolis..- . _ _Kansas CityDallasSan Francisco
Total
Total (allclasses)
1,225,0789,419,4181,417,6821,577,400
1, 373,844629,824
1,427,923685,404
260, 529340, 582304,115
1,201,674
19,863,473
Bills discounted for member banks
Total
8J22,1707,030,8421, 264, 0301, 348, 025
1,357, 776550,312
1,035, 261605,118
100, 354227, 744148, 383929,140
15, 419,155
Memberbank
collateralnotes
510,0126, 522,3471,049, 2721,102, 202
1, 046, 866206,976751, 741340, 460
57, 476139,02562, 995
667, 203
12, 456, 575
Commer-cial andagricul-
tural paper,n. e. s.
311,240503,964214,087237,107
301,586i 336,844
282, 280233, 697
42, 50388, 04467, 632
2 258,143
2,877,127
De-mandand
sightdrafts
307
1,557
26,069
357412
17,066853
46, 621
Bank-ers'
accept-ances
47
285
20
30125
507
Tradeaccept-ances
9184,484
6718,409
9,0394,9351,2404,872
18263660
2,816
38, 325
Acceptances purchased inopen market
Total
259,4981,077,399
89,140116,070
9,39959, 621
164,04550, 732
15,83450, 625
102,846176, 933
2,172,142
Bankers'
259,4981,068,947
89,140116,070
9,39959, 621
164,04550, 732
15, 83450, 625
102,846176, 933
2,163, 690
Trade
8,452
8,452
United States securities purchasedin open market
Total
143,4101,304,131
60, 579112, 603
6,32719, 627
227, 72329, 260
144,11861,43752, 65895,145
2,257,018
Bonds
1,95711,237
94610,211
1507,462
19,0751,264
51, 63711, 9363,4383,183
122, 496
Treas-ury
notes
51,004241,24925,43453,211
3,6206,492
99, 78513,773
49, 52323, 98728,47254,889
651,439
Certifi-cates ofindebt-edness3
90,4491,051,645
34,19949,181
2,5575,673
108,86314,223
42,95825, 51420, 74837,073
1,483,083
Munic-ipalwar-rantspur-
chased 4
7,0463,933
702
342264894294
223776228456
15,158
1 Includes $250,000 discounted for the Federal Intermediate Credit Bank of Columbia, S. C.2 Includes $850,000 discounted for the Federal Intermediate Credit Bank of Berkeley, Calif.3 Includes special certificates of indebtedness issued to the Federal reserve banks by the Secretary of the Treasury.i n c l u d e s foreign loans on gold as follows: New York, $1,746,000; Philadelphia, $582,000; Cleveland, $702,000; Richmond, $342,000; Atlanta, $264,000; Chicago, $894,000;|St.
Louis, $294,000; Minneapolis, $216,000; Kansas City, $276,000; Dallas, $228,000, and San Francisco, $456,000; also Federal intermediate credit bank debentures—New York, $5,300,000;Philadelphia, $3,300,000, and Kansas City, $500,000.
3
>
1
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
No. 40,—DISCOUNT AND OPEN-MARKET OPERATIONS: MONTHLY VOLUME, BY CLASSES
[In thousands of dollars]
Month
1924January .February---MarchAprilMayJuneJulyAugust
September-OctoberNovember..December..
Total: 19241923192219211920191919181917191619151914
Total (all
2, 612, 5392,811, 4852, 491,1952,164, 9531, 559, 9611, 034, 596901, 940543, 599
1,138, 1331,180, 4381, 089,1682,335, 46619, 863, 47344,428,37528, 543, 55263,141, 60896, 527, 54886, 737, 06747,414, 53110,152,126
741,402
307, 771_22,293
Bills discounted for member banks
Total
2, 295, 5652,462,4071, 709,3291,935, 590
1,403, 502702,889733,457428, 508
700,125839,900724,757
1,483,126
15, 419,15538, 379,92622, 082, 88757,759,128
85,320, 87479,173,97039, 752, 934
207,871
161,35321411
Memberbank
collateralnotes
1,859,9342,093,9051, 310, 7771,413,778
1, 071,315475, 914575,298332, 387
607, 111748,806617, 348
1, 350, 002
12,456, 57529,916, 86815, 683,48331, 229,142
55, 565,44772, 548, 00833, 007,7887,742,806
38, 967
Commer-cial andagricul-
tural paper,n. e. s.
418,112356, 042
514,120
327,144223, 091154,82093,971
88,61483,668
101,274126,336
2 2, 877,127* 8,340,676
6,351, 71626,343,947
29, 376,1086,415,8996,537,8331,188,414
163,692
De-mandandsightdrafts
13,3308,2124,1762,5421,235364323427
2,4935,1104,0814,328
46,62167,457
Bank-ers'
accept-ances
8611675
147
7310
5073,5323,416
57, 095187,162
71, 64319,940
(7)
159, 39421,411.
Tradeaccept-ances
4,1034,1324,3665,003
3,7353,5103,0161,723
1,9072,3162,0542,460
38,32551,39344,272
128,944
192,157138,420187,37337,771
5,212
1,959
Acceptances purchased inopen market
Total
231,941289,138197, 714148,458
83,49252, 01760,13657, 354
113, 773275,469301, 671360,979
2,172,1422, 547, 0101, 954,6881, 534,401
3, 218,3642, 825,1771, 809, 539
«1, 077, 713386, 095
64,845
Bankers'
230,292286, 892195, 815147, 046
82,62352, 01760,13657,354
113, 623275,469301, 502360,921
2,163, 6902, 533,4701,948, 3791, 527, 235
3,143, 7372, 788, 6191,748, 5031, 046, 765
369, 762
64, 814
Trade
1,6492,2461,8991,412
150
16958
8,45213, 5406,3097,16674,62736, 55861, 03630,94816,333
31
United States securities purchased i
Total
85,03359, 840
584,10180,905
72,467278,940108, 34757, 237
319, 03563, 26262, 740
485, 111
2, 257, 0183, 500,9034, 505, 8013, 847, 094
7, 988, 3104, 737, 9205,850, 348
88,60056, 750
15, 714205
Bonds
1,6583,6063,8336,258
6,5239,848
16, 5925,038
9,09814,4838,241
37,318
122,4965 77,4875 350,1965 38, 532
«3325 1 , 75773, 99681, 53756,450
15, 714205
Treas-ury
notes
53, 88147, 08475, 77856,77747,461101, 03276, 09439, 85124, 2577, 28126, 05195, 892651,439671, 379818,972
5207,063300
Certifi-cates
ofindebted-
ness
29,4949,150
504,49017,87018,483
168, 06015. 66112^ 348285,68041, 49828,448351, 901
1,483, 0832, 752, 0373, 336, 6333, 742, 664J, 987,9784, 736,1635, 775, 832
Munic-ipalwar-rantspur-
chased3
51,
10051
500750
500200807
6,25015,158
536176985
1,71016,822
65,859677-
1 Prior to 1922 figures include securities, if any, purchased from other Federal reserve banks in addition to purchases in open market. Separate figures not available.2 Includes $250,000 discounted by the Federal reserve bank of Atlanta for the Federal Intermediate Credit Bank of Columbia, S. C , and $850,000 discounted by the Federal
Reserve Bank of San Francisco for the Federal Intermediate Credit Bank of Berkeley, Calif.3 Includes $6,000,000 of foreign loans on gold during December and Federal intermediate credit bank debentures as follows: February, $100,000; May, $500,000; June, $750,000;
August, $500,000; September, $5,200,000; October, $1,800,000; and December, $250,000.• Includes $250,000 discounted by the Federal Reserve Bank of Atlanta for the Federal Intermediate Credit Bank of Columbia, S. C , and $2,000,000 discounted by the Federal
Reserve Bank of San Francisco for the Federal Intermediate Credit Bank of Berkeley, Calif.6 Includes Victory notes.« Exclusive of certificates of indebtedness.7 Included with '-'commercial and agricultural paper, n. e. s."« Figures not available.»Includes $170,072,483|of acceptances'purchased from the Federal reserve banks of Boston and New York by other Federal reserve banks.
19
n
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
No. 41.—DiscpUNT AND OPEN-MABKET OPERATIONS: VOLUME, BY MONTHS
[In thousands of dollars]00
Federal reserve bank
1924BostonNew YorkPhiladelphia.-Cleveland
RichmondAtlantaChicagoSt. Louis
Minneapolis--.Kansas City...DallasSan Francisco..
Total: 1924-.-.19231922....19211920.--.1919-,--
January
163,0891, 279,602
200, 516149, 976
174, 61894,578
172, 534111,972
31, 29562,49739,469
132, 393
2,612,5395,612,0992,646,5958,654,1347,186,3177,025,336
259851919-,-- 7,025,3361918 1,525,9851917_..J 49,1051916 37,1511915 23,4501914
February March
166, 8921, 567,196
187, 556175, 212
148, 01374, 590
159, 58990,144
19, 68443, 42334, 472
144, 714
2,811,4854,024,1962, 522, 4108, 309,1857,122,0485, 454, 8191, 443, 795
99, 50340,02920,346
179, 7781,171, 776
169, 777139, 849
182, 92186, 545
212,58290, 673
27, 02754. 84924, 836
150, 582
2, 491,1953,970. 2542, 597,1277, 967, 0108, 770,1005, 706, 0851,993,080
66, 49550, 98126,835
April
117,4951,050,144
140,148186,164
171,43170,163
138, 70073, 837
27, 23031,14018,445
140, 056
2,164, 9533, 543, 4951, 646, 9685, 084, 6487, 474, 47r6,125, 8842, 605, 720
95, 73950,86117,839
M a y
65, 393694,177102,230147,483
114,72257, 340
148, 28259, 531
30, 24422, 53017,818
100, 211
1,559,9613, 876, 8351,382,3495,040, 8586, 452, 9447, 620,1073,309, 207
174,12948, 20020, 243
June
71,183256, 224
99, 825130, 044
96, 59548, 316
112, 00137, 943
26, 34425, 46529,419
101, 237
July
43, 680384, 472
74, 76566,002
98, 65025, 27357, 71831,789
20,19015, 46623,467
1, 034,596|3, 575,386|2,101, 43214, 799, 5347,800,8396, 771,9133, 655, 6G4887, 50260, 78523,179
901, 9403, 765, 9511, 586, 3993, 847, 0057, 518, 9077, 692,8253, 490, 037
547, 43464, 35527,048
August
41, 959167, 95457, 75646, 588
49,18524,81751, 65726,633
13,2557,43618, 22938,130
543,5993, 296, 5021, 469,0693, 663,1638, 366, 5716, 808, 7473, 955,612297,02447, 90229,375
Septem-ber
60, 784589,38156, 744101, 666
102, 30329,49062, 79332, 510
14, 84112,64818, 59556, 378
October
47,605604, 62673,21682, 506
83,16043, 63670,02038, 802
24, 65616,80923,66271, 740
1,138,1332, 980, 5491,915, 5873, 650, 2638, 447, 2678, 801, 2924, 953, 969678, 06358, 68023, 556
1,180,4383, 096, 4302,812,5513, 729, 5818, 013, 2768, 468, 0326, 793, 0192, 770,806
63, 28223,961
Novem-ber
106,304453,436
82, 236108,088
57, 83635, 96177, S""36, 714
8,53316,12721,70184,2i6
Decem-ber
160,9161,200,430
172,913243,822
94,41039,115164,06154,856
17,23032,19234,002121,519
1,089,168 2,335,4663,111,979 3,574,6993,397,6911 4,465,3743,525,792! 4,870,4358,715,06l|10,659,7407, 812,0815, 569, 7093,394,417
79, 64538,1799,949
8,449, 9468,118, 7341,091,909
139, 53133, 76012,344
Year
1,225,0789,419,418 20,807, 603 12, 943; 5761,417,6821,577,400
1,373,844629,824
1,427,923685,404
260,529340,582304,115
1, 201, 674
19,863,47344,428, 37528, 543, 55263,141,60896, 527, 54886, 737, 06747,414,53110,152,126
741,402307, 771
22, 293
Prior years
1923
4,161,284
3,169, 2772, 979,171
1922
2,727, 701
2,747, 2681,826, 779
3,021,880 1,465,127895, 784 546, 954
3,291,63l| 2,423,1271,793,1081 1,040,436
386, 7111 273, 5131, 008, 866! 414, 540
417, 702i 273,5602,495,358! 1,860,971
HW
1 Prior to 1922, figures include securities, if any, purchased from other Federal reserve banks in addition to purchases in open market. Separate figures not available.2 Includes $170,072,483 of acceptances purchased from the Federal reserve banks of Boston and New York by other Federal reserve banks. Excludes purchases of United States
certificates of indebtedness, figures of which are not available.wo
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
No, 42.—BILLS DISCOUNTED: VOLUME, BY MONTHS
[In thousands of dollars]
Federal reserve bank
1924BostonNew YorkPhiladelphia-Cleveland
January
123, 7221,159,498
173,709131, 595
Richmond 170,721Atlanta | 82,427Chicago I 134,705St. Louis i 109,061
Minneapolis I 18,382Kansas Ci ty 59,222Dallas 21,439San Francisco 111, 084
Total: 1924. _._192319221921-___192019191918.—1917191619151914.._.
2, 295, 5653,691, 2592, 345, 3658, 258,1636, 241, 2715,994,382
18,32611,11510, 713
Febru-ary
135, 4941, 398,139
169, 708160,635
144, 75062, 315
123, 71285, 059
11, 68634,60413, 698122, 607
2,462,4073, 720, 5472, 080, 3728,120, 8496, 517, 4394,980,936762,44522,4097,665
12, 530
March
117, 779667,831143, 648113, 876
180,88375,186
145, 04080,905
11, 87236,8508,143
127, 316
April
87,500949, 737131, 204175, 424
169, 59165, 369
107,12571, 556
13,41426, 46613, 544
124, 660
1, 709, 3293, 519, 7001, 753, 0987,368, 2686,970,33l!5,473, 5641
754,934|26, 7899,387
13,400
1,935, 5903, 291, 0711, 308, 0554,912,6526, 229, 7405,901,4022,172, 580
50, 05611, 52210,549
May
51,355625,13092,800
139,278
113,84753,484
129,83858, 554
15, 29419, 09914,17490,649
1,403, 5023, 532, 5131,113,9304,253, 8646,135,9847,385,8332,993, 019
91,41311,19512,145
June
40,703135, 50279, 550
102,148
96,06745,93265,10130, 634
6,49213, 39712,40974,954
702,8893, 098,1311,159,3183,674,9776, 336, 6426,328,9123,137, 226
750,27011, 66013,406
July
28, 764305, 042
72,81752,663
98,65022,17944,55427, 752
6,7999,20015,94949, 088
733,4573,487,4071,31Z, 6023, 735, 0786,714,9247,183, 4353,343,458
460,73320,18313,238
August
33,134116,15454,65540, 787
48, 80723, 02238, 92124,190
3,7204,203
14,63326, 282
428,5083, 052, 0501, 094, 3073, 513, 0637,982,5246,433, 6623, 762, 259
220,94017, 35212,234
Septem-
27,523292, 594
54, 20981,474
101,94825, 59238,13025,739
2,6054,337
11, 50234,472
700,1252, 621,9611, 267,3583, 033,1097, 298, 9726,726,1554,685,140
548,16414,30914,405
October
20, 025435,43160,84062,060
83,12036, 97944,53730,705
2,4005,6379,692
48, 474
839,9002, 794, 8522,172,1143,489,2687, 548,4568, 060,3185, 903, 9632,681,166
11,86315, 051
Novem-ber
55,306288, 09767,37286, 518
57, 68927, 33050, 24326, 263
2,3254,9315,11053, 573
724, 7572,676, 7993,155, 7753, 231, 2717,882, 9337, 414,4985,154, 5973,206,487
17,90418,2709,949
Decem-ber
100,865657, 687163, 518201, 567
91,70330,497
113, 35534,700
5,3659,7988,090
65,981
Total
822,1707, 030,8421, 264, 0301, 348, 025
1,357, 776550,312
1, 035, 261605,118
100, 354227,744148,383929,140
1,483,126 15, 419,155 15,372, 5342,893,636 38,379,9263,315,593J22,082,8874,168, 56657,759,1289,461, 658 85, 320, 8747, 290, 873 79,173, 9706, 215, 083 39, 752,934
892,23863, 71615,41211,462
I
207,871161,35321,411
Total reduced to acommon maturity
basis (exclusiveof demand and
sight drafts) l
Amount
675,1503, 028, 6481, 081,7001,152,628
1,387, 0021,658,4852, 224, 7101,307,946
416,623705,264448, 046
1, 286, 332
Per centof total
4.419.77.07.5
9.010.814.58.5
2.74.62.98.4
100.0
8O
o
WH
o
I
1 Total discounts multiplied by ratio of average maturity of bills discounted by each bank to average maturity (12.39 days) for system.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
No. 43.—MEMBERJBANKS ACCOMMODATED THROUGH DISCOUNT OPERATIONS: NUMBER, BY MONTHS CO
o
Federal reserve bank
1024BostonNew YorkPhiladelphiaCleveland
Richmond _. - .AtlantaChicago ..St Louis
MinneapolisKansas City - - . _DallasSan Francisco . .
Total: 192419231922192119201919.191819171916.19151914
January
202372327311
272258634264
298349112264
3,6633,2945, 3505,2933,4613.3161,432
309614398
February
209373320259
277265609246
217321128241
3,4652,9764,8475,1073,3383,0911,353
262451469
March
213373308278
305272591261
207307154247
3,5163,2824.7015,3203,6703, 5751,568
315535570
April
199355308308
344274639275
236347196263
3,7443, 5074,7385,5684,1753,8752,100
384606606
M a y
179360308302
355287620268
268334264250
3,7953,9424,6365,6324,6424,0352,793
590655693
June
174335282302
356284587260
265321290250
3,7063,9994,4365,7454,9484,0473,021
900678813
July
130283262274
330273553244
254262311256
3,4324,1104,1675,6074,8583,6853,462
960642760
August
129241296263
297285471236
197168275194
3,0523,9604,0425,4534,7803,4603,671
990483711
Septem-ber
120255260252
301287491239
123162146150
2,7863,6003,9445,4274,7583,7223,464
953448761
October
110259271264
285277514236
9414683
124
2,6633,7523,7935,5724,9523,8393,6101,140
383794
Novem-ber
145299299259
254258489207
9510852
108
2, 5733,7323,8595,6225,2753,6493,6671,574
336835132
Decem-ber
180369356318
246218525197
10011337
124
2,7833,6983,8735,6765,5513, 6593,2881,701
314754339
Year
317593525485
463390922391
476586492420
6,0606, 3336,9567,4156,9415,9935,4933,1271,7881,920
Prior years
1923
313590532470
453351973362
559653617460
1922
330544538540
491353
1,129400
706733661531
ft
is
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DISCOUNT AND OPEN MARKET OPERATIONS 81
Ho. 44.—DISCOUNT OPERATIONS, BY STATES: VOLUME OF DISCOUNTS, NUMBEROF MEMBER BANKS, AND NUMBER ACCOMMODATED
[Amounts in thousands of dollars]
Division and State
United States
New England:MaineNew HampshireVermont _.MassachusettsRhode IslandConnecticut
Middle Atlantic:New York...New JerseyPennsylvania _.
East North Central:Ohio.IndianaIllinois _.MichiganWisconsin
West North Central:MinnesotaIowaMissouriNorth Dakota.South DakotaNebraska...Kansas
South Atlantic:DelawareMarylandDistrict of ColumbiaVirginiaWest VirginiaNorth CarolinaSouth CarolinaGeorgiaFlorida
East South Central:KentuckyTennesseeAlabamaMississippi _ _
West South Central:ArkansasLouisianaOklahomaTexas
Mountain:MontanaIdahoWyomingColoradoNew MexicoArizonaUtah....Nevada
Pacific:WashingtonOregonCalifornia
Number of memberbanks on Dec. 31
1924 1923 1922
6254461822166
632313953
447268583286187
364446192174133187265
22911519614295100172
14712012644
12647430751
1301013914436234911
158137300
6455471832067
620299
456272591284187
375455192188147194278
2294151951429710318471
14912213239
12650465754
16411049146462552
9,916
56481852067
603282935
457274591283190
37745918.1188153198274
22941519214010410418878
14811913340
1224946274718912051148 |51 i26 i55 |
Number accommo- Total amount of paper dis-dated during— counted
1924 1923 1922
6,060
11
165136319
11
164135325
4242361481345
436221592
28116934217795
13930312310695133118
15581115592807815642
75809032*
8841237415
1026627762719341
8761159
6,333
4042291531346
433220587
176
6,956
259 I523
132
4122381
10163161
1924
15,419,155 38,379,926
41433416411 !46 j
408 '198630
307 I185 i
335185107
161333121118105149128
17621214675878114348
71627530
8140
390212127
222400126145127146138
19721115089859614239
80658332
9537312 !
561 !i
165 |102 i35 !99 !472349 !3 i
42,26742,45318,024645,96916,11763,955
6,653,107528,775
1,888,144
112, 549402,748378, 60194, 665
64,095122, 560279,96412, 03013,44850,30520, 994
5,976160, 308105,456507, 935260, 940308,177i 55,981161, 06028, 218
186,961200, 04548, 68928, 966
73, 260194, 60837, 621131, 290
7,47376, 4194,63735,4455,9512,196
22, 29337
104 71,34975 63,468186 2 693, 935
1923
49,00260,72227,118
3,395, 56230,023102,832
17,408,097738, 692
4,118,888
933,910201, 529
1, 328,285783,676144,786
232,199181,396
1,118, 52314, 27619,594173,45832,926
11,578485,142613, 041
1,235,751206,836358,458i 46,491210,44370, 065
746, 537229,72265,37725, 760
87, 571275, 523. 60, 393267,971
17, 997127,9645,041
139,37715, 0565,33735, 792
283
122, 584107,644
31,710,698
1922
22,082,887
42,62140,24621,409
2,068, 56416,39287,401
8,837,014506, 559
3,078,672
669,974157,255694,581540,79193,439
97,457198,467290,00820,76827,88585,13430,200
16,731269,905284, 791
124,432131,470102, 574157,38637,459
446, 591150, 53661, 38222,117
74,450153, 95256, 677192,019
28,370211,0768,95577, 25814,47117, 75868, 666
263
75, 27459,387
1,107, 212
1 Includes $250,000 discounted by the Federal Reserve Bank of Atlanta for the Federal IntermediateCredit Bank of Columbia, S. C.
2 Includes $850,000 discounted by the Federal Reserve Bank of San Francisco for the Federal IntermediateCredit Bank of Berkeley, Calif.
3 Includes $2,000,000 discounted by the Federal Reserve Bank of San Francisco for the Federal Inter-mediate Credit Bank of Berkeley, Calif.
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No. 45.—BILLS DISCOUNTED: VOLUME DISCOUNTED FOR NATIONAL BANKS AND FOR STATE BANK AND TRUST COMPANY MEMBERS
[In thousands of dollars]
00
to
Federal reserve bank
BostonNew YorkPhiladelphia..Cleveland-_
RichmondAtlanta. .ChicagoSt. Louis
Minneapolis..Kansas City. .DallasSan Francisco.
Total. _.
Total
1924
822,1707,030, 8421, 264, 0301, 348, 025
1,357, 7761 550,3121, 035, 261
605,118
100, 354227,744148, 383
2 929,140
15,419,155
1923
3,652, 77517,951,8432, 911,1422,436,808
2,910,6871728,081
2, 508, 0821, 679,671
290, 054901,126300,694
3 2,108,963
38,379, 926
1922
2, 262,0879, 206,3642,450,8431, 523, 346
1,424,567489,930
1, 681,004865,856
193,014328,019222,557
1, 535, 300
22,082, 887
1921
4,454,76030,768,9903,872, 3673, 218,833
2,749,6711,647,2554,168,4771,609, 024
730,662944, 074771,997
2,823,018
57, 759,128
Discounted for national banks
1924
579,5355, 631, 414
887,361990, 530
1,002, 550305, 503671,972369, 946
92, 564172,812129, 502492, 566
11, 32 j . 'JJ
1923
2,981, 22214,015, 5752, 275, 5131, 402,831
2, 485, 609410, 837
1,794,6811,183,856
274,791446,854274,271
1,138,509
28,684, 549
1922
1,732,0397,231, 9411,940,277
940,014
1, 272,000290,808979,373632,877
162,458280,273189,187971,337
16,622,584
1921
3, 596,01223, 572, 5513,096,8201,431,026
2,478,8011,080,7312,821,9761,005,416
654, 869787,229653,382
1,549,496
42, 728,309
Discounted for State bank and trust companymembers
1924
242,6351,399,428
376,669357,495
355,226244,559363, 289235,172
7,79054,93218,881
435,724
4,091,800
1923
671,5533,936,268
635,6291,033,977
425,078316,994713,401495,815
15,263454,272
26,423968,454
9,693,127
1922
530,0481,974,423
510.566583,332
152.567199.12260i;631232,979
30,55647,74633,370
563,963
5,460, 303
1921
858,7487,196,439
775,5471, 787,807
270,870566,524
1, 346,501603,608
75,793156,845118,615
1,273,522
15,030,819
H
O
H
w
1 Includes $250,000 discounted for the Federal Intermediate Credit Bank of Columbia, S. C.2 Includes $850,000 discounted for the Federal Intermediate Credit Bank of Berkeley, Calif.3 Includes $2,000,000 discounted for the Federal Intermediate Credit Bank of Berkeley, Calif.
00
wo>>wd
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No, 46,—BILLS DISCOUNTED: VOLUME, BY MATURITIES AND BY RATES OF DISCOUNT CHARGED
[Amounts in thousands of dollars]
Federal reserve bank
1924BostonNew York _Philadelphia... _ . .Cleveland
Richmond... .AtlantaChicagoSt. Louis
MinneapolisKansas City..DallasSan Francisco
Total 1924_._.
Total
Amount
822,1707,030,8421,264,0301,348,025
1,357,776550,312
1, 035,261605,118
100, 354227,744148,383929,140
15,419,155
Averagematurity(in days)1
10.175.34
10.6010.60
12.6637.4526.6327.99
51. 6238.4342.2717.17
12.39
Maturity
Demandand sight
drafts
307
1,557
26,069
357412
17,066853
46,621
Within 15days
780,0596,932,3441,216,3201,257,695
1,173,236271,348770,871375,195
58,631141,35066,688
804,319
13,848,056
16 to 30 days
11,81919,3578,211
19, 712
31,83645,40345,07345,576
3,00110,0518,494
17, 309
265,842
31 to 60 days
14,52235,80918, 79434,749
68,338102,21883, 56869,410
7,13820,58619,30237,260
511,694
61 to 90 days
15,22443,12520,50933,465
78, 557117,06899, 78476,187
13,38929, 41025, 50755, 556
607,781
91 days to6 months
545207196
2,039
5,3079,973
34,3348,355
15, 69224,4279,934
11,549
122,558
Over 6but
within9 months
1
58
5022,7451,6314,326
2,1461,5081,3922,294
16, 603
Rates charged
3 per cent
1,763,389
1,763,389
V/v per cent
289,460420, 560502,976451,527
208, 631
1,873,154
4 per cent
671, 688
175,257
548,234186,343363,174179,569
8,88338,03656,986
122,906
2,351,076
4 ^ per cent
532,7104,175,205
761,054721,241
809,542363,969672,087425,549
91,471189,70891,397
597,603
9,431,536
1 Based on time bills only.
S8
n
ao3
ooCO
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
No. 47.—BILLS DISCOUNTED: MONTHLY VOLUME, BY MATURITIES AND RATES OF DISCOUNT CHARGED
[Amounts in thousands of dollars]
OO
Month
1924JanuaryFebruaryMarch_._ ._April
MayJune _ . _JulyAugust
September _OctoberNovember.*December
Tota l : 1924192319221921._1920
1919 •_..1918 •__1917
19151914
/ Total
Amount
2, 295, 5652, 462,4071, 709,3291,935, 590
1,403, 502702,889733,457428,508
700,125839,900724, 757
1,483,126
15, 419,15538,379,92622,082,88f57, 759,12885,320,874
79,173, 97039, 752,934
8, 968, 991
207,871161, 35321,411
Averagematurity(in days)
10.649.27
14.0312.05
14.2320.2716.2519.05
12.5011.7112.649.71
12.399.89
12.1413.6313.29
10.1311.810)0)(00)
Maturity
Demandand sight
drafts
13,3308,2124,1762,542
1,235364323427
2,4935,1104,0814,328
46, 62167,457
Within 15days
2,113,0722,293,0691, 506,4141, 736,317
1,224, 795574,123628,740351,408
622, 647758, 705646,328
1,392,438
13,848,05635,672,20719,931,13651,248, 59475,914, 215
76,131,88636,906,7118,129,286
16 to 30days
29,31630,70033, 41934, 648
29,85420,93615,18014,069
12,34311,11416,37817,885
265,842491,001377,738
1,062, 5131,327, 285
387, 563383,901181.029
115,05326, 50912,381
31 to 60days
56,65954, 36467,95561,201
61,84240,17831, 40228, 451
26, 25225, 69728, 55829,135
511, 694908,454714,398
2,025, 5132, 774, 388
791,316754, 479272, 499
34,42357,8385,180
61 to 90days
68,88964, 69281, 29982,179
65, 28749, 21245, 49428, 418
31, 53433, 74424,04432, 989
607, 7811,053,044
829,6263,049,3364, 953, 099
1, 737, 9201, 551, 597
357,046
41, 57757, 3223,206
91 daysto 6
months
12, 7788,543
11, 68514,833
18.82917, 54712,0825,504
4,6535,2745,0925,738
122,558182,314229,989373,172351, 887
125, 285156,24629,131
16,81819, 684
644
Over 6but within9 months
1,5212,8274,3813,870
1,660529236231
203256276613
16,6035,449
Rates charged
3 per cent
89, 580
292, 594435, 431288,097657, 687
1,763,389
3H per cent
142,352406, 623140, 402
197,678191,399262, 769531.931
1,873,154
4 per cent
625,130332, 655311, 975194,806
207, 248211, 863173, 891293,508
2,351,076
4)4 per cent
2,295,5652,462,4071,709,3291,935, 590
778,372227,882
14, 8593,720
2,6051,207
9,431, 536
ft
iwft
ftmft
W
o1 Figures not'availab1"
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
No. 48.
Federal reserve bank
-BILLS DISCOUNTED: AVERAGE MATURITY, BY MONTHS
[Days]
1924BostonNew York . . .PhiladelphiaCleveland
Richmond .AtlantaChicago. _St. Louis
MinneapolisKansas CityDallasSan Francisco
All banks: 19241923 . . -19221921. . . .1920... .1919.. . .1918.. . .
January
9.184.779.20
11.41
9.1032.0422.8023.45
48.2924.9127.9619.15
10.646.08
13.7510.1913.2110.3418. 90
February
8.423.978.488.17
8.3633.7522.5429.65
40.7629.75 ,45.0019.59
March
9.276.70
11.949.61
12.2610.7427.73
8.796.24
10.1213.40
11.0936.2029.7430.06
37.4730.6954.9918. 76
14.038.86
15.3912.3813.7710.1522.25
April
9.574.21
10.7510.59
12.6141.7832.6927.58
48.0052.1246.7418.24
M a y June
12.895.12
12.1911.01
15.4542.2625.0224.98
53.6559.4957.0721.69
12.059.04
15.8615.6615.0811.0711.25
14.239.45
17.4416.7614.749.13
12. 59
13.1813.1112.5311.26
17.1437.3533.4929.55
84.6059.6252.6118.02
20.2711.1715.6119.2914.489.79
10.09
July
13.797.41
12.4813.87
14.1448.7834.6729.69
60.0358.7551.9420.63
16.2510.0811.9716.1813.639.41
12.85
August
12.8311.2112.7713.42
18.5939.9527.7434. 02
54.0352.4138.3518.45
19.0510.6513. 4815.7612.389.33
12.70
Septem-ber
11.565.83
12.089.39
11.8636.2833.1430.91
54.2349.7833.8411.99
12.5012.5613.4317.2214.279.44
10.38
October
13. 535.01
12.5013.14
13.4833.6530.0630.77
74.2153.0921.3610.67
11.7113.159.99
14.7813.269.54
11.17
Novem-ber
10.686.8311.9911.32
13.5038.7027.6426.27
77.7345.0730.92
7.48
12.6411.978.43
14.4212.1711.3612.37
Decem-ber
10.055.909.437.59
11.20 I
16.29 !28.36 !
46.5931.2527.8010.13
9.7111.779.00
11.6711.5511.528.54
10.175.34
10.6010.60
12.6637.4526.6327.99
51.6238.4342.2717.17
12.399.89
12.1413.6313.2910.1311.81
Prior years
1923
7.615.228.719.22
7.7634.1123.7717.41
37.7522.3240.7815.19
1922
8.195.088.89
13.30
13.5340.9430.6917.74
53.9339.0455.3814.29
28od
wH
O
3oin
00
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
No. 4:9.—BILLS DISCOUNTED, SECURED BY UNITED STATES GOVERNMENT OBLIGATIONS: VOLUME BY MONTHS
[In thousands of dollars]
00
Federal reserve bank
1924Boston _ _.New York.. .PhiladelphiaCleveland
RichmondAtlantaChicagoSt. Louis
MinneapolisKansas CityDallasSan Francisco
Total: 192419231922192119201919... . .19181917
Year
Total
512, 6076,214,270
980, 7591,021, 567
980,033184,989748, 780334,210
51, 684137,21251,978
549,133
Member
collateralnotes
509,9686,214,060
980,1021,019,060
977,829182,790748, 345332,243
51, 639136,537
51, 709548,871
r, 222 11, 753,153J, 014 29, 732,151:, 642 15,379, 463,, 457 30,870, 988
11, 767,29, 778,15, 464,31, 925,57,440,018 55,410, 87674,187,280 72,289,83533,390,080 32,142,4065,884,161 5,884,161
Redis-countedpaper
2,639210657
2,507
2,2042,199
4351,967
45675269262
January
64,4371,048, 535
144,038100,934
144,81333, 462
104,40666,973
10,39246,09111,02175,680
14,069 1,850,78245,863 3,154,44485,1791 1,678,537
1,054,4692,029,1421,897,4451,247,674
4,141,4875,456, 3445, 713,903
378, 507
February
96,3941,341, 559
131,897130,460
112, 50224,08398,41241,364
7,28525,3764,60672,080
2, 086,0183,132,0701,284, 6983,856,2325, 544,2804, 755, 629400,037
March
80,021610,097113,43476,417
138, 51029,342100, 86744,496
23,5572,19976,490
1,304,0912,836, 7211,032,4023,549,8625,298,8845,271, 540315,116
April
54,317792,942
93,600124,104
118, 64122, 93963,11442,265
8,64210, 6294,954
70, 579
1,406, 7262, 650, 307
883,8043,265, 9584, 771,0725, 693,8111,806, 669
M a y
27,784587,216
65,396104,499
69, 55217,22090,57737, 541
7,2337,3474, 6341
44,722
June
28,737108,89162,20480, 9651
65,136116,11639, 72418, 495
1,6554,4255,176
36, 424
July August
17,634279, 59258, 52640, 299
75, 3266,321
27, 56915,194
1,8712,7614,19125,224
1,063, 7212,857,257;
736, 2592, 708, 6191 2,058, 1594, 508, 4661 4, 544,8367,169,3672, 523,506
5,184
467, 948! 554, 5082, 323, 668| 2, 651, 436
797, 893 932,0382,184,275
6, 036,2782, 621,132
354, 016
4, 533, 5066, 824,9882,469, 385
192, 916
16,12994,50044,23233,202
35, 7898,25027,17111,128
1,4716,30314, 897
293, 9292,336, 000
729, 4872,070,1334, 933, 9836,170, 7823,127, 333
30,478
Septem-ber
17,836264,20940, 62671, 709
63,446
26[ 59512,819
6211,7964,465
24, 608
536, 6191, 879,469804,932
1, 610, 6964,164, 0626, 238,3014,077, 897
215, 651
October
13,364397,783
44, 66954, 676
Novem-ber
31, 624192,99549,86570,481
50,293 38,30811,939 3,28332, 601! 35,40713,212 12,450
3782,8441,877
27,394
6243,0521,406
35, 758
651,0302, 006, 7081, 499, 0401,871, 5884,305,2697,348, 9425,308,2812, 262,475
475,2531,930, 5192,411,3231,930,6494,349, 7236, 761,5424, 601,2482,586,064
Decem-ber
64,330495,951132,272133,821
67,7174,145
102,33718,273
3,4657,8631,146
45,277
1,076,5972,019,4152, 674,2292, 677, 7995,029, 5936,202,1975, 760,969237,377
t
WO
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
No. 50.—TRADE ACCEPTANCES DISCOUNTED: VOLUME, BY MONTHS
[In thousands of dollars]
C* Federal reserve bank
to
' * 1924
Boston^ , New York .
Philadelphia..Cleveland
RichmondAtlanta _.ChicagoSt. Louis.
MinneapolisKansas CityDallasSan Francisco. _.
Total : 1924 .192319221921..192019191918191719161915
January
85385
43932
759481129705
1124126
306
4,1034,3305,773
20,17116, 52010,90413, 998
574444
February
170368
58737
1,754293101482
1731
121
4,1323,2003,854
13, 26311, 0018,880
19, 217856246
March
17440776
518
1,680420
76296
12707
4,3663,0854,348
11, 86823, 3838,561
16, 231763299
April
4933477
1,165
1,535616150428
511
633
5,0033,3033,447
10,86415, 2968,071
11,121678240
May
51603
501,013
48052372
705
5
57176
3,7353,4393,5569,694
16, 5417,062
13,1661, 768
298
June
8856840
761
799461150305
121217
3,5104,3873,247
10, 01313, 9387,946
14, 8112,521
276
July
6179240
918
35129711296
170179
3,0163,9692,8918,673
13, 4578,505
13, 8221,077
199
August
2021567
287
34332010687
1
131146
1,7233,6392,4028,824
14, 0116,428
12, 7621,668
245
Septem-ber
5410541
524
51531883
150
16101
1,9075,2322,9777,983
17,16010, 60820,917
1,126594320
October
179451
326
290442134843
7445
2,3165,5153,1209,682
19, 38916, 06423, 5204,355
415629
Novem-ber
7148034
421
29542433
246
II39
2,0545,3174,5247,851
15,14321, 92416, 1916,960
853496
Decem-ber
7813394
807
23834094
529
1
146
2,4605,9774,133
10, 05816, 31823,46711,61715,4251,103
514
Year
9184,484
6718,409
9,0394,9351,2404,872
18263660
2,816
38, 32551,39344, 272
128, 944192,157138,420187, 37337, 7715,2121,959
Prior years
1923
2,1616,575
75314,110
7,7684,9332,0865,779
69467749
5,943
1922
1,1878,523
76713,881
5,5394,7421,3214,182
17388
6943,175
No. 51.—BANKERS' ACCEPTANCES DISCOUNTED: VOLUME, BY YEARS
Year
1924 _19231922 . . .1921 __ _19201919 _-
Total
5073,5323 416
57,095187,16271,643
Boston
15322,1294,985
NewYork
47470192
23,19270,65461, 771
Philadel-phia
5144,127
19
Cleve-land
70017,26410,015
Rich-mond
28f>590
Atlanta
6916,338
Chicago
5075
1,44632,095
St. Louis
20655
1,4597,9747,1244,146
Minne-apolis
903
KansasCity
75
212368357
Dallas
30
107154704
San Fran-cisco
1251,692
8834,592
33,608365
ao
>piW
H3M
O
oo
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
No. 52.—BILLS BOUGHT IN OPEN MARKET: VOLUME, BY MONTHS
[In thousands of dollars]
OO00
Federal reserve banks
1924
BostonNew YorkPhiladelphia _.Cleveland
RichmondAtlantaChicagoSt. Louis . ._ _ . .
Minneapolis ._ _Kansas CityDallasSan Francisco__
Total : 1924 _19231922192119201919191819171916 -19151914
Jan-uary
30, 79198, 80518, 57314, 366
2,2609,228
19, 6221,513
2, 30575
16, 72717, 676
231, 941152, 754103, 910121, 868302, 452201,492130,62020, 6179,603
Feb-ruary
24, 788154,90216, 28710, 598
1, 5819,500
21, 8853,650
3,0927,412
17, 06818, 375
289,138186, 464139, 022169,456300, 307147, 410148, 27570, 64112, 4162, 666
March
22, 09099,0999,4038,303
1,6168,107
18, 4793,890
2,7203,1817,523
13, 303
197, 714254,141144, 352149, 255303, 359143, 662138, 99628,15322, 9188,356
April
21,17681,1515,0345,567
1,5813,907
10, 6811,842
1,7641,9913,206
10, 558
148,458194, 85195, 724
123, 511247, 594140, 639108, 51641,31318, 4994,018
May
8,89251,2833,9452,242
8752,7284, 643
977
8281,0752,0203,984
83,492186, 363150, 607138, 601274, 237147, 650115,91482, 54421, 9122,865
1
June
3,20120, 6013,1113,232
July
9,91640, 262
7371,389
682 1.2034,848
746
1,5192,3056,8044,968
52, 017183, 733175, 49364, 673
285, 753291, 91589, 580
135, 23042, 3254,701
2,36375
466811
August
5,74038, 343
1,1301,153
1,1065,296
567
164402
1,155 ! 8921,759
60,136186,828158,75846, 670
219,464276, 485123, 57466,86436, 5755,986
2, 561
57, 354160, 373185,208107, 303259, 708194, 211162, 79672,12328,4474,656
Sep-tember
12, 26660,100
6068,057
2,6327,9953,774
1,8843, 9153,2069,338
113, 773159,420217, 053
81, 883257, 989205, 048183,132109, 04637, 0874,548
October
27,222141,60010,62316, 939
6,12620,645
7, 958
1,0929,044
11,46222, 758
275,469215,351206,617139, 081281,833335, 262256, 70586,89440,8956,340
Novem-ber
49,180128, 54414,35019, 280
7,32920,3709,773
9,83814,38028, 627
301, 671327, 596175,378161, 999231, 840340, 695195, 698186, 21948, 5477,919
Decem-ber
44, 236162, 709
5,34124,944
1,4867,073
27, 21815, 967
10, 57618,40343, 026
360, 979339,136202, 566230,101253,828400, 708155, 733178,06966,87112, 790
Total
259, 4981,077,399
89,140116,070
9,39959, 621
164,04550, 732
15,83450,625
102,846176,933
2,172,1422, 547, 0101,954,6881, 534,4013,218, 3642, 825,1771,809, 539
21,077, 713386,09564,845
Total reduced to acommon maturity
basis *
Amount
261,203698,341136,157193, 350
11, 65276,807
269, 76975,033
21,17267, 272
143,219218,167
2,172,142
Per centof total
12.032.16.38.9
.53.5
12.43.5
1.03.16.6
10.1
100.0
>tr1
I
iw
j
wo
1 Total purchases multiplied by ratio of average maturity of bills purchased by each bank to average maturity (35.33) for system.2 Includes $170,072,483 of acceptances purchased from the Federal reserve banks of Boston and New York by other Federal reserve banks.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
DISCOUNT AND OPEN MARKET OPERATIONS 89
No. 53.—BILLS BOUGHT IN OPEN MARKET: VOLUME, BY CLASSES
[In thousands of dollars]
Federal reserve bank
1924
B ostonNew YorkPhiladelphia._Cleveland __
RichmondAtlantaChicagoSt. Louis
Minneapolis.Kansas City _DallasSan Francisco
Total
Total(all classes)
259,4981, 077, 399
89,140116,070
9, 39959, 621
164,04550, 732
15,83450, 625
102,846176,933
2,172,142
Bankers' acceptances
Total
259,4981,068, 947
89,140116, 070
9,39959, 621
164,04550, 732
15, 83450, 625
102, 846176,933
2,163, 690
Foreign
171, 534808,28364,00895,180
2,29948,484
102, 47540,029
12, 87640,09782, 878
135,164
1, 603, 307
Domestic
77,038230, 057
21, 34518, 375
7,10011,03456, 7569,454
2,5219,206
17,36239,025
499, 273
Dollarexchange
10,92630, 6073,7872,515
1034,8141,249
4371,3222,6062,744
61,110
Trade acceptances
Total
8,452
8,452
For-eign
8,452
8,452
Do-mestic
No. 54.—BILLS BOUGHT IN OPEN MARKET: MONTHLY VOLUME, BY CLASSES
[In thousands of dollars]
Month
1924January _.FebruaryMarchApril
MayJuneJulyAugust
SeptemberOctoberNovemberDecember.
Total: 1924.1923.1922.1921.1920.1919.
Total (allclasses)
231,941289,138197,714148, 458
83, 49252,01760,13657, 354
113,773275, 469301, 671360, 979
2,172,1422, 547, 0101, 954, 6881, 534, 4013, 218, 3642,825,177
Bankers' acceptances
Total
230, 292
195, 815147, 046
82, 62352,01760,13657, 354
113, 623275, 469301, 502360, 921
2.163, 6902, 533, 4701, 948, 3791, 527, 2353,143, 7372, 788, 619
Foreign
169. 486215, 036144, 905109, 853
63, 63240, 77748, 60649, 04189, 747201,105217, 440253, 679
1, 603, 3071, 757, 3391, 400, 0571,019, 6892, 367, 8812, 020, 888
Domes-tic
49, 63460, 48941,14931, 849
16,84310, 21210, 5767,843
22,33168,04677, 776
102, 525
Dollarexchange
11,17211, 3679,7615,344
2,1481,028954470
1,5456,3186,2864,717
499,273 I667,175 |484,530368,972 !711,311756,425
61,110108, 95663, 792138, 57464, 54511, 306
Trade acceptances
Total
1,6492,2461,8991,412
150
16958
8,45213, 5406,3097,166
74, 62736, 558
Foreign
1,6492,2461,8991,412
150
58
8,45212, 7245,8447,081
68, 87627, 289
Domes-tic
81646585
5,7519,269
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
No. 55.—BILLS BOUGHT IN OPEN MARKET: VOLUME, BY RATES CHARGED
[In thousands of dollars]
CDO
Federal reserve bank
1924Boston . .New YorkPhiladelphiaCleveland
RichmondAtlanta _ __Chicago _. .St Louis
Minneapolis _ _ _.Kansas CityDallasSan Francisco ....
Total
Federal reserve bank
1924BostonNew YorkPhiladelphiaCleveland
RichmondAtlanta _ChicagoSt. Louis
Minneapolis -.Kansas City . _DallasSan Francisco
Total
Total
259,4981,077,399
89,140116,070
9,39959, 621
164,04550, 732
15,83450, 625
102,846176, 933
2,172,142
ZV2 percent
3,38822890510
86
22
43
4,682
2 percent
25,061246,006
3,30312,148
90023,0256,073
1,3938,7768,503
20,131
355, 319
3&percent
80
80
2^percent
21,32429,0905,889
10,105
6,5199,9965,604
7325,8187,982
16, 534
2H percent
46,608103,41112, 86918, 657
5,04119, 6279,122
1,4796,952
11, 30120,845
119,593 255,912
S5A percent
57556
2,350
220
3,201
3H percent
365
365
2V8 percent
11,64612,4292,7864,316
1,0123,0241,655
22,1872,8805,508
47,445
3% percent
3,8112,732
318620
87559
1,544411
400521818741
12,850
2^ percent
14,89255,1212,8684,807
9413, 6121,670
162,0403,2146,181
95, 362
3^ percent
6,9361,445
457
1,04185995
193125563642
12,356
2% percent
1,5146,446
4662,841
2504,012
755
8441, 3364,008
22,472
4 percent
38,851411,804
19, 38211,265
17, 59819,9323,665
3,7256, 505
18, 76913,811
565,307
2% percent
12,25063,1082,837
13, 737
2,81212, 24911, 639
6,84912,22024,471
162,172
4Kpercent
43, 65415,31729,14121, 749
1,2859, 711
39, 7396,715
6,0475,616
23, 29917, 343
219,616
2^percent
3,3071,004
5443,283
5001,763
494
2641,2763,168
15, 603
434 percent
5,5831,957
7655,148
5,748377
7,850495
35150
2,07330,122
60,303
3 percent
15,37960,2803,1983,524
1,48622
8,8131,825
5671,5062,2539,402
108, 255
4% percent
299298
9582
5
2,300
325
250
3,771
3Hpercent
2,59757,5451,3442,346
1394,246
455
1,2451,8616,1063,006
80,890
4}/2 percent
127,433
54
12, 393275
595
318
21,080
3)4 percent
1,4671,025
166342
97037
13178359
4,557
4^8 percent
40
109
149
3^percent
304219
79
793
702
4% percent
100
100
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
No. 56.—-BILLS BOUGHT IN OPEN MARKET: MONTHLY VOLUME, BY RATES CHARGED
[In thousands of dollars]
Month
1924JanuaryFebruary,March __April
MayJune__JulyAugust
SeptemberOctoberNovemberDecember ._
Total...
Month
1924JanuaryFebruaryMarchApril
May_.JuneJulyAugust _.
SeptemberOctoberNovemberDecember _
Total
Total
231,941289,138197 714148, 458
83, 49252,01760,13657, 354
113, 773275, 469301, 671360, 979
2,172,142
3^percent
4 5934
85
4,682
2 per cent
4,47621, 938
65, 824177, 61485,467
355,319
3T96 percent
80
80
2lA percent
1,3725,485
15,14239, 80957, 755
30
119, 593
35A percent
3,180
21
3,201
2^percent
11350, 68528, 795
28, 61650, 78283, 88013, 041
255, 912
3Hpercent
227
138
365
2 ^ percent
21,633
651
2,1243,366
23,95515,714
47,445
3%percent
1,6261,853
9,371
12, 850
2y2 percent
604535145
1,0051,615
45, 48545, 973
95,362
W% percent
4,0646,313
1,979
12, 356
2 ^ percent
85257
703,835
17, 658
22, 472
4 per cent
126, 526189,869126,335108, 703
5,459661
1,353340
8351,9241,0132,289
565, 307
2% percent
2107
39186
161, 730
162,172
4K percent
76,23175, 74645, 66821, 394
577
219, 616
2% percent
623
15, 538
15, 603
434 percent
23,47616,60913,7506,407
61
60, 303
3 per cent
1,68520,070
15
25095
86,140
108, 255
4 ^ percent
674299
1,5051,293
3,771
3H percent
50,76828, 269
1,853
80,890
4^percent
4,9346,5954,7462,386
2 065354
21,080
3 ^ percent
3,393484
680
4,557
tyi percent
2020
109
149
3 ^ percent
361332
9
702
4^percent
100
100
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
No. 57.—BILLS BOUGHT IN OPEN MARKET: AVERAGE MATURITY, BY MONTHS
[Days]
CO
to
Federal reserve bank
1924Boston _ . _.New YorkPhiladelphiaCleveland
RichmondAtlantaChicago - - _St. Louis .
MinneapolisKansas CityDallasSan Francisco .
gystem* 192419231922192119201919
January
29.6818.3753.9167.73
43.7947.9968.3545.60
62.7290.0049.8036.47
35 7237 7431 5638 2247 0555.51
February
25.8116.6958.1757.80
47.0546.4161.2654.85
41 6751.2252. 5133.34
30 8243 1431 9936 9850 5045.67
March
23.1417.9448.9361.56
38.4745.7763.4756.85
43.6446.1453.0736.18
31.5346 5933 9133.9949 3342.69
April
18.1315.4042.9346.53
36.1750.0457. 4045.19
46.1536.5639.2326.71
24.3844 2835 2826.6051 5942.00
May
-16. 9515.5520.4921.70
48.4149.7631.7921.07
14.1713.6416.8615.35
18.5133 0237.0123.2044 2245.80
June
23.5633.2731.7036.51
61.8728.4018.65
32.0236.3240.7131.26
33. 3736. 0737.5728. 8345.7245.60
July
34.8917.6046.4935. 65
31.3438.2511.09
11.1336.8527.4325.17
22.9940.5136.6331.2647.8251.21
August
26.7859.3475.3872.45
46.6544.9572.93
83.6162.2257.6142.88
54.5538 8542.1825.3336. 7850.73
Septem-ber
39.1432.3071.0761.13
42.6557.4357.15
51. 7346.1955.3860.00
41.5140 3251.2425.8941.7146.15
October
35.0321.8759.2049.53
47.1948.2047.55
35.8341.4446.6846.49
33.3539.8746.2325.7735.5148.36
Novem-ber
46.0032.4661.3564.27
37.7255.7352.43
52.0652.8557.57
44.4138.2643.4125.6035.1155.55
Decem-ber
53.3421.9562.7064.39
51.5945.1168.3956.02
52.0051.0648.55
40.4535 3839.1423.3938.4357.11
Year
35.5722 9053.9758.86
43.8145. 5258.1152.26
47.2546.9549.2143.57
35.3339 4239.9128. 5343.8350.45
Prior years
1923
27.2822.1374.3767.59
52.6657.8969.4857.70
54.0376.7865.8140.83
__
1922
28.3725.1861.5960.89
58.7551.7371.7169.21
73.0165.5940.90
83
§
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DISCOUNT AND OPEN MARKET OPERATIONS 93
No. 58,—BILLS BOUGHT IN OPEN MARKET: VOLUME, BY MATURITIES
[In thousands of dollars]
Federal reserve bank
1924Boston *_..New YorkPhiladelphiaCleveland
RichmondAtlanta...ChicagoSt. Louis
MinneapolisKansas CityDallasSan Francisco
Total
Total
Amount
259,4981,077,399
89,140116,070
9,39959,621
164,04550,732
15,83450,625
102,846176,933
2,172,142
Averagematurity
(days)
35.5722.9053.9758.86
43.8145.5258.1152.26
47.2546.9549.2143.57
35.33
Maturity
Within15 days
140,821862,7909,6565,797
1,3186,472
10,9123,446
1,5054,7078,51653,967
1,109, 907
16 to 30days
25,52573,93720,12429,622
2,15818,93142,29814,267
5,64018,02833,44139,669
323,640
31 to 60days
31,19945,53017,51722,299
3,32316,96531,53110,359
3,21511,40423,29128,033
244,666
61 to 90days
53,93972,19740,12549,123
2,58217,19770,00121,827
5,47416,43435,83745,494
430,230
Over 90days
8,01422,945
1,7189,229
1856
9,303
521,7619,770
63,699
No. 59.—BILLS BOUGHT IN OPEN MARKET: MONTHLY VOLUME, BY MATURITIES
[In thousands of dollars]
Month
1924January.FebruaryMarchApril
MayJuneJulyAugust
SeptemberOctober __NovemberDecember
Total: 192419231922.19211920.1919.1918.1917.1916.1915.
Total
Amount
231,941289,138197, 714148,458
83,49252, 01760,13657,354
113, 773275,469301, 671360,979
2,172,1422, 547,0101, 954, 6881, 534,4013, 218,3642,825,1771,809, 5391,077, 713
386, 09564,845
Averagematurity
(days)
35.7230.823.1. 5324.38
18.5133.3722.9954.55
41.5133.3544.4140.45
Maturity
Within15 days
116,804169,003107,865101,320
68,36517, 67048, 03911,317
45,350138, 272114,838171, 064
1,109, 9071, 270,162
939,086937, 607
1, 060,151578, 751161, 96432, 048
16 to 30days
34,37941,91240,05022,104
9,15913, 3463,397
13,474
22,44250, 76839, 61732, 992
31 to 60days
23,29723,13415,60111,121
2,02114, 0314,5017,120
14,16938, 64249, 78341, 246
323, 640275, 703207,194215, 338449,424455, 789276, 656128,89338,4422,980
244, 666287, 344270,126224,037848,890807,326466, 589267,03563, 6519,057
61 to 90days
51,59753,35530,94612,193
3,8545,3012,385
24,87040, 84583, 736104, 510
430, 230585,860429,425153,945859,899982,877876, 539613, 296284,00252,808
Over. 90days
5,8641,7343,2521,720
931,6691,8148,805
6,9426,94213, 69711,167
127,941108,8573,474
43427,79136,441
1 Figures not available.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
No. 60.—UNITED STATES SECURITIES: TOTAL VOLUME PURCHASED IN OPEN MARKET 1 CD
[Exclusive of special temporary certificates issued to Federal reserve banks by the Secretary of the Treasury]
[In thousands of dollars]
Federal reserve• bank
1924BostonNew YorkPhiladelphiaCleveland
RichmondAtlanta . . .ChicagoSt. Louis
MinneapolisKansas CityDallasSan Francisco
Total: 19241923.._.1922..._1 9 2 1 . . . .1920.—
January
8,57621,2998,2344,015
1,6372,923
18, 2071,398
10,6083,2001,3033,633
85,033175,086197,26027,10343,594
February
6,61014,055
1,5613,979
1,6822.775
13, 9921,435
4,9061,4073,7063,732
59, 840117,185302, 965
18,88025,301
March
10,90933, 846
1,17511, 670
4223,252
31,0633,878
12,4354,8189,1709,963
132, 60187,372
226, 67746,48714, 408
April
8,81919,2563,9105,173
259887
20,894439
12,0522,6831,6954,838
80,90557, 573
243,18940,48515,144
M a y
5,14617, 7644,9855,963
1,12813,801
14,1222,3561,6245,578
72,467114, 904117,812152,39342,723
June
16,27953,12111, 41419,664
5281,702
31,0521,563
16,3339,763
10,20621,315
192, 940149,012290, 62263,88485,445
July
5,00039,168
1,21111, 950
1,89110,8013,962
12,9255,4556,3639,621
108,34788, 716
110,03045, 25751, 519
August
3,08513, 4571,4714,648
378689
7,4401,876
9,3712,8312,7049,287
57, 23784,069
158,53642. 79763,340
Septem-ber
5,99530,487
1,92912,135
3551,266
12,6682,997
10, 3524,3963,887
12, 568
99,035102, 371174,17676, 271
164,306
October
35827, 595
2033,507
40531
4,838139
21,1571,8782,508
508
63, 26286,227
239,30843,12347,988
Novem-ber
1,81836, 795
5142,290
1471,3027,373
678
6,2081,3582,2112,046
62, 740107,48166, 535
131,85945,288
Decem-ber
11,815119,288
3,47216, 609
8791,281
22,5943,895
11,64911, 2927,281
12,056
222, 111156, 407230,192165,455127,254
Year
84,410426,131
40, 079101, 603
6,32719, 627
194, 72322, 260
142,11851, 43752. 65895,145
1,236,5181,326,4032, 357,302
853,994726,310
Prior
1923
51,426920,113
4,83120, 589
5018,431
206,68910,357
43,59331,95818,133
233
years
1922
147,4231,462, 279
55,20185, 882
10010, 587
399,65942,844
64,93357,67211, 85018,871
i Prior to 1922 includes securities, if any, purchased from other Federal reserve banks, in addition to purchases in the open market, separate figures not being available.
Sn
Iwo>
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
No. 61.—UNITED STATES BONDS AND VICTORY NOTES: VOLUME PURCHASED IN OPEN MARKET 1
[In thousands of dollars]
it!$ Federal reserve bank
I1924
Boston __New YorkPhiladelphia .Cleveland
RichmondAtlanta..ChicagoSt. Louis
MinneapolisKansas CityDallasSan Francisco... __
Total: 192419231922 _ .1921
1920
191919181917191619151914
Bonds purchased during 1924, distri-buted by classes:
Liberty bondsAll other
Janu-ary
15
346
697600
1,6584,166
49,38811
218
1,01414,3372.4316,6272,651
1,59662
Febru-ary
145
5291,813
1,119
3,6069,952
54,919
5
14614, 747
1459,4972,566
3,482124
March
1,152418
2,2065052
3,8339,466
57, 310
21
1669,8238,6418,2501,340
3,651182
April
527655
4,475598
3
6,2583,539
32, 292520
13,2392,870
10,43075
6,017241
May
470
6,00248
3
6.52332, 02711,9628,362
8615,832
526,114
285
6,49528
June
2,000
1.2581,113
3,7741,699
4
9,8481,046
24,0301,640
27813,0481,2421,322
560
9,695153
July
5003,700
2001,200
6311,247
600
6,221591600
1,102
16, 592771
14, 708
601,142
18, 367341478
16,458134
August
4321,076
2,741786
3
5,0381,027
19,934240
19
2853,825
501735
4,99345
Sep-tember
1,000
4003,448
4,21232
6
9,0981,458
28,12750
10720,8312,193
488
9,0953
October
3514,052
9,111767200
2
14, 4831,286
45,1256,856
61
11,306
1907
1.200
14,4812
Novem-ber
7371,558
4,605290
1,0501
8,241550
5,9275
6
193
1,5475,6282,989
8,2365
Decem-ber
1,4427,537
6016,011
150629
3,695664
6,4746,4751,5832,057
37, 31812,1996,474
20,848
1
437
21,3965,5402,347
205
30,7076,611
Total
1,95711, 237
94610,211
1507,462
19,0751.264
51, 63711,9363,4383,183
122,49677,487
350,19638, 532
332
1,75773,99681, 53756,45015,714
205
114,9067,590
Distribution, by classes
U. S.Victorynotes
41,454294, 72920,800
9
428
U.S.bonds
Libertybonds
1,94211,182
90510,113
1507,053
19,0331,264
50,2136,7003,1683,183
114,90634,90838,83517, 702
Allother
15554198
40942
1,4245,236
270
7,5901,125
16,63230
323
1,32973,81,
996537
56,45015,714
205
oo
o
3
n
1-3i—i
O
1 Prior to 1922 includes securities, if any, purchased from other Federal reserve banks, in addition to purchases in open market, separate figures not being available. CO
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
No. 62.—UNITED STATES TREASUKY NOTES: VOLUME PURCHASED IN OPEN MARKET 1
[In thousands of dollars]
CD
Federal reserve bank
1924Boston.. _New YorkPhiladelphia.. . . . _ClevelandRichmondAtlantaChicago __St. LouisMinneapolisKansas City _DallasSan Francisco
Total: 1924 .192319221921
1920 _19191918 3
1917 31916 3___
Treasury notes purchased during 1924:Under repurchase agreement _Through open market investment
committeeAll other
Janu-ary
5,46314,6816,9102,327
9671,248
10, 309825
6,5091,812
6842,146
53, 88171,4746,771
520
20,275
23, 58010, 026
Febru-ary
5,93412,066
1,3703,486
1,4731,8529,1251,258
2,9331,2343,0833,270
47,08462,831
112, 986
456
8,545
35,9372,602
March
7,05421,085
6,925
1,14016,6822,521
4,2052,4487,2516,467
75, 77847,18381, 237
1,882
8,178
65,4052,195
April
5,87916,2963,3234,450
259130
13, 052435
5,6301,8351,3204,168
56, 77727,85455,153
1,22050
12, 826
40, 7793,172
May
3,97113,5973,8474,602
979,419
4,7201,6651,2414,302
47,46145,44119, 598
2,581
41,3663,514
June2
8,74532,4085,893
10, 212
187269
17,2511,042
6,6274,6463,9399,813
101, 03276, 025
110, 26813,624
756
1,187
97, 5242,321
July
3,79129,806
8798,273
8718,1292,902
5,1754,1824,8627,224
76, 09453, 56837, 7614,626
1,370
700
70,5044,890
August
2,34410,2251,1183,579
287216
4,8361,426
4,3301,5461,7708,174
39, 85154,88969, 562
942
31, 8018,050
Sep-tember
9068,152
4532,721
3342,4911,359
2,0761,4631,1323,170
24, 25757,35392, 84511,253
100
22, 6461,511
October
3,666
9
4,104168
7,28150, 00189, 86610,775
1 369250
3,000
4,281
No-vember
1,21317,476
2881,463
86151
1,652405
893597625
1,202
26, 05141,75545,4559,178
13, 471
11,750830
Decem-ber
5,70462,457
1,3535,173
361175
6,8391,600
2,3212,3912,5654,953
95, 89283,00597,47015,500
10
46,656
48, 515721
Total2
51,004241,24925,43453, 211
3,6206,492
99, 78513, 773
49, 52323,98728, 47254, 889
651,439671,379818,97265,898
5207,063
300
117, 519
489,80744,113
Takenunderrepur-chaseagree-ment
12,17977,805
22,873
2,0122,550
100
117, 519620,354561,38338,549
Pur-chased
throughopen
marketinvest-mentcom-
mittee
38, 825163,44420,43451,147
3,6204,557
76, 71213 773
» 18,60720,97227,48750,229
489, 807
Allother
5,0002,064
1,935200
28,904465885
4,660
44,11351, 025
257, 58927,349
1 Prior to 1922 includes securities, if any, purchased from other Federal reserve banks, in addition to purchases in open market, separate figures not being available.2 Exclusive of securities sold by Federal reserve banks under repurchase agreement and subsequently repurchased, as follows: Boston, $8,240,000; New York, $36,050,000;
Philadelphia, $3,090,000; Cleveland, $9,270,000; Richmond, $1,030,000; Atlanta, none; Chicago, $15,450,000; St. Louis, $2,060,000; Minneapolis, $5,150,000; Kansas City, $5,150,000;Dallas, $7,210,000; San Francisco, $10,300,000. Total, $103,000,000.
3 Figures for 1916-1918 represent renewable one-year gold notes; those for later periods represent Treasury notes with a definite maturity of over one but not more thanjfive'years.
Ion
1i3
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
N o . 6 3 . — U N I T E D STATES CERTIFICATES OF I N D E B T E D N E S S : VOLUME PURCHASED IN O P E N M A R K E T 1
[Exclusive of special temporary certificates issued to Federal reserve banks by the Secretary of the Treasury]
[In thousands of dollars]
Federal reserve bank January Febru-ary March April M a y June July August
Sep-tem-ber 2
Octo-ber
Novem-ber
Decem-ber Total
Certifi-catestakenunderrepur-chaseagree-ment
Pur-chased
throughopen
marketinvest-mentcom-
mittee
Allother CO
OOd3
1924Boston..New YorkPhiladelphia...Cleveland
RichmondAtlantaChicagoSt. Louis
MinneapolisKansas CityDallasSan Francisco
Total: 19241923. - - .192219211920
Certificates purchased dur-ing 1924:
Under repurchase agree-ment
Through open marketinvestment commit-tee
All other
3,0986,6181,3241,688
6701,3297,898
573
3,402788619
1,487
6761,989
46493
209394
3,054177
854173623462
3,85512,7611,1754,745
422960
13,9631,357
6,0242,3201,9143,494
2,9402,960587723
1,1754,1671,1381,361
2307,187
4
1,947250375667
5614,382
3,400643383
1,273
7,53420, 7135,5217,452
341175
12, 688521
5,9323,4186,26711,498
7095,662
1322,477
3891,425460
1,529682901
1,295
29,49499,446141,10127,09243,376
9,361
16, 3483,785
9,15044,402135,06018, 88025,296
3,093
5,080977
52,99030,72388,13046,48714, 387
9,664
35,8997,427
17,87026,180155,74439,96515,143
9,305
6,4152,150
18,48337,43686,252144,03142,723
2,503
12,2403,740
82,06071,941156, 32448, 62085, 445
573
68, 36313,124
15,66134, 37757,56140, 63151, 519
12,9192,742
7413,232353
1,069
9141
1,528450
2,300499934
1,110
12, 34828,15369,04041, 61563, 321
375
10,0501,923
5,08922,3351,4768,414
355532
6,7291,638
4,0642,9012,7559,392
35824,595
2033,507
40171786139
7,942943
2,308506
60519, 319
226827
61414
4,163273
710471536843
4,66949,2941,5185,425
368477
12,0601,631
2,8542,4263,1335,046
31,449173,64513,69938,181
2,5575,67375,8637, 223
40,95815, 51420,74837,073
5,19966,722
29,420
2003,370
22,12894,67312, 93928,528
2,5571,997
43,6077,223
11,54912,04013,17628,023
65,68043, 56053,20464,968164, 306
615
48,46116, 604
41,49834,940104,31725,49247,927
14,875
5,00121, 622
28,44865,17615,153122,676• 45, 282
19, 267
8,249932
88,90161, 203126,248129,107127, 253
35,280
49,4154,206
462, 583577,5371,188,134749,564725,978
104,911
278,44079, 232
104,911448,956411,817254,986312, 581
278,440
4,12212, 250
7609,653
3,6762,836
29,4093,2744,2029,050
79, 232128, 581776,317494,578413, 397
3Ho3
1 Prior to 1922 includes securities, if any, purchased from other Federal reserve banks, in addition to purchases in open market, separate figures not being available.2 Exclusive of securities sold by Federal reserve banks under repurchase agreement and subsequently repurchased, as follows: Boston, $700,000, New York, $3,700,000; Philadel-
phia, $300,000; Cleveland, $1,000,000; Richmond, $100,000; Atlanta, $100,000; Chicago, $1,400,000; St. Louis, $300,000; Minneapolis, $400,000; Kansas City, $500,000; Dallas, $500,000;San Francisco, $1,000,000. Total, $10,000,000.
CD
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
No. 64.—UNITED STATES CERTIFICATES OP INDEBTEDNESS: VOLUME OF SPECIAL TEMPORARY CERTIFICATES ISSUED TO FEDERAL RESERVEBANKS BY THE SECRETARY OF THE TREASURY
[In thousands of dollars]
CDOO
Federal reserve bank
Boston.New YorkPhiladelphiaCleveland _ . _.
Richmond _ __AtlantaChicago _ _St. Louis .
Minneapolis - . . _Kansas CityDallasSan Francisco
Total
March
29,000371,000
15, 5006,000
18,0002,000
10, 000
451, 500
June
11,00047,0005,0005,000
11,0005,000
2,000
86, 000
September
15,000201,000
4,000
220,000
December
4,000259,000
Year-
1924 1923I
59,000878,000
20, 50011,000
i 33.000
263,000
7,000
2,00010, 000
1,020, 500
155,000758,00094,000
325,000
10C, 50054,500
311,50070,500
47,00073, 50024,000
161,000
2,174, 500
1922
56,5001,403,500
104,000122,000
32,000
189,00098,000
15,50027,0006,000
95,000
2,148, 500
1921
156,0002,077,000
141,000343,000
37,0007,000
138,00036,000
4,0003,000
51,100
2,993,100
1920
471,0003,836,000
311,000831,000
84,00017,000
800,00059,000
140,000112,000176,000425,000
7,262,000
No. 65.—REDISCOUNTS AND SALES OF BILLS AND SECURITIES BETWEEN FEDERAL RESERVE BANKS: VOLUME OF OPERATIONS
ACCEPTANCES PURCHASED FROM OTHER FEDERAL RESERVE BANKS
[In thousands of dollars]
Month
1924JanuaryFebruarvM. arch\prilJune
Total
3,66118, 3462,648
252,506
Boston • NewYork
5953
2.64825
Philadel-phia Cleveland Rich-
mond Atlanta Chicago St. Louis Minne-apolis
3,006
KansasCity
3,005
Dallas
3,60212,282
2,506
SanFrancisco
1
WO
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Total: 1924..1923..1922..1921..
1920-1919..1918..1917..
27,186105, 22586, 61858,646
212, 547424,577336,590170,072
10,090
10, 671
30, 673
2,7859, 008111
6,7095,047
11,06715, 82750,18219,659
! 6,796 !| 53,462 i
6,823 i 25,094 !
391 13, 380
35,149
42,321 !15,204 j
72,710 j_55,300 i54,199 !40,102 '
5,080 i331 i
5,018
5,065 I2,514 ;
1,005 i
5,09095,477100,0775,572
13,2,432105
1,000
40, 3204,5516,944
3,006 3,0052,002
19,282 i25,911 I16,675 i
5,04945,09919,0479,264
18,39057,92314,668
10,0778,24225, 333
3,2035, 27215,058
47, 722133,05022,50620, 249
U N I T E D STATES SECURITIES PURCHASED FROM O T H E R F E D E R A L RESERVE BANKS i
1924JanuaryAprilJuneJuly
Total : 192419231922
8,8915,204
35, 7685, 587
55, 45054,149
127,046
953
307
1,260
6,150
618
27, 003
27, 62112, 67441, 946
909
657
1,566
3,250
1,101
3581,643
3,102
5,984
465
465
545
329
8746,500
1,849
512657
3,01825,0008,100
397
9901,643
3,0304,4004,400
3062,602
153
3,061
3862,6021,289
329
4,695
!4,2772,400
450
5,0242,000
1,033
461658
2,1521,175
56,766
BILLS DISCOUNTED FOR OTHER F E D E R A L RESERVE BANKS
Total: 19211920191919181917
999,1533,460,2452, 233, 677
324,04845,195
204,150969,884
13,189
595, 500479, 58140,00017,49925 185
5,000144, 579
24,044
194,5031,406,172
229,01782,916
52,0005,000
168, 5001,328,338
100,321
13,000140, 209
4,5005,000
40,029428, 613
73, 5515,007
20,0005,0006,0005,003
143,00057, 500
5,000
23,500
2,028
i Separate figures of securities (if any) purchased from other Federal reserve banks prior to 1922 are not available, such transactions being included with securities purchased inopen market.
wood
o
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o
CO
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
GOLD SETTLEMENT FUND
No. 66.—GOLD SETTLEMENT FUND: SUMMARY OF TRANSACTIONS THROUGH THE FUND
[In thousands of dollars]
Federal reserve bank
1924BostonNew YorkPhiladelphiaCleveland
RichmondAtlantaChicagoSt Louis
MinneapolisKansas CityDallasSan Francisco
Year: 19241923192219211920
19191918191719161915
BalanceJan. 1
32,882109,81429,93968,752
40,96317,773
106,90035,273
23,54547,05412,33945,854
571,088554,362522,063357,278329,737
401,926311,644169,74077,7600)
With-drawals
602,710505
67,405
552,0002,025
14,3002,188
14,3948,000
763,532624,344466,218652,011539,684
392,293102,433382,858136,55025,580
Deposits
38,150459,500172,05018,000
51,96843,82115,92029,500
7,90042,50015,100
113,000
1,007,4091,215,3661,215,8311,880,6341,186,940
1,124,304693,181966,556301,570155,800
Transfersto agent's
fund
70,000325,000184,00024,000
75,000143,000
36,666
33,25047,00051,000
170,000
1,158,2501,140,0001,326,816l;651,2101,118,300
1,479,6401,512,297
852,88194,52052,460
Transfersfrom
agent'sfund
15,000475,00020,50070,000
10,00037,500
216,0002,000
12,750
29,666135,000
1,022,750565,704609,502587,372498,585
675,4401,011,831
411,08721,480
Interbank transfers
Debits
68,000105,07090,500
121,500
53,00053,500
328, 50014,000
22,5009,0007,000
47,000
919,570,1,039,150'1,153,975
3,289,0817,551,585
7,930,8594,812,1052,643,846
(2)(2)
Credits
18,600612,00024,50016,700
19,00010,00015,20055,000
6,00051,50035,07056,000
919,5701,039,1501,153,9753,289,0817,551,585
7,930,8594,812,1052,643,846
(2)(2)
Clearings
Netdebits
337,058
45,914
41,9471,082
80,467
506,468389,239748, 639
1,150,0021,565,839
3,526,2742,670,3392,154,721
223,87085,697
from Jan. 1, 1924, to Dec. 31, 1924,inclusive
Totaldebits
9,039,30029,681,3108,579,7027,455,042
5,733,7753,285,493
14,036,5486,315,416
2,037,9354,696,1573,176,0003,661,647
97,698,32589,614,73375,335,98764,934,80185,074,220
66,053,39345,439,48724,319,0605,533,9661,052,649
Totalcredits
9,104,94429,344,2528,638,8557,534,653
5,758,5673,385,868
14,174,0176,269,502
2,077,3594, 654,2103,174,9183,581,180
97,698,32589,614,73375,335,98764,934,80185,074,220
66,053,39345,439,48724,319,0605,533,9661,052,649
Netcredits
65,644
59,15379,611
24,792100,375137,469
39,424
506,468389,239748,639
1,150,0021,565,839
3,526,2742,670,3392,154,721
223,87085,697
Balancein fundat closeof busi-
nessDec. 31
32,276286,47631,13740,158
18,72312,964
110,98923,834
19,56940,91918,03344,387
679,465571,088554,362522,063357,278
329,737401,926311,644169,74077,760
Net changes inownership of goldthrough inter-bank transfersand clearings
Loss
6,84725,189
9,208
175 8314,914
71,467
293,456
Gain
16,244169,872
56,875
22,924553
26,988
293,456
oo
g
I
3wo>
i Established May 20,1915. 2 Included in settlements.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
GOLD SETTLEMENT FUND 101
No. 67.—GOLD SETTLEMENT FUND: CLEARINGS AND TRANSFERS, BY WEEKS
[In thousands of dollars!
Week ending- Totalclearings
Totalinterbanktransfers
Tota .clearings and
transfers
Jan. 2 (1 day)_
16.23.30.
Feb. 6.13.20.27.
Mar. 5 .12.19.
1924
Apr. 2.9.
16.23.30.
May 7.14.21.28.
June 4.11.18.25.
July 2.9.
16.23.30..
Aug. 6.13..20.27..
Sept. 3 . .10..17..24..
Oct.15.22.29.
Nov. 5.12.19.26.
Dec. 3 . .10..17.24..31..
Total: 1924..1923..1922..1921..1920..
19191918191719161915 (from May 20).
437,0191, 954, 4901,907, 9131, 838, 3751, 771, 235
1, 723, 3081, 587, 5812,006,1021, 682,090
1,889, 7581, 730, 5162, 059, 5181,973,4771,792, 5231, 704,0631, 928,1731, 908, 5481, 855, 322
1, 925, 9431, 695,3961,899, 6211, 761, 324
1, 566, 7821, 675, 3212, 231,9901, 861, 9441, 945,0731, 566,9971, 804, 5141, 757, 5601, 770, 554
1, 771, 5711, 725, 2481, 897,1831, 689,183
1, 428,1901, 714, 7341, 966, 7502,032,883
1,825, 3091,871, 6801, 758,8422,263, 3611, 995, 343
1,847,1921, 938, 5302, 340,1542,119, 3511,893, 7672,041, 2202, 244, 2752, 208,1361,912,393
97, 698, 32589, 614, 73375, 335, 98764,934,80185,074, 220
66,053, 39345,439,48724,319, 060
6,0009,5002,000
13,000
15, 00014, 5001,00016,000
6,00016, 50055,80053,000
5,00026,0005,00012,000
11,00011,00032, 500
14,00012, 50049, 50022,000
22,00021,0009,5009,0703,000
1,0001,000
11,00058, 50042, 500
2,00013,0006,00016,5007,500
8,50034, 70022,5009,500
7,00037,500113,00049,5005,000
919, 5701, 039,1501,153,9753, 289,0817, 551, 585
7,930,8594, 812,1052, 643,846
443,0191,963,9901,909, 9131,838,3751, 784, 235
1, 738,3081,602,0812,007,1021,698,090
1,895, 7581,747,0162,115,3182,026,477
1, 792, 5231,709,0631,954,1731, 913, 5481,867, 322
1, 936,9431,706, 3961,932,1211, 761, 324
1, 580,7821, 687,8212, 281,4901,883, 9441,967,0731, 587,9971,814,0141, 766,6301, 773, 554
1, 771, 5711, 725, 2481,898,1831,690,183
1,428,1901,725, 7342,025, 2502,075, 383
1, 827, 3091,884,6801, 764,8422, 279,8612,002,843
1,855, 6921,973, 2302, 362, 6542,128,851
1,900, 7672,078, 7202,357, 2752,257, 6361,917, 393
98, 617, 89590, 653,88376,489,96268,223, 88292,625,805
73,984, 25250, 251, 59226,962,9065, 553, 9661,052,649
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102 ANNUAL REPORT OP THE FEDERAL, RESERVE BOARD
FEDERAL RESERVE AGENTS' GOLD FUND
No, 68.—SUMMARY OF TRANSACTIONS THROUGH THE FUND
[In thousands of dollars]
Federal reserve agent at—BalanceJan. 1
With-drawals Deposits
Transfersto bank
Transfersfrom bank
Balance atclose of
businessDeo. 31
1924
Boston - .New YorkPhiladelphiaCleveland
RichmondAtlanta — .ChicagoSt. Louis _.
MinneapolisKansas CityDallasSan Francisco
Year: 1924.1923.1922.1921.1920.
1919.1918.1917.1916.1915.
118,000316,000153,889201, 000
66,29583,000
376, 64436, 000
40,00038,36014,500
205,206
1,648,8941, 681, 0981,394,884
896, 692886,327
928,497496, 604102, 58056,8C00)
170,000 115,000
170,00010,000
69,00057,000
37,000
1,00038,00018,00056,000
12, 500
~ii~666~
15,000475,000
20, 50070,000
10,00037,500
216, 0002,000
12, 750
70,000325,000184,00024,000
75,000143,000
29,000135,000
36,000
33,25047,00051,000
170,000
626,000755, 000924, 000
1, 589, 5001, 060, 700
1, 011, 370103, 59456, 59027, 320
149, 500148, 500492,900
1,023,854451,350
165,00035,0218,820
4,400
1,022, 750565, 704609, 502587,372498,585
675,4401, 011, 831411, 08721,480
1,158,2501,140,0001,326,8161, 651,2101,118,300
1,479, 6401,512,297852,88194,52052,460
118,000166,000147,389145,000
74, 795131, 500160, 64444,000
59,50058, 36018,500
184, 206
1,307,8941, 648,8941, 681,0981,394,884
886,327928,497496, 604102, 58056, 860
i Established Sept. 8, 1915.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
CLEARING OPERATIONS
No, 69 .—OPERATIONS OF THE F E D E R A L R E S E R V E C L E A R I N G SYSTEM
[Numbers in thousands. Amounts in thousands of dollars]
Federal reserve bank
1924BostonNew YorkPhiladelphiaCleveland
RichmondAtlanta . . . _.ChicagoSt. Louis
MinneapolisKansas CityDallasSan Francisco
Total: 19241923.
Items drawn on banks in—
Own Federal reservebank city
Own Federal reservebranch cities l
Num-ber Amount
33,70816,2468,621
1,760•1,608
15,1516,575
9, 937,37153, 957, 20915,041, 9145, 533, 735
4,294,1421,298,314
12,195,2224, 771,022
Num-ber
2,641
3, 772 1,929, 7954,311 3,133,5821,933 2,312,6963, 915 5, 096,467
106,28394, 643
9,653
3,7383,5054,5893,254
3114,3321,499
10, 979
119,501,469 i 44,501108,479, 604 42,842
Amount
1,453,370
12,632,303
2,681,9894.351,6234,585,7263,037,529
173,3582.054,6241,119,3095,097,462
37,187,29335,411,949
District o u t s i d eFederal reservebank and branchcities
Num-ber
54,89570, 92933,41043, 699
34,75916,00766,24732,431
19,92447,06827, 27552, 089
498, 733465, 736
Amount
5,865, 8069, 577, 3984,262, 6544,456,059
4,649,6391,696,8625,333, 5621,865,942
1,102,4433,259,3392, 920, 3273, 204, 782
Other Federal re-serve districts(forwarded di-rect to draweebank)
Num-ber
131
48,194,81348,146, 789
Amount
Items drawn onUnited States
Treasurer
Total items handled (exclusive of dupli-cations)
Num-ber
1,83911,3361,932
19, 505 2,383
1,3501,4975,1252,260
9372,043
7732,814
58,4533,132
196190
81,09085, 996
34, 28935,803
Amount
186,5221, 364, 921
270, 717245,396
152,650154, 707629,072182, 679
103,970258,577
89, 280521, 795
4,160, 2864, 511, 735
Number Amount
1924
65,417118, 614
51, 58864,487
41,60722,61791,11244, 520
25,00457,75931,48069, 797
1923 1924
60,385 ! . ,111,142 66,352,89845,498 19, 575,28564,049 22,886,998
-I-
41,93421,23383,20242,649
26,26852,82829, 50860,518
684,002639, 214
11,778,4207,501,506
22,743, 5829,857,172
3,368,0198, 709,2546,441,612
13,920, 506
1923
14, 529,54363,375,38414, 559, 74823, 367,865
11,584,3727,138,692
22,494,3559,437,991
3,114,9677,692, 5856,072,620
13,267,951
209,124,951196,636,073
Q
O
HO
1 For list of Federal reserve branch cities, see p. 108.
OCO
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No. 69.—OPEKATIONS OF THE FEDERAL RESERVE CLEARING SYSTEM—Continued
[Numbers in thousands. Amounts in thousands of dollars]
Federal reserve bank
Boston..New Y o r k . . .Philadelphia.Cleveland
Richmond.AtlantaChicagoSt. Louis. . .
1924
MinneapolisKansas City. . .DallasSan Francisco..
Total: 1924..1923..
Items forwarded to—
Branches in own dis-trict, by head office
Number Amount
332
476661180162
13821588
1,964
5,7876,010
65, 443
158,610
101, 699129,02222,41513,885
1,671159, 53473, 332228, 688
954,2991,016,183
Head office, by Other Federal reservebranches I banks and their branches
Number Amount Number Amount
356
574
35453105
14432151584
3,4433,824
215, 694
141,623 j
95,354 !423,261 !23,645 I7,265 |
14,525 I253,682 !23,337 !113, 560
1,311,9461, 269, 507
2,74917,5517,4222,388
3,8761,6675, 7391,006
1,1882,9641,0742,022
49, 64648,454
57C, 0142,044, 8361, 219, 944
687, 506
1, 279,159596,859491, 22187,963
268, 680663,531148,438382,832
8,440,9838, 797, 766
Total items handled (including duplications)
Number
1924
68,166136,853
59, 01068, 039
46, 77925,29997,08445, 793
26, 21961,97633, 29374, 367
742, 878
1923
63,158129,130
51, 32567, 433
47, 22523, 95688,64943, 736
27, 43358,56631,44965,442
697, 502
Amount
1924
16,559,71368, 678, 87120, 795,22923, 874, 737
13, 254, 6328, 650, 648
23, 280, 8639,966,285
3, 652,8959,786, 0016, 686, 719
14, 645, 586
219,832,179
1923
15,169,48365, 8J)5, 63215,808,12924, 354,352
13,111,8248, 251,381
23,074,2439,547,434
3,383,3658, 817.1686, 329, 983
14,066, 535
207, 719, 529
I
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CLEARING OPERATIONS 105
No. 70.—MEMBER BANKS AND NONMEMBER BANKS ON PAR LIST AND NOT ONPAR LIST: NUMBER IN EACH STATE ON DECEMBER 31
State
New England States: -MaineNew HampshireVermontMassachusettsRhode IslandConnecticut
Eastern States:New YorkNew JerseyPennsylvaniaDelawareMarylandDistrict of Columbia
Southern States:VirginiaWest VirginiaNorth CarolinaSouth Carolina..GeorgiaFlorida _.KentuckyTennesseeAlabamaMississippi ..Arkansas __ __ ._LouisianaTexas _ .
Middle Western States:OhioIndianaIllinoisMichiganWisconsinMinnesota __ . .IowaMissouri __
Western States:North DakotaSouth Dakota _.NebraskaKansas...MontanaWyomingColorado. _ _New MexicoOklahoma.. _
Pacific States:WashingtonOregon _ _. _ __ _.CaliforniaIdahoUtahArizonaNevada. ._ ._
Total . .
Member banks
1924
625446
1822166
632313953
229115
19614295
100172
6914712012644
12647
751
447268583286187364446192
17413318726513039
14436
430
158137300101492311
9,682
1923
645547
1832067
620299939
229415
19514297
103184
7114912213239
12650
754
456272591284187375455192
18814719427816449
14646
465
165136319110
522511
9,896
Nonmember banks *
On par list
1924
49153571
874
276141659
35170
33
240198100297577
442268
3525
28044
807
661832
1,300526645654
1,2891,363
285279766
1,03211160
18835
373
177114375
72663323
15,445
1923
48143471
870
262133650
35168
38
296204157
287669
453306
3528
33352
882
658830
1,319559733908
1,3711,416
431396783
1,04614678
20343
417
199115417
74654325
16, 725
Not on par list»
1924
8910
349267387159
17206195274
77171
68
81883
162403
3332
224144171
59
11735
2927
1
3
3,647
1923
373
308289420147
8168187274
32179
14
17
114782
1952020
88110168
17
10646
1725
2
3
2,896
1 Incorporated banks other than mutual savings banks.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
No. 71.—MEMBER BANKS AND JNONMEMBER BANKS ON PAR LIST AND NOT ON PAR LIST: NUMBER IN EACH FEDERAL RESERVEDISTRICT AT END OF MONTH
Total
1924JanuaryFebruaryMarchApril
MayJuneJuly—.August .
Mem-ber
banks
9,8759,8569,820
9,7859,7639,7459,733
September 9,718October , 9,708November i 9,700December I 9,682
December, 1923December, 1922December, 1921December, 1920December, 1919December, 1918
9,9169,8419,6299,066
J 8,692
Nonmemberbanks
O n parlist
16,48416,33716, 24616,119
15,98115, 89615, 82015, 736
15, 66215, 60115, 52415,445
16, 72517, 82218,10219,13916,49910, 305
Not onpar list
3,0133,0843,1423,185
3,2403,3013,3533,419
3, 4963,5503,6123, 647
2,8962,2882, 2631,7553,99610, 247
Boston New York Philadelphia
Mem-ber
banks
424421421421
On par Not onlist par list
Nonmemberbanks
420420420420
424427436436432423
230232232232
421 i 232421 I 232422 I 231421 I 232
232232234234
228259257255245246
Mem-ber
Nonmemberbanks
banksiOnparNotonlist par list
837 |840 I846 |
850851849851
853853858859
800 I783 I753723 I
363362360360
362367370370
375379379381
360343334329322339
Mem-ber
banks
Nonmemberbanks
On par Not onlist ipar list
724724727 {730 |
731 '732735736
738740742743
725717704698678661
516516518518
516518519522
520518519519
514486473439415329 1 102
Cleveland
Mem-ber
banks
877876877
874874874873
873872871872
881884871843814
Nonmemberbanks
On par Not onlist par list
1,076 i1,0771.078 i1,076
1,0781,0771,0761,077
1,0781,0781,0801,075
1,071 j1,085 !1,085 I1.079 I.1,085 L
728 j
Richmond
7 i10 j
5 i1 !1 I
1411
Mem-ber
banks
630629628627
627627627624
623624624624
631634626610585565
j Nonmemberbanks
On par Not onlist par list
851841831826 |
824813793771
753745742743
865962990
1, 266485351
646651662665
669679691710
723726724715
637568577334995
1,156
Atlanta
Mem-ber
banks
534537533533
532530527524
520520518516
535543515462426426
Nonmemberbanks
3nparlist
375375381382
383380379379
378379373383
380380390408355209
Not onpar list
1,1,1,1,
1,1,1,1,
1,1,1,1,
1,1111
i 1
129125124115
113113109109
109108125105
127129156233219345
owH
d
F
<
wQ
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Chicago St. Louis
Mem-ber
banks
January. .February-MarchApril
1924
M a y .June.July.
Noninember I I Nonmemberbanks , I banks
Mem- jber I
banksNot onpar list j
1, 4351,4371,4321,432
1,4331,4271,428
August j 1,427
September . . . | 1,426October ( 1,424November 1,423December 1,419
December, 1923._ _ . . . ! 1,435December, 1922 ! 1,443December, 1921 1,443December, 1920 ! 1,421December, 1919 I 1,374December, 1918 | 1,334
4,0904,0744,0504,043
4,0094,0033,9883,985
3,9803,9673,9523,927
4,1054,2464,2354,2663,8962,392
129141149150
174179187187
187195203218
114
2931, 805
On par Not onlist par list
630630631633
633631629629
629630631628
630610588571538514
2,344 j 2492,333 2612,318 2712, 308 i 280
2,3002,2872,2732,259
2,2502,2442,2362,225
2,3732,4672.4892, 5142,3091, 046
280292306316
321325328332
233159167188355
1 1, 600
Minneapolis
Mem-ber
banks
975969956950
945940930928
921915907
9791,0141,0241,009920867
Nonmemberbanks
On par i Not onlist par list
1,9721,8951,8631,796
1,7301,6991,6821,637
1,5991,5691,5351,498
2,0852,5962,6352,8911,8791.169
513555576
632650664704
750784816853
445188154
1,0251 1, 743
Kansas City
Mem-ber
banks
1,1371,1331,1261,115
1,1051,1031,0971,094
1,0901,0891,0881,086
1,1461,1521,1031,0871,038994
Nonmemberbanks
On parlist
2,8382,8202,8142,798
2,7792,7692,7652,764
2,7642,7582,7502,747
2,8583,0073,0913,3913,3462, 200
Not onpar list
199199199197
195197201200
202204207204
196165185
1979
Dallas
Mem-ber
banks
863859848
846842842843
842842840838
863861861850756727
Nonmemberbanks
On par j Not onlist par list
944934925 |911
905
877872862
958 !1,045 !1,151 !1,274 L1,220 |.
247 |
102111118
121132136137
142145146153
955223
1947
San Francisco
109U59
O
3O
i Approximate figures.NOTE.—Nonmember banks not on par list comprise all incorporated banks, other than mutual savings banks, that have not agreed to remit at par.
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OPERATIONS OF BRANCHES
No. 72.—BRANCHES OF FEDERAL RESERVE BANKS: VOLUME OF OPERATIONS
o00
NUMBER OF PIECES HANDLED
Federal reserve branch and district number
No. 2.-No. 4.
No. 5.No. 6.
No. 7.No. 8.-
No. 9.-No. 10.
No. 11.
No. 12.
-Buffalo-Cincinnati
Pittsburgh-Baltimore—Birmingham
JacksonvilleNashvilleNew Orleans
-Detroit.-Little Rock
LouisvilleMemphis.. _
-^Helena.—Denver
Oklahoma City-Omaha
.—El PasoHouston-Los AngelesPortlandSalt Lake City. .SeattleSpokane
Billsdiscounted
2,585
Total: 1924.1923.
9,446
13,6255,9368,1833, 34213,0084,8478,977
11,5545,3473,4195,7374,2277,007678
4,575
112,493167, 312
Currencyreceived
andcounted
39,454,00029, 495, 00053, 581,00047, 245,00014, 619,00016, 828,00011,310,00022, 750,00054,315,0008, 025,00022, 203,00017, 792,0002, 270, 0006, 369,0004, 454,0004, 804, 0004,137, 00010,120, 00040, 015, 0005,192, 0003, 352,0008, 358,0001,491,000
428,179,000395, 965, 000
Coinreceived
andcounted
15,417,00053, 827, 00026, 327, 000138, 365, 0009,486,00010, 904, 0002, 258, 00021, 272, 00030, 519, 0005, 824,00013,140,0008, 357, 000
694, 0007, 578,0004,197, 0003, 465, 0004,195, 0007,828,000
11,075,0003,998, 0001,196,0006,180, 000
401, 000
386, 503, 000352, 748, 000
Checkshandled
10,973,00016,246,00021, 506, 00017,357,0004,529,0004, 692, 0004, 423, 0003, 663,00015, 321, 0005, 013, 0008,168,0003, 675,0001, 933, 0008, 210, 00016, 318,00010,169, 0002, 617, 0006, 644,000
38, 574, 0005, 477, 0007,008,0006, 079, 0004, 027, 000
Noncash collection itemshandled
Governmentcoupons
222, 622,000207,187, 000
297,0001,573,0001, 464, 000
891,00092,00097,000
118,000448,000761, 00082,000
542, 000157,00094, 000
419,00084,000
360, 00047, 000
178,000860,000440,000185,000436, 000212, 000
9, 837,00012, 449, 000
All other
Fiscalagency—is-
sues, redemp-tions, and ex-
changes ofUnited States
securities
149,00024,00047, 00075, 00014,00030, 00026, 00029, 00081,00025, 00038, 00043,00028, 00043, 00062,00035, 00021, 00029,000122, 00016, 00068, 00032,00017, 000
1,054,0001, 072, 000
41, 000987,000320,00054,000110, 000151,000140, 000148, 000301,00048, 000134,0009,00052,000123,000184,000199, 0004,00015, 000178,000180, 00041, 000278,00066,000
3, 763,00029, 699, 000
Transfers offunds
12,00021,00015,00027,0006,0007,0006,000
14,00030,00013,00013, 00011,0009,000
11,0009,000
33,00011,00022,00034,00014, 00019, 00013,0008,000
358,000345, 000
Envelopesreceived anddispatched
513,000597,000616,000757,000251,000262,000247,000383,000662,000302,000383,000313,000261,000441,000685,000851,000210, 000372,000597,000341,000319,000210,000263,000
9, 836,00010,215,000
sI
wo
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AMOUNTS OF ITEMS HANDLED
Federal reserve branch and district number
No. 2.-No. 4.-
No. 5.-No. 6.-
No. 7.-No. 8.-
No. 9 -No. 10.
No. 11.
No. 12.
-Buffalo-Cincinnati
Pittsburgh-Baltimore-BirminghamJacksonvilleNashvilleNew Orleans
-Detroit-Little Rock
LouisvilleMemphis
—Helena—Denver
Oklahoma City.Omaha ___
—El PasoHouston
.—Los AngelesPortlandSalt Lake City. .SeattleSpokane
Total: 1924..1923..
Bills dis-counted
$531,195,000
"219,768,666
200,245, 000349,952,000
58, 790,000162, 531,000110,077,000
7,473,00036,869, 000
54,941,00017, 577,00019, 980, 00061,494,00064,146,00097, 345, 00038,796, 00033,048,000
2,-064,227,0004,281,332,000
Currencyreceived and
counted
$202,103,000128,348,000388,191,000252,407,00056, 026,00068,056,00035, 918,000107, 920, 000428,437,00034, 258,000117,446,00064, 020,00020, 879,00042, 624, 00022, 575,00026, 803,00031, 620, 00045, 335, 000207, 577,00046, 035,00029,198, 00068,426,00011,167,000
2,435, 369,0002,404, 372, 000
Coin receivedand counted
$3,107,0006,398,0002, 596,00010, 768,0001,059,0001,197,000468,000
3,101, 0004,190,0001, 001,0001. 770, 0001, 735,000461,000
2,476, 000806, 000
1,193,0004,436, 0001,343,0007, 528,0001, 593,000786, 000
1,844,000226,000
60,082,00055, 574,000
Checkshandled
$2, 671,266,0005, 675, 557,000
10, 264, 615, 0004,285, 501,0001, 589,952,0001, 547, 530, 0001,487,420,0001, 901, 903, 0005,654,514,000
865, 308, 0002, 329, 900, 000
706,803,000330, 765,000
1, 530, 944,0002, 051, 598,0001, 239,494, 000
348, 582,0001, 564, 535, 0004,897, 689,0001,421,212, 000
872,033, 0001,032, 576,000
494,143,000
Noncash collection itemshandled
Governmentcoupons
54,763,840,00053,197,150, 000
$3,078, 00016,423,00021,183,000
9, 529,000592,000681,000706,000
4,253,00010,976,000
450, 0004, 930, 0001,152,000
587,0004,190, 000
589,0002, 027, 000
239,0001,157,0008,116,0003, 606,0001,126,0003,255,000], 082,000
99,927,000107,134,000
All other
$89,076,00038, 668,00038, 687,00079,303, 00038,402,00018, 707,00028,344,00032,399, 00098,719,00023, 622,00040,186, 00076, 344, 00011,336,00035, 646, 00043,489,00036, 998,00012,058,00064,383,00063, 555,00022,147,00034,012,00039,432,000
9, 629,000
975,142,0001,069,929,000
Fiscal agency-issues, redemp-
tions, andexchanges of
United Statessecurities
$3, 667,00037,784,00070,210,0004,104,000
419,000612,000609,000
19,330,00031,889,000
1,172,0004, 695,0001,033,000
202,0005, 843,0001, 279,0003, 621,000
61,000181,000
12,329,0008, 636,000
842,00010, 908,000
1, 799,000
221, 225,000415,246,000
Transfers offunds
$696,751,000489, 593,000828,247,000
1,013, 627,000147,440,000125,107,000106, 666, 000539,247,000
2.881,684,000' 302, 546,000574,966,000414,834,000131,266,000350,429,000215,948,000954,446,000181,194,000
1,094,058,0003,026,892,000
554, 708,000" 428,204,000
746, 507,000148, 761,000
15,953,121,00013,281,545,000
1
§
oW
NOTE.—Currency received and counted during 1924 by agencies of the Federal Reserve Bank of Atlanta: Havana, Cuba, agency—2,899,000 pieces, amount $23,367,000; Savannah,Ga., agency—2,502,000 pieces, amount $10,149,000.
OCO
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BANK PREMISESNo. 73.—COST OF BANK PREMISES OF FEDERAL RESERVE BANKS TO DECEMBER 31, 1924
NEW BUILDINGS CONSTRUCTED BY FEDERAL RESERVE BANKS AND NOW OCCUPIED AS BANK QUARTERS
Federal reserve bankor branch
BostonNew York:
Main building'" Annex building._.Cleveland.RichmondAtlanta.. . .Jacksonville.-.New OrleansChicagoMinneapolis
Kansas CityOklahoma City.Dallas 5 .__El PasoHoustonSan Francisco..
Total
Cost ofland, in-
cluding oldbuildingsutilized or
demolished,net
i $1,246,726
4, 850, 210592, 679920,490202, 025283,00045,842
201,2502, 963, 548
600, 521
495, 30065,021
181,12039,00366, 312
412, 996
13,166,043
Cost of buildings
Buildings,exclusive ofvaults, fixedmachinery,and miscel-
laneousexpense
$2, 561, 954
8, 672,4211, 221, 2444, 591, 9641, 603,0641, 023, 279
162,335565, 551
4, 789, 5291, 625,157
2, 815,078304,095909, 564
73, 618234, 751
'2, 623, 795
33, 777,399
Miscel-laneous
expenses,includingarchitect's
fees
$220,062
1, 678, 352190,631910, 669128, 86195, 06213, 74870,095
356,840338, 758
243, 94729,39594, 8744,867
15, 687268,416
4, 660,264
Vault con-struction
$760,587
316,3803,715
538, 82717,12663,10810, 79149,347
436,821325, 205
96,38132,90032, 5323,410
15,065114, 590
2,816, 785
Vaultequipment
(2)
$751,229315
593, 980282,393174,03724,10453,410
633, 915(2)
235, 69543,500
132,28029, 92418,810
136,135
3,109, 727
Fixed ma-chinery andequipment
•
$662,157
2,446,853120,300
1,423,366410,409175,27925,956
157, 5801,276, 579
482,848
777, 94067,866
325,45710,37459,284
696,007
9,118, 255
Total costof buildings
$4,204, 760
313,865, 2351, 536,2058,058, 8062,441,8531,530,765
236,934895,983
7,493, 6844 2, 771, 968
4,169,041477,756
1,494, 707122,193343,597
6 3,838, 943
53,482,430
Total costof land
and build-ings
$5,451,486
18, 715,4452,128,8848, 979,2962, 643, 8781,813, 765
282, 7761,097,233
10,457, 2323,372, 489
4,664,341542,777
1, 675,827161,196409,909
4, 251, 939
66, 648,473
Deprecia-tion charges
$1,261,311
4,130,352521,079
2, 571, 217566,026431,962
55,467259,166
3,008, 640558,377
1,388,871107,105324,863
28,49160,265
1,076, 647
16, 349, 839
Book value,net
$4,190,175
14, 585,0931, 607,8056,408,0792,077,8521,381,803
227,309838,067
7,448, 5922,814,112
3,275,470435,672
1,350, 964132, 705349,644
3,175, 292
50,298, 634
Remarks
Occupied March, 1922.
Occupied October, 1924.Occupied May, 1921.Occupied August, 1923.Occupied October, 1921.Occupied October, 1918.Occupied June, 1924.Occupied October, 1923.Occupied July, 1922.Occupied in part December,
1924.Occupied November, 1921.Occupied April, 1923.Occupied March, 1921.Occupied August, 1920.Occupied February, 1922.Occupied December, 1923.
SH
O
BUILDINGS PURCHASED BY FEDERAL RESERVE BANKS AND NOW OCCUPIED AS BANK QUARTERS
(Amounts shown under "Cost of land" represent total original cost; figures shown in columns 2 to 7, inclusive, represent cost of additions and remodeling)
New York (No.Gold Street).
Philadelphia.Pittsburgh.Baltimore 7.
91,11933,657
$962,91294, 765
()$175,950
$3,004
213,99811,370
$11,847
1, 539,831481,454
$103,562
2, 546,984996,454201,023
$53,562
1,433,00698, 55721,023
$50,000
1,113,978897,897180,000
Occupied November, 1921.
Occupied December 1917.Occupied February, 1920.Occupied March, 1918.
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NashvilleLouisville..Helena. _
Total
83, 704202,877
14,925
2,116, 397
124,953103,28957, 643
731, 572
11,6648.520
12,876
158, 507
11, 98726,1489,266
976,164
28,05513,34666, 580
412,845
24,35316 02916,109
284,863
201,013s 167,332
162,474
2, 563,951
284, 717370,209177 399
4,680,348
77, 38160,82490, 747
1,835,100
207, 336309, 38586, 652
2,845,248
Occupied December, 1922.Occupied June, 1919.Occupied February, 1921.
Birmingham _.DetroitSt. Louis - .
Little Rock
Denver
Omaha
Salt Lake 'City '.
T o t a l -
$125, 509650,000
1,304,874
85,007
101,512
9 176,236
114,075
2, 557,213
]
$1, 296,485
136, 599
1,433,084
BUILDINGS IN COURSE OF C O N S T R U C T I O N A N D
$243, 588
20,104
556
451
264, 699
B U I L D I N G S O C C U P I E D BY T E N A N T S
Cincinnati
Baltimore
Total
Grand total forall banks andbranches.
$380, 744
251, 343
632,087
18, 471, 740 $35, 942,055 $5,083,470
$132, 299
25,967
158,266
$27, 500
11,440
38, 940
(AMOUNTS SHOWN
$3,951,215 $3, 561, 512
$307,172
20, 312
327,484
U N D E R "
$9,730,602
$2,007,044
214,422
556
451
2,222,473
COST OF
$58,268,854
B U I L D I N G SITES
$125, 509650,000
3, 311, 918
299,429
102,068
176,687
114,075
4, 779, 686
$745,000
21, 512
14,075
780, 587
$125, 509650,000
2, 566, 918
299,429
80, 556
176,687
100,000
3, 999,099
Construction not authorized.Do.
Estimated cost to complete,$l,492,000.io
Estimated cost to complete,$127,774.10
Estimated cost of proposedbuilding, $491,626.10
Estimated cost of proposedbuilding, $457,170.10
- Estimated cost of proposedbuilding, $25 0,000.
L A N D " R E P R E S E N T T O T A L ORIGINAL COST)
$380, 744
251,343
632,087
76,740, 594
$113, 744
63, 343
177,087
19,142,613
$267,000
188,000
455,000
57, 597,981
Will remodel or erect newbuilding.
New building proposed.
1 After deduction of profit of $150,000 realized on sale of property purchased in 1918.2 Included in cost of vault construction.3 Estimated cost to complete, $752,076.* Estimated cost to complete, $173,093.* Exclusive of property purchased in 1915 for $98,400 and remodeled at a cost of $53,336, which was sold in 1922 for $130,000 after removal of about $18,000 of material used in
new building.e Exclusive of cost ($239,749) of remodeling old building for temporary occupancy.7 Will be sold if new building is erected.s Estimated cost to complete, $30,549.* Represents book value ($175,000) of property purchased in 1920, which was exchanged in 1924 for present property, plus incidental expense. Cost of original property, including
cost of remodeling, was $205,350.io Includes estimated cost of vault and of permanent equipment.No bank buildings or sites therefor have been acquired for the following branches and agencies: Branches—Buffalo, Memphis, Los Angeles, Portland, Seattle, Spokane.
Agencies—Savannah, Havana (Boston), Havana (Atlanta).
gmfc=JCO
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EARNINGS AND EXPENSES OF FEDERAL RESERVE BANKS
No. 74,—EARNINGS AND EXPENSES or FEDERAL RESERVE BANKS DURING 1924
Total
Discounted bills ___i$15,942,845Purchased bills 5,709,809United States securities... | 14, 712, 593Deficient reserve penalties j 381, 619Miscellaneous ., 1,593,583
Total earnings 38,340,449
CURRENT EXPENSESSalaries:
Bank officersClerical staffSpecial officers and watchmenAllother
Governors' conferencesFederal reserve agents' conferencesFederal Advisory Council-_.Directors' meetingsTraveling expenses 1
Assessments for Federal Reserve Boardexpenses
Legal feesInsurance (other than on currency and
security shipments)Insurance on currency and security ship-
mentsTaxes on banking house..Light, heat, and powerRepairs and alterations, banking house . . .RentOffice and other suppliesPrinting and stationery.. _ _.Telephone....Telegraph __PostageExpressageFederal reserve currency:
Original cost, incl. shipping charges..Cost of redemption, including ship-
ping charges _
2, 524, 70913, 288, 720
800,1501, 671, 718
5,8823,47410, 550158, 709313, 625
663, 24090, 798
400,199
561, 971840, 761277, 826157,464657, 624492, 952585, 506200,436574,120
1, 727, 581379, 435
1,180,952
251,899
Boston
599,1721,049,841
4,576121, 977
NewYork
1,446,6934,165,856
24,974318, 261
2,559,016 8,569,350
122,000894,000
31, 50490, 512
288276452
6,2356,416
48, 6342,014
26, 590
72, 749105, 59320,4892,4923,913
21, 48547,82819, 6098,086
172,851
37,005
164,946
27,818
Phila-delphia
Cleve-land
771 $1.$783,450 $2, 613, 566 $1, 290, 080!$1,361," " '"" 408,4091 670,338
1,136,303 1,581,9437,839 1 6 , " "
73, 215 139, 968
2,915,846 3,770,689
479, 542!, 412,141
166, 462371, 699
50498|
550121,46027, 660
179, 2017,115|
115, 656|116, 64347,284J
4,640|268, 687111,22778, 25851,34665,413
270,17891,464
195, 550
53,328
129,833980,591
59, 59591,117
267123343
7,56512,875
59,9785,462
58, 602 35, 062
87,07722, 53821, 92215,1672,77444,12751, 07725, 74120,087153,51751,836
196,149
37,567
225, 0001,105,384
100,178231, 662
425189745
7,66922, 434
72,33213,526
44,345
66,154163, 22638, 53614, 65747,06448, 04763, 87014,12635,802151,67425,992
99,618
26, 351
Rich-mond Atlanta
1,905,118 $1,532, 222 $2,044,47,787 234,196 " "
164,559 85,38865, 026 40, 72027, 750| 14, 595
2,210,240 1,907,121
169,190718,163
43, 62868, 987
31066
3227,541
21, 684
35,009
1,588
23, 667
29,88741,667
9,7946,800
26,25236, 663
5,380
120,38427, 903
54, 606
19, 532
206, 719431,430
37,18834, 906
280405848
25, 29020, 821
26,8979,019
19, 742
28,45947, 66713,4029,070
14,69523,84829, 518
5,04579,42798,92421,169
28,409
Chicago St.Louis
[, 407 $1,140, 622705,723 141, 778
2,121,708 352,65239, 910 27,441
290,4211 25,650
5,202,169 1,688,143
347,4781,818, 716
102,906271,471
383302914
8,44126,222
91,1834,711
39, 714
58,859230,166
41, 24017,94148,14276,92481,12826, 67559,305
213, 54650, 584
225, 985
36,556
164,320716,421
38, 28941,145
472379
1,2009,892
31, 741
30,2131,221
]8,178
17, 3112,1123,1827,562
78, 84921,62230,310
6,45443,409
118,22112,328
5,295
8,785
Minne-apolis
$578,44784, 269
848,07040,17558,109|
KansasCity
$859, 534158, 580947,92936,380260, 487
1,609,070 2,262,910
121,350429, 49325, 57667,148
566246
1,0879,05252,454
21,86723,463
29, 600
16,1751,580
42643,39920, 89138,0637,310
23, 99874, 68310,093
6,796
1,738
161,144743, 28675,182153, 548
613267442
26,27614,473
27,9729,348
36, 655
17,39473,66242, 09369,300
DallasSan
Francisco
$531,356 $1,302, 272630, 682781,838
52, 5481161, 540
2,157,964 3,487,931
26,30534, 867
7, 76067, 709
140,975
9,531
43, 596
8,643
142,120580,902
36, 817102,323
746345
1,0475,607
28,156
23,4852,717
25, 539
22, 56732,79224,892
9,7651,393
21, 40423,04911, 70950,06288,13421,171
34, 215
5,769
582,1821,476, 506
25,361101, 610
256,0131,458,193
82,825147,2001,028778
2,60023,681
46,46910, 614
42,505
29, 6833,11513,5241,575
118,92250,82070,87519,28181,933124; 49420,359
125,787
21,920
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Taxes on Federal reserve bank-note cir-culation
All other expenses.Total current expenses
PROFIT AND LOSS ACCOUNT
E arningsCurrent expenses .
Current net earnings.Additions to current net earnings:
Withdrawn from reserve for depre-ciation on United States bonds
All otherTotal additions . .
Deductions from current net earnings:Depreciation allowances on bank
premisesReserve for probable lossesReserve for self-insuranceReserve for depreciation on United
States bondsFurniture and equipment __ ._Allother
Total deductionsNet deductions from current net earnings.Net earnings available for dividends, sur-
plus, and franchise tax .Dividends paidTransferred to surplus accountFranchise tax paid U. S. Government _.Deficit in earnings after payment of divi-
dends, charged to surplus account
REIMBURSABLE EXPENDITURES OF FISCALAGENCY DEPARTMENT
Expenditures during 1924:SalariesAll other
Amounts reimbursable Jan. 1, 1924Total
Reimbursements received during 1924Balance reimbursable Jan. 1, 1925...
815610,822
28,431,938
38,340.44928,43i; 938
9, 908, 511
224, 795343,908
568,703
4, 034, 7821, 067, 259
105,197
12, 8221,074, 591
464, 383
6, 759,034
6,190,331
3, 718,180
6,682,496188 360113,646
3, 266,322
376,74267,325
126,650
570, 717544,890
25, 827
39, 716
1,973, 501
2, 559, 0161, 973,501
585,515
15,8704,686
20, 556
122,048
11,6501,951
135, 649
115,093
470,422
477,798
7,376
16,5432,7754,149
23,46722, 564
903
I156,113
6,350,821
8, 569,3506,350,821
2,218, 529
176, 240
176,240
910,440
55,197
536, 776275, 504
1, 777, 917
1, 601, 677
616,852
1,796, 530
1,179,678
38,42410,04518,198
66, 66764, 205
2,462
41,446
2,153, 836
2, 915, 8462,153,836
762, 010
20, 4331,698
22,131
23,30713, 742
37, 049
14,918
747,092
615,135131 957
19,4391,7124,713
25, 86424, 676
1,188
45,844
2, 664, 850
3, 770, 6892, 664, 850
1,105, 839
21, 61218, 385
39,997
1, 509, 445
102,4667,078
1, 618,989
1, 578, 992
2 473,153
756,152
1, 229, 305
48,12111,84819, 743
79, 71277,117
2,595
25,053
1, 537, 834
2, 210, 2401, 537,834
672,406
2,006
2,006
82,114100,00050,000
52,8199,688
294, 621
292, 615
379, 791
351, 25128 540
22,8543,1006,260
32, 21429, 969
2,245
29,942
1, 247,012
1,907,1211, 247,012
660,109
2, 06712, 231
14,298
94, 934285, 585
17, 3213,911
401,751
387,453
272, 656
272, 656
24,1753,6307,690
35, 49533,476
2,019
66,944
3, 946,436
5, 202,1693,946, 436
1,255, 733
40, 679
40,679
165,197181, 674
12,82211,81815, 778
387, 289
346, 610
909,123
909,123
54,4727,354
22, 655
84, 48182, 316
2,165
32,437
1,441, 348
1, 688,1431,441, 348
246, 795
16, 264
16,264
4,400
25,92728,795
59,122
42,858
203,937
304, 976
101, 039
28,3484,5318,104
40, 98339, 442
1,541
36,645
1, 065,167
1,609,0701, 065,167
543,903
143,46927,101
170, 570
310, 862
48,93825, 571
385,371
214, 801
329,102
202, 82812,628
113,646
41,06010,17111, 453
62, 68459,448
3,236
52,060
1, 866, 087
2, 262,9101, 866,087
396,823
16818, 019
18,187
628,468
36,4083,316
668,192
650,005
2 253,182
265, 697
518,879
37,4302,4988,416
48,34444,815
3,529
81534,121
1,331,662
2,157,9641,331,662
826,302
21,17626, 063
47, 239
79,119500,000
9,38520,013
608, 517
561, 278
265,024
249,78915, 235
22,6743, 5164,068
30, 25828, 336
1,922
50, 501
2, 853, 384
3,487,9312,853, 384
634, 547
536
536
127, 755
197,77659,036
384, 567
384,031
250, 516
480, 561
230,045
23, 2026,145
11,201
40, 54838, 526
2,022
1 Other than those connected with governors' and agents' conferences and meetings of directors and of the advisory council.2 Deficit in earnings before payment of dividends.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
114 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
No. 75.—GROSS AND N ET EARNINGS OF EACH FEDERAL RESERVE BANK, ALSODISPOSITION MADE OF NET EARNINGS, 1914-1924
Federal reservebank
All Federal reservebanks:
1914191519161917
19181919. . . .19201921 _
19221923..1924
Total
Boston:19141915 _.19161917
1918191919201921
19221923. . . -1924
Total
New York:191419151916.1917
1918 _.19191920...1921
192219231924
Total
Philadelphia:1914 _191519161917
1918...191919201921
19221923..1924
Total
Earnings
Gross
$63,1452,110,1075, 217,998
16,128,339
67, 584,417102,380, 583181,296,711122, 869,940
50,498,69950, 708, 56638, 340,449
637,198,954
891124,568490,888
1, 285,884
4,475,1957,497,583
12,273, 2536,968, 662
3, 541, 3133, 506, 6832, 559,016
42, 723,936
13,927331,108971, 026
4,929,214
25,314, 73635, 332, 41260, 525,32134, 710, 274
11, 349,27911,413,1838, 569, 350
193,446, 535
2,739111, 233448,180
1,095, 540
4, 357,7408,609,880
11,848,5518,008,095
4,251,9504, 592, 7712, 915, 846
46,242, 525
Net
2 $310,287168, 828
2, 750, 9989, 579,607
52, 716, 31078, 367, 504
149,294,77482, 087, 225
16,497, 73612,711,2863, 718,180
407, 582,161
» 25,8182 8, 785
295,935740,359
3, 305,1805, 777,381
10,272,5644, 281, 353
1,097,4021, 252,135
470,422
27, 458,128
2 43, 4852 80. 402414, 064
3, 078,481
21,662,91727, 959, 61953,128,13026,093,832
3, 721, 5933,043, 679
616, 852
Disposition of net earnings
Dividendspaid
$217,4631, 742, 7746,801, 726
5, 540, 6845,011,8325,654,0186,119, 673
6, 307,0356, 552, 7176, 682,496
50,630,418
249, 735601,756
384,180414, 447447, 266473,109
481, 951480,267477,798
4, 010, 509
127,1131, 942,819
1,195, 0261,291,0471,477, 0961, 608,721
1, 652,1381,749, 2391, 796, 530
139,595,280 j 12,839,729
2 21,3222 10 195249, 941753, 875
128,458623. 603
2,972,089 583,9836,659 169 462.3809,065,1165,339, 454
2,236,8762,177, 837
747, 092
30,169,932
496,679517, 663
541, 552582,292615,135
4,551,745
Transferredto surplus !
$1,134,234
48,334, 34170, 651, 77882,916,01415,993, 086
-659,9042, 545,513
- 3 , 077,962
217,837,100
75,100
2,921, 0005,362,9347, 351, 799
772,324
-170,78277,187
- 7 , 376
16,382,186
649,363
20,467,89123,964, 67812, 332, 5233, 782,671
-1,397,603129, 444
-1,179,678
58, 749,289
2, 608,3446,196, 7898, 204,775
935, 239
. 803,5941,178, 588
131,957
20,059,286
Franchise taxpaid to U. S.Government ]
$1,134,234
2, 703,89460, 724,74259,974,466
10, 850, 6053,613,056
113, 646
139,114,643
75,100
2,473,4993, 035, 920
786,233694, 681
7, 065,433
649, 363
2, 703, 89439, 318, 51120,702,440
3,467, 0581,164,996
68, 006, 262
363, 6623,886,552
891, 730416,957
5,558,901
Profit (+) orloss (-)carriedforward
-$310,287-48,635
+1,008, 224+509,413
-1,158,715
-25,818- 8 , 785
+46, 200- 1 1 , 597
-43, 485-80,402
+286,951-163,064
-21 , 322-10,195
+121, 483+130, 272
-220, 238
1 Amounts shown as transferred to surplus account for 1922 are net, i. e., after the deduction of amountscharged to surplus account on Dec. 31, 1922, and paid to the United States Government as franchise taxfor prior years as follows: For 1920—New York, $270,389; for 1921—Boston, $247,350; New York, $1,334,160;Philadelphia, $36,366; Richmond $20,459; Atlanta, $213,629; Chicago, $710,190; Minneapolis, $52,423;Kansas City, $208,170; San Francisco, $306,926; total, $3,129,673.
2 Excess of expenses.Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
EARNINGS AND EXPENSES 115
o # 75,—GROSS AND NET EARNINGS OF EACH FEDERAL RESERVE BANK, ALSODISPOSITION MADE OF NET EARNINGS, 1914-1924—Continued
Federal reservebank
Cleveland:19141915...19161917
1918191919201921 _.
192219231924
Total
Richmond:1914191519161917
.19181919...19201921
192219231924...
Total
Atlanta:19141915. .19161917
19181919..19201921
192219231924._.
Total
Chicago:19141915..19161917..
191819191920 _1921
19221923._1924
Total
St. Louis:1914191519161917
Earnings
Gross
$2, 077111,738452,129
1,367,216
5, 226, 8647,800, 829
14, 458, 6199,390,863
4,994, 2824, 655, 0903, 770, 689
52, 230,396
4,730314, 850334,102821,195
2,979, 0484, 775,3246,902, 6436, 729, 679
2, 832,9442,878, 8962, 210, 240
30, 783, 651
2,808233, 652279, 520589, 789
2,293, 0584,416,0017,476, 4317, 406, 652
2, 352, 7362, 682, 3141,907,121
29, 640,082
17,814251, 071665,937
2, 083,164
8, 481,74712, 012, 07830,303,21820,382,170
6,748,8636, 511, 3595,202,169
92, 659, 590
9,46377, 370
297,948773,106
Net
2 $28,937' 26,837293,808753, 682
4,135, 7966, 093, 785
11,820,0316,284,383
2, 268, 688921, 221
2 473,153
32, 042,467
2 20, 073195, 028186, 571462, 224
2, 312,0303, 877, 2665,238, 5064, 393, 627
867,4481, 092,843
379, 791
18,985,261
2 19, 571102,103129,307288, 083
1, 652,4733,382, 39-76, 010,3245, 496,219
672, 730352,179272, 656
18,338, 900
2 22,16942,260
403,2061,231,879
6,805, 0818, 576,204
25,875, 74914, 505,117
1,405,2151,178,355
909,123
60,910,020
2 16,2572 80,912141,017502,156
Dividendspaid
$143,237716,168
716,107556, 785604,194660,228
692, 436725, 626756,152
5,570,933
151,940197,922240,944
232,432252,872293, 052322,203
333, 321342, 295351,251
2, 718,232
201,' 719218,203
182,473197,397225, 571245,862
256, 618264, 622272, 656
2, 065,121
361,319862,259
604, 635700,807792, 769853, 785
876, 203904, 371909,123
6,865,271
31,100284,566
Disposition of net earnings
Transferredto surplus
$3, 552, 0005, 537,000
11,215,8372, 329, 442
861,264195, 595
-1,229,305
22,461,833
116, 472
2, 079, 5983, 624,3944, 740,869
693, 792
32,954384,404
28, 540
11, 701, 023
40, 000
1,470, 0003,185, 0003, 648,465
770,106
-172,0188,756
8,950,309
215,799
6,200,4467,875,397
14,688,5002,075,323
-657,28927,398
30,425, 574
franchise taxpaid to U. S.Government
$3,294,713
714,988
4, 009, 701
116, 472
204, 5853, 377, 632
501,173366,144
4, 566,006
40, 000
2,136,2884,480,251
588,13078,801
7,323,470
215, 799
10, 394,48011, 576, 009
1,186,301246,586
23,619,175
Profit (+ ) orloss ( - )carriedforward
-$28,937-26,837
+150, 571+37, 514
-132,311
-20,073+43, 088-11,351-11,664
-19,571+102,103
-72,412-10,120
-22,169+42,260+41,887-61,978
-16,257-80,912
+109,917+217, 590
2 Excess of expenses.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
116 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
No. 75.—GROSS AND N E T EARNINGS OF EACH FEDERAL RESERVE BANK, ALSODISPOSITION MADE OF N E T EARNINGS, 1914-1924—Continued
Federal reservebank
St. Louis—Con.1918..1919.. .19201921
192219231924 ._
TotalMinneapolis:
1914191519161917
1918191919201921
192219231924
TotalKansas City:
1914191519161917
1918191919201921
192219231924
TotalDallas:
1914191519161917
1918191919201921
192219231924
TotalSan Francisco:
1914191519161917
1918191919201921
192219231924
Total
Earnings
Gross
$2,676,8283,884,4787,180,1175,166,315
2,456,4472, 753,4351, 688,143
26,963,650
1,32298, 790
255,177672, 799
2,049, 9543,007,0415, 307,3814, 966, 311
1, 969, 2481, 749, 2531, 609,070
21, 686, 346
1,934100, 540380, 208
1,002, 660
3,451, 9364, 961,4827,409, 9875, 712, 858
3, 094, 6602, 993, 9192, 262, 910
31, 373, 094
2,679241, 987326, 372621, 970
2, 089, 5263,062,2514, 904. 5224, 243,648
2,085, 7752, 356, 4362,157, 964
22, 093,130
2,761113, 200316,511885, 802
4,187, 7857,021, 224
12, 706, 6689,184,413
4,821, 2024, 615, 2273,487, 931
47, 342, 724
Net
$1,777,8102, 355,1544,875, 5662,951,926
647, 5721,182,163
203,937
14, 540,132
2 23, 5302 8,811
134,603394, 353
1, 545, 8472, 333, 9434,131,0533,151,154
782, 695325,455329,102
13? 095, 864
2 26, 2302 40, 546224, 989566,404
2, 437, 7483, 923, 3625, 540, 6813, 056, 096
783, 036347, 711
2 253,182
Disposition of net earnings
Dividendspaid
$404,838234, 660253,711270,253
283,166296,810304,976
2, 364, 080
57, 720363, 895
168,103180,186195,871211, 657
213, 774212,733202, 828
1, 806, 767
66, 707364, 503
309, 729228,755257, 672268, 620
275, 655275, 313265. 697
16,560,069 ! 2,312,651
2 27, 640103, 028166, 046352, 067
1, 240,1752, 041,8643, 228, 2311, 613, 564
354,125332, 282265, 024
9, 668. 766
2 35, 2552 17,103111,511456, 044
2, 869,1645, 387, 360
10,108, 8234, 920, 500
1, 660, 356505, 426250, 516
26, 217, 342
65,523134,008188,234
261, 503196, 335225,424252, 211
251,915251,429249, 789
2, 076, 371 j
43, 736394, 776
497, 675296,161384, 713435, 361
448, 306467, 720480, 561
3, 449, 009
Transferredto surplus
$1,603,3102,120,4944, 621,8551, 042, 564
276,450407, 070
- 1 0 1 , 039
9,970, 704
37, 500
1, 377, 7442,153, 7573, 410,948
488, 530
4,46911,27212, 628
7,496,848
2,421, 4263, 694, 6073, 042, 781
486, 918
-157,4327,240
-518,879
8, 976, 661
1,184,4081, 845, 5293, 002,8071, 361, 353
102, 21080, 85315, 235
7, 592, 395
2,448,1745,091,1996, 654,8551, 254,824
-185,72137, 706
-230, 045
15,070,992
Franchise taxpaid to U. S.Government
$1, 639, 109
87,956478,283
2,205,348
37, 500
524,2342,450,967
564,452101,450113,646
3, 792, 249
2, 240, 2282, 300, 558
664, 81365,158
5, 270, 757
3,069, 2553, 230, 315
1, 397, 771
7, 697,341
Profit (+) orloss (-)carriedforward
-$230,338
- 2 3 , 530-8 ,811
+76,883- 4 4 , 542
- 2 6 , 230- 4 0 , 546
+158, 282+201, 901
-293,407
-27,640+37, 505+32, 038
+163, 833
-205 , 736
- 3 5 , 255-17,103+67, 775+61, 268-76,685
2 Excess of expenses.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
RECEIPTS AND DISBURSEMENTS OF THE FEDERAL RESERVE BOARD
No. 76.—RECEIPTS AND DISBURSEMENTS OF THE FEDERAL RESERVE BOARD FOR THE YEAR 1924
Balance Jan. 1, 1924:Available for general expenses of the board $63, 563. 03Available for expenses chargeable to the Federal reserve banks 206, 394. 14
Total $269,957. 17
RECEIPTS ^Available for general expenses of the board: y
Assessments on Federal reserve banks for estimated general expenses of the board $663, 239. 90 %Reimbursement on account of expenditures during 1923 1, 020. 00 ^Subscriptions to Federal Reserve Bulletin 5, 162. 89 wReimbursement by Treasury Depar tment of salaries of laborers 1, 530. 00 oMiscellaneous receipts and reimbursements 5, 517. 47 ^Reimbursement on account of cost of examinations of foreign banking insti tutions 29, 677. 08 hrj
WTotal receipts available for general expenses of the board 706, 147. 34 §
Available for expenses chargeable to Federal reserve banks: WAssessments on Federal reserve banks— ^
For cost of preparing Federal reserve notes 1, 071, 922. 00For expenses of gold shipments between Treasury offices and Federal reserve banks ^
under the provisions of section 16, Federal reserve act . 660. 91 uiFor expenses of leased wire system 248, 482. 70 gFor miscellaneous expenses 11, 235. 54 <!
Total receipts available for expenses chargeable to Federal reserve banks 1, 332, 301. 15 cdo
Total receipts 2,038,448.49 £j
Total available for disbursements 2, 308, 405. 66
DISBURSEMENTSFor general expenses of the board:
Expenses for 1923 paid in 1924 15, 853. 92Expenses for 1924 (per detailed statement) 1 $720, 039. 61Less accounts unpaid Dec. 31, 1924 19, 736. 28 h-*
700,303. 33 f-1
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
No. 76.—RECEIPTS AND DISBURSEMENTS OF THE FEDERAL RESERVE BOARD FOR THE YEAR 1924—Continued
DISBURSEMENES—continuedFor general expenses of the board—Continued.
Cost of examination of foreign banking institutions reimbursable $16, 600. 30Salaries of laborers reimbursable by Treasury Department 2, 040. 00Miscellaneous expenses reimbursable 361. 26Refunds account of Federal Reserve Bulletin 32. 00
Total disbursements for general expenses of the board $735, 190. 81For expenses chargeable to Federal reserve banks:
Cost of preparing Federal reserve notes 1, 144, 324. 00Expenses of gold shipments between Treasury offices and Federal reserve banks under
the provisions of section 16, Federal reserve act 623. 30Expenses of leased wire system 248, 529. 90Miscellaneous expenses „ 11, 007. 89
Total disbursements for expenses chargeable to Federal reserve banks 1, 404, 485. 09
Total disbursements $2, 139, 675. 90
Balance Dec. 31, 1924:Available for accounts unpaid Dec. 31, 1924 19, 736. 28Available for general expenses of the board 14, 783. 28Available for expenses chargeable to Federal reserve banks unpaid Dec. 31, 1924 134, 210. 20
Total balance 168, 729. 76
00
DETAILED STATEMENT OF EXPENSES OF THE FEDERAL RESERVE BOARD
PERSONAL SERVICES"
Board members and their staff-Office of secretaryOffice of general counselOffice of fiscal agentDivision of examination _Division of bank operations
January j February
$8,669.98 !$8,669. 992,391. 662,454.15
838, 338,082.045,045. 35
2, 391.2,454.16
8,082.095,045. 40
March
$8,740. 032,391. 682,454.18
838. 347,917.385,045. 50
$8,922. 902,391. 662,385.40
838. 338,082.045,005. 62
M a y June July
$8,842.492,391. 662,341. 66838. 33
7,957.105,045.40
$8, 795.862,391.682,341. 69838. 34
7,642. 555,000. 77
$8, 804.142,391. 662,341, 651, 004. 998, 509. 385,027. 02
August Septem-ber October
$8,804.16 ! $8,804. 202,391.66 ! 2,391.682,341.66 ' "1,005. 008,387. 795,005.41
2,341. 691, 005. 017,472.854, 967.16
&8,808. 312,391.662,341. 651,004. 998, 518. 274, 732.02
Novem-ber
Decem-ber
$8,812. 502, 391. 662,341. 661,005. 008, 526.684, 732. 07
$8, 773. 642,391. 682,341. 691,005. 018,526. 714, 732.16
Total
$105,448.2028, 700.0028,481. 2411,060. 0097,704.8859,383.88
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Division of chief clerk _Division of gold settlementDivision of currencyDivision of research and statistics
co Division of architecture^ Division of issue and redemptiono2 Messengersso Charwomen _ _
to Total.. _
"+> NONPERSONAL SERVICES
Transportation and subsistence:CO Board members and their staff
Office of secretaryOffice of general counselDivision of examinationDivision of research and statisticsTotal all other divisions, including local
carfare. _ .Communication service:
TelephoneTelegraphPostage
Printing, binding, etcRepairsElectricity (light and power)Steam (heat)Miscellaneous, unclassifiedEquipment rentalSupplies:
Stationery and officePeriodicals
Equipment: "Furniture and office .Books
Rent . .
Total
Grand total . - .
2,904.551,536.82
729.157,365.90
486.114,694.661,629.15
96.00
46,923.85
318. 373.84
80 734, 502.81
39.40
13.75
644.641,485.92
2, 564.1286 6949.6850.37
110.32375.00
470. 21.20
759. 77112. 71
1,876. 42
13,544. 95
60,468. 80
2,916. 231,507. 58
729.177, 203. 72
486.114, 721. 671,629.16
96.00
46,771. 27
145. 90
4,425.96
634.421, 296. 76
46.002, 034.44
10.1649.6850.3771.24
375.00
797.35
178. 62
1, 876.42
11, 992. 32
58, 763. 59
2,916.311,536.85
729 177, 203.85
486.124,631.681, 587. 51
96.00
46, 574.60
123.9396 49
4,719.79
642.161,631.28
65 004,774.33
36 1049 6850.37
197. 66381. 75
613.4315.98
8.2051.43
1,876.42
15,334. 00
61,908.60
2,916. 221, 535.32
729 157, 203. 68
486.104, 593. 661, 545. 82
96.00
46, 731. 90
430.21
79 314,853.98
168.13
638. 33933. 54
70.002,002. 72
13 6049.6850.37
173.99375.00
1, 636.686.00
7.5012.50
1,876. 42
13,377. 96
60,109. 86
2,903.461, 539. 83
729.177,070.40
486.114, 522. 331, 545. 83
96.00
46,309. 77
357. 084.731 33
5,077. 2471.18
14.88
646.89910. 32
3, 553. 932.70
49.6850.41
154.11375.00
80.64182. 77
10.3532.10
1,876.42
13, 451. 76
59, 761. 53
2,867.151, 534,60
684 746,837.16
486.114,382. 671, 545. 86
84.27
45,433.45
269.45
3,405.71
624.491,668. 00
70 007, 225. 25
29 5049.72
83.89282.73
719.13
56.705.72
1,876.42
16,366. 71
61, 800.16
2,656. 231, 562.32
729.156, 945.48
4,468. 331, 545. 82
95.30
46,081.47
69.12
6, 461. 61
620. 891, 052. 91
65.002, 287. 95
20.0150.00
138. 61265.00
390.591 50
185. 684.30
1,876.42
13,489. 59
59, 571. 06
2,646. 231, 578.33
729.176, 279. 32
4, 524.171, 545. 83
95.30
45, 334.03
661.40
213 571,318. 23
164.42
28.95
637. 39928. 59
5, 609. 3033.4750.00
117. 97265.00
223. 53
19.6036.00
1,876.42
12,183. 84
57, 517. 87
2,446. 301, 556.60
729.186,422. 57
4, 510.171, 605. 85
95.30
44, 348. 56
643. 9327.7857 67
3,909. 388. 14
631. 961,498. 58
72.00247.0395.3150.0050.00
161. 88271. 75
251. 554.78
1,199. 0854.72
1,876.42
11,111.96
55, 460. 52
2,411.221, 571. 57
729.156,948. 27
4,418. 991, 589.15
95.30
45, 560. 55
391. 34137. 3332 58
5, 520. 70197. 79
49.75
639. 94891. 57
1,852. 6317.4050.0050.0045.56
128. 24
466.13
6.96119.10
1, 876.42
12,473. 44
58,033. 99
2,411.231, 543. 83
729.176,941. 65
4,459. 671, 565. 83
95.30
45, 556. 25
188.04
74 694,374. 27
218. 67
633. 501,173.40
63.002,020. 55
32.2150.0050.00
1,643.94
557. 634.00
1,211.40117. 51
1,876.42
14, 289. 23
59,845.48
2,507.131, 561. 85
729.186, 748.41
4,334. 671, 565.85
91.13
45,309.11
143. 54
60.945,358. 36
68.36
50.42
641.791,500.00
10,143. 4158.6250.0050.0055. 006.75
569.86707. 57
88.0060.00
1,876. 42
21,489. 04
66, 798.15
32, 502. 2618, 565. 508, 705. 55
83,170.412,916. 66
54, 262. 6718, 901. 661,131.90
550,934. 81
3, 742. 31270.17600.82
53,928.04936. 09
157. 75
7,636. 4014, 970. 87
451. 0044,315. 66
435. 77598.12451. 89
2, 954.173,101. 22
6, 776. 73922. 80
3, 731. 86606. 09
22, 517. 04
169,104. 80
720, 039.61
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
CONDITION OF MEMBER AND NONMEMBER BANKS
No. 77.—ALL BANKS 1 IN THE UNITED STATES AND ISLAND POSSESSIONS: RESOURCES AND LIABILITIES OF BANKS FOR WHICH REPORTS
ARE AVAILABLE
[Taken from annual reports of the Comptroller of the Currency][In thousands of dollars]
too
BO
H
O
June 30,1914 (26,765
banks)
June 23,1915 (27,062
banks)
June 30,1916 (27,513
June 20,1917 (27,923
banks)
June 29,1918 (28,880
banks)
June 30,1919 (29,123
banks)
June 30,1920 (30,139
banks)
June 30,1921 (30,812
banks)
June 30,1922 (30,389
banks)
June 30,1923 (30,178
banks)
June 30,1924 (29,348
banks)
RESOURCES
Loans and discounts __Overdrafts _InvestmentsTotal loans and investmentsBanking house, furniture, and fixturesOther real estate ownedDue from banks 2 _Exchanges for clearing houseChecks and other cash itemsCash on handOther resources
Tota l . . . . - ._ . . _
LIABILITIES
Capital stock paid in _SurplusUndivided profits, less expenses and taxes
paidNational bank notes outstanding.Due to banksIndividual deposits 4
United States depositsTotal deposits __Notes ajid bills rediscountedBills payable (including certificates of
deposit representing money borrowed)..Other liabilities
Total . . .
15, 288,35751,121
5, 584,92520,924,403
609,697129,983
2,872,697(3)
520,9951,639, 219
274,404
15,722,44036,232
5,881,93121,640,603
636,821156,584
3,233,943307,24669,630
1,457, 702301,601
17,895,36638,211
6,796, 57024, 730,147
610,046216, 596
4,032,125488,849281,576
1,486,118425,781
20,618,74047,199
8,003,82028,669, 759
709,065153,902
4, 793,167486,083272,609
1, 502, 502539,676
22,530,88660,335
9, 741, 65333,332,874
737,148172,035
5,136,604359,834323,245896, 570768,129
24,994,68594,293
12, 229, 52837,318,506
775,112161, 595
5,865,414831, 713589,096997,353
1,076,658
30,791,725109,186
11,387,52543,288,436
863,191137, 785
5,833,241849, 910607,868
1,076,3781,422,299
28,693, 72481,849
11,381,92340,157,496
993, 898153, 623
4, 794,2051,049,507
241,160946,567
1,334,934
27,684, 20574,600
12,547, 56740,306,372
1,078,174198,457
5,414, 241930, 594644,014829,892
1,023, 623
30,229,44657,982
13,672,54743,959,975
1,176,098256,119
5,597,150646, 590549,485797,101
1,052,393
31,291,88856,334
14,228, 74545,576,967
1,295,831294,428
6,121,0931,117,361
875,009911, 500952, 501
26,971, 398 27,804,130 32,271,238 37,126, 763 40,726,439 47,615,447 53,079,108 49,671,390 50,425,367 54,034,911 57,144,690
2,132, 0741, 714,486
562,031722,555
2, 705, 07518, 588,112
« 66,65521, 359,842
38>130
194,432247, 848
2,162,8421,732,918
639,778722,704
2, 783,31219,199,393
« 48, 96422,031, 669
59,452
166, 762288,005
2,195,1011,849,693
564,338676,116
3,463,60922,873,493
«39,457'26,376,559
53,468
113,251442,712
2, 274, 2001,945, 544
674,191660,431
3,913, 94426,396,167
s 132,96530,443, 076
167,471
317,853643,997
2, 351, 5882,034, 764
684, 260-681, 631
3, 595,06227, 956, 378« 1,037,78732, 589,227
680,877
707,978996,114
2,437,3652,181, 994
825,889677,162
3,890,48733, 211, 631
5 566, 79337, 668, 911
659, 219
1, 641, 2721, 523,635
2, 702,6392, 410,346
976, 261688,178
3, 708, 30237,829,985
5 175, 78841, 714, 075
1,499, 262
1, 785, 5981,302, 749
2,903,9612, 542,032
910,743704,147
2,809,41435,459,155
390,23038, 658, 799
1, 271, 684
1, 375, 5911,304, 433
2,943,9502, 697,409
725, 7483,244,386
37, 746,823128,887
41,120, 096435, 711
635, 564933,046
3,052,3672,799,494
954,145720,001
3,610,21140,392,305
44,240,955534, 706
780,761952,482
3,114,2032,967,359
971,730729,686
3,928,29243,618,978
152, 30247, 699, 572
325,280
472,699864,161
26,971, 398 27,804,130 32, 271,238 37,126, 763 40, 726,439 47,615,447 53,079,108 49,671,390 50,425,367 54,034,911 57,144,690
ftr1
w
wo
1 Except (1) the Federal reserve banks, Federal land banks, and Federal intermediate credit banks, and (2) a certain number of nonreporting private banks, which varies some-what from year to year, but which was reported by the Comptroller of the Currency to be 461 in June, 1924, with estimates as follows: Capital paid in, $9,200,000; surplus and profits,$8,300,000; deposits, $99,400,000.
2 Includes lawful reserve with Federal reserve banks and other reserve agents. * Includes certified and cashiers' checks.»Included in " Checks and other cash items." 5 For national banks only.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
CONDITION OF MEMBER AND NONMEMBEE BANKS 121
No. 78.—ALL MEMBER BANKS: RESOURCES AND LIABILITIES
[In thousands of dollars]
Dec. 31,1923 (9,774
banks)
Mar. 31,1924 (9,681
banks)
June 30,1924 (9,650
banks)
Oct. 10,1924 (9,635
banks)
Dec. 31,1924 (9,587
banks)
RESOURCES
Loans and discounts.Overdrafts _United States Government securitiesOther bonds, stocks, and securitiesTotal loans and investmentsCustomers' liability on account of accept-
ances.Banking house, furniture, and fixturesOther real estate owned.Cash in vaultReserve with Federal reserve banksItems with Federal reserve banks in process
of collectionDue from banks, bankers, and trust com-
paniesExchanges for clearing house, also checks
on other banks in same place..Outside checks and other cash itemsRedemption fund and due from United
States TreasurerUnited States securities borrowed 1
Other securities borrowed *Other assets
Total.
LIABILITIES
Capital stock paid inSurplus fundUndivided profits, less expenses and taxes
paidDue to Federal reserve banks _.Due to banks, bankers, and trust com-
panies _Certified and cashiers' or treasurers' checks
outstandingDemand depositsTime depositsUnited States deposits _Total depositsBills payable (including all obligations
representing money borrowed other thanrediscounts).. .__
Notes and bills rediscounted (includingacceptances of other banks and foreignbills of exchange or drafts sold with in-dorsement)
Cash letters of credit and travelers' checksoutstanding .
Acceptances executed for customersAcceptances executed by other banks for
account of reporting banks. _.National-bank notes outstandingUnited States securities borrowedOther securities borrowed ._Other liabilities
Total..
Ratio of reserve with Federal reservebank to net deposit liability (per cent)..
19,034,99616,690
3,641,1324,045,312
26, 738, 130
391, 595786, 792147, 634561,433
1,900,153
665, 709
1,824,348
1, 709, 537140,987
36, 72014,9692,232
318,367
19,158,19517, 518
3, 569, 6534,086,66826,832,031
387, 292813,880156,089494, 223
1,893,301
549, 087
1, 643, 739
1, 582,343107, 798
37,14116, 4782,420
304,398
19,248,65015,369
3, 607, 7974, 389,74327,261, 559
285,830836,699155, 753503, 555
1,965,453
582,475
1,940,197
1,741,073133,411
37,104
1,787313,476
19,801,38818, 510
3,894,6204, 736,12628,450, 644
330,716843,077158, 641527,889
2,121,428
613,494
2, 430,462
1,091, 300100, 551
36, 70118,0601,954
378,953
20,165,60115, 708
3,902,7934,942,48629,026,588
461,736860,614161,133597,472
2,227, 569
724,926
2,339,488
1,935,114133,666
36,28419,0872,541
460, 649
35, 238,606 34,820, 223 35, 777,256 37,103,870
2, 003, 0541,641,319
733,19336, 674
3, 475, 656
922,54915,164,1828,650,610236,942
28,486,613
444,983
572, 661
20,350400,200
26,197725, 44153, 2565,270
126, 069
2,022,1691, 649,880
796, 39532,978
3,446, 737
867, 42014, 719, 2568,889,923291, 767
28,248,081
315, 979
428, 536
22, 457375, 768
37,451725,98652, 2634,952
140,306
2,030,3361, 669, 592
786,54733,976
3,820,125
983,97915, 308,9909, 203, 545178,946
29,529,561
205, 225
297,682
36,041276,968
27, 720729,18651,4254,252
132, 721
2,034,9431, 682, 646
876, 51636, 508
4,453,412
653, 34215, 729, 5979, 597,395301,803
30, 772,057
167,483
265, 264
22,514328,526
28,532723,03946, 7865,535
150,029
35, 238, 606 34,820, 223 35, 777,256 37,103,870
9.7 9.8 10.0
2,037,4811,707,486
786, 75943, 648
4, 504,315
1,082,43116,684,0389,804,738242,482
32,361,652
289,253
367,490
21, 709460,383
37, 322714,33348,0175,946
149,036
38,986, 867
10.1
1 Exclusive of securities borrowed by national banks.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
122 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
No. 79.—NATIONAL BANKS:1 RESOURCES AND LIABILITIES
[In thousands of dollars]
Dec. 31,1923 (8,184
banks)
RESOURCES
Loans and discountsO verdraf ts_...United States Government securitiesOther bonds, stocks, and securitiesTotal loans and investments _..Customer's liability on account of accept-
ancesBanking house, furniture, and fixturesOther real estate ownedCash in vaultReserve with Federal reserve banksItems with Federal reserve banks in process
of collectionDue from banks, bankers, and trust com-
paniesExchanges for clearing house, also checks
on other banks in same placeOutside checks and other cash itemsRedemption fund and due from United
States TreasurerOther assets
Total
LIABILITIES
Capital stock paid inSurplus fundUndivided profits, less expenses and taxes
paidDue to Federal reserve banksDue to banks, bankers, and trust compa-
niesCertified and cashiers' or treasurers' checks
outstandingDemand depositsTime deposits.United States depositsTotal depositsBills payable (including all obligations rep-
resenting money borrowed other than re-discounts)
Notes and bills rediscounted (includingacceptances of other banks and foreignbills of exchange or drafts sold with in-dorsement)
Cash letters of credit and travelers' checksoutstanding
Acceptances executed for customersAcceptances executed by other banks for
account of reporting banksNational-bank notes outstandingUnited States securities borrowedOther securities borrowedOther liabilities
Total _,-_
Ratio of reserve with Federal reservebanks to net deposit liability (per cent) _.
11,876,56210,470
2, 566,8512, 477, 84316,931, 726
207, 438512, 91093, 881386,428
1,180, 838
460,173
1, 349,334
1,011,05873, 656
36,746161, 940
22, 406,128
1, 325, 8251, 068, 359
473,97926, 965
2, 568, 846
534,0639, 593,1194, 948,019
157,84917,828,861
324,166
333,896
5,475204,432
17,630725,94938,2873,03856, 231
22,406,128
9.5
Mar. 31,1924 (8,115
banks)
11,952,28710, 815
2,494, 3132, 511, 637
16,969,052
202, 572525, 335100, 098342,969
1,160, 766
379, 307
1, 222,190
909, 80256,420
37,167157, 210
22,062, 888
1, 335, 5721, 073, 363
507,90525,328
2, 539, 782
449,4899, 292,1275,108,970
183,00017, 598, 696
271,645
6,225193,240
25, 455726,48335,6842,532
47,200
22,062,888
9.5
June 30,1924 (8,085
banks)
11, 978, 72810, 075
2,481, 7782, 660, 55017,131,131
135, 829532, 728104, 630345, 219
1,198, 670
397, 340
1,444,783
1,001, 49369,687
37,129167, 280
22, 565, 919
1,334,0111, 080, 578
501,65626, 445
2, 794, 556
550,3359, 593,2505,259,933
123, 31818,347, 837
143,847
196, 778
9,456131,411
17,381729, 68632,5422,56538,171
22, 565,919
9.4
Oct. 10,1924 (8,074banks)
12, 210,14812, 242
2, 579,1902,897,04017,698,620
145, 666541, 852107, 459360,101
1, 303, 631
427, 894
1, 852,163
629, 23152, 898
36, 726166, 820
23, 323, 061
1, 332, 5271, 074, 268
556, 79227, 342
3, 272,166
364,6359, 795, 5805, 460, 677
19,108, 798
123, 611
170,419
6,135140, 574
18,435723, 53028, 7293,58135,662
23,323, 061
9.4
Dec. 31,1924 (8,049banks)
12, 319, 6809,802
2, 586,6973, 075,99917,992,178
244, 728551,371108,966409, 566
1, 394, 386
486,933
1, 780,902
1, 081, 84070,635
36, 310223, 466
24,381, 281
1, 334, 8361,088,880
503, 26833,188
3, 269,594
599,62310, 363, 2505, 581,287
153, 26620, 000, 208
202, 304
196,396
6,124235, 232
26, 564714,84428,9303, 40540,290
24,381,281
1 Includes nonmember national banks in Alaska and Hawaii—six on Dec. 31, 1924, with total resourcesof $12,290,000.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
CONDITION OF MEMBER AND NONMEMBEK BANKS 123
No. 80.—STATE BANK AND TRUST COMPANY MEMBERS: RESOURCES ANDLIABILITIES
[In thousands of dollars]
RESOURCES
Loans and discountsOverdrafts... _United States Government securitiesStock of Federal reserve banks _.Other bonds, stocks, and securitiesTotal loans and investmentsCustomers' liability on account of accept-
ancesBanking house, furniture, and fixturesOther real estate ownedGold and gold certificatesA llother cash in vaultReserve with Federal reserve banksItems with Federal reserve banks in process
of collection .Due from banks, bankers, and trust com-
paniesExchanges for clearinghouse, also checks on
other banks in same place..Outside checks and other cash itemsUnited States securities borrowedOther securities borrowedOther assets
TotaL
LIABILITIES
Capital stock paid inSurplus fundUndivided profits, less expenses and taxes
paidDue to Federal reserve banksDue to banks, bankers, and trust companiesCertified and cashiers' or treasurers' checks
outstandingDemand depositsTime depositsUnited States deposits...Total depositsBills payable (including all obligations
representing money borrowed, otherthan rediscounts)
Notes and bills rediscounted (includingacceptances of other banks and foreignbills of exchange or drafts sold withindorsement)
Cash letters of credit and travelers' checksoutstanding _._
Acceptances executed for customersAcceptances executed by other banks for
account of reporting banksUnited States securities borrowedO ther securities borrowedOther liabilities
Total.
Ratio of reserve with Federal reserve banksto net deposit liability (per cent)
Dec. 31, Mar. 31,1923 (1,595 1924 (1,571
banks) I banks)
7,161, 2746,222
1, 077, 77337, 691
1, 530,9679, 813,927
184,158274, 014
53, 76813, 749
162, 438
719,315
205, 536
476, 640
67, 38814,9692,232
156,483
12,843, 303
677, 979573, 610
259, 3429,709
907, 610
388, 5245, 575, 5213, 703, 712
81, 46110, 666, 537
120, 817
238, 765
14, 877195, 769
8,56714, 9692,232
69,839
June 30,1924 (1,570
banks)
7, 208, 9946,704
1, 078,86138,144
1, 537, 8729, 870, 575
184, 720288,683
56, 00614, 556
137, 251
732, 535
169, 780
422, 792672,616 j51,406 I16,478 |2,420 j
147,207 I
7, 273, 5065, 296
1,129, 35838, 452
1, 692, 00910,138, 631
150, 001304,11951,13816, 983
142, 089
766, 783
185,135
496, 675739, 79563, 74518,8841,787
146, 228
12,767,025 13,221,983
687, 347577,170
697, 075589,669
288, 612 285, 0417,650 I 7,531
907,283 I 1,026,453
417, 9575, 431, 0163, 782, 092
111, 03810, 657, 036
77, 091
433, 7665, 720, 2423,944, 831
57, 37511,190,198
61, 378
156,891 j 100,904
16, 249182, 528
11,99616, 5792,420
93,106
26, 602145, 557
10, 33918, 8831,787
94, 550
12,843,303 12,767,025
10.2 10.5
13, 221, 983
10.4
Oct. 10,1924 (1,566
banks)
7, 594, 8846,277
1, 318, 76639,383
1, 800,92710, 760,237
185, 050301, 37951,19716,874
151,633
817, 797
185,600
580, 318
462,15547, 68618, 0601,954
212,14413, 792, 084
Dec. 31,1924 (1,544
banks)
7,849, 5465,915
1,319, 29139, 396
1,828,32511,042,473
217, 008309,43952,17718,420
170, 785
833,183
237,993
560,983
853, 52163, 05519,0872,541
237, 21114,617,876
703,166609,033
319, 9129,166 i
1,181, 620 I
288,839 !5,938,330 |4,138, 099 j
116,391 I11, 672, U5
43,872 I
94,845
16,384187,952
10, 09718, 0571,954
114,367 !
703,445619, 266
283', 69510,460
1, 235,623
483, 2026, 325,8634, 224, 966
91, 44112, 371,555
171, 094
15, 589225,151
10, 75819, 0872,541
108, 746
13, 792, 084 j 14,617,876 •
10.4 10.3
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
124 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
No. 81.—ALL MEMBER BANKS IN NEW YORK CITY: RESOURCES AND LIABILITIES
Lin thousands of dollars]
Dec. 31,1923
(63 banks)
Mar. 31,1924
(64 banks)
June 30,1924
(64 banks)
Oct. 10,1924
(66 banks)
Dec. 31,1924
(66 banks)
RESOURCES
Loans and discountsOverdraftsUnited States Government securitiesOther bonds, stocks, and secutitiesTotal loans and investmentsCustomers' liability on account of accept-
ances •__Banking house, furniture, and fixturesOther real estate ownedCash in vault.Reserve with Federal reserve banksItems with Federal reserve banks in proc-
ess of collectionDue from banks, bankers, and trust com-
paniesExchanges for clearing house, also checks
on other banks in same placeOutside checks and other cash itemsRedemption fund and due from United
States TreasurerUnited States securities borrowed iOther securities borrowed1
Other assets
3, 790,9601,840
897, 303517,689
5,307, 793
240, 59191, 5983,50261, 383577,156
133,325
82, 285
1,163, 04529, 379
1,924
3,807,0831, 700
854,449549,948
5, 313,180
233, 22992, 5253,52555, 515
608, 661
118,363 !
65,943 !1,172, 856 I
19,955 !
3, 972, 6121,277
921,023700,153
5,595,065
172, 45391, 5523,49457, 308618,600
119,234 |
76,602 |
1, 279,37224,017
2,014
180, 010 175,196 | 181,035
4,148,3461,229
1,037, 732761, 513
5,948,830
212, 50392, 8192,946
63, 027
689, 369
113,116
65, 235731,182
16, 681
2,031
219,383
Total. 7, 771, 990 7, 760, 932 ! 8, 220, 746 8,157,112
INABILITIES
Capital stock paid inSurplus f undUndivided profits, less expenses and taxes
paidDue°to Federal reserve banksDue to banks, bankers, and trust companiesCertified and cashiers' or treasurers' checks
outstandingDemand depositsTime depositsUnited States depositsTotal deposits . _ _.Bills payable (including all obligations
representing money borrowed, otherthan rediscounts)
Notes and bills lediscounted (includingacceptances of other banks and foreignbills of exchange or drafts sold with in-dorsement) ,
Cash letters of credit and travelers' checksoutstanding _•
Acceptances executed for customersAcceptances exeeuted by other banks for
account of reporting banksNational-bank notes outstandingUnited States securities borrowedOther securities borrowedOther liabilities
330, 298373, 520
174,408211
1,227, 355
622,826 !3,799,955 I
888, 578 I51,406 I
6,390,331
81,852 •
161,948 :
14,820 !244,914
16, 65838,5252,478
332, 750 I376,019 ;
333, 600376, 682
182,833 j 188,677336 i 212
1,282,176 i 1,481,730
649,528 !3, 740,166 I
624,987 !59,178 !
6,356,371
51,047 •
ioi, 200 ;
15,806 I222,421 :
26,399 i39,142 '2,478 •
742,711 |4,065,873 I
635,914
6,953,138
15,303 |
335, 260377, 393
198,399206
1, 503, 860
445, 7264, 037, 933
768, 80943, 652
6,800,186
18, 338
50,628 j
26,679 !163,296 |
!19,071 !39,3572,178
42, 238 \ 54, 466 ' 52,137
Total _ 7,771,990! 7,760,932! 8,220,746 8,157,112
86, 781
17,146204, 636
19,54639, 805
995500
58,127
Ratio of reserve with Federal reserve ̂to net deposit liability (per cent) , .
4,381,0231,104
974,021797, 537
6,153,685
294, 68089, 521
2, 86672,627
738, 911
159,458
73,6441, 390, 441
24,163
2,034
285, 272
9, 287, 302
336, 300379, 205
200,093265
1, 547, 432
759, 5404, 616,670
775, 27028, 591
7, 737, 768
43,651
180, 259
16,964290,128
24,29439, 884
995
47, 761
9, 287,302
12.8 i 13.5 ! 12.3 13.0 13.3
. * Exclusive of securities borrowed by national banks.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
CONDITION OF MEMBER AND NONMEMBEB BANKS 125
No. 82.—ALL MEMBER BANKS IN THE CITY OF CHICAGO: RESOURCES ANDLIABILITIES
tin thousands of dollars]
Dec. 31,1923
(24 banks)
Mar. 31,1924
(25 banks)
June 30,1924
(26 banks)
Oct. 10,1924
(25 banks)
Dec. 31,1924
(24 banks)
RESOURCES
Loans and discountsOverdrafts ---United States Government securitiesOther bonds, stocks, and securitiesTotal loans and investments..Customers' liability on account of accept-
ances -Banking house, furniture, and fixturesOther real estate ownedCash in vault.Reserve with Federal reserve banksItems with Federal reserve banks in proc-
ess of collection.. _Due from banks, bankers, and trust com-
paniesExchanges for clearing house, also checks
on other banks in same placeOutside checks and-other cash itemsRedemption fund and due from United
States TreasurerUnited States securities borrowed l
Other securities borrowed l
Other assets
1,057,462244
124,680139, 298
1, 321, 684
31,46320,439
6425,618
133,458
41,597
122,877
85, 5597,781
130
1, 024,798220
141,766128,742
1,295, 526
32, 38527,848
6421,751
119,790
30,863
101,145
62,7363,712
1442,509
1,064,243188
167,036137,473
1,368,940
27,14129,865
6222, 261
152,413
34,197
160,100
95, 5407,704
143
19,702 12,4641
14,178
Total.. 1,810,372 1,710,937 j 1,912,545
LIABILITIES
Capital stock paid inSurplus fund ..Undivided profits, less expenses and taxes
paidDue to Federal reserve banksDue to banks, bankers, and trust compa-
niesCertified and cashiers' or treasurers' checks
outstandingDemand depositsTime depositsUnited States depositsTotal depositsBills payable (including all obligations
representing money borrowed other than Irediscounts) I
Notes and bills rediscounted (including |acceptances of other banks and foreign jbills of exchange or drafts sold with in-dorsement)
Cash letters of credit and travelers' checksoutstanding
Acceptances executed for customersAcceptances executed by other banks for
account of reporting banksNational bank notes outstandingUnited States securities borrowedOther securities borrowedOther liabilities
92,05079,995
55,708
92,70079,540
57,667
Total..
Ratio of reserve with Federal reserve bankto net deposit liability (per cent)
331,182
22,941843,438281,651
9,8351, 489, 047
20,030
15,080
2,04229,465
2,3492, 665
350,117
22,647741, 351271,401
14,0081, 399, 524
11,000
6,511
1,76832,056
9112,6382,509
92,90079,570
58,690
21,941 24,113
1,810, 372 1,710,937
12.9 12.1
428,695
25,839874, 350293,173
8,9841,631,041
1,724
2,89427,669
6232,810
114,623
1,912, 545
13.5
1,209,848163
183,250150,311
1,543,572
30,05117,771
7521,590
156,235
35,180
144, 447
49,2343,638
143
26, 262
2,028,198
87,90084,571
62,000
472,718
16,218919,234307,968
10,4401, 726, 578
3,186
1,94031,240
1,4162,844
26, 523
2,028,198
1,163,949378
180,131162,115
1,506,573
32,83326,926
25,520162,709
40,935
129,600
88, 5316,547
142
123,898
2,044,289
89,40088,077
50,163
399,643
23,784953,740342,099
17,7241, 736,990
7,125
1,89734,472
1,6382,843
131,458
12.5
2,044,289
13.4
i Exclusive of securities borrowed by national banks.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
126 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
No. 83.—ALL MEMBER BANKS IN RESERVE CITIES: RESOURCES AND LIABILITIES
[In thousands of dollars]
Dec. 31, Mar. 31,1923 1924
(560 banks) (554 banks)
EESOURCES
Loans and discountsOverdrafts _United States Government securitiesOther bonds, stocks, and securitiesTotal loans and investmentsCustomers' liability on account of accept-
ancesBanking house, furniture, and fixturesOther real estate owned.Cash in vault-Reserve with Federal reserve banksItems with Federal reserve banks in proc-
ess of collectionDue from banks, bankers, and trust eom-
Exchanges for clearing house, also checkson other banks in same place _ _
Outside checks and other cash itemsRedemption fund and due from United
States TreasurerUnited States securities borrowed 1 __Other securities borrowed 1
Other assets _
6,672,0324,651
1,116,2761, 233, 9959,026,954
105, 923297,34155,149164, 263615,270
390,009
713, 700
367, 75072,143
8,9616,515
28387, 581
June- 30,1924
(552 banks)
Total ' 11,911,842
LIABILITIES
Capital stock paid in •_Surplus fund.-Undivided profits, less expenses and taxes
paid . . . .Due to Federal reserve banksDue to banks, bankers, and trust com-
paniesCertified and cashiers' or treasurers' checks
outstanding ______Demand depositsTime deposits __ _.United States deposits _Total depositsBills payable (including all obligations rep-
resenting money borrowed other thanrediscounts)..
Notes and bills rediscounted (includingacceptances of other banks and foreignbills of exchange or drafts sold with in-dorsement). _.
Cash letters of credit and travelers' checksoutstanding-..
Acceptances executed for customersAcceptances executed by other banks for
account of reporting banks.National bank notes outstandingUnited States securities borrowed.Other securities borrowed ."Other liabilities _
659,105556, 668
223,1968,792
1, 498, 429
185, 2724, 960, 6082, 950,007
133, 8849, 736,992
137,311
224, 019
3,311112, 806
6,513176, 07629, 597
1,85244,396
6, 800,0716,091
1,116,2741, 221,1189,143,554
107,157307, 887
58,767145, 903616, 457
315, 836
674,010
276, 20758,354
9,1195,991
36381, 742
6, 707,9735,241
1,129, 9221, 291, 8769,135,012
77.167325,166
52,684150,022635,372
341, 535
861,388
291,12573.168
9,10610, 950
37278, 008
Oct. 10, Dec. 31,1924 I 1924
(555 banks)! (549 bank:
11,801,347 j 12,041,075
673,675561, 348
246,6628,639
1,438, 522
123, 0354, 942,1573, 021, 385
173, 3789,707,116
91,218
153, 089
4,505107, 380
9,330174, 73226, 312
1,42744, 553
Total _Ratio of reserve with Federal reserve bank
to net deposit liability (per cent)
11,911,842 I 11,801,347
9.9 9.8
681,402573,026
242,3397,363
1, 543, 851
143, 7975, 095, 7053, 200, 727
110, 25210,101, 695
36, 262
60,076
5,98777,352
7,562177, 36129, 318
1.33347, 362
12,041.075
6,977,374 !
4,4531,293,8421,409,1649,684,833
79, 421331,348
53,970160, 928702, 047
373,828
1,157,115
248, 71556,156
8,85210, 365
53496, 863
7,161,8024,421
1, 353,2391, 463, 6379,983,099
119,628339,382
52, 648178,538726,462
419, 234
968, 035
367, 39871,330
8,61011, 796
412113, 617
12, 964, 975 13, 360,189
685, 501576,149
270, 3718,788
2, 029, 644
126, 6775, 313, 4953, 341, 222
192,19311, 013,019
33, 324
45,073
3,11884, 602
6,844174, 29926, 483
1,54045, 652
12,964, 975
10.1
685, 541584,878
239, 63110,232
2, 041,306
204,8875, 440, 2033,435,102
146,21911,277,949
104,971
85,482
2,627122,771
9,384168, 63726,072
1,33150,915
13, 360,189
10.1
1 Exclusive of securities borrowed by national banks.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
CONDITION OF MEMBER AND NONMEMBER BANKS 127
No. 84.—ALL MEMBER BANKS OUTSIDE CENTRAL RESERVE AND RESERVECITIES (SO-CALLED COUNTRY BANKS): RESOURCES AND LIABILITIES
[In thousands of dollars]
Dec. 31,1923 (9,127
banks)
Mar. 31,1924 (9,038
banks)
June 30,1924 (9,008
banks)
Oct. 10,1924 (8,989
banks)
Dec. 31,1924 (8,948
banks)
RESOURCES
Loans and discountsOverdraftsUnited States Government securitiesOther bonds, stocks, and securitiesTotal loans and investmentsCustomers' liability on account of accept-
ancesBanking house, furniture, and fixturesOther real estate owned _.Cash in vaultReserve with Federal reserve banksItems with Federal reserve banks in pro-
cess of collectionDue from banks, bankers, and trust com-
paniesExchanges for clearing house, also checks
on other banks in same placeOutside checks and other cash itemsRedemption fund and due from United
States Treasurer.United States securities borrowed *Other securities borrowed J
Other assets _ .
Total..
LIABILITIES
Capital stock paid inSurplus fundUndivided profits, less expenses and
taxes paidDue to Federal reserve banksDue to banks, bankers, and trust com-
paniesCertified and cashiers' or treasurers'
checks outstandingDemand depositsTime deposits .United States depositsTotal deposits.Bills payable (including all obligations
representing money borrowed other thanrediscounts)
Notes and bills rediscounted (includingacceptances of other banks and foreignbills of exchange or drafts sold withindorsement)._
Cash letters of credit and travelers' checksoutstanding
Acceptances executed for customersAcceptances executed by other banks for
account of reporting banks. _.National bank notes outstanding >.United States securities borrowedOther securities borrowedOther liabilities
Total.
Ratio of reserve with Federal reservebank to net deposit liability (per cent)...
7,514,5429,955
1,502,8732,154, 330
11,181, 700
13,618377,414
88, 919310,169574, 269
100, 778
905,486
93,18331,684
25, 7058,4541,949
31, 074
7, 526, 2439,507
1,457,1642,186,860
11,179,774
14, 521385, 620
93, 733271, 054548, 393
84, 025
802,641
70, 54425,777
25,8947,9782,057
34,996
7, 503,8228,663
1, 389, 8162, 260, 241
11,162, 542
9,069390,116
99, 513273, 964559, 068
87,509
842,107
75,03628, 522
25,8417,9341,414
40, 255
7,465,82012,665
1,379,7962,415,138
11,273,419
8,741401,139101, 650282, 344573,777
91,370
1, 063, 665
62,16924,076
25, 6757,6951,420
36,445
7,458,8279,805
1,395,4022, 519,197
11,383,231
14, 595404, 785105, 545320,787599,487
105,299
1,168, 209
88,74431, 626
25,4987,2912,128
37,862
13,744,402 13,547,007 13,602,890 13, 953, 585 14, 295,087
921,601631,136
279,88127,671
418,690
91, 5105; 560,1814,830,374
41,81710,970,243
205,790
171,614
17713, 015
677508,175
21,1813,418
17,494
923,044 I632,973
309,23324,003
375,922
72,2105,295, 5824, 972,150
45, 20310, 785,070
162,714
922, 434640,314
296,84126,401
365,849
71,6325, 273,0625,073,731
33,01210, 843, 687
I
13,744,402
7.4
167,736
37813,911
811509,47420,9643,525
17,174 i
13, 547, 007
7.3
153,660
185, 254
4818,651
464509, 658
19,9292,918
18, 599
13,602,890
7.4
926,282644, 533
345, 74627, 514
447,190
64,7215,458,9355,179, 396
55, 51811,233, 274
115, 821
130,224
3108,048
726506,091
19,3083,495
19, 727
13,953,585
7.4
926,240655,326
296, 87233,151
515,934
94,2205,673,4255, 252,267
49,94811,618, 945
140,406
94,624
22113,012
2,006502,96920,9504,614
18,902
14,295, 087
7.5
1 Exclusive of securities borrowed by national banks.
36569—25f 10
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
No. 85*—ALL MEMBEK BANKS: PRINCIPAL RESOURCES AND LIABILITIES ON CALL DATES, 1914-1924
[In thousands of dollars]to00
Date
Dec. 31.1914
Mar. 4.May 1. . .June 23..Sept. 2...Nov. 10_.Dec. 31 . .
1915
Mar. 7..May 1. . .June 30..Sept. 12..Nov. 17_Dec. 27..
1916
Mar. 5..May 1..June 20.Dec. 31.
1917
May 10..June 29..Nov. 1...Dec. 31 .
1918
Num-ber ofbanks
7,582
7,6077,6147,6157,6307,6407,631
7,6127,6057,6067,6187,6147,614
7,6147,6297,6537, 907
8,1328,2138, 5968,692
Loans and investments
Total
8,559,875
8,615,1178, 748, 3508,806, 0159,087, 9819, 730,0739,898, 575
10,119, 69310, 284, 57510, 347, 96210, 763, 07911, 289, 95711,306,806
11,733,02312,017,96912, 560, 918
* 17,132,205
* 18,874,889* 18,723,50021,345,61720,883,958
Loans anddis-
counts l
6,419,071
6, 563, 3266, 705,1466, 719, 7156, 964, 7057, 482, 6877, 622,474
7, 777, 3017,898,1417, 964, 2978, 263, 2828, 712, 2628, 713, 686
9, 096,1459, 207, 6469, 425, 506
* 12,419,748
*12,758,572« 13,317,94014, 670, 52314, 318, 523
U. S. Gov-ernmentsecurities
794,239
780, 355783,157782,619780, 895776, 932773, 807
753, 049737, 997730, 374728, 948723, 643716,129
713, 713776,189
1,098,0361,858, 093
3, 281,1202, 567,0443, 819, 6413,657,243
Otherbonds,
stocks, andsecurities
1,346,565
1,271,4361,260,0471, 303, 6811, 342,3811,470,4541, 502, 294
1,589,3431, 648, 4371, 653,2911, 770, 8491, 854, 0521, 876,991
1, 923,1652, 034,1342,037,3762,854, 364
2, 835,1972,838, 5162,855, 4532,908,192
Capital Surplus
1,074, 757
1,075,805 j1,075,2581,077,8851,087, 2891,087, 5491,087,150
1,086, 5901,086,8071,085,3751,090,8911, 094, 5421,095, 719
734, 527
731, 978727,039729, 799738,276738, 663741,529
740,669740, 727747,431754, 202762,134767,450
1,100,126 778, 2391,111,345 791,3681,123, 205 799, 3311,311,150 1,085,110
1, 367, 0601,381, 2201,442,2061,459,095
1,143, 3211,157, 7921, 223, 3421,254, 535
Deposits
Total
8,305,440
8, 666, 4228, 967, 3218,893, 9559, 437, 210
10,389, 26710,635,606
11,030,32611,403,50611,133, 29311,736,98712, 892, 62212, 661, 287
13.395,87613, 651, 00613, 396, 92218, 628, 027
19, 209, 95918, 954, 30820, 820, 81521,419, 330
Demand 2
5,124, 745
5, 091, 7285,366,9115, 277, 7485,490, 9746,152, 2266, 333, 596
6, 303, 7316, 661, 3846, 581, 3826, 891, 6767, 522, 2547, 340, 515
7, 503, 5437, 915, 6977, 856, 47611,179,676
11, 050, 61010, 753, 72712, 016, 31013, 309, 303
Time3 UnitedStates
1,233,280 j
1,264, 0061,319,9211,351, 6991.416,6411,463, 2581, 506, 018
1, 592, 3761, 685,8301,774,8391,852, 7611, 939,4881, 983, 202
2,125, 0492, 262, 8972, 303, 7323, 156, 241
3, 346, 8283, 395, 3813, 650,9433,834,320
70, 776
58, 71945, 96048, 26143,95140, 30034, 866
32, 29634,41638, 60733, 94334, 40834, 543
33, 717 I34,675 !
140,584 !649,413
1,459, 2741, 521,4031, 707, 627
471,632
Bank
1,876,639
2, 251,9692, 234, 5292, 216, 2472, 485, 6442, 733, 4832, 761,126
3,101, 9233, 021,8762, 738, 4652, 958, 6073, 396, 4723, 303, 027
3, 733, 5673,437, 7373,096,1303,642,697
3, 353, 2473, 283, 7973,445,9353, 804,075
1 Including rediscounts, overdrafts, and customers' liability on account of drafts paid under letters of credit.2 Including certified and cashiers' or treasurers' checks outstanding.3 Including postal savings deposits. Postal sayings deposits of State bank members are included with demand deposits for dates prior to June 20, 1917.* Exclusive of customers' liability on drafts paid under letters of credit by State bank members.
Bills pay-able and
redis-counts
132,902
95,94390, 69898,487
104, 01899,109
62,42864,11769,06795, 08079,61«94,670
75,34195,440381,996886,773
1,134,9591,105, 7922, 032, 5551,969,851
!cj>
WH
O
fed>
wo
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
1919 !Mar. 4 | 8,725June 30 | 8,822Nov. 17 i 8,995Dec 31. 9,066
1920May4 9,291June 30 ) 9,399Nov. 15..Dec. 29.
Apr. 28.June30..Dec. 31-
1921
Mar. 10..June 30. .Dec. 29..
1922
1923Apr. 3 —June30_.Sept. 14..Dec. 31. -
Mar. 31.June30_.Oct. 10__Dec. 31..
1924
9,5679,606
9,6989,7459,779
9, 8169,8929,859
9,8509,8569, 8439,774
9,6819,6509, 6359, 587
21, 760, 98922, 602,15024, 527,85325,181, 511
25,846, 65725, 945,40726,132, 50525, 887, 729
24, 644, 96124, 310, 66623, 644, 202
23,418,98224,358, 01425, 768, 503
26, 332,19326,675,00526,497, 55226, 738,130
26,832,03427, 261, 55928,450,64429, 026, 588
13, 975, 74415,534,55517, 589,82818, 363, 644
19, 497,11519, 784, 37020, 079, 50519, 767, 353
18, 606, 92418,206,01117, 483, 518
4, 823,0014, 036,8993, 660, 9433, 506,426
3, 081,1562, 941, 6552, 786,1092, 759,428
2, 627, 0732, 661,0782, 647, 793
17,161,135 | 2, 754,84617,295,943 ! 3,246.82418, 080, 787 3, 788, 377
18, 571, 825 3, 883, 26618,880,058 j 3,870,23218, 857,100 3, 722,44119,051,686 I 3,641,132
19,175,713 j 3,569,65319, 264,019 3, 607, 79719,819,898 3,894,62020,181,309 3,902, 793
2,962, 2443,030, 6963, 277, 0823,311,441
3,268, 3863,219, 3823, 266,8913,360, 948
3,410, 9643,443, 5773, 512, 891
3, 503,0013,815, 2473,899,339
3,877,1023,924, 7153,918,0114,045,332
4,086,6684,389.7434, 736,1264,942,486
1,466,268 j 1,269,0071, 489, 792 I 1, 292, 7161,565,871 I 1,343,6841,593,833 ! 1,375,727
1,695, 5551,717,0441, 787,1601, 799,061
1,850,0741, 858, 7101,867,821
1,886, 1721, 912, 2271,940, 916
1, 446, 9151, 480,4291, 518, 9531, 526, 901
1, 552, 4181, 557, 7191,557,475
1, 561, 0431, 584,0921, 625, 765
1,979,953 1,630,5531,998,295 I 1,631,7022,004,140 1, 626, 9222, 003, 054 1, 641, 319
2,022,1692, 030. 3362, 034, 9432, 037,481
1, 649,8801, 669, 5921, 682, 6461, 707, 486
21,493, 28822, 807, 52025,168, 89026.121, 621
12,708,816 ! 4,092,47713,899,421 i 4,343,38215,638,038 I 5,049,49316, 062, 684 5, 304, 793
24, 835, 338 15,351, 73225, 372, 336 15, 715, 53325, 088, 277 15, 494,18924,203,659 14,613,290
22, 812, 21623, 324, 85123, 231, 356
23,641,41825,516/68727, 271, 804
27,182,45927, 053, 20226, 914, 71828,486, 613
28, 248, 08129, 529? 56130, 772, 05732,361,652
13, 509, 48313, 855, 62013, 614, 458
13,484, 05415, 035,17915,672,741
15,127, 22115,161, 05915,100, 55116, 086, 731
15, 586, 67616, 292, 969.16, 382,93917, 766,469
5, 747, 5325, 910, 9266. 144, 0646,187,921
6, 343,4436, 366, 6326, 450, 629
6, 662, 3987,175, 0057, 644,881
8,142, 5748,378,2118,466,4168, 650, 610
8,889, 9239, 203, 5459, 597,3959,804,738
884, 280902, 339386, 309648, 555
190,168260,179219, 831316,191
272, 561389, 910306,103
329, 503156,118461, 799
404,427296,482144,478236,942
291, 767178, 946301,803242,482
3, 807, 7153,662,3784, 095,0504,105, 589
3, 545, 9063, 485, 6983, 230,1933, 084, 257
2, 686, 7292, 712, 6892, 860,166
3,165, 4633,150,3853,492,383
3, 508, 2373, 217,4503, 203, 2733, 512,330
3,479,7153, 854,1014,489,9204, 547,963
2,060,4692,047, 5502,423,8862, 561,607
3, 053, 6072, 952,1673,307,9383, 247,849
2,432,3862,108,8791, 452,962
838,979722, 744877, 527
967,8191,073, 2111,121,3621,017,644
744, 515502,907432, 747656,743
OO
6
ggww
g
toCO
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
No. 86.—NATIONAL BANKS1 : PRINCIPAL RESOURCES AND LIABILITIES ON CALL DATES, 1914-1924
[In thousands of dollars]00O
1914Dec.31_.
1915Mar. 4. . .May 1Jane 23Sept. 2Nov. 10Dec. 3 1 . . .
1916Mar. 7May 1June 30Sept. 12Nov. 17. „Dec. 27. _._
1917Mar. 5 . . . .May 1June 20 .Sept. 11Nov. 20Dec. 31
1918Mar, 4May 10June 29.._Aug. 31 . . .
Num-ber ofbanks
7, 581
7,5997,0047,6057, 6137,6177,607
7,5867,5787,5797,5897,5847,584
7,5817,5897, 6047,6387, 6567,662
7,6707.6887,7057,728
Loans and investments
Total
8,490, 351
8, 545,1068, 677, 6578, 733, 5148, 907, 5979, 529, 7139, 694,166
9, 910,19710, 071,92110,121,05610,446, 27510, 959, 04910,973,662
11, 374,41611, 557, 77612,004, 87712, 383, 94514,184, 22813,499, 536
13,636,747 j14,285,954 !14,134,393 '14,387,738 i
Loans anddiscounts 2
6, 363,435
6,507,0116, 649, 7926, 665,1456, 814, 0627, 315, 3357, 450, 653
7, 597, 8907, 713,7487, 769, 0967, 998, 5828,432, 6568,438,099
8, 796, 2998, 838,9108,991,8099, 263, 7289, 824, 7289, 906, 377
9, 599, 3709, 766, 235
10,164, 62310,126,388
United j OtherStates Gov-| bonds,
ernment j stocks, andsecurities | securities
795,078 ! 1,331,838
781,194783,994783,454781, 726777, 765774, 639
753, 913738, 830731, 205729, 777724,473716, 960
714, 523768,114
1,076,2561,158, 9822,354,1831,624,529
2,126,6052, 662, 9632,129,2832, 466, 268
1,256,9011,243, 8711,284,9151,311,8091,436,6131,468, 874
1, 558, 3941, 619,3431, 620, 7551, 717, 9161,801, 9201, 818, 603
1, 863, 5941,950, 7521,936,8121,961, 2352,005, 3171,' ' "
1, 910, 7721, 856, 7561,840,4871, 795, 082
Capital
1,065,952
1,066,5891,065,8921,068,5191,068,8641, 068, 6491, 068, 049
1,067, 2891, 067,4811, 066, 0491, 067, 5651,071,1161,070, 793
1, 073, 8751,079,6891,082, 7791,090, 3181,092,2071,092,606
1,094,3381,096, 9321,098, 5561,101,839
Surplus
726, 936
724, 308719, 329722,089722, 578722, 877725, 554
724, 664724, 697731, 389731,409739, 336744, 653
754, 621761, 654762, 367769, 050774, 575784, 065
801,165803,143809.138813, 769
Deposits
Total
8, 236, 468
8, 593,9678, 892, 0478, 821,2419,229, 51710,157,472
Demand J
5, 088,189
5, 052, 6295, 324, 7985,237, 4215, 339, 1405, 982, 705
10,402, 386 | 6,162,038
10,791,765 | 6,135,82811,135, 322 ! 6, 461, 96610,877,087 ]11,362,34112,489, 27912,266,846
6, 395, 0246, 605, 9227, 211, 4037, 034, 098
12, 958,18013, 080, 33812, 771, 83313,234,29714, 798, 33614, 445, 689
7,169,2497, 498, 8917, 433,4937, 679, 3708, 056, 9488,436, 395
14,438,769 j 8,084,14614, 385,120 I 8, 094, 68614,021,609 i 7,838,15013,885,759 ! 8,095,749
Time4
1, 206,810
1,238,0531,293, 9921, 32fi, 8501,379, 4211, 423, 8911,466,015
1, 548, 5781, 642, 5231, 729, 6661, 805, 9341,893,8131,935, 710
2, 070, 9712,166, 6832,179, 7612, 295, 9822, 281, 8652, 298, 282
2, 370, 6792, 342, 7472, 343, 5892, 397, 491
UnitedStates
71,698
59, 54146, 72348, 96444, 90041, 20335,901
33,27335, 48939,45734, 82235, 30835,418
34, 69535, 626132, 965210, 395
1, 352, 006517,315
682, 7121,060,0861, 037, 787506, 583
Bank
1,869, 771
2, 243, 7442, 226, 5342,208,0062, 466, 0562, 709, 6732, 738,432
3, 074, 0862,995,3442, 712,9402, 915, 6633, 348, 7553, 261,620
3, 683, 2653, 379,1383, 025, 6143, 048, 5503,107, 5173,193, 697
3,301,2322, 887, 6012, 802, 0832, 885, 936
Bills pay-able and
redis-counts
132,442 g
95,66090, 53398,120105, 719103,45598,416
61, 95663,72068, 61891,89373, 67189, 758
69,72792,314373,028285,104599,945741,848
656, 896844,171883, 274
1,294,005
fed
I
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Nov. 1..Dec. 31.
Mar. 4.May 12..June 30..Sept. 12..Nov. 17..Dec. 3 1 -
1919
Feb. 28.May 4. . .June 30..Sept. 8__.Nov. 15_.Dec. 29..
1920
Feb. 21.Apr. 28..June 30..Sept. 6...Dec. 31..
1921
Mar. 10..May 5 . . .June 30..Sept. 15..Dec. 29. .
1922
Apr. 3 .June 30..Sept. 14_.Dec. 3 1 . .
1923
Mar. 31..June 30_.Oct. 10. .Dec. 31 . .
1924
7,7547,767
7,7617,7737,7857,8217,8657,890
7,9337,9908,0308,0938,1238,130
8,1438,1528,1548,155
8,1978,2308,2498,2408,225
8,2298,2418,2398,184
8,1158,0858,0748,049
15,688,03215,191,499
15, 590,05216,148,99316,079,20316, 761,90417,134,04017, 493,171
17,548, 03317,848,62617,823, 58017,831, 50117,890, 29017, 665,959
16,865,33316,360,18116,039,56615,530, 77315, 572,678
15,412,03415, 481, 62115,820, 73715,940,44016, 616, 752
16, 720, 74316,897,80416,948, 57216, 931, 726
16,969,05217,131,13117, 698, 62017, 992,178
10, 755,47110,446,473
10,096,30010, 267,15311,027,28011, 546,09512,268, 75712, 784,460
13,117, 76513,524,92113, 637,11513, 732,32113,783,99813,543,932
12,837,27412,367,40012,014,48511,695,04711,515,338
11,293,87411,194,34311, 257,41211, 248,16611, 612, 713
11,679,62111,828,10111,947, 50611,887,032
11,963,10211,988,80312,222,39012,329,482
3,166,4922,956,394
3,686, 7204,032, 7533,176,3143,296, 5932,881,8812,723,493
2,459, 4242,375,8012, 269, 5752,175,0192,152,4652,131, 573
2,047,2342,001,8112,019,4971,861,9771,975,898
2,031,5642,124,6912, 285,4592,402,4922, 656, 560
2,694, 2072,693,8462, 602,7622, 566,851
2,494,3132,481,7782, 579,1902, 586,697
1,766,0691,788,632
1,807,0321,849,0871,875,6091,919,2161,983,4021,985, 218
1,970,8441,947,9041,916, 8901,924,1611,953,8271,990,454
1,980,8251,990, 9702,005,6841,973,7492,081,442
2,086,5962,162,5872,277,8662,289, 7822,347,479
2,346,9152,375,8572,398,3042,477,843
2,511,6372,660, 5502,897,0403,075,999
1,107, 7601,109, 735
1,106, 5501,111,5011,118,6031,137,9701,153, 7521,158, 2o9
1,182,0821, 214, 7691, 224,1661, 248, 2711, 269,9301, 272, 291
1, 273,2051,271,3831,273,8801, 276,1771, 282,432
1, 289, 5281,296,2201,307, 2161,307,1221,317,010
1,319,1441,328,8911,332,3941,325,825
1,335, 5721,334,0111,332, 5271,334,836
829,663845,282
854,433859,603872, 226
902, 905921,335
944,126
1,016, 5221,019, 928
1, 029,4061,024, 7611, 026,2561,027, 3731, 033, 406
1, 036,1841, 040, 2491, 048, 8061,042,1971,075, 545
1, 067, 6521,070, 6161,068, 3201, 068, 359
1, 073,3631, 080, 5781, 074, 268
15,051,473 |15,423,081 i
8,640,8189, 460, 577
15, 299, 80715,903,79615,924,86516,681,60717,467,85317,866,413
16,965,12216, 924, 54317,155, 42116, 751,95616,961, 70216, 277, 757
15,478,35414,851,85915,142,33114, 560,85215,075,102
15, 390,43815, 766,98816, 320, 56416, 598, 76217,420,481
17, 036, 28116, 897,98017,040, 53017,828,861
17, 598, 69618,347,83719,108, 79820, 000,208
8, 856,3959, 552, 7679, 588,14410,174,67010,773,05810, 928,635
10,329,63710,459, 28410, 650,11210, 346, 53910, 544, 7789,888, 077
9,249 1818, 872,8609,046,4758, 652,8698, 871, 799
8, 796, 6319,091,8419, 603,1889, 643, 79610, 042,192
9, 505, 2569, 541,4859, 629, 07210,127,182
9,741, 61610,143, 58510,160, 21510,962,873
2,372, 5122,473, 868
2, 652, 6662, 729, 2452, 784,9402, 921,0343,053,6853,139, 542
3, 259,1783,410,4803, 485, 5013, 560,2983,621,1123, 631,837
3, 712,4303, 698, 5183, 695,8063, 680, 7043, 749,328
3,837, 7593,918,2824, 111, 9514,169, 2204, 318, 736
4, 580, 2164,755,1624,864, 3694,948,019
5,108,9705, 259,9335,460, 6775, 581, 287
1,136, 884313, 381
591,318530, 551566, 793518,903270,390448, 863
67,914115, 200175,78853,453147, 239212,123
113,449175,149249,039109,981188,089^
215,347141,844103,374145,182304,176
264, 279192,135101, 649157,849
183,000123,318188,398153,266
2, 901,2593,175,255
3,199,4283,091, 2332, 984, 9883,067,0003, 370, 7203, 349,373
3,308,3932, 939, 5792, 844,0202, 791,6662, 648, 5732, 545, 720
2,403, 2942,105, 3322,151, Oil2,117, 2982, 265,886
2, 540, 7012, 615,0212, 502, 0512, 640, 5642, 755,377
2, 686,5302,409,1982,445, 4402, 595,811
2, 565,1102,821,0013,299, 5083, 302, 782
1,566,9911,380, 835
1, 451, 2231, 547, 7231,484, 7691, 505, 5161,742, 6311,911,810
2,064, 5902,265,0792, 208,0682,299,6402,390, 6332,342,663
1,925, 5291,711, 5021,471, 9791, 256,7731, 019,929
598,826534, 621508, 752429, 324573, 202
660, 632723, 722753, 794658,062
510, 533340, 625294,030398, 700
Oo2aQ
Bw
Bw
1 Includes nonmember national banks in Alaska and Hawaii. On Dec. 31, 1924, there were 6 with total resources of $12,290,000.2 Including rediscounts, overdrafts and customers' liability on account of drafts paid under letters of credit.3 Including certified and cashiers' checks outstanding.4 Including postal savings deposits.
Co
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
No. 87.—STATE BANK AND TRUST COMPANY MEMBERS: PRINCIPAL RESOURCES AND LIABILITIES ON CALL DATES, 1914-1924
[In thousands of dollars]Co
to
Date
Dec. 31.1914
Mar. 4_.May 1...June 23..Sept. 2. _Nov. 10..Dec. 31. .
1915
Mar. 7..May 1 . . .June 30..Sept. 12..Nov. 17..Dec. 27. .
1916
Mar. 5..May l._June 20.Dec. 31.
1917
May 10..June29_Nov. 1__Dec. 31.
1918
Mar. 4..June 30..Nov. 17..Dec. 31.
1919
Num-ber ofbanks
404453250
449513847930
1,0421,1351,181
Loans and investments
Total
73,057
73,58774,38376,085
183,909204,088208,160
213,287216,660230,053321,166335,391337,803
363,384464,262560,070
3,637,334
4, 593,9224, 594,2765,662,8145, 697,825
6,176,2056, 528,3567,399, 7007,694,315
Loans anddiscounts l
57,782
58,47657, 533
152,740169,603174,135
181,760186,873197,820267, 540282,476278, 524
302,823371,325436,236
2, 516,366
2,995,2113,156,4003,917,9883,875^064
3,882,2994, 510,3685,324, 2945, 582, 500
UnitedStates Gov-
ernmentsecurities
26
548,90922,685234, 592
619,624439,246654,859702,619
1,138,128862,339781,134785,013
Otherbonds,
stocks, andsecurities
15,249
15,08516,82319,41731,13534,45333,992
31,52729,75532,20053,59152,88059, 245
60,50784,028101,149886,376
979,087
1,089,9671,120,142
1,155,7781,155,6491,294,2721,326,802
Capital
9,541
9,95110,10110,10119,16119,63619,836
20,03620,06120,06124,06124,16125,661
26, 98632,32641,076
219, 294
270,878283,414335,196350,110
360,468371,979412,869436,324
Surplus
7,918
7,9968,0468,046
16,04016,12816,334
16,36416,39016,40623,15723,16223,161
24,04430. 08937,339
301,471
340, 604349,080394,106409,680
415,006420,934441,-264454,877
Deposits
Total
73,066
76, 25179,14876, 709
212, 278236,305238,062
243,178272,864261,035379, 758408,471400,045
443,344574,904629,327
4, 189, 398
4, 831, 5314, 938, 6365, 775,8326,002, 702
6,199, 5606, 889,0927, 707, 7808,262,017
IDemand2
39,471
41,59544,62243,134
154,902172,719174,815
170,968202,280189,877289,640314, 654310,805
338, 573419,758426, 729
2,746,899
2, 959, 0962, 918, 6173,379,0733,851, 970
3, 855,3264,314,9044,868,6135,137,894
Time 3
26,600
26,28626,42125,24137,66339, 67840,474
44,24543,90745, 58347,12946,08447, 829
54, 45696, 525124,282
1,004,6581,052, 2901,278,9481,361,020
1,440,3711, 558,9401, 996, 4052,165, 786
United
States
7,780135,014
402,043485,63.9572,618160,464
295,228337,432117,977201, 710
Bank
6,995
8,3708,1058,334
19,71323,90822,773
27,96526,67725, 57542,98947, 73341,411
50,31558, 62170, 536
449,025
465,734482,090545,193629,248
608,635677,816724, 785756,627
Bills pay-able and
rediscounts
459
283264367363564
472397449
3,1875,9474,912
5,6143,1268,968
145, 225
290, 788222, 518465, 564589,016
609,246562,781681, 255649,797
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
May 4_.June 30,.Nov. 15..Dec. 29..
1920
Apr. 28.June 30.Dec. 31-
1921
Mar. 10_.June 30..Dec. 29..
1922
Apr. 3 .June 30-.Sept. 14_.Dec. 31 . .
1923
Mar. 31..June 30.Oct. 10..Dec. 31.
1924
1,3061,3741,4491,481
1,5501,5951,614
1,6241,6481,639
1,6261,6201,6091,595
1,5711,5701,5661,544
8,004,1778,127, 969
8,228,719
8, 291,0418, 277,3398,077,322
8,012, 8538, 543, 4029,158, 556
9, 618, 4799, 784, 2429, 556,3979, 813,927
9,870, 57510,138, 62110, 760, 23711,042,473
5,975,6336,150,8256,299, 6806,227, 630
6, 242,8026,194, 8005,970, 915
5, 869, 5016,040, 6846,470,411
6, 894, 5997,054, 6016, 912,2387,167,496
7,215, 6987, 278, 8027, 601,1617, 855,461
707,338674,046635, 609629,955
627, 717644,043674,353
726,302964, 523
1,135,381
1,192, 6911,179, 8611,123, 2721,077,773
1,078,8611,129,3581,318,7661, 319,291
1,321, 2061,303,0981,313,6971,371,134
1,420, 5221,438,4961,432,054
1,417,0501, 538,1951,552,764
1,531,1891,549, 7801,520, 8871,568, 658
1,576,0161,730,4611, 840, 3101, 867, 721
481,536493,628517, 980527, 520
579,391585, 530586,089
597,369605, 761624,656
661,559670,154672,496677, 979
687,347697,075703,166703, 445
486, 840494,568502, 961507, 503
528,112531, 918524,574
525, 379535,806550, 750
563,491561, 676559,202573, 610
577,170589, 669609,033619,266
7, 917,1748,224,1058,134,1377, 932,134
7, 967,0028,188, 9688,162,919
8, 257, 9109, 202,3519, 858, 728
10,153, 73810,162, 796
9, 882, 65010, 666, 537
10, 657,03611,190,19811, 672, 44512, 371, 555
4, 896,1455,069, 7054, 954,1704, 730,330
4, 640,1794, 812, 8194, 745,987
4, 690,9405,435, 7215, 634, 547
5, 626,0345, 624,0685,475,9415, 964, 045
5, 848, 9736,154,0086, 227, 1696, 809,065
2,337, 6352,426,0352,523, 6952,556, 818
2,645, 7032, 671, 5932,702,110
2,825,4293,063, 8383,326, 958
3, 563,2583, 624,0483, 603,0933, 703, 712
3, 782,0923, 944, 8314,138,0994, 224, 966
76, 52186,49874,381
106,166
99,625142, 457120,308
116, 56954,142
160,005
142,281105, 92145,43481, 461
111,03857,375
116,39191, 441
1 Including rediscounts, overdrafts, and customers' liability on account of drafts paid under letters of credit.2 Including certified and cashiers' or treasurers' checks outstanding.3 Including postal savings deposits.4 Included with other bonds, stocks, and securities
606,873641, 867581, 891538,820
581,495562,099594, 514
624, 972648, 650737, 218
822,165808,759758,182917,319
914,9331,033,9841,190, 7861, 246,083
788, 528746,099917,305905,186
720,884636, 900433,033
240,153213, 992304,325
307,187349,489367, 568359,582
233, 982162,282138, 717258, 043
QO
O
O
ggw
gI
w50
COCO
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
No. 88.—REPORTING MEMBER BANKS IN LEADING CITIES: PRINCIPAL RESOURCES AND LIABILITIES OF ABOUT 737 BANKS, BY WEEKS
[In millions of dollars]
CO
Y e a r l y average(based on weeklyfigures):
19211922._._.1923..1924
1924Jan. 2
9 : . -16 -23.30 ._
Feb. 61320.._27 —
Mar. 5121926
Loans and discounts and investments
Total
15,34615,16316,41317,266
16,62216, 43816, 37216,35516,364
16,41916, 42016,42116, 374
16,38416, 46916,62016,580
Loans and discounts
Total
11,98010,97011,78912,324
12,06711,93111,87711,85711,884
11,93211, 93511,92711,877
11,93511, 99712,11312,065
Se-cured
byU.S.Gov-ern-
mentobli-ga-
tions
667331255206
239228224223214
236238229227
214207207207
curedby
otherbondsand
stocks
3,0303,4243,7504,142
4,0303,9213,8793,8773,863
3,8463,8183,8493,805
3,8203,8523,9133,860
Allother
Investments
Total
8,2837,2157,7847,976
7,7987,7827,7747,7577,807
7,8507,8797,8497,845
7,9017,9387,9937,998
3,3664,1934,6244,942
4,5554,5074,4954,4984,480
4,4874,4854,4944,497
4,4494,4724,5074,515
United States securities
Total
1,3171,9852,4572,427
2,314
2,3132,3032,289
2,3082,2912,2862,276
2,2262,2562,2892,287
Pre-war
bonds
278
270270270270270
270270273273
270270270271
Lib-erty
bonds
8791,2411,0441,236
1,0051,0051,0141,0241,013
1,0301,034l,pl1,030
1,0001,0321,0381,053
Treas-ury
bonds
87
8081
236568907
843833842824822
828812803794
784779769758
Cer-tifi-
catesof in-debt-edness
202176129155
116114107107105
10497
102102
97101139133
Otherbondststocksand
securi-ties
2,0492,2082,1672,515
2,2412,2042,1822,1952,191
2,1792,1942,2082,221
2,2232,2162,2182,228
Re-servewithFed-
eral re-servebanks
Cashin
vault
1,2631,3611,4001,544
1,4551,4301,4341,4351,425
1,4071,4161,3981,419
1,4101,4451,4831,415
320286291
322311280277273
273298281280
279279274281
Deposits
Netde-
mandTime
Gov-ern-
ment
10,22910,85911,42012,063
11,43811, 28511, 30811,21011,239
11,27511,40411, 23511,167
11,17411,34811,41811,171
2,9403,3723,9504,453
4,1044,1064,1124,1374,097
4,1204,1324,1764,184
4,1944,1914,1944,235
230211183153
163154139139139
139125125124
125125245237
Accommodation atFederal reservebanks
Total
1,261254475167
533349284294273
255317270297
262258206253
Se-cured
b yU. S.Gov-ern-
mentobli-ga-
tions
49412126883
300190148165153
145202136162
11812075
124
Other-wisese-
curedand
unse-cured
76713320784
233159136129120
110115134135
144138131129
2n
CO
p
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Apr. 2—9. . .
16.-.23 . . .30. . .
May 7. .14.21.28.,
June 4_.11-.18..25. .
July 2._9
23_.30 - .
Aug. 6__13__20..27. _
Sept. 3 . .10.
24_
Oct.
22__29__
Nov. 5 -12.19.26.
Dec. 3 . .10.-17..24 . .3 1 . .
16,62916, 56916,61216,60716,656
16, 66416, 70716,60116,610
16,66216, 79616,87116,969
17, 05617, 05517,12217,15917, 252
17,33017,43617, 51917, 515
12,10212,05612,06212.05412,121
12,07512.05511,98011,951
11,94212,07612,11212,142
12,15012,19712, 22012, 21712, 265
12, 34812,40312,45112,424
17, 571 12, 43717, 620 12, 47917,872 12, 57718,008 12, 677
18,19318,15118,23218,320•18, 315
12, 78212, 72912, 78612,84312, 764
18, 344 12, 76918,432 12, 87218,442 12,82418,487 ! 12,870
18, 527 | 12,91518, 576 12, 97218, 582 12,98918,601 I 13,02318, 599 I 13,068
224228219213213
211219231215
218214215218
216214195195190
188190193192
193200190
192192191192181
185185182185
199179191196195
3,887 J 7,9913,8293,8663,8823,973
3,9393,8883,8783,860
3,8973,9664,0214,050
4,1134,1064,1834,1884,241
4,2194,2794,3164,292
4,3724,3184,3554,406
4,4704,3924,3894,4744,366
4,3994,4464,4254,483
4,5224,6044,6074,6414,668
7,27,9777,9597,935
7,9257,9487,8717,876
7,8277,8967,8767,874
7,8217,8777,8427,834"7,834
7,941*7,9347,9427,940
7,8677,9688,0228,081
8,1208,1458,2068,1778,217
8,1858,2418,2178,202
8,1948,1898,1918,1868,205
4,5274,5134,5504,5534,535
4,5894,6524,6214,659
4,7204,7204,7594,827
4,9064,8584,9024,9424,987
4,9825,0335,0685,091
5,1345,1415,2955,331
5,4115,4225,4465,4775,551
5,5755,5605,6185,617
5,6125,6045,5935,5785,531
2,2762,2602,2592,2532,198
2,2412,2532,2392,238
2,2442,2572,2952,313
2,3732,3352,3592,4022,402
2,3952,4292, US2,461
2,5002,4972,6222,647
2,6522,6642,6602,6862,712
2,6982,6722,7242,734
2,7352,7272,7122,7002,645
272273271272272
- 271272272272
272270273271
271272273273271
276272269271
267268267266
266266265265265
264265265264
264263263262261
1,0581,0651,0731,0831,095
1,1131,1371,1381,149
1,1571,1691,1861,204
1,2401,2371,2491,2841,300
1,3151,3521,3591,373
1,4091,4111,4081,409
1,4211,4291,4341,4421,449
1,4491,4541,4751,482
1,4861,4641,4141,4121,388
6771717070
72716967
69696971
7069696865
65626566
67686970
6768697069
70687067
6775364370362
754737730722660
6S6680669663
663663633634
661631645650645
632644648652
662656590607
608603590602623
620611629639
639647517523501
125114114106101
99939187
8386134133
131126123127121
1079910299
9594288295
290298302307306
295274285282
279278154133133
2,2512,2532,2912,3002,337
2,3482,3992,3822,421
2.4762,4632,4642,514
2,5332, 5232,5432,5402,585
2,5872,6042,6252,630
2,6342,6442,6732,684
2,7592,7582,7862,7912,839
2,8772,8882,8942,883
2,8772,8772,8812,8782,886
1,4361,4391,4421,4381,455
1,4591,4491,4531,447
1,4891,5391,5961,545
1,5211,5381,5861,5691,591
1,5951,6181,5961,585
1,6041,6261,7501,612
1,6201,6721,6591,6401,646
1,5981,6451,6961,625
1,7241,6691,6941,7001,680
269282273283269
285284278287
287287275279
292299274274285
276278271275
281293279283
273291292291293
311314294305
310321338333324
11,24611,16311, 34011,28911, 439
11, 37911,49611, 40311, 403
11, 56911. 78511,88311,837
11,99412,02112,16212,13512,233
12, 29112, 42512, 41912, 424
12, 47812, 59912, 78912, 630
12,87012, 80513,04413,01312, 922
12,94713,19613,09113,065
13,21213,21313,16913,04513, 254
4,2304,2414,2514,2654,288
4,3014,3044,3164,323
4,3264,3484,3794,414
4,4184,4374,4824,4904,492
4,5234,5544,5514,557
4,5654,5774,6224,664
4,6754,6964,7324,7434,782
4,8054,8234,8624, 857
4,8264,8264,8164,8144,849
238237224204207
20418311889
8980129129
129114101100
96969696
8675233233
233232210200199
200168140140
13285180169166
300306242238204
208178174181
160140116106
13384847072
62646159
108747775
921041046765
77728266
103110133224154
16014610610280
90766981
58554240
7028342429
23282021
65323031
4961572320
39372433
676891155114
140160136136124
118102105100
1028574
6356504643
393641
43424744
4343474445
38355833
3642426940
00Or
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
136 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
No. 89.—STATE BANKS AND TRUST COMPANIES: MEMBER AND ELIGIBLE1 NON-MEMBER BANKS ON JUNE 30, 1924, IN EACH FEDERAL RESERVE DISTRICT
[Amounts ID thousands of dollars]
Federal reservedistrict
BostonNew YorkPhiladelphiaCleveland
RichmondAtlantaChicagoSt. Louis
MinneapolisKansas City. _ . .Dallas.. .._San Francisco
Total-
Federal reservedistrict
BostonNew YorkPhiladelphiaCleveland
Richmond.AtlantaChicagoSt. Louis
MinneapolisKansas CityDal las . . .San Francisco
Total
Number of banks
Mem-bers
3614470
120
65133364130
10133
186188
1,570
Eligiblenon-
members
192322434827
1,0911,2073,1041, 753
1,3991,820
721728
13, 598
Total
228466504947
1,1561,3403,4681,883
1,5001,853
907916
15,168
Percent
ofmem-bersto
total
15.830.913.912.7
5.69.9
10.56.9
6.71.8
20.520.5
10.4
Surplus
Mem-bers
39,433196,06670,26596,844
13,42818,36388,83824,049
2,8783,3153,788
32,402
589,669
Eligiblenon-
members
23,8872 88,669
92,45071,906
58,06325,13788,04431,886
14,67321,97910,44732,518
559,659
Total
63,320284, 735162, 715168,750
71,49143,500
176,88255,935
17, 55125,29414,23564,920
1,149, 328
Percent
ofmem-bersto
total
62.368.943.257.4
18.842.250.243.0
16.413.126.649.9
51.3
Capital
Members
33,450229, 729
38,42682, 790
19,33731,885
112, 90840,569
6,7778,635
12,25080,319
697,075
Eligiblenon-
members
28,51180,84090, 77474,669
89, 07157, 779
190, 76474,503
43,83362,24232,73273,628
899,346
Total
61,961310, 569129,200157, 459
108,40889,664
303,672115,072
50,61070,87744,982
153,947
1, 596,421
Percent
ofmem-bersto
total
54.074.029.752.6
17.835.637.235.3
. 13.412.227.252.2
43.7
Total resources
Members
800,2615,219,654
590, 2251,448,711
230,451414,468
2,217,196558,484
* 94? 545,137, 574102,287
1,408,127
13,221,983
Eligiblenon-
members
549,5091,391, 7101, 085,5481,139, 760
945,492615,844
2, 509,596731,365
569,313666,680287,052
1,093,688
11, 585, 557
Total
1, 349, 7706,611,3641, 675, 7732,588,471
1,175,9431,030,3124, 726,7921,289,849
663,858804,254389,339
2, 501,815
24,807,540
Percent
ofmem-bersto
total
59.378.935.256.0
19.640.246.943.3
14.217.126.356.3
53.3
* Eligibility is based on capital stock requirements. List does not include mutual savings banks withoutcapital stock and private banks, neither of which are eligible for membership in Federal Reserve System.
2 Includes undivided profits of eligible nonmember banks in the State of New York.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
CONDITION OF MEMBER AND NONMEMBER BANKS 137'
No. 90.—STATE BANKS AND TRUST COMPANIES: MEMBER AND ELIGIBLE NON-MEMBER BANKS ON JUNE 30, 1924, IN EACH STATE
[Amounts in thousands of dollars]
State
New England States:MaineNew Hampshire.VermontMassachusetts...Rhode IslandC onnecticut
TotalEastern States:
New YorkNew Jersey.PennsylvaniaDelawareMaryland ___ _.District of Co-
lumbiaTotal
Southern States:VirginiaWest Virginia....North Carolina. _South Carolina...GeorgiaFloridaAlabamaMississippi ._Louisiana. . .Texas . .ArkansasKentuckyTennessee .
TotalMiddle W e s t e r n
States:OhioIndiana.._Illinois—MichiganWisconsin...MinnesotaIowaMissouri
TotalWestern States:
North DakotaSouth DakotaNebraskaKansas -_.MontanaWyomingColoradoNew MexicoOklahoma
TotalPacific States:
WashingtonOregon...CaliforniaIdahoUtah . .NevadaArizona
TotalGrand total
Number ofbanks
Mem-bers
4
2534
36
98567748
1
244
12171219781324
815
176389
13
434
912182
1663029
10158
578
414137
353327
88
4738383330
4
190
1,570
Eligiblenon-mem-bers
441032597
54
206
237109540
19104
10
1,019
241188324243411209193219185610229429281
3,762
492589
1,162407575565944771
5,505
25731073655411843
11735
197
2,367
135111323
53582237
739
13, 598
Paid-in capital
Members
1,100
22,5008,0001,850
33,450
208, 72022,85945, 7513,2004,930
1,000
286,460
4,7622,4905,2672,038
13,1192,5454,421
79011, 59511,3775,4843,6568,000
75, 544
68, 2155,032
56, 65941,2754,3322, 4809,771
28,300
216,064
150580560355
2,47519060060
205
5,175
4,0583,680
66,7681,3553,683
838
80, 382
697,075
Eligiblenonmem-
bers
4,040805
2,36611,800
1,14512,255
32,411
59, 44023,650
112, 8483,487
16,165
11,110
226, 700
19, 52616, 70516, 37211,97816, 7699,0448,232
10,15911,18627,3779,439
16, 94116,080
189, 808
34, 26635,08987, 36126,60125, 55520,24139, 40534,367
302, 885
5, 7697,790
23, 61418,0224,6001,7844,6911,5854,958
72,813
6,1645,324
52, 7201,5983,9711,7413,211
74, 729
899,346
Surplus
Members
950
25, 43311,0002,050
39, 433
180, 57317,673
119, 0252,5004,404
100
324, 275
3,6242,9032,0961,1517,601
9342, 535
4317,2393,5061,8991,8652,387
38,171
42,2242,020
43, 65035,9304,4631,1464,423
19,330
153,186
20140163211960
59555
1527
2,150
1,2401,655
26,942457
1,853
307
Eligible'nonmem-
bers
2,875961
2,16510, 615
1,0438, 283
25, 942
i 74, 43417, 517
126, 9761,486
19, 570
6,550
246, 533
9,86810, 2438,4705,7107,9952, 8913,5494,6815,5418,0683,866
10,4445,663
86,989
24, 20914, 50342, 40114,0908, 7038,077
16, 21215, 795
143,990
1,5052,1716,1938,3941,073
7031,849
328899
23,115
1,5011, 696
25,086377
2,188527
1,715
32,454 j 33,090
589, 669 559,659
Total resources
Members
32,226
510, 656225, 795
31, 584
800, 261
4,815,106441, 495828, 67838,04367, 755
4,886
6,195, 963
50, 53836,15967,00819, 811
126, 50429,1^960,88211,161
199,80490,93061, 37857, 43783, 642
894, 403
1,112,00360, 254
1,115, 200853,116106,87634, 766
134,325433,088
3,849,628
1,1028,0595,7993,957
31, 7191,511
18, 425309
1,745
72, 626
43, 76357, 660
1,235, 49112, 56047, 957
11, 671
1, 409,102
13,221,983
Eligiblenonmem-
bers
91,83918,93262, 992
220, 64819,277
192, 947
606, 635
999, 599424, 668
1, 467, 77834, 784
253,865
95,267
3,275,961
151,844185,305187,108111, 679131, 760119,25271,003
137, 264156, 601222,282
83,325174,156161,170
1, 892, 749
526, 392434,341
1,131,945348,939352,322288,461507,187331,319
3,920,906
55, 779105, 212286, 751169,22639,85417, 59149,43910,26146,821
780,934
54,08151,134
874, 55618,44748, 63522,18639, 333
1,108,372
11, 585, 557
i Includes undivided profits.Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
138 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
No, 91.—STATE BANKS AND TRUST COMPANIES: NONMEMBER BANKS ELIGIBLEFOR MEMBERSHIP IN JUNE, 1924, ON THE BASIS OF CAPITAL STOCK REQUIRE-MENTS
Under the original Federal reserve act State banks and trust companies admitted to membership wererequired to have a paid-in capital sufficient to entitle them to become national banking associations;that is, $25,000 in places with a population of 3,000 or less; $50,000 in places with a population in excessof 3,000 but not over 6,000; $100,000 in cities with a population in excess of 6,000 but not over 50,000,and $200,000 in cities with a population of over 50,000. The agricultural credits act of 1923 authorizedthe admission of State banks and trust companies with a paid-in capital equal to not less than 60 percent of the above-meritioned requirements, subject to an agreement to increase their capital stockwithin a period to be prescribed by the Federal Reserve Board, to the minimum requirement fornational banks. The following table gives statistics of nonmember banks eligible for membership onthe basis of capital requirements under the original Federal reserve act and under the 1923 amendment:
[Amounts in thousands of dollars]
Federal reserve district
BostonNew YorkPhiladelphia..Cleveland
RichmondAtlantaChicago-St. Louis
Minneapolis-.Kansas City..DallasSan Francisco
Total. _.
Total nonmember banks eligible for membership
Eligible under original Federal reserveact
Num-ber
178314374716
814786
2,5121,129
7191,032
474585
9,633
Paid-incapital
26,93179,90080, 70368,734
82,65749, 981
176, 59762, 793
31,49447,49827.47070.471
805, 229
Surplus Total
22,873i 86,848
86,01266,308
54,37422,25682, 52225, 531
10, 76115,8958,794
31, 721
513,895
510,5601,371,474
981, 8041,040, 590
869,885534,332
2,318,306601, 363
413, 901505,114240, 607
1, 063, 591
10,451, 527
Made eligible by 1923 amendment
Num- ! Paid-in Sur-ber I capital plus
GO1 1 1
277421592624
788247143
3,965
1, 580940
10,0715, 935
6,4147,798
14,16711,710
12,33914, 7445,2623,157
94,117
1,01411,821
6,438
3,6892,8815,5226,355
3,912
1,653797
45,764
Totalresources
38,94920,236103, 74499,170
75, 60781, 512191,290130,002
155,412161,56646,44530,097
1,134,030
Eligible nonmember banks in cities with a population of over 50,000
Federal reserve districtEligible under original Federal reserve
act (capital not less than $200,000)
Num-ber
BostonNew YorkPhiladelphia..Cleveland
RichmondAtlantaChicago.St. Louis
Minneapolis . .Kansas C i t y . .DallasSan Francisco.
TotaL _.
31739344
4222
14713
9301045
559
Paid-incapital
12,59055,48051,05021,128
30, 5359,356
60, 6637,150
4,8008,6184,350
31,332
Surplus Totalresources
Made eligible by 1923 amendment(capital $120,000 to $199,999)
Num-ber
12,982 229, 324i 60,913 ! 924, 716
62,425 I 637,58626,099 393,146
23,3803,. 152
35, 0642,380
2,2302,4101,157
14,001
297, 052 246,193
299,169112,349894,250
56,017
55,293118,11331,100
596,534
4,347, 597 120
Paid-incapital
1,145760
9,7664,031
1,232125
1,646150
120150425485
20,035
Sur-plus
5821 1 , 552
6,1844,292
5119
630100
3150
14072
14,153
Totalresources
23,13315,20899,87075, 505
11, 503653
18,0584,456
1,2191,7055,4203,375
260,105
* Includes undivided profits of banks in the State of New York.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
CONDITION OF MEMBER AND NONMEMBEB BANKS 139
No. 91.—STATE BANKS AND TRUST COMPANIES: NONMEMBER BANKS ELIGIBLEFOR MEMBERSHIP IN JUNE, 1924, ON THE BASIS OF CAPITAL STOCK REQUIRE-MENTS—Continued
[Amounts in thousands of dollars]
Federal reserve district
BostonNew YorkPhiladelphia..Cleveland
RichmondAtlantaChicagoSt. Louis
Minneapolis..Kansas City. .Dallas. _.San Francisco.
Total . . .
Eligible nonmember banks in cities and towns with a population of 6,001to 50,000
Eligible under original Federal reserveact (capital not less than $100,000)
Num-ber
588080
138
63235*80
29432959
Paid-incapital
9,22515,00013,57324, 654
19, 03510,05031,75611,501
3,6754,9254,97511,023
159, 392
SurplusI
Totalresources
6,3091 15,630
13,39327,147
11,2895, 357
16, 5634,206
1,3891,9981,378
187,720290, 603177,831363,114
210, 658124,915462, 552114,365
.48,88850,36051,099
155,984
Eligible under 1923 amendment(capital $60,000 to $99,999)
Num-ber
110,867 | 2,238,089 |
Paid-incapital
395150135527
9852,0611,045
715685700300
Sur-plus
411i 174
40252
322387679719
17033018094-
Totalresources
15,0263,7811,0384,823
5,46612,52327,08414,252
9,35210,0707,0103,275
3,758 113,700
Eligible nonmember banks in cities and towns with a population of 3,001to 6,000
Federal reserve district
Boston..New YorkPhiladelphia..Cleveland
RichmondAtlantaChicagoSt. Louis
Minneapolis..Kansas City. .DallasSan Francisco.
Tota l . . .
Eligible under original Federal reserveact (capital not less than $50,000)
Num-ber
31415660
7495
175128
36624982
Paid-incapital
2,070
6,6604,974
*6,4617,42812,367
2,4354,3553,5358,965
72, 278
Surplus
1,356i 3,927
4,4413,216
4,5804,1044,6324,151
8391,3151,5493,882
37,992
Totalresources
, 37,73063,21470,16069, 500
72, 78389, 040158,98699,441
29,41342, 62335,138109,447
877,475
Eligible under 1923 amendment(capital $30,000 to $49,999)
Num-ber
116
Paid-incapital
241330921544
303900155285
4,053
Sur-plus
21195
9213
117155414204
35375
116
Totalresources
58,319
1 Includes undivided profits of banks in the State of New York.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
140 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
No. 91.—STATE BANKS AND TRUST COMPANIES: NONMEMBER BANKS ELIGIBLEFOR MEMBERSHIP IN JUNE, 1924, ON THE BASIS OF CAPITAL STOCK REQUIRE-MENTS—Continued
[Amounts in thousands of dollars]
Federal reserve district
Eligible nonmember banks in cities and towns with a population of3,000 or less
Eligible under original Federal reserveact (capital not less than $25,000)
Num-ber
Paid-incapital Surplus Total
resources
Eligible under 1923 amendment(capital $15,000 to $24,999)
Num- i Paid-inber ! capital
Sur-plus
Totalresources
BostonNew York . . .Philadelphia.Cleveland
Richmond .AtlantaChicagoSt. Louis...
Minneapolis...Kansas City. . .DallasSan Francisco..
58120145474
603606
1,955
645897386399
3,0465,6009,42017,978
26, 62623,14771,81134,934 '
20,584 :29,60014,61019,151 ,
2,226i 6, 3785, 7539,846
15,1259,64326,26314, 794
6,30310,1724,7107,630
55, 78692,94196,227214,830
287,275
7 i68 !
1321,111
)2, 518331, 540
280,307294,018123,370201, 626
257 ! 4, 541396 | 6,358526 I 9,539592 9,971
660751229128
Total | 7,196 | 276,507 ( 118,843 2,988,466
11,20113,0093,9822,087
3,614 i 61,931
205841
2,7392,3303,7995,332
3,6175,3511,258515
2,58013,962
54,96563, 785129,506104,754
141,324139,82531,14720,058
25,987 701,906
i Includes undivided profits of banks in the State of New York.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
CONDITION OF MEMBER AND NONMEMBER BANKS 141
No. 92.—ALL MEMBER BANKS: ABSTRACT OF EARNINGS AND DIVIDENDS REPORTSBY FEDERAL RESERVE DISTRICTS, FOR THE YEARS ENDING JUNE 30, 1919,TO 1924
[Amounts in thousands of dollars)
District
Capitaland
surplus(as of
June 30)
Grossearnings
Totalexpenses
Totalnet
earn-ings
Net
chargedofE
Net ad-dition toprofits
Divi-dends
declared
Ratioof netaddi-
tion toprofitsto capi-tal andsurplus
All member banks:19191920.1921192219231924.
Boston:1919.1920192119221923.1924
New York:1919.1920...1921 . . . .19221923.. .1924...
Philadelphia:1919...1920192119221923.1924...
Cleveland:1919...19201921.1922.19231924..
Richmond:191919201921192219231924.;,
Atlanta:191919201921.. .1922_19231924... _
Chicago:19191920.1921192219231924
St. -Louis:191919201921.1922.19231924
776, 490193, 337415, 722496,689629,468
229, 922 i254,379 ;263, 512269,961 I270, 376 I266,801 |
715,511 !835,536 i897,474 |914,893 !
959,646 i984,994 |
256,677 ;
278,085 I288,891 !301,890 I327,046 !
353,190
309,264 '341,073371,803 j388,417 '405,746422,699
140,864 !164,276179, 6441 86, 248 |190,718 |194,888
I109,147128, 471136, 757142, 231146, 262151,173
389, 369444,085475, 310481, 416496, 269503, 721
127,288143, 408150, 096158, 428165, 642169, 278
1, 291,0011, 636,1411, 829, 6711, 669,4291, 683, 5121, 742,332
91,248109,194127,160115,159114,908120, 742
394, 506485,096538,808465,257460,979473, 333
88,783105,929113, 715111, 213116, 311124, 724
120, 246147,824166,663165, 248173,902183, 860
72, 53275,15673,49173,82477, 685
48, 88666,18975, 65665, 044
70,187
185, 587234, 765271,165251,170245, 642253,480
51, 74668, 35274, 98071. 30575, 34377, 699
876, 6131,097,4711, 267, 7051,156, 4171,189, 7321, 253,983
61, 44572,97083, 54180, 70083, 74087,914
261,038315,082357,369301, 469306,033324, 597
56,95766,74871, 32668,39172,965
• 80,057
81, 27198, 248115,582114,322119, 983132, 544
39, 21248, 70654, 22751, 50451, 46355,103
33, 70544,12355, 73047, 58947, 08751, 305
131,410162,006189, 025174, 842179,852188, 434
35, 29046, 39652, 35550,29853, 72756,477
414, 388538, 670561,966513,012493, 780488, 349
29,80336, 22443, 61934, 45931,16832,828
133,468170; 014181,439163, 788154,946148, 736
31,82639,18142,38942,82243,34644,667
38,97549, 57651,08150, 92653,91951,316
17,47123, 82620, 92921, 98722,36122, 582 |
15,181 I22,066 I19,926 I17,455 I19.006 !18,882 |
54,177 !72, 759 |82,14076,32865, 790 I65,046 j
16, 456 I21,956 j22,625 j21.007 I21,616 i21, 222 I
80,056129,062216,309213,863148,643151,234
5,3208,60117, 52019,200
12,618
24,84754, 55.477,89769,34535,00532,302
7,01213,18117,16911,6075,7675,935
4,6417,23615,22111,49610, 76010, 575
2,3783,9376,4345,631.. 5, 6105, 649
3,2543,1507,4786,5415,2786,349
11,51313,75021, 69728,91120,02721,678
2,5033,2867,8907,7666,2588,119
334, 332409, 608345,657299,149345,137337,115
24, 48327, 62326,09915, 25922, 34020,210
108, 621115,460103, 54294,443119,941116,434
24,81426,00025,22031,21537, 57938, 732
34, 33442,34035,860 I39, 43043,15940, 741
15,09319,88914, 49516, 35616, 75116, 933
11,92718, 91612, 44810, 91413, 72812,533 !
42, 66459,00960,44347,41745, 76343, 368
13,95318, 67014, 73513, 24115, 35813,103
191, 297218,353238,667246,050270,862256,273
13,16914, 60316,04818, 60418, 29916,651
49,35649,04070,62974,91878,89778,198
13, 70315,38916, 57718,96521,46120,827
18,11620, 67222,47325,02326, 91826, 529
9,91410, 76411,38311, 59713, 67113,151
7,39210,83410, 8179,276
13, 29111, 760
27,93633,01833,36233,16734, 54633,954
9,16411,29811, 04611,12813,40213, 732
Per cent12.0412.8310.128.569.519.11
10.6510.869.905.658.267.57
15.1813.8211.5410.3212.5011.82
9.679.358.73
10.3411.4910.97
11.1012.419.64
10.1510.649.64
10.7112.118.078.788.78
10.9314.729.107.679.398.29
10.9613.2912.729.859.228.61
10.9613.029.828.360.277.74
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142 ANNUAL REPORT OF THE FEDERAL. RESERVE BOARD
No. 92.—ALL MEMBER BANKS: ABSTRACT OF EARNINGS AND DIVIDENDS REPORTSBY FEDERAL RESERVE DISTRICTS, FOR THE YEARS ENDING JUNE 30, 1919, TO1924—Continued
[Amounts in thousands of dollars]
District
Capitaland
surplus(as of
June 30)
Grossearnings
Totalexpenses
Totalnet
earn-ings
Netlosses
chargedoff
Net addition toprofits
Divi-dends
declared
Ratioof netaddi-
tion toprofitsto capi-tal andsurplus
Minneapolis:19191920192119221923 _1924
Kansas City:19191920 __19211922 . .19231924
Dallas:1919 . . . . . . .19201921..192219231924.
San Francisco:1919192019211922...19231924.......
100,373110,101117,421118, 732116, 513107,588
127,218145,526150, 324151.169151, 551143, 306110, 519130,033140,320138, 758138, 674136, 341
160,338218,364244.170244, 546261, 024265, 949
55,29866,15774,93666, 27861, 99458, 610
73, 83690, 51494,34983, 58585,16782,132
46,91864,64370, 50158,97458, 63060, 244
77, 264124,946146, 582142, 705150, 719159, 636
41,01650,99159,28853, 46551, 99849,044
52, 29865, 75771,11565, 20165,70163,913
31,01141,16351, 42843,16642,54042,945
51, 96085, 281106,719105,470114, 643121, 650
14,28215,16615, 64812,8139,9969,566
21, 53824,75723.23418,38419,46618,219
15, 90723,48019,07315,80816,09017, 299
25, 30439, 66539,86337.23536,07637, 986
2,4342,6445,0217,222
7, 719
4,1854,09910,28212,99313,43015, 653
3,8933,44511, 61214, 25412, 7259,919
8,07611,17918,08818,89718, 26214,718
11, 84812, 52210,6275,5913,3031,847
17,35320, 65812,9525,3916,0362,566
12, 01420, 0357,4611,5543,3657,380
17, 22828,48621, 77518, 33817, 81423, 268
8,8908,5287,4016,7038,8935,560
12, 29614, 25511, 56210,29911,5118,738
9,08411,6319,0109,3919,8708,148
12,27718,32118,35916,97920,10319,025
Per cent11.8011.379.054.712.831.72
13.6414.208.623.573.981.79
10.8715.415.321.122.435.41
10.7413.058.927.506.828.75
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
BANKERS' BALANCES OF REPORTING MEMBER BANKS
No. 93.—AMOUNTS DUE TO AND FROM OTHER BANKS BY REPORTING MEMBER BANKS IN FEDERAL RESERVE BANK CITIES
(Last report date of each month)
DUE TO BANKS AND BANKERS
[In thousands of dollars]
Date
1920Apr.30_ .M a y 28June 25July 30
Aug. 27Sept. 24Oct. 29Nov. 26Dec.31
1921Jan, 28Feb. 25Mar. 25Apr.27
May 25June 29July 2 7 . . .Aug .31 .
Sept. 28Oct. 26Nov. 30Dec. 28
1922Jan. 25Feb. 21Mar. 29Apr. 26
Federal reserve bank cityTotal
(12 cities)
2,080,8472, 039,1552, 016,8122,008,883
1,950,236 I1,991,312 j1,909,975 I1,889,909 !1,974,432 I
1,878,194 !1,843,703 !1,681,749 i1,657,716 |
1,656,873 i1,632,492 ;1, 656,164 i1,659,376 ;
1,643,295 i1,678,579 |1,730,931 i1, 703, 752
1,775,579 s1,820,2741,802,172 ;1,885,940 j
Boston New York
117,810110,647 I111,934 |117,269 I
112,140 |114,382111,695105,863109, 729
101, 76696, 82090, 23098, 006
93,49391, 50396, 62688, 211
91, 973100, 67198, 016
100,896
104, 637101,19398, 714
113,333
1,053,044994,301985,966959,670
919,903942,412901,815907,386997, 538
882,028865,181794, 501787,476
801, 506809, 388799, 079824, 208
809, 547829, 639
815, 242
870, 278848, 374880, 000926,106
Philadel-phia
141,713157, 397158,615151.194
151, 032160, 596163, 719157. 691153, 628
147, 489141, 058133, 770131, 088
125,831123, 270127,647123, 96]
127, 796129, 728133, 582131, 092
134, 919133,836137, 526143,147
Cleve-land
57,13353,25949, 38354,844
57,87254,89857, 03352, 67552, 776
48, 07946,02639,96636,806
36, 79834,15936, 578
37, 521
34,65433, 61029,99636, 242
36, 79635,11734,85933,938
Rich-mond
35,14232,17431,38132,104
32, 60033, 58522, 28532, 50526, 746
29, 91928, 82323,97020, 930
21, 50618, 07619, 37818, 608
19, 65121, 73322, 70323, 273
24, 25224,81422, 02823,316
Atlanta < Chicago Sf. Louis
15,887 I 325,56413,004 i 318,27911,576 ! 320,8219,646 I 317,553
9,957 ; 321.1319, 941 323; 989
304, 890290, 941
9,8899,0679,318
8,6499,4338,0318,090
305,870
321, 049327, 059297,874294,011
7,388 I • 292,2237,435 I 273,0847,150 | 282, 3946,512 I 278,421
8,309 j 271,3317,464 271,1417,538 269,515
10,077 287,925
8,6309,002
10,4219,669
298, 707337.380313, 312323,216
85, 07383, 59980, 33982, 672
79, 44969, 68271,13872,31369, 681
77, 21275, 54665, 30963, 739
65, 51258, 57863, 71960, 751
61,19763, 09961, 32664, 915
69, 89980,80572, 28975,416
Minne-apolis
48,14442. 88830, 87339,867
37, 02342, 50936,44635,14335, 736
33,48934,16035,13432, 212
28, 78330, 55328,19031, 263
30, 38331, 03332, 52133, 344
35, 29236, 84941,11839,426
KansasCity
87,138123,215124, 774135,851
124, 608122,499109, 337107, 046109, 640
112, 934113,64695, 21695, 778
94, 47294, 755104, 728102,498
91,56090, 73885,46896,159
94, 221104,92290, 20898, 517
Dallas
24, 03521.94118,50418, 842
17, 53619, 58420,10019,38719.315
17, 82817, 43815, 63913, 722
12,87111,61611,98710, 549
16, 03315, 27915, 318
16, 518
15,46219, 21619, 39117,310
SanFrancisco
90,16488, 45192, 646•89,371
86, 98597, 235101, 62899,89284, 455
97, 75288, 51382,10975,858
76,49080,07578,68876,873
80, 86184,44486, 56088, 069
82,48688,76682, 30682,546
wtow
amO*4
gW
W
00
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
No, 93.—AMOUNTS DUE TO AND FROM OTHER BANKS BY REPORTING MEMBER BANKS IN F E I ) E R A L RESERVE BANK CITIES—Contd.
DUE TO BANKS AND BANKERS—Continued
[In thousands of dollars]
Date
May 31..June 28..July 26. .Aug. 30..
Sept. 27..Oct. 25..Nov. 29..Dec. 27..
Jan.31Feb. 28. .Mar. 28Apr. 25
May 29-30..June 27. . . .July 25A.ug. 29
Sept. 26..Oct. 31. . .Nov. 28..Dec. 26..
Jan. 30...Feb. 27..Mar. 26..Apr. 30..
May 28..June 25..July 30..Aug. 27.
1923
1,982, 7311,910,6731,950, 7521, 895,400
1,908, 3861, 934, 3031,923,0311,991,007
2, 060, 6682,161, 7801, 948, 7861,904,459
1,862,2521,821,9761,808, 2571,807, 068
1,835,1171, 932,8231,849,8941,929,121
1, 982, 0101, 970, 0231, 984,8732, 092, 345
1,931,4082,291, 2172,463, 5872,492, 396
Sept. 24_. 2,657,716Oct. 29 2,590,888
1924
Total(12 cities)
Federal reserve bank city
Boston i New York
105,318 1,019, 593104,962 I 941,083111,347 963,192104,224 907, 832
107,866110, 222100,931112,768
110, 936109, 748103, 632110,248
103, 576100,339103, 74298,160
103,204108, 79199,948
100, 753
110, 221109,441112, 238121,916
111,310128, 218135,116129, 658
137,640146,831
897,117932, 547958, 540910, 261
966, 3621, 058, 851
929,839908, 503
853, 466864,879833, 246
854,994955,146880,074918, 235
982,186954,336963,972
1,093,291
941, 5551,131, 7001, 215, 6001,161, 963
1, 241,4401,182,963
Philadel-phia
144,271145,332151, 287142,478
153,181150,132143. 548159, 308
156,141162, 242153, 231158, 240
156, 224
153, 686154, 218150,401
153,674155,551152,159157,204
156, 629155, 639158,457161, 511
156, 787189,443193,258199,479
217,754209,990
Cleve-land
35,80138,12340, 68742,841
41,13538, 25437,61735,176
45, 90544,62341, 28340, 384
45,329
42, 06443, 29443, 053
41, 79139, 41839,45839,451
41,96441, 59742,10841, 575
42,44445,16554, 02662,671
56, 07957,313
Rich-mond
23,31723, 05025, 41326, 342
26, 75730,44331,04330, 790
34, 24432, 79129,087
24, 96325, 39525,14124, 355
26, 77331, 07132, 06032, 944
31, 98229, 36327, 25925, 515
26, 32827, 09229,83632,306
31, 72632,830
Atlanta
11, 64010, 98811, 58411,691
11, 93412, 95514, 75215, 549
17,48315,81215, 96513,108
11,52811,13811, 48311,011
11,85014,10615,16616, 413
13,83512, 65810, 72113, 470
11,27511,81511,07713,158
15,05216,831
Chicago
324, 261330, 699324,696332, 299
307, 719304,138293, 400348,175
357,379366, 577342, 962332, 712
341,411340,418319, 569337,942
311, 057298, 728295, 308329, 344
320, 224347, 651364,175346, 366
351,645420,157441,669473,449
495, 642447, 795
St. Louis
79, 97077, 78577,15075,124
77, 39678,49676, 95185,897
93, 88591, 38179, 04573, 062
79,39170, 65768,70468,965
69, 45067,868
'71.36070,193
78, 29873, 24872,10470,860
72, 57988. 62093, 03399, 319
96, 769100, 005
Minne-apolis
42,01339,16838,11038, 734
41,61942, 66742, 54548,175
49,30949, 58847, 58544,000
41,01735, 93635, 52137,852
41,88542, 44840, 58642,822
41,71646, 958
148, 41239, 892
38,48143,17544,90944, 060
61,43282,125
KansasCity
102,288104,899108, 860108,817
110, 785105, 581102, 628116,012
117, 041113,275103, 869100, 641
96, 70795.94389, 24498, 686
95, 20593.94491, 99896, 616
94, 41393, 53282,47480,453
78, 79192, 818
110,306129, 038
132, 369137,443
Dallas
17, 77015,42015, 00216, 535
29, 73134, 36329,99427, 254
28,05426, 22221, 63017,405
15,69113,54811, 75216, 384
34,19137,01243, 27238, 519
30, 57424, 93126, 59720,801
19,09719, 78419, 78817, 645
34,52440, 252
SanFrancisco
76,48979,16483, 424
103,14694,50591,082
101,642
83, 92990, 67080,65879, 269
82,12679,38680, 71087,013
91,04388, 74088. 50586, 627
80,06880, 66976,35676,695
81,11693,230
114,969129,650
137,289136,510
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Nov. 26..Dec. 31..
2,528,2012,635,368
127,267139, Oil
1,175,3231,304,858
201, 717192,884
53, 22761, 798
38, 74233, 643
16, 72317,980
412, 297407,915
102,49698,409
79,69869,183
135,461132,811
44,04652,340
141,204124,536
DUE F R O M BANKS AND BANKERS
Apr. 30..May28_.June 25..July 30 . .
Aug. 27..Sept. 24..Oct. 29...Nov. 26..Dec. 31-.
Jan. 28.. .Feb. 25-.Mar. 25 _Apr. 27. .
May 25..June29._July 27- .Aug. 31.-
Sept. 28..Oct. 26...Nov. 30-Dec. 28.-
Jan .25 - -Feb. 21.Mar. 29 .Apr. 26. .
May 31. .June28_.July26._Aug. 30..
Sept. 27..Oct. 25__.Nov. 29-Dec. 27-.
1920
1921
656, 697673,279 j649,576 I649,108 i
637,200 |676,343 i629,169 !619,178 |599,480
504.407508, 61546B, 454479, 514
515,097501,191460,815456, 971
474.408489,088488,126
475, 880489, 930465,839506,990
492, 729500, 738503,082510,455
512, 518553, 309526,688552,253
53.08549,93449,90748,439
45, 36744.08644,26243,01945, 546
35,70634,25333,42934, 397
33,17136,21132,16233,688
34,05335,10737,21237,367
34, 92835, 87233,11244,700
39,97538,05437, 62833,742
37,21340,64242,14038., 463
145,299128,031113,237118,742
113,608128,703101,718111,839119,549
95,431102, 54690,046.94,887
149,968136,39188,32485,435
95,74992,36487,25999,254
79,58475,74380,84077,173
72,82778,04469,93572,409
73, 58381,83584,32082,181
80, 32277,69870, 73668, 913
74, 72974, 43375,92772, 72172,865
57, 38756, 44253, 53852, 564
48, 69354,10050, 90253,821
53, 53051, 74258, 54753,674
50,12549, 26154, 55457, 308
56, 71255,18056, 66851, 784
51, 84057, 55356,02951, 991
22,13230,64528, 60530,367
33,11927,33627, 52226,77920, 514
19, 88920, 89119, 54919,466
21,13318, 99214, 86115,846
14,21213,15915, 21312, 647
13, 64613,38712, 63214,289
21, 82016,41217,88819, 056
17, 72316, 77318,856
! 20,059
9,5199,06510,0807, 795
12, 5908,4839,6048,1856,4G2
5,9715,4365,1195,097
4,8524,4374,2354,452
5,3155,8366,0084,496
4,6225,3364,2585,826
5, 5346,9957,24312,135
11, 56013,41013, 50612,504
8,5808,6257,9447,243
6,434 !7,353 I7,891 i7,091 !6,591 |
5,6936,3805,0926,006
5,2224, 5935,3344,948
5,8786,5506,6936,583
7,9756,3005,8728,177
7,7949,1496,2925,833
5,7337,0786,9366,845
151, 686152, 824159, 739154,912
154,282161,094156,212152,944158,404
123,609130, 996121,892128, 684
119,355120,130125,267124,456
121, 948131,175126, 567127,124
135,423134,108123, 535135, 448
134,935139,826145, 957138,878
132,399159,114139, 586161, 357
32,18732,60232, 68532, 959
28, 58642,67030,93028,14228,681
29, 33826, 54423,82622, 543
22,00220, 32622,35320,450
22, 59225,43024, 83124, 831
23,92427,23922,06829, 694
22, 31629, 65725, 03029, 342
29,04829,28926,97631,227
17,25224, 69625,46623,303
20,28126,80724,70224,75819, 263
17,00119,14017, 60917,856
17, 05112, 41816, 34217,210
17,58519, 81219,10718,876
19,59815,97223,09118, 972
20, 23720, 67123, 97924,130
18,42218,13820,59621,731
41,24764,08261,94065, 516
58,84559,30154,13854,18250, 013
44,76443,43534,28039,330
37,88040,46245,47442,539
42,88843,10138,47440,430
41, 57348,35341, 61442,017
47,15143, 32241,00946, 730
45,36444,19942,30150,743
21,31118,27716,96112,15C
13,13718,47618,94917,30016,465
15,16913, 59612,56911,741
11,63610,33811,1469,944
15,13014,90613,84316, 723
16,46219,05517, 74717, 715
16, 56613, 52315, 54417,352
28,90526, 74724,07721,920
74,07776,80072,27678, 769
76,22277,60177,31472,21855,187
54,44948, 95649, 50546,94344,13442,79344,41544,182
45, 52849,90654,37250,641
48,02059,30446, 51655,671
46,86249, 90555,90959,064
60, 72858, 53151,36553,232
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
No. 93.—AMOUNTS DUE TO AND FROM OTHER BANKS BY REPORTING MEMBER BANKS IN FEDERAL RESERVE BANK CITIES—Contd.
DUE FROM BANKS AND BANKERS—Continued
[In thousands of dollars]
Date
1923Jan. 31Feb. 28Mar. 28Apr. 25
May 29-30June 27July 25Aug. 29
Sept.26Oct. 31Nov. 28Dec. 26
1924Jan.30Feb. 27Mar. 26Apr.30
May 28.June 25July 30Aug. 27 .
Sept. 24Oct. 29Nov. 26..Dec. 31
Federal reserve bank city
Atlanta Chicago St. Louis
7,1867,9628,9255, 991
138, 875149,815142,120150, 242
6, 669 158, 5315,7186,0485, 444
5. 7827,4387,1247,234
8,1429,2448,360
11, 557
8, 2339,433
13,64115,941
145,310137,820133,799
138,384142, 826142, 629144, 990
137, 488141, 856132, 972151, 075
158,183194,456195, 337176,245
13, 618 176, 36116,884 ! 169,05720, 256 169,39116,752 169,274
26,08324,08719,98321,508
22,69821, 50721,63821, 262
22,11523, 93724,05824, 967
21, 58123,32023, 85728, 093
23, 80742,15043, 72346, 625
42, 32753, 57249, 62140,326
Minne-apolis
18,163 |19,537 |13,130 |16,042 I
15,49518, 50313,37613,582
16,51420,17919,42818, 637'
17, 07821, 00419,78017,371
16, 28030, 80533, 56423, 619
30, 69033, 29725,87622, 987
KansasCity Dallas
49,810 i45,931 I41,250 i39,934 j
38,81236, 94835, 61437,847
39,4.2839,46437, 63041,557
36, 22736, 72833, 69033,193
33, 69253, 01753, 65474,184
72, 03066, 50870, 28561,098
22,03521, 35719,30310,423
13,21714,98512, 72516,084
29,85728,17030, 76026,404
21,01320, 08420,40517,883
16, 47919,43121, 68021, 956
31, 99534,82633,81133, 236
SanFrancisco
63, 72548, 99644,44041, 270
45, 83341, 38945, 57747, 463
53, 52949,83050, 90452, 626
44, 74941,95145,17041, 624
45, 21051, 09372, 70176, 718
66, 62681,23991, 61868,857
28
w3wwo
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
CHANGES IN MEMBERSHIP
No. 94,—MEMBERSHIP OF THE FEDERAL RESERVE SYSTEM: CHANGES IN NUMBER OF BANKS AND TOTAL RESOURCES
ALL FEDERAL RESERVE DISTRICTS
National bank membership, beginningof year .
Total additions--. _. _.Primary organizationConversion of State member banks...Conversion of nonmember banksAbsorption of State member banks...Resumption following suspension
Total lossesVoluntary liquidation (terminal)3
Suspension or insolvencyMerger between national banksAbsorption by State member banks..Succession by State member banksAbsorption or succession by nonmem-
ber banksOther decreases
Net increase (+) or decrease (—)
National bank membership, end of year...
Number of banks
1919
7,762
245171i 11
62(4)1
12253
3612<6
59
+123
7,885
1920
7,885
3542362 11103
(2)
114111829116
39
+240
8,125
1921
• 8,125
197111
1758(7)11
1579
5438263
27
+40
8,165
1922
8,165
2257620
110(7)19
17017364839
1
272
+55
8,220
1923
8,220
19093
2 3056(5)11
2312389412327
48
- 4 1
8,179
1924
8,179
13290
619(9)17
26829
1274421
2
4451
- 1 3 6
8,043
Total resources (in thousands of dollars)
1919
20, 033, 546
220, 68190, 87865, 76147, 25916, 310
473
224, 25517,1361,924
(204, 786)79, 7649,952
115,479
+ 2 , 669, 003
22, 702, 549
1920
22, 702, 549
508,83993, 851
347, 78362, 473
3,5001,232
338, 6417,5829,703
(338, 092)178, 289
2,708
140, 359
1921
21, 357,404
232, 92771, 85596. 78748,34710, 4425,496
596, 59717, 26840, 687
(226, 477)294, 788131,023
112. 831
-1 ,345,145 I-1,945, 786
21,357,404 19,411,618
1922
19,411,618
216, 99538,60093, 88960, 35115,2158,940
220,1159,280
31,093(230, 215)
75,60072, 731
31,411
+2, 553, 936
21, 965, 554
1923
21,965, 554
368,077124, 863172,09058, 0737,0356,016
755, 96915, 81754,139
(182,361)140,845499,090
46, 078
+429, 749
22, 395, 303
1924
22, 395, 303
105, 30920, 30844, 75921, 3459,0019,896
404, 89448, 696
122, 898(129,380)
191,4192,476
38, 0581,347
+1,973, 688
24,368,991
1 One national bank succeeded a State member and a national bank.2 Member bank of one class succeeded by one of the other, the latter not reporting until the next year.8 Represents, so far as could be determined, the termination of banks' existence, all instances in which voluntary liquidation had been intermediate in mergers or successions
having been classified according to the ultimate status of the liquidated bank.« Two national banks succeeded by a single State member bank.1 One national bank succeeded by another national bank which did not report until the next year.
gWH
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
No. 94.—MEMBERSHIP OF THE FEDERAL RESERVE SYSTEM: CHANGES IN NUMBER OF BANKS AND TOTAL RESOURCES—Continued
ALL FEDERAL RESERVE DISTRICTS—Continued
State bank membership,beginning of year.
Total additionsAdmission of State banksSuccession to national banksAbsorption of national banksAbsorption of nonmember banksResumption following suspension
Total losses _ _Voluntary liquidation (terminal)3
Suspension or insolvency . . -- _Merger between State member banks.Absorption by national banksConversion to national banksAbsorption by nonmember banksWithdrawalOther decreases
Net increase (+) or decrease (—)
State bank membership, end of year
Number of banks
1919
930
285280* 5(12)
344
14
21239
7 1
+2511,181
1920
1,181
340334
6(ID
403372
103
12
+300
1,481
1921
1,481
207204
3(26)
743
16107
173
M8
+133
1,614
1922
1,614
9795
1(39)
1
728
10127
2 211
13
+25
1,639
1923
1,639
7466
6(23)
2
1184
33165
291
291
- 4 4
1,595
1924
1, 595
474223(21)
(6)2
985
369967
6 26
- 5 1
1,544
Total resources (in thousands of dollars)
1919
7, 482,113
1,079,284986,138
13, 38279, 764
160,35236, 609
(21,306)16, 31092, 47511, 0873,523
348+ 2 , 431, 594
9,913, 707
1920
9, 913, 707
1,168,942987, 353
3,300178, 289
164, 9429,6342,126
(153,040)3,500
122, 6488,437
18, 597
- 8 6 , 913
9, 826, 794
1921
9,826, 794
644,969224,958122,498297, 513
170, 9448,699
29, 287(283, 552)
10,44293, 55619, 0329,928
+78,066
9,904, 860
1922
9,904,860
350, 477201, 698
72,73175,600
448
148,37621, 287
2,821(142,814)
15, 21594,1443,603
11,306
+2,012,157
11, 917,017
1923
11,917,017
686,988137, 830407, 520140,845
793
323,9801,876
20, 407(588, 942)
7,035155, 420
6,813132,429
+926,286
12,843, 303
1924
12,843,303
417, 82661,805
134,017191,41929,618
967
151, 9353,056
23, 994(78,154)
9,00144,7594,246
66, 879
+1 , 774, 573
14, 617,876
2 Member bank of one class succeeded by one of the other, the latter not reporting until the next year.3 Represents, so far as could be determined, the termination* of banks' existence, all instances in which voluntary liquidation had been intermediate in mergers or successions
having been classified according to the ultimate status of the liquidated bank.4 Two national banks succeeded by a single State member bank.« Compulsory withlrawal of five banks in 1921, and one bank in 1924, with aggregate resources of $l,709,00A7 Nonpayment on lederal reserve stock.
QO
O&H
O
ww
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
No. 95.—MEMBEKSHIP OF FEDEKAL RESERVE SYSTEM: CHANGES IN NUMBER OF BANKS
National "bank membership, beginning of year.Total additions .
Primary organizationConversion of State member banksConversion of nonmember banksAbsorption of State member banksResumption following suspension
Total lossesVoluntary liquidation (terminal)-1
Suspension or insolvencyMerger between national banksAbsorption by State banksSuccession by State member banksAbsorption or succession by nonmember
banksOther decreases
Net increase (+) or decrease (—)National bank membership, end of yearState bank membership, beginning of year._.Total additions
Admission of State banksSuccession to national banksAbsorption of national banksAbsorption of nonmember banksResumption following suspension
Total losses.. _Voluntary liquidation (terminal)l
Suspension or insolvencyMerger between State member banksAbsorption by national banksConversion to national banksAbsorption by nonmember banksWithdrawal . .Other decreases
Net increase (+) or decrease (—)State bank membership, end of year. _
District No. 1—Boston
1919
392
88
4
1
3
+4396
31
55
+536
1920
396
44
2
2
+2398
36
33
+339
1921
398
to
to
41
12
- 2
396
39
22
(2)
1
1
+140
1922
396
6
33
- 6
390
40
11
(3)
2
2
- 1
39
1923
390
7
43
9116
1
o
388
39
11
4
4
- 3
36
1924
388
to
to
7113
2
- 5
383
36
11
1 j
i
1
36
District No. 2—New York
1919
622
1919
102
122
3
+9631
101
2220
2(2)
11
+21122
1920
631
3529
15
161
831
3
+19650
122
1817
1(3)
6
2
1
3
+12134
1921
650
2521
21
1
13
1921
+12662
134
431
(2)
5
1
2
2
- 1
133
1922
662
21173
1
1611731
3
+5667
133
981
(3)
6
3
3
+3136
1923
667
3327
13
2
81
2
4
1
+25.692
136
1394
6
5
1
+7143
1924
692
2925
12
i
toto
o
22
2
+19711
143
55
(2)
4
11 j2 1
+1 |144
District No. 3—Philadelphia
1919
632
10721
2
2
+8640
29
1111
2
2
+938
1920
640
1714
2
1
5
11
3
+12652
38
99
1
1
+8
1921
652
55
" ( 1 )
4
4
+1653
46
66-
1
1
+546 51
1922
653
9711
4
21
1
+5658
51
88
(1)
1
1
+758
1923
658
1010
121
411
5
- 2
656
58
981
(1)
1
+866
1924
656
1311
2
3
1
. . . . .
1
+10666
66
651
"(i)
+672
District No. 4—Cleveland
1919
748
87
1
10
143
2
- 2
746 ~
66
3333
(3)
2
11
+3197
1920
746
201316
4
12
1
+16762
97
1616
(2)
2
1
1
+14111
1921
762
1815
12
1221331
2
+6768
111
761
(3)
3
1
1
21
+4115
1922
768
33
- - - - -
71
2
4
-4
764
115
44
3
2
1
+1116
1923
764
129
3
171362
5
- 5
759
116
44
(2)
2
1
1
+2118
1924
759
11
81
23
2
- 7
752
118
5ft
(3)
4
4
+1119
1 Represents, so far as could be determined, the termination of banks' existence, all instances in which voluntary liquidation had been intermediate in mergers or successionshaving been classified according to the ultimate status of the liquidated bank.
2 Compulsory withdrawal of one bank in 1921, with resources of $418,000.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
No. 95.—MEMBERSHIP OF FEDERAL RESERVE SYSTEM: CHANGES IN NUMBER OF BANKS—ContinuedCn
National bank membership, beginningof year
Total ad iitions _.Primary organizationConversion of State member banks.Conversion of nonmember banks ._Absorption of State member banksResumption following suspension..
Total lossesVoluntary liquidation (terminal) LSuspension or insolvency -Merger between national banksAbsorption by State banksSuccession by State member banksAbsorption or succession by non-
member banks.._Other decrease4?
Net increase (+) or decrease (—)..
National bank membership, end of year.
State bank membership, beginning ofyear
Total additions _.Admission of State banksSuccession to national banks_._ . . .Absorption of national banks. ...Absorption of nonmember banks._.Resumption following suspension..
Total lossesVoluntary liquidation (terminal) i__Suspension or insolvency
District
1919
528
1910
9
82
3
3
+11
539
37
99
1920
539
201019
61
1
4
+14
553
46
1313
3
No.
1921
553
14616
(2)1
82221
1
+6
559
56
1414
(1)
4
5—Richmond
1922
559
1943
12
16
471
4
+3562
66
8
(1)
6
1923
562
84
40)
9
212
4
- 1
561
68
I(2)
4
1924
561
431
10
41
5
- 6
555
66
(1)
4
1
District No
1919
372
128
4
22
15
16
- 1 0
362
54
1515
(X)
5
1920
362
16916
21
1
+14
376
64
2424
41
1921
376
16825
1
7
211
3
+9385
84
4949
(1)
612
6—Atlanta
1922
385
127
5
1923
393
8422
(1)
4 1 16
21
1. . . . .+8
393
127
2222
. . . _(1)
21
242
8
- 8
385
143
66
(2)
9
3
1924
385
84
4 •
11142
4
Q
382
140
1
1
13
9
1919
1,046
1810
5
16
5
3 3
72 1+2
1,048
288
444232
6
District No
1920
1,048
2217
5
92
3
2
2
+ 13
1,061
326
4139
2
9
1921
1,061
126
5(2)1
8
411
2
+4
1,065
358
2424
(1)
5
1
7—Chicago
1922
1,065
6211
2
10
261
1- 4
1,061
f377-
66
(1)
• 4
1923
1,061
9513
12
252
3
- 3
1,058
379
54
(2)
1
1515
1924
1,058
1311
1
(2)1
16
651
4
- 3
1,055
369
55
(i)(i)
212
10
District No.
1919
470
714
12
. . . . .
5
470
44
2727
3
1920
470
1712
14
7312
1
+10
480
68
2424
1
1921
480
97
2
9
1321
2
480
91
1413
1(2)
- - - - -
8—St
1922
480
117
3
1
421
1
+7
487
105
1717
i
. Louis
1923
487
16745
(1)
6
121
2
+10
497
121
1616
m
10
I
1924
497
54
1(1)
102112
4
- 5
492
127
1010
(2)
I
OWH
1ss
wo>
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Merger between State memberbanks
Absorption by national banksConversion to national banksAbsorption by nonmember banksWithdrawalOther decreases
Net increase (+) or decrease (—).
State bank membership, end of year
+9
2
1
+10
46 56
21
1
+10
66
1
3
2
+2
68
1
3
- 2
66
1
2
- 4
62
1
13
+10
64
12
+20
84
1
2
+43
127
i
2
+16
143
12
3
- 3
140
1
21
- 1 2
128
3
3
+38
326
1
17
+32
358
22
+19
377
1
3
+2
379
1
1
7
- 1 0
369
221
4
- 1 6
353
111
+24
68
1
+23
91
+14
105
1
+16
121
124
3
+6
127
21
1
+5
132
1 Represents, so far as could be determined, the termination of banks' existence, all instances in which voluntary liquidation had been intermediate in mergers or successionshaving been classified according to the ultimate status of the liquidated bank.2 One national bank succeeded a State member and a national bank.3 Two national banks succeeded by a single State member bank.
3Q
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Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
No. 95.—MEMBERSHIP OF FEDERAL RESERVE SYSTEM: CHANGES IN NUMBER OF BANKS—Continued
National bank membership, beginning ofyear
Total additionsPrimary organizationConversion of State member banks. _Conversion of nonmember banksAbsorption of State member banks.
jjs Resumption following suspension
Total losses . __ _ _._ .Voluntary liquidation (terminal) iSuspension or insolvencyMerger between national banksAbsorption by State banksSuccession by State member banks . _ _Absorption or succession by non-
member banks _ _ .Other decreases
Net increase (+) or decrease (—)
National bank membership, end of year..
State bank membership, beginning of year.
Total additions. _Admission of State banksSuccession to national banksAbsorption of national banksAbsorption of nonmember banks. .Resumption following suspension
Total losses - -Voluntary liquidation (terminal)1
Suspension or insolvencyMerger between State member banks.
District
1919
797
4426
117
7
21
4
+37
834
70
2020
(1)
42
\To. 9
1920 1921i
834
5726
228
1
8
51
2
+49
883
86
3434
4
883
137
4
2
141
111
1
- 1
882
116
2222
3
11
—Minneapolis
1922
882
123
3(2)6
242
i
1923
870
11314
3
504
4 !
3
- 1 2
870
135
55
0)
1014
4
- 3 9
831
130
21
1
03
14o,
1924
831
124
3(1)5
585
473
District No. 10.—Kansas C
1919
967
3628
1
f 7
12
•iii
3
- 4 6
785
109
44
1329
9
+24
991
27
2222
2
1920
991
5434? 218
02
25
3
11
+32
1, 023
47
17143
1
1921
1, 023
4412fi
0)1
19
94
5
+25
1, 048
63
11
0)
20
1922
1,048
7181
57(I)
2038
4
+51
1,099
44
2
3
1923
1,099
284A
180)2
4110
19
- 1 3
1,086
43
44
(1)
11
2
ty
1924
1,086
12
9
3
659
3411
J
93 1
- 5 3
1,033
36
211
5
2
i1919
1
630
2519
6(3)
1
H117
1
| 4
'+12
642
97
2120
1
4
District Nc
1920
642
3124
5
0)2
182
29
6
+13
655
114
7474
(2)
3
2
1921
655
16922
(1)3
22
107
3
- 6
649
185
2626
9
6
. 11—Dallas
1922
649
2G26
17(2)
1
19C244
1923
656
254
M l8
0 9
1142
21
+7
656
202
7
(4)
101
5
+3
659
199
77
16
4
1'2
659
2011
14
(2)4
345
1710
1 j
1
- 1 4
645
190
65
0)1
13
3
District No. 12—San Fran-cisco
1919
558
3322
38
(1)
5
_____
J
1
+28
586
86
5656
(1)
51
1920
586
6144
215
(0
15
344
4
+46
632
137
67G7
(0
6 !2
1
192 1
632
231336
._. ._
37
136
13
4
- 1 4
618
198 i
3838
i
17263
1922
618
3516
11
3
40255
24
4
- 5
613
219
87
(24)
1
20455
1923
613
231623
(1)2
29482
22
1
- 6
607
207
541
(12)
17345
1924
607
137
3(2)
3
363
104
12
7
- 2 3
584
195
2
2 1(120
(1)
15114
Orto
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W
i3
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Absorption by national banksConversion to national banksAbsorption by nonmember banksWithdrawalOther decreases
Net increase (+) or decrease (—)
State bank membership, end of year
1
5 1+16
86
9
2
+30
116
1
+19
135
2
3
- 5
130
115
- 2 1
109
1
1
- 9
100
i
2 2
+20
47
+16
63
163
M0
- 1 9
44
1 11 i 4
1 | 4i
- 1 ! - 7
43 1 36
12
- 3
33
3 1
1
+ 17
114
+71
^ 8 5
12
+17
202
22 7
- 3
199
"16"11
- 9
190.
2125
- 7
183
13
+51
137
1
+61
198
3
3
+21
219
51
- 1 2
207
12
2
- 1 2
195
V>
1
- 1 3
182
1 Represents, so far as could be determined, the termination of banks' existence, all instances in which voluntary liquidation had been intermediate in mergers or successionshaving been classified according to the ultimate status of the liquidated bank.
2 Member bank of one class succeeded by one of the other, the latter not reporting until the next year.3 One national bank succeeded by another national bank which did not report until the next year.4 Compulsory withdrawal of 4 banks in 1921 and 1 bank in 1924, with aggregate resources of $1,291,000.s Nonpayment on Federal reserve stock.
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Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
154 AXXUAL REPORT OF THE FEDERAL RESERVE BOARD
DEBITS TO INDIVIDUAL ACCOUNTSN o . 9 6 . — D E B I T S TO I N D I V I D U A L A C C O U N T S BY B A N K S I N 141 P R I N C I P A L
C I T I E S , BY M O N T H S
Debits on the books of reporting banks to accounts of individuals, firms, and corporations, and of theUnited States Government including war loan deposit accounts, also debits to savings accounts, pay-ments from trust accounts, and certificates of deposits paid. Figures do not include debits to theaccounts of other banks or in settlement of clearing-house balances, payments of cashiers' checks,charges to expense and miscellaneous accounts, corrections, and similar charges. Monthly figures arederived from weekly reports by prorating the figures for those weeks which do not fall entirely withina single calendar month.
SUMMARY, BY FEDERAL RESERVE DISTRICTS
[In thousands of dollars]
Month
JanuaryFebruary _ _MarchApril
MayJuneJulyAugust
September.OctoberNovember.December..
Total
Total
1924
41,498,26437,397, 79240, 739, 48139, 518, 668
40, 044,35440, 229, 84140,131,07338, 691, 819
38,971,98543, 417, 98341, 892, 99749,157,166
1923
41, 752, 91335,925,21242,185,14339,294, 408
40, 071, 90640, 573, 59536, 504, 27533, 495, 567
34,060,23438, 900, 24138, 503, 87042, 448, 051
491, 691, 423 463, 715, 415
1922 1
34, 943, 66430, 585,31036,932, 27436, 388, 040'
37,976,00839,236,17736,055, 78834,136,129
35, 768,45340, 745,18636,159,89640, 436,981
439,363,906
1921 i
29, 728,42433,903,25932,235, 079
32, 512,42633, 606,45631, 514,61930, 097, 035
31,625,16234,323,44133,441,13638,020,458
399,036,331
1920 1
45, 367, 30335, 787,84043, 431,17341, 643, 736
39,256, 59840, 346, 91239, 868, 24936, 274, 676
37, 378,27041,027, 64739, 696, 09542,947, 842
483, 026, 341
1919 i
34,929,04428,162,95932,170, 53332, 686,088
37, 026, 67139, 211, 25741, 055,94837, 943, 950
38, 531, 95344, 474, 46942, 536, 20746, 564, 679
455, 293, 758
Month
District No. 1—Boston (11 cities)
1924 1923 1922 1921 1920 i 1919 1
January | 2,189,052February. . . 1,973,432March 2,147,057April j 2,118,054
2, 052, 7722, 040, 5442,111,2831, 989, 773
1,974,9842,357, 4352, 252, 717
December I 2,467,796
MayJuneJulyAugust..
September.OctoberNovember.
2,197, 9971, 889,8992, 222, 0862,119, 787
2,139, 6452,172,8721, 983, 2231, 771, 572
1, 760, 9562, 154, 6172,150, 6662, 287,912
1,928, 0211, 611, 6051,857,8091, 760,157
1,837, 9391, 992, 8981, 899, 3731, 586, 094
1, 717, 6352,087, 6221,986, 5232,126,314
2, 058, 4101, 611, 6031,821,1961, 796,118
1, 788, 5481, 826, 5301, 734, 8241, 588, 542
1, 630, 2991, 947, 9921, 925, 7532, 005, 698
2, 675, 2552, 070, 5982,441, 3992, 463, 338
2, 388, 7062, 395,1352, 426, 3372, 050, 980
2,177, 6502, 401,1602, 278, 7562,367, 205
Total 25,674,899 j 24,851,232 22,391,990 21, 735, 513 28,136, 519
2, 009, 7611, 594, 9251, 849,1811, 771,883
2, 020,9632, 273, 7652, 365, 6242, 057,147
2, 043, 2462, 592,4892,484,0212,835, -̂67
25,898, 472
MonthDistrict No. 2—New York (7 cities)
1924 1923 1922 1921 1920 1919
JanuaryFebruary--MarchApril . .MayJune _JulyAugust
September.OctoberNovember .December..
22,814, 89920, 511, 85722, 227, 15221, 356, 913
22,124,83422, 639, 52122,184, 73121, 556,42621, 387, 86123,242,13123, 708, 84928,106, 044
22, 763, 01819, 595, 76123,231,53521,180, 741
21,399, 85021, 789, 80519, 008, 37216, 829, 38617, 414, 97619, 846, 05220, 632, 11222, 801, 386
19, 644, 55117, 029, 42620, 977, 91721, 326, 277
22, 268, 91122, 693, 59220, 328, 51018, 854, 442
19, 793, 00522,967, 05319, 637,13721, 546,408
20, 666, 73215, 645, 82717, 940, 13316, 950, 772
17, 774, 98018, 355, 75016, 907, 78015, 683, 072
16, 617, 93918,170, 74018,018,31521,178,533
24,320, 68218, 606, 20822, 919,44621, 990, 708
20, 254, 57820, 496, 32619, 791, 36418, 006, 812
18,236, 87020, 817, 20720,817,13623,117,836
18, 683,15614,926, 77617,189, 06917, 859, 002
20, 904, 78122, 168, 36823, 012, 20620, 825, 951
21, 011, 14424, 846, 20223, 921, 29925, 532, 024
Total 271,861,218 246, 492, 994 247, 067, 229 213,910,573 249, 375,173 250, 879,978
i Revised. Figures for following cities partly estimated for periods specified: Boston, to end of 1920; St.Louis and Louisville, to January, 1921, inclusive; and St. Paul to January, 1922, inclusive.Digitized for FRASER
http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
DEBITS TO INDIVIDUAL, ACCOUNTS 155
No. 96.—DEBITS TO INDIVIDUAL ACCOUNTS BY BANKS IN 141 PRINCIPALCITIES, BY MONTHS—Continued
SUMMARY, BY FEDERAL RESERVE DISTRICTS—Continued
[In thousands of dollars]
Month
January. . .February.MarchApril
MayJuneJulyAugust,
September.OctoberNovember .December..
District No. 3—Philadelphia (10 cities)
1,925,4551, 723,1391, 873,8121,942,356
1, 894,9281, 936, 2051, 902, 7281, 748, 702
1, 794, 021i 1,968,134I 1, 820, 722
2,242,478
Total 22,772,6
Month
1923
1,914,8571, 648,9251,926,4931, 863, 477
1, 973, 6252, 083,1131, 826, 5601, 733,171
1, 670,2261, 922, 5691, 738,3361,999, 728
22, 301, 080
1922
1, 583, 0081,431, 5931, 628,1171,569,312
1,834,3141,720, 6491, 668, 3161, 589,819
1,646, 5391,891, 0671, 682,8451, 939,197
19,984,776
1921
:, 679,283L, 391,392[, 615, 908,̂ 582, 299
., 503, 607
., 622, 499
., 523, 296:, 407, 355
1, 500, 5861, 581, 8671, 515, 2061, 766, 389
18, 689, 687
1920
1,978, 2671, 585, 6981,891,9031,874,066
1, 908; 5081,857, 0011, 773,422
1, 746, 0731,874, 2811, 818, 6821,995, 716
22,091, 705
District No. 4—Cleveland (13 cities)
JanuaryFebruary. _MarchApril
MayJuneJulyAugust
September.OctoberNovember.December.
Total
1924
2, 227, 5152,006, 2492,173,8812, 275,246
2,122,4022,105,2272,139,9641,979. 554
1,2, 300,4871, 980,4862, 466, 903
25, 774, 602
1923
2, 305, 9631,949,9302, 206,6652, 227, 570
2, 266,8882,278,9412, 237, 0422,081, 604
2,005,4092, 241,1541,996,1082, 331, 503
26,128, 777
1922
1, 709, 2521, 538,8861, 665, 9261, 744, 376
1, 741, 2681, 927, 9481,911,0651,850, 667
1,877,0322, 025,3191, 867, 6712, 430, 467
22, 289, 877
1921
2, 236, 4851, 754, 5681,869, 4441,841,155
1, 716, 2411, 751, 9031, 620, 9861, 521, 031
1, 585,9951, 689,7841, 643, 9191, 873, 095
21,104, 606
1920
2, 335,1541,942, 2682, 329, 6182, 331, 924
2,166,9642,412, 0862,458, 2752,162, 713
2, 261, 2992,449, 5722, 291, 8232, 535, 569
1919
1, 581, 6931, 272, 8081, 514, 7041,449, 060
1, 562,8611,661,1311,719, 9201,597,915
1,697, 7891,800, 6121, 680, 3811,957, 058
19,495,932
1919
1, 866, 7351, 533, 5941, 795,1871, 812, 344
1, 838,2132, 081, 8852.146, 2301, 948, 043
2, 044, 3382.147, 2351,981,1542, 363, 702
27,677,265 23,558,660
Month
District No. 5—Richmond (7 cities)
1924 1923 1922 1920
JanuaryFeb rua ry . .MarchApril
MayJuneJulyAugust
September.OctoberNovember.December.
Total
733,878650, 035699, 209672, 896
665, 057673, 372676, 364674, 370
648, 670733, 682675,127795, 584
746, 047631, 628737,293676,260
701,164742, 692681,119668, 610
655, 258746, 504710,408804,167
630,971535,864618, 568614,409
664,853681,167636, 506616, 520
596, 901705,455660, 697753, 942
737, 917600, 411677, 832645, 676
633,007677,168660, 222674,846
743,458724, 232793, 239
913,182729,147827, 966815, 659
794, 726816, 522823,137742, 740
742,456805, 251783, 394841, 217
664,034549, 272573,898594, 749
638,199736, 281778,461744, 693
736, 604862,098829, 047903, 315
8, 298, 244 8, 501,150 7, 715,853 8, 234, 894 9, 635, 397 ;, 610, 651
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
156 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
No. 96.—DEBITS TO INDIVIDUAL ACCOUNTS BY BANKS IN 141 PRINCIPALCITIES, BY MONTHS—Continued
SUMMARY, BY FEDERAL RESERVE DISTRICTS-Continued[In thousands of dollars]
Month
January...February..MarchApril
MayJuneJulyAugust
September.OctoberNovember.December.
Total
District N o . 6—Atlanta (15 cities)
1924
1,047,405947,847987, 094970,084
916,882872, 788914,053848,971
959, 0711,129, 584973,154
1,154,408
1923
11, 721, 341
1, 005, 714827,440991,806886,328
922, 450902,403837, 023790, 799
835, 3301,020,357991,989
1,124,910
11,136, 549
1922
774,821676,960781,076710,303
764,397785,260743, 297739,642
800, 649901, 535911,367989, 297
9, 578, 604
1921
895,433741,122811,214770,072
725, 043728, 734735,144704,823
796,832858, 216785, 252831, 379
9, 383, 264
1920
1, 299, 3051,018, 7241,174, 0291,142, 763
1,072, 0481,050, 7951, 053,476
969, 926
1, 009,4921, 046,469
984, 850990, 040
12,811,917
1919
909, 836735, 579781, 069772, 570
866,105891,195896, 644855, 820
900, 8151,169, 8511,114, 5211, 244, 769
11,138, 774
Month
District No. 7—Chicago (21 cities)
1924
January. _.February. _MarchApril
MayJuneJulyAugust
September.OctoberNovember.December.
Total
4, 701,9404,178,2464,807,8974, 643, 076
4, 746, 2504, 582, 5494, 654, 9744, 469, 357
4, 435, 3464,949,2114, 500, 2255,326, 098
1923 1922 1921
4,810,8994, 383,8174,828, 0414, 737, 859
4,899, 3904, 772,8124, 509, 4554, 240, 633
4,208,4114, 660,9724,428,4854,886,123
3,858,6523, 523,9144, 389,1873,945,171
4, 097, 9574,326,0583, 995, 6293,991, 612
4, 070,1344,438, 2104, 051,9554, 615,171
55, 995,169 55, 366,897 49, 303, 650
4, 321,9913, 512,7643,992,9273,819, 083
3, 765, 9133,827,9103, 781,4283,874,899
3,848, 0684,068,9103,827,1664,195,461
46,836, 520
1920
5,161, 9834, 300,4165, 359, 7154, 910, 702
4, 791, 3615, 072,9425, 235,1354, 733,163
4, 969, 4175,086,2284, 559,1624,885,453
59, 065, 677
1919
4, 003, 9433, 302,1693, 688,8573, 705, 095
4, 049, 0434,271, 7754, 517, 8194, 370, 996
4, 424, 7444, 736,8404, 557, 5265, 039, 794
50, 668, 601
Month
January...February.MarchApril
MayJuneJulyAugust..
September. .OctoberNovember..December...
Total.
District No. 8—St. Louis (5 cities)
1924 1923
1,130, 859981, 669
1, 062, 6711, 033, 484
1, 057, 6031, 035,196994,401959, 857
1,003, 0661, 212,1101, 081, 6631, 259, 637
1,178, 722952,802
1,112, 3951, 039, 549
1, 076, 5601,104,142980,103930,888
945,1601,184, 8541, 094,4281,194, 752
12,812,216 ; 12,794,355
1922 1921 i
858, 795739,485859, 417826, 599
911, 346930,887871,384830,180
1,067, 437988, 780
1,145,954
10,938, 657
970, 864813,884875,995836, 575
830, 702859, 644813, 249780, 771
837, 548945, 072879,322957, 258
10,400, 884
1920 i
1, 357, 8731,120, 3381, 240, 2101,172, 378
1,114, 7131,128,1911, 099, 8341, 020, 674
1, 061, 5241,113, 6851, 026, 2671, 086, 735
13, 542, 422
1919 1
1,148,738941, 763983, 228969,924
1, 005, 6431, 065, 5971,152, 7191, 042, 670
1, 033, 6411,189, 2] 51,128, 2981, 258, 763
12,920,199
1 See footnote on p. 154.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
DEBITS TO INDIVIDUAL ACCOUNTS 157
No, 96.—DEBITS TO INDIVIDUAL ACCOUNTS BY BANKS IN 141 PRINCIPALCITIES, BY MONTHS—Continued
SUMMARY, BY FEDERAL RESERVE DISTRICTS—Continued
fin thousands of dollars]
Month
JanuaryFebruary..MarchApril
MayJuneJulyAugust
September -OctoberNovember.December..
Total
1924
5(35,332523,317584,754552, 9.10
596,115613,515634, 515596, 031
773,6801, 059, 292891,171849, 622
8, 240, 254
1923
District No. 9—Minneapolis (9 cities)
1921 i
647, 312510, 811600,805596, 914
634, 217652, 341593,964598, 206
635, 309700, 333664,498660, 760
7,495, 470
1922 i
499, 020455,305556, 282512,419
546, 252569, 323554, 605580, 550
654, 491698, 732633, 665710, 631
601, 067483,142537, 329544, 592
524,966574,885522, 223558, 524
635, 091645,937563, 390597, 233
6,971,275 I 6,788,379
750, 746611,657718,468711,106
700,431707, 687720, 311685, 479
811,189901, 540843, 455759, 651
728, 915488, 311594, 533639,321
654, 522637,133658, 607657, 784
793,158832, 602736, 082818,955
8,901,720 ;, 239, 923
Month
Januai y . . _February .MarchApril
May.__JuneJu ly . . . -August.
September.OctoberNovember .December -
Total .
1924
1, 003, 759937, 931
1, 020, 8731, 012, 890
1, 000, 236963, 496
1,070,984 I1,083,918 j
I1, 097,173 j1,216,807 !1,062,890 i1,189, 358 |
District No. 10—Kansas City (14 cities)
1922 19211923
1, 202, 253996,426
1,199,4811,130, 015
1,142,1721, 155, 8791,081,9431, 106, 154
1, 069,4971,159, 7411, 053,1471, 082, 885
12,660,315 I 13,379,593
950, 759872, 689
1, 012, 278956, 757
1, 026,8491,081,8131, 041, 7781, 056, 449
1,058,4931,155, 0941, 050, 8961,181, 287
12,445,142
1,152, 595942, 309
1,067 0661, 006,119
953, 761992, 057994,617
1, 025,141
1, 022,1821,006, 694
966, 224992, 594
1,480, 6821, 230,9561, 451, 2301, 313, 463
1,155, 377998,141
1,130, 8981, 095,116
1,335,707 i 1,210,0251, 351, 458 1,147, 5841, 323, 317 1, 317, 5371,327,488 ! 1,343,784
1, 389, 286 I 1, 246,1891,418,334 I 1,345,2891,334,809 I 1,311,7471, 266,168 1,429, 571
12,121, 359 16, 222, 898 14, 731, 258
Month
District No. 11—Dallas (11 cities)
JanuaryFebruary._MarchApril
MayJuneJulyAugust
September.OctoberNovember .December. .
Total
567, 222493, 840492, 894483,944
466, 066447, 735455, 924449,553
566,180670, 360586, 644664, 938
6, 345, 300
^923
605, 258494, 600547,188488,255
486,003465, 461420, 874448,966
540, 722629,517583, 636620,979
1922
526,519460,149524, 469470, 827
486, 707479, 097432, 944440, 729
541, 700589,166556, 549605, 692
6, 331, 459 6,114, 548
1921
551, 763466, 274496,774443, 091
437, 088453, 385424,419435, 510
512,987567,447527, 296577,461
5, 893, 495
1920
698, 650548,921627,458595,160
584, 042582, 581579, 773566,814
630, 664689, 884615, 626619,756
7, 339,329
1919
467, 745374, 247404, 913414,998
479,813514,313525, 261498, 790
527, 419654, 777659,791726,060
6, 248,127
1 See footnote on p. 154.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
158 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
No. 96.—DEBTS TO INDIVIDUAL ACCOUNTS BY BANKS IN 141 PRINCIPALCITIES, BY MONTHS—Continued
SUMMARY, BY FEDERAL RESERVE DISTRICTS—Continued
[In thousands of dollars]
MonthDistrict No. 12—San Francisco (18 cities)
1924 1923 1922 1921 1920 1919
JanuaryFebruary._MarchApril
MayJuneJulyAugust
September.OctoberNovember.December..
Total
2, 590,9482,470, 2302, 662,1872,456, 815
2,401, 2092,319, 6932, 391,1522,335,307
2,335, 2452, 578, 7502,359, 3492, 634, 300
2,374,8732,043,1732, 581,3552,347, 653
2,429, 9422,453,1342, 344, 5972, 295, 578
2,318, 9802, 633, 5712,460, 0572, 652, 946
1,979,2951, 709, 4342, 061, 2281,951,4331,995,215 !2,047,485 <1,972, 3811, 999, 425
2,103,4812, 218,4962,131,8112,392, 621
29, 535,185 28,935,859 24,562,305
2,156, 2961, 765,1282,197, 4411, 999, 527
1, 858, 5701, 935,9911, 796,4311, 842, 521
1,970, 7492,097, 3242, 065, 0612, 252,118
2, 395, 5242,022, 9092,449, 7312,322,469
2, 265, 2342,424, 6812, 500, 2892, 254,465
2, 342, 3502, 424, 0362, 342,1352,482,496
23,937,157
1, 709, 1111,445,3741, 664,9961, 602,026
1, 796, 5031, 762, 2301,964,9202, 000, 357
2, 072, 8662, 297, 2592,132, 3402,455, 201
28,226,319 22,903,18b
IGOLD IMPORTS AND EXPORTS
No. 97.—GOLD IMPORTS INTO AND EXPORTS FROM THE UNITED STATES, BYPERIODS
[In thousands of dollars]
France. _.GermanyGreat Britain..NetherlandsSwedenCanadaArgentinaChinaIndiaJapanAllother
Total
Total since lifting ofemb argo, June 1,1919-Dec. 31, 1924
Netimports
285,49354, 340
874,84094,778
103,083169,452
48, 093
1 249 923
Netexports
Period of net loss, June1, 1919-Aug. 31, 1920
Netimports
82, 5141,147
i 59.315116, 23330, 39440, 330
193,199
Netexports
2,40910
1
146, 37559, 39540,804
132,856146,452
385, 326
Period of net gain, Sept.1, 1920-Nov. 30, 1924
Netimports
284, 89974, 344
802, 57994, 955
104, 085107, 595
27, 52529,001
6,149
Netexports
60. 343193,861 '__..
1,664 650
December,1924
Netim-
ports
3,003
2,5422,617
684
Netex-
ports
19,99410,253
1,3241,001
5, 675
29, 401
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
GOLD IMPORTS AND EXPORTS 159
No. 98.—GOLD IMPORTS INTO AND EXPORTS FROM THE UNITED STATES, BYCOUNTRIES
[In thousands of dollars]
1922 1923 1924 1922 1923 1924
IMPORTS
DenmarkFranceGermanyGreat BritainGreeceItalyNetherlandsNorwaySpainSwedenCanadaCentral AmericaMexicoWest IndiesArgentinaBoliviaChileColombiaEcuadorPeruVenezuelaChinaHongkongDutch East IndiesJapan.__Philippine Islands.^British OceaniaEgyptPortuguese AfricaAll other
17,77027,043
35121,883
4,798
3,56219,03649, 552
149, 672
24,4594,829
130, 909
France _GermanyGreat Britain.Netherlands—.
349,9588,424
7132,88610, 3724,3735,9131,780
2720
395
13, 292
443 i1,619
9158,938
15 11,627
8534,2312,569
492838
Total _
365
49, 3742,4446,581
5485,338
26245
4,452706
2,070686
5,588319
2,3306
1,5721,6561,737
932873
275,170 322, 716
2,73750,965
666,523
41,4962,1315,458
37222,305
1431
2,289897
2,710317
5,0222,5002,356
4,8142,8701,455
6101,199
319, 721
Sweden _SwitzerlandCanada _Central AmericaMexico.West IndiesArgentinaColombia. _.VenezuelaBritish IndiaChina..HongkongDutch East IndiesPhilippine IslandsAllother
Total .
2119
7277830
22,16212
4,304
500
4,445350
3,582435
65139
36, 875
2,660
13890
1,3801,705
4,706
49700
14, 637110
2,378
28, 643
11420,00012,264
1,324365
2,00043
3,1021
4,02910
1765
1,10211,025
4,3323800582
61, 648
No. 99.—GOLD IMPORTS INTO AND EXPORTS FROM THE UNITED STATES, BYMONTHS
[In thousands of dollars]
1924January.. .February..MarchAprilMayJuneJuly
Im-ports
45,13635, 11134,32245,41841,07425,18118,835
Ex-ports
Net im-ports
281505817
1,391593268327
44, 85534, 60633, 50544,02740,48124, 91318, 508
Net ex-ports
36569—25t 12
1924AugustSeptemberOctoberNovemberDecember
Total
Im-ports
18,1506,65619, 70219,86210,274
319, 721
Ex-ports
Net im-; ports
2,3974,5804,125
39,675
15, 7532,076
15, 57713,173
61,648 258,073
Net ex-ports
29,401
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
MONEY IN CIRCULATION
No. 100.—MONEY IN CIRCULATION OUTSIDE THE UNITED STATES TREASURY AND FEDERAL RESERVE BANKS
[From U. S. Treasury Department circulation statements][In thousands of dollars]
1914—July 1.1917—Apr. 1.1920—Nov. 1
1922—July 1.Aug. 1.Sept. 1
Oct. 1_Nov. 1Dec. 1.
1923—Jan. 1.Feb. 1.Mar. 1Apr. 1.
May 1.June 1.July 1.Aug. 1.
Sept. 1Oct. 1_Nov. 1Dec. 1.
1924—Jan. 1.Feb. 1.Mar. 1Apr. 1.
Total
3, 402,015i 4,100, 591i 5, 628, 428
4, 375, 5554, 337, 4184, 393, 507
4, 520, 8954, 570, 2814, 616, 508
4, 732, 8994, 509,1284, 610, 6374, 655, 676
4, 668, 0414, 705, 9244, 729, 3794, 695, 769
4, 777, 9074,849,9214, 835, 2534, 923,158
4, 951, 0854, 681, 7084, 807, 7784, 812, 861
Gold coinand bul-
lion
611, 545641, 794495, 353
417,126416, 282416, 387
412, 894428, 376416,643
429,192401,112410, 958410,102
408, 971407, 257404,181403, 218
397, 342397,981396, 737399, 849
415,319405, 573416,047408,062
Gold cer-tificates
1,026,1491, 348, 818231,404
173, 342171,985193, 988
214, 957233, 741253,730
302, 744301, 370314, 593319, 068
328, 900338,885386, 456411,938
441,155465, 279500,862533,461
582,029571, 381033, 253687, 252
Standardsilverdollars
70,30070,86389, 725
58, 07358, 37859, 034
60, 58260, 67560, 762
61,46559, 56059,56759, 063
58, 49757, 97557, 26256,999
57, 61557, 94258,12757, 908
58, 70456, 49655, 91055, 202
Silver cer-tificates
478,602459, 680
60, 385
265, 335
271, 672
277, 778277, 043285, 414
288, 590294, 336317, 268338, 915
352,878365,130364, 258368,938
374, 877375, 688370, 787381,499
375,365357,177368, 750367,113
Treasurynotes of
1890
2,4281,9971,628
1,510,508,501
,501,492,489
,484,479,476,471
,469,463,460,458
,456,451,449,445
443440437433
Subsidiarysilver
159, 966191, 351261, 556
229, 564229, 956232, 748
236, 357239, 778242, 751
245, 978240, 942241,087241, 980
242, 853245, 493247, 308247, 870
249, 498252, 499254,791257, 694
260, 627252,511251,537251, 639
UnitedStatesnotes
337,845330, 353277, 736
292, 343284,343285, 001
281,493277, 201277, 854
286, 206278,864283, 491294, 308
299, 506306,003302, 750300,011
304, 577306, 291302,976306, 376
306, 823294, 470302, 404304, 846
Federalreservenotes
356, 4483,310, 225
2,138, 7132,115,3502, 141, 306
2, 249, 8562, 281, 4302, 312, 424
2, 372, 8652,184, 4522, 226, 6942,232, 448
2,218,5112, 228,1232, 234,6592,160, 449
2, 204, 8242, 245, 5412, 207, 2302, 236, 637
2, 223, 6742,008,8772, 030, 8181,
Federalreserve
bank notes
3,170209, 877
71, 86865,032HO, 159
55, 52648, 72142, 501
36, 72832, 86729, 98125,870
24, 00221,584 j19, 96918, 901
17,61316, 50115, 31214, 249
13,61112, 72912, 09111,588
National-bank notes
715,180697,160715,023
727, 681725, 782731,711
729, 951721,824722, 940
707, 647714,146725, 522732, 451
732, 454734,011711,076725, 987
728,950730, 748726,982 j734,040 j
713. 490 i- 721,054
735,531 I737,141 |
Totalcirculationper capita(in dollars)
34.3539.5452.36
39.8739.4739.93
41.0441.4441. 80
42.8140.7441.6141. 98
42.0442.3442. 5042.16
42. 8543.4543.2744.01
44.2241.7742.8542.85
gowHo
HW
IS72
<J
wo
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
May 1June 1.July 1.Aug.l
Sept. 1Oct. 1-Nov. 1Dec. 1.
4, 760,1144, 815,4014, 755, 4034, 665,187
4, 773, 8784, 806, 3674, 879, 6944,993, 570
403, 649402,122396, 415
401, 794427.970436,160437.971
726,179779,169801, 381800,124
872, 807898,165904, 861933, 688
54, 82354,07854, 01753, 644
53,91554, 60355,18555, 606
370,093373, 381364, 414372, 683
385,499388, 574389, 201389,113
1,4281,4251,4231,420
1,4171,4121,4101,407
252, 702252, 557252, 971252, 407
253,732256, 467259, 710263,102
301,110305, 966297, 790301, 667
308, 111304, 345305, 840304, 418
1, 909, 1431, 897, 6361, 843,0911, 745, 820
1, 746, 2301, 729, 3011, 784, 0461, 862, 055
11,02510, 43810, 0669,635
9,2299,0308,7108,471
729, 962738, 629733, 835729, 288
741,144736, 500734,571737, 739
42.3342.7842.2041.36
42.2842.5243.1244.08
i The figures for the several classes of money do not add to this total, as mutilated currency forwarded for redemption and unassorted currency held by Federal reserve bankshave been deducted from the total only.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
MONEY RATES» IN FEDERAL RESERVE BANK AND BRANCH CITIES
No. 101.—RATES ON PRIME COMMERCIAL LOANS OF 4 TO 6 MONTHS MATURITY
1924Week e n d i n g -
Jan 15Feb. 15Mar. 15Apr. 15May 15June 15_July 15Aug. 15Sept. 15 -.Oct. 15Nov. 15Dec. 15
1924Week e n d i n g -
Jan. 15 -Feb. 15Mar. 15Apr. 15May 15June 15 -July 15Aug. 15Sept 15Oct 15Nov 15Dec. 15
Boston
55555
434-5
4 2-4344344344434
Louis-ville
666666666666
N e wYork
5 -5345
5 -534
434-54 -54 -434
334-6
4 -434
LittleRock
666666666666
Buffalo
6666fi
Oi
OS
OS
OS
Oi
66
Minne-apolis
534534534
534-5345 -5345 -534434-5434-534
434434
Phila-delphia
5345
5 -5M55
4 -5434
4 -43^4 -4344 -434
Helena
888888
CO
00
888
Cleve-land
666
534-6534-65 -6
6
534-65 -65 -65 -6
KansasCity
6666666
5 -65 -65 -6
55 -6
Pitts-burgh
65 -65 -6
6666
5 -65 -65 -65 -65 -6
Omaha
66
5H-65M-6
65 -64H-6434-6434-6434-6434-6434-6
Cincin-nati
66
534-666
5V2-G5J4-6534-65 -6534-6
Denver
6CO
C
O
666
534-6334-5414-5
43455
Rich-mond
6534-6
6
5 -6
5 2-6534-6
5 -534534
5 -5lA5 -534
Okla-homaCity
6 -86
6 -76 -7
6666
6 -76 -76 -76 -7
Balti-more
534534534534534
5 -5345 -534
4M-5344K-5H
Dallas
66
5 -5345 -65 -6
5 -6434-65 -64 -65 -64 -6
Atlanta
5 -65 -65 -65 -6434-65 -65 -65 -65 -6434-65 -6
El Paso
8888888
6 -888
6 -86 -8
Bir-ming-ham
6 -86 -76 -76 -76 -75 -65 -65 -65 -66 -75 -75 -7
Hous-ton
6 -76
6 -7
5 -65 -65 -65 -65 -65 -65 -65 -6
Jack-son-ville
76 7
777666
S\4-S4 -8
SanFran-cisco
534-6
534-66
434-65
434-5H
5 5345 -5V2
NewOrleans
666
534-6534-6534-6534-65 -75 -65 -65 -6
Port-land
76
6 -6346 -7
66
6 -766666
Nash-ville
766666666666
Seattle
766C
O
CO
6666
6 -6346 -6346 -634
Chi-cago
5 -6534
5 -5V25 -534434-5344^-534434-5^4 -4^4'4 -5434-5344J4-5434-5
Spo-kane
6666
6 -86
6 -76 -7
66 -7
66
Detroit
65 -6
534
5M-65 -6434-65 - 5 H434-6434-6434-65 -6
SaltLakeCity
6
CO
CO
766
434-66
6 -74 -6
66
St.Louis
5345 5345 5345 -5Y25 -5345 —5?44 -5344 -54 -5334-5334-5334-5
LosAngeles
634634-76 - 6 H6 —67̂
66
6 76 -76 -76 -76 -76 -7
1 Customary rates charged, as reported by representative member banks. The rates are those at which the bulk of the loans of the designated class are handled by report-ing banks during the week ending the 15th of the month.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
BUSINESS INDEXES OF THE FEDERAL RESERVE BOARD
No. 102.—INDEXES OF PRODUCTION, EMPLOYMENT, TRADE, WHOLESALE PRICES, AND FOREIGN EXCHANGE
Year and month
1919 average..1920 average..1921 average..1922 average-1923 average..1924 average..
JanuaryFebruary . .MarchAprilMayJuneJulyAugustSeptember _OctoberNovember.December..
1919
Indexes of production, employment, trade, etc.1 (Average for 1919=100)
Pro-duc-tionin
basicindus-tries
100105
120108
1071009699939310210310510198103
Industrial activity
Manu-factur-
ingpro-duc-tion
10010280103124114
1008895969696101108106107104103
Min-ingpro-duc-tion
1001179295132122
108859089979710811011412775100
Agri-cul-
turalmove-ments
10091105110108116
108727178818895100115142129123
Fac-toryem-
ploy-ment
100103829010495
9595969698100102104103105108
Fac-torypayrolls
1001248489
113104
97919292929598
103108104110119
Whole-sale
trade
10011273748382
7971808895
103112111114121111123
Department-store sales
Unad- Ad-justed justed
1001201101 1 2 I124125
817290
1029895787995
118119173
939490999595
104101105103106108
Department-store stocks
Unad-justed
100133115116129132
9297928891102114122125108
Ad-justed
9591909493 I9297102106109111116 !
Build-ingcon-
tractsaward-
ed
1009990
123136155
3560526584
106131132117146131143
Rail-roadcar
load-ings
10010894
103119117
989588979992
10610210810696
no
Bankdebitsout-sideNewYorkCity
1001159195107108
908987909799107107106107108111
Indexes of wholesale prices (average
UnitedStates
211239149158165159
201194195200206207216223217218225233
for 1913=100)2
Eng-land
241310198165170176
227222210214224234242249251261272283
France
512344319394446
Can-ada
207250167149150147
196191193198202204207218216214217223
Japan
235240181182J88200
209208198197210225241241248262283294
Indexof for-eignex-
change(par
value= 100)3
969795919091888583838075
* The indexes of production in basic industries, building contracts, freight-car loadings, and bank debits are adjusted to allow for seasonal variations. Indexes of department-store sales and stocks are shown both with and without seasonal adjustments. Construction of these indexes has been described and early figures given in the Federal Reserve Bul-letin as follows: Index of production in basic industries, December, 1922; indexes of industrial activity, March, 1924; factory employment index, December, 1923; wholesale tradeindex, April, 1923; department-store sales index, adjusted, January, 1924; department store stocks index, unadjusted, February, 1923; adjusted, March, 1924; building contracts index,November, 1924; bank debits index, July, 1924.
2 The materials and methods used in constructing these indexes of wholesale prices were fully described in a publication of the Federal Reserve Board issued in 1924, entitled"Prices in the United States and Abroad, 1919-1923."
3 The method used in constructing this general index of foreign exchange was described in the Federal Reserve Bulletin for October, 1922.
d
X<X
CO
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
No. 102.—INDEXES OF PRODUCTION, EMPLOYMENT, TRADE, WHOLESALE PRICES, AND FOREIGN EXCHANGE—Continued
Year and month
1920JanuaryFebruary _ _ ._MarchAprilM a yJune _ • _ _ .JulyAugust _ _SeptemberOctoberNovemberDecember
1921January.. . _ _ .FebruaryMarch . _ _ _ _ _AprilMay... _ __JuneJulyAugustSeptember _ . _OctoberNovember __ . _. __December
1922JanuaryFebruary. _ .March
Pro-duc-tionin
basicindus-tries
116115115108105107105102102999590
848581797777747979838683
869195
Indexes of production
Industrial activity
Manu-factur-
ingpro-duc-tion
112106118109110108101104101978575
746980788180758583898678
848298
Min-ingpro-duc-tion
118104119102108117117123115128124125
1069193859292859290
1029387
96101123
Agri-cul-
turalmove-ments
10582816170818183
103118124104
1068890778998
101117128146111108
1009184
Factoryem-
ploy-ment
1101091111091071061031031019994
. 87
808282828281808183848584
848687 '
, employment,
Fac-torypayrolls
124122130127129131125128126122113104
898889868483798181818082
788183 I
Wholesale
trade
1201051261191181241261171171019175
696981737073717982837160
636273
trade, etc. (Average for 1919=100)
Department-store sales
Unad-justed
10690
1221211271229494
109132137184
10391
117115113111808595
124120174
9081
102
Ad-justed
122117121118123122127121121116122115
118118117112110111108109104109107108
103105102
Department-store stocks
Unad-justed
112122134139135130130138147151143113
100106113116114110109116126130131108
103111120
Ad-justed
126130133135135137139139137135127121
113113112112114116116117117117117116
116118119 '
Buildingeon-
tractsaward-
ed
1491291311099098848784867163
7064707784828595
121103110123
102110119
Rail-roadcar
load-ings
110107111102104110112110108106109110
919591969393949394989496
93105107
Bankdebits
out-sideNewYorkCity
117115119120114115120114116111111105
97959494908988909189 19190
869293
Indexes of wholesale prices (averagefor 1913=100)
UnitecStates
248248253267269262254240232214196179
168157152146145143146147147146145143
142146147 1
Eng-land
301316325330336334322317311293277257
240223210203198195193193191185174170
167165166 J
France
447472513562575535520536533517489450
414389370357346333334323322316313307
306303307
Can-ada
239249253265279276274258244234221208
199189184177168165163166158149145145
144149150
Japan
302308313280246223220209199197197180
176171167169173172178177192202197193
191185182
Indexof for-eignex-
change(par
value= 100)
726567656871716663615857
606262636663626060616164
656970
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
AprilMayJuneJulyAugust. . .SeptemberOctoberNovemberDecember
1923JanuaryFebruaryMarchAprilMayJunej u i y . . : : : . :AugustSeptemberOctoberNovemberDecember
19°4JanuaryFebruaryMarch . . .April _May. „Junejuiy . . . . : _ .AugustSeptemberOctoberNovemberDecember
8692949595100107116116
121120125124127122121120114118116110
120121116114103949594103109107117
95109109103no106118120113
121116134131138128118126117128118109
1221231271221129797104113123112116
6170736779103122122126
134117•135128137136137143126143130123
138130128110114111113116124134122130
741029899109137160139131
114819078868691111128158144130
1059681778787100121152189160143
100
101103105105105105104104104104103102
J00101101999693899091939394
102105
104108113113117117113114114117115113
10811411311110510092
103 !101 |106
667276717983888072
787686798083798891968572
807880787776788392958479
1141161108088107131132189
1029012412012912689101113149142202
1101021151331271209193119141141210
111112110108113118115118118
116117124117124126120128125131127127
126128115131123120123118131124126131
120116110107113122128130110
107118129132129122119129139146149123
115127138140135127122126137147148124
117116116115114114114116118
121126127128130128128130130131133132
131135137136135133130126128132131133
123123123134136130113136128
132143140130130117112112128151167172
170163164150129125121133150166196180
9510198102104103116114
117117120124127121119123112118120113
118125115121117103111111117120116124
97101
106110111111113110105105101105105105
105109108111109103108108107112107112
149158161165166164165164165
166166169170167164159159163163163163
163163160158156154156158156159160165
165169167169166163160162164
165168173175173171168164165166171177
178180180181177174174173172175176177
320324325 !328 I320 |315 !315329337 I
346380398390386394391391404404416427
445469483428428442440442436442449451
152154153154149144145147147
148152155156155153151150149147145144
146148147143143145147149146148148149
180183187195187179174172173
176183185185187186183179191196199205
205200200201200189191196198206210209
727271706968676770
0866676766656362636361
585858636260596161616162
XC/2
Cn
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
166 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
STATE BANK AND TRUST COMPANY MEMBERS
The following is a list of 1,544 State bank and trust company activemembers of the Federal Reserve System on December 31, 1924,showing the capital, surplus, and total resources, as compiled fromthe latest available figures:
DISTRICT NO. 1
CONNECTICUT
(See also District No. 2)
New Britain—New Britain Trust CoSouth Manchester—Manchester Trust Co.Waterbury—Colonial Trust Co
Bangor—Merrill Trust CoEllsworth—Union Trust Co..Portland—Fidelity Trust Co.Sanford—Sanford Trust Co...
MASSACHUSETTS
Arlington—Menotomy Trust CoBoston-
American Trust CoBeacon Trust CoExchange Trust CoBank of Commerce & Trust Co.Liberty Trust CoMassachusetts Trust CoNew England Trust CoOld Colony Trust CoState Street Trust Co -United States Trust Co___
Cambridge—Harvard Trust CoInman Trust Co
Fitchburg—Fitchburg Bank & Trust CoGloucester—Gloucester Safe Deposit & Trust Co.Greenfield—Franklin County Trust CoHolyoke—Hadley Falls Trust CoLawrence—Merchants Trust CoLynn—Security Trust CoNewton—Newton Trust CoNorwood—Norwood Trust CoSalem—Naumkeag Trust CoWaltham—Waltham Trust CoWinchester—Winchester Trust Co.Worcester—Worcester Bank & Trust Co
RHODE ISLANDProvidence-
Columbus Exchange BankIndustrial Trust Co.Rhode Island Hospital Trust Co...Union Trust Co
DISTRICT NO. 2
NEW JERSEY
(See also District No. 3)
Asbury Park—Seacoast Trust Co..,_.Bayonne—Bayonne Trust CoBloomfield—
Bloomfield Trust CoWatsessing Bank
Bogota—Bank of BogotaBoonton—Boonton Trust Co.. . _. .Carteret—Carteret Trust CoCranford—Cranford Trust CoEast Orange-
East Orange BankSavings Investment & Trust Co..
Elizabeth-Central Home Trust Co_Elizabethport Banking Co.
$500, 000200, 000500,000
500, 000100, 000400,000100, 000
200,000
1, 500, 0001, 000, 0001,000, 000600,000750, 000
1, 000,0001, 000, 0007,000,0002,000,0001, 000,000
400,000200,000500, 000200, 000200,000500,000300, 000200,000600,000200,000250, 000300, 000100, 000
1, 500,000
200,0004,000,0003, 000, 0001,000, 000
$175,000300, 000
250, 000100, 00075, 000100, 000100, 000100,000
250,000500,000
200,000250, 000
Surplus
$300,000100,000
1,000,000
400, 000100, 000400, 00050,000
100, 000
2, 000,0001,800, 0001, 000, 000140,000750,000500, 000
2,000,0009,000,0002, 500,0001,000, 000
600, 00075, 000500,000200, 000100, 000250,000150, 000300, 000600,00050,000
200, 000200, 00050,000
1, 500, 000
80,0006,000,0005,000,000500, 000
$250,000200, 000
150, 000100, 00050, 00050, 00025, 000100, 000
150, 000500, 000
50,000250,000
Totalresources
$6,179, 5032,150, 83310, 099, 454
12,444,8082,877, 39316, 505, 0311, 783, 291
4, 039, 207
30, 937,85130,821,11619, 955, 3505, 212,04614,393, 90524, 078, 25830, 365, 585181,812, 53852, 700,04720, 201, 532
14, 541, 7432, 714, 2925, 749,8795, 206, 6763, 648, 7119, 600, 6159, 399, 2259, 527, 77414,446, 3674, 746,8576,804,4906,812, 6301,864, 662
38, 057, 729
2,857, 653123, 637,19493,923,82920, 838, 503
$5,197,2567, 917, 454
5, 963, 7632, 703, 5541,081,8451, 533, 079864, 869
3, 046, 939
4,139, 64715, 905, 521
2, 703, 7916,327, 282Digitized for FRASER
http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
STATE BANK MEMBERSHIP 167
DISTRICT NO. 2—Continued
NEW JERSEY—continued
Fort Lee—Fort Lee Trust CoFranklin—Sussex County Trust CoGlen Ridge—Glen Ridge Trust CoHackensack—Peoples Trust & Guaranty CoHasbrouck Heights—Bank of Hasbrouck HeightsHoboken—Jefferson Trust CoJersey City—
Claremont Bank of Jersey CityCommercial Trust Co. of New JerseyNew Jersey Title Guarantee & Trust Co
Long Branch—Long Branch Banking CoMontclair—
Bank of MontclairMontclair Essex Trust Co
Morristown—Morristown Trust CoNewark—
City Trust CoFederal Trust CoFidelity Union Trust CoIronbound Trust CoMutual Bank of RosevilleSpringfield Avenue Trust Co
Nutley—B ank of NutleyPassaic—Peoples Bank & Trust CoPaterson—Hamilton Trust CoPerth Amboy—
Perth Amboy Trust CoRaritan Trust Co
Plainfield—Plainfield Trust Co '.Rahway—Rahway Trust CoRidgefield Park—
Overpeck Trust CoRidgefield Park Trust Co
Ridgewood—Ridgewood Trust CoRutherford—Rutherford Trust Co..._.Westfield—
Peoples Bank & Trust CoWestfield Trust Co
West Hoboken—Hudson Trust Co. of West Hoboken.Westwood—Westwood Trust Co
NEW YORK
Adams—Citizens Trust Co _-Albion—Orleans County Trust CoAmsterdam—Montgomery County Trust CoBatavia—Bank of GeneseeBelmont—State Bank of BelmontBinghamton—Peoples Trust CoBlasdell—Bank of BlasdellBrooklyn-
Brooklyn Trust CoGlobe Exchange BankMechanics BankMidwood Trust Co _ . . . .Peoples Trust Co
Buffalo-Buffalo Trust CoFidelity Trust CoLiberty Bank of BuffaloMarine Trust CoPeoples Bank of Buffalo
Canisteo—First State BankCape Vincent—Citizens Bank of Cape VincentChatham—State Bank of ChathamConey Island, New York City—Bank of Coney IslandDepew—Bank of DepewDunkirk—Dunkirk Trust CoEast Aurora—Bank of East AuroraElmira—Chemung Canal Trust CoEndicott—State Bank of EndicottFloral Park—Floral Park BankFredonia—Citizens Trust CoGeneva—Geneva Trust CoGloversville—Trust Co. of Fulton CountyHamburg—Peoples BankHammondsport—Bank of HammondsportHicksville—Bank of HicksvilleIthaca—Ithaca Trust Co _._
$100,000100, 000100,000600, 00050,000
400, 000
200, 0002,000, 0001, 300,000150,000
250, 000750, 000600, 000
200, 0002, 500, 0005, 250, 000500, 000200, 000200, 000100, 000400, 000600, 000
300, 000100, 000609, 300100, 000
100, 000100,000150, 000100, 000
200, 000200, 000
1, 000, 000100, 000
150,000100, 000200, 000100,00050, 000500, 00030, 000
1, 500, 000400, 000
2,000,000700, 000
1, 600, 000
2,000,0001, 000, 0002,000, 00011,250, 0001,000, 000
50, 00050,00050, 000
200, 00050,000250, 000150, 000600,00050,00050,000100,000250, 000350, 00060, 00050, 000100, 000250,000 i
$20, 00075, 00050,000
400, 00050,000100, 000
200, 0001, 500,0C01, 000, 000
100, 000
100, 000500, 000300, 000
250, 0001, 000, 0003, 750, 000
500, 000160, 000100, 00080, 000600, 000500, 000
300,00050, 000500,000 |.100,000
8,013 I100,00050,000150, 000
100, 00050, 000
1, 000, 00020, 000
75, 00050, 000
300, 000100, 00050,000100, 0005,500
3,000, 000120,000
2,400, 000300, 000
2, 400, 000
1, 750, 0001,000,0002,000,0008, 750, 000600, 00035, 00010, 000100,000100, 00015, 000
125, 00030, 000
400, 00075, 00050,000100, 000200, 000250, 00090,00050,000150, 000200, 000
$580, 6011, 940, 6602,164,97111, 270, 604
795, 4587,889, 041
9,166, 09351, 380,16928, 010, 7142, 458, 474
5, 669,40710, 829, 78310, 052, 203
4,852,12325, 275, 92583, 897, 36014, 981, 8422, 775, 4277,913,9982, 693, 54910, 846, 60111, 640, 683
9, 361, 6562, 042, 75013,959, 6451,368, 952^
1,155, 9882, 585,0763, 041, 6082, 495, 4824, 067, 9034, 321, 32544,154,199
795, 821
1, 835, 5291,016, 2214,425, 7042,147, 308490, 247
8, 525, 792282, 886
57,185, 4664, 489, 042
51, 398, 5387, 285,983
65, 717, 253
64,376, 00729,404, 42561,429, 085170, 519,44727, 682,952
664,172468,141
2, 340,0445, 613, 0631,112,4132, 434, 3772,638,49111,415,8H3, 556,120
2, 216, 2614,893, 3261,892, 3092, 580,8591, 277, 4152,662, 6986, 235, 057
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
168 ANNUAL EEPORT OF THE FEDERAL. RESERVE BOARD
DISTRICT NO. 2—Continued
NEW YORK—continued
Johnson City—Workers Trust CoKatonah—Northern Westchester BankKingston—Kingston Trust Co...Lackawanna—American Bank of LackawannaLittle Falls—Herkimer County Trust CoLowville—Lewis County Trust CoM alone—Peoples Trust Co...Millbrook—Bank of MillbrookMineola—Nassau County Trust CoNew York—
Amalgamated BankBankers Trust CoBank of AmericaBank of Europe. ._ _.Bank of the Manhattan Co. (Manhattan Co.)Bank of New York & Trust CoBank of United StatesCentral Mercantile Bank..Central Union Trust CoCommonwealth Bank of the City of New YorkContinental Bank.. _Corn Exchange BankEquitable Trust Co^Farmers Loan & Trust CoFederation Bank of New YorkFidelity-International Trust CoFifth Avenue Bank.Fulton Trust Co.. ._Guaranty Trust CoInternational Union BankIrving Bank-Columbia Trust CoManufacturers Trust CoMetropolitan Trust Co. of the City of New YorkMutual BankNew Netherland BankNew York Trust CoPacific BankUnited States Mortgage & Trust CoUnited States Trust Co. of New YorkYorkville Bank of New York City
Niagara Falls—Power City BankNyack—Rockland County Trust CoOlean—Olean Trust CoOneida—Madison County Trust & Deposit CoOrchard Park—Bank of Orchard ParkPearl River—State Bank of Pearl RiverPerry—Citizens BankPort Chester—Mutual Trust Co. of Westchester CountyRochester—Lincoln-Alliance BankRome—Rome Trust CoSchenectady—Schenectady Trust CoSmithtown Branch—Bank of SmithtownSpring Valley—Ramapo Trust CoStony Brook—Bank of Suffolk CountySyracuse-
City Bank Trust CoFirst Trust & Deposit CoSyracuse Trust Co
Utica—Citizens Trust CoOneida County Trust CoUtica Trust & Deposit Co
Warsaw—Trust Co. of Wyoming CountyWatertown—Northern New York Trust CoWestbury—Bank of WestburyWhite Plains—County Trust CoWilliamsville—Amherst Bank
DISTRICT NO. 3
DELAWARE
Milford—Milford Trust CoWilmington—
Equitable Trust CoSecurity Trust & Safe Deposit CoWilmington Trust Co
Totalresources
$200, 00050,000
250, 000100, 000350, 000200, 000300, 00050, 000150, 000
200, 00020, 000, 0006, 500, 000
450, 00010, 000, 0004, 000, 0002, 000, 0001, 500, 000
12, 500, 000600, 000
1, 000, 00010, 000, 00023, 000, 0005, 000, 000250, 000
2, 000, 000500, 000500, 000
25, 000, 000250, 000
17, 500, 0005, 000, 0002, 000, 000500, 000600, 000
10, 000, 0001, 000, 0003, 000, 0002, 000, 000200, 000
1, 000, 000100, 000100, 000200, 00030. 00050, 00050, 000
300, 0002, 000, 000300, 000400, 00050, 000100, 00050, 000
2, 500, 0002, 500, 0001, 500, 000
1, 000, 000250, 000
1, 000, 000100, 000400, 00050, 000200, 00096, 700
100, 000
500, 000600, 000
2, 000, 000
$200, 00025,000250, 00025,000
350, 000100, 000100, 00050,000100, 000
75, 00015, 000, 0005, 000, 000225, 000
10, 000, 0008, 000, 000
400, 000810, 000
17, 500, 000700, 000500, 000
10, 000, 0009, 000, 00010, 000, 000
250, 0001, 500, 0002, 000, 000250, 000
15, 000, 000205, 193
7, 500, 0003, 000, 0003, 000, 000400, 000300, 000
10, 000, 0001, 500, 0003, 000, 00012, 000, 000
800, 000500, 00050, 00050, 000120, 00015, 0009,467
80, 000150, 000
2, 000, 000100, 000400, 00025, 00035, 00025, 000
1, 000, 0001, 250, 000750, 000
1, 000, 000250, 000700, 00020, 000
400, 00013, 250
300, 00029, 010
200, 000
500, 000700, 000
1,100, 000
$4, 327, 3621, 046, 0125,176,8881, 279, 6905, 822,1702, 061, 3193,835, 0161, 544,1403, 735, 740
4, 635, 287469,114,102216,117, 90710, 208, 425
283, 876,173136,986,81662, 921, 90415, 468, 461
340, 083, 93118, 542, 01019, 889, 404
267, 606,175483, 460,159204, 138, 0648, 446,38430, 498, 62730, 979, 55914, 213, 882
682, 986, 6853, 831, 591
437,849, 437132, 597,10960, 602, 21417,139, 83213, 054, 376
343, 576, 07645, 658, 35480, 428, 37377, 407, 99236, 225, 22416, 078, 0663, 365, 4811, 350, 4803, 524, 1051, 015, 364234, 216
1, 482, 7315, 001,135
57, 474, 6685, 598, 55318, 446, 7601, 420, 009983, 795731,619
28,147,14449,267,88037,198; 262
21, 023, 0403, 579, 73917, 024, 2571, 050,421
10, 495, 300; 1, 495, 294
9, 265, 5381, 032, 904
1, 605, 340
7,580,3198,171, 76521, 407, 355
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
STATE BANK MEMBERSHIP 169
I
DISTRICT NO. 3—Continued
NEW JERSEY
(See also District No. 2)Atlantic C i t y -
Atlantic Safe Deposit & Trust CoBankers Trust CoEquitable Trust Co
Burlington—Burlington City Loan & Trust CoCamden— Camden Safe Deposit & Trust CoGloucester City—Gloucester City Trust CoHightstown—Hightstown Trust CoPrinceton—Princeton Bank & Trust CoRiverside—Riverside Trust CoSwedesboro—Swedesboro Trust Co
PENNSYLVANIA
(See also District No. 4)
Allentown—Penn Trust CoBlooinsburg— Columbia County Trust CoCarlisle—Carlisle Trust CoChester—Cambridge Trust CoDu Bois—Union Banking & Trust CoEast Petersburg—East Petersburg State BankEgypt—Farmers Bank of EgyptFrackville—Peoples Trust CoHarrisburg—Dauphin Deposit Trust CoHazleton—
American Bank & Trust CoMarkle Banking & Trust CoPeoples Savings & Trust Co
Honesdale—Wayne County Savings BankHuntingdon—Grange Trust CoJenkintown—Jenkintown Bank & Trust CoKingston—West Side Trust CoKulpmont—Dime Deposit BankLemoyne—Lemoyne Trust CoLewistown—Lewistown Trust CoLock Haven—Lock Haven Trust CoLuzerne—Merchants & Miners State BankLykens—Miners Deposit BankMechanicsburg—First Bank & Trust CoMiddletown—Citizens Bank & Trust Co.Mill Hall—Mill Hall State BankNanticoke—Miners Trust CoNew Oxford—Farmers & Merchants BankOlyphant—The Olyphant BankOrrstown—Orrstown Bank .__ .Philadelphia—
Aldine Trust CoBank of North America & Trust Co. . . -Colonial Trust CoFederal Trust CoFidelity Trust CoGirard Trust CoNinth Bank & Trust CoNortheast-Tacony Bank & Trust Co.Oxford Bank & Trust CoPennsylvania Co. for Insurance on Lives and Granting
AnnuitiesPeoples Bank & Trust CoPhiladelphia Trust CoProvident Trust CoWest Philadelphia Title & Trust Co
Reading—Berks County Trust CoNortheastern Trust Co
Schnecksville—Schnecksville State BankSchuylkill—Schuylkill Haven Trust CoScranton—Peoples Savings & Dime Bank & Trust CoShamokin—Dime Trust and Safe Deposit CoTamaqua—Peoples Trust CoWilkes-Barre—
Dime Bank Title & Trust CoUnion Savings Bank & Trust Co
Williamsport—Northern Central Trust CoSusquehanna Trust Co
WMiamstown—Williams Valley BankWyomissing—Peoples Trust Co. _ ___ __ __ -Y o r k -
Guardian Trust Co .York Trust Co
$300,000100,000200, 000100, 000500, 000100, 000100, 000250, 000100, 000100, 000
300, 000125,000200,000500,000250,00050, 00060,000125, 000300,000
400,000600, 000250,000200, 000125,000250, 000250, 00050, 000200, 000125, 000250, 00050,00050,000
250, 000125, 00035, 000125, 00050, 000100, 00025, 000
1, 000, 0005, 000, 000500, 000200, 000
5, 200, 0002, 500, 000
750, 000250, 000500, 000
3,964,9901, 000, 0001,000, 0002, 000, 000
500, 000
750,000454, 87025, 000125, 000
1, 000, 000125,000125, 000
200, 000250, 000
500, 000500, 00050, 000500, 000
425, 000300, 000
$350, 000100, 000200, 000100, 000
1, 000, 00065, 00030, 000200, 000125, 00020, 000
150,00025, 000200,000500, 000500,00010, 00040,00065, 000400,000
300,0001, 000, 000250,000425, 00045,000700, 00050, 00060, 000200, 00025, 000250, 0005,000
150, 000150, 00075, 00015, 000150, 00075, 000100, 00016, 000
1, 000, 0005, 000. 000500, 000300, 000
16,000,0007, 500, 0001, 500, 000
100, 000, 300,000
14,381, 672250,000 !
5,000,000 !5, 000, 000750, 000
650,000125,4082,500
175, 0001, 000, 000200, 000125, 000
250, 000075, 000
400, 000600, 00050, 000275, 000
400, 000375,000
$7,169,9502, 458, 6994,912, 0842, 303, 04814, 247,4081, 202, 736781, 674
3, 503,1472, 327,475841, 353
2,665,4461,208,8942,535,9056, 820, 5032, 688, 541209,324754,152768,964
5,139,062
5, 686,4928, 260, 2374, 788, 7834, 601, 970970, 442
7, 842,4261, 767, 422768, 549
1, 363, 266797, 745
3,182, 994358,914
1, 263, 4281,978, 6991, 013, 508336, 261
2, 494, 815825, 699
3, 077, 857230, 548
6, 257, 77167,192,60011, 236, 6285,877, 74175,838, 59670,071,03017,733,3391, 512, 2215,363,808
77,392, 55315,152, 04730, 850, 08428, 471, 7769, 700, 402
8, 555, 8152,998, 634
96,7231, 969, 76218,176,8522, 445, 6011, 503, 026
3, 905, 0201,997, 398
4, 877, 6204, 721, 2671, 093, 4832,832,952
3, 750,1744, C67, 613Digitized for FRASER
http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
170 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
DISTRICT NO. 4
KENTUCKY
(See also District No. 8
Georgetown—Farmers Bank & Trust Co.Lexington-
Guaranty Bank & Trust CoSecurity Trust Co
Richmond—State Bank & Trust Co
OHIO
Adena—Adena Commercial & Savings BankAkron—
Central Savings & Trust CoDepositors Savings &. Trust CoFirestone Park Trust & Savings Bank... _.First Trust & Savings Bank
Alliance—City Savings Bank & Trust CoAntwerp—Antwerp Exchange Bank CoApple Creek—Apple Creek Banking CoAtwater—Atwater Savings Bank CoBarberton—Peoples Savings & Banking CoBowling Green—State Bank of Bowling Green.Bridgeport—Bridgeport Bank CoCanton—Dime Savings Bank CoChagrin Falls—Chagrin Falls Banking CoCincinnati-
Brighton Bank & Trust CoFourth & Central Trust CoPearl Market BankProvident Savings Bank & Trust CoUnion Trust CoWestern Bank & Trust Co
Cleveland-Cleveland Trust CoCommonwealth Banking & Trust CoGuardian Savings & Trust CoLake Erie Trust CoMidland BankPearl Street Savings & Trust CoReliance Trust CoState Banking & Trust CoUnion Trust CoUnited Banking & Savings Co
Columbiana—Union Banking CoColumbus—Citizens Trust & Savings BankConneaut—
Citizens Banking & Trust CoConneaut Mutual Loan & Trust Co
Cuyahoga Falls—Falls Banking CoDanville—Commercial & Savings Bank CoDelphos—Peoples Bank of DelphosDelta—Peoples Savings Bank CoEldorado—Farmers State BankFrazeysburg—Peoples Bank CoGeneva—Geneva Savings Bank CoGibsonburg—
Gibsonburg Banking CoHome Banking Co
Hillsboro—Hillsboro Bank & Savings CoHubbard—Hubbard Banking CoLima—First American Bank & Trust CoLodi—Lodi State BankLyons—Farmers State BankMcCutchenville—Farmers BankMansfield—Farmers Savings & Trust CoMassillon—Ohio Banking & Trust CoMetamora—Farmers & Merchants Bank CoMiddlefield—Middlefield Banking CoMiddletown—American Trust & Savings Bank.Milan—Farmers & Citizens Banking CoMinerva-
Minerva Banking CoMinerva Savings & Trust Co.
Minster—Minster State BankNapoleon—Napoleon State BankNewark—Newark Trust CoNew Philadelphia—
Merchants State BankOhio Savings & Trust Co
Newton Falls—First State Bank
Capital Surplus Totalresources
$100, 000
300, 000500, 000150, 000
60, 000
1. 000, 000500, 000200, 000
1, 500, 000250, 00025, 00025,00025, 000100, 000100, 00075, 000
500, 000100, 000
500, 0002, 000, 000400, 000
1, 500, 0001, 000, 0001, 000, 000
8, 600, 000250, 000
4, 000, 0001,000,0002, 000, 0001, 500, 000300, 000750, 000
22, 250, 0001, 500, 000
50,0001, 500, 000
125,000125, 000150, 00025,00050, 00025,00035, 00025, 000100, 000
50,00025,00050, 00050, 000
400, 00040, 00025,00030,000200, 000500,00025, 00025,000150, 00025,000
50,000125, 00025,00050,000
200, 000
100, 000150, 000125, 000
$75, 000
50, 000150, 00055, 000
6,500
500, 000512, 500125, 000
J 1, 500, 0001 125,000
7,50025, 00012, 50038, 50021, 00040, 000225, 000100, 000
250, 0002, 000, 000200,000
1, 500, 0003, 500, 0001, 000, 000
4, 300, 00022, 030
4, 000, 000250, 000600, 000750, 00050,000
300,00011,125,000
750, 00060,000600, 000
33, 886125, 00062.50016, 50019,50035,0008,60050, 000100,000
29, 00025, 00025, 00050, 000105, 00060, 0002,5002,768
200, 000158, 00010, 00030,00038, 00015,000
9,50033,00035, 00050,000
200, 000
65,000100,00026, 000
$1, 206, 756
3, 230, 7783, 397, 7231,242, 612
458,303
16, 378, 9089, 070, 7574,459, 65927,955, 4034, 431, 946364,156240, 450382,884
2, 261, 720693, 465766,674
5, 671, 7082,173,129
14, 348, 84324, 699, 0628,406, 63528, 462, 46S36, 031, 47017, 738, 749
204, 011, 6442,000,619
115,100, 0944, 450, 61626, 393, 51028, 343, 9502, 356, 26S16, 072, 883
299, 715, 58723, 747, 301
694, 91424, 318, 018
1,107, 7992, 552, 8301, 610, 703321, 884494, 903615, 568419,197609, 298
1, 461, 940
857, 948685, 748590, 785
1, 030, 2384, 057,101
739, 583221, 686129, 762
2,404,9523, 388, 855402, 483521, 786
2, 266, 919559,160
472, 6191,638, 819495,119
1, 239, 3053, 580, 690
1, 034, 8722, 000, 2501, 319,995
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
STATE BANK MEMBERSHIP 171
Capital
DISTRICT NO. 4—Continued
OHIO—continued
Orryille—Orrville Savings BankPeninsula—Peninsula Banking CoPortsmouth—Security BankRittman—Rittman Savings BankSt. Clairsville—Dollar Savings Bank CoSt. Marys—
' American State BankHome Banking Co
Shadyside—Shadyside BankShelby—Citizens BankShiloh—Shiloh Savings Bank CoSteubenville—
Steubenville Bank & Trust CoUnion Savings Bank & Trust Co
Sylvania—Farmers & Merchants Bank CoToledo-
Commerce Guardian Trust & Savings Bank..Commercial Savings Bank & Trust CoToledo Trust Co . .
Upper Sandusky—Citizens Savings BankVermilion—Erie County Banking CoWakeman—Wakeman Bank Co . _Warren—Union Savings & Trust CoWellington—First Wellington BankWest Lafayette—West Lafayette Bank CoWest Milton—Citizens State Bank CoWooster—Commercial Banking & Trust CoYoungstown—
City Trust & Savings BankDollar Savings & Trust Co _
PENNSYLVANIA
(See also District No. 3)
Ambridge—Ambridge Savings & Trust CoBeaver—Beaver Trust CoBeaver Falls—Federal Title & Trust Co.Bellevue—Bellevue Savings & Trust CoButler—Guaranty Trust CoEast Pittsburgh—East Pittsburgh Savings & Trust Co..Erie—Security Savings & Trust CoGreensburg—
Merchants Trust CoUnion Trust Co.
Meadville—Crawford County Trust CoNew Brighton—Beaver County Trust CoNew Castle—Lawrence Savings & Trust CoPit tsburgh-
Allegheny Trust Co ._-City Deposit BankColonial Trust CoCommonwealth Trust Co ._ _.Oakland Savings & Trust CoPittsburgh Trust CoPotter Title & Trust CoUnion Trust Co . ._.
Washington—Real Estate Trust Co. of WashingtonWoodlawn—Woodlawn Trust Co
WEST VIRGINIA
(See also District No. 5)
Moundsville—Marshall County BankSistersville—First-Tyler Bank & Trust Co.Wheeling-
Security Trust Co .Wheeling Bank & Trust Co
DISTRICT NO. 5
DISTRICT OF COLUMBIA
Washington—Continental Trust Co
$50,00025,000300,00060,00050,000
50,000100,00050,000100, 00025,000
650,000350, 00050,000
1,400, 000200,000
5, 000, 00050,00050,00025, 000600,00085,000100,00030,000150, 000
600,0002, 500, 000
125, 000300,000200,000125, 000500,000200,000200,000
200,000400, 000200,000400,000300,000
700,000200,000
2,600,0001, 500, 000300,000
2, 000,000500,000
1, 500, 000200,000125,000
150,000200,000
300,000500,000
1,000,000
$52,00011,000
200,00020,00060,000
25,00032,00012, 75050,00040,000
311, 000350,00025,000
700,000400, 000
3, 000, 00050,00018,50015,000
600,000100,00050,00016,00053,500
650, 0001, 250, 000
125, 000100,00040,000100,000600,000200,000500,000
200,00040,00050,000200, 000400,000
850,000800,000
3,000, 0001, 350, 000300,000
2, 000, 000300,000
44,000,000500,000125, 000
50,000100,000
300,000500.000
100,000
Total
$916, 054273, 716
3,478,305692,256871, 488
569,6771,169, 641469, 334
1, 586, 340386,006
5, 522,8775,416, 337926, 019
27, 517,30513,163, 23340,175, 726
801, 386678,993325,427
7, 053, 7631,196, 7891, 065, 667345,466
1,199, 852
10, 710, 20520,968,082
4, 011,1352, 776,1441, 635, 7812, 208, 9896, 820, 3464,849,9876, 597, 658
2, 547, 0201,849,4972, 934, 8071, 718,9645,449, 669
7,089, 53216,813,14825, 519,15315,432,074
21, 318, 7507, 522, 222
191,174, 0503, 239, 0362, 402,458
1, 577,1402, 262,665
4,451, 0418,955, 990
4,492, 395
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
172 REPORT OF THE FEDERAL RESERVE BOARD
DISTRICT NO. 5—Continued
MARYLANDBaltimore—
Atlantic Exchange Bank & Trust Co.Baltimore Commercial BankBaltimore Trust CoLiberty Bank of Baltimore County.._Maryland Trust Co
Forest Hill—Forest Hill State BankSalisbury—Farmers & Merchants Bank. .
NORTH CAROLINA
Belhaven—Farmers BankCharlot te-
American Trust CoIndependence Trust Co
Edenton—Bank of EdentonElizabeth City—Carolina Banking & Trust Co.Forest City—Farmers Bank & Trust CoHenderson—Carolina Bank & Trust CoMorehead City—Bank of Morehead CityTarboro—Farmers Banking & Trust CoWashington—Bank of WashingtonWinston-Salem—Wachovia Bank & Trust Co , .
SOUTH CAROLINA
Bishopville—Peoples BankCharleston—Carolina Savings Bank _Cheraw—
Bank of CherawMerchants & Farmers Bank
Chester—Commercial BankDarlington—Bank of DarlingtonFlorence—
Commercial & Savings BankPalmetto Bank & Trust Co
Georgetown—Bank of GeorgetownHartsville—Bank of HartsvilleRock Hill—Citizens Bank & Trust CoSt. George—Farmers BankSt. Matthews—Home BankSumter—Peoples BankUnion—Nicholson Bank & Trust CoWalterboro—Farmers & Merchants Bank.Westminster—Westminster BankWoodruff—Bank of Woodruff
Blackstone—Citizens Bank & Trust CoChase City—Peoples Bank & Trust CoGalax—Peoples State Bank (Inc.)Kenbridge—Bank of Lunenburg (Inc.)Norfolk—Citizens Bank of NorfolkPetersburg—Petersburg Savings & Trust Co..Richmond-
Bank of Commerce & TrustsSavings Bank of RichmondState & City Bank & Trust CoUnion Bank of Richmond
Rural Retreat—Peoples B ankVictoria—Bank of Victoria (Inc.)
WEST VIRGINIA
(See also District No. 4)
Berwind—Berwind BankCharleston—Kanawha Valley Bank _Frankl in-
Farmers Bank of PendletonFranklin Bank
Qrafton—Graf ton Banking & Trust CoHarpers Ferry—Bank of Harpers Fe r ry—Hurricane—Putnam County BankMartinsburg—
Peoples Trust CoShenandoah Valley Bank & Trust Co.
Moorefield—Hardy County BankPetersburg—Potomac Valley BankSt. Marys—Pleasants County Bank.Salem—Merchants & Producers Bank
Totalresources
$2,000, 000750, 000
1,000, 00025,000
1, 000, 00025,000
100, 000
25,000
1, 200, 0001,000, 000
66,900250,000100, 000100,00050,000
100,000100, 000
2,175, 000
25, 000200, 000
110,000 I100,000 I100,000 I100,000 I
250,000100,000100, 00075,000
140, 00025,00050,000100,000200,000100,000100,00077, 800
100, 000100,00047, 50050, 000000,000000, 000
500,000200,000200,000500,00035, 00030,000
50,000500,000
50,00040,000100,00025,00050, 000
200. 000
ioo; ooo50,00050,00075, 00050, 000
$2,000,000250,000 I
2,000,00025,000500,0006,500
100, 000
7,500
470, 610500, 00085,000
100, 0007,0004,00060, 00091,275750, 000
75, 000150,000
50, 00025, 000100, 000100, 000
100,00022, 000100, 00042, 50021,0009,00030,00015, 500200,00032, 00025, 00040, 000
70, 00028,00042, 37583,000500,000141, 700
500,000300, 000
1, 200, 000750,0004,00012, 000
100, 0001, 600, 000
50,00019, 00050, 0006,00050,000
102 50025, 0002,2503,00026, 00019, 500
$34, 273,44011,154, 59418, 288,0081,007,79711, 512, 894
239,2701,085, 602
229, 246
18, 331, 3957,086,8911,113,4111, 350, 0422,147, 719
474, 777378, 290
1, 335,9681, 228, 240
41, 637, 690
414,0073, 730, 074
1, 002, 954571,920
1,339,9551, 405,102
2,462,192808,121
1, 261, 612887, 282981,034304,428444, 871645,356
1,711,064691, 943863,394622,159
892, 983570,932468,416583,135
8,742,0885, 235, 064
5, 591,7952, 799,02420,142,9084,629,271
204, 563420, 066
1,166, 24413,896,306
617, 987384, 309
1, 242, 536203,841516, 614
1, 623, 521602, 033159,00C247, 795539,34*698, 75(
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
STATE BANK MEMBERSHIP 17a
, Capital Surplus Totalresources
DISTRICT NO. 6
ALABAMA
Athens—Farmers & Merchants BankBirmingham-
American Trust & Savings BankBirmingham Trust & Savings Co
Clayton—Bank of CommerceGuin—Marion County Banking CoHartselle—Farmers & Merchants BankHuntsville—Farmers State BankHurtsboro—Farmers & Merchants BankJasper—Central Bank & Trust Co.Marion—Marion Central BankMobi le-
Merchants BankPeoples Bank
Monroeville—Monroe County BankMontgomery—Alabama Bank & Trust Co..Orrville—Orrville Bank & Trust Co -----Pittsview—Bank of Pitts viewRoanoke—
Merchants & Farmers BankRoanoke Banking Co
Selma— Peoples Bank & Trust CoTalladega—Bank & Trust CoTuskegee—Macon County BankUnion Springs—American Bank
FLORIDA
De Land—Volusia County Bank & Trust CoJacksonville—American Trust CoLakeland—Central Bank & Trust CoLake Wales—Citizens Bank of Lake Wales.-.Leesburg—Leesburg State BankMarianna—Citizens State BankM i a m i -
Commercial Bank & Trust CoSouthern Bank & Trust Co
Orlando—Bank of Orange & Trust CoTallahassee—Exchange BankT a m p a -
Bank of CommerceCitizens Bank & Trust Co
Winter Park—Bank of Winter Park
GEORGIAAthens—
American State BankCommercial Bank of Athens
At lan ta -Atlanta Trust CoGeorgia Savings Bank & Trust CoTrust Company of Georgia
Bainbridge—Citizens Bank & Trust CoBarnesville—Barnesville BankBartow—Bartow BankBoston—Bank of BostonBowers ville—Bank of Bowers villeBowman—Bank of BowmanBrunswick—Brunswick Bank & Trust CoCalhoun—Peoples BankCamilla—Bank of CamillaCarrollton—Peoples BankCarters ville—Bank of Carters villeCave Spring—Bank of Cave Spring..Chipley—Farmers & Merchants BankClaxton—Citizens Bank of ClaxtonCommerce—
Commerce Bank & Trust CoNortheastern Banking Co
Cordelle—Exchange BankDacula—Dacula Banking CoDawson—Bank of Daws on .Douglasville—Douglasville Banking CoDublin—Southern Exchange BankEas tman-
Bank of EastmanCitizens Banking Co
Eatonton—Farmers & Merchants BankMiddle Georgia Bank
$80,000
, 000,000L, 000, 000
50,00025, 00050, 000
100, 00031,40050,00050,000
500,000300, 000100, 000300,00025, 00025, 000
125, 000200,000100, 000100, 00050, 00050, 000
200, 000200,000100, 00075,00050, 00030,000
200,000100, 000200, 00050, 000
200,000, 000, 000
40, 000
100,000200,000
., 500, 000500,000!, 000, 000100, 00050,00025,00025,00025,00035, 000
230, 00050, 000100. 00060,000
100, 00025,00050,00030, 000
50,000100,000100. 00025,000100,00075,000100,000
60,000100,000
25,000 |.50,000 |
$50,000
500,000800, 00015,00040,0005,50025,00015,00010,000100,000
300,000200,00030,00047,00030,0005,000
200,00050,00025, 000
110, 00010,000
40,00050, 70115, 00010, 00025,000
100,00040,00050,00025,000
40, 000500, 00010, 000
20, 00050,000
300,000250,000
1,000, 00020, 00010, 00015,0005,0005,00010,000
101, 000
30,00060,00025,000
6,000
12, 07360,000
100, 0005,000
42,50051,5005,000
10,00020,000
50,000
$1,013,167
15, 349,13121, 306, 298
342, 761438,485-457,127"611,806-139, 240>924, 671614,167
11,782,4865,159,155858,035
2, 699, 743163,00676,332:
498,314:1, 251,0561,138,426691,150^626, 790<317,426
2, 648,1971,002, 785>1,327, 627306,968
1, 319,085372,152:
2,867, 5185,067, 5921, 695,288463,185
1, 977,04917, 263,079
678, 585
954, 2551, 604,485
8, 408,32a4,182,0377,865,132985, 788206, 425220, 296159, 95085, 555332,999
2,119,147497,462470, 029630, 684566, 733188,724274, 826163, 628
169,077641,587718, 54378,300
403, 342626,874818,336
259,247714, 340
81,619494,441
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
174 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
Totalresources
DISTRICT NO. 6—Continued
GEORGIA—continued
Elberton—Bank of Elberton $100,000Forsyth—Monroe County Bank 25,000Girard—Farmers & Merchants Bank | 25,000Graymont—Bank of Graymont 25,000Greenville-
Greenville Banking Co 65,000Peoples Bank 30,000
Hartwell—Hartwell Bank 60,000Hoschton—Bank of Hoschton 30,000Jackson—Jackson Banking Co 100, 000Jefferson—Citizens Bank & Trust Co 94,170La Grange—La Grange Banking & Trust Co 250,- 000Lavonia—Bank of Lavonia 40, 000La wrenceville—Brand Banking Co _ _ 50,000Lexington—Oglethorpe County Bank 25,000Lincolnton— Farmers State Bank 25,000Locust Grove—Bank of Locust Grove. _ 25,000Louisville—Bank of Louisville 25, 000Madison—Bank of Madison 100, 000McDonough—
Bank of Henry County 50,000Farmers & Merchants Bank 100, 000
Metter—Bank of Candler County 25,000Citizens Bank 30,000
Millen—Bank of Millen._ 50,000Monroe-
Bank of Monroe 300,000Farmers Bank 150,000Union Banking Co 60,000
Pelham—Farmers Bank ._ 100,000Pendergrass—Pendergrass Banking Co 25,000Plains—Plains Bank.. . . 50,000Portal—Bank of Portal 25,000Rhine—Rhine Banking Co - 25,000Royston—Royston Bank 60,000Sardis—Peoples Bank 25,000Sasser—Bank of Sasser 25, 000Savannah—
Citizens & Southern Bank 3,000,000Citizens Trust Co ._ 300,000Liberty Bank & Trust Co 300, 000Savannah Bank & Trust Co 700,000
Soperton—Bank of Soperton 25,000Statesboro—Bank of Statesboro.... _ 100,000Swainsboro—Central Bank 25,000Toccoa—Bank of Toccoa _ 50,000Wadley—Bank of Wadley _ . . . 25,000West Point—Citizens Bank 100,000Winder—Farmers Bank 50,000Winterville—Pittard Banking Co _._. 25, 000Zebulon—Bank of Zebulon 25,000
LOUISIANA
(See also District No. 11)
Baton Rouge—Union Bank & Trust Co._ 150,000Gretna—Jefferson Trust & Savings Bank 80,000New Orleans—
Algers Trust & Savings Bank 200, 000American Bank & Trust Co - 500, 000Canal-Commercial Trust & Savings Bank 4,750,000Hibernia Bank & Trust Co. . . 2,000,000Interstate Trust & Banking Co 750,000Marine Bank & Trust Co 1,500,000New Orleans Bank & Trust Co 800,000
New Roads—Pointe Coupee Trust & Savings Bank 60,000Opelousas—Parish Bank & Trust Co 50,000Ville Platte—Evangeline Bank & Trust Co 75,000
MISSISSIPPI
(See also District No. 8)
Crystal Springs—Peoples Bank 25,000
$25, 00030,0002,500
20, 000
100,00027,60630, 00012,00020,00010, 000
650, 00017, 00050,00025, 00010,0005,00055,00075, 000
30,00014,100
2,00020, 00050, 000
7,50030, 000
50,0005,00030,0002,0004, 50030, 0006,000
32, 500
2, 500, 00075,000350, 000700, 00025,00075,0007,50010,00025,00020, 0008,5005,00012, 500
75,00035,000
50,000250, 000
2, 250, 0002, 500,000900, 000800, 000200, 0006,60010,00037,500
2,800
$634, 968302, 206140, 957246,115
578, 055180, 552475, 69373, 593
327, 804333,167
2,933, 026290, 903716, 290246, 087286,447144, 411471, 245493, 317
284,773278, 594
129, 954185,122496, 362
736, 251463, 355151, 462587,87675,417391,914132, 48885, 021434, 689111, 985124,151
64, 382, 5871, 622, 4694, 438, 9067,881,057376,239883, 522189,184235, 079239, 339468, 200212, 42792, 619184, 329
3, 041,0171, 352, 275
1,402,6796,853, 35989, 699, 28167, 860, 88017, 437, 18931, 452, 6989, 009, 224335, 062403, 035
1, 012, 393
161, 549
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
STATE BANK MEMBERSHIP 175
Surplus Total
DISTRICT NO. 6—Continued
TENNESSEE
(See also District No. 8)
Bellbuckle—Peoples Bank & Trust CoChattanooga—Chattanooga Savings Bank
W artrace—Wartrace Bank & Trust Co
DISTRICT NO. 7
ILLINOIS
(See also District No. 8)Argenta—The Gerber State BankAuburn—Auburn State BankBarrington—First State BankBlandinsville—Huston Banking CoChicago-
Adams St ate B ankAuburn Park Trust & Savings BankAustin State BankCapital State Savings BankCentral Trust Co. of IllinoisChicago Trust CoDepositors State BankDrexel State BankFirst Trust & Savings BankHarris Trust & Savings BankHome Bank & Trust CoHyde Park State BankIllinois Merchants Trust CoIndependence State BankKasper-Arnerican State BankMadison & Kedzie State BankMercantile Trust & Savings BankNoel State BankNorthern Trust CoNorthwestern Trust & Savings BankSecond Security BankSecurity Bank of ChicagoSouth Side Trust & Savings BankStandard Trust & Savings BankState Bank of ChicagoTwenty-sixth Street State BankUnion Trust CoUnited State Bank of ChicagoWoodlawn Trust & Savings Bank
Cicero-Cicero Trust & Savings BankWestern State Bank
Cowden—State Bank of CowdenDes Plaines—Des Plaines State BankDivernon— First State BankEureka—Farmers State BankEvanston—
Evanston Trust & Savings BankState Bank & Trust Co
Fulton—Whiteside County State BankGeneva—State Bank of GenevaHinckley—Hinckley State BankHinsdale—Hinsdale State BankJoliet—
Commercial Trust & Savings BankJoliet Trust & Savings Bank
Kewanee—Union State Savings Bank & Trust Co..La Grange—La Grange State BankMagnolia—First State Bank _Marshall—Marshall State BankMartinsville—Martinsville State Bank:Matteson—First State BankMattoon—Central Illinois Trust & Savings Bank__.Mount Carroll-
Carroll County State BankFirst State Bank J
Oak Park-Oak Park Trust & Savings BankSuburban Trust & Savings Bank
Oswego—Oswego State BankPolo—Polo State Bank __Rock Island—First Trust & Savings BankSt. Charles—Stewart State Bank... _
$30,000750,00025, 000
25, 00050, 00050, 00060, 000
200, 000200, 000300, 000300, 000
6, 000, 0001, 500, COO350, 000350, 000
6, 250, 0003, 000, 0001, 000, 000300, 000
15, 000, 000200, 000
1, 600, 0001, 000,000400, 000
1, 000, 0002, 000, 0001, 000, 000350, 000700, 000750, 000
1, 000, 0002, 500, 000
200, 0002, 000, 000
200, 000500, 000
100, 000250, 00025, 000100, 00050, 000100, 000
200, 000300, 00050, 000100, 00050, 000100, COO
100, 000100, 000150, 000100, 00025, 00060, 00050,00025, 000100, 000
100,000100,000
400,000200, 00050,00060, 000200, 000100,000
$250, 0002,517
5,50010, 00020, 00040, 000
40, 00030, 000100, 00060, 000
3, 000, 000500, 000200, 000150, 000
6, 250, 0003, 000, 000
500, 000200, 000
30, 000, 00040, 000400, 000250, 000125, 000150, 000
3, 000, 000500, 000200, 000350, 000250, 000500, 000
5, 000, 00037, 000
3, 000, 000100, 000150, 000
70, 00050, 00010, 00025, 00010, 00020, 000
100, 000500, 0008,000
50, 00025, 00025, 000
10, 00050, 00025, 000100, 0006,00012, 00020, 00025,000100, 000
25, 00015,000
200,000100,00010, 00030,00050,00050,000
$147,9426,675,055
90,839
265, 394710,178655,289
1, 348, 409
2, 392, 496956, 590
6, 645,3034, 299, 661
108, 764, 61628,886, 5206,171,8739,370,543
144, 278,27873, 024, 70710, 656,9755, 506, 655
462,481, 0104, 898, 76219, 642,97412, 051,30010, 228, 58010,190,69567, 432,32921,167, 7636, 077, 4679,148,36911, 527, 27516,856, 26162,683,6332,044,19973,151, 7003, 309,2219, 783, 707
1,883,8043,484,113259,089
1,750,153619, 770771, 732
2, 688, 8038, 736, 614
533, 6151, 418, 693537, 460
1, 238, 791
1, 608,1692, 326, 3611,403, 2322, 252, 789
186, 091450, 682471, 515220, 222
1, 232,182
1,403, 0341,311,697
7, 059, 9662, 537,479387, 412570,863
1, 661, 0781,475, 63 5
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
176 ANNUAL REPORT OF THE FEDERAL. RESERVE BOARD
Capital
DISTRICT NO. 7—Continued
ILLINOIS—continuedSeneca-
Farmers Trust & Savings BankState Bank of Seneca
Shannon—State Bank of ShannonSpringfield—Ridgely Farmers State BankWenona—First State Bank
INDIANA
(See also District No. 8)
Bargersville—Farmers State BankCoif ax—Farmers State BankConnersville—Fayette Bank & Trust CoCromwell—Sparta State BankElkhart—St. Joseph Valley BankIndianapolis—Fletcher Savings & Trust CoJamestown—Citizens State BankKentland—Kent State BankLa Fontaine—Farmers State BankMarion—Grant Trust & Savings CoNprth Liberty—North Liberty State BankRichmond—Dickinson Trust CoRochester—United States Bank & Trust CoSouth Bend-
American Trust CoSt. Joseph Loan & Trust Co
South Whitley— Mayer State BankTerre Haute—Terre Haute Trust CoTipton—Farmers Loan & Trust Co
Algona— County Savings BankAlta Vista—Alta Vista Savings BankAmes—Story County Trust & Savings BankBarnes City—Farmers Savings BankBellevue—Bellevue State Bank _Bennett—Bennett Savings Bank ,Blairsburg—State Bank of BlairsburgBritt—Commercial State BankBurlington—First Iowa State Trust & Savings Bank...Cedar Falls—Security Trust & Savings BankCedar Rapids—Iowa State Savings BankChariton—State Savings Bank..Charter Oak—Farmers State BankCherokee—Cherokee State BankClearfield—Taylor County State BankClinton—Peoples Trust & Savings Bank _ _Ccrydon—Wayne County State BankDavenport—American Commercial & Savings Bank...Decorah—Winneshiek County State BankDes Moines—
Bankers Trust CoCentral State BankIowa Loan & Trust Co
Dexter—Iowa State BankEarly-
Citizens State BankState Bank of Early
Elberon—Farmers State BankEldora—Citizens Savings BankElkader—Elkader State BankEllsworth-
Farmers State BankState Bank of Ellsworth
Fairbank—Fairbank State BankFairfield—
Iowa Loan & Trust CoIowa State Savings Bank
Farragut—Commercial Savings BankFort Dodge—Webster County Trust & Savings Bank.Fort Madison-
American State BankFort Madison Savings Bank
Fostoria—Citizens Savings BankFremont—State Bank of FremontGarwin—Garwin State BankGilbert—Gilbert Savings BankOilman—Citizens Savings BankGrand River—Farmers State Bank
$25, 00050, 00050, 000
600, 00050, 000
25, 00025, 000
400, 00027, 500
250, 000500,00030, 00050,00035, 000175, 60050, 000
200, 00075,000
$7,50025, 0004,000
150, 00050, 000
25, 000
36, 0001,500
150, 000500, 00020,00050, 000
141,95012, 50050, 00025, 000
500, 000800, 00025, 000
500, 00050, 000
100, 00030,00050, 00050, 00060,00050,000 I25,000 I100,000 i600,00050,000200,000 I50,00040, 00075, 00025, 000
300, 00075, 000
1,000, 000150,000
1,000, 000250, 000500,000 !25, 000
30,00040, 00050, 00050, 00050, 000
25, 00035,00026, 000
50, 000200,00040,000100,000
100, 000100, 00025, 000
160, 000200, 00020, 500500, 00050, 000
60, 00020, 00019, 00015, 00015, 0005,000
10, 500130, 000450, 00010, 00050, 00050, 00010, 00075, 000
300, 00011,500
500, 00075, 000
200, 000250, 000250, 00015, 000
5, 00010,00025,00025, 00025, 000
10, 0003,000
24, 000
12, 50075, 0004,0005,000
22, 00075, 000
40, 00050, 000 j50,000 I50, 00025, 000
60, 00012, 897
10, 00015, 000
$168, 756472, 899284,872
8,232,351856, 828
235, 681132, 285
2, 711, 377189, 681
5, 079, 98322,180,166
454, 922490, 027131,709
2, 577, 415408, 032
2, 817, 684853, 760
5,483, 6085, 723, 898329, 912
8, 745,335692, 251
2, 379, 524618, 854
1, 020, 513612, 511
1,112, 661431, 605331, 606
1,458,90410, 447, 096
517,7623, 216, 5061, 026, 878414, 036
1,484,186144, 805
6, 090,150470,461
23, 532, 07.12, 667,156
6, 282, 7068, 942, 6139, 214,123
282, 034
329, 476380, 809800,163296, 313
1,130, 723
193,640326, 912580, 686
480, 6441, 962, 640207, 075617, 915
1, 591, 6492, 267, 930
190, 988496, 542594.475309, 585441,898378,345
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
STATE BANK MEMBEBSHIP 177
Capital Surplus Totalresources
DISTRICT NO. 7—Continued
IOWA—continued
Grant—Farmers Savings Bank .Greenfield—Greenfield Savings BankHudson—Hudson Savings BankHumboldt— Peoples State BankJefferson—Jefferson Savings Bank.„Knoxville—Guaranty State BankLake View—Lake View State BankLakota—Farmers & Drovers State BankLowden—Lowden Savings BankLytton—Farmers Savings BankMapleton—Mapleton Trust & Savings BankMarshalltown—Marshalltown State BankMason City—City Commercial Savings BankMechanicsville—Mechanicsville Trust & Savings Bank..Mediapolis—Commercial State Bank.. .Missouri Valley—State Savings BankMondamin—Mondamin Savings BankMonticello—
Lovell State BankMonticello State Bank
Moorhead—Moorhead State BankMoville—Moville State BankNewton—Jasper County Savings BankOsage—Home Trust & Savings BankOsceola—Iowa State BankOttumwa—Ottumwa Savings BankPalmer—Farmers Savings BankPerry—Peoples Trust & Savings BankRemsen—Farmers Savings BankRiceville—Riceville State BankRoyal—Home State BankSac C i t y -
Farmers Savings BankSac County State Bank
Schaller—Schaller Savings BankShenandoah—Security Trust & Savings BankSibley—Sibley State BankSioux Center—Sioux Center State BankSolon—Ulch Bros. State BankStorm Lake—Security Trust & Savings BankStrawberry Point—Strawberry Point State BankTerril—Terril Savings BankThompson—State Bank of ThompsonTipton Farmers & Merchants Savings BankTJte—
Farmers Savings Bank.State Savings Bank
Vail—Farmers State Bank _Van Wert—Van Wert State BankVictor—Victor Savings Bank _Wapello—Wapello State Savings BankWaterloo—Waterloo Bank & Trust CoWebster City—Hamilton County State BankWinterset—Madison County State Bank
(See also District No. 9)A d r i a n -
Adrian State Savings Bank ._Commerical Savings Bank _.Lenawee County Savings Bank
Albion-Albion State Bank _.Commercial & Savings Bank.
Alpena—Alpena County Savings BankAnn Arbor-
Farmers & Mechanics BankState Savings Bank .
Armada-Armada State Bank __Farmers State Bank.
Bay C i t y -Bay City Bank.Farmers State Savings BankPeoples Commercial & Savings Bank. . .
Bellevue—Farmers State BankBenton Harbor—Benton State Bank ._.Big Rap ids -
Big Rapids Savings BankCitizens State Bank
$25,00030,00050, 000100,00050, 00050,00025, 00030, 00025, 00030,00075,000100, 000400, 00050, 000100,00050,00035, 000
200, 000200,00030, 00035, 000100, 00050,00050,000100, 00035, 00050, 00050,00025, 00025, 000
100, 00075,00025,00060 00050, 00025,00050,00075, 00050, 00025, 00030,00050, 000
25,00050,00050,00025,00050,00030,000250,000100,000125,000
150,000110,000150,000
50,000100,000100,000
200,000300,000
25,00025,000
350,000100,000400,00025,000100,000
50,00050,000
$8,00010,00020,000
3,00015,00025,00010,00015, 00017. 50015,00050, 00065, 00040,00045,00010,00015, 000
100, 000200,00030,00023, 00050, 00025,0004,00030, 0008,0006,600
30, 00015,000
50,00015, 00012,00015, 00025, 00015, 0006,20010, 0002,0008,00010,000
2,50015,00012,50025,00030,0006,00050,00020,000125,000
90,00030,00050,000
25,00055,000
200,000
100,000300,000
25,00012,500
200,00075,000500,0005,00075,000
25,00025,000
$196, 317330,166595,643753, 376616, 990485,356322, 528296,187361,018457,476910,232
2,845,5212,408,957712,463573,821430, 207352,473
1, 579, 7822,967,183448, 295474,448
1, 590,170822,199350,957
1,801,621428, 823681,484530,989282, 845194,808
814,4681,202, 587407,351486,411635, 049364, 378800,893474,855876, 501312, 311326,444544,190
165,610431,418241,726289,127585,721538,871
2,057,1331,405,9521,510,568
2,076,3291,755,2812,200,389
1,074,9081,143,3453,971,595
4,154,3164, 685,335
571,086369,105
5,320,4521,622,05811,836,276
179,2121,598, 994
1,213,4781,787,233
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
178 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
DISTRICT NO. 7—Continued
MICHIGAN—continued
Birmingham—First State Savings BankBlanchard—Blanchard State BankBlissfield—Blissfield State BankBritton—Peoples State Savings BankBrown City—Brown City Savings BankCaledonia—State Bank of. CaledoniaCaro—State Savings BankCarson City—Farmers & Merchants State Bank..Carsonville—First State BankCass City—Pinney State BankCassapolis—Cass County State BankCharlotte—Eaton County Savings BankChelsea-
Farmers & Merchants BankKempf Commercial & Savings Bank
Coloma—State Bank of ColomaConstantine—Commercial State BankCoopersville—Peoples Savings BankCroswell—
First State Savings Bank _LState Bank of Croswell..
Davison—Davison State BankDearborn—Dearborn State BankDetroit-
American State BankBank of DetroitCentral Savings Bank _.Commercial State Savings BankDetroit Savings BankDime Savings BankFirst State BankPeninsular State BankPeoples State BankUnited Savings BankWayne County & Home Savings Bank
Eaton Rapids—Michigan State BankEdmore—Edmore State BankElk Rapids—Elk Rapids State BankFarmington—Farmington State Savings BankFennville—Old State BankFenton—
Commercial State Savings BankFenton State Savings Bank
Flint-Citizens Commercial & Savings BankGenesee County Savings BankIndustrial Savings BankUnion Trust & Savings Bank
Flushing—Peoples State BankFountain—Bank of FountainFrankenmuth—Frankenmuth State BankFremont—
Fremont State BankOld State Bank
Grand Haven-Grand Haven State BankPeoples Savings Bank
Grand Rapids-Grand Rapids Savings BankHome State Bank for SavingsKent State Bank
Greenville—Commercial State Savings BankHart—Oceana County Savings BankHighland Park-
American State BankHighland Park State Bank
Hillsdale—Hillsdale Savings BankHolland-
First State BankHolland City State Bank
Holly—First State & Savings BankHopkins—The Hopkins State Savings BankHowell—First State & Savings BankImlay City—
Lapeer County BankPeoples State Bank
Ionia—State Savings BankJackson-
Central State Bank..Jackson State Savings Bank_
Jonesville—Grosvenor Savings Bank
Capital Surplus
$100,00025,00050,00025,00040,00050,00075,00025,00025,00050,00040,000100,000
50,00060,00025,00025,00025,000
30.00060,00050,000100,000
1,500,0002,000,0001,000,0001,000,0001,500,0001,500,0002, 500,0002,500,0005,000,000750,000
4,000,00075,00030,00035,00040,00050,000
50,00025,000
450, 000500,000
1,000,000400, 00025,00025,00050,000
50,000100,000
100, 00050,000
500,000250, 000500, 00050,00040,000
200, 0001,000,000100,000
100,000100,000100,00025,00075, 000
50,00050,000100,000
100,000300,00050,000
$30,0005,00023,0005,0008,00010,00025,0005,0005,0006,5008,000
20,000
50,00040,00015,0008,0005,000
6,00012,00010,000150,000
500,000500,000800,000200,000
2,000,0002,600,000700,000
1,500,00010,000,000
250,0006,000,000
15,00010,00010,82830,00015,000
29,00020,000
350, 000500,000300,000300,00015,0005,000
60, 000
40,00050,000
100,00035,000
500,00062, 500
1, 250,00030,00013,000
60, 0001, 000,000
25,000
100,000100, 00050,0005,00020,000
10,00010,000100,000
26,00080,00025,000
Totalresources
$1,960,683282, 915823,778-352,803663,154549,44Q
1,176,941322,306513,325741, 757366,543
1,384,366
846,613-790,91&588,671458,263516,461
666,1111,270,894549, 529-
2, 967, 558
27,587,20047,120, 78929,844,9256,889,405
37,900, 909-57,381,28620,216,76343, 538,705149,042,67912,601,883103, 557, 715
711,480445,08&373,482
1,015,360523, 633
710,66g911,510
7, 265, 94910, 223, 55412, 337,1656, 620,680400, 381193, 322
1, 337, 748
713,2831,241, 766-
2, 232,163^1,132,416
22,132, 8213, 573,02523,120, 38S1, 347, 961610, 548
4, 349, 91426,926, 6521,485, 872
3,051,4162,826, 0111, 742, 842489,480
1,103, 410
1, 093,845792,053
1,902,439
1,836,3682, 261,286723,475
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
STATE BANK MEMBERSHIP 179
Totalresources
DISTRICT NO. 7—Continued
MICHIGAN—continued
Lake Odessa—Lake Odessa State Savings Bank $25,000Lakeview—
Commercial State Savings Bank 25,000Farmers & Merchants State Bank 40,000
Lansing—American State Savings Bank 750,000Lapeer—Lapeer Savings Bank 75,000Lenox—Macomb County Savings Bank 50,000Lowell—City State Bank _ 25,000Ludington—Ludington State Bank 100,000Manchester-
Peoples Bank 25,000Union Savings Bank 25,000
Manistee—Manistee County Savings Bank 100,000Marcellus—G. W. Jones Exchange Bank 40,000Marlette—State Savings Bank 25,000Marshall—Commercial Savings Bank 100,000Marysville—Marysville Savings Bank 50,000Mason-
Farmers Bank 50,000First State & Savings Bank ._ 25,000
Midland—Chemical State Savings Bank 50,000Milan—Milan State Savings Bank._ 25,000Milford—
Farmers State Savings Bank 25,000First State Bank 25,000
Monroe—Dansard State Bank 200,000Montague—Farmers State Bank 25,000Morenci—Wakefield State Bank 50,000Mount Clemens— I
Citizens Savings Bank 150,000Ullrich Savings Bank 100,000
Mount Pleasant-Exchange Savings Bank 50,000Isabella County State Bank 60,000
Nashville—Farmers & Merchants Bank 35,000State Savings Bank 30,000
New Baltimore—Citizens State Savings Bank 25,000New Haven—New Haven Savings Bank 25,000Niles City—Niles City Bank 100,000Northville—Lapham State Savings Bank 50,000Onsted— Onsted State Bank 25,000Paw Paw—Paw Paw Savings Bank 40,000Petersburg—The H. C. McLachlin & Co. State Bank 25,000Petoskey—First State Bank 60,000Pinconning— Pinconning State Bank 30,000Pontiac—Pontiac Commercial & Savings Bank 800, 000Port Huron—Federal Commercial & Savings Bank 300,000Bedford—Redford State Savings Bank 100, 000Rochester—Rochester Savings Bank 50,000Rogers City—Presque Isle County Savings Bank 35, 000Romeo—Romeo Savings Bank 100, 000Royal O a k -
First State Bank of Royal Oak 200,000Royal Oak Savings Bank I 100,000
Saginaw— IAmerican State Bank ! 200,000Bank of Saginaw | 1,000,000
St. Charles—St. Charles State Bank j 25,000St. Clair—Commercial & Savings Bank j 75,000Saline—Saline Savings Bank ! 25,000Saugatuck—Fruit Growers State Bank j 100,000Sebewaing—Farmers & Merchants State Bank j 25,000South Haven—Citizens State Bank I 100,000Sparta—Sparta State Bank I 30,000Spring Lake—Spring Lake State Bank 25,000Tecumseh— I
Lilley State Bank I 40,000Tecumseh State Savings Bank I 50, 000
Traverse City—Traverse City State Bank 200,000Vicksburg—
Farmers State Bank 25,000First State Bank 30,000
Warren—State Savings Bank of Warren 25,000Washington—Washington Savings Bank 25, 000Wayne—Wayne Savings Bank 50,000Williamston—
Crossman & Williams State Bank 40,000Williamston State Bank 50,000
$25,000
7,00010,000
250,00015,00015,00010,00025,000
15,00050,000100,00035,0005,00020,00025,000
10,00015,00015,00016,000
8,00012, 50040, 0005,000
30,000
100, 000100,000
32,50028,000 |
50,00013,00010, 00025, 00025, 00035,00010, 00010, 00035, 00020, 0006,000
200,000180, 00042, 00010, 00015, 00025, 000
100, 000100, 000
100, 0001, 000, 000
13, 00020, 00025, 00035, 0006,250
100, 0008,000
30,000
20, 00030, 000
100, 000
5,0007,200
25,00015,00050,000
20, 00010,000
$465, 806
332, 924310,828
9,997, 396958, 703
1,178,941616,266
2,028, 578
548, 518723,171
3,198, 655877,010595,885
1, 285, 701330,101
644, 583730, 830
1,128,976427, 270
337,329762, 348
2, 628, 528422, 770
1,117, 554
3 32, 306', 489
1, 092, 5141, 784,929
928,133
412, 653517, 515
1,497,8821, 209, 425319, 529543, 216604, 744
1,179, 146580,363
13, 568, 5516, 650, 7781,480, 933
672, 9401,316, 9751, 545, 346
3,821, 5693, 394, 669
4, 887, 07821, 292,994
899, 8601,172, 779
587, 797941, 546563,493
1, 738, 949583,110517,347
701, 003856, 524
3, 679, 932
505, 527417,180976,141•291, 541
1, 637,470
524, 270667, 42?.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
180 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
Capital Surplus Totalresources
DISTRICT NO. 7—Continued |
WISCONSIN !
(See also District No. 9) j
Baraboo—Bank of Baraboo $100,000Burlington—Bank of Burlington ' 125,000Clinton—Citizens Bank 50,000Delavan—Citizens Bank of Delavan ! 50, 000Cxreen Lake—Green Lake State Bank I 40,000Kewaunee—State Bank of Kewaunee 80, 000Madison—Bank of Wisconsin j 500,000Milwaukee-
Badger State Bank i 200,000Marshall & Ilsley Bank ! 1,000,000Second Ward Savings Bank i 1,000,000
Mineral Point—Iowa County Bank ! 100.000Oakfield—Bank of Oakfield 50,000Platteville—State Bank of Platteville \ 50, 000Plymouth— I
Plymouth Exchange Bank | 100,000State Bank of Plymouth | 125,000
Seneca—Farmers & Merchants State Bank ! 35, 000Sheboygan—Citizens State Bank 200,000Sturgeon Bay—Bank of Sturgeon Bay i 100,000Waupun—State Bank of Waupun ! 50, 000Wausau—Marathon County Bank i 150,000Winneconne—Union Bank I 25, 000
DISTRICT NO. 8 j
ARKANSAS
Arkansas City—Desha Bank & Trust CoBates ville—
Citizens Bank & Trust CoUnion Bank & Trust Co
Blytheville—Farmers Bank & Trust CoBrinkley—Monroe County BankConway—Farmers State BankDardanelle—Dardanelle Bank & Trust CoDumas—Merchants & Farmers BankEngland—Citizens Bank & Trust CoForrest City—Bank of Eastern ArkansasFort Smith—Arkansas Valley BankOillett—Citizens BankHelena—Security Bank & Trust CoJonesboro—
Bank of JonesboroJonesboro Trust Co
Lake Village—Chicot Bank & Trust CoLittle R o c k -
American Southern Trust CoBankers Trust Co.Union Trust CoW. B. Worthen Co., Bankers
Magnolia—Columbia County BankFarmers Bank & Trust Co
Marion—Crittenden County BankMarvell—Bank of MarvellNewport—Arkansas Bank & Trust CoNorth Little Rock—Twin City BankParis—American Bank & Trust CoPine Bluff-
Cotton Belt Savings & Trust Co 100,000 IPeoples Savings Bank & Trust Co 100,000 |
Russellville—Bank of Russellville 75,000Peoples Exchange Bank j 100,000 i
Siloam Springs—Producers State Bank 25,000 ITexarkana—Merchants & Planters B ank 200, 000 |Waldron—Bank of Waldron 60,000 ]Walnut Ridge—Lawrence County Bank 125,000Warren—Warren Bank 75,000
ILLINOIS
(See also District No. 7)
Belleville—Belleville Savings Bank..East St. Louis—Union Trust Co.. _Edwardsville—Citizens State & Trust Bank.Effingham—Effingham State Bank
$50, 00025, 00010, 00050, 00020. 00025, 000160, 000
100, 0001, 500, 0002, 000, 000
50, 00010, 00050, 000
50, 00032, 50017, 500
200, 00020. 00035, 00060, 00013, 500
104,000
50,000 '100, 000100, 00035, 00060,00050, 00050,000100,00050,000100, 00025,000250,000
200, 000100, 000150,000
1,000,000300,000500,000200, 000
50,00050,000200,00050,000200,000100,00050,000
16, 000
20.00025,00020, 00012, 00015, 00010, 00010,00040, 00050,00020,0002,50050,000
100, 00030,00020,000
200,000100,000250,000300, 000
50,00050,000
10,00010, 00020,00010,000
300,000600,000100,000 !110,000 i
60, 00050, 000
37, 75050,0003,50025,00020,00031,25046.000
250,000200,00035,00025.000
$2,325, 2811,644, 898586, 708
1,127,945492, 065
1, 234,9735,197, 313
6, 204, 77428,634, 74639, 354,9131,196, 646291, 516
1, 073, 744
1, 420, 2441, 082,144448,176
4,496, 5652,465,611944, 623
2, 329, 802501, 769
961, 833
832, 7841, 407, 2121,309, 652389, 795
1, 270, 311433, 504446,411761,631
1, 009,1751, 290, 018126, 493
1, 543,800
1, 788,4931,159, 625492,218
21,467,25910,854,10410,749,1373,913,181
678, 612884,985
1, 584,141490,470
1,412, 794782, 563651, 078
1, 354,9441, 278,215
813,9551,105, 839
147, 299965,272450,015
1,065,075643, 651
4,232, 5266,970,2941,295,8381,012, 277
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
STATE BANK MEMBERSHIP 181
Total
DISTRICT NO. 8—Continued
ILLINOIS—continued
Granite City—Granite City Trust & Savings BankGreenville—State Bank of Hoiles & SonsHarrisburg—First Trust & Savings BankHillsboro—Montgomery County Loan & Trust CoLitchfield—Litchfield Bank & Trust CoMadison—Union Trust CoMount Olive—Mount Olive State BankNew Athens—Farmers State BankO'Fallon—First State BankPalmyra—First State BankQuincy—State Savings, Loan & Trust Co
INDIANA
(See also District No. 7)
Cory don—Corydon State BankE vansville—Mercantile Commercial BankPaoli—Paoli State Bank
KENTUCKY
(See also District No. 4)Louisville-
Kentucky Title Savings Bank & Trust CoLiberty Insurance BankLincoln Bank & Trust CoLouisville Trust Co . .
Owensboro—Central Trust Co
MISSISSIPPI
(See also District No. 6)
Baldwyn— Merchants & Farmers BankGreenwood—Greenwood Bank & Trust CoGrenada—Grenada BankPontotoc—Bank of PontotocRosedale—Bolivar County BankRuleville—Planters Bank & Trust CoTunica—Citizens Bank of Tunica
(See also District No. 10)
Bertrand—Commercial Bank of BertrandBowling Green—Pike County BankCabool—Citizens Savings BankIberia—Farmers & Traders BankJefferson City—Exchange Bank of Jefferson CityLexington—Lafayette County Trust CoLinn Creek—Camden County BankLuxemburg—Lemay Ferry BankMacon—State Exchange Bank of MaconMaplewood—
Bank of MaplewoodCitizens Bank of MaplewoodPeoples State Bank
Marshall—Wood & Huston BankPine Lawn—Pine Lawn BankSt. Louis—
American Trust CoBaden BankBremen BankBroadway Savings Trust CoCass Avenue BankChippewa Trust CoCity Trust CoEaston-Taylor Trust CoFarmers & Merchants Trust CoFranklin BankGrand Avenue Bank of St. LouisGrant State BankGravois Bank of St. Louis CountyInternational Bank of St. LouisJefferson BankJefferson Gravois Bank of St. LouisLaclede Trust CoLafayette South Side BankLiberty Central Trust Co
$100, 000120,000150, 000100,000100,00050,00050.00025,00025,00025, 000
1,000,000
75, 000200,00040, 000
350,000500, 000750,000806,100200,000
15,000200,000250,000100,00075,00050, 00075,000
25,00025,00025,00025,000
100,00075,00025,00050,000
100,000
50,000100,00060, 000
100,00030,000
1,000, 000200,000200,000200,000200,000200,000200,000200,000400, 000
1,000, 000200,000200,00050,000
1,000,000200, 000200,000200,000
1,000,0003, 000, 000
$25,00040,00075,00050,00030,00015,00010,0005,0005,000
25,000200, 000
20,00050, 00010,000
350,0001,000,000
200,000300,000110, 000
5,00050, 000
300,00025,00010,00025, 00015,000 |
2,00010,0005,00010,00025,00015,00035,00025,00040,000
25,00016,50013,600
200, 0005,000
500,000100, 000500,00085,000200,00050,00065,00014,000100,000300,000100, 00050,00020,000200,000175,000100,00040,000
1, 000, 0001, 000,000
$1,170, 7481.515,1612,410,480785,218945, 484386,266445, 714168, 557250, 760230,274
11,443, 549
497,1062,278, 678461,107
13,840,45321, 796,3488, 271,1686, 550, 3423,138,327
66,8121, 553, 6117, 557, 700672,052271, 500242,054943,089
120, 736262,940309,857226, 301
1,763,152444,451239,256
1,423,8991,155, 529
1,451,015894,202183, 281
1, 606, 689230,746
16,693, 9592,330, 9837,011,8712,348,4194,911, 8961,712,0992, 216, 2201,908, 2655,857,76013, 250, 5343,116,1891,353,155871, 211
10, 522, 5814, 872, 4234, 260, 5732, 219,18026,613,738a, 575,458
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
182 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
Capital
DISTRICT NO. 8—Continued
MISSOURI—continued
St. Louis—ContinuedLindell Trust CoLowell BankManchester BankMercantile Trust CoMississippi Valley Trust Co .Mound City Trust CoNatural Bridge BankNorth St. Louis Trust CoNorthwestern Trust CoPark Savings Trust Co. (Richmond Heights)Savings Trust CoScruggs Vandervoort & Barney BankShaw State BankSouth Side Trust CoSouthern Commercial & Sayings BankSouthwest Bank of St. LouisTower Grove BankUnited States BankWater Tower BankWest St. Louis Trust Co-
Versailles—Bank of VersaillesWashington—Franklin County BankWebster Groves—Webster Groves Trust Co
TENNESSEE
(See also District No. 6)
Alamo—Bank of AlamoBells—Bank of CrockettBrownsville—First State BankDyer—Farmers & Merchants BankGreenfield—Greenfield BankHalls —Peoples Savings Bank & Trust CoHenning—Bank of HenningMemphis -
Bank of Commerce & Trust CoFidelity Bank & Trust CoUnion & Planters Bank & Trust Co
DISTRICT NO. 9
(See also District No. 7)
JSwen—State Bank of EwenGladstone—Gladstone State Savings Bank.Gwinn—Gwinn State Savings BankIron Mountain—Commercial BankLaurium—State Savings Bank _•_Manistique—Manistique BankMenominee—Commercial BankSault Ste. M a r i e -
Central Savings BankSault Savings Bank
South Range—South Range State Bank
MINNESOTA
Anoka—State Bank of AnokaBenson—Swift County BankClinton—Clinton State BankColumbia Heights—Columbia State BankExcelsior—Minnetonka State BankHayfield—Farmers State BankHutchinson—Farmers & Merchants State Bank (Inc) .Ihlen—Ihlen State BankJeffers—State Bank of JeiTersKenyon—Kenyon State BankLake City—Lake City Bank of MinnesotaLewiston—Security State BankLuverne—Rock County BankMadelia—State Bank of MadeliaMenahga—Farmers & Merchants State BankMinneapolis-
Mercantile State BankWells-Dickey Trust Co
New Richland—State Bank of New RichlandNew Ulm—Citizens State Bank
$200, 000200,000500, 000
3, 000, 0003, 000, 000
200, 000200, 000200, 000500, 000
50, 000200,000200, 000120,000200,000200,000125,000400,000
1,000,000200,00C200, 000
75, 00050,000
100, 000
25,00025, 000
200, 00040, 00030, 00025, 00050,000
i
3,000,000 I1,000,000 !2,500,000 I
$20, 000100,000100,000
7,000,0003, 500,000
40, 00050,00060, 000
500, 00010,00050, 00027,00012,00050,00050, 00020, 500
100, 000500,000
75, 000100, 000
2, 50020,00050, 000
5,0005, 000
40; 00025, 70025,00010, 000
1, 500, 000100.000200, 000
25,00050,00025, 000100,000100, 00050,000100,000
100,000100,00030,000
50, 00050, 00025, 00025,00025,00025, 00050, 00025, 00025, 00050,00050,00050, 00050,00050, 00025, 000 .
250, 000500, 00050,000100,000
20, 00025, 00025,000100, 000100,00050,00025, 000
40,00060, 00030,000
25, 00050,0006, 0005,00015, 00018,00012, 5004.00025,00012,00050,00010,00025,00010,0005,000
50,000190,00025, 000100, 000
450,4561,136,139409,333
3,139, 5651, 029, 891874,178
1, 318, 765
1, 419, 0391, 777, 068820, 540
966,9981,492, 280334, 764137,054592, 724501,148812, 500207, 030435, 741622, 535
1,069, 254460, 483814, 368660,165214,917
2,391,4825, 919, 831
722, 8982, 744, 242
Totalresources
$1,133, 8823, 844, 4716,158, 931
74, 405,48942, 394, 5822, 085, 2171, 750, 7263, 060, 8049, 873,005339,864
3, 032,0911, 994,146615,173
3,170, 4663,865, 6921, 714, 3547, 207, 25610, 387, 6211, 575, 9813, 228,939
450, 892465, 818
1,405,723
276, 943483,748
1, 621,983337,178305, 784220,315414,124
41, 562,4444,488, 579
35, 356, 230
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
STATE BANK MEMBERSHIP 183
DISTRICT NO. 9—Continued
. MINNESOTA—continued
Red Wing—First Security State BankRevere—State Bank of RevereSouth St. Paul—Drovers State BankSpring Valley—First State BankWanamingo—Security State Bank (Inc.)--.Westbrook—Citizens State BankWillmar—Kandiyohi County Bank...Winona—
Deposit Bank & Trust Co. of Winona.Merchants Bank of Winona
Anaconda—Daly Bank & Trust CoBelgrade—Belgrade State Bank.Belt—Farmers & Miners State BankBillings—Security Trust & Savings BankBoulder—Bank of BoulderBozeman—
Gallatin Trust & Savings BankSecurity Bank & Trust Co
Broadus—Powder River County BankButte—
Metals Bank & Trust CoMiners Savings Bank & Trust Co
East Helena—East Helena State BankEdgar—Edgar State BankEnnis—Southern Montana Bank _Eureka—Farmers & Merchants State Bank....Fromberg—Clarks Fork Valley Bank _.Hamilton—Ravalli County Bank _Helena-
Montana Trust & Savings BankUnion Bank & Trust Co...
Hinsdale—Valley County BankJoilet—Joilet State BankKalispell—Bank of CommerceLaurel—American Bank of LaurelMoccasin—Moccasin State BankNashua—State Bank of NashuaOpheim—First State Bank of OpheimPark City—Park City State BankPhilipsburg—First State BankReed Point—Reed Point State BankRichey—First State BankSaco—Farmers & Merchants State BankStevensville—First State BankTownsend—State B ank of TownsendWhite Sulphur Springs—Central State Bank.Wolf Point—First State BankWorden—Farmers State Bank _
NORTH DAKOTA
Enderlin—Enderlin State BankFullerton—Farmers State BankJamestown—Security Savings Bank.Noonan— Security State Bank
SOUTH DAKOTA
Bellefourche—Butte County BankBig Stone City—Big Stone City State Bank....Buffalo—First State BankCamp Crook—Little Missouri Bank _Gregory—Commercial State Bank.Groton—Brown County Banking Co..Hecla— Farmers & Merchants State BankMitchell—Commercial Trust & Savings Bank..Newell—Reclamation State BankPhilip—Bank of PhilipSouth Shore—South Shore BankStratford—First State BankWebster—Security Bank & Trust CoWhite River—Mellette County State Bank._._
Capital Surplus
$125,00030,000100,00030,00040,00025,000100, 000
300,000200,000
100,00050,00050,000100,00075,000
100,000100,00025,000
400,000200,00050,00030,00025,00025,00025,00050,000
150,000250, 00025,00025,000100,00025,00025,00025,00025,00040,00050,00025,00025,00025,00040,000100,00030,00030,00025,000
50,00025,00050,00025,000
75,00050,00025,00025,00050,00025,00025,000100,00025,00040,00025,00030,00060,00025,000
$65,00030,00010,00040,0008,00010,00040,000
200,00050,000
100,00025,00010,00013,00025,000
25,00010,000
1, 200
300,00050,00012, 500
25,00021,0002,500
12, 500
75,000150,000
3,500
25,0002,500
5,000
3,00010,0001,0005,0001,000
10,00011,000
Totalresources
15,0004,500
3,5001,00010,0005,000
25,0005,0005,00010,0007,50010,0005,00020,0005,00010,0005,000
30,0002,500
$1,534, ioa,277, 825
1, 797, 856581,433265,242298,156
1, 778,121
4, 244,1223,850,019
3, 809,303415, 255300,093
2, 060,647423,902
932, 529419,014186, 733
12, 308,9371, 556,630223,456122,558266, 588233, 512146,896513,020
2,196,5174,455,106159,919205, 587622,002211,018194,402227,156132,479331,178450,008107,275146, 553200,010314,002702,216131,032723,036214,034
455,147137,058399, 286387, 537
1,327, 788382,975161, 383335,431671,376685,896309, 858
2, 296, 295389,189521,167258, 716349, 662
1,148, 640136,138
36569—25t- -13
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
184 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
DISTRICT NO. 9—Continued
WISCONSIN
(See also District No. 7)
Balsam Lake—Polk County BankBoyceville—Bank of Boyceville-.Ellsworth—Bank of Ellsworth.._Glenwood City—First State BankGrantsburg—First Bank of GrantsburgNew Richmond—Bank of New RichmondTomahawk—Bradley BankWest Salem—La Crosse County BankWhitehall—Peoples State Bank
DISTRICT NO. 10
COLORADO
Denver—International Trust CoFort Lupton—Fort Lupton State Bank.
La Junta—Colorado Savings & Trust Co
KANSAS
Anthony—Home State Bank..Hiawatha—Morrill & Janes BankJamestown—Jamestown State BankLiberal—Citizens State B ankSt. Marys—Farmers Reserve State BankSedan—Sedan State BankWinfield—State Bank of Winfleld. _,
(See also District No. 8)
Joplin—Conqueror Trust Co.Kansas City-
Commerce Trust Co.— _Federal Trust Co...
King City—First Trust CoSouth St. Joseph—St. Joseph Stock Yards Bank.
NEBRASKA
Aurora—Fidelity State BankBroken Bow—Custer State Bank..Chappell—Chappell State Bank...Elgin—Elgin State BankGenoa—Farmers State BankLewellen—Bank of LewellenMeadow Grove-
Meadow Grove State BankSecurity Bank
Oakland—Oakland State Bank....Ord—Nebraska State Bank _._Pender—Pender State BankSt. Edward—Farmers State Bank.Western—Saline County Bank
NEW MEXICO
(See also District No. 11)
Aztec—Citizens Bank
OKLAHOMA
(See also District No. 11)
Chelsea—Bank of ChelseaOkarche—First Bank of Okarche.
Capital
Evanston—The Stoekgrowers BankMountain View—Uinta County State Bank..
$25,00030,00050,00042,00050,00075,00060,00050,00030,000
500,00025,00075,000
25,000100,00025,00050,00025,00030,000125,000
250,000
>, 000,000200,00050,000
350,000
50,00035,00050,000100,00025,00050,000
25,00025,00025,00035,00085,00025,00030,000
30,000
50,00050,000
50,00040,000
Surplus
$5,0006,00025,0005,0007,300
37, 50014,00027,5006,000
500,00015,00040,000
6,00050,00025,00025,0005,00050,00062, 500
100,000
2,000,00040,000
150,000
15,00015,00025,00020,0001,2507,000
5,0002,50010,00012,00017,0004,50030,000
15,000
7,00015,000
35,0004,000
Totalresources
$257,170511,09a
1,171, 633384, 727683,900
1,172, 223891, 468-714,316490, 051
17,464, 36T462, 082577, 875.
301,435-1, 010, 245321, 555534,886230, 704503, 539
2, 291,048
5,197,089-
105, 512,9012,471, 726-303,443
5,365,150
766, 209440, 056605,803901,092;231,800368,750
307,723304, 779490,672544,367572,860-271,197275, 566
178,019
528,894385,076
490,916107,570
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
STATE BANK MEMBERSHIP 185
DISTRICT NO. II
ARIZONA
(See also District No. 12)
Safford—Bank of SafTordTombstone—Cochise County State Bank..
LOUISIANA
(See also District No. 6)
Shreveport—Continental Bank & Trust Co_
NEW MEXICO
(See also District No. 10)
Corona—Stockmens State Bank
OKLAHOMA
(See also District No. 10)
Broken Bow—McCurtain County Bank.Coleman—Coleman State BankGarvin—Farmers State Bank __Soper—Liberty State BankValliant—Farmers State Guaranty Bank.
TEXAS
Abernathy—First State BankAnson—Anson State BankAustwell—Austwell State BankAvery—Avery State Bank _...__.Ballinger—Ballinger State Bank __„Bay City-
Bay City Bank & Trust CoFirst State Bank
Bedias—First State BankBeeville—Beeville Bank & Trust CoBishop—First State Bank .Blooming Grove—Blooming Grove State Bank.Bomarton—First State BankBonham—First State Bank of BonhamBremond—First State BankBrownfleld—Brownfleld State BankBryan—First State Bank & Trust CoCaddo Mills—Caddo Mills State BankCanton—Texas State BankCanyon—First State Bank___Celina—
Celina State BankFirst State Bank
• Childress—City Guaranty State BankFarmers & Mechanics State Bank
Clarendon—Farmers State BankClifton-
Farmers Guaranty State BankFirst Guaranty State Bank
Coahoma—First State Bank of CoahomaCommerce-
Citizens State BankState Bank of Commerce
Como—Como State BankCooper—Security State BankCopperas Cove—First State BankCorsicana—First State BankCross Plains—First Guaranty State Bank..Crowell—First State BankCuero—First State Bank & Trust CoDallas-
Central State BankMercantile Bank & Trust Co
Del Rio—Del Rio Bank & Trust CoDenton—First Guaranty State Bank.East Bernard—Union State BankEdgewood—Farmers & Merchants State Bank..El Paso—American Trust & Savings Bank......Emhouse—First State BankEmory—Guaranty State Bank..Ferris—Farmers & Merchants State Bank _
$33,00030,000
300,000
30,000
25, 00025,00015,00015,00025, 000
25, 00050, 00025,00025,00040, 000
65,00075, 00025,00050,00025, 00050, 00032,000
200,00050, 00025, 000
100, 00030, 00050,00040, 000
35, 00050,000
100,00050,00050,000
30,00040,00025,000
25,00050,00025,000100, 00035,000200, 00030,00030,000100,000
,000,000500,000100,00050,00050,00035,000350,00030,00017,50050,000
$47,0005,000
100,000
3,000500
1,500
5,00030,0005,000
82
Total
3,0007,500
32, 50025, 0005,0004,500
100, 00013, 25025, 00050, 00015,0005,0008,000
15,50060,0002,294
30, 00011, 0001,800
12,50010,00025,000
7,00040,000
30,00050,000
150, 00050,00011,00012,00020,00020,00020,0001,500
25,000
$673, 251277,923
5,797, Oil
108,589
250,386246, 59970, 76593,556352, 210
406,162627,46769,40298,117
311, 797
884,162494, 657149, 416444,969295, 764304,235
. 249,4851, 717, 597476,380788,192
1, 324, 528222,319155,887367,519
340,180332,178
1, 028,6701,941,975221,802
524, 770425,316227,365
225, 647332.461205,375351,621197.462
1,827,870364, 501501,778678,871
5,982,1189, 792, 701457,881665,306308, 553158,477
3,870,657170,23298,453459,951
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
186 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
DISTRICT NO. 11—Continued
TEXAS—continued
Flatonia—Flatonia State Bank . . .Floydada—First State BankForney—Forney State Bank _Franklin—First State BankFrost—Citizens State Bank _..,Ganado—Farmers State BankGatesville—Guaranty State Bank & Trust CoGeorgetown—Farmers State Bank.. .George West—First State BankGilmer—Gilmer State Bank __Goldthwaite—Trent State BankGonzales—Gonzales State Bank & Trust CoGrand Prair ie-
First State BankGuaranty State Bank .._
Greenville—Citizens State Bank..Hallsville—Farmers State BankHamilton—Hamilton Bank & Trust CoHamlin—First State BankHedley—Guaranty State Bank_..^Hereford—First State Bank & Trust CoHillsboro—First State BankIdalou—First State Bank.. _Iola—Iola State Bank _Italy—Farmers State Bank.Jacksonville—First Guaranty State BankJosephine—Josephine State BankJunction—Junction State BankKaufman—First State BankKerens—First State Bank _Kilgore— Kilgore State BankKilleen—
First State BankGuaranty State Bank
Kirkland—First State BankKosse—Guaranty State BankLadonia—First State BankLa Feria—Cameron County BankLamesa—First State BankLeakey—First State BankLiberty—Liberty State Bank_.Lockney—Lockney State BankLongview—Commercial Guaranty State BankLoraine—First State BankLorenzo—First State Bank _Lubbock—
Lubbock State BankSecurity State Bank & Trust Co
Lufkin—Citizens Guaranty State Bank...Luling—
Citizens State BankLipscomb Bank & Trust Co
McGregor—First State BankMcKinney—Central State BankMadison ville—Farmers State BankMatador—First State BankMathis—First State BankMay pea r l -
Citizens State BankFarmers & Merchants State Bank.
Memphis—Citizens State Bank _.Mertens—First Guaranty State BankMoran—Moran State BankMount Calm—First State BankMount Pleasant—Guaranty State BankMunday—First State BankMurchison—First State BankNacogdoches—Commercial Guaranty State Bank.Normangee—First State BankNorth Zulch—Farmers Guaranty State BankOlney—Farmers State BankOrange—Guaranty Bank & Trust CoPaducah—First State BankPalmer—First Guaranty State Bank.Pampa—Gray County State BankP a r i s -
First State Bank iLamar State Bank & Trust Co . .
Piano—Farmers State Bank.Post City—First State Bank. . . . .
Capital
$50, 00050, 00025,00030,00025, 00035, 00050, 00050,00050,00050,000
100, 00075, 000
40, 00025,000
100, 00025, 00050, 00040, 00025, 00050, 000
150, 00025, 00025,00040, 00062, 50030, 000
100,000100, 00050,00025, 000
35,00030, 00050,00025, 00035,00035,00060,00025,00035,00050,00050,00030,00025,000
200, 000100,00075,000
25, 00075,00050,00075,00025,00037, 50030,000
25,00025,00075,00025,00025, 00040,00060, 00035,00025,000100,00025,00025,00040,000100, 00050,00025,00025,000
150,000150,00060,00025,000
Surplus
$13, 0005,000
40, 00015, 00050,0001,000
17, 00050,000
6,00050, 00025,000
20, 200 i
Totalresources
6,0004,000
40, 00014,0008,000
25, 00020, 0008,00011, 00013, 50025, 0007,000
100, 00080,00030, 00012, 500
17, 5002,5003,5001,2505,0005,00030,000
2,5005,000
30,00025, 000
20,00010,000
8,00055,0009,0007,00025,00012,50020,000
15,00012, 50025,00010,000
40030,000
4,50050,00025,0005,0008,500
50,00017, 5008,000
50,00030,00030,0004,500
$597, 611740, 360270, 030388,783359, 570103, 536783, 050678,298263, 313263, 041
1, 018, 548769, 057
338,120106, 656732,515136,374383, 580623,175237,488654,198
1, 026,936433, 545148,455363,870841,493154,382649,451611,674460, 869167,932
427,010206,183306,559195,550470,2634f4,140
1, 382,868136,974478,317299,115659,168532, 552624,100
2,601,390953,774413.838
492.6541, 016, 092492,956970,246497,790515,105157,747
260.655145, 756922,635189.839341, 087147,084578,223456, 807109,488
1, 228, 554177,000347, 317763,610557,235743, 688247,674254, 709
1,427,8251,753,292575,329258,165
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
STAIE BANK MEMBEESHIP 187
Capital Surplus Total
Ealls-
DISTRICT NO. 11—Continued
TEXAS—continued
First State Bank _Guaranty State Bank & Trust Co
Reagan—First State Bank. _.Rice—First State BankRichardson—Citizens State Bank _.Richland— First State Bank of RichlandRoaring Springs—First State Bank _.Robstown—
First State Bank - . .Guaranty State Bank
Roby—First State BankRochester—First State BankRockwall—Guaranty State BankRoyse—First State BankRusk—Farmers & Merchants State Bank & Trust Co..Sabinal—First State Bank _San Antonio—Central Trust CoSan Augustine—Commercial Guaranty State BankSanta Anna—First State Bank _Savoy—First State BankSeminole—First State BankSeymour—First Guaranty State BankShiro—Farmers State BankSinton—Bank of CommerceSlaton—
First State BankSlaton State Bank.. .
Snyder—First State Bank & Trust CoSpearman—Guaranty State BankStamford—First State Bank..Stephenville—Farmers Guaranty State BankSudan—Sudan State Bank- . . _Sweetwater—Texas Bank & Trust C o . . .Sylvester—First State BankTaft—First State BankTahoka—Guaranty State BankTeague—First State BankTerrell—First State BankTioga—First Guaranty State Bank..Trenton—Guaranty State BankTyler—Peoples Guaranty State Bank _.Valley Mills—Citizens State BankValley View—First Guaranty State BankWaco—First State Bank & Trust CoWaxahachie—Guaranty State Bank & Trust CoWeatherford—First State BankWellington—Wellington State Bank. .1West—First State Bank of WestWharton—
Security Bank & Trust CoWharton Bank & Trust Co
White Deer—First State BankWills Point—First State BankWinnesboro—Merchants & Planters State BankWolfe City—First State BankWortham—First State BankWylie—First State Bank
$25,00060,00025,00050,00035, 00025, 00025,000
25,00050, 00040, 00025,00050,00050,000100,00080,000
200, 00050,00035,00025, 00040, 00035,00025,00050,000
40,00025,00050,00025,000100,000100,00017, 500100,00035,00050,00025,00075,000200,00030,00025,000100,00030,00025,000300,000200,000125,00050,00050,000
50,00050,00025,000100,00030,00050,00050,00075,000
DISTRICT NO. 12
ARIZONA
(See also District No. 11)
Buckeye—Buckeye Valley Bank
Phoenix—Valley Bank
CALIFORNIA
Alameda—Bank of Alameda _Bakersfield—Security Trust Co.. .Chico—Peoples Savings & Commercial Bank.Downey—Los Nietos Valley BankFullerton—Standard Bank of Orange County.Holtville—Holtville BankKingsburg—Kingsburg Bank.Long Beach—Farmers & Mechanics Bank
$15,00010,00025,000
1,0004,600
25, 0005,000
25, 00015, 00010, 0007,000
19, 00025, 0002,500
12,50020, 0009,0005,0005,500
15,00037,500
1,50016, 50012, 5005,0005,000
10,0001,750
100,0002,0005,000
40,000'5,0001,000
50,00023,50030,00010,0004,500
17,000150,000
5,00050,00010,00021,00025,000'28,500
25,000750,000
500,000650,000100,00050,00050,00075,000110,000500,000
5,000250,000
250,000400,0009,50054,00011,5002,50060,000500,000
$396,261637, 643243, 519239, 773230,661359,602283,078
378,701733, 606471, 757505.800403, 232.347.801563, 281526, 080».
3, 774, 468;447, 843;538, 025,193, 615»185, 482'343,044192,114437,387
404,068878,828417,878
97,509730,377780,393325, 543
1,271,85a220,910179,966214,66ft
1,086,89?1,200,064
208,68494,641
1,550,818;224,523:133,437
2,278,4511,678,796
832,989,608,651436,54ft
•490,677869,157169,855,629,928373,127295,145
1,200,518613,230
174,95612,365,940
7,397,22511,167,899
934,4731,136,512
722,125466,490
1,074,32511,103,929
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
188 ANNUAL REPORT OF THE FEDERAL. RESERVE BOARD
DISTRICT NO. 12-Continued
CALIFORNIA—continued
Los Angeles-Pacific Southwest Trust & Savings BankSecurity Trust & Savings BankUnion Bank & Trust Co. of Los Angeles
Nor walk—Bank of Nor walkPasadena—Citizens Savings Bank of PasadenaPlacerville—Eldorado County BankPorterville—The Home Bank _Quincy—Plumas County BankSacramento—Peoples Bank _St. Helena—Bank of St. HelenaSalinas—-Monterey County BankSan Fernando—San Fernando Valley Savings BankSan Francisco—
American BankAnglo-California Trust CoBank of Italy .British-American BankFrench-American BankItalian, American Bank. . ._ _Mercantile Trust CoMission BankMission Savings Bank. . . _United Bank & Trust CoWells Fargo Bank & Union Trust Co
San Jose—Growers Bank.San Luis Obispo—Citizens State Bank . . .Santa Ana—Orange County Trust & Savings BankSausalito—Bank of Sausalito , . ._Sawtelle—Citizens State BankTurlock—Commercial Bank of Turlock
IDAHO
Arco—Butte County BankAshton—Security State BankBlackfoot—Blackfoot City BankBuhl—Security State BankCambridge—Peoples Bank _Eagle—Bank of EagleEmmett—Bank of EmmettFiler—Farmers & Merchants Bank . . . .Genesee—Genesee Exchange Bank. . . . .Gooding—Citizens State BankGrangeville—Bank of Camas PrairieHazelton—Hazelton State BankIdaho Falls—Anderson Bros. BankKimberly—Bank of KimberlyKuna—Kuna State BankMackay—W. G. Jenkins & CoMaiad City—J. N. Ireland & Co., BankersMeridian—Meridian State BankNew Plymouth—Farmers State Bank. . . . _ .Oakley—Farmers Commercial & Savings BankOrofino—Bank.of Orofino . . .Picabo—Picabo State BankPocatello—Citizens Bank & Trust Co . . .Eexburg—Farmers & Merchants BankRichfield—First State BankSoda Springs—Largilliere Co., Bankers _Star—Farmers BankSugar City—Fremont County BankTeton City First State BankTetonia—Farmers State BankTwin Falls—Twin Falls Bank & Trust CoVictor—Victor State Bank
OREGON
Albany—Albany State Bank .Athena—Athena State BankAurora—Aurora State BankBeaverton—Bank of Beaverton . . - _. .Central Point—Central Point State BankDallas—Dallas City BankEnterprise—Enterprise State BankFossil—Steiwer & Carpenter BankGrants Pass—Grants Pass & Josephine BankGresham—First State BankHaines—Bank of Haines
Capital
$6,900,0008,250,0001,500,000
50,000300,00067,000
100,000100,000800,00085,000
275,80050,000
4, 750,0001,500,000
17, 500,0001,000,0001,250,0001, 500,0005, 500,000
200,000500,000
4, 500, 0009, 000,000
300,000150,000300,000100,000200,000
75,000
25,00050,00050,00025,00040.00025,00060,00025,00025,00025,00050,00025,000
100,00035.00025, 00025, 00040,00025, 00025,00025,00025,00025,000
200,00050, 00025, 00025, 00025,00025,00030,00025,000
100, 00025,000
50,00045,00025,00025,00025,00050,00050,000
100,00075,000
i 30,0001 26,000
Surplus
$4,250,0002,825,000
290,00040,00075,000
143,00015,00030,000
173,00043,50080,0009,000
1,030,0001,150,0005,000,000
50,200500,000500,000
4,000, 000120,000100,000610, 500
5, 000,00035,00022, 500
125,00025,00025,00062,000
1,0008,000
10,0001,2504,0004,000
25,0001,000
12, 50015,00025,0002,000
100,00015,0001,7005,000
12, 5003,500
15,0005,000
60,000
2,50012, 00013,0005,000
1,00045,00010,000
10,000
16,0008,0005,000
19, 00010, 0007,000
25,00025,0005,500
Totalresources
$184,928,039215,872, 578
14,167,093895,030
3,969,1381,820,252
491,9281,156,3148,929, 111
982.8453,867,485
684,717
68,081,55156,747,831
354,367,8655,199,684
19,664,83522, 456,092
160, 090,9912, 985, 9019, 355, 701
48, 595, 858142, 227, 645
1, 692,072915, 304
2, 701,1291,087, 4372, 404, 3581, 562,160
148, 989438,063511, 228107, 613193, 815162,055605. 942159, 406522, 480195, 222674, 627144,000
1, 996,035377,300100,003235, 666495, 882291, 863210, 466164, 786292, 235197, 466
1. 509, 374246, 099165, 291591, 656208, 578216, 483147, 269110,080
1, 547,157156,309
979, 867125, 891296, 751502,859294, 713509,264366, 255479, 223991, 901629,183172, 788
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
STATE BANK MEMBERSHIP 189
Capital Surplus Totalresources
DISTRICT NO. 12—Continued
OREGON—continued
Helix—Bank of HelixHood River—Butler Banking CoJordan Valley—Bank of Jordan ValleyJoseph—First Bank of JosephLakeview—Lake County Loan & Savings Bank.Madras—Madras State BankMarshfield—Bank of Southwestern OregonMedford—Jackson County BankMoro—Farmers State BankMyrtle Point—Bank of Myrtle PointNorth Portland—Live Stock State BankOakland—E «G. Young & Co. BankOregon C i t y -
Bank of CommerceBank of Oregon City
Pendleton—Inland-Empire BankPilot Rock—First Bank of Pilot RockPor t land-
Citizens BankHibernia Commercial & Savings BankLadd & Tilton Bank
Prineville—Bank of PrinevilleBeedsport—First Bank of ReedsportShaniko—Eastern Oregon Banking Co __.Stanfield—Bank of StanfieldThe Dalles—Wasco County BankTillamook—Tillamook County BankWasco—Bank of WascoWoodburn—Bank of Woodburn
Bingham Canyon—Bingham State BankCedar C i t y -
Bank of Southern UtahIron Commercial & Savings Bank _
Delta—Delta State BankEphraim—Bank of Ephraim-_Fillmore—Fillmore Commercial & Savings Bank.Fountain Green—Bank of Fountain GreenGunnison—Gunnison Valley BankHelper—Helper State Bank _.Kaysville—Barnes Banking CoLogan-
Cache Valley Banking CoThatcher Bros. Banking Co
Monticello—Monticello State BankParowan—Bank of Iron County.._Payson—State Bank of Payson .P r i ce -
Carbon County BankPrice Commercial & Savings Bank
Provo—Farmers & Merchants BankKnight Trust & Savings Bank
Richfield—James M. Peterson BankSalina—First State Bank of SalinaSalt Lake C i t y -
Columbia Trust CoDeseret Savings BankTracy Loan & Trust CoUtah Savings & Trust CoWalker Bros., Bankers
Spanish Fork—Commercial BankVernal—Bank of Vernal
WASHINGTONAlmira—
Almira State BankFarmers State Bank
Buena—Buena State Bank _ ~_Centralia—Centralia State BankChehalis—Coffman, Dobson Bank & Trust Co - . . .Colfax—First Savings & Trust Bank of Whitman County.Coulee—Security State BankDavenport—Lincoln County State Bank _Ellensburg—Farmers Bank. _ _Everett—Bank of CommerceFarmington—Bank of FarmingtonGoldendale—State Bank of Goldendale
$50,000125,00050,00050,00040,00025, 000
100, 000100, 00045, 00050, 000
100,00050,000
200, 000150, 000250, 00040, 000
200, 000200,000
1, 000, 00050,00025,00025,00025,000
100,00040,00025, 00050,000
$12,00050,00025, 00013, 50010,00025,00020,00020,0005,127
15, 000
15,000
40,00030, 00035,00025,000
10,000100,000
1, 000,000
2,50010, 00015, 0005,000
10,00015,00010,000
26,000
75,00050,00025,00050,00050,00025, 00050,00050,00050,000
100,000100,00050,00035,00050,000
100, 00050, 000
100, 000300,00050,00025,000
200, 000500,000243,100300,000850, 00050,00060, 000
50,00025, 00025,000100,000150,00075, 00025, 00050,000100,000100,00025,00075,000
10,000
87,00011,00012, 50040,00011,00025,00018, 50050,00080,000
44, 000100, 0009,50021,00018,000
10, 00070, 000
23,00050,00050,00075, 000
25, 000250, 000171,47586,000
400,00025,00015,000
13,0006,5001,50013,000100,000
20,00025,00025,00010,0008,500
$244,6531, 567, 726
390, 667294, 943320, 325195, 701
1,011,0501, 312, 798
163, 949249, 861551,081613,167
1, 618,6242,103,0211,148, 517
306, 265
3, 252, 3686,971,463
27, 563,010245, 771232, 074301,993142,120720,971662,124234,207785,334
658, 230
283,007383,606543,012347, 883310, 605369, 287775, 517594,495
1, 651, 9452, 038, 375165, 772378, 863527, 603
500, 74L951,491
859, 0641, 583,829689, 468705,478
1, 468, 5726, 749, 0951,469, 8292,329, 58322,274, 563
406, 280385,065
333,351132, 290109, 203725,471
2,470,366496, 85067, 037358,604
1,214, 9092,186,098273,663411,895
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
190 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
Capital Surplus Totalresources
DISTRICT NO. 12—Continued
WASHINGTON—continued
Hoquiam—Lumberman's Bank & Trust Co.Kelso—Cowlitz Valley BankLa Crosse—
First State BankSecurity State Bank
Odessa—Farmers & Merchants BankOkanogan—Commercial Bank _Pine City—P;ne City State BankPomeroy—Pomeroy State Bank..Pullman—Pullman State BankPuyallup—
Citizens State BankPuyallup State Bank
Reardan—Farmers State BankRitzville—Ritzville State Bank_Rockford—Farmers & Merchants BankRosalia—Bank of Rosalia. _St. John—Farmers State BankSelah—Selah State Bank _South Bend—Pacific State BankSpokane-
Spokane & Eastern Trust CoWashington Trust Co
Stanwood—Bank of StanwoodTekoa—
Citizens State BankTekoa State Bank
Toppenish—Central Bank of ToppenishTraders Bank
Uniontown—Farmers State BankWalla Walla-
Farmers & Merchants BankPeoples State Bank
Wenatehee—Columbia Valley Bank-Commercial Bank & Trust Co
Wilbur—State Bank of WilburYakima—
Yakima Trust Co .Yakima Valley Bank
$100,00030,000
60,00030,00025,00050,00025,00050, 00037, 500
50,00050,00050,00025,00025,00025,00040,00030,000100,000
1,000,000200,00025,000
25,00030,000
50,00025,00025,000
200,000100,000
100,000100,00050,000
200,000275,000
$25,00012,000
40, 0003,40115,00010,0003,800
150,00010,000
8,0002,50020,0005,0002,5675,00010,0006,00011,100
250,00075,00025,000
7,00015,000
35,00015,0007,000
40,00050,000
25,00040,00010,000
50,00053,000
$1, 554,464423, 737
442, 611141,423410,096373, 745115, 591
1, 333, 324666,883
787, 543658,494408, 943291,344193,782285,305340,078474, 589
1, 223,671
11,502,8551,933,897634,177
275,061442,479
330,892376,603218,148
1,424,6871,618,335
2,089,4021, 584,815546,369
1, 559,7102,437,414
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
STATE BANK MEMBEKSHIP 191
SUMMARY CLASSIFICATION ACCORDING TO CAPITAL STOCK
[Amounts in thousands of dollars]
State
New England:MaineM assachusettsRhode IslandC onnecticut
Middle Atlantic:New YorkNew Jersey.Pennsylvania
East North Central:OhioIndiana _IllinoisMichiganWisconsin
West North Central:MinnesotaIowaMissouri...North DakotaSouth DakotaNebraska ._,Kansas...
South Atlantic:DelawareMarylandDistrict of ColumbiaVirginia.. _West VirginiaNorth CarolinaSouth CarolinaGeorgia ,Florida
East South Central:Kentucky,._TennesseeAlabamaMississippi
West South Central:Arkansas.LouisianaOklahomaTexas
Mountain:MontanaIdahoWyomingColoradoNew Mexico _._ArizonaUtah
Pacific:WashingtonOregonCalifornia. ___
Total.
Total
2182
16330
9461
41413
7
471
12171118
nl9
1322
137
174
3532
2324
28
453837
1,10022,5008,2001,200
210,26723,85947,890
70,2905,03357,31040,5504,542
2,4259,43628, 610
150580560380
3,2004,9001,0004,7632,4905,1671,953
12,9092,445
3,6567,7004,311790
5,08411, 215
20511, 312
2,4451,305
9060060838
3,614
4,0083,66568,838
Banks having a capital stock of—
$25,000 i
33,611547, 639241,257
18,430
5,485,961493,569900,041
1,138,51462,475
1, 300,369885, 585109, 331
35,727135,551466,971
1,3798,9756,0815,193
38,76577,5624,492
50,28039,14575,31420,147
129, 67236,989
62, 67491,98166,45811, 468
76, 515235, 656
1,928114,087
35,64313,123
59818, 504
28613,49250,101
45, 88058, 553
1,371,904
1, 544 703,445 14, 617,876
48
13
327
6,405
50
37575200 1,749950 19,168
75950
200400125
50175125
50
252550600
1007540
350500
325225
2,7224,4181,159525
2,2771,606854
1,247
204229718
4,393
1,072678227
274
1051,185 13,170
2,6324,381
462
1751,400
3,3822,373
6,680 80, 698
$25,001 to $50,000
81050335
835283600
2,171577
5501,966330100170250
1633405050745170
15033150
43550100
3,355
42034590
6063611
648740200
41118,277 236,403
21,249795
4,856
12,2482,8286,362
40, 7508,920
8,74624,0125,087854
1,9253,0011,038
1,6763,791379445
5,2062,833
l,20J3,422242
5,816 13403914
34,320 33
3,5243,084
$50,001 to $100,000
24
598
286951
6,691
7,620
3,438
200100
1,0572,075160
1,080150
1,7803,615615
3001,695710
235185100
100
200275467953
2,134275
100
480250
1,170215
2,84:
675260
535
1,010575702
301 27,455 373,404
4,6611,865
19, 68636,9693,832
14,5601,35125,24069,22010,707
6,32024, 2427,904
4,7731,4741,010
1,6051,086
1,4642,3846,3009,097
13,4366,702
1, 207
4, 3131,887
13,6282,700
26,832
8,9704,149
578
6,134
13, 5495,0678,502
1 Includes 5 banks with capital under $25,000 as follows: Mississippi, 1 with capital of $15,000 and totalresources of $65,000; Oklahoma, 2 with capital of $30,000 and total resources of $165,000; Texas, 2 with capitalof $35,000 and total resources of $424,000.
36569—25f- -14
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
192 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
SUMMARY CLASSIFICATION ACCORDING TO CAPITAL STOCK—Continued
[Amounts in thousands of dollars]
$100,001 to $2oo;ooo
State
New England:MaineMassachusettsRhode IslandConnecticut
Middle Atlantic:New YorkNew JerseyPennsylvania
East North Central:OhioIndianaIllinois .MichiganWisconsin
West North Central:MinnesotaIowa_._ _MissouriKansas
South Atlantic:DelawareMarylandDistrict of Colum-
biaVirginiaWest VirginiaNorth Carolina...South CarolinaGeorgiaFlorida
East South Central:KentuckyTennesseeAlabamaMississippi
West South Central:ArkansasLouisianaTexas
Mountain:MontanaIdaho..ColoradoArizonaUtah
Pacific:WashingtonOregon ._.California-
Total.
Banks having a capital stock of—
6 1,200I 200II 200
ll! 2,05011 2,07524 3,900
29,8832.8582,151
78,28751,41078, 697
1,900 37,306575 7,674
2,130 26,8301,760 32,952~ 15,758
3251.0755,045125
200550
650350
1,000
2 3501 2002 3251 200
5,38413,90471,8052,291
2,7995,463
7,4252,06810,191
4,3811,6221,7491,554
1,379 12,1832; 350 4,444
10| 1,775 17,841
350200
3,7531,509
200| 1,4
750| 7,389875i 15,5136611 7,380
$200,001 to $500,000 $500,001 to $1,000,000
2 9006 2,250
2 1,000
20 7,00013 4,45028 10, 380
11 4,25041 1,650
12 4,1004,250500
1,0501,7002,400
500
1,0001,300250250
1,880
28,95052,908
16, 279
171,246113,923127,843
62, 62822,02081, 597103, 6905,197
12, 55528, 71339,659
7,580
10,22127,3031,3502,46216, 032
1, 650 42,265
1,100 19,6417,558
1,050| 23,147800!
1,15012,65015,942
650 16,764
500 17,464
1,3431 12,132
I 275: 2,43'II 250| 1,14971 2,675j 40,08^
189 33, 725 565,923 170,62, 753.1,143,392
6,9501,000
9,5004,1596,800
6,600800
8,6507,3002,000
2,6005,000
6002,750
1,0002,000
1,000
7001,000
1,5561,7502,000
1,0001,5501,000
750850
1,0001,0002,450
•3 I
159,47420,839
227,059101, 907112,076
113, 9595,724
118, 245133, 459
67, 990
40, 26277,468
8,17340,956
4,49213, 977
7,087
7,88117,263
14,82111,16336, 655
21, 46726, 4465,982
12, 36622, 275
11, 50327, 56325, 297
98 85,315,1,493,829I i
Over $1,000,000 2
12,0007,000
28 189,85011,05026, 265
55,2501,500
39,85020, 500
303, 509217, 560
4,968, 434188, 565572,410
891,40822,180
1, 040, 346486, 346
15,0001 263,!
2,0002,000
21,40734,273
1, 200 20,143
3,375! 59, S
6, 500| 80, 656
5, 500 76,919
8,250 189,013
62,150 1,287, 20011
106 469,240 10,724,227
2 Includes 9 banks with capital in excess of $10,000,000 as follows: New York, 6 with capital of $109,250,000and total resources of $2,584,013,761; Ohio, 1 with capital of $22,250,000 and total resources of $299,715,587;Illinois, 1 with capital of $15,000,000 and total resources of $462,481,010; California, 1 with capital of $17,500,000and total resources of $354,367,865.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FIDUCIARY POWERS GRANTED TO NATIONAL BANKS
Under section ll(k) of the Federal reserve act as amended, theFederal Reserve Board has authorized the national banks listedbelow to exercise one or more fiduciary powers as follows:
(1) Trustee.(2) Executor.(3) Administrator.(4) Registrar of stocks and bonds.(5) Guardian of estates.(6) Assignee.(7) Receiver.(8) Committee of estates of lunatics.(9) Any other fiduciary capacity in which State banks, trust com-
panies, or other corporations which come into competitionwith national banks are permitted to act under the laws ofthe State in which the national bank is located.
The numerals opposite the name of each bank, which refer to thelist given above, indicate the power or powers it is authorized toexercise.
DISTRICT NO. 1
CONNECTICUT
(See also District No. 2)
Ansonia—Ansonia National BankBristol—Bristol National BankHartford-
First National Bank z.Hartford-Aetna National Bank .Phoenix National Bank
Meriden—Home National Bank ofMeriden.
Middletown—Middletown NationalBank.
Naugatuck—Naugatuck NationalBank.
New Britain—New Britain National
New Haven-First National BankMerchants National BankNational Tradesmens Bank &
Trust Co.New Haven Bank, N. B. ASecond National Bank
New London—National Bank of CommerceNew London City National Bank
Norwich—Thames National Bank.. .Portland—First National BankRockville—
First National Bank._Rockville National Bank
Torrington— Torrington NationalBank.
Wallingford—First National BankWaterbury—
Citizens and Manufacturers Na-tional Bank.
Waterbury National BankWillimantic—Windham National
Bank.
Powersgranted
Ito9.1 to 8.
Ito9.1 to 4, and 9.Ito9.1 to 9.
1 to 9.
Ito4.
1 to 9.
Ito8.11*8.1 to 4.
I to9 .1 to 9.
1 to 5.1, 2, 3, 5, 7,
8, and 9.Ito9.1 to 9.
Ito9.1 to 9.1 to 7.
11 to 9.
Ito9.
Ito9.1 to 9.
DISTRICT NO. 1—Continued
MAINE
Auburn—National Shoe & LeatherBank.
Bangor—First National BankMerchants National Bank
Bar Harbor—First National Bank _._Bath—Bath National BankBelfast—City National BankBiddeford—First National Bank of
Biddeford.Damariscotta—First National Bank
of Damariscotta.Lewiston—Manufacturers National
Bank.Norway—Norway National BankPortland-
Canal National BankFirst National Bank . . .Portland National Bank
Rockland—Rockland National Bank.Thomaston—Georges National Bank.
Waterville—Ticonic National Bank..
MASSACHUSETTSAdams—
First National BankGraylock National Bank
Amherst—First National BankAttleboro—First National BankBeverly—Beverly National BankBoston-
Atlantic National BankCitizens National Bank..Federal National Bank.First National BankMerchants National BankNational Shawmut BankNational Union BankSecond National BankWebster & Atlas National Bank..
Powersgranted
1 to 7.
1, 2, and 4.1 to 9.1 to 4.Ito8.Ito8.1 to 9.
1, 2, 3,5, and6.
1 to 5, and 9.
Ito8.
1 to 9.1, 2, and 4.1,2, 4, and 9.1 to 9.1 to 3, 5 and
8.1 to 4.
I.to8.1 to 7, and 9.1 to 9.1 to 9.1 to 4.
1 to 9.1 to 9.Ito9.1 to 9.Ito9.Ito9.1 to 9.1 to 9.Ito9.
193
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
194 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
Powersgranted
Powersgranted
DISTRICT NO. 1—Continued
MASSACHUSETTS—continued
Brockton—Brockton National Bank 1 to 9.Home National Bank - . . 1 to 4.
Edgartown — Edgartown National 1 to 3.Bank.
Fall R ive r -Fall River National Bank.. 1 to 9.Massasoit Pocasset National Bank 1 to 9.Metacomet National Bank 1 to 9.
Fitchburg—Safety Fund National 1 to 9.Bank.
Foxboro—Foxboro National Bank 1 to 9.Gardner—First National Bank 1 to 9.Gloucester—Cape Ann National Bank 1 to 9.Great Barrington—National Mahal- 1 to 9.
we Bank.Greenfield—First National Bank 1 to 9.Haverhill—
Essex National Bank 4.First National Bank 1 to 4.Merrimack National Bank 1 to 4.
Holyoke—City National Bank 1 to 4.Holyoke National Bank 1 to 4.
Hudson—Hudson National Bank 1 to 9.Lawrence—Bay State National Bank. 1 to 9.Leominster—
Leominster National Bank 1 to 4.Merchants National Bank 1 to 7 and 9
Lowell—Appleton National Bank 1 to 9.Old Lowell National Bank 1.
L y n n -Central National Bank . 1 to 8.Manufacturers National Bank 1 to 9.National City Bank 1 to 5 and 7.
Marlboro-First National Bank 1 to 4.Peoples National Bank 1 to 9.
Methuen—National Bank of Meth- 1 to 8.uen.
Milford—Home National Bank 1 to 4.Nantucket—Pacific National Bank . . 1 to 9.New Bedford-
First National Bank 1 to 9.Merchants National Bank 1 to 9.Safe Deposit National Bank 1 to 9.
Newburyport—Merchants National 1 to 8.Bank.
North Adams—North Adams Na- 1 to 9.tional Bank.
Northampton—First National Bank 1 to 9.Northampton National Bank 1 to 9.
Pittsfield—Agricultural National Bank j 1 to 9.Pittsfield National Bank 1 to 7 and 9.
Plymouth—Old Colony National Bank 1 to 5.Plymouth National Bank 1 to 4.
Provincetown—First National Bank. 1 to 9.Reading—First National Bank 1 to 4.Salem—Merchants National Bank 1 to 9.Shelburne Falls — Shelburne Falls l to 7 and 9.
National Bank.Southbridge—Southbridge National 1 to 9.
Bank.Springfield—
Chapin National Bank 1 to 9.Chicopee National Bank I 1 to 9.Springfield National Bank 1 to 8.The Third National Bank 1 to 9.
Tisbury — Martha's Vineyard Na- 1 to 8.tional Bank.
Turners Falls — Crocker National 1 to 7 and 9.Bank.
Uxbridge—Blackstone National Bank 1 to 4.
DISTRICT NO. 1—Continued
MASSACHUSETTS—continued
Wareham—National Bank of Ware-ham.
Watertown—Union Market NationalBank.
Webster—First National Bank.Wellesley—Wellesley National Bank.West Newton—First National Bank..Woburn—Woburn National Bank . . .
1 to 9.
1 to 4.
1 to 4.1 to 9.1 to 9.1, 2, 3, 6, 7,
and 9.
1 to 4.Worcester-
Mechanics National Bank__.Merchants National Bank { 1 to 9.
Yarmouthport—First National Bank.; 1 to 9.
NEW HAMPSHIRE j
Berlin—City National Bank _Claremont—
Claremont National BankPeoples National Bank
Concord-First National Bank ._Mechanics National Bank^National State Capital Bank
Dover—Merchants National BankStafford National Bank
Franklin—Franklin National Bank. .Keene—
Ashuelot National BankKeene National Bank
Laconia—Peoples National BankManchester—
Amoskeag National BankFirst National BankManchester National BankMerchants National Bank
Milford—Souhegan National Bank.. .Nashua—
Indian Head National BankSecond National Bank
Newport—Citizens National BankPlymouth — Pemigewasset National
Bank.Wolfeboro—Wolfeboro National Bank
1 to 4.1.
1 to 9.1 and 4.1 and 4.
1 to 3.1 to 4.1.
1 and 4.1 to 4.1 and 4.
1 and 4.1 and 4.1.1 and 4.1 and 4.
1 to 3.1 and 4.1 and 4.1 and 4.
1 and 4.
RHODE ISLANDNewport—Aquidneck National Bank I 1 to 9.Providence—National Bank of Com- ; 1 to 9.
merce. iVERMONT I
Barre—Peoples National Bank i 1 to 9.Bellows Falls—National Bank of Bel- I 1 to 3.
lows Falls. IBennington— I
County National Bank j 1 to 9.The First National Bank j 1 to 9.
Brandon—First National Bank I 1 to 4.Brattleboro—Vermont Peoples Na- i 1 to 9.
tional Bank. |Chelsea—National Bank of Orange | 1 to 8.
County. IManchester Center—Factory Point
National Bank.Montpelier—
First National Bank 1 to 4.Montpelier National Bank j 1 to 9.
Newport—National Bank of Newport | 1 to 7 and 9.Poultney—Citizens National Bank __j 1 to 4.Rutland— j
Baxter National Bank _| 4.Clement National Bank i 1 to 3, 5 to 7.
St. Albans—Welden National Bank..! 1 to 4.St. Johnsbury—First National Bank.I 1 to 6 and 9.Springfield—First National Bank j 1 to 4.Windsor—State National Bank | 1 to 3.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FIDUCIAEY POWERS 195
DISTRICT NO. 2
CONNECTICUT
(See also District No 1)
Bridgeport-City National Bank -First National Bank »
D anbury—City National BankDanbury National Bank
New Canaan—First National Bank..Norwalk—National Bank of Nor-
walk.Ridgefield—First National Bank &
Trust Co.South Norwalk—City National BankStamford—First - Stamford National
Bank.NEW JEESEY
(See also District No. 3)
Allentown—Farmers National Bank.Asbury Park—Merchants National
Bank.Atlantic Highlands—Atlantic High-
lands National Bank.Belleville—Peoples National Bank. . .Belvidere—Belvidere National Bank.Bloomfield—Bloomfield National
Bank.Boonton—Boonton National Bank...Bound Brook—First National Bank.Butler—First National Bank.Caldwell—Citizens National Bank. . .Carlstadt—Carlstadt National Bank.Clifton—First National BankCloster—Closter National BankCranbury—First National BankDover—National Union BankEast Orange—First National Bank..Elizabeth—
National State Bank _Peoples National Bank
Freehold—National Freehold Bank-ing Co,
Frenchtown—Union National Bank.Garfield—First National BankHackettstown—Hackettstown Na-
tional Bank.Hoboken—
First National BankSecond National Bank .
Jersey City—Bergen National BankFirst National Bank __Franklin National BankMerchants National BankUnion Trust & Hudson County
National Bank.Kearny—First National Bank &
Trust Co.Lambertville—Lambertville National
BankLong Branch—Citizens National
Lyndhurst—First National Bank . . .Metuchen—Metuchen National BankMilburn—First National Bank.Montclair—First National BankMorristown—
First National Bank . .National Iron Bank
Newark—Citizens National Bank & Trust
CoForest Hill National BankMerchants & Manufacturers Na-
tional Bank.National Newark & Essex Bank-
ing Co.National State BankNorth Ward National Bank
Powersgranted
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1 to 9.
1 to 4.1 to 9.
1 to 9.Ito9.
Ito8.
Ito9.Ito8.Ito4.
1 to 9.1 to 9.Ito9.Ito8.Ito9.Ito9.1 to 9.Ito4.Ito9.1 to 9.
1 to 7 and 9.Ito9.1 to 9.
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1 to 4.1 to 9.
1 t o 9. •1 to 9.1 to 7 and 9.1 to 9.1 to 9.
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1 to 9.
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DISTRICT NO. 2—Continued
NEW JEESEY—continued
New Brunswick-National Bank of New JerseyPeoples National Bank
Newton-Merchants National BankSussex National Bank.
Nutley—First National BankOcean Grove—Ocean Grove National
Bank.Orange—
Orange National BankSecond National Bank
Passaic—Passaic National Bank &Trust Co.
Paterson—First National Bank. . .National Bank of AmericaPaterson National Bank _Second National BankTotowa National Bank__
Perth Amboy—First National Bank.Phillipsburg—
Phillipsburg National BankSecond National Bank
Plainfield—City National Bank.First National Bank
Red B a n k -Broad Street National BankSecond National Bank & Trust
Co.Ridgewood—
Citizens National BankFirst National Bank
Roselle—First National Bank. _.Rutherford—Rutherford National
Bank.Somerville—Second National Bank.South Amboy—First National Bank.South River—First National Bank.. .Summit—First National BankSussex—Farmers National Bank .Washington—First National Bank. . .Woodbridge--First National Bank.. .
NEW YORK
Adams—Farmers National BankAlbany-
First National BankNational Commercial Bank &
i rust v_,o.New York State National Bank.
Amsterdam-Amsterdam City National Bank.Farmers National BankFirst National Bank
Auburn—Cayuga County National Bank..National Bank of Auburn
Ballston Spa—Ballston Spa NationalBank.
Bath—Bath National BankBinghamton—
City National BankFirst National Bank
Brooklyn-First National BankNassau National Bank
Buffalo—Manufacturers & TradersNational Bank.
Canandaigua—Canandaigua Na-tional Bank.
Canton—First National BankSt. Lawrence County National
Bank.Carthage-
Carthage National BankNational Exchange Bank ^_.
Catskill—Catskill National Bank....
Powersgranted
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Ito8.Ito9.
Ito4.Ito9.
Ito9.Ito9.
Ito9.Ito9.X to 9.Xto4.
Ito4.Ito9.1 to 9.Ito9.Ito4.Ito9.1 to 9.
1 to 9.
4.1 to 8.
Ito9.
1 to 3, 5 to 8Ito9.Ito9.
1 to 8.Ito9.Ito9.
1 to 9.
1 to 9.X to 9.
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X to 9.
X to 9.1 to 3,5 to 8.
Xto9.Xto9.X to 8.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
196 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
DISTRICT NO. 2—Continued
NEW YORK—continued
Cedar hurst—Peninsula NationalBank.
Clayton—National Exchange Bank.,Cohoes—National Bank of Cohoes...Cooperstown—
First National BankSecond National Bank
Corning—First National Bank &Trust Co.
Cuba-Cuba National BankFirst National Bank...
Dolgeville—First National Bank.Dover Plains—Dover Plains National
Bank.Dunkirk-
Lake Shore National BankMerchants National Bank
Edwards—Edwards National Bank.Elmira—
Merchants National BankSecond National Bank...
Fairport—Fairport National Bank &Trust Co.
Far Rockaway—National Bank ofFar Rockaway.
Fredonia—National Bank of Fre-donia.
Freeport—Citizens National Bank...Fulton—Citizens National BankGlen Falls-
First National BankNational Bank of Glen Falls
Gloversville—City National BankFulton County National Bank...
Goshen—National Bank of OrangeCounty.
Granville—Farmers National Bank _.Washington County National
Bank.Hancock—First National BankHempstead—First National BankHerkimer—Herkimer National Bank.Hoosick Falls-
First National BankPeoples National Bank
Hornell—Citizens National BankHudson—
Farmers National BankFirst National Bank
Hudson Falls-Peoples National BankSandy Hill National Bank
Ilion—Ilion National BankManufacturers National Bank
Ithaca—First National BankJamestown—
American National BankNational Chautauqua County
Bank.Kingston-
First National Bank of Rondout.Rondout National Bank....State of New York National
Bank.Lackawanna—Lackawanna National
Bank.Larchmont—Larchmont National
Bank & Trust Co.Liberty—Sullivan County National
Bank.Little Falls—Little Falls National
Bank.Lockport—
National Exchange BankNiagara County National Bank..
Long Beach—National Bank of LongBeach.
Powersgranted
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4.Ito8.
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Ito9.Ito9.Ito9.Ito9.
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Ito7.Ito9.Ito9.4.
Ito9.
Ito9.Ito9.
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4.4.
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1 to 9.1 to 9.Ito9.
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DISTRICT NO. 2—Continued
NEW YORK—continued
Lowville—Black River NationalBank.
Lynbrook—Peoples National Bank...Malone—Farmers National BankMiddletown—
First National BankMerchants National Bank
Mineola—First National BankMonticello—National Union Bank of
Monticello.Morristown—Frontier National BankMount Kisco—Mount Kisco Na-
tional Bank.Mount Vernon—First National BankNewburgh—
Highland National BankNational Bank of NewburghQuassaick National Bank
New Rochelle—National City Bank...LN tJVV X UI Jv
American Exchange NationalBank.
Bronx National Bank _.Chase National BankChatham & Phenix National
BankChemical National BankCoal & Iron National BankEast River National BankFirst National BankGarfleld National BankGotham National Bank _Grace National BankHamilton National BankHanover National BankHarriman National BankLiberty National BankMechanics & Metals National
Bank.National American Bank of New
York.National Bank of CommerceNational City BankNational Park BankPublic National BankSeaboard National Bank... _
North Tonawanda—State NationalBank.
Norwich—Chenango National BankNational Bank of Norwich.,
Nyack—Nyack National BankOgdensburg—National Bank of Og-
densburg.Olean—Exchange National BankOneida—Oneida Valley National
Bank.Oneonta—
Citizens National BankWilber National Bank
Ossining—Ossining National Bank.._Oswego—Second National Bank &
X IUat KSO.
Ovid—First National BankOwego—
First National BankOwego National Bank
Peekskill—Peekskill National BankWestchester County National
Bank.Plattsburg—
Merchants National Bank _.Plattsburg National Bank &
Trast Co.Port Chester—First National Bank..Port Henry—Citizens National Bank.Port Jervis—
First National BankNational Bank of Port Jervis
Potsdam—Citizens National Bank,. .
Powersgranted
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4.Ito9.
1 to 8.
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4.Ito9.Ito9.1 to 9.Ito9.1 to 9.Ito9.1 to 9.Ito9.1 to 9.Ito9.Ito8.Ito9.4.Ito9.
Ito9.
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1 to 8.Ito9.Ito9.Ito8.
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Ito9.1 to 9.
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Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FIDUCIARY POWERS 197
DISTRICT NO. 2—Continued
NEW YORK—continued
Poughkeepsie—Fallkill National BankFarmers & Manufacturers Na-
tional Bank.Richfield Springs—First National
Bank.Riverhead—Suffolk County National
Bank.Rockville Center—Nassau County
National Bank.Rome—Farmers National BankRoscoe—First National BankRye—Rye National BankSaratoga Springs—Saratoga National
BankScarsdale—Scarsdale National Bank..Schenectady—
Mohawk National BankUnion National Bank
Southampton—First National Bank._Spring Valley—First National Bank..Stapleton—Richmond Borough Na-
t ionai Jb>anK.Suffera— Suffera National Bank.Syracuse-
Liberty National Bank.. _Salt Springs National Bank
T a r r y t o w n—Tarrytown NationalBank.
Troy-Manufacturers National BankNational City BankUnion National BankUnited National Bank
Utica—First National Bank & Trust Co.Oneida National BankUtica City National Bank
Walton—First National BankWarrensburg —Emerson National
Bank.Warsaw—Wyoming County Na-
U0I1H1 JjallK.
Watertown—Jefferson County National Bank.Watertown National Bank
Waverly—First National BankWellsville—Citizens National Bank..Westfield—National Bank of West-
field.Yonkers—
First National Bank...Yonkers National Bank & Trust
Co.
DISTRICT NO. 3
DELAWARE
Delmar—First National BankDover—First National Bank...Laurel—Peoples National BankMilford—First National BankSeaford—First National BankSmyrna—Fruit Growers National
"RanlrHaHK.Wilmington-Central National Bank
National Bank of DelawareUnion National Bank—
NEW JERSEY
(See also District No. 2)
Atlantic City-Atlantic City National BankChelsea National BankUnion National Bank...
Bordentown—First National Bank-
Powersgranted
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1 to 9.
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Ito9.
1 to 9.Ito9.1 to 3,5 to 9.
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Ito9.Ito9.Ito9.Ito9.1 to 9.
Ito9.
1 to 9.1 to 8.1 to 9.1 to 9.4.
1 to 9.1 to 9.
1 to 8.1 to 9.1 to 8.Ito9.Ito8.1 to 4, 6 to 9.
Ito9.1 to 9.Ito9.
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DISTRICT NO. 3—Continued
NEW JERSEY—continued
Burlington—Mechanics NationalBank.
Camden—First National State Bank.Cape May—Merchants National
Bank.Collingswood — Collingswood Na-
tional Bank.Elmer—First National BankGlassboro—First National BankHaddonfield—Haddonfield National
Bank.Medford—Burlington County Na-
tional Bank.Merchantville—First National Bank
& Trust CoMillville—
Mechanics National BankMillville National Bank
Mount Holly—Mount Holly Na-tional Bank.
Ocean City—First National Bank....Paulsboro—First National Bank &
Trust Co.Point Pleasant Beach—Ocean CountyNational Bank.Princeton—First National BankRiverton—Cinnaminson National
Bank.Salem—
City National BankSalem National Banking Co
Swedesboro—Swedesboro NationalBank.
Toms River—First National Bank...Trenton-
Broad Street National BankFirst National Bank _Mechanics National Bank
Ventnor City—Ventnor City Na-tional Bank.
Woodbury—First National BankW'oodstown—Woodstown National
BankPENNSYLVANIA
(See also District No. 4)
Allentown—Allentown National BankMerchants National BankSecond National Bank.
Ambler—First National BankAnnville—Annville National Bank...Ashland—The Ashland National
BankAtglen—Atglen National Bank _Beliefonte—First National BankBelleville—Belleville National Bank.|_> £\4" Vll £lVl /1T>1jj etui en em—
Bethlehem National BankFirst National BankLehigh Valley National Bank
Bloomsburg—Bloomsburg NationalBank.
Blossburg—Miners National Bank...XJ oyeriown—
Farmers National BankNational Bank of Boyertown
Bradford—Commercial NationalBank.
Catasauqua—National Bank of Cata-sauqua.
Chambersburg—National Bank of Chambersburg.Valley National Bank
Chester-First National Bank...Pennsylvania National Bank
Clearfield—Clearfield National Bank
Powersgranted
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198 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
Powersgranted
Powersgranted
DISTRICT NO. 3—Continued
PENNSYLVANIA—continued
Columbia-Central National BankFirst Columbia National Bank__
Danville-Danville National Bank . . .First National Bank
Darby—First National Bank .._Du Bois—
Deposit National BankDu Bois National Bank
East Stroudsburg—Monroe CountyNational Bank.
Emaus—Emaus National BankEmporium—First National BankEphrata—
Ephrata National BankFarmers National Bank...
Fleetwood—First National BankFrackville—First National Bank &
Trust Co.Gettysburg—First National Bank.__Greencastle—First National BankHamburg—First National BankHarrisburg — Harrisburg National
Bank.Hazleton—
First National BankHazleton National Bank
Honesdale — Honesdale NationalBank.
Honeybrook—First National Bank...Houtzdale—First National BankHuntingdon-
First National BankUnion National Bank ._
Johnstown—First National BankKutztown—Kutztown National Bank|Lancaster-
Con estoga National Bank.- _Fulton National BankLancaster County National Bank
Lansdale—First National Bank ..Lebanon—
First National Bank...Lebanon National BankPeoples National Bank
Lehighton—Citizens National Bank .Lewistown—Russell National Bank..Lititz—Farmers National Bank.Lock Haven—First National Bank...Mahanoy City-
First National BankUnion National Bank
Manheim—Keystone National BankManheim National Bank..
Marietta—Exchange National Bank..Mauch Chunk—Mauch Chunk Na-
tional Bank.Maytown—Maytown National Bank.Montrose—First and Farmers Na-
tional Bank & Trust Co.Mount Carmel—
First National Bank...Union National Bank
Mount Joy—First National BankUnion National Mount Joy Bank.
Mountville—Mountville NationalBank.
Myerstown—Myerstown NationalBank.
Nanticoke—First National BankNazareth—Nazareth National Bank..New Holland—New Holland Na-
tional Bank.Newton—First National Bank :.Newville—First National BankNorristown—Peoples National Bank.
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1 to 7 and 9.Ito4.Ito9.
DISTRICT NO. 3—Continued
PENNSYLVANIA—continued
Northampton—Cement Na t iona lBank of Siegfried.
Oxford—National Bank of OxfordPatton—First National BankPen Argyl—First National BankPhiladelphia-
Broad Street National BankCentral National Bank _Corn Exchange National Bank__Drovers and Merchants National
Bank.E ighth National B ankFourth Street National BankKensington National BankMarket Street National BankNational Bank of CommerceNational Bank of Germantown. _National Bank of North Phila-
delphia.Northern National BankPerm National BankPhiladelphia National BankQuaker City National BankSecond National BankSouthwark National BankSouthwestern National BankTenth National Bank _Textile National BankThird National BankTradesmen's National BankUnion National Bank
Philipsburg—First National Bank.Moshannon National Bank
Phoenixville—National Bank of Phoe-nix ville.
Pittston—First National BankPlymouth—First National BankPort Allegany— First National Bank.Pottstown— - •
National Bank of PottstownNational Iron Bank
Pottsyille—Miners National BankReading—
Penn National BankReading National Bank
Red Lion—Red Lion First NationalBank.
Schuylkill Haven—First NationalBank.
Scranton—Third National BankShickshinny—First National Bank...Shippensburg—
First National BankPeoples National Bank
Smethport—Grange National Bankof McKean County.
Souderton—Union National BankSpring City—National Bank of Spring
City.State College—First National Bank..Stroudsburg—
First National BankStroudsburg National Bank
Sunbury—First National BankTamaqua—
Tamaqua National BankFirst National Bank
Tioga—Grange National BankTopton—National Bank of Topton..Towanda—Citizens National Bank__Tyrone—
Blair County National BankFarmers & Merchants National
Bank.Waynesboro—Citizens National BankWest Chester-
First National BankNational Bank of Chester County
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1 to 9.
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1 to 9.I to9.
Ito9.
I to9.I to9.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FIDUCIARY POWERS 199
Powersgranted
Powersgranted
DISTRICT NO. 3—Continued
PENNSYLVANIA—continued
West Grove—National Bank of WestGrove.
Wilkes-Barre—Second National BankWyoming National Bank
Wiiliamsport—First National BankLycoming National BankWest Branch National BankWiiliamsport National Bank
Wrightsville—First National Bank..York-
Central National BankFirst National BankIndustrial National Bank of West
York.Western National Bank
DISTRICT NO. 4
KENTUCKY
(See also District No. 8)Ashland—
Ashland National BankSecond National BankThird National Bank
Brooksville—First National BankCynthiana—The National Bank.....Ueorgetown—Georgetown National
Bank.Harlan—Harlan National BankLexington—Phoenix National Bank
& Trust Co.Middlesboro—The National Bank___Mount Sterling-
National Bank of Mount Sterling.Traders National Bank
Newport—American National BankNewport National Bank
Paris—First National BankPineville—Bell National BankRichmond—Madison National Bank
& Trust Co.Somerset—•
Farmers National BankFirst National Bank
Williamsburg—First National Bank..Winchester—Clark County National
Bank.OHIO
Akron—National City BankAlliance—Alliance First NationalAshtabula—National Bank of Ashta-
bula.Athens-
Athens National BankBank of Athens, N. B. A
Bellaire—First National BankBradford—First National BankCadiz—Fourth National BankCanton—First National BankCincinnati—
Atlas National BankCitizens National Bank & Trust
Co.Fifth-Third National BankFirst National Bank.....Lincoln National BankSecond National Bank
Cleveland-Brotherhood of Locomotive En-
gineers Cooperative NationalBank of Cleveland.
Central National Bank, Savings& Trust Co.
National City Bank.__
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1 to 5, 7 to 9.Ito9.
1 to 5, 7 to 9.
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1 to 5, 7 to 9.1 to 9.Ito4.1 to 5, 7 to 9.
1,4, and 9.1 to 9.1 to7 and9
1 to 7 and 9.1 to 7 and 9.1, 4, and 9.1 to 7 and 9.1 to 7 and 9.1 to 7 and 9.
1, 4, and 9.1 to 7 and 9.
1, 4, and 9.1 to 7 and 9.Ito9.1 to 7 and 9.
1 to 9.
1 to 7 and 9.
1 to 7 and 9.
DISTRICT NO. 4—Continued
OHIO—continuedColumbus—
City National BankCommercial National BankHuntington National BankOhio National Bank
Coshocton—Commercial NationalBank.
Dayton-Merchants National Bank &
Trust Co.Winters National Bank & Trust
Co.East Liverpool—First National Bank.Fostoria—Union National BankGreenville—Second National Bank..Hamilton—First National Bank &
Trust Co.Hillsboro—Merchants National BankLancaster—Fairfield National Bank. _Lebanon-
Citizens National Bank & TrustCo.
Lebanon National Bank & TrustCo.
Lorain—National Bank of Commerce.Mansfield—Citizens National Bank..Marietta-
Central National BankCitizens National BankFirst National Bank .'
Marion—National City Bank & TrustCo.
Massillon—Merchants National BankMount Vernon—The Knox National
Bank.Newark—Franklin National Bank...New Philadelphia—Citizens National
Bank.Painesville—Painesville National
Bank.Piqua—
Citizens National BankPiqua National Bank.
Ravenna—Second National BankSt. Clairsville—First National Bank__Sandusky—Third National Exchange
Bank.Springfield—Mad River National
Bank.Steubenville—
National Exchange Bank & TrustCo.
Peoples National BankTiffin-
Commercial National BankTiffin National Bank
Toledo—First National BankTroy—First Troy National Bank &
Trust Co.Urbana—Champaign National Bank.
| Warren-Second National BankWestern Reserve National Bank.
Wilmington—Clinton County Na-| tional Bank & Trust Co.I Youngstown—
Commercial National Bank......First National Bank _.Mahoning National Bank
Zanesville—First National Bank _Old Citizens National Bank
PENNSYLVANIA
(See also District No. 3)
Blairsville—First National BankBrownsville—Second National Bank
I to 7 and 91 to 7 and 9Ito7.1 to 7 and 9.1, 4, and 9.
1, 4, and 9.
1, 4, and 9.
1 to 7 and 9.1 to 7 and 9.1 to 7 and 9,1, 4, and 9.
1 to 7 and 9.1 to 7 and 9.
1 to 7 and 9.
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1 to 7 and 9.4.1, 4, and 9.1 to 7 and 9.1, 4, and 9.1 to 7 and 9.
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1 to 7 and 9.
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1 to 7 and 9.
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1 to 7 and 9.1 to 7 and 9,1 to 7 and 9.1 to 7 and 9.1 to 7 and 9.
1 to 7 and 9.
1 to 7 and 9.1 to 7 and 9.1 to 7 and 9.
1 to 7 and 9.4.4 and 9.
1,4, and 9.1 to 7 and 9.
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Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
200 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
DISTRICT NO. 4—Continued
PENNSYLVANIA—continued
Butler-Farmers National Bank.Merchants National Bank
Canonsburg—First National BankEllwood City—First National Bank..Erie—First National BankFord City—First National Bank &
Trust Co.Franklin—Lamberton National BankGreensburg—First National Bank _Greenville—First National Bank ..Grove City-
First National BankGrove Citv National Bank..
McKeesport—First National Bank...Meadville—New First National BankMyersdale—Citizens National Bank..Monessen—Peoples National Bank.. _New Brighton—Union National BankNew Castle—
Citizens National BankFirst National Bank
New Kensington—First NationalBank.
Oakmont—First National BankOil City—Oil City National Bank...Pittsburgh-
Bank of Pittsburgh, N. AColumbia National BankDiamond National BankDuquesne National BankFarmers' Deposit National Bank.First National BankHighland National BankMellon National BankMonongahela National BankNational Bank of America at
x i tis uurgn.Second National Bank of Alle-
gheny.Third National Bank _Union National Bank
Punxsutawney—Punxsutawney Na-tional Bank.
Sharon—First National BankMcDowell National Bank
Titusville—Second National Bank...Uniontown—
National Bank of FayetteCounty.
Second National Bank . . .Uniontown National Bank &
Trust Co.Vandergrift—Citizens National Bank.Warren—Warren National BankWashington—
Citizens National BankFirst National Bank
Waynesburg—C i t i z e n s NationalBank.
Zelienople—Peoples National Bank...WEST VIRGINIA
(See also District No. 5)
Elm Grove—First National BankNew Cumberland—First National
Bank.Sistersville—Union National Bank...Wheeling—National Bank of West
Virginia.
Powersgranted
1 to 9.Ito9.1 to 9.1 to 9.1 to 9.Ito9.
1 to 9. ,1 to 9.Ito9.
1 to 9.1 to 9.Ito9.1 to 5, 7 to 9.1 to 9.Ito8.1 to 9.1 to 9.1 to 9.1 to 8.
1.1 to 9.
1 to 9.1 to 9.Ito9.1 to 9.4 and 9.1 to 9.1 to 9.1 to 9.4.1 to 9.1 to 9.
Ito9.Ito9.1 to 9.
Ito9.1 to 4.Ito9.
1 to 9.
1 to 9.1 to 9.
1 to 9.Ito9.
1, 2, 3, 5, 6,7, and 9.1 to 9.Ito9.
Ito4.
Ito9.1.
1 to 9.1 to 9.
DISTRICT NO. 5
DISTRICT OF COLUMBIA
Washington-Commercial National Bank.District National BankFarmers & Mechanics National
Bank of Georgetown.Federal-American National BankLincoln National BankNational Bank of WashingtonNational Metropolitan BankRiggs National BankSecond National Bank..
MARYLAND
Baltimore-Citizens National BankDrovers & Mechanics National
Bank.Farmers & Merchants National
Bank.Merchants National BankNational Bank of BaltimoreWestern National Bank... _.
Cumberland—Second National BankEaston—Easton National BankFrederick-
Farmers & Mechanics NationalBank.
Frederick County National BankHagerstown—Second Natjional Bank.Hyattsville—First National BankNew Windsor—First National Bank.Pocomoke City—Citizens National
Bank.Rising Sun—National Bank of Rising
Sun.R-ockville—Montgomery County Na-tional Bank.
Salisbury—Salisbury National Bank.
NORTH CAROLINA
Asheville—American National BankNational Bank of Commerce _
Charlotte-Charlotte National BankCommercial National BankMerchants & Farmers National
Bank.Union National Bank
Concord—Concord National Bank...Durham—First National BankElizabeth City—First & Citizens
National Bank.Gastonia—First National BankGoldsboro—Wayne National Bank...Graham—National Bank of Ala-mance.High Point—Commercial National
Bank.Mooresville—First National Bank...New Bern—National Bank of New
Bern.Oxford—First National BankRaleigh—
Citizens National BankCommercial National Bank
Rocky Mount—Planters NationalBank.
Salisbury—First National Bank.....Wadesboro—First National BankWinston-Salem—Farmers National
Bank & Trust Co.
Powersgranted
1 to 8.1 to 8.1 to 8.
1 to 8.1 to 8.1 to 8.1 to 8.1 to 8.I to8.
Ito9.Ito9.
Ito9.Ito9.Ito9.Ito9.Ito9.1 to 9.
Ito4.
Ito9.Ito9.Ito4.Ito4.Ito9.
Ito4.
Ito3.Ito9.
Ito9.Ito9.
Ito9.Ito9.1 to 9.
Ito9.Ito9.Ito9.Ito9.
Ito9.Ito9.Ito9.Ito4.
Ito9.Ito4.Ito4.
Ito9.Ito9.Ito9.
Ito9.Ito9.Ito9.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FIDUCIARY POWERS 201
DISTRICT NO. 5—Continued
SOUTH CAROLINA
Charleston-Atlantic National BankPeoples National Bank
Columbia-Columbia National BankNational Loan & Exchange Bank.
Elloree—First National BankGaffney—Merchants & Planters Na-
tional Bank.Greenville-
First National BankNorwood National BankPeoples National Bank _Woodside National Bank _ _
Holly Hill—First National Bank....Lake City—Farmers & Merchants
National Bank.Orangeburg—Edisto National Bank..Rock Hill—National Union Bank
Central National BankFirst National Bank
VIRGINIA
Abingdon—First National BankAlexandria-
Alexandria National BankCitizens National Bank .First National BankAppalachia—First National Bank....
Blackstone—First National BankCharlottesville—
National Bank of Charlottesville.Peoples National Bank
Chase City—First National BankChatham—First National BankClifton Forge-
Clifton Forge National BankFirst National Bank
Covington—Citizens National BankCovington National Bank
Danville-American National BankFirst National Bank
Emporia—Citizens National BankFredericksburg—Planters National
"RonlrHampton—Merchants National BankHarrisonburg—First National Bank..Leesburg—
Loudoun National Bank.Peoples National Bank
Lexington—Rockbridge N a t i o n a lBank.
Martinsville—Peoples National BankNewport News—First National BankNorfolk-
National Bank of CommerceSeaboard National Bank
Norton—First National BankPetersburg—Virginia National Bank.Portsmouth—American N a t i o n a l
Bank.Pulaski—
Peoples National BankPulaski National Bank
Richmond—American National BankCentral National BankFirst National BankMerchants National BankPlanters National Bank
Roanoke—American National Bank..Colonial National BankFirst National BankNational Exchange BankRocky Mount—Peoples National
Bank.
Powersgranted
Ito9.Ito4.
Ito9.Ito9.Ito9.Ito9.
Ito9.Ito9.Ito4.Ito9.1 to 3, 5 to 9.1 to 4.
Ito9.Ito9.Ito4.Ito9.
1 to 9.
Ito9.Ito4.Ito4.1.Ito9.
Ito4.Ito9.Ito9.Ito3.
Ito4.1 to 6 and 9.
Ito9.Ito4.
Ito9.1 to 9.Ito9.Ito9.Ito9.Ito9.
Ito9.Ito9.Ito9.
Ito4.Ito9.
Ito4.Ito9.Ito9.Ito3.1.
Ito9.Ito9.
Ito4.Ito9.Ito9.Ito9.Ito9.
Ito4.Ito9.1 to 9.Ito9.Ito4.
DISTRICT NO. 5—Continued
VIRGINIA—continued
Salem—Farmers National Bank.South Boston-
Boston National Bank _Planters & Merchants National
Bank.Staunton—
Augusta National Bank. _National Valley Bank
Warrenton—Farquier National BankWaynesboro—First National Bank...Winchester-
Farmers & Merchants NationalBank.
Shenandoah Valley NationalBank.
WEST VIRGINIA
(See also District No. 4)Beckley—Beckley National BankBluefield—
First National BankFlat Top National Bank
Charleston-Charleston National BankCitizens National Bank_Kanawha National Bank
Clarksburg-Empire National BankMerchants National Bank .Union National Bank
Fairmont—National Bank of Fair-mont.
Fairview—First National Bank.Grafton—First National BankHuntington—First National Bank...Madison—Madison National Bank__Martirisburg—Old National BankParkersburg—
First National Bank. _Parkersburg National BankSecond National Bank _
St. Marys—First National BankWelch—First National Bank
DISTRICT NO. 6
ALABAMAAnniston—
Anniston National Bank..Commercial National Bank
First National BankAthens—First National Bank.Bessemer—First National Bank in
Bessemer.Birmingham—First National BankCullman—Leeth National BankFlorence—First National Bank..Gadsden— First National BankMobile—First National BankMontgomery—First National Bank..Oxford—First National Bank.Piedmont—First National Bank . . .Selma—City National Bank..Talladega—Talladega National Bank.Troy—First National Bank..Tuscaloosa—
City National BankFirst National Bank
FLORIDA
Bartow—Polk County National BankBradentown—First National Bank...Brooksville—First National Bank....De Funiak Springs—First National
Bank.
Powersgranted
Ito9.
Ito9.1 to 8.
Ito9.1 to 9.Ito9.Ito9.
Ito9.
Ito4.
1 to 9.
1 to 9.Ito9.
Ito9.1 to 9.1 to 9.
1 to 4.Ito9.Ito4.1 to 9.
1 to 4.Ito9.1 to 9.Ito4.Ito9.
Ito9.1 to 9.1 to 9.1 to 9.1 to 9.
1 to 7 and 9.1 to 5, 7,
and 9.Ito8.1.1 to 8.
1 to 9.1 to 4.1 to 8.1 to 3.1 to 8.Ito9.1 to 8.Ito3.1 to 8.1 to 4.1.
1 to 8.1 to 8.
1 to 9.1 to 4.1 to 8.1 to 8.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
202 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
Powersgranted
Powersgranted
DISTRICT NO. 6—Continued
FLORIDA—continued
Jacksonville—Atlantic National BankBarnett National Bank.Florida National Bank.. _.
Miami—First National BankMiami Beach—Miami Beach First
National Bank.Panama City—First National Bank .Pensacola—Citizens & Peoples Na-
tional Bank.St. Augustine-
First National, Bank _St. Augustine National Barj)k
St. Petersburg-Central National Bank & Trust
Co.First National Bank _.
Tampa-Exchange National Bank
First National BankWinter Haven—Snell National Bank.
1 to 9.1 to 9.1 to 9.1 to 9.1 to 9.
4.1 to 9.
1 to 9.1 to 9.
Ito9.
1 to 4.
Ito9... 1 to 8.1 to 3, 5 to 7.
GEORGIAAthens-
Georgia National Bank 1 to 8.National Bank of Athens.... 1 to 4.
Atlanta-Atlanta and Lowry National 1 to 8.
Bank.Fourth National Bank 1 to 9.Fulton National Bank 1 to 9.
Barnesville—First National Bank 1 to 8.Brunswick—National Bank of Bruns- 1 to 9.
wick.Carrollton—First National Bank 1 to 9.Dalton—First National Bank 1 to 5.Dawson—Dawson National Bank 1 to 3, 5 to 9.Elberton—First National Bank 1 to 9.Fitzgerald—
Exchange National Bank _ 1 to 4.First National Bank 1 to 4, 6, 7.
and 9.La Grange—La Grange National 1 to 8.
Bank.Louisville—First National Bank 1 to 9.Macon—Fourth National Bank. 1 to 4.Quitman—First National Bank | 1 to 8.Winder—Winder National Bank | 1 to £
LOUISIANA
(See also District No. 11)
Hammond—Citizens National Bank. 1 to 9.Lake Charles—
Calcasieu National Bank of 1 to 9.Southwest Louisiana.
First National Bank 1 to 9.New Orleans—Whitney-Central Na- 1 to 9.tional Bank.
MISSISSIPPI
(See also District No. 8)I
Biloxi—First National Bank 1 to 4.Canton—First National Bank 1 to 4.Gulfport—First National Bank. 1 to 8.Hattiesburg—Commercial National 1 to 9.
Bank.Jackson—
Capital National Bank 1 to 9.First National Bank | 1 to 9.Jackson State National Bank 1 1 to 7 and 9.
Laurel—Commercial National Bank & 1 to 9.
Trust Co.First National Bank _. 1 to 9.
Meridian—First National Bank 1 to 8.
DISTRICT NO. 6—Continued
MISSISSIPPI—continued
Vicksburg—National City Savings Bank & 1 to 9.
Trust Co.National Peoples Savings Bank & 1 to 9.
Trust Co.TENNESSEE
(See also District No. 8)
Copperhill—First National Bank of 1 to 3, 5 to 8.Polk County.
Dickson—Citizens National Bank 1 to 8.Fayetteville—
Elk National Bank... 1 to 3 and 5.First National Bank _. 1 to 3, 5 to 9.
Gallatin—First and Peoples National 1 to 9.Bank.
Greenville-^First National Bank 1 to 9.Johnson City—Tennessee National 1 to 9.
Bank.Kingsport—First National Bank 1 to 7 and 9.Knoxville—
City National Bank 1.Union National Bank 1 to 7 and 9.
McMinnville—Peoples Na t iona l 1 to3, 5to8.Bank.
Nashville—American National Bank Ito9.Broadway National Bank 1 to 7 and 9.Fourth & First National Bank... 1 to 8.Tennessee-Hermitage National 1 to 4.
Bank.
DISTRICT NO. 7
ILLINOIS |
(See also District No. 8)
Amboy—First National Bank 1 to 9.Aurora—
First National Bank 1 to 9.Merchants National Bank 1 to 9.Old Second National Bank 1 to 9.
Batavia—Batavia National Bank j 1 to 9.First National Bank j 1 to 8.
Belvidere— jFirst National Bank _ 1 to 8.Second National Bank 1 to 4.
Bushnell—First National Bank 1 to 9.Cambridge—Farmers National Bank, l to 9.Canton-
Canton National Bank.. _ | 1 to 9.First National Bank 1 to 8.
Casey—First National Bank 1 to 4.Charleston—National Trust Bank- _. 1 to 9.Chicago-
Austin National Bank 1 to 9.Calumet National Bank _„ 1 to 9.First National B ank of E nglewood 1 to 4.Lawndale National Bank _._. 1 to 9.National Bank of the Republic... 1 to 9.
Chillicothe—First National Bank 1 to 9.Danville-
First National Bank . . 1 to 9.Palmer National Bank Ito9.Second National Bank 1 to 8.
Decatur—Citizens National Bank 1 to 9.Milliken National Bank _. 1 to 4.National Bank of Decatur _. 1 to 4.
Dixon—Dixon National Bank 1 to 9.Elrnhurst—First National Bank 1 to 9.El Paso—
First National Bank.. 1 to 9Woodford County National Bank 1 to 9
Evanston—City National Bank.__..._ 1 to ft
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FIDUCIARY POWEKS 203
DISTRICT NO. 7—Continued
ILLINOIS—continued
Freeport—First National Bank.Second National Bank
Galesburg—First National BankGalesburg National Bank
Henry—First National BankJoliet—
First National BankJoliet National Bank.Will County National Bank
Kankakee—City National BankKewanee—First National BankLa Salle—La Salle National BankLincoln—Lincoln National BankMacornb—Union National BankMarengo—First National BankMarseilles—First National BankMattoon—National Bank of Mattoon.Monticello—First National BankMoweaqua—First National BankOttawa—National City Bank____Peoria—
Central National BankCommercial National BankMerchants & Illinois National
Bank.Princeton—Citizens National Bank..Rockford—
Forest City National BankManufacturers National BankRockford National BankSwedish-American National BankThird National Bank
Savanna—First National BankSycamore-
Citizens National BankSycamore National Bank
Waukegan—Waukegan NationalBank.
INDIANA
(See also District No. 8)
Attica—Central National BankBatesville—First National BankBloomington—First National Bank..Brazil
Citizens National BankFirst National Bank. _ _ . . .Riddell National Bank .._
Brookville—Franklin County National Bank.National Brookville Bank...
Cambridge City—First National BankClay City—First National BankColumbia City—First National BankColumbus—First National BankC rawfords ville—
Citizens National BankElston National Bank.First National Bank _
Dana—First National Bank._Delphi—Citizens National BankDublin—First National BankT)yer—First National BankEdinburg—Farmers National Bank._Elkhart—First National BankElwood—First National BankFort Wayne—
First National BankLincoln National BankOld National Bank
Frankfort—American National Bank.Franklin—Franklin National Bank..Gary—National Bank of AmericaGoshen—City National Bank
Powersgranted
1 to 9.1 to 9.
1 to 9.Ito9.1 to 7.
1 to 4.Ito9.1 to 9.Ito4.1 to 9.1 to 4.1 to 9.1 to 9.Ito9.1 to 4.1 to 3.1 to 9.Ito3.Ito9.
1 to 9.Ito8.1 to 9,1 to 3, 5 to 8.
Ito9.Ito9.1 to 4.Ito9.Ito8.1 to 8.
1 to 9.1 to 9.1 to 9.
1 to 9.1 to 4.1 to 7 and 9.1 to 7.Ito4.1 to 9.
1 to 4.1 to 4.Ito8.1 to 9.1 to 9.Ito9.
Ito4.Ito8.1 to 9.Ito3.1 to 9.Ito3.1 to 4.Ito4.1 to 9.Ito8.
1 to 8.1 to 8.Ito9.1 to 8.1 to 4.1 to 9.Ito9.
DISTRICT NO. 7—Continued
INDIANA—continued
Greencastle—First National Bank....Hammond—First National BankIndiana Harbor-
Indiana Harbor National Bank ofEast Chicago.
United States National Bank,East Chicago.
Indianapolis-Fletcher American National BankIndiana National Bank of In-
dianapolis.Kokomo—
Citizens National Bank.Howard National Bank
La Fayette—First-Merchants Na-tional Bank.
La Porte—First National BankLiberty—Union County National
Bank.Linton—First National BankLogansport—
City National BankFirst National Bank
Lowell-First National Bank in Lowell...Lowell National Bank
Marion—First National BankMarion National Bank
Martinsville—First National Bank. .Michigan City—Merchants National
Bank.Mishawaka—First National Bank...Monrovia—First National BankMonterey—First National BankMontezuma—First National Bank...Montpelier—First National BankMuncie—Delaware County National
Bank.New Carlisle—First National Bank..Noblesville—First National Bank....Peru—First National BankRemington—Farmers National Bank_Richmond-
First National BankSecond National Bank
Rising Sun—The National Bank of__Rochester—First National Bank
Rockville—Rockville National Bank.Rushville—
American National BankRush County National BankRushville National Bank...
Russiaville—First National BankShelbyville—
Farmers National BankFirst National Bank
Sheridan—Farmers National Bank...First National Bank.
South Bend-First National BankMerchants National Bank _.
Swayzee—First National BankTerre Haute—
First National BankMcKeen National Bank..Terre Haute National Bank
Thomtown—Home National Bank...Tipton—Citizens National BankWabash—Farmers & Merchants
National Bank.Whiteland—Whiteland N a t i o n a l
Bank.Whiting—First National BankWilkinson—Farmers National Bank.Winamac—First National Bank
Powersgranted
1 to 9.I to4.
1 to 9.
Ito9.
1 to 7 and 9.1 to 9.
1 to 4.1 to 9.1 to 8.
1 to 4.1 to 3.
1 to 7.
I to8.1 to 8.
1 to 7.Ito8.
Ito4.1 to 9.1 to 7.1 to 9.
1 to 4.1 to 4.1 to 3, 5 to 9.1 to 8.1 to 9.1 to 9.
1 to 3.1 to 8.1 to 9.1 to 3, 5 to 8.
1 to 9.1 to 4.1 to 9.1 to 5, 7, and
1 to 4.
1 to 9.1 to 4.1 to 4.1 to 3.
1 to 9.1 to 9.
1 to 8.1 to 4.
1 to 4.I to9.Ito9.
1 to 9.I to9.I to9.Ito8.Ito4.Ito4.
Ito4.
1 to 7.Ito3.Ito8.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
204 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
Powersgranted
Powersgranted
DISTRICT NO. 7—ContinuedIOWA
Arlington—American National Bank.Aurelia—First National BankBancroft—First National BankBoone—First National Bank __.Buffalo Center—First National BankBurlington—Merchants Nat ional
Bank.Cedar Rapids-
Cedar Rapids National BankMerchants National Bank
Charles City—Commercial NationalBank.
Charter Oak—First National Bank_.Cherokee—First National BankClarence—First National Bank.__Clinton-
City National BankMerchants National Bank
Colfax—First National BankCoon Rapids—First National Bank..Council Bluffs-
City National BankFirst National Bank
Davenport—First National BankDecor ah—National Bank of Decorah.Des Moines—Des Moines National
Bank.Dubuque—
Consolidated National BankFirst National Bank
Elkader—First National BankEverly—First National BankFairfield—First National Bank....Fonda—First National BankFontanelle—First National BankFort Dodge—Fort Dodge National
Bank.Gladbrook—First National BankGraettinger—First National Bank....Greenfield—First National BankGrinnell—Citizens National BankGriswold—Griswold National Bank..Hampton—Citizens National Bank..Hawarden—First National BankHumboldt—First National BankIndependence—First National Bank.Indianola—First National BankKanawha—First National BankKeokuk—Keokuk National BankLeMars—First National BankLinn Grove—First National BankManchester—First National Bank...Marengo—First National BankMarshalltown—First National Bank.Mason City—First National BankMilford—First National BankMontezuma—First National Bank...!Muscatine—First National Bank INewell—First National Bank |New Sharon—First National Bank___!Newton—Clark National Bank. jOdebolt—First National Bank IOelwein—First National Bank._...._jOskaloosa—Oskaloosa National BankPaullina—First National Bank JPerry—Perry National BankPeterson—First National BankRed Oak—First National BankRemsen— First National BankRippey—First National Bank _Rockwell City—Rockwell City Na-
tional Bank.Royal—Citizens National BankRuthven—First National Bank.Sheffield—First National BankSibley—First National Bank...
I to3.Ito9.2,3, 5 to 7.Ito4.Ito9.Ito9.
Ito9.Ito4.Ito9.
1,2,3, and 5.Ito9.Ito4.
Ito4.1 to 5.1 to 3, 5 to 9.I to3.
Ito8.Ito9.Ito9.1 to 9.1 to 8.
Ito9.Ito9.Ito9.Ito7.Ito8.1 to 4.Ito9.Ito8.
I to3.1 to 9.1 to 5, 7 to 9.1 to 9.1 to 7 and 9.1 to 9.1,2,3,5 to 8.1 to 4.1 to 4.Ito3.Ito3.Ito9.Ito3,5to9.1 to 9.Ito4.1 to 4.I to3.1 to 9.I to3.1 to 4.Ito9.Ito9.1 to 7.Ito9.Ito4.Ito7.1 to 3.1 to 7 and 9.Ito9.1 to 4.1 to 4.Ito8.1, 2, 3,5 to 8.Ito9.
1 to 3.1 to 8.1 to 9.I to3.
DISTRICT NO. 7—Continued
IOWA—continued
Sidney—National Bank of Sidney 1 to 9.Sioux City-
First National Bank _ 1 to 9.Security National Bank 1 to 9.Sioux National Bank 1 to 9.
Sioux Rapids—First National Bank.. 1 to 3.Spencer—First National Bank 1 to 9.Stanton—First National Bank. I 1 to 4.Storm Lake—Citizens National Bank.' 1 to 9.Story City—First National Bank ; 1 to 4.Thornton—First National Bank 1 to 9.Tipton—City National Bank ; 1 to 8.Washington—Washington National I 1 to 8.
Bank. \Waterloo— j
Commercial National Bank ! 1 to 4.First National Bank _._. | 1 to 7.Leavitt & Johnson National Bank| 1 to 4.
Waverly—First National Bank | 1 to 4.Webster City— [
Farmers National Bank ; 1 to 4.The First National Bank | 1 to 9.
MICHIGAN I
(See also District No. 9) I
Ann Arbor—First National Bank | 1 to 9.Battle Creek— j
Central National Bank . . | 1 to 4.City National Bank 1 to 8.Old National Bank 1 to 9.
Bay City—First National Bank 1 to 4.Benton Harbor—
American National Bank 1 to 9.Farmers and Merchants Na- j
tional Bank. 1 to 9.Birmingham—First National B a n k . . 1 to 4.Boyne City—First National B a n k . . . 1 to 3.Detroit—National Bank of Com- 1 to 8.
merce.Flint—First National Bank 1 to 4.Grand Rapids—
Grand Rapids National Bank 1 to 9.Old National Bank _ l a n d 4.
Hillsdale—First National Bank 1 to 4.Jackson—
National Union Bank 1 to 9.Peoples National Bank 1 to 9.
Kalamazoo— First National Bank 1 to 9.L a n s i n g -
Capital National Bank 1 to 4.City National Bank 1 to 9.
Muskegon—Hackley National Bank _. 1 to 7 and 9*Union National Bank 1 to 9.
Petoskey—First National Bank 1 to 4.Pontiac—First National Bank 1 to 9.Port Huron—First National Bank in 1 to 4.
Port Huron.Rochester—First National Bank 1 to 4.Saginaw—Second National Bank 1 to 8.Traverse City—First National Bank . 1 to 3.
WISCONSIN
(See also District No. 9)
Antigo—First National Bank 1 to 8.Langlade National Bank 1 to 3, 5 to 8.
Appleton—Citizens National Bank... 1 to 9.Beaver Dam—Old National Bank 1 to 4.Clintonville—First National Bank... 1 to 4.Darlington—First National Bank 1 to 8.Edgerton—First National Bank | 1 to 8.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FIDUCIARY POWERS 205
DISTRICT NO. 7—Continued
wisco NSIN—continued
Fond du Lac—Commercial National BankFirst-Fond du LucNational Bank.
Hartford—First National BankJanesville—First National BankManitowoc—First National Bank in
Manitowoc.Marinette—First National BankMilwaukee-
Marine National BankNational Bank of CommerceNational Exchange Bank
Monroe—First National BankNeenah—National Manufacturers
Bank.Oshkosh—City National BankRacine-
First National BankManufacturers National Bank.. .
Ripon—American National BankFirst National Bank
Shawano—Wisconsin National Bank.Sheboygan—Security National Bank.Sparta—Farmers National BankStevens Point—First National Bank.Viroqua—First National BankWaukesha—
National Exchange Bank __Waukesha National Bank
Wausau—American National Bank _First National Bank
West Bend—First National BankWisconsin Rapids—First National
Bank.
DISTRICT NO. 8
ARKANSAS
Batesville—First National BankBentonville—First National Bank...Corning—First National BankEl Dorado—First National BankFordyce—First National BankFort Smith-
City National Bank _First National Bank.Merchants National Bank
Hot Springs-Arkansas National Bank __C itizens National B ank
Jonesboro—First National BankLake Village—First National Bank..Little Rock-
England National BankExchange National Bank „
Marianna—Lee County NationalBank.
Mena—First National BankNewport—First National BankNorth Little Rock—First National
Bank.Paragould—First National B&nkParis—First National Bank...Pine Bluff—Simmons National Bank.Texarkana—State National Bank
ILLINOIS
(See also District No. 7)
Alton—Citizens National BankAnna—First National BankBelleville-
First National BankSt. Clair National Bank
Benld—First National Bank of Benld.Breese—First National BankCairo—Cairo National Bank..
Powersgranted
1 to 9.Ito8.1 to 7 and 9.1 to 4.1 to 9.
Ito9.
Ito9.1 to 9.Ito9.Ito9.1 to 3.
Ito4.
Ito9.Ito9.
Ito9.Ito9.Ito8.Ito9.Ito9.Ito8.Ito9.
1 to 4.Ito8.
Ito9.1.Ito9.Ito9.
1 to 7 and 9.Ito9.Ito9.Ito9.1 to 4.
1 to 9.1 to 9.Ito9.
Ito9.1 to 3, 5 to 9.1 to 9.1 to 9.
1 to 9.1 to 9.1 to 4.
1.1 to 8.Ito9.
Ito9.1 to 9.Ito9.Ito9.
Ito9.1 to 9.
Ito8.Ito9.1 to 3,5 to 8.1 to 9.Ito9.
DISTRICT NO. 8—Continued
ILLINOIS—continued
Carlinville—Carlinville NationalBank.
Carlyle—First National BankCarmi—National Bank of CarmiEdwardsville—Edwardsville Na-
tional Bank.Highland—First National BankJacksonville—Ayers National'Bank. _Lawrenceville—First National Bank.Lebanon—First National BankMarion—First National BankMascoutah—FirsJ; National BankMetropolis—City National BankMount Carmel—American National
Bank.M ount Sterling—F ir st N ational B ank.Murphysboro—First National Bank.Nashville-
Farmers & Merchants NationalBank.
First National BankNokomis—Nokomis National Bank.O'Fallon—First National BankPittsfield—First National Bank _Quincy—Quincy-Ricker N a t i o n a l
Bank & Trust Co.Sparta—First National BankVandalia—First National Bank
INDIANA
(See also District No. 7)
Bedford—Bedford National BankBicknell—First National BankEvansville—
National City BankOld National Bank...
Farmersburg—First National Bank..Jeffersonville—First National Bank..Linton—First National Bank _.Mitchell—First National BankMount Vernon—Old First National
Bank.New Albany—New Albany National
Bank.Orleans—National Bank of Orleans...Poseyville—Bozeman Waters Na-
tional Bank.Princeton—
Farmers National Bank
Peoples American National Bank.Seymour-
First National BankSeymour National Bank
Sullivan—National Bank of Sullivan.Tell City—Citizens National Bank..Vevay—First National BankWadesville—The Farmers National
Bank.KENTUCKY
(•See also District No. 4)
Bowling Green—American NationalBank.
Columbia—First National BankDanville—
Citizens National BankFarmers National Bank.. .
Elizabethtown—First-Hardin Na-nonai jjanK..
Glasgow—Farmers National BankHarrodsburg—First National BankHenderson—Henderson National
Bank.Hopkinsville—First National Bank..Lawrenceburg—
Anderson National BankLawrenceburg National Bank
Powersgranted
Ito9.
Ito9.1 to 9.1,2,3,5,6,7,
and 9.Ito9.Ito4.Ito9.Ito9.1 to 9.Ito9.Ito4.1 to 9.
1 to 4.1 to 8.
1 to 9.
1 to 9.1 to 3.I to9 .Ito9.1 to 9.
1 to 3,5 to 7.Ito8.
1 to 3,5 to 9.Ito9.
1 to 9.1 to 9.1 to 6 and 8.Ito9.1 to 7.1 to 4.1 to 8.
1 to 9.
1.1, 3, 5, 6, 8,
and 9.
1,2,3,5,6, 7,and 9.
Ito8.
1 to 9. .Ito9.1 to 7 and 9.1 to 4.1 to 9.1 to 9.
1 and 4.
1 to 3,5 to 8.
1 to 9.Ito8.Ito9.
Ito4.Ito9.Ito9.
Ito9.
1 to 3,5 to 9.Ito8.Digitized for FRASER
http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
206 ANNUAL REPORT OF THE FEDERAL BESEBVE BOAKD
DISTRICT NO. 8—Continued
KENTUCKY—continued
Lebanon-Citizens National Bank.Marion National Bank
Louisville—Citizens Union National Bank___First National BankLouisville National BankNational Bank of Kentucky
Mayfield—First National Bank.Morganfield—Morganfield National
Bank.Murray—First National BankOwensboro—First National BanKPaducah—
City National Bank..First National Bank
Princetons-Farmers National BankFirst National Bank
MISSISSIPPI
(See also District No. 6.)
Greenville—First National BankGreenwood—The First N a t i o n a l
Bank.
MISSOURI
(See also District No. 10)
Boonville—Boonville National Bank.Carrollton—First National BankChillicothe—First National BankColumbia—
Boone County National BankEchange National Bank ._.
Hannibal—Hannibal National Bark.Jefferson City—First National Bank.Kirksville—Citizens National Bank..Pierce City—First National Bank....Ridgeway—First National BankSt. Louis—
First National BankMerchants-Laclede N a t i o n a l
Bank.National Bank of CommerceSecurity National Bank, Savings
& Trust Co.State National Bank
Sedalia—Citizens National BankThird National Bank
Springfield—Union National Bank...Unionville—Marshall National Bank.Versailles—First National Bank __..___
TENNESSEE
(See also District No. 6.)
Memphis—Central State National BankS outhern N ational B ank.
DISTRICT NO. 9
MICHIGAN
(See also District No. 7)
Manistique—First National Bank__Marquette—
First National Bank. , . . .Union National Bank..
Menominee—First National Bank..Negaunee—Negaunee National Bank
Powersgranted
1 to 4.I to4 .
1 to 9.1 to 9.I to9.1 to 9.1 to 8.1 to 4.
1 to 9.1 to 9.
1 to 9.1 to 3.
1 to 9.1 to 3, 5 to 7
and 9.
1 to 4.1.
1 to 9.I to8 .I to9 .
I to4 .1 to 4.I to9 .1 to 9.1 to 8.1 to 9.1 to 9.
1 to 4.1 to 4.
1 to 9.1 to 9.
Ito9.
1 to 4.1 to 3, 5 to 7.1 to 4.1 to 3, 5 to 71 to 3.
1 to 4.1 to 9.
Ito4.
Ito9.1 to 9.Ito9.Ito3.
DISTRICT NO. 9—Continued
MINNESOTA
Albert Lea—First National BankAlexandria—First National Bank _ _Argyle—First National Bank
Austin-Austin National BankFirst National Bank _
Bemidji—First National BankBlooming Prairie—First National
Bank.Chatfield—First National BankDuluth—
American Exchange NationalBank.
City National BankFirst National Bank _.Minnesota National Bank.Northern National Bank
Eveleth—First National BankFairmont—Martin County National
Bank.Fairbault—Security National Bank_.-F ergus A1 ans—•
Fergus Falls National BankFirst National Bank
Hutchinson—Farmers National BankLanesboro—First National BankLittle Falls-
American National Bank.First National Bank
Minneapolis-Metropolitan National BankMidland National BankNorthwestern National Bank
Northfield—Northfield N a t i o n a lBank.
Owatonna—First National Bank.National Farmers Bank
Park Rapids—First National Bank..Red Wing-
First National BankGoodhue County National Bank
Rochester—First National BankSt. Cloud—Merchants National BankSt. Paul—Twin Cities National Bank.St. Peter—First National BankStillwater—First National BankTruman—Truman National BankVirginia—xVmerican Exchange Na-
tional Bank.Waseca—Farmers National BankWelcome—Welcome National Bank..WTindom—First National Bank.Winona—Winona National Bank
MONTANA"j j Z 11 -I « nn.Diiiings—
Midland National BankMontana National Bank
Bozeman—Commercial N a t i o n a lBank.
Dillon—First National BankGreat Falls—Great Falls National
Bank.Kalispell—First National BankMissoula—•
First National BankWestern Montana National Bank
NORTH DAKOTA
Bismarck—First National BankEllendale—First National BankFargo—
First National Bank.. . .Merchants National BankSecurity National Bank
Powersgranted
1 to 8.1 to 9.1, 2, 3, 5, 6,
7, and 9.
1 to 9.1 to 8.1 to 9.1,2, 3, and 5
I t o 5 .
1 to 8.
I to9 .1 to 8.1 to 9.1 to 9.1 to 3,5 to 9.Ito9.
1 to 9.
Ito8.1 to 9.1 to 9.1 to 3.
I to9.1, 2, 3, 5, 6,
8, and 9.
1 to 9.1 to8.4.1 to 9.
1 to 9.1 to 3, 5 to 9Ito9.
Ito9.1 to 9.1 to 9.1 to 9.1 to 9.1 to 8.1 to 9.1 to 9.1 to 3, 5 to 8
1 to 9.1 to 8.I t o 91 to 9.
1 to 9.1 to 9.1 to 4.
1 to 7 and 9Ito4.
1 to 4.
1 to 7 and 9Ito8.
1 and 9.Ito4.
Ito9.1 to 9.Ito9.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FIDUCIARY POWERS 207
Powersgranted
Powersgranted
DISTRICT NO. 9—Continued
NORTH DAKOTA—continued
Forman—First National BankGrand Forks—First National Bank-Jamestown—James River National
Bank.Minot—
Second National BankUnion National Bank
SOUTH DAKOTA
Aberdeen—Aberdeen National Bank.Arlington—First National BankCanton—First National BankColman—First National Bank..Deadwood—'First National BankFlandreau—First National BankLead—First National BankMiller—First National BankRapid City—First National BankSioux Falls—
Minnehaha National BankSecurity National Bank
Spearfish—American National Bank.Vermilion—First National BankWatertown—First National Bank
WISCONSIN
(See also District No. 7)
Ashland—Ashland National Bank.Northern National Bank
Barron—First National BankChippewa Falls-
First National Bank..Lumbermens National Bank
Menomonie—First National Bank..Superior-
First National BankUnited States National Bank...
DISTRICT NO. 10
COLORADO
Akron—First National BankBoulder-
Boulder National BankCitizens National Bank
Brush—First National BankCanon City—Fremont County Na-
tional Bank.Center—First National BankColorado Springs-
Colorado Springs National BankExchange National BankFirst National Bank
Craig—Craig National BankDenver-
American National BankBroadway National BankColorado National BankDenver National BankFirst National Bank..Globe National Bank -.Stock Yards National BankUnited States National Bank
Durango—Burns National Bank.....Eagle—First National Bank of Eagle
County.Englewood—First National BankFort Collins-
First National BankFort Collins National BankPoudre Valley National Bank
Fort Morgan—First National Bank...Grand Junction—Grand Valley Na-
tional Bank.
1 to 3.1 to 9.1 to 3, 5 to 7,
and|9.
Ito9.1 to 7 and 9.
1 to 4.1 to 4.1 to 9.Ito4.1 to 9.1 to 3.Ito9.1 to 9.1 to 7 and 9.
1 to 8.Ito4.1 to 3.2 to 9.Ito9.
1 to 9.1 to 7 and 9.Ito3.
Ito9.1 to 9.Ito9.
1 to 7.1 to 9.
1 to 4.Ito4.1 to 7.1 to 3, 5 to 8.1 to 4.
1 to 4.
Ito9.1 to 9.1 to 9.1 to 9.
Ito7.1 to 9.1 to 9.1 to 9.Ito9.1 to 8.1 to 9.1 to 9.Ito7.Ito4.
Ito4.
Ito4.Ito9.1 to 7 and 9.1 to 4.1 to 9.
DISTRICT NO. 10—Continued
COLORADO—continued
Greeley—First National BankGreeley National BankUnion National Bank
Gunnison—First National BankHugo—First National BankIdaho Springs—First National Bank.Lamar—Lamar National BankLas Animas—First National Bank...Longmont—American National BankLoveland—
First National Bank
Loveland National BankMancos—First National BankMontrose—Montrose National Bank.Ordway—First National BankSterling—Logan County National
Bank.Trinidad-
First National BankTrinidad National Bank
Walsenburg—First National Bank...
KANSAS
Anthony—First National BankAtchison—City National Bank ....Coffeyville—
Condon National BankFirst National Bank
Emporia—Citizens National BankCommercial National Bank &
Trust Co.Fort Scott—Citizens National Bank.Goodland—Farmers National Bank.Great Bend—First National BankHorton—First National BankHutchinson—First National BankIndependence—Commercial National
Bank.Jewel City—First National BankKansas City—Peoples National BankLawrence—
•Lawrence National BankMerchants National Bank.,Watkins National Bank
Luray—First National Bank..Ottawa—Peoples National BankPaola—Miami County Nat ional
Bank.Pittsburg—National Bank of Com-
merce.Pratt—First National BankSabetha—National Bank of Sabetha.Salina—
Farmers National BankNational Bank of America
Topeka—Farmers National BankTroy—First National Bank.Wellington—First National BankWichita-
First National Bank.Fourth National Bank
Winfield—First National Bank
MISSOURI
(See also District No. 8)
Cameron—First National BankCarthage—Central National BankJoplin—Jqplin National BankKansas City—
Columbia National BankDrovers National Bank..Fidelity National Bank & Trust
Co.
1 to 9.Ito9.Ito4.1 to 9.I to3.1 to 4.Ito9.1 to 9.Ito9.
1 to 4,6, and7.
1 to 7.Ito9.1 to 9.Trustee.Ito9.
Ito3.Ito9.ltoQ.
Ito4.1 to 9.
1 to 3,5 to 9.1 to 3 and 5.
1 to 9.1 to 9.
1 to 7 and 9.Ito4.1 to 9.Ito4.1 to 4.Ito9.
1 to 3.1 to 9.
1 to 8.Ito8.1 to 9.1 to 3.1 to 4.1 to 9.
1 to 9.
1 to 9.Ito4.
Ito4.1 to 9.1 to 4.Ito3.Ito9.
1 to 9.Ito9.Ito9.
I to3.Ito3.1 to 9.
1 to 4 and 9.Ito4.Ito9.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
208 ANNUAL KEPORT OF THE FEDERAL RESERVE BOARD
DISTRICT NO. 10—Continued
MISSOURI—continued
Kansas City—Continued.First National Bank ._Gate City National BankInterstate National Bank __Liberty National BankNew England National Bank
Maryville—First National BankNeosho—First National BankSt. Joseph-
American National BankBurns National Bank..Tootle-Lacey National Bank
NEBRASKA
Belden—First National BankButte—First National BankColumbus—First National BankDecatur—First National BankEmerson—First National BankLincoln—Lincoln State N a t i o n a l
Bank.Lyons—First National BankMadison—Madison National Bank__Nebraska City—Nebraska City Na-
tional BankNorfolk—Norfolk National BankOmaha—
First National Bank.Merchants National BankOmaha National BankUnited States National Bank
Ord—First National BankPender—First National Bank.Randolph—First National BankSouth Omaha—Stock Yards National
BankUtica—First National Bank
NEW MEXICO
(See also District No. 11)
Gallup—First National Bank in Gal-lup.
Las Vegas—First National BankRaton-
First National Bank . . -National Bank of New Mexico._.
Santa Fe—First National Bank
OKLAHOMA
(See also District No. 11)
Barfclesville—First National BankUnion National Bank _.
Cleveland—First National BankE n i d -
American National BankEnid National Bank
Guthrie—First National BankHominy—
First National Bank _National Bank of Commerce
Hooker—First National BankLawton—City National Bank _..
McAlester—American National BankFirst National Bank
Miami—Ottawa County NationalBank.
Muskogee—First National BankOklahoma C i ty -
American National Bank
Farmers National Bank. _First National BankLiberty National Bank
Powersgranted
I to9 .1 to 9.1 to 9.1 to 7 and 9.1 to 9.1 too.1 to 9. "
1 to 4.I to4 .I to8 .
1 to 3, 5 to 9.1 to 3.1 to 9.1 to 3.1 to 8.1 to 9.
1 to 3.1 to 7 and 9.I to9 .
1 to 3.
1 to 4.I to4.1 to 9.4.1 to 4.1, and 3 to 7.1 to 9.4.
2 and 3.
2 and 3.
1 to 9.
1 to 7 and 9.2 and 3.1 to 9.
1 to 8.4.1 to 9.
1 to 9.11 to 8.
1 to 3, 5 to 9.1 to 9.1 to 3 and 5.1 to 3, 5 to 7,
and 9.
1.1 to 3, 5 to 7.1 to 9.
1 to 9.
1 to 3, 5, 7 to
1 to 4.1 to 9.1 to 9.
DISTRICT NO. 10—Continued
OKLAHOMA—continued
Oklahoma City—Continued.Security National Bank - .Tradesmens National Bank
Pond Creek—First National Bank...Sallisaw—First National BankShawnee—Shawnee National Bank__Tulsa—
Central National BankExchange National BankFirst National Bank
Woodward—First National Bank
WYOMING
Buffalo—First National BankCasper-
Casper National Bank.. _Citizens National BankWyoming National Bank
Cheyenne-American National Bank..First National Bank .Stock Growers National Bank _.
Cody—Shoshone National BankEvanston—First National BankKemmerer—First National BankLaramie—First National BankPowell—First National BankRawlins—
First National BankRawlins National Bank
Rock Springs-First National BankRock Springs National Bank
Sheridan—First National BankSheridan National Bank
Thermopolis—First National Bank__
DISTRICT NO. 11
ARIZONA
(See also District No. 12)
Nogales—First National Bank. Tucson-
Arizona National BankConsolidated National Bank
LOUISIANA
(See also District No. 6)
Shreveport—Commercial National BankFirst National Bank
NEW MEXICO
(See also District No. 10)
Albuquerque—First National Bank..Silver City—American National Bank
TEXAS
Abilene—Citizens National BankAmarillo—First National BankAustin—American National Bank._ _Beaumont—
First National BankTexas National Bank
Bonham—First National BankBrenham—First National BankBrownsville—Merchants National
"Rant-Brownwood—Citizens National BankCameron—Citizens National Bank...
1 Clarksville—First National Bank
Powersgranted
1 to 8.1 to 7 and 9.1 to 4.Ito3,5to7.1 to 9.
1 to 9.1 and 4.1, 2, and 4.2 and 3.
1 to 4.
1 to 4.1 to 7.1 to 4.
1 to 9.I to9 .1 to 9.1 and 4.1 to 3.1 to 4.1 to 3.1 to 8.
1 to 9.I t o 3 .
1 to 8.1 to 9.
I to9 .1 to 3, 5 to 91 to 9.
I t o8 .
I to9 .1 to 4.
1 to 4.I to4 .
1 to 7 and 92 and 3.
1 and 2.1 to 4.1 to 3.
1 to 4.1 to 9.1 to 3.1 to 7 and 91.
1 to 9.1 to 9.1 to 3, 5 to 8
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FIDUCIARY POWERS 209
DISTRICT NO. 11—Continued
TEXAS—continued
Colorado-City National BankColorado National Bank
Corpus Christi—Corpus Christi Na-tional Bank.
Corsicana—Corsicana National Bank.Dal las-
American Exchange NationalBank.
City National BankDallas National BankNational Bank of CommerceRepublic National Bank
Denison—State National BankEl Paso—
First National BankState National Bank
Fort Worth—Farmers & Mechanics National
Bank.First National BankFort Worth National BankStockyards National Bank
Galveston—First National Bank ._South Texas National BankUnited State National Bank
Granger—First National BankGreenville—Greenville National Ex-
change Bank.Haskell—Haskell National B ankHous ton-
National Bank of CommerceSecond National BankSouth Texas Commercial Bank. .State National BankUnion National Bank
Italy—First National BankLongview—First National Bank
McKinney—First National BankMarshal l-
First National Bank_.__Marshall National Bank
Orange—First National BankOrange National Bank
Palestine—Royal National BankPort Arthur—First National Bank_._San Angelo—
Central National BankFirst National BankSan xVngelo National Bank _
San Antonio—Alamo National BankFrost National BankLockwood National BankNational Bank of Commerce
Sealy—Sealy National BankSherman-
Commercial National BankMerchants & Planters National
Bank.Stanton—First National BankTexarkana—Texarkana National
Bank.Troup—First National BankTyler—Citizens National BankVictoria—Victoria National BankWaco—First National BankWaxahachie—Citizens National BankWichita Fa l l s -
City National BankFirst National Bank
Powersgranted
Ito4.1 to 3, 5 to 7.
1 to 7.
1 to 4.
1 to 9.1 to 9.1 to 9.1 to 4.1 to 9.1 to 9.1 to 7 and 9.1 to 9.
2 to 9.
1, 2, and 4.1 to 4.1 to 4.
I t o 9 .1, 2, and 3.1 to 9.1 and 2.1 to 4.
lto 3, 5 to 8.
1 to 7 and 9.1 to 7 and 91 to 9.1 to 9.1 to 9.l t o 9.1 to 3,
and 8.1 to 4.
l t o 3.1 to 4.
l t o 9.1 to 9.1 to 4.1 to 4.
1 to 4.l t o 9.l t o 3.
l t o 9.1 to 9.l t o 9.l t o 9.l t o 4.
1 to 3, 5 to 8.l t o 9.
l t o 3.l t o 9.
1.l t o 3.l t o 4.1 to 9.l t o 9.
l t o 9.l t o 9.
DISTRICT NO. 12
ALASKA
Fairbanks—First National Bank
ARIZONA
Winslow—First National Bank
CALIFORNIA
Anaheim—First National BankCalexico—First National BankChico—First National BankFullerton—Farmers & Merchants
National Bank.Long Beach-
California National BankFirst National Bank
Los Angeles—Commercial National BankContinental National BankFarmers & Merchants National
Bank.Pacific National Bank
MountainView—First National BankOakland—Central National BankOrland—First National BankPleasanton—First National BankRedwood City—First National Bank
of Mateo County.Sacramento-
Capital National BankNational Bank of D. O. Mills &
Co..San Francisco-
Anglo & London Paris NationalBank.
Bank of California, N. ACrocker National BankPacific National Bank
Santa Ana—First National BankSanta Barbara-
County National Bank & TrustCo.
First National BankStockton—First National Bank
IDAHOBoise-
Boise City National BankFirst National Bank of IdahoPacific National Bank
Hagerman—First National BankHailey—Hailey National BankLewiston—Lewiston National Bank.Moscow—First National BankPayette—First National Bank
NEVADA
Reno—Farmers & Merchants Na-tional Bank.
Tonopah—Nevada First NationalBank.
OREGON
Ashland—First National BankCorvallis—First National BankEugene—First National BankGrants Pass—First National Bank of
Southern Oregon.Harrisburg—First National BankJunction City—First National Bank.
Powersgranted
l t o 9.
1 to 9.4.1 to 8.4.
1 to 9.l t o 9.
l t o 9.4.1 to 9.
1 to 9.4.1 to 9.4.4.1 to 3, 5, 7
to 9.
1 to 9.1 to 7 and 9.
1 to 9.
l t o 9.l t o 9.l t o 8.l t o 9.
l t o 9.
l t o 9.l t o 3, 5 to 7.
l t o 9.1 to 5.l t o 9.1.1 to 3.l t o 9.l t o 4.l t o 9.
1 and 4.
1 to 9.l t o 9.l t o 4.1, 2, 3, 5, 6,
7, and 9.l t o 3.1, 2, 3, 5, Qr
7, and 9.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
210 ANNUAL. REPORT OF THE <3?EDERAL EESERVE BOARD
DISTRICT NO. 12—Continued
OREGON—continued
McMinnville—United States Na-tional Bank.
Marshfield—First National Bank ofCoos Bay.
Medford—Medford National Bank...Milton—First National Bank.Ontario—First National Bank
American National BankFirst National Bank
Portland-First National Bank..Peninsula National BankUnited States National BankWest Coast National Bank
Salem—First National Bank in SalemUTAH
Salt Lake City-Continental National Bank......Deseret National Bank _
WASHINGTON
Bellingham—American National BankBellingham National BankFirst National Bank
Colfax—Farmers National Bank .Ellensburg—Washington National
Bank.Everett-
First National BankSecurity National Bank.
Hoquiam—First National BankFirst National BankSkagit National Bank
Powersgranted
Ito9.
1 to 9.
Ito9.1 to 4.2 and 3.1 to 4.1 to 4.
Ito4.1 to 9.Ito9.Ito9.Ito9.
1 to 4.Ito4.
1 to 3 and 9.1 to 4.1 to 5 and 9.1 to 4.I to3.
Ito9.1 to 9.Ito9.Ito3.1 to 4.
DISTRICT NO. 12—Continued
WASHINGTON—continued
Okanogan—First National BankOlympia—Olympia National Bank__Oroville—First National BankPasco—First National BankPort Angeles—First National Bank..Pullman—First National BankRosalia—Whitman County NationalSeattle-
Dexter Horton National Bank__.First National BankMarine National BankMetropolitan National BankNational Bank of CommerceNational City BankSeattle National BankUniversity National Bank
Exchange National BankFidelitv National BankOld National BankNational Bank of TacomaPuget Sound National Bank
Toppenish—First National Bank __.Vancouver—Vancouver National
Bank.Walla Walla—
Baker-Boyer National BankFirst National BankThird National Bank
Wenatchee—First National BankYakima—Yakima National Bank
HAWAHAN ISLANDS
Honolulu—PMrst National Bank ofHawaii.
Powersgranted
Ito9.I to9.1 to 9.Ito9.1 to 9.1 to 7.Ito9.
I to9.I to9.Ito9.1 to 7 and 9.1 to 9.Ito9.1 to 4, 6, and1 to9.
I to9.1 to 9.1 to 9.1 to 9.Ito9.1 to 9.1 to 4.
1 to 9.1 to 9.1, 3, and 4.1 to 9.I to9.
Ito8.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
ACCEPTANCES TO 100 PER CENT
The following banks have been granted authority by the FederalReserve Board to accept drafts and bills of exchange up to 100 percent of their capital stock and surplus:
DISTRICT NO. 1
Connecticut:Hartford-
Hartford Aetna National Bank.Phoenix National Bank.
New Haven—First National Bank.Norwich—Thames National Bank.
Maine:Portland-
Canal National Bank.Portland National Bank.
Massachusetts:Boston—
American Trust Co.Atlantic National Bank.Beacon Trust Co.Citizens National Bank.First National Bank.Merchants National Bank.National Shawmut Bank.National Union Bank.Old Colony Trust Co.
Massachusetts—Continued.B oston—Continued.
Second National Bank.State Street Trust Co.Webster & Atlas National Bank.
Dedham—Dedham National Bank.Fall River—Massasoit-Pocasset National Bank.Fitchburg—Safety Fund National Bank.New Bedford-
First National Bank.Safe Deposit National Bank.
Springfield—Springfield National Bank.Worcester—Merchants National Bank.
Rhode Island:Providence—
Blackstone Canal National Bank.Industrial Trust Co.Merchants National Bank.National Bank of Commerce.Providence National Bank.
DISTRICT NO. 2
Connecticut:Bridgeport-
City National Bank.First National Bank.
New Jersey:Hoboken—First National Bank.Newark—National Newark & Essex Banking
Co.New Brunswick—National Bank of New Jer-
sey.Paterson—
Hamilton Trust Co.Paterson National Bank.
New York:Buffalo-
Manufacturers & Traders National Bank.New York C i ty -
American Exchange National Bank.Bank of America.Bank of Manhattan Co. (Manhattan Co.).Bank of New York & Trust Co.Bankers Trust Co.Central Union Trust Co.Chase National Bank.Chemical National Bank.
New York—Continued.New York City—Continued.
Corn Exchange Bank.Equitable Trust Co.Farmers Loan & Trust Co.Fifth Avenue Bank.Fifth National Bank.First National Bank.Garfield National Bank.Grace National Bank.Guaranty Trust Co.Harriman National Bank.Irving Bank-Columbia Trust Co.Mechanics & Metals National Bank.National Bank of Commerce.National City Bank.National Park Bank.New Netherland Bank.New York Trust Co.Pacific Bank.Seaboard National Bank.U. S. Mortgage & Trust Co.
Utica—First National Bank & Trust Co.Utica Trust & Deposit Co.
DISTRICT NO. 3
Pennsylvania:Philadelphia-
Corn Exchange National Bank.First National Bank.Fourth Street National Bank.Girard National Bank.
Pennsylvania—Continued.Philadelphia—Continued.
Market Street National Bank.Philadelphia National Bank.Tradesmen's National Bank.
DISTRICT NO. 4
Kentucky:Lexington—Phoenix National Bank & Trust
Co.Ohio:
Cincinnati—Fifth-Third National Bank.Union Trust Co.
Cleveland-Brotherhood of Locomotive Engineers
Cooperative National Bank.Central National Bank, Savings & Trust
Co.Cleveland Trust Co.Guardian Savings & Trust Co.Union Trust Co.
Columbus—City National Bank.
Ohio—Continued.Columbus—Continued.
Ohio National Bank.Toledo—Commerce Guardian Trust & Savings
Bank.Pennsylvania:
Braddock—First National Bank.Greensburg—First National Bank.Pittsburgh-
Bank of Pittsburgh, N. A.First National Bank.Mellon National Bank.Pittsburgh Trust Co.Union National BankUnion Trust Co.
West Virginia:Wheeling—Wheeling Bank & Trust Co.
211Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
212 ANNUAL. REPORT OF THE FEDERAL RESERVE BOARD
DISTRICT NO. 5
Maryland:Baltimore—
Atlantic Exchange Bank & Trust Co.Baltimore Commercial Bank.Baltimore Trust Co.Citizens National Bank.Drovers & Mechanics National Bank.Farmers & Merchants National Bank.Maryland Trust Co.Merchants National Bank.National Bank of Baltimore.National Marine Bank.National Union Bank of Maryland.Western National Bank.
North Carolina:Wilmington—Murchison National Bank.
South Carolina:Charleston—
Bank of Charleston, N. B. A.Peoples National Bank.
South Carolina—Continued.Orangeburg-^-Edisto National Bank.Rock Hill—Peoples National Bank.
Virginia:Danville—First National Bank.Hampton—Merchants National Bank,Norfolk-
Citizens Bank.National Bank of Commerce.Norfolk National Bank.Seaboard National Bank.Virginia National Bank.
Richmond-American National Bank.Bank of Commerce & Trusts.Central National Bank.First National Bank.Merchants National Bank.Planters National Bank.
DISTRICT NO. 6Alabama:
Albany—Central National Bank.Decatur—City National Bank.Huntsville—Henderson National Bank.Mobile—Merchants Bank.Montgomery—First National Bank.Troy—Farmers & Merchants National Bank.
Florida:Jacksonville—Atlantic National Bank.Pensacola—Citizens & Peoples National Bank.
Georgia:Albany—Albany Exchange National Bank.Atlanta-
Atlanta National Bank.Fourth National Bank.
Macon—Fourth National Bank.Macon National Bank.
Savannah-Citizens & Southern Bank.Citizens Trust Co.Savannah Bank & Trust Co.
Valdosta—First National Bank.
Louisiana:Jennings—Jennings National Bank.New Orleans—
American Bank & Trust Co.Canal Commercial Trust & Savings Bank.Hibernia Bank & Trust Co.Interstate Trust & Banking Co.Marine Bank & Trust Co.New Orleans Bank & Trust Co.Whitney-Central National Bank.
New Roads—The Pointe Coupee Trust & Sav-ings Bank.
Mississippi:Vicksburg—Merchants National Bank.
Tennessee:Chattanooga—
First National Bank.Hamilton National Bank.
Clarksville—First National Bank.
DISTRICT NO. 7Illinois:
Chicago—Chicago Trust Co.Continental & Commercial National Bank.Drovers National Bank.First National Bank.Foreman National Bank.Harris Trust & Savings Bank.Illinois Merchants Trust Co.National Bank of the Republic.National City Bank.Union Trust Co.
Illinois—Continues.Peoria—Merchants & Illinois National Bank.
Indiana:Brazil—The Riddell National Bank.Indianapolis—Fletcher-American N a t i o n a l
Bank.Michigan:
Detroit-First National Bank.National Bank of Commerce.
Wisconsin:Milwaukee—First Wisconsin National Bank.
DISTRICT NO. 8
Arkansas:Pine Bluff—Peoples Savings Bank & Trust Co.
Mississippi:Ittabena—First National Bank.
Missouri:St. Louis-
First National Bank in St. Louis.Liberty Central Trust Co.Mercantile Trust Co.
M issouri— C ontinued.St. Louis—Continued.
Merchants-Laclede National Bank.Mississippi Valley Trust Co.National Bank of Commerce.
Tennessee:Memphis—
Central-State National Bank.Union & Planters Bank & Trust Co.
DISTRICT NO. 9
Minnesota:Minneapolis-
First National Bank in Minneapolis.Northwestern National Bank.
M innesota— C ontinued.St. Paul-
First National Bank.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
ACCEPTANCES TO 100 PER CENT 213
DISTRICT NO. 10
Colorado:Denver—Denver National Bank.
Kansas:Hutchinson—First National Bank.Lawrence—Lawrence National Bank.
Missouri:Kansas City-
Commerce Trust Co.
Missouri—Continued.Kansas City—Continued.
Fidelity National Bank & Trust Co.First National Bank.
St. Joseph—First National Bank.Oklahoma:
Enid—Enid National Bank.Oklahoma City—Security National Bank.
DISTRICT NO. 11
Arizona:Nogales—First National Bank.
Texas:Austin—American National Bank.Brownwood—First National Bank in Brown-
wood.Corpus Christi—State National Bank.Dallas-
American Exchange National Bank.City National Bank.Dallas National Bank.Republic National Bank.The Southwest National Bank.
Eagle Pass—First National Bank.El Paso—First National Bank.Fort Worth-
Farmers & Mechanics National Bank.Fort Worth National Bank.Stockyards National Bank.
Gainesville—First National Bank.
Texas—C ontinued.Galveston—South Texas National Bank.Hillsboro—Citizens National Bank.Honey Grove—State National Bank.Houston-
First National Bank.Houston National Bank.National Bank of Commerce.Second National Bank.South Texas Commercial National Bank.Union National Bank.
Navasota—First National Bank.Paris—Lamar State Bank & Trust Co.San Angelo—First National Bank.Sherman—Commercial National Bank.Terrell-
American National Bank.First National Bank.
Waco—First National Bank.Waxahachie—Waxahachie National Bank.
DISTRICT NO. 12California:
Los Angeles-First National Bank.Merchants National Bank.
San Francisco-American Bank.Anglo & London-Paris National Bank.Bank of California, N. A.Crocker National Bank.First National Bank.Mercantile Trust Co.Wells Fargo Bank & Union Trust Co.
Santa Barbara—First National Bank.Oregon:
Portland-First National Bank.
Oregon—Continued.Portland—Continued.
Ladd & Tilton Bank.Northwestern National Bank.United States National Bank.
Washington:Seattle-
Dexter Horton National Bank.First National Bank.National Bank of Commerce.Seattle National Bank.
Spokane—Exchange National Bank.Old National Bank.Spokane & Eastern Trust Co.
Tacoma—National Bank of Tacoma.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
PERSONNEL AND SALARIES
SALARIES OF OFFICERS AND EMPLOYEES OF THE FEDERAL RESERVEBOARD AS OF DECEMBER 31, 1924
OFFICE OF SECRETARY
Walter L. Eddy, secretary $10, 000. 00J. C. Noell, assistant secretary 5, 400. 00Staff:
1 at $4,500 4, 500. 001 at $4,000 4, 000. 001 at $3,600 3, 600. 001 at $3,200 3, 200. 002 at $3,000 6, 000. 001 at $2,700 2, 700. 001-at $2,650 2, 650. 001 at $2,400 2, 400. 001 at $2,200 2, 200. 001 at $2,150 2, 150. 001 at $2,000 2, 000. 001 at $1,905 1, 905. 008 at $1,800 14, 400. 007 at $1,600 1 11, 200. 001 at $1,500 1, 500. 001 at $1,400 1, 400. 001 at $900 900. 001 at $820 820. 001 at $660 660. 00
$83, 585. 00
OFFICE OF GENERAL COUNSEL
Walter Wyatt, general counsel $9, 000. 00Edgar W. Freeman, assistant counsel- 6, 000. 00George B. Vest, assistant counsel 4, 000. 00Staff:
1 at $2,200 2, 200. 001 at $2,000 2, 000. 001 at $1,800 1, 800. 001 at $1,600 1, 600. 001 at $1,500 1, 500. 00
28, 100. 00OFFICE OF FISCAL AGENT
William M. Imlay, fiscal agent $4, 500. 00Oliver E. Foulk, deputy fiscal agent 3, 900. 00Staff:
1 at $2,000 2, 000. 001 at $1,660 1, 660. 00
12, 060. 00
OFFICES OF MEMBERS OF THE BOARD
Staff:2 at $3,000 $6, 000. 001 at $2,900 2, 900. 001 at $2,850 2, 850. 001 at $2,700 2, 700. 001 at $2,600 -__- 2, 600. 001 at $2,500- -__- 2,500.001 at $2,000 2, 000. 002 at $1,800 3, 600. 001 at $1,600 1, 600. 00
26, 750. 00
214
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
PERSONNEL, AND SALARIES 2 1 5
DIVISION OF BANK OPERATIONS
Edward L. Smead, chief of division $7, 000. 00John R. Van Fossen, assistant chief 4, 500. 00Staff:
1 at $3,500 3, 500. 002 at $2,700 5, 400. 001 at $2,400 2, 400. 002 at $2,200 4, 400. 002 at $2,100 4, 200. 001 at $2,000 2, 000. 001 at $1,905 1, 905. 002 at $1,700 3, 400. 005 at $1,600 8, 000. 004 at $1,500 6, 000. 001 at $1,400 1, 400. 001 at $1,380 1, 380. 001 at $1,300 1, 300. 00
$56, 785. 00DIVISION OF EXAMINATION
James F. Herson, chief of division and chief Federalreserve examiner $12, 000. 00
Examiners:James Buchanan 8, 000. 00W. J. Donald 7,000. 00Ralph M. Chapman 5, 000. 00P. A. Gordon 5, 000. 00Frank J. Drinnen 5, 000. 00
Assistant examiners:2 at $4,200 8, 400. 001 at $4,000 4, 000. 002 at $3,900 7, 800. 002 at $3,300 6, 600. 003 at $3,200 9, 600. 003 at $3,000 9, 000. 003 at $2,400 7, 200. 00
Office staff:1 at $2,200 2, 200. 001 at $2,100 2, 100. 001 at $1,920 1, 920. 001 at $1,500 1, 500. 00
102, 320. 00
DIVISION OF RESEARCH AND STATISTICS
Walter W. Stewart, director of division $10, 000. 00E. A. Goldenweiser, assistant director 6, 000. 00Staff:
1 at $5,000 5, 000. 001 at $4,000 4,000. 001 at $3,600 3, 600. 001 at $3,000__ 3, 000. 001 at $2,900 2, 900. 001 at $2,700 2, 700. 003 at $2,500 7, 500. 001 at $2,400 2, 400. 002 at $2,000 4, 000. 004 at $1,800 7,200. 001 at $1,700 1, 700. 003 at $1,680 5, 040. 003 at $1,600 4, 800. 003 at $1,500 4, 500. 001 at $1,440 1,440. 001 at $1,300 1, 300. 002 at $1,200 2,400. 001 at $900 900. 00
80, 380. 0036569—25t 15Digitized for FRASER
http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
216 ANNUAL REPORT OF THE FEDERAL. RESERVE BOARD
DIVISION OF FEDERAL RESERVE ISSUE AND REDEMPTION
L. G, Copeland, chief of division $4, 100. 00W. J. Tucker, assistant chief __ __ 2, 760. 00Staff:
1 at $2,280 2, 280. 001 at $1,920 1, 920. 001 at $1,860 ___ _ 1,860.001 at $1,800 1,800.002 at $1,620 3, 240. 009 at $1,500 _ _ _ 13,500.006 at $1,440 8,640.004 at $1,380 5, 520. 002 at $1,320 2, 640. 002 at $1,200 2, 400. 001 at $1,080 1,080.002 at $1,020 __ 2,040.00
EMPLOYEES DETAILED$53, 780. 00
Redemption Division, Office of the Comptroller of theCurrency:
4 at $1,4401 at $1,3001 at $1,2507 at $1,200. _ __ _1 at $1,0801 at $1,000.
2 at $2401 at $375.60
T o t a l . . _ ___ _
MESSENGERS
CHARWOMEN
$5
1811
760. 00300. 00250. 00400 00080. 00000. 00
$480. 00375. 60
18, 790. 00
855. 60
465, 445. 60
SALARIES OF OFFICERS AND EMPLOYEES OF FEDERAL RESERVEBANKS AS OF DECEMBER 31, 1924 AND 1923
(Exclusive of temporary employees.)
ALL FEDERAL RESERVE BANKS AND BRANCHES COMBINED
Officers and employees
Number Annual salaries
1924 1923 1924 1923
Officers:Chairman and Federal reserve agentGovernorOther officers
Employees by departments:Banking departmentFederal reserve agen t 's departmentAuditing department__Fiscal agency department
TotalFiscal agency department officers and employees whose
salaries are reimbursed by the Treasury Department:OfficersEmployees
Other employees whose salaries are reimbursed to bank
Grand total. _
1212
293. 62
9,218311260.5
1212
309. 23
9, 904.17344315526. 76
10, 506. 95
1.3878.17
174. 50
11, 423.16
2.77429. 74140. 33
10, 761 11,996
$232,000313, 000
1, 987,180
12, 969, 257706, 724540, 722695,038
17, 443,921
5,500142, 530187, 372
17,779,323
$229,000309,000
2,005,196
13, 459, 381743, 574609,876866, 719
18, 222, 746
14,374721, 767143,981
19,102,868
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
PERSONNEL, AND SALARIES 2 1 7
FEDERAL RESERVE BANE OF BOSTON (INCLUDING HABANA AGENCY)
Officers and employees
Officers:Chairman and Federal reserve agent.Governor.- __.Other officers
Employees by departments:Banking departmentFederal reserve agent's department._Auditing departmentFiscal agency department
TotalFiscal agency department employees whose salaries are
reimbursed by the Treasury Department-.
Grand total.
Number
1924
11
11
612328
29
694
4
698
1923
I13
639311641
742
17
759
A n n u a l salaries
1924
$18,00025,00077, 040
828,15070,44017,04053, 280
1, 088, 950
6, 300
1, 095, 250
1923
$18,00025,00099,040
838,11065,44032, 22067,144
1,144,954
25, 680
1,170, 634
F E D E R A L R E S E R V E BANK O F N E W Y O R K ( I N C L U D I N G BUFFALO B R A N C H )
Officers:Chairman and Federal reserve agent.GovernorOther officers
Employees by departments:Banking departmentFederal reserve agent's department __Auditing departmentFiscal agency department
Total _Fiscal agency department employees whose salaries are
reimbursed by the Treasury DepartmentOther employees whose salaries are reimbursed to bank.
Grand total i _
II35 i
2,591
755
2,653
11
38
$30,000 |50,000
392,100 I
$30, 00050, 000
409, 500
2,327 2,352.5 3,353,051 j 3,374,42365 ! 69 148,460 , 150,35064 72 ! 147,010 159,040
140 | 186,940 ! 261,110
2,673.5 4,307,561 j 4,434,423
43 15,770 ! 89,92021. 5 57, 380 j 23, 590
2,738 4, 380, 711 4, 547, 933
FEDERAL RESERVE BANK OF PHILADELPHIA
Officers:Chairman and Federal reserve agent _GovernorOther officers
Employees by departments:Banking departmentFederal reserve agent's department. _Auditing departmentFiscal agency department
Total jFiscal agency department employees whose salaries are I
reimbursed by the Treasury Department |
Grand total.
11
11
663453227
780
4
784
11
12
683543236
819
17
$15, 00025, 00093, 000
882,94090, 47864, 43038, 800
1, 209,648
8,480
1, 218,128
$15, 00025, 00095, 300
900, 825110,144
62, 55049, 910
1,258, 729
31, 520
1, 290, 249
FEDERAL RESERVE BANK OF CLEVELAND (INCLUDING CINCINNATI AND PITTSBURGHBRANCHES)
Officers:Chairman and Federal reserve agent.Governor _.Other officers
Employees by departments:Banking departmentFederal reserve agent's department...Auditing departmentFiscal agency department
TotalFiscal agency department employees whose salaries are
reimbursed by the Treasury DepartmentOther employees whose salaries are reimbursed to bank..
Grand total
11
25
823222628
926
23
956
89728
1,033
7228
1,133
$25, 00030,000
176, 980
1,177, 26153,91461,45252,188
1, 576, 795
13, 800 !28,277 j
$25, 00030, 000
170, 270
1,193, 58264,50064, 89678, 516
1, 626, 764
123, 91830,338
1,618,872 1,781,020
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
2 1 8 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
FEDERAL RESERVE BANK OF RICHMOND (INCLUDING BALTIMORE BRANCH)
Officers and employees
Officers:Chairman and Federal reserve agent_GovernorOther officers
Employees by departments:B anking departmentFederal reserve agent's department. _.Auditing departmentFiscal agency department
TotalFiscal agency department employees whose salaries are
reimbursed by the Treasury DepartmentOther employees whose salaries are reimbursed to bank..
Grand total .
Number
11
19
578111816
1923
11
23
624141816
644 ;
11 ! 34
738
Annual salaries
1924
$15, 00020,000
125, 500
701, 38024, 68033, 72022, 020
$15, 00018,000
134, 700
726, 25028, 56033, 27018,150
942, 300
16, 6505, 460 j
973, 930
49, 3703,840
964, 410 1, 027,140
FEDERAL RESERVE BANK OF ATLANTA (INCLUDING BIRMINGHAM, JACKSONVILLENASHVILLE, AND NEW ORLEANS BRANCHES AND HABANA AND SAVANNAH AGENCIES)
Officers:Chairman and Federal reserve agent_GovernorOther officers.
Employees by departments:Banking departmentFederal reserve agent's department-.Auditing departmentFiscal agency department
TotalFiscal agency department employees whose salaries are
reimbursed by the Treasury DepartmentOther employees whose salaries are reimbursed to bank..
Grand total
11
32
3291113.511.33
398. 83
3.675.5
408
11
31
3699
1719
447
25
472
$15,00020,000170,120
400, 69025,10025,50019, 700
676,110
5, 2208,100
689, 430
$12,00018,000
159, 300
421, 50019, 58029,04026,080
685, 500
37,980
723,480
FEDERAL RESERVE BANK OF CHICAGO (INCLUDING DETROIT BRANCH)
Officers:Chairman and Federal reserve agent.Govern orOther officers
Employees by departments:Banking departmentFederal reserve agent's department...Auditing departmentFiscal agency department
I11
39
1,230502759
Total | 1,407Fiscal agency department employees whose salaries are |
reimbursed by the Treasury Department i 5Other employees whose salaries are reimbursed to bankJ 31
Grand total ___j 1,443
11
41
1,464613855
1,661
5015
1, 726
$24,00035,000
286, 600
1, 806, 351113, 07058, 780
103, 960
2,427, 761
10, 52034, 380
2, 472, t
$24,00035,000
276, 650
2,018,430122, 9870, 86088, 660
2, 636, 580
93, 58013,200
2, 743, 360
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
PERSONNEL AND SALARIES 219
FEDERAL RESERVE BANK OF ST. LOUIS (INCLUDING LOUISVILLE, MEMPHIS AND LITTLEROCK BRANCHES)
Officers and employees
Officers:Chairman and Federal reserve agentGovernorOther officers..
Employees by departments:Banking departmentFederal reserve agent's departmentAuditing departmentFiscal agency department
TotalFiscal agency department employees whose salaries are
reimbursed by the Treasury Department
Grand total
Number
1924
572
578
1923
11
26
543131336
633
22
655
Annual salaries
1924
$18,00025,000
133,520
659,30028, 06021,78048, 760
934, 420
11,260
945, 680
1923
$18,00025, 000
133, 540
708,95629,70017,94052, 580
985,716
36, 720
1,022,436
FEDERAL RESERVE BANK OF MINNEAPOLIS (INCLUDING HELENA BRANCH)
Officers:Chairman and Federal reserve agentGovernorOther officers
Employees by departments:Banking departmentFederal reserve agent's departmentAuditing departmentFiscal agency department _.
TotalFiscal agency department officers and employees whose
salaries are reimbursed by the Treasury Department:OfficersEmployees
Grand total _
11
16.62
315101118
372. 62
1.388.0
382
11
15.5
357. 5121218
417
1.569.5
$15,00020,00091, 500
423,16920,70020,86023,900
615,129
5,50011,700
632,329
$15,00020,00080,200
437,49823,38021,20023,704
620,982
9,00091,754
721, 736
FEDERAL RESERVE BANK OF KANSAS CITY (INCLUDING DENVER, OKLAHOMA CITYAND OMAHA BRANCHES)
Officers:Chairman and Federal reserve agentGovernorOther officers
Employees by departments:Banking departmentFederal reserve agent's departmentAuditing departmentFiscal agency department
TotalFiscal agency department employees whose salaries are
reimbursed by the Treasury DepartmentOther employees whose salaries are reimbursed to bank.
Grand total _
11
25
507151829
596
1151
658
11
26
560151832
653
4166
760
$15,00020, 000133, 240
743, 04532, 70232,64052,460
1, 029, 087
21,30052, 275
1,102, 662
$15,00020,000133, 820
809, 37732,04030,12060, 680
1,101, 037
73,56068,663
1, 243, 260
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
2 2 0 ANNUAL REPORT OF THE FEDERAL. RESERVE BOARD
FEDERAL RESERVE BANK OF DALLAS (INCLUDING EL PASO AND HOUSTON BRANCHES)
Officers and employees
Officers:Chairman and Federal reserve agent. _. .Governor.Other officers
Employees by departments:B anking departmentFederal reserve agent's departmentAuditing departmentFiscal agency department.
TotalFiscal agency department employees whose salaries are
reimbursed by the Treasury DepartmentOther employees whose salaries are reimbursed to bank.
Grand total
Number
1924
11
20
408161617.5
479.5
6.5
486
1923
11
21
452. 17152126.25
537. 42
16. 75 .1.83
556
Annual salaries
1924
$18, 00018, 00099, 700
568, 26039, 50032,19028, 830
804,480
11, 330
815, 810
1923
$18, 00018,000
103,350
623,47036, 62039,42043,650
882, 510
29, 6602,850
915, 020
FEDERAL RESERVE BANK OF SAN FRANCISCO (INCLUDING LOS ANGELES, PORTLAND,SALT LAKE CITY, SEATTLE, AND SPOKANE BRANCHES)
Officers:Chairman and Federal reserve agent ._GovernorOther officers _.
Employees, by departments:Banking departmentFederal reserve agent's departmentAuditing department ._ _.Fiscal agency department
TotalFiscal agency department officers and employees whose
salaries are reimbursed by the Treasury Department:Officers-_Employees. ___
Other employees whose salaries are reimbursed to bank.
Grand total _
11
35
938231236
1,046
01
1,052
11
37.73
963232856.51
1,110 24
1.2722.49
1
1,135
$24, 00025, 000
207, 880
1, 425, 66059, 62025, 32064, 200
1, 831, 680
10, 2001,500
1, 843, 380
$24, 00025, 000
209, 526
1, 406, 96060, 28049, 32096, 535
1, 871, 621
5,37438,105
1, 500
1,916, 600
SALARIES OF NATIONAL BANK EXAMINERS, AS OF DECEMBER 31,1924
DISTRICT No.l —BOSTON
Norwin S. Bean, chief examiner $8, 5001 examiner at $5,500, 1 examiner at $4,500, 1 examiner at
$4,200, 3 examiners at $3,900, 1 examiner at $3,600, 3 ex-aminers at $3,000 38, 500
$47, 000DISTRICT. NO. 2—NEW YORK
Owen T. Reeves, jr., chief examiner 20,0001 examiner at $7,000, 1 examiner at $6,500, 2 examiners at
$6,000, 1 examiner at $5,500, 1 examiner at $5,000, 1 ex-aminer at $4,500, 1 examiner at $4,200, 3 examiners at$3,900, 2 examiners at $3,600, 1 examiner at $3,300, 4 ex-aminers at $3,000, 1 examiner at $2,700, 1 examiner at$2,400 84,000
104, 000DISTRICT NO. 3—PHILADELPHIA
Stephen L. Newnham, chief examiner 13, 0003 examiners at $5,500, 2 examiners at $5,000, 2 examiners at
$4,500, 1 examiner at $4,200, 1 examiner at $4,000, 1 ex-aminer at $3,900, 2 examiners at $3,300, 2 examiners at$3,000__ __ __ _ __ 60,200
73, 200Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
PERSONNEL. AND SALARIES 2 2 1
DISTRICT NO. 4—CLEVELAND
Thomas C. Thomas, chief examiner $9, 0001 examiner at $5,250, 1 examiner at $5,0.00, 1 examiner at
$4,500, 1 examiner at $4,200, 1 examiner at $4,000, 3 ex-aminers at $3,900, 1 examiner at $3,600, 1 examiner at$3,300, 3 examiners at $3,000, 1 examiner at $2,750 53, 300
$62, 300
DISTRICT NO. 5—RICHMOND
Edwin F. Rorebeck, chief examiner, Washington, D. C 10, 0001 examiner at $6,000, 1 examiner at $4,500, 4 examiners at
$4,200, 2 examiners at $3,900, 2 examiners at $3,600, 2 ex-aminers at $3,300, 1 examiner at $3,000, 1 examiner at$1,200 _ 53, 100
63, 100DISTRICT NO. 6—ATLANTA
Ellis D. Robb, chief examiner 9, 0001 examiner at $4,800, 2 examiners at $4,500, 4 examiners at
$3,900, 1 examiner at $3,600, 1 examiner at $2,700 33, 00042, 000
DISTRICT NO. 7—CHICAGO
Howard M. Sims, chief examiner 13, 0001 examiner at $8,500, 1 examiner at $5,100, 1 examiner at
$5,000, 1 examiner at $4,800, 4 examiners at $4,500, 3 ex-aminers at $4,200, 2 examiners at $4,000, 3 examiners at$3,900, 1 examiner at $3,600, 1 examiner at $3,300, 1 ex-aminer at $3,000, 2 examiners at $2,700 89, 000
102,000DISTRICT NO. 8—ST. LOUIS
John S. Wood, chief examiner 13,0001 examiner at $5,500, 2 examiners at $5,000, 2 examiners at
$4,500, 1 examiner at $4,200, 1 examiner at $3,900, 1 ex-aminer at $3,300, 1 examiner at $3,000, 1 examiner at$2,700 41, 600
54, 600DISTRICT NO. 9—MINNEAPOLIS
B. K. Patterson, chief examiner 8, 5004 examiners at $5,000, 1 examiner at $4,200, 1 examiner at
$4,000, 1 examiner at $3,900, 3 examiners at $3,600, 5 ex-aminers at $3,000, 1 examiner at $2,700, 1 examiner at$2,400 63,000
71, 500DISTRICT NO. 10—KANSAS CITY
L. K. Roberts, chief examiner 13, 0003 examiners at $6,000, 2 examiners at $4,800, 1 examiner at
$4,000, 2 examiners at $3,900, 3 examiners at $3,600,3 ex-aminers at $3,300, 4 examiners at $3,000, 2 examiners at$2,700, 1 examiner at $2,400 79, 900
92, 900DISTRICT NO. 11—DALLAS
R. H. Collier, chief examiner 12, 0001 examiner at $5,500, 1 examiner at $5,400, 1 examiner at
$5,000, 3 examiners at $4,800, 1 examiner at $4,500, 3 ex-aminers at $3,600, 3 examiners at $3,300, 1 examiner at$3,000 58, 500
70, 500
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222 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
DISTRICT NO. 12—SAN FRANCISCO
Thomas E. Harris, chief examiner $12, 0001 examiner at $7,000, 1 examiner at $6,000, 1 examiner at
$5,500, 2 examiners at $5,000, 2 examiners at $4,800, 1examiner at $4,500, 2 examiners at $4,300, 2 examiners at$4,000, 1 examiner at $3,800, 1 examiner at $3,600, 2examiners at $3,000, 1 examiner at $2,400 75, 000
$87, 000RECAPITULATION
Examining staff:Chief examiner, at $15,000 per annum 1Assistant chief examiners—
At $9,500 per annum 1At $8,500 per annum 1At $7,000 per annum 1At $6,000 per annum 1At $5,800 per annum 1
Office of Comptroller, at $3,300 per annum 3
Total 9 61, 700Chief examiners of districts—
At $20,000 per annum 1At $13,000 per annum 4At $12,000 per annum 2At $10,000 per annum 1At $9,000 per annum 2At $8,500 per annum 2
Total 12 141,000Other examiners—•
At $8,500 per annum 1At $7,000 per annum 2At $6,500 per annum 1At $6,000 per annum 1 7At $5,500 per annum 8At $5,400 per annum 1At $5,250 per annum 1At $5,100 per annum 1At $5,000 per annum 14At $4,800 per annum 9At $4,500 per annum 16At $4,300 per annum 2At $4,200 per annum 13At $4,000 per annum 8At $3,900 per annum 23At $3,800 per annum 1At $3,600 per annum 18At $3,300 per annum 14At $3,000 per annum 27At $2,750 per annum 1At $2,700 per annum 7At $2,400 per annum 4At $1,200 per annum 1
Total 180 729, 100
Total examining staff l 201Total salaries 931, 800
Examiners detailed to War Finance Corporation 6Examiners acting as receivers 17Examiners on leave without pay . 2
* In addition, there are 25 national bank examiners not receiving salaries.
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DIRECTORY OF THE FEDERAL RESERVE BOARD, FEDERALADVISORY COUNCIL, AND FEDERAL RESERVE BANKS
FEDERAL RESERVE BOARD
EX OFFICIO MEMBERS
A. W. MELLON,
Secretary of the Treasury, Chairman
J. W. MCINTOSH,
Comptroller of the Currency.
D. R. CRISSINGER, Governor.EDMUND PLATT, Vice Governor.ADOLPH C. MILLER.
CHARLES S. HAMLIN.
GEORGE R. JAMES.
EDWARD H. CUNNINGHAM.
WALTER L. EDDY, Secretary.
J. C. NOELL, Assistant Secretary.
J. F. HERSON,
Chief, Division of Examination andChief Federal Reserve Examiner.
WALTER WYATT, General Counsel.
W. M. IMLAY, Fiscal Agent.
WALTER W. STEWART,
Director, Division of Research andStatistics.
E. A. GOLDENWEISER,
Assistant Director, Division of Re-search and Statistics.
E. L. SMEAD,
Chief, Division of Bank Operations.
District No. 1.—
District No. 2.—
District No. 3.—:
District No. 4.—
District No. 5.—,
District No. 6.—<District No. 7.
District No. 8.—
District No. 9.—
District No. 10.—
District No. 11.—
District No. 12.—36569—25f
FEDERAL ADVISORY COUNCIL[Elected for the year 1925]
Charles A. Morss, vice president Simplex Wire & Cable Co.,Boston, Mass.
Paul M. Warburg, chairman International Acceptance Bank,New York, N. Y.
Levi L. Rue, president Philadelphia National Bank, Phila-delphia, Pa.
George A. Coulton, vice president Union Trust Co., Cleveland,Ohio.
John M. Miller, jr., president First National Bank, Richmond,Va.
Oscar Wells, president First National Bank, Birmingham, Ala.Frank O. Wetmore, president First National Bank, Chicago,
111.Breckinridge Jones, president Mississippi Valley Trust Co.,
St. Louis, Mo.G. H. Prince, chairman Merchants National Bank, St. Paul,
Minn.E. F. Swinney, president First National Bank, Kansas City,
Mo.W. M. McGregor, president First National Bank, Wichita
Falls, Tex.Henry S. McKee, president Barker Bros., Los Angeles, Calif.
-16 223
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224 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
OFFICERS AND DIRECTORS OF FEDERAL RESERVE BANKS 1
DISTRICT NO. 1—FEDERAL RESERVE BANK OF BOSTON
FREDERIC H. CURTISS, Chairman and Federal Reserve Agent. ALLEN HOLLIS, Deputy Chairman.W. P. G. HARDING, Governor
Director
Class A:Frederick S. Chamberlain..Alfred L. RipleyEdward S. Kennard
Class B:E. R. MorsePhilip R. Allen..Charles G. Washburn
Class C:Chas. H. ManchesterFrederic H. Curtis.Allen Hollis
Residence
New Britain, Conn.Boston, Mass.Rumford, Me
Proctor, VtEast Walpole, Mass..Worcester, Mass
Providence, R. I.Boston, MassConcord, N. H.
Termexpires
Dec.31—
192519261927
192519261927
192519261927
HAVANA (CUBA) AGENCY
HORACE E. SNOW, Manager
DISTRICT NO. 2—FEDERAL RESERVE BANK OF NEW YORK
PIERRE JAY, Chairman and Federal Reserve Agent. W M . L. SAUNDERS, Deputy Chairman.BENJAMIN STRONG, Governor
Class A:Gates W. McGarrahR. H. Treman.Delmer Runkle . . ._
Class B:Owen D. YoungTheodore F. Whitmarsh .Samuel W. Reyburn
Class C:Pierre JayWm L SaundersClarence M. Woolley , . . .
New York, N. YIthaca, N. Y . . . _Hoosick Falls, N. Y . . .
New York, N. Y.do
. . do . .
.dodo
.do . . .
192519261927
192519261927
192519261927
BUFFALO BRANCH
W. W. SCHNECKENBURGER, Managing Director
W W. Schneckenburger.Harry T. RamsdellJohn A. KloepferWolcott J. Humphrey. . .Carlton M. SmithElliott C. McDotfgalArthur Hough
Buffalo, N. Y .dodo
Warsaw, N. Y .Buffalo, N. Y__
doBatavia, N. Y_.
1925192519251926192619271927
DISTRICT NO. 3—FEDERAL RESERVE BANK OF PHILADELPHIA
RICHARD L. AUSTIN, Chairman and Federal Reserve Agent. CHAS. C. HARRISON, Deputy Chairman.GEORGE W. NORRIS, Governor
Johnstown, PaPhiladelphia, Pa..Wilkes-Barre, Pa.
Class A:John C. CosgroveJos. Wayne, jr..Francis Douglas..
Class B: IAlbaB. Johnson... _. Philadelphia, PaEdwin S. Stuart | doCharles K. Haddon | do
Class C:H. L. Cannon.R. L. AustinChas. C. Harrison..
Bridgeville, Del...Philadelphia, Pa..
do.
192519261927
192519261927
192519261927
1 Includes directors elected in December, 1924, for the 3 year term beginning January 1, 1925.
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DIRECTORY 225
DISTRICT NO. 4—FEDERAL RESERVE BANK OF CLEVELAND
D. C. WILLS, Chairman and Federal Reserve Agent. LEWIS BLAIR WILLIAMS, Deputy Chairman.E. R. FANCHER, Governor
Director ResidenceTerm
expiresDec.31—
Class A:Chess Lamberton_Robert Wardrop..O. N. Sams
Class B:R. P. WrightGeo. D. Crabbs.. .John Stambaugh..
Class C:L. B. Williams....D. C. WillsW. W. Knight
Franklin, PaPittsburgh, Pa . .Hillsboro, Ohio..
Erie, Pa..Cincinnati, OhioYoungstown, Ohio.Cleveland, Ohio.,
do..Toledo, Ohio..
192519261927
192519261927
192519261927
CINCINNATI BRANCH
L. W. MANNING, Managing Director
L. W. ManningE. S. LeeHon. Judson HarmonChas W DuPuisJohn OmwakeA. Clifford ShinkleGeorge M. Verity
Cincinnati, OhioCovington, Ky _ _Cincinnati, Ohio
dodo . _ . .do.. _
Middletown, Ohio
1925192519251926192619271927
PITTSBURGH BRANCH
GEORGE D E C A M P , Managing Director
George DeCampChas. D. Armstrong.Chas. W. BrownJoseph R. Eisaman..James D. CalleryR. B. MellonJoseph R. Naylor
Pittsburgh, Pa..do _do.
Greensburg, P a . . .Pittsburgh, Pa
doWheeling, W. Va.
1925192519251926192619271927
DISTRICT NO. 5—FEDERAL RESERVE BANK OF RICHMOND
W M , W. HOXTON, Chairman and Federal Reserve Agent. FREDERIC A. DELANO, Deputy ChairmantGEORGE J. SEAT, Governor
Class A:John F. BrutonL. E. JohnsonCharles E. Rieman
Class B:Edwin C GrahamD. R. Coker.Edmund Strudwick
Class C.-Robert Lassiter. . . . .WTD \y HoxtonFrederic A. Delano.
Wilson, N. C.Alderson, W. VaBaltimore, Md
Washington, D. CHartsville, S. C .Richmond, Va
Charlotte, N. CT< i o\\ rn o n d . V a
. . Washington, D. C_ -
192519261927
192519261927
192519261927
Albert H. Dudley...Levi B. Phil l ips. . . .Wm. H. Mat tha i . .Carter G. Osburn..Edmund P. CohilL.Henry B. Wilcox...John G. Rouse
BALTIMORE BRANCH
ALBERT H. DUDLEY, Managing Director
Baltimore, Md.Cambridge, M d .Baltimore, Md.. .
.do.Hancock, Md. . .Baltimore, Md.
do
1925192519251926192619271927
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226 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
DISTRICT NO. 6—FEDERAL RESERVE BANK OF ATLANTA
OSCAR NEWTON, Chairman and Federal Reserve Agent. W. H. KETTIG, Deputy Chairman.M. B. WELLBORN, Governor
Director
Class A:P. R. KittlesEugene R. Black..
Class B:W.H.Hartford...Leon C. SimonJ. A. McCrary
Class C:W. H. Kettig.. . . .Oscar NewtonLindsey Hopkins.
Residence
Sylvania, Ga_.Atlanta, Ga...
Nashville, Tenn..New Orleans, La_.Decatur, Ga
Birmingham, Ala.Atlanta, Ga
do
Termexpires
Dec.31—
192519261927
192519261927
192519261927
NEW ORLEANS BRANCH
MARCUS WALKER, Managing Director
Marcus Walker..J. P. Butler, jrP. H. Saunders . .F. W. Foote _. _L. C. SimonR. S. HechtAlbert P. Bush . . .
New Orleans, La__dodo . .
Hattiesburg, Miss .New Orleans, La , . .
doMobile, Ala. . .
1925192519251926192619271927
B I R M I N G H A M B R A N C H
A. E. WALKER, Managing Director
A. E . WalkerJohn H . FryeW. H . KettigW. W. CrawfordOscar WellsT . O. SmithJohn P . Kohn
JACKSONVILLE B R A N C H
GEORGE R. DESAUSSURE, Managing Director
George R. DeSaussure.G. G. W a r e . . .J. C. CooperEdward W. LaneFulton SaussyC. P . Kendall. .L. C. Edwards
Jacksonville, Fla .Leesburg, FlaJacksonville, Fla .
d o .dodo
Tampa, Fla..
1925192519251926192619271927
NASHVILLE BRANCH
JOEL B. FORT, jr., Managing Director
Joel B. Fort, jr _T. A. Embry _W. H. Hartford... __• _E. A. LindseyP. M. Davis •„J . E . CaldwellJoseph A. Chapman
Nashville, TennWinchester, Tenn..Nashville, Tenn
do. . .dodo . . .
Columbia, Tenn
1925192519251926192619271927
SAVANNAH AGENCY
ROBT. N. GROOVER, Manager
HAVANA (CUBA) AGENCYL. C. ADELSON, Manager
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DIRECTORY 227
DISTRICT NO. 7—FEDERAL RESERVE BANK OF CHICAGO
WILLIAM A. HEATH, Chairman and Federal Reserve Agent. JAMES SIMPSON, Deputy Chairman.JAMES B. MCDOUGAL, Governor
Director
Class A:Charles H. McNiderE. L. JohnsonGeorge M. Reynolds _
Class B:S. T. Crapo. _.Robert MuellerA. H. Vogel
Class C:F. C. BallJames SimpsonWm. A. Heath
Residence
Mason City, Iowa _.Waterloo, Iowa _.Chicago, 111..
Detroit, Mich _..Decatur, 111Milwaukee, Wis.
Muncie, IndChicago, 111
do
TermexpiresDec.31—
192519261927
192519261927
192519261927
DETROIT BRANCH
WM. R. CATION, Managing Director
Wm. R. CationJulius H. HaassChas. H. HodgesJohn W. StaleyN. P.HullGeorge B. MorleyHarry H. Bassett
Detroit, Mich..dodo
.! doLansing, Mich.Saginaw, Mich.Flint, Mich
1925192519251926192619271927
DISTRICT NO. 8—FEDERAL RESERVE BANK OF ST. LOUIS
WILLIAM M C C . MARTIN, Chairman and Federal Reserve Agent. JOHN W. BOEHNE, Deputy Chairman.DAVID C. BIGGS, Governor
Class A:John C. MartinJohn G. Lonsdale - - - -J. C. Utterback
Class B:W. B. PlunkettLeRoy Percy _..Rolla Wells
Class C:C. P. J. Mooney. .John W. BoehneWilliam McC. Martin
Salem, 111St. Louis, Mo .--Paducah, Ky .
Little Rock, Ark .Greenville, MissSt. Louis, Mo
Memphis, TennE vans ville, I n d . . .St. Louis, Mo
192519261927
192519261927
192519261927
LOUISVILLE BRANCH
W. P. KINCHELOE, Managing Director
W. P. KincheloeAttilla CoxE. L. SwearingenEugene E. HogeWilliam BlackMax B. NahmE.H. Wood___._
Louisville, Ky..do.,.do..
Frankfort, KyI Louisville, Ky ._
Bowling Green, K y .1 Lucas, Ky
1925192519251926192619271927
MEMPHIS BRANCHV. S. FuQUA, Managing Director
V. S. FuquaJ. W. VandemT. K. Riddick........John D. McDowell...S. E. RaglandR. Brinkley Snowden.E. M. Allen
' Memphis, Tenn.| Jackson, Tenn...
Memphis, Tenn..do.do...do
Helena, Ark.
1925192519251926192619271927
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228 A N N U A L REPORT OF T H E FEDERAL, RESERVE BOARD
DISTRICT NO. 8.—FEDERAL RESERVE BANK OF ST. LOUIS—Continued
LITTLE ROCK BRANCH
A. F. BAILEY, Managing Director
Director
A. F. BaileyJ. E. England, jrMoorhead WrightStuart WilsonC. S. McCainJohn M. DavisHamp Williams
Residence
Little Rock, Arkdodo
Texarkana, ArkLittle Rock, Ark
.do.
19251925192519261926
, 1927Hot Springs, Ark I 1927
Termexpires
Dec.31—
DISTRICT NO. 9—FEDERAL RESERVE BANK OF MINNEAPOLIS
JOHN R. MITCHELL, Chairman and Federal Reserve Agent. HOMER P. CLARK, Deputy Chairman.R. A. YOUNG, Governor
Class A: ITheodore Wold Minneapolis, Minn _-J. C. Bassett ! Aberdeen, S. DakWesley C. McDowell j Marion, N. Dak
Class B: jF. R. Bigelow ' St. Paul, Minn _N. B. Holter ! Helena, MontF. P. Hixon LaCrosse, Wis
Class C:George W. McCormick Menominee, Mich..John R. Mitchell Minneapolis, MinnHomer P. Clark. St. Paul, Minn .
192519261927
192519261927
192519261927
H E L E N A B R A N C H
R. E. TOWLE, Managing Director
R. E . TowleL e e M . FordH. W. Rowley. .R. O. Kaufman.C. J. Kelly-
Helena, Mont ! 1925Great Falls, Mont I 1925Billings, Mont 1925Helena, Mont 1926Butte, Mont I 1926
T . A. Marlow Helena, Mont 1927Henry Sieben 1 do 1927
DISTRICT NO. 10.—FEDERAL RESERVE BANK OF KANSAS CITY
M. L. MCCLURE, Chairman and Federal Reserve Agent. HEBER HORD, Deputy Chairman.W. J BAILEY, Governor
Class A: |Frank W. Sponable i Paola, KansE. E. Mullaney ^ : Hill City, KansJ. C. Mitchell ! Denver, Colo
Class B:J. M. Bernardin Kansas City, Mo. . .Harry W. Gibson Muskogee, OklaThomas C. Byrne Omaha, Nebr
Class C:Fred O. Roof Denver, ColoM. L. McClure Kansas City, Mo. . .Heber Hord Central City, Nebr.
192519261927
192519261927
192519261927
D E N V E R B R A N C H
J. E. OLSON, Managing Director
J. E. Olson • Denver, Colo I 1925Harry Farr Greeley Colo ; 1925Murdo MacKenzie - i Denver, Colo ! 1925A. C. Foster ' do I 1926R. H. Davis | do 1926C. C. Parks do 1927William L. Petriken : do 1927
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DIRECTORY 229
DISTRICT NO. 10.—FEDERAL RESERVE BANK OF KANSAS CITY—Continued
OMAHA BRANCH
L. H. EARHART, Managing Director
Director
L H. Earhart -A. H. Marble - .--W J Coad - -.T L DavisJ. E. Miller.. -R 0 MarnellA J Weaver
Residence
Omaha, NebrCheyenne, Wyo_.Omaha, Nebr ..- -..
doLincoln, NebrNebraska City, Nebr __ _Falls City, Nebr
Termexpires
Dec.31—
1925192519251926192619271927
OKLAHOMA CITY B R A N C H
C. E. DANIEL, Managing Director
C. E. DanielNed HolmanE. K. Thurmond.Walter Ferguson..Frank B u t t r a m . . .William MeeW. A. Stewart
Oklahoma City, Okla.Guthrie, Okla..Oklahoma City, Okla..
do. — . d o . . .
doOkmulgee, Okla
1925192519251926192619271927
DISTRICT NO. 11—FEDERAL RESERVE BANK OF DALLAS
L Y N N P . TALLEY, Chairman and Federal Reserve Agent. CLARENCE E. LINZ, Deputy Chairman.B. A. M C K I N N E Y , Governor
Class A:W. H. PatrickHowell E . Smith _ _ _ . .J. H. Frost
Class B:Marion SansomJ. J. Culbertson _.Frank Kell
Class C:Lynn P TalleyClarence E. Linz. . . _. . .S. B. Perkins - _ , _ . . .
Clarendon, TexMcKinney, Tex _San Antonio, Tex _
Foit Worth, TexParis, TexWichita Falls, Tex .
Dallas, Texdo
. do
192519261927
192519261927
192519261927
EL PASO BRANCH
DWIGHT P. REORDAN, Managing Director
Dwight P. Reordan _ _E M HurdW. W. TurneyE. A. Cahoon _ _ _A. P. ColesGeorge D. Flory _.H. L. Kokernot
El Paso, Texdodo
Roswell, N . MexEl Paso, Tex. do
Fort Davis, Tex
1925192519251926192619271927
HOUSTON BRANCH
FRED HARRIS, Managing Director
Fred HarrisGuy M.Bryan.. . . . .R. M. FarrarE. F. Gossett . . . .J. Cooke Wilson . . . . - _Fred W. Catterall .E. A. Peden
Houston, Texdododo
Beaumont, Tex._.Galveston, TexHouston, Tex ..
192519251995192b192619271927
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230 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
DISTRICT NO. 12—FEDERAL RESERVE BANK OF SAN FRANCISCOJOHN PERRIN, Chairman and Federal Reserve Agent. WALTON N. MOORE, Deputy Chairman.
J. U. CALKINS, Governor
Director
Class A:C K MclntoshJ. S. Macdonnell ---Howard Whipple
Class B:E. H. CoxA B C DohrmannWm. T. Sesnon
Class C:V̂̂ m Sproule
John PerrinWalton N. Moore _
Residence'
San Francisco, CalifPasadena, Calif ______ _ .Turlock, Calif
Madera, CalifSan Francisco, Calif
do _
do, . do
do . _
Termexpires
Dec.31—
192519261927
192519261927
192519261927
PORTLAND BRANCH
FREDERICK GREENWOOD, Managing Director
Frederick Greenwood.Edward Cookingham.Jos. N. TealJ. C. AinsworthNathan StraussWilliam PollmanA. C. Dixon
Portland, Oreg..do...dododo
Baker, Oreg...Eugene, Oreg.
1925192519251926192619271927
SEATTLE BRANCH
C. R. SHAW, Managing Director
C. R. ShawChas E PeabodyM. F. Backus _ _M. A. ArnoldChas. H. ClarkeE W PurdyCharles E. Gaches
Seattle, Wash _dodo . _dodo
Bellinghain, WashMount Vernon, WTash .__ _ _
1925192519251926192619271927
SPOKANE B R A N C H
W. L. PARTNER, Managing Director
W. L. PartnerR L RutterPeter McGregor. _ _ _ _C. E. McBroomG I ToevsCharles L. McKenzieE. H. Van Ostrand __
Spokane, W^ashdo
Hooper, Wash. . _Spokane, Wash
doColfax, WashCoeur d'Alene, Idaho __ _______
1925192519251926192619271927
SALT LAKE CITY BRANCH
R. B. MOTHERWELL, Managing Director
R. B. MotherwellL. H. Farnsworth...G.G.WrightCharles H. Barton _.Lafayette Hanchett.J. S. BussellChapin A. Day
Salt Lake City, U tah .dodo
Ogden, UtahSalt Lake City, Utah .Pocatello, IdahoOgden, Utah
1925192519251926192619271927
LOS A N G E L E S B R A N C H
C. J. SHEPHERD, Managing Director
C. J. ShepherdHenry M. Robinson.Isaac B. NewtonJ. F. Sartori .__F. J. Belcher, jrE. M. Lyon
Los Angeles, Calif,.dodo
.doSan Diego, Calif.Redlands, Calif..
192519251925192619271927
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COURT OPINIONS
OPINION OF UNITED STATES DISTRICT COURT IN ATLANTA PAR CLEARANCE CASE
In the District Court of the United States for the Northern District of Georgia
Pascagoula National Bank, plaintiff, v. Federal Reserve Bank of Atlanta et al.rdefendants. No. 295. In Equity
The handling of checks between Federal reserve banks and nonmember banksof the reserve system was dealt with in American Trust & Banking Co. v. FederalReserve Bank of Atlanta, 256 U. S. 350; 262 U. S. 643, and in Farmers & Mer-chants Bank of Monroe v. Federal Reserve Bank of Richmond, 262 U. S* 649.The present case involves the handling of checks between the Federal reservebank and one of its members under Regulation J of the Federal Reserve Board.That regulation, adopted to execute the collection and clearing house powersgranted in section 13 and section 16 of the Federal reserve apt, requires that eachFederal reserve bank shall exercise the function of a clearing house and collectchecks on terms and conditions particularly set forth, whose effect, so far as herematerial, is that such reserve bank will receive at par, checks which can be col-lected at par, and only such whether they be sent by its own member and affiliatedbanks, or by, or for the account of, other reserve banks, and whether the checksare drawn on its own member banks or nonmember banks, and that the checkssent each reserve bank will be counted as reserve or become available for with-drawal by the bank sending them (subject to final payment) only in accordancewith a time schedule based on experience of the average time required to collectchecks drawn on the different points. The observance of this regulation by theReserve Bank of Atlanta results in a refusal by it to permit the complainant, oneof its members, to deduct the previously charged "exchange" or compensationfor remitting payment for checks drawn on complainant, and prevents complain-ant getting immediate credit for checks sent by it to the reserve bank when drawnon points at a distance from Atlanta, whereby it loses the use of the credit duringthe period of delay. The complainant contends, first, that by the provision ofsection 16 of the reserve act, it is entitled to immediate credit, at par, for checksdrawn on any of the depositors in the Reserve Bank of Atlanta, no matter at whatdistance from Atlanta the drawee may be. Second, that under the Hardwickamendment of section 13, it has the right to make a charge for remitting paymentto the Reserve Bank of Atlanta of checks drawn on itself when these are not theproperty of the reserve bank, but are handled for collection. Third, that undersection 13 the Reserve Bank of Atlanta has no right to have or collect any checksdrawn on complainant which come to the reserve bank from a source outside ofthe sixth reserve district. Fourth, that if the reserve act authorizes this depriva-tion of complainant's right to charge for remittance, it takes its property withoutdue process of law, contrary to the Constitution. We consider these contentionsin order.
1. The provision of section 16, which is claimed to require the immediatecredit of checks is: "Every Federal reserve bank shall receive on deposit at parfrom member banks or from Federal reserve banks, checks and drafts drawnupon any of its depositors." Complainant, being a member bank, claims imme-diate credit, at par, for all the checks and drafts on the depositors of the ReserveBank of Atlanta, who are either member banks of the sixth reserve district,the United States, or other reserve banks. Regulation J allows immediatecredit for Government checks and vouchers, and for items payable in the citywhere the reserve bank is located. When payable at a distant point the itemis deferred for the number of days indicated on the time schedule, and thencredited without any deduction (subject to final payment) whether returnshave been actually received or not. Are these latter items "received on depositat par"? Section 5 of Regulation J states the terms on which checks sent toa reserve bank "for deposit or collection" will be handled, the first being: "AFederal reserve bank will act only as agent of the bank from which it receivessuch checks, and will assume no liability except for its own negligence and its
231
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guaranty of prior indorsements." A check so received and handled is really-received for collection and not on deposit in the common sense of the word,meaning general deposit in which arises the relation of debtor and creditor, notthat of principal and agent. Webster's International Dictionary: "Deposit."In a general deposit the check on indorsement and delivery to the banker becomesat once the property of the banker, who owes the depositor the face of the check,or other agreed sum, and becomes bound to honor the depositor's checks therefor.New York v. Massey, 192 U. S. 138, 145; McGregor, Receiver, v. Battle, 128Ga. 577. The depositor's only relation to the check, thereafter, is his liabilityunder his indorsement in case of nonpayment, a liability usually enforced by"charging the check back" to him. Usually the depositor may check imme-diately, but this is not of the essence of a general deposit. The parties mayagree otherwise, and it is not uncommon in banking practice, where large checks,payable at a distance, are taken at par, to delay availability on the checkingaccount so that the banker may not, by honoring checks in advance of collec-tion, be lending his money without interest. The inclusion of the time scheduleonly in the terms upon which the reserve bank will receive deposits would beordinary prudent banking, considering the enormous volume of the aggregatereserve bank "float," as the mass of checks in transit is called. It may benoted that, by section 13, nonmember clearing banks are required to protecttheir deposited checks in transit by maintaining a balance sufficient to offsetthem, which is another way of saying that the checks are not available creditswhile in transit. It must be remembered also that these deposit accounts ofthe member banks in the reserve bank, though subject to check, constitute theirreserve required under section 19. By amendment of this section this reservemust be "an actual net balance." "Net" means that all proper charges anddeductions have been made from the account; "actual" excludes what is merelyfictitious or supposed. Uncollected checks, though supposed to be drawnagainst actual, available deposits, may not be, and if so they may neverthelessbe defeated of payment by many circumstances, such as death or countermandof the drawer, or offset by the banker upon the drawer's insolvency. An im-mediate credit of them must be largely on the faith of the depositor's indorse-ment, but the mere obligation of the member bank is not the actual reserveintended by the law. Moreover, the requirement that the reserve bank itselfmaintain a reserve in gold or lawful currency of 35 per cent of its deposits isinvolved if the "float" is to be counted as present deposits. The time scheduleby which credit is deferred until checks would ordinarily be collected minimizesthe chance of accumulated disappointments in collection, and the amount ofmerely supposed balance in the reserves of members, and seems a very reasonablereconciliation of the requirement of section 16, that the checks be received ondeposit in the reserve account, with that of section 19, that the reserves beactual net balances.
The additional stipulation that the reserve bank will act only as agent makesgreater difficulty. It probably means that the checks are at first received onlyfor collection, Ward v. Smith, 7 Wai. 447. "Deposits for collection" are spokenof in section 13, but "on deposit" in section 16 does not mean for mere collection.Since, however, credit is to be given at the expiration of the period fixed by thetime schedule, whether returns from the check have actually been received ornot, at that time certainly the agency is to cease and the check is to become anddoes become the property of the reserve bank and the transaction ripens into ageneral deposit. The check is then "received on deposit at par," as requiredby section 16.
2. The next contention relates to charges not for collecting checks on others,but for remitting to the reserve bank payment of checks drawn on the memberbank itself. Section 16 provides: "Nothing herein contained shall be construedas prohibiting a member bank from charging actual expenses incurred in col-lecting and remitting funds or for exchange sold to its patrons. The FederalReserve Board shall, by rule, fix the charges to be collected by the member banksfrom its patrons whose checks are cleared through the Federal reserve bank andthe charge which may be imposed for the service of clearing or collection ren-dered by the Federal reserve bank." Whether the right established in the firstclause quoted, of a member bank to charge actual expenses for collecting andremitting, would include a remittance in payment of checks drawn on it andpresented by the reserve bank; or whether the term "its patrons" in the secondsentence refers to those sending checks to the reserve bank and implies that allexpense of clearance of their checks is to be charged back to them, are questionsthat need not be decided. For the later legislation, known as the "Hardwick
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amendment" of section 13 is directly applicable and controls. It provides that''nothing in this or any other section of this act shall be construed as prohibitingmember or nonmember bank from making reasonable charges, to be determinedand regulated by the Federal Reserve Board, but in no case to exceed 10 centsper $100 or fraction thereof, based on the total of checks and drafts presentedat any one time for collection or 'payment and remission therefor by exchange orotherwise; but no such charges shall be made against the Federal reserve banks."The complainant argues that the last clause is in the nature of a proviso orexception wholly repugnant to the main enactment preceding it, and thereforevoid, leaving the grant of the right to make reasonable charges unrestrained bythe exception. Or, if the last clause is to be treated as a part of the main enact-ment equally with wThat precedes, that the two parts are so inconsistent as torender the whole legislation abortive, and leave section 16 to control. As pointedout in Farmers & Merchants Bank of Monroe v. Federal Reserve Bank of Rich-mond, 262 U. S. 649, 666, there is no such repugnance in the Hardwick amend-ment as to cause either consequence. The right to make the charge is establishedas to checks sent for collection or payment by other member banks or non-member banks, but it can not be made against reserve banks. We thereforecome to consider the contention that the charge is not made against a reservebank unless such bank is the lawful owner of the checks dealt with, and that if itis handling them only as the agent of another, for collection, the charge is againstthe true owner and to be passed back by the reserve bank to that owner. Theproceedings of Congress in adopting the amendment show that par clearancethrough the reserve banks was the issue dealt with. The intent of the originalamendment was to destroy such clearance as a reserve bank policy. The additionof the clause under discussion was made with the intent, and has the effect, tofirmly establish it and give to the reserve system and to the public whateveradvantage in clearing and collecting checks may follow therefrom, as well asto save the reserve banks from an expense in collecting their own checks. Toforbid remittance charges against reserve banks means no more than that remit-tances to them shall not be diminished by such charges, without any inquiry,if that would be practicable, into the real ownership of the items remitted for.The reserve banks can not recognize as proper such charges made against them,and in this sense are forbidden to pay them.
3. The contention that the Reserve Bank of Atlanta can not handle for col-lection or deposit checks on complainant coming to it from sources outside theSixth Reserve District is erroneous. The evidence is that the reserve bankhandles no such checks on its members except those sent it by another reservebank or by the members of another reserve bank by the latter's authority and forits account. Section 13 declares that any Federal reserve bank may " solely forthe purposes of exchange or collection, receive from other reserve banks . . .checks and drafts payable upon presentation within its district." These otherreserve banks may receive from their members and nonmembers maintainingclearing balances "checks and drafts payable upon presentation" at any place.So checks drawn upon complainant coming to member banks or nonmemberclearing banks in another reserve district may be sent by them to the reservebank of their district and by it sent for collection or exchange to the reserve bankof complainant's district without going beyond the permissions of section 13.A check sent by a member bank by the authority and for the account of itsreserve bank is in effect received from the latter.
4. The result of these provisions of the reserve act, so construed, is to requirea member bank to pay without deduction checks drawn on it when presentedby its reserve bank, whether paid over its counter or by the more convenientmeans of a check on its own deposits elsewhere. This takes none of the propertyor property rights of complainant without due process of law. Complainant mayrefuse to pajr otherwise than in cash over its counter, according to the commonlaw, as, on the other hand, the reserve bank may insist on that sort of payment.What is lost is the right to agree on a compensation for a more convenient pay-ment by draft on more accessible reserves when both parties are willing so toagree. That the State, having powrer over the State banker and his business,may regulate his method of receiving and paying out his deposits was ruled inFarmers & Merchants Bank of Monroe v. Reserve Bank of Richmond, 262U. S. 649. A similar power must be recognized in the United States to regulatethe banking in the Federal Reserve System. Complainant being a nationalbank, chartered to do its business under the Federal laws, can not complainthat those laws are not, or do not remain, such as it would prefer. It is not com-pelled to do anything without compensation. It is simply told that if it does the
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thing in question it must be done without compensation. Noble State Bank v.Haskell, 219 U. S. 575.
The evidence offered by the defendants as to the actual conduct of theirbusiness is pertinent and admissible. The remainder, relating mainly to matterseither irrelevant or to be judicially known, is excluded.
Nothing unlawful appearing in any of the acts of the defendants complainedof, a decree may be taken dismissing the bill. This December 29, 1924.
(Signed) SAM H. SIBLEY, U. S. Judge.
DECISION OF SUPREME COURT OF THE UNITED STATES ON RIGHT OF NATIONALBANKS IN MISSOURI TO EXERCISE TRUST POWERS.
Supreme Court of the United States.
No. 762.—October term, 1923.
The State of Missouri at the relation of the Burnes National Bank of St. Joseph,Plaintiff in Error, v. A. B. Duncan, Judge of the Probate Court of BuchananCounty, Missouri. In Error to the Supreme Court of the State of Missouri
[April 28, 1924.]
Mr. Justice HOLMES delivered the opinion of the Court.The relator, the Burnes National Bank of St. Joseph, was appointed executor
by a citizen of Missouri who died on November 22, 1922, leaving a will. Thebank applied to the proper probate court for letters testamentary, but wasdenied appointment on the ground that by the laws of Missouri national bankswere not authorized to act as executors. Thereupon it applied to the supremecourt of the State for a writ of mandamus to the judge of the probate court andan alternative writ was issued. The respondent demurred, the demurrer wassustained and the peremptory writ was denied. Mo. A writ of error wasallowed by the chief justice of the State court. The bank claims the capacityto fill the office under the statutes of the United States.
By the act of September 26, 1918, c. 177, § 2, 40 Stat. 967, 968, amending§ 11 (k) of the Federal Reserve Act, the Federal Reserve Board was empowered"To grant by special permit to national banks applying therefor, when not incontravention of State or local law, the right to act as trustee, executor, ad-ministrator * * * or in any other fiduciary capacity in which State banks,trust companies, or other corporations which come into competition with nationalbanks are permitted to act under the laws of the State in which the nationalbank is located." If the section stopped there the decision of the State courtmight be final, but it adds the following paragraph, " Whenever the laws of suchState authorize or permit the exercise of any or all of the foregoing powers byState banks, trust companies, or other corporations which compete with nationalbanks, the granting to and the exercise of such powers by national banks shallnot be deemed to be in contravention of State or local law within the meaningof this act." This says in a roundabout and polite but unmistakable way thatwhatever may be the State law, national banks having the permit of the FederalReserve Board may act as executors if trust companies competing with themhave that power. The relator has the permit, competing trust companies canact as executors in Missouri, the importance of the power to the sustaining ofcompetition in the banking business is so well known and has been explainedso fully heretofore that it does not need to be emphasized, and thus the nakedquestion presented is whether Congress had the power to do what it tried to do.
The question is pretty nearly answered by the decision and fully answered bythe reasoning in First National Bank of Bay City v. Fellows, 244 U. S. 416. Thatcase was decided before the amendment to the Federal reserve act that we havequoted and came here on the single issue of the power of Congress when theState law was not contravened. It was held that the power "was to be testedby the right to create the bank and the authority to attach to it that which wasrelevant in the judgment of Congress to make the business of the bank success-ful. " 244 U. S. 420. The power was asserted and it was added that "thisexcluded the power of the State in such case, although it might possess in ageneral sense authority to regulate such business, to use that authority to pro-hibit such business from being united by Congress with the banking function."
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244 U. S. 425. Now that Congress has expressed its paramount will this languageis more apposite than ever. The States can not use their most characteristicpowers to reach unconstitutional results. Western Union Telegraph Co. v.Kansas, 216 U. S. 1. Pullman Co. v. Kansas, 216 U. S. 56. Western UnionTelegraph Co. v. Foster, 247 U. S. 105, 114. There is nothing over which a Statehas more exclusive authority than the jurisdiction of its courts, but it can notescape its constitutional obligations by the device of denying jurisdiction tocourts otherwise competent. Kennedy v. Supreme Lodge of the World, 252 U. S.411, 415. So here—the State can not lay hold of its general control of adminis-tration to deprive national banks of their power to compete that Congress isauthorized to sustain.
The fact that Missouri has regulations to secure the safety of trust funds inthe hands of its trust companies does not affect the case. The power given bythe act of Congress purports to be general and independent of that circumstanceand the act provides its own safeguards. The authority of Congress is equallyindependent, as otherwise the State could make it nugatory. Since the decisionin First National Bank of Bay City v. Fellows, 244 U. S. 416, it generally hasbeen recognized that the law now is as the relator contends. In re Turner'sEstate, 277 Pa. 110, 116. Estate of Stanch field, 171 Wis. 553. Hamilton v. State,94 Conn. 648. People v. Russell, 283 111. 520, 524. In re Mollineaux, 179 N. Y.Supp. 90. Fidelity National Bank & Trust Co. v. Enright, 264 Fed. Rep. 236,
Judgment reversed.
Mr. Justice SUTHERLAND, dissenting.The real question here, as I understand it, is not whether Congress may safe-
guard national banks against ordinary State legislation, of a discriminativecharacter, but whether Congress may intrude upon and prohibit the exercise ofthe governmental powers of a State to the extent that such exercise discriminatesagainst such banks in favor of competing State corporations. The authority ofthe Fellows case, I think, is pressed too far. The statute there under reviewsimply made national banks competent to act as executors, etc., "when not incontravention of State or local law." The statute did not attempt to overridethe will of the State in that respect, but expressly recognized its control andauthority. The State supreme court conceded that the powers thus conditionallyconferred by the Federal statute, in fact, would not be in contravention of theState law, but held that Congress was without constitutional authority, becausethe functions sought to be given to such banks were subjects of State regulation.That view of the matter was rejected; but, putting aside some expressions notnecessary to the decision, I do not think the case can be regarded as authority forthe conclusion apparently now reached—that Congress may so limit the powerof a State, against its expressly declared will to the contrary, that it may confer theright to act as executors and administrators upon State corporations which com-pete with national banks, only upon condition that the same right be conferredupon the latter. Certainly that precise question was not there presented fordecision.
It is fundamental, under our dual system of government, that the Nation andthe State are supreme and independent, each within its own, sphere of action;and that each is exempt from the interference or control of the other in respectof its governmental powers, and the means employed in their exercise. Bank ofCommerce v. City of New York, 2 Black, 620, 634; South Carolina v. UnitedStates, 199 U. S. 437, 452, et seq.; Farrington v. Tennessee, 95 U. S. 679, 685."How their respective laws shall be enacted; how they shall be carried intoexecution; and in what tribunals, or by what officers; and how much discretion,or whether any at all shall be vested in their officers, are matters subject to theirown control, and in the regulation of which neither can interfere with the other.'7
Tarble's case, 13 Wall. 397, 407-8. Except as otherwise provided by the Consti-tion, the sovereignty of the States "can be no more invaded by the action of theGeneral Government than the action of the State governments can arrest orobstruct the course of the national power." Worcester v. Georgia, 6 Pet. 515, 570.
In Bank of Commerce v. City of New York supra, pages 633-4, a tax case, thiscourt said: "That government whose powers, executive, legislative, or judicial,* * * are subject to the control of another distinct government can not besovereign or supreme, but subordinate and inferior to the other. This is sopalpable a truth that argument would be superfluous. Its functions and meansessential to the administration of the government, and the employment of them,are liable to constant interruption and possible annihilation. * * * But ofwhat avail is the function or the means if another government may tax it at dis-cretion? It is apparent that the power, function, or means, however important
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and vital, are at the mercy of that government. And it must be always remem-bered, if the right to impose a tax at all exists on the part of the other government,'it is a right which in its nature acknowledges no limits/ And the principle isequally true in respect to every other power or function of a government subjectto the control of another/'
I t is settled beyond controversy that the right of a State to pass laws, to admin-ister them through courts of justice, and to employ agencies for the legitimatepurposes of State government can not be taxed, Veazie Bank v. Fenno, 8 Wall.533, 547; and that rule is but an application of the general and broader rule,which forbids any interference by the Federal Government with the governmentalpowers of a State. The settlement of successions to property on death is a sub-ject within the exclusive control of the States and entirely beyond the sphere ofnational authority. See Tilt v. Kelsey, 207 U. S. 43, 55-6; Plummer v. Coler,178 U. S. 115, 137. Upon the death of the owner his property passes under thecontrol of the State and remains there until all just charges against it can bedetermined and paid and those who are entitled to become its new owners can beascertained. The duty and power of the State to provide a tribunal for theaccomplishment of these ends, Tilt v. Kelsey, supra, it follows, can not be abridgedby Federal legislation.
The right of the owner to direct the descent of his property by will or permitit under statute, as well as the right of a legatee, devisee, or heir to receive theproperty, are rights exclusively derived from and regulated by the State. Plum-mer v. Coler, supra, page 137. During the process of administration the estate,in contemplation of law, is in the custody of the court exercising probate powers,and of this court the executor or administrator is an officer. Yonley v. Lavender,21 Wall. 276, 280. ''An administrator appointed by a State court is an officer ofthat court; his possession of the decedent's property is a possession taken inobedience to the orders of that court; it is the possession of the court * * *'*Byers v. McAuley, 149 U. S. 608, 615.
In the present case the State legislature, as conclusively determined by theState supreme court, has excluded not only national banks but State banksfrom assuming the functions of executors and administrators, which functions,for reasons satisfactory to itself, it has allowed trust companies to exercise.This determination of the State to grant the right to one and not the other, whenit might have excluded both, is plainly the assertion of a governmental policyupon a matter within its exclusive control, with which the Federal Governmenthas no authority to meddle. Congress may, of course, confer upon nationalbanks the capacity to act as administrators and executors, but I do not think itis within the constitutional authority of that body to make such legislation bind-ing upon the State against its will. The decision just rendered perhaps doesnot go that far; but it does uphold the power of Congress to impose its will uponthe State in this respect if the State, in the exercise of its exclusive authorityover the devolution of estates of deceased persons, permits any corporation whichcompetes with national banks to exercise the powers mentioned. This con-tingency seems to me a slender distinction upon which to found a denial of theState's power. It may be conceded that a State is precluded from enforcing legis-lation which discriminates against national banks, in respect of private bankingor business operations; but a very different situation is presented when the dis-crimination arises in respect of the governmental operations of the State. AState, for example, can not be sued in its own courts without its consent; but isit powerless to consent to such suits by financial corporations of its own creationexcept upon condition that it extends a similar privilege to competing nationalbanks? Legislation requiring all residents of a State to deposit their funds onlyin State institutions would undoubtedly be bad against Federal legislation to thecontrary; but is it beyond the power of the State legislature to subject publicmoneys—State, county or municipal—to such a restriction? A State may notunconditionally require private debts to be paid only in gold and silver, but, inthe exercise of its sovereign power of taxation, it may limit the payment of taxesto gold and silver, if it sees fit, in spite of a Federal law making currency a legaltender, and, as this court has said: " I t is not easy to see upon what principle theNational Legislature can interfere with the exercise, * * * of this power."Lane County v. Oregon, 7 Wall. 71, 77. In my opinion, the exercise of the powersconferred upon trust companies by the legislation here under review is govern-mental in its nature; and the fact that the statute discriminates in that matteragainst national banks (as, also, it does against State banks) is a negligibleincident, which does not affect the validity of the statutory limitation.
The probate courts of a State have only such powers as the State legislaturegives them. They are wholly beyond the jurisdiction of Congress, and it does
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not seem to me to be within the competency of that body, on any pretext, tocompel such courts to appoint as executor or administrator one whom the Statelaw has declared shall not be appointed.
The particular invasion here sanctioned may not be of great moment; but it is aprecedent, which, if carried to the logical extreme, would go far toward reducingthe States of the Union to the status of mere geograpieal subdivisions. Thecase is one, to use the phrase of Mr. Justice Brewer in Fairbank v. United States,181 U. S. 283, 291-2, for the application of the maxim, obsta principiis, not deminimis non curat lex.
I am authorized to say that Mr. Justice MCREYNOLDS concurs in this dissent.
DECISION OF SUPREME COURT OF RHODE ISLAND ON RIGHT OF NATIONAL BANKSTO EXERCISE TRUST POWERS
Supreme Court of Rhode Island
Herbert L. Carpenter, Attorney General, v. Aquidneck National Bank. M. P.No. 417
SWEETLAND, C. J.: The above-entitled proceeding is an information in th <*nature of quo warranto, prosecuted by the Attorney General for and in behalfof the State. Therein the court is informed that the defendant, although pro-hibited by the laws of this State, has been and is, by usurpation, exercising thepowers of an executor, and also has been and is acting as trustee and in otherfiduciary capacities. The informant prays that judgment be entered against thedefendant excluding and ousting it from the further exercise of such powers.
In its plea the defendant admits that it is acting as executor and as trustee asalleged in the information; but sets up that it is not acting in contravention ofthe laws of this State; because such laws authorize and permit the exercise ofsimilar powers by trust companies organized in the State, which trust companiescompete with national banks located in the State. For support of its plea thedefendant relies upon the provisions of the Federal reserve act of December 23,1913, section 11, subsection k, as amended September 26, 1918, conferring uponthe Federal Reserve Board authority "to grant by special permit to nationalbanks applying therefor, when not in contravention of State or local law, theright to act as trustee, executor, administrator, registrar of stocks and bonds,guardian of estates, assignee, receiver, committee of estates of lunatics, or in anyother fiduciary capacity in which State banks, trust companies, or other corpora-tions which come into competition with national banks are permitted to act underthe laws of the State in which the national bank is located. Whenever the laws ofsuch State authorize or permit the exercise of any or all of the foregoing powers byState banks, trust companies, or other corporations which compete with nationalbanks, the granting to and the exercise of such powers by national banks shall notbe deemed to be in contravention of State or local law within the meaning ofthis act."
The defendant shows that in conformity with the Federal reserve act asamended it has been granted by the Federal Reserve Board the right to act,under the rules of the board, as trustee, executor, administrator, or in any otherfiduciary capacity in which trust companies which come into competition with itare permitted to act under the laws of the State of Rhode Island.
By the provisions of the statutes of this State, now chapter 271, general laws1923, a trust company, established in accordance with our laws and which hasconformed to the regulations therein prescribed, is empowered, among otherthings, to accept and execute all trusts committed to it by arrv person, corporation,or court of this State, or of the United States, and to accept "and execute the officeof executor, administrator, guardian of the estate and other offices, in the chapternamed, having similar fiduciary character. Any court of probate in this State isempowered in its discretion to appoint such a trust company to either of saidoffices of trust. The power to act in such fiduciary capacity is not conferrred byour law upon a State bank, savings bank, or any other corporation in this State;and probate courts are without jurisdiction under our statutes to appoint anycorporation except such a trust company to the offices of executor, administrator,guardian, or the like.
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When a national bank has the permission of the Federal Reserve Board,Congress has conferred upon such bank authority to act in a fiduciary capacity,and the authority to so act becomes a part of the corporate powers of the bank.Without question a national bank can exercise such corporate powers in thisState when their exercise is not in contravention of our domestic law. Certainof the corporate powers which Congress has thus conferred upon national banksrelate to trusts which arise in connection with offices requiring for their exercisethe appointment of a probate court. Save as such trusts we see no reason toquestion that a national bank may exercise in this State its corporate powers ofa fiduciary nature which it has acquired in conformity with the act of Congress.
In Aquidneck National Bank v. Jennings, 44 R. I. 435, the defendant here, in anattempt to place itself on a parity with the trust companies of the State, sought bymandaimis to compel the State treasurer to accept from it United States bonds ina certain amount, to be held by the treasurer as security for the performance bythe defendant of its duties in a fiduciary capacity. The Federal reserve actprovides that when the laws of a State require that a trust company of such Stateshall deposit securities for the protection of trusts held by that company, nationalbanks in such State shall be required to make similar deposit of securities for theprotection of private and court trusts held by them in their fiduciary capacity.In that petition for mandamus, without passing upon the corporate powers ofthis defendant bank to act as a trustee in this State, the court denied the petition.The denial was principally upon the ground that, without the sanction of thegeneral assembly, nothing in the Federal reserve act can be regarded as regulatingor extending the duties of the treasurer as one of the general officers of the Stateand that Congress can not give the national banks in the State the right to demandthat the general treasurer shall perform for their benefit the same duties which,under our law, he performs for trust companies in this State.
In Aquidneck Bank v. Jennings, supra, we have held that a national bank cannot be admitted to an apparent standing of equality with trust companies. Wecan not say, however, that the exercise in this State by the defendant bank ofits power to act in a fiduciary capacity is in contravention of our State law, saveas to the execution of those trusts which arise in probate proceedings. In Aquid-neck National Bank v. Jennings, supra, we declared that "the devolution ofthe estates of decedents, the control of the property of infants, and lunatics,the jurisdiction of pur probate courts, and the legal regulation of the trusts whicharise in the administration of probate law are matters which pertain exclusivelyto the powers of a State over its domestic affairs. Under the State law no cor-poration other than a trust company, organized under the Rhode Island statute,may be appointed executor, administrator, or guardian by our probate courtor may accept and execute the duties of such office. * * * In the absenceof the express sanction of the general assembly the appointment of a nationalbank to execute the trusts which arise in probate proceedings, or the attemptedexecution of such trusts by a national bank, would be in contravention of ourState law." In the case before us now, where the matter is directly pertinentto the issues, we are still of the same opinion. In conformity with its conclusionoften stated, the Supreme Court of the United States declared in Tilt v. Kelsey,207 U. S. 43, that "in respect to the settlement of the succession to propertyon death the States of the Union are sovereign." Yonley v. Lavender, 88 U. S.276; United States v. Fox, 94 U. S. 315.
In the Federal reserve act when first enacted it was provided that the FederalReserve Board may grant national banks the right to act as trustees, executors,administrators, guardians, etc., "when not in contravention of State or locallaw." This provision still remains. In People v. Brady, 271 111. 100, the courtheld that authority given by the Federal Reserve Board to a national bank toact as trustee or the personal representative of a decedent was in contraventionof the law of Illinois. In First National Bank v. Union Trust Co., 244 U. S. 416,the Supreme Court appeared to recognize the authority of the court of lastresort of a State to construe the statutes of such State and to determine whethersuch authorization did contravene the local law. Apparently to meet this situa-tion, in the interest of national banks, Congress in 1918 amended the Federalreserve act by passing the extraordinary amendment which became the lastsentence of that portion of the act quoted above as follows: " Whenever the lawsof such State authorize or permit the exercise of any or all of the foregoing powersby State banks, trust companies, or other corporations which compete withnational banks, the granting to and the exercise of such powers by nationalbanks shall not be deemed to be in contravention of State or local law within themeaning of this act." Our statutory provisions regulating the jurisdiction ofprobate courts in the issuing of letters testamentary and of administration, and
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in appointing guardians are not of doubtful interpretation. It is the practice ofthe Federal Supreme Court to adopt the construction placed upon a State statuteby the court of last resort of that State. We felt confident that the United StatesSupreme Court would not hold as valid and constitutional the amendment of1918, which assumed arbitrarily to place a legislative construction upon statutesof a State, regardless of their positive terms, or the construction placed uponthem by the Supreme Court of such State. In Aquidneck National Bank v.Jennings, supra, we said that "wedo not admit the power of Congress to controlthis court in the construction of the State laws of Rhode Island." It appearsthat we were not justified in our confidence as to the position which the SupremeCourt would take in the matter.
In the recent case of State of Missouri v. Duncan, 257 S. W. 784, the SupremeCourt of Missouri, in a carefully considered opinion, held that under the probatelaw of that State a national bank having a permit from the Federal ReserveBoard could not be appointed and act as executor, and that the exercise of suchfiduciary functions is "in contravention of the law of Missouri, the legislativepolicy, and the express statute." The court further held in relation to theamendment of 1918, that: "It can not be contended, that Congress by thisamendment took away from the courts of a State the right to interpret its ownstatutes and to determine this particular question." Upon review in the UnitedStates Supreme Court it was held, in a majority opinion, that notwithstandingthe provisions of the probate law of Missouri a national bank having a permitfrom the Federal Reserve Board may act as an executor if State trust companiescompeting with it have that power, and that "the State can not lay hold of itsgeneral control of administration to deprive national banks of their power tocompete that Congress is authorized to sustain." From the majority opinionMr. Justice Sutherland and Mr. Justice McReynolds dissented. The vigorousopinion of Mr. Justice Sutherland, based upon the former decisions of the SupremeCourt, and the just relation which exists under the Constitution between thepowers of Congress and those of the State authorities in matters of local concern,appears to us to be eminently sound and convincing. In conclusion he says,"The probate courts of a State have only such powers as the State legislaturegives them. They are wholly beyond the jurisdiction of Congress, and it doesnot seem to me to be within the competency of that body, on any pretext, tocompel such courts to appoint as executor or administrator one whom the Statelaw has declared shall not be appointed. The particular invasion here sanctionedmay not be of great moment; but it is a precedent, which, if carried to the logicalextreme, would go far toward reducing the States of the Union to the status ofmere geographical subdivisions. The case is one, to use the phrase of Mr. JusticeBrewer in Fairbank v. United States, 181 U. S. 283, 291-2, for the application ofthe maxim obsta principiis, not de minimis non curat lex."
The final determination of the constitutional validity of congressional actionis in the Federal Supreme Court. The matter presented here is in all respectsidentical with that before the Supreme Court of Missouri and the United StatesSupreme Court in the cases we have just considered. In the case before us weare constrained to be governed by the majority opinion in State of Missouri v.Duncan, supra. Therefore our determination is that the defendant should notbe ousted from the further exercise of the power alleged in the information.
Judgment is entered for the defendant.
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BILLS TO AMEND THE CLAYTON ACT
[Introduced in Congress but not passed. See p. 29]
[Sixty-eighth Congress, first session, S. 3299]
IN THE SENATE OF THE UNITED STATES
MAY 13, 1924—Mr. McLean introduced the following bill, which was read twiceand referred to the Committee on Banking and Currency
A BILL To amend section 8 of an act entitled "An act to supplement existing laws against unlawful re-straints and monopolies, and for other purposes," approved October 15,1914, as amended May 15, 1916*and May 26, 1920.
Be it enacted by the Senate and House of^ Representatives of the United States ofAmerica in Congress assembled, That section 8 of the act entitled "An act tosupplement existing laws against unlawful restraints and monopolies, and forother purposes," approved October 15, 1914, as amended by the acts of May 15,1916, and May 26, 1920, be further amended by striking out the period at theend of the second clause of the said section and adding to said clause the fol-lowing: "or if in the judgment of the Federal Reserve Board no restriction ofbanking credit or lessening of competition will result."
[Sixty-eighth Congress, first session, H. R. 9344]
IN THE HOUSE OF REPRESENTATIVES
MAY 20, 1924—Mr. McFadden introduced the following bill, which was referredto the Committee on Banking and Currency and ordered to be printed
A BILL To amend section 8 of the act entitled "An act to supplement existing laws against unlawfulrestraints and monopolies, and for other purposes," approved October 15, 1914, as amended.
Be it enacted by the Senate and House of Representatives of the United States ofAmerica in Congress assembled, That the last proviso of the second paragraph ofsection 8 of the act entitled "An act to supplement existing lawrs against unlawfulrestraints and monopolies, and for other purposes," approved October 15, 1914,as amended, is amended to read as follows:
"And provided further, That nothing in this act shall prohibit any privatebanker from being an officer, director, or employee of not more than two banks,
.banking associations, or trust companies, or prohibit any officer, director, oremployee of any bank, banking association, or trust company, or any class Adirector of a Federal reserve bank, from being an officer, director, or employee ofnot more than two other banks, banking associations, or trust companies, whetherorganized under the laws of the United States or any State, if in any such casethere is in force a permit therefor issued by the Federal Reserve Board; and theFederal Reserve Board is authorized to issue such permit if in its judgment it isnot incompatible with the public interest, and to revoke any such permit when-ever it finds, after reasonable notice and opportunity to be heard, that the publicinterest requires its revocation."
EXTRACT FROM WORLD WAR ADJUSTED COMPENSATION ACT
LOAN PRIVILEGES.
SEC. 502. (a) A loan may be made to a veteran upon his adjusted servicecertificate only in accordance with the provisions of this section.
(b) Any national bank, or any bank or trust company incorporated underthe laws of any State, Territory, possession, or the District of Columbia (here-inafter in this section called "bank")? is authorized, after the expiration of two
240
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years after the date of the certificate, to loan to any veteran upon his promissorynote secured by his adjusted service certificate (with or without the consentof the beneficiary thereof) any amount not in excess of the loan basis (as definedin subdivision (g) of this section) of the certificate. The rate of interest charged uponthe loan by the bank shall not exceed, by more than 2 per centum per annum, therate charged at the date of the loan for the discount of 90-day commercial paperunder section 13 of the Federal Reserve Act by the Federal reserve bank for theFederal reserve district in which the bank is located. Any bank holding a notefor a loan under this section secured by a certificate (whether the bank originallymaking the loan or a bank to which the note and certificate have been transferred)may sell the note to, or discount or rediscount it with, any bank authorizedto make a loan to a veteran under this section and transfer the certificate tosuch bank. Upon the indorsement of any bank, which shall be deemed a waiverof demand, notice, and protest by such bank as to its own indorsement exclu-sively, and subject to regulations to be prescribed by the Federal Reserve Board,any such note secured by a certificate and held by a bank shall be eligible fordiscount or rediscount by the Federal reserve bank for the Federal reservedistrict in which the bank is located. Such note shall be eligible for discountor rediscount whether or not the bank offering the note for discount or redis-count is a member of the Federal Reserve System and whether or not it acquiredthe note in the first instance from the veteran or acquired it by transfer uponthe indorsement of any other bank. Such note shall not be eligible for discountor rediscount unless it has at the time of discount or rediscount a maturity notin excess of nine months exclusive of days of grace. The rate of interest chargedby the Federal reserve bank shall be the same as that charged by it for thediscount or rediscount of 90-day notes drawn for commercial purposes. TheFederal Reserve Board is authorized to permit, or on the affirmative vote ofat least five members of the Federal Reserve Board to require, a Federal reservebank to rediscount, for any other Federal reserve bank, notes secured by a cer-tificate. The rate of interest for such rediscounts shall be fixed by the FederalReserve Board. In case the note is sold, discounted, or rediscounted the bankmaking the transfer shall promptly notify the veteran by mail at his last knownpost-office address.
REGULATIONS OF THE FEDERAL RESERVE BOARD
WASHINGTON, August IS, 1924.The Federal Reserve Board transmits herewith a new issue of all of its regu-
lations applicable to member banks. Since the issuance of the last edition of theboard's regulations under date of July 10, 1923, Regulations H and J of thatissue have been superseded by new regulations, and the prime purpose of thisedition is to provide a complete edition of the board's regulations under onecover. No very material changes have been made in this issue of the regulationsexcept the incorporation therein of the new Regulations H and J, but a few minorchanges have been made which are summarized below.
Regulation A has been amended so as to provide expressly for the rediscountof paper secured by bonds or notes of the War Finance Corporation and also soas to require that whenever the makers of notes offered for rediscount have closelyaffiliated or subsidiary corporations or firms, separate financial statements ofsuch corporations or firms must accompany the financial statement of the bor-rower which is required to be filed with the member bank under certain circum-stances.
Regulation D has been rewritten under a new title, " Reserves of MemberBanks," and there has been transferred to it that part of Regulation J whichdeals with the subject of penalties for deficiencies in reserves. Certain othermaterial has also been added to the regulation to provide a more complete dis-cussion of the subject of reserves. The new regulation, however, makes no sub-stantial changes in the existing regulations of the board and will require nochanges in the practice of Federal reserve banks or member banks, nor in theforms now in use.
Regulation H is in the form adopted on April 7, 1924.Regulation J is in the form adopted on May 9, 1924, except that Section VI
thereof which dealt with penalties for deficiencies in reserves has been transferredto Regulation D, as explained above, and Section VII has been redesignatedSection VI.
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Regulation L has been amended by the addition thereto of a new paragraphwith reference to the burden of proving the absence of substantial competitionin connection with applications for interlocking directorates under the ClaytonAct.
No material changes have been made in Regulations B, C, E, F, G, I, or K.This issue of the board's regulations becomes effective on September 1, 1924.
The Federal reserve banks are requested to see that each member bank in theirrespective districts receives at least one copy of this official edition of the board'sregulations before the effective date.
Instructions which govern only Federal reserve agents or Federal reservebanks will be covered in separate letters or regulations, as in the past.
By order of the Federal Reserve Board.WALTER L. EDDY, Secretary.
REGULATION A, SERIES OF 1924
(Superseding Regulation A of 1923)
DISCOUNTS UNDER SECTIONS 13 AND 13a
ARTICLE A—NOTES, DRAFTS, AND BILLS OF EXCHANGE
SECTION I. GENERAL STATUTORY PROVISIONS
Any Federal reserve bank may discount for any of its member banks anynote, draft, or bill of exchange: Provided—
(a) It has a definite maturity*at the time of discount of not more than 90days, exclusive of days of grace; except that (1) if drawn or issued for an agri-cultural purpose or based on livestock, it may have a maturity at the time ofdiscount of not more than nine months, exclusive of days of grace, and (2) cer-tain bills of exchange payable at sight or on demand are eligible even thoughthey have no definite maturity (see Section VII, below);
(b) It has been issued or drawn for an agricultural, industrial, or commercialpurpose, or the proceeds have been used or are to be used for such a purpose,or it is a note, draft, or bill of exchange of a factor issued as such making ad-vances exclusively to producers of staple agricultural products in their rawstate;
(c) It was not issued for carrying or trading in stocks, bonds, or other invest-ment securities, except bonds and notes of the Government of the United Statesor unless it is secured by bonds or notes of the War Finance Corporation.
(d) The aggregate of notes, drafts, and bills bearing the signature or indorse-ment of any one borrower, whether a person, company, firm, or corporation,discounted for any one member bank, whether State or National, shall at notime exceed 10 per cent of the unimpaired capital and surplus of such bank; butthis restriction shall not apply to the discount of bills of exchange drawn in goodfaith against actually existing values;
(e) It is indorsed by a member bank; and(/) It conforms to all applicable provisions of this regulation.No Federal reserve bank may discount for any member State bank or trust
company an5^ of the notes, drafts, or bills of exchange of any one borrower whois liable for borrowed money to such State bank or trust company in an amountgreater than that which could be borrowed lawfully from such State bank ortrust company under the terms of section 5200 of the United States RevisedStatutes, as amended, were it a national banking association.
Any Federal reserve bank may make advances to its member banks on theirpromissory notes for a period not exceeding 15 days, provided that they aresecured by notes, drafts, bills of exchange, or bankers' acceptances which areeligible for discount or for purchase by Federal reserve banks, or by the depositor pledge of bonds or notes of the United States, or bonds or notes of the WarFinance Corporation.
SECTION II . GENERAL CHARACTER OF NOTES, DRAFTS, AND BILLS OF EXCHANGEELIGIBLE
The Federal Reserve Board, exercising its statutory right to define the char-acter of a note, draft, or bill of exchange eligible for discount at a Federal re-serve bank has determined that—
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(a) I t must be a negotiable note, draft, or bill of exchange which has beenissued or drawn, or the proceeds of which have been used or are to be used inthe first instance, in producing, purchasing, carrying, or marketing goods l inone or more of the steps of the process of production, manufacture, or distribu-tion, or for the purpose of carrying or trading in bonds or notes of the UnitedStates or of the War Finance Corporation, and the name of a party to suchtransaction must appear upon it as maker, drawer, acceptor, or indorser: Pro-vided, however, That if the purpose is the carrying or trading in bonds or notesof the War Finance Corporation, such note, draft, or bill of exchange must besecured by same.
(b) It must not be a note, draft, or bill of exchange the proceeds of whichhave been or are to be advanced or loaned to some other borrower, except asto paper described below under Sections VI (b) and VIII.
(c) It must not be a note, draft, or bill of exchange the proceeds of whichhave been used or are to be used for permanent or fixed investments of anykind, such as land, buildings, or machinery, or for any other capital purpose.
(d) It must not be a note, draft, or bill of exchange the proceeds of whichhave been used or are to be used for investments of a purely speculative character.
(e) It may be secured by the pledge of goods or collateral of any nature, in-cluding paper which is ineligible for discount, provided it (the note, draft, orbill of exchange) is otherwise eligible.
SECTION III . APPLICATIONS FOR DISCOUNT
Every application for the discount of notes, drafts, or bills of exchange mustcontain a certificate of the member bank, in form to be prescribed by the Federalreserve bank, that, to the best of its knowledge and belief, such notes, drafts, orbills of exchange have been issued or drawn, or the proceeds thereof have beenor are to be used, for such a purpose as to render them eligible for discount underthe terms of this regulation, and, in the case of a member State bank or trustcompany, every application must contain a certificate or guaranty to the effectthat the borrower is not liable, and will not be permitted to become liable duringthe time his paper is held by the Federal reserve bank, to such bank or trustcompany for borrowed money in an amount greater than that which could beborrowed lawfully from such State bank or trust company under the terms ofsection 5200 of the United States Revised Statutes, as amended, were it a na-tional banking association.
SECTION IV. PROMISSORY NOTES
(a) Definition.—A promissory note, within the meaning of this regulation, isdefined as an unconditional promise, in writing, signed by the maker, to pay, inthe United States, at a fixed or determinable future time, a sum certain in dollarsto order or to bearer.
(&) Evidence of eligibility and requirement of statements.—A Federal reservebank must be satisfied by reference to the note or otherwise that it is eligible fordiscount. The member bank shall certify in its application whether the noteoffered for discount has been discounted for a depositor other than a bank or fora nondepositor and, if discounted for a bank, whether for a member or a non-member bank. The member bank must also certify whether a financial state-ment of the borrower is on file with it.
A recent financial statement of the borrower must be on file with the memberbank in all cases, unless the note was discounted by a member bank for a depositor(other than a bank) or for another member bank, and—
(1) It is secured by a warehouse, terminal, or other similar receipt coveringgoods in storage, by a valid prior lien on livestock which is being marketed orfattened for market, or by bonds or notes of the United States; or
(2) The aggregate of obligations of the borrower discounted and offered fordiscount at the Federal reserve bank by the member bank is less than a sumequal to 10 per cent of the paid-in capital of the member bank and is less than$5,000.
Whenever the borrower has closely affiliated or subsidiary corporations orfirms, the borrower's financial statement shall be accompanied by separate finan-cial statements of such affiliated or subsidiary corporations or firms, unless the
1 When used in this regulation the word "goods" shall be construed to include goods, wares, merchan-dise, or agricultural products, including livestock.
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statement of the borrower clearly indicates that such note is both eligible froma legal standpoint and acceptable from a credit standpoint: Provided, however.That the Federal reserve bank to which such note is offered for rediscount may-waive this requirement until May 1, 1925, in any case where such borrower andthe affiliated or subsidiary corporations or firms have not issued separate financialstatements prior thereto.
A Federal reserve bank shall use its discretion in taking the steps necessaryto satisfy itself as to eligibility. Compliance of a note with Section II (c) maybe evidenced by a statement of the borrower showing a reasonable excess ofquick assets over current liabilities. A Federal reserve bank may, in all cases,require the financial statement of the borrower to be filed with it.
SECTION V. DRAFTS, BILLS OF EXCHANGE, AND TRADE ACCEPTANCES
(a) Definition.—A draft or bill of exchange, within the meaning of this regula-tion, is defined as an unconditional order in writing, addressed by one person toanother, signed by the person giving it, requiring the person to whom it is ad-dressed to pay in the United States, at a fixed or determinable future time, asum certain in dollars to the order of a specified person; and a trade acceptanceis defined as a draft or bill of exchange, drawn by the seller on the purchaser ofgoods sold,2 and accepted by such purchaser.
(b) Evidence of eligibility and requirement of statements.—A Federal reservebank shall take such steps as it deems necessary to satisfy itself as to the eligi-bility of the draft, bill, or trade acceptance offered for discount and may requirea recent financial statement of one or more parties to the instrument. Thedraft, bill, or trade acceptance should be drawn so as to evidence the characterof the underlying transaction, but if it is not so drawn evidence of eligibility mayconsist of a stamp or certificate affixed by the acceptor or drawer in a formsatisfactory to the Federal reserve bank.
SECTION VI. AGRICULTURAL PAPER
(a) Definition.—Agricultural paper, within the meaning of this regulation,is defined as a negotiable note, draft, or bill of exchange issued or drawn, or theproceeds of which have been or are to be used, for agricultural purposes, includingthe production of agricultural products, the marketing of agricultural productsby the growers thereof, or the carrying of agricultural products by the growersthereof pending orderly marketing, and the breeding, raising, fattening, or market-ing of livestock, and which has a maturity at the time of discount of not morethan nine months, exclusive of days of grace.
(b) Paper of cooperative marketing associations.—Under the express terms ofsection 13a, notes, drafts, bills of exchange, or acceptances issued or drawn bycooperative marketing associations composed of producers of agricultural productsare deemed to have been issued or drawn for an agricultural purpose, if theproceeds thereof have been or are to be—
(1) Advanced by such association to any members thereof for an agriculturalpurpose, or
(2) Used by such association in making payments to any members thereof onaccount of agricultural products delivered by such members to the association, or
(3) Used by such association to meet expenditures incurred or to be incurredby the association in connection with the grading, processing, packing, prepara-tion for market, or marketing of any agricultural product handled by suchassociation for any of its members.
These are not the only classes of paper of such associations which are eligiblefor discount, however, and any other paper of such associations which complieswith the applicable requirements of this regulation may be discounted on thesame terms and conditions as the paper of any other person or corporation.
Paper of cooperative marketing associations the proceeds of which have beenor are to be used (1) to defray the expenses of organizing such associations, or(2) for the acquisition of warehouses, for the purchase or improvement of realestate, or for any other permanent or fixed investment of any kind, are noteligible for discount, even though such warehouses or other property are to beused exclusively in connection with the ordinary operations of the association.
2 A consignment of goods or a conditional sale of goods can not be considered "goods sold" within themeaning of this clause. The purchase price of goods plus the cost of labor in effecting their installation maybe included in the amount for which the trade acceptance is drawn.
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(c) Eligibility.—To be eligible for discount, agricultural paper, whether anote, draft, bill of exchange, or trade acceptance, must comply with the respectivesections of this regulation which would apply to it if its maturity were 90 daysor less.
(d) Discounts for Federal intermediate credit banks.—Any Federal reservebank may discount agricultural paper for any Federal intermediate credit bank;but no Federal reserve bank shall discount for any Federal intermediate creditbank any such paper which bears the indorsement of any nonmember Statebank or trust company which is eligible for membership in the Federal reservesystem under the terms of section 9 of the Federal reserve act as amended.In discounting such paper each Federal reserve bank shall give preference tothe demands of its own member banks and shall have due regard to the probablefuture needs of its own member banks; and no Federal reserve bank shall dis-count paper for any Federal intermediate credit bank when its own reservesamount to less than 50 per cent of its own aggregate liabilities for deposits andFederal reserve notes in actual circulation. The aggregate amount of paperdiscounted by all Federal reserve banks for any one Federal intermediate creditbank shall at no time exceed an amount equal to the paid-up and unimpairedcapital and surplus of such Federal intermediate credit bank.
(e) Limitations.—The Federal Reserve Board prescribes no limitation on theaggregate amount of notes, drafts, bills of exchange, and acceptances withmaturities in excess of three months, but not exceeding six months, exclusive ofdays of grace, which may be discounted by any Federal reserve bank; but theaggregate amount of notes, drafts, bills of exchange, and acceptances, withmaturities in excess of six months, but not exceeding nine months, which may bediscounted by any Federal reserve bank shall not exceed 10 per cent of its totalassets.
SECTION VII. SIGHT DRAFTS SECURED BY BILLS OF LADING
A Federal reserve bank may discount for any of its member banks bills ofexchange payable at sight or on demand which—
(a) Are drawn to finance the domestic shipment of nonperishable, readilymarketable, staple agricultural products, and
ib) Are secured by bills of lading or other shipping documents conveying orsecuring title to such staples.
All such bills of exchange shall be forwarded promptly, for collection, anddemand for payment shall be made promptly, unless the drawer instructs thatthey be held until arrival of car, in which event they must be presented for pay-ment within a reasonable time after notice of arrival of such staples at theirdestination has been received. In no event shall any such bill be held by or forthe account of a Federal reserve bank for a period in excess of 90 days.
In discounting such bills Federal reserve banks may compute the interest tobe deducted on the basis of the estimated life of each bill and adjust the amountthus deducted after payment of such bills to conform to the actual life thereof.
SECTION VIII. FACTORS' PAPER
Notes, drafts, and bills of exchange of factors issued as such for the purposeof making advances exclusively to producers of staple agricultural products intheir raw state are eligible for discount with maturities not in excess of 90 days,exclusive of days of grace, irrespective of the requirements of Sections II (a) andII (6).
ARTICLE B.—BANKERS7 ACCEPTANCES 3
SECTION IX. DEFINITION
A banker's acceptance within the meaning of this regulation is defined as adraft or bill of exchange, whether payable in the United States or abroad andwhether payable in dollars or some other money, of which the acceptor is a bankor trust company, or a firm, person, company, or corporation engaged generallyin the business of granting hankers' acceptance credits.
8 For regulations governing the acceptance by member banks of drafts and bills of exchange drawn onthem, see regulation C, p. 248.
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SECTION X. ELIGIBILITY
A Federal reserve bank may discount any such bill bearing the indorsementof a member bank and having a maturity at the time of discount not greaterthan that prescribed by Section XI (a), which has been drawn under a creditopened for the purpose of conducting or settling accounts resulting from a transac-tion or transactions involving any one of the following:
(1) The shipment of goods between the United States and any foreigncountry, or between the United States and any of its dependencies orinsular possessions, or between foreign countries, or between dependenciesor insular possessions and foreign countries;
(2) The shipment of goods within the United States, provided shippingdocuments conveying security title are attached at the time of acceptance;or
(3) The storage of readily marketable staples,4 provided that the bill issecured at the time of acceptance by a warehouse, terminal, or other similarreceipt, conveying security title to such staples, issued by a party independentof the customer, and provided further that the acceptor remains securedthroughout the life of the acceptance. In the event that the goods mustbe withdrawn from storage prior to the maturity of the acceptance or theretirement of the credit, a trust receipt or other similar document coveringthe goods may be substituted in lieu of the original document, provided thatsuch substitution is conditioned upon a reasonably prompt liquidation ofthe credit. In order to insure compliance with this condition it should berequired, when the original document is released, either (a) that the proceedsof the goods will be applied within a specified time toward a liquidation ofthe acceptance credit or (b) that a new document, similar to the original one,will be resutjstituted within a specified time.
Provided, That acceptances for any one customer in excess of 10 per cent of thecapital and surplus of the accepting bank must remain actually secured through-out the life of the acceptance, and in the case of the acceptances of member banksthis security must consist of shipping documents, warehouse receipts, or othersuch documents, or some other actual security growing out of the same trans-action as the acceptance, such as documentary drafts, trade acceptances, terminalreceipts, or trust receipts which have been issued under such circumstances, andwhich cover goods of such a character, as to insure at all times a continuance ofan effective and lawful lien in favor of the accepting bank, other trust receiptsnot being considered such actual security if they permit the customer to haveaccess to or control over the goods.
A Federal reserve bank may also discount any bill drawn by a bank or bankerin a foreign country or dependency or insular possession of the United Statesfor the purpose of furnishing dollar exchange as provided in Regulation C, pro-vided that it has a maturity at the time of discount of not more than threemonths, exclusive of days of grace.
SECTION XI. MATURITIES
(a) Legal requirements.—No such acceptance is eligible for discount whichhas a maturity at the time of discount in excess of 90 days' sight, exclusive ofdays of grace, except that acceptances drawn for agricultural purposes and securedat the time of acceptance by warehouse receipts or other such documents convey-ing or securing title covering readily marketable staples may be discounted withmaturities at the time of discount of not more than six months' sight, exclusive ofdays of grace.
(b) General conditions as to maturity of domestic acceptances.—Although aFederal reserve bank may legally discount an acceptance having a maturity atthe time of discount not greater than that prescribed under (a), it may declineto discount any acceptance the maturity of which is in excess of the usual orcustomary period of credit required to finance the underlying transaction orwhich is in excess of that period reasonably necessary to finance such transaction.Since the purpose of permitting the acceptance of drafts secured by warehousereceipts or other such documents is to permit of the temporary holding of readilymarketable staples in storage pending a reasonably prompt sale, shipment, or
4 A readily marketable staple within the meaning of these regulations may be defined as an article ofcommerce, agriculture, or industry of such uses as to make it the subject of constant dealings in readymarkets with such frequent quotations of price as to make (a) the price easily and definitely ascertainableand (6) the staple itself easy to realize upon by sale at any time.
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distribution, no such acceptance should have a maturity in excess of the timeordinarily necessary to effect a reasonably prompt sale, shipment, or distributioninto the process of manufacture or consumption.
SECTION XII. EVIDENCE OF ELIGIBILITY
A Federal reserve bank must be satisfied, either by reference to the acceptanceitself or otherwise, that the acceptance is eligible for discount under the termsof the law and the provisions of this regulation. The bill itself should be drawnso as to evidence the character of the underlying transaction, but if it is not, sodrawn evidence of eligibility may consist of a stamp or certificate affixed by theacceptor in form satisfactory to the Federal reserve bank.
REGULATION B, SERIES OF 1924
(Superseding Regulation B of 1923)
OPEN MARKET PURCHASES OF BILLS OF EXCHANGE, TRADE ACCEPT-ANCES, AND BANKERS' ACCEPTANCES UNDER SECTION 14
SECTION I. GENERAL STATUTORY PROVISIONS
Section 14 of the Federal reserve act provides that, under rules and regulationsto be prescribed by the Federal Preserve Board, Federal reserve banks maypurchase and sell in the open market, at home or abroad, from or to domesticor foreign banks, firms, corporations, or individuals, bills of exchange of the kindsand maturities made*eligible by the act for discount and bankers' acceptances,with or without the indorsement of a member bank.
SECTION II. GENERAL CHARACTER OF BILLS AND ACCEPTANCES ELIGIBLE
The Federal Reserve Board, exercising its statutory right to regulate thepurchase of bills of exchange and acceptances, prescribes that—
(a) Any banker's acceptance or bill of exchange which is eligible for dis-count under the terms of Regulation A is eligible for purchase by Federalreserve banks in the open market, with or without the indorsement of amember bank, if—
(1) It has been accepted by the drawee prior to purchase; or(2) It is accompanied or secured by shipping documents or by ware-
house, terminal, or other similar receipts conveying security title; or(3) It bears a satisfactory bank indorsement;
(6) A banker's acceptance growing out of a transaction involving theimportation or exportation of goods may be purchased if it has a maturitynot in excess of six months, exclusive of days of grace, provided that itconforms in other respects to the applicable requirements of Regulation A;and
(c) A banker's acceptance growing out of a transaction involving thestorage within the United States of goods actually under contract for saleand not yet delivered or paid for may be purchased, provided that theacceptor is secured by the pledge of such goods, and provided further, thatthe acceptance conforms in other respects to the applicable requirements ofRegulation A.
SECTION III. STATEMENTS
A bill of exchange, unless indorsed by a member bank, is not eligible for pur-chase until a satisfactory statement has been furnished of the financial conditionof one or more of the parties thereto.
A banker's acceptance, unless accepted or indorsed by a member bank, is noteligible for purchase until the acceptor has furnished a satisfactory statement ofits financial condition in form to be approved by the Federal reserve bank andhas agreed in writing with a Federal reserve bank to inform it upon requestconcerning the transaction underlying the acceptance.
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REGULATION C, SERIES OF 1924
(Superseding Regulation C of 1923)
ACCEPTANCE BY MEMBER BANKS OF DRAFTS AND BILLS OFEXCHANGE 5
AKTICLE A—ACCEPTANCE OF DRAFTS OR BILLS OF EXCHANGE DRAWN AGAINSTDOMESTIC OR FOREIGN SHIPMENTS OF GOODS OR SECURED BY WAREHOUSERECEIPTS COVERING READILY MARKETABLE STAPLES
SECTION I. STATUTORY PROVISIONS
Under the provisions of the sixth paragraph of section 13 of the Federalreserve act, as amended, any member bank may accept drafts or bills of exchangedrawn upon it having not more than six months' sight to run, exclusive of daysof grace, which grow out of transactions involving the importation or exporta-tion of goods; or which grow out of transactions involving the domestic ship-ment of goods, provided shipping documents conveying or securing title areattached at the time of acceptance; or which are secured at the time of accept-ance by a warehouse receipt or other such document conveying or securing titlecovering readily marketable staples.6 This paragraph limits the amount whichany bank shall accept for any one person, company, firm, or corporation, whetherin a foreign or domestic transaction, to an amount not exceeding at any time,in the aggregate, more than 10 per cent of its paid-up and unimpaired capitalstock and surplus. This limit, however, does not apply in any case where theaccepting bank remains secured either by attached documents or by some otheractual security growing out of the same transaction as the acceptance. A trustreceipt which permits the customer to have access to or control over the goodswill not be considered by Federal reserve banks to be " actual security" withinthe meaning of section 13. A bill of lading draft, however, is "actual security"even after the documents have been released, provided that the draft is acceptedby the drawee upon or before the surrender of the documents. The law alsoprovides that any bank may accept such bills up to an amount not exceedingat any time, in the aggregate, more than one-half of its paid-up and unimpairedcapital stock and surplus; or, with the approval of the Federal Reserve Board,up to an amount not exceeding at any time, in the aggregate, more than 100per cent of its paid-up and unimpaired capital stock and surplus. In no event,however, shall the aggregate amount of acceptances growing out of domestictransactions exceed 50 per cent of such capital stock and surplus.
SECTION II . REGULATIONS
(1) Under the provisions of the law referred to above the Federal ReserveBoard has determined that any member bank, having an unimpaired surplusequal to at least 20 per cent of its paid-up capital, which desires to accept draftsor bills of exchange drawn for the purposes described above, up to an amountnot exceeding at any time, in the aggregate, 100 per cent of its paid-up andunimpaired capital stock and surplus, may file an application for that purposewith the Federal Reserve Board. Such application must be forwarded throughthe Federal reserve bank of the district in which the applying bank is located.
(2) The Federal reserve bank shall report to the Federal Reserve Boardupon the standing of the applying bank, stating whether the business and bank-ing conditions prevailing in its district warrant the granting of such application.
(3) The approval of any such application may be rescinded upon 90 days'notice to the bank affected.
* For regulations governing the rediscount of bankers' acceptances by Federal reserve banks, see Regu-lation A, page 245.
• A readily marketable staple within the meaning of these regulations may be defined as an article ofcommerce, agriculture, or industry of such uses as to make it the subject of constant dealings in readymarkets with such frequent quotations of price as to make (a) the price easily and definitely ascertain-able, and (6) the staple itself easy to realize upon by sale at any time.
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ARTICLE B.—ACCEPTANCE OF DRAFTS OR BILLS OF EXCHANGE DRAWN FOR THEPURPOSE OF CREATING DOLLAR EXCHANGE
SECTION III. STATUTORY PROVISIONS
Section 13 of the Federal reserve act also provides that any member bank may-accept drafts or bills of exchange drawn upon it having not more than threemonths' sight to run, exclusive of days of grace, drawn, under regulations to beprescribed by the Federal Reserve Board, by banks or bankers in foreign coun-tries or dependencies or insular possessions of the United States for the purposeof furnishing dollar exchange as required by the usages of trade in the respectivecountries, dependencies, or insular possessions.
No member bank shall accept such drafts or bills of exchange for any onebank to an amount exceeding in the aggregate 10 per cent of the paid-up andunimpaired capital and surplus of the accepting bank unless the draft or bill ofexchange is accompanied by documents conveying or securing title or by someother adequate security. No member bank shall accept such drafts or bills inan amount exceeding at any time in the aggregate one-half of its paid-up andunimpaired capital and surplus. This 50 per cent limit is separate and distinct,from and not included in the limits placed upon the acceptance of drafts andbills of exchange as described under Article A of this regulation.
SECTION IV. REGULATIONS
Any member bank desiring to accept drafts drawn by banks or bankers inforeign countries or dependencies or insular possessions of the United Statesfor the purpose of furnishing dollar exchange shall first make an application tothe Federal Reserve Board setting forth the usages of trade in the respectivecountries, dependencies, or insular possessions in which such banks or bankersare located.
If the Federal Reserve Board should determine that the usages of trade insuch countries, dependencies, or possessions require the granting of the accept-ance facilities applied for, it will notify the applying bank of its approvaland will also publish in the Federal Reserve Bulletin the name or names of thosecountries, dependencies, or possessions in which banks or bankers are authorizedto draw on member banks whose applications have been approved for the purposeof furnishing dollar exchange.
The Federal Reserve Board reserves the right to modify or on 90 days' noticeto revoke its approval either as to any particular member bank or as to anyforeign country or dependency or insular possession of the United States in whichit has authorized banks or bankers to draw on member banks for the purposeof furnishing dollar exchange.
REGULATION D, SERIES OF 1924(Superseding Regulation D of 1923)
RESERVES OF MEMBER BANKS
SECTION I. STATUTORY PROVISIONS
Section 19 of the Federal reserve act provides, in part, as follows:
BANK RESERVES
SEC. 19. Demand deposits within the meaning of this act shall comprise all deposits payable withinthirty days, and time deposits shall comprise all deposits payable after thirty days, all savings accountsand certificates of deposit which are subject to not less than thirty days' notice before payment, and allpostal savings deposits.
Every bank, banking association, or trust company which is or which becomes a member of any Federalreserve bank shall establish and maintain reserve balances with its Federal reserve bank as follows:
(a) If not in a reserve or central reserve city, as now or hereafter defined, it shall hold and maintain withthe Federal reserve bank of its district an actual net balance equal to not less than seven per centum of theaggregate amount of its demand deposits and three per centum of its time deposits.
(6) If in a reserve city, as now or hereafter denned, it shall hold and maintain with the Federal reservebank of its district an actual net balance equal to not less than ten per centum of the aggregate amount ofits demand deposits and three per centum of its time deposits: Provided, however, That if located in theoutlying districts of a reserve city or in territory added to such a city by the extension of its corporate charter,it may, upon the affirmative vote of five members of the Federal Reserve Board, hold and maintain the-reserve balances specified in paragraph (a) hereof
(c) If in a central reserve city, as now or hereafter defined, it shall hold and maintain with the Federalreserve bank of its district an actual net balance equal to not less than thirteen per centum of the aggre-
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gate amount of its demand deposits and three per centum of its time deposits: Provided, however, That iflocated in the outlying districts of a central reserve city or in territory added to such city by the extensionof its corporate charter, it may, upon the affirmative vote of five members of the Federal Reserve Board,hold and maintain the reserve balances specified in paragraphs (a) or (b) thereof.
* * * * * * *The required balance carried by a member bank with a Federal reserve bank may, under the regulations
and subject to such penalties as may be prescribed by the Federal Reserve Board, be checked against andwithdrawn by such member bank for the purpose of meeting existing liabilities: Provided, however, Thatno bank shall at any time make new loans or shall pay any dividends unless and until the total balancerequired by law is fully restored.
In estimating the balances required by this act, the net difference of amounts due to and from otherbanks shall be taken as the basis for ascertaining the deposits against which required balance with Federalreserve banks shall be determined.
The various Liberty bond acts (act of April 24, 1917, sec. 7; act of September24, 1917, sec. 8; act of.April 4, 1918, sec. 8) provide, in part, as follows:
That the provisions * * * with reference to the reserves required to be kept by national bankingassociations and other member banks of the Federal Reserve System shall not apply to deposits of publicmoneys by the United States in designated depositaries.
SECTION II. DEFINITIONS
(a) Demand deposits.—The term "demand deposits" shall include all depositswhich are payable within 30 days except "savings accounts," "time certificatesof deposit/' and "postal savings deposits," as defined below.
(b) Time deposits.—The term "time deposits" shall include all "time deposits,open accounts," all "savings accounts," all "time certificates of deposit," andall "postal savings deposits," as defined below.
(c) Time deposits, open accounts.—The term "time deposits, open accounts"shall mean deposits not evidenced by certificates of deposit or savings pass books,in respect to which a written contract is entered into with the depositor at thetime the deposit is made that neither the whole nor any part of such depositmay be withdrawn, by check or otherwise, except on a given date, not less than30 days after the date of the deposit, or on written notice which must be given bythe depositor a certain specified number of days in advance, in no case less than30 days.
(d) Savings accounts.—The term "savings accounts" shall mean those depositsin respect to which—
(1) The pass book, certificate, or other similar form of receipt must bepresented to the bank whenever a withdrawal is made,
(2) The depositor may at any time be required by the bank to give noticeof an intended withdrawal not less than 30 days before a withdrawal ismade, and
(3) The bank's printed regulations, accepted by the depositor at the timethe account is opened, include the above requirements.
(e) Time certificates of deposit.—A "time certificate of deposit" is definedas an instrument evidencing the deposit with a bank, either with or withoutinterest, of a certain sum specified on the face of the certificate payable in wholeor in part to the depositor or on his order—
(1) On a certain date, specified on the certificate, not less than 30 daysafter the date of the deposit, or
(2) After the lapse of a certain specified time subsequent to the date ofthe certificate, in no case less than 30 days, or
(3) Upon written notice, which the bank may at its option require to begiven a certain specified number of days, not less than 30 days, before thedate of repayment, and
(4) In all cases only upon presentation of the certificate at each with-drawal for proper indorsement or surrender.
(/) Postal savings deposits.—The term "postal savings deposits" shall meandeposits of postal savings funds in banks under the terms of the postal savingsact, approved June 25, 1910, as amended.
(g) Government deposits,—The term "Government deposits" shall mean de-posits of public moneys by the United States in designated depositaries.7
7 Deposits made by United States postmasters of Government funds, other than postal savings deposits,received by them in their official capacity, constitute " Government deposits" within the meaning of thisregulation and, when made in designated depositaries, are exempt from the reserve requirements of section19. The following classes of deposits, however, are not " Government deposits" within such meaning andare not exempt from reserve requirements:
(1) Deposits of Philippine funds made by the Philippine government and carried under the title "Treas-urer of the Philippine Islands currency reserve fund account."
(2) Deposits of Porto Rican funds made by the Porto Rican government.(3) Deposits of Indian funds under the control of the Department of the Interior.(4) Deposits of States, counties, or municipalities.(5) Deposits of the United States Shipping Board and the Emergency Fleet Corporation.
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SECTION III. COMPUTATION OF RESERVES
(a) Amounts of reserves to be maintained.—Every member bank of the Fed-eral reserve system is required by law to maintain on deposit with the Federalreserve bank of its district an actual net balance equal to 3 per cent of its timedeposits plus—
Seven per cent of its demand deposits if not in a reserve or central reservecity.
Ten per cent of its demand deposits if in a reserve city, except that iflocated in an outlying district of a reserve city or in territory added to suchcity by the extension of the city's corporate limits such bank may, uponthe affirmative vote of five members of the Federal Reserve Board, bepermitted to maintain 7 per cent reserves against its demand deposits.
Thirteen per cent of its demand deposits if located in a central reservecity, except that if located in an outlying district of a central reserve cityor in territory added to such city by the extension of the city's corporatelimits, such bank may, upon the affirmative vote of five members of theFederal Reserve Board, be permitted to maintain 7 per cent or 10 per centreserves against its demand deposits.
No reserves are required to be maintained against Government deposits asdefined above.
(6) Deductions allowed in computing reserves.—Member banks in determin-ing the amount against which reserves must be carried may deduct:
(1) From gross demand deposits, all Government deposits as definedabove.
(2) From the amount of balances due. to other banks, the amount ofbalances due from other banks (except Federal reserve banks and foreignbanks), including in the amount due from banks, out of town items placedin the mail and charged to the account of correspondent banks, items witha Federal reserve bank in process of collection, checks drawn on bankslocated in the same city, and exchanges for clearing houses.
(c) Availability of checks as reserve.—Checks forwarded to a Federal reservebank for collection or credit can not be counted as part of the minimum reservebalance to be carried by a member bank with its Federal reserve bank until suchtime as may be specified in the appropriate time schedule referred to in SectionIV of Regulation J. If a member bank draw against checks before such time,the draft will be charged against its reserve balance if such balance be sufficientin amount to pay it; but any resulting impairmant of reserve balances will besubject to all the penalties provided by the act.
SECTION IV. PENALTIES FOR DEFICIENCIES IN RESERVES
(a) Basic penalty.—Inasmuch as it is essential that the law in respect to themaintenance by member banks of the required minimum reserve balance shallbe strictly complied with, the Federal Reserve Board, under authority vested init by section 19 of the Federal reserve act, hereby prescribes a basic penalty fordeficiencies in reserves according to the following rules:
(1) Deficiencies in reserve balances of member banks in central reserve andreserve cities will be computed on the basis of average daily net deposit balancescovering a weekly period of seven days. Deficiencies in reserve balances of othermember banks will be computed on the basis of average daily net deposit balancescovering a semimonthly period.
(2) Penalties for deficiencies in reserves will be assessed monthly on the basisof average daily deficiencies during each of the reserve computation periodsending in the preceding month.
(3) A basic rate of 2 per cent per annum above the Federal reserve bankdiscount rate on 90-day commercial paper will be assessed as a penalty ondeficiencies in reserves of member banks.
(5) Progressive penalty.—The Federal Reserve Board will also prescribe forany Federal reserve district, upon the application of the Federal reserve bankof that district, an additional progressive penalty for continued deficiencies inreserves, in accordance with the following rules:
(1) When a member bank in a central reserve or reserve city has had anaverage deficiency in reserves for six consecutive weekly periods, a progressivepenalty, increasing at the rate of one-fourth of 1 per cent for each week there-after during which the average reserve balance is deficient, will be assessed onweekly deficiencies until the required reserve has been restored and maintained
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for four consecutive weekly periods, provided that the maximum penalty chargedwill not exceed 10 per cent.
(2) When a member bank outside of a central reserve or reserve city has hadan average deficiency in reserves for three consecutive semimonthly periods, aprogressive penalty, increasing at the rate of one-half of 1 per cent for each halfmonth thereafter during which the average reserve balance is deficient, will beassessed on semimonthly deficiencies until the required reserve has been re-stored and maintained for two consecutive semimonthly periods, provided thatthe maximum penalty charged will not exceed-10 per cent.
SECTION V. LOANS AND DIVIDENDS WHILE RESERVES ARE DEFICIENT
It is unlawful for any member bank the reserves of which are at any timedeficient to make any new loans or pay any dividends unless and until the totalreserves required by law are fully restored, and the payment of penalties fordeficiencies in reserves does not exempt member banks from this prohibition oflaw. As provided above, penalties for deficiencies in reserves are computed onthe basis of the average reserve balances for weekly or semimonthly periods;but this prohibition of law applies whenever the reserves are deficient for oneday or more, regardless of whether or not the average reserve balances for theweekly or semimonthly period are deficient.
REGULATION E, SERIES OF 1924
(Superseding Regulation E of 1923)
PURCHASE OF WARRANTS
SECTION I. STATUTORY REQUIREMENTS
Section 14 of the Federal reserve act reads in part as follows:Every Federal reserve bank shall have power—(6) To buy and sell, at home or abroad, bonds and notes of the United States, and bills, notes, revenue
bonds, and warrants with a maturity from date of purchase of not exceeding six months, issued in antici-pation of the collection of taxes or in anticipation of the receipt of assured revenues by any State, county,district, political subdivision, or municipality in the continental United States, including irrigation, drain-age, and reclamation districts, such purchases to be made in accordance with rules and regulations prescribedby the Federal Reserve Board.
SECTION II. DEFINITIONS
Within the meaning of this regulation—The term "warrant" shall be construed to mean "bills, notes, revenue bonds,
and warrants with a maturity from date of purchase of not exceeding six months.77
The term "municipality77 shall be construed to mean "State, county, district,political subdivision, or municipality in the continental United States, includingirrigation, drainage, and reclamation districts.77
The term "net funded indebtedness"77 shall be construed to mean the legalgross indebtedness of the municipality (including the amount of any schooldistrict or other bonds which depend for their redemption upon taxes levied uponproperty within the municipality) less the aggregate of the following items:
(1) The amount of outstanding bonds or other debt obligations madepayable from current revenues;
(2) The amount of outstanding bonds issued for the purpose of providingthe inhabitants of a municipality with public utilities, such as waterworks,docks, electric plants, transportation facilities, etc.: Provided, That evidenceis submitted showing that the income from such utilities is sufficient formaintenance, for payment of interest on such bonds, and for the accumula-tion of a sinking fund sufficient for their redemption at maturity;
(3) The amount of outstanding improvement bonds, issued under lawswhich provide for the levying of special assessments against abutting prop-erty in amounts sufficient to insure the payment of interest on the bondsand the redemption thereof at maturity: Provided, That such bonds aredirect obligations of the municipality and included in the gross indebtednessof the municipality; and
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(4) The total of all sinking funds accumulated for the redemption of thegross indebtedness of the municipality, except sinking funds applicable tobonds described in (1), (2), and (3) above.
SECTION III. CLASS OF WARRANTS ELIGIBLE FOR PURCHASE
Any Federal reserve bank may purchase warrants issued by a municipalityin anticipation of the collection of taxes or in anticipation of the receipt ofassured revenues, provided—
(a) They are the general obligations of the entire municipality; it beingintended to exclude as ineligible for purchase all such obligations as arepayable from "local benefit" and "special assessment" taxes when themunicipality at large is not directly or ultimately liable;
(b) They are issued in anticipation of taxes or revenues which are dueand payable on or before the date of maturity of such warrants; but theFederal Reserve Board may waive this condition in specific cases. For thepurposes of this regulation, taxes shall be considered as due and payableon the last day on which they may be paid without penalty;
(c) They are issued by a municipality—(1) Which has been in existence for a period of 10 years;(2) Which for a period of 10 years previous to the purchase has not
defaulted for longer than 15 days in the payment of any part of eitherprincipal or interest of any funded debt authorized to be contractedby it;
(3) Whose net funded indebtedness does not exceed 10 per centumof the valuation of its taxable property, to be ascertained by the lastpreceding valuation of property for the assessment of taxes.
SECTION IV. "EXISTENCE" AND " N O N D E F A U L T "
Warrants will be construed to comply with that part of Section III (c) relativeto term of existence and nondefault, under the following conditions:
(1) Warrants issued by or in behalf of any municipality which was, subse-quent to the issuance of such warrants . consolidated with or merged into anexisting political division which meets the requirements of these regulations,will be deemed to be the warrants of such political division: Provided, Thatsuch warrants were assumed by such political division under statutes and appro-priate proceedings the effect of which is to make such warrants general obligationsof such assuming political division and payable, either directly or ultimately,without limitation to a special fund from the proceeds of taxes levied upon allthe taxable real and personal property within its territorial limits.
(2) Warrants issued by or in behalf of any municipality which was, subsequentto the issuance of such warrants, wholly succeeded by a newly organized politicaldivision whose term of existence, added to that of such original political divisionor of any other political division so succeeded, is equal to a period of 10 yearswill be deemed to be warrants of such succeeding political division: Provided,That during such period none of such political divisions shall have defaulted fora period exceeding 15 days in the payment of any part of either principal or inter-est of any funded debt authorized to be contracted by it: And provided further,That such warrants were assumed by such new political division under statutesand appropriate proceedings the effect of which is to make such warrants generalobligations of such assuming political division and payable, either directly orultimately, without limitation to a special fund from the proceeds of taxes leviedupon all the taxable real and personal property within its territorial limits.
(3) Warrants issued by or in behalf of any municipality which, prior to suchissuance, became the successor of one or more, or was formed by the consolidationor merger of two or more, preexisting political divisions, the term of existence ofone or more of which, added to that of such succeeding or consolidated politicaldivision, is equal to a period of 10 years, will be deemed to be warrants of apolitical division which has been in existence for a period of 10 years: Provided,That during such period none of such original, succeeding, or consolidated politi-cal divisions shall have defaulted for a period exceeding 15 days in the paymentof any part of either principal or interest of any funded debt authorized to becontracted by it.
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SECTION V. LIMITATIONS
(a) Except with the approval of the Federal Reserve Board, no Federal reservebank shall purchase and hold an amount in excess of 25 per cent of the totalamount of warrants outstanding at any time and issued in conformity with pro-visions of section 14 (b), above quoted, and actually sold by a municipality.
(b) Except with the approval of the Federal Reserve Board, the aggregateamount invested by any Federal reserve bank in warrants of all kinds shall notexceed at the time of purchase a sum equal to 10 per cent of the deposits keptby its member banks with such Federal reserve bank.
(c) Except with the approval of the Federal Reserve Board, the maximumamount which may be invested at the time of purchase by any Federal reservebank in warrants of any single municipality shall be limited to the followingpercentages of the deposits kept in such Federal reserve bank by its memberbanks:
Five per cent of such deposits in warrants of a municipality of 50,000population or over;
Three per cent of such deposits in warrants of a municipality of over30,000 population, but less than 50,000;
One per cent of such deposits in warrants of a municipality of over 10,000population, but less than 30,000.
(d) Any Federal reserve bank may purchase from any of its member bankswarrants of any municipality, indorsed by such members bank, with waiver ofdemand, notice, and protest if such warrants comply with Sections III and V (b)of these regulations, except that where a period of 10 years is mentioned in I I I (c)hereof a period of 5 years shall be substituted for the purposes of this clause.
SECTION VI. WARRANTS OF SMALL MUNICIPALITIES
Warrants of a municipality of 10,000 population or less shall be purchasedonly with the special approval of the Federal Reserve Board.
The population of a municipality shall be determined by the last Federal orState census. Where it can not be exactly determined the Federal Reserve Boardwill make special rulings.
SECTION VII. OPINION OF COUNSEL
Opinion of recognized counsel on municipal issues or of the regularly appointedcounsel of the municipality as to the legality of the issue shall be secured andapproved in each case by counsel for the Federal reserve bank.
REGULATION F, SERIES OF 1924
(Superseding Regulation F of 1923)
TRUST POWERS OF NATIONAL BANKS
SECTION I. STATUTORY PROVISIONS
The Federal reserve act as amended by the act of September 26, 1918, provide^in part:
SEC. 11. The Federal Reserve Board shall be authorized and empowered:(k) To grant by special permit to national banks applying therefor, when not in contravention of State
or local law, the right to act as trustee, executor, administrator, registrar of stocks and bonds, guardian ofestates, assignee, receiver, committee of estates of lunatics, or in any other fiduciary capacity in which Statebanks, trust companies, or other corporations which come into competition with national banks are per-mitted to act under the laws of the State in which the national bank is located.
Whenever the laws of such State authorize or permit the exercise of any or all of the foregoing powersby State banks, trust companies, or other corporations which compete with national banks, the grantingto and the exercise of such powers by national banks shall not be deemed to be in contravention of State orlocal law within the meaning of this act.
National banks exercising any or all of the powers enumerated in this subsection shall segregate all assetsheld in any fiduciary capacity from the general assets of the bank and shall keep a separate set of books andrecords showing in proper detail all transactions engaged in under authority of this subsection. Suchbooks and records showing in proper detail all transactions engaged in under authority of this subsection.Such books and records shall be open to inspection by the State authorities to the same extent as the booksand records of corporations organized under State law which exercise fiduciary powers, but nothing in thisact shall be construed as authorizing the State authorities to examine the books, records, and assets ofthe national bank which are not held in trust under authority of this subsection.
No national bank shall receive in its trust department deposits of current funds subject to check or thedeposit of checks, drafts, bills of exchange, or other items for collection or exchange purposes. Fundsdeposited or held in trust by the bank awaiting investment shall be carried in a separate account and shall
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not be used by the bank in the conduct of its business unless it shall first set aside in the trust departmentUnited States bonds or other securities approved by the Federal Reserve Board.
In the event of the failure of such bank the owners of the funds held in trust for investment shall have alien on the bonds or other securities so set apart in addition to their claim against the estate of the bank.
Whenever the laws of a State require corporations acting in a fiduciary capacity, to deposit securitieswith the State authorities for the protection of private or court trusts, national banks so acting shall berequired to make similar deposits and securities so deposited shall be held for the protection of private orcourt trusts, as provided by the State law.
National banks in such cases shall not be required to execute the bond usually required of individualsif State corporations under similar circumstances are exempt from this requirement.
National banks shall have power to execute such bond when so required by the laws of the State.In any case in which the laws of a State require that a corporation acting as trustee, executor, adminis-
trator, or in any capacity specified in this section, shall take an oath or make an affidavit, the president,vice president, cashier, or trust officer of such national bank may take the necessary oath or execute thenecessary affidavit.
It shall be unlawful for any national banking association to lend any officer, director, or employee anyfunds held in trust under the powers conferred by this section. Any officer, director, or employee makingsuch loan, or to whom such loan is made, may be fined not more than $5,000, or imprisoned not more thanfive years, or may be both fined and imprisoned, in the discretion of the court.
In passing upon applications for permission to exercise the powers enumerated in this subsection, theFederal Reserve Board may take into consideration'the amount of capital and surplus of the applying bank,whether or not such capital and surplus is sufficient under the circumstances of the case, the needs of thecommunity to be served, and any other facts and circumstances that seem to it proper, and may grant orrefuse the application accordingly: Provided, That no permit shall be issued to any national banking asso-ciation having a capital and surplus less than the capital and surplus required by State law of State banks,trust companies, and corporations exercising such powers.
SECTION II. APPLICATIONS
A national bank desiring to exercise any or all of the powers authorized bysection 11 (k) of the Federal reserve act, as amended by the act of September 26,1918, shall make application to the Federal Reserve Board, on a form approvedby said board, for a special permit authorizing it to exercise such powers. Inthe case of an original application—that is, where the applying bank has neverbeen granted the right to exercise any of the powers authorized by section 11 (k)—the application should be made on F. R. B. Form 61. In the case of a supple-mental application—that is, where the applying bank has already been grantedthe right to exercise one or more of the powers authorized by section 11 (k)—theapplication should be made on F. R. B. Form 61-6. Both forms are made a partof this regulation and may be obtained from the Federal Reserve Board or anyFederal reserve bank.
SECTION III. SEPARATE DEPARTMENTS
Every national bank permitted to act under this section shall establish aseparate trust department, and shall place such department under the manage-ment of an officer or officers, whose duties shall be prescribed by the board ofdirectors of the bank.
SECTION IV. CUSTODY OF TRUST SECURITIES AND INVESTMENTS
The securities and investments held in each trust shall be kept separate anddistinct from the securities owned by the bank and separate and distinct onefrom another. Trust securities and investments shall be placed in the jointcustody of two or more officers or other employees designated by the board ofdirectors of the bank and all such officers and employees shall be bonded.
SECTION V. DEPOSIT OF FUNDS AWAITING INVESTMENT OR DISTRIBUTION
Funds received or held in the trust department of a national bank awaitinginvestment or distribution may be deposited in the commercial department ofthe bank to the credit of the trust department, provided that the bank firstdelivers to the trust department, as collateral security, United States bonds, orother readily marketable securities owned by the bank, which collateral securityshall at all times be at least equal in market value to the amount of the funds sodeposited.8
8 The act requires that the bank shall set aside in the trust department " United States bonds or othersecurities approved by the Federal Reserve Board." This provision of the regulations is intended as ageneral approval by the Federal Reserve Board of all securities which comply with the requirementsthereof and specific approval by the Federal Reserve Board is unnecessary as to such securities. Theboard will not approve any securities which do not comply with these requirements.
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SECTION VI. INVESTMENT OF TRUST FUNDS
(a) Private trusts.—Funds held in trust must be invested in strict accord-ance with the terms of the will, deed, or other instrument creating the trust.Where the instrument creating the trust contains provisions authorizing thebank, its officers, or its directors to exercise their discretion in the matter of in-vestments, funds held in trust may be invested only in those classes of securitieswhich are approved by the directors of the bank. Where the instrument creat-ing the trust does not specify the character or class of investments to be madeand does not expressly vest in the bank, its officers, or its directors a discretionin the matter of investments, funds held in trust shall be invested in any securi-ties in which corporate or individual fiduciaries in the State in which the bankis located may lawfully invest.
(6) Court trusts.—Except as hereinafter provided, a national bank acting asexecutor, administrator, or in any other fiduciary capacit}^, under appointmentby a court of competent jurisdiction, shall make all investments under an orderof that court, and copies of all such orders shall be filed and preserved with therecords of the trust department of the bank. If the court by general ordervests a discretion in the national bank to invest funds held in trust, or if underthe laws of the State in which the bank is located corporate fiduciaries appointedby the court are permitted to exercise such discretion, the national bank so ap-pointed may invest such funds in any securities in which corporate or individualfiduciaries in the State in which the bank is located may lawfully invest.
SECTION VII. BOOKS AND ACCOUNTS
All books and records of the trust department shall be kept separate and dis-tinct from other books and records of the bank. All accounts opened shall beso kept as to enable the national bank at any time to furnish information orreports required by the Federal or State authorities, and such books and recordsshall be open to the inspection of such authorities.
SECTION VIII. EXAMINATIONS
Examiners appointed by the Comptroller of the Currency or designated bythe Federal Reserve Board will be instructed to make thorough and completeaudits of the cash, securities, accounts, and investments of the trust depart-ment of the bank at the same time that examination is made of the bankingdepartment.
SECTION IX. CONFORMITY WITH STATE LAWS
Nothing in these regulations shall be construed to give a national bank exer-cising the powers permitted under the provisions of section 11 (fc) of the Federalreserve act, as amended, any rights or privileges in contravention of the laws ofthe State in which the bank is located within the meaning of that act.
SECTION X. REVOCATION OF PERMITS
The Federal Reserve Board reserves the right to revoke permits granted underthe provisions of section ll(fc), as amended, in any case where in the opinion ofthe board a bank has willfully violated the provisions of the Federal reserve actor of these regulations or the laws of any State relating to the operations of suchbank when acting in any of the capacities permitted under the provisions ofsection 11 (k), as amended.
SECTION XI. CHANGES IN REGULATIONS
These regulations are subject to change by the Federal Reserve Board; pro-vided, however, that no such change shall prejudice any obligation undertakenin good faith under regulations in effect at the time the obligation was assumed.
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REGULATION G3 SERIES OF 1924
(Superseding Regulation G of 1923)
LOANS ON FARM LAND AND OTHER REAL ESTATE
Section 24 of the Federal reserve act provides in part that—Any national banking association not situated in a central reserve city rnay make loans secured by im-
proved and unencumbered farm land situated within its Federal reserve district or within a radius of onehundred miles of the place in which such bank is located, irrespective of district lines, and may also make1 oans secured by improved and unencumbered real estate located within one hundred miles of the placein which such bank is located, irrespective of district lines; but no loan made upon the security of suchfarm land shall be made for a longer time than five years, and no loan made upon the security of such realestate as distinguished from farm land shall be made for a longer time than one year nor shall the amountof any such loan, whether upon such farm land or upon such real estate, exceed fifty per centum of theactual value of the property offered as security. Any such bank may make such loans, whether securedby such farm land or such real estate, in an aggregate sum equal to twenty-five per centum of its capitaland surplus or to one-third of its time deposits and such banks may continue hereafter as heretofore toreceive time deposits and to pay interest on the same.
National banks not located in central reserve cities may, therefore, legallymake loans secured by improved and unencumbered farm land or other realestate as provided by this section.
Certain conditions and restrictions must, however, be observed—(a) There must be no prior lien on the land; that is, the lending bank must
hold an absolute first mortgage or deed of trust.(6) The amount of the loan must not exceed 50 per cent of the actual value of
the land by which it is secured.(c) The maximum amount of loans which a national bank may make on real
estate, whether on farm land or on other real estate as distinguished from farmland, is limited under the terms of the act to an amount not in excess of one-third of its time deposits at the time of the making of the loan, and not in excessof one-third of its average time deposits during the preceding calendar year:Provided, however, That if one-third of such time deposits as of the date of makingthe loan or one-third of the average time deposits for the preceding calendaryear is less than one-fourth of the capital and surplus of the bank as of the dateof making the loan, the bank in such event shall have authority to make loansupon real estate under the terms of the act to the extent of one-fourth of thebank's capital and surplus as of that date.
(d) Farm land to be eligible as security for a loan by a national bank must besituated within the Federal reserve district in which such bank is located orwithin a radius of 100 miles of such bank irrespective of district lines.
(e) Real estate as distinguished from farm land to be eligible as security for aloan by a national bank must be located within a radius of 100 miles of suchbank irrespective of district lines.
(/) The right of a national bank to "make loans" under section 24 includesthe right to purchase or discount loans already made as well as the right to makesuch loans in the first instance: Provided, however, That no loan secured byfarm land shall have a maturity of more than five years from the date on whichit was purchased or made by the national bank and that no loan secured by otherreal estate shall have a maturity of more .than one year from such date.
(g) Though no national bank is authorized under the provisions of section 24to make a loan on the security of real estate, other than farm land, for a periodexceeding one year, nevertheless, at the end of the year, the maturing notemay be renewed or extended for another year, and in order to obviate the. neces-sity of making a new mortgage or deed of trust for each renewal the originalmortgage or deed of trust may be so drawn in the first instance as to cover pos-sible future renewals of the original note. Under no circumstances, however,must the bank obligate itself in advance to make such a renewal. It must in allcases preserve the right to require payment at the end of the year and to fore-close the mortgage should that action become necessary. The same principlesapply to loans of longer maturities secured by farm lands.
(h) In order that real estate loans held by a bank may be readily classified, astatement signed by the officers making a loan and having knowledge of the factsupon which it is based must be attached to each note secured by a first mortgageon the land by which the loan is secured, certifying in detail as of the date of theloan that all of the requirements of law have been duly observed.
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REGULATION H, SERIES OF 1924
(Superseding Regulation H of 1923)
MEMBERSHIP OF STATE BANKS AND TRUST COMPANIES
SECTION I. BANKS ELIGIBLE FOR MEMBERSHIP
1. Incorporation.—In order to be eligible for membership in a Federal reservebank, a State bank or trust company must have been incorporated under aspecial or general law of the State or district in which it is located.
2. Capital stock.—Under the terms of section 9 of the Federal reserve act asamended, no applying bank can be admitted to membership in a Federal reservebank unless—
(a) It possesses a paid-up, unimpaired capital sufficient to entitle it to becomea national banking association in the place where it is situated, under the pro-visions of the national bank act, or
(6) It possesses a paid-up, unimpaired capital of at least 60 per cent of suchamount, and, under "penalty of loss of membership, complies with the rules andregulations herein prescribed by the Federal Reserve Board fixing the time withinwhich and the method by which the unimpaired capital of such bank shall bei ncreased out of net income to equal the capital required under (a).
In order to become a member of the Federal reserve system, therefore, anyState bank or trust company must have a minimum paid-up capital stock atthe time it becomes a member, as follows:
If located in a city or town with a population of—
Not exceeding 3,000 inhabitantsExceeding 3,000 but not exceeding 6,000 inhabitants. _Exceeding 6,000 but not exceeding 50,000 inhabitants.Exceeding 50,000 inhabitants
Minimumcapital ifadmitted
underclause (a)
$25,00050,000100,000200,000
Minimumcapital ifadmitted
underclause (6)
$15,00030,00060,000120,000
Any bank admitted to membership under clause (b) must also, as a conditionof membership, the violation of which will subject it to expulsion from theFederal reserve system, increase its paid-up and unimpaired capital within fiveyears after the approval of its application by the Federal Reserve Board to theamount required under (a). For the purpose of providing for such increase,every such bank shall set aside each year in a fund exclusively applicable to suchcapital increase not less than 50 per cent of its net earnings for the preceding yearprior to the payment of dividends, and if such net earnings exceed 12 per centof the paid-up capital of such bank, then all net earnings in excess of 6 per centof the paid-up capital shall be carried to such fund, until such fund is large enoughto provide for the necessary increase in capital. Whenever such fund shall belarge enough to provide for the necessary increase in capital, or at such other timeas the Federal Reserve Board may require, such fund or as much thereof as maybe necessary shall be converted into capital by a stock dividend or used in anyother manner permitted by State law to increase the capital of such bank to theamount required under (a): Provided, however, That such bank may be excusedin whole or in part from compliance with the terms of this paragraph if it increasesits capital through the sale of additional stock: Provided, further, That nothingherein contained shall be construed as requiring any such bank to violate anyprovision of State law, and in any case in which the requirements of this para-graph are inconsistent with the requirements of State law the requirementsof this paragraph may be waived and the subject covered by a special condition ofmembership to be prescribed by the Federal Reserve Board.
SECTION II. APPLICATION FOR MEMBERSHIP
Any eligible State bank or trust company may make application on F. R. B.Form 83a, made a part of this regulation, to the Federal Reserve Board for anamount of capital stock in the Federal reserve bank of its district equal to 6 percent of the paid-up capital stock and surplus of such State bank or trust com-
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party. This application must be forwarded direct to the Federal reserve agentof the district in which the applying bank or trust company is located and mustbe accompanied by Exhibits I, II, and III, referred to on page 1 of the applicationblank.
SECTION III . APPROVAL ON APPLICATION
In passing upon an application the Federal Reserve Board will consider espec-ially—
(1) The financial condition of the applying bank or trust company andthe general character of its management;
(2) Whether the corporate powers exercised by the applying bank ortrust company are consistent with the purposes of the Federal reserve act;and
(3) Whether the laws of the State or district in which the applying bankor trust company is located contain provisions likely to prevent proper com-pliance with the provisions of the Federal reserve act and the regulations ofthe Federal Reserve Board made in conformity therewith.
If, in the judgment of the Federal Reserve Board, an applying bank or trustcompany conforms to all the requirements of the Federal reserve act and theseregulations, and is otherwise qualified for membership, the board will issue acertificate of approval subject to such conditions as it may deem necessary.When the conditions imposed by the board have been accepted by the applyingbank or trust company the board will issue a certificate of approval, whereuponthe applying bank or trust company shall make a payment to the Federal reservebank of its district of one-half of the amount of its subscription, i. e., 3 per centof the amount of its paid-up capital and surplus, and upon receipt of this paymentthe appropriate certificate of stock will be issued by the Federal reserve bank.The remaining half of its subscription shall be subject to call when deemed neces-sary by the Federal Reserve Board.
SECTION IV. CONDITIONS OF MEMBERSHIP
Pursuant to the authority contained in the first paragraph of section 9 of theFederal reserve act, which provides that the Federal Reserve Board may permitapplying banks to become members of the Federal reserve system "subject tosuch conditions as it may prescribe," the Federal Reserve Board will prescribe thefollowing conditions of membership for each bank or trust company hereafterapplying for admission to the Federal reserve system, in addition to such otherconditions as the board may consider necessary or advisable in the particularcase—
(1) Except with permission of the Federal Reserve Board, such bank or trustcompany shall not cause or permit any change to be made in the general characterof its assets or in the scope of the functions exercised by it at the time of admissionto membership, such as will tend to affect materially the standard maintained atthe time of its admission to the Federal reserve system and required as a con-dition of membership.
(2) Such bank or trust company shall at all times conduct its business andexercise its powers with due regard to the safety of its customers.
(3) Such bank or trust company shall not reduce its capital stock except withthe permission of the Federal Reserve Board.
(4) Such bank or trust company shall not, except after applying for andreceiving the permission of the Federal Reserve Board, establish any branch,agency, or additional office.
(5) Such bank or trust company, except after applying for and receiving thepermission of the Federal Reserve Board, shall not consolidate with or absorbor purchase the assets of any other bank or branch bank for the purpose of oper-ating such bank or branch bank as a branch of the applying bank; nor directlyor indirectly, through affiliated corporations or otherwise, acquire an interest inanother bank in excess of 20 per cent of the capital stock of such other bank; nordirectly or indirectly promote the establishment of any new bank for the purposeof acquiring such an interest in it; nor make any arrangement to acquire such aninterest.
(6) Such bank or trust company shall reduce to, and maintain within, thelimits prescribed by the laws of the State in which it is located, any loan whichmay be in excess of such limits.
(7) Such bank or trust company shall reduce to an amount equal to 10 percent of its capital and surplus all balances in excess thereof, if any, which are
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carried with banks or trust companies which are not members of the Federalreserve system, and shall at all times maintain such balances within such limits.
(8) Such bank or trust company may accept drafts and bills of exchangedrawn upon it of any character permitted by the laws of the State of its incorpor-ation; but the aggregate amount of all acceptances outstanding at any one timeshall not exceed the limitations imposed by section 13 of the Federal reserve act,that is, the aggregate amount of acceptances outstanding at any one time whichare drawn for the purpose of furnishing dollar exchange in countries specified bythe Federal Reserve Board shall not exceed 50 per cent of its capital and surplus,and the aggregate amount of all other acceptances, whether domestic or foreign,outstanding at any one time shall not exceed 50 per cent of its capital and surplus,except that the Federal Reserve Board, upon the application of such bank ortrust company, may increase this limit from 50 per cent to 100 per cent of itscapital and surplus: Provided, however, That in no event shall the aggregateamount of domestic acceptances outstanding at any one time exceed 50 per centof the capital and surplus of such bank or trust company.
(9) The board of directors of said bank or trust company shall adopt a resolu-tion authorizing the interchange of reports and information between the Federalreserve bank of the district in which such bank or trust company is located andthe banking authorities of the State in which such bank is located.
Each bank or trust company applying for membership hereafter will be re-quired to agree to the above conditions and any other conditions which theboard may prescribe, prior to the admission of such bank or trust company tothe Federal reserve system. %
SECTION V. PERMISSION NECESSARY PRIOR TO MAKING CHANGES IN ASSETS ORSCOPE OF FUNCTIONS
Each bank or trust company hereafter admitted to the Federal reserve systemand each bank or trust company which has heretofore been admitted subject tocondition No. 1 of Section IV or subject to any similar condition shall, throughthe Federal reserve agent, request the permission of the Federal Reserve Boardprior to taking any action which may result in a change in the general characterof its assets or in the scope of the functions exercised by it at the time of admis-sion to membership, such as will tend to affect materially the standard maintainedat the time of its admission to the Federal reserve system and required as a con-dition of membership.
The board considers that among the actions which may result in changes ofthe kind referred to in this section are the establishment of branches, agenciesor additional offices and consolidations or mergers with, or purchases of the as-sets of other banks or branch banks.
SECTION VI. PRINCIPLES GOVERNING ESTABLISHMENT OF BRANCHES
In passing upon applications by State banks and trust companies for permis-sion to establish branches, agencies or additional offices, under condition No. 4of Section IV, or under any similar condition which may have been prescribedby the Federal Reserve Board and agreed to by any bank or trust companyheretofore admitted to the Federal reserve system, the Federal Reserve Boardwill observe the following principles—
(1) The Federal Reserve Board will as a general principle restrict the estab-lishment of branches, agencies or additional offices by such banks or trust com-panies to the city of location of the parent bank and the territorial area withinthe State contiguous thereto, as said territory has been defined in the board'sresolution of November 7, 1923,9 excepting in instances where the State bankingauthorities have certified and the board finds that public necessity and advantagerender a departure from the principle necessary or desirable.
(2) The Federal Reserve Board as a general principle will not consider anapplication by such bank or trust company for a permit to establish a branch,agency or additional office, unless the authorities of the State in which suchbank is located regularly make simultaneous examinations of the head officeand all branches, agencies or additional offices of such bank, nor unless the ex-aminations made by the State authorities are, in the judgment of the FederalReserve Board, of such character in every respect as to furnish the Federal
9 The term "contiguous territory" is defined in the board's resolution of Nov. 7, 1923, to mean: "Theterritory of a city or town whose corporate limits at some point coincide with the corporate limits of thecity or town in which the parent bank is located."
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Reserve Board with sufficient information as to the condition of such bank andthe character of its management to enable the Federal Reserve Board fully toprotect the interests of the public.
(3) The Federal Reserve Board as a general principle will require each bankor trust company which establishes or maintains branches, agencies or additionaloffices to maintain for itself and such branches, agencies or additional offices anadequate ratio of capital to total liabilities and an adequate percentage of itstotal investments in the form of paper or securities eligible for discount or pur-chase by Federal reserve banks.
(4) The Federal Reserve Board will not consider any application to establisha branch, agency or additional office until the State banking authorities haveapproved the establishment of such branch, agency or additional office, and thedirectors or executive committee and the Federal reserve agent of the Federalreserve bank of the district in which such bank or trust company is located havemade a report upon the financial condition of the applying bank or trust company,the general character of its management, what effect the establishment of suchbranch, agency or additional office would «have upon other banks or branches inthe locality in which it is to be established, and whether, in their opinion, it wouldbe in the interest of the public in such locality, together with their recommenda-tion as to whether or not the application should be granted.
(5) When permission is granted for the establishment of such branch, agencyor additional office same shall be established and opened for business withinsix months after such permission is granted. If such branch, agency or additionaloffice is not established within such time the permit shall become void, unless thetime is extended by the board for good cause.
(6) The Federal Reserve Board reserves the right to cancel any permit whichit may grant hereafter to establish any branch, agency or additional office when-ever it shall appear, after hearing, that such branch, agency or additional office isbeing operated in a manner contrary to the interest of the public in the localityin which it is established.
SECTION VII. POWERS AND RESTRICTIONS
Every State bank or trust company while a member of the Federal reservesystem—
(1) Shall retain its full charter and statutory rights as a State bank ortrust company, subject to the provisions of the Federal reserve act, to theregulations of the Federal Reserve Board, and to the conditions prescribedby the Federal Reserve Board and agreed to by such State bank or trustcompany prior to its admission.
(2) Shall maintain such improvements and changes in its banking prac-tice as may have been specifically required of it by the Federal ReserveBoard as a condition of its admission and shall not lower the standard ofbanking then required of it;
(3) Shall enjoy all the privileges and observe all those requirements of theFederal reserve act and of the regulations of the Federal Reserve Boardmade in conformity therewith which are applicable to State banks and trustcompanies which have become member banks; and
(4) Shall comply at all times with any and all conditions of membershipprescribed by the Federal Reserve Board at the time of the admission ofsuch member bank to the Federal reserve system.
SECTION VIII. EXAMINATIONS AND REPORTS
Every State bank or trust company, while a member of the Federal reservesystem, shall be subject to examinations made by direction of the Federal Re-serve Board or of the Federal reserve bank by examiners selected or approvedby the Federal Reserve Board.
In order to avoid duplication, examinations of State banks and trust com-panies made by State authorities will be accepted in lieu of examinations byexaminers selected or approved by the board wherever these are satisfactoryto the directors of the Federal reserve bank, and examiners from the staff of theboard or of the Federal reserve banks will, whenever desirable, be designatedby the board to act with the examination staff of the State in order that uniformityin the standard of examination may be assured.
Every State bank or trust company, while a member of the Federal reservesystem, shall be required to make in each year not less than three reports ofcondition on F. R. B. Form 105. Such reports shall be made to the Federal
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reserve bank of its district on call of such bank, on dates to be fixed by the FederalReserve Board. They shall also make semiannual reports of earnings and divi-dends on F. R. B. Form 107. As dividends may be declared from time to timeeach State bank or trust company member shall also furnish to the Federalreserve bank of its district a special notification of dividend declared on F. R. B.Form 107a. F. R. B. Forms 105, 107, and 107a are made a part of this regulation.
REGULATION I, SERIES OF 1924
(Superseding Regulation I of 1923)
INCREASE OR DECREASE OF CAPITAL STOCK OF FEDERAL RESERVEBANKS AND CANCELLATION OF OLD AND ISSUE OF NEW STOCKCERTIFICATES
SECTION I. INCREASE OF CAPITAL STOCK
(a) New national banks.—Each new national bank, while in process oforganization (including each nonmember State bank converting into a nationalbank,10 while in process of such conversion) shall file with the Federal reservebank of its district an application to the Federal Reserve Board on F. R. B.Form 30 (or as to a nonmember State bank converting into a national bank, onF. R. B. Form 30a), made a part of this regulation, for an amount of capitalstock of the Federal reserve bank of its district equal to 6 per cent of the paid-up capital stock and surplus of such new national bank. Such application shallbe forwarded promptly to the Federal Reserve Board, and if it is found to be inproper form the Federal Reserve Board will grant its approval effective if andwhen the Comptroller of the Currency issues to such bank his certificate ofauthority to commence business. If its application is approved, the applyingbank shall thereupon make a payment to the Federal reserve bank of its districtof one-half of the amount of its subscription, i. e., 3 per cent of the amount of itspaid-up capital and surplus; and upon receipt of this payment the Federalreserve bank will issue a receipt therefor, place the amount in a suspense account,and notify the Federal Reserve Board that it has been received. When theComptroller of the Currency issues to such applying bank his certificate ofauthority to commence business the Federal reserve bank shall issue a stockcertificate to the applying bank, and the capital stock of the Federal reservebank represented by such certificate shall be considered as issued as of the dateupon which the Comptroller of the Currency issues his certificate of authorityto commence business. The remaining half of the subscription of the applyingbank shall be subject to call when deemed necessary by the Federal ReserveBoard.
(b) State banks becoming members.—Any State bank or trust companydesiring to become a member of the Federal reserve system shall make applicationas provided in Regulation H, and when such application has been approved bythe Federal Reserve Board and all requirements of Regulation H have beencomplied with the Federal reserve bank shall issue an appropriate certificate ofstock as provided in Regulation H.
(c) Increase of capital or surplus by member banks.—Whenever any memberbank shall increase the aggregate amount of its paid-up capital stock and surplus,it shall file with the Federal reserve bank of which it is a member an applicationon F. R. B. Form 56, made a part of this regulation, for an additional amount ofcapital stock of the Federal reserve bank of its district equal to 6 per cent ofsuch increase. After such application has been approved by the Federal reserveagent and by the Federal Reserve Board, the applying member bank shall payto the Federal reserve bank of its district one-half of the amount of its additionalsubscription, and when this amount has been paid the appropriate certificate ofstock shall be issued by the Federal reserve bank. The remaining half of such
io Whenever any State member bank is converted into a national bank under sec. 5154 of the RevisedStatutes, as amended by sec. 8 of the Federal reserve act, it may continue to hold as a national bank itsshares of Federal reserve bank stock previously held as a State bank, and need not file any applicationfor Federal reserve bank stock, unless the aggregate amount of its capital and surplus is increased, inwhich event it should file an application for additional stock, as provided in Section I (c). The certificateof stock issued in the old name of the member bank, however, should be surrendered and canceled, anda new certificate should be issued in lieu thereof, in the new name of the member bank, as provided inSection III.
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additional subscription shall be subject to call when deemed necessary by theFederal Reserve Board.
(d) Consolidation of member banks.—Whenever two or more member banksconsolidate and such consolidation results in the consolidated bank acquiringby operation of law n the Federal reserve bank stock owned by the other con-solidating bank or banks, and which also results in the consolidated bank havingan aggregate capital and surplus in excess of the aggregate capital and surplusof the consolidating member banks, such consolidated bank shall file an appli-cation for additional stock, as provided in Section I (c).
(e) Certifying increases of Federal reserve bank stock.—Whenever thecapital stock of any Federal reserve bank shall be increased the board of directorsof such Federal reserve bank shall certify such increase to the Comptroller ofthe Currency on F. R. B. Form 58, which is made a part of this regulation. Suchcertifications shall be made quarterly as of the last days of December, March,June, and September of each year. A duplicate copy of each certificate shallbe forwarded to the Federal Reserve Board.
SECTION II. DECREASE OF CAPITAL STOCK
(a) Reduction of capital by member bank.—Whenever a member bank re-duces the amount of its paid-up capital stock and, in the case of reduction of thepaid-up capital of a national bank, such reduction has been approved by theComptroller of the Currency and by the Federal Reserve Board in accordancewith the provisions of section 28 of the Federal reserve act, it shall file with theFederal reserve bank of which it is a%member an application for the surrender andcancellation of stock on F. R. B. Form 60, which is made a part of this regulation.When this application has been approved by the Federal reserve agent and theFederal Reserve Board, the Federal reserve bank shall accept and cancel thestock which the applying bank is entitled to surrender and shall refund to themember bank the proportionate amount due such bank on account of the stockcanceled.
(6) Insolvency of member bank.—Whenever a member bank shall be declaredinsolvent and a receiver appointed by the proper authorities, such receiver shall,within six months from the date of his appointment, file with the Federal reservebank of which the insolvent bank is a member an application on F. R. B. Form 87,which is made a part of this regulation, for the surrender and cancellation of thestock held by such insolvent member bank, and for the refund of all balances dueto it. If the receiver shall fail to make such application within the time specified,the Federal reserve agent shall report the facts to the Federal Reserve Boardwith a recommendation as to the action to be taken, whereupon the FederalReserve Board will either issue an order to cancel such stock or, if the circum-stances warrant it, grant the receiver additional time in which to file such anapplication. Upon approval of such an application by the Federal reserveagent and the Federal Reserve Board, or upon the issuance of such an order bythe Federal Reserve Board, the Federal reserve bank shall cancel such stock andshall adjust accounts between the member bank and the Federal reserve bankby applying to any indebtedness of the insolvent member bank to such Federalreserve bank all cash-paid subscriptions made by it on the stock canceled withone-half of 1 per cent per month from the period of last dividend, if earned, notto exceed the book value thereof, and the balance, if any, shall be paid to theduly authorized receiver of such insolvent member bank.
(c) Voluntary liquidation of member bank.—Whenever a member bank goesinto voluntary liquidation and a liquidating agent is appointed, such agent shall,within six months from the date of his appointment, file with the Federal reserve
11 Section 5 of the Federal reserve act provides that "Shares of the capital stock of Federal reserve banksowned by member banks shall not be transferred or hypothecated." This provision prevents a transferof Federal reserve bank stock by purchase, but does not prevent a transfer by operation of law. Whenthere is a merger of member banks involving the liquidation of one of such banks and the purchasing ofthe assets of the liquidating bank by the bank continuing in existence, it is necessary for the liquidatingbank to surrender its Federal reserve bank stock and for the purchasing bank to apply for new stock. Onthe other hand, if member banks consolidate, under a statute which does not require the liquidation ofany of the consolidating banks, and the assets and obligations of the consolidating banks are transferredto the consolidated bank by operation of law, the consolidated bank becomes the owner of the Federalreserve bank stock of the consolidating banks as soon as the consolidation takes effect and such stock tech-nically need not be surrendered. The certificates of stock issued in the names of the consolidating banks,however, should be surrendered and canceled, and a new certificate should be issued in lieu thereof, inthe new name of the consolidated bank, as provided in Section III. A consolidation of national banksunder the act of Congress entitled "An act to provide for the consolidation of national banking associa-tions," approved November 7, 1918, meets all of these conditions.
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bank of which the liquidating bank is a member an application on F. R. B. Form86, if a national bank and on F. R. B. Form 143, if a State bank, which forms aremade a part of this regulation, for the surrender and cancellation of the stockheld by it and for the refund of all balances due to such liquidating memberbank. If the liquidating agent shall fail to make such application within thetime specified, the Federal reserve agent shall report the facts to the FederalReserve Board with a recommendation as to the action to be taken, whereuponthe Federal Reserve Board will either issue an order to cancel such stock, or, ifthe circumstances warrant it, grant the liquidating agent additional time inwhich to file such an application. Upon approval of such an application by theFederal reserve agent and the Federal Reserve Board, or upon the issuance ofsuch an order by the Federal Reserve Board, the Federal reserve bank shallcancel such stock and shall adjust accounts between the liquidating memberbank and the Federal reserve bank by applying to the indebtedness of the liquidat-ing member bank to such Federal reserve bank all cash-paid subscriptions madeby it on the stock canceled with one-half of 1 per cent per month from the periodof last dividend, if earned, not to exceed the book value thereof, and the balance,if any, shall be paid to the duly authorized liquidating agent of such liquidatingmember bank.
(dj Consolidation of member banks.—Whenever there is a consolidation oftwo or more member banks which results in the consolidated bank acquiring byoperation of law (see note 11 on p. 263) the Federal reserve bank stock owned bythe other consolidating banks, and which also results in the consolidated bankhaving a paid-up capital less than the aggregate paid-up capital of the consolidat-ing member banks, the consolidated bank shall file with the Federal reserve bankof which it is a member an application for the surrender and cancellation of stockon F. R. B. Form 60a, which is made a part of this regulation. Upon the approvalof this application by the Federal reserve agent and the Federal Reserve Board,the Federal reserve bank shall accept and cancel the stock which the applyingbank is entitled to surrender, and shall refund to the applying bank the pro-portionate amount due such bank on account of the stock canceled.
(e) Certifying reductions of Federal reserve bank stock.—All reductions of thecapital stock of a Federal reserve bank shall, in accordance with the provisions ofsection 6 of the Federal reserve act, be certified to the Comptroller of the Cur-rency by the board of directors of such Federal reserve bank on F. R. B. Form 59,which is made a part of this regulation. Such certifications shall be made quar-terly as of the last days of December, March, June, and September of each year.A duplicate copy of each certificate shall be forwarded to the Federal ReserveBoard.
SECTION II I . CANCELLATION OF OLD AND ISSUE OF NEW STOCK CERTIFICATES
Whenever a member bank changes its name or, by consolidation with anothermember bank, acquires by operation of law (see note 11 on p. 263) the Federalreserve bank stock previously held by such other member bank, it shall surrenderto the Federal reserve bank the certificate of Federal reserve bank stock whichwas issued to it under its old name, or which was issued to such other memberbank. The certificate so surrendered shall be indorsed by the member bank sur-rendering it or by the member bank to which it was originally issued and shall beaccompanied by" proper proof of the change of name or consolidation. Uponreceipt of such certificate of stock so indorsed, together with such proof, theFederal reserve bank shall cancel the certificate so surrendered and shall issuein lieu thereof to and in the name of the member bank surrendering it a newcertificate for the number of shares represented by the certificate so surrendered,or if the member bank is entitled to surrender some of the stock which is repre-sented by the surrendered certificate, and an application for the surrender andcancellation of such stock is at the same time made in accordance with this regu-lation, the new certificate shall be for the number of shares represented by thesurrendered certificate less the number of shares canceled pursuant to suchapplication. All cases where certificates of stock are surrendered and new cer-tificates issued in lieu thereof and in a different name shall be reported to theFederal Reserve Board by the Federal reserve agent.
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REGULATIONS OF THE BOARD 265
REGULATION J, SERIES OF 1924
(Superseding regulation J of 1920)
CHECK CLEARING AND COLLECTION
SECTION I. STATUTORY PROVISIONS
Section 16 of the Federal reserve act authorizes the Federal Reserve J3oard torequire each Federal reserve bank to exercise the function of a clearing house forits member banks, and section 13 of the Federal reserve act, as amended by theact approved June 21, 1917, authorizes each Federal reserve bank to receivefrom any nonmember bank or trust company, solely for the purposes of exchangeor of collection, deposits of current funds in lawful money, national-bank notes,Federal reserve notes, checks and drafts payable upon presentation, or maturingnotes and bills, provided such nonmember bank or trust company maintainswith its Federal reserve bank a balance sufficient to offset the items in transitheld for its account by the Federal reserve bank.
SECTION II. GENERAL REQUIREMENTS
In pursuance of the authority vested in it under these provisions of law, theFederal Reserve Board, desiring to afford both to the public and to the variousbanks of the country a direct, expeditious, and economical system of checkcollection and settlement of balances, has arranged to have each Federal reservebank exercise the functions of a clearing house and collect checks for such of itsmember banks as desire to avail themselves of its privileges and for such non-member State banks and trust companies as may maintain with the Federalreserve bank balances sufficient to qualify them under the provisions of section 13to send items to Federal reserve banks for purposes of exchange or of collection.Such nonmember State banks and trust companies will hereinafter be referredto as nonmember clearing banks.
Each Federal reserve bank shall exercise the functions of a clearing house andcollect checks under the general terms and conditions hereinafter set forth.
SECTION III . CHECKS RECEIVED FOR COLLECTION
(1) Each Federal reserve bank will receive at par from its member banks andfrom nonmember clearing banks in its district, checks 12 drawn on all memberand nonmember clearing banks, and checks drawn on all other nonmember bankswhich are collectable at par in funds acceptable to the Federal reserve bank ofthe district in which such nonmember banks are located.
(2) Each Federal reserve bank will receive at par from other Federal reservebanks, and from all member and nonmember clearing banks in other Federal re-serve districts which are authorized to route direct for the credit of their respectiveFederal reserve banks, checks drawn on all member and nonmember clearingbanks of its district, and checks drawn on all other nonmember banks of itsdistrict which are collectable at par in funds acceptable to the collecting Federalreserve bank.
(3) No Federal reserve bank shall receive on deposit or for collection anycheck drawn on any nonmember bank which can not be collected at par in fundsacceptable to the Federal reserve bank of the district in which such nonmemberbank is located.
SECTION IV. TIME SCHEDULE AND AVAILABILITY OF CREDITS
(1) Each Federal reserve bank will publish a time schedule showing the timeat which any item sent to it will be counted as reserve and become available forwithdrawal or other use by the sending bank. For all checks received, the sendingbank will be given immediate credit, or deferred credit, in accordance with suchtime schedule, and as provided below.
(2) For all such checks as are received for immediate credit in accordance withsuch time schedule, immediate credit, subject to final payment, will be given uponthe books of the Federal reserve bank at full face value in the reserve account
12 A check is generally defined as a draft or order upon a bank or banking house, purporting to be drawnupon a deposit of funds, for the payment at all events of a certain sum of money to the order of a certainperson therein named, or to him or his order, or to bearer, and payable on demand.
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or clearing account upon day of receipt, and the proceeds will at once be countedas reserve and become available for withdrawal or other use by the sending bank.
(3) For all such checks as are received for deferred credit in accordance withsuch time schedule, deferred credit, subject to final payment, will be entered uponthe books of the Federal reserve bank at full face value, but the proceeds will notbe counted as reserve nor become available for withdrawal or other use by thesending bank until such time as may be specified in such time schedule,13 at whichtime credit will be transferred from the deferred account to the reserve accountor clearing account subject to final payment and will then be counted as reserveand become available for withdrawal or other use by the sending bank.
SECTION V. TEBMS OF COLLECTION
The Federal Reserve Board hereby authorizes the Federal reserve banks tohandle such checks subject to the following terms and conditions; and eachmember and nonmember clearing bank which sends checks to any Federal re-serve bank for deposit or collection shall by such action be deemed (a) to author-ize the Federal reserve banks to handle such checks subject to the following termsand conditions, (b) to warrant its own authority to give the Federal reservebanks such authority, and (c) to agree to indemnify any Federal reserve bankfor any loss resulting from the failure of such sending bank to have such authority.
(1) A Federal reserve bank will act only as agent of the bank from which itreceives such checks and will assume no liability except for its own negligenceand its guaranty of prior indorsements.
(2) A Federal reserve bank may present such checks for payment or send suchchecks for collection direct to the bank on which they are drawn or at whichthey are payable, or in its discretion may forward them to another agent withauthority to present them for payment or send them for collection direct to thebank on which they are drawn or at which they are payable.
(3) A Federal reserve bank may in its discretion and at its option, eitherdirectly or through an agent, accept either cash or bank drafts in payment ofor in remittance for such checks and shall not be held liable for any loss result-ing from the acceptance of bank drafts in lieu of cash, nor for the failure of thedrawee bank or any agent to remit for such checks, nor for the nonpaymentof any bank draft accepted in payment or as a remittance from the drawee bankor any agent.
(4) Checks received by a Federal reserve bank on its member or nonmemberclearing banks will ordinarily be forwarded or presented direct to such banks,and such banks will be required to remit or pay therefor at par in cash or bankdraft acceptable to the collecting Federal reserve bank, or at the option of suchFederal reserve bank to authorize such Federal reserve bank to charge theirreserve accounts or clearing accounts; provided, however, that any Federal re-serve bank may reserve the right in its check collection circular to charge suchitems to the reserve account or clearing account of any such bank at any timewhen in any particular case the Federal reserve bank deems it necessary to do so.
(5) Checks received by a Federal reserve bank payable in other districts willbe forwarded for collection upon the terms and conditions herein provided to theFederal reserve bank of the district in which such checks are payable.
(6) The amount of any check for which payment in actually and finally col-lected funds is not received shall be charged back to the forwarding bank, re-gardless of whether or not the check itself can be returned.
SECTION VI. OTHER RULES AND REGULATIONS
Each Federal reserve bank shall also promulgate rules and regulations notinconsistent with the terms of the law or of this regulation, governing the de-tails of its check clearing and collection operations. Such rules and regula-tions shall be set forth by the Federal reserve banks in their letters of instructionto their member and nonmember clearing banks and shall be binding upon anymember or nonmember clearing bank which sends any check to such Federalreserve bank for collection or to any other Federal reserve bank for the accountof such Federal reserve bank for collection.
13 For rules for computation of reserves and penalties for deficiencies in reserves, see regulation D, Sec-tions III and IV, p. 251.
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REGULATIONS OF THE BOARD 2 6 7
REGULATION K, SERIES OF 1924
(Superseeding Regulation K of 1923)
BANKING CORPORATIONS AUTHORIZED TO DO FOREIGN BANKINGBUSINESS UNDER THE TERMS OF SECTION 25(a) OF THE FEDERALRESERVE ACT
SECTION I. ORGANIZATION
Any number of natural persons, not less in any case than five, may forma Corporation 14 under the provisions of section 25 (a) for the purpose of engagingin international or foreign banking or other international or foreign financialoperations or in banking or other financial operations in a dependency or insularpossession of the United States either directly or through the agency, ownership,or control of local institutions in foreign countries or in such dependencies orinsular possessions.
SECTION II. ARTICLES OF ASSOCIATION
Any persons desiring to organize a corporation for any of the purposes definedin section 25(a) shall enter into articles of association (see F. R. B. Form 151which is suggested as a satisfactory form of articles of association) which shallspecify in general terms the objects for which the Corporation is formed, and maycontain any other provisions not inconsistent with law which the Corporation maysee fit to adopt for the regulation of its business and the conduct of its affairs.The articles of association shall be signed by each person intending to participatein the organization of the Corporation and when signed shall be forwarded to theFederal Reserve Board.in whose office they shall be filed.
SECTION III. ORGANIZATION CERTIFICATE
All of the persons signing the articles of association shall under their hands makean organization certificate on F. R. B. Form 152, which is made a part of thisregulation, and which shall state specifically:
First. The name assumed by the Corporation.Second. The place or places where its operations are to be carried on.Third. The place in the United States where its home office is to be located.Fourth. The amount of its capital stock and the number of shares into
which it shall be divided.Fifth. The names and places of business or residences of persons executing
the organization certificate and the number of shares to which each hassubscribed.
Sixth. The fact that the certificate is made to enable the persons sub-scribing the same and all other persons, firms, companies, and corporationswho or which may thereafter subscribe to or purchase shares of the capitalstock of such Corporation to avail themselves of the advantages of thissection.
The persons signing the organization certificate shall acknowledge the executionthereof before a judge qf some court of record or notary public who shall certifythereto under the seal of such court or notarj^. Thereafter the certificate shall beforwarded to the Federal Reserve Board to be filed in its office.
SECTION IV. TITLE
Inasmuch as the name of the Corporation is subject to the approval of theFederal Reserve Board, a preliminary application for that approval should befiled with the Federal Reserve Board on F. R. B. Form 150, which is made a partof this regulation. This application should state merely that the organization ofa Corporation under the proposed name is contemplated and may request theapproval of that name and its reservation for a period of 30 days. No Corpora-tion which issues its own bonds, debentures, or other such obligations will be per-mitted to have the word "bank" as a part of its title. No Corporation which hasthe wrord "Federal" in its title will be permitted also to have the word "bank"as a part of its title. So far as possible the title of the Corporation should indicatethe nature or reason of the business contemplated and should in no case resemblethe name of any other corporation to the extent that it might result in misleadingor deceiving the public as to its identity, purpose, connections, or affiliations.
14 Whenever these regulations refer to a corporation spelled with a capital C, they relate to a corporationorganized under section 25(a) of the Federal reserve act.
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SECTION V. AUTHORITY TO COMMENCE BUSINESS
After the articles of association and organization certificate have been made andfiled with the Federal Reserve Board, and after they have been approved by theFederal Reserve Board and a preliminary permit to begin business has beenissued by the Federal Reserve Board, the association shall become and be a bodycorporate, but none of its powers except such as are incidental and preliminary toits organization shall be exercised until it has been formally authorized by theFederal Reserve Board by a final permit generally to commence business.
Before the Federal Reserve Board will issue its final permit to commencebusiness, the president or cashier, together with at least three of the directors,must certify (a) that' each director elected is a citizen of the United States;(6) that a majority of the shares of stock is owned by citizens of the United States,by corporations the controlling interest in which is owned by citizens of theUnited States, chartered under the laws of the United States, or by firms or com-panies the controlling interest in which is owned by citizens of the United States;and (c) that of the authorized capital stock specified in the articles of associationat least 25 per cent has been paid in in cash and that each shareholder has indi-vidually paid in in cash at least 25 per cent of his stock subscription. Thereafterthe cashier shall certify to the payment of the remaining installments as andwhen each is paid in, in accordance with law.
SECTION VI. CAPITAL STOCK
No Corporation may be organized under the terms of section 25 (a) with acapital stock of less than $2,000,000. The par value of each share of stock shallbe specified in the articles of association, and no Corporation will be permittedto issue stock of no par value. If there is more than one class of stock, the nameand amount of each class and the obligations, rights, and privileges attachingthereto shall be set forth fully in the articles of association. Each class of stockshall be so named as to indicate to the investor as nearly as possible what is itscharacter and to put him on notice of any unusual attributes.
SECTION VII. TRANSFERS OF STOCK
Section 25(a) provides in part that—A majority of the shares of the capital stock of any such corporation shall at all times be held and owned
by the citizens of the United States, by corporations the controlling interest in which is owned by citizensof the United States, chartered under the laws of the United States or of a State of the United States, or byfirms or companies the controlling interest in which is owned by citizens of the United States.
In order to insure compliance at all times with the requirements of this pro-vision after the organization of the Corporation, shares of stock shall be issuableand transferable only on the books of the Corporation. Every application forthe issue or transfer of stock shall be accompanied by an affidavit of the party towhom it is desired to issue or transfer stock, or by his or its duly authorized agent,stating—
In the case of an individual.—(a) Whether he is or is not a citizen of the UnitedStates and, if a citizen of the United States, whether he is a natural-born citizenor a citizen by naturalization, and if naturalized, whether he remains for anypurpose in the allegiance of any foreign sovereign or State; (b) whether there isor is not any arrangement under which he is to hold the shares or any of theshares which he desires to have issued or transferred to him, in trust for or inany way under the control of any foreign State or any foreigner, foreign corpora-tion, or any corporation under foreign control; and if so, the nature thereof.
In the case of a corporation.—(a) Whether such corporation is or is not char-tered under the laws of the United States or of a State of the United States. If itis not, no further declaration is necessary, but if it is, it must also be stated (b)whether the controlling interest in such corporation is or is not owned by citizensof the United States, and (c) whether there is or is not any arrangement underwhich such corporation will hold the shares or any of the shares if issued ortransferred to such corporation in trust for or in any way under the control ofany foreign State or any foreigner or foreign corporation or any corporation underforeign control; and if so, the nature thereof.
In the case of a firm or company.— (a) Whether the controlling interest insuch firm or company is or is not owned by citizens of the United States; andif so, (b) whether there is or is not any arrangement under which such firm orcompany will hold the shares or any of the shares if issued or transferred to such
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firm or company in trust for or in any way under the control of any foreign Stateor any foreigner or foreign corporation or any corporation under foreign control;and if so, the nature thereof.
The board of directors of the Corporation, whether acting directly or throughan agent, may, before making any issue or transfer of stock, require such furtherevidence as in their discretion they may think necessary in order to determinewhether or not the issue or transfer of the stock would result in a violation of thelaw. No issue or transfer of stock which would cause 50 per cent or more of thetotal amount of stock issued or outstanding to be held contrary to the provisionsof the law or these regulations shall be made upon the books of the Corporation.The decision of the board of directors in each case shall be final and conclusiveand not subject to any question by any person, firm, or corporation on anyground whatsoever.
If at any time by reason of the fact that the holder of any shares of the Cor-poration ceases to be a citizen of the United States, or, in the opinion of the boardof directors, becomes subject to the control of any foreign State or foreigner orforeign corporation or corporation under foreign control, 50 per cent or more ofthe total amount of capital stock issued or outstanding is held contrary to theprovisions of the law or these regulations, the board of directors msiy, whenapprised of that fact, forthwith serve on the holder of the shares in question anotice in writing requiring such holder within two months to transfer such sharesto a citizen of the United States, or to a firm, company, or corporation approvedby the board of directors as an eligible stockholder. When such notice has beengiven by the board of directors the shares of stock so held shall cease to conferany vote until they have been transferred as required above and if on the expi-ration of two months after such notice the shares shall not have been so trans-ferred, the shares shall be forfeited to the Corporation.
The board of directors shall prescribe in the by-laws of the Corporation appro-priate regulations for the registration of the shares of stock in accordance withthe terms of the law and these regulations. The by-laws must also providethat the certificates of stock issued by the Corporation shall contain provisionssufficient to put the holder on notice of the terms of the law and the regulationsof the Federal Reserve Board defining the limitations upon the rights of transfer.
SECTION VIII. OPERATIONS IN THE UNITED STATES
No Corporation shall carry on any part of its business in the United Statesexcept such as shall be incidental to its international or foreign business. Agenciesmay be established in the United States with the approval of the Federal ReserveBoard for specific purposes, but not generally to carry on the business of theCorporation.
SECTION IX. INVESTMENTS IN THE STOCK OF OTHER CORPORATIONS
It is contemplated by the law that a Corporation shall conduct its businessabroad either directly or indirectly through the ownership or control of corpo-rations, and it is accordingly provided that with the consent of the FederalReserve Board a Corporation may invest in the stock, or other certificates ofownership, of any other corporation organized—
(a) Under the provisions of section 25(a) of the Federal reserve act;(&) Under the laws of any foreign country or a colony or dependency
thereof;(c) Under the laws of any State, dependency, or insular possession of the
United States;provided, first, that such other corporation is not engaged in the general busi-ness of buying or selling goods, wares, merchandise, or commodities in the UnitedStates; and second, that it is not transacting any business in the United Statesexcept such as is incidental to its international or foreign business.
Except with the approval of the Federal Reserve Board, no Corporation shallinvest an amount in excess of 15 per cent of its capital and surplus in the stockof any corporation engaged in the business of banking, or an amount in excessof 10 per cent of its capital and surplus in the stock of any other kind of corpo-ration.
No Corporation shall purchase any stock in any other corporation organizedunder the terms of section 25 (a) or under the laws of any State, which is insubstantial competition therewith, or which holds stock or certificates of owner-ship in corporations which are in substantial competition with the purchasing
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Corporation. This restriction, however, does not apply to corporations organ-ized under foreign laws.
SECTION X. BRANCHES
No Corporation shall establish any branches except with the approval of theFederal Reserve Board, and in no case shall any branch be established in theUnited States.
SECTION XI. ISSUE OF DEBENTURES, BONDS, AND PROMISSORY NOTES
Approval of the Federal Reserve Board.—No Corporation shall make anypublic or private issue of its debentures, bonds, notes, or other such obligationswithout the approval of the Federal Reserve Board, but this restriction shall notapply to notes issued by the Corporation in borrowing from banks or bankersfor temporary purposes not to exceed one year. The approval of the FederalReserve Board will be based solely upon the right of the Corporation to make theissue under the terms of this regulation and shall not be understood in any way toimply that the Federal Reserve Board has approved or passed upon the merits ofsuch obligations as an investment. The Federal Reserve Board will consider thegeneral character and scope of the business of the Corporation in determining theamount of debentures, bonds, notes, or other such obligations of the Corporationwhich may be issued by it.
Application.—Every application for the approval of any such issue by a Cor-poration shall be accompanied by (1) a statement of the condition of the Corpora-tion in such form and as of such date as the Federal Reserve Board may require;(2) a detailed list of the securities by which it is proposed to secure such issue,stating their maturities, indorsements, guaranties, or collateral, if any, and ingeneral terms the nature of the transaction or transactions upon which they werebased; and (3) such other data as the Federal Reserve Board may from time totime require.
Advertisements.—No circular, letter, or other document advertising the issueof the obligations of a Corporation shall state or contain any reference to the factthat the Federal Reserve Board has granted its approval of the issue to which theadvertisement relates. This requirement will be enforced strictly in order thatthere may be no possibility of the public's misconstruing such a reference to be anapproval by the Federal Reserve Board of the merits or desirability of the obliga-tions as an investment.
SECTION XII. SALE OF FOREIGN SECURITIES
Approval of the Federal Reserve Board.—No Corporation shall offer for saleany foreign securities with its indorsement or guaranty, except with the approvalof the Federal Reserve Board, but such approval will be based solely upon theright of the Corporation to make such a sale under the terms of this regulationand shall not be understood in any way to imply that the Federal Reserve Boardhas approved or passed upon the merits of such securities as an investment.
Application.—Every application for the approval of such sale shall be accom-panied by a statement of the character and amount of the securities proposed tobe sold, their indorsements, guaranties, or collateral, if any, and such other dataas the Federal Reserve Board may from time to time require.
Advertisements.—No circular, letter, or other document advertising the sale offoreign securities by a Corporation with its indorsement or guaranty shall state orcontain any reference to the fact that the Federal Reserve Board has granted itsapproval of the sale of the securities to which the advertisement relates.
SECTION XIII . ACCEPTANCES
Kinds.—Any Corporation may accept (1) drafts and bills of exchange drawnupon it which grow out of transactions involving the importation or exportationof goods, and (2) drafts and bills of exchange which are drawn by banks orbankers located in foreign countries or dependencies or insular possessions of theUnited States for the purpose of furnishing dollar exchange as required by theusages of trade in such countries, dependencies, and possessions, provided, how-ever, that, except with the approval of the Federal Reserve Board and subject tosuch limitations as it may prescribe, no Corporation shall exercise its power toaccept drafts or bills of exchange if at the time such drafts or bills are presentedfor acceptance it has outstanding any debentures, bonds, notes, or other suchobligations issued by it.
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Maturity.—Except with the approval, of the Federal Reserve Board, no Cor-poration shall accept any draft or bill of exchange which grows out of a transactioninvolving the importation or exportation of goods with a maturity in excess of sixmonths, or shall accept any draft or bill of exchange drawn for the purpose offurnishing dollar exchange with a maturity in excess of three months.
Limitations.—(1) Individual drawers: No acceptances shall be made for theaccount of any one drawer in an amount aggregating at any time in excess of 10per cent of the subscribed capital and surplus of the Corporation, unless thetransaction be fully secured or represents an exportation or importation ofcommodities and is guaranteed by a bank or banker of undoubted solvency.(2) Aggregates: Whenever the aggregate of acceptances outstanding at an}^ time(a) exceeds the amount of the subscribed capital and surplus, 50 per cent of all theacceptances in excess of the amount shall be fully secured; or (b) exceeds twicethe amount of the subscribed capital and surplus, all the acceptances outstandingin excess of such amount shall be fully secured. (The Corporation shall electwhichever requirement (a) or (6) calls for the smaller amount of secured accept-ances.) In no event shall any Corporation have outstanding at any one timeacceptances drawn for the purpose of furnishing dollar exchange in an amountaggregating more than 50 per cent of its subscribed capital and surplus.
Reserves.—Against all acceptances outstanding which mature in 30 days orless a reserve of at least 15 per cent shall be maintained, and against all accept-ances outstanding which mature in more than 30 days a reserve of at least 3per cent shall be maintained. Reserves against acceptances must be in liquidassets of any or all of the following kinds: (1) Cash; (2) balances with otherbanks; (3) bankers' acceptances; and (4) such securities as the Federal ReserveBoard may from time to time permit.
SECTION XIV. DEPOSITS
In the United States.—No Corporation shall receive in* the United States anydeposits except such as are incidental to or for the purpose of carrying out trans-actions in foreign countries or dependencies of the United States where theCorporation has established agencies, branches, correspondents, or where itoperates through the ownership or control of subsidiary corporations. Depositsof this character may be made by individuals, firms, banks, or other corporations,whether foreign or domestic, and may be time deposits or on demand.
Outside the United States.—Outside the United States a Corporation mayreceive deposits of any kind from individuals, firms, banks, or other corporations:Provided, however, That if such corporation has any of its bonds, debentures, orother such obligations outstanding it may receive abroad only such deposits asare incidental to the conduct of its exchange, discount, or loan operations.
Reserves.—Against all deposits received in the United-States a reserve of notless than 13 per cent must be maintained. This reserve may consist of cash invault, a balance with the Federal reserve bank of the district in which the headoffice of the Corporation is located, or a balance with any member bank. Againstall deposits received abroad the Corporation shall maintain such reserves as maybe required by local laws and by the dictates of sound business judgment andbanking principles.
SECTION XV. GENERAL LIMITATIONS AND RESTRICTIONS
Liabilities of one borrower.—The total liabilities to a Corporation of anyperson, company, firm, or corporation for money borrowed, including in theliabilities of a company or firm the liabilities of the several members thereof,shall at no time exceed 10 per cent of the amount of its subscribed capital andsurplus, except with the approval of the Federal Reserve Board: Provided, how-ever, ^ That the discount of bills of exchange drawn in good faith against actuallyexisting values and the discount of commercial or business paper actually ownedby the person negotiating the same shall not be considered as money borrowedwithin the meaning of this paragraph. The liability of a customer on accountof an acceptance made by the Corporation for his account is not a liability formoney borrowed within the meaning of this paragraph unless and until he failsto place the Corporation in funds to cover the payment of the acceptance atmaturity or unless the Corporation itself holds the acceptance.
Aggregate liabilities of the Corporation.—The aggregate of the Corporation'sliabilities outstanding on account of acceptances, average domestic and foreigndeposits, debentures, bonds, notes, guaranties, indorsements, and other such
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obligations shall not exceed at any one time ten times the amount of the Corpora-tion's subscribed capital and surplus except with the approval of the FederalReserve Board. In determining the amount of the liabilities within the meaningof this paragraph, indorsements of bills of exchange having not more than sixmonths to run, drawn and accepted by others than the Corporation shall not beincluded.
Operations abroad.—Except as otherwise provided in the law and theseregulations, a Corporation may exercise abroad not only the powers specificallyset forth in the law but also such incidental powers as may be usual in the deter-mination of the Federal Reserve Board in connection with the transaction of thebusiness of banking or other financial operations in the countries in which it shalltransact business. In the exercise of any of these powers abroad a Corporationmust be guided by the laws of the country in which it is operating and by soundbusiness judgment and banking principles.
SECTION XVI. MANAGEMENT
The directors, officers, or employees of a Corporation shall exercise theirrights and perform their duties as directors, officers, or employees, with dueregard to both the letter and the spirit of the law and these regulations. For thepurpose of these regulations the Corporation shall, of course, be responsible for allacts of omission or commission of any of its directors, officers, employees, orrepresentatives in the conduct of their official duties. The character of the man-agement of a Corporation and its general attitude toward the purpose and spiritof the law and these regulations will be considered by the Federal Reserve Boardin acting upon any application made under the terms of these regulations.
SECTION XVII. BEPORTS AND EXAMINATIONS
Reports.—Each Corporation shall make at least two reports annually to theFederal Reserve Board at such times and in such form as it may require.
Examinations.—Each Corporation shall be examined at least once a year byexaminers appointed by the Federal Reserve Board. The cost of examinationsshall be paid by the Corporation examined.
SECTION XVIII. AMENDMENTS TO REGULATIONS
These regulations are subject to amendment by the Federal Reserve Boardfrom time to time: Provided, however, That no such amendment shall prejudiceobligations undertaken in good faith under regulations in effect at the time theywere assumed.
REGULATION L, SERIES OF 1924(Superseding Regulation L of 1923)
INTERLOCKING BANK DIRECTORATES UNDER THE PT.AYTON ACT
SECTION I. DEFINITIONS
Within the meaning of this regulation—The term "member bank" shall apply to any national bank and any State bank
or trust company which is a member of the Federal reserve system.The term "national bank" shall be construed to apply not only to national
banking associations but also to banks, banking associations, and trust companiesorganized or operating under the laws of the United States, including all banksand trust companies doing business in the District of Columbia, regardless ofthe sources of their charters.
The term "resources" shall be construed to mean an amount equal to the sumof the deposits, capital, surplus, and undivided profits.% The term "State bank" shall include any bank, banking association, or trustcompany incorporated under State law.
The term "private banker" shall apply to any unincorporated individual en-gaging in one or more phases of the banking business as that term is generallyunderstood and to any member of an unincorporated firm engaging in suchbusiness.
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The term "Edge Act" shall mean section 25(a) of the Federal reserve act, asamended December 24, 1919.
The term "Edge corporation" shall mean any corporation organized under theprovisions of the Edge Act.
The term "city of over 200,000 inhabitants" includes any city, incorporatedtown, or village of more than 200,000 inhabitants, as shown by the last precedingdecennial census of the United States. Any bank located anywhere within thecorporate limits of such city is located in a city of over 200,000 inhabitants withinthe meaning of the Clayton Act, even though it is located in a suburb or anoutlying district at some distance from the principal part of the city.
SECTION II. PROHIBITIONS OF CLAYTON ACT
Under section 8 of the Clayton Antitrust Act-—(1) No person who is a, director or other officer or employee of a national
bank having resources aggregating more than $5,000,000 can legally serve atthe same time as director, officer, or employee of any other national bank,regardless of its location.
(2) No person who is a director in a State bank or trust company havingresources aggregating more than $5,000,000, or who is a private bankerhaving resources aggregating more than $5,000,000 can legally serve at thesame time as director of any national bank, regardless of its location.
(3) No person can legally be a director, officer, or employee of a nationalbank located in a city of more than 200,000 inhabitants who is at the same timea private banker in the same city or a director, officer, or employee of anyother bank (State or national) located in the same city, regardless of the sizeof such bank.
The eligibility of a director, officer, or employee under the foregoing provisionsis determined by the average amount of deposits, capital, surplus, and undividedprofits as shown in the official statements of such bank, banking association, ortrust company filed as provided by law during the fiscal year next preceding thedate set for the annual election of directors, and when a director, officer, or em-ployee has been elected or selected in accordance with the provisions of the Clay-ton Act it is lawful for him to continue as such for one year thereafter under saidelection or employment.
When any person elected or chosen as a director, officer, or employee of anybank is eligible at the time of his election or selection to act for such bank in suchcapacity his eligibility to act in such capacity is not affected by reason of anychange in the affairs of such bank from whatsoever cause until the expiration ofone year from the date of his election or employment.
SJDUTION III . EXCEPTIONS
The provisions of section 8 of the Clayton Act—(1) Do not apply to mutual savings banks not having a capital stock
represented by shares.(2) Do not prohibit a person from being at the same time a director,
officer, or employee of a national bank and not more than one other nationalbank, State bank, or trust company, where the entire capital stock of one isowned by the stockholders of the other.
(3) Do not prohibit a person from being at the same time a class A directorof a Federal reserve bank and also an officer or director, or both an officer anda director} in one member bank.
(4) Do not prohibit a person who is serving as director, officer, or employeeof a national bank, even though it has resources aggregating over $5,000,000,from serving at the same time as director, officer, or employee of any numberof State banks and trust companies, provided such State institutions are notlocated in the same city of over 200,000 inhabitants as the national bank anddo not have resources aggregating in the case of any one bank more than$5,000,000.
(5) Do not prohibit a person from serving at the same time as director,officer, or employee of any number of national banks, provided no two ofthem are located in the same city of over 200,000 inhabitants and no one ofthem has resources aggregating over $5,000,000.
(6) Do not prohibit a person who is not a director, officer, or employeeof any national bank from serving at the same time as officer, director,or employee of any number of State banks or trust companies, regardlessof their locations and resources.
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(7) Do not prohibit a person who is an officer or employee but not adirector of a State bank from serving as director, officer, or employee of anational bank, even though either or both of such banks have resourcesaggregating over $5,000,000, provided both banks are not located in thesame city of over 200,000 inhabitants.
(8) Do not prohibit a person who is an officer or employee but not adirector of a national bank from serving at the same time as director, officer,or employee of a State bank, even though either or both of such bankshave resources aggregating over $5,000,000, provided both banks are notlocated in the same city of over 200,000 inhabitants.
(9) Do not apply to persons who have obtained the consent or approvalof the Federal Reserve Board under the provisions of the Kern amendment,section 25 of the Federal reserve act, or the Edge Act, as hereinafter pro-vided.
Exceptions cumulative.—The above exceptions are cumulative.
SECTION IV. PERMISSION OF THE FEDERAL RESERVE BOARD UNDER KERN AMEND-MENT
B}̂ the Kern amendment, approved May 15, 1916, as amended May 26, 1920,the Clayton Act was amended so as to authorize the Federal Reserve Boardto permit any private banker or any officer, director, or employee of any memberbank or class A director of a Federal reserve bank to serve as director, officer, oremployee of not more than two other banks, banking associations, or trust com-panies coming within the prohibitions of the Clayton Act, provided such otherbanks are not in substantial competition with such private banker or memberbank.
Substantial competition.—If the institutions involved are not in substantialcompetition, the board is authorized, in its discretion, to grant, withhold, orrevoke such consent; but if they are in substantial competition, the board has nodiscretion in the matter and must refuse such consent.
The board has adopted the following statement of general principles for itsguidance in determining whether banks are in substantial competition withinthe meaning of the Kern amendment to the Clayton Act:
"In general, two banks will be deemed to be in substantial competition ifthey actually compete for a considerable amount of business, i. e., if a consider-able portion of the business of each is of the same character and in doing or seek-ing such business they actually compete for the same customers or prospectivecustomers, regardless of whether or not it is probable or possible that an inter-locking directorate between them would.result in injury to the public by makingcredit less available. If the statements of two banks show that each has a con-siderable amount of the same class of deposits or loans and it appears from theevidence submitted that they are so located as to be in a position to serve thesame customers conveniently, the board will presume, in the absence of evidenceto the contrary, that they are in substantial competition. This presumptionmay be rebutted, however, by any evidence showing that they are not actuallycompeting for such business, e. g., that they actually serve different classes ofcustomers, that the business in question is not actually sought by one bankbut is merely incidental to its other business, or that competition has alreadybeen eliminated through common stock ownership. The existence of substantialcompetition, however, may be shown by evidence other than that describedabove."
This is not intended as a precise definition of the term "substantial coin-petition," but merely as a broad statement of the general principles which willbe observed by the Federal Reserve Board in determining whether banks are insubstantial competition. Whether or not substantial competition exists in anyparticular case is a question of fact which must be determined in the light of allthe facts and circumstances involved in such case.
Burden of proof.—Inasmuch as the Federal Reserve Board has no power topermit a person to serve two or more banks coming within the prohibitions ofthe Clayton Act unless the institutions involved are not in substantial compe-tition, the applicant for such permission has the burden of proving to the boardthat such institutions are not in substantial competition.
When obtained.—Inasmuch as the Kern amendment excepts from the pro-hibitions of the Clayton Act only those "who shall first procure the consent ofthe Federal Reserve Board," it is a violation of the law to serve two or moreinstitutions in the prohibited classes before such consent has been obtained.
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Such consent should be obtained, therefore, before becoming an officer, director,or employee of more than one bank in the prohibited classes. Such consent maybe procured before the person applying therefor has been elected as a class Adirector of a Federal reserve bank or as a director of any member bank.
Applications for permission.—A person wishing to obtain the permission ofthe Federal Reserve Board to serve banks coming within the prohibitions of theClayton Act should:
(1) Make formal application on F. R. B. Form 94, or, if a private banker,on F. R. B. Form 94d. Each of these forms is made a part of this regula-tion.
(2) Obtain from each of the banks involved a statement on F. R. B.Form 94a, which is made a part of this regulation, showing the characterjf its business, together with a copy of its last published statement of con-dition, and, if a private banker, make a statement on F. R. B. Form 94eshowing the character of his or his firm's business.
(3) Forward all these papers to the Federal reserve agent of his district,who will attach his recommendation on F. R. B. Form 94b, which is madea part of this regulation, and forward them in due course to the FederalReserve Board.
Approval or disapproval.—As soon as an application is acted upon by theboard, the applicant will be advised of the action taken.
If the board approves the application, a formal certificate of permission toserve on the banks involved will be issued to the applicant.
Rehearing.—If the board decides that the banks are in substantial competitionand that it can not approve the application, it will, upon petition of the applicant,reconsider its decision and afford him every opportunity to present any addi-tional facts or arguments bearing on the subject.
Effect of permits.—Permission once granted is continuing until revoked, andneed not be renewed.
Revocation.—All permits, however, are subject to revocation at any time inthe discretion of. the Federal Reserve Board. The issuance of a permit to anyperson shall have the effect of revoking any or all permits which may have beenissued previously to that person.
SECTION V. PERMITS UNDER SECTION 25 OF THE FEDERAL RESERVE ACT
With the approval of the Federal Reserve Board, any director, officer, oremployee of a member bank which has invested in the stock of any corporationprincipally engaged in international or foreign banking or financial operationsor banking in a dependency or insular possession of the United States, underthe provisions of section 25 of the Federal reserve act, may serve as director,officer, or employee of any such foreign bank or financial corporation.
Applications for approval.—The approval of the Federal Reserve Board forsuch interlocking directorates may be obtained through an informal applicationin the form of a letter addressed to the Federal Reserve Board either by theofficer, director, or employee involved, or in his behalf by one of the bankswhich he is serving. Such application should be sent directly to the FederalReserve Board.
SECTION VI. PERMITS TO SERVE EDGE CORPORATIONS
With the approval of the Federal Reserve Board—(1) Any officer, director, or employee of any member bank may serve at
the same time as director, officer, or employee of any Edge corporation inwhose capital stock the member bank shall have invested.
(2) Any officer, director, or employee of any Edge corporation may serveat the same time as officer, director, or employee of %any other corporationin whose capital stock such Edge corporation shall have invested under theprovisions of the Edge Act.
Applications for approval.—Such approval may be obtained through aninformal application in the form of a letter addressed to the Federal ReserveBoard either by the director, officer, or employee involved, or in his behalf byone of the banks or corporations involved. Such applications should be sentdirectly to the Federal Reserve Board.
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RECOMMENDATIONS OF THE FEDERAL ADVISORY COUNCILTO THE FEDERAL RESERVE BOARD
OFFICERS AND MEMBERS OF THE FEDERAL ADVISORY COUNCILFOR THE YEAR 1924
OFFICERS
President, P. M. WARBURG.Vice President, E. F. SWINNEY.Secretary, C. B. GEORGEN.
EXECUTIVE COMMITTEE
P. M. WARBURG, Chairman. J. J. MITCHELL.C. A. MORSS, Vice Chairman. L. L. RUE.J. M. MILLER, Jr. E. F. SWINNEY.
MEMBERS
C. A. MORSS, Federal Reserve District No. 1.P. M. WARBURG, Federal Reserve District No. 2.L. L. RUE, Federal Reserve District No. 3.C. E. SULLIVAN, Federal Reserve District No. 4.J. M. MILLER, JR., Federal Reserve District No. 5.O. WELLS, Federal Reserve District No. 6.J. J. MITCHELL, Federal Reserve District No. 7.F. J. WADE, Federal Reserve District No. 8.G. H. PRINCE, Federal Reserve District No. 9.E. F. SWINNEY, Federal Reserve District No. 10.W. M. MCGREGOR, Federal Reserve District No. 11.D. W. TWOHY, Federal Reserve District No. 12.
RECOMMENDATIONS OF THE FEDERAL ADVISORY COUNCIL TO THEFEDERAL RESERVE BOARD
FEBRUARY 19, 1924
TOPIC NO. 1.—The banking situation in the Northwest and MiddleWest and in New Mexico, with special reference to the large numberof small bank failures. The board would like to have your opinionas to whether the lack of confidence in these small banks is likely tospread far enough to do any serious injury to banks in the largercities or to any banks outside of the territory principally affected byagricultural depression. The board would also like to know whetherthe council has any suggestions to make with regard to possible amend-ments to the national banking act which would not be merely pallia-tives but would prevent any future similar epidemic of lack of con-fidence.
Recommendation.—It is the opinion of the council that it is unlikelythat the lack of confidence referred to by the board will spread enoughto do serious injury to the banks in larger cities or to other territoriesaffected by agricultural depression at the present time. It is alsothe opinion of the council that the present, unfortunate banking
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situation arises largely from the fact that the number of banks in thesections involved has been much greater than local needs for bankingaccommodations required. The organization of many of these bankshas been stimulated and encouraged by unsound systems of guaranteeof deposits by various States which gave a false sense of security tothose organizing the banks and encouraged in the public mind a lackof discrimination between well-managed and badly managed banks.This, coupled with unsound and inexperienced management, resultedin inevitable disaster. The council heartily approves of the attemptthat is being made to meet the present emergency but is confidentthat no amendment to the national banking act or Federal reserveact will safeguard the business community from the consequences ofunsound banking methods. It has, therefore, no amendment torecommend. While there are no means that can prevent banksfrom suffering the consequences of mismanagement or dishonesty inthe administration of their affairs, measures may possibly be devisedthat would serve to alleviate the hardships of the depositors of banksin receivers' hands, particularly of depositors of small means.
It may be opportune for the board to take up anew its earlierrecommendation, made several years ago when combating formerpropositions for a guarantee of deposits. The board's recommenda-tion envisaged the creation of a liquidation fund. Such fund wasdesigned under very careful safeguards and restrictions to pay todepositors of banks in receivers'hands such proportion of their depositsas could be safely advanced against the depositors' claims against thedefaulting bank. The council does not wish to make this suggestionwith regard to the present emergency, but solely with a view tostimulating a careful examination of the problem which is bound torecur in the future in some form or other.
TOPIC NO. 2.—The general policy involved in bankers' acceptancesdrawn by banks to finance, export transactions, assuming that banksmay lawfully give such acceptances. The board has had a number ofpropositions involving such acceptances submitted to it for rulingsas to their compliance with the law, but would like the advice of thecouncil as to the policy involved.
Recommendation.—This question was fully covered in the council'sconference with the board in which Mr. Warburg stated that hethought to express the council's views when holding that the trans-action involved was clearly within the legal powers of the acceptingmember banks. It was, however, a question of good or bad bankingpractice. In the council's view acceptances of this character shouldonly be considered as eligible by Federal reserve banks when drawnby banks directly connected with or located in the foreign countryfrom which, or to which, the goods were moving (so-called foreignor colonial banks or their branches); and, furthermore, such billsshould be drawn within a time reasonably near to shipment of thegoods and in no circumstances after the transportation had beencompleted. The council thought that the decision concerning theeligibility of such acceptances might well be left to the discretion ofthe Federal reserve banks instead of trying to deal with it by a rigidregulation which could hardly cover so complex and so individual acase.
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TOPIC NO, 3.—Open-market operations and the basis upon whichthey should be handled during the year 1924.
Recommendation.—-The council is reluctant to give very positiveadvice concerning the desirability of increasing or decreasing thevolume of open-market investments of the Federal reserve banks atthis time. Experience has shown that the volume of bills redis-counted and held by the Federal reserve system and the total in-vested in open-market purchases are closely interrelated. Only byactual tests and careful experiments is it possible to ascertain fromtime to time whether a substantial increase or decrease in the aggre-gate of investments may safely be brought about, and if so what effectsit will have on the position of the combined member banks and themoney market. The council is very glad to notice the growing atten-tion devoted by the board to the importance of open-market opera-tions; for with gold standards suspended all the world over and goldmoving to our country almost automatically, the gold reserve percent-ages of the Federal reserve system have become barometers of muchsmaller significance than the fluctuations in the volume of the Federalreserve system's total investments. The council is inclined to believethat in view of present domestic and foreign conditions, it might beopportune for the Federal reserve banks to engage in some carefulexperiments in the direction of increasing open-market investments.These might result in a slight easing of money rates and in a moreliberal use of our credit facilities at home and abroad.
It is the unanimous opinion of the council that discount ratesshould not be changed at this time.
The council urges the Federal reserve banks in their open-marketoperations to show a greater preference for acceptances than forGovernment issues.
TOPIC NO. 4.—Subdivision of gold reserves.Recommendation.—After considering the form contemplated by the
board for its weekly condensed statement of combined gold reserves,viz, statement of percentage of gold holdings against outstandingFederal reserve notes, of percentage of gold holdings against memberbank deposits, and of percentage of total gold holdings againstFederal reserve notes and deposits combined, the council is of theopinion that the legal requirement is complied with by publishing theamounts of the several gold reserves without giving the three indi-vidual percentages. The council feels that fluctuations in the goldstrength, as indicated in the discussions of the previous question, areof minor significance in present circumstances and that by givingthree percentages too much emphasis would be laid upon fluctua-tions, which, as a consequence of the proposed grouping, are likelyto appear more pronounced. Moreover it is to be feared that duringa period of economic strain, always recurring from time to time, theboard may be charged with artificially manipulating the reserve per-centages. It is to be expected that the press and the public willcontinue to watch the combined reserve percentage (against notesand deposits combined), as it is the only percentage which willclearly indicate any increase or decrease in reserve strength fromweek to week. It would seem to the council, therefore, that thegreater simplicity of the present method of reporting would lead toa better understanding of the problem on the part of the lay com-
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munity and for the time being, at least, would seem to be the bettercourse. As it is, there is grave danger that critics of the Federalreserve system will charge the board as being possessed of largerpowers in the determination of stabilization of price levels than itactually has. The proposed scheme would be construed by them asan additional means of control in the hands of the Federal KeserveBoard and as such might easily be used as an invitation for furtherattacks upon the board.
Recommendation No. 5.—The council expressed itself as unani-mously opposed to the provisions of the bill pending in Congress,H. R. 3206, requiring the payment by Federal reserve banks of 2per cent interest on member bank balances.
Recommendation No. 6.—McFadden bill.The council has read the bill H. R. 6855, introduced in the House
of Representatives by Congressman McFadden, and agrees in prin-ciple with the general trend of thought embodied in the said bill.The present uncertainty with reference to branch banking makes itdifficult for those engaged in the banking business to determine theircourse of action, and we consider that the proposed bill, if enacted,would offer very essential and helpful relief in this regard. Withoutventuring an opinion concerning questions of detail involved in thebill, we indorse its objects and aims and respectfully urge its passage.
MAY 13, 1924
TOPIC NO. 1.—The credit and business situation and outlook withspecial reference to the open market and discount rate policies to bepursued in the circumstances by the Federal reserve banks, collectivelyor separately.
Recommendation.—Inquiry of all members present has elicited anexpression of opinion that no changes in rediscount rates at thepresent time are desirable.
With regard to open-market operations council reiterates the viewexpressed on previous occasions that the Federal reserve banksshould not make investments for the sole purpose of increasing theirearnings and earning dividends. On the other hand, the council isof the opinion that it is desirable for the Federal reserve system innormal times to be possessed of a sufficient volume of investments(i. e., total earning assets) so as to be able to steady the market incase that should be necessary. The council finds it extremely diffi-cult to lay down any definite rule as to what the normal figure ofinvestments should be, because naturally it would change from timeto time in accordance with the economic and financial conditionswhich prevail in given circumstances. Under present conditions, itwould seem that it would not be out of line for the system to seek topreserve an aggregate investment (i. e., total earning assets) of sub-stantially its present volume with a tendency somewhat to increasethese investments if this can be done without unduly affecting themarket. The council makes these suggestions with a great deal ofreluctance, as it feels that an authoritative opinion can only be givenby those actively in charge of operations.
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TOPIC NO. 2.—Regulation H—a discussion of the adequacy of itsprovisions and their application by the Federal Reserve Board.
Recommendation.—The council has examined Regulation H andhas no criticism to offer.
TOPIC NO. 3.—The so-called Dawes-McKenna report to the Repa-rations Commission.—The board would like to have an expressionof the views of the council upon any matters considered in the reportwhich the council believes to be pertinent for the consideration ofthe Federal Reserve Board, or of interest and concern to the Ameri-can banking and financial public. The board would also like to havethe council discuss the advisability of the Federal reserve banks pur-chasing from American banks, with their indorsement, German tradebills which bear also the indorsement of the new German gold redis-count bank.
Recommendation.—At the request of the Federal Reserve Board,the advisory council has given careful consideration to the report ofthe first committee of experts, the so-called Dawes report.
The council wishes to record its admiration for the excellent workdone by the committee, and to express the hope that with the leastpossible delay the committee's recommendations will be carried intoactual effect. The council furthermore indorses the wish recentlyexpressed by President Coolidge that American private capital andinitiative give this plan its hearty support as a demonstration of theNation's desire to do its full share in the economic rehabilitation ofthe Old World.
The council has given particular thought to the question of howfar the Federal reserve system may aid the country in accomplishingthese aims.
It is obvious that the Federal reserve system, as such, can not byany action of its own cooperate in the flotation and distribution ofthe new German loan, the absorption of which on a liberal scale inthe United States is one of the prerequisites of the Dawes plan.Nor should any such direct aid by the Federal reserve system benecessary. There should be little difficulty in placing this loan,provided it is properly secured and provided the investing publicfeels confident that the debtor, having accepted the burden in goodfaith, will be free to go about his work without hindrance as long ashe makes the utmost effort of which he is capable.
While, therefore, the council has no suggestion to offer to theFederal Reserve Board concerning this phase of the problem, thereare important services the Federal reserve system could renderwith regard to the operations of the new note-issuing bank whichGermany is to organize under the provisions of the Dawes plan.
The council urges the Federal Reserve Board to examine veryclosely into the powers vested in this respect in the Federal reservebanks and to study the question how far it may. be desirable toamend existing rulings and regulations in order to approach theproblem of Europe's financial and economic reconstruction in themost helpful spirit in the same manner as is being done by the Bankof England and other central note-issuing banks.
Unless America finds ways and means to permit her excessivebanking strength to benefit other countries, particularly those striv-ing to bring their house in order, the dollar can not maintain its
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position as a world standard of exchange, and foreign countries—andeven American banking and commerce—will, once more, in a largerdegree become dependent upon and tributary to the pound sterling,to the greater exclusion of the dollar. It is idle, however, to preachthe use of the dollar, unless at the same time we render it possiblefor other countries to avail themselves of our dollar facilities. I tis obvious that our credit power can not continue to grow indefinitelywithout the danger of oversaturation. If the stream of gold thatfloods our shores is not stemmed in time it is to be feared that ulti-mately we will not be able to ward off its inflationary effects. Creditand currency inflation would only aggravate the economic maladjust-ment already existing within our own boundaries; a maladjustmentwhich not only disturbs and endangers our trade with other countries,but which makes our agricultural situation particularly difficult anddistressing.
But, irrespective of the danger of inflation against which therestill are at our disposal powerful cushions that could be applied inorder to counteract or soften its effect, the problem ought to beweighed from another and even more important angle.
It is the question of whether the world is more likely to regain theblessings of economic stability under the sway of several fluctuatingstandards of exchange or by a general return, as speedy as circum-stances may permit, to definite relations of exchanges to gold as theultimate measure and regulator.
The Dawes report leads the world to the crossroads in this regard.It provides for a German note-issuing bank on a gold basis, butleaves the door open to place it on a sterling basis, and it can notbe denied that there is no small probability of the latter basis beingchosen. In the opinion of the council the sooner Germany can beplaced on a gold or gold exchange basis, the sooner can England, andother countries also, return to an unrestricted gold standard, whileif Germany were placed on a sterling basis, England—in returningto an unrestricted gold basis—would have to pull not only her ownweight, but that of Germany also. It is obvious, therefore, that ifthe new German bank is placed on the sterling-exchange basis theworld must prepare itself to remain on a basis of exchange instabilityfor a prolonged period, the end of which can not be foreseen, whilethe adoption of the gold (that is, the dollar) basis would acceleratethe return to world-wide stability.
It is this momentous alternative that is involved in the organiza-tion of the new German note-issuing bank, and the council deems i tits duty to point to its importance with all the emphasis of which itis capable. It is not as an American problem that we are discussingthis phase, but as one that touches the future of all the world.
The council has been pleased to learn that it has been ruled thatFederal reserve banks may consider as eligible for their open-market
Purchases certain German dollar trade bills, payable in the Unitedtates, if indorsed by the recently established German gold rediscount
bank, the so-called Schacht Bank, and by approved Americanindorsers.
The council sees in this decision a move in the right direction,helpful to all parties concerned, inasmuch as it transfers credit powerfrom where it is idle and redundant to where an acute shortage of
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credit cripples the purchasing ability of a country, which normallyranks second in line as a buyer of our goods.
The council recommends that, when the new German note-issuingbank, provided in the Dawes plan, is organized, the Federal reservebanks take the steps necessary in order to facilitate the rediscountingin this country of properly protected German gold bills, be it throughthe intermediary of American banking institutions, or throughso-called agency agreements, or such other arrangements as havebeen concluded by Federal reserve banks with central banks of othercountries.
Measures of this character do not only tend to bring our goldhoard into active and healthy use, but by enabling and encouragingother countries to trade in terms of dollars, we stimulate our ownioreign commerce. We facilitate, furthermore, the direct sale indollars of our own products, instead of making foreign countries andourselves dependent in this respect upon Great Britain's acting asbroker and banker, as naturally she would, where the pound sterlingwould govern as an exclusive basis of commerce and trade.
If there is any reason to assume that success of the Dawes plan mayprove the turning point in Europe's long road of suffering and decline,it is a unique opportunity and duty for the United States to lend ahelpful hand to the utmost of its ability.
In the opinion of the council, there does not seem to be any roomfor doubt with regard to the policy which in these circumstances theFederal reserve system should pursue.
TOPIC NO. 4.—Should the Federal reserve banks continue to paydividends even though not earned.
Recommendation.—The council was unanimously of the opinionthat dividends should be continued as long as the amount of surplusjustifies this action, even though such dividends may not have beenearned during the current year.
TOPIC NO. 5.—Domestic acceptances.Recommendation.—The council was asked to discuss the topic
whether or not Congress should be asked to amend the Federalreserve act so as to give greater latitude to accepting banks withregard to both domestic and foreign acceptances. The council is ofthe opinion that it is not advisable or necessary to ask for such anamendment. On the other hand, the council recommends that themost liberal interpretations and rulings that consistently can bemade should be given by the Federal Reserve Board, particularlywith regard to such expressions occurring in the acts as "involving"and growing out of udomestic," and then to leave it to the Federalreserve banks to exercise the restraining influence within such liberalinterpretations and rulings. If this were done, the council is confi-dent that American accepting banks can be placed in a positioneffectively to meet British competition which now is threatening tomonopolize the field where American banks are not now in a positioneffectively to compete.
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SEPTEMBER 25, 1924
RESOLUTIONS ADOPTED BY THE FEDERAL ADVISORY COUNCIL
Resolution No. 1.—Whereas, a further easing of money rates at this timemight render it extremely difficult to ward off a period of acute inflation with itssubsequent evil consequences with which the country is only too well familiar,and
Whereas, forced investments of Federal reserve banks in our market and con-tinued substantial importations of gold into the United States are factors thatmight tend to enhance the plethora of money already existing,
Resolved, That this council recommend to the Federal Reserve Board to con-sider the question whether the time has come for Federal reserve banks to exer-cise their power to invest some of their funds in foreign bills with approvedAmerican banking indorsements and payable by and repayable to Federal reservebanks in dollars.
The council believes that observing these safeguards and by properly scatter-ing its purchases the Federal reserve system can safely invest substantial amountsabroad, without any risk of loss on account of exchange or otherwise, and in doingso ward off to that extent the inflow of gold, incidentally assisting the foreigncountries involved in their efforts to stabilize their exchanges and to bring themback to definite gold relations.
Resolution No. 2.—The council has learned that the Secretary of the Treasuryis about to call in for redemption on February 1, 1925, the $118,489,900 4 percent loan of 1925, and desires to record its entire approval of the policy involvedin this step.
NOVEMBER 24, 1924
TOPIC NO. 1.—A carefully considered survey of the present andprospective business situation with reference to its bearing on thecredit, discount, and open-market policy of the Federal reservesystem in the coming months.
Recommendation.—From the reports made at the meeting of theadvisory council by the different members representing their respec-tive reserve districts, it seems to the council that there is at this timeno evidence of unusual speculation in goods and commoditiesand no evidence of inflation of their price levels. There wouldappear, therefore, to be no cause on this account to consider immediateincreases in discount rates in the several Federal reserve districts.
The general view seems, however, to be that the near future willbring to the United States a substantial increase in business activitywhich with the comparatively small stocks available might easilylead to a marked advance in prices. It is the opinion of the councilthat this movement of prices might very easily get out of hand anddegenerate into conditions of inflation of a more or less acute degree,with its subsequent disastrous results.
It seems to the council, therefore, that extreme care would be indi-cated at this time in watching further developments and that at thismoment it might be desirable, particularly in New York, where thediscount rate at 3 per cent is the lowest, and where the activity inthe security market has already taken substantial proportions, tobring the financial situation in that district under firmer control ofthe Federal reserve bank. This should be accomplished at the timebeing by open-market operations. The Federal reserve system ?s largeholdings in Government securities were acquired at the time with aview to arming the Federal reserve system with a means of com-bating inflationary movements should they occur. It would seem
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2 8 4 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
as if the time had now come for the Federal reserve system to adopta policy of reducing, so far as may be expedient, their aggregateopen-market holdings of acceptances and Government securities andof transferring some of these investments to the financial community.By doing so conditions would likely be gradually brought about inwhich the banks once more would have recourse to the facilities ofthe Federal reserve system by rediscount operations, so that therediscount rate of the New York Federal Reserve Bank would be-come more effective. If then it should appear that still firmer in-terest rates are required by the general situation, an increase in thediscount rate of the New York Federal Reserve Bank could then betaken into consideration.
TOPIC NO. 2.—What amendments to the national banking act inthe direction of modernization consistent with sound banking wouldthe council advise the Federal Reserve Board recommend to Congress ?
Recommendation.—While the subject of amending the nationalbanking act is important and of current interest because of the con-sideration which Congress is likely to give it in the near future, the timeof a single meeting is inadequate for a discussion of it by this body.The council suggests that it be made a matter of study by its mem-bers for the purpose of forming some conclusions at the next councilmeeting.
TOPIC NO. 3.—A consideration of the effect of foreign capitalflotation in the American market.
Recommendation.—In the opinion of the council there exists nodoubt but that the absorption by our country of foreign securitiesadequately protected would afford not only a profitable outlet forour surplus funds, but at the same time would redound to the benefitof the borrowing countries, which thus are enabled to by our com-modities, while they are strengthened in their struggle to stabilizetheir exchanges. It is obvious that it is of as much importance tous to be in a position of selling these goods as it is for the foreigncountries to buy them.
TOPIC NO. 4.—Should Liberty bonds, or any issue of tiiem, berefunded into bonds available for national bank circulation ?
Recommendation.—Liberty bonds should not be refunded intobonds available for circulation, as the gradual elimination of a rigidbond secured circulation was one of the outstanding reasons for theenactment of the Federal reserve act, with its provisions for an elasticnote issue ample for the needs of the country.
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DESCRIPTION OF FEDERAL RESERVE DISTRICTS
No. 1—Boston. _No. 2—New YorkNo. 3—PhiladelphiaNOt 4—ClevelandNo. 5—Richmond _No. 6—AtlantaNo. 7—ChicagoNo. 8—St. LouisNo. 9—Minneapolis.No. 10—Kansas CityNo. 11—DallasNo. 12—San Francisco. _
Total
Federal reserve districtLand area
(squaremiles)
61,34551,89036,84273,424
152,316248,226190,513194,810414,004473,565392,989683,852
2,973,776
PopulationJan. 1,1925(estimated)
7,477,88914,100,112
7,161,51010,721,08210, 378,16410,415,24616,577,337
9,323,7825,437,2557,385,7856,217,3117,590,692
112, 786,165
FEDERAL RESERVE DISTRICTS
DISTRICT N O . 1—BOSTON
Connecticut (excluding FairfieldMaine. _Massachusetts..New HampshireRhode Island._.Vermont
DISTRICT N O . 2—NE^
Connecticut (FaiNew Jersey
iv YORK .
rfield County)
Counties of—Bergen.Essex.Hudson.
New York
DISTRICT N O . 3—PHI
DelawareNew Jersey
Hunterdon.Middlesex.Monmouth.
LADELPHIA
Counties of—Atlantic.Burlington.
Pennsylvania
Cape May.Cumberland.
Counties of—Adams.Bedford.Berks.Blair.Bradford.Bucks.Cambria.Cameron.Carbon.Center.Chester.Clearfield.
Clinton.Columbia.Cumberland.Dauphin.Delaware.Elk.Franklin.Fulton.Huntingdon.Juniata.Lackawanna.Lancaster.
County)
Morris.Passaic.Somerset.
Gloucester.Mercer.
Lebanon.Lehigh.Luzerne.Ly coming.McKean.Mifflin.Monroe.Montgomery.Montour.Northampton.Northumberland.Perry.
• Sussex.Union.Warren.
Ocean.Salem.
Philadelphia.Pike.Potter.Schuylkill.Snyder.Sullivan.Susquehanna.Tioga.Union.Wayne.Wyoming.York.
61,345
4,18929,895
8,0399,0311,0679,124
51,890
6313,605
47,654
36,842
1,9653,909
30,968
.
7,477,889
1,157,685781,220
4,102,626449,526636,218350,614
14,100,112
359,8772,700,101
11,040,134
7,161,510
233,654774,460
6,153,396
285
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2 8 6 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
FEDERAL RESERVE DISTRICTS—Continued
Federal reserve district
DISTRICT NO. 4^—CLEVELAND
Kentucky (eastern part1)Counties of—
Bath.Bell.Boone.Bourbon.Boyd.Bracken.Breathitt.Campbell.Carter.Clark.Clay.Elliott.Estill.Fayette.
Ohio
Fleming.Floyd.Garrard.Grant.Greenup.Harlan.Harrison.Jackson.Jessamine.Johnson.Kenton.Knott.Knox.Laurel.
Pennsylvania (western nart") _Counties of—
Allegheny.Armstrong.Beaver.Butler.Clarion.
Crawford.Erie.Fayette.Forest.Greene.
West Virginia (northern nartiCounties of—
Brooke.Hancock.
Marshall.Ohio.
DISTRICT NO. 5.—RICHMOND
District of ColumbiaMaryland «_;North Carolina -South CarolinaVirginiaWest Virginia (southern nnrt,')
Counties of—Barbour.Berkeley.Boone.Braxton.Cabell.Calhoun.Clay.Doddridge.Fayette.Gilmer.Grant.Greenbrier.Hampshire.
Hardy.Harrison.Jackson.Jefferson.Kanawha.Lewis.Lincoln.Logan.McDowell.Marion.Mason.Mercer.Mineral.
DISTRICT NO. 6—ATLANTA
AlabamaFloridaGeorgiaLouisiana (southern part")
Parishes of—Acadia.Allen.Ascension.Assumption.Avoyelles.Beauregard.Calcasieu.Cameron.Eas t Ba ton
Rouge.East Feliciana.
Evangeline.Iberia.Iberville.Jefferson.Jefferson Davis.Lafayette.Lafourche.Livingston.Orleans.Plaquemines.Pointe Coupee.
Mississippi (southern part)Counties of—
Adams.Amite.Claiborne.Clarke.Copiah.Covington.Forrest.Franklin.George.Greene.Hancock.
Harrison.Hinds.Issaquena.Jackson.Jasper.Jefferson.Jefferson Davis.Jones.Kemper.Lamar.Lauderdale.
Lawrence.Lee.Leslie.Letcher.Lewis.Lincoln.McCreary.Madison.Magoffin.Martin.Mason.Menifee.Montgomery.Morgan.
Indiana.Jefferson.Lawrence.Mercer.Somerset.
Tyler.Wetzel.
Mingo.Monongalia.Monroe.Morgan.Nicholas.Pendleton.Pleasants.Pocahontas.Preston.Putnam.Raleigh.Randolph.Ritchie.
Rapides.St. Bernard.St. Charles.St. Helena.St. James.St. John the Bap-
tist.St. Landry.St. Martin.St. Mary.St. Tammany.
Lawrence.Leake.Lincoln.Madison.Marion.Neshoba.Newton.Pearl River.Perry.Pike.Rankin.
Nicholas.Owsley.Pendleton.Perry.Pike.Powell.Pulaski.Robertson.Rockcastle.Rowan.Scott.Whitley.Wolfe.Woodford.
Venango.Warren.Washington.Westmoreland.
Roane.Summers.Taylor.Tucker.Upshur.Wayne.Webster.Wirt.Wood.Wyoming.
Tangipahoa.Terrebonne.Vermilion.Vernon.Washington.West Ba ton
Rouge.West Feliciana.
Scott.Sharkey.Simpson.Smith.Stone.Walthall.Warren.Wayne.Wilkinson.Yazoo.
Land area(squaremiles)
73,424
17,614
40,74013,864
1,206
152,316
629,941
48,74030,49540,26222,816
248, 226
51,27954,86158,72526,891
25, 519
Population,Jan. 1,1925(estimated)
10,721,082
1,160,746
6,270,4353,109,921
179,980
10,378,164
492,4211, 529,1372,740,8411, 770,4152,436,6931,408,657
10,415,246
2,456,3701,079,6373,043,4931,297,658
839,973
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DESCRIPTION" OF FEDERAL RESERVE DISTRICTS
FEDERAL RESERVE DISTRICTS—Continued
287
Federal reserv
DISTRICT N O . 6—ATLANTA—ContinuedTennessee (eastern part)
Counties of—Anderson.Bedford.Bledsoe".Blount.Bradley.Campbell.Cannon.Carter.Cheatham.Claiborne.Clay.Cocke.Coffee.Cumberland.Davidson.De Kalb.Dickson.Fentress.Franklin.
Giles.Grainger.Greene.Grundy.Hamblen.Hamilton.Hancock.Hawkins.Hickman.Houston.Humphreys.Jackson.Jefferson.Johnson.Knox.Lawrence.Lewis.Lincoln.Loudon.
DISTRICT N O . 7—CHICAGO --
Illinois (northern part) _Counties of—
Boone.Bureau.Carroll.Cass.Champaign.Christian.Clark.Coles.Cook.Cumberland.De Kalb.De Witt.Douglas.Du Page.Edgar.
Ford.Fulton.
.Grundy.Hancock.Henderson.Henry.Iroquois.Jo Daviess.Kane.Kankakee.Kendall.Knox.Lake.La Salle.Lee.
Indiana (northern part)Counties of—
Adams.Allen.Bartholomew.Benton.Blackford.Boone.Brown.Carroll.Cass.Clay.Clinton.Dearborn.Decatur.De Kalb.Delaware.Elkhart.Fayette.
IowaMichigan (southern
Counties of-Alcona.Allegan.Alpena.Antrim.Arenac.Barry.Bay.Benzie.Berrien.Branch.Calhoun.Cass.Charlevoix.Cheboygan.Claire.Clinton.Crawford.
Fountain.Franklin.Fulton.Grant.Hamilton.Hancock.Hendricks.Henry.Howard.Huntington.Jasper.Jay.Jennings.Johnson.Kosciusko.Lagrange.Lake.
part)
Eaton.Emmet.Genesee.Gladwin.Grand Traverse.Gratiot.Hillsdale.Huron.Ingham.Ionia.Iosco.Isabella.Jackson.Kalamazoo.Kalkaska.Kent.Lake.
a district
McMinn.Macon.Marion.Marshall.Maury.Meigs.Monroe.Montgomery.Moore.Morgan.Overton.Perry.Pickett.Polk.Putnam.Rhea.Roane.Robertson.Rutherford.
Livingston.Logan.McDonough.McHenry.McLean.Macon.Marshall.Mason.Menard.Mercer.Moultrie.Ogle.Peoria.Piatt.Putnam.
La Porte.Madison.Marion.Marshall.Miami.Monroe.Montgomery.Morgan.Newton.Noble.Ohio.Owen.Parke.Porter.Pulaski.Putnam.Randolph.
Lapeer.Leelanau.Lenawee.Livingston.Macomb.Manistee.Mason.Mecosta.Midland.Missaukee.Monroe.Montcalm.Montmorency.Muskegon.Newaygo.Oakland.Oceana.
Scott.Sequatchie.Sevier.Smith.Stewart.Sullivan.Sumner.Trousdale.Unicoi.Union.Van Buren.Warren.Washington.Wayne.White.Williamson.Wilson.
Rock Island.Sangamon.Schuyler.Shelby.Stark.Stephenson.Tazewell.Vermilion.Warren.WhitesideWill.WinnebagWoodford.
Ripley.Rush.St. Joseph.Shelby.Starke.Steuben.Tippecanoe.Tipton.Union.Vermilion.Vigo.Wabash.Warren.Wayne.Wells.White.Whitley.
Ogemaw.Osceola.Oscoda.Otsego.Ottawa.Presque Isle.Roscommon.Saginaw.St. Clair.St. Joseph.Sanilac.Shiawassee.Tuscola.Van Buren.Washtenaw.Wayne.Wexford.
Land area(squaremiles)
30,951
190,513
35, 448
26, 707
55, 58640,789
Population,Jan. 1,1925(estimated)
1,698,110
16, 577, 337
5,643,291
2, 446, 981
2, 496,3373, 774,305
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2 8 8 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
FEDERAL RESERVE DISTRICTS—Continued
Federal reserve district
DISTRICT N O . 7—CHICAGO—ContinuedWisconsin (southern part,')
Counties of—Adams.Brown.Calumet.Clark.Columbia.Crawford.Dane.Dodge.Door.Fond du Lac.Grant.Green.
Green Lake.Iowa.Jackson.Jefferson.Juneau.Kenosha.Kewaunee.Lafayette.Langlade.Manitowoc.Marathon.Marinette.
DISTRICT N O . 8—ST. LOUIS
ArkansasIllinois (southern part)__
Counties of—Adams.Alexander.Bond.Brown.Calhoun.Clay.Clinton.Crawford.Edwards.Effingham.Fayette.
Indiana (southern paCounties of—
Clark.Crawford.Daviess.Dubois.Floyd.Gibson.
Franklin.Gallatin.Greene.Hamilton.Hardin.Jackson.Jasper.Jefferson.Jersey.Johnson.Lawrence.
rt).
Greene.Harrison.Jackson.JeffersonKnox.Lawrence.
Kentucky (western part.1Counties of—
Adair.Allen.Anderson.Ballard. *Barren.Boyle.Breckenridge.Bullitt.Butler.Caldwell.Calloway.Carlisle.Carroll.CaseyChristian.Clinton.
Mississippi (northerrCounties of—
Alcorn.Attala.Benton.Bolivar.Calhoun.Carroll.Chickasaw.Choctaw.Clay.Coahoma.
Crittenden.Cumberland.Daviess.Edmonson.Franklin.Fulton.Gallatin.Graves.Grayson.Greene.Hancock.Hardin.Hart.Henderson.Henry.Hickman.
1 part)
De Soto.Grenada.Holmes.Humphreys.Itawamba.Lafayette.Lee.Leflore.Lowndes.Marshall.
Marquette.Milwaukee.Monroe.Oconto.Outagamie.Ozaukee.Portage.Racine.Richland.Rock.Sauk.Shawano.
Macoupin.Madison.Marion.Massac.Monroe.Montgomery.Morgan.Perry.Pike.Pope.Pulaski.
Martin.Orange.Perry.Pike.Posey.Scott.
Hopkins.Jefferson.Larue.Livingston.Logan.Lyon.McCracken.McLean.Marion.Marshall.Meade.Mercer.Metcalfe.Monroe.Muhlenberg.Nelson.
Monroe.Montgomery.Noxubee.Oktibbeha.Panola.Pontotoc.Prentiss.Quitman.Sunflower.Tallahatchie.
Sheboygan.Vernon.Walworth.Washington.Waukesha.Waupaca.Waushara.Winnebago.Wood.
Randolph.Richland.St. Clair.Saline.Scott.Union.Wabash.Washington.Wayne.White.Williamson.
Sullivan.Spencer.Switzerland.Vanderburg.Warrick.Washington.
Ohio.Oldham.Owen.Russell.Shelby.Simpson.Spencer.Taylor.Todd.Trigg.Trimble.Union.Warren.Washington.Wayne.Webster.
Tate.Tippah.Tishomingo.Tunica.Union.Washington.Webster.Winston.Yalobusha.
Land area(squaremiles)
31,983
194,810
52, 52520, 595
9,338
22, 567
20,843
Population,Jan. 1,1925(estimated)
2,216,423
9, 323, 782
1,843, 7501, 278, 051
601, 615
1,321,150
947, 296
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DESCRIPTION OF FEDERAL RESERVE DISTRICTS
FEDERAL RESERVE DISTRICTS—Continued
289
Federal reserve district
DISTRICT N O . 8—ST. LOUIS—ContinuedMissouri (eastern part")
Counties of—Adair.Audrain.Barry.Benton.Bollinger.Boone.Butler.Caldwell.Callaway.Camden.Cape Girardeau.Carroll.Carter.Cedar.Chariton.Christian.Clark.Cole.Cooper.Crawford.Dade.Dallas.Daviess.Dent.
Douglas.Dunklin.Franklin.Gasconade.Greene.Grundy.Harrison.Henry.Hickory.Howard.Howell.Iron.Jefferson.Johnson.Knox.Laclede.Lafayette.Lawrence.Lewis.Lincoln.Linn.Livingston.Macon.Madison.
Tennessee (western p^rt")Counties of—
Benton.Carroll.Chester.Crockett.Decatur.Dyer.
Fayette.Gibson.Hardeman.Hardin.Hay wood.Henderson.
DISTRICT N O . 9—MINNEAPOLIS
Michigan (northern part"!Counties of—
Alger.Baraga.Chippewa.Delta.
MinnesotaMontanaNorth DakotaSouth Dakota..
Dickinson.Gogebic.Houghton.Iron.
Wisconsin (northern part')Counties of—
Ashland.Barron.Bayfield.Buffalo.Burnett.Chippewa.Douglas.
Dunn.Eau Claire.Florence.Forest.Iron.La Crosse.Lincoln.
DISTRICT N O . 10—KANSAS CITY. . . _
ColoradoKansasMissouri (western pai*t̂
Counties of—Andrew.Atchison.Barton.Bates.Buchanan.
Nebraska
Cass.Clay.Clinton.De Kalb.Gentry.
New Mexico (northern nnrt^Counties of—
Colfax.McKinley.Mora.
Rio Arriba.Sandoval.San Juan.
Maries.Marion.Mercer.Miller.Mississippi.Moniteau.Monroe.Montgomery.Morgan.New Madrid.Oregon.Osage.Ozark.Pemiscot.Perry.Pettis.Phelps.Pike.Polk.Pulaski.Putnam.Rails.Randolph.Ray.
Henry.Lake.Lauderdale.McNairy.Madison.Obion.
Keweenaw.Luce.Mackinac.Marquette.
Oneida.Pepin.Pierce.Polk.Price.Rusk.St. Croix.
Holt.Jackson.Jasper.McDonald.Newton.
San Miguel.Santa Fe.Taos.
Reynolds.Ripley.St. Charles.St. Clair.St. Francois.St. Louis.St. Louis City.Ste. Genevieve.Saline.Schuyler.Scotland.Scott.Shannon.Shelby.Stoddard.Stone.Sullivan.Taney.Texas.Warren.Washington.Wayne.Webster.Wright.
Shelby.Tipton.Weakley.
Menominee.Ontonagon.Schoolcraft.
Sawyer.Taylor.Trempealeau.Vilas.Washburn.
Nodaway.Platte.Vernon.Worth.
Union.
Land area(squaremiles)
58,206
10,736
414,004
16, 691
80,858146,13170,18376,86823, 273
473, 565
103,65881, 77410, 521
76,80841,486
Population,Jan. 1,1925(estimated)
2,613,298
718, 622
5,437, 255
336,118
2, 547, 511637,904682, 828663, 668569, 226
7,385,785
1,012,0441,809, 588
847, 780
1,350,015161, 755
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2 9 0 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
FEDERAL RESERVE DISTRICTS—Continued
Federal reserve districto
DISTRICT N O . 10—KANSAS CITY—ContinuedOklahoma (northwestern Dart) _ _.
Counties of—Adair.Alfalfa.Beaver.Beckham.Blaine.Caddo.Canadian.Carter.Cherokee.Cimarron.Cleveland.Comanche.Cotton.Craig.Creek.Custer.Delaware.Dewey.
Wyoming.. __.
DISTRICT N O . 11—DALLA
Ellis.Garfield.Garvin.Grady.Grant.Greer.Harmon.Harper.Haskell.Hughes.Jackson.Jefferson.Kay.Kingfisher.Kiowa.Latimer.Le Flore.Lincoln.
s _
Arizona (southeastern Dart)Counties of—
Cochise. GreenleeGraham.
Louisiana (northern part)Parishes of—
Bienville.Bossier.Caddo.C aid well.Catahoula.Claiborne.Concordia.
De Soto.East Carroll.Franklin.Grant.Jackson.La Salle.Lincoln.
New Mexico (southern Dart)Counties of—
Bernalillo.Catron.Chaves.Curry.De Baca.
Dona Ana.Eddy.Grant.Guadalupe.Hidalgo.
Oklahoma (southeastern Dart) _ .Counties of—
Atoka.Bryan.
Texas
Choctaw.Coal.
DISTRICT N O . 12—SAN FRANCISCO
Arizona (northwestern narfciCounties of—
Apache.Coconino.Gila.
CaliforniaIdahoNevadaOregonUtahWashington
Maricopa.Mohave.
LoganLove.McClain.Mclntosh.Major.Mayes.Murray.MuskogeeNoble.Nowata.Okfuskee.Oklahoma.Okmulgee.Osage.Ottawa.Pawnee.Payne.Pittsburg.
Pima.
Madison.Morehouse.Natchitoches.Ouachita.Red River.Richland.Sabine.
Lea.Lincoln.Luna.Otero.Quay.
Johnston.McCurtain.
Navajo.Pinal.
Pontotoc.Pottawatomie.Roger Mills.Rogers.Seminole.Sequoyah.Stephens.Texas.Tillman.Tulsa.Wagoner.Washington.Washita.Woods.Woodward.
Santa Cruz.
Tensas.Union.Webster.West Carroll.Winn.
Roosevelt.Sierra.Socorro.Torrence.Valencia.
Marshall.Pushmataha.
Yavapai.Yuma.
Land area(squaremiles)
61,770
97,548
392,989
23,412
18,518
81,017
7,644
262, 398
683,852
90,398
155, 65283,354
109,82195,60782,18466,836
Population,Jan. 1,1925(estimated)
1,985,256
219,347
6,217,311
135,393
574,047
215, 616
234,166
5,058,089
7,590,692
265, 623
3,967,278486,59775,108
840,362488,562
1,467,162
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PART II
This section of the report presents tables showing the conditionand operations and earnings and expenses of each Federal reservebank, the condition of reporting member banks, and the volume ofdebits to individual accounts at banks in leading centers. Chartsshowing cash reserves, holdings of the various classes of earningassets, and Federal reserve note circulation of each Federal reservebank for the period 1917 to 1924, inclusive, also charts showing loansand investments and deposits of reporting member banks in eachFederal reserve district for the period 1921 to 1924, inclusive, arepresented on pages 292-311. For convenience of reference the statis-tical tables are arranged by Federal reserve districts.
Other data relating to the operations of the Federal reserve banks,together with a discussion of banking and business developments ineach district, are published in the annual reports of the respectiveFederal reserve agents.
291
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MILLIONS OF DOLLARS3500
ALL FEDERAL RESERVE BANKS
3000
2500
2000
1500
1000
500
MILLIONS OF DOLLARS13500
3000
2500
2000
1500
1000
500
1917 1918 1919 1920 1921 1922 1923
toCDto
waER
AL
WHSE
RV
nBA
N
W
HwHCO
POR
T
o
TH
E
MEDER
[>f
r^<j
wo
A : Net Deposits to February, 1921; Total Deposits beginning March,1921
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MILLIONS OP DOLLARS
3501 :
FEDERAL RESERVE BANK OF BOSTONMILLIONS OF DOLLARS
" 1350
300
250
200
150
100
50
300
250
1917 1916 1919 1920 1921 1922 1923 1924-
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MILLIONS OF DOLLARS
zoor
FEDERAL RESERVE BANK OF NEW YORKMILLIONS OF DOLLARS
I12OO
1100
1917 1918 1919 1920 1921 1922 1923 1924-
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MILLIONS OF DOLLARS350
FEDERAL RESERVE BANK OF PHILADELPHIAMILLIONS OF DOLLARS
1350
300
250
200
150
100
50
300
250
200
150
100
1917 1918 1919 1920 1921 1922 1923 1924-
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MILLIONS OF DOLLARS
350
FEDERAL RESERVE BANK OF CLEVELANDMILLIONS OF DOLLARS
350
300
250
200
300
250
200
150
100
1917 1918 1919 1920 1921 1922 1923 1924-
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
MILLIONS OF DOLLARS180
FEDERAL RESERVE BANK OF RICHMONDMILLIONS OF DOLLARS
1180
160
140
120
100
80
60
160
140
120
100
X ^-^Acceptances ̂ ~v̂ _
20
.1917 1918 1919 1920 1921 1922 1923 1924-
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
MILLIONS OF-DOLLARS
180FEDERAL RESERVE BANK OF ATLANTA
MILLIONS OF DOLLARS
180
160
120
100
1917 1918 1919 1920 1921 1922 1923 192^
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
MILLIONS OF DOLLARS600
550
FEDERAL RESERVE BANK OF CHICAGOMILLIONS OF DOLLARS
—1600
550
500
450
1917 1918 1919 1920 1922 1923 1924
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
MILLIONS OF DOLLARS180
FEDERAL RESERVE BANK OF ST. LOUIS MILLIONS OF DOLLARS
1180
160
120
100
80
60
4-0
20
160
1917 1918 1919 1920 1921 1922. 1923 1924-
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
MILLIONS OF DOLLARS120
FEDERAL RESERVE BANK OF MINNEAPOLISMILLIONS OF DOLLAR!
1120
100
80
100
8 0
60
1917 1918 1919 1920 1921 1922 1923 1924
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
MILLIONS OF DOLLARS180
FEDERAL RESERVE BANK OF KANSAS CITYMILLIONS OF DOLLARS
180
160
14-0
120
100
8 0
6 0
160
140
120
100
20
1917 1918 1919 1920 1921 1922 1923 1924
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
MILLIONS OF DOLLARS120
FEDERAL RESERVE BANK OF DALLASMILLIONS OF DOLLARS
120
100 100
80
20
1917 1918 1919 1920 1921 1922 1923 192*
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
MILLIONS OF DOLLARS350
FEDERAL RESERVE BANK OF SAN FRANCISCOMILLIONS OF DOLLARS
1350
300
250
200
300
250
200v ^ - •
150
100
150
1917 1918 1919 1920 1921 1922 1923 1924
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
REPORTING MEMBER BANK CHARTS 3 0 5
REPORTING MEMBER BANKS IN LEADING CITIES, 1921-1924
MILLIONS
DOLLARS
1200
1000
800
600
400
200
BOSTON DISTRICT
Loans and Investments
Loans onStocks and Bonds
and U.S.Sec.
1921
Time Deposits
1922
1200
1000
800
600
400
200
1923 1924
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
306 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
MILLIONS)
DOLLARS
7000
6000
5000
4000
3000
2000
1000
NEW YORK DISTRICT
All Other Loans,^
1921 1922 1923
7000
6000
5000
4000
3000
2000
1000
1924
1000
8 0 0
600
200
PHILADELPHIA DISTRICT
Loans and Investments
Net Demand Deposits
Total Loans
^ All Other Loans
1000
800
600
400
200
1921 1922 1923 1924-
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
REPORTING MEMBER BANK CHARTS 307
1800
1600
1400
1921
CLEVELAND DISTRICT
Loans and Investments
1.800
1600
1400
1200
1922 1923 1924
MILLIONS
DOLLARS
600
500
4 0 0
3 0 0
200
100
Loans onStocks and Bonds
- and U.S.Sec.
RICHMOND DISTRICT
Loans and Investments
Total Loans
AH Other Loans
Time Deposits
investments
1921
MILLIONS
DOLLARS
600
500
400
300
200
100
1922 1923 1924
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
308 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
MILLIONS
DOLLARS
600
500
400
300
200
100
ATLANTA DISTRICT
\7
Time Deposits^
Investments
Loans on Stocks & Bondsand U.S.Sec.
MILLIONS
DOLLARS
600
500
400
300
200
100
1921 1922 1923 1924
MILLIONSOF
DOUARS
2400
2000
1600
1200
800
400
CHICAGO DISTRICT
Loans and Investments
Total Loans
' Net Demand Deposits "
Al l Otner Loans - —
Time Deposits
Investments
Loans onStock sand Bonds- and U.S.Sec. —
MILLIONSOF
DOLLARS
2400
2000
1600
1200
8 0 0
4 0 0
1921 1922 1923 1924-
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
REPORTING MEMBER BANK CHARTS 309
4 0 0
300
200
100
Loans on Stocfcs & Bondsand U.S.Sec.
300
200
too
1921 . 1922 1923 1924
250
200
150 '
100
50
300
MINNEAPOLIS DISTRICT
Time Deposits,..
250
f /•—1
200
150
100
1921 1922 1923 1924
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
3 1 0 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
6 0 0
500
4 0 0
300
2 0 0
100
KANSAS CITY DISTRICT
Loans and Investments
Investments
Loans onStocks and Bonds
and U.S.Sec.
600
500
4 0 0
300
2 0 0
100
1921 1922 1923 1924
MILLIONSor
DOLLARS
350
3 0 0
250
200
150
100
50
DALLAS DISTRICT
ILoans and Investments/
300
All Other Loans
Time Deposits
1921 1922
Loans onStocks and Bonds
and U.S.Sec.
1923
250
200
150
100
192**
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
REPORTING MEMBER BANK CHARTS 311
SAN FRANCISCO DISTRICT
1000
800
600
400
200
Investments
Loans on Stocks & Bondsand U.S. Sec. .
800
600
4-00
200
1921 1922 1923
36569—25t 21
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
DISTRICT NO. 1—BOSTON
No. 1.—CONDITION OF FEDEEAL RESERVE BANK
[In thousands of dollars |
Gold with Federal reserve agentGold redemption fund with United States Treasury
Gold held exclusively against Federal reserve notes.Gold settlement fund with Federal Reserve BoardGold and gold certificates held by bank..
Total gold reserves _ _Reserves other than gold
Total reserves _Nonreserve cash _Bills discounted:
Secured by United States Government obligations..Other bills discounted
Total bills discountedBills bought in open marketUnited States Government securities:
Bonds -Treasury notes _.. ._.Certificates of indebtedness
Total United States Government securities.
Total earning assets __
5 per cent redemption fund—Federal reserve bank notes.Unconnected itemsBank premisesAll other resources.
Total resources
LIABILITIES
Federal reserve notes in actual circulation.
Deposits:Member bank—reserve account..GovernmentOther deposits...
Total depdl&its-
Deferred availability items.Capital paid inSurplus _All other liabilities
Total liabilities..
Dec. 31,1924
Ratio of total reserves to deposit and Federal reserve note liabilitiescombined (per cent) _
Contingent liability on bills purchased for foreign correspondents...
164,3655,038
Dec . 31,1923
169,40332, 27518, 422
220,10013,740
233,8405,543
15, 21713, 777
28,99463,889
2,47223, 72710, 461
36,660
129,543
60, 6354,190
180
433, 931
207, 389
140,1023,856
84
144,042
57,9057,980
16,382233
Dec . 31,1922
168,271 ! 154,61313,527 ! 9,421
181,79832,88220, 078
234, 7588,266
243,024 |3,520
5296,6972.636
116, 365
55,0344,312
131
422,386
220,115 i
123, 6372,356
117
126,110
51, 6097,890
16, 390272
66.5 70.2
164, 03428,07716, 036
208,14712, 730
220,877(0
21,744 i 23,67545,957 37,909
67,701 61,58438,802 I 25,407
5296,610
22, 454
29, 593
116, 584
42259,1424,434
297
401,756
201,314
126,342534
127,856
47,9068,126
16,312242
433,931 i 422,386 I 401,756
67.12,511
i Not shown separately prior to 1923.
312
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
DISTRICT NO. 1 BOSTON 313
Ko. 2 .—PRINCIPAL ASSETS AND LIABILITIES OF FEDERAL RESERVE BANK, BYW E E K S
[Amounts in thousands of dollars]
DateTotalearn-ing
assets
100,30270,99165,09060,01672,461
Feb. 6 ! 62,62659,025
1924Jan. 2 . . .
16-23_30..
20_ 61,30727 1 69,825
Mar. 5_12..
26_
Apr. 2_9
16.
66,87367, 76862, 21560,963
65, 64764,38257.424
23 ! 54,25830 ! 57,303
jMay 7__ I 48,977
14 i 49,72421 46,92928 I 52,439
IJune 4 | 58,222
11 j 55,71418 I 49,41325 50,339
July 2 .9_
16.23-30-
I
Aug.13-20.27-
50,63954,12048,68546,86847,398
51,46251,80954,25854,305
Sept. 310
58,15056,34860,581
24 |, 57,769
Oct. 1 57,5798 I 58,326
15 ! 65,69622 I 60,49129 j 65,947
Nov. 5 I 71,19712 84,02419 90,12026 94,949
Dec. 3 j 106,27110.
24.31-
Daily average.
107,818108, 524124, 994129, 5431
Bills discounted formember banks
Total
Billssecured
byU . S .
Govern-ment
obliga-tions
60,85232, 59427,96425,81136,927
27,03726,18125,97435,168
31,69529, 07423, 36622, 512
25, 40C22,22922,43420,56022,333
16,69215,97216,31120,381
19,52616,94614,20315, 783
14,03011,83110,5049,31010,265
11, 55511,51811, 62011, 603
11,92610,1758,34510, 529
8,0677,368
5,2126,689
9,69013,26913, 53215,496
15,46918,32717,28029,93028, 994
20, 84c14,35012, 65213,67:19,613
14,88014, 91713, 69821, 53f18, 21818,11212,85212,88r
13, 41211,13'10,39110,13511,398
8,8038,9328,59011,637
11,40510,1218,77710,286
8,6786,3235,8504,9395,065
4,8945,1795,0945,025
5,1144,9494,2915,778
4,9774,0624,"""3,1654,356
5,5017,8277,8448,073
7,32710,04111,18218, 72315,217
|65,874 i 18,760 L
Otherbillsdis-
counted
40,00318,24415,31212,14017, 314
12,15711,26412, 27613,629
13,47710,96210, 5149, 625
11,98811,09212,04310,42510,935
7,7,0407, 7218,7448,1216,8255,4265,497
5,3525, 5084,6544,3715,200
6,6616,3396,5266,578
6,8125,2264,0544,751
3,0903,3063,7542,0472,333
4,1895,4425,6887,423
8,1428,2866,09811, 20713, 777
Billsbought
inopen
market
33,39132, 76330,45326,96827,038
27, 51424, 93925, 73324,03522,50423,03119,98219,154
18, 71020,40314,66412,65211,419
7,6577,9974,8495,281
5,8763, 7542,9771,817
8,1643,5842,9612,537
2,498
UnitedStatessecuri-
ties
Totalcash
[reserves
4,3874,451
7,973
8,4798,376
10,64912,09418,19516,41720,396
22,65231,90037, 73340,953
53,01255,810
59, 655
18,853
iO, 2005, 634! 278,0686,6731 281,5937,237 279,9838,496 270,800
8,075 278,0527,905| 282,9239,600! 282,54610,622 277,998
12, 67415, 66318,86719,297
279, 313275,661280, 336284,874
21,537 293,20321,750 290,37720,326; 295,51321,046,' 293,36523,551 i 294,193
24,628 299,10125; 755 295,68125,769 296,76026,777i 297,239
32,820 289,56935,014 287,94532,233! 280,83832,739 297,143
33,123 310,44034,125 301,38634, 59734, 59734,596
37,40938,25238, 25138, 251
38, 25139,23343, 75738,864
302, 978299,154305,265
295,869294, 626295, 912292, 914296,207292,683290,025295,563
38.863 293,65038.864 294,04838,862i 305,23838,862| 295,72638,862 291,773
38,85538, 85538,855
276,046259,899262,880
38,500! 256,886
37,790 247,09333,681! 249,22634,356! 248,02835,409; 242,04236,660| 233,840
28,2611 285,094
Mem-ber
banks 'reservedeposits
Totaldeposits
132,517126,410130, C
135, 264128,818132, 865
123,658 126,515125,681 128,417
124,335130,313121,429124, 863
124,669124, 037124, 628118,153
126, 532123,350129,415124,517128,175
126,872125,844126,07"126,545
126,469126,531118,114126,594
138, 780137, 734139,808135.053138, 919
134,468135,069137,392133,189
136,320133,504138,073138,458
137, 521135.054149,916138,875142,333
139,047138,984139,896136, 759
136, 846135, 830133,847137,028140,102
131,952
126, 880133,499127,023129, 039
Federalreservenotesin
circula-tion
229, 594210, 336203, 268200,862199,937
199, 733200, 614202, 506202, 923
130,202 204,105128,602 203,204125,370 203,607126, 697j 204,265
137,231 207,779133,595 205,970131,533! 207,127127,067 206,278130,715 205,579
128,594! 204,427128,093! 203,179127, 558| 201,234130,366 203,440
128,843 203,802130,230! 198,734119,068 199,663132,840 199,079
140, 526138, 545!141,192137,221142,839!
135,850!136,341!139,070135,187
137,088134,534138, 742140,879
139, 705136,904154, 818141,075143, 714
140, 728141,554142,099138,604
138,310137,860134,887142,879144,042
134,993
205,029202.329197,858194,586195,370
196,663196,392197,243197,168
202,902200, 633197,472198,035
201, 267200,699203,863200,475198,164
198.330196,534196,249
200,152204,096207,493215,824207,389
202,811
Re-serveper-cent-ages
71.382.083.885.582.5
85.184.785.783.7
83.583.185.286.1
85.085.587.388.087.5
89.390.389.0
87.187.588.189.5
89.888.489.490.290.3
89.088.588.088.1
87.187.386.387.2
86.187.185.186.685. 3 -
81.476.977.776.2
73.072.972.467.566.5
84.4
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
314 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
No. 3.—DISCOUNTS AND PURCHASES OF BILLS AND SECURITIES BY FEDERALRESERVE BANK: VOLUME, BY CLASSES
[In thousands of dollars]
Month
1924JanuaryFebruaryMarchApril
MayJuneJulyAugust _
September _.OctoberNovemberDecember
Total: 1924.1923.1922.
Month
January. _.February..MarchApril
MayJuneJuly....August .
September..OctoberNovember..December-.
Total: 1924_1923.1922.
Bills discounted for member banks
Total
123,722135,494117,77987,500
51,35540,70328, 76433,134
27, 52320, 02555,306100, 865
822,1703, 652, 7752, 262, 087
Securedby
UnitedStates
Govern-ment
obligations
64,43796,39480, 02154,317
27,78428, 73717, 63416,129
17,83613,36431, 62464, 330
512, 6071,489, 573
714, 537
Commer-cial andagricul-turalpaper,n. e. s.
59,200
37,58433,134
23, 52011,87811,06916,985
9,6336,64423, 61136,457
308,6452,161, 0411, 546, 363
Tradeaccept-ances
8517017449
9182,1611,187
Bills bought in open market
Total
30,79124,78822, 09021,176
8,8923,2019,9165,740
12,26627, 22249,18044,236
259,498302, 083261, 691
Bankers'accept-ances
22,90319, 57719, 641
3,2019,7565,740
12, 21627, 22248,29744,196
248, 572285, 707253,485
Dollarex-
change
3,8551,8852,5131,535
160
50
Tradeaccept-ances
40
10,92616, 3008,206
76
Billsboughtfromother
Federalreservebanks
United States se-curi t ies pur-chased in openmarket
Bondsand
notes
10, 090
5,4785,9347,0545,879
3,9718,7454,2912,344
1,2137,146
52,96129, 45029, 037
Certifi-cates ofindebt-
3,098676
32,8552,940
1,17518, 534
709741
358605
90, 449176, 976174, 886
UnitedStatessecuri-
ties pur-chasedfromother
Federalreservebanks
953
307
Total discounts and purchases
1924
164,042
179, 778117,495
65, 39371,49043, 68041, 959
60, 78447, 605106,304160,916
1, 260 1, 226, 338
6,150
1923
412, 511421, 270381, 325262, 317
269, 050299, 379321, 388377, 473
321, 062259, 512358, 302487, 785
4,171, 374
1922
191, 714325,952304, 764167,170
129,425163, 809129, 735184,130
202, 769267,172365,231301, 980
2, 733, 851
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
DISTRICT NO. 1 BOSTON
N o . 4 . — B I L L S DISCOUNTED BY F E D E R A L R E S E R V E B A N K
[Amounts in thousands of dollars]
315
VOLUME, BY STATES
I
Month
1924January . . .February _MarchApril
MayJuneJu ly . ._ .August .
September-October--..November..December _.
Maine
5,4295,4515,5773,253
3,3974,4842,6591,787
2,1461,6562,5133,915
Total: 192419231922
Number of memberbanks at end of year:
1924.. _ . . .1923---.1922
Number of memberbanks accommo-dated:
192419231922-..
42, 26749,00242, 621
NewHamp-shire
3,7204,5004,8244,166
4,0064,5433,2872,517
2,6272,2962,8293,138
42, 45360,72240, 246
Ver-mont
2,2491,8231,7151,978
1,9331,4811,4241,243
1,2481,220795915
18,02427,11821,409
Massa-chusetts
104,832114,64298,04569, 836
34,42623,17518,87823, 649
18, 26910,85845, 69283,667
645,9693,395,5622,068,564
182183185
148153164
RhodeIsland
1,8674,035288742
1,5561,320138264
645692695
3,875
16,11730,02316, 392
Con-necti-cut 1
5,6255,0437,3307,525
6.0375; 7002,3783,674
2,5883,3032,7825,355
57, 34090, 34872,855
Total
123,722135,494117,77987, 500
51, 35540,70328,76433,134
27,52320,02555, 306
100,865
Num-ber ofmem-
berbanksin dis-trict
at endof
month
822,1703,652,7752, 262, 087
420424427
317313330
424421421421
421421422421
420420420420
Num-ber ofmem-
berbanksaccom-modat-ed dur-ing themonth
202209213199
179174130129
110145180
1 Figures relate only to that part of the State located in the Boston district.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
316 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
No. 5.—EARNINGS AND EXPENSES OF FEDERAL RESERVE BANK
Discounted billsPurchased billsUnited States securities....Deficient reserve penalties.Miscellaneous
Total earnings..
CURRENT EXPENSESSalaries:
Bank officersClerical staff...Special officers and watchmenAll other. _
Governors' conferences _.Federal reserve agents' conferencesFederal Advisory Council -Directors' meetingsTraveling expenses !Assessments for Federal Reserve Board expensesLegal feesInsurance (other than on currency and security shipments).Insurance on currency and security shipmentsTaxes on banking houseLight, heat, and powerRepairs and alterations, banking houseRent.Office and other suppliesPrinting and stationeryTelephoneTelegraph...PostageExpressageFederal reserve currency:
Original cost, including shipping chargesCost of redemption, including shipping charges..
Taxes on Federal reserve bank-note circulationAll other expenses
Total current expenses..
PROFIT AND LOSS ACCOUNT
EarningsCurrent expenses.
Current net earnings.Additions to current net earnings:
Withdrawn from reserve for depreciation on United States bonds.All other
Total additions..Deductions from current net earnings:
Depreciation allowances on bank premises..Furniture and equipmentAll other
Total deductions
Net deductions from current net earnings.
Net earnings available for dividends, surplus and franchise taxDividends paidTransferred to surplus accountFranchise tax paid United States GovernmentDeficit in earnings after payment of dividends charged to surplus
account.. _ _
1924
$783,450599,172
1,049,8414,576
121,977
2,559,016'
122,000894,000
31,50490, 512
288276452
6,2356,416
48, 6342,014
26, 59072,749
105, 59320,4892,4923,913
21,48547,82819, 6098,086
172,85137, 005
164, 94627, 818
39, 716
1,973, 501
2, 559, 0161,973, 501
585, 515
15,8704,686
20, 556
122,04811,6501,951
135,649
115,093
470,422
477, 798
7, 376 |
1923
$2,320,839741,384419,739
9,17215,549
3,506, 683
137, 500895, 768
33,323103,019
378176478
6,17310,02252,474
1,97826,96771, 248
108,06325, 532
7,25829, 64028,46261,78420,4278,233
167, 09733, 827
236, 69431, 439
36, 294
2,134, 254
3, 506, 6832,134, 254
1, 372, 429
5,29020, 559
25,849
122,04820,3093,786
146,143
120,294
1, 252,135
480, 26777,187
694, 681
1922
$1,543,539591,647
1,391,6919,7774,659
3, 541,313
141,000925,072
34,430100,932
411426250
7,3679,820
55, 241775
31, 53449, 27190,90025,489
1,76752,77226, 53974, 58821,1697,977
152,66734, 323
65, 50138,79223,87149, 516
2, 022,400
3, 541, 3132,022,400
1, 518,913
32,1009,494
41, 594
328,215133,106
1,784
463,105
421, 511
1,097, 402
481,9512 -170,782
2 786, 233
* Other than those connected with governors' and agents' conferences and meetings of directors and ofthe advisory council.2 After charging surplus and crediting franchise tax with $247,350 paid as an additional franchise tax for1921. Amounts transferred to surplus and paid as a franchise tax out of earnings for 1922 were $76,568 and$538,883, respectively.
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DISTEICT NO. 1 BOSTON 317
No. 6.—VOLUME OF OPERATIONS IN PRINCIPAL DEPARTMENTS OF FEDERALRESERVE BANK
NUMBER OF PIECES HANDLED
Bills discounted:Applications .Notes discounted
Bills purchased in open market for own accountCurrency received and countedCoin received and countedChecks handledCollection items handled:
United States Government coupons paidAll other . _
United States securities—issues, redemptions, and ex-changes by fiscal agency department
Transfers of funds. _Envelopes received and dispatched
AMOUNTS HANDLED
Bills discounted _.Bills purchased in open market for own account.,Currency received and countedCoin received and counted. _ _Checks handledCollection items handled:
United States Government coupons paidAll other
United States securities—issues, redemptions, and ex-changes by fiscal agency department
Transfers of funds
1924
6,88130,82916, 542
216,741,000180, 439,00068,166, 000
4,456, 000542,000
1, 201,00051,000
2, 369, 000
$822,170,000259,498,000
1, 322,986, 00020, 413,000
16, 559, 713, 000
63,151,000592,437, 000
488, 513,0005, 606,721,000
1923
i 11,36355,60119,165
206, 664,000196, 501, 00063,158,000
5,478,000727,000
2 7, 594,00050, 000
2,011,000
$3,652, 775,000302,083, 000
1, 259, 323,00020,170,000
15,169,483, 000
69, 761, 000722, 651,000
797,105, 0004,186,430, 000
1922
19,90851,08517,351
176, 618, 000174,138,00055,123,000
6,925,000488,000
1, 559, 00047,000
$2,262,087,000261, 691, 000
1, 022,617,00018,442, 000
12,082,663,000
67̂ 777,000515, 597,000
1,184, 543, 0003, 033,806, 000
1 Revised figures.2 Large increase due to redemption of war savings securities which matured Jan. 1, 1923.3 Data not available.
N o . 7 . — O P E R A T I O N S OF F E D E R A L R E S E R V E CLEARING SYSTEM
[Figures include cash items only. Numbers in thousands; amounts in thousands of dollars]
Month
1924
JanuaryFebruaryMarchApril
May.JuneJulyAugust
SeptemberOctoberNovemberDecember
Total: 19241923
Items drawn onbanks in own dis-trict.
Number Amount
5,5084,7215,1445,365
5,4465,3365,5344,838
4,9805, 7125,1345,860
63, 57858, 561
1, 420, 9691,198,4821,386, 6041,321,636
1, 255, 2271, 229, 7481, 266,8181, 379, 960
1, 250, 5661,320,2101, 348, 4171, 424, 540
15, 803,17714, 328, 589
Items forwarded toother Federal re-serve banks andtheir branches
Number Amount
220200227223
226220232213
230253234271
47, 96344, 63451,31448,127
45, 86045, 52945, 24539, 768
48, 41351, 34948, 86352, 949
2, 749 | 570,0142. 773 639, 940
Items drawn onTreasurer of
United States
Number Amount
136117134162
154132127147
184246156144
1,8391,824
14,96512, 80913,91916, 911
16, 28515, 85716, 67015,14715, 20418, 80514, 88815,062
186, 522200, 954
Total
Number Amount
5,8645,0385,5055,750
5,8265,6885,8935,198
5,3946,2115,5246,275
68,16663,158
1,483, 8971, 255, 9251, 451, 8371, 386, 674
1, 317, 3721, 291,1341, 328, 7331,434,875
1,314,1831, 390, 3641,412,1681,492, 551
16, 559, 71315,169, 483
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318 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
No. 8.—CLEARINGS AND TRANSFERS THROUGH GOLD SETTLEMENT FUND
[In thousands of dollars]
Week ending—
1924
Jan 2 (1 day)9
1623 _ .30
Feb. 6._ . . . .1320 . . . _27
Mar 5121926
Apr. 2 . - .9
16 . -2330 . . .
May 7142128 .
June 4. _ _ _11 _ . .18 . . . - -25
July 2 - -9 _ . _ .
1623 . -30 _
Aug 61320 -27
Sept. 3 - - - . - - - - .10 . - - - -1724 - - .
Oct. 1g
152229 . . .
Nov 512 . . _ _1926 -
Dec 3101 7 . _243 1 . - «. _
T o t a l * 1 9 2 4 . . . .1 9 2 3 - .1 9 2 2
Paymentsto otherFederalreservebanks
31, 708209,446203 089165,240164, 780
169, 738133, 977185,099153, 550
216,496171,038202,588193,855
174, 734174 994208, 238185,813171, 010
220, 002150, 375167, 284153, 704
149 267138, 500195 312147,850
169, 240156, 670165, 724150,160173,904
218,170182 449218,258169, 601
107, 672141,489160 319194, 959
356,103154 102132, 521211, 773166,993
179,108197,825205, 725174, 758
172 864168, 771197, 380176, 710166, 365
9,107, 3008,008,0885, 946, 664
Receiptsfrom other
Federalreservebanks
53, 644217,611207, 724164,461160,433
175, 951141,199186,437149,920
217, 757167, 806209,108199,126 1
184, 090173 488212,491183,881171, 626
224,842147, 639169,249156,414
141, 877137,104188, 015165,822
186,110146, 732167,720146, 642180,850
209, 633181,274219,714167,973
113, 207133, 358158, 786200, 663
155, 792153,132144,253199, 682162,891
164, 541181, 885210,178170,918
162 279172, 218198,405172,834154,159
9,123,5448, 052, 9335, 922, 570
Net loss
7794,347
3,630
3,232
1 506
1, 932
2,736
7 3901,3967, 297
9,938
3,518
8,5371,175
1,628
8,1311,533
311970
12, 0914,102
14, 56715,940
3,840
10 585
3,87612, 206
24, 094
N e t gain
21,9368,1654,635
6,2137,2221,338
1,261
6,5205,271
9,356
4,253
616
4,840
1,9652,710
17,972
16,870
1,996
6,946
1,456
5,535
• 5,704
11,732
4,453
3,4471,025
16, 24444,845
Net gain in ownership of gold since establishment of fund in 1915, $209,581,000.
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DISTRICT NO. 1 BOSTON. 319
No. 9 .—REPORTING MEMBER BANKS IN LEADING CITIES: PRINCIPAL RESOURCESAND LIABILITIES
[In thousands of dollars]
Last report date in—
Loans and dis-counts
1924
January , 856,546February 856,630March 855,796April _MayJune _._JulyAugustSeptember.OctoberNovember.December..
852,032834, 856849, 342895,005888,145917, 472947,017926, 301941, 337
1923
861, 214860, 569863, 964869, 575861, 392875, 430882, 655879, 359885, 595882, 635877,157879, 457
Investments
United Statessecurities
1924
125, 615123, 063123, 271120, 604121, 867133, 810132,021123, 585129, 872128, 806120,108126, 022
1923
139, 946129, 037126,400125, 764131, 601139, 794129,167127, 518137, 810132, 578128, 297121, 580
All other
1924
169,758169, 881169, 591176,124186, 602191, 533198, 264201, 952205, 707210, 096200, 407195, 280
1923
173,087172, 549170, 437173, 743174,936173, 956169, 210168,453171, 950175,344174, 020170, 441
Last report date in—
Net demanddeposits Time deposits
Accommodation atFederal reserve
banks
1924
January. . .February-MarchAprilMayJuneJulyAugustSeptemberOctober...November.December.
808, 545795, 516780,076810, 208800, 224820.076861.077849,527862,942922, 818877, 722891, 936
1923 1923
839, 642804,063780, 632810,006804, 688799, 808814,181786,114797,135846, 974802, 468788,151
273,126282,199289, 517286, 334290, 735297, 397315,014325, 322330, 881330,182319, 966316, 587
241, 585245, 527247, 898252, 619255, 636257, 712265, 629268, 582270, 567269, 872268, 857266, 077
1924
17, 66013, 2796,9788,3234,2991,9911,0251,2921,273621
3,51911, 236
1923
32, 68530, 64337. 68217, 80135, 37927, 75726, 88448,10233, 62621,93147, 48355,067
NOTE.—Figures are for about 42 banks in Boston, Hartford, New Haven, Providence, and Springfield,which submit weekly reports to the Federal reserve bank.
No. 10.—DEBITS TO INDIVIDUAL ACCOUNTS
[In thousands of dollars. For explanatory note, see p. 154]
Month
Total for 11 centers l
1924
2,189, 0521,973,4322,147,0572,118, 0542, 052, 7722, 040, 5442, 111, 2831, 989, 7731, 974,9842, 357, 4352, 252, 7172, 467, 796
25,674, 899
1923
2,197,9971, 889,8992, 222, 0862,119, 7872,139,6452,172,8721,983, 2231, 771, 5721, 760,9562,154,6172,150,6662, 287, 912
24, 851, 232
1922
1,928, 0211, 611,605l,857,«8091, 760,1571,837, 9391, 992,8981, 899, 3731, 586, 0941, 717, 6352, 087, 6221, 986, 5232,126, 314
22,391,990
JanuaryFebruary...MarchAprilMayJuneJulyAugustSeptember.OctoberNovember.December..
Total
1 Figures for cities marked with an asterisk (*) are not included in the district summary or in the nationalsummary of 141 centers.
36569—25t 22Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
320 ANNUAL; REPORT OF THE FEDERAL RESERVE BOARD
No. 10.—DEBITS TO INDIVIDUAL ACCOUNTS—Continued
[In thousands of dollars]
Month
JanuaryFeb rua ry . .MarchAprilMayJuneJulyAugustSeptember.OctoberNovember .December..
Total
Bangor, Me.
1924 1923 1922
14, 05412, 31214, 00213, 07414, 21714, 96714, 34613, 72214, 81717, 32412, 69113, 363
15, 05312, 57414; 55313, 46314, 22316,12115,31114, 91915, 01518, 44614, 35215, 838
179, 868
13, 52911,91614, 50313, 24213, 91014, 39113, 70512, 89614, 32815, 71113, 36916, 693
168,193
Boston, Mass.
1924
1, 570, 2051, 442, 6571, 566, 3221, 536, 2661, 476, 231.,479,960 |,540,541 !.,476,277 |,450,972 I,710,365.,688,539 !.,830,484 |
1, 610, 7481, 386, 9261, 660,1921, 544, 7081, 543, 8901, 555, 0831, 417, 9381, 241, 4751, 252, 3371, 525, 2061, 547, 4521, 662, 042
18, 768, 819 17, 947,997
1922
1, 433, 7161,184, 9791, 372, 3881, 283, 7721, 346,1201, 474,6481, 399, 9911,125, '2011, 233, 0031,498,9361,444,4111, 533,993
16, 331,158
Month
Brockton, Mass.* Fall River, Mass.
January j 20, 736February I 20,688March ! 20,909April ! 21,224May I 21,477June ! 19,653July 18,869August . ! 19, 513September 19,317October ! 24, 248November ! 22, 761December. . 21, 548
Total j 250,943
1923
21, 27418,93122,14822, 27221, 20021, 62617,97319, 81021,06325, 07523, 88322, 469
257, 724
1922 1924 1923
19,96319,17019,11219, 79818, 51119, 33219, 52721,84823, 55522, 604
33, 57430, 36427, 68029,62527, 72425, 29625,972 j26,93624, 89333, 29638, 26835,174
36, 65030, 38532,46133, 73433, 38532, 26429,16428, 52231, 74241, 45346, 20137, 537
203,420 358,802 413, 498
1922
29,60822, 74125,67026, 06228, 92530, 33729,00026,89727, 80337,06541,48837,102
Month
JanuaryFebruary..MarchAprilMayJuneJuly..AugustSeptember.OctoberNovember.December..
Total
Hartford, Conn. Holyoke, Mass.
1924
136, 347109, 098122, 997127,133119, 506119,408130, 662104,584110, 365130, 965110, 806126, 683
1,448, 554
1923 1922 1924
111,97799,351106, 384113,103113, 296113, 833111,86999, 91598, 234111, 759110,831123,902
1, 314,454
98, 55680, 20390, 74896,83293, 62297,15097, 55786, 49688,843108, 45194, 968110,641
17, 06613,96014, 36615,63615,47414, 90316, 39114, 38211, 76617, 00514,89816,417
1,144, 067 182, 264
1923
17, 71614, 65617, 79918, 21018, 65720, 30717, 08615, 56715, 41019, 40218, 22217, 514
210, 546
1922
12, 57110,67613, 52312,86013,08713, 59213,60012, 35814, 53418,09818,63117, 523
171,058
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DISTRICT NO. 1 BOSTON
No. 10.—DEBITS TO INDIVIDUAL ACCOUNTS—Continued
[In thousands of dollars]
321
Month
JanuaryFebrua ry . .MarchAprilMayJune . -JulyAugustSeptember.OctoberNovember.
December-
Total
Lowell, Mass. Lynn, Mass."
1924
21,47019,00619,91018,58517, 37618,05318,07315, 61814,31722, 42923, 37422, 731
1923
21,81918, 59022,76422,91525,33425, 50221, 76821,46720,59724,23025, 36521,140
230,942 271, 491
1922 1924
19,10616,60219, 42619,19220,02519, 36119,63619, 29819,49423,35824, 94623, 260
25, 70521,65723,17026,72027,00625,08828, 85925,90926,49633, 25628,53828,377
243,704 320, 781
1923
22, 22419,21027,84528, 652
26,77422, 58228,11625,56931,13628,89727,387
317, 274
1922
24,75520,08225,08325,18225,19924,42923,80523,34323,68627,66926,85026, 332
296,415
MonthManchester, N. H.*
1924 1923 1922
New Bedford, Mass.
1924 1923 1922
JanuaryFebruary . .MarchAprilMayJuneJulyAugustSeptember.OctoberNovember.December..
Total
18,49216,78518,707
' 21,30518,79916,84217, 53315, 53815,65416,76116,47520, 629
213, 520
19,47217, 24020,68121,10321,43022,41021, 09819,62618,82720,57018, 25722,786
243, 500
18,80315, 23918,50517, 33216,60317,52416,064
16, 35618,02618,16726,801
31, 81030,16529,82628,40529, 44426,19527,08127,51527,86935,40435,49136, 513
31,14630,18433,54431,73132,24134,10531,11528,74226,54732,13236,55034,635
26,46024,79626,02224,75527,09428,09927,59826,48725,79534,16235,16733,325
215, 813 365, 718 382,672 I 339,760
MonthNew Haven, Conn.
1924
JanuaryFebruary. _MarchAprilMayJuneJulyAugustSeptember.OctoberNovember .December..
Total
93,43582,09694, 77187, 25693,29288, 67495,85682,8,4089,84798, 77183, 32296,867
1,087,027
1923
88, 44874,09882,60881,25792,43994,27490,54487,53381, 60395,78787,58293,901
1922
73, 88958,44574, 46869, 72873, 66073, 47384,63675,87478, 06181,98174,55682, 450
1,050,074 I 901,221
Portland, Me."
1924
41,18536, 40440, 45238,70039,29038, 31641,30639,19840, 03645, 30440, 40145,134
1923
37,18035,25539,14036,81242, 85444, 66642,62738,78338,73046,19543, 43842, 735
485,726 488,415
1922
29,93026,16531,97231, 46133,89232,78735, 40735,73336, 86341,15234,62838,913.
408,903
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322 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
No. 10.—DEBITS TO INDIVIDUAL ACCOUNTS—Continued
[In thousands of dollars]
Month
JanuaryFebruary...MarchApril .-May . _JuneJulyAugustSeptember.OctoberNovember.December _.
Total.
Providence, R. I. Springfield, Mass.*
1924
160,149142,806150,369150,774155,549144,311137,780133, 453132,823174,661146,825174,966
1, 804,466
1923
159,503136,280151,269152,709154,009162,329143,654134, 111127,659176,754158,803169,304
1, 826, 384
1922
133,213122,416133,438130,900131,740145,839127,917113,859
165,025145,167160,285
1924
73,45068, 27671,88978,70273,94674,94178,44866,27163,63283,76380,34182,474
1,638,782 896,133
1923
72,90461,61374,14372,61177,89980,53070, 56265,46061,47176,60269,01271,100
853,907
1922
5.6,42348,96157,43557,27162,37067,43064,39558,71763,01478,17074,14073,478
760, 804
Water bury, Conn. Worcester, Mass.
Month
JanuaryFebruaryMarchApril.May .-June,July --.-AugustSeptember .-October..NovemberDecember
Total
36,30026,28136,04337,58633,19335,99733,45328,74031,03635,65329,77238, 505
402, 559
1923
32, 30628,32530,49137,23935,52738,78532,64031, 08229,04633, 37330, 21335,806
394,833
1922 1924
26,02427,99426,85026,37728,52729,64126,08327,00627,21431, 22728,05435,149
74, 64264, 68770, 77173,71470,76672,78071,12865,70666,27981, 56268,73176,093
340,146 856,859
1923
72,63158,53070, 02170,71876,64480,26972,13468, 23962,76676,07575,09576, 293
859, 415
1922
61, 34950,83760,77356, 43761,22966, 36759,65059,72259,57773,60865, 76675,888
751,203
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DISTRICT NO. 2—NEW YORK
No. 1.—CONDITION OF FEDERAL RESERVE BANK
[In thousands of dollars]
RESOURCES
Gold with Federal reserve agentGold redemption fund with United States Treasury
Gold held exclusively against Federal reserve notesGold settlement fund with Federal Reserve BoardGold and gold certificates held by bank
Total gold reservesReserves other than gold.. . _
Total reservesNonreserve cash _ _
Bills discounted:Secured by United States Government obligationsOther bills discounted
Total bills discounted .Bills bought in open market..
United States Government securities:Bonds _ . ._ . .Treasury notesCertificates of indebtedness _.
Total United States Government securities.Foreign loans on gold
Total earning assets _ . . .
Uncollected itemsBank premisesAll other resources
Total resources .
LIABILITIES
Federal reserve notes in actual circulation _
Deposits:Member bank—reserve accountGovernmentOther deposits _.
Total deposits _
Deferred availability items. . .Capital paid inSurplusAll other liabilities
Total liabilities
Ratio of total reserves to deposit and Federal reserve note liabilitiescombined (per cent)
Contingent liability on bills purchased for foreign correspondents...
Dec. 31,1924
384,307! 11,557
i 395,864286,475277,263
| 959,602! 21,868
' 981,470! 18,517
68, 74512, 577
81,322101,823
12,440120, 49536,963
169, 8981,746
354, 789
156,37716,2438,657
1,536.053
387,353
883, 86116,90428,195
928,960
129,05530,16758, 749
1,769
1,536,053
74.612,421
Dec. 31,1923
583, 62i| 9,441
1 593,066109,814168,615
871,49524,437
895, 93211.846
! 136,17528,360
164,53593,151
6,20229, 97210,582
46,756
304,442
115,06513,298
1,067
1,341,650
420,371
712,8589, 562
12,406
734,826
95,34229,43959,9291,743
1,341,650
77.66,572
1| Dec . 31,! 1922I
i 658,97010,309
I 669,279j 169,378
118,127
< 956,78431,314
988,098(0
168,23616,053
184,28960,864
1,14960,618
; 105,485
\ 167,252
412,405
j 134,30310,100
! 1,893
1,546,799
597,071
749,006I 518I 11,439
760,963
98,10128,68859,8002,176
1,546,799
72.812,624
i Not shown separately prior to 1923.
323
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324 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
No. 2.—PRINCIPAL ASSETS AND LIABILITIES OF FEDERAL RESERVE BANK, BYWEEKS
[Amounts in thousands of dollars]
Date
Jan1924
16..23..30..
Feb . 6_.13-.20-.
^ 27..
Mar. 5..
191!26_.
Apr. 2-.9..
16..23..30..
May7_.
28_.
June4_11..18..25..
July 2_9..
16..23..30_.
Aug. 6_.13_.20..27..
Sept. 3..10..1724_.
Oct. 1..8_.
15..22..29..
Nov. 5.12.19.26.
Dec. 3 .10.17_24.31.
Daily average
Totalearn-ing
assets J
347,763196, 077174,555178,325169,912
195,156258,054172,002203,632
168,077181,416159,397184, 952
220, 926238,175183,289145,147140,573
146, 481136,800134,640177, 296
150,355145,759191,403190,890
238,640208,154202,671202,838234,957
221,070213,421216,137244, 245
295,438273,599306, 258262,867
316,114356,527372, 546278,902307,514
320,81:289,409320,3r303,151
367,216365, 682351,893409,990354, 789
233,309
Bills discounted formember banks
I
Total
Billssecured
byU.S.Gov-ern-
mentobliga-tions
219,594127, 560113,450125, 695105, 246
108,234162,618107,597123,416
80, 66096,92646,47693, 862
111,362131,17675, 57561,93847.861
66,94355,74655,53459.862
35,15436,44541,920
73,33033,80440,69131,81939,146
31, 72029, 55527,59633,734
74, 79036,52333,42635,222
53,81474,87665,28929,22433,218
39, 73825,15050, 97135,688
59, 205
53,042134,15781, 322
65,808
184,134109,85088, 579102, 72691, 002
96, 262143,07890,155106,840
59,60172,76231,28477, 637
87,96890,34050, 77039, 75831,366
51, 73841,60840,99244,424
24,05520,84420, 71725,703
56,36817,09625,41717,36024,615
18,27917,47314,95219,973
59,9:20, 72016,17117,821
36,87856,44647, 79514,12014, 981
26,29814,15521,83726, 636
49, 54437,12641, 599103,10568, 745
Otherbillsdis-
count-ed
35,46017, 71024, 87122, 96914, 244
11,97219,54017,44216,576
21,05924,16415,19216, 225
23,39440,83624,80522,18016,495
15, 20514,13814,54215,438
13,93414,31015,72816,217
16,96216, 70815,27414,45914,531
13,44112, 08212,64413,761
14,86515,80317, 25517,401
16,93618,43017,49415,10418,237
13,44010,99529,1349,052
9,66111, 74111,44331,05212, 577
Billsbought
inopen
market
89,99159,86249,94439,65550, 603
71,80278,13644,53756,264
56,86244,28412, 70339,245
55,16049, 75752,55025,72827,165
10,5278,4156,421
41, 504
16,9858,16318,41412, 733
24,30926,33211,99010,4447, 567
6,82711,50233,472
43,60951,19446,03540,329
74,98494, 335103,94162,362
93, 75876,94382,03082,008
123, 732110,81"93,449104,743101,823
UnitedStatessecur-ities
38,1788,65511,161 1,009,61712,975 1,023,31814,063
15,12017,30019,86823,852
30,45540,106100,218 151,845
69,01172,639
75,930
177,039185,882221,597187,316
187,316187,316203, 316187,316187,316
Totalcashre-
serves
897,960972, 810
995, 713
949, 015884,967
954,475978,861,043,305983,185
955,687940,015967,579
.54,40457,24255,16457,481 1,018,20265, 547 1,043,385
999,475999,768
72,685 1,017,455985,368
95,3811,006,738102,442 1,062,538136,544 1,064,171136,237 1,012,129
930,899978,854
141,001148,018149,990 1,012,849160,575 1,027,578188,244 995,383
999,489182,354177,039 1,014,860177,039177,039
971,018968,277
912,195923,455
927,948
907,861897, 765850,438932,315927,043
187, 316i 911,204187, 316J 959,437187,316 959,247185,455 972,549
182, 533204, 252203, 656169, 344169,898
968, 725909, 017942,823949.530981,470
Mem-ber
banks'reserve
de-posits
Totalde-
posits
Federalreservenotes
incircu-lation
758,990716,100739,823738,510721,689
700,298692,621695,958737,496
697,335740,888783,964725, 981
738,874747, 734736,330743,095763, 689
743,049740,260750,180756,558
767,812818, 077879,229813, 381
779,418808,159849,652849,842!843,120
i843,442857, 531819,451836,751
845,897842,563962,042827,463
858,899894, 584858,001854, 766 j 877,359857,562j 879,586
801,837 826,565852,424 876,562857,817! 880,243841, 7721 861,395
913,432; 937,384853,580! 880,173887,124! 909,459903,1651 940,486883,861 928,960
783,011729,621759,811772,833737, 720
716,746707,998712,783756,317
715,865758,072796,428759.221
772,919780, 769757, 705764,053790, 965
758,493759,300767.222775,679
783,153835,683893,037833,822
802,754825,968
874,300874,949
874, 279888,887850,327868, 505
871,277868,010981,800856,411
921,876' II, 741
48,084 119,175 j 963,519 783,731; 808,909 353,050
419,226403,003392, 900389,419383, 563
381,050377,886378,417370,592
372, 537371,197368, 790363, 857
365, 515362, 695359, 728357, 566352, 005
349, 757347,312344,294342,248
344,308342,616344,007341, 286
347,169340,993334,962329,484323, 686
320, 577317,338313,533311, 733
312, 052306,741304,218302, 733
304,341311,812309,813306,959327,393
357, 945365,26f374,320382,903
381,021369,364376,250394,825387,353
Re-serveper-cent-
74.785.987.688.0
86.481.587.886.0
87.786.789.587.5
83.982.286.690.891.3
90.290.391.588.189.390.286.086.1
81.083.984.285.483.0
83.684.183.482.0
77.178.676.980.1
76.172.870.878.776.8
76.977.376.578.2
73.572.773.371.174.6
P 1 Includes other earning assets as follows: Federal intermediate credit bank debentures, $100,000, Feb27|to|Mar. 12, $5,200,000 on Sept. 17; foreign loans on gold, $1,746,000, Dec. 3 to 31.Digitized for FRASER
http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
DISTRICT NO. 2 NEW YORK 325
No. 3.—DISCOUNTS AND PURCHASES OF BILLS AND SECURITIES BY FEDERALRESERVE BANK: VOLUME, BY CLASSES
[In thousands of dollars)
Month
1924J. anuaryFebruaryMarch..'.April _
MayJuneJulyAugust - .
SeptemberOctober...NovemberDecember. _.
Total: 1924...1923...1922...
Bills discounted for member banks
Total
1,159,4981,398,139
667,831949, 737
625,130135, 502305, 042116,154
292, 594435,431288,097657, 68"
7, 030,84217,951,843 15i9, 206,364
Securedby U. S.Govern-
mentobliga-tions
Com-mercial
and agri-cultural
papern. e. s.
1, 048, 5351, 341, 559
610,097792, 942
587, 216108, 891279, 592
94, 500
397, 783192,995495,951
6, 214,270.5,961,946 1,7,685,801"
110, 56856, 21257, 327
156,424
37, 31126,04324, 65821,439|
28,28037, 55494, 622161,603
Bank-ers'
accept-ances
10
812,041., 982, 852
1, 511,848
47470192
Tradeaccept-ances
385368407334
568792215
10594
480133
Bills bought in open market
Total
98, 805154,90299,09981,151
51,28320, 60140, 26238,343
60,100141, 600128, 544162, 709
4,484j 1,077,3996,575 1,177,6478, 523 871,433
Bankers' [ Dollaraccept- | ex-ances i change
93, 7941147, 58692,81776,994
49, 24619, 98339, 62738, 033
58, 618137, 210124,494159,938
Tradeaccept-ances
1,038,3401,108,895
828,802
3, 3625,070J4,3832,745
1,161: i635i310|
1, 3324, 390!3,8812,713
1,6492,2461,8991,412
150
30,60755, 48237,123
16958
8,45213, 2705,508
M o n t h
Billsboughtfromother
Federalreservebanks
U. S. securitiespurchased inopen market
Bondsand
notes
Certifi-cates of
indebted-ness
U.S. se-curities
pur-chasedfromother
Federalreservebanks
Federalinter-
mediatecreditbank
deben-turespur-
chased
Foreignloans
on gold
Total discounts and purchases
1924 1923 1922
1924JanuaryFebruaryMarchApril
MayJuneJ u l y . . . .August „
September..OctoberNovember..December. .
5953
2,64825
14, 68112,06621,08516, 296
13. 59732,40833,50610, 225
8,1523, 000
17, 47669,994
6,6181,989|
383, 7612,960
4,16767, 7135,6623,232
223. 33524; 59519,319
308,294
618100
Total: 1924.1923.1922.
2,785| 252,486| 1,051,6459, 008! 533> °°3l 1 !45109
111 781937
27,003
5,200
27,621! > » 12, 674
111 781,937 2,083,842! 41,946
5,300
1,280, 2791, 567, 2491,174,4241, 050,169
694,177283, 227384, 472167,954
3,174,4942, 512,9462,185,9511,917,015
1,997, 5411,378,9371,655,2961, 266,049
1, 746
589,381 1,019,432604,626 1,105,859453,436 1,219,361
1,200,430 1,396,403
1,102,9971,026,4591, 074,112
641,050
414, 737971,945788, 744520,361
844, 5111,497, 2351,812,0472, 291, 435
1, 746| 9,449,824!120,829,284
12,985,633
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
326 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
No. 4 .—BILLS DISCOUNTED BY FEDERAL RESERVE BANK: VOLUME, BY STATES
[Amounts in thousands of dollars]
Month
1924January. . .February.MarchApril
MayJuneJulyAugust..
September.OctoberNovember..December..
Total: 19241923 _1922
Number of member banks atend of year:
19241923...1922
Number of member banks ac-commodated:192419231922
Connecti-cut i
886925
1,2601,273
I558 !408220290
350445 i
New York
1,119,7891,360, 779
624, 786914, 058
589,193106,885277,487
91, 602
269, 985405, 970266,114626,459
6,615 I 6,653,10712,484 i 17,408,09714,546 8,837,014
I
632620603
436433408
NewJersey l
38,82336,43541, 78534,406
35,37928, 20927,33524, 262
22, 60929,46121,63330, 783
371,120531,262354,804
216207193
148147127
Total
1,159, 4981, 398,139
667,831949, 737
625,130135, 502305,042116,154
292, 594435,431288,097657, 687
Number ofmemberbanks in
district at• end of
month
7,030,842 L17,951,843 L9,206,364 L
859 L839 j .808 L
593590 I544 1
837840846848
850851849851
853853858
Number ofmember
banks ac-commodat-ed duringthe month
372373373354
360335283241
255259299
Figures in this column relate only to that part of the State located in the New York district.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
DISTRICT NO. 2; NEW YORK 327
No. 5.—EARNINGS AND EXPENSES OF FEDERAL RESERVE BANK
1924 1923 i 1922
Discounted billsPurchased bills.!United States securitiesDeficient reserve penalties -Miscellaneous
$2, 613, 5661, 446, 6934,165,856
24, 974318, 261
$8, 255, 6461,969,8371, 087, 251
40,80059, 649
$3, 970, 2101, 619, 5125, 227,488
49, 738482, 331
Total earnings. 8, 569,350 11,413,183 11,349,279
CURRENT EXPENSESSalaries:
Bank officers _Clerical staff __ __.Special officers and watchmenAllother .__
Governors' conferences.^ _Federal reserve agents'conferences _Federal Advisory CouncilDirectors' meetings __ ._Traveling expenses J
Assessments for Federal Reserve Board expensesLegal feesInsurance (other than on currency and security shipments).Insurance on currency and security shipments.Taxes on banking houseLight, heat, and powerRepairs and alterations, banking houseRent.Office and other suppliesPrinting and stationeryTelephoneTelegraphPostageExpressageFederal reserve currency:
Original cost, including shipping chargesCost of redemption, including shipping charges.
Taxes on Federal reserve bank-note circulationAll other expenses _
479, 5423,412,141166,462371, 699
50498550
21,46027, 660179, 2017,115
58, 602115, 656116, 64347, 2844,640
268, 687111, 22778, 25851, 34665. 413270,17891,464
195, 55053,328
469,3283, 873, 284
193, 627312,456
758332657
21, 66428,320190, 846
58665,41198,06531, 88220,1311,700
341, 78688, 30886, 52346,83765,172
248, 05285,492
421,229 j76, 748
156,113 110,942
494, 8443, 602, 883188,207280/085
490247845
23,07528, 923197, 8823,98265,14481,42929,18416, 5692,581
350, 28471,95190, 27648, 98363,943232, 69076, 553
553,12570,17469, 374132, 807
Total current expenses j 6,350,821 6, 880,136 ! 6, 776, 530
PROFIT AND LOSS ACCOUNTEarningsCurrent expenses.
8, 569, 3506, 350, 821
11,413,1836, 880,136
Current net earnings
Additions to current net earnings __
Deductions from current net earnings:Depreciation allowances on bank premises..Reserve for self-insurance._ _Furniture and equipmentAllother
2, 218, 529 4, 533, 047
Total deductions _
Net deductions from current net earnings... _.
Net earnings available for dividends, surplus and franchise tax
Dividends paidTransferred to surplus accountFranchise tax paid United States GovernmentDeficit in earnings after payment of dividends, charged to surplus
account..'
176, 240 1,697
910,44055,197
536, 776275, 504
1, 235, 93752,75658,021
144,351
1, 777, 917 1,491,065
1, 601, 677 1,489,368
616, 852 3, 043, 679
1, 796, 530 1, 749, 239129,444
1,164,996
1,179, 678
11, 349, 2796, 776, 530
4, 572, 749
2,743
365,053294,072
50,172144,602
853, 899
851,156
3, 721, 593
1, 652,138-1,397,6032 3,467,058
1 Other than those connected with governors' and agents' conferences and meetings of directors and ofthe advisory council.
2 After charging surplus and crediting franchise tax with $270,389 paid as an additional franchise tax for1920 and $1,334,160 for 1921. Amounts transferred to surplus and paid as a franchise tax out of earnings for1922 were $206,946 and $1,862,509, respectively.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
328 ANNUAL: KEPORT OF THE FEDERAL RESERVE BOARD
.No. 6.—VOLUME OF OPERATIONS IN PRINCIPAL DEPARTMENTS OF FEDERALRESERVE BANK
NUMBER OF PIECES HANDLED
Bills discounted:Applications--Notes discounted
Bills purchased in open market for own accountCurrency received and countedCoin received and countedChecks handled ._Collection items handled:
United States Government coupons paidAllother _
United States securities—issues, redemptions, and ex-changes by fiscal agency department
Transfers of fundsEnvelopes received and dispatched _
AMOUNTS HANDLEDBills discountedBills purchased in open market for own accountCurrency received and counted _Coin received and counted _Checks handled _Collection items handled:
United States Government coupons paid.All other._. :_.__
United States securities—issues, redemptions, and ex-changes by fiscal agency department__
Transfers of funds
12,45239, 62261, 453
512,097,000917,181,000136, 853,000
14, 055,0002,429, 000
4, 009, 000293, 000
7, 337, 000
$7,030, 842,0001,077,399, 0003,177,027,000
114, 281,000~~\ 871, 000
I
332, 369, 0001, 873, 743, 000
3, 52fi, 342, 00035,182, 64i; 000
17,41872,17775, 701
477, 257, 000816,128,000129,130, 000
17, 684,0002,177,000
113. 541,000284,000
7, 673, 000
$17,951, 843, 0001,177,647,000 !3,006,283,000 j
125,506,00065,805,632,000 |
337,344,000 I1,920,719,000 !
!4 3,168, 654,000 j28,031, 500, 000
14,17860, 71556, 474
412, 347, 000801, 277. 000119,316,000
22, 685, 0001, 741,000
-' 7,030, 000236, 000
3 6, 761, 000
$9, 206, 364, 000871,433, 000
2, 610, 697, 00076, 684, 000
62, 563, 789, 000
336, 468,0001, 519, 894, 000
2 6,449, 625, 00025,126, 090,000
1 Revised figures. Large increase due to redemption of war savings securities which matured January1, 1923.
2 Exclusive of redeemed war savings and thrift stamps received from post office.3 Excluding Buffalo branch.4 Revised figures.
No. 7 . — O P E R A T I O N S OF F E D E R A L R E S E R V E CLEARING SYSTEM
[Figures include cash items only. Numbers in thousands; amounts in thousands of dollars]
Month
Items drawn onbanks in own
district
Num-ber Amount
Items forwardedto other Federal
reserve banks andtheir branches
Items drawn onTreasurer of
United StatesTotal i
Num-ber
Num-ber
Num-ber Amount
1924JanuaryFebruaryMarchApril
MayJune.Ju ly-August
SeptemberOctober ,NovemberDecember...
Total: 19241923
8,5417,3878,5838,669
8,7138,9549,622
9,0079,8538,93410,316
5,369, 6614, 759, 6255, 252, 6395, 297,3675,241,4675, 305,3005, 233, 6174,881, 054
5, 724,1026,136, 2696, C82,8745, 704, 002
1,4461,3191,4691,520
1,4761,3931,4031,298
1,3691,6511,5471,660
170, 505156, 501171, 909182, 567
174,332156,801156, 642146, 437
159, 089196, 928185, 343187, 782
107,27898,017
64, 987, 977 17, 55161,983,112 17,254
2, 044,8362,142, 648
933 i899 I
1,0771,172 I1,090 !860 I917 !
1,271
1, 206921519471
127,847 I 10,92095,416 | 9,605125,464 11,129136, 649 11,361
133, 645 11, 279132,807 11, 207103,039 I 11,94292,710 11,268
93, 828105, 78098,813
118, 923
11,336 !13,125 J
1,364,9211,392,272
11, 58212, 42511,00012,447
5, 668, 0135, 011, 5425, 550,0125, 616, 583
5, 549, 4445, 594, 9085, 493, 2985,120, 201
5, 977,0196, 438,9776,367, 0306, 010, 707
136,165128,396
68, 397, 73465, 518,032
1 Exclusive of duplications on account of items handled by both parent bank and branch.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
DISTRICT NO. 2—NEW YORK 329
No. 8.—CLEARINGS AND TRANSFERS THROUGH GOLD SETTLEMENT FUND
[In thousands of dollars]
Week ending—
1924Jan. 2 (1 day)
9 . . . .162330 _ . . . . .
Feb 61320 ._27
Mar. 51219 . . .26
Apr. 2y 9 : ; : : : : : : : ; : ; ; : : : : :
1623 .30
May 71421 . . . . . . . . .28
J une 4 . _ . -. .1118 . . . . . . . . .25
July 29
16 . . . .2330
Aug. 6 -1320 _ _ . .27 . . . .
Sept. 3101724
Oct. 18
152229
Nov. 5121926 . . . .
Dec. 3101724 . . . . . _31
Tota l : 192419231922
Payments toother Federalreserve banks
145, 291597,334592, 659545,066547, 238
553, 289517,482578,424501,106
598,804524, 938629,466658,109
559, 650546, 772605, 453547,355549,196
649,115517, 788567,170540, 596
483,148492, 752767, 507588,822
625,137470,604522, 911503,151546, 885
533, 575510,430591,881477, 781
426, 569482, 799581,910655, 788
531, 783557,917512, 490614, 807576,174
554, 561594, 548712, 063601,465
570, 809655, 525715,481685, 654569,152
29, 786, 38026,368, 70522,359, 499
Receiptsfrom other
Federalreserve b a n k s
144,903632,177607,185563,806519,932
517,703464,501651,787516,995
589, 470537,035688,198600,034
553,164523, 856627,122590,981574,134
598, 682511, 607574,927518, 294
488,716531,887761, 777539, 227
566, 987498, 607549, 406518, 478524, 988
557, 334526, 600561,990482, 217
398, 528497,004648, 238600,233
535 984548, 348476, 681695 658577, 639
535, 759631, 544702, 084622,536
574,331620,970777, 242711,170587 596
29,956, 25226,309 64122,198, 469
Net loss
388
27,306
35, 58652, 981
9,334
58,075
6,48622,916
50 4336 181
22, 302
5,73049, 595
58,150
21, 897
29 891
28,041
55, 555
9, 56935, 809
18,802
9 979
34 555
59 064161,030
N e t gain
34, 84314, 52618 740
73,36315,889
12,09758, 732
21,66943,62624, 938
7,757
5 56839,135
28,00326, 49515,327
23, 75916,170
4,436
14 20566 328
4 201
80 8511,465
36 996
21 071
3,522
61, 76125, 51618, 444
169,872
N e t loss in ownership of gold since es tab l i shment of fund in 1915, $1,480,230,000.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
No. 9.—REPORTING MEMBER BANKS IN LEADING CITIES: PRINCIPAL RESOURCES AND LIABILITIES
REPORTING MEMBER BANKS IN EIGHT CITIES 1
[In thousands of dollars]
Last report date in—
January...February _MarchAprilMayJuneJulyAugustSeptemberOctober. _.November.December.
Loans and discounts
Total
' 1924
4,230,4394,199,1014, 329,8744,358, 6284,254,1584,472, 5034, 533,1404. 573, 6504, 710,6764, 621, 7254, 741,3214,891,857
1923
4,107, 5184,219,1984,239,3594,219, 9074,197,0614,180,4514,095, 3414,077, 6404,147,4774,163, 2024,138, 2294,199,134
Secured by stocksand bonds otherthan United Statesbonds
1924
1,646, 7761, 579, 2141,636,2961, 708,4101, 633,0221,833,8781,958, 0011,944, 5042,033,4321,932, 3092, 061,3822,200,809
1923
1, 676,4441, 735, 9291,675,5761, 670, 6481, 648,2041,642,4001, 571, 0621, 490, 9581,500,1341, 515,9101, 543, 8351, 649, 472
Investments
United Statessecurities
1924
1,003,0971, 002, 258985,980944, 729
1, 002, 9871,034,8741, 067,2671,103, 9081,184, 5361,213,6721, 228,1421,139, 625
1923
1,198,2661,116,8451,129,2811,084,6361,097,2751,107,4811,079,8391, 028, 0221, 030, 0781,035, 2411,006,4231,026, 823
All other
1924
767, 934781, 626787,889855,452906,391984,233
1,012,8631, 031, 6491, 039, 6131,139,7771,144, 3491,136,153
1923
766, 716742, 222717,423713,185713,108728,440745, 588727, 846731, 336764,052747, 754755, 773
Net demanddeposits
1924
4,827,7084, 794, 5814, 823, 9245,036,4925, 012, 9145, 360,0565,531,5785, 569, 5755, 654, 0055,696,0005,839,8525,957,157
REPORTING MEMBER BANKS IN NEW YORK CITY
January._.February _MarchAprilMayJuneJulyAugustSeptemberOctober.. .November.December.
3, 717, 8783,685,3153,811,9283,818,1153,726, 6893,962,8734,036, 2124, 069,0514,205,6744,112,2974,234, 5804,361, 756
3, 633,0273,729,5813, 734,6973, 712,4513, 692,7893, 676,2723*, 593,1673,582, 55S3,647,0603,658, 5243,627,2413,683,968
1,453,8831,384,9541,441,1061,493,3511,420,3761,637,6051, 764,4871, 753,1591,834,0711, 722,7131,854, 6991,973,919
1, 505,0861,557,6921,486,6311,483,0561,468,2101,463,6921,393,1711,316,1221,322,9481,334, 9431,352,8691,455,126
893, 255888,806872,609838, 679896, 584924,913953, 018977,362
1,053,8251,090,3991,096,200999,408
1,073, 419992,494
1,002,692959, 290972, 874977, 710953, 506905, 545904,922915, 793894, 950915, 775
554,379565,105572,269632, 893685,085753,024767,205797, 995789,110882,249886,833871,135
565, 391540, 677518,171513,691514,060526,120540,124521, 549523, 067553,634536,071539, 583
! 4,337,217I 4,300,3194,328,5644,513,869! 4,499,507! 4,852,8705,016,4245,055,0175,136,3265,177, 5295, 314,1685,401,345
1923
4,925,6324, 967,4314, 680, 7194,687,1974, 688, 7374, 727, 0304,647,9354, 509, 9944, 578, 6544, 733,2544, 741, 7834, 701, 075
Time deposits
878,020902, 744942,163962,162961, 327988, 050010,120028, 705101, 587150, 377181,242156, 537
1923
744,304768, 377889,867912,134914, 493900, 653890,143902,635906. 769899,301887,858895, 284
Accommodation -atFederal reservebanks
1924 1923
227, 078184,867201, 683126, 676140,813129,236138, 632154,607172,095168,97497,337165, 822
4,438, 6794,469, 5364,185, 5614,181,9684,185, 6274,226, 7964,153, 7304,036, 8914,103, 7874,258, 5554,263,4474, 212, 831
583,428604,789643,372659,426658,241679, 954699,913711, 521775,021813,312847,211817,004
493, 608508, 750626,165646,845649,844631,021613, 049618,118621, 085611, 641601,102608, 830
58, 57171,32750,0144,33318,4938,0475,7148,9809,60011,8615,056
30, 975
197,747150,631165,55297,301106,73492,133102,440118,152132, 939129, 75356,282123, 251
1 Figures are for about 108 banks in New York City, Buffalo, Albany, Bridgeport, Jersey City, Newark, Rochester, and Syracuse, which submit weekly reports to the Federalreserve bank.
2 Figures are for about 67 banks in New York City, which submit weekly reports to the Federal reserve bank,
COO
cj>F
wj
33wo
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DISTRICT NO. 2—NEW YORK 331
No. 10.—DEBITS TO INDIVIDUAL ACCOUNTS
(In thousands of dollars. For explanatory note see page 154.]
Month
JanuaryFebruary..MarchAprilMayJuneJulyAugustSeptember.OctoberNovember.December..
Total
Total for 7 centers l
1924
22,814,89920, 511,85722,227,15221,356,91322,124,83422,639,52122,184,73121, 556,42621,387,86123,242,13123,708,84928,106,044
271,861, 218
1923
22,763,01819, 595,76123,231,53521,180,74121,399,85021,789,80519,008,37216,829,38617,414,97619,846,05220,632,11222,801,386
246,492, 994
1922
19,644,55117,029,42620,977,91721,326,27722,268,91122,693,59220,328,51018,854,44219,793,00522,967,05319,637,13721, 546,408
247,067,229
1924
95, 786108,023117,452130,184129,640117,293119,183109,237110,099130,482109,444133,409
1,410, 232
Albany, N. Y.
1923
96,48899,302115,288124,851111,455126,000101,94893,06385,94993,625
1922
106,28597,690112,671131,779123,383102,969109,14589,11084, 57897,257
92,195 84,97798,825
1, 238,989
111, 472
1,251,316
Month
JanuaryFebruary..MarchAprilMayJuneJulyAugustSeptember.OctoberNovember.December..
Total
Binghamton, N. Y. Buffalo, N. Y.
1924 1923
20, 61618,46618, 67320,28619,60019.66220,14618, 29218, 70920, 99518,77320,740
234, 958
20, 89917,35319, 94421,16421, 20421,81320, 54020,87318,14320,61018,96220,821
242, 326
1922I
1924
16, 50515,48017, 27817, 53118, 68418,41517, 35817,45817,48818,78117, 97420, 294
213, 246
325, 276273,827293, 111300, 427311,380302, 529311.743275, 722279, 808326. 222301,806328,115
3,629, 966
1923
309, 057254,456294,347303,951305, 735318, 927315, 071294, 753282, 954323,020299, 217323,095
3, 624, 583
1922
249, 559203,493241,149247, 947260, 515271,332277, 708259,810260, 908290,914278, 248303, 351
3,144,934
Month
JanuaryFebruary. .MarchAprilMayJuneJulyAugust...^ .September.OctoberNovember .December..
Total
Elmira, N. Y.* Jamestown, N. Y.*
1924
17,01016, 57817,10017,81519,29117,30519,83916,81216,83418, 50915,34619,300
211,739
1923
15, 53114,35416, 53317,26117,69518,98118,10617,32517,93916,25217,11318,080
205,170
1922 1924
11,70312, 59312,72713,45914,97114,29514,88614,12616,34614,26015,926
18,35416,44218,69518,316
17,88418,54717,82317,38218,79717, 54720,899
155,292 219, 554
1923
17,05314,53017.98118. 34518, 44719,39518,43018,24516,70818,88217,95618,713
214, 685
1922
11,86114,36915,67915,74615,93115, 54115,17816,16716,62717,11018,081
172,290
i Figures for cities marked with an asterisk (*) are not included in the district summary or in thenational summary of 141 c enters.
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8 3 2 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
No. 10.—DEBITS TO INDIVIDUAL ACCOUNTS—Continued
[In thousands of dollars.]
I Montclair, N. J.*
Month1924 1923 1922
Newark, N. J.*
1924 1923 1922
JanuaryFebruary._MarchAprilMayJuneJulyAugustSeptember.OctoberNovember .December. .
Total
15, 75412,03815, 21214, 59116,24616, 57215,10713, 75614,69316,19115,93719, 548
13,91710,17612,34212,82014, 65415,82612,90611,88111, 52414,08513,36616,180
10, 24210,63811,46312,60210,1329,790
11,41612,01212,04714,838
300,607246,199275,008281,195292,074298, 590290,065266,790287, 507302,670270,355344,413
277,975222, 213278, 535266,328275,852296,553264,990240,512242, 744277,612257,057305, 588
227,780233,104250,328236,385221,356230,383251,240236,096286,633
185,645 159,677 124,766 3,455,473 3,205,959 2,173,305
Month
New York, N. Y.Northern New Jersey Clearing
House Association *
1924 1923 1922 1924 1923 1922
JanuaryFebruary, _MarchAprilMayJuneJulyAugustSeptember.OctoberNovember.December-
Total
22,113,95819,886,01521, 546,48220, 653,97821,405, 56021,925, 65921, 468,87420,915,78420, 734,46722, 505, 69323, 046,93427, 327, 223
22,087,15619, 019, 49122,541, 29820,478, 56220, 703,87121, 041, 29618, 320, 62616,188, 61316, 799, 45419,151,90219,982,92722,081,149
19, 064, 57516, 543,42820,397,10920,716, 59421, 653, 67922, 063,38219, 713,13418, 287, 22419,215, 29622,322, 27619, 026, 75020,851,135
204,194171, 097186, 764193, 357210, 983202,052209, 713174, 956183, 837210, 298181, 741238, 872
200,171133, 591173, 782157, 625158, 910183, 334170, 362150, 729152, 771190, 038179, 600243, 447
116,720142,903136,359136,301158,881153,973146,439156,013185,03»163,073217,012
263, 530, 627 238,396, 345 239,854, 582 2,367,864 2, 094, 360 1, 712,713
Month
Passaic, N. J. Rochester, N. Y.
1924
JanuaryFebruary-_MarchAprilMayJuneJulyAugustSeptember.OctoberNovember.December-.
Total
34,14230,04432, 71634, 62634, 26933,45333, 73229,99232,04731, 58131, 56939,100
397, 271
1923
31,07422,63429,75132,46035, 04735,12032, 54833,12031, 25834,47532, 77536, 637
1922 1924
22,96118,54724,45623,39823, 58127,06022,09224,88325, 77427,99627,30433, 345
157, 817133,526151, 996150, 678154, 776171, 608163,181144,425144, 296157,605138, 038188, 544
301,397 1,856, 490
1923
151,864126,157157,969150,969151,875174, 062146,802135,127133,279147,872138, 358175,716
1, 790, 050
1922
131,292103, 594128,087127,470130,071150,944128,672121,878130,274145,926134,120155,020
1,587,348
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DISTRICT NO. 2 NEW YORK 333
No. 10.—DEBITS TO INDIVIDUAL ACCOUNTS—Continued
[In thousands of dollars.]
Month
JanuaryFebruary._MarchAprilMayJuneJulyAugustSeptember.OctoberNovember.December. _
Total .
Stamford, Conn.*
1924
12, 54911, 67312,10313, 31915, 62914,80813, 54612,10212, 87715,44512,06313, 458
159, 572
1923
14, 5479,61811, 62112, 846'14,16014,89613,96412, 56713, 09714, 70812, 446•13, 264
157, 734
1922
8,13110, 4168,86311, 09013,11011, 22810, 66811, 25312, 90511,21912,732
121, 615
Syracuse, N. Y.
1924
67, 30461, 95666, 72266,73469, 60969, 31767, 87262,97468, 43569, 55362, 28568, 913
801, 674
1923
66,48056, 36872, 93868, 78470,66372, 58770, 83763,83763, 93974, 54867, 67865,143
813,802
53, 37447,19457,16761, 55858,99859, 49060, 40154,07958, 68763, 90367, 76471, 791
714,406
NOTE.—Centers which have not reported continuously for the 18 months ending Dec. 31, 1024. are notincluded in the table.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
DISTRICT NO. 3—PHILADELPHIA
No. 1.—CONDITION OF FEDERAL RESERVE BANK
[In thousands of dollars]
RESOURCES
Gold with Federal reserve agentGold redemption fund with United States Treasury
Gold held exclusively against Federal reserve notesGold settlement fund with Federal reserve Board...Gold and gold certificates held by bank
Total gold reservesReserves other than gold _
Total reserves .Nonreserve cash...
Bills discounted:Secured by United States Government obligationsOther bills discounted
Total bills discounted.Bills bought in open market
United States Government securities:Bonds.. __:Treasury notesCertificates of indebtedness __
Total United States Government securitiesForeign loans on gold _All other earning assets _ _
Total earning assets
Uncollected items _Bank premises __All other resources
Total resources _
LIABILITIES
Federal reserve notes in actual circulation _
Deposits:Member bank—reserve account _GovernmentOther deposits _
Total deposits
Deferred availability itemsCapital paid in _SurplusAll other liabilities...
Total liabilities . .
Ratio of total reserves to deposit and Federal reserve note liabilitiescombined (per cent)
Contingent liability on bills purchasedfor foreign correspondents
Dec. 31,1924
168, 2374,480
172, 71731,13727, 713
231, 5674,994
236, 5611,731
27, 4118, 873
36, 28418, 276
1,34524 127
4,417
29,889582
1,550
86, 581
59 4731,114
203
385, 663
168, 737
129, 6772,152
806
132, 635
53, 59110, 51820, 059
123
385, 663
78.54,140
Dec . 31,1923
181, 0694,659
185, 72829,93933, 367
249, 03410, 747
259, 7811, 345
42, 81416,110
58, 92433, 261
74712 058
147
12, 952
105,137
53 3561,111
184
420,914
221, 038
119,1292,437
'337
121,903
47,8059,941
19,927300
420,914
75.81,633
Dec . 31,1922
179,3516,116
185,46730, 59919, 523
235, 58914, 805
250, 3940)
38, 87210, 738
49.63023,380
1,80022, 6404,750
29,190
102,180
58,032640366
411,612
214, 067
119,075255587
119,917
49, 3319,327
18, 749221
411,612
75.02,752
1 Not shown separately prior to 1923.
334
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DISTBICT NO. 3 PHILADELPHIA 335
No. 2.—PRINCIPAL ASSETS AND LIABILITIES, OF FEDERAL RESERVE BANK, BYWEEKS
[Amounts in thousands of dollars]
Date
1924Jan. 2 _
9 . . . .
Totalearn-ing
assets 1
101, 71192, 77093, 23894, 46194, 838
83, 56879, 74487, 01588, 832
81, 33979, 51481, 94375, 910
81, 30473, 84674, 28471, 37769, 564
63, 99666, 28865, 25267, 262
73,19873.15959,96359, 977
59, 68656,829
..58,76555, 66156, 567
54, 37454,35553, 54353,469
54, 69653, 71652, 73352, 527
53, 01053, 69556.16058, 69060, 606
Nov. 5. 64,84612 | 70,58419 I 73,56626 I 76,536
Dec. 3 75,11710 85,75517 86,15224. I 98,09031 _J 86,581
30_.
Feb. 6_.13..20_.27..
Mar. 5..12..1926_.
Apr. 2_.9. .
16..
3o!*
May 7_.14..
28!"
June 4. .11. .18..
July 2. .9_.
16..23. .30..
Aug. 6..13..20.27..
Sept. 3..10..17..24..
Oct. 18
152229
Daily average j 71, €
Bills discounted formember banks
Total
BillssecuredbyU.S.
Gov-ern-
mentobliga-tions
54,-99246, 0740, 51239, 65943, 333
38, 09636, 69939, 02144, 353
40, 01439, 42740, 51938,714
43, 60237, 96139, 99038, 09l|36, 053 j
31, 710!31,83231, 33433,191
32, 43630, 24426, 24727, 26027, 56825, 02326, 09123,30124, 35621, 23621, 04719, 86719, 797
20,197118, 775!17, 341117, 524
18, 461117, 591 j17, 922^17, 803 j19, 284 i
40. 50234, 75931, 59631, 06332,493
30, 62528,96630, 73232,129
30,37929, 66530, 71026, 937
30, 30226, 970!25, 949j25, 525!23, 650!
20, 65S|21, 464!21, 75722, 924 [
22, 68420, 68318, 292!
22,10322, 74123, 395
Otherbillsdis-
count-ed
Billsboughtin openmarket
UnitedStatessecuri-
ties
Totalcash
reserves
17, 977|16, 746,17, 47515,471116, 055
14,18414, 20113, 37912, 957
12,88811, 93511,10411, 227
11,44810, 32911, 09011, 58912, 921
19, 973J 13,13614, 35815, 22216, '
21, 52234, 788;35, 026
15,14925, 84825 927
47; 3471 37̂ 601136, 284 27, 411|
14, 490;11,3188,9168,59610, 840
7,4717,7338,28912, 224
9,6359,7629,80911, 777
13, 30010,99114, 04112, 56612,403
11, 05210, 3689,57710, 267
9, 752|9,5617, 955!8, 267!
9, 591 i8, 27718, 6167,8308,301
7,052
6,4886,840
7,3096,8406,2376,297
7,0137,2626,8326,2146,363
32, 972|32,001 i32, 04733, 70530,082
23, 93021, 50325,058j21, 5181
18,38917,15116, 35914,163
14, 669!12, 852|10, 986
9, 2807,07
4,811
4^8374,014
4, lOOi4,1283, 4842,485|
1,9371,6251,7501,4361,287
1,088921789785
1,6121,5631,7521,801
1,3472,9025,0367,6858,120
6,837 10,1217, 745 13, 7297, 519 17, 0736, 502 19, 528
6,3738, 940|9, 09919, 746!8, 8731
20, 42919,82119, 45418, 72218, 276
31,315 I 11,404
13, 74714, 69220, 67921,09721,423
21, 54221, 54222, 93622,96122,93622, 93625, 01422, 982
22, 98222, 98223, 25723, 95526, 381
27, 42428, 51628, 53029, 506
35, 36137, 48628, 93128, 931
28, 93129, 67429, 67429, 674
30,80031,13731,13731,137
31,13731, 62831, 89031,452
31,45231,45231,45231,45231,452
31, 45231,45231,45231,313
31, 03429, 01429, 54029, 88929, T "
258, 554252, 752246, 512237, 633241, 233
250, 75<265, 512249, 858250, 388
257, 258262, 84f259, 724266, 343
272, 750272, 251269, 746265,491269, 338
271, 450268, 576263, 35;266,868
260, 573267, 301262, 566268,283
272, 478273, 290268, 030263, 564264, 310
262, 281262, 801262, 633261, 721
256,899256, 097251, 035250, 331253, 612250, 422257, 917245, 217243, 858
244,313237, 901233, 626239, 978
245, 073233, 646233,193228,384236, 561
Mem-ber
banks'reservedepos-
its
117,974118,123117,019115, 236115, 700
120,206119, 782114, 292112, 901115, 731115, 957117, 348113, 063
117, 537113, 572116,155114, 675116,311
119,041114,888119, 039113,191122, 996128,129117, 792114,146
120, 668122,318123, 072122, 698121, 329
124, 340123, 020125, 535123, 734120, 258126,962130, 603125,818
127,320128,456124,931128; 433127, 466
127,340122,895129, 762128,481
133, 230125, 602126, 048122,882129, 677
27,811 256,595 119,779 123,100 183,141
Totaldepos-its
122,492119, 041120, 327120, 250120, 350122,167123,197117, 660115, 636118, 252119, 235118, 598117, 643
126,868120, 753118, 739117, 377118, 587
120, 896118, 221120, 398116, 634
126, 830130, 208119,248119,855
122, 616124,426126,815124, 075124, 414
126,186124, 835128, 596127, 517
124, 302131,132131, 223129, 237
131, 848130, 594138,513129, 640129, 570
131, 042126,529132,112130,184
135, 375129, 412126, 741126, 512132, 635
Federalreservenotesin cir-cula-tion
218,453206, 332200, 215191, 043192, 606
190, 387200, 742198, 380201,479
199,105202, 049199, 303201, 292
206, 443204,864207, 279197, 409197, 573
192, 755192, 830186, 330194, 660
186, 616188, 270185, 644185, 824
191, 262184, 576179,853172, 909172, 886
169, 229171, 671164, 370163, 974
164, 913157, 929154, 358150,984
156, 078153, 588156,995151, 900152, 619
156, 517159,880155, 242164, 635
164,955170, 673173, 774182,315168, 737
Re-serveper-cent-
75.877.776.976.377.1
80.282.079.179.0
81.181.881.783.5
81.883.682.784.385.2
86.586.385.985.7
83.183.986.1
86.888.487.488.788.9
88.8
88.888.687.989.3
88.188.187.387.186.4
85.083.181.381.4
81.677.977.674.078.5
1 Includes other earning assets as follows: Municipal warrants $51,000 March 19 to June 25; FederaIntermediate Credit Bank debentures $500,000 May 14 to May 28, $1,250,000 June 4 to Aug. 13, $1,750,00Aug. 20 to Oct. 29, $3,300,000 Nov. 5 and 12, $2,300,000 Nov. 19 and 26, $1,550,000 Dec. 3 to Dec. 31; foreignloans on gold $582,000 Dec. 3 to Dec. 31.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
336 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
No. 3.—DISCOUNTS AND PURCHASES OF BILLS AND SECURITIES BY FEDERALRESERVE BANK: VOLUME, BY CLASSES
[In thousands of dollars]
Month
1924JanuaryFebruaryMarchApril
MayJuneJulyAugust
SeptemberOctoberNovemberDecember
Total: 1924....1923....1922....
Bills discounted for member banks
Total
173,709169,708143,648131, 204
92, 80079, 55072, 81754, 655
54, 20960, 84067, 372
153, 518
1, 264, 0302,911,1422, 450, 843
Securedby U. S.Govern-
mentobligations
Commer-cial and
agri-culturalpaper,n. e. s.
144, 038131, 897113, 43493,600
65, 39662, 204 j58, 52644, 232
40, 62644,669 I49,865132, 272
980, 7592, 062, 7231, 771, 245
29, 62837, 75330,13837, 527
27, 35417, 30614, 25110, 356
13,54216,12017,47331,152
282, 600847, 666678, 831
Tradeaccept-ances
671753767
Bills bought in open market
Total
18, 57316, 2879,4035,034
3,9453,111737
1,130
60610, 62314, 3505,341
89,140159,105137,122
Bankers'accept-
17,17115, 4078,6744,834
3,8802,936
7371,130
60610, 47314, 2945,211
85, 353147,220132, 533
Dollarex-
change
1,402880729200
65175
15056130
3,78711,8464,366
Tradeaccept-ances
I
39223
Month
January..February.MarchApril _
MayJuneJulyAugust..
September.OctoberNovember.December..
1924
United Statessecurities pur-chased in open
market
Bondsand
notes
6,9101,515
3,323
3,8475,8931, 0791,118
453
1,954
Total: 1924 26,3801923 1 2,5721922 iJ 38,679
Certifi-catesof in-debt-
edness
1,32446
16, 675587
1,13810, 521
132353
1,476203226
1,518
UnitedStatessecuri-
tiespur-
chasedfromotherFed-
eral re-servebanks
909
657
34,19996,259
120, 522
1,566
3,250
For-eignloans
ongold
Federalinter-
mediatecreditbank
deben-turespur-
chased
582
582
Muni-cipalwar-rants
•ur-ased
Total discounts andpurchases
1924
201, 425187, 556
51 169,777140,148
500 ! 102,230750 j 99,825
! 75,422500 !.. ; 57,756
56, 74473,21682, 236172, 913
1,550
1,300
1923 1922
288,147 I 265,135243,434 I 254,008250, 613 263, 529230, 206 197, 711
255, 528313, 255286, 838294, 635
241,134257,002233, 577274, 908
197, 571221, 492172, 636184, 277
174, 425218,965258,136342, 633
51 11,419,248199 : 3,169,277102 j !, 750, 518
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DISTRICT NO. 3 PHILADELPHIA 337
No. 4.—BILLS DISCOUNTED BY FEDERAL RESERVE BANK: VOLUME, BY STATES
[Amounts in thousands of dollars]
Month
1924January. . _ . . ...FebruaryMarchApril
May. . . . . . .JuneJuly . .August
SeptemberOctoberNovemberDecember
Total* 192419231922
Number of member banks atend of year:
192419231922
Number of member banks ac-commodated:
1924 . . . .19231922
NewJersey *
21,15717, 23719,75421,166
19,17418,02212,1964,899
3,4844,5787,4038,585
157, 655207,430151, 755
979289
737371
Delaware
729702874939
561701552146
184199160229
5,97611, 57816, 731
222222
151719
Pennsyl-vania *
151,823151,769123,020109,099
73,06560,82760,06949,610
50,541-56,06359,809
154, 704
1,100,3992,692,1342, 282,357
624611606
437442448
Total
173,709169, 708143, 648131,204
92,80079, 55072,81754,655
54,20960,84067,372
163, 518
1,264,0302,911,1422,450,843
743725717
525532538
Number ofmemberbanks indistrict
at end ofmonth
725724727730
731732735736
738740742743
Number ofmemberbanks
accommo-dated
during themonth
327320308308
308282262296
260271299356
1 Figures in this column relate only to that part of the State located in the Philadelphia district.
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3 3 8 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
No. 5.—EARNINGS AND EXPENSES OF FEDERAL RESERVE BANK
Discounted billsPurchased billsUnited States securities.___Deficient reserve penalties.Miscellaneous
Total earnings.
CURRENT EXPENSESSalaries:
Bank officersClerical staff .Special officers and watchmenAllother
Governors' conferencesFederal reserve agents' conferencesFederal Advisory CouncilDirectors' meetingsTraveling expenses *Assessments for Federal Reserve Board expensesLegal feesInsurance (other than on currency and security shipments).Insurance on currency and security shipmentsTaxes on banking houseLight, heat, and powerRepairs and alterations, banking houseRent-Office and other suppliesPrinting and stationeryTelephoneTelegraph :PostageExpressageFederal reserve currency:
Original cost, including shipping charges...Cost of redemption, including shipping charges.
Taxes on Federal reserve bank-note circulationAll other expenses
Total current expenses..
PROFIT AND LOSS ACCOUNT
EarningsCurrent expenses.
Current net earnings..Additions to current net earnings:
Withdrawn from reserve for depreciation on United Statesbonds
Allother
Total additions.Deductions from current net earnings:
Depreciation allowances on bank premises.Furniture and equipment..Allother
Total deductions __
Net deductions from current net earnings
Net earnings available for dividends, surplus and franchise tax
Dividends paidTransferred to surplus accountFranchise tax paid United States Government
1924
$1, 290, 080408, 409
1,136, 3037,839
73, 215
2, 915, 846
129, 833980, 591
59, 59591,117
267123343
7, 56512, 87559, 978
5, 46235,06287,07722, 53821, 92215,1672,774
44,12751, 07725, 74120,087
153, 51751, 836
196,14937, 567
41, 446
2,153, 836
2, 915, 8462,153, 836
762,010
20, 4331,698
22,131
23, 30713, 742
37,049
747, 092
615,135131, 957
1923
$2, 693, 392952, 999910,010
21, 75414, 616
4, 592, 771
131,499994, 796
59, 811103,077
312138540
6,22313, 96560, 883
2,58824, 08988, 80121, 61429, 56576, 7372,903
53, 95757, 67926, 67923,146
141,36347,148
252,14140, 627
35,445
2, 295, 726
4, 592, 7712, 295, 726
2, 297, 045
18, 807810
19, 617
23, 73370, 64844, 444
138, 825
119, 208
2,177, 837
582, 2921,178, 588
416, 957
1922
$2, 393, 673712, 383
1,119, 45714, 40912, 028
4, 251,950
129, 499982, 600
57, 95283,477
206181461
6,40716, 37860, 6254,370
44, 43946,02521, 27639, 08520, 3961,675
31, 45751, 97323, 43118, 745
167, 973
118,01443, 38124, 72359,170
2,053,919
4, 251, 9502, 053,919
2,198,031
67, 732H, 946
82, 678
42,931902
43, 833
2 38, 845
2, 236, 876
541, 5523 803, 5943 891, 730
1 Other than, those connected with governors' and agents' conferences and meetings of directors and othe advisory council. '
2 Net additions.3 After charging surplus and crediting franchise tax with $36,366 paid as an additional franchise tax for
1921. Amounts transferred to surplus and paid as a franchise tax out of earnings for 1922 were $839,960and $855,364, respectively.
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DISTRICT NO. 3 PHILADELPHIA 339
No. 6.—VOLUME OF OPERATIONS IN PRINCIPAL DEPARTMENTS OF FEDERALRESERVE BANK
1924 1923 1922
NUMBER OF PIECES HANDLED
Bills discounted:Applications _Notes discounted..
Bills purchased in open market for own account.Currency received and counted— _ __Coin received and countedChecks handled __.Collection items handled:
United States Government coupons paidAll other.
United States securities—issues, redemptions, and ex-changes by fiscal agency department
Transfers of fundsEnvelopes received and dispatched _
AMOUNTS HANDLED
Bills discounted _Bills purchased in open market for own accountCurrency received and counted
- Coin received and countedChecks handledCollection items handled:
United States Government coupons paidAllother
United States securities—issues, redemptions, and ex-changes by fiscal agency department
Transfers of funds
14,02935, 5796,630
164,432,000216,525,00059,010,000
4,952,000458, 000
1, 211,00093,000
2,489,000
$1, 264,030,00089,140,000
1,084,405,00030, 353,000
20, 795, 229,000
55,876,000462,479, 000
456,097,0004, 899, 506, 000
17, 58353,61411,367
156,722,000194,118,000
51, 325,000
• 6,355,000382,000
2 6, 754,00074,000
2,420, 000
$2,911,142,000159,105,000
1,011,761,00027,062, 000
15, 808,129,000
63,054, 000432,479, COO
578,493, 0003, 379,281, 000
0)49,01910, 638
123, 686,000183,478,00057,113,000
7,614,000344,000
1, 222, 00063,000
0)
$2,450, 843,000137,122,000726,382,000
23, 545,00013, 880,222, 000
63,852,000452, 257,000
930, 091,0003, 040, 220,000
1 Data not available.2 Large increase due to redemption of war savings secutities which matured January 1, 1923.
N o . 7 . — O P E R A T I O N S OF F E D E R A L R E S E R V E CLEARING SYSTEM
[Figures include cash items only. Numbers in thousands; amounts in thousands of dollars]
Month
1924January _.FebruaryMarchApril
MayJune _.JulyAugust
SeptemberOctober..NovemberDecember
Total: 19241923
Items drawnbanks indistricts
onown
Num-ber
3,9313,4894,0634,032
4,1394,2624,3563,873
4,0444,6224,0864,759
1, 208,2051,117,5231, 244, 5541,716,208
1, 708,9901, 631, 2201, 701,1961, 537,889
1,955,7521,829,1161,637,6522,016, 263
49,656 19,304, 56843, 546 14, 228,861
Items forwarded toother Federal re-serve banks andtheir branches
Num-ber
580548607616
632615617557
565693636756
7,4225,827
Amount
108, 55788,880103,683112,335
97, 79494,450105,62885,158
95, 721116,11698,261113,361
1,219,9441, 248, 381
Items drawn onTreasurer ofUnited States.
Num-ber Amount
136126148170
157148156148
228211156148
1,9321,952
21,07619,04720,96026,136
24,97024,42721, 94618,929
20,96424,85920,94826,455
270,717330, 887
Total
Num-ber
4,6474,1634,8184,818
4,9285,0255,1294,578
4,8375,5264,8785,663
Amount
1,337,8381,225,4501,369,1971,854,679
1,831,7541,750,0971,828,7701,641,976
2,072,4371,970,0911,756,8612,156,079
59,010 '51,325
20,795,22915,808,129
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340 ANNUAL, REPORT OF THE FEDERAL RESERVE BOARD
No. 8.—CLEAEINGS AND TRANSFERS THROUGH GOLD SETTLEMENT FUND
[In thousands of dollars]
Week ending-
Paymentsto otherFederalreservebanks
Receiptsfrom other
Federalreserve.banks
Net loss Net gain
Jan. 2 (1 day).
6..3..
30..
Feb. 6..13..20..27..
Mar. 5..12..19..26..
1924
Apr. 2.9.
16..23..30..
May 7_.14..21..28..
June 4..11..18..25..
July 2..9_.
16..23..30..
Aug. 6..13..20..27..
Sept. 3. .10..17..24..
Oct. 1 -8..
15..22..29..
Nov. 5..12..19..26..
Dec. 3 . .10..17..24..31 . .
Total: 1924..1923..1922..
36, 803178, 717168,470168,001163, 758
147,106135, 685195,145151, 703
148,312141, 709176, 572166, 772
151, 390154,445166, 891167,421168, 305
171,147160, 728174, 907163, 779
151, 576139,881 I186,713170,695 I
165, 221141, 350163, 362162,936173,105
149, 735154,956156,149143, 879
140, 354150,077178, 220180,176
168, 251178,984148,399202,059179,840
154, 688164,176204, 256180, 497
169,089182,421204, 472210, 353156,566
35, 270168, 788158, 534159, 399167,437
155, 768151, 217180, 783152, 310
153, 659145, 847173,548174,439
157, 202154, 800165, 740163, 005171,013
173,947161,606 !171,226 I170,451 !
144,168 I146,769 !176,866 j176,763 |
171,674 |142,112160,686 S160,459 i173,981
149, 505158,803157, 550145, 512
136, 988149, 740175,089179, 225
170,130175,211155,928188,165177, 745
152, 955158, 639202,001188,320
173, 772172,860205, 706209,067160,977
8,670,202 I8,049,170 j7,109, 692
8, 663, 3558, 034, 5607,134,136
1,5339,9299,9368,602
14,362
3,024
1,1514,416
3,681
7,4
9,847
2,6762,477
230
3,366337
3,131951
3,773
13,8942,095
1,7335,5372,255
9, 561
6,84714, 610
3,679
15, 532
607
5,3474,138
7,667
5,812355
2,708
2,800878
6,672
6,068
6,453762
876
3,8471,4011,633
1,879
7,529
7,823
4,683
1,234
24,444
Net gain in ownership of gold since establishment of funds in 1915, $122,433,000.
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DISTEICT NO. 3 PHILADELPHIA 341
No. 9.—REPORTING MEMBER BANKS IN LEADING CITIES: PRINCIPAL RESOURCESAND LIABILITIES
[In thousands of dollars]
Last report date in—Loans and discounts
1924 1923
Investments
United States securities All other
1924 1923
T
1924 1923
January . . .February.MarchAprilMayJuneJulyAugustSeptemberOctober.. .NovemberDecernber.
622,977624,243638, 557644, 756642,432644, 970653,461658, 701669,890689, 582701, 674673, 245
583,151594,187614, 654625,442615,274628, 772633,199632, 933642, 599634, 509627, 785621, 768
104,284104, 711103,37196, 64797,32899,19193,75694,094103, 706106, 291106,069118, 448
124, 591118, 954124,420124,121 !128,336 i•124,813120,030113,302 I112,173 !107,706 !105,092 I108,896 |
180,850185,073188,496200,052206,217213,949228, 218237, 287244, 779254, 903252,960256, 720
188,066185,211183,491182,831184, 798185,356184,933181,047180,344181,424182,349185,397
Last report date in—
Net demand deposits Time deposits
January. __February.MarchAprilMayJuneJulyAugustSeptemberOctober. __NovemberDecember.
1924
660, 956659, 672659, 528668,126684, 521692, 973718,471723, 605732,828753,351762, 257753, 070
1923 1924
703,453700, 795684,876707, 984692, 381680,115692,859684, 238681, 066681,025679, 521671, 953
127, 951130, 708129,130133,978131, 232133, 741141, 046149, 706155, 049166, 255177, 501182, 331
1923
68, 86475,46719, 50718, 753
103, 538105, 666104, 599103, 006109,417113, 074114, 593
Accommodation atFederal reserve banks
1924
14,01318.02613,41212.02710,4947,5195,8744,4663,7614,8953,81913, 090
1923
28, 33630,94039, 75926,49340,34243, 47535, 55737, 22734,45134,90325, 44229, 214
NOTE.—Figures are for about 55 banks in Philadelphia, Gamden, Scranton, and Wilmington, whichsubmit weekly reports to the Federal reserve bank.
No . 1 0 . — D E B I T S TO INDIVIDUAL ACCOUNTS
[In thousands of dollars. For explanatory note see p. 154]
Month
Total for 10 centers i
1924 1923 1922
Allentown, Pa.*
1924 1923 1922
JanuaryFebruary._MarchAprilMayJuneJulyAugustSeptember..OctoberNovember..December..
1,925,4551,723,1391,873,8121,942, 3561,894,9281,936, 2051,902,7281, 748, 7021, 794,0211,968,1341,820, 7222, 242,478
1,914, 8571, 648,9251, 926,4931,863, 4771,973, 6252,083,1131,826, 5601,733,1711, 670, 2261,922, 5691, 738, 3361,999,728
1, 583, 0081,431, 5931, 628,1171, 569, 3121, 634, 3141, 720, 6491, 668, 3161, 589,8191, 646, 5391,891,0671, 682,8451,939,197
29, 77827,41330,96932, 39030, 55832, 21832, 65129,83231, 49535,14830,451 !35, 319
28,44623,03330,18831,47632,44533, 29229, 73527,82728,88233, 61527,92131,392
20,18124, 70226, 55525,82626, 64825, 85324, 09325, 96629, 66826, 01629,830
Total 22,772,680 22,301,080 19, 984, 776 378, 222 1 358, 252 285, 338
1 Figures for cities marked with an asterisk (*) are not included in the district summary or in the nationalsummary of 141 centers.
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3 4 2 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
No. 10.—DEBITS TO INDIVIDUAL ACCOUNTS—Continued
[In thousands of dollars.]
Month
JanuaryFebruary-.MarchAprilMayJuneJulyAugust
. September-OctoberNovember-December..
Total
Altoona, Pa.
1924 1923
14, 21013, 58614, 78515,31014, 51215,47115, 53316,30513, 50114, 31815, 23617, 572
180, 339
16,17614, 65817, 33517, 34019, 29618,86018,09617, 60516, 29119, 24814, 78116,487
206,173
11, 64010,10912, 92012, 78713, 32913, 70813,17714, 70614, 36615, 66313,87615,700
161,981
Camden, N. J.*
1924
54, 55345, 22448, 89451,80748, 80852,80758,02648, 67550, 72158,15150, 91667, 628
1923
636, 210
48,83239, 34647, 37845, 37549, 63953, 27449, 81247,10446,86952, 78449, 02357,462
586, 898
34, 44441,12540, 57545, 68045, 93442, 34841, 86144,17544, 67041, 04656,359
478, 217
Month
JanuaryFebruary...MarchAprilMay...JuneJuly.. .AugustSeptember..OctoberNovember. _December...
Total .
Chester, Pa. Harrisburg, Pa.*
1924
25,44423,04525,93022, 55523, 63321,85622,96420, 99721,61024, 71421, 03624, 012
1923 1922 1924 1923 1922
22,849 |20,229 I22,264 !22,30023, 98925, 32124, 70424,30723, 08128, 22424,14125, 699
17,88615, 58318, 39019,02620, 27318, 74018,30918,24318, 82623, 53520, 27122, 234
277, 796 287,108 231,316
40, 06735, 98939, 51539,14439,88837,31139,43736, 33439, 30943,49138, 86343, 980
473, 328
r31,61028,19437, 59936, 66138,81940, 78138,94137,26135, 76940, 30136, 29943,676
445, 911
33, 45124, 91729, 80632,10331, 59730, 40132, 20829,71531,31734,00731, 29035,970
376,782
Month
JanuaryFebruary. _MarchAprilMayJuneJulyAugustSeptember.OctoberNovember.December. .
Total
1924
Hazleton, Pa.
I 1923
Johnstown, Pa.
12, 24811, 56011,88312, 71713, 52714, 07314, 65313,09414,14715, 50713,719 I14, 600
10, 3999,903
11, 22112, 05412,31712, 75512,11912, 00810,84114, 37012,61113, 260
161,728 143,858
8,2649,5779,6038,7599,0529,3389,0219,41211,31210, 60110, 865
21, 79521, 52521, 68723, 99922,49922,09821, 77821, 69721,36824, 69021,90024, 611
105, 804 269, 647
1923
23, 30520, 33223,12424, 35926, 32527, 63125,45825, 20723, 36025,45123, 35823, 038
290, 948
1922
17, 23515, 69918, 89819, 09721,05721, 00220, 08121,35622, 27223, 78522,11326, 433
249, 028
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DISTRICT NO. 3—PHILADELPHIA 343
No. 10.—DEBITS TO INDIVIDUAL ACCOUNTS—Continued
[In thousands of dollars.]
Month
Lancaster, Pa.
1924 1923 1922
Lebanon, Pa.*
1924 1923 1922
JanuaryFebruary. _MarchAprilMayJuneJulyAugustSeptember.OctoberNovember.December..
Total
27,95524,37032,85332,90126,80826,65926,03524,05227,14631,64225,78528,881
27,23522,16531,53532,02626,80825,49524,62623,31724,09928,90024,89826, 751
18,06317,89725,41326,61520,47822,63720,99020,45821,94325,73122, 73326,652
7,0326,3077,4168,5777,0417,0686,9206,7996,6698,2466,6427,703
6,4255,1816,7737,3867,5977,6487,2507,3446,7698,1606,7447,639
4,0685,1346,1075,4145,4025,2395,0885,3386,5085,8806,625
335,087 317,855 269,610 86,420 84,916 60,803
Month
Month
JanuaryFebruary. .MarchAprilMayJuneJulyAugustSeptember.OctoberNovember.December..
Total.
Norristown, Pa." Philadelphia, Pa.
1924
January . . .February. .MarchAprilMayJuneJuly _.AugustSeptember.OctoberNovember.December..
Total
4,5623,390
3,8493,7733,6883,618
3,4824,1463,8834,513
45,939
1923
3,7093,0924,0923,7664,3564,9664,0573,9423,9654,3933,9494,245
1922 1924
2,4512,9193,1033,2213,5153,4053,1603,335
3,7283,847
1,602,1651,408,2121, 540,3811,602,8721,571,8161, 610,9621,570,6381,448,3251,478,1651,623,0871, 513,3651,871,374
48,532 36,633 18,841,362
1923 1922
1, 596,9941,375,1591,606, 5401,541,4441, 642, 5791, 752,8261,495,4591,392,2511,379, 5161,583,9171,428,4161, 647,903
1,327,1281,197,9751, 353,2821,299,8421,374,8761,459,9281,416,2611,348,5381,389,3671,582,4301,402,3311,615,296
18,443,004 16,767,254
Reading, Pa.* Scranton, Pa .
1924 1923
45,35838,94539,25236,05640,24437,622
35,94135,49637,08134,22643,028
462,186
41,36234,48742,34344,08746,71345,25441,81343,65137,67743,60740,10044,856
505,950
1922
31,36226,46632,04033,00833,41035, 71232,19631,40433,82637,43036, 73941,347
1924
75,80777,16675,66775,20074,98074,48777,83368,30075,33380,58769,74080,440
404,940 905,540
1923
78,56365,84577,03771, 78877,37678,17082,84371,35763,06075,82171,12080,140
893,120
1922
62,78154,83764,03158,66551,35752, 78149,39445,15448,91272,07066,51073,919
700,411
36569—25t 23
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344 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
No. 10.—DEBITS TO INDIVIDUAL ACCOUNTS—Continued
[In thousands of dollars.]
Month
January...February..MarchAprilMayJuneJulyAugustSeptember.OctoberNovember.December..
Total
Trenton, N. J.
1924
58,39864,06361,60364,65461,09460,95264,65756, 22464,56863,22959, 27976, 762
755,483
1923
55,50154,24855,85561,39863,01061,29062, 35354, 78155,18861,23456,42970,480
711, 767
1922
45, 78146,88448,45547,28152,12949,91549, 78249,43854,16653, 51751,85765,902
615,107
Wilkes-Barre, Pa.
1924
47,81746,57346, 53350,64147,81051,88949,08144, 26945,98451, 55746,45157,012
585, 617
1923
41,95334,13842, 72141,83943, 70045, 50044, 39342,80339,12647,07548,64952,060
523,957
1922
36, 52331,19036,49435,66934,40334,29929,08128,24833,02539,15639,43242, 200
419, 720
Month
Williamsport, Pa.
1924 1923 1922
Wilmington, Del.
1924 . 1923 1922
York, Pa.
1924 1923 1922
JanuaryFebruary . .MarchAprilMayJuneJulyAugustSeptember.OctoberNovember..December..
Total.
17,89615,16417, 65218,48218, 21316, 74415, 57915,39116,12717, 60214, 35316, 825
19,80617, 28218,84518,03319, 29618, 61919, 05817,15317,14317, 75415, 74717, 997
15, 95915, 59118,30318,40418, 53419,32017,41116, 80117,14220,47518,15619, 982
35,47633,20036, 76136,97735, 58535,60841, 28536, 54032, 71539, 58034,39541,422
35, 82828,87335,09337, 65236,35835, 92235, 61769,40334,01038, 74235,08240, 661
30,18427, 59431,88630, 73932, 39033, 57736, 32331, 79031,13238, 69930, 94435, 573
20,28717, 76021, 64722, 76420, 47721, 57719,12318,29918, 87221, 81821, 08228,178
19, 95216, 32819, 26819, 65721, 21321,11019,41120,19418, 71221, 65419, 07321, 550
17,06313,93318, 94320, 28416, 54515, 74417, 58816,44317, 66019, 79116, 73521, 739
200,028 216, 733 216, 078 439, 544 463, 241 390, 831 251, 884 238,122 212, 468
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DISTRICT NO. 4—CLEVELAND
o. 1.—CONDITION OF FEDERAL RESERVE BANK
[In thousands of dollars]
RESOURCES
Gold with Federal reserve agentGold redemption fund with United States Treasury
Gold held exclusively against Federal reserve notesGold settlement fund with Federal Reserve BoardGold and gold certificates held by bank l._
Total gold reservesReserves other than gold . -
Total reserves.. _ .__ . .Nonreserve cash
Bills discounted:Secured by United States Government obligationsOther bills discounted
Total bills discounted _ . . _ _ . .Bills bought in open market
United States Government securities:BondsTreasury notesCertificates of indebtedness _•
Total United States Government securities . . . .Foreign loans on gold
Total earning assets . . .
Uncollected itemsBank premises . . _. ._All other resources
Total resources .
LIABILITIES
Federal reserve notes in actual circulatiqn,
Deposits:Member bank—reserve accountGovernmentOther deposits , . . .
Total deposits
Deferred availability itemsCapital paid in.SurplusAll other liabilities
Total liabilities
Ratio of total reserves to deposit and Federal reserve note liabilitiescombined (per cent) ., .
Contingent liability on bills purchased for foreign correspondents.._
Dec. 31,1924
165,4661,849
167, 31540,15821,407
228, 8809,365
238, 2455,934
29,24812, 825
42, 07341,217
11,12633,85815,066
60,050702
144, 042
56,1277,573
333
452, 254
198, 515
163,0194,2031,123
168, 345
49, 46012, 75622,462
716
452, 254
64.94,994
Dec. 31,1923
225, 0203,427
228,44768, 75212,177
309, 3765,561
314, 9375,184
25, 83323,185
49, 01844, 046
9189, 0301,247
11,195
104, 259
53,1809,097
" 207
486, 864
243,323
151, 6703,3221,583
156, 575
49, 89712, 33323, 691
1,045
486, 864
78.82,051
Dec. 31,1922
193,3035,924
199, 22771, 88913,484
284, 6007, 391
291,991
0)
19, 90718,634
38, 54151, 007
91810,97$13, 842
25, 739
115, 287
66,1757,006
598
481, 057
242, 565
144,487545
1,705
146, 737
55,80211, 70823, 495
750
481, 057
75.02,815
J Not shown separately prior to 1923.345
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
346 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
No. 2.—PRINCIPAL ASSETS AND LIABILITIES OF FEDERAL RESERVE BANK, BYWEEKS
[Amounts in thousands of dollars]
Date
1924Jan. 2
23_
Feb. 6..13..20-27.
Mar, 5..12..19..26..
Apr . 2_.9 . .
16. .23 . .30.-
M a y 7_.14..21_.28 . .
June 4_.11 . .18..25. .
July 2.
16——'23.30
Aug. 6132027
Sept. 3 _101724
Oct. 1
15—22—29—
Nov. 5—12—19—26—
Dec. 310172 4 —31
Daily average
Totalearningassets1
118,765118,21999,75294,97688,802
91, 520106,89289.32191, 77786,48396,44890,40492,125
93,392103,396106,375100, 53893,902
92,12290,94387,07496,418
95, 593103,42376,71474,313
69,66565,91570,34068.32269, 253
74, 07979, 58873,79673,955
75,97788,34,99,33497, 726
97,82£96,905104,31i103, 21103,787
110,36£126,733113, 468116,636
123,422132,857145, 207148,453144,04295,28C
Bills discounted formember banks
Total
Bills se-cured
by U.S.Govern-
mentobliga-tions
57,27155,10039,54535,95431,432
34.84953.85036,54839,269
33,16140,99136,87441,343
42, 50853,04857,40451, 78"45,132
43,39242,91241,30350,020
43, 38547, 24531,09529,324
25, 28820, 64220,61918,88720,15:
18,47822, 59416,61516,806
16,73'22, 51,29, 51'28,683
26,43?19,68226, 24623,74120,786
25,14^39, 62124,33226, 214
27,92143,13Z51, 25t46,03242,073
32,679
Otherbillsdis-
counted
29.78129,22321,37621,50917,201
22,13432,95"23,15026.762
17, 29921,43416,30522,362
24,38930,11528,42830, 57625,916
23, 73424,44122,10528,663
22,06831,71918,45717,857
14.78211,79111.76310,73313,124
11,76316,71510, 26310, 614
10, 86217,94'
• 24, 2221,99J
19, 77:13, 32419, 08?16,81,13,80C
17,27!30,32714,99C17,757
15,06729,68134,56227, 57£29,24?
Billsboughtin openmarket
27,49025,87718,16914,44514,231
12, 71520,89313,39812, 507
15,86219, 55720, 56918,981
18,11922,93328,97621,21119, 216
19,65818,47119,19821,35"
21,31715, 52612, 63811,467
10, 5068,8518,8568,1547,027
6,7155,8796,3526,192
5,8754,5715, 293:
6,6676,3587,1606,923
7,8729,2949,3438,457
12,85413,45416,69318,45412,825
48,97349,39145, 29543,45941,415
40,33;36,70834, 76933,036
31,45630,11525, 53820,61'
19,91319,31417,60116, 55013, 672
12,37610,3748,0967,556
5,3795,8145,6384,415
3,3553,0772,7802,175
" 1,686
1,429968965933
3,0246,66f8,07;8,30:
9,64J12,4713, 31'14, 72'18,24'
20,46?22,07624,09925,887
31, 26732,50934,37441,66?41,217
19,05£
UnitedStatessecuri-
ties
12, 52113,72814,9r15, 56315,955
16,33416,33418,00419,472
21,86625,34227,99230,168
30,97131,03431,37032, 20135,098
36,35437,65:37, 67538,842
46,82950,36439,98140, 574
41,02242,19646,94147, 26047,416
54,17256,02656, 21656, 216
Totalcash re-serves
Mem-ber
banks'reservedepos-
its
306,970297,657306,314308,858321,482
Totaldepos-
its
Federalreservenotes in
circu-lation
158,447 165,810159,504 163,333161,338 165,518158,452 164,415165,693 171,871
309,118 159,753 166,567318,77l| 169,662 174,482311,346 158,338! 164,192328,651 166,757 171,065
321,7631 158,740320, 683i 161,877305,642i 158,436326,467i 161,526
I316,852 157,588315,254 161,046301,257 163,381303,969i 158,539305,537 156,599
311,416312,048309, 060309,872
311,672307,447315,415326,349
322,328331,991323,497321, 791
163,952161,800162,098 i W ) oou162,583 166,602
165,798170, 533159,786170,621
171,443173,688170,646162,417160, 511
165,947165,454164,380
170, 538168,848164,141162,765
160, 769160, 586166,088163, 262
330,380 174,178
314,489324,697327,432327,899
56,216 324,21459,168 325,07961,744] 302,36260,742 314,483
61,74264,74864, 74964, 74964,754
64,75465,03665,03664,535
63,53356, 51158,87660,05060,05043,494
305, 564307,945308,710298, 663305,337
300,217290,086292,601287,900
287,185284,178262,341262,136238,245312,337
165,919175, 397175,340168,422
166, 505178, 227178, 616176,819
170,168170, 574182,005169,861170, 614
179,056179,436179,191168,176
179,871182,587183, 206175,196163,019166,194
174,490173, 683165,693167,904
162,643163,969169,056167,489178,452
169, 283177,825177,797171,011
169,691181,412179,778181, 290
174,007174,056187,989172,14175, 51?
181,39:183,180182,425171,88£
183,53,188,16€184,76S181,6I1168,34£170,792
Re-serveper-cent-ages
241,114235,801224.919222, 238219,341
214, 517226,741221,661229,934
223, 775227,975220, 755227,315
222, 583228,198223,416223,974221,090
219,423221,147214,772220.489
215,415218, 252210,989213,931
212, 718217,086209.490205,733202,499
200,807206,883202,978209.920
208,900212, 574206,761210,792
209,435212,420212, 582209,987211,672
208,090212,765205,628209,552
205,0OC209,993206,63C217, 54198,51,
216,380
75.474.678.579.982.2
81.179.480.782,0
80.580.382.0
80.478.476.478.780.1
80.880.781.580.1
79.978.483.785.5
85.987.185.586.286.7
85.084.486.086.1
85.682.578.280.2
79.779.777.178.278.9
77.173,375.475.5
73.971.467.065.764.9
80.7
1Includes foreign loans on gold, $702,000, Dec. 3 to 31.
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DISTRICT NO. i CLEVELAND 347
No. 3.—DISCOUNTS AND PURCHASES OF BILLS AND SECURITIES BY FEDERALRESERVE BANK: VOLUME, BY CLASSES
[In thousands of dollars]
Month
1924January _FebruaryMarchApril
May _.JuneJulyAugust
SeptemberOctoberNovemberDecember
Total: 19241923....1922-..
Bills discounted for member banks
Total
131, 595160,635113,876175,424
139, 278102,14852,66340, 787
81,47462,06086, 518201, 567
1,348,0252,436,8081, 523, 346
Securedby U.S.Govern-ment ob-ligations
100,934130,46076,417124,104
104, 49980,96540, 29933, 202
71, 70954,67670,481133,821
1,021, 5671,820, 9001, 083,488
Com-mercial
andagricultural
paper,n. e. s.
29,72929,42236,91350,144
33,73420,41811,4467,243
9,1767,02315, 58466,910
317, 742601,798425, 277
Bank-ers' ac-cept-ances
700
Tradeaccept-ances
932737518
1,165
1,013761918287
524326421807
8,40914,11013,881
De-mandandsightdrafts
307
Bills bought in open market
Total
14,36610,5988,3035,567
2,2423,2321,3891,153
8,05716,93919,28024,944
116,070196, 774
95, 551
Bank-ers' ac-cept-ances
13,59610,1058,0285,447
2,1623,2321,3071,153
8,05716, 69318,91624,859
113, 555192, 51892,812
Dollarex-
change
770493275120
82
24636485
2,5154,1522,610
Tradeaccept-ances
104129
Month
1924JanuaryFebruary _ _MarchApril
May .JuneJulyAugust. __
SeptemberOctober.. . .NovemberDecember
T o t a l : 1924.. .19231922
Billsboughtfromother
Federalreservebanks
6,79653,462
U. S. securitiespurchased in open
market
Bondsand
notes
2,3273,4866,9254,450
4,60212, 2129,4733,579
3. 721
1,46311,184
63,4221,813
30, 936
Certifi-cates ofindebt-edness
1,688493
10, 745723
1,36112,4522,4771,069
8,4143,507
8275,425
49,181343, 776176,946
U. S. se-curities
pur-chasedfromother
Federalreservebanks
1,101
3581, 643
3,102
5,984
Foreignloans on
gold
702
702
Total discounts and purchases
1924
151,077175, 212139,849186,164
147,483130,40267,64546, 588
101, 66682, 506
108,088243,822
1, 580, 502
1923
395,543148,011172, 259155,055
251, 583299,161338,846246, 517
192, 539269,697247, 572269,184
2, 985,967
1922
195, 952192, 206159, 517123,480
144, 254168,151101,697121, 641
115,629131, 210212, 365220,123
1,886, 225
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348 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
No. 4.—BILLS DISCOUNTED BY FEDERAL RESERVE BANK: VOLUME, BY STATES
[Amounts in thousands of dollars]
Month
1924JanuaryFebruaryMarchA pril
MayJuneJulyAugust
SeptemberOctoberNovemberDecember
Total: 1924 _19231922
Number of member banks atend of year:
192419231922
Number of member banks ac-commodated:
19241923___1922
Pennsyl-vania *
69, 353109, 43854, 462101, 968
87,849'63, 84428,25121, 986
57,20733,32850, 275109, 784
787, 7451, 426, 754796, 315
329328329
155145182
Ohio
55, 42545,43252, 67266, 916
45, 57933,94620, 54514,182
19,16120, 44729, 62985, 757
489,691933, 910669,974
447456457
281282307
Ken- ! Westtucky i I Virginia1
3, 277 i2,516 |2, 965 j3, 246
2,8571,8101,8401,905
2,2212,5562,4982,127
29,81841, 36241,564
3, 5403,2493,7773,294
2,9932,5482,0272,714
2,8855,7294,1163,899
40, 77134, 78215,493
Total
131, 595160, 635113, 876175,424
139,278102,148
52, 66340, 787
81,47462, 06086, 518
201, 567
1,348,0252,436,8081, 523, 346
872880881
485470540
Numberof
memberbanks indistrict
at end ofmonth
880877876877
874874874873
873872871872
Numberof
memberbanksaccom-
modatedduring
themonth
259278308
302302274263
252264259318
1 Figures in this column relate only to that part of the State located in the Cleveland district.
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DISTRICT NO. 4 CLEVELAND 349
No. 5.—EARNINGS AND EXPENSES OP FEDERAL RESERVE BANK
Discounted bills.Purchased billsUnited States securitiesDeficient reserve penalties.M iscellaneous
Total earnings..
CURRENT EXPENSESSalaries:
Bank officers .Clerical staff .*Special officers and watchmenAllother
Governors' conferencesFederal reserve agents' conferences. _.Federal Advisory CouncilDirectors' meetingsTraveling expenses l
Assessments for Federal Reserve Board expensesLegal feesInsurance (other than on currency and security shipments).Insurance on currency and security shipments.-..Taxes on banking houseLight, heat, and powerRepairs and alterations, banking houseRent.
flqe other supplies..Printing and stationery...TelephoneTelegraph
$1, 361, 771670, 338
1, 581, 94316, 669
139,968
3, 770, §89
Expressage .Federal reserve currency:
Original cost, including shipping chargesCost of redemption, including shipping charges.
Taxes on Federal reserve bank—note circulationAll other expenses _
225,0001,105,384
100,178231, 662
425189745
7,66922, 43472, 33213, 52644, 34566,154
163, 22638, 53614, 65747, 06448,04763,87014,12635, 802
151, 67425 992
99,61826, 351
45,844
Total current expenses | 2,664,850
PROFIT AND LOSS ACCOUNTEarningsCurrent expenses .
Current net earnings .
Additions to current net earnings:Withdrawn from reserve for depreciation on United States bondsAllother
Total additions..
Deductions from current net earnings:Depreciation allowances on bank premises.Reserve for self-insuranceFurniture and equipmentAllother
Total deductions
Net deductions from current net earnings
Net earnings available for dividends, surplus, and franchise tax
Dividends paidTransferred to surplus accountFranchise tax paid United States GovernmentDeficit in earnings after payment of dividends charged to surplus
account 1
3,770,6892, 664,850
1,105, 839
21, 61218, 385
$2, 326, 5791, 511, 554
739, 93529, 56447, 458
4, 655, 090
223, 0671, 045,915
97, 326178,431
492211950
7,81219, 21876,1 587,059
28, 30072, 779
. 27,52821,019
5,830129, 65057,83368,75314,92937, 614
156, 67721,147
182, 66220,880
48,419
2, 550, 659
4, 655, 0902, 550, 659
2,104,431
4,1487,803
39,997
1, 509, 445
102,4667,078
1, 578,992
2 473,153
756,152
1, 229, 305
11,951
699, 651100, 000336, 702
58,808
1922
1,195,161
1,183, 210
921, 221
725, 626195, 595
$2, 247, 667743, 759
1,946,91527, 22328, 718
4,994, 282
220,1001, 081, 239
93, 785108, 236
360260613
8,38621, 03676, 7375,538
26, 60042, 56423, 493
7,4946,845
162, 64837, 96566,08015, 96936, 516
151,764
124, 50837, 78821, 33583, 407
2,461, 266
4,994, 2822, 461,266
2, 533, 016
43, 7285,161
48, 889
125,428100, 00042, 77945, 010
313, 217
264,328
2, 268, 688
692,436861, 264714,988
1 Other than those connected with governors' and agents' conferences and meetings of directors and o*the advisory council.
2 Deficit in earnings before payment of dividends.
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350 ANNUAL REPOKT OF THE FEDEKAL RESERVE BOARD
No. 6.—VOLUME OF OPERATIONS IN PRINCIPAL DEPARTMENTS OF FEDERALRESERVE BANK
1924 1923 1922
NUMBER OF PIECES HANDLED
Bills discounted:ApplicationsNotes discounted _ .. .
Bills purchased in open market for own accountCurrency received and counted..Coin received and counted.Checks handled. . . -Collection items handled:
United States Government coupons paid.All other
United States securities—issues, redemptions, andexchanges by fiscal agency department.
Transfers of fundsEnvelopes received and dispatched
AMOUNTS HANDLED
Bills discountedBills purchased in open market for own accountCurrency received and countedCoin received and countedCheeks handled. _Collection items handled:
United States Government coupons paidAll other..
United States securities—issues, redemptions, andexchanges by fiscal agency department
Transfers of funds -
11,03628,42710,059
135,693,000176,965,00068,039,000
5,475,000442,000
2,483,00090,000
3, 530,000
$1,348,025,000116,070,000833,126,000
14,419,00023,874,737,000
64,778,000427,264,000
348,600,0004,752,346,000
12,09234,93216,021
128,085,000161, 788,00067,433,000
6,434,000390,000
217,228,00088,000
3,611,000
$2,436,808,000196,774,000821,051,000
12,499,00024,354,352,000
63,857,000469,979, 000
900,529,0003,649,583,000
13,13936,444
co-rn, 437,000139,105,00058,143,000
7,921,000350,000
3,007,00068,000
2,905,000
$1,523,346,00095, 551,000
653,478,00012,269,000
11,956,422,000
62,051,000405,362,000
1,002, 51*, 0003,098,602,000
1 Data not available.2 Large increase due to redemption of war savings securities which matured Jan. 1, 1923.
N o . 7 . — O P E R A T I O N S OF F E D E R A L R E S E R V E C L E A R I N G SYSTEM
[Figures include cash items only. Numbers in thousands; amounts in thousands of dollars]
Month
Number Amount
1924JanuaryFebruaryMarchApril
MayJuneJulyAugust
SeptemberOctober..NovemberDecember
Total: 19241923.
Items drawn onbanks in own dis-
trict
5,4094,9245,5785,321
5,1695,0254,9644,716
4,9065,4654,9015,595
61,97361,397
Number Amount
1,879,4551, 742,2091,964,9651,925,091
1,870, 5111,779,3571,807,8521,715, 931
1,906, 7732,064,1131,831,2072,134,633
22,622,09723,093,306
Items forwardedto other Federal
reserve banks andtheir branches
241193226230
222199194178
182217202235
2 2, 5192 2,380
Number Amount
59,81858,12866,80263,807
60,16963,11860,43553,069
52, 72455, 55151,27362,117
2 707,011
Items drawn onTreasurer of
United States
170158213247
193162149203
265269186168
2,3832,536
Number Amount
23,15119,19920,42924,024
23,09119, 20419,05218, 776
18, 72220,92919, 26419, 555
245,396254,317
Total i
5,8205,2756,0175,798
5, 5845,3865,3075,097
5,3535,9515,289
66, 87566,313
1,962,4241,819, 5362,052,1962,012,922
1,953, 7711,861,6791,887,3391, 787, 776
1, 978,2192,140,5931,901, 7442,216,305
23, 574, 50424,045,878
1 Exclusive of duplications on account of items handled by both parent bank and branches.2 Includes 131,000 items, aggregating $19,505,000 and 116,000 items, aggregating $20,242,000, forwarded
direct to drawee banks in other districts during 1924 and 1923, respectively.
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DISTRICT NO. 4 CLEVELAND 351
N o . 8 . — C L E A R I N G S AND TRANSFERS T H R O U G H GOLD SETTLEMENT F U N D
[In thousands of dollars]
Week ending—
Jan. 2 ( l d a y ) .
16..23..30..
Feb. 6..13..20..27..
Mar, 5..12..19..
1924
Apr. 2.9..
16..23.30..
May 7..14_.21..28..
June 4_.
25..
July 2..9_.
16_.23..
Aug. 6.13.20.27.
Sept. 3..10..17..24_.
Oct.
15.22.29..
Nov. 5_.12.19..26..
Dec. 3_.10..17..24..31. .
Total: 1924..1923..1922..
Payments toother Fed-eral reserve
banks
37,396151,273134,956143,911127,884
138,942103,997159,302127,362
147,654130,039164, 208140,102
142,174122, 731153, 775154,870145,131
128,990119,575165, 026137,112
125,494138,471167,864142,108
151,522110,678142,976145,650131,316
137,844117,838142,107135, 795
111,443132, 791162, 337159,374
143, 586145, 950133,056192,950153,370
143, 038142,542183,194173,023
148,266162,065187,718177, 245158, 521
7, 576, 5427,314, 2025, 844, 293
Receipts fromother Fed-eral reserve
banks
30,038140,535142,837146,015141,073
128,122116,254152,684147, 497
142,349130,541151,096162, 916
134,595124,139140,427159,948147,597
136,419122,153162,879140,937
127,455134,576174,426153,662
150,326121,571136,493144,178140, 770
124,006128, 718146,617135,543
108,555135,103140,417172,662
135, 688150,233133,857181,851157,169
138, 701135, 303184, 224
148, 681160, 568168, 752181,111130,260
7,551, 3537,410,2265, 931,461
Net loss
7,35810, 738
10,820
6,618
5,305
13,112
7,579
13,348
2,147
3,895
1,196
6,4831,472
13, 838
252
2,888
11,-920
7,898
11,099
4,3377,239
4,197
1,49718,966
28, 261
25,189
Net gain
7,8812,104
13,189
12,257
20,135
502
~22,~8U
1,408
5,0782,466
7,4292,578
3,825
1,961
6,56211,554
10,893
9,454
10,8804,510
2,312
"l3,"288
4,283801
3,799
415
96,02487,168
Net gain in ownership of gold since establishment of fund in 1915, $490,081,000.
36569—25t 24
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
352 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
No. 9.—REPORTING MEMBER BANKS IN LEADING CITIES: PRINCIPALRESOURCES AND LIABILITIES
[In thousands of dollars]
Last report date in—Loans and discounts
1924 1923
Investments
United States Securities
1924 1923
All other
1924 1923
January . . .February _MarchAprilMayJuneJulyAugustSeptemberOctober. __NovemberDecember.
122,108117,160135,801156, 224161, 921145,199134, 321145, 937149,026156, 747161, 888148, 289
1, 058,1421,061, 9971,083,4591,112, 5371,129, 7301,134,4281,122,3241,129,4921,127,9971,131,1161,134, 3031,121, 598
221, 228224, 919224, 518216,107214, 726234, 251292, 549303,044321,888330, 901330, 504303,140
242,690243, 978254,336244, 790239, 519241, 621234,077234,026236,878233, 828227,108223, 569
302, 237309, 385307, 009311,174313, 318«21, 826328,462333,180338, 512344, 572346, 614343, 992
297,117287, 202287, 533289, 207284, 576286,447299, 718297, 954299*061294, 855299,254300, 636
Net demand deposits Time deposits
Last report date in—
Accommodation at Fed-eral reserve banks
1924
January . . .February.March . _AprilMayJuneJulyAugustSeptemberOctoberNovember.December.
898,343884,297
• 883,296902, 358902, 050910, 549964, 563975, 954983, 738
1, 010, 5911, 019,485972, 457
1923 1924
943, 270932, 774915,114939, 497926,211927, 090936, 276923, 308902,981896, 634898, 952868,188
617,343627, 521627,651631.194650, 801673, 924687, 988698,135697,851701, 278701.195680, 065
1923 1924
548,435547, 603553, 728554, 762561, 869563, 753576,348592,008591, 570602, 614603, 982607, 724
13, 75322, 78422,09824, 58130,43011, 0225,7402,27913,1184,5719,245
23, 790
1923
8,03110,94324,12631, 30238,469
40,31738,18739,08943, 61439,13046,177
NOTE.—Figures are for about 76 banks in Cleveland, Cincinnati, Pittsburgh, Canton, Columbus, Dayton,Erie, Lexington, Toledo, and Youngstown, which submit weekly reports to the Federal reserve bank.
N o . 1 0 . — D E B I T S TO INDIVIDUAL ACCOUNTS
[In thousands of dollars. For explanatory note see p. 154]
Month
Total for 13 centers i
1924
2,227,5152,006,2492,173,8812,275, 2462,122,4022,105,2272,139,9641,979, 5541,996,6882,300,4871,980,4862,466,903
25, 774,602
1923
2,305,9631,949,9302,206,6652, 227, 5702,266,8882, 278,9412,237,0422,081,6042,005,4092, 241,1541, 996,1082,331, 503
26,128, 777
1922
1, 709,2521, 538,8861,665,9261, 744,3761, 741, 2681, 927, 9481, 911,0651,850, 6671,877,0322,025,3191,867,6712,430,467
22,289,877
Akron, Ohio
1924
77,38863,02770,37878,53972,64672,02076, 09365, 72572,96276,83967,99484,884
878,495
1923
70, 89160,01275,16575,37277,52879,64677,04070,12174,12570,84764,84872, 586
868,181
1922
52, 21344,68350,97555,61954,46962,39660,22258, 25960,66060,14256,35967, 073
683,070
JanuaryFebruary..MarchApril _.May . . .JuneJuly.AugustSeptember.OctoberNovember.December..
Total
1 Figures for cities marked with an asterisk (*) are not included in the district summary or in the nationasummary of 141 centers.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
DISTKICT NO. 4 CLEVELAND 353
No. 10.—DEBITS TO INDIVIDUAL ACCOUNTS—Continued
[In thousands of dollars.]
Month
JanuaryFebruary..MarchAprilMayJuneJulyAugust.... _September.OctoberNovember.December. _
Total
Butler, Pa.*
10,4289,097
10,50011, 78911,07010,27810,64710, 21311,91013,03010,94511,477
131,384
1923
11,2459,696
11, 53311, 59411,83213,04211,15110, 77412,17213,39811,78712, 683
140, 907
1922
6,8247,9879,76610,05510, 63310,11210, 51210, 72612,3769,86711,288
110,146
Canton, Ohio *
1924
47, 29440, 78749,06350,65341,76343,00343,07039, 77543,04444,46037,66747,320
527,899
1923
46,33636,01947,91045,83644,86950, 66945,44441,66040, 73643, 76137, 72944,474
525, 443
1922
22,870*32,40434,326-32,81437, 76037, 79135,78838,634
36, 21948,587
397,095
Cincinnati, Ohio * Cleveland, Ohio
Month
JanuaryFebruary..MarchApril.MayJuneJulyAugustSeptember.OctoberNovember.December..
Total
1924
341,469288,178317,364328, 538303,195298, 662316, 567282, 723288,611332,316297, 707397, 257
3, 792,587
1923
357,392288,000367, 067358,462351,875344,432326, 414282,836300, 788327,438290,932365, 752
3,961, 388
1922 1924
284,242232,459288, 287289, 537279, 292316,334281, 577264, 307288, 992303,163290,087357,962
642, 928583,611626, 227719, 936609,831618, 520624,357571,311597,176660,497582,193751,111
3,476, 239 7, 587, 698
1923
689, 980542,818629,468676, 374668, 494692, 395662,147626, 360612, 713678, 058592, 533703,121
7, 774, 461
1922
523, 990446, C19-474.124527, 212499.125591, 911575,181560,08S574,640601, 503547, 363667, 269
6,588, 425
Columbus, Ohio Connellsville, Pa.*Month
1924
JanuaryFebruary..MarchAprilMayJuneJulyAugustSeptember.OctoberNovember.December..
Total
133,552120,940136, 497138,867133, 501132, 722132,134123, 729132, 737144, 868134, 226150,472
1, 614,245
1923
163, 204118, 679146,337165, 708169,640158, 244151, 254150,908148, 042137,240128, 749153,662
1, 791,667
1922
113, 650138,926118,359123, 541126, 620131, 914131,308124,240133, 741138,459128, 510154, 737
1, 564, 005
4,8564,4944,8474,7644,9904,8834,7534,6084,4715,0804,2915,058
57, 095
6,1385,3746,8665,7626,0966,2305,4555,4835,5275,7874,9845,366
69,068
1922
4,4734,2474,6605,4204,8435,8726,9946,9895,9046, 434
I55, 836
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
354 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
No. 10.—DEBITS TO INDIVIDUAL ACCOUNTS—Continued
[In thousands of dollars.]
Month
Dayton, Ohio_____
1924 I 1923 1922
Erie, Pa.
1924 1923 1922
JanuaryFebrua ry . .MarchApril. .MayJune..JulyAugustSeptember _OctoberNovember.December..
Total
73,969 i63,44371,12370,587
70,12070,17260, 57365, 75770,15260, 97870, 506
69,93659, 75678, 64270, 94471, 57273,84274, 61163,76866, 84569,86160,10273, 632
52, 23945, 83056, 50151,88054, 52058, 61361, 94954, 79856, 74459,01153, 965
32,40028,28631,12831,26732,06431,83530,96030, 53131,41834, 63029, 34533, 771
33, 69426,54531,68730,82032,41734,40232, 26332, 75531,93235,38831, 04532,916
23,26020,54526,29224,29026, 72326, 92225, 67227,10727, 26829,29027, 23330,224
815, 713 833, 511 675,048 377, 635 385,864 314, 826
Greensburg, Pa.
Month
JanuaryFebruary._MarchApril-.MayJuneJulyAugustSeptember .OctoberNovember.December..
Total
1924
25, 51921,97922,19820, 56121, 61121, 54523, 51521,71921,16523,16519,43023, 666
266,073
1923
21, 62018,66723,38420,73524,15223, 52219, 36718, 56721, 29923,19020,00322, 947
257, 453
1922
18,72813, 59016,04317,93119, 68417, 65517, 77420,13121,08323,16618,91721,642
Homestead, Pa
i "
1924 I 1923
4,1583,7563,9054,1644,8924,5154,4764,2464,1724,8244,0934,766
3,4332,9353,3503,4814,1254,2834,2013,9753,7974,4064,2164,502
226,344 51,967 46, 704
1922
2,1732,5552,7363,4483,4063,2802,9843,6143,8893,1413,468
34, 694
Month
Lexington, Ky.
1924 1923 1922
Lima, Ohio *
1924 1923 1922
JanuaryFebrua ry . .MarchAprilMayJuneJulyAugustSeptember.OctoberNovember.December..
Total.
31,17129,93727, 79520,11520,82418,271'18,96616,95716,205 I18,886 i17,615 I25, 232 I
33,57634,79535, 93824,37421,83722,89120,12617, 03016, 35919, 29117,46724, 906
19, 75125,74233, 21018,13819, 55019,34119,21816,47216,84820,33125,48826,985
18,02518, 77418, 25718, 69519,14318, 59818,13217,38518,40219, 09116, 67022, 070
17,15614, 76619,04717, 54717, 21717, 77817, 67117,13316,07518, 22316, 32120,449
11, 65913,81913, 26012, 23614,06514,44014, 22613, 79413,96014,45316, 732
261,974 i 288,590 261,074 223,242 209,383 152, 644
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
DISTRICT NO. 4—CLEVELAND 355
No. 10.—DEBITS TO INDIVIDUAL ACCOUNTS—Continued
[In thousands of dollars]
Month
JanuaryFebruary..MarchAprilMayJuneJuly.AugustSeptember.OctoberNovember.December..
Total
Lorain, Ohio *
1924
5,99.55,0926,0466,3656,4606,5406,509
7,2596,4857,303
77,886
1923
5,5984, 2925,3936,016
6,8036,4517,3647,2406,0196, 522
74, 856
1922
3,4234,4444,8004, 5225,5195,1854,9125,7946,4955,6925,923
56, 709
New Brighton, Pa.*
1924
11,12410,10611,15411,48111, 53311,30411, 29110, 950
88, 943
1923
10,6439,18510, 42011,44812, 71412,47911, 78111, 65511, 56012,97610,64211, 713
137, 216
1922
6,1887,9217,7578,5369,6299,7179,7209,9059,6319,377
10,903
99, 284
Month
Oil City, Pa. Pittsburgh, Pa.
1924
JanuaryFebruary _ _MarchAprilMayJuneJulyAugustSeptember.OctoberNovember.December._
Total
15,81914,04413, 25314, 60312, 76911, 75313,32911,43312,99112,85311,34413, 512
157, 703
1923
14,35912, 21613, 84614,15414, 67613,80613, 37412,81911, 04213,05711,61112,923
157, 883
1922 1924
11,1349,06710, 89011,45314,10214, 97413,01413, 48112, 34915,24213, 05513, 771
874,126787, 711864,439856, 71484S, 972821, 604852, 303800, 991754,368901, 034784, 292993, 052
152,532 10,139, 606
1923
879, 244834, 618859,486818,876873, 416853, 957877, 750794, 903741, 682873, 986789, 506899, 255
10,096, 679
1922
651, 733591, 011649,824671,135672, 624738,877719, 716714, 763708, 543788,957733, 687
1,061, 877
8, 702, 747
Month
Springfield, Ohio Toledo, Ohio
1924
JanuaryFebruary. _MarchAprilMayJuneJulyAugustSeptember.October. _.November.December..
Total
21,41317, 53521,94020,19219, 45418, 01820, 74918, 70017, 98019, 91017,18921, 284
234, 364
1923
24,25318,53322, 73020, 25420, 26622,95022, 06520,02220,19820, 38118,18120,117
249,950
1922 1924
16, 09913,83718, 54716,87816,33018,14920, 63119,17420, 72619, 96519, 40622, 246
181,389171,815181, 532188, 933177, 382189,022169, 229164, 348171,079228,902162, 760181, 975
221, 988 2,168, 366
1923 1922
186,451138, 615183,290192, 377187,049
173, 592172, 289158, 769189,401164, 259196, 797
2,131,875
153,141128,013132, 550142, 065149, 544152, 234164,428156, 766151,073170, 357156, 719185,429
1,842, 319
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
356 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
N o . 1 0 . — D E B I T S TO INDIVIDUAL ACCOUNTS—Cont inued
[In thousands of dollars]
Month
JanuaryFebruary-_MarchAprilMayJune..JulyAugustSeptember.October- __November.December-
Total
Warren, Ohio *
1924
14,11114,85014,94014,82112, 70211,23212,99712, 22614, 05613, 67511,34613, 761
160, 717
1923
13,35810,62514, 78713, 62013, 73613,91913,42712, 97513, 75113,45711,80913, 365
158, 829
1922
10,8319, 56210,16710, 71310, 77010,97212,18112, 58311, 23912, 731
120, 818
Wheeling, W. Va.
1924
50,«4047,11046, 71846,33543,96143, 28645, 24641,44742,15945,48441,16448, 993
542, 543
1923
53, 95236, 55046,45450,89846,37047, 29845, 83642, 76641,46544, 75843, 54953,086
552, 982
1922
31, 49227, 39834,743'35,90238,48439,91940, 25637,49837,68743, 36939,12848, 551
454, 427
Month
Youngstown, Ohio Zanesville, Ohio *
1924
JanuaryFebruary __MarchAprilMayJuneJulyAugustSeptember.OctoberNovember.December..
Total
67,20156,81160, 65368,59761,05456,51162, 91152,09060, 69163, 26751,95668, 445
730,187
1923
64,80348,12660, 238
59,47167,00267, 61759, 29660,938
54, 25565, 555
739, 681
1922 1924
41,82234, 22543,86848,33249,49355,04361,69647,89055, 67055, 52747,84161, 665
12, 77411,76314,01115,06313, 27413, 02313, 25212, 51312, 87313, 71111,80212, 917
603, 072 156, 976
1923
12, 98310, 79713,44513, 55613,34414, 00512, 76612,45811, 90712,89612, 63113, 217
154,005
1922
6,92510,56610,30210,02210, 97210,87210,12711,38912,40611,14112,420
117,142
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
DISTRICT NO. 5—RICHMOND
No. 1.—CONDITION OF FEDERAL RESERVE BANK
[In thousands of dollars]
RESOURCES
Gold with Federal reserve agentGold redemption fund with United States Treasury .
Gold held exclusively against Federal reserve notesGold settlement fund with Federal Reserve Board..Gold and gold certificates held by bank
Total gold reservesReserves other than gold - _
Total reserves . .- . .Nonreserve cash __. _ _
Bills discounted:Secured by United States Government obligationsOther bills discounted -.__
Total bills discountedBills bought in open market
United States Government securities:Bonds _-Treasury notesCertificates of indebtedness _
Total United States Government securities. .Foreign loans on gold
Total earning assets
Uncollected itemsBank premisesAll other resources
Total resources
LIABILITIES
Federal reserve notes in actual circulation _ _
Deposits:Member bank—reserve account .GovernmentOther deposits. - _ _.
Total deposits ___ _•
Deferred availability items. . . . . . - . . .Capital paid in. __nSurplusAll other liabilities, _
Total liabilities
Ratio of total reserves to deposit and Federal reserve note liabilitiescombined (per cent) . _. . . - _ _
Contingent liability on bills purchased for foreign correspondents...
Dec. 31,1924
79,1842,107
81,29118, 72419,662
119, 6775,809
125,4863,498
11, 94821, 600
33, 5481,486
1,3402,464
807
4,611342
39,987
54,2962,446
353
226,066
87, 579
66,2952,455
340
69,090
51,2055,900
11, 701591
226,066
80.12,433
Dec. 31,1923
70,1462,818
72,96440,9635,236
119,1634,284
123,4473,045
23, 05228,970
52, 0222,078
1,191150
1,341
55,441
54,3382,528
410
239, 209
104,158
65, 5821,801
200
67, 583
49, 3525,816
11, 672628
239,209
71.9988
Dec. 31,1922
64,0654,578
68, 64327, 6185,729
101, 9909,922
111,9120)
22, 09231,193
53, 2851,734
1,191100
1,291
56,310
58,0372,618
398
229,275
101,147
61, 527860573
62, 960
47,8825,595
11,288403
229, 275
68.21,686
1 Not shown separately prior to 1923.
357
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
358 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
No. 2.—PRINCIPAL ASSETS AND LIABILITIES OF FEDERAL RESERVE BANK, BYWEEKS
[Amounts in thousands of dollars]
DateTotalearn-ing
Bills discounted formember banks
Total
Billssecurec
byU.S.Gov-ern-
mentobliga-tions
Otherbillsdis-
count-ed
Billsbought
inopenmar-ket
UnitedStatessecuri-
ties
Totalcashre-
serves
Mem-ber
banks'reserve
de-posits
Totalde-
posits
Fed-eral
reservenotes
incircu-lation
Re-serveper-
cent-
1924Jan. 2___.
1 6 -2 3 -30_
Feb. 6.13.2 0 -27.
Mar. 5_
1 9 -2 6 -
Apr. 2 . .9__
1 6 -2 3 -3 0 -
May 7 ,142128
June 4..1 1 -1 8 -25..
July 2 -9—
1 6 -2 3 -3O._
Aug. 6..13..20..
Sept
Oct.
Nov
Dec.
. 31 0 .1 7 .24
18_
152229
, 5 . .121926
3101724
57,50255,26751,34652,21951,' 132
46, 50550, 70858, 68359, 527
63, 724
Daily average
63,60663,295
65,40862,07865,48870,12067,163
56,97951, 78656,04960,199
58,27153, 52651,05750, 78845,823
40, 74238,02038,80139,345
39,81840,83743, 66243,407
41,08438,11740,04342,85939,523
37,16835,67835, 88533,881
30,17627,91136,30339,69839,987
49,976
53, 65550,30445,69546,04545, 525
40,40844,47852,09452,379
55,84550,91255, 55555, 775
57, 79554, 66658,35263,139
57,51757 51954,05450, 033
50, 55845, 55549,95554,305
52,48647,95245,67345,431
35,61732,89533, 67634,220
34, 69335, 71238, 53738, 414
36,09133,12435,05037,86634, 531
32,17530,68530, 89228,926
24, 95422, 93630, 36433, 38433, 548
44, 070
23,85222,98821.17220, 74619,428
14,92318,98420,91219, 705
21, 50318, 06320,02918,427
18,47917, 72419, 55120, 68616.173
15,42715, 51513, 51412, 822
12, 88011,63113,14515,842
15, 58213,80912,41512,1809,813
8,6578,1887,7548,113
8,1479,1999,2349,475
8,7307,3178,8109,0867,645
8,1177,6948,1807,838
5,6784,96411,05011,47411, 948
29,80327,31624,52325,29926,097
25,48525,494131,18232,674
34,34232, 84935, 52637,348
39,31636, 94238, 80142,45343,807
42,09042,00440, 54037,211
37,67833,92436,81038,463
36,90434,14333,25833, 25130,885
26,96024,70725,92226,107
26,54626, 51329,303
27,36125,80726, 24028, 78026,886
24, 05822,99122, 71221,088
19, 27617,97219, 31421,91021,600
1,9822,6092, 7973,0452,313
2,6432,7762,4292,368
2,7542,8452,9262,395
2,4882,2872,0111,8562,058
1,0251,1651,6801,447
1,2961,106969769
660449259232
2931,0791,3611,486
1,142
1,8652,3542,8543,1293,294
3,4543,4544,1604,780
5,1255,1255,1255,125
5,1255,1255,1255,1255,125
5,1255,1255,1255,125
5,1255,1255,1255,125
5,1255,1255,1255,1255,125
5,1255,1255,1255,125
5,1255,1255,1254,993
4,993
4,r~4,14,9934,992
4,14,14,14,955
117,412112.880115,880113,893118,833
117, 553113,18699,77995, 537
98, 772102,40093,32994, 767
89, 76492,92390,65280, 48582, 674
84,10185,19382, 67990, 526
89,34793, 53687,36986, 615
88, 65990, 47291, 53390, 59099, 712
101,852104, 661104,472105,590
106,271106,348101,582104, 508
107,249110, 567111,402111,752116, 091
121,189119,820126, 518130,177
4,880 137,0214,340! 137,8624,518| 129,5684,611 132,0394,611 125,486
4,737 103,804
64,87465,08264,36965,31767,146
64,69264,72861,96959,524
65,18562, 07563,04661, 812
59,97461, 75562,3856], 13860.349
60,60561,89959,48959,923
61,68559,93460,30961, 509
62,40862, 29261,39459,47063,379
62,65861,84161,94762,004
62,88163,40762,87063, 077
62,76763,86562,51065,42963, 738
66,62962,29566,37364.350
69,40465, 55964, 51865,06066, 295
62,404
66, 59167,43668, 20171,405
65,87768,04963,31461,087
66,52566, 62863,90165,632
62,93763, 53266, 63462,48262, 759
61,19564,42460,09563,872
62,15162, 53961, 54064, 905
63,35863,40262,88762,22066,817
63,96663,54862,98564,905
65,81165,10863, 73466, 660
66,22365, 57567,69566,97965,476
67,35164,46067, 53667,893
70,003-67,96865, 67570, 66069, 090
103, 27696,03r
92, 70190,99289,430
89,77088, 59387, 61986, 782
86,49185, 62784,41783,330
82,80482,01380, 79479,46578,198
76,95976, 22674,41273,876
74,43973, 54973,05372, 073
74,13672, 22870, 75969,08368,294
68, 58468, 55668, 97768, 644
71,14371,32471, 22071,434
72,40673,98575,85176,88077,654
81,36482,97284, 26085,291
86, 07686, 66089,59794,05887, 579
69.069.472.471.573.9
75.572.366.164.6
64.667.362.963.6
61. 663.861.556.758.7
60.960.661.565.7
65.468.764.963.2
64.566.768.569.073.8
76.879.279.279.1
77.677.975.375.7
77.479.277.677.781.1
81.581.3.83.385.0
87.889. 283. 480.280.1
65, 230 80, 304 71. 3
1 Includes foreign loans on gold, $342,000, Dec. 3 to 31.Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
DISTRICT NO. 5 RICHMOND 359
No. 3.—DISCOUNTS AND PURCHASES OF BILLS AND SECURITIES BY FEDERALRESERVE BANK: VOLUME, BY CLASSES
[In thousands of dollars]
Month
1924January.FebruaryMarch. .April
May '-June _-JulyAugust..
SeptemberOctoberNovemberDecember
Total: 1924...1923...1922...
Bills discounted for member banks
Total
170,721144, 750180, 883169,591
113,84796,06798, 65048, 807
101,94883,12057, 68991, 703
1, 357,7762,910,6871,424, 567
Securedby United
StatesGovern-
ment obli-gations
144,813112,502138, 510118, 641
69, 55265,13675, 32635, 789
63,44650, 29338, 30867,717
980,0332, 524, 3691,190,949
Commer-cial andagricul-
turalpaper,n. e. s.
25,09930,38440,61849, 365
43,81530,13222,97312, 675
37,98732, 53719,08623, 748
Bankers'accept-ances
501107550
Tradeaccept-ances
7591,7541,6801,535
480799351343
515290295238
Demandand sight
drafts
Bills bought inopen market
Total
2,2601,5811,6161,581
875
Bankers'accept-ances
2,2601,5811,6161, 581
875
1,486
368, 419377,599228,079
285590
9,039 '...7,768 I5,539 j...
3619,39910,643 i8,460
9,39910,643
Month
1924JanuaryFebruaryMarchApril
May - _ - . . -JuneJulyAugust _. . . . _ . . .
SeptemberOctoberNovemberDecember
Total: 192419231922 ._.
U. S. securities pur-chased in open
market
Bondsand
notes
9671,473
259
Certifi-cates of
indebted-ness
670209422
187 341
287
86511
3,77050
100
91
3554061
368
2,557100, 50032,000
U. S. se-curities
pur-chased | Foreignfromother
Federalreservebanks
465
465
loans ongold
342
342
Total discounts and purchases
1924
175,083148,013182,921171,431
114, 72296, 59598, 65049,185
102, 30383,16057 83694,410
1, 374, 309
1923
204,061144, 805226, 496246, 578
265,132328,181311,072290, 829
272,848275, 929209, 214246,735
3,021,880
1922
205, 840159,622167, 68088, 619
72, 71972,18557,45645, 487
76, 416112,459150,947255,697
1, 465,127
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360 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
No. 4.—BILLS DISCOUNTED BY FEDERAL RESERVE BANK: VOLUME, BY STATES
[Amounts in thousands of dollars]
Month
1924JanuaryFebruaryMarchApril
May.__JuneJulyAugust _
SeptemberOctoberNovember. _December
.v Total: 1924 _1923.1922 .
Number of memberbanks at end of
1924_19231922 _ .
Number of memberbanks accommo-dated:
19241923__1922 -
WestVirginia1
21,23014,49312,85812, 569
14,13917,47219,41120,283
22, 55724, 71320, 58619,858
220,169172,054108, 939
127127125
816577
Districtof Co-
lumbia
34,1519,920
16,2494, 294
3,5755,487
13,1226,837
5,5642,0301,1153,112
105,456613,041284, 791
151515
111211
Mary-land
22,24130,30819, 32523,483
23,8184,7554,0062,311
2,1471,8332,553
23, 528
160, 308485,142269, 905
919494
586272
Virginia
79, 28471,87191,33674, 585
46,88429,50217,0669,644
27, 78129,62214,41415,946
507,9351,235,751526,888
196195192
155146150
NorthCarolina
10,60414,41834,87750,431
19, 27532,74440, 2056,160
39,93419,86415,18824,477
308,177358,458131,470
9597
104
808785
SouthCarolina
3,2113,7406,2384,229
6,1566,1074,8403,572
3,9655,0583,8334,782
55, 73146, 241
102, 574
100103104
788196
Total
170,721144,750180,883169, 591
113,84796,06798, 65048,807
101,94883,12057,68991,703
1,357, 7762,910,6871,424, 567
624631634
463453491
Num-ber ofmem-
berbanks
indistrictat end
ofmonth
630629628627
627627627624
623624624624
Num-ber ofmem-
berbanksaccom-
mo-datedduring
themonth
272277305344
355356330297
301285254246
i Figures relate only to that part of the State located in the Richmond district.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
DISTRICT NO. 5 RICHMOND 3 6 1
No. 5.—EARNINGS AND EXPENSES OF FEDERAL RESERVE BANK
1924 1923 1922
Discounted billsPurchased bills.United States securitiesDeficient reserve penalties-Miscellaneous..-
total earnings..
CURRENT EXPENSESSalaries:
Bank officers.Clerical staff....Special officers and watchmen _ _All other
Governors' conferences _Federal reserve agents' conferences _Federal Advisory CouncilDirectors' meetingsTraveling expenses * _ _.Assessments for Federal Reserve Board expensesLegal fees _Insurance (other than on currency and security shipments).Insurance on currency and security shipmentsTaxes on banking house __ _Light, heat, and power..Repairs and alterations, banking houseRent.Office and other supplies __Printing and stationery __Telephone -TelegraphPostage ._Expressage _Federal reserve currency:
Original cost, including shipping chargesCost of redemption, including shipping charges..
Taxes on Federal reserve bank-note circulationAll other expenses _
Total current expenses..
PROFIT AND LOSS ACCOUNT
EarningsCurrent expenses.
Current net earnings.
$1,905,11847, 787
164, 55965, 02627, 750
$2,681,59062, 79539, 54183,61411, 356
2, 210, 240 2,878,896
169,190718,163
43, 628
31066
3227,541
21,68435, 009
1,58823,66729, 88741,6679,7944,8696,800
26, 25236,663
5,380
120, 38427,903
54,60619, 532
166, 792729, 497
38, 58770, 547
345132663
6,51519, 61836,4493,207
22,28932, 99641,83110, 7247,8831,186
31,48943, 9266,057
40,489126, 82324, 063
41,32825, 840
25, 053 21,880
1, 537,834 1, 551,156
2, 210, 2401, 537,834
2,878,8961, 551,156
672,406 1, 327, 740
Additions to current net earnings:Withdrawn from reserve for depreciation on United States bondsAll other 2,006
Total additions.. 2,006
Deductions from current net earnings:Depreciation allowances on bank premises..Reserve for probable lossesReserve for self-insurance.Furniture and equipmentAll other
82,114100, 00050, 00052,819
89, 67150,00050,00043, 216
Total deductions _ ._
Net deductions from current net earnings
Net earnings available for dividends, surplus and franchise tax
Dividends paid _ __Transferred to surplus accountFranchise tax paid United States Government .
294,621 236, 785
292,615 234,897
379, 791 1, 092,843
351, 251•28, 540
342, 295384,404366,144
$2, 569,88774,65595,37887,080
5, 944
2,832,944
155,467760,88333,18978, 739
166123629
5, 79523,10137,40212, 21824, 92819, 78340,90110, 98924, 8544,341
39,175*48, 431
5,94434, 934
134,456
68, 35824, 73413,18428,632
1, 631, 356
2, 832, 9441, 631, 356
1, 201, 588
3,6188,831
12,449
178, 35850,00050,00064, 710
3,521
346, 589
334,140
867,448
333, 3212 32,954
2 501,173
1 Other than those connected with governors' and agents' conferences and meetings of directors and ofthe advisory council.
2 After charging surplus and crediting franchise tax with $20,459 paid as an additional franchise tax for1921. Amounts transferred to surplus and paid as a franchise tax out of earnings for 1922 were $53,413 and$480,714, respectively.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
362 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
No. 6.—VOLUME OF OPERATIONS IN PRINCIPAL DEPARTMENTS OF FEDERALRESERVE BANK
NUMBER OF PIECES HANDLED
Bills discounted:ApplicationsNotes discounted
Bills purchased in fcpen market for own accountCurrency received and countedCoin received and countedChecks handled _Collection items handled:
United States Government coupons paidAllother. .
United States securities—issues, redemptions, andexchanges by fiscal agency department.
Transfers of fundsEnvelopes received and dispatched
AMOUNTS HANDLED
Bills discountedBills purchased in open market for own accountCurrency received and countedCoin received and counted _Checks handledCollection items handled:
United States Government coupons paid _.Allother.
United States securities—issues, redemptions, andexchanges by fiscal agency department
Transfers of funds ._
1923
15,55076,508
51194,155,000
161,693,00046,779,000
1,624,000205,000
341,000 I96,000
2,777,000
482,854,00014,585,000
13,254,632,000
15,422,000213,053,000
17,80477,959
56580,985,000
186,736,00047,225,000
2,083, OC0204,000
2 5,811,00085,000
3,132,000
$1,357, 776,000 $2,910,687,0009,399,000 10,643,0002854000 440,247,000
14,000,0001182400013,111,824,000
17,732,000235,548,000
104,832,000 187,687,0001,287,812,000 I 2,747,662,000
1922
C1)85,145
32757,300,000
183,293,00042,883,000
2, 590,000196,000
536,00075,000
0)
$1,424,567,0008,460,000
318,247,00014,167,000
8, 762, 819,000m
18,075,000213,232,000
296,264,0002,455,199,000
1 Data not available.2 Large increase due to redemption of war savings securities which matured Jan. 1, 1923.
N o . 7 . — O P E R A T I O N S OF F E D E R A L R E S E R V E C L E A R I N G SYSTEM
[Figures include cash items only. Numbers in thousands; amounts in thousands of dollars]
Month
1924JanuaryFebruaryMarchApril
MayJune _ - .JulyAugust
SeptemberOctober..November -.December
Total: 19241923
Items drawn onbanks in own dis-trict
Number Amount
3,4323,1373, 4563,419
3,3753,2953,309
3,2023,5233,2463,834
40, 25740,600
1,014,382927, 302975, 078981,673
950,175887,019923, 417854, 417
917,6131,071, 9671,002, 4571,120,270
11, 625, 77011,399, 271
Items forwarded toother Federal re- |serve banks and itheir branches !
Items drawn on ITreasurer of IUnited States
Total i
Number Amount | Number Amountj Number Amount
350308349331
312296297267
282333312439
3,8763,780
107, 30594, 586109, 066103, 578
100, 910101, 52096,30293, 390
109,948124, 574115, 682122, 298
1, 279,1591,309,371
9991110128
11310099118
130142113107
1,3501,334
11,981 j11, 07322, 23612, 562
11, 47811, 08212,20911, 570
3,8813,5363,9153,878
3,8003,6913,7053,414
3,61412,00313, 73310, 640 3; 67112,083 4,380
152, 650185,101
45, 48345, 714
1,133, 6681, 032,9611,106,3801,097,813
1, 062, 563999, 621
1,031,928959,377
1,039, 5641,210,2741,128, 7791, 254,651
13, 057, 57912,893, 743
1 Exclusive of duplications on account of items handled by both parent bank and branch.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
DISTRICT NO. 5 RICHMOND 3 6 3
No. 8.—CLEARINGS AND TRANSFERS THROUGH GOLD SETTLEMENT FUND
[In thousands of dollars]
Week ending—
1924Jan. 2 (one day)
9 .1623 . .30
Feb. 613 .20 . . .27
Mar. 51219 . .26
Apr. 29
162330.
May 7142128 .
June 41118 .25
July 29 . .
162330
Aug. 6 _.1320..27
Sept. 310 .1724
Oct. 1 .8
15 .2229
Nov. 51219. . .26
Dec. 310172431
Total: 19241923.... _1922
Paymentsto otherFederalreservebanks
29,525125,071110,297108, 233111, 358
112 70596,629
127, 867111, 127
117,325103, 871134, 766110,429
107, 853101 349116, 790122, 520120,464
110,862106 129131,089104,161
86 942103,421126,888106,492
112,64184,197
108, 406102,84596,840
95, 750100,594102,08596, 528
82,128110,326117,030111,649
99, 934108, 726103, 213120, 985109, 615
96,758109,184126,342117,059
103,140117,939147,149144,063117,486
5, 786, 7756, 415,8995,255,732
Receiptsfrom other
Federalreservebanks
23,109116,484112,885104,978117, 529
111, 25292,928
115, 923106, 778
118,086106,273127,175113,775
104,050104 782112, 613112, 545122,272
111,448106,441129,588111, 525
86, 780105, 724121,144106, 758
117,49481, 759
109, 761102, 111107,140
97,365102,464101, 54496,804
83,406107,384112,281114,482
103, 736110,645103, 431120,881113,145
102,182107,132133,138120, 472
110,487118,804140,395147,598108,681
5, 777,5676, 417, 8975,271,957
Net loss
6,4168,587
3,255
1,4533,701
11,9444,349
7,591
3,803
4,1779,975
1,501
162
5,744
2,438
734
541
2,9424,749
104
2,052
6,754
8,805
9,208
Net gain
2,588
6,171
7612,402
3,346
3,433
1, 808
586312
7,364
2,303
266
4,853
1,355
10,300
1,6151,870
276
1,278
2,833
3,8021,919
218
3,530
5,424
6,-7963,413
7,347865
3,535
1,99816,225
Net loss in ownership of gold since establishment of fund in 1915, $23,934,000.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
364 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
No. 9.—REPORTING MEMBER BANKS IN LEADING CITIES: PRINCIPAL RESOURCESAND LIABILITIES
[In thousands of dollars]
Last report date in—
January. _.February-MarchAprilMayJuneJulyAugustSeptemberOctober.—NovemberDecember .
Loans and discounts
1924
464, 200464, 500469,151477, 501465, 517468, 334459, 810464, 238471, 783473, 409473,962475, 889
1923
447,948449, 291457,985461,448459,330457, 690454, 384458,172467,306467,417462, 519465,120
Investments
United States securities
1924
74,63973,45868, 63767,.07961, 73662, 52262,39163,97368, 07469, 89970, 22870,709
1923
82, 67880, 08281,91479,16281, 09680,28180,84279, 25581,99375,16875, 61278,776 |
All other
51,15152,62252,92752, 64952, 81752, 52954,20256,92659, 50564, 03464, 59264,874
53, 25752, 64251, 53851, 11150, 74252,20652, 43051,18751,77151, 50050,73650, 061
Last report date in—Net demand deposits Time deposits
1924 1923 1924 1923
Accommodation atFederal reserve banks
1924 1923
January . _.February . .MarchAprilM a yJuneJulyAugustSeptemberOctober. __November.December.
350,071331,186328,330330, 057325,640324, 890330, 534333, 089338, 552349, 224359, 507366,155
343, 285337,358330,768324, 714327, 578321, 775323,361323,443321,139333,182343, 742339,153
151,997159,420160, 631165,703166,198169,475174,482179,382179, 704180, 629179, 421181, 577
148, 871151, 784152, 874155,981156, 853154,363152, 299151, 536152,481151,969151, 739150,444
26, 47132,43732,74331,48820, 73020, 65113, 418
11,43911, 5318,33614,844
20,16425, 80231, 20036, 84535, 57537, 09938, 07838, 78444, 56943, 54332, 02635, 039
NOTE.—Figures are for about 75 banks in Richmond, Baltimore, Charleston, S. C, Charleston, W. Va..Charlotte, Columbia, Huntington, Lynehburg, Norfolk, Raleigh, Roanoke, Washington, and Wilming-ton, which submit weekly reports to the Federal reserve bank.
N o . 1 0 . — D E B I T S TO INDIVIDUAL ACCOUNTS
fin thousands of dollars. For explanatory note see p. 154]
Month
JanuaryFebruaryMarch.April _ . .MayJuneJulyAugustSeptemberOctoberNovemberDecember... . _.
Total
Total for 7 centers *
1924
733 878650, 035699, 209672, 896665, 057673 372676, 364674,370648,670733,682675,127795, 584
8,298, 244
1923
746 047631, 628737, 293676, 260701,164742, 692681,119668, 610655, 258746, 504710,408804,167
8,501,150
1922
630, 971535, 864618, 568614,409664,853681,167636, 506616, 520596,901705, 455660,697753,942
7, 715, 853
Asheville. N. C*
1924
22,63819, 89321, 76223, 89325, 28423, 32226,95625, 04124, 37624,91520, 44423, 660
282,184
1923
20, 28219, 31720, 58319,91520,98621, 05122, 58325, 08021, 88723,31821,64924,224
260, 875
1922
17, 01617, 58317, 64618, 76718,91818, 95020, 32719, 55919, 418
168,184
* Figures for cities marked with an asterisk (*) are not included in the district summary or in the nationalsummary of 141 centers.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
DISTRICT NO. 5 RICHMOND
No. 10.—DEBITS TO INDIVIDUAL ACCOUNTS—Continued
365
[In thousands of dollars.]
Month
JanuaryFebruary..MarchAprilMayJune _.July...AugustSeptember.OctoberNovember _December..
Total
Month
JanuaryFebruary..MarchAprilMayJuneJulyAugustSeptember.OctoberNovember..December..
Total
Baltimore, Md.
1924
388,917339,941387, 337357, 222364,928377, 505372, 039389, 570363,960401, 009361, 620422, 600
4, 526, 648
1923
387,836327,800392,850372, 373387, 050411, 764387, 263367, 717345, 300396,600348,020400,315
4, 523, 888
364, 215301,165350, 817351, 291385, 653399, 702369, 680362, 288327, 258373, 575343,370
4, 317, 812
Charleston, W. Va.*
1924
31,69037,61535,10134, 82934,43334,60332,65033, 68135,18932, 87343,882
423, 535
1923
41,08733,42337,45342,41040, 28439, 28035,88635, 56135, 72940,04735, 67739,870
456, 707
1922
27,01829,66727, 34827, 73336, 58430,86429,75732,11338,79037, 55544,200
361,629
Charleston, S. C.
27, 26624,49823, 22231,04024, 80228,10923, 05121,17222, 16828, 05524,75931,438
309, 580
1923
34, 64741, 31131, 21526,82826,45632,43628; 10126, 25720, 39023, 84927, 64534, 580
353,715
1922
27,07024,16224,37026,23026,06423,828
24,32617,18021, 56128,11128,494
297,435
Charlotte, N . C.
1924
' 44,86942, 69445,93143, 30142,35840, 21640, 38637,87543, 23648,42644,84353, 071
527,206
1923
39, 09434,68843, 74040, 36242, 815
16, 24434,45539,44844, 84945, 92451,110
495, 097
1922
27,15624,04728,22628,53730,89131,42431,60928,026
37,28235, 56741, 376
378,015
Month
Columbia, S. C. Cumberland, Md.*
1924 1922
JanuaryFebruary. _MarchAprilMayJuneJuly. _.AugustSeptember _OctoberNovember.December..
Total
26, 78623, 36722, 21621, 87519,18219,81119, 24115, 72416,54524, 74520,99021. 241
26, 68722,90028, 98222, 96524, 72624,43218, 43321,87422, 56626, 74125,] 2930, 248
23, 02819,583
21, 77124, 96422, 33917, 45315,16720,82925, 76023, 59023, 512
8,6487,6189,1609,4479,0239,445
10, 3009,1618,6019,5748,5329,381
8,0556,8999,8729,8899,4649,385
10,1208,6628,6389,8278,9169,738
6,6467,5598,6438,0688,3827,9817,8158,0738,4228,1689,009
251,723 295, 683 261,699 108,890 109,465 88,766
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
366 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
No. 10.—DEBITS TO INDIVIDUAL ACCOUNTS—Continued
[In thousands of dollars.]
Month
JanuaryFebruary. _M a r c h . . . . .AprilMayTuneJ u l y . .AugustSeptember.October.. _ .November.December—
Total
Danville, Va.*
1924
12,52010,1529,2407,8878,2197,2508,6557,8629,13411, 58313, 51413,874
119,890
1923 1922
12,8539,1919,0738,5628,2648,6289,0727,940
11,15713,46914,115
120, 532
7,8618,3377,6847,4937,3637,5297,4367,70515, 59913, 50214,909
105,418
Durham, N . C *
1924
20,94118,02820,49818, 54218, 71919,37818, 96920,24719,96222,89722, 00024,448
244,629
1923
19,88616, 75619, 60217,28019,60617,41118,17518,34019,07423,40522,02924,657
236,221
1922
17,33719, 79718,15119,93521,50821, 30721, 590
139,625
Month
January . . , .February _.MarchAprilMayJuneJuly__AugustSeptember.OctoberNovember.December..
Total
Greensboro, N . C.: Greenville, S. C *
1924
23,99922,15523,35722,71122, 59119,97720,75121,02120,52825, 07625,12928,145
275,440
1923
23,83420,65522,74220,63120,92821,18821,48719, 29219,47026, 71726, 32825, 656
1922 1924
12,89414, 51814,97714, 92915,79116,02115, 28118,30221,11223, 29123, 020
27,90625,42424,17720,47719,91218,04217,04718,77021,09124,82223,81326,399
1923
22,46023, 50023,34020,05521,24520, 79919, 71121, 71723,93930,92027, 72631,192
190,136 267,880 286,604
1922
16,24812,27615, 24813, 60515,74914,95015,44614, 78215,95220,46723, 88120, 440
199,044
Hagerstown, Md." Huntington, W. Va.*
Month1924 1923 1922 1924 1923 1922
JanuaryFebruary. _MarchAprilMayJuneJuly._AugustSeptember.OctoberNovember.December-
Total
10,3469,55010,24111,3779,74710,08910,72310, 3779,51310,9219,22810,078
9,3567,88210,75211, 50310,91411, 92410,64810,1029,66111, 0869,60011,500
6,3048,3948,5368,4588,6178,7828,0458,9329,8488,6119,580
26,99923,^9226,27727,09824,99425, 26525,87423,84824,91727, 74825,19532,181
27,85325,18627,25926,17427,85228, 22625, 23726,40624,22926,27224,29428,904
19,31115,92319,13017,67219,47721, 92120,03419,79320,79224,13223,16028,719
122,190 124,928 94,107 313, 988 317,892 250; 064
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DISTRICT NO. 5 RICHMOND 367
No. 10.—DEBITS TO INDIVIDUAL ACCOUNTS—Continued
[In thousands of dollars.]
Month
JanuaryFeb rua ry . .MarchApril.MayJuneJulyAugustSeptember.October
November.
December-
Total
Lynchburg, Va.*
1924
20, 71618,17419,33018, 76218,92218,64619, 38018, 69418, 56419, 80618,42922, 738
232,161
1923
23, 49418, 84521, 02718, 75520, 31821,93020,88818,41018, 78322,42619, 25722,445
246, 578
1922
16, 50817,85116,94317, 55618, 23918,10415, 57017,83519,81818,39823,333
200,155
Newport News, Va.*
,1924
7,2056,2736,7246,6016,3506,7777,809
6,8357,3377,3489,206
85,153
1923
8,0786,5278,4627,7087,0907,4717,7887,4346,7087,3667,147
90,848
1922
5,7017,0396,5376,6827,2667,6357,6036,6586,9657,0418,371
77,498
Month
Norfolk, Va. Raleigh, N . C.
1924
JanuaryFebrua ry . .MarchAprilMayJuneJulyAugustSeptember.OctoberNovember.December..
Total
77,13565,66066,85067,54567,85962,58871,97160,45056, 264
70,82891,926
827, 768
1923
72,99264,18478,24168,95969, 52569, 75465,62964,37069,84283, 58787, 64296,691
891,416
1922 1924
58,98151,51563,10264,45870,12572,46765,02662,88256, 83874,88167,89685, 571
33,380
29, 76633,61628,38527,26126, 93626,21424,65826,36424,10527,628
793,742 336,975
1923
36,45024,00031,30028,11730,700 I30,935 !29, 69631, 62026, 73931,07029,35833,876
363,861
1922
21,22515,38717,38317,05018,19018,18020, 72017,77419,05031, 53326,36736,000
258,859
Month
Richmond, Va.
1924 1923 1922
Roanoke, Va.*
1924 1923 1922
JanuaryFebruary.. .MarchAprilMayJuneJulyAugustSeptember.OctoberNovember.December..
Total
135,525125, 213123, 887118, 297117,543117,882122, 740123,365121,839136,391127, 982147,680
148,341116, 745130,965116, 656119,892131,003115, 753122,317130, 973140,808146,690157,347
109,296100,005110,967105,072
113,227105, 979106,057121,872140,863135, 796150,191
24,14722,19324,07323,48224, 65824, 79024,58123,47723, 30829,07924, 75331, 551
25, 29520,05323, 94823, 73525,24325,36623,96623, 91022,47125,26624,06128, 090
1, 518,344 1, 577,490 1,408, 291 300,092 291,404
17,09219,25119,42721,95422, 63421,50521,11022,03924, 59823,61128,067
241,288
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
368 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
No. 10.—DEBITS TO INDIVIDUAL ACCOUNTS—Continued
[ID thousands of dollars.]
Month
Spartanburg, S. C*
1924 1923 1922
Washington, D. C*
1924 1923 1922
JanuaryFebruary._MarchAprilMayJuneJulyAugustSeptember.OctoberNovember .December..
Total
13,58311,70512,23713,78314, 77113,65311,78312,85213,48118,69417,80617,858
11,7129,62114,07510,47211,07710,8319,5879,4999,95718,35214, 38613,489
7,1979,0977,7018,0629,3148,4427,4108,59413,30611, 78010,662
200,939182,073195,472203,690200, 285217,866201,803176,159180,496205,057195, 291234,543
197,842168,733202,135192,636217, 940215,672188,418172,211172, 543200,156188, 996205,872
159, 902153,095184,375181, 542196,473201, 728180, 651162,052173,976186,903176,812198,636
172, 206 143, 058 101, 565 2,393, 674 2,323,154 2,156,145
Month
Wilmington, N. C* Winston-Salem, N. C*
1924
JanuaryFeb rua ry . .MarchAprilM a y .JuneJulyAugustSeptember .OctoberNovember.December..
Total
21,44120,07521,97321,68719,63319,58016,79615, 79516,64822, 57621,26524,286
1923
21,14220,211
19, 78318,21920, 57717,40015,86918,25426, 74124,93226,386
241,755 | 253,447
1922
19,04616,96821, 23619,94022, 90219,44818,55318,50121, 28325,37124, 77825, 225
32,42029,16131,32931,22430,85630,92435, 598
34, 74835,61031,24934,114
253, 251 386,601
1923
32,98529,58134,59832,00730, 72132, 35333,86328,33828,65434,29432,61431,878
381, 886
1922
18,53823,34827,15626, 76129,14122,88824,02027,42035,07527,86233,449
295,658
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
DISTRICT NO. 6—ATLANTA
No. 1.—CONDITION OF FEDERAL RESERVE BANK
[In thousands of dollars]
RESOURCES
Gold with Federal reserve agentGold redemption fund with United States Treasury -
Gold held exclusively against Federal reserve notesGold settlement fund with Federal Reserve BoardGold and gold certificates held by bank
Total gold reserves -- - .Reserves other than gold.
Total reservesNonreserve cash _ - -
Bills discounted:Secured by United States Government obligationsOther bills discounted . .
Total bills discounted .Bills bought in open market
United States Government securities:BondsTreasury notes - - . . -Certificates of indebtedness
Total United States Government securitiesForeign loans on goldAll other earning assets _ . . -
Total earning assets
5 per cent redemption fund—Federal reserve bank notesUncollected items ---Bank premisesAll other resources _ -._ _
Total resources _
LIABILITIES
Federal reserve notes in actual circulation
Deposits:Member bank—reserve account _ . . .GovernmentOther deposits.._ _ _
Total deposits
Deferred availability itemsCapital paid inSurplus . . _ _ . . .All other liabilities.-.
Total liabilities . . .
Ratio of total reserves to deposit and Federal reserve note liabilitiescombined (per cent)
Contingent liability on bills purchased for foreign correspondents
Dec. 31,1924
143,3062,492
145,79812,9638,390
167,1519,167
176,3184,701
1,32914, 741
16,0709,202
1,5641,349
872
3,785264
29, 321
27,9502,7801,775
242, 845
142,879
62,8973,757
124
66, 778
19,0234,5648,950
651
242,845
84.11,878
Dec. 31,1923
93,6895,178
98, 86717, 7736,466
123,1064,980
128,0866,128
10,96844, 774
55, 74212,154
2619231
384
51
68,331
23,4112,664
386
229,006
140,894
54,6972,561
313
57, 571
16,1174,4308,9501,044
229,006
64.5775
Dec. 31,1922
109,1821,756
110, 93820,1535,609
136, 7005,651
142, 3510)
2,11624, 216
26,33211, 422
2202 80
2,072
2,372
40,126
46728,860
1,962264
214,030
124,036
52, 398848498
53, 744
22,3764,3108,942
622
214,030
80.11,238
1 Not shown separately prior to 1923.2 Including Victory notes.
369
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
370 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
No. 2.—PRINCIPAL ASSETS AND LIABILITIES OF FEDERAL RESERVE BANK, BYWEEKS
[Amounts in thousands of dollars]
Date
1924Jan. 2
16.23.
Feb. 6..13.20.27..
Mar. 5..12..19..26..
Apr. 2..9_.
16..23..30..
May 7-.14..21..
June 4_.11_.18..25..
July 2..9..
16..23..30.
Aug. 6..13..20..27..
Oct.
Totalearningassets *
74,39667,94964, 53865,51460,078
54,64848,45856,51160, 631
59.48459,28161,84760,012
62,25549, 26046,24054,12951,024
44,91842,18350, 50444, 526
46,15443,23736, 87636,220
33,83231.48531, 35333, 97332,805
32,27532,46434, 05933, 362
Sept.3 32,93310 30,14117 30,23524 30,786
Bills discounted formember banks
Total
Billssecuredby U.S.
Gov-ern-
mentobliga-tions
15..22..
31, 58630,10432,29634,160
29 j 33,575
Nov. 5 | 31,09112 I 30,94819.___* I 34,782
35, 604
Dec. 3 35,<10 I 34,79217 | 30,61324 I. 33,86231 | 29,321
i
Daily average. 43,705
60,34153,80049,34750,09145, 787
41, 23436,08242,47547,488
44,16443, 76047, 41545,073
48,16241, 37439, 04746, 55243, 793
37, 51636, 20245, 21140,181
41,92239,49633, 69033, 573
31, 56129,85429,63231, 70030,397
29, 48629, 64430, 72229,88329, 33825,95025, 46325,596
25, 51823, 57025, 05925,63024,034
21,06319, 34921,99823, 257
22,95422,20918,14419, 81516,070
35,152
Otherbillsdis-
counted
14,20215,43713,43213,95911,173
8,3037,9268,75010,520
9,22310, 6489,8187,874
9,5338,7046,6368,7007,536
4,4054,9018,308
7,9664,8105,120
2,7242,7572,7783,2283,193
2,581
2, 801!2,917;
2,6371,9861,7502,602
2, 642J1, 564!2,5022,9793,022
2,1901,0771,1911,309
1,4081,1481,4971,6661,329
46,13938,36335, 91536,13234,614
32,93128,15633, 72536,968
34,94133,11237, 59737,199
38, 62932, 67032,41137,85236, 257
33, 11131, 30136,90333, 694
34, 95331, 53028, 88028, 453
28, 83727, 09726,85428, 47227,204
26, 90526, 760!27, 92126,96626, 701 i23,96423, 71322,994
22, 87622,00622, 55722,651:21,012
18,87318, 27220, 807,21,948
21, 54621,061'16,64718,14914,741;
Billsbought
inopen
market
UnitedStatessecuri-
ties
Totalcash
reserves
I
13,00312,74713,18513.16011,740
10,6669,704
10,5338,867
9,96310.1619,0559,581
8,7857,7727,0927,3627,123
7,2995,9305,2394,134
4,1353,6102,9922,238
2,1891,4161,2931,4651,406
1,095862
1,2341,317
1,3491,6011,9202,304
3,0593,4924,0045, 3136,249
6,6427,8508,6838,403
8,8258,5958,3909,9789,202
6,215
1,0011,351
2,2532,541
2,7382,6723,5034,276
5,3575,3605,3775,358
5,308114101215108
1035154211
97131194409
82215428808
1,002
1,6941,9582,1032,162
2,2462,5902,8522,886
3,0093,0423,2333,2173,292
3,3863,7494,1013,944
3,9403,7243,8153,8053, 785
2,315
129, 365122,122125,338121,438126,501
133,661139,956131,828127,885
131,973133, 226128, 605133,280
135, 662148,161149,400144,017143, 027
152,961155, 293146, 589151,863
155,934153, 435162,004165, 345
159,411163, 737161,151155, 807154, 889
154,807155, 578153, 836154,209
162,433169, 277166,167
166,924167,472163, 864160,391163,017
164,279168,063164, 500165,486
164, 246170, 610173,123177, 997176,318
152, 784
Mem-ber
banks'reserve
de-posits
60,29455, 52956,26357, 24955,466
57, 58757,93956,44856,652
56, 59459.47160,00656,229
56, 38456, 60254,97859, 71056, 342
57, 47256, 56155, 37153,417
56, 29255, 96059,02557,322
53,94158,03355,04053, 42052,817
53,42157,28556, 57954,967
57,47657.47263, 965
59,90759, 58461, 38158,96559, 550
58,52163, 56562,36160, 729
60,25162,44362,43865,62062,897
56,871
Totalde-
posits
63,92257,97959,31160,29159,176
59.38861.38960,16060,059
61, 33263,10560, 65262,049
62,10361,01157,83561,75157,322
59,00157, 42257, 047
60, 52557, 91660,15163,507
55,00359, 69056,99954, 88655,056
55,48458,51757,84757, 565
60, 24760,03864,98064, 714
65, 56863,98463,19560,89561, 258
59,63966,44164, 79462, 952
62,06364, 60663,05270,90866, 778
59, 801
Federalreservenotes
incircu-lation
141,413137,655135,103132, 555130, 584
131,173130,937130,110130,739
132,628132,889133,853134,194
135,894138,628140,009140, 384139,828
140,293140, 233140,437139, 254
140,168139,715138, 740137, 739
138,511136,939136, 211134, 996133,105
132, 346131, 296131,149130,874
133, 632134,114134, 595133,955
134, 633135, 564136,177135, 327135,167
137, 246137,405137, 584137, 804
139,618141,969142, 994147,823142,879
136,879
Re-serveper-cent-ages
63.062.464.563.066.7
70.172.869.367.0
68.068.066.167.9
68.574.275.571.272.5
76.877.974.177.4
77.777.681.582.2
82.483.383.482.182.3
82.482.081.481.8
82.783.784.883.6
83.483.982.281.783.0
83.482.481.382.4
81.482.684.081.484.1
77.7
1 Includes other earning assets as follows: Municipal warrants, $51,090 on Jan. 2 and 9, $20,000 on J a n .16, $10,000 Jan. 23 to Feb. 6; foreign loans on gold, $264,000, Dec. 3 to 31.Digitized for FRASER
http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
DISTRICT NO. 6 ATLANTA 371
No. 3.—DISCOUNTS AND PURCHASES OF BILLS AND SECURITIES BY FEDERALRESERVE BANK: VOLUME, BY CLASSES
[In thousands of dollars]
Month
Bills discounted for member banks
Total
Securedby U .S .Govern-ment ob-ligations
Com-mercial
and agri-culturalpaper,n. e. s.
Tradeaccept-ances
Demandand
sightdrafts
Bills bought in open market
TotalBankers'accept-ances
Dollarexchange
1924January.._February _MarchApril __.
May._JuneJulyAugust
SeptemberOctober.NovemberDecember
Total: 19241923.. . . . .1922
82,42762, 31575,18665, 369
53,48445, 93222,17923, 022
25, 59236,97927, 33030, 497
33,46224, 08329, 34222,939
17, 22016,1166,3218,250
7,88911, 9393,2834,145
148,36837,87145, 32441, 774
35, 69329,32915, 54014,425
17, 21324, 24523,31225, 737
481293420616
523461297320
318442424340
116
10040
262127
172353311275
9,2289,5008,1073,907
2,728682
1,2031,106
2,6326,1267,3297,073
9,2289,4978,0073,907
2,728682
1,2031,106
2,6326,1267,3297,073
3100
550, 312728, 081489,930
282,954186,946
1358,8311439, 262
298,242
4,9354,9334,742
1,557932
59,62194, 70146,429
59, 51893, 76246, 429
103
Month
BillsboughtfromotherFed-eral
reservebanks
U. S. securitiespurchased inopen market
Bondsand
notes
Certifi-cates of
indebted-ness
U. S. se-curities
pur-chasedfromother
Federalreservebanks
Foreignloans
ongold
Munic-
warrantspur-
chased
Total discounts andpurchases •
1924 1923 1922
1924JanuaryFebruaryMarchApril
MayJuneJulyAugust.
September-OctoberNovember..December..
1,5942,3812,292
657
' 5671,5271,502
734360
804
1,329394960230
561175
532171414477
545
329
264
95,12374, 59086, 54570,163
57, 34048, 31625, 60224, 817
29,49043, 63635,96139,115
97, 75039,20158, 96351, 444
55, 68953, 28261,61755, 328
93, 731119,823114, 582101,265
83,17462,89055, 89942, 518
31, 09528, 77625, 29121,483
42,41452, 76549,82350, 826
Tota l : 192419231922
39113, 9548,6856,205
5, 67364, 2464,382
8746,500 71 902, 675
546, 954
1 Includes $250,000 discounted for the Federal Intermediate Credit Bank of Columbia, S. C.
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372 ANNUAL (REPORT OF THE FEDERAL RESERVE BOARD
No. 4.—BILLS DISCOUNTED BY FEDERAL RESERVE BANK: VOLUME, BY STATES
[Amounts in thousands of dollars]
Month
1924JanuaryFebruaryMarch..April
MayJuneJulyAugust
SeptemberOctober _.NovemberDecember
Total: 192419231922
N u m b e r of memberbanks at end of year:1924.19231922
N u m b e r of memberbanks accommodated:
19241923-1922
Ten-nessee J
9,70610, 47712,43012,604
13, 30710, 7598,4768,177
10, 91411, 5575,6553,069
117,131106, 77175, 357
Georgia
24, 25216, 28321, 26115, 761
16, 24416, 3936,159
9,15810, 66511,385
161, 060210,443157, 386
172184188
156143142
Florida
5,7774,4372,9531,439
1,725399758
1,173
1,1105, 3161,8941,237
Ala-bama
8,0286,6276,3214,182
3,5102,1882,4322,533
4,0034,0582,0642,743
Missis-sippi i
28,218 i 48,68970,065 ( 65,37737,459 ! 61,382
126132133
42
708430
1,036601
1,200587887841
649689659535
Louisi-ana1
33, 70624,06131,18530, 782
17, 49815, 6063,4673,668
2,0476,2016,393
11,528
8,822 :8,5077,392 I
Total
2 82, 42762, 31575,18665, 369
53,48445, 93222,17923, 022
25, 59236, 97927, 33030, 497
186,142 2 550,312266,668 2 728,081150,954 ! 489,930
24 ! 3220 ! 3320 32
516535543
351353
Num- I Num-, ber of j ber of
mem- mem-ber ber
banks banksin accoin-
district'modatedat end I during
of j themonth j month
534537533533
532530527524
520520518516
258265272274
287284273285
287277258218
J Figures in this column relate only to that part of the State located in the Atlanta district.2 Includes $250,000 discounted for the Federal Intermediate Credit Bank of Columbia, S. C.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
DISTRICT NO. 6—ATLANTA 3 7 3
No. 5.—EARNINGS AND EXPENSES OF FEDERAL RESERVE BANK
Discounted billsPurchased billsJ . - .Unite<f; |M$t#s securities __ -Deficient reserve penalties-Miscellaneous _ J
Total earnings.CURRENT EXPENSES
Salaries:Bank officersClerical staffSpecial officers and watchmenAllother
Governors' conferencesFederal reserve agents' conferencesFederal Advisory CouncilDirectors' meetingsTraveling expenses l
Assessments for Federal Reserve Board expensesLegal fees :.-_Insurance (other than on currency and security shipments).Insurance on currency and security shipmentsTaxes on banking houseLight, heat and powerRepairs and alterations, banking houseRent.Office and other suppliesPrinting and stationeryTelephoneTelegraphPostage.—.ExpressageFederal reserve currency:
Original cost, including shipping chargesCost of redemption, including shipping charges.
Taxes on Federal reserve bank-note circulationAll other expenses
Total current expenses..
PROFIT AND LOSS ACCOUNT
EarningsCurrent expenses .
Current net earnings.Additions to current net earnings:
Withdrawn from reserve for depreciation on United Statesbonds
Allother
Total additions..Deductions from current net earnings:'
Depreciation allowances on bank premises.Reserve for probable lossesFurniture and equipmentAll other
Total deductions
Net deductions from current net earnings
Net earnings available for dividends, surplus and franchise tax
Dividends paidTransferred to surplus accountFranchise tax paid United States Government
1924
$1, 532, 222234,19685,38840,-72014, 595
1, 907,121
206, 719431, 43037,18834, 906
280405848
25, 29020, 82126,8979,019
19, 74228, 45947, 6Q713,4029,070
14, 69523, 84829,518
5,04579, 42798, 92421,169
28, 4093,892
29, 942
1, 247, 012
1, 907,1211, 247, 012
660,109
2,06712,231
14, 298
94,934285, 585
17, 3213,911
401, 751
387,453
272, 656
272, 656
1923
$1, 998,189550, 77079,752.42, 278:
11,325
2, 682, 314
177, 065426, 49232, 90939, 336
551239952
26, 07920, 34128, 616
6,74118, 99528, 60841, 96711,1085, 668
19, 78930, 36546, 2094,970
77, 34696, 99122, 036
78, 99218, 039
10333, 725
1, 294, 232
2, 682, 3141, 294, 232
1, 388, 082
1, 941
2, 789
305, 411668, 41657, 2287,637
352,179
264,6228,756
78, 801
1922
$1, 951, 695164,704189r89t),
2,590
2, 352, 736
159, 994487, 75123,37538, 758
656286690
21, 75819, 28430,1648,948
28,15917, 2539,393
10, 5551,101
25, 84117,81933, 2254,546
64, 789
99,431
107, 93825, 21922, 36033, 760
1,293,053
2, 352, 7361, 293, 053
1, 059, 683
2,5901, 823.
4,413
163, 294200, 000
17, 38710,685
391, 366
386, 953
672, 730
256,6182-172,018
2 588,130
1 Other than those connected with governors' and agents' conferences and meetings of directors andof the advisory council. -2 After ctiargihgsTif plus and crediting franchise tax wjth $213$70 paid as an additiqn^Liranchise tax for1921. Amounts transferred to surplus arid paid as a franchise tax out of earnings for 1922 were $41,611 and$374,501, respectively.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
374 ANNUAL. REPORT OF THE FEDERAL RESERVE BOARD
No. 6.—VOLUME OF OPERATIONS IN PRINCIPAL DEPARTMENTS OF FEDERALRESERVE BANK
1924 1923 1922
NUMBER OF PIECES HANDLED
Bills discounted:Applications _Notes discounted _ _.
Bills purchased in open market for own accountCurrency received and counted.._Coin received and countedChecks handled ._ _Collection items handled:
United States Government coupons paidAllother _
United States securities—Issues, redemptions, and ex-changes by fiscal agency department _._
Transfers of fundsEnvelopes received and dispatched.
AMOUNTS HANDLED
Bills discounted _Bills purchased in open market for own accountCurrency received and countedCoin received and counted...._ __Checks handled -_Collection items handled:
United States Government coupons paidAl lo the r . . .
United States securities—issues, redemptions, and ex-changes by fiscal agency department
Transfers of funds
10,49268,9124,426
106, 694, 00058, 325, 00025, 299, 000
1,202, 000147, 000
692, 00073,000
2, 088, 000
$550,312, 00059, 621, 000
450, 008, 0007, 690, 000
8, 650, 648, 000
9,824, 000165,758, 000
56,731, 0001, 738,402, 000
13, 24085,4796,673
97, 814, 00050, 084, 000
i 23,956, 000
1, 689, 000147, 000
* 3,981,00068,000
2, 329, 000
$728, 081, 00094, 701, 000
415,248, 0007,119, 000
1 8, 251,381, 000
12,194, 000165, 548, 000
151, 539, 0001,466,213, 000
13,975 .93,6033,312
85, 585, 00051, 786, 00027, 750, 000
2, 045, 000134,000
1,695,00060, 000
(3)
$489,930, 00046,429, 000
415,416,0006,675, 000
5,587,997,000
12, 205, 000151, 741, 000
182,122, 0001,603,403, 000
1 Revised figures.J Large increase due to redemption of war-savings securities which matured January 1, 1923.a Data not available.
No. 7.—OPERATIONS OF FEDERAL RESERVE CLEARING SYSTEM
[Figures include cash items only. Numbers in thousands; amounts in thousands of dollars]
Month
Number Amount
Items drawn onbanks in own
district
Items forwardedto other Federal
reserve banksand theirbranches
Number Amount
Items drawn onTreasurer of
United States
Number Amount
Total i
Number Amount
1924JanuaryFebruaryMarchApril
MayJune .JulyAugust
SeptemberOctoberNovemberDecember
Total: 19241923
1,7231,6311,8551,767
1,7981,6721,6421,564
1,7071,9021,8012,058
637,670583,710647, 251616,610
617, 209557, 668553,329501, 579
586, 578677,394632,178735, 623
183209194170
148124110
10710097137
55,85451,16454,06252,195
48, 36144,85945, 79541,466
46,87147,03249,84259,358
119115126138
121111114135
137136123122
12, 67712,17812,58513, 721
11, 94211,84912, 61513,026
13,01514,76313,14513,191
2,0251,9552,1752,075
2,0671,9071,8661,787
1,9512,1382,0212,317
706,201647,052713,898682,526
677, 512614,376611,739556,071
739,189695,165808,172
21,12019,789
7,346, 7996,938, 735
1,6671,733
596,859601,807
1,4971,444
154, 707199, 957
24,28422,966
8, 098,3657, 740,499
Exclusive of duplications on account of items handled by both parent bank and branch.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
DISTRICT NO. 6 ATLANTA 375
N o . 8 . — C L E A R I N G S AND T R A N S F E R S T H R O U G H GOLD SETTLEMENT F U N D
[In thousands of dollars]
Week ending—
1924Jan. 2 (one day)
91623 . . . .30
Feb 613 .2027.
Mar. 51219 ._26 . .
Apr. 2 . .9
16 ".2330 .
May 7 -- .142128
June 4111825
July 29
16 .2330
Aug. 613 _20. _ .27
Sept. 3lo""" : : : : : : : : : : : : : : : : —1724
Oct. 18
152229 _
Nov. 5121926 . .
Dec. 3 . .101724 _ . . , _ . .31 . ._
Total: 192419231922
Paymentsto otherFederalreservebanks
13,90568,69159,34264, 27966,191
57,23454,93370,25963, 569
57,65857,58275,43764,661
59,12355,12561,36669,79261,045
55,92855,04571,30254,544
46,85453,46359, 95361,291
66, 74549,98059,90860,67957,168
52,85049,23562, 70254,418
44, 53757,46271, 34975,992
68, 25166,79767, 65984,05074,790
68, 72963,55482,73079, 641
68,39872, 53183, 50981,72575,032
3,338,9933, 084,9672,392, 243
Receiptsfrom other
Federalreservebanks
14,06960,33862,63259,74966, 762
64,19861,44164, 59459,758
62,13358,70671,13369, 280
62,14068,79863,04064,45760,646
65,92557,77362,96159,962
52,00551,54768, 22562,690
63,43054,07857,14155,43556,211
52, 53250,36861,22954,112
52,17859, 87979, 38073, 381
68,46368,64264, 58480,88278,489
70, 52166, 54179, 28881,041
67,81278,66086, 71689,25170,662
3, 395,8683,088,6252,482,228
Net loss
8,353
4,530
5,6653,811
4,304
5,335399
8,341
1,916
3,315
2,7675,244
957
318
1,473306
2,611
3,0753,168
3,442
586
4,370
Net gain
164
3,290
571
6,9646,508
4,4751,124
4,619
3,01713,6731,674
9,9972,728
5,418
5,151
8,2721,399
4,098
1,133
7,6412,4178,031
2121,845
3,699
1,7922,987
1,400
6,1293,2077,526
56,8753,658
89,985
Net gain in ownership of gold since establishment of fund in 1915, $189,415,000.
36569—25t -25
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376 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
N o . 9 . — R E P O R T I N G M E M B E R B A N K S IN LEADING C I T I E S : P R I N C I P A L R E S O U R C E SAND L I A B I L I T I E S
[In thousands of dollars}
Last report date in—
January.._February..MarchAprilMayJuneJulyAugustSeptemberOctober. __November,December.
Loans and discounts
1924
430, 542427,454424,048424,808422, 907414,334405,549411,351421,473432,815445, 475459,134
1923
403, 283405,999407,878404,830406, 230405,240400,022
415, 065438, 680450, 398446, 595
Investments
United States securities
1924
38, 58639, 36139,93237,18234,32833,06129, 39728, 73330, 87230, 55830, 89331,862
1923
42, 77340, 56146,29246,86245,04548, 35643, 57044, 02144, 78441,67941, 20546, 548
All other
1924
40,99839, 57638,68541,90841,34241, 06941, 027
42, 69342, 67144,93443,463
1923
35,33537,19336, 506
35,63339, 38539, 68341,24942,92343,35743,11442,480
Last report date in—
Net demand de-posits Time deposits Accommodation at Fed-
eral reserve banks
1924
January . . .February. .MarchAprilMayJuneJulyAugustSeptemberOctoberNovember.December.
276,007280,192269,472274,279265, 511263,414265, 552286,107278,849289,117301, 764317, 287
1923
289,314287,739276, 891271,846276,062273, 444268,312262,748253,023259, 039266, 076270, 848
1924 1923 1924
176, 556176, 520178, 300182, 861185, 943187,321187, 927187, 050189,335187, 675191,059191, 956
163, 802164,837167,168168,775171,881179, 381178,686178, 295181,107181,428181,370180, 701
24,28827, 03224,94523,97418,96612, 0596,4247,1116,7197,5909,7116,179
1923
7,5584,8244,51510,60912,46213,88116,49319,02535,93851,55057,68345, 540
NOTE.—Figures are for about 36 banks in Atlanta, Birmingham, Jacksonville, Nashville, New Orleans,Chattanooga, Knoxville, and Savannah, which submit weekly reports to the Federal reserve bank.
N o . 1 0 . — D E B I T S TO INDIVIDUAL ACCOUNTS
[In thousands of dollars. For explanatory note see p. 154]
MonthTotal for 15 centers *
1924
1, 047,405947, 847987, 094970,084916, 882872,788914, 053848,971959, 071
1,129, 584973,154
1,154,408
11, 721, 341
1923
1, 005, 714827,440991, 806886,328922, 450902, 403837,023790, 799835, 330
1, 020,357991,989
1,124,910
11,136, 549
1922
774,821676,960781,076710, 303764,397785, 260743, 297739, 642800,649901, 535911,367989, 297
9, 578, 604
Albany, Ga."
1924
4,7443,6023,8543,7083,9573,4853,3054,2265,2175,6945,1216,322
53,235
1923
4,9904,2995,6064,1104,3304,1303,5682,8724,4405,3735,4075,843
54,968
1922
3,7343,9093,6113,7163,6813,3863,9284,7905,0414,9075,774
46,477
JanuaryFebruary __.MarchAprilMayJuneJulyAugustSeptember-OctoberNovember.December..
Total
1 Figures for cities marked with an asterisk (*) are not included in the district summary or in the nationalsummary of 141 centers.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
DISTRICT NO. 6—ATLANTA
No. 10.—DEBITS TO INDIVIDUAL AccouNTs^-Continued
fin thousands of dollars.]
Month
Atlanta, Ga.
1924 1923 1922
Augusta, Ga.
1924 1923
377
1922
JanuaryFebruary- .MarchApril. .MayJuneJulyAugustSeptember-OctoberNovember-December..
Total
147, 837129,368141,169141,164135,168127,947125,452122, 785132, 683157, 521140, 872167,155
135, 236119, 234146, 675127,305136, 068138, 249121,402115, 754121,497149, 831144, 066148, 091
1,669,121 1, 603,408
104,41388,157111, 02098, 210115,450109, 070106, 592105, 893111,530125, 714120,795134, 522
30, 88327,95025, 43826,20224,80621,94622,85419, 79929,64935, 57430,96334, 090
32,714
40, 69229,57227,37425, 33222,78119, 55030,22437, 790
35, 831
1, 331, 366 330,154
26, 83520,12624,17922, 03925, 79625, 55321, 61621, 35827, 53833,44632, 08331,730
312, 299
Month
Birmingham, Ala. Brunswick, Ga."
1924 1923
JanuaryFebruary.. .MarchAprilM a y .JuneJulyAugustSeptember-OctoberNovember.December. _
Total
115,510102, 699114, 734118,457108, 813105,158111, 042104, 917114,356143, 881128,721141, 880
1,410,168
114,37899,365106, 438102,313108, 046106,472103,70899, 004100,167126, 990105,137118, 073
1, 290, 091
1924
61,71061, 27575, 89465,74371, 72872, 52771,54873, 21583,06699, 027103, 604103, 566
3,3832,7992,7002,7512,6402,7632,7042,6142,6382,7732,5343,311
942,903 33, 610
1923
2,8712,4992,8572,6322,7773,0672,7023,0022,9813,1083,4473,601
35,544
1922
2,2752,2452,1842,3782,4342,6422,8562,8672,9582,9063,387
29,132
Month
Chattanooga, Tenn.
1924 1923
JanuaryFebruary.. .MarchAprilMay-JuneJulyAugustSeptember.OctoberNovember _December..
Total
41, 72635, 33539, 59136,11236,84235,54236,18635,10836, 02840,17636, 22241,494
450, 362
39, 08831,95840, 09636, 76438,26038, 31035, 62537, 31035,48539, 05037,49939,155
448, 600
1922
32,35426, 58031, 07328,68229,35831, 59427, 76129, 80732, 89733, 80934, 51638,324
376, 755
Columbus, Ga."
12,77610,98011,25411,23610,70310,14210,96011,38412,48913, 65113,37315,833
144, 781
1923
13, 58711,18613,95611, 03512, 07911,17910,42210,40113,14016,43116,31215,260
154,988
8,43210,0229,79410,33910,3019,5949,19912, 58215, 21414,38114,646
124, 504
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
378 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
No. 10.—DEBITS TO INDIVIDUAL ACCOUNTS—Continued
[In thousands of dollars.]
Month
JanuaryFebruaryMarchAprilMay- -.JuneJuly _.AugustSeptemberOctoberNovemberDecember
Total
Month
January . __FebruaryMarch _ _ _ . _AprilMay - -JuneJulyAugust _.SeptemberOctober . . . . . . .NovemberDecember
Total
Month
J anuaryFebruary . .March - - _AprilMay - - --- -June _ _- _.JulyAugust . _ _SeptemberOctober _ - -.November :December
Total - -
Dothan, Ala.*
1924
2,9622,8772,6132,3352,3591,8241,8842,7445,3634,7103,7014,281
37, 653
1923
3,8452,9612,5922,6762,4682,3751,8231,8053,1083,9014,1103,785
35, 449
Jackson, Miss.*
1924
17,11614,99214,73416,70619,14014,02715,72212,90314, 53121,99416,19617, 770
195,831
1923
13,77813,13714,36112,20112,07211, 76712,38711, 21012,45915,89114,98317, 230
161,476
Knoxville, Tenn.
1924
34,59529,15033,29933,10930,43530,12531,88229,56531,54033,91828,73631, 678
378,032
1923
33,36727,02431, 78229,01831,45234, 51630, 77030,00430,10933, 31929,14736, 707
377,215
1922
1,7892,1561,9431,9541,8361,9622,6024,0584,0534,4303,225
30,008
1922
10,5808,3289,648
11,0579,6239,640
11,67511,93913,02513,418
108,933
1922
26,41723,81726,39225,45824,13526,21525, 58524, 73727, 25128,07926,99832, 628
317, 712
Elberton, Ga.*
1924
1,183971920995964765733680
1,0031,5621,3761,456
12, 608
1923
1,166883
1,151839772685593761906
1,6791, 4311,394
12, 260
Jacksonville, Fla.
1924
61,39656, 72260, 75765, 34763,02458,31556, 26055,77555,30864,25860,00372,697
729, 862
1924
20,08218,85619,58420,03619, 83919,57021, 74621, 65821,85825, 88122, 22725, 431
256, 768
1923
54, 63949, 78159,92258, 38456, 71855,01552, 20148, 22846,46554,64351, 56364,697
652, 256
Macon, Ga.
1923
21,07218,98722,18719, 66124,89420, 76521, 09618, 52419, 21022, 24322,14123, 522
254, 302
1922
7741,097
9341,064
773706593790
1,1021,0461,196
10, 075
1922
42, 68139,83351,34547, 75151, 44747,31043, 42047,83641, 74746,01747, 38756, 326
563,100
1922
14,86513,09015,13316,07416,10517,70719,26616,86319,80021, 67720, 94323, 026
214, 549
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DISTRICT NO. 6-—ATLANTA
No. 10.—DEBITS TO INDIVIDUAL ACCOUNTS—Continued
[In thousands of dollars.]
379
Month
JanuaryFebruary..MarchApril.......May..JuneJulyAugustSeptember.OctoberNovember.December..
Total
Meridian, Miss.*
1924
11,82010,47510,16410,61315,38912,11813, 58013,83714, 03316,16713, 66814, 990
156, 854
1923
9,52011,46110,04812,00418,84414,2908,4279,0579,989
10,32210,158
134, 014
1922
8,1617,8568,977
7,5487,5699,749
10, 5619,4529,123
87, 394
Mobile, Ala.
1924
31,15426, 70327, 69627,18428, 21726, 86125, 76125, 42129,46232, 66327, 55133,453
342,126
1923
32, 50726,45330,99928, 70530, 24128,18327,15527,47125,16630, 50531, 97335, 710
1922
355,068
25,45723,90727,33222, 97625, 00624,88223,88423,62026,29330, 41927,95231, 723
313,451
Month
Montgomery, Ala. Nashville, Tenn.
1924
JanuaryFebruary._MarchApril.MayJuneJulyAugustSeptember.OctoberNovember.December..
Total
24,46422,02321,69821,94220,75719,36818, 87917, 45123,71426, 73221,39124,072
262,491
1923
22, 80920,14524, 749*21,13719, 67418,76016, 63915,66120,88828,35025,34025,793
259,945
1922 1924
15,06112,69015, 61914, 20815,42315, 22013, 25115,07820,19923,10621,16522, 672
77, 24666, 63077,08674,11372,32171,42971,38569,17472,31582, 70771,97379,158
203, 692 885, 537
1923
78, 53764,05276, 81271, 79079,09177, 27268, 25366,84068,25677, 96870, 708
876,248
1922
63,06956, 52067,96664, 40363,03568,03764,14664, 76266,68772, 97767,90475,178
794,684
Month
Newnan, Ga.* New Orleans, La.
1924
JanuaryFebruary. _MarchAprilMayJuneJulyAugustSeptember .OctoberNovember.December..
Total
1923
2,5001,6171,6141,5601,5501,3971,4531,6221,8902,3272,5052,964
22,999
2,0381,9962,3061,7251,6621,4941,5101,3882,2102,2082,5812, 599
23, 717
1922 1924 1923
1,1491,3511,1951,3131,4621,7271,2561,5921,8281,4711,982
364,63'4 j341,696 I
319, 942286,623268, 983304, 881267, 211317, 679382,321306, 585383, 219
16, 326 3,881,804
347, 739261,634318, 299272,843280,069269, 692255,382232,162251,071310, 267338, 657414, 594
3, 552, 409
1922
281,869238,366256, 963228, 924245,622269, 897253,803245, 957265, 279301,922326, 627347,044
3,262,273
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
380 ANNUAL EEPORT OF THE FEDERAL RESERVE BOARD
No. 10.—DEBITS TO INDIVIDUAL ACCOUNTS—Continued
[In thousands of dollars.]
Month
Pensacola, Fla.
1924 1923 1922
Savannah, Ga.
1924 1923 1922
JanuaryFebruary. _MarchAprilMayJuneJulyAugustSeptember.OctoberNovember.December..
Total.
7,0607,1697,6527,1907,1646,8857,0436,5816,4317,0006,5658,948
7,3126,3277,2236,8587,4937,4737,3377,2486,6867,2306,4368,730
5,6685, 6836,0557,4796,3146,3745,9116,1185,7286,0945,8127,426
47,48540,84737,625
38, 76037, 67938,25834, 66847,32948,18342, 66949, 673
45, 77038, 43443, 76242, 24341,18443,38939,85836, 021
63,02549, 47250, 465
85, 688 86,353 74, 662 499,242 540,316
40,23234, 26640,79738, 65141, 68442, 50537,93837, 24844, 65446, 61641,03944,126
489,756
Month
Tampa, Fla.
1924 1923 1922
Valdosta, Ga.* Vicksburg, Miss.
1924 1923 1922 1924 1923 1922
JanuaryFebruary...MarchApril..MayJune.-July..AugustSeptember.October.. _November-December .
Total
34,06134, 65735,95935, 71337,10036,12435,19432,44232,06537,65538, 77850, 607
30, 73527,62934,60033, 54635,30032,89028, 65931,01526,39329,95330,47136,162
26, 76626,25725, 47724, 53227, 47722, 78923,32821, 90121,38423, 65625, 25530, 930
4,9364,1624,4614,5744,3913,9544,1925,6495,7185,2314,7595,293
5,5364,9455,2184,4834,4504,4904,4674," 7454,7114,8874,6825,236
3,7924,1273,5993,7393,9223,8944,0784,3844,7905,2135,178
9,2728,0426,7767,5077,0136,8567,2306,4168,65411,1149,89810,853
9,8117, 4587,5706,1896,5866,0856,1576,0077,0209,19310,39010, 711
7,4246,3935,8315,1735,8175,5805,2485,2496,5968,9769,28710,076
440,355 377,353 ! 299,752 57,320 57, 850 46, 716 3,177 81,650
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
DISTRICT NO. 7—CHICAGO
No. 1.—CONDITION OF FEDERAL RESERVE BANK
[In thousands of dollars]
RESOURCES
Gold with Federal reserve agentGold redemption fund with United States Treasury
Gold held exclusively against Federal reserve notesGold settlement fund with Federal Keserve Board . . .Gold and gold certificates held by bank
Total gold reservesReserves other than gold _
Total reservesNonreserve cash
Bills discounted:Secured by United States Government obligationsOther bills discounted
Total bills discounted . . . . . . . . -Bills bought in open market _
United States Government securities:Bonds -- - -Treasury notesCertificates of indebtedness
Total United States Government securities . __ . .Foreign loans on gold
Total earning assets „
5 per cent redemption fund—Federal reserve bank notesUncollected items.Bank premises _ . . ._.All other resources..
Total resources
LIABILITIES
Federal reserve notes in actual circulation
Deposits:Member bank—reserve accountGovernmentOther deposits
Total deposits -
Deferred availability items _Capital paid inSurplus . . .All other liabilities
Total liabilities
Ratio of total reserves to deposit and Federal reserve note liabilitiescombined (per cent)
Contingent liability on "bills purchased for foreign correspondents...
Dec. 31,1924
165,9092,498
168,407110,98987,980
367,37615, 576
382,9529,266
19,37918,445
37,82433,882
19,49446, 55614,320
80,370894
152,970
81, 5888,0991,556
636,431
196, 529
312, 3956,1731,615
320,183
72, 78615,17230, 426
1,335
636,431
74 16,360
Dec. 31,1923
384, 9174,196
389,113106,90049,091
545,1048,286
553,3907,500
48,86646,468
95,33442,437
4,4264,8671,464
10, 757
148, 528
66,4518,264
240
784,373
406,901
268, 2122,7451, 052
272,009
58,61115,17930,426
1,247
784,373
81 52,640
Dec. 31,1922
410,1082,199
412,30777,26150, 981
540, 54921,704
562, 253
24,87548,996
73,87114,565
4,426210,855
47, 552
62,833
151,269
66598, 5258,288
702
821,702
420,506
282,9011,2942,659
286,854
68,24814, 77230, 398
924
821,702
79 54,093
i Not shown separately prior to 1923.* Including Victory notes.
381
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
382 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
N o . 2 . — P R I N C I P A L ASSETS AND L I A B I L I T I E S OP F E D E R A L R E S E R V E B A N K S BYW E E K S
[Amounts in thousands of dollars]
DateTota :earn-ing
assets 1
Bills discounted formember banks
Total
Billssecured
byU.S.
Govern-ment
obliga-tions
Otherbillsdis-
count-ed
Billsbought
inopen
market
UnitedStatessecuri-
ties
Totalcash
reserves
Mem-ber
banks'reserve
de-posits
Totalde-
posits
Federalreservenotes
incircula-
tion
Re-serveper-cent-
1924Jan. 2
9162330
Feb. 6132027
Mar. 5121926
Apr. 29
16233O._
May 7
21IIIIII!28
June 4111825_
July 29
162330
Aug. 6132027
Sept. 3101724
Oct. 18
152229.
Nov. 5121926 _.
Dec. 310172431 ,
Daily average,
156,011 104,801121,652 68,309118,607114,299108,493
104,837103,552106,287108,129
127, 699123,618117,320129,163
140,516138,402122,224120,940122,057
129,319115,101110,714115,199
119,353123,339115,217109,481
107,538110,032108, 952106,239104,078
110,809109,867111,355110,879
111,648119,157120,111118,343
122, 795124,843126,232132,554139,977
141,173149,745148,195144,614
156,350134, 716149,614161, 713152,970
124,234
63,01162,11959,449
56,63555, 57455,81355,413
65,10058,89448,50859,827
69,18767,16055,88555,49555,838
65,20651,00851,46154,642
49,87449,30949,55444,813
43,45443, 76040,94038,96837,156
36,85734,02133, 78131,811
30,48930,63228,41128,897
29,52927,47827,10327,95732,054
30,94630, 58731,29132,019
42,02630,54842,48745,16137,824
46,795
55,26324,98225,15223,90324,196
21,71021,50019,83119,551
27,53821,64013,24121,618
26,80221,44419,04518,09016,752
23,46014,45513,70717,570
13,60512,45112,6099,245
9,58510,62010,0439,5408,410
8,780
7,r~-7,2548,5018,482
7,6368,657
7,7947,0368,30910,664
9,7038,8688,64810,600
21,65510,45421,94224,45619,379
49, 53843,32737,85938,21635,253
34,92534,07435,98235,862
37,56237,25435,26738,209
42,38545,71636,84037,40539,086
41,74636,55337,75437,072
36,26936,85836,94535,568
33,86933,14030,89729,42828,746
28,07726,13326,52723,310
22,00721,69420,77520,240
19,93119,68420,06719,64821,390
21,24321, 71922,64321,419
20,37120,09420,54520,70518,445
40,89641,50540,19638,22134, 514
32,73431,30831,89232,656
36, 58334,62033,29430,056
31,25930,46526,77625,17120,353
17,03214, 7719,7779,185
6,5516,8005,5903,758
2,5353,0522,6421,9011,542
1,4981,260!2, 776!4,182j
I5,613|9,327
10,2111
11,71814,84815,49620,12522,840
24,50831,50330,20526,602
27,39628,42728,33335,76033,882
20,291
10,31411,83815,40013,95914,530
15,46816,67018,58220,060
26,01630,10435,51839,280
40,07040, 77739,56340,27445,866
47,08149,32249,47651,372
62, 92867,23060,07360,910
61,54963,22065,37065,37065,380
72,45474,58674, 79874,886
75,54679,19881,48980,557
81,54882,51783,63384,47285,083
85, 71987,655
560, 792568,251546,772553,604557,657
276,354286,107269,479277,908279,011
570,733 268,514573,345! 277,951563,404| 287,677543,776 272,812
85,993
547,766534,126511,114512,282
503, 558510,298496,209482,694477.539
463,050480,656477,071465,169
462,872457,195471,544481,146
478,871455.540471,336474,437465,981
466,666451,787458,234455,207
456,700458,553435,184441,623
437,958437,391434,561407,827407, 705
411,910411,881404,922393,224
292,795286,396273,690281,601
280,822280,799282,226275,154284, 713
286,403
86,034 396,71574,847 409,32077,9001 376,596
288,034279,635
286,750290,726310,733311,157
303,652289,875302,408308,468303,551
315,536303,398318,838311,422
313,700324,842320,134313,005
303,403
315,328305,224310,957
307,718!312,993324,469305,783
323,622316,660309,164
79,898i 364,879 315,207
291,118289,197275,272283,419283,776
280,648283,341294,729278,729
314,925299, 580276,297292,006
309,043312,863293,165286,912287,641
289,271295,157289,957284,430
291,962296,765312,255318,521
313,491291,685314,206319,603308,743
322,600306,143321, 562313,616
324,156331.918322,100318,369
319,304324,862321,503306,923313,464
314,693319,305326.919309,454
327,090321, 736311,843321,746
404,255387,053376,136371,667362.642
361,884362,097353.643349,355
343,030336, 514330,032324,084
319,450312,358302,803294,041290,447
284,852280,327275,478271,198
264,381259,010256,591
255,256253,178245,373241,789237,164
234,835231,067229,129226,085
225, 725222,581219,460216,692
215,109211,845211,918209,662206,596
206,446203,382200,915199,673
199,230
80,370 i 382,952 312,395 320,183I j
57,077i 471,537 296,434! 304,854
198,526201,598196,529
269,237
80.684.083.984.586.3
88.886.9
83.384.084.383.2
80.181.683.383.182.6
80.783.584.483.7
82.481.582.583.7
84.283.684.284.585.4
83.784.183.284.3
83.182.780.482.5
82.081.581.578.978.4
79.078.876.777.2
75.478.773.869.774.1
82.1
includes foreign loans on gold—$894,000, Dec. 3 to 31.Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
DISTRICT NO. 7 CHICAGO 383
No. 3,—DISCOUNTS AND PURCHASES OP BILLS AND SECURITIES OP FEDERALRESERVE BANK: VOLUME, BY CLASSES
[In thousands of dollars]
Month
Bills discounted for member banks Bills bought in open market
Total
Securedby U..S.Govern-
mentobliga-tions
Com-mercial
and agri-culturalpaper,n. e. s.
Bankers'accept-ances
Tradeaccept- Total
Bankers'accept-ances
Dollarexchange
1924January.FebruaryMarchApril _._
MayJune _JulyAugust
SeptemberOctober.NovemberDecember
Total: 1924.. _1923.-1922._.
134,705123, 712145,040107,125
129,83865,10144, 55438, 921
38,13044,53750,243
113,355
104,40698,412
100,86763,114
90, 57739,72427, 56927,171
26,59532,60135,407
102, 337
30,17025,19944,09743,861
39,18925,22716,87311,644
11,45211.80214.80310,924
12910176150
72150112106
831343394
19,62221,88518,47910,681
4,6434,8482,3635,296
7,99520,64520,37027,218
18,95020,67117,55210, 516
4,8132,3635,296
7,88520, 35920,17026,663
6721,214
927165
65035
110286200555
1,035,2612,508,0821,581,004
748, 7801,867, 787
996, 767
285,241638,159582,841
1,2402,0861,321
164,045265,360253,464
159, 231254,590249,637
4,81410,7703,827
Month
Billsboughtfromother
Federalreservebanks
U. S. securities pur-chased in openmarket
Bondsand
notes
Certifi-cates ofindebt-
U. S.securi-
ties pur-chasedfromother
Federalreservebanks
Foreignloans on
gold
Total discounts and purchases
1924 1923 1922
1924JanuaryF e b r u a r y . . .MarchApril
MayJuneJulyAugust..
September .OctoberNovember.December..
Total: 1924...1923...1922...
10,30910,93817,10013, 707
9,41918, 3649,3765,912
5,9394,0523,21010, 534
7,8983,05431,9637,187
4,38223,6881,4251,528
10, 729786
4,16312,060
1,849 !
512657
13,380118, 860107,109158,198
108,863411,080430, 461
3,01825,0008,100
174,383159,589212,582138,700
148,282112,51358,37551, 657
62,79370,02077,986164,061
408, 518208,453321,810244,291
242,409315,318265,176232,019
261,404274, 592267,419288,602
244,003195, 692204,015166,841
146,747182,778106,017
181,859218,640214,084421,621
1,430, 9413,330, 011
2,431,227
36569—25f 26
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
384 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
No. 4.—BILLS DISCOUNTED BY FEDERAL RESERVE BANK: VOLUME, BY STATE
[Amounts in thousands of dollars]
Month
1924JanuaryFebruaryMarch _April __
M a y . . .JuneJulyAugust
SeptemberOctoberNovemberDecember
Total: 1924...1923...1922...
Number of mem-ber banks at endof year:
192419231922-__
Number of mem-ber banks accom-modated:
192419231922
Illinois i
40,23945,31962,92646,330
62,0859,7567,0889,593
5,5494,090
18,48737, 235
348, 6971,232,182
628,790
398404406
242244282
Indiana i IowaMichi-gan i
10,73411,52612,02410, 454
7,1738,9356,614 !5,854 I
6, 222 !6, 326 I3, 429 j4,755
19,25813,09514,16713,680
12,12710,9917,7326,114
6,7716,3925,8266,407
94,046 (
172,030 S138,051 •
207210212
139147155
55,76240,11042,44123,055
38,00224, 85617, 42613, 091
16,87125,03819, 35861,362
122, 560181,396198, 467
446 |455 i459 i
303333400
377,372781,268532, 518
237235234
164167194
Wiscon-sin^
8,71213,66213,48213,606
10,45110, 5635,6944, 269
2,7172,6913,1433,596
92, 586141,20683,178
131131132
Total
134,705123,712145,040107,125
129,83865,10144, 55438,921
38,13044, 53750, 243
113,355
Numberof mem-
ber banksin dis-trict atend ofmonth
1,035,2612, 508,0821, 581, 004
1,4191,4351,443
922973
1,129
Numberof mem-
ber banksaccom-
modatedduring
themonth
1,4351,4371,4321,432
1,4331,4271,4281,427
1,4261,4241,4231,419
634609591639
620587553471
491514489525
i Figures relate only to that part of the State located in the Chicago district.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
DISTRICT NO. 1 CHICAGO 385
No. 5.—EARNINGS AND EXPENSES OF FEDERAL RESERVE BANK
1924 1923 1922
Discounted bills.Purchased billsUnited States securitiesDeficient reserve penalties..Miscellaneous ,.-__
Total earnings..CURRENT EXPENSES
Salaries:Bank officers —Clerical staff... --Special officers and watchmen _Allother
Governors' conferencesFederal reserve agents' conferences _ _Federal Advisory Council -Directors' meetingsTraveling expenses l
Assessments for Federal Reserve Board expensesLegal fees _ . .Insurance (other than on currency and security shipments) .Insurance on currency and security shipments.Taxes on banking house .Light, heat, and powerRepairs and alterations, banking houseRent.
$2,044,407705, 723
2,121,70839,910
290,421
$3,872,1391,420,3951,049,666
37,573131,586
$3,862.291547,339
2,081,34049, 761
208,132
5,202,169 6,511, 359
Office and other supplies _Printing and stationery _.TelephoneTelegraphPostage -Expressage - - -Federal reserve currency:
Original cost, including shipping chargesCost of redemption, including shipping charges.
Taxes on Federal reserve bank-note circulationAll other expenses - - .
347,478L, 818,716
102,906271,471
383302914
8,44126, 22291,1834,711
39, 71458,859
230,16641, 24017,94148,14276,92481,12826,67559,305
213,54650, 584
225,98536, 556
332,8751,947,951
344,363711363
1,0079,094
31, 78097,426
38, 60156,083
230,45549,602
6,748,863
367,1561,907,058
155,333236,665
309348992
8,22142,08398,3071,387
67,40048,424
66,944
42,176144,239112,92230,16462,125
207,99455,244
210,99357,7522,006
110,094
205, 72983,090
109,17231,32862,168
245,014
95,37882,63133,425
Total current expenses \ 3,946,436
PROFIT AND LOSS ACCOUNT
Earnings.Current expenses.
4,373,024 4,080,057
5, 202,1693,946,436
6, 511,3594,373,024
6,748,8634,080,057
Current net earnings ; 1,255,733 2,138,335 2,668,806
Additions to current net earnings:Withdrawn from reserve for—
Depreciation on United States bonds.Probable losses . .Allother -
29,946
40,679 11,957
57,641427,46586,913
Total additions..Deductions from current net earnings:
Depreciation allowances on bank premises..Reserve for probable losses „..Reserve for depreciation on United States bonds..Furniture and equipment..All other._. ..._ ...
Total deductions
Net deductions from current net earnings
Net earnings available for dividends, surplus, and franchise tax
Dividends paid _Transferred to surplus account _Franchise tax paid United States Government
40,679 41,903
165,197181, 67412,82211,81815,778
451,044363, 586
572,019
1,400,000
166,66220,591 196,687
1,001,883 1,835, 610
346,610 959,980
909,123 1,178,355
909,123 904,37127,398
246, 586
1,263, 591= = = = =
1,405,215
876, 2032 -657 ,28921,186,301
1 Other than those connected with governors' and agents' conferences and meetings of directors and ofthe advisory council.2 After charging surplus and crediting franchise tax with $710,190 paid as an additional franchise tax for1921. Amounts transferred to surplus and paid as a franchise tax out of earnings for 1922 were $52 901 and$476,111, respectively.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
386 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
No. 6.—VOLUME OF OPERATIONS IN PRINCIPAL DEPARTMENTS OF FEDERALRESERVE BANK
1924
NUMBER OF PIECES HANDLED
Bills discounted:ApplicationsNotes discounted
Bills purchased in open market for own accountCurrency received and countedCoin received and counted _.Checks handledCollection items handled:
United States Government coupons paidVAD other...-.
United States securities—issues, redemptions, and ex-chan ges by fiscal agency department
Transfers of fundsEnvelopes received and dispatched
AMOUNTS HANDLED
Bills discountedBills purchased in open market for own accountCurrency received and countedCoin received and counted _Checks handled _..Collection items handled:
United States Government coupons paidAnother
United States securities—issues, redemptions, and ex-changes by fiscal agency department __.
Transfers of funds
19, 39192,14010,135
282, 779, 000203, 091, 000
97, 084, 000
8, 063, 000489, 000
2, 634, 000263, 000
5, 279,000
$1, 035, 261, 000164, 045, 000
1, 564,021, 00029, 234, 000
23, 280, 863, 000
82, 348,000618,147, 000
831,013, 00018,833, 433,000
21,19694,97120, 241
268,485,000206, 613, 000
88, 649, 000
10, 459, 000442, 000
i 22, 041, 000246, 000
7, 460, 000
$2, 508, 082, 000265, 360, 000
1, 501,901,00028,843, 000
23, 074, 243, 000
89,818,000 i763,273,000 j
1,116,402,000 !15,588,668,000
29,3-49140, 994
20, 326200, 648, 000165, 914, 000
78, 509, 000
13,378, 000
2 4, 054, 000214, 000
3 6,148, 000
$1, 581, 004, 000253, 464, 000
1,172, 217, 00015, 694, 000
14, 661, 227, 000
89, 443,000605,026,000
1,934, 493,00013, 904, 999,000
Large increase due to redemption of war savings securities which matured January 1, 1923.2 In this figure, war savings and thrift stamps were counted according to the number of certificatesto which attached, asjthe|number of stamps is not available.ajPartly estimated.
No. 7.—OPERATIONS OF FEDERAL RESERVE CLEARING SYSTEM
[Figures include cash items only. Numbers in thousands; amounts in thousands of dollars]
Month
1924JanuaryFebruaryMarchApril
M a yJuneJ u l y . . . __.August
SeptemberOctober. .NovemberDecember . .
Total: 19241923
Items drawn onbanks in own
district
Num-ber
6,7906,1917,4327,215
..7,1787,1797,2606,897
7,2237,
8,095
85, 98778,186
Amount
1, 741, 8831,584,0121,992, 7311,833,073
1, 880, 3011, 903,1031, 764,1271, 711, 753
1,908,9052, 021,4901, 761, 7042,011,428
22,114, 51021,819, 705
Items forwardedto other Federal
reserve banks andtheir branches
Num-ber
432538478
459483448404
481493460575
5,7395, 250
Amount
34,81534, 52039, 79940, 369
40, 334 |43,890 !37,607 i37,087
45,16545,97641, 72249,937
Items drawn onTreasurer of
United States
Num-ber
323311438531
415363343369
626624424358
491, 221526,884
5,1255,016
Amount
49,94047,36850,279
54, 95751,27545,94644,486
49,08359, 38354, 23963,310
629,072674,650
Total i
Num-ber
7,6016,9348,4088,224
8,0528,0258,0517,670
8,3308,8067,7229,028
96,85188,452
1, 826, 6381, 665, 9002,082, 8091,932, 248
1, 975, 5921,998, 2681,847,6801, 793, 326
2,003,1532,126,8491,857,6652,124,675
23, 234, 80323,021, 239
i Exclusive of duplications on account of items handled by both parent bank and branch.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
DISTEICT NO. 1 CHICAGO 387
N o . 8 . — C L E A R I N G S AND T R A N S F E R S T H R O U G H GOLD SETTLEMENT F U N D
[In thousands of dollars]
Week endin -—
1924Jan. 2 (1 day). . .
9 .1 6 . . •2 3 .30. . .
Feb. 6-132027
Mar 5-12. . . . ; _19.26
\ p r 29.
1623.30. . . . .
May 7142128
June 4.111825
July 2.9
16 . - .2330 .
Aug. 6 _ _13. . . .^ .20. .27 _ . .
Sept. 3.1017_ .24
Oct 18
152229
Nov. 5.1219. .26
Dec. 3-10172431
Total: 192419231922
Payments toother Federal
reservebanks
62,236259,411278,346276,305244,053
228,489242,116296,021264,190
260,814263,554303,008307,018
264, 582244, 205278,352292,432275,954
282,934244,523292,051264,275
234,826265,586343,772310,350
300,968257, 314274,462286,427257,877
242,400247,064257,429258,043
211,370259, 746318,118289,447
265,150266,267241,228346,642283,921
256, 768269,580332,253311,739
247,752274,419332,607318,485278,169
14, 365 04812,936,84811,279,632
Receipts fromother Federal
reservebanks
66,487264,498253,197282,310252, 212
241,110244,591287, 507243,858
270,856251, 209280,882308, 662
260,085247,068269,725278,210263,979
267,283256,653293,271260,143
232,334243,840362,676321,449
315,418232,092272,496281,926252,536
252,209233,161269,091258,583
218,439255,291293,103298,191
257 729264,036239,419316,807279,325
266,699263 859323,141297,131
257,654284,924303 386317, 398281,078
14 189 21712 928 47311,346,028
Net loss
25,149
8,51420,332
12,34522,126
4 497
8 62714,22211,975
15 651
4,132
2,49221 746
25 2221,9664,5015,341
13,903
•
4 45525,015
7 4212,2311,809
29,8354,596
5 7219,112
14 608
29 2211,087
175 8318 375
Net gain
4,2515,087
6 0058,159
12,6212,475
10,042
1,644
2,863
12,1301,220
18,90411,099
14,450
9,809
11,662540
7,069
8 744
9,931
9,90210,505
2,909
66,396
Net gain in ownership of gold since establishment of fund in 1915, $95,748,000.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
No. 9*—REPORTING MEMBEK BANKS IN LEADING CITIES: PRINCIPAL RESOURCES AND LIABILITIES
REPORTING MEMBER BANKS IN ELEVEN CITIES 1[In thousands of dollars]
Last report date in
January...February.MarchAprilMayJuneJulyAugustSeptemberOctober. __NovemberDecember.
Loans and discounts
Total
1924
1, 748, 5071, 768,8421, 793,8071, 801,1781, 794, 4861, 792, 7521, 835, 2081,913,9761, 924, 0151,945, 0221,901,4271, 915,956
1923
1,661, 5391, 684, 7681, 736, 3001, 755, 6721, 782, 3161, 776, 6951, 749, 3341, 742, 5051, 759, 8931, 780, 6671, 765,2411, 757, 418
Secured by stocksand bonds other
than United Statesbonds
1924
602,806601,251606, 612604,366598,881602, 012631, 206677, 971
695,152666,005666,132
1923
539,754542,358548, 045552,066584,887584,018585,652573,127579, 630588,236587,949592,150
Investments
United Statessecurities
1924
276,868275,954297,560283,348292,400290, 588305, 216314,021343,907348, 551354, 704352,144
1923
319,468300,189286,800273,708279,874289,699280, 734295, 508273, 066264,946255,052284,270
All other
1924
334,397337,566340,636349,145347, 236369, 295372, 534372,441384,970400,920417,724419,300
1923
359,748362,354370,367367,495358,607348,113354,777342, 664340,384337,456342, 051349,770
Net demanddeposits
1924 1923
1,489, 7841,492,4791, 520,1301, 534, 5231, 540,1451, 576,8861, 644,4771, 737,2031, 748, 2731, 767,3171, 710,4091, 744, 237
1, 527,9811,517,5891, 470, 3401, 487, 5671,516,1211, 480, 3021,485, 7251,495, 8701,453, 7401,458, 6221,436,2411,470,801
Time deposits
1924
798,168808, 847810,001818, 079831,864841, 976839, 382843, 559857, 586872,960910, 056922,018
1923
757,734759,810771,486773, 061785,341787,171783,683779, 960781,944790,046798,630801,341
Accommodation atFederal reserve
banks
1924 1923
17, 75420, 33825,71420,01118,0398,2413,8733,5713,2355,3134,16813,097
19,17744,10863,95254,87244,12063,24341,47536,60552,88177,06569,89559,722
Cooo00
w
gREPORTING MEMBER BANKS IN CITY OF CHICAGO 2
JanuaryFebruary __MarchAprilMayJuneJulyAugustSeptember.OctoberNovember.December..
1,117, 8801,113,1731,132, 5871,137, 3391,138,0321,152, 9461,198, 0261, 206, 2831, 270, 6971, 288, 6951, 213, 2501, 242, 581
1,066, 8831, 082, 8721,126, 8711,140,4751,166, 5561,156, 0811,124, 5821,119,4071,132,7741,154, 4361,136, 4721,129, 923
449,355438, 868450,437448, 866443,168446,589476,095517,189518,476535,164503,977500,625
407, 277407,902413, 570415,026447, 605440, 276437, 250423, 629430,234440, 545439,416440,290
146,647143,865164, 883149,474158,230154,926168, 244175, 261196,982198,796204,994202, 313
176,906158, 554143, 282126,931127, 067138,011122, 531143, 918124, 991121, 549114,088146, 506
157,659160,247161, 383167,771164,687173,036180,882176, 380181, 372189,818200, 228203, 985
186,264186, 686191,798190,384179,937171,844177,649163, 550166, 339163,975166, 786171,468
1,011,381997,819
1, 023, 0441, 028,8661,043,8911,078, 8521,132, 6811, 204, 3271, 216, 3861, 231, 3961,172, 6601,180, 418
1, 036,3361, 030,135995,110
1,002, 8771,029, 031997,832993, 046
1, 000,820971, 908983,175970,116
1, 003,369
371,815372,318371,660374, 058383, 307390,945391,982394, 099404,049411,580445, 237452, 678
367,254367, 688376,425370,831375,673373,107369, 333363, 946365, 201371,100372,891378,930
3,9501,4019,0415,9293,0302,243351395160950943
1,075
8,04726.18640,95634,23216,79538,94417,48417.18729,48344,08831,62629,536
^Figures are for about 100 banks in Chicago, Detroit, Cedar Rapids, Des Moines, Dubuque, Grand Rapids, Indianapolis, Joliet, Milwaukee, Peoria, and Sioux City, which submitweekly reports to the Federal reserve bank.
^Figures are for about 46 banks in Chicago, which submit weekly reports to the Federal reserve bank.
1
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
DISTBICT NO. 7—CHICAGO 389
N o . 1 0 . — D E B I T S TO INDIVIDUAL ACCOUNTS
[In thousands of dollars For explanatory note see page 154.]
Month
JanuaryFebruary..MarchAprilMayJuneJulyAugustSeptember,OctoberNovember-December..
Total.
Total for 21 centers i
1924
4,701,9404,178,2464,807,8974, 643, 0764,746, 2504, 582, 5494, 654, 9744,469, 3574,435, 3464, 949, 2114, 500, 2255, 326, 098
55, 995,169
1923
4,810,8994, 383,8174,828,0414, 737,8594,899, 3904, 772,8124, 509,4554,240, 6334,208,4114, 660, 9724,428, 4854,886,123
55,366,897
1922
3,858, 6523,523,9144,389,1873,945,1714, 097, 9574, 326, 0583, 995, 6293, 991, 6124,070,1344,438,2104,051,9554, 615,171
49, 303,650
Adrian, Mich.*
1924 1923 1922
3,5913,1913,9643,9014,0723,6593,4613,3703,4723,7423,8574,236
44, 516
4,0672,6953,7163,5463,6933,4763,3733,5573,0572,9432,7863,508
40,417
2,4713,0823,0762,9983,4822,9042,9822,9773,1332,9683,700
33, 773
Aurora, 111.*
1924 1923 1922
13,47312,82415,64114, 54315,18913,81814,47613,94114,07314,94013, 60714, 620
171,145
13,74911,33515,92214, 55715,04914,88514,87915,00414, 09815, 63713,40215, 783
174,300
9,65412,26611,89811,39112,87511,82711,93012, 54513,11811,30914,190
133,003
Month
Janua ry . . .February..MarchAprilMayJune.JulyAugustSeptember.OctoberNovember-December..
Total,
Bay City, Mich.
1924
11,5839,617
10,83210,00711, 27411, 03310, 69510,09710, 30314, 03113, 40713,078
1923 1922
135,957
10, 3038,4429,8769,18010, 36210, 59110,04310, 79710, 43812,84811,68613, 111
127,677
10, 0829,71310, 44910, 0269,80410,01910.11510, 59810,04311,346
Bloomington, 111. Cedar Rapids, Iowa
1924 1923 1922
10,84310, 79113,80511,87010,50710, 73911,127
11, 62912,12810, 36811,990
121,152 136,493I
11, 48110,39715, 97011,99711,23311, 56210, 73410, 39810, 91811, 2049,56411,281
136, 739
1924 1923 1922
8,9178,84913,40910,6179,2009,5539,7519, 5389,7999,9539,44211, 702
30,82927,02832,12032, 54432, 24831,72939,36836,80134,97838,96932,40641, 301
120, 730 410,321
27,13921,69331,24628,18928,69629,24127,29625,86227,87731,62625,30628,650
332,821
37,64629,79427,79922,60621,22822,83029,69321,34221,89923, 55520,81424,255
303,461
Month
JanuaryFebruaryMarch. . .AprilMayJuneJulyAugust. .SeptemberOctober..NovemberDecember
Tota l . . . .
Chicago, 111.
1924
2,997,8582,583,4613,042,6032, 934,1742,998, 6632,927, 5012,976, 5702,864, 6922,814,4953,151,6932,918, 4323, 512, 555
35,722,697
1923
3,153,4582,929,9183,069,9333, 054, 5253,100,6342, 941,3882,859,0242,644,7052, 631,3792,929, 5482, 812,4123,152,048
35, 278,972
1922
2, 628,9222,377,9772.937,0132.625,014
2,866, 5202, 526,4942, 551, 2432,630,9762,929,3462, 618,6192,950, 223
32,331,033
Danville, 111.* Davenport, Iowa
1924
14,70313,45418,43316,30014, 54015,06015,05013,30013,62314,13312,26414, 720
175, 580
1923
12,46012,10019,65015,28315,91715, 53015,40313,49713, 27416,05013,10015,680
177, 944
1922 1924 1923 1922
9,60013, 68411,48310, 55010,64011,9609,5609,64010,68310, 61711,940
31,84826,34131,04428,99433,77028,48330,30726,07925,76134,01527, 370
120, 357 353, 681
37, 54832, 34836,37735,40438,23534,29231, 74630, 29430,12933,94931, 65033,847
405,819
29,00230,17034,64931,90435,19433,81736,13630,66735, 57636,21034,93338, HI
406,369
i Figures for cities marked with an asterisk (•) are not included in the district summary or in the nationalsummary of 141 centers.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
390 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
No. 10.—DEBITS TO INDIVIDUAL ACCOUNTS—Continued
[In thousands of dollars.]
Month
JanuaryFebruary...MarchAprilMayJune..JulyAugustJSeptember.OctoberNovember.December..
Total.
Deoatur, 111.
1924 1923 1922
14, 63213,64316,22816,37615,94916, 09516,58416, 60216,10416,38814,74217, 748
191,091
14, 48812,61116,68415,47815, 60816,42315, 75416,05415,07614,98614,16514,363
181, 690
11, 83111,24514, 61012,66413, 29013, 90814,31015,43013, 89714,58313, 52515, 520
164, 813
Des Moines, Iowa
1924 I 1923 1922
74, 50265, 72377,88371, 50388, 615105, 676104, 81095,35692, 966102, 78069, 52276,127
1,025,. 463
82,32267, 29895, 65086,65585,332103,41679, 81573,40472, 22383, 40672,24974, 312
64, 24656, 73878, 20165,99768,22971, 58767, 21764, 69068, 51072,38473,02875,536
976,082 826,363
Detroit, Mich.
1924
696,434657,927731,878713,110715,120664,192661, 579653,192646,974700,031652,009733,762
8,226, 208
1923 1922
623. 392583; 430684, 043672, 530709,107720, 921638,497630, 679628,324675, 990654,044697,177
7,918,134
443,087403, 803516, 859490,190526,023542, 982574,030588,363548, 708554,040545, 937651,296
6,385,318
Month
JanuaryFebruary...MarchApril .MayJuneJulyAugustSeptember.OctoberNovember.December.
Total
Dubuque, Iowa
1924
16,04813,30014,44713, 22714, 68515,01815,15113, 44313, 61315, 83814,48915, 223
174,482
1923
16, 80612, 26715,80714, 39114, 42515,17414,42312,94513,16214, 93214, 30615, 500
174,138
1922
11,93511, 66013, 71812, 55412,88812, 99212,24111,63212, 78213,15112, 45715,068
153,078
Flint, Mich.
1924
32, 86530,17534,01531, 86231,90530, 64331, 86628,01529,28530, 51326,32229,502
366, 968
1923
31,00727, 21833, 65534,14934, 61935, 41328, 41230,14131,03934,05732,32534, 610
386, 645
1922
19, 55817,08722,78732,36928,07427, 27822,28624,46624, 78126, 74027, 09928, 547
301,072
Fort Wayne, Ind.
1924
39,00638,22839,17944,67040,58238,91440,80237,32736, 74743, 63039,61046, 556
485, 251
1923
35, 64331, 50038, 44735, 57948, 98946, 97541,14237, 44235,64339, 92239,44140, 788
471, 511
1922
27,98626,26130,35028,31130, 21331, 94131,35728,07233,12532, 83232,30535, 246
367,999
Month
Gary, Ind.* Grand Rapids, Mich. Green Bay, Wis.*
1924
January....February—.March ..AprilMayJuneJulyAugustSeptember-OctoberNovember.December..
Total,
15, 53814,87616,36218,10718,43615,98216,98215, 75215,72219,71520, 74418,869
207,085
1923
14,16013,07915,28815, 63018,56317,61517,54417,21016,42018, 53817,48116, 204
197, 732
1922 1924 I 1923
10,21110,72112,68011,87412,53012,33311,50012,54213,75014,181
65,78458,23766, 77166,40467, 91565,07064,68263,67366, 96172, 81761,41983,440
130, 582 803,173
57,09869,49364,58369, 71570,87067,20867,59469,30067, 27960,65070,626
800,799
1922 I 1924
65,33450,12460,01155,95063,23263,34459,98362,15659,10464,155
65,870
11,38210, 73811,84811,33611,45911,33712,37012,34412,16913, 27111,44312,378
730,131 I 142,075
1923
10,1929,23411,57310,99211,49511,86711,03812,17211, 92812,31211, 72912,750
137, 282
1922
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
DISTRICT NO. 7 CHICAGO 391
No. 10.—DEBITS TO INDIVIDUAL ACCOUNTS—Continued
[In thousands of dollars]
Month
JanuaryFebruary. _.MarchApril.MayJuneJulyAugustSeptember.,OctoberNovember..December..
Total.
Month
Hammond, Ind.* Indianapolis, Ind.
1924 1923 1922 1924 1923 1922
17,10314,28014,44116,15515, 93514,85118,60016,40315,41017,39016,06218,850
15,18212, 24916,06916, 73218,46318,53319,10617, 52316,17718, 75515,46217, 620
195,480 201,871
13, 76212,49712, 03214, 05213, 70315,108
81,154
160,249147, 372151,145145,636158,396148, 705155,071143, 018145,135158,033140, 272157,683
1,810,715
174,966145, 289156,646148,337167, 536168,050161,827148,841141,040155,313149, 060162, 951
1,879,856
128,100119,521153,018125,229139,871150, 564145, 641136,234140, 381147,215144,353176,168
1,706,295
JanuaryFebruary. .MarchAprilMayJuneJu ly . .AugustSeptember.OctoberNovember.December.
Total
Kalamazoo, Mich. Lansing, Mich.
1924 1923 1922
20, 29617,83521,30419, 97720,80520, 43519, 82320,83720,85521, 77718,82522, 385
245,154
1924 i 1923 1922
22, 64317,43221,746 |20,69921,02822, 67621, 20719, 71519, 79521, 21619, 78521,103
249, 045
17, 43714, 71017,20917, 26517, 07918,03817, 73119,09019, 03819, 87718,88621, 978
218, 338
32, 94230, 95635, 23631,89431, 25225,89324,46524,43026,13330, 79727,64630,833
352,477
30, 50028, 50040,45040,06141, 09241,61336,16836, 92429,82029, 70027,62633,925
416,379
17,91716, 86321, 73423,26226,07828,98626,60625, 72725,59727,21025,25430,500
295, 734
Jackson, Mich.'
1924 1923
23,14419,66719,95319,88919,24018,04017, 93417,88317,98720, 53716,93818,090
229, 302
24.23816.23920,64721,59422,64623,69721,28623.03823.03922, 28918,87921,923
259,515
1922
14,88911,71614,54414, 91917,87319,99919,00218,07116,83718, 21616, 99418,800
201,860
Mason City, Iowa*
1924
9,2018,813
10,2959,2139,1439,4329,7148,1879,287
10, 9238,588
10, 713
113, 509
1923
10,5798,706
12,2279,942
10,92410,83410,3799,8859,450
10, 2758,920
10,193
122,314
1922
6,9099,9559,636
10,27111,193
9,2739,1109,6568,475
11,611
104, 782
Month
JanuaryFebruary . . .MarchAprilMayJuneJulyAugustSeptember..OctoberNovember..December. .
Total.
Milwaukee, Wis. Moline, 111."
1924 1923 1922
271, 600262, 734276, 082259,937262, 228248, 607253, 384238,490246, 306288, 660247, 343286, 677
279,922242, 053279,199269, 564295,825291, 793271,807256, 490259, 652293, 767264, 781278,626
1924 1923
217, 005213,848263,205220, 409237, 263244,219241,747226, 383244,496269, 351240, 463267, 634
7,2157,2167,8519,2317,6327,5338,2598,3419,0949,3518,4639,345
3,142, 048 3, 283, 479 2,886, 023 j 99, 531
7,7467,1578,5569,8949,3159,1938,1688,5868,5578,8157,8238,087
101,897
6,8056,4948,0879,8749,4728,5269,7527,3277,7767,6197,4357,1521
Muscatine, Iowa *
1924
5,7334,8797,0946,4355,3365,1395,7684,5955,0596,1324,3565,580
96,319, 66,106
1923
6, 7114,9828,2186,9016,0486,0365,7366,0455,5566,2955,3166,887
74, 731
4,3026,7735,4405,1824,6314,8525,0135,5166,4775,0676,474
59, 727
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
392 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
No. 10.—DEDITS TO INDIVIDUAL ACCOUNTS—Continued
[In thousands of dollars]
Month
JanuaryFebruary..MarchAprilMayJuneJulyAugustSeptember.OctoberNovember.December.
Total
Oshkosh, Wis.*
1924
10,76710,20011, 26611,46711, 54010, 22710, 68310, 33010,80312, 01710, 62012, 480
132,400
1923
11, 6409,200
11, 75010, 75012, 00011,64010, 47711,06310,47010, 95010, 00011,600
131, 540
1922
7,34710, 0008,9119,3119,9209,21311, 96711,0009,9509,95011, 560
109,129
Peoria, 111.
1924
41, 73138, 35942, 65339, 32743,46937, 54938, 85736, 99040, 03943, 29639, 54345, 565
487, 378 473, 606
1923
40,40132, 74041,24439,41540, 99541,19439, 07237, 89537, 57041, 55339, 21242, 315
1922
31,21029, 85434,98833, 09036, 64637,43536,19135, 07735, 26538, 73535, 70645, 019
429, 216
Rockford, 111.
1924
23, 29722,18227, 05827, 90027, 23825,11323, 80521, 38521, 40225,44622, 68125, 908
293, 415
1923
24,66216, 45628,04224, 68825,86226, 62524, 75822,17821,86724, 70222, 65625, 235
287, 731
18, 20516,11420, 32120, 69819, 66320, 36820, 01519,40819, 74522,04419, 09623, 224
238, 901
Month
JanuaryFebruary...March.AprilMay.JuneJulyAugustSeptember-October....November..December..
Total.
Saginaw, Mich.*
1924
27,46722, 79923,130'22,07922, 44322, 53821, 61421, 60021,82522,85422,28824,977
275, 614
1923
24, 29119, 66122, 61923, 67223, 22423, 03422, 71923, 348
25,12024, 02827, 284
282, 365
1922
19,51119,15720, 74522, 36722, 575
104, 355
' Sioux City, Iowa
1924
77,20374,14385, 32580, 56077, 96772,40379, 48575, 73779, 01583, 41766,00782, 910
1923
74, 77063,91486,04476,10076,44178,03572, 02370, 58469, 78180, 40371,16678, 650
35,49846, 33076,06865, 61870,03771,95966,85664, 27767,14674, 29461,94570, 660
934,172 897,911 770, 688
South Bend, Ind.
1924
35,95934, 54739, 28544, 97045, 64541,47738,10935, 59338, 73045, 62641, 87644, 869
34,90429,06736, 00638,12144,97247,86740,74140, 30536,13044,89338,95338,754
486,686 i 470,713
1922
22, 28722, 21226,82126,19429, 82932,80633,14834,15934, 20735, 34033,03740,227
370, 267
Month
Springfield, 111.* Terre Haute, Ind.* Waterloo, Iowa
1924
JanuaryFebruary..MarchAprilMayJune .July _.AugustSeptember.October....November .December..
Total
28, 52126,99428, 94928, 72033, 32235, 62236,81534,10731,08034, 61728, 73035,425
382, 902
1923
28,12124, 71629, 57927,89326,905
28, 91726, 21424, 73827,18725, 08528,116
1922 1924
23, 27121,25426, 55825, 01122, 77525, 38225,41523,19421, 83023, 64*22, 79725, 652
23, 51423,47624,02021, 76322,03121,80222,80920,11921,07824,41421, 63324, 730
326, 358 286,786 271,389
1923
26,60124,19325, 71324, 25626, 59626, 32426, 24122, 78523, 23724,92223, 69224, 743
299, 303
1922 1924
16,43115,64719,00418,13418.01717, 27418,43416, 90417, 91519, 32615,93618, 317
211,339
1923
18,16114,14621,48318, 21418,68418, 69317, 75817,38617, 24819, 67817,44818, 251
217,150
1922
12,53111,79516,33515, 51714, 78514,90514,39213,63914, 98716,59714,14517,041
176, 669
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
DISTRICT NO. 8—ST. LOUIS
No. 1.—CONDITION OF FEDERAL RESERVE BANK
[In thousands of dollars]
RESOURCES
Gold with Federal reserve agent- -- - -- -- --Gold redemption fund with United States Treasury
Gold held exclusively against Federal reserve notesGold settlement fund with Federal Reserve BoardGold and gold certificates held by bank
Total gold reserves __ _ ._Reserves other than gold._. _
Total reserves . _Nonreserve cash _ _ _
Bills discounted:Secured bv United States Government obligationsOther bills discounted
Total bills discounted _Bills bought in open market. _ _
United States Government securities:BondsTreasury notes . _ . _ - _ - _Certificates of indebtedness __
Total United States Government securitiesForeign loans on gold
Total earning assets _ «,
Uncollected items _ ___. . _Bank premisesAll other resources
Total resources __
LIABILITIES
Federal reserve notes in actual circulation
Deposits:Member bank—reserve accountGovernmentOther deposits.. _
Total deposi ts . . . __•
Deferred availabilitv itemsCapital paid inSurplusAll other liabilities _
Total liabilities. _ _____
Ratio of total reserves to deposit and Federal reserve note liabilitiescombined (per cent) .
Contingent liability on bills purchased for foreign correspondents.._
Dec. 31,1924
56,5903,274
59,86423,8348,165
91,86311,700
103,5633,387
5,3034,827
10,13021,391
1,26411,1712,653
15,088294
46,903
35,9943,176
306
193,329
57,813
80, 5112,468
671
83,650
36,3775,1299,971
389
193,329
73.22,091
Dec. 31,1923
49,4242,773
52,19735, 2725,060
92, 5299,802
102,3313,321
17, 29239,990
57, 28243
57,325
30,1391,346
108
194, 570
75,872
70,1003,042
466
73,608
29,4905,009
10,072519
194, 570
68.5836
Dec. 31,1922
70,5732,960
73,53331,2072,852
107,59210,295
117,887C1)
14, 54915, 533
30,08213,028
7,3079,4642,780
19, 551
62, 661
42,862912354
224,676
93,659
73,7981,2111,927
76,936
38,9934,8279,665
596
224, 676
69. 11,618
*Not shown separately prior to 1923.
393
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
394 ANNUAL REPORT OF THE FEDERAL RESERVE [BOARD
No. 2.—PRINCIPAL ASSETS AND LIABILITIES OF FEDERAL RESERVE BANK, BYWEEKS
[Amounts in thousands of dollars]
DateTotalearn-ing
assets
Re-serveper-cent-ages
1924Jan. 2 58,608
9 1 46,38116 1 44,80123 J 43,51130 _ 41,592
Feb. 6 38,113 I 37,15020 I 43,38727 j 45,169
Mar. 5 42,24112 44,08919 i 47,464|26 j 46,881|
Apr. 2.9_.16..23.30..
May7_.14..
48,93143,161144, 49346, 65342, 111
36,90934,43334, 79536, 433
37,07531,76232,11530,603
29, 65727,86729, 70728,60629,131
31,76032,36834,01933,477
Sept. 3 j 35,600
June 4..11..18-2 5 -
July 2_.9_.
16..23..3 0 -
Aug. 6_.1 3 -20..27..
10.17..24..
Oct. 1.8..
15..22.
9,17644,03443, 705
45, 37446, 38045, 46144, 75045,405
Nov. 5 1 43,960 17,28612 . . ! 42,918 15,31519 j 45,11526 i 42,998
Dec. 3 -J 43,83610 ! 40,97417 -J 43,09924 . .! 48,3273 1 . . . 46,903
iDaily average \ 40,838
Bills discounted formember banks
Fed-eral
reservenotes
incircu-
! lation
Mem-ber
banks'reserve
de-posits
curedby
U . S .Gov-ern-
mentobligations
19,53517, 24016,84614, 68013,949
38,58328,23426, 31626,64925, 230
75, 60673,01472,28670,85070,468
24, 75923,06327, 35727,528
115, 208116, 626104, 476109, 319
73, 28772,43169,81571, 323
75, 61875,64572, 08875, 358
69,48470, 05969, 22369, 413
33, 57431, 80834, 72634, 025
9,334,817
11,91411, 785
69, 24970,71, 959,858
24, 24021, 99122,81222,240
3,8025,0706,0046,611
110,133106,883101, 500i102,8011
73,05074, 56273,50872, 655
69, 67169,00569,00367, 789
71, 90572, 46971, 30773, 56569, 331
36, 221.30, 60032, 34434, 48730,904
25,28520,84221, 43823, 07422,286
5,8065,6345,1835,2004, 241
6,904 103,4456,927 106,471
103, 6166,9661 102,6846?966( 103,078
67,85166,88166, 89665,49365,582
72.474.773.572.475.0
26,10724,04925,10626, 919
3,8363,4182,7232,548
74, 60269, 28370,15969,016
76,68471,71373,02671,987
19, 42717,08618,45919,737
65,40065, 33164, 97564,537
73, 47568, 33373,41172, 340
27, 90923,05322,91521,670
7, 6095,5335,1985,271
20,30017, 52017,71716,399
113,836110, 976114,210113,969
64,08562, 62762, 22561, 387
72,01274, 38170, 741
62,18361,15660,43059,18359,077
21,10019,315|19,16418,16318,763
16,72015, 78315, 27714,20414,681
77,08568,51277,02674,567
18,03917,475!19,12918, 596
3,2643,9373,6743,896
14,77513, 53815,45514, 700
114,565102, 763109,887107, 600
74,35466,10374,12770, 538
58, 69158,05357,49356,966
14,87416, 34817,13416, 769
110, 782100, 55595,11399,413
78,42074,04472,48176,496
57, 404i56,40056, 51555, 960
56,91556,166i56, 66156,03156,307
20,07720,23,14223, 243
3,8773,6774,8194,311
16,20016, 58318,32318,932
72.674.572.575.175.7
19, 76419, 34717, 30915,37214, 783
16, 76916, 76916, 76916,76916, 769
94, 693102,14596, 518101,138102,834
73,48880,90876, 39278, 57379,549
24, 22723, 76022,24820,63219,599
4,4634,4134,9395,2604,816
56, 796!56,95257,054157,133J
9,90510,83412, 73712, 630
16, 76916, 76916,716, 604
108,276108,876101,197106, 704
79, 52381,65780, 62281,175
4,0894,3184,3713,771
13,19710, 99711,2389,993
57,199i56,95057,72859,11357,813
75,40378,78280,43776,85780,511
78, 78181,78381,89180,76983,650
8,4766,8037,2306,5064,827
14, 67815,76915,65021,07821,391
104, 611105,001103,68292,901103, 563
12,590!11,026!12, 4831ll,867i10,130
4,1144,2235,2535,3615,303
79.478.573.577.1
76.975.774.366.473.2
76.8
1 Includes foreign loans on gold, $294,000, Dec. 3 to 31.Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
DISTRICT NO. 8—-ST. LOUIS 395
No. 3.—DISCOUNTS AND PURCHASES OF BILLS AND SECURITIES BY FEDERALRESERVE BANK: VOLUME, BY CLASSES
[In thousano|s of dollars]
Month
Bills discounted for member banks
Total
Securedby U.S.Govern-ment ob-ligations
Com-mercial
andagricul-turalpaper,n, e. s.
Bank-er's
accept-ances
Tradeaccept-ances
De-mandandsightdrafts
Bills bought in openmarket
Bank-T t , I er'si o t a l accept-
ances
Dollarex-
change
January.February.MarchApril
MayJuneJuly—August.
1924109,06185,05980,90571,556
58,55430, 63427, 75224,190
S e p t e m b e r . . . 25,739O c t o b e r , - 30,705November . ! 26,263December i 34,700
66,97341,36444,49642,265
37, 54118,49515,19411,128
12,81913,21212,45018,273
33, 22037,98533,11027,364
19,41011, 67712,43312,909
12,35714,27111,11214,099
10
705482296428
7053059687
150843246529
8,1595,2283,0031,499
89214729
4132,3792,4551,799
1, 5133,6503,8901,842
97774675567
3,7747,9589,77315,967
1,5133,4303,8401,732
92774675567
3,7607,7239,553
15, 617
22050
110
50
14235220350
To ta l : 1924 ___i 605,118 334,2101923. 1,679,671 1,198,3091922 I 865,856 659,587
239,947443,324200, 628
20655
1,459
4,8725,7794,182
26,06931,604
50,73232, 58033, 736
49,48330,85432,441
1,2491,7261,295
Month
January. _.February.MarchApril
May....JuneJulyAugust..
September.OctoberNovember _December. _
Total: 192419231922
Billsboughtfromother
Federalreservebanks
U.S. securities pur-chased in open
market
Bondsand
notes
8251,2582,521435
1,0423,5021,426
1,359
4052,264
2,43213,105
15,0371,535
21, 514
Certifi-cates of
indebted-ness
573' 177
3,3574
5,521460450
1,638139273
1,631
14, 22379,322
119,330
U. S. se-curitiespurchas-ed from
otherFederalreservebanks
Foreignloans on
gold
397
9901,643
294
3,0304,4004,400
294
Total discounts andpurchases
1924 1923
112,36990,14490,67373,837
59, 53138, 93333,43226,633
32,51038,80236,71454,856
152,26573,19392,898113,421
163, 639215,778173,190201,936
192,231154,798134,165132,426
1, 799,940
1922
75,95165,61050,45461,662
76,127132, 249
. 65,77356,087
70,07380,220116,022207,713
1,057, 941
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
396 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
No. 4.—BILLS DISCOUNTED BY FEDERAL RESERVE BANK: VOLUME, BY STATES
[Amounts in thousands of dollars]
Month
1924JanuaryFebruary. .March _April.
May .JuneJulyAugust _
SeptemberOctober _November _.December
Total: 1924...1923...1922...
Number of mem-ber banks at endof year:192419231922
Number of mem-ber banks accom-modated:
19241923.1922
Ken-tucky
32,67520,33615,97627,939
18, 3066,5437,3423,755
2,6574,4145,104
12,096
157,143705,175405, 027
Ten-nes-see 1
15,43013, 77111,9757,523
6,3752,4201,3594,435
5,2445,4545,2983,630
82,914122,95175,179
Missis-sippi i
2,2702,1472,2251,990
1,800999
1,2491,163
1,5621,7001,8651,174
Illi-nois *
20,14417, 25314, 725
8,2515,1844,9554,693
5,6014,1673,5412,794
3,5394,2604,240
54, 05196,10365, 791
185187185
10091
108
Indi-ana1
3,4892,9892,6222,461
8511,234886561
7381,003875794
18, 50329,49919,204
Mis-souri l
38, 73034,61835, 31621, 353
21,15510,1929,4166,017
2,4316,0733,9649,838
199,103621,119211, 480
143141126
Arkan-
8,2166,0147,8365,597
4,4665,0793,9595,465
10,2818,5224,8972,928
73,26087,57174,450
126126122
Total
109, 06185,05980,90571, 556
58, 55430,63427, 75224,190
25, 73930,70526, 26334,700
605,1181,679,671865,856
628630610
391362400
Num-ber ofmem-
berbanks
indistrictat end
ofmonth
Num-ber ofmem-
berbanksaccom-
mo-datedduring
themonth
630631 |633 i
633 )631 !629 i629 !
I629 i630 !631628
264246261275
260244236
239236207197
1 Figures relate only to that part of the State located in the St. Louis district.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
DISTRICT NO. 8—ST. LOUIS 397
No. 5.—EARNINGS AND EXPENSES OF FEDERAL RESERVE BANK
Discounted billsPurchased billsUnited States securitiesDeficient reserve penalties.Miscellaneous
Total earnings..
CURRENT EXPENSES
Salaries:Bank officers _ _Clerical staff _.- _.Special officers and watchmen _Allother _
Governors' conferences _Federal reserve agents' conferences _ _Federal Advisory Council _Directors' meetings _Traveling expenses 2 _Assessments for Federal Reserve Board expensesLegalfees _Insurance (other than on currency and security shipments).Insurance on currency and security shipments =.Taxes on banking house __ _.Light, heat, and power... _Repairs and alterations, banking house - __Rent.Office and other supplies _Printing and stationeryTelephone _ _Telegraph .PostageExpressage _Federal reserve currency:
Original cost, including shipping chargesCost of redemption, including shipping charges.
Taxes on Federal reserve bank-note circulationAll other expenses __
Total current expenses..
PROFIT AND LOSS ACCOUNT
EarningsCurrent expenses.
Current net earnings..Additions to current net earnings:
Withdrawn from reserve for depreciation on United Statesbonds _
Allother... _
Total additions.Deductions from current net earnings:
Depreciation allowances on bank premises..Reserve for probable lossesFurniture and equipment...Allother
Total deductions^ _
Net deductions from current net earnings -
Net earnings available for dividends, surplus, and franchise tax
Dividends paidTransferred to surplus accountFranchise tax paid United States Government...Deficit in earnings after payment of dividends, charged to surplus
account _
1924
$1,140,622141,778352, 65227, 44125,650
1,688,143
164, 320716,42138,28941,145
472379
1,2009,89231, 74130, 2131, 22118,17817, 3112,1123,1827,56278,84921,62230,3106,45443,409118,22112,328
5,2958,785
32,437
1,441,348
1,688,1431,441,348
246, 795
16,264
16, 264
4,400
25,92728,795
i9,122
42,858
203,937= = = = =304,976
101,039
1923
$1,968,788253,773520, 78038,857
i 28,763
2, 753,435
160,116749, 76732.96943.970
523443
1,26611,33329,18331,300
18520, 32317,6307,3973,097
22,13537,1576,97044,223123,98613, 017
7,2877,835
29,814
1,472,675
2,753,4351,472,675
1,280,760
80,294564
80,858
2,200123,68729,97123,597
179,455
98,597
1,182,163
296,810407,070478,283
1922
$1,303,808255,750832,16945, 91518,805
2,456,447
155,877829,07228,41840, 750
456228
1,25010,67524,49831,8202,91941,78513,2353,0763,014382
73,62726, 09837,9777,44842,841124, 5578,206
52, 71911, 58616,37734,331
1,623,222
2,456,4471,623,222
833,225
3,8832,257
6,140
2,000125,00044,75520,038
101,793
185,653
647,572
283,166276,45087,956
1 Debit.2 Other than those connected with governors' and agents' conferences and meetings of directors and of
the advisory council.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
398 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
No. 6.—VOLUME OF OPERATIONS IN PRINCIPAL DEPARTMENTS OF FEDERALRESERVE BANK
NUMBER OF PIECES HANDLED
Bills discounted:ApplicationsNotes discounted. ___ _
Bills purchased in open market for own accountCurrency received and countedCoin received and countedChecks handledCollection items handled:. United States Government coupons paid
All otherUnited States securities—issues, redemptions, and ex-
changes by fiscal agency departmentTransfers of fundsEnvelopes received and dispatched
AMOUNTS HANDLED
Bills discountedBills purchased in open market for own account. __Currency received and countedCoin received and countedChecks handledCollection items handled:
United States Government coupons paidAllother
United States securities—issues, redemptions, and ex-changes by fiscal agency department
Transfers of funds
1924
8,81042, 6283,547
107, 280, 000120,109, 00045, 793, 000
2, 829, 000265, 000
678, 000130, 000
2, 691, 000
$605,118, 00050, 732, 000
484,795, 00015, 502, 000
9,966, 285, 000
25, 400, 000318,103, 000
159, 086, 0004, 369, 086, 000
1923
10, 61857, 0361,934
105, 278, 000121,128, 00043, 736, 000
3, 470, 000244, 000
i 9, 645, 000104, 000
2,965, 000
$1,679, 671, 00032, 580, 000
520,881, 00014, 705, 000
9, 547,434, 000
28,416, 000395,426, 000
356,964, 0003, 582, 323, 000
1922
9,80243, 6242,423
94, 931, 000126,429, 00038,476, 000
4, 222, 000197, 000
919, 00083,000
(2)
$865, 856, 00033,736, 000
473, 065, 00013, 631, 000
6,114,442, 000
27, 806, 000267, 681, 000
494, 025, 0003,779,461,000
1 Large increase due to redemption of war-savings securities which matured Jan. 1, 1923.2 Data not available.
N o . 7 . — O P E R A T I O N S OF F E D E R A L R E S E R V E C L E A R I N G SYSTEM
[Figures include cash items only. Numbers in thousands; amounts in thousands of dollars]
Month
Items drawn onbanks in own
district
Number Amount I Number
Items forwardedto other Federalreserve banks
and their branches
Amount Number
Items drawnon Treasurer ofUnited States
Amount
Total i
Number Amount
January-February.MarchApril
19243,4303,2033,5693,562
May _ _. 3,478June __i. I 3,337July . ____| 3,379August _ 3,310
September.OctoberNovember.December..
Total: 1924..1923..
3,5333,8973,5034,059
794,793 !689, 560 j760,448 !760,882 |
806,201 |766,173 i782,783 I779,307 |
825,972967,970832,401908, 003
81 6,53477 7,27783 8,49382 7,765
42,26040,287
9, 674,4939, 217, 215
80839083 |
85 !86 |79 !97 I
7,5757,4876,4395,826
7,3997,3487,1748,646
159155202246
185158147177
240240182
14,18812, 40215,70416,480
15,95615, 57313,10714,094
15, 76716,72314,93617,749
3,6703,4353,8543,890
3,7433,5783,6163,570
3,8584, 2233,7644,325
815, 515709, 239784,645785,127
829,732789, 233802,329799,227
849,138992, 041854, 511934,398
1,006809
87, 96382,148
2,2602,362
182,679220,776
45,52643,458
9,945,1359, 520,139
^Exclusive of duplications on account of items handled by both parent bank and branch.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
DISTRICT NO. 8 ST. LOUIS 399
No. 8.—CLEARINGS AND TRANSFERS THROUGH GOLD SETTLEMENT FUND
[ID thousands of dollars]
Week ending-
Paymentsto otherFederalreservebanks
Receiptsfrom other
Federalreservebanks
Net loss Net gain
1924Jan. 2(oneday)
9162330
Feb. 6132027
Mar. 512 _1926 , .
Apr. 29
16. . .2330. . . -
May 7142128
June 41118..25
July 29
16__._2330
Aug. 613. .2O._27 . . .
Sept. 31017..24.
Oct. 1 _8
152229
Nov. 512.1926
Dec. 310 . . .172431
Total: 192419231922
24,212113,497116,6821-18,272115,466
106, 26599,294124, 63196, 779
107,762106,108130,246122,412
105,133100,048121, 941120,496118,368
102, 931119,003126,222112, 594
100,960115, 907125,835116,296
125,551104,487120,934116,609110,642
105,641128,054118,259107, 785
97,154121,810127,952126, 519
125,878123,188140,122160,712139, 970
126,411138,043168, 603145, 644
128, 385137,637151,408135,338129,320
6,329,4166,051,1965,371,660
22, 624117,853118,077116, 289120, 657
107,91699,126112,370100, 937
109,456103,721125,018124,195
105, 747101,084116,992119, 097
110,406114,951128, 023110,866
107,158111, 706129, 960114,661
129, 619104,975115,133116,039113, 538
104,316113,510125,912104,968
101, 594109,802123,158129, 779
123,368130, 351138,113164,276143, 691
133, 020138,162161,927151,126
126,365137,098151,388129,420136, 578
16812,261
2,3875,228
4,9491,399
4,052
1,728
4,201
1,635
5,801570
1,32514,544
2,817
12,0084,794
2,510
2,009
6,676
2,02053920
5,918
6,324, 5026,026,1015,355, 579
4,91425,09516,081
4,3561,395
5,191
1,651
4,158
1,694
1,783
6141,036
18
7,475
6,198
~4,~i25
4,068488
2,89&
7,653
4,440
3,260
~7,~l63
3,5643,721
6,609119
5,482
7,258
Net gain in ownership of gold since establishment of fund in 1915, $60,935,000.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
400 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
No. 9.—REPORTING MEMBER BANKS IN LEADING CITIES: PRINCIPAL RESOURCESAND LIABILITIES
[In thousands of dollars]
Last report date in—
January...February..MarchAprilMayJuneJulyAugustSeptember.October- . .November.December.
Loans and discounts
1924
469,462467,948467,842463, 230460,220455,692459,059466,694475,406484,344492,818499,713
1923
450, 275456,848457,190456,156455,546449, 386455,521457, 904465,601471, 259470, 663473,216
Investments
United States securities
1924
70,98868,28962,92860,51554, 56660,14351,15652,40653,66153,44555,33860,320
1923
81,04277,80679,74378, 38077,25982,37776,16976,13372,159
All other
1924
66,95871,009
87,43990,29288,98390,448
110,79392,44392,79490,93394, 23096, 34098,627
103,409
1923
91,53591,67490, 50585, 70589,28487,81985,89985,11684,49884,75787,42687,658
Last report date in—
January...February..MarchAprilMayJuneJulyAugustSeptemberOctober...November.December.
Net demand deposits Time deposits Accommodation at Fed-eral reserve banks
1924
356,969350,170343,869352,597344,760353,371356, 514356,848365,323370,906385,163414,041
1923 1924
378,922376,217364,106363,057358,883343,099342,855335,069325, 439328,896334, 281342, 263
199,023201,913201,886199,445202,488198,840201,398203,918203,218212,154215, 798212,287
1923 1924
182,383184,211183,497182,333183,678182,206190,328191,179187,841192,478194,522189, 793
21,04622,03117,04712,7017,8863,9211,9401,1445,5054,6622,8681,716
1923
5,58611,19815,07717,62118,65425,20327,89738,11649,15547, 32444, 71943,588
NOTE .—Figures are for about 33 banks in St. Louis, Little Rock, Louisville, Memphis, and Evansvillewhich submit weekly reports to the Federal reserve bank.
N o . 1 0 . — D E B I T S TO < INDIVIDUAL ACCOUNTS
[In thousands of dollars. For explanatory note see p. 154]
Month
JanuaryFebruary..MarchAprilMay ._June.JulyAugustSeptember.OctoberNovember.December.
Total
Total for 5 centers *
1924
1,130,859981,669
1,062,6711,033,4841,057, 6031,035,196994, 401959,857
1,003,0661,212,1101, 081, 6631,269, 637
12,812, 216
1923
1,178,722*952,802
1,112,3951,039, 5491,076,5601.1G4,142' 980,103930, 888945,160
1,184,8541,094,4281,194,752
12, 794,355
1922
858, 795739,485859, 417826, 599911,346930, 887871,384830,180908, 393
1,067,437988, 780
1,145,954
10, 938,657
East St. Louis and National StockYards, 111.*
1924
43,31637,07735,62437,98844, 47437, 89139,84742, 50341,16547, 83041,14144, 296
493,152
1923
47,01237, 24341,18842,02549, 93845,90143,07648, 56545, 69950, 60147,78643,865
542,899
1922
34, 51533, 54335,88537,19742,54941,32037, 85137,26339, 35444, 61443,07044,449
471, 610
i Figures for cities marked with an asterisk (*) are not included in the district summary or in the nationalsummary of 141 centers.
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DISTRICT NO. 8 ST. , LOUIS 401
No. 10.—DEBITS TO INDIVIDUAL ACCOUNTS—Continued
fin thousands of dollars.]
Month
JanuaryFebruary..MarchAprilMay...JuneJuly...AugustSeptember.OctoberNovember.December-_
Total
Eldorado, Ark.*
1924
6,4006,811~ 1467,7918,3437,9058,0787,6617,4237,0526,3637,687
1923
14,63914,12212, 63910, 5978,9318,0688,1216,8216,928
90,866
1922
Evansville, Ind.
1924
32, 66127, 85429,13327, 66131,03728,24530,17727, 55427,30530,40424,31637, 715
354,062
1923
35,71533, 64031,00330, 59933,96833, 28231,91630,99129,21932,39831, 61832,615
386, 964
1922
23,88721,27128,15324,30729,82431,13531,29726,64329,65130,84329,06235,128
341, 201
Fort Smith, Ark.* Greenville, Miss.*
Month
1924
JanuaryFebruary. .MarchAprilMayJuneJ u l y . .AugustSeptember .OctoberNovember .December..
Total
12,99811, 59311,09911, 58511,1099,6769,820
10, 71312,06620, 53616, 72016,227
154,142
1923
12,27611,01012, 37511, 92111,72411, 74110,0599,884
11,46016,01815, 77814,975
149, 221
1922
9,*4888,853
12,48415,08814, 63213,221
73,766
1924
5,0534,2173,4923,2133,5193,2773,1192,9273, 5955,8855,7835,666
49, 746
1923
6,1224,4624,2933, 5243,3883,1832,9512, 7303,0343,8544,7004,934
47,175
1922
3,8093,6723,4433,7593,6233,3532,7493,3054,0554,5095,327
41,604
Helena, Ark.* Little Rock, Ark.
Month
1924
JanuaryFebruary . .MarchAprilMayJuneJulyAugustSeptember.October . . . .November _December..
Total
5,6344,3944,8184,6933, 9503,9923,7583, 6744,6048,7508,4309,954
66,651
1923
7,1064,7165,5494,3604,4334,0413,7234,3494,0156,4707,9889,194
65,944
1922 1924
3,4233,8053,5744,6133,9834,2783,4335,9278,9767,8476,739
64,17057,16460,29359, 53058,99452, 75056,08955,38067,840
85,21489,390
56,598 804,897
1923
65,32654,36962, 72859, 54360,10749, 51949, 72251,56253,33076,88275,05273,751
731,891
1922
38,80040,69037,47938,86539,94133,86636,95852,60966,11761,91665,544
555,454
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402 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
No. 10,—DEBITS TO INDIVIDUAL ACCOUNTS—Continued
[In thousands of dollars]
MonthLouisville, Ky.
1924 1923 1922
Memphis, Tenn.
1924 1923 1922
JanuaryFebruary..MarchApril.May.JuneJuly..AugustSeptember.OctoberNovember.December..
Total
173,909 !159,937 i168,187 |166,914 !167,191 i161,641 I167,282 !158,597 :162,444 ;172,127 :159,145 !180,196 |
179,318153,307166,446153,355159,006174, 205155,176143,397142,304160,310152, 224167, 244
1,997,570 I 1,906,292
125, 911123,319137,985129,881147,613143,172134,931124,800129,403143,091139,758165, 524
168,708128,827129,554132,493121, 252112,298109,010101,000117,902169,305167,226192,436
176,959134,391175,837136,946122,192127,928106,390103,702115,481165,494180,435190,255
109, 44483,856101,082101,944107,955105, 50294, 67289,476116,048163,089175, 584173,180
1, 645, 388 1,650,011 1,736,010 1,421,832
Month
Owensboro, Ky.*
1924
JanuaryFebruary..MarchAprilMayJune..July...AugustSeptember.OctoberNovember.December..
Total
7,7136,2686,1745,8785,5285,5345,6475,5494,8585,55S4,8126,582
1923
7,8846,8677,5186,2626,1285,7285,6775,3694,8196,2095,5718,057
70,101
1922
Quincy, 111.*
1924
6,2366,136 !4,8174,7624,6305,4594,9764,5324,9065,4428,737
10,4359,60811,48511,13611,10010,65610,4138,97910,69512/09210,65011,649
60,633 128, 898
1923
11,14310,14112,76612,28412,15311,37011,06410,8209,821
10,89810,58710,937
133,984
1922
8, 5787,467
10,1189,1539,2859,9138,9709,7949,469
10, 5949,774
11,705
114,820
Month
St. Louis, Mo. Springfield, Mo.*
1924
JanuaryFebruary..MarchAprilMay.June.July.AugustSeptember.OctoberNovember.December ~
Total
691,411607,887675,504646,886679,129680,262631,843617,326627, 575742,191645,762759,900
8,005, 676
1923
721,404577,095676,381659,106701,287719,208
601, 236604,826749,770655,099730,887
8, 033,198
1922 1924 1923 1922
556,884472, 239551, 507532, 988587,089611,137576,618552,303580, 682664,297582,460706,578
13,02111, 59314,38410, 7617,1988,91411,66111,15512,10413,34312,01113, 295
6, 974, 782 139,440
15,59512,29514,17113,78715,32515,22512, 59313,67814,12415,45515,13915,683
13,13911,10612,60512,28112,43713,73611,89212,40112,25012,75213, 64715,717
173,070 I 153,963
NOTE.—Centers which have not reported continuously for the 18 months ending^Dec. 1, 1924, are notincluded in the table.
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DISTRICT NO. 9— MINNEAPOLIS
No. 1.—CONDITION OF FEDERAL RESERVE BANK
[In thousands of dollars]
RESOURCES
Gold with Federal reserve agentGold redemption fund with United States Treasury
Gold held exclusively against Federal reserve notes.Gold settlement fund with Federal Reserve Board _Gold and gold certificates held by bank
Total gold reserves.-. .._Reserves other than gold _
Total reservesNonreserve cash._ _ _..Bills discounted:
Secured by United States Government obligations..Other bills discounted
Total bills discounted___ _...Bills bought in open market _United States Government securities:
Bonds _Treasury notes _Certificates of indebtedness ._ _
Total United States Government securities-Foreign loans on goldAll other earning assets ..
Total earning assets,
5 per cent redemption fund—Federal reserve bank notes.Uncollected items. _ . .Bank premises.., _ ._ _AH other resources. _ _ _
Total resources _•
LIABILITIES
F ederal reserve notes in actual circulation.
Deposits:Member bank—reserve accountGovernment.Other deposits
Total deposits.
Deferred availability items.Capital paid inSurplus.All other liabilities ZIIZIZ
Total liabilities.
Dec. 31,1924
73, 528908
74,43619, 5695,867
99,8721,608
101,4801,027
2294,223
4,452
8,85613,1453,787
25, 788216
30,464 I
Dec. 31,1923
13,9422,9013,495
153, 309
71, 761
55,9671,636
422
58,025
11, 8833,2707,497
873
153, 309
Ratio of total reserves to deposit and Federal reserve note liabilifiesj& combined (per cent) „_. .Contingent liability on bills purchased for foreign correspondents. _.
78.21,537
54,5522,053
56,60523, 545
88,978955
89,933943
3,28915,368
18,657623
7,1222,749
165
10,036
29,316
14, 5072,1033, 526
140, 328
64,952
46,9042,416
497
49,817
13,4823,4987,4841,095
140, 328
78.4646
Dec. 31,1922
46,3723,423
49,79523,499
7,535
80,8291,190
82,0190)
2, 53919,377
21,916
4, 5238,049
499
13,071
39
35,026
19618,166
9421,809
138,1.58
58, 735
49, 310800916
51, 026
16, 5883,5357,473
138, 158
74.7929
1 Not shown separately prior to 1923.403
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404 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
No. 2.—PRINCIPAL ASSETS AND LIABILITIES OF FEDERAL RESERVE BANK,BY WEEKS
[Amounts in thousands of dollars]
Date
1924Jan. 2
916 . .2330
Feb. 6132027
Mar. 5121926 '-_.
Apr. 29___.___
162330—
M a y 714.2128. .
June 4 .111825.
July 29 . . .
162330
Aug. 6132027
Sept. 3101724
Oct. l ._-__-8
152229
Nov. 5121926
Dec. 310172431
Daily average
Totalearn-ing
assets i
31,08733,14329,36830, 28327, 854
29, 91525,90028, 59929, 361
31,93630,30437, 34737,166
36, 55935,90638, 06141, 02138, 795
38,91741, 67841, 77739,38940,44341,29640,18940, 24739 42140,02140, 46541,08241,32942, 25041,18141, 40141, 20840, 79341,91642,08941,37539, 64239, 56938, 29137, 26337, 05335,00735, 54134,33233, 58632, 57529, 35030, 30930, 50530,46436,845
Bills discounted for jmember banks |
Total
Billsse-
curedby
U.S.Gov-ern-
mentobliga-tions
Otherbillsdis-
counted
Billsbought
inopen
market
UnitedStates
curities
19,82119,68516, 96417,31916, 213
17,43813,97115,41714, 771
15, 69013, 03915, 67012,824
13,69812, 54914,91317, 29013,691
14, 56916,89916,91716, 27415,84715,03614,26314, 31714,09814,44214,46814, 74615,33314, 44014, 01314, 05413, 88413, 56312, 74712,06311,1549,6088,5628,0877,5456,8685,8215,6305,4005,3134,6934,6074,5644,375{4,452
12,875'.
4, 740)4,4632,5862,4111,372
2, 773!912
1,3601,355
2,805662
3,280671
2,005834
2,8054,947845
1,2022,4222,0211,0981,040584482695717771692731911349343356376373323253303178114129!276117619193130126212293198
' 2022291
15,081115, 222:14, 37814, 90814, 841
14, 66513,05914, 05713, 416
12, 88512, 37712, 39012,153
11, 69311, 71512,10812,34312,846
13,36714 47714,89615,17614,80714,45213, 78113,62213,38113,67113, 77614,01514,42214,09113,670
13, 50813,19012,42411,81010,8519,4308,4487,9587,2696,6925,6305,5375,2705,0514,5714,5144,3664,1734,223
Totalcash
reserves
1,9172,1382,6502,891
3,0313,0593, 867J4,734
5,147
8^8028,087
7,0455,0084,0533,9813,731
3,3992,9201, 844i1,7321,4441, 305!1,5861,187
934l,069j
846|7151345|
213|158i129j2731908
1,6471,674
2,2542,7812,5022,070
1,4201,3141,09763536812416158
2,259
10,37711,54110, 26610, 3148,750
9,4468,8709,315
11,09911, 42712,87516, 255
15,81618, 34919,09519, 75021, 373
20,94921,85923,01621,38323,15224,95524, 34024, 74324,38924, 51025,15125, 62125, 65127, 52026,95527,18927,19526,95728, 26128, 37928, 54727, 78028, 22627, 69527, 64128,31827, 75928, 59027,83527,63827, 29824,40325, 51325,89925, 788
Mem-ber
banks'reserve
de-posits
86,01386,23387,02685,195
88, 06788, 85991, 30186, 726
91,13889,19783,43682, 793
85, 24683,18783,95079,11378, 712
85,36580, 82677, 24880,11082, 76676,34875, 56778,15777, 26080,43175,95475,48274, 53271, 66175,18173, 59273,29974,73175,42573, 56979, 79684, 20285,12893, 22493, 38090,99899,92996,637102, 340102,23498, 567106, 216103,96498,888101,480
21,692 85,936
48, 20249, 08145,09246,97244, 759
48, 70345, 58547, 37743, 808
50, 41447,17449,06348,142
49, 01646, 79049, 22048, 79545,165
47,44746,51544, 03845,17748, 44044,39945,53745, 38843,60947,32844, 55244,40446,00045,04748, 79146, 58746,97645,95847, 64746, 26850,13049,46951, 21357, 01255,96452, 25856,99456,11959,84958,36853,17958,86359,59953, 59155,96749,464
Totalde-
posits
52,42150, 59248, 22950, 37446,681
50, 49647,04748, 80744, 981
52, 11149,11250,41049,992
50, 91648, 87351,80251, 56248, 75049, 54948,15045, 63046, 74050,18545,98846, 27847,46145,04248, 83046, 39646, 56247, 91746, 68149,92447,86948,35847, 46549, 26947,19452, 71352, 75053,48260, 91258,14454, 26759,68357, 71861,68060, 51055,10660, 76960 , - ' "55, 26758,02551,425
Federalreservenotes
incircu- ilation 1
s ° r v e
64,816!63, 242!62,10362, 05361,920
63,19365,98967, 58167, 453
67,93667.14166,97266, 729
67, 25667, 29366, 61565,90465, 430
71, 26371,69470, 30469, 56269, 78269, 22268, 49967, 77368,49069,12967,48766, 50465, 37665, 02863, 73663, 97263, 50164, 23264,54664,82865,09766,49468, 66869,10769,83270,38972,27772, 42072,40871,82472, 66272, 51072.14273, 57471, 76167, 659
75.875.678.277.478.4
77.578.678.477.1
75.976.771.170.9
72.171.670.967.3
70.767.466.668.969.066.365.867.868.168.266.766.865.864.166.165.865.566.966.365.767.770.669.771.773.073.075.774.376.377.377.179.778.376.878.272.2
1 Includes other earning assets as follows:. Municipal warrants $7,000, Oct. 15 to Nov. 12. Foreign loanson gold $216,000, Dec. 3 to 31.
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DISTRICT NO. 9 MINNEAPOLIS 405
No. 3.—DISCOUNTS AND PURCHASES OF BILLS AND SECURITIES BY FEDERALRESERVE BANK: VOLUME, BY CLASSES
[In thousands of dollars]
Month
1924JanuaryFebruaryMarchApril
May _JuneJulyAugust . . .
SeptemberOctober.NovemberDecember
Total: 192419231922
Bills discounted for member banks
Total
18,38211,68611,87213,414
15, 2946,4926,7993,720
2,6052,4002,3255,365
Securedby U.S.Govern-ment ob-ligations
Com-mercial
and agri-culturalpaper,n. e. s.
10,392 | 7,9477,285 I 4,3528, 661 3,1858, 642 4, 750
7,2331, 6551,871
857
621378624
3,465
8,0064,7914,8852,853
1,9291,9971,7011,899
100, 354290, 054193,014
51,684 | 48,295184,906 I 104,32086,029 j 106,812
Tradeaccept-ances
1869
173
Demandandsightdrafts
357759
Bills bought in open market
Total
2,3053,092
. 2,7201,764
8281,519
466164
1,8841,092
15,8346,064
Bankers'accept-ances
2,2692,9472,5831,685
1,519466164
1,8841,082
15, 3976,029
Dollarexchange
3614513779
30
10
43735
Month
JanuaryFebruary-MarchApril
MayJuneJuly....August.
September..OctoberNovember..December..
1924
Total: 1924.1923.1922.
Billsbought
fromotherFed-eral
reservebanks
3,006
3,006
U. S. securitiespurchased inopen market
Bondsand
notes
7,2064,0526,41110,105
10,72210,40111,3967,071
13, 2155,4988,795
101,16032,67342,372
Certif-icatesof in-debt-edness
3,402854
6,0241, 947
3,4007,9321,529
U.S.securi-
tiespur-
chasedfromotherFed-eral
reservebanks
306
2,602
"~"I63~
2,300
4,0647,942
7102,854
42,95857,92038,061
3,061
For-eignloans
ongold
Mu-nicipalwar-rantspur-
chased
216
216
Total discounts andpurchases
1924
31,60119, 68430,03329,832
30, 24426,49720,19013, 255
14,84124,6568,533
17,230
266,596
1923
60,14518,05221,56325,109
37,93028,74229,452
33,16434,86725,81833,771 i
1922
26,08020,71225,89020,477
23,78529, 45916,17718,760
22,68520, 62614,86633,996
386,711| 273,513
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406 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
No. 4.—BILLS DISCOUNTED BY FEDERAL RESERVE BANK: VOLUME, BY STATES
[Amounts in thousands of dollars]
Month
1924JanuaryFebruaryMarchApril
MayJune - -- -JulyAugust -.
SeptemberOctober _NovemberDecember
Total: 192419231922
Number of memberbanks at end of year:
192419231922
Number of memberbanks accommodated:
192419231922
Michi-gan1
206757580
80166
7081
135261
1,2292,4088,273
494949
131818
Wis-consin l
299162359199
2072378755
757999
221
2,0793,580
10, 261
565658
212529
Minne-sota
11,9988,0409,2339,633
10,6822,4313,4871,417
9451,2401,1653,824
64,095232,199
97,457
364375377
139161222
NorthDakota
1,4211,230
7971,513
1,4471,3951,4051,175
897413129208
12,03014,27620,768
174188188
106118145
SouthDakota
2,8561,029
6741,060
2,0461,4931,267
638
425531733696
13,44819, 59427,885
133147153
95105127
Mon-tana
1,6021,150
734929
832770553435
1935664
155
7,47317,99728, 370
130164189
102132165
Total
18,38211,68611,87213,414
15, 2946,4926,7993,720
2,6052,4002,3255,365
100,354290,054193,014
906979
1,014
476559706
Numberof
memberbanks indistrict
at end ofmonth
975969956950
945940930928
921915907906
Numberof
memberbanksaccom-
modatedduring
themonth
298217207236
268265254197
1239495
100
1 Figures relate only to that part of the State located in the Minneapolis district.
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DISTRICT NO. 9—MINNEAPOLIS 407
No. 5.—EARNINGS AND EXPENSES OP FEDERAL RESERVE BANK
1924 1923 1922
Discounted billsPurchased bills __.United States securitiesDeficient reserve penalties.Miscellaneous
$578,44784,269
848,07040,17558,109
$1,088,89931,414
520,72491,94316,273
Total earnings.. 1,609,070 1,749,253
CURRENT EXPENSESSalaries:
Bank officers __ _Clerical staff _Special officers and watchmenAllother ______ _
Governors' conferencesFederal reserve agents' conferencesFederal Advisory Council _ _Directors' meetings _Traveling expenses1 _Assessments for Federal Reserve Board expensesLegal fees _Insurance (other than on currency and security shipments) _Insurance on currency and security shipments. __Taxes on banking houseLight, heat, and powerRepairs and alterations, banking houseRen t . . . _Office and other suppliesPrinting and stationery _ _Telephone _TelegraphPostage _Expressage _ _Federal reserve currency:
Original cost, including shipping chargesCost of redemption, including shipping charges
Taxes on Federal reserve bank-note circulationAll other expenses.
121,350429,49325,57667,148
566246
1,0879,052
52,45421,86723,46329,60016,1751,5801,468
42643,39920,89138,0637,310
23,99874,68310,093
6,7961,738
36,645
Total current expenses.. 1,065,167
PROFIT AND LOSS ACCOUNT
EarningsCurrent expenses.
1,609,0701,065,167
Current net earnings. 543,903
Additions to current net earnings:Withdrawn from reserve for depreciation on United States bondsAllother . . .
143,46927,101
Total additions.. 170,570
Deductions from current net earnings:.Depreciation allowances on bank premisesReserve for depreciation—United States bonds..Reserve for probable losses _Furniture and equipmentAllother
310,862
48,93825,571
113,236460,12824,04135.756
60690
1,1959,50732, 64923,70414,14930,47411,4091,5931,836196
46,69923,86036.7576,98825,75790,3037,955
40,00510,622
32,622
1,082,137
1,749,2531,082,137
667,116
8,327
8,327
40,40553,856200,00023,32832,399
Total deductions ____
Net deductions from current net earnings i
Net earnings available for dividends, surplus, and franchise tax
Dividends paid _ _Transferred to surplus account __Franchise tax paid United States Government...
385,371 349,988
214,801 341,661
329,102 325,455
202,82812,628
113,646
$1,451,659
383,531128,087
5,971
1,969,248
107,977463,39022,28116,446
467267
1,14011,40721,4724,94511,59225, 7929,4971,578
9021,667
44,03821,95442,5157,090
21,69795,002
53,33416, 76514,26047,469
1,084,942
1,969,2481,084,942
884,306
41,231
41,231
14,91378,05824,64025,231
142,842
101,611
782,695
213,7742 4,469
2 564,452
1 Other than those connected with governors' and agents' conferences and meetings of the directors andof the Advisory Council.
2 After charging surplus and crediting franchise tax with $52,423 paid as an additional franchise tax for1921. Amounts transferred to surplus and paid as a franchise tax out of earnings for 1922 were $56,892 and$512,029, respectively.
36569—25t 27
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408 ANNUAL REPORT OF THE FEDERAL* KESERVE BOABD
No. 6.—VOLUME OF OPERATIONS IN PRINCIPAL DEPARTMENTS OP FEDERALRESERVE BANK
1924 1923 1922
NUMBER OF PIECES HANDLED
Bills discounted:ApplicationsNotes discounted «,
Bills purchased in open market for own account _.Currency received and counted..Coin received and counted _..Checks handled _ __.Collection items handled:
United States Government coupons paidAllother _
United States securities—issues, redemptions, and ex-changes by fiscal agency department
Transfers of funds _Envelopes received and dispatched. _
AMOUNTS HANDLED
Bills discounted _.Bills purchased in open market for own accountCurrency received and countedCoin received and countedChecked handledCollection items handled:
United States Government coupons paidAllother
United States securities—issues, redemptions, and ex-changes by fiscal agency department
Transfers of funds .
5,66227,5271,294
31,575,0008,833,000
26,219,000
1,228,000368,000
247,00067,000
2,162,000
$100,354,00015,834,000
172,154,0002, 709,000
3, 652,895,000
10,478,000154,614,000
107,875,0002,405,908,000
7,87535,533
36532,174,0009,906,000
27,433,000
1,747,000340,000
2 5,072,00070,000
2, 775,000
$290,054,0006,064,000
179, 737,0002,203,000
3,383,365,000
10,974,000155, 783,000
203, 764, 0002,189,155,000
0)47,933
27,019,0009,397,000
25,148,000
2,435,000327,000
1,277,0003 28,000
0)
$193,014,000
156,734,0002,157,000
2,960, 234,000
11,296,000137,087,000
225, 517,0003 1,640, 524,000
1 Data not available.2 Large increase due to redemption of war-savings securities which matured January 1, 1923.8 Exclusive of transfers to the 5 per cent redemption fund of national banks.
N o . 7 . — O P E R A T I O N S OF F E D E R A L R E S E R V E C L E A R I N G SYSTEM
[Figures include cash items only. Numbers in thousands; amounts in thousands of dollarsl
Month
1924JanuaryFebruary _March .April
MayT u n e . . . . . . . . . . . . . . . . .
August
SeptemberOctoberNovemberDecember.. .
Total: 19241923 . . . .
Items drawn onbanks in owndistrict
Number
1,9821,8422,0151,969
1,9401,9411,9391,786
1,9582,2692, 0552,311
24,00725,436
Amount
222,828202,579243,579244,263
242,480246,963254,314241,256
299,828363,474320,171323,861
3, 205, 5962,959,553
Items forwardedto other Federalreserve banksa n d t h e i rbranches
Number
1139399
109
99102\0795
93110104124
21, 2482 1,199
Amount
25,90323,52627,25927,743
26,68825,26726,32124,310
28,00032, 32028,84030,956
2 327,1332 314,674
Items drawn onTreasurer ofUnited States
Number
63697283
837269l i
88977479
937770
Amount
8,6748,7448,0957,916
8,7617,5247,4808,095
8,6099,8709,825
10,377
103,97093,684
Total i
Number
2,1582,0042,1862,161
2,1222,1152,1151,969
2,1392,4762,2332,514
26,19227,405
Amount
257,405234,849278,933279,922
277,929279,754288,115273,661
336,437405,664358,836365,194
3,636,6993,367,911
1 Exclusive of duplications on account of items handled by both parent bank and branch.2 Includes 60,000 items, aggregating $58,453,000, and 34,000 items, aggregating $24,829,000 forwarded
direct to drawee banks in other districts during 1924 and 1923, respectively.
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DISTRICT NO. 9 MINNEAPOLIS 409
No. 8.—CLEARINGS AND TRANSFERS THROUGH GOLD SETTLEMENT FUND
[In thousands of dollars]
Week ending—
1924Jan. 2 (one day)
916._2330
Feb. 6132027
Mar. 5 . . .12 _192 6 . . . . . _ .
Apr. 2 . .9
1 6 . . . .2330
May 7142128
June 41 1 . . . .1825
July 29
16____2330
Aug. 6132027
Sept. 310 .17.24. .
Oct. 18 _
1 5 . . . .2229
Nov. 5121926.. _.
Dec. 3 . . .10.1724 _3 1 . . . . _
Total: 1924...1923.. . .1922
Paymentsto otherFederalreservebanks
8,43536,88136,06932,04630,963
31,49230,60635,49532, 755
36,85737, 26445,86540,381
36, 59236,01434,94538,11635,104
34, 24435.04339, 21933, 508
33,45547, 67349,69035, 223
45, 53231,26038, 63635, 79135,059
37,11633, 49140, 95833, 674
26,36342, 05040.04441,046
43,68646, 76247,48255,90155,498
42,17145,08849,63849, 946
43, 20946,40448,95644,12636, 613
2, 060,4351, 754,2601, 566,083
6,99634,20536,46533,31629, 747
32,90031, 68837,74428,253
40,70935,15940,47740,241
39,60032,93635,78933, 52235,103
41,15930,74835,97936,838
36,32841,42049,19237,866
45, 36034,75733,93835,36734, 355
34, 75837,04739,40933,491
28,22343,00938,74447,705
48, 68548,19255,97356, 77854,081
52,17242,17755,49050.017
39,60854,40246,78539,49338,963
2,083,3591,764, 5151, 587, 557
Net loss
1,4392,676
1,216
4,502
2,1055,388
140
3,078
4,5941
4,2953,240
6,253
172
424704
2,358
1,549183
1,300
1,417
3,601
2,1714,633
Net gain
3961,270
1,4081,0822,249
3,852
3,008
844
6,915
3,330
2,873
2,643
3,497
3,556
1,860959
6,659
4,9991,4308,491
877
10,001
5,85271
2,350
22,92410,25521,474
Net gain in ownership of gold since establishment of fund in 1915, $72,719,000.
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410 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
No. 9.—REPORTING MEMBER BANKS IN LEADING CITIES: PRINCIPAL RESOURCESAND LIABILITIES
[In thousands of dollars]
Last report date in—
Investments
Loans and discounts
1924 1923
United States securities
1924 1923
All other
I1924 1923
January . . .February.MarchApril.MayJuneJulyAugustSeptemberOctober.._NovemberDecember.
231,097235,533 i242,235230, 525223, 693226, 613220, 671226, 397241, 673267, 779272,110271, 914
247, 447246,447249,373249,412240, 097236, 407233, 441234, 776244,154249,354247, 575240, 379
54,56754, 56458,90254,10054,47956, 04354, 77455, 97556, 05663, 73170, 66870, 922
51, 73052, 50952, 77550, 84954,07255, 20553, 68652, 36355, 02253, 36652,67153,840
26, 54725, 44524,84924,94823, 58923, 35324,91726, 43027,16731, 20435,93137,163
30,80630,48631, 06430, 43429, 21929, 67129, 34929,13727, 62027, 38826,78128, 746
Last report date in—
Net demand deposits
1924 1923
Time deposits Accommodation atFederal reserve banks
1924 1923 1924 1923
January . . .February.MarchAprilMayJuneJu ly . .August . . . .SeptemberOctober__.NovemberDecember.
196,866202, 587208, 427193, 595191,941193,400192, 261194,726214,785248, 618268, 035260, 896
214,403214, 735209, 647204, 427205,822194, 525192, 776192,170197,835208, 496206,104197, 019
83,95884, 05983, 98482, 23083,08285, 00988, 53689,90790,90595, 47797, 057101, 614
84,38982, 64183, 65385,31284,24983,95785,53187,12984, 45282,68583,80285, 309
2,040lr9501,122872
2,9821,0641,55444929356314050
2,6681,3605,9078,24211,22512,33210, 4539,64813,82812, 5367,7769,631
NOTE.—Figures are for about 25 banks in Minneapolis, Helena, Duluth, Fargo, Great Falls, La Crosse,St. Paul, and Sioux Falls, which submit weekly reports to the Federal reserve bank.
N o . 1 0 . — D E B I T S TO INDIVIDUAL ACCOUNTS
[In thousands of dollars. For explanatory note see p. 154]
Month
JanuaryFebruary..MarchAprilMayJuneJulyAugustSeptember .OctoberNovember.December-
Total
Total for 9 centers i
1924
565, 332523,317584, 754552, 910596,115613, 515634,515596, 031773, 680
1, 059, 292891,171849, 622
1923
647, 312510,811600, 805596,914634, 217652, 341593, 964598, 206635, 309700,333664,498660, 760
8, 240, 254 7,495,470
499, 020455, 305556, 282512,419546, 252569, 323554, 605580, 550654,491698,732633,665710, 631
6,971,275
Aberdeen, S. Dak.
1924
5,4554,5355,0055,2425,3615,2235,8736,0687,5518,1026,9087,195
72, 518
1923
5,3453,8245,0655,0515,4905,9385,6536,0906,0496,5865,9026,258
67,251
1922
5,0813,9024,8225,1965,4166,0005,7826,0316,2865,9195,3406,471
66,246
* Figures for cities marked with an asterisk (*) are not included in the district summary or in the nationalsummary of 141 centers.
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DISTRICT NO. 9 MINNEAPOLIS 411
No. 10.—DEBITS TO INDIVIDUAL ACCOUNTS—Continued
[In thousands of dollars]
Month
Billings, Mont.
1923 1922
Dickinson, N. Dak.*
1924 1923
JanuaryFebruary. _MarchApril.MayJuneJuly. _.AugustSeptember.OctoberNovember.December..
Total
6,8906,7985,4345,6746,3856,8886,5656,3087,427
liO, 3528, 7328,497
8,8106,5938,5257,9968,3827,7418,2447,8797,5389,0208,1468,495
7,1065,5926,3816,3566, 5767,4197,3537,3037,0828,4189,02810, 607
1,2851,1031,1611,1611,1721,0361,4571,1701,4632,3502, 5852,223
1,5821,0801,4301,3711,559M921, 4121,3051,3931,6681, 7831, 680
85, 950 97, 369 19, 221 18,166 17, 455
7581,1531,3051,0511,0021, 2221,330-1,2741,6451,6,681,793
14, 201
Month
Duluth, Minn. Fargo, N . Dak.
1924 1923 1922 1924 1923 1922
JanuaryFebruary__MarchAprilMayJuneJulyAugustSeptember.OctoberNovember.December..
Total
52.94754', 05157, 84254,69265, 22882.30485, 73378,706142,975259, 097208, 521128,354
67,13053, 62761,80169, 77284,17993, 73977,71570,65487/96290,44194,11569,984
46,41242,49058, 38651,48769,08377, 27665,44577,927105,005105,44996,42389,197
10, 7269,387
11, 23711,75510,87610,40010, 65610, 72712,14814,95113, 57512,872
11,6978,41511, 72912, 00913, 04513,38211,71312,10912, 39215, 05613,19813,109
1, 270, 450 921,119 884, 580 139, 310 147,854
9,0307,4339,74510,28411, 24711,31611,67612, 79113,49314, 28012,02111, 597
134,913
Month
Grand Forks, N. Dak. Helena, Mont.
1924
JanuaryFebruary . .MarchAprilMayJ u n e . .JulyAugustSeptember .OctoberNovember.December..
Total
5,8615,6816,0075,6485,4375,7465, 7305, 5237,845
10,45110,4259,460
83, 814
1923
7,8505, 5637,9637,9367,7587,7687,2297,3058,29310, 5158,9167,690
94,78
1922 1924 1923
5,4814,4535,8276,2756,1745,6995,4396,3187,781
10, 6228,3878,555
8,8918,7318,807 '8,1498,2618,65010, 2139,21610,49611, 88210, 32310,485
81,011 114,104
11,31810,1759,3697,7188,9769,0879,1739,7878,00810. 3239,4899,957
113,380 |
]P22
10, 6608,5688,4158,5718,8709,0949,6399,4479,33610, 97911,07013, 698
118,347
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412 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
No. 10.—DEBITS TO INDIVIDUAL ACCOUNTS—Continued
[In thousands of dollars ]
MonthJamestown, N. Dak.*
1924 1923 1922
La Crosse, Wis.*
1924 1923 1922
JanuaryFebrua ry . .MarchAprilMay.JuneJulyAugustSeptember.OctoberNovember.December..
Total
1,8861,8301,7002,4081,8461, 7462,0101,8412, 0202,786 I2,3192,581
24,973
2,4421,5661,8622,3522,1101,9961,9922,1792,2112,5152,3672,137
1,3851,5811,8931,8011,9251,8691,9812,1442,3422,1552,451
10,1949,16310,4039,7439,8919,716
10,6229,5769,941
10,4349,043
10,382
12, 61010, 05512, 39911,60613, 53013, 41412,96112,1389,87110, 02710, 08910,409
25,729 21, 527 119,108 139,109
Month
Minneapolis, Minn. Minot, N. Dak/
1924 1923 1922 1924 1923 1922
JanuaryFebruary- _MarchAprilMayJune..JulyAugustSeptember,OctoberNovember _December..
Total
306,897280, 623315,675296, 209319,349317, 005336, 788322,496424, 818552, 809467, 080468,262
348, 571261,922306,702311, 353326,414317,838296,945300, 538336,186377, 697348,131352,648
263, 320250,487299,324275, 383286,922280,435276, 775292, 781336, 043356, 016321, 796369, 553
3,4833,4503,8594,0464,1104,0884,4954,7075,8638,9057,1966,314
4,8213,0883,9123,9784,1873,8684,8424,5214,3495,1784,6624,035
2,5493,5873,6853,3303,3293,6873,9394,7476,3234,9425,233
4,408, 011 3, 884,945 3, 608, 835 60, 516 51,441 45,351
Month
Red Wing, Minn." St. Paul, Minn.
1924 1923 1922 1924 1923 1922
JanuaryFebruary...MarchAprilMayJune.JulyAugustSeptember-OctoberNovember.December. .
Total
2,0721,8612,0912,0812,3392,3502,3222,0102,3162,8612,6612,660
2,2411,6501,9092,1372,2452,4761,9742,1202,1852,5482,2422,717
1,6892,0161,9251,9152,4332,0821,9502,0292,3022,2672,639
159,878146,131167,406157, 786167, 668169, 501165,646149,630153, 035181,950158,450196,810
179,114153, 677181, 252167, 046172,401189,128169, 326174,387160, 408171,910168, 642184, 368
145, 548126,443155,934142,235145, 052164,894165,484160,208161,486178, 534162, 266192,597
27, 624 | 26,444 23, 247 1,973, 891 2, 071, 659 1,900, 681
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DISTRICT NO. 9—MINNEAPOLIS 413
No. 10.—DEBITS TO INDIVIDUAL ACCOUNTS—Continued
[In thousands of dollars]
Month
Sioux Falls, S. Dak.*
1924 1923 1922
Superior, Wis.
1924 1923 1922
Winona, Minn.*
1924 1923 1922
JanuaryFebruary...MarchAprilMayJuneJulyAugustSeptember..OctoberNovember..December. .
Total.
14,93210,10412,26712,28512,65312,67715,46313,82313,16616,47613, 74413,895
17,80313, 52818,64215, 22315,19616,47414,25514,96214, 69315,99116,16517, 353
16, 56111,75014,17913,15714,34213, 84315, 51514,22313, 74815,20214, 37516, 911
7,7877,3807,3417,7557,5507,7987,3117,3577,3859,6987,1577,687
7,4777,0158,3998,0337,5727,7207,9669,4578,4738,7857,9598,251
6,3825,9377,4486,6326,9127,1907,0127,7447,9798,5157,3348,356
4,7254,0064,4314r1574,7234,5154,3704,0854,8254,9815,1456,901
9,1274,4534,7144,5294,7495,2185,2484,2764,4834,9595,0805,112
161,485 190, 285 173, 806 92,206 97,107 87,441 56,864 61,948
4,1053,2634,270
4,0535,1844,6433,7974,476
4,5465,592
52,710
NOTE.—Centers which have not reported continuously for the 18 months ending Dec. 31, 1924, are notIncluded in the table.
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DISTRICT NO. 10-KANSAS CITY
No. 1.—CONDITION OF FEDERAL RESERVE BANK
[In thousands of dollars]
EESOURCES
Gold with Federal reserve agentGold redemption fund with United States Treasury
Gold held exclusively against Federal reserve notesGold settlement fund with Federal Reserve BoardGold and gold certificates held by bank _
Total gold reserves . .Reserves other than gold
Total reservesNonreserve cash _
Bills discounted:Secured by United States Government obligationsOther bills discounted _ _
Total bills discounted .Bills bought in open market
United States Government securities:Bonds. _ __ .Treasury notesCertificates of indebtedness . . _.
Total United States Government securitiesForeign loans on goldAll other earning assets
Total earning assets _ _
5 per cent redemption fund—Federal reserve bank notes _Uncollected itemsBank premises _ _ "_ _ ...All other resources _
Total resources _
LIABILITIES
Federal reserve notes in actual circulationFederal reserve bank notes in circulation—net
Deposits:Member bank—reserve accountGovernment _Other deposits -
Total deposits
Deferred availability items . . . . .Capital paid in . .SurplusAll other liabilities _ _
Total liabilities
Ratio of total reserves to deposit and Federal reserve note liabilitiescombined (per cent) _- .
Contingent liability on bills purchased for foreign correspondents...
Dec. 31,1924
63, 4752,626
66,10140,9202,898
109,9193,964
113,8832,722
7274,249
4,97615, 661
8,91118,1826,288
33, 381276500
54, 794
42, 9753,968
733
219, 075
72, 836
92, 6922,291
614
95, 597
36, 9164,3388,977
411
219,075
67.61,963
Dec. 31,1923
41, 9203,390
45,31047, 0543,142
95, 5063,241
98, 7473,044
11, 20330, 664
41,867545
6,3327,572
514
14,418
56,830
34, 3464,595
570
198,132
67,165
74,9232,138
749
77, 810
38, 4934, 556'9,496
612
198,132
68.1817
Dec. 31,1922
55, 0312,354
57, 38530, 7682, 682
90, 8353,902
94, 7370)
7,35219,192
26, 544402
4,09123,468-11,630
39,189
66,] 35
20047.968.4,695
665
214,400
69, 8872, 066
82, 7821,2833,286
87,351
40, 5754,6239,488
410
214,400
60.31,651
1 Not shown separately prior to 1923.
414
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DISTRICT NO. 10—KANSAS CITY 415
No. 2.—PRINCIPAL ASSETS AND LIABILITIES OF FEDERAL RESERVE BANK, BYWEEKS
[Amounts in thousands of dollars]
DateTotal
earningassets*
Bills discounted formember banks
TotalOtherbillsdis-
counted
Billsboughtin openmarket
UnitedStatessecuri-
ties
Totalcash
reserves
Mem-ber
banks'reservedeposits
Totaldeposits
Fe( eralrese *venote.1 in
circ i-lati( n
Re-serveper-cent-ages
1924Jan. 2__.
23 _
Feb. 6_.13_20_27 _
Mar. 5_12_19.26 _
Apr . 2-9
23 _30 _
May 7 .14 _21 _28_
June 4_11-18-25-
July
23 _30 -
Aug . 6.13 _20 _27_
Sept. 3_10-.17..24..
Oct. 1-8..
15-22_29_
Nov. 5_12_19.26 _
Dec . 3_10_17_24 _
59,91959,62750,89350,24'44,881
42, 58645,46945,38846,639
48,17948,71648,89843, 661
44,05648,04149,44249, 67849, 573
48,46347, 60445, 30246,163
50,87451,29654, 23149,815
46,11347,12746,26145, 52943,685
45,24544,80544,01343,683
43, 60346,21148,80247, 578
46,93548, 52748,83949, 71050, 976
51,89653,16154,14454,183
56,12652,32152,86655,81754,794
44,51248,61939,65338,40136,197
33,25933,43627,89427,459
26,97125,89924,09420,900
21,10623,64925, 70925, 59125,394
24,97424,66823, 72424,405
25,85125, 23724, 71119,992
17, 65517,74416,29416,24014, 649
13, 57612,61812,01511,436
10,93910,66010,1999,615
8,1587,7637,5517,409
6,6376,9986,4716,542
5,9945,5085,5515,5044,976
919
30,06230,30929,51828,77528.322
26,20825,330i23,41323, 851
23,747|22.32320,86818,422!
18,84620, 58822,45422, 65522, 6171
22,408|22,22921, 53222,365|
23,81423,49922,69118, 261
I
15,83515,927!15, 219115, 236|13, 698
12,71812,00611,43610,7821
10,2489,9149,6198,990
7,6687 , • "
6,8676,4906,160
5,9455,7965,4804,979
4,9024,7234,4724,6234,249
54510108575
5753,2798,1549,326
10,52710,9339,1248,449
8,3317,1355,8565,6574,887
4,1043,0931,6991,461
1,1011,2402,T2,036
1,6771,7201,5581,4521,186
436243130
5342,1383,6763,626
4,4275,6055,8536,8308,532
9,27210,15011, 58911, 542
13, 73413, 95613, 79716,16515,661
14,86210, 99811,23011, 7618,609
8,7528,7549,3409,854
10,11,88415,68014,312
14,61917,25717,87718,43019,292
19,38519,84319,87920,297
23,92224,81927,15127, 787
26, 78127, 66328,40927,83727,850
30, 70731, 75131, 75532,11
32,13033,41334,927
34,35035,15935,18535,22135,226
35,73735,76335,83435,849
35, 62232,08132, 74233,37233,381
95,856
99,152104,876
107,976103, 994102,146104,804
101,36597, 975101,189105, 760
108,426107,43197,95493,73394,327
97,69899,71798,908101,830
95,34391,19890,08389,100
104, 766
95,494103,341104, 645
104, 735105, 799105,419104,373
102,027102,411100, 579103,093
104,815103,986104,112105,048109,941
106,030103, 502110,997110,200
108,988110,606109, 691104, 659113,883
72,62077,67873,87876,10777,140
75, 61075,87873, 62078,500
77,00473,40176, 76675,196
75,23674,07973,92171,18071,142
75, 21176,82072,21875,949
76,93773,96377,97572,850
84,45277,80774,09674,62975, 647
77, 54180,81478.34676,326
75,30979, 56081.34780, 923
79,67080, 75280,43'81,60586,258
88,19186, 659
87,976
88,08584, 77987,10889,37392,692
77,34'80,15978,17280,30:80,311
78,89678, 58376,29381,206
78,81776,03978, 26"78,038
82,10577,72677,85672,91"73,359
77,35979,32374,55078,718
79, 68576,33779, 11175,001
86,39479, 33376,45081,49483,313
83,54285, 71984,47281, 754
78, 62582, 67983,35283,944
83,13483, 60884,63084,26889,152
91,44388,47790,80090,143
90,39087,69689,09891,28695, 597
67,06£65,2K63,9r63,33,62,752
64,61364,62664,49964,082
65,19964,43464,40863,872
63,81264, 52564,45363,88063,386
63,60462,77263,29863,096
63,81863,87963,43262,48'
64,47'64,02764, 20263, 59462,782
63, 50463,67064,26"64,34C
64,67964,74464,99064,782
65,59367, 51867, 92269,13168,500
71,00971,95872,10771,847
72, 59172,77273,18574*68172,836
66.464.470.369.073.3
75.272.672.672.1
70.469.770.974.5
74.375.568.868.569.0
69.370.271.871.8
66.465.063.264.8
69.467.667.971.271.6
71.270.870.971.4
71.269.567.869.3
70.568.868.268.569.7
65.364.568.168.0
66.968.967.663.167.6
Daily average 49,042 19,252 5,184 24,512 102,799 79,537 82,790 65,879 69.1
1 Includes other earning assets as follows: Federal intermediate credit bank debentures $250,000 Oct. 15to Nov. 26; $500,000 Dec. 3 to 31; foreign loans on gold $276,000 Dec. 3 to 31.
36569—25t 28Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
416 ANNUAL REPORT OF THE FEDERAL RESERVE (BOARD
No. 3.—DISCOUNTS AND PURCHASES OF BILLS AND SECURITIES BY FEDERALRESERVE BANK: VOLUME, BY CLASSES
[In thousands of dollars]
Month
JanuaryFebruaryMarchApril. . .
MayJuneJulyAugust .
SeptemberOctoberNovemberDecember
Total: 1924...1923.. .1922...
Month
1924JanuaryFebruaryMarch -April
MayJuneJulyAugust .-_ . .
September..October"MovATnbp.rDecember . -
Total: 1924..1923..1922..
Bills discounted for member banks
Total
59,22234, 60436,85026, 466
19, 09913, 3979,2004,203
4,3375,6374,9319,798
227, 744901,126328,019
Billsbought
fromother
Federalreservebanks
3,005
3,0052,002
Securedby U.S.Govern-
mentobliga-tions
46,09125,37623,55710, 629
7,3474,4252,7611,471
1,7962,8443,0527,863
137, 212733, 645206, 307
Com-mercial
andagricul-
turalpaper,n.e. s.
12,7809,125
13, 28615,824
11, 7438,9616,2922,701
2,5382,7931,8791,935
89,857166, 266121, 624
U. S. securitiespurchased inopen market
Bondsand
notes
2,4121,2342,4982,433
1,7136,3454,7732,332
1,495935887
8,866
35,92326, 65240,848
Certifi-cates
ofindebt-edness
788173
12,320250
6433,418
682499
2,901943471
2,426
25,51478,80643,824
Bankers'accept-ances
75
U . S .securi-
tiespur-
chasedfromother
Federalreservebanks
386
2,602
1,289
4,2772,400
450
Tradeaccept-ances
24117
5
26346788
Federalinter-
mediatecreditbank
deben-turespur-
chased
250
250
500
De-mandandsightdrafts
1108678
911
14731
3
412673
Foreignloans
ongold
276
276
Muni-cipalwar-rantspur-
chased
"""266"
Bills bought in open market
Total
757,4123,1811,991
1,0752,305
811402
3,9159,0449,838
10,576
50, 6252,0161,849
Bankers'accept-ances
756,8373,0561,936
1,0752,305
781402
3,9158,7699,706
10,446
49, 3032,0161,849
Dollarexchange
57512555
30
275132130
1,322
Total discounts andpurchases
1924
62,88346,42854,84933,742
22,53026,75415,4667,436
12,64816,80916,12732,192
347,864
1923
111,38334,13153, 67654,442
78,72695,82183,04561,011
77, 280117, 264124,042122, 447
I,~6l3,~268"
1922
46, 25448,22545,55827,361
18,77032,61914, 6419,550
20,28632,61837,44381,665
414,990
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DISTRICT NO. 10 KANSAS CITY 417
No. 4.—BILLS DISCOUNTED BY FEDERAL RESERVE BANK: VOLUME, BY STATES
[Amounts in thousands of dollars]
Month Mis-souri 1
Wyo-ming
Ne-braska
Colo-rado Kansas Okla-
homa iNewMex-ico i
Total
Num-ber ofmem-
berbanksin dis-trict atend ofmonth
Num-ber ofmem-
berbanksaccom-
mo-datedduring
themonth
1924JanuaryFebruaryMarchApril
May. _.June . .JulyAugust
SeptemberOctober _.. .NovemberDecember
Total: 19241923....1922.—
Number of memberbanks at end ofyear:1924 __..19231922
Number of memberbanks accommo-dated:1924 _19231922..
30, 65412, 76218, 7407,302
5,2723,0472,3862871415179140
192660720655
363578685194
105249147
13,218 6,8849,179 5, 5278,541 i 2,3836,680 2,971
3,2481,970664437
8381,4142,5001,616
80,861497,40478, 528
4,6375,0928,955
50,305173,40785,134
187194
133149146
2,0811,6831,155625
1,0882,4141,4277,207
3,1412,2452,3363,891
3,4502,2641,647353
386548348385
35,445139, 37777, 258
144146148
20, 99432, 92630,200
265278274
118128138
5,0383,7434,0934,850
4,4553,7342,5712,160
1,741948423324
34, 08051,45244,392
390415412
197216267
9548837117
23012192147
3813737
59,22234,60436,85026,466
19,09913,3979,2004,203
4,3375,6374,931
1,1371,1331,1261,115
1,1051,1031,0971,094
1,0901,0891,0881,086
1,4221,4683,552
227, 744901,126328,019
12 1,C1,1461,152
586653733
349.321307347
334321262168
162146108113
i Figures in this column relate only to that part of the State located in the Kansas City district.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
4 1 8 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
No. 5.—EARNINGS AND EXPENSES OF FEDERAL RESERVE BANK
1924 1923 1922
Discounted billsPurchased bills _.United States securitiesDeficient reserve penalties.Miscellaneous
$859,534158, 580947, 92936, 380
260,487
$1,793,86129,361
971,27137, 374
162,052
Total earnings.. 2, 262, 910 2, 993,919
CURRENT EXPENSESSalaries:
Bank officersClerical staffSpecial officers and watchmenAllother
Governors' conferencesFederal reserve agents' conferencesFederal Advisory CouncilDirectors' meetingsTraveling expenses l
Assessments for Federal Reserve Board expenses .
Insurance (other than on currency and security shipments).Insurance on currency and security shipmentsTaxes on banking houseLight, heat and powerRepairs and alterations, banking houseRent.Office and other suppliesPrinting and stationery "TelephoneTelegraphPostage ".ExpressageFederal reserve currency:
Original cost, including shipping chargesCost of redemption, including shipping charges.
Taxes on Federal reserve bank-note circulationAll other expenses
Total current expenses.
PROFIT AND LOSS ACCOUNTEarnings 2,262,910Current expenses I 1,866,087
161,144743,28675,182153, 548
613267442
26, 27614,47327,9729,34836, 65517, 39473,66242,09369, 30022,98626, 30534, 8677,760
67, 709140, 9759,531
161, 747821, 31076, 369
148, 210589261707
25, 85014,99930, 2966,04036,20217, 05776, 59444, 28855,00724,14337,49045, 2167,85071, 530142, 0839,468
43, 5968,642
52,060
9,07511, 7493,540
50, 449
1,866,087 1,928,119
2,993,9191, 928,119
Current net earnings-
Additions to current net earnings:Withdrawn from reserve for depreciation on United States bondsAllother
Total additions
Deductions from current net earnings:Depreciation allowances on bank premisesReserve for probable lossesReserve for depreciation on United States bonds..Furniture and equipment _ _Allother
396,823 1,065,800
16818, 019
18,187
628,468
Total deductions
Net deductions from current net earnings
Net earnings available for dividends, surplus, and franchise tax
Dividends paidTransferred to surplus accountFranchise tax paid United States Government ~.J__~_~~~~~~Deficit in earnings after payment of dividends, charged to surplus
account
36,4083,316
4,547
4,547
393, 983128,08612,17860, 379
128,010
2 253,182
265, 697
518,879
347, 711
275,3137,240
65,158
$1,492,6578,828
1,408, 73847,215
137, 222
3,094,660
161,530957,88362,918
107, 316512250460
25,60417,94132,2306,911
31, 74516, 70515, 49528, 25325, 88318, 78632,40845,3009,127
73, 831
156,451
64, 99028,07737, 71352, 501
2,010,820
3,094,6602,010,820
1,083,840
38,49963,460
101,959
337, 810
60,1284,825
668,192
650,005
722, 636
718,089
402, 763
300,804
783,036
275,6553 -157,432
3 664, 813
1 Other than those connected with governors' and agents' conferences and meetings of directors and ofthe advisory council.
2 Deficit in earnings before payment of dividends.3 After charging surplus and crediting franchise tax with $208,170 paid as an additional franchise tax for
1921. Amounts transferred to surplus and paid as a franchise tax out of earnings far 1922 were $50,738 and$456,643, respectively.
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DISTRICT NO. 10 KANSAS CITY 419
No. 6.—VOLUME OF OPERATIONS IN PRINCIPAL DEPARTMENTS OF FEDERALRESERVE BANK
1923 1922
NUMBER OF PIECES HANDLED
Bills discounted:Applications _Notes discounted
Bills purchased in open market for own accountCurrency received and counted..Coin received and countedChecks handledCollection items handled:
United States Government coupons paidAllother
United • States securities—issues, redemptions, andexchanges by fiscal agency department
Transfers of fundsEnvelopes received and dispatched
AMOUNTS HANDLED
Bills discountedBills purchased in open market for own accountCurrency received and countedCoin received and countedChecks handledCollection items handled:
United States Government coupons paidAllother
United States securities—issues, redemptions, andexchanges by fiscal agency department
Transfers of funds
8,40455, 574
3, 57448, 618,00063, 203,00061,976,000
2,141,000281,000
894, 000119,000
4, 028, 000
$227, 744,00050, 625,000
243, 905,00010,800,000
9, 786,001,000
18,060,000230,103,000
161, 889,0004,358,822,000
11,84167, 667
15048, 265,00066,188,00058, 566,000
2, 863,000238,000
2 9,032,000113,000
4,173,000
$901,126,0002,016,000
256, 300,00010, 257,000
8,817,168,000
20,684,000193,652,000
317,045,0003,189,812,000
0)70,249
5441,488, 00071,080,00054, 520,000
3,360,000215,000
819,000113,000
0)
$328,019,0001,849,000
288,221,00011,010,000
8,290,019,000
20,362,000166, 830,000
530, 649,0003, 753,239,000
1 Data not available.2 Large increase due to redemption of war-savings securities which matured Jan. 1, 1923.
N o . 7 . — O P E R A T I O N S OF F E D E R A L R E S E R V E CLEARING SYSTEM
[Figures include cash items only. Numbers in thousands; amounts in thousands of dollars]
Month
Number
1924JanuaryFebruaryMarch _.April
MayJuneJulyAugust
SeptemberOctoberNovember.December.
Total: 19241923
Items drawn onbanks in own
district
I Items forwardedto other Federal
| reserve banks andI their branches
4,2264,0944,4704,416
4,4484,4114,5904,553
4,8225,3674,8405,474
55, 71150,809
Amount !Number Amount
601,066546,175671,90S632,283
655,696657,337711,102696, 745
766, 527887,915791,327829,464
257238245239
232244254
245271229276
8,447,545 j7,460,858
2,9694,068
Number Amount
55,43546,13754,14053.497
44, 59850.49850, 59447, 508
58,32067, 64469, 21869,074
Items drawn onTreasurer ofUnited States
133128175223
173145137153
215242170149
666,663721, 760
2 2,0432 2,007
17,83216,87220,29021,981
18, 72023,80023,93617, 772
24,85924,93122, 20025,384
258, 577227, 705
Total *
Number Amount
T4,6164,4604,8904,878
4,8534,8004,9814,945
5,2825,8805,2395,899
60, 72356,884
674,333609,184746,338707,761
719, 014731,635785,632762,025
849, 706980,490882, 745923,922
9,372, 7858,410,321
1 Exclusive of duplications on account of items being handled by both parent bank and branch.2 Includes 5,000 items aggregating $3,132,000, and 12,000 items aggregating $4,024,000, forwarded direct
to drawee banks in other districts during 1924 and 1923, respectively.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
420 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
No. 8.—CLEARINGS AND TRANSFERS THROUGH GOLD SETTLEMENT FUND
[In thousands of dollars]
Week ending—
1924Jan. 2 (one day)..
9_16..2330
Feb. 6_.13._20._27..
Mar. 5. .12..19..26..
Apr. 2. .9..
16..23..30..
May 7..14..21..28..
June 4_.11..18..25..
July 2_.9..
16..23..30..
Aug. 6_.13..20..27..
Sept. 3_.10..17..24..
Oct. 1.8..
15..22..29..
Nov. 5..12..19.26.
Dec. 3.10.17.24.31.
Total: 1924.1923.1922.
Payments toother Fed-eral reserve
banks
19,11482,12379,09181,82780,874
75,69190,01986,11668,882
82,92587, 27696, 27190,642
75,44769,28498,30987,80087,689
79,55481,34683,09877,671
74, 27081, 79094,08990,229
91, 59982,52891,05687,15884,672
88,15192,27892,05293,487
77,77599,690
101,69290,350
90,70698,871
102,675113,13998,702
98,71799,944
116,639114, 732
93,386100,070108,933107,36987,359
4, 705,1574,367,5764,063,822
Receipts fromother Fed-eral reserve
banks
15,99379,13383,92880,99786,911
78f30585,15584,72571,413
79, 38482,26899, 92795, 823
78,66268,68089,24683,49286, 524
83,07683,48382,49479, 212
69,08776,97992,65885, 799
106,00174,09689,96892,20586, 568
89,58591,37690, 75392,264
76,54297,853
100,31892,860
91,80697, 77499,249
114,917103,402
95,90197,686
124,886112,449
93,154102,368109,005103,29296,078
4, 705, 7104,329,3274,052, 655
Net loss
3,1212,990
830
4,8641,391
3,5415,008
6049,0634,3081,165
604
5,1834,8111,4314,430
8,4321,088
9021,2991,223
1,2331,8371,374
1,0973,426
2,8162,258
2,283
232
4,077
38,24911,167
Net gain
4,837
6,037
2,614
2,531
3,6565,181
3,215
3,5222,137
1,541
14,402
5,0471,896
1,434
2,510
1,100
1,7784,700
8,247
2,29872
8,719
553
Net loss in ownership of gold since establishment of fund in 1915, $15,143,000.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
DISTRICT NO. 10—KANSAS CITY 421
No. 9.—REPORTING MEMBER BANKS IN LEADING CITIES; PRINCIPAL RESOURCESAND LIABILITIES
[In thousands of dollars]
Last report date in—Loans and discounts
1924 1923
Investments
United States securities
1924 1923
All other
1924 1923
January...February..MarchAprilMayJuneJulyAugustSeptemberOctober...November.December.
419,486414,488415, 597412, 780410,151403, 511402, 361402, 638406, 776417,924422, 364436,365
443,779453,053449, 786446, 504446,890449, 060446, 599442,912443,296444,923433,542428,175
75,05370,94769,99868, 56569,10767,29971,87274, 61181,138
87,28882,041
91,09388,27091,88993,67493,62092,06192,36291,33389,27486,19282,43680,164
55,63855,21754,47355, 51957,37757,300'58,38859,90565,20867,80271, 65772,945
59,01357,76558,72557,60660,33558,91959,58759,93461,96261,25158,16159,413
Net demand deposits Time deposits
Last report date in—
Accommodation atFederal reserve banks
1924
January . . .February..MarchA p r i l . . . . .MayJuneJulyAugustSeptemberOctober. _jNovember.December.
397,178404,223408,461395,853398,776402, 591414,930423,073442,886465, 736473,927483,386
1923 1924
460,828469,637460, 539443,341431,957427, 529433, 675436,266425,867407,442394,263396,110
130,472131,135131,363
133,932135, 571135,054135, 526135,756134,401135,428133,412
1923 1924
124,775122,652125, 587126,767131,807132,421133, 514134,526134,702134,159133,824132,672
19, 73811, 7536,19110, 6669,2514,7721,277931764452627102
1923
4,0665,69011,64919,61632,27933,66028,76824,97332,21240,88641,77233,199
NOTE.—Figures are for about 71 banks in Kansas City, Mo., Denver, Oklahoma City, Omaha, KansasCity, Kans., Lincoln, Muskogee, Pueblo, St. Joseph, Topeka, Tulsa, and Wichita, which submit weeklyreports to the Federal reserve bank.
No, 10—DEBITS TO INDIVIDUAL ACCOUNTS
[In thousands of dollars. For explanatory note see p. 154]
Month
JanuaryFebruaryMarchAprilMayJuneJuly -_AugustSeptemberOctoberNovember .December
Total.
Tota l for 14 centers !
1924
1,003,759937, 931
1,020,873,1,012,8901,000, 236
963,4961,070,9841,083,9181,097,1731, 216,8071,062,8901,189,358
12,660,315
1923
1, 202, 253996,426
1,199, 4811,130, 0151,142,1721,155,8791,081,9431,106,1541,069,4971,159, 7411,053,1471,082,885
13,379, 593
1922
950,759872, 689
1,012, 278956, 757
1,026,8491,081,8131, 041, 7781,056,4491, 058,4931,155, 0941,050,8961,181, 287
12, 445,142
Atchison, Kans.*
1924
5,9375,6296,1555,8315,6185,6166,7207,0526,2036,421
. 6,0546,806
74, 042
1923
6,8235,6576,0906,2086,3386,2435,8635,9135,5096,3846,3536,094
73,475
1922
4,8094,6335,6975,0795,3074,9875, 2145,6495,4116,0875,8106,610
65,293
1 Figures for cities marked with an asterisk (*) are not included in the district summary or in the nationalsummary of 141 centers.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
422 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
No. 10.—DEBITS TO INDIVIDUAL ACCOUNTS—Continued
[In thousands of dollars]
MonthBartlesville, Okla.
1924 1923 1922
Casper, Wye.*2
1924 1923 1922
JanuaryFebruary . _MarchAprilMayJuneJulyAugustSeptember.OctoberNovember-December..
Total
9,62312, 45710, 20312,37214, 54614, 56515, 58214, 39510, 69911,72015,480
17, 20310,48613, 74815, 22913,11711, 89211,4129,0908,4229,2478,38910,059
8,0029,78710,19710,64812,00210,88710,1439,48610,1869,30912, 724
14,37611, 79311,84012,04013, 75213,26914,96012, 55014,15018,47116,02714, 583
15,90613, 67716,18216, 66117,61020, 34920,19520,38716,17116, 53814,95114, 052
9,78012,33211,07212,47a14,46113,206-14,02613,95216,02&14,24516,808.
150,623 138, 294 122,459 167,811 202, 679 148,383,
MonthCheyenne, Wyo.* Colorado Springs, Colo.
1924 1923 1922 1924 1923 1922
JanuaryFebruary._MarchAprilMayJuneJulyAugustSeptember.OctoberNovember.December..
Total
10, 6338,5519,4818,9018,5189,1377,8928,6838,5189, 9659, 2239,076
13,933 |10.976 I8i8939,752 I9,504
10,012 I8,424 !
11,2509,265
12,36812,06311,334
108, 578 127,774
12, 79811,0548,2476,8176,9587,8178,9188,46210,86215, 34712,72113,076
12, 50412,16213, 20612,13511, 77711,70813, 05113, 74913,18413,85912,94514,397
11, 69610, 79714,03312, 20712,85913,02211,68713,45212,25212,14512,15913,637
11,4079,288
10,995<10, 54611,07912, 59712,02213,34712, 658-11,88110,663-12,698.
123,077 154, 677 149,946 139,181
Month
Denver, Colo. Enid, Okla.*
1924 1923 1922 1924 1923 1922
JanuaryFebruary. _MarchApril _MayJuneJuly..AugustSeptember.OctoberNovember..December..
Total
159,961146,341176, 780168, 635154,249153, 272162,820165, 612165,938183, 552160,478179,857
1,977,495
169,737140,669169,830158,398166, 013166,127152, 532163,029166, 607175, 004159,668163,194
145,063123, 969147, 539133,143145, 505148,609149,814147,947156,454181, 510151,881166, 625
9,8198,8579,47110, 72210,34410, 53117,16515,83713, 72814,30512, 74213, 286
13,27311,84913, 79213,06612,85412, 40017,19715,18010, 63910, 54710, 30810,428
11, 78913,77613,87712, 28011,86310,60912,838
1,950,808 146,807 151,533 87,032"
2 Figures for 1923 include debits to acco unts of banks.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
DISTRICT NO. 10 KANSAS CITY 423
No. 10.—DEBITS TO INDIVIDUAL ACCOUNTS—Continued
[In thousands of dollars]
Month
Fremont, Nebr.*
1924 1923 1922
Grand Junction, Colo.*
1924 1923 1922
JanuaryFebruary.. .MarchAprilMayJuneJulyAugustSeptember.OctoberNovember.December..
Total
3,2772,9013,4463,5113,5263,2693,4503,1883,3213,7302,9572,886
3,8563,9085,3573,9193,6253,8563,3603,2553,3463,6962,9263,082
3,3803, 3243,6673,2062,8643,2173,2313,1193,813
2,5942,3022,8912,6352,8212,7492,7202,9533,6454,2113,5903,715
2,7622,1843,0392,6612,9583,2522,5182,8122,9993,4333,4573,359
2,1502,7612,6322,7862,7112,3222,5082,8933,0622,7643,179
39, 462 44,186 29, 821 36, 826 35,434 29,768
Month
Guthrie, Okla.< Hutchinson, Kans.*
1924 1923 1922 1924 1923 1922
JanuaryFebruary...MarchAprilMayJune _.JulyAugustSeptember.OctoberNovember.December..
Total.
3,4613,0163,0292,6633,1902,8733,1452,4562,7854,2003,4973,679
3,7242,9263,7483,1693,3993,1173,0923,0462,934
3,5424,310
2,1862,3432,1942,1962,5002,3182,4252,5063,8333,5714,220
10,0859,2358,2346,703
17,68918, 55718,88214,84516,068
14,64611, 66911,98711, 58410,85211,05713, 34512,97510,05611,45110,08710, 536
13,32211,40110, 62711,09412,34714,96214,60113, 53812,84011,31416,246
37,994 40,405 30, 292 120,298 140,245 142,292
Month
Independence, Kans.* Joplin, Mo.
1924 1923 1922 1924 1923 1922
JanuaryFebruary. .MarchAprilMayJuneJulyAugustSeptember.OctoberNovember.December..
Total
7,7727,7218,7978,3348,8048,9509,3616,9758,3307,7518,0449,115
10, 2947,79612,06410,43511,02612, 98710,9658,5737,6948,7408,8728,500
8,1749,1009,8628,9609,6098,3199,3797,936
13, 91214,16415, 76815, 89013,964.12, 51012, 77613, 84713,94915, 94114, 37615, 882
13, 85413,17716,41315,21514,41914, 32011,30412, 71714,16914, 54313,06014, 729
9,7588,3019,75610,00410,78612,03410, 56710,63110,90311, 57911, 89814,400
99,954 117,946 80,419 172,979 167, 920 130, 617
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
424 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
No. 10.—DEBITS TO INDIVIDUAL ACCOUNTS—Continued
[In thousands of dollars]
Month
Kansas City, Kans.
1924 1293 1922
Kansas City, Mo.
1924 1923 1922
JanuaryFebruary.. .MarchAprilMayJuneJulyAugustSeptember.OctoberNovember .December. _
Total
19,42518,48019,19019,04319,60819,42522,17219,15218,41920, 75717, 51720,370
22, 72814, 77418, 67119, 65919,20821,21420,45221,09619,41422,11718, 54021,390
15,20512,41015,84714,10515,01616,48816,31015,60016,98716,46116,34719,159
312, 956292, 334302,200302,981301, 202285, 260343,600370, 572376,348409,473355, 566383, 256
365,511301,282359,268341,194344, 277352, 628325, 668366, 570351,015363,131351, 725353,419
254,819256,277289,130276,842293, 519317, 689295,825328, 058333,290354,218330,124348,865
233, 558 I 239, 263 189,935 4,035, 748 4,175, 688 3, 678, 656
Month
Lawrence, Kans.* McAlester, Okla.*
1924 1923 1922 1924 1923 1922
JanuaryFebruary..MarchAprilMayJune.JulyAugustSeptember.OctoberNovember.December..
Total.
4,6104,1374,5024,3544,5784,7104,648
•4,2444,4845,5694,8425,566
4,5503,7684,4604,4534,3624,8314,1834,1453,7535,1584,5785,568
3,3894,2544,0833,9894,6553,9343,4624,4384,2814,3934,857
4,9394, 5534,0274,4314,169
(3)
()5,1125,007
4,8483,4444,0853,7614,3473,7643,9244,1214,0944,4934,4125,276
3,6014,0534,0363,6173,7283,3043,4844,1345,5595,7845,112
56,244 53,809 45,735 32,238 50,569 46,412
Month
Muskogee, Okla.4 Oklahoma City, Okla.
1924 1923 1922 1924 1923 1922
JanuaryFebruaryMarchApril.May _.JuneJulyAugustSeptember.OctoberNovember.December..
Total
13,92911,41711,70011,20211,65710,56911,5339,807
10,04416,43415,08017,329
30,74222,40827,34426,40223, 76725,16723,55321,34022,28631,71827,06215,845
15,62721,47227,38123,28824,42525,21224,59224,34626.56033,83230,43232,377
69,70964,59666,89568,60072,99170,08473,97670,16176,95895,20885,49798,579
83,28271,41991,35676,72280,96985,20078,50774,843
76,72977,89073,783
78,90169,13986,57981,25783,44590,83083,83374,25776,47081,46980,14786,454
150,701 297,634 309,544 913,254 939,220 972,781
8 Comparable figures not available.4 Figures for Muskogee prior to December, 1923, include debits to accounts of banks.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
DISTKICT NO. 10 KANSAS CITY
No. 10.—DEBITS TO INDIVIDUAL ACCOUNTS—Continued
[In thousands of dollars]
425
Month
JanuaryFebruaryMarch .„AprilMay -- .-JuneJ u l y . . . .AugustSeptemberOctoberNovember . .December..
Total
Month
JanuaryFebruaryMarchAprilMay . .JuneJulyAugust .. _SeptemberOctober _NovemberDecember
Total
Month
JanuaryFebruaryMarchAprilM a yJuneJuly. . _AugustSeptemberOctober _November _ . .December
Total
Okmulgee, Okla.*
1924
7,2816,5787,2448,0218,1948,0937,9297,2407,2948,1047,6749,582
93,234
1923
10,5138,588
10, 79310,3549,4339,7218,2937,9116,0266,1265,6077,643
101,008
Parsons, Kans.*
1924
3,0322,4262,7783,0043,0812,9933,3233,1462,8903,2202,7313,151
35,775
]
1924
18,41419,10415, 47719, 83917, 32517, 77319,62115, 74015,32521,69127, 58124,347
232, 237
1923
4,2783,6394,4023,4373,1063,5812,9843,0152,7572,9162,9943,135
40,244
Pueblo, Colo.
1923
17,27211,98316,93918,92516,41217,12615, 93016, 50216,13618, 06420,84824,150
210, 287
1922
7,6188,6077,6298,9049,5077,8804,3937,4968,0218,4229,799
88,276
1922
3,1003,9033,4183,1924,4373,7913,4643,7853,9953,7684,751
41,604
1922
14,34113,40018,42515, 75415,83515, 45316, 37415, 66313,05715,13923,07719, 669
196,187
Omaha, Nebr.
1924
174,277163,578188,711182,605178,799173,035180,648189,407198, 716213,490172,474191,062
2,206,802
1923'
216,862181,285226,919210,511211, 557211, 572200,199202,406200,377230, 670178,139185,236
2,455,733
Pittsburg, Kans.*
1924
6,0545,7355,6395,3495,4765,2245,5445,5275,2026,1755,3006,164
67,389
1923
6,8485,7436,2855,7496,4596,5616,0286,6195,8186,5315,9706,774
75, 385
St. Joseph, Mo.
1924
66, 40955, 55259,99759,13467,06256,18155, 01958, 55356, 71867, 25258,11970,414
730,410
1923
69, 73760,53066, 54363, 67567, 61659, 68754, 62756,68659, 40562, 56959,37758,919
739,371
1922
158,262162,265199,605178,609200,081201,650192,971197,637198,214216,034190,507216,110
2,311, 945
1922
4,8385,2824,8604,5114,6574,5785,6375,3906,3766,1546,801
59,084
1922
71, 57748,37751, 79658, 63859, 76951,25858,86057, 40457, 91566,04954,18471, 205
707,032
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
426 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
No. 10.—DEBITS TO INDIVIDUAL ACCOUNTS—Continued
[In thousands of dollars]
Month
January. . .February..MarchAprilMayJuneJulyAugustSeptember.OctoberNovember.December.
Total.
Topeka, Kans.
1924 1923 1922
17,21214,70414,89215, 91214,29314,83416, 51715,92314,50317,62113,34215, 347
185,100
16,94814, 28717, 76416, 25215,81316, 30915,90914,59413,16715, 66015,05617,364
189,123
15,06713, 76413, 67113, 21714, 25814,38514, 67513, 61013, 21015,03513,85316, 067
170, 812
Tulsa, Okla.
1924 1923
74,35378,89087,18088, 68190,90588,53690,56478,03974, 86481, 97978,10996,953
1,009,053
115,25099,943114,205111,171112, 216115,061103,12286, 84778, 21386,86570, 53188, 528
1,181,952
1922
112,14987,288
93,42898,990117,349106,07497, 47587, 25095,92385, 965113, 433
1,186,223
Wichita, Kans.
1924 1923 1922
41, 71736,98636,42038,03034,03235, 76354,12247, 77447, 81248,85140,08646,085
51, 43143,38646, 44844, 45543,92946, 55457,04146, 98239, 51441, 27940, 70342, 632
507,678 :544,354
39,495.38, 73740,86837, 72943, 49346,25748,97450,33146,03945, 77842, 509*51,501
531, 711
NOTE.—Centers which have not reported continuously for the 18 months ending Dec. 31, 1924, are notncluded in the table.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
DISTRICT NO. 11—DALLAS
No, 1.— CONDITION OF FEDERAL RESERVE BANK
[In thousands of dollars]
RESOURCES
Gold with Federal reserve agent . .Gold redemption fund with United States Treasury --.
Gold held exclusively against Federal reserve notesGold settlement fund with Federal Reserve BoardGold and gold certificates held by bank _._ _
Total gold reservesReserves other than gold
Total reservesNonreserve cash _
Bills discounted:Secured by United States Government obligations'.Other bills discounted . . .
Total bills discounted _Bills bought in open market __ _
United States Government securities:BondsTreasury notesCertificates of indebtedness _
Total United States Government securities .Foreign loans on gold _
Total earning assets . . _. . _.
5 per cent redemption fund—Federal reserve bank notesUncollected itemsBank premises _ . _All other resources _
Total resources _
LIABILITIES
Federal reserve notes in actual circulationFederal reserve bank notes in circulation—net _
Deposits:Member bank—reserve accountGovernmentOther deposits _ _
Total deposits _ _ _
Deferred availability items . . . _Capital paid in _ _.Surplus ..All other liabilities
Total liabilities
Ratio of total reserves to deposit and Federal reserve note liabilitiescombined (per cent)
Contingent liability on bills purchased for foreign correspondents._.
Dec. 31,1924
37,1861,978
39,16418,0339,065
66, 2628,948
75, 2102, 508
2462,467
2,71326,197
3,27316,9985,226
25,497228
54,635
30,9991,8331,793
166,978
55, 641
65,8281,665
224
67,717
31,2194,1317 592
678
166,978
61 01,622
Dec. 31,1923
25,8142,252
28,06612, 33911,904
52,3096,015
58, 3242,866
5508,322
8,87249,438
1,7804,575
325
6,680
64,990
2823,652
1,9113,248
155,019
52,802471
58,1152,679
541
61,335
26,9294,1927 5771,713
155,019
51 1684
Dec. 31,1922
22, 5761,349
23,9256,214
10,121
40, 2606,289
46, 5490)
71013,712
14,42226,827
2,630
8,678
11,308
52,557
14630,190
1,9371,927
133,306
37,761704
54,461641537
55,639
26,0894,1957 4961,422
133,306
49 8894
i Not shown separately prior to 1923.427
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
428 ANNUAL REPORT OF THE FEDERAL, RESERVE (BOARD
No. 2.—PRINCIPAL ASSETS AND LIABILITIES OF FEDERAL RESERVE BANK,BY WEEKS
[Amounts in thousands of dollars]
Date
1924Jan. 2 . . . .
916 . . . .2 3 . . . .30 . . . .
Feb. 6_.13..20..27..
Mar. 5...12...19...26...
Apr. 2...9...
16...23...3 0 -
May 7...14..21...28..,
June 4—11...18..,25..
July 2..,9..,
1 6 -2 3 -3 0 -
Aug. 6—1 3 -2 0 -2 7 -
Sept. 3 -1 0 -1 7 -24..
Oct. 1 -
1 5 -22..2 9 -
Nov. 5 -12...19..2 6 -
Dec. 3 . .10..17..24..3 1 -
Daily average-
Totalearn-ing
assets i
Bills discounted formember banks
Total
Billssecured
by U . S .i Gov-'ernment coiobliga-tions
ptherbills dis-
»unted
I63, 34264, 31759,40159,499;59, 6941
59,141s
58,183i57,34763, 041
62, 09462, 23059,286|56,696
56,03052, 01148,06245,85144,633
39,93139, 55839,15539, 748
42,03942,12042, 73244, 669
43,70047,24148, 94147,92848,269
52,77651,44750, 70851,391
50, 53851,87847,88044,444
42,33442, 23941,84442, 54446, 576
44, 09544,82147, 74448, 075
50, 71849,15849, 70255,63254.635
50.636
9,5869,0079,343
9,0308,966
10,3299,7769,4848,854
9,79010,74212,17912,16012,975
12,81213,42914,46914, 795
15,73815, 03415,56315,682
14,75716, 77018, 75919,83320,990
22,45621,72621, 695
22,27521,22515, 54'12, 787
10,0618,4106,7016,2127,572
4,2823,3313,9543,344
2,8383,8694,2183,94"2,713
12,081
618639
1,1231 , • ""1,708
1,3291,310999
1,058
1,3031,104664572
5!976
1,6771,3621,158
1,2851,2472,1231,714
2,4192,1301,7581,462
1,2941,7131,7262,0132,137
2,6022,3752,3492,718
3,0082,6481,8001,336
1,103901821Sfi3761
772605565646
566498562467246
Billsboughtin openmarket
8,3548,4637,4097, 63;
6,5517,7207,9678,768
9,0268, 6728,8208,282
9,2739,76610, 50210,79811, 817
11,52712,18212,34613,081
13, 31912, 90413,80514,220
13,46315, 05717,03317,82018.853
19.85419,35119,34620,178
19,26:18, 57713, 74"11,451
8,9587,5095,8805,3496,811
3,5102,7263,3892,698
2,2723,3713,6563,4802,46:
47, 70248,05442,19742,53442,427
43,18841,08039, r "42, 903
38,76435,40630,49428,077
26,13020,99215,43712,99610,178
5,3033,9602,4982,450
1,9092,0096,7268,379
7,8238,0157,3445,8024,987
4,6533,2112,5031,985
1,7532,9653,8893,862
4,4786,0346,8488, 53711,209
12, 01813,64515,94517,133
20,45821, 32220, 53526,08r26,197
17,21
United T t ,States i o t a l
securi-ties
Mem-ber
banks'reservedeposits
6,9247,2707, 6187,9587,924,
8,0738,0738, 572 i
10,312
13, 00117,04819, 30819,765
20,11020,2771
20,446i20, 695J21,480!
21,81622,16922,18822, 503
24,39225,077120,44320, 608
21,12o|22,45622,83822,29322,292!
25,667!26, 510126, 510126,510
26,51027, 78828, 44427, 79527, 79527, 79528,29527, 79527, 795
27, 795|27,84527, 845:27, 598^
58,97452,42652,16852, 63850,434
50, 90253,87051,28946,225
46, 25842, 97746,36349, 624
49.27453, 68556,33360,84257,100
62,45460,33661,18661,157
62,03655,78556, 56854.275
52,97751,46448,04047, 61646,404
42, 50144,50246,31951,031
55,39857,29463,83570, 751
75,15777,17388,31782, 65377, 580
82,46084, 77283,81480,660
Totaldeposits
27,232425
194739721374
25,497
21 320
74,42479, 91577,87669,97275,210
59,800
56, 88660.70155.70258,32257,287
57,40155,82154,25356,086
54,96353,13153,48953,833
53,98953,14352, 70653,36548, 622
49, 76449,07249,20349.421
48,52048,66650,23148,479
46,84449, 68548, 03446,27744,849
46,37247,13945,27547,860
49, 59151,05851,45651,973
53, 34053,13058, 20656, 80955,827
54, 69557, 64061.42260, 730
59,00561,81961,41759, 79565,828
54, 051
Federalreservenotes incircula-
tion
61,20762.88557, 79960,80960, 016
58,90557,93356,09158,400
56, 67654, 92154,33357,233
56,24955.88655, 06555,80150,643
50, 77350,70450, 61052,420
50, 71250,76051,06251, 624
48,89751,10849,83948, 27046, 930
48,13448,90146,96050,049
51,87052,89152,15655,930
55, 60055, 28360,63959, 21658,427
56, 69460,08963,88662, 864
60, 73963,87962,82562, 60567, 717
56, 232
Re-serveper-cent-
52, 66149, 82648,15646, 62346, 086
46, 35944,92644,47743,986
45, 36544, 08144, 05543,270
43,86043,78043, 50143, 75843, 685
50, 35744,16743, 66042,532
43,19941,80841, 22140,548
41,22641,02540,23940,04839, 584
40,32840, 31241,67643,139
46,64749, 32350, 77251,199
53, 21756, 01356,24856, 90556, 303
58, 33057, 83557,33856, 715
57,66157,03556,68258,35755, 641
47, 70'
51.846.549.249.047.5
48.452.451.0;45.1
45. 343.447.149.4
49.253.957.261.160.5
61.863. &64.964.4
66.160.361.358.9
58.855.953.353.953. &
48.049.952.354.8
56.256.162.066.0
69.169.475.671.267.6
71.771.969.167.5
62.»66.165.257.861.0
57.5
i Includes foreign loans on gold $228,000, Dec. 3 to 31.Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
DISTRICT NO. 11 DALLAS 429
No. 3.—DISCOUNTS AND PURCHASES OF BILLS AND SECURITIES BY FEDERALRESERVE BANK: VOLUME, BY CLASSES
[In thousands cu dollar̂ ]
Month
Bills discounted for member banks Bills bought in open market
Total
Securedby U.S.Govern-ment
obliga-tions
Com-mercialand ag-ricul-tural
paper,n. e. s.
Bankers1
accept-ances
Tradeaccept-ances
Demandand
sightdrafts
TotalBankers'accept-ances
Dollarex-
change
1924anuaryFebruary _..VI arch^pril
VlayuneillyAugust
SeptemberOctoberNovemberDecember ___
Total: 1924.1923.1922.
21,439
8,14313, 544
14,17412,40915, 94914,633
11, 5029,6925,1108,090
11, 0214,6062,1994,954
4,6345,1764,1916,303
4,4651,8771,4061,146
5,5556,3924,9987,629
9,2727,00211, 5247,987
5,3385,5342,5704,848
30
26311211
57121170131
167411
4,8372,669934950
18111064212
1,6832,2071,1232,096
16,72717,0687,5233,206
2,0206,8041,155892
3,20611,46214,38018,403
15, 93716, 6127,3413,106
2,0206,6041,153762
3,16711,16714,18718,184
790456182100
2002
130
39295193219
148, 383300, 694222, 557
51,978145,193
78,649122,488141,062
30
107
660749694
17,06632, 264
102,84674,87533,153
100, 24072,18431, 013
2,6062,6912,140
Month
Billsboughtfromother
Federalreservebanks
U. S. securitiespurchased in open
market
Bondsand
notes
Certifi-cates ofindebt-edness
U.S.securitiespurchased
fromother
Federalreservebanks
Foreignloans on
gold
Total discounts and purchases
1924 1923 1922
1924JanuaryFebruaryVEarch^pril
Vlayuneruly\_ugust_.
September.OctoberNovember.December..
3,60212,282
2,506
6843,0837,2561,320
1,2413,9395,4621,770
1,132200
1,6754,148
619623
1,914375
3836, 267901934
2,7552,308536
3,133 228
43,40046, 75424,83618,445
17,81836,62023,46718, 229
18, 59523, 66221, 70134,002
46,67728,85526,23226,263
30,52139,15934,19042, 516
62,65355,06443,61341, 882
39,19623,66128,10119,180
16,53321.81118,31219,827
22,81833, 73822.81222,239
Total: 1924..1923..1922..
18, 39057,92314,668
31, 9105,2751,161
20, 74836,85816, 689
5,0242,000
228 327,529477,625
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
430 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
No. 4.—BILLS DISCOUNTED BY FEDERAL RESERVE BANK: VOLUME, BY STATES
[Amounts in thousands of dollars]
Month Louisi-ana 1
Okla-homa 1
NewMexi-
co 1 Texas Ari-zona 1 Total
Numberof mem-
ber banks b«in dis-trict atend ofmonth
Numberof mem-ber banks
accommo-datedduring
the month
1924JanuaryFebruaryMarchApril .._
May._JuneJulyAugust
September __OctoberNovemberDecember
Total: 1924.19231922
Number of member banks atend of year:192419231922
Number of member banksaccommodated:
192419231922.
124296264722
904986
1,1741,195
532662623
8,4668,8552,998
276393442425
378362329359
2621808352
754410297
444400435293
2222006543
19,98912,2536,99312,013
12,40710, 66114, 00612, 746
9,9618,6444,2597,358
21,439
540
731364114
8,14313, 54414,17412,40915, 94914, 633
11, 5029,6925,1108,090
3,5418,941
12, 285
4,52913, 58810, 919
131,290267,971192, 019
751754747
415523561
5571,3394,336
148,383300,694222, 557
838863861
492617661
863859848849
846842842843
842842840838
112128154196
264290311275
146835237
i Figures relate only to that part of the State located in the Dallas district.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
DISTRICT NO. 11—DALLAS 4 3 1
No. 5.—EARNINGS AND EXPENSES OF FEDERAL RESERVE BANK
1924 1923 1922
Discounted billsPurchased billsUnited States securitiesDeficient reserve penalties.Miscellaneous
Total earnings.
CURRENT EXPENSES
Salaries:Bank officers _ _Clerical staffSpecial officers and watchmenAll other
Governors' conferences _Federal reserve agents' conferencesFederal Advisory CouncilDirectors' meetings.. . . .^Traveling expenses l _Assessments for Federal Reserve Board expensesLegal fees._ ._Insurance (other than on currency and security shipments).Insurance on currency and security shipments.._Taxes on banking houseLight, heat, and power __Repairs and alterations, banking houseRent.Office and other suppliesPrinting and stationeryTelephone. __ . . .TelegraphPostageExpressageFederal reserve currency:
Original cost, including shipping chargesCost of redemption, including shipping char
Taxes on Federal reserve bank-note circulation.All other expenses
Total current expenses..
PROFIT AND LOSS ACCOUNT
EarningsCurrent expenses.
Current net earnings..
Additions to current net earnings:Withdrawn from reserve for—
Depreciation on United States bonds.Probable losses
All other _
Total additions..
Deductions from current net earnings:Depreciation allowances on bank premises.Reserve for probable lossesFurniture and equipmentAllother.. ,
$531,356630,682781,83852, 548
161, 540
$1,170,022826,172268,65962,36129,222
$1,609,383197,994195,04950,43232,917
2,157,964 2,356,436 2,085,775
142,120580, 90236,817102, 323
746345
1,0475,60728,15623,4852,717
25, 53922, 56732,79224,8929,7651,39321,40423,04911,70950,06288,13421,171
34,2155,769815
34,121
135, 730619, 37037,365111, 275
510361
1,2786,064
24, 97625,034
32128, 07320, 91833,07025, 6226,7381,248
27,46735,06712,18950,98895,40922, 304
27,4356,4372,48233,497
132,184680,62937,134105,356
261297250
6,00330,38326,189
70826,00114,85730,48528,2123,2153,743
31, 79354, 66712, 21358,383
\ 112,819
44,26212,33612,63950,372
1,331,662 1,391,228 1,515,391
2,157,9641,331,662
2,356,4361,391, 228
2,085, 7751, 515, 391
826,302 965, 208 570, 384
21,176
"26,"063
795
~2l~659
231, 52380,984
107,113
47,239 22,454 419,620
79,119500,000
9,38520,013
42, 242590,000
12,06211,076
161,018439,000
32, 7103,151
Total deductions _
Net deductions from current net earnings
Net earnings available for dividends, surplus, and franchise tax
Dividends paid _Transferred to surplus account ,
18, 517 655,380 635,879
561,278 632,926
265,024 332, 282
216,259
354,125
249, 78915,235
251,42980,853
251,915102, 210
1 Other than those connected with governors' and agents' conferences and meetings of directors and ofthe advisory council.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
432 ANNUAL REPORT OF THE FEDERAL. RESERVE BOARD
No. 6.—VOLUME OF OPERATIONS IN PRINCIPAL DEPARTMENTS OF FEDERALRESERVE BANK
1924 1923 1922
NUMBER OF PIECES HANDLED
Bills discounted:ApplicationsNotes discounted
Bills purchased in open market for own accountCurrency received and countedCoin received and counted _Checks handled _Collection items handled:
United States Government coupons paidAllother
United States securities—issues, redemptions, and ex-changes by fiscal agency department -
Transfers of funds - _. Envelopes received and dispatched -
AMOUNTS HANDLED
Bills discounted _Bills purchased in open market for own account.-Currency received and countedCoin received and counted _Checks handledCollection items handled:
United States Government coupons paidAllother - -
United States securities—issues, redemptions, and ex-changes by fiscal agency department
Transfers of funds
6,66648,0196,492
42,358,00031,075,00033,293,000
770,000136,000
189,00098,000
2,062,000
$148,383,000102,846,000208,129,00010,513,000
6,686,719,000
6,335,000162,619,000
113,985,0003,356,058,000
10,12389,8014,681
37,912,00034,815,00031,449,000
1,011,000128,000
2 2,883,000100,000
2, 515,000
$300,694,00074,875,000
185,914,00020,920,000
6,329,983,000
6,375,000166,902,000
169,280,0002,614,785,000
13,075108,4632,202
30,924,000122,745,000
27, 924,000
1,268,000126,000
484,00089,000
$222,557,00033,153,000162,973,00013,647,000
4,835,568,000
6,241,000133,845,000
142, 583,0002, 538,172,000
i Estimated.J Large increase due to redemption of war-savings securities which matured Jan. 1,1923.3 Data not available.
N o . 7 . — O P E R A T I O N S O F F E D E R A L R E S E R V E C L E A R I N G S Y S T E M
[Figures include cash items only. Numbers in thousands; amounts in thousands of dollars]
Month
Items drawn onbanks in own
district
Number Amount
Items forwardedto other Federal
reserve banks andtheir branches
Items drawn onTreasurer of United
States
Number Amount Number Amount
Total i
Number Amount
1924JanuaryFebruaryMarchApril
MayJuneJulyAugust
SeptemberOctoberNovemberDecember
Total: 1924.1923.
2,7152,4882,5542,449
2,4472,3902,3542,207
2,5412,9592,6042,999
561, 540477,059473, 620466, 875
442, 215423, 621425,864450,656
599,829719, 210637,477674,366
100909392
828679
818985108
12,05510,55111,89112,068
12,05111,91711, 57511,608
12,27313,34213,84315, 264
7,6876,4737,0888,092
7,1906,9106,7567,029
6,7997,4398,2449,573
2,8772,6352,7072,612
2,5972,5282,4962,364
2,7003,1172,7513,170
581, 282494,083492,599487,035
461, 456442, 448444,195469, 293
618,901739,991659, 564699, 203
30,70728,723
6,352,3325,980, 252
1,0741,199
148,438157,356
773785
89,28092,368
32,55430,707
6,590,0566, 229,970
* Exclusive of duplications on account of items handled by both parent bank and branch.
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DISTRICT NO. 11—DALLAS 433
No. 8,—CLEARINGS AND TRANSFERS THROUGH GOLD SETTLEMENT FUND
[In thousands of dollars]
Week ending—
1924
Jan 2 (1 day)9
1623 . . - -30 - .
Feb. 6132027
M a r . 5 . . .12 .1926 .
Apr. 29
1623 . . .30
May 7142128 . . .
June 41118 _ .25
July 29 _
1623 _. . _30
Aug. 6. . . . .1320 _27 _ .
Sept. 310
24
Oct. 1 _ _8 .
152229 .
Nov. 51219 _ _ . . . .26
Dec. 3101724 _31
Total: 19241923 _1922
Paymentsto otherFederalreservebanks
12,95968,48556,21960,43662,662
60,43046,69569, 71163,094
51,07561,37974,69557,831
47,14348,63650, 65053, 61357,925
46,01550,15351,30845,808
34,95150,99376,55151,012
49,55141,31750,14345,89340,366
49,78345,45849,53146, 672
44,13562 00872, 95669,950
68,74473, 21369,94089,74386,884
70, 74877, 54593,34886,609
74,87978,99186,03781,19866,929
3,183,0002,884,8002,315,160
Receiptsfrom other
Federalreservebanks
13,46062,46456,35860,63160,345
61,18249,88267,64057, 976
50,43657,85678,39061,467
47,65652,26453,94558,39754,772
51, 56247,82952, 58845,987
36,79345,10977,72248,654
48,59840, 50146,84945,97139,314
45,20547,04851,41451,370
48,70764 01178,34277,444
74,14175,70981,09984 38681,954
75,97180,11993,08583,758
68 91284,32284,50274,13171,760
3,209,9882,901,9192,321, 726
Net loss
6,021
2,317
2,0715,118
6393,523
3,153
2,324
5,884
2,358
953816
3,294
1,052
4,578
5 3574,930
2632,851
5 967
1,5357,067
Net gain
501
139195
7523,187
3,6953,636
5133,6283,2954,784
5,547
1,280179
1,842
1,171
78
1,5901,8834,698
4.5722 0035,3867,494
5,3972,496
11,159
5,2232,574
5,331
4,831
26,98817,1196,566
Net gain in ownership of gold since establishment of fund in 1915, $53,802,00C.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
434 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
No. 9.—REPORTING MEMBER BANKS IN LEADING CITIES: PRINCIPAL RESOURCESAND LIABILITIES
[In thousands of dollars]
Last report date in—Loans and discounts
^924 1923
Investments
United States securities
1924 1923
All other
1924 1923
Janua ry . . .February . .MarchAprilM a yJuneJulyAugustSeptemberOctober.. . .November.December.
285,739281,347279, 061271,271265,907262, 640262, 708267,141270,955280, 579291,738305,101
268,243269,109258,305248,147248,159250,885257, 915270, 534287, 266296, 014293,868
56,16856, 58353, 38853, 25248, 76546, 95244,59844, 06645, 63446, 08846,49546,394
53,30454, 65661,92764,32860, 58262, 91454,84952, 75856,19253,11353,18159,462
14,11514,12714,94913,24713,11412,87913,15214, 60915.97717.97819, 65120, 599
8,2919,0179,5159,0549,0369,29110,44310, 74610, 940^12, 30913, 65514,141
Net demand deposits Time deposits
Last report date in—
Accommodation atFederal reserve banks
1924
January . . .February. .MarchAprilMayJuneJulyAugustSeptember.OctoberNovember.December.
247,199238,368232, 061220,774215,236212,167210,334213,680229,308241,838266, 082288, 585
1923 1924
239, 686247, 213236,134226,181220,570214,175208, 505208,088227, 821251,102260, 504257, 638
87, 65791, 71987, 61687,11285,45188,20087, 53990, 88890,40591,60091,86989,330
1923 1924
72, 63874, 76275, 66675, 76473, 66775,80674, 78374,41575, 54376, 83379,38483,038
4,3673,9692,4324,9875,4053,853
1923
7,7382,0303,6921,8032,067
4,3713,0712, 7167,1587,4848,16313, 76816,4128, 292"8, 6174,9675,491
NOTE.—Figures are for about 50 banks in Dallas, El Paso, Houston, Fort Worth, Galveston, San Antonio,.Shreveport, and Waco, which submit weekly reports to the Federal reserve bank.
N o . 1 0 . — D E B I T S TO INDIVIDUAL ACCOUNTS
[In thousands of dollars. For explanatory note see p. 154.]
Month
Total for 11 centers l
1924 1923 1922
Albuquerque, N. Mex.
1924 1923 1922
1924JanuaryFebruaryMarchAprilM a yJuneJulyAugustSeptemberOctober..NovemberDecember
Total
567, 222493, 840492, 894483,944466,066447, 735455, 924449, 553566,180670, 360586,644664, 938
605, 258494, 600547,188488, 255486, 003465, 461420, 874448,966540, 722629, 517583, 636620, 979
526, 519460,149524,469470, 827486,707479, 097432, 944440,729541, 700589,166556, 549605, 692
9,8219,518
9,0029,55510,30410,4259,3428,26411, 84410, 88410,396
9,5148,3899,8088,7799,53410,40310, 2629,1688,5688,97910, 5399,975
6, 345, 300 6,331, 459 6,114, 548 118, 339 113, 918
7, 6837, 0058,2327,9448,9679,6849,389*8,1917,9669, 6709,72110,377
104,827
i Figures for cities marked with an asterisk (*) are not included in the district summary or in the nationalsummary of 141 centers.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
DISTRICT NO. 11 DALLAS 435
No. 10,—DEBITS TO INDIVIDUAL ACCOUNTS—Continued
[In thousands of dollars]
Month
JanuaryFebruary—MarchAprilMayJuneJuly ._AugustSeptember.OctoberNovember.December..
Total
Austin, Tex.
1924
21,52018,96218, 08718,77914,75412, 55613,40013, 38521, 02023, 36519,97922, 355
218,162
1923
17,33714,97916, 20916, 55613,96714,06511,95614, 64918,29120,23922, 36323, 766
204, 377
1922
12,13410, 55013, 28012,98113, 26813, 27411,75811,71119, 31919, 29716, 40518,329
172,306
Beaumont, Tex.
1924
17,73415,91316,70717,44216,12418,46217, 36415, 62415, 05017, 32914,98816, 561
199,298
1923
18,33415, 22016, 01716, 52517,13317,4011€, 29915, 66014, 56416,49515,91515, 634
195,197
1922
15, 08514,49815,15412, 85114, 21114, 53413, 53813,42514,17715, 52814,17017,195
174,366
Month
Corsicana, Tex.* Dallas, Tex.
1924 1923 1922 1924 1923 1922
JanuaryF e b r u a r y -MarchAprilMayJuneJulyAugustSeptember-OctoberNovember.December..
Total.
10,1757,9428,4178,0207,7137,8187,1586,1118,2429,6538,18112,103
6,7334,9785,5255,6195,5605,7676,5048,11510,20711,16411,06812, 639
4,8474,7084,6543,9753,7893,3333,5235,8135,7695,0576,266
203, 546168, 471165,481163,104156,441145, 519147, 278145,100190,790236,115208,127248,773
193, 256159, 058167,932145, 326149, 039146,415128,462139, 566184,133218, 768217, 059226, 674
150,103131,028148,763132, 670138,789144,514128, 096130,049179,770200,507183,245199, 070
101, 533 93, 879 51,734 2,178,745 2, 075,688 1,866, 604
Month
El Paso, Tex. Fort Worth, Tex.
1924 1923 1922 1924 1923 1922
JanuaryFebruary. _MarchAprilMayJuneJuly .AugustSeptember.OctoberNovember..December..
Total.
31,67733,10734,48131, 25032,48436,32533, 71529,80029, 52335, 67032,85638, 268
31,99328, 54336, 07032,12530, 72333, 46228, 25227,11824,65629,70628, 75634,185
34,45827,06131,69628, 70733,77933,42330, 92030,58927, 86029,83530,13734, 532
76, 41063,745
67, 68963,18360,33365,96462, 59575, 38595, 65781, 29285,410
122,250105,992111, 87095, 64988, 71573, 59162,19362,98367, 01283, 46473, 61086,041
137,684125,653142, 066119,459106, 776101, 707
87, 52086,428100, 674105, 617120,962
399,156 365, 589 372,997 861, 661 1, 033, 370 1, 322,954
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436 ANNUAL REPORT OF THE FEDERAL* RESERVE BOARD
No. 10.—DEBITS TO INDIVIDUAL ACCOUNTS—Continued
[In thousands of dollars]
Month
JanuaryFebruary. _MarchAprilMayJuneJulyAugustSeptember.OctoberNovember-December..
Total
Galveston, Tex.**
1924
51,95337,73133,91535,02527,48323,93526,45144,72454,92970, 35164, 35263,061
1923
96,20673,96381,76387,28871,73876,88171,83896,674128,501149,58578, 30157,409
533,910 1,070,147
1922
66,70850,39865,04059,62559,68856,98261,49868,392109,533124,52193,26883,601
899, 254
Houston, Tex.
1924
129,103114,001112,693109,092104,914101,774104,677113,324153,080164,001145,980156,713
1,509,352
1923
133,57199,384115,945107,969110,940106, 479104, 581113,178146,282164,382136,063141, 381
1,480,155
1922
110,10890,361105,969100,510105,05999,63093,540105,098138,645139,942123,952131,209
1,344,023
Month
Roswell, N. Mex/ San Antonio, Tex/
1924 1923 1922 1924 1923 1922
JanuaryFebruary. _MarchAprilMayJuneJulyAugustSeptember.OctoberNovember..December..
Total
2,3142,8582,4482,0212,0122,4122,8382,2332,2463,3403,4113,610
2,4911,9202,8472,2922,7092,7772,1802,4262,273
2,7062,587
2,4212, 4052, 4842,3022, 3042, 6092,9622,1923,0632, 5662,926
34, 51330, 68432,01332,70733,16833,99031,08235,40536, 75540,26837,19536,315
31,28726,82631,63927,87532,52931,50227,96233,20132,15335,23633, 29533,380
27,17922,82427, 27124,65628,03327,34826,06928,86730,97231,14328,86531,095
31,743 28,234 414,095 376,885 334,322
Month
Shreveport, La. Texarkana, Tex.
1923 1922 1923 1922
JanuaryFebruary. _MarchAprilMayJuneJulyAugustSeptember,OctoberNovember _December..
Total
39,87435, 78935, 56936,76235,66633, 56034, 43130,28132, 44639, 27433,89440,487
41,61429,42838,64534,64034, 56533,91131,04731,84231,89539,08036,91339, 352
31, 44128,03630,99429,67336, 50432,51430,15127, 22629,94534, 21637,76436,108
8,4227,98410,6507,4018,5007,3396,8027,4508,17310,4817,59811,872
9,07310,94810, 5868,727
8,6728,4458,2739,541
11,2879,501
10,218
5,8886,4516,8496,1037,8317,8666,8216,5266,7597,1167,0619,882
428,033 422,932 384, 572 102,672 114,233 85,153
2 Figures prior to November, 1923, not on comparable basis with subsequent figures on account of inclu-s ion of bills of exchange, bankers' acceptances, and cashiers' checks.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
DISTRICT NO. 11 DALLAS 437
No. 10.—DEBITS TO INDIVIDUAL ACCOUNTS—Continued
[In thousands of dollars]
Month
Tucson, Ariz.
1924 1923 1922
Waco, Tex.
1924 1923 1922
JanuaryFebruary. _MarchAprilMayJuneJulyAugustSeptember >OctoberNovember.December..
Total
7,6937,9418,3618,4089,9758,3807,5966,9927,2069,4149,519
10,115
8,7446,4757,8437,5058,6477,4386,6056,4396,9877,7919,1748,793
6,555
6,6666,8517,4267,7437,2486,1816,4567,3588,4739,166
21,42218,40917,88315,01514,47013,18314,27215,66025, 24327, 21021, 52723,988
19,57216,18416,26314,45413,77813,62412,77220,090
29,32623,74324,960
101, 600 92, 441 86,982 228,282 233,559
15,38012,64914,80013,07814,09714,20813,07514,21324,37525,02320,00418,862
199,764
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
DISTRICT NO. 1 2 - S A N FRANCISCO
No. 1.—CONDITION OF FEDERAL RESERVE BANK
[In thousands of dollars]
RESOURCES
Gold with Federal reserve agentGold redemption fund with United States Treasury __.
Gold held exclusively against Federal reserve notesGold settlement fund with Federal Reserve BoardGold and gold certificates held by bank
Total gold reservesReserves other than gold _
Total reserves _ _Nonreserve cash _ _
Bills discounted:Secured by United States Government obligationsOther bills discounted _ _
Total bills discountedBills bought in open market
United States Government securities:BondsTreasury notesCertificates of indebtedness _
Total United States Government securitiesForeign loans on gold
Total earning assets
TTrjpnllf>ctP.d i t A I D SBank premisesAll other resources. _
Total resources __
LIABILITIES
Federal reserve notes in actual circulation
Deposits:Member bank—reserve accountGovernment - - - .Other deposits
Total deposits
Deferred availability items - - - - -Capital paid inSurplus iAll other liabilities -
Total liabilities
Ratio of total reserves to deposit and Federal reserve note liabilitiescombined (per cent) - .
Contingent liability on bills purchased for foreign correspondents...
Dec. 31,1924
200,7532,438
203,19144,38726,686
274, 2643,782
278,0463,733
7,0588,684
15,74254, 068
3,18037,28214,681
55,143456
125,409
35,8413,2754,142
450,446
215,030
167,1923,6374,817
175, 646
35, 2968,113
15,0711,290
450,446
71.23,244
Dec. 31,1923
225,8085,034
230,84245,85421,978
298,6742,328
301,0023,577
11, 89941, 215
53,11438, 059
9,185
9,185
100,358
42,1352,7704,102
453,944
229,082
152,4883,0154,929
160,432
39,6767,862
15,3011,591
453,944
77.31,349
Dec. 31,1922
202, 7353,977
206, 71237,70019,106
263, 5184,286
267,8040)
6,86730,437
37,30443, 486
9227,525
7,149
34,766
115,556
45,4381,7444,656
435,198
235,041
137,8011,9673,781
143, 549
32,9067,565
15,263874
435,198
70.71,582
i Not shown separately prior to 1923.
438
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DISTRICT NO. 12—SAN FBANCISCO 439
No. 2.—PRINCIPAL ASSETS AND LIABILITIES OF FEDERAL RESERVE BANK, BYWEEKS
[Amounts in thousands of dollars]
Date
1924Jan. 2 102,356
9 100,10316 91,97223 94,36130 95,144
Feb. 6 86,18013 78,54520 85,48427 84,238
Mar. 5 92,08212.. 86,21819 92,45526 91,256|
Apr. 2 93,314|87,461
16 77,58623 87,90130 96,683
May 7 84,80514 82,13621 78,49828. 78,715
June 4 85,95811_. 81,6881 8 . . . 81,00325 79,507
July 2 . 81,3889 78,655
16 73,29823 72,989
*• 3 0 . . 71,572
Aug. 6 75,66013 76,47720 75,77827 75,906
Sept. 3 . . . . 76,23310. 82,23517 87,13924 87,828
Oct. 1 88,69189,522;
15 89,144122 92,596!29 93,237
Totalearn-ing
assets i
Bills discounted formember banks
Total
Nov . 5 . . . 100,93012 100,78119. 101,048
102,958
17.24.3 1 . .
Daily average
108,568!124,851!
125,409
55,21050,40645,29649,34853, 676
46, 51140, 71146,08743,487
51,10542, 89348, 564!
Dec. 3 108,736!10 _.| 105,706!
Billssecured
byU.S.Gov-ern-ment
obliga-tions
50,82944,40535, 73845, 75353, 231
42,84740, 94539,191
40,38533, 68332,73931,492
33, 67429, 57622, 40822,43421, 991
20,17819,09318, 51417, 894
16,92516,05615,97618,199
16, 78414, 20413,18114, 009J10, 962
16. 50512,1946,6527,447
8,7628,4369,397
14, 90915, 742
Otherbillsdis-
count-ed
14,83814,13215,12517,03519, 270
11,1398,2528,0949,412
11,5117,07413,50311,408
12, 46017,217
11,00613,78614, 975
7,59811,1497,7138,005
8,5525,8688,1745,912
8,4317,6324,1144,1133, " •
2,5852,1932,1152,194
2,1,8661,7395,385
4, 5073,6102,0722,5611, 515
7,2114,810711856
2,9342,4183,5627,7157,058
1,964 30,060] 17,856
40, 37236, 27430,17132, 31334,406
35, 37232,45937, 99334,075
39, 59435,81935,06137,198
38, 36937,18824, 73231,96738, 256
35,24929, 79631, 47830,892
31, 83327, 81524, 56525, 580
25, 24321, 94418, 29418, 32118, 295
17, 59316, 90016, 39915, 700
14, 85614,19014, 23712,814
12, 27710, 59411,10911, 4489,44'
9,2947,3845,9416,591
5,8286,0185,8357,1948,684
Bills Uni tedb«H?bt States
25, 81723,95723,95523,931
21, 92321, 021!19,19216,392
15, 47615,98"14, 47113, 99112, 579
9,9187,9296,0295,448
4,6564,7095,3814,373
3,4963,3583,1582,8231,849
1,5611,2721,1511,""
3,1946,6259,7729,291
11, 56714, 97815, 62318, 24721, 934
24,08428, 24634, 05435, 68040, 70745, 39544,86254, 34654,068
Totalcashre-
serves
Mem-ber
banks'reserve
de-posits
10,348 295,83011,433 293,28712,542 290,73213,1531 285,81513,520 277,362
13,852 287,89513,877 303,47715,442! 291,40216,820; 289,533
19,054; 282,60822,304: 291,00624,699' 278,65426,258 280,875
27,00927,06927, 37728,15730,873
32, 04033, 262'33,27834,370
40, 91743,29642.88343, 642
44, 21845, 72147, 73247, 73247, 732
Totalde-
posits
156,806161,777161,410158,306
147,071154,390152,658147,937147,003 156,445
143,602 151,415152,521 161,046150,082 158,411145,792! 153,954
277,464281,368293,081290, 232273, 699
293, 389J293, 240297,939295,339
294,233295, 791291, 809298, 892
302, 511302,991303,154301, 654302, 725
144,050149,312148,647147,017
145, 256143,660148, 786151, 380144, 514
149,114147,976145,379144, 659
148,133148,339147,318149, 411
149, 575148,654150, 318147, 615149,822
53,921 300,134 149,59856.112 296,182| 149,09656.113 304,194! 155,99156.114 300,263! 150,292
56,11459, 55461, 39160, 338
60, 34060, 34060, 34060, 34060, 341
60,34160, 34160, 34259,831
58,81151,41953,85355,14055,143
41,011
304,050 152,707311,506! 163,177294,189! 154,373302,339 160,441
299, 340297, 598306,383297, 511295,417
298,066297,073!300, 5871287, 953
156, 242157,240163, 236159,265160, 563
163,168161,090167,950158,252
285,245 160,147297,119 165,829287, 700| 159,838274,086' 159,096278,046 167,192
291,502 150,617
152,473158, 461154, 587155, 329
155,475150,695156, 553162, 202152, 217
156, 703155, 394154, 486152, 945
156, 535155, 944153,007157, 883
156, 705155,178158,446155, 767158,052
156, 566156, 350163,137157, 330
160, 271169, 333159, 637169, 239
164, 315164, 439171, 200166, 835167,983
170,243169,468177, 329165, 657
166, 617175, 262165, 505166,450175,646
Fed-eral
reservenotes
incircu-lation
227, 748219,546212, 616208,197203,184
205, 261205,993205,667205, 563
209,931206, 479
Re-serveper-cent-ages
76.976.977.778.077.1
80.782.780.080.5
78.079.7
204,653202,709
204,015204,433]203, 728|202, 669203, 210
207,937206, 657 i207, 235206, 255
208,81l|207,465205, 359205, 2071
213,816212, 339205,848204, 7171201, 746
205,422203,051!203, 270,204,365
209, 7611209,4771
209,486209,174210,127208,612205,858
212, 467 i211,837:210,355209,433
212, 841212,902216,452J222,038215,030
158,686 208,868
77.678.4
77.279.281.379.577.0
80.581.082.482.2
80.581.481.482.3
81.682.483.283.784.1
82.982.483.083.0
82.482.279.780.1
80.179.780.379.279.0
77.977.977.576.8
75.276.575.370.671.2
79.3
i Includes foreign loans on gold, $456,000, Dec. 3 to 31
36569—25f 29Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
440 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
No. 3.—DISCOUNTS AND PURCHASES OF BILLS AND SECURITIES BY FEDERALRESERVE BANK: VOLUME, BY CLASSES
[In thousands of dollars]
Month
Bills discounted for member banks
Total
Securedby U. S.Govern-mentobliga-tions
Com'mercial
andagricul-
turalpaper,n. e. s.
Bank-ers' ac-cept-ances
Tradeaccept-ances
De-mandandsightdrafts
Bills bought in open market
TotalBank-ers' ac-cept-ances
Dollarex-
change
Tradeaccept-
[1924JanuaryFebruaryMarchApril
May _JuneJulyAugust
SeptemberOctoberNovemberDecember
Total: 1924....1923.—1922....
I l l , 084122,607127,316124,660
90,64974,95449,08826,282
34,47248,47453, 57365,981
75,68072,08076,49070,579
44,72236,42425,22414,897
24,60827,39435,75845,277
35, 00050,30450,04153,376
45,69138, 29323,66611,212
9,66120,92417, 61620,429
306121707633
176217179146
1014539146
76967812
23201927
102111160129
17,67618,37513,30310,558
3,9844,9681,7592,561
9,33822,75828,62743,026
17,39117,94912,96310,323
3,8844,9681,7142,531
9,33822,32728,27042,531
285426340235
100
431357495
929,1402,108,9631, 535, 300
549,133 1376,213 1251,505,709 2594,755 1,692
802,292 728,950 I 883
2,8165,9433,175
853864
176,933225,162211,800
174,189220,096207,127
2,7445,0154,224
51449
Month
Billsboughtfromother
Federalreservebanks
U. S. securitiespurchased inopen market
Bondsand
notes
Certifi-cates of
indebtedness
U. S. se-curities
purchasedfromother
Federalreservebanks
Foreignloans on
gold
Total discounts and purchases
1924 1923 1922
1924January ..February. ...March .April
MayJuneJulyAugust
September.OctoberNovember.December..
Total: 1924..1923..1922..
2,1463,2706,4694,171
4,3059,8178,3268,177
3,176o
1,2037,010
1,487462
3,494667
1,27311,4981,2951,110
9,392506843
5,046
1,033
461658
456
133,426144, 714150,582140, 056
100,211101,69861,12638,130
56,37871, 74084,246
121,519
292,422172,941184,901217,354
233, 519229,194215, 630199,762
231.29518"4,141154,281184.296
176,299149,721236,799110,549
121,517124,419123,786152,925
159,901167,962155,524243,607
3,2035,272
58,072 j 37,07349 I 161,184
18,181 1 95,690
2,1521,175
56,766
456 1,203,8262,499,736
1,923,009
1 Includes $850,000 discounted for the Federal Intermediate Credit Bank of Berkeley, Calif.2 Includes $2,000,000 discounted for the Federal Intermediate Credit Bank of Berkeley, Calif.
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DISTRICT NO. 12 SAN FRANCISCO 441
No. 4.—BILLS DISCOUNTED BY FEDERAL RESERVE BANK: VOLUME, BY STATES
[Amounts in thousands of dollars]
Month Ari-zona : Utah Ne-
vadaCali-fornia Oregon Idaho Wash-
ington Total
Num-ber ofmem-
berbanksin dis-trict atend ofmonth
Num-ber ofmem-
berbanks
accom-modat-ed dur-ing themonth
1924JanuaryFebruaryMarch..April
May—JuneJulyAugust..
September-OctoberNovember-December __
101122235233
10267235197
2066675
3,5951,8371,3272,448
3,781
2,382
1̂ 773
9511,158523679
37 82, 93697,865101,2632 92,125
58, 36353,16830, 66913, 356
25, 44039, 327
3 45, 63453, 789
5,8706,4289,03612,049
13,1905,8532,7222,379
1,009796829
3,307
8,0417,4507,0597,271
7,0917,2717,0875,879
5, 4875,1604,4874,136
10,5048,9058,39610, 534
8,1226,2136,5362,698
1,3791,9672,0254,070
111,084122, 607127, 316124, 660
90,64974, 95449,08826,282
34,47248,47453, 57365,981
Total: 192419231922
Number of memberbanks at end of year:19241923 _..-1922. _...
Number of memberbanks accommo-dated:
192419231922
1,6393,998
13,422
22, 29335, 792
37283
693,935*1, 710, 6981,107, 212
300319325
159161186
63,468107, 644
59, 387
137136135
76,419127, 964211,076
101110120
6683
102
71, 349122, 584 2,108; 963
75, 27,41, 535, ~ "
929,140"1,963
»,300
158165164
87101104
771809
420460531
806800796791
788785785783
783779778771
264241247263
250250256194
150124108124
1 Figures relate only to tha t part of the State located in the San Francisco district.2 Includes $750,000 discounted for the Federal Intermediate Credit Bank of Berkeley, Calif.3 Includes $100,000 discounted for the Federal Intermediate Credit Bank of Berkeley, Calif.* Includes $2,000,000 discounted for the Federal Intermediate Credit Bank of Berkeley, Calif.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
4 4 2 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
No. 5—EARNINGS AND EXPENSES OF FEDERAL RESERVE BANK
Discounted bills_ _Purchased billsUnited States securitiesDeficient reserve penalties.Miscellaneous
Total earnings..
CURRENT EXPENSESSalaries:
Bank officersClerical staff _Special officers and watchmen _._All other.- _ _ _
Governors' conferences _Federal reserve agents' conferences.Federal Advisory Council _Directors' meetings..Traveling expenses 2.Assessments for Federal Reserve Board expensesLegal fees __Insurance (other than on currency and security shipments).Insurance on currency and security shipmentsTaxes on banking house.Light, heat, and power _Repairs and alterations, banking houseRent.Office and other supplies. ...Printing and stationeryTelephone. _ "...'Telegraph... __PostageExpressage _ _Federal reserve currency:
Original cost, including shipping chargesCost of redemption, including shipping charges.
Taxes on Federal reserve bank-note circulationAll other expenses
Total current expenses..
EarningsCurrent expenses.
PROFIT AND LOSS ACCOUNT
Current net earnings.
Additions to current net earnings:Withdrawn from reserve for depreciation on United States bonds.All other. _
Total additions..Deductions from current net earnings:
Depreciation allowances on bank premises..Reserve for probable losses.Furniture and equipmentAllother
Total deductions
Net deductions from current net earnings _
Net earnings available for dividends, surplus, and franchise tax
Dividends paidTransferred to surplus account _Franchise tax paid United States Government. .___Deficit in earnings after payment of dividends, charged to surplus
account
1924
$1,302,272582,182
1,476, 50625, 361
101,610
3,487, 931
256,0131, 458,193
82,825147,200
1,028778
2,60023,68148, 68946, 46910,61442, 50529, 683
3,11513, 5241,575
118,92250, 82070,87519,28181, 933
124, 49420, 359
125, 78721, 920
50, 501
2, 853, 384
3,487,9312,853, 384
634, 547
536
127, 755
197, 77659, 036
384, 567
384, 031
250, 516
480,561
230,045
1923
$2, 786, 3491, 020,834
836, 76125, 771
1 54,488
4, 615, 227
262, 4561, 461,516
77,260134, 585
1,148704
2,66510,97336,39849, 448
1,91438, 70330,391
3,1153,857
294120, 62948,83564,94116,09183, 664
126, 98025, 864
143,29324, 422
47, 019
2,817,165
4, 615, 2272,817,165
1, 798,062
1,72913,113
14,842
615,921325,000324, 28242,275
1,307,478
1,292, 636
505,426
467, 72037, 706
1922
$2,126, 654712, 385
1,811,31748,957
121,889
4, 821, 202
235, 6951,543,561
81, 750113, 764
1,2211,1161,483
11,38638,31951,0033,974
40,08525,889
5,1345,346
94797,46544,10385, 51115, 77588, 034
113, 79224,130
230,46542, 69615,00088, 743
3, 006, 387
4, 821, 2023, 006,387
1,814,815
4,3951,814
6,209
33,48877,95838,92110, 301
160,668
154,459
1, 660, 356
448,3063-185,7213 1, 397,771
1 Debit .2 Other than those connected with governors' and agents' conferences and meetings of directors and of theadvisory council.3 After charging surplus and crediting franchise tax with $306,926 paid as an additional franchise tax for1921. Amounts transferred to surplus and paid as a franchise tax out of earnings for 1922 were $121,205 and$1,090,845, respectively.
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DISTRICT NO. 12 SAN FEANCISCO 443
No. 6—VOLUME OF OPERATIONS IN PRINCIPAL DEPARTMENTS OF FEDERALRESERVE BANK
1924 1923 1922
NUMBER OF PIECES HANDLED
Bills discounted:ApplicationsNotes discounted
Bills purchased in open market for own accountCurrency received and counted..Coin received and counted.Checks handledCollection items handled:
United States Government coupons paidAll other
United States securities—issues, redemptions, andexchanges by fiscal agency department..
Transfers of funds _E nvelopes received and dispatched —
AMOUNTS HANDLED
Bills discounted _.Bills purchased in open market for own accountCurrency received and counted _Coin received and countedChecks handledCollection items handled:
United States Government coupons paidAll other -
United States securities—issues, redemptions, andexchanges by fiscal agency department
Transfers of funds -
9,34437,21218,433
95,857,00044, 298,00074, 367,000
3, 676,000351,000
1, 518,000130,000
3, 238,000
$929,140,000176,933,000753,896,00023,425,000
14,645, 586,000
35, 743,000290,773,000
353,309,0009, 568, 293, 000
16, 56557, 72521, 771
83, 236,00032,070,00065,442,000
5, 389,000313,000
2 10,827,000131,000
3,868, 000
$2,108,963,000225,162,000707,765,00024, 767,000
14,066, 535,000
41, 522,000278, 560,000
486,429, 0008, 241,696,000
C1)53,31617,134
56,866,00016,811,00053,729,000
6, 731,000226,000
2,151,000114,000
0)
$1,535,300,000211,800,000602,138,000
13,950,0008, 777,048,000
43,548,000200,419,000
763,488,0006, 579,750,000
1 Data not available.2 Large increase due to redemption of war savings securities which matured Jan. 1, 1923.
No. 7 . — O P E R A T I O N S OF F E D E R A L R E S E R V E CLEARING SYSTEM
[Figures include cash items only. Numbers in thousands; amounts in thousands of dollars]
Month
Items drawn onbanks in own
district
Number
Items forwardedto other Federalreserve banks and
their branches
Number Amount
Items drawn onTreasurer ofUnited States
Number Amount
Total i
Number Amount
1924JanuaryFebruaryMarchApril
MayJuneJulyAugust 1
SeptemberOctoberNovemberDecember
Total: 19241923
5,4504,9715,7135,504
5,3625,5045,5725,294
5,5246,0775,7096,303
1,162,8741,055, 0431,156,6521,116, 720
, 142,444:, 097,915., 147,911., 013,122
., 073,801
., 158, 566
., 033,7711, 239,892
225176183184
145148176154
149125156201
39,55430, 39035,88831, 993
28,07329,46232,35027, 584
31,064
30, 25233, 523
198186203220
211210208235
331332248232
40, 26035, 59256, 22439,698
38,06645,65938,69239, 593
50,88946,07439, 32151,727
5,8735,3336,0995,908
5,7185,8625,9565,683
6,0046,5346,1136,736
1, 242,6881,121, 0251, 248, 7641,188,411
1, 208, 5831,173,0361, 218,9531,080, 299
1,155,7541,237,3391,103,3441,325,142
66,98357,870
13,398,71112,628,887
2,0222,372
382,832440, 538
2,8142,648
521,795639,064
71,81962,890
14,303,33813,708,489
i Exclusive of duplications on account of items handled by both parent bank and branch.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
444 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
No. 8.—CLEARING AND TRANSFERS THROUGH GOLD SETTLEMENT FUND
[In thousands of dollars]
Week ending—
1924Jan. 2 (one day) _
916.. .2330
Feb. 6. . . .132027 _
Mar. 5 _121926
Apr. 2 . . .9 '
1623 . .30
May 714 . _2128 _._
June 4 _ _111825 . .
July 29
162330__ _.
Aug. 6132027 .
Sept. 3101724
Oct. 18
15 _.22"29
Nov. 512 . . . .19 _26
Dec. 3101724
GO
Total: 192419231922
Payments toother Federalreserve banks
21,43273,06274,69474, 75869,006
56,92750,64879,03263, 973
70,07662, 25782,19674,263
68, 70155, 45957,46373, 31877,128
55,22166,68763,44473, 573
59,03959,38387,31663, 575
63, 36357, 61075,49669, 33065, 720
60, 55663,40166, 77572, 520
58,69165,48793,32580,136
65, 23763,90566,05687,10277,087
63, 99471, 20387,86693, 739
80,59081,94893,62595,37175,883
3, 708,6473,418,1722,985,482
Receipts fromother Federalreserve banks
16,42369,90570,09266,42361,196
63,90164,09964,90962,396
61,46370, 59470,36676, 517
65, 53157,16767,04266,01361, 268
72,19465, 51368, 93470, 696
58,07961,16078,82970, 594
66,05356, 71574,42467, 81863, 303
55,12354, 87872, 96167,347
61,82373,30177, 39588, 758
61, 78662, 40872, 25475, 58073, 314
67, 26970,18593, 21482, 258
77, 71291, 52884,99582,87180,603
3,637,1803,389,6662,885,596
Net loss
5,0093,1574,6028,3357,810
14,1231,577
'8, 613
11, 830
3,170
7,30515, 860
1,174
2,877
960
8,487
8951,0721,5122,417
5,4338,523
5,173
15, 930
3,4511,497
11,5223,773
1,018
11,481
2,878
8,63012, 500
71,46728,50699,886
Net gain
6,97413,451
8,337
2,254
1,7089,579
16, 973
5,490
1,777
7,019
2,690
6,186
3,1327,814
8,622
6,198
3,275
5,348
9,580
4,720
Net gain in ownership of gold since establishment of fund in 1915, $224,593,000.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
DISTBICT NO. 12—SAN PEANCISCO 445
No. 9—REPORTING MEMBER BANKS IN LEADING CITIES: PRINCIPAL RESOURCESAND LIABILITIES
[In thousands of dollars]
Last report date in—
January...February _MarchAprilMayJuneJulyAugustSeptemberOctober...November.December.
Loans and discounts
1924
1, 002,4861, 020, 2831, 013, 2861, 028, 3281, 014, 9231, 006, 2141, 003, 6521, 005, 0101, 017, 5941, 046, 7251, 038, 9481, 049, 618
1923
913, 314938, 773954,423979,407997, 822
1,992; 021992, 954
1, 007,488992, 406
1, 000, 5611, 007, 606
Last report date in—
January...February _MarchAprilMayJuneJulyAugustSeptemberOctober...November.December.
Net demand deposits
1924
729,471734,157713, 394720, 072721,475726, 767742,460760,183778, 600806, 580800, 979805,121
1923
670, 542669, 061672, 293690, 500723, 696715, 309.731,410723, 097726, 630753, 650742, 732730, 864
Investments
United States securities
1924 1923
187,922182, 284198, 747196, 283185, 646194,140197, 088202, 008 !227, 461234,921233,114243, 688
199, 070201, 232216, 870215, 645.212, 690209, 628197, 895198, 616197, 671187,113185, 079194, 283
All other
1924
159, 837159, 673158, 983165, 800162, 278163, 373160,164162,487165, 650168,386185, 881191, 643
1923
158, 985157, 981154, 380154,912158, 663158, 531153,468148, 600154, 972156, 732159,171161, 595
TITYIP ripnndtq ! Accommodat ion atI ime deposits , F e d e r a l r e s e r v e b a n k s
1924
573, 036586, 895593,155608, 418599, 577614, 802623, 470625, 024631, 933659, 275655, 977681,132
1923
590, 722598,156607,489612, 522586, 569579, 048527, 822540, 909549, 631540, 873551,100565, 053
1924
35,14927. 37631, 00931, 80518, 89812, 0823,7672,0035, 7403, 0431,8089,914
1923
19, 67432, 06836, 68745, 24142, 32948, 03253, 81659, 56757,16841, 93940, 01446, 208
NOTE.—Figures are for about 66 banks in San Francisco, Los Angeles, Portland, Salt Lake City, SeattleSpokane, Oakland, Ogden, and Tacoma, which submit weekly reports to the Federal reserve bank.
No. 10—DEBITS TO INDIVIDUAL ACCOUNTS
[In thousands of dollars. For explanatory note see p. 154]
Month
JanuaryFebruary..March __ _.April.MayJuneJulyAugustSeptember.OctoberNovember _December..
Total
Total for 18 centers l
1924
2, 590,9482,470, 2302, 662,1872, 456,8152,401, 2092,319,6932, 391,1522, 335,3072, 335,2452, 578,7502, 359, 3492,634, 300
29, 535,185
1923
2, 374,8732, 043,1732, 581,3552, 347,6532, 429,9422,453,1342,344,5972,295,5782, 318,9802,633, 5712,460,0572,652,946
28,935,859
1922
1,979,2951,709, 4342,061, 2281,951,4331,995, 2152,047,4851,972,3811,999,4252,103,4812,218,4962,131,8112, 392,621
24, 562,305
Bakersfield, Calif.*
11,2759,36011,61311,01110,1119,07110,5119,1619,23211,53710,45813,125
126,465
1923 1922
12, 2649,78112,88511, 82910,92410,80710,4009,9338,89410,91510,70910,703
14, 55511, 34611,42811,11010,89610,6309,4609,42911,62911, 753
130,044 112, 236
1 Figures for cities marked with an asterisk (*) are not included in the district summary or in the nationalsummary of 141 centers.
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446 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
No. 10.—DEBITS TO INDIVIDUAL ACCOUNTS—Continued
[In thousands of dollars]
Month
January.February .MarchAprilMay -.JuneJulyAugust...SeptemberOctoberNovember . . . . . . -December «.
Total
Month
JanuaryFebruary . .MarchAprilMayJuneJuly .AugustSeptemberOctoberNovember _ .December
Total
Month
January. .FebruaryMarchAprilMayJuneJuly "AugustSeptemberOctoberNovemberDecember
Total
Bell ingham, Wash.*
1924
8,9546,7759,2098,8358,4188,6298 376
1923
"7,5596,0009,0118,7128,4737,946S 987
8,404 ! 8,6388,762 1 8.6328,850 9. 21fi7, 595 8. 0938,193
101,000
8,886
99, 453
1922
4,9586,8086,2626,5597,8106,8877,3717,3537,6327,0946,997
75, 731
Boise, I daho
1924
11,71010,10410,69510, 88810,56811, 43613,19111,06111,86913, 47311, 26914, 216
140 480
1923
14, 45410, 44412, 36411,83412, 32513, 22612, 81311,62111,97113,77711, 78813, 473
150,090
1922
- 13, 4709,632
10,35510, 35412,31012,82912,07211, 27912,17212,96313,03816,434
146,908
Fresno, Calif.
1924
35, 42831, 33228,78229, 36928, 57726,42630,24733,98738,92144,16037,90834, 521
399,658
1923
54,22541,98251,07445,89143,60446,61245,76551,06654,29566,60559,92052,290
613, 329
1922
41,36836,04143,23252,48040, 35140,76642, 21242,60054,82972,36271,58470,079
607,904
Berkeley, Calif.*
1924
20,09018, 08716, 67116,96618,18417,45017,09616, 53716, 54417,31016,48017, 329
208,744
1923
21,21114, 88218,04616,62016, 57816, 26916,80416, 56014, 38618,62417, 78717,016
204, 783
1922
15, 49615, 96719, 20216,10020, 63017,00615, 36515, 37417,84817, 89916,19317, 334
204, 414
Eugene, Oreg.*
1924
10,71310, 50210, 39212,17711,96412, 31412,27411,92211, 39710, 5197,2697,019
128,462
1923
8, 3228,2079,945
10, 35812,93810, 44910,21711,18510, 86313, 52412,04911,746
129,803
1922
5, 8676,8287,7468,3217,8678,0688,5768,705
10, 3459,8759,800
91,998
Long Beach, Calif.
1924
67,16957,66359,59951,91654,14346,85047,47943,74642,82546,10340,78448,520
606,797
1923
54, 40249,85363,49657, 22460,24861,16158, 51861,83357,23064,9S559,16062,345
710, 405
1922
28,24925, 41931,23629,03930, 39332, 54738,10336,24338,07241,44240,84851,536
423,127
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DISTRICT NO. 12—SAN FRANCISCO 447
No. 10.—DEBITS TO INDIVIDUAL ACCOUNTS—Continued
[In thousands of dollars]
Month
Los Angeles, Calif.
1924
JanuaryFebruary. .MarchAprilMayJuneJulyAugustSeptember.OctoberNovember.December..
798,822790,767866,861753,656732,207700, 256703,307667,020650,024748, 230707,973801,463
Total I 8,920,586
1923
659,256586.622749,004673,080713.892706,985706.623672,468668,497770, 469722,837789, 512
8,419, 245
1922
511,034436,496520,741473,001526,172518,489498,524494,186516,679549,286535,054632,291
I, 211,953
Oakland, Calif.
1924
135,931122,486133,582126, 6371̂ -9, 643106, 514124,445130,581118,326124,087111,279127,422
1,480,933
1923
116,062110,542136,503125,121121,007117, 588119,666112,497117,041121,594114,110139,125
1, 450,856
1922
80, 99872,14684,65385,68486,93987,28082,83887, 62190,770
109, 24496,759
123,158
1,088,090
Month
JanuaryFebruary. .MarchAprilMayJuneJulyAugustSeptember.OctoberNovember.December..
Total
Ogden, Utah Pasadena, Calif.
1924
29,64021,33624,31121,16420, 52119,74821,64023,41921,72728,24325,95728, 506
286, 212
1923
32,19526, 27229,91731,22529,2£224,48824,65725,87924,16232,46134,40531,070
346,023
1922 1924
20,72216,09319, 74017, 55721, 51717,72716,48318,86720,07221,99732,40336,821
40,81936,15138,60433,90231,80428,81129,55927,29626,67031,76128,51933,217
259, 999 387,113
1923
32,81127, 53337,15431,49534,31231, 62329,84628,06526,45133,07931,18835,316
378,873
1922
26, 29020,64827,30124,26026,40525,87824,89122,94523,29125,65125,98731,224
304,771
Phoenix, Ariz." Portland, Oreg.
Month
1924 1923 1924 1923 1922
JanuaryFebruary. .MarchApril..MayJuneJulyAugustSeptember.OctoberNovember.December..
Total
22,59020,49820,62719,92521,81821,06318,86416,89418,49723,87624, 07827,023
20, 56616,44219,32817,26919,27420,76015,87317,23317,11822,22924,36525,065
14,69814,80715, 63120,50720,14016,66114,46314,79318,49720,00421,239
157,854152, 737164,305167, 935159.458149,470153.459153,728167,746195,393156, 501163,451
137,699124,494149,822157,439151,119150,081152, 587154,315160,280196,793162,622169,701
124,454113,711142,945136,292127,805141,368133,170141,005147,297161, 536136,941145,142
255, 753 235,522 j 191,440 1,942,037 1,866,952 1,651,666
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448 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
No. 10.—DEBITS TO INDIVIDUAL ACCOUNTS—Continued
[In thousands of dollars]
Month
JanuaryFebruary . . . .MarchAprilMav l'JuneJuly.._ . .AugustSeptemberOctoberNovemberDecember
Total.
Month
January. _ _FebruaryMarch,__ . . .April..May.. .JuneJulyAugustSeptemberOctober.November _December
Total _
Month
JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptember _OctoberNovember ,.December
Total
Reno, Nev.
1924
10,1257,9607,3207,1767,8888,0587,9717,5647,6558,0358,0578,470
96,279
1923
11,3217,8699,3149,323
10,04211,65410, 7399,935
10,12111,20311,52712,018
125,066
1922
9,9297,9339,8629,100
10,00611,90611,20710,11510,97311,53711,06511,837
125,470
Sacramento, Calif.
1924
61, 94757, 49638, 88140,19144,523'36,02739, 94947, 61738, 03839, 63641,17934,892
520, 376
1923
78,91141,23740, 23235, 53646, 28235, 20235, 57937, 83135, 74943,88149, 82657,360
537,606
1922
58,01047,38462, 74163,14958, 26564, 03660, 09966,03170,14768, 08854, 64583,394
755, 989
San Bernardino, Calif.*
1924
8,9557,2208,1427.9068,1728,3238,0717,6127,1917,5917,3068,332
94, 821
1923
7,4766,4327,0286,7808,0087,7758 2498,0906,8468,8607,6828,066
91,292
1922
5,3506,6016,3356,9776,7406,4195,8505,8826,2866,0517,431
69, 922
Ritzville, Wash.*
1924
806624725849723744632711
1,0061,282
814659
9,575
Salt
1924
68,90653, 88562,93564, 39261,98362, 92260, 91660, 62861,49270, 83165, 31485, 561
779, 765
1923
676545691539567612532594905
1,0731,079
956
8,769
Lake City, 1
1923
68,04854,47861,86960,65763,45266,63958,-85057, 61358, 03267,19866, 203S3,304
766, 343
1922
571732712763688562532789792647812
7,600
Jtah
1922
58, 77144,62552,98753,44055, 78855,81955,67057,33155,83062,83967,62981,461
702,190
San Diego, Calif.
1924
54,67049,17047,82747,11245,07048,19453,20746, 08244,61646, 98943, 73352,957
579, 627
1923
51,46342, 22750, 64143,02246, 01147,89948, 58042,49040,09643, 24547,82049,883
553,377
1922
38,16732,58139,40341, 24739,37040,29639,85136, 59036,47138,75338, 69847,758
469,185
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DISTRICT NO. 12—SAN FRANCISCO
No. 10.—DEBITS TO INDIVIDUAL ACCOUNTS—Continued
[In thousands of dollars]
449
Month
January... . . .FebruaryMarchApril..M a yJune .JulyAugust. __SeptemberOctoberNovemberDecember _
Total
Month
JanuaryFebruaryMarchAprilMay.JuneJuly....AugustSeptember..October _.November .December
Total
San
1924
813,964814,165846, 601799, 072790, 811777, 716808, 352786, 035797, 842857, 027790,866885, 396
9, 767, 847
Francisco, Calif.
1923
776, 762680, 420885,456778, 350809,640829, 547750, 868739, 784760, 056849, 907785,434835, 640
9, 481, 864
Seattle, Wash
1924
179,617154, 758197,360182,295177,052179,757182, 323178, 603182, 883194,144171,275186, 810
2,166,877
1923
165, 674140,288179,710166,272168, 652178,691166,824170, 001169,561182, 264174, 742187,985
2,050, 664
1922
725,176626, 032738,831698, 205705, 661730, 557708, 828708, 090757,110751,195723,098765,177
8, 637, 960
1922
137,260126, 991157,044146, 820139,118149,944138,580155, 736158,135163,193165,608168,185
1,806, 614
San|Jose, Calif.*
1924
24, 87619, 92719, 96820, 32618,97119, 25624,08724, 52623,17330, 91925,39024, 390
275,809
1923
24,90219,65422, 37423, 68320, 74520,76421, 84222,04121,22827,05823,47423,014
270,779
1922
21, 60615, 47519, 55418,57218, 59619,93720, 87823, 28621, 93726, 94826,23524,351
257, 375
Spokane, Wash.
1924
47,54944, 66848,76948, 06245, 54047, 27446, 56245, 71848,02152,34844,50047,908
566,919
1923
51,51540,21550,31747, 30147,64051,44448, 61248,64548,98757, 62051, 62854,181
598,105
1922
40,31235,97947,25842,20647, 83846,63441,64541,57241,70452,69443,15951,400
532,401
Month
JanuaryFebruary . .MarchAprilM a yJuneJulyAugustSeptember.OctoberNovember..December. .
Total
Stockton, Calif.
1924 1923 1922
26,99421,59823,89423,02421,79120, 63822,37723, 76327, 78922, 88924, 51627,029
286,302
23,49218, 85623, 44325, 53124, 08425,58125, 62524,72826,36326, 77326,40027,742
298, 618
21,23217, 89521, 587
20, 69221,78221,02721, 79322,22823, 70626,07924, 941
265,050
Tacoma, Wash.
1924 1923 1922
39,79534,81251, 51640, 03440,24840, 79338, 05739,06937, 69940, 04536, 67841, 540
36,92531, 45640,75838,31838, 74745, 29439, 55538, 01338, 79538, 86937, 56740, 587
464, 884
33,74029, 80139, 46535,47536,16539, 41137, 595
Yakima, Wash.
1924 1923 1922
36,87340,31137, 66840,951
445, 683
10,0089,142
10,3459,9909,3828,8038,1119,390
11,10215,35613,04112,421
127,091
9,6588,38510, 28110,0349,6139,419
8,79411, 29312,89812,88011, 414
123, 559
10,11310, 02711, 84711, 03610,42010,2169,5869,19310,82811,69911, 54810,832
127,345
NOTE.—Centers which have not reported continuously for the 18 months ending Dec. 31, 1924, are notincluded in the table.
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FEDERAL RESERVE DISTRICTS
——BOUNDARIES OF FEDERAL RESERVE DISTRICTS. . . . . . BOUNDARIES OF FEDERAL RESERVE BBANCH TERRITORIES
% FEDERAL RESERVE BANK CITIES• FEDERAL RESERVE BRANCH CITIESO FEDERAL RESERVE BANK AGENCY
>
w
oH
O
HW
o1̂
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INDEX TO PART I
Acceptances: PageBanks granted authority to accept up to 100 per cent of capital and
surplus 1 211-213Discounted by Federal reserve banks 87
(See also Index to Part II.)Drawn by banks to finance export transactions, recommendation of
advisory council 277Foreign bankers', held by Federal reserve banks 62Held by Federal reserve banks 5, 42, 48, 50, 55, 58, 61Imports and exports, based on, discounted or purchased, and held
by Federal reserve banks 58, 63, 89Maturity of bills purchased and held by Federal reserve banks___ 64, 92, 93Member bank, held by Federal reserve banks 62National bank, held by Federal reserve banks 62Nonmember bank, held by Federal reserve banks 62Preference over Government issues urged by advisory council 278Private bankers', held by Federal reserve banks 62Purchased by Federal reserve banks 88-90, 98
(See also Index to Part II.)Purchases between Federal reserve banks 98Rates—Discount and open-market—
Average rates of earnings on bills bought by Federal reservebanks 1 38, 39
Average rates charged by Federal reserve banks 37Changes in Federal reserve bank rates during 1923 and 1924 33, 36Volume of acceptances purchased by Federal reserve banks at
each rate _ _ 90, 91Regulations—
A. Rediscounts under section 13 242B. Open-market purchases 247
Sales between Federal reserve banks 98Accommodation at Federal reserve banks of reporting member banks 80,
81, 134(See also Index to Part II.)
Acts:Amending Clayton Act, proposed . _: 240World War adjusted compensation act, extract from_ _ . 30, 240
Administrator, executor, etc. (See Fiduciary powers.)Advisory council, Federal. (See Federal advisory council.)Agencies of Federal reserve banks. (See Branches and agencies.)Agricultural conditions in 1924, discussion of 1Agricultural movements, index of 163-165Agricultural paper:
Holdings of, by Federal reserve banks 58Regulation A 244Volume discounted by Federal reserve banks 76, 77
Amendment to Clayton Act, proposed 240Amendment to World War adjusted compensation act 30, 240Amendments to regulations of the Federal Reserve Board 31, 242-275Area of Federal reserve districts 285Assessment for expenses of Federal Reserve Board 32, 1.12, 117Assets and liabilities. (See Resources and liabilities.)Atlanta par clearance case 25, 231Balance sheets. (See Condition statements.)Bank failures 23
In Northwest, advisory council on 276
451
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452 INDEX TO PART I
PageBank debits—debits to individual account 154-158
Index of 163-165(See also Index to Part II.)
Bank notes. (See Federal reserve bank notes; National bank notes.)Bank premises, Federal reserve:
Book value 49, 52, 110Cost of 110Depreciation allowances 110, 113Expense of maintaining 112
Bankers' balances of reporting member banks 143-146Bankers' acceptances. (See Acceptances.)Bills bought. (See Acceptances.)Bills discounted. (See Discount and open-market operations.)Bonds, United States. (See United States securities.)Branch banking:
Advisory council on McFadden bill 279Federal Reserve Board policy regarding 19, 260
Branches and agencies of Federal reserve banks:Buildings, cost of 110Clearing operations 109Directors of 224-230
Number increased 19Expenses of 19Managers of 224-230Volume of operations 19, 108
Branches of national and State banks, number operated 20Building contracts awarded, index of 163-165Building operations of Federal reserve banks and branches 18, 110
Book value of bank premises 49, 52, 110Cost of bank premises 110Depreciation allowances 110, 113Expense of maintaining bank premises 112
Business indexes of the Federal Reserve Board 163-165Capital:
Federal reserve banks 17, 49, 52Increase or decrease in—Regulation I 262(See also Index to Part II.)
Member banks 121-141Classification according to capital stock 191, 192
Nonmember banks eligible for membership 136-140State bank members 123, 132, 166
Cash reserves of Federal reserve banks. (See Reserves.)Certificates of indebtedness. (See United States securities.)Changes in membership in Federal reserve system 21, 147—153Check clearing and collection:
Atlanta par clearance case 24, 231Cleveland par clearance case 27Gold settlement, fund transactions 48, 50, 100, 101
(See also Index to Part II.)Operations, volume of—
Federal reserve banks 103Federal reserve branch banks 109(See also Index to Part II.)
Par list, number of banks on 22, 23, 105-107Regulation J . 265San Francisco par clearance case 27
Circulation, note. (See Federal reserve bank notes; Federal reserve notes;National bank notes.)
Clayton Act:Administration of 29Amendment to, proposed 240
Clearing-house bank debits 154-158Index of 163-165
Clearing operations, volume of:Federal reserve banks_ 103Federal reserve branch banks 19, 108(See also Index to Part II.)
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INDEX TO PART I 4 5 3
PageCleveland par clearance case 27Collateral held as security against Federal reserve notes___: 68, 69, 71, 75Collateral notes of member banks discounted by Federal reserve banks:
Holdings of 58Volume discounted 76, 77
Commercial paper:Discount rates 33Holdings of paper discounted by Federal reserve banks 58
Condition statements:Abstract of condition reports of member banks 121-135All banks in the United States 120All Federal reserve banks combined 42-53Each Federal reserve bank. (See Index to Part II.)Member banks 121-135
Conferences, Federal Reserve Board with advisory council, agents, andgovernors 31
Counties in Federal reserve districts ; 285-290Court decisions:
Par clearance cases 24, 26, 231Trust powers of national banks 27, 234, 237
Credit, discussion of 2, 8Crissinger, D. R., redesignated governor of Federal Reserve Board 32Currency:
Circulation 160Receipts—
Federal reserve banks 14(See also Index to Part II.)
Federal reserve branch banks 108(See also Federal reserve bank notes; Federal reserve notes; National
bank notes.)Customers' paper discounted by Federal reserve banks, holdings of 58Dawes, Henry M., resignation as Comptroller of the Currency 32Dawes report, advisory council on 280Debits to individual account < 154-158
Index of 163-165(See also Index to Part II.)
Deferred availability items (checks, drafts, transit items, etc.) of Federalreserve banks 49, 52
Department store sales and stocks, index of 163-165Deposits—
Federal reserve banks—All banks combined 45-47, 49, 52, 54Each Federal reserve bank. (See Index to Part II.)Reserve required against 54
Government, held by Federal reserve banks 45, 49, 52Guarantee of, advisory council on 277Member banks . 121-135
Interest on, advisory council on 279Reserve deposits 45, 49, 52, 121-135(See also Index to Part II.)
Time deposits and savings accounts—Regulation D 249Depreciation, amounts charged off by Federal reserve banks on ac-
count of 110, 113(See also Index to Part II.)
Directors of Federal reserve banks and branches:List of 224-230Number increased at branches 19
Directory:Federal advisory council 223, 276Federal reserve banks 224-230Federal Reserve Board 223
Discount and open-market operations of Federal reserve banks (see alsoIndex to Part II):
Acceptances—•Average rates of earnings on bills bought by Federal reserve banks. 38, 39Average rates charged by Federal reserve banks 34Changes in Federal reserve bank rates during 1924 36
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454 INDEX TO PART I
Discount and open-market operations of Federal reserve banks—Contd.Acceptances—Continued. Page
Discounted by Federal reserve banks 87Foreign bankers7, held by Federal reserve banks 62Held by Federal reserve banks , 5, 42, 48, 50, 55, 58, 61Imports and exports, based on, discounted or purchased and held
by Federal reserve banks 58, 63, 89Maturity of bills purchased and held by Federal reserve banks _ 64,
92, 93Member bank, held by Federal reserve banks 62National bank, held by Federal reserve banks 62Nonmember bank, held by Federal reserve banks 62Private bankers', held by Federal reserve banks 62Purchased by Federal reserve banks 88-90, 98Regulations 242, 245, 247Volume of, purchased by Federal reserve banks at each rate 90, 91
Advisory council, recommendations of, on policy 278, 279, 283Branches of Federal reserve banks, bills discounted and bought by__ 108Discounts—Bills discounted—
Agricultural and livestock paper—Held by Federal reserve banks 58Volume discounted 76, 77
Commercial paper held by Federal reserve banks 58Customers' paper held by Federal reserve banks 58Dollar exchange bills purchased or discounted 63, 89Holdings of 42, 50, 57, 58Maturity of 59, 83-85Member banks accommodated, number of 80, 81Member banks' collateral notes discounted and held by Federal
reserve banks * 58, 76, 77National banks, bills discounted for 82Rates charged and rates of earnings on bills discounted-_ 33-35, 83, 84State banks and trust companies, bills discounted for _ 82United States securities, paper secured by, discounted and held by
Federal reserve banks, *_ 44, 50, 58, 60, 86Volume of bills discounted for member banks in each State 81Volume (total) of bills discounted 79, 81-84
Open-market operations—Discussion of 10Federal advisory council on 278, 279, 283Regulation C 248
Par value of United States securities held by Federal reserve banks.- 66Rates charged and rates of earnings. (See Discount and open-market
rates.)United States securities purchased and held by Federal reserve banks. 5,
42, 43, 65, 66, 94-97Volume of operations—total 76-78
Discount and open-market rates:Acceptances purchased, volume at each rate , 90, 91Average rates* of earnings on—
Acceptances purchased 38, 39Bills discounted 35, 39Municipal warrants purchased 41Total earning assets 41United States securities purchased 40
Average rates charged on acceptances purchased •_ 37Average rates charged oh bills discounted 34Bills discounted, volume, at each rate 46Changes during 1923 and 1924 in Federal reserve bank rates 33, 36Federal advisory council, recommendations of, on policy 278, 279, 283(See also Money rates.)
Districts, Federal reserve. (See Federal reserve districts.)Dividends:
Member banks 141Paid by Federal reserve banks 15, 16, 113, 114
Out of surplus, advisory council on - 282(See also Index to Part II.)
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INDEX TO PART I 4 5 5
Dollar exchange bills purchased or discounted and held by Federal reservebanks . 63,89
Due to and from banks and bankers by reporting member banks 143-146Earning assets of Federal reserve banks 3-6, 42, 50, 55, 56
Chart showing 4Earnings, annual rates of 41Earnings, ratio of, to capital and surplus 17Holdings of 42, 50, 55, 56(See also Index to Part II.)
Earnings and expenses of Federal reserve banks 12-16, 112-116(See also Index to Part II.)
Earnings:Federal reserve banks, rates of. (See Discount and open-market
rates.)Member banks 141
Edge Act corporations—Regulation K 267Eligible nonmember banks 136-140Eligible paper held as security for Federal reserve notes 71, 75Employees:
Federal reserve banks, number and salaries 216-220Federal Reserve Board, salaries 214-216
Employment, index of 163-165Examiners, national bank, salaries of 220-222Exchange, foreign, index of 163-165Executor, administrator, etc. (See Fiduciary powers.)Expenses:
Federal reserve banks 112(See also Index to Part II.)
Federal Reserve Board 117-119Fiscal agency departments of Federal reserve banks 113
Export transactions, bankers' acceptances drawn to finance, advisorycouncil on 277
Exports and imports:Acceptances based on, purchased and held b}r Federal reserve banks _ 58,
63,89Gold .9, 158, 159
Expressage, cost, of, Federal reserve banks 112^Failures, bank 23
In Northwest, advisory council on 276Federal advisory council:
Meetings of 31Members of 223, 276Recommendations of, to Federal Reserve Board 276-284
Federal intermediate credit banks, discounts for 76, 77Federal reserve act:
Amendments as contained in McFadden bill, advisory council on_^_ 279Liberal interpretation of section 13 in regard to accepting banks
urged by advisory council 282Federal reserve agents:
Conferences of 31Federal reserve note accounts of 68, 69Gold fund, summary of transactions during 1924 102Gold held by 48, 50, 68, 70, 75List of 224-230Salaries of 216-220
Federal reserve bank credit, discussion of 3-6Federal reserve bank notes:
Circulation outside U. S. Treasury and Federal reserve banks 160Circulation of all Federal reserve banks combined 45, 49, 52Issued and redeemed by Comptroller of the Currency 74Outstanding 72, 74Redemption fund against 48, 50Taxes paid on circulation 113
36569—25f 30
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4 5 6 INDEX TO PART I
Federal reserve banks:Acceptances purchased or discounted by. (See Acceptances.)Agricultural paper discounted or held by 58, 76, 77Bank premises 49, 52, 110, 113Branches of 19
Buildings 18, 110Directors of 224-230
Number of, increased 19Expenses of 19Managers of 224-230Operations, volume of 19, 108
Building operations 18, 110Capital ._ 17, 49, 52Clearing operations 103
(See also Index to Part II.)Commercial paper held by 58Condition of all Federal reserve banks combined 42-53Condition of each bank. (See Index to Part II.)Deferred availability items (checks, drafts, transit items, etc.) 49, 52Deposits—
Of all banks combined 45-47, 49, 52, 54Of each reserve bank. (See Index to Part II.)
Depreciation charges made by 110, 113Directors and officers • 224-230Discount rates. (See Discount and open-market rates.)Discounts. (See Discount and open-market operations.)Dividends paid 15, 16, 113, 114
Out of surplus, advisory council on 282Earning assets. (See Earning assets.)Earnings—
Ratio of, to capital and surplus 17Transfers to surplus account 113, 114
Earnings and expenses 12-16, 112-117(See also Index to Part II.)
Employees, number and salaries 216-220Excess reserves (free gold). (See Reserves.)Expenses of 112Expressage, cost of 112Federal reserve bank notes. (See Federal reserve bank notes.)Federal reserve notes. (See Federal reserve notes.)Fiscal agency operations 17, 113Franchise tax paid by 15, 16, 113, 114Furniture and equipment 112Gold held by 45,48,50Qold redemption fund 48, 50Gold settlement fund 48, 50, 100, 101Government deposits held by 45, 49, 52Governors—
Conferences of 31List of 224-230Salaries of 216-220
Investments of. (See Earning assets; Discount and open-marketoperations.)
Member-bank reserve deposits held by 45, 49, 52Municipal warrants—
Purchases and holdings 45, 51, 76, 77Rates of earnings on 41
Officers and directors, list of 224-230Officers, salaries of 216-220Postage, cost of 112Profit and loss account 113Rediscounts and sales of bills and securities between 98Rent paid by 112Reserve ratio. (See Reserve ratio.)Reserves. (See Reserves.)Resources and liabilities of all banks combined 42-53
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INDEX TO PART I 457
Federal reserve banks—Continued.Salaries 216-220Self insurance 112Surplus account 15, 16, 17, 49, 52, 113, 114
Payment of dividends out of, advisory council on 282Tax, franchise, paid to Government 15, 16, 113, 114Telephone and telegraph expenses 112Uncollected items (checks, drafts, transit items, etc.) 49, 52United States securities purchased and held by. (See United States
securities.)Volume of operations 14
(See also Index to Part II.)Federal Reserve Board:
Assessment for expenses of 32, 112, 117Conferences with advisory council, agents, and governors 31Crissinger, D. R., redesignated governor _j 31Directory 223Employees, number and salaries 214-216Expenses of 117-119Freeman, Edgar, resignation as assistant counsel 32Goldenweiser, E. A., appointed assistant director of division of re-
search and statistics ; 32Jacobson, Morris, resignation as statistician 32Members of 223Miller, A. C, reappointed member 32Officers of, number and salaries 214-216Organization 31Platt, Edmund, redesignated vice governor 32Receipts and disbursements 117-119Regulations 241-275Salaries of officers and employees 214-216
Federal reserve currency:Cost of • 112Taxes paid on Federal reserve bank-note currency 113(See also Federal reserve bank notes; Federal reserve notes.)
Federal reserve districts:Area 285Counties in divided States 285Description 285Map showing outline 450Population 285
Federal reserve notes:Circulation—
All Federal reserve banks combined 45, 49, 52, 54Each Federal reserve bank i 70(See also Index to Part II.)Outside the United States Treasury and Federal reserve banks__ 160
Collateral security held against 68, 69, 71, 75Cost of preparing 117Eligible paper held as collateral against 71, 75Excess collateral pledged against '68Gold and gold certificates held as collateral against 68, 71, 75Held by Federal reserve agents 68Held by Federal reserve banks 70Issued by Federal reserve agents to Federal reserve banks 70Outstanding 72, 74Received by Federal reserve banks from Comptroller of the Currency. 69Reserves required against 45Retired (returned by Federal reserve banks to Federal reserve agents) _ 72
Fiduciary powers:Court decisions relating to 27, 234, 237Permits issued to national banks 193-210Regulation F 254
Fiscal agency operations of Federal reserve banks 17, 113Foreign banking—Regulation K 267Foreign banks, acceptances of, held by Federal reserve banks 62Foreign bills, investment in, by Federal reserve banks, advisory council on_ 283Foreign capital flotation in American market, effect of, advisory council on_ 284
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4 5 8 INDEX TO PART I
PageForeign exchange, index of 163^-165Franchise tax paid by Federal reserve banks to Government 15, 16, 113, 114Freeman, Edgar W., resignation as assistant counsel 32Furniture and equipment purchased by Federal reserve banks 112German bills, purchase of, bv Federal reserve banks, advisorv council on. 280Gold:
Circulation 160Federal reserve agents' gold fund 102Held as security for Federal reserve notes 68, 71, 75Held by Federal reserve agents 48, 50, 71Held by Federal reserve banks 45, 48, 50Imports as affecting reserve bank credit 7Imports and exports 9, 158, 159Reserves—
Advisory cpuncil on publication of percentages 278(See also Reserves.)
Shipments, cost of 118Gold redemption fund:
Federal reserve agents _ 68, 75Federal reserve banks 48, 50
Gold settlement fund:Balance of all Federal reserve banks combined 48, 50Clearings and transfers 101Summary of transactions 100(See also Index to Part II.)
Gold standard, advisory council on 281Goldenweiser, E. A., appointed assistant director of division of research
and statistics 32Government bonds. {See United States securities.)Government deposits held by Federal reserve banks 45, 49, 52Government, Federal reserve banks as fiscal agents of 113Governors of Federal reserve banks:
List of 224-230Meetings of 31Salaries of 216-220
Governor of Federal Reserve Board, Crissinger, D. R., redesignated 31Guaranty of deposits, advisory council on 277Imports and exports:
Acceptances based on, purchased or discounted and' held by Federalreserve banks 58, 63, 89
Gold 9, 158/159Indexes of production, employment, trade, wholesale prices, and foreign
exchange 163-165Industry and trade in 1924, discussion of 1Inflation, means of averting, advisory council on 281, 2S3Insurance, self, of Federal reserve banks 112Interest on member bank balances, advisory council on 279Interest rates. (See Discount and open-market rates; Money rates.)Interlocking bank directorates under the Clayton Act—Regulation L 272Investments of Federal reserve banks. (See Earning assets; Discount andjr- jpen-market operations.)Jacobson, Morris, resignation as statistician of Federal Reserve Board 32Kern amendment to Clayton Act, amendment to, proposed 240Land area of Federal reserve districts 285Leased-wire system, cost of 118Loans, deposits, investments, etc., of member banks 121-135Loans on farm land and other real estate—Regulation G 257Managers of branches of Federal reserve banks 224-230Manufacturing production, index of 163-165Map outlining Federal reserve districts 450Maturities:
Acceptances purchased and held by Federal reserve banks 64, 92, 93Bills discounted by Federal reserve banks 59, 83-85
McFadden bill, advisory council on 279Mclntosh, J. W., appointed Comptroller of the Currency 32Member bank credit, discussion of 3
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INDEX TO PART I 4 5 9
Member banks:Acceptances of, held by Federal reserve banks 62Accommodation at Federal reserve banks 80, 81, 134
{See also Index to Part II.)Capital 121-141, 166Changes in membership 21, 147-153Classification according to capital stock 191, 192Collateral or promissor}^ notes of, discounted and held by Federal
reserve banks 58, 76, 77Condition reports, abstract of 121-135Dividends declared 141Dividends paid to, by Federal reserve banks 113, 114Failures ___" 23, 24Interest on balances, advisory council on 279National banks—
Loans and discounts 122Membership, changes in 147-153Paper discounted for 82
Number of 81, 147-153Number accommodated through discount of paper 80, 81Number in each district 105, 106, 136Number in each State 81, 137Number on par list 22, 23, 105-107Reporting banks in leading cities, assets and liabilities of 134Reserve deposits of 45, 49, 52Resources and liabilities 121-135
(See also Index to Part II.)State banks and trust companies—
Abstract of condition reports 123, 132Bills discounted for 82Capital 123, 132, 166Membership in system 21, 147-153, 166-190Number, capital, and total resources__' 123, 132, 166
Surplus _' 121-135Membership in Federal reserve system 21, 22, 147-153, 166
Classification according to capital stock 191, 192Regulation H 258
Miller, A. C, reappointed as member of Federal Reserve Board 32Mining production, index of 163-165Money in circulation 160Money rates:
In Federal reserve bank and branch cities 162New York market- 11
Chart showing 11{See also Discount and open-market rates.)
Municipal warrants:Purchased and held by Federal reserve banks 42, 51, 76, 77Rates of earnings on 41
National bank act, amendments to, recommendation of advisory council- 276,279, 284
National bank note circulation:Liberty bonds refunded into bonds available for, advisory council on_ 284Outside United States Treasury and Federal reserve banks 160Redemption on February 1, 1925, approved by advisory council 283
National banks:Acceptances of, held by Federal reserve banks 62Bills discounted for 82Changes in membership 21, 147-153Examiners, salaries of 220-222Failures 23, 24Fiduciary powers granted to 193-210Loans, deposits, investments, etc 122, 130Number in system 21, 149
Nonmember banks:Acceptances of, held by Federal reserve banks 62Eligible for membership 136-140Failures 23,24Number on par list 22, 23, 105, 106
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460 INDEX TO PART I
Notes. (See Federal reserve bank notes; Federal reserve notes; National-bank notes.) Page
Officers and directors of Federal reserve banks 224-230Officers and employees:
Federal reserve banks, number and salaries 216-220Federal Reserve Board, salaries 214-216
One hundred per cent of capital and surplus, list of banks granted au-thority to accept up to_ 211-213
Open-market operations of Federal reserve banks. {See Discount andopen-market operations.)
Open-market rates. (See Discount and open-market rates.)Opinions of courts:
Fiduciary powers granted to national banks > 27, 234, 237Par clearance cases 24, 26, 231
Par collections. (See Check clearing and collection.)Par list, number of banks on 22, 23, 105-107Par value of United States securities held by Federal reserve banks 66Percentage of reserves to deposit and note liabilities of Federal reserve
banks. (See Reserve ratio.)Pascagoula National Bank, Moss Point, Miss., par clearance case of__ 25,231Platt, Edmund, redesignated vice governor of Federal Reserve Board 32Population of Federal reserve districts 285Postage, cost of, Federal reserve banks 112Private banks, acceptances of, held by Federal reserve banks 62Production in basic industries, index of 163-165Profit-and-loss account of Federal reserve banks 113, 114Purchased paper. (See Acceptances.)Railroad car loadings, index of 163-165Rates. (See Discount and open-market rates; Money rates.)Ratio of cash reserves to deposit and note liabilities of Federal reserve
banks. (See Reserve ratio.)Real estate, loans on—Regulation G 257Receipts and disbursements of the Federal Reserve Board 117-119Recommendations of the Federal advisory council 276-284Redemption fund against Federal reserve bank notes 49, 52Rediscounts and sales of securities between Federal reserve banks 98Regulations of the Federal Reserve Board 31, 241-275
A—Rediscounts under section 13 42B—Open-market purchases under section 14 247C—Acceptance b>y member banks of drafts and bills of exchange 248D—Time deposits and savings accounts 249E—Purchase of warrants 252F—Trust powers of national banks 254G—Loans on farm land and other real estate 257H—Membership of State banks and trust companies 258
Advisory council on 280I—Increase or decrease of capital stock of Federal reserve banks._ 262J—Check clearing and collection 265K—Banking corporations authorized to do foreign banking business
under section 25a 267L—Interlocking bank directorates under the Clayton Act 272
Rent paid by Federal reserve banks 112Reporting member banks in leading cities:
Assets and liabilities of 134Bankers' balances of 143-146
Reserve balances of member banks:Held by all Federal reserve banks combined 45, 50Held by each Federal reserve bank. (See Index to Part II.)
Reserve ratio:All Federal reserve banks combined 45, 49, 54Each Federal reserve bank. (See Index to Part II.)
Reserves of Federal reserve banks:Advisory council on publication of percentages 278C a s h -
All banks combined 45, 48, 54Each Federal reserve bank. (See Index to Part II.)
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INDEX TO PART I 4 6 1
Reserves of Federal reserve banks—Continued. PageExcess reserves 45Required against notes and desposits 45
Resources and liabilities:All banks in the United States 120Federal reserve banks 42-53
(See also Index to Part II.)Member banks 121-135Reporting member banks ^__ — 134
(See also Index to Part II.)Salaries:
Federal reserve banks 216-220Federal Reserve Board 214-216National bank examiners 220-222
San Francisco par clearance case 27Sayings accounts—Regulation D 249Silver in circulation 160Staff. (See Employees.)State banks and trust companies:
Acceptances of, held by Federal reserve banks 62Admitted to system 166-190Membership in system—Regulation H 258
State bank and trust company members:Abstract of condition reports 123, 132Bills discounted for 82Capital, surplus, and total resources 123, 132, 166Changes in membership 147-153Number of . 21, 22, 148Resources and liabilities 123, 132
Supreme Court of Rhode Island, decision of, on right of national banks toexercise fiduciary powers 237
Supreme Court of United States, opinion of, on right of national banks inMissouri to exercise fiduciary powers 234
Surplus account:Dividends paid out of, advisory council on 282Federal reserve banks 15, 16, 17, 49, 52, 113Member banks 121-135, 166
Tax, franchise, paid to Government by Federal reserve banks __ 15, 16, 113, 114Telegraph, leased-wire system, cost of 118Telephone and telegraph expense of Federal reserve banks 112Time deposits—Regulation D , 249Trade acceptances. (See Acceptances.)Trade and industry in 1924, discussion of 1Trade, wholesale, index of 163-165Treasury certificates of indebtedness:
Issued to Federal reserve banks by Secretary of Treasury 98Purchased by Federal reserve banks 97
Treasury notes:Circulation 160Purchased by Federal reserve banks 96
Trust companies. (See State banks and trust companies.)Trust powers. (See Fiduciary powers.)Uncollected items (checks, drafts, transit items, etc.) of Federal reserve
banks 49, 52United States Government, franchise tax paid to, by Federal reserve
banks 15, 16, 113United States notes in circulation 160United States securities:
Bills discounted, secured by—Held by Federal reserve banks 42, 50, 58, 60, 86Volume discounted by Federal reserve banks 86
Certificates of indebtedness—Issued to Federal reserve banks by Secretary of Treasury 98Purchased by Federal reserve banlks .97
Depreciation on, charges made by Federal reserve banks on account of 113Held by Federal reserve banks 5, 42, 50, 66
Par value of 66Openj-market purchases by Federal reserve banks 94-9 7
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462 IKDEX TO PART I
United States securities—Continued.Owned by member banks 121-134Rates of earnings on purchases by Federal reserve banks 40Sales between Federal reserve banks 99Treasury notes purchased by Federal reserve banks 96Victory notes purchased by Federal reserve banks 95Volume purchased by Federal reserve banks 5, 94
United States Supreme Court, opinion of, on right of national banks toexercise fiduciary powers 237
United States Treasurer, items drawn on, and handled by Federal reservebanks 103
Victory notes purchased by Federal reserve banks 95Warrants, municipal:
Purchased by Federal reserve banks 42, 51, 76, 77Rates of earnings on 41Regulation E .252
Weekly statement, publication of reserve percentages in, advisory councilon 278
Wholesale prices, index of 163-165Wholesale trade, index of 163-165World War adjusted compensation act, extract from 30, 240
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INDEX TO PART IIDATA FOR EACH FEDERAL RESERVE DISTRICT
Assets and liabilities of Federal reserve bank—holdings of bills discounted,acceptances, United States securities, and total earning assets; also cashreserves, members' reserve deposits, total deposits, Federal reserve notecirculation, and reserve percentages, by weeks, during 1924: Pa^e
District No. 1—Boston___ __ _ 313District No. 2—New York 324District No. 3—Philadelphia 335District No. 4—Cleveland 346District No. 5—Richmond _ 358District No. 6—Atlanta 370District No. 7—Chicago. _ 382District No. 8—St. Louis 394District No. 9—Minneapolis 404District No. 10—Kansas City _ 415District No. 11—Dallas 428District No. 12—San Francisco 439
Assets and liabilities of reporting member banks—loans and discounts,investments, deposits, and accommodation at Federal reserve bank, bymonths, during 1923 and 1924:
District No. 1—Boston.. __ ___ _ 319District No. 2—New York _. 330District No. 3—Philadelphia 341District No. 4—Cleveland 352District No. 5—Richmond _ _ 364District No. 6—Atlanta 376District No. 7—Chicago 388District No. 8—St. Louis 400District No. 9—Minneapolis 410District No. 10—Kansas City ' 421District No. 11—Dallas 434District No. 12—San Francisco 445
Condition of Federal reserve bank—comparative statement of assets andliabilities on December 31, 1922-1924:
District No. 1—Boston 312District No. 2—New York 323District No. 3—Philadelphia 334District No. 4—Cleveland ^___ 345District No. 5—Richmond 357District No. 6—Atlanta 369District No. 7—Chicago. 381District No. 8—St. Louis 393District No. 9—Minneapolis 403District No. 10—Kansas City 414District No. 11—Dallas 427District No. 12—San Francisco 438
Debits to individual accounts (bank debits)—figures for each reportingcenter and summary for the district, by months, 1922-1924:
District No. 1—Boston 319District No. 2—New York 331District No. 3—Philadelphia _ 341District No. 4—Cleveland 352District No. 5—Richmond 364District No. 6—Atlanta 376District No. 7—Chicago,. _ 389District No. 8—St. Louis 400District No. 9—Minneapolis 410District No. 10—Kansas City 421District No. 11—Dallas 434District No. 12—San Francisco 445
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4 6 4 INDEX TO PART II
Discount and open-market operations of Federal reserve bank—volumeof bills discounted and of acceptances and United States securities pur-chased, by months and classes:
District No. 1—Boston * 314District No. 2—New York 325District No. 3—Philadelphia __•_ 336District No. 4—Cleveland 347District No. 5—Richmond 359District No. 6—Atlanta 371District No. 7—Chicago 383District No. 8—St. Louis 395District No. 9—Minneapolis 405District No. 10—Kansas City 416District No. 11—Dallas 429District No. 12—San Francisco 440
Discounts—volume of bills discounted by Federal reserve bank for memberbanks in each State, and number of banks accommodated:
District No. 1—Boston 315District No.. 2—New York 326District No. 3—Philadelphia 337District No. 4—Cleveland 348District No. 5—Richmond 360District No. 6—Atlanta 372District No. 7—Chicago 384District No. 8—St. Louis 396District No. 9—Minneapolis 406District No. 10—Kansas City 417District No. 11—Dallas 430District No. 12—San Francisco 441
Earnings, expenses, and profit and loss account of Federal reserve bank,1922-1924:
District No. 1—Boston 316District No. 2—New York 327District No. 3—Philadelphia 338District No. 4—Cleveland 349District No. 5—Richmond 361District No. 6—Atlanta 373District No. 7—Chicago 385District No. 8—St. Louis 397District No. 9—Minneapolis 407District No. 10—Kansas City 418District No. 11—Dallas T 431District No. 12—San Francisco 442
Federal reserve clearing system (checks handled):District No. 1—Boston 317District No. 2—New York 328District No. 3—Philadelphia 339District No. 4—Cleveland 350District No. 5—Richmond 362District No. 6—Atlanta 374District No. 7—Chicago 386District No. 8—St. Louis 398District No. 9—Minneapolis 408District No. 10—Kansas City 419District No. 11—Dallas 432District No. 12—San Francisco 443
Gold settlement fund—clearings and transfers of Federal reserve bank,by weeks during 1924:
"District No. 1—Boston 318District No. 2—New York 329District No. 3—Philadelphia 340District No. 4—Cleveland 351District No. 5—Richmond 363District No. 6—Atlanta 375District No. 7—Chicago 387District No. 8—St. Louis 399District No. 9—Minneapolis 409
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INDEX TO PART II 4 6 5
Gold settlement fund—clearings and transfers of Federal reserve bank,by week during 1924—Continued. Page
~ District No. 10—Kansas City___ 420District No. 11—Dallas 433District No. 12—San Francisco 444
Volume of operations in principal departments of Federal reserve bank:District No. 1—Boston 317District No. 2—New York 328District No. 3—Philadelphia 339District No. 4—Cleveland 350District No. 5—Richmond 362District No. 6—Atlanta 374District No. 7—Chicago 386District No. 8—St. Louis 398District No. 9—Minneapolis 408District No. 10—Kansas City 419District No. 11—Dallas 432District No. 12—San Francisco 443
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