Annual Report of the Federal Reserve Board, 1922

NINTH ANNUAL REPORT OF THE FEDERAL RESERVE BOARD COVERING OPERATIONS FOR THE YEAR 1922 WASHINGTON GOVERNMENT PRINTING OFFICE 1923 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

TABLE OF CONTENTS. Page. PART I. Report of the Federal Reserve Board, with exhibits 1-280 PART II. Statistical tables, arranged by Federal reserve districts 281-404 PART III. Recommendations of the Federal Advisory Council to the Federal Reserve Board for year 1922 405-413 Description of Federal reserve districts 414^20 PART I. TEXT OF REPORT: Trend of business activity 1 Member bank borrowings in relation to basic discount line 3 Cooperative marketing 4 Branch banking 5 Banking developments 6 Loans and investments of member banks 7 Credit in industrial and rural counties 8 Loans and deposits 10* Gold movements and foreign exchange 13 Discount rates during 1922 14 Earnings, expenses, and volume of operations of Federal reserve banks... 18 Branches of Federal reserve banks and their operations 25 Building operations of the Federal reserve banks 26 Gold settlement fund 28 State bank membership 29 Check clearing and collection 30 Trust powers of national banks 33 Kern amendment to Clayton Antitrust Act. . 35 Amendments to Federal reserve act 36 Amendments to regulations of the Federal Reserve Board 37 Federal Advisory Council, meetings of 38 Conferences held by the board 3$ Board's organization, staff, and expenditures 39 EXHIBITS. DISCOUNT AND OPEN-MARKET RATES: No. 1. Changes during 1922 in Federal reserve bank discount rates 42 No. 2. Average rates charged by Federal reserve banks on bills discounted 43 No. 3. Annual rates of earnings on discounted bills held by the Federal reserve banks 44 No. 4. Changes during 1922 in minimum authorized rates of Federal reserve banks on bankers' and trade acceptances bought in open market 44 No. 5. Average rates charged by Federal reserve banks on bankers' and trade acceptances bought in open market 46 No. 6. Annual rates of earnings on bankers' and trade acceptances bought in open market and from other Federal reserve banks 47 HI Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

IV TABLE OF CONTENTS. DISCOUNT AND OPEN-MARKET RATES—Continued. Page. No. 7. Annual rates of earnings on bills discounted and on bills purchased by each Federal reserve bank, 191&-1922 48 No. 8. Annual rates of earnings on United States securities held by the Federal reserve banks 50 No. 9. Annual rates of earnings on total earning assets and on municipal warrants held by the Federal reserve banks 51 CONDITION OF FEDERAL RESERVE BANKS: No. 10. Earning assets of all Federal reserve banks combined, 1914-1922.. 52 No. 11. Reserves, deposits, and note circulation of all Federal reserve banks combined, 1914-1922 58 No. 12. Resources and liabilities of all Federal reserve banks combined on the last business day of each month, December, 1921-December, 1922 62 No. 13. Resources and liabilities of all Federal reserve banks combined. by weeks, during 1922 64 No. 14. Deposits, Federal reserve note circulation, required reserves, excess reserves, and reserve percentages of all Federal reserve banks combined, by weeks, during 1922 71 No. 15. Daily average figures for all Federal reserve banks combined of cash reserves, total earning assets, deposits, and Federal reserve note circulation, also daily average reserve percentages, by months, during 1919-1922 ". 75 No/16. Average daily holdings of all classes of earning assets of each Federal reserve bank, by months 76 Holdings of bills discounted— No. 17. Average daily holdings of each Federal reserve bank, by months 77 No. 18. Classification of paper held by each Federal reserve bank on December 30, 1922 79 No. 19. Classification of paper held by all Federal reserve banks combined at the end of each month 80 No. 20. Maturity distribution of paper held by each Federal reserve bank on December 27, 1922 81 No. 21. Maturity distribution of paper held by all Federal reserve banks combined on the last report date of each month 82 No. 22. Classification of bills secured by United States Government obligations held by each Federal reserve bank on December 27, 1922, and December 28, 1921 83 No. 23. Classification of bills secured by United States Government obligations held by all Federal reserve banks combined on the last report date of each month 84 JBills bought in open market (bankers' and trade acceptances)— No. 24. Average daily holdings of each Federal reserve bank, by months 85 No. 25. Held by each Federal reserve bank on December 30, 1922, by classes of accepting institutions 86 No. 26. Held by all Federal reserve banks combined at the end of each month during 1922, by classes of accepting institutions. 87 No. 27. Held by each Federal reserve bank on December 30, 1922, by No. 28. Held by all Federal reserve banks combined at the end of each month during 1922, by classes Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

TABLE OF CONTENTS. V CONDITION OF FEDERAL RESERVE BANKS—Continued. Bills bought in open market—Continued. Page. No. 29. Maturity distribution of bills held by each Federal reserve bank on December 27, 1922 90 No. 30. Maturity distribution of bills held by all Federal reserve banks combined at the end of each month 91 Municipal warrants— No. 31. Arerage daily holdings of each Federal reserve bank, by months 92 United States securities— No. 32. Average daily holdings of each Federal reserve bank, by months 93 No. 33. Classification of United States securities held by each Federal reserve bank on December 30, 1922 94 FEDERAL RESERVE NOTES: No. 34. Accounts of each Federal reserve agent on December 30, 1922, and December 31, 1921 95 No. 35. Outstanding, held by each bank, and in actual circulation, also gold and eligible paper pledged as collateral for outstanding notes—Monthly figures for each Federal reserve bank 97 No. 36. Collateral (gold and eligible paper) pledged with Federal reserve agents as security against notes outstanding—Weekly figures for all Federal reserve banks combined 100 No. 37. Issued and retired by each Federal reserve agent, by months 103 No. 38. Outstanding, held by Federal reserve agent, and on hand in Washington on December 30, 1922—By banks and denominations 105 No. 39. Received from Comptroller of the Currency, returned to comptroller for destruction; issued to Federal reserve banks, and returned by Federal reserve banks during 1922—By banks and denominations 107 No. 40. Issued and retired by all Federal reserve agents combined during 1920, 1921, and 1922, and amounts outstanding on December 31, 1919, 1920, 1921, and 1922, by denominations 110 No. 41. Interdistrict movement during 1922 110 FEDERAL RESERVE BANK NOTES: No. 42. Issued and redeemed during 1922 and outstanding on December 30, 1922, by banks and denominations 112 CURRENCY RECEIPTS AND PAYMENTS: No. 43. Received from and paid to member and nonmember banks by each Federal reserve bank, by months 114 DISCOUNT AND OPEN-MARKET OPERATIONS: Total volume—All classes— No. 44. For each Federal reserve bank during 1922, with totals for 1921 and 1920, distributed by classes 116 No. 45. For all Federal reserve banks combined, by months during 1922, distributed by classes 117 No. 46. For each Federal reserve bank, by months during 1922, with totals for 1921 and 1920 118 Bills discounted— No. 47. Discounted by each Federal reserve bank, by months during 1922, with totals for 1921 and 1920 119 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

VT TABLE OF CONTENTS. DISCOUNT AND OPEN-MARKET OPERATIONS—Continued. Bills discounted—Continued. Pa . ge No. 48. Number of banks in each district accommodated through discount operations, by months during 1922, with totals for 1921 and 1920 '. 120 No. 49. Volume, by States, also number of member banks in each State and number accommodated through discount operations during 1922, 1921, and 1920 « 121 No. 50. Discounted by each Federal reserve bank for national banks and for State bank and trust company members during 1922, 1921, and 1920 124 No. 51. Discounted by each Federal reserve bank during 1922, by rates of discount charged 124 No.~52. Discounted by all Federal reserve banks combined during 1922, by months and by rates of discount charged 125 No. 53. Average maturity (in days) of bills discounted by each Federal reserve bank, by months during 1922, with average maturities for each bank and for each month of 1921 and 1920... 126 No. 54. Discounted by each Federal reserve bank during 1922, classified by maturities 127 No. 55. Discounted by all Federal reserve banks combined during 1922, by months and maturities 128 No. 56. Bills secured by United States Government obligations, discounted by each Federal reserve bank, by months during 1922, with totals for 1921 and 1920 129 No. 57. Trade acceptances discounted by each Federal reserve bank, by months during 1922, with totals for 1921 and 1920 130 No. 58.1 Bankers' acceptances discounted by each Federal reserve bank, by months during 1922, with totals for 1921 and 1920.. 131 Bills bought in^open market—Bankers' and trade acceptances— No. 59. Purchased by each Federal reserve bank, by months during 1922, with totals for 1921 and 1920 132 No. 60. Purchased in open market by each Federal reserve bank during 1922, with totals for 1921 and 1920, distributed by classes 133 No. 61. Purchased in open market by all Federal reserve banks combined, by months during 1922, distributed by classes 134 No. 62. Purchased by each Federal reserve bank during 1922, by rates of discount charged 134 No. 63. Purchased by all Federal reserve banks combined, by months during 1922, by rates of discount charged 136 No. 64. Average maturity (in days) of bills purchased by each Federal reserve bank, by months during 1922, with average maturities for each bank and for each month during 1921 and 1920. 137 No. 65. Purchased by each Federal reserve bank during 1922, by maturities, also average maturity for each bank 138 No. 66. Purchased by all Federal reserve banks combined, by months during 1922, by maturities, also average maturity for each month 139 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

TABLE OF CONTENTS. VII DISCOUNT AND OPEN-MARKET OPERATIONS—Continued. United States securities— Page. No. 67. United States bonds and notes purchased by each Federal reserve bank, by months during 1922, with totals for 1921... 140 No. 68. United States certificates of indebtedness purchased by each Federal reserve bank, by months during 1922, with totals for 1921 and 1920 141 GOLD SETTLEMENT FUND: No. 69. Summary of transactions of each Federal reserve bank during 1922. 142 No. 70. Clearings and transfers for all Federal reserve banks combined, by weeks, during 1922 143 FEDERAL RESERVE AGENTS' GOLD FUND: No. 71. Summary of transactions of each Federal reserve agent during 1922. 144 CLEARING OPERATIONS: No. 72. Operations of each Federal reserve bank in the Federal reserve clearing system during 1922, with totals for 1921 and 1920 145 No. 73. Number of member banks and of nonmember banks on par list in each Federal reserve district at the end of each month during 1922 . 147 OPERATIONS OP BRANCHES: No. 74. Operations of each Federal reserve branch bank during 1922 149 EARNINGS AND EXPENSES: No. 75. Earnings and expenses of each Federal reserve bank during 1922.. 151 No. 76. Profit and loss account of each Federal reserve bank during 1922.. 153 No. 77. Reimbursable expenditures of fiscal agency department of each Federal reserve bank during 1922 155 RECEIPTS AND DISBURSEMENTS OP FEDERAL RESERVE BOARD: No. 78. Receipts and disbursements of the Federal reserve board for 1922. 156 ALLOTMENTS OF UNITED STATES SECURITIES: No. 79. Allotments of each series of United States bonds, notes, and certificates of indebtedness issued during 1922, by Federal reserve districts... 160 ASSETS AND LIABILITIES OP MEMBER AND NONMEMBER BANKS: No. 80. Abstract of condition reports of all State bank and trust company members combined 161 No. 81. Abstract of condition reports of all member banks combined 162 No. 82. Abstract of condition reports of all member banks in New York City 163 No. 83. Abstract of condition reports of all member banks in the city of Chicago 164 No. 84. Abstract of condition reports of all member banks in reserve cities. 165 No. 85. Abstract of condition reports of all member banks outside of central reserve and reserve cities (so-called country banks) 166 No. 86. Loans, investments, and deposit liabilities of national banks on call dates, 1914-1922 167 No. 87. Principal resources and liabilities of about 800 reporting member banks in leading cities, by weeks, during 1922 169 No. 88. Number, capital, surplus, and resources of State bank and trust company members of the Federal reserve system, and of eligible nonmembers as of June 30, 1922, by districts 171 No. 89. Nonmember State banks and trust companies eligible for membership in the Federal reserve system on June 30, 1922, by States.. 172 No. 90. Assets and liabilities of all banks in the United States and island possessions 174 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

VIII TABLE OF CONTENTS. DEBITS TO INDIVIDUAL ACCOUNTS: Page. No. 91. Debits to individual accounts as reported by banks in 141 principal cities—Summary by months and districts, 1920-1922. 175 GOLD IMPORTS AND EXPORTS: No. 92. Gold movement into and out of the United States, June 1, 1919- December 31, 1922, by principal countries 177 No. 93. Total imports of gold into and exports of gold out of the United States, by countries, 1922 and 1921 178 FOREIGN EXCHANGE: No. 94. General index of foreign exchange, by months, 1918-1922 180 No. 95. Course of foreign exchange rates, 1919-1922 181 No. 96. Foreign exchange rates during 1922, by months and countries 181 State banks and trust companies admitted to membership 188 Fiduciary powers granted to national banks 214 Banks granted authority to accept drafts and bills of exchange up to 100 per cent of capital and surplus 229 Personnel and salaries: Salaries of officers and employees of Federal Reserve Board 232 Salaries of officers and employees of Federal reserve banks. 235 Salaries of national-bank examiners 238 Directory: Federal Reserve Board 240 Federal Advisory Council 241 Officers and directors of Federal reserve banks and branches 241 Amendments to Federal reserve act 248 Regulations of Federal Reserve Board 249 Paper of cooperative marketing associations 255 Court opinions in par clearance cases: Atlanta case 258 North Carolina case 261 Cleveland case : 265 San Francisco case 271 Court opinions on exercise of fiduciary powers: Supreme Court of Rhode Island 274 Superior Court of Pennsylvania 277 CHARTS. Annual rates of earnings on discounted and purchased bills, 1916-1922 49 Federal reserve banking developments, 1917-1922 57 United States securities, purchased bills, discounted bills, and total earning assets for all Federal reserve banks 69 Reserve ratio, deposits, Federal reserve note circulation, and total reserves for all Federal reserve banks 70 Reserve ratio for each Federal reserve bank 74 Average daily holdings of discounted bills and of other earning assets by Federal reserve banks during 1921 and 1922 78 United States gold imports and exports, 1918-1922 178 Foreign exchange index, 1918-1922 180 Federal reserve note circulation and holdings of bills discounted, bills purchased, and United States securities 285, 295, 304,314, 324,334,344,356,365,375,386,396 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

TABLE OF CONTENTS. IX PART II. Statistical tables, arranged by Federal reserve districts: Page. District No. 1—Boston 283 District No. 2—New York 293 District No. 3—Philadelphia 302 District No. 4—Cleveland 312 District No. 5—Richmond 322 District No. 6—Atlanta 332 District No. 7—Chicago 342 District No. 8—St. Louis 354 District No. 9—Minneapolis 363 District No. 10—Kansas City 373 District No. 11—Dallas 384 District No. 12—San Francisco. 394 PART III. Recommendations of the Federal Advisory Council, 1922. 407 Description of Federal reserve districts 414 Map of Federal reserve districts 420 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PART I. REPORT OF THE FEDERAL RESERVE BOARD, WITH EXHIBITS. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE FEDERAL RESERVE BOARD. DECEMBER 31, 1922. A. W. MELLON, ex oflicio, -, Governor. Secretary of the Treasury, Chairman. EDMUND PLATT, Vice Governor. D. R. CRISSINGER, ex officio, ADOLPS C. MILLER. Comptroller of the Currency. CHARLES S. HAMLIN. JOHN R. MITCHELL. XII Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. WASHINGTON, January 16, 1923. Sir: In compliance with the requirements of section 10 of the Federal reserve act, the Federal Reserve Board submits herewith its ninth annual report, which covers operations for the calendar year ended December 31, 1922. The year 1922 has been a year of almost continuous recovery from the disorganized markets and depressed business conditions resulting from the abrupt price decline of 1920. When the last annual report of the Federal Reserve Board was written, at the close of the year 1921, recovery had already begun, the resumption of business activity being indicated in the larger volume of production and trade even while prices were still declining. During the latter half of 1921 the price level was relatively stable, and so even before the opening of the year 1922 business men and manufacturers began to feel that they could go forward and make commitments for the future. In consequence of this reviving demand prices of many commodities advanced, and higher prices were accompanied by larger output and by fuller employment of labor. Prices and production both increased during 1922, but the production of basic commodities increased at a more rapid rate than the level of prices, and at the end of the year the output of industry was greater than at any time since early in 1920. While the revival of 1922 has been primarily industrial in character, there has also been a decided improvement in the agricultural situation. The farm value of most of the important crops was larger than in the previous year, owing both to greater yields and higher prices. Prices of agricultural products are still out of line with other prices, but a readjustment has been in progress during the year. Cotton at the close of the year was two and one-half times its low price of March and April, 1921, but its high price was due to reduced stocks and a short crop, while in the cereals generally good crops were bringing to the farmer considerably larger sums than last year, even though their recovery of price has not been so great as in cotton. Price recovery among the cereals has been greatest in the case of the cheaper grains—corn, rye, and oats—which Europe, with its present curtailed buying power, has imported in increased quantities. Our relatively decreased exports of wheat have been reflected in a more moderate advance in price. The incompleteness of agricultural revival as compared with the recovery which has recently taken place in the industrial world is partly explained by the disorganization of l Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

2 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. European markets, since the prices of agricultural products are more dependent on export demand than prices of other classes of commodities. During more than half of the year, while prices advanced steadily, the discounts of the Federal reserve banks continued the decline which had prevailed throughout the preceding year, and the same was true of the loans of member banks. In 1920 two-thirds of the tremendous decline in prices took place while Federal reserve loans and currency issues were increasing, and in 1922 practically the entire advance in prices took place while Federal reserve loans were declining. The discounts of the Federal reserve banks—the advances made to member banks, omitting acceptances bought in the open market—reached their low point July 26, 1922, at $380,000,- 000, when they were no less than 86 per cent below their maximum of $2,827,000,000 reached on November 5, 1920. It is noteworthy that Federal reserve discounts and note issues lagged behind the advance in prices of the past year by much the same interval of time as on the downward turn of prices in 1920. A decline in business activity and in prices has been followed by a reduction in loans and currency issues by the Federal reserve banks, and an advance in production and prices has been reflected in an increase of loans and currency required to transact the larger volume of business. This sequence of events shows that the Federal reserve banks, through their loans and currency issues, are responsive to the needs of business. The long period of liquidation came to an end shortly after the middle of the past year, and in the early autumn renewed demands of business and agriculture caused increased borrowings both at member banks and at Federal reserve banks. It may be noted that the low point of reserve bank discounts on July 26 was still much above the level of discounts at any time before the United States entered the World War. The increase of loans since July 26, while so far rather moderate, appears to be more than seasonal, for it started earlier than at crop-moving time and continued to the end of December, standing at the close of the year $250,000,000 above the low point. If we were not so accustomed to talking in war figures this expansion would seem considerable. Just as the liquidation in 1921 first affected the large cities of the East and was slow in gathering momentum in agricultural districts, where the member banks carried a large volume of frozen loans and the Federal reserve banks helped them to extend all possible accommodation to their customers, even though it required rediscounting with eastern Federal reserve banks, so the increased borrowing of the past five months has been most marked in the eastern industrial sections. The differences between the various sections of the country in the process of liquidation and of renewed loan activity are discussed in more detail in a subsequent portion of this report. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. 3 At the end of 1921, after liquidation had been under way for more than a year, there were still 906 member banks whose borrowings from the Federal reserve banks were no less than three times as large as their normal basic line, that is to say, these banks were receiving at least three times as much accommodation as their pro rata share of the lending power of the reserve banks. The total borrowings of these banks constituted 494 per cent of their basic line, while the total borrowings of all the member banks were only 40 per cent of their basic line. The largest number of banks borrowing at least three times their basic line was shown for the Chicago, Minneapolis, and Atlanta districts, where there were 185, 160, and 141 such banks. In the Richmond, Dallas, and San Francisco districts the number of banks with excess borrowings was also considerable. By the end of November, 1922, only 376 banks were borrowing as much as three times their basic lines. In the Boston, New York, Philadelphia, and Cleveland districts the number of such banks was negligible. The largest number, 94, was shown for the Chicago district, and the next largest, 88, for the Minneapolis district. But for the system as a whole total discounts were only 20 per cent of the basic line and in no district did the ratio exceed 42 per cent. The marked improvement which took place during the year was due in a large measure to increased prices for farm products, coupled with good crops in nearly all sections of the country. Funds received by the farmers for their crops enabled them to pay off a considerable portion of their borrowings from the local banks, which in turn were able to liquidate their indebtedness to the Federal reserve banks. MEMBER BANK BORROWINGS IN RELATION TO BASIC DISCOUNT LINE DURINGr 15-DAY PERIOD ENDING NOVEMBER 30, 1922 AND 1921. Banks borrowing at least three times basic line. All member banks. Federal reserve district. Number. Ra b t o io r ro o w f in a g v s e rag to e Ratio of borrowings basic line. to basic line. 1922 1921 1922 1921 1922 1921 Per cent. Per cent. Per cent. Per cent. B oston 1 1 365 434 36 32 New York 1 4 550 397 12 18 Philadelphia 3 21 326 441 29 46 Cleveland. 2 7 340 414 20 45 Richmond.- 31 115 521 484 42 105 Atlanta 48 141 572 462 39 134 Chicago 94 185 466 470 20 44 St. Louis 14 39 403 496 27 61 Minneapolis 88 160 616 573 26 82 Kansas City 10 24 526 364 21 65 D alias 35 107 604 507 15 72 San Francisco 49 102 531 594 21 34 Total 376 906 518 494 20 40 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

4 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. In the first part of the year the reserve banks purchased considerable amounts of Government securities, which offset the reduction in discounts and maintained earning assets at a fairly steady level. These purchases increased the amount of funds in the market and thus indirectly enabled member banks to continue the liquidation of their borrowings. After June 14, when Government security holdings reached a total of $630,000,000, the banks allowed maturing Government obligations to run off without the substitution of new securities. At the end of the year Government security holdings of reserve banks stood at $458,000,000. In this connection it is to be noted that Pittman Act certificates, which were issued during the last year of the war as security for Federal reserve bank notes, have been entirely paid off, the last $12,000,000 having been canceled at the close of the year. They stood at the beginning of the year at $113,000,000. Acceptance holdings of the reserve banks, which had reached a maximum of $585,000,000 in December, 1919, declined rapidly after that time, partly as a result of the decrease in the volume of foreign trade and partly because, as the investing public became more familiar with acceptances and appreciated their safety and liquidity, a larger proportion found their way into the hands of savings banks, insurance companies, and other large-scale investors. At the end of July, 1921, the total of acceptances held by the reserve banks fell short of $20,000,000. In 1922, however, and especially in the second half of the year, the stiffening of money rates increased the volume of acceptances offered to the reserve banks, and at the end of the year their total reached $246,000,000. It is noteworthy that these holdings were more widely distributed among the several Federal reserve banks than in previous years, only about one-fifth of the total being held by the Federal Reserve Bank of New York. The Federal reserve banks made considerable progress during the year in their program of economy and efficiency. There was continued effort on the part of the reserve bank organizations to cut down expenses wherever possible without reducing the efficiency of the organizations or their ability to meet future emergencies, and without discontinuing any of the important free services, such as the par collection of checks and the still very large volume of fiscal agency operations, for which there is only partial reimbursement. Because of these free services the Federal reserve banks have to maintain a large staff of employees, but owing to increased efficiency and to improved methods of operation, together with the reduction in the cost of Federal reserve currency, it has been possible to effect a reduction in total expenses during the year of about $6,500,000. The Federal Reserve Board has watched with interest the development of cooperative marketing associations in districts where staple Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. 5 agricultural products are produced in quantity for the general market, and in response to requests made from time to time has greatly broadened its rulings and regulations with regard to the rediscount of the paper of these marketing associations. The board has gone as far in this direction in ruling upon questions presented to it as the law appears to allow and has furthermore approved certain amendments in the direction of still further broadening its powers, which are now pending in the so-called Capper and Lenroot bills, now before the United States Senate. These bills extend the privilege of rediscount to nine months paper, which by some critics will be held to be contrary to sound reserve bank principles. The board believes, however, that the extension of this privilege will not greatly increase the average maturities of the paper in the portfolios of the Federal reserve banks. Under the proposed legislation, unsecured nine months paper can not be used as collateral for issues of Federal reserve notes until it comes within six months of maturity. One of the developments in banking which has attracted considerable attention during the past year has been the establishment of branches by some of the larger State banks. Attention was drawn to this development largely because it had gone so far in a few States, notably California, and in a few large cities, including New York, Cleveland, and Detroit, as to reduce greatly the number of national banks. In view of this fact, and of the fact that the national banking act does not prohibit the opening of additional offices of a national bank within the limits of the city mentioned in its charter, the Comptroller of the Currency has been permitting such banks to open additional offices in States where State banks are given the privilege of establishing branches. This does not meet the situation in California and does not fully meet it in the cities mentioned, and an amendment to the national banking act allowing national banks the same privilege given State banks in States where branch banking is permitted is much to be desired. There has been some discussion of branch banking in connection with the discussion over rural credits legislation. The Joint Commission of Agricultural Inquiry in Chapter VIII of Part 2 of its report, entitled "Credit," published in 1922, recognizes the fact that our independent banking system, with its 30,000 units, "makes impossible the full utilization of the resources of some banks in the locality to relieve a situation where other banks of the same locality are extended to the full limit consistent with safety to their depositors," and adds UA system of limited branch banking might furnish a possible solution of this problem." Such systems are in fact already established in some sections of our country, notably in California, and appear to have gone far toward solving the problem. Branch banking has lowered the rate of interest in some of the leading agricultural sec- Digitized for FRAS2E8R9 71—23 2 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

6 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. tions of California and at the same time has provided added security for the deposits of the farmers. There are interesting neighborhood branch banking groups in other States, which appear to be serving their communities well. State-wide branch banking is permitted in several southern States, but has not yet been developed on an extensive scale. In the absence of laws permitting branch banking, there has been in eertain sections a considerable development of so-called " chain banks"—banks owned or controlled in groups by individuals or by holding companies. The largest of these systems includes some 175 small banks. BANKING DEVELOPMENTS. During the year 1922, as already stated, credit liquidation, which had been under way since October, 1920, first slackened, then came to a halt, and finally in midsummer gave way to an unmistakable upward turn. The course of credit demand in the larger cities can be followed by observing the changes in total loans and investments of about 800 reporting member banks. This figure, rather than loans alone, measures the extent of the public's demand for bank credit, and during the past year changes in loans and investments combined have been the most significant indicator of credit trends. This total reached its peak in the middle of October, 1920, declined rapidly for the rest of that year and during the first nine months of 1921, when seasonal requirements temporarily arrested or obscured the course of liquidation, thereafter resumed its downward trend in 1922, and reached its lowest level early in March of that year. Beginning with March a recovery is shown for the rest of the year, though considerable fluctuations have occurred. This general trend of total loans and investments is the resultant of two distinct movements—that of loans and that of investments. Loan liquidation of these member banks did not come to an end until about the end of July, when the total of loans was $10,739,000,000— more than $2,500,000,000 below the maximum figure reached in the fall of 1920. This continuous and drastic liquidation of loans was accompanied, beginning in September, 1921, by increases in both demand and time deposits. Funds were pouring into the member banks in the form of Federal reserve notes retired from circulation and of gold imported from abroad. The banks first applied these funds to the reduction of their indebtedness at the Federal reserve banks, but as early as the fall of 1921 there were many member banks which had entirely paid off their obligations to the reserve banks, and such banks began to invest their funds in Government and other securities. Security holdings of member banks thus began to increase in September, 1921, and grew almost continuously from that time until the end of 1922. The larger part of the increase was in Govern- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. 7 ment securities bought chiefly by the banks in money centers, while the smaller part of the additional investments was in corporate securities, most of which were acquired by member banks outside of the reserve cities. This growth of the investment account, representing as it did the placement of excess funds by the member banks, became much less pronounced after the end of July, 1922, when renewed demands on the banks for loans were caused by seasonal requirements and by increasing industrial and commercial activity. LOANS AND INVESTMENTS OF MEMBER BANKS. The distribution of the loan and investment account of reporting: member banks on significant dates is shown in the table below. Loans and discounts of reporting member banks declined consistently from January 7, 1921, the first date for which figures for loans are available, to July 26,1922, but advanced decidedly after that date. The proportion that loans constituted of total loans and investments decreased from 79.8 per cent on January 7, 1921, to 70.7 per cent on July 26, 1922, and 70.1 per cent at the end of the year. Investments, on the other hand, began to increase in the late fall of 1921 and increased steadily after that time. Their proportion of the total loans and investments continued to rise until July 26, 1922. Loans secured by Government obligations and "all other" loans, which comprise the bulk of commercial loansj followed about the same course both relatively and absolutely as total loans. But loans secured by stocks and bonds, which represent in part stock-exchange loans, show a different course of development. After declining between January and September, 1921, they increased for the rest of the period, and their proportion of total loans and investments, which was only 18.9 per cent on January 7, 1921, rose to 22.8 per cent on July 26, 1922, and to 23.3 per cent at the end of the year. Among the increases in investments the most notable is the rise in investments in Govern- REPORTING MEMBER BANKS. Amount (in millions of dollars). Per cent of total loans and investments. Jan. ; Sept. I Mar. j July Dec. Jan. ; Sept. i Mar. July Dec. 7,1921. J7,1921. ! 8,1922. 26,19222.7,1922.j7,1921. ;7,1921. |8,1922.26,1922.27,1922", Loans and discounts, total 13,219 11,482 10,896 110,739 11,329 i 79.878.0 75.0 70.7 70.1 Secured by United States obligations 868 605 419 I 261 290 ! 5.2 j 4.1 2.9 1.7 1.8 Secured by stocks and bonds 3,127 2,921 3,111 3,460 3,775 18.9 19.8 21.4 22.8 23.3 All other 9,224 7,956 7,366 7,018 7,264 55.7 :54.1 | 50.746.2 45.0 Investments, total 3,342 3,244 3,631 4,450 4,823 20.2 !22.0 i 25:029.3 29.9 United States securities... 1,313 1,221 1,571 2,126 2,549 7.9 | 8.3 10.8 14.0 15. & Allother 2,029 2,023 2,060 2,324 2,274 12.3 13.7 | 14.215.3 14.1 Total loans and investments 16,561 14,726 14,527 15,: 16,152 100.0 100.0 100.0 100.0 100.0 Accommodation at Federal reserve banks 2,050 979 255 370 12.4 6.7 1.8 .6 2. a Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AXXUAL REPORT Of* THE FEDERAL RESERVE BOARD. ment securities, which advanced from $1,221,000,000 on September 7, 1921, to $2,549,000,000 on December 27, 1922, or from 7.9 per cent of the total loans and investments to 15.8 per cent. Investments in corporate securities rose by about $300,000,000 between the beginning of September, 1921, and the end of July of the past year, but receded by about $50,000,000 during the latter part of the year. Their proportion of the total rose until July, when it was 15.3 per cent, and then declined to 14.1 per cent at the end of the year. Accommodation received by the reporting member banks from the Federal reserve banks shrank until the end of July of the past year, but recovered during the latter part of the year. From 12.4 per cent of total loans and investments, this proportion declined to 0.6 per cent at the end of July, but recovered to 2.3 per cent at the end of the year. Figures for New York City banks alone tell substantially the same story as those for all reporting banks in leading centers, the difference being merely one of degree. The changes and tendencies just pointed out are merely somewhat more emphasized in the case of the New York banks. CREDIT IN INDUSTRIAL AND RURAL COUNTIES. Tendencies reported for the member banks in leading cities are good indications of credit developments in industrial and financial centers, but they do not afford an adequate basis for judging developments in smaller towns and in country districts. A study made in 1921 classified loans by member banks in accordance with whether the banks were located in agricultural, semiagricultural, or in nonagricultural counties. The figures showed that between May, 1920, and April, 1921, considerable liquidation had been effected in nonagricultural counties, while agricultural counties showed only a slight change, the proportion of all the loans in agricultural counties increasing during the period. The accommodation extended to these banks by the Federal reserve banks, which for nonagricultural counties had declined by 28.5 per cent, showed an increase of 56.6 per cent for agricultural counties. A similar tabulation has been made for March 10, 1922, and the table below presents a comparison of the changes that have occurred in the three classes of banks in the two yearly periods. MEMBER BANKS GROUPED BY CHARACTER OF COUNTIES. [In millions of dollars.] Loans. Accommodation at Federal reserve banks. Character of counties. May 4, | Apr. 28, Mar. 10, Mav 4, Apr. 28, Mar. 10, 1920. 1 1921. 1922. 1920. 1921. 1922. Agricultural 3,190 ! 3,154 2,933 226 353 241 Semiagricultural 1,484 i 1,465 1,367 138 138 68 Nonagricultural 14,791 | 13,964 12,846 2,207 1,578 310 i Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. Loan liquidation at member banks during the period between the spring of 1921 and the spring of 1922 proceeded at an approximately equal rate in agricultural and nonagricultural counties, but the member banks in agricultural counties did not reduce their borrowings from the reserve banks at anything like the same rate as did the members in urban centers. Federal reserve accommodation to banks in agricultural counties shows a decline of about one-third for the period, while in nonagricultural counties the reduction amounted to more than four-fifths. Credit trends in New York City, in other central reserve and reserve cities, and outside of such cities for so-called country banks are shown in the table below. In using the figures shown in the table it should be remembered that a substantial percentage of the so-called country national banks are located in large industrial centers that are not classified as reserve cities. In New York City loan liquidation appears to have come to an end by May 5, 1922. During May and June there was a slight recovery, but between June and September loans declined again by about $150,000,000. In other central reserve and reserve cities loans declined consistently until the end of June, but increased by September 15. In country banks the recovery began after May 5 and continued through both the subsequent calls. But more significant than this is the fact that in New York City and in other reserve cities investments in Government securities increased practically without interruption from September, 1921, to the latest report date. At country banks, on the other hand, Government security holdings declined from the beginning of 1921 to June 30, 1922, and increased only moderately during the period preceding the latest call. Holdings of corporate securities, which show a decrease in New York City and only a slight increase in other reserve NATIONAL BANKS. [In millions of dollars.] Loans and discounts. I United States securities. Other investments. Other Other Other Call date. central central central New reserve | Country New reserve Country New reserve Country York. and i banks, York. and banks. York. and banks. reserve reserve reserve cities. cities. cities. 1921. Feb. 21 2,553 4,674 5,610 251 546 1,250 224 411 1,220 Apr. 28 , 2,348 4,471 5,549 237 532 1,*233 261 448 1,282 June 30 2,203 4,319 5,491 297 506 1,216 252 460 1,294 Sept. 6 2,117 4,167 5,410 193 475 1,194 225 455 1,294 Dec. 31 2,166 4,034 5,315 322 509 1,145 265 478 1,338 1922. Mar. 10 2,039 4,014 5,240 334 555 1,143 247 478 1,362 May 5 2,019 3,936 5,240 406 609 1,110 274 497 1,391 June 30...... 2,063 3,918 5,277 504 1,094 309 526 1,443 Sept. 15 1,910 4,012 5,326 526 752 1,125 265 531 1,494 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

10 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. centers during the period between the two latest calls, show a practically uninterrupted growth at country banks for the entire two-year period. From $1,220,000,000 on February 21, 1921, country bank holdings of corporate securities increased to $1,494,000,000 on September 15, 1922—an increase of $274,000,000. These figures indicate that country banks were not only investing their additional idle funds in corporate securities, but were to some extent disposing of their holdings of United States Government securities and investing funds thus released in other securities bearing more attractive interest rates. In connection with the differences in the process of liquidation between urban and rural centers, it is interesting to compare the trend of reserve bank accommodation to reporting member banks in leading cities and to nonreporting member banks outside of the leading cities. A table showing this comparison is given below: DISCOUNTS OF FEDERAL RESERVE BANKS FOR REPORTING AND FOR NONREPORTING MEMBER BANKS. [Amounts in millions of dollars.] Oct. 15, July 26, Dec. 27, 1920. 1922. 1922. Total discounts 2,774 630 Discounts for reporting members 2,249 370 Discounts for nonreporting members 525 260 Eatio of discounts for reporting banks to total discounts (per cent) 81.1 25.8 58.7 On October 15, 1920, about four-fifths of the discounts of reserve banks were discounts for reporting member banks in leading cities. On July 26, 1922, the more rapid liquidation of loans in the cities reduced this proportion to 25.8 per cent. Since then increased borrowing, chiefly in New York City, has raised the ratio to 58.7 per cent. LOANS AND DEPOSITS. The following statement shows for significant dates changes in loans and in deposits of reporting member banks: REPORTING MEMBER BANKS. [Amounts in millions of dollars.] Jan. 7, Sept. 7, July 26, Dec. 27, 1921. 1921. 1922. 1922. Loans and discounts I 13,219 | 11,482! 10,739 11,329 Net demand deposits ! 10,938! 9,982 i 11,043 11,255 Timedeposits I 2,909 j 2,914 j 3,515 3,708 Ratio of net demand deposits to loans (per cent) :. i 82.7 j 86.9 I 102.8 99.3 Member banks derived the funds for the liquidation of their obligations to the reserve banks and for investment in United States Government and in other securities from the growth of demand and time deposits during the period of loan liquidation. While loans Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

11 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. declined until the end of July, 1922, deposits began to increase as early as September, 1921. Between September 7, 1921, and July 26, 1922, net demand deposits of reporting member banks in leading cities increased by $1,061,000,000, or by about 11 per cent. Loans declined by $743,000,000, or about 6 per cent, and the ratio of net demand deposits to loans rose from 82.7 per cent on January 7, 1921, to 102.8 per cent on July 26, 1922. The increase in loans and the less rapid increase in deposits during the last part of the year reduced this ratio to 99.3 per cent. Time deposits, on the other hand, grew consistently throughout the period and stood at the end of December, 1922, at $3,708,000,000, or about $799,000,000 above their level at the opening of 1921. FEDERAL RESERVE BANKS. At the end of January, 1922, the liquidation of Federal reserve bank assets, which had begun in November, 1920, slackened decidedly. Discounted paper in the hands of the reserve banks declined until the end of July, but the liquidation of discounts was largely offset by the purchase of Government securities and in the latter part of the year by investment in acceptances. Total reserve bank funds in the market remained fairly steady throughout the year, the lowest level being reached on August 9, when earning assets were down nearly to $1,000,000,000. From that time they gradually advanced to $1,334,000,000 at the end of the year. By the end of the year Government security holdings of the reserve banks had declined $172,000,000 below their peak and stood at $216,000,000 above the figure at the beginning of the year, while discounts had decreased by $550,000,000 and acceptances increased by $132,000,000, the decrease in total earning assets thus being $202,000,000. The table below shows changes in the principal items of the Federal reserve bank statement, and the charts on pages 69 and 70 illustrate these changes graphically. FEDERAL RESERVE BANKS. [In millions of dollars.] Date. Cash co D u i n s- ts. A a c n c c e e p s t . - se G c m o u v e r e i n t r i t n es - . F n e o d t e e r s a . l de T p o o t s a i l ts. R r e a s t e io rv . e 1920. Per cent. Oct. 15.. 2,155 2,774 320 329 3,353 1,916 | 42.7 1921. j Jan. 7... 2,277 2,607 235 288 3,270 1,846 j 46.4 Dec. 28. 2,992 1,180 114 241 2,443 1,765 | 71.1 1922. Jan. 25... 3,059 850 83 250 2,184 1,779 77.2 Feb. 21.. 3,081 721 83 355 2,174 1,772 78.1 Mar. 29.. 3,103 636 103 441 2,182 1,805 77.8 Apr. 26.. 3,125 500 83 567 2,158 1,833 78.3 May 31.. 3,130 471 118 603 2,141 1,870 78.0 June 28.. 3,148 469 154 557 2,124 939 77.5 July 26.. 3,181 380 156 541 2,127 1,888 79.2 Aug. 30.. 3,196 404 172 498 2,153 1,882 79.2 Sept. 27.. 3,203 420 238 451 2,243 1,840 78.4 Oct. 25... 3,212 469 | 258 409 2,299 1,842 77.6 Nov. 29.. 3,203 650 ! 259 304 2,330 860 76. Dec. 27.. 3,149 630 i 246 458 2,464 1^900 72. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

12 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. This year of relative stability in reserve bank assets accompanied ; by a readjustment between the different classes of assets, also witnessed a gradual increase in reserves. This increase was much less than in 1921, but still amounted to about $157,000,000 and reflected net gold imports of $238,000,000 for the year. The increase in the gold reserves of the reserve banks thus absorbed a large proportion of the imported gold, but, in accordance with the Treasury policy of paying out gold, a certain amount was added to circulation, the total gold coin and gold certificates in circulation at the end of tho year being $96,000,000 larger than at the beginning. In 1921 the available funds which the imported gold added to our reservoir of credit were entirely absorbed through the reduction of reserve bank earning assets, the decline of which exceeded the net imports of gold by about $1,000,000,000. In 1922, on the other hand, the reduction in earning assets of the reserve banks was about $36,000,000 less than net gold imports. Federal reserve note circulation declined during the first six months of the year, the lowest figure of $2,123,000,000 being reported on June 14, when reserve bank discounts were also at low ebb. During the remainder of the year Federal reserve notes increased and stood at the close of the year at $2,464,000,000, or about $21,000,000 above their level at the close of 1921. Deposit liabilities of the reserve banks underwent considerable short-time fluctuations, as is their custom, but generally speaking they show an upward tendency for the year in accord with the general upward tendency in member bank deposits. The year has been one of relative stability of the reserve ratio, which has varied between 70 and 80 per cent. The lowest ratio is recorded for January 4 and the highest for August 9, when the earning assets of reserve banks were at their low level for the year. A large part of the increase in Federal reserve bank borrowings during the latter part of the year was at the Federal Reserve Bank of New York and was borrowed on collateral notes secured by United States Government obligations. The increasing business activity and credit demands of the country were reflected first in the withdrawal of balances by banks in the interior from their New York correspondents. The amounts due to other banks by the reporting member banks in New York City show a downward trend throughout the latter half of the year. It is largely these withdrawals of funds from the large banks in New York City that have caused the recent increased borrowings from the New York reserve bank by these metropolitan banks. This movement of funds from the financial center is partly seasonal in character and is often an early indication of the revival of loan activity in the interior. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. 13 GOLD MOVEMENTS AND FOREIGN EXCHANGE. Gold imports to the United States, which have proceeded on a large scale since September, 1920, continued in 1922, though in reduced volume, net imports for the year being $238,000,000, compared with $667,000,000 in 1921. Since the lifting of the gold embargo the United States has received a net addition of about $698,000,000 in gold, chiefly from Great Britain, France, Sweden, Canada, and the Netherlands. On the other hand, net gold losses are shown in our dealings with Argentina and the Orient. The losses of gold occurred during the first 15 months of the period, when balances accumulated during the war were being withdrawn by South America, Japan, China, and India. During the period from September, 1920, to the end of 1922 this country has gained gold from nearly all the countries of the world, Japan being the only important country to which a net export is shown. The net gain in gold during the period of two and one-third years was $1,083,000,000, wiping out the loss of $385,000,000 during the first 15 months after the removal of the embargo and adding $698,000,000 to our gold stock. Continuous investment in foreign securities on a considerable scale, together with the movement of gold to this country, has been reflected in a general rise in exchange rates on principal countries. During the year the rise in our price level, which, was not accompanied by corresponding increases in the price levels of some of the European countries, has also contributed to the rise in exchange rates. The pound sterling reached its lowest level of $3.38 in February, 1920, and has since advanced to $4.61 in December, 1922. Throughout the past year the advance in sterling has been consistently sustained, and at the end of the year the pound was only about 5 per cent below parity, much the highest level reached since early in 1919. The French franc and the Italian lira reached their lowest levels at the end of 1920. In the early part of 1921 they advanced, but declined again before the end of the year. In 1922 their course has been similar to that in the preceding year but on a somewhat higher level. Toward the end of the year a decided decline in the franc is noted, though it recovered somewhat during the last few weeks. The average for December, 1922, was 7.23, compared with 7.84 in December, 1921. In the case of the lira a slight net improvement is shown for the year. Nearly all European neutrals show improved rates at the end of 1922. Among the South American currencies the Argentine and Chilean pesos rose during the year, while the Brazilian milreis declined. Poor trade conditions in China have been reflected in a decline in the price of silver and in a corresponding drop in the tael. The Indian rupee, on the other hand, shows the result of better trade conditions and of the rise in Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

14 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. sterling exchange by an advance from less than 27 cents to about 31 cents. The Japanese yen also rose somewhat during the year and was within 3 per cent of par in December. The catastrophic decline of the German mark has been the feature of the year in foreign exchange. Throughout the period from the armistice the mark has been pursuing a downward course, with occasional upward trends whenever prospects of a financial settlement became brighter. At the end of the past year the mark, worth 23.8 cents at par, was quoted at only about 1.4 cents a hundred. The foreign exchange index, which is a weighted average of 17 leading exchange rates, not including Germany, advanced during the year and stood in December at 70, compared with 64 in December of the preceding year. DISCOUNT RATES DURING 1922. Interest and discount rates, which began to decline in the spring of 1921, continued to fall until somewhat past midyear of 1922, by which time the discount rates of the Federal reserve banks had been reduced to the level obtaining at the end of the year, viz, 4 per cent at the Boston, New York, and San Francisco banks and 4J per cent at all other Federal reserve banks. In order to bring out the general trend in interest and discount rates during the year, there is presented below a table showing the discount rates charged by the Federal reserve banks each month, together with openmarket rates in New York on bankers' acceptances and prime commercial paper, as well as the rates on call loans. The rates charged to customers by member banks on paper rediscounted with the Federal reserve banks during December, 1921 and 1922, are shown in the table on page 16. INTEREST AND DISCOUNT RATES. Open-market rates in New York on- Discount Indorsed bankers' ac- jPrime commercial paper, rates ceptances, 60-90 days, j 30-60 days. Call loans. Month. of Federal reserve banks. Cus- | I Cus- Cus- Low. High. torn- ! Low. | High, tom- Low. High. tomary. j ary. ary. January... 5-6 February.. 5 -6 March 4-5* April 4JJ* May June 4-5 July 4- 3f-6 August— tt 3|-5 September 4-5 October... 4-4* November. 4J-5 December. 4J5 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. 15 In any comparison of the relation of discount rates of the Federal reserve banks to market rates, it is evident that reserve bank rates •can not as a rule be maintained at a level in excess of rates charged by member banks to their customers on paper eligible for discount. This would be clearly impracticable in sections of the country where banks frequently charge 10 per cent and 12 per cent on such paper- Nor can reserve bank rates always be maintained above call-money rates which have marked fluctuations and occasionally reach very Tiigh levels. In this respect banking and credit conditions in this country differ from those in England, where the official rate of the Bank of England is a minimum rate applicable to highly standardized Trills with well-established markets. The nearest equivalent to such paper in this country are bankers' acceptances and prime commercial paper which have a ready sale in the open market. Although the market for this class of paper has been broadened considerably since the organization of the Federal reserve system, such paper still constitutes a small fraction of the volume of bank loans in the United States. By reference to the foregoing table, it will be seen that the Federal reserve bank discount rates were substantially parallel with rates on prime commercial paper and slightly above rates on bankers' acceptances throughout the whole year, though the margin between the discount rates at the reserve banks and the rates on bankers' acceptances began to grow smaller beginning with September and had practically disappeared by the end of the year. The openmarket rates on prime commercial paper also showed a distinct upward trend during the last three months of the year. In connection with the decline in rates of interest charged to customers by member banks which has taken place, it is important to know whether the reduction has been more or less general throughout the country or whether it has been confined to any particular section or class of banks. To measure the relative changes which took place during 1922 in interest rates charged to customers, the member banks in each Federal reserve district have been divided into three groups, according to the size of the cities and towns, and a calculation has been made of the average rate charged by the member banks in each group on paper discounted for customers and subsequently rediscounted at the Federal reserve banks. In making this classification, banks in cities having a population of 100,000 or more have been classed as banks in large cities; banks in cities having a population of from 15,000 to 100,000 as banks in medium size cities; and banks in cities and towns having a population of less than 15,000 as banks in small cities and towns. It will be noted from the table shown below, which gives the average rates charged by member banks on customers' paper rediscounted with the Federal reserve banks during December, 1921, and December, 1922, that the most pronounced decline occurred Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

16 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. in the large cities, where the rates dropped from an average of 6.12 per cent in December, 1921, to 5.1 per cent in December, 1922; that in medium size cities the rates have fallen off only about three-fourths of 1 per cent, or from 7.15 to 6.4 per cent; and that in the case of banks located in small cities and towns the rates have declined about 0.3 per cent, or from about 8 to 7.7 per cent. AVERAGE RATES CHARGED BY MEMBER BANKS ON CUSTOMERS' PAPER REDIS- COUNTED WITH FEDERAL RESERVE BANKS DURING DECEMBER, 1921 AND 1922. Average rates charged by member banks in— Average rates Fede b ra a l n r k e . serve Large cities. Med c i i u t m ie s s . ize Sm an al d l s t i o z w e n c s it . ies All c c i l t a i s e s s e . s of Fede b r a a n l k re s s . erve Dec, Dec, Dec, Dec, Dec, Dec, Dec, Dec, Dec, Dec, 1922. 1921. 1922. 1921. 1922. 1921. 1922. 1921. 1922. 1921. Boston 4.81 6.05 5.49 6.12 5.82 6.22 4.84 6.05 4.00 4.50 New York 4.94 6.00 5.97 6.02 5.74 6.11 4.99 6.00 4.00 4.50 Philadelphia 4.98 5.96 6.00 6.00 5.86 6.03 5.00 5.97 4.50 4.50 Cleveland 5.63 6.26 6.05 6.42 6.22 6.30 5.67 6.26 4.50 5.00s Richmond 5.93 6.07 6.19 6.75 6.74 6.94 6.20 6.60 4.50 5.13 Atlanta 5.81 7.10 6.98 7.52 7.91 7.93 6.34 7.34 4.50 5.2S Chicago 4.97 6.38 6.27 7.07 7.46 7.52 5.36 6.60 4.50 5.00 St. Louis 5.33 6.37 6.63 7.55 7.78 8.04 5.61 6.69 4.50 5.00 M Ka in n n s e a a s p C o i l t i y s 6 5 . . 2 7 6 3 6 7 . . 7 1 8 8 6 7 . . 3 3 6 8 8 7 . . 8 3 8 3 8 8. . 8 9 0 8 8 8 . . 7 9 4 2 7 8 . . 0 0 6 8 7 7. . 8 6 7 5 4 4 . . 5 5 0 0 5 5 . .5 00 a Dallas. 6.34 7.60 8.55 8.30 9.75 9.69 8.41 8.97 4.50 5.50 San Francisco 5.23 6.08 7.24 7.31 8.01 8.19 5.44 6.37 4.00 5.00 Total 5.10 6.12 6.41 7.15 7.69 7.97 5.38 6.50 4.30 4.91 It is noteworthy that the rates charged by banks in the small cities and towns of agricultural districts of the West and South are practically on the same level as they were a year ago. This is doubtless due to the fact that in those sections it is the custom for banks to charge a given rate of interest, usually ranging from 8 to 10 per cent the year around, without regard to interest rates obtaining in the industrial sections of the country or to discount rates in effect at the Federal reserve banks. Inasmuch, therefore, as the reduction of the discount rate at the Federal reserve banks has not resulted in a corresponding decline in the rates paid by farmers and other borrowers who deal with banks located in the small cities and towns of the agricultural sections of the West and South, it is apparent that in those sections of the country where relatively high interest rates prevail, and there is a wide margin between such rates and the Federal reserve bank rates, the latter have but slight, if any, effect upon rates charged by member banks. In the financial centers, however, where the money markets are more sensitive to changes in credit demand, there is a closer relationship between reserve bank discount rates and rates charged to customers by member banks. In order to present a more definite picture of the spread in rates charged in the various classes of cities, there is presented below a table showing the percentage of total rediscounts with the Federal Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. 17 reserve banks during December, 1921 and 1922, on which member banks charged their customers interest at rates up to and including 4J per cent, 5 per cent, 6 per cent, and so on up to 10 per cent. It is noteworthy that in December, 1921, member banks charged their customers rates of 5 per cent or less on eight-tenths of 1 per cent of the paper rediscounted with the Federal reserve banks, whereas in December, 1922, this percentage had increased to 61. It is also interesting to note in this connection that while 26 per cent of the paper rediscounted by banks in small cities and towns in December, 1922, bore rates of 6 per cent or less, over 97 per cent of the paper rediscounted by the banks in large cities bore such rates. As a matter of fact, banks in small cities and towns charged 8 per cent or more on 59 per cent of the paper rediscounted with the Federal reserve banks during December, 1922. As stated previously, there has been little change in rates charged by banks in small cities and towns since 1921, while in the case of banks in large cities over two-thirds of the paper rediscounted in December, 1922, was taken from customers at rates of 5 per cent and under, compared with less than 1 per cent in December, 1921. INTEREST RATES CHARGED CUSTOMERS BY MEMBER BANKS ON PAPER REDISCOUNTED WITH FEDERAL RESERVE BANKS IN DECEMBER, 1922 AND 1921. Percentage of rediscounts on which member banks charged rates up to— Average charged. 4£per 5 per 6 per 7 per h per 10 per cent. cent. cent. cent. cent. cent. All rediscounting banks: December, 1922 5.38 24.49 60.53 90.06 93.60 98.28 99.99 December 1921 6.50 .09 .83 68.84 91.64 98.25 99.93 Banks in large cities: December, 1922 5.10 27.84 68.92 97.45 99.43 100 December? 1921 6.12 .09 .89 74.16 97.06 99.86 99.99 Banks in medium size cities: December 1922 6.41 3.64 8.41 65.63 82.99 98.13 100 December, 1921 7.15 .01 .65 28.53 62.15 9*1.59 100 Banks in small cities and towns: December 1922 . 7.69 1.46 2.75 26.04 37.28 79.71 99.81 December, 1921 7.97 .12 17.59 30.65 76.16 99.73 Discount rates of the Federal reserve banks at the beginning of 1922 were 4J per cent on all classes and maturities of eligible paper at the three eastern Federal reserve banks—Boston, New York and Phila- 7 delphia, 5J per cent at Minneapolis and Dallas, and 5 per cent at the remaining seven banks. The Federal reserve banks of Minneapolis and Dallas reduced their rates to 5 per cent effective January 11 and January 9, respectively, while between January 23 and April 14 six other banks reduced their discount rates to 4J per cent. In June and July the Federal reserve banks of Boston, New York, and San Francisco put into effect a rate of 4 per cent, and shortly thereafter the Minneapolis, Kansas City, and Dallas banks reduced their rates to 4\ per cent. At the end of the year the discount rates were 4 per Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

18 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. cent at the Federal reserve banks of Boston, New York, and San Francisco, and 4J per cent at the remaining nine banks. Rates applicable to bankers7 and trade acceptances bought in the open market are not fixed as is the case with discount rates, the Federal Reserve Board merely approving minimum rates at which these acceptances may be purchased by Federal reserve banks. It should be understood, therefore, that the rates approved by the* Federal Reserve Board are not necessarily actual buying rates. As a, matter of fact, during the past few months the rates at which bankers* acceptances were selling in the open market and were being purchased at the Federal reserve banks w^ere approximately 1^ per cent above the minimum rates authorized by the Federal Reserve Board. At the beginning of the year the minimum authorized rate on bankers7 acceptances purchased in the open market was 4 per cent at all Federal reserve banks except Minneapolis and Kansas City, where it was 5 per cent, and Dallas, where the minimum was 6 per cent. In view of the decline of market rates on prime bankers7 acceptances, which began in 1921, the board in January, 1922, approved a reduction to 3J per cent in the minimum authorized rate for a number of the reserve banks, followed by reductions to 3 per cent in March and April arid to 2\ per cent in June and July. At the end of the year the minimum authorized rate was 2\ per cent at the Federal reservebanks of Boston, New York, Philadelphia, Atlanta, Chicago, and San Francisco, and 3 per cent at the other six banks. On May 24, 1922, the Federal Reserve Board advised the Federal reserve banks that upon request it would approve a minimum rateat which eligible trade acceptances were to be purchased in the open market, this rate to be not less than one-half of 1 per cent above the minimum buying rate for bankers7 acceptances in effect at the Federal reserve banks. Under this new policy eight Federal reserve banks requested* and obtained approval of a separate minimum buying rate for trade acceptances. At the end of the year 1922 this late was 3 per cent at the Federal Reserve Bank of New York, 3^ per cent at Philadelphia and San Francisco, and 4 per cent at the Federal reserve banks of Cleveland, Richmond, Atlanta, St. Louis, and Dallas. A complete record of all changes in Federal reserve bank discount rates made during the year appears on pages 42, 44, and 45. EARNINGS, EXPENSES, AND VOLUME OF OPERATIONS OF THE FEDERAL RESERVE BANKS. Earnings of the Federal reserve banks in 1922 were less than in any previous year since 1917 and totaled only about 41 per cent of earnings in 1921, which in turn represented a substantial falling off from the maximum of 1920. The primary cause of this reduction in Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. 19 earnings was the liquidation of reserve bank earning assets which, from a peak of $3,400,000,000 in October, 1920, declined to $1,000,000,000 at the beginning of August, 1922. Since that time, as elsewhere stated, the demand for accomodation by member banks has increased, and by the close of the year total earning assets rose to about $1,300,000,000, the average amount held during the year being $1,200,000,000, as compared with $2,200,000,000 during 1921 and $3,200,000,000 during 1920. A second factor in the reduction of earnings was the lowering of discount and open-market rates in 1921 and 1922, which is reflected in a decline in the average rate of earnings on total earning assets from 5.61 per cent in 1921 to 4.11 per cent in 1922. Sharp declines in average rates of earnings on discounted paper and on bills bought in open market were, to some extent, offset by an increase from 2.37 per cent in 1921 to 3.67 per cent in 1922 in the average rate of return on United States securities. This increase was due largely to the gradual redemption by the Treasury of the 2 per cent Pittman Act certificates held by the Federal reserve banks and pledged as security against Federal reserve bank-note circulation, and to larger purchases by the Federal reserve banks, at rates ranging around 4 per cent or higher, of tax and loan certificates of indebtedness and of Treasury notes partly under repurchase agreement from member and nonmember banks and bill brokers. The following table shows the daily average holdings of each class of earning assets, earnings therefrom,and the annual rates of earnings during 1921 and 1922: RATES OF EARNINGS ON EARNING ASSETS. [Amounts in thousands of dollars.] Daily average Earnings. Annual rate of holdings. earnings. 1921 1922 1921 | 1922 1921 1922 I Per cent. Per cent. Discounted bills 1,804,305 573,247 109,599 26,523 6.07 4.63 Purchased bills . 91,817 159,207 5,234 5,629 5.70 3.54 United States securities 264,014 454,750 6.254 16,682 2.37 3.67 Municipal warrants 43 66 2 4 5.27 5.40 Total 2,160,179 1,187,270 121,089 48,838 5.61 4.11 Miscellaneous earnings 1,776 1,653 Total earnings 122,865 50,491 When it is borne in mind that the cost of operating the loan and discount and investment departments of the Federal reserve banks is only about 5 per cent of total current expenses, it will be readily seen that the decline in the volume of discount and open-market operations, and therefore of earnings from the high level reached in 1921,could not of itself cause any material decline in current expenses. As a matter of fact, although the amount of bills discounted has Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

20 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. fallen off very materially, the volume of work handled by the discount departments of the Federal reserve banks has not fallen off during 1922 in the same proportion. The principal reason for this is that a much greater percentage of the borrowings than during 1921 was by banks in small cities and towns, which obtain accommodation on notes and bills drawn for much smaller amounts than those generally used by banks in the large cities. As an evidence of this fact it may be stated that the number of notes discounted for member banks during 1922 was 841,000, compared with about 1,435,000 during 1921, a reduction of 41 per cent in the number as compared with a decrease of 62 per cent in the face value of bills discounted. Furthermore, the fact that there has been some decrease in the volume of work of the discount departments is not indicative of a general decline in the work of the banks, as may be seen from the table below, which shows the approximate number and amount of items handled in the principal departments of the banks, together with total expenses for the years 1920, 1921, and 1922. It will be noted that the number of pieces of coin and currency received and counted has increased continuously and was considerably larger during 1922 than in the preceding years, and that there has been an exceptionally large growth in the number of collection items handled, i. e., coupons (other than Government) and time notes and drafts forwarded to the Federal reserve banks for collection and credit to the account of member banks. The number of Government coupons paid in 1922 was about 17 per cent less than the number handled in 1921. Since the departments that handle the above classes of transactions require a large number of employees to conduct their operations, and since the service is rendered free of charge to member VOLUME OP WORK. 1922 - 1921 1920 Number of piece? handled: Bills discounted 841,000 U,435,000 11,190,000 Currency received and counted 1,431,506,000 1,358,181,000 1,085,459,000 Coin received and counted 2,048,942,000 1,791,637,000 (2) Checks handled 638,625,000 574,910,000 504,198,000 Collection items handled 4,969,000 3,575,000 2,136,000 Transfers of funds 1,189,000 1,079,000 732,000 United States Government coupons paid 81,694,000 98,407,000 113,701,000 Amount handled: Bills discounted $22,082,887,000 $57,759,128,000 $85,320,874,000 Currency received and counted 8,668,505,000 9,251,349,000 7,964,399,000 Coin received and counted 221,871,000 254,262,000 (2) Checks handled 160,130,624,000 130,166,596,000 179,505,223,000 Collection items handled 4,768,971,000 4,267,651,000 5,398,421,000 Transfers of funds 70,553,465,000 50,936,519,000 48,979,205,000 United States Government coupons paid 759,124,000 766,020,000 741,942,000 Expenses: Current expenses of banks 28,028,000 33,311,000 28,289,000 Fiscal agency expenses absorbed by Federal reserve banks 1,531,000 1,246,000 Fiscal agency expenses reimbursable by United States Treasury 1,184,000 2,610,000 6,215,000 Total expenses (exclusive of furniture and equipment) 30,743,000 37,167,000 34,504,000 Digitized for FRASER 1 Revised figures. 8 Figures not available. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. 21 banks, and through them to the public, the increase in the volume of work which has actually taken place has resulted in increased expenses, with no corresponding addition to the banks' revenue. Only in the discount department, as commented on above, and in the fiscal agency department has there been any material reduction in the volume of the work handled. During 1922 the board's committee on economy and efficiency, which was appointed in 1921, has been active, in cooperation with the chairmen of like committees in the various Federal reserve banks, in an endeavor to reduce expenditures wherever possible, consistent with the efficient operation of the banks. Two conferences have been held, at which all banks were represented, and reports have been currently furnished showing the trend in current expenses from month to month, as well as in the volume of work handled in the several departments of the banks. With these detailed comparative reports before them, the Federal reserve banks are now able to measure to a certain extent the efficiency with which each of their departments is operating, and the committees on economy and efficiency are aided in their efforts to reduce expenses either by improving methods of handling the work or by eliminating inefficient employees. TKis, together with the smaller outlay for Federal reserve currency, is reflected in a reduction in the expenses of the banks, including reimbursable fiscal agency expenses, from $37,200,000 in 1921 to $30,700,000 in 1922, a decline of about 17 per cent, notwithstanding the fact that the Federal reserve banks are now absorbing al? of the expenses connected with the handling of replacements, exchanges, and redemptions of United States paper currency and coin which prior to the taking over of these functions by the Federal reserve banks during 1920 and 1921 were handled by the United States subtreasuries. Since July 1, 1921, the Federal reserve banks have also assumed as a part of their own current expenses the total expense connected with the exchange, conversion, and transfer of ownership of Liberty bonds and Victory notes, the redemption of Victory notes, payment of coupons on Government bonds, notes, and certificates, and practically all other fiscal agency operations except those connected with new issues of Government securities. As compared with the year 1921 the salaries paid to officers and employees during 1922 (including salaries reimbursable by the Treasury Department) show a reduction of $1,800,000, the cost of Federal reserve currency $3,500,000, and all other expenses $1,200,000, while the number of officers and employees has declined from 12,496 at the end of 1921 to 12,047 at the end of 1922, the latter figure not including temporary employees taken on at the end of the year for the purpose of handling the redemptions of war savings securities maturing on January 1, 1923. Digitized for FRAS28E9R7 1—23 3 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

22 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. Following the March 3, 1919, amendment, the provisions of the Federal reserve act in regard to transfers of earnings to surplus account were construed to authorize the holding of two distinct funds—the normal surplus fund resulting from transfers from net earnings for the purpose of bringing the surplus account up to 100 per cent of subscribed capital and the so-called supersurplus fund resulting from the transfer of 10 per cent of net earnings authorized by section 7 of the act. In accordance with this interpretation of the act, the normal surplus of each Federal reserve bank at the end of 1920 and 1921 was increased, if earnings were sufficient, to 100 per cent of the bank's subscribed capital, without reference to the amount, if any, carried as supersurplus. In 1921, when all the Federal reserve banks except Dallas had accumulated a surplus fund in excess of their subscribed capital, the Federal Reserve Board ruled, as stated in its 1921 annual report, that should a Federal reserve bank desire to charge off an amount in excess of 2 per cent of the cost of its building, exclusive of land, the charge should be made against supersurplus and not against current net earnings. The purpose of this ruling was to avoid any adverse effect upon the amount of franchise taxes payable to the Government through the writing down by a Federal reserve bank of the book value of its banking houses erected during a period of high costs to an amount representing normal costs of construction. In accordance with this ruling, the Federal reserve banks of Cleveland, Richmond, Chicago, and San Francisco charged their supersurplus accounts, at the end of 1921, with depreciation allowances on their buildings, as follows: Cleveland, $125,000; Richmond, $225,276.50; Chicago, $2,030,000; San Francisco, $250,000. During the past year the Federal Reserve Board asked its counsel for an opinion as to the propriety of Federal reserve banks accumulating surplus funds in accordance with the method described above. In his opinion counsel stated that the Federal reserve act, section 7, as amended, contemplated a single surplus fund and that the practice of maintaining a "normal surplus'7 equal to 100 per cent of subscribed capital and transferring 10 per cent of net earnings after the payment of all expenses and dividends to a separate account known as "supersurplus" was not authorized by law. The board therefore instructed the Federal reserve banks to recalculate their distribution of earnings between surplus and franchise taxes for prior years, with the result that the banks paid to the United States Government $3,400,062 out of their surplus accounts. This amount, added to the franchise tax payable out of earnings during 1922, made a total of $10,850,605, which was paid to the United States Treasury on December 30, 1922. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. 23 The above-mentioned ruling of counsel, which precluded any further charges against surplus to cover depreciation allowances and special reserves and necessitated the reversal of such charges theretofore made, made it necessary for the board to review its policy with reference to depreciation allowances and special reserves. Accordingly, on August 1, 1922, the Federal reserve banks were advised that in the future requests for authority to charge off depreciation on bank premises or to set up a reserve for depreciation thereon should be accompanied with a statement showing for each separate piece of property the cost, estimated replacement value, and book value of buildings, either completed or in course of construction; the cost, estimated market value, and book value of land owned; and the cost of fixed machinery and equipment, such as heating, lighting, plumbing, ventilating systems, etc., in order that the board might have complete data before it in passing upon such requests and in order that separate rates of depreciation might be determined for land, buildings, and fixed machinery and equipment. In the same letter the board stated that no charges against current net earnings would be authorized to cover depreciation on land where the estimated market value of the land was equal to or in excess of its book value and that, in general, depreciation allowances on bank buildings were not to exceed 2 per cent of their estimated replacement cost (including vaults but excluding fixed machineiy and equipment) unless the estimated replacement cost of bank buildings was materially below book value, in which case requests for permission to write off a depreciation charge in excess of 2 per cent would be considered. Estimated replacement costs were to be determined by taking the mean of the actual cost and the estimated lowest construction costs at any time in the past 15 years. The rule laid down with reference to fixed machinery and equipment provided that reserves should be based upon the estimated life of the machinery and equipment, with a view to its ultimate replacement, the annual reserve allowance in no case to exceed 10 per cent of cost. Later in the year the board also requested the banks, in submitting their requests for permission to set aside reserves against probable losses in connection with closed banks, to furnish complete data as to the amount due from each failed bank and from banks considered to be in an overextended or unsafe condition, with a careful estimate of the loss which probably would be sustained in each case. As stated above, in accordance with counsel's opinion that the establishment of a supersurplus account distinct from the normal surplus is not authorized by the Federal reserve act, all charges heretofore made against supersurplus account have been reversed. In Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

24 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. the case of the Cleveland, Richmond, and San Francisco banks, the resulting increase in the book value of the bank buildings was relatively small. In the case of the Chicago bank, however, the board felt that, inasmuch as its building was complete, a charge should be allowed against current net earnings for the purpose of reducing the book value of the building to a point approaching its replacement value. The bank was therefore authorized to charge its earnings with a depreciation allowance of $1,400,000, as a partial offset against the $2,030,000 reserve which had to be returned to its surplus account. The Federal reserve banks of Boston, New York (for the annex building only), Richmond, Atlanta, Kansas City, and I>allas were allowed to write off allowances in excess of 2 per cent, or of $262,000, $197,573.89, $137,317.42, $152,562.96, $250,052.65, and $132,820.22, respectively, from the book value of their buildings. Gross and net earnings of each Federal reserve bank during the past year, dividends paid to member banks, additions to surplus account, and amounts paid to the Government as a franchise tax for 1922 and for preceding years, are shown in the table below. FINANCIAL RESULTS OP OPERATION OF THE FEDERAL RESERVE BANKS DURING 1922. Net deduc- Net earnings Federal reserve bank. Gross e C xp u e rr n e s n e t s. C e u a r r r n e i n n t g n s. et c t u io r n re s n f t r o n m et a d v i a v il i a d b e l n e d f s o , r earnings. franchise tax, and surplus. Boston $3,541,313.05 i $2,022,399.94$1,518,913.11 $421,510.36 $1,097,402.75 New York 11,341,318.77 I 6,776,529.39 4,564,789.38 843,196.31 3,721,593.07 Philadelphia.. 4,251,950.44 ! 2,053,919.07 2,198,031.37 138,845.07 2,236,876.44 Cleveland 4,994,282.14 2,461,266.12 2,533,016.02 264,327.96 2,268,688.06 Richmond 2,832,943.88 1,631,355.84 1,201,588.04 334,140.62 867,447.42 Atlanta 2,352,736.14 1,293,052.51 1,059,683.63 386,953.93 672,729.70 Chicago 6,748,862.37 i 4,080,056.88 2,668,805.49 1,263,590.59 1,405,214.90 St. Louis 2,456,447.58 I 1,623,222.38 833,225.20 185,653.44 647,571.76 Minneapolis 1,969,247.68 ! 1,084,942.49 884,305.19 101,610.10 782,695.09 Kansas City... 3,094,660.07 j 2,010,820.23 1,083,839.84 300,804.20 783,035.64 Dallas 2,085,774.84 i 1,515,390.56 570,384.28 216,259.52 354,124.76 San Francisco. 4,821,201.55 ; 3,006,387.05 1,814,814.50 154,458.29 1,660,356.21 Total. 50,490,738.51 ;29,559,342.46 120,931,396.05 4,433,660.25 16,497,735.80 Paid to Government as franchise tax for— Transferred Federal reserve bank. Div p i a d i e d n . ds to surplus account. I Current year. Past years.8 Total. Boston $481,951.27 $76,568.14 $538,883.34 $247,349.91 $786,233.25 New York 1,652,138.30 206,945.48 1,862,509.29 1,604,549.37 3,467,058.66 Philadelphia I 541,551.90 839,960.64 855,363.90 36,366.25 891,730.15 Cleveland 692,436.27 861,263.90. 714,987.89 714,987.89 Richmond 333,320.71 53,412.67 480,714.04 20,458.51 501,172.55 Atlanta 256,617.65 41,611,20 374,500.85 213,628.77 588,129.62 Chicago 876,202.56 52,901.23 476,111.11 710,189.99 1,186,301.10 St. Louis .1 283,165.81 276,449.67 87,956.28 87,956.28 Minneapolis. 213,774.01 56,892.10 512,028.98 52,423.36 564,452.34 Kansas City... 275,654.88 50,738.07 456,642.69 208,169.99 664,812.68 Pallas 251,914.87 102,209.89 San Francisco. 448,306.50 121,204.97 1,090,844.74 306,925.46 1,397,770.20 Total. 6,307,034.73 2,740,157.96 7,450,543.11 3,400,061.61 10,850,604.72 i Addition. * Amounts shown represent deferred franchise taxes for 1920 and 1921, paid on Dec. 31, 1922, and are in addition to $124,537,336 paid prior to that date. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. 25 Net earnings of the Federal Reserve Bank of Dallas have not been sufficient to enable it to accumulate a surplus equal to its subscribed capital, as authorized by the act of March 3,1919, amending section 7 of the Federal reserve act, and this bank accordingly has not yet paid any franchise tax. Current net earnings of each Federal reserve bank during 1922, and the daily average amounts of paid-in capital, surplus, and member banks' reserve deposits during the same year, also the ratio of current net earnings to (1) average paid-in capital, (2) capital and surplus, (3) capital, surplus, and reserve deposits are shown in the table: RATIO OF EARNINGS TO CAPITAL, SURPLUS, AND RESERVE DEPOSITS. [Amounts in thousands of dollars.] Daily average- Ratio of current net earnings to- Current Average Federal reserve bank. net Member Average paid-in earnings. c P a a p id it - a i l n . Surplus. d r b e e a p s n o e k s rv i s t e ' s. A c p a a v p i e d i r t a - a i g n l e . s p c u a a a r i p p n d i l d - t u i a n s l . s c r u e a a r s p p n e i l r t d u v al s e , , deposits. Per cent. Per cent. Per cent. Boston... 1,519 8,032 16,483 118,563 18.9 6.2 1.1 New York.... 4,565 27,536 60,197 698,991 16.6 5.2 .6 Philadelphia. 2,198 9,026 17,945 105,795 24.4 8.1 1.7 Cleveland 2,533 11,541 22,511 139,725 21.9 7.4 1.5 Richmond 1,201 -5,555 11,030 56,155 21.6 7.2 1.7 Atlanta 1,060 4,277 9,114 47,930 24.8 7.9 1.7 Chicago 2,669 14,603 29,025 254,867 ft? 6.1 .9 St. Louis 833 4,719 9,388 64,994 5.9 LI Minneapolis.. 884 3,563 7,468 44,599 24.8 8.0 1.6 Kansas City.. 1,084 4,594 9,646 76,938 23.6 7.6 1.2 Dallas 570 4,199 7,394 47,665 13.6 4.9 L0 San Francisco 1,815 7,472 15,199 124,900 24.3 8.0 1.2 Total... 20,931 105,117 215,400 1,781,122 19.9 6.5 L0 The first two ratios are generally used in analyzing earnings of financial institutions as related to invested capital, but in the case of Federal reserve banks which are not operated for profit the ratio last shown is more significant, since the funds contributed by member banks which may be used in extending credit consist not only of capital and surplus but include also the reserve balances which member banks are required by law to maintain at the Federal reserve banks. BRANCHES OF FEDERAL RESERVE BANKS AND THEIR OPERATIONS. At the present time the Federal reserve banks have 23 branches and 1 agency, all of which were established prior to January 1, 1922. The Federal reserve banks of Boston and Philadelphia have no branches or agencies, while the other Federal reserve banks have one or more branches as follows: New York, 1; Cleveland, 2; Rich- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

26 ANNUAL REPORT OF THE KEDERAL RESERVE BOARD. :mond, 1; Atlanta, 4 (also 1 agency); Chicago, 1; St. Louis, 3; Minneapolis, 1; Kansas City, 3; Dallas, 2; San Francisco, 5. No requests for the establishment of additional branches have been received by the Federal Reserve Board during the current year, and as a matter of fact, the board is very reluctant to authorize the establishment of any further branches, for the reason that they add materially to operating costs. Most of the branches now in operation were established during or immediately following the war period, when there seemed to be very good reasons for going to the expense of maintaining branches in the cities in which they were established. There is some doubt now, however, as to whether or not the greater promptness with which member banks in certain Federal reserve branch cities may now avail themselves of the services of the Federal reserve bank is of sufficient importance to warrant the additional cost to the Federal reserve bank of maintaining the local branch. It may be necessary, therefore, at some time in the future to give serious consideration to the advisability of discontinuing certain of the existing Federal reserve branch banks. In order that a general idea may be obtained as to the relative volume of business handled by the various Federal reservebranches and of the volume of work handled by the branches as a whole during the year under review, as compared with the two preceding years, a table is shown on page 149 bringing out the volume of work handled in the principal departments of each branch. * The functions of the Savannah agency are limited to the supplying of coin and currency to member banks located in Savannah. BUILDING OPERATIONS OF FEDERAL RESERVE BANKS, 1922. The end of the year 1922 found 15x of the 35 Federal reserve banks and branches occupying new or remodeled buildings, as compared with 11 on December 31, 1921. In addition, construction was proceeding on 7 buildings, while authority of Congress to proceed with building operations was being awaited in the case of 1 bank and 6 branches. The status of the building operations of each Federal reserve bank and branch on December 31, 1922, was as follows:3 New or remodeled buildings owned and occupied:1 Boston, Philadelphia, Pittsburgh, Richmond, Baltimore, Atlanta, Nashville, Chicago, Louisville, Helena, Kansas City, Omaha, Dallas, El Paso, Houston. New buildings under construction: New York, Cleveland, Atlanta (annex to present building), New Orleans, Minneapolis, Oldahoma City, San Francisco. 1 Does not include annex building constructed by New York principally for storage purposes or building remodeled for temporary occupancy by San Francisco. 3 Branches in italics. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. 27 New building operations awaiting Congressional authority: Jacksonville, Detroit, St. Louis, Little Rock, Denver, Omaha,3 Salt Lake City. Site purchased, but no plans for new building: Cincinnati. No property purchased: Buffalo, Birmingham, Memphis, Los Angeles, Portland, Seattle, Spokane. The act of Congress approved June 3, 1922, amending section 10 of the Federal reserve act, contains a provision concerning building operations of the Federal reserve banks as follows: No Federal reserve bank shall have authority hereafter to enter into any contract or contracts for the erection of any building of any kind or character, or to authorize the erection of any building, in excess of $250,000, without the consent of Congress having previously been given therefor in express terms: Provided, That nothing herein shall apply to any building now under construction.4 As a result of this legislation, resolutions authorizing building operations have been introduced into Congress for the St. Louis bank and the following branches;, Jacksonville, Detroit, Little Rock, Denver, Omaha, and Salt Lake City. On December 31 these resolutions were still pending in Congress. In the case of the Jacksonville branch of the Federal Reserve Bank of Atlanta, however, bids have been asked for a building to cost not exceeding $250,000 (including land, building, and vault). Three new buildings were completed and occupied during the year, namely, those of Boston, Chicago, and Houston; and the Nashville branch building, which was purchased in July, 1921, has been remodeled into more suitable quarters. Construction begun previous to 1922 has progressed steadily during the past year on the new buildings of the New York, Cleveland, Minneapolis, and San Francisco banks, and on the annex of the Atlanta bank building. New construction of buildings on property purchased previous to 1922 was begun at New Orleans and Oklahoma City in May. In the spring the Federal Reserve Bank of St. Louis purchased property in St. Louis adjoining that owned by it; also a lot in Louisville adjoining the property owned and occupied by the Louisville branch, with the idea of eventually extending the present one-story building to cover the entire property. No other purchases of property were made during the past year, but the Federal Reserve Bank of Dallas sold the property utilized by it as a banking house prior to the construction of its new building. 3 Authority of Congress awaited to reconstruct present building. 4 The act of February 9, 1923, amends this provision by making it apply only to buildings to be erected for branch Federal reserve banks and authorizes an expenditure of $250,000 for the building proper, exclusive of vaults and all equipment. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

28 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. GOLD SETTLEMENT FUND. The method of operating the gold settlement fund, which has been fully explained in previous reports, has remained essentially unchanged during 1922. The arrangements made in 1921 to provide a daily settlement between Federal reserve banks for Federal reserve notes, whether fit for use and returned to the bank of issue or unfit for use and returned to the Treasury for redemption, was, however, simplified by the inauguration on February 1, 1922, of a separate daily Federal reserve note settlement. This daily settlement supplies an effective means of complying with that part of section 16 of the Federal reserve act which provides that no Federal reserve bank shall pay out notes issued through another under penalty of a tax of 10 per cent upon the face value of notes so paid out. The method of handling transfers for national banks to their 5 per cent redemption funds against national-bank notes was also simplified by the adoption on June 1 of the plan of making such transfers from the gold redemption funds of the Federal reserve banks against Federal reserve notes, instead of from the gold settlement fund, thereby reducing these transactions to simple transfers by the Treasury between two funds in its custody. Combined clearings and transfers through the fund during the year aggregated $76,489,962,000, as against $68,223,882,000 in 1921, $92,625,805,000 in 1920, $73,984,252,000 in 1919, $50,251,592,000 in 1918, $27,154,704,000 in 1917, $5,533,966,000 in 1916, and $1,052,649,000 in 1915, a grand total of $395,316,812,000 having been handled through the fund since its inception on May 20, 1915. The average weekly volume of clearings and transfers combined for each year since the fund was established is shown below: 1922 $1, 470, 960, 000 1918 $966, 377, 000 1921 1, 311, 998,000 1917. 522,206,000 1920 1, 781,265, 000 1916 106,422,000 1919 1, 422, 744, 000 1915 31,898,000 Daily clearings alone aggregated $75,335,987,000 in 1922, compared with $64,934,801,000 in 1921. Direct transfers, which amounted to but $1,153,975,000 in 1922, compared with $3,289,- 081,000 in 1921, reflect the absence of any rediscount operations between Federal reserve banks in 1922 and a considerably reduced volume of transfers on Government account. The total cost of operation, including the rental of leased telegraph wires and clerical services, was approximately $500,000, or about 65 hundredths of 1 cent on each $l.,000 of funds transferred as against $485,000 in 1921. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. 29 STATE BANK MEMBERSHIP. Ninety-eight State banks and trust companies, with aggregate capital and surplus of approximately $42,500,000 and total resources of $275,800,000, were added to membership during the year, while 33 of the former members, with aggregate capital and surplus of approximately $13,100,000 and total resources of $72,400,000, discontinued membership by reason of voluntary liquidation, receivership, or voluntary withdrawal. In addition, 35 of the former members, with aggregate capital and surplus of approximately $27,800,000 and total resources of $259,300,000, either converted into or were taken over by national banks or merged with other State bank members, their resources thus remaining in the system as a whole. On December 29, 1922, there were 1,639 State institutions which were members of the system, with aggregate capital and surplus of approximately $1,175,000,000 and total resources of $11,917,000,000. On June 30, 1922, the latest date for which complete data are available, there was a total of 30,325 banks in the United States (including natibnal and State commercial banks, mutual and stock savings banks, private banks, and loan and trust companies), with aggregate capital and surplus of $5,599,134,000 and resources of $50,147,513,000. Of these institutions 9,892 were national banks and State bank and trust company members of the Federal Reserve System, with a capital and surplus of $3,496,319,000 and resources of $31,723,950,000. The resources of member banks of the Federal Reserve System therefore constituted about 63 per cent of the total resources of all banks in the country. Under the provisions of the Federal reserve act, however, mutual savings and private banks, are not eligible for membership, and there is also a large number of State banks and trust companies whose capital stock is not sufficient to meet the requirements of the act. There were, nevertheless, 9,678 State banks and trust companies with capital stock sufficient to enable them to become members which were not members of the Federal Reserve System at the end of June, 1922, the aggregate capital and surplus of these eligible nonmember banks being $1,209,115,000 and their resources $8,983,580,000. If the banks which are not eligible for membership in the Federal Reserve System under the present provisions of the act are excluded, it is found that at the end of June, 1922, the national banks and State bank and trust company members represented about 78 per cent of the banking power of all banks eligible for membership. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

30 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. CHECK CLEARING AND COLLECTION. During the year 1922 there have been a number of developments in the Federal reserve check clearing and collection system, most of these arising out of litigation in which several of the Federal reserve banks have been involved. Much of this litigation has been pending since 1921, and some since 1920, and the earlier aspects thereof were dealt with in the board's annual reports for 1920 and 1921. Atlanta par clearance case.—In 1920 several nonmember banks in Georgia brought suit in the State courts against the Federal Reserve Bank of Atlanta to enjoin it from collecting checks drawn on the plaintiff banks in any manner other than through the usual and ordinary channels of collection through the mails. On motion of the Federal reserve bank this suit was removed to the United States District Court for the Northern District of Georgia, which rendered a decision holding (1) that the Federal court had jurisdiction of the suit because it arose under the laws of the United States, and (2) that the suit should be dismissed because the allegations of the complaint did not charge an actionable wrong. Plaintiffs applied to the United States Circuit Court of Appeals for the Fifth Circuit, and on November 15, 1920, that court affirmed the decision of the district court in all respects. Thereafter, an appeal was taken to the United States Supreme Court, which rendered a decision on May 16, 1921, affirming the decision of the circuit court of appeals upon the jurisdictional question, but reversing the decision upon the question of the sufficiency of the complaint. The Supreme Court held, purely as a matter of pleading, that the allegations of the complaint stated a cause of action and, if sustained by the evidence, would entitle the plaintiffs to the injunction sought for. The case was accordingly remanded to the district court for trial on the merits. The trial of this case on the merits was held during January, 1922, and resulted in a decision upholding the Federal reserve bank's position in every important respect. The district court held that the reserve bank was entitled under the law to employ any proper means or agency to collect at par checks drawn on banks which refused to pay without deduction for exchange charges, and that the evidence failed to show that it had acted illegally or oppressively in its check-collection methods. The court, therefore, denied an injunction on all the points requested by the plaintiffs, except that it enjoined the Federal reserve bank from publishing in its upar list" the names of the plaintiff' banks without their consent, on the ground that the inclusion of their names in the "par list" might be held to indicate that such banks agreed to remit at par. The court saw no objection, however, to including in the "par list" the name of any Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. 31 town or city with a representation that the Federal reserve bank would undertake to collect at par checks drawn on any bank in such town or city. Plaintiffs appealed from this decision to the United States Circuit Court of Appeals for the Fifth Circuit, which rendered a decision on November 2, 1922, affirming the decision of the district court in all respects. It is anticipated that plaintiffs will appeal in turn to the Supreme Court of the United States, and of course it is highly desirable that this question be finally adjudicated in the court of last resort. Richmond par clearance case.—As noted in the board's annual report for 1921, a number of States have enacted laws designed to obstruct the par collection of checks by Federal reserve banks. Such a statute, enacted on February 5,1921, by the Legislature of North Carolina, has been declared unconstitutional by the Supreme Court of that State. That act in substance authorized an exchange charge not exceeding one-eighth of 1 per cent for remittances and gave North Carolina State banks the option of paying checks drawn on them in exchange drafts on their reserve deposits, whenever such checks were presented for payment by or through any Federal reserve bank, post office, or express company. Relying upon this statute, a number of State banks and trust companies brought suit against the Federal Reserve Bank of Richmond in the superior court of Union County, N. C, to enjoin the reserve bank from refusing to accept drafts drawn by plaintiff banks on their reserve deposits in payment of checks presented for collection and from returning such checks to the drawers as dishonored when plaintiffs refused to pay same in cash. At the instance of the reserve bank this suit was removed to the United States District Court, but was in turn remanded to the State court, because the jurisdictional amount of $3,000 was not involved. The superior court granted the injunction as prayed for; but on appeal to the Supreme Court of North Carolina that decision was reversed, the injunction was dissolved, and the statute involved was held to be unconstitutional on the ground that it was in conflict with a valid Federal statute. The decision of the Supreme Court of North Carolina was rendered on May 24, 1922. Subsequently, plaintiff banks applied for and were granted a rehearing, but on December 13, 1922, the petition for rehearing was dismissed in a memorandum decision which did not modify or supplement the court's former opinion. No appeal can be taken from this decision except by writ of certiorari to the Supreme Court of the United States, but it is understood that the plaintiff banks will apply for such a writ. Cleveland par clearance case.—On July 15, 1921, the Farmers & Merchants Bank of Catlettsburg, Ky., brought suit in the State court Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

32 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. against the Federal Reserve Bank of Cleveland to enjoin it from collecting checks drawn on plaintiff by presentation at the counter. The Boyd County circuit court, in which the suit was brought, issued a temporary injunction restraining the reserve bank from using any method of check collection against plaintiff except the usual method of collection through the mails. The case was then removed to the United States District Court for the Eastern District of Kentucky, which, on October 14, 1922, granted a preliminary injunction restraining the defendant bank and its collecting agent in Catlettsburg from continuing to make collections of checks drawn on the plaintiff through presentation by such agent over the counter and restraining the reserve bank from advertising that it would collect checks drawn on plaintiff free of charge and from doing anything else for the purpose of forcing the plaintiff to remit at par. The case was not tried on its merits, however, but was presented largely on affidavits filed in support of the motion for a preliminary injunction, and no opportunity was given for cross-examination of the witnesses. It is anticipated that the trial on the merits will soon take place. San Francisco par clearance case.—The San Francisco par clearance case involved a suit brought on September 29, 1921, in the United States District Court for the District of Oregon by the Brookings State Bank of Brookings, Oreg., to enjoin the Federal Reserve Bank of San Francisco from collecting checks drawn on plaintiff except through the usual course of collection through the mails. Plaintiff bank had refused to remit at par for checks drawn on it and sent to it by the reserve bank for collection, and the reserve bank had maintained an agent at Brookings for a period of about a year to collect checks over the counter of the plaintiff bank. This agent wTas withdrawn before the hearing of the suit, and it then became the reserve bank's practice to send checks drawn on the plaintiff bank to it indorsed "Pay to Brookings State Bank for collection only and remittance in full without deduction for exchange or collection charges." Plaintiff returned these checks unpaid and unprotested, and the reserve bank then returned them to the forwarding banks, advising the latter that plaintiff bank had refused to pay and had not protested and that the}7 must look to the plaintiff bank for their protection. In its decision, which was rendered June 26, 1922, the court intimated that the reserve bank was acting within its authority in maintaining an agent at Brookings for making counter collection of checks, but treated this as an academic question, because the agent had been withdrawn. The court did not grant the injunction, therefore, in the terms requested, but merely enjoined the defendant bank from sending advice as above described to its correspondent banks that Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. 33 they must look to the plaintiff for their protection, holding that defendant had no right to hold the plaintiff responsible for not having its own paper protested for nonpayment. A different and somewhat novel proceeding has grown out of this San Francisco par clearance case. In November, 1922, the Brookings State Bank brought an action against the Federal Reserve Bank of San Francisco for damages to compensate plaintiff bank for its loss occasioned by the methods pursued by the reserve bank in making collections of checks drawn on plaintiff. This case has not yet been tried. It is thus seen that, while the par clearance controversy is not settled, material progress has been made in the past year in bringing to a head the various issues involved, and it may be reasonably anticipated that the projected appeals to the Supreme Court of the United States will, during the next year, determine the right of the Federal reserve banks to collect all checks at par. The full text of the opinions rendered during the year 1922 in the cases discussed above will be found on pages 258-274. TRUST POWERS OF NATIONAL BANKS. The right of national banks to exercise trust powers granted pursuant, to the provisions of section ll(k) of the Federal reserve act has been the subject of litigation in two States, Rhode Island and Pennsylvania, during the year 1922. The Aquidneck National Bank of Newport, R. I., in 1915 received permission from the board to exercise the fiduciary powers then permitted under section 11 (k) of the Federal reserve act, to wit, trustee, executor, administrator,- and registrar of stocks and bonds. Subsequently this bank was appointed executor, and in order to qualify and carry out its duties as such it tendered to the general treasurer of the State of Rhode Island the amount of bonds which the laws of Rhode Island require of trust companies as security for the performance of their trust functions. This tender of securities was made pursuant to the requirement of section 11 (k), as amended by the act of September 26, 1918, to the effect that whenever the laws of a State require corporations acting in a fiduciary capacity to deposit securities with the State authorities for the protection of private or court trusts, national banks so acting shall be required to make similar deposits. The general treasurer of Rhode Island refused to accept the bonds so tendered on the ground that the State law did not authorize him to receive such securities from national banks. The Aquidneck National Bank then petitioned the Supreme Court of Rhode Island for a writ of mandamus to compel the general treasurer to accept such deposit of securities. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

34 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. In July, 1922, the Supreme Court of Rhode Island rendered a decision denying the petition, and basing its refusal to issue the writ of mandamus on two general grounds: (1) That the exercise of fiduciary powers by national banks in Rhode Island was in contravention of State law; and (2) that there was no provision of State law empowering the general treasurer of the State to receive such deposits from national banks. In holding that the exercise of trust powers by national banks in Rhode Island was in contravention of State law, the court gave great weight to the fact that trust companies are the only corporations in Rhode Island authorized to exercise trust powers, and that the State law requires of trust companies, as security for the performance of their duties, the pledge of their entire capital stock in addition to the bonds required to be deposited with the State treasurer, while national banks have no power to pledge their capital stock. The court mentioned the definition of what shall be deemed to be contravention of State law contained in section 11 (k) of the Federal reserve act, as amended, but held that Congress had no power to construe the State laws of Rhode Island. No appeal has been taken from this decision, but it is understood that the right of national banks to exercise trust powers in Rhode Island will be more directly tested in another proceeding. The Corn Exchange National Bank of Philadelphia has also been involved in litigation over its right to exercise trust powers in Pennsylvania. The orphans' court of Philadelphia refused to acknowledge the capacity of that bank to act as guardian, because it had not been approved as fiduciary under the rules of such court. The national bank petitioned for such approval, but the orphans' court dismissed the petition on the ground that the exercise of fiduciary powers by a national bank in Pennsylvania was in contravention of the State law. It based this decision upon a former decision rendered in 1921 in the matter of the National Bank of Germantown, in which the same court gave three reasons for holding that the exercise of fiduciary powers by national banks in Pennsylvania was in contravention of State law: (1) Under section 11 (k) of the Federal reserve act, as amended, national banks may deposit uninvested trust funds in their commercial departments upon depositing approved securities in their trust departments, while the laws of Pennsylvania require all trust funds to be kept separate and apart from the assets of the trustee corporation, and the State banking department has by regulation required all trust funds to be deposited in a separate institution; (2) section ll(k) permits the examination by State examiners of the trust departments only, and not of the commercial departments of national banks exercising trust powers; and (3) in the case of the insolvency of a national bank exercising trust powers the Federal law provides that a receiver appointed by and under the control of the Comptroller of the Currency Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. 35 shall take possession of and administer all the assets and affairs of such national banks, thus removing such assets from the jurisdiction of the State courts. The Corn Exchange National Bank appealed from these adjudications of the orphans7 court, and on November 23, 1922, the superior court of Philadelphia County reversed the orphans' court and upheld in all respects the right of national banks in Pennsylvania to exercise trust powers. The court laid great stress upon the fact that Congress had expressly defined the meaning of the term "in contravention of State or local law" as used in section ll(k), and held that this definition was controlling upon State courts. The court, therefore, found that none of the alleged conflicts between State and Federal law which were relied upon by the orphans' court in denying to the Corn Exchange National Bank the right to act as guardian constituted a contravention of State law within the meaning of section ll(k) of the Federal reserve act, and that, consequently, the Corn Exchange National Bank must be upheld in its contentions. On December 28, 1922, the Commonwealth of Pennsylvania; through its attorney general, petitioned the superior court for leave to intervene in this proceeding, which was granted. The Commonwealth then petitioned the Supreme Court of Pennsylvania for leave to appeal from the decision of the superior court, which petition also was granted. The supreme court heard arguments on this appeal on January 15, 1923. The full text of the decisions of the Supreme Court of Rhode Island and the superior court of Philadelphia County will be found on pages 274 and 277. Permits to exercise fiduciary powers.—During the past year, the board has approved 161 original and 16 supplemental applications by national banks for permission to exercise fiduciary powers under the provisions of section ll(k) of the Federal reserve act. The total number of banks holding permits to exercise trust powers on December 31, 1922, was 1,547, a list of which, with the powers granted, is published on pages 214-228. CLAYTOX ANTITRUST ACT. Since the issue of its last report the board has received and considered 156 applications presented to it under the so-called Kern amendment to section 8 of the Clayton Antitrust Act, relating to interlocking bank directorates. In its last annual report, pages 87 to 89, the board pointed out certain difficulties in the administration of the Kern amendment to the Clayton Act and certain illogical and inequitable situations created by the unscientific modus operandi of that provision, and Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

36 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. recommended the enactment of an amendment to remedy the situation. As pointed out in that report, a bill to effect this purpose was introduced in the House of Representatives on April 21, 1921, and was referred to the Committee on Banking and Currency. No action has yet been taken regarding that bill, however, and the board desires to take this opportunity to renew its recommendation that the proposed amendment to the Clayton Act be enacted, for the reasons set forth in its last annual report. AMENDMENTS TO THE FEDERAL RESERVE ACT. During the year 1922 the Federal reserve act has been amended by two acts, one approved June 3 and the other July 1. The act of June 3, 1922, amended section 10 of the Federal reserve act in several respects. It increased the number of appointive members of the Federal Reserve Board from five to six and provided that in the selection of such members the President " shall have, due regard to a fair representation of the financial, agricultural, industrial, and commercial interests, and geographical divisions of the country," whereas section 10 previously provided that in selecting the appointive members of the board the President should have due regard to a fair representation "of the different commercial, industrial, and geographical divisions of the country." The amendment also eliminated the requirement that at least two of the appointive members should be persons experienced in banking or finance. This amendment also added a paragraph to section 10 providing in substance that no Federal reserve bank should thereafter erect any building of any kind or character to cost in excess of $250,000 without the express consent of Congress, with a proviso that this prohibition should not apply to any building then under construction. Prior to the amendment of July 1, 1922, the tenth paragraph of section 9 of the Federal reserve act had prohibited Federal reserve banks from rediscounting for a State member bank any of the paper of any one borrower who was liable to such bank for borrowed money in an amount greater than 10 per cent of the lending bank's capital and surplus, except that the discount of bills of exchange drawn against actually existing values and of commercial or business paper actually owned by the person negotiating the same were not considered as money borrowed within the meaning of that section. That provision operated as an indirect restriction on the amount of credit which might be extended to a single borrower, because a State member bank would hesitate to lend in excess of the prescribed amount to a borrower when to do so would render all of the paper of that borrower held by such bank ineligible for rediscount. This resulted in a discrimination against State member banks, because section 5200 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. 37 of the Revised Statutes, which restricts the amount of credit that national banks may extend to any one borrower, not only makes the exceptions which were provided for by section 9 of the Federal reserve act, but in addition thereto provides that several other classes of paper shall not be considered as borrowed money. The board accordingly recommended a change in the law which would place State member banks upon an equality with national banks in this respect. The act approved July 1, 1922, accomplished this purpose by amending section 9 so as to provide merely that no Federal reserve bank shall discount for any State member bank the paper of any borrower who is liable to such bank for borrowed money in an amount greater than could be borrowed lawfully from such bank if it were a national bank. AMENDMENTS TO BOARD'S REGULATIONS. During the year 1922 the board made two amendments to its regulations, one to Regulation A relating to rediscounts under section 13 of the Federal reserve act and one to Regulation B, relating to open-market purchases by Federal reserve banks of bills of exchange, trade acceptances, and bankers' acceptances under section 14 of the Federal reserve act. The amendment to Regulation A was issued under date of March 29 and made no substantial change in the previous regulation except in that part which dealt with bankers' acceptances growing out of the importation or exportation of goods. That part of the regulation was simplified by the elimination of certain detailed provisions with reference to security and the character of evidence to be furnished to show that the acceptances arose out of bona fide transactions involving the importation or exportation of goods. The board was led to make this amendment to its regulations by the belief that conditions affecting foreign trade had changed materially since the issuance of its former regulations and that the former detailed regulations were no longer necessary. Moreover, it was believed that the general advancement of foreign trade, with the resulting benefit to the agricultural and commercial interests, could be furthered most effectually at that time by the substitution of simpler regulations applicable to acceptances in export and import transactions. In so amending its regulation, however, the board made it clear that its action was not intended to imply any change of view as to the meaning or proper construction of the law or as to the broad principles which should govern the exercise of the acceptance privilege, and that its action was intended merely to aEUow a greater latitude to Federal reserve banks for the exercise of their discretion and judg- 28971—23 4 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

38 AKNUAL REPORT OF THE FEDERAL RESERVE BOARD. ment within the bonds of the express and implied limitations of the law. The amendment to the board's Regulation B was issued under date of December 19, and its sole purpose was to permit Federal reserve banks, until further notice, to purchase in the open market, with or without the indorsement of member banks, bankers' acceptances with maturities not in excess of six months which are drawn by growers, or by cooperative marketing associations composed exclusively of growers, of nonperishable, readily marketable, staple agricultural products, to finance the orderly marketing of such products grown by such growers and secured at the time of acceptance by warehouse, terminal, or other similar receipts issued by parties independent of the borrowers and conveying security title to such products. The board was moved to take this action by a desire to provide more ample facilities for financing the orderly marketing of staple agricultural products, especially by cooperative marketing associations. This was in accordance with the principle previously recognized by the board that the carrying of agricultural products for such periods as are reasonably necessary in order to assist the orderly marketing thereof is a proper step in the process of distribution. There is a material distinction, however, between carrying agricultural products for such periods as are reasonably necessary to effect orderly marketing and a mere speculative withholding from the market in the hope ultimately of obtaining a higher price. In issuing this amendment to its regulations, therefore, the board pointed out that before purchasing such acceptances Federal reserve banks should assure themselves that the agricultural products underlying the transaction were not being held for speculation, but were being marketed in an orderly manner or stored as a part of the process of orderly marketing. The board pointed out, further, that care should also be exercised by Federal reserve banks in purchasing acceptances of long maturities, in order that the liquidity of the aggregate investments held by them should not be affected. The text of the board's amended regulations and the letters of transmittal explaining the purpose and effect of the amendments are published on pages 249-254. FEDERAL ADVISORY COUNCIL. The four statutory meetings of the Federal Advisory Council during 1922 were held in Washington beginning on the following dates: January 13, April 27, September 25, and November 20. The recommendations made to the board by the council are printed on pages a 407-413. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. 39 CONFERENCES HELD BY THE BOARD, As customary, the Federal Reserve Board conferred with the Federal Advisory Council on the occasion of each of its meetings during the year. On May 2 the governors of the Federal reserve banks met with the board in Washington, and on October 10 a joint conference was held with both the governors of the Federal reserve banks and the 12 Federal reserve agents. General programs relating to the operations of the Federal Reserve System were submitted to and discussed at these conferences. ORGANIZATION, STAFF, AND EXPENDITURES. During the year 1922 there have been several changes in the organization and staff of the Federal Reserve Board. The term of office of Hon. W. P. G. Harding, governor of the board, expired on August 9. No appointment to fill the vacancy had been made at the close of the year. By the terms of an amendment to section 10 of the Federal reserve act, approved June 3, 1922, the number of appointive members of the Federal Reserve Board was increased from five to six. The appointment of the additional member had not been made at the end of the year. In May, 1922, the division of analysis and research was transferred from New York City to Washington, D. C. On September 15, 1922, Mr. Walter W. Stewart was appointed director of the division, to succeed Mr. H. Parker Willis, resigned. Mr. Walter S. Logan, general counsel of the board, resigned on September 30, and Mr. Walter Wyatt, assistant counsel, was promoted to the position of general counsel, effective October 1. Mr. L. G. Copeland was appointed on August 22, 1922, to succeed Mr. W. E. Buell as chief of the division of Federal reserve issue and redemption. The total cost of conducting the work of the board during the year 1922, including salaries of members and the cost of printing and circulating the Federal Reserve Bulletin, was $729,745.11. Two assessments were levied against the Federal reserve banks during the year aggregating $722,544.61, or approximately 225 thousandths of 1 per cent of their average paid-in capital and surplus for the year. By direction of the Federal Reserve Board: EDMUND PLATT, Acting Governor. The SPEAKER OF THE HOUSE OF REPRESENTATIVES. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EXHIBITS 41 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DISCOUNT AND OPEN-MARKET RATES. to No. 1.—CHANGES DURING 1922 ON ALL CLASSES AND MATURITIES OF DISCOUNTED BILLS. [Per cent.] Changes effective- In effect Federal reserve bank. Jan. 1, 1922. Jan. 9. Jan. 11. Jan. 23. Feb. 14. Mar. 15. Mar. 25. Apr. 6. Apr. 14. June 22. June 23. July 8. July 12. Aug. 12. Aug. 15. Boston 4* 4 New York < 4* 4 Philadelphia 4§ Cleveland 5 4* RinhTTHrtTMl - ., , , 5 Atlanta 5 Chicago 5 4* St. Louis 5 4} Minneapolis 5£ 5 4* Kansas City 5 4J Dallas 5* 5 ! 4* San Francisco.. 5 4* 4 ! I W O Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 2.—AVERAGE RATES CHARGED ON DISCOUNTED BILLS, BY MONTHS, DURING 1922. [Per cent.] ] Federal reserve bank. January. February March. April. May. June. July. August. Se b p e te r. m- October, No b v e e r. m- De b c e e r m . - Y 19 e 2 a 2 r . Y 19 e 2 a 1 r . 1 Y 9 e 2 a 0 r . Boston . 4.50 4.50 4.50 4.50 4.50 4.32 4.00 4.00 4.00 4.00 4.00 4.00 4.21 5.88 6.03 New York.. . . 4.50 4.50 4.50 4.50 4.50 4.24 4.00 4.00 4.00 4.00 4.00 4.00 4.21 6.06 5.97 Philadelphia 4.50 4.50 4.50 4.50 4.50 4.50 4.50 4.50 4.50 4.50 4.50 4.50 4.50 5.44 5.44 Cleveland^ 5.00 4.75 4.50 4.50 4.50 4.50 4.50 4.50 4.50 4.50 4.50 4.50 4.60 5.72 5.66 O Richmond 5.00 5.00 6.00 4.72 4.50 4.50 4.50 4.50 4.50 4.50 4.50 4.50 4.70 5.91 5.78 o Atlanta 5.00 5.00 4.69 4.50 4.50 4.50 4.50 4.50 4.50 4.50 4.50 4.50 4.64 6.05 5.97 Chicago .. 5.00 5.00 4.78 4.50 4.50 4.50 4.50 4.50 4.50 4.50 4.50 4.50 4.63 6.29 6.32 St. Louis 5.00 5.00 5.00 4.55 4.50 4.50 4.50 4.50 4.50 4.50 4.50 4.50 4.65 5.90 5.98 Minneapolis 5.18 5.00 5.00 5.00 5.00 5.00 5.00 4.75 4.50 4.50 4.50 4.50 4.85 6.35 6.40 Kansas City . 5.00 5.00 5.00 5.00 5.00 5.00 5.00 4.68 4.50 4.50 4.50 4.50 4,79 6.14 6.65 Dallas.. 5.19 5.00 5.00 5.00 5.00 5.00 4.72 4.50 4.50 4.50 4.50 4.50 4.86 6.01 5.78 San Francisco 4.73 4.50 4.50 4.50 4.50 4.50 4.13 4.00 4.00 4.00 4.00 4.00 4.32 5.79 5.82 All banks: 1922.. 4.84 4.77 4.70 4.60 4.59 4.54 4.39 4.34 4.36 4.34 4.29 4.30 4.52 1921.. 6.36 6.36 6.43 6.33 6.20 6.14 6.02 5.76 5.75 5.62 5.03 4.91 6.01 1920.. 4.90 5.52 5.64 5.67 5.74 6.20 6.21 6 19 6 39 6.40 6.45 6.49 6.02 NOTE.—See pp. 124 and 125 for amount of bills discounted at each rate. i Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No, 3.—ANNUAL RATES OF EARNINGS ON DISCOUNTED BILLS, BY MONTHS, DURING 1922. [Per cent.] Federal reserve bank. January. February March. April. May. June. July. August. Se b p e t r e . m- October. No b v e e r. m- De b c e e r. m- Y 19 e 2 a 2 r . Y 19 e 2 a 1 r . Y 19 e 2 a 0 r . Boston 4.52 4.60 4.51 4.50 4.50 4.47 4.12 4.03 4.01 4.00 4.00 4.00 4.24 6.03 5.91 New York . 4.58 4.55 4.50 4.50 4.50 4.38 4.06 4.03 4.00 4.00 4.00 4.00 4.25 6.13 5.88 Philadelphia 4.50 4.51 4.50 4.50 4.50 4.50 4.50 4.50 4.50 4.50 4.50 4.50 4.50 5.49 5.48 2 Cleveland 5.01 4.88 4.60 4.53 4.50 4.50 4.50 4.50 4.50 4.60 4.50 4.50 4.64 6.85 5.88 Richmond 5.15 5.04 5.00 4.98 4.71 4.59 4.54 4.51 4.50 4.50 4.50 4.50 4.78 5.92 5.69 o Atlanta 5.21 5.09 4.96 4.71 4.59 4.53 4.52 4 51 A an 4.51 4.50 4. .50 4.76 6.12 5.77 Chicago . 5 11 R fiQ 5.04 4,79 4.67 4.59 4.55 4.53 ! 4.50 4.50 4.50 4.50 4.76 6.40 6.17 H St. Louis... 5 02 ! J». 01 5.00 4.72 4.57 4.54 4.52 4. 51 -1 4 &"» 4.50 4.50 4.50 4.71 5.97 5.83 Minneapolis 5.56 5.46 5.56 5.21 5.15 5.01 5.01 4.98 4.84 4.71 4,61 4.59 5.12 6.48 6.22 Kansas City 5.20 5.15 5.10 5.02 5.00 5.00 5.00 4.99 4.83 4.65 4.55 4.51 4.95 6.06 6.06 Dallas 5.62 5.39 5.26 •5.19 5.09 5.07 5.03 4 84 4 74 4.64 4.60 4.60 5.08 6.25 5.67 San Francisco 5.01 4.67 4.57 4.57 4.53 4.51 4.34 4.15 4.10 4.05 4.01 4.00 4.42 5.82 5.79 4j All banks: 1922.. 4.99 4.90 4.83 4.75 4.68 4.61 4.50 4.47 4.42 4.36 4.29 4.29 4.63 1921.. 6.30 6.37 6.36 6.32 6.29 6.20 6.09 5.91 5.85 5.69 5.39 5.11 6.07 1920.. 4.71 5.20 5.47 5.58 5.66 5.89 6.13 6.19 6.22 6.35 6.41 6.42 5.88 No. 4.—CHANGES DURING 1922 IN MINIMUM AUTHORIZED RATES ON ACCEPTANCES BOUGHT IN OPEN MARKET. BANKERS' ACCEPTANCES. Changes effective- In O Federal reserve effect bank. J 1 a 9 n 2 . 2 l, . Jan. Jan. Jan. Jan. j Jan. Jan. Mar. Mar. Mar. Apr. Apr. Apr. Apr. j Apr. Apr. May June June June June June July July Sept. 18. 19. 20. 21. 23. 27. 13. 15. 24. 4. 8. 12. 15. 21. 25. 13. 22. 23. 24. 27. 6. 8. 26. 4 - ! 31 I 1 New York 4 3* 3 | ...... 2* Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Philadelphia. 4 31 3 21 Cleveland 4 i | 3J 3 i | Richmond i 4-5 ! 1 | 1 31 3 Atlanta.. . i 4-5 3* 31 3 ' 21 Chicago 4 3} i 3 •; I ! 1 St. Louis 4 3} | 3 i j Minneapolis 5 3 1 Kansas City 5 1 3 Dallas 6 4 i 3 i San Francisco . 4 31 3 j | 2i ' I I i i i 1 Minimum and maximum rates. NOTE.—Acceptances purchased from the acceptor are taken at a rate not less than the discount rate on commercial paper. TRADE ACCEPTANCES. Changes effective Changes effective— O Federal reserve bank. Federal reserve bank. I May I May \ MavJune! June June June June May May May June June June June June j 27. | 29. | 31.* 27. 29. 31. 13. 27. Boston Chicago... New York... St. Louis.. Philadelphia. Minneapolis... Cleveland Kansas City.... Richmond... DaUas Atlanta San Francisco.. 3* NOTE .—Open-market rates applicable to trade acceptances only were not established until after May 24,1922. For rates chargeable prior to that time, see table showing minimum authorized rates on bankers' acceptances purchased in open market. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 5.—AVERAGE RATES CHARGED ON BILLS BOUGHT IN OPEN MARKET, BY MONTHS, DURING 1922. [Per cent.] Federal reserve bank. January. F a e r b y ru . - March. April. May. June. July. I August. Se b p e te r m . - October. No b v e e r m . - De b c e e r m . - Y 19 e 2 a 2 r . Y 19 e 2 a 1 r . Y 19 e 2 a 0 r . !_ Boston 4.20 4.09 3.99 3.41 3.23 | 3.19 3.07 i 3.06 3.10 3.65 4.04 4.04 3.65 5.39 5.98 New York 4.47 4.34 3.86 3.51 3.43 | 3.37 3.21 I 3.14 3.20 3.65 4.08 4.07 3.57 5.40 5.81 Philadelphia 4.10 4.06 3.82 3.45 3.28 ! 3.19 3.05 I 3.08 3.08 3.52 4.11 4.08 3.53 5.35 5.89 Cleveland 4.27 4.10 3.84 3.59 3.20 I 3.19 3.08 j 3.04 3.18 3.68 4.11 4.11 3.70 5.81 5.83 Richmond 5.07 5.07 4.95 4.88 4.56 | 4.56 4.56 | 4.56 4.31 4.25 4.16 4.18 4.64 5.93 5.93 O Atlanta 5.05 5.02 4.57 3.90 3.71 \ 3.97 3.91 . 3.85 3.57 4.06 4.25 4.35 4.14 6.10 5.85 Chicago 4.13 4.14 3.96 3.41 3.21 I 3.12 3.13 \ 3.11 3.17 3.66 4.11 4.12 3.50 5.51 5.93 Sr. Louis 3.90 3.98 4.08 I 3.63 3.19 I 3.17 3.04 i 3.04 3.17 3.69 4.07 4.06 3.67 5.47 5.68 Minneapolis 5.96 5.50 Kansas City 5.07 5.07 5.07 5.07 5.07 |. 5.07 4.56 4.56 4.56 4.56 4.60 6.46 6.27 Dallas 4.82 5.07 4.06 3.17 ! 3.17 3.11 3.04 3.21 3.67 4.07 4.06 3.77 6.08 5.97 San Francisco 4.32 4.11 3.95 3.68 3.25 ! 3.19 3.08 3.06 3.14 3.59 4.11 4.12 3.55 5.49 5.79 All banks: 1922.| 4.28 4.21 s 3.92 j 3.48 3.28 i 3.22 3.13 , 3.10 3.19 3.68 j 4.10 4.11 3.59 1921. 6.05 6.01 I 6.01 I 5.94 ! 5.88 | 5.70 5.31 5.35 4.97 | 4.60 4.41 5.49 1920. 5.10 5.53 5.82 I 5.96 | 6.07 6.06 6.04 6.04 6.05 I 6.45 6.08 5.85 NOTE.—See pp. 134-137 for amount of bills bought at each rate. o pi a Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No, 6.—ANNUAL RATES OP EARNINGS ON BILLS BOUGHT IN OPEN MARKET AND FROM OTHER FEDERAL RESERVE BANKS, BY MONTHS, DURING 1922. I Per cent.] Federal reserve bank. January. F a e r b y r . u- March. April. May. June. July. August. Se b p e te r. m- October. No b v e e r. m- De b c e e r m . - Y 19 e 2 a 2 r . Y 19 e 2 a 1 r . Y 19 e 2 a 0 r . Boston 4.20 4.15 4.08 3.85 3.38 3.20 3.17 3.13 3.07 3.25 3.58 3.79 3.52 5.61 5.81 i New York 4.60 4.32 3.94 3.78 3.59 3.42 3.27 3.15 3.13 3.22 3.45 3.68 3 54 5.59 5.69 Philadelphia. . 4.24 4.09 4.03 3.81 3.53 3.30 3.14 3.07 3.06 3.18 3.47 3.76 3.50 5.61 5.85 a o Cleveland . . . 4.29 4.28 4.05 3.76 3.30 3.20 3.15 3.08 3.10 3.19 3.72 3.91 3.48 5.90 5.67 5.33 5.11 5.06 5.02 5.03 4.73 4.64 4.64 4.53 4.30 4.25 4.19 4.83 6.03 5.74 Atlanta 5.23 5.09 4.85 4.49 4.27 4.31 4.40 4.05 3.57 3.70 3.93 4.09 4.15 6.28 5.55 Chicago .. 4.11 4.09 4.07 3.70 3.35 3.18 3.08 3.08 3.08 3.21 3.45 3.75 3.50 5.67 5.64 St. Louis 4.06 4.07 4.05 3.95 3.34 3.19 3.13 3.10 3.08 3.17 3.75 3.99 3.36 5.68 5.30 Minneapolis 5.26 o Kansas City 5.60 5.07 5.17 5.14 5.07 5.04 5.20 5.07 5.52 4.56 4.56 4.56 4.96 6.40 5.45 Dallas.. 5.49 5.57 5.18 4.10 3.47 3.20 3.01 3.18 3.08 3.43 3.84 3.89 3.67 6.10 5.49 3 San Francisco 4.32 4.21 4.11 3.83 3.43 3.19 3.12 3.07 3.07 3.22 3.51 3.88 3.47 5.70 5.61 All banks: 1922. 4.44 4.25 4.06 3.83 3.50 3.29 3.18 3.11 3.11 3.24 3.59 3.84 3.54 1921. 6.14 5.99 6.01 5.97 5.98 5.97 5.96 5.36 5.33 5.04 4.91 4.50 5.70 1920. 4.79 5.06 5.47 5.70 5.77 5.98 6.07 6.07 6.06 6.07 6.03 6.05 5.66 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. !.•—ANNUAL RATES OF EARNINGS ON DISCOUNTED BILLS AND ON PURCHASED BILLS. 00 [Per cent.] Discounted bills. Purchased bills. Federal reserve bank. I | 1916 1917 1918 1919 1920 1921 1922 1916 1917 1918 1919 1920 1921 ! 1922 Boston 3.52 3.66 4.01 4.21 5.91 6.03 4.24 2.22 3.25 4.19 4.25 5.81 5.61 ! 3.52 New York.... 3.69 3.12 4.04 4.12 5.88 6.13 4.25 2.38 3.33 4.07 4.25 5.69 5.59 1 3.54 w Philadelphia.. 3.75 3.73 4.29 4.13 5.48 5.49 4.50 2.31 3.18 4.12 4.24 5.85 5.61 | 3.50 w Cleveland 4.25 3.94 4.28 4.22 a. ss 5.85 4.64 2.29 3.24 4.20 4.27 5.67 5.90 i 3.48 o Richmond 4.00 3.91 4.40 4.34 | 5.69 5.92 4.78 3.09 3.22 4.27 4.57 5.74 6.03 i 4.83 Atlanta 3.77 3.99 4.27 4.25 | 5.77 6.12 4.76 2.71 3.34 4,20 4.57 5.55 6.28 | 4.15 Chicago 4.60 3.85 4.30 4.26 I fi-17 6.40 4.76 2.28 3.11 4.24 4.33 5.64 5.67 3.50 St. Louis 4.04 3.85 4.29 4.25 5.83 5.97 4.71 2.34 3.16 4.18 4.36 5.30 5.68 \ 3.36 Minneapolis... 4.80 4.22 4.63 4.33 6.22 6.48 5.12 2.32 3.16 4.36 4.27 5.26 Kansas City... 4.77 4.14 4.74 4.68 6.05 6.06 4.95 2.39 3.20 4.26 4.36 5.45 6.40 4.96 Dallas 4.49 4.48 4.67 4.64 5.67 6.25 5.08 3.36 3.40 4.10 4.79 5.49 6.10 ; 3.67 San Francisco 5.01 4.53 4.65 4.51 5.79 5.82 4.42 2.39 3.25 4.20 4.29 5.61 5.70 1 3.47 System. 4.20 3.61 4.24 4.23 5.88 6.07 4.63 2.36 3.26 4.14 4.30 5.66 5.70 3.54 IW Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DISCOUNT AND OPEN-MAKKET RATKS. 49 ANNUAL RATES OF EARNINGS ON DISCOUNTED AND PURCHASED BILLS 1916 - 1922 PER SYSTEM PER CENt CENT 6 6 ^_ 5 5 4 J \ 4 \ 3 3 2 2 1 1 - DISCOUNTED BILLS ( 6191 7191 8191 9191 0291 1291 2291 < -PURCHASED BILLS PER BOSTON NEW YORK PHILADELPHIA PER CENT CENT 6 6 5 5 4 4 3 3 2 Z 1 1 O 0 CLEVELAND ATLANTA 7 7 6 6 5 5 4 4- 3 3 2 2 r~r 1 0 ! CHICAGO ST. LOUIS MINNEAPOLIS 7 6 5 4-7 4 3 2 •J KANSAS CITY | | DALLAS SAN FRANCISCO € ! A 5 i 6'' \ \^_ r w —— \ u ^ N A \ 3 s 2 1 r> - (J) O »s (\J < tvj «\j N oj «>> ^ o> ^ Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 8.—ANNUAL RATES OF EARNINGS ON UNITED STATES SECURITIES, BY MONTHS, DURING 1922. o [Per cent.] Federal reserve bank. J a a r n y u . - F a e r b y r . u- March. April. May. June. July. August. Se b p e te r. m- October. No b v e e r. m- De b c e e r m . - Y 19 e 2 a 2 r . Y 19 e 2 a 1 r . Y 19 e 2 a 0 r . Boston 4.15 3.32 3.76 3.74 3.72 • 3.63 3.53 3.54 3.58 3.64 3.71 3.86 3.67 2.16 2.20 New York 3.11 3.73 3.78 3.73 3.63 3.57 3.60 3.57 3.58 3.63 3.67 3.77 3.63 2.70 2.41 Philadelphia 2.88 3.60 3.74 3.72 3.78 3.88 3.83 3.87 3.95 4.00 4.07 3.97 3.83 2.22 2.19 Cleveland 3.12 4.07 3.88 3.97 3.84 3.80 3.89 3.78 3.82 3.84 3.92 3.75 3.84 2.21 2.20 Richmond 2.03 2.04 2.04 2.04 2.03 2.03 2.03 2.04 2.04 2.04 2.05 2.33 2.06 2.04 2.01 Atlanta 3.24 2.20 2.04 2.04 2.06 2.15 2.45 2.52 2.63 2.74 2.92 3.26 2.54 2.79 2.01 Chicago 3.55 3.86 3.92 3.96 3.84 3174 3.27 3.21 3.28 3.47 3.50 3.53 3.68 2.23 2.12 St. Louis 2.22 2.92 3.50 3.78 3.63 3.88 3.70 3.76 3.82 3.84 3.96 3.90 3.70 2.17 2.11 Minneapolis 2.04 2.55 3.12 3.27 3.40 3.18 3.71 3.28 3.56 3.72 3.84 3.92 3.43 2.06 2.02 Kansas City 2.19 3.13 3.58 3.65 3.70 3.71 3.69 3.73 3.76 3.85 3.93 3.99 3.68 2.16 2.22 Dallas 2.29 2.29 2.44 2.47 2.45 2.56 2.85 2.53 2.65 3.11 3.23 3.34 2.83 2.17 2.11 San Francisco 3.16 3.96 4.01 4.15 4.05 4.10 3.93 3.89 4.01 4.03 4.10 4.00 4.00 2.16 2.12 All banks: 1922.. 3 16 3 58 3 72 3.77 3.70 3.67 3.63 3.60 3.65 3.71 3.78 3.79 3.67 1921... 2 13 2.11 2.24 2.15 2.49 2.40 2.31 2.33 2.49 2.38 2.68 2.92 2.37 1920... 2.18 2.17 2.10 2.10 2.22 2.24 2.15 2.22 2.27 2.20 2.17 2.43 2.21 w o > Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 0.—ANNUAL RATES OP EARNINGS ON TOTAL EARNING ASSETS, BY MONTHS, DURING 1922. [Per cent.] Federal reserve bank. J a a r n v u . - F a e r b y r . u- j March. April. | May. i. June. July. August. Se b p e te r. m- October. No b v e e r. m- | De b c e e r m . - Y 19 e 2 a 2 r . Y 19 e 2 a 1 r . Y 19 e 2 a 0 r . Boston 4.35 3.96 4.14 I 4.06 3.89 3.73 3.61 3.62 3.63 3.67 3.83 | 3.92 3.87 5.42 5.48 New York 4.18 4.13 3.99 3.96 3.78 3.70 3.66 3.60 3.55 3.64 3.81 I 3.89 3.82 5.69 5.59 i Philadelphia.. 4.21 4.27 4.25 I 4.16 4.09 4.06 3.97 3.88 3.93 4.03 4.19 j 4.20 S 4.11 4.95 5.02 Cleveland 4.74 4.63 4.29 | 4.25 4.06 3.95 3.94 3.78 3.78 3.83 4.06 4.09 4.10 5.39 5.45 o o Richmond 4.99 4.87 4.83 4.79 4.50 4.34 | 4.26 4.22 4.24 4.27 4.30 | 4.33 4.57 5.61 5.29 Atlanta 4.88 4.75 4.57 4.32 4.17 4.08 ! 4.05 4.08 4.17 4.19 4.24 ! 4.32 4.40 5.63 5.33 Chicago..*. 4.78 4.62 4.48 | 4.32 4.10 4.00 | 3.86 3.85 3.89 4.00 4.10 I 4.11 4.23 5.91 5.75 St. Louis 4.64 4.50 4.45 | 4.26 4.03 4.02 ! 3.82 3.81 3.89 4.02 4.18 ! 4.18 4.14 5.43 5.29 Minneapolis... 5.24 5.11 5.01 | 4.60 4.54 4.38 j 4.58 4.50 4.42 4.36 4.33 4.34 4.64 6.09 5.76 Kansas City... 4.64 4.52 4.34 ! 4.24 4.19 j 4.16 ! 4.08 4.08 4.08 4.13 4.19 j 4.22 4.25 5.39 5.38 O Dallas 5.33 5.08 4.91 ! 4.85 4.73 | 4.63 | 4.57 4.42 4.33 4.00 3.94 \ 3.97 4.56 5.79 5.14 San Francisco. 4.63 4.48 4.37 | 4.32 4.19 4.13 i 3.97 3.85 3.81 3.77 3.89 i 3.96 4.08 5.56 5.49 Total: 1922 4.62 4.47 ! 4.34 | 4.25 j 408 3.98 i 3.90 3.85 3.84 3.88 4.00 : 4.06 4.11 1921 5.88 5.92 \ 5.90 I 5.85 i 5.79 5.67 I 5.60 5.42 5.35 5.25 4.99 ! 4.74 5.61 1920 4.46 4.88 j 5.12 | 5.23 I 5.36 5.51 j 5.72 5.81 5.81 5.94 5.98 j 5.98 5.50 H NOTE.—Average annual rates of earnings (per cent) on municipal warrants were as follows: Philadelphia—January, 5.65; February, 5.80; March, 5.68; April, 5.07; year 1922, 5.61; year 1921, 5.81. Atlanta—December, 4.56. Minneapolis—January, 5.49; February, 5.74: July, 5.00; August, 4.77; September, 4.69; October, 4.57; November, 4.56; December, 4.50; year 1922, 4.86; year 1921, 5.83. Kansas City—January, 5.00; year 1922, 5.00; year 1921, 5.00. All banks—January, 5.46; February. 5.81; March, 5.68; April, 5.07; July, 5.00; August, 4.77; September, 4.69; October, 4.57; November, 4.56; December, 4.52; year 1922, 5.40; year 1921, 5.27. 02 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONDITION OF FEDERAL RESERVE BANKS. Or to No. 10.—EARNING ASSETS OP FEDERAL RESERVE BANKS, 1914-1922. [In thousands of dollars.] Bills discounted. Bills bought Date. U m S . e e S n c . u t G r o e o b d v l i e b g m y a - - 1 I j Other. Total. in op k e e n t . mar- T o o n t a h l a b n i d ll . s Un se it c e u d r i S ti t e a s t . es M wa u r n r i a c n ip ts a . l Tot a a s l s e e a ts r . ning tions.i ! 1914. Nov. 27. 7,383 7,383 7,383 7,383 Dec. 31.. 9,909 9,909 205 \ 734 10,848 1915. Jan. 29.. 13,955 13,955 13,955 13,180 I 27,135 Feb. 26.. 20,469 20,469 17,417 ! 37,886 Mar. 26.. 31,683 31,683 I 31,683 21,579 ! 53,262 Apr. 30.. 36,586 36,586 j 36,586 25,469 [ 62,055 May 28.. 33,951 33,951 | 33,951 6,947 ; 23,094 63,992 June 25.. 25,996 25,996 I 10,379 36,375 7,601 11,509 55,485 July 30.. 29,102 I 29,102 I 11,625 40,727 7,923 ) 16,107 64,757 Aug. 27. 29,275 | 29,275 | 13,564 42,839 8,836 j 25,808 77,483 Sept. 24. 31,373 31,373 | 13,058 44,431 9,328 | 24,945 78,704 Oct. 29.. 30,448 30,448 | 13,619 44,067 10,505 | 25,014 79,586 Nov. 26. 32,794 I 32,794 | 16,179 48,973 12,919 | 27,308 89,200 Dec. 30.. 32,368 ! 32,368 j 23,013 55,381 15,797 | 12,220 83,398 o > 1916. Jan. 28.. 26,901 | 26,901 | 26,314 53,215 21,372 ! 20,602 95,189 Feb. 25.. 22,827 | 22,827 | 29,054 51,881 29,632 i 25,403 106,916 Mar. 31.. 21,267 j 21,267 | 40,408 61,675 40,275 \ 33,015 134,965 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Apr. 28... 21,448 21,448 47,585 69,033 49,681 36,933 155,647 May 26.. 20,365 20,365 52,708 73,073 55,782 44,946 173,801 June 30.. 21,188 21,188 71,095 92,283 57,129 22,671 172,083 0 fc 0 OJuly 28... 27,594 27,594 83,454 111,048 56,581 27,220 194,849 3 Aug. 25.. 27,032 27,032 82,146 109,178 55,001 27,863 192,042 r Sept. 29. 25,953 25,953 80,625 106,578 53,471 24,028 184,077 Oct. 27... 21,131 21,131 86,085 107,216 51,904 29,890 189,010 Nov. 24.. 20,501 20,501 102,092 122,593 50,594 22,166 | 195,353 Q Dec. 29... 30,196 30,196 127,497 157,693 55,414 8,975 222,082 O 1917. H Jan. 26.. 15,711 15,711 97,697 113,408 55,769 12,249 181,426 Feb. 23. 20,266 20,266 123,966 144,232 1 48,118 17,124 209,474 Mar. 30. 20,106 20,106 84,473 104,579 47,700 15,715 167,994 Q Apr. 27. 35,043 35,043 71,400 106,443 117,818 14,999 | 239,260 May 25.. 1,900 45,687 47,587 107,377 154,964 117,658 14,675 287,297 fccj June 29. 25,546 193,546 219,092 202,270 421,362 70,728 2,446 494,536 July 27. 12,670 125,789 138,242 195,097 333,556 76,953 1,469 411,978 Aug. 31. 11/867 135,448 147,315 154,591 301,906 77,927 1,230 381,063 p Sept. 28 65,923 167,616 233,539 176,169 409,708 95,005 224 504,937 Oct. 26. | 209,230 187,864 397,094 177,590 574,684 110,042 233 684,959 ft Nov. 30. | 405,608 350,790 756,398 205,454 961,852 89,096 1,429 1,052,377 u. Dec. 28. | 283,421 397,285 680,706 275,366 956,072 107,233 1,005 1,064,310 te 1 Figures to Nov. 30,1917, inclusive, represent only member banks' collat tes secured by Government war obligations and are exclusive of customers' paper similarly •— secured, the amount of which, however, was small. 2 Includes loans on gold coin and bullion—$21,850,000. w GO Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 10.—EARNING ASSETS OF FEDERAL RESERVE BANKS, 1914-1922—Continued. [In thousands of dollars.] Bills discounted. Date. U m S . e S e . n c u t G r o e o b d v l i b e g r y a n - - Other. Total. i B n il o l p s k e b e n o t . m ug a h r t - T o o n t a h l a b n i d ll . s Un se it c e u d r it S i t e a s t . es M wa u r n r i a c n ip ts a . l Tot a a s l s e e a ts r . ning tions. 1918. Jan. 25 312,520 315,142 627,662 273,912 901,574 123,194 3 4,902 1,029,670 Feb. 21 263,905 245,629 509,534] 296,170 805,704 222,657 3 3,436 1,031,797 Mar. 28-29.. 301,451 281,777 583,228 304,065 887,293 310,769 3 3,523 1,201,585 Apr. 26 642,429 259,314 901,743 302,844 1,204,587 78,853 3 2,722 1,286,162 May 31 562,993 334,364 897,357 256,373 1,153,730 146,924 3 736 1,301,390 June 28 434,509 434,666 869,175 216,848 1,086,023 259,066 1,345,112 July 26 673,231 628,920 1,302,151 205,274 1,507,425 57,012 1,564,540 Aug. 30.... 896,228 531,967 1,428,195 232,603 1,660,798 56,122 67 1,716,987 Sept. 27.... 221,533 491,897 1,713,430 288,391 2,001,821 78,643 *102 2,080,566 g Oct. 25 092,417 453,747 1,546,164 1,944,787 350,311 24 2,295,122 Nov. 29.... 412,511 402,684 1,815,195 375,341 2,190,536 121,796 27 2,312,359 Dec. 27 400,371 302,567 1,702,938 303,673 2,006,611 311,546 13 2,318,170 1919. Jan. 31.. 1,357,571 ! 243,557 1,601,128 281,293 1,882,421 294,784 4 ! 2,177,209 Feb. 28.. 1,667,965 | 211,855 1,879,820 276,919 2,156,739 182,782 2,339,525 Mar. 28.. 1,691,010 | 195,230 1,886,240 248,107 2,134,347 200,935 3 I 2,335,285 Apr. 25.. 1,760,672 j 189,740 1,950,412 185,822 2,136,234 218,636 2,354,870 o May 20.. 1,802,893 ! 186,499 1,989,392 183,650 2,173,042 229,014 2,402,056 June 27.. 1,573,483 | 244,557 1,818,040 304,558 2,122,598 231,569 2,354,167 July 25.. 1,616,210 251,392 1,867,602 375,556 j 2,243,158 239,400 2,482,558 Aug. 29.. 1,609,296 205,838 1,815,134 363,138 I 2,178,272 270,705 2,448,977 Sept. 26 I 1,572,503 309,779 1,882,282 342,491 ; 2,224,773 278,315 2,503,088 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Oct. 31.. 1,6S1,082 447,465 2,128, 547 394,355 2,522,902 301,254 I [ 2,824.156 Nov. 28. 1,736,033 478,176 2,214,209 495,595 2,709, 804 314,937 I 3,024,741 Deo. 26.. 1,510,364 684,514 2,194,878 585,212 2,780,090 330000,,440055 i 3,080,495 1920. Jan. 30.. 1,457,892 716,465 2,174,357 561,313 2,735,670 303,521 : 039,191 Feb. 27.. 1,572,980 880,531 2,453,511 531,367 2,984,878 294,354 279,232 Mar. 26.. 1,441,015 1,008,215 2,449,230 451,879 2,901,109 289,922 191,031 Q Apr. 30.. 1,465,320 1,069,751 2,535,071 407,247 2,942,318 293,514 235,832 O3 May 28.. 1,447,962 1,071,469 2,519,431 418,600 2,938,031 306,394 244,425 June 25.. 1,277,980 1,153,814 2,431,794 399,185 2,830,979 352,296 183,275 3 July 30.. 1,241,017 1,250,613 2,491,630 345,305 2,836,935 325,380 162,315 Aug. 27. 1,314,830 1,352,297 2,667,127 321,965 2,989,092 300,580 289,672 o Sept. 24. 1,220,423 1,484,041 2,704,464 307,624 3,012,088 297,500 309,588 o Oct. 29.. 1,203,905 1,597,392 2,801,297 298,375 3,099,672 296,371 396,043 Nov. 26. 1,192,425 1,542,975 2,735,400 247,703 2,983,103 320,614 303,717 Dec. 30.. 1,141,036 1,578,098 2,719,134 255,702 2,974,836 288,191 263,027 1921. Jan. 31.. 1,040,367 1,416,750 2,457,117 163,700 2,620,817 287,150 2,907,967 Feb. 28.. | 997,965 1,391,545 2,389,510 169,421 2,558,931 282,807 2,841,738 Mar. 31.. 971,100 1,262,006 2,233,106 119,340 2,352,446 276,932 2,629,378 i Apr. 30.. 937,652 1,138,916 2,076,568 109,763 2,186,331 267,095 2,453,426 May 31.. I 787,244 1,120,669 1,907,913 75,457 1,983,370 266,481 2,249,851 June 30.. 637,590 1,113,760 1,751,350 40,223 1,791,573 259,184 2,050,757 July 31.. 1 577,774 1,063,838 1,641,612 17,977 1,659,589 244,365 1,903,954 Aug. 31.. 545,176 946,759 1,491,935 35,320 1,527,255 230,233 1,757,488 Sept. 30. 496,844 916,169 1,413,013 45,042 , 1,458,055 227,830 1,685,885 Oct. 31.. ! 462,436 850,591 1,313,027 86,110 1,399,137 192,521 10 1, 591,668 GO Nov. 30. 476,360 705,941 1,182,301 72,954 1,255,255 204,544 67 ! 1,459,866 Dec. 31. - 485,233 659,113 1,144,346 145,263 1,289,609 233,528 379 | 1, 523, 516 « Includes bill of lading drafts as follows: Jan. 25—$2,765,000; Feb. 21—$2,824,000; Mar. 29—$2,994,000: Apr. 26—$2,168,000; May 31—$235,000; June 28—$12,000; July 26—$37,000; Sept. 27—$31,000. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 10.—EARNING ASSETS OF FEDERAL RESERVE BANKS, 1914-1922—Continued. C71 [In thousands of dollars.] Bills discounted. Date. U m S . e S e . n c u t G r o e o b d v l i e b g r y a n - - Other. Total. i B n i l o ls p k e b e n o t . m ug a h r- t T o o n t a h l a b n i d ll . s U s n e it c e u d r it S ie ta s t . es M wa u r n r i a c n ip ts a . l Tot a a s l s e et a s r . ning Cj tions. 1922. o Jan. 31 363,586 475,299 838,885 74,935 913,820 293,085 1,207,111 Feb. 28 284,614 427,963 712,577 93,458 806,035 407,889 1,214,166 Mar.31 260,781 419,686 680,467 105,270 785,737 455, 506 1,241,345 Apr.29 185,743 324,361 510,104 90,677 600,781 587,080 1,187,861 May 31 171,106 300,384 471,490 118,182 589,672 603,419 1,193,091 June 30 167,241 294,177 461,418 161,112 622,530 555,465 1,177,995 July 31 132,390 273,788 406,178 140, 111 546,289 536,669 1,082,961 Aug. 31 126,113 271,335 397,448 180,176 577,624 507,131 1,084, 776 Sept. 30 162,780 300,916 463,696 244,375 708,071 482,676 1,190,762 Oct. 31 269,042 307,393 576,435 258,165 834,600 362,639 1,197,263 Nov.29 315,280 334,816 650,096 259,226 909,322 | 304,461 1,213,807 Dec. 30 331,790 285,990 617,780 272,122 889,902 436,155 1,326,096 p Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANKING DEVELOPMENTS 1917 -1922 ( END OF MONTH FIGURES I S o ^/i^^L^^ r 4+- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 11.—RESERVES, DEPOSITS, AND NOTE CIRCULATION OF FEDERAL RESERVE BANKS, 1914-1922. oo [Amounts in thousands of dollars.] Reserves. I Deposits. Total F.R. notes i deposit F. R. bank Date. I Govern- j Members' in c ti i o rc n u . la- ! j F. R an .n d ote R re e s q e u rv ir e e . d J I r E e x s c e e r s v s e. pe R rc e e s n er ta v g e e. l n a o ti t o e n c — irc n u e - t Gold. Total. ! ment. j reserve.1 Net .2 j liability. liability. d 1914. Nov. 27.. 227,840 | 262,470 249,268 2,700 I 251,968 88,324 174,146 104.2 Dec. 31.. 241,321 | 267,899 256,018 10,608 | 266,626 93,850 174,049 100.5 1915. Jan. 29 j 251,30*1 272,095 14,500 | 286,595 101,033 171,155 95.0 Feb. 26 .,,! 269,753 298, 282,248 22,957 | 3U6,205 107,970 190, 868 97.9 Mar.26 273,137 296, 282,644 33,767 | 316,411 112,433 183,802 93.6 8 Apr. 30 280,543 307, 285,364 46,444* 331,808 118,455 188,606 92.5 May28 : j 298,331 330, 284,615 57,847 342,462 122,754 207,566 96.5 hrj June 25 j 324,183 372; 303,038 72,489 375,527 135,059 236,972 99.1 July 30 347,383 369, 299,105 85,127 | 384,232 138,738 230,737 96.2 Aug. 27 359,165 379, 309,999 95,233 | 405,232 146,593 232,450 93.5 Sept. 24 | 405,404 428, 15,000 337,532 115,662 I 453,194 164,401 263,923 94.5 Oct.29 | 433,236 470, 15,000 350,021 146.025 | 496,046 180,917 289,377 94.8 Nov. 26 1 492,163 529, 15,000 398,899 165,304 564,203 205,736 323,639 93.8 Dec. 30 | 542,413 555, 15,000 i 394,245 189.026 583,271 213,596 342,342 95.3 1916. | ft Jan. 28.. 555,241 570,737 27,760 | 441,663 ! 179,224 '' 620,887 226,272 344,465 91.9 Feb. 25. 526,213 543,891 32,501 | 435,793 ! 171,368 !• 607,161 221,075 322,816 89.6 o Mar. 31. 514,521 524,459 38,469 | 445,328 | 163,066 : 608,394 221,091 303,368 86.2 964 Apr. 28. 487,029 499,040 40,660 j 439,013 | 163,094 ' 602,107 218, 892 280,148 82.9 1,669 May 26.. 515,255 537,227 44,131 j 504,299 j 159,389 663, 688 240,260 296,967 80.9 1,732 June 30. 542,744 570,192 101,152 j 538,241 I 152,244 j 690,485 249,282 320,910 82.6 3,721 July 28, 527. 536 544.125 56,542 I 535,548 i 152,590 688,138 248,47S 295,647 79, I 1,692 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Aug. 25.. 536,221 I 548,486 | 50,099 530,866 156,345 687,211 248,341 300,145 79.8 1,690 Sept. 29.. 584,767 I 592,578 i 38,985 529,360 196,538 725,898 263,891 328,687 81.6 3,033 Oct. 27.. 617,481 | 627,457 I 29,982 548,703 214,622 763,325 277,894 349,563 82.2 1,031 Nov. 24.. 701,501 | 719,475 26,319 620,128 240,448 860,576 313,224 406,251 83.6 1,028 Dec. 29.. 736,236 | 753,774 28,837 650,665 275,353 926,018 337,874 415,900 81.4 1917. Jan. 26.... 791,245 j 25,607 687,841 688,508 259,768 948,276 344,885 85.3 a Feb. 23... 803,324 j 818,573 13,407 629,475 677,036 303,171 980,207 358,231 460,342 83.5 o Mar. 30... 938,046 I 947,328 20,567 711,117 706,905 357,610 1,064,515 390,461 556,867 89.0 Apr. 27.., 945,141 I 975,481 99,689 719,785 743,532 420,509 1,164,041 428,441 547,040 83.8 May 25... 977,371 I 1,014,263 76,114 813,326 | 721,171 454,402 1,175,573 434,170 580,093 86.3 c June 29... 1,294,512 ! 1,334,352 300,966 1,033,460 j1,261,800 508,753 1,770,553 645,131 689,221 75.4 934 % July 27... 1,362,263 | 1,414,052 143,032 |1,135,456 |1,232,200 534,015 1,766,215 644,876 769,176 80.1 2,459 Q Aug. 31... 1,353,498 j 1,406,108 154,358 j1,069,804 1,133,926 587,915 1,721,841 632,040 774,068 81.7 6,023 ft Sept. 28... 1,408,470 | 1,457,559 71,289 I 1,136,930 1,193,886 700,212 1,894,098 | 697,945 759,614 77.0 8,000 ft Oct. 26... 1,503,436 ' 1,552,942 132,221 | 1,264,323 1,318,798 847,506 2,166,304 800,581 752,361 71.7 8,000 ft Nov. 30... 1,621,725 1,676,211 220,962 |1,489,370 1,595,512 1,056,983 2,652,495 981,222 63.2 8,000 ft Dec. 28... 1,671,133 1,720,768 108,213 !1,453,166 1,457,994 1,246,488 2,704,482 1, 711,875 63.6 8,000 > F 1918. hj Jan. 25 1,726,507 1,782,759 135,691 1,480,743 1,492,878 1,234,934 2,727,812 1,016,481 766,278 65.4 8,000 ft Feb. 21.... lj 772,395 1,832,524 56,165 1,459,720 1,462,627 1,314,581 2,777,208 1,037,751 794,773 66.0 7,999 ft Mar. 28-29. 1,815,704 1,874,063 104,086 |1,499,400 1,535,367 1,452,838 2,988,205 1,118,513 755,550 62.7 7,978 Apr. 26.... 1,827,000 1,890,945 130,668 j1,497,416 1,556,303 1,526,232 3,082,535 1,155,199 735,746 61.3 7,895 May 31.... 1,917,826 1,975,709 166,191 I1,440,413 1,586,608 1,600,968 3,187,576 1,195,700 780,009 62,0 8,324 June 28— 1,949,021 2,006,199 84,535 |1,557,587 1,529,819 1,722,216 3,252,035 1,224,323 781,876 | 61.7 10,390 July 26.... 1,974,200 2,029,329 233,040 |1,435,196 1,622,870 1,870,835 3,493,705 1,316,339 712,990 j 58.1 11,084 Aug. 30 2,013,794 2,066,962 104,729 | 1,478,639 1,572,898 2,092,708 3,665,606 1,387,597 679,365 ] 56.4 20,687 Sept. 27.... 2,020,813 2,072,176 191,623 1,535,490 1,667,109 2,349,326 4,016,435 1,523,218 548,958 j 51.6 35,819 Oct. 25 2,045,132 2,098,169 278,218 1,683,499 1,723,902 2,507,912 4,231,814 1,606,531 491,638 j 49.6 58,859 Nov. 29 2,065,213 2,120,371 207,157 1,488,893 1,668,283 2,568,176 4,236,959 1,611,369 509,002 j 50.0 Dec. 27.... 2,090,274 2,146,219 63,367 1,587,318 1,552,892 2,685,244 4,238,136 1,617,610 528,609 | 50.6 117,122 i Figures not reported separately until January, 1917. * Figures shown in this column represent net deposits up to and including Feb. 28,1921, and total deposits thereafter. O7 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No, 11.—RESERVES, DEPOSITS, AND NOTE CIRCULATION OP FEDERAL RESERVE BANKS, 1914-1922—Continued. [Amounts in thousands of dollars.] Deposits. Total F. R. notes deposit F. R. bank Date. Gold. Total. G m o e v n er t. n- M re e s m er b v e e r . s' Net.* in t c i i o rc n u . la- F l . i a R a b n . i l d n it o y t . e R r e e q s u er ir v e e d . r E e x s c e e rv ss e. pe R rc e e s n er ta v g e e. l n a l o i t a i t o e b n i c — li ir ty c n u . e - t 1919. Jan. 31.. 2,112,106 179,646 64,928 1,693,132 1,659,457 2,450,729 4,110,186 1,561,102 618,544 53.0 129,445 Feb. 28. 2,122,998 188,723 210,547 1,620,972 1,796,739 2,472,307 4,269,046 1,617,781 570,942 51.3 134,042 Mar. 28. 2,142,305 210,524 168,147 1,631,167 1,741,425 2,521,776 4,263,201 1,618,209 592,315 51.9 145,540 Apr. 25. 2,169,216 240,152 91,726 1,664,320 1,752,094 2,549,552 4,301,646 1,633,054 607,098 52.1 158,848 May 29. 2,187,743 255,106 141,479 1,656,118 1,830,920 2,519,292 4,350,212 1,648,539 606,567 51.8 168,427 June 27 1 2,147,784 216,256 73,614 1,713,030 1,750,694 2,499,180 4,249,874 1,612,415 603,841 52.1 177,185 July 25.. 2,095,151 161,023 116,038 1,718,396 1,796,561 2,504,497 4,301,058 1,630,595 530,428 50.2 193,849 Aug. 29.. 2,066,788 135,976 54,494 1,729,950 1,629,797 2,580,629 4,210,426 1,602,681 533,295 50.7 219,815 Sept. 26.. 2,177,854 187,505 61,276 1,731,413 1,634,074 2,655,354 4,289,428 1,634,068 553,437 51.0 239,451 Oct. 31.. 2,138,000 205,592 100,465 1,833,481 1,850,518 2,752,876 4,603,394 1,748,831 456,761 47.9 254,933 Nov. 28.. 2,093,641 159,666 98,157 1,844,434 1,889,399 2,852,277 4,741,676 1,802,200 357,466 45.5 256,793 Dec. 26.. 2,078,432 135,536 72,357 1,786,874 1,704,470 3,057,646 4,762,116 1,819,623 315,913 44.8 261,039 1920. Jan. 30... 2,012,656 2,073,933 72,974 1,850,712 1,806,496 2,850,944 4,657,440 1,772,650 301,283 44.5 250,530 Feb. 27.. 1,966,836 2,083,215 133,913 1,871,961 1,884,576 3,019,984 4,904,560 1,867,594 215,621 42.5 237,131 Mar. 26.. 1,934,755 2,057,155 27,711 1,867,125 1,772,904 3,048,039 4,820,943 1,839,731 217,424 42.7 201,392 Apr. 30.. 1,936,720 2,070,765 37,592 1,859,844 1,812,732 3,074,555 4,887,287 1,864,278 206,487 42.4 177,881 May 28.. 1,953,103 | 2,092,496 36,433 1,852,916 1,794,440 3,107,021 4,901,461 1,870,862 221,634 42.7 179,185 June 25.. 1,969,375 2,108,605 14,189 1,831,916 1,722,223 3,116,718 4,838,941 1,849,465 259,140 43.6 185,604 July 30.. 1,977,704 2,128,640 12,167 1,808,156 1,697,245 3,120,138 4,817,383 1,842,091 286,549 44.2 192,168 Aug. 27.. 1,971,825 2,127,827 43,510 1,818,502 1,717,867 3,203,637 4,921,504 1,882,708 245,119 43.2 200,793 Sept. 24.. 1,989,835 2,151,594 46,493 1,800,677 1,658,464 3,279,996 4,938,460 1,892,460 259,134 43.6 214,180 Oct. 29.. 2,003,320 2,168,038 18,754 1,805,661 1,674,553 3,351,303 5,025,856 1,926,615 241,423 43.1 214,961 Nov. 26.. 2,023,946 2,195,310 15,909 1,711,774 1,623,641 3,325,538 4,949,179 1,898,489 296,821 44.4 214,610 Dec. 30.. 2,059,333 2,249,163 27,639 1,748,979 1,604,190 3,344,686 4,948,876 1,899,341 349,822 45.4 216,960 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1921. Jan. 31.. 2,103,660 319,755 28,627 1,721,895 ;1,650,663 3,083,155 4,733,818 1,810,994 508,761 49.0 200,159 Feb. 28. 2,148,085 363,475 50,828 1,705,253 ;1,670,010 3,048,554 4,718,564 1,803,925 559,550 50.1 187,633 Mar. 31. 2,221,569 436,741 91,617 1,658,625 I 1,784,394 2,904,948 4,689,342 1,786,517 650,224 52.0 169,885 Apr. 30. 2,322,683 505,612 31,664 1,666,509 |1,732,214 2,844,011 4,576,225 1,743,879 761,733 54.8 154,944 May31.. 2,408,058 571,579 39,080 1,601,634 1,670,624 2,751,869 4,422,493 1,685,466 886,113 58.1 143,706 June 30. 2,467,659 627,494 43,446 1,603,845 1,675,217 2,648,086 4,323,303 1,645,560 981,934 60.8 132,568 July 31.. 2,543,039 697,032 32,680 1,625,123 1,683,048 2,549,626 4,232,674 1,608,917 1,088,115 63.7 125,046 Aug. 31., 2,641,061 787,920 46,809 1,618,901 1,690,754 2,481,466 4,172,220 1,584,348 1,203,572 66.8 109,864 Sept. 30 | 2,728,372 879,331 98,540 1,581,032 1,704,807 2,482,427 4,187,234 1,589,653 1,289,678 68.8 100,378 Oct. 31 2,791,272 934,960 43,086 1,658,627 1,732,898 2,421,426 4,154,324 1,575,085 1,359,875 70.6 85,515 Nov. 30 2,849,447 989,142 45,913 1,670,362 1,742,830 2,366,006 4,108,836 1,556,392 1,432,750 72.7 75,862 i—i O Dec. 31 ! 2,874,995 010,252 95,951 1,753,217 1,876,082 2,409,392 4,285,474 1,620,385 1,389,867 70.2 83,690 1922. Jan. 31... 2,908,958 3,062,705 82,810 1,677,837 j1,790,685 j2,179,052 3,969,737 1,498,361 1,564,344 77.2 82,811 Feb. 28.. 2,946,739 3,079,784 j 53,759 1,710,249 |1,799,401 j2,196,058 3,995,459 1, 508,214 1,571,570 77.1 SO, 717 Mar. 31.. 2,974,784 3,105,039 87,588 1,708,761 j1,834,811 j2,194,743 4,029,554 1,520,081 1,584,958 77.1 80,575 Apr. 29.. 2,996,425 3,128,306 51,981 1,754,844 1,849,442 |2,169,420 4,018,862 1,515,073 1,613,233 77.8 77,135 May 31.. 3,007,621 3,130,497 54,295 1,782,004 1,870,153 2,141,184 4,011,337 1,511,027 1,619,470 78.0 70,553 June 30.. 3,021,767 3,144,542 33,093 1,820,377 1,883,329 2,152,962 4,036,291 1,520,350 1,624,192 77.9 67,351 July 31.. 3,047,949 3,178,652 58,583 1,760,824 1,846,582 2,132,145 3,978,727 1,499,162 1,679,490 79.9 61,052 fcrj Aug. 31.. 3,061,049 3,195,558 48,446 1,803,622 1,874,688 2,155,515 4,030,203 1,518,347 1,677,211 79.3 53,636 Sept. 30.. 3,077,210 3,207,494 14,511 1,857,260 1,897,182 2,268,652 4,165,834 1,571,475 1,636,019 77.0 44,005 Oct. 31.. 3,079,966 3,217,882 34,355 1,812,570 1,875,436 2,301,777 4,177,213 1,577,113 1,640,769 77.0 34,961 Nov. 29.. 3,072,858 3,202,810 33,449 1,807,631 1,860,223 2,329,814 4,190,037 1,583,004 1,619,806 76.4 20,868 Dec. 30.. 3,047,393 3,176,872 10,756 1,933,888 1,973,532 2,395,789 4,369,321 1,649,052 1,527,820 72.7 2,770 > 1 Figures shown in this column represent net deposits up to and including Feb. 28,1921, and total deposits thereafter. NOTE.—Figures of cash reserves, Federal reserve note circulation, excess reserves, and reserve percentages for dates prior to June, 1917, have been calculated on a basis comparable with figures published subsequent to the passage of the June 21,1917, amendment to the Federal reserve act, which provides that gold with Federal reserve agents 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. 18.—RESOURCES AND LIABILITIES OP ALL FEDERAL RESERVE BANKS COMBINED, AS AT CLOSE OP BUSINESS OK THE LAST BUSINESS DAT OP EACH MONTH PROM DECEMBER, 1921, TO DECEMBER, 1922. [In thousands of dollars.] 1922 December, 1921. January. February. March. April. May. June. July. August. Se b p e te r. m- October. No b v e e r. m- De b c e e r m . - RESOURCES. Gold and gold certificates 374,728 385,538 380,556 325,369 327,680 324,740 317,048 316,773 291,521 268,424 266,193 303,219 271,785 Gold settlement fund—Federal Reserve Board 522,451 509,538 508,055 516,908 453,077 486,689 528,851 462,384 537,412 575,940 618,619 644,959 554,363 Total gold held by banks. 897,179 895,076 888,611 842,277 780,757 811,429 845,899 779,157 828,933 844,364 884.812 948,178 826,148 Gold with Federal reserve agents 1,872,670 1,928,649 1,985,417 2,049,576 2,158,014 2,140,891 2,125,276 2,226,038 2,194,262 2,179,241 2,130,367 2,048,084 2,166,879 Gold redemption fund 105,146 85,233 72,711 82,931 57,654 55,301 50,592 42,754 37,854 53,605 64,787 76,596 54,366 Total gold reserves 2,874,995 2,908,958 2,946,739 2,974,784 2,996,425 3,007,621 3,021,767 3,047,949 3,061,049 3,077,210 3,079,966 3,072,858 3,047,393 Legal-tender notes, silver, etc.. 135,257 153,747 133,045 130,255 131,881 122,876 122,775 130,703 134,509 130,284 137,916 129,952 129,479 Total reserves 3,010,252 3,062,705 3,079,784 3,105,039 3,128,306 3,130,497 3,144,542 3,178,652 3,195,558 3,207,494 3,217,882 3,202,810 3,176,872 i Bills discounted: Secured by United States Government obligations. 485,233 363,586 284,614 260,781 185,743 171,106 167,241 132,390 126,113 162,780 269,042 315,280 331,790 Other bills discounted 659,113 475,299 427,963 419,686 324,361 300,384 294,177 273,788 271,335 300,916 307,393 334,816 285,990 Bills bought in open market... 145,263 74,935 93,458 105,270 90,677 118,182 161,112 140, HI 180,176 244,375 258,165 259,226 272,122 Total bills on hand 1,289,609 913,820 806,035 785,737 600,781 589,672 622,530 546,289 577,624 708,071 834,600 909,322 889,902 United States bonds and notes. 50,036 90,499 156,958 209,258 258,329 244,648 221,066 198,888 201,290 256,128 193,473 162,336 209,264 United States certificates of indebtedness: One-year certificates (Pittman Act) 113,000 113,000 96,966 89,000 83,000 77,000 74,000 70,500 58,000 48,000 38,000 23,500 Other certificates 70,492 89,586 153,965 157,248 245,751 281,771 260,399 267,281 247,841 178,548 131,166 118,625 226,891 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Municipal warrants 379 ! 206 242; 102 | 21 i 15 241 24 | Total earning assets 1,523,516 ! 1,207,111 1,214,166 1,241,345 1,187,861 j 1,193,091 | 1,177,995 1,082,961 1,084,776 1,190,762 1,197,263 j 1,213,807 1,326,096 Bank premises 35,258 ; 36,353 37, 222 38,673 I 39,583 | 40,672 41,587 42,550 43,459 44,489 45,274 : 46,282 45,278 5 per cent redemption fund against Federal reserve bank notes 7,805 i 7,874 7,554 7,811 ! 7,598 7,580 7,329 7,151 6,585 3,917 3,635 j 3,130 2,096 TJncollected items 556,072 ! 446,793 486,639 439,504 j 455,081 454,938 492,184 430,299 513,452 546,243 615,553 599,826 687,698 All other resources 18,206 j 13,473 16,886 16,253 | 19,127 20,490 15,915 16,764 17,651 14,509 14,600 15,050 13,929 Total resources 5,151,109 j 4,774,309 4,842,251 4,848,625 ! 4,837,556 4,847,268 4,879,552 4,758,377 4, 861,481 5,007,414 5,094,207 j 5,080,905 5,251,969 LIABILITIES. Capital paid in 103,165 I 103,158 103,731 103,993 I 104,301 104,729 105,154 105,231 106,085 | 106,193 106,282 107,207 107,271 Surplus 215,523 I 215,398 215,398 215,398 215,398 215,398 215,398 215,398 215,398 ! 215,398 215,398 215,398 218,369 Reserved for Government franchise tax 1,206 1,109 1,722 | 2,268 2,236 Deposits: Government 95,951 ; 82,810 53,759 87,588 j 51,981 54,295 33,093 58,583 48,446 i 14,511 34,355 33,449 10,756 Member bank—reserve account 1,753,217 1,677,837 1,710,249 1,708,761 j 1,754,844 1,782,004 1,820,377 I 1,760,824 1,803,622 | 1,857,260 1,812,570 | 1,807,631 1,933,888 Other deposits 26,914 30,038 35,393 38,462 I 42,617 33,854 29,859 | 27,175 22,620 j 25,411 28,511 ; 19,143 28,888 Total deposits 1,876,082 | 1,790,685 1,799,401 1,834,811 1,849,442 1,870,153 I 1,883,329 | 1,846,582 1,874,688 ! 1,897,182 1,875,436 1,860,223 1,973,532 Federal reserve notes in actual circulation 2,409,392 | 2,179,052 2,196,058 2,194,743 2,169,420 2,141,184 j 2,152,962 j 2,132,145 2,155,515 2,268,652 2,301,777 2,329,814 2,395,789 Federal reserve bank notes in circulation—net liability 83,690 | 82,811 80,717 80,575 77,135 70,553 67,351 61,052 53,636 44,005 34,961 20,868 2,770 Deferred availability items 447,614 i 386,653 429,673 399,771 401,527 423,217 435,406 I 376,961 434,295 | 452,666 535,212 520,497 544,797 All other liabilities 15,643 ! 15,346 16,164 17,612 18,065 19,798 19,952 I 21,008 21,864 23,318 25,141 26,898 9,441 Total liabilities 5,151,109 | 4,774,3 4,842,251 4,848,625 4,837,556 4,847,268 4,879,552 4,758,377 4,861,481 5,007,414 5,094,207 5,080,905 5,251,969 Ratio of total reserves to deposit and Federal reserve note liabilities combined (per cent) 70.2 I 77.2 i 77.1 77.8 78.0 ! 77.9 i 79.9 79.3 77.0 ! 77.0 76.4 ! 72.7 co Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 13.—RESOURCES AND LIABILITIES OF ALL FEDERAL RESERVE BANKS COMBINED, BY WEEKS, DURING 1922. [In thousands of dollars.] Cash reserves. Earning assets. Gold. Bills discounted. U. S. securities. Date. G t g i o f o i l l c d d a c t a e e n s r d - . B f s u F m G e o . n t o e d a t R l l n r — d e d t . - . Go a F l g . d e R n w t . i . th re f G d t u i e o n o m n d ld . p- Total. t s n e i e o l n t v c t d e . e e s r , r , Total. b S G o t y m e i b o c o l v U e u i n e g n r . s r a e t S . n - d . - ot A h l e l r. Total. m i b n o B a o u r i k l p g l e e s h n t t . B n a o o n t n e d d s s . O Pi n A t i e C t n m c y e d t r e . a e t a n i b f r t ic e a d t n e o e s t A h s o l s e l f . r. M r w a u n a n t r i s - c . - j To t a i 1922. Jan. 4 377,675 507,836 1,902,912 86,875 2,875,298 134,504 | 3,009,802 477,456 635,111 1,112,567 126,865 | 49,271 113,000 j 68,839 | 379 1,470,921 11 382,138 502,010 1,910,561 100, 880 2,895,589 145,705 ! 3,041,294 427,476 560,018 987,494 86,754 | 52,150 | 113,000 j 54,040 I 385 1,293,823 18 j 382,460 469,367 1,948,657 98,208 2,898,692 152,811 ! 3,051,503 388,672 525,150 | 913,822 94,944 I 60,128 113,000 53,847 | 216 1,235,957 25 ! 383,541 483,222 1,939,792 97,693 2,904,248 154,607 | 3,058,855 357,921 492,252 j 850,173 82,709 ! 65,761 113,000 71,278 | 206 1,183,127 Feb. 1. 385,044 509,193 1,928,419 88,872 2,911,528 149,990 3,061,518 361,092 476,726 837,818 90,027 ! 90,709 113,000 101,702 206 1,233,462 382,418 514,110 1,942,725 82,099 2,921,352 141,277 3,062,629 361,906 | 461,553 823,459 94,255 j 109,919 j 98,466 133,, 723 193 1,260,015 15. 382,260 531,354 1,940,665 81,775 | 2,936,054 139,886 3,075,940 327,641 | 457,979 785,620 78,287 ! 125,633 \ 98,466 160,499 193 1,248,698 21 381,673 520,681 1,977,602 66,847 f 2,946,803 134,006 3,080,809 281,994 439,289 721,283 82,564 ! 124,299 | 96,966 133, 743 191 1,159,046 Mar. 1. 380,406 521,273 1,982,061 67,694 2,951,434 129,359 3,080,793 285,376 422,175 707,551 95,730 I 163,322 j 95,466 154,250 102 1,216,421 8. 380,823 491,294 2,030,161 63,595 2,965,873 128,087 3,093,960 238,497 392,544 631,041 101,931 188,773 j 93,966 161,102 102 1,176,915 15. 321,283 484,180 2,090,124 80,435 I 2,976,022 125,375 3,101,397 \229,068 362,662 591,730 87,311 215,093 j 92,000 291, 274 102 1,277,510 22. 321,499 514,262 2,061,361 79,581 2,976,703 127,907 3,104,610 |227,138 388,769 615,907 87,045 | 208,968 90,500 143,696 102 1,146,218 29.. 322,429 ! 497,322 2,065,992 89,612 2,975,355 128,024 !3,103,379 I242,797 393,155 I635,952 102,691 I 200,325 ! 89,000 151, 535 102 1,179,605 Apr. 5.... | 325,955 | 519,332 2,046,479 91,435 | 2,983,201 126,400 i 3,109,601 j 240,205 j 384,689 | 624,894 ' 98,379 227,064 | 87,500 148,196 102 1,186,135 12 326,345 509,369 2,091,844 58,180 j 2,985,738 126,285 i 3,112,023 \ 210,656 | 362,884 ! 573,540 j 93,611 261,585 ! 87,500 163,876 102 1,180,214 19 326,625 509,619 2,094,362 60,317 | 2,990,923 128,742 j 3,119,665 j 201,257 | 351,526 \ 552,783 j 87,327 254,079 ! 86,000 192,057 102 1,172,348 26 326,638 453,974 2,154,510 60,080 | 2,995,202 129,637 \ 3,124,839 j 178,991 ! 321,106 ] 500,097 j 82,518 250,185 | 84,500 232,448 102 1,149,850 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

May 3 j 326,381 ! 441,261 2,169,736 57,398 | 2,994,776 124,041 3,118,817 190,474 ! 318,902 509,376 107,278 265,483 ; 83,000 260,736 [ 1,225,873 10 i 327,387 | 444,752 2,172,052 61,103 | 3,005,294 124,523 j3,129,817 166,322 I 308,264 474,586 105,517 261,042 I 81,500 274,963 1,197,608 17 ! 325,816 473,506 2,140,192 65,629 | 3,005,143 125,982 3,131,125 169, ?14 i 298,982 468,696 97,123 241,115 I 80,000 273,860 | 1,160,794 24 ..; 326,412 I482,937 2,141,120 57,220 3,007,689 127,564 3,135,253 181,071 306,169 487,240 105,364 240,990 78,500 276,721 | 1,188,815 31 1 324,740 I486,689 2,140,891 55,301 3,007,621 122,876 3,130,497 171,106 300,384 471,490 118.182 244,648 77,000 281,771 I 1,193,091 June 7. 323,745 :502,204 2,128,242 55,881 3,010,072 123,994 3,134,066 148,949 271,305 420,254 136.183 243,775 | 77,000 297,101 | 1,174,313 14. 316,435 ;504,707 2,142,118 44,534 3,007,794 128,684 j3,136,478 | 140,639 272,978 413,617 123,975 238,308 | 75,500 315,875 | 1,167,275 21. 318,614 ; 531,290 2,121,680 48,376 3,019,960 127,715 j3,147,675 140,713 280,855 421,568 121,467 227,374 ! 74,000 254,160 j 1,098,569 28. 316,937 I 532,351 2,123,373 48,207 3,020,868 127,498 j3,148,366 189,909 I 279,192 469,101 154,060 224,638 I 74,000 257,969 | 1,179,768 July 5 317,040 | 518,679 2,123,816 61,142 3,020,677 113,252 '3,133,929 i 185,390 313,482 498,872 |155,065 216,237 i 74,000 260,271 1,204,445 12 ! 317/832 j 514,590 2,161,560 41,851 3,035,833 121,207 3.157.040 157,555 272,387 429,942 157,675 208,424 74,000 274,349 1,144,394 19 317,980 490,620 2,195,062 41,673 3,045,335 123,987 3,169,322 | 176,263 267,205 443,468 148,970 201,901 74,000 I 265,948 1.134,296 26. 317,459 498,309 2,197,645 41,118 3,054,531 | 126,967 3,181,498 115,238 264,743 379,981 156,138 201,624 72,000 267,175 1,076,927 Aug. 2 i 316,231 489,619 2,223,384 42,190 3,071,424 131,260 3,202,684 I 130,293 269,506 | 399,799 150,497 198,751 70,500 228,098 1,047,648 9 | 314,391 481,333 2,233,430 42,489 3,071,643 130,534 3,202,177 \ 117,777 264,384 i 382,161 146,803 199,746 69,000 222,965 1,020,679 16 | 306,286 474,662 2,238,893 46,593 3,066,434 131,424 3,197,858 | 125,440 257,045 I 382,485 149,600 202,973 67,500 218,144 1,020,711 23 | 300,470 520,933 2,197,316- 43,420 3,062,139 130,902 3.193.041 | 125,738 264,189 I 389,927 166,488 196,418 66,000 222,342 1,041,196 30 | 293,751 :534,420 2,197,658 37,585 3,063,414 132,474 3,195,888 | 133,651 270,717 j 404,368 171,706 193,750 63,000 241,220 1,074,065 Sept. 6 1 285,316 \ 530,125 2,206,468 38,914 3,060,823 125,864 3,186,687 I 130,447 274,636 405,083 188,365 207,514 56,500 244,178 1,101,661 13 | 281,408 526,340 2,219,162 40,324 3,067,234 130,204 3,197,438 | 123,960263,213 387,173 204,663 198,835 55,000 243,045 1,088,734 20 | 275,307 536,176 2,202,258 48,136 3,061,877 I 127,993 3,189,870 133,021 290,886 423,907 220,267 213,585 52,000 173,399 1,083,174 27 | 272,000 592,494 2,160,522 51,927 3,076,943 126,184 3,203,127 139,102 281,078 420,180 238,116 229,158 50,500 171,788 1,109;757 Oct. 4 ! 270,158 568,241 2,194,932 55,949 3,089,280 123,725 3,213,005 156,318 277,878 434,196 235,458 253,042 48,000 182,299 1,153,010 11 1 265,341 570,599 2,192,940 61,100 3,089,980 120,037 3,210,017 232,280 292,506 I 524,786 246,620 236,145 46,000 192,419 1,245,985 18 -..j 257,920 594,159 2,163,465 71,269 3,086,813 127,384 3,214,197 194,155 316,944 I 511,099 256,815 226,210 43,500 177,191 1,214,842 25 ! 277,629 615,876 2,124,432 67,156 3,085,093 126,835 3,211,928 195,510 273,889 469,399 257,691 206,060 41,000 161,576 1.135,753 Nov. 1 | 266,718 618,627 2,126,535 66,269 3,078,049 133,696 3,211,745 271,497 316,267 587,764 260,658 191,095 38,000 131,216 1,208,757 8 | 267,207 648,429 2,094,050 71,069 3,080,755 130,527 3,211,282 300,337 340,075 640,412 258,656 188,821 34,500 123,268 1,245,684 15 j 276,414 651,930 2,078,901 3,073,848 130,912 3,204,760 330,285 322,520 652,805 260,894 171,732 31,500 122,482 1,239,440 22 | 284,750 651,862 2,077,582 69,131 3,083,325 130,358 3,213,683 307,976 306,215 614,191 257,405 151,731 28,500 114,888 1,166,742 29 | 303,219 644,959 2,048,084 76,596 3,072,858 129,952 3,202,810 315,280 334,816 650,096 259,226 162,336 23,500 118,625 1,213,807 a Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 13.—RESOURCES AND LIABILITIES OF ALL FEDERAL RESERVE BANKS COMBINED, BY WEEKS, DURING 1922—Continued. OS [In thousands of dollars.] Cash reserves. Earning assets. Gold. Bills discounted. U.S. securities. Date. G t g i o f o i l l c d d a c t a e e n s r d - . f B s m u F G e o n . t e o d a t R l n l r — e d d t . - . Go a F l g d . e R w nt . i . th re f G d t u i e o o n m l n d d . p- Total. t s L n e i e o e l n v t t g d c e e a . e s r l r , , - Total. ! i I j G S b o t m e b y o i c o l v e i U u n g e n r s r a . e t n . S - d - . ot A h l e l r. Total. m i b n B o a o u r il k p g l e s e h n t t. B n a o o n t n e d d s s . ! ! ! O P n i A i C e t n t c e y m d r t e e . t a a i b n f r i t c e a d t n e o e s t A s h o s l e f l . r. M r X a u n n t i s c . - i j o hj 1922. Dec. 6 298,094 616,574 2,045,210 85,914 3,045,792 • 127,189 3,172,981 j 374,409 330,536 704,945 266,827 169,413 21,500 120,889 1,283,600 13 304,810 596, 851 2,103,069 | 56,493 3,061,223 123,665 3,184,888 | 344,793 314,965 659,758 262, 572 170,020 18,500 118,718 I 1,229,602 20 291,081 582,494 2,117,688 j 54,647 | 3,045,910 110,799 3,156,709 | 314,851 300,707 615,558 251,728 174,958 14,000 242,-282 I 1,298,552 27..... 273,825 509,580 2,198,846 58,188 3,040,439 108,398 | 3,148,837 ! 316,495 313,390 629, 885 246,293 179,192 12,000 266,691 ' 40 | 1,334,101 Five per | Deposits. Note circulation. Date. pr B em an i k ses. d a R g c e e a m f . u n i b n p n t a s t d r n i t e o k F - m . j | ! U i l t e e n c m c te o s d l . - r A es l o l u o r t c h e e s r , i j T a b s o n o il t u d i a t r l l i c i e r a e s e s . - - p C ai a d p i i ta n l . : Surplus. fo se r r G ve o d v -; G m o e v n e t< rn - ; \ s erveac ., , ot A h l e l r. Total. n F o . t R es . . ' ! no F b t . a e n R s k , . n e ! t ! ; a i f a t b e v D e r i a m r l e e i i - t l s d y - . A l l i i l t a i o b e t i s h l . - er notes. count. I ; liability, j 1922. W Jan. 4 35,305 7,926 638,462; 14,001 i 5,176,*417 103,203 215,523 416 68,307,1,731,374! 29,457)1,829,138 2,405,316! 83,880; 523,293 15,648 O 11 35,121 7,939 548,436 12,7091 4,939,322 103,204 215,398 853 15,289J1,735,563J 26,055Jl,776,907| 2,293,799! 83,977 449,455 15,729 18 35,822 7,871 554,362; 12,575 4,898,1 103,020 215,398 996 77,734J1,673,824J 33,337|l,784,895| 2,229,677; 84,878 463,826 15,400 25 36,199 7,870 481,760? 12,719 4,780,530 103,067; 215,398! 1,332 95,915!l,652,310; 30,57811,778,803] 2,184,001! 84,876^ 397,763 15,290 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

36,407 7,855 498,220 14,460 4,851,922 103,200 215,398 l,250| 114,7441L, 689,422! 36,3041[, 840,470 2,178,053 83,888 414,475 15,188 8 36,496 8,029 450,841j 14,769 4,832,779 103,233 215,398 1,548 112,71711,,714,668 31,1111858,496 2,166,179 83,507 388,650 15,768 15 36,908 7,930 554,486 15,583 4,939,545 103,325 215,398 1,504 79,3161[;,744,430 33,7281,,857,474 2,169,953 82,988 493,064 15,839 21 37,032 9,339 488,0501 14,711 4,788,987 103,685 215,398 1,317 63,9101i, 677, Oil 31,26011,,772,181 2,173,514 81,165 425,437 16,290 Mar 1 .. 37,232 8,362 505,782 15,582 4,864,172 103,736 215,398 1,: 60,77011,725,069 32,6071L,, 818,446 2,196,983 80,095 432,241 15,924 8 37,394 8,173 486,190 16,216 4,818,848 103,802 215,398 1,530 24,20711.,719,910 35,9381,780,055 2,197,434 79,633 424,418 16,578 15 38,005 8,005 607,795 15,310 5,048,022 103,948 215,398 1,570 16,78911,845,493 51,1811:, 913,463 2,188,593 78,029 529,912 17,109 22 38,237 7,806 521,650 15,306 4,833,827 103,961 215,398 1,829 66,3591,667,842 40,38211,774,583 2,183,374 78,863 458,377 17,442 29 . 38,339 7,757 470,449 16,322 4,815,851 103,993 215,398 V 56,0311,708,782 40,3231L, 805,136 2,181,843 80,353 409,333 17,813 Apr. 5 38,820 7,742 507,586 16,260 4,866,144 104,005 215,398 2,075 35i,, 542 1,729,603 39,299 1,804,444 2,198,072 81,082 443,313 17,755 12.. . 38,928 7,811 546,351 16,959 4,902,286 104,109 215,398 2,213 38,6341,726,016 38,3811.,803,031 2,200,305 82,065 477,258 17,907 19 39,446 7,727 596,126 1*1,6084,952,920 104,221 215,398 2,147 37r,,8331,760,942 54,0851,852,860 2,181,090 80,304 498,921 17,979 26 39,568 7,601 519,627 18,587 4,860,072 104,311 215,398 2,308 45i,, 194 1,,748,755 39,2811,833,230 2,157,568 79,497 449,347 18,413 May 3 39,809 7,604 516,586 19,978 4,928,667 104,531 215,398 1,839 72,4221,774,802 45,1081, 892,332 2,173,436 77,411 444,775 18,945 10, 39,903 7,602 499,923 19,961 4,894,814 104,608 215,398 2,071 44,3661,806,464 38,3821., 889,212 2,159,186 74,214 430,601 19,524 17 40,326 7,678 587,772 20,035 4,947,730 104,656 215,398 2,124 39,2781,810,810 35,95711,,886,045 2,146,656 72,474 501,283 19,094 24 40,650 7,605 501,733 20,303 4,894,359 104,695 215,398 2,290 60,4061, 822,742 34,0281L,917,176 2,128,230 71,702 435,114 19,754 31 40,672 7,580 454,938 20,490 4,847,268 104,729 215,398 2,236 54,2951,782,004 338541,870,153 2,141,184 70,553 423,217 19,798 June 7 40,994 7,518 525,893 20,684 4,903,468 104,859 215,398 2,207 39,5741,823,961 33,4551,896,990 2,141,531 71,812 450,497 20,174 14 41,074 7,639 624,732 20,829 4,998,027 104,879 215,398 2,231 73,2731L,, 821,450 34,313 1.., 929,036 2,122,610 68,000 535,464 20,409 21 41,368 7,565 580,959 15,672 4,891,808 105,079 215,398 2,231 10,3831,812,010 32!,, 006 1., 854,399 2,126,304 67,689 500,049 20,659 28 41,568 7,587 511,571 15,988 4,904,848 105,078 215,398 2,281 43,7801,865,199 301,,2971,939,276 2,124,422 67,259 430,314 20,820 July 5 41,642 7,496 514,725 16,206 4,918,443 105,217 215,398 36,677 1:,818,996 29i,, 029 1,884,702 2,194,323 68,146 430,161 20,496 12 41,985 7,551 611,733 16,069 4,978,772 105,224 215,398 20,8371.,875,229 28,8711,924,937 2,158,122 67,380 486,360 21,351 19 42,417 7,496 592,345 16,186 4,962,062 105,239 215,398 49,3761,864,145 29,0101,942,531 2,132,848 66,053 479,274 20,719 26 42,494 7,527 537,883 16,805 4,863,134 105,198 215,398 46,4551L, 815,278 26,3811,8885,,114 2,126,809 63,622 442,713 21,280 1 Not calculated weekly after June 30. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 13.—RESOURCES AND LIABILITIES OF ALL FEDERAL RESERVE BANKS COMBINED, BY WEEKS, DURING 1922—Continued. 00 [In thousands of dollars.] Date. pr B em an i k ses. d a F R g c e n i a e m . f v o u i n e n b p t t n e s a t d p r t s i n e o . e k F - r n . U i l t e e n c m c te o s d l . - r A es l o l u o r t c h e e s r . T a b s o o n il t u d i a r t l l l c e i r e a s s e - . - p C ai a d p i i t n al .i Surplus. f e f r o s m a t e r n a R i r c G n x v e h e * . e o 1 i n d v s t e - I 1 G m o e v n er t n . - s b M e c a r e o n v m k u e D n b a r t e e c e . r p - - ; j o ! j si o t t s A h . l e l r. Total. N n F o . o t t e R e s . c . irc n u li o l a a F b t b t . e a i i s o n l R , i k n n t . . y e . t a i f D a t b e v e e r i a m - r l e i i t l s d y - . A l l i i l t a i o b e t i s h l . - er 1922. Aug. 2.. 42,569I 542,7111 16,750 4,859,131 105/589! 215,398 16,9261,837,840 30,257 1L, 885,0232,140,1211 62,046 429,712 21,242 9.. 42,804j 6,679 522,392 16,449 4 ; 811,180 105^ 730; 27,8801,783,539j 24,38411,835,803 2,147,223| 60,547 424,691 21,788 16.. 43,296; 6,640 593,930 16,651 4,879,086 105,9831 215,398! 32,935Jl,790,260| 23,7701.L, 846,9652,142,288j 58,130 488,613 21,709 23.. 43,3441 6,572 529,863 17,410 4,831,426 106,0411 215,398 43,9721,785,469! 22,3901.1,851,851 2,146,674 56,953 432,286 22,223 30.. 43,456| 6,567 510,807 17,841 4,848,624 106,086J 215,398 51,5531,807,008| 23,12511,881,686 2,153,181) 53,960 415,762 22,551 Sept. 6.. 43,636| 4,698 576,078 18,193 4,930,953 106,085 215,398 37,7301,796,0811 22,9861,856,797 2,211,889! 52,793 465,764 22,227 13.. 43,8t>8| 4,742 661,605 18,520 5,014,847 106,070 215,398 39,3031,811,228] 21,572 1,872,103 2,213,615] 50,222 534,674 22,765 20.. 44,392| 4,483 669,563 14,194J 5,005,676 106,177 215,398 57,0191,774,997J 21,7731,853,789 2,218,764| 46,834 541,633 23,081 27.. 44,473| 3,917 593,911 15,076J 4,970,261 106,172 215,398 19,9451,797,975 22,213 1,840,133 2,243,384i 46,065 495,471 23,638 i Oct. 4.. 44,522 3,852 631,701: 14.604 5,060,694J 106,220i 215,398J 14,9011,842,508J 20,288 1,877,697 2,274,6511 44,726 518,334J 23,668 11.. 44,605 3,764 649,385J 15,114 5,168,870 106,271 215,398!. 12,4571,890,841i 18,9271,922,225 2,320,115j 42,715 537,899| 24,247 18.. 45,099 3,750 798,4391 14,787 5,291,114j 106,327 215,388. 12,5451,921,2771 22,285il,956,107 2,315,4371 40,613 632,430J 24,802 25.. 45,241 3,750 653,483 14,940 5,065,095 106,277 215,3981. 23,6591,799,931j 18,180jl,841,770 2,298,5361 37,995 539,7731 25,346 Nov. 1.. 45,295 3,635 657,3791 15,358 5,142,169 106,292 215,3981. 36,0471,847,6931 30,508|l,914,248 2,309,265J 35,573 536,1401 25,253 8.. 45,420 3,635 583,8371 15,611 5,105,459 106,355 215,398j. 26,402 1,812,051j 24,23511,862,688 2,340,074 j 32,441 522,564 25,939 15.. 45,650 3,535 821,132; 15,070 5,329,587 106,448 215,398 . 57,2521,859,652! 22,60611,939,510 2,321,219 j 29,327 691,406j 26,279 22.. 46,204 3,410 684,519; 14.605 5,129,163 106,495 215,398 j. 40,198 1,829,069J 20,7211,889,988 2,299,3911 26,220 564,796J 26,875 29., 46,282 3,130 599,826| 15,050 5,080,905 107,207 215,398|. 33,4491,807,631; 19,143 1,860,223 2,329,814! 20,868 520,497 26,898 Dec. 6.. 46,394 2,780 660,1191 15,379 5,181,253 107,265 215,398J. 46,9761,843,60l| 19,527 I:, 910,104 2,361,222J 19,259 540,233 27,772 13. 46,455 2, 709,289J 15,729| 5,188,643 107,244 215,398|. 23,1361,817,7441 20,2301., 861,110 2,379,1851 16,497 580,883 28,326 20. 47,181 2,625 759,392J 14,840] 5,279,299 107,261 215,398!. 6,7151,840,205! 35,0391,881,959 2,456,7111 12,499 576,997| 28,474 27. 47,227 2,520 757,5Ooi 15,2261 5,305,411 107,256 215,3981. 7,8091,861,281! 31,1651,900,255 2,464,121 10,632 578,502 29,247 Not calculated weekly alter June 30. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONDITION OF FEDEBAL KESEKYE BANKS. 69 ALL FEDERAL RESERVE BANKS MILLIONS OF DOLLARS MILLIONS OF DOLLARS UNITED STATES SECURITIES PURCHASED BILLS 500 3500 DISCOUNTED BILLS 3000 2500 2000 1500 1000 TOTAL EARNING ASSETS 3500 1920 1321 1922 28971—23 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

70 REPORT OF THE FEDERAL RESERVE BOARD. ALL FEDERAL RESERVE BANKS PER CENT too 1 -> RESERVE RATIO — 1 u x 60 60 ^ J — i \ O MILLIONS OF DOLLARS MILLIONS OF DOLLARS The deposit curve is based on 'net deposits' prior to March 18, 192 f, and on "total deposits" beginning with that date. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 14,—DEPOSITS, FEDERAL RESERVE NOTE CIRCULATION, REQUIRED RESERVES, EXCESS RESERVES, AND RESERVE PERCENTAGES, BY WEEKS, DURING 1922. [In thousands of dollars.] Liability on— j Reserves required- Ratio of Gold in total cash Total cash excess of reserves to Date. Deposits. ' n o F t . e s R i . n a D nd ep n o o si t t e s s j j de A po g s a i i t n s s ( t 35 F. A R g . ai n n o s t t es Total. re h s e e l r d v . es (f r r r e e e q e se u g r i v r o e e l d s d). d F l e i . a p R b o i s . l n i i t t o i a e t n s e d O O ^ circulation. combined, j per cent). (40 per cent), combined. U O 1922. Per cent. & Jan. 4 1,829,138 2,405,316 4,234,454 j 640,199 962,126 1,602,325 3,009,802 1,407,477 71.1 11 1,776,907 2,293,799 4,070,706 \ 621,918 917,522 1,539,440 3,041,294 1,501,854 74.7 § 18 1,784,895 2,229,677 4,014,572 ; 624,714 891,870 1,516,584 3,051,503 1,534,919 76.0 w 25 1,778,803 2,184,001 3,962,804 622,578 873,600 | 1,496,178 3,058,855 1,562,677 77.2 ft Feb. 1 1,840,470 2,178,053 4,018,523 644,165 871,221 1,515,386 3,061,518 1, 546,132 76.2 ^ 8 1,858,496 2,166,179 4,024,675 1 650,474 866,472 i 1,516,946 3,062,629 1,545,683 76.1 tt 15 1,857,474 2,169,953 4,027,427 j 650,116 867,981 j 1,518,097 3,075,940 1,557,843 76.4 21 1,772,181 2,173,514 3,945,695 620,263 869,406 | 1,489,669 3,080,809 1,591,140 78.! g Mar. 1 1,818,446 2,196,983 4,015,429 ! 636,455 878,793 | 1,515,248 3,080,793 1,565,545 76.7 U 8 1,780,055 2,197,434 3,977,489 : 623,020 878,974 j 1,501,994 3,093,960 1,591,966 77.8 < 15 1,913,463 2,188,593 4,102,056 669,713 875,438 1 1,545,151 3,101,397 1,556,246 75.6 22 1,774,583 2,183,374 3,957,957 621,104 873,350 j 1,494,454 3,104,610 1,610,156 7787.4' 8 •g> 29 1,805,136 2,181,843 3,986,979 1 631,797 872,738 ! 1,504,535 3,103,379 1,598,844 Apr. 5 1,804,444 2,198,072 4,002,516 631,555 879,229 1,510,784 3,109,601 1,598,817 77.7 F° 12 1,803,031 2,200,305 4,003,336 631,062 880,121 ! 1,511,183 3,112,023 1,600,840 77.7 19 1,852,860 2,181,090 4,033,950 ; 648,502 872,436 ! 1,520,938 3,119,665 1,598,727 , 77.3 26 1,833,230 2,157,568 3,990,798 641,632 863,029 1,504,661 3,124,839 1,620,178 78.3 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 14.—DEPOSITS, FEDERAL BESERVE NOTE CIRCULATION, REQUIRED RESERVES, EXCESS RESERVES, AND RESERVE PERCENTAGES, BY WEEKS, to DURING 1922—Continued. [In thousands of dollars.] Liability on— Reserves required— Ratio of Gold in total cash Total cash excess of reserves to Date. F. R. Deposits Against Against reserves required deposit anc eposits. ci n rc o u te la s t i i n on. c a o n m d b n i o n t e e d s . d p e e p r o s c i e ts n ( t) 3 . 5 (4 F 0 . R pe . r n c o e t n e t s ). Total. held. (f r r e e s e e g rv o e l s d). c F l o . i a m b R b i . l i i n n t o i e e t d s e . Per cent. May 3 1,892,332 2,173,436 4,065,768 662,318 869,374 1,531,692 3,118,817 1,587,125 76.7 10 1,889,2,12 2,159,186 4,048,398 661,225 863,675 1,524,900 3,129,817 1,604,917 77.3 17 1,886,045 2,146,656 4,032,701 660,115 858,663 1,518,778 3,131,125 1,612,347 77.6 24 1,917,176 2,128,230 4,045,406 671,012 • 851,294 1,522,306 3,135,253 1,612,947 77.5 31 1,870,153 2,141,184 4,011,337 654,554 856,473 1,511,027 3,130,497 1,619,470 78.0 June 7. 1,896,990 2,141,531 4,038,521 663,946 856,614 1,520,560 3,134,066 1,613,506 77.6 14 1,929,036 2,122,610 < 4,051,646 675,165 849,044 1,524,209 3,136,478 I,6i2,269 77.4 21. 1,854,399 2,126,304 3,980,703 649,041 850,524 1,499,565 3,147,675 1,648,110 79.1 28. 1,939,276 2,124,422 4,063,698 678,748 849,770 1,528,518 3,148,366 1,619,848 77.5 July 5. 1,884,702 2,194,323 4,079,025 * 659,646 877,729 1,537,375 3,133,929 1,596,554 76.8 12. 1,924,937 2,158,122 4,083,059 673,729 863,250 1,536,979 3,157,040 1,620,061 77.3 19. 1,942,531 2,132,848 4,075,379 679,887 853,138 1,533,025 3,169,322 1,636,297 77.8 26. 1,888,114 2,126,809 4,014,923 660,841 850,723 1,511,564 3,181,498 1,669,934 79.2 Aug. 2. 1,885,023 2,140,121 4,025,144 659,758 856,049 1,515,807 3,202,684 1,686,877 79.6 9. 1,835,803 2,147,223 3,983,026 642,532 858,889 1,501,421 3,202,177 1,700,756 80.4 16. 1,846,965 2,142,288 3,989,253 646,439 856,915 1,503,354 3,197,858 1,694,504 80.2 23. 1,851,851 2,146,674 3,998,525 648,148 858,669 1,506,817 3,193,041 1,686,224 79.9 30. 1,881,686 2,153,181 4,034,867 658,590 861,272 1,519,862 3,195,888 1,676,026 79.2 Sept. 6. 1,856,797 2,211,889 4,068,686 ! 649,877 884,754 1,534,631 3,186,687 1,652,056 78.3 13. 1,872,103 2,213,615 ! 4,085,718 655,236 885,447 1,540,683 ! 3,197,438 1,656,755 78.3 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

20. 1,853,789 2,218,764 4,072,553 887,505 1,536,330 j 3,189,870 1,653,540 7S.3 27. 1,840,133 2,243,384 4,083,517 644,046 897,352 1,541,398 | 3,203,127 1,661,729 78.4 ! Oct. 4. 1,877,697 2,274,651 4,152,348 657,195 909,861 1,567,056 ! 3,213,005 1,645,949 77.4 11. 1,922,225 2,320,115 4,242,340 672,781 928,046 1,600,827 | 3,210,017 1,609,190 75.7 18. 1,956,107 2,315,437 4,271,544 684,638 926,175 1,610,813 3,214,197 1,603,384 75.2 25. 1,841,770 2,298,536 4,140,306 644,620 919,413 1,564,033 3,211,928 1,647,895 77.6 Nov. 1.. 1,914,248 2,309,265 4,223,513 669,987 923,707 1,593,694 3,211,745 1,618,051 76.0 O 8., 1,862,688 2,340,074 4,202,762 j 651,942 936,028 1,587,970 3,211,282 1,623,312 76.4 O 15. 1,939,510 2,321,219 4,260,729 678,829 928,488 1,607,317 3,204,760 1,597,443 75.2 2 22.. 1,889,988 2,299,391 4,189,379 | 661,496 919,758 1,581,254 3,213,683 1,632,429 76.7 H i—i 29. 1,860,223 2,329,814 4,190,037 | 651,076 931,926 1,583,004 3,202,810 1,619, 806 76.4 O Dec. 6., 1,910,104 2,361,222 4,271,326 668,536 944,488 j 1,613,024 3,172,981 1,559,957 74.3 o 13., 1,861,110 2,379,185 4,240,295 651,388 951,675 j 1,603,063 3,184,888 1,581,825 75.1 20., 1,881,959 2,456,711 4,338,670 658,684 982,686 | 1,641,370 3,156,709 1,515,339 72.8 27.. 1,900,255 2,464,121 4,364,376 665,090 985,647 i 1,650,737 3,148,837 1,498,100 72.1 > CO Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

74 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. RESERVE RATIO OF FEDERAL RESERVE BANKS 1921 -~ 1822 ( END OF MONTH FIGURES ) - ACTUAL ADJUSTED C P E E N R T L BOSTON _ PHILADELPHIA C P E E N R T 80 80 1~- 70 70 60 60 50 50 40 40 30 30 20 20 10 10 0 0 1 9 0 0 0 CLEVELAN RlCHfMOND ——ATLZ.NTA 4- 1 9 0 0 0 6 7 0 0 J "*— | 7 8 0 0 60 5O J 60 50 3 2 0 0 - \ 1 4 3 0 0 10 1 20 0 ., 1. . .. i., 10 O 100 90 — CHICAGO | ST LOUIS MINNEAPOLIS ! 100 80 / I 1 90 70 "V 80 j H+ 70 6 5 0 0 — —- / 60 40 V i I— 50 30 I r r 40 20 J_|_ 30 to i i i 20 r . .i.. i. 10 O 0 too 100 90 KANSAS £TY DALLAS SAN 1"RANCISCO 90 60 80 6 7 5 0 0 0 \ J V -> J / 7 6 S 0 0 O 40 / / 40 2 3 0 0 /•> I // / 3 2 0 0 to y 10 O - 1921 1922 1921 1922 1921 1922 Adjusted percentages ore calculated after increasing or reducing reserves held - by the amount of accommodation extended to or received from other Federal Reserve Bonks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No, 15.—CASH RESERVES, TOTAL EARNING ASSETS, DEPOSITS, FEDERAL RESERVE NOTE CIRCULATION, AND RESERVE PERCENTAGES, BY MONTHS, DURING 1922, 1921, 1920, AND 1919. [Average dailyf igures.A mounts in millions of dollars.] 1 2 3 4 5 Month. Cash reserves. Total earning assets. Deposits.1 Federal c r ir e c s u er la v t e i o n n o . tes in Reserv '1 e - H pe 3 r + ce 4 n ) t . a ges a O 25 1922 1921 1920 1919 1922 1921 1920 1919 1922 1921 1920 1919 1922 1921 1920 1919 1922 1921 1920 1919 g — G January... 3,044 2,287 2,098 2,164 1,304 3,034 3,044 2,214 1,801 1,634 1,790 1,618 2,272 3,178 2,888 2,541 74.7 47.5 44.9 52.0 § February.. 3,070 2,344 2,053 2,184 1,215 2,869 3,154 2,226 1,814 1,660 1,797 1,693 2,177 3,069 2,947 2,463 76.9 49.6 43.3 52.5 March 3,096 2,403 2,058 2,202 1,191 2,736 3,212 2,318 1,795 1,809 1,783 1,768 2,195 2,979 3,040 2,503 77.6 50 2 42.7 51.6 § April 3,115 2,485 2,084 2,225 1,190 2,527 3,192 2,342 1,823 1,750 1,770 1,734 2,190 2,871 3,072 2,548 77.6 53.8 43.0 52.0 ^ M&y 3,127 2,542 2,079 2,246 1,189 2,354 3,256 2,392 1,877 1,717 1,811 1,804 2,153 2,787 3,090 2,534 77.6 56.4 42.4 51.8 fel 3,136 2,606 2,103 2,248 1,167 2,175 3,210 2,324 1,893 1,723 1,748 1,770 2,138 2,683 3,114 2,501 77.8 59.1 43.3 52.6 || July 3,158 2,655 2,119 2,177 1,128 2,013 3,201 2,479 1,882 1,696 1,706 1,795 2,157 2,605 3,143 2,524 78.2 61.7 43.7 50.4 jg August... 3,196 2,740 2,127 2,146 1,053 1,842 3,234 2,443 1,860 1,691 1,699 1,748 2,151 2,512 3,165 2,544 79.7 65.2 43.7 50.0 b September. 3,192 2,836 2,139 2,158 1,113 1,740 3,329 2,472 1,866 1,716 1,665 1,658 2,225 2,494 3,276 2,627 78.0 67.4 43.3 50.4 £j October... 3,212 2,906 2,162 2,207 1,185 1,641 3,390 2,709 1,876 1,728 1,681 1,810 2,309 2,456 3,337 2,738 76.7 69.4 43.1 48.5 g November. 3,209 2,964 2,183 2,185 1,210 1,520 3,375 2,908 1,890 1,733 1,668 1,854 2,325 2,402 3,328 2,812 76.1 71.7 43.7 46.8 fe December. 3,166 2,995 2,222 2,150 1,304 1,517 3,314 3,034 1,891 1,755 1,622 1,744 2,416 2,416 3,343 2,955 73.5 71.8 44.7 45.7 < Year 3,144 2,649 2,119 2,191 1,187 2,160 3,243 2,487 1,856 1,745 1,728 1,750 2,226 2,702 3,146 2,609 | 77.0 59.6 43.5 50.3 bj > 1 Net deposits are shown up to and including February, 1921, and total deposits after that month. Cn Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 16.—AVERAGE DAILY HOLDINGS OF ALL CLASSES OF EARNING ASSETS, BY MONTHS, DURING 1922. [In thousands of dollars.] Fede b ra a l n r k e . serve January. ru Fe a b r - y. March. April. May. June. July. August. Se b pt e e r m . - October. No b v e e r. m- De b c e e r m . - { Y 19 e 22 a . r Y 19 e 21 a . r Y 192 e 0 a . r Boston 83,195 90,825 90,284 81,906 80,832 93,826 93,304 82,865 79,300 82,052 116,235 119,468 91,159 127,981 222,644 New York 270,458 278,498 279,984 267,326 282,770 278,126 292,519 239,948 278,252 315,538 288,861 324,026 283,116 606,949 1,075,841 Philadelphia 106,852 115,158 104,655 102,241 99,833 96,252 97,613 101,848 100,601 97,412 102,000 110,654 102,855 160,990 233,888 Cleveland 114,923 102,811 105,139 109,956 119,616 127,636 124,464 123,926 125,911 123,639 126,909 139,317 120,473 171,675 261,278 s Richmond 95,441 85,625 80,016 70,839 59,988 47,944 43,707 40,698 43,347 47,615 48,899 56,611 59,931 116,780 126,204 n Atlanta 99,867 72,982 56,937 51,356 43,429 39;277 39,156 38,879 42,419 46,890 53,550 47,853 52,448 129,800 137,942 Chicago 204,026 177,547 177,171 192,075 187,226 159,857 112,409 102,665 103,747 130,899 136,358 159,339 153,475 339,335 517,057 St. Louis 59,289 50,810 49,228 50,497 53,445 57,440 57,475 58,787 64,748 62,637 62,877 65,565 57,778 93,229 133,217 Minneapolis 49,584 43,836 39,667 39,233 41,514 40,106 38,497 37,452 39,434 37,380 33,847 34,165 39,561 78,708 88,756 Kansas City 76,202 67,486 70,600 74,862 67,752 65,046 65,011 63,126 64,261 65,848 70,296 72,113 68,558 103,185 133,065 Dallas 52,632 46,143 41,083 39,548 36,753 39,433 42,073 44,164 42,767 43,304 48,724 50,817 43,950 69,232 85,445 tei San Francisco 91,694 83,499 96,249 110,165 115,691 121,674 121,660 118,740 128,556 131,486 121,570 124,505 113,966 162,315 227,342 Total: 1922 1,304,163 1,215,220 1,191,013 1,190,004 1,188,849 1,166,617 1,127,888 1,053,098 1,113,343 1,184,700 1,210,126 1,304,433 1,187,270 1921 3,034,655 2,869,233 2,735,784 2,527,253 2,353,794 !, 175,1752,012,699 1,841,596 1,740,474 1,640,740 1,520,283 1,517,194 2,160,179 1920 3,043,952 3,153,994 3,211,936 3,191,945 3,255,859 3,209,650 3,200,973 3,233,862 3,329,481 3,390,089 3,375,395 3,313,502 3,242,679 W O Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 17.—AVERAGE DAILY HOLDINGS OP DISCOUNTED PAPER, BY MONTHS, DURING 1922. [In thousands of dollars.] Fede b ra a l n r k e . serve January. ru Fe a b r - y. March. April. May. June. Jmy- August. Se b p e te r. m- October. No b v e e r. m- De b c e e r m . - Y 19 e 22 a . r Y 19 e 21 a . r Y 19 e 20 a . r Boston 42,229 42,079 32,910 22,069 21,798 24,926 24,727 25,384 30,045 62,821 67,281 36,393 99,581 169,800 a New York 160,815 114,491 77,471 69,802 51,191 51,100 65,282 48,069 53,221 96,225 161,976 171,609 93,368 501,877 847,434 o % Philadelphia 75,907 75,207 65,060 55,090 49,504 46,229 41,905 38,222 40,139 42,687 53,514 56,264 53,181 124,879 190,122 o Cleveland 95,404 69,596 58,005 56,535 46,305 39,169 32,126 27,102 26,882 32,977 46,375 51,697 48,410 137,468 179,810 H Richmond 87,256 78,441 72,908 64,146 53,817 42,234 38,392 35,531 38,239 42,027 42,953 50,575 53,751 104,097 104, 111 M Atlanta 79,655 62,038 47,806 42,672 35,200 30,911 29,593 29,918 33,491 34,579 36,171 32,931 41,016 108,252 115,940 c Chicago 156,875 107,013 85,979 86,524 70,184 61,020 54,967 51,559 54,077 71,609 82,142 93,587 81,197 294,161 417,189 St. Louis 51,060 37,851 30,454 25,754 23,151 20,832 17,937 17,540 22,181 26,887 29,775 29,331 27,680 79,427 109,497 Minneapolis 45,078 38,572 30,759 26,783 26,989 26,170 25,868 26,959 26,363 24,152 21,342 21,480 28,357 71,794 76,082 Kansas City 61,269 46,512 35,129 32,450 25, 575 22,551 19,302 17,647 19,432 22,988 28,904 30,792 30,127 84,660 106,405 Dallas 48,073 41,599 36,023 34,540 31,698 31,918 32,883 35,419 33,778 23,067 16,879 14,642 31,655 61,238 71,271 San Francisco 65,350 59,018 59,801 49,425 45,943 44,857 45,046 43,549 43,425 37,200 40,973 43,373 48,112 136,871 142,718 Total: 1922 968,971 772,417 640,303 576,631 481,626 438,789 428,327 396,242 416,612 484,443 623,825 663,562 573,247 1921 2,536,105 J2,408,792 2,301,628 2,139,982 1,966,646 1,817,749 1,725,162 1,554,702 1,445,690 1,376,914 1,232,576 1,185,432 1,804,305 1920 2,142,788 12,298,917 2,386,537 2,440,376 2,537,551 2,461,022 2,519,044 2,605,113 2,677,052 2,782,055 2,776,457 2,730,360 2,530,379 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

78 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. AVERAGE DAILY HOLDINGS OF DISCOUNTED BILLS AND OF OTHER EARNING ASSETS BY FEDERAL RESERVE BANKS DURING 1921 AND 1922 MILLION 600 550 21 '22 Z1 '22 '21 '22 '21 '22 '21 '22 '21 '22 '21 '22 '21 '22 '21 '22 21 '22 '21 '22 '21 22 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 18.—HOLDINGS OF DISCOUNTED BILLS ON DECEMBER 30, 1922, DISTRIBUTED BY CLASSES. [In thousands of dollars.] Customers' Memb e e r r a b l n an o k te s s ' . collat- Bankers' <icceptances based on— Trad ba e s a e c d c e on pt — ances paper Federal reserve bank. (all T cl o a t s a s l es). o s U e b e c . r l u i n S g r m . a e t d e G io n b o n t v y s - . U S e e . r c n S u m r . e e G d n o b t v y - O s t e h c e u r r w ed is . e Co n m p . a m e p . e e r s r c . ial A p t g a u r p r i a c e u l r. l- Li p v a e- p s e to r. ck I e m x a p p n o o d r r t t s s . D a t o c r t m a i n o e s n s - s ti . c ex D ch o a ll n a g r e. I e m x a p p n o o d r r t t s s , i ! D a t o c r t m a io n e n s s - s ti . c o o obligations. g "- " ~ " Boston 61,584 781 22,894 36,778 951 38 142 a New York 184,289 338 167 898 15 186 477 99 19 272 o Philadelphia 49,610 268 38,604 10,135 489 114 Cleveland 38,541 782 19,125 31 15,778 639 607 1,579 Kichmond. .. 53,285 533 21,559 1,708 23,965 4,566 139 815 Atlanta 26,332 120 1,996 187 16,555 6,539 255 680 Chicago 73,871 302 24,573 120 21,975 26,499 402 St. Louis. 30,082 207 14,342 12,629 2,340 148 10 406 t Minneapolis 21,916 13 2,526 401 4,167 9,529 5,085 195 Kansas City 26,544 187 7,165 6,253 4,801 8,134 4 ft Dallas 14,422 12 698 290 4,734 3,619 5,030 39 San Francisco 37,304 75 6,792 7,298 17,461 3,061 2,219 101 120 177 ft Total 617,780 3,618 328,172 10,035 185,616 63,510 21,655 200 130 19 4,825 w Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 19.—HOLDINGS OF DISCOUNTED BILLS ON THE LAST DAY OF EACH MONTH DURING 1922, DISTRIBUTED BY CLASSES. 00 O [In thousands of dollars.] Customers' Memb e e r r a b l a n n o k te s s ' . collat- Bankers' acceptances based on— Tra b d a e s a e c d c e o p n t — ances Date. (all T c o la t s a s l es). o s U e b e . c l r p i u n S g a r m . a p e G t d e e i r o n o b n t v y s - . o U S b e e . l r c i n S g u m . a r e G t e i d o n o n t v b s - y . O s t e h c e u r r w e i d s . e Co n m p . a m e p . e e r s r c . ial A p t g a u r p r ic a e u l r. l- Li P ve a - p s e t r o . c k e Im x a p p n O o d r r t t s s. D a t o c r m t a i n o e s n s - s ti . c ex D ch o a ll n a g r e. I e m x a p p n o o d r r t t s s . D a t o c r m t a i n o e s n s - t s i . c i922. O Jan. 31.. 838,885 22,495 341,091 16,837 281,387 121,702 45,919 931 8,274 Feb. 28. 712,577 18,459 266,155 14,074 256,335 111,822 39,147 234 6,351 Mar. 31. 680,467 12; 555 248,226 13,190 258,848 104,817 36,466 177 6,188 Apr. 29.. 510,104 7,797 177,946 13,000 168,523 100,595 36,680 118 15 5,430 May 31.. 471,490 5,009 166,097 12,228 150,224 98,620 33,974 103 5,235 June 30. 461,418 3,983 163,258 12,590 147,123 95,782 34,844 81 3,757 July 31.. 406,178 2,700 129,690 11,790 126,030 96,813 35,466 35 3,654 hrj Aug. 31. 397,448 2,525 123,588 12,374 123,316 97,404 34,903 43 116 3,179 Sept. 30. 463,696 2,553 160,227 12,499 164,408 86,823 33,457 33 3,696 Oct. 31.. 576,435 3,265 265,777 10,266 188,777 74,804 28,533 74 275 297 4,364 Nov. 29. 650,096 3,535 311, 745 9,506 225,250 69,047 25,485 282 193 75 4,978 Dec. 30.. 617,780 3,618 328,172 10,035 185,616 63,510 21,655 200 130 19 4,825 Dec. 31,1921. 1,144,346 41,511 443,722 17,752 452,331 129, 037 49,670 50 288 Dec. 30,1920. 2,719,134 j 271,526 869,510 17,907 1,274,606 143,145 103,795 17,218 21,427 w o > Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 20.—HOLDINGS OF DISCOUNTED BILLS ON DECEMBER 27, 1922, DISTRIBUTED BY MATURITIES. [In thousands of dollars.] Maturity. Federal reserve bank. Total. Within 15 16 to 30 31 to 60 61 to 90 Over 90 days. days. days. days. days. g Boston 69> 971 51,377 6,811 8,384 3,368 31 (3 New York 144,810 138,557 1,927 2,522 1,796 8 H Philadelphia.. 53,638 50,416 932 1,432 789 69 c Cleveland 50,681 37,490 4,709 5,649 2,494 339 § Richmond 56,837 35, 514 7,381 8,150 5,446 346 o Atlanta 29,668 9,367 5,735 8,968 4,311 1,287 ^ Chicago 88,100 41,439 9,583 10,828 17,543 8,707 ^ St. Louis 30,187 20,434 3,563 3,673 1,956 561 td Minneapolis 21,079 5,868 1,467 3,171 3,467 7,106 j| Kansas City.... 30,436 12,496 2,448 4,469 4,142 6,881 !> Dallas 14,200 4,240 1,635 2,503 1,880 3,942 r San Francisco.. 40,278 29,267 2,418 3,623 2,867 2,103 H Total.... 629,885 436,465 48,609 63,372 50,059 31,380 g 00 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 21.—HOLDINGS OF DISCOUNTED BILLS ON THE LAST REPORT DATE OF EACH MONTH DURING 1922, DISTRIBUTED BY MATURITIES. 00 to [In thousands of dollars.] Maturity. Date. Total. Within 15 16 to 30 31 to 60 61 to 90 Over 90 days. days. days. days. 1922. Jan. 25.. 850,173 480,944 86,170 143,918 83,947 55,194 Feb. 21.. 721,283 428,670 74,039 109,593 67,644 41,337 o Mar. 29.. 035,552 350 507 70,013 105,603 74,299 35,530 Apr. 26.. 500,097 256,579 56,961 92,693 54 °2° 39, 642 May 31.. 471,490 253,849 47,831 72,833 45,929 51,048 June 28.. 469,101 263,576 38,675 61,811 50,208 ! 54,831 July 26.. 379,981 187,036 30,536 58,108 59,744 i 44,557 Aug. 30. 404,368 | 200,952 44,391 81,740 50,962 26,323 Sept. 27. 420,180 I 225,972 51,960 76,305 47,102 : 18,841 Oct. 25.. 469,399 j 288,140 47,353 73,473 39,810 ! 20,623 Nov. 29. 650,096 j 445,401 56,419 73,103 45,218 ! 29,955 Dec. 27.. 629,885 I 436,465 48,609 63,372 50,059 j 31,380 = • — Dec. 28,1921. 1,179,833 | 708,361 116,690 161,202 131,936 ! 61,644 Dec. 30,1920. 2,719,134 I 1,632,885 280,406 430,676 311,619 | 63,548 % feJ W o Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 22,—HOLDINGS OF DISCOUNTED BILLS SECURED BY UNITED STATES GOVERNMENT OBLIGATIONS ON DECEMBER 27, 1922, AND DECEMBER 28, 1921. [In thousands of dollars.] Secured by— Total (all classes). Customers'paper. Federal reserve bank. Uni b te o d n d S s t . ates Victory notes. Treasury notes. i C n e d r e ti b f t ic e a d t n e e s s o s f . 8 I 1922 I 1921 1922 1921 ; 1922 1921 1922 : 1921 1922 1921 1922 1921 1922 1921 o Boston I 25, 26,515 24,293 20,912 j 743 5,603 18,232 i 20,892 62 1,402 6,642 2,371 100 1,850 New York I 125, 141,863 125,058 139,456 | 429 2,407 63,542 I 60,785 109 | 29,158 61,766 16,872 70 35,048 Philadelphia ! 39, 70,213 39,350 60,280 ! 268 9,933 31,458 i 59,627 186 | 4,991 7,807 2,557 167 3,038 Cleveland , 42,709 27,415 38,697 \ 732 4,012 22,476 \ 34,338 660 ! 4,801 4,171 840 3,570 Richmond 42,931 24,506 40,423 \ 518 2,508 21,002 | 36,438 239 i 3,905 3,443 2,250 340 338 Atlanta , 25,346 2,816 20,791 ! 220 4,555 2,008 l 21,798 136 j 3,317 835 57 231 Chicago 60,344 28,728 55,106 I 378 5,238 21,103 47,029 131 10,659 4,372 3,500 1,188 St. Louis 23,533 16,352 20,448 I 197 3,085 9,615 j 18,977 504 3,222 3,068 256 3,362 1,078 Minneapolis 7,525 2,167 7,018 | 10 507 1,822 \ 6,281 10 464 345 15 765 Kansas City... 15,741 9,569 13,687 | 198 2,054 5,778 ; 13,849 149 1,602 3,410 137 430 ! 153 Dallas 9,512 987 9,227 | 5 285 657 I 6,305 21 1,972 314 1,235 San Francisco.. 20,961 11,483 18,199 | 73 i 2,762 9,211 j 19,053 55 1,178 2,260 100 30 630 fel W Total 316,495 ! 487,193! 312,724 444,244 I 3,771 42,949 206,904 ! 345,372 2,262 66,671 98,433 26,026 !,896 49,124 > oo OS Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 23, -HOLDINGS OF DISCOUNTED BILLS SECURED BY UNITED STATES GOVERNMENT OBLIGATIONS ON THE LAST REPORT DATE OF EACH 00 MONTH DURING 1922. ^ [to thousands of dollars.] Secured by— Member banks' Customers1 Date. Total. co n l o la te te s r . al paper. U b S o n ta n i t t d e e s s d . V n i o c t t e o s r . y Tr n e o a t s e u s. ry C o e f e r d i t n i n f d e ic s e a s b t . e t- s 1922. o Jan. 25.. 357,921 333,525 24,396 282,653 37,788 11,400 I 26,080 w Feb. 21.. 281,994 264,585 17,409 226,021 24,605 8,888 ! 22,480 H Mar. 29.. 242,797 229,732 13,065 195,482 13,769 15,670 | 17,876 o Apr. 26.. 178,991 171,310 7,681 149,966 8,483 13,633 ! 6,909 May 31.. 171,106 166,096 5,010 133,321 10,281 17,755 j 9,749 June 28.. 189,909 186,025 3,884 136,102 6,145 29,694 17,968 July 26.. 115,238 112,243 2,995 93,210 5,373 12,357 4,298 hrj Aug. 30. 133,651 131,135 2,516 108,334 4,140 15,334 5,843 Sept. 27. 139,102 136,446 2,656 109,858 3,722 21,027 4,495 Oct. 25.. 195,510 192,204 3,306 126,028 5,578 58,969 4,935 Nov. 29. 315,280 311,743 3,537 207,751 5,963 91,680 9,886 Dec. 27.. 316,495 312,724 3,771 206,904 2,262 98,433 8,896 •• Dec. 28,1921. 487,193 444,244 42,949 345,372 66,671 26,026 | 49,124 Dec. 30,1920. 1,141,036 869,510 271,526 648,352 304,686 187,998 w o > Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No» 24.—AVERAGE DAILY HOLDINGS OP BILLS BOUGHT IN OPEN MARKET AND FROM OTHER FEDERAL RESERVE BANKS, BY MONTHS, DURING 1922, [In thousands of dollars.] | Federal reserve bank. January. February. March. April. May. June. July. August. Septem- October. No b v e e r. m- D b ec e e r. m- Y 19 e 2 a 2 r . Y 19 e 2 a 1 r . Y 19 e 2 a 0 r . 8 Boston 10,567 10,464 I 11,6 10,765 20,007 21,117 14,243 12,825 22,081 30,663 27,429 16,805 9,187 27,692 3 New York 36,560 29,022 32,224 34,132 33,553 35,996 40,911 34,248 69,253 83,531 68,836 50,054 45,761 32,754 146,371 Philadelphia.. 14,108 17,267 16,216 21,646 18,352 18,828 21,273 29,145 26,851 | 21,837 17,601 21,115 20,369 9,159 9,810 Cleveland 4,776 2,884 3,219 2,616 6,900 13,754 18,624 | 27,346 33,859 | 36,365 45,957 58,768 21,376 12,491 54,067 3 Richmond 3,192 2,334 2,315 1,900 1,377 916 527 369 407 1,242 2,162 1,877 1,547 3,063 8,320 Atlanta 4 750 2,501 1,751 1,314 1,198 914 795 902 2,657 7,172 13,259 11,766 3,968 2,459 6,093 O Chicago 12,893 16,432 16,128 13,627 20,360 18,517 18,638 15,740 14,189 16,613 13,767 10,852 15,647 6,613 53,003 St. Louis 305 1,064 1,286 2,660 8,333 13,617 15,515 14,331 9,385 10,622 12,753 7,610 730 5,154 Minneapolis... 3,648 Kansas City.., 616 51 32 34 18 5 2 65 83 225 572 421 178 767 3,888 Dallas 30 15 15 43 2,084 2,790 2,700 3,244 10,277 18,863 24,107 5,391 ,116 1,334 San Fancisco. 11,945 5,364 U49 6,073 15,827 15,716 18,747 32,094 42,890 37,678 41,935 20,555 14,478 69,366 Total: 1922. 98,742 87,398 92,965 93,086 103,072 135,181 154,010 | 159.020 209,793 251,618 259,980 261,077 159,207 1921. 200,913 173,082 138,397 110,372 84,395 54,716 26,395 | 38,124 40,020 56,196 78,867 105,499 91,817 1920. 575,667 546,458 481,238 419,746 416,520 401,184 363,621 J 325,461 313,864 303,981 278,521 244,001 388,746 » Less than $500. > 00 or Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 25.—HOLDINGS OF BANKERS' ACCEPTANCES BOUGHT IN OPEN MARKET AND FROM OTHER FEDERAL RESERVE BANKS, ON DECEMBER 30, 00 1922, DISTRIBUTED BY CLASSES OF ACCEPTING INSTITUTIONS. [In thousands of dollars.] Member banks. Nonmem- Branches ber banks and Federal reserve bank. Total. and bank- Private agencies Non- ing corpo- banks. of foreign National. national. rations. banks. Boston 25,407 12,986 6,906 3,936 914 665 g New York.... 59,766 19,331 17,700 9,454 8,673 Philadelphia.. 23,380 9,390 8,425 2,462 1,948 1,155 Cleveland 51,007 15,553 18,636 6,761 7,237 2,820 Richmond 1,734 1,063 526 145 Atlanta.. 11,422 1,596 6,387 3,439 3 Chicago ... 14,565 6,759 6,787 883 116 20 St. Louis...... 13,028 4,570 4,435 2,101 912 "1,010 Minneapolis... Kansas City... 402 402 Dallas 26,827 10,162 10,361 3,157 1,717 1,430 San Francisco.. 43,406 15,316 11,885 5,843 5,350 5,012 Total: Dec. 30,1922. 270,944 97,128 92,048 38,036 27,012 16,720 Dec. 31, 1921. 145,045 60,173 50,091 13,656 12,319 8,806 Dec. 31, 1920. 258,878 38,374 24,905 26,212 169,387 w o Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 26.—HOLDINGS OF BANKERS' ACCEPTANCES BOUGHT IN OPEN MAKKET AND PROM OTHER FEDERAL RESERVE BANKS AT THE END OF EACH v . MONTH IN 1922, DISTRIBUTED BY CLASSES OF ACCEPTING INSTITUTIONS. [In thousands of dollars.] Member banks. Nonmeni- Branches Month. Total. National. na N ti o o n n - a l. ; i j I i b a n r n e g a d r t e i b o o b a n r a n p s n k o . k s - - I ; P b r a i n v k a s te . o a b f g a a e f n o n n k r c d e s i i e . g s n O o January... 74,833 33,101 27,275 i 5,864 2,586 6,007 H February. 93,356 ; 41,826 28,089 j 8,470 ' 7,371 7,600 O March 105,110 42,094 33,808 j 12,671 9,781 6,756 April ?.... 90,570 ! 35,332 28,482 j 12,103 : 9,201 5,452 o May 118,101 I 53,768 37,659 i 14,683 ; 6,117 5,874 June 160,332 | 72,444 54,607 | 16,960 : 8,191 8,130 July.....' ..: 139,082 I 60,933 47,034 J 14,879 i 9,371 6,865 August 179,324 j 74,147 61,800 i 23,246 j 12,482 7,649 W September 242,884 i 100,639 82,867 | 27,900 ! 19,139 12,339 F October 256,834 96,075 94,039 32,144 \ 20,705 13,871 November 257,628 93,736 91,790 ! 32,778 | 24,629 14,695 December. •. 270,944 97,128 92,048 i 38,036 27,012 16,720 i ^2 00 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 27#—HOLDINGS OF BILLS BOUGHT IN OPEN MARKET AND FROM OTHER FEDERAL RESERVE BANKS, ON DECEMBER 30, 1922, DISTRIBUTED 00 BY CLASSES. 00 [In thousands of dollars.] Banker's acceptances based on- Trade acceptances based on— Federal reserve bank. Total. Domestic Domestic Total. Imports. | Exports. tr t a io n n sa s c . - ex D ch o a ll n a g r e. Total- j ImP°rts- i ExP°rts- tr t a i n o s n a s c . - Boston 25,407 | 25,407 8,18d 5,709 9,337 2,180 New York 60,864 59,766 29,019 19,888 9,364 1,495 ! 1,098 1,050 48 Philadelphia.. 23,380 23,380 6,816 8,148 7,796 620 Cleveland 51,007 51,007 26,179 16,118 7,245 1,465 Richmond 1,734 1,734 454 1,280 Atlanta 11,422 11,422 1,363 ! 5,078 4,981 Chicago 14,565 14,565 4,674 | 5,041 4,602 248 St. Louis 13,028 13,028 4,607 ! 5,066 2,930 425 Minneapolis... Kansas City... 402 402 402 Dallas 26,827 26,827 9,785 I 7,863 6,987 2,192 San Francisco.. 43,486 43,406 18,368 ! 13,564 10,356 1,118 80 80 Total.... 272,122 270,944 108,992 ; 86,929 65,280 9,743 1,178 1,130 48 w o > Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No, 28.—HOLDINGS OF BILLS BOUGHT IN OPEN MARKET AND FROM OTHER FEDERAL RESERVE BANKS AT THE END OF EACH MONTH DURING 1922, BY CLASSES. [In thousands of dollars.] Banker's acceptances based on- Trade acceptances based on- Month. Total. I Imports Domestic Imports Domestic O Total. ! and trans- Total. and trans- o | exports. ; actions. exports. actions. 3 H4 Jannary 74,935 74,833 j 49,221 19,627 j 5,985 102 ' 99 3 o February ! 93,458 93,356 | 67,136 22,378 j 3,842 102 | 99 3 3 March 105,270 105,110 | 77,015 22,664 | 5,431 160 ! 160 April ' 90,677 90,570 i 68,306 19,176 | 3,088 107 i 107 May 118,182 118,101 | 88,004 26,496 ! 3,601 81 ; 81 June 161,112 160,332 ; 124,142 31,655 j 4,535 780 | 780 July 140,111 139,082 i 114,407 21,876 I 2,799 1,029 \ 1,029 August 180,176 179,324 i 143,963 29,544 | 5,817 852 I 852 September : 244,375 242,884 | 189,688 46,382 6,814 1,491 ; 1,292 199 October j 258,165 256,834 I 181,005 67,033 8,796 1,331 | 1,039 292 November j 259,226 257,628 ! 183,504 65,491 8,633 1,598 [ 1,349 249 I December : 272,122 270,944 195,921 65,280 j 9,743 1,178 ! 1,130 48 Dec. 31,1921. 145,263 145,045 I 33,962 11,164 218 ! 218 00 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 29.—HOLDINGS OP BILLS BOUGHT IN OPEN MARKET AND FROM OTHER FEDERAL RESERVE BANKS ON DECEMBER 27, 1922, DISTRIBUTED CO O BY MATURITIES. [In thousands of dollars.] .Maturity. Maturity. Federal reserve bank. Total. Over 3 but Federal reserve bank. | Total. Over 3 but 1 W 5 i d t a h y in s. 1 d 6 a t y o s 3 . 0 ! | 3 d 1 a t y o s , 6 0 j 6 3 1 m d o a n y t s h s to .6 w m it o h n in ths. 1 W 5 i d t a h y in s. 1 d 6 a t y o s . 30 3 d 1 a t y o s . 60 6 3 1 m d o ay n s t h t s o .6 w m i o th n i t n hs. C Boston 25,706 11,568 St. Louis I 12,623 2,282 1,655 | 7,044 1,642 New York ?. 45,789 25,852 j Minneapolis j j j | Philadelphia 22,817 9,270 KansasCity j 402 ] 91 26 | 210 75 Cleveland 53,302 9,938 j Dallas i 23,397 | 4,282 8,677 j 7,669 2,769 c Richmond 1,614 862 San Francisco j 38,302 | 13,328 7,157 | 10,403 5,859 1,555 Atlanta 10, 579 4,516 Chicago 11,762 1,221 Total ! 246,293 i 83,210 | 50,737 »9,056 | 38,083 5,207 W Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 30.—HOLDINGS OF BILLS BOUGHT IN OPEN MARKET AND FROM OTHER FEDERAL RESERVE BANKS ON THE LAST REPORT BATE IN EACH MONTH DURING 1922, DISTRIBUTED BY MATURITIES. [In thousands of dollars.] Maturity. Maturity. Date. Total. 1 W 5 i d t a h y in s. 1 d 6 a t y o s . 30 31 d a t y o s 6 . 0 6 3 1 m d o a n ys th t s o . O 6 v w m e i r o t h n 3 i t n b h u s. t Date. Total. 1 W 5 i d t a h y in s. 1 d 6 a t y o s . 30 3 d 1 a t y o s . 60 f 3 i l m d o ay n s th t s o . O 6 w m ve i o t r h n 3 i t b n h u s t . O o 3 Jan. 25 82,709 46,045 16,316 12,833 | 7,346 Aug. 30 ! 171,706 45,053 33,228 53,998 36,022 3,405 o Feb. 21 82,564 29,473 22,050 15,289 ! 15,633 119 Sept. 27.... | 238,116 55,875 53,496 60,514 53,524 14,707 3 Mar. 29 | 102,691 46,856 15,877 23,892 ! 14,201 1,865 Oct. 25 1 257,691 65,797 35,594 69,753 74,176 12,371 o Apr. 26 82,518 27,916 15,688 22,480 ; 15,775 659 Nov. 29 j 259,226 60,451 44,747 88,869 47,121 18,038 May 31 : 118,182 47,714 20,122 26,565 | 19,106 4,675 Dec. 27 I 246,293 83,210 50,737 69,056 38,083 5,207 June 28 ...j 154,060 59,415 27,845 43,064 15,156 8,580 fed July 26 j 156,138 52,682 29,203 27,978 31,065 15,210 Dec. 28,1921 114,240 58,306 24,743 26,062 5,114 15 Dec. 30,1920 255,702 87,030 64,745 76,805 27,122 W > Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 31.—AVERAGE DAILY HOLDINGS OP MUNICIPAL WARRANTS, BY MONTHS, DURING 1922. fin thousands of dollars.] Federal reserve bank. January. F a e r b y r . u- March. April May. June. July. August. Se b p e te r. m- October. N b o e v r e . m- De b c e e r m . - Y 19 e 2 a 2 r . Y 19 e 2 a 1 r . New York Philadelphia .. . 183 193 102 90 46 7 Atlanta i 2 St Louis Minneapolis 41 2 5 9 18 22 27 29 13 7 Kansas Citv 78 6 29 1 Dallas :::::::::: 1 Total* 1922 302 195 102 90 i 5 9 18 22 27 31 66 1921 261 258 43 » Less than $500. o Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 32.—AVERAGE DAILY HOLDINGS OF UNITED STATES SECURITIES, BY MONTHS, DURING 1922. [In thousands of dollars.} Federal reserve bank. J a a r n y u . - F a e r b y r . u- March. April. ! May. June. July. August. Se b p e te r. m- October. ber. De b c e e r m . - Y 19 e 22 a . r Y 19 e 21 a . r Y 19 e 20 a . r » Boston 30,399 38,282 37,746 38,231 49,281 52,021 47,261 43,895 41,091 29,926 22,751 24,758 37,962 19,212 25,152 a o New York 73,083 134,985 170,289 163,392 198,026 191,030 186,326 157,631 155,778 135,782 58,049 102,363 143,988 72,318 82,036 Philadelphia.. 16,654 22,491 23,277 25,415 31,977 31,195 34,435 34,481 33,611 32,888 30,885 33,275 29,259 26,946 33,956 Cleveland 14,743 30,331 43,915 50,805 66,411 74,713 73,714 69,478 65,170 54,297 34,577 28,852 50,688 21,716 27,401 Richmond 4,993 4,850 4,793 4,793 4,794 4,794 4,788 4,798 4,701 4,346 3,784 4,159 4,632 9,620 13,773 O Atlanta 16,462 8,443 7,380 7,370 7,031 7,452 8,768 8,059 6,271 5,139 4,120 | 3,154 7,463 19,090 15,909 Chicago 34,258 | 54,102 75,064 91,924 96,682 80,320 38,804 35,366 35,481 42,677 40,449 54,900 56,631 38,561 46,865 o St. Louis 7,924 ] 11,895 17,488 23,807 27,634 28,275 25,921 25,732 28,236 26,365 22,480 ! 23,481 22,487 13,072 18,566 Minneapolis... 4,465 | 5,262 8,908 12,450 | 14,525 13,936 12,524 10,484 13,053 13,206 12,478 | 12,656 11,191 6,907 9,026 Kansas City... 14,239 | 20,923 35,439 42,378 I 42,159 | 42,490 45,707 45,414 44,746 42,635 40,820 | 40,900 38,247 17,728 22,772 Dallas 4,529 | 4,529 5,045 4,965 i 4,966 5,431 6,400 6,045 5,745 9,960 12,982 j 12,068 6,904 7,878 12,840 San Francisco. 14,399 I 19,117 2$, 299 54,867 I 60,665 60,990 60,898 56,444 53,037 51,396 42,919 39,197 45,298 10,966 15,258 > Total: 1922. 236,148 I 355,210 457,643 592,647 545,546 497,827 486,920 448,617 379,763 j 454,750 I. 1921. 297,638 I 287,359 295,758 302,710 261,141 248,770 254,764 207,625 226,005 ! 1920. 325,497 308,619 344,161 347,445 318,309 303,288 338,565 304,053 339,140 ! 323, 554 CD CO Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 33.—HOLDINGS OF EACH CLASS OF UNITED STATES SECURITIES ON DECEMBER 30, 1922. Bonds. Federal reserve bank. se T c h u e o r l t i d a t . i l es Total. 2 c o p n 1 e s 9 r o 3 l 0 c s . e o n f t 2 P o p a f 1 e n 9 r 1 a 3 9 m c 8 3 e . 6 a n - s t i l p o 1 e a 9 r n 2 5 c o . e f nt 3 . l p o 1 e a 9 r n 6 1 c o . e f nt c 3 o b 1 p n o 9 e v n 4 r e 6 d r - s c s 4 e i o 7 o n f . n t j | | L 3 l i c \ o b e a p e n n r e t t . r y 4^ L p l i o b e a r e n r c t . y ent T b r o 1 1 e n 9 9 a d 4 5 s s 7 2 u - . r o y f ! i ; V n i o c t t e o s r . y Tr n e o a t s e u s r . y C o e f e r d t i i n n f d i e c s e a s b t . e t- s Boston $29,597,300 $529,000 i $529,000 $6,614,300 * $22,454,000 New York 167,252,450 1,148,750 | $1,148,750 60,618,700 105,485,000 0 Philadelphia 29,190,300 1,799,700 $100 549,200 $48,100 863,700 $338,600 22,640,600 4,750,000 cn Cleveland 25,739,000 918,400 414,800 458,400 45,200 10,979,100 13,841,500 Richmond 1,290,900 1,190,900 $915,100 237,000 i ! 38,800 100,000 Atlanta | 2,370,500 220,050 10,300 59,800 j 125,150 24,800 j $2,450 77,000 s 2,071,000 Chicago 62,832,800 4,425,600 1,862,500 367,300 i $1,768,000 $400 ! 427,400 47,500 10,808,200 47,551,500 Bt.Louis I... 19,551,500 7,306,900 100 1,153,300 6,150,000 3,500 9,464,100 2, 780, 500 Minneapolis... 13,071,460 4,522,560 260 ! 114,800 4,249,600 157,400 8,049,400 499, 500 Kansas City... 39,195,250 4,097,850 2,555, 000 20,000 ' 838,500 20,150 * 608,400 55,800 23,467,400 11,630,000 Dallas 11,308,000 2,629,500 1,395,900 1,233,600 8,678,500 San Francisco. 34,766.400 92,500 6,050 | 86,450 27,524,400 7,149,500 Total: 1922... 436,165,860 28,881,710 6,728,600 624,660 1,768,000 | 900 5,270,900 134,100 13,729,250 625,300 49,950 180,343,200 a 226,891,000 1921... 234,089,110 33,033,610 11,328,600 624,660 2,593,000 j 900 5,270,900 229,200 12,986,350 12,446,300 5,118,700 "183,490,500 1920... 287,026,610 26,309,310 14,267,350 906,160 2,593,000 | 900 6,526,300 197,050 51,818,550 72,800 3 260, 644, 500 1 Includes $1,783,000 Treasury notes, held under repurchase agreement, the book value of which was $1,779,180. 2 Includes $385,000 Treasury certificates, held under repurchase agreement, the book value of which was $383,800. » Exclusive of a $1,000 Treasury savings certificate having a value of $918 on Dec. 30, 1922, $894 on Dec. 31, 1921, and $870 on Dec. 31, 1920. w 4 Includes $600,000 Liberty bonds, held under repurchase agreement, the book value of which was $593,100. 5 Includes $1,100 of 4 per cent Liberty bonds. « NOTE.—Securities with circulation privilege held on Dec. 30, 1922, included above: 2 per cent consols and Panamas, $7,353,260; 4 per cent loan of 1925, $1,768,000. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE NOTES. No. 34.—FEDERAL RESERVE AGENTS' ACCOUNTS AT CLOSE OF BUSINESS DECEMBER 30, 1922, AND DECEMBER 31, 1921. [ID thousands of dollars.] Total. j Boston. ; New York. j Philadelphia. Cleveland. Richmond. Atlanta. 1922 1921 ! 1922 ; 1921 1922 i 1921 1922 1921 1922 ! 1921 1922 1921 1922 • 1921 RESOURCES. I I Federal reserve notes on hand j 874,437 - 857,725 I 83,100 j 100,140 ; 399,610 323,910 j 48,920 ! 50,400 31,340 ; 35,300 ! 27,259 25,119 76,959 I 71,501 hrj i 2 Federal reserve notes outstanding (is- j I i sued to bank—net) I 2,817,191 ! 2,781,791 , 226,800 j 220,157 j 774,934 | 816,748 243,718 • 222,870274,900 ! 239,864 I 112,064 117,457 135,143 128,644 ffi Collateral security for Federal reserve I Uptes outstanding: j Gold and gold certificates j 353,462 349,013 | 15,300 5,600 283,184 296,925 7,000 13,275 18,375 I 2,400 2,400 Gold redemption fund j 132,318 128,774 I 16,313 19,310 | 34,786 35,079 14,461 14,013 15,028 13,952 1,270 3,762 6,782 2,825 Gold fund—Federal Reserve Board, j 1; 681,099 1,394,883 | 123,000 135,000 ! 341,000 321,000 167,890 130,389 165,000 145,000 62,795 34,295 100,000 40,000 Eligible paper— | Amount required I 650,312 909,121 72,187 I 60,247 i 115,964 163,744 64,367 78,468 81,597 62,537 47,999 79,400 25,961 83,419 Excess amount held ! 208,893 346,619 j 14,804 j 12,073 104,425 91,152 4,958 22,967 7,894 57,079 6,126 | 17,843 11,765 I 10,738 o Total ! 6,717,712 6,767,926 551,504 i 552,527 \ 2,053,903 2,048,558 541,314 519,107 589,034 572,107 j 257,513 277,876 358,010 339,527 H LIABILITIES. Federal reserve notes received from Comptroller of the Currency—net amount (liability to comptroller) j 3,691,628 3,639,516 I 309,900 320,297 1,174,544 L, 140,658 292,638 j 273,270 306,240 275,164 139,323 142,576 211,102 200,145 Collateral received from Federal reserve j bank (liability to bank): * j Gold | 2,166,879 1,872,670 j 154,613 159,910 658,970 653,004 | 179,351 ] 144,402 193,303 177,327 64,066 38,057 109,182 45,225 Eligible paper J I 859,205 1,255,740 | 86,991 72,320 220,389 254,896 69,325 101,435 89,491 119,616 54,125 97,243 37,726 94,157 Total.. 6,717,712 6,767,926 j 551,504 652,527 2,053,903 2,048,558 541,314 | 619,107 589,034 572,107 257,513 277,876 j 358,010 339,527 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 34.—FEDERAL RESERVE AGENTS' ACCOUNTS AT CLOSE OF BUSINESS DECEMBER 30,-1922, AND DECEMBER 21, 1921—Continued. [In thousands of dollars.] Chicago. St. Louis. Minneapolis. Kansas City. Dallas. San Francisco. 1922 1921 1922 1921 1922 1921 1922 1921 1922 1921 1922 1921 RESOURCES. Federal reserve notes on hand 83,960 j 152,040 23,940 { 26,060 | 10,890 | 9,390 19,060 8,000 16,929 ! 20,125 53,470 35,740 Federal reserve notes outstanding (issued to bank— j i o w net) i 470,603 j 447,218 113,038 114,103 62,633 60,477 ! 79,608 75,438 j 43,801 | 39,538 279,949 299,277 H Collateral security for Federal reserve notes out- | o standing: | Gold and gold certificates { 11,780 5,960 13,052 13,052 j 7,471 I 6,701 rrj Gold redemption fund j 16,464 14,519 3,293 3,098 1,320 1,604 2,671 1,682 2,605 \ 2,158 17,325 i 16,772 Gold fund—Federal Reserve Board 393,644 297,644 55,500 57,100 32,000 2,200 52,360 26,360 12,500 ! 2,234 185,410 | 203,661 Eligible paper— Amount required 60,495 135,055 42,465 47,945 16,261 43,621 I 24,577 47,396 i 21,225 j 28,445 77,214 78,844 o m Excess amount held 27,939 58,954 645 15,295 4,720 5,753 I 2,368 23,887 I 19,881 22,294 3,368 8,584 w > Total 1,053,105 1,105,430 250,661 269,561 140,876 136,097 180,644 182,763 | 124,412 121,495 | 616,736 642,878 LIABILITIES. ; Federal reserve notes received from Comptroller of ! the Currency—net amount (liability to the comptroller) | 554,663 599, 258 136,978 140,163 73,523 69,867 | 98,668 83,438 60,730 59,663 333,419 335,017 Collateral received from Federal reserve bank (lia- i bilitytobank): ; Gold I 410,108 312,163 70,573 66,158 46,372 16,856 i 55,031 28,042 22,576 j 11,093 202,735 220,433 Eligible paper j 88,434 194,009 43,110 63,240 20,981 49,374 ! 26,945 71,283 41,106 ! 50,739 80,582 87;428 Total i 1,053,105 1,105,430 250,661 269,561 i 140,876 136,097 I 180,644 182,763 ! 124,412 j 121,495 616,736 | 642,878 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 35.—FEDERAL RESERVE NOTES OUTSTANDING, HELD BY ISSUING FEDERAL RESERVE BANK, AND IN ACTUAL CIRCULATION; ALSO GOLD AND ELIGIBLE PAPER PLEDGED AS COLLATERAL FOR OUTSTANDING NOTES. MONTHLY FIGURES FOR 1922. [In thousands of dollars.] Total. Boston. Y N o e r w k. Ph p i h la i d a. el- C la le n v d e . - t R n i o c n h d - . Atlanta. Chicago. St. Louis. M ap i o n l n is e . - K C a i n ty sa . s Dallas. Federal reserve notes: Outstanding— Jan.31 2,560,887 174,080 798,073 201,817 218,536 103,448 116,746 407,958 107,322 56,042 i 69,855 34,762 272,248 Feb. 28 2,518,444 163,795 793,203 206,120 212,276 j 99,576 114,317 402,645 101,694 53,988 ; 69,694 32,318 268,818 Mar. 31 '. 2,521,963 a 158,972 811,060 206,140 212,609 97,690 114,250 405,547 93,546 54,142 | 70,360 30,646 267,001 Apr. 29 ! 2,543,301 165,132 823,631 212,429 216,173 96,982 116,740 415,407 87,495 53,611 | 70,624 29,928 255,149 May 31 i 2,511,810 158,137 835,813 205,439 214,414 92,017 120,461 403,942 80,724 52,325 | 69,403 29,219 249,916 i June 30 1 2,555,062 172,583 872,470 204,387 212,532 89,438 117,885 403,739 83,154 51,896 ; 68,820 28,947 249,211 July 31 2,566,379 181,887 871,653 204,265 209,517 86,962 115,329 410,709 84,504 52,325 I 69,020 29,603 250,605 Aug. 31 2,603,732 192,135 890,649 200,394 215,762 86,950 115,556 414,857 83,260 52,291 | 71,258 32,986 247,634 Sept. 30 2,668,882 211,152 846,797 207,474 232,147 95,277 125,215 420,615 96,619 55,942 ! 73,507 45,838 258,299 3 Oct. 31 2,688,939 216,211 798,715 216,324 240,842 103,512 130,445 428,510 109,206 60,278 I 77,263 47,661 259,972 O H Nov. 29 1 2,718,471 217,095 792,440 228,894 249,914 105,138 129,305 438,352 111,984 59,999 79,379 44,317 261,654 Dec.30 ! 2,817,191 226,800 774,934 243,718 274,900 112,064 135,143 470,603 113,038 62,633 79,608 43,801 279,949 Held by issuing bank— | j Jan.31 ) 381,835 7,682 185,730 20,649 24,670 4,996 5,875 43,047 21,.394 3,365 6,957 3,349 | 54,121 Feb. 28 i 322,386 8,271 167,168 17,053 15,713 3,830 5,109 33,406 16,708 1,948 7,731 2,752 j 42,697 Mar. 31 | 327,220 6,240 177,411 13,189 14,869 4,265 3,688 31,691 13,816 2,777 8,514 2,824 i 47,936 Apr. 29 | 373,881 13,819 200,362 23,782 14,369 5,643 3,814 46,796 12,930 2,656 10,307 2,888 I 36,515 May 31 j 370,626 9,137 210,567 23,921 15,787 6,246 4,995 38,468 9,992 2,810 11,826 2,963 33,914 June 30 j 402,100 16,908 235,510 22,785 14,587 7,058 4,397 36,339* 15,276 3,056 11,636 2,706 31,842 July 31 | 434,234 19,547 245,915 27,010 14,388 8,397 4,789 42,879 16,686 3,570 10,137 2,805 38,111 Aug. 31 | 448,217 15,192 280,290 j 22,165 14,495 7,072 5,030 40,065 14,396 2,963 11,435 1,955 33,159 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 35.—FEDERAL RESERVE NOTES OUTSTANDING, HELD BY ISSUING FEDERAL RESERVE BANK, AND IN ACTUAL CIRCULATION; ALSO GOLD 00 AND ELIGIBLE PAPER PLEDGED AS COLLATERAL FOR OUTSTANDING NOTES—Continued. MONTHLY FIGURES FOR 1922—Continued. [In thousands of dollars.] Total. Boston. Y N o e r w k. Ph p i h la i d a. el- C la le n v d e . - m R o ic n h d - . Atlanta. Chicago. St. Louis. M ap i o n l n is e . - K C a i n ty sa . s Dallas. Sa c n i s F c r o a . n- Federal reserve notes—Continued. Held by issuing bank—Continued. Sept. 30 400,230 19,074 233,131 20,475 | 12,647 5,851 | 4,288 35,984 16,796 2,690 | 9,473 3,430 36,391 Oct. 31 387,162 25,472 199,623 18,028 ! 17,078 8,059 j 7.005 35,975 17,875 3,554 : 10,055 4,082 40,356 Nov. 29 388,657 23,378 198,437 20,132 | 15,700 8,179 ! 6,129 37,420 17,682 3,308 j 11,674 4,421 42,197 Dec. 30 421,402 25,486 177,863 29,651 32,335 10,917 j 11,107 50,097 19,379 3,898 | 9,721 6,040 44,908 In actual circulation- Jan. 31 2,179,052 166,398 612,343 181,168 193,866 98.452 i 110,871 364,911 85,928 52,677 62,898 31,413 218,127 Feb. 28 2,196,058 155,524 626,035 189,067 196,563 95,746 109,208 369,239 84,986 52,040 i 61,963 29,566 226,121 Mar.31 2,194,743 152,732 633,649 192,951 197,740 93,425 I 110,562 373,856 79,730 51,365 61,846 27,822 219,065 Apr. 29 2,169,420 151,313 623,269 188,647 201,804 91,339 112,926 368,611 74,565 | 50,955 60,317 27,040 218,634 May 31.. 2,141,184 149,000 625,246 181,518 198,627 85,771 115,466 365,474 70,732 | 49,515 57,577 26,256 216,002 June 30 2,152,962 155,675 636,960 181,602 197,945 82,380 113,488 367,400 67,878 | 48,840 57,184 26,241 217,369 July 31 2,132,145 162,340 625,738 177,255 | 195,129 78,565 110,540 367,830 67,818 48,755 58,883 26,798 212,494 Aug. 31 2,155,515 176,943 610,359 178,229 201,267 79,878 110,526 374,792 68,864 49,328 59,823 31,031 214,475 Sept.30 2,268,652 192,078 613,666 186,999 219,500 89,426 120,927 384,631 79,823 53,252 64,034 42,408 221,908 Oct. 31 2,301,777 190,739 599,092 198,296 223,764 95.453 123,440 392,535 91,331 56,724 67,208 43,579 219,616 Nov. 29 2,329,814 193,717 594,003 208,762 234,214 96,959 123,176 400,932 94,302 56,691 67,705 39,896 219,457 Dec. 30 2,395,789 201,314 597,071 214,067 242, 5G5 101,147 124,036 420,506 58,735 69,887 37,761 235,041 Collateral pledged as security for out- i standing Federal reserve notes: j Gold and gold certificates— i Jan.31 1,928,649 i 137,933 | 712,006 139,109 187,198 i 32,344 52,608 313,903 72,837 24,406 26,159 10,882 219,264 Feb. 28 1,985,417 I 128,858 I 741,211 131,213 184,038 | 33,303 71,359 337,790 75,509 22,762 34,647 11,253 213,474 Mar.31 2,049,576 ! 119,334 | 770,343 140,433 189,172 | 36,996 82,352 327,612 75,951 30,511 42,473 19,762 214,637 Apr. 29.? 2,158,014 139,695 | 799,591 159,981 191,015 j 44,928 j 85,966 j 361,672 72,900 ! 31,075 42, 787 20,239 207,565 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

May 31 • 2,140,891 137,600 798,785 155,492 174,596 54,448 98,125 357,487 65,929 30,169 48,967 19,711 199,582 June 30... ..! 2,125,276 128,546 804,149 157,639 169,359 54,199 100,765 363,644 57,149 30,230 50,483 19,056 190,057 July 31 | 2,226,038 147,550* 863,286 155,017 169,780 55,313 98,463 , 384,334 57,819 29,609 53,383 19,533 191,951 Aug. 31 : 2,194,262 163,898 832,514 150,247 169,044 57,171 95,761 384,642 55,915 27,885 55,021 16,305 185,859 Sept.30 1 2,179,241 184,165 771,716 151,126 175,149 58,468 93,439 388,600 61,374 33,891 52,920 25,188 183,205 Oct. 31 | 2,130,367 j 180,924 680,765 163,577 181,084 67,823 100,150 374,895 72,322 41,307 55,846 26,316 185,358 Nov. 29 | 2,048,084 j 127,708 659,850 165,487 181,157 66,319 96,625 369,498 76,529 42,701 53,702 25,487 183,021 Dec. 30 1 2,166,879 154,613 658,970 179,351 193,303 64,065 109,182 410,108 70,573 46,372 55,031 22,576 202,735 Eligible paper— i Jan.31 | 879,187 ; 47,222 130,492 79,495 78,011 81,505 73,781 138,190 41,235 39,721 54,050 45,509 69,976 Feb. 28 j 775,247 | 59,908 101,998 83,548 68,090 73,576 53,814 118,392 37,922 33,892 38,246 38,932 66,929 Mar.31 756,031 | 58,299 128,837 70,226 55,829 75,072 49,465 131,556 28,952 27,132 34,025 34,963 61,675 I Apr. 29 | 588,038 31,352 80,218 68,590 46,711 60,449 40,217 91,710 23,516 26,820 29,461 34,500 54,494 May 31 | 568,194 35,460 80,176 52,938 58,552 47,791 33,115 88,069 34,837 25,605 24,201 32,049 55,401 June 30 j 595,093 55,879 106,530 48,721 53,327 41,183 29,574 84,503 30,016 27,481 20,842 35,013 62,024 July31 ! 535,496JI 47,279 66,130 61,387 50,201 36,268 31,029 64,379 33,893 26,250 19,382 36,575 62,723 Aug.31 560,272 | 34,350 92,563 60,446 51,847 35,514 32,948 68,076 33,374 26,894 19,132 38,847 66,281 ft Sept. 30 698,968 53,659 149,811 62,805 62,080 42,971 42,591 77,793 40,291 25,545 23,273 36,250 81,899 i Oct. 31 801,878 Ij 65,252 226,632 54,595 67,485 42,276 47,555 90,167 42,095 23,010 27,126 33,957 81,728 Nov. 29 | 867,683 i 105,952 169,764 65,922 106,079 46,658 49,994' 105,334 42,846 20,652 29,260 35,947 89,275 Dec. 30 1 859,205 j 86,991 220,389 69,325 89,491 54,125 37,726 88, 434 43,110 20,981 26,945 41,106 80, 582 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 36.—COLLATERAL (GOLD AND ELIGIBLE PAPER) PLEDGED WITH FEDERAL RESERVE AGENTS AS SECURITY FOR FEDERAL RESERVE NOTES O OUTSTANDING. O WEEKLY FIGURES FOR 1922. lln thousands of dollars.] Collateral pledged as security. Excess ; Federal Gold and gold certificates. collateral Date. ! reserve notes pledged with : outstanding. Total. E p l a ig p i e b r l . e In redemp- j se F r e v d e e a ra g l e r n e t - s. Total. vmilt. tion U f . u S n . d— Treasury. Board. o Jan. 4 2,786,114 3,098,095 1,195,183 1,902,912 349,012 120,962 1,432,938 311,981 XI 2,732,861 2,938,030 1,027,469 l,910?561 349,013 120,434 1,441,114 205,169 18 2,666,397 2,913,197 964,540 1,948,657 349,013 128,523 1,471,121 246,800 25 2,604,957 2,843,790 903,998 1,939,792 349,013 127,943 1,462,836 238,833 Feb. 1. 2,559,656 2,820,067 891,648 1,928,419 344,013 122,166 1,462,240 260,411 8. 2,525,009 2,829,532 886,807 1,942,725 344,013 134,397 1,464,315 304,523 15. 2,506,972 2,768,219 827,554 1,940,665 344,012 123,374 1,473,279 261,247 21. 2,510,576 2,744,930 767,328 1,977,602 344,012 123,729 1,509,861 234,354 Mar. 1. 2,526,660 2,748,799 766,738 1,982,061 344,013 114,401 1,523,647 222,139 8. 2,540,443 2,737,734 707,573 2,030,161 344,012 121,616 1,564,533 197,291 15. 2,527,772 2,740,189 650,065 2,090,124 403,713 118,317 1,568,094 212,417 22. 2,523,374 2,737,991 676,630 2,061,361 403,712 123,271 1,534,378 214,617 o 29. 2,518,516 2,776,247 710,255 2,065,992 403,713 126,217 1,536,062 257,731 Apr. 5. 2,529,602 2,744,638 698,159 2,046,479 403,713 128,603 1,514,163 215,036 12. 2,532,853 2,737,441 645,597 2,091,844 403,713 127,002 1,561,129 204,588 19. 2,534,997 2,718,313 623,951 2,094,362 404,713 118,361 1,571,288 183,316 26. 2,536,895 2,720,890 566,380 2,154,510 404,714 133,791 1,616,005 183,995 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

May 3.. 2,537,262 2,767,622 597,886 2,169,736 404,714 132,924 l,632,09S 230,360 10.. 2,541,503 2,733,390 561,338 2,172,052 404,714 125,141 1,642,197 191,887 17.. 2,527,081 2,686,092 545,900 2,140,192 406,214 136,736 1,597,242 159,011 24.. 2,509,652 2,717,107 575,987 2,141,120 406,213 130,676 1,604,231 207,455 31.. 2,511,810 2,709,085 568,194 2,140,891 407,413 131,428 1,602,050 197,275 June 7... 2,526,949 2,668,496 540,254 2,128,242 409,863 128,804 1,589,575 141,547 14... 2,518,799 2,667,196 525,078 2,142,118 416,122 134,167 1,591,829 148,397 21... 2,522,750 2,651,429 529,749 2,121,680 416,122 121,963 1,583,595 128,679 28... 2,537,485 2,730,021 606,648 2,123,373 416,123 127,309 1,579,941 192,536 July 5.. 2,561,837 2,759,447 635,631 2,123,816 416,122 124,985 1,582,709 197,610 12.. 2,589,509 2,738,193 576,633 2,161,560 416,122 126,010 1,619,428 148,684 19.. 2,583,868 2,7§0,304 585,242 2,195,062 416,122 127,651 1,651,289 196,436 § 26.. 2,571,963 2,721,449 523,804 2,197,645 416,522 124,016 1,657,107 149,486 Aug. 2. 2,572,297 2,756,984 533,600 2,223,384 416,523 121,354 1,685,307 184,687 9.. 2,581,583 2,748,841 515,411 2,233,430 416,522 124,938 1,691,970 167,258 16. 2,590,069 2,751,820 512,927 2,238,893 416,522 130,531 1,691,840 161,751 23. 2,601,281 2,742,561 545,245 2,197,316 416,522 128,675 1,652,119 141,280 30. 2,603,919 2,760,884 563,226 2,197,658 416,522 122,088 1,659,048 156,965 w Sept. 6. 2,639,293 2,784,678 578,210 2,206,468 416,522 124,654 1,665,292 145,385 13. 2,652,313 2,799,373 580,211 2,219,162 416,508 126,505 1,676,149 147,060 o 20. 2,636,112 2,832,430 630,172 2,202,258 416,507 132,617 1,653,134 196,318 H 27. 2,653,544 2,804,215 643,693 2,160,522 416,508 133,652 1,610,362 150,671 Oct. 4 2,682,940 2,849,167 654,235 2,194,932 416,507 125,188 1,653,237 166,227 11 2,708,014 2,943,986 751,046 2,192,940 416,509 126,843 1,649,588 235,972 IS 22,,772222,,444466 2,904,392 740,927 2,163,465 416,507 133,925 1,613,033 181,946 25 2,688,822 2,830,534 706,102 2,124,432 386,507 127,104 1,610,821 141,712 Nov. 1. 2,683,851 2,944,266 817,731 2,126,535 386,467 122,620 \ 1,617,439 260,415 8. 2,695,470 2,951,876 857,826 2,094,050 391,367 124,744 1,577,939 256,406 15. 2,699,633 2,957,896 878,995 2,078,901 376,367 126,496 1,576,038 258,263 22. 2,694,644 2,913,107 835,525 2,077,582 376,317 128,489 1,572,776 218,463 29. 2,718,471 2,915,767 867,683 2,048,084 346,317 131,560 1,570,207 197,296 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Ifo# W.—COLLATERAL (GOLD AND ELIGIBLE PAPER) PLEDGED WITH FEDERAL RESERVE AGENTS AS SECURITY FOR FEDERAL RESERVE NOTES O OUTSTANDING—-Continued. to WEEKLY FIGURES FOR 1922-Continued. [In thousands of dollars.] Collateral pledged as security. Excess I Federal Gold and gold certificates. collateral Date. reserve notes pledged with outstanding. Eligible Federal repaper. t I i n o n re f d u e n m d— p- In gold serve agents. n Total. In vault. U.S. fund—F. R. Treasury. Board. Dec. 6. 2,730,882 924,788 2,045,210 346,292 131,716 1,567,202 239,116 13. 2,775,320 887,347 2,103,069 346,292 131,365 1,625,412 215,096 20. 2,818,805 832,130 2,117,688 346,292 137,454 1,633,942 131,013 27. 2,835,092 836,933 2,198,846 353,657 133,090 1,712,099 200,687 a j w Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No, 37.—FEDERAL RESERVE NOTES ISSUED AND RETIRED BY EACH FEDERAL RESERVE AGENT, BY MONTHS, DURING 1922. [In thousands of dollars.] Outstand- Total. Boston. New York. Philadelphia. Cleveland. Richmond. ing at beginning Month. of each month in 1922. Issued. Retired. Issued. Retired. Issued. Retired. Issued. Retired. Issued, i Retired. Issued. Retired. January 2,781,791 75,785 2,400 48,477 36,760 55,434 I 4,200 25,253 4,600 25,929 2,810 16,819 February... 2,560,887 125,000 167,443 1,640 11,926 37,760 42,629 I 17,200 12,897 9,900 16,160 6,130 10,002 March 2,518; 444 174,045 170,526 5,000 I 9,823 65,440 47,583 j 13,800 13,780 15,200 14,867 9,780 11,666 April 2,521,963 173,113 151,775 15,800 9,639 46,180 33,610 j 17,740 11,452 16,120 12,556 11,720 12,428 May 2,543,301 136,938 168,429 6,100 13,095 38,020 25,838 4,500 11,489 10,660 12,419 5,500 10,465 June 2,511,810 163,975 120,723 23,500 9,054 61,540 24,883 8,800 9,852 13,340 15,222 2,920 5,499 July 2,555,062 132,540 121,223 20,300 10,996 21,600 22,417 14,000 14,122 7,865 10,880 1,910 4,386 August 2,566,379 111,175 73,822 18,900 8,652 30,560 11,564 2,400 6,271 10,980 4,735 5,130 5,142 i September.. 2,603,732 202,450 137,300 29,950 10,933 27,980 71,832 15,200 8,120 24,280 7,895 16,090 7,763 October 2,668,882 176,877 18,800 13,741 27,820 75,902 29,400 20,550 18,760 10,065 17,440 9,205 November.. 190,977 161,445 14,100 13,216 44,660 | 50,935 32,660 20,090 21,000 11,927 11,690 10,064 December.. 2,718,471 266,663 167,943 22,800 13,095 31,880 i 49,387 31,960 17,136 38,340 13,354 18,600 11,674 Total: 1922. 1,949,595 1,914,195 179,290 172,647 470,200 j 512,014 191,860 171,012 191,045 156,009 109,720 115,113 1921. 2,049,637 3,003>577 190,900 272,297 538,810 | 758,416 183,410 251,839 I 121,440 260,269 153,820 197,397 1920. 2,215,254 1,775,312 225,680 178, 844 373,080 I 276,442 177,420 134,017 I 249,000 154,109 179,004 169,675 Outstanding: Jan. 1,1923.. 2,817,191 226,800 774,934 243,718 274,900 112,064 Jan. 1, 1922.. 2,781,791 220,157 816,748 222,870 239,864 117,457 Jan. 1, 1921.. 3,735,731 301,554 1,036,354 291,299 378,693 161,034 Jan. 1,1920.. 3,295,789 254,718 939,716 247,896 283,802 151,705 O Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 37.—FEDERAL RESERVE NOTES ISSUED AND RETIRED BY EACH FEDERAL RESERVE AGENT, BY MONTHS, DURING 1922—Continued. [In thousands of dollars.] Atlanta. Chicago. St. Louis. Minneapolis. Kansas City. Dallas. San Francisco. Month. Issued. Retired. Issued. Retired. Issued. Retired. Issued. Retired. Issued. Retired. Issued. Retired. Issued. Retired. January., .3,055 14,953 13,000 52,260 1,240 8,021 1,540 5,975 300 5,883 4,856 5,800 32,829 February 6,265 8,694 21,800 27,113 1,000 6,628 2,090 4,144 4,350 4,511 795 3,239 16,070 19,500 March 9,070 9,137 33,080 30,178 800 8,948 3,505 3,351 4,840 4,174 1,510 3,182 12,020 13,837 o April 8,792 6,302 35,800 25,940 6,051 I 2.706 3,236 3,950 3,686 1,305 2,023 13,000 24,852 May..... 12,553 8,833 26,420 37,885 6,771 j 2,845 4,131 2,600 3,821 1,820 2,529 25,920 31,153 June. 4,310 6,885 18,640 18,843 7,160 | 4,730 3,125 3,555 2,900 3,483 1,420 1,692 16,320 17,025 July 5,190 7,746 24,280 17,310 4,380 | 3,030 3,465 3,036 3,300 3,100 2,180 1,524 24,070 22,676 August 7,055 6,827 13,840 9,692 2,840 [ 4,084 3,140 3,174 3,600 1,362 4,610 1,228 8,120 11,091 f H fl September 14,500 4,842 16,800 11,042 14,900 | 1,541 | 5,645 1,994 4,350 2,101 14,055 1,202 18,700 8,035 October 9,800 4,570 31,600 23,705 16,390 I 3,802 6,420 2,085 5,830 2,074 3,154 1,331 11,520 9,847 November 6,465 7,605 35,240 25,398 7,870 j 5,092 2,777 3,056 4,260 2,145 235 3,579 10,020 8,338 December 11,725 5,887 58,640 6,850 | 5,797 6,103 3,468 4,900 4^870 2,520 3,036 32,345 14,050 Total: 1922 98,780 92,281 329,140 305,755 63,430 64,495 43,361 41,205 45,180 41,010 33,684 29,421 193,905 213,233 1921 148,940 200,056 293,980 480,999 74,960 I 116,248 39,265 60,174 36,730 79,417 25,762 70,978 241,620 255,487 1920 196,035 I 176,3.83 345,330 246,552 106,470 I 115,798 39,450 46,507 72,570 65,000 69,245 63,135 181,970 148,850 Outstanding: Jan. 1,1923. 135,143 470,603 113,038 62,633 79,608 43,801 279,949 Jan. 1,1922. 128,644 447,218 114,103 60,477 75,438 39,538 299,277 Jan. 1,1921. 179,760 634,237 155,391 81,386 118,125 84,754 313,144 Jan. 1, 1920. 160,108 535,459 164,719 88,443 110,555 78,644 280,024 5 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 38.-—FEDERAL RESERVE NOTES OF EACH DENOMINATION OUTSTANDING, HELD BY FEDERAL RESERVE AGENTS, AND ON HAND IN WASHINGTON, AS OP DECEMBER 31, 1922. [In thousands of dollars.] OUTSTANDING—NET AMOUNT ISSUED BY FEDERAL RESERVE AGENTS TO FEDERAL RESERVE BANKS. Federal reserve bank. Total. Fives. Tens. Twenties, j Fifties, j Hundreds. nun£reds. ;Tnousan<is- tho F us iv a e nds, thou T s e a n nds. Boston I 226,800 | 28,925 79,856 11,356 19,440 1,643 ! 3,916 315 New York ; 774,934 | 155,065 232,323 174,494^ 51,201 85,247 21,822 j 46,042 1,920 6,820 Philadelphia | 243,718 j 64,760 81,343, 31,857 17,543 994 | 3,361 0 0 Cleveland I 274,900 ! 35,837 51,902 110,922 53,165 17,116 2,135 j 3,178 185 460 Richmond 112,064 21,317 26,629 40,606 12,120 8,076 376 | 2,905 5 30 Atlanta 135,143 27,256 32,748 41,642 9,332 13,826 3,613 6,726 0 0 Chicago 470,603 73,242 130,049 181,237 37,181 30,475 6,106 | 10,328 1,985 0 St. Louis 113,038 24,859 30,561 42,048 6,975 5,271 1,116 i 1,863 165 180 Minneapolis 62,633 16,825 19,010 22,093 1,245 2,516 323 ; 621 0 0 Kansas City 79,608 19,206 17,731 31,957 3,322 5,443 795 I 1,154 0 0 Dallas 43,801 10,957 9,519 18,489 1,708 2,337 269 | 522 0 0 San Francisco. 279,949 43,370 47,900 105,236 15,321 32,941 3,271 | 10,760 9,390 11,760 Total I 2,817,191 500,719 744,121 | 929,923 234,783 240,231 42,463 ; 91,376 13,965 19,610 HELD BY FEDERAL RESERVE AGENTS. Boston 83,100 14,800 23,600 18,400 3,200 3,200 1,400 7,400 3,600 7,500 New York... 399,610 95,570 103,320 108,920 19,200 45,600 5,000 10,000 4,000 8,000 Philadelphia. 48,920 12,000 13,720 14,000 6,000 2,000 400 800 Cleveland 31,340 2,100 4,200 5,840 5,200 | 6,300 1,300 1,100 1,800 3,500 Richmond... 27,259 3,200 4,120 2,960 2,400 ' 5,950 1,069 1,625 1,985 3,950 Atlanta 75,959 11,730 12,460 15,277 7,898 12,381 6,865 9,348 Chicago 83,960 10,200 11,440 27,520 16,000 11,200 3,000 2,600 2,000 St. Louis 23,940 4,000 2,760 4,160 2,400 1,800 1,650 1,750 1,830 3,590 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 38.—FEDERAL RESERVE NOTES OF EACH DENOMINATION OUTSTANDING, HELD BY FEDERAL RESERVE AGENTS, AND ON HAND IN WASHINGTON, AS OF DECEMBER 31, 1922—Continued. [In thousands of dollars.] HELD BY FEDERAL RESERVE AGENTS—Continued. Federal reserve bank. Total. Fives. Tens. Twenties. Fifties. Hundreds. hun F d iv re e ds. Thousands. thou F s iv a e nds. thou T s e a n nds. Minneapolis 10,890 2,975 2,440 2,920 530 990 350 685 Kansas City 19,060 2,660 3,600 4,640 1,940 2,620 1,900 1,700 i Dallas. 16,929 4,570 4,260 5,230 562 790 391 1,126 San Francisco 53,470 6,500 9,600 8,000 4,800 4,400 3,400 4,000 4,580 8,190 Total 874,437 170,305 195,520 217,867 70,130 97,231 26,725 42,134 19,795 34,730 ON HAND IN WASHINGTON. Boston 106,200 8,200 8,000 I 20,400 16,400 4,400 4,800 22,000 10,000 12,000 New York 389,360 51,720 , 98,080 [ 102,160 16,400 20,400 10,200 30,400 20,000 40,000 Philadelphia.. 84,940 1,340 I 1,600 | 11,200 17,200 10,000 9,600 10,000 24,000 Cleveland 65,840 10,040 ! 14,880 ' 16,320 8,200 7,200 1,600 1,600 2,000 4,000 Richmond 153,400 19,960 ! 31,200 27,840 25,600 18,800 10,000 10,000 6,000 4,000 Atlanta 143,320 | 24,520 i 32,320 45,280 10,400 10,000 4,400 10,400 2,000 4,000 Chicago 279,600 j 49,000 | 58,840 97,760 14,800 21,200 8,000 8,000 10,000 12,000 St. Louis 123,720 33,320 | 31,200 29,600 3,200 6,400 4,000 4,000 4,000 8,000 Minneapolis 86,820 J 22,500 | 29,400 24,720 1,400 2,000 800 6,000 0 0 Kansas City.... 90,580 i 20,460 ] 21,560 21,360 5,400 4,800 5,000 12,000 0 0 W Dallas 98,220 I 19,780 | 26,520 20,320 3,400 4,000 2,200 4,000 6,000 12,000 o San Francisco. 159,240 I 34,080 32,640 60,320 7,000 8,000 3,600 1,600 4,000 8,000 Total.. 1,781,240 i 294,920 j 384,640 ' 467,680 123,400 124,400 64,600 119,600 74,000 128,000 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 39.—FEDERAL RESERVE AGENTS' STATEMENT OF FEDERAL RESERVE NOTE TRANSACTIONS FOR 1922. [In thousands of dollars.] RECEIVED EY FEDEEAL RESERVE AGENTS FROM COMPTROLLER OF THE CURRENCY. Federal reserve agent at— Total. Fives. Tens. Twenties. Fifties. Hundreds. hun F d iv re e ds. Thousands. tho F us iv a e nds. thou T s e a n nds. Boston .. . 122,600 24,800 58,000 25,600 3,000 8,000 1,200 2,000 New York 472,900 134,500 165,600 93,600 23,200 31,600 11,800 9,600 Philadelphia 178,920 45,200 56,440 57,280 16,000 2,800 1,200 Cleveland 175,300 34,100 38,840 71,760 27,000 2,800 400 400 Richmond. .. 74,240 22,000 19,000 24,640 5,400 2,400 800 Atlanta .. 72,000 26,800 23,440 19,360 1,200 1,200 Chicago 232,360 57,000 82 080 fi7 9«n 17,600 4,400 2,000 2,000 St. Louis 54,620 17,420 16 040 i« sftfl 2,200 400 Minneapolis . .. 36,440 13,280 11,280 10,480 600 800 Kansas City 54,240 17,120 10,920 16,000 2,600 3,600 2,000 2,000 Pallas ... 24,520 12,000 1,000 11,520 San Francisco . . 153,100 48,060 35,640 51,200 2,800 5,600 1,000 2,800 2,000 4,000 Total 1,651,240 452,280 518,280 467,280 104,600 63,600 18,400 20,800 2,000 4,000 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Minneapolis 43,361 14,810 14,405 12,750 425 735 66 170 Kansas City 45,180 15,460 10,760 15,360 1,350 1,550 300 400 Dallas . . 33,684 11,435 8,165 12,570 550 690 1 130 | 144 San Francisco 193,905 48,240 39,760 63,600 5,800 10,700 \ 1,400 | 6,800 7,325 10,280 Total 1,949,595 ' 507,890 583,790 577,310 122,465 82,805 | 19,196 | 38,469 7,380 10,290 RETURNED TO FEDERAL RESERVE AGENTS BY OR FOR THE ACCOUNT OF FEDERAL RESERVE BANKS. Boston 172,647 32,928 57,717 5,255 7,793 1,367 560 New York 512,014 102,901 179,995 135,064 28,584 36,482 7,997 20,326 620 Philadelphia... 171,012 40,922 49,875 49,311 23,032 6,446 283 1,143 IS Cleveland 156,009 28,503 31,857 59,586 26,384 7,680 593 1,071 205 130 Richmond 115,113 31,279 28,476 35,366 9,822 7,691 43 2,431 5 > Atlanta 92,281 23,841 24,021 27,730 5,011 6,008 1,872 3,798 F Chicago 305,755 60,212 90,048 122,311 19,240 8,532 1,154 2,253 2,005 W St. Louis 64,495 18,380 17,807 19,693 3,908 2,536 538 1,118 235 280 Minneapolis.... 41,205 12,812 12,910 13,536 563 895 78 411 Kansas City.... 41,010 11,953 10,307 15,812 1,049 1,491 176 222 Dallas 29,421 9,476 6,517 10,963 1,095 1,155 45 170 San Francisco.. 213,233 45,084 39,727 71,166 9,430 14,937 2,631 7,838 12,500 o Total... 1,914,195 418,291 558,128 618,255 133,373 101,646 15,809 42,148 12,455 14,090 H O CO Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 39.—FEDERAL RESERVE AGENTS' STATEMENT OF FEDERAL RESERVE NOTE TRANSACTIONS FOR 1922—Continued. O [In thousands of dollars.] 00 RETURNED BY FEDERAL RESERVE AGENTS TO COMPTROLLER FOR DESTRUCTION. Federal reserve agent at— Total. Fives. Tens. Twenties. Fifties. Hundreds. hu F nd iv re e, ds. Thousands. tho F us iv a e nds. thou T s e a n nds. Boston 132,997 24,718 50,328 44,837 4,655 6,594 1,367 60 New York... 439,013 69,901 159,995 | 115,064 28,584 36,481 7,997 20,326 620 Philadelphia. 159,552 38,922 46,916 | 49,311 16,532 6,446 282 1,143 o Cleveland 144,224 25,518 28,857 | 57,086 25,684 5,980 493 571 n Richmond... 77,492 20,884 25,106 6,872 4,141 42 1,606 Atlanta 61,043 19,490 17,201 19,164 2,365 2,328 172 323 o Chicago 277,055 56,712 83,048 107,311 19,240 8,532 954 1,253 St. Louis 57,805 17,560 | 16,927 18,173 3,008 1,536 188 368 40 Minneapolis.. 32,784 10,847 | 9,625 10,676 533 844 78 181 Kansas City.. 39,010 11,953 | 9,507 14,612 1,049 1,491 176 222 Dallas 23,453 8,291 4,802 8,423 927 905 45 60 San Francisco. 154,698 43,864 | 34,807 60,846 5,829 431 638 15 30 Total... 1,599,126 348,660 480,849 530,609 115,278 83,516 11,256 28,058 120 780 I ISSUED BY FEDERAL RESERVE AGENTS TO FEDERAL RESERVE BANKS. Boston 179,290 34,250 73,500 54,640 5,200 9,200 800 1,700 New York.. •470,200 146,520 163,040 84,240 19,000 28,000 11,800 17,600 Philadelphia 191,860 50,200 58,120 55,040 21,500 6,000 200 800 w Cleveland... 191,045 37,785 41,100 73,460 32,100 5,300 400 900 o Richmond.. 109,720 30,995 28,120 35,060 7,950 5,600 280 1,700 10 Atlanta 98,780 28,115 27,420 25,950 4,490 5,030 2,320 5,455 Chicago 329,140 70,620 101,480 125,040 20,800 7,600 1,200 2,400 St. Louis 63,430 19,460 17,920 19,600 3,300 2,400 300 400 50 i Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 40.—FEDERAL RESERVE NOTES OF EACH DENOMINATION ISSUED AND RETIRED BY FEDERAL RESERVE AGENTS DURING 1922, 1921, AND 1920, AND AMOUNTS OUTSTANDING DECEMBER 31, 1922, 1921, 1920, AND 1919. [In thousands of dollars.] 1922 1921 1920 Outstanding Dec. 31. Denomination. Issued. Retired. Issued. Retired. Issued. Retired. 1922 1921 1920 1919 $5 507,890 418,291 473,930 608,182 431,450 401,856 500,719 411,120 | 545,372 515,778 $10 583,790 558,128 654,842 907,888 568,800 566,580 744,121 718,459 | 971,505 969,285 o $20 577,310 618,255 661,485 1,099,340 779,060 590,996 929,923 970,868 | 1,408,723 1,220,659 $50 122,465 133,373 103,069 198,417 184,240 101,432 234,783 245,691 i 341,039 258,231 o $100.... 82,805 101,646 90,113 125,322 120,755 61,606 240,231 259,072 I 294,281 235,132 $500.... 19,196 15,809 15,791 16,873 27,214 8,211 42,463 39,076 ' 40,158 21,155 $1,000.. 38,469 42,148 31,807 47,015 78,905 26,976 91,376 95,055 I 110,263 58,334 $5,000.. 7,380 12,455 8,200 120 10,700 6,335 13,965 19,040 10,960 6,595 $10,000. 10,290 14,090 10,400 420 14,130 11,320 19,610 23,410 13,430 10,620 Total .1 1,949,595 1,914,195 2,049,637 3,003,577 2,215,254 1,775,312 2,817,191 2,781,791 3,735,731 3,295,789 ! No. 41.—INTERDISTRICT MOVEMENT OF FEDERAL RESERVE NOTES DURING 1922. w [In thousands of dollars.] w Total. Boston. New York. Philadelphia. Cleveland. Richmond. Received from or returned to w Federal reserve bank of— Received. Returned. Received. Returned. Received. Returned. Received. Returned. Received. Returned. Received. Returned. o Boston 63,377 64,842 43,459 47,975 5,687 3,876 2,788 2,184 2,927 1,865 New York 239,144 158,611 48,022 43,748 55,773 41,116 31,836 15,364 19,466 12,053 Philadelphia 72,009 96,951 3,876 5,682 41,116 55,449 10,276 14,467 8,770 10,134 Cleveland 75,402 85,647 2,177 2,778 15,393 31,836 14,453 10,247 8,716 6,064 Rip.hrnnnrl 38,818 50,539 1,867 2,331 12,085 19,255 10,112 8,778 6,074 8,696 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Atlanta ; 39,616 42,759 1,764 1,279 8,778 19,715 i 2,197 Chicago 87,201 136,697 3,532 4,267 19,342 39,507 \ 4,553 St. Louis 53,068 36,548 723 463 4,127 4,075 ! 1,238 Minneapolis ' 21,962 21,067 359 349 1,777 2,768 ; 375 Kansas City •. 32,038 28,287 525 379 2,790 3,003 | 679 Dallas 20,161 14,118 361 263 2,012 1,782 I 442 San Francisco 36,437 41,287 1,729 1,425 7,768 13,013 i 1,628 Total: 1922 779,233 777,353 62,964 238,378 | 97,137 1921 1,236,064 1,212,157 75,670 432,506 | 142,203 1920 1,176,551 1,176,154 89,584 358,604 I 121,209 I Atlanta. Chicago. St. Louis. Minneapolis. Kansas City. Dallas. San Francisco. Received from or returned to Federal reserve bank of— Re- Re- Re- Re- Re- Re- Re- Re- Re- Re- Re- Re- Re- Received. turned. ceived. turned. ceived. turned. ceived. turned. ceived. turned* ceived. turned. ceived. turned. Boston 1,287 1,769 4,302 3,517 470 720 377 361 380 535 254 359 1,446 1,681 New York 19,917 8,790 39,529 19,285 4,096 4,124 1,693 1,762 2,967 2,778 1,818 1,995 13,027 7,596 Philadelphia ...J 1,348 2,236 4,131 4,672 570 1,237 257 373 421 691 238 438 1,006 1,572 Cleveland j 2,334 3,781 24,107 18,944 3,968 6,183 811 949 1,260 1,662 546 754 1,637 2,449 ' Richmond 3,582 4,716 2,695 2,969 832 1,418 167 239 408 549 329 434 667 1,154 Atlanta 5,536 3,394 7,751 5,090 325 254 913 938 2,607 3,336 1,253 1,524 Chicago 3,332 5,551 9,945 23,650 1,683 11,918 6,543 10,202 1,260 2,261 7,115 8,584 St. Louis 5,119 7,753 23,650 9,930 776 568 5,629 4,511 2,333 2,472 1,863 1,415 Minneapolis i 257 317 11,991 9,731 571 793 1,730 2,184 175 276 3,526 3,410 Kansas City [ 914 946 10,207 6,746 4,511 5,712 2,150 1,697 2,528 3,466 5,519 4,253 Dallas 3,435 2,663 2,194 1,283 2,494 2,355 267 175 3,515 2,588 4,243 1,891 San Francisco 1,549 1,256 8,815 7,122 1,459 1,853 3,429 3,502 4,334 5,519 2,002 4,295 Total: 1922 43,074 39,778 137,157 87,593 ! 36,667 53,135 20,935 21,798 28,100 32,157 14,090 20,086 41,302 35,529 1921 j 88,526 69,352 209,489 123,014 I 61,726 | 79,628 32,679 32,635 51,764 45,392 35,298 33,324 58,294 54,302 1920 1 69,715 63,337 197,571 139,230 I 59,594 j 95,670 42,785 29,274 56,643 51,465 44,205 32,783 52,627 59,592 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANK NOTES. No. 42.—FEDERAL RESERVE BANK NOTES OF EACH DENOMINATION ISSUED AND REDEEMED BY COMPTROLLER OF THE CURRENCY DURING 1922, AND AMOUNT OUTSTANDING ON DECEMBER 31, 1922. [In thousands of dollars.] ISSUED. Federal reserve bank. Total. Ones. Twos. Fives. Tens. Twenties. Fifties. Boston 2,040 0 2,040 0 ] w New York 5,044 2,644 2,400 0 | w Philadelphia... •2,596 1,364 232 1,000 ! 8 Cleveland 1,460 0 0 1,460 \ Richmond 3,236 980 | ! 2,256 ; 0 Atlanta 3,284 636 288 ! 0 \ 1,280 | Chicago 3,952 3,848 104 0 o! St. Louis 2,828 2,828 0 0 o! Minneapolis... 1,344 916 408 ; 20 o! Kansas City... 5,296 1,252 544 3,500 o ; Dallas 2,572 2,068 184 320 0 ; San Francisco. 676 676 0 0 0 Total. 34,328 17,212 8,456 ! 6,300 | 1,080 1,280 j REDEEMED. Boston 10,089 4,045 j 6,006 38 0 0 0 New York 31,655 | 14,937 I 8,274 7,990 454 0 0 W Philadelphia.. 9,540 j 5,551 3,176 813 0 0 0 o Cleveland 7,927 j 5,376 949 1,602 o 0 0 w Richmond 4,257 ! 3,116 1,141 o o 0 0 p Atlanta....... 7,026 | 3,638 664 1,571 767 386 0 Chicago 9,509 | 5,488 2,740 886 246 149 0 St. Louis 4,938 ! 3,711 698 402 24 50 53 Minneapolis.. 3,720 j 2,917 245 558 0 0 0 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Kansas City... 10,500 I 4,239 756 I 5,239 97 | Dallas 2,887 I 1,803 174 ! 481 257 | 172 San Francisco. 5,036 j 3,982 56 0 I 0 Total. 107,084 25,821 19,636 1,845 53 OUTSTANDING. Boston 1,819 1,088 | 32 0 j 0 0 New York 7,679 4,201 2,176 ; 1,111 191 | °! 0 ^a Philadelphia... 2,737 1,498 900 | 339 0 I 0 o Cleveland 2,966 1,154 260 | 1,552 0 ! 0 { 0 Richmond 2,535 915 1,620 | 0 0 | 0 ] 0 Atlanta 4,404 938 378 ! 420 1,102 j 0 i 0 Chicago 6,349 4,327 1,164 i 418 219 ; 1,566 | 0 St. Louis 2,702 2,152 180 I 190 37 \ 221 I 72 Minneapolis... 1,962 1,244 528 i 190 0 i 71° |j 0 Kansas City... 6,233 1,539 794 I 3,375 189 | 336 j 0 Dallas 2,631 1,739 276 | 258 144 I 214 | 0 San Francisco. 1,897 1,264 568 j 65 0 I 0 | 0 > Total. 43,914 21,670 9,932 j 7,950 1,882 ! 2,408 } 72 RECAPITULATION. Outstanding Dec 31, 1921 116,670 63,261 27,297 21,286 2,647 2,054 125 Issued to bank during 1922 , 34,328 17,212 8,456 6,300 1,080 1,280 0 Total • 150,998 80,473 35,753 27,586 3,727 3,334 125 Redeemed during 1922 107,084 58,803 25,821 19,636 1,845 926 53 Outstanding Dec. 31,1922 43,914 21,670 9,932 7,950 1,882 2,408 72 NOTE.—At the end of 1922 all Federal reserve banks except Chicago, Kansas City, and Dallas had extinguished their liability on outstanding Federal reserve bank notes by depositing lawful money with the United States Treasurer to provide for their retirement. The liability of the three banks mentioned above on Federal reserve bank notes outstanding was $1,170,300, $2,575,000, and $893,484, respectively. Co Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENCY RECEIPTS AND PAYMENTS. No, 43.—CURRENCY (PAPER AND COIN) RECEIVED FROM AND PAID TO MEMBER AND NONMEMBER BANKS, BY MONTHS, DURING 1922. [In thousands of dollars.] Boston. New York. Philadelphia. Cleveland. Richmond. Atlanta. Chicago. Month. Receipts. m P e a n y ts. Receipts. m P e a n y t . s. Receipts. m P e a n y t - s. Receipts. m P e a n y t - s. Receipts. m P e a n y t - s. Receipts. m P e a n y t - s. Receipts. on January 72,516 53,065 231,629 145,443 60,273 39,581 55,966 23,325 23,314 12,368 34,309 15,280 103,144 69,646 February.. 60,110 65,554 156,571 166,821 44,515 52,729 35,276 35,623 16,205 15,140 23,750 17,536 66,227 73,445 March 71,507 76,348 187,729 190,956 52,132 55,769 39,182 37,227 19,004 18,258 27,132 22,150 80,133 87,292 o April 72,364 68,911 186,927 168,600 53,999 50,744 39,238 40,008 20,537 18,508 22,695 20,910 86,020 83,843 May 79,804 81,232 193,487 194,172 53,774 46,007 42,982 36,097 22,254 18,400 24,890 26,554 87,605 87,281 June 82,961 86,134 204,407 202,406 52,457 52,875 44,675 40,792 23,587 23,064 24,337 21,751 91,263 94,060 July 82,042 80,127 213,285 183,258 54,476 52,344 41,069 37,429 22,419 20,659 21,941 19,971 87,143 88,069 August 84,625 94,607 202,510 208,288 57,399 62,635 39,863 46,881 23,184 25,877 21,782 23,432 86,475 98,393 September. 84,431 89,357 187,223 | 200,955 51,858 67,127 38,403 56,265 22,714 | 33,326 21,492 34,019 87,437 97,749 October.... 92,258 87,260 204,320 | 213,240 59,225 73,375 50,628 53,787 27,161 31,958 25,870 26,067 97,817 101,625 November. 87,136 88,018 200,705 | 210,539 58,629 75,177 53,152 60,303 28,213 28,371 26,265 24,329 97,069 107,359 December.. 100, 776 107,172 237,297 I 280,529 74,855 89,042 74,228 35,020 | 35,714 34,494 32,749 119,349 136,266 Total: 1922.. 970,530 977,785 2,406,090 |2,365,207 673,592 717,405 549,327 541,965 283,612 281,643 308,957 284,748 1,089,682 1,125,028 1921.. 756,523 702,367 2,515,651 J2,015,239 691,241 646,539 603,567 461,752 264,805 244,779 340,735 264,564 1,047,915 931,060 1920. 698,979 688,624 2,236,142 2,093,745 570,094 643,266 579,048 657,982 194,500 243,979 335,485 288,976 971,684 1,037,095 lO Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

St. Louis. Minneapolis. Kansas City. Dallas. San Francisco. Total, 1922. Total, 1021. Total, 1920. Month. ce R i e p - ts. m P e a n y t - s. ce R i e p - ts. m P e a n y t - s. ce R i e p - ts. m P e a n y t - s. ce R i e p - ts. m P e a n y t - s. ce R i e p - ts. m P e a n y t - s f Receipts. m P e a n y t - s. Receipts. m P e a n y t - s. Receipts. m P e a n y t - s. January 40,213 25,220 11,113 5,443 19,510 10,260 16,644 5,919 55,391 34,542 724,022 440,092 746,527 420,006 582,665 367,344 February 30,351 29,479 7,795 6,170 14,003 11,101 13,033 7,151 34,846 27,265 502,682 508,014 516,914 486,322 358,592 534,140 March 36,611 32,469 9,056 7,471 17,192 17,223 13,833 8,709 46,080 34,073 599,591 587,945 689,808 520,714 489,833 525,083 April.. 35,881 29,649 9,063 9,245 16,148 12,751 12,296 8,007 42,646 38,603 597,814 549,779 617,643 552,132 516,386 570,205 May 37,066 31,007 10,807 8,498 17,630 13,214 12,707 8,514 49,485 43,950 632,491 594,926 630,827 511,509 502,884 523,841 June 36,367 32,030 10,986 8,051 18,950 15,434 13,650 9,574 44,299 39,705 647,939 625,876 674,061 534,617 577,487 566,908 July 32,508 30,730 9,738 8,631 16,576 15,935 12,037 10,490 46,815 41,065 640,049 588,708 662,570 538,019 615,209 569,952 August 32,991 31,579 9,711 9,103 17,383 16,240 11,095 14,947 40,700 39,232 627,718 671,214 635,134 521,651 546,511 608,553 September 34,349 39,818 9,327 12,528 17,018 20,768 10,519 21,837 39,046 44,862 603,817 718,611 611,618 581, 973 592,837 667,672 October I 39,391 47,045 9,629 9,052 18,744 18,319 14,662 13,198 41,837 39,136 681,542 714,062 616,046 537,620 601,229 659,368 I November 40,269 38,965 5,991 10,554 18,609 17,010 16,239 9,910 41,794 37,818 674,071 708,353 629,965 547,580 651,263 578,611 December 49,162 45,529 10,239 12,419 21,768 21,671 17,917 13,112 53,512 73,059 823,282 921,490 724,837 739,151 781,553 722,729 Total: 1922 445,159 413,520 113,455 107,165 213,531 189,926 164,632 131,368 536,451 493,310 7,755,018 7,629,070 1921 468,162 365,704 133,040 90,316 216,438 154,473 203,490 108,520 514,403 505,981 7,755.970 6,491,294 1920 443,427 370,335 64,860 78,995 184,098 165,849 159,382 126,741 378,750 498,819 6,816,449 6,894,406 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DISCOUNT AND OPEN-MARKET OPERATIONS OF FEDERAL RESERVE BANKS. No. 44,—VOLUME OF DISCOUNT AND OPEN-MARKET OPERATIONS OP EACH FEDERAL RESERVE BANK DURING 1922, DISTRIBUTED BY CLASSES. [In thousands of dollars.] Bills discounted for member banks. i | Accept o a p n e c n e s m p a u r r k c e h t a . sed in United States securities purchased. Municipal I Total (all Agri- war- Federal reserve bank. Total. c M o n b l e l o a a m t n t e e b k s r e . a r l c n R p o . a u e e p d n . e i t s s e r - . , d cu s l a t i l o v t n u c d e r k - al a B c e a c r e n s p ' k t - - a a T c n r c c a e e d p s e t . - Total. B e a rs n '. k- Trade. Total. Bonds. t V o i r c y - notes. c i e C n a d e d t n r e e t e s i b s f o s i t - - . f c r h p a a u n s r t e - s d. paper. B oston 2,733,851 2,262,087 700,476 1,556,053 4,371 1,187 261,691 261,691 210,073 8 8,223 20,906 180,936 New York 12,985,522 9,206,364 7,670,632 1,518,975 8,041 192 8,523 871,433 865,925 5,508 2,907,725 32,711 201,934 561,690 2,111,390 Philadelphia | 2,750,518 2,450,843 1,752,589! 693,979 3,50! 767 137,122 136,899 223 162,451 1,667 10,109 26,903 123,772| 102 Cleveland | 1,832,763 1,523,346 1,079,374 424,941 4,450 700 13,881 95,551 95,422 129 213,866 45 16,676 14,215 182,930 Richmond 1,465,1271,424,567 1,200,043 176,307 42,678 5,539 8,460 8,460 32,100 100 32,000' Atlanta 546,954 489,930 186,223 249,231 49,734 4,742 46,429 46,429 10,587 4,845 711 649 4,382J Chicago 2,431,2271,581,004 990,517 483,715 105,376 75 1,321 253,464 253,464 596,759 1,470 36,301 120,427 438,561 St. Louis 1,044,836 865,856 655,297 172,115 32,803 1,459 4,182 33,736 33,736 145,244 6,725 6,227 9,962 122,330 Minneapolis 273,513 193,014 99,850 46,040 46,951 173 80,433 5,247 6,812 30,313 38,061 66 Kansas City 414,990 328,019 204,368 64,088 59,475 1,849 1,1 85,122 649 16,836 23,813 43,824 Dallas 273,560 222,557 92,602 58,042 71,112 107 33,153 33,153 17, 850 186 975 16,689 Ban Francisco 1,917,737 1,535,300 1,051,512 440,465 39,265 3,175 211,800 211,351 449 170,637 10,100 17,564 35,167 107,806 Total: 1922.. 28,670,598 22,082,88715,683,483 5,883,951 467,765 3,416 44,272 1,954,688 1,948,379 6,309 4,632,847 63,467 321,579| 845,1203,402,681 176 1921.. 63,141,608 57,759,128 31,222299,,142 25,502,115 841,832 57,095 128,944 1,534,401 1,527,235 7,166 3,847,094 17,732 20,800J 65,8983,742,664 985 1920.. 96,527,548 85,320,874 55,565,447 29,376,108 187,162 192,1573,218,364 3,143,737 74,627 7,988,310 323 7,987,978 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 45.—VOLUME OF DISCOUNT AND OPEN-MARKET OPERATIONS, BY MONTHS, DURING 1922, DISTRIBUTED BY CLASSES. [In thousands of dollars.] Bills discounted for member banks. Accept o a p n e c n e s m p a u r r k c e h t a . sed in United States securities purchased. 1 Muni- IO cipal CO Month. Total (all Total. S I j : c M o n b l e o l a m a t n e t b k e s e r . a r l c n R o . u e e d n . i t s s e - . d j j i c s u a t l o r tu i c d k r a lj i | a B n e a c r n e s k s. - i } Trade | Total. B e a rs n '. k- i Trade. Total. n t V o o t i r c e y - s. T n u o re r te a y s s . - c i e C n a d e d t n r e e t e s i b s f o s i t - - f . c r h w p a a u n a s r r t e - - s d. Wa o j paper, j > January 2,652,595 2,345,365 1, 902 594,4761 51,341 873| 5,773| 103,910 103,794| 116 203,260 1,012 54,376 6,771 141,101; 60 February j 2,524,758; 2,080,372 1,294,028 747,921 34,477 92! 3,8541 139,022 323 305,313 4,277 •51,092 114,884 135,060; 51 March \ 2,616,261 1,753,098 1,050,184J 653,130J 45,312 124J 4,348! 144,352 143,935 417 718,811 15,044 42,266 99,387 562,114 April \ 1,666,618 1,308,055! 898,646! 360,168| 45,5051 289| 3,447 i 95,724 95,520 204 262,839 16,130 31,662 58, 803 156,244 May 1,384,724| 1,113,9301 759,020j 305,1991 45,99SJ 157| 3,5561 150,607! 150,607 120,187] 2,170 9,792 20,948 87,277] June 2,135,173| 1,159,318| 819,507; 294,538J 41,91lj lloj 3,247j 175, 4931 174,683 810 800,362) 2,825 33,705 110,368 653,464; July 1,606,899! l,317,602| 952,114] 326,157 36,379J j 158,758; 158,229 529 130,530) 595 14,113 37,761 78,061 j 9 August 1,471,469J 1,094,307! 753,96V | 305,502 32,428J 8i 2,4021 185,208J 184,8291 379 191,9361 1,276 19,058 70,562 101,040! 18 September. 1,920,587 1,267,35SJ 826,628 407,089] 30,63l| • 33; 2,977| 217,053| 215,644j l,409J 436,176 915 27,212 92,845 315,204 October 2,825,699 2,172,114J 1,517,153 613,815j 37,511 j 515| 3,120| 206,6171 205,848| 769 446,956 16,690 28,435 89,866 311,965 12 November.. 3,400,191 3,155,775 2,428,437 688,006! 33,801 j 1,007! 4,524j 175,378 174,464| 914 69,035 924 5,003 45,455 I7,653j 3 December.. 4,465, 624 3,315,593 2, 587,950! 32,471 U2J 4,133| 202,566 202,127 439 947,442 1,609 4,865 97,470 843,498J Total. 28,670,598 22,082,887 15,683,483 5,883,951 467,765 3,416! 44,272| 1,954,688 1,948,379 6,309 4,632,847 63,467321,5j9 845,120 3,402,681; 176 § Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 46.—VOLUME OF DISCOUNT AND OPEN-MARKET OPERATIONS OF EACH FEDERAL RESERVE BANK, BY MONTHS, DURIIN'G 1922. [hi thousands of dollars.] 00 Total. Federal reserve bank. January. February. March. April. May. June. July. August, j October. 1922 1921 1920 Boston.. 191,714; 325,952 304,764; 167,170; 129,425- 163,809; 129,7351 184,130 202,769; 267,172j 365,231 301,980!2,733,851 4,864,778 5,734,164 New York ; 1,102,997 1,026,459j 1, 074,055| 641,050! 414,737| 971,945; 788,744; 520,361 844,511j 1,497,235/ 1,811,993 2,291,43512^985,522 34,239,667 56,518,319 Philadelphia ! 265,135 254,008 263,529| 197,71l| 197,571) 221,492' 172,636J 184,277 174,425! 218,965; 258,136 342,633 2,750,518 162,580 6,218,922 t Cleveland 195,952 192,206j 159,5*17 123,480j liO,46S| 163; 138 91,608; 112,868 106,431! 124,971; 205,318| 216,716 1,832,763 655,555 4,068,861 o Richmond 205,840 159,6221 167,680 88,619| 72,719! 72,185 57,456; 45,487 76,416 m,459| 150,947| 255,697 1,465,127 812,016 3,482,035 Atlanta \ 83,174 62,89o| 55,899J 42,518! 31,095j 28,776^ 25,2911 21,483 42,414 52,765! 49,8231 50,826 546,954 688,938 2,290,420 Chicago 244,003 195,692! 204,015; 166,84l| 146,747 182,778 106,017! 148,930 181,859 218,640J 214,084 421,621 2,431,227 538,442 7,498,467 St.Louis ; 75,951 65,61"-0 50,454| 61,662j 74,127 126,244 63,407J 53,871 70,073 79,702| 116,022! 207,713 1,044,836 674,828 2,548,548 Minneapolis 26,080 20,712 25,890| 20,477| 23,785! 29,459; 16,177| 18,760 22,685 20,626 14,866| 33,996J 273,513 736,603 1,113,147 Kansas City 46,254! 48,225 45,558J 27,361' 18,770 32,619| 14,6411 9,550 20,286| 32,618 37,443( 81,665| 414,990 960,337 1,813,195 Dallas 39,196 23,661 28,1011 19,180J 16,533| 20,811] 17,311 18,827; 18,817 32,584 20,804) 17,735j 273,560 776,261 1,465,232 San Francisco 176,299 149,721 236,799) 110,549; 118,747 121,9171 123,786 152,925; 159,901 167,962 155,524) 243,607 1,917,737 031,603 3,776,238 Total: 1922......; 2,652,595 2,524,758 2,616,26l| 1,666,618 1,384,724 2,135,173 1,606,899 l,471,469j 1,920,587 2,825,699 3,400,191 4,465,624 28,670,598 1921......I 8,654,134 8,309,185 7,967,010| 5,084,648 5,040, 858 4,799,534 3,847,005 3,663,163 3,650,263 3,729,581 3,525,792 4,870,435 63,141,608 1920...... \ 7,186,317 7,122,048 8,770,100; 7,474,478 6,452,944 7,800,839! 7,518,907! 8,366,5711 8,447,267 8,013,276 8,715,06110,1,659,740 96,527,548 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No, 47. -VOLUME OF BILLS DISCOUNTED, BY MONTHS, DURING 1922. [In thousands of dollars.] Total reduced to a commoin maturity basis .i Federal reserve bank. January. February. March. April. May. ; June. \ July. [ August. &eJ^ul" October. I ^u Total, ber. s Per cent Amount. of total. O o Boston 148,729 301,209 283,800j 133,787; 103,477! 82,739! 109, 890i 143,429; 154,775 230,6911 330,81l| 238,750] 2,262,087j 1,525,916 6.9 Hi New York 945,228 745,682; 482,866' 453,642J 277,365| 345,164! 617,9361 344,202; 391,410 1,046,396]l,703,058i 1,853,415 9,206,364| 3,853,60S- J7.4 Philadelphia 246,117 235,473! 233,034] 180, 663J 184,306j 186,639; 150,347] 164,513J 166,726 204,683] 251,390; 246,952 2,450,843! 1,794,6711 8.1 Cleveland , 184,603 170,634! 104,703! 106,7321 121,409 121,960! 84,485! 93,708! 93, 866 109,091! 179,573; 152,582 1,523,346! 1,668,720* 7.6 Richmond 204,742 158,108^ 166,654J 88,170J 72,364 71,672/ 57,196| 45,153; 75,708 Ill, 12l| 150,202; 223,477; 1,424,567: 1,588,240; 7,2 Atlanta SO, 779 61,374) 52,98l| 40,328: 27,286| 21, 845J 23,4571 19, 020; 35,792 39,312| 45,777i 41,979; 489,93C!1,652,739; 7.5 Chicago ...j 186,180 141,037; 147,020 107,930! 97,450| 93,23*1 68,437 86,920! 109, 233 160,892! 188,976] 193,691? 1,581,004J 3,997,110' IS. 1 St. Louis ...| 74,528 54,2341 41,019| 56,597; 65,439 90,923; 57,330 43,899^ 69,051 72,16$ 108,449J 132,224; 865, 856 l,265,612i 5.7 Minneapolis. ...j 25,324 17,667: 14,580; 14,729; 20,891 21,28si 12,120 11,8631 11,689 14,3361 12,536j 15,991' 193,014 857,669: 3.9 Kansas City. ...i 46,220 32,62oi 29,199; 22,257; 18,737j 14,393 14,350 9,445; 19,574 29,831; 36,629; 54,7591 328,019 1,055,107! 4.8 Dallas ...| 38,793 23,66l| 21,650 19,130 15,830| 16,82oj 16,306 17,769 14,550 13,076' 13,472J 11,495| 222,557i 1,015,388; 4.6 San Francisco \ 164,122 138,668J 175,592' 84,090| 109,376 92,632! 105,748 114,386; 124,984 140,522! 134,902i 150,278; 1,535,300 1,808,107; H O Total: 1922 2,345,365 2,080,372j 1,753,098; 1,308,055! 1,113,930 1,159,318 1,317,602 1,094,307; 1,267,358; 2,172,114] 3,155,775| 3,315,593-22,082,887 22,082,887i 100.0 1924 8,258,163 8,120,849 7,368,268; 4,912,652; 4,253,864 3,674,977 3,735,078 3,513,063; 3,033,109^ 3,489,268 3,231,271 4,168,566j 57,759,128 L 1920 6, 241,271 6,517,439 6,970,33li 6,229,740' 6,135,984 6,336,6*2 6,714,924 7,982,524J 7,298,972! 7,548,456 7,882,933 9, 461,658J85,320, 874^ |. > o 1 Total discounts multiplied by ratio of average maturity of bills discounted by each bank to average maturity (12.14) {or system. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 48.—NUMBER OF BANKS IN EACH DISTRICT ACCOMMODATED THROUGH DISCOUNT OPERATIONS, BY MONTHS, DURING 1922. Fed d er is a t l ri r c e t s . erve January. F a e r b y r . u- March. April. May. June. July. August. Se b p e t r e . m- October. No b v e e r. m- De b c e e r m . - T 19 o 2 t 2 a . l . T 19 o 2 t 1 a . l T 19 o 2 t 0 a . l B oston 231 207 227 228 206 205 182 171 160 165 230 233 330 341 342 r! New York 356 333 350 343 351 328 289 256 264 295 341 370 544 531 536 r Philadelphia 402 401 382 369 371 347 321 304 300 304 338 365 538 509 484 £ Cleveland 376 355 343 343 351 331 307 283 278 282 311 327 540 509 450 Richmond 395 375 398 387 370 sm 347 328 328 322 289 288 491 494 437 P Atlanta .... *... 364 355 340 336 323 300 284 288 298 303 230 237 353 444 372 5 Chicago 937 889 791 774 763 754 732 712 715 774 788 742 1,129 1,191 c St. Louis 320 298 287 278 277 249 241 252 271 260 211 221 400 390 1,124 ft Minneapolis 500 372 380 400 412 415 323 336 288 314 350 343 706 765 378064 C^ Kansas Citv 567 453 441 443 429 381 303 292 316 327 330 297 733 920 826 Dallas 536 468 430 512 444 431 498 485 425 175 175 181 661 704 702 £ San Francisco 366 341 332 325 339 339 340 335 301 272 266 269 531 617 578 ~ Total- 1922 5 350 4,847 4,701 4,738 4,636 4,436 4,167 4,042 3,944 3,793 3,859 3,873 6 956 1921 5,293 5,107 5,320 5,568 5,632 5, 745 5,607 5,453 5,427 5,572 5,622 5,676 ... 7,415 O 1920 3,461 3,338 3,670 4,175 4,642 4,948 4,858 4,780 4,758 4,952 5, 275 5,551 6,941 W 2 2 > Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

o. 49,— VOLUME OF BILLS DISCOUNTED, BY STATES; NUMBER OF MEMBER BANKS IN EACH STATE, AND NUMBER ACCOMMODATED THROUGH DISCOUNT OPERATIONS, 1922, 1921,, AND 1920. [Amounts in thousands of dollars] i Number of member banks on Dec. 31. Number accommodated during— j Total amount of paper discounted. 1922 1921 1920 1922 1921 1920 1922 1921 1920 O United States.. 9,916 9,841 I J 9,628 j 6, 956 j 7,415 6,941 ! 22,082,887 57,759,128 ; 85,320,874 d H Geographic divisions: New England 354 2,276,633 4,488,110] 4,960,412 Middle Atlantic 1,134 12,422,245 36,492,572 j 57,985,933 East North Central.. 1,130 2,156,040 4,906,757 j 6,736,742 O West North Central. 1,430 749,919 2,573,793 j 4, 274,116 South Atlantic 646 1,651,636 | 3,356,492 ! 4,059,915 East South Central.. 273 680,626 | 1,215,695 ! 1,656,772 West South Central.. 1,037 477, 098 i 1,632,417 \ 2,345,534 Mountain 549 426,817 I 790,360 I 836,761 Pacific 388 1,241,873 I 2,302,932 j 2,464,689 New England: Maine 63 | 63 66 \ 41 40 , 38 42,621 52,765 | 50,294 New Hampshire 56j 56; 55 • 43 \ 46 45 \ 40,246 48,790 j 49,932 Vermont 48 49 49 j 34 | 36 j 40 | 21,409 26,739 | 30,253 Massachusetts 185 I 192 189 | 164 i 166 | 160 |2,068,564 4,170,612 4,554,280 Rhode Island 20 j 20 20 ; 11 ' 13 16 | 16,392 20,649 41,954 Connecticut 67 | 69 71 46 \ 51 55 87,401 168,555 i 233,699 Middle Atlantic: New York 603 | 602 \ 595 ; 408 398 ' 404 8,837,014 | 30,228,160 49,805,621 New Jersey 282 | 272 260 j 198 ; 188 | 182 506,559 j 727,867 j 888,470 Pennsylvania 935 ; 922; 911 630 i 592 548 3,078,672. 5,536,545! 7,291,842 i Exclusive of one member bank in Alaska. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 49.—VOLUME OF BILLS DISCOUNTED, BY STATES; NUMBER OF MEMBER BANKS IN EACH STATE AND NUMBER ACCOMMODATED THROUGH fcO DISCOUNT OPERATIONS, 1922, 1921, AND 3920—Continued. to [Amounts in thousands of dollars.] Number of member banks on Dec. 31. Number accommodated during— Total amount of paper discounted. i 1922 1921 1920 1922 j 1921 1920 1922 1921 1920 Kast North Central: ! Ohio 457 463 459 307 i 291 260 669,974 1,215,924 1,062,757 Indiana. 274 275 275 185 i 193 ; 185! 157,255 303,207 411,878 Illinois 591 585 566 390 1 402 \ 380 694,581 1,782,989 3,105,257 Michigan» 283| 282 272 212 I 217 188 540,791 1,295,999 1,749,911 O Wisconsin 190 190 I 188 127 ! 137; 117 93,439 308,638 406,939 West North Central: Minnesota 377, 375 368 222 254 I 242 97,457 474,581 734,318 Iowa 459 459 459 400 | 429 j 424 198,467 635,256 H23,605 Missouri 181 172 169 126 ! 120 1 127 290,008 1,044,637 2,095,090 W North Dakota 188 188 ! 187 145 | 152 j 144 20,768 65,304 55,649 South Dakota... 153 155 j 152 127 \ 145 | 130 27,885 93,325 82,986 W Nebraska 198 202 ; 210 146 I 169 | 192 85,134 175,230 356,931 Kansas..... 274 275 I 271 138-' 211 | 171 30,200 85,460 125,537 South Atlantic: W Delaware 22 22 ; 22 19 i 20 | 20 16,731 38,614 ; 43,016 Maryland 94 97 98 72 i 76] 70 269,905 569,550 | 830,265 District of Columbia. 15 16 16 11 10 10 284,791 99,228 | 124,352 ft Virginia 192 190 185 150 146 j 140 526,888 1,428,846 \ 1,737,538 W West Virginia 140 136 | 132 89 78 1 45 124,432 123,204 \ 75,972 o> North Carolina 104 103 ; 97 85 ; 96 j 85 131,470 311,828 i 303,320 b South Carolina 104 100 98 96 '• 98 | 96 102,574 253,535 ; 304,961 Georgia 188 173 139 142 168 i 134 157,386 \ 422,646 540,167 Florida 78 72 65 39 58 1 46 37,459 i 109,041 , 100,324 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

East South Central. Kentucky i 14S 145 144 80 84 80 446,59} 396,523 475,954 Tennessee j 119 j 115 111 65 88 \ 72 150,536 615,489 986,790 Alabama ; 133 ! 130 121 83 105 \ 95 61,382 148,350 144,048 Mississippi 40 36 33 32 30 26 22,117 55,333 49,980 West South Central: Arkansas 122 119 114 95 103 j 94 74,450 186,439 204,422 Louisiana 4© 51 53 37 50 ! 45 153,952 511,488 672,361 m Oklahoma 462 400 380 312 360 ; 294 56,677 239,655 267,739 Texas 747 749 737 561 607 l 604 192,019 694,835 1,201,012 c Mountain: Montana i 189 I 200 200 165 165 j 151 28,370 65,531 52,344 H Idaho ! 120 j 127 129 102 122 112 211,076 227,461 186,543 > Wyoming 51 j 51 50 35 39 ! 35 8,955 28,863 25,666 Colorado 148 j 146 145 99 105 ; 114 77,258 141,255 222,453 os Nevr Mexico 51 \ 57 56 47 52 50 14,471 28,151 30,723 Arizona 26 j 25 25 23 24 22 17,758 33,709 21,407 ft Utah.. • 55 I 65 64 49 62 61 68,666 263,152 295,679 k Nevada 11 \ 11 11 3 5 4 263 2,238 1,946 Pacific: Washington ' 164 150 146 104 110 107 75,274 234,339 339,012 Oregon 135 \ 134 119 75 86 79 59,387 144,940 214,358 H California 325 i 355 346 186 218 202 1,107,212 1,923,647 1,911,319 O i c to Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 50.—VOLUME OP BILLS DISCOUNTED FOR NATIONAL BANKS AND FOR STATE BANKS AND TRUST COMPANY MEMBERS OF THE FEDERAL RESERVE to SYSTEM DURING 1922, 1921, AND 1920. [In thousands of dollars.] Total. Discounted for national banks. Discounted f p o a r n S y t a m te e b m a b nk e r a s. n d trust com- ^ ^ Federal reserve bank. 1922 1921 1920 1922 1921 1920 1922 1921 1920 [H Boston 2,262,087 4,454,760 4,876,556 1,732,039 3,596,012 3,903,570 530,048 858,748 972,986 ^ New York 9,206,364 30,768,990 50,539,429 7,231,941 23,572,551 42,514,279 1,974,423 7,196,439 8,025,150 g Philadelphia.. 2,450,843 3,872,367 5,820,258 1,940,277 3,096,820 4,985,343 510,566 775,547 834,915 H Cleveland 1,523,346 3,218,833 2,895,670 940,014 1,431,026 1,759,446 583,332 1,787,807 1,136,224 Q Richmond 1,424,567 2,749,671 3,346,322 1,272,000 2,478,801 3,119,260 152,567 270,870 227,062 ^ Atlanta 489,930 1,647,255 2,231,946 290,808 1,080,731 1,520,311 199,122 566,524 -711,635 H Chicago 1,581,004 4,168,477 6,305,492 979,373 2,821,976 4,335,290 601,631 1,346,501 1,970,202 W St. Louis 865,856 1,609,024 2,438,041 632,877 1,005,416 1,689,278 232,979 603,608 748,763 Minneapolis... 193,014 730,662 953,392 162,458 654,869 887,148 30,556 75,793 66,244 £3 Kansas City... 328,019 944,074 1,667,943 280,273 787,229 1,474,277 47,746 156,845 193,666 O Dallas 222,557 771,997 1,280,178 189,187 653,382 1,150,000 33,370 118,615 130,178 W San Francisco. 1,535,300 2,823,018 2,965,647 971,337 1,549,496 1,949,15© 563,963 1,273,522 1,016,497 [H Total ! 2222,,008822,,888877 57,759,128 85,320, 874 16,622,584 42,728,309 69,287,352 5,460,303 15,030,819 16,033,522 g in No. 51.—VOLUME OF BILLS DISCOUNTED DURING 1922, BY RATES OF DISCOUNT CHARGED. [In thousands of dollars.) w Federal reserve bank. i 4 per cent, j 4} per cent, j 5 per cent, j 5i per cent. Total. Boston 1,239,157 ; 1,022,930 !.'.. 2,262,087 New York.... 6,166,315 ! 3,040,049 j... 9,206,364 Philadelphia.. 2,450,843 !... 2,450,843 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Ciereland 1,263,354 259,992 1,523,346 Richmond 855,530 569,037 1,424,567 Atlanta 327,389 162,541 Chicago 1,166,440 | 414,564 1, 581,004 St. Louis 690,443 175,413 865,856 Minneapolis... 60,690 124,475 7,849 193,014 Kansas City... 147,088 180,931 328, Oio Dallas 80,301 129,297 12,959 222,557 W San Francisco. 747,721 ; 694,527 93,052 1,535,300 O O Total. 8,153,193 ! 11,799; 584 j 2,109,302 20,808 i 22,082,887 d No, 52. —VOLUME OF BILLS DISCOUNTED EACH MONTH IN 1922, BY RATES OF DISCOUNT CHARGED. [In thousands of dollars.] Month. | 4 per cent. j 4^ per cent, j 5 per cent- j 51 per cent Total. January 1,411,144 \ 913,413 20,808 345,365 February.. 1,516,278 | 564,094 080,372 March 1,372,260 i 380,838 753,098 H April 1,206,775 : 101,280 308,055 May 1,058,471 | 55,459 113,930 O .Tune 240,708 ! 866,104 I 52,506 159,318 July 810,475 474,290 ! 32,837 317,602 August 602,017 483,415 8,875 094,307 September.. 671,169 i 596,189 \ 267,358 October..-. 1,417,609 i 754,505 | 172,114 November.. 2,168,771 I 987,004 j 155,775 December.. 2,242,444 j 1,073,149 j 315,593 Total. 8,153,193 11,799,584 j 2,109,302 20,808 22,082,887 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 53. AVERAGE MATUKITY OF BILLS DISCOUNTED, BY MONTHS, DOWNO 1922. Pays-] I Federal reserve bank. J a a r n y u , - F a e r b y r . u- March. April. May. June. July. August. Se b p e te r. m- O b c e t r o . - No b v e e r, m - De b c e e r m . - Y 19 e 2 a 2 r . Y 19 e 2 a 1 r . j i 1 Y 9 e 2 a 0 r . Boston 11.03 5.47 6.35 8.36 \ 8.96; 11.96 9.07 I 6.36 6.68 5.82 10.71 10.76 8.19 ; 9.24 13.14 New York 6.01 5.83 7.76 5.31 7.13 7.58 4.88 7.87 ' 6.46 3.92 3.63 ; 4.02 5.08 6.99 7.34 Philadelphia 10.52 j 10.04 10.12 9.44 ; 9.63 8.89 8.76 7.87 7.78 7.55 7.25 I 8.32 8.89 13.06 13.24 Cleveland 14.92 13.71 20.82 19.20 13.32 11.85 12.40 10.20 11.04 12.36 9.10 12.11 13.30 15.90 16.45 Richmond 12.16 12.95 15.06 19.85 21.67 17.66 19.81 21.67 14.89 11.82 8.43 I 8.18 13.53 15.26 13.75 Atlanta 36.91 32.29 37.70 43.00 54.36 49.27 45.97 50.04 44.96 42.96 38.76 ! 40.57 40.94 \ 28.94 25.26 Chicago 27.73 30.02 39.80 ! 30.93 32.93 31.81 30.33 30.06 32.95 31.74 26.16 | 27.97 30.69 35.11 34.74 St. Louis 24.25 ; 25/59 29.08 27.99 j 21.97 9.74 13.86 19.70 19.93 17.29 10.57 | 12.37 17.74 24.59 24.77 Minneapolis 45.46 ! 37.40 46.33 67.26 j 64.54 51.44 61.67 45.93 48.00 58.51 64.86 I 61.48 53.93 j 44.48 38.85 Kansas City 35.94 30.21 42.59 49.31 1 51.91 53.73 39.50 50.34 41.00 44.20 35.79 I 29.19 39.04 I 37.03 34.54 Dallas 46.08 46.18 48.64 04.46 • 76.75 70.66 70.07 58.80 47.35 41.93 47.28 | 60.22 55.38 j 38.44 27.42 San Francisco 15.50 12.75 13.50 20.73 i 17.30 23.09 17.49 12.29 10.84 9.26 11.43 ! 13.55 14.29 I 20.17 21.13 "h All banks: 1922.. 13.75 j 11.04 15.39 15.86 ; 17.44 15.61 11.97 13.48 13.43 9.99 9.00 12.14 1921.. 10.19 9.61 12.38 15.66 | 16.76 19.29 16.18 15.76 17.22 14.78 8.43! 11.67 13.63 1920.. 13.21 12.26 13.77 15.08 ! 14.74 14.48 13.63 12.38 14.27 13.26 14.42 I 11.55 12.17 I w o Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 54. VOLUME OF BILLS DISCOUNTED BY EACH FEDERAL RESERVE BANK DURING 1922, BY MATURITIES. [Amounts in thousands of dollars.] Total. Maturity. Federal reserve bank. A ^ , i ' rw?f*uG Within 16 to 30 31 to 60 6611 ttoo 990 91 to 180 Amount, j matunty ; 15 days> days days days days. Boston 262,087 8.19 2,121,079 « 27,798 i 51,072 61,778 360 New York 206,364 5.08 9,079,312 I 30,685 ! 47,152 48,878 337 Philadelphia.. 450,843 8.89 2,404,012 | 10,687 j 14,612 21,229 303 Cleveland 523,346 13.30 1,355,722 ! 38,010 | 62,025 65,290 2,299 Richmond 424,567 13. 53 1,222,941 ' 40,037 | 78,130 76,013 7,446 Atlanta 489,930 40.94 222,847! 39,789 ! 93,373 116,355 17,560 Chicago 581,004 30.69 1,049,052 ; 99,152 j 179,882 195,028 57,890 St. Louis 865,856 17.74 679,212 I 35,416 I 72,885 66,559 11,784 Minneapolis.. 193,014 53.93 101,102 5,934 ; 18,469 32,539 34,970 Kansas City.. 328,019 39.04 209,105 j 15,661 ! 28,877 38,681 35,695 Dallas 222,557 55.38 97,474 ! 11,246 | 28,056 46,009 39,772 San Francisco. 535,300 14,29 1,389,278 ! 23,323 j 39,865 61,267 21,587 Total: 1922 : 22,082,887 12.14 j 19,931,136 377,738 I 714,398 829,626 229,989 1921 ; 57,759,128 13.63 51,248,594 1,062,513 I 2,025,513 3,049,336 373,172 1920 | 85,320,874 13.29 75,914,215 1,327,285 j 2,774,388 4,953,099 351,887 A w to Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 55.—VOLUME OF BILLS DISCOUNTED DURING 1922, BY MONTHS AND MATURITIES. I Amounts in thousands of dollars.] 00 Total. Maturity. Month. Amount. m A in a v t d e u r a r a y i g t s y e . W 15 i t d h a i v n s. 1 d 6 a t y o s 3 . 0 3 d 1 a t v o s . 60 6 d 1 a t y o s . 90 91 d a to y s 1 . 80 January 2,345,365 j 13.75 j 2,094,264 j 42,297 I 77,996 ; 107,953 22,855 February 2,080,372 i 11.94 ; 1,883,521 | 42.684 ! 63,505 I 74,804 15,858 March 1,753,098 | 15.39 ! 1,518,475 j 35,672 I 71,323 ; 106,846 20,782 April 1,308,055 j 15.86 | 1,126,890 j 31.964 j 61,945 | 63,219 | 24,037 May 1,113,930 ; 17.44 I 956,638 ! 26,770 ! 47,079 ! 55,335 ! 28,108 June 1,159,318 I 15.61 , 1,006,024 | 24,416 47,629 \ 55,305 • 25,944 July 1,317,602 ; 11.97 j 1,199,100 | 17,962 | 31,242 ; 50,559 ! 18,739 August 1,094,307 | 13.48 | 977,455 ! 15,603 i 41,590 46,832 1.2,827 September 1,267,358 \ 13.43 j 1,108,615 | 29.685 j 55,851 i 61,416 ; 11,791 October 2,172,114 ; 9.99 : 1,989,661 ! 31,602 I 70,138 65,585 15,128 November 3,155,775 ; 8.43 ; 2,963,856 \ 38,118 ' 74,364 62,936 ; 16,507 December 3,315,593 | 9.00 ; 3,106,643 I 40.965 : 71,736 78,836 i 17,413 Total 22,082,887 ; 12.14 j 19,931,136 377,738 ; 714,398 ! S29;626 j 229,989 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 56,—VOLUME OF BILLS, SECURED BY UNITED STATES GOVERNMENT OBLIGATIONS, DISCOUNTED DURING EACH MONTH IN 1922. [In thousands of dollars.] Year. Feder b a a l n re k s . erve I M ba em nk b s e ' r Redis- ' ru F a e r b y - . March. April. May. ! June. July. August. I ! te S m e b p e - r. October. No b v e e r m . - De b c e e r. m- Total. collateral counted notes. paper. a o Boston 714,537 700,476 14,061 49,990 37,112 55,530 35,689 38,075 39,108 i 38,252 43,496 51,484 80,258 132,439 113,104 New York 7,685,801 7,670,632 15,169 749,700 543,430 337,288 402,909 208,514 268,155 i 515,162 262,911 296,078 863,460 LI, 512,000 1,726,194 Philadelphia 1,771,245 1,752,589 18,656 193,021 174,949 176,673 141,902 145,424 139,254 I 108,440 128,593 117,219 131,478 156,895 157,397 Cleveland 1,083,488 1,077,809 5,679 i136,624 102,152 68,976 | 59,890 92,826 93,718 • 59,704 77,338 70,759 75,085 134,458 111,958 Richmond 1/190,949 1,186,057 4,892 !179,654 I 136,301 138,928 j 68,756 55,509 55,076 I 44,248 , 32,207 58,918 92,726 132,117 196, 509 Atlanta 186,946 182,662 4,284 | 37,954 | 33,401 23,815 ! 18,268 12,182 7,479 | 6,944 5,316 6,694 11,158 13,076 10,659 Chicago 996,767 984,869 11,898 |128,465 I 92,090 75,000 j 66,085 61,158 54,094 I 44,633 57,271 61,925 97,606 136,486 121,954 St.-Louis 659,587 654,9f 4 4,663 | 53,007 ! 36,210 25,725 I 32,259 41,334 82,057 49,322 32,666 48,337 54,647 94,637 109,386 Minneapolis 86,029 85,536 493 12,774 | 9,986 7,682 | 5,683 8,386 11,373 3,878 5,462 5,308 5,323 4,012 6,102 Kansas City 206,307 203,892 2,415 31,277 i 25,078 16,061 | 10,552 10,327 6,249 8,882 4,479 9,463 15,622 25,190 43,127 Dallas 80,694 80,332 362 18,482 | 12,035 9,582 ! 5,967 3,661 4,421 2,806 I 3,556 5,580 5,481 5,758 3,365 Ban Francisco 802,292 799,685 2,607 87,589 | 81,954 97,142 35,844 58,863 36,909 49,767 | 76,192 73,167 66,196 64,255 74,414 H O Total: 1922... 15,464,642 15,379,463 85,179 1,678,537 11,284,69811,032,402 883,804 736,259 797,893 932,038 729,487 804,932 1,499,040 2,411,323 2,674,229 1921... 31,925,457 30,870,988 054,469 4,141,487 J3,856,232 b, 549, $62 3,265,958 2,708,619 2,058,159 2,184,275 2,070,133 1,610,696 1, 871, 588 1,930,649 2,677,799 1920... 57,440,018 55,410,876 029,142 5,456,344 15,544,280 J5,298,884 4,771,072 14,508,466 4,544,S36 |4,533,506 4,933,983 4,164,062 |4,305,269 J4,349,723 I 5,029,593 £j to CD Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 57.—VOLUME OF TRADE ACCEPTANCES DISCOUNTED, BY MONTHS, DURING 1022. O [In thousands of dollars.] Federal reserve bank. January. March. April. May. j Tune. Y 19 e 2 a 2 r . Y 19 e 2 a 1 r . Y 19 e 2 a 0 r . Boston 1,905 New York 33,517 Philadelphia 1,521 Cleveland 26,119 Richmond 11,817 Atlanta 11,811 Chicago 9,147 St. Louis 5,141 Minneapolis 2,696 Kansas City 4,516 Dallas 3,865 San Francisco 16,889 Total: 1922 1921 1920 192,157 3 o Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 58.—VOLUME OF BANKERS' ACCEPTANCES DISCOUNTED, BY MONTHS, DURING 1922. [In thousands of dollars.] ! Federal reserve bank. ; January, j r F u e a b r - y. March. April. May. June. July. August. te S m e b p e - r. October. No b v e e r. m- De b c e e r m . - j Y 19 e 2 a 2 r . Y 19 e 2 a 1 r . Y 19 e 2 a 0 r . '• i • Boston 153 22,129 New York . 86 35 71 192 23,192 70,654 O Philadelphia 514 4,127 o Cleveland 500 j 200 700 | 17,264 10,015 Richmond I I Atlanta 691 6,338 Chicago ; 75 |.. 75 ! 1,446 32,095 St. Louis 261 ! 32 124 89 102 25 ] 16 8 33 234 ,459 ; 7,974 7,124 Minneapolis 903 Kansas City . I . . 212 368 Dallas 37 60 10 I 107 154 704 San Francisco 45 90 45 195 437 71 883 \ 4,592 33,608 Total: 1922 873 92 ; 124 289 157 115 61 8 33 515 1,007 142 : 3,416 i- 1921 8,974 6,159 11,512 7,405 6,563 3,790 1,942 1,418 2,606 3,848 640 2,238 ;.. 57,095 1920 17,226 28,611 34,534 28,172 15,254 9,431 i 7,069 5,490 8,103 10,354 13,275 9,643 187,162 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 59.—VOLUME OF BILLS BOUGHT IN OPEN MARKET, BY MONTHS, DURING 1922. to [In thousands of dollars.] Total reduced to a common matur- Federal reserve bank. January. ru F a eb ry - . March. April. May. June. July. { August. te S m e b p e - r. October. No b v e e r. m- De b c e e r, m- Total. ity basis.1 Per cent Amount. Iof total. Boston 14,527 19,836 12,878 15,628 22,698 30,023 14,342 23,602 23,227 27,097 29.648 28,185 261,691 186,015 j 9.5 o New York 49,226 74,879 85,210 44,388 66,605 66,859 72,453 78,071 109,249 82,422 58,713 83,358 871,433 549,788 | 28.1 w Philadelphia.. 8,923 14,610 14,255 7,738 11,348 14,165 21,678 12,999 2,772 | 12,341 6,612 9,681 137,122 211,615 ! 10.8 H Cleveland 3,307 3,795 3,878 1,692 6,301 5,072 8,256 10,893 I 10, 484 25,117 10,070 95,551 145,777 J 7.5 o Richmond 1,098 1,514 1,026 449 355 513 260 284 708 j 1,338 745 170 8,460 12,454 : .6 Atlanta 2,395 1,272 2,873 1,905 2,815 2,581 1,228 1,088 6,101 | 12,885 3,647 7, 639 46,429 60,181 I 3.1 Chicago 19,409 11,951 14,128 18,045 27,802 35,663 20,955 29,011 24, 872 15,077 15,043 21,508 253,464 455,420 j 23.3 St. Louis 880 2,082 1,174 151 3,966 610 5,113 987 200 5,578 7,515 5, 480 33,736 58,507 \ 3.0 Minneapolis... Kansas City. -. 20 38 I 19 292 809 275 1,849 3,382 ! .2 Dallas 403 15 | 703 1,911 505 j 1,008 | 4,117 11,663 6,907 5,871 33,153 54,492 I 2.8 San Francisco. 3,722 9,078 8,877 I 7,995 18,096 15,538 ) 29, 827 | 34,637 27, 440 20,622 30,329 211, 800 217,057 | 11.1 Total: 1922 103,910 139,022 144,352 95,724 150,607 175,493 158,75: 185, 208 217,053 206,617 175,378 202,566 1,954,688 1,954,688 I 100. 0 1921 121, 868 169,456 149,255 123,511 138,601 64,673 46,670 | 107,303 81, 883 139,081 161,999 230,101 1,534,401 1920 302, 452 300,307 303,359 247,594 274,237 285,753 219,464 259,708 257,989 281,833 I 231,840 253,828 3,218,364 i Total purchases multiplied by ratio of average maturity of bills purchased by each bank to average maturity (39.91) for system. o Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 60.—VOLUME OF BILLS BOUGHT IN OPEN MARKET DURING 1922, BY CLASSES. [In thousands of dollars.] to Bankers'acceptances. Trade acceptances. Federal reserve bank Foreign, j Domestic, w o Boston 261,691 261,691 166,088 8,206 o d New York 871,433 865,925 654,420 37,123 y4 Philadelphia 137,122 136,899 99,531 4,367 Cleveland 95,551 95,422 73,039 2,610 Richmond 8,460 8,460 2,051 Atlanta 46,429 46,429 32,307 Chicago 253,464 253,464 173,373 St. Louis. 33,736 33,736 25,228 Minneapolis, Kansas City Dallas San Francisco 1,954,688 1,948,379 1,400,057 484,530 63,792 1,534,401 1,527,235 1,019,689 368,972 j 138,574 3,218,364 3,143,737 2,367,881 711,311 64,545 H o CO CO Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No, 61.—VOLUME OF BILLS BOUGHT IN OPEN MARKET DURING EACH MONTH IN 1922, BY CLASSES. [In thousands of dollars.] Bankers' acceptances. Trade acceptances. Month. ! All classes. \ Dollar Total. Foreign, j Domestic. exchange. j Total. | Foreign. Domestic. January.... 103,910 103,794 68,833 29,535 5,426 116 72 44 February.. 139,022 138,699 96,607 36,848 5,244 323 March 144,352 143,935 99,621 36,084 8,230 417 417 O April 95,724 95,520 68,347 23,876 3,297 204 204 H May 150,607 150,607 114,747 32,239 3,621 O June 175,493 174,683 131,908 37,834 4,941 ' 810 810 July 158,758 158,229 125,333 30,243 2,653 529 529 August.... 185,208 184,829 144,237 34,288 6,304 379 379 September. 217,053 215,644 160,793 50,270 4,581 1,409 1,185 224 October 206,617 205,848 126,389 73,252 6,207 769 626 143 November. 175,378 174,464 123,739 45,449 5,276 914 860 54 December.. 202,566 202,127 139,503 54,612 8,012 439 439 Total: 1922.. 1,954,688 1,948,379 1,400,057 484,530 63,792 6,309 5,844 465 No. 62.—VOLUME OF BILLS BOUGHT IN OPEN MARKET DURING 1922, BY RATES OF DISCOUNT CHARGED. [In thousands of dollars .J w o I >> Federal reserve bank. Total. c 3 e p n e t. r 3 c i e n p t e . r 3 c A e n p t e . r 3 c i e p n e t. r 3 c | e p n e t r . 3 c £ e p n e t. r A ce p nt. 3 c f e p n e t r . 3 c J e n p t e . r 3 c 5 e p nt e . r I 3 c H en p t e . r c 4 e p n e t r . Boston ! 261,691 49,264 j 46,394 | 18,786 | 17,079 10,576 6,331 7,515 11,716 55,405 New York \ 871,433 ! 75,078 ; 48,840 | 747 203,336 | 10,963 195,568 4,689 I 16,596 9,437 183,412 Philadelphia 137,122 . 37,389 16,634 j I 8,505 j 11,051 12,150 5,366 j 287 | 1,578 37,941 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Cleveland . 95 551 18,522 12,562 168 7,013 1,160 4,672 1,881 1,105 4,898 25,906 Richmond. 8,460 140 209 327 489 Atlanta 46 429 1,182 4,770 210 3,164 2,173 2,693 194 2,933 4,371 5,005 Chicago... • 253 464 73,516 40,538 82 27,035 31,492 10,832 275 7,133 3,030 3,392 150 42,427 St. Louis : 33 736 6,100 4,267 634 1,703 1,350 101 101 760 1,452 725 14,033 Minneapolis i Kansas City. • i 849 g Dallas 1 33 153 3,451 3,734 1,061 1,865 2,469 2,452 4,253 160 12,146 w San Francisco... * i 211,800 52,359 38,622 91 13,431 9,297 10,204 5,993 4,463 11,570 29,888 a o Total j 1,954,688 316,861 216,361 1,298 283,105 66,783 250,514 376 34,349 40,942 48,901 875 406,652 I Federal reserve bank. 4 c ^ en p t e . r H c e p n e t. r cent. 4 c * e p n e t. r 4 c f e p n e t r . 4 c * e n p t e . r 4 c | e p n e t. r 4 c f e p n e t r . 4 c £ e n p t e . r c 5 e p n e t r . 5 c | e p n e t r . 5 c * e p n e t. r Boston. 30 279 5,793 622 1,764 48 119 New York. ... 16,666 4,320 1,254 100,367 29 131 Philadelphia 5,110 148 549 364 50 Cleveland 29 14 211 2,581 662 54 57 10 25 35 Richmond 316 3,082 380 3,517 Atlanta.. 973 256 13,740 4,704 61 Chicago 30 952 2,109 501 St. Louis 37 1,729 693 51 Minneapolis Kansas City.. 1,653 196 Dallas 1 045 99 403 15 " ' ' San Francisco 29,007 5,096 1,041 512 105 68* 53 o Total .. 66 130,288 148 21,496 4,495 121,222 134 1,043 130 8,535 53 61 CO Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Ho. 63.—VOLUME OF BILLS BOUGHT IN OPEN MARKET DURING EACH MONTH IN 1922, BY RATES OF DISCOUNT CHARGED. CO [In thousands of dollars.] i Month. Total. c 3 e p n e t r . 3 c i e p n e t. r I 3 c ft e n p t e . r 3 c * e n p t e . r 3 c | e p n e t r . 3 c * e n p t e . r i 3 c f e t n p t e . r 3 c | e p n e t. r | 3 c ? e n pe t. r 3 c 1 e p n e t. r cent. ; 4 c e p n e t r . January 103,910 . 337 2,249 20,168 139 022 226 250 55,264 M March 144 352 48,337 327 12,405 \ 13,282 2,53* 625 39,401 2 April 95 724 2 996 11 760 26 282 47 766 49 1 8S3 i 9'\S 950 364 May . 150,607 9,750 43,239 37,481 8,030 50,379 295 ; 201 8 71 ,-—•, June 175,493 30,695 77,703 12,471 4 294 48 168 217 31 17 CD Julv 158,758 88,143 14,757 48,304 934 5,739 60 58 1 August. 185,208 114,058 22,327 47,245 191 516 6 ; September.. . 217,053 73,919 54,660 1,298 77,069 3,726 3, 745 93 ! 228 79 80 October 206,617 176 629 48 743 23,139 45 817 18,871 | 23,037 11,722 25,430 November 175,378 120 10 16 106 43 197 1,564 12,701 123,223 December 202,566 40 16 81 ! 1,090 IS, 403 142,571 Total 1,954,688 316,861 216,361 1,298 283,105 66,783 250,514 376 34,349 j 40,942 48,901 875 406,652 f j 4ft per 4| per j 4ft per 4i per 4| per 4^ per 4f per 4* per j 4| per 5 per H per : 5J per Month. cent. cent. ' cent. cent. cent. cent. cent. cent. ; cent. cent. cent. ! cent. January 29 24,852 i 9,651 2,6S0 39,617 100 487 •• 130 3,551 53 I^ebruftry 37 25,910 1,975 51,516 12S ! 2 681 March 12,676 1,598 189 10,583 8 417 s 1 912 w \pril 520 744 50 1,130 5 i 297 o Mav 263 871 19 June 1,358 Julv 762 i ! August 788 75 September... 2,156 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

October,.., 3,187 46S I 21 5.371 !. November. .... 30,396 , 3,590 j 254 I 3,158 |. December.. .... 32,747 j 148 j 3,207 j 266 I 3,912 \ 61 Total. 66 ; 130,288 : 148 ! 21,496 4,495 121,222 134 1,043 S 130 ! 8,535 ! 53 1 61 No. 61.~~AVEHAGK MATURITY OF BILLS BOUGHT I\T OPEN: MARKET, BY MONTHS, DURING 1922. IDays.l Federal reserve bank.! January. Febru- March. April. ; May. | June. July. I August. Se b p e te r. m- October. No b v e e r. m- De b c e e r m . - Y 19 e 2 a 2 r . Y J9 e 2 a 1 r . Y 19 e 2 a 0 r . Boston ; 17. 21 35.93 ! 18.30 16.98 | 23.59 39.10 j 14.36 ! 18.11 46.54 42.67 : 23.00 ; 24.76 j 28,37 18.32 33.10 New York 16.85 20.79 25.34 20.49 j 18.90 22.39 \ 20.95 | 32.68 | 46.56 22.37 17.24 | 20.63 • 25.18 ; 20.61 \ 35. 42 Philadelphia \ 41.53 57.81 j 54. S2 58.73 ; 49.38 45.94 | 66.39 | 71.28 ! 71.73 80.60 \ 80.76 j 71. 24 ! 61.59 • 44.81 I 59.09 Cleveland 2.5.46 25.73 ; 38.90 22.25 j 61.53 36.39 j 39. 65 I 62.94 j .67.50 71.36 ! 77.89 I 64.59 I 60.89 ; 37.81 56.13 Richmond | 42.55 56.27 68.36 66.81 ! 63.92 36.74 | 41. 27 ! 38.65 ; 59.72 71.01 75.54 j 47,90 | 58.75 i 43.91 55. OS Atlanta 61.31 45.18 47.19 46.02 I 24.99 27. 46 j 51.00 ! 34.88 I 51.11 64.75 I 44,57 ; 55.47 51.73 52.21 | 58. 55 Chicago. ' 71.75 61.24 j 67.50 79.45 | 78.41 62.91 j 81.37 | 67.98 : 68.66 77.66 \ 73.75 | 73.18 : 71.71 ; 62.18 ; 62. 55 St. Louis ! 62.21 60.15 89.25 71.47 i 90.19 10.56 i 60.08 : 77.02 I 64.34 54.54 74.34 ; 65.38 [ 69.21 16.85 48. 6!) Minneapolis ;. 39.29 64.83 Kansas City 37.08 : 59.04 \ 48.32 | 30.65 j 22.36 88.99 i 80.81 | 62.16 ; 73. 5S 86.37 ; 73.01 56,78 : 5G. 18 Dallas | 16.74 85.92 I 30.06 ! 30.08 39.73 40.38 20.6.3 ; 46.15 j 78.30 77. 40 66.19 65.59 51.79 50. 64 San Francisco., i 25.95 ; 25.96 33.77 25.79 I 22.34 33.90 18.12 42.31 \ 50.04 | 53.68 45.95 46.00 ; 40.90 33.69 56.97 All banks: 1922..| 31.56 31.99 33.91 35.28 ; 37.01 37.57 36. 63 ; 42.18 51. 24 46.23 43.41 i 39.14 1921.J 38.22 36.98 33.99 26. 60 j 23. 20 28. 83 31.26 \ 23.33 ; 25.77 , 25. 60 j 23.39 1920.. 47.05 50.50 49.33 51.59 I 44. 22 45.72 47.82 36.78 41. 71 35.51 35.11 | 38.43 scou: rA H O Pi i t> ]> Ti H O 28.53 Co Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 65.—VOLUME OF BILLS BOUGHT IN OPEN MARKET DURING 1922, BY MATURITIES. CO [In thousands of dollars.] oo Total. Maturity. Federal reserve bank. Average ma- Within Amount. turity (days).| 15 days. 16 to 30 days. 31 to 60 days. 61 to 90 days, j Over 90 days. Boston 261,691 28.37 175,028 12,532 31,067 43,038 I 26 New York 871,433 25.18 653,087 64,933 59,627 66,997 j 26,789 Philadelphia.. 137,122 61.59 8,135 22,456 33,631 60,668 I 12,232 Cleveland 95,551 7,675 20,913 18,721 34,701 j 13,541 H Richmond 8,460 58.75 416 1,828 2,055 4,161 j. O Atlanta 46,429 51.73 6,275 7,880 14,104 18,097 | 73 Chicago 253,464 71.71 6,026 35,832 55,93 116,903 J 38,768 St. Louis 33,736 69.21 3,657 2,096 6,458 17,332 | 4,193 Minneapolis.... Kansas City... 1,849 73.01 14 38 425 1,372 Dallas 33,153 65.59 1,031 3,340 8,360 19,408 1,014 San Francisco.. 211,800 40.90 77,742 35,346 39,743 46,748 12,221 Total: 1922.. 1,954,688 39.91 939,086 207,194 270,126 429,425 108,857 1921.. 1,534,401 28.53 937,607 215,338 224,037 153,945 3,474 1920.. 3,218,364 43.83 1,060,151 449,424 859,899 o > Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 66.—VOLUME OF BILLS BOUGHT IN OPEN MARKET DURING 1922, BY MONTHS AND MATURITIES. fin thousands of dollars.] Total. Maturity. Month. I Average ma- Within 16 to 30 31 to 60 61 to 90 Over 90 Amount. ! turity (days). 15 days. days. days. days. days. o January... 103,910 I 31.56 61,042 12,093 13,375 15,888 1,512 February... 139,022 ! 31.99 74,346 20,458 19,344 23,347 1,527 March 144,352 | 33.91 81,039 17,486 17,863 19,678 8,286 April 95,724 | 35.28 54,865 9,633 10,861 15,717 4,648 May 150,607 37.01 75,164 22,654 20,776 25,905 6,108 d June 175,493 37.57 75,170 22,049 39,309 31,934 7,031 o July 158,758 ; 36.63 81,420 18,673 19,320 29,244 10,101 m August 185,208 j 42.18 78,170 20,807 28,271 49,870 8,090 September. 217,053 ! 51.24 72,195 21,817 36,857 61,793 24,391 October... 206,617 ! 46.23 96,163 12,099 20,194 66,728 11,433 November. 175,378 j 43.41 12,065 | 17,385 45,789 13,500 December. 202,566 39.14 102,873 17,360 26,571 43,532 12,230 Total 1,954,688 39.91 207,194 270,126 429,425 108,857 o i o % CO Co CO Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 67.—VOLUME OF UNITED STATES BONDS AND NOTES FUHCHASED, BY MONTHS, DURING 1922. [In thousands of dollars.] Distribution by classes. Federal reserve bank. Jan- Feb- March. April, j May. j June. ; July. August.! t S e e r p n - - j j No veri~n-i! "Sr Total ; u. . l ! IT. S. bonds. uary. ruai ! ber. Treass- V U ic . t o S r . y • • D u o r t y es. notes. L b i o b n e d r s ty . ot A h l e l r. Boston 2, J 40 1,678 2,722 10 61 1,108 115 8,938 2,060 2,047 3,481 4,777 29,137 j 20,906 8,223 8 New York.... 30,698 1105,913 89,153 46,364 | 20,865 95,493 44,730 44,908 90,889 109,988 40,418 76,916 796,335 |561,690 201,934 20,211 12,500 H Philadelphia.. 10,043 I 3,644 76 7,163 i, 753 10,626 6 2,395 1,037 1,054 134 748 38,679 | 26,903 10,109 416 1,251 Cleveland.... 1,162 11,862 3,260 5,511 12 500 501 6,791 1,036 ! 256 ! 45 j 30,936 i 14,215 16,676 45 Richmond.... 50 ! 50 100I 100 H Atlanta 244 15 285 994 1,353 606 747 j 387 324 199 | 1,051 6,205 649 711 4,509 | 336 W Chicago 9,288 24,879 17,924 18,740 5,354 15,730 4,715 8,770 | 16,009 16,252 4,520 | 16,017 158,198 120,427 36,301 114 I 1, '356 St. Louis 340 3,121 3,931 3,782 290 3,256 735 7,353 | 69 28 22,914 9,962 6,227 6,634 ! 91 Minneapolis... 25 1,921 6,787 3,980 2,231 4,413 j 280 3,153 I 9,148 4,790 2,177 3,467 42,372 30,313 6,812 4,250 j 997 Kansas City... 10 15,030 12,539 11,919 281 29 | 406 211 864 41,298 23,813 16,836 593 i 56 Dallas 186 500 50 !. 425 1,161 975 186 San Francisco. 8,4,53 1,961 20,104 20,751 1,350 2,500 7,712 I. 62,831 35,167 17,564 10,100 | Total: 1922 i 02,159 170,253 156,697 106,595 32,910 146,898 52,469 90,896 120,972 134,991 51,382 103,914 ;1,230,166 |845,120 J321,579 46,835 16,632 ft 192J. 11 520 j 8,362 15,264 | 4,626 1,182 \ 11,303 17,631 9,183 J 36,348 j 104,430 } 65,898 j 20,800 17,702 30 Bonds and notes purchased dur- I ing 1922, distributed by classes: ; w o IT. S. Treasury notes \ 6,771 114,884 99,387 58,803 | 20,948 110,368 | 37,761 ) 70,562 I 92,845 45,455 97,470 | 84,"). 120 . > IT. S. Victory notes j 54,376 51,092 42,266 31,662 | 9,792 33,705 j 14,113 ! 19,058 j 27,212 28,435 5,003 4,865 ! 321,579 j. U. S. bonds.— j Liberty bonds j 562 4,277 15,008 16,130 I 2,170 2,825 ! 595 ! 1,276 915 1,806 220 1,051 46,835 AUother i 450 36 14,884 - 704 558 16,632 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 68.—VOLUME OF UNITED STATES CERTIFICATES OF INDEBTEDNESS PURCHASED, BY MONTHS, DURING 1922. [In thousands of dollars. Distribution by classes. Certifi- Tempora- cates Fedora Irescrvc bank. J a a r n y u , - F a e r b y r . u- March, j April. May. June, i July. \ August. O b c e t r o . - No b v e e r, i n- j j D b e e ce r. m- Total. r c y a c t h c e a e s s r e p ti d u fi r - - r u t e a n p k d u e e n r r - o A th l e l r. fro T m u re r U y as . . - S. m a c g h e r a e n s e t e . - o o Boston 26,318 3,229 5,364 i 17,745 3,189 49,939 I 5,388 8,161 22.707 7,337 1,291 30,268 180,936 56,500 45,556 78,880 New York 77, 845 99,985 416,826 I 96,656 49,902 464,429 I 53,625 53,180 252,963 258,429 9, 804 277,746 2,111,390 1,403,500 237,120 470,770 Philadelphia 1 230 16,164 : 2,147 164 10,062 j 605 4,370 3, 890 887 85,252 123,7721 104,000 19,772 Cleveland 6,880 5,915 47,676 I 9,545 12,746 35,606 l 26 4,113 I 636 5,140 628 54,019 182,930I 122,000 60,930 Richmond j 32,000 32,000 32,000 Atlanta j 30 | 2,997 628 134 244 200 149 4,382 4,382 Chicago 29,126 17,825 24,943 I 22,126 16,141 38,147 11,910 24,229 31,745 26,419 [ 5,545 190,405 438,561 189,000 128,091 121,470 St. Louis 203 6,173 4,330 I 1,132 4,432 31,455 ! 229 1,632 822 1,892 I 30 70,000 122,330 98,000 24,330 Minneapolis { 722 1,124 4,523 ! 1,768 663 3,758 j 3,768 3,726 1,848 1,488 I 150 14,523 38,061 15,500 22,561 Kansas City | 4 565 3,782 I 5,056 14 6,307 j 10 1 29 2,284 I 25,767 43,824 27,000 16,824 Dallas ! 6,250 2,075 I 150 7,845 . 369 16,689 6,000 1,050 9,639 San Francisco ; 2 14 32,226 26 ; 8,689 | 2,500 1,000 280 63,000 107,806 95,000 12,806 Total: 1922 j 141,101 135,060 562,114 156,244 87,277 653,464 78,061 101,040 j 315,204 311/965 17,653 843,498 3,402,681 2,148,500 411,817 84,364 1921 1 274,092 18,880 449,487 47,965 640,031 1,044,620 60,631 41,615 I 523,968 83,592 122,676 435,107 3,742,664 2,993,100 254,986 494,578 1920 ! 642,376 304,296 1,496,387 997,143 42,723 1,178,445 584,519 124,321 I 890,306 182,927 600,282 944,253 7,987,978 7,262,000 312,581 413,397 Certificates purchased during 1922, distributed by classes: Temporary certifi- | cates purchased | from U. S. Treas- | urey 473,000 476,000 31,000 I 257,000 194,500 ; I 717,000 2,148,500 Certificates taken under repurchase agreement 35.906 20,961 I 25,736 43,053 34,236 ! 55,757 I 37,923 16.964 I 36,060 42,824 8,673 53,724 411,817 Allother 105;195 114,099 I 63,378 113,191 53,041 ! 121,707 I 40,138 53,076 \ 22,144 74,611 8,980 72,774 842,364 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOLD SETTLEMENT FUND. No, 69.—SUMMARY OP TRANSACTIONS, JANUARY 1 TO DECEMBER 31, 1922. [In thousands of dollars.] Net changes in Settlements from Jan. 1, 1922, to Dec. 31, ownership of gold Federal reserve bank. Balance j <*old j Gold t T o r a an g s e f n e t r ' s s T a r g f a r e o n n s m f t e 's r s I Interbank transfers. 1922, inclusive. in B c l a f o u l s a n e n d c o e a f t a th nd ro u se g t h tl e tr m an e s n f t e s r . s Jan-1- ! dmwals. I deP°sits' fund. fund. I Net Total Total Net b D u e s c in . e 3 s 1 s . sw Debits. Credits. debits. debits. credits. credits. Loss. Gain. Boston | 42,312 26,096 55,955 105,000 85,000 209,475 31 5,737,189 5,891,070 153,881 28,077 24,094 O New York j 130,058 93,425 323,775 260,000 230,000 263,000 677, 575,505 22,096,499 21,520,994 169,378 161,030 Philadelphia | 61,776 44,015 175,894 198,500 11,000 94,000 63, 7,015,692 7,070,636 54,944 30,599 24,444 H Cleveland j 41,455 90,504 53,770 45,000 | 25,000 87,500 25, 5,756,793 5,905,961 149,168 71,889 87,168 Richmond j 19,094 23,548 82,846 67,000 ! 74,000 43, 5,181,732 5,228,457 46,725 27,617 16,225 Atlanta I 14,807 17,385 15,746 85,000 | 2,000 64,500 13, 2,327,743 2,468,728 140,985 20,153 89,985 Chicago | 79,130 59,110 110,845 150,000 j 30,000 166,500 93, 11,113,132 11,252,528 139,396 77,261 66,396 St. Louis i 22,962 17,281 58,607 87,500 ! 70,500 39,500 61, 37,581 5,332,160 5,294,579 31,207 16,081 Minneapolis 30,989 13,782 22,618 37,800 i 39,000 38, 1,527,083 1,569,557 42,474 23,499 21,474 Kansas City 33,738 20,349 72,546 60,000 | 16,000 44,500 46, 12,667 4, 019,322 4,006,655 30,768 11,107 Dallas j 8,325 36,742 39,331 17,516 ' 6,250 25,500 11, 2,289,660 2,310,726 21,066 6,214 6,566 San Francisco I 37,417 23,981 203,899 213,500 133,752 46,500 122,886 2,938,982 2,816,096 37,701 99,886 Year 1922 522,063 1,215,832 1,326,816 I 609,502 1,153,975 1,153,975 748,639 75,335,987 75,335,987 j 748,639 554,363 312,258 312,258 Year 1921 I 357,278 1,880,634 1,651,210 587,372 3,289,081 3,289,081 1,150,002 64,934,801 64,934,801 | 1,350,002 522,063 391,922 391,922 Year 1920 J 329,737 1,186,940 1,118,300 498,585 7,551,585 7,551,585 1,565,839 85,074,220 85,074,220 1,565,839 357,278 471,555 471,555 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 70.—CLEARINGS AND TRANSFERS THROUGH THE GOLD SETTLEMENT FUND, BY WEEKS, DURING 1922—ALL FEDERAL RESERVE BANKS. [In thousands of dollars.) Week ending- cle T a o ri t n al gs. tra T n o sf ta e l rs. T t o r i a n ta n g l s s f c a e le n rs a d . r- Week ending— cle T a o ri t n al g s, | j tra T n o s t f a e l rs. T t o i r n t a a g n l s s c f a e l n e r a d s. r- Jan. 5 (3 days). 774,445 11,000 785,445 July 27 1,392,328 4,000 1,396,328 12 1,300,727 35,475 1,336,202 Aug. 3 1,399,818 51,000 1,450,818 19 1,322,494 15,000 1,337,494 10 1,312,513 | 19,500 1,332,013 26 1,264,882 19,000 1,283,882 1' 1,430,268 | 12,000 1,442,268 Feb. 2 1,282,650 4,000 1,286,650 24 1,396,480 j 2,000 1,398,480 1,200,824 14,000 1,214,824 31 1,335,833 | 2,000 1,337,833 o o 16.. 1,162,693 55,000 1,217,693 Sept. 7. 1,192,831 j 4,000 1,196,831 23.. 1,237,796 20,000 1,257,796 14 1,409,157 j 10,500 1,419,657 Mar. 2. 1,372,524 6,000 1,378,524 21 1,792,376 | 100,000 1,892,376 9.. 1,323,435 6,500 1,329,935 28 1,581,512 j 20,500 1,602,012 16.. 1,409,774 35,000 1,444,774 Oct. 5 1,658,952 i 40,500 1,699,452 23.. 1,412,873 66,000 1,478,873 11 1,354,924 31,500 1,386,424 30.. 1,268,059 21,000 1,289,059 19 2,172,407 67,000 2,239,407 Apr. 6.. 1,340,415 21,000 1,361,415 26 1,826,438 j 37,500 1,863,938 13.. 1,284,204 15,000 1,299,204 Nov. 2 1,705,039 28,000 1,733,039 H 20.. 1,381,758 12,000 1,393,758 9 1,421,519 3,000 1,424,519 27.. 1,378,006 10,000 1,388,006 1G 1,606,573 12,500 1,619,073 d May 4.. 1,439,245 1,439,245 23 1,815,775 I 5,000 1,820,775 11.. 1,298,600 ' 1,302,600 29 1,382,956 ' 1,000 1,383,956 18.. 1,467,352 1,483,852 Dec. 7 1,695,893 1,695,893 25.. 1,508,001 1,515,001 14 1,536,731 8,500 1,545,231 June 1.. 1,210,021 1,210,021 21 1,799,227 60,000 1,859,227 8.. 1,439,946 5,000 1,444,946 28 1,515,673 8,500 1,524,173 15.. 1,551,329 49,000 1,600,329 29-30 (2 days). 660,996 72,000 732,996 22.. 1,587,103 75,000 1,662,103 29.. 1,478,357 7,000 1,485,357 Year 1922..... 75,335,987 1,153,975 76,489,962 July 6.. 1,276,311 12,000 1,288,311 Year 1921 64,934,801 3,289,081 68,223,882 13.. 1,449,541 7,000 1,456,541 Year 1920 85,074,220 7,551,585 92,625,805 20.. 1,516,403 5,000 1,521,403 __ CO Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE AGENTS' GOLD FUND. No* 71.—SUMMARY OF TRANSACTIONS, JANUARY 1 TO DECEMBER 31, 1922. [In thousands of dollars.] Federal reserve agent at— B J a a l n a . n 1 c . e G d o r l a d w w al i s th . - de G po o s ld its. T to r a b n a s n fe k r . s fr T o r m an s b f a e n rs k. T i t d t o n r o r t a c a a n l b l w u s a d w f a n e i l i n k r s t s g . , h- fr i d t o n r e m c a T p l n o u o s b t d s f a a e i i l t n n r s s g , k. a b B D t u o a c c s l l . i o a n s n e e 3 c s 1 e o s . f Boston 135, ooo - 130,000 I 98,000 | 85,000 105,000 215,000 ; 203,000 123,000 o New York , 321,000 j 10,000 j 230,000 j 260,000 240,000 : 260,000 ! 3-11,000 H Philadelphia... 130,389 | 160,000 i 11,000 | 198,500 171,000 : 198,500 ' 157, 889 O Cleveland 145,000 L 25,000 ! 45,000 25,000 | 45,000 165,000 Richmond 34,295 ! 75,000 36,500 | 67,000 75,000 I 103,500 62,795 Atlanta 40,000 ; 65,000 42,000 ! 2,000 85,000 67,000 I 127,000 100,000 Chicago 297,644 279,000 255,000 30,000 J 150,000 309,000 ; 405,000 393,644 St. Louis 57,100 58,000 39,400 70,500 ! 87,500 128,500 126,900 55,500 Minneapolis 2,200 | 8,000 37,800 8,000 37,800 32,000 Kansas City.... 26,360 | 40,000 22,000 16,000 j 60,000 56,000 82,000 52,360 Dallas 2,234 1,000 6,250 | 17,516 7,250 17,516 12,500 San Francisco. 203,662 98,000 133,752 213,500 231,752 213,500 185,410 Year 1922.. 1,394,884 924,000 I 492,900 609,502 ' 1,326,816 I 1,533,502 j 1,819,716 1,681,098 Year 1921.. 1,589,500 1,023,85-4 587,372 j 1,651,210 2,176,872 J 2,675,064 1,394,884 Year 1920.. 886,327 1,060,700 451,350 498,585: 1,118,300 | 1,559,285 1,569,650 896,692 w o > Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CLEARING OPERATIONS. No. 72.—OPERATIONS OF THE FEDERAL RESERVE CLEARING SYSTEM DURING 1922. [Numbers in thousands. Amounts in thousands of dollars.] Items drawn on banks in— Total items handled (exclusive of duplications). Other Federal; Items drawn on District outside reserve dis- i United States Feder b a a l n r k e . serve Fed b e a r n a k l r c e i s ty e . rve F b e r d an er c a h l c re it s i e e r s v .1 e b F an ed k e a c ra n it l d i e r s e b . s r e a r n v c e h j : wa t t r o r i d c d e t d r s a ( w d f i o e r r e e - c t ! \ ! Treasurer. Number. i bank). ; Amount. Amount. N b u e m r. - Amount. N b u e m r. - Amt. I I N b u e m r. - Amount. ! 1922 1921 1920 1922 1921 1920 Boston 7,224 6,527,662 ; 43,682 764,528 1,790 217,213 ! 52,696 48,852 42,518 11,509,403 i 11,060,482 13,763,652 ^3 New York 24,532 49,939,599 j2,618 1,056,343 63,994 194,857 12,727 1,308,752 103,871 90,873 73,781 60,499,551 I 34,212,786 47,678,900 Philadelphia 21,875 9,140,213 26,671 146,899 1,899 303,677 50,445 45,944 40,191 12,590,789 ] 11,691,608 14,117,964 Cleveland 7,757 2,805,536 8,522 : 4,214,679 36,973 891,149 117 19,494 2,201 215,167 55,570 46,446 41,004 11,146,025 | 10,493,330 14,045,260 Richmond 1,411 1,503,061 3,223 I 1,731,724 32,347 026,098 1,258 157,966 38,239 35,374 30,069 7,418,849 i 7,276,909 8,990,977 o Atlanta 6,413 1,644,157 5,143 | 1,580,329 12,414 261,584 1,343 227,548 25,313 17,763 14,830 4,713,61S j 3,463,338 4,609,185 in Chicago 12,643 7,146,501 3,514 | J, 977,162 53,460 423,343 4,800 629,152 74,417 65,273 56,821 14,176,158 i 13,580,454 18,039,381 St. Louis 3,903 2,755,875 2,947 j 1,392,596 28,238 647,549 j 2,262 197,007 37,350 32,905 30,551 5,993,027 | 5,452,457 7,353,150 Minneapolis 2,926 1,361,336 278 j 98,680 20,243 102,061 j 24,829 550 116,758| 24,031 22,543 20,515 2,703,664 2,658,833 3,416,90S Kansas City 3,862 2,569,442 3,837 | 1,755,235 38,475 557,921 4,318 1,858 236,512j 48,043 51,403 48,398 7,123,428 ! 7,646,054 10,664,775 Dallas 1,904 870,349 1,385 | 607,027 21,755 661,854 991 110,000I 26,035 26,093 26,460 4,249,230 I 4,116,267 6,282,204 San Francisco 3,067 1,434,911 8,077 i 2,907,112 35,418 404,278 2,301 1, 294,631i 48,863 39,196 26,978 8,040,932 | 7,191,873 7,546,908 Total: 1922.. 97,517 87,698,642 39,544 j 17,320,887 I 413,670 40,082,121 I 162 48,641 I 33,980 5,014,383 ;5S4,873 ! 150,164,674 | \ 3921.. 78,374 58,365,284 33,142 | 16,297,746 j 377,845 38,509,597 j 104 22,017 j 33,200 5,649,747 j ;522,665 |118,844,391 j 1920.. 63,599 72,494,620 23,447 ! 20,228,821 337,628 57,083,187 ! 75 23,593 I 27,367 6,679,043 ' ! 452,116 j il56,509,264 1 For list of Federal Reserve Branch cities, see p. 149. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 1%.—OPERATIONS OP THE FEDERAL RESERVE CLEARING SYSTEM DURING 1922—Continued. [Numbers in thousands. Amounts in thousands of dollars.] Items forwarded to Total items handled (including duplications). Federal reserve bank. Bran d c i h s e tr s i c in t. own He b a r d a n o c ff h ic e e s , . by I O ba t n he k r s F an ed d e b ra ra l n re c s h e e r s v . e ! j Number. Amount. ! '" T Number. Amount. Number, j Amount. Number, t Amount. 1922 1921 1920 1922 1921 1920 j Boston 2,427 573,260 ! 55,123 j 50,830 43,821 I 12,082,663 11,651,345 ! 14,727,346 o w New York 264 59,896 464 223, 771 14,717 1,780,571 J 119,316 j105, 215 87,727 j 62,563,789 36,397,633 \ 55,729,013 H Philadelphia.... 6,668 1,289,433 j 57,113 ) 54, 296 49,217 j 13,880,222 13,497,573 j 16,855,904 Cleveland 423 105,967 426 104,984 1,724 599,446 I 58,143 | 48,716 43,213 | 11,956,422 11,500,534 j 15, 517,119 Richmond 443 109,737 951 i 91, 749 3,250 1,142,484 I 42,883 j 39,259 33732 8,762,819 8,620,887 | 11,505,945 Atlanta 560 105,040 329 ! 285,537 1,548 483,802 ! 27, 750 20,336 17884 5, 587,997 4,378,840 j 6,131,660 Chicago 112 34, 782 53 I IS, 037 3,927 432,250 I 78,509 68, 943 60,520 14,661,227 14,054,405 18,793,460 St. Louis 203 21,444 247 ! 20,607 676 79,364 ! 38,476 j 33, 998 31,691 6,114,442 5,605,465 7,644,600 Minneapolis 63 | 3,671 17 ' 13,985 1,037 238,914 j 25,148 23, 706 21,589 2,960,234 2,942,362 j 3,908,858 Kansas City 1,343 j 205,615 421 j 199,487 4,713 761,489 | 54, 520 58,246 55,226 8,290,019 8,980,368 ! 12,715,407 Dallas 495 j 56,471 114 I 20,611 1,271 167,430 j 27,915 28,027 29,360 4,493,742 4,481,610 I 7,307.341 San Francisco-.. 1,710 218,399 778 1 117,175 2,378 400,542 ! 53,729 43,338 30, 218 8,777,048 8,055,574 \ 8,668,570 Total: 1922. 5,616 I 921,022 i 3,800 1,095,943 | 44,336 7, 948,985 638,625 i 160,130,624 1921. 5,783 j 1,141,612 | 3,580 | 1,175, 597 42; 882 9,004,996 574, 910 130,166,596 1920. 6,671 | 1,799,856 j 2,695 ! 1,644,775 42,716 19,551,328 504,198 | 179,505,223 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 73.—NUMBER OF MEMBER BANKS AND OF NONMEMBER BANKS ON PAR LIST IN EACH FEDERAL RESERVE DISTRICT AT THE END OF EACH MONTH IN 1922. Total. Non- Member member banks. banks on par list. January 9,852 18,071 February.. 9,856 18,019 March 9,873 17,976 April 9,904 17,943 May 9,909 17,918 June 9,927 17,889 July 9,930 17,884 Q August 9,917 17,865 O September. 9,917 17,863 October.... 9,918 17,851 November. 9,916 17,836 December.. 9,916 17,822 o w Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 73.—NUMBER OF MEMBER BANKS AND OF NONMEMBER BANKS ON PAR LIST IN EACH FEDERAL RESERVE DISTRICT AT THE END OF EACH MONTH IN 1922—Continued. OO Chicago. St. Louis. Minneapolis. Kansas City. Dallas. San Francisco. "A j Non- i Non- Non- i Non- j Non- j j Non- Meinber I member Member I member Member member Member i member i Member member j Member j member banks, j banks on banks, banks on banks. banks on banks. ' banks on ! banks. banks on \ banks, j banks on i par list. par list. par list. j par list. I par list. I j par list. u January... 4,234 591 j 2,487 1,024 2,634 i 1,112 3,093 856 1,128 i 852 970 February. 4,234 592 : 2,483 1,024 2,630 | 1,118 3,079 856 1,115 [ 848 964 O March 4,234 594 | 2,483 1,026 2,630 | 1,129 3,061 | 860 1,093 | 845 963 April 4,234 598 j 2,475 1,025 2,630 | 1,141 I 3,056 S 860 1,081 \ 852 958 O May 4,234 598 2,476 1,023 2,629 | 1,146 i 3,046 j 862 1,073 847 956 June 4,229 605 : 2,472 1,023 2.627 | 1,152 | 3,046 I 862 1,072 ! 848 954 July 4,235 606 2,475 1,022 2,621 ! 1.151 ! 3,051 j 865 1,069 84S 939 August 4,238 606 2,464 1,021 2,623 I 1.152 | 3,048 I 863 1,059 | 836 939 September. 4,241 606 2,463 1,019 2.628 ! 1.151 j 3,033 i 863 1,055 j 830 936 hrj October 4,243 607 j 2,464 1,018 2,618 I 1.152 ; 3,024 | 862 1,055 833 940 M November. 4,245 608 ; 2,466 1,014 2,604 ! 1,154 j 3,019 j 863 1,050 829 941 December.. 4,246 610 2,467 1,014 2,596 1,152 ; 3,007 I 861 1,045 S26 94G © Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OPERATIONS OF BRANCHES. No. 74.—OPERATIONS OF FEDERAL RESERVE BRANCH BANKS DURING 1922. Checks handled. Currency (coin and paper). Member I- Federal reserve branch. c V o p u a o p n lu t e e r m d d e i a o s n - f d d A a v il e y r a b g i e ll r b e a s n er k v s e ' Number. Amount. Received. Paid out. bought. holdings. De b c a . l 3 an 1, c 1 e 9 s 2 , 2. Thousands of items. Thousands of dollars. Buffalo 10,235 2,193,517 153,861 168,036 ^608,768 110,424 U7,471 Cincinnati , 13,687 2,561,223 100,584 90,886 Pittsburgh 18,676 4,544,104 249,615 261,140 Baltimore 14,953 3,151,010 158,890 151,467 331,760 19,117 Birmingham 5,565 1,068,021 38,144 33,494 Jacksonville..... 3,306 542,707 43,629 37,600 Nashville , 3,773 638,657 32,633 27,455 New Orleans 3,234 941,964 88,829 90,777 193,689 12,487 16,531 Detroit 10,763 2,686,428 302,846 315,216 476,753 13,395 35,738 > Little Rock 4,980 549,934 26,587 27,949 55,839 4,473 5,262 a Louisville 7,108 1,067,780 96,642 84,771 409,613 4,533 9,418 M Memphis 3,391 57*, 204 48,366 57,791 102,624 8,955 8,378 Helena 2,930 323,230 14,910 17,742 28,370 7,489 5,960 Denver 7,608 1,197,550 38,925 26,972 80,811 4,580 15,092 Oklahoma City. 13,112 1,564,587 18,203 15,923 Omaha 9,178 1,195,296 24,786 24,450 94,089 9,559 14,970 El Paso 2,506 278,816 27,964 16,919 35,795 6,077 3,464 Houston 5,635 921,693 35,754 35,070 32,132 3,226 13,227 Los Angeles 23,710 3,164,944 200,451 163,326 77,889 5,052 43,737 Portland 4,158 669,427 35,066 31,689 59,173 3,540 12,296 i Buffalo City banks only. Bill holdings are based on figures as of the 52 weekly statement dates during the year. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 74.—OPERATIONS OF FEDERAL RESERVE BRANCH BANKS DURING 1922—Continued. Ox * O Federal reserve branch. Num C b he e c r. ks han A d m le o d u . nt. C R ur e r c e e n i c v y e d ( , c oi j I n a P n a d id p o a u pe t. r). c V o p b u a o o n p lu t u e e m r g d h d e t i a . o s n - f d d h A a o i v l l d e y i r n a b g g iU s e . D b e M r a c b e . l a e a s 3 n m e n 1 k r c b , v s 1 e e e ' 9 s r , 22. Thousand items. Thousands of dollars. Salt Lake City - 5,812 723^001 13,748 13,914 279,039 16,307 9,081 3- Seattle. * 5,438 833,146 54,994 56,031 19,756 273 12,483 Spokane 3,259 430,274 10,450 10,246 55,817 3,872 6,123 Total: 1922 183,017 31,818,513 1,815,877 1,758,864 2,941,917 114,242 248,348 1921 1157,692 i 30,841,136 1,804,992 1,498,930 5,742,170 286,933 213,394 1920 * 1125,435 1 37,560,687 1,616,708 1,696,087 6,836,678 290,630 218,536 Savannah agency: 1922 . 8,310 6,078 w 1921 8,601 6,517 2 1920 . 11,663 9,388 * Figures for 1921 and 1920 are for the 12-month period ending Dec. 15. I Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EARNINGS AND EXPENSES OF FEDERAL RESERVE BANKS. No. 75.—EARNINGS AND EXPENSES OF EACH FEDERAL RESERVE BANK DURING 1922. EARNINGS. Total. Boston. New York. Ph p i h la ia d . el- Cleveland. m R o ic n h d - . Atlanta. Chicago. St. Louis. M ap i o n l n is e . - K C a i n t s y a . s Dallas. Sa c n i s F co ra . n- Discounted bills $26,523,123 $1,543,539 $3,970,210 $2,393,673 $2,247,667 $2,569,887 $1,951,695 $3,862,291 $1,303,808 $1,451,659 $1,492,657 $1,609,383 $2,126,654 Purchased bills 5,628,956 591,647 1,619,512 712,383 743,759 74,655 164,704 547,339 255,750 8,828 197,994 712,385 United States securities 16,682,463 1,391,691 5,227,488 1,119,457 1,946,915 95,378 189,390 2,081,340 832,169 383,531 1,408,738 195,049 1,811,317 Deficient reserve penalties... 602,951 9,777 49,738 14,409 27,223 87,080 44,357 49,761 45,915 128,087 47,215 50,432 48,957 Miscellaneous 1,053,246 4,659 474,371 12 028 2S 718 5,944 2,590 208,132 18, 805 5,971 137,222 32,917 121,889 3 Total earnings 50,490,739 3,541,313 11,341,319 1 4,251,950 4,994,282 2,832,944 2,352,736 6,748,863 2,456,447 1,969,248 3,094,660 2,085,775 4,821,202 CURRENT EXPENSES. Salaries: x Bank officers $2,461,323 $141,000 $494,844 $129,499 $220,100 $155,467 $159,994 i $367,156 $155,877 $107,977 $161,530 $132,184 $235,695 Clerical staff 14,222,021 925,072 3,602,883 982,600 1,081,239 760,883 487,751 1,907,058 829,072 463,390 957,883 680,629 1,543,561 Special officers and watchmen 818,772 34,430 188,207 57,952 93,785 33,189 23,375 155,333 28,418 22,281 62,918 37,134 81,750 Allother 1,310,524 100,932 280,085 83,477 108,236 78,739 38,758 236,665 40,750 16,446 107,316 105,356 113,764 Governors' conferences 5,515 411 490 206 360 166 656 309 456 467 512 261 1,221 Federal reserve agents' conferences 4,029 426 247 I 181 260 123 286 348 228 267 250 297 1,116 Federal Advisory Council 9,063 250 845 I 461 613 629 690 992 1,250 1,140 460 250 1,483 Directors' meetings 146,084 7,367 23,075 I 6,407 8,386 5,795 21,758 8,221 10,675 11,407 25,604 6,003 11,386 Traveling expenses * 293,236 9,820 28,923 16,378 21,036 23,101 19,284 42,083 24,498 21,470 17,941 30,383 38,319 Assessment for Federal Reserve Board expenses 722,545 55,241 197,882 I 60,625 76,737 37,402 30,164 98,307 31,820 24,945 32,230 26,189 51,003 1 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

No. 75.—EARNINGS AND EXPENSES OF EACH FEDERAL RESERVE BANK DURING 1922—Continued. Ox CURRENT EXPENSES—Continued. to Total. Boston. New York. Ph p i h la i d a. el- Cleveland. m R o ic n h d - . Atlanta. Chicago. St. Louis- M ap i o n l n i e s - . K C a i n ty sa . s Dallas. San c is F c r o a . n- Legal fees $63,322 $775 $3,982 $4,370 $5,538 $12,218 $8,948 $1,387 $2,919 $11,592 $6,911 $708 $3,974 Insurance (life, fidelity, casualty, and general liability). 433,273 29,072 63,887 43,202 24,612 22,541 27,651 65,581 40,587 25,311 28,650 24,454 37,725 Banking house: Taxes 270,915 I 90,900 29,184 21,276 23,493 40,901 9,393 3,076 1,578 15,495 30,485 5,134 Fire insurance 9,238 | 2,081 348 452 897 1,774 260 43 170 1,962 904 347 Light, heat, and power, .i 175,908 i 25,489 16,569 39,085 7,494 10,989 10,555 3,014 902 28,253 28,212 5,346 Repairs and alterations (not of permanent character) , 1,767 2,581 20,396 6,845 24,854 1,101 382 1,667 25,883 3,215 947 All other , 33,122 1,886 3,345 1,425 20,084 1,274 562 193 11 3,958 384 Rent 1,040,949 52,772 350,284 1,675 I 162,648 4,341 25,841 205,729 73,627 44,038 18,786 3,743 97,465 Fire insurance—furniture and equipment 11,099 381 784 1,091 613 248 1,775 1,027 481 1,133 643 2,014 Office and other supplies 443,193 26,539 62,481 31,457 37,965 36,384 17,819 83,090 19,244 21,954 32,408 31,792 42,060 Printing and stationery 739,715 74,588 90,276 51,973 66,080 48,431 33,225 109,172 37,977 42,515 45,300 54,667 85,511 Telephone 203,023 21,169 48,983 23,431 15,969 5,944 4,546 31,328 7,448 7,090 9,127 12,213 15,775 Telegraph 573,858 7,977 63,943 18,745 36,516 34,934 64,789 62,168 42,841 21,697 73,831 58,383 88,034 Postage (other than on money and security shipments) 1,118,151 81,415 128,952 73,008 82,843 89,731 61,085 150,434 97, 582 79,184 121,593 68,322 84,002 Expressage (other than on money and security shipments) 49,084 2,434 4,176 4,283 3,043 2,215 1,832 3,824 3,477 887 15,835 Security shipments 139,392 14,005 16,011 5,669 3,251 11,717 8,081 4,018 12,028 3,933 15,696 Currency and coin shipments. 1,078,518 ! 147,072 228,530 142,359 101,218 59,415 52,634 136,943 43,711 22,992 39,118 54,206 50,320 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Federal reserve currency: Original cost, including shipping charges 1,578,592 65,501 553,125 118,014 124,508 .8,358 I 107,938 95,378 52,719 I 53,334 i 64,990 I 44,262 230,465 Cost of redemption, including shipping charges 434,179 38,792 70,174 ! 43,381 37,788 24,734 25,219 82,631 11,586 16,765 | 28,077 12,336 42,696 Taxes on Federal reserve I bank note circulation 304,261 23,871 69,374 24,723 21,335 13,184 I 22,360 33,425 16,377 14,260 i 37,713 12,639 15,000 All other expenses 776,801 38,965 129,461 45,596 54,536 27,358 I 31,080 188,960 34,140 44,876 | 44,962 48,508 Total current expenses. 29,559,343 2,022,400 >, 776,530 2,053,9192,461,266 1,631,356 ! 1,293,053 4,080,057 1,623,222 1,084,942 2,010,820 1,515,391 3,006,387 No. 76—PROFIT AND Loss ACCOUNT OF EACH FEDERAL RESERVE BANK DURING 1922. 1 Total. Boston. New York. d P el h p i h la i - a. C la le n v d e . - m R o ic n h d - . Atlanta. Chicago. St. Louis. M ap i o n l n is e . - K C a i n ty sa . s Dallas. Fra S nc an isco. Earnings $50,490,739 $3,541,313 $11,341,319 $4,251,950 $4,994,282 $2,832,944 $2,352,736 $6,748,863 $2,456,447 $1,969,248 $3,094,660 $2,085,775 $4,821,202 Current expenses 29,559,343 2,022,400 6,776,530 2,053,919 2,461,266 1,631,356 1,293,053 4,080,057 1,623,222 1,084,942 2,010,820 1,515,391 3,006,387 Current net earnings.., 20,931,396 1,518,913 4,564,789 2,198,031 2,533,016 1,201,588 1,059,683 2,668,806 833,225 884,306 1,083,840 570,384 1,814,815 i Additions to current net earnings: Amounts deducted from reserve for— Depreciation on U. S. bonds 630,122 32,100 67,732 43,728 3,618 2,590 144,554 3,883 95,999 231,523 4,395 380 984 300 000 80,984 Allother 328,838 9,494 2,743 14,946 5,161 8,831 1,823 127,465 2,257 41,231 5,960 U07,113 1,814 Total additions 1,339,944 41,594 2,743 82,678 48,889 12,449 4,413 572,019 6,140 41,231 101,959 419,620 6,209 1 Includes $55,000 representing excess of sale price over net book value of old bank building sold during the year. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 76.—PROFIT AND LOSS ACCOUNT OF EACH FEDERAL RESERVE BANK DURING 1922—Continued. Ol Total. Boston. New York. Ph p i h la i d a. el- C la le n v d e . - m R o ic n h d - . Atlanta. Chicago. St. Louis. M ap i o n l n is e . - K C a i n ty sa . s Dallas. Fra S nc an isco. Deductions from current net earnings: Depreciation allowances on bank premises $3,107,295 $328,215 $365,053 $125,428 $178,358 $163,294 $1,400,000 $2,000 $9,713 $337,810 $161,018 $36,406 Furniture and equipment .. 788,244 133,106 50,172 $42,931 42,779 64,710 17,387 238,923 44,755 24,640 60,128 32,710 36,003 Reserve for probable losses 886 000 50,000 200,000 125 000 439,000 72,000 Beserveforselfinsurance. 444,072 294,072 100,000 50,000 Reserve for depreciation 78,058 78,058 Allother 469,935 1,784 136,642 902 45,010 3,521 10,685 196,687 20,038 30,431 4,825 3,151 16,259 Total deductions 5,773,604 463,105 845,939 43,833 313,217 346,589 391,366 1,835,610 191,793 142,842 402,763 635,879 160,668 Net deductions from current • net earnings 4,433,660 421,511 843,196 8 38,845 264,328 334,140 386,953 1,263,591 185,653 101,611 300,804 216,259 154,459 Net earnings available for dividends, franchise tax, and surplus 16,497,736 1,097,402 3,721,593 2,236,876 2,268,688 867,448 672,730 1,405,215 647,572 782,695 783,036 354,125 1,660,356 Dividends paid 6,307,035 481,951 1,652,138 541,552 692,436 333,321 256,618 876,203 283,166 213,774 275,655 251,915 448,306 Franchise tax paid U. S. Go vGrnrn PH t 7,450,543 538,883 1,862,509 855,364 714,988 480,714 374,501 476,111 87,956 512,029 456,643 1,090,845 Transferred to surplus 2,740,158 76,568 206,946 839,960 861,264 53,413 41,611 52,901 276,450 56,892 50,738 102,210 121,205 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MXMORANDi. (see p. 22). Amounts added to surplus account through reversal of chargespreviously made for— Depreciation allowances on bank premises 2,630,277 125,000 225,277 2,030,000 250,000 Reserve for undetermined liabilities 1,000,000 1,000,000 Amounts deducted from surplus account and paid to U. S. Government as franchise tax for 1921 •3,400,062 247,350 •1,604,549. 36,366 20,459 213,629 j 710,190 52,423 208,170 308,926 i * Net additions. « Includes $270,389 for 1920. . No, 77.—REIMBURSABLE EXPENDITURES OF FISCAL AGENCY DEPARTMENT. San Total. Boston. New York. Ph p i h la i d a. el- C la le n v d e . - m R o ic n h d - . Atlanta. Chicago. St. Louis. M ap in o n li e s - . K C a i n ty sa . s Dallas. C Fr is a c n o - . Expenditures during 1922: Salaries . .... $699,144 $40,037 $42,093 $27,470 $68,725 $25,450 $29,603 $89,536 $53,987 $104,367 $107,952 $42,828 $67,096 All other... 484,671 23,709 167,196 26,199 31,622 15,454 17,445 72,811 21,812 44,662 25,411 12,162 26,188 Amounts reimbursable Jan. 1,1922.. 63,113 2,216 3,910 2,101 7,148 1,299 3,485 11,488 5,280 8,737 10,319 3,113 4,017 Total 1,246,928 65,962 213,199 55,770 107,495 42,203 50,533 173,835 81,079 157,766 143,682 1 58.103 97,301 Reimbursements received during 1922.. 878,685 40,471 102,887 41,393 72,767 35,843 41,784 134,094 55,911 129,734 109,900 51,429 62,472 Balance reimbursable Jan. 1,1923 368,243 25,491 110,312 14,377 34,728 6,360 8,749 39,741 25,168 28,032 33,782 6,674 34,829 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RECEIPTS AND DISBURSEMENTS OF THE FEDERAL RESERVE BOARD. M No. 78.—RECEIPTS AND DISBURSEMENTS OF THE FEDERAL RESERVE BOARD FOR THE YEAR 1922. Balance January 1, 1922: Available for general expenses of the board $74,518.22 > Available for expenses chargeable to the Federal reserve banks 375, 380.12 y d Total $449, 898. 34 P RECEIPTS. jrj Available for general expenses of the board: o Assessments on Federal reserve banks for estimated general expenses of the board $722,544. 61 § Refunds of expenditures during 1921 5,521.05 o Subscription to Federal Reserve Bulletin 7, 760.00 ^ Refund by Treasury Department of salaries of laborers 2,280.00 H Index digest, Federal Reserve Bulletin ,, 41.80 § Miscellaneous receipts and reimbursements 1,193.99 ^ & Total receipts available for general expenses of the board 739, 341.45 K Available for expenses chargeable to Federal reserve banks: fe Assessments on Federal reserve banks— For cost of preparing Federal reserve notes 1, 505, 885. 36 g For expenses of gold shipments between Treasury offices and Federal reserve banks under the • t§ provisions of section 16, Federal reserve act 5,130.80 *2 For expenses of leased-wire system 255, 518.89 For miscellaneous expenses 10,585.10 w Total receipts available for expenses chargeable to Federal reserve banks 1, 777,120.15 Total receipts • 2, 516,461.60 Total available for disbursements .• 2, 966, 359.94 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DISBURSEMENTS. For general expenses of the board: Expenses for 1921, paid in 1922 16,224.23 Expenses for 1922 (per detailed statement) $729,745.11 Less accounts unpaid Dec. 31, 1922 15, 642. 78 714,102.33 Salaries of laborers reimbursable by Treasury Department 3,040.00 Miscellaneous expenses reimbursable 592.58 Total disbursements for general expense of the board 733, 959.14 For expenses chargeable to Federal reserve banks: ^ Cost of preparing Federal reserve notes 1, 641, 730.86 § Expense of gold shipments between Treasury offices and Federal reserve banks under the provisions J--J of section 16, Federal reserve act J 6,231. 60 >; Expense of leased-wire system 257,436.79 Miscellaneous expenses , 10, 525.38 H Total disbursements for expenses chargeable to Federal reserve banks 1, 915,924. 63 <j w Total disbursements 2, 649, 883. 77 W Balance Dec. 31, 1922: > Available for accounts unpaid, Dec. 31, 1922 15,642. 78 § Available for general expenses of the board 64,257.75 Available for expenses chargeable to Federal reserve banks unpaid, Dec. 31, 1922 236,575.64 Total 316,476.17 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 78.—RECEIPTS AND DISBURSEMENTS OP THE FEDERAL RESERVE BOARD FOR THE YEAR 1922—Continued. OX 00 DETAILED STATEMENT OF EXPENSES. January. February. March. April. May. June. July. August. Se b p e te r. m- October. No b v e e r. m- De b c e e r m . - Total. PERSONAL SERVICES. Board members and their staff. $7,296.22 $7,483.75 $7,483.78 $7,483.72 $7,483.75 $7,488.22 $7,451.22 $6,534.59 $6,305.43 $6,166.65 $6,166.67 $6,236.05 $83,580.05 Office of secretary 2,211.56 2,219.59 2,219.60 2,219.56 2,219.59 2,187.60 2,099.56 2,099.59 2,050.43 2,138.31 2,113.34 2,011.61 25,790.34 Office of general counsel 2,618.31 2,618.33 2,618.36 2,618.31 2,618.33 2,434.32 2,491.36 2,505.83 2,505.86 1,887.48 1,997.50 1,914.19 28,828.18 Office of statistician 2,505.39 2,576.26 2,630.43 2,643.72 2,643.76 2,560.44 2,669.06 2,805.42 2,805.44 2,790.39 2,805.42 2,805.44 32,241.17 Office of fiscal agent 513.33 513.33 513.34 513.33 513.33 513.34 541.48 513.33 513.34 513.33 513.33 513.34 6,188.15 Division of examination 7,487.04 7,208.76 7,208.78 7,208.71 7,208.76 7,312.95 7,417.04 7,642.09 7,988.79 8,192.04 8,199.59 8,117.12 91,191.67 Division of bank operations... 6,582.25 6,519.96 1 6,520.13 6,505.25 6,281.51 6,320.13 5,892.68 5,823.07 5,740.72 5,521.50 5,488.29 5,459.36 72,654.85 Division of chief clerk 1,787.06 1,787.09 1,887.10 1,907.06 1,890.20 1,975.43 2,050.40 2,050.42 2,050.43 2,110.40 2,170.42 2,170.43 23,836.44 Division of gold settlement... 1,334.57 1,370.20 1,491.35 1,473.33 1,466.57 1,365.93 1,282.49 1,302.00 1,258.51 1,268.99 1,240.50 1,257.01 16, 111. 45 Division of supply agent 463.75 449.49 428.34 428.33 428.33 428.34 428.33 428.33 428.34 428.33 428.33 428.34 5,196.58 Division of currency 931.24 931.25 722.92 722.91 722.92 722.92 722.91 722.92 722.92 722.91 722.92 722.92 9,091.66 Division of printing 423.33 423.33 423.34 423.33 423.33 423.34 423.33 423.33 423.34 423.33 423.33 423.34 5,080.00 Division of analysis and research .. . 4,610.36 4,720.13 4,864.66 4,981.17 5,622.92 5,725.92 6,334.22 5,814.44 5,191.44 4,837.03 4,414.73 4,373.44 61,490.46 Division of architecture 763.88 763.89 763.89 763.89 763.88 763.90 763.88 763.90 763.88 763.89 763.88 763.90 9,166.66 Division of issue and redemption 7,022.81 6,906.68 6,720.01 6,564.98 5,913.34 5,936.18 5,631.31 5,321.79 4,483.34 4,456.98 4/467.84 4,538.52 67,963.78 Messengers .. 1,036.62 1,036.69 1,036.69 1,036.62 1,081.69 1,141.69 1,584.09 1,587.54 1,587.54 1,587.42 1,587.54 1,587.54 15,891.67 Charwomen 96.00 96.00 96.00 96.00 96.00 96.00 96.00 96.00 96.00 96.00 96.00 94.93 1,150.93 Total 47,683.72 47,624.73 47,628.72 47,590.22 47,378.21 47,396.65 47,879.36 46,434.59 44,915.75 43,904.98 43,599.63 43,417.48 555,454.04 Railway loan advisory committee to the Federal Besfirvfi Board 150.00 150.00 150.00 150.00 150.00 150.00 150.00 150.00 75.00 1,275.00 Total personal services.. 47,833.72 47,774.73 47,778.72 47,740.22 47,528.21 47,546.65 48,029.36 46,584.59 44,990.75 43,904.98 43,599.63 43,417.48 556,729.04 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

KONPERSONAL SERVICES. Transportation and subsistence: Board members and their staff 154.10 192.48 580.23 384.50 196.97 181.72 24.03 33.93 j 10.02 114.90 499.62 143.12 2,515.62 Office of secretary 58.72 18.56 25.66 29.50 140.03 !. 272.47 Office of general counsel.. 55.42 91.34 146. 76 Division of examination.. 2,794.41 2,403.93 4,665.37 3,629.79 4,270.72 5,240.02 3,788.63 1,907.01 2,723.42 4,373.95 5,427.25 3,897.46 45,121. 96 Division of analysis and research 29.29 25.44 79.28 131.93 161.56 354.83 148.74 135.00 I 948.35 I 49.92 61.30 127.08 2,252.72 Division of architecture... 60.88 Total all other divisions, including local car fare.. 35.00 36.81 72.09 35.00 7.77 87.65 67.27 214.58 556.17 Communication service: Telephone 630.45 615.37 622.61 666.26 682.61 654.03 642. 74 613.82 659.59 634. 79 656.00 643.90 7,722.17 Telegraph 1,064.57 1,239.17 1,779.88 1,088.25 1,071.44 1,616.13 1,148.15 1,334.06 | 1,348.20 1,396.49 1,400.00 15,472.40 51.00 13.84 61.00 18.00 64.00 59.00 60.00 44.00 57.00 70.00 64.00 561.84 Printing, binding, etc 7,893.80 3,260.55 5,189.24 3,434.68 3,146.63 2,605.30 2,477.06 2,894.50 2,950.76 2,357.84 2,659.39 4,230.95 43,100.70 Repairs 22.53 14.13 71.14 | 55.55 45.99 90.56 41.33 35.36 38.24 26.63 51.04 43.30 535.80 Electricity (light and power).. 71.23 65.10 72.55 70.08 63.83 51.95 42.26 36.12 33.55 34.90 34.90 34.90 614.37 Steam (heat) 37.50 37.50 37.50 I 37.50 17.50 37.50 37.50 37.50 280.00 Miscellaneous unclassified 311.56 475.84 358.91 1,936.61 894.01 670.05 132.36 61.93 129.07 298.29 173.67 33.42 5,475.72 Equipment rental , 378.75 375.00 378.00 375.00 375.00 378.00 375.00 375.00 378.00 375.00 375.00 378.00 4,515.75 Supplies: Stationery and office 1,586.51 300.05 483.16 904.30 424.63 1,744.08 262.97 673.77 166.68 910.60 265.78 451.39 8,173.92 Periodicals... 7.85 60.34 2.85 1,141.48 208.29 340.96 38.50 37.42 86.48 1,924.17 Equipment: Furniture and office 716.76 43.68 I 748.89 2,436.68 1,312.60 163.63 1,256.50 115.23 496.50 380.05 173.89 76.12 7,920.53 Books 174.61 59.00 | 30.73 325.70 73.35 71.77 1.80 8.14 39.73 32.16 2.03 28.00 847.02 Rent , 1,588.01 1,588.01 I 1,588.01 1,796.35 2,313.09 2,313.09 2,293.09 2,293.09 2,293.09 2,293.09 2,293.09 2,293.09 24,945.10 Total. 17,563.80 10,770.50 I 16,959.95 17,366.12 15,113.93 17,452.64 12,967.45 11,049.72 12,401.35 13,013.10 14,260.70 14,096.81 173,016.07 Grand total 63,397.52 58,545.23 64,738.67 65,106.34 62,642.14 64,999.29 60,996.81 57,634.31 57,392.10 56,918.08 57,860.33 57,514.29 729,745.11 SO Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALLOTMENTS OF UNITED STATES SECURITIES. No. 79.—ALLOTMENTS OP UNITED STATES BONDS, NOTES, AND CERTIFICATES OF INDEBTEDNESS DURING 1922. Tax certificates. Treasury notes. ! Loan cer- Federal reserve tificates, district. Se 1 r 9 ie 22 s . D, TD S -2 er ,1 ie 9 s 22. Ser 1 i 9 e 2 s 3 . TM,Ser 1 i 9 e 2 s 3 . T J, Ser 1 i 9 e 2 s 3 . T S, jTM S - e 2 r , i 1 e 9 s 23. Ser 1 i 9 e 2 s 3 . TD Se 1 r 9 i 2 e 5 s . A, Se 1 r 9 i 2 e 5 s . B, Se 1 r 9 i 2 e 5 s . C, Series A, Series B, Boston $12,990,000 $17;320,000 $21,650,000 $21,650,000l$17,320,000$13,266,000| $6,248,000 $51,960,000 $11,158,200 $29,826;800 $51,093800,$37, 600|$82,198,300 $373,777,700 New York 50,880,000 67;840,000 101,050,000 107,800,000i 94,840,000! 69,682,500 132,289,500 254,213,300173,914,300147,021.700 314,059200:196, 3001344,606, , 055,146,300 Philadelphia... 10,590,000 14,120,000 17,650,000 17,650,000 14,120,000, 1,644,000 4,641,500 45,865,900 20,128,800 47,063. 000: 32, 500 54,028,800 328,165,900 Cleveland 13, 590,000 18,120,000| 22,650,000 22,650,000 18,120,000 i, 313,000 10,559,000 40,305,000 24,162,300 43,673; 0001 45, 373,921,700 Richmond 5,190,000 6,920,000 8,650,000 650,000 6,920,000 .,833,000 2,275,500 14,966,300} 4.549,600| 15,781. 200 13, 126,760,000 Atlanta 4,380,000 5,840,000 7,300,000 300,000 5,840,000 888,500 3,177,000 11743,2001 2,707,8001 16,319; 500 11, 97,610,200 Chicago 21,000,000 28,000, 00035,000,000 35,000,000 28,000,000 1,521,000 20,768,000 84,145,300J 48,138,600) 71,436, 575,042,800 St. Louis....... 6,000,000 8,000,000 10,000,000 10,1000,000 8,000,000 945,500 4, 846,50017,384,200 12'250,000J 24,203; 177,777,400 Minneapolis— 5,190, 000 6,920,000 8,650,000 650,000 6,920,000 497,500 1,621,500 199,800 350,900 11,852; 104,896,200 Kansas City... 6,000,000 8,000,000 10,000,000| 10,000,000 8,000,000 i, 189,500 3,216,500 697,500| 16,1:25,400! 17,964; 17,270,700 145,051,700 Dallas 3,600,000 4,800, 000 6,000,O00J 6,000,000 4,800,000 :, 889,500 3,002,000 840,500| 4,:292,200J 13,790; 7,201,300 78,676,500 San Francisco.. 10,390,000 14,120,000! 17,650,000! 17,650,000 14,120,000| !, 074,500J 4, 588,50034,278,500| 11,,363,200| 30,095; 31,645,300 260,179,900 Total 150,000,000 200,000,000 266,250,000J273,000,000 227,000,000|113,744,500 197,233,500 601,599,500 335,141,300 469,029,800 617,769, Rate of interest. (per cent).... 3J 4; 4f| 4f| 4} Date issued.... 4-15-22 6-1-22 3-15-221 6-15-22 9-15-22J 12-15-22 12-15-22 2-1-22J 6-I5-22! 12-15-22 Maturity date.. 10-16-22 12-15-22 3-15-23 6-15-23 9-15-23 3-15-23 12-15-23 3-15-251 12-15-25| 6-15-25 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONDITION OF MEMBER AND NONMEMBER Bi?NKS. 161 ASSETS AND LIABILITIES OF MEMBER AND NONMEMBER BANKS. No. 80.—ABSTRACT OF CONDITION REPORTS OF STATE BANK AND TRUST COMPANY MEMBERS OF THE FEDERAL RESERVE SYSTEM. fin thousands of dollars.] Dec. 31, Mar. 10, June 30, Dec. 29, 1921 1922 1922 1922 , (1,614 (1,624 (1,648 (1,639 banks). banks). banks). banks). RESOURCES. Loans and discounts 5,966,281 5,865,265 6,036,226 6,464,127 Overdrafts 4,634 4,236 4,458 6,284 Customers' liability on account of acceptances 142,896 125,462 122,941 164,085 United States Government securities 674,353 726,302 964,523 1,135,381 Stock of Federal reserve banks 33,512 33,965 34,272 35,403 Other bonds, stocks, and securities 1,398,542 1,383,085 1,503,923 1,517,361 Banking houses, furniture, and fixtures , 212,671 217,167 227,911 241,393 Other real estate owned 32,804 42,565 44,327 48,190 Gold and gold certificates 8,727 9,393 10,505 All other cash in vault 128,536 124,329 130,329 160,021 Reserve with Federal reserve banks 615,082 .597,930 683,511 718,181 Items with Federal reserve banks in process of collection 127,131 115,262 137,669 180,134 Due from banks, bankers, and trust companies 359,043 379,324 405,597 424,176 Exchanges for clearing house, also checks on other banks in same place 270,613 284,778 520,047 557,683 Outside checks and other cash items , 44,133 32,306 45,457 55,769 United States securities borrowed 35,710 28,544 20,353 19,471 Other securities borrowed 381 1,146 488 2,012 Other assets 123,863 123,428 135,162 176,841 Total 10,178,912 10,094,487 11,026,082 11,917,017 LIABILITIES. Capital stock paid in 586,089 597,369 605,761 624,656 Surplus fund 524,574 525,379 535,806 550,750 Undivided profits, less expenses and taxes paid 170,115 188,149 186,213 222,486 Amount reserved for interest and taxes accrued , 32,947 41,215 39,093 46,022 Due to Federal reserve banks , 6,639 5,860 6,792 11,501 Due to banks, bankers, and trust companies 587,875 619,112 641,858 725,717 Certified and cashiers' or treasurers' checks outstanding, 173,487 184,234 332,567 351,059 Demand deposits 4,572,500 4,506,706 5,103,154 5,283,488 Time deposits 2,702,110 2,825,429 3,063,838 3,326,958 United States deposits 120,308 116,569 54,142 160,005 Bills payable (including all obligations representing money borrowed other than rediscounts) 158,981 91,370 68,654 119,149 Notes and bills rediscounted (including acceptances of other banks and foreign bills of exchange or drafts sold with indorsement) 274,052 148,783 145,338 185,176 Cash letters of credit and travelers' checks outstanding. 12,491 13,850 21,325 10,756 Acceptances executed for customers 144,177 124,867 124,796 166,695 Acceptances executed by other banks for account of reporting banks 5,687 6,687 6,593 10,021 United States securities borrowed 35,752 28,722 22,562 19,523 Other securities borrowed 381 1,146 488 2,012 Other liabilities 70,747 69,040 67,102 101,043 Total 11,026,082 11,917,017 Ratio of reserve with Federal reserve banks to net deposit liability (per cent) 10,8 10.8 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

162 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. No. 81.—ABSTRACT OF CONDITION REPORTS OF ALL MEMBER BANKS (NATIONAL AND STATE) OF THE FEDERAL RESERVE SYSTEM. [In thousands of dollars.] Dec. 31, Mar. 10, June 30, Dec. 29, 1921 (9,779 1922 (9,816 1922 (9,892 1922 (9,859 banks). banks). banks). banks). RESOURCES. Loans and discounts 17,468,936 17,145,605 17,282,290 18,061,459 Overdrafts 14,582 15,530 13,653 19,328 Customers' liability on account of acceptances 343, 559 295, 349 299,179 372,550 United States Government securitiesl 2,647,7 3 2,754,846 3,246,824 3,788,377 Other bonds, stocks, and securitiesa 3,512, 891 3.503,001 3, 815,247 3,899,339 Banking houses, furniture, and fixtures 642, 503 657,343 680,225 711,917 Other real estate owned 87,152 100,143 108, 695 123,354 Cash in vault 478,416 468,974 464, 614 561,576 Reserve with Federal reserve banks 1, 758,341 1, 722,637 1, 835,116 1,939,028 Items with Federal reserve banks in process of collection. 477, 042 428,162 493, 335 635,926 Due from banks, bankers, and trust companies 1, 449,637 1, 613, 918 1, 646,773 1,805,579 Exchanges for clearing house, also checks on other ban ks in same place 777, 439 804, 275 1, 350,390 1.405,121 Outside checks and other cash items 106,333 73, 477 110,377 117,963 Redemption fund and due from United States Treasurer 36,672 36,481 36,741 36,800 United States securities borrowed : 35,710 28,544 20,353 19,471 Other securities borrowed 381 1,146 488 2,012 Other assets 276,749 319,650 382,771 Total. 30,114,136 29, 936,069 31,723,950 33,882,571 LIABILITIES. Capital stock paid in 1,867,821 1, 886,172 I1,912, 227 1,940,916 Surplus fund 1, 557, 475 1,561,043 I1, 584, 092 1,625,765 Undivided profits, less expenses and taxes paid 667,711 737,802 I 717, 600 797,233 Due to Federal reserve banks 25, 521 23,501 ' 26, 644 39,610 Due to banks, bankers, and trust companies 2,834,645 3,141,962 3,123,741 3,452,773 Certified and cashiers' or treasurers' checks outstanding. 438, 336 534, 310 783,324 857,234 Demand deposits 13,176,122 12,949, 744 14, 251, 855 14,815,507 Time deposits 6, 450,629 6,662,398 7,175, 005 7,644,881 United States deposits 306,103 I 329, 503 156,118 461,799 Bills payable (including all obligations representing money borrowed, other than rediscounts) 655,304 j 366,459 297,135 429,930 Notes and bills rediscounted (including acceptances of other banks and foreign bills of exchange or drafts sold with indorsement) 797,658 472, 520 425,609 447,597 Cash letters of credit and travelers' checks outstanding. 16, 437 18, 566 29,560 15,628 Acceptances executed for customers 346, 555 296,199 297,683 366,539 Acceptances executed by other banks for account of reporting banks '. 22,245 20, 556 23,087 33,652 National-bank notes outstanding 716,968 719, 074 725, 265 723,317 United States securities borrowed 102,675 82,444 65, 037 54,138 Other securities borrowed. 6,121 7,249 3,385 4,980 Other liabilities 125, 810 126,567 126, 583 171,092 Total. 30,114,136 31,723,950 33,882,571 Ratio of reserve with Federal reserve banks to net deposit liability (percent) 10.5 10.2 10.6 10.2 1 Includes United States Government securities borrowed by national banks. 'Includes other bonds and securities borrowed by national banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONDITION OF MEMBER AND NONMEMBER BANKS. 163 No. 8£.—ABSTRACT OF CONDITION REPORTS OF ALL MEMBER BANKS (NATIONAL AND STATE) IN NEW YORK CITY. [In thousands of dollars.] Dec. 31, Mar. 10, June 30, Dec. 29, 1921 (58 1922 (58 1922 (59 1922 (58 banks.) banks). banks). banks). RESOURCES. Loans and discounts ; 3,681,790 3,490,143 3,589,029 3,764,127 Overdrafts 838 2,073 1,445 1,310 Customers' liability on account of acceptances 197,829 179,831 175,957 215,053 United States Government securitiesl 577,780 621,648 912,084 1,008,895 Other bonds, stocks, and securities2 567,705 514,142 636,690 553,434 Banking hduses, furniture, and fixtures 78,907 80,635 83,967 87,519 Other real estate owned 4,038 2,834 2,973 3,170 Cash in vault 70,849 69,797 65,057 69,365 Reserve with Federal reserve banks 612,859 574,017 616,609 624,956 Items with Federal reserve banks in process of collection. 87,538 77,132 92,095 125,558 Due from banks, bankers, and trust companies 72,123 65,205 72,546 78,019 Exchanges for clearing house, also checks on other banks in same place 445,270 552,189 975,487 1,019,819 Outside checks and other cash items 19,419 15,054 23,943 19,122 Redemption fund and due from United States Treasurer. 1,955 1,969 2,018 1,913 United States securities borrowed 276 136 86 86 Other securities borrowed 40 40 40 40 Other assets 167,069 176,825 194,057 227,998 Total. 6,586,285 6,423,670 7,444,083 7,800,384 LIABILITIES. Capital stock paid in 301,500 305,950 309,710 314,230 Surplus fund 356,706 359,267 365,153 390,130 Undivided profits, less expenses and taxes paid 161,765 180,800 174,823 165,184 Due to Federal reserve banks 338 455 417 1,573 Due to banks, bankers, and trust companies 1,036,068 1,060,762 1,084,805 1,119,972 Certified and cashiers' or treasurers' checks outstanding. 193,880 347,372 566,176 587,971 Demand deposits 3,617,581 3,358,266 3,958,530 3,921,252 Time deposits 295,094 326,265 527,660 534,287 United States deposits 92,375 89,171 38,042 197,876 Bills payable (including all obligations representing money borrowed other than rediscounts) 122,230 17,385 28,358 97,707 Notes and bills rediscounted (including acceptances of other banks and foreign bills of exchange or drafts sold with indorsement) 72,131 63,995 79,877 103,427 Cash letters of credit and travelers' checks outstanding.. 12,779 15,439 23,718 11,398 Acceptances executed for customers 201,105 180,750 175,809 213,911 Acceptances executed by other banks for account of reporting banks 14,016 14,203 15,169 22,634 National bank notes outstanding 38,297 38,877 39,580 35,667- United States securities borrowed 8,468 5,813 5,909 2,564 Other securities borrowed 2,941 2,926 40 40 Other liabilities 59,011 55,974 50,307 80,561 Total. 6,586,285 6,423,670 7,444,083 7,800,384 Batio of reserve with Federal reserve banks to net deposit liability (per cent) 14.1 13.8 13.4 13.6 1 Includes United States Government securities borrowed by national banks. 1 Includes other bonds and securities borrowed by national banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

164 ANNUAL, REPORT OF THE FEDERAL RESERVE BOARD. No. 83.—ABSTRACT OF CONDITION REPORTS OF ALL MEMBER BANKS (NATIONAL AND STATE) IN THE CITY OF CHICAGO. [In thousands of dollars.] Dec. 31, Mar. 10, June 30, Dec. 29, 1921 1922 1922 1922 (28 banks). (27 banks). (24 banks). (25 banks). RESOURCES. Loans and discounts 1,017,766 1,034,250 1,017,153 1,036,257 Overdrafts 367 202 262 179 C U O u n th s it e t e o r d m b S o er n t s a d ' t s e li , s a s b G to il c o it k v y s e , o r n a n n m a d e c n s c e o t c u s u n e r c t i u t o i r e f i t s a i 2 e c s c x eptances 1 3 4 4 2 3 3 , , , 3 3 0 7 7 3 4 8 0 1 2 4 4 6 4 9 , , ,4 9 6 6 2 1 S 4 3 1 1 3 0 4 8 0 4 , , , 4 2 3 2 1 6 7 6 0 1 1 3 3 5 2 8 5 , , , 4 9 9 6 7 1 6 5 0 Banking houses, furniture, and fixtures 16,862 14,4)65 15,202 14,894 Other real estate owned 178 2,385 2,385 2,334 Cash in vault 26,393 23,713 22,812 28,265 Reserve with Federal reserve banks 121,463 126,502 141,712 144,185 Items with Federal reserve banks in process of collection. 29,901 27,804 34,434 43,050 Due from banks, bankers, and trust companies 97,158 110,7*65 107,621 117,868 Exchanges for clearing house, also checks on other banks in same place 49,871 42,571 67,654 77,066 Outside checks and other cash items 9,160 5,214 7,131 9,195 Redemption fund and due from United States Treasurer. . 30 30 25 29 United States securities borrowed. Other securities borrowed Other assets 12,039 17,478 19,107 10,514 Total 1,600,000 1,625,985 1,718,501 1,831,187 LIABILITIES. Capital stock paid in 90,600 87,800 87,600 87,530 Surplus fund 85,385 83,385 83,320 83,325 Undivided profits, less expenses and taxes paid 44,349 45,591 46,569 57,906 Due to Federal reserve banks Due to banks, bankers, and trust companies 278,054 366,287 324,530 336,076 Certified and cashiers' or treasurers' checks outstanding, 16,034 21,093 21,367 40,490 Demand deposits 724,800 696,248 792,426 Time deposits 232,979 243,994 251,668 278,975 United States deposits 24,657 29,259 9,885 25,935 Bills payable (including all obligations representing money borrowed other than rediscounts 241 115 5,705 7,670 Notes and bills rediscounted (including acceptances of other banks and foreign bills of exchange or drafts sold with indorsement) 55,270 6,548 35,810 18,238 Cash letters of credit and travelers' checks outstanding. 871 1,017 2,310 1 723 Acceptances executed for customers 33,913 26,414 37,945 31,835 Acceptances executed by other banks for account of reporting banks 1,471 652 1,156 National bank notes outstanding 599 599 499 575 United States securities borrowed 27 Other securities borrowed Other liabilities 10,750 16,983 17,968 30,787 Total. 1,600,000 1,625,985 1,718,501 1,831,187 Ratio of reserve with Federal reserve banks to net deposit liability (per cent) 13.2 13.0 14.4 13.5 1 Includes United States Government securities borrowed by national banks. 2 Includes other bonds and securities borrowed by national banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONDITION OF MEMBER AND 3STONMEMBER BANKS. 165 No. 84.—ABSTRACT OF CONDITION REPORTS OF ALL MEMBER BANKS (NATIONAL AND STATE) IN RESERVE CITIES.1 [In thousands of dollars.] Dec. 31, Mar. 10, June 30, Dec. 29, 1921 1922 1922 1922 (585 banks).(584 banks).(59lf>anks).(574 banks). KESOURCES. Loans and discounts 5,920,958 5,850,629 5,844,199 6,255,257 Overdrafts 4,117 3,135 3,314 5,772 Customers' liability on account of acceptances 100,485 79,997 77,902 111,952 United States Government securities2 730,968 782,751 965,893 1,211,340 Other bonds, stocks, and securities3 1,074,200 1,078,885 1,168,046 1,208,404 Banking houses, furniture, and fixtures 235,094 242,491 251,599 263,901 Other real estate owned 36,499 44,905 47,830 52,205 Cash in vault 137,406 134,892 137,422 171,785 Reserve with Federal reserve banks 546,275 545,492 585,225 620,807 Items with Federal reserve banks in process of collection. 296,895 266,080 300,418 379,457 Due from banks, bankers, and trust companies 599,950 696,335 718,572 737,542 Exchanges for clearing house, also checks on other banks in same place 219,413 166,335 246,680 251,663 Outside checks and other cash items 47,103 31,803 53,001 ! 58,703 Redemption fund and due from United States Treasurer 9,451 9,329 9,545 1 9,433 United States securities borrowed 24,696 18,390 10,501 10,507 Other securities borrowed 61 61 Other assets 70,273 66,806 75,130 93,342 Total 10,053,844 10,018,316 10,495,277 11,442,070 LIABILITIES. Capital stock paid in 610,634 620,097 630,322 639,401 Surplus fund 535,253 535,307 541,260 553,777 Undivided profits, less expenses and taxes paid 206,746 231,790 224,315 239,378 Due to Federal reserve banks 6,418 6,487 7,748 10,945 Due to banks, bankers, and trust companies 1,221,260 1,383,152 1,381,653 1,589,723 Certified and cashiers' or treasurers' checks outstanding. 153,817 100,393 123,866 143,846 Demand deposits 4,149,890 4,210,161 4,633,751 4,807,170 Time deposits 2,108,701 2,197,880 2,382,561 2,618,276 United States deposits 141,662 159,985 82,798 175,398 Bills payable (including all obligations representing money borrowed other than rediscounts) 197,512 83,026 64,809 129,815 Notes and bills rediscounted (including acceptances of other banks and foreign bills of exchange or drafts sold with indorsement) 331,191 135,176 77,400 157,291 Cash letters of credit and travelers' checks outstanding. 2,526 1,704 2,947 2,238 Acceptances executed for customers 99,773 77,357 107,801 Acceptances executed by other banks for account of 79,997 reporting banks 6,513 5,380 6,600 9,473 National bank notes outstanding 182,590 183,502 186,487 185,395 United States securities borrowed 58,434 44,463 31,011 29,314 Other securities borrowed 1,222 1,475 1,320 1,354 Other liabilities 39,702 38,341 39,072 41,475 Total.. 10,053,844 10,018,316 10,495,277 11,442,070 Ratio of reserve with Federal reserve banks to net deposit liability (per cent) 10.5 10.1 10.1 I 10.2 i Including St. Louis, which was changed from a central reserve to a reserve city on July 1,1922. * Includes United States Government securities borrowed by national banks. 8 Includes other bonds and securities borrowed by national banks. 28971—23 12 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

166 ANNUAL, REPORT OF THE FEDERAL RESERVE BOARD. No. 85.—ABSTKACT OF CONDITION REPORTS OF ALL MEMBER BANKS (NATIONAL AND STATE) OUTSIDE CENTRAL RESERVE AND RESERVE CITIES (SO-CALLED COUNTRY BANKS). (In thousands of dollars.] Dec. 31, Mar. 10, June 30, Dec. 29, 1921 (9,108 1922 (9,147 1922 (9,218 1922 (9,202 banks). banks). banks). banks). RESOURCES. Loans and discounts 6,848,422 6,770,583 6,831,909 7,005,818 O verdraf t s 9,260 10,120 8,632 12,067 Customers' liability on account of acceptances 11,867 8,908 6,893 13,070 United States Government securitiesl 1,296,671 1,305,523 1,268,487 1,429,176 Other bonds, stocks, and securities2 1,727,926 l;760,505 1,866,295 1,981,591 Banking houses, furniture, and fixtures 311,640 320,152 329,457 345,603 Other real estate owned: 46,437 50,019 55,507 65,645 Cash in vault 243,768 240,572 239,323 292,161 Reserve with Federal reserve banks 477,744 476,626 491,570 249,080 Items with Federal reserve banks in process of collection. 62,708 57,146 66,388 87,861 Due from banks, bankers, and trust companies 741,613 748,034 872,150 Exchanges for clearing house, also checks on other banks in same place 62,885 43,180 60,569 56,573 Outside checks and other cash items 30,651 21,406 26,302 30,943 Redemption fund and due from United States Treasurer •. 25,236 25,153 25,153 25,425 United States securities borrowed 10,738 10,018 9,766 8,878 Other securities borrowed 280 1,045 448 1,972 Other assets 27,368 25,529 31,356 30,917 . Total 11,874,007 11,868,098 12,066,089 12,808,930 LIABILITIES. * Capital stock paid in 865,087 872,325 884,595 899,755 Surplus fund 580,131 583,084 594,359 598,533 Undivided profits, less expenses and taxes paid 254,851 279,621 271,893 334,765 Due to Federal reserve banks 18,765 16,559 18,479 Due to banks, bankers, and trust companies 299,263 331,761 332,753 407,002 Certified and cashiers' or treasurers' checks outstanding. 74,605 65,452 71,915 84,927 Demand deposits 4,683,851 4,685,069 4,867,148 5,258,119 Time deposits 3,813,855 3,894,259 4,013,116 4,213,343 United States deposits 47,409 51,088 25,393 62,590 Bills payable (including all obligations representing money borrowed other than rediscounts) 335,321 265,933 198,263 194,738 Notes and bills rediscounted (including acceptances of other banks and foreign bills of exchange or drafts sold with indorsement). 339,066 266,801 232,522 168,641 Cash letters of credit and travelers' checks outstanding- 261 406 585 269 Acceptances executed for customers 11,764 9,038 6,572 12,992 Acceptances executed by other banks for account of reporting banks 245 321 419 National bank notes outstanding 495,482 496,096 498,699 501,680 United States securities borrowed 35,746 32,168 28,117 22,260 Other securities borrowed , 1,958 2,848 2,025 3,566 Other liabilities , 16,347 15,269 19,236 18 269 Total 11,868,098 12,066,089 12,808,930 Ratio of reserve with Federal reserve banks to net deposit liability (per cent) , 7.4 7.5 7.6 1 Includes United States Government securities borrowed by national banks. * Includes other bonds and securities borrowed by national banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No, 86.—LOANS, INVESTMENTS, AND DEPOSIT LIABILITIES OF NATIONAL BANKS ON CALL DATES FROM 1914 TO 1922. [In thousands of dollars.] Deposits. L di o s a c n o s u n an ts d . U s e e . r c n S u m . r i G t e i n o e t s v . - O s s t t e o h c c e u k r r s b i , t o i a e n n s d d . s, a T n o m d t a e i l n n l v t o s e a . s n t s - Demand.1 Time.' United States Bank. Total. 8 1 1914. Dec. 31. 6,347,637 795,078 1,331,838 8,474,553 5,088,189 1,206,810 71,698 1,869,771 8,236,468 o 1915. Mar. 4... 6,499,965 781,194 1,256,901 8,538,060 5,052,629 1,238,053 59,541 2,243,744 8,593,967 Mayl... 6,643,888 783,994 1,243,871 8,671,753 5,324,798 1,293,992 46,723 2,226,534 8,892,047 June 23.. 6,659 971 783,454 1,284,915 8,728,340 5,237,421 1,326,850 48,964 2,208,006 8,821,241 Sept. 2.. 6,809,001 781,726 1,311,809 8,902,536 5,339,140 1,379,421 44,900 2,466,056 9,229,517 Nov.10., 7,308,124 777,765 1,436,613 9,522,502 5,982,705 1,423,891 41,203 2,709,673 10,157 472 Dec* 31.. 7,443,944 774,639 1,468,874 9,687,457 6,162,038 1,466,015 35,901 2,738,432 10,402,386 w 1916. Mar. 7... 7,592,397 753,913 1,558,394 9,904,704 6,135,828 1,548,578 33,273 3,074,086 10,791,765 Mayl... 7,706,754 738,830 1,619,343 10,064,927 6,461,966 1,642,523 35,489 2,995,344 11,135,322 June 30.. 7,762,928 731,205 1,620,755 10,114,888 6,395,024 1,729,666 39,457 2,712,940 10,877,087 Sept. 12. 7,990,743 729,777 1,717,916 10,438,436 6,605,922 1,805,934 34,822 2,915,663 11,362,341 Nov. 17. 8,423,339 724,473 1,801,920 10,949,732 7,211,403 1,893,813 35,308 3,348,755 12,489,279 Dec. 27.. 8,427,696 716,960 1,818,603 10,963,259 7,034,098 1,935,710 35,418 3,261,620 12,266,846 1917. Mar. 5 8,788,633 714,523 1,863,594 11,366,750 7,169,249 2,070,971 34,695 3,683,265 12,958,180 Mayl 8,830,841 768,114 1,950,752 11,549,707 7,498,891 2,166,683 35,626 3,379,138 13,080,338 June 20 8,982,190 1,076,256 1,936,812 11,995,258 7,433,493 2,179,761 132,965 3,025,614 12,771,833 Sept. 11 9,254,121 1,158,982 1,961,235 12,374,338 7,679,370 2,295,982 210,395 3,048,550 13,234,297 S Nov. 20 ! 9,809,684 2,354,183 2,005,317 14,169,184 8,056,948 2,281,865 1,352,006 3,107,517 14,798,336 Dec. 31 j 9,891,304 1,624,529 1,968,630 13,484,463 8,436,395 2,298,282 517,315 3,193,697 14,445,689 tel 1918. W ' Mar. 4.. 9,585,784 2,126,605 1,910,772 13,623,161 8,084,146 2,370,679 682,712 3,301,232 14,438,769 W May 10. 9,754,573 2,662,963 1,856,756 14,274,292 8,094,686 2,342,747 1,060,086 2,887,601 14,385,120 > June 29. 10,152,126 2,129,283 1,840,487 14,121,896 7,838,150 2,343,589 1,037,787 2,802,083 14,021,609 Aug. 31. 10,112,082 2,466,268 1,795,082 14,373,432 8,095,749 2,397,491 506,583 2,885,936 13,885,759 ftov.l... 10,738,657 3,166,492 1,766,069 15,671,218 8,640,818 2,372,512 1,136,884 2,901,259 15,051,473 Dec. 31. 10,433,505 2,956,394 1,788,632 1 15,178,531 9,460,577 2,473,868 | 313,381 3,175,255 15,423,081 * Includes certified and cashier's checks outstanding. 8 Includes postal savings deposits. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 86.—LOANS, INVESTMENTS, AND DEPOSIT LIABILITIES OF NATIONAL BANKS ON CALL DATES FROM 1914 TO 1922—Continued. [In thousands of dollars.] 00 Deposits. Other bonds, Total loans Loans and stocks, and and investsecuritTes. securities. ments. Demand. Time. UnitedStates. 1919. Mar. 4 1 10,082,419 3,686,720 I 1,807,032 15,576,171 8,856,395 2,652,666 591,318 3,199,428 15,299,807 May 12 10,254,732 4,032,753 I 1,849,087 16,136,572 9,552,767 2,729,245 530,551 3,091,233 15,903,796 June 30 11,013,227 3,176,314 ! 1,875,609 16,065,150 9,588,144 2,784,940 566,793 2,984,988 15,924,865 Sept. 12 11,530,964 3,296,593 \ 1,919,216 16,746,773 10,174,670 2,921,034 518,903 3,067,000 16,681,607 Nov. 17 12,245,641 2,881,881 i 1,983,402 17,110,924 10,773,058 3,053,685 270,390 3,370,720 17,467,853 Dec. 31 12,767,416 2,723,493 ' 1,985,218 17,476,127 10,928,635 3,139,542 448, 863 3,349,373 17,866,413 1920. Feb. 28. 13,098,550 2,459,424 1,970, 844 17,528,818 ! 10,329,637 3,259,178 67,911 3,308,393 16,965,122 J M u a n y e 3 4 0 .. . 1 1 3 3 , , 5 6 0 2 8 0 , , 5 6 1 3 5 4 2 2 , , 3 2 7 6 5 9 , , 8 5 0 7 1 5 1 1 , , 9 9 4 1 7 6 , , 9 8 0 9 4 0 1 17 7 , , 8 8 0 3 7 2 , , 0 2 9 2 9 0 I ; 1 10 0 , , 6 4 5 5 0 9 , , 1 2 1 8 2 4 3 3 , , 4 4 1 8 0 5 , , 4 5 8 0 0 1 1 1 1 7 5 5 , , 2 7 0 8 0 8 2 2 , , 8 9 4 3 4 9, , 5 0 7 2 9 0 1 1 6 7, , 1 9 5 2 5 4 , , 4 5 2 4 1 3 H Nov. 15. 1 13 3 , , 7 7 6 1 4 4 , , 7 7 2 7 1 6 2 2 , , 1 1 7 5 5 2 , , 0 4 1 6 9 5 1 1, , 9 9 5 2 3 4 , , 8 1 2 6 7 1 1 1 7 7 , , 8 8 1 7 3 1 , , 9 0 5 1 6 3 i ! 1 1 0 0 , , 3 5 4 4 6 4 , , 7 5 7 3 8 9 3 3, , 6 5 2 6 1 0 , , 1 2 1 9 2 8 1 5 1 3 7 , , 4 2 5 3 3 9 2 2 , , 7 6 9 4 1 8 , , 6 5 6 7 6 3 1 1 6 6 , , 9 7 6 5 1 1 , , 7 9 0 5 2 6 m Dec. 29.. 13,526,936 2,131,573 1,990,454 17,648,963 i 9,888,077 3,631,837 212,123 2,545,720 16,277,757 1921. Feb. 21. 12,824,914 2,047,234 1,980,825 16,852,973 ! 9,249,181 3,712,430 113,449 2,403,294 15,478,354 ft Apr. 28. 12,356,630 2,001,811 1,990,970 16,349,411 I 8,872,860 3,698,518 175,149 2,105,332 14,851,859 td June 30. 12,003,443 2,019,497 2,005,584 16,028,524 9,046,475 3,695,808 249,039 2,151,011 15,142,331 Sept. 6.. 11,682,692 1,861,977 1,973,749 15,518,418 i 8,652,869 3,680,704 109,981 2,117,298 14,560,852 Dec. 31. 11,505,389 1,975,898 2,081,442 15,562,729 i 8,871,799 3,749,328 188,089 2,265,886 15,075,102 1922. Mar. 10.. 11,282,579 2,031,564 2,086,596 15,400,739 i 8,796,631 3,837,759 215,347 2,540,701 15,390,438 May 5... 11,184,116 2,124,691 2,162,587 15,471,394 1 9,091,841 3,918,282 141,844 2,615,021 15,766,988 June 30.. 11,248,214 2,285,459 2,277,866 15,811,539 | 9,603,188 4,111,951 103,374 2,502,051 16,320,564 Sept. 15. 11,236,025 2,402,492 2,289,782 15,928,299 ! 9,643,796 4,169,220 145,182 2,640,564 16,598,762 Dec. 29.. 11,599,668 2,656,560 2,347,479 16,603,707 I 10,042,192 4,318,736 304,176 2,755,377 17,420,481 w o > Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No, 87.—PRINCIPAL RESOURCES AND LIABILITIES OF ABOUT 800 REPORTING MEMBER BANKS IN LEADING CITIES. [In millions of dollars.] Loans and discounts and investments. Deposits Accommodation at O Federal reserve banks. o Loans and discounts.1 Investments. s Reserve Cash Week United States securities. with H ending— Total. Total. G b S g m y e a o o c t U v b i e u o e l n r i . n r e - S t n s d . - . S s b o e t a o o c t b n h c n u y d e k d re r s s d . ot A h l e l r. Total. Total. Bonds. V n i o c t t e o s r . y T n u o re r te a y s s . - C in c e a d o r t t e f e i b f s i t - - s b s O t e t o a o i c t n n e c h u s d d k e r . s i s r - , , F r b e e a s d n e e r k v r s a e . l vault. m N d a e e n - t d. Time. m G e e r o n n v - t - . Total. b S g m y a e G o e t c U b r i e o u o n l n v i r . n - - e S t - s d . . a s s O e n e w c d c t u h u i s r e u r e e e r n d - d - . O o h 3 rj edness. g 1922. w Jan. 4.. 14,771 11,206 499 3,184 7,523 3,565 1,469 950 172 129 218 2,096 1,314 327 10,416 3,011 257 647 290 357 11.. 14,681 11,106 475 3,153 7,478 3,575 1,479 961 180 127 211 2,096 1,325 316 10,427 3,019 239 531 249 282 18.. 14,611 11,015 470 3,107 7,438 3,596 1,501 988 189 120 204 2,095 1,267 288 10,332 3,018 186 468 216 252 25.. U,534 10,919 451 3,074 7,394 3,615 1,503 997 188 120 198 2,112 1,250 278 10,271 3,021 168 409 187 222 Feb. 1.. 11,708 10,878 450 3,113 7,315 3,830 1,737 998 141 367 231 2,093 1,285 266 10,298 2,979 350 400 194 206 8.. 14,640 10,873 444 3,129 7,300 3,767 1,675 995 134 323 224 2,091 1,308 279 10,236 3,004 450 395 202 193 15.. 14,684 10,930 441 3,126 7,363 3,754 1,663 998 142 315 208 2,091 1,333 270 10,321 3,062 423 378 171 207 21.- 14.542 10,851 436 3,092 7,323 3,691 1,603 995 144 296 168 2,088 1,269 270 10,245 3,091 301 321 130 191 Mar, 1.. 14,545 10,917 427 3,130 7,360 3,628 1,559 994 150 273 142 2,069 1,314 263 10,349 3,084 280 318 135 183 8.. 14,527 10,896 419 3,111 7,366 3,631 1,571 998 148 272 153 2,060 1,304 277 10,334 3,105 278 255 96 159 15.- 14,637 10,909 410 3,135 7,364 3,728 1,661 1,009 74 364 214 2,067 1,423 266 10,598 3,114 241 226 90 136 22.. 14,605 10,893 398 3,131 7,364 3,712 1,633 1,018 62 380 173 2,079 1,257 271 10,338 3,133 224 252 90 162 g 29.. 14,544 10,842 394 3,108 7,340 3,702 1,610 1,029 62 388 131 2,092 1,293 276 10,309 3,131 199 268 102 166 Apr. 5.. 14,576 10,874 374 3,155 7,345 3,702 1,599 1,031 69 390 109 2,103 1,314 273 10,456 3,121 158 267 106 161 12.. 14,579 10,857 368 3,121 7,368 3,722 1,618 1,047 73 389 109 2,104 1,312 284 10,565 3,138 143 223 83 140 19.. 14,704 10,846 359 3,216 7,271 3,858 1,719 1,068 83 389 179 2,139 1,344 280 10,629 3,173 243 210 80 130 ' 26.. 14,711 10,846 354 3,250 7,242 3,865 1,728 1,101 82 386 159 2,137 1,325 278 10,676 3,184 208 159 60 99 May 3.. 14,795 10,867 346 3,290 7,231 3,928 1,763 1,130 89 397 147 2,165 1,353 277 10,768 3,198 189 180 79 101 > 10.. 14,861 10,876 332 3,311 7,233 3,985 1,794 1,158 94 406 136 2,191 1,390 281 10,829 3,243 180 150 57 93 17.. 14,934 10,916 329 3,411 7,176 4,018 1,797 1,158 94 413 132 2,221 1,394 271 10,968 3,213 145 151 64 87 24.- 14,995 10,923 318 3,443 7,162 4,072 1,833 1,185 103 420 125 2,239 1,403 281 10,953 3,243 132 166 73 93 31.. 15,029 10,906 317 3,489 7,100 4,123 1,835 1,181 112 418 124 2,288 1,364 280 11,049 3,232 132 157 69 88 June 7.. 15,122 10,887 313 3,502 7,072 4,235 1,961 1,202 117 427 215 2,274 1,398 282 11,016 3,306 288 117 54 63 14.. 15,213 10,944 309 3,526 7,109 4,269 1,997 1,240 136 427 194 2,272 1,393 284 11,198 3,282 250 115 50 65 21.. 15,264 10,885 289 3,512 7,084 4,379 2,080 1,248 55 505 272 2,299 1,386 277 11,192 3,329 178 123 51 72 28.. 15,188 10,783 285 3,465 7,033 4,405 2 100 1,264 40 535 261 2,305 1,440 278 11,124 3,380 124 165 98 67 Including rediscounts with Federal reserve banks. o CD Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 87.—PRINCIPAL RESOURCES AND LIABILITIES OF ABOUT 800 REPORTING MEMBER BANKS IN LEADING CITIES—Continued. [In millions of dollars.] Loans and discounts and investments. Deposits Accommodation at Federal reservebanks. Loans and discounts. Investments. Re- Week United States securities. s w er i v th e Cash ending— SecuredSecured Other Federal in Secured Total. Total. b G g y m a o o t b v i e U o l e n i n r . - t S n s . - .s b o t a o o b t n h c n y d e k d r s s . ot A h l e l r. Total. Total. Bonds. V n i o c t t e o s r . y T n u o re r te a y s s - . C in c e a d o r t e t e f i b f s i t - - s s b e t t o a o i c n n e c u s d d k r . s i s - , , r b e a se n r k v s e vault. m N d a e e n - t d. Time. m G e e r o n n v - t - . Total. by m G o e b r e o U n l n v i - . - t - S. a s s O e n e w c d c t u h u i s r u e r e e e r n d - d - . s n edness. gations. o Jul 1 y 9 22 5 . .. £239 10,839 286 3,551 7,002 4,400 2,089 1,270 37 534 248 2,311 1,401 296 11,088 3,471 121 206 96 110 w 12.. ^w f 211 10,839 271 3,537 7,031 4,372 2,081 1,276 39 516 250 2,291 1,438 298 11,199 3,483 110 142 75 67 19.. 15,197 10,808 263 3,519 7,026 4,389 2,107 1,286 43 532 246 2,282 1,432 284 11,101 3,487 100 157 97 60 26.. 15,189 10,739 261 3,460 7,018 4,450 2,126 1,306 43 520 257 2,324 1,386 275 11,043 3,515 99 98 36 62 Aug. 2.. 15,356 10,804 257 3,505 7,042 £, 552 2,257 1,321 46 645 245 2,295 1,404 270 11,134 3,507 197 117 52 65 9.. 15,332 10,793 262 3,491 7,040 4,539 2,245 1,335 38 647 225 2,294 1,352 276 10,980 3,569 199 105 42 63 16.. 15,342 10,809 259 3,514 7,036 4,533 2,216 1,326 41 649 200 2,317 1,360 263 11,013 3,588 177 110 53 57 23.. 15,316 10,766 256 3,482 7,028 4,550 2,246 1,367 41 657 181 2,304 1,357 269 10,940 3,588 179 117 54 63 30.. 15,294 10,761 259 3,482 7,020 4,533 2,255 1,367 48 647 193 2,278 1,378 274 10,942 3,599 178 127 58 69 Sept. 6.. 15,333 10,820 257 3,480 7,083 4,513 2,249 1,376 49 651 173 2,264 1,369 283 10,993 3,603 178 137 58 79 13.. 15,376 10,895 263 3,528 7,104 4,481 2,239 1,383 46 635 175 2,242 1,363 291 11,144 3,564 158 121 52 69 20.. 15,440 10,939 266 3,556 7,117 4,501 2,264 1,382 40 630 212 2,237 1,339 283 11,061 3,575 148 164 63 101 27.. 15,454 10,988 262 3,590 7,136 4,466 2,219 1,381 36 618 184 2,247 1,358 281 11,085 3,573 146 159 66 93 Oct. 4.. 15,510 11,051 264 3,619 7,168 4,459 2,215 1,381 31 636 167 2,244 1,397 282 11,168 3,585 126 182 81 101 11.. 15,563 11,118 263 3,613 7,242 4,445 2,190 1,364 41 637 148 2,255 1,440 300 11,257 3,580 100 278 156 122 18.. 15,885 11,305 284 3,762 7,259 4,580 2,333 1,506 40 652 135 2,247 1,465 296 11,306 3,604 303 274 120 154 25.. 15,790 11,249 285 3,719 7,245 4,541 2,301 1,503 36 651 111 2,240 1,346 289 11,162 3,628 260 227 116 111 Nov. 1.. 15,814 11,275 292 3,755 7,228 4,539 2,286 1,492 33 654 107 2,253 1,400 278 11,188 3,642 222 341 189 152 W 8.. 15,789 11,265 287 3,706 7,272 4,524 2,283 1,504 33 649 97 2,241 1,370 316 11,133 3,648 201 396 213 183 O 15.. 15,774 11,233 303 3,687 7,243 4,541 2,289 1,507 32 656 94 2,252 1,392 294 11,127 3,652 190 403 235 168 22.. 15,719 11,190 302 3,659 7,229 4,529 2,283 1,497 32 658 96 2,246 1,376 294 11,039 3,659 172 360 211 149 29.. 15,761 11,219 297 3,689 7,233 4,542 2,293 1,510 34 654 95 2,249 1,356 286 11,094 3,648 171 382 206 176 Dec. 6.. 15,786 11,247 309 3,704 7,234 4,539 2,288 1,504 34 655 95 2,251 1,392 309 11,010 3/695 163 450 274 176 13.. 15,790 11,258 300 3,681 7,277 4,532 2,271 1,489 36 657 89 2,261 1,360 320 11,112 3,691 151 397 235 162 20.. 16,116 11,282 287 3,715 7,280 4,834 2,562 1,486 24 810 242 2,272 1,385 345 11 186 3,687 511 351 203 148 27.. 16,152 11,329 290 3,775 7,264 4,823 2,549 1,485 23 803 238 2,274 1,394 358 11,255 3,708 471 370 207 163 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONDITION OF MEMBER AND NONMEMBEB BANKS. 171 No. 88.—NUMBER, CAPITAL, SURPLUS, AND RESOURCES OP STATE BANK AND TRUST COMPANY MEMBERS OF THE FEDERAL RESERVE SYSTEM, AND OF ELIGIBLE NON- MEMBERS, AS OP JUNE 30, 1922.1 TOTALS FOR EACH FEDERAL RESERVE DISTRICT. [Amounts in thousands of dollars.] Number of banks. Capital. Surplus. Total resources. Federal reserve district. Eligible Eligible Eligible Eligible Members. non- Members. non- Members. non- Members. nonmembers. members. members. members. Boston 40 177 38,056 26,629 41,659 20,223 809,863 454,089 New York 132 284 185,905 60,558 182,890 2 78,277 4,252,126 1,181,694 Philadelphia 56 329 27,634 69,810 50,864 67,172 411,575 766,775 Cleveland 117 670 71,659 67,593 82,585 58,012 1,151,492 854,981 Richmond 69 804 16,971 81,020 10,421 46,267 178,387 775,120 Atlanta 141 754 29,419 45,407 18,271 18,658 351,116 420,023 Chicago 381 2,469 106,202 165,440 89,092 69,590 1,970,526 1,974,446 St. Louis 117 1,141 34,453 61,412 22,639 26,259 458,880 566,468 Minneapolis . 138 849 10,417 38,112 4,273 12,268 135,357 442,429 Kansas City 43 1,083 9,735 51,121 3,696 17,238 160,110 484,428 Dallas 199 511 13,825 29,838 5,731 8,537 113,536 220,450 San Francisco 215 607 61,485 63,755 23,685 25,919 1,033,114 842,677 Total 1,648 9,678 605,761 760,695 535,806 | 448,420 11,026,082 8,983,580 BANKS WITH COMBINED CAPITAL AND SURPLUS OF $1,000,000 OR MORE. Boston 31,486 5,300 37,919 8,535 691,810 85,975 New York 170,800 30,650 173,050 3 49,665 3,948,748 595,598 Philadelphia 19,750 31,056 44,745 41,383 312,498 318,306 Cleveland 58,350 17,320 73,905 23,950 969,593 210,003 Richmond 10,946 24,434 7,312 19,233 119,905 239,803 Atlanta 17,700 2,650 12,900 832 254,026 41,863 Chicago 73,550 16,550 73,800 13,360 1,489,835 231,008 St. Louis 18,800 4,000 16,950 1,550 273,072 28,524 Minneapolis 4,000 1,581 21,875 Kansas City "'6*566' 1,000 ""*2,"506" 250 ***i23,"i34" 3,865 Dallas 1,400 2,000 1,000 500 12,501 16,609 San Francisco 42,170 15,057 17,423 6,661 824,267 318,171 Total.. 205 135 451,452 154,017 461,504 167,500 9,019,389 2,111,600 BANKS WITH COMBINED CAPITAL AND SURPLUS OF LESS THAN $1,000,000. Boston 21 171 6,570 21,329 3,740 11,688 118,053 368,114 New York 84 261 15,105 29,908 9,840 * 28,612 303,378 586,096 Philadelphia | 42 297 7,884 38,754 6,119 25,789 99,077 448,469 Cleveland 94 652 13,309 50,273 8,680 34,062 181,899 644,978 Richmond 57 784 6,025 56,586 3,109 27,034 58,482 535,317 Atlanta 128 751 11,719 42,757 5,371 17,826 97,090 378,160 Chicago 340 2,457 32,652 148,890 15,292 56,230 480,691 1,743,438 St. Louis 105 1,139 15,653 57,412 5,689 24,709 185,808 537,944 Minneapolis 138 845 10,417 34,112 4,273 10,687 135,357 420,554 Kansas City 41 1,082 3,235 50,121 1,196 16,988 36,976 480,563 Dallas 197 509 12,425 27,838 4,731 8,037 101,035 203,841' San Francisco 196 595 19,315 48,698 6,262 19,258 208,847 524,506 Total 1,443 9,543 154,309 606,678 74,302 280,920 2,006,693 6,871,980 * Eligibility is based on capital stock requirements. List does not include mutual savings banks (without capital stock) and private banks which are not eligible for membership in Federal Reserve System. * 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

172 ANNUAL REPORT OF THE FEDERAL, RESERVE BOARD. O, 89.—NONMEMBER STATE BANKS AND TRUST COMPANIES ELIGIBLE FOR MEMBER- SHIP l IN THE FEDERAL RESERVE SYSTEM ON JUNE 30, 1922, BY STATES. [Amounts in thousands of dollars.] Federal reserve district and State. Number. Capital. Surplus. Re- District No. 1 (Boston): Connecticut2 6,680 4,999 94,245 Maine 3,405 2,448 80,912 Massachusetts , 12,688 9,663 196,982 New Hampshire 630 501 15,160 Rhode Island 1,175 828 16,710 Vermont 2,051 1,784 50,080 Total , 177 26,629 20,223 District No. 2 (New York): Connecticut2 12 1,900 1,100 33,708 New Jersey 2 60 11,750 10,749 287,995 New York 212 46,908 3 66,428 859,991 Total 284 60,558 78,277 1,181,694 District No. 3 (Philadelphia) Delaware 15 3,297 1,397 31,583 New Jersey2 30 4,725 3,201 61,119 Pennsylvania2 284 61,788 62,574 674,073 Total 329 69,810 67,172 766,775 District No. 4 (Cleveland): Kentucky 2 4,592 2,874 44,499 Ohio 29,567 19,610 411,069 Pennsylvania2 141 31,054 33,299 366,823 West Virginia2 19 2,380 2,229 32,590 Total 670 67,593 58,012 854,981 District No. 5 (Richmond): ' District of Columbia 10,734 5,663 84,275 Maryland 79 17,172 16,189 228,636 North Carolina 199 14,096 5,567 132,369 South Carolina 211 12,598 5,446 99,461 Virginia 142 14,663 7,324 106,123 West Virginia 2 165 11,757 6,078 124,256 Total 804 81,020 46,267 775,120 District No. 6 (Atlanta): Alabama 125 6,262 2,359 42,681 Florida 94 5,295 1,831 58,309 M L T G e o e i n u o s n s r is g i e s i i s a s a s n i e p a e p 2 2 i2 2 1 8 5 7 2 6 8 0 1 1 3 7 7 5 , , , , 2 3 9 3 1 1 4 6 6 9 6 9 6 3 3 1 , , , , 1 4 5 3 8 0 0 7 7 8 1 2 1 9 3 7 1 9 5 1 2 , , , , 9 1 4 4 7 3 7 5 0 1 8 4 Total 754 45,407 18,658 420,023 District No. 7 (Chicago): Illinois 2 799 65,945 801,470 Indiana2 425 26,398 9,971 307,895 Iowa 740 36,375 15,798 436,841 Michigan2 201 19,388 9,634 222,439 Wisconsin2 304 17,334 5,719 205,801 Total 2,469 165,440 69,590 1,974,446 District No. 8 (St. Louis): Arkansas 158 7,918 3,325 66,725 Illinois2 238 11,259 3,422 107,557 Indiana 2 105 4,530 1,560 44,157 Kentucky 2 113 7,789 4,565 62,157 Mississippi2 95 5,505 2,373 54,400 Missouri2 369 20,873 10,014 203,737 Tennessee2 63 3,538 1,000 27,735 Total 1,141 61,412 26,259 566,468 1 Eligibility is based on capital stock requirements. List does not include mutual savings banks (without capital stock) and private banks which are not eligible for membership in Federal Reserve System. 2 Part of State is located in another Federal reserve district. 3 Includes undivided profits. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONDITION OF MEMBEE AND NONMEMBER BANKS. 173 No, 89,—NONMEMBER STATE BANKS AND TRUST COMPANIES ELIGIBLE FOE, MEMBER- SHIP IN THE FEDERAL RESERVE SYSTEM ON JUNE 30,1922, BY STATES—Con. [Amounts in thousands of dollars.] Re- Federal reserve district and State. Number. Capital. Surplus. sources. District No. 9 (Minneapolis): Michigan^ . 16 1,115 577 12,316 Minnesota 333 17,937 6,557 209,304 Montana.. ....... 104 5,145 1,232 44,837 North Dakota 120 3,945 1,129 39,460 South Dakota 197 6,710 1,852 92,840 Wisconsin 2 79 3,260 921 43,672 Total 849 38,112 12,268 442,429 District No. 10 (Kansas City): •Colorado 84 5,510 2,448 51,074 Kansas . . 306 13,796 5,804 129,892 Missouri2 85 7,942 2,723 70,951 Nebraska 430 16,537 4,554 170,374 New Mexico2 21 1,010 197 7,453 Oklahoma3 117 4,411 826 39,349 Wyoming 40 1,915 686 15,335 Total 1,083 51,121 17,238 484,428 District No. 11 (Dallas): Arizonai 10 1,116 535 14,378 Louisiana' 47 2,690 1,057 32,143 New Mexico2 28 1,255 376 9,583 Oklahomaa 4 121 16 1,307 Texas 422 24,656 6,553 163,039 Total 511 29,838 8,537 220,450 District No. 12 (San Francisco): Arizonaa 28 2,180 1,152 25,673 California . .. 322 45,661 19,747 664,234 Idaho 32 1,298 366 14,785 Nevada 22 1,716 535 21,020 Oregon. ... 64 4,060 1,323 37,700 Utah 46 3,396 1,605 35,739 Washington 93 5,444 1,191 43,526 Total 607 63,755 25,919 842,677 Total, United States 9,678 760,695 448,420 8,983,580 * Part of State is located in another Federal reserve district. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

174 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. «K 90.—ASSETS AND LIABILITIES OP ALL BANKS IN THE UNITED STATES AND ISLAND POSSESSIONS FOR WHICH REPORTS ARE AVAILABLE ON JUNE 30, 1919, 1920, 1921, AND 1922. [ Taken from annual reports of the Comptroller of the Currency.] (In thousands of dollars.] June 30, June 30, June 30, June 30, 1919 (29,123 1920(30,139 1921 (30,812 1922 (30,389 banks). banks). banks). banks). RESOURCES. Loans and discounts 25,301,377 31,256,147 28,693,724 27,684,205 Overdrafts 94,293 109,186 81,849 74,600 Investments 12,229,528 11,387,525 11,381,923 12,547,567 Banking houses, furniture, and fixtures. 775,112 863,191 993,898 1,078,174 Other real estate owned 161,595 137,785 153,623 198,457 Due from banks * 5,865,414 5,833,241 4,794,205 5,414,241 Exchanges for clearing house 831,713 849,910 1,049,507 930,594 Checks and other cash items 589,096 607,868 241,160 644,014 Cash on hand 997,353 1,076,378 946,567 829,892 Other resources 769,966 957,877 1,334,934 1,023,623 Total. 47,615,447 53,079,108 49,671,390 50,425,367 LIABILITIES. Capital stock paid in 2,437,365 2,702,639 2,903,961 2,943,950 Surplus 2,181,994 2,410,346 2,542,032 2,697,409 Undivided profits, less expenses and taxes paid 825,889 976,261 910,743 933,843 National bank circulation 677,162 688,178 704,147 725,748 Due to banks 3,890,487 3,708,302 2,809,414 3,244,386 Individual deposits 33,211,631 37,829,985 35,459,155 37,746,823 United States deposits a 566,793 a 175,788 390,230 128,887 Notes and bills rediscounted 659,219 1,499,262 1,271,684 435,711 Bills payable (including certificates of deposit representing money borrowed) 1,641,272 1,785,598 1,375,591 635,564 Other liabilities 1,523,635 1,302,749 1,304,433 933,046 Total. 47,615,447 53,079,108 49,671,390 50,425,367 1 Includes lawful reserve with Federal reserve banks or other reserve agents. » For national banks only. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEBITS TO INDIVIDUAL ACCOUNTS. 175 DEBITS TO INDIVIDUAL ACCOUNTS- No, 91.—DEBITS TO INDIVIDUAL ACCOUNTS AS REPORTED BY BANKS IN 141 PRINCIPAL CITIES, BY MONTHS. SUMMARY. BY FEDERAL RESERVE DISTRICTS. [Figures for each city appear in Part II.] [In thousands of dollars.] Total. District No. 1—Boston (11 cities). 1922 1921 1920 1922 1921 1920 January 34,936,967 37,917,489 44,727,915 1,928,021 2,058,410 2,198,621 February 30,585,310 29,710,133 35,282,472 1,611,605 1,611,603 1,702,979 March 36,932,274 4 33,882,892 42,839,393 1,857,809 1,821,196 2,006,085 April 36,388,040 32,214,520 41,063,235 1,760,157 1,796,118 2,029,033 May 37,976,008 32,492,798 38,700,915 1,837,939 1,788,548 1,971,247 June 39,236,177 33,585,698 39,784,205 1,992,898 1,826,530 1,975,114 July. /.. 36,055,788 31,492,210 39,306,193 1,899,373 1,734,824 2,004,104 August 34,136,129 30,077,621 35,789,031 1,586,094 1,588,542 1,693,551 September 35,768,453 31,604,964 36,866,684 1,717,635 1,630,299 1,796,170 October 40,745,186 34,300,232 40,214,120 2,087,622 1,947,992 1,984,977 November 36,159,896 33,420,856 39,166,061 1,986,523 1,925,753 1,875,798 December 40,436,981 37,997,186 42,399,420 2,126,314 2,005,698 1,950,338 Total 439,357,209 398,696,599 476,139,644 22,391,990 21,735,513 23,188,017 District No. 2—New York (7 cities). District No. 3—Philadephia (10 cities). 1922 1921 1920 1922 1921 1920 January 19,644,551 20,666*, 732 24,320,682 1,583,008 1,679,283 1,978,267 February 17,029,426 15,645,827 18,606,208 1,431,593 1,391,392 1,585,698 March 20,977,917 17,940,133 22,919,446 1,628,117 1,615,908 1,891,903 April 21,326,277 16,950,772 21,990,708 1,569,312 1,582,299 1,874,066 May 22,268,911 17,774,980 20,254,578 1,634,314 1,503,607 1,788,088 June 22,693,592 18,355,750 20,496,326 1,720,649 1,622,499 1,908,508 July 20,328,510 16,907,780 19,791,364 1,668,316 1,523,296 1,857,001 August 18,854,442 15,683,072 18,006,812 1,589,819 1,407,355 1,773,422 September 19,793,005 16,617,939 18,236,870 1,646,539 1,500,586 1,746,072 October 22,967,053 18,170,740 20,817,207 1,891,067 1,581,867 1,874,282 November 19,637,137 18,018,315 20,817,136 1,682,845 1,515,206 1,818,682 December 21,546,408 21,178,533 23,117,836 1,939,197 1,766,389 1,995,716 Total 247,067,229 213,910,573 249,375,173 19,984,776 18,689,687 22,091,705 District No. 4—Cleveland (13 cities). District No. 5—Richmond (7 cities). 1922 1921 1920 1922 1921 1920 January 1,709,252 2,236,485 2,335,154 630,971 737,917 913,182 February 1,538,886 1,754,568 1,942,268 535,864 600,411 729,147 March 1,665,926 1,869,444 2,329,618 618,568 677,832 827,966 April 1,744,376 1,841,155 2,331,924 614,409 645,676 815,659 May 1,741,268 1,716,241 2,166,964 664,853 633,007 794,726 June 1,927,948 1,751,903 2,412,086 681,167 677,168 816,522 July 1,911,065 1,620,986 2,458,275 636,506 660,222 823,137 August 1,850,667 1,521,031 2,162,713 616,520 674,846 742,740 September 1,877,032 1,585,995 2,261,299 596,901 666,886 742,456 October 2,025,319 1,689,784 2,188,596 705,455 743,458 805,251 November 1,867,671 1,643,919 2,291,823 660,697 724,232 783,394 December 2,430,467 1,873,095 2,535,569 753,942 793,239 841,217 Total 22,289,877 21,104,606 27,416,289 7,715,853 8,234,894 9,635,397 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

176 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. No. 91.—DEBITS TO INDIVIDUAL ACCOUNTS AS REPORTED BY BANKS IN 141 PRINCIPAL CITIES, BY MONTHS—Continued. SUMMARY, BY FEDERAL RESERVE DISTRICTS—Continued. [In thousands of dollars.] District No. 6—Atlanta (15 cities). District No. 7—Chicago (21 cities). 1922 1921 1920 1922 1921 1920 January 774,821 895,433 1,299,305 3,858,652 4,321,991 5,161,983 February 676,960 741,122 1,018,724 3,523,914 3,512,764 4,300,416 March 781,076 811,214 1,174,029 4,389,187 3,992,927 5,359,715 April 710,303 770,072 1,142,763 3,945,171 3,819,083 4,910,702 May 764,397 725,043 1,072,048 4,097,957 3,765,913 4,791,361 June 785,260 728,734 1,050,795 4,326,058 3,827,910 5,072,942 July 743,297 735/144 1,053.476 3,995,629 3,781,428 5,235,135 August 739,642 704,823 969,926 3,991,612 3,874,899 4,733,163 September 800,649 796,832 1,009,492 4,070,134 3,848,068 4,969,417 October 901,535 858,216 1,046,469 4,438,210 4,068,910 5,086,227 November 911,367 785,252 984,850 4,051,955 3,827,166 4,559,162 December 989,297 831,379 990,040 4,615,171 4,195,40* 4,885,453 Total 9,578,604 9,383,264 12,811,917 49,303,650 46,836,520 59,065,676 District No. 8—St. Louis (5 cities). District No. 9—Minneapolis (9 cities). 1922 1921 1920 1922 1921 1920 January 858,795 879,881 1,223,858 492,323 580,703 722,007 February 739,485 813,884 1,007,842 455,305 464,851 586,404 March 859,417 875,995 1,115,365 556,282 516,962 686,847 April 826,599 836,575 1,053,693 512,419 524,033 683,595 May 911,346 830,702 1,000,449 546,252 505,338 676,471 June 930,887 859,644 1,011,740 569,323 554,127 681,452 July 871,384 813,249 987,428 554,605 501,752 692,894 August 830,180 780,771 916,630 580,550 539,110 641,307 September 908,393 837,548 956,844 654,491 614,893 785,764 October 1,067,437 945,072 1,006,409 698,732 622,728 872,448 November 988,780 879,322 926,882 633,665 543,110 815,764 December 1,145,954 957,258 980,860 710,631 ; 573,961 733,971 Total 10,938,657 10,309,901 12,188,000 6,964,578 ; 6,541,568 8,578,924 District No. 10—Kansas City (14 cities). District No. 11—Dallas (11 cities). 1922 1921 1 1920 1922 1921 1920 January 950,759 1,152,595 1,480,682 526,519 551,763 698,650 February 872,689 942,309 1,230,956 460,149 466,274 548,921 March 1,012,278 1,067,066 1,451,230 524,469 496,774 627,458 April 956,757 1,006,119 1,313,463 470,827 443,091 595,160 May 1,026,849 953,761 1,335,707 486,707 437,088 584,042 June 1,081,813 992,057 1,351,458 479,097 453,385 582,581 July 1,041,778 994,617 1,323,317 432,944 424,419 579,773 August 1,056,449 1,025,141 1,327,488 440,729 435,510 566,814 September 1,058,493 1,022,182 1,389,286 541,700 512,987 630,664 October 1,155,094 1,006,694 1,418,334 589,166 567,447 689,884 November 1,050,898 966,224 1,334,809 556,549 527,296 615,626 December 1,181,287 992,594 1,266,168 605,692 577,461 619,756 Total 12,445,142 12,121,359 16,222,898 6,114,548 5,893,495 7,339,329 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOLD IMPORTS AND EXPORTS. 177 No. 91.—DEBITS TO INDIVIDUAL ACCOUNTS AS REPORTED BY BANKS IN 141 PRINCIPAL CITIES, BY MONTHS—Continued. SUMMARY, BY FEDERAL RESERVE DISTRICTS—Continued. [In thousands of dollars]. District No. 12—San Francisco (18 cities). 1922 1921 1920 January... 1,979,295 2,156,296 2,395,524 February.. 1,709,434 1,765,128 2,022,909 March 2,061,228 2,197,441 2,449,731 April 1,951,433 1,999,527 2,322,469 May 1,995,215 1,858,570 2,265,234 June 2,047,485 1,935,991 2,424,681 July 1,972,381 1,794,493 2,500,289 August 1,999,425 1,842,521 2,254,465 September. 2,103,481 1,970,749 2,342,350 October... 2,218,496 2,097,324 2,424,036 November. 2,131,811 2,065,061 2,342,135 December. 2,392,621 2,252,118 2,482,496 Total 24,562,305 23,935,219 j 28,226,319 GOLD IMPORTS AND EXPORTS. No. 92.—GOLD MOVEMENT INTO AND OUT OF THE UNITED STATES, JUNE 1, 1919- DECEMBER 31, 1922. [In thousands of dollars]. Total sineB lifting of Period of net loss, Period of net gain, embargo June 1, June 1,1919-Aug. 31, Sept. 1, 1920-Dec. 31, 1919-Dec. 31, 1922. 1920. 1922. Net Net Net Net i Net Net imports. exports. imports. exports, i imports. exports. | France 244,771 2,409 247,180 Great Britain 606,661 82,514 524.147 Netherlands 31,935 1 147 '' 3rt' 788 Sweden 98,556 1 98,557 Canada 83,388 59,315 24,073 Argentina ... *"*i46,"375' 2,724 China 40,' 894 59,395 18,501 India 14 668 40 804 26 136 Japan 193 205 132 856 60,349 All other . . 24,885 146 462 171 347 Total 697,778 385,326 1,083,104 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

178 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. UNITED STATES GOLD IMPORTS AND EXPORTS 1918 - 1922 70 No, 93,—TOTAL IMPORTS OF GOLD INTO AND EXPORTS OP GOLD OUT OF THE UNITED STATES, BY COUNTRIES, 1922 AND 1921. Imports. Exports. 1922 1921 1922 1921 $9,000 Belgium $10,380 3,760,711 Denmark 17,769,576 5,431,500 Esthonia 110 Finland- . -•. 600 France 27,043,158 190,688,144 Germany . . . . . .. 35 118 19 926 761 $30 Great Britain 121,883,472 202,091,349 20,990 Greece 4,798,294 720,748 Italy 34,105 217,043 Malta 615,935 Netherlands 9,957,870 19,893,019 19,000 8,423,894 1,534 985 Poland and Danzig 400 Portugal . . 11,640 23,040 Russia in Europe 85,000 Spain 71,125 3,319,281 727,000 $25,200 Sweden 32,885,875 66,355,925 78,000 2,643,013 Switzerland 242,502 572,957 29,501 3^123 Turkey in Europe 51,054 785,223 Total Europe 223,218,173 516,031,621 874,521 2,671,336 Canada..... 10,378,032 36,856,110 22,161,759 2,913,783 Costa Rica 582,019 876,976 12,127 Cuba..... 76,601 363,730 2,884 250,844 Dominican Republic 16,164 26,509 3,000 Guatemala 102,877 565,038 Haiti 346 Honduras 141,679 203,690 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOLD IMPORTS AND EXPORTS. 179 No. 93.—TOTAL IMPORTS OF GOLD INTO AND EXPORTS OF GOLD OUT OF THE UNITED STATES, BY COUNTRIES, 1922 AND 1921—Continued. Imports. Exports. 1922 1921 1922 1921 Mexico $5,912,737 $5,588,737 $4,303,609 $7,090,419 Nicaragua .... 1,108,827 893,602 Panama 2,369,009 3,200,839 Salvador .. . . .. ... 70,809 799,675 British West Indies 981,380 768,494 Dutch West Indies. 635,399 5,772,830 Virgin Islands of United States 70,130 150,000 Total North America 22,444,009 56,066,230 26,483,379 10,255,046 Argentina 26,828 1,066,471 Bolivia 19,591 9,786 Brazil 38,539 116,186 24,300 Chile. 389,339 447,633 Colombia . . - - 6,847,910 11,941,685 500,000 Ecuador. 442,956 644,518 9,740 British Guiana 64,453 149,484 Dutch Guiana 44,238 78,643 Peru 1,619,119 1,613,621 Uruguay. 273,689 6,815,363 Venezuela 915,169 1,353,846 Total South America 10,681,831 24,237,236 500,000 34,040 Ceylon 458 China 8,937,975 17,912,687 350,200 Chosen t 4,860 Dutch East Indies 1,626,911 1,316,545 435,010 60,000 French E ast Indies 6,013,842 Far Eastern Republic 10,169 Greece in Asia . . . . . .. .. 27,925 1,350,587 Hongkong 14,730 5,660,825 3,582,385 9,621,655 British India 32,009,553 4,445,339 1,179,000 Japan 2,208,234 Palestine and Syria 43,930 886,092 Straits Settlements 130,010 70,000 Turkey in Asia 15,816 1,448,793 Total Asia 10,677,456 68,812,018 8,943,402 10,930,655 Abyssinia 21,965 Australia and Tasmania 2,676,225 14,013,947 942 Portuguese East Africa . . . 491,857 788,312 Egypt ... 2,569,101 6,874,924 7,650 New Zealand . . . . .. 1,554,675 2,956,314 Philippine Islands 853,034 1,399,808 65,000 British South Africa 3,424 51,823 Tahiti 300 British West Africa 13,250 Total all countries 275,169,785.t 691,267,448 36,874,894 23,891,377 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

180 ANNUAL. REPORT OF THE FEDERAL RESERVE BOARD. FOREIGN EXCHANGE. No, 94.—GENERAL INDEX OF FOREIGN EXCHANGE. [Per cent.] 1918 1919 1920 1921 1922 January 96 72 60 65 February 97 65 62 69 March 95 67 62 70 April 91 65 63 72 May 90 68 66 72 June . 91 71 63 71 July 88 71 62 70 August 85 66 60 69 September 83 63 60 68 October 83 61 61 67 November 96 80 58 61 67 December . . . ., 97 75 57 64 70 NOTE.—The foreign exchange index is an average of rates on 17 leading foreign countries, listed in the detailed table on page 181. The rates used are monthly averages of noon buying rates for cable transfers in the New York market. In October, 1922, the index as published in the annual report for 1921 was revised in three particulars: (1) The German mark was excluded from the computation on account of its extreme depreciation; (2) the weights used were changed to cover the 12-month period ending a month prior to the beginning of the index month, i. e., the index for December is weighted in accordance with trade figures for the 12 months ending October 31. Previously figures for one month preceding the index month were used; (3) the aggregative average was substituted for the geometric average. The formula for calculating the aggregative average is: Index = (T) where! T represents in dollars the volume of trade, including merchandise and gold and silver, with each country; P represents parity; and R represents the current rate of exchange. The index in the table is on a uniform basis throughout. FORIE(GN EXCHANGE 1NDEX 1918 - 1922 NERAL INDEX (EXC .NTINA ENGLAND >-«NETHERLANDS *«JAP/N PERCENT PERCENT no £>• 110 PAR ~*—~. PAR i-. *-— 90 V s, v \^ 80 \ V^ "•"••-* 70 \ ^\ ~^—•—•«. - S <v > \ 60 \ 50 V '"'s. •v 40 V ,'* 30 — •"—>~ 20 10 1918 1919 1920 1921 1922 S S £ S S S S 8 2o Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FOREIGN EXCHANGE. 181 No. 95.—COURSE OF FOREIGN EXCHANGE RATES, 1919-1922. [Cents per unit of foreign currency.] Average Lowest monthly average. Par of rate for exchange. February, 1919. Pound sterling 486.65 476.4860 February, 1920.... 338.1000 French franc 19.30 18.3500 December, 1920... 5.9200 Italian lira 19.30 15.7500 December, 1920... 3.4890 German reichsmark. 23.82 December, 1922.... 0.0136 Swedish krona 26.80 28. 2190 February, 1920.... 18.6000 Butch florin 40.20 41.3520 November, 1920... 30.1860 Argentine gold peso. 101.9500 July, 1921 65.7990 Brazilian milreis 32.44 25.9640 July, 1921 ! 10.4490 Chilean paper peso.. i 19.53 27.7000 January, 1922 j 10.1302 Shanghai tael i 66. 85 118. 7000 March, 1921 64.2250 Indian rupee 48.66 35.7500 July, 1921 23.0588 Japanese yen 49.85 51.5400 March, 1922 j 47.3485 Subsequent highest monthly average. December, 1922. Per cent of par. Pound sterling December, 1922. 85.40 ; French franc April, 1922 40.65 I Italian lira April, 1922 22.99 German reichsmark 2.21 i Swedish krona December, 1922. 91.52 ! Dutch florin December, 1922, 90.32 I Argentine gold peso December, 1922 77.53 I Brazilian milreis May, 1922 39.05 ! 36.82 Chilean paper peso August, 1922 55.22 | 63.52 Shanghai tael June, 1922 112.66 I 106.27 Indian rupee December, 1922. 56.41 i 62.99 Japanese yen December, 1922 . 96.13 i 97.99 11913 average. No. 96.—FOREIGN EXCHANGE BATES, 1922. COUNTRIES INCLUDED IN COMPUTATION OF FOREIGN EXCHANGE INDEX. [Rates in cents per unit of foreign currency.] Average. Low. High. Rate. P o e f r p c a e r n . t Belgium (par= 19.30 cents per franc): January 7.5900 8.0000 7.8144 40.49 February 7.9500 8.7300 8.3195 43.11 March 8.1900 8.7100 8.4311 43.68 April 8.4000 8.6200 8.5192 44.14 May 8.2700 8.4600 8.3580 43.32 June 7.9400 8.4400 . 8.2212 42.60 July 7.4400 8.0200 7.8068 40.45 August 7.1300 7. 7770 7.5451 39.09 September 7.1000 7.4400 7.2332 37.48 October 6.3900 7.1500 6.8580 35.53 November 5.6400 6.7600 6.3700 33.01 December 6.4200 6.9500 6.6448 34.43 Denmark (par= 26.80 cents per krone): January 19.7900 20.1900 19.9744 74.53 February 20.1900 21.0700 20.6414 77.02 March 20.8700 21.3600 21.1081 78.76 April 21.0700 21.3000 21.2204 79.18 May 21.1900 21.9200 21.3969 79.85 June 21.1500 22.1800 21.6562 80.81 July 21.4200 21.7000 21.5364 80.36 August 21.4400 21.6300 21.5348 80.35 28971—23 13 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

182 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. No. 96.—FOREIGN EXCHANGE RATES, 1922—Continued. COUNTRIES INCLUDED IN COMPUTATION OF FOREIGN EXCHANGE INDEX—Contd. Average. Low. High. Rate. Per cent of par. Denmark (par=26.80 cents per krone)—Continued. September 20. 2700 21.4700 21.0552 78.56 October 19.9200 20.5900 20.1908 75.34 November 20.1300 20.4100 20.2071 75.40 December. 20.3800 20.9900 20.6700 77.13 France (par= 19.30 cents per franc): January . . 7.9600 8.3500 8.1636 42.30 February 8.3300 9.2000 8.7305 45.24 March 8.8100 9.2100 9.0033 46.65 Aprii . 9.0200 9.3500 9. 2288 47.82 May 8.9700 9.2200 9.1196 47.25 June 8.3500 9.1500 8. 7646 45.41 July 7.8000 8.5300 8.2372 42 68 August 7.5100 8.2300 7. 9567 41.23 September . 7.5400 7.8700 7.6592 39.68 October 6.8900 7.6100 7.3704 38 19 November . . 6.2000 7.2100 6. 8583 35.54 December 6.9700 7.6100 7.2296 37.46 Great Britain (par= 486.65 cents per £): January . . . 418.6500 427.6700 422.4780 86 81 February 428. 7800 443.2200 436. 2000 89.63 March .. 429.3600 444. 0800 437. 5719 89 92 April 437.6500 443.0000 441.3368 90.69 May . . 442.9100 445.1000 444.6119 91.36 June . . . 438.3800 450.9500 445.1862 91.48 July . . 442.4000 446.0500 444.6368 91.37 August 444. 2900 448.3100 446.4678 91.74 September . . 436.6000 447.3400 443.0696 91.04 October 438.6900 447.4800 443.8484 91.20 November . . .. 444.8800 452.1000 447.9921 92.06 December 451.9800 467.9900 460.9800 94.73 Italy (par= 19.30 cents per lira): January 4. 2600 4.5900 4.3744 22.67 February 4.6400 5.3300 4.9095 25.44 March . ... 4.9000 5.4000 5.1115 26.48 April 5.1700 5.4900 5.3668 27.81 May 5.0800 5.3600 5. 2558 27.25 June.. 4.6400 5.2300 4.9619 25.71 July 4.4000 4.7400 4.5748 23.70 August . .......... 4.3000 4.6400 4. 5078 23.36 S ep t emb er 4.1700 4.4100 4. 2676 22.11 October 3.8900 4.3000 4.1720 21.62 November . 4.0600 4.8200 4.5063 23.35 December 4.8200 5.3300 5.0340 26.08 Netherlands (par= 40.20 cents per florin): January 36.3000 36.9400 36.6772 91.24 February 36.9900 38.4700 37.6082 93.56 March 37.3400 38.3600 37. 8452 94.14 April . 37.7300 38.1600 37.9332 94.36 May 38.2200 39.0400 38.6500 96.14 June 38.1800 39. 0900 38. 7069 96.29 July 38.5000 38. 8900 38. 7684 96.44 August . 38.6000 39.0700 38. 8489 96.64 September 38.6300 39.0100 38.7932 96.50 October 38.7000 39.2000 38.9624 96.92 39.0700 39.5800 39.2729 97.69 December.. 39. 5200 40.1300 39. 8368 99.10 Norway (par= 26.80 cents per krone): January . . .. 15. 4700 15. 8700 15. 6636 58.45 February 15. 8700 17.2700 16.6641 62.18 March . .. 17.2800 18.0900 17.6156 65.73 April 17.7400 19.0900 18.6116 69.45 Mav - - 17.9900 18.7800 18.4738 68.93 June . 16.0300 17.9000 17.0654 63.68 July 16.3900 17.1300 16.6832 62.25 August . 16.7500 17.4400 17.1793 64.10 September.. 16.6100 17.1300 16.8272 62.79 October 17.1600 18.2600 17. 8600 66.64 November . . 18.1900 18.5400 18.3658 68.53 December 18.4900 19.2400 18.9396 70.67 Spain (par= 19.30 cents per peseta): January 14.8500 15.1800 14. 9768 77.60 February 15.2000 16.0300 15.6927 81.31 March 15.3600 16.0300 15.6533 81.11 April . . .. 15.2700 15. 5800 15. 5128 80.38 May 15. 5300 16. 0000 15.6819 81.25 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FOREIGN EXCHANGE. 183 No. 96.—FOREIGN EXCHANGE RATES, 1922—Continued. COUNTRIES INCLUDED IN COMPUTATION OF FOREIGN EXCHANGE INDEX—Contd. Average. Low. High. Rate. Per cent of par. Spain (par= 19.30 cents per peseta)—Continued. June 15.4600 15. 8700 15.6869 81.28 July 15.4700 15.6700 15.5632 80.64 August 15.4900 15.6500 15. 5489 80.56 September 15.1000 15.5200 15.2992 79.27 October 15.1300 15.3900 15.2496 79.01 November 15.1600 15.3900 15.2750 79.15 December 15.3600 15. 7900 15.6356 81.01 Sweden (par= 26.80 cents per krona): January 24.6500 25.4200 24.9488 93.09 February 25.4400 26.6600 26.1495 97.57 March 25.6300 26.6300 26.1563 97.60 April 25.9400 26.1800 26.0480 97.19 May 25.6000 25.9500 25.7746 96.17 June 25.4900 26.1400 25.8092 96.30 July 25.0000 26.1100 25.9128 96.69 August 26.0300 26.7800 26.3381 98.28 September 26.2400 26.5800 26.4568 98.72 October 26.3900 26.7700 26.6488 99.44 November 26.7600 26.9600 26. 8442 100.16 December 26.9000 27.0300 26.9484 100. 55 Switzerland (par= 19.30 cents per franc): January 19.3000 19.5200 19.4156 * 100.60 February 19.4400 19.6000 19. 5227 101.15 March 19.3300 19.5900 19.4548 100.80 April 19.4200 19.4600 19.4180 100.77 May 19.0600 19.3900 19.2062 99. 51 June 18.9000 19.1800 19.0388 98.65 July 18.9700 19.2100 19.0952 98.94 August 19.0000 19.0800 19.0396 98.65 September 18.6000 19.0200 18. 7908 97.36 October. 18.0300 18.7300 18.4208 95.44 November 18.2100 18.7900 18. 4358 95.52 December 18.7100 19.0000 18.9100 97.98 Canada (par=100 cents per dollar): January 93.5469 95.6641 94.8222 94. 82 February 95.5547 97.9844 96.3114 96.31 March 95.5469 97.9844 96.8604 96.86 April 96.8917 98.6688 97.7580 97.76 May 98.3299 99.1181 98.7880 98.79 June 97.9965 99.1347 98. 8401 98.84 July 98.2514 99.3472 98.9231 98.92 Auggust 99.3472 99.9124 99. 7481 99. 75 SSSepptttbemmbber 99.8184 100.0069 99.9332 99.93 OOccttoobber 100.0122 100.1399 100.0807 100.08 November 99.9236 100.1014 100.0290 100.03 December 98.5605 99.9874 99.4484 99.45 Argentina (par= 96.48 cents per gold peso): January 75.3000 83.0800 77.1892 80.01 February 80.6400 83.8300 82.5764 85.59 March 80.1300 84.9000 82. 7785 85.80 April 78.3400 81. 5000 80. 7480 83.69 May 81.5300 83. 8800 82.4088 85.42 June 80.3400 83.3200 81. 8554 84.84 July 80.8900 83.0900 81.8468 84.83 August 81.6100 82. 5700 82.0852 85.08 September 79.6800 82. 7000 81.0832 84.04 October 80.3200 82.2500 81.4140 84.38 November 81.5100 84.0500 82.2283 85.23 December 83.7500 86.3700 85.5688 88.69 Brazil (par=32.44 cents per paper milreis): January 12.4200 12.6800 12. 5752 38.76 February 12.6100 13.6500 13.2459 40. 83 March 13.4400 13.9600 13.6678 42.13 April 13. 4700 13.6900 13.5696 41.83 May 13.5500 13.9400 13.7365 42.34 June 13.5600 13.9000 13.7215 42.30 July 13. 4900 13.6200 13.5520 41.78 August 13.2200 13. 5800 13.3752 41.23 September 11.4500 13.6400 12.5392 38.65 October 11.0200 11. 5700 11.3476 34.9H November 11. 2700 12.6200 11.9488 36.83 December 11.6200 12.2400 11.9452 36. 82 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

184 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. No. 96.—FOREIGN EXCHANGE RATES, 1922—Continued. COUNTRIES INCLUDED IN COMPUTATION OF FOREIGN EXCHANGE INDEX—Contd. Average. Low. High. Per cent Rate. of par. Chile (1913 average=19.53 cents per paper peso): January 9.3750 10. 7500 10.1302 51. 87 February 9. 8750 11. 0000 10.3958 53.23 March 10. 8750 11.6875 11.4050 58. 40 April 11.0625 11.6250 11.2775 57.74 May 11.3125 12.6250 11. 8667 60.76 June 11.9375 13.0000 12.6394 64.68 July 12.7000 13.6100 12.9701 66.41 August 13. 4200 14.3100 13.7496 70.40 September 13.3800 14.0400 13.7276 70.29 October 13. 2500 13.8000 13.6068 69.67 November 11. 8100 13. 4200 12.3825 83.40 December 11. 8500 13.0500 12. 4064 63. 52 China (1913 average price of pure silver content of the Shanghai tael=66.85 cents): January 72.4500 75.1100 74.1456 j 110.91 February 68.6400 74.2400 72.1532 ! 107.94 March 67.2900 72.9600 70.7541 j 105. 84 April 72.4200 75.6000 73.9396 110.61 May 76.1400 81.9600 78.9400 I 118.09 June 77.9800 79.9500 79.0342 | 118.23 July 77.1100 79.7100 77.8176 | 116.41 August 76.1600 77. 5600 76.9637 115.13 September , 76. 4800 77.7700 77.0140 115.20 October 73.0700 76.7400 74. 8500 111.97 November 70. 4300 73.8400 71. 8725 107.51 December 70. 4500 72.0700 71.0444 106.27 India (par=48.66 cents per rupee): January 27.5800 27. 9700 27.8104 57.15 February 27. 7400 28. 4400 28.1427 57. 84 March 27.5000 28.0900 27. 8215 57.18 April 27.6800 27.9600 27. 8096 57.15 May 27. 8900 29.1600 28.7508 59.09 June 28. 5600 29.1800 28.9112 i 59.41 July 28.6600 29.0400 28.8908 ] 59.37 August 28. 8S00 29.1200 29.0144 59.63 September 28.3200 29.0300 28.7412 59.07 October 28.4200 29.1000 28. 8424 59.27 November 29.1000 30.0600 29.5108 60.65 December '. 30.0300 31.1100 30.6488 62.99 Japan (par=49.85 cents per yen): Jauuary 47.4300 47.9200 47.6244 95. 54 February 47.2600 47. 4900 47.3727 95.03 March 47.1900 47.5000 47.3485 94.98 April 47.3100 47. 4500 47.3628 95.01 May 47.2500 47. 5300 47.3554 95.00 June 47. 5000 47.9800 47.7504 95.79 July 47.6500 47.9300 47.7688 95.83 August 47.5700 47. 8100 47.7019 95.69 September 47.7300 48. 4800 48.0996 96.49 October 47.9300 48. 2100 48.0732 96.44 November 48.1000 48.5200 48.3729 97.04 December 48.5100 I 48.9900 48.8500 97.99 OTHER COUNTRIES. Austria (par=20.26 cents per krone): January 0.0257 0.0389 0.0325 0.16 Februarv - .0199 .0339 .0281 .14 March .0130 .0190 .0150 .07 April . 0127 .0137 .0134 .07 May .0095 .0125 .0112 .06 June ; 0048 .0093 .0067 .03 J A U u ly gust . .0 0 0 0 1 2 2 8 . . 0 0 0 0 2 5 2 2 . .0 0 0 0 1 3 7 8 . . 0 0 0 2 8 Seotember . 0013 .0015 .0014 .006 .0014 .0014 .0014 .006 N ovember . 0013 .0014 .0014 .006 December .0014 .0014 .0014 .006 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FOREIGN EXCHANGE. 185 No. 96.—FOREIGN EXCHANGE RATES, 1922—Continued. OTHER COUNTRIES—Continued. Average. Low. j High. Rate. P o e f r p c a e r n . t Bulgaria (par= 19.30 cents per lev): January 0. 6933 0. 7483 0.7104 3.68 February . 6817 .7083 . 6930 3.59 March..I... . . . .. ! . 6850 .6983 . 6880 3.56 April . 6850 .6983 : . 6898 3.57 May. . 6767 .7267 . 6930 3.59 June... . 7096 .7483 . 7358 3.81 Julv.. . 7200 .7483 . 7293 3.78 August 1 .6030 . 7267i . 6518 3.38 September. . 6133 . 6558 . 6380 3.31 October i .6314 .7000 . 6481 3.38 November ' . 6550 .7000 . 6835 3.54 December : . 6783 7180 . 6997 3.63 Czechoslovakia (crown): January ! 1.5481 1.9713 1.7319 February 1. 6894 1 9316': 1.8550 March j 1.6213 1.8978 1. 7333 April... 1.8569 2 0392 1 9602 May 1.8908 ! 1.9486 1.9207 Jane... 1.90811 1 9483 1 9233 July... 1. 9103I 2.4122 2.1845 August. 2. 4331 3 7567 i 2 9023 September ! 3.0019! 3.5078; 3.2306 October. 1 3.0997 ! 3.5922 3. 2845 November 3.1500 i 3.2439 3 1758 December . 2.7256 ' 3.1878 3. 0969 Finland (par= 19.30 cents per markka): January 1. 8400 2.0136 1.8871 9.78 February 1.9857 i 2.0214 2. 0029 10 38 March 1.9763 1 2.1214 2. 0600 10.67 April 1.8638 2. 0538 I 1 9268 9 98 May. 2.0475 2.1038 ! 2.0821 10.79 June... 2.1031 2. 2763 2.1616 11.20 July 2.0750 2.2513 i 2.1482 11 12 \ugust. . 2.0900 2.1713 i 2.1329 11.05 September 2.1488 2.2063 2.1741 11.26 October 2.2119 2. 4886 2,3239 12.04 November . 2.4975 2. 7463 2. 5609 13.27 December 2. 4888 2. 5263 2. 5124 13 02 Germany (par= 23.82 cents per reichsmark): January... .4697 .5876 . 5204 2.18 February .4339 .5207 1 .4811 2.02 March .2945 .4360 . 3585 1 50 April .3110 .4163 .3459 1.45 May .3165 .3039 .3440 1.44 June . 2645 .3740 .3185 1.34 July. . .. .1527 .2497 .2041 .86 August .0524 .1493 .0989 .42 September... .0594 . 0801 .0684 .29 October .0216 .0551 .0332 . 14 November . .0118 .0224 .0147 .06 December .0118 .0186 . 0136 .06 Greece (par= 19.30 cents per drachma): January 4.2200 4. 4400 4. 3344 22.61 February 4.4200 4. 6000 4. 5082 23.36 March 4.2200 4. 5800 4. 4407 23.01 \pril . I 4.3700 4. 5200 4. 4368 23.14 May 4.1600 4.4900 4.2685 22.12 June... 3.0300 4. 2300 3. 8346 19.87 July 2.7200 3.1800 2. 9596 15 33 August. I 2.9100 3.2100 3.0S30 15 97 September. . . .. 1 2.0400 2.8900 2. 4724 12.81 October 1 2.0100 2. 8800 2. 3S96 12. 38 November . i 1.4300 2.0400 1. 5925 8 25 December.. 1 1.0000 1.4200 1. 2337 6 39 Hungary (par= 20.26 cents per krone): ! January .1244 .1722 .1525 75 February j .1425 .1563 .1497 .72 March .1082 .1450 .1256 .62 April ! .1154 .1351 .1258 .64 May i .1188 .1299 .1261 .62 June .0953 . 1228 . 1079 .53 Julv : .0581 .0978 .0760 .38 August j .0353 . 0744 i .0595 .29 September i .0390 .0515 i .0423 .21 October .0390 .0411 .0402 .20 Digitized for FD N Re o Ac v Se e m m Eb b Re e r r i . . 0 0 3 3 9 9 6 9 i ! . .0 0 4 4 3 2 7 9 . .0 0 4 4 3 1 0 3 ' . . 2 2 0 1 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

186 A1STXUAL REPORT OF THE FEDERAL RESERVE BOARD. No. 96.—FOREIGN EXCHANGE RATES, 1922—Continued. OTHER COUNTRIES—Continued. Low. High. Poland (Polish mark): January 0.0288 0.0356 0. 0327 February .0327 .0310 .0286 March. .1 .0213 .0262 .0236 April .0241 .0271 .0262 May .0244 .0259 .0249 June .0220 .0255 .0237 July .0163 .0221 .0185 August .0112 .0155 .0135 September .0112 .0146 .0127 October .0071 .0118 -.0095 November .0060 .0072 .0065 December .0054 .0060 .0057 Portugal (par= 108.05 cents per escudo): January 7.2100 | 7. 8200 7.6644 7.09 February 7. 2400 I 8. 0200 7.4895 6.93 March 8.0300 | 9.1700 8.4239 7.80 April 7.7500 ! 8.1800 7.9800 7.39 May 7.6800 j 8. 0600 7. 8285 7.25 June 7.0700 7. 7300 7. 5096 6.95 July 7.0400 ! 7. 3300 7.1568 6.62 August 5.2700 I 7.3200 6.5849 6.09 September 3. 7700 i 5. 4300 i 4. 8256 4.47 October 3.7200 I 6.7000 I 4. 8760 4.51 November 4.3400 6.4100 4.9921 I 4.62 December 4. 2500 4. 8500 j 4. 5212 j 4.18 Rumania (par= 19.30 cents per leu): January .7375 . 8340 .7783 | 4.03 February .7442 .8233 | .7953 j 4.12 March .7159 .7942 i .7485 I 3.88 April .7075 .7591 .7332 i 3.80 May .6872 .7069 .6967 I 3.61 June .6129 .6869 I .6584 i 3.41 July .5550 .6475 i .6045 i 3.13 August .6600 1.0825 j .8110 | 4.20 September .6009 .7350 j .6559 i 3.40 October .6106 .6531 ! .6261 i 3.24 November .6169 .6628 ! .6417 | 3.32 December . 5775 .6338 | .6111 I 3.17 Yugoslavia (par= 19.30 cents per dinar): January 1. 3140 1. 5090 i 1. 3814 ! 7.16 February 1. 2267 1.3300 I 1.2975 i 6.72 March 1. 2200 1. 4560 i 1.2899 | 6.68 April 1. 2050 1.6243] 1.3302 ! 6.89 May 1. 3529 1.4771 : 1.4502 ! 7.51 June 1.2675 1.4471 1 1.3801 I 7.15 July 1.1771 1.3029 : 1.2218 | 6.33 August 1.1029 1.2471 I 1.1863 ! 6.15 September 1.0586 1.4757 1.2926 I 6.70 October 1.3642 1.8850 I 1.6222 ! 8.41 November 1.3329 1.6500 | 1.5691 | 8.13 December 1. 0750 1.4014 I 1.2231 | 6.34 Cuba (par= 100 cents per peso): January 99.6462 99.8542 I 99.7256 I 99.73 February 99.7501 99.9375 99.8542 ' 99.85 March 99.8250 99.9375 99.8878 I 99.89 April 99.7689 99. 8625 99.8145 ! 99.81 May r 99. 7750 99.9001 99.8517 99.85 June , 99.7750 99. 8906 99.8357 99.84 July 99.7750 99. 8250 99. 7981 99.80 August 99. 8000 99. 9250 99. 8729 99.87 September 99. 8188 99.9375 99. 8700 99.87 October 99. 8125 99.9125 99. 8826 99.88 November 99. 8063 99.9250 99. 8779 99.88 December 99. 8875 100. 0500 99. 9450 99.95 Mex J i a c n o u ( a p r a y r= 49.85 cents per peso): 48.3000 48.9825 48.6898 I 97.67 February 48. 6250 49. 0250 48. 8076 97.91 March 48.6375 49. 7375 49. 2888 98.87 April 49. 0375 49.5775 49. 3574 99.01 May 48. 7350 49. 3650 49. 0768 98.45 June 48. 3350 48. 7188 48. 4812 97.25 July 48.2625 i 48.8625 48. 5229 97.34 August 48.3075 ! 48.7750 48. 5314 97. 35 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FOREIGN EXCHANGE. 187 JVo. 96.—FOREIGN EXCHANGE RATES, 1922—Continued. OTHER COUNTRIES—Continued. Average. Low. High. Per cent Rate. of par. Mexico (par=49.85 cents per peso)—Continued. September . 48.2125 48.3875 48.3006 96.89 October 48.1719 48. 4125 48.2917 96.87 November 48. 2625 49.7344 48. 7620 97.82 December 48.3125 48.7625 48. 4468 97.19 Uruguay (par= 103.42 cents per peso): January 70.9200 76. 4200 72.6472 70.24 February 75.6100 82.3700 79. 2391 76.62 March 79.2600 82.2000 80.7326 78.06 April .. 76. 8900 79. 0100 78.1116 75.53 May 78.7600 80.4000 79. 7627 77.13 June 79. 8800 82.6300 80.9450 78.27 July 80. 2500 81.9000 81.3956 78.70 August 79.3400 81. 6500 80. 8474 78.17 September 76.6200 79.5300 78. 0132 75.43 October . . .. 76.1400 77. 7600 77.0756 74.53 November 77. 5500 81.1300 79.4613 76.83 December 80.9800 85.4500 84. 2120 81.43 China (1913 average price of pure silver content of the Mexican dollar= 48.11 cents): January 52.9600 54. 7800 54.1040 112.46 February 50. 4200 54.2500 52.7445 109.63 March 49. 7300 53.3500 51.6278 107.31 April 52.8500 55.2800 53.9196 112.08 May 55.1600 59.0500 57.3781 119.26 June 56. 5500 57.9000 57.1938 118.88 July. .. 56. 3000 57.7500 56.7528 117.96 August 55.5500 56.9000 56.2559 116.93 September 55.6000 57. 2100 56.1500 116.71 October 53. 4000 55.6900 54.5508 113.39 November . ... 51.3300 53.8300 52.4842 109.09 December 51.4200 52.9000 52.0288 108.15 Hongkong (1913 average price of pure silver content of the Hongkong dollar= 47.77 cents): January 54. 5100 55.6900 54.9864 115.11 February 52.3400 55. 2900 53.9795 113.00 March 51.7000 54.4100 53.1767 111.32 April . .- 53.6800 55.9300 54. 7284 114.57 May 55. 8800 59.5700 57. 7796 120.95 June 57.3400 58.3900 57. 7208 120.83 July . 57. 6000 58.6600 57.9404 121.29 August . 57.1800 57. 8300 57. 5422 120.46 September . . 56.9200 57.9200 57.3080 119.97 October .. . 54.0000 57.1600 55.9552 177.13 November 52.9300 55.1300 53. 8150 112.65 December .. 52. 5000 54.0500 53. 2288 111. 43 Straits Settements (par= 56.78 cents per Singapore dollar): January 47.0000 48.2900 47.9296 84.41 February . 47. 8300 50.2500 49.2959 86.82 March . 48.8300 50.1700 49. 5307 87.23 April .. . 49. 5800 50.5800 49.9928 88.05 May . 50.0800 51.1700 50. 7592 89.40 June . . . 50. 5800 51.6300 51.1435 90.07 July . 50.3300 51.0000 50. 7184 89.32 August 50. 7900 52.0000 51.3974 90.52 September . 51. 2500 52. 0000 51.6440 90.95 October. . 51.0800 52.0400 51.7840 91.20 November 51.7500 52.3300 52.0058 91.59 December 51.9600 53.6700 53.0100 93.36 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

188 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. STATE BANKS AND TRUST COMPANIES ADMITTED. The following is a list of State bank and trust company members of the Federal Reserve System on December 31, 1922, showing the capital, surplus, and total resources, as compiled from the latest available figures: Capital. Surplus. Total resources. DISTRICT NO. 1. CONNECTICUT. (See also District No. 2.) New Britain—New Britain Trust Co $500,000 $200,000 $5,463,094 New Haven—Union & New Haven Trust Co. 650,000 650,000 11,076,709 South Manchester—Manchester Trust Co 200,000 100,000 2,108,636 Waterbury—Colonial Trust Co 500,000 600,000 7,124,105 Bangor—Merrill Trust Co 500,000 400,000 10,871,498 Portland—Fidelity Trust Co.. 400,000 400,000 15,561,000 Sanford—Sanford Trust Co... 100,000 50,000 1,401,031 MASSACHUSETTS. Arlington—Menotomy Trust Co 200,000 100,000 3,116,875 Boston- American Trust Co 1,500,000 2,000,000 29,637,382 Beacon Trust Co 1,000,000 1,800,000 27,799,739 Commonwealth Trust Co 1,500,000 1,000,000 36,063,430 Exchange Trust Co 1,000,000 1,000,000 19 648 240 Federal Trust Co 1,500,000 23,720,615 Hub Trust Co 500,000 60,000 3,753,335 International Trust Co 2,000,000 2,000,000 50,104,985 Liberty Trust Co 750,000 750,000 14,553,570 Massachusetts Trust Co 1,000,000 500,000 20,093,260 Metropolitan Trust Co 670,000 94,068 6,538,545 New England Trust Co 1,000,000 2,000,000 28,920,774 Old Colony Trust Co 7,000,000 9,000,000 168,895,885 State Street Trust Co 2,000,000 2 500,000 46,537,371 United States Trust Co 1,000,000 1,000,000 19,925,220 Cambridge- Harvard Trust Co 400,000 400,000 11,631,354 Inman Trust Co 200,000 50,000 1,877,419 Fitchburg—Fitchburg Bank & Trust Co 500,000 500,000 5,895,284 Gloucester—Gloucester Safe Deposit & Trust Co 200,000 200,000 5,002,510 Greenfield—Franklin County Trust Co 200,000 100,000 3,234,183 Holyoke—Hadley Falls Trust Co 500,000 250,000 8,466,236 Lawrence—Merchants Trust Co 300,000 166,500 8,431,342 Lynn—Security Trust Co 200,000 300,000 8,464,808 New Bedford—New Bedford Safe Deposit & Trust Co. 350,000 400,000 7,923,028 Newton—Newton Trust Co 600,000 600,000 11,977,776 Norwood—Norwood Trust Co 200,000 20,000 3,578,531 Salem—Naumkeag Trust Co 250,000 150,000 6,157,958 Waltham—Waltham Trust Co 300,000 200,000 5,956,727 Winchester—Winchester Trust Co 100,000 25,000 1,367,668 Worcester—Worcester Bank & Trust Co 1,500,000 1,000,000 33,997,641 RHODE ISLAND. Providence- Industrial Trust Co 4,000,000 6,000,000 109,161,141 Rhode Island Hospital Trust Co 3,000,000 4,500,000 75,912,037 Union Trust Co 1,000,000 500,000 17,430,865 DISTRICT NO. 2. CONNECTICUT. (See also District No. 1.) Bridgeport—Bridgeport Trust Co 1,000,000 300,000 8,672,426 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATE BANK MEMBERSHIP. 189 To,tal Capital. Surplus. resources DISTRICT NO. 2—Continued. NEW JERSEY. (See also District No. 3.) Asbury Park—Seacoast Trust Co ; $150,000 $150,000 $4,043,536 Bayonne—Bayonne Trust Co 300,000 50,000 6,535,771 Bloomfield—Bioomfield Trust Co 250,000 150,000 4,793,620 Bogota—Bank of Bogota 50,000 25,000 633,500 Boonton—Boonton Trust Co 100.000 50,000 1,414,767 Cranford—Cranford Trust Co 100,000 50,000 2,347,751 East Orange- East Orange Bank 150,000 50,000 3,390,73a Savings Investment & Trust Co 500,000 300,000 12,466,072 Elizabeth—Elizabethport Banking Co 250,000 200,000 5,316,407 Franklin—Sussex County Trust Co 100,000 40,000 1,272,268 Glen Ridge—Glen Ridge Trust Co 100,000 30,000 1,587,986 Hackensack—Peoples Trust & Guaranty Co 600,000 400,000 9,706,223 Hasbrouck Heights—Bank of Hasbrouck Heights 50,000 25.000 516 307 Hoboken—Jefferson Trust Co 400,000 100,000 6,537,764 Jersey City— Claremont Bank of Jersey City 200,000 150,000 6,769,931 Commercial Trust Co. of New Jersey 2,000,000 1,500,000 47,744,755 New Jersey Title Guarantee & Trust Co 1,000,000 1,000,000 22,604,004 Montclair— Bank of Montclair •= 250,000 100,000 4,418,792 Montclair Essex Trust Co 500,000 500,000 8,345,976 Morristown—Morristown Trust Co 600,000 300,000 8,830,632 Newark— City Trust Co 200,000 100,000 3,895,583 Federal Trust Co 1,000,000 1,000,000 19,167,909 Fidelity Union Trust Co 5,250,000 1,750,000 65,752,467 Ironbound Trust Co 300,000 200,000 12,882,888 Springfield Avenue Trust Co 200,000 100,000 5,743,274 Nutley—Bank of Nutley 100,000 50,000 2,164,042 Orange—Trust Co. of Orange 100,000 50,000 1,233,752 Passaic—Peoples Bank & Trust Co 400,000 400,000 8,431,220 Paterson—Hamilton Trust Co 500,000 500,000 10,483,211 Perth Amboy—Perth Amboy Trust Co 300,000 150,000 5,388,397 Plainfield—Plainfield Trust Co 300,000 400,000 9,992,94$ Rahway—Railway Trust Co 100,000 50,000 1,268,328 Ridgefield Park— O verpeck Trust Co 100,000 13,358 464,548 Ridgefield Park Trust Co 100,000 50,000 2,132,040 Ridgewood—Ridgewood Trust Co 150,000 50,000 2,593,359 Rutherford—Rutherford Trust Co 100,000 100,000 1,984,502 Westfield— Peoples Bank & Trust Co 100,000 100,000 2,883,880 Westfield Trust Co 100,000 100,000 3,353,824 West Hoboken—Hudson Trust Co. of West Hoboken 1,000,000 1,000,000 30,238,948 Westwood—Westwood Trust Co 100,000 20,000 182,700 NEW YORK. Adams—Citizens Trust Co 150,000 75,000 1,596,740 Albion—Orleans County Trust Co 100,000 50,000 1,173,072 Amsterdam—Montgomery County Trust Co 200,000 100,000 4,085,016 Batavia—Bank of Genesee 100,000 100,000 1,687,750 Belmont—State Bank of Belmont 50,000 50,000 485,657 Binghamton—Peoples Trust Co 500,000 100,000 7,674,123 Blasdell—Bank of BlasdeU 30,000 10,465 209,510 Brooklyn- Brooklyn Trust Co 1,500,000 2,750,000 48,106,188 Globe Exchange Bank 200,000 40,000 3,015,857 Manufacturers Trust Co 2,500,000 2,000,000 76,320,117 Mechanics Bank, 1,600,000 1,250,000 46,443,855 Midwood Trust Co 500,000 250,000 3,022,168 Peoples Trust Co 1,600,000 1,900,000 » 59,890,022 Buffalo- Buffalo Trust Co 1,250,000 1,000,000 29,716,518 Citizens Trust Co 1,250,000 1,250,000 27,681,160 Fidelity Trust Co 1.000,000 1,000,000 24,011,449 Liberty Bank of Buffalo 2,000,000 2,000,000 47,001,261 Marine Trust Co 10,000,000 7,000,000 133,873,541 Peoples Bank of Buffalo 1,000,000 600,000 23,977,375 Canisteo—First State Bank 50,000 35,000 615,718 Cape Vincent—Citizens Bank of Cape Vincent 50,000 10,000 412,378 Chatham—State Bfenk of Chatham 50,000 50,000 1,930,338 Coney Island, New York City—Bank of Coney Island 200,000 100,000 5,575,076 Depew—Bank of Depew 50,000 15,000 784,165 Dunkirk—Dunkirk Trust Co 250,000 125,000 1,922,870 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

190 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. Total Capital. Surplus. resources. DISTRICT NO. 2—Continued. NEW YOBK—continued. East Aurora- Bank of East Aurora $150,000 $25,000 $2,187,123 Erie County Trust Co 100,000 50,000 1,634,732 Elmira—Chemung Canal Trust Co 600,000 400,000 10,109,593 Endicott—State Bank of Endicott 50,000 35,000 2,566,426 Floral Park—Floral Park Bank 50,000 50,000 1,476,532 Fredonia—Citizens Trust Co 100,000 100,000 2,092,921 Geneva—Geneva Trust Co 250,000 225,000 4,216,124 Gloversville— Trust Co. of Fulton County 250,000 150,000 1,620,322 Hamburg;—Peoples Bank *. 60,000 90,000 2,038,906 Hammondsport—Bank of Hammondsport 50,000 50,000 1,406,605 Hieksville—Bank of Hicksville 250,000 125,000 1,949,410 Ithaca—Ithaca Trust Co 200,000 100,000 4,838,391 Johnson City—Workers-Trust Co 100,000 100,000 3,822,124 Katonah—Northern Westchester Bank 50,000 25,000 710,345 Kingston—Kingston Trust Co 250,000 140,000 3,706,178 Lackawanna—American Bank of Lackawanna 100,000 25,000 768,054 Little Falls—Herkimer County Trust Co 350,000 350,000 5,137,020 Lowville—Lewis County Trust Co 200,000 100,000 1,405,419 Malone—Peoples Trust Co 300,000 100,000 3,903,024 Millbrook—Bank of Millbrook 50,000 50,000 1,371,874 Mineola—Nassau County Trust Co 100,000 100,000 2,976,844 New York- Bankers Trust Co 20,000,000 15,000,000 425,243,811 Bank of America 5; 500,000 4,500,000 138,755,782 Bank of Europe 450,000 225,000 8,899,108 Bank of New York & Trust Co 4,000,000 8,000,000 133,880,892 Bank of United States 2,000,000 400,000 46,721,632 Central Union Trust Co 12,500,000 17,500,000 283,536,609 Columbia Bank 2,000,000 1,000,000 43,152,719 Columbia Trust Co 5,000,000 6,000,000 116,792,741 Commonwealth Bank of the City of New York 400,000 600,000 12,210,474 Continental Bank 1,000,000 500,000 18, 847,841 Corn Exchange Bank 8,250,000 7,500,000 230,600,245 Equitable Trust Co 12,000,000 14,500,000 312,459, 814 Farmers Loan & Trust Co 5,000,000 10,000,000 169,475,928 Fidelity International Trust Co 1,500,000 1,250,000 29,386,709 Fifth Avenue Bank 500,000 2,000,000 28,620,840 Fulton Trust Co 500,000 250,000 11,519,799 Guaranty Trust Co 25,000,000 15,000,000 541,345,264 Manhattan Co 10,000,000 10,000,000 248,180,291 Metropolitan Trust Co. of the City of New York 2,000,000 3,000,000 51,472,550 Mutual Bank 500,000 400,000 15,651,280 New Netherlands Bank 600,000 300,000 10.247,238 New York Trust Co 10,000,000 10,000,000 258,906,842 Pacific Bank 1,000, 000 1,500,000 35,588,779 United States Mortgage & Trust Co 3,000,000 3,000,000 72.809,262 United States Trust Co. of New York 2,000,000 12,000,000 73,960,037 W. R. Grace & Co.'s Bank 500,000 1,000,000 10,618,622 Yorkville Bank of New York City 200,000 600,000 24,428,001 Niagara Falls—Power City Bank * 500,000 500,000 11,588.627 Nyack—Rockland County Trust Co 100,000 25,000 2, 734,873 Ogdensburg—St. Lawrence Trust Co 100,000 10,000 988,301 Olean—Olean Trust Co 100,000 25,000 1,508,058 Oneida—Madison County Trust & Deposit Co 200,000 120,000 3,421,967 Orchard Park—Bank of Orchard Park , 30,000 6,000 827,215 Perry—Citizens Bank 50,000 50,000 1,212,107 Port Chester—Mutual Trust Co. of Westchester County.. 300,000 100,000 4,276,136 Rochester—Lincoln-Alliance Bank 2,000,000 2,000,000 49,226, 212 Rome—Rome Trust Co 300,000 100,000 4,625,143 Schenectady—Schenectady Trust Co 400,000 100,000 11,857,792 Stony Brook—Bank of Suffolk County 50,000 25,000 637,274 Syracuse- City Bank Trust Co 2,000,000 1,000,000 22,812,352 First Trust & Deposit Co 2,500,000 1,000,000 46,399,787 Syracuse*Trust Co 1, 500,000 750,000 30,134,356 Utica— Citizens Trust Co 500,000 500,000 18,821,418 Oneida County Trust Co 250,000 250,000 3,232,639 Utica Trust & Deposit Co 1,000,000 700,000 15,000,390 Warsaw—Trust Co. of Wyoming County , 100,000 20,000 900,696 Watertown—Northern New York Trust Co , 400,000 400,000 9,750,944 Westbury—Bank of Westbury 50,000 13,250 953,415 White Plains—County Trust Co 150,000 50,000 6,101,575 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATE BANK MEMBERSHIP. 191 Total Capital. Surplus. resources. DISTRICT NO. 3. DELAWARE. Milford—Milford Trust Co $50,000 $90,000 $1,261,943 Wilmington— E quitable Trust Co 500,000 500,000 5,988,114 Security Trust & Safe Deposit Co ; 600,000 700,000 7,132,621 Wilmington Trust Co 1,000,000 1,015,000 1*,921,929 NEW JERSEY. (See also District No. 2.) Atlantic City- Bankers Trust Co 100,000 50,000 2,108,364 Equitable Trust Co 200,000 200,000 4,180,318 Burlington—Burlington City Loan & Trust Co 100,000 100,000 2,076,234 Camden—Camden Safe Deposit & Trust Co 500,000 800,000 12,883,559 Gloucester City—Gloucester City Trust Co 100,000 50,000 899,917 Hightstown—Hightstown Trust Co 100,000 16,000 554,208 Princeton—Princeton Bank & Trust Co 200,000 150,000 2,976,676 Riverside—Riverside Trust Co 100,000 100,000 2,103,016 Swedesboro—Swedesboro Trust Co 100,000 20,000 634>993 PENNSYLVANIA. (See also District No. 4.) Allentown—Penn Trust Co 300,000 100,000 2,220,361 Bloomsburg—Columbia County Trust Co 125,000 25,000 966,645 Carlisle—Carlisle Trust Co 150,000 200,000 2,519,559 Chester—Cambridge Trust Co 500,000 300,000 6,010,526 Du Bois—Union Banking & Trust Co 250,000 450,000 2,938,507 Harrisburg—Dauphin Deposit Trust Co 300,000 400,000 4,959,183 Hazleton— American Bank & Trust Co 200,000 150,000 4,039,347 Markle Banking & Trust Co 300,000 600,000 6,521,077 Peoples Savings & Trust Co 250,000 200,000 3,674,106 II onesdale—Wayne County Savings Bank 200,000 350,000 4,162,351 Huntingdon—Grange Trust Co 125,000 20,000 874,536 Jenkintown—Jenkintown Bank & Trust Co 250,000 500,000 6,391,562 Kulpmont—Dime Deposit Bank 50,000 40,000 431,625 Lemoyne—Lemoyne Trust Co 125,000 100,000 1,250,375 Levvistown—Lewistown Trust Co 125,000 25,000 746,211 Lykens—Miners Deposit Bank 50,000 110,000 1,059,611 Mill Hall—Mill Hall State Bank 35,000 15,000 400,404 New Oxford—Farmers & Merchants Bank 50,000 50,000 792,262 Olyphant—The Olyphant Bank 100,000 100,000 2,267,636 Orrstown—Orrstown Bank , 25,000 10,000 209,637 Philadelphia— Aldine Trust Co 750,000 500,000 5,047,989 Colonial Trust Co 500,000 500,000 9,063,095 Commercial Trust Co 2,000,000 2,750,000 36,243,750 Federal Trust Co 200,000 200,000 4,424,537 Fidelity Trust Co 5,200,000 16,000,000 62,940,230 Girard Trust Co 2,500,000 I 7,500,000 ! 61,705,951 Northeast-Tacony Bank & Trust Co 250,000 ! 75,000 | 941,468 Oxford Bank of Frankford 250,000 I 100,000 ! 3,752,761 Pennsylvania Co. fer Insurance on Lives and Granting Annuities 2,000,000 I 5,000,000 i 48,424,514 Peoples Bank 200,000 ! 35,000 I 6,222,597 Philadelphia Trust Co 1,000,000 5,000,000 ! 29,177,400 Provident Trust Co 2,000,000 5,000,000 | 24,447,822 West Philadelphia.Title & Trust Co 500,000 750,000 | 8,957,841 Reading— Berks County Trust Co 500,000 355,000 I 5,420,719 Northeastern Trust Co 395,750 54,172 I 2,016,464 Schuylkill Haven—Schuylkill Haven Trust Co 125,000 75,000 | 1,695,543 Scranton—Peoples Savings & Dime Bank 700,000 500,000 | 15,289,265 Shamokin—Dime Trust and Safe Deposit Co 125,000 175,000 i 2,184,056 Tamaqua—Peoples Trust Co 125,000 40,000 1,342,991 Wilkes-Barre— Dime Bank Title & Trust Co 200,000 175,000 2,710,363 Union Savings Bank & Trust Co 246,700 74,010 1,371,612 Williamsport— Northern Central Trust Co 500,000 300,000 4,533,580 Susquehanna Trust & Safe Deposit Co 400,000 400,000 3,599,081 Williamstown—Williams Valley Bank 50,000 50,000 794,884 York—York Trust Co 300,000 180,000 3,224,349 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

192 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. Total Capital. Surplus. resources. DISTRICT NO. 4. KENTUCKY. (See also District No. 8.) Georgetown—Farmers Bank & Trust Co. $100,000 $70,000 $1,108,367 Independence—Bank of Independence... 40,000 10,000 872,096 Lexington- Guaranty Bank & Trust Co 150,000 50,000 2,453,234 Security Trust Co 500,000 150,000 2,464,963 Richmond—State Bank & Trust Co 150,000 55,000 1,139,136 OHIO. Adena—Adena Commercial & Savings Bank. 60,000 395,717' Akron- Central Savings & Trust Co 500,000 500,000 12,666,205' Depositors Savings & Trust Co 300,000 300,000 6,573,147 Firestone Park Trust & Savings Bank... 200,000 125,000 3,152,393 Peoples Savings & Trust Co. 200,000 160,000 5,908,928 Alliance—City Savings Bank & Trust Co. 250,000 125,000 3,392,600' Antwerp—Antwerp Exchange Bank Co.. 25,000 7,500 335,999' Apple Creek—Apple Creek Banking Co., 25,000 15,000 237,826 Atwater—Atwater Savings Bank Co 25,000 12,500 346,044 Barberton—Peoples Savings & Banking Co , l00,000 33,000 1,650,892 Bowling Green—State Bank of Bowling Green... 100,000 18,000 663,991 Bridgeport—Bridgeport Bank Co 75,000 40,000 770,235 Buckeye City—Commercial & Savings Bank Co. 25,000 6,500 266,127 Canton—Dime Savings Bank Co 500,000 200,000 5,500,712 Chagrin Falls—Chagrin Falls Banking Co 100,000 75,000 1,697,580 Cincinnati- Brighton Bank & Trust Co 500,000 100,000 10,332,617 Provident Savings Bank & Trust Co ,500,000 1,080,000 ! 26,910,840 Union Savings Bank & Trust Co .,000,00$ 3,000,000 I 26,564,323 Western Bank & Trust Co ., 000,000 750,000 I 15,911,544 Cleveland- j Cleveland Trust Co 600,ooa 4,300,000 ! 173,607,259 Commonwealth Banking & Trust Co 250,000 100,000 i 1,715,263 Guardian Savings & Trust Co 000,000 4,000,000 ! 104,120,518 Midland Bank 000,000 400,000 I 17,177,572 Pearl Street Savings & Trust Co 500,000 400,000 23,226,043 * Reliance Trust Co 300,000 50,000 ! 1,821,926< State Banking & Trust Co 750,000 230,000 12,856,485 Union Trust Co 22,250,000 11,125,000 262,899,227 United Banking & Sayings Co 1,500,000 650,000 22,238,965 Columbiana—Union Banking Co 50,000 55,000 809,705 Columbus—Citizens Trust & Savings Bank 900,000 225,000 20,494,696 Conneaut—Conneaut Mutual Loan & Trust Co.. 125,000 125,000 2,246,402: Cuyahoga Falls- Citizens Bank 50,000 15,000 739,660 Falls Banking & Trust Co 150,000 75,000 1,701,695 Dayton—Dayton Savings & Trust Co 600,000 600,000 17,872,227 Delphos—Peoples Bank of Delphos 50,000 17,000 448,767 Delta—Peoples Savings Bank Co 25,000 35,000 560,811 Eldorado—Farmers State Bank 35,000 7,000 413,815 Frazeysburg—Peoples Bank Co 25,000 50,000 609,412 Geneva—Geneva Savings Bank Co 100,000 97,500 1,273,087 Gibsonburg— Gibsonburg Banking Co 50,000 29,000 836,242 Home Banking Co 25,000 25,000 738,661 Hillsboro—Hillsboro Bank & Savings Co 50,000 25,000 575,580 Hubbard—Hubbard Banking Co 50,000 50,000 859,541 Lodi—Lodi State Bank 40,000 60,000 844,484 McCutchenville—Farmers Bank 30,000 - 2,700 122,889 Mansfield—Farmers Savings & Trust Co 200,000 200,000 2,124,953 Massillon—Ohio Banking & Trust Co 150,000 75,000 2,044,682 Metamora—Farmers & Merchants Bank Co 25,000 8,000 422,124 Middlefield—Middlefield Banking Co 25,000 30,000 532,453 Middletown—American Trust & Savings Bank.. 150,000 30,000 2,292,885 Milan—Farmers & Citizens Banking Co 25,000 14,000 586,106 Minerva- Minerva Banking Co 50,000 3,700 420,752 Minerva Savings & Trust Co 125,000 30,000 1,491,268 Minster—Minster State Bank 25,000 25,000 447,646 Napoleon—Napoleon State Bank 50,000 50,000 943,459 Newark—Newark Trust Co 200,000 150,000 3,581,097 New Philadelphia- Merchants State Bank 100,000 60,000 1,039,480 Ohio Savings & Trust Co 150,000 75,000 2,382,675 Orrville—Orrville Savings Bank 50,000 52,000 948,631 Pemberville—Pemberville Savings Bank Co 25,000 10,000 393,952 Peninsula—Peninsula Banking Co 25,000 8,000 252,602 Portsmouth—Security Bank 150,000 300,000 2,886,534 Digitized foRr iFttRmAaSn—ERRi ttman Savings Bank 60,000 17,000 549,694 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATE BANK MEMBERSHIP. 193 Capital. Surplus. res T o o u t r a c l es. DISTRICT NO. 4—Continued. OHIO—-continued. Rossford—Rossford Savings Bank $50,000 $17,000 $634,468 St. Glairsville—Dollar Savings Bank Co 50,000 50,000 810,142 St. Marys- American State Bank 50,000 25,000 751,791 Home Banking Co 100,000 28,000 1,132,864 Shadyside—Shadyside Bank 35,000 7,000 540,332 Shelby—Citizens Bank 100,000 50,000 1,121,913 Shiloh—Shiloh Savings Bank Co 25, 000 38,000 369,412 S teuben ville— Steubenville Bank & Trust Co 650,000 296,900 5,180,537 Union Savings Bank & Trust Co 350,000 350,000 5,227,724 Sylvania—Farmers & Merchants Bank Co 50,000 16,000 670,304 Toledo- Commercial Savings Bank & Trust Co 200,000 300,000 9,067,310 Commerce Guardian Trust & Savings Bank. 1,400,000 625,000 29,152,286 Upper Sandusky— Citizens Savings Bank 50,000 50,000 711,015 Lewis Bank & Trust Co 150,000 75,000 948,353 Vermilion—Erie County Banking Co 50,000 15,500 633,710 Wake man—-Wakeman Bank Co 25,000 15,000 294,972 Warren—Union Savings & Trust Co 600,000 600,000 6,102,807 Wellington—First Wellington Bank 85,000 100,000 1,248,928 West Lafayette—West Lafayette Bank Co 100,000 50,000 1,069,018 West Milton—Citizens State Bank Co 30,000 12,000 312,488 Wooster—Commercial Banking & Trust Co 150,000 42,100 1,108,916 Youngstown— City Trust & Savings Bank 500,000 500,000 7,292,689 Dollar Savings & Trust Co 1,500,000 1,000,000 17,498,781 PENNSYLVANIA. (See also District No. 3.) Ambridge—Ambridge Savings & Trust Co 125,000 62,500 2,506,024 Beaver—Beaver Trust Co 300,000 100,000 1,709,421 Beaver Falls—Federal Title & Trust Co 200,000 40,000 1,348,224 Bellevue—Bellevue Realty Savings & Trust Co 125,000 50,000 1,548,863 Butler—Guaranty Trust Co 500,000 600,000 5,436,341 East Pittsburgh—East Pittsburgh Savings & Trust Co 125,000 175,000 3,653,768 Erie—Security Savings & Trust Co 200,000 500,000 5,730,561 Greensburg—Merchants Trust Co 200,000 200,000 2,446,608 Mead ville—Crawford County Trust Co 200,000 50,000 2,682,175 New Brighton—Beaver County Trust Co 400,000 160,000 1,477,009 New Castle—Lawrence Savings & Trust Co 300,000 300,000 4,719,300 Pittsburgh- Allegheny Trust Co 700,000 700,000 6,076,782 City Deposit Bank 200,000 800,000 13,799,858 Colonial Trust Co 2,600,000 3,000,000 25,817,112 Commonwealth Trust Co 1,500,000 1,000,000 14,515,857 Oakland Savings & Trust Co 200,000 200,000 5,258,174 Pittsburgh Trust Co 2,000,000 2,000,000 21,273,433 Potter Title & Trust Co 500,000 125,000 6,549,635 Union Trust Co 1,500,000 37,500,000 178,860,380 Washington—Real Estate Trust Co. of Washington.... 200,000 400,000 2,764,860 Woodlawn—Woodlawn Trust Co 125,000 125,000 1,658,154 WEST VIRGINIA. (See also District No. 5.) Moundsville—Marshall County Bank 150,000 50,000 1,610,482 Sistersville— First-Tyler Bank & Trust Co 200,000 100,000 2,445,468 Wheeling- Security Trust Co 300,000 200,000 3,789,806 Wheeling Bank & Trust Co 300,000 400,000 6,742,062 DISTRICT NO. 5. DISTRICT OF COLUMBIA. Washington—Continental Trust Co • 1,000,000 100,000 4,730,817 MARYLAND. | Baltimore— ! Baltimore Commercial Bank 750,000 150,000 8,392,423 Baltimore Trust Co ! 1,000,000 2,000,000 17,668,719 Hamilton Bank 30,000 20,000 896,971 Liberty Bank of Baltimore County ! 25,000 17,500 890,622 Fore M st a H ry i l l a l— nd F T o r re u s s t t H Co i ll State Bank ! ! 1,0 2 0 5 0 , , 0 0 0 0 0 0 6*566' 9, 2 64 1 4 2 , , 8 6 4 6 5 2 Overlea—Overlea Bank I 50,000 20,000 1,2S0,570 Digitized foSra lFisRbuArSy—ERFa rmers & Merchants Bank ! 100,000 100,000 939,490 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

194 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. DISTRICT NO. 5—Continued. NORTH CAROLINA. Belhaven—Farmers Bank $25,000 $7,500 $199,748- Benson—Farmers Commercial Bank 100,000 25,000 491,08.1 Charlotte- American Trust Co 200,000 470,610 12,263,639" Independence Trust Co 000,000 500,000 6,656,824 Edenton—Bank of Edenton 66,900 66,900 885,681 Elizabeth City—Carolina Banking & Trust Co. 245,010 1,078,941 Forest City—Farmers Bank & Trust Co 100,000 100,000 1,266,575 Henderson—Carolina Bank & Trust Co 100,000 5,000 447,789 Morehead City—Bank of Morehead City 50,000 2,785 406,834 New Bern- New Bern Banking & Trust Co 100,000 25,000 1,321,157 Peoples Bank 100,000 50,000 1,440,063 Tarboro—Farmers Banking & Trust Co 100,000 25,000 1,223,883 Washington—Bank of Washington 150,000 52,000 1,184,737 Wilson—Planters Bank 100,000 25,000 845,185 Winston-Salem—Wachovia Bank & Trust Co.. 365,600 750,000 25,712,016 SOUTH CAROLINA. Bishopville—Peoples Bank 25,000 75,000 364,932 Charleston—Carolina Savings Bank 200,000 150,000 3,297,341 Cheraw— Bank of Cheraw 110,000 50,000 730,078 Merchants & Farmers Bank 100,000 20,000 507,79* Chester—Commercial Bank 100,000 90,000 1,201,524 Darlington—Bank of Darlington 100,000 100,000 1,390, 284: Florence- Commercial & Savings Bank 250,000 100,000 1,751,491 Palmetto Bank & Trust Co 100,000 20,000 1,010,162 Georgetown— Bank of Georgetown 100,000 100,000 1,154, 212 Peoples Bank of Georgetown 100,000 30,000 648,528 Hartsville—Bank of Hartsville 75,000 42,500 822,556 Rock Hill—Citizens Bank & Trust Co 100,000 15,650 701,574 St George—Farmers Bank 25,000 9,000 300,763 St. Matthews—Home Bank 50,000 30,000 434,669 Sumter—Peoples Bank 100,000 30,000 722,919 Union—Nicholson Bank & Trust Co 200,000 200,000 1,655,359 Walterboro—Farmers & Merchants Bank 100,000 30,000 578, 460 Westminster—Westminster Bank 100,000 25,000 759,691 Woodruff—Bank of Woodruff 77,800 40,000 456,544 VIRGINIA. Blackstone—Citizens Bank & Trust Co 100,000 65,000 817, 462 Chase City—Peoples Bank & Trust Co 100,000 20,000 565,454 Christiansburg—Bank of Christiansburg 34,000 100,000 1,218,864 Galax—Peoples State Bank (Inc.) 25,000 21,000 328,421 Kenbridge—Bank of Lunenburg (Inc.) 50,000 75,000 664,818 Norfolk—Citizens Bank of Norfolk 000,000 500,000 8, 452,3-56 Petersburg—Petersburg Savings & Trust Co... 000,000 141,700 5,227, 227 Richmond— Bank of Commerce & Trusts 500,000 500,000 5,565,331 Savings Bank of Richmond 200,000 300,000 2,617,375 State & City Bank & Trust Co 200,000 1,200,000 21,706,360 Union Bank of Richmond 500,000 750,000 3,998,192 Rural Retreat—Peoples Bank 35,000 3,500 183,119 Victoria—Bank of Victoria (Inc.) 30,000 10,000 366,513 WEST VIRGINIA. (See also District No. 4.) Berwind—Berwind Bank 50,000 100,000 1,259,114 Charleston—Kanawha Valley Bank 500,000 1,300,000 13,514,262 Franklin- Farmers Bank of Pendleton 50,000 50,000 593,078 Franklin Bank 40,000 17,000 375,485 Graf ton—Graf ton Banking & Trust Co 100,000 50,000 1,538,694 Harpers Ferry—Bank of Harpers Ferry 25,000 6,000 176,282 Hurricane—Putnam County Bank 50,000 50,000 487,388 Martinsburg— Peoples Trust Co 200,000 102,500 1,621,851 Shenandoah Valley Bank & Trust Co 100,000 25,000 450,474 Petersburg—Potomac Valley Bank 50,000 1,500 216,892 St. Marys—Pleasants County Bank 75,000 25,000 514,321 Salem—Merchants & Producers Bank 50,000 35,000 768,296 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATE BANK MEMBERSHIP. 195 Capital. Surplus. res T o o u t r a c l es. DISTRICT NO. 6. Athens—Farmers & Merchants Bank $80,000 $50,000 $828,496 Birmingham- American Trust & Savings Bank 500,000 250,000 12,789,053 Birmingham Trust & Savings Co 1,000,000 700,000 17,274,277 Carrollton—Pickens County State Bank... 60,000 3.000 236,605 Clayton—Bank of Commerce 50,000 10,000 192,172 Cullman—Alabama Bank & Trust Co 50,000 10,000 262,960 Eufaula—Bank of Eufaula 100,000 10,000 376,666 Guin—Marion County Banking Co 25,000 35,000 303,370 Hartselle—Farmers & Merchants Bank 50,000 2,500 349,956 Hunts ville—Farmer State Bank 100,000 30,000 636,533 Hurtsboro—Farmers & Merchants Bank.. 31,400 10,000 141,477 Jasper—Central Bank & Trust Co 5o;ooo 10,000 846,792 Marion—Marion Central Bank 100,000 647,438 Mobile— 50,000 Merchants Bank 200,000 450,000 8,901,249 Peoples Bank 200,000 300,000 5,787,777 Monroe ville—Monroe County Bank 100,000 30,000 680,435 Montgomery—Alabama Bank & Trust Co. 300,000 34,000 2,474,221 Orrville—Orrville Bank & Trust Co 25,000 30,000 203,824 Pittsview—Bank of Pittsview 25,000 4,790 76,503 Roanoke— Merchants & Farmers Bank 125,000 25,000 516,447 Roanoke Banking Co 200,000 200,000 1,141,091 Selma—Peoples Bank & Trust Co. 100,000 40,000 952,22a Talladega—Bank & Trust Co 100,000 20,000 558,642 Tuskegee—Macon County Bank 50,000 110,000 552,843 Union Springs—American Bank 50,000 10,000 201,19a De Land—Volusia County Bank & Trust Co.. 100,000 125,000 2,145,945 Jacksonville—American Trust Co 200,000 40,000 1,149,777 Lakeland- Central State Bank 100,000 2,500 910,260' Polk County Trust Co 300,000 588,541 Lake Wales—Citizens Bank of Lake Wales 75,000 7,500 264,67a Leesburg—Lees burg State Bank 50,000 22,000 762,529 Marianna—Citizens State Bank 30,000 15,000 460,138 Miami—Southern Bank & Trust Co 100,000 15,000 2,178,642 Ocoee—Bank of Ocoee 25,000 3,000 134,639 Orlando—Bank of Orange & Trust Co." *.' ...... 200,000 51,600 1,296,953 Tallahassee—Exchange Bank 50,000 17,500 369,46a Tampa—Citizens American Bank & Trust Co. ^,000,000 300,000 10,613,68a Winter Park— Bank of Winter Park 40,000 10,000 465,797 Union State Bank 50,000 11,000 378,265- GEORGIA. Athens- American State Bank 100,000 20,000 711,24a Commercial Bank of Athens 200,000 50,000 1,379,982 Atlanta- Atlanta Trust Co 1,500,000 200,000 5,528,251 Georgia Savings Bank & Trust Co 500,000 175,000 2,924,605- Lowry Bank & Trust Co. of Georgia... L000,000 1,500,000 8,498 204 Bainbridge—Citizens Bank & Trust Co 100,000 20,000 752,896 Barnes viile— Barnesville Bank 50,000 10,000 218,790 Citizens Bank 50,000 35,000 270,701 Bartow—Bartow Bank 25,000 15,000 194,486 Boston—Bank of Boston 25,000 5,000 172,502 Bowersville—Bank of Bowersville 25,000 5,000 88,354 Bowman—Bank of Bowman. 35,000 10,000 274,728 Brunswick—Brunswick Bank & Trust Co. 230,000 100,000 2,144,260 Calhoun—Peoples Bank 61,000 11,000 581,954 Camilla—Bank of Camilla 50,000 50,000 611,741 Canon— Canon Bank 25,000 12,500 110,109 Farmers Bank 25,000 1,250 108,148 Carlton—Planters Bank 25,000 3,000 84,808- Carrollton—Peoples Bank 60,000 30,000 396,141 Cartersville—Bank of Cartersville 100,000 60,000 605,897 Cave Spring—Bank of Cave Spring 25,000 25,000 203,744 Chipley— i armers & Merchants Bank 50,000 10,000 354,507 Clarkesville—Habersham Bank 25,000 10,000 312,449 Claxton—Citizens Bank of Claxton 30,000 3,000 139,673 Commerce- Commerce Bank & Trust Co 100,000 239,891 Northeastera Banking Co 100,000 60,000 563,007 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

196 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. Capital. Surplus. Total resources. DISTRICT NO. 6— Continued. GEORGIA—continued. Cordele—Exchange Bank $100,000 $100,000 i $862,322 Crawford—Farmers Bank of Crawford 100,000 50,000 I 580,700 Dacula—Dacula Banking Co 25,000 5,000 j 90,126 Dawson—Bank of Dawson 100,000 38,000 j 359,860 Donalsonyille—Bank of Donalsonville 100,000 50,000 I 761,960 Douglasville—Douglasville Banking Co 75,000 51,500 I 569,422 Dublin—Southern Exchange Bank 100,000 1,000 878,392 Eastman- Bank of Eastman 60,000 13,000 388,205 Citizens Banking Co 100,000 20,000 635,877 Eatonton— Farmers & Merchants Bank 25,000 47,395 Middle Georgia Bank '. 50,000 50,000 489,418 Forsyth—Monroe County Bank 25,000 30,000 270,029 Girard— Farmers & Merchants Bank 25,000 1,000 64,505 Graymont—Bank of Graymont 25,000 10,000 278,736 Grayson—Bank of Grayson 40,000 10,000 140,135 Greenville- Greenville Banking Co 65,000 100,000 605,578 Peoples Bank 30,000 27,606 178,688 Hartwell— Farmers & Merchants Bank 50,000 140,410 Hartwell Bank 60,000 30,000 428,431 Hoschton—Bank of Hoschton , 30,000 15,000 66,718 Jackson—Jackson Banking Co.. „ 100,000 20,000 288,588 Jefferson—Citizens Bank & Trust Co 93,710 5,000 296,402 La Grange—La Grange Banking & Trust Co.. 250,000 650,000 3,419,593 Lavonia—Bank of Lavonia 40,000 l 20,000 211,205 La wrenceville—Brand Banking Co 50,000 ! 50,000 594,220 Lexington—Oglethorpe County Bank 25,000 25,000 277,082 Lincolnt on—Farmers State Bank 25,000 I 15,000 205,361 Locust Grove—Bank of Locust Grove 25,000 | 5,000 125,495 Louisville—Bank of Louisville 25,000 I 55,000 550,485 Madison- Bank of Madison 100,000 j 75,000 429,881 Morgan County Bank 100,000 S 17,500 325,591 McDonough— Bank of Henry County I 30,000 241,249 Farmers & Merchants Bank 50,000 12,350 250,711 Metter— 100,000 C B i a t n iz k e n o s f B C a a n n k dler County 3 .6 0 0 , , 0 U 0 U 0 U 26,666 1 1 0 9 5 9 , , 2 2 2 0 1 9 Millen—Bank of Millen 50,000 50,000 510,679 Monroe— Bank of Monroe - 300,000 75,000 716,158 Farmers Bank 150,000 30,000 529,441 Union Banking Co 60,000 20,000 196,250 Pendergrass—Pendergrass Banking Co 25,000 4,000 72,529 Plains—Plains Bank 50,000 35,000 442,770 Portal—Bank of Portal 25,000 1,250 132,056 Rhine—Rhine Banking Co 25,000 2,500 89,368 Royston—Royston Bank 60,000 30,000 392,787 Sardis—Peoples Bank 25,000 6,000 89,788 Sasser—Bank of Sasser 25,000 25,000 175,409 Savannah— Citizens & Southern Bank 2,100,000 2,500,000 70,642,921 Citizens Trust Co 200,000 50,000 1,168,868 Liberty Bank & Trust Co... 300,000 350,000 3,674,288 Savannah Bank & Trust Co 700,000 700,000 7,850,721 Social Circle—Walton County Bank 125,000 55,000 647,390 Soperton—Bank of Soperton 25,000 25,000 357,052 Statesboro—Bank of Statesboro 100,000 75,000 870,282 Swainsboro—Central Bank 25,000 199,669 Toccoa—Bank of Toccoa 50,000 16,666 243,100 Valdosta—Exchange Bank of Valdosta 100,000 18,550 316,189 Wadley—Bank of Wadley. 25,000 25,000 221,455 West Point—Citizens Bank , 100,000 20,000 403,776 Winder— ' Farmers Bank 50,000 8,500 208,557 North Georgia Trust & Banking Co 200,000 24,000 833,892 Winterville—Pittard Banking Co 25,000 11,000 89,731 Zebulon—Bank of Zebulon. 25,000 20,000 156,394 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATE BANK MEMBERSHIP. 197 Capital. Surplus. Total resources. DISTRICT NO. 6—Continued. LOUISIANA. (See also District No. 11.) Baton Rouge—Union Bank & Trust Co $150,000 $75,000 $2,998,316 Gretna—Jefferson Trust & Savings Bank 60,000 15,000 1,066,634 Iota—Bank of Iota 25,000 10,000 344,725 New Orleans- Algiers Trust & Savings Bank 200,000 50,000 957,621 American-Liberty Bank & Trust Co 600,000 40,000 3,195,020 Canal-Commercial Trust & Savings Bank .4,000,000 2,000,000 75,837,880 Citizens Bank & Trust Co. of Louisiana 1,000,000 250,000 9,874,753 Hibernia Bank & Trust Co 2,000,000 2,500,000 58,106,268 Interstate Trust & Banking Co 750,000 750,000 14,818,461 Marine Bank & Trust Co 1,500,000 800,000 24,264,405 New Orleans Bank & Trust Co 400,000 100,000 4,876,267 New Roads—Pointe Coupee Trust & Savings Bank.. 60,000 6,600 377,798 Opelousas—Parish Bank & Trust Co 50,000 10,000 280,442 MISSISSIPPI. Crystal Springs—Peoples Bank 25,000 2, F00 107,030 Hattiesburg—Bank of Hattiesburg & Trust Co.. 100,000 15,000 992,137 TENNESSEE. (See also District No. 8.) Bellbuckle—Peoples Bank & Trust Co 30,000 5,000 153,066 Chattanooga—Chattanooga Savings Bank.. 750,000 250,000 6,171,749 •Wartrace—Wartrace Bank & Trust Co 25,000 1,000 91,158 DISTRICT NO. 7. ILLINOIS. (See also District No. 8.) Argenta—The Gerber State Bank 25,000 5,000 229,745 Auburn—Auburn State Bank 25,000 50,000 508,596 Barrington—First State Bank 50,000 15,000 491,767 Blandmsville—Houston Banking Co 60,000 40,000 1,272,790 Chicago- Adams State Bank 200,000 24,000 1,687,864 Auburn Park Trust & Savings Bank... 200,000 30,000 510,318 Austin State Bank 300,000 100,000 5,976,853 Capital State Savings Bank 300,000 60,000 3,468,967 Central Trust Co. of Illinois 6,000,000 1,000,000 86,012,790 Chicago Trust Co 1,500,000 500,000 18,589,847 Depositors State Bank 300,000 150,000 5,169,575 Drexel State Bank 350,000 150,000 8,222,403 First Trust & Savings Bank 6,250,000 6,250,000 130,332,663 Foreman Bros. Banking Co 2,500,000 1,500,000 54,813,203 Harris Trust & Savings Bank 3,000,000 3,000,000 56,013,150 Home Bank & Trust Co 800,000 300,000 9,938,088 Hyde Park State Bank 300,000 200,000 4,788,749 Illinois Trust & Savings Bank 5,000,000 10,000,000 159,524,005 Independence State Bank 200,000 40,000 4,506,274 Kasper State Bank 1,000,000 250,000 14,257,243 Madison & Kedzie State Bank 750,000 250,000 8,299,364 Mechanics & Traders State Bank 200,000 50,000 1,976,613 Mercantile Trust & Savings Bank 400,000 125,000 8,163,418 Merchants Loan & Trust Co 5,000,000 10,000,000 148,286,518 Noel State Bank 1,000,000 100,000 8,037,127 Northern Trust Co 2,000,000 3,000,000 60,764,157 Northwestern Trust & Savings Bank... 1,000,000 500,000 18,477,091 Reliance State Bank 500,000 125,000 8,134,169 Second Security Bank 250,000 150,000 4,990,430 Security Bank of Chicago 500,000 300,000 7,777,912 South Side Trust & Savings Bank 500,000 100,000 8,752,016 Standard Trust & Savings Bank 1,000,000 500,000 14,159,557 State Bank of Chicago 2,500,000 3,500,000 54,838,253 Union Trust Co 2,000,000 2,700,000 62,655,972 United State Bank of Chicago 200,000 50,000 2,184,475 Woodlawn Trust & Savings Bank 400,000 100,000 7,565,861 Cicero- Morton Park State Bank 100,000 50,000 1,748,615 Western State Bank 200,000 50,000 2,827,676 Cowden—State Bank of Cowden 25,000 10,000 253,306 Des Plaines—Des Plaines State Bank 50,000 40,000 1,193,192 28971—23 14 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

198 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. Total Capital. Surplus. resources. DISTRICT NO. 7—Continued. ILLINOIS—continued. Divernon—First State Bank $50,000 $7,000 $600,301 Eureka—Farmers State Bank 100,000 15,000 747,938 Evanston— Evanston Trust & Savings Bank 100,000 20,000 1,864,920 State Bank & Trust Co 300,000 300,000 7,764,830 Fulton—Whiteside County State Bank 50,000 8,000 534,081 Geneva—State Bank of Geneva 50,000 25,000 1,277,190 Hinckley—Hinckley State Bank 50,000 25,000 548,476 Hinsdale—Hinsdale State Bank 100,000 25,000 922,930 Joliet— Commercial Trust & Savings Bank 100,000 10,000 1,228,564 Joliet Trust & Savings Bank 100,000 35,000 1,489,950 Kewanee—Union State Savings Bank & Trust Co. 150,000 25,000 1,503,071 La Grange—La Grange State Bank 100,000 50,000 2,009,023 Magnolia—First State Bank 25,000 6,000 250,355 Marshall—Marshall State Bank 60,000 7,000 362,495 Martinsville—Martinsville State Bank 50,000 20,000 i 451,811 Matteson—First State Bank 25,000 15,000 197,451 Mattoon—Central Illinois Trust & Savings Bank.. 100,000 75,000 1,009,981 Moline— Moline Trust & Savings Bank 300,000 150,000 4,292,834 Peoples Savings Bank & Trust Co 250,000 250,000 6,096,129 State Savings Bank & Trust Co 300,000 165,000 4,674,744 Mount Carroll- Carroll County State Bank 50,000 50,000 1,243,908 First State Savings Bank 50,000 50,000 j 1,059,287 Oak Park- Oak Park Trust & Savings Bank 400,000 200,000 j 5,037,079 Suburban Trust & Savings Bank 100,000 25,000 ! 1,822,970 Oswego—Oswego State Bank 50,000 10,000 j 408,249 Polo—Polo State Bank 75.000 11,000 ! 537,253 Rock Island—First Trust & Savings Bank 100,000 25,000 I 1,195,284 St. Charles—Stewart State Bank 100,000 50,000 I 1,164,706 Seneca- Farmers Trust & Savings Bank 25,000 6,000 | 162,710 State Bank of Seneca 50,000 25,000 ! 463,005 Shannon—^State Bank of Shannon 50,000 2,500 ! 297,076 Springfield—Ridgely Farmers State Bank 600,000 150,000 j 7,161,870 Wenona—First State Bank 50,000 50,000 j 787', 893 (See also District No. 8.) Angola—Steuben County State Bank 40,000 15,000 i 325,773 Bargersville—Farmers State Bank 25,000 25,000 ! 233,441 Colfax—Farmers State Bank 25,000 181,567 Connersville—Fayette Bank & Trust Co 400,000 82,500 ! 2,565,736 Cromwell—Sparta State Bank 27,500 1,000 I 201,360 Elkhart—St. Joseph Valley Bank 250,000 150,000 ! 4,734,688 Indianapolis—Fletcher Savings & Trust Co.. ,500,000 300,000 ! 19,556,138 Jamestown—Citizens State Bank 30,000 20,000 396,770 Kentland— Discount & Deposit State Bank 70,000 60,000 788,319 Kent State Bank 50,000 45,000 419,633 La Fontaine—Farmers State Bank 35,000 3,800 148,999 Marion—Grant Trust & Savings Bank 150,000 110,000 2,292,754 North Liberty—North Liberty State Bank.. 50,000 12,500 391,722 Richmond—Dickinson Trust Co 200,000 50,000 2,647,007 Rochester—United States Bank & Trust Co. 75,000 25,000 877,344 South Bend- American Trust Co 200,000 128,000 4,683,966 St. Joseph Loan & Trust Co 800,000 200,000 5,776,045 South Whitley—Mayer State Bank 25,000 19,500 332,971 Terre Haute—Terre Haute Trust Co 500,000 500,000 8,541,598 Tipton—Farmers Loan & Trust Co 50,000 50,000 675,070 IOWA. Algona—County Savings Bank 100,000 60,000 2,267,993 Alta Vista—Alta Vista Savings Bank 30,000 17,000 570,042 Ames—Story County Trust & Savings Bank.. 50,000 16,000 988,859 Armstrong—State Bank of Armstrong 25,000 5,000 272,270 Audubon—Iowa Savings Bank 50,000 371,114 Avoca—Avoca State Bank 50,000 20,000 812,134 Barnes City—Farmers Savings Bank 50,000 15,000 668,932 Battle Creek—Battle Creek Savings Bank 100,000 5,000 991,519 Bellevue—Bellevue State Bank 60,000 20,000 1,296,250 Bennett—Bennett Savings Bank 50,000 5,000 443,991 Blairsburg—State Bank of Blairsburg 25,000 10,500 253,073 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATE BANK MEMBERSHIP. 199 Capital. Surplus. Total resources. DISTRICT NO. 7—Continued. IOWA—continued. Brighton—Brighton State Bank $50,000 $25,000 $592, 213 Britt—Commercial State Bank 60,000 ! 70,000 J, 479,519 Cedar Falls—Security Trust & Savings Bank 50,000 10,000 458,579 Cedar Rapids—Iowa State Savings Bank 200,000 j 65,000 3,132,281 Chariton—State Savings Bank 50,000 ! 50.000 961,178 Charter Oak—Farmers State Bank 40,000 1 10,000 467,456 Cherokee—Cherokee State Bank 75,000 ! 75,000 1,290,152 Clearfleld—Taylor County State Bank 25,000 ! 4,000 ]47,407 Clinton—Peoples Trust & Savings Bank 300,000 ! 300,000 5,690,458 Corwith—Peoples State Bank 40,000 i 5,000 210,496 Corydon—Wayne County State Bank 75,000 1 25,000 444,795 Davenport—American Commercial & Savings Bank — 700,000 ! 700,000 18,412,247 Decorah— Citizens Savings Bank 50,000 ! 50,000 732,410 Winneshiek County State Bank 150,000 | 75,000 2,159,632 Des Moines— Bankers Trust Co 1,000,000 ! 200,000 5,480,943 Central State Bank 250,000 250,000 6,639,899 Iowa Loan & Trust Co 500,000 250,000 9, 893, 838 Dexter—Iowa State Bank 25,000 | 15,000 304,113 Early- Citizens State Bank 30,000 : 37,000 451,820 State Bank of Early 40,000 20,000 364,158 Elberon—Farmers State Bank 50,000 25,000 818,831 Eldora—Citizens Savings Bank 50,000 25,000 287,382 Elkader—Elkader State Bank 50,000 25, 000 1,101,772 Ellsworth- Farmers State Bank 25,000 7,000 193,988 State Bank of Ellsworth 35,000 15,000 387,909 Fairbank—Fairbank State Bank 26,000 24,000 531,132 Fairfield—• Iowa Loan & Trust Co 50,000 : 12,500 525,125 Iowa State Savings Bank 200,000 : 75,000 1.628,038 Farragut—Commercial Savings Bank 40,000 10, 000 '230,382 Fort Madison- American State Bank 100,000 20,000 1,668,684 Fort Madison Savings Bank 100,000 60,000 2,041,957 Fostoria—Citizens Savings Bank 25,000 .. 240 281 Fremont—State Bank of Fremont 40,000 60,000 543,998 Garwin—Garwin State Bank 50,000 25,000 588,080 Gilbert—Gilbert Savings Bank 50,000 2,000 320,689 Cilman—Citizens Savings Bank 50,000 10,000 473,497 Grand River—Farmers State Bank 25,000 15,000 312,755 Grant—Farmers Savings Bank 25,000 18.000 242,833 Greenfield—Greenfield Savings Bank 30,000 ; 10', 000 259,294 Hudson—Hudson Savings Bank 50,000 20,000 592,340 Humboldt—Peoples State Bank 100,000 , 35,000 995,702 Jefferson—Jefferson Savings Bank 50,000 i 13,000 608,551 Knoxville—Guaranty State Bank 50,000 ! 15,000 515,026 Lake View—Lake View State Bank 25,000 i 25,000 301,773 Lakota—Farmers & Drovers State Bank 30,000 10,000 263,535 Leon—Farmers & Traders State Bank 100,000 ; 12,000 788,770 Lockridge—Lockridge Savings Bank 25,000 ! 10,000 420,411 Logan—State Savings Bank 50,000 | 11,000 578,243 Lowden—Lowden Savings Bank ^ 25,000 i • 20.000 316,919 Lytton—Farmers Savings Bank *. 30,000 17,500 4§8,669 Magnolia—Magnolia Savings Bank 25,000 i 10,000 322,895 Malcom—Malcom Savings Bank 50,000 i 8.000 362,899 Mapleton—Mapleton Trust & Savings Bank 75,000 ! loj000 787,668 Marshalltown—Marshalltown State Bank 100,000 ; 50,000 2,489,501 Mason City—City Commercial Savings Bank 400,000 i 61,600 2,819,074 Mechanicsville—Mechanicsville Trust & Savings Bank.. 50,000 ! 50,000 743,769 Mediapolis—Commercial State Bank 100,000 I 45,000 614,613 Missouri Valley—State Savings Bank 50,000 : 10,000 487,991 Mondamin—Mondamin Savings Bank 35,000 ! 15,000 421,674 Monticello— Lovell State Bank 200,000 100,000 1,305,972 Monticello State Bank 200,000 ! 200,000 2,413,789 Moorhead—Moorhead State Bank 30,000 I 30,000 461,318 Moville—Moville State Bank 35,000 ' 23,000 410,750 New Hampton—State Bank 50,000 ! 45,000 1,133,546 Newton— Citizens State Bank 60,000 ! 25,000 637,442 Jasper County Savings Bank 100,000 \ 50,000 1,401,526 Ogden—City State Bank 50,000 ! 20,000 582,904 Osage—Home Trust & Savings Bank 50,000 i 25,000 624,029 Osceola—Iowa State Bank 50,000 ; 10,000 428,464 Ottumwa—Ottumwa Savings Bank 100,000 i 30,000 1,565,609 Perry—Peoples Trust & Savings Bank 50,000 i 4,400 682,450 Remsen—Farmers Savings Bank 50,000 I 30,000 445,223 Riceville—Riceville State Bank 25,000 s 15,000 250,435 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

200 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. Capital. Surplus. Total resources. DISTRICT NO. 7—Continued. IOWA—continued. Roland—Farmers Savings Bank $35,000 $25,000 $519,351 Royal—Home State Bank 25,000 2,000 200,061 Sac City- Farmers Savings Bank 100,000 30,000 745,313 Sac County State Bank 75,000 100,000 1,432,457 Schaller—Schaller Savings Bank 25,000 25,000 340,764 Shenandoah—Security Trust & Savings Bank 60,000 9,000 392,349 Sibley—Sibley State Bank 50,000 15,000 572,976 Sioux Center—Sioux Center State Bank 25,000 25,000 315,240 Solon—Ulch Bros. State Bank 50,000 15,000 863,091 Storm Lake—Security Trust & Savings Bank 75,000 4,795 382,648 Strawberry Point—Strawberry Point State Bank. 50,000 10,000 898,857 Sutherland—First Savings Bank 50,000 10,000 556,940 Terril—Terril Savings Bank 25,000 2,000 342,724 Thompson—State Bank of Thompson 30,000 i 8,000 313,170 Tipton—Farmers & Merchants Savings Bank 50,000 I 20,000 465,937 Ute— Farmers Savings Bank 25,000 ! 2,500 170,521 State Savings Bank 50,000 i 15,000 490,172 Vail—Farmers State Bank 50,000 I 12,500 336,697 Van Wert—Van Wert State Bank 25,000 i 25,000 323,327 Victor—Victor Savings Bank 50,000 i 30,000 579,877 Wapello—Wapello State Savings Bank 30,000 I 10,000 566,317 Waterloo—Waterloo Bank & Trust Co 200,000 50,000 2,194,819 Webster City—Hamilton County State Bank 100,000 I 30,000 1,417,808 Winterset—Madison County State Bank 125,000 i 125,000 1,265,314 MICHIGAN. (See also District No. 9.) Adrian— Adrian State Sayings Bank 150,000 90,000 2,059,567 Commercial Savings Bank 110,000 i 30,000 1,653,128 Lena wee County Savings Bank 150,000 , 50,000 2,176,721 Albion— Albion State Bank 50,000 ! 40,000 1,061,835 Commercial & Savings Bank 75,000 ! 40,000 1,055,609 Alpena—Alpena County Savings Bank 100,000 I 200,000 3,823,563 Ann Arbor- Farmers & Mechanics Bank 200,000 75,000 3,113,018 State Savings Bank 300,000 250,000 4,205,784 Armada— Armada State Bank 25,000 ! 25,000 484,723 Farmers State Bank 25,000 | 12,000 ! 350,013 Bay City- | Bay City Bank 350,000 I 350,000 [ 4,865,210 Farmers State Sayings Bank 100,000 | 50,000 ! 1,745,948 Peoples Commercial & Savings Bank 400,000 | 500,000 I 11,389,095 Bellevue—Farmers State Bank 25,000 ! 5,000 j 166,825 Benton Harbor—Benton Harbor State Bank 100,000 | 50,000 i 1,883,818 Big Rapids- Big Rapids Savings Bank 50,000 25,000 ! 961,695 Citizens State Bank 50,000 25,000 I 1,553,612 Birmingham—First State Savings Bank 100,000 25,000 1,352,552 Rlanchard—Blanchard State Bank 25,000 5,000 203,258 Blissfield—Blissfield State Bank 50,000 18,000 ! 783,237 Britton—Peoples State Savings Bank 25,000 5,000 I 354,533 Caledonia—State Bank of Caledonia 50,000 10,000 ! 479,638 Caro— State Savings Bank 112,500 87,500 j 1,247,231 Carson City—Farmers & Merchants State Bank.. 25,000 5,000 i 228,538 Carsonville—First State Bank 25,000 5,000 515,597 Cass City—Pinney State Bank 50,000 3,000 632,869 Cassapolis—Cass County State Bank 40,000 6,500 353,991 Charlotte—Eaton County Savings Bank 100,000 20,000 1,491,511 Chelsea- Farmers & Merchants Bank 25,000 25,000 | 728,578 Kempf Commercial & Savings Bank 40,000 40,000 | 788,013 Coloma—State Bank of Coloma 25,000 25,000 I 752,915 Constantine—Commercial State Bank 25,000 10,000 | 442,929 Coopersville—Peoples Savings Bank 25,000 5,000 I 415,003 Cros well- First State Savings Bank 30,000 6,000 ! 618,508 State Bank of Croswell 60,000 12,000 i 1,173,175 Davison—Davison State Bank 50,000 10,000 I 475,795 Dearborn—Dearborn State Bank 100,000 150,000 | 2,237,823 Detroit- American State Bank 1,000,000 400,000 21,087,451 Bank of Detroit 2,000,000 500,000 31,125,725 Central Savings Bank 1,000,000 300,000 24,074,905 Commercial State Savings Bank 1,000,000 200,000 4,221,075 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

201 STATE BANK MEMBERSHIP. DISTRICT NO. 7—Continued. MICHIGAN—continued. Detroit—Continued. Detroit Savings Bank 500,000 I $2,000,000 $29,969,586 Dime Savings Bank 500,000 ! 2,500,000 50,430,175 First State Bank 000,000 500,000 15,364,122 Peninsular State Bank 500,000 ' 1,500,000 38,286,655 Peoples State Bank 0C0.000 i 9.000,000 120,363,278 United Savings Bank 500,000 | 400,000 9,711,311 Wayne County & Home Savings Bank 000,000 6,000,000 92,528,753 Eaton Rapids—Michigan State Bank 75,000 ! 15.000 685,396 Edmore—Edmore State Bank 30,000 ! 10,000 381,377 Elk Rapids—Elk Rapids State Bank 35,000 I 12,800 382,745 Evart—Evart State Bank 50,000 j 50,000 1,091,557 Farmington—Farmington State Savings Bank 40,000 | 30,000 798,220 Fennville—Old State Bank 50,000 ! 12,500 495,268 Fen ton- Commercial State Savings Bank 50,000 \ 31,000 553,795 Fenton State Savings Bank 25,000 ! 20,000 777,902 Flint- Citizens Commercial & Savings Bank , 450,000 315,000 5,107,599 G enesee County Savings Bank 500,000 500.000 9,039,047 Industrial Savings Bank ,000,000 300,000 10,807,944 Union Trust & Savings Bank 400,000 240,000 5,749,525 Flushing—Peoples State Bank 25,000 15,000 360,189 Fountain—Bank of Fountain 25,000 5,000 191,477 Frankenmuth—Frankenmuth State Bank 50,000 45,000 1,041,478 Fremont— Fremont State Bank 25,000 25,000 657,090 Old State Bank 50,000 25,000 1,094,866 Grand Haven— Grand Haven State Bank 100,000 75,000 2,082,680 Peoples Savings Bank 50,000 25,000 1,190,259 Grand Rapids— Commercial Savings Bank 300,000 60,000 3,498,926 Grand Rapids Savings Bank 500,000 500,000 16,618,954 Kent State Bank 500,000 1,000,000 14,864,402 Peoples Savings Bank 200,000 100,000 2,702,950 Greenville—Commercial State Savings Bank 50,000 30,000 1,242,404 Hart—Oceana County Savings Bank 40,000 13,000 588,109 Highland Park- American State Bank 200,000 50,000 2,842,224 Highland Park State Bank 000,000 800,000 21,735,558 Hillsdale—Hillsdale Savings Bank 100,000 25,000 1,263,149 Holland- First State Bank 100,000 35,000 2,775,187 Holland City State Bank 100,000 50,000 2,315,216 Holly—First State & Savings Bank 100,000 50,000 1,508,173 Hopkins—The Hopkins State Savings Bank 25,000 5,000 432,909 Howell—First State & Savings Bank 75,000 19,000 698,003 Imlay City— Lapeer County Bank 50,000 10,000 985,676 Peoples State Bank 50,000 10,000 762,185 Ionia—State Savings Bank 100,000 100,000 1,775,889 Jackson— Central State Bank 100,000 26,000 1,444,133 Jackson State Savings Bank 300,000 125,000 2,644,722 Jonesville—Grosvenor Savings Bank 50,000 25,000 587,140 Lake Odessa—Lake Odessa State Savings Bank 25,000 20,000 496,043 Lakeview— Commercial State Savings Bank 25,000 6,500 321,901 Farmers & Merchants State Bank 25,000 10,000 273,024 Lansing—American State Savings Bank 500,000 250,000 9,125,592 Lapeer—Lapeer Savings Bank 75,000 15,000 752,564 Lenox and Richmond—Macomb County Savings Bank. 50,000 15,000 1,080,597 Lowell—City State Bank 25,000 10,000 590,620 Ludington—Ludington State Bank 100,000 25,000 1,946,346 Manchester- Peoples Bank ^ 25,000 15,000 503,413 Union Savings Bank 25,000 50,000 723,733 Manistee—Manistee County Savings Bank 100,000 100,000 2,833,005 Marcellus—G. W. Jones Exchange Bank 40,000 30,000 801,483 Marshall—Commercial Savings Bank 100,000 20,000 1,160,555 Marysville—Marysville Savings Bank 100,000 50,000 385,246 Mason- Farmers Bank 50,000 10,000 597.841 First State & Savings Bank 25,000 15,000 681; 558 Midland—Chemical State Savings Bank 50,000 15,000 735,981 Milan—Milan State Savings Bank 25,000 16,000 424,085 Milford— Farmers State Savings Bank 50,000 8,000 258,000 First State Bank 25,000 12,500 629,015 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

202 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. Capital. Surplus. Total resources. DISTRICT NO. 7—Continued. MICHIGAN—continued. ; j Monroe—Dansard State Bank j 1200,000 j $30,000 $2,337,503 Montague—Farmers State Bank j 25,000 5,000 411,912 Morenci—Wakefield State Bank ! 50,000 | .30,000 896,455 Mount Clemens—Ullrich Savings Bank j 100,000 I 100,000 ' 2,110,911 Mount Pleasant—- I | Exchange Savings Bank j 50,000 I 32,500 1,034,203 Isabella County State Bank | 60,000 j 25,000 1,331,978 Nashville— I ! Farmers & Merchants Bank I 35.000 50,000 912,196 State Savings Bank i SQ^OOO 10,000 471,252 New Haven—New Haven Savings Bank I 25,000 25,000 549,030 Niles City—Niles City Bank j 100,000 25,000 1,273,607 Northville—Lapham State Savings Bank i 50,000 j 18,000 961,802 Onsted—Onsted State Bank ' 25,000 | 10,000 313,221 Paw Paw—Paw Paw Savings Bank i 40,000 10,000 576,409 Petersburg—The H. C. McLachlin & Co. State Bank i 25,000 5,000 536,006 Petoskey—First State Bank 60,000 15,000 • 1,128,312 Pinconning—Pinconning State Bank 30,000 6,000 583,950 Pontiac— • , American Savings Bank : 400,000 60,000 2,240,910 Pontiac Commercial & Savings Bank l 1,000,000 200,000 12,754,375 Port Huron—Federal Commercial & Savings Bank i 300,000 125,000 6,289,648 Redford— Bedford State Savings Bank < 100,000 42,000 1,032,403 Rochester—Rochester Savings Bank j 50,000 10,000 657,439 Rogers City—Presque Isle County Savings Bank i 35,000 15,000 1,090,812 Romeo—Romeo Savings Bank 100,000 25,000 1,389,464 Boyal Oak— i First State Bank of Royal Oak ' 100,000 50.000 2,084,572 Royal Oak Savings Bank ' 100,000 90,000 1,889,009 Saginaw— American State Bank 200,000 100,000 4,518,894 Bank of Saginaw 1,000,000 500,000 22.137,495 St. Charles—St. Charles State Bank i 25,000 6,000 '694,225 St. Clair—Commercial & Savings Bank 75,000 20,000 1,080,210 Saline—Saline Savings Bank i 25,000 25,000 563,046 Saugatuck—Fruit Growers State Bank > 100,000 25,000 1,079,944 Sebewaing—Farmers & Merchants State Bank i 25,000 6,250 I 351,681 South Haven—Citizens State Bank ; 100,000 60,000 1,379,866 Sparta—Sparta State Bank ! 30,000 8,000 I 516,104 Spring Lake—Spring Lake State Bank 25,000 20,000 | 459,526 Suttons Bay—Leelanau County Savings Bank..;...' 25,000 10,000 j 391,387 Tecumseh— ; Liliey State Bank \ 40,000 20,000 699,975 Tecumseh State Savings Bank ! 50,000 30,000 837,200 Traverse City—Traverse City State Bank 200,000 100,000 3,574,807 Vicksburg— ' Farmers State Bank 25,000 5,000 461, 527 First State Bank ; 30,000 | 7,200 404,413 Warren—State Savings Bank of Warren | 25,000 ; 25,000 586,038 Washington—Washington Savings Bank i 25,000 j 15,000 291,111 Wayne—Wayne Savings Bank ! 50,000 | 50,000 1,310,655 Williamston— j j Crossman & Williams State Bank ! 40,000 i 15,000 478,774 Williamston State Bank , 50,000 I 10,000 625.268 WISCONSIN. (See also District No. 9.) Baraboc—Bank of Baraboo 100,000 50,000 2,166,024 Burlington—Bank of Burlington 125,000 25,000 1,702,046 Clinton—Citizens Bank 50,000 10,000 529,450 Delavan—Citizens Bank of Delavan 50,000 50,000 954,751 Green Lake—Green Lake State Bank 40,000 20,000 434,690 Janes ville—Bank of Southern Wisconsin 100,000 10,000 950,184 Kenosha—Merchants & Savings Bank 100,000 22,000 1,739,902 Kewaunee—State Bank of Kewaunee 60,000 15,000 1,080,438 Madison—Bank of Wisconsin 300,000 60,000 4,072,292 Milwaukee— American Exchange Bank 1,000,000 200,000 12,216,857 Badger State Bank 200,000 40,000 4,462,994 Marshall & Ilsley Bank 1,000,000 1,500,000 26,039,904 Second Ward Savings Bank 1,000,000 1,500,000 35,102,079 Mineral Point—Iowa County Bank 100,000 50,000 1.215,931 Mosinee—State Bank of Mosinee 45,000 25,000 623,734 Oakfield—Bank of Oakfield 50,000 10,000 304,803 Platteville—State Bank of Platte Me 50,000 10,000 1,076,006 Plymouth— Plymouth Exchange Bank 100,000 50,000 1,273,615 State Bank of Plymouth 125,000 32,500 1,169,700 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATE BANK MEMBERSHIP. 203 Total Surplus. resources. DISTRICT NO. 7—Continued. WISCONSIN—continued. Seneca—Farmers & Merchants State Bank $35,000 $17,500 $443,592 Sheboygan—Citizens State Bank 200,000 200,000 3,469,567 Sturgeon Bay—Bank of Sturgeon Bay 100,000 20,000 2,039,116 Waupun—State Bank of Waupun 50,000 20,000 824,628 Wausau—Marathon County Bank 150,000 60,000 1,608,467 Winneconne—Union Bank 25,000 12,500 459,404 DISTRICT NO. 8. ARKANSAS. Arkansas City—Desha Bank & Trust Co 104,000 146,000 1,322,359 Batesville— Citizens Bank & Trust Co 50,000 20,000 626,171 Union Bank & Trust Co 100,000 17,500 1,188,146 Blytheville—Farmers Bank & Trust Co , 100,000 10,000 949,608 Brinkley—Monroe County Bank 35,000 8,000 335,227 Cabot—Peoples State Bank 25,000 2,750 128,353 Conway—Farmers State Bank 60,000 11,000 969,307 Dardanelle—Dardanelle Bank & Trust Co 50,000 10,000 443,594 Dumas—Merchants & Farmers Bank 50,000 20,000 414,713 Earle—Bank of Commerce 150,000 30,000 922,733 El Dorado—Bank of Commerce 50,000 8,000 2,252,687 England—Citizens Bank & Trust Co 100,000 30,000 572,406 Forrest City-—Bank of Eastern Arkansas 50,000 50,000 1,030,526 Fort Smith—Arkansas Valley Bank 100,000 20,000 1,264,315 Helena—Security Bank & Trust Co 250,000 50,000 1,548,015 Jonesboro— Bank of Jonesboro 200,000 100,000 2,261,419 Jonesboro Trust Co 100,000 50,000 1,426,686 Lake Village—Chicot Bank & Trust Co 150,000 589,349 Little Rock- American Bank of Commerce & Trust Co.. 750,000 150,000 13,204,792 Bankers Trust Co 300,000 75,000 5,772,517 Southern Trust Co 500,000 100,000 5,188,973 Union & Mercantile Trust Co 400,000 200,000 8,141,563 W. B. Worthen Co., Bankers 200,000 300,000 3,319,897 Magnolia- Columbia County Bank 50,000 22,500* 676,291 Farmers Bank & Trust Co 50,000 50,000 982,173 Marion—Crittenden County Bank & Trust Co. 275,000 25,000 1,851,590 Marvell—Bank of Marvell 50,000 10,000 615,107 Newport—Arkansas Bank & Trust Co 200,000 37,500 1,559,952 Paris—American Bank & Trust Co 50,000 10,000 415,702 Pine Bluff- Cotton Belt Savings & Trust Co 100,000 60,000 1,091,301 Peoples Savings Bank & Trust Co 100,000 50,000 1,005,157 Prescott—First State Bank 50,000 7,500 237,901 Russellville—Bank of Bussellville 75,000 37,750 727,957 Texarkana—Merchants & Planters Bank 200,000 22,000 851,610 Waldron—Bank of Waldron 60,000 20,000 425,746 Walnut Ridge—Lawrence County Bank 125,000 31,250 1,302,264 Warren—Warren Bank 75,000 30,000 561,644 (See also District No. 7.) Belleville—Belleville Savings Bank. /. 300,000 250,000 4,837,754 East St. Louis—Union Trust Co 300,000 300,000 4,514,594 Edwardsville—Citizens State & Trust Bank 100,000 24,350 1,103,315 Effingham—Eflingham State Bank 110,000 25,000 876,455 Gillespie—Gillespie Trust & Savings Bank 50,000 15,000 918,854 Greenville—State Bank of Hoiles & Sons 140,000 20,000 1,552,570 Harrisburg—First Trust & Savings Bank 150,000 75,000 2,224,835 Hillsboro—Montgomery County Loan & Trust Co. 100,000 50,000 755,284 Lebanon—State Bank of Lebanon 50,000 10,000 533,186 Litchfield—Litchfield Bank & Trust Co 100,000 10,000 865,080 Madison—Union Trust Co 50,000 6,000 467,841 Mount Carmel—First State Bank 100,000 19,000 491,718 Mount Olive—Mount Olive State Bank 50,000 8,000 414,204 New Athens—Farmers State Bank 25,000 2,500 103,183 O'Fallon—First State Bank 25,000 5,000 184,587 Quincy—State Savings, Loan & Trust Co 000,000 200,000 11,152,251 INDIANA. (See also District No. 7.) Corydon—Corydon State Bank 50,000 12,500 j 323,280 Evans ville—Mercantile Commercial Bank.. 200,000 50,000 2,261,886 Digitized forP FaoRliA—SPEaoRli State Bank 40,000 10,000 449,791 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

204 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. Capital. Surplus. res T o o u t r a c l es. DISTRICT NO. 8—Continued. KENTUCKY. (See also District No. 4.) Harrodsburg—State Bank & Trust Co $100,000 $21,000 $752,713 Louisville— Kentucky Title Savings Bank & Trust Co 350,000 100.000 10,507,180 Iiberty Insurance Bank 500,000 750,000 17,623,058 Lincoln Bank & Trust Co 750,000 175,000 6,615,437 Louisville Trust Co 806,100 161,220 4,785,478 Owensboro—Central Trust Co 200,000 75.000 3,461,254 MISSISSIPPI. Greenwood—Greenwood Bank & Trust Co 200,000 50,000 1,017,974 Grenada—Grenada Bank 250,000 350,000 6,408,360 Pontotoc—Bank of Pontotoc 100,000 25,000 681,779 Rosedale—Bolivar County Bank 150,000 6,000 509,691 Ruleville—Planters Bank & Trust Co 100,000 10,000 335,332 Tunica—Citizens Bank of Tunica .* 75,000 27,500 860,685 MISSOURI. (See also District No. 10.) Bertrand—Commercial Bank of Bertrand 30,000 92,806 Bowling Green—Pike County Bank 25,000 10,000 i 241,789 Cabool—Citizens Bank of Cabool 25,000 25,000 ! 412,835 Clayton—Farmers & Commercial Savings Bank.. 37,500 7,500 I 261,653 Iberia—Farmers & Traders Bank 25,000 10,000 276,880 Jefferson City—Exchange Bank of Jefferson City. 100,000 25,000 I 1.548,168 Lexington—J^afayette County Trust Co 75,000 15,000 | 448,871 Linn Creek—Camden County Bank 25,000 35,000 279,657 Luxemburg—Lemay Ferry Bank 50,000 15,000 ! 1,071,763 Maeon—State Exchange Bank of Macon 100,000 35,000 1,105,685 Maplewood—Bank of Maplewood 50,000 20,000 1,083,273 Marshall—Wood & Huston Bank 100,000 200,000 1,871,344 Pine Lawn—Pine Lawn Bank 30,000 3,000 157,806 St. Louis- j American Trust Co 1,000,000 300,000 i 15,575,991 Cass Avenue Bank 200,000 100,000 | 4,363,642 City Trust Co 200,000 45,000 | 1,879,298 Easton-Taylor Trust Co 200,000 10,000 1,559,920 Farmers & Merchants Trust Co 200,000 100,000 5,367,174 Franklin Bank 1,000,000 500,000 11,442,257 Grand Avenue Bank of St. Louis 200,000 100,000 , 2,866,418 Gravois Bank of St. Louis County 25,000 20,000 770,253 International Bank of St. Louis 1,000,000 200,000 9,799,804 Jefferson Bank 200,000 150,000 3,953,792 Jefferson Gravois Bank of St. Louis 200,000 100,000 3,449,348 Laclede Trust Co 200,000 35,000 , 1,727,586 Lafayette South Side Bank 1,000,000 800,000 < 23,678,620 Liberty Central Trust Co 3,000,000 1,000,000 j 44,330,017 Manchester Bank 250,000 100,000 I 4,924,974 Mercantile Trust Co 3,000,000 7,000,000 ! 61,579,135 Mississippi Valley Trust Co 3,000,000 3,500,000 ! 40,102,581 Mound City Trust Co 200,000 40,000 I 1,552,296 Northwestern Trust Co 500,000 200,000 i 8,999,930 Savings Trust Co 200,000 50,000 I 2,256,971 Scruggs, Vandervoort & Barney Bank 200,000 22,000 I 1,511,499 South Side Trust Co 200,000 50,000 j 3,252,511 Southern Commercial & Savings Bank * 200,000 50,000 ! 3,161,211 Tower Grove Bank 200,000 80,000 | 5,978,433 United States Bank 1,000,000 700,000 ! 11,155,808 West St. Louis Trust Co 200,000 75,000 ! 2,780,300 Versailles—Bank of Versailles 75,000 9,600 | 557,490 Waynesville—Bank of Waynesville 50,000 6,000 629,650 TENNESSEE. (See also District No. 6.) Alamo—Bank of Alamo 25,000 3,500 293,667 Bells—Bank of Crockett 25,000 2,500 403,817 Brownsville—First State Bank 200,000 30,000 1.676,066 Dyer—Farmers & Merchants Bank 40,000 20,600 331,802 Dyersburg—Citizens Bank 50,000 100,000 1,122,419 Greenfield—Greenfield Bank 30,000 25,000 280,964 Halls—Peoples Savings Bank & Trust Co.. 25,000 8,280 223,347 Henning—Bank of Henning 50,000 368,594 Memphis- Bank of Commerce & Trust Co 1,500,000 1,500,000 ! 26,513,559 Commercial Trust & Savings Bank 600,000 200,000 i 8,389,002 Guaranty Bank & Trust Co 500,000 60,000 5,598,973 Union & Planters Bank & Trust Co... 1,800,000 500,000 ' 36,846,941 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATE BASK MEMBEBSHIP. 205 Capital. Total DISTRICT NO. 9. MICHIGAN. (See also District No. 7.) Ewen—State Bank of Ewen $25,000 $15,000 $337,192 Gladstone—Gladstone State Savings Bank 50,000 15,000 1,360,958 Gwinn—Gwinn State Savings Bank 25,000 25,000 383,369 Iron Mountain—Commercial Bank 100,000 100,000 1,807,286 Iron wood—Merchants & Miners State Bank , 100,000 15,500 704,820 Laurium—State Savings Bank 100,000 125,000 1,002,282 Manistique—Manistique Bank 50,000 50,000 873,860 Menominee—Commercial Bank 100,000 25,000 1,093,525 Sault Ste. Marie- Central Savings Bank 100,000 20,000 1,254,935 Sault Savings Bank 100,000 35,000 1,584,308 South Range—South Range State Bank 30,000 30,000 649,854 MINNESOTA. Anoka—State Bank of Anoka 50,000 25,000 951,459 Benson—Swift County Bank 50,000 50,000 1,367,747 Clarkfield—Clarkfield State Bank 50,000 10,000 851,176 Clinton—Clinton State Bank 25,000 6,000 288,694 Excelsior—Minnetonka State Bank 25,000 10,000 529,927 Hayfleld—Farmers State Bank 25,000 18,000 527,677 Hutchinson—Farmers & Merchants State Bank, Inc. 50,000 12,500 861,036 Ihlen—Ihlen State Bank 25,000 3,500 199,849 Jeffers—State Bank of Jeffers 25,000 25,000 369,572 Kenyon—Kenyon State Bank 50,000 12,000 676,677 Lake City—Lake City Bank of Minnesota 50,000 50,000 879,118 Lewiston—Security State Bank 75,000 30,000 699,181 Luverne—Rock County Bank 50,000 25,000 642,543 Madelia—State Bank of Madelia 50,000 10,000 685,812 Menahga—Farmers & Merchants State Bank 25,000 5,000 230,203 Minneapolis- Mercantile State Bank 300,000 80,000 2,283,018 North American Bank 200,000 200,000 6,053,735 Wells-Dickey Trust Co 500,000 150,000 4,105,929 New Richland—State Bank of New Richland 50,000 17,000 664,704 New Ulm—Citizens State Bank 100,000 100,000 2,288,661 Red Wing—First Security State Bank 125,000 65,000 1,457,431 Revere—State Bank of Revere 30,000 30,000 234,950 St. Paul—Central Metropolitan Bank 400,000 80,000 5,480,051 St. Peter—Citizens State Bank of St. Peter 50,000 25,000 775,109 South St. Paul—Drovers State Bank 100,000 50,000 1,745,616 Spring Valley— Farmers'State Bank 25,000 6,000 287,121 First State Bank 30,000 40,000 615,128 Walnut Grove—First State Bank 50,000 358,350 Wanamingo—Security State Bank (Inc.) 40,000 8,000 190,665 Westbrook—Citizens State Bank 25,000 10,000 249,693 Willmar—Kandiyohi County Bank 100,000 30,000 1,590,585 Winona— Deposit Bank of Winona 300,000 200,000 4,202,571 Merchants Bank of Winona 200,000 50,000 3,648,456 MONTANA. Anaconda—Daly Bank & Trust Co 100,000 100,000 3,050,520 Ballantine—Ballantine State Bank 25,000 3,500 148,213 Belgrade—Belgrade State Bank 50,000 50,000 496,670 Belt- Farmers & Miners State Bank 50,000 11,000 419,210 State Bank of Belt 40,000 10,000 309,810 Billings—Security Trust & Savings Bank 100,000 10,000 1,189,413 Boulder—Bank of Boulder 75,000 25,000 511,338 Bozeman— Gallatin Trust & Savings Bank 100,000 25,000 861,407 Security Bank & Trust Co 100,000 425,651 Broadus—Powder River County Bank 50,000 "*i,"200' 255,483 Butte— Metals Bank & Trust Co 400,000 300,000 9,816,664 Miners Savings Bank & Trust Co 200,000 50,000 1,582,031 Clyde Park—First State Bank of Clyde Park 25,000 2,000 88,161 Culbertson—Citizens State Bank 25,000 10,000 337,320 Denton—Denton State Bank 25,000 5,000 233,499 Dillon— Beaverhead State Bank 50,000 1,500 175,747 Security State Bank 50,000 5,000 194,635 East Helena—East Helena State Bank 50,000 12,500 220,235 Edgar—Edgar State Bank - 30,000 2,500 162,752 Ennis —Southern Montana Bank 25,000 25,000 312,695 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

206 ANNUAL REPORT OF THE FEDERAL, RESERVE BOARD. Total Surplus. resources. DISTRICT NO. 9—Continued. MONTANA—continued. Eureka—Farmers & Merchants State Bank $25,000 $20,000 $342,735 Forsyth—Bank of Commerce 75,000 30,000 i 927,521 Fromberg—Clarks Fork Valley Bank 25,000 2,500 i 190,697 Hamilton—Ravalli County Bank 50,000 12,500 i 520,408 Hardin—Hardin State Bank 50,000 25,000 606,200 Helena- Banking Corporation of Montana 250,000 50,000 1,820,672 Conrad Trust & Savings Bank 200,000 100,000 1,881,991 Montana Trust & Savings Bank 150,000 75,000 2,030,467 Union Bank & Trust Co 250,000 150,000 4,696,645 Hinsdale—Valley County Bank 25,000 8,000 201,691 Huntley—Huntley State Bank 25,000 10.000 172,615 Inverness—Inverness State Bank 25,000 3,000 134,228 Joliet—Joilet State Bank 25,000 10,000 204,358 Kalispell—Bank of Commerce 100,000 23,500 711,364 Laurel—American Bank of Laurel 25,000 2,500 217,985 Lewistown— Bank of Fergus County 250,000 250,000 3,264,585 Empire Bank & Trust Co 100,000 35,000 1,002,860 Lewistown State Bank , 100,000 25,000 756,477 Missoula—American Bank & Trust Co 100,000 25,000 1,577,981 Moccasin—Moccasin State Bank 25,000 7,000 171,228 Nashua—State Bank of Nashua 25,000 4,000 275,826 Opheim—First State Bank of Opheim 25,000 5,000 224,120 Park City—Park City State Bank , 40,000 5,000 276,364 PhiliDSburg— First State Bank 50,000 10,000 543,554 Philipsburg State Bank 40,000 20,000 363,219 Plenty wood—State Bank of Plenty wood 25,000 10,000 331,582 Reed Point—Reed Point State Bank 25,000 6,500 118,748 Richey—First State Bank 25,000 5,000 133,361 Roundup—Citizens State Bank 50,000 50,000 782,496 Saco—Farmers & Merchants State Bank of Saco. 25,000 5,000 273,139 Sidney—Yellowstone Valley Bank & Trust Co.... 100,000 15,000 776,956 Stevensville—First State Bank 40,000 10,000 347,969 Townsend—State Bank of Townsend 100,000 10,000 629,599 White Sulphur Springs—Central State Bank 60,000 5,000 230,536 Willow Creek—Willow Creek State Bank 25,000 20,000 370,120 Wolf Point- First State Bank 30,000 13,000 584,747 Security State Bank 25,000 3,500 218,278 Worden—Farmers State Bank 25,000 6,000 181,314 NORTH DAKOTA. Enderlin—Enderlin State Bank 50,000 10,000 443,069 Fullerton—Farmers State Bank 25,000 1,000 145,322 Jamestown—Security Savings Bank. 50,000 10,000 221,721 Noonan—Security State Bank 25,000 5,000 377,331 SOUTH DAKOTA. Bellefourche—Butte County Bank , 75,000 25,000 1,041,586 Brookings—Bank of Brookings 150,000 50,000 2,856,236 Camp Crook—Little Missouri Bank 25,000 10,000 398,682 Chamberlain—Brule State Bank 50,000 10,000 967,110 Gregory—Commercial State Bank , 50,000 7,040 729,664 Groton—Brown County Banking Co 25,000 10,000 527,105 Hecla—Farmers & Merchants State Bank , 25,000 5,000 366,618 Mitchell—Commercial Trust & Savings Bank., 100,000 20,000 1,113,589 Newell—Reclamation State Bank 25,000 5,000 206,048 Philip—Bank of Philip 40,000 5,000 364,041 Rapid City- Citizens Bank & Trust Co 50,000 10,000 810,984 Security Savings Bank 50,000 15,000 853,455 Rockham—Farmers State Bank 25,000 10,000 408,078 Sioux Falls- Commercial & Savings Bank 200,000 2,000 1,528,424 Sioux Falls Savings Bank 300,000 50,000 6,341,046 South Shore—South Shore Bank 25,000 5,000 259,534 Stratford—First State Bank 30,000 2,000 345,003 Timber Lake—Stock Growers State Bank 25,000 5,000 265,742 Webster—Security Bank & Trust Co 60,000 30,000 1,557,009 White River—Mellette County State Bank... 25,000 500 118,664 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATE BANK MEMBERSHIP. 207 DISTRICT NO. 9—Continued. WISCONSIN. (See also District No. 7.) Arcadia—Bank of Arcadia $50,000 $10,000 Balsam Lake—Polk County Bank 25,000 5,000 293,803 Boyceville—Bank of Boyceville 30,000 6,000 448,341 Ellsworth—Bank of Ellsworth 50,000 25,000 1,079,355 Glenwood City—First State Bank 42,000 3,000 407,611 Grantsburg— First Bank of Grantsburg 50,000 6,000 584,806 Hurley—Iron Exchange Bank.: 50,000 30,000 772,007 New Richmond—Bank of New Richmond 75,000 37,500 1,157,934 West Salem—La Crosse County Bank 50,000 27,500 703,117 Whitehall—Peoples State Bank 30,000 6,000 442,894 DISTRICT NO. 10. COLORADO. Denver- American Bank & Trust Co 500,000 I 250,000 9,406,566 Bankers Trust Co 1,000,000 I 250,000 5,689,235 International Trust Co :..".... 500,000 { 500,000 17,706,083 Fort Lupton—Fort Lupton State Bank 25,000 I 15,000 357,424 KANSAS. Anthony—Home State Bank 25,000 5,500 291,588 Fort Scott—Fort Scott State Bank 100,000 50,000 1,381,128 Hiawatha—Morrill & Janes Bank 100,000 50,000 1,166,267 Jamestown—Jamestown State Bank 25,000 25,000 322,380 Liberal—Citizens State Bank 50,000 25,000 482,599 Wichita—Southwest State Bank 200,000 68,000 1,593,671 Winfield—State Bank of Winfield 100,000 50,000 1,471,541 MISSOURI. (See also District No. 8.) Joplin—Conqueror Trust Co 200,000 I 125,000 4,479,071 Kansas City- Commerce Trust Co 6,000,000 i 2,000,000 108,461,563 Live Stock State Bank 200,000 37,500 1,647,707 Savannah—Wells-Hine Trust Co 100,000 I 4,800 753,705 South St. Joseph—St, Joseph Stock Yards Bank.. 350,000 i 150,000 4,044,007 NEBRASKA. Aurora—Fidelity State Bank 50,000 15,000 796,685 Broken Bow—Custer State Bank.. 35,000 15,000 372,018 Chappell—Chappell State Bank... 50,000 25,000 544,291 Elgin—Elgin State Bank 100,000 20,000 1,045,633 Genoa—Farmers State Bank 25,000 1,250 190,056 Lewellen—Bank of Lewellen 50,000 4,800 288,144 Meadow Grove- Meadow Grove State Bank 25,000 5,000 304,662 Security Bank 25,000 2,500 299,297 Neligh—Security State Bank 30,000 8,000 277,246 Oakland—Oakland State Bank.... 25,000 10,000 374,609 Ord—Nebraska State Bank 35,000 12,000 479,050 Pender— Pender State Bank 85,000 19,000 619,313 St. Edward—Farmers State Bank. 25,000 6,000 273,161 Wayne—State Bank of Wayne.... 50,000 17,500 972,453 Western—Saline County Bank 30,000 30,000 233,883 NEW MEXICO. (See also District No. 11.) Aztec—Citizens Bank , 40,000 10,000 200,894 Santa Fe—Capital City Bank. 50,000 10,000 567,969 OKLAHOMA. (See also District No. 11.) Chelsea—Bank of Chelsea 50,000 10,000 576,772 Clinton—Clinton State Bank 50,000 5,700 192,181 Cordell— Cordell State Bank 30,000 5,100 300,378 Oklahoma State Bank 30,000 4,600 292,539 Okarche—First Bank of Okarche 50,000 15,000 289,672 Ponca City—Security State Bank 75,000 16,000 1,673,206 Digitized forS FtiRglAerS—EFRirs t State Bank 30,000 5,000 375,127 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

208 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. Capital. Surplus. res T o a u t r a c J es. DISTRICT NO. 10—Continued. WYOMING. Cheyenne—Cheyenne State Bank $100,000 $20,000 $935,002 Evanston—The Stockgrowers Bank 50,000 35,000 593,017 Mountain View—Uinta County State Bank 40,000 4,000 147,368 Van Tassell—Bank of Van Tassell 25,000 7,000 100, 875- DISTRICT NO. 11. ARIZONA. (See also District No. 12.) Safford—Bank of SafTord 33,000 I 42,000 781,249 Tombstone—Cochise County State Bank 30,000 i 10,000 350,927 LOUISIANA. (See also District No. 6.) Monroe—Central Savings Bank and Trust Co. 375,000 125,000 3,253,537 Shreveport—Continental Bank and Trust Co- 300,000 | 100,000 5,636,530 NEW MEXICO. (See also District No. 10.) Alamogordo—First State Bank 50,000 5,000 650, 791 Albuquerque—State Trust & Savings Bank... 100,000 80,000 1,329,432 Corona—Stockmens State Bank 30,000 6,000 125,211 Portales—Security State Bank 25,000 5,000 287,864 OKLAHOMA. (See also District No. 10.) Broken Bow—McCurtain County Bank 25,000 3,000 228,509 Coleman—Coleman State Bank 25,000 3,000 239,502 Fort Towson—First State Bank 50,000 5,000 469,209 Valliant—Farmers State Guaranty Bank 50,000 10,000 368, 475 Alice—Citizens State Bank 60,000 20,000 481, 54<3 Alpine—Alpine State Bank 30,000 40,000 254,854 Alto—Alto State Bank 25,000 4,893 233,457 Anson—Anson State Bank 50,000 55,000 618,073 Avery—A very State Bank 25,000 12,500 158,897 Ballinger—Ballinger State Bank & Trust Co.... 60,000 4,000 377,581 Bay City— 'Bay City Bank & Trust Co 65,000 20,000 630,269 First State Bank 100,000 10,000 471,211 Bedias—First State Bank 25,000 5,000 139,978 Beeville—Beeville Bank & Trust Co 50,000 32,500 359,642 Bishop—First State Bank 25,000 11,213 294,795 Blooming Grove—Blooming Grove State Bank. 50,000 5,000 189, 520 Bomarton—First State Bank 32,000 1,500 182,631 Bonham— Fannin County Bank 100,000 50,000 856,743 First State Bank of Bonham 200,000 100,000 1,345,230 Bremond—First State Bank 50,000 12,000 525,131 Bridgeport—Bridgeport State Bank 25,000 5,000 139,067 Brownfield—Brownfield State Bank 25,000 25,000 331,271 Bryan—First State Bank & Trust Co 100,000 50,000 985,00S Caddo Mills—Caddo Mills State Bank 30,000 20.000 205,550 Canton—Texas State Bank 50,000 25,000 187,943 Canyon—First State Bank 40,000 6,000 283,021 Celina— Celina State Bank 35,000 181,820 First State Bank 50,000 347,824 Childress— City Guaranty State Bank 100,000 11,900 573,906 Farmers & Mechanics State Bank 50,000 60,000 723,152 Clarendon—Farmers State Bank 50,000 10,000 177,386 Clifton- Farmers Guaranty State Bank 30,000 30,000 381,540 First Guaranty State Bank 40,000 20,000 259,620 Coahoma—First State Bank of Coahoma 25,000 1,500 158,998 Commerce- Citizens State Bank 25,000 12,500 220,848 State Bank of Commerce 50,000 3,500 314,447 Corao-Como State Bank 25,000 25,000 205,129 Cooper—Security State Bank 100,000 558,904 Copperas Cove—First State Bank 35,000 5,000 192,731 Corsicana—First State Bank 200,000 40,000 1,211,165 Cross Plains—First Guaranty State Bank 30,000 4,500 360,056 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATE BANK MEMBERSHIP. 209 Capital. Surplus, DISTRICT NO. 11—Continued. TEXAS—continued. Crow oil—First State Bank $30,000 i $30,000 : $308,087 Oiiero—First State Bank & Trust Co 100,000 ! 50,000i 624,217 Dallas- Central State Bank 000,000 4,930,854 Dallas County State Bank 250,000 i 110,000 5,355,364 Decatur—Security State Bank of Decatur 60,000 ! 171 457 Del Rio—Del Rio Bank & Trust Co IOO'OOO SO,000 i 559,217 Den ton—First Guaranty State Bank 50,000 .«, 000i 391,046 East Bernard—Union State Bank 50,000 10,000 244,969 Edeewood—Farmer & Merchants State Bank 35,000 20,000 i 175,252 El Paso—American Trust & Savings Bank 350,000 10,000 2,921,466 Emhouse— First State Bank 30,000 ; 20,ooo; 136,897 Falfarrias—Falfurrias State Bank 75,000 1,-500 429,589 Ferris—Farmers & Merchants State Bank 50,000 15,000! 321,176 Flatonia—Flatonia State Bank 50,000 6,000 454,696 Floydada—First State Bank 50,000 2,000 435,281 Fo-ney—Forney State Bank 25,000 20.000 191,577 Franklin—First State Bank 30,000 : 15,000•! 364,420 Frost—Citizens State Bank ' 25,000 50,000 278,523 Galveston— South Texas State Bank 200,000 ' 150,000 4,666,333 Texas Bank & Trust Co 400,000 i 600,000 8,906,702 G an ado—Farmers State Bank 35,000 j 2,000 82,460 Gatesville—Guaranty State Bank & Trust Co 50,000 13,500 486,287 Georgetown—Farmers State Bank 50,000 S 50,000 856,007 George West—First State Bank 50,000 i 10,824 240,232 Gilmer—Gilmer State Bank 50,000 4,000 246,577 Ooldthwaite—Trent State Bank 100,000 50,000 829,218 Gonzales—Gonzales State Bank & Trust Co 75,000 25,000 519,089 Graford—First State Bank 50,000 | 20,000 258,873 Grand Prairie- First State Bank 40,000 20,000 ! 273,888 Guaranty State Bank 25 000 105,474 Greenville—Citizens State Bank 100,000 5,000 398,072 Hallsville—Farmers State Bank 25,000 1,000 274,337 Hamilton—Hamilton Bank & Trust Co 50,000 50,000 425,973 Hamlin—First State Bank 40,000 10,000 501,414 Hedley—Guaranty State Bank 25,000 10,000 127,119 Hereford—First State Bank & Trust Co 50,000 50,000 676,477 Hillsboro—First State Bank 150,000 15,000 857,661 Tola—Ma State Bank 25,000 5,000 127,518 Italy—Farmers State Bank 40,000 12,500 296,550 Jacksonville—FRst Guaranty State Bank 62,500 25,000 635,119 Josephine—Josephine State Bank 30,000 6,000 133,475 Junction—Junction State Bank 100,000 110,000 1,033,167 Kaufman—First State Bank 100,000 80,000 616,505 Kerens—First State Bank 50,000 30,000 353,181 Kilgore— Kilgore State Bank 25,000 12,500 178,004 Killeen— First State Bank 35,000 17,000 333,989 Guaranty State Bank 30 000 .132 649 Kirkland—First State Bank 50^000 2,500 178,434 Ladonia—First State Bank 35,000 10,000 382,052 La Feria—Cameron County Bank 25,000 3,000 277,903 Lamesa—First State Bank 60,000 30,000- 635,185 Leakey—First State Bank 25,000 2,000 79,772 Leonard—First State Bank 50,000 11,500 436,235 Liberty—Liberty State Bank 35,000 3,500 359,966 Lockney—Lockney State Bank 50,000 2,500 230,694 Longview—Commercial Guaranty State Bank 50,000 381,488 Loraine—First State Bank 30,000 30,000 445,440 Lorenzo—First State Bank 25,000 25,000 317,049 Lubbock— Lubbock State Bank 100,000 50,000 1,392,742 Security State Bank & Trust Co 100,000 6, 000 649,120 Lufkin—Citizens Guaranty State Bank 75,000 5,000 527,457 Luling— Citizens State Bank 25,000 7,000 196,015 Lipscomb Bank & Trust Co 75,000 55,000 363,318 McAllen—First State Bank & Trust Co 130,000 724,979 McGregor—First State Bank 50,000 6,000 368,780 McKinney—Central State Bank 75,000 7,000 624,446 Madisonville—Farmers State Bank 25,000 25,000 382,112 Malone—First State Bank 25,000 8,000 185,477 Matador—First State Bank 37,500 12,500 348,172 Mathis—First State Bank 30,000 20,000 148,648 Maypearl— Citizens State Bank 25,000 25,000 200,701 Farmers & Merchants State Bank 25,000 25,000 141,364 Memphis—Citizens State Bank 75,000 25,000 488,386 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

210 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. Capital. res T o o u t r a c l es. DISTRICT NO. 11—Continued. T E XAS—continued. Mertens—First Guaranty State Bank $25,000 $150,033 Mission—First State Bank 50,000 508,781 Moran—Moran State Bank 40,000 403,079 Mount Calm—First State Bank 40,000 10,000 183,712 Mount Pleasant—Guaranty State bank 60,000 30,000 529,836 Munday—First State Bank 35,000 5,000 253,759 Murchison—First State Bank 25,000 3,400 111,788 Nacogdoches—Commercial Guaranty State Bank 100,000 50,000 1,171,395 Normangee—First State Bank 25,000 25,000 226,294 North Zulch—Farmers Guaranty State Bank 25,000 2,500 146,362 Olney—Farmers State Bank -. 30,000 6,000 178,947 Orange—Guaranty Bank & Trust Co 100,000 593,269 Paducah—First State Bank 50,000 50,000 422,990 Palmer—First Guaranty State Bank 25,000 17,500 268,096 Pampa—Gray County State Bank 25,000 13,000 261,350 Paradise—Paradise State Bank 25,000 300 100,194 Paris- First State Bank 150,000 100,000 1,451,208 Lamar State Bank & Trust Co 150,000 53,500 1,793,132 Pecos—Pecos Valley State Bank 110,000 20,000 553,848 Penelope—Penelope State Bank 25,000 I 1,250 196,736 Perrin—First State Bank 25,000 I 12,500 124,876 Piano—Farmers State Bank 60,000 I 40,000 416,952 Post City—First State Bank 25,000 | 3,000 234,823 Quanah—First Guaranty State Bank 100,000 | 50,000 835,789 Rails— * First State Bank 25,000 ' 15,000 178,036 Guaranty State Bank & Trust Co 60,000 8.000 352,065 Reagan—First State Bank 25,000 20,000 186,587 Rice—First State Bank 50,000 220,299 Richardson—Citizens State Bank 35,000 4,000 156,479 Richland—First State Bank of Richland 25,000 20,000 311,042 Roaring Springs—First State Bank 25,000 21,000 183,313 Robstown— First State Bank 25,000 15,000 313,251 Guaranty State Bank , 50,000 15,000 440,546 Roby—First State Bank 40,000 790 329,422 Rockwall—Guaranty State Bank , 50,000 17,500 284,246 Royse—First State Bank , 50,000 25,000 313,318 Rusk—Farmers & Merchants State Bank & Trust Co.. 100,000 2,500 578,231 Sabinal—First State Bank 80,000 3,000 529,075 San Antonio—Central Trust Co 200,000 3,445,619 San Augustine—Commercial Guaranty State Bank 50,000 10,500 410,162 Santa Anna—First State Bank 35', 000 20,000 459,611 Savoy—First State Bank 25,000 9.000 156,872 Seminole—First state Bank 40,000 30',000 188,032 Seymour—First Guaranty State Bank 35,000 I 5,500 209,030 Shamrock—Farmers & Merchants State Bank 50,000 50,000 587,032 Shiro.—Farmers State Bank 25,000 15,000 159,431 Sinton—Bank of Commerce 50,000 12,000 401,349 Slaton—First State Bank 40,000 3,500 296,206 Snyder—First State Bank & Trust Co 50,000 25,000 375,227 Spearman—Guaranty State Bank 25,000 5,000 82,306 Stamford—First State Bank 100,000 35,000 674,246 Stephenville—Farmers Guaranty State Bank 100,000 647,054 Streetman—First State Bank 25,000 194,305 Sweet water—Texas Bank & Trust Co 100,000 826,844 Tahoka—Guaranty State Bank 25,000 172,725 Teague—First State Bank 75,000 676,729 Terrell—First State Bank 200,000 165,000 1,368,861 Tioga—First Guaranty State Bank 30,000 1,500 171,902 Trenton—Guaranty State Bank 25,000 10,000 89,781 Tyler—Peoples Guaranty State Bank 100,000 33,700 1,751,499 Valley Mills—Citizens State Bank 30,000 4,000 148,182 Valley View—First Guaranty State Bank 25,000 8,300 104,130 Waco—First State Bank & Trust Co 300,000 50,000 1,843,047 Waxahachie—Guaranty State Bank & Trust Co 200,000 23,500 1, 218, 589 Weatherford—First State Bank 125,000 26,000 879,063 Wellington—Wellington State Bank 50,000 50,000 479,138 West—First State Bank of West 50,000 353,423 Wharton— Security Bank & Trust Co 50,000 15,000 350,723 Wharton Bank & Trust Co 50,000 150,000 772,636 White Deer—First State Bank 25,000 5,000 231,353 Wills Point—First State Bank 100,000 44,203 623,687 Winnesboro—Merchants & Planters State Bank 30,000 30,000 425.891 Wolfe City—First State Bank 50,000 20.000 299,808 Wortham—First State Bank 50,000 15,000 710,002 Wylie—First State Bank 75,000 25,000 525,207 Yoakum—Yoakum State Bank 100,000 100,000 1,620,547 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATE BANK MEMBERSHIP. 211 Capital. Surplus. Total DISTRICT NO. 12. ARIZONA. (See also District No. 11.) Buckeye—Buckeye Valley Bank.. $25,000 $5,000 $139,778 Phoenix—Valley Bank 750,000 250,000 9,373,540 CALIFORNIA. Alameda—Bank of Alameda 500,000 250,000 6,537,584 Bakersfield—Security Trust Co 600,000 235,000 9,422,894 Brawley—Imperial Valley Bank 300 000 2,328,230- Burbank—Farmers & Merchants Bank 50,000 6,500 391,717 Cedarville—Surprise Valley Bank 25,000 45,000 381,061 Chico—Peoples Savings & Commercial Bank 100,0Q0 6,500 848,082 Downey—Los Nietos Valley Bank 50,000 28,000 927,41& Fresno—Valley Bank 800,000 80,000 9,375,355 Fullerton—Standard Bank of Orange County... 50,000 9,000 593,450 Holtville—Holtville Bank 75,000 2,500 445,99$ Kingsburg—Kingsburg Bank 110,000 55,000 1,340,055 Long Beach—Farmers & Merchants Bank 500,000 500,000 8,773; 228 Los Angeles— Pacific Southwest Trust & Savings Bank... 6,325,000 3,162,500 133,370,151 Security Trust & Savings Bank 7,525,000 2,825,000 177,530,49^ Union Bank & Trust Co. of Los Angeles 1,500,000 155,000 13,027,655 Norwalk—Bank of Norwalk 25,000 30,000 884,803 Pasadena—Citizens Savings Bank of Pasadena.. 300,000 58,000 3,847,547 Placerville—Eldorado County Bank 67,000 124,000 1,597,07^ Porterville—Pioneer Bank 150,000 41,000 1,595,385 Quincy—Plumas County Bank 80,000 20,000 937,366 Sacramento— Peoples Bank 800,000 142,500 8,765,548 Sacramento-San Joaquin Bank 3,000,000 186,500 28,554,596 St. Helena—Bank of St. Helena.. 85,000 35,500 940,699 Salinas—Monterey County Bank .' 275,800 66,750 2,945,84a San Bruno—California Bank of San Mateq County... 30,000 1,200 215,608 San Fernando—San Fernando Valley Savings Bank. 50,000 10,500 369,05a San Francisco— Anglo-California Trust Co 1,500,000 850,000 43,540,407 Bank of Italy 15,000,000 5,000,000 250,538,226 British-American Bank 1,000,000 38,000 3,530,757 French-American Bank 1,000,000 500,000 15,873,235- Italian-American Bank 1,260,000 285,000 14,448,985 Mercantile Trust Co 4,000,000 3,000,000 115,756,503 Mission Bank 200,000 120,000 3,438,539 Mission Sayings Bank 500,000 50,000 7,878,242' San Francisco Savings & Loan Society 1,000,000 2,600,000 80,520,822" Security Banl^fe Trust Co 750,000 335,000 6,781,503 San Jose—Growers Bank 300,000 30,000 1,394,481 San Luis Obispo— Citizens State Bank 150,000 20,000 730,973 Commercial Bank of San Luis Obispo 750,000 100,000 6,328, 348 Santa Ana—Orange County Trust & Savings Bank.. 300,000 100,000 2,429,063 Santa Monica—Ocean Park Bank 238,700 45,575 3,344,86a Sausalito—Bank of Sausalito 70,000 15,000 873,526 Sawtelle—Citizens State Bank 100,000 25,000 1,722,623 Turlock—Commercial Bank of Turlock 75,000 41,000 1,174,871 Whittier—The Community Bank 125,000 16,000 898,273 IDAHO. Arco—Butte County Bank 25,000 1,000 81,798 Ashton—Security State Bank 50,000 15,000 462,54& Blackfoot— Blackfoot City Bank 50,000 10,000 295,391 D. W. Standrod & Co 100 000 110,000 1,851,842 Cambridge—Peoples Bank 40,000 8,000 250,678 Castlcford—Bank of Castleford 25,000 1,250 71,597 Drummond—First State Bank 25,000 80,919 Eagle—Bank of Eagle 25,000 3,300 131,342 Eden—Eden State Bank 25,000 1,500 134,450 Emmett—Bank of Emmett 60,000 25,000 651,890 Filer—Farmers & Merchants Bank 25,000 5,000 180,870 Genesee—Genesee Exhcange Bank 25,000 12,500 484,056 Gooding—Citizens State Bank 25,000 15,000 226,692 Grangeville—Bank of Camas Prairie 50,000 50,000 674,390 Hansen—Bank of Hansen 25,000 5,000 291,706- Hazelton—Hazelton State Bank 25,000 5,700 152,432 Homedale—First Bank of Homedale 25,000 105,015 Idaho Falls—Anderson Bros. Bank 425,000 171,400 2,381,825 Kimberly—Bank of Kimberly 35,000 15,000 409,936 Kuna—Kuna State Bank 25,000 1,500 121,216 Mackay—W. G. Jenkins & Co 50,000 10,000 330,511 Malad City—J. N. Ireland & Co., Bankers. 40,000 12,500 500,315 Menan—Jefferson State Bank 25,000 3,202 114,89a Meridian—Meridian State Bank 25,000 3,500 169,230 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

212 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD- Capital. Surplus. Total resources. DISTRICT NO. 12—Continued. ID AEO—continued. Montour—Farmers & Stockgrowers Bank 125,000 $1,500 $112,745 ISIew Plymouth—Farmers State Bank 25,000 10,000 230,890 Oakley—Farmers Commercial & Savings Bank.. 25,000 5,297 223,094 Orofino—Bank of Orofino 25,000 5,000 292,591 Picabo—Picabo State Bank 50,000 229,473 Pocatello—Citizens Bank 300,000 60,000 1,500,307 Rexburg—Farmers & Merchants Bank 50,000 307,751 Richfield—First State Bank 25.000 140,270 Soda Springs—Largilliere Co., Bankers 25,000 12,000 444,150 Star—Farmers Bank 25,000 13,000 192,515 St. Anthony—St. Anthony Bank & Trust Co... 30,000 30,000 539,077 Sugar City—Fremont County Bank 25,000 5,000 209,298 Teton City—First State Bank .* 30,000 117,707 •Tetonia—Farmers State Bank 25,000 ... 120,131 Twin Falls—Twin Falls Bank & Trust Co 100,000 75,000 1,404,322 Victor—Victor State Bank 25,000 10,000 207,912 Albany—Albany State Bank 50,000 10,000 848,341 Athena—Athena State Bank 50,000 114,688 Aurora—Aurora State Bank 25,000 i6,666 294,078 Central Point—Central Point State Bank 25,000 5,000 325,946 Dallas—Dallas City Bank 50,000 15,000 529.193 Enterprise—Enterprise State Bank 50,000 27,500 415,497 Fossil—Steiwer & Carpenter Bank 100,000 6,000 442,618 Grants Pass—Grants Pass & Josephine Bank... 75,000 20,000 1,079,564 Gresham— First State Bank 30,000 25,000 5S2,800 Haines—Bank of Haines 25,000 9,000 208,322 Helix—Bank of Helix 50,000 12,000 272,047 Hood River—Butler Banking Co 100,000 40,000 1,301,120 Jordan Valley—Bank of Jordan Valley 50,000 25,000 421,774 Joseph—First Bank of Joseph 50,000 13,500 335,360 Lake view—Lake County Loan & Savings Bank. 40,000 10,000 278,466 Madras—Madras State Bank 25,000 25,000 244,600 Marshfield—Bank of Southwestern Oregon 100,000 20,000 986,339 Medford—Jackson County Bank 100,000 20,000 1,242,724 Horo—Farmers State Bank 45,000 7,000 198,394 Myrtle Point—Bank of Myrtle Point 50,000 15,000 292,995 North Portland—Live Stock State Bank 100,000 8,000 901, 945 Oakland—E. G. Young & Co Bank 50,000 15,000 772,723 Oregon City- Bank of Commerce 200,000 32,000 1,296,793 Bank of Oregon City 150,000 30,000 2,142,799 Pendleton—Inland-Empire Bank 250,000 27,000 1,048,238 Pilot Rock—First Bank of Pilot Rock 30,000 20^000 382,370 Portland- Citizens Bank 200,000 5,000 2,445,193 Hibernia Commercial & Savings Bank 200,000 100,000 6,116,493 Ladd & Tilton Bank 000,000 1,000,000 28,101,058 Prineville—Bank of Prineville 50,000 5,000 261,227 Reedsport—First Bank of Reedsport 25,000 1,750 208,277 Shanico—Eastern Oregon Banking Co 50,000 10,000 306,094 Stanfield—Bank of Stanfield 25,000 15,000 172,832 The Dalles—Wasco County Bank 100,000 5,000 843,608 'Tillamook—Tillamook County Bank 40,000 10,000 665,362 Wasco—Bank of Wasco 25,000 25,000 318.194 Woodburn—Bank of Woodburn 50,000 15,000 740,384 UTAH. Bingham Canyon—Bingham State Bank 25,000 5,000 330,066 Cedar City- Bank of Southern Utah 75,000 75,000 718,580 Iron Commercial & Savings Bank 50,000 10,000 327,434 Delta—Delta State Bank 25,000 12,500 358,493 Ephraim—Bank of Ephraim 50,000 35,000 570,024 Fillmore—Fillmore Commercial & Savings Bank. 50,000 10,000 354,227 Fountain Green—Bank of Fountain Green 25,000 20,000 308,968 Gunnison—Gunnison Valley Bank 50,000 18,500 375,120 Helper—Helper State Bank 50,000 50,000 743,673 Kaysville—Barnes Banking Co 50,000 i 80,000 537,005 Logan- Cache Valley Banking Co 100,000 33,000 1,577,485 Thatcher Brothers Banking Co 150,000 53,500 1,877,180 Monticello—Monticello State Bank 50,000 ! 9,500 165,742 Ogden—First & Utah Savings Bank 250,000 I 150,000 3,464,292 Panguitch—State Bank of Garfield 50,000 75,000 568,608 Parowan—Bank of Iron County 35,000 21,000 287,139 Pays on— Pay son Exchange Savings Bank 50,000 30,000 619,218 State Bank of Payson 50,000 ; 16,000 497,857 Price- Carbon County Bank 100,000 10,000 442,949 Price Commercial & Savings Bank 50,000 ! 70,000 916,351 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATE BANK MEMBERSHIP. 213 Capital. DISTRICT NO. 12—Continued. UT\H—continued. Provo— Farmers & Merchants Bank .$100,000: $19,000 $834,385 Knight Trust & Savings Bank 300,000 j 40,000 2,051,398 Richfield— James M. Peterson Bank 50,000 ! 50,000 675,764 State Bank of Sevier 45,000 ! 45,000 557,457 Richmond—State Bank of Richmond 25,000 i 12,500 184,558 Salina—First State Bank of Salina 25,000 S 60,000 626,326 Salt Lake City- Columbia Trust Co 250,000 ! 25,000 1,394,784 Deseret Savings Bank 500,000 : 300,000 6,054,702 Tracy Loan & Trust Co 231,500 ! 138,005 1,033,667 Utah Savings & Trust Co 300,000 ' 56,000 1,891,983 Walker Bros., Bankers 650,000 I 250,000 18,224,094 Spanish Fork—Commercial Bank 50,000 ; 25,000 397,163 Vernal—Bank of Vernal 60,000 ! 15,000 374,370 WASHINGTON. Albion—Albion State Bank 25,000 6,000 | 91,847 Almira— Almira State Bank 50,000 1 13,000 I 376,240 Farmers State Bank 25,000 ' 6,500 | 165,477 Buena—Buena State Bank 25,000 1,500 I 123,071 Centralia—Centralia State Bank 100,000 13,000 I 647,079 Chehalis—Coffman, Dobson Bank & Trust Co 150,000 100,000 2,208,370 Colfax—First Savings & Trust Bank of Whitman County....'. 75,000 10,000 380,871 Coulee City—Farmers State Bank 25,000 2,500 i 109,987 Davenport—Lincoln County State Bank 50,000 20,000 i 456,731 Ellensburg— Farmers Bank. 100,000 25,000 ! 1,201,715 Everett—Bank of Commerce 100,000 ^ 25,000 | 1,732,00 Farmington—Bank of Farmington 25,000 10,000 i 232,345 Goldendale—State Bank of G oldendale 75,000 8,500 ! 452,841 Hoquiam—Lumberman's Bank & Trust Co 100,000 25,000 I 1,357,505 Kelso—Cowlitz Valley Bank 30,000 10,000 ! 406,641 La Crosse— First State Bank 60,000 40,000 ! 480,718 Security State Bank 30,000 7,500 | 175,823 Molson—Molson State Bank 25,000 10,000 ! 318,011 Odessa—Farmers & Merchants Bank 25,000 12,500 ! 394,984 Okanogan—Commercial Bank 50,000 10,000 j 442,854 Pine City—Pine City State Bank 25,000 3,500 | 134,546 Pomeroy—Pomeroy State Bank 50,000 150,000 ! 1,343,219 Pullman—Pullman State Bank 37,500 10,000 I 644,487 Puyallup— Citizens State Bank 50,000 5,000 I 767,410 Puyallup State Bank 50,000 2,500 i 707,053 Reardan—Farmers State Bank 50,000 20,000 j 417,182 Renton— Citizens Bank of Renton i 25,000 5,000 ! 582,194 Renton State Bank i 25,000 2,500 ' 254,050 Ritzviile—Ritzville State Bank j 25,000 2,500 : 210,174 Rockford—Farmers & Merchants Bank | 25,000 2,567 I 165,941 Rosalia—Bank of Rosalia \ 25,000 5,000 I 341,676 St. John—Farmers State Bank j 40,000 10,000 i 289,834 Selah—Selah State Bank ! 30,000 6,000 ! 348,415 South Bend—Pacific State Bank | 100,000 10,000 i 1,025,689 Spokane— I Spokane & Eastern Trust Co j 1,000,000 250,000 I 10,943,117 Washington Trust Co : 200,000 i 50,000 1,765,008 Sprague—Farmers State Bank I 25,000 i 3,000 113,422 Stanwood—Bank of Stanwood j 25,000 25,000 I 535,0-5 Tacoma—Puget Sound Bank & Trust Co | 300,000 51,500 3,067,776 Tekoa— j Citizens State Bank j 25,000 ; 15,000 334,041 Tekoa State Bank i 30,000 | 15,000 396,318 Toppenish— ! Central Bank of Toppenish j 50,000 i 35,000 344,776 Traders Bank ' 25,000 15,000 447,929 Uniontown—Farmers State Bank 25,000 • 7,000 263,880 Walla Walla— | Farmers & Merchants Bank 200,000 I 40,000 1,617,312 Peoples State Bank ; 100,000 t 50,000 1,640,051 Wenatchee— ' Columbia Valley Bank 100,000 ! 25,000 I 1,565,398 Commercial Bank & Trust Co i 100,000 ' 40,000 j 1,536,540 Wilbur—State Bank of Wilbur 50,000 10,000 ! 567,152 YaMma- I Yakima Valley Bank j 200,000 50,000 I 1,589,635 Commercial Bank of Yakima i 100,000 I 10,000 690,095 Zillah—Zillah State Bank.. i 25,000 1,000 I 76,175 Digitized for FRAS2E8R9 71—23- -15 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

214 ANNUAL REPORT OF THE FEDERAL. RESERVE BOARD. FIDUCIARY POWERS GRANTED TO NATIONAL BANKS. Under section ll(k) of the Federal reserve act as amended, the Federal Reserve Board has authorized the national banks listed below to exercise one or more fiduciary- powers as follows: (1) Trustee. (2) Executor. (3) Administrator. (4) Registrar of stocks and bonds. (5) Guardian of estates. (6) Assignee. (7) Receiver, (8) Committee of estates of lunatics. (9) Any other fiduciary capacity in which State banks, trust companies, or other corporations which come into competition with national banks are permitted to act under the laws of the State in which the national bank is located. The numerals opposite the name of each bank, which refer to thelist given above, indicate the power or powers it is authorized to exercise. . Powers Powers granted. granted. DISTRICT NO. 1. | DISTRICT NO. 1—Continued. CONNECTICUT. i MAINE—continued. (See also District No. 2.) | Biddeford—First National Bank of Ito9. | Biddeford. Ansonia—Ansonia National Bank Ito9. i Damariscotta—First National Bank h 2, 3, 5, Bristol—Bristol National Bank Ito8. I of Damariscotta. and 6. Hartford— ! Lewiston—Manufacturers National 1, 2, and 4. First National Bank 1 to 9. Bank. Hartford-Aetna National Bank... 1 to 4, and 9., Norway—Norway National Bank Ito8. Phoenix National Bank 1 to 9. j Portland— Meriden—Home National Bank of 4. Canal National Bank 1 to 9. Meriden. j First National Bank 1,2, and 4. Middletown—Middletown National Ito4. | Portland National Bank 1, 2, and 4. Bank. | Waterville—Ticonic National Bank.. Ito4. Naugatuck—Naugatuck National 1 to 4. Bank. ! MASSACHUSETTS. New Britain—New Britain National It© 9. Bank. | Adams— New Haven- | First National Bank 1 to 8. First National Bank 1 to 8. I Grayloek National Bank 1 to 7, and 9 - Merchants National Bank 1 to 8. I Amherst—First National Bank Ito9. National Tradesmens Bank of Ito4. Attleboro—First National Bank Ito9. New Haven. Beverly—Beverly National Bank 1 to 4. New Haven Bank, N. B. A Ito9. Boston— Second National Bank Ito9. Boylston National Bank. 1 to 9. New London- Citizens National Bank.. Ito9. National Bank of Commerce 1 too. First National Bank 1 to 7, and 9- New London City National Bank. 1, 2, 3, 5, 7, Fourth-Atlantic National Bank. J 1 to 9. 8, and 9. Merchants National Bank Ito9. Norwich—Thames National Bank Ito9. National Shawmut Bank Ito9. Torrington—Torrington National Ito7. National Union Bank Ito9. Bank. Second National Bank Ito9. Wallingford—First National Bank... Ito9. Webster & Atlas National Bank Ito9. Waterbury— Brockton- Citizens and Manufacturers Na- 1 to 9, Brockton National Bank 1 to 9. tional Bank. Home National Bank 1 to 4. Waterbury National Bank Ito9. Edgarton—Edgarton National Bank. 1 to 3. Fall River— MAINE. Fall River National Bank Ito9. Massasoit Pocasset National Bank 1 to 9. Auburn—National Shoe & Leather 1 to 7. Metacomet National Bank 1 to 9. Bank. Fitchburg—Safety Fund National 1 to 9. Bangor—First National Bank 1, 2, and 4. Bank. Bar Harbor—First National Bank— Ito4. Foxboro—Foxboro National Bank... Ito9. Bath—Bath National Bank lt0 8. Gardner—First National Bank 1 to 9. Belfast—City National Bank 1 to 8. Gloucester—Cape Ann National Bank. Ito9. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

215 FIDUCIARY POWERS. Powers Powers granted. granted. DISTRICT NO. I—Continued. DISTRICT NO. 1—Continued. MASSACHUSETTS—continued. NEW HAMPSHIRE—continued. Great Barrington—National Mahal we 1 to 9. Keene— Bank. Ashuelot National Bank land 4. Greenfield—First National Bank Ito9. Keene National Bank Ito4. Haverhill— Manchester— Essex National Bank 4. Amoskeag National Bank 1 and 4. First National Bank Ito4. Manchester National Bank 1. Merrimack National Bank 1 to 4. Merchants National Bank 1 and 4. Holyoke— Milford—Souhegan National Bank... 1 and 4. City National Bank Ito4. Nashua- Holyoke National Bank 1 to 4. Indian Head National Bank 1 to 3. Hudson—Hudson National Bank 1 to 9. Second National Bank 1 and 4. Lawrence—Bay State National Bank. 1 to 9. Newport—Citizens National Bank 1 and 4. Leominster— Wolfeboro—Wolf eboro National Bank 1 and 4. Leominster National Bank I to 4. Merchants National Bank 1 to 7 and 9. RHODE ISLAND. Lowell— Appleton National Bank Ito9. Newport—Aquidneck National Bank 1 to 4. Old Lowell National Bank 1. Providence—National Bank of Com- Ito9. Lynn— merce. Central National Bank. 1 to 8. Manufacturers National Bank Ito9. VERMONT. National City Bank 1 to 5 and 7. Marlboro— Barre—Peoples National Bank 1 to 9. First National Bank Ito4. Bellows Falls—National Bank of Bel- Ito3. Peoples National Bank Ito9. lows Falls. Methuen—National Bank of Methuen Ito8. Bennington— Milford—Home National Bank Ito4. County National Bank Ito9. New Bedford— The First National Bank 1 to 9. First National Bank Ito9. Brandon—First National Bank Ito4. Merchants National Bank ,.. Ito9. Brattleboro— Newburyport—Merchants National Ito8. Peoples National Bank Ito9. Bank. Vermont National Bank 1 to 8. North Adams—North Adams Na- 1 to 9. Montpelier—First National Bank Ito4. tional Bank. Poultney—Citizens National Bank... Ito4. Northampton—N orthampton Ito9. Rutland—Baxter National Bank 4. National Bank. St. Albans—Welden National Bank.. 1 to 4. Pittsfield— Springfield—First National Bank 1 to 4. Agricultural National Bank Ito9. Windsor—State National Bank Ito3. Pittsfield National Bank Ito4. Plymouth—Plymouth National Bank 1 to 4. DISTRICT NO. 2. Provincetown—First National Bank. Ito9. Reading—First National Bank Ito4. CONNECTICUT. Salem—Merchants National Bank Ito9. Shelburne Falls—Shelburne Falls 1 to 7 and 9. (See also District No. 1.) So i u v t a h t b io ri n d a g i e J — tsa S nK ou . thbridge National Ito9. Brid C ge it p y o . r N t— ational Bank 1 to 9. Bank. Springfield— Connecticut National Bank Ito9. Chapin National Bank Ito9. First Bridgeport National Bank.. Ito9. Chicopee National Bank 1 to 9. Danbury— Springfield National Bank Ito8. City National Bank Ito9. The Third National Bank Ito9. Danbury National Bank 1 to 9. Tisbury—Martha's Vineyard National Ito8. Greenwich—GreenwichNationalBank 1 to 9. Bank. Norwalk—National Bank of Nor- Ito4. Turners Falls—Crocker National 1 to 7 and 9. walk. Bank. Ridgefield—First National Bank Ito9. Uxbridge—Blackstone National Bank 1 to 4, South Norwalk— City National Bank. Ito4. Wareham—National Bank o i Ware- Ito4. Stamford—First-Stamford National 1 to 9. ham. Bank. Watertown—Union Market National Ito4. Bank. NEW JERSEY. Webster—First National Bank Ito4. Woburn—Woburn National Bank... 1, 2, Z, 6, 7, (See also District No. 3.) Worcester— and 9. Allentown—Farmers National Bank- 1 to 9. '• Mechanics National Bank Ito4. Arlington—First National Bank Ito9. Merchants National Bank ,. 1 to 9. Asbury Park—Merchants National Ito9. Yarmouthport—First National Bank. Ito9. Bank. Atlantic Highlands—Atlantic High- 1 to 3. NEW HAMPSHIRE. lands National Bank. Belleville—Peoples National Bank... Ito9. Berlin—City National Bank 1. Belvidere—Belvidere National Bank. 1 to 8. Claremont—Claremont National Bank Ito4. Bloomfield—Bloomfield National Ito4. Conc F o i r r d s — t National Bank Ito9. Bo B o a n n to k n—Boonton National Bank... Ito9. Mechanicks National Bank 1 and 4. Bound Brook—First National Bank.. Ito4. National State Capital Bank 1 and 4. Butler—First National Bank Ito9. Dover- Clifton—First National Bank Ito9. Merchants National Bank Ito3. Cranbury—First National Bank Ito4. Strafford National Bank Ito4. Dover—National Union Bank Ito4. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

216 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. Powers Powers granted. granted. DISTRICT NO. 2—Continued. DISTRICT NO. 2—Continued. NEW JERSEY—continued- NEW YORK—continued. Elizabeth- Ballston Spa—Ballston Spa National Ito9. National State Bank 1 to 7 and 9. Bank. Peoples National Bank Ito9. Bath—Bath National Bank Ito9. Frenchtown—Union National Bank.. 1 and 4. Binghamton— Garfield— First National Bank Ito9. Citv National Bank Ito9. Hoboken— First National Bank Ito9. First National Bank Ito4. Brooklyn- Second National Bank Ito9. First National Bank Ito9. Jersey City- Nassau National Bank Ito9. First National Bank Ito9. Buffalo—Manufacturers & Traders 1 to 9. Hudson County National Bank.. Ito9. National Bank. Merchants National Bank.. Ito9. Canandaigua—Canandaigna National Ito9. Lambertville—Lambertville National Ito9. Bank. Bank. Canton- Long Branch—Citizens National Ito9. First National Bank 1 to 9. Ly B n a d n h k u . rst—First National Bank Ito9. St B . a L n a k w . rence County * * National 1 to 3, 5 to S. Montclair—First National Bank Ito9. Carthage- Morristown— j Carthage National Bank 1 to 9. First National Bank j Ito9. National Exchange Bank Ito9. National Iron Bank j 1 to 9. Catskill—Catskill National Bank Ito8. Newark— j Cedarhurst—Peninsula National Bank Ito9. Merchants & Manufacturers Na- Ito4. Cohoes—National Bank of Cohoes Ito8. tional Bank. j Clayton—National Exchange Bank.. 4. National Newark & Essex Bank- jIto9. Cooperstown— ing Co. ! First National Bank.. Ito9. National State Bank Ito9. Second National Bank 1 to 8. North Ward National Bank j Ito4. Corning—First National Bank & Ito8. New Brunswick— Trust Co. National Bank of New Jersey Ito9. Cuba- Peoples National Bank Ito9. Cuba National Bank Ito9. Newton- First National Bank Ito9. Sussex National Bank Ito9. Dolgeville—First National Bank Ito9. Merchants National Bank Ito9. Dover Plains—Dover Plains National Ito9. Nutley—First National Bank Ito9. Bank. Orange— Dunkirk- Orange National Bank Ito8. Lake Shore National Bank Ito9. Second National Bank Ito9. Merchants National Bank Ito8. Passaic—Passaic National Bank & Ito9. Edwards—Edwards National Bank.. 4. Trust Co. Elmira— Paterson— { Merchants National Bank Ito7. First National Bank j 1 to 9. Second National Bank Ito9. Paterson National Bank jIto9. Far Rockaway—National Bank of 4 Second National Bank 1 I Ito9. Far Rockaway. Totowa National Bank Ito5,7to9. Fredonia—National Bank of Fre- Ito9. Perth Amboy— donia. City National Bank Ito9. Freeport—Citizens National Bank.... Ito9. First National Bank Ito9. Fulton—Citizens National Bank Ito9. Phillipsburg—Phillipsburg National Ito8. Geneva—Geneva National Bank 4. Bank. Gloversville— Plainfield—City National Bank Ito4. City National Bank I... Ito9. Red Bank- Fulton County National Bank... Ito9. Broad Street National Bank Ito9. Goshen—National Bank of Orange Ito9. Second National Bank Ito9. County. Ridgewood— GranvUTe— Citizens National Bank Ito9. Farmers National Bank 4. First National Bank Ito9. Washington County National 4. Roselle—First National Bank .... Ito9. Bank. Rutherford—Rutherford National Ito4. Hempstead—First National Bank 1 to 9. Bank. Herkimer—Herkimer National Bank. 1 to 8. Somervllle—Second National Bank. Ito4. Hoosick Falls—Peoples National Ito8. South Amboy—First National Bank. Ito9. Bank. South River—First National Bank.. Ito9. Horn ell—Citizens National Bank Ito9. Sussex—Farmers National Bank Ito4. Hudson- Washington—First National Bank.. Ito9. Farmers National Bank Ito9. First National Bank Ito9. NEW YORK. Hudson Falls— Peoples National Bank Ito9. Adams—Farmers National Bank Ito9. Sandy Hill National Bank Ito9. Albany- Ilion- First National Bank 4. Ilion National Bank Ito9. National Commercial Bank & Ito8. Manufacturers National Bank 1 to 9. Trust Co. ! Ithaca—First National Bank Ito9. New York State National Bank.. Ito9. | Jamestown— Amsterdam- 1 American National Bank Ito9. Farmers National Bank Ito9. National Chautauqua County Ito8. First National Bank Ito9. Bank. Auburn— Kingston- Cayuga County National Bank... Ito8. First National Bank of Rondout.. Ito9. National Bank of Auburn... Ito9. Rondout National Bank Ito9. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FIDUCIARY POWERS. 217 Powers Powers granted. granted. DISTRICT NO. 2—Continued. DISTRICT NO. 2—Continued. NEW YORK—continued. i NEW YOEK—continued. Lackawanna—Lackawanua National Ito9. i| Poughkeepsie— Bank. ! Fallkill National Bank I I to 9. Larchmont—Larchmont National 1 to 9. 11 Farmers & Manufacturers Na-S Ito9. Bank. il tionalBank. Little Falls—Little Falls National Ito9. |j Richfield Springs—First National 4. Bank. !| Bank. Lockport— i| Riverhead—Suffolk County National Ito9. National Exchange Bank 1 to 9. I Bank. Niagara County National Bank.. Ito9. I Rockville Center—Nassau County I Ito9. Lowville—-Black River National 1 to 9. i National Bank. Bank. i| Rome—Farmers National Bank ' 1 to 9. Middletown—Merchants National 1 to 9. : Saratoga Springs—Saratoga National 4. Bank. ! Bank. Mineola—First National Bank 4. I Southampton—First National Bank. 1 to 8. Morristown—Frontier National Bank | 4. j Spring Valley—First National Bank. 1 to 9. Mount Kisco—Mount Kisco National |1 to 9. !| Stapleton—Richmond Borough Na- 4. Bank. il tion Bank. Mount Vernon—First National Bank. 1 to 8. \ j Suffern—Suffer n National Bank 1 to 9. Newburgh— II Syracuse—Liberty National Bank....j 1 to 9. Highland National Bank 1 to 9. I Tarry town—Tarrytown National 1 to 3. 5 to 9. National Bank of Newburgh Ito9. il Bank. Quassaick National Bank 1 to 9. || Troy- New Rochelle—National City Bank.. Ito9. j j Manufacturers National Bank 1 to 9. New York- ji Union National Bank 1 to 9. American Exchange National 1 to 9. i Utica— Bank. j | Oneida National Bank Ito9. Bronx National Bank 4. !! Utica City National Bank 1 to 9. Chase National Bank.. — 1 to 9. 1 Walton—First National Bank. Ito9. Chatham & Phenix National 1 to 9. I j Warsaw—Wyoming County National 1 to 9. Bank. ii Bank. Chemical National Bank ; 1 to 9. Waverly—First National Bank 1 to 9. Coal & Iron National Bank 1 to 9. Watertown— First National Bank 1 to 9. Jefferson County National Bank.. 1 to 9. Garfield National Bank.. 1 to 9. Watertown National Bank 1 to 8. Gotham National Bank.. Ito9, Wellsville—Citizens National Bank.. 1 to 9. Hanover National Bank. Ito8. Westfield—National Bank of West- I 4. Harriman National Bank 1 to 9. field. ! Irving National Bank Ito9. !| Yonkers—First National Bank I 1 to 9. Mechanics & Metals National Bank 1 to 9. j Merchants National Bank 1 to 9. DISTRICT NO. 3. | National American Bank of New 1 to 9. York. DELAWARE. j National Bank of Commerce 1 to 8. National City Bank 1 to 9. Dover—First National Bank 1 to 9. National Park Bank. 1 to 9. Laurel—Peoples National Bank 1 to 8. Public National Bank 1 to 9. Milford—First National Bank 1 to 9. Seaboard National Bank 1 to 9. Seaford—First National Bank 1 to 8. North Tonawanda—State National j 1 to 9. Smyrna—Fruit Growers National 1 to 4,6 to 9. Bank. j Bank. Norwich— j Wilmington—Central National Bank. 1 to 9. Chenango National Bank ! 1 to 8. National Bank of Norwich....... iIto9. NEW JERSEY. Nyack—Nyack National Bank 1 to 9. Ogdensburg—National Bank of Og- Ito8. (See also District No. 2.) densburg. Olean—Exchange National Bank Ito9. Atlantic City- Oneida—Oneida Valley National Ito9. Atlantic City National Bank Ito4. Bank. Chelsea National Bank 1 to 9. Oneonta— Union National Bank 1 to 3. Citizens National Bank Ito9. Bordentown—First National Bank... 1 to 9. Wilber National Bank 1 to 9. Burlington—Mechanics National 1 to 9. Ossining—Ossming National Bank... 1 to 9. Bank. Oswego—Second National Bank...... Ito9. Camden—Nat ional State Bank 1 to 9. Ovid—First National Bank 4. Cape May—Merchants National 4. Peekskill— Bank. * Peekskill National Bank Ito9. Collingswood—Collingswood National 1 to 9. Westchester County National Ito9. Bank. Bank. Elmer—First National Bank 1 to 9. Plattsburg— Glassboro—First National Bank 1 to 9. Merchants National Bank 1 to 9. Haddonfield—Haddonfield National 1 to 9. Plattsburg National Bank & I to 5,7to 9. Bank. Trust Co. Medford—Burlington County Na- 1 to 9. Port Chester—First National Bank... 1 to 9. tional Bank. Port Henry—Citizens National Bank. 1 to 9. Merchantville— First National Bank.. 1 to 9. Port Jervis- Millville—Millville National Bank.... 1 to 9. First National Bank 1 to 9. Mount Holly—Mount Holly National 1 to 8. National Bank of Port Jervis Ito9. Bank. Potsdam—Citizens National Bank... 1 to 9. Ocean City—First National Bank 1 to 7 and SL Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

218 ANNUAL, REPORT OF THE FEDERAL RESERVE BOARD. Powers Powers granted. granted. DISTRICT NO. 3—Continued. DISTRICT NO. 3—Continued. NEW JERSEY—continued. PENNSYLVANIA—continued. | Princeton—First National Bank Ito4. Lock Haven—First National Bank... 1 to 9. 1 to 9. Mahanoy City- Riverton—Cinnaminson National First National Bank 1 to 9. Salem— Union National Bank 1 to 8. City National Bank 1 to 9. Manheim—• Salem National Banking Co Ito9. Keystone National Bank 1 to 9. Swedesboro—Swedesboro National 1 to 9. Manheim National Bank 1 to 9. Bank. Marietta—Exchange National Bank.. 1 to 4. Trenton- Maytown—Maytown National Bank. 1 to 4. Broad Street National Bank Ito4. Mechanicsburg—Ffrst National Bank. 1 to 9. First National Bank Ito9. Mount Carmel— Mechanics National Bank Ito9. First National Bank 1 to 9. Ventnor City—Ventnor City National Ito9. Union National Bank 1 to 9. ' Bank. Mount Joy- Woodbury—First National Bank Ito9. First National Bank 1 to 9. Woodstown—Woodstown National 1 to 9. Union National Mount Joy Bank 1 to 9. Bank. Mountville—Mountville National 1 to 4. PENNSYLVANIA. Bank. Myerstown—Myerstown National 1 to 4. (See also District No. 4.) Bank. ' ! Nanticoke—First National Bank | 1 to 4. Allentown— Nazareth—Nazareth National Bank.. 1 to 9. Allentown National Bank 1 to 9. New Holland—New Holland 1 to 5 and 9. Merchants National Bank Ito8. National Bank. Ambler—First National Bank Ito9. Newton—First National Bank | 1 to 7 and 9. Annville—Annville National Bank... 1 to 4. Newville—First National Bank 1 to 4. Ashland—The Ashland National 1 to 9. Northampton—Cement National 1 to 8. Bank. Bank of Siegfried, Atgien—Atglen National Bank 1 to 3. Oxford—National Bank of Oxford.... 1 to 9. Belleville—Belleville National Bank... Ito3. Patton—First National Bank | 1 to 4. Bethlehem— Pen Argyl—First National Bank | 1 to 4. Bethlehem National Bank Ito9. Philadelphia- Lehigh Valley National Bank... 1 to 8. Bank of North America 1 to 9. Bloomsburg—Bloomsburg National 1 to 9. Broad Street National Bank 1 to 7. Bank. Central National Bank. 4. Blossburg—Miners National Bank 1 to 4. Corn Exchange National Bank... 1 fro 9. Boyertown— Eighth National Bank 1 to 9. Farmers National Bank 1 to 9. Fourth Street National Bank 1 to 9. , National Bank of Boyertown Ito9. Market Street National Bank 1 to 7 and 9. Catasauqua—National Bank of Cata- 1 to 9. National Bank of Commerce 1 to 9. sauqua. National Bank of Germantown... 1 to 8. Chester—First National Bank Ito9. Ninth National Bank 1 to 9. Clearfield— Penn National Bank 1 to 9. Clearfield National Bank Ito9. Philadelphia National Bank I 1 to 9. County National Bank 1 to 9. Quaker City National Bank 1 to 9. Danville—First National Bank 1 to 3. Second National Bank 1 to 9. Du Bois— Southwark National Bank 1 to 8. Deposit National Bank Ito9. Southwestern National Bank 1 to 8. Du Bois National Bank 1 to 4. Textile National Bank 1 to 9. East Stroudsburg—Monroe County 1 to 9. Third National Bank | 4. National Bank. Tradesmen's National Bank : 1 to 9. Emaus—Emaus National Bank 1 to 9. Union National Bank 1 to 8. Emporium—First National Bank Ito9. Philipsburg—Moshannon National 1 to 9. Ephrata— Bank. Ephrata National Bank 1 to 9. Pittston—First National Bank j 1 to 9. Farmers National Bank Ito9. Port AHegany—First National Bank.' 1 to 9. Gettysburg—First National Bank 1 to 9. Pottstown— . Greenc'astle—First National Bank— 1 to 9. National Bank of Pottstown | 1 to 9. Harrisburg—Merchants National 1 to 4. National Iron Bank { 1 to 9. Bank. Reading— Hazleton— Penn National Bank 1 to 4. First National Bank 1 to 9. Reading National Bank. ! 1 to 9. Hazleton National Bank 1 to 9. Red Lion—Red Lion First National j 1 to 9. Hones dale—Honesdale National Ito9. Bank. J Bank. Scranton—Third National Bank 1 to 9. Huntingdon- Shickshinny—First National Bank... 1 to 3,5 to 8. First National Bank : 1 to 9. Spring City—National Bank of Spring 1 to 9. Union National Bank Ito8. City. Johnstown—First National Bank 1 to 8. Stroudsburg— Lancaster— First National Bank. 1 to 9. Conestoga National Bank Ito9. Stroudsburg National Bank 1 to 9. Fulton National Bank Ito9. Sunbury—First National Bank 1 to 9. Lancaster County National Bank. 1 to 9. Tamaqiia—Tamaqua National Bank. 1 to 9. Lansdale—First National Bank 1 to 9. Tioga—Grange National Bank 1 to 4. Lebanon- Topton—National Bank of Topton... 1 to 4. First National Bank 1 to 9. Towanda—Citizens National Bank... 1 to 9. Lebanon National Bank Ito9. Tyrone—Farmers & Merchants Na- 1 to 9. Lehighton—Citizens National Bank.. 1 to 9. tional Bank. | Lititz—Farmers National Bank 1 to 4. Waynesboro—Citizens National Banki i to 9. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

219 FIDUCIARY POWEBS. Powers Powers granted. granted. DISTRICT NO. 3—Continued. DISTRICT NO. 4—Continued. PENNSYLVANIA—-continued. OHIO—continued. West Chester- Coshocton—Commercial National! 1, 4, and 9. First National Bank 1 to 9. Bank. I National Bank of Chester County. Ito9. Dayton— j West Grove—National Bank of West 1 to 4. Merchants National Bank & 1, 4, and 9. Grove. Trust Co. Wilkes-Barre— Winters National Bank 1, 4, and 9. Second National Bank Ito9. East Liverpool—First National Bank. 1 to 7 and 9. Wyoming National Bank Ito9. Fostoria—Union National Bank | 1 to 7 and 9. Williamsport— Galion—Citizens National Bank j 1,4, and 9. First National Bank 1 to 9. Hamilton—First National Bank j 1,4, and 9. Lycoming National Bank Ito9. Hillsboro—Merchants National Bank, j1 to 7 and 9. West Branch National Bank 1 to 4. Lebanon—Lebanon National Bank j 1, 4, and 9. Williamsport National Bank 1 to 9. & Trust Co. Wrightsville—First National Bank.. 1 to 9. Lorain—National Bank of Commerce. 1 to 7 and 9. York- Mansfield—Citizens National Bank...: 4. First National Bank 1 to 9. Marietta— ! Industrial National Bank of West 1 to 4. Central National Bank | 1,4, and 9. York. Citizens National Bank | 1 to 7 and 9. Western National Bank 1 to 9. First National Bank 1,4, and 9. Marion—National City Bank & Trust 1 to 7 and 9. DISTRICT NO. 4. Co. Massillon—Merchants National Bank. 1,4, and 9. KENTUCKY. New Philadelphia—Citizens National 1 to 7 and 9. Bank. (See also District No. 8.) Painesville—Painesville National 1 to 7 and 9. Bank. Ashland— Piqua— Ashland National Bank 1 to 5, 7 to 9. Citizens National Bank 1 to 9. • Second National Bank 1 to 5, 7 to 9. Piqua National Bank 1 to 7 and 9. Brooksville—First National Bank 1 to 4. Ravenna—Second National Bank 1, 4, and 9. Lexington—Phoenix National Bank Ito9. St. Clairsville—First National Bank. .| 1 to 7 and 9. & Trust Co. Sandusky—Third National Exchange !Ito9. Mount Sterling- Bank. * I National Bank of Mount Sterling- 1 to 4. Springfield—Mad River National 1 to 7 and 9. Traders National Bank Bank. | Newport- 1 to 5, 7 to 9. Steubenville—National Exchange j 1 to 7 and 9. American National Bank 1 to 5, 7 to 9. Bank & Trust Co. Newport National Bank 1 to 5,7 to 9. Tiffin- Paris—First National Bank Ho 5,7 to 9. Commercial National Bank 1 to 7 and 9. Pin^ville—Bell National Bank 1 to 5, 7 to 9. Tiffin National Bank 1 to 7 and 9. Richmond—Madison National Bank 1 to £, 7 to 9. Toledo—Northern National Bank 4. & Trust Co. Troy- Somerset—Farmers National Bank... 1 to 5,7 to 9. First National Bank 1 to 7 and 9. Williamsburg—First National Bank. 1 to 4. Troy National Bank 1 to 7 and 9. Winchester—Clark County National 1 to 5, 7 to 9. Warren—Western Reserve National 1 to 7 and 9. Bank. Bank. OHIO. Wilmington—Clinton County 1 to 7 and 9. Akron— National Bank & Trust Co. First Second National Bank 1, 4, and 9. Youngstown— National City Bank 1, 4, and 9. Commercial National Bank 1 to 7 and 9, Ashtabula—National Bank of Ashta- 1 to 7 and 9. First National Bank 4. bula. Zanesville— Athens— First National Bank 1,4, and 9. Athens National Bank 1 to 7 and 9. Old Citizens National Bank 1 to 7 and 9. Bank of Athens. N. B. A 1 to 7 and 9. Bellaire— First National Bank 1, 4, and 9. PENNSYLVANIA. Cadiz—Fourth National Bank 1 to 7 and 9. Canton—First National Bank 4. (See also District No. 3.) Cincinnati— Atlas National Bank 1, 4, and 9. Blairsville—First National Bank I to 9. Citizens National Bank & Trust 1 to 7 and 9. Butler- Co. Farmers National Bank 1 to 9. Fifth-Third National Bank i 1, 4, and 9. Merchants National Bank 1 to 9. First National Bank. 1 to 7 and 9. Ellwood City—First National Bank.. Ito9. Second National Bank 1 to 7 and 9. Erie—First National Bank Ito9. Cleveland- Franklin—Lambert on National Bank j1 to 9. Brotherhood of Locomotive En- Ito9. Greensburg—First National Bank Ito9. gineers Co-operative National Greenville—First National Bank Ito4. Bank of Cleveland. Grove City— Central National Bank, Savings 1 to 7 and 9. First National Bank Ito9. & Trust Co. Grove City National Bank Ito9. National City Bank 1 to 7 and 9. Meadville—New First National Bank. 1 to 5,7 to 9. Union Commerce National Bank. 1 to 7 and 9. Monessen—Peoples National Bank... Ito8. Columbus- New Brighton—Union National Bank Ito9. City National Bank 1 to 7 and 9. New Castle—First National Bank 1 to 9. Commercial National Bank 4. New Kensington—First National ltoS. Huntington National Bank Ito7. Bank. Ohio National Bank 1 to 7 and 9. Oakmont—First National Bank 1. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

220 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. Powers Powers granted. granted. DISTRICT NO. 4—Continued, j DISTRICT NO. 5—Continued. PENNSYLVANIA—continued, j NORTH CAROLINA. Oil City—Oil City National Bank.... | 1 to 9. Asheville—American National Bank. 1 to 9. Pittsburgh— | Charlotte- Bank of Pittsburgh, N. A jIto9. Charlotte NationalBank 1 to 9. Diamond National Bank j 1 to 9. Commercial National Bank 1 to 9. Duquesne National Bank I 1 to 9. Merchants & Farmers National l to 9. Farmers' Deposit National Bank. 4 and 9. Bank. First National Bank Ito9. Union National Bank 1 to 9. Monongahela National Bank 4. Durham—First National Bank ] to 9. National Bank of America at 1 to 4. Elizabeth City—First & Citizens l to 9. Pittsburgh. National Bank. Second National Bank of Alle- Ito9. Goldsboro—Wayne National Bank... 1 to 9. gheny. Graham—National Bank of Ala- 1 to 9. Third National Bank Ito9. mance. Union National Bank j Ito9. High Point—Commercial National l to 4. Western National Bank j Ito9. Bank. Punxsutawney—Punxsutawney Na- j Ito9. Mooresvilie—First National Bank 1 to 9. tional Bank. j New Bern—National Bank of New 1 to 4 Sharon- Bern. First National Bank j Ito9. Oxford—First National Bank 1 to 4 McDowell National Bank j Ito4. Raleigh- Titusville—Second National Bank...! Ito9. Citizens National Bank j 1 to 9. Warren—Warren National Bank j Ito9. Commercial National Bank j l to 9. Washington—• j Rocky Mount—Planters National 1 to 9. Citizens National Bank | 1, 2, 3, 5, 6 Bank. | | 7, and 9. Winston-Salem—Farmers National | 1 to 9. First National Bank j 1 to 9. Bank & Trust Co. i Waynesburg—Citizens National Bank; 1 to 9. Zelienople—Peoples National Bank.. j 1 to 4. SOUTH CAROLINA. I WEST VIRGINIA. j Charleston— Atlantic National B ank Ito9. (See also District No. 5.) j Commercial National Bank 1 to 9. Peoples National B ank _... 1 to 4. Elm Grove—First National Bank j 1 to 9. Columbia—National Loan & &x- Ito9. New Cumberland—First National i 1. change Bank. Bank. ; Elloree—First National Bank 1 to 9. Sistersvillc—Union National Bank... j 1 to 9. Greenville— Wheeling—National Bank of West ;1 to 9. First National Bank 1 to 9. Virginia. < Norwood National Bank 1 to 9. Peoples Nationai Bank 1 to 4. DISTRICT NO. 5. j Woodside National Bank 1 to 9. * Holly E 111—First National Bank 1 to 3, 5 to 9 DISTRICT OF COLUMBIA.- ; Lake City—Farmers & Merchants 1 to 4. National Bank. Washington- Orangeburg—i^disto National Bank.. 1 to 9. Commercial National Bank 1. Rock Hill—National Union Bank 1 to 9. Farmers & Mechanics National Ito8. Spartanburg— Bank of Georgetown. Central National B ank 1 to 4. Federal-American National Bank Ito8. First National Bank 1 to 9. Lincoln National Bank 1 to 8. National Bank of Washington 1 to 4. VIRGINIA. National Metropolitan Bank Ito8. Riggs National Bank Ito8. Abingdon—First National Bank 1 to 9. Second National Bank 1 to 8. Alexandria- Citizens National B ank 1 to 4. MARYLAND. First National Bank 1 to 4. Appalachia—First National B ank 1. Baltimore- Charlottesville— Drovers & Mechanics National Ito9. National Bank of Charlottesville. 1 to 4. Bank. Peoples National Bank 1 to 9. Farmers & Merchants National 1 to 9. Chase City—First National Bank 1 to 9. Bank. Chatham—First National B ank 1 to 3. Merchants National Bank Ito9. Clifton Forge- National Bank of Baltimore Ito9. Clifton Forge National Bank 1 to 4. Western National Bank Ito9. First National Bank 1 to 6, and 9 Cumberland—Second National Bank. Ito9. Covington— Frederick— Citizens National Bank 1 to 4. Farmers & Mechanics National Ito4. Covington National Bank 1 to 4. Bank. Danville- Frederick County National Bank.}1 to 9. American National Bank 1 to 9. Hagerstown—Second National Bank.i Ito9. First National Bank 1 to 9. Hyattsville—First National Bank I Ito4. Emporia—Citizens National Bank 1 to 9. New Windsor—First National Bank.. 1 to 4. Fredericksburg—Planters National 1 to 9. Pocomoke City—Citizens National Ito9. Bank. Bank. i Harrisonburg—First National Bank.. 1 to 3. Rising Sun—National Bank of Rising !Ito4. Leesburg—Peoples National Bank.... 1 to 9. Sun. i Lexington—Rockbridge National 1 to 9. Rockvilie—Montgomery County Na- j1 to 3. Bank. tional Bank. j Martinsville— Peoples National Bank. 1 to 4. Salisbury—Salisbury National Bank.!Ito9. Newport News—First National Bank. Ito4. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FIDUCIARY POWERS. 221 Powers Powers granted. granted. DISTRICT NO. 5-Continued. DISTRICT NO. 6—Continued. VIRGINIA—continued. ALABAMA—continued. Norfolk- Piedmont—First National Bank..... Ito3. National Bank of Commerce Ito4, Selma—City National Bank 1 to 8. Seaboard National Bank 1 to 9. Talladega—Talladega National Bank. Ito4. Petersburg—Virginia National Bank. Ito3. Troy—First National Bank 1. Portsmouth—American National 1. Tuscaloosa— Bank. City National Bank Ito8. Pulaski— First National Bank Ito8. Peoples National Bank Ito9. Pulaski National Bank Ito9. FLORIDA. Richmond- American National Bank Ito4. Bartow—Polk County National Bank 1 to 9. Central National Bank 1 to 9. Bradentown— First National Bank... Ito4. First National Bank Ito9 Brooksville—First National Bank Ito8. Merchants National Bank Ito9. De Funiak Springs—First National Ito4. Roanoke— Bank. American National Bank Ito4. Jacksonville— First National B ank 1 to 9. Barnett National Bank 1 to 4. National Exchange Bank Ito9. Florida National Bank Ito8. Rocky Mount—Peoples National 1 to 4. Miami Beach—Miami Beach First Ito9. Bank. National Bank. South Boston— I Panama City—First National Bank.. Boston National Bank jIto9. St. Augustine—St. Augustine Na- Ito9. Planters & Merchants National Ito4. tional Bank. Bank. | St. Petersburg- Staunton— i Central National Bank & Trust Ito3. Augusta National B ank jIto9. Co. National Valley Bank jIto9. First National Bank Ito4. Warrenton—Farquier National Bank. Ito9. Tampa—First National Bank ltoS. Winchester— West Palm Beach- Farmers & Merchants National iIto9. American National Bank Ito9. Bank. j First National Bank Ito9. Shenandoah Valley National |Ito4. Bank. GEORGIA. Athens- WERT VIRGINIA. Georgia National Bank 1 to 8. National Bank of Athens 1 to 4. (See also District No. 4.) Atlanta- Atlanta National Bank Ito8. Beckley—Beckley National Bank ! 1 to 9. Fourth National Bank 1 to 9. Bluefield— Fulton National Bank Ito9. First National Bank 1 to 9. Barnesville—First National Bank Ito8. Flat Top National Bank 1 to 9. Brunswick—National Bank of Bruns- 1 to 9. Charleston—Charleston National 1 to 9 wick. Bank. j Carrollton—First National Bank Ito9. Clarksburg— j Dalton—First National Bank Ito5. Empire National Bank l to 4. Dawson—Dawson National Bank 1 to3,5to9. Union National Bank 1 to 4. Fitzgerald— Fairmont—National Bank of Fair- Ito9. Exchange National Bank |Ito4. Fa m ir o vi n e t w . —First National Bank 1 to 4. First National Bank j1 to 4, 6, 7, H G u ra n f t t i o n n g — ton F — irst National Bank 1 to 9. ! i! | La B an G k r . a nge—La Grange National |1 a to n d 8 . 9. First National Bank 1 to 9. Louisville—First National Bank Ito9. Huntington National Bank 1 to 9. Macon—Fourth National Bank Ito4. Madison—Madison National Bank 1 to 4. Quitman— First National Bank Ito8. Martinsburg—Old National Bank 1 to 9. Winder—Winder National Bank Ito9. Parkersburg—Parkersburg National 1 to 9. Bank. LOUISIANA. St. Marys—First National Bank I 1 to 9. Welch—First National Bank j 1 to 9. (SeealsoDistrictNo.il.) DISTRICT NO. 6. Crowley—First National Bank of Ito7. Acadia Parish. ALABAMA. Lake Charles—Calcasieu National 1 to 4, 6, 7, Bank of Southwest Louisiana. and 9. Anniston— j New Orleans—Whitney-Central Na- Ito9. Anniston National Bank j 1 to 7 and9. tional Bank. Commercial National Bank | l to 5, 7, j and 9. MISSISSIPPI. First National Bank ! 1 to 8. Athens—First National Bank j 1. (See also District No. 8.) Bessemer—First National Bank in j 1 to 8. Bessemer. } Biloxi—First National Bank Ito4. Birmingham—First National Bank... 1 to 9. Canton—First National Bank Ito4. Cullman—Leeth National Bank | 1 to 4. Gulfport—First National Bank Ito8. Florence—First National Bank I 1 to 8. Laurel— Gadsden—First National Bank.. Ito3. Commercial National Bank & Ito9. Mobile—First National Bank.. Ito8. Trust Co. Montgomery—First National Bank.. Ito9. First National Bank Ito9. Oxford—First National Bank ito8. Meridian—First National Bank I to 8. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

222 ANNUAL, REPORT OF THE FEDERAL -RESERVE BOARD. Powers Powers granted. granted. DISTRICT NO. 6—Continued. DISTRICT NO. 7—Continued. TENNESSEE. ILLINOIS—continued, j I (See also District No. 8.) Marengo—First National Bank 1 to 9. Marseilles—First National Bank 1 to 4. Copperhill— First National Bank of 1 to 3, 5 to 8. Mattoon—National Bank of Mattoon. 1 to 3. Polk County. Monticello—First National Bank 1 to 9. Dickson—Citizens National Bank 1 to 8. Moweaqua—First National Bank 1 to 3. Fayetteville—Elk National Bank 1 to 3 and 5. Ottawa—National City Bank 1 to 9. Greenville—First National Bank 1 to 9. Peoria— Johnson City—Tennessee National 1 to 9. Central National Bank 1 to 9. Bank. Commercial National Bank 1 to 8. Kingsport—First National Bank 1 to 7 and 9. Merchants & Illinois National 1 to 9. Knoxville— Bank. City National Bank 1. Princeton—Citizens National Bank... 1 to 3, 5 to 8. Union National Bank 1 to 7 and 9. Rockford— McMinnville—Peoples National Bank. 1 to3,5to8. Manufacturers National Bank 1 to 9. Nashville^- Rockford National Bank 1 to 4. American National Bank Ito9. Swedish-American National Bank 1 to 9. Broadway National Bank Ito4. Third National Bank. 1 to 8. Fourth & First National Bank Ito8. Savanna—First National Bank 1 to 8. Tennessee-Hermitage National Ito4. Waukegan—Waukegan National 1 to 9. Bank. Bank. INDIANA. DISTRICT NO. 7. (See also District No. 8.) Batesville—First National Bank 1 to 4. (See also District No. 8.) Bloomington—First National Bank.. 1 to 7 and 9. Brazil- Aurora— Citizens National Bank 1 to 7. First National Bank 1 to 9. First National Bank 1 to 4. Merchants National Bank Ito9. Riddell National Bank 1 to 9. Old Second National Bank 1 to 9. Brookville— Batayia—Batavia National Bank Ito9. Franklin County National Bank. 1 to 4. Belvidere— National Brookville Bank 1 to 4. First National Bank Ito8. Cambridge City—First National Bank 1 to 8. Second National Bank 1 to 4. Clay City—First National Bank j 1 to 9. Bushnell—First National Bank 1 to 9. Columbia City—First National Bank. 1 to 9. Cambridge—Farmers National Bank. 1 to 9. Crawfordsville— Canton— Citizens National Bank 1 to 4. Canton National Bank Ito9. Elston National Bank 1 to 8. First National Bank 1 to 8. Dana—First National Bank 1 to 3. Casey—First National Bank Ito4. Delphi—Citizens National Bank 1 to 9. Charleston—National Trust Bank 1 to 9. Dublin—First National Bank 1 to 3. Chicago— Dyer—First National Bank 1 to 4, Calumet National Bank 1 to 9. Edinburg—Farmers National Bank.. 1 to 4. Corn Exchange National Bank 4. Elkhart—First National Bank 1 to 9. First National Bank of Englewood 1 to 4. El wood—First National Bank 1 to 8. Lawndale National Bank 1 to 9. Fort Wayne- Live Stock Exchange National Ito9. First National Bank. 1 to 8. Bank. Old National Bank.. 1 to 9. National Bank of the Republic... \1 to 9. Frankfort—American National Bank. 1 to 8. National City Bank Ito9. Franklin—Franklin National Bank... 1 to 4. Chillicothe—First National Bank 1 to 9. Goshen—City National Bank 1 to 9. Danville— Greencastle—First National Bank.... 1 to 9. First National Bank 1 to 9. Hammond—First National Bank.... 1 to 4. Palmer National Bank Ito9. Indiana Harbor—Indiana Harbor 1 to 9. Second National Bank 1 to 8. National Bank of East Chicago. Decatur— j Indianapolis— I Citizens National Bank ,..! 1 to 9. Fletcher American National Bank ' 1 to 7 and 9. Milliken National Bank !Ito4. Indiana National Bank of 1 to 9. National Bank of Decatur !Ito4. Indianapolis. | Dixon—Dixon National Bank i Ito9. Kokomo— I Elmhurst—First National Bank I Ito9. Citizens National Bank j 1 to 1. El Paso— ! Howard National Bank 1 to 9. First National Bank ! 1 to 9. La Porte—First National Bank 1 to 4. Woodford County National Bank. |1 to 9. Liberty—Union County National , 1 to 3. Freeport— j Bank. I First National Bank ' 1 to9. Logansport— ! Second National Bank |1 to 9. City National Bank I 1 to 8. Galesburg— ; First National Bank. ! 1 to 8. First National Bank j 1 to 9. Lowell—First National Bank in j 1 to 7. Galesburg National Bank i 1 to 9. Lowell. | Henry—First National Bank !1 to 7. Marion— I Joliet— First National Bank. I 1 to 4. First National Bank Ito4. Marion National Bank 1 to 9. Joliet National Bank Ito9. Martinsville—First National Bank.. Ito7. Will County National Bank.... Ito9. Michigan City—Merchants National 1 to 9. Kankakee—City National Bank.... Ito4. Bank. Kewanee—First National Bank 1 to 9. Mishawaka—First National Bank 1 to 4. La Salle—La Salle National Bank.. Ito4. Monrovia—First National Bank 1 to 4. Macomb—Union Savings Bank 1 to 9. Monterey—First National Bank......' 1 to 3,5 to 9. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FIDUCIARY POWERS. 223 Powers Powers granted. granted. DISTRICT NO. 7—Continued. DISTRICT NO. 7—Continued, INDIANA—continued. io w A—continu ed. Montpelier—First National Bank 1 to 9. | Hampton—Citizens National Bank... 1 to 9. Muncie—Delaware County National 1 to 9. Hawarden—First National Bank 1,2,3,5 to 8. Bank. Humboldt—First National Bank 1 to 4. New Carlisle—First National Bank... Ito3. Independence—First National Bank. Ito4. Peru—First National Bank 1 to 9. Indianola—First National Bank 1 to 3. Richmond- Kanawha—First National Bank. 1 to 3. First National Bank Ito9. Keokuk—Keokuk National Bank 1 to 9. Second National Bank Ito4. LeMars—First National Bank Ito3,5to9 Rochester—First National Bank 1 to 5,7, and Linn Grove—First National Bank... Ito9. 9. Manchester—First National Bank 1 to 4. Rockville—Rockville National Bank. 1 to 4. Marengo—First National Bank 1 to 4. Rushville— Marshalltown—First National Bank.. 1 to 3. Rush County National Bank Ito4. Mason City—First National Bank Ito9. Rushville National Bank.... Ito4. Milford—First National Bank 1 to 3. Russiaville—First National Bank Ito3. Montezuina—First National Bank... Ito4. Shelbyville— Muscatine—First National Bank Ito9. Farmers National Bank 1 to 9. Newell—First National Bank 1 to 9. First National Bank Ito9. New Sharon—First National Bank... 1 to 7. Sheridan- Newton—Clark National Bank 1 to 9. Farmers National Bank 1 to 8. Odebolt—First National Bank 1 to 4. First National Bank Ito4. Oskaloosa—Oskaloosa National Bank. 1 to 3. South Bend— ! Paullina—First National Bank 1 to 7 and 9. First National Bank 1 to 4. Perry—Perry National Bank Ito9. Merchants National Bank Ito9. Peterson—First National Bank 1 to 4. Swayzee—First National Bank j1 to 9. Red Oak—First National Bank Ito4. Terre Haute— | Remsen—First National Bank 1 to 8. First National Bank Ito9. Rippev—First National Bank 1,2,3,5 to 8. Terre Haute National Bank 1 to 9. Rockwell City—Rockwell City Na- Ito9. Thorntown—Home National Bank... 1 to 8. tional Bank. Tipton—Citizens National Bank 1 to 4. ! Royal—Citizens National Bank Ito3. Wabash—Farmers & Merchants 1 to 4. Ruthven—First National Bank 1 to 8. National Bank. • Shenandoah—Farmers National Bank 1 to 9. Whiteland—Whiteland National 1 to 4. ! Sibley—First National Bank |1 to 3. Bank. Sidney—National Bank of Sidney j1 to 9. Whiting—First National Bank 1 to 7. ! Sioux City— Wilkinson—Farmers National Bank.. 1 to 3. 11 First National Bank. 1 to 9. Winamac—First National Bank Ito8. i I Sioux National Bank 1 to 9. |! Sioux Rapids—First National Bank..!1 to 3. IOWA. II Spencer—First National Bank Ito9. Arlington—American National Bank.} ! 1 to 3. 1 i I 1 S t S o t r a m nt o L n a — ke F — ir C st i ti N ze a n ti s o n N a a l t i B o a n n a k l Bank, I 1i t o to 4 . 9. Aurelia—First National Bank |1 to 9. ii Story City—First National Bank Ito4. Bancroft—First National Bank j2, 3, 5 to 7. Washington—Washington National 1 to 8. Boone—First National Bank |1 to 4. Bank. Burlington—Merchants National j1 to 9. Waterloo— Bank. I Commercial National Bank Ito4. e€ dar Rapids— i First National Bank 1 to 7. Cedar Rapids National Bank 1 to 9. Leavitt & Johnson National BankIto4. Merchants National Bank 1 to 4. Waverly—First National Bank Ito4. Charter Oak—First National Bank... 1,2,3, and 5. Webster City- Cherokee—First National Bank 1 to 9. Farmers National Bank 1 to 4. Clarence—First National Bank 1 to 4. The First National Bank 1 to 9. Clinton- City National Bank 1 to 4. MICHIGAN. Merchants National Bank 1 to 5. Colfax—First National Bank 1 to 3, 5 to 9. (See also District No. 9.) Coon Rapids—First National Bank.. Ito3. Council Bluffs- Battle Creek- City National Bank..., Ito8. Central National Bank Ito4. First National Bank. Ito9. City National Bank 1 to 8. Decorah—National Bank of Decorah. Ito9. Old National Bank Ito9. Des Momes—Des Moines National 1 to 8. Bay City—First National Bank 1 to 4. Bank. Benton Harbor—Farmers and Mer- Ito9. Dubuque— chants National Bank. Dubuque National Bank..... Ito9. Birmingham—First National Bank... Ito4. First National Bank 1 to 9. Boyne City—First National Bank 1 to 3. Elkader—First National Bank....... 1 to 9. Detroit—National Bank of Commerce 1 to 8. Everly—First National Bank Ito7. Flint—First National Bank Ito4. Fairfield—First National Bank....... Ito8. Grand Rapids- Fonda—First National Bank Ito4. Grand Rapids National Bank Ito9. Fontanelle—First National Bank 1 to 9. Old National Bank 1 and 4. Gladbrook—First National Bank Ito3. Hillsdale—First National Bank Ito4. Graettinger—First National Bank.... Ito9. Jackson- Greenfield—First National Bank..... 1 to 5, 7 to 9. National Union Bank Ito9. Grinnell— Peoples National Bank Ito9. Citizens National Bank • Ito9. Kalamazoo—First National Bank Ito9. Merchants National Bank • 1,2,3,5 to 7, Lansingand 9. Capital National Bank Ito4. Griswold—Griswold National Bank.. 1 to 7 and 9. City National Bank 1 to 9. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

224 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. Powers Powers granted. granted. DISTRICT NO. 7—Continued. DISTRICT NO. 8—Continued. MICHIGAN—continued. ILLINOIS. Muskegon— (See also District No. 7.) Hackley National Bank 1 to 7 and 9. Union National Bank 1 to 9. . Anna—First National Bank Ito4. Petoskey—First National Bank Ito4. Belleville- Pontiac—National Bank of Pontiac.. j 1 to 9. First National Bank Ito8. Port Huron—First National Bank in 1 to 4. St. Clair National Bank Ito9. Port Huron. Benld—National Bank of Benld 1 to 3,5 to 8. Rochester—First National Bank 1 to 4. Breese—First National Bank Ito9. Saginaw— Second National Bank I 1 to 8. 11 Cairo—Cairo National Bank Ito9. Traverse City—First National Bank.. j 1 to 3. ! I Carlinville—Carlinyille National Bank1 to 9. 11 Carlyle—First National Bank Ito9. WISCONSIN. | !i East St. Louis—Security National Ito9. • i Bank. (See also District No. 9.) I II Edwardsville—Edwardsville Na- 1,2,3,5,6,7, il tional Bank. and 9. Antigo— { j Jacksonville—Avers National Bank.. Ito4, First National Bank. . 1 to 8. 11 Marion—First National Bank Ito9. Langlade National Bank 1 to 3,5 to 8.ji Mascoutah—First National Bank Ito9. Appleton—Citizens National Bank...!. 1 to 9. 11 Metropolis—City National Bank Ito4. Beaver Dam—Old National Bank.... I 1 to 4. !j Mount Carmel—American National Ito9. Clintonviile—First National Bank.... I 1 to 4. 11 Bank. Darlington—First National Bank | 1 to 8. Mount Sterling—First National Bank 1 to 4. Edgerton—First National Bank I 1 to 8. Murphysboro—First National Bank.. Ito8. Fond du Lac— i Nashville- Commercial National Bank...... 1 to 9. Farmers & Merchants National Ito9. First-Fond du Lac National Bank 1 to 8. Bank. Hartford—First National Bank | 1 to 7 and 9. First National Bank Ito9. Janesville—First National Bank 1 to 4. Nokomis—Nokomis National Bank.. Ito3. Manitowoc—National Bank of Mani- 1 to 9. O' Fallon—First National Bank Ito9. towoc. I Pittsfield—First National Bank 1 to 9. Marinette—First National Bank I 1 to 9. Quincy— Milwaukee- Quincy National Bank 1 to 9. Marine National Bank | 1 to 9. Ricker National Bank 1 to 9. National Bank of Commerce j 1 to 9. Sparta—First National Bank 1 to 3, 5 to 7. National Exchange Bank 1 to 9. Vandalia—First National Bank 1 to 8. Monroe—First National Bank 1 to 4. Neenah—National Manufacturers I 1 to 3. INDIANA. Bank. ! Oshkosh—City National Bank ! 1 to 4. (See also District No. 7.) Racine— I , A Fi m rs e t r i N ca a n ti o N n a a t l i o B n a a n l k B . ank I 1 1 t t o o 9 9 . . Bedford—Bedford National Bank ! 1 to 3, 5 to 9. S R h i a p w A o M F n a i m a r — n s n o e t u — r i N f c a W a a c n t t i u i o s N r c n e o a r a n s t l i s o B N in n a a a n t N l i k o B a n t a i a o n l n k B a l a n B k a nk. ; ; I 1 1 1 1 t t t t o o o o 9 8 9 9 . . . . M J E F e a v f i r a f t m c e n N O r h s s e v e l a o r d l i t s n l l i l — b o e v S u — n i t l F r a a l g e t i l • e r — — C s t N i F F t N a y i i r r t a s i s B o t t t i n a o N N n a n l k a a a t t B l i i o o B a n n n a a a k n l l k B B a a n n k k . . . . I I 1 1 I t t t o o o t to o 9 9 4 9 . . 6 . . and 8. Sheboygan—Security National Bank., 1 to 9. Mount Vernon—First National Bank. Ito8. Sparta—Farmers National Bank j 1 to 9. New Albany—New Albany National Ito9 Stevens Point—First National Bank. 1 to 8. Bank. Viroqua--First National Bank 1 to 9. Orleans—National Bank of Orleans.. 1. Waukesha—-National Exchange Bank 1 to 4. Princeton- West Bend—First National Bank 1 to 9. Farmers National Bank 1,2,3 5,6,7, and 9. DISTRICT NO. 8. Peoples American National Bank. Ito8. Seymour- ARKANSAS. First National Bank. Ito9. Seymour National Bank Ito9. Batesville—First National Bank 1 to 7 and 9. Sullivan—National Bank of Sullivan. 1 to 7 and 9. C E o l r D ni o n r g a — do F — ir F st i r N st a N tio at n i a o l n B al a B n a k n . k .. I I t t o o 9 9 . . Tell City—Citizens National Bank.., 1 to 4. Fordyce—First National Bank ) Ito4. Fort Smith- KENTUCKY. First National Bank 1 to 9. Merchants National Bank j Ito9. (See also District No. 4.) Hot Springs— j Arkansas National Bank | Ito9. Bowling Green—American National i 1 and 4. Citizens National Bank i Ito3,5to9. Bank. | Jonesboro—First National Bank j Ito9. Columbia—First National Bank I 1 to 3,5 to 8. Lake ViUage—First National Bank... Ito9. Danville— Little Rock- Citizens National Bank 1 to 9. England National Bank Ito9. Farmers National Bank 1 to 8. Exchange National Bank Ito9. Elizabethtown—First-Hardin Na- 1 to 9. Marianna—Lee County National Ito4. tional Bank. Bank. Glasgow—Farmers National Bank... j 1 to 4. Mena—First National Bank 1. Harrodsburg—First National Bank.. 1 to 9. Newport—First National Bank 1 to 8. Henderson—Henderson National i Ito9. Pine Bluff—Simmons National Bank Ito9. Bank. I Texarkana—State National Bank 1 to 9. Hopkinsville—First National Bank.. i 1 to 9. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FIDUCIARY POWERS. 225 Powers Powers granted. granted. DISTRICT NO. 8—Continued. DISTRICT NO. 9—Continued. KENTUCKY—continued. MINNESOTA—continued. Lawrenceburg— Blooming Prairie—First National l,2,3,and 5. Anderson National Bank . 1 to 3,5 to 9 Bank. Lawrenceburg National Bank... Ito8. Chatneld—First National Bank...... Ito5. Lebanon- Crookston—Merchants National Ito8. Citizens National Bank Ito4. Bank. Marion National Bank Ito4. Duluth— Louisville- American Exchange National Ito8. First National Bank Ito9. Bank. Louisville National Bank 4. City National Bank Ito9. National Bank of Kentucky Ito9. First National Bank Ito8. Mayfield—First National Bank Ito8. Minnesota National Bank Ito9. Morganfield—Morganfield National Ito4. Northern National Bank... Ito9. Bank. Eveleth—First National Bank 1 to 3,5 to 9. Murray—First National Bank j 1 to 9. Fairmont—Martin County National 1 to 9. Paducah— i Bank. City National Bank I Ito9. Faribault—Security National Bank.. Ito9. First National Bank | 1 to 3. Fergus Falls—Fergus Falls National Ito8. Bank. MISSISSIPPI. j Hutchinson—Farmers National Bank Ito9. Lanesboro—First National Bank Ito3. (See also District No. 6.) Little Falls—First National Bank.... It 2» 3, 5, 6, 8, and 9. Greenville—First National Bank 1 to 4. Minneapolis- Greenwood—The First National 1. Metropolitan National Bank Ito9. Bank. Midland National Bank Ito8. MISSOURI. Minneapolis National Bank Ito9. Northwestern National Bank 4. (See also District No. 10.) Northfield—Northfield National I Ito9. Bank. Carroliton—First National Bank 1 to 8. Owatonna— Chillicothe—First National Bank 1 to 9. First National Bank Ito9. Columbia— National Farmers Bank Ito3,5to9. Boone County National Bank 1 to 4. Red Wing- E xchange National Bank 1 to 4. First National Bank Ito9. Hannibal—Hannibal National Bank. 1 to 9. Goodhue County National Bank. Ito9. Jefferson City—First National Bank. 1 to 9. St. Peter—First National Bank Ito8 Kirksville—Citizens National Bank.. 1 to 8. Stillwater—First National Bank Ito9. Ridgeway—First National Bank 1 to 9. Truman—Truman National Bank Ito9. St. Louis- Virginia—American Exchange Na- Ito3,5to8. First National Bank 1 to 4. tional Bank. Merchants-Laclede National 1 to 4. Waseca—Farmers National Bank 1 to 9. Bank. Welcome—Welcome National Bank.. Ito8. National Bank of Commerce 1 to 9. Wells—First National Bank Ito9. Security National Bank Savings 1 to 9. Windom—First National Bank Ito9. & Trust Co. Winona—Winona National Bank Ito9. State National Bank 1 to 9. Sedalia— MONTANA. Citizens National Bank 1 to 4. Billings- Third National Bank 1 to 3,5 to 7. Montana National Bank 1 to 9. Springfield—Union National Bank... 1 to 4. Yellowstone-Merchants National I 1 to 9. Versailles—First National Bank 1 to 3. Bank. J Bozeman—Commercial National | Ito4. TENNESSEE. Bank. j Great Falls—Great Falls National Ito4. (See also District No. 6.) Bank. Kalispell—First National Bank | 1 to 4. Memphis—Central State National 1 to 4. Lewistown—First National Bank j 1 to 7."" Bank. Miles City— J Commercial National Bank j 1 to 9. DISTRICT NO. 9. First National Bank j 1 to 9. Missoula— MICHIGAN. First National Bank 1 to 7 and 9. Western Montana National Bank. Ito8. (See also District No. 7.) NORTH DAKOTA. Manistique—First National Bank Ito4. Menominee—First National Bank 1 It t o o 3 9 . . E B l i l s e m nd ar a c le k — — F F i i r r s s t t N N a a t t i i o o n n a a l l B B a a n n k k I 1 t o an 4 d . 9. Negaunee—Negaunee National Bank. Fargo— First National Bank Ito9. Merchants National Bank Ito9. MINNESOTA. Ito8. Security National Bank Ito9. Albert Lea—First National Bank Ito9. Forman—First National Bank Ito3. 1, 2, 3, 5, 6, Grand Forks—First National Bank. Ito9. Alexandria—First National Bank 7, and 9. Jamestown—James Kiver National 1 to 3, 5 to 7, Argyle—First National Bank Bank. and 9. Austin- Ito9. Minot— Austin National Bank Ito8. Second National Bank Ito9. First National Bank Ito9. Union National Bank 1 to 7 and 9. Bemidji—First National Bank Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

226 ANNUAL REPORT OF THE FEDERAL. RESERVE BOARD. | Powers Powers j granted. granted. DISTRICT NO. 9—Continued. | DISTRICT NO. 10—Continued. | SOUTH DAKOTA. COLORADO—continued. ! Aberdeen—Aberdeen National Bank. 1 to 4. Trinidad— I Arlington—First National Bank...... 1 to 4. First National Bank i 1 to 3. Brookings—First National Bank 1 to 9. Trinidad National Bank..:..:... 1 to 9. Canton—First National Bank . I 1 to 9. Walsenburg—First National Bank... 1 to 9. Colman—First National Bank. 1 to 4. Flandreau—First National Bank 1 to 3. KANSAS. - Lake Preston—First National Bank.. 1 to 4. Rapid City—First National Bank.... 1 to 7 and 9. Anthony—First National Bank | 1 to 4. Sioux Falls— -..'.' Atchison—City National Bank.......j 1 to 9. Minnehaha National Bank 1 to 8. Coffeyville— " | Security National Bank 1 to 4. Condon National Bank j 1 to 3,5 to 9. Sioux Falls National Bank 1 to 8. First National Bank j 1 to 3 and 5. Spearfish—AmericanNational Bank.. 1 to 3. Emporia— ! Vermilion—First National Bank 2 to 9. Citizens National Bank , 1 to 9. Watertown—First National Bank 1 to 9. Commercial National Bank & \ 1 to 9. Webster—First National Bank I 1 to 3. Trust Co. I Fort Scott—Citizens National Bank, .j 1 to 7 and 9. WISCONSIN. Goodland—Farmers National Bank..j 1 to 4. Great Bend—First National Bank.. J 1 to 9. (See also District No. 7.) ' ~p Horton—First National Bank ... j 1 to 4. Hutchinson—First National Bank... i 1 to 4. Ashland— t? Independence—Commercial National i 1 to 9. Ashland National Bank 1 to 9. Bank. j Northern National Bank 1 to 7 and 9. Jewell City—First National Bank I 1 to 3. Barron— First National Bank 1 to 3. Lawrence— j Superior— Lawrence National Bank ! 1 to 8. First National Bank 1 to 7. Merchants National Bank j 1 to 8. United States National Bank 1 to 9. Luray—First National Bank ! 1 to 3. Ottawa—Peoples National Bank | 1 to 4. DISTRICT NO. 10. Pittsburg—National Bank of Com- | 1 to 9. merce. ! COLORADO. Pratt—First National Bank j 1 to 9. Sabetha—National bank of Sabetha.. 1 to 4. Akron—First National Bank 1 to 4. Salina— \ Boulder- Farmers National Bank 1 to 4. Boulder National Bank 1 to 4. National Bank of America i 1 to 9. Citizens National Bank 1 to 7. Topeka—Farmers National Bank : 1 to 4. Canon City—Fremont County Na- 1 to 4. Troy—First National Bank 1 to 3. tional Bank. Wellington—First National Bank j 1 to 9. Center—First National Bank 1 to 4. Wichita— i Colorado Springs- First National Bank I 1 to 9. Colorado Springs National Bank. 1 to 9. Fourth National Bank ' 1 to 9. Exchange National Bank 1 to 9. Winfield—First National Bank : 1 to 9. First National Bank 1 to 9. Craig—Craig National Bank 1 to 9. MISSOURI. i Denver- Colorado National Bank 1 to 9. (See also District No. 8.) ! Denver National Bank 1 to 9. First National Bank 1 to 9. Cameron—First National Bank ! 1 to 3. Hamilton National Bank 1 to 9. Carthage—Central National Bank ; Ito3. Stock Yards National Bank 1 to 9. Joplin—Joplin National Bank. i 1 to 9. United States National Bank 1 to 9. Kansas City— ! Durango—Burns National Bank 1 to 7. Columbia National Bank J 1 to 4 and 9. Eagle—First National Bank of Eagle 1 to 4. Commonwealth National B.ank... j 1 to 7 and 9. County. Continental National Bank & ! Ito9. Englewood—First National Bank 1 to 4. Trust Co. ! Fort Collins- Drovers National Bank \ Ito4. First National Bank 1 to 4. Fidelity National Bank & Trust ; 1 to 9. Fort Collins National Bank .. 1 to 9. Co. | Poudre Valley National Bank 1 to 7 and 9. First National Bank I Ito9. Fort Morgan—First National Bank.. 1 to 4. Gate City National Bank ,.. j 1 to9. Grand Junction—Grand Valley Na- 1 to 9. Interstate National Bank j Ito9. tional Bank. New England National Bank j Ito9. Greeley— King City—First National Bank & I Ito9. First National Bank 1 to 9. Trust Co. Greeley National Bank 1 to 9. Maryville—First National Bank Ito5. Union National Bank 1 to 4. Neosho—First National Bank 1 to 9. Gunnison—First National Bank .. 1 to 9. St. Joseph- Hugo—First National Bank 1 to 3. American National Bank Ito4. Idaho Springs—First National Bank. 1 to 4. Burnes National Bank Ito4. Lamar—Lamar National Bank 1 to 9. Tootle-Lacy National Bank Ito8. Las Animas—First National Bank... 1 to 9. Longmont—American National Bank 1 to 9. NEBRASKA. Loveland— First National Bank 1 to 4,6, and Belden—First National Bank j 1 to 3,5 to 9. 7. Butte—First National Bank 1 to 3. Loveland National Bank 1 to 7. Columbus—First National Bank 1 to 9. Montrose—Montrose National Bank.. 1 to 9. Decatur—First National Bank 1 to 3. Sterling—Logan County National 1 to 9. Emerson—First National Bank 1 to 8. Bank. Lyons—First National Bank 1 to 3. Telluride—First National Bank | 1 to 8. Madison—Madison National Bank... 1 to 7 and 9 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FIDUCIARY POWERS. 227 DISTRICT NO. 10—Continued. NEBRASKA—continued. | Nebraska City—Nebraska Citv Na- I 1 to 9. Rock Springstional Bank. First National Bank Ito8. Norfolk—Norfolk National Bank ! 1 to 3. Rock Springs National Bank 1 to 9. Omaha- Sheridan- First National Bank.. ! 1 to 4. First National Bank 1 to 9. Merchants National Bank 1 to 4. Sheridan National Bank 1 to 3,5 to S United States National Bank i 4. Shoshoni—First National Bank Ito8. Ord—First National Bank. i 1 to 4. Thermopolis—First National Bank. 1 to 9. Pender— First National Bank !• 1, and 3 to 7. Randolph—First National Bank 1 to 9. DISTRICT NO. 11. South Omaha—Stock Yards National 4. Bank. ARIZONA. "Utica—First National Bank 2 and 3. (See also District No. 12.) NEW MEXICO. Nogales—First National Bank.. Ito8. (See also District No. 11.) Tucson— Gallup—FirstNational Bank in Gal- 2 and 3. Arizona National Bank. 1 to 9. lup. Consolidated National Bank 1 to 4. Las Vegas—First National Bank 1 to 9. Raton—First National Bank 1 to 7 and 9. LOUISIANA. Santa Fe—First National Bank 1 to 9. (See also District No. 6.) OKLAHOMA. Shreveport— | (See also District No. 11.) Commercial National Bank 1 to 4. Ada—First National Bank Ito7. First National Bank 1 to 4. Bartlesville—First National Bank 1 to 8. NEW MEXICO. Enid—American National Bank Ito9. (See also District No. 10.) Guthrie—First National Bank 1 to8. Hominy- Albuquerque— i First National Bank 1 to 3,5 to 9. First National Bank i 1 to 7 and 9. National Bank of Commerce 1 to 9. State National Bank 1 to 4. Hooker—First National Bank 1 to 3 and 5. Carlsbad—First National Bank \ 1 to 9. Lawton—City National Bank 1 to 3,5 to 7, Roswell— and 9. Citizens National Bank 1 to 3. McAlester— First National Bank 1 to 3. American National Bank 1. Silver City- First National Bank 1 to 3,5 to 7. American National Bank ; 2 and 3. • Muskogee—First National Bank... 1 to 9. Silver City National Bank ' 1 to 6, 8, Oklahoma City- ; and 9. American National Bank ; 1 to 3,5,7 to TEXAS. ; ! 9. Farmers National Bank 1 to 4. Abilene—Citizens National Bank 1 and 2. First National Bank 1 to 9. Amarillo—First National Bank 1 to 4. Liberty National Bank 1 to 9. Austin—American National Bank Ito3. Security National Bank Ito8. Beaumont—First National Bank { 1 to 4. Southwest National Bank 1 to 9. Bonham—First National Bank ! 1 too. Pond Creek—First National Bank.. 1 to 4. Brenham—First National Bank I 1 to 7 and 9. Sallisaw—First National Bank 1 to 3,5 to 7. Brownsville—Merchants National 1. Shawnee— Bank. National Bank of Commerce... 1 to 3. Brownwood—Citizens National Bank 1 to 9. Shawnee National Bank 1 to 9. Cameron—Citizens National Bank 1 to 9. Tusla— Clarksville—First National Bank I 1 to 3, 5 to 8. Central National Bank Ito9. Colorado—City National Bank 1 to 4. Exchange National Bank 1 and 4. Corsicana—Corsicana National Bank.; 1 to 4. First National Bank 1, 2, 4. Dallas- Woodward—First National Bank.. 2 and 3. American Exchange National 1 to 9. Bank. WYOMING. City National Bank 1 to 9. Dallas National Bank 1 to 9. Basin—First National Bank 1 to 7. National Bank of Commerce 1 to 4. Buffalo—First National Bank 1 to 4. Denison—State National Bank Ito9. Casper- El Paso— Casper National Bank 1 to 4. City National Bank 1 to 9. National Bank of Commerce... 1 to 7. First National Bank ; 1 to 7 and 9. Wyoming National Bank 1 to 4. State National Bank ! 1 to 9. Cheyenne- Fort Worth— I American National Bank 1 to 9. Farmers & Mechanics National ! 2 to 9. Citizens National Bank 1 to 9. Bank. ! First National Bank Ito9. First National Bank I 1,2, and 4. Stock Growers National Bank.. 1 to 9. Fort Worth National Bank 1 to 4. Cody—Shoshone National Bank 1 and 4. Stockyards National Bank j Ito4. Evanston—First National Bank 1 to 3. Galveston—First National Bank { 1 to 4. Kemmerer—First National Bank... 1 to 4. Granger—First National Bank 1 and 2. Laramie—First National Bank Ito3. Greenville—Greenville National Ex- Ito4. Powell- change Bank. First National Bank Ito8. Houston— Powell National Bank 1 to 4. National Bank of Commerce Ito7,9. Rawlins— State National Bank Ito9. First National Bank 1 to 9. Longview—First National Bank Ito3, 5, 8. Digitized for FRRAaSwEliRns National Bank 1 to 3. McKinney—First National Bank Ito4. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

228 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. Powers Powers granted. granted. DISTRICT NO. 11—Continued. DI STRICT NO. 12—Continued. TEX AS—continued. NEVADA. Marshall- First National Bank Ito3. Tonopah—Nevada First National Marshall National Bank 1 to 4. Bank. Orange- OREGON. First National Bank Ito9. Orange National Bank 1 to 9. Ashland—First National Bank 1 to 9. Palestine—Royal National Bank Ito4. Corvallis—First National Bank Ito4. Port Arthur—First National Bank... Ito4. Eugene—First National Bank Ito4. San Angelo— Grants Pass—First National Bank of 1, 2, 3, 5, 6, Central National Bank Ito4. Southern Oregon. 7, and 9. First National Bank 1 to 9. Harrisburg—First National Bank Ito3. San Angelo National Bank. Ito3. Junction City—First National Bank.. 1, 2, 3, 5. 6, San Antonio— 7, and 9. Frost National Bank 1 to 9. !Marshfield—First National Bank of 1 to 9. Lockwood National Bank. Ito9. 1 Coos Bay. National Bank of Commerce 1 to 9. iMedford—Medford National Bank 1 to 9. Sealy—Sealy National Bank Ito4. Milton—First National Bank 1 to 4. Sherman- Ontario—First National Bank 2 and 3. Commercial National Bank.. 1 to 3,5 to 8. Pendleton— Merchants & Planters National 1 to 9. American National Bank Ito4. First National Bank 1 to 4. T St e a x n a t r o k B n a — a n n a F k — . ir T st e x N a a r t k i a o n n a a l Ban N k ational I I t t o o 3 9 . . !l Por F t i l r a s n t d N - ational Bank 1 to 4. United States National Bank Ito9. Tr •j o tR> u oa p nn — iV£. First National Bank 1. Salem—Capital National Bank Ito9. Tyler—Citizens National Bank Ito3. Victoria—Victoria National Bank 1 to 4. ! UTAH. Waco—First National Bank Ito8. Waxahachie—Citizens National Bank. Ito9. Salt Lake City- Wichita Falls— Continental National Bank.. Ito4. Citv National Bank 1 to 9. 1 Deseret National Bank. Ito4. First National Bank Ito9. "WASHINGTON. DISTRICT NO. 12. Bellingham— ALASKA. Bellingham National Bank Ito4. Fairbanks—First National Bank. 1 to 9. First National Bank 1 to 5 and 9. Clarkston—First National Bank Ito9. CALIFORNIA. j Colfax—Farmers National Bank Ito4. Bakersfield—First National Bank Ito9. Ellensburg—Washington National 1 to 3. Calexico—First National Bank 4. Bank. C Fu h l i l c e o r — ton F — irs F t a N rm ati e o r n s a & l B M a e n r k c . hants Na- 4 1 . to 8. j i H Ev o e q r u e i t a t— m— Fi F rs i t r s N t a N ti a o ti n o a n l a B l a B n a k nk I I t to o 9 9 . . Lo ti n o g n a B l e B ac a h n — k. i M Ok o a u n n o t g V an e — rno F n i — rst F N ir a s t t i N on a a ti l o B na an l B k ank. 1 1 t t o o 9 3. . L F o ir n s g t N B a e t a i c o h n a N l a B ti a o n n k al Bank 1 1 t t o o 9 9 . . ! | O Pa r s o c v o i — lle— Fir F s i t r s N t a N ti a o t n io a n l a B l a B nk ank....... 1 It o to 9 . 9. Los Angeles- Port Angeles—First National Bank.. Ito9. Continental National Bank 4. Pullman—First National Bank Ito7. Farmers & Merchants National 1 to 9. Rosalia—Whitman County National 1 to 9. Bank. Bank. MountainView—First National Bank. 4. Seattle- Oakland—Central National Bank Ito9. Dexter Horton National Bank-.. Ito9. Orland—First National Bank 4. First National Bank 1 to 9. P R l e e d a w sa o n o t d on C — ity F — irs F t i N rs a t t N io a n t a io l n B a a l n B k ank 4 1 . to 3, 5, • 7 !• M M a e r tr in o e p o N li a ta ti n o n N a a l t B io a n n a k l Bank I 1 t o to 9 7 . and 9. National Bank of Commerce 1 to 9. of Mateo County. to 9. National City Bank Ito9. Sac C N ra a a m p ti i e o ta n n l t a o N l - B at a i n o k n a o l f B D a . n 0 k . Mills & Co. 1 1 t t o o 9 7 . and 9. \ S S e e a a b tt o le a r N d a N ti a o t n io a n l a B l a B n a k nk 1 1 t t o o 4 9 , . 6, and San A F m ra e n ri c c i a s n c o N - ational Bank 1 and 4. i Union National Bank 1 to 9. Anglo & London Paris National Ito9. ! University National Bank Ito9. Ba B n a k n k o . f California, N. A Ito9. Spok E a x n c e h — ange National Bank Ito9. Sant C a o B un a t r y b a N r a a t - ional Bank & Trust 1 to 9. O Fi l d d e N lit a y t i N on a a ti l o B n a a n l k Bank I I t t o o 9 9 . . Tacoma—National Bank of Tacoma.. Ito9. Sant F a i PV r P J s nO a . t u N la a — tio F n i a rs l t B N a a n t k ional Bank & 1 It o to 9 . 9. T V o a p n p co en u i v s e h r — — Fi r V st a n N c a o t u i v o e n r a l B N a a n ti k onal I 1 t o to 9 . 4. Bank. W x il r m u i s n t g K t / o O n . —First National Bank... 4. Wal B la a W ke a r- ll B a— oyer National Bank Ito9. IDAHO. First National Bank Ito9. Third National Bank 1,3, and 4. Boise B F — i o r i s s t e N C a it ti y o n N a a l t i B o a n n a k l B o a f n I k daho 1 It o to 9 5 . . Y W a e k n im atc a h — ee Y — ak F i i m rs a t N N a a t t i i o o n n a a l l B B a a n n k k — 1 It o to 9 9 . . Hagerman— First National Bank 1. Hailey—Hailey National Bank 1 to 3. HAWAIIAN ISLANDS. Moscow—First National Bank Ito4. Payette—First National Bank Ito9. Honolulu—First National Bank of Ito8. Weiser—First National Bank 1 to 9 1 Hawaii. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ACCEPTANCES TO 100 PER CENT. 229 ACCEPTANCES TO 100 PER CENT. The following banks have been granted authority by the Federal Reserve Board to accept drafts and bills of exchange up to 100 per cent of their capital stock and surplus: DISTRICT NO. 1. Connecticut: I Massachusetts—Continued. Hartford- B ost on—C ont inu ed. Hartford Aetna National Bank. Old Colony Trust Co. Phoenix National Bank. Second National Bank. New Haven—First National Bank. State Street Trust Co. Norwich—Thames National Bank. Webster & Atlas National Bank. Maine: Dedham—Dedham National Bank. Portland- Fall River—Massasoit-Poeasset National Bank, Canal National Bank- Fitch burg—Safety Fund National Bank. Portland National Bank. New Bedford- Massachusetts: First National Bank. Boston— New Bedford Safe Deposit & Trust Co. American Trust Co. Springfield-Springfield National Bank. Beacon Trust Co. Worcester—Merchants National Bank. Commonwealth Trust Co. Rhode Island: First National Bank. Providence— Fourth-Atlantic National Bank. Blackstone Canal National Bank. International Trust Co. Merchants National Bank. Merchants National Bank. National Bank of Commerce. National Shawmut Bank. Providence National Bank. National Union Bank. DISTRICT NO. 2. Connecticut: New York—Continued. Bridgeport- New York City—Continued. Bridgeport Trust Co Corn Exchange Bank. City National Bank. Equitable Trust Co. First National Bank. Farmers Loan & Trust Co. New Jersey: Fifth Avenue Bank. Hoboken—First National Bank. First National Bank. Newark—National Newark & Essex Banking Gar field National Bank. Co. Guaranty Trust Co. New Brunswick—National Bank of New Jer- Harriman National Bank. sey. Importers & Traders National Bank. Paterson— Irving National Bank. Hamilton Trust Co. Lincoln Trust Co. Paterson National Bank. Mechanics & Metals National Bank. .New York: Mercantile Bank of the Americas. Buffalo- National Bank of Commerce. Citizens Trust Co. National f'ity Bank. Manufacturers & Traders National Bank. NationJrfrT ark B ank. New York City- New Netherlands Bank. American Exchange National Bank. New York Trust Co. Bankers Trust Co. Pacific Bank. Bank of America. Seaboard National Bank. Bank of Manhattan Co. U.S. Mortgage & Trust Co. Bank of New York & Trust Co. W. R. Grace & Co.'s Bank. Central Union Trust Co. Utica— Chase National Bank. First National Bank. Chemical National Bank. Utica Trust & Deposit Co. Columbia Trust Co. DISTRICT NO. 3. Pennsylvania: Pennsylvania —C ontinued. Philadelphia- Philadelphia—Continued. Bank of North America. Girard National Bank. Corn Exchange NatioLal Bank. Market Street National Bank. First National Bank. Philadelphia National Bank. Fourth Street National Bank Tradesmen'* National Bank. 28971—23 16 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

230 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. DISTRICT NO. 4. Kentucky: Ohio—Continued. Lexington—Phoenix & Third National Bank. Toledo—Commerce Guardian Trust & Savings Ohio- Bank. Akron—First-Second National Bank. Pennsylvania: Cincinnati— Braddock—First National Bank. Fifth-Third National Bank. Greensburg—First National Bank. Union Savings & Trust Co. Pittsburgh- Cleveland- Bank of Pittsburgh, N. A. Brotherhood of Locomotive Engineers First National Bank. Co-operative National Bank. Mellon National Bank. Central National Bank, Savings & Trust Co. Pittsburgh Trust Co. Cleveland Trust Co. Union National Bank. Guardian Savings & Trust Co. Union Trust Co. Union Trust Co. West Virginia: Columbus— Wheeling—Wheeling Bank & Trust Co. City National Bank. Ohio National Bank. DISTRICT NO. 5. Maryland: South Carolina—Continued. Baltimore— Orangeburg—Edisto National Bank. Baltimore Commercial Bank. Rock Hill—Peoples National Bank. Baltimore Trust Co. Virginia: Citizens National Bank. Danville—First National Bank. Drovers & Mechanics National Bank. Hampton—Merchants National Bank. Fanners & Merchants National Bank. Norfolk- Maryland Trust Co. Citizens Bank. Merchants National Bank. National Bank of Commerce. National Bank of Baltimore. Norfolk National Bank. National Exchange Bank. Seaboard National Bank. National Marine Bank. Virginia National Bank. National Union Bank of Maryland. Richmond- Second National Bank. American National Bank. Western National Bank. Bank of Commerce & Trusts. North Carolina: Central National Bank. Wilmington—Murchison National Bank. First National Bank. South Carolina: Merchants National Bank. Charleston- Planters National Bank. Bank of Charleston, N. B. A. Peoples National Bank. DISTRICT NO. 6. Alabama: Louisiana: Albany—Central National Bank. Jennings—Jennings National Bank. Decatur—City National Bank. New Orleans— Huntsville—Henderson National Bank. American Liberty Bank & Trust Co. Mobile—Merchants Bank. Canal Commercial Trust & Savings Bank. Troy—Farmers & Merchants National Bank. Hibernia Bank & Trust Co. Florida: Interstate Trust & Banking Co. Jacksonville—Atlantic National Bank. Marine Bank & Trust Co. Pensacola—Citizens & Peoples National Bank. New Orleans Bank & Trust Co. Georgia: Whitney-Central National Bank. Atlanta- New Roads—The Pointe Couple Trust & Sav- Atlanta National Bank. ings Bank. Fourth National Bank. Mississippi: Lowry National Bank. Vicksburg—Merchants National Bank. Macon— Tennessee: Fourth National Bank. Chattanooga- Macon National Bank. First National Bank. Savannah— Hamilton National Bank. Citizens Trust Co. Clarksville— First National Bank. Citizens & Southern Bank. Savannah Bank & Trust Co. Valdosta—First National Bank. DISTRICT NO. 7. Illinois: Illinois—Continued. Chicago- Peoria—Merchants & Illinois National Bank. Chicago Trust Co. Indiana: Continental & Commercial National Bank. Brazil—The RiddeU National Bank. Corn Exchange National Bank. Indianapolis—Fletcher-American National Drovers National Bank. Bank. First National Bank. Michigan: Fort Dearborn National Bank. Detroit- Harris Trust & Savings Bank. First National Bank. Illinois Trust & Savings Bank. National Bank of Commerce. Live Stock Exchange National Bank. Wisconsin: Merchants Loan & Trust Co. Milwaukee—First Wisconsin National Bank. National Bank of the Republic. National City Bank. Union Trust Co. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ACCEPTANCES TO 100 PEE CENT. 231 DISTRICT NO. 8. Arkansas: Missouri—Continued. Pine Bluff—Peoples Savings Bank & Trust Co. St. Louis—Continued. Mississippi: Merchants-Laelede National Bank. Ittabena—First NationaIBank. Mississippi Valley Trust Co. Missouri: National Bank of Commerce. St. Louis- Tennessee: First National Bank in St. Louis. Memphis— Liberty Central Trust Co. Central-State National Bank. Mercantile Trust Co. Union & Planters Bank & Trust Co. DISTRICT NO. 9. Minnesota: Minnesota—Continued. Minneapolis— > St. Paul- First National Bank in Minneapolis. Capital National Bank. Northwestern National Bank. First National Bank. DISTRICT NO. 10. Colorado: J Missouri—Continued. Denver—Denver National Bank. i Kansas City—Continued. Kansas: Fidelity National Bank & Trust Co. Hutchinson—First National Bank. First National Bank. Lawrence—Lawrence National Bank. St. Joseph—First National Bank. Missouri: Oklahoma: Kansas City- Enid—Enid National Bank. Commerce Trust Co. Oklahoma City—Security National Bank. Continental National Bank of Jackson County. DISTRICT NO. 11. Arizona: Texas—Continued. Nogales—First National Bank. Honey Grove—State National Bank. Texas: Houston- Austin—American National Bank. First National Bank. Brownwood—First National Bank in Brown- Houston National Exchange Bank. wood. Lumbermans National Bank. Dallas- National Bank of Commerce. American Exchange National Bank. South Texas Commercial National Bank. City National Bank. Union National Bank. Dallas National Bank. Navasota—First National Bank. Republic National Bank. Paris—Lamar State Bank & Trust Co. The Southwest National Bank. San Angelo—First National Bank. El Paso—First National Bank. Sherman—Commercial National Bank. Fort Worth- Terrell- Farmers & Mechanics National Bank. American National Bank. Fort Worth National Bank. First National Bank. Stockyards National Bank. Waco—First National Bank. Gainesville—First National Bank. Waxahachie—Waxahachie National Bank. Hillsboro—Citizens National Bank. DISTRICT NO. 12. California: Oregon—Continued. Los Angeles- Portland—Continued. First National Bank. Northwestern National Bank. Merchants National Bank. United States National Bank. San Francisco- Washington: American National Bank. Seattle- Anglo & London-Paris National Bank. Dexter Horton National Bank. Bank of California, N. A. First National Bank. Crocker National Bank. National Bank of Commerce of Seal tie. First National Bank. Seaboard National Bank. Mercantile Trust Co. Seattle National Bank. Wells Fargo-Nevada National Bank. Union National Bank. Santa Barbara—First National Bank. Spokane- Oregon: Exchange National Bank. Portland- Old National Bank. First National Bank. Spokane & Eastern Trust Co. Ladd & Tilton Bank. Tacoma—National Bank of Tacoma Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

232 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. PERSONNEL AND SALARIES. SALARIES OF OFFICERS AND EMPLOYEES OF THE FEDERAL RESERVE BOARD AS OF DECEMBER 31, 1922. OFFICE OF THE SECRETARY. W. W. Hoxton, secretary $10,000.00 W. L. Eddy, assistant secretary 6, 500.00 Staff: 1 at $4,500 4, 500.00 1 at $3,900 3, 900.00 1 at $3,200 3, 200.00 2 at $3,000 6, 000. 00 1 at $2,565 2, 565. 00 1 at $2,400 .. 2, 400. 00 2 at $2,080 4,160.00 1 at $2,040....: 2,040.00 2 at $2,000 4,000.00 3 at $1,905 5,715.00 2 at $1,800 3,600.00 3 at $1,730 5,190.00 4 at $1,665 6, 660.00 4 at $1,440 5, 760.00 1 at $1,260 1, 260.00 1 at $1,240 1, 240.00 1 at $820 820.00 1 at $720 720.00 $80, 230.00 OFFICE OF GENERAL COUNSEL. Walter Wyatt, general counsel 7,000.00 Edgar W. Freeman, assistant counsel 5, 500. 00 Staff: 1 at $2, 850 2, 850.00 1 at $2,400 2, 400.00 1 at $2,000 2,000.00 1 at $1,920 1, 920.00 1 at $1,300 1, 300.00 22,970.00 OFFICE OF FISCAL AGENT. W. M. Imlay, fiscal agent 4, 500.00 Staff: 1 at $1,660.00 L 660. 00 ~ 6,160.00 ARCHITECTS. A. B. Trowbridge, consulting architect 6, 666. 66 O, W. TenEyck, assistant architect 2, 500.00 — 9,166. 66 OFFICES OF MEMBERS OF THE BOARD. Staff: 1 at $3,000 3,000.00 1 at $2,900 2, 900.00 2 at $2,700 5,400.00 1 at $2,600 2, 600.00 2 at $1,800 3, 600.00 1 at $1,665 1, 665.00 1 at $1,500 1, 500.00 — 20,665.00 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PERSONNEL AND SALARIES. 233 OFFICE OF STATISTICIAN. Morris Jacobson, statistician $8,000.00 E. A. Goldenweiser, associate statistician 5,400.00 Staff: 1 at $2,400 2,400. 00 2 at $2,000 4, 000 00 2 at $1,800 3, 600. 00 2 at $1, 680 3, 360.00 1 at $1,665 1, 665.00 1 at $1,600 1, 600.00 1 at $1,560 1.560. 00 1 at $1,080. 1,080.00 1 at $1,000 1,000.00 $33, 665. 00 DIVISION OF BANK OPERATIONS. E. L. Smead, chief of division 6, 000. 00 John R. Van Fossen, assistant chief 4, 000. 00 Staff: 1 at $3,200................ 3,200.00 2 at $2,665 5,330.00 1 at $2,330 2, 330. 00 1 at $2,200 2,200.00 4 at $2,080 8, 320. 00 1 at $1,905 1, 905. 00 2 at $1,860 3, 720. 00 2 at $1,665 3,330.00 2 at $1,620 3, 240. 00 2 at $1,600 3,200.00 •2 at $1,560 3,120.00 1 at $1,540 1,540.00 3 at $1,465 4,395.00 3 at $1, 440 4, 320. 00 1 at $1,330 1, 330. 00 2 at $1,320 2, 640. 00 1 at $1,200 1,200.00 65, 320. 00 DIVISION OF EXAMINATION. James F. Herson, chief of division and chief Federal reserve examiner 11, 000. 00 Examiners: James Buchanan, jr 7, 000. 00 W. J. Donald 6, 500. 00 R. M. Chapman 4, 500. 00 P. A. Gordon 4, 500. 00 J. C. Noell - 4,200.00 F. J. Drinnen 4, 200. 00 Assistant examiners: 1 at $3,800 3, 800. 00 5 at $3,600 18,000.00 1 at $3,500 3,500.00 1 at $3,300 3, 300. 00 1 at $2,900 2,900. 00 2 at $2,700 5,400.00 1 at $2,500 2,500.00 4 at $2,400 9, 600. 00 90, 900. 00 Office staff: 2 at $1,920 3, 840. 00 1 at $1,465 1,465.00 1 at $1,200 1,200.00 6, 505.00 97,405.00 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

234 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. DIVISION OP ANALYSIS AND RESEARCH. Walter W. Stewart, director of division $8, 000. 00 Staff: 1 at $4,000 •. 4,000. 00 1 at $3,500 3,500.00 1 at $3,250 3,250.00 2 at $2,750 5,500.00 1 at $2,600 2,600.00 1 at $2,400 2,400.00 1 at $2,080 '2,080.00 2 at $1,800 3,600.00 1 at $1,750 1,750.00 I at $1,700 1,700.00 1 at $1,650 1,650.00 1 at $1,600 1, 600.00 4 at $1,500 6,000. 00 3 at $1,440 4,320.00 1 at $600 (part-time employee) 600.00 — $52, 550.00 DIVISION OF FEDERAL RESERVE ISSUE AND REDEMPTION. L. G. Copeland, chief of division 3,500.00 W. J. Tucker, assistant chief 2,640.00 Staff: 1 at $2,160 2,160.00 1 at $1, 920 1, 920.00 1 at $1,800 1,800.00 1 at $1,740 1,740.00 2 at $1,620 3,240.00 1 at $1,560 1,560.00 10 at $1,500 15,000.00 6 at $1,440 8,640.00 2 at $1,400 2,800.00 2 at $1,380 2,760.00 2 at $1,320 2,640.00 2 at $1,260 2,520.00 3 at $1,200 3,600.00 1 at $1,140 1,140.00 1 at $600 600.00 — • 58,260.00 EMPLOYEES DETAILED. Redemption division, Office of the Comptroller of the Currency: 2 at $1,020 (laborers) 2,040.00 1 at $1,000 (laborer) 1,000.00 3,040.00 MESSENGERS. 2 at $1,440 .' 2, 880.00 1 at $1,400 1,400.00 1 at $1,250 1,250.00 1 at $1,200 1,200.00 9 at $1,160 10,440.00 1 at $1,080.- t 1,080.00 1 at $800 800.00 19,050.00 CHARWOMEN 3 at $240 720.00 Total 469,201. 66 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PERSONNEL AND SALARIES. 235 SALARIES OF OFFICERS AND EMPLOYEES OF FEDERAL RESERVE BANKS AS OF DECEMBER 31, 1921 AND 1922. (In order to insure uniformity in published reports, a standard classification has been adopted whereby persons holding certain designated positions at Federal reserve banks shall be classed as officers and the remainder of the banks' personnel as employees. Both the 1922 and 1921 figures, shown in the following tables, have been compiled in accordance with the new classification.) FEDERAL RESERVE BANK OF BOSTON. Officers and employees. Departments. Number. Salaries. 1921 1922 1921 1922 Chairman and Federal reserve agent ! 1 $18,000 $18,000 Governor 1 1 25,000 25,000 Other officers 14 14 98,560 105,040 Banking department 565 599 756,840 783,004 Federal reserve agent's department. 30 34 59,340 67,820 Auditing department 17 17 32,880 33,900 Fiscal agency departmentl 106 123 157,030 192,780 Total 734 789 1,147,650 1,225,544 i Exclusive of 137 temporary employees in fiscal agency department at end of 1922 engaged in redemption of Victory notes and of war savings securities maturing Jan. 1,1923. FEDERAL RESERVE BANK OF NEW YORK (INCLUDING BUFFALO BRANCH). Chairman and Federal reserve agent 1 $30,000 $30,000 Governor 1 50,000 50,00C Other officers 38 38 | 429,800 415,200 Banking department 2,418 2,425 ! 3,424,423 3,301,453 Federal reserve agent's department. 91 78 j 177,960 159,040 Auditing department 96 78 ; 192,360 166,880 Fiscal agency department1 262 279 427,300 464,860 Total 2,907 j 2,900 4,731,843 4,587,433 i Exclusive of 143 temporary employees in fiscal agency department at end of 1922 engaged in redemption of war savings securities maturing Jan. 1,1923. FEDERAL RESERVE BANK OF PHILADELPHIA. Chairman and Federal reserve agent.. 1 1 $15,000 ! $15,000 Governor 1 1 25,000 ! 25,000 Other officers 112 1 12 91,800 I 93,300 Banking department 741 683 913,250 i 859,080 Federal reserve agent's department-.. 51 53 94,074 i 102,428 Auditing department 33 33 60,410 63,110 Fiscal agency department2 58 50 84,260 I 71,440 Total. 897 833 1,283,794 1,229,358 1 Exclusive of 1 inactive deputy governor without salary. 2 Exclusive of 40 temporary employees in fiscal agency department at end of 1922 engaged in redemption of war savings securities maturing Jan. 1,1923. FEDERAL RESERVE BANK OF CLEVELAND (INCLUDING CINCINNATI AND PITTSBURGH BRANCHES). Chairman and Federal reserve agent 1 1 $25,000 1 $25,000 Governor 1 1 30,000 j 30,000 Other officers 23 27 147,100 1 175,168 Banking department 755 738 1,006,346 I 980,797 Federal reserve agent's department. 30 28 • 67,376 ! 66,340 Auditing department 40 35 , 78,403 ; 66,744 Fiscal agency departmentl 127 103 192,287 : 169,128 Total 933 i 1,546,512 I 1,513,177 1 Exclusive of 241 temporary employees in fiscal agency department at end of 1922 engaged in redemption of war savings securities maturing Jan. 1,1923. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

236 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. FEDERAL RESERVE BANK OF RICHMOND (INCLUDING BALTIMORE BRANCH). Officers and employees. Departments. Number. Salaries. 1921 1922 1921 1922 Chairman and Federal reserve agent. 1 1 I $15,000 $15,000' Governor 1 1 18,000 18,000 Other officers 24 24 ! 138,400 137,500 Banking department 632 613 ! 715,410 717,370 Federal reserve agent's department.. 28 16 ! 59,010 31,860 Auditing department 22 20 ! 40,530 38,070 Fiscal agency departmentl 37 47 ! 49,400 65,450 Total. 745 722 1,035,750 1,023,250 i Exclusive of 29 temporary employees in fiscal agency department at end of 1922 engaged in redemption of Victory notes and of war savings securities maturing Jan. 1, 1923. FEDERAL RESERVE BANK OF ATLANTA (INCLUDING BIRMINGHAM, JACKSONVILLE, NASHVILLE, AND NEW ORLEANS BRANCHES AND SAVANNAH AGENCY). Chairman and Federal reserve agent. 1 ! 1 $12,000 $12,000 Governor 1 ! 1 18,000 18,000 Other officers 23 ; 32 121,500 182,300 Banking department 371 i 330 441,086 387,354 Federal reserve agent's department.. 18 ' 11 44,560 22,080 Auditing department 24 18 39,540 30,720 Fiscal agency department i 44 i 42 55,440 59,798- Total 435 732,126 j 712,252 i Exclusive of 20 temporary employees in fiscal agency department at end of 1922 engaged in redemption o f war savings securities maturing Jan. 1, 1923. FEDERAL RESERVE BANK OF CHICAGO (INCLUDING DETROIT BRANCH). Chairman and Federal reserve agent. 1 1 $24,000 $24,000 Governor 1 1 35,000 35,000 Other officers 42 43 272,200 298,850 Banking department 1,363 1,456 1,835,000 2,023,995 Federal reserve agent's department.. 99 71 180,010 141,350 Auditing department , 47 42 78,240 77,420 Fiscal agency department * 174 101 268,460 169,940 Total 21,727 1,715 I 2,692,910 2,770,555 i Exclusive of 98 temporary employees in fiscal agency department at end of 1922 engaged in redemption of war savings securities maturing Jan. 1, 1923. a Revised. FEDERAL RESERVE BANK OF ST. LOUIS (INCLUDING LOUISVILLE, MEMPHIS, AND LITTLE ROCK BRANCHES). Chairman and Federal reserve agent $18,000 $18,000 Governor 25,000 25,000 Other officers 130,460 128,340 Banking department 784,603 718,109 Federal reserve agent's department. 24,060 28,260 Auditing department 26,220 22,860 Fiscal agency department i 122,480 97,820 Total 1,038,389 1 Exclusive of 47 temporary employees in fiscal agency department at end of 1922 engaged in redemption of war savings securities maturing Jan. 1, 1923. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PERSONNEL AND SALARIES. 237 FEDERAL RESERVE BANK OF MINNEAPOLIS (INCLUDING HELENA BRANCH). Officers and employees. Departments. Number. 1922 Chairman and Federal reserve agent. $15,000 $15,000 Governor 16,000 18,000 Other officers 74,750 81,100 Banking department 450,628 409,356 Federal reserve agent's department. 21,460 25,580 Auditing department 20,720 27,520 Fiscal agency department 92,296 144,118 Total 1 Exclusive of 20 temporary employees in fiscal agency department at end of 1922 engaged in redemption of war savings securities maturing Jan. 1,1923. FEDERAL RESERVE BANK OF KANSAS CITY (INCLUDING DENVER, OKLAHOMA CITY, AND OMAHA BRANCHES). Chairman and Federal reserve agent. 1 1 $15,000 I $15,000 Governor 1 1 20,000 | 20,000 Other officers 20 28 107,720 142,740 Banking department 672 638 946,801 879,250 Federal reserve agent's department.. 20 17 45,882 34,100 Auditing department 48 24 91,680 41,530 Fiscal agency department * 132 126 214,040 213,870 Total.. 894 835 1,441,123 I 1,346,490 i Exclusive of 42 temporary employees in fiscal agency department at end of 1922 engaged in redemption of war savings securities maturing Jan. 1,1923. FEDERAL RESERVE BANK OF DALLAS (INCLUDING EL PASO AND HOUSTON BRANCHES). Chairman and Federal reserve agent. 1 1 ; $18,000 $12,000 Governor 1 1 18,000 18,000 Other officers 20 20 ! 85,900 96,90C Banking department 509 468 1 680,697 652,480 Federal reserve agent's department... 25 19 ! 60,720 47,940 Auditing department 32 22 j 60,390 42,030 Fiscal agency department* 49 i 54 78,280 88,070 Total.. 637 | 585 I 1,001,987 957,420 1 Exclusive of 15 temporary employees in fiscal agency department at end of 1922 engaged in redemption of war savings securities maturing Jan. 1,1923. FEDERAL RESERVE BANK OF SAN FRANCISCO (INCLUDING LOS ANGELES, PORTLAND, SALT LAKE CITY, SEATTLE, AND SPOKANE BRANCHES). Chairman and Federal reserve agent 1 1 $24,000 $24,000 Governor 1 1 24,000 24,000 Other officers 43 41 215,320 214,200 Banking department 1,013 855 1,505,680 1,260,680 Federal reserve agent's department.. 34 29 74,780 74,440 Auditing department 50 36 82,260 61,380 Fiscal agency department * 125 162 194,100 259,680 Total 1,267 1,125 1 2,120,140 1,918,380 1 Exclusive of 51 temporary employees in fiscal agency department at end of 1922 engaged in redemption of war savings securities maturing Jan. 1, 1923. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

238 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. SALARIES OF NATIONAL BANK EXAMINERS, AS OF DECEMBER 31, 1922. Henry B. Davenport, assigned as chief, examining division, Comptroller's office $4, ()00 DISTRICT NO. 1—BOSTON. (389 national member banks.) Herbert W. Scott, chief examiner $8, 500 1 examiner, at $5,000; 2 examiners, at $4,500; 2 examiners, at $4,200; 1 examiner, at $3,600; 2 examiners, at $3,000 32,000 40,500 DISTRICT NO. 2—NEW YORK. (671 national member banks.) Daniel C. Borden, chief examiner 16, 500 2 examiners, at $7,500; 1 examiner, at $6,500; 2 examiners, at $6*,000; 3 examiners; at $5,500; 1 examiner, at $5,000; 2 examiners, at $4,500; 1 examiner, at $4,200; 1 examiner, at $3,900; 3 examiners, »t $3,600; 3 examiners, at $3,300; 2 examiners, at $3,000; 1 examiner, at $2,700 101, 500 118,000 DISTRICT NO. 3—PHILADELPHIA. (658 national member banks.) Stephen L. Newnham, chief examiner 10, 500 1 examiner, at $5,500; 1 examiner, at $5,000; 2 examiners, at $4,500; 1 examiner, at $4,000; 1 examiner, at $3,900; 2 examiners, at $3,600; 1 examiner, at $3,500; 3 examiners, at $3,300; 2 examiners at $3,000; 1 examiner at $2,400 56,400 66,900 DISTRICT NO. 4—CLEVELAND. (766 national member banks.) Thomas C. Thomas, chief examiner 8, 500 1 examiner, at $5,500; 2 examiners, at $5,000; 1 examiner, at $4,800; 1 examiner, at $4,500; 1 examiner, at $4,200; 2 examiners, at $3,900; 3 examiners, at $3,300; 2 examiners, at $3,000 52, 700 61,200 DISTRICT NO. 5—RICHMOND. (566 national member banks.) William J. Schechter, chief examiner 8, 500 1 examiner, at $4,800; 6 examiners, at $4,200; 2 examiners, at $3,900; 1 examiner, at $3,600; 2 examiners at $3, 300; 3 examiners, at $3,000; 1 examiner, at $2,700 59, 700 68,200 DISTRICT NO. 6—ATLANTA. (388 national member banks.) John W. Pole, chief examiner 9,000 2 examiners, at $4,500; 1 examiner, at $4,200; 2 examiners, at $3,900; 4 examiners, at $3,600; 1 examiner, at $2,700; 1 examiner, ^ at $2,400 40, 500 49,500 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PERSONNEL AND SALARIES. 239 DISTRICT NO. 7—CHICAGO. (1,055 national member banks.) Fred Brown, chief examiner $11,000 1 examiner, at $5,400; 1 examiner, at $5,100; 1 examiner, at $4,800; 4 examiners, at $4,500; 2 examiners, at $4,200; 2 examiners, at $4,000; 2 examiners, at $3,900; 4 examiners, at $3,600; 2 examiners, at $3,300; 2 examiners, at $3,000; 1 examiner, at $2,700 87,200 $98,200 DISTRICT NO. 8—ST. LOUIS. (486 national member banks.) John S. Wood, chief examiner 9,000 1 examiner, at $5,500; 1 examiner, at $5,000; 1 examiner at $4,000; , 1 examiner, at $3,900; 3 examiners, at $3,600; 3 examiners, at $3,300; 1 examiner, at $2,700 41,800 50,800 DISTRICT NO. 9—MINNEAPOLIS. (885 national member banks.) Howard M. Sims, chief examiner 8, 500 1 examiner, at $5,500; 5 examiners, at $4,000; 1 examiner, at $3,900; 3 examiners, at $3,600; 3 examiners, at $3,300; 3 examiners at $3,000; 1 examiner, at $2,700 61, 800 _ 70, 300 DISTRICT NO. 10—KANSAS CITY. (1,114 national member banks.) Luther K. Roberts, chief examiner 10,000 1 examiner, at $5,500; 2 examiners, at $5,000; 1 examiner, at $4,800; 2 examiners, at $4,500; 2 examiners, at $4,000; 1 examiner, at $3,900; 5 examiners, at $3,600; 4 examiners, at $3,300; 2 examiners, at $3,000; 4 examiners, at $2,700; 1 examiner, at $2,400 91, 600 101,600 DISTRICT NO. 11—DALLAS. (663 national member banks.) Richard H. Collier, chief examiner 9, 000 1 examiner, at $5,500; 5 examiners, at $5,000; 2 examiners, at $4,800; 2 examiners, at $4,500; 1 examiner, at $4,200; 2 examiners at $4,000; 1 examiner, at $3,300; 2 examiners, at $3,000; 3 examiners, at $2,700 78,700 87,700 DISTRICT NO. 12—SAN FRANCISCO. (620 national member banks.1) Harry L. Machen, chief examiner 10,000 1 examiner, at $6,000; 3 examiners, at $5,500; 4 examiners, at $5,000; 4 examiners, at $4,500; 1 examiner, at $4,000; 1 examiner, at $3,900; 3 examiners, at $3,600; 1 examiner, at $3,000; 1 examiner, at $2,750; 3 examiners, at $2,700 93,050 103,050 Grand total of annual salaries of all examiners on Dec. 31, 1922 , 919, 950 1 Includes the 2 national nonmember banks in the Hawaiian Territory and the 3 national nonmember banks in Alaska. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

240 ANNUAL REPORT OF THE FEDERAL. RESERVE BOARD. RECAPITULATION. Examining staff: Chief examiners— At $16,500 per annum 1 At $11,000 per annum 1 At $10,500 per annum 1 At $10,000 per annum 2 At $9, 000 per annum 3 At $8,500 per annum 4 Total, chief examiners 12 Salaries, chief examiners $119,000 Other examiners— At $7,500 per annum 2 At $6,500 per annum 1 At $6,000 per annum 3 At $5,500 per annum 1 At $5,400 per annum 1 At $5,100 per annum 1 At $5,000 per annum. 17 At $4,800 per annum 6 At $4,500 per annum 21 At $4,200 per annum 14 At $4,000 per annum -. 15 At $3,900 per annum 14 At $3,600 per annum 29 At $3,500 per annum 1 At $3,300 per annum 24 At $3,000 per annum 21 At $2,750 per annum 1 At $2,700 per annum 16 At $2,400 per annum 3 Total other examiners 202 Salaries, other examiners 800, 95(h Total examining staff 2 214 Total salaries 919, 950 DIRECTORY OF THE FEDERAL RESERVE BOARD, FEDERAL ADVISORY COUNCIL, AND FEDERAL RESERVE BANKS. FEDERAL RESERVE BOARD. EX OFFICIO MEMBERS. ; ~ > GovemOT. EDMUND PLATT, Vice Governor. A. W. MELLON, j ^ r Secretary of the Treasury, Chairman. \ ADOLPH °- MlLLER- . D. R. CRISSINGER, - ! CHARLES S. HAMLIN. Comptroller of the Currency. ; JOHN R. MITCHELL. W. W. HOXTON, Secretary. \ WALTER WYATT, General Counsel. W. L. EDDY, Assistant Secretary. j M. JACOBSON, Statistician. W. M. IMLAY, Fiscal Agent. | E. A. GOLDENWEISER, J. F. HERSON, ! Associate Statistician. Chief, Division of Examination and E. L. SMEAD, Chief Federal Reserve Examiner. Chief, Division of Bank Operations, WALTER W. STEWART, Director, Division oj Analysis and Research. * In addition, there are 18 national-bank examiners not receiving salaries. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DIRECTORY. 241 FEDERAL ADVISORY COUNCIL. [Elected for year 1923.] District No. 1 .—Alfred L. Aiken, president National Shawmut Bank, Boston, Mass. District No. 2.—Paul M. Warburg, American Acceptance Council, New York City. District No. 3.—L. L. Rue, president Philadelphia National Bank, Philadelphia, Pa. District No. 4.—C. E. Sullivan, president Central National Bank Savings & Trust Co., Cleveland, Ohio. District No. 5.—John M. Miller, jr., president First National Bank, Richmond, Va. District No. 6.—Edward W. Lane, president Atlantic National Bank. Jacksonville, Fla. District No. 7.—John J. Mitchell, chairman Illinois Trust & Savings Bank, Chicago, 111. District No. 8.—Festus J. Wade, president Mercantile Trust Co., St. Louis, Mo. District No. 9.—G. H. Prince, chairman Merchants National Bank, St. Paul, Minn. District No. 10.—E. F. Swinney, president First National Bank, Kansas City, Mo. District No. 11.—R. L. Ball, chairman National Bank of Commerce, San Antonio,Tex. District No. 12.—D. W. Twohy, president Old National Bank, Spokane, Wash. OFFICERS AND DIRECTORS OF FEDERAL RESERVE BANKS.1 DISTRICT NO. 1—FEDERAL RESERVE BANK OF BOSTON. >r t FREDERICK H, CURTIS, Chairman and Federal Reserve Agent. ALLEN HOLLIS, D3pu|y Chairman. W. P. G. HARDING, Governor. : Director. Residence. Term expires. Class A: Thomas P. Beal Boston, Mass . Dec. 31,1923 Edward S. Kennard Rumford, Me Dec. 31,1924 Frederick S. Chamberlain New Britain, Conn Dec. 31,1925 Class B: Philip R. Allen East Walpole, Mass * Dec. 31,1923 Charles G. Washburn Worcester, Mass Dec. 31,1924 E. R Morse Proctor, Vt Dec. 31,1925 Class C: Frederic H. Curtiss Boston, Mass Dec. 31,1923 Allen Hollis. Concord, N. H Dec. 31,1924 Jesse H. Metcalf Providence R I Dec. 31,1925 DISTRICT NO. 2—FEDERAL RESERVE BANK OF NEW YORK. PIERRE JAY, Chairman and Federal Reserve Agent. WM. L. SAUNDERS, Deputy Chairman. BEN- JAMIN STRONG, Governor. Class A: I R. H. Treman | Ithaca, N. Y. Dec. 31,1923 Charles Smith j Oneonta, N. Y. Dec. 31.1924 Gates W. McGarrah New York, N. Y. Dec. 31.1925 Class B: Richard H. Williams mMaaudwisown, , ^N. . „J. Dec. 31.1923 Frank L. Stevens North Hoosick, N. Y.. Dec. 31.1924 Owen D. Young ! New York, N. Y.. Dec. 31,1925 Class C: Wm. L. Saunders do Dec. 31.1923 C.M. Woolley I do Dee. 31.1924 Pierre Jay I do Dec. 31.1925 BUFFALO BRANCH. W. W. SCHNECKENBERGER, Manager. E. J. Barcalo Buffalo, N.Y Dec. 31,1923 Fred J.Coe Niagara Falls, N. Y. Do. John A. Kloepfer Buffalo, N. Y. , Do. Thomas E. Lannin Rochester, N. Y..... Do. Elliott C. McDougal...... Buffalo, N. Y Do. Harry T. Ramsdell .do. Do. W. W. Schneckenberger. .do. Do. * Includes directors elected in December, 1922, for the 3-year term beginning January 1,1923. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

242 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. DISTRICT NO. 3—FEDERAL RESERVE BANK OF PHILADELPHIA. RICHARD L. AUSTIN, Chairman and Federal Reserve Agent. H. B. THOMPSON, Deputy Chairman, GEO. W. NORRIS, Governor. Director. Residence. I Term expires. Class A: I Jos. Wayne, jr Philadelphia, Pa.. Dec. 31,1923 Francis Douglas Wilkes-Barre, Pa. Dec. 31,1924 John C. Cosgrove.... Johnstown, Pa., Dec. 31,1925 Class B: Edwin S. Stuart Philadelphia, Pa. Dec. 31,1923 Charles K.Haddon. Camden, N. J Dec. 31,1924 Alba B. Johnson Philadelphia, Pa. Dec. 31,1925 Class C: R. L.Austin do Dec. 31,1923 Chas. C. Harrison... ....do Dec. 31,1924 H. B. Thompson Wilmington, Del- Dec. 31,1925 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. Class A: Ropert 'W -rdrop. Pittsburgh, Pa.. Dec. 31,1923 Hillsboro, Ohio. Dec. 31,1924 '* Chess Ltimberton Franklin, Pa Dec. 31,1925 Class B: Thomas A. Combs Lexington, Ky Dec. 31,1923 John Stambaugh Youngstown, Ohio. Dec. 31,1924 R. P.Wright Erie, Pa Dec. 31,1925 Class C: D.C.Wills Cleveland, Ohio Dec. 31,1923 W. W. Knight Toledo, Ohio Dec. 31,1924 L. B. Williams Cleveland, Ohio Dec. 31,1925 CINCINNATI BRANCH. L. W. MANNING, Manager. Geo. D.Crabbs.. Cincinnati, Ohio, Dec. 31,1923 T. J. Davis .do Do. Judson Harmon.. .do. Do. Chas. A. Hinsch. .do. Do. L. W. Manning.. .do. Do. PITTSBURGH BRANCH. GEORGE DE CAMP, Manager. Chas. W. Brown. Pittsburgh, Pa. Dec. 31,1923 James D. Callery. .do Do. George De Camp. do Do. John R. McCune. .....do Do. R.B.Mellon ....do Do. DISTRICT NO. 5—FEDERAL RESERVE BANK OF RICHMOND. CALDWELL HARDY, Chairman and Federal Reserve Agent. FREDERIC A. DELANO, Deputy Chairman. GEORGE J. SEAY, Governor. Class A: L. E. Johnson Alderson, W. Va Dec. 31, 1923 Charles E. Rieman Baltimore, Md Dec. 31, 1924 John F. Bruton Wilson, N. C Dec. 31, 1925 Class B: D. R. Coker Hartsville, S. C Dec. 31, 1923 Edmund Strudwick Richmond, Va Dec. 31, 1924 Edwin C. Graham Washington, D. C j Dec. 31, 1925 Class C: Caldwell Hardy Richmond, Va •Dec. 31, 1923 Frederic A. Delano J Washington, D. C Dec. 31, 1924 Robert Lassiter | Charlotte, N.C... Dec. 31, 1925 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DIRECTORY. 243 DISTRICT NO. 5—FEDERAL RESERVE BANK OF RICHMOND—Continued BALTIMORE BRANCH. ALBERT H. DUDLEY, Manager. Director. Residence. Term expires. Albert H.Dudley.. Baltimore, Md. Dec. 31, 1923 William Ingle .....do Do. Waldo Newcomer. do Do. Carter G. Osburn.. do Do. Henry B.Wilcox.. .....do Do. l DISTRICT NO. 6—FEDERAL RESERVE BANK OF ATLANTA. JOSEPH A. MCCORD, Chairman and Federal Reserve Agent. W. H. KETTIG, Deputy Chairman. M. B. WELLBORN, Governor. Class A: P. R. Kittles Sylvania, Ga ! Dec3.1, 1923 JohnK. Ottley Atlanta, Ga I Dec.31, 1924 Oscar Newton , Jackson, Miss I Dec.31, 1925 Class B.- Leon C. Simon New Orleans, La | Dec.31, 1923 J. A. McCrary Decatur, Ga j Dec.31,1924 W.H.Hartford Nashville, Tenn I Dec.31, 1925 Class C: Joseph A. McCord Atlanta, Ga i Dec.31, 1923 Lindsey Hopkins. .do Dec.31,1924 W.H. Kettig Birmingham, Ala. Dec. 31, 1925 NEW ORLEANS BRANCH. MARCUS WALKER, Manager. A. P. Bush Mobile, Ala Dec. 31, 1923 J. P. Butler, jr New Orleans, La j Do. John E. Bouden, jr.. do j Do. F.W.Foote Hattiesburg, Miss I Do. R. S. Hecht New Orleans,La Do. P. H. Saunders do Do. Leon C.Simon do Do. BIRMINGHAM BRANCH. A. E. WALKER, Manager. W.W.Crawford Birmingham, Ala Dec. 31, 1923 JohnH. Frye. do Do. W. H. Kettig do ••.... Do. Oscar Wells do Do. T.O. Smith j do. Do. JACKSONVILLE BRANCH. GEORGE R. DE SAUSSURE, Manager. John C. Cooper Jacksonville, Fla j Dec. 31, 1«23 Courts P. Kendall.. .do. Do. Edward W. Lane.. .do. Do. Fulton Saussy .do. Do. Giles L.Wilson.... .do. Do. NASHVILLE BRANCH. J. B. MCNAMARA, Manager. James E.Caldwell. Nashville, Tenn Dec. 31,1923 Paul M.Davis. do Do. T. A. Embry. Winchester, Tenn Do. W. H. Hartford. E. A. Lindsey.. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

244 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. 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. Residence. |Term expires. Class A: E. L. Johnson Waterloo, Iowa Dec. 31,1923 George M. Reynolds Chicago. Ill Dec. 31,1924 Charles H. McNider Mason Citv, Iowa ! Dec. 31,1925 Class B: i A. H. Vogel Milwaukee, Wis Dec. 31,1924 S. T. Crapo Detroit, Mich I Dec. 31,1925 Class C: : James Simpson ! Chicago, 111 I Dec. 31,1923 Wm. A. Heath ] do I Dec. 31,1924 F. C. Ball ! Muncie, Ind I Dec. 31,1925 1 One vacancy. DETROIT BRANCH. ROBERT B. LOCKE, Manager. John Ballantyne Detroit, Mich- Dec. 31,1923 Emory W. Clark I do Do. Julius H. Haas do Do. Charles H. Hodges do Do. Robert B. Locke i do .. Do. DISTRICT NO. 8—FEDERAL RESERVE BANK OF ST. LOUIS. WILLIAM MCC. MARTIN, Chairman and Federal Reserve Agent. JOHN W. BOEHNE, Deputy Chairman* DAVID C. BIGGS, Governor. Class A: | | John G. Lonsdale St. Louis, Mo Dec. 31.1923 J. C. Utterback j Paducah, Ky I Dec. 31.1924 John C. Martin I Salem, 111 Dec. 31.1925 Class B: ' ! LeRoy Percy Greenville, Miss I Dec. 31.1923 Rolla Wells St. Louis, Mo Dec. 31.1924 W<. B. Plunkett.. Little Rock, Ark j Dec. 31.1925 Class C: John W. Boehne Evansville, Ind Dec. 31.1923 Wm. McC. Martin St. Louis, Mo Dec. 31.1924 C. P. J. Mooney , Memphis, Tenn Dec. 31.1925 LOUISVILLE BRANCH. W. P. KINCHELOE, Manager. W. P. Kincheloe Louisville, Ky Dec. 31,1923 "W. C. Montgomery Elizabethtown, Ky.. Do. George W. Norton Louisville, Ky Do. F. M.Sackett .do Do. Embry L. Swearingen ..do.. Do. MEMPHIS BRANCH. JOHN J. HEFLIN, Manager. JohnJ. Heflin Memphis, Tenn Dec. 31,1923 John D. McDowell do Do. S. E Ragland . . .. . .. .do Do. T. K. Riddick. .. do Do. R. B. Snowden do Do. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DIRECTORY. 245 DISTRICT NO. 8—FEDERAL RESERVE BANK OF ST. LOUIS—Continued. LITTLE ROCK BRANCH. A. F. BAILEY, Manager. Director. Residence. Term expires. A. F. Bailey Little Rock, Ark. Dec. 31,1923 John M. Davis I do.. Do. J. E. England, jr .do., Do. C. S. McCain .do.. Do. Moorhead Wright ..do- Do. DISTRICT NO. 9—FEDERAL RESERVE BANK OF MINNEAPOLIS. JOHN H. RICH, Chairman and Federal Reserve Agent. HOMER P. CLARK, Deputy Chairman. R. A. YOUNG, Governor. Class A: J. C. Bassett Aberdeen, S. Dak e Dec. 31, 1923 Wesley C. McDowell Marion, N. Dak Dec. 31, 1924 Theodore Wold Minneapolis, Minn Dec. 31, 1925 Class B: N. B.Holter Helena, Mont Dec. 31, 1923 F. P. Hixon La Crosse, Wis Dec. 31, 1924 F. R. Bigelow St. Paul, Minn Dec. 31, 1925 Class C: John H. Rich Minneapolis, Minn Dec. 31, 1923 Homer P. Clark St. Paul, Minn Dec. 31, 1924 Geo W McCormick Menominee, Mich Dec. 31, 1925 HELENA BRANCH. R. E. TOWLE, Manager. L. M. Ford Great Falls, Mont Dec. 31, 1923 R. 0. Kaufman Helena, Mont Do. Chas. J. Kelly Butte, Mont Do. Thomas Marlow Helena, Mont Do. H. W. Rowley '. Billings, Mont Do. DISTRICT NO. 10—FEDERAL RESERVE BANK OF KANSAS CITY. ASA E. RAMSAY, Chairman and Federal Reserve Agent. HEBER HORD, Deputy Chairman. W. J. BAILEY, Governor. Class A: E. E. Mullaney Hill City, Kans. Dec. 31, 1923 J.C.Mitchell Denver, Colo.. Dec. 31, 1924 Frank W. Sponable Paola, Kans Dec. 31, 1925 Class B: Harry W. Gibson Muskogee, Okla.. Dec. 31, 1923 T. C. Byrne Omaha, Nebr Dec. 31, 1924 M. L. McClure Kansas City, Mo. Dec. 31, 1925 Class C: Asa E. Ramsay do Dec. 31, 1923 Heber Hord Central City, Nebr. Dec. 31, 1924 Fred O. Roof Denver, Colo Dec. 31, 1925 DENVER BRANCH. C. A. BURKHARDT, Manager. Alva B. Adams Pueblo, Colo.. Dec. 31, 1923 C. A. Burkhardt Denver, Colo.. Do. John Evans .do.. Do. A.C. Foster .do.. Do. C. C. Parks .do.. Do. 28971—23 17 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

246 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. DISTRICT NO. 10—FEDERAL RESERVE BANK OF KANSAS CITY—Continued. OMAHA BRANCH. L. H. EARHART, Manager. Director. Residence. Term expires. Geo. E. Abbott Cheyenne, Wyo Dec. 31, 1923 W. J. Coad Omaha, Nebr Do. L. H. Earhart ...do Do. P. L. Hall.. . Lincoln, Nebr : Do. R 0 Marnell Nebraska City, Nebr Do. OKLAHOMA CITY BRANCH. C. E. DANIEL, Manager. Dorset Carter Oklahoma City, Okla Dec. 31, 1923 C.E.Daniel do Do. T. P. Martin, jr . .. . . do Do William Mee .• do Do. E. K. Thurmond do Do. DISTRICT NO. 11—FEDERAL RESERVE BANK OF DALLAS. W. B. NEWSOME, Chairman and Federal Reserve Agent. B. A. MCKINNEY, Governor. Class A: Howell E. Smith McKinney, Tex... Dec. 31,1923 John T. Scott Houston,Tex Dec. 31,1924 W.H.Patrick... . Clarendon, Tex Dec. 31,1925 Class B: J. J. Culbertson Paris, Tex. Dec. 31,1923 Frank Kell.. Wichita Falls Tex Dec. 31,1924 Marion SfvnsoTn ,, . ... Fort Worth, Tex.. Dec. 31,1925 Class C:* Clarence E. Linz. . Dallas, Tex Dec. 31 1923 W. B. Newsome do... Dec. 31,1924 i One vacancy. EL PASO BRANCH. W. C. WEISS, Manager. A. P. Coles El Paso, Tex.. Dec. 31,1923 E.M.Hurd.... do Do. U.S.Stewart.. do Do. W.W.Tumey.. .do , Do. W.C.Weiss... do Do. I HOUSTON BRANCH. FLOYD IKARD, Manager. Frank Andrews. Houston, Tex. Dec. 31,1923 Guy M.Bryan.., .do Do. R.M. Farrar .do. Do. E. F. Gossett .do. Do. Floyd Ikard .do. Do. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DIRECTORY. 247 DISTRICT NO. 12—FEDERAL RESERVE BANK OF SAN FRANCISCO. JOHN PERRIN, Chairman and Federal Reserve Agent. WALTON N. MOORE, Deputy Chairman. J. IT. CALKINS, Governor. Director. Residence. Term expires. Class A: John W. Baer Pasadena, Calif Dec. 31,1923 M. A. Buchan Palo Alto, Calif Dec. 31,1924 C. K. Mclntosh San Francisco, Calif Dec. 31,1925 Class B: A. B. C. Dohrmann do. .. Dec. 31,1923 Wm. T. Sesnon . . .. ..do Dec. 31,1924 E.H.Cox Madera, Calif Dec. 31,1925 Class C: John Perrin San Francisco, Calif Dec. 31,1923 Walton N Moore do Dec. 31,1924 Wm. Sproule . . do. . . . Dec. 31,1925 PORTLAND BRANCH. FREDERICK GREENWOOD, Manager. J. C. Ainsworth Portland, Oreg Dec. 31,1923 Edward Cookingham do Do. Frederick Greenwood do Do. Nathan Straus do. . . Do. Jos. N. Teal do Do. SEATTLE BRANCH. C. R. SHAW, Manager. M A Arnold Seattle, Wash Dec. 31 1923 M. F. Backus . . do Do. Chas. H.Clarke. . . . do Do. Chas E Peabodv do. . . Do. C. R. Shaw 1 do Do. SPOKANE BRANCH. W. L. PARTNER, Manager. C. E. McBroom Spokane, Wash Dec. 31,1923 Peter McGregor Hooper, Wash Do. W. L. Partner Spokane, Wash Do. R. L. Rutter. . ... .. . do Do. G. I. Toevs do Do. SALT LAKE CITY BRANCH. R. B. MOTHERWELL, Manager. Chapin A. Day Ogden, Utah Dec. 31,1923 L. H. Farnsworth Salt Lake City, Utah., Do. Lafayette Hanchett. .do Do. R. B. Motherwell .do. Do. G.G.Wright .do. Do. LOS ANGELES BRANCH. C. J. SHEPHERD, Manager. I.B.Newton Los Angeles, Calif Dec. 31,1923 Henry M. Robinson Pasadena, Calif Do. J. F. Sartori... ... Los Angeles, Calif Do. C. J. Shepherd do Do. A. J. Waters do . . Do. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

248. ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. AMENDMENTS TO THE FEDERAL RESERVE ACT. [PUBLIC—No. 230—67TH CONGRESS.] [S. 2263.] An Act To amend the Federal Reserve Act approved December 23, 1913. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That section 10 of the Federal Reserve Act, approved December 23, 1913, is amended to read as follows: SEC. 10. A Federal Reserve Board is hereby created which shall consist of eight members, including the Secretary of the Treasury and the Comptroller of the Currency, who shall be members ex officio, and six members appointed by the President of the United States, by and with the advice and consent of the Senate. In selecting the six appointive members of the Federal Reserve Board, not more than one of whom shall be selected from any one Federal reserve district, the President shall have due regard to a fair representation of the financial, agricultural, industrial and commercial interests, and geographical divisions of the country. The six members of the Federal Reserve Board appointed by the President and confirmed as aforesaid shall devote their entire time to the business of the Federal Reserve Board and shall each receive an annual salary of $12,000, payable monthly, together with actual necessary traveling expenses, and the Comptroller of the Currency, as ex officio member of the Federal Reserve Board, shall, in addition to the salary now paid him as Comptroller of the Currency, receive the sum of $7,000 annually for his services as a member of said board. The Secretary of the Treasury and the Comptroller of the Currency shall be ineligible during the time they are in office and for two years thereafter to hold any office, position, or employment in any member bank. The appointive members of the Federal Reserve Board shall be ineligible during the time they are in office and for two years thereafter to hold any office, position, or employment in any member bank, except that this restriction shall not apply to a member who has served the full term for which he was appointed. Of the six members thus appointed by the President one shall be designated by the President to serve for two, one for four, one for six, one for eight and the balance of the members for ten years, and thereafter each member so appointed shall serve for a term of ten years, unless sooner removed for cause by the President. Of the six persons thus appointed, one shall be designated by the President as governor and one as vice governor of the Federal Reserve Board. The governor of the Federal Reserve Board, subject to its supervision, shall be the active executive officer. The Secretary of the Treasury may assign offices in the Department of the Treasury for the use of the Federal Reserve Board. Each member of the Federal Reserve Board shall within fifteen days after notice of appointment make and subscribe to the oath of office. The Federal Reserve Board shall have power to levy semiannually upon the Federal reserve banks, in proportion to their capital stock and surplus, an assessment sufficient to pay its estimated expenses and. the salaries of its members and employees for the half year succeeding the levying of such assessment, together with any deficit carried forward from the preceding half year. The first meeting of the Federal Reserve Board shall be held in Washington, District of Columbia, as soon as may be after the passage of this Act, at a date to be fixed by the Reserve Bank Organization Committee. The Secretary of the Treasury shall be ex officio chairman of the Federal Reserve Board. No member of the Federal Reserve Board shall be an officer or director of any bank, banking institution, trust company, or Federal reserve bank nor hold stock in any bank, banking institution, or trust company; and before entering upon his duties as a member of the Federal Reserve Board he shall certify under oath to the Secretary of the Treasury that he has complied with this requirement. Whenever a vacancy shall occur, other than by expiration of term, among the six members of the Federal Reserve Board appointed by the President, as above provided, a successor shall be appointed by the President, with the advice and consent of the Senate, to fill such vacancy, and when appointed he shall hold office for the unexpired term of the member whose place he is selected to fill. The President shall have power to fill all vacancies that may happen on the Federal Reserve Board during the recess of the Senate by granting commissions which shall expire with the next session of the Senate. Nothing in this Act contained shall be construed as taking away any powers heretofore vested by law in the Secretary of the Treasury which relate to the supervision, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REGULATIONS OF THE BOARD. 249 management, and control of the Treasury Department and bureaus under such department, and wherever any power vested by this Act in the Federal Reserve Board or the Federal reserve agent appears to conflict with the powers of the Secretary of the Treasury, such powers shall be exercised subject to the supervision and control of the Secretary. The Federal Reserve Board shall annually make a full report of its operations to the Speaker of the House of Representatives, who shall cause the same to be printed for the information of the Congress. Section three hundred and twenty-four of the Revised Statutes of the United States shall be amended so as to read as follows: "SEC. 324. There shall be in the Department of the Treasury a bureau charged with the execution of all laws passed by Congress relating to the issue and regulation of national currency secured by United States bonds and, under the general supervision of the Federal Reserve Board, of all Federal Reserve notes, the chief officer of which bureau shall be called the Comptroller of the Currency and shall perform his duties under the general directions of the Secretary of the Treasury. "No Federal reserve bank shall have authority hereafter to enter into any contract or contracts for the erection of any building of any kind or character, or to authorize the erection of any building, in excess of 1250,000, without the consent of Congress, having previously been given therefor in express terms: Provided, That nothing herein shall apply to any building now under construction." Approved, June 3, 1922. [PUBLIC—No. 279—67TH CONGRESS.] [S.831.] * An Act To amend the proviso in paragraph 10 of section 9 of the Federal Reserve Act amended by the Act of June 21,1917, amending the Federal Reserve Act. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That the proviso in paragraph 10 of section 9 of the Federal Reserve Act amended by section 3 of the Act of June 21, 1917, amending the Federal Reserve Act be amended to read as follows: u Provided, however, That no Federal reserve bank shall be permitted to discount for any State bank or trust company notes, drafts, or bills of exchange of any one borrower who is liable for borrowed money to such State bank or trust company in an amount greater than that which could be borrowed lawfully from such State bank or trust company were it a national banking association. " Approved, July 1, 1922. REGULATIONS OF THE FEDERAL RESERVE BOARD. REGULATION A, SERIES OF 1922. (Superseding Regulation A of 1920.) WASHINGTON, March 29, 1922. The Federal Reserve Board transmits herewith Regulation A, Series of 1922, superseding Regulation A, Series of 1920. No change has been made in the regulation except in that part which deals with bankers' acceptances growing out of the importation or exportation of goods, and that part has been simplified by the elimination of certain matter which appeared in the former regulation. It should be understood, however, that the board's action in issuing the new regulation with this matter eliminated does not imply any change of view as to the meaning or proper construction of the law, or as to the broad principles which should govern the exercise of the acceptance privilege. The board is not reversing or in any way modifying any of its former rulings as to bankers' acceptances growing out of the importation or exportation of goods in so far as these rulings have been interpretative of the law, or have laid down broad general principles, the observance of which is, as a result of long experience in the field of international banking, recognized as essential in the proper conduct of the acceptance business. The board's action is intended merely to allow greater latitude to Federal reserve banks for the exercise, each in its own'way, of their discretion and judgment, observing always, of course, the express and implied limitations of the law. Conditions affecting foreign trade at the present time are essentially different from those which led to the development of the former regulations. Prior to the enactment Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

250 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. of the Federal reserve act, national banks were without authority to issue bankers' acceptances, and although some State banks had that power very few of them exercised it. During the war, however, there was a rapid growth of the acceptance business, stimulated by the abnormal demand for goods and credits, and due to this rapid growth it became necessary for the Federal Reserve Board to make frequent rulings and periodically to issue regulations for the guidance of accepting banks and Federal reserve banks in this new field. Regulation A. Series of 1920, constituted the last definite step in the development of bankers' acceptance regulations designed primarily to meet the exigencies of the unusual conditions that existed during and for some time after the war, that regulation containing the substance of all the1 more important rulings previously issued by the board. Those American banking institutions which have large demands fo^ acceptance credits in foreign transactions have by this time had considerable experience in this field, and the former detailed regulations are no longer thought necessary. Moreover, it i? believed that the general advancement of foreign trade, with the resulting benefit to the agricultural and commercial interests which are largely dependent upon foreign markets, can be furthered mos't effectually at the present time by the substitution of this simpler regulation applicable to acceptances in export and import transactions. The responsibility for passing upon the eligibility of bankers' acceptances offered to the Federal reserve banks for rediscount or purchase rests upon the Federal reserve banks themselves, and each bank should satisfy itself, in whatever way it deems appropriate, that the acceptances conform to the requirements of the law and the board's regulation. The Federal Reserve Board will watch carefully the development of the acceptance business under this new regulation, with a view of making any later modification that may seem necessary or advisable. The board will call the attention of the Federal reserve banks to any apparent failure to comply with the law or abuse of the acceptance privilege, and the Federal reserve banks will in turn be expected to keep the board closely advised in regard to acceptance practices in their districts. W. P. G. HARDING, Governor. W. W. HOXTON, Secretary. REDISCOUNTS UNDER SECTION 13. ARTICLE A.—NOTES, DRAFTS, AND BILLS OP EXCHANGE. SECTION I. General statutory provisions. Any Federal reserve bank may discount for any of its member banks any note, draft, or bill of exchange, provided— (a) It has a maturity at the time of discount of not more than 90 days, exclusive of days of grace; but if drawn or issued for agricultural purposes or based on live stock, it may have a maturity at the time of discount of not more than six months, exclusive of days of grace. (b) It arose out of actual commercial transactions; that is, it must be a note, draft, or bill of exchange which has been issued or drawn for agricultural, industrial, or commercial purposes, or the proceeds of which have been used or are to be used for such purposes. (c) It was not issued for carrying or trading in stocks, bonds, or other investment securities, except bonds and notes of the Government of the United States. (d) The aggregate of notes, drafts, and bills bearing the signature or indorsement of any one borrower, whether a person, company, firm, or corporation, rediscounted for any one member bank, whether State or national, shall at no time exceed 10 per cent of the unimpaired capital and surplus of such bank; but this restriction shall not apply to the discount of bills of exchange drawn in good faith against actually existing values. (e) It is indorsed by a member bank. (/) It conforms to all applicable provisions of this regulation. No Federal reserve bank may discount for any member State bank or trust company any of the notes, drafts, or bills of any one borrower who is liable for borrowed money to such State bank or trust company in an amount greater than 10 per cent of the capital and surplus of that State bank or trust company, but in determining the amount of money borrowed from such State bank or trust company the discount of bills of exchange drawn in good faith against actually existing value and the discount of commercial or business paper actually owned by the person negotiating the same shall not be included. Any Federal reserve bank may make advances to its member banks on their promissory notes for a period not exceeding 15 days, provided that they are secured by Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REGULATIONS OF THE BOARD. 251 notes, drafts, bills of exchange, or bankers' acceptances which are eligible for rediscount or for purchase by Federal reserve banks, or by the deposit or pledge of bonds or notes of the United States, or bonds of the War Finance Corporation. SECTION II. General character of notes, drafts, and bills of exchange eligible. The Federal Reserve Board, exercising its statutory right to define the character of a note, draft, or bill of exchange eligible for rediscount at a Federal reserve bank, has determined that— (a) It must be a note, draft, or bill of exchange which has been issued or drawn, or the proceeds of which have been used or are to be used in the first instance, in producing, purchasing, carrying, or marketing goods 1 in one or more of the steps of the process of production, manufacture, or distribution, or for the purpose of carrying or trading in bonds or notes of the United States. (b) It must not be a note, draft, or bill of exchange the proceeds of which have been used or are to be used for permanent or fixed investments of any kind, such as land, buildings, or machinery, or for any other capital purpose. (c) It must not be a note, draft, or bill of exchange the proceeds of which have been used or are to be used for investments of a purely speculative character or for the purpose of lending to some other borrower. (d) It may be secured by the pledge of goods or collateral of any nature, including paper, which is ineligible for rediscount provided it (the note, draft, or bill of exchange) is otherwise eligible. SECTION III. Applications for rediscount. All applications for the rediscount of notes, drafts, or bills of exchange must contain a certificate of the member bank, in form to be prescribed by the Federal reserve bank, that, to the best of. its knowledge and belief, such notes, drafts, or bills of exchange have been issued for one or more of the purposes mentioned in Section II (a), and, in the case of a member State bank or trust company, all applications must contain a certificate or guaranty to the effect that the borrower is not liable, and will not be permitted to become liable during the time his paper is held by the Federal reserve bank, to such bank or trust company for borrowed money in an amount greater than that specified in Section I above. SECTION IV. Promissory notes. (a) Definition.—A promissory note, within the meaning of this regulation, is defined as an unconditional promise, in writing, signed by the maker, to pay, in the United States, at a fixed or determinable future time, a sum certain in dollars to order or to bearer. (b) Evidence of eligibility and requirement of statements.—A Federal reserve bank must be satisfied by reference to the note or otherwise that it is eligible for rediscount. The member bank shall certify in its application whether the note offered for rediscount has been discounted for a depositor other than a bank or for a nondepositor and, if discounted for a bank, whether for a member or a nonmember bank. The member bank must also certify whether a financial statement of the borrower is on file with it. A recent financial statement of the borrower must be on file with the member bank in all cases, except with respect to any note discounted by a member bank for a depositor other than a bank or another member bank if— (1) It is secured by a warehouse, terminal, or other similar receipt covering goods in storage, or by bonds or notes of the United States; or (2) The aggregate of obligations of the borrower rediscounted and offered for rediscount at ^he Federal reserve bank by the member bank is less than a sum equal to 10 per cent of the paid-in capital of the member and is less than $5,000. The Federal reserve bank shall use its discretion in taking the steps necessary to satisfy itself as to eligibilty. Compliance of a, note with Section II (6) may be evidenced by a statement of the borrower showing a reasonable excess of quick assets over current liabilities. A Federal reserve bank may, in all cases, require the financial statement of the borrower to be filed with it. 1 When used in this regulation the word "goods" shall be construed to include goods, wares, merchandise, or agricultural products, including live Stock. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

252 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. SECTION V. Drafts, bills of exchange, and trade acceptances, (a) Definition.—A draft or bill of exchange, within the meaning of this regulation, is defined as an unconditional order in writing, addressed by one person to another, signed by the person giving it, requiring the person to whom it is addressed to pay in the United States, at a fixed or determinable future time, a sum certain in dollars to the order of a specified person; and a trade acceptance is defined as a draft or bill of exchange, drawn by the seller on the purchaser of goods sold,2 and accepted by such purchaser. (b) Evidence of eligibility and requirement of statements.—A Federal reserve bank shall take such steps as it deems necessary to satisfy itself as to the eligibility of the draft, bill, or trade acceptance offered for rediscount and may require a recent financial statement of one or more parties to the instrument. The draft, bill, or trade acceptance should be drawn so as to evidence the character of the underlying transaction, but if it is not so drawn evidence of eligibility may consist of a stamp or certificate affixed by the acceptor or cjrawer in a form satisfactory to the Federal reserve bank. SECTION VI. Six months' agricultural paper. (a) Definition.—Six months' agricultural paper, within the meaning of this regular tion, is defined as a note, draft, bill of exchange, or trade acceptance drawn or issued for agricultural purposes, or based on live stock; that is, a note, draft, bill of exchange, or trade acceptance the proceeds of which have been used, or are to be used, for agricultural purposes, including the breeding, raising, fattening, or marketing of live stock, and which has a maturity at the time of discount of not more than six months, exclusive of days of grace. (6) Eligibility.—To be eligible for rediscount, six months' agricultural paper, whether a note, draft, bill of exchange, or trade acceptance, must comply with the respective sections of this regulation which would apply to it if its maturity were 90 days or less. ARTICLE B.—BANKERS* ACCEPTANCES. SECTION VII. Definition. A banker's acceptance within the meaning of this regulation is defined as a draft or bill of exchange, whether payable in the United States or abroad and whether payable in dollars or some other money, of which the acceptor is a bank or trust company, or a firm, person, company^ or corporation engaged generally in the business of granting bankers' acceptance credits. SECTION VIII. Eligibility. A Federal reserve bank may rediscount any such bill bearing the indorsement of a member bank and having a maturity at time of discount of not more than three months, exclusive of days of grace, which has been drawn under a credit opened for the purpose of conducting or settling accounts resulting from a transaction or transactions involving any one of the following: (1) The shipment of goods between the United States and any foreign country, or between the United States and any of its dependencies or insular possessions, or between foreign countries. (2) The shipment of goods within the United States, provided shipping documents conveying security title are attached at the time of acceptance, or (3) The storage of readily marketable staples,3 provided that the bill is secured at the time of acceptance by a warehouse, terminal, or other similar receipt, conveying security title to such staples, issued by a party independent of the customer, and provided further that the acceptor remains secured throughout the life of the acceptance. In the event that the goods must be withdrawn from storage prior to the maturity of the acceptance or the retirement of the credit, a trust receipt or other similar document covering the goods may be 2 A consignment of goods or a conditional sale of goods can not be considered "goods sold" within the meaning of this clause. The purchase price of goods plus the cost of labor in effecting their installation may be included in the amount for which the trade acceptance is drawn. 3 A readily marketable staple within the meaning of these regulations may be denned as an article of commerce, agriculture, or industry of such uses as to make it the subject of constant dealings in ready markets with such frequent quotations of price as to make (a) the price easily and definitely ascertainable and (b) the staple itself easy to realize upon by sale at any time. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REGULATIONS OF THE BOARD. 253 substituted in lieu of the original document, provided that such substitution is conditioned upon a reasonably prompt liquidation of the credit. In order to insure compliance with this condition it should be required, when the original document is released, either (a) that the proceeds of the goods will be applied within a specified time toward a liquidation of the acceptance credit or (b) that a new document, similar to the original one, will be resubstituted within a specified time. Provided, that acceptances for any one customer in excess of 10 per cent of the capital and surplus of the accepting bank must remain actually secured throughout the life of the acceptance, and in the case of the acceptances of member banks this securitymust consist of shipping documents, warehouse receipts, or other such documents, or some other actual security growing out of the same transaction as the acceptance, such as documentary drafts, trade acceptances, terminal receipts, or trust receipts which have been issued under such circumstances, and which cover goods of such a character, as to insure at all times a continuance of an effective and lawful lien in favor of the accepting bank, other trust receipts not being considered such actual security if they permit the customer to have access to or control over the goods. A Federal reserve bank may also rediscount any bill drawn by a bank or banker in a foreign country or dependency or insular possession of the United States for the purpose of furnishing dollar exchange as provided in Regulation C, provided that it has a maturity at the time of discount of not more than three months, exclusive of days of grace. SECTION IX. General conditions as to maturity of domestic acceptances. Although a Federal reserve bank may legally rediscount an acceptance having a maturity at the time of discount of not more than three months, exclusive of days of grace, it may decline to rediscount any acceptance the maturity of which is in excess of the usual or customary period of credit required to finance the underlying transaction or which is in excess of that period reasonably necessary to finance such transaction. Since the purpose of permitting the acceptance of drafts secured by warehouse receipts or other such documents is to permit of the temporary holding of readily marketable staples in storage pending a reasonably prompt sale, shipment, or distribution, no such acceptance should have a maturity in excess of the time ordinarily necessary to effect a reasonably prompt sale, shipment, or distribution into the process of manufacture or consumption. SECTION X. Evidence of eligibility. A Federal reserve bank must be satisfied, either by reference to the acceptance itself, or otherwise, that the acceptance is eligible for rediscount under the terms of the law and the provisions of this regulation. The bill itself should be drawn so as to evidence the character of the underlying transaction, but if it is not so drawn evidence of eligibility may consist of a stamp or certificate affixed by the acceptor in form satisfactory to the Federal reserve bank. REGULATION B, SERIES OF 1922. (Superseding Regulation B of 1921.) WASHINGTON, December 19, 1922. The Federal Reserve Board transmits herewith its Regulation B, Series of 1922, superseding Regulation B, Series of 1921, relating to open-market purchases by Federal reserve banks of bills of exchange, trade acceptances, and bankers' acceptances under section 14 of the Federal reserve act. This new regulation is issued for the purpose of permitting Federal reserve banks until further notice to purchase in the open market, with or without the indorsement of member banks, bankers' acceptances with maturities not in excess of six months which are drawn by growers, or by cooperative marketing associations composed exclusively of growers, of nonperishable, readily marketable, staple agricultural products, to finance the orderly marketing of such products grown by such growers and secured at the time of acceptance by warehouse, terminal, or other similar receipts issued by parties independent of the borrowers and conveying security title to such products. This purpose is effected by the addition of a new paragraph at the end of Part II of said regulation, and the addition of this paragraph constitutes the only amendment to the regulation. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

254 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. The board was moved to take this action by a desire to provide more ample facilities for financing the orderly marketing of staple agricultural products, especially by cooperative marketing associations. This is in accordance with the principle heretofore recognized by the board that the carrying of agricultural products for such periods as are reasonably necessary in order to assist the orderly marketing thereof is a proper step in the process of distribution. There is a material distinction, however, between carrying agricultural products for such periods as are reasonably necessary to effect orderly marketing, and mere speculative withholding from the market in the hope ultimately of obtaining a higher price. Before purchasing such acceptances, therefore, Federal reserve banks should assure themselves that the agricultural products underlying the transaction are not being held for speculation but are being marketed in an orderly manner or stored as part of the process of orderly marketing. Care should also be exercised by Federal reserve banks in purchasing acceptances of long maturities, in order that the liquidity of the aggregate investments held by them should not be affected. By order of the Federal Reserve Board. WM. W. HOXTON, Secretary. OPEN-MARKET PURCHASES OF BILLS OF EXCHANGE, TRADE ACCEPTANCES, AND BANKERS' ACCEPTANCES UNDER SECTION 14. I. General statutory provisions. Section 14 of the Federal reserve act provides that Federal reserve banks under rules and regulations to be prescribed by the Federal Reserve Board may purchase and sell in the open market, at home or abroad, from or to domestic or foreign banks, firms, corporations, or individuals, bankers' acceptances, and bills of exchange of the kinds and maturities made eligible by the act for rediscount, with or without the indorsement of a member bank. II. General character of bills and acceptances eligible. The Federal Reserve Board, exercising its statutory right to regulate the purchase of bills of exchange and acceptances, has determined that a bill of exchange or acceptance, to be eligible for purchase by Federal reserve banks under this provision of section 14, must have been accepted by the drawee prior to such purchase unless it is either accompanied or secured by shipping documents or by warehouse, terminal, or other similar receipt conveying security title or bears a satisfactory banking indorsement, and must conform to the relative requirements of Regulation A, except that— (a) A banker's acceptance growing out of a transaction involving the importation or exportation of goods may be purchased if it has a maturity not in excess of six months, exclusive of days of grace, provided that it conforms in other respects to the relative requirements of Regulation A; (6) A banker's acceptance growing out of a transaction involving the storage within the United States of goods actually under contract for sale and not yet delivered or paid for may be purchased, provided that the acceptor is secured by the pledge of such goods; and provided further, that the acceptance conforms in other respects to the relative requirements of Regulation A; and (c) A banker's acceptance drawn by a grower, or by a cooperative marketing association composed exclusively of growers, of nonperishable, readily marketable, staple agricultural products, to finance the orderly marketing of such products grown by such grower or growers and secured at the time of acceptance by a warehouse, terminal, or other similar receipt, issued by a party independent of the borrower and conveying security title to such products, may be purchased if it has a maturity at the time of purchase not in excess of six months, exclusive of days of grace; provided, that the acceptor remains secured throughout the life of the acceptance, and that the acceptance conforms in other respects to the relevant requirements of Regulation A. III. Statements. A bill of exchange, unless indorsed by a member bank, is not eligible for purchase until a satisfactory statement has been furnished of the financial condition of one or more of the parties thereto. A banker's acceptance, unless accepted or indorsed by a member bank, is not eligible for purchase until the acceptor has furnished a satisfactory statement of ite financial condition in form to be approved by the Federal reserve bank and has Digitized foarg FreReAdS iEnR w riting with a Federal reserve bank to inform it upon request concerning http://frasert.hsetl oturiasnfesadc.otirogn/ underlying the acceptance. Federal Reserve Bank of St. Louis

PAPER OF COOPERATIVE MARKETING ASSOCIATIONS. 255 PAPER OF COOPERATIVE MARKETING ASSOCIATIONS. The Federal Reserve Board has received a number of inquiries, and has made a number of rulings, with reference to the eligibility for rediscount by Federal reserve banks of paper arising out of the operations of agricultural cooperative marketing associations; and for the convenience of the member banks and others interested in this subject there is published below a summary of those rulings together with a review of the general principles relating to the eligibility of such paper. 1. Definition of eligible commercial and agricultural paper.—The regulations of the Federal Reserve Board define eligible commercial and agricultural paper as notes, drafts, or bills of exchange which have been issued or drawn or the proceeds of which have been used, or are to be used in the first instance in producing, purchasing, carrying or marketing goods (including goods, wares, merchandise, agricultural products, and live stock) in one or more of the steps of the process of production, manufacture, or distribution. If a note, draft, or bill of exchange has been issued or drawn, or the proceeds have been or are to be used, for an agricultural purpose, that note, draft, or bill of exchange may be eligible for rediscount if it has a maturity at the time of rediscount of not more than six months exclusive of days of grace. On the other hand, if a note, draft, or bill of exchange has been issued or drawn or the proceeds iiave been or are to be used for a commercial purpose, it will not be eligible for rediscount if it has a maturity at the time of rediscount in excess of 90 days exclusive of days of grace. The board's regulations further provide that no note, draft, or bill of exchange is eligible for rediscount if the proceeds have been or are to be used for permanent or fixed investments of any kind, for any other capital purpose, for investments of a purely speculative character, or for the purpose of lending to some other borrower. 2. Classes of associations under consideration.—Each of the associations involved in the rulings heretofore made by the board, of which this is merely a summary, was organized without capital and its members consisted exclusively of the producers of the particular crop which the association was organized to market who had agreed to sell and deliver their entire crops to the association. The agreements provided in substance that title should pass to the association at the time of delivery, that the association should have absolute control over the commodities delivered and over the resale thereof, and that the association should have power to borrow money upon such commodities and to pledge the commodities for money borrowed. The price at which the commodities were sold by the growers to the association was not fixed at the time of that sale, but the commodities were pooled according to grades, and after all of a particular pool had been sold the proceeds were distributed pro rata among the producers who had contributed to that pool. The conclusions stated in the rulings included in this summary, therefore, are not necessarily applicable to the paper of associations which operate on any plan substantially different from that just described. 3. Growers' drafts accepted by associations eligible as agricultural paper.—Where, at the time the growers deliver their crops to such an association, the association accepts drafts drawn upon it by the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

256 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. frowers, such drafts are eligible for rediscount by Federal reserve anks as agricultural paper with maturities up to six months when discounted t)y the growers at their local banks with their own indorsements, provided the proceeds are used by the growers for agricultural purposes. (Federal Reserve Bulletin, October, 1921, p. 1199.) 4. Grower's draft on association not trade acceptance.—A draft drawn by a grower on an association to which he has delivered his crop, accepted by the association, and discounted by the grower at his bank is not, however, a trade acceptance within the meaning of the board's regulations, which define a trade acceptance as u a draft or bill of exchange drawn by a seller on the purchaser of goods sold and accepted by such purchaser,'7 because the delivery of a crop to a cooperative marketing association under an agreement such as that described in the second paragraph of this summary is not the kind of a sale which should he made the basis of a trade acceptance. Trade acceptances, however, constitute merely a special class of eligible paper which sometimes bears a preferential discount rate, and the mere fact that such drafts are not included in that special class of eligible paper does not prevent them from being eligible for rediscount as agricultural or commercial paper if the proceeds are used for an agricultural or commercial purpose. (See Federal Reserve Bulletin, October, 1921, p. 1199.) As indicated in the preceding paragraph; growers' drafts accepted by associations may be eligible as agricultural paper if they are discounted by the growers at their local banks and the growers use the proceeds for agricultural purposes. 5. Carrying crop pending orderly marketing is an agricultural operation.—Inasmuch as agricultural products should not be dumped upon the market as soon as harvested, but should be marketed gradually, the carrying of agricultural products for such periods as are reasonably necessary in order to assist the orderly marketing thereof is a proper step in the process of distribution, and a farmer's note which is drawn, or the proceeds of which are used, to finance the carrying of the farmer's products for such reasonable period is a note which has been issued or drawn for an agricultural purpose within the meaning of section 13 of the Federal reserve act and which may, therefore, be eligible for rediscount by Federal reserve banks. Money borrowed by a grower to enable him to meet his obligations without selling his crop immediately enables him to " carry" the crop, and, therefore, when a grower delivers his crop to a cooperative marketing association which is actually engaged in orderly marketings and when the grower is obliged to borrow money for ordinary general purposes, such as the payment of obligations previously incurred in growing or harvesting the same crop, a draft drawn by the grower on the association for a part of the market value of the crop may properly be considered to be drawn for an agricultural purpose. There is a distinction, however, between carrying agricultural products for such periods as are reasonably necessary to effect orderly marketing and mere speculative withholding from the market, in the hope ultimately of obtaining a higher price. Such withholding is not an agricultural purpose within the meaning of section 13, and if a marketing association should engage in such a speculative holding of a crop instead of marketing it in an orderly manner, drafts drawn to finance the growers of such a crop during the holding of it for speculation should not be considered to be drawn for an agricultural Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PAPER OF COOPERATIVE MARKETING ASSOCIATIONS. 257 purpose. The exact dividing line between legitimate carrying and speculative withholding is of course, very difficult to define. The 7 question of whether a doubtful case falls on one side or the other of this line is a question of fact which it is not for the Federal Reserve Board to determine but which should be determined rather by the local bank whose customer desires the loan and by the Federal reserve bank if the paper representing the loan is offered for rediscount. (Federal Reserve Bulletin, August, 1922, p. 931.) 6. Notes of associations for funds to finance packing and marketing.— A note of a corporation or association engaged in performing services in connection with packing and marketing agricultural products not grown by the corporation or association itself the proceeds of which note are used to pay the current expenses of such corporation or association, such as the payment of wages and the purchase of supplies in connection with its business of packing and marketing agricultural products, should not be classed as agricultural paper eligible for rediscount with a maturity up to 6 months, but should be classed as commercial paper which may be eligible with a maturity not in excess of 90 days. While the note of a farmer the proceeds of which have been used to finance the packing or marketing of his own crop should be classed as agricultural paper, the same is not true of the note of a corporation or association engaged in performing services in packing and marketing agricultural products grown by others, because that is a commercial rather than an agricultural business, even though such corporation or association deals exclusively with growers. (Federal Reserve Bulletin, November, 1921, p. 1312.) 7. Notes of associations for funds to pay for commodities purchased.— The notes of associations the proceeds of which have been or are to be used to make payments to the growers for commodities delivered to the association are eligible for rediscount by Federal reserve banks if they have maturities not in excess of 90 days and comply in other respects with all relevant provisions of law and the board's regulations, because the proceeds are used for the commercial purpose of buying the commodities from the growers. (Federal Reserve Bulletin, August, 1922, p. 931.) 8. Bankers1 acceptances drawn by associations.—Drafts drawn by such associations are eligible for acceptance by member banks when secured at the time of acceptance by warehouse receipts covering nonperishable agricultural commodities stored in independent warehouses, and after acceptance such drafts are eligible for rediscount by Federal reserve banks, provided they comply as to maturity and in all other respects with the provisions of the Federal reserve act and the board's regulations. (Federal Reserve Bulletin, August, 1921, p. 963.) The law requires that a warehouse receipt, in order to be the basis of an eligible bankers' acceptance, shall be a document "conveying or securing title covering readily marketable staples"; but inasmuch as by hypothesis associations of the kind under consideration in this summary take title to the agricultural products delivered to them and are given full control thereof with authority to borrow money upon them and to pledge them for money borrowed, it is clear that they can store such products in independent warehouses and obtain negotiable warehouse receipts conveying security title. The board has indicated already the general principles to be applied by Federal reserve banks in determining under what circumstances Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

258 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. warehouses are to be considered independent of the borrowers in passing upon bankers' acceptances, and the application of those principles to specific cases involves questions of fact which are primarily for the determination of the Federal reserve banks. (See rulings on pp. 31, 634 and 862, respectively, of the 1918 Bulletin.) 7 9. Warehouse receipts covering agricultural products as security.—- Numerous inquiries have been made as to the eligibility of paper created by such associations and secured by warehouse receipts for agricultural products stored in warehouses which, although thej may be owned by the associations or by corporations organized and controlled by them, yet have independent management and organization. Inasmuch as the eligibility of paper other than bankers' acceptances is not dependent upon the existence or character of collateral security, the question whether such paper of the association is technically eligible for rediscount is not dependent upon whether the warehouse issuing the receipt offered as collateral security is independent of the borrower. The character of the warehouse receipt or other security offered as collateral for paper other than bankers' acceptances is material only as bearing upon the acceptability of the paper as distinguished from its eligibility, and the question of the acceptability is for the determination of the Federal reserve banks rather than the Federal Reserve Board. The preceding paragraph indicates the type of warehouse receipt that is required as the basis of an eligible banker's acceptance. 10. No obligation to rediscount paper even though eligible.—It should be understood, of course, that even though a bill or note may technically be eligible for rediscount, a Federal reserve bank is under no obligation to rediscount it, but may accept it or refuse it in the exercise of its discretionary power. COURT OPINIONS IN PAR CLEARANCE CASES. ATLANTA CASE. DECISION OF UNITED STATES DISTRICT COURT. AMERICAN BANK & TRUST CO. ET AL., PLAINTIFFS, V. FEDERAL KESERVE BANK OF ATLANTA ET AL., DEFENDANTS. BEVERLY D. EVANS, District Judge: This case was heard by me on its merits and, after argument and due consideration,. I find as follows: (1) Under sections 13 and 16 of the Federal reserve act the Federal reserve banks are empowered to accept any and all checks payable on presentation, when deposited with them for collection. (2) Checks thus received must be collected at par. The Federal reserve banks are not permitted to accept in payment of checks deposited with them for collection an amount less than the full face value of the checks. (3) In the discharge of its duties with respect to the collection of checks deposited with them, and with respect to performing the functions of a clearing house, the several Federal reserve banks are empowered to adopt any reasonable measure designed to accomplish these purposes. To that end a Federal reserve bank may send checks to the drawee bank directly, for remittance through the mails, of collections without cost of exchange. If the drawee bank refuses to remit without deduction of the cost of exchange, it is in the power of the several Federal reserve banks to employ any proper instrumentality or agency to collect the checks from the drawee bank, and it may legitimately pay the necessary cost of this service. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PAR CLEARANCE CASES. 259 (4) The process of the daily collection of checks, in the exerciee of the clearinghouse functions, is not rendered unlawful because of the fact that of the checks handled two or more of them may be drawn on the same bank. (5) It is a legitimate feature of the clearing house function of a Federal reserve bank to publish a par clearance list, that is, a list of banks on which checks are drawn that will be collected at par by the Federal reserve banks. But inasmuch as a conclusion may be drawn from the appearance of a bank 7s name on the par list that it agrees to remit at par, or has agreed to enter the par clearance system, I do not think such list should include the name of any nonmember bank, unless such nonmember bank consents. I see no objection to including in the par clearance list the names of towns or cities, with a representation that the Federal reserve bank will undertake to collect at par checks drawn on any bank (member or nonmember) in such town or city. (6) In the inauguration of its par clearance system, I find that the Federal reserve bank of the Atlanta district was not inspired by any ulterior purpose to coerce or injure any nonmember bank which refused to remit at par. Specifically I find the charge that the Federal reserve bank at Atlanta would accumulate checks upon country or nonmember banks until they reach a large amount, and then cause them to be presented for payment over the counter, so as to compel the plaintiffs to maintain so much cash in their vaults as to drive them out of business, as an alternative to agreeing to remit at par, is not sustained by the evidence. (7) I find the evidence insufficient to sustain any charge in the bill that the Federal reserve bank was acting illegally, or exercising any right it had so as to oppress or injure the plaintiff banks. With regard to the publication of the names of nonmember banks on the Federal reserve bank ?s par list, while I do not think the evidence justifies a finding that such publication was done to injure or oppress plaintiff banks, nevertheless I do not think the names of plaintiff banks, or any of them, should be included in the list without their consent. The general result of my findings is that the plaintiffs are entitled to the writ of injunction against the inclusion of their names on the par list without their consent, but are not entitled to an injunction for any other matter complained against the respondents. Let an appropriate decree be submitted giving effect to the foregoing findings. This March 11th, ft22. DECISION OF CIRCUIT COURT OF APPEALS. In the United States Circuit Court of Appeals for the Fifth Circuit. AMERICAN BANK & TRUST COMPANY ET AL., APPELLANTS, V. FEDERAL RESERVE BANK OP ATLANTA ET AL., APPELLEES. NO. 3906. Appeal from the District Court of the United States for the Northern District of Georgia. * Alex. W. Smith (Alexander W. Smith, Orville A. Park, Smith, Hammond & Smith, and Theodore H. Smith on the brief), for appellants. Hollins N. Randolph, R. S. Parker, John W. Davis, and M. B. Angell, for appellees. Before Walker and Bryan, Circuit Judges, and Sheppard, District Judge. WALKER, Circuit Judge: Except as to a feature of the bill mentioned below, nothing has occurred to require a revision of or departure from the conclusions stated in the opinion delivered by this court in this case when it was here on a former appeal. American Bank & Trust Co. v. Federal Reserve Bank of Atlanta, 269 Fed. 4. What was held by the Supreme Court to show the existence of a right to relief under the general prayer for relief was the part of the bill containing allegations to the effect, that, in pursuance of the alleged policy of the Federal Reserve Board to bring about the collectibility by banks of bank checks at par, the appellee reserve bank and its officers intended to accumulate until they reach a large amount, checks upon banks of the class to which the appellant banks belong, and then to cause them to be presented for payment in cash over the counter, or by other devices detailed to require payment in cash in such wise as to drive the drawees out of business or force them, if able, to submit to the scheme of making bank checks collectible at par. American Bank & Trust Co. v. Federal Reserve Bank, 256 U. S. 350. The conduct which the supreme Court decided to be wrongful and subject to be enjoined was the alleged threatened accumulation of checks for the purpose of using them in the manner alleged. It was not decided or intimated that the appellee bank would be guilty of any actionable wrong by merely presenting or Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

260 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. causing to be presented bank checks held by it to the drawees for payment in cash over the counter. The alleged accumulation of checks for the purpose charged was an essential feature of the alleged conduct which was decided to be wrongful. We are not of the opinion that a bank in receipt for collection of checks on other banks is guilty of an abuse of its right as such holder when, in due course, with reasonable promptness, without designed delay or accumulation, and in proper manner, it presents, or causes to be presented, those checks to the drawees for payment in cash. In so doing the collecting bank would be exercising its right as the holder of checks received by it for collection, and would not be guilty of an abuse of that right for an unlawful purpose. If the holder of the checks is guilty of no wrong, the fact that the payee is inconvenienced by having to pay in cash would not give the latter a valid ground of complaint. Inconvenience resulting to one party from another's exercise of a right in a lawful way does not give the former a right of action. The most that the evidence relied on by the appellants tended to prove was that at and prior to the time of filing the bill the appellee bank intended or proposed to deal in the just stated manner with checks received by it for collection, when the drawees did not consent to remit at par, and that it was after this suit was brought that appellee bank manifested its willingness to allow payment of such checks to be made either in cash or in acceptable exchange. The trial judge specifically found that "the charge that the Federal reserve bank at Atlanta would accumulate checks upon country or nonmember banks until they reach a large amount, and then cause them to be presented for payment over the counter, so as to compel the plaintiffs to maintain so much cash in their vaults as to drive them out of business, or an alternative agreement to remit at par, is not sustained by the evidence.'' He further found "the evidence insufficient to sustain any charge in the bill that the Federal reserve bank was acting illegally or exercising any right it had so as to oppress or injure the plaintiff banks." The record before us does not warrant the setting aside of either of those findings. We do not think that the evidence adduced justified the granting of any of the prayed for relief which was denied by the decree appealed from. By that decree the appellee bank was "enjoined and restrained from publishing, upon any par list issued by the said defendant, the Federal Reserve Bank of Atlanta, the name of any nonmember bank being a plantiff in this case unless such nonmember bank consents or has consented to remit at par." Our attention has been called to an opinion rendered, after thi^case was argued and submitted, upon the granting of a preliminary injuction in the case of Farmers & Merchants Bank of Cattlettsburg, Ky., v. the Federal Reserve Bank of Cleveland, Ohio, and Mary B. McCall, pending in the District Court of the United States for the Eastern District of Kentucky. That opinion shows that the granting of a preliminary injunction in that case was influenced by the showing made that the defendant bank, by its authorized agents, adopted what well might be deemed to be unwarranted methods in collecting checks on the plaintiff bank. That case is plainly differentiated from the instant one by the above quoted explicit finding in the latter to the effect that the evidence did not sustain any charge in the bill as to improper conduct by the appellee bank or its agents. We do not think that that opinion shows that our aboveindicated conclusions in the instant case are incorrect. In the absence of any showing that the appellee bank consented to or approved of the use of any unlawful means of enforcing or promoting the adoption or carrying out of the policy or plan of making bank checks collectible at par, the fact that the appellee bank was in accord with other Federal reserve banks in adopting that policy and attempting to bring about the general acceptance and adoption of it can not properly be given the effect of making the appellee bank responsible for unlawful acts done, in the effort to enforce that policy, by or at the instance of other Federal reserve banks. An express or implied agreement between the several reserve banks to promote the adoption of the policy mentioned does not import a commom consent to the use by any party to such agreement of unlawful means to effectuate the commom lawful purposes. Assent by one party to concert of action with others to accomplish a lawful purpose does not involve or amount to the former consenting to or approving the unlawful conduct of any one. There was no evidence tending to prove that the appellee bank authorized, consented to or ratified the use by or in behalf of other reserve banks of illegally coercive methods to bring about the general adoption of the above-mentioned policy. It follows that the evidence offered to prove the use by or in behalf of other reserve banks of unlawful means to accomplish the alleged common purpose was properly excluded. The court disallowed a proposed amendment of the bill having the effect of adding as parties plaintiffs thereto banks located in Federal reserve districts other than the sixth. That ruling was not erroneous. The complaints made by the bill are based upon what it alleged the appellees did or proposed to do in transactions between the appellee Federal Reserve Bank of the Sixth Federal Reserve District and the appellant Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PAR CLEARANCE CASES. 261 bank?, which are located in that district. The banks unsuccessfully gorght to be added as parties plaintiff are so far strangers to the transactions mentioned as to keep the alleged conduct complained of from giving to those banks a right of action based on that conduct, with the result that those banks are not entitled to be joined as parties plaintiff in this suit. The same interrogatories were propounded by the appellants to several of the appellees. A separate answer was made to each of those interrogatories, each person interrogated making such answer his own. The court overruled objections to such answers on the ground that answers so made to interrogatories were violative of the provision of Equity Rule 58 that "each interrogatory shall be answered separately." What the quoted provision forbids is the making of one answer a response to more than one interrogatory. It does not forbid several persons to whom an interrogatory is propounded joining in the making of one separate answer thereto. The provision does not require the duplication or multiplication of answers to an interrogatory when the parties interrogated desire to make the same answer thereto. The answers made to interrogatories were not subject to objection on the ground mentioned. The conclusion is that the record does not show any reversible error. The decree is affirmed. NORTH CAROLINA CASE. ACT AUTHORIZING STATE BANKS TO CHARGE EXCHANGE, AND TO MAKE PAYMENT BY EXCHANGE DRAFTS, WHEN CHECKS ARE PRESENTED TO THEM BY OR THROUGH FEDERAL RESERVE BANKS HELD UNCONSTITU- TIONAL. North Carolina Supreme Court—Spring Term 1922—No. 419 Union. FARMERS AND MERCHANTS BANK ET AL. V. FEDERAL RESERVE BANK OF RICHMOND, VA. Appeal by defendants from WEBB, /. February term, 1922, of Union. This action was brought by 13 banks and trust companies organized under the laws of this State which are not members of the Federal Reserve System, against the Federal Reserve Bank of Richmond, Va., to obtain an injunction to prevent the Federal reserve bank from refusing to accept exchange drafts drawn by the plaintiffs on their reserve deposits for less than the face amount of checks presented, and from returning as dishonored checks drawn by various depositories upon the plaintiff banks which had been presented at their counters by the Federal Reserve Bank of Richmond but for which the plaintiffs had tendered drafts for less amounts drawn by them upon their respective reserve depositories. A temporary restraining order was awarded in accordance with the prayer of the complaint. The action having been brought by said banks for the benefit of themselves and such other like institutions who might join in the suit and the restraining order providing that all such institutions might become plaintiffs in the action and have the benefit of said restraining order, some 265 State banks and trust companies have become parties plaintiff as appears from the record. By agreement between counsel, trial by jury was waived, and by consent the judge found the facts and upon the said finding of the facts adjudged: (1) That the defendant, Federal Reserve Bank of Richmond, is hereby enjoined from refusing to accept exchange drafts when tendered by the plaintiff banks in payment of checks drawn on them under the option given said banks under provisions of chapter 20, laws North Carolina, ratified February 5, 1921; (2) The said defendant is hereby enjoined from returning as dishonored any check, payment for which in exchange drafts by plaintiff banks, or either of them, has been tendered under the provisions of said act and the defendant refuses to accept the same; (3) The said defendant is likewise enjoined from protesting for nonpayment any check, payment for which in exchange drafts by plaintiff banks, or either of them, has been tendered under the provisions of said act and defendant refuses to accept the same; * (4) The said defendant is iikwise enjoined from publication or authorizing the publication of the name of any of the plaintiff banks, literally or by inclusion, in any list or other publication designed for circulation among banking institutions generally, 28971—23 18 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

262 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. regardless of the name employed to designate such list or publication unless and until the bank thus published or included shall have previously given its consent to such publication. Appeal by the defendant. Alex W. Smith and Stack, Parker & Craig for plaintiffs. Connor & Hill, Henry W. Anderson, M. G. Wallace, and C. W. Tillett, jr., for defendant. CLARK, C. Jr. The defendant, Federal Reserve Bank of Richmond, is a banking corporation duly organized under the act of Congress and especially under a certain act known as the Federal reserve act. It is one of the 12 Federal reserve banks which were organized under the terms of that act and does business in accordance therewith, especially with the national banks and State member banks in the Fifth Federal Reserve District, which consists of a portion of the State of West Virginia, the whole of Maryland, the District of Columbia, Virginia, North Carolina, and South Carolina. Under the terms of this act, the member banks, which are the national banks in the above mentioned district and also certain State banks therein, which have qualified for and been admitted to membership in the Federal Reserve System, are required to keep and maintain with the Federal Reserve Bank of Richmond certain balances as reserves. The member banks create these balances by sending to the Federal reserve bank for collection checks or other instruments which they have received on deposit or for collection. Since the business of all banking institutions consists largely in the handling of checks, it is clear that if the Federal reserve bank is to discharge efficiently its function as a reserve depository of its member banks, it must be able to collect their checks and other instruments which are the ordinary means of making settlement of accounts and transmitting funds. When the Federal reserve banks were first organized they were not expressly empowered to accept for collection any check unless it was drawn upon a member bank or other Federal reserve bank. Since member banks receive checks not only upon other member banks but also upon nonmember banks, and since the member banks, which include most of the larger banks of the country, acted as agencies through which the nonmember banks collected checks which they had received, it soon became evident that if the Federal reserve banks undertook to collect checks upon their member banks but could not collect for member banks checks upon nonmember banks, a vast majority of checks upon member banks would pass through the Federal reserve banks while checks on nonmember banks would be collected through other agencies. As the amount of the checks which any bank receives upon others and the amount of checks upon itself which it is compelled to pay will usually be about the same if a Federal reserve bank could handle all checks upon member banks but could receive from member banks only a portion of the checks which they themselves receive, in the course of time the flow of checks would be unequal and the member banks would be placed at a great disadvantage in their efforts to maintain proper reserves. As a consequence, Congress by the act of September 7, 1916, and of June 21, 1917, amended section 13 of the Federal reserve act and authorized any Federal reserve bank to receive for collection from its member banks '' checks and drafts payable upon presentation in its district," thus removing any limitation upon the power of the Federal reserve bank to receive checks. From the very nature of a check no person is obliged to consider the drawee or person upon whom it is drawn before receiving it either as a holder or as an agent for collection. Under the law before the last-mentioned amendment to the Federal reserve act, Federal reserve banks were required to receive checks upon member banks for collection at par, and were therefore compelled to require member banks to pay them the full face amount of all checks received. It is obvious that if member banks were compelled to pay the full face amount for all checks handled through the Federal reserve banks, but such banks could not require nonmember banks to pay the full face amount on checks drawn upon them, a great inequality would result because nonmember banks would, through the agency of their member bank correspondents, collect all checks upon any member bank at par, but would not pay to member banks checks drawn upon themselves at par. With this in view, Congress expressly provided by the amendment of June 21, 1917, that "no charge for the payment of the checks and drafts and the remission therefor by exchange or otherwise shall be made against the Federal reserve bank." In exercise of the power thus conferred, the Federal Reserve Bank of Richmond undertook to make arrangements with all nonmember banks in its district under which they would agree to remit at par for all checks which the Federal reserve bank received upon them. Prior to this time it had been the custom of many small banks, especially those located in remote sections and thus free from competition, to refuse Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PAR CLEARANCE CASES. 263 to remit the full face amount for checks drawn upon them which were sent through the mails, but they insisted that inasmuch as the check called for payment in money at their counters and not for a remission by draft or otherwise, they could refuse to pay any check until it was presented at their counters, and that therefore if they undertook to remit for checks sent them by means of an exchange draft they could in consideration of their waiver of direct presentation demand a discount and remit not the full face amount of checks, but some lesser sum. This is called an exchange charge for remitting for checks. The amount of this charge or discount exacted in consideration of. payment by draft rather than in cash varied, but usually ran from one-tenth to onefourth of 1 per cent upon the amount of all checks so paid. Many nonmember banks refused to make any agreement to pay the Federal reserve bank at par for checks sent them for collection through the mails. The Federal Reserve Bank of Richmond was prohibited by the Federal reserve act from permitting any discount to be deducted from the face amount of checks which it held for collection. It sent representatives to the nonmember banks in North Carolina urging them to agree to remit at par, explaining that it believed that such practice would be for the mutual convenience of both parties and that an insistance by the nonmember banks on their strict legal right to have a check presented for payment at their counters and to pay the same only in legal money would be an inconvenient and expensive method of dealing, not only to the Federal Reserve Bank of Richmond but also to the nonmember banks. The nonmember banks were at the same time also notified that if they should insist upon their legal right to require a presentation at their counters of all checks drawn upon them when handled by a Federal reserve bank, the Federal reserve bank would be compelled to present the checks at their counters by means of duly authorized agents, but if compelled to take this course the Federal reserve bank would, after such presentation, refuse to waive its right to insist upon payment in legal tender money. The Federal reserve bank made arrangements with certain residents of the towns in which various nonmember banks were situated to collect checks as its agents by means of personal presentation or it sent an employee to such town to act as its agent. On November 15, 1921, the Federal Reserve Bank of Richmond gave notice that it would collect checks upon all nonmember banks in North Carolina by sending them through the mail if the bank would agree to pay the full amount due upon the checks, or by personal presentation by the agent if the nonmember bank refused to pay the full face amount of the check unless presented personally at its counter. The Legislature of North Carolina, Laws 1921, chapter 20, authorized State banks in North Carolina to charge a fee not in excess of one-eighth of 1 per cent on remittances covering checks, or a minimum fee of 10 cents, and provided that in the event a Federal reserve bank, post office, or express company should present checks at the counters of the drawee bank and demand payment in cash, such drawee bank should be permitted to pay by means of a draft drawn upon its exchange deposit, excepting, however, checks payable to the State or to the Federal Government and checks upon which the drawer had expressly designated to the contrary. The defendant bank, being advised that this statute was unconstitutional, presented the checks at the counter of the drawee bank, demanding the full amount due and returned the checks as dishonored when payment in full was refused. In returning checks which had been so presented, the Federal Reserve Bank of Richmond was careful to state that the check had been duly presented and that payment in money at its face amount had been demanded but had been refused, as the drawee bank claimed the right to discharge its obligation by its own draft. The plaintiffs in this proceeding sought to restrain the Federal Reserve Bank of Richmond from returning any check presented under these circumstances and to require it to accept an exchange draft from the plaintiffs when any check had been thus presented to them regardless where such exchange draft was payable or whether or not the payment of it could be indefinitely postponed, as suggested in the argument, by a succession of such exchange drafts. The plaintiffs, however, in addition to the economic effect of the Federal statute which forbids the payment by the reserve bank of a charge for collection of checks, thus forcing, as they claim, all collection to be made through the Federal reserve banks, who can thus collect without charge, made the further allegation that the defendant was undertaking to coerce the nonmember banks to abandon their right to charge for remitting for collections of checks upon them by saving up checks over a considerable period of time until they reached a large amount and then demanding them at the counter, with the probable effect of driving the bank into liquidation. We need not.consider this allegation, which was not only denied by the defendant n but which the court has found as a fact to be untrue, and the plaintiffs have take ^ no exception to such rinding. It would be unnecessary to notice this proposition bu Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

264 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. that such conduct was condemned by Mr. Justice Holmes in the case of the American Bank & Trust Co. v. Federal Reserve Bank of Atlanta, opinion filed May 16, 1921. That decision was rendered upon a demurrer on which, of course, the court assumed that all the allegations of the bill and all reasonable inferences from them were true. The rinding of fact on the trial in the present case eliminated this question entirely from our consideration. The record and briefs in this case are voluminous and the argument has been very elaborate and able as the importance of the case demanded. The Federal reserve bank under the provisions of the Federal statute has the rigjit to receive for collection a check drawn upon a nonmember bank or upon any other person within its district under the clear unmistakable terms of the act. The amendment made June 21,1917, to section 13 of the Federal reserve act provides: ' * No charge for the payment of the checks and drafts and the remission therefor for exchange or otherwise shall be made against the Federal reserve banks." The real question, therefore, presented for us is whether the Legislature of North Carolina can by the act above mentioned, chapter 20, Laws 1921, interfere with this provision or regulation of the Federal corporation by a valid act of Congress by providing that a State bank need not pay its obligations in lawful money when checks, which upon their face are unconditional orders for the payment of money, are presented by Federal reserve banks. The question may be presented concretely by this homely illustration: Suppose a farmer or merchant or other citizen of this State should send his cheek for $1,000, drawn on a bank in this State, in payment of a purchase of goods or other article, to New York. The person receiving it would place this check, in the ordinary course of business, to his credit in some bank in that city, which bank in ordinary usuage would sometimes charge for collection a small sum based upon the interest for the time usually occupied in sending the check to the bank here and the return of the collection to the bank in New York. As to this charge, which is a matter between the depositor and his bank, there is no controversy here. When such check is sent to this State it has been not unusual heretofore for the bank here to make its remittance by exchange on New York and to charge a fee for the service, but since the amendment to section 13 of the Federal reserve bank act of June 21, 1917. if such check from New York is remitted through the Federal reserve bank no charge can be made for exchange in remitting the proceeds and if the bank here should remit anything less than the face of the check, $1,000, to the Federal reserve bank, the Federal reserve bank in observance of the provisions of the above amendment to section 13 will refuse to accept it as payment and notify its correspondent in New York why the check has been protested for nonpayment. The plaintiffs complain that the result is that all checks will be sent for collection through the Federal reserve banks' system, but that is an economic result with which this court has nothing to do. This may or may not have been the intention of Congress in making the amendment, but the Federal reserve bank act has been held valid and the amendment of 1917 was a valid regulation over the corporation created by it which Congress had the power to make. Conceding that Congress can not require the bank here to remit without charge for its trouble, Congress by forbidding the charge prevents the reserve bank from allowing such charge (and the total of such charges if made throughout the country would amount to $135,000,000 annually) and the reserve bank has no alternative except to demand payment of the face amount over the counter in legal tender from which no State can release the payee bank without violation of the United States Constitution, and of its obligation to the drawer and the destruction of its business by the protests of the checks of its customers. The statute of North Carolina, chapter 20, 1921, was intended for the benefit of the State banks in this State, by authorizing them to continue to charge exchange for remitting collection of checks presented to them for payment, by sending their own checks for less than the face amount of the check sent here for collection, but however desirable that policy may be, it is clearly in conflict with the valid constitutional provision of the Federal statute. No act of this State can authorize the drawee bank to pay less than the face amount of the check drawn upon it by its depositor or to remit its check in payment or pay it otherwise than in legal-tender money. Nor can it require that the Federal reserve bank shall pay a fee or that the bank here may remit less than the face value of the check when the Federal statute forbids such charge. It is true that the Federal reserve bank as holder of the check has no contract rights with the drawee bank until the check is presented, but as holder it can require payment of the face amount on the check in legal tender and under the act of Congress it can not pay a deduction from that face value by accepting a remittance to the reserve bank of a lesser amount. The reserve bank always incloses with the check sent to the payee bank a stamped and addressed envelope for the check to be remitted in payment, which must be for the face amount of the check sent. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PAE CLEARANCE CASES. 265 The Federal statute, being aregulation of the Federal corporation by Congress, the act of this State authorizing the payee bank here to exact exchange is in direct conflict with the duty imposed upon the Federal reserve bank by the act of Congress and the reserve bank acts within its duty to observe the provision of the Federal act by refusing to receive a check for less than the face amount of the check sent by it for collection. It is true it can not enforce payment of the face amount except by personal presentation of the check at the counter of the payee bank, but it has a right to refuse a check sent to it by the payee bank for less than the full face amount and to protest the check it has sent here for collection for nonpayment. The matter then becomes one between the drawer of the check and the payee bank who refuses to pay it. The United States Contitution, Article VI (sec. 2), provides that the Constitution of the United States and the laws made in pursuance thereof "shall be the supreme law of the land; and the judges in every State shall be bound thereby, anything in the Constitution or laws of any State to the contrary notwithstanding.*' In the matter before us the act of Congress which provides that no exchange shall be allowed by the reserve bank for remitting for the collection of any check by any bank is in direct conflict with the statute of this State authorizing the payee bank to remit a lesser amount than the face amount of any check paid by it if presented by the Federal reserve bank. In this conflict of authority the Federal law is supreme. The injunction, therefore, was improvidently granted and the judgment must be reversed. CLEVELAND PAR CLEARANCE CASE. DECISION OF DISTRICT COURT. United States District Court, Eastern District of Kentucky. FARMERS & MERCHANTS BANK OF CATLETTSBURG, KY., V. THE FEDERAL RESERVE BANK OF CLEVELAND, OHIO, AND MARY B. MCCALL. This cause is before me on plaintiff's motion for a preliminary injunction. The plaintiff Is a Kentucky corporation doing banking business at Catlettsburg, a city with a population of about 4,500, in this district. It has a capital stock of $50,000, surplus of about $40,000, and deposits of about $500,000. The defendant bank is a national corporation and is the Federal reserve bank for the Fourth District of the Federal Reserve System of the United States. It has a branch bank in Cincinnati. Ohio, and plaintiff is in the Cincinnati division of such district. The individual defendant is a resident of Catlettsburg and, at the time this suit was brought, to wit, July 15, 1921, was acting as the defendant bank's agent'in the daily collection in cash over plaintiff's counter of checks drawn on it by its depositors, payable to persons at a distance from Catlettsburg, which had come into such defendant's hands and had been sent to her by the branch bank at Cincinnati for that purpose, and in the transmission of such cash to such branch bank by express or registered mail, and she had been so acting continously since March 23, 1920. The suit was originally brought in the State court, in whose territorial jurisdiction Catlettsburg is situated, and it was removed thence to this court upon the joint petition of the two defendants upon the ground that it arose under the Constitution and laws of the United States. It is the plaintiff's practice where such checks are sent to it through the mail for payment by other than one of its correspondent banks to remit exchange on one of such banks and to charge not exceeding one-tenth of 1 per cent of the amounts of the checks for so doing. By sending such checks as come into its hands for collection by an agent in cash over the counter the defendant bank though it incurs the expense of so doing avoids having to pay such charges. It had been advertising for a year and a half that it would collect all such checks on plaintiff free of charge. What plaintiff seeks to have enjoined is such conduct, i. e., the collection of such checks by defendants in this way and the advertisement by defendant bank that it will collect such checks free of charge. It claims that it is injurious to it in that it deprives it of such charges, requires it to keep a greater reserve in cash than it would otherwise have to do, scandalizes it, affects its credit, and humiliates it. A temporary restraining order was granted by the clerk of the State court when the suit was brought and has been in force ever since. The case is of the same general character as that in the Northern District of Georgia covered by the decisions in American Bank & Trust Co. v. Federal Reserve Bank of Atlanta, 269 Fed. 4; American Bank & Trust Co.i;. Federal Reserve Bank of Atlanta, 256 U. S. 450; American Bank & Trust Co. v. Federal Reserve Bank of Atlanta, 280 Fed. 940; and that in the District of Oregon covered by Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

266 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. the decision in Brookings State Bank v. Federal Reserve Bank of San Francisco, 277 Fed. 430. Reference to these decisions relieves me in presenting the case here of doing more than calling attention to its particular facts and then proceeding to dispose of the question which it calls for decision. I will first state the facts as they appear from plaintiff's affidavit. As early as January, 1918, the defendant bank began by letter to solicit the plaintiff to enter into a written agreement with it to remit exchange in payment of checks of the character stated at par, i. e., free of such charges. This it continued to do at intervals until December, 1919. The plaintiff not yielding to such solicitations, at that time, it sent its traveling representative, H. A. Magee, who had in charge the matter of personally soliciting nonmember banks, i. e., State banking institutions, toenterinto such agreements, to Catlettsburg to interview plaintiff on the subject. He made four separate visits for that purpose. He first attempted persuasion and, this failing, he insisted and demanded that plaintiff agree and finally threatened it with the consequences of a refusal to do so. He said that the American Express Co. would be employed to collect the checks in cash, which would be very embarrassing to plaintiff; that, though this would be expensive to the defendant bank, it did not matter, as there was a principle involved, and plaintiff would be mighty glad to sign up before long, as no bank could exist that did not; that the Federal Reserve System was like a mighty battleship coming up as it were from a smooth sea and all banks that did not affiliate with it could not stand its swells and must get in its wake for safety, and that in the next five years there would be no small banks. The plaintiff remaining recalcitrant, on January 6, 1920, the defendant bank employed the American Express Co. to collect such checks as came into its hands, through its local agent at Catlettsburg. The checks would be delivered to the company at Cincinnati by the branch bank, carried to Catlettsburg and there presented and payment in cash demanded by such agent and upon receipt of same would carry it back to Cincinnati. The express company continued so to act until February 26, 1920, when it refused to do so any further* During this time Magee was in Catlettsburg from time to time looking after the matter and frequently visiting the bank. As the express agent would collect large sums in cash he would, shortly afterwards, come in the bank and see whether or not the method used had broken the spirit of those in charge and suggest that they submit to the desire of his principal that plaintiff go on the par list. About the middle of January, 1920, he asked the plaintiff's assistant cashier to use his influence with the cashier, who was handling the matter on behalf of plaintiff, in an effort to have him agree to the par clearance method. He stated that if they did not consent to it the Federal reserve bank would continue its method of collection by the express company demanding cash at the counter and that it would be annoying and expensive to both banks and that plaintiff could not stand that method of paying items in cash. The reason for the express company's refusal to act further was that the task was too burdensome. Thereupon Magee went to Catlettsburg and for several days, possibly until March 3, 1920, made the collections himself. Each day during this time he went to a drug store on the corner opposite plaintiff's bank, where there was a soda fountain, the most prominent place in the city, and remained there from three to five hours walking up and down in the storeroom and looking across the street at the bank as though he were on the watch for what was being done there. On that date he employed Frank K. Barbee, a resident of the city and night clerk in a hotel, to act as agent. He continued so to act until March 23, 1920, when he surrendered the job, and the defendant, Miss McCall, was employed. Whilst Barbee was acting as agent, Magee was in Catlettsburg the most of the time instructing him and overseeing the performance of his duties. The place of instruction was the corner drug store heretofore referred to. Magee spread the checks upon a refreshment table in front part of the store in a conspicuous place where those coming in and out of the store could readily see and hear what was going on, assorted and listed and indorsed them, and explained to Barbee the details of presenting the checks at the counter and demanding payment in cash* Frequently he accompanied Barbee to the bank. He stated to Barbee that the reason and necessity for such method of collection was that the defendant bank insisted that the checks be cleared at par and such was the only method whereby plaintiff would be forced to an agreement so to do, and that though the method of collection was far more expensive to the defendant bank than the payment of the clearance fees it was not the expense they cared about but was simply the principle of the matter, and that sooner or later the plaintiff would be forced to'sign an agreement to clear all checks at par, or that it would be forced out of business. He gave Barbee a number of pamphlets containing an exposition of the merits of universal par clearance and instructed him to call upon as many of plaintiff's depositors as he could see from time to time and leave one of those pamphlets with them. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PAR CLEARANCE CASES. 267 After Miss McCall's employment Magee remained in Catlettsburg for some time, possibly until April 10, instructing her and overseeing the performance of her duties. The place of instruction and the manner thereof was exactly the same as in the case of Barbee. He also accompanied her to the bank frequently. It should be said that both Barbee and Miss McCall, at Magee's instance, inquired of plaintiff whether it was agreeable for them to act as such agent and were told that if any one was to be employed to render the services they might as well secure the position. Miss McCall was a maiden lady who had the respect of the people of Catlettsburg. Magee's manner whilst in and about plaintiff's bank, as heretofore set forth, was domineering, dictatorial, and boisterous. He sought opportunity to attract attention of those who might be in or near the bank by loud and quarrelsome conversation. He took occasion to create scenes and disturbances at times when there would be many customers in the lobby of the bank. At the time when he undertook to collect checks after the express company quit, plaintiff suggested that it had not received any letter designating him as agent. He made a row about this, intimating that it was refusing to recognize his authority. Much disturbance was caused in the bank by the colloquy over this matter. During Barbee's agency he brought on a heated argument with plaintiff's assistant cashier over a certain check. Whilst the express company was acting as agent plaintiff countered by stamping upon a great many of its blank checks furnished its depositors an indorsement in these words: " Payable in cash or exchange draft at the option of the Farmers & Merchants Bank of Catlettsburg, Kentucky." Up to February 19, 1920, the defendant bank accepted checks so indorsed and when presented for payment exchange drafts were accepted. From February 19, to February 28, 1920, it refused to accept them. From February 28, 1920, to March 9, 1920, it again accepted them. Since then it has refused so to do. On February 28, 1920, Magee was acting as agent. He presented on that date 14 checks so indorsed, amounting to $573.80, and demanded and received 14 separate drafts, one for each check, in payment thereof. On March 10, 1920, during Barbee's agency, Magee visited C. C. Magann, who had the exclusive agency to handle and sell Ford cars at Ashland, Ky., a neighboring city, in the same county, and who was one of plaintiff's depositors at his place of business, introducing himself as a representative of defendant bank and stated that he wanted to discuss some business with him. Magann took him into his private office and he then stated that his check to the Ford Motor Co. of date March 8, 1920, for $3,756.72, on plaintiff, had been presented and payment thereof refused and exhibited a letter to him from the Cincinnati branch corroborating his statement. Magann immediately went to Catlettsburg in his automobile and ascertained that his check had been paid that day and that it had not been presented for payment before then and payment thereof had never been refused. On March 26, 1920, during Miss McCall's agency, Magee visited O. H. Salyern, another of plaintiff's depositors, who owned and operated a store in Catlettsburg. He stated in the presence of Salyer's customers in an abrupt, high-handed, and loud manner that he represented defendant bank and, presenting a check drawn by him on plaintiff for $108.29 in favor of a Cincinnati party which possibly contained the indorsement as to payment heretofore referred to, demanded to know of Salyer why he had not filled the check out in the proper manner, and stated that he had presented it for payment and could not get any money on it. On the same day lie visited F. H. Carpenter, secretary of D. H. Carpenter & Co., engaged in wholesale and retail dry goods and notions business in Catlettsburg and a depositor of plaintiff, introduced himself as a Federal reserve man, presented a check drawn by his company on plaintiff containing the indorsement referred to, inquired as to why his company permitted the bank to put such an indorsement upon the check, and stated that it was injurious to the credit of his company and that to save its credit it should do business with some other bank. Magee whilst in Catlettsburg made inquiries of clerks in the drug store, post office, and express company office as to where the plaintiff was getting its cash from. He also made inquiries as to the worth and standing of plaintiff and the man in charge of its business. As stated, Magee left Catlettsburg about April 10, 1920. The reason for his leaving was that an indictment was returned against him by the State grand jury in which that city is situated, charging him with making and circulating statements derogatory to the plaintiff contrary to the Kentucky statutes, and he has never been back since. He continued in the defendant bank's employ until July 17, 1920. Whilst he was in Catlettsburg he made reports of progress to the assistant cashier of defendant bank, who was overseeing the matter. For a while after Miss McCall was employed it was her custom to go to the bank with a gocart in which to carry away from it the money received. Seemingly the plaintiff Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

268 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. purposely gave her more coin than she could otherwise carry. One day she was given as much as 94 pounds in silver. And at times it would wad the bills. Later on the gocart seems to have been abandoned, possibly because not needed. It took much time to wait upon her in counting the money, and after she was waited upon she took much time in recounting it, in separating it into the separate denominations and in mailing a list thereof, which she was required to do. She carried an instrument bearing defendant bank's seal, which was used in sealing with lead a canvas sack in which the money was shipped. She always carried openly a pistol to protect herself from robbery and often was accompanied by one or two dogs. After defendant bank refused to accept checks drawn on plaintiff bearing the indorsement as to payment in cash or exchange at plaintiff's option, it did not content itself with returning the checks to the banks from whom they came, but took pains to write to the payees of the checks giving its reason for not accepting them. That was that the checks by reason of the indorsement were nonnegotiable. The concluding paragraph of each letter was: "We are writing this letter in order that you may be advised that items bearing notation similar to that set forth on the check mentioned above are uncollectible through a Federal reserve bank and for that reason as a medium of payment the usefulness of such checks are impaired." About two weeks before May 18, 1920, defendant bank's branch bank at Cincinnati wrote plaintiff's main Cincinnati correspondent, a national bank and member of the Federal Reserve System, a letter in which it said: "We are instructed by the head office to refuse to handle checks bearing the indorsement of the Farmers & Merchants Bank of Catlettsburg. Accordingly in case any checks with their indorsement are deposited with us, by you, we shall return them. Please so instruct your transit department. This is effective at once and until further notice." Whilst the American Express Co. was acting as agent in January and February, 1920, its general agent at Cincinnati, and local agent at Ashland, which had supervision of the Catlettsburg office, called upon the manager of the defendant bank's branch bank at Cincinnati to explain delay in two or three shipments of proceeds of checks collected by the express company. They inquired of the manager how long such method of collection would be kept up, and, according to the general agent, he replied: "I do not know how long it will be continued, but it will be continued until the Farmers & Merchants Bank agrees to handle our collections without charge to us." According to the local agent, he replied that they would continue their method of collecting checks over the counter until they had forced the plaintiff to handle them.at par, and intimated that it would not be long until it would be forced to clear at par. Such is the showing, in substance, made by the affidavits introduced on behalf of plaintiff. As against it, so far as Magee's conduct is concerned, defendants have introduced the affidavit of Magee and the oral testimony of Miss McCall. In his affidavit Magee states that in his various conferences with plaintiff's cashier he never endeavored to coerce the plaintiff into agreeing to clear checks drawn on it at par, but at all times sought to point out to him that the par collection system was a great progressive movement in banking practice and that plaintiff as a representative banking institution in Catlettsburg should give its sanction to this practice, and that he never uttered to any person any statement derogatory to the reputation or solvency of plaintiff. Other than these general statements he makes no denial of the statements in plaintiff's affidavits as to his conduct. Possibly his affidavit is to be understood as stating that he was not in Catlettsburg any time whilst the express company was acting as agent. If so, this statement may be said to amount to an indirect denial of what is stated in plaintiff's affidavit as to his conduct in Catlettsburg at that time. Miss McCall testified that Mr. Magee was never boisterous or ungentle* manly in* any way and was always quiet and gentlemanly when she was thrown with him. There is no reason for not accepting this testimony as true. Possibly it can be reconciled with statements in plaintiff's affidavit by the fact that her presence had a restraining influence upon him. It is to be noted, however, that seemingly the indictment was not returned against him until over two weeks after Miss McCall began to act as agent. In the light of the showing made on both sides I am constrained to accept that made by plaintiff as to Magee's conduct as being substantially true. It is Jiard to believe some of it—that as to his conduct in relation to Magann, for instance. And a tendency to exaggerate seems to pervade plaintiff's affidavits. Yet with this said, in view of the number of them and the persons making them, all of whom are in good standing, I have not other recourse than that stated. The defendant bank's assistant cashier, who has represented it in this matter, testified that the conduct of Magee complained of was never authorized by the defend- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PAR CLEARANCE CASES. 269 ant bank, and if he was guilty of any such conduct it was absolutely unknown to it and that he never intimated that he was doing anything at Catlettsburg except to carry out instructions which was to endeavor to persuade plaintiff to agree to remit at par and to treat it politely. At one time, however, a complaint of Magee was conveyed to defendant bank through the president of plaintiff's principal Cincinnati correspondent. Magee was instructed to see such president about it. He did so and explained the matter to his satisfaction. The defendant bank learned of Magee's indictment and inquired of him about the matter. He gave an outline of his actions whilst in Catlettsburg, and according to that outline there was nothing in his conduct which would indicate that the indictment was based upon well-established facts. But it made no independent investigation in regard to the matter, sent no one to Catlettsburg to inquire into Magee's conduct, made no effort to have the indictment against him brought to trial, expressed no regret to plaintiff for his conduct if possibly he did go too far, and continued to keep him in its employ until July 17, 1920, the reason for his then quitting not appearing. Seemingly the defendant bank would have the court, in disposing of this motion, turn its back on Magee's conduct as a thing long of the past when this suit was brought and view it in the light of the fact that at that time all it had to apprehend was Miss McCall's daily visits, with her pistol by her side, accompanied at times with one or two dogs. But that conduct is relevant, notwithstanding that such is all that plaintiff has reason to apprehend in the future. It gives color to defendant's bank's purpose in initiating and continuing this procedure directed against plaintiff. Possibly it may be true that it was not aware of Magee's conduct, at least to the full extent to which he went. But how is such conduct on Magee's part to be accounted for? It can not be accounted for on any other basis than knowledge on his part of what defendant bank's purpose was in setting on foot the movement against plaintiff. It was begotten by such purpose and hence gives color to it. The showing made by plaintiff's affidavits as to the other particulars than Magee's conduct and as to his conduct except as stated are uncontradicted. The facts as to two other matters should be stated. One of them is as to the accumulation of plaintiff's checks by defendant bank. There was no other accumulation than such as was caused by its advertisement that it would collect plaintiff's check at par. This necessarily resulted in an accumulation to some extent. It can be accepted that this undertaking was availed of by all in whose hands plaintiff's checks came who otherwise would have been compelled to pay for remittances in payment thereof. And because of this plaintiff was obliged to keep a greater reserve than would have been the case had the checks been allowed to straggle in one at a time as they did before defendant bank set on foot the movement against it. The other is as to the effect on plaintiff of defendant bank's course of procedure. It deprived it of income from remittance to the extent of from $800 to $1,000 a year. It required it to keep a greater cash reserve and, therefore, affected its income from loans to a certain extent. It caused it to lose depositors. There was a shrinkage in deposits in the time between the initiation of the movement and just before the bringing of this suit of nearly $100,000. But it can not be said from this mere fact alone that this shrinkage was caused by that movement. There was a greater shrinkage in the same time of the deposits of another banking institution of Catlettsburg. But the cashier's affidavit gives the names of seven depositors which plaintiff lost for this reason, and this statement is uncontradicted. And the movement, especially whilst Magee was at Catlettsburg, was calculated to cause plaintiff to lose depositors. The movement scandalized plaintiff in Catlettsburg and was calculated to injure its reputation and credit. What was going on v/as a matter of public notoriety. No attempt was made to keep it from the public. And the procedure could not help being humiliating to plaintiff. Yet still another fact should be stated in order to a full presentation of this case. This is that when this suit was brought the checks which came into defendant bank's hands for collection and which were presented by it for payment over the counter were dwindling in number. At the time the movement was begun plaintiff had reason to expect that checks amounting to as much as $8,000 might be presented for payment at any time. At the time suit was brought the reasonable expectation did not exceed $3,700. This shrinkage was due to the indorsement on its checks, which were increasingly being put there, to the effect that payment might be made in cash or exchange, which checks the defendant bank refused to handle. It remains to determine the law of this case. As to this there can be no question, as it has been settled by the decision of the Supreme Court in the Atlanta case. It all depends on defendant bank's purpose in adopting this unusual and heretofore unheard-of procedure of seeking out plaintiff's checks for collection and presenting them in a body for payment over the counter, i. e., what was its immediate purpose Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

270 ANNUAL REPORT OF THE FEDERAL RESERVE BOABD. in so doing? Was it for the purpose of breaking down the plaintiff's business as then conducted? If so, it was unlawful and subject to be restrained by a court of equity. It does not follow that because the holder of a check has a right to present it to the bank upon which it is drawn for payment over the counter, that one has the right to seek to become the holder of all the checks drawn on a bank as they are drawn, and then present them in a body for payment in cash over the counter. If such was defendant bank's immediate purpose in so doing, it was not justified by the ulterior purpose which it has in view, to wit, of freeing commerce from the burden of such charges. Here, as never, did the end justify the means. Such a course of procedure is a kind of refined highwaymanship. It is a holdup. It is one of the inalienable rights of a person to be unprogressive, selfish, and mean. This is said without intending to so characterize plain tiff's position. No other person has the right to coerce him into being otherwise. The idea that there is such a right was at the bottom of the Night Rider troubles in Kentucky some years ago. Those who were in the pool thought that those who were out were selfish, and they undertook to coerce them into joining the pool by shooting them into their homes. What then was the defendant bank's purpose in initiating this movement against plaintiff and keeping it up for over a year and a half, i. e., until stopped from further doing so by the temporary restraining order? There is but one answer to this question and that was to break down plaintiff's business as it was being conducted; not to put it out of business, but to compel it to do business in this particular as it would have it do and not as plaintiff desired. Notwithstanding it was haying its way in conducting its business it was not willing that plaintiff should have its way in conducting its business. It desired to impose its will on plaintiff. That such was defendant bank's purpose is the meaning of the course of procedure adopted. It can be accounted for on no other basis. Such a purpose was avowed by those acting on its behalf, and it was admitted on the witness stand by its assistant cashier that if the plaintiff at any time had signed an agreement to remit at par the agency would have been withdrawn. Each side appeal to the decision in the Oregon case as favoring its contention. It seems to me to favor that of plaintiff. In that case the reserve bank had been maintaining an agent at Brookings, but at the time of the application for preliminary injunction that agent had been withdrawn and the reserve bank had been forwarding to the State bank checks drawn on it indorsing them for collection only and remittance in full without deduction for exchange, and, upon the State bank returning them unpaid, had been returning them, its correspondents advising them that the State bank refused to pay and had not protested same and they must look to the State bank for their protection, which was in effect that the checks had been dishonored. A preliminary injunction was granted restraining the reserve bank from so advising its customers. That in the decision of Judge Wolverton on which the defendant bank relies, is his statement that the reserve bank was acting within its authority in maintaining an agent at Brookings for making collections over the counter of plaintiff's bank and paying the expenses thereof. But in making this statement he was merely referring to the corporate power of the reserve bank, and he based this on the decision in the Atlanta case. He was not considering the right of the reserve bank to so act as against the State bank. On the contrary, he seemingly condemns the action of the reserve bank in this particular as well as in the particular as to which the injunction was granted. He said: 4'The question remains for determination as it respects the motive that induced the defendant bank to pursue the course it did in attempting to make collection from the plaintiff bank. It appears by defendant's answer that it expended $1,915.32 in making collections over the counter of plaintiff's bank of $102,850.33 during the year from October 1, 1920, to October 1, 1921. The method employed, considering the occasion for it, or rather the lack of reasonable necessity, was to say the least extraordinary, extravagant, and unbusinesslike." Again he said: "I am persuaded, however, that the action of the defendant bank in adopting the methods pursued by it toward the plaintiff's bank, and in persistently adhering to them indicates most convincingly that it was for the purpose of coercing the latter bank into adopting the policy of the reserve bank to remit at par. Although the policy may be commercially sound, the plaintiff was entitled to pursue its own method, without being harassed and annoyed because it persisted in so doing." It is not unlikely that the withdrawal of the agent from Brookings was due to the decision of the Supreme Court in the Atlanta case and was an interpretation of that decision as condemning such action. The decision of Judge Evans in the Atlanta case after its return consisted of certain findings in that case, based upon its particular facts. In so far as such findings may conflict with what I have held herein I am unable to follow it. 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PAR CLEARANCE CASES. 271 The only thing that has given me any concern in this case is plaintiff's delay in asserting its rights. No explanation is given of this. Possibly it thought that it would be able to wear out the defendant bank in the long run. But it is not unlikely that under the influence of the decision of the lower courts in the Atlanta case it thought that the defendant bank had the right to make collections as it did and was not advised to the contrary until the Supreme Court reversed those decisions. It was shortly after such reversal that this suit was brought. I can not, however, make out from this delay any reason why defendant bank should be permitted to continue to make collections in this unlawful manner. The motion, therefore, is sustained. A preliminary injunction is granted restraining defendants from continuing so to make collections of checks drawn on plaintiff and the defendant bank from advertising that it will collect such checks free of charge and from doing anything else for the purpose of coercing plaintiff to remit at par. SAN FRANCISCO PAR CLEARANCE CASE. DECISION OF DISTRICT COURT. United States District Court for the District of Oregon. IN THE MATTER OF BROOKINGS STATE BANK, AN OREGON BANKING CORPORATION, v. FEDERAL RESERVE BANK OF SAN FRANCISCO. DECISION OF DISTRICT JUDGE WOLVERTON, RENDERED JUNE 26, 1922. The Brookings State Bank, the plaintiff herein, is an Oregon corporation, with a capital stock of $15,000, and is engaged in the banking business at Brookings, a small town in the extreme southwestern part of the State, in Curry County. The town is without express facilities. The bank has correspondents at San Francisco, Calif., and Portland, Oreg. In making remittances it has heretofore exacted an exchange charge of one-tenth of 1 per cent. The defendant, Federal Preserve Bank of San Francisco, exercising its functions as a collecting and clearing-house agency, and desiring to make collection from the Brookings bank, requested payment at par, as it is prohibited by the Federal reserve act from paying exchange. This was refused by the Brookings bank. With the view, therefore, of making such collections without the necessity of paying exchange, the reserve bank maintained an agent at Brookings for making collection over the counter, of such paper as might be transmitted to him through cash letters from the reserve bank and its branch bank at Portland. The agent was so maintained for the space of about a year, and he collected over the counter during the time something above $108,000, at an expense to the reserve bank of $3,542, which includes the expense of transmitting the currency to point of destination. The method caused the Brookings bank much annoyance, and required it to maintain a materially larger reserve than ordinarily would have been necessary in the usual conduct of its business. The agent was finally withdrawn, and the Brookings bank was notified that thereafter checks would be forwarded for collection by mail direct to the bank, with request that they be paid at par and the proceeds remitted by exchange on Portland or San. Francisco. Checks were so forwarded, indorsed "Pay to Brookings State Bank for collection only and remittance in full without deduction for exchange or collection charges," but were returned without payment, on the ground that the bank was not called upon to act as agent for the reserve bank to make such collections under the terms imposed. The reserve bank, upon the return of the checks, returned them to its correspondents, advising them, in effect, that the Brookings bank refused to pay and had not protested the paper, and that they must look to the Brookings bank for their protection. A preliminary injunction issued after hearing, restraining the reserve bank from sending letters to its clients advising them that they must look to the Brookings bank for their protection through failure to protest such paper as demand for payment was made upon it on condition that it remit at par. WOLVERTON, District Judge: The Federal reserve bank is empowered by the Federal reserve act, by authority of which it is permitted to incorporate and transact business, to exercise all powers specifically granted by the provisions of the act, and such incidental powers as shall be necessary to carry on the business of banking within the limitations prescribed by the act (subd. 7, sec. 4). By section. 13, as amended by the act of June 21, 1917 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

272 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. (40 Stat. 235), it is provided that any reserve bank may receive from any of its member banks deposits of current funds in lawful money, or checks and drafts payable upon presentation, and also, for collection, maturing notes and bills; or, solely for the purpose of exchange or of collection, may receive deposits of checks and drafts, payable upon presentation within its district, and maturing notes and bills payable therein; or, solely for the purposes of exchange or of collection may receive from any nonmember bank or trust company, deposits of current funds in lawful money, national-bank notes, Federal reserve notes, checks, drafts payable upon presentation, or maturing notes and bills; provided, however, that such nonmember bank or trust company maintains with the Federal reserve bank of its district a balance sufficient to offset the items in transit held for its account by the Federal reserve bank; and, "provided, further, that nothing in this or any other section of this act shall be construed as prohibiting a member or nonmember bank from making reasonable charges, to be determined and regulated by the Federal Reserve Board, but in no case to exceed 10 cents per $100 or fraction thereof, based on the total of checks and drafts presented at any one time, for collection or payment of checks and drafts and remission therefor by exchange or otherwise; but no such charges shall be made against the Federal reserve banks." By section 16, the Federal Reserve Board is empowered at its discretion to exercise the functions of a clearing house for Federal reserve banks, or it may designate a Federal reserve bank to exercise such functions, and may also require such bank to exercise the functions of a clearing house for its member banks. By a previous clause of this section, it is provided that every Federal reserve bank shall receive on deposit at par from member banks or from Federal reserve banks checks and drafts drawn upon any of its depositors, and when remitted by a Federal reserve bank, checks and drafts drawn by any depositor in any other Federal reserve bank or member bank upon funds to the credit of said depositor in said reserve bank or member bank. The language of the statute is that the reserve banks may receive from nonmember banks checks and drafts payable upon presentation, and this solely for the purpose of exchange or of collection; but this is on condition that the nonmember bank shall, of its own volition, maintain with the reserve bank the appropriate balance as prescribed. In this way, nonmember banks can avail themselves of the clearing-house privileges afforded by the reserve bank. Otherwise, it would seem that nonmember banks are not affected by the act. (31 Opinions of Attorneys General, 245.) But the preceding clause gives broader scope to the powers of the reserve bank. It may receive on deposit, for the purpose of exchange or of collection, "checks and drafts, payable upon presentation within its district." This would seem to comprise all checks and drafts upon whatsoever bank drawn within its district, without discrimination as to whether member or nonmember. The use of the word '' may'J is indicative of a legislative intendment to concede an optional function only. There is no particular reason assignable why the word should be construed as 'shall" or mandatory in its signification. The clause of section 18 requiring reserve banks to receive at par on deposit from member banks or from Federal reserve banks checks and drafts drawn upon their depositors carries with it no specific power for making exchange or collections. The function, so to be exercised, is treated of in section 13. The reserve bank having such paper on deposit, however, may be treated as the holder or owner of such paper. The Federal Reserve Board, apparently recognizing that nonmember banks, unless they voluntarily maintained with the reserve bank the appropriate balance, were not otherwise affected by the act, issued a regulation under title ''Check clearing and collection," as follows: "Each Federal reserve bank will receive at par from its member banks and from nonmember banks in its district which have become clearing members checks drawn on all member and clearing member banks and on all other nonmember banks which agree to remit at par through the Federal reserve bank of their district.'? This is in pursuance of a policy inaugurated by the board to induce nonmember banks, which are without the pale of the act, to remit at par, and thus to unify bank clearances and collections throughout the country. The questions presented here are: First, whether the reserve bank has the authority to make collections from nonmember banks; and, second, whether it can coerce such, banks to agree to^ remit at par. As to the first, it is already apparent that the reserve bank may, at its option, receive paper against such banks for collection. Having that power, it may collect it, if it can find a way of doing so without the payment of exchange which it is prohibited from paying by the act. It is a banking custom, as well as a legal right which a holder of a check has at all times, to present paper at the counter of the payee bank and demand payment, and, if denied, the paper is subject to dishonor. Paper so presented and paid over the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PAE CLEARANCE CASES. 273 counter is not subject to exchange. It is also a custom among banks, in making collections from other banks where there is not more than one bank in a place, to send checks to the drawee bank with request for remittance, and the request is honored unless there is some special reason why the bank should not pay. These banking rules and regulations are conceded. As to the second question, the nonmember banks, being without the pale of the Federal reserve act, have the right, if they see fit, to charge reasonable exchange on remittances. This is a right the bank may relinquish at its option, but it ought not to be coerced into doing so. or agreeing to do so, and any strategy which has for its purpose the coercion of such nonmember bank to yield its legal right in this respect is unlawful, and will not be approved by the courts. The Supreme Court, speaking through Mr. Justice Holmes, has put the stamp of its disapproval upon the act of a party massing a number of checks against a bank and presenting them in bulk at the counter for payment, although the holder of paper has the legal right to demand payment, on the ground that it evidences an ulterior purpose of compelling the bank to yield against its will to a demand for payment at par. (American Bank and Trust Company et al. v. Federal Reserve Bank, 41 Sup. Ct. Rep. 399.) In the opinion the distinguished jurist has this to say: "If this were a case of competition in private business, it would be hard to admit the justification of self-interest considering the now current opinion as to public policy expressed in statutes and decisions; but this is not a private business. The policy of the Federal reserve banks is governed by the policy ot the United States with regard to them and to these relatively feeble competitors. We do not need aid from the debates upon the statute under which the reserve banks exist to assume that the United States did not intend by that statute to sanction this sort of warfare upon legitimate creations of the States." The testimony here impels me to the conclusion that the Federal reserve bank has gone to the length of endeavoring to coerce the Bfookings bank to accede to its demand that the latter bank agree to remit at par. Its purpose is obvious, from the fact that it maintained an agent at Brookings for practically a year, at an expense to it of $3,542, for collecting over the counter checks and drafts drawn upon the Brookings bank, knowing at the time that the procedure was embarrassing to the bank, and required it to maintain a much larger reserve in its coffers to take care of its current business, thus depriving the bank of a portion of its ordinary earnings. Such a purpose is further manifest from correspondence found in the record. One letter to which I refer is defendant's Exhibit "S," from the manager of the Portland branch to an officer of the reserve bank at San Francisco. It relates to an incident of the acceptance by the agent at Brookings of the bank's draft at par in payment of checks presented over the counter, and advises that'' If we continue to accept exchange we are, of course, extracting the sting from our direct collections." Another is plaintiff's Exhibit 20, a letter from the manager at Portland to the Scio State Bank, advising that " Shortly, after all the banks in the country have had time to consider becoming par voluntarily, it will be necessary to use more forcible methods with the few banks that refuse to pay their checks at par." Corroboration is found in other correspondence and evidence adduced at the trial, but the record is too voluminous to attempt to particularize. But with all this, it appears that the Brookings State Bank was advised by letter of September 20,1921, that the agent at Brookings would be withdrawn on September 30, and the agent was so withdrawn, and has not since been maintained there, and as this suit was instituted on September 29, 1921, there would seem to be no necessity for enjoining the defendant from maintaining an agent at Brookings for making collections over the counter of the bank, whether absolutely or in modified terms; nor would it have been necessary to go into these matters to the extent we have, but for the earnest insistence that it was the defendant's absolute duty, imposed upon it by the act, and as to which it had no volition, to make such collections. The Federal reserve bank, however, has recognized the optional character of its function in this regard by notifying its correspondents that it will accept no more paper on the Brookings State Bank for collection. As it relates to the method adopted by the defendant for making collections, through the mail by sending checks and drafts drawn upon the Brookings bank direct to the bank, indorsed "Pay to Brookings State Bank, for collection only and remittance in full without deduction for exchange or collection charges," it is plain that the bank was not called upon so to remit, and its return of the checks without payment as demanded was not tantamount to dishonor. I repeat what was said in deciding the matter at the preliminary hearing: "While, under the prevailing custom, the defendant bank could rightfully remit its checks and drafts drawn against the plaintiff bank direct to the latter for collection and could thereby exact payment of them, it could not impose conditions upon which Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

274 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. such payment should be made; much less could it make the plaintiff bank its agent for causing protest to be made for nonpayment. The idea of requiring that a maker or drawee shall have protested his own paper is so inconsistent with the functions of an agent that it can hardly receive the sanction of law. No man can have two masters, especially himself and another." The defendant was, therefore, not authorized to advise its clients that they must look to the plaintiff bank for protection through failure to protest. The preliminary injunction heretofore decreed will be made permanent, but no injunction will issue respecting the maintenance of agent at Brookings, as such agent had been withdrawn practically at the time of the institution of the suit, and there appears to be no intention upon the part of defendant to replace him. COURT OPINIONS ON EXERCISE OF FIDUCIARY POWERS. Supreme Court of Rhode Island. AQUIDNECK NATIONAL BANK OF NEWPORT, R. L, V. RICHARD W. JENNINGS, GEN TREAS. M. P. NO. 373. SwEETLAND, C. J. This is a petition for a writ of mandamus to compel the respondent as general treasurer of the State to accept from the petitioner forty-five thousand dollars in United States fourth Liberty loan bpnds, which the petitioner has tendered as security for the performance of its duties in a fiduciary capacity in accordance with what it alleges are the provisions of the Federal reserve act. The attorney general of the State in behalf of the respondent has demurred to the petition. The petitioner alleges that it is a banking corporation organized under the national bank act of Congress, engaged in a general banking business in Newport as authorized by its charter; that under the authority of the act of Congress known as the Federal reserve act the Federal Reserve Board granted to the petitioner the right "to act * * * as trustee, executors, administrator, and registrar of stocks and bonds in so far as the exercise of such power is not in contravention of State or local law"; that said Federal reserve act provides as follows: "Whenever the laws of a State require corporations acting in a fiduciary capacity to deposit securities with the State authorities for the protection of private or court trusts, national banks so acting shall be required to make similar deposits, and securities so deposited shall be held for the protection of private or court trusts as provided by the State law"; that under the provisions of section 7, chapter 231, General Laws of Rhode Island, 1909, every trust company is required to deposit with the general treasurer of the State in certain securities therein specified, which include the bonds of the United States, "an amount that shall be at all times equal in value to twenty per centum of the entire capital stock of said corporation, which bonds shall be held by said treasurer as an additional security for the faithful performance by said corporation of its duties as trustee, executor, custodian, conservator, guardian, assignee, or receiver"; that the entire capital stock of the petitioner is two hundred thousand dollars and that it tendered forty-five thousand dollars in said Liberty loan bonds to the general treasurer to be held by him as additional security for the faithful performance by the petitioner of those duties in a fiduciary capacity which it is empowered to assume by the grant of the Federal Reserve Board; that the respondent as general treasurer has refused to receive said bonds of the petitioner. The respondent's demurrer sets forth several grounds which in substance are (1) that the exercise by the petitioner of fiduciary powers enumerated in the permission of the Federal Reserve Board is in contravention of the laws of this State; (2) that the acceptance of the proposed deposit by the general treasurer would be in contravention of the laws of the State; and (3) that upon said petition this court should not by a writ of mandamus compel the respondent to perform acts which do not fall within the respondent's powers or duties under the laws of this State. The provisions of the Federal reserve act giving to the Federal Reserve Board power to authorize a national bank to act as an executor or trustee was looked upon by some as a further step by Congress in what has been regarded as its tendency to legislate in matters of purely local and State concern. The Legislature of New Hampshire met the situation by providing that no trust company, bank, or banking company or similar corporation should thereafter be appointed administrator of an estate, executor under a will, guardian or conservator of the person or property of another; and the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COUKT OPINIONS ON FIDUCIARY POWERS. 275 Supreme Court of that State has held that national banks as well as State corporations were included within the prohibition of that legislative act. Appeal of Woodbury, 96 Atl. 299. The provision in question came before the Supreme Court of Illinois, in People v. Brady, 271 111. 100. That court held that the implied power of Congress under the Constitution to create national banks as governmental agencies, declared in McCulloeh v. Maryland, 4 Wheat. 316, and Osborn v. United States Bank, 9 Wheat. 738, did not extend to the power of authorizing such banks to act as trustees or the personal representatives of decedents. The court further held that such permission to a national bank was in contravention of the laws of Illinois, which had designated the corporations which could act in a fiduciary capacity and had especially provided for State examination as to their financial stability and for their control. In Attorney- General v. National Bank, 192 Mich. 640, it appeared that the First National Bank of Bay City had been granted by the Federal Reserve Board the power to act in a fiduciary capacity. The proceeding was in the nature of quo warranto, questioning the right of said national bank so to act. One member of the court was of the opinion that the exercise of the granted powers was in contravention of the laws of Michigan relative to the settlement of the estates of deceased persons. A majority of the court, however, held that the authority given by the Federal Reserve Board to the respondent national bank did not contravene the Michigan law, but that the grant of authority to a national bank to act in a fiduciary capacity in accordance with the provisions of the Federal reserve act was beyond the express or implied powers of Congress, was repugnant to the Federal Constitution, and that the respondent bank was without legal authority so to act within the State of Michigan. This case.was reviewed by the United States Supreme Court upon writ of error to the Supreme Court of Michigan in First National Bank v. Union Trust Company, 244 U. S. 416. It was there held that the authority of Congress to give to national banks power to act as trustees, etc., was within the doctrine stated by Chief Justice Marshall in McCulloch v. Maryland, supra, and Osborn v. Bank, supra, and the grant of such power was not in violation of the United States Constitution; that as a majority of the Supreme Court of Michigan to whom was given the power to construe the laws of Michigan had decided that the exercise of the power conferred upon the national bank was not in contravention of the State law, the court reversed the judgment of the Supreme Court of Michigan. The final determination as to the constitutionality of an act of Congress rests in the United States Supreme Court and no question can now be raised before us as to the constitutional validity of the provisions of the Federal reserve act under consideration. There is left to us to consider whether the exercise of the powers which the permission of said board purports to give to the petitioner is in contravention of the laws of this State. The first corporation empowered to act as trustee, executor, administrator, or guardian in this State was chartered in 1867. Stringent regulations were contained in its charter to secure the faithful performance of its duty in such capacity as to safeguard the interests of beneficiaries under "such trusts. These provisions for the protection of trust funds are now embodied in a general statute, sections 4-8, chapter 231, General Laws, 1909. Under the provisions contained in section 6 of the chapter the assets of every trust company, equal in value to the par value of its capital stock, shall stand pledged and shall be considered as the security required by law for the faithful performance of its duties as trustee, executor, administrator, guardian, etc., and for the protection of deposits made with it by other trustees. In case of loss any person beneficially entitled to said estate and any trustee making such deposit shall be first indemnified in full from such amount so pledged in preference to all other creditors. Under section 7 said trust company is required to deposit with the general treasurer securities of the kind therein enumerated in an amount equal in value to twenty per centum of the entire capital stock of said corporation, which securities shall be held by said treasurer as an additional security for the faithful performance by said corporation of its duties as trustee, executor, custodian, guardian, etc., and for the repayment of monies deposited with it by other trustees; and the parties intended to be secured by such deposit shall in case of loss be first fully indemnified out of such deposit in preference to all other creditors of eaid corporation. Solely because of the security thus provided such trust companies are permitted to act in a fiduciary capacity and to accept and execute the office of executor, administrator, guardian, etc. State banks, sayings banks, and all other corporations within the State are excluded from the exercise of such powers. It was pointed out in the opinion of the United States Supreme Court in First National Bank v. Union Trust Co., supra, that the general subject of regulating the character of the business of corporations acting in a fiduciary character is peculiarly within State administrative control and if not discriminatory or unreasonable would be controlling upon banks created by Congress when they seek to exercise such Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

276 ANNUAL REPORT OF THE FEDERAL RESERVE BOAHD. fiduciary power. The provisions of our law with reference to trust companies, safeguarding the rights of beneficiaries, were in our statute law many years before the passage of the Federal reserve act. They can not be considered as discriminatory against national banks, for banks of this State which come into competition with trust companies as well as with national banks are excluded from such privileges; nor can they be considered as unreasonable, since such provisions have a iust relation to the financial stability properly to be required of a trustee. Hence in the language of the Federal court such regulation would be controlling upon national banks. National banks do not and can not comply with these regulations. The assets of this petitioner to the amount of two hundred thousand dollars, which is the par value of its capital stock, can not under the provisions of its charter and the national banking law stand pledged for the faithful performance of its duties as trustee, executor, administrator, etc., and for the security of deposits made with it by other trustees, and in caee of loss the beneficiary or the trust depositor can not be first indemnified in full from the amount pledged in preference to all other creditors. If it were a trust company, the securities equal to twenty per centum of its capital stock, which the petitioner is seeking to deposit with the general treasurer, would be a deposit which it would be required to make merely as an addition to the security furnished under the provisions of section 6. In this regard we are of the opinion that it would be in contravention of our State law for this court to take action which should apparently admit this petitioner to a standing of equality with trust companies, treating it as a corporation which furnished a similar security to beneficiaries and had equal authority to act in a fiduciary capacity. The devolution of the estates of decedents, the control of the property of infants and lunatics, the jurisdiction of our probate courts, and the legal regulation of the trusts which arise in the administration of probate law are matters which pertain exclusively to the powers of a State over its domestic affairs. Under the State law no corporation other than a trust company organized under the Rhode Island statute may be appointed executor, administrator, or guardian by our probate court or may accept and execute the duties of such office. This authority is not conferred upon a trust company because it is a banking institution, as State banks, which in the nature of their business are similar to national banks, are not given such powers; neither are savings banks. The extension by the general assembly of this power to trust companies, alone of all corporations, is plainly because the provisions governing their creation and their regulation safeguard in a peculiar manner the legal rights of those beneficially interested in such trusts. In the absence of the express sanction of the general assembly the appointment of a national bank to execute the trusts which arise in probate proceedings, or the attempted execution of such trusts by a national bank, would be in contravention of our State law. In 1918 Congress amended the Federal reserve act by adding the following paragraph: "Whenever the laws of such State authorize or permit the exercise of any or all of the foregoing powers by State banks, trust companies, or other corporations, which compete with national banks, the granting to and the exercise of such powers by national banks shall not be deemed to be in contravention of State or local law within the meaning of that act." We assume that this amendment is intended as the legislative construction which Congress places upon the provisions of its own act, for we do not admit the power of Congress to control this court in the construction of the State laws of Rhode Island. There is another fundamental question arising under the demurrer of the respondent, which is as to the propriety of a mandatory writ of this court commanding a State officer to act outside the scope of his duties as they are set out in our law. The general treasurer is an officer of the State provided for in the constitution. His duties are prescribed by the general assembly. Without the sanction of the general assembly those duties are not to be extended through the provisions of an act of Congress. Under section 7 of said chapter 231, referred to above, the general treasurer shall receive the securities which trust companies must deposit with him. These securities include certain classes of bonds, the financial obligations of cities and towns of the State, and first mortgages on improved real estate in this State of the class required for savings-bank investments; as to the security last named he must take an assignment of the same and an assignment of the debts secured thereby. Section 8 of said chapter 231 provides as follows: "SEC. 8. Upon the receipt by said general treasurer of such securities from said corporation, said general treasurer shall give to said corporation a certificate stating the securities and amount of each. Said general treasurer shall at all times pay over to said corporation the interest which may be received upon such securities, and shall at all times permit said corporation, by its treasurer or other authorized agent, to examine said securities, to receive all coupons on the same, as they shall mature, and to collect for the use of said corporation all interest due thereon or on said securities Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COUET OPINIONS ON FIDUCIARY POWERS. 277 however the same may be evidenced or pecured; and shall also permit said corporation to retire any securities so deposited, on substituting therefor other securities of any or either of the classes mentioned above, to such an amount that the market value of the whole deposit shall not be less than the amount required by the provisions of the preceding section." Even if we had found that the exercise of all the powers which the petitioner claims were conferred upon it by the Federal Reserve Board was not in contravention of State law, we should nevertheless be forced to hold that Congress can not give to the national banks in this State the right to demand that the general treasurer shall perform for their benefit the duties enumerated in said sections 7 and 8. The respondent's demurrer is sustained. The petition for a writ of mandamus is denied and dismissed. EXERCISE OF FIDUCIARY POWERS BY NATIONAL BANKS LOCATED IN PENNSYLVANIA. Below is the opinion of the Superior Court of Pennsylvania rendered November 23, 1922, in the case of the Estate of Edna Frisbie Turner, upholding the right of national banks to act in fiduciary capacities in the State of Pennsylvania. In the Superior Court of Pennsylvania. ESTATE OF EDNA FRISBIE TURNER. Nos. 232, 233, 234. October term, 1922. Appeals of Corn Exchange National Bank of Philadelphia, individually and as guardian of estates of Dudley B. Turner, jr., and Edna Frisbie Turner, minors, " from decree of Orphans' Court of Philadelphia County. Nos. 99 and 100. Filed Nov. 23, 1922. Opinion by LINN, J.: This appeal challenges the refusal to approve a national bank as a fiduciary. Approval was denied on the single ground that the Federal legislation conferring fiduciary powers on national banks is "in contravention of the law and established practice of this Commonwealth." The question arose in distributing the estate of Edna Frisbie Turner, deceased, letters testamentary having been granted in 1920. Her minor children were beneficiaries under her will. In 1921 the court below appointed the Rittenhouse Trust Co., a corporation of Pennsylvania, guardian of the estates of the minors. On May 3, 1922, the account of the executors came on for adjudication. It showed a balance for the minors. The executors' petition for distribution stated that since its appointment as guardian the Rittenhouse Trust Co. was converted into a national bank, and thereafter was consolidated into the Corn Exchange National Bank. Distribution to the bank, as guardian, was therefore asked. In referring to the subject, the auditing judge said: "In the matter of the National Bank of Germantown, 30 District Rep. 603, it appears that this court has refused to recognize or approve national banks for appointment as fiduciaries by this court. It does not appear that the merged corporation Corn Exchange National Bank has been approved by this court for appointment as a fiduciary. The award to the Turner minors will therefore be made subject to the merged corporation being approved, and in the event of their failing to obtain the approval of this court, the award will be payable to a succeeding guardian when duly appointed and qualified." Accordingly the bank then filed a petition drawn pursuant to the proper rule of court, setting forth its incorporation under the national banking law, various facts concerning its management and assets, and the consolidation with the Rittenhouse National Bank, formerly the Rittenhouse Trust Co.; that it was authorized by the Federal Reserve Board to transact a general fiduciary business; had complied with the law of Pennsylvania governing the transaction of such business; had accepted the provisions of the act of May 9, 1889, P. L. 159, and also of the act of May 20, 1921, P. L. 991, making itself subject to supervision and examination by the Banking Department of Pennsylvania the same as corporations of Pennsylvania. A 28971—23 19 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

278 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. number of evidential exhibits were attached to the petition, among them a stipulation under rule 21, bv which the applicant "hereby stipulates and undertakes irrevocably that securities and other property received by the corporation both in a fiduciary capacity and from the person or persons for whom it is surety shall not be taken out of the jurisdiction of the court and shall be kept separate and apart from all money, securities, and property of the said bank so that the same can at all times be easily identified as belonging to the estate of the person or persons for whose account the same has been received, and that the trust funds received by said bank, either as fiduciary or for the person or persons for whom it is surety, shall be deposited in a separate account in a bank or banks or trust company or trust companies other than said Corn Exchange National Bank of Philadelphia, of good standing in Philadelphia County." On the same day the petition was refused for reasons previously given in the case of the National Bank of Germantown (supra). From that refusal this appeal to No. 232, October term, 1922, was taken. Three days later, the bank, as guardian of the estates of the children, filed another petition setting forth that pursuant to "the adjudication of the executors' account," its petition for approval as fiduciary under rule 21 had been filed and dismissed; that it was advised by counsel that by specified acts of Congress with the approval of the Federal Reserve Board, it was authorized to transact a fiduciary business, and having accepted the provisions of applicable State law specified, it was "fully qualified and authorized to continue to act as guardian of the estates of Dudley B. Turner, jr., and Edna Frisbie Turner, minors, and in all other fiduciary capacities, and that the dismissal of the petition for approval under rule 21 was without legal justification or authority." Petitioner asked for an order directing the executors to pay to it as guardian of the estate of the minors, the money awarded to them by the adjudication. By supplemental adjudication, this petition was dismissed for the reasons previously given. Exceptions to these adjudications were then filed; after they were dismissed, two appeals were taken, one by the bank as guardian, the other individually (Nos. 233 and 234,* October term, 1922). The appeals were argued together and shall be so disposed of. As no particular or special objection to petitioner is made, we need consider in the light of the record the problem as thus stated by the court below: "The question is, therefore, raised as to whether this court should approve them (national banks) for appointment in fiduciary capacities and accept them as surety. We should approve them unless the Federal acts are in contravention of the law and established practice of this Commonwealth." In re National Bank of Germantown, 30 District Reports, 603. The act of Congress approved December 23, 1913, enacted that "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, or registrar of stocks and bonds under such rules and regulations as the said board may prescribe" (c. 6, sec. 11, par. k, 38 Stats. 251; U. S. Comp. Stats. 1918, s. 9794). Later some definition of the words "In contravention of State or local law" became desirable, and was supplied by an amendment of September 26, 1918 (40 Stats. 967, U. S. Comp. Stats. 1918 Suppl. 9497 k). It was as follows: "(k) To grant by special permit to national banks applying therefor, when not in contravention of State or local law, the right to act as trustee, executor, administrator, registrar of stocks and bonds, guardian of estates, assignee, receiver, committee of estates of lunatics, or in any other fiduciary capacity in which State banks, trust companies, or other corporations which come into competition with national banks are permitted to act under the laws of the State in which the national bank is located. "Whenever the laws of such State authorize or permit the exercise of any or all of the foregoing powers by State banks, trust companies, or other corporations which compete with national banks, the granting to and the exercise of such powers by national banks shall not be deemed to be in contravention of State or local law within the meaning of this act. "National banks exercising any or all of the powers enumerated in this subsection shall segregate all assets held in any fiduciary capacity from the general assets of the bank and shall keep a separate set of books and records showing in proper detail all transactions engaged in under authority of this subsection. Such books and records shall be open to inspection by the State authorities to the same extent as the books and records of corporations organized under State law which exercise fiduciary powers, but nothing in this act shall be construed as authorizing the State authorities to examine the books, records, and assets of the national bank which are not held in trust under authority of this subsection. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COURT OPINIONS ON FIDUCIARY POWERS. 279 uNo national bank shall receive in its trust department deposits of current funds subject to check or the deposit of checks, drafts, bills of exchange, or other items for collection or exchange purposes. Funds deposited or held in trust by the bank awaiting investment shall be carried in a separate account and shall not be used by the bank in the conduct of its business unless it shall first set aside in the trust department United States bonds or other securities approved by the Federal Reserve Board. "In the event of the failure of such bank the owners of the funds held in trust for investment shall have a lien on the bonds or other securities so set apart in addition to their claim against the estate of the bank. " Whenever the laws of a State require corporations acting in a fiduciary capacity to deposit securities with the State authorities, for the protection of private or court trusts, national banks so acting shall be required to make similar deposits and securities so deposited shall be held for the protection of private or court trusts, as provided by the State law. ''National banks in such cases shall not be required to execute the bond usually required of individuals if State corporations under similar circumstances are exempt from this requirement. "National banks shall have the power to execute such bond when so required by the laws of the State. "In any case in which the laws of a State require that a corporation acting as trustee, executor, administrator, or in any capacity specified in this section, shall take an oath or make an affidavit, the president, vice president, cashier, or trust officer of such national bank may take the necessary oath or execute the necessary affidavit. "It shall be unlawful for any national banking association to lend any officer, director, or employee any funds held in trust under the powers conferred by this section. Any officer, director, or employee making such loan, or to whom such loan is made, may be fined not more than $5,000 or imprisoned not more than five years, or may be both fined and imprisoned, in the discretion of the court. "In passing upon applications for permission to exerciee the powers enumerated in this subsection, the Federal Eeserve Board may take into consideration the amount of capital and surplus of the applying bank, whether or not such capital and surplus is sufficient under the circumstances of the case, the needs of the community to be served, and any other facts and circumstances that seem to it proper, and may grant or refuse the application accordingly; provided, that no permit shall be issued by any national banking association having a capital and surplus less than the capital and surplus required by State law of State banks, trust companies, and corporations exercising such powers." Since Congress has provided that if the State law authorize or permit the exercise of * * * (guardianship) by State banks, trust companies, or other corporations which compete with national banks, "the granting to and the exercise of such powers by national banks shall not be deemed to be in contravention of State or local law within the meaning of this act," the decision of these appeals must depend on whether Pennsylvania permits such competing corporations to act in that capacity; if the State law so provides, the national bank must be permitted to enjoy fiduciary powers. As familiar State laws confer that power on such corporations, the learned court below misinterpreted the acts of Congress in holding them to be in contravention of the State law. The Federal legislation is constitutional, First National Bank v. Fellows, 244 U. S. 416, and the congressional power is plenary. Except as Congress permits, a State can not stand in the way of corporate activity so authorized by Congress; such authority confers immunity from State interference, legislative or juffieial; N. P. R. Co. v. North Dakota, 250 U. S. 135, and Telephone Co. v. South Dakota, 250 U. S. 163; Second Employers' Liability cases, 223 U. S. 1; P. & R. Rwy. Co. v. Polk, 256 U. S. 332, 335. The effect of the amendment of 1918 on the act of 1913, as a mere rearrangement of the words will show, was to authorize the Federal Reserve Board to grant by special permit to national banks applying therefor (haying the required '' capital and surplus,'y supra), the right to act in any fiduciary capacity in which State banks or other corporations which come into competition with national banks are permitted to act under the laws of the State in which the national bank is located, whenever the laws of such State authorize or permit the exercise of any or all such powers by State banks or other corporations competing with national banks. The congressional definition or determination of what shall not be considered in contravention of State law, for the purposes of the enactment, takes no account of the fact that details of administration in the Federal system may or may not differ from administrative matters prescribed in the State system. Congress was the sole judge of the means appropriate to the end to be Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

280 AXXUAL REPORT OF THE FEDERAL RESERVE BOARD. accomplished by the exercise of this additional power conferred on national banks; Congress knew that throughout the States widely divergent systems of fiduciary law prevailed. The administrative differences in which the court below found decisive conflict between State and Federal law may be important elements in the competition for business and in the market may or may not operate in favor of the State corporations, but these differences in themselves are not sufficient to deprive a national bank of the enjoyment of fiduciary powers, and particularly is that so in the circumstances disclosed by this record. See First National Bank v. Fellows (supra); People v. Russell, 283111. 520, compared with the prior decision of the same court in People v. Brady, 271 III. 100; Woodbury's Appeal, 78 N. H. 50; Hamilton v. State, 94 Conn. 648; Stanchfield's Estate. 171 Wis. 553; InreMollineaux, 179 N. Y. Supp. 90; Fidelity, etc., Trust Company r. Enright, 264 Fed. 236. The first reason given to support its conclusion that the Federal statute was in contravention of the State law was based on comparison of provisions of the two systems concerning the deposit of trust funds. The Federal provision has been quoted. For the State, the acts of May 9, 1889, P. L. 159, and June 27, 1895, P. L. 402, provide that such ''companies shall keep all trust funds and investments separate and apart from the assets of the companies, and all investments made by the said companies as fiduciaries shall be so designated as that the trust to which such investments shall belong shall be clearly known." In addition, we are advised the State banking department requires trust funds to be deposited in a separate bank. The acts of Congress and the State laws are not alike, but a difference in permitted corporate management does not establish that the Federal statute is in contravention of the State law in the light of the explicit congressional definition of those words, and the difference is further unimportant in the decision of this case, because the record shows that petitioner has agreed to comply with the State law on the subject. The petition also contains a stipulation whereby petitioner irrevocably covenants with the court below pursuant to rule 21, that it will not remove securities or other property by it held in a fiduciary capacity out of the jurisdiction of the court and that it will deposit trust funds in a separate account with another bank or trust company. The second point of alleged conflict the court found by comparing the part of section 11 k (supra), authorizing examination by State examiners of the affairs of a national bank, with the State law of May 21, 1919, P. L. 209, providing in section 14 (a) for examination by State examiners; but the record shows that petitioner has stipulated both with the court and with the State banking department that the State banking department shall make like examination of all its property and assets as is made in the case of State banks. The record also shows that petitioner has filed a stipulation with the banking department to be and remain subject to supervision by that department to the same extent as State corporations pursuant to the act of May 20,1921, P. L. 991, entitled "Restricting the appointment of corporate fiduciaries by testators or by any court or register of wills to corporations fully subject to supervision and examinations by the banking department." The learned court below found its third conflict "in the case of insolvency or suspension of a national bank." The Federal law provides that in such cases the Comptroller of the Currency appoint a receiver who, under the direction of the comptroller shall take possession, administer, etc., pursuant to appropriate judicial action. The practice has long prevailed and is well understood. The court remarks that such rereceiver will not be under the control of the State courts. But, as to the court below, it would seem that the Federal court supervising a receivership under the national banking law is neither more or less foreign than a State court supervising a receiver appointed by the bankingcommissioner administering the affairs of a State bank pursuant to State law. It was for Congress to determine whether the details of corporate mamagement prescribed by it were better adapted for the exercise of the plenary Federal power it desired exerted than other methods of corporate administration effective in the States, but its provisions for the conduct of business or the administration in insolvency, though different from the State system, can not be regarded as in contravention of State law within the terms of the amendment of 1918. The orders appealed from are reversed and the record remitted with instructions to enter an order consistent with this opinion. Porter, J., dissents. Gawthrop, J., did not hear the argument and did not participate in the decision. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PART II . This section of the report, which is arranged by Federal reserve districts, presents, in convenient form for reference, tables relating to the condition and operations and earnings and expenses of each Federal reserve bank, to the condition of reporting member banks, and to the volume of debits to individual account by banks in leading centers. Other statistics relating to the operations of the Federal reserve banks, together with a discussion of banking and business developments in each district, will be found in the annual reports of the respective Federal reserve agents. (281) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DISTRICT NO. 1—BOSTON. SCHEDULE 1.—COMPARATIVE STATEMENT OF CONDITION. [In thousands of dollars.] Dec. 30, Dec. 31, Dec. 31, 1922. 1921. 1920. RESOX7ECES. Gold and gold certificates 16,036 7,117 11,800 Gold settlement fund—Federal Reserve Board.. 28,077 42,312 40,116 Gold with foreign agencies 241 Total gold held by bank 44,113 49,429 52,157 Gold with Federal reserve agent 154,613 159,910 134,747 Gold redemption fund 9,421 27,746 18,796 Total gold reserves 208,147 237,085 205,700 Legal-tender notes, silver, etc.. 12,730 14,675 11,816 Total reserves. 220,877 251,760 I 217,516 Bills discounted: Secured by United States Government obligations.. 23,675 21,533 I 78,225 Other bills discounted 37,909 37,638 i 95,143 Bills bought in open market 25,407 13,149 ! 20,678 Total bills on hand 86,991 72,320 I 194,046 United States bonds and notes 7,139 1,488 ; 544 United States certificates of indebtedness: One-year certificates (Pittman Act) 8,450 ! 21,436 All other 22,454 1,368 I 83 Total earning assets. 116,584 83,626 J 216,109 Bank premises i 4,434 4,740 2,700 5 per cent redemption fund against Federal reserve bank notes. 422 422 1,072 Uncoil ected items 59,142 52,812 57,623 All other resources 297 359 i 468 Total resources. 401,756 393,719 495,488 LIABILITIES. Capital paid in. 8,126 7,936 7,718 Surplus 16,312 16,483 15,711 Deposits: Government 534 8,368 4,561 Member bank—reserve account. 126,342 110,760 114,670 All other 980 1,086 835 Total deposits. 127,856 120,214 120,066 Federal reserve notes in actual circulation 201,314 202,535 288,780 Federal reserve bank notes in circulation—net liability.. 6,277 20,353 Deferred availability items 47,906 39,502 41,762 All other liabilities 242 772 1,098 Total liabilities 401,756 393,719 495,488 Ratio of total reserves to deposit2 and Federal reserve note liabilities] combined 67.1 78.0 55.3 1 Net, i. e., after deducting reserves for depreciation. * Net deposits prior to Mar. 18,1921, and total deposits beginning with that date, 283 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

284 ANNUAL REPOKT OF THE FEDERAL RESERVE BOARD. SCHEDULE 2.—MOVEMENT OF PRINCIPAL ASSETS AND LIABILITIES DURING 1922. [Amounts in thousands of dollars.] i Bills discounted for member banks. e T ar o n t i a n l g j j | Bills ; ! 1 bo B u il g ls h t I ! S U t n a i t t e e s d T c o as ta h l j I M ba e n m k b s' er F re e s d e e r r v a e l s R er e v - e assets j •secured' Other I in open j seeuri- re- I reserve notes in per- Date. (2+5 ibyU.S.i bills market.j ties. serves. 1 deposits, circula- cent- +6). Total, j j G m ov e e n r t n - ! ! co d i i m s- t- tion. ages. ! obliga- ed. ! tions. ! 10 11 Jan. 4 77,203 !52,133 i 20,260 31,873 13,295 I11,775 257,107 I 114,904 120,630 200,425 I80.1 11 85,145 !40,474 i 18,125 22,349 10,353 34,318 231,658 ! 110,768 113,319 188,326 I 76.8 18 85,585 I41,277 16,274 251003 9,292 35,016 238.200 i 121,953 126,876 179,840 i77.7 25 84,938 |38,390 17,440 20,950 9,742 36,806 227,178 ! 112,908 123.929 171,760 I76.8 Feb. 1 88,564 !42,660 i 15,850 26,810 8,424 37,480 226,084 I 116,250 129,071 166,679 76.4 8 88,331 |41,889 i 14,511 27,378 7,817 38,625 220,815 ! 110,590 127,585 163,136 76.0 15 90,299 |39,680 i 12,997 26,683 11,784 38,835 210,531 i 111,308 125,975 159,685 73.7 21 96.186 |45,315 I 12,262 33,053 12. 611 38,260 198,895 ! 110,791 117,026 158,721 72.1 Mar. 1 98,826 !47,749 j 12,279 35,470 12!, 802 38,275 192,682 I 113,504 117,821 155,898 70.4 8 92,505 I41,253 | 12,373 28,880 12', 603 38,649 193,655 i 111,098 114,229 I155,152 73.0 15 85,135 !36,083 i 14,489 21,594 10,357 38,695 199,263 i 109.552 112,027 153,814 75.0 22 88,446 S40,311 j 14,973 25,338 10,492 37,643 200,198 I 109,236 115,879 I153,976 74.2 29 93.187 I43,757 ! 17,788 25,989 11,543 '37,887 195,780 109,624 115,284 153,692 72.8 Apr. 5 88,793 '41,631 ! 15,127 26.504 11,303 35,859 198,877 111,151 113,505 155,834 73.8 12 81,917 35,335 14,316 ' 21,019 11,031 35,551 207,383 112,703 117,022 157,278 75.6 19 75,312 28,842 11,905 16,937 10,543 35,927 213,344 115,229 116,637 155,539 78.4 26 80,287 20,576 9,995 10,581 9,882 49,829 207,794 116,280 119,611 154,034 75.9 May 3 82,664 22,375 9,843 12,532 10,505 49,784 206,011 119,165 121,856 152,691 75.0 10 82,549 22,978 9,925 13,053 8,599 50,972 205,410 116,719 121,249 150,361 75.6 17 77,165 20,126 9,923 10,203 8,510 48, 529 205,587 117,145 118,916 149,685 76.5 24 82,165 24,416 10, 582 33,834 9,145 48,604 211,249 123,595 127,614 150,284 I76.0 83,989 24,677 12,352 12,325 10,783 48,529 206,608 117,030 119,160 149,000 I77.0 June 7 97,062 19,914 8,282 11.632 IS, 694 58,454 186,941 117.381 118,226 153,499 j68.8 14 100,740 20,278 8,236 1.2, 042 20, 461 60,001 194,079 I 125,860 129,400 151,564 !69.1 21 91,042 23,778 8,507 15,271 22,130 45,134 200,495 I 123,618 124,359 153,239 I72.2 28 99,946 27,222 12,427 14,795 24, 205 48, 518 195,131 119,715 123,194 157,164 69.6 July 5 104,177 33,701 10,114 23,587 23,520 46,956 199,338 1 122; 517 123,072 162,748 69.7 12 91,823 23,706 8,201 15.505 22,171 45,916 205,728 I 122,403 123,228 164,875 71.4 19 86,921 19,453 6,523 12,930 19,055 48,413 211.201 i 123.553 12o,039 161,816 73.4 26 93,777 26,047 7,970 18,077 19,138 •48,592 208.509 !122,907 125,276 163,466 72.2 Aug. 2 88,400 29,354 9,326 20,028 16,201 42,845 213,036 !120,863 122,411 167,512 73.5 9 84,307 26,795 8,196 18,599 15,352 42,160 222,811 i121, 994 124,855 170,393 75.5 16 76,998 21,433 7,818 13,615 12,410 43,155 230,515 I122,484 124,056 172,307 I77.8 23 80,412 22,573 7,511 15,062 12,980 44.859 230,755 I121,100 123,222 176,355 I77.0 30 83,811 23,845 9,882 13,963 11,192 48,774 230,385 I120,466 123,572 180,136 75.9 Sept. 6 90,600 29,242 10,235 19,007 12,304 49,054 229,433 i120,668 121,914 186,699 74.3 13 85,422 25,283 9,473 15,810 10,560 49,579 238,355 j124,042 126,726 190,047 75.2 20 66,962 26,968 7,449 19,519 14,807 25,187 257,763 '1•22,524 125,831 190,351 81.5 27 69,210 25,440 8,526 16,914 15,857 27,913 260,242 i122,663 124,309 193,427 81.9 Oct. 4 74,829 26,157 9,379 16,778 17,924 30,748 257.510 i126,842 127,556 196,347 79.5 11 86,593 34.427 11,652 22.775 20,617 31,549 246,402 !125,295 125,440 199,382 75.9 18 85,612 30,675 9,899 20.776 23,843 31,094 253,131 I130,805 132,307 200,790 76.0 25 84,874 29,942 12,192 17,750 26,299 28,633 249,783 j128,545 129.930 195,535 I76.7 Nov. 1 98,088 41,552 14,071 27,481 29,245 27,291 235,670 I127,439 129,465 196,274 72.3 8 119,406 24,285 36,698 31,983 26,440 206,809 125,025 127,236 195,052 64.2 15 120,648 68,968 21,855 47,113 31,696 19,984 215,737 I131,528 133,636 195,257 65.6 22 112,360 63,696 22,079 41,617 29,420 19,244 219,222 !123,722 127,552 193,568 68.3 29 125,677 77,121 27,988 49,133 28,831 19,725 208,397 '120,446 123,571 193,717 65.7 Dec. 6 116,478 68,357 25,068 43,289 28,602 19,519 219,993 122,709 127,992 202,145 66.6 13 110,366 63,141 22,702 40,439 28,365 18.860 223,274 122,106 124,645 201,671 68.4 20 118,843 60,529 23,543 36,986 27,100 31,214 214,115 122,130 124,498 209,360 64.1 27 127,763 69,971 25,036 44,935 25,705 32,088 212,045 124,810 125,798 211,213 62.9 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DISTRICT NO. 1 BOSTON. 285 FEDERAL RESERVE BANK OF BOSTON MILLIONS OF DOLLARS MILLIONS OF DOLLARS F. R.NOTE CIRCULATION 100 PURCHASED BILLS 1320 1921 1922 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

286 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. SCHEDULE 3.—VOLUME OF DISCOUNT AND OPEN-MARKET OPERATIONS. [In thousands of dollars.] Bills discounted. Secured by Month. U.S. Bankers' Trade Agricultural Total. Govern- accept- accept- and live- All other. ment ances. ances. stock paper. obligations. January 148.729 i 49.990 148 342 98,249 February 301,209 I 37', 112 71 260 263,766 March 283,800 I 55,530 135 314 227,821 April 133,787 35,689 78 201 97,819 May 103,477 i 38,075 51 332 65,019 June 82,739 ! 39,108 72 446 43,113 July 109,890 i 38,252 49 287 71,302 August 143,429 | 43,496 135 419 99,379 September 154,775 I 51,484 46 424 102,821 October 230,691 ' SO, 258 120 425 149,888 N ovember 330,811 I 132,439 239 388 197,745 December 238,750 | 113,10 i 43 533 125,070 Total: 1922. 2,262,087 714,537 1,187 4,371 1,541,992 1921. 4,454,760 2,261,087 152 1,905 4,027 2,087,589 1920. 4,876,556 4,074,030 22,129 4,664 775,733 Bills bought in open market. U. S. Securities I Total discount and open purchased. j market operations. Month. i Certifi- j Bankers' Dollar ! Trade Bonds cates of j Total. accept- ex- I accept- and in- ! 1922 1921 1920 ances. change. I ances. notes, debted-1 ness, j January I 14,527 14,267 260 2,140 26,318 !191,714 521,894 405,78' February j 19,836 18,953 883 1,678 3,229 !325,952 548^ 590 489,235 March 12,878 12,473 405 2,722 5,364 301,764 772,882 493,475 April 15,628 15,485 143 10 17,745 i 167,170 384,035 458,459 May 22,698 22,378 320 61 3,189 !129,425 446,190 451,325 June 30,023 28,563 1,460 1,108 49,939 !163,809 333,569 494,121 July 14,342 14,037 305 115 5,388 '129,735 209,084 371,816 August 23,602 22,467 1,135 8,938 8,161 184, l.?0 311,774 468,251 September 23,227 23,202 2,060 22,707 I202,769 361,689 477,281 October 27,097 24, 887 2,210 2,047 7,337 i 267,172 269,926 413,248 November 29,648 29,148 500 3,481 1,291 j 365,231 348,528 553,670 December 28,185 27,625 560 4,777 30,268 301,980 355,637 657,499 Total: 1922 261,691 253,485 8,206 i 29,137 180,936 '2,733,851 1921 211,703 192,643 19,060 ' 7,798 190,517 I 4,864,778 1920 304,445 303,083 1,362 I 27 553,136 5,734,164 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DISTRICT NO. 1—BOSTON. 287 SCHEDULE 4.—VOLUME OF BILLS DISCOUNTED FOR MEMBER BANKS IN EACH STATE. [Amounts in thousands of dollars.] Number Number of mem- New of mem- ber banks Month. Maine. shire. ch M u a s s e s t a t - s. I R sl h a o n d d e . C t o ic n u n t e .^ c- Total. b i a n e t r d e b i n s a d t n r o i k c f s t m a d o c u c d r o a in m te g - d month. the month. January 5,660 3,576 1,402 129,721 700 7,670 148,729 436 231 February 3,993 3,109 1,543 285,395 457 6,712 301,209 435 207 March. 4 684 5,522 2,183 263,425 1,086 6,900 283 800 434 227 April 2,731 4,526 1, 882 118,314 845 5,489 133,787 434 228 May- 3,246 4,310 2,224 86,086 897 6,714 103,477 434 206 June 3,177 3,337 1,777 67,119 1,351 5,978 82,739 433 205 July 2,292 2,194 1,359 100;023 753 3,269 109,890 432 182 August.. 1 970 1 825 1,969 132,632 1 042 3,991 143 429 432 171 September 2,587 1,691 1,387 143,733 758 4,619 154,775 429 160 October 2,921 2,209 1,829 215,603 2,775 5,354 230,691 430 165 November 3,785 3,397 2,235 310,373 3,611 7,410 330,811 428 230 December 5,575 4,550 1,619 216,140 2,117 8,749 238,750 427 233 Total: 1922 42,621 40,246 21,409 2,088,564 16,392 72,855 2,262,087 1921 52 765 48 790 26 739 4,170 612 20 649 135 205 4,454 760 1920 50 294 49,932 30,253 4,554 280 41,954 149,843 4,876,556 Number of member banks at end of year: 1922 .. 63 56 48 185 20 55 427 1921 63 56 49 192 20 56 436 1920 66 55 49 189 20 57 436 Number of member banks accommodated: 1922 .. 41 43 34 164 11 37 330 1921 40 46 36 166 13 40 341 1920 38 45 40 160 16 43 342 i [ Figures in this column relate only to that part of the State located in the first district. SCHEDULE 5.—EARNINGS AND EXPENSES. 1920 EARNINGS. Discounted bills 81,543, 539 $6,007,117 $10,031,301 Purchased bills 591,647 515,192 1,613,012 United States securities 1,391,691 ! 415,931 554,172 Deficient reserve penalties. 9,777 1 13,778 41,783 Miscellaneous 4,659 ! 16,644 32,985 Total earnings. 3,541,313 I 6,988,662 12,273.253 CURRENT EXPENSES. Salaries: Bank officers 141,000 135. 500 116,600 Clerical staff 925,072 905,811 781,904 Special officers and watchmen 34,430 31,648 20,988 All other 100,932 35,233 7,207 Governors' conferences 411 461 315 Federal reserve agents' conferences 426 118 400 Federal Advisory Council 250 200 408 Directors' meetings 7,367 9,263 9,529 Traveling expenses l 9,820 8,436 9,046 Assessments for Federal Reserve Board expenses 55,241 57,218 52,584 Legal fees 775 1,200 3,723 Insurance (life, fidelity, casualty, workmen's compensation, and. general liability) 29,072 18,054 23,487 Banking house: Taxes and fire insurance 92,981 53, 468 Light, heat, and power 25,489 3,110 Repairs and alterations 1,767 All other 1,886 1,905 108, 428 Rent, including light, heat, and power, and minor alterations 52,772 95,637 Fire insurance—furniture and equipment 381 1,034 Furniture and equipment2 73,692 24,585 1 Other than those connected with governors' and agents' conferences and meetings of directors and of the advisory council. * Charged to profit and loss in 1922 and to current expenses prior to that year. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

288 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. SCHEDULE 5.—EARNINGS AND EXPENSES—Continued. 1922 1921 1920 CURRENT EXPENSES—continued. Printing and stationery (including office and other supplies) j $101,127 S99,264 $63,667 Telephone 21,169 16,365 12.292 Telegraph 7,977 10,960 10,314 Security shipments 14.005 9,436 Currency and coin shipments 147^ 072 106,907 1S7,891 Postage and expressage (other than on money and security shipments) 83, 849 73, 844 Federal reserve currency: Original cost, including shipping charges 65,501 302, 264 345,151 Cost of redemption, including shipping charges 38,792 88,526 112,162 Taxes on Federal reserve bank note circulation 23, 871 56.749 82', 000 All other expenses 38, 955 42,703 65,609 Total current expenses 2, 022,400 2, 239,007 2,038,290 Current net earnings 1.518,913 4,729,655 10,234,903 PROFIT AND LOSS ACCOUNT. Earnings 3,541,313 6,963,662 j 12,273,25a Current expenses. 2,022,400 2,239,007 2,038,290 Current net earnings.. 1,518,913 4,729,655 j 10,234,963 Additions to current net earnings: Amounts deducted from reserve for depreciation on United States bonds 32,100 43,681 Assessment account expenses Federal Reserve Board previously charged to profit and loss I 38,666 Allotber "...".".".*.*.!". ""9," 494 3,894 : 29,248 Total additions. 41,594 47,575 | 67,914 Deductions from current net earnings: i Depreciation allowances on bank premises [ ; 328,215 489,000 ; Furniture and equipment : 133,106 Reserve for depreciation on United States bonds 28.162 All other ; 1 784 2,151 Total deductions 463,105 ; 495,877 i 30,313 Net deductions from current net earnings , 421,511 448,302 | 8 37,601 Net earnings available for dividends, franchise tax, and surplus ) 1,097,402 4,281,353 | 10,272,564 Dividends paid 481,951 I 473,109 l 447,266 Franchise tax paid United States Government. 4 538 883 ! 3,035,920 :• 2,473,49£ Transferred to surplus account < 76 568 j 772,324 ' 7,351,799 8 Net additions. * Bank also charged its surplus account and paid the United States Government $247,350 as an additional franchise tax for 1921. See page 22. SCHEDULE 6.—OPERATIONS or FEDERAL RESERVE CLEARING SYSTEM. [Figures include cash items only. Numbers in thousands; amounts in thousands of dollars.] Month. It b e a m n d s k i s s d t r r in a ic w t o . n w o n n re I t t o s t e e h m o r e v t i s h e r e f b b r o r a r a F w n n e k a c d s r h e d e r a e a s n d . l d I U te T n m r i e t s e a d d su r S a re w t r a n t o e f o s. n Total. Amount. Number.; Amount. JNumber.' Amount Nuinber.j Amount. January 923,257 i 43,294 118 18,650 4,353 ! 985,201 February 798,020 i 167 40,864 90 18,131 3,812 i 857,015 March 908,460 ! 201 48,765 155 19,825 4,618 ! 977,050 April 824,182 i 186 43,051 151 19,879 4,342 i 887,112 May 897,411 I 198 45,329 138 18,664 4,682 ! 961,404 June 957,615 ! 200 54,123 181 24,240 4,822 I 1,035,978 July 902,491 i 195 42,762 137 18,596 4,553 ! 963,849 August 882,197 ! 205 43.786 110 15,710 4,472 I 941,693 September 936,862 ! 203 47;348 189 16,573 4,494 1 1,000,783 October 1,133,224 : 222 55,043 185 16,632 5,062 ! 1,204,899 November 1,052,588 ! 221 53,128 172 14,882 4,858 1,120,598 December 1,075,883 i 243 .55,767 164 15,431 5,055 I 1,147,081 Total: 1922.... 11,292,190 ; 2,427 573,260 1,790 217,213 12,082,66a 1921.... 10,814,383 ; 1,978 590,863 1,688 246,099 11,651,345 1920.... 13,417,654 I 1,303 963,694 1,457 345,998 14,727,346 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DISTRICT NO, 1—BOSTON. 289 SCHEDULE 7.—CLEARINGS AND TRANSFERS THROUGH THE GOLD SETTLEMENT FUND. [In thousands of dollars.] Payments Receipts to other from other Week ending- Federal Federal Net loss. Net gain. reserve reserve banks. banks. Jan. 5 (3 days) . . 61,350 68,477 7,127 12 135,767 106,879 28,888 19 122,331 123,021 690 26 103,771 95,032 8,739 Feb. 2 97,218 99,391 2,173 Q 105,707 90,861 14,846 16 114,539 102,684 11,855 ; 23 . ... 89,986 89,439 547 Mar. 2 104,857 99,929 4,928 9 89,746 96,082 6,316 16 106,379 2 926 23 . .. . 112,916 ' 112,333 583 30 92,527 87,520 5,007 Apr. 6 100,942 10% 561 7,619 13 98,084 98,130 46 20 103,958 113,484 9,526 27 117,585 114,933 2,652 May 4 104,448 102,657 1,791 96,271 95,145 1,126 18 . 116,076 119,015 2,939 25 114,166 116,202 2 036 June 1 . • 84,289 86,075 1,786 8 134,291 108,464 25,827 15 118,376 127,689 9,313 22 116,457 126,080 9,623 29 108,109 106,565 1,544 July 6 95,150 106,525 11,375 13 . . . . 113,030 112,420 610 20 116,692 119,395 2,703 27 102,333 101,137 1,196 Aug. 3 94,621 103,011 8 390 10...... 87,836 94,751 6,915 17 103,865 114,261 10 396 24 105 387 101 674 3 713 31 . .. 94,412 93,116 1 296 Sept. 7 80,027 86,727 6,700 14 102,073 103,864 1 791 21 140,090 157,680 17,590 28 124 626 116,365 8 261 Oct. 5 136,817 140,246 3,429 11 . 109,728 99,920 9,808 19 193,443 201,907 8,464 26 164 227 155 914 8 313 Nov. 2 154,896 135,078 19 818 9 140 269 114 054 26 215 16 135,752 146,272 10,520 23 149 740 147 263 2 477 29 103,664 100,625 3,039 Bee. 7. . 127,993 145,036 17,043 14 116 737 118 350 1 613 21 . .. 137,818 138,121 '303 28 114 137 116 651 2 514 29-30 (2 days) 54,081 51,200 2,881 Total, 1922 5,946,664 5,922,570 24 094 1921. " 5 301 614 5 387 823 86 209 1920.. . 7,921,224 7,993,909 72^685 ' Net gain in ownership of gold since establishment of fund in 1915, $148,492,000. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

290 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. SCHEDULE 8.—PRINCIPAL ASSETS AND LIABILITIES OF REPORTING MEMBER BANKS IN LEADING CITIES AS OF THE LAST REPORT DATE IN THE MONTH. [In thousands of dollars.] Investments. Total loans and discounts (including rediscounts with Fed- Last report date in— eral reserve baDk). United r i S ti t e a s te . ssecu- All other 1922 1921 1922 1921 1922 ! 1921 January 803,405 909,051 63,071 49,874 144,533 : 125,730 February 808,588 897,048 72,540 52,087 142,795 ; 123,865 March 791,753 891,181 70,583 57,098 144,433 ' 122,627 April 785,435 856,157 86,608 48,779 147,228 ! 127,198 May 788,624 855,431 98,192 47,637 162,694 i 128,648 June 788,363 841,285 115,983 48,720 170,936 ! 131,332 July 791,571 818,667 118,570 45,910 169,211 138,574 August 782,557 812,613 131,227 48,343 171,171 i 139,720 September 809,927 813,668 126,951 56,140 172,788 ! 146,649 October 838,014 822,083 134,408 51,908 168,820 ! 140,893 November 831,339 809,422 129,239 59,705 171,071 1 140,817 December 830,233 809,361 133,532 62,073 171,120 i 140,135 Accommodation at Net demand deposits. Time deposits. Federal reserve bank. Last report date in- 1922 1921 i 1922 1921 1922 1921 January 756,517 768,866 ; 183,565 171,921 19,731 ! 98,235 February.. 740,521 743,774 189,094 166. 067 30,311 l 113,936 March 718,550 , 705,606 i 196,380 168!, 464 24,820 ! 124,060 April 763,155 719, 774 200,442 170; 945 6,470 I 74,147 May 782,250 ! 730,446 213, 512 177,660 12,298 ! 69, 865 June 786;609 • 702,384 231,462 175,005 12,723 ! 64,447 July 798,522 726, 250 ! 228,826 176,423 16,513 ! 42,844 August 782.660 i 700,129 240,308 179,103 14,363 ! 54,693 September. 808; 606 697,313 246,742 182,604 15,527 ' 43,771 October 832,019 751,160 ' 242,376 179,974 19,946 ; 31,462 November. 798,593 742; 270 i 238,964 181; 403 53,929 I 42,534 December.. 813, 832 731,989 i 237,567 180,480 47,432 \ 46,347 NOTE.—Figures are for about 46 banks, which submit weekly reports to the Federal Reserve Board located in Boston, Hartford, New Haven, Providence, and Springfield. SCHEDULE 9.—DEBITS TO INDIVIDUAL ACCOUNTS. [In thousands of dollars.] Summary for 11 centers.1 Month. 1922 1921 1920 January... 928,021 2,058,410 2,198,621 February.. 611,605 1,611,603 1,702,979 March 857,809 1,821,196 2,006,085 April 760,157 1,796,118 2,029,033 May 837,939 1,788,548 1,971,247 June 992,898 1,826,530 1,975,114 July 899,373 1,734,824 2,004,104 August 586,094 1,588,542 1,693,551 September. 717,635 1,630,299 1,796,170 October 087,622 1,947,992 1,984,977 November. 986,523 1,925,753 1,875,798 December., 126,314 2,005,698 1,950,338 Total 22,391,990 21,735,513 23,188,017 1 Figures for cities marked with an asterisk are not included in the district summary or in the national summary of 141 centers. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DISTRICT NO. 1—BOSTON. 291 SCHEDULE 9.—DEBITS TO INDIVIDUAL ACCOUNTS—Continued. Bangor, Me. Boston, Mass. Month. 1922 1921 1920 1922 1920 January 13,529 15,780 15,400 1,433,716 1,522,703 1,524,255 February.. 11,916 13,654 11,144 1,184,979 1,182,520 1,175,63a March 14,503 15,539 13,448 1,372,388 1,341,714 1,392,112 April 13,242 15,614 17,457 1,283,772 1,311,520 1,388,876 May 13,910 14,915 15,342 1,346,120 1,319,737 1,335,02^ June 14,391 16,949 16,474 1,474,648 1,335,434 1,343,207 July 13,705 15,763 16,946 1,399,991 1,260,953 1,350,282 August 12,898 15,083 15,743 1,125,201 1,162,085 1,143,03a September. 14,328 14,496 16,645 1,233,003 1,176,042 1,219,977 October 15,711 17,435 18,684 1,498,936 1,425,199 1,330,920 November. 13,369 15,382 16,421 1,444,411 1,430,876 1,288,642 December.. 16,693 16,678 18,958 1,533,993 1,483,833 1,336,941 Total. 168,193 187,288 192,662 16,331,158 15,952,616 15,828,904 Fall River, Mass. Hartford, Conn. Month. 1922 I 1921 ! 1920 1921 1920 January 29,608 26,647 46,889 98,556 101,822 117,390 February.. 22,741 23,947 37,247 80,203 81,332 92,118 March 25,670 24,767 43,605 90,748 90,371 108,420 April 26,062 24,417 42,300 96,832 96,742 113,299 May 28,925 22,668 44,948 93,622 85,321 107,436 June 30,337 23,876 43,264 97,150 89,745 102,390 July 29,000 23,915 40,346 97,557 95,294 117,313 August 26,897 23,430 34,638 86,496 80,532 93,126 September. 27,803 27,997 32,129 88,843 86,901 110,973 October 37,065 34,112 36,297 108,451 89,657 112,546 November. 41,488 34,246 35,821 94,968 87,927 101,758- December.. 37,102 27,865 32,439 110,641 99,696 115,404 Total. 362,698 I 317,887 I .9,923 1,144,067 1,085,340 1,292,173 Holyoke, Mass. Lowell, Mass. Month. 1921 1920 1922 1920 January 12,571 15,318 20,155 19,106 20,945 24,771 February.. 10,676 11,502 18,095 16,60S 16,218 20,521 March 13,523 13,308 1 15,938 19,426 17,473 23,627 April 12,860 12,789 17,970 19,192 18,916 25,835 May 13,087 11,796 18,847 20,025 18,989 26,566 June 13,592 13,376 ! 18,789 19,361 19,927 27,539 July 13,600 11,996 ! 20,244 19,636 18,375 27,032 August 12,358 10,514 ! 17,571 19,298 18,068 24,724 September. 14,534 11,723 i 17,123 19,494 18,906 23,463 October 18,098 13,297 [ 19.139 23,358 21,713 26,422 November. 18,631 13,572 18*, 695 24,946 21,689 25,623 December.. 17,528 13,217 1 16,467 23,260 21,393 24,173 Total. 152,408 219,033 243,704 232,612 300,296 Manchester, N. H.* New Bedford, Mass. Month. 1922 1921 1922 1921 1920 1920 January 18,803 18,496 26,460 23,882 39,964 February.. 15,239 16,]28 24,796 22,440 33,438 March 18,505 20,545 18,083 26,022 23,435 39,994 April 17,332 19,056 23,065 24,755 22,985 42,631 May 16,603 18,548 21,354 27,094 24,224 40,812 June 17,524 19,754 23,319 28,099 25,972 40,116 July 16,064 19,282 25,668 27,598 24,540 38,275 August 16,393 18,921 21,341 26,487 24,335 34,891 September. 16,356 18,141 20,255 25,795 25,831 32,805 October 18,026 19,698 21,962 34,162 29,634 34,536 November. 18,167 18,572 22,544 35,167 30,793 31,160 December.. 26,801 24,944 25,274 33,325 29,612 27,905 Total. 215,813 232,085 222,865 339,760 307,683 436,527 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

292 AKISTUAL REPORT OF THE FEDERAL RESERVE BOARD. SCHEDULE 9.—DEBITS TO INDIVIDUAL ACCOUNTS—Continued. New Haven, Conn. Portland, Me.* Mouth. i 1922 1921 | 1920 1922 1921 1920 January 73, 889 78,904 92,484 29,930 38,955 35,005 February... 58,445 64, 854 69, 811 26,165 31, 761 27,468 March 74, 468 73, 678 85,508 31,972 34,431 33,615 April 69, 728 72,234 85, 022 31, 461 32, 084 37,009 May 73,660 71,810 87, 637 33, 892 30,237 35,798 June 73,473 72,131 87,018 32, 787 29, 631 38,432 July 84,636 73,066 95,138 35, 407 28,947 38, 597 August 75,874 67,116 81,102 35, 733 31, 049 37, 752 September. 78,061 65,261 80, 240 36,863 31, 506 39,595 October 81,981 72,379 90,132 41,152 34, 740 45,794 November.. 74,556 68,735 83, 789 34,628 31, 332 40,515 December.. 82,450 74,499 86,285 38,913 32,675 42,140 Total. 901,221 854,667 1, 024,166 I 408, 903 387,348 451,720 Providence, R. I. Springfield, Mass.* Month. 1922 I 1921 1920 1922 1921 1920 January 133, 213 150,600 197, 892 55, 423 64,838 78,767 February 122,416 117, 545 147,825 48,961 53,122 64,948 March 133,438 132, 814 175,501 57; 435 59, 869 76, 288 April 130,900 131, 855 179, 284 57, 271 55,345 74.261 May 131, 740 131, 425 178,864 62, 370 53,636 71, 496 June 145,839 138, 392 179, 057 67,430 59, 529 77,037 July 127,917 128,743 ! 176,609 64,395 52,295 79,682 August 113,859 114,622 i 140,207 58, 717 50,181 67.262 September 128,983 123,964 I 152, 965 63,014 51,943 69,363 October 165,025 154,831 I 189,429 78,170 63,166 75,511 November 145,167 138, 006 ! 161,614 74,140 61, 538 77,514 December 160,285 142,981 I 172,064 73, 478 60, 296 70,651 Total.. 1,638,782 1,605,778 I 2,051,311 760,804 I 685,758 882,780 Waterbury, Conn. Worcester, Mass. Month. 1922 1921 1920 1922 January 26,024 28,044 35, 078 61,349 j 73,765 84,343 February... 27,994 20,863 29,902 50,837 I 56,728 67,245 March 26, 850 23, 855 25, 575 60,773 I 64,242 82,357 April 26,377' 24,736 32,247 56,437 64,310 84,112 May 28,527 24,599 31, 845 61,229 63,064 83,921 June 29,641 26,219 32,246 66,367 64,509 85,014 July 26,083 22,988 33, 263 59,650 59,191 88,656 August 27, 006 18, 359 30,096 59, 722 54,398 78,423 September. 27, 214 22,193 34, 508 59, 577 56,985 75,342 October 31,227 24,413 37, 869 73,608 65,322 89,003 November.. 28, 054 23,839 31,685 65,766 60,688 80,590 December.. 35,149 27,975 37,109 75,888 67,949 82,593 Total. 340,146 391,423 751,203 751,151 981,599 NOTE.—Centers which have not reported continuously for the 18 months ending Dec. 31, 1922, are not included in the table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DISTRICT NO. 2—NEW YORK. 293 DISTRICT NO. 2—NEW YORK. SCHEDULE 1.—COMPARATIVE STATEMENT OF CONDITION. [In thousands of dollars.] Dec. 30, Dec. 31, Dec. 31, 1922. 1921. 1920. RESOTJKCES. Gold and gold certificates 118,127 283,142 132,723 Gold settlement fund—Federal Reserve Board. 169,378 130,058 45,902 Gold with foreign agencies 1,211 Total gold held by bank... 287,505 413,200 179,836 Gold with Federal reserve agent. 658,970 653,004 254,570 Gold redemption fund 10,309 15,000 39,000 Total gold reserves 956,784 1,081,204 473,412 Legal-tender notes, silver, etc. 31,314 50,336 144,759 Total reserves. 988,098 1,131,540 618,171 Bills discounted: Secured by United States Government obligations. 168,236 156,014 454,752 Other bills discounted ..«. 16,053 53,066 416,687 Bills bought in open market 60,864 72,593 113,740 Total bills on hand 245,153 281,673 985,170 United States bonds and notes 61,767 4,166 1,518 United States certificates of indebtedness: One-year certificates (Pittman Act) 35,400 59,276 All other 105,485 63,959 390 Total earning assets. 412,405 385,198 1,046,363 Bank premises 110,100 6,648 4,092 5 per cent redemption fund against Federal reserve bank notes.. 1,603 2,766 Uncollected items 134,303 103,363 141,347 All other resources 1,893 2,852 1,431 Total resources. 1,546,799 1,631,204 1,814,170 Capital paid in. 28,688 27,114 26,373 Surplus 59,800 I 60,197 56,414 Deposits: Government 518 32,616 11,298 Member bank—reserve account. 749,006 726,098 702,431 Allother 11,439 14,451 12,133 Total deposits. 760,963 773,165 725,862 Federal reserve notes in actual circulation 597,071 663,363 867,481 Federal reserve bank notes in circulation—net liability. 20,559 38,833 Deferred availability items 98,101 83,848 93,319 All other liabilities 2,176 2,958 5,888 Total liabilities. 1,546,799 1,631,204 1,814,170 Ratio of total reserves to deposit * and Federal reserve note liabilities combined 72.8 78.8 40.0 1 Net, i. e., after deducting reserves for depreciation. 2 Net deposits prior to Mar. 18, 1921, and total deposits beginning with that date. 28971—23 20 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

294 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. SCHEDULE 2.—MOVEMENT OF PRINCIPAL ASSETS AND LIABILITIES DURING 1922. [Amounts in thousands of dollars.] Bills discounted for member banks. Date. ! I S I e a ( T a 2 s + o s r + n 6 e t 5 a i t ) s n l . g Total. I ' I | i G b se m y B W c U i e u l e n r l . r s e S t n d . - j ] j j | c O b o d t i u i h s l n l - e s t r - m b o o B a p u i r i n k e l g l n e s h t t . U s S e t n t i c a e i u t t s e e r . i s d - 1 re T s c e o a r s t v a h e l s. r b p M e o a s b d s e n e e e i m r - k r t v s s - e . ' p T o d o s e t i - a ts l . F r l e n c a e s i o t d i r e i n c t e o r e u r v n s a - e . l R c a e p e g s e n e e r t r s - - v . e | obliga- ed. I i tions. | 10' Jan. 4 355,344 199,303 153,604! 45,699 58,066 97,975! 1,119,045! 713,943 747,565; 663,073 79.3 ill! 252,638 i164,276 128,965| 35,311 22,676 65,686! 1,172,4581 708,588! 723,589 626.329 86.9 18.. 235,831 144,256 104; 7461 39,510 35,607 55,968! 1,155,802; 651,480! 707,910 611,792 87.6 25.. 210,686! 118,295 83,078! 35,21" 28,232 64,159' 1,180,8671652,341! 712,291 605,082' 89.6 Feb. 1.. 263,5811 119,212 92,442! 26,770 36,560 107,809; 1,138,060; 662,370: 727,8281614,031 84.8 8.. 325, 746: 152,777 111,432! 41,3451 40, 402 132, 567| 1,106,122! 686,330! 739,135i 615,027 81.7 15.. 323,3801 140,789 86,258^ 54,531! 19,277 163,314! 1,101,262! 689,778J 722,169| 621,792 81.9 21.. 248,859! 100,973 54,168! 46,805 23,007 124,879; 1,144,6911 650,439! 687,508 626,544 87.1 Mar. 1.. 284,543; 90,323 61,530| 28,793 32,034 162,1861 1,122,445! 674,043: 707,947 626,673; 84.1 8.. 277,018! 68,431 41,279! 27,152 34,179 174,408! 1,125, 577j 681,233! 698,074 628,280! 84.9 15.. 377,77l! 64,298 37,970! 26,328 28,428 285,045! 1,090,55l! 757,553! 772,093! 626,5011 78.0 22.. 245,696! 68,891 34,063| 34,828 33,128 143,677! 1,116,950! 634,980! 662,868 625, 8441 86.7 29.. 249,514j 74,446 47,528! 26,918 45,553 129,515j 1,151,147 684,951! 702,464 625,774! 86.7 Apr. 5.. 257,664; 87,591 64,202! 23,389: 37,857 132,216 1,145,575 678,641 j698,294 633,156i 86.0 12.. 262,654! 66,272 43,338] 22,934 35,474 160,908 1,157,266 696,978! 716,776 625,426 86.2 19.. 254,635i 61,263 41,7591 19,504] 27,976 165,396 1,164,288 702,383! 738,839; 621,684 85.6 26.. 258,243 47,092 30,932! 16,1601 25,281 185,870 1,163,204 701,016! 729,851) 615,475 86.5 May 3.. 324,500 68,171 48,055! 20,1161 45,671 210,658 1,138,488 704,127| 763,886 623,900 81.9 10.. 302,51l| 48,052 30,057 j 17,995! 41,904 212,555 1,156,555 734,316' 765,062 619,314 83.5 17.. 257,3741 44,935 26,101 IS, 834; 24,186 188,253 1,189, 775 734, 777; 762,060 617,404 86.2 24.. 280,754! 63,769 37,559 26,2101 31,259 185,726 1,187,996 750,8411778,940; 614,887 85.2 31.. 279,993l 43,156 24,263! 18,893 i 44,047 192,790 1,172,542! 720,343 746,903' 625,246 85.5 June 1 7 4. . . . 2 2 6 7 9 3 , , 0 1 4 4 0 7 ; 3 4 9 2 , , 3 7 0 3 2 7 2 2 3 5 , , 2 7 7 9 4 9 ! j 1 1 6 6 , , 0 9 2 3 8 $ ? ! 3 2 7 6 , , 9 4 1 3 0 8 2 1 0 9 3 1 . , 9 8 7 2 2 8 1 1, , 1 1 6 9 5 6 , , 3 2 2 9 5 6 . ! 7 7 3 4 2 3 , , 8 1 3 8 5 8 ; ! 7 7 7 6 3 5 , , 1 1 2 4 7 0 ! ! 6 6 2 1 0 6 , , 1 1 5 5 3 9 8 8 5 4 . . 9 4 21.. 228,383! 33,593 18,327| 15,266! 23,5181 17i;272 1,184,536! 718,106' 729,613; 617,810 87.0 28.. 312,546! 87,840 70,233' 17,607| 46,226{ 178,480 1,203,833 i805,166' 826,330; 618,785 83.3 July 5.. 326,098' 108,495 68,295 40,20()! 46,924 170,679 1,118,380 724,200! 744,1561642,355 80.7 12.. 319,276; 73,688 58,506 15,1821 46,363; 199,225 1,139,590! 771,550! 787,4931 622,7. ,4 80.8 19.. 321,607 93,726 69,495 24,231! 40,399! 187,482 •'1,134,730 759,212! 786,473! 616,469 80.9 26.. 255,314i 30,610 16,216 14,394: 37,5721 187,132 1,173,233 731,617 753,8391616,779 85.6 Aug. 2 229, 742! 38,882 22,037 16,845! 33,3311 157,529 1,189,159 746,735 759,88l! 623,044 86.0 9.'. 216,496i 33,759 lot 529 18,230! 26,359! 156,378 1,167,424 691,613 708,198! 621,278 87.8 16. . 222,402' 40,925 21, 852 19,073 j 26,835! 154,642 1,145,868 682,552 699,763; 613,644 87.2 23.. 237,423' 46,850 28,482 18,368! 40,4311 150,142 1,165, 030 700,222: 734,111! 609,556 86.7 30.. 241,652; 44, 821 24,694 20,127 i 4.% 8IO1151, 021 1,163,812 710, 752; 741,321! 606,993 86.3 Sept. 6. . 268, 725' 48,276 26,171 22,105J 59, 3201161,129 1,121,728 698,254 722,704; 615,358 83.8 13. . 260, 877! 41, 972 21,438 20, 53 4 i 67,414J 151, 491 1,104,8271693,4871 714,692; 604,842 83.7 20.. 244, 769 44,670 18,048 26,622j 72,014; 128,085 1,091,342! 655,266; 687,251 605,186 84.4 27.. 267,989! 46,636 24,750 21,886 80,545; 140,808 1,094,930 690,325' 704,0931604,481 83.7 Oct. 4.. 301,845! 57,777 36,529 21,248! 81,376! 162,692 1,065,2631 702,210 717,377j 610.763 80.2 11.. 390,257! 150,257 110,261 40,006! 85, 589! 151,401 1,055,20(3! 769,834! 781,313| 611,984 75.7 18. . 322,154! 102,506 57,515 44,9911 85,4011 134,247 1,104,276! 781, 805' 795,418! 605.330 78.8 25.. 263,707! 85,926 63,061! 22,860! 78,670| 99,11] 1,083,799| 685,870: 703,975 595,140 83.4 Nov 1.. 307,6611 161,018 121,125 39,893I 79,636 j 67,007 1,082,309! 720,186 751,789 598.764 80.1 8. . 320,469! 183,602 127,649 55,9531 75,345j 61,522 1,055,619 683,356! 704,925 604,301 80.6 15.. 327,176! 194,456 159,961 34,495 75,200! 57,520 1,059,493. 711,072! 758,128 588,415 78.7 22.. 270,723i 160,977 134,900 26,077 60,2251 49,521 1,093,592i 713,569! 738,963 580,198 82.9 29.. 252,340! 137,022 108,934 28,088 j 56,375! 58,943 1,097,573; 679,289! 697,498 594,003 85.0 Dec. 6.. 331,698! 208,046 177,085! 30,96l! 58,925! 64,727; 1,036,008! 704,183! 733,053 593,520 78.1 13.. 298,422' 183,882 160,669 23,213! 51,224| 63,316 1,034,003; 680,828! 694,741 591,809 80.4 20.. 312,049 142,356 126,029 16,327! 41,225i 128,468 1,046,196! 700,790 715, 111 605, 539 79.2 27.. 307,286! 144,810 125,487 19,323| 45, 789; 116,687 1,055,982' 707,106 720,336 599,001 80.0 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

295 DISTRICT NO. 2—NEW YORK. FEDERAL RESERVE BANK OF NEW YORK MiLLSOKS OF DOLLARS MILLIONS OF DOLLARS 800 1920 1921 1322 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

296 ANNUAL REPORT OF THE FEDERAL, RESERVE BOARD. SCHEDULE 3.—VOLUME OF DISCOUNT AND OPEN-MARKET OPERATIONS. [In thousands of dollars.] Bills discounted. Month. Total. I o S b U e e l c r i . n g u S m a r . e ti d e G o n b n o t y s v . : i - B a a a c n n c c k e e p e s t r . - s' c T e r p a t d a e n c a e c s - . l t i A u v p r e g a a - r p l s i c t e a o u r n c . l d - k All other. January. 045,228 ! 749,700 ] 872 844 193,812 February 745,682 | 543,430 1. 693 600 200,959 March.. 482 866j 337 288 i 676 909 143,993 April 453,642 ! 402,909 ;. 482 669 49,582 May 277,365 ! 208 5]4 ] 1,183 965 66,703 June U5 ]64 i 268 155 ! 1 097 982 74 930 July 617,936 515 162 ! 759 849 101,166 August... 344,202 262,911 | 556 618 80,117 September 391,410 296,078 i. 137 426 94,769 October 1,046 396 863,460 • 86 584 294 181,972 November.. 1, 703,058 1,512,000 | 35 964 459 189,600 December 1.853,415 1,726,194 | 71 520 427 126,203 Total: 1922 0 206,364 7,685,801 i 192 8,523 8,042 1,503,806 1921 30,768,990 14,704,624 i 23,192 33,517 6,066 16,001,591 1920 50,539,428 32,100,969 | 70,654 46,255 18,321,550 Bills bought in open market. U. p S u . r c s h e a c s u e r d it . ies Tot m al a d rk is e c t o o u p nt e r a a n ti d o n o s p . en- Month. Total. • j • B a a a c n n c c e k e p e s t r . - s' c D ha o n ll g a e r . I I i a T n r c a e d p s e . j B n a o o n t n e d d s s . i i e i c C n d a e d t n r e e e t s i b s f o s i t - - . f 1922 1921 1920 January 49,226 45, .508 3,718 30,898 77,845 1,102,997 5,789,803 3,763,552 February 74,879 71,372 3,383 124 105,913 i 99,985 1,026,459 5,692,233 4,072,539 March 85,210 78,002 6,791 417 89,153 '416,826 1,074,055 4,631,296 4,574,324 April 44,388 41.743 2,468 177 46,364 ! 96,656 641,050 2,568,238 4,013,612 May 66,605 65', 423 1,182 20,865 ; 49,902 414,737 2,351,008 3,375,928 June 66,859 64,201 ], 881 95,493 !46i,429 971,945 2, 066,887 4,348,461 July 72,453 70,079 1,969 405 44,730 53,625 788,744 1,871,213 4,543,008 August 78,071 74.284 3,430 357 44,908 ,53,180 520,361 1,688,228 5,280,564 September 109,249 104', 829 3,131 1,289 90,8S9 252,963 844,511 1,561,218 5,194,087 October 82,422 80.310 1.362 750 1109,988 258,429 1,497,235 1,718,244 5,136,230 November 58,713 54:, 606 3,288 819 40,418 9,804 1,811,993 1,538,319 5,384,388 December 83,358 78', 445 4,520 93 76,916 277,746 2,291,435 2,762.980 6,831,626 Total: 1922. 871,433 828,802 37,123 i 5,508 796.335 12,111,390 12,985,522 1921. 799,813 703,315 90,3111 6,187 39!024 2,631,840 34,239,667 1920.1,697,330 1,588,223 48,838 I 60,269 I 231 !4,281,330 56,518,319 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DISTRICT NO. 2 NEW YORK. 297 SCHEDULE 4.—VOLUME OF BILLS DISCOUNTED FOE. MEMBER BANKS IN EACH STATE. [Amounts in thousands of dollars.] mem- Month. I ! Co c n u n t. e i cti- Y N o e r w k. Je N rs e e w y.1 Total. iber banks mill i ^ZS month- : moSth. January— 3,063 904,035 ! 38,130 945,228 798 356 February... 2,667 712,343 | 30,672 745,682 799 333 March 2,106 442,410 38,350 482,866 799 350 April 1,450 419,576 32,616 453,642 800 343 May 1,154 246,929 29,282 277,365 801 351 June 525 320,816 23,823 345,164 803 328 July 1,436 599,886 16,614 617,936 802 289 August 625 328,038 15,539 344,202 800 256 September. 300 371,938 19,172 391,410 804 264 October 265 1,016,917 29,214 1,046,396 804 295 November.. 285 1,664,168 38,605 1,703,058 341 December.. 670 1,809,958 42,787 1,853,415 370 Total: 1922. 14,546 8,837,014 I 354,804 9,206,364 1921 33,350 30,228,160 ] 507,480 30,768,990 1920 83,856 49,805,621 | 649,952 50,539,429 Number of member banks at end of year: 1922 12 i 193 I 808 1921 13 602 185 800 1920 14 595 174 783 Number of member banks accommodated: 1922 408 127 544 1921 398 122 531 1920 404 120 536 1 Figures in this column relate only to that part of the State located in the second district. SCHEDULE 5.—EARNINGS AND EXPENSES. 1922 1921 1920 Discounted bills $3,970,210 $30,762,021 | $49,839,183 Purchased bills 1,619,512 1, 829,665 | 8,323,050 United States securities 5,227,488 1,955,970 ! 1.975,649 Deficient reserve penalties. 49,738 63,804 ! 141,664 Miscellaneous 474,371 93,479 ! 245,775 Total earnings. 11,341,319 I 34,704,939 60,525,321 CURRENT EXPENSES. Salaries: Bank officers 494,844 498,114 383,760 Clerical staff 3,602,883 3,928,025 3,479,270 Special officers and watchmen 188,207 208,144 166,449 All other 280,085 303,314 199,213 Governors' conferences 490 448 270 Federal reserve agents' conferences 247 156 88 Federal Advisory Council 845 1,200 1,200 Directors' meetings 23,075 32,101 32,176 Traveling expenses 1 28,923 ] 37,891 23,743 Assessments for Federal Reserve Board expenses 197,882 202,802 221,868 Legal fees 3,982 j 2,275 9,323 Insurance (life, fidelity, casualty, workmen's compensation, and general liability) 63,887 | 82,822 45,579 Banking house: Taxes and fire insurance 29,532 8,360 Light, heat, and power 16,569 9.678 Repairs and alterations 2,581 9,279 All other 3,345 20,993 Rent, including light, heat, and power, and minor alterations ... 350,284 422,660 360,497 Fire insurance—furniture and equipment 909 911 3,328 Furniture and equipment2 89,418 201,490 Printing and stationery (including office and other supplies) 152,757 252,247 270,3S3 1 Other than those connected with governors' and agents' conferences and meetings of directors and of the advisory council. »Charged to profit and loss in 1922 and to current expenses prior to that year. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

298 ANNUAL REPORT OF THE FEDERAL RESERVE BOx\RD. SCHEDULE 5.—EARNINGS AND EXPENSES—Continued. I 1922 1921 1920 CURRENT EXPENSES—continued. Telephone .,... $48,983 ! $47,388 $32,934 Telegraph 63.943 I 65,191 49,045 Security shipments 38,485 ! 33,461 ] C Po u s r t r a e g n e c y a n an d d e c x o p i r n e s s s h a i g p e m e (o n t t h s er than on money and security ship- 228,530 j 185,674 II 318,213 ments) , 133,128 | 131,570 Federal reserve currency: * Original cost, including shipping charges 553,125 I 091,592 648,393 Cost of redemption, including shipping charges 70,174 213,287 159,766 Taxes on Federal reserve bank-note circulation 69,374 I 136,310 207,402 All other expenses 129,461 i 152,469 I 184,865 Total current expenses 6,776,530 j 8167780 999255 Current net earnings 4,564,789 |26,537,159 53,526,066 PROFIT AND LOSS ACCOUNT. ! Earnings 11,341,319 134,704,939 60,525321 Current expenses. 776'530 8167,780 6,999,255 Current net earnings.. 4,564,789 j 26,537.159 I 53,526,066 Additions to current net earnings: Assessment account expenses Federal Reserve Board previously charged to profit and loss 168,682 Special reserves previously set aside 200,000 All other 2,743 3,654 6,050 Total additions. 2,743 3,654 374,732 Deductions from current net earnings: Depreciation allowances on bank premises 365,053 60,404 I 385,677 Furniture and equipment 50.172 I. Reserve for self insurance 294,072 ! 250,000 | 250,000 Reserve for depreciation on United States "bonds.. I. j 25,299 Special reserves i 106,165 All other , 136,642 | 136,577 I 5,527 Total deductions 845,939 ! 446,981 772,668 Net deductions from current net earnings 843,196 j 443,327 397,936 Net earnings available for dividends, franchise tax, and surplus j 3,721,593 j 26,093,832 53,128,130 Dividends paid | 1,652,138 j 1,608,721 1,477,096 Franchise tax paid United States Government ! 31,862,509 j 20.702,440 39,318,511 Transferred to surplus account I 3 206,946 I 3,782,671 12,332,523 * Bank also charged its surplus account and paid the United States Government $1,334,160 as an additional franchise tax for 1921, and $270,389 for 1920. See page 22. SCHEDULE 6.—OPERATIONS OF FEDERAL RESERVE CLEARING SYSTEM. * [Figures include cash items only. Numbers in thousands; amounts in thousands of dollars.] Month. Ite t b r m a ic n s t k . s d in ra o w w n n d o is n - It t r t e o h es m e e i o r r s v t b h e r e f a b r o n a r c n w F h k e a e s d r s d e a . e r n a d d l Ite U T m n r s e i t a e d s d r u a S w r t e a n r t es o o . n f Total.* Number. Amount. Number. Amount. Number. Amount.(Number.' Amount. January 6,803 3,959, 912 1,150 138,624 952 85, 039 8,905 4,183,575 February... 6,020 4,026,452 1,005 117,857 897 118,753 7,922 4, 263, 062 March 7,392 4,772, 777 1,220 139,199 1,126 119,175 9,738 5,031,151 April 7,158 4, 695,470 1,165 138,706 1,101 101,274 9,424 4,935,450 May 7,621 4,738,866 1,203 142,277 1,012 94,573 9,836 4,975,716 June 7,802 5,047,938 1,220 142,995 1,067 107,540 10, 089 5,298,473 July 7,807 4, 686,650 1,142 136,597 883 114,853 9,832 4,938,100 August 7,685 5,113, 366 1,146 141, 091 1,105 119,038 9,936 5,373,495 September 7,783 5, 299,457 1,191 156,187 1,090 95,482 10,064 5,551,126 October 8,299 6, 063, 547 1,388 182,072 1,231 130,806 10,918 6,376,425 November 7,999 5,382,137 1,379 171,962 1,135 97,885 10,513 5,651,984 December 8,775 5,404, 227 1,508 173,004 1,128 124,334 11,411 5,701,565 Total: 1922.... 91,144 59,190,799 14,717 1,780,571 12,727 1,308,752 118,588 62,280,122 1921.... 78,385 32,574,692 13,646 1,888,725 12,488 1,638,094 104,519 36,101,511 1920.... 62,929 45,212,971 13,255 7,646,211 10,852 |2,465,929 87,036 55,325,111 Digitized for FREAxSclEusRiv e of duplications on account of items handled by both parent bank and branch. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DISTRICT NO. 2—NEW YORK. 299 SCHEDULE 7.—CLEARINGS AND TRANSFERS THROUGH THE GOLD SETTLEMENT FUND. [In thousands of dollars.] Payments Receipts to other from other Week ending- Federal Federal Net loss. Net gain. reserve reserve banks. banks. Jan 5 (3 days) 230,313 219,174 11,139 12 359,265 393,279 34,014 19 404,276 388,689 15,587 26 350,908 358,862 7,954 Feb 2 398 062 354 423 43 639 9 347,215 345,890 1,325 16 338,028 367,117 29 089 23 350,080 356,579 6,499 Mar. 2 .. 410,065 381,763 28,302 9 367,238 369,745 2,507 16 430,198 416,747 i3,451 23 . 439,831 422,919 16,912 30 342,040 380,206 38,166 Apr. 6 410,085 399,529 10,556 13 370,777 383,531 12,754 20 398,757 403,802 7,045 27 409,922 393,092 16,830 May 4 443,925 428,664 15,261 11 360,317 399,555 39,238 18 426,886 438 070 11 184 25 . . .. 426^723 437,912 11,189 June 1 360,903 334,551 26,352 8 411,226 463 306 52 080 15 . .. .. . . 514,614 467,236 47 378 22 518,060 492,089 25 971 29 426 670 448 243 21 573 July 6 434,305 343,363 90,942 13 416 703 461 392 44 689 20 . .. . . 458,056 432,313 25,743 27 384 592 409 161 24 569 Aug. 3 . 432 452 425 520 6 932 10 380,888 372 701 8 187 17 446 658 409 150 37 508 24 384,215 410 449 26 234 31 384,629 389,801 5,172 Sept. 7 380 284 334 474 45 810 14 39S, 883 397 339 1,544 21 578,762 563 394 15 368 28 450,428 461,081 10 653 Oct. 5 . . .. 541,361 472 064 69 297 11 398,211 420,480 22,269 19 675,746 695,216 20,470 26 558 224 557 612 612 Nov. 2 496,705 513,937 17,232 9 409 483 400 438 9 045 16 453,272 483,579 30 307 23 498 859 527 810 30 951 29 382,620 390,362 7 742 Dec. 7 . 494 236 478 129 16 107 14 439,621 416,648 22,973 21 536 029 550 701 14 672 28 424,353 441,587 17 234 29-30 (2 days) 277,540 193,795 83,745 Total, 1922 22,359,499 22,198 469 161 030 1921.. 19 261 642 18 963 838 ! 297 804 1920.. 24,171,148 23,853,920 317,228 Net loss in ownership of gold since establishment of fund in 1915,11,591,038,000. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SCHEDULE 8.—PRINCIPAL ASSETS AND LIABILITIES OF REPORTING MEMBER BANKS AS OF THE LAST REPORT DATE IN THE MONTH. CO O MEMBER BANKS IN LEADING CITIES. 1 O [In thousands of dollars.] {> Loans and discounts, including rediscounts Investments. with Federal reserve bank. Accommodation it Last report Secured by stocks and Net demand deposits. Time deposits. Federal reserve date in— Total. bonds other than United States All other. bank. United States bonds. securities. w 1922 1921 1922 1921 1922 1921 1922 1921 1922 1921 1922 1921 1922 1921 o January 3,960,418 4,862,744 1,329,101 1,297,234 710,620 521,338 746,649 729,955 4,682,791 4,704,026 480,013 443,250 88,991 873,478 February 3,928,747 4,785,711 1,342,001 1,295,983 727,658 511,698 724,239 724,767 4,612,235 4,623,462 519,149 436,614 74,221 848,613 H M Ap a r r i c l h 3 4, , 0 9 0 8 6 2 , , 9 3 4 3 2 3 4 4 , , 6 4 4 9 9 7 , ,1 2 4 4 2 0 1 1 , , 4 4 0 99 6 , , 5 0 9 2 8 5 1 1 , , 2 2 3 3 8 9 , , 5 9 5 5 7 0 7 7 9 4 3 8 , , 1 4 3 8 4 5 5 5 0 2 4 7 , , 9 2 9 2 0 9 7 7 1 5 6 5 , , 6 3 9 4 1 3 7 7 3 5 5 2 , , 0 1 0 9 2 5 4 4 , , 6 8 9 8 9 1 , , 7 1 6 5 4 8 4 4, , 5 5 5 4 6 5 , , 4 4 8 6 2 3 5 57 3 3 9 , , 1 9 5 5 4 3 4 46 5 2 9 ^ . 6 5 0 1 4 3 4 2 8 3 , , 8 4 8 6 3 5 6 5 5 5 8 7 , , 1 8 4 5 1 1 O May 4,026,235 4,399,819 1,667,002 1,267,157 870,593 485,278 833,177 732,936 5,091,125 4,570,871 590,187 539,017 20,795 453,528 June 3,960,876 4,299,481 1,637,775 1,258,119 1,004,186 602,338 842,185 734,829 5,107,474 4,635,931 665,806 433,115 65,008 338,457 July 3,876,786 4,206,798 1,593,483 1,240,961 1,036,386 468,737 848,734 718,336 4,911,693 4,504,795 789,423 415,994 15,469 333-415 August 3,868,631 4,160,016 1,572,318 1,215,577 1,070,755 496,727 796,436 712,783 4,799,790 4,465,258 828,129 435,485 31,636 28*799 September 3,965,216 4,197,594 • 1,655,884 1,281,787 1,020,918 538,119 773,955 703,956 4,8^7,523 4,477,486 779,049 447,295 33,462 196,225 October 4,032,937 4,123,415 1,702,412 1,331,957 1,050,542 512,871 770,890 719,195 4,859,303 4,636,456 775,383 460,979 70,793 202,314 November 3,982,271 4,142,066 1,667,940 1,401,716 1,054,214 (504,112 753,214 719,456 4,831,684 4,707,914 774,207 478,679 110,556 172,569 December 4,050,699 4,070,266 1,715,780 1,408,286 1,178,246 662,784 757,335 730,257 4,904,010 4,679,857 764,230 473,236 115,915 178,430 1 Figures are for about 104 banks which submit weekly reports to the Federal reserve bank, located in New York Citj^, Buffalo, Albany, Bridgeport, Jersey City, Newark, Rochester, and Syracuse. MEMBER BANKS IN NEW YORK CITY.* January 3,488, 4,359,472 1,159,696 1,134,394 I 645,161 460,321 ; 570,093 I 557,024 4,212,339 4,209,715 302,355 277,607 61,851 825,610 February 3,448, 4,284,798 1,167,321 1,132,706 I 657,355 453,436 j 542,135 { 550,445 4,139.191 4,139,351 329,864 269,229 43,472 799,558 March 3,510, 4,149,568 1,236,102 1,078,520 I 674,839 467,774 i 533,536 559,099 4,223; 976 4,063,690 347,842 297,158 22,529 605,390 April 3,530, 3,995,010 1,316,687 1,072,265 j 724,642 445,209 j 565,106 579,355 4,383,286 4,062,354 379,448 300,387 8,058 507,840 M J Ju u a l n y y e 3 3 3 , , , 5 5 4 0 5 1 2 8 3, , , 3 3 3 , , , 8 7 9 1 2 0 0 5 5 , , , 1 6 5 0 1 3 1 7 7 1 1 1 , , , 4 4 4 7 9 3 1 6 1 , , , 3 9 3 7 2 9 8 1 3 1 1 1 , , , 1 0 0 9 0 7 6 9 4 , , , 1 5 4 4 5 4 4 0 3 I I > 8 9 9 2 0 5 3 0 3 , , , 1 6 7 6 8 3 0 0 0 4 5 4 3 2 0 9 5 7 , , , 7 5 0 8 9 5 4 9 7 I i : 6 6 6 5 4 4 0 7 0 , , , 5 0 2 5 3 6 6 3 3 5 5 5 5 4 5 9 5 9 , , , 6 0 7 9 6 8 1 4 7 4 4 4 , , , 6 6 4 2 0 1 3 0 4 , , , 8 1 2 6 1 7 4 5 2 ! 4 4 4 , , , 1 0 0 5 8 3 9 3 6 , , , 8 5 7 4 0 8 9 5 1 5 3 4 7 6 9 9 5 3 , , , 8 1 6 2 0 2 5 8 8 3 2 2 7 5 7 1 6 0 , , , 8 8 4 2 9 6 4 6 7 5 5 9 2 , , , 7 7 57 2 8 9 8 3 4 2 2 0 8 8 5 3 4 , , , 1 3 5 7 3 4 4 8 5 o w August 3,409, 3,683,949 1,401,886 1,057,730 I 979,718 434,497 • 597,435 536,570 4,316,409 ! 4,007,827 606,620 266,783 21,082 241,710 > September 3,496, 3,714,648 1,479,554 1,120,496 ; 925,511 475,933 ! 581,862 529,088 4,357,471 4,018,072 551,949 278,403 23,781 150,424 October 3,555, 3,645,424 1,525,178 1,168,632 942,417 452,223 580,021 542,530 4,361,082 4,172,464 544,917 289,897 57,150 155,876 November 3,515. 3,665,0i6 1,495,796 1,237,861 940,508 540,540 I 555,132 543,844 4,346,583 4,248,487 542,754 305,862 81,234 124,992 December 3,579; 3,597,130 1,544.413 1,244,203 1,055,049 595,553 ! 555,838 553,742 4,402,658 4,216,994 530,110 301,517 81,964 131,279 8 Figures are for about 63 banks which submit weekly reports to the Federal reserve bank located in New York City. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DISTRICT NO. 2 NEW YOBK. 301 SCHEDULE 9.—DEBITS TO INDIVIDUAL ACCOUNTS. [In thousands of dollars.] Summary for 7 centers. Albany, N. Y, Month. 1922 1921 1920 1922 1921 1920 January 19,644,551 20,666,732 24,320,682 106,285 109,494 91,651 February... 17,029,426 15,645,827 18,606,208 97,690 92,988 89,918 March 20,977,917 17,940,133 22,919,446 112,671 120,103 89,861 April 21,326,277 j 16,950,772 21,990,708 131,779 120,323 112,960 May 22,268,911 17,774,980 20,254,578 123,383 149,174 111,982 June 22,693,592 18,355,750 20,496,326 102,969 119,637 106,390 July 20,328,510 16,907,780 19,791,364 109,145 100,594 110,493 August 18,854,442 15,683,072 18,006,812 89,110 82,066 92,879 September.. 19,793,005 16,617,939 18,236,870 84,578 81,303 88,7ia October 22,967,053 18,170,740 20,817,207 97,257 83,668 88,902 November.. 19,637,137 18,018,315 20,817,136 84,977 83,571 84,982 December.. 21,546,408 21,178,533 23,117,836 111,472 102,764 100,189 Total. 247,067,229 i 213,910,573 249,375,173 1,251,316 1,245,685 1,168,920- Binghamton, N. Y. Buffalo, N. Y. Month. 1922 1921 1920 1922 1921 1920 January 16,505 17,701 19,227 249,559 281,253 326,897 February.. 15,480 14,129 15,309 203,493 226,348 251,308 March 17,278 16,682 19,201 241,149 243,280 290,297 April 17,531 17,045 20,165 247,947 251,920 286,938 May 18,684 16,419 20,272 260,515 238,882 298,978 June 18,415 16,529 20,943 271,332 246,588 302,829 July 17,358 16,674 21,185 277,708 249,419 336,595 August 17,458 15,884 17,246 259,810 221,871 291,220 September. 17,488 15,455 18,682 260,908 226,008 290,916 October— 18,781 16,993 20,058 290,914 254,931 318,562 November. ^17,974 15,871 17,717 278,248 229,598 304,692 December.. 20,294 17,746 19,361 303,351 259,247 326,309 Total. 213,246 197,128 229,366 3,144,934 2,929,345 3,625,541 New York, N. Y. Passaic, N. J. Month. 1922 1921 1920 1922 1921 1920 January 19,064, 20,032, 23,636,058 22,961 20,487 25,032 February 16,543, 15,129, 18,053,546 18,547 16,989 20,012 March 20,397, 17,353, 22,285,024 24,456 20,365 24,310 April 20,716, 16,348, 21,319,573 23,398 20,395 24,268 May 21,653, 17,170, 19,581,047 23,581 21,302 24,136 June 22,063, 17,754, 19,806,128 27,060 22,861 24,494 July | 19,713! 16,339, 19,063,103 22,092 22,592 25,286 August.. 18,287, 15,186, 17,370,880 24,883 20,709 23,344 September. 19,215, 16,102, 17,599,597 25,774 22,015 24,257 Ootober 22,322, 17,610, 20,137,084 27,996 21,941 22,786 November.. 19,026, 17,492, 20,170,642 27,304 22,074 23,439 December.. 20,851, 20,574, 22,407,837 33,345 26,988 22,956 Total 239,854,582 207,095,562 241,430,519 301,397 258,718 284,320 Rochester, N. Y. Syracuse, N. Y. Month. 1922 1921 1920 1922 1921 1920 January 131,292 138,027 144,814 53,374 67,242 77,003 February 103,594 112,459 115,279 47,194 53,139 60,836 March 128,087 125,285 141,413 57,167 60,239 69,340 April 127,470 131,896 146,258 61,558 60,439 80,546 May 130,071 118,263 141,927 58,998 60,180 76,236 June 150,944 136,790 155,432 59,490 58,524 80,110 July 128,672 121,803 146,666 60,401 57,013 88,036 August 121,878 107,984 133,897 54,079 48,465 77,346 September.. 130,274 118,762 138,421 58,687 51,873 76,284 October 145,926 125,156 144,073 63,903 57,730 85,742 November.. 134,120 116,592 139,643 67,764 58,385 76,021 December... 155,020 136,847 163,293 71,791 60,042 77,891 Total. 1,587,348 1,490,864 1,711,116 714,406 >3,271 925,391 NOTE.—Centers which have not reported continuously for the 18 months ending December 31, 1922, are not included in the table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

302 ANNUAL REPORT OF THE FEDERAL, RESERVE BOARD. DISTRICT NO. 3—PHILADELPHIA. SCHEDULE 1.—COMPARATIVE STATEMENT OF CONDITION. [In thousands of dollars.] Dec. 30, Dec. 31, Dec. 31, 1922. 1921. 1920. RESOURCES. Gold an d gold certificates 19,523 1,950 6,087 Gold settlement fund—Federal Reserve Board 30,599 61,776 50,353 Gold with foreign agencies 264 Total gold held bv bank 50,122 63,726 56,704 Gold with Federal reserve agent.. .. 179,351 144,402 138,791 Gold redemption fund 6,116 4,366 8,902 Total gold reserves 235,589 212,494 204,397 Legal tender notes, silver, etc 14,805 7,159 993 Total reserves 250,394 219,653 205,390 Bills discounted: Secured bv United States Government obligations 38,872 66,615 115,647 Other bills discounted 10,738 21,937 55 736 Bills bought in open market 23,380 15,895 12,689 Total bills on hand . .. 72,990 104,447 185 072 United States bor ds and notes 24,440 2,173 1,431 United States certificates of indebtedness: One-year certificates (Pittman Act) . 10,000 30,280 All other 4,750 189 181 Municmal warrants 140 Total earning assets 102,180 116,949 216,967 Bank premises . 640 600 500 5 per cent redemption fund against Federal reserve bank notes 700 1,300 Uncoliected items . 58 032 46,2% 67 749 All other resources 356 218 358 Total resources 411,612 384,416 492,264 LIABILITIES. Capital paid in 9,327 8,736 8,485 Surplus 18,749 17,945 17,010 Deposits: Government 255 1,786 1,222 'Member bank—reserve account 119,075 104,706 111,014 All other 587 1,210 1,447 Total deposits 119,917 107,702 113,683 Federal reserve notes in actual circulation - . 214,067 200,724 278,321 Federal reserve bank notes in circulation—net liability 5,886 22,601 Deferred availability items . 49,331 43,049 51,324 All other liabilities 221 374 840 Total liabilities 411,612 384,416 492,264 Ratio of total reserves to deposit * and Federal reserve note liabilities combined . 75.0 71.2 54.7 i Net deposits prior to Mar. 18, 1921, and total deposits beginning with that date. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DISTRICT NO. 3 PHILADELPHIA. 303 SCHEDULE 2.—MOVEMENT OF PRINCIPAL ASSETS AND LIABILITIES DURING 1922. [Amounts in thousands of dollars.] Bills discounted for member banks. Total Fed- Date. ( a e 2 s i 6 a + n s r ) e g 5 n . t + - s Total. G se U o B c v b u i . e y l S r r l e n s . d - c O b o d t i u i h l s n l e - s t r - m B o ar p i i k n l e e l n s t. ! ! j | U ri n tie it s e . d s T e c r r o a v e s t e - a h s l . r i e n c n t e s i o u e o r c t r l a n e a v i l r s . e - - s c p e e R e r n r e v t - - e - ment ed. o t b io li n ga s - . i Jan. 4. 11110,574 82,641 62,977 19,664 15,464i 12,329 225,056 100,049 106,984 196,866 74.1 11. ! 2100,047! 72,790 60,084 12,706 14,3811 12,685 221,375 101,180 103,842 188,024 75.8 18. n03,007i 70,5361 57,739 12,797 12,973| 19,307 221,123 102,515 108,745 183,821! 75.6 25. .* 107,026' 72,316! 57,416 14,900 12,805^ 21,714 210,136 99,591 107,184 179,666 73.3 Feb. 1. ! 2115,847 78,007 58,934 19,073 15,857! 21,792 208,019! 103,999 105,569 181,448 72.5 8. 12109,561 69,760 56,629 13,131 17,539! 22,071 209,870 99,987 105,639 182,439 72.9 15. 12119,896, 79,974 59,502 20,4721 17,229! 22,502 205,620 97,092 104, 850 185,907 70.7 21. 12113, 818! 73,975! 55,182 IS, 793 16,971i 22,681 205,377| 93, 754 99,379 185,669 72.0 Mar. 1. .|3114,310| 74,958| 55,833 19,125 16,499 22,751 219,224! 108,521| 110,944 188,463 73.2 8. !3101,593 62,148! 49,100 13,048 16,592 22,751 225,319! 104, 242!107,159 187,346 76.5 15. (3103,161 60,212 46,638 13,574 15,096 27,751 233,760! 110, 533 113,731 188,167 77.4 22. '3106,675 68,459 49,299 19,160 15,322 22,792 220,874 101,450 106,829 186,202 75.4 29. ! 3104,882 63,815 45,884 17,931 18,185 22,780 224,404 102,379 104,310 188,926 76.5 Apr. 5. 13 98,611 54,748 42,414 12,332 21,013 22,750 232,165 104, S38 107,934 191,123 77.6 12. i s 103,940! 55,660! 41,751 13,909 22,374 25,804 233,031 101,898 106,398 198,719 76.4 19. .13103,125! 53,893i 40,650 13,243 22,838 26,292 236,441 111,624 115,188 193, 864 76.5 26. i 3 95,112! 46,472| 37,533 8,939 20,474 28,064 234,444 104,848 108,210 189,232 78.8 May 3. i 97,048J 46,484i 36,595 9,889 18,275 32,289 234,056 108,527 112,445 185,560 78. 5 10. I 98, 256' 47,959| 36,792 11,167 17,961 32,336 227.024 105,736 108,732 183,860 77.6 17. ! 100,852! 48,883! 39, 568 9,315| 19,633 32,336! 223' 877 107,688 109,765 183,122 76.4 24. 100,197! 50,128! 38,973 11,155 18,733 31,336 225,769 105,881 112, r~~ 180,899 76.8 31. 95,516! 49,409! 38,945 10,464 15,736 30.371 227,041 103,304! 106, 181,518 78.7 June 7. 97,147! 45,219 34,884 10,335 20,305 31,623 222,093 104,886! 107,429 180,669! 77.1 14. 93,834i 41,854! 32,567 9,287 19,857 32,123! 228,883 107,305! 112,916 178,776 78.5 21. 92,031! 44,1761 32,765 11,411 17,497 30,358! 232, 552' 108,256! 109,637 178,472! 80.7 28. 95, 785! 44,715, 32,660 12,055 18,201 32,869] 217,159' 103,347! 107,930 177,870 76.0 July 5., 96,205| 43, 818! 30,365 13,453 17,901 34,486 229,346! 107,467! 112,405 183, 751 77.4 12. 93,689! 39,487; 29,628 9,859! 19,711 34,491! 219,210! 106,053! 109,100 180,087 75.8 19. ., 93,653! 38.149! 30,021 8,128 21,013 34,491! 224,866! 108,555! 113,773 178,133 77.0 26.. .} 100,502! 41,278! 29,263 12,015 24,734 34,490| 211,554! 105,459! 108,896 177,105 74.0 Aug. 2., .1 100,970| 40,1611 29,709 10,452 26,284 34,525| 211,841 108,610 111,249 177,995 73.2 9.. [ 99,963! 37,063 29,222 7,841 28,677 34.2231 214,1041 106,609 108,504 179,046 74.5 16.. | 99,691! 35,886 27,602 8,284 30,132. 33,673! 216,059 j108,117 111,454 179,274 74.3 23.. . 99,655i 36,705| 27,712 8,993 29,455 33,495j 214,845) 107,013! 109,773 178,344 74.6 30.. . 102,697! 38,023 28,115 9,938 30,060 34,614! 211,519! 106,631 111,066 177,872 73.2 Sept. 6.. 100,399 37,' 721 28,858 8,8631 28,064 34,614j 216,866 106,826 109,344 182,528 74.3 13.. ! 99,886; 37, 725 28,871 8,8541 28,118 34,043! 215,6S7 109,342 113,122 180,42f 73.5 20.. 98,372! 39,771 29,241 10,530 25,883 32,718! 223,890 114,131) 117,725 180,159 75.2 27.. 96,053 39,413 28,928 10,485 24,205 32,435! 221,421 109.0071110,358 184,211 75.2 Oct. 4., 93,154! 37,586 27, 247 10,339* 21,188 34,380| 232,529 115,432 116,909 186,928 76.5 11.. 93,193' 40,276 29,359 10,917 19,846 33,071j 236,839 106,347 107,795 198,913 77.2 18.. .1 101,552 i 42,452 28,926 13,526 26,293 32,807! 228,380 114,723 115,380 195,080 73.6 25.. .1 94,891! 40,986j 30,093 10,893! 22,143 31,762! 228,491 105,383 106,678 195,183 75.7 Nov. 1.. I 100,762! 49,397} 33,386 16,011! 19,600 31,7651227, 236 105,529 106,978 197,845 74.5 8.. j 100,107| 51,321! 32,775 18, 546 17,167 31,619 236,130 105,074 106,257 201,726 76.7 15., 54, 23o| 35,467 18,768 15,941 31,135 239,439 113,354 116,715 204,362 74.6 22., 94^352! 47,311 35,374 11,937 16,906 30,135 239,339 109,049 112,195 200,029 76.7 29.. 106,2771 57,317! 38,636 18,681 19,325 29,635 237,018 107,994 110,394 208,762 74.3 Dec. 6.. 106,728J 57,680J 39,346 18,334 19,413 29,635 239,654 112,585 114,642 209,098 74.0 13.. 102, 218! 52,828 36,955 15,873 20,255 29,135 243,757 107,877 109,901 216,166 74.8 20.. 110,694, 53,696 40,545 13,151 21,655 35,343 240,239 108,583 110,399 224,773 71.7 27.. 119,030 53,638 39,618 14,020 22,817 42,575 237,087 112,257 113,784 221,536 70.7 1 Includes $140,000 of municipal warrants. 2 Includes $191,000 of municipal warrants. 3 Includes $102,000 of municipal warrants. . Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

304 ANNUAL, EEPOKT OF Tin: FEDERAL EESEEVE BOARD. FEDERAL RESERVE BANK OF PHILADELPHIA MILLIONS OF DOLLARS MSLU0N3 OF DOLLARS! 350 350 j 300 100 U^iTF^ STATES SF^i'**rnEc I t 50 0 300 D8SC0UNTS FOR OWN MEMBERS | j I ! ! i 250 200 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DISTRICT NO. 3—PHILADELPHIA. 305 SCHEDULE 3.—VOLUME OF DISCOUNT AND OPEN-MARKET OPERATIONS. [In thousands of dollars.] Bills discounted. Month. Total. o S U b e e . r c l i n S u g m r . a e G t e d io n o b n t v y s - . B a a a c n n c c k e e p e s t r . - s' a T a c n r c c a e e d p s e t . - l t i A u v p r e g a a - r p l s i c t e a o u r n c . l d - k All other. January 246, 193,021 H8 445 52,533 February.. 235, 174,949 51 264 60,209 March 233, 176, 673 42 333 55, 986 April... 180, 141,902 52 376 38,333 May 184, 145,424 105 342 38,435 June 186, 139,254 40 303 47,042 July 150, 108,440 63 279 41,565 August 164, 128, 593 31 149 35,740 September. 166, 117,219 63 154 49,290 October 204, 131,478 84 273 72,848 November. 251, 156,895 76 271 94,148 December.. 246, 157, 397 42 319 89,194 Total: 1922., 2,450,843 I 1,771,245 767 3,508 675,323 1921., 3,872,367 2,708,180 514 1,521 3,189 1,158,963 1920., 5,820,258 4,415,454 4,129 4,790 1,395,885 | U. S. securities Total discount and open- Bills bought in open market. j purchased. market operations. Month. Bank- Certini Total. ) I a a c e n c r c e s e p ' s t . - c D h e o a x l n l - g ar e. a a T c n r c c a e e d p s e t . - ! ! ! B n a o o n t n e d d s . s | | d c o e a f b t i e n t s - edness. January i 8,923 8,075 804 44 I 10,043 1 51 265.135 383,218 656,620 February 14,610 14,272 338 3,644 230 51 254,008 328,233 571,917 March ...| 14,255 13,777 478 76 16,164 263,529 435,206 544,619 April | 7,738 7,283 455 7,163 2,147 197,711 379,880 596,705 May ! 11,348 10,993 355 1,753 164 197,571 400,274 461,997 June I 14,165 13,627 i 505 10,626 10,062 221,492 431,835 525,833 July ! 21,678 21,468 ! 86 6 '605 172,636 284,217 551,630 August : 12,999 12,427 ! 550 2,395 4,370 184,277 316,031 558,633 September ! 2,772 2.752 i 20 1,037 3,890 174,425 280,490 429,038 October.. i 12,341 12^191 j 150 1.054 887 218,965 294,490 407,303 November ! 6,612 6,337 i 275 134 258.136 288,992 502,465 December I 9,681 9,331 ! 350 748 85,252 342,633 339,714 412,162 Total: 1922...1137,122 132,533 i 4,366 223 ! 38,679 123,772 102 12,750,518 1921... 92,353 80,373 \ 11,980 | 11,622 1186,098 140 ! 4,162,580 1920... 41,232 38,352 i 2,880 ! 49 357,383 6,218,922 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

306 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. SCHEDULE 4.—VOLUME OF BILLS DISCOUNTED FOR MEMBER BANKS IN EACH STATE. [Amount; in thousands of dollars.] | Number Number j of memof mem- j ber banks Month. Je N rs e e w y.1 w D a e r la e - . ! i P v e a n n n i s a y .1 l- i i b n e r d b is a t n ri k c s t j j ae d co a m te m d oat end of I during month. ! the I month. January 19,828 2,544 223,745 I 246,117 7C9 402 February.. 18,863 2,180 214,430 235,473 710 401 March 21,365 2,091 209,578 ! 233,034 709 382 April 15,438 1,773 163,452 i 180,663 710 369 May 14,438 1,508 168,360 I 184,306 ! 710 371 June 11,982 1,175 173,482 i 186,639 ! 711 347 July 6,607 1,278 142,462 i 150,347 : 713 321 August 4,618 1,169 158,726 ; 164,513 ; 714 304 September. 5,294 736 160,696 I 166,726 ! 7ft 300 October 7,353 804 198,526 , 204,683 ! 714 304 November. 11,828 766 238,796 251,390 : 714 338 December.. 14,141 707 232,104 i 246,952 ! 717 365 Total: 1922 151,755 16,731 2,282,357 ! 2,450,843 i. 1921 220,387 I 38,614 3,613,366 3,872,367 L 1920 238.518 ! 43,016 5,538,724 ; 5,820,258 !. Number of member banks at end of year: 1922 89 I 22 | 606 : 717 1921 22 ! 595 ! 704 1920 87 i 22 I 590 i Number of member banks accommodated: 1922 71 ! 19 ! 448 ' 538 1921 66 j 20 ; 423 ! 509 1920 62 i 20 i 402 i 484 1 Figures in this column relate only to that part of the State located in the third district. SCHEDULE 5.—EARNINGS AND EXPENSES. 1922 1921 1920 EARNINGS. Discounted bills $2,393,673 $3,849,905 $10,420,161 Purchased bills 712 383 513,710 574 074 United States securities 1,119,457 597,553 742,235 Deficient reserve penalties.... . . .. . . 14,409 34, 442 69,150 Miscellaneous 12,028 12,485 42,931 Total earnings 4,251,950 8,008,095 11,848,551 CURRENT EXPENSES. Salaries: Bank officers 129,499 : 124,020 123,338 Clerical staff 982.600 ! 999,400 799,335 Special officers and watchmen 57,952 i 69,934 70,921 All other 83,477 ! 84,970 SO,412 Governors' conferences '206 343 272 Federal reserve agents' conferences 181 i 137 64 Federal Advisory Council 461 i 382 378 Directors' meetings 6,407 i 6,509 6,569 Traveling expenses l 16,378 ! 17,839 9,885 Assessments for Federal Reserve Board expenses 60,625 1 62,008 58,804 Legal fees 4,370 ' 5,745 2,530 Insurance (life, fidelity, casualty, workmen's compensation, and general liability) 43,202 42,987 44,604 Banking house: Taxes and lire insurance 21,728 22,741 Light, heat, and power 39,085 34,794 Repairs and alterations 20,396 79,117 All other 1,425 10,500 37,812 Rent, including light, heat, and power, and minor alterations 1,675 10,621 Fire insurance—furniture and equipment 784 32 Furniture and equipment J 309,696 75,065 Printing and stationery (including office and other supplies) 83,430 ! 102,611 113,644 * Other than those connected with governors' and agents' conferences and meetings of directors and of the Advisory Council, Digitized for* F CRhaArSgeEd Rto profit and loss in 1922 and to current expenses prior to that year. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DISTRICT NO. 3 PHILADELPHIA. 307 SCHEDULE 5.—EARNINGS AND EXPENSES—Continued. 1922 1921 1920 CURRENT EXPENSES—continued- Telephone $23,431 128,558 $15,492 Telegraph 18.745 20,385 10,565 Security shipments 6J498 5,330 C Po u s r t r a e g nc e y a a n n d d e c x o p i r n e s s s h a i g p e m ( e o n t t h s e .: r than on money and security ship- 142,359 107,114 159,510 ments) 77,291 73,667 Federal reserve currency: Original cost, including shipping charges 118,014 320,923 292,540 Cost of redemption, including snipping charges 43,381 113,211 77,508 Taxes on Federal reserve bank note circulation 24, 723 58,313 110,904 All other expenses 45,596 54,496 38,072 Total current expenses. 2,053,919 2,766,443 2,176,274 Current net earnings 2,198,031 5,241,652 9,672,277 PROFIT AND LOSS ACCOUNT. Earnings 4,251,950 8,008,095 j 11,848,551 Current expenses. 2,053,919 2,766,443 | 2,176,274 Current net earnings 2,198,031 5,241,652 | 9,672,277 Additions to current net earnings: Amounts deducted from reserve for depreciation on United States bonds 67,732 127,192 Assessment account expenses Federal Reserve Board previously charged to profit and loss 41,828 Allother 14,946 8,188 104,366 Total additions 82,678 135,380 146,194 Deductions from current net earnings: Depreciation allowances on bank premises 30,000 646,620 Furniture and equipment 42,931 Reserve lor depreciation "H United States bonds. 105,396 Allother 902 7,578 1,339 Total deductions 43,833 37,578 753,355 Net deductions from current net earnings 3 38,845 » 97,802 607,161 Net earnings available for dividends, franchise tax, and surplus 2,236,876 5,339,454 9,065,116 Dividends paid 541,552 517,663 495,679 F T r r a a n n c sf h e i r s r e e d ta x to p s a u id r p U lu n s it a e c d c o S u t n a t tes Government < 4 8 8 5 3 5 9 , , 3 9 8 6 1 0 3, 9 8 3 8 5 6 , ,5 2 5 3 2 9 8,2 3 0 6 4 3 , ,6 77 6 5 2 8 Net addition. 4 Bank also charged its surplus account and paid the United States Government $36,366 as an additional franchise tax for 1921. See page 22. SCHEDULE 6.—OPERATIONS OF FEDERAL RESERVE CLEARING SYSTEM. [Figures include cash items oaly. Numbers in thousands; amounts in thousands of dollars.] Items drawn on. Items forwarded Items drawn on ban d k is s t r i i n c t o . wn re to s e o r t v h e e r b a F n e k d s e a ra n l d U T n r i e te a d su S re t r a t o e f s. Total. Month. their branches. iNumber.' Amount, Number. Amount. Number. Amount. Number. Amount. January | 3,778 | 914,606 682 111,208 124 25,381 4,584 1,051,195 February j 3.310 811,961 591 102,657 133 6,003 4,034 920,621 March 4,111 I 998,083 722 125,032 152 24,458 4,985 1,147,573 April 3,836 ! 927,349 670 116,389 161 28,478 4,667 1,072,216 May 4,119 j 985,879 672 130,800 176 25,617 4,967 1,142,296 June I 4,258 1,042,364 652 135,173 158 30,972 5,066 1,208,509 July 4,031 j 984,918 430 90,603 138 26,559 4,599 1,102,080 August 4,071 | 1,004,834 414 91,113 149 28,215 4,634 1,124,162 September i 4,022 j 1,076,259 408 92,331 173 25,431 4,603 1,194,021 October 4,280 I 1,187,191 466 101,951 190 26,821 4,936 1,315,963 November I 4,135 I 1,113,954 449 93,987 172 24,528 4,756 1,232,469 December 4,595 | 1,239,714 512 98,189 175 31,214 5,282 1,369,117 Total: 1922.... 48,546 12,287,112 6,668 1,289,433 1,899 303,677 57,113 13,880,222 1921.... 43,878 11,229,057 8,352 1,805,965 2,066 462,551 54,296 13,497,573 1920.... 38,272 13,589,260 9,026 2,737,940 1,919 528,704 49,217 16,855,904 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

308 ANNUAL REPORT OF THE FEDERzVL RESERVE BOARD. SCHEDULE 7.—CLEARINGS AND TRANSFERS THROUGH THE GOLD SETTLEMENT FUND. [In thousands of dollars.] Payments I Receipts to other from other Week ending- Federal Federal Net loss. Net gain. reserve reserve banks. banks. Jan. 5 (3 days).. 73,966 81,728 7,762 12 122,118 115,714 6,404 19 127,428 125,235 2,193 26 120, 510 110,456 10,054 Feb. 2 126,629 134,799 8,170 9 126,292 123,184 3,108 16 116,273 110,387 5 886 23 111,366 120,064 8,698 Mar. 2 131,918 142,404 10,486 109,093 110,450 1,357 123,871 127,354 3,483 136,620 131,812 4 808 114,793 119, 478 4,685 Apr. 115,720 124,554 8 834 123,849 121,118 2.731 132,489 131, 500 989 129.006 129,098 92 May 137,595 137,924 329 120, 017 115,028 4,989 140,750 ! 131,607I 9; 143 123,341 j 129,897 6,556 June 111,833 117,030 5,197 142,648 131,085 11,563] 121,683 131,876 10,193 152,522 144,033 8,489 134,860 131, 239 3,621 July 114,446 128,430 "i3,"984 135, 566 126,150 9,416 148,001 145,875 2,126 135,668 125,563 10,105 Aug. 141,873 145,054 3,181 117,887 112,440 5,447 133.007 135,467 2,460 131,690 132,404 714 132,411 125,662 6,749 Sept. 114,235 121,972 7,737 131,168 126,625 4,543 174,603 178,081 3,478 145,672 145,808 136 Oct. 155,115 161,445 6,330 111,233 116,351 5,118 217,621 206,191 11,430 177,105 186,613 9,508 Nov. 165,110 162,021 3,095 124,826 127,526 2,700 150,583 159,384 8,801 175,187 173,914 1,273 134,900 131,414 3,486 Dec. 170,086 167,436 2,650 146,030 153,370 7,340 177,745 177,556 189 28 158,292 154,740 3,552 2o9n- 3o0n (/2n dAa~y^s)^. 62,436 | 77,590 15,154 Total: 1922 7,109,692 j 7,134,136 24,444 1921 6,527,572 j 6,538,701 11,129 1920 8,737,533 I 8,822,308 84,775 Net gain in ownership of gold since establishment of fund in 1915, $143,890,000 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DISTRICT NO. 3 PHILADELPHIA. 309 SCHEDUI/E 8.—PRINCIPAL ASSETS AND LIABILITIES OF REPORTING MEMBER BANKS IN LEADING CITIES AS OF THE LAST REPORT DATE IN THE MONTH. [In thousands of dollars.] Total loans and dis- Investments. counts (including rediscounts with Fed- Last report date in- eral reserve bank). United r i S ti t e a s t . es secu- All other. 1922 1921 1922 1921 1922 1921 January • ! 571,726 677,607 ! 74,855 71,981 165,483 156,849 M Fe a b r r c u h ary ! 556720,,146516 6 6 8 8 4 5 , , 3 0 0 3 1 3 j i 8 7 0 8 , , 9 3 0 4 7 4 7 77 1 , , 2 2 5 6 9 4 1 1 6 6 5 4 , , 9 3 7 6 5 1 1 1 5 5 5 6 , , 2 0 8 5 5 8 April 560,101 665,908 I 79,068 72,384 173,494 158,103 May 554,873 654,975 83,865 72,447 183,243 156,824 June 555,696 642,097 l 94,540 77,836 185,034 161,199 July 557,803 624,913: 92,675 66,674 189,097 157,567 August 563,521 603,885 I 96,332 72,734 187,445 153,441 September 583,931 609,915 i 97,529 79,451 ! 184,097 155,589 October... 599,951 607,823 i 99,023 66,321 j 181,849 156,822 November. 603,564 589,305 i 92,484 68,926 183,495 158,744 December. 592,418 577,679 111,460 75,626 182,679 162,447 i Net demand deposits. Time deposits. F A ed c e c r o a m l m res o e d r a v t e io b n a a n t k. Last report date in- 1922 1921 1922 1921 1922 January— 622,056 652,317 47,308 38,621 34,205 111,353 February.. 616,302 638,028 47,781 39,096 37,865 124,526 March 628,919 623,764 48,627 38,951 27,839 123,395 April 649,894 630,885 49,283 41,265 13,895 106;769 May 662,943 627,875 50,369 41,417 18.213 105,686 June 667,252 604,716 , 50,838 41,110 17,760 97,539 July 677,264 621,124 I 51,843 41,687 15,737 79,827 August 677,443 608,790 I 54,371 41,207 13,927 69,328 September. 695,195 599,735 I 56,194 43,680 16,365 I 63,772 October 690,083 819,213 ! 56,289 43,854 18,669 I 64,051 November.. 692,601 629,938 58,116 44,212 30,939 | 46,706 December.. 612,797 58,857 ! 45,648 26,918 j 50,024 NOTE.—Figures are for about 56 banks, which submit weekly reports to the Federal Reserve Board, located in Philadelphia, Camden, Scranton, and Wilmington. SCHEDULE 9.—DEBITS TO INDIVIDUAL ACCOUNTS. [In thousands of dollars.) Summary for 10 centers.1 Altoona, Pa. Month. 1922 1921 1920 1922 1921 1920 January 1,583,008 1,679,283 978,267 11,640 14,634 ! 14,017 February.. 1,431,593 1,391,392 585,698 10,109 i 11,721 i 11,288 March 1,628,1.17 1,615,908 891,903 12,920 ! 14,188 I 14,988 April 1,569,312 1,582,299 874,066 12,787 ! 13,708 I 14,482 May 1,634,314 1,503,807 788,088 13,329 i 13,392 ! 14,319 June 1,720,649 1,622,499 908,508 13,708 ! 13,491 I 14,405 July 1,668,316 1,523,296 857,001 13,177 ! 13,204 ! 12,980 August 1,589,819 ! 1,407,355 773,422 14,706 ! 13,022 | 11,987 September. 1,646,539 1,500,586 746,072 14,366 { 11,745 i 15,363 October 1,891,067 1,581,867 874,282 15,663 13,314 ! 16,236 November.. 1,682,845 1,515,206 818,682 13,876 I 12,458 i 13,787 December.. 1,939,197 1,766,389 995,716 15,700 i 13,509 ! 16,713 Total j 19,984,776 18,689,687 22,091,705 161,981 | 158,386 j 170,545 1 Figures for cities marked with an asterisk are not included in the district summary or in the national summary of 141 centers. 28971—23- -21 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

310 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. SCHEDULE 9.—DEBITS TO INDIVIDUAL ACCOUNTS—Continued. Chester, Pa. burg, Pa.* Month. 1922 ; 1921 1920 1922 1921 1920 January 17,886 ' 21, 792 22,689 33,451 31,052 February.. 15,583 '< 18,654 18,891 21,917 23,930 March 18,390 21,213 22,691 29,806 27,917 April 19,026 20,088 23,669 32,103 28,712 May 20,273 18,447 23,657 31,597 26,216 June 18,740 18,663 24,420 30,401 29,728 July 18,309 17,801 25,096 32,208 27,986 August 18,243 16, 478 23,033 29,715 27,246 September. 18,826; 16,682 24,071 31,317 26,926 October 23, .535 19,092 25,759 34,007 28,546 November. 20,271 16,286 23,059 31,290 25,560 December.. 22,234 I 18, 809 23,389 35,970 33,377 30,719 Total 231,316 ! 224,008 280,424 376,782 ; 337,196 30,719- Johnstown, Pa.* Lancaster, Pa. Month. 1922 1921 1920 J anuary | 17,235 18,063 22,735 25,309> February ! 15,699 17,897 18,865 20,455 March i 18,898 22,927 25,413 26,296 28,474 April i 19,097 22,454 26,615 32,953 38,112 May J 21,057 21,499 20,478 19,821 24,192 June J 21,002 22,218 22,637 20,520 26,570 July ! 20,081 20,103 20,990 18,464 26,555- August i 21,356 19,076 | 20,458 17,838 22,075 September 22,272 19,571 i 21,943 19,295 25,055 October , ! 23,785 19,821 | 25,731 21,601 26,527 November 22,113 18,950 | 22,733 20,361 23,955 December ; 26,433 j 21,429 26,652 21,752 23,361 Total. 249,028 208,048 ! 269,610 | 260,501 310,640 Philadelphia, Pa. Reading, Pa.* Month. 1922 I 1921 1920 1920 January 1,327,128 I 1,388,593 678,446 31,362 27,983 February.. 1,107,975 1,140,113 332,502 26,466 24,301 March 1,353,282 1,331,829 596,237 32,040 29,884 April 1,299,842 1,297,833 563,183 33,008 33,433 May 1,374,876 1,243,427 500,946 33,410 | 35,150 June 1,459,928 1,347,153 602,693 35,712 I 35,935 July 1,416,261 1,258,308 553,493 32,196 29,153 August 1,348,538 1,154,445 496,168 31,404 28,102 September. 1,389,367 1,242,356 452,574 33,826 28,696 October 1,582,430 1,312,688 555,663 37,430 33,752 November. 1,402,331 1,263,133 524,120 36,739 31,697 December.. 1,615,296 1, 477,185 662,422 41,347 34,920 31,847 Total 16,767,254 15,457,063 18,518,447 404,940 373,006 31,847 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DISTRICT NO. 3 PHILADELPHIA. 311 SCHEDULE 9.—DEBITS TO INDIVIDUAL ACCOUNTS—Continued. Scranton, Pa. Trenton, N. J. Month. 1920 1922 1921 1920 January 62,781 67,951 64,944 45,781 49,552 50,316 February.. 54,837 60,067 54,619 46,884 41,228 44,636 March 64,031 66,179 61, 844 48,455 46,924 52,475 April 58,665 63,433 66,113 47,281 47,428 52,610 May 51,357 64,524 60,851 52,129 44,055 54,800 June 52,781 70,293 66,729 49,915 46,496 55,876 July 49,394 64,238 68,391 49,782 49,385 55,306 August 45,154 61, 811 61,735 49,438 47,019 51,923 September. 48,912 63,888 I 64,456 54,166 48,512 56,970 October.... 72,070 64,554 | 77,927 53,517 47,887 54,695 November. 66,510 61,905 ! 67,738 51,857 46,219 54,811 December.. 73,919 69,718 I 72,215 65,902 58,165 60,186 Total 700,411 778,561 787,562 615,107 572, 870 644,604 Wilkes Barre, Pa. Williamsport, Pa. Month. 1922 | 1921 1920 1922 1921 1920 January 36,523 I 38,200 36,600 15,959 19,926 17,035 February.. 31,190 ! 32.047 30,855 15,591 15,472 14,482 March 36,494 i 37,707 37,087 18,303 18,725 17,635 April 35,669 I 37,249 35,948 18,404 17,688 19,163 May 34,403 j 35,589 36,278 18,534 16,860 16,904 June 34,299 I 36,623 38,793 19,320 16,741 18,868 July 29,081 I 34,935 39,186 17,411 17,209 20,764 August 28,248 ! 35,516 38,341 16, 801 16,881 18,058 September. 33,025 ; 37.048 37,688 17,142 17,162 19,347 October 39,156 | 37,407 44,258 20,475 18,125 19,999 November. 39,432 ! 36,061 39,982 18,156 15,009 17,584 December.. 42,200: 39,729 41,468 19,982 19,109 24,327 Total 419,720 438,111 456,484 216,078 | 209,507 | 224,166 Wilmington, Del. York, Pa. Month. 1922 1921 1920 January 30,184 39,018 50,923 17,063 16, 882 17,988 February... 27,594 39,471 43,018 13,933 13,754 14,952 March , 31,886 34,079 41,091 18,943 18,768 19,381 April 30,739 32,046 37,496 20,284 19,873 23,290 May , 32,390 30,750 36,730 16,545 16,742 19,411 June 33,577 36,066 39,164 15,744 16,453 20,990 July 36,323 33,554 34,923 17,588 16,195 20,327 August 31,790 29,716 31,409 16,443 14,629 18,693 September.. 31,132 28,302 31,531 17,660 15,596 19,017 October 38,699 30,676 32,606 19,791 16,523 20,612 November.. 30,944 27,808 34,896 16,735 15,366 18,750 December... 35,573 30,99S 51,324 21,739 17,415 20,311 Total. 390,831 392,484 465,111 212,468 198,196 j 233,722 NOTE .—Centers which have not reported continuously for the 18 months ending Dec. 31, 1922, are not included in the table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

312 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. DISTRICT NO. 4—CLEVELAND. SCHEDULE 1.—COMPARATIVE STATEMENT OF CONDITION. [In thousands of dollars.] Dec. 30, Dec. 31, Dec. 31, 1922. 1921. 1920. RESOUECE3. Gold and gold certificates 13,484 12,241 10,907 Gold settlement fund—Federal Reserve Board.. 71,889 41,455 77,016 Gold with foreign agencies 270 Total gold held by bank.... 85,373 53,696 88,193 Gold with Federal reserve agent. 193,303 177,327 177,636 Gold redemption fund 5,924 5,107 15,622 Total gold reserves 284,600 236,130 281,451 Legal-tender notes, silver, etc. 7,391 7,156 2,228 Total reserves. 291,991 ! 243,286 283,679 Bills discounted: Secured by United States Government obligations. 19,907 46,168 100,010 Other bills discounted 18,634 68,426 101,333 Bills bought in open market 51,007 5,378 27,211 Total bills on hand 89,548 119,972 228,554 United States bonds and notes 11,897 5,356 844 United States certificates of indebtedness: One-year certificates (Pittman Act) 8,040 23,799 All other 13,842 286 Total earning assets. 115,287 133,654 253,197 Bank premises i 7,006 3,952 1,520 5 per cent redemption fund against Federal reserve bank notes.. 539 1,239 Uncollected items 66,175 54,273 73,629 All other resources 598 912 384 Total resources. 481,05" 436,616 613,648 LIABILITIES* Capital paid in. 11,708 11,134 10,703 Surplus 23,495 22,634 20,305 Deposits: Government 545 6,275 4,562 Member bank—reserve account. 144,487 130,933 150,347 All other 1,705 783 454 Total deposits. 146,737 137,991 155,363 Federal reserve notes in actual circulation 242,565 214, 7/5 348,951 Federal reserve bank notes in circulation—net liability. 5,797 22,735 Deferred availability items 55,802 43,520 54,553 All other liabilities 750 .765 1,038 Total liabilities. 481/057 436,616 ! 613,648 Ratio of total reserves to deposit 2 and Federal reserve note liabilities | combined j 75.0 19.0 i 58.5 1 Net, i. e., after deducting reserves for depreciation. * Net deposits prior to Mar. 18,1921, and total deposits beginning with that date. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DISTRICT NO. 4—CLEVELAND. 313 SCHEDULE 2.—MOVEMENT OF PRINCIPAL ASSETS AND LIABILITIES DURING 1922. [Amounts in thousands of dollars.] Bills discounted for member banks. Fed- Date. ( a T 2 e s i 6 a + o n s J r e t g 5 . n a t + - s l Total. G s U e B o c b v . i u y l S e l r r . s e n d - c O b o d t i u i h l s n l e - s t r - m b B o o a p i u r i n l e k g l n s e h t t . U S r s i n t e t a i c i e t t u e e s - s d . s T e c r r o a e v s t - e a h s l . r b p M e a o s b d n e s e e e i m r k r - t v s s - e . ' | p T o d o s e t i - a ts l . r i e n n c t e s i o u o r e c t l a r n e i a l v r s . - - e s c a p e e R g e r n e e v r s t - - e - . ment ed. I obligai tions. 11 Jan. 4. 132,008 112,825 44,138 68,687 5,370 13,813 242,537 131,625 134,638 212,472! 69.9 11. 126,945 107,943 41,947 65,996 4,'"' 14,072 241,835 134,836 136,312 206.712J 70.5 18. 109,495 90,387| 36,946 53,441 5,036 14,072 247,566 127,763 132,954 198,948! 74.6 25. 97,462 79,460; 32,761 46,699 3,930 14,072 259,751 129,081 134,538 195,471 78.7 Feb. 1. 102,588 75,8691 31,504 44,365 3,275 23,444 258,630 134,800 141,015 192,826 77.5 8. 107,431 77,115| 30,492 46,623 2,415 27,901 258,743 136,131 143.1 192,920, 76.9 15. 103,606 73,380 29,4111 43,969 2,310 27,916 269,856 144,554 152,245!192,625| 78.2 21. 99,851 64,874| 25,834) 39,040 2,535 32,442 258,232!130,632 132,8741193,5981 79.1 Mar. 1. 108,186 66,3081 25,344 40,964 3,267 38,611 254,758: 134,797 138,129; 195,931! 76.3 8. 104,824 59,286| 20,990 38;296 3,980 41,558 255,670 131,111 132,388; 196,839| 77.7 15.. 110,071 52,402 21,232 31,170 3,071 54,598 265,710 148,400 150,955; 195,727! 76.6 22. 97,216 51,968 19,51 32,451 2,427 42,821 2&3,966j 130,926 136,695' 195.696 79.4 29. 101,998 55,001 24,023 30,978 3,135 43,862 266,336 136,180 141,179[ 197,788 78.6 Apr. 5. 111,196 60,365 22,955 37,410 3,243 47,588 261,768 141,303 146,473; 197,566| 76.1 12., 113,328 60,789 23,485 37,304 2,826 49,713 255,375 133,547 135,616 204,064! 75.2 19. 115,014 61,199 24,331 36,868 2,102 51,713 253,663 139,689 142,232j 200,589 • 74.0 26. 103,325 49,540 19,101 30,439 2,032 51,753 263,251 134,223 137,528 200,344 77.9 May 3. 107,051 41,876 17,558 24,318 3,324 61,8511257, 111! 135,041 137,917 199,048J 76.3 10. 116,641 50,099 24,368 25,731 3,144 63,398 255,004) 140,003 142,906 199,346i 74.5 17. 121,645 47,925 25,456 22,469 8,262 65,458 243,335! 141,419 144,4671195,595! 71.6 24. 131,817 50,110 28,527 21,583 9,747 71,960 237,0411138,061 144,230| 196,869! 69.5 31. 131,194 49,405 29,488 19,917 9,278! 72,511 244,622 140,833 145,867! 198,627! 71.0 June 7. 132,427 43,766 24,599 19,167 13,136! 75,525 234,944 140,542 142,912 197.302! 69.1 14. 131,548 40,834; 22,002 18,832 14,549 76,165 240,1541141,053 148,865; 198,057! 69.2 21. 128,538 42,0911 22,922 19,169 14,446 72,001 235,900 141,485 143,153! 195,532! 69.7 28. 128,851 36,950; 23,640 13,310 16,200 75,701 240,8221140,261 144,843! 197,279 • 70.4 July 1 5 2 . . 1 1 3 2 3 7 , , 2 9 8 8 1 3 3 41 4 , , 3 6 9 5 2 7 ! 2 1 3 5 , , 7 3 9 3 5 9 1 1 9 7 , ,5 3 9 1 7 8 1 1 6 6 , , 0 9 6 8 2 8 7 7 5 6 , , 8 3 2 3 7 8 2 2 3 4 9 2 , , 6 5 4 4 4 6 ] 1 14 4 3 4 , , 1 2 2 0 2 5 1 1 1 4 4 5 5 , , 3 9 3 0 4 6 2 2 0 0 0 1 , , 0 2 0 6 4 9 ! ; 6 7 9 0 . . 3 0 19. 127,607 35,953 22,400 13,553 15,316 76,338 242,843 148,117! 151,009 195,387 70.1 26. 123,053 24,967 14,828 10,139 21,738 76,348 247,054 145,4401-148,860 195,555 71.7 Aug. 2. 122,953 28,910 18,401 10,509 26,1151 67,928 248,363i 149,2771152,110 194,025 71.8 9. 124,060! 28,909; 18,508 10,401 26,5211 68,630 247,114}142,987! 145,591! 198,680 71.8 16. 125,876 30,066} 21,861 8,205! 27,655 68,155 246,034| 146,547; 149,553! 197,278 70.9 23. 124,095 25,982 16,152 9,830! 27,898 70,215 243,618! 140,012 142,966! 199,753 71.1 30. 129,106 26,566 15,135 11,431 30,825 71,715 252,632 149,547| 154,278!201,943 70.9 Sept. 6. 128,971 27,847 15,933 11,914 29,826 71,298 256,008] 149,325; 153,669 205,256 71.3 13. 132,807 19.105 8,988 33,412| 71,302 253,163| 147,912 151,462)212,564 69.5 20. 127,164 32,794| 21,049 11,745 34,215i 60,155 256,896 147,460; 152,236| 209,383 71.0 27. 130,079j 32,519 20,333 12,186 37,862j 59,698!268,815 152,520i 155,071 218,691 71.9 Oct. 4. 123,442 26,391 14,694 11,697 37,091 59,960 265,526 146,180 149,259 215,999 72.7 11. 132,752 36,079 21,693 14,386 36,962 59,711 268,650 147,265; 149,996 226,320 71.4 18. 127,629 42,384 24,240 18,144! 35,864 49,381 265,046!151,350j 154,299!222,289 70.4 25. 121,026 37,429 21,599 15,830 34,581 49,016!275,979!145,4341147,9541225,111 74.0 Nov. 1. 120,271 42,899 23,406 19,493 33,821 43,5511277,460| 149,3571151,978 222,537 74.1 8. 131,125 53,797 33,257 20,540 39,111 38,217 273,7071148,202! 149,173 227,931 72.6 15. 131,382 48,051, 29.106 18,945 45,825 37,506 269,158 149,786| 152,282!229,100 70.6 22. 120,167 42,550! 22,878 19,672 50,415 27,202 272,792) 140,208 143,540^ 227,572 73.5 29. 135,582 54,606 34,376 20,230 54,291! 26,685| 273,481i 149,579!152,949 234,214 70.6 Dec1. 13 6 . . 1 14 3 1 4 , , 9 0 0 3 3 7 5 4 3 7 , , 6 1 1 3 6 7 3 2 1 4 , 77 2 9 4 2 1 2 2 2 2 , , 3 3 4 7 5 5 6 6 0 1 , , 1 5 8 6 1 8 ! ; 2 2 6 6, , 7 7 1 1 9 9 ! 2 2 6 72 8 , , 8 7 9 2 2 6 j 1 14 4 8 5 , , 2 1 6 6 0 l! ! 1 1 4 5 8 0, , 7 7 6 9 4 2 2 2 4 3 1 4 , , 9 5 7 5 4 5 7 6 0 8 . . 8 8 20. 140,028 50,830 28,459 22,371 58,975! 30,223 273,148 141,8041144,221 252,370 68.9 27. 136,208 50,681 28,14 22,534 53,302| 32,223! 290,8761151,807!153,473!257,372 70. S Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

314 ANNUAL REPORT OF THE FEDERAL RESERVE BOAHD. FEDERAL RESERVE BANK OF CLEVELAND MILLIONS OF DOLLARS MILLIONS OF DOLLARS 400 F.R.NOTE CIRCULATION 350 350 300 250 200 150 100 50 ISO PURCHASED BILLS lit 0 150 UNiTED STATES SECURITIES 200 2C0 DISCOUNTS FOR OWN MEMBERS I 150 150 1920 1321 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DISTRICT NO. 4—CLEVELAND. 315 SCHEDULE 3.—VOLUME OF DISCOUNT AND OPEN-MARKET OPERATIONS. [In thousands of dollars.] Bills discounted. Month. Total. o S b e G l c m U i o u g v r . e a e S e n t d i r . t o n b n - y s. B a a a c n n c c k e e p e s r t . - s' a a T c n r c c a e e d p s e t . - t li A u v p r g e a a r l p s i t c e a o u r n c . l d - k All other. r January 184, 136,624 500 1,870 295 45,314 February 170, 102,152 1,650 328 66,504 March 104. 68,976 1,434 392 33,901 April 106, 59,890 200 j 1,166 499 44,977 May 121, 92,826 989 529 27,065 June 121, 93^ 718 915 1 340 26,987 July 84. 59,704 866 i 226 23,689 August 93, 77,338 358 I 202 15,810 September 93, 70,759 1,104 I 212 21,791 October 109, 75,085 517 ! 555 32,934 November 17" 134,458 1,145 j 477 43,493 December 152; 111,958 1,867 i 395 38,362 Total: 1922. 1,523,346 1,083,488 700 '• 13,881 4,450 j 420,827 1921. 3,218,833 2,225,602 I 17,264 : 26,119 i 5,734 ! 944,114 1920. 2,895,670 2,369,043 I 10,015 ! 26,377 I 490,235 Bills bought in open market. U. S. securities Total discount and openpurchased. market operations. I Month. Certifi- Bankers' Dollar Trade Bonds cates of j Total. accept- ex- accept- and in- ! 1921 1920 ances. change. ances. notes. debtedness. January 3,307 3,262 1,162 6,880 195,952 412,391 357,78 2 February 3,795 3,795 11,862 5,915 192,206 408,287 329,990 March 3,878 3,743 135 3,260 47,676 159,517 361,566 484,519 April 1,692 1,617 75 5,511 9,545 123,480 261,154 333,466 May 6,301 6,191 110 12 12,746 140,468 361,311 266,231 June 5,072 4,867 205 500 35,606 163,138 372,483 338,070 July 6,686 6,571 115 501 26 91,698 268,060 231,866 August 8,256 8,138 118 6,791 4,113 112,868 196,941 224,380 September 10,893 10,616 202 1,036 636 106,431 231/416 323,431 October 10,484 9,614 870 256 5,140 124,971 259,639 199,583 November 25,117 24,368 695 54 628 205,318 261,617 335,978 December 10,070 10,030 40 54,019 216,716 260,690 643,565 Total: 1922.... 95,551 92,812 2,610 129 30,936 182,930 |l, 832,763 1921 87,844 83,321 4,277 246 4,532 344,346 i 3,655,555 1920 294,602 290,734 3,076 792 878,589 4,068,861 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

316 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. SCHEDULE 4.—VOLUME OF BILLS DISCOUNTED FOR MEMBER BANKS IN EACH STATE. [Amounts in thousands of dollars.] Number Number of mem- of member banksber banks Month. Total. in dis- accomtrict at modated end of during month. month. January 94,500 83,792 184,603 883 375 February 79,788 86,643 170,634 883 355 March 53,487 46,866 104,703 883 343 April 38,970 64,090 106,732 884 34$ May 77,728 38,743 121,409 883 351 June 73,217 44,906 121,960 884 331 July 47,265 31,715 84,485 883 307 August 61,238 28,578 93,708 283 September 53,792 36,098 93,866 27a October 53,728 50,838 109,091 882 282 November 95,771 77,964 179,573 881 311 December 66,831 79,741 152,582 881 327 Total: 1922 796,315 669,974 1,523,346 1921 1,923,179 1,215,924 3,218,833 1920 1,753,118 1,062,757 2,895.670 Number of member banks at end of year: 1922 329 457 881 1921 327 463 884 1920 321 459 871 Number of member banks accommodated: 1922 182 307 540 1921 169 291 509 1920 146 260 450 1 Figures in this column relate only to that part of the State located in the fourth district. SCHEDULE 5.—EARNINGS AND EXPENSES. 1922 1921 1920 Discounted bills $2,247,667 $8,041,788 $10,570,827 Purchased bills 743,759 737,533 3,064,409 United States securities... 1,946,915 479,840 602,93d Deficient reserve penalties. 27,223 57,017 102,804 Miscellaneous 28,718 74,685 117,640 Total earnings. 4,994,282 9,390,863 14,458,61* CURRENT EXPENSES. Salaries: Bank officers. I 220,100 194,464 143,171 Clerical staff I 1,081,239 1,166,854 872,339 Special officers and watchmen 93,785 82,332 35,149 All other 108,236 136,031 112,492 Governors' conferences 360 329 237 Federal reserve agents' conferences 260 133 100 Federal advisory council 613 859 1,047 Directors' meetings 8,386 7,133 6,702 Traveling expenses* * 21,030 17,600 15,045 Assessments for Federal Reserve Board expenses 76,737 77,182 63,246 Legal fees 5,538 2,000 j 2,000 Insurance (life, fidelity, casualty, workmen's compensation, and general liability) 24,612 52,859 I 37,977 Banking house: Taxes and fire insurance 24,390 31,349 Light, heat, and power 7,494 ; 11,556 A Re ll p o a t i h rs e r and alterations 2 6 0 , , 8 0 4 84 5 ! | 2 4 0 , , 1 9 2 8 0 9 170,591 Rent, including light, heat, and power, and minor alterations 162,648 | 148,511 FJ F ii u rrt r ej n i iu i n t s u sLu r n e raa a nu n cu d ee— — eq fluu u ri i nu p ii m ttuu e riee n t2 ua nuud ee4quuipi.pujm.eLeini/t . i J 1 ., , 0 UV 91 X i \ I 85 2 & , , 6 3 t 8 4 o 4 1 tj . ! 1 1 141,008 1 Other than those connected with governors' and agents' conferences and meetings of directors and of the advisory council. 2 Charged to profit and loss in 1922 and to current expenses prior to that year. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DISTRICT NO. 4—CLEVELAND. 317 SCHEDULE 5.—EARNINGS AND EXPENSES—Continued. 1922 1921 1920 ! CURRENT EXPENSES—continued. Printing and stationery (including office and other supplies) $104,045 $158,613 $120,652 Telephone 15,969 14,901 8,503 Telegraph 36,516 38,018 27,153 Security shipments 16,011 8,604 Currency and coin shipments 101,218 80,170 Postage and expressage (other than on money and security ship- 153,861 ments) 85,886 | 91,995 Federal reserve currency: Original cost, including shipping charges 124,508 209,295 334,679 Cost of redemption, including shipping charges 37,788 90,999 63,519 Taxes on Federal reserve bank-note circulation 21,335 75,920 93,322 All other expenses 54,536 145,961 67,891 Total current expenses j 2,461,266 2,956,802 I 2,470,685 Current net earnings j 2,533,016 6,434,061 1 11,987,934 PROFIT AND LOSS ACCOUNT. j' Earnings 4,994,282 9,390,863 14,458,619 Current expenses 2,401,266 } 2,956,802 ; 2,470,685 Current net earnings 2,533,016 i 6,434,061 j 11,987,934 Additions to current net earnings: Am St o a u te n s t s b o d n e d d s ucted from reserve for depreciation on United 43,728 | 57,296 I Assessment account expenses Federal Reserve Board previously 37,209 I 63,246 AU ch o a t r h g e e r d to profit and loss 5.161 j 32,229 | 522 Total additions 48,889 126,734 63,768 Deductions from current net earnings: Assessments, account expenses Federal Reserve Board 53,900 Depreciation allowances on banks premises 125,428 | 64,759 129,551 Furniture and equipment 42,779 i Reserve for probable losses 100,000 Reserve for self-insurance 100,000 | 100,000 Reserve for depreciation on United States bonds 48,220 All other "45,"6i6"j 11,653 Total deductions 313,217 I 276,412 231,671 Net deductions from current net earnings 264,328 ! 149,678 167,903 Net earnings available for dividends, franchise tax, and surplus 2,268,688 6,284,383 11,820,031 Dividends paid 692,436 ! 660,228 604,194 Franchise tax paid United States Government 7 86 1 1 4 , : 2 9 6 8 4 8 ! ! 3 2 , , 2 3 9 2 4 9 , , 7 4 1 4 3 2 'ii,'2i5,*837 Transferred to surplus account SCHEDULE 6.—OPERATIONS OF FEDERAL RESERVE CLEARING SYSTEM. [Figures include cash items only. Numbers in thousands; amounts in thousands of dollars.} It b e a m n d s k i s s d t r r in a ic w o t. n w n on re I t t o s e e m o rv t s h e e f b r o a r F w n e k a d s r e d a r e a n d l d I U te T n m r i e t s e a d d su r S a re w ta r n t o e f o s. n Total.* Month. their branches. Number i Amount. Number. Amount. Number. Amount.!Number.! Amount. January 3,846 759,609 154 50,360 123 16,578 4,123 826,547 February 3,474 699,576 141 44,188 109 15,505 i 3,724 759,269 March 4,377 877,192 170 49,301 185 19,557 I 4,732 946,050 April 4.189 838,311 141 50,096 ! 200 17,301 4,530 905,708 May 4; 572 885,124 134 48,631 ! 160 14,74C I 4,866 948,495 June 4,725 926,286 138 56,125 ; 217 18,894 ] 5,080 1,001,305 July 4,485 913,055 138 49,994 i 134 15,938 ! 4,757 978,987 August 4,508 916,350 143 49,762 ! 121 16,754 j 4,770 982,866 September 4,484 967,084 143 52,157 ! 225 2,1,202 i 4,852 1,040,443 October 4,892 1,057,907 187 57,190 ! 285 19,436 I 5,344 ! 1,134,533 November 4,648 995.015 166 55,067 ; 225 19,349 i 5,039 I 1,069,431 December , 5,054 1,075; 855 208 56,089 I 217 19,913 i 5,477 j 1,151,837 Total: 1922.... 53,252 10,911,364 2 1,841 2 618,940 I 2,201] 215,167 57,294 11,745,471 1921.... 44,292 10,237,703 2 1,519 8 799,115 I 2,082 1 240,487 47,873 11,277,305 1920.... 39,458 13,797,775 * 1,302 1*1,130,986 1,476 | 226,714! 42,236 I 15,155,475 1 Exclusive of duplications on account of items handled by both parent bank and branch. 'Includes 117,000 items, aggregating $19,494,000; 92,000 items, aggregating $15,140,000; and 71,000 items, aggregating $20,771,000, forwarded direct to drawee banks in other districts during 1922, 1921, Digitized foar nFdR 1A92S0E, rRes pectively • http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

318 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. SCHEDULE 7.—CLEARINGS AND TRANSFERS THROUGH THE GOLD SETTLEMENT FUND. [In thousands of dollars.] Payments Receipts to other ! from other Week ending- Federal Federal Net loss. Net gain. reserve reserve banks. banks. Jan. 5 (3 days)... 61,687 58,997 2,690 12 92,857 96,932 4,075 19 92,818 101,518 8,700 26 84,490 99,108 14 618 Feb 2 91,365 91,471 106 9 . ... 90,635 89,206 i,429 16 , 90,271 95,227 4,956 23 . 102,733 91,564 11,169 Mar. 2 93,729 99,088 5,359 9 90,785 92,941 2,156 ie; ::::::::::::::*: ; : ; 92,860 100,840 7,980 23 106,962 112,360 5,398 30 ... 97,919 99,717 1 798 Apr. 6 99,675 92,298 7,377 P 13 101,305 98,757 2,548 20 113,385 112,714 671 27 111,051 117,405 6,354 May 4 107,562 105,168 2,394 y ii ; 95,391 86,783 8,608 is :::*:.:::: :*: ::::::. 115,006 111,811 3,195 25 125,580 119,750 5,830 June 1 84,717 91,876 7,159 8 112,620 107,292 5,328 15 117,591 112,953 4,638 22 123,145 134,084 10,939 29 123,700 123,707 7 Julv 6 103,791 103,054 737 13 106,051 106,349 298 20 123,101 127,163 4.062 27 128,416 127,048 1,368 Aug. 3 117,043 119,867 2,824 10.:::::.::::::::::::::::::::::::;: :;;::* 104,944 110,059 5,115 17 113,532 114,875 1 343 24 121,347 122,349 1,002 31 101,946 105,949 4,003 Sept. 7 89,009 91,429 2,420 y 14 :: :.. 110,294 108,417 1,877 21 141.134 151,304 10 170 28 123,339 134,150 10,811 Oct. 5 126,003 120,183 5,820 11 101,936 106,541 4,605 19 157,032 160,897 3,865 26 142,052 149,330 7 278 Nov. 2 13Q,706 140,935 1,229 9 117,005 108,104 8,901 16 129,503 122,905 6,598 23 149,525 159,038 9,513 29 . . .. 114,246 108,328 5,918 Dec 7 134.191 133,953 238 14 118,952 119,918 966 21 143,334 157,895 14,561 28 116,364 125,485 9,121 29-30 (2 days) 50,658 52,369 1,711 Total: 1922 5,844,293 5,931,461 87,168 1921 5,555,625 5,599,722 44,097 1920. . 8,676,748 8,837,431 160,683 Net gain in ownership of gold since establishment of fund in 1915, $419,246,000. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DISTRICT NO. 4—CLEVELAND. 319 SCHEDULE 8.—PRINCIPAL ASSETS AND LIABILITIES OF REPORTING MEMBER BANKS IN LEADING CITIES AS OF THE LAST REPORT DATE IN THE MONTH. [In thousands of dollars.] Investments. | Total loans and dis- } counts (including re- Last report date in— ! ! e d r i a s l c o re u s n e t r s v e w i b t a h n F k e ). d- United ri S ti t e a s t . es secu- All other. 1921 1921 1921 January 981,397 1,124,726 135,664 268,984 277,423 February I 1,004,649 1,120,867 138,327 278,747 280,662 March .i 998,500 1,118,029 137,033 274,205 285,022 April I 994,945 1,091,690 135,310 ! 269,626 281,792 J M u a n y e i ! 9 99 8 0 7 ; ,7 0 7 8 8 1 1 1 , , 0 0 7 7 2 0 , , 0 3 3 6 2 9 1 1 3 3 4 6 , , 5 5 0 1 6 1 i j 2 2 7 8 5 2 , , 7 8 4 1 6 2 2 28 8 3 2 , , 6 7 9 8 5 8 July ! 997,813 .1,059,747 128,982 : 285,901 280,551 August I 1,003,425 1,050,113 132,877; 283,683 275,904 September 1,027,074 1,057.528 141,189 ! 281,294 274,306 October i 1,035,535 1,043,808 133,435 i 277,181 276,924 November j 1,034, 111 1,015,704 142,754 i 282,410 267,590 December I 1,055,974 999,641 146,237 i 293,444 266,642 Net demand deposits. Time deposits. F A ed c e c r o a m l r m es o e d r a v t e io b n a a n t k. Last report date in- 1922 1921 1922 1921 1921 January 770,217 425,539 431,080 55,562 97,722 February.. 779,381 470,050 . 432,956 42,817 97,103 March 793,801 854, 474,518 ! 432,936 33,010 106,652 April 801,881 820. 470,468 428,750 27,009 116,155 May 812,106 828. 475,271 453,600 28,927 102,882 June 844,801 779, 486,157 ! 431,140 17,515 124.727 J A u u ly gust 8 8 5 6 9 5 , , 8 2 0 9 7 8 8 8 0 0 6 0 , ; 5 4 0 9 4 3 , , 6 5 2 6 5 1 j | 4 4 2 2 9 7 ' , , 7 2 3 7 8 1 1 7 0, , 4 7 2 0 6 0 1 9 1 0 2 , ,9 9 8 6 6 0 O Se c p to te b m er ber. 8 87 7 2 5 , , 3 7 9 0 1 4 8 7 0 9 1 2 , ; 5 51 0 2 3 . ,4 8 0 8 5 2 . i 4 4 2 2 5 6 , , 1 3 0 1 0 0 2 1 1 6 , , 1 9 1 3 1 7 8 9 9 5 , , 1 61 1 3 9 November. 861,747 786) 519:322 425,150 34, 880 74,462 December.. 858,189 754, 562;241 418.645 31,718 78,.924 NOTE.—Figures are for about 84 banks, which submit weekly reports to the Federal Reserve Board, located in Cleveland, Cincinnati, Pittsburgh, Canton, Columbus, Dayton, Erie, Lexington, Toledo, and Youngstown. SCHEDULE 9.—DEBITS TO INDIVIDUAL ACCOUNTS. [In thousands of dollars.] Summary for 13 centers.1 Month. 1922 1921 1920 January... 1,709,252 2,236,485 2,335,154 FebruaVy.. 1,538, 886 1,754, 568 1,942,268 March 1,665,926 1,869,444 2,329,618 April 1.744,376 1,841,155 2,331,924 May I', 741,268 1,716,241 2,166,964 June 1,927,948 1,751,903 2,412,086 July 1,911,065 1,620,986 2,458,275 August 1,850,667 1, 521,031 2,162,713 September. 1, 877,032 1, 585,995 2,261,299 October... 2,025,319 1,689,784 2,188,596 November- 1,867,671 1,643,919 2,291,823 December. 2,430,467 1,873,095 2,535,569 Total 22,289,877 21,104,606 27,416,289 i Figures for cities marked with an asterisk are not included in the district summary or in the national summary of 141 centers. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

320 ANNUAL, REPORT OF THE FEDERAL RESERVE BOARD. SCHEDULE 9.—DEBITS TO INDIVIDUAL ACCOUNTS—Continued. Akron, Ohio. Cincinnati, Ohio * Month. 1922 1921 1920 1922 1921 1920 January 52,213 60,579 114,032 284,242 319,045 290,615 February.. 44,683 I 49,503 103,005 232,459 226,244 243,644 March 50,975 i 58,544 104,665 288,287 286,113 286,509 April 55,619 64,190 121,736 289,537 278,132 276,285 May 54,469 62,589 127,141 279,292 244,926 260,185 June 62,396 ! 60,684 140,741 316,334 261,365 289,316 July 60,222 I 60,571 110,646 281,577 251,983 ! 299,184 August 58,259 ! 55,015 100,092 264,307 237,729 260,988 September. 60,660 | 57,543 95,822 288,992 248,530 281,885 October.... 60,142 ! 51,406 80,971 303,163 272,496 ! 260,368 November. 56,359 ! 47,733 73,319 290,087 255,254 i 268,430 December.. 67,073 | 51,749 77,297 357,962 307,571 I 326,003 Total.. 683,070 ! 680,106 1,249,467 3,476,239 3,189,388 j 3,343,412 Cleveland, Ohio. Columbus, Ohio. Month. 1922 1921 1920 1922 I 1921 I 1920 January 523,990 734,722 804,435 113,650 130,424 137,600 February.. 446,019 471,510 630,344 138,926 103,647 114,002 March 474.124 556,289 758,141 118,359 124,179 124,197 April 527,212 580,207 795,238 123,541 133,32o 130,561 May 499.125 521,056 698,481 126,620 111,994 116,226 June 591,911 521,476 786,406 131,914 121,905 139,773 July 575,181 486,086 854,237 131,308 121,269 134,601 August 560,088 455,243 735,114 124,240 126,791 September. 574,640 480,877 747,479 133,741 118,639 129,942 October 601,503 490,925 723,373 138,459 115,780 117,649 November. 547,363 518,719 728,891 128,510 107,005 124,991 December.. 667,269 604,968 826,597 154,737 128,183 154,875 Total.. 6,588,425 6,422,078 9,088,736 1,564,005 i 1,425,339 | 1,551,203 Dayton, Ohio. Erie, Pa. Month. 1922 1921 1920 1922 1921 1920 January 52,239 51,841 57,552 23,260 29,634 i 31,799 February.. 45,830 47,293 50,053 20,545 24,499 ! 26,441 March 56,501 56,987 56,486 26,292 28,205 I 33,444 April 51,880 j 55,023 54,406 24,290 27,290 I 33,180 May 54,520 51,035 51,741 26,723 26,281 I 33,676 June 58,613 53,476 53,229 26,922 26,697 | 36,825 July 61,949 I 58,420 56.018 25,672 25,122 35,890 August 54,798 57,941 50,958 27,107 23,931 34,704 September. 56,744 54,521 49,403 27,268 26,101 ! 36,087 October 59,011 56,322 45,028 29,290 25,604 ! 32,300 November. 53,965 54,662 49.019 27,233 23,717 | 35,299 December.. 49,203 30,224 26,926 j 36,238 Total.. 675,048 654,620 314,007 j 405,863 Greensburg. Pa. Lexington, Ky. Month. 1922 1921 1920 1922 1921 1920 January 18,728 ! 23,242 ! 18,246 19,751 i 21,903 ; 54,837 February.. 13,590 I 15,396 I 17,534 25,742 ! 22,481 | 47,304 March 16,043 I 19,699 i 19,678 33,210 26,705 i 42,771 April 17,931 I 16,765 i 19,805 18,138 i 18,752 ! 24,884 May 19,684 16,598 ! 19,400 19,550 ! 15,397 I 21,708 June 17,655 17,453 i 24,025 19,341 15,402 I 21,175 July 17,774 19,194 i 29,543 19,218 : 15,446 i 22,566 August 20,131 17,177 ; 27,809 16,472 i 14,952 I 20,406 September. 21,083 19.361! 27,403 16,848 ! 14,107 : 20,097 October 23,166 19,208 ! 26,529 20,331 15,796 j 19,085 November. 18,917 15,279 i 22,920 25,488 15,261 19,201 December.. 21,642 19,322 i 27,703 26,985 i 19,155 20,209 Total. 226,344 j 218,692 I 280,595 261,074 j 215,357 334,223 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DISTRICT NO. 4—CLEVELAND. 321 SCHEDULE 9.—DEBITS TO INDIVIDUAL ACCOUNTS—Continued. Oil City, Pa. Pittsburgh, Pa. Month. 1922 1921 1920 1922 1921 1920 January.... 11,134 15,336 12,619 651,733 922,583 835,290 February.. 9,067 11,485 9,553 591,011 821,505 728,320 March 10,890 11,554 13,655 649,824 771,115 904,489 April 11,453 11,355 13,927 671,135 719,332 858,152 May... 14,102 I 10,033 13,467 672,624 703,152 832,499 June 14,974 ! 9,950 14,543 738,877 717,983 933,544 July 13,014 ! 8,743 14,868 719,716 615,312 920,074 August 13,481 j 7,992 14,153 714,763 591,063 802,665 September. 12,349 ! 8,482 15,727 708,543 604,918 885,243 October 15,242 9,780 14,175 788,957 687,486 890,472 November. 13,055 10,383 15,706 733,687 638,060 970,007 December.. 13,771 11,775 17,925 1,081,877 704,068 1,051,408 Total.. 152,532 126,868 170,318 8,702,747 8,496,577 10,612,163 Springfield, Ohio. Toledo, Ohio. Month. 1922 1921 1921 1920 January • 16,099 18,611 17,243 153,141 118,230 135,976 February.. 13,837 15,050 14,008 128,013 95,680 113,172 March 18,547 19,815 17,682 132,550 106,989 144,788 April 16,878 18,370 15,374 142,065 108,441 150,563 May 16,330 15,973 13,991 149,544 105,666 146,554 June 18,149 15,813 15,918 ! 152,234 110,315 141,563 J«iy»; 20,631 16,702 17,824 i 164,428 121,170 147,180 A S O N D e u c o e p t g c v o t e u e e b m s m m e t r b b b e e e r r r . . . . 2 2 1 1 1 0 2 9 9 9 , , , , , 7 4 2 1 9 2 0 7 4 6 6 6 4 6 5 1 1 1 1 1 4 5 4 5 3 , , , , , 2 7 9 1 5 8 2 2 4 4 9 7 3 8 8 ; ! i | i 1 1 1 1 1 4 3 5 3 7 , , , , , 7 4 1 5 9 6 8 3 6 8 1 5 6 8 8 I I i ! j 1 1 1 1 1 7 5 5 5 8 0 6 6 1 5 , , , , , 3 7 7 0 4 5 6 1 7 2 7 6 9 3 9 1 1 1 1 1 0 2 5 1 2 6 4 1 2 7 , , , , , 8 9 8 0 9 3 4 5 9 5 3 1 3 3 2 1 1 1 1 1 2 3 2 3 3 4 0 2 2 8 , , , , , 5 0 4 6 2 4 7 1 2 1 6 9 5 5 2 Total.. 193,969 ! 188,958 j 1,842,319 1,390,163 1,627,673 Wheeling, W. Va. Youngstown, Ohio. Month. 1922 1921 1920 1922 1921 1920 January 31,492 40,331 41,361 41,822 69,049 74,164 February... 27,398 31,433 32,693 i 34,225 45,086 55,839 March 34,743 36,241 39,961 43,868 53,122 69,661 April 35,902 36,503 44,628 48,332 51,602 69,470 May 38,484 32,645 36,183 49,493 43,824 55,897 June 39,919 34,652 42,221 55,043 46,097 62,123 July 40,256 29,784 41,872 61,696 45,167 72,956 August 37,498 28,153 39,856 47,890 39,016 62,781 September.. 37,687 27,931 40,140 55,670 45,373 68,729 October 43,369 33,784 38,796 j 55,527 43,593 63,855 November.. 39,128 34,366 46,246 ' 47,841 38,092 68,193 December... 48,551 37,066 47,209 61,665 43,920 71,157 Total., 454,427 402,889 491,166 | 603,072 563,941 794,825 NOTE.—Centers which have not reported continuously for the 18 months ending Dec. 31, 1922, are not included in the table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

322 REPORT OF THE FEDERAL RESERVE BOARD. DISTRICT NO. 5—RICHMOND. SCHEDULE 1.—COMPARATIVE STATEMENT OF CONDITION. [In thousands of dollars]. Dec. 30, Dec. 31, Dec. 31, 1922. 1921. 1920. RESOURCES. Gold and gold certificates 5,729 2,663 5,702 Gold settlement fund—Federal Reserve Board.. 27,618 19,094 20,429 Gold with foreign agencies 162 Total gold held by bank 33,347 21,757 Gold with Federal reserve agent 64,065 38,057 53,699 Gold redemption fund 4,578 4,962 6,797 Total gold reserves 101,990 64,776 86,789 Legal tender notes, silver, etc.. 9,922 6,781 363 Totalreserves 111,918 71,557 87,152 Bills discounted: Secured by United States Government obligations.. 22,092 41, 047 ! 45,955 Other bills discounted 31,193 53,621 I 69,518 Bills bought in open market 1,734 3,558 ! 5,048 Total bills on hand 55,019 98,226 I 120,521 United States bonds and notes 1,291 1,233 1 1,234 United States certificates of indebtedness: One-year certificates (Pittman Act) 3,760 I 12,260 All other 2 Total earning assets 56,310 103,219 134,017 Bank premises i 2, 618 2,545 i 1,277 5 per cent redemption fund against Federal reserve bank notes.. 188 601 uncollected items 58,037 46,414 59,875 All other resources 398 305 566 Total resources 229, 275 224,228 283,488 LIABILITIES. Capital paid in. 5,595 5,429 5,269 Surplus 11,288 11, 030 10,561 Deposits: Government 860 4,456 2,899 Member bank—reserve account. 61,527 56,127 57,085 All other 573 438 288 Total deposits 62,960 61,021 60,272 Federal reserve notes in actual circulation 101,147 107,101 155,169 Federal reserve bank notes in circulation—net liability. 3,516 11,467 Deferred availability items 47,882 35,620 40,202 All other liabilities 403 511 548 Total liabilities 229,275 224,228 283,488 Ratio of totalreserves to deposita and Federal reserve note liabilities combined 68,2 42.6 44.5 1 Net, i. e., after deducting reserves for depreciation. * Net deposits prior to Mar. 18,1921, and total deposits beginning with that date. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DISTRICT NO. 5 RICHMOND. 323 SCHEDULE 2.—MOVEMENT OP PRINCIPAL ASSETS AND LIABILITIES DURING 1922. [ Amounts in thousands of dollars.] Bills discounted for member banks. Date. ( a T e 2 s i 6 a + o n s ) r g . e t 5 n a t + - s l Total- i j G s m e B c ^ b e i u y l r n l r s n t ed - c O b o d t i i u h s l - n l e s t r - m b B o o a p i u r i n l k e g l n s e h t t U S r s i n t e t a i c i e t t u e e s - s d . s T e c r r o a e v s - t e a h s l . r b p M e a o b s d e n e s e m e r - i k r - t v s s e . ' p T o d o s e t i - a ts l , ; i r i e n n c t F s e i o u e o e r c d t l a r n - e i a v r l . s - - e s c p R e e e r e r n - - v t e j obliga- ed. i tions. 3 Jan. 4.... 97,903 89,502 38,451 51,051 3,408 4,993 67, 511 52.281 54,816 i 105,793 42.0 11 93,675 85,350 36,774 48,576 3,332 4,993 70,506 53,371 54,458 1102,199 45.0 2 1 5 8.... 9 93 3 , , 6 9 9 2 7 2 8 85 5 , , 6 8 7 1 2 4 3 3 9 8 , , 3 2 7 5 8 3 4 46 7 , , 4 4 1 3 9 > 3 3, , 1 0 1 3 5 2 4 4 , , 9 9 9 9 3 3 7 7 2 1 , , 1 5 9 5 3 1 5 5 3 4 , , 7 4 3 9 9 2 5 5 8 5 , , 3 8 3 1 5 8 j ' 9 « 9 77£ 9 -7,, , 1 2 £i1• 0 \I3- 6 U- 4 4 5 6 . . 9 7 Feb. 1.... 89,531 82,034 36,444 45,590 2,504 4,993 75,794 53, 348 59,217 96,944 48.5 8 85,227 77,975 34, 339 43,636 2,459 4,793 80, 884 53,939 57,778 96,379 52.5 15.... 83,979 76, 822 34,999 41,823 2,364 4,793 79, 253 53,486 57,859 94,431 52.0 21 84, 087 77,159 34, 717 42, 442 2,135 4, 793 76,395 52, 943 56,716 94, 505 50.5 Mar. 1.... 80,784 73,679 32, 742 40,937 2,312 4,793 80,988 53,426 56,179 94,544 53.7 8.... 77, S69 70,483 30, 416 40, 067 2,593 4,793 84, 888 54, 764 55, 784 94,199 56.6 15.... 80.125 73, 023 32, 601 40, 422 2,309 4,793 81, 841 55,176 56,886 92,946 54.6 22 81,825 74,667 31,773 42,894 2,365 4,793 80, 306 53,025 57,587 92,603 53.5 29.... 81, 213 74, 509 30,997 43,512 1,911 4,793 80,282 53,324 57,885 91,314 53.8 Apr. 5 75,174 68, 510 26,263 42, 247 1,871 4,793 84, 545 53,867 55,291 92,664 57.1 12.... 70,615 64, 017 23,652 40, 365 1,805 4,793 89,188 53, 648 56,126 92,190 60.1 19 68.126 61, 476 21,696 39,780 1,857 4,793 88,397 51,852 53,706 91, 791 60.8 26.... 66,108 59, 407 21, 544 37, 863 1,908 4,793 ! 91,926 54, 250 56, 313 89, 702 63.0 May 3 63, 501 56,967 19, 216 37, 751 1,741 4,793 95, 605 55, 368 56,356 , 89, 723 , 65.4 10 60, 773 54, 509 18,704 35,805 1,471 4,793 95, 728 54.282 56,038 j 88,122 66.4 17.... 60,504 54, 539 18, 795 35, 744 1,172 4,793 _9_5_,_ 3_6_8 54, 487 56,421 8"7 ,"1"89* 66.4 24.... 58,324 52,302 17,892 34, 410 1,229 4,793 1102, 402 54, 791 61, 849 85, 804 69.4 31.... 53, 612 47,672 15, 928 31, 744 1,147 4,793 1107,182 54, 545 63,125 85, 771 72.0 June 7 48,355 42,699 13, 499 29, 200 863 4,793 109,324 57,389 58,633 85, 856 75.7 14.... 47,632 42,009 14,156 ! 27, 853 4,793 111,158 55,175 62,121 84, 494 75.8 21 , 46,180 40, 553 12,658 ! 27,895 *834 4,793 1105,576 55, 095 56,156 83,620 75.5 A S Ju e u l p g y t . 2 2 2 3 . 1 1 1 2 1 6 2 0 9 3 0 6 3 5 6 2 9 8 . . . . . . . . . . . . . . . . . . . . . ' j I ! i 1 1 4 4 3 4 4 4 4 4 4 4 4 4 4 6 9 0 0 0 4 0 1 3 1 1 4 , 5 , , , , , , , , , , , 5 4 , 3 5 3 5 0 2 4 0 0 1 9 8 9 0 0 7 2 3 3 3 3 2 1 0 7 6 2 4 6 2 2 1 2 2 1 3 7 3 3 3 3 3 3 4 3 3 3 4 3 3 5 6 0 5 5 4 9 0 5 5 8 8 5 , , , , , , , , , , , , , 3 9 1 3 9 6 1 2 6 0 1 8 2 6 3 3 9 0 1 1 3 4 9 1 0 4 1 4 3 8 4 5 9 3 4 4 7 9 4 1 1 1 1 1 9 9 9 2 4 9 9 9 9 9 2 1 2 , , , , , , , , , , , , , 9 6 1 3 3 8 0 5 9 7 6 3 8 5 4 2 1 2 6 0 4 6 6 6 5 0 1 1 6 2 8 4 9 4 0 9 5 8 4 I | ! ! | ! ! i , I i 2 2 2 2 2 2 2 2 6 6 2 2 5 6 2 2 7 6 2 6 6 , , 5 4 , 6 6 5 , , , , 6 , , 0 , 4 7 , , , 1 3 6 0 8 0 9 4 0 9 3 4 4 1 2 0 2 6 7 3 3 6 7 0 4 0 0 5 6 1 4 5 9 7 8 3 2 4 3 3 3 3 4 4 4 8 4 7 2 0 7 9 8 3 7 0 2 8 9 7 1 7 3 1 6 1 4 0 9 3 7 6 0 0 4 4 4 4 4 4 4 4 4 4 4 4 4 , , , , , , , , , , , , , 8 8 7 8 8 8 7 7 7 7 7 7 7 0 0 0 0 0 0 0 0 9 9 9 9 9 1 1 1 1 1 1 1 1 3 3 3 3 3 ! 1 1 1 j 1 1 ! 1 | 1 I 1 1 1 1 1 1 1 1 1 1 1 l 0 0 0 0 0 l 5 0 0 0 0 4 0 0 0 , 6 5 , 8 , 7 5 8 9 9 8 5 , , , , , , , , 7 9 , , 8 7 5 1 7 2 7 9 1 2 9 5 8 6 6 2 2 0 9 1 2 6 9 2 2 3 3 2 2 5 1 1 3 4 5 0 1 I i ! I ! ; I 5 5 5 5 5 5 5 5 5 5 5 5 5 7 5 6 5 6 5 6 7 5 5 6 7 4 , , , , , , , , , , , , , 7 1 3 6 1 9 9 6 7 6 3 2 5 9 9 3 4 0 2 1 8 0 7 4 5 9 9 9 6 5 4 2 7 0 8 4 2 3 4 5 5 6 5 5 6 6 5 5 5 5 5 5 9 8 0 9 0 8 8 5 0 8 7 7 9 , , , , , , , , , , , , , 2 0 3 1 2 7 6 2 7 3 3 6 9 9 2 7 0 7 2 4 0 8 2 4 5 3 3 7 5 1 8 6 8 7 1 8 2 4 3 8 8 8 7 7 7 7 8 8 8 7 7 7 0 2 9 2 2 9 9 1 4 8 8 8 9 , , . , , , , , , , , , , 9 4 7 5 1 8 9 7 0 8 3 7 7 9 3 1 7 2 0 7 8 9 9 6 6 4 6 6 9 3 9 3 0 0 6 1 0 0 4 7 7 7 7 7 7 7 7 7 7 7 7 7 9 3 5 7 9 7 8 6 5 7 6 8 6 . . . . . . . . . . . . . 3 8 7 1 6 8 4 6 1 5 8 8 0 27 45, 065 12,403 i 27,290 671 4,701 111,815 I 557', 394 59, 247 86, 506 76.7 Oct. 4 48, 261 42,776 14,034 | 28,742 784 4,701 112,447 5ri8,628 58,901 90,506 75.3 11 46, 783 41, 638 13, 849 27, 789 944 4,201 116,902 59, 273 61,554 93, 270 75.5 18 48, 705 43,283 15,727 27,556 1,221 4,201 114,969 58, 582 59,371 95, 262 74.3 25 47,197 41, 257 14, 484 26,773 1,739 4,201 120,928 61, 291 62, 786 95, 433 76.4 Nov. 1 46,840 40, 728 14, 743 25, 985 1,911 4,201 119,479 !60, 065 60,425 95, 895 76.4 8 45,342 39, 584 14, 385 25,199 2,057 3,701 124,499 i 58,690 6i;326 ! 96,830 78.7 15 47, 744 41, 843 18, 523 23, 320 2,200 3,701 119,976 59, 255 61, 497 ; 97,101 75.6 22 50, 906 45, 022 19, 905 25,117 2,183 3,701 1111e5" , "4™79 58,699 61,138 73.1 29 52, 601 47, 217 19, 870 27, 347 2,183 3,201 118,244 60,919 64,906 96, 959 73.1 Dec. 6 50,190 44,952 19,162 25, 790 2, 037 3,201 118,769 60,661 62,611 97, 918 74.0 13 53,765 49,195 20, 875 28, 320 1,969 2,601 113,945 57, 893 60,182 99, 045 71.6 20 57,695 51,435 20, 496 30, 939 1,659 4,601 107, 592 54,938 56,391 103,844 67.1 27 67, 052 56,837 !25, 024 31,813 1,614 8,601 98, 525 59,123 60,211 103,398 60.2 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

324 ANNUAL EEPOBT OF THE FEDERAL RESERVE BOARD. FEDERAL RESERVE BANK OF RICHMOND MILLIONS OF DOLLARS MJLLIONS OF DOLLARS F. R. NOTE CIRCULATION 160 PURCHASED BILLS UNITED STATES SECURITIES 7mA 1920 T921 1922 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DISTBICT NO. 5 RICHMOND. 325 SCHEDULE 3,—VOLUME OF DISCOUNT AND OPEN-MARKET OPERATIONS. [In thousands of dollars.] Bills discounted. Month. Secured by U.S. Bankers' Trade Agricultural Total. Govern- accept- accept- and live- All other. ment ances. ! ances. stock paper. obligations. January 204,742 179,654 778 5,037 19,273 February.. 158,108 136,301 593 3,607 17,607 March 166,654 138,928 633 4,278 22,815 April 88,170 68,756 421 4,216 14,777 May 72,364 55,509 518 4,166 12,171 June 71,672 55,076 353 3,459 12,784 July 57,196 44,248 352 3,898 August 45,153 32,207 206 3,198 9,542 September. 75,708 58,918 240 2,890 13,660 October.... 111,121 92,726 384 3,297 14,714 November. 150,202 132,117 437 2,313 15,335 December.. 223,477 196,509 624 2,319 24,025 Total: 1922 1,424,567 1,190,949 5,539 42,678 185,401 1921........ 2,749,671 2,311,900 11,817 59,184 I 366,770 1920 3,346,322 2,938,150 12,676 395,496 •RiN* hnnpht in rmpti Tnarir^t u- s- securities Total discount and open- Bills bougnt in open market. purchased. ! market operations. Month. Certifi- j Bankers1 Dollar Trade Bonds cates of | Total. accept- ex- accept- and 1922 1920 ances. change. notes. | debted-1 i ness. I January 1,098 1,098 205,840 247,729 323,244 February 1,514 1,514 159,622 226,995 277,407 March 1,026 1,026 167,680 307,639 351,353 April 449 449 88,619 295,358 327,562 May 355 355 72,719 213,118 296,817 June 513 513 72,185 247,186 290,865 July 260 260 57,456 211,059 262,500 August 284 284 50 45,487 216,410 271,093 September 708 708 76,416 226,413 284,902 October 1,338 1,338 112,459 202,541 248,615 November 745 745 150,947 200,050 252,647 December 170 170 50 32,000 j 255,697 217,518 295,030 Total: 1922. 8,460 8,460 100 32,000 1,465,127 1921. 25,345 25,345 37,000 ! 2,812,016 1920 , 51,711 51,711 84,002 i !3*482,*035 I 28971—23 22 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

326 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. SCHEDULE 4.—VOLUME OF BILLS DISCOUNTED FOR MEMBER BANKS IN EACH STATE. [Amounts in thousands of dollars.] Num- Num- ber of ber of memmem- ber Month. g W V in e i i r a s - t . i I i l D u o m i f s C b t o r i i a - c . t j M lan ar d y . - Virginia. N C li o a n r r a o t . h - S C li o a n u r a o t . h - Total. i b n a b n e d r k is s - a b c m a c n o o - k m s trict at dated end of during month. the month. I January 8,555 26,594 51,908 85,957 14,053 17,675 204,742 626 395 February 7,778 5,956 45,185 73,697 12,446 13,046 158,108 626 375 March 10,035 8,126 43,710 75,691 15,081 14,011 166,654 630 398 April 8,128 3,816 14,948 39.401 12,116 9,761 88,170 632 387 May 8,742 \ 7,478 8,356 28.402 10,798 ! 8,588 72,364 631 370- June 8,583 | 20,474 5,361 22,558 8,237 6,459 71,672 630 356 July 9,464 j 15, 724 4,649 16,581 5,219 i 5,559 57,196 629 347 August 7,892 i 3.268 4,885 17,310 6,279 | 5,519 45.153 627 328 September | 8,073 j 8', 682 29,703 14,449 ! 4,815 75' 708 629 328 October 9,314 32.974 15,039 ! 34,706 12,618 ! 6,470 .111,121 630 322 November. 10,835 52,557 31,723 : 41,620 8,049 I 5,418 150,202 633 289> December. 11,540 99,142 34,155 | 61,262 12,125 ! 5,253 223,477 634 288 Total: 1922 |108,939 |284,791 !269,905 I 526,888 131,470 1102,574 ii, 424,567 1921 86,684 1 99,228 |569,550 11,428,846|311,828 J253,535 2,749,671 1920 45, 886 !l24,352- 1830,265 ;1,737,538 303,320 304,961 i3,346,322 Number of member j ' \ j \ banks at end of year: 1922 125 i 15 j 94 104 104 i 634 1921 120 | 16 ! 87 103 j 100 626 1920 116 ! 16 : 98 I 97 98 610 Number of member banks accommodated: i 1922 ! 77 11 i 96 ; 491 1921 i 68 10 i 98 ; 494 1920. ... i 36 10 i 96 '•• 437 1 Figures in this column relate only to that part of the State located in the fifth district. SCHEDULE 5.—EARNINGS AND EXPENSES. 1921 1920 EARNINGS. Discounted bills $2,569,887 $6,166,477 $5,920,89a Purchased bills | 74,655 184,592 477,557 United States securities 95,378 196,299 276,991 Deficient reserve penalties 87,080 175,797 216,559 Miscellaneous 5,944 6,514 11,270 Total earnings j 2,832,944 j 6,729,679 6,903,270 CURRENT EXPENSES. i Salaries: Bank officers 155,467 149,702 105,945 Clerical staff 760,883 858,861 617,525 Special officers and watchmen 33,189 29,941 15,066 AU other 78.739 62,102 34,74$ Governors' conferences 166 550 401 Federal reserve agents' conferences 123 88 125 Federal Advisory Council 629 493 546 Directors' meetings 5,795 7,021 6,318 Traveling expenses1 23,101 33,931 26,248 Assessments for Federal Reserve Board expenses 37,402 38,723 34,555 Legal fees I 12,218 4,292 1,070 Insurance (life, fidelity, casualty, workmen's compensation, and ! general liability) j 22,541 20,709 15,732 Banking house: | Taxes and fire insurance ! 42,675 7,941 Light, heat, and power 10,989 4,093 A Re ll p o a t i h rs e r and alterations 2 1 4 , , 2 8 7 5 4 4 1 1 6 , , 3 1 3 5 3 7 39,693 Rent, including light, heat, and power, and minor alterations 4,341 16,331 Fire insurance—furniture and equipment 613 1,313 Furniture and equipment" 197,329 103,126 1 Other than those connected with governors' and agents' conferences and meetings of directors and of the advisory council. Digitized for Fs CRhAarSgEedR t o profit and loss in 1922 and to current expenses prior to that year. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DISTRICT NO. 5—RICHMOND. 327 SCHEDULE 5.—EARNINGS AND EXPENSES—Continued. 1922 1921 1920 CURRENT EXPENSES—continued. Printing and stationery (including office and other supplies) $84,815 $81,378 $84,345 Telephone 5,944 4,910 3,415 Telegraph 34,934 34,210 27,604 Security shipments , 5,669 14,710 Currency and coin shipments 59,415 53,003 107,469 Postage and expressage (other than on money and security shipments) .. 91,946 74,691 Federal reserve currency: Original cost, including shipping charges 68,358 I 262,614 170,101 Cost of redemption, including shipping charges 24,734 77,712 45,749 Taxes on Federal reserve bank note circulation 13,184 32,240 52,605 All other expenses , 27,358 40,796 23,688 Total current expenses 2,127,174 1,516,075 Current net earnings 1,201,588 4,602,505 5,387,195 PROFIT AND LOSS ACCOUNT. Earnings 2,832,944 6,729,679 6,903,270 1,631,356 2,127,174 1,516,075 Current expenses Current net earnings , 1,201,588 4,602,505 5,387,195 Additions to current net earnings: Amounts deducted from reserve for depreciation on United 3,618 6,827 States bonds Assessment account expenses Federal Reserve Board previously 25,531 Al c l h o a t r h g e e r d to profit and loss • 8,831 4,202 5,859 Total additions 12,449 11,029 31,390 Deductions from current net earnings: Depreciation allowances on bank premises 178,358 54,069 170,000 Furniture and equipment 64,710 Reserve for probable losses 50,000 100,000 !. Reserve for self-insurance 50,000 50,000 I. Reserve for depreciation on United States bonds 5,865 All other 3,521 15,838 4,214 Total deductions 346,589 219,907 180,079 Net deductions from current net earnings 334,140 208,878 148,689 Net earnings available for dividends, franchise tax, and surplus 867,448 4,393,627 5,238,506 Dividends paid 333,321 322,203 293,052 Franchise tax paid United States Government M80,714 3,377,632 204,585 3 53,413 693,792 4,740,869 Transferred to surplus account.. 3 Bank also charged its surplus account and paid the Umted States Government $20,459 as an additional franchise tax for 1921. See p. 22. SCHEDULE 6.—OPERATIONS OP FEDERAL RESERVE CLEARING SYSTEM. [Figures include cash items only. Numbers in thousands; amounts in thousands of dollars.] , Items drawn on Item ot s h e fo r r F w e a d rd er e a d l to Items drawn on 1 banks in own district. reserve banks and Treasurer of Total.* Month— their branches. United States. Number.j Amount. Number. Amount. Number. Amount.Number. Amount. __ January 2,821 550,951 215 80,451 87 15,552 3,123 646,954 February 2,550 461,763 203 I 70,970 85 13,568 2,838 546,301 March ;.... 3,158 573,963 267 | 91,760 120 15,648 3,545 681,371 April | 2,891 535,314 275 91,833 116 14,607 3,282 641,754 May | 3,066 589,524 277 I 92,131 105 12,583 3,448 694,238 June j 3,144 607,672 i 263 i 95,193 114 12,852 3,521 715,717 July | 2,998 576,612 j 255 87,542 84 11,154 3,337 675,308 August i 2,948 577,210 | 258 90,259 86 11,910 3,292 679,379 September | 3,030 620,804 i 252 I 101,528 110 11,202 3,392 733,534 October j 3,452 738,596 297 i 124,576 129 11,983 3,878 875,155 November I 3,350 j 703,773 1 302 I 107,875 112 13,442 3,764 825,090 December j 3,573 724,701 ' 386 108,366 110 13,465 4,069 846,532 Total: 1922.... | 36,981 7,260,883 3,250 1,142,484 1,258 157,966 41,489 8,561,333 1921 34,084 7,071,625 2,473 1,101,378 1,290 205,284 37,847 8,378,287 1920.... 28,995 j 8,782,889 3,266 2,287,494 1,074 208,088 33,335 11,278,471 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

328 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. SCHEDULE 7.—CLEARINGS AND TRANSFERS THROUGH THE GOLD SETTLEMENT FUND. [In thousands of dollars.] I Payments Receipts to other from other Week ending— Federal Federal Net loss. Net gain. reserve reserve banks. banks. Jan. 5 (3 days). 67,193 65,276 1,917 12 108,813 106,348 2,465 19 92,463 93,901 1,438 26 118,647 120,328 1,681 Feb. 2 99,190 101,880 2,690 84,564 87,856 3,292 16. 104,610 100,023 4,587 23. 105,622 106,302 680 Mar. 2. 112,629 111,400 1,229 9. 97,261 95,020 2,241 16. 108,007 106,464 1,543 23. 114,623 116,515 30. 101,574 99,411 2,163 Apr, 6. 89,001 93,087 13. 89,416 I 89,449 33 20. 101,033 96,238 4,795 27.. 88,380 ! 93,493 5,113 May 1 4 1. .. 9 8 8 5 , , 5 3 3 7 1 8 ! 9 8 5 7 , , 8 6 3 7 9 8 *2,'692" 2,300 18., 89,941 94,451 4,510 June 2 1 5 5 8 1 . . . ., 1 1 9 8 0 0 4 3 1 3 , , , , 0 6 2 1 1 0 0 5 3 9 8 2 1 1 1 9 9 1 0 0 5 2 4 3 0 , , , , , 9 0 8 0 5 5 0 3 7 3 1 1 5 4 4 1,035 22. 113,913 91,429 29.. 86,465 76,828 4,964 July 79,579 89,870 2,751 91,739 93,777 1,869 87,342 44 82, 100,140 4,810 Aug. 106, 88,611 6,051 85, 90,338 2,653 88, 81,752 1,992 81, 78,401 445 77, 76,321 478 Sept. 74, 88,976 2,102 89, 121,075 103 120, 101,656 529 99, 105,893 1,896 Oct. 105, 97,368 854 92, 141,402 4,628 146, 115,885 5,074 109, 117,152 Nov. 118, 98,886 564 16 1 9 1 8 3 , ; 1 1 2 0 7 6 , , 3 5 7 2 1 6 7,054 749 23... 132, 104,994 4,832 29 101, 121,311 3,525 Dec. 7 125, 117,178 4,208 14 119, 133,307 2,575 21 142, 100,591 9,137 28 102. 50,223 2,199 29-30 (2 days). 39, 10,399 Total: 1922. 5,255,732 5,271,957 16,225 1921. 6,104,150 6,054,210 1920. 7,995,934 7,985,179 Net loss in ownership of gold since establishment of fund in 1915, $16,724,000. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DISTRICT NO. -RICHMOND. 329 SCHEDULE 8.—PRINCIPAL ASSETS AND LIABILITIES OP REPORTING MEMBER BANKS IN LEADING CITIES AS OF THE LAST REPORT DATE IN THE MONTH. [In thousands of dollars.] Investments. Total loans and discounts (including rediscounts with Fed- Last report date in— eral reserve bank). United ri S ti t e a s t . es secu- All other. 1922 1921 1922 1921 1922 1921 January... 442,625 475,764 70,068 73,775 48,419 47,369 February. 437,016 475,148 70,414 71,741 48,430 47,099 March 435,607 474,584 66,127 80,290 50,962 48,717 April 437,535 474,503 65,345 73,501 49,859 49,955 May 429,237 469,240 63,333 72,625 51, 717 50,025 June 430,203 468,953 65,141 71,333 54,765 55,001 July 426,063 464,872 64,546 71,115 55,797 53,598 August 427,988 458,894 68,102 67,957 55,683 53,548 September 431,229 465,157 67,500 77,718 56,034 51,597 October... 439,279 459,889 72,984 69,282 57,282 51,586 November. 445,182 450,567 73,224 67,984 56,740 50,694 December. 459,380 450,575 76,938 72,571 54,946 49,861 Net demand deposits, j Time deposits. Accommodation at Federal reserve bank. Last report date in— 1922 1921 1922 1921 1921 January... 304,679 331,243 130,973 115,889 620 66,162 February. 301,479 324,365 130,383 116,341 568 66,520 March 298,257 317,251 134,453 117,509 027 68,937 April 311,896 306,752 135,674 118,824 054 78,301 May 312,067 302,150 141,581 120,885 76,141 June 327,080 299,560 149,473 119,581 73,991 July 334,715 301,867 145,144 121,321 72,328 August 327,243 295,715 141,567 122,242 71,290 September 326,791 288,181 145,266 121,833 71,578 October... 332,088 297,648 145,929 127,516 62,933 November. 332,001 294,953 147,065 126,599 56,705 December. 335,679 296,832 145,619 126,591 56,524 -NOTE.—Figures are for about 78 banks, which submit weekly reports to the Federal Reserve Board, located in Richmond, Baltimore, Charleston, S. C, Charleston, W. Va., Charlotte, Columbia, Huntington, Lynchburg, Norfolk, Raleigh, Roanoke, Washington, and Wilmington. SCHEDULE 9.—DEBITS TO INDIVIDUAL ACCOUNTS. [In thousands of dollars.] Summary for 7 centers.1 Baltimore, Md. Month. 1922 1921 1920 1922 1921 1920 January 630,971 737,917 913,182 364,215 ! 448,090 497,691 February.. 535,864 600,411 729,147 301,165 I 353,382 394,808 March 618,568 677,832 827,966 350,817 I 413,200 462,064 April 614,409 645,676 815,659 351,291 ! 395,722 466,787 May 664,853 633,007 794,726 385,653 i 393,187 456,126 June 681,167 677,168 816,522 399,702 I 421,517 477,187 July 636,506 660,222 823,137 369,680 I 418,510 486,273 August.... 616,520 674,846 742,740 362,288 440,523 450, 421 September. 596,901 666,886 742,456 327,258 417,881 459,485 October 705,455 743,458 805,251 373,575 465,576 490,735 November. 660,697 724,232 783,394 343,370 443,218 449,061 December.. 753,942 793,239 841,217 480,385 508,791 Total, 7,715,853 8,234,894 9,635,397 4,317,812 5,091,191 5,599,429 1 Figures for cities marked with an asterisk are not included in the district summary or in the national summary of 141 centers. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

830 ANNUAL, REPORT OF THE FEDERAL RESERVE BOARD. SCHEDULE 9.—DEBITS TO INDIVIDUAL ACCOUNTS—Continued. Charleston, S. C. Charlotte, N. C. Month. 1922 1921 1920 1922 1921 1920 January 27,070 28,788 53,706 27,156 i 24,489 February.. 24,162 I 23,880 39,896 24,047 ! 20,209 43,345 March 24,370 j 25,032 46,464 28,226 I 24,218 44,020 April 26,230 28,354 44,934 28,537 | 24,173 41,203 May 26,064 23,571 47,119 30,891 ! 23,512 39,713 June 23,828 ! 25,052 42,519 31,424 ! 26,196 38,769 July. 26,039 j 25,179 41,334 31,609 I 21,185 35,044 August 24,326 j 23,214 28,561 28,026 ' 21,571 30,068 September. 17,180 23,125 24,498 33,874 ! 25,840 31,686 October 21,561 24,819 29,602 37,282 ! 28,893 33,303 November. 28,111 I 22,582 29,730 35,567 I 28,595 37,912 December.. 28,494 j 27,398 27,984 41,376 ! 30,710 30,763 Total. 297,435 300,994 ; 456,347 378,015 j 299,591 454,115 Columbia, S. C. Greenville, S. C* Month. 1922 1921 1920 1922 1920 January 23,028 21,609 42,244 16,248 February.. 19,583 18,295 32,350 12,276 12,687 March 23,703 20,731 39,097 15,248 13,256 April 21,771 21,087 31,395 13,605 13,896 May 24,964 21,174 34,771 15,749 12,639 June 22,339 19,324 30,035 14,950 13,456 July 17,453 18,926 25,218 15,446 11,627 August 15,167 17,497 20,675 14,782 11,347 September. 20,829 20,727 23,738 15,952 15,893 October 25,760 23,980 26,628 20,467 18,077 November. 23,590 21,848 25,315 23,881 16,308 December.. 23,512 23,778 24,187 20,440 18,063 Total 261,699 248,976 355,653 199,044 157,249 , Huntington, W. Va. * Norfolk, Va. Month. I 1922 1921 1920 1922 1921 1920 January 19,311 24,754 58,981 70,008 97,897 February.. 15,923 22,099 51,515 53,148 78,915 March 19,130 25,339 63,102 61,686 93,064 April 17,672 21,883 64,458 i 53,885 78,953 May 19,477 21,066 70,125 | 53,831 82,791 June 21,921 21,895 24,513 72,467 1 62,472 89,163 July 20,034 20,135 25,383 65,026 | 58,715 97,898 August 19,793 19,758 25,748 62,882 j 53,323 89,048 September, 20,792 18,662 25,090 56,838 1 53,775 78,899 October 24,132 21,489 26,940 74,881 i 63,983 82,581 D N e o c v e e m m b b e e r r . . . 2 2 8 3 , , 7 1 1 6 9 0 2 21 0 , , 8 1 0 3 9 4 2 2 8 9 , , 6 2 1 6 8 7 6 8 7 5;, 5 8 7 9 1 6 6 7 3 4 , , 2 5 0 4 7 0 8 8 5 2 , , 2 0 0 1 6 2 Total 250,064 I 259,023 185,559 793,742 j 722,573 1,036,427 I Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DISTRICT NO. 5 RICHMOND. 331 SCHEDULE 9.—DEBITS TO INDIVIDUAL ACCOUNTS—Continued. Raleigh, N. ( B.ichmond, Va. Month. 1922 1921 1920 1922 1921 1920 21,225 17,633 27,650 109,296 127,300 145,705 February 15,387 16,347 20,599 100,005 115,150 119,234 March .... 17,383 18,967 20,586 110,967 113,998 122,671 April 17,050 17,183 22,517 105,072 105,272 129,870 May 18,190 17,710 17,844 108,966 100,022 116,362 June 18,180 17,971 18,312 113,227 104,636 120,537 July 20,720 18,270 17,978 105,979 99,437 119,392 August 17,774 16,800 16,931 106,057 101,918 107,030 September 19,050 16,853 18,453 121,872 108,685 105,697 October 31,533 15,954 17,897 140,863 120,253 124,505 November.. . . . 26,367 15,133 18,780 135,796 129,649 140,584 December 36,000 18,850 22,900 150,191 137,578 141,386 Total 258,859 207,671 240,447 1,408,291 1,363,898 ,492,979 1 Washington, D. C.* Wilmington, N. C* Month. 1922 1921 1920 1922 1921 1920 January .... 159,902 157,959 19,046 February 153 095 138 591 16 968 21,006 March . 184,375 154,835 21,236 22,367 April 181 542 159,646 19 940 23,387 May 198,473 157,122 22,902 20,538 201,728 180,668 19,448 20,575 July 180,651 156,184 18,553 20,044 August 162,052 140,433 121,635 18,501 18,890 September 173,976 148,229 146,273 21,283 21,075 October.. . .... 186,903 169,698 161,108 25,371 23,902 November 176 812 160,796 156 759 24 778 22 032 December 198,636 186,080 173,430 25,225 22,728 Total ... 2,156,145 1,910,241 759,205 253,251 236,544 NOTE.—Centers which have not reported continuously for the 18 months ending Dec. 31, 1922, are not included in the table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

332 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. DISTRICT NO. 6—ATLANTA. SCHEDULE 1.—COMPARATIVE STATEMENT OF CONDITION. (In thousands of dollars.] RESOURCES. Gold and gold certificates Gold settlement fund—Federal Reserve Board. Gold with foreign agencies Total gold held by bank Gold with Federal reserve agent Gold redemption fund , Total gold reserves Legal tender notes, silver, etc. , Total reserves. Bills discounted: Secured by United States Government obligations Other bills discounted Bills bought in open market Total bills on hand United States bonds and notes United States certificates of indebtedness: One-year certificates (Pittman Act) All other Total earning assets.. Bank premises 5 per cent redemption fund against Federal reserve bank notes. Uncollected items All other resources Total resources. LIABILITIES. Capital paid in. Surplus Deposits: Government 3,7ie Member bank—reserve account. 49,172 Allother , 303 Total deposits. 53,191 Federal reserve notes in actual circulation 124,036 121,471 173,40& Federal reserve bank notes in circulation—net liability 8,034 15,175 Deferred availability items 17,480 20,360 All other liabilities 725 662 Total liabilities. 214,030 215,529 275,190 Ratio of total reserves to deposit2 and Federal reserve noteliabilities combined 0.1 i 43.3 41.4 1 Net, i. e., after deducting reserves for depreciation. 8 Net deposits prior to Mar. 18,1921, and total deposits beginning with that date Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DISTRICT NO. 6-—ATLANTA. 333 SCHEDULE 2.—MOVEMENT OF PRINCIPAL ASSETS AND LIABILITIES DURING 1922. [Amounts in thousands of dollars.] Bills discounted for member banks. Date. j ( a T e 2 i s 6 a n o + s ) r g t e 5 . n a t + - s l Total. G s U e B o c b v i . u y l S e l r r s . e n d - c O b o d t i u i h l s n l e - s t r - m b B o o a p i u r i n l e k g l n s e h t t . U S r s i n t e t a i c i e t t u e e s - s d . s T e c r r o a e v s t - e a h s l . r b p M e o a b s d n e s e e e i m r k r - t v s s - e . ' p T o d o s e t i - a ts l . r i e n c t n F e s i o u o e r e c t l a d n r a e i l v r - . - s - e s c a p e g e R e r n e e r v s t - - e - . obliga- ed. tions. 1 2 3 4 5 6 7 8 9 10 U . Jan. 4.... 113,326 90,356 24,453 65,903 4,091 18,879 74,254 47,975 55,630 120,193 42.2 11.... 102,965 80,034 21,280 58,754 4,204 18,727 72,528 45,126 47,533 116,233 44.3 18.... 96,018 76,302 19,915 56,387 3,699 16,017 78,676 43,864 47,510 113,^883 48.7 25.... 88,578 70,755 18,419 52,336 3,451 14,372 81,217 42 516 45,223 112,355 51.5 Feb. 1.... 83,819 69,606 18,468 51 138 2,819 11,394 87,298 42,317 46,641 110,835 55.4 8.... 79,949 68,221 18,560 49,661 2,945 8,783 93,154 44,707 50,377 109,438 58.3 15.... 69,927 59,554 16,106 43,448 2,390 7,983 105,118 49,648 52,786 108,943 65.0 21.... 63,537 53,235 14,374 38,861 2,271 8,031 112,208 46,638 52,817 109,259 69.2 Mar. 1.... 60,891 51,490 13,272 38,218 1,921 7,480 111,915 43,970 50,705 109,277 70.0 8... . 54,374 45,884 11,486 34,398 1,009 7,481 118,024 44,533 47,897 111,385 74.1 15.... 52,893 43,816 11,281 32,535 1,763 7,314 119,166 49,583 51,707 110,613 73.4 22.... 57,847 48,202 11,607 36,595 2,301 7,344 120,013 48,442 54,997 110.971 72.3 29.... 56,556 47,318 10,876 36,442 1,894 7,344 120,918 46,825 53,566 109,865 74.0 Apr. 5.... 54,035 45,521 10,736 34,785 1,170 7,344 121,968 46,388 50,531 110,899 75.6 12.... 49,814 41,374 9,289 32,085 1,096 7,344 125,994 46,902 51,056 110,752 77.9 19.... 49,100 40,556 8,010 32,546 1,200 7,344 123,293 46,886 50,431 110,321 76.7 26.... 47,587 38,903 7,792 31,111 1,303 7,381 125,896 47,169 50,726 109,786 78.4 May 3.... 47,356 37,644 7,058 30,586 2,268 7,444 136,043 48,430 51,602 118,037 80.2 10.... 43,523 35,567 6,616 28,951 1,089 6,867 138,938 49,625 52,045 117,744 81.8 17.... 41,788 33,856 5,640 28,216 875 7,057 138,645 47,974 49,670 117,303 83.0 24.... 41,061 33,237 5,329 27,908 903 6,921 136,139 46,500 48,965 116,519 82.3 31.... 40,301 32,597 4,681 27,916 695 7,009 136,223 45,482 47,811 115,466 83.4 June 7.... 38,977 31,420 4,228 27,192 671 6,886 142,948 50,515 53,915 116,204 84.0 14.... 38,621 29,955 3,244 26,711 811 7,855 141,369 48,052 53,610 114,848 83.9 21.... 38,867 30,885 3,214 27,671 865 7,117 137,605 49,736 51,160 114,714 83.0- 28.... 39,670 30,085 2,456 27,629 667 8,918 135,659 47,623 51,188 113,336 82.5 July 5.... 39,387 29,143 2,204 26,939 1,306 8,938 141,609 51,382 54,592 114,573 83.7 12.... 38,509 28,792 2,031 26,761 746 8,971 135,838 47,963 50,500 113,478 82.8 19.... 40,727 31,062 2,488 28,574 670 8,995 134,512 48,514 51,868 112,696 81.7 26.... 39,249 29,968 1,796 28,172 904 8,377 132,217 47,140 50,681 111,403 81.6 Aug. 2.... 40,088 30,533 1,857 28,676 786 8,769 132,875 47,932 50,036 110,685 82.7 9... . 38,962 30,012 1,701 28,311 1,065 7,885 132,561 48,669 50,940 110,044 82.3 16... . 38,194 29,186 1,795 27,391 1,071 7,937 131,386 45,872 48,573 110,032 82.8 23... . 38,836 30,045 1,768 28,277 728 8,063 128,451 44,109 45,639 109,951 82.6 30... . 38,690 30,590 1,655 28,935 662 7,438 133,769 45,417 48,123 110,670 84.2 Sept. 6.... 40,095 31,219 1,711 29,508 1,713 7,163 136,864 49,437 52,811 114,301 81.9 13.... 38,884 30,331 1,723 28,608 1,822 6,731 135,950 48,269 50,351 114,768 82.3 20.... 47,798 37,606 3,707 33,899 3,964 6,228 132,979 50,776 54,924 116,590 77.5 27.... 44,355 34,438 2,753 31,685 4,247 5,670 134,052 47,713 49,633 118,226 79.9 Oct. 4.... 47,555 37,105 4,305 32,800 5,269 5,181 138,046 52,354 53,359 121,500 78.9 11... . 41,687 32,312 2,066 30,246 4,205 5,170 143,145 49,364 51,011 123,783 81.9 18... . 48,833 35,734 3,916 31,818 7,935 5,164 137,055 51,702 53,571 124,637 76.9 25... . 47,229 32,251 2,697 29,554 9,746 5,232 137,C24 49,780 51,723 123,919 78.0 Nov. 1.... 52,771 34,520 3,812 30,708 13,586 4,665 135,094 51,756 54,326 124,381 75.6 8... . 53,060 35,585 3,334 32,251 13,320 4,155 138,942 55,141 58,360 126,328 75.2 15.... 50,129 33,551 3,576 29,975 12,405 4,173 137,550 52,699 55,140 125,192 76.3 22.... 54,495 37,182 5,052 32,130 13,124 4,189 134,089 53,681 55,125 124,046 74.8 29.... 53,706 37,513 4,419 33,094 12,500 3,693 133,411 52,202 54,081 123,176 75.3 Dec. 6.... 47,596 31,930 4,209 27,721 11,592 4,074 141,230 52,519 55,885 125,432 77.9 13.... 145,282 30,693 3,937 26,756 11,386 3,195 139,958 52,720 54,529 124,479 78.2 20.... 46,879 32,062 3,868 28,194 11,608 3,209 138,729 53,632 54,542 127,843 76.1 27.... 42,920 29,668 3,036 26,632 10,579 2,673 141,404 55,253 56,238 129,493 76.1 * Includes $8,000 of municipal warrants. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

334 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. FEDERAL RESERVE BANK OF ATLANTA MILLIONS QF DOLLARS MILLIONS OF DOLLARS 300 F. R. NOTE CIRCULATION PU!RCHASED BILLS 1 ! uWTEDSTATE*3 SEClJRITIEs W77777Z,9/////// 300 300 DISCOUNTS FOR OWN MEMBERS 150 100 1920 1921 1922 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DISTRICT NO. 6—ACTLANTA, 335 SCHEDULE 3.—VOLUME OF DISCOUNT AND OPEN-MARKET OPERATIONS. [In thousands of dollars.} Bills discounted. Secured Month. by U.S. Bankers' Trade Agricul- Total. G m ov e e n r t n- a a c n c c e e p s t . - a a c n c c e e p s t . - l t i u v r e a - l s t a o n c d k All other. obligations. paper. January 80,779 37,954 742 5,641 36,442 February 61,374 33,401 317 4,176 23,480 March 52,981 23,815 510 4,937 23,719 April 40,328 18,268 532 4,568 16,960 May 27,286 12,182 260 4,646 10,198 June 21,845 7,479 236 4,170 9,960 July 23,457 6,944 200 4,041 12,272 August 19,020 5,316 216 3,342 10,146 September I 35,792 6,694 383 3,309 25,406 October I 39,312 11,158 351 3,644 24,159 November ! 45,777 13,076 575 3,690 | 28,436 December I 41,979 10,659 420 3,570 ! 27,330 Total: 1922 j 489,930 186,946 i 4,742 49,734 248,508 1921 | 1,647,255 936,800 11,811 71,054 ! 626,899 1920 2,231,946 1,571,391 6,338 13,883 640,334 Bills bought in open market. Un s i e t c e u d r i S ti t e a s t es . „ . Total discount and openpurchased. | Munic- market operations. war- Month. Bank- Certifi- rants j ers' Dollar Trade Bonds cates of pur- Total. ! accept- ex- accept- and indebt- chased. 1922 1921 1920 change. ances. notes. ! ances. January 2,395 2,395 83,174 185,274 157,947 February 1,272 1,272 244 62,890 150,014 148,445 March 2,873 2,873 15 30 55,899 164,074 163,918 April 1,905 1,905 285 42,518 152,514 160,84» May 2,815 2,815 994 31,095 153,502 177,269 June 2,581 2,581 1,353 2,997 28,776 132,349 168,730 July 1,228 1,228 606 25,291 122,118 185,617 August 11,,088 1,088 747 21,483 124,661 209,481 September 6,101 6,101 387 134 42,414 137,489 209,773 October 12,885 12,885 324 244 52,765 133,016 230,844 November 3,647 3,647 199 200 49,823 111,241 241,007 December 7,639 7,639 1,051 149 50,826 122,686 236,543 Total: 1922. 46,429 46,429 6,205 4,382 546,954 1921. 22,128 22,128 12,540 7,015 1920. 39,577 39,577 18,897 2,290,420 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

336 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. SCHEDULE 4.—VOLUME OF BILLS DISCOUNTED FOR MEMBER BANKS IN EACH STATE. [Amounts in thousands of dollars.] Number Number of mem- of member banksber bank* Month. Te s n e n e e . s l -'G g e i o a. r- F id l a o . r- b A am la a - . s M ip is p s i is-1 L a o n u a. i 1 si-1 Total. t i r n i ct d i a s- t ac d c d u o a r m t i e n m d g om en o d n t o h f . mo th n e th. January 20,114 19,449 6,293 8,079 1,498 25,346 I 80,779 520 364 February 13,836 18,775 4,909 7,117 1,223 15,514 61,374 522 355 March 8,127 17,905 3,602 8,551 932 13,864 i 52,981 524 340 April 5,304 15,541 2,070 i 7,849 472 9,092 ! 40,328 527 336 May 3,785 11,732 996 j 5,804 691 4,278 ! 27,286 531 323 June 2,948 7,949 1,310 I 4,690 369 4,579 i 21,845 532 300 July 5,165 6,408 1,474 | 4,797 74 5,539 I 23,457 536 284 August 1,842 7,725 1,836 | 3,147 299 4,171 j 19,020 538 288 September 2,579 10,268 3,445 | 4,866 363 14,271 ! 35,792 540 298 October 3,495 11,462 3,618 i 2,041 456 18,240 ! 39,312 542 303 November 3,488 16,424 4,026 2,226 18,984 i 45,777 543 230 December 4,674 13,748 3,880 j 2,215 17,076 j 41,979 543 23T Total: 1922 75,357 157,386 37,459 61,382 7,392 150,954 I 489,930 I 1921 455,731 422,646 1109,041 148,350 26,250 485,237 1,647,255 ! 1920 770,004 |540,167 j 100,324144,048 31,274 646,129 2,231,946 ! Number of member banks at end of year: 1922 92 188 78 i 133 543 1921 89 173 72 i 130 515 1920 86 139 65 ! 121 462 Number of member banks accommodated: 1922 45 142 39 83 30 i 353 1921 65 168 58 ' 105 33 I 444 1920 51 134 46 95 31 i 372 i Figures in this column relate only to that part of the State located in the sixth district. SCHEDULE 5.—EARNINGS AND EXPENSES. 1921 Discounted bills $1,951,695 $6,624,052 $6,688,342" Purchased bills 164,704 154,440 337,991 United States securities 189,390 533,022 320,451 Deficient reserve penalties. 44,357 90,825 102,846 Miscellaneous 2,590 4,313 26,801 Total earnings ! 2,352,736 7,406,652 7,476,431 CURRENT EXPENSES. Salaries: Bank officers 159,994 163,432 156,906 Clerical staff 487,751 530,325 433,196 Special officers and watchmen 23,375 22,653 15,631 All other 38,758 40,751 24,502 Governors' conferences 656 819 504 Federal reserve agents' conferences 286 442 175 Federal Advisory Council 690 1,259 1,092 Directors' meetings 21,758 25,708 17,427 Traveling expenses * 19,284 26,251 15,495 Assessments for Federal Reserve Board expenses 30,164 30,242 27,882 Legal fees 8,948 7,538 8,068 Insurance (life, fidelity, casualty, workmen's compensation, and general liability) 27,651 ! 28,170 \ 16,320 Banking house: Taxes and fire insurance 9,653 9,032 10,774 Light, heat, and power 10,555 8,536 6,095 Repairs and alterations 1,101 2,609 0,340 All other 562 488 Rent, including light, heat, and power, and minor alterations 25,841 25,999 13,433 Fire insurance—furniture and equipment 3 13 Furniture and equipment2 33,399 76,057 Printing and stationery (including office and other supplies) 51,044 I 85,189 80,240 1 Other than those connected with governors' and agents' conferences and meetings of directors and of the advisory council. 2 Charged to profit and loss in 1922 and to current expenses prior to that year. Digitized for sF CRreAdSitE.R http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DISTRICT NO. 6 ATLANTA. 337 SCHEDULE 5.—EARNINGS AND EXPENSES—Continued. " i ~ 1922 1921 1920 CURRENT EXPENSES—continued. Telephone $4,546 $4,987 $3,589 Telegraph 64,789 57,223 50,746 C Se u c r u re r n it c y y s a h n ip d m c e o n in ts shipments 5 3 2 , , 2 6 5 3 1 4 5 4 8 , , 1 8 9 5 9 7 56,087 Postage and expressage (other than on money and security shipments) 62,917 64,606 59,007 Federal reserve currency: Original cost, including shipping charges 107,938 203,504 126,009 C" ost of redemppttiioonn,, includ.i .n. g„ shipping charges. 25,219 66,972 72,808 Taxes on Federal reserve bank note circulation 22,360 51,963 63,958 All other expenses 31,080 25,445 34,010 Total current expenses 1,293,053 1,580,585 1,385,441 Current net earnings 1,059,683 5,826,067 6,090,990 PROFIT AND LOSS ACCOUNT. E arnings 2,352,736 7,406,652 7,476,431 Current expenses 1,293,053 1,580,585 1,385,441 Current net earnings . 1,059,683 5,826,067 6,090,990 Additions to current net earnings: Amounts deducted from reserve for depreciation on United States bonds ; 2,590 8,379 Assessment account expenses Federal Reserve Board previously charged to profit and loss 20,302 All other ; "i,*823* 622 17 Total additions 4,413 | 9,001 20,319 Deductions from current net earnings: Depreciation allowances on bank premises 163, 47,088 87,267 Furniture and equipment 17, Reserve for probable losses 200, 250, 666 Reserve for depreciation on United States bonds 9,506 All other 10,685 4i,76i 4,212 Total deductions -. 391366 338,849 100,985 •Net deductions from current net earnings '. 95T 329,848 Net earnings available for dividends, franchise tax, and surplus 672,730 1 5,496,219 1 6,010,324 Dividends paid 256,618 ! 245,862 I 225,571 Franchise tax paid United States Government 4374,501 I 4,480,251 | 2,136,288 <41,611 | 770,106 i 3,648,465 Transferred to surplus account 4 Bank also charged its surplus account and paid the United States Government 1213,629 as an additional franchise tax for 1921. See p. 22. SCHEDULE 6.—OPERATIONS OF FEDERAL RESERVE CLEARING SYSTEM. [Figures include cash items only. Numbers in thousands; amounts in thousands of dollars.] Month. It b e a m n d s k i s s d t r i r a n ic w t o . n w o n n r I e to t s t e h e o m r e v t i s h r e e f b b r o r a r F a n w n e k a c d s r h e d a e r e n a s d l . d I U te T n m r i e t s e a d d s u ra S re w t r a n t o e o f s n . Total.i Number. Amount. Number. Amount. Number.! Amount Number. Amount. January.... 1,445 273,784 137 40,708 15,693 1,678 330,165 February.. 1,355 237,767 135 38,956 99 24,864 1,589 301,587 March 1,813 316,452 134 | 37,986 115 I 21,101 2,062 375,542 April 2,085 346,211 130 | 39,963 111 ! 15,339 2,326 401,513 May 2,141 389,364 129 38,264 115 ! 13,356 2,385 440,984 June 2,141 362,546 121 f 38,163 106 : 25,540 2,368 426,249 July 2,046 353,056 121 34,692 92 I 17; 276 2,259 405,024 A D N S O e u e o c p c t g v o t e u e e b m m s m e t b r b b e e e r r r . . . . 2 2 2 2 2 , , , , , 4 1 2 0 0 0 6 5 4 8 1 7 0 4 2 4 4 3 4 4 6 8 0 9 5 4 9 0 2 9 , , , , , 6 0 4 9 8 4 4 1 8 1 1 6 9 6 8 1 1 1 1 1 2 5 1 2 2 2 2 6 3 8 ! ! ! ! ! 4 4 4 4 3 6 6 1 3 7 , , , , , 8 5 2 0 3 5 6 6 6 2 4 9 2 4 1 1 1 1 1 1 2 2 3 0 2 5 0 2 4 8 I 2 1 1 1 1 6 3 8 9 5 , , , , , 9 5 9 3 6 0 3 8 0 4 1 9 3 5 8 2 2 2 2 2 , , , , , 4 5 6 3 2 1 1 7 0 9 0 4 3 2 5 5 4 4 5 5 5 6 1 5 2 6 4 5 8 0 , , , , , 5 8 4 6 8 5 6 5 0 7 1 5 6 5 9 Total: 1922.... 23,970 4,486,070 1,548 483,802 1,343 227,548 26,861 5,197,420 1921.... 16,567 3,251,278 1,625 527,643 1,196 212,060 19,388 3,990,981 1920.... 13,949 4,447,433 1,743 772,111 880 161,752 16,572 5,381,296 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

338 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. SCHEDULE 7.—CLEARINGS AND TRANSFERS THROUGH THE GOLD SETTLEMENT FUND. [In thousands of dollars.] Payments Receipts to other from other Week ending- Federal Federal Net loss. Net gain. reserve reserve banks. banks. Jan. 5 (3 days) - 23,881 21,943 1,938 12 48,400 47,497 903 19 36,323 44,274 7,951 26 .. 42 387 51 631 9,244 Feb. 2 39,401 42,375 2,974 9 35,924 39,780 3,856- 16 33,145 44,989 11,844 23 38,430 44,849 6,419 Mar 2 43 105 42 025 i,080 9 41,522 47,464 5,942 le:;;:;:::*:::: ::;*:;:;" ...... 47,261 46 513 748 23 45,353 49,995 4,642 30 .. . . 41,016 40 916 ioo Apr. 6 . . . . . 40,607 44,746 4,139 13 , 39,765 44,197 4,432 20 44,005 44,786 781 27 . . • 42,240 45 462 3,222 May 4 41,985 51,798 9,8ia y ii ::::::.:;::::::::::::::::..::::: 39,947 40,981 1,034 18 . .. 43,704 45,283 1,579 25 48 240 47 459 781 June 1 38,800 42,439 3,639 40 128 37 661 2 467 15::;:*:: :*':":::::: •»—•-•—-—• 51,610 52,071 461 22 50,280 48,596 i,684 29 .. 45 246 45 205 41 July 6 35,153 40,485 5,332 13 42 140 37 404 4 736 20 43,053 42,135 918 27 42,615 41,797 818 Aug. 3 43 400 42,487 913 10 . . . . 40,037 39,717 320 17 39 910 44 281 4,371 24 47,588 43,628 3,960 31 . 39,979 43,600 3,621 Sept. 7 ... 35,890 37,411 1,521 14 43 838 45 050 1,212 21 57,250 55,569 i,68i 28 55,156 53,382 1,774 Oct. 5 54,805 60,150 5,345 11 44,114 49,573 5,45$ 19 72 206 67 414 4 792 26 61,188 61,449 261 Nov. 2 . 58,250 55,708 2,542 9 47,299 54.861 7,562 16.. . . . 58,453 52,320 6,i33 23 63 887 62 317 1,570 29 45 199 47,990 2,79i Dec. 7 52,316i 60,993 8,677 14 53,018I 52,835 i83* 21 63,262 60,552 2,710 28 48 8601 52 789 3,929 29-30 (2days) 20,672 21,396 724 Total: 1922 2,392,243 2,482,228 89,985 1921... 2,140,046 2,125,232 14*814* 1920 3,070,915 3,054,573 16,342 Net gain in ownership of gold since establishment of fund in 1915, $128,882,000. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DISTRICT NO. 6—ATLANTA. 339 SCHEDULE 8.—PRINCIPAL ASSETS AND LIABILITIES OF REPORTING MEMBER BANKS IN LEADING CITIES AS OF THE LAST REPORT DATE IN THE MONTH. [In thousands of dollars.] Investments. Total loans and discounts (including rediscounts with Fed- Last report date in— eral reserve bank). United ri S ti t e a s te . s secu- All other. 1922 1921 1922 1921 1922 1921 January... 359,818 426,535 29,307 | 46,562 35,270 I 36,068 February., 350,132 419,879 32,505 ! 46,801 36,472 ! 35,543 March 358,443 405,934 30,531 I 44,606 31,638 33,704 April 351,251 387,831 32,129 45,186 32,213 ! 36,292 May 354,445 383,987 30,753 i 44,958 33,281 i 36,584 June 354,126 382,491 38,469 : 35,226 33,166 i 36,677 July 353,882 376,227 36,752 33,952 33,897 I 36,662 August 357,735 376,425 42,255 I 35,482 34,711 ! 36,290 September 370,506 389,575 40,638 35,481 33,117 ! 36,572 October... 390,270 388,761 40,523 ; 32,976 33,901 ! 33,849 November. 404,027 380,148 40,889j 33,770 35,298 33,680 December. 399,831 378,920 46,011 i 32,-602 35,645 ! 33,571 Net demand deposits. Time deposits. F A ed c e c r o a m l r m es o e d r a v t e i o b n a a n t k. Last report date in— 1922 1921 1922 1921 1922 1921 January... 222,953 237,302 143,321 I 144,603 25,393 83,774 February. 229,394 240,051 142,354 ' 144,164 12,501 78,855 March 229,326 229,905 143,925 143,189 11,308 69,372 April 237,040 224,323 144,172 142,870 6,407 61,463 May 238,750 219,224 147,724 146,016 2,959 56,974 June 244,819 218,148 150,442 146,907 3,158 50,626 July 244,202 212,209 151,976 143,986 4,123 52,828 August 250,856 209,466 154,211 142,024 3,548 55,109 September 260,425 208,776 153,920 139,440 8,177 64,338 October... 264,894 215,245 157,438 141,306 9,029 56,523 November. 271,688 213,630 159,189 140,698 17,134 47,682 December. 271,316 213,528 161,595 140,463 10,850 45,664 NOTE.—Figures are for about 41 banks, which submit weekly reports to the Federal Reserve Board, located in Atlanta, Birmingham, Jacksonville, Nashville, New Orleans, Chattanooga, Knoxville, and Savannah. SCHEDULE 9.—DEBITS TO INDIVIDUAL ACCOUNTS. [In thousands of dollars.] Summary for 15 centers. Atlanta, Ga. Month. 1922 1921 1920 1922 1921 1920 January... 774,821 895,433 1,299,305 104,413 110,774 161,603 February.. 676,960 741,122 1,018,724 88,157 97,342 131,219 March 781,076 811,214 1,174,029 111, 020 107,659 150,993 April 710,303 770,072 1,142,763 98,210 101,106 148,380 May 764,397 725,043 1,072,048 115,450 101,043 140,397 June 785,260 728,734 1,050,795 109,070 100,232 137,460 July 743,297 735,144 1,053,476 106,592 98,406 131,710 August 739,642 704,823 969,926 105,893 92,619 120,686 September. 800,649 796,832 1,009,492 111,530 102,355 121,664 October... 901,535 858,216 1,046,469 125,714 119,381 131,743 November. 911,367 785,252 984,850 120,795 104,775 117,400 December. 989,297 831,379 990,040 134,522 118,583 119,364 Total 9,578,604 9,383,264 12,811,917 1,331,366 1,254,275 1,612,619 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

340 REPORT OF THE FEDERAL RESERVE BOARD. SCHEDULE 9.—DEBITS TO INDIVIDUAL ACCOUNTS—Continued. Augusta, Ga. Birmingham, Ala. Month. 1922 1921 1920 1922 1921 1920 January.,.. 26,835 25,404 61,201 61,710 76,343 78,850 February.. 20,126 22,183 39,994 61,275 65,030 67,333 March 24,179 21,996 54,822 75,894 67,897 75,326 April 22,039 22,125 49,318 65,743 61,573 73,744 May 25,796 20,397 40,552 71,728 58,164 76,287 June 25,553 20,708 37,665 72,527 58,010 75,327 July 21,616 21,539 34,455 71,548 51,077 76,520 August 21,358 19,082 30,549 73,215 50,589 70,067 September. 27,538 29,542 34,764 83,066 60,484 73,975 October 33,446 31,782 40,498 99,027 54,879 80,126 November. 32,083 26,047 33,363 103,604 54,978 77,515 December.. 31,730 30,321 29,751 103,566 68,062 82,755 Total 312,299 291,126 486,932 942,903 727,086 907,825 I Chattanooga, Tenn. Jacksonville, Fla. Month. 1922 1921 1920 1922 1921 1920 January 32,354 41,444 62,385 42,681 53,849 66,994 February.. 26,580 34,320 51,360 39,833 45,267 55,491 March 31,073 41,678 56,250 51,345 51,973 63,176 April 28,682 37,387 52,997 47,751 52,191 65,242 May 29,358 32,770 54,827 51,447 45,177 62,949 June 31,594 33,271 53,627 47,310 42,732 62,330 July 27,761 32,863 53,751 43,420 40,078 63,093 August 29,807 31,570 48,545 47,836 38,190 57,684 September. 32,897 32,696 48,775 41,747 36,777 56,415 October 33,809 34,217 51,655 46,017 39,618 59,482 November. 34,516 33,927 47,627 47,387 40,311 52,948 December.. 38,324 36,695 49,397 56,326 47,006 58,616 Total 376,755 422,838 631,196 563,100 533,169 724,420 Knoxville, Tenn. Macon, Ga. Month. 1922 1921 1920 1922 1921 1920 January 26,417 27,775 33.308 ! 14,865 19,673 42,429 February.. 23,817 23,187 27.309 j 13,090 15,095 29,880 March 26,392 27,044 31,485 I 15,133 17,485 35,119 April 25,458 26,374 31,667 I 16,074 16,765 33,966 May 24,135 24,019 29,987 ! 16,105 16,377 34,913 June 26,215 23,808 30,905 ! 17,707 16,910 29,330 July 25,585 23,613 31,188; 19,266 17,219 30,146 August 24,737 29,794 | 16,863 16,168 25,217 September. 27,251 25,891 31,655 I 19,800 18,539 26,046 October 28,079 29,775 31,391 i 21,677 19,362 27,419 November. 26,998 24,858 32,654 i 20,943 17,027 22,021 December.. 32,628 27,864 31,670 j 23,026 19,166 22,741 Total 317,712 307,906 373,013 214,549 209,786 359,227 Mobile, Ala. Montgomery, Ala. Month. 1922 1921 1920 1922 1921 1920 January... 25,457 30,099 45,829 15,051 17,151 29,916 February.. 23,907 24,663 39,099 12,690 12,792 ! 23,339 March 27,332 27,632 45,034 15,619 15,143 ' 24,637 April 22,976 24,956 40,649 14,208 14,853 23,110 May 25,006 24,768 38,876 15,423 15,939 21,687 June 24,882 24,118 37,138 15,220 11,219 25,049 July 23,884 23,457 36,640 13,251 10,527 21,482 August 23,620 21,632 35,114 15,078 14,108 18,554 September. 26,293 27,754 41,046 20,199 16,883 19,647 October 30,419 27,504 37,761 23,106 18,620 21,265 November. 27,952 25,548 34,237 21,165 | 15,696 17,457 December.. 31,723 29,092 34,329 22,672 17,455 18,509 Total 313,451 j 311,223 ' 465,752 j 203,692 i 180,386 264,652 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DISTRICT £T0. 6 ATLANTA. 341 SCHEDULE 9.—DEBITS TO INDIVIDUAL ACCOUNTS—Continued. Nashville, Tenn. New Orleans, La. Month. 1922 1921 1920 1922 1921 1920 January 63,069 92,369 126,110 281,869 312,392 436,198 February.. 56,520 83,188 107,137 238,366 240,544 331,002 March 67,966 94,873 120,695 256,963 254,019 373,990 April 64,403 85,570 120,902 228,924 246,015 370,481 May 63,035 80,640 115,661 245,622 228,485 332,685 June 68,037 105,055 113,805 269,897 218,587 336,594 July 64,146 114,664 117,699 253,803 230,915 341,654 August 64,762 107,064 100,939 245,957 218,773 333,576 September. 66,687 113,275 108,372 265,279 248,384 336,525 October 72,977 125,076 109,493 301,922 265,983 340,892 November. 67,90i 104,282 100,426 326,627 256,265 336,579 December.. 75,178 64,872 97,178 347,044 281,031 344,145 Total 794,684 1,170,928 1,338,417 3,262,273 3,001,393 4,214,321 Pensacola, Fla. Savannah, Ga. Month. 1922 1921 1920 1922 1921 1920 January— 5,668 7,327 11,908 40,232 47,963 102,613 February.. 5,683 5,86* 9,773 34,266 40,497 71,768 March 6,055 6,881 10,117 40,797 43,165 83,509 April 7,479 6,422 10,191 38,651 42,732 83,707 May 6,314 6,727 10,585 41,684 41,048 75,714 June 6,374 6,657 10,352 42,505 40.202 68,539 July 5,911 6,059 10,744 37,938 39,207 68,555 August 6,118 6,195 10,658 37,248 39,793 57,489 September. 5,728 5,970 11,004 44,654 51,432 67,552 October.,.. 6,094 6,0C2 10,107 46,616 56,090 71,149 November. 5,812 6,187 8,484 41,039 44,915 69,326 December-. 7,426 6,525 8,343 44,126 51,374 58,994 Total. 74,662 76,816 122,266 489,756 j 538,418 888,915 Tampa, Fla. Vicksburg, Miss. Month. 1921 1920 1922 1921 1920 January 26,766 25,237 28,900 7,424 7,633 11,061 February.. 26,257 24,636 26,448 6,393 6,514 7,572 March 25,477 27,802 31,123 5,831 5,967 7,753 April 24,532 26,536 29,821 5,173 5,467 8,588 May.. 27,477 24,389 28,690 5,817 5,100 8,238 June 22,789 21,962 25,594 5,580 5,263 7,080 July 23,328 20,588 27,897 5,248 4,932 7,942 August 21,901 20,500 24,601 5,249 4,842 6,453 September. 21,381 20,157 25,190 6,596 6,693 6,862 October 23,656 21,428 26,161 8,976 8,499 7,327 November. 25,255 22,659 27,677 9,287 7,777 7,136 December-. 30,930 25,533 26,838 10,076 7,800 7,410 Total. 299,752 281,427 328,940 81,650 76,487 83,422 NOTE.—Centers which have not reported continuously for the 18 months ending Dec. 31,1922, are not •included in the table. 28971—23 23 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

342 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. DISTRICT NO. 7—CHICAGO. SCHEDULE 1.—COMPARATIVE STATEMENT OF CONDITION. fin thousands of dollars.] Dec. 31, 1920. RESOURCES. Gold and gold certificates. Gold settlement fund—Federal Reserve Board.. Gold with foreign agencies -..,.... Total gold held by bank. 128,242 101,155 65,457 Gold with Federal reserve agent , 410,108 312,163 198,162 Gold redemption fund 2,199 26,284 33,461 Total gold reserves 540,549 439,602 297,080 Legal tender notes, silver, etc.. 21,704 15,870 14,440 Total reserves. 562,253 455,472 311,520 Bills discounted: Secured by United States Government obligations.. 24,875 59,832 140,459 Other bills discounted 48,996 125,688 335,134 Bills bought in open market , 14,565 8,489 25,741 Total bills on hand ... 194,009 501,304 United States bonds and notes., •„ 15,281 9,605 4,490 United States certificates of indebtedness: One-year certificates (Pittman Act).... 12,667 39,612 All other .,.. 47,552 4,372 Total earning assets.. 151,269 220,653 545,408 Bank premises ...... 18,288 7,010 2,351 5 per cent redemption fund against Federal reserve bank notes 665 1,665 1,778 Uncollected items 98,525 77,273 88,997 All other resources. , 702 1,521 Total resources * 821,702 I 763,594 951,041 LIABILITIES, Capital paid in. 14,772 14,307 13,913 Surplus 30,398 29,025 28,980 Deposits: Government 1,294 9,849 12,532 Member bank—reserve account. 282,901 237,012 249,771 All other , 2,659 2,353 1,867 Total deposits. 286,854 249,214 264,170 Federal reserve notes in actual circulation... 420,506 402,463 545,395 Federal reserve bank notes in circulation—net liability.. 7,386 38,85ft Deferred availability items .-...- 68,248 57,201 55,911 All other liabilities 924 3,998 3,81& Total liabilities. 821,702 763,594 951,041 Ratio of total reserves to deposit2 and Federal reserve note liabilities combined 79.5 69.9 40.1 * Net, i. e., after deducting reserve for depreciation. * Net deposits prior to Mar. 18, 1921, and total deposits beginning with that date. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DISTRICT NO. 7.—CHICAGO. 343 SCHEDULE 2.—MOVEMENT OF PRINCIPAL ASSETS AND LIABILITIES DURING 1922. \Amounts in thousands of dollars.] Bills discounted for member banks. Fed- Date. ( a T e 2 s i 6 a o + n s r ) t e g n 5 . a t - + l s Total. G s u e B o c b v . i u ' y l e s l r r s e . n d -1c O b o d t i u i h l s n l e - s t r - m o a p i r n e k n et. S r s i t e t a i c e t u e s - s . s T e c r r o a e v s t - e a h s l . r b p M e a o b s d n e e s e e m i r k r - t v s s - e . ' p T o d o s e t i - a ts l . r i e n c n t e s i o u o r e c t l a r n e a i v l r s . - - e s c a p e e R g e r n e e v r t s - - e - . ment obligations. Jan. 4.... 225,176 189,127 61,191 127,936 7,593 28,456 464,857 234,789 249,064 412,361 70.3 11.... 197,877 159,705| 51,169!108,536 13,283 24,889 464,557 239,4771242,427 388,914 73.6 18.... 197,489 144,904| 49,187 95,717 15,092 37,493 447,158 230,4591236,638 377,213 72.8 25.... 195,079 136,688 48,643 88,045 13,475 44,916 439,196 223,781 233,994 72.9 Feb. 1.... 186,330 124,444 43,237 81,207 15,247 46,639 464,667 239,5411255,503 362,961 75.1 .8.... 174,89" 108,842 39,391 69,451 15,689 50,366 473,317 237,754 248,888 360,925 77.6 15.... 170,47- 99,729 35,238 64,491 16,161 54,584 483,718 245,843 252,680 364,388 78.4 21.... 173,372 97,827 34,6201 63,207 16,813! 58,732 474,256 240,564 246,202 365,719 77.5 Mar. 1.,.. 99,833 33,925 65,908 17,393[ 68,573 479,536!254,191 262,209 369,180 75.9 8.... 174^540 84,500 27,154 57,346 19,570 70,470 478,642 245,505 249,858 369,533 77.3 15.... 165,322 76,4771 21,223 55,254 16,678 72,167 503,305 264,412 268,570 369,575 78.9 22.... 175,741' 79,918| 21,527 58,391 13,387 82,436 488,512 248,528 259,020 369,825 77.7 29.... 195,773 95,054 27,730 67,324 12,769 87,950 458,333 234,254 245,080 372,752 74.2 Apr. 5 ... 194,732 91,552j 27,007 64,545 14,551 88,629 467,813 243,701 250,814 376,413 74.6 12.... 182,668 82 133' 24,302 57,831 12,392 88,143 469,091 235,365 241,110 375,223 76.1 19.... 192,947 83!313 28,647 54,666 14,289j 95,345! 462,454 242,094 250,039 373,363 74.2 26.... 185,094 74,900 25, ,538 49,362 14,8iil 95,376 466,316 242,615!248,284 368,427 75.6 May 3.... 190,140 78,273 25,766 52,507 17,43lf 94,436 469,419 253,542 260,156 366,599 74.9 10.... 189,478 68.195! 19,160 49,035 23,872 97,411 468,809 256,730 261,008 363,783 75.0 17.... 187.544 66,343> 17' 819 48,524 21,990 99,211 469,522 256,557 261,941 362,801 75.2 24.... 182,737 67,3931 19,712 47,681 18,785! 96,559 474,596 252,284 261,597 3621614 76.0 31.... 185,148 66,920! 20,780 46,140 21,267 96,961 476,594 250.930 257,248 365,474 76.5 J J A u u u n l g y e . 1 2 2 2 1 1 7 5 2 9 1 8 6 4 2 . . . . . . . . . . . . . . . . . . . : . . . . 1 1 1 1 1 1 1 1 1 5 7 3 4 3 0 0 0 0 9 8 4 7 0 0 6 0 4 , , , , , , , , , 0 3 9 9 4 3 5 5 3 8 6 2 8 8 3 8 9 4 9 3 6 4 1 1 5 0 3 6 5 6 6 5 5 5 5 5 1 6 0 0 6 3 2 2 1 , , , , , , , , , 6 3 0 8 1 1 2 5 6 9 0 5 0 7 4 4 4 7 7 0 9 2 7 8 6 2 1 ! | 1 1 1 1 1 1 1 1 1 3 9 4 7 7 4 7 4 5 ' , , , , , . , , 3 7 0 5 9 2 1 9 8 6 6 8 0 4 9 9 0 1 0 9 5 8 9 8 8 6 5 • 4 3 4 4 4 3 3 3 3 9 2 1 2 2 7 9 6 7 , , , , , , , , , 4 6 0 4 8 9 2 3 6 9 7 1 9 5 4 9 6 3 4 3 2 0 0 0 7 2 6 J 1 j ! ! | 2 1 1 1 1 2 1 1 1 5 0 2 9 0 6 9 5 3 , , , , , , , , , 7 8 9 1 5 1 3 8 8 8 8 6 6 3 0 1 9 0 8 2 8 7 3 6 8 3 1 1 ' 9 3 3 8 7 5 5 3 3 7 5 3 2 9 5 2 1 4 ^ , , , , , , , , 8 8 5 7 6 2 8 6 1 4 5 6 8 1 4 4 9 5 0 6 6 4 1 7 5 1 4 ' 4 5 5 5 5 5 5 5 5 8 0 0 0 6 6 5 6 6 2 1 0 8 8 6 3 1 3 , , , , , , , , , 3 1 5 4 0 6 4 1 1 7 1 2 3 1 0 0 1 4 9 2 4 6 1 1 1 5 3 | | 2 2 2 2 2 2 2 2 2 5 4 4 5 6 7 6 5 6 9 0 8 3 6 2 7 7 1 , , , , , , , , , 2 5 8 1 5 4 8 1 5 7 6 2 4 9 5 8 5 3 3 5 5 8 2 6 6 1 5 J ! ! 2 2 2 2 2 2 2 2 2 6 6 5 7 7 7 6 4 6 2 7 1 6 4 3 3 5 5 , , , , , , , , , 9 6 8 5 5 1 7 4 8 7 5 5 6 2 3 9 4 9 4 6 8 0 2 5 5 1 7 3 3 3 3 3 3 3 3 3 6 6 6 6 7 6 7 6 6 4 3 0 2 6 7 3 9 8 , , , , , , , , , 8 6 1 1 2 0 0 1 2 2 5 8 6 1 3 7 8 8 4 0 8 2 3 9 9 5 5 7 7 8 8 8 8 8 8 8 6 9 3 1 4 7 9 8 8 . . . . . . . . . 8 9 7 7 3 8 0 1 8 1 5 6 " . . . * .. !'.1 9 0 9 1 , ,5 7 2 5 4 2 5 51 1 , , 2 2 9 5 2 4 1 1 4 5 , , 5 5 6 0 2 9 3 3 6 5 , , 6 7 9 8 2 3! ! 1 14 6 , , 2 0 4 6 7 2 3 3 2 5 , , 4 9 3 8 6 5 5 57 6 2 0 , , 4 4 5 3 8 0 !2 2 7 5 4 6 , , 3 6 2 1 1 3 2 2 6 7 0 7 , , 8 1 9 0 7 9 3 3 6 6 8 9 , , 7 23 6 1 3 8 88 9 . . 6 0 23.... 97,541 50,125 14,763 35,3621 15,309 32,107 571,807 264,971 267,816 371,727 89.4 30.... 110,535 61,406 23,078 38,328 12,5861 36,543 560,554 264.931 269,591 372,608 87.3 Sept 6.... 103,357 52,442 17,663 34,7791 13 350 i-37,565 570,804 256,267i 262,984 382.861 88.4 13.... 97,591 49,075 14,265 34,810; 11,'9111 36,605 590,552 272,685 277,051 384.862 89.2 20.... 105,535! 56,314 15,576 40,738; 16,021 33,200 569,976 262,639 271,506 382,330 87.2 27.... 106,516 57,915 17,629 40.286! 15,940 32,661 552,063 255,527 257,937 383,081 87.7 Oct. 4.... 119,331 66,615 25,216 41 ^ 399! 17,151 35,565 566,439 268,632 270,964 385,448 86.3 11.... 127,086 65,861 24,713 41,148 17,711 43,514 550,108 256,908 257,876 390.979 84.8 18.... 146,991 82,923 28,204 54,719 16,101 47,967 526,066 257,940 259,945 393,286 80.5 25 130,211 70,371 25,668 44,703 14,801 45,039 537,323 248,240 250,462 391,785 83.7 Nov. 1.... 136,006 79,208 28,631 50,577 13,848 42,950 543,416 253,175 260,581 391,768 83.3 8.... 134,915 76,9731 29,241 47,732 14,806 43,136 563,420 262,022 266,918 399,695 84.5 15.... 128,600 74,685 26,829 47,856 12,943 40,972 549,674 256,149 259,246 396,171 83.9 22.... 135,673 84,960 32,706 52,254 13,009 37,704 537,239 253,872 256,349 396,260 82.3 29.... 145,339 93,109 34,091 59,018 12,277 39,953 542,830 263,238 266,049 400,932 81.4 Bee. t> 156,837 102,585 39,870 62,715 11,491 42,761 537,403 261,045 267,108 405,704 79.9 13.... 138,960 88,153 31,787 56,366 8,553 42,254 554,726 265,816 407,845 82.1 2 2 7 0. . . . . . . . 1 1 7 5 9 7 , , 2 7 5 8 1 5 8 8 3 8 , , 7 1 9 0 0 0 3 29 0 , , 1 7 0 8 6 8 5 5 8 3 , , 9 0 9 0 4 2 1 1 1 0 , , 7 1 6 6 2 8 6 7 3 9 , , 8 38 2 9 8 5 5 4 2 5 9 , , 4 8 4 5 6 2 2 2 7 6 0 4 , , 3 1 6 7 9 5 2 2 7 6 4 7 , , 6 8 6 1 0 1 4 4 2 2 2 8 / , 6 2 9 9 C * 7 7 8 6 . . 2 1 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

§44 ANNUAL REPORT OF THE FEDERAL, RESERVE BOARD, FEDERAL RESERVE BANK OF CHICAGO MILLIONS OF DOLLARS MILLIONS OF DOLLARS 1920 1921 1922 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DISTRICT NO. 1—CHICAGO. 345 SCHEDULE 3.—VOLUME OF DISCOUNT AND OPEN-MARKET OPERATIONS. [In thousands of dollars.] Bills discounted. Secured by Month. U.S. Bankers' Trade Agricultural Total. Govern- accept- accept- and live- All other. ment ances. ances. stock paper. obligations. January. 186, 128,465 75 224 9,891 47,525 February 141, 92,090 108 7,596 41,243 March ....... 147, 75,000 193 12,440 59,387 April............ 107, 66,085 113 9,112 32,620 May._.. 97, 61,158 56 10,014 26,222 June ....... 93, 54,094 81 7,636 31,427 July 68, 44,633 72 5,386 18,346 August.. .... 86, 57,271 81 6,635 22,933 September .. 109, 61,925 105 7,769 39,434 October 160, 97,606 100 11,147 52,039 November 188, 136,486 114 9,986 42,390 December . 193, 121,954 74 7,764 63,899 Total: 1922 1,581,004 996,767 75 1,321 105,376 477,465 1921 4,168,477 2,323,715 1,446 9,147 192,620 1,641,549 1920 6,305,492 3,816,381 32,095 26,290 2,430,726 U. S. Securities Total discount and open- Bills bought in open market. purchased. market operations. Month. Certifi- Bankers1 Dollar Trade Bonds cates of Total. accept- ex- accept- and in- 1922 1921 1920 ances. change. ances. notes. debtedness. January 19,409 18,925 484 29,126 244,003 474,436 739,687 February... 11,951 11,629 322 24,879 17,825 195.,692 405,294 562,065 March 14,128 13,863 265 17,924 24,943 204',015 556,911 911,115 April 18,045 17,915 130 18,740 22,126 166!1,841 387, 789 553,987 May........ 27,802 27,339 463 5,354 16,141 146;i,747 426,025 541,478 June.... 35,663 35,122 541 15,730 38,147 182;1,778 455,443 630,783 July 20,955 20,808 147 4,715 11,910 i;,017 331,867 527,059 August 29,011 28,821 190 8,770 24,229 312,805 547,984 . September.. 24,872 24,465 407 16,009 31,745 181' 333,920 656,961 October.. 15,077 15,054 23 16,252 26,419 2181,640 294,722 535,298 November.. 15,043 14,893 150 4,520 5,545 214' 084 250,410 592,147 December... 21,508 20,803 705 16,017 190,405 421 621 308,820 699,903 Total: 1922 253,464 I 249,637 3,827 158,198 438,561 12,431,227 1921 138,276 I 132,825 5,451 21,214 210,475 :, 538,442 1920.... 345,021 1 341,314 3,707 12 847,942 7,498,467 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

346 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD, SCHEDULE 4.—VOLUME OF BILLS DISCOUNTED FOR MEMBER BANKS IN EACH STATE. [Amounts in thousands of dollars.] Month. Illinois.1 Indiana.1! Iowa. Michigan.^ W™™ Total. b i a n N o e m t f r u d e o m m b i n n s a e d t b t n r m h e i o k . c r - f s t b m N o e m a d f r o c u u o c m d b m r o n a i a e n m b t t n i h e g r e k - t d . r - s January l *. 57,190 14,028 25,819 78,416 10,727 186,180 1,445 937 February 42,878 15,157 17,304 58,703 i 6,995 141,037 1,443 889 March ! 63,743 16,095 21,359 37,389 ; 8,434 147,020 1,440 791 April | 41,012 10,236 14,883 36,297 i 5,502 107,930 1,441 774 May j 39,204 | 6,740 15,123 27,524 8,859 97,450 1,443 763 June. 39,854 7,740 11,426 26,489 : 7,729 93,238 1,444 754 July 24,056 , 10,241 10,043 20,889 : 3,208 68,437 1,444 732 August 27,119 11,338 11,347 32,480 4,636 86,920 1,445 712 September. 51,867 12,790 13,100 27,665 ! 3,811 109,233 1,444 715 October 72,389 12,714 17,515 51,052 I 7,222 160,892 1,444 774 November. 88,776 9,475 22,292 61,189 ! 7,244 188,976 1,443 788 December.. 80,702 11,497 18,256 74,425 ! 8,811 193,691 1,443 742 Total: 1922 628,790 138,051 ! 198,467 532,518 83,178 1,581,004 1921 1,687,314 273,191 i635,256 284,464 288,252 4,168,477 1920 ! 2,982,798 370,334 I 823,605 743,005 385,750 6,305,492 Number of member j banks at end of I year: 1922 406 j 212 459 234 132 1,443 1921 404 j 214 459 233 133 1,443 1920 , 390 214 459 226 132 1,421 Number of member banks accommodated: 1922 155 400 ! 194 98 1,129 1921 160 429 195 I 110 1,191 1920 155 424 i 171 | 97 1,124 i Figures in this column relate only to that part of the State located in the seventh district. SCHEDULE 5.—EARNINGS AND EXPENSES. 1922 1921 1920 Discounted bills $3,862,291 $18,829,302 $25,726,750 Purchased bills 547,339 374,864 2,989,035 United States securities 2,081,340 858,205 995,377 Deficient reserve penalties. 49,761 123,250 174,470 Miscellaneous 208,132 196,549 417,586 Total earnings. 6,748,863 ?0,382,170 30,303,218 Salaries: CURRENT EXPENSES. Bank officers 367,156 332,652 224,041 Clerical staff 1,907,058 1,888,877 1,672,550 Special officers and watchmen 155,333 138,792 94,494 All other 236,665 156,492 123,324 Governors' conferences 309 615 474 Federal reserve agents' conferences 348 244 559 Federal Advisory Council 992 1,099 1,046 Directors' meetings 8,221 I 11,731 9,591 Traveling expenses 1 42,083 ! 48,131 39,667 Assessments for Federal Reserve Board expenses. 98,307 i 105,227 101,568 Legal fees : ...j 1,387 j Insurance (life, fidelity, casualty, workmen's compensation, and general liability) 65,581 | 68,987 45,610 Banking house: L T L a ig x h e t s , a h n e d a t f , i r a e n d in s p u o r w an e c r e 43 I fc."| Repairs and alterations "Allother Rent, including light, heat, and power, and minor alterations 205,729 273,625 300,242 Fire insurance—furniture and equipment 1,775 7,141 4,535 Furniture and equipment 2 118,158 289,064 Printing and stationery (including office and other supplies).. 192,262 i 249,617 240,727 Telephone 31,328 I 31,872 19,283 i Other than those connected with governors' and agents' conferences and meetings of directors and of the advisorj* council. » Charged to profit and loss in 1922 and to current expenses prior to that year. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DISTRICT NO. 1—CHICAGO. 347 SCHEDULE 5.—EARNINGS AND EXPENSES—Continued. 1922 1921 1920 CUEEENT EXPENSES—continued. Telegraph.. ... $62,168 $71,621 $63,875 C Se u c r u re r n it c y y s a h n ip d m c e o n in ts shipments 1 1 36 1 , , 9 7 4 1 3 7 1 1 0 3 7 , , 0 5 3 0 3 2 114,767 Postage and expressage (other than on money and security shipments) .". 154,258 145,446 125,770 Federal reserve currency: Original cost, including shipping charges 95,378 768,220 550,291 Cost of redemption, including snipping charges 82,631 106,811 102,672 Taxes on Federal reserve bank note circulation , 33,425 98,655 174,252 All other expenses 188,960 107,710 154,838 Total current expenses 4,080,057 4,852,258 4,453,240 Current net earnings 2,663,806 15,529,912 25,849,978 PROFIT AND LOSS ACCOUNT. Earnings 6,748,863 20,382,170 30,303,218 Current expenses I 4,080,057 4,852,258 4,453,240 Current net earnings | 2,668,806 15,529,912 25,849,978 Additions to current net earnings: Amounts deducted from reserve for— I Depreciation on United States bonds .*. i 144,554 Probable losses 300,000 Assessment account expenses Federal Reserve Board previously charged to profit and loss , 66,764 All other 127,465 2,543 Total additions 572,019 69,307 Deductions from current net earning Depreciation allowances on banlc premises. 1,400,000 145,000 29,062 Reserve for probable losses 500,000 Furniture and equipment 238,923 Allother 196,687 384,621 14,474 Total deductions 1,835,610 1,029,621 43,536 Net deductions from current net earnings 1,263,591 1,024,795 3 25,771 Net earnings available for dividends, franchise tax, and surplus 1,405,215 14,505,117 25,875,749 Dividends paid 876,203 853,785 792,769 Franchise tax paid United States Government , < 476, 111 11,576,009 10,394,480 <52,901 2,075,323 14,688,500 Transferred to surplus account 3 Net additions. « Bank also charged its surplus account and paid the United States Government $710,190 as an additional franchise tax for 1921. See p. 22. SCHEDULE 6.—OPERATIONS OF FEDERAL RESERVE CLEARING SYSTEM. [Figures include cash items only. Numbers in thousands; amounts in thousands of dollars.] Month. It b e a m n d s k i s s d t r i r n a ic w o t. n w n on r I e to t s t e h e m o r e v t i h s r e e f b b r o r a r a F w n n e k a c d s r h e d e a r e a s n d . l d I U te T n m r i e t s e a d d su r S a re w t r a n t o e f o s. n Total.* Number. Amount. Number. Amount. Number. Amount.Number. Amount. January 5,165 293 32,129 318 61,805 5,776 1,062,123 February 4,699 880,275 273 26,819 230 42,914 5,202 950,008 March 6,070 1,219,091 364 35,712 405 58,192 6,839 1,312,995 April 5,386 1,031,937 305 30,874 526 62,846 6,217 1,125,657 May 5,830 1,109,820 311 32,302 387 53,855 6,528 1,195,977 June 6,161 1,194,213 311 38,404 419 38,078 6,891 1,270,695 July 5,691 1,105,168 315 34,513 294 45,833 6,300 1,185,514 August 5,813 1,110,976 316 36,758 252 41,767 6,381 1,189,501 September 5,830 1,210,872 315 38,869 471 51,884 6,616 1,301,625 October 6,233 1,268,756 359 41,807 585 58,494 7,177 1,369,057 November 6,002 1,171,851 354 40,568 465 52,312 6,821 1,264,731 December 6,737 1,275,858 411 43,495 448 61,172 7,596 1,380,525 Total: 1922 69,617 13,547,006 3,927 432,250 4,800 629,152 78,344 14,608,408 1921.... 60,411 12,850,573 3,533 415,171 4,862 729,881 68,806 13,995,625 1920.... 53,374 17,568,032 3,490 636,337 3,447 471,349 60,311 18,675,718 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

348 ANNUAL, REPORT OF THE FEDERAL RESERVE BOARD. SCHEDULE 7.—CLEARINGS AND TRANSFERS THROUGH THE GOLD SETTLEMENT FUND. [In thousands of dollars.] Payments Receipts to other from other Week ending- Federal Federal Net loss. Net gain. reserve reserve banks. banks. Jan. 5 (3 days). 107.886 111,473 3,587 12 175.485 181,750 6,265 19 197,623 174,056 23,567 179.887 185,780 5,893 Feb. 2. 183,092 193,614 10,522 9. 165,958 176,518 10,560 16., 151,125 161,457 10,332 23., 184,840 182,921 1,919 Mar. 2., 198,974 204,933 5,959 9.. 216,616 215,534 *i,*082' 16., 224,238 229,401 5,165 220,726 223,968 3,242 213.183 180,024 33,159 Apr. 6 186,938 205,729 18,791 13 188,517 531 20 201,718 190,805 10,913 27 196,559 203,419 6,860 May 4 220,770 217,725 3,045 11 202,873 197,997 4,876 18 233,118 234,310 1,192 25 227,391 237,280 June 1 178,487 175,077 3,410 8 212,608 212,086 522 15 232,883 272,184 39,301 22 272,941 273,513 572 29 236,886 234,784 2,102 July 6 175,032 220,015 44,983 13 241,979 233,328 *8*65i 20. 229,488 244,743 15,255 27 230,383 217,105 13,278 Aug. 3.. 212,257 212,496 10 216,577 214,695 *"i,*882' 17 230.184 239,500 9,316 24 223,756 215,387 31 217,946 217,742 204 Sept. 7 174,424 187,419 12,995 14 211,930 219,448 7,518 21 286,190 275,140 11,050 28 246,291 226,492 19,799 Oct. 5 226,647 247,753 21,106 11 225,129 194,101 31,028 19 326,694 327,068 374 26 265,470 252,994 "i2*476 Nov. 2 235,630 237,109 1,479 9 176,464 190,915 14,451 16 226,245 210,904 15,341 23 253,434 239,242 14,192 29... 201,640 204,862 3,222 Dec. 7 232,011 225,727 6,284 14 208,088 230,081 *2i,"993 21 270,895 253,386 17,509 28 232,324 213,200 19,124 29-30 (2 days). 91,204 130,852 39,648 Total: 1922.. 11,279,632 11,346,028 66,396 1921.. 8,698,247 8,900,334 202,087 1920.. 11,780,535 11,682,192 98,343 Net change in ownership of gold#since establishment of fund in 1915, 3279,954,000. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SCHEDULE 8.—PRINCIPAL ASSETS AND LIABILITIES OF REPORTING MEMBER BANKS AS OF THE LAST REPORT DATE IN THE MONTH. MEMBER BANKS IN LEADING CITIES.* Accommodation at Loans an w d i t d h i s F c e o d u e n r t a s l , r i e n s c e l r u v d e in b g a n re k d . iscounts Investments. Net demand deposits. Time deposits. b F a e n d k er . al reserve Last report date in— Secured by stocks and bonds other United States Total. than United securities. All other. States bonds. 1922 1921 1922 1921 1922 1921 1922 1921 1922 1921 1922 1921 1922 1921 January... 1,565,270 1,885,110 435,471 443,207 123,950 145,951 382,457 337,213 1,260,480 1,323,597 648,472 660,152 56,804 280,149 February.. 1,573,108 1,869,490 445,514 441,607 144,992 139,659 384,686 348,193 1,320,730 1,317,378 658,773 659,254 27,290 285,620 March 1,546,502 1,877,103 422,754 438,842 142,974 143,424 388,188 346,890 1,288,998 1,257,524 657,473 658,010 33,677 314,056 A M p a ri y l .;.... 1 1 , , 5 5 3 8 4 6 , , 6 5 5 1 4 0 1 1 , , 8 7 2 8 8 1 , , 3 6 1 0 0 7 4 4 2 8 6 4 , , 5 8 1 7 4 1 4 4 3 4 2 6 , , 3 5 4 5 9 5 1 1 6 8 7 5 , , 9 1 6 0 9 9 1 1 3 3 5 7, , 2 8 9 0 1 7 3 4 9 0 1 4 , , 1 2 5 2 5 5 3 3 4 4 7 9 , , 6 8 6 3 9 0 1 1 , , 3 4 3 2 6 2 , , 5 4 7 5 6 8 1 1 , , 2 2 6 8 4 7 , , 9 1 0 0 7 8 6 6 5 6 9 7 , , 0 5 4 7 1 6 6 6 5 5 6 3, , 7 6 9 4 1 2 1 1 7 5 , , 9 8 9 7 1 7 2 2 1 6 0 0 , , 6 9 8 8 8 6 B June 1,550,619 1,777,614 484,141 446,632 212,037 134,395 401,532 350,168 1,400,916 1,239,107 681,109 660,430 10,020 213,954 O July 1,562,886 1,742,107 499,847 440,422 209,502 119,990 402,093 342,696 1,440,402 1,267,405 682,359 653,296 7,196 185,412 H August 1,576,323 1,683,092 528,071 440,646 243,097 123,953 408,320 341,784 1,440,503 1,299,128 701,687 652,397 19,665 121,249 September 1,573,982 1,691,725 519,930 437,047 245,846 143,673 405,146 343,265 1,437,964 1,254,017 700,355 649,618 17,443 131,800 October... 1,624,909 1,645,861 552,361 427,202 252,647 120,922 407,299 354,046 1,439,081 1,279,535 731,179 656,738 25,669 100,711 November. 1,599,000 1,614,276 543,436 432,028 256,353 131,785 419,044 360,985 1,434,443 1,262,766 732,092 662,486 40,360 85,803 December. 1,609,200 1,597,690 539,093 451,127 295,202 138,288 432,776 380,098 1,467,033 1,246,541 744,470 655,772 38,244 104,890 o BANKS IN CITY OF CHICAGO.* [In thousands of dollars.] January... 046,182 1,245,813 319,626 320,506 40,127 40,566 173,519 137,135 870,020 930,616 312,419 308,677 15,817 152,725 o February. 056,963 1,239,197 329,845 318,116 60,964 39,550 176,144 147,250 921,926 931,481 315,973 309,843 6,307 156,391 March 037,515 L, 245,366 303,439 317,285 57,609 44,926 176,425 146,613 878,356 885,903 311,474 313,991 19,720 182,000 April 026,633 1,211,367 310,389 313,294 79,678 44,526 177,728 144,914 916,070 891,116 310,959 314,374 3,460 139,048 May 082,025 L, 183,085 365,780 324,370 93,825 46,506 185,422 147,065 986,569 905,302 315,083 315,517 9,274 108,785 June 049,000 1,186,876 360,484 325,796 112,734 47,471 181,261 143,363 959,519 864,895 324,492 318,288 5,979 122,684 July 052,049 1,163,200 373,041 320,799 107,937 38,965 176,799 133,933 981,590 874,403 322,781 312,588 2,442 103,519 August 066,013 L, 116,833 400,369 321,417 133,330 38,947 175,726 132,424 997,652 901,761 334,514 311,567 6,225 51,133 September 063,343 ;1,130,102 394,786 317,075 132,374 54,220 171,682 134,180 990,053 874,529 328,505 309,947 8,500 57,785 October... 101,574 1,094,039 424,850 309,718 130,024 39,907 172,417 145,339 995,441 892,790 352,616 312,386 8,648 40,395 November 068,641 L, 071,319 414,965 314,781 136,818 48,534 180,520 154,820 990,967 875,611 350,499 316,239 11,081 32,631 December. 075,246 ]L, 062,079 408,470 331,546 162,254 53,392 193,538 171,943 1,008,717 863,050 361,276 313,413 14,763 49,838 • i Figures are for about 109 banks, which submit weekly reports to the Federal reserve bank, located in Chicago, Detroit, Cedar Rapids, Des Moines, Dubuque, Grand Rapids, Indianapolis, Joliet, Milwaukee, Peoria, and Sioux City. CO * Figures are for about 50 banks, which submit weekly reports to the Federal reserve bank, located in Chicago. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

350 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. SCHEDULE 9.—DEBITS TO INDIVIDUAL ACCOUNTS. [In thousands of dollars.] Summary for 21 centers.1 Bay City, Mich. Month. 1922 1921 1920 1922 1921 1920 January... 3,858,652 4,321,991 5,161,983 9,998 13,123 16,819 February.. 3,523,914 3,512,764 4,300,416 8,959 10,018 12,475 March 4,389,187 3,992,927 5,359,715 Ij 10,082 11,229 16,682 April 3,945,171 3,819,083 4,910,702 9,713 10,585 16,148 May.. 4,097,957 3,765,913 4,791,361 10,449 9,874 14,342 June 4,326,058 3,827,910 5,072,942 10,026 9,704 14,651 July 3,995,629 3,781,428 5,235,135 9,804 9,915 14,846 August 3,991,612 3,874,899 4,733,163 10,019 10,145 14,164 September. 4,070,134 3,848,068 4,969,417 10,115 ! 11,534 15,969 October... 4,438,210 4,068,910 5,086,227 1.0,598 i 10,707 14,128 November. 4,051,955 3,827,166 4,559,162 10,043 I 11,380 14,243 December., 4,615,171 4,195,461 4,885,453 11,346 12,125 15,680 Total Bloomington, 111. Cedar Rapids, Iowa. Month. 1922 ' 1921 1920 1922 1921 1920 January 8,917 10,126 13,382 37,646 48,220 39,792 February.. 8', 849 10,499 15,134 29,794 37,997 37,711 March...... 13,409 13,105 20,818 27,799 57,130 48,640 April 10,617 11,531 14,666 22,606 47,390 43,543 May 9,200 11,907 21,228 39,863 32,038 June 9,553 9,624 12,886 22,830 41,940 41,347 July 9,751 9,936 12,395 29,693 40,094 50,244 August 9,538 9.519 11,799 21,342 39,388 46,117 September. 9,799 9,631 12,734 21,899 39,668 50,020 October 9,953 9,396 11,888 23,555 42,946 51,784 November. 9,442 8,548 10,290 20,814 37,861 45,728 December.. 11,702 9,923 11,195 24,255 41,157 49,332 Total 120,730 120,698 159,094 303,461 513,654 536,296 Chicago, 111. Davenport, Iowa. Month. 1922 1921 1920 1922 1921 1920 January 2,628,922 2,898,058 3,342,244 29,002 31,073 36,289 February.. 2,377,977 2,330,876 2,743,992 30,170 28,261 34,983 March 2,937,013 2,593,598 3,374,286 34,649 34,227 43,525 April 2,625,014 2,468,688 3,074,281 31,904 31,120 41,651 May 2,688,686 2,454,662 3,079,139 35,194 27,940 34,695 June 2,866,520 2,497,960 3,211,922 33,817 26,655 36,42ft July 2,526,494 2,424,556 3,350,871 36,136 26,725 37,166 August 2,551,243 2,547,308 2,997,834 30,667 25,289 32,906 September. 2,630,976 2,525,688 3,182,828 35,576 28,434 36,483 October 2,929,346 2,709,978 3,338,043 36,210 30,274 34,857 November. 2,618,619 2,581,023 2,984,381 34,933 25,963 32,445 December.. 2,950,223 2,799,188 3,274,411 38, 111 30,226 34,289 Total 32,331,033 30,831,583 37,954,232 406,369 346,187 435,715 1 Figures for cities marked with an asterisk are not included in the district summary or in the national summary of 141 centers. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DISTRICT NO. 7—CHICAGO. 351 SCHEDULE 9,—DEBITS TO INDIVIDUAL ACCOUNTS—Continued. Decatur, 111. Des Moines, Iowa. Month. 1922 1921 1920 1922 1921 1920 January 11,831 13,768 20,044 64,246 75,674 98,156 February... 11,245 11,147 17,160 56,738 65,530 88,840 March 14,610 15,083 23,077 i 78,201 90,763 163,197 April 12,664 14,491 17,981 ! 65,997 78,732 110,789 May 13,290 13,072 17,610 i 68,229 67,073 91,002 June 13,908 12,889 19,436 i 71,587 69,185 97,247 July 14,310 14,145 18,617 i 67,217 63,289 91,814 August 15,430 13,572 18,898 ; 64,690 63,842 82,002 September.. 13,897 13,389 18,987 i 68,510 64,238 83,881 October 14,583 12,661 16,028 ! 72,384 69,506 86,338 November.. 13,525 11,318 14,363 | 73,028 65,025 75,756 December... 15,520 13,619 14,630 i 75,536 68,934 75,859 Total. 164,813 159,154 216,831 i 826,363 841,791 1,144,881 Detroit, Mich. Dubuque, Iowa. Month. 1922 1921 1920 1922 1921 1920 January 443,087 479,627 695,584 11,935 14,438 15,727 February.. 403,803 389,988 568,558 11,660 11,781 14,290 March 516,859 461,007 717,625 13,718 15,034 18,880 April 490,190 477,262 685,573 12,554 13,092 16,371 May 528,023 493,899 622,532 12,888 13,676 15,919 June 542,982 472,623 712,564 i 12,992 11,639 14,693 July 574,030 535,570 705,128 I 12,241 11,676 16,163 August 588,363 509,487 656,977 11,632 10,746 14,594 September. 548,708 490,863 690,291 12,782 11,699 16,025 October 554,040 486,356 658,449 13,151 12,358 15,969 November. 545,937 444,616 579,609 12,457 12,248 14,843 December.. 651,296 504,924 590,501 15,068 12,207 14,767 Total. 6,385,318 5,746,222 7,883,391 153,078 150,594 188,241 Flint, Mich. Fort Wayne, Ind. Month. 1922 1921 1920 January 19,558 18,695 42,200 27,986 30,022 31,278 February.. 17,087 14,882 34,850 26,261 25,530 30,178 March 22,787 18,301 46,226 30,350 31,115 36,583 April 32 369 20,450 48,291 28,311 30,588 34,990 .May 28^074 21,466 41,731 30,213 28,714 34,280 June 27,278 21,338 47,487 31,941 30,072 35,493 July 22,286 24,700 53,426 31,357 28,113 38,135 August 24,466 25,250 44,484 28,072 26,690 33,626 September. 24,781 24,399 41,852 33,125 27,095 34,126 October 26,740 23,032 35,690 32,832 27,669 33,989 November. 27,099 21,554 25,150 32,305 27,299 33.295 December.. 28,547 21,069 22,618 35,246 33,487 34,909 Total.. 301,072 255,136 484,005 367,999 346,394 410,882 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

352 ANNUAL, REPORT OF THE FEDERAL RESERVE BOARD. SCHEDULE 9.—DEBITS TO INDIVIDUAL ACCOUNTS—Continued. Grand Rapids, Mich. Indianapolis, Ind. Month. 1922 1921 1920 1922 1921 1920 January 65,334 85.432 94,784 128,100 143,900 169,549 February.. 50,124 72.309 86,238 119.521 122,209 152,608 March 60, Oil 76,857 95,804 153,018 140,939 175,601 April 55,950 76,922 100,987 125,229 132,927 162,535 May 63,232 76,261 96,382 139,871 131,828 168,425 June 63,344 80,852 97,161 150,564 144,606 179,180 July 59,983 72,061 102,918 145,641 139,243 186,914 August 62,156 80,557 95,964 136,234 133,658 187,891 September. 59,104 85,086 94,584 140,381 128,617 167,848 October 64,155 89,187 96,106 147,215 135,803 158,963 November. 60,868 85,425 95,538 144,353 130,011 146,645 December.. 65,870 96,801 95,759 176,168 147,696 163,954 Total. 730,131 977,750 1,152,225 1,706,295 1,631,437 2,020,113 Jackson, Mich.* Kalamazoo, Mich. Month. 1922 1921 1920 1922 1921 1920 January 14,889 I 17,048 21,345 17,437 19,963 20,549 February.. 11,716 12,543 18,719 14,710 15,322 17,993 March 14,544 14,729 18,156 17,209 19,662 22,744 April 14,919 14,745 19,548 17,255 17,653 23,480 May 17,873 15,113 20,021 17,079 17,249 21,692 June 19,999 ! 13,726 17,097 18,038 17,987 23,336 July 19,002 j 16,189 20,469 17,731 15,969 23,985 August 18,071 I 15,407 21,747 19,090 16,703 24,424 September. 16,837 I 14,871 23,326 19,038 17,246 24,968 October 18,216 15,581 21,156 19,877 17,270 25,986 November. 16,994 13,338 16.857 18,886 16,663 23,457 December.. 18,800 16,443 16,826 21,978 20,119 25,028 Total.. 201,860 179,733 235,267 218,338 211,806 277,642 Lansing, Mich. Milwaukee, Wis. Month. 1922 1921 1920 1922 1921 1920 January.. . 17,917 19,880 25,236 217,005 274,058 317,900 February.. 16,863 17,593 21,760 213,848 222,297 254,781 March 21,734 22,084 29,113 263,205 233,644 318,814 April 23,262 23,091 27,927 220,409 222.181 298,203 May 26,078 20,192 28,980 237,263 215,763 287,952 June 28,986 23,311 31,637 244,219 225,594 295,189 July 26,606 21,599 29,952 241,747 218,209 307,874 August 25,727 21,378 27,644 226,383 222,327 270,639 September. 25,597 20,915 26,430 244,496 227,746 295,922 October 27,210 21,577 25,665 269,351 243,189 305,121 November. 25,254 18,198 22,843 240,463 221,342 287,593 December.. 30,500 20,155 20,994 267,634 239,578 293,369 Total 295,734 j 249,973 318,181 2,886,023 ! 2,765,928 3,533,357 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DISTRICT NO. 7—CHICAGO. 353 SCHEDULE 9.—DEBITS TO INDIVIDUAL ACCOUNTS—Continued. Moline, 111.* Peoria, 111. Month. 1922 1921 1920 1922 1921 1920 January 6,805 8,523 31,210 40,243 50,002 February.. 6,494 9,027 29,854 32,597 42,230 March 8,087 10,351 34,988 38,679 52,674 April 9,874 9,975 33,090 35,743 46,741 May 9,472 8,659 36,646 34,122 47,372 June 8,526 8,689 37,435 32,512 53,090 July 9,752 7,494 36,191 32,891 52,509 August 7,327 6,837 11,154 35,077 31,203 45,292 September. 7,776 7,582 13,476 35,265 32,973 43,995 October 7,619 7,522 11,688 38,735 33,473 41,789 November. 7,435 7,589 10,864 35,706 27,976 37,003 December.. 7,152 7,694 12,223 45,019 35,461 40,798 Total 96,319 99,942 j 59,405 429,216 407,873 553,495 Rockford, 111. Sioux City, Iowa. Month. 1922 1921 1920 1922 1921 1920 January... 18,205 21,799 29,610 I 35,498 55,860 71,649 February.. 16,114 19,422 24,342 46,330 47,917 67,038 March 20,321 22,908 31,606 76,068 60,930 83,538 April 20,698 22,254 29,717 | 65,618 45,156 79,272 May 19,663 20,817 27,584 | 70,037 33,778 75,765 June 20,368 20,004 28,108 | 71,959 38,860 76,211 July 20,015 21,357 28,541 | 66,856 35,444 70,578 August 19,408 18,637 25,458 I 64,277 34,022 60,930 September. 19,745 18,190 27,116 I 67,146 33,045 66,239 October 22,044 18,269 27,502 | 74,294 35,486 67,102 November. 19,096 17,418 24,623 i 61,945 30,832 56,110 December.. 23,224 20,220 26,218 | 70,660 30,852 50,489 Total 238,901 241,295 330,425 770,688 482,182 824,921 South Bend, Ind. Springfield, 111.* Waterloo, Iowa. Month. 1922 1921 1920 1922 1921 1920 1922 1921 1920 January 22,287 15,584 15,846 23,271 25,250 12,531 12,448 15,343 February.., 22,212 15,591 18,896 21,254 20,507 11,795 10,998 16,359 March 26,821 22,953 14,361 26,558 27,893 16,335 13,679 25,921 April 26,194 25,718 16,337 25,011 25,635 15,517 13,509 21,219 May.. 29,829 26,577 23,264 22,775 22,596 14,785 10,227 18,750 June 32,806 28,663 24,017 25,382 23,481 14,905 11,892 20,861 July 33,148 24,207 24,269 25,415 26,576 14,392 11,729 18,790 August 34,159 23,879 24,331 23,194 23,270 13,639 11,299 17,189 September. 34,207 26,063 21,585 21,830 22,876 14,987 11,549 17,534 October 35,340 26,553 24,248 23,647 22,480 16,597 13,220 16,582 November. 33,037 22,216 20,336 22,797 22,218 14,145 10,250 14,911 December., 40,227 25,601 16,504 25,652 24,212 17,041 12,119 14,149 Total, 370,267 233,605 243,994 16,786 286,994 176,669 142,919 217,608 NOTE.—Centers which have not reported continuously for the 18 months ending December 31,1922, are not included in the table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

354 ANNUAL BEPOBT OF THE FEDERAL KESERYE BOARD. DISTRICT NO. 8—ST. LOUIS. SCHEDULE 1.—COMPARATIVE STATEMENT OF CONDITION. [In thousands of dollars.] Dec. 30, Dec. 31, Dec. 31, 1922. 1921. 1920. RESOURCES. Gold and gold certificates 2,852 3,257 5,129 Gold settlement fund—Federal Reserve Board.. 31,207 22,963 21,763 Gold with foreign agencies 155 Total gold held by bank... 34,059 26,220 27,047 Gold with Federal reserve agent. 70,573 66,158 49,337 Gold redemption fund 2,960 3,695 6,404 Total gold reserves 107,592 96,073 82,788 Legal tender notes, silver, etc. 10,295 10,568 Total reserves.. 117, 887 106,641 88,876 Bills discounted: Secured by United States Government obligations. 14,549 21,831 43,776 Other bills discounted 15,533 41,222 71,156 Bills bought in open market 13,028 218 1,200 Total bills on hand 43,110 63,271 116,132 United States bonds and notes 16,771 1,161 1,153 United States certificates of indebtedness: One-year certificates (Pittman Act) 6,569 15,568 All other 2,780 203 455 Total earmng assets.. 62,661 71,204 133,308 Bank premises 1912 615 541 5 per cent redemption fund against Federal reserve bank notes.. 523 623 Uncollected items 42,862 33,744 39,224 All other resources 354 760 530 Total resources. 224,676 213,487 263,102 LIABILITIES. Capital paid in.. 4,827 4,603 4,365 SuLrprp*lus! 9,665 9,388 8,346 Deposits: Government 1,211 3,802 2,618 Member bank—reserve account. 73,798 64,613 66,903 All other 1,927 849 716 Total deposits. 76,936 69,284 70,237 Federal reserve notes in actual circulation 93,659 95,246 135,785 Federal reserve bank notes in circulation—net liability.. 3,923 9,487 Deferred availability items . "38*993" 30,263 34,032 All other liabilities 800 850 Total liabilities. 224,676 213,487 263,102 Ratio of total reserves to deposit2 and Federal reserve note liabilities combined 64.8 44.3 1 Net, i. e., after deducting reserves for depreciation. * Net deposits prior to Mar. 18,1921, and total deposits beginning with that date. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DISTRICT NO. 8—ST. LOUIS. 355 SCHEDULE 2.—MOVEMENT OF PRINCIPAL ASSETS AND LIABILITIES DURING 1922. [Amounts in thousands of dollars,] Bills discounted for member banks. Mem- Fed- Total Bills United Total ber eral Reearn- Bills bought States cash banks' Total reserve serve Date. ( a 2 s i 6 + n s ) e g 5 . t + s Total. G s A e o c v u e r r e n d - c O b o d t i u i h U s n e - s t r - m o a p i r n e k n et. r s i e ti c e u s - . se r r e v - es. r p e o s d s e e i r - t v s e . po d s e i - ts. i n c t n i o u o c t l n e a ir s . - - c a p e g e n e r s t - - . ment ed. obligations. 1 2 3 4 5 6 7 8 9 10 11 Jan. 4...... 68,115 *59,950 20,299 39,651 219 7,946 107,781 65,326 68,905 94,222 66.1 11 .. 60,663 52,337 18,839 33,498 380 7,946 113,053 65,564 67,788 90,139 71.6 18...... 58,468 50,187 17,820 32,367 415 7,866 116,602 66,297 70,477 88,645 73.3 25.... .. 54,754 46,667 17,157 29,510 235 7,852 118,344 65,176 69,427 86,026 76.1 Feb. 1.... . 50,297 41,411 15,232 26,179 303 8,583 121,575 63,708 69,476 86,089 78.2 8.... . 46,499 37,108 13,468 23,640 999 8,392 125,221 66,093 69,357 84,323 81.5 15 . 52,356 37,936 13,572 24,364 1,469 12,951 129,225 71,365" 78,335 85,017 79.1 21.... . 50,474 35,250 11,175 24,075 1,269 13,955 118,267 67,645 71,289 84,023 76.1 Mar. 1.... . 48,918 33,300 10,504 22,796 1,129 14,489 116,825 62,496 66,891 85,180 76.8 8.... . 48,736 32,035 9,656 22,379 1 287 15,414 123,378 70,884 74,039 83,328 78.4 15.... . 47,832 28,572 8,406 20,166 1,247 18,013 119,463 66,360 68,759 82,457 79.0 22.... . 52,193 30,931 9,824 21,107 1,248 20,014 113,665 66,585 69,505 80,962 75.5 29.... . 49,022 27,568 8,225 19,343 1,174 20,280 117,221 66,217 71,651 79,572 77.5 Apr. 5 . 49,348 26,543 8,185 18,358 1,092 21,713 116,901 69,212 72,832 79,170 76.9 12.... . 50,587 25,058 7,794 17,264 942 24,587 108,321 64,043 66,610 77,641 75.1 19.... . 51,196 25,436 7,300 18,136 820 24,940 111,882 67,964 73,138 76,963 74.5 26.... . 49,535 23,728 7,212 16,516 844 24,963 108,830 67,007 70,733 74,749 74.8 May3.... . 48,593 22,454 7,855 14,599 1,171 24,968 110,319 67,830 71,177 74,350 75.8 10.... . 50,698 21,705 7,016 14,689 1,342 27,651 107,129 69,036 71,822 72,640 74.2 17.... . 52,708 22,302 7,540 14,762 2,190 28,216 101,677 65,885 68,554 72,495 72.1 24.... .. 55,523 21,049 7 216 13,833 ?249 29,225 104,561 69,747 74,230 70,905 72.0 31.... .. 64,061 29,832 8,465 21,367 5,084 29,145 94,689 67,969 73,259 70,732 65.8 June 7 .. 55,832 19,574 7,888 11,686 5,594 30,664 99,363 68,529 71,502 69,940 70.2 14...... '59,897 18,695 6,430 12,265 9,597 31,605 90,858 64,527 67,849 68,694 66.5 21...... 58,608 18,947 6,775 12,172 9,597 30,064 96,301 71,085 72,615 68,239 68.4 28...... 56,313 19,587 7,576 12,011 11,538 25,188 95,018 66,380 69,361 67,307 69.5 July 5...... 55,263 18,220 6,658 11,562 11,511 25,532 95,429 64,695 67,254 68,787 70.1 12...... 56,528 16,933 5,722 11,211 13,856 25,739 85,771 58,964 61,235 67,717 66.5 19...... 57,580 17,101 5,898 11,203 14,415 26,064 84,669 60,008 62,561 66,907 65.4 26...... 57,610 16,027 5,054 10,973 15,344 26,239 85,227 59,807 63,461 66,458 65.6 Aug. 2 .. 59,441 18,971 7,351 11,620 15,381 25,089 88,998 60,277 62,519 68,081 68.1 9...... 57,450 17,438 6,151 11,287 15,365 24,647 92,299 66,333 68,728 67,952 67.5 16...... 56,569 15,899 4,764 11,135 15,524 25,146 87,279 59,773 62,274 68,493 66.7 23...... 59,364 17,850 4,701 13,149 15,224 26,290 84,005 61,033 63,823 68,233 63.6 30...... 60,060 16,460 4,369 12,091 16,075 27,525 86,097 60,436 63,677 68,874 65.0 Sept. 6...... 62,213 18,202 4,713 13,489 15,286 28,725 86,613 61,676 64,007 70,653 64.3 13...... 61,436 17,833 4,819 13,014 14,992 28,611 87, 228 62,454 65,292 72,046 63.5 20...... 67,279 24,914 8,054 16,860 14,153 28,212 83,130 60,502 63,349 74,260 60.4 27...... 65,062 25,501 7,142 18,359 12,918 26,643 87,297 59,084 61,361 76,952 63.1 Oct. 4..... 63,978 26,656 7,498 19,158 10,544 26,778 96,895 62,276 64,199 80,272 67.1 11... .. 58,767 23,180 5,131 18,049 9,023 26,564 105,798 65,252 67,373 82,941 70.4 18... .. 61,046 25,673 7,268 18,405 8,810 26,563 102,896 62,716 64,728 86,425 68.1 25... .. 64,544 28,865 9,259 19,606 9,065 26,614 104,324 62,372 64,453 87,541 68.6 Nov. 1...... 64,759 30,557 10,481 20,076 10,513 23,689 111,635 64,943 69,516 91 742 69.2 8...... 63,952 29,854 11,564 18,290 10,383 23,715 116,492 67,010 67,712 93,990 72.0 15...... 63,947 32,002 13,721 18,281 9,730 22,215 113,099 65,187 67,701 95,792 69.2 22...... 61,007 28,076 12,077 15,999 11,222 21,709 112,143 63,722 66,820 93,899 69.8 29...... 64,556 31,261 15,503 15,758 11,585 21,710 111,037 63,584 66,670 94,302 69.0 Dec. 6 . 63,440 29,791 13,839 15,952 12,439 21,210 116,127 66,913 70,552 94,451 70.4 13.... . 61,485 27,709 13,451 14,258 12,660 21,116 115,941 68,211 70,725 94,501 70.2 20.... . 67,593 28,795 13,696 15,099 12,680 26,118 106,250 68,396 71,032 96,834 63.3 27 73 927 30,187 16,549 13,638 12,623 31,117 102,901 71,362 74,799 97,272 59.8 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

356 REPORT OF THE FEDERAL RESERVE BOARD. FEDERAL RESERVE BANK OF ST. LOUIS MILLIONS OF DOLLARS MILLIONS OF DOLLARS F.B.NOTE CIRCULATION PURCHASED BILLS u • 1920 1921 1922 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DISTRICT NO. 8—ST. LOUIS. 357 SCHEDULE 3.—VOLUME OP DISCOUNT AND OPEN-MARKET OPERATIONS. [In thousands of dollars.] Bills discounted. Month Sec U ur . e S d . by Bankers' Trade Agricultural Total. Govern- accept- accept- and live- All other. ment ances. ances. stock paper obligations. January... , 74,528 53,007 261 417 3,816 17,027 February 54,234 36,210 32 182 2,731 15,079 March , 41,019 25,725 124 233 3,465 11,472 April 56,597 32,259 89 300 5,369 18,580 May 65,439 41,334 102 116 2,409 21,478 June 90,923 82,057 25 195 2,732 5,914 July 57,330 49,322 16 250 2,242 5,500 August 43,899 32,666 8 266 2,586 8,373 September 69,051 48,337 33 550 2,482 17,649 October 72,163 54,647 234 798 2,075 14,409 November 108,449 94,637 535 557 1,469 11,251 December 132,224 109,386 318 1,427 21,093 Total: 1922. 865,856 659,587 1,459 4,182 32,803 167,825 1921. 1,609,024 994,539 7,974 5,141 52,192 549,178 1920. 2,438,041 1,441,231 7,123 13,471 976,216 U. S. securities Total discount and open- Bills bought in open market. purchased. market operations. Month. Certifi- Bankers' Dollar Trade Bonds cates of Total. accept- ex- accept- and in- 1922 1921 1920 ances. change. ances. notes. debtedness. January 340 203 75,951 146,871 203,600 February 2,082 2,082 3,121 6,173 65,610 124,617 177,183 March... 1,174 1,124 50 3,931 4,330 50,454 157,862 288,700 April 151 151 3,782 1,132 61,662 277,723 May 3,966 3,266 700 290 4,432 74,127 139,852 208,541 June 610 610 3,256 31,455 126,244 177,169 208,560 July 5,113 5,113 735 229 63,407 135,362 195,462 August 987 887 100 7,353 1,632 53,871 120,338 207,494 September 200 200 822 70,073 133,338 212,634 October 5,578 5,558 20 1,892 79,702 124,503 210,673 November 7,515 7,315 200 28 30 116,022 151,381 180,062 December 5,480 5,255 225 70,000 207,713 125,667 177,916 Total: 1922.... 33,736 32,441 1,295 22,914 122,330 ,044,836 1921.... 20,187 19,277 910 1,198 44,419 1,674,828 1920.... 36,019 35,769 250 74,488 2,548,548 28971—23 24 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

358 REPORT OF THE FEDERAL. RESERVE BOARD. SCHEDULE 4.—VOLUME OF BILLS DISCOUNTED FOB MEMBER BANKS IN EACH STATE. [Amounts in thousands of dollars.] Num- Num- ber of ber of 'memmem- ber Month. tu K c e k n y - ; T s n e e e e s n . - 1 - s M i s p i i s p s - - i. n I o ll i i s - .1 I a n n d a i . - 1 so M u i r s- i.1 k A a r n - - Total. i b n a b n e d k r is s - a b c m a c n o o k m - s trict at dated end of during month. the month. January , 24,722 9,192 2,126 6,945 1,957 18,165 11,421 74,528 591 320 February 18,840 7,577 1,407 5,684 1,505 10,511 8,710 54,234 592 298 March 5,816 6,418 1,420 6,334 1,734 10,145 9,152 41,019 594 287 April 13,994 8,453 2r~ 5,841 1,392 13,908 10,920 56,597 598 278 May 26,039 2,282 6,055 851 23,944 5,460 65,439 598 277 June 63,355 2,351 860 4,799 956 14,771 3,831 90,923 605 249 July 33,626 1,737 752 4,755 1,585 11,859 3,016 57,330 606 241 August 20,718 640 1,291 4,587 1,025 11,630 4,008 43,899 606 252 September 26,954 6,553 1,478 4,084 1,628 21,581 6,773 69,051 606 271 October , 31,976 10,065 1,337 4,528 2,374 16,793 5,090 72,163 607 260 November 65,973 10,335 695 6,618 2,270 19,512 3,046 108,449 608 211 December 73,014 9,576 462 5,561 1,927 38,661 3,023 132,224 610 221 Total: 1922 405,027 75,179 14,725 65,791 19,204 211,480 74,450 865,856 1921 353,313 1"5 09,7;58 29,083 95,675 30,0v1x6u 754,740186,4391.,609,024 1920 , 426,245 216i,,786 18,706122,459 41,5"4"41,407,879 204,422 25.,438,041 Number of member banks at end of year: 1922 185 126 122 610 1921 , 181 116 119 588 1920 , 176 111 114 571 Number of member banks accommodated: 1922 108 95 400 1921 105 103 390 1920 103 94 386 i Figures in this column relate only to that part of the State located in the eighth district. SCHEDULE 5.—EARNINGS AND EXPENSES. 1922 1921 1920 Discounted bills. , $1,303,808 $4,739,032 $6,382,357 Purchased bills 255,750 41,427 273,425 United States securities 832,169 284,151 391,611 Deficient reserve penalties. 45,915 80,640 104,164 Miscellaneous 18,805 21,065 28,560 Total earnings. 2,456,447 5,166,315 7,180,117 Salaries: CURRENT EXPENSES. Bank officers i 155,877 151,043 126,916 Clerical staff j 829,072 931,158 747,312 Special officers and watchmen ! 28,418 28,069 22,984 Allother j 40,750 38,763 30,693 Governors' conferences ..„ i 456 675 277 Federal reserve agents' conferences I 228 287 282 Federal Advisory Council j 1,250 1,200 1,200 Directors' meetings ! 10,675 11,948 11,849 Traveling expensesl I 24,498 29,373 25,525 Assessments for Federal Reserve Board expenses I 31,820 31,597 26,618 Legal fees | 2,919 116 1,505 Insurance (life fidelity, casualty, workmen's compensation, and i general liabili;ty 40,587 39,654 27,107 Banking house: ! Taxes and fire insurance 3,246 2,284 Light, heat, and power 3,014 3,184 R A e ll p o a t i h rs e r a nd alterations , 3 1 8 9 2 3 2 1 9 6 6 8 97,264 Rent, including light, heat, and power, and minor alterations. 73,627 Fire insurance—furniture and equipment , 1,027 907 * 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

359 DISTRICT IS'O. 8- -ST. LOUIS. SCHEDULE 5.—EARNINGS AND EXPENSES—Continued. 1922 1921 1920 CURRENT EXPENSES—continued. Furniture and equipment2 $54,082 $176,102 Printing and stationery (including office and other supplies) $57,221 65,809 76,743 Telephone 7,448 8,217 6,629 Telegraph 42,841 43,262 44,800 Security shipments - 8,081 5,072 Currency and coin shipments 43,711 30,646 139,221 Postage and expressage (other than on money and security shipments) 101,059 87,479 Federal reserve currency: Original cost, including shipping charges 52,719 236,047 238,051 Cost of redemption, including shipping charges 11,586 20,049 32,988 Taxes on Federal reserve bank note circulation 16,377 26,500 58,000 All other expenses 34,140 49,468 32,390 Total current expenses 1,623,222 1,961,250 1,924,456 Current net earnings 833, 225 3,205,065 5,255,661 PROFIT AND LOSS ACCOUNT. Earnings 2,456,447 5,166,315 7,180,117 1,623,222 1,961,250 1,924,456 Current expenses 833,225 3,205,065 1 5,255,661 Current net earnings Additions to current net earnings: Amounts deducted from reserve for depreciation on United 3,883 States bonds Assessment account expenses Federal Reserve Board previously 19,520 charged to profit and loss 2,257 13,241 All other Total additions 6,140 13,241 19,520 Deductions from current net earnings: Depreciation allowances on bank premises 2,000 112,224 350,000 R Fu es r e n r i v tu e r f e o a r n p d ro e b q a u b i l p e m lo e s n s t es 1 4 2 4 5, , 0 7 0 5 0 5 i5O,666' Reserve for depreciation on United States bonds 34,615 * All other 20,038 15,000 Total deductions 191,793 266,380 399,615 Net deductions from current net earnings 185,653 | 253,139 380,095 Net earnings available for dividends, franchise tax, and surplus 647,572 [ 2,951,926 4,875,566 Dividends paid 283,166 270,253 253,711 87,956 1,639,109 Franchise tax paid United States Government 276,450 1,042,564 "4*621," 855 Transferred to surplus account * Charged to profit and loss in 1922 and to current expenses prior to that year. SCHEDULE 6.—OPERATIONS OP FEDERAL RESERVE CLEARING SYSTEM. I Figures include cash items only. Numbers in thousands; amounts in thousands of dollars.] Month. It b e a m n d s k i s s d t r r i a n ic w o t. n w o n n re I to t s t e h e o m r e v t i s h r e e f b b r o r a r F a n w n e k a c d s r h e d a e r e n a s d . l d I U te T n m r i e t s e a d d su r S a re w t r a n t o e f o s. n Total.* Number.| Amount. Number. Amount. Number.' Amount. Number. Amount January 2,643 440,230 6,173 135 14,732 2,829 461,135 February 2,461 363,423 5,999 147 15,522 2,654 384,944 March 2,966 483,198 7,503 195 17,437 3,222 508,138 April 2,667 426,438 6,274 222 14,583 2,939 447,295 May 2,890 467,172 7,415 199 9,947 3,153 484,534 June 2,976 470,161 7,049 170 15,797 3,209 493,007 July 2,754 444,104 6,330 128 12,530 2,940 462,964 August 2,879 458,306 6,641 166 19,649 3,102 I 484,596 September 2,936 492,335 6,600 229 16,274 3,221 I 515,209, October 3,281 582,657 7,325 266 17,833 3,605 607,815 November 3,169 573,052 5,590 204 18,707 3,425 597,349 December 3,466 6,465 201 23,996 3,727 j 625,405 Total: 1922.... 35,088 5,796,020 676 79,364 2,262 197,007 38,026 6,072,391 1921 30, 893 5,2.50,399 629 102,686 2,012 202,058 33,534 5,555,143 1920.... 28,907 7,129,546 520 182,747 1,644 223,604 31,071 7,535, 897 11 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

360 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. SCHEDULE 7.—CLEARINGS AND TRANSFERS THROUGH THE GOLD SETTLEMENT FUND." [In thousands of dollars.) Payments Receipts to other from other Week ending- Federal Federal Net loss. Net gain,. reserve reserve banks. banks. Jan . 5 (3 days) 50,170 52,293 2 123 12 ... * 94 490 96 233- 1 743 19 S3,874 87,977 4 103 26 90,250 89,541 709 Feb. 2 80,042 83,774 3 732 9 83 541 83 697 156 16 94,250 80,204 14 046 23 90 594 89 064 1530 Mar. 2 92,371 96,863 4 492 9 110 535 108 966 1 569 16 104,929 102,301 2*628 23 101 890 97 234 4 656 30 . 91,800 95,857 4 057 Apr. 6 111,965 102,903 9 062 1 13 :.:.;:: 94,786 94,213 573 20 102,120 99,807 2 313 27 96,931 97,152 221 May 4 92,569 91,959 610 11 104,082 96,219 7 863 18 103,553 98,696 4 857 25 118,734 113,245 5 489 June 1 91,309 89,978 1 331 8 105,133 107,397 2 264 15 116,306 108,669 7 637 22 101,053 112,301 11 248 29 101,746 95,006 6 740 Julv 6 80,444 80,841 397 13 104,492 96,176 8 316 20 106,201 103,768 2,433 27 91,989 93,993 2 004 Aug. 3 91,523 89/562 1,961 10 90,177 99,337 9,160 17 98,849 93 579 5 270 24 94,657 95,595 938 31 95,187 88,734 6,453 Se P p t. 1 7 4 ' 1 7 1 4 4 t , 9 0 5 8 0 9 1 7 1 6 5 , , 8 0 6 1 4 0 1,9 9 1 2 4 1 21 118,377 118,393 28 112,201 120 346 8 145- Oct. 5 117,448 130,333 12,885 11 100,276 102,978 2,702 19 151,877 147,833 4,044 26 119,500 124,223 4,723 Nov. 2 124,136 124,273 137 9 .. 100 314 107 364 7 050 16 121,016 118,158 2,858 23 . .. 137 617 133,162 4 455 29 95,891 94,417 1,474 Dec. 7 117 005 118 094 1 089 14 .. 118,340 119,083 743 21 138,432 132,483 5,949 28 104,474* 100,025 4,449 29-30 (2 davs) 43,175 59,406 16,231 Total, 1922 5,371,660 5,355,579 16,081 1921. . 4 488 154 4,507 392 19,238 1920 6,452,892 6,459,778 6,886 Net gain in ownership of gold since establishment of fund in 1915,190,944,000. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DISTRICT NO. 8—ST. LOUIS. 361 SCHEDULE 8.—PRINCIPAL ASSETS AND LIABILITIES OF REPORTING MEMBER BANKS IN LEADING CITIES AS OF THE LAST REPORT DATE IN THE MONTH. [In thousands of dollars.] Investments. Total loans and discounts (including rediscounts with Fed- United .States secu- Last report date in— eral reserve bank). rities. All other. 1922 1921 1922 1921 1922 1921 January.... 434,036 504,751 35,927 35,108 69,029 64,611 February.. 436,854 494,313 40,055 33,927 69,685 65,255 March.. 423,146 478,563 40,608 33,866 70,935 65,877 April. 416,762 465,839 42,247 32,299 74,011 67,382 May 414.495 455,823 40,391 31,707 94,205 67,051 June 404' 628 464,604 52,633 ,31,037 80,387 67,405 July 412,721 449.342 51,153 28,803 I 82,270 66,570 August 407,824 439,565 53,141 29,878 I 84,359 67,157 September. 419,859 441,728 58,729 36,245 i 84,878 67,324 October 437,700 438,022 71,948 30,010 '< 86,309 68,879 November. 443,875 439,424 71,421 30,619 I 87,419 69,683 December.. 458,001 446,650 75,914 33,348 ! 88,234 69,550 Accommodation at Net demand deposits. Time deposits. Federal reserve bank. Last report date in— 1922 1921 1922 1921 1922 1921 % January 309,318 329,282 155,196 ] 41,394 23,228 70,014 February.. 320,376 325,242 157,761 144,231 14,377 62,126 March 315,073 308,782 157,883 143,336 9,332 65,671 April 314,652 309,099 160,195 142,839 7,372 50,863 May. 313,504 299,108 158,346 143,582 15,569 49,659 June 307,995 285,818 159,965 142,838 5,827 55,778 July 313,315 286,915 163,873 142,558 2,495 53,354 August 319,741 283,343 170,386 144,720 1,940 44,882 September. 323,167 279,108 172,033 145,679 10,465 45,153 October.... 328,872 295,661 174,654 148,356 43/339 .37,307 November.. 337,315 291,895 178,201 150,077 15,953 41,065 December.. 365,572 300,497 ! 179,379 150,427 18,703 40,933 NOTE.—Figures are for about 37 banks, which submit weekly reports to the Federal Keserve Board, located in St. Louis, Little Rock, Louisville, Memphis, and Evansville. SCHEDULE 9.—DEBITS TO INDIVIDUAL ACCOUNTS. [In thousands of dollars.] Summary for 5 centers.1 East St. Lo Y ui a s r d an s, d 1 1 N 1 a * tional Stock Month. 1922 1920 1922 1921 1920 January... 858,795 879,881 1,223,858 34,515 February.. 739,485 813,884 1,007,842 33,543 ! 34,646 March 859,417 875,995 1,115,365 35,885 ! 36,958 April 826,599 836,575 1,053,693 37,197 | 36,871 May.. 911,346 830,702 1,000,449 42,549 | 35,872 June 930,887 859,644 1,011,740 41,320 I 38,229 July 871,384 813,249 987,428 37,851 | 35,382 August 830,180 780,771 916,630 37,263 ; 36,499 September. 908,393 837,548 956,844 39,354 33,948 October... 1,067,437 945,072 1,006,409 44,614 36,362 November. 988,780 879,322 926,882 43,070 35,218 December. 1,145,954 957,258 980,860 44,449 j 37,043 Total 10,938,657 ! 10,309,901 12,188,000 471,610 397,028 1 Figures for cities marked with an asterisk are not included in the district summary or in the nationals summary of 141 centers. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

362 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. SCHEDULE 9.—DEBITS TO INDIVIDUAL ACCOUNTS—Continued. Evansville, Ind. Little Rock, Ark. Month. 1922 1921 1920 1922 1921 1920 January 23,887 22,419 27,099 47,858 46,450 February.. 21,271 18,432 24,083 38,800 38,425 40,097 March 28,153 20,150 25,898 40,690 39,146 46,326 April 24,307 20,816 24,443 37,479 39,797 42,345 May 29,824 20,728 23,637 38,865 36,574 41,068 June 31,135 22,449 23,152 39,941 38,682 July 31,297 23,912 23,855 33,866 35,218 41,424 August 26,643 20,588 21,079 36,958 36,965 32,120 September. 29,651 20,686 22,323 52,609 48,838 43,368 October.... 30,843 22,260 23,008 66,117 51,047 58,656 November. 29,062 21,959 21,884 61,916 46,207 47,195 December.. 35,128 23,935 23,782 65,544 48,101 55,993 Total 341,201 258,334 284,243 555,454 I 506,858 534,025 LouisTille, Ky. Memphis, Tenn. Month. 1922 1921 1920 1922 1921 1920 January... 125,911 111,484 186,199 109,444 119,535 222,295 February.. 123,319 155,340 160,024 83,856 86,375 170,549 March 137,985 133,617 166,045 101,082 93,865 166,936 April 129,881 126,910 156,138 101,944 83,402 156,390 May 147,613 126,822 152,512 107,955 84,378 134,668 June 143,172 133,233 156,388 105,502 82,673 134,685 July 134,931 122,852 143,411 94,672 80,910 123,638 August 124,800 116,249 128,583 89,476 81,025 117,768 September. 129,403 117,138 121,747 116,048 104,310 128,898 October 143,091 126,325 121,169 163,089 141,828 137,950 November. 139,758 127,122 114,431 175,584 125,156 132,295 December.. 165,524 137,584 121,001 173,180 119,710 126,783 Total 1,645,388 1,534,676 1,727,648 1,421,832 1,203,167 1,752,855 Quiney, 111.* St. Louis, Mo. Springfield, Mo.* Month. 1922 1921 1920 1922 1921 1920 1922 1921 1920 January 8,578 8,163 556,884 578,585 741,815 13,139 11,519 February 7,467 9,641 472,239 515,312 613,089 11/106 10,420 March 10,118 12,390 551,507 589,217 710,160 12,605 12,164 April 9,153 11,068 532,988 565,650 674,377 12,281 12,250 May 9,285 9,652 587,089 562,200 648,564 12,437 11,520 June 9,913 9,507 611,137 582,607 658,532 13,736 12,945 July 8,970 9,689 576,618 550,357 655,100 11,892 11,209 August 9,794 8,431 552,303 525,944 617,080 12,401 11,062 September 9,469 8,721 580,682 546,576 640,508 12,250 11,838 October 10,594 9,328 664,297 603,612 665,626 12,752 12,027 November 9,774 582,460 558,878 611,077 13,647 11,948 December 11,705 9,958 706,578 627,928 653,301 15,717 12,666 Total. 114,820 115,534 6,974,782 ,806,866 7,889,229 153,963 141,568 NOTE.—Centers which have not reported continuously for the 18 months ending Dec. 31,1922, are not included in the table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DISTRICT NO. 9—MINNEAPOLIS. 363 DISTRICT NO. 9—MINNEAPOLIS- SCHEDULE 1.—COMPARATIVE STATEMENT OF CONDITION. [In thousands of dollars.] Dec. 30, Dec. 31, Dec. 31, 1922. 1921. 1920. RESOURCES. Gold and gold certificates 7,535 9,140 9,130 Gold settlement fund—Federal Reserve Board.. 23,499 31,115 8,456 Gold with foreign agencies Total gold held by bank... 31,034 40,255 17,675 Gold with Federal reserve agent. 46,372 16,856 25,905 Gold redemption fund 3,423 2,765 3,098 Total gold reserves , 80,829 59,876 46,678 Legal-tender notes, silver, etc., 1,190 811 250 Total reserves. 82,019 60,687 46,928 Bills discounted: Secured by United States Government obligations.. 2,539 7,289 17,093 Other bills discounted 19,377 43,923 64,561 Bills bought in open market 1,313 Total bills on hand 21,916 51,212 82,967 United States bonds and notes 12,572 115 116 United States certificates of indebtedness One-year certificates (Pittman Act)... 4,450 8,480 All other 499 Municipal warrants 39 Total earning assets.. 35,026 55,866 91,563 Bank premises 1942 763 590 5 per cent redemption fund against Federal reserve bank notes.. 196 201 480 Uncollected items 18,166 14,505 21,606 All other resources 1,809 1,033 249 Total resources. 138,158 133,055 161,416 LIABILITIES. Capital paid in. 3,535 3,569 3,461 Surplus 7,473 7,468 Deposits: Government 800 2,964 1,555 Member bank—reserve account. 49,310 43,524 43,520 All other 916 477 532 Total deposits. 51,026 46,965 45,607 Federal reserve notes in actual circulation 58,735 56,789 79,498 Federal reserve bank notes in circulation—net liability.. 4,220 7,655 Deferred availability items 16,588 12,919 17,492 All other liabilities 801 1,125 723 Total liabilities. 138,158 133,055 Ratio of total reserves to deposit2 and Federal reserve note liabilities combined ... 74.7 58.5 1 Net, i. e., after deducting reserves for depreciation^ sNet deposits prior to Mar. 18,1921, and total deposits beginning with that date. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

364 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. SCHEDULE 2.—MOVEMENT OF PRINCIPAL ASSETS AND LIABILITIES DURING 1922. [Amounts in thousands of dollars.] Bills discounted for member banks. Bate. ( a T e 2 s i a 6 + o n s r ) e t g 5 . n a t + - s l i j I I Total. G s m U e B o c b v i e . u y l S e n l r r s e . t n d - O b t i h ll e s r r M c w a i n u p a t n a r s - i l . - I S r U s i e t t a n i c e t i u e t s - e s . d s T e c r r a o e v s t - e a h s l . r p b M e o a s b d e n s e e e m i r k r - t v s s - e . ' p T o d o s e t i - a ts l . r i e n c t n F e i s o u o e r e c t l a d n r e a i v l r - . s - - e s c p e R e e r n e v r t - - e obligations. 10 Jan. 4.. 53,669 48,913 7,225 41,688 4,667 59,523 41,446 44,283 56,674 59.0 11.. 49,498 44,857 6,776 38,081 4,597 60,793 42,248 42,826 55,577 61.8 18.. 48,215 43,619 6,545 37,074 4,571 63,463 42,147 44,458 54,377 64.2 25.. 46,879 42,298 6,525 35,773 4,566 62,479 41,837 43,716 53,254 64.4 Feb. 1.. 45,525I 40^460 6,073 34,387 5,050 64,306 41,000 46,112 52,639 65.1 8.. 44,151I 39,212 5,799 33,413 4,937 70,519 43,934 52,526 69.7 15.. 43,306 37,881 5,486 32,395 5,423 67,786 42,533 45,738 52.162 69.2 21.. 42,565 37,173 5,170 32,003 5,392 69,890 44,228 47,932 52,027 69.9 Mar. 1.- 39,782 34,078 4,490 29,588 5,704 69,842 44,022 46,225 52,134 71.0 8.. 39,302 31,804 3,711 28,093 7,498 69,818 42,594 44,016 52,590 72.3 15.. 40,467 30,680 3,653 27,027 9,787 72,359 43,479 47,722 52,477 72.2 22.. 39,575 29,546 3,795 25,751 10,029 72,509 45,292 47,124 52,297 72.9 29.. 38,510 27,700 2,585 25,115 10,810 70,688 42,357 44,496 51,691 73.5 Apr. 5.. 37,869 26,663 2,543 24,120 11,206 74,522 45,699 47,379 52,315 74.8 12.. 39,206 26,712 2,521 24,191 12,494 71,300 43,596 45,877 52,244 72.7 19.. 40,258 26,484 2,331 24,153 13,774 70,441 44,656 46,120 51,968 71.8 26.. 40,230 26,913 2,605 24,308 13,317 68,169 41,509 44,490 51,170 71.3 May 3.. 41,356 27,147 2,743 24,404 14,209 70,515 43,185 47,453 51,381 71.3 A J J S N O D u u e u e c o n l p c g t y v . e t . . . . 3 2 3 2 2 2 2 1 2 2 2 1 1 1 2 1 2 1 1 2 2 1 1 1 1 5 2 4 6 7 1 6 8 0 7 6 1 3 8 0 2 2 4 9 6 9 3 5 1 0 7 8 7 1 0 3 5 4 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 3 3 3 3 3 3 3 3 3 3 4 4 3 3 3 3 3 3 3 4 4 3 3 3 3 3 4 4 4 3 4 3 3 8 8 6 6 7 5 6 6 3 9 7 6 9 4 5 7 6 5 5 3 4 3 5 3 3 4 0 9 0 0 1 5 9 2 , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , 2 5 8 9 1 5 4 7 8 9 6 0 7 9 6 5 0 7 9 1 3 6 0 5 8 0 8 6 4 2 2 6 6 4 2 8 6 1 5 7 5 7 0 2 2 2 5 6 0 1 6 0 4 1 6 6 6 3 9 7 0 4 2 3 6 7 3 9 0 9 6 6 6 2 7 5 2 4 6 9 7 1 3 5 9 9 7 8 5 4 4 7 5 4 1 1 7 8 5 1 2 8 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 6 5 5 5 4 6 6 7 5 6 7 6 7 2 6 3 3 6 1 4 1 1 3 1 3 1 4 7 1 1 7 5 4 5 , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , 6 9 9 1 8 4 9 1 7 2 7 1 3 2 4 4 6 2 2 3 8 9 8 1 4 9 5 0 0 4 7 5 9 1 9 3 2 3 3 0 3 7 2 0 1 5 8 1 2 1 1 9 4 7 5 6 3 6 8 7 4 7 3 3 5 0 7 9 1 4 9 9 4 0 0 2 7 6 6 6 2 9 0 7 3 9 0 5 8 0 7 1 3 5 5 9 1 1 4 4 8 1 2 2 2 2 2 2 2 1 1 1 2 1 2 2 3 2 1 1 1 1 2 2 2 2 3 1 1 1 2 2 1 1 1 1 , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , 6 8 8 5 9 7 1 0 0 2 1 3 0 1 7 2 0 1 0 0 7 6 7 8 9 7 6 9 6 9 6 0 4 9 6 4 7 2 6 7 0 4 7 1 7 8 5 7 2 6 9 6 3 0 4 6 4 7 2 2 8 0 3 6 9 7 1 8 6 4 6 8 6 8 4 4 2 9 7 7 6 7 1 1 9 0 9 7 9 2 6 9 2 6 9 3 5 1 1 1 1 5 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 1 1 2 2 1 1 1 1 1 4 4 2 4 5 3 3 3 4 3 4 4 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4 3 4 4 1 7 5 3 9 0 2 0 3 7 5 6 6 4 6 5 2 6 5 7 7 9 4 9 3 4 6 0 7 2 9 1 6 3 3 9 8 3 5 0 4 0 3 3 2 7 5 2 1 3 5 9 1 0 7 8 2 7 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 3 4 4 4 4 4 5 4 4 4 4 4 4 4 4 2 4 3 4 3 2 5 5 3 7 3 5 2 2 4 7 7 1 0 9 3 5 5 7 7 7 4 5 7 5 2 2 8 9 , , , , , , , , , , , , , , , , , , , , , , . , , , , , , , , , , . 8 0 3 7 2 8 3 0 1 7 8 2 3 6 6 8 2 5 5 7 5 5 9 8 5 5 2 7 9 7 5 4 1 5 0 1 6 0 2 0 1 6 9 3 5 9 0 9 7 2 3 5 1 1 5 4 5 2 6 2 2 7 5 2 9 6 2 5 4 9 0 7 4 0 0 7 2 9 9 9 6 3 5 2 4 4 4 5 5 2 2 4 0 7 8 3 4 1 1 1 4 5 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 5 4 5 5 4 4 3 5 8 5 6 5 3 4 6 3 6 8 4 5 6 4 9 9 7 2 7 5 7 9 9 6 9 0 9 7 2 1 , , , , , , , , , . , . , , , , , , , , , , , , , , , , , , , , , , 6 5 4 6 1 5 2 1 0 7 6 2 0 3 8 5 3 4 5 6 1 1 6 2 9 6 6 5 8 9 3 4 8 7 1 2 4 7 0 4 7 9 8 6 1 0 9 1 2 2 7 0 4 2 0 9 6 5 4 5 7 3 6 6 0 2 3 6 1 1 1 6 9 3 5 1 1 9 1 6 6 4 4 7 6 9 9 5 3 3 0 2 8 0 7 7 0 0 0 2 7 0 4 4 5 4 4 4 4 4 4 4 4 4 4 4 5 5 5 5 4 5 5 5 5 5 6 5 5 5 5 5 5 5 5 5 9 9 0 8 8 8 8 9 8 6 9 9 9 9 8 6 6 9 6 6 7 6 0 0 0 9 8 2 5 7 2 1 1 7 , , , , , , , , , , , , . , , , , , , , , , , , , , , , , , , , , , 0 9 6 4 9 8 9 7 9 5 2 1 7 5 6 8 1 5 6 4 9 9 5 7 0 9 0 4 2 8 0 7 3 5 5 3 9 3 0 1 5 5 4 1 5 6 8 2 2 5 4 8 7 7 8 5 2 0 9 3 2 7 1 0 9 6 2 8 1 3 1 6 3 1 3 9 9 5 4 3 3 3 7 4 7 6 4 5 2 7 8 5 4 7 7 8 5 4 0 2 8 8 6 6 6 6 6 7 7 7 7 7 7 7 7 7 7 6 7 7 7 7 6 6 6 7 7 7 7 7 7 7 7 7 7 7 3 6 8 3 9 8 4 3 3 9 1 2 6 9 3 1 0 8 3 1 4 5 0 0 4 5 1 6 7 0 8 4 1 3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 6 6 5 3 6 0 8 3 3 7 7 9 9 0 0 1 8 7 7 9 0 0 0 2 9 7 2 0 2 0 7 2 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DISTRICT NO. 0—MINNEAPOLIS. 365 FEDERAL RESERVE BANK OF MINNEAPOLIS MILLIONS OF DOLLARS MILLIONS OF DOLLARS F.R.NOTE CIRCULATION 100 /yx/>/77? "Tfiyj^ PURCHASED B!LLS 20 *77>>Km DISCOUNTS FOR OWN MEMBERS 100 100 80 20 1920 1921 1922 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

366 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. SCHEDULE 3.—VOLUME OF DISCOUNT AND OPEN-MARKET OPERATIONS. [In thousands of dollars.] Bills discounted. Month. S U e . c S u . r e G d o b v y - Bankers' Trade t A ur g a r l i c a u n l d - Total. ernment accept- accept- live-stock All other. obligations. ances. ances. paper. January 25,324 12,774 7,569 February 17,667 9,986 2,320 5,326 March 14,580 7,682 3,890 April 14,729 5,683 4,646 4,368 May 20,891 8,386 5,846 6,655 June 21,288 11, 373 5,095 4,804 July 12,120 3,878 3,715 4,523 August 11,863 5,462 2,248 4,148 September 11,689 5,308 2,307 4,052 October 14,336 5,323 4,063 4,947 November 12,536 4,012 4,234 4,288 December 15,991 6,162 4,538 5,291 Total: 1922. 193, 014 86,029 173 46,951 59,861 1921. 730,662 314, 276 903 2,696 106,266 306,521 1920 953,392 478,774 3,138 471,480 U. S. securities Total discount and open- Bills bought in open market. purchased. Muni- market operations. cipal war- Month. Total. a B c e a c r n e s p ' k t - - c D h e o a x l n l - g ar e. a a T c n r c c a e e d p s e t . - I B n a o o n t n e d d s s . c r h p a a u n s r t e - s d. 1922 1921 1920 ances. January 25 722 26,080 81,980 74,713 February.. 1,921 1,124 20,712 69,327 68,294 March 6,787 4,523 25,890 66, 551 145, 260 April 3,980 1,768 20,477 65,359 110,890 May 2,231 663 23,785 68,131 89,921 June 4,413 3,758 29,459 68,662 121, 504 July 280 3,768 16,177 52,388 76,082 August 3,153 3,726 18 18,760 57, 280 81, 749 September. 9,148 22,685 52, 565 76,386 October 4,790 1,488 20,626 57,555 November. 2,177 150 14,866 49, 844 83,331 December.. 3,467 14,523 33,996 46,981 101,019 Total: 1922. ! 42,37238,061 66 !273, 513 ! 1921... 39 39 ! 1,0314,782 . 736,603 1920... 18,059 17,909 150 141, 696 1,113,147 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DISTRICT NO. 9—MINNEAPOLIS. 367 SCHEDULE 4.—VOLUME OF BILLS DISCOUNTED FOR MEMBER BANKS IN EACH STATE. [Amounts in thousands of dollars.] Number Number of memof mem- ber banks Month. M ga ic n h .1 i- W s i i s n c . o * n-M so in t n a. e- D N a o k r o t t h a.D S a o k u o t t h a. M tan on a. - Total. b in e r d b is a t n ri k c s t m a o cc d o a m te - d at end of during month. the month. January 752 1,707 11,745 3,188 4,220 3,712 25,324 1,024 500 February... 883 1,141 8,493 2,756 2,667 1,727 17,667 1,024 372 March 964 1,470 5,448 1,640 2,908 2,150 14,580 1,026 380 April 857 1,440 5,448 1,553 2,845 2,586 14,729 1,025 400 May 774 944 10,869 2,098 2,555 3,651 20,891 1,023 412 June 748 804 12,622 1,789 2,118 3,207 21,288 1,023 415 July 596 586 5,560 1,605 1,552 2,221 12,120 1,022 323 August 547 6,308 1,646 1,076 1,895 11,863 1,021 336 September.. 471 i391 6,452 1,131 1,409 1,490 11,689 1,019 288 October.... 446 152 8,829 1 066 1,960 1,883 14,336 1,018 314 November.. 489 448 6,200 1,051 2,356 1,992 12,536 1,014 350 December.. 746 442 9,483 1,245 2,219 1,856 15,991 1,014 343 Total: 1922 8,273 10,261 97,457 20,768 27,885 28,370 193,014 1921 11,535 20,386 474,581 65,304 93,325 65,531 1730,662 ! 1920 6,906 21,189 734,318 55,649 82,986 52,344 1953,392 j Number of member banks at end of year: 1922 377 188 1921 375 188 1920 368 187 Number of member banks accommodated: 1922 222 1921 254 1920 242 i Figures in this column relate only to that part of the State located in the ninth district. SCHEDULE 5.—EARNINGS AND EXPENSES. 1922 1921 1920 EARNINGS. Discounted bills $1,451,659 $4,649,554 $4,734,259 Purchased bills 13 191,862 United States securities 383,531 142,001 181,990 Deficient reserve penalties. 128,087 157,158 92,744 Miscellaneous 5,971 17,585 106,526 Total earnings. 1,969,248 4,966,311 ( 5,307,381 CURRENT EXPENSES. Salaries: Bank officers 107,977 115,499 77,637 Clerical staff 463,390 517,448 363,724 Special officers and watchmen 22,281 23,618 10,766 All other 16,446 18,807 23,686 Governors' conferences. 467 770 452 Federal reserve agents' conferences 267 403 27 Federal Advisory Council 1,140 908 893 Directors' meetings 11,407 11,902 6,705 Traveling expenses1 21,470 35,505 15,227 Assessments for Federal Reserve Board expenses 24,945 25,554 22,520 Legal fees 11,592 11,628 3,100 Insurance (life, fidelity, casualty, wo kmen's compensation, anjd general liability) 25,311 29,553 22,253 Banking house Taxes and fire insurance 1,578 ! 3,119 Light, heat, and power 902 i 1,556 Repairs and alterations 4. 1,667 j 1,015 All other 11 ! 45,469 Rent, including light, heat, and power, and minor alterations 44,038 j 44,128 Fire insurance—furniture and equipment 481 ! 112 Furniture and equipment2 53,368 100,817 Printing and stationery (including office and other supplies) 64,469 97,072 62,488 Telephone 7,090 ! 7,248 2,832 Telegraph 21,697 i 23,494 13,780 1 Other than those connected with governors' and agents' conferences and meetings of directors and of the advisory council. • • * Charged to profit and loss in 1922 and to current expenses prior to that year. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

368 ANNUAL EEPOET OF THE FEDERAL RESERVE BOAED. SCHEDULE 5.—EARNINGS AND EXPENSES—Continued. 1922 1921 1920 CURRENT EXPENSES—continued. Security shipments. $4,018 $2,101 Currency and coin shipments 22,992 20,420 Postage and expressage (other than on money and security ship- S102,156 ments) 80,071 83,139 Federal reserve currency: Original cost, including shipping charges.. 53,334 124,584 62,627 Cost of redemption, including shipping charges. 16,765 16,552 15,959 Taxes on Federal reserve bank note circulation 14,260 26,980 36,792 All other expenses 44,876 29,384 25,288 Total current expenses | 1,084,942 1,325,867 j 1,015,198 Current net earnings 884,306 3,640,444 I 4,292,183 PROFIT AND LOSS ACCOUNT. Earnings 1,969,248 4,966,311 5,307,381 Current expenses. 1,084,942 1,325,867 1,015,198 Current net earnings.. 884,306 3,640,444 4,292,183 Additions to current net earnings: Assessment account expenses Federal Eeserve Board previously charged to profit and loss.., 16,607 AUother 41,231 17,264 Total additions. 41,231 17,264 16,607 Deductions from current net earnings: Depreciation allowances on bank premises 9,713 5,275 177,737 Furniture and equipment 24,640 Reserve for probable losses "500," 666' Reserve for depreciation on United States bonds 78,058 All other 30,431 **"i,279~ Total deductions 142,842 506,554 177,737 Net deductions from current net earnings 101,611 I 489,290 161,130 Net earnings available for dividends, franchise tax, and surplus 782,695 I 3,151,154 4,131,053 Dividends paid 213,774 i 211,657 195,871 Franchise tax paid United States Government 3 3 5 5 1 6 2 , , 8 0 9 2 2 9 I I 2,4 4 5 8 0 8 , , 9 5 6 3 7 0 3,4 5 1 2 0 4 , , 9 23 4 4 8 Transferred to surplus account 8 Bank also charged its surplus account and paid the United States Government $52,423 as an additional franchise tax for 1921. See page 22. SCHEDULE 6.—OPERATIONS OF FEDERAL RESERVE CLEARING SYSTEM. [Figures include cash items only. Numbers in thousands; amounts in thousands of dollars.] Items drawn on I t t o e m ot s h e f r o r F w e a d r e d r e a d l Items drawn on Month. ban d k is s t r in ic t o . wn res th er e v ir e b b r a a n n k c s h e a s n . d U T n r i e te a d su S re ta r t o e f s. TotaU Number.! Amount. Number.1 Amount. Number.l Amount.Number. Amount. January 1,707 179,693 89 ! 18,428 15,711 1,831 213,832 February 1,488 148,738 73 16,298 13,582 1,588 178,618 March 1,961 206,541 92 21,280 2,090 243,910 April 1,841 185,541 85 18, 897 10,098 1,972 214,536 May 1,935 199,911 89 21,116 8,018 2,067 229,045 June.« 2,056 209,890 85 20, 805 7,724 2,192 238,419 July 1,895 209,192 88 21,126 6,689 2,024 237,007 August 1,879 208,181 S7 20,980 6,363 1,999 235,524 September 1,995 234,571 85 22,314 7,313 2,131 264,198 October 2,296 280,588 98 30,251' 8,441 2,459 319,280 November 2,092 251,301 96 27,030 8,910 2,247 287,241 December 2,302 247,930 104 25,218 7,820 2,468 280,968 Total: 1922.... 23,447 2,562,077 2 1,071 2 263,743 550 116,758 25,068 2,942,578 1921.... 21,995 2,581,575 2 1,077 2 262,106 544 74,847 23,616 2,918,528 1920.... 20,142 3,352,955 1,074 491,950 373 63,953 21,589 3,908,858 1 Exclusive of duplications on acount of items handled by both parent bank and branch. 2 Includes 34,000 items, aggregating $24,829,000, and 4,000 items, aggregating $2,411,000, forwarded direct to drawee banks in other districts during 1922 and 1921, respectively. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DISTRICT NO. 9—MINNEAPOLIS. 369 SCHEDULE 7.—CLEARINGS AND TRANSFERS THROUGH THE GOLD SETTLEMENT FUND. [In thousands of dollars.] Payments Receipts to other from other Week ending- Federal Federal Net loss. Net gain. reserve reserve banks. banks. Jan 5 (3 davs) 12,724 13,905 1,181 12 27,950 27,082 868 19 25,213 28,772 3,559 26 24,800 21,997 2,803 Peb 2 22,034 24,751 2,717 9 21,884 24,665 2,781 16 . 22,140 17,467 4,673 23 22,808 24,874 2,066 Mar 2 22,045 23,209 1,164 9 27,116 25,879 1,237 16 32,486 30,985 1,501 23 29,927 33,718 3,791 30 26,236 24,212 2,024 Apr 6 . ... 25,651 26,919 1,268 13 28,656 24,732 3,924 20 .. 27,874 28,996 1,122 27 29,480 27,038 2,442 May 4 28,062 31,143 3,081 11 29,520 26,070 " 3;450 18 26,893 29,760 2,867 25 33,584 26,486 June 1 28,814 ^ 29,685 7,098 871 8 » .... 28,217 31,176 2,959 15 32,514 35,467 2,953 22 32,848 32,505 343 29 . 31,993 29,231 2,762 July 6 24,739 27,646 2,907 13 27,902 32,621 4,719 20 .... 29,237 26,330 2,907 27 32,701 32,961 260 Aug. 3 33,420 35,659 2,239 10 35,376 33,663 1,713 17 . .. 28,979 32,242 3,263 24 31,772 28,972 2,800 31 30,689 31,647 958 Sept. 7 .... .... 21,793 26,874 5,081 14 31,197 27,947 3,250 21 .... .. 47,891 43,901 3,990 28 32,064 31,748 316 •Oct 5 34,367 46,180 11,813 11. . . .. 28,534 26,529 2,005 19 ... 44,091 47,347 3,256 26 38,176 40,208 2,032 Nov. 2 .. . 35,103 36,329 1,226 9 32,247 29,551 2,696 16 29,419 32,234 2,815 23 . 34,679 33,761 918 29 33,021 30,680 2,341 Dec. 7 32,533 37,315 4,782 14 35,558 30,393 5,160 21 . . 34,687 40,280 5,593 28 31,726 29,684 2,042 29-30 (2 days) 12,718 14,131 1,413 Total* 1922 1,566 083 1,587 557 21,474 1921 1,517,488 1,546,650 29,162 1920 . 2,194,709 2,187,566 7,143" Net gain in ownership of gold since establishment of fund in 1915, 139,540,000., Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

370 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. SCHEDULE 8.—PRINCIPAL ASSETS AND LIABILITIES OF REPORTING MEMBER BANKS IN LEADING CITIES AS OP THE LAST REPORT DATE IN THE MONTH. [In thousands of dollars.] Investments. Total loans and discounts (including re- Last report date in— d er i a sc l o re u s n e t r s v e w b it a h n k F ) e . d- United r i S ti t e a s t . es secu- All other. 1922 1921 1922 1921 1922 January... 246,148 293,297 24,753 18,864 20,767 19,401 February. 242,369 282,662 31,766 18,872 21,407 19,727 March 235,159 283,402 34,361 21,171 21,939 19,483 April 235,950 273,965 36,145 20,634 21,959 19,278 May 235,346 274,581 34,164 20,514 23,049 19,502 June 232,500 279,139 42,498 18,374 24,164 21,614 July 233,064 276,443 40,371 17,289 23,798 19,767 August 239,447 281,628 38,889 17,829 26,573 20,248 September 243,783 285,307 40,917 22,692 26,986 20,615 October... 243,443 275,897 41,507 19,090 27,465 21,163 November. 251,555 269,398 41,142 20,079 28,845 21,011 December. 247,387 259,916 47,312 21,322 28,889 21,479 Accommodation at Net demand deposits. Time deposits. Federal reserve bank. Last report date in— 1922 1921 1922 1921 1922 1921 January... 175,030 184,405 76,205 70,026 6,179 39,018 February.. 177,989 186,142 76,855 68,127 3,874 33,194 March 174,230 185,240 77,382 69,778 2,304 32,272 April 179,432 169,907 76,769 69,716 2,507 34,767 May 184,126 165,443 76,536 71,463 2,849 35,980 June 186,643 171,720 77,417 72,579 2,850 38,785 July 186,478 172,786 77,611 70,664 2,732 37,692 August 190,986 172,777 77,716 68,526 2,879 37,105 September 198,286 168,823 80,803 67,672 3,306 36,225 October... 199,449 171,733 81,793 69,213 3,838 34,361 November. 203,471 179,833 82,988 71,808 3,520 21,319 December. 207,652 172,473 84,326 76,678 3,719 13,775 NOTE.—Figures are for about 30 banks, which submit weekly reports to the Federal Reserve Board, located in Minneapolis, Helena, Duluth, Fargo, Great Falls, La Crosse, St. Paul, and Sioux Falls. SCHEDULE 9.—DEBITS TO INDIVIDUAL ACCOUNTS. [In thousands of dollars.] Summary for 9 centers.1 Aberdeen, S. Dak. Month. 1922 1921 1920 1922 1921 1920 January 492,323 580,703 722,007 5,081 9,330 10,144 February 455,305 464,851 586,404 3,902 5,060 6,337 March 556,282 516,962 686,847 ' 4,822 6,396 8,112 512,419 524,033 683,595 5,196 - 5-626 7,864 May 546,252 505,338 676,471 5,416 5,711 7,829 June . . . 569,323 554,127 681,452 6,000 5,904 7,800 July 554,605 501,752 692,894 5,782 5,508 6,813 August. 580.550 539,110 641,307 6,031 5,838 7,632 September 654,491 614,893 785,764 6,286 5,975 9,316 October . 698,732 622,728 872,448 5,919 6,390 8,672 November 633,665 543,110 815,764 5,340 5,840 7,685 December 710,631 573,961 733,971, 6,471 6,476 8,649 Total 6,964,578 6,541,568 8,578,924 66,246 74,054 96,853 1 Figures for cities marked with an asterisk are not included in the district summary or in the national summary of 141 centers. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DISTRICT NO. 9—MINNEAPOLIS. 371 SCHEDULE 9.—DEBITS TO INDIVIDUAL ACCOUNTS—Continued. Billings, Mont. Duluth, Minn. Month. 1922 1921 1920 1922 1921 1920 January 7,106 10,868 46,412 87,045 77,960 February.. 5,592 6,154 9,266 42,490 57,127 66,600 March 6,381 7,218 10,902 58,386 59,687 72,914 April 6,356 7,573 11,107 51,487 67,582 88,684 May 6,576 7,331 9,957 69,083 68,876 100,646 June 7,419 7,286 9,230 77,276 76,602 95,422 July 7,353 7,147 8,887 65,445 66,169 95,770 August.... 7,303 6,845 8,328 77,927 73,531 87,567 September. 7,082 7,195 9,329 105,005 111,754 142,687 October... 8,418 8,283 11,145 105,449 92,050 169,851 November. 9,028 8,103 12,315 96,423 82,044 161,041 December. 10,607 8,602 10,858 89,197 68,186 131,549 Total .89,221 89,775 122,192 884,580 910,653 1,290,691 Fargo, N. Dak. Grand Forks, N. Dak. Month. 1922 1921 1920 1922 1921 1920 January... 9,030 9,225 13,416 5,481 5,181 7,88ft February.. 7,433 9,171 10,963 4,453 4,209 6,088 March 9,745 11,183 13,935 5,827 5,147 8,207 April 10,284 10,979 15,472 6,275 4,996 8,654 May 11,247 10,952 14,547 6,174 4,601 7,965 June 11,316 10,934 15,337 5,699 4,795 7,706 July 11,676 11,304 15,994 5,439 4,957 7,773 August 12,791 11,500 14,433 6,318 4,997 6,682 September. 13,493 11,840 16,958 7,781 6,051 7,829 October 14,280 12,873 18,246 10,622 8,499 8,865 November. 12,021 11,460 15,080 8,387 7,770 8,103 .December., 11,597 10,851 12,310 8,555 7,061 7,070 Total 134,913 132,262 176,691 81,011 68,264 92,828 Great Falls, Mont.* Helena, Mont, Month. 1922 1921 1920 1922 1921 1920 January 7,354 9,508 12,909 10,660 11,952 11,972 February. 5,090 5,799 9,730 8,568 8,278 8,938 March 5,960 7,757 9,842 8,415 9,583 11,635 April 5,456 7.269 8,807 8,571 8,820 10,473 5,918 7,080 8,132 8,870 8,035 10,326 June 6,145 8,103 9,078 9,094 10,629 10,646 July 5,911 6,633 8,596 9,639 9,870 10,562 August 6,222 7,128 8,869 9,447 10,427 10,049 September.. 6,737 8,279 11,718 9,336 11,090 11,115 October.... 8,281 11,329 10,979 12,642 11,414 November.. 7,829 14,065 11,070 11,330 12,168 December.. 9,560 12,444 13,698 15,354 12,807 Total. 54,793 125,519 118,347 128,010 132,105 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

372 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. SCHEDULE 9.—DEBITS TO INDIVIDUAL ACCOUNTS—Continued. Minneapolis, Minn. St. Paul, Minn. Month. 1922 1921 1920 1922 1921 1920 January 263,320 320,867 411,239 138,851 120,427 169,951 February... 250,487 I 258,662 321,526 126,443 108,157 149,336 March 299,324 288,842 364,958 155,934 120,438 186,9% April 275,383 288,323 369,317 142,235 121,581 162,692 May 286,922 275,653 374,782 145,052 116,071 141,691 June 280,435 307,020 370,981 164,894 122,751 155,146 July 276,775 267,518 375,779 165,484 121,063 162,142 August 292,781 i 303,873 355,054 160,208 114,803 142,948 September. 336,043 i 333,129 430,292 161,486 119,442 150,356 October 356,016 336,457 462,357 178,534 137,252 172,037 November. 321,796 288,724 425,411 162,266 119,932 163,758 December.. 369,553 311,532 388,205 192,597 137,618 151,853 Total 3,608,835 i 3,580,600 4,649,901 1,459,535 1,908,906 Sioux Falls, S.Dak* Superior, Wis. Winona, Minn.* Month. 1922 1921 1920 1922 1921 1920 1922 1921 1920 January 16,561 19,553 36,595 6,382 8,638 8,571 4,105 3,984 6,287 February 11,750 16,967 25,504 5,937 8,033 7,350 3,263 3,866 5,503 March 14,179 20,622 39,704 7,448 8,468 9,188 4,270 4,562 5,801 April . 13,157 17,945 30,069 6,632 8,553 9,332 3,895 4,417 6,020 May 14,342 16,967 29,902 6,912 8,108 8,728 4,053 4,214 5,061 June 13 843 18,744 29,668 7,190 8,206 9,184 5,184 4,447 5,175 July 15,515 17,572 26,232 7,012 8,216 9,174 4,643 4,833 6,123 August 14 223 16 573 23 057 7 744 7,296 8,614 3,797 4,139 4,692 September „ 13,748 15,722 25,414 7,979 8,417 7,882 4,476 4,157 5,465 October. 15,202 17,133 28,413 8,515 8,282 9,861 4,886 4,854 6,290 November. 14,375 15,726 23,800 7,334 7,917 10,203 4,546 4,293 5,585 December 16,911 17,384 22,380 8,356 8,281 10,670 5,592 4,666 5,757 Total 173,806 210,908 340,738 87,441 98,415 108,757 52,710 52,432 67,759 NOTE.—Centers which have not reported continuously for the 18 months ending Dec. 31,1922, are not included in the table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DISTRICT NO. 10 KANSAS CITY. 373 DISTRICT NO. 10—KANSAS CITY. SCHEDULE 1.—COMPARATIVE STATEMENT OF CONDITION. [In thousands of dollars.] Dec. 30, Dec. 31, Dec. 31, 1922. 1921. 1920. BESOTJRCES. Gold and gold certificates 2,682 2,517 4,026 Gold settlement fund—Federal Reserve Board.. 30,768 33,764 23,957 Gold with foreign agencies 158 Total gold held by bank 33,450 36,281 28,141 Gold with Federal reserve agent 55,031 28,042 40,769 Gold redemption fund 2,354 3,474 5,255 Total gold reserves 90,835 67,797 74,165 Legal-tender notes, silver, etc. 3,902 6,861 2,332 Total reserves. 94,737 74,658 76,497- Bills discounted: Secured by United States Government obligations.. 7,352 17,839 29,707 Other bills discounted 19,192 52,140 80,634 Bills bought in open market 402 1,337 2,171 Total bills on hand 26,946 71,316 112,512 United States bonds and notes 27,559 8,868 United States certificates of indebtedness: One-year certificates (Pittman Act)... 5,320 12,820 Allother 11,630 66 1 Municipal warrants 150 Total earning assets. 66,135 85,720 134,201 Bank premises , 14,695 4,400 • • •1•' ,•0• 4•=1 5 per cent redemption fund against Federal reserve bank notes.. 200 889 916 Uncollected items 47,968 40,926 55,652 All other resources 665 518 350 Total resources. 214,400 207,111 268,657 Capital paid in. 4,623 4,570 4,455 Surplus 9,488 9,159 Deposits: Government 1,283 6,053 4,909 Member bank—reserve account. 82,782 71,997 74,318 All other 3,286 758 678 Total deposits. 87,351 79,905 Federal reserve notes in actual circulation 69,887 69,044 111,578 Federal reserve bank notes in circulation—net liability. 2,066 10,615 14,221 Deferred availability items 40,575 33,532 47,631 Alliother liabilities 410 1,708 Total liabilities. 214,400 207,111 268,657 Ratio of total reserves to deposit2 and Federal reserve note liabilities combined 60.3 50.5 41.7 JiNet, i. e., after deducting reserves for depreciation. \Net deposits prior to Mar. 18,1921, and total deposits beginning with that date. 28971—23 25 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

374 ANNUAL REPORT OF THE FEDERAL. RESERVE BOARD. SCHEDULE 2.—MOVEMENT OF PRINCIPAL ASSETS AND LIABILITIES DURING 1922. [Amounts in thousands of dollars.] Bills discounted for member banks. Date. ( a T e 2 s i 6 a o + n s ) r e t g . 5 n a t + - s l Total. G s m U e B o c b v . e i u S y l e n l r . r s e t n d - c O b o d e t i u i d h l s n l . - e s t r - m b B o o a p i u r i n l e k g l n s e h t t . U S r s i n t e t a i c i e t t u e e s - s d . s T e c r r a o e v s t - e a h s l . r b p M e a o s b d n s e e e e i m k r - r t v s s - e . ' p T o d o s e t i - a ts l . r i e n c t n F e i s o u o e r e c t l a d n r e a i l v r - . s - - e s c a p e R e g e r n e e v r s t - - e - . obligations. 1 2 3 4 5 6 7 9 10 11 Jan. 4 185,072 69,569 18,165 51,404 1,096 14,257 72,523 67,456 72,729 68,577 51.3 11 179,927 64,792 15,767 49,025 753 14,232 74,053 68,517 70,648 66,644 53.0 18 74,634 60,038 14,339 45,699 364 14,232 81,846 69,512 73,082 65,183 59.2 25.... 67,936 53,511 11,544 41,967 194 14,231 86,795 69,393 72,940 63,837 63.5 Feb. 1 68,850 54,389 14,139 40,250 61 14,400 87,300 69,015 75,302 62,676 63.3 8 70,476 50,693 13,754 36,939 58 19,725 85,048 70,258 75,518 62,223 61.7 15 67,317 44,051 10,301 33,750 45 23,221 89,173 73,326 76,410 61,355 64.7 21 63,256 40,407 8,835 31,572 46 22,803 95,600 76,034 78,487 61,493 68.3 Mar. 1.... 64,772 37,748 8,231 29,517 26 26,998 91,763 73,449 76,893 61,881 66.1 8 72,444 37,072 7,713 29,359 36 35,336 81,354 71,055 73,205 61,960 60.2 15 68,850 33,969 7,419 26,550 29 34,852 84,468 71,303 78,710 62,123 60.0 22.... 68,146 32,454 6,717 25,737 29 35,663 85,233 68,561 73,180 62,161 63.0 29.... 72,269 32,757 6,078 26,679 29 39,483 82,436 71,523 75,325 61,690 60.2 Apr. 5 72,519 32,914 6,253 26,661 19 39,586 83,985 68,645 70,550 62,773 63.0 12.... 74,608 32,846 5,749 27,097 44 41,718 78,576 69,813 72,163 61,922 58.6 19.... 76,680 31,999 5,092 26,907 44 44,637 78,850 73,219 76,245 61,544 57.2 26.... 74,262 30,411 4,863 25,548 39 43,812 77,791 71,061 73,404 60,517 58.1 May 3.... 73,084 29,233 5,755 23,478 39 43,812 85,203 76,047 81,252 60,357 60.2 10.... 67,286 25,194 3,487 21,707 29 42,063 81,527 70,599 73,313 59,589 61.3 17 66,479 24,999 3,387 21,612 5 41,475 86,291 74,721 79,338 59,012 62.4 24.... 65,235 23,754 3,758 19,996 5 41,476 85,001 74,806 77,314 58,182 62.7 31 65,687 24,206 3,947 20,259 5 41,476 90,183 76,293 79,819 57,577 65.5 June 7 65,262 23,435 3,189 20,246 5 41,822 83,821 73,051 74,943 58,153 63.0 14.... 64,422 22,572 2,739 19,833 5 41,845 90,840 76,999 80,163 57,758 65.9 21 65,766 21,147 2,645 18,502 5 44,614 90,807 80,884 82,762 58,020 64.5 28 66,735 21,114 2,889 18,225 5 45,616 87,488 77,141 79,988 57,267 63.7 July 5 65,681 20,060 2,373 17,687 5 45,616 89,796 75,479 77,764 59,143 65.6 12 64,318 18,550 1,613 16,937 45,768 89,441 77,169 79,395 58,958 64.6 19 64,078 18,376 1,513 16,863 45,702 95,126 77,509 84,726 58,975 66.2 26 63,899 18,205 1,470 16,735 45,694 92,497 78,124 81,409 58,807 66.0 Aug. 2 63,571 17,872 1 719 16,153 45,699 95,402 75,066 78,738 59,433 69.0 9 63,259 17,685 1,634 16,051 75 45,499 92,027 77,579 79,533 60,102 65.9 16 62,660 17,083 1,287 15,796 75 45,502 92,780 78,086 81,418 60,461 65.4 23 62,165 16,887 1,080 15,807 75 45,203 93,746 78,049 81,089 60,754 66.1 30 63,829 18,551 2,034 16,517 75 45,203 90,054 77,529 80,446 60,372 64.0 Sept. 6 63,239 17,957 1,740 16,217 75 45,207 93,309 80,637 82,840 62,024 64.4 13.... 62,456 17,724 1,183 16,541 75 44,657 93,678 78,045 81,544 61,992 65.3 20.... 64,689 20,070 2,269 17,801 75 44,544 92,289 79,231 81,109 63,076 64.0 27 66,803 22,359 3,154 19,205 75 44,369 92,259 78,148 80,724 63,902 63.8 Oct. 4.... 66,187 22,217 2,189 20,028 101 43,869 95,472 81,314 82,653 65,573 64.4 11.... 63,196 19,687 2,366 17,321 101 43,408 94,860 79,816 81,305 66,528 64.2 18.... 64,503 24,089 5,435 18,654 101 40,313 98,543 80,813 83,332 67,478 65.3 25.... 65,973 23,165 3,542 19,623 392 42,416 94,955 79,454 81,278 67,416 63.0 Nov. 1 68,745 25,756 4,922 20,834 791 42,198 95,024 81,239 84,119 67,879 62.5 8.... 68,960 27,170 5,890 21,280 692 41,098 93,066 76,076 78,042 68,893 63.3 15 71,459 29,752 7; 406 22,346 715 40,992 95,690 79,879 83,879 68,982 62.6 22 68,827 28,584 6,625 21,959 300 39,943 93,678 77,495 81,486 68,734 62.4 29.... 68,452 28,858 7,757 21,101 402 39,192 93,421 77,392 80,937 67,705 62.8 Dec. 6 71,325 31,726 9,893 21,833 402 39,197 92,724 79,539 82,698 69,501 60.9 13.... 71,344 31,345 9,136 22,209 402 39,597 94,436 82,875 85,948 69,022 60.9 20 76,760 34,066 11,751 22,315 602 42,092 84,025 80,773 84,438 71,552 53.9 27.... 71,724 30,436 9,767 20,669 402 40,886 89,799 80,608 84,555 72,230 57.3 i Includes $150,000 of municipal warrants. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DISTRICT NO. 10—KANSAS CITY. 375 FEDERAL RESERVE BANK OF KANSAS CITY MILLIONS OF DOLLARS MILLIONS Or DOLLARS 'iZQ ,nQ I ) 60 AO 20 1II2MM 0 40 PURCHASED BILLS ! 1 i 1 20 •ZZZZZZZL2tOBXZZ 1920 1921 1922 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

376 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. SCHEDULE 3.—VOLUME OF DISCOUNT AND OPEN-MARKET OPERATIONS. [In thousands of dollars.] Bills discounted. Secured Month. by U. S. Bankers' Agricul- Total. Govern- accept- aoppr>t turaland All other. ment obli- ances. gations. January 46,220 31,277 I 5,894 8,989 February 32,625 25,078 3,760 3,775 March 29,199 16,061 I 5,762 7,371 April 22,257 10,552 5,039 6,666 May 18,737 10,327 5,202 3,208 June 14,393 6,249 4,164 3,980 July 14,350 8,882 3,288 2 All August 9,445 4,479 3.305 1,660 September 19,574 9,463 5,220 4,889 October 29,831 15,622 7,303 6,903 November 36,629 25,190 5,463 5,974 December 54,759 43,127 5,075 6,557 Total: 1922 328,019 206,307 59,475 62,149 1921 944,074 630,652 212 4,516 121,869 186,825 1920 1,667,943 1,114,026 369 10,142 543,406 U. S. securities Total discount and Bills bought in open market. purchased. Munic- open-market operations. ipal war- Month. | Total. e B c rs a e ' p n a t k c - - - c D h e o a x n ll - g a e r . a T c r c a e d p e t- B n a o o n t n e d d s s . C o d c e a f e r t b t i e i n t f s - - i- r g a ' a l n i s r t e s - d. 1922 1921 1920 edness. January 10 4 46,254 100,742 148,413 February.. 15,030 565 48,225 91,629 135,647 March 12,539 3,782 45,558 112,114 178,502 April 5,056 27,361 91,178 145,170 May 14 18,770 73,095 134,584 June 11,919 6,307 32,619 77,410 153,692 July 281 10 14,641 69,109 151,738 August 75 75 29 1 9,550 60,347 150,307 September. 277 277 406 29 20,286 72,916 161,254 October 292 292 211 2,284 32,618 81,730 169,348 November. 809 809 5 37,443 68,476 141,650 December.. 275 275 25,767 81,665 61,591 142,890 Total: 1922... 1,849 1,849 41,298 43,824 414,990 1921... j 5,558 5,558 800 9,149 756 960,337 1920... 17,173 17,173 128,079 1,813,195 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DISTRICT NO. 10—KANSAS CITY. 377 SCHEDULE 4.—VOLUME OF BILLS DISCOUNTED FOR MEMBER BANKS IN EACH STATE. [Amounts in thousands of dollars.] Number Number of mem- New- of mem- ber banks Month. s M ou is r - i.1 m W i y n o g - . br N a e s - ka. r C a o d l o o . - K sa a s n . - h O o k m la a - .1 M c e o x . i 1 - Total. i b a n e t r d e n i b s d a t r n i o k c f s t m a d o c u c d r o a in m te g - d month. the month. January 12,325 1,154 9,249 7,755 4,192 11,184 361 46,220 1,112 567 February 10,969 758 5,765 4,421 2,575 7,582 555 32,625 1,118 453 March 5,051 1,184 9,600 3,778 2,795 6,390 401 29,199 1,129 441 April 3,503 1,127 2,998 2,186 4,142 406 22,257 1,141 443 May 3,526 1,179 5,207 3,083 2,315 3,095 332 18,737 1,146 429 June 1,947 764 3,907 3,310 1,838 2,166 461 14,393 1,152 381 July 5,202 671 2,223 2,495 1,519 1,862 378 14,350 1,151 303 August 897 565 2,061 1,729 1,784 2,060 349 9,445 1,152 292 September 5,171 272 7,233 2,167 2,945 1,684 102 19,574 1,151 316 October : 7,174 240 10,136 7,837 2,831 1,538 75 29,831 1,152 327 November 10,647 322 11,083 10,993 2,392 1,143 49 36,629 1,154 330 December 12,116 719 10,77526,692 2,828 1,546 54,759 1,152 297 Total: 1922.... 78,528 8,955 85,134 77,25830,200 44,392 3,552 328,019 1 1 9 9 2 2 1 0 . . . . . . . . 2 68 8 7 9 , , 2 8 1 9 1 72 2 8 5 , , 8 6 6 6 3 63 1 5 7 6 5 , ,24 9 O3 3 U0 1 1 2 -14 2 -41 2 1 , , 4 2 5 55 3 12 O8 5 U5 , ,, 5 4t — U 3 6 7 U0 A 2 2 " 1 3~ 1\ 9 J6 )}., , 9 7 8 1 2 3 1 6 0 , , 6 1 5 63 6 1, 9 6 4 6 4 7 , , 0 9 7 4 4 3 Number of member banks at end of year: 1922 198 148 274 412 1,152 1921 202 146 275 358 1,103 1920 210 145 271 340 1,087 Number of member banks accommodated: 1922 146 99 138 267 733 1921 169 105 211 329 920 1920 192 114 171 257 826 i Figures in this column relate only to that part of the State located in the tenth district. SCHEDULE 5.—EARNINGS AND EXPENSES. 1922 1921 1920 EAENINGS. Discounted bills $1,492,657 $5,134,004 $6,441,476 Purchased bills 8,828 49,148 211,975 United States securities 1,408,738 382,855 505,539 Deficient reserve penalties. 47,215 126,434 238,425 Miscellaneous 137,222 20,417 12,572 Total earnings. 3,094,660 5,712,858 7,409,987 CURRENT EXPENSES. Salaries: Bank officers 161,530 160,543 116,274 Clerical staff 957,883 1,051,627 794,28ft Special officers and watchmen 62,918 45,976 25,275 All other ] 107,316 55,097 35,694 Governors' conferences 512 620 626 Federal reserve agents' conferences 250 211 121 Federal Advisory Council 460 410 330 Directors' meetings 25,604 25,823 19,532 Traveling expenses* 17,941 28,705 28,085 Assessments for Federal Reserve Board expenses 32,230 32,749 34,221 Legalfees 6,911 6,769 2,543 Insurance (life, fidelity, casualty, workmen's compensation, and general liability) 28,650 42,172 29,207 Banking house: Taxes and fire insurance 17,457 15,586 Light, heat, and power 28,253 7,781 Repairs and alterations 25,883 7,088 Allother ." 3,958 13,854 71,743 Rent,including light, heat, and power, and minor alterations 18,786 Fire insurance—furniture and equipment 1,133 1,257 1 Other than those connected with governors' and agents' conference ; and meetings of directors and of the advisory council. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

378 ANNUAL REPORT OF THE FEDERAL, RESERVE BOARD. SCHEDULE 5,.—EARNINGS AND EXPENSES—Continued. 1922 1921 1920 CURRENT EXPENSES—continued- Furniture and equipment3 $183,223 $126,707 Printing and stationery (including office and other supplies) $77,708 104,982 94,787 Telephone 9,127 10,984 5,627 Telegraph ' 73,831 77,611 37,310 Security shipments 12,028 8,035 Currency and coin shipments 39,118 42,962 175,076 Postage and expressage (other than on money and security shipments) 125,591 133,182 Federal reserve currency: Original cost, including shipping charges 64,990 124,491 97,477 Cost of redemption, including shipping charges 28,077 32,054 33,905 Taxes on Federal reserve bank note circulation 37,713 62,938 83,422 All other expenses 44,962 70,385 45,712 Total current expenses 2,010,820 2,411,079 1,857,960 Current net earnings 1,083,840 3,301,779 5,552,027 PROFIT AND LOSS ACCOUNT. Earnings 3,094,660 5,712,858 7,409,987 Current expenses. 2,010,820 2,411,079 1,857,960 Current net earnings | 1,083,840 3,301,779 5,552,027 Additions to current net earnings: | Amounts deducted from reserve for depreciation on United | States bonds I 95,999 38,605 Allother 5,960 3,826 1,040 Total additions. 101,959 42,431 1,040 Dedu ctions from current net earnings: Depreciation allowances on bank premises 337,810 88,114 Furniture and equipment 60,128 Reserve for probable losses *266*666" Reserve for depreciation on United States bonds i 11,579 Allother ; 4,825 807 Total deductions 402,763 288,114 12,386 Net deductions from current net earnings : [ :,-: 300,•8 0=4= 245,683 11,346 Net earnings available for dividends, franchise tax, and surplus | 783,036 3,056,096 5,540,681 Dividends paid I 275,655 268,620 257,672 Franchise tax paid United States Government i 3 456,643 2,3 4 0 8 0 6 , , 5 9 5 1 8 8 2 3 , , 2 0 4 4 0 2 , , 2 7 2 8 8 1 Transferred to surplus account ] 3 50,738 * Charged to profit and loss in 1922 and to current expenses prior to that year. * Bank also charged its surplus account and paid the United States Government $208,170 as an additional franchise tax for 1921. Seep. 22. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DISTRICT KO. 10 KANSAS CITY. 379 SCHEDULE 6.—OPERATIONS OF FEDERAL RESERVE CLEARING SYSTEM. [Figures include cash items only. Numbers in thousands; amounts in thousands of dollars.] Month. It b e a m n d s k i s s d t r r i a n ic w t o . n w o n n r I e t t o s t e h e m o r e v t i s h r e e f b b r o r a r a F w n n e k a c d s r h e d e a r e a s n d l . d I U te T n m r i e t s e a d d su ra S re w t r a n t o e f o s. n Total, i Number. Amount. Number. Amount. Number, Amount.Number. Amount. January... 3,486 550,190 380 63,695 102 24,773 3,968 638,658 February. 3,275 468,588 346 54,760 110 20,778 3,731 544,126 March 3,921 596,505 393 67,264 151 21,580 4,465 685,349 April 3,577 504,415 369 56,216 192 17,187! 4,138 577,818 May 3,810 537,667 384 63,875 172 19,474 4,366 621,016 June 3,970 572,259 404 67,742 147 17,573 4,521 657,574 July 3,741 552,607 377 63,374 106 15,507 4,224 631,488 August 3,792 568,345 396 63,021 118 17,001 | 4,306 648,367 September 3,921 598,482 389 61,724 187 21,063 I 4,497 681,269 October... 4,280 680,376 417 72,579 232 21,694 4,929 774,649 November 3,949 609,670 406 65,616 174 18,820 I 4,529 694,106 December. 4,452 643,494 463 65,941 167 21,062 5,082 730,497 Total: 1922....! 46,174! 6,882,598 2 4,724 2 765,807 1,858 236,512 52,756 7,884,917 1921 ! 49,656 | 7,422,353 3 5,029 2 858,949 1,740 219,246 56,425 8,500,548 1920 | 46,818 | 10,513,912 2 4,775 21,364,584 1,578 148,295 j 53,171 12,026,791 1 Exclusive of duplications on account of items handled by both parent bank and branch. s Includes 11,000 items, aggregating $4,318,000; 7,000 items, aggregating $4,455,000; and 3,000 items, aggregating $2,567,000, forwarded direct to drawee banks in other districts during 1922,1921, and 1920, respectively. SCHEDULE 7.—CLEARINGS AND TRANSFERS THROUGH THE GOLD SETTLEMENT FUND. t [In thousands of dollars.] Payments Receipts to other from other Week ending- Federal Federal Net loss. Net gain. reserve reserve banks. banks. Jan. 5 (3 days) 38,624 35,358 3,266 12 73,437 72,621 816 19 65,758 74,141 8,383 26 67,278 68,266 988 Feb. 2 68,567 68,393 174 9 71,116 67,330 3,786 16 72,435 65,498 6,937 23 73,671 73,983 312 Mar. 2 77,025 73,621 3,404 9 82,310 76,737 5,573 16. 74,929 77,259 2,330 23 75,889 78,146 2,257 30 72,777 70,907 1,870 Apr. 6 77,701 80,646 2,945 13 80,148 73,783 6,365 20 72,632 356 27 71,212 73,043 1,831 May 4 68,564 77,571 9,007 11 77,664 70,412 7,252 18 85,986 87,421 1,435 25 87,965 86,669 1,296 June 1 65,524 69,955 4,431 8 74,202 71,249 2,953 15 79,663 83,101 3,438 22 82,668 88,107 5,439 29 74,132 7,954 July 6 67,256 72,815 5,559 13 82,801 79,808 2,993 20 77,115 86,719 9,604 Au . g . 1 2 3 0 7 7 8 8 5 2 0 , , , 2 5 6 4 0 3 3 0 4 7 7 8 5 5 1 , , , 2 2 71 4 6 4 8 2 7,252 1,08 1 0 9 SepM 3 2 1 : 1 4 7 :::::::: 7 7 5 7 2 5 9 3 , , , , 8 0 2 1 2 9 1 2 1 7 8 4 7 6 7 7 8 1 0 4 7 7 , , , , , 0 8 0 1 3 3 7 6 1 9 7 3 9 5 5 1,006 2,0 9 8 7 7 1 6 1 9 84,938 94,777 2,431 21 101,372 84,386 6,595 28 86,196 1,810 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

380 ANNUAL, REPORT OF THE FEDERAL RESERVE BOARD. SCHEDULE 7.—CLEARINGS AND TRANSFERS THROUGH THE GOLD SETTLEMENT FUND—Continued. [In thousands of dollars.] Payments Receipts to other from other Week ending— Federal Federal Net loss. Net gain. reserve reserve banks. banks. Oct. 5 83,291 85,714 2,423 11 . . .. 71,959 70 516 i 443 19 103,010 104.019 1,009 26 91 281 85 659 5 622 Nov. 2 87,096 89,694 2,598 9 75 387 76 170 783 16 . ... 79,269 74,290 4,979 23 91,266 93,290 2,024 29 70 865 71 306 441 Dec. 7 85,628 84,087 1 541 14 82,385 76, 543 5,842 21 90,391 90,158 233 28 81 737 83 167 1 430 29-30 (2 days) 31,755 35,843 4,088 Total:1922 4,063,822 4,052,655 11 167 1921 3,708 356 3 705 733 1 623 1920 5,184,605 5,193,372 8,767 Net gain in ownership of gold since establishment of fund in 1915, $22,553,000. SCHEDULE 8.—PRINCIPAL ASSETS AND LIABILITIES OF REPORTING MEMBER BANKS IN LEADING CITIES AS OF THE LAST REPORT DATE IN THE MONTH. [In thousands of dollars.] " Total loans and dis- Investments. counts (including rediscounts with Fed- Last report date in— eral reserve bank). United ri S ti t e a s te . s secu- All other. 1922 1921 1922 1921 1922 1921 January... 432,403 512,090 42,595 45,806 47,275 54,538 February. 425,953 502,175 53,767 47,182 46,978 54,837 March 424,626 497,387 50,850 44,740 48,982 54,218 April 423,895 486,395 58,882 42,050 50,791 46,360 May 428,026 477,759 60,977 42,872 53,242 47,968 June 425,061 472,765 79,129 44,353 56,244 46,310 July 470,491 80,519 42,442 59,204 45,801 August 426,234 455,200 83,062 43,090 60,866 44,663 September 431,210 453,773 85,236 42,556 62,140 47,124 October... 440,338 453,702 85,111 42,466 59,286 47,134 November, 446,538 463,973 87,643 42,599 59,216 48,183 December. 449,299 454,531 90,027 41,905 60,289 49,115 i Accommodation at Net demand deposits. Time deposits. Federal reserve bank. Last report date in— 1922 1921 1922 1921 1922 1921 January... 372,034 398,423 105,020 99,784 23,771 66,352 February.. 382,424 405,915 106,227 101,529 13,148 60,926 March 389,659 384,085 104,761 101,240 9,666 67,829 April 400,618 373,081 109,005 104,955 9,142 59,014 May 418,750 370,911 110,745 104,330 4,570 49,264 June 433,281 367,988 115,956 106,883 3,157 47,401 July 444,067 365,994 116,048 106,916 2,254 43,087 August 446,858 373,680 116,844 102,525 3,538 36,324 September 448,209 354,240 117,821 100,066 7,596 43,612 October... 447,825 352,503 121,674 103,732 9,291 43,741 November. 437,060 363,223 122,384 104,520 14,506 45,907 December. 445,741 371,784 123,436 106,560 17,034 35,794 NOTE.—Figures are for about 79 banks, which submit weekly reports to the Federal Reserve Board, located in Kansas City, Mo., Denver, Oklahoma City, Omaha, Kansas City, Kans., Lincoln, Muskoger Digitized forP FueRbAloS, EStR. Joseph, Topeka, Tulsa, and Wichita. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DISTRICT NO. 10—KANSAS CITY. 381 SCHEDULE 9.—DEBITS TO INDIVIDUAL ACCOUNTS. [In thousands of dollars.] Summary for 14 centers.1 Atchison, Kans.* Month. 1922 1921 1920 1922 1921 1920 it January 950,759 1,152,595 1,480,682 4,809 5,456 February... 872,689 942,30:) 1,230,956 4,633 4,437 March 1,012,278 1,067,066 1,451,230 5,697 6,173 April 956,757 1,006,119 1,313,463 5,079 4,759 May 1,026,849 953,761 1,335,707 5,307 4,761 June 1,081,813 992,057 1,351,458 4,987 5,207 July 1,041,778 994,617 1,323,317 5,214 5,290 August 1,056,449 1,025,141 1,327,488 5,649 5,446 September.. 1,058,493 1,022,182 1,389,286 5,411 5,377 October 1,155,094 1,006,694 1,418,334 6,087 5,504 November.. 1,050,896 966,224 1,334,809 ! 5,810 5,179 December.. 1,181,287 992,594 1,266,168 I 6,610 5,245 4,846 Total. 12,445,142 12,121,359 16,222,898 65,293 62,834 4,846 Bartlesville, Okla. Cheyenne, Wyo.* Month. 1922 1921 1920 1922 1921 1920 January 9,088 14,490 15,110 12,798 9,716 9,473 February.. 8,002 11,516 13,980 11,054 8,370 8,702 March 9,787- 11,140 15,854 8,247 8,410 9,671 April 10,197 10,764 16,231 6,817 7,487 7,806 May 10,648 9,259 18,189 6,958 7,462 7,674 June 12,002 8,822 17,825 7,817 10,335 7,849 July 10,887 9,381 16,429 8,918 8,591 8,415 August 10,143 6,819 14,433 8,462 8,966 8,665 September. 9,486 7,491 14,670 10,862 8,246 9,056 October.... 10,186 7,598 15,914 15,347 8,797 9,287 November. 9,309 8,194 15,565 12,721 8,405 8,862 December.. 12,724 9,701 15,591 13,076 10,663 9,682 Total 122,459 115,175 189,791 123,077 105,448 105,142 Colorado Springs, Colo. Denver, Colo. Month. 1922 1921 1920 1922 1921 1920 January 11,407 11,722 14,904 145,063 161,559 246,178 February.. 9,288 9,575 13,006 123.969 125,159 200,346 March 10,995 11,884 147,539 146,832 213,109 April 10,546 10,395 15,030 133,143 143,061 190,294 May 11,079 10,276 13,730 145,505 134,817 191,610 June 12,597 11,033 13,865 148,609 144,114 183,270 July 12,022 11,313 14,425 149,814 135,268 189,792 August 13,347 13,095 15,071 147,947 143,743 176,794 September. 12,658* 11,628 15,672 156,454 141,396 2U0.092 October.... 11,881 10,737 13,884 181,510 141,438 226,857 November. 10,663 10,560 15,513 151,881 152,598 209,411 "December.. 12,698 11,941 13,497 166,625 152,894 204,942 Total 139,181 134,159 174,590 1,798,059 1,722,879 2,442,695 1 Figures for cities marked with an asterisk are not included in the district summary or in the national summary of 141 centers. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

382 - ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. SCHEDULE 9.—DEBITS TO INDIVIDUAL ACCOUNTS—Continued. Joplin, Mo. Kansas City, Kans. Month. 1922 1921 1920 1922 1921 1920 January 9,758 10,354 16,781 15,205 19,032 18,782 February.. 8,301 16,092 12,410 14,634 16,378 March 9,756 9,611 17,233 15,847 16,254 19,173 April 10,004 9,065 17,787 14,105 13,968 16,837 May 10,786 8,591 16,590 15,016 14,190 15,425 June 12,034 9,141 16,367 16,488 15,429 15,106 July 10,567 7,969 14,352 16,310 13,795 17,944 August 10,631 7,286 14,148 15,600 13,573 18,026 September. 10,903 8,669 16,308 16,987 15,260 17,298 October 11,579 8,768 15,319 16,461 13,991 18,707 November. 11,898 9,042 12,431 16,347 13,455 18,673 December.. 14,400 10,363 12,722 19,159 16,147 21,719 Total. 130,617 107,247 I 186,130 189,935 179,728 214,068 Kansas City, Mo. Muskogee, Okla. Month. 1922 1921 1920 1922 1921 1920 January... 254,819 331,579 426,144 15,627 25,577 30,908 February.. 256,277 268,012 356,235 21,472 21,272 24,125 March 289,130 304,325 411,435 27,381 23,582 29,343 April 276,842 302,025 340,720 23,288 16,389 24,820 May 293,519 294,254 386,757 24,425 17,163 22,039 June 317,689 300,532 394,225 25,212 16,052 I 25,059 July 295,825 312,347 378,979 24,592 13,128 23,100 August 328,058 338,241 399,312 24,346 11,803 20,564 September. 333,290 339,883 425,780 26,560 14,134 21,430 October 354,218 322,374 425,093 33,832 17,451 26,113 November. 330,124 293,056 393,425 30,432 15,602 25,984 December. 348,865 291,863 367,591 32,377 15,525 27,912 Total 3,678,656 3,698,491 4,705,696 309,544 207,678 301,397 Oklahoma City, Okla. Omaha, Nebr. Month. 1922 1921 1920 1922 1921 1920 January... 78,901 99,617 89,563 158,262 192,280 277,766 February.. 69,139 82,290 75,866 162,265 163,951 242,255 March 86,579 95,493 92,496 199,605 199,501 293,059 April 81,257 86,950 93,286 178,609 177,817 260,916 May 83,445 80,608 100,496 200,081 169,355 262,181 June 90,830 83,080 106,806 201,650 184,021 264,723 July 83,833 84,328 103,374 192,971 183,479 252,833 August 74,257 82,510 121,360 197,637 191,749 241,274 September. 76,470 91,665 120,874 198,214 181,479 258,492 October 81,469 92,853 121,106 216,034 178,900 246,747 November. 80,147 92,681 118,060 190,507 152,974 219,496 December. 86,454 107,417 216,110 161,439 201,844 Total 972,781 1,058,961 1,250,704 2,311,945 2,136,945 3,021,586 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DISTRICT NO. 10—KANSAS CITY. 383 SCHEDULE 9.—DEBITS TO INDIVIDUAL ACCOUNTS—Continued. Pueblo, Colo. St. Joseph, Mo. Month. 1922 1921 1920 1922 1921 1920 January 14,341 19,741 22,659 71,577 81,033 103,824 February.. 13,400 ! 13,240 17,059 48,377 62,954 69,683 March 18,425 | 19,787 18,133 51,796 72,846 104,252 April 15,754 19,715 19,462 58,638 66,215 99,827 May 15,835 15,312 18,025 59,769 62,604 90,459 June 15,453 10,840 20,266 51,258 64,065 84,170 July 16,374 17,885 20,553 58,860 69,472 66,661 August 15,663 20,390 18,508 57,404 70,421 75,222 September. 13,057 16,183 17,682 57,915 69,640 78,417 October 15,139 18,704 26,134 66,049 71,695 80,967 November. 23,077 31,462 46,519 54,184 65,989 73,774 December.. 19,669 17; 205 24,197 71,205 71,484 73,612 Total. 196,187 | 220,464 269,197 707,032 828,418 1,000,868 Topeka, Kans. Tulsa, Okla. Wichita, Kans. Month. ,-., 1922 1921 1920 1922 1921 I 1920 1922 1921 1920 January | 15,067 17,907 27,369 112,149 119,091 125,495 39,495 48,613 65,199 February 13,764 14,065 23,895 87,288 108,368 111,156 38,737 38,885 50,880 March I 13,671 16,128 25,906 90,899 97,232 134,328 40,868 42,451 60,916 April | 13,217 16,492 28,139 93,428 90,586 128,602 37,729 42,677 61,512 May 14,258 13,407 25,013 98,990 82,192 118,164 43,493 41,733 57,029 June 14,385 15,506 20,829 117,349 84,803 130,615 46,257 44,619 58,332 July I 14,675 15,783 18,737 106,074 68,112 130,720 48,974 52,357 75,418 August. 13,610 14,703 19,231 97,475 62,200 123,797 50,331 48,608 69,748 September. 13,210 15,427 17,409 87,250 62,910 106,372 46,039 46,417 68,790 October 15,035 16,811 18,284 95,923 62,384 124,348 45,778 42,990 58,861 November. 13,853 14,457 15,702 85,965 67,202 122,282 42,509 38,952 47,974 December.. 16,067 17,037 15,244 113,433 90,141 133,718 51,501 46,162 Total 170,812 187,723 255,758 1,186,223 995,221 1,489,597 531,711 528,270 720,821 NOTE.—Centers which have not reported continuously for the 18 months ending Dec. 31,1922, are not ncluded in the table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

384 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. DISTRICT NO. 11—DALLAS. SCHEDULE 1.—COMPARATIVE STATEMENT OF CONDITION. [In thousands of dollars.] Dec. 30 Dec. 31, Dec. 31, 1922. 1921. 1920. RESOURCES. Gold and gold certificates 10,121 7,263 10,008 Gold settlement fund—Federal Reserve Board. 6,214 8,518 2,074 Gold with foreign agencies 8& Total gold held by bank 16,335 15,781 12,168- Gold with Federal reserve agent 22,576 11,093 24,484 Gold redemption fund 1,349 2,941 4,431 Total gold reserves 40,260 29,815 41,083 Legal-tender notes, silver, etc. 6,289 6,149 4,455 Total reserves. 46,549 35,964 45,538 Bills discounted: Secured by United States Government obligations.. 710 8,962 15,903 Other bills discounted 13,712 41,635 54,793 Bills bought in open market 26,827 165 247 Total bills on hand 41,249 50,762 70,943. United States bonds and notes 2,630 2,630 3,979* United States certificates of indebtedness: One-year certificates (Pittman Act). 1,900 8,300> All other 8,678 Total earning assets. 52,557 55,292 83,222 Bank premises U,937 2,168 5 per cent redemption fund against Federal reserve bank notes 146 156 586 Uncollected items 30,190 25,694 42,963 All other resources 1,927 2,755 717 Total resources. 133,306 122,029 174,665 LIABILITIES. Capital paid in. 4,195 4,203 4,099 Surplus 7,496 7,394 6,033 Government 641 4,344 1,660 Member bank—reserve account. 54,461 43,372 46 995 Allother 537 297 245 Total deposits. 55,639 48,013 48,900 Federal reserve notes in actual circulation 37,761 35,470 79,453 Federal reserve bank notes in circulation—net liability. 704 2,726 7,101 Deferred availability items 26,089 22,635 28,235 All other liabilities... 1,422 1,588 844 Total liabilities. 133,306 122,029 174,665 Ratio of total reserves to deposit2 and Federal reserve note liabilities combined 49.8 40.1 1 Net, i. e., after deducting reserves for depreciation. 2 Net deposits prior to Mar. 18,1921, and ottoal deposits beginning with that date. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DISTRICT NO. 11 DALLAS. 385 SCHEDULE 2.—MOVEMENT OF PRINCIPAL ASSETS AND LIABILITIES DURING 1922. [Amounts in thousands of dollars.] Bills discounted for member banks. T e i a o n r t g n a - l se B c i u ll r s ed Other b B ou i i n l g l s ht v U S n ta i t t e e s d T c o as ta h l b M a b n e e m k r s - ' T d o e t - al re n F e s o e r e t a d r e l v - s e s p e R e r e v r- - e Date. ( a 2 s + se 5 t + s Total, G U ov .S er . n- c b o d i u i U s n - s t- m o a p r e k n et. r s i e ti c e u s - . se r r e v - es. r p e o s d s e e i r - t v s e . posits. i c t n i u o c l n a ir . - - c a e g n es t- . ment obliga- ed. tions. 1 2 3 4 5 6 7 8 9 10 11 Jan. 4 52,102 47,557 8,678 38,879 15 4,530 36,026 41,260 43,972 35,226 45.5 11. 54,133 49,588 8,580 41,008 15 4,530 33,056 42,978 44,222 33,732 42.4 18. 51,148 46,603 8,288 38,315 15 4,530 36,841 42,414 44,826 33,14? 47.3 25. 50,572 46,027 7,988 38,039 15 4,530 36,943 42,175 45,230 31,569 48.1 Feb. 1. 49,566 45,021 7,675 37,346 15 4,530 38,297 42,929 45,685 31,247 49.8 8. 46,904 42,359 6.733 35,626 15 4,530 44,701 44,960 50,765 30,507 55.0 15. 44,793 40,248 6.471 33,777 15 4,530 43,094 42,708 46,906 29,895 56.1 21. 44,399 39,854 6,189 33,665 15 4,530 45,330 45,757 49,848 29,657 57.0 Mar. 1. 42,490 37,945 5,465 32,480 15 4,530 44,235 43,819 46,124 29,387 58.6 8. 41,769 37,038 5,091 31,947 15 4,716 44,968 44,225 47,162 29,015 59.0 15. 41,319 35,338 4,139 31,199 15 5,966 46,179 46,230 47,427 28,689 60.7 22. 39,792 34,811 3,797 31,014 15 4,966 49,002 44,764 47,396 28,004 65*0 29. 40,065 35,084 3,247 31,837 15 4,966 46,374 44,254 47,941 27,219 61.7 Apr. 5. 39,258 34,277 3,242 31,035 15 4,966 46,098 44,229 46,016 27,994 62.3 12. 39,350 34,319 3,364 30,955 65 4,966 46,711 45,334 47,611 27,175 62.5 19. 39,543 34,512 2,894 31,618 65 4,966 46,968 45,341 47,091 27,006 63.4 26. 39,545 34,514 2,530 31,984 65 4,966 46,661 46,090 48,386 26,390 62.4 May 3. 37,954 32,973 2,183 30,790 15 4,966 45,686 44,467 46,412 27,045 62.2 10. 36,276 31,295 1,795 29,500 15 4,966 45,919 45,502 47,512 26,816 61.8 17. 3M23 30,842 1,655 29,187 15 4,966 48,261 43,496 45,367 26,506 67.1 24. 36,389 31,408 1,541 29,867 15 4,966 46,516 44,902 46,695 25,650 64.3 31. 37,015 31,331 1,359 29,972 718 4,966 49,305 43,931 46,117 26,256 68.1 June 7. 38,529 31,311 1,528 29,783 2,002 5,216 49,748 46,357 48,377 26,727 66.2 14. 38,277 31,280 1,372 29,908 1,781 5,216 48,724 46,290 49,216 25,906 64.9 21. 40,584 32,904 2,212 30,692 2,189 5,491 44,142 44,238 45,230 26,229 61.8 28. 41,123 32,756 1,220 31,536 2,876 5,491 43,947 44,772 47,346 25,624 60.2 July 5. 41,102 32,123 1,378 30,745 2,498 6,481 44,532 44,469 45,709 27,250 61.0 12. 41,583 32,590 1,028 31,562 2,512 6,481 43,023 46,038 47,510 25,963 58.6 19. 42,583 33,185 1,183 32,002 2,917 6,481 42,318 44,649 47,288 26,283 57.5 26. 43,246 33,856 1,476 32,380 2,909 6,481 41,868 44,577 47,453 26,022 57.0 Aug. 2. 44,032 34,719 1,534 33,185 2,832 6,481 38,095 43,887 44,224 26,860 53.6 9. 42,683 34,545 1,190 33,355 2,157 5,981 41,747 45,002 47,060 26,851 56.5 16. 44,632 35,036 1,252 33,784 3,615 5,981 39,829 45,049 47,158 27,233 53.5 23. 45,322 36,245 1,432 34,813 3,096 5,981 40,775 44,971 46,624 27,993 54.6 30. 45,263 37,179 1,578 35,601 2,103 5,981 43,092 44,304 46,571 29,865 56.4 Sept. 6. 42,669 35,883 1,616 34,267 805 5,981 52,689 47,940 50,381 35,076 61.7 13. 42,787 34,681 1,839 32,842 2,125 5,981 53,300 47,549 49,531 36,354 62.1 20.. 41,496 31,976 1,252 30,724 4,039 5,481 62,192 50,359 53,694 39,334 66.9 27.. 40,643 30,144 1,661 28,483 4,868 5,631 62,858 49,437 51,860 41,284 67.5 Oct. 4.. 40,619 25,835 1,613 24,222 6,303 8,481 64,692 50,457 51,723 43,092 68.2 11. 39,106 22,625 1,490 21,135 8,000 8,481 68,345 51,331 52,486 43,964 70.9 18. 41,166 21,525 2,038 19,487 8,585 11,056 66,722 54,365 55,882 44,430 66.5 % 25. 48,898 19,531 1,313 18,218 16,092 13,275 62,065 55,079 57,292 43,369 61.7 Nov. 1.. 46,999 18,148 1,154 16,994 15,826 13,025 57,545 50,966 53,605 43,314 59.4 8.. 48,053 17,929 1,808 16,121 17,099 13,025 67,148 55,817 57,912 43,541 66.2 15.. 49,603 16,595 1,211 15,384 20,070 12,938 60,135 56,049 58,186 41,888 60.1 22.. 48,460 15,230 1,019 14,211 20,366 12,864 60,171 54,752 57,393 40,687 61.3 29.. 49,373 15,056 1,079 13,977 21,153 13,164 57,601 53,931 55,818 39,896 60.2 Dec. 6.. 50,336 14,530 753 13,777 22,942 12,864 55,228 53,653 55,398 39,938 57.9 13.. 51,284 14,494 776 13,718 24,827 11,963 51,149 53,854 55,603 38,937 54.1 20.. 52,376 15,478 1,523 13,955 24,959 11,939 54,153 54,482 55,295 39,719 57.0 27.. 49,036 14,200 992 13,208 23,397 11,439 53,171 52,499 54,158 39,685 56.7 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

386 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. FEDERAL RESERVE BANK OF DALLAS MILLIONS OF DOLLARS MILLIONS OF DOLLARS F.R.NOTE CIRCULATION PURCHASED DILLS JNITED STATES SECURITIES 1_ i i | | in ! Hi ill | 7777777" 140 1^+0 DISCOUNTS FOR OWN MEMBERS _J J_.J_ 120 120 100 80 60 1920 1921 1922 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DISTRICT NO. 11 DALLAS. 387 SCHEDULE. 3.—VOLUME OF DISCOUNT AND OPEN-MARKET OPERATIONS. [In thousands of dollars.] Bills discounted. Secured by Month. Total. G m U ov e . e S n r . t n- B a a a c n n c c k e e p e s t r . - s' a a T c n c r c a e e d p s e t . - l t i u A v p r e g a a - r l p s i t c e o a u r c n . l k - d All others. obligations. January 38,793 18,482 37 63 9,447 10,764 ^February .. . 23,661 12,035 60 29 6,045 5,492 March 21,650 9,582 12 5,835 6,221 April 19,130 5,967 9 6,980 6,174 May 15,830 3,661 10 7 7,492 4,660 June 16,825 4,421 18 7,589 4,797 July 16,306 2,806 82 7,678 5,740 August 17,769 3,556 131 6,890 7,192 September . 14,550 5,580 124 3,545 5,301 October 13,076 5,481 5 2,617 4,973 November 13,472 5,758 139 3,487 4,088 December 11,495 3,365 75 3,507 4,548 Total: 1922 222,557 80,694 107 694 71,112 69,950 1921 771,997 454,685 154 3,865 120,105 193,188 1920 1,280,178 999,943 704 5,670 273,861 Bills bought in open market. U. S. securities Total discount and openpurchased. market operations. Month. Certifi- Bankers' Dollar Trade Bonds cates of Total. accept- ex- accept- and in- 1922 1921 1920 ances. change. ances. notes. debtedness. January 403 403 39,196 92,743 83,947 February 23,661 67,374 85,350 March 15 15 186 6,250 28,101 73,573 210,928 April 50 50 19,180 64,555 117,952 May 703 678 25 16,533 60,495 111,446 June 1,911 1,686 225 2,075 20,811 67,655 148,720 July 505 499 6 500 17,311 59,175 115,487 August . 1,008 1,008 50 18,827 63,453 111,638 September 4,117 4,067 50 150 18,817 66,065 125,573 N O o ct v o e b m er ber 1 6 1 , , 9 6 0 6 7 3 1 6 0 , , 9 2 0 7 7 4 1,389 425 7,845 3 2 2 0 , , 5 8 8 0 4 4 6 53 2 , , 5 6 1 0 5 5 1 1 2 1 5 4 , , 3 9 4 6 7 1 December 5,871 5,426 445 369 17,735 45,053 113,881 Total: 1922 33,153 31,013 2,140 1,161 16,689 273,560 1921 694 694 3,570 776,261 1920 8,348 8,348 i3* 176,691 1,465,230 1 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

388 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. SCHEDULE 4.—-VOLUME OF BILLS DISCOUNTED FOR MEMBER BANKS IN EACH STATE . [Amounts in thousands of dollars.] Number Number of of member Month. L a o n u a i . s 1 i- Okla- New Texas. z A o r n i- a.1 Total. d b m i a s e t n r m k ic s b t e in a r t b c a o d n m a k t m s e d a o c - end of during month. the month. January 323 1,278 1,549 35,296 347 38,793 856 536. February 381 1,259 860 20,924 237 23,661 856 468*' March , 212 918 1,050 19,156 314 21,650 860 430 April 293 1,323 723 16,178 613 19,130 860 512 May 444 1,568 834 12,259 725 15,830 862 444 June 180 1,059 720 14,418 448 16,825 862 431 July 271 903 744 14,140 248 16,306 865 498 August 257 809 611 15,725 366 17,769 863 485 September 164 389 1,180 12,584 233 14,550 863 425 October 230 522 648 11,399 277 13,076 862 175 November 122 1,357 873 10,963 157 13,472 863 175 December 121 900 1,127 8,976 371 11,495 861 181 Total: 1922 2,998 12,285 10,919 192,019 4,336 222,557 1921 , 26,251 22,942 21,495 694,835 6,474 771,997 1920 26,232 27,757 | 20,560 1,201,012 4,617 1,280,178 Number of member baifks at end of year: 1922 , 50 37 747 10 861 1921 , 42 42 749 10 861 1920 40 43 737 10 850 Number of member banks accommodated: 1922 45 37 561 661 1921 31 39 607 704 1920 37 \ 38 604 702 1 Figures in this column relate only to that part of the State located in the eleventh district. SCHEDULE 5.—EARNINGS AND EXPENSES. 1922 1921 1920 Discounted bills $1,609,383 $3,829,840 $4,044,612 Purchased bills 197,994 7,980 73,212 United States securities 195,049 i 171,151 270,874 Deficient reserve penalties. 50,432 124,163 158,560 Miscellaneous 32,917 110,514 357,255 Total earnings., 2,085,775 4,243,648 4,904,522 CURRENT EXPENSES. Salaries: Bank officers 132,184 133,545 117,768 Clerical staff 680,629 735,904 649,100 Special officers and watchmen 37,134 34,598 20,177 Allother 105,356 82,470 39,456 Governors' conferences 261 714 651 Federal reserve agents' conferences 297 295 64 Federal Advisory Council 250 200 400 Directors' meetings 6,003 7,004 6,530 Traveling expensesl 30,383 39,185 30,851 Assessments for Federal Reserve Board expenses. 26,189 25,759 21,695 708 93 2,622 Insurance (life, fidelity, casualty, workmen's compensation, and general liability)..., 24,454 39,607 | 31,067 Banking house: Taxes and fire insurance 31,389 37,599 3,476 Light, heat, and power. 28,212 27,632 6,896 Repairs and alterations. 3,215 18,476 13,797 Allother. Rent, including light, heat, and power, and minor alterations. 3,743 9,660 14,904 Fire insurance—furniture and equipment 643 194 Furniture and equipment2 155,843 82,883 Printing and stationery (including office and other supplies).. 86,459 114,405 67,998 1 Other than those connected with governors' and agents' conferences and meetings of directors and of the advisory council. 2 Charged to profit and loss in 1922 and to current expenses prior to that year. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DISTRICT NO. 11—DALLAS. 389 SCHEDULE 5.—EARNINGS AND EXPENSES—Continued. 1922 1921 1920 CURRENT EXPENSES—continued. Telephone . . . ... *.. $12,213 $9,652 $3,938 Telegraph 58,383 68,680 56,900 Currency and coin shipments . . 5 3 4 , , 9 2 3 0 3 6 3 3 7 1 4 , , 6 8 0 7 3 0 \ / 79,352 Postage and expressage (other than on money and security shipments) 71,402 69,946 65,506 Federal reserve currency: Original cost, including shipping charges 44,262 65,915 86,514 Cost of redemption, including shipping charges 12,336 23,150 22,825 Taxes on Federal reserve bank note circulation 12,639 22,286 46,397 All other expenses 48,508 61,571 78,080 Total current expenses 1,515,391 1,860,856 1,549,847 Current net earnings 570,384 2,382,792 . 3,354,675 PROFIT AND LOSS ACCOUNT. Earnings 2,085,775 4,243,648 4,904,522 Current expenses 1,515,391 1,860,856 1,549,847 Current net earnings 570,384 2,382,792 3,354,675 Additions to current net earnings: Amounts deducted from reserve for— Depreciation on United States bonds 231,523 Probable losses 80,984 Assessment account expenses Federal Reserve Board previously charged to profit and loss 16,167 Allother "*Vio7,"ii3* 884* 43 Total additions 419,620 884 16,210 Deductions from current net earnings: Depreciation allowances on bank premises 161,018 139,230 Furniture and equipment 32,710 Reserve for probable losses 439,000 561,500 130,963 Reserve for depreciation on United States bonds 49,295 Allother 3,151 20,087 11,691 Total deductions 635,879 770,112 142,654 Net deductions from current net earnings 216,259 769,228 126,444 Net earnings available for dividends, surplus, and franchise tax 354,125 1,613,564 3,228,231 Dividends paid 251,915 252,211 225,424 Transferred to surplus account 102,210 1,361,353 3,002,807 3 Cost of security shipments from January to June included with cost of currency and coin shipments. * Includes $55,000 representing excess of sale price over net book value of old bank building sold during the year. SCHEDULE 6.—OPERATIONS OF FEDERAL RESERVE CLEARING SYSTEM. [Figures include cash items only. Numbers in thousands; amounts in thousands of dollars.] Month. It b e a m n d s k i s s d t r i r n a ic w o t. n w o n n re I to t s t e h e m o r e v t i h s r e e f b b r o r a r a F w n n e k a c d s r h e d e a r e a s n d . l d I U te T n m r i e t s e a d d s u ra S re w t r a n t o e o f s n . Total.* Number. Amount. Number. Amount. Number. Amount.Number. Amount. January 1,937 329,818 105 15,597 12,087 2,125 357,502 February 1,765 276,703 99 14,520 12,397 1,936 303,620 March 2,089 316,237 112 17,365 11,795 2,289 345,397 April 1,898 281,222 98 12,615 9,557 2,092 303,394 May 1,968 300,226 107 13,764 2,167 322,978 June 2,047 300,946 105 13,479 9,189 2,247 328,614 July.. 1,919 293,549 105 12,458 7,707 2,080 313,714 August 1,977 308,708 103 13,086 7,933 2,152 329,727 September 2,142 421,396 97 12,244 7,358 2,322 440,998 October 2,470 484,847 107 13,760 8,239 2,674 506,846 November 2,258 416,045 106 13,674 7,215 2 453 436,934 December 2,574 409,533 127 14,868 7,535 2,769 431,936 Total: 1922 25,044 4,139,230 1,271 167,430 991 110,000 27,306 4,416,660 1921.... 24,947 4,016,991 1,196 267,237 1,146 99,276 27,289 4,383,504 1920.... 25,315 6,174,543 1,831 787,181 1,145 107,662 28,291 7,069,386 i Exclusive of duplications on account of items handled by both parent bank and branch. Digitized for FRAS2E89R7 1—23 -26 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

390 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD SCHEDULE 7.—CLEARINGS AND TRANSFERS THROUGH THE GOLD SETTLEMENT FUND. [In thousands of dollars.] Payments Receipts to other from other Week ending- Federal Federal Net loss. Net gain. reserve reserve banks. banks. Jan. 5 (3 days') 23,250 23,687 437 12... . 47,097 45,005 2,092 19 40,897 43,463 2,566 26 41,326 39,819 1,507 Feb. 2 . 37,069 37,917 848 9 37 539 41 003 3 464 16 33,284 33,781 '497 23 38,924 40,173 1,249 Mar. 2 36,265 34,341 1,924 9 . . 43,957 44,183 226 16 42,949 45,071 2,122 23 4L 125 41,606 481 30 . . 39,898 40,074 176 Apr. 6 38 428 37,276 1 152 13... 37,025 36,098 927 20 41,928 42,282 354 27 41,093 38,969 2,124 May 4.. . . . . . . 36,462 39,200 2,738 38 812 37 661 1 151 18 40,407 46,886 6,479 25 48 713 43 788 4 925 June 1 34,778 35,639 861 8 34,8G7 33,326 1 481 15 44,862 40,175 4,687 22 . 41,826 42 733 907 29 39,905 38,374 1,531 July 6 31,097 32,465 1,368 y 13 37,844 32,968 4,876 20 37,375 36,775 600 27 35 38S 34 714 675 Aug. 3 40,447 39,119 1,328 10 34,934 38,203 3,26£ 17 39,751 38,680 1,071 24 ... 39,846 39 808 38 31 33 237 36 991 3 751 Sept. 7 39,427 46,976 7,649 14 .. 46,835 50,540 3,705 21 59 319 67 353 8 034 28... 59,814 63,648 3,834 Oct. 5 .. 60 598 61 145 547 11 47,023 49,768 2,745 19 78,240 74,931 3,309 26 .. . . .. 67,332 64,552 2,780 Nov. 2 58 906 57 963 943 9 49,836 54,612 4,776 16 59,246 53,384 5,862 23 . 61,745 62,306 561 29 41 806 40,941 865 Dec. 7 56,425 53,436 2,989 14 50,731 46,885 3,846 21 . . 54,052 58,075 4,023 28.. 45,208 44,382 826 29-30 (2 days) 26,071 18,576 7,495 Total* 1922 2,315,160 2,321,726 6,566 1921 2,452,558 2,435,566 16,992 1920 3,514,733 3,492,989 21,744 Net gain in ownership of gold since establishment of fund in 1915, $9,695,000. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DISTRICT NO. 11 DALLAS. 391 SCHEDULE 8.—PRINCIPAL ASSETS AND LIABILITIES OF REPORTING MEMBER BANKS IN LEADING CITIES AS OF THE LAST REPORT DATE IN THE MONTH. [In thousands of dollars.] Investments. Total loans and discounts (including rediscounts with Fed- Last report date in— eral reserve bank). United r i S ti t e a s te . s secu- All other. 1922 1921 1922 1921 1922 1921 January... 235,051 278,658 39,071 42,510 9,091 10,722 February. 233,676 271,842 43,937 43,318 •8,040 10,364 March 237,071 268,244 41,927 41,269 7,890 10,552 April 236,133 265,705 42,926 37,086 7,325 9,566 May 237,786 264,402 45,948 35,803 8,290 9,959 June 236,679 253,846 49,802 38,056 8,112 10,555 July 233,949 253,011 47,841 37,080 7,241 10,989 August 239,069 250,686 48,850 38,600 7,899 9,308 September 254,071 250,768 50,485 41,194 7,452 9,518 October... 274,805 251,099 48,023 39,198 8,025 10,158 November. 272,972 244,040 48,016 39,533 8,651 10,414 December. 267,865 245,271 57,830 39,299 8,955 9,444 Accommodation at Net demand deposits. Time deposits. Federal reserve bank. Last report date in— 1922 1921 1922 1921 1922 1921 January... 190,998 210,912 61,486 59,305 7,740 33,401 February. 198,312 209,337 62,593 62,009 6,072 29,163 March 197,130 202,611 63,004 59,868 4,680 27,571 April 203,908 197,846 64,021 60,577 4,085 22,485 May 209,587 197,744 65,500 61,359 2,931 19,515 June 208,737 188,267 64,964 61,360 3,599 18,962 July 204,553 184,053 65,186 60,466 3,943 24,353 August 206,793 181,128 64,013 60,779 4,222 22,070 September 223,564 182,808 65,949 59,829 5,747 22,736 October... 239,796 189,989 69,578 60,087 5,033 22,579 November. 240,187 187,934 69,468 60,353 3,666 16,705 December. 235,044 192,069 70,527 58,995 2,690 12,687 NOTE.—Figures are for about 52 banks, which submit weekly reports to the Federal Reserve Board, ocated in Dallas, El Paso, Houston, Fort Worth, Galveston, San Antonio, Shreveport, and Waco. SCHEDULE 9.—DEBITS TO INDIVIDUAL ACCOUNTS. [In thousands of dollars.] Summary for 11 centers.1 Albuquerque, N. Mex. Month. 1922 1921 1920 1922 1920 January... 526,519 551,763 698,650 7,683 7,994 9,055 February.. 460,149 466,274 548,921 7,003 7,254 7,492 March 524,469 596,774 627,458 8,232 6,187 8,761 April 470,827 443,091 595,160 7,944 5,713 8,423 May 486,707 437,088 584,042 8,967 5,572 8,082 June 479,097 453,385 582,581 9,684 7.787 8,733 July 432,944 424,419 579,773 9,389 7; 652 8,019 August 440,729 435,510 566,814 8,191 6,598 6,995 September. 541,700 512,987 630,664 7,966 7,069 7,596 October... 589,166 567,447 689,884 9,670 7,617 8,567 November. 556,549 527,296 615,626 9,721 8,134 9,000 December.. 605,692 577,461 619,756 10,377 8,698 | 8,582 Total 6,114,548 5,893,495 7,339,329 104, 827 86,275 j 99,305 1 Figures for cities which are marked with an asterisk are not included in the district summary or in the national summary of 141 centers. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

392 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. SCHEDULE 9.—DEBITS TO INDIVIDUAL ACCOUNTS—Continued. Austin, Tex. Beaumont, Tex. Month. 1921 1920 1922 1921 1920 January 12,134 15,296 18,553 15,085 19,108 21,415 February.. 10,550 12,094 15,617 14,498 15,775 19,809 March 13,280 13,303 14,943 , 15,154 16,152 21,197 April 12,981 11,313 15,406 ! 12,851 12,800 22,764 May 13,268 12,764 15,130 14,211 12,736 19,365 June 13,274 11,226 14,994 14,534 13,592 21,017 July 11,758 10,906 12,665 13,538 12,588 21,323 August 11,711 10,322 12,724 13,425 14,063 20,517 September. 19,319 14,248 18,573 I 14,177 12,613 20,129 October 19,297 14,256 20,863 | 15,528 13;331 20,882 November. 16,405 14,513 16,529 14,170 12,848 18,046 December.. 18,329 13,326 16,261 17,195 14,782 19,237 Total. 174,366 170,388 245,701 Dallas, Tex. El Paso, Tex. Month. 1922 1921 1920 1922 ' 1921 * 1920 January 150,103 164,375 239,080 34,458 35,215 42,983 February.. 131,028 . 131,552 171,800 27,061 30,332 36,491 March 148,763 152,704 197,062 31,696 35,428 43,174 April 132,670 137,276 173,863 28,707 32,328 41,592 May 138,789 135,629 166,678 33,779 33,469 47,204 June 144,514 133,439 170,661 33,423 37,232 41,948 July 128,096 123,822 157,928 30,920 28,731 38,744 August 130,049 124,531 153,084 30,589 29,080 33,722 September. 179,770 155,576 184,374 27,860 28,384 37,041 October 200,507 172,329 213,935 29,835 31,930 40,513 November. 183,245 157,269 192,399 30,137 33,132 42,588 December.. 199,070 166,224 185,684 34,532 36,454 47,154 Total 1,866,604 1,754,726 2,206,548 372,997 391,715 493,154 Fort Worth, Tex. Galveston, Tex.* Month. 1922 1921 1920 1922 1921 January 137,684 103,005 I 110,893 66,708 • 101,328 44,586 February.. 125,653 95,537 85,479 50,398 76,251 35,151 March 142,066 91,142 i 105,667 65,040 83,298 42,171 April 119,459 82,273 ! 106,911 59,625 77,834 37,567 May 106,776 78,554 103,304 59,688 84,202 36,189 June 101,707 84,961 110,174 56,982 85,507 34,606 July 88,408 86,156 115,236 61,498 80,656 40,582 August 87,520 94,230 114,799 68,392 91,195 45,336 September. 86,428 103,673 118,707 109,533 104,421 55,951 October 100,674 122,466 123,988 124,521 89,757 58,875 November. 105,617 128,667 111,785 93,268 69,421 52,466 December.. 120,962 144,458 113,548 83,601 74,102 97,353 Total 1,322,954 1,215,122 I 1,320,491 899,254 1,017,972 580,833 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DISTRICT NO. 11—DALLAS. 393 SCHEDULE 9.—DEBITS TO INDIVIDUAL ACCOUNTS—Continued. Houston, Tex. San Antonio, Tex.* Month. 1920 January— 110,108 136,519 173.471 j 27,179 i 32,266 40,888 February.. 90, 381 114,046 138^624 j 22,824 I 25,603 33,553 March 105,969 127,971 156,023 ! 27,271 ! 30, 760 37,884 April 100,510 107,668 149,277 | 24,656 i 28,719 36,063 May 105,059 101,218 146,082 I 28,033 i 29,941 35,372 June 99,630 109,569 138,855 I 27,348 | 32,917 35,687 July 93,540 104,179 166,484 | 26,069 26,477 31,581 August 105,098 108, 250 167,047 28,867 I 29,184 32,961 September. 138,645 129,307 176,602 30,972 1 28,138 39,087 October 139,942 138, 705 187,178 | 31,143 26,757 37,356 November. . 123,952 115,573 154,925 ; 28,865 27,129 33,568 December.. 131,209 128,691 155,763 i 31,095 29,103 34,772 Total. 1,344,023 I- 1,421,696 I 1,910,331 334,322 I 346,994 428,772 Shreveport, La. Texarkana, Tex. Month. 1921 1920 1922 I 1921 1920 January— 31,441 37,477 44,613 5,888 7,303 9,401 February.. 28,036 31,699 37,218 6,451 6,039 10,133 March...... 30,994 24,446 42,067 6,849 6,752 12,300 April 29,673 27,706 40,598 6,103 6,541 11,083 May 36,504 30,002 44,007 7,831 6,361 9,369 June 32,514 27,051 40,968 7,866 6,720 9,146 July 30,151 24,508 29,153 6,821 5,548 7,001 August 27,226 23,618 29,017 6,526 5,733 7,198 September. 29,945 29,577 31,370 6,759 6,752 7,923 October.... 34,216 31,235 35,336 7,116 6,994 8,745 November. 37,764 27,016 35,922 7,061 6,622 9,415 December.. 36,108 31,737 37,280 9,882 8,597 9,715 Total. 384,572 346,072 447,549 I 85,153 79,962 111,429 Tucson, Ariz. Waco, Tex. Month. 1922 1921 1920 1922 1921 1920 January 6,555 15,380 18,578 21,719 February.. 6,859 12,649 15,548 20,663 March 6,666 6,683 14,800 16,006 19,761 April 6,851 5,731 13,078 13,742 17 883 May 7,426 7,645 14,097 13,138 17,044 June 7,743 8,467 14,208 13,341 17,752 July 7,248 7,147 13,075 13,182 16,364 August 6,181 6,277 14,213 12,808 15,184 September. 6,456 6,311 24,375 19,477 21,561 October 7,358 7,171 25,023 21,413 22,567 November. 8,473 7,415 20,004 16,107 18,011 December.. 9,166 7,623 18,862 16,871 19,483 Total 86,982 83,761 84,571 199,764 190,211 997 QQ9 NOTE.—Centers which have not reported continuously for the 18 months ending Dec. 31, 1922, are not included in the table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

394 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. DISTRICT NO. 12—SAN FRANCISCO. SCHEDULE 1.—COMPARATIVE STATEMENT OP CONDITION. [In thousands of dollars.] Dec. 30, Dec .31, Dec. 31, 1922. 1921. 1920. RESOURCES. Gold and gold certificates 19,106 18,254 28,629 Gold settlement fund—Federal Reserve Board.. 37,700 37,460 23,724 Gold "with foreign agencies 152 Total gold held by bank 56,806 55,714 52,505 Gold with Federal reserve agent 202,735 220,433 119,060 Gold redemption fund 3,977 3,356 10,368 Total gold reserves 263,518 279,503 181,933 4,286 3,249 1,162 Legal-tender notes, silver, etc.. Total reserves. 267,804 282,752 183,095 Bills discounted: Secured by United States Government obligations.. 6,867 13,683 51,546 Other bills discounted 30,437 53,410 116,052 Bills bought in open market 43,486 20,795 46,798 Total bills on hand 80,790 87,888 214,396 United States bonds and notes 27,617 2,927 2,087 United States certificates of indebtedness: One-year certificates (Pittman Act) 10,880 Allother 7,149 151 Total earning assets.. 115,556 98,742 227,514 Bank premises i 1,744 253 5 per cent redemption fund against Federal reserve bank notes.. 394 665 Uncollected items 45,438 37,180 48,102 All other resources 4,656 6,244 1,347 Total resources. 435,198 426,121 460,976 LIABILITIES. Capital paid in. 7,565 7,375 6,927 Surplus 15,263 15,199 14,194 Deposits: G overnment ' 1,967 4,225 Member bank—reserve account. 137,801 121,108 114,452 Allother 3,781 3,876 3,907 Total deposits. 143,549 129,209 124,242 Federal reserve notes in actual circulation 235,041 240,411 272,463 Federal reserve bank notes in circulation—net liability. 4,751 8,157 Deferred availability items 32,906 28,045 33,713 All other liabilities 874 1,131 1,280 Total liabilities. 426,121 460,976 Ratio of total reserves to deposit2 and Federal reserve note liabilities combined • 70.7 76.5 47.9 1 Net, i. e., after deducting reserves for depreciation. * Net deposits prior to Mar. 18,1921, and total deposits beginning with that date. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DISTRICT NO. 12 SAN FRANCISCO. 395 SCHEDULE 2.—-MOVEMENT OP PRINCIPAL ASSETS AND LIABILITIES DURING 1922. [Amounts in thousands of dollars.] Bills discounted for member banks. Fed- T e i a o n r g t n a - l se B c i u ll r s ed Other bo B i u i n l g ls ht U S n ta i t t e e s d T c o as ta h l b M a b n e e m k r s - ' T d o e t - al re n e s o r e t a r e v l s e s p e R e r r e v - - e Date. assets by bills open secu- re- reserve posits. in cir- cent- (2+5+ Total. U.S. dis- market. rities. serves. de- cula- ages. 6;. Govern- count- posits. tion. ombleignatea. tions. 1 2 3 4 5 6 7 8 9 10 11 Jan. 4.... 100,429 70,691 18,015 52,676 18,248 11,490 283,582 120,320 129,922 239,434 76.8 11.... 90,310 65,348 19,170 46,178 12,447 12,5K 285,422 122,910 129,943 230,970 79.1 18.... 82,145 59,899 18,495 41,404 9,336 12,910 293,033 121,681 135,601 223,627 81.6 25.... 85,520 60,094 17,697 42,397 7,598 17,828 283,398 119,019 131,996 219,201 80.7 Feb. 1.... 88,964 64,705 21,094 43.611 4,962 19,297 291,488 120,145 139,051 219.678 81.3 8.... 80,843 57,508 16,798 40,710 3,917 19,418 294,235 119,985 141,196 216,336 82.3 15.... 79,365 55,576 17,300 38,276 5,243 18,546 291,304 122,789 141,521 213,753 82.0 21.... 78,642 55,241 19,468 35,773 4,891 18,510 281,668 117,586 132,103 212,299 81.8 Mar. 1.... 87,120 60,140 21,761 38,379 8,332 18,648 296,580 118,831 138,379 228,435 80.9 8.... 91.941 61,107 19,528 41,579 10,067 20.767 289,667 118,666 136,244 227,807 79.6 15.... 104,564 56,860 20,017 36,843 8,318 39,386 285,332 122,912 144,876 225,504 77.0 22.... 93,066 55,749 20,246 35,503 6,331 30,986 293,382 116,053 143,503 224,833 79.7 29.... 96,616 58,943 17,836 41,107 6,483 31,190 289,460 116,894 145,955 221,560 78.8 Apr. 5 106,936 54,581 11,278 43,303 6,245 46,110 275,384 121,929 144,825 218,165 75.9 12.... 111,527 49,025 11,095 37,930 5,562 56,940 269,787 122,191 146,666 217,671 74.0 19.... 106,412 43,810 6,642 37,168 5,593 57,009 269,644 120,005 143,194 216,458 75.0 26.... 110,522 47,641 9,346 38,295 5,872 57,009 270,557 122,687 145,694 217,742 74.4 May 3.... 112,626 45,779 7,847 37,932 6,838 60,009 272,361 119,073 141,820 224,745 74.3 10.... 109,379 43,279 6,316 36,963 6,091 60,009 279,426 121,488 144,011 226,674 75.4 17.... 116,280 45,986 10,137 35,849 10,285 60,009 262,490 123,068 143,371 224,987 71.3 24.... 112,939 42,637 7,573 35,064 10,294 60,008 260,885 121,435 139,821 215,781 73.4 31.... 115,738 46,307 8,921 37,386 9,422 60,009 259,176 116,553 136,681 216,002 73.5 June 7 113,928 37,810 6,474 31,336 16,070 60,048 260,439 121,015 140,525 218,650 72.5 14.... 118,837 42,024 5,305 36,719 16,764 60,049 255,008 121,201 142,591 217,233 70.9 21.... 121,465 46,763 9,301 37,462 14,598 60,104 251,999 125,010 141,532 217,525 70.2 28.... 122,595 45,038 6,749 38,289 16,953 60,604 248,630 123,461 139,816 217,104 69.7 July 5.... 124,746 47,181 8,923 38,258 15,461 62,104 250,172 120,340 134,226 226,172 69.4 12 121,358 43,990 7,183 36,807 15,264 62,104 253,765 127,820 142,422 218,939 70.2 19.... 115,092 41,941 9,118 32,823 14,656 58,495 257,970 125,295 141,260 217,870 71.8 26.... 120,507 45,034 11,007 34,027 17,497 57,976 251,779 124,453 139,754 216,648 70.6 Aug. 2 117,840 44,584 10,642 33,942 15,279 57,977 250,716 123,491 135,997 217,198 71.0 9.... 115,873 43,107 9,889 33,218 14,789 57,977 254,916 125,841 136,965 216,436 72.1 16.... 115,067 43,388 10,113 33,275 17,702 53,977 259,093 126,993 141,308 216,013 72.5 23.... *119,218 44,319 10,806 33,513 20,922 53,977 245,937 125,188 134,204 215,278 70.4 30.... 119,872 43,904 10,970 32,934 21,991 53,977 249,139 128,023 138,778 215,325 70.4 Sept. 6 125,690 45,362 10,338 35,024 27,351 52,977 243,717 123,477 131,172 223,745 68.7 13.... 130,160 43,352 9,662 33,690 33,831 52,977 242,000 128,526 138,866 221,327 67.2 20.... 128,350 41,674 9,786 31,888 34,700 51,976 244,172 128,638 136,177 220,684 68.4 27.... 132,835 39,931 9,774 30,157 40,928 51,976 241,863 130,847 138,880 219,861 67.4 Oct. 4.... 130,253 40,550 11,653 28,897 37,727 51,976 246,653 130,641 136,154 223,019 68.7 11 130,170 34,573 8,029 26,544 43,622 51,975 248,516 135,335 140,239 225,648 67.9 18.... 130,648 36,580 9,221 27,359 42,661 51,407 243,080 133,769 138,433 223,519 67.2 25.... 131,288 35,718 9,726 25,992 44,163 51,407 240,208 131,223 136,470 221,351 67.1 Nov. 1.... 130,054 40,806 13,044 27,752 41,881 47,367 247,577 135,284 141,385 222,088 68.1 8.... 125,254 41,194 13,789 27,405 36,693 47,367 257,177 127,879 135,405 224,164 71.5 15.... 113,372 37,211 10,599 26,612 34,169 41,992 263,514 137,188 143,991 221,984 72.0 22.... 116,301 39,263 13,174 26,089 40,235 36,803 254,887 132,176 139,731 220,439 70.8 29.... 126,239 49,133 20,716 28,417 40,304 36,802 250,797 133,523 140,201 219,457 69.7 Dec. 6.... 121,871 46,766 18,407 28,359 38,803 36,302 257,386 130,910 136,543 230,955 70.0 13.... 120,864 43,403 11,173 32,230 41,363 36,098 267,108 134,849 141,752 235,842 70.7 20.... 123,285 41,090 11,997 29,093 41,097 41,098 264,392 134,753 139,635 243,004 69.1 27.... 124,679 40,278 11,556 28,722 38,302 46,099 256,353 134,367 139,516 244,596 66.7 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

396 AKNUAL REPORT OF THE FEDERAL RESERVE BOARD. FEDERAL RESERVE BANK OF SAN FRANCISCO MILLIONS OF DOLLARS MILLIONS OF DOLLARS F. R.NOTE CIRCULATION 200 UNITED STATES SECURITIES 250 250 DISCOUNTS FOR OWN MEMBERS 200 200 150 ) 1921 1922 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DISTRICT NO. 12—SAN FRANCISCO. 397 SCHEDULE 3.—VOLUME OF DISCOUNT AND OPEN-MARKET OPERATIONS. [In thousands of dollars.] Bills discounted. Secured by Month. U.S. Bankers' Trade Agricultural Total. Govern- accept- accept- and live- All other. ment ances. ances. stock paper. obligations. January 164,122 87,589 4,728 71,346 February 138,668 81,954 113 2,790 53,811 March 175,592 97,142 447 3,667 74,336 April 84,090 35,844 262 3,831 44,153 May 109,376 58,863 267 4,056 46,145 June 92,632 36,909 224 4,997 50,412 July 105,748 49,767 191 4,490 51,255 August 114,386 76,192 416 2,835 34,943 September 124,984 73,167 201 1,893 49,723 October 140,522 66,196 195 171 1,817 72,143 November 134,902 64,255 437 274 1 564 68,372 December 150,278 74,414 71 150 2,597 73,046 Total: 1922 1,535,300 802,292 883 3,175 39,265 689,685 1921 2,823,018 1,959,397 4,592 16,888 99,531 742,610 1920 2,965,647 2,120,625 33,608 24,800 786,614 Bills bought in open market. U. S. securities Total discount and openpurchased. market operations. Month. Certifi- Bankers' Dollar Trade Bonds cates of Total. acept- ex- accept- and in- 1922 1921 1920 ances. change ances. notes. debtedness. January 3,722 3,535 116 71 8,453 2 176,299 217,053 271,027 February 9,078 8,559 319 200 1,961 14 149,721 196,592 203,976 March 8,877 8,772 105 20,104 32,226 236,799 327,336 423,387 April 5,639 5,587 25 27 20,751 69 110,549 296,720 378,106 May 7,995 7,529 466 1,350 26 118,747 347,857 337,407 June 18,096 17,971 125 2,500 8,689 121,917 368,886 371,500 July 15,538 15,513 25 2,500 123,786 233,373 306,642 August 29,827 29,047 780 7,712 1,000 152,925 194,915 254,997 September 34,637 33,846 746 280 159,901 192,744 295,946 October 27,440 27,239 182 167,962 230,610 263,175 November 20,622 20,413 168 155,524 203,419 322,369 December 29,116 1,167 63,000 243,607 347,705 Total: 1922 211,800 207,127 4,224 449 62,831 107,806 1,917,737 1921 130,461 123,143 6,585 733 4,671 73,453 ,031,603 1920 364,845 346,997 4,281 13,567 445,745 3,776,237 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

.398 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. SCHEDULE 4.—VOLUME OF BILLS DISCOUNTED FOR MEMBER BANKS IN EACH STATE. [Amounts in thousands of dollars.] Number Number of memof mem-ber banks Month. Ari- Utah. v N ad e- a. fo C rn a i l a i- . g O o re n - . Idaho. i W ng a to sh n - . Total. i b n e r d b is a tr n i k c s t m a o cc d o a m te - d at end of during month. the month. January „... 1,614 10,779 115,736 7,871 21,476 6,636 164,1 852 366 February 1,760 6,558 101,713 5,583 17,802 5,232 138,& 848 341 March 2,013 9,852 135,168 5,289 19,666 3,594 175.592 845 33k April 1,029 7,236 51,018 3,604 17,678 3,490 84,090 852 325 May 1,159 5,215 74,090 4,342 19,299 5,246 109,376 847 339 June 1,025 5.071 57,099 3,762 19,377 6,298 92,632 339 July 1,024 6,358 70,824 4,205 16,953 6,384 105,748 340 August 1,023 4,420 79,379 4,957 19,120 5,487 114,386 836 335 September 884 4,479 90,136 6,448 16,993 6,044 124,984 836 301 October 696 3,175 109,432 3,026 16,229 7,964 140,522 272 November 437 2,596 143 102,247 5,006 13,838 10,635 134,902 266 December 758 2,927 20 120,370 5.294 12,645 8,264 150,278 269 Total: 1922.. 13,422 68,666 2631,107,212 59,387 211,076 75,2741,,535,300 1921.. 27,235 26633,152 5,2381,923,647J144,946 227,461 234, \, 823,018 1920... 16,790 295,679 ,9461,911,319 214,358186,543 339,012 2,9—6»5,;647 Number of member banks at end of year: 1922 325 135 120 164 826 1921 355 134 127 150 857 1920 346 119 129 146 830 Number of member banks accommodated: 1922 186 102 104 531 1921 218 122 • 110 617 1920 202 112 107 578 1 Figures in this column relate only to that part of the State located in the twelfth district. SCHEDULE 5.—EARNINGS AND EXPENSES. 1920 Discounted bills $2,126,654 $7,965,583 $8,259,664 Purchased bills 712,385 825,577 3,890,556 United States securities 1,811,317 236,876 322,787 Deficient reserve penalties. 48,957 130,254 130,157 Miscellaneous 121,889 26,123 103,504 Total earnings. 4,821,202 9,184,413 12,706,668 CURRENT EXPENSES. Salaries: Bank officers 235,695 225,480 188,017 Clerical staff 1,543,561 1,687,043 1,018,812 Special officers and watchmen.: 81,750 74,174 33,150 Afl. other 113,764 88,954 38,691 Governors' conferences 1,221 1,407 1,272 Federal reserve agents' conferences 1,116 1,929 1,683 Federal Advisory Council 1,483 2,312 1,417 Directors' meetings 11,386 12,413 11,099 Traveling expensesl 38,319 35,115 32,193 Assessments for Federal Reserve Board expenses. 51,003 52,375 45,964 3,974 6,509 4,545 Insurance (life, fidelity, casualty, workmen's compensation, and general liability) 37,725 66,733 36,107 Banking house: Taxes and fire insurance , 5,481 6,773 Light, heat, and power 5,346 7,488 A R l e l p o a t i h rs e r and alterations 9 38 4 4 7 25,497 108,92/ Rent, including light, heat, and power, and minor alterations 97,465 137,766 Fire insurance—furniture and equipment 2,014 2,263 Furniture and equipment2 155,031 202,7,1 1 Other than those connected with governors' and agents' conferences and meetings of directors and o" the advisory council. 3 Charged to profit and loss in 1922 and to current expenses prior to that year. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DISTRICT NO. 12—SAN FRANCISCO. 399 SCHEDULE 5.—EARNINGS AND EXPENSES—Continued. 1920 CURRENT EXPENSES—continued. Printing and stationery (including office and other supplies) $127,571 $205,095 , $178,489 Telephone 15,775 16,915 10,415 Telegraph 88,034 100,108 70,615 Security shipments 15,696 13,008 Currency and coin shipments 50,320 60,262 Postage and expressage (other than on money and security ship- 130,105 ments) 99,837 101,666 Federal reserve currency: Original cost, including shipping charges 230,465 498,762 219,398 Cost of redemption, including shipping charges 42,696 74,963 40,600 Taxes on Federal reserve bank note circulation 15,000 43,485 46,283 All other expenses ' 88,359 113,438 81,963 Total current expenses. 3,006,387 3,816,964 2,502,586 Current net earnings 1,814,815 5,367,449 10,204,082 PROFIT AND LOSS ACCOUNT. Earnings 4,821,202 9,184,413 12,706,668 Current expenses 3,006,387 3/816,964 2,502,586 Current net earnings 1,814,815 5,367,449 10,204,082 Additions to current net earnings: Amounts deducted from reserve for depreciation on United 4,395 78,876 States bonds Assessment account expenses Federal Reserve Board previously 45,964 charged to profit and loss 1,814 1,497 417 All other Total additions 6,209 80,373 46,381 Deductions from current net earnings: Depreciation allowances on bank premises 36,406 16,512 123,570 Furniture and equipment 36,003 Reserve for probable losses 72,000 '566*666' Assessment account expenses Federal Reserve Board 12,658 All other 16,259 10,810 5,412 Total deductions 160,668 527,322 141,640 Net deductions from current net earnings 154, 459 446,949 95,259 Net earnings available for dividends, franchise tax, and surplus 1,660,356 4,920,500 10,108,823 Dividends paid 448,306 435,361 384,713 Franchise tax paid United States Government » 1 3 , 1 0 2 9 1 0 , , 2 8 0 4 5 5 3 1 , , 2 2 3 5 0 4 , , 3 8 1 2 5 4 3 6 , , 0 6 6 5 9 4 , , 2 8 5 5 5 5 Transferred to surplus account 3 Bank also charged its surplus account and paid the United States Government $306,926 as an additional f ranchise tax for 1921. See p. 22. SCHEDULE 6.—OPERATIONS OF FEDERAL RESERVE CLEARING SYSTEM. [Figures include cash items only. Numbers in thousands; amounts in thousands of dollars.] It b e a m n s k s d r i a n w o n w o n n r I e t t o s e e m o rv t s h e e f b r o a r F w n e k a d s r e d a r e a n d l d Ite T m re s a d su ra re w r n o o f n Total.i Montb. district. their branches. United States. Number. Amount. Number. Amount. Number. Amount.Number. Amount. January 3,487 519,706 202 31,981 159 65,857 3,848 617,544 February 3,093 420,957 166 29,593 145 98,770 3,404 549,320 March 3,857 535,915 221 32,155 I 200 194,219 4,278 762,289 April 3,472 494,875 186 30,483! 188 76,170 3,846 601,528 May 3,643 532,048 183 30,928 189 65,030 4,015 628,006 June 3,804 555,244 182 31,645 215 149,134 4,201 736,023 July 3,795 545,864 209 35,100 167 56,718 4,171 637,682 August 4,002 565,531 203 34,604 159 102,165 4,364 702,300 September 3,967 602,957 190 34,125 204 105,607 4,361 742,689 October 4,496 673,881 211 40,078 232 107,549 4,939 821,508 November 4,277 636,293 200 35,006 217 63,348 4,694 734,647 December 4,669 663,030 225 34,844 226 210,064 5,120 907,938 Total: 1922 46,562 6,746,301 I 2,378 400,542 2,301 1,294,631 51,241 8,441,474 1921.... 37,089 5,871,998 I 1,928 407,164 2,106 1,319,864 41,123 7,599,026 1920.... 25,452 5,819,656 | 1,205 573,429 1,523 1,726,996 28,180 8,120,081 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

400 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. SCHEDULE 7.—CLEARINGS AND TRANSFERS THROUGH THE GOLD SETTLEMENT FUND. [In thousands of dollars.] Payments j Receipts to other j from othe Week ending- Federal Federal Net loss. Net gain. reserve reserve banks. banks. Jan. 5 (3 days). 34,401 33,134 1,267 12 '.. 50,521 46,861 3,660 19 48,492 52,447 3,955 59,628 43,062 16.566 Feb. 2. 43,981 53,863 9,882 9. 44, 447 44,834 387 16. 47,591 38,860 8,731 23. 48,742 37,983 10,759 Mar. 2. 55,542 68,947 13,405 9. 53,754 46,955 6,799 16. 59,595 55,459 4,136 23. 53,011 58,268 5,257 30. 55,296 50,737 4,559 Apr. 6. 64,703 45,168 19,535 13. 46,875 47,211 336 20. 55,502 56,712 1,210 May 2 1 1 4 7 8 1 . . . . 5 5 6 5 5 2 8 1 8 4 , , , , , 3 9 7 5 5 5 2 7 3 4 7 8 3 1 6 4 5 4 5 5 9 5 6 9 4 , , , , , 7 0 5 5 9 4 4 7 9 0 0 2 2 7 0 1 3 4 , , 2 9 5 8 6 9 3 8 5 2 4 4 June 25 1. . 5 4 5 7 , , 0 3 5 5 2 7 4 4 5 5 , , 9 6 5 8 3 1 3 1 , ,6 2 7 1 6 7 8. 67,076 65,074 9,099 15. 56,390 54,060 2,002 22. 67,691 67,443 2,330 July 29. 4 56 7 , , 2 3 9 1 4 9 4 5 8 5 , , 0 84 5 3 5 248 8,524 13.. 59,352 62,410 8,239 20.. 54,466 50,242 "3*058 27.. 56,959 56,190 Aug. 3.. 54, 899 52,587 10.. 44,089 52,721 17.. 63,696 52,425 8,632 24.. 56,652 54,375 11,271 31.. 53,448 50,270 2,277 Sept. -7.. 55,334 49,073 3,178 14.. 66,841 65,708 6,261 21.. 66,465 62,949 1,133 28.. 57,963 68,344 3,516 Oct. 5.. 55,543 52,297 10,381 11.. 72,968 64,181 3,246 19.. 70,358 69,497 8,787 26*.. 60,906 62,839 861 Nov. 2.. 53,250 62,038 1,933 62,738 59,119 8,788 16 74,633 61,299 3,619 23 58,636 58,039 13,334 29 67,953 70,380 597 Dec. 7 56,024 63,947 2,427 14 70,141 66,715 7,923 21 63,909 61,873 3,426 28 22,864 27,617 2,036 29-30 (2 days). 4,753 Total: 1922 2,985,482 2,885,596 99,886 1921 2,468,430 2,457,681 10,749 1920 2,924,829 3,062,588 137,759 Net gain in ownership of gold since establishment of fund in 1915, $324,566.000. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DISTRICT NO. 12—SAN FBANCISCO. 401 SCHEDULE 8.—PRINCIPAL ASSETS AND LIABILITIES OF REPORTING MEMBER BANKS IN LEADING CITIES AS OF THE LAST REPORT DATE IN THE MONTH. [In thousands of dollars.] Investments. Total loans and discounts (including rediscounts with Fed- Last report date in— eral reserve bank). United r i S ti t e a s te . s secu- All other. 1922 1921 1922 1921 1922 1921 January . 886,232 957,459 141,945 126,796 174,006 171,875 February 839,261 957,047 145,185 128,199 162,092 169,864 March 846,502 961," §81 141,426 134,434 170,556 171,450 862,506 955,047 150,946 140,572 164,290 170,722 May 860,559 940,000 150,780 137,687 164,910 173,316 June.. . . . 856,592 929,430 161,131 134,942 165,410 175,520 July 863,942 917,429 160,292 128,725 166,468 167,852 August 868 441 919 127 172 049 133 402 160,572 169,188 September.. 876,709 916,155 174,235 145,116 159,323 165,274 October 891,727 911,816 179,233 134,184 161,534 173,762 November . 904,297 916,636 181,151 136,453 163,638 169,979 December 908,690 929,734 197,179 143,268 159,833 177,426 Net demand deposits. Time deposit. Accommodation at Federal reserve bank. Last report date in— 1922 1921 1922 1921 1922 1921 January.... 603,719 604,457 564,239 542,824 23,069 88,334 February 565,595 591,113 530,007 538,857 20,143 90,113 March . 575,242 571,130 532,248 539,587 26,024 106,230 April 596,137 564,344 541,521 541,423 16,046 100,174 May.... .. . 601,795 554,033 534,573 537,374 15,512 99,119 June 608,270 553,319 546,845 542,170 11 858 85 669 July. 628,375 558,408 549,529 542,711 11,606 74,389 August 634,061 571,418 544,831 547,955 10,848 63,143 September 639,987 562,412 551,864 542,372 9,613 66,942 October.. 656,001 581,842 559,012 547,903 12,180 54,964 November 653,246 609,266 565,981 551,946 30,712 32,004 December 653,268 601,878 576,219 564,718 21,370 34,229 NOTE.—Figures are for about 66 banks, which submit weekly reports to the Federal Reserve Board, located in San Francisco, Los Angeles, Portland, Salt Lake City, Seattle, Spokane, Oakland, Ogden, and Tacoma. SCHEDULE 9.—DEBITS TO INDIVIDUAL ACCOUNTS. [In thousands of dollars. Summary for 18 centers.1 Berkeley, Calif * Month. I 1922 1921 1920 1922 1921 1920 January... 1,979,295 2,156,296 2,395,524 15,496 13,608 15,341 February.. 1,709,434 1,765,128 2,022,909 15,967 11,031 10,350 March..... 2,061,228 2,197,441 2,449,731 19,202 13,062 12,220 April 1,951,433 1,999,527 2,322,469 16,100 12,307 11,447 May 1,995,215 1,858,570 2,265,234 20,630 12,714 12,475 June 2,047,485 1,935,991 2,424,681 17,006 12,061 12,390 July 1,972,381 1,794,493 2,500,289 15,365 12,465 12,373 August 1,999,425 1, 842,521 2,2,54,465 15,374 14.267 12,141 September. 2,103,481 1,970,749 2,342,350 17,848 13; 838 13,561 October 2,218,496 2,097,324 2,424,036 17,899 14,916 12,364 November. 2,131,811 2,065,061 2,342,135 16,193 13,720 12,686 December.. 2,392,621 2,252,118 2,482,496 17,334 16,285 13,419 Total 24,562,3054 23,935,219 28,226,319 I 204,414 ! 160,274 150,767 1 Figures for cities marked with an asterisk are not included in the district summary or in the national summary of 141 centers. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

402 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. SCHEDULE 9.—DEBITS TO INDIVIDUAL ACCOUNTS—Continued. I Boise, Idaho. Fresno, Calif. Month. 1922 1921 1920 1922 1921 1920 January 13,470 12,651 16,785 41,368 44,399 50,050 February... 9,632 9,458 14,651 36,041 51,266 48,068 March.. 10,355 10,010 13,968 43,232 44,535 42,907 April 10,354 11,324 12,365 52,480 40,249 39,086 May 12,310 9,616 14,810 40,351 38,162 46,058 June 12,829 10,557 14,856 40,766 36,207 44,162 July 12,072 12,214 14,382 42,212 35,246 46,338 August 11,279 10,849 13,913 42,600 38,229 46,043 September. 12,172 11,712 12,990 | 54,829 52,636 56,167 October 12,963 12,280 13,584 i 72,362 71,658 75,900 November. 13,038 13,174 13,249 | 71,584 65,008 73,904 December.. 16,434 13,025 13,878 i 70,079 58,310 63,209 Total 146,908 136,870 169,431 j 607,904 575,905 631,892 Long Beach, Calif. Los Angeles, Calif. Month. 1922 1921 1920 1922 1921 1920 January 28,249 23,807 25,902 511,034 459,122 445,022 February... 25,419 20,328 20,937 436,496 380,139 388,759 March 31,236 26,391 25,458 520,741 482,278 469,033 April 29,039 25,032 24,697 473,001 433,981 425,531 May 30,393 21,899 21,937 526,172 407,791 399,684 June 32,547 24,044 21,466 518,489 441,855 435,752 July 38,103 25,108 24,825 498,524 425,222 461,044 August 36,243 23,930 21,778 494,186 433,829 411,691 September. 38,072 23,095 23,179 516,679 424,648 422,216 October 41,442 24,097 24,263 549,286 473,648 432,946 November. 40,848 24,622 24,304 535,054 484,115 443,918 December.. 51,536 28,684 25,516 632,291 538,157 507,684 Total 423,127 291,037 284,262 6,211,953 5,384,785 5,243,280 Oakland, Calif. Ogden, Utah. Month. 1922 1921 1920 1922 1921 1920 January 86,490 90,544 20,722 21,110 20,318 February.. 72,146 73,731 78,879 16,093 12,580 16,720 March 84,653 85,866 89,675 19,740 14,161 19,485 April 85,684 79,053 86,688 17,557 13,749 14,471 May 86,939 83,051 97,787 21,517 12,930 16,325 June 87,280 79,942 137,314 17,727 13,881 16,804 July 82,838 77,888 160,604 16,483 10,261 16,643 August 87,621 77,496 93,290 18,867 12,193 15,940 September. 90,770 77,080 92,181 20,072 12,265 20,372 October.... 109,244 80,212 94,245 21,997 16,263 20,585 November. 96,759 80,766 87,408 32,403 30,147 23,804 December.. 123,158 93,787 104,829 36,821 18,529 27,565 Total 1,088,090 975,362 1,213,444 259,999 178,069 i 229,032 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DISTRICT JTO. 12 SAN FRANCISCO. 40b SCHEDULE 9.—DEBITS TO INDIVIDUAL ACCOUNTS—Continued. Pasadena, Calif. Portland, Oreg. Month. 1922 1921 1920 1922 1921 1920 January 26,290 24,333 24,885 124,454 159,187 202,626 February... 20,648 21,943 21,537 113,711 142,462 171,467 March 27,301 28,110 29,498 142,945 161,572 216,549 A.pril 24,260 25,273 26,193 136,292 169,062 212,601 May 26,405 21,576 24,821 127,805 140,306 190,785 June 25,878 22,395 23,170 141,368 147,327 192,848 July 24,891 21,126 22,514 133,170 130,602 199,095 August 22,945 19,032 21,770 141,005 148,810 185,523 September. 23,291 19,860 21,260 147,297 160,839 199,108 October 25,651 22,518 21,567 161,536 158,665 208,419 November. 25,987 23,475 23,511 136,941 131,367 193,241 December.. 31,224 22,134 25,330 145,142 138,317 190,253 Total. 304,771 271,775 286,056 1,651,666 1,788,516 2,362,515 Reno, Nev. Sacramento, Calif. Month. 1922 1921 1920 1922 1921 1920 January 9,929 11,630 14,241 58,010 58,102 70,680 February.. 7,933 8,926 10,199 47,384 47,627 50,455 March 9,862 11,208 13,385 62,741 55,588 62,222 April 9,100 10,885 11,725 63,149 54,563 59,344 May 10,006 10,650 11,445 58,265 51,584 53,564 June 11,906 11,753 13,400 64,036 53,720 57,996 July 11,207 11,549 13,665 60,099 54,094 68,142 August 10,115 11,360 11,900 66,031 48,813 69,344 September. 10,973 10,541 12,627 70,147 63,304 75,864 October 11,537 10,895 12,362 73,423 77,741 November. 11,065 10,914 12,857 54,645 73,697 81,583 December.. 11,837 11,354 13,756 83,394 80,027 71,856 Total. 125,470 131,665 151,562 755,989 714,532 798,791 Salt Lake City, Utah. San Diego, Calif. Month. 1922 1921 1920 1922 1921 1920 January 58,771 80,937 87,074 38,167 37,477 34,974 February.. 44,625 53,783 67,972 32,5*1 32,638 31,147 March 52,987 63,711 84,414 39,403 34,909 37,737 April 53,440 70,076 79,918 41,247 35,870 35,401 May 55,788 50,298 73,812 39,370 32,054 36,227 June 55,819 60,640 75,354 40,296 32,233 34,893 July 55,670 55,339 80,116 39,851 34,220 38,533 August 57,331 54,846 '69,875 36,590 31,897 32,770 September. 55,830 60,652 76,776 36,471 31,469 35,220 October 62,839 60,378 79,445 38,753 31,657 36,503 November. 67,629 69,428 74,767 38,698 33,719 35,575 December.. 81,461 91,098 98,646 47,758 39,613 37,340 Total. 702,190 771,186 948,169 469,185 407,756 426; 3 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

404 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. SCHEDULE 9.—DEBITS TO INDIVIDUAL ACCOUNTS—Continued. San Francisco, Calif.1 San Jose, Calif.* Month. 1922 1921 1920 1922 1921 1920 January 725.176 878,190 942,320 21,606 24,284 27,634 February.. 626,032 696,854 780,880 15,475 16,914 21,773 March 738,831 915,361 949,776 19,554 18,078 21,965 April 698,205 777,769 922,994 18,572 22,270 20,990 May 705,661 744,094 927,465 18,596 17,481 22,425 June 730,557 750,204 002,577 19,937 16,895 21,856 July 708,828 663,710 009,847 20,878 19,343 28,741 August 708,090 690,619 936,934 23,286 19,961 26,405 September. 757,110 751,523 969,472 21,937 21,176 27,522 October 751,195 791,526 983,209 26,948 24,806 32,015 November. 723,098 780,411 947,095 26,235 22,566 26,950 December.. 765.177 848,436 994,964 24,351 23,263 23,574 Total. 8,637,960 9,288,697 11,367,533 257,375 247,037 301,850 Seattle, Wash. Spokane, Wash. „ Month. 1922 1921 1920 1922 1921 1920 January 137,260 138,209 221,401 40,312 51,159 60,246 February.. 126,991 117,602 194/790 35,979 39,919 49,408 March 157,044 141,534 231,208 47,258 49,454 61,029 April 146,820 j 137,329 220,703 42,206 45,875 59,320 May 139,118 128,901 205,965 47,838 42,876 55,878 June 149,944 140,342 212,871 46,634 48,010 56,597 July 138,580 131,109 199,676 41,645 44,478 52,516 August 155,736 133,171 188,576 41,572 44,070 51,627 September. 158,135 149,195 181,681 41,704 50,118 58,097 October 163,193 144,675 188,187 52,694 48,835 64,258 November. 165,608 139,790 166,625 43,159 43,070 57,021 December.. 168,185 14¥,809 164,986 51,400 47,286 58,642 Total •. ! 1,806,614 ! 1,649,666 2,376,669 532,401 555,150 684,639 Stockton, Calif. Tacoma, Wash. Yakima, Wash. Month. 1922 1921 1920 1922 1921 1920 1922 1921 1920 January 21,232 20,721 27,894 33,740 38,718 46,076 10,113 10>054 14,486 February... 17,805 18,393 21,884 29,801 28,920 42,822 10,027 8,559 12,334 March 21,587 21,129 25,376 39,465 41,331 61,701 11,847 10,293 16,310 April 22,088 21,617 21,802 35,475 38,395 53,853 11,036 9,435 15,777 May 20,692 18,148 22.939 36,165 35,753 51,525 10,420 14,207 June 21,782 18,823 22,977 39,411 35,571 48,386 10,216 8,487 13,258 July. 21,027 18,778 28,426 37,595 35,341 51,140 9,586 8,208 12,783 August 21,793 20,131 24,803 38,228 34,177 47,590 9,193 9,069 11,098 September.. , 22,228 21,513 24,722 36,873 38,006 47,027 10,828 12,293 13,391 October 23,706 23,060 25,992 40,311 38,467 48,677 11,699 15,067 16,153 N"- ov-e m*b er. 26,079 20,295 22.940 37,668 37,674 45,020 11,548 13,389 15,313 December 24,941 23,898 26,311 40,951 38,337 45,240 10,832 13,317 12,491 Total. 265,050 246,506 296,066 445,683 440,690 589,057 127,345 127,052 167,601 1 Reports received indicate that prior to 1922 the figures reported by some banks included cashiers' and expense checks, and consequently the figures for 1922 are not strictly comparable with those for prior years. NOTE.--Centers which have not reported continuously for the 18 months ending Dec. 31, 1922, are not included in the table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PART III. RECOMMENDATIONS OF THE FEDERAL ADVISORY COUNCIL TO THE FEDERAL RESERVE BOARD FOR THE YEAR 1921. DESCRIPTION OF FEDERAL RESERVE DISTRICTS. 28971—23 27 405 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OFFICERS AND MEMBERS OF THE FEDERAL ADVISORY COUNCIL FOR THE YEAR 1922. OFFICERS. President, L. L. RUE. Vice President, PAUL M. WARBURG. Secretary, HARRY L. HILYARD. EXECUTIVE COMMITTEE. L. L. RUE. . J. J. MITCHELL. PAUL M. WARBURG. F. 0. WATTS. PHILIP STOCKTON. * E. F. SWINNEY. MEMBERS. PHILIP STOCKTON, Federal Reserve District No. 1. PAUL M. WARBURG, Federal Reserve District No. 2. L. L. RUE, Federal Reserve District No. 3. C. E. SULLIVAN, Federal Reserve District No. 4. J. G. BROWN, Federal Reserve District No. 5. E. W. LANE, Federal Reserve District No. C. J. J. MITCHELL, Federal Reserve District No. 7. I' ?' ^WBS}Federal Reserve District No. 8. G. H. PRINCE, Federal Reserve District No. 9. E. F. SWINNEY, Federal Reserve District No. 10. R. L. BALL, Federal Reserve District No. 11. D. W. TWOHY, Federal Reserve District No. 12. RECOMMENDATIONS OF THE FEDERAL ADVISORY COUNCIL TO THE FEDERAL RESERVE BOARD, APRIL 28, 1922. TOPIC 1.—-Should Federal reserve banks adopt with respect to their own transactions the policy recently adopted by the United States Treasury of paying out gold and gold certificates without reservation ? Recommendation.—The council is of the opinion that there is no necessity for the Federal reserve banks paying out gold or gold certificates without reservation in their transactions with member banks. If, however, gold is called for by a member bank it should be provided without any question. We believe it to be sound policy for the Federal reserve banks to be the depositories of the gold of the country. The concentration of the gold in the banks and the issue of Federal reserve notes as the principal medium of circulation throughout the country is not to be considered a war measure. It is one of the fundamental principles of monetary reform that the gold of the country should be mobilized in the Federal reserve banks. World conditions are so beclouded at the moment that it is impossible to forecast what proper use may be made of our gold power. Self- 407 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

408 ANNUAL REPORT OF THE FEDERAL, RESERVE BOARD. interest would dictate that we should do nothing which would interfere with our ability at the proper moment to render our maximum assistance in restoring the equilibrium of the world. In the event of need the country is in a much stronger position if the gold is mobilized in the vaults of the Federal reserve banks than if it is scattered as a circulating medium in the hands of the people. The argument has been made in favor of the payment of gold or gold certificates by Federal reserve banks at this time that it would reduce the high reserves of the Federal reserve banks, which high reserves have been the subject of unjust criticism, and that it would also create a secondary gold reserve in the hands of the people. The council is of the opinion that both of these arguments are of comparatively slight importance in the face of conditions as we see them. The council is glad to learn that since the Secretary of the Treasury's letter of March 6 was submitted, a full exchange of views has taken place between the Treasury, the Federal Reserve Board, and the Federal reserve banks, from which a full understanding has resulted concerning the most important points raised in the Secretary's letter. The council notes with great satisfaction from the Secretary's letter of April 25 that all parties now agree that under the provisions of the Federal reserve act, the final responsibility with respect to their conduct of business and with regard to their general methods of making payments must rest with the Federal reserve banks, acting under the direction and supervision of the Federal Reserve Board. This, however, does not prevent that when Federal reserve banks act as redemption agencies for the Treasury, taking the place of subtreasuries, they may be requested to make payments in gold or gold certificates in redemption of the Government's obligations. Moreover, as already stated, the general policy should be adopted by them never to refuse to make payments in gold in the discharge of their own obligations whenever a payee makes a particular request for such gold payment. The Federal reserve act provided for the gradual elimination of subtreasuries and for the undertaking of fiscal agency functions by the Federal reserve banks. This obviously brings about the necessity of devising ways and means of doing justice to the requirements of the Treasury without affecting the autonomy of the Federal Reserve System and creating the dangers and defects which may result from a division of authority and control. It was with these conditions in view that the Federal reserve act made the Secretary of the Treasury an ex officio member and chairman of the board, so that through the board as a joint instrument, with the Secretary's cooperation and in full understanding with him, policies and plans of action could be devised which would best serve the interests of both the Treasury; and the Federal Reserve System, and which would then be carried into effect through the joint instrumentality of the Federal Reserve Board. The council is glad to note that the Secretary's letter of April 25 augurs well for a fruitful cooperation on these lines. TOPIC 2.—In order to make some headway in the matter of retiring national-bank note circulation, would it be advisable for the Federal reserve banks to adopt the policy of forwarding all national-bank notes received by them, whether for deposit or redemption, to the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RECOMMENDATIONS OF ADVISORY COUNCIL. 409 Treasurer of the United States for redemption, thus making it much more difficult for national banks to maintain their circulation and tending to make the profit disappear, in which event the premium on circulation bonds would correspondingly tend to disappear and % the Federal reserve banks might then be in a better position to acquire the circulation bonds and gradually accomplish the retirement of national-bank notes. Recommendation.—The council is of the opinion that the Federal reserve banks should not adopt a policy which would tend to force the retirement of circulation notes of national banks by making their issue unprofitable. ADDITIONAL RECOMMENDATIONS. Recommendation 3.—In answer to inquiry from the Federal Reserve Board the Federal Advisory Council would state it is of the opinion that no Federal reserve bank should be permitted to refuse to accept national-bank notes for deposit, as we believe that so long as nationalbank notes are outstanding they should remain on a parity with the other circulating media and it is therefore essential that no discrimination against them be made by Federal reserve banks. Recommendation 4-—The council recommends that the Federal Reserve Board permit Federal reserve banks to purchase in the open market trade acceptances bearing the indorsement of a third name in the same manner as is required by the board in the purchase of bankers' acceptances under section 14 of the Federal reserve act. Recommendation 5.—The Federal Reserve Board has been asked to amend Regulation D, series of 1920, so as to sanction the methods of treating as time or savings deposits, deposits which in practice are payable on demand. The council expresses itself as opposed to any modification of this regulation which might tend to serve as a subterfuge in order to secure lower reserve requirements. Recommendation 6,—In view of the very large surplus earned by the Federal reserve banks in the past several years, the council, while not passing upon the legal aspect of the question, but solely from the standpoint of equity and sound banking policy, is of the opinion that it would be proper at this time for the Federal reserve banks to continue payment of dividends from surplus, even though not currently earned, particularly as the maximum rate is 6 per cent per annum and such dividends are cumulative. Recommendation 7.—The council approves the principle involved in Senate bill 3255, providing for the extension of charters of national banks. Recommendation 8.—The council suggests to the Federal Reserve Board the importance of pursuing a campaign of education of the public regarding the functions and operations of the Federal Reserve System. Recommendation 9.—The council has read with interest the letter of the Secretary of the Treasury to the Governor of the Federal Reserve Board, dated April 25, 1922, relative to investments of Federal reserve banks, in which letter the Secretary requested the consideration of the subject by the Federal Advisory Council. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

410 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. The council congratulates the country upon enjoying a financial administration which takes the enlightened point 01 view that the Federal Reserve System should not be used for the purpose of carrying the Government's obligations. Many countries of Europe would have been saved from some of their most serious financial difficulties, if equal wisdom had governed their policies. The council is also in sympathy with the point of view expressed by the Secretary of the Treasury that the Federal reserve banks should avoid excessive investments in Government securities, even of a short maturity. The council is fully in accord with the views implied that the Federal reserve banks should by preference seek investments in the fields of such bills of exchange as they can purchase in the open market. The council is of the view, however, that the particular circumstances prevailing at present must be borne in mind, especially the present high percentage of reserves of the system. Moreover, if the Federal reserve banks should entirely liquidate their holdings of Government obligations, they would thereby lose all power of influence on the banking situation of the country, in case excessive ease of money should develop, threatening a new era of inflation. In such times, it is of the utmost importance that the Federal Reserve System should be able to dispose of its holdings, thereby throwing the burden on the member banks and thus exercising a restraining influence. The floating supply of bills at present is extremely limited. Aggressive buying of acceptances would no doubt tend further to reduce the rate at which these acceptances could be bought, and it might destroy to a certain extent at least the distribution of acceptances among a large part of buyers—the so-called acceptance market—which has been built up with no little effort. While the council believes at the same time that the Federal Reserve System would be well advised in making efforts to increase its holdings of acceptances, there is no doubt that the Federal reserve banks as a whole can not avoid at this time, for the reasons above explained, investing very substantial amounts either in Government bonds, certificates of indebtedness, or warrants. Of these three, no doubt, the short-term Treasury certificates are the most suitable as investments for the Federal reserve banks. Bearing in mind that the capital and surplus of the combined Federal reserve banks amount to approximately $300,000,000, the council does not feel that there is just cause to criticize the Federal reserve banks for having invested in Treasury certificates and short-term Government obligations up to an amount which is not largely in excess of their capital and surplus, and which, considering the amount of their assets, constitutes only a small part of their resources. The council is still of the opinion that the Federal reserve banks should avoid investing in long-term Government bonds. The council further urges the Federal reserve banks, when making any purchases of short-term Government obligations, that such purchases should not interfere with Treasury operations. In giving this view, the council is in no way moved by any consideration of earnings of the Federal reserve banks, but stands entirely by the opinion expressed in its resolution of November 21, 1921, as follows: Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RECOMMENDATIONS OF ADVISORY COUNCIL. 411 The board brought to the attention of the council the matter of the increase in the reserves of the Federal reserve banks, and the apparent approach of the time when, as a result of the liquidation of borrowings by member banks, the Federal reserve banks will be seeking investment for their idle funds. The board requested the council's opinion as to the wisdom of the Federal reserve banks' investing these funds in United States Government bonds. The council stated that it is not disturbed by the fact that the earnings of the Federal reserve banks are decreasing because of the accumulation of idle funds. The Federal reserve banks were not created for profit and the council is mindful of the fact that, as past experience has shown, times of temporary idleness of funds are bound to be followed by periods of greater demands for money, be they seasonal or emergency requirements. Whenever it may appear necessary for Federal reserve banks to seek investments in the open market, the council would recommend that preference be given to obligations such as (1) bankers' acceptances; (2) United States certificates of indebtedness; (3) such short-term State and municipal obligations as are permitted by the Federal reserve act. Recommendation 10,—The council notes with great satisfaction the recent ruling of the Federal Reserve Board in relation to bankers' acceptances in harmony with recommendation No. 11 of the Federal Advisory Council, dated May 17, 1921. Recommendation 11.—Excessive borrowings. In the judgment of council, the most effective way to handle the situation is by the personal influence of the governor of each Federal reserve bank on the member banks borrowing to excess. Recommendations of the Federal Advisory Council to the Federal Reserve Board, September 26, 1922. TOPIC 1.—Should the so-called commodity rates be revived, the proposition being that the Federal reserve banks should give a special rate of 3^ per cent on paper secured by staple agricultural products, the borrowing bank to agree to make its loans on such products at not above 6 per cent ? Recommendation.—The council is of the opinion that it would be inadvisable to revive the commodity rates, and establish for commodity loans a rate lower than that prevailing for discounts generally. Without wishing to enter into a discussion of the principle involved, the answers of the Federal reserve banks themselves to the Federal Reserve Board's letter of August 2 appear to indicate that the smaller institutions that charge high rates to small borrowers would not change their customs and their entire rate structure in order to rediscount with the Federal reserve banks some of their paper at 3^ per cent, instead of at the prevailing rediscount rate of 4 or 4^ per cent. The advantage to be gained would not be a sufficient compensation for them. The only institutions that might possibly take advantage of the lower rediscount rate of 3^ per cent would be the larger member banks in semiagricultural districts, which at present make loans at not above 6 per cent. That, however, would be an advantage to the banks and not to the borrowers. TOPIC 2.—Should demand drafts with bills of lading attached be eligible for rediscount with the Federal reserve banks? Recommendation.—Demand drafts with bills of lading attached should not be made eligible for rediscount with Federal reserve banks, but they should be taken for collection. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

412 ANNUAL BEPORT OF THE FEDERAL RESERVE BOARD. The council understands that these bills with documents attached are being taken for collection at this time, and the council would deem it advisable for Federal reserve banks to give immediate credit with proper interest charge for some reasonable proportion of such collections under proper safeguards and within reasonable limits, having due regard for the condition of the bank applying for the accommodation and the reserve position of the Federal reserve bank. The council does not believe it sound to permit the Federal reserve banks to treat as rediscounts any paper that does not have a definite due date. TOPIC 3.—In view of the difficulty of interpreting " substantial competition" in the Kern amendment, which makes administration of the amendment correspondingly difficult, it has been suggested that the council might well discuss and advise the board with regard to the proposed amendment to the Clayton Act on interlocking directorates (H. E,. 4826). Recommendation.—The council is of the opinion that it would be unwise at this time to attempt to have Congress amend the Clayton Act, as it might result in undesirable legislation. The board may well assume the responsibility of deciding what is " substantial competition" and each case should be determined upon its own merits. TOPIC 4.—Is the present apparent increase in the demand for money temporary and seasonal or is there evidence that a revival of business will increase the demand for bank accommodation for some time to come ? Answer.—While there is doubtless some revival in certain lines of business which is causing an increased use for money, the increase now prevailing is due for the most part to usual seasonal requirements. This demand will probably continue through the fall months. TOPIC 5.—The increase in commercial paper rates. Cause of the decline in the price of Government securities. Is the increase in the price of bonds halted for a considerable period or only temporarily? Answer.—The increase in commercial paper rates is due in part to business revival in some lines but for the most part to seasonal requirements. For the past six to nine months prices of Government securities have risen because of large purchases by banks and others seeking employment of idle funds; but the increased commercial activity is likely to lead banks and industrial firms and corporations temporarily, at least, to dispose of some of their Government securities to meet the requirements of business. TOPIC 6.—Is there any evidence of a change of conditions that m$y make advisable changes of rates in Federal reserve banks in the near future ? Answer.—No. Seasonal demands for money are being met with only fractional changes in open-market rates. TOPIC 7. Is there discernible any evidence of the approach of a period of secondary expansion or inflation ? Answer.—Banking statistics do not indicate that a secondary period of inflation is at hand. Liquidation continues in the Federal .Reserve System and demand for credit, where it exists, is largely Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RECOMMENDATIONS OF ADVISORY COUNCIL. 413 seasonal. In some commodity lines there have been sharp increases in prices, but these, for the most part, are merely recoveries from previous depressed prices. A situation may develop, however, where further inflation of prices may occur in certain industries, out of line with general prevailing conditions, and stimulate unhealthy speculation; and the Federal Reserve Board should have this possibility in mind. TOPIC 8.—Should there be any change in the policy of the Federal reserve banks carrying considerable investments in United States Government securities ? Recommendation.—There is no necessity of any change in the earlier recommendations made by the council in this regard, and reference is made to recommendation No. 9 of the proceedings of the council, April 28, 1922. The council reiterates its recommendation that the Federal reserve banks, in their purchases of Government obligations, should not be governed by the necessity of covering their fixed charges and earning their dividends. The council is strongly of the view that openmarket operations, particularly in so far as they touch investment in Government securities, should be carried on under a uniform policy by the system as a whole. Council has learned, with great satisfaction, of the organization of a committee of governors having supervision of transactions in Government securities by the Federal reserve banks. In the council's opinion, the policy of the Federal Reserve System, as a whole, should be, at this time, not to increase any further its investments in Government securities. Recommendations of the Federal Advisory Council to the Federal Reserve Board, November 20, 1922. TOPIC 1.—Rates at Federal reserve banks. Are some of them too low? Are there indications that increases should be made in the near future ? Recommendation.—The council is of the opinion that the rate of 4 per cent prevailing at three of the Federal reserve banks might well be increased to 4£ per cent, but as the seasonal demand for crop movement purposes is about Over, no immediate action seems necessary. TOPIC 2.—Possible amendments to the^Federal reserve^act. Recommendation.—The council is of the opinion that it is unwise at this time to suggest any amendments to the Federal reserve act. TOPIC 3.—In the proposed reorganization of Government departments, should the Federal Reserve Board be made a bureau of the Treasury ? Recommendation.—The council is decidedly of the opinion that the Federal Reserve Board should continue as an independent organization like the Supreme Court and should not be made a bureau of the Treasury Department. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DESCRIPTION OF FEDERAL RESERVE DISTRICTS. Land area Population, Federal reserve district. (square Jan. 1,1923 miles). (estimated) No. 1—Boston 61,345 7,318.722 No. 2—New York.. . . 51,890 13,723,355 No. 3—Philadelphia 36 842 6 998 355 No. 4—Cleveland.. . 73,424 10,403,330 No. 5—Richmond 152,314 10,119,952 No. 6—Atlanta... 248 226 10 233 946 No. 7—Chicago 190,513 16,107,870 No. 8—St. Louis 194,810 9,245,418 No. 9—Minneapolis ... 414,004 5,298,867 No. 10—Kansas City 473,565 7,230,336 No. 11—Dallas 392,989 6,025,242 No. 12—San Francisco... 683,852 7,250,554 Total 2,973,774 109,955,947 FEDERAL RESERVE DISTRICTS. Land area Population, (square Jan. 1,1923 miles). (estimated). District No. 1—Boston.. 61,345 7,318,722 Connecticut (excluding Fairfield County) 4,189 1,118,489 Maine. 29,895 775,938 Massachusetts 8,039 4,002,518 New Hampshire 9,031 446,948 Rhode Island 1,067 623,490 Vermont 9,124 351,339 • District No. 2—New York 51,890 13,723,355 Connecticut (Fairfield Cnuntv^ 631 344.301 New Jersey 3,605 2,600,883 Counties of— Bergen. Hunterdon. Morris. Sussex. Essex. Middlesex. Passaic. Union. Hudson. Monmouth. Somerset. Warren. New York 47,654 10,778,171 District No. 3—Philadelphia 36,842 6,998,355 Delaware 1,965 229,394 New Jersey 3,909 746,214 Counties of—• Atlantic. Cape May. Mercer. Burlington. Cumberland. Ocean. Camden. Gloucester. Salem. Pennsylvania.. . 30,968 6,022,747 Counties of— Adams. Columbia. Luzerne. Potter. Bedford. Cumberland. Lycoming. Schuylkill. Berks. • Dauphin. McKean. Snyder. Blair. Delaware. Mifflin. Sullivan. Bradford. Elk. Monroe. Susquehanna. Bucks. Franklin. Montgomery. Tioga. Cambria. Fulton. Montour. Union. Cameron. Huntingdon. Northampton. Wrayne. Carbon. Juniata. Northumberland. Wyoming. Center. Lacka wanna. Perry. York. Chester. Lancaster. Philadelphia. Clearfield. Lebanon. Pike. Clinton. Lehigh. 414 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DESCRIPTION OF FEDERAL RESERVE DISTRICTS. 415 FEDERAL RESERVE DISTRICTS—Continued. Land area | Population, (square Jan. 1,1923 miles). (estimated). district No. 4—Cleveland. 73,424 10,403,330 Kentucky (eastern part) 17,614 1,137,941 Counties of- Bath. Fleming. Lawrence, Nicholas. Bell. Floyd. Lee. Owsley. Boone. Garrard. Leslie. Pendleton. Bourbon. Grant. Letcher. Perry, Boyd. Greenup. Lewis. Pike. Bracken. Harlan. Lincoln. Powell. Breathitt. Harrison. McCreary. Pulaski. Campbell. Jackson. Madison. Robertson. Carter. Jessamine. Magoffin. Rockcastle. Clark. Johnson. Martin. Rowan. Clay. Kenton. Mason. Scott. Elliott. Knott. Menifee. Whitley. Estill. Knox. Montgomery. Wolfe. Fayette. Laurel. Morgan. Woodford. Ohio 40,740 I 6,066,019 Pennsylvania (western part)... 13,864 I 3,023,250 Counties of— Allegheny. Crawford. Indiana. Venango. Armstrong. Erie. Jefferson. Warren. Beaver. Fayette. Lawrence. Washington. Butler. Forest. Mercer. Westmoreland. Clarion. Greene. Somerset. West Virginia (northern part).. 1,206 176,120 Counties of— Brooke. Marshall. Tyler. Hancock. Ohio. Wetzel. I ^strict No, 5—Richmond. 152,314 10,119,952 District of Columbia 60 470,481 Maryland 9,941 1,497,347 North Carolina 48,740 2,668,153 South Carolina 30,495 1,735,739 Virginia 40,262 2,385,690 West Virginia (southern part)... 22,816 1,362,542 Counties of— Barbour. Hardy. Mingo. Roane. Berkeley. Harrison. Monongalia. Summers. Boone. Jackson. Monroe. Taylor. Braxton. Jefferson. Morgan. Tucker. Cabell. Kanawha. Nicholas. Upshur. Calhoun. Lewis. Pendleton. Wayne. Clay. Lincoln. Pleasants. Webster. Doddridge. Logan. Pocahontas. Wirt. Fayette. McDowell. Preston. Wood. Gilmer. Marion. Putnam. Wyoming Grant. Mason. Raleigh. Greenbrier. Mercer. Randolph. Hampshire. Mineral. Ritchie. District No. 6—Atlanta. 248,226 j 10,233,946 Alabama 51,279 ! 2,413,092 Florida 54,861 ! 1,035,170 Georgia 58,725 ! 2,984,429 Louisiana (southern part) 26,891 I 1,279,929 Parishes of— Acadia. Evangeline. Rapides. Tangipahoa. Allen. Iberia. St. Bernard. Terrebonne. Ascension. Iberville. St. Charles. Vermilion. Assumption. Jefferson. St. Helena. Vernon. Avoyelles. Jefferson Davis. St. James. Washington. Beauregard. Lafayette. St. John the Bap- West Baton Calcasieu. Lafourche. tist. Rouge. Cameron. Livingston. St. Landry. West Feliciana. East Baton Orleans. St. Martin. Rouge. Plaquemines. St. Mary. East Feliciana. Pointe Coupee. St. Tammany. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

416 ANNUAL, REPORT OF THE FEDERAL RESERVE BOARD. FEDERAL RESERVE DISTRICTS—Continued. Land area Population, (square Jan. 1,1923 miles), j(estimated). District No. 6—Atlanta—Continued. Mississippi (southern r>art^ 25,519 845,220 Counties of— Adams. Harrison. Lawrence. Scott. Amite. Hinds. Leake. Sharkey. Claiborne. Issaquena. Lincoln. Simpson. Clarke. Jackson. Madison. Smith. Copiah. Jasper. Marion. Stone. Covington. Jefferson. Neshoba. WalthaJl. Forrest. Jefferson Davis. Newton. Warren Franklin. Jones. Pearl River. Wayne. George. Kemper. Perry. Wilkinson. Greene. Lamar. Pike. Yazoo. Hancock. Lauderdale. Rankin. Tennessee (eastern patrt) 30,951 i 1, f>7*>, liVJ Counties of— Anderson. Giles. McMinn. Scott. Bedford. Grainger. Macon. Sequatchie. Bledsoe. Greene. Marion. Sevier. Blount. Grundy. Marshall. Smith. Bradley. Hamblen. Maury. Stewart. Campbell. Hamilton. Meigs\ Sullivan. 1 Cannon. Hancock. Monroe. Sumner. j Carter. Hawkins. Montgomery. Trousdale. 1 Cheatham. Hickman. Moore. Unicoi. 1 Claiborne. Houston. Morgan. Union. i Clay. Humphreys. Overton. VanBuren. Cocke. Jackson. Perry. Warren. Coffee. Jefferson. Pickett. Washington. Cumberland. Johnson. Polk. Wavne. Davidson. Knox. Putnam. White. Dekalb, Lawrence. Rhea. Williamson. Dickson. Lewis. Roane. Wilson. Fentress. Lincoln. Robertson. Franklin. Loudon. Rutherford. District No. 7—Chicago. 190,513 16,107,870 Illinois (northern part). 35,448 5,482,678 Counties of— Boone. Ford. Livingston. Rock Island. Bureau. Fulton. Logan. Sangamon. Carroll. Grundy. McDonough. Schuyler. Cass. Hancock. McHenry. Shelby. Champaign. Henderson. McLean.' Stark. Christian. Henry. Macon. Stephenson. Clark. Iroquois. Marshall. Tazewell. Coles. Jo Daviess. Mason. Vermilion. Cook. Kane. Menard. Warren. Cumberland. Kankakee. Mercer. Whiteside. De Kalb. Kendall. Moultrie. Will. De Witt. Knox. Ogle. Winnebago. Douglas. Lake. Peoria. Woodford. Du Page. La Salle. Piatt. Edgar. Lee. Putnam. Indiana (northern part^ - - . - ! 26,707 2,399,893 Counties of— Adams. Fountain. Laporte. Ripley. Allen. Franklin. Madison. Rush. i | Bartholomew. Fulton. Marion. St. Joseph. i ! Benton. Grant. Marshall. Shelby. Blackford. Hamilton. Miami. Starke. Boone. Hancock. Monroe. Steuben. Brown. Hendricks. Montgomery. Tippecanoe. i Carroll. Henry. Morgan. Tipton. ; j Cass. Howard. Newton. Union. Clay. Huntington. Noble. Vermilion. Clinton. Jasper. Ohio. Vigo. Dearborn. Jay. Owen. Wabash. Decatur. Jennings. Parke. Warren. Dekalb. Johnson. Porter. Wayne. Delaware. Kosciusko. Pulaski. Wells. Elkhart. Lagrange. Putnam. White. Fayette. Lake. Randolph. Whitley. Iowa i 55,586 2,459,411 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DESCRIPTION OF FEDERAL RESERVE DISTRICTS. 417 FEDERAL "RESERVE DISTRICTS—Continued. | Land area Population, i (square | Jan. 1,1923 i miles), ! (estimated). IHstrict No. 7—Chicago—Continued. Michigan (southern part) 40,789 i 3,598,928 Counties of— Alcona. Eaton. Lapeer. Ogemaw. Allegan. Emmet. Leelanau. Osceola. Alpena. Genesee. Lenawee. Oscoda. Antrim. Glad win. Livingston. Otsego. Arenac. Grand Traverse. Macomb. Ottawa. Barry. Gratiot. Manistee. Presquelsle. Bay. Hillsdale. Mason , Roscommon. Benzie. Huron. Mecosta. Saginaw, Berrien. Ingham. Midland. St.Clair. Branch. Ionia. Missaukee. St. Joseph. Calhoun. losco. Monroe. Sanilac. Cass. Isabella. Montcalm. Shiawassee. Charlevoix. Jackson. Montmorency. Tuscola. Cheboygan. Kalamazoo. Muskegon. ' VanBuren. Claire. Kalkaska. Newaygo. Washtenaw. Clinton. Kent. Oakland. Wayne. Crawford. Lake. Oceana. Wexford. Wisconsin (southern part) 31,983 | 2,166,960 Counties of— Adams. Green Lake. Marquette. Sheboygan. Brown. Iowa. Milwaukee. Vernon. Calumet. Jackson. Monroe. Walworth. Clark. Jefferson. Oconto. Washington. Columbia. Juneau. Outagamie. Waukesha. Crawford. ICenosha. Ozaukee. Waupaca. Dane. Kewaunee. Portage, Waushara. Dodge. Lafayette. Racine. Winnebago. Door. Langlade. Richland. Wood. Fond du Lac. Manitowoc. Rock. Grant. Marathon. Sauk. Green. Marinette. Shawano. District No. S—St. Louis. 194,810 i 9,245,418 Arkansas .! 52,525 1,807,132 Illinois (southern part) .| 20,595 ! 1,264,239 Counties of— Adams. Franklin. Macoupin. Randolph. Alexander. Gallatin. Madison. Richland. Bond. Greene. Marion. * St. Clair. Brown. Hamilton. Massac. Saline. Calhoun. Hardin. Monroe. Scott. Clay. Jackson. Montgomery. Union. Clinton. Jasper. Morgan. Wabash Crawford. Jefferson. Perry. Washington. Edwards. Jersey. Pike. Wayne. Effingham. Johnson. Pope. White. Fayette. Lawrence. Pulaskl. Williamson. Indiana (southern part) 9,338 ! 601,421 Counties of— Clark. Greene. Martin. Sullivan. Crawford. Harrison. Orange. Spencer. Daviess. Jackson. Perry. Switzerland. Dubois. Jefferson. Pike. Vanderburg. Floyd. Knox. Posey. Warrick. Gibson. Lawrence. Scott. Washington. Kentucky (western part) 22,567 1,317,849 Counties of— Adair. Crittenden. Hopkins. Ohio; Allen. Cumberland. Jefferson. Oldham. Anderson. Daviess. Larue. Owen. Ballard. Edmonson. Livingston. Russell. Barren. Franklin. Logan. Shelby. Boyle. Fulton. Lyon. Simpson. Breckenridge. Gallatin. McCracken. Spencer. Bullitt. Graves. McLean. Taylor. Butler. Grayson. Marion. Todd. Caldwell. Greene. Marshall. Trigg. Calloway. Hancock. Meade. Trimble. Carlisle. Hardin. Mercer. Union. CarroD. Hart. Metcalfe. Warren. Casey. Henderson. Monroe. Washington. Christian. Henry. Muhlenberg. Wayne. Clinton. Hickman Nelson. Webster. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

418 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. FEDERAL RESERVE DISTRICTS—Continued. l Land area Population ^ | (square Jan. 1,1923 miles). i(estimated)~ District No. 8—St. Louis—Continued. Mississippi (northern part) 20,843 943,392 Counties of— Alcorn. De Soto. Monroe. Tate. Attala. Grenada. Montgomery. Tippah. Benton. Holmes. Noxubee. Tishomingo. Bolivar. Humphreys. Oktibbeha. Tunica. Calhoun. Itawamba. Panola. Union. Carroll. Lafayette. Pontotoc. Washington. Chickasaw. Lee. Prentiss. Webster. Choctaw. Leflore. Quitman. Winston. Clay. Lowndes. Sunflower. Yalobusha. Coahoma. Marshall. Tallahatchie. Missouri (eastern part) 58,206 | 2,602,29* Counties of— Adair. Douglas. Maries. Reynolds. Audrain. Dunklin. Marion. Ripley. Barry. Franklin. Mercer. St. Charles. ' Benton. Gasconade. Miller. St. Clair. Bollinger. Greene. Mississippi. St. Francois. Boone. Grundy. Moniteau. St. Louis. Butler Harrison. Monroe. St. Louis City. Caldwell. Henry. Montgomery. Ste. Genevieve. Callaway. Hickory. Morgan. * Saline. Camden. Howard. New Madrid. Schuyler. Cape Girardeau. Howell. Oregon. Scotland. Carroll. Iron. Osage. Scott. Carter. Jefferson. Ozark. Shannon. Cedar. Johnson. Pemiscot. Shelby. Chariton. Knox. Perry. Stoddard. Christian. Laclede. Pettls. Stone. Clark. Lafayette. Phelps. Sullivan. Cole. Lawrence. Pike. Taney. Cooper. Lewis. Polk. Texas. Crawford. Lincoln. Pulaski. Warren. Dade. Linn. Putnam. Washington. Dallas. Livingston. Rails. Wayne. Daviess. Macon. Randolph. Webster. Dent. Madison. Ray. Wright. Tennessee (western part) 10,736 709,037 Counties of— Benton. Fayette. Henry. Shelby. Carroll. Gibson. Lake. * Tipton. Chester. Hardeman. Lauderdale. Weakley. Crockett. Hardin. McNairy. Decatur. Haywood. Madison. Dyer. Henderson. Obion. District No. 9—Minneapolis 414,004 5,298,867 Michigan (northern part) 16,691 334,691. Counties of— Alger. Dickinson. Keweenaw. Menominee. Baraga. Gogebic. Luce. Ontonagon. Chippewa. Houghton. Mackinac. Schoolcraft. Delta. Iron. Marquctte. Minnesota 80,858 2,483,357 Montana 146,131 602,29Si North Dakota 70,183 668,446. South Dakota 76,868 652,82O Wisconsin (northern part) 23,273 * 557,255 Counties of— Ashland. Dunn. Oneida. Sawyer. Barron. Eau Claire. Pepin. Taj/for. Bayfield. Florence. Pierce. Trempealeau. Buffalo. Forest. Polk. Vilas. Burnett. Iron. Price. Washburn. Chippewa. La Crossc. Rusk. Douglas. Lincoln. St. Croix. District No. 10—Kansas City 473,565 7,230,33& Colorado 103,658 983,078- Kansas 81,774 1, 793,45*> Missouri (western part of) 10,521 835,97© Counties of— Andrew. Cass. Holt. Nodaway. Atchison. Clay. Jackson. Platte. Barton. Clinton. Jasper. Vernon. Bates. Dekalb. McDonald. Worth. Buchanan. Gentry. Newton. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DESCRIPTION OF FEDERAL RESERVE DISTRICTS. 419 FEDERAL RESERVE DISTRICTS—Continued. Land area Population, (square Jan. 1,1923 miles). (estimated). District No. 10—Kansas City—Continued. 76,808 1,328,557 New Mexico (northern v>artA 41,486 158,369 Counties of— Colfax. Rio Arriba. San Miguel. Union. McKinley. Sandoval. Santa Fe. Mora. San Juan. Taos. Oklahoma (part of).. 61,770 1,921,537 Counties of— Ad air. Ellis. Logan. Pontotoc. Alfalfa, Garfield. Love. Pottawatomie. Beaver. Garvin. McClain. Roger Mills. Beckham. Grady. Mclntosh. Rogers. Blaine, Grant. Major. Seminole. Caddo. Greer. Mayes. Sequoyah. Canadian. Harmon. Murray. Stephens. Carter. Harper. Muskogee. Texas. Cherokee. Haskell. Noble. Tillman. Cimarron. Hughes. Nowata. Tulsa. Cleveland. Jackson. Okfuskee. Wagoner. Comanche. Jefferson. Oklahoma. Washington. Cotton. Kay. Okmulgee. Washita, Craig. Kingfisher. Osage. Woods. Creek. Kiowa. Ottawa. Woodward. Custer. Latimer. Pawnee. Delaware. Le Flore. Payne. Dewey. Lincoln. Pittsburg. Wyoming 97,548 209,369 District No. 11—Dallas.. 392,989 6,025,242 Arizona (southeastern riartA . .. . . 23,412 128,976 Counties of— Cochise. Greenlee. Pima. Santa Cruz. Graham. Louisiana (northern "wt) 18,518 562,498 Parishes of— Bienville. De Soto. Madison. Tensas. Bossier. East Carroll. Morehouse. Union. Caddo. Franklin. m Natchitoches. Webster. CaldweU. Grant. Ouachita. West Carroll. Catahoula. Jackson. Red River. Winn. Claiborne. La Salle. Richland. Concordia. Lincoln. Sabine. New Mexico (southern r>art> 81,017 212,194 Counties of— Bemalillo. Dona Ana, Lea. Roosevelt. Catron. Eddy. Lincoln. Sierra. Chaves. Grant. Luna. SOCOITO. Curry. Guadalupe. Otero. Torrence. De Baca. Hidalgo. Quay. Valencia. Oklahoma (southeastern nartA 7,644 221,429 Counties of— At oka, Choctaw. Johnston. Marshall. Bryan. Coal. McCurtain. Pushmataha. Texas 262,398 4,900,145 District No. 12—San Francisco 083,852 7,250,554 Arizona (northwestern nartV 90,398 245,298 Counties of— Apache, Maricopa, Navajo. Yavapai. Coconino. Mohave. Pinal. Yuma. ijiia. California 155,652 3,751, 111 Idaho 83 354 464 705 Nevada 109^ 821 76'028 Oregon 95,607 817,572 Utah 82,184 472,895 Washington 66,836 1,422,945 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE DISTRICTS BOUNDARIES OF FEDERAL RESERVE DISTRICTS -—-BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES ® FEDERAL RESERVE BANK CITIES • FEDERAL RESERVE BRANCH CITIES © FEDERAL RESERVE BANK AGENCY Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO PART I. Acceptances: Aggressive buying of, by Federal reserve banks, recommendation of advisory council 410 Bankers'— * u Drawn by cooperative marketing associations 257 Ruling of Federal Reserve Board on, recommendation of advisory council 411 Banks granted authority to accept up to 100 per cent of capital and surplus 229-231 Discounted by Federal reserve banks 130-131 (See also Index to Part II.) Drafts, demand, with bill of lading attached, eligibility for rediscount, advisory council on 411 Foreign bankers', held by Federal reserve banks 86-87 Held by Federal reserve banks 4, 52-56, 64-66, 79-80, 85 Imports and exports, based on, discounted or purchased and held by Federal reserve banks 79-80, 88-89,133-134 Maturity of bills purchased and held by Federal reserve banks... 90-91,137-139 Member bank, held by Federal reserve banks 86-87 National bank, held by Federal reserve banks 86-87 Nonmember bank, held by Federal reserve banks 86-87 Private bankers', held by Federal reserve banks 86-87 Purchased by Federal reserve banks 132-139 (See also Index to Part II.) Rates—discount and open market: Annual rates of earnings on bills bought by Federal reserve banks.... 47-48 Average rates charged by Federal reserve banks 46 Changes in Federal reserve bank rates during 1922 14-18, 42,44-45 Volume of acceptances purchased by Federal reserve banks at each rate 134-137 (See also Index to Part II.) Regulations— A—Rediscounts under section 13.... 1 249 B—Open-market purchases 253 Accommodation at Federal reserve banks of reporting member banks 7,8,169-170 (See also Index to Part II.) Acts: Amending Clayton Act, proposed 35 Amending Federal reserve act 36, 248 Recommendation of advisory council 413 Administrator, executor, etc. (See Fiduciary powers.) Advisory council, Federal. (See Federal advisory council.) Agricultural credit ". 8 Agricultural paper: Definition of 255 Holdings of, by Federal reserve banks 79-80 Volume discounted by Federal reserve banks 116-117 (See also Index to Part II.) Amendment to Clayton Act, proposed 35 Amendment to Regulation D, recommendation of advisory council 409 Amendments to Federal reserve act ! 36, 248 Recommendation of advisory council 413 Area of Federal reserve districts 414 Assessment for expenses of Federal Reserve Board 39,151,156 Assets and liabilities. (See Resources and liabilities.) Atlanta par clearance case 30,258 421 28971—23 28 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

422 INDEX TO PART I. Balance sheets. (See Condition statements.) Fage. Bank buildings, Federal reserve and branches 26, 63, 66,154 Act limiting cost 27, 36, 249 Book value 63, 66-68 Depreciation allowances 22-24,154 Expense of maintaining • 152 (See also Index to Part II.) Bank debits—debits to individual account 175 -177 (See also*Index to Part II.) Bank notes. (See Federal reserve bank notes; National bank notes.) Bankers'acceptances. (See Acceptances.) Basic discount line, member bank borrowings in relation to 3 Bills bought. (See Acceptances.) Bills discounted. (See Discount and open-market operations.) Bonds, United States. (See United States securities.) Borrowings of member banks in relation to basic discount line 3 Branches of Federal reserve banks 25, 211-247 Buildings 26 Directors and managers of .... 241-247 Operations, volume of 149-150 Branches of State banks 5 Buell, W. E., resignation as chief of division of issue and redemption 39 Building operations of Federal reserve banks and branches 26 Act limiting cost 27, 36, 249 Book value of bank premises 63, 66-68 Depreciation allowances 22-24,154 Expense of maintaining bank premises 152 Business, trend of 1 Capital: Federal reserve banks 25, 63, 66-68 (See also Index to Part II.) Member banks 29,161-166 State bank members 29,161,188 Cash reserves of Federal reserve banks. (See Reserves.) Certificates of indebtedness. (See United States securities.) Charters of national banks, extension of, recommendation of advisory council.. 409 Charts: Annual rates of earnings on discounted and purchased bills, 1916-1922 49 Average daily holdings of discounted bills and of other earning assets by Federal reserve banks during 1921 and 1922 78 Federal reserve banking developments, 1917-1922 57 Federal reserve note circulation and holdings of purchased bills, discounted bills, and United States securities of each Federal reserve bank 285, 295, 304, 314, 324, 334, 344, 356, 365, 375, 386, 396 Foreign exchange index, 1918-1922 180 Reserve ratio, deposits. Federal reserve note circulation, and total reserves for all Federal reserve banks 70 Reserve ratio for each Federal reserve bank 74 United States gold imports and exports, 1918-1922 178 United States securities, purchased bills, discounted bills, and total earning assets held by all Federal reserve banks 69 Check clearing and collection: Court decisions in par clearance cases— Atlanta case 30, 258 Cleveland case 31, 265 Richmond case 31,261 San Francisco case 32, 271 Gold settlement fund transactions 28, 62, 63,142,143 (See also Index to Part II.) Number of banks on par list 147,148 Operations, volume of— Federal reserve banks 145,146 Federal reserve branch banks 149,150 (See also Index to Part II.) Par list, number of banks on 147,148 Circulation. (See Federal reserve bank notes; Federal reserve notes.) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO PART I. 423 Clayton Act: • Page. Amendment to, proposed 35 "Substantial competition," interpretation of words, oj>inion of advisory council. * 412 Clearing-house bank debits 175-177 (See also Index to Part II.) Clearing operations, volume of: Federal reserve banks 145,146 Federal reserve branch banks 149,150 (See also Index to Part II.) Cleveland par clearance case 31, 265 Collateral held as security against Federal reserve notes 95. 96, 98-102 Collateral notes of member banks discounted by Federal reserve banks: Holdings of 79,80 Volume discounted 116,117 Commercial paper: Definition of 255 Discount rates 14,42 Increase in, recommendation of advisory council 412 Holdings of paper discounted by Federal reserve banks 79, 80 (See also Discount and open market operations.) Commodity paper, discount rates on, recommendation of advisory council 411 Condition statements: All banks in the United States..' 174 All Federal reserve banks combined 52-70 Each Federal reserve bank. (See Index to Part II.) Member banks 162-166 Conferences, Federal Reserve Board with agents and governors 39 Cooperative marketing associations 4 Eligible paper of, summary of rulings on 255-258 Copeland, L. G., appointed chief of division of issue and redemption 39 Counties in Federal reserve districts 414 Court decisions: Fiduciary powers granted to national banks— Aquidneck National Bank of Newport, R. 1 33, 274 Corn Exchange National Bank of Philadelphia, Pa 34, 277 Par clearance cases— Atlanta case. , 30,258 Cleveland case 31, 265 Richmond case 31, 261 San Francisco case 32, 271 Credit 2,6,8 Agricultural 8 Bank 6, 8 Currency: Receipts and shipments— Federal reserve banks 114,115 r Federal reserve branch banks 149,150 (See also Federal reserve bank notes; Federal reserve notes.) Customers' paper discounted by Federal reserve banks, holdings of 16,17, 79, 80 Debits to individual account..,. 175-177 (See also Index to Part II.) Deferred availability items (checks, drafts, transit items, etc.) of Federal reserve banks 63, 66-68 Deposits: Demand, of member banks treated as savings or time deposits, recommendation of advisory council 409 Federal reserve banks— All banks combined 58-61, 63, 66-68, 75 Each Federal reserve bank. (See Index to Part II.) Reserves required against 71-73 Government, held by Federal reserve banks 58-61, 63,66-68 Member banks 10,161-170 Reserve deposits 58-61, 63,66-68 (See also Index to Part II.) Reserve required against 71-73 Depreciation, amounts charged off by Federal reserve banks on account of 22,24,153-154 Digitized for FRA(SSeEe Ral so Index to Part II.) http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

424 INDEX TO PART I. Page. Directors of Federal reserve banks and branches, list of 241-247 Directory: Federal advisory council 241 Federal reserve banks 241 Federal Reserve Board 240 Discount and open-market operations of Federal reserve banks (see also Index to Part II): Acceptances— Annual rates of earnings on bills bought by Federal reserve banks 47-48 Average rates charged by Federal reserve banks 46 Changes in Federal reserve bank rates during 1922. 14-18,44-45 Discounted by Federal reserve banks 130-131 Foreign bankers', held by Federal reserve banks 86-87 Held by Federal reserve banks 52-56, 64-66,79-80, 85 Imports and exports, based on, discounted or purchased and held by Federal reserve banks 79-80, 88-89,133-134 Maturity of bills purchased and held by Federal reserve banks. 90-91,137-139 Member bank, held by Federal reserve banks 86-87 National bank, held by Federal reserve banks 86-87 Nonmember bank, held by Federal reserve banks 86-87 Private bankers', held by Federal reserve banks 86-87 Purchased by Federal reserve banks 132-139 Volume of acceptances purchased by Federal reserve banks at each rate 134-137 Branches of Federal reserve banks, bills discounted and bought by 149-150 Discounts—bills discounted— Agricultural and live-stock paper held by Federal reserve banks 79-80 Agricultural and live-stock paper, volume discounted 116-117 Commercial paper held by Federal reserve banks 79-80 Customers' paper held by Federal reserve banks 16,17, 79-80 Holdings of " 52-56, 64-66, 77, 79 Live-stock paper held by Federal reserve banks 79-80 Maturity of - 81-82,126-128 Member banks accommodated, number of 120-123 Member banks' collateral notes discounted and held by Federal reserve banks 79-80,116-117 National banks, bills discounted for 124 Rates charged and rates of earnings on bills discounted 42-48,124-125 State banks and trust companies, bills discounted for 124 United States securities, paper secured by, discounted and held by Federal reserve banks .\ .. 52-56, 64-66,79-80, 83-84,129 Volume of bills discounted for member banks in each State 121-123 Volume (total) of bills discounted 119,121-131 Rates charged and rates of earnings. (See Discount and open-market rates.) United States securities purchased and held by Federal reserve banks 52-56, 64-66, 93, 140-141 Volume of operations—total 116-118 Discount and open-market rates: Acceptances purchased, volume at each rate 134-137 Annual rates of earnings on acceptances purchased 47-48 Annual rates of earnings on bills discounted 44-48 Annual rates of earnings on municipal warrants purchased 51 Annual rates of earnings on total earning assets 51 Annual rates of earnings on United States securities purchased 50 Average rates charged on acceptances purchased 46 Average rates charged on bills discounted 43 Bills discounted, volume discounted at each rate 124-125 Changes during 1922 in Federal reserve bank rates 14-18, 42, 44-45 Charged by member banks - 14-18 (See also Index to Part II.) Districts, Federal reserve. (See Federal reserve districts.) Dividends paid by Federal reserve banks 24,154 From surplus fund, recommendation of advisory council 409 (See also Index to Part II.) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO PAKT I. 425 Page. Dollar exchange bills purchased or discounted and held by Federal reserve banks 79-80, 88-89,133-134 Drafts, demand, with bill of lading attached, eligibility fp;r rediscount, recommendation of advisory council 411 Drafts, growers', accepted by cooperative marketing associations: As agricultural paper 255 Not a trade acceptance 256 Earning assets of Federal reserve banks: Earnings, annual rates of 19, 51 Holdings of 19, 52-56, 64-66, 75-76 •(See also Index to Part II.) Earnings and expenses of Federal reserve banks 18-25,151-155 (See also Index to Part II.) Earnings, rates of. (See Discount and open-market rates.) Economy and efficiency in Federal reserve banks „ 4, 21 Educational campaign regarding operation of Federal reserve system, advisory council on .-. 409 Eligible nonmember banks 29,171-173 Eligible paper held as security for Federal reserve notes 95, 96, 98-102 Employees: Federal reserve banks, number and salaries 235 Federal Reserve Board, salaries... 232 Examiners, national bank, salaries of 238 Excess reserves ("free gold'') of Federal reserve banks. (See Reserves.) Excessive borrowings by member banks 3 Advisory council on 411 Exchange, foreign. (See Foreign exchange.) Executor, administrator, etc. (See Fiduciary powers.T Expenses: Federal reserve banks 18-25,151-155 (See also Index to Part II.) Federal Reserve Board 39,156-159 Fiscal agency department of Federal reserve banks 155 Exports and imports: Acceptances based on, purchased and held by Federal reserve banks 79, 80, 88, 89, 133-134 Gold. 13,177-179 Expressage, cost of, Federal reserve banks 152 Federal advisory council: Meetings of 38 Members of 241 Recommendations of 407-413 Federal reserve act, amendments to 36, 248 Recommendations of advisory council 413 Federal reserve agents: Conferences of 39 Federal reserve note accounts of 95, 96 Gold fund, summary of transactions during 1922 144 Gold held by 62-66, 98-102 List of 241 Salaries of 235 Federal reserve bank notes: Circulation of all Federal reserve banks combined 58-61. 66-68 Issued by Comptroller of the Currency 112 Outstanding 113 Pittmaii Act certificates, cancellation of 4,19 Redeemed by Comptroller of the Currency 112 Redemption fund against 63., 66-68 Taxes paid on circulation 153 Federal reserve banks (see also Index to Part II): Acceptances purchased or discounted and held by. (See Acceptances.) Agricultural paper discounted and held by 79, 80,116-117 Bank premises. ." 26, 63-66,154 Branches of 25 Buildings.... , 26 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

426 INDEX TO PART I. Federal reserve banks—Continued. Branches of—Continued. Pag«. Directors and managers of 241-247 Operations, volume of 149,150 Building operations 26 Capital 25,63,66-68 Clearing operations 145,146 Commercial paper held by 79,80 Condition of all Federal reserve banks combined 52-70 Condition of each bank. (See Index to Part II.) Currency receipts and shipments 114,115 Deferred availability items (checks, drafts, transit items, etc.) 63,66-68 Deposits— Of all banks combined 58-61, 63, 66-68, 75 Of each Federal reserve bank. (See Index to Part II.) Reserves required against 71-73 Depreciation charges made by 22-24,153-154 Directors and officers." 241 Discount rates. (See Discount and open-market rates.) Discounts. (See Discount and open-market operations.) Dividends paid 24,154 Advisory council on 409 Earning assets. (See Earning assets.) Earnings, transfers to surplus fund 22, 24,154 Earnings and expenses. 18-25,151-155 Economy and efficiency 4,21 Employees, number and salaries 21, 235 Excess reserves ("free gold "). (See Reserves.) Excessive borrowings by member banks 3 Advisory council on 411 Expenses of 18-25,151-155 Expressage, cost of . 152 Federal reserve bank notes. (See Federal reserve bank notes.) Federal reserve notes. (See Federal reserve notes.) Fiscal agency operations 20,155,160 Advisory council on 408 Franchise tax paid by 22,24,154 Furniture and equipment, cost of 154 Gold held by 58-66 Gold redemption fund 62-66 Gold settlement fund 62-66,142-143 Government deposits held by 58-61,63,66-68 Governors of— Conferences 39 List of 241 Meetings of 39 Salaries of 235 Investments of. *(See Earning assets; Discount and open-market operations.) Live-stock paper discounted and held by 79,80,116,117 Member bank reserve deposits held by 58-61,63,66-68 Municipal warrants— Holdings of 92 Purchases of 116,117 Rates of earnings on 51 Officers and directors, list of 241 Officers, salaries of , - 235 Postage, cost of 152 Profit and loss account 153 Rent paid by 152 Reserve ratio. (See Reserve ratio.) Reserves. (See Reserves.) Resources and liabilities of all banks combined 52-70 Responsibility with respect to conduct of business of, advisory council on.. 408 .Salaries....... ... 21,151,235 Self-insurance - 154 Surplus account 22,24,63,66-68,154 Telephone and telegraph expenses 152 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO PART I. 427 Federal reserve banks—Continued. Uncollected items (checks, drafts, transit items, etc.) 63-66 Unitecl States securities purchased and held by. (See United States securities.) Federal Reserve Board: 4-S a bureau of the Treasury Department, advisory council on 413 Assessment for expenses of 39,151,156 Committee on efficiency and economy 21 Conferences with— Federal advisory council 39 Federal reserve agents 39 Governors of Federal reserve banks 39 Directory 240 Division of analysis and research— Stewart, W. W., appointed director 39 Transfer of, to Washington 39 Willis, H. Parker, resignation as director 39 Division of issue and redemption— Buell, W. E., resignation as chief , .. 39 Copeland, L. G., appointed chief 39 Employees, number and salaries 232 Expenses of 39,157,158 Harding, W. P. G., retirement of, as member 39 Logan, Walter S., counsel, resignation of 39 Membership increased by amendment to act 39,248 Members of. 240 Officers of, number and salaries 232 Organization 39 Receipts and disbursements 156-159 Regulations 249-254 Rulings on eligible paper of cooperative marketing associations 255-258 Salaries of officers and employees 232 Wyatt, Walter, appointed counsel 39 Federal Reserve Bulletin, subscriptions to. . 156 Federal reserve currency: Cost of 153 Taxes paid on Federal reserve bank-note circulation 153 Federal reserve districts: Area 414 Counties in divided States 414 Description , , 414-419 Map showing outline 420 Population 414 federal reserve notes: Circulation— All Federal reserve banks combined 12, 58-61,63, 66-68,75 Each Federal reserve bank 98 (See also Index to Part II.) Collateral security held against 95,96,98-102 Cost of preparing 156,157 Eligible paper held as collateral against....... 95,96,98-102 Excess collateral pledged against '. 100-102 Gold and gold certificates held as collateral against 95,96,98-100 Held by Federal reserve agents 95,96,105 Held by Federal reserve banks 97,98 Interdistrict movement of 110, 111 Issued by Federal reserve agents to Federal reserve banks 103,104,108,109 On hand in Washington on December 30,1922 106 Outstanding 95-97,100-105,110 Received by FederaJ reserve banks from Comptroller of the Currency. 95,96,107 Received from and returned to other Federal reserve banks 110, 111 Reserves required against 71-73 Retired (returned by Federal reserve banks to Federal reserve agents)... 103, 104,109 • Returned to and received from other Federal reserve banks 110, 111 Returned by Federal reserve agents to Comptroller of the Currency for destruction 108 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

428 INDEX TO PART I. Fiduciary powers: Page. Court decisions 33-35,274-280 Aquidneck National Bank of Newport, R.I 33, 274 Corn Exchange National Bank of Philadelphia, Pa 34, 277 r Permits issued to national banks 35, 214-228 Fiscal agency operations of Federal reserve banks 20,155,160 Advisory council on . 408 Foreign banks, acceptances of, held by Federal reserve banks 86-87 Foreign exchange 13,180-187 Index . 180 Chart 180 Rates 13,181-187 Franchise tax paid by Federal reserve banks to Government 22, 24,154 (See also Index to Part II.) Furniture and equipment purchased by Federal reserve banks 154 (See also Index to Part II.) Gold: Certificates, paying out of, without reservation, advisory council on 407 Federal reserve agents' gold fund 95-96,100-102,144 Held as security for Federal reserve notes 62-66,95-96, 98-102 Held by Federal reserve agents 62-66,98-102 Held by Federal reserve banks 58-66 Imports and exports 13,177-179 Chart showing 178 Mobilization of, in Federal reserve banks, advisory council on 407 Reserves. (See Reserves.) Shipments, cost of 156,157 Gold redemption fund: Federal reserve agents. 95,96,100-102 Federal reserve banks 62-66 Gold settlement fund: Balance of all Federal reserve banks combined 62-66 Cost of operation 28 Daily clearings 28 Summary of transactions 28,142,143 Government bonds. (See United States securities.) Government deposits held by Federal reserve banks 58-61, 63, 66-68 Government, Federal reserve banks as fiscal agents of 20,155,160 Federal advisory council on 408 Government obligations: As investments of Federal reserve banks, advisory council on 409, 413 Decline in price of, advisory council on. . 412 Governors of Federal reserve banks: Conferences of 39 List of 241 Meetings of 39 Salaries of 235 v Growers' drafts accepted by cooperative marketing associations: As agricultural paper. 255 Not a trade acceptance 256 Harding, W. P. G., retirement of, as member of Federal Reserve Board 39 Imports and exports: Acceptances based on, purchased or discounted and held by Federal reserve banks 79,80,88-89,133,134 Gold 13,177-179 Chart showing 178 Index numbers, foreign exchange 180 Inflation, advisory council on 412 Insurance, self, of Federal reserve banks 154 Interdistrict movement of Federal reserve notes # 110, 111 Interest rates: (See discount and open-market rates.) Investments of Federal reserve banks: Federal advisory council on 409, 413 (See Earning assets; Discount and open-market operations.) Joint Commission of Agricultural Inquiry on branch banking. 5 Kern amendment to Clayton Act: Amendment to», proposed 35 "Substantial competition," interpretation of words, advisory council on.. 412 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO PART I. 429 Pagt. Land area of Federal reserve districts 414 Leased-wire system, cost of 156,157 Legal-tender notes, silver, etc., held by Federal reserve banks 62-66 Live-stock paper discounted and held by Federal reserve banks 79, 80,116,117 Loans, investments, deposits, etc., of member banks 7-11,161-170 Managers of branches of Federal reserve banks 241-247 Map outlining Federal reserve districts 420 Marketing associations, cooperative 1 4 Eligible paper of, summary of rulings on : 255-258 Maturities: Acceptances purchased and held by Federal reserve banks 90, 91,137-139 Bills discounted by Federal reserve banks 81, 82,126-128 Member banks: Acceptances of, held by Federal reserve banks 86, 87 Accommodation at Federal reserve banks of reporting member banks. 7, 8,169,170 (See also Index to Part II.) Borrowings in relation to basic discount lines 3 Capital 29,161-166 Collateral or promissory notes of, discounted and held by Federal reserve banks 79, 80,116,117 Condition reports, abstract of 161-i 66 Dividends paid to, by Federal reserve banks 154 Eligible State banks 29,171-173 Excessive borrowings 3 Advisory council on 411 Loans, investments, deposits, etc 7-11,161-170 Number of 147-148,161-166 National banks— Loans and discounts 9,167-168 Paper discounted for 124 Number accommodated through discount of paper 120-123 Number in each district 147-148 Number in each State 121-123 Reporting banks in leading cities, assets and liabilities of 169,170 (See also Index to Part II.) ' Reserve deposits of. 58-61, 63, 66-68 (See also Index to Part II.) Resources and liabilities 161-166 State bank membership 29,188-213 State banks and trust companies- Abstract of condition reports 161 Bills discounted for 124 Capital 29,161,188 Eligible State banks not members. 29,171-173 Membership in system 29,188-213 Number, capital, and surplus, and total resources 29,161,188 Surplus of 161-166 United States securities owned by 161-170 (See also National banks; State banks.) Money, seasonal demand for, advisory council on 412 Municipal warrants: Purchased and held by Federal reserve banks 52-56, 64-66, 92,116-117 Rates of earnings on 51 National bank notes: Acceptance of, by Federal reserve banks for deposit, advisory council on.. 409 Retiring of circulation of, advisory council on 408 National banks: Acceptances of, held by Federal reserve banks 86, 87 Bills discounted for. ..' 124 Charters, extension of, advisory council on 409 Examiners, number and salaries 238 Fiduciary powers granted to 35, 214-228 Loans, investments, deposits, etc 167-168 Nonmember banks: Acceptances of, held by Federal reserve banks 80, 87 Eligible for membership 29,171-173 Number on par list. 147,148 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

430 INDEX TO PART I. Page. North Carolina par clearance case 31, 261 Notes. (See Federal reserve notes; Federal reserve banknotes; National bank notes.) Officers and directors of Federal reserve banks 241 Officers and employees: Federal reserve banks, number and salaries 235 Federal Reserve Board, salaries 232 One hundred per cent of capital and surplus, list of banks granted authority to accept up to 229-231 Open-market operations of Federal reserve banks. (See Discount and openmarket operations.) Open-market rates. (See Discount and open-market rates.) Opinion of courts: Fiduciary powers granted to national banks— Aquidneck National Bank of Newport, R. 1 33, 274 Corn Exchange National Bank of Philadelphia, Pa 34, 277 Par clearance cases- Atlanta case 30,258 Cleveland case 31, 265 Richmond case 31, 261 San Francisco case 32, 271 Par collections. (See Check clearings and collection.) Par list, number of member and nonmember banks on 147,143 Percentage of reserves to deposit and note liabilities of Federal reserve banks. (See Reserve ratio.) Pittman Act certificates: Held by Federal reserve banks 62-66 Redemption of 4,19 Population of Federal reserve districts 414 Postage, cost of, Federal reserve banks 152 Private banks, acceptances of, held by Federal reserve banks 86,87 Profit and loss account of Federal reserve banks. . . 153 (See also Index to Part II.) Purchased paper. (See Acceptances.) Rates: Changes in, advisory council on 411, 412, 413 Discount. (See Discount and open-market rates.) Foreign exchange 13,181-187 Ratio of cash reserves to deposit and note liabilities of Federal reserve banks. (See Reserve ratio.) Receipts and disbursements of the Federal Reserve Board 156-159 Recommendations of the Federal advisory council 407-413 Redemption fund against Federal reserve bank notes, changes in 63, 66-68 Rediscount of demand draft with bill of lading attached, advisory council on.. 411 Regulations of the Federal Reserve Board: A—Rediscounts under section 13 37, 249 B—Open-market purchases under section 14 38, 253 D—Time deposits and savings accounts, advisory council on amendment of. 409 Rent paid by Federal reserve banks 152 (See also Index to Part II.) Reporting member banks in leading cities, assets and liabilities of 169,170 (See also Index to Part II.) Reserve balances of member banks: Held by all Federal reserve banks combined 58-61, 64-66 Held by each Federal reserve bank. (See Index to Part II.) Reserve ratio: All Federal reserve banks combined 11, 58-61, 71-73, 75 Each Federal reserve bank. (See Index to Part II.) Reserve regulation, modification of, tending to lower reserves of members with Federal reserve banks, advisory council on 409 Reserves of Federal reserve banks: Cash- All banks combined 11, 58-61, 64-66, 75 Each Federal reserve bank. (See Index to Part II.) Excess reserves (" free gold ") 58-61, 71-73 Other than gold 62-66 Reduction of, by payment of gold, advisory council on 407 Digitized for FRARSeEquRi red against notes and deposits 58-61, 71-73 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO PART I. 431 Resources and liabilities: . Page. All banks in the United States 174 Federal reserve banks 52-70 Member banks 161-166 Reporting member banks 169-170 (See also Index to Part II.) Richmond par clearance case 31, 261 Rulings on eligible paper of cooperative marketing associations 255-258 Salaries: Federal reserve banks 21,151, 235 Federal Reserve Board 39, 232 National bank examiners ' 238 San Francisco par clearance case 32, 271 Staff. (See Employees.) State banks and trust companies: Acceptances of, held by Federal reserve banks 86, 87 Admitted to system ; 29,188-213 Branches ". 5 Eligible State banks not members. 29,161,171-173 State bank and trust company members: Abstract of condition reports 161-166 Bills discounted for 124 Capital, surplus, and total resources 29,161,188 Number of 29,161 Resources and liabilities 161 Stewart, W. W., appointed director of division of analysis and research 39 Subscriptions to Federal Reserve Bulletin 156 Subtreasuries, Federal reserve banks acting in place of, advisory council on.. 408 Surplus account: Federal reserve banks 22 24, 63, 66-68,154,155 ? Member banks 161-166 Tax, franchise, paid to Government by Federal reserve banks 22, 24,154 Telegraph, leased-wire system, cost of. 156,157 Telephone and telegraph expense of Federal reserve banks 152 Trade acceptances: Purchase of, by Federal reserve banks, advisory council on 409 (See Acceptances.) Treasury certificates of indebtedness. (See United States securities.) Trust companies. (See State banks and trust companies.) Trust powers. (See Fiduciary powers.) Treasury Department, operations of, affected by purchase of Government obligations by Federal" reserve banks, advisory council on 410 Uncollected items (checks, drafts, transit items, etc.) of Federal reserve banks. 63-66 United States bonds. (See United States securities.) United States certificates of indebtedness. (See United States securities.^ United States Government, franchise tax paid to, by Federal reserve banks.. 22, 24,154,155 United States securities: Allotments of 160 Bills discounted, secured by— Held by Federal reserve banks 52-56, 64-66, 79 Volume discounted by Federal reserve banks 129 Depreciation on, charges made by Federal reserve banks on account of.. 153,154 Discount rates on paper secured by 42 Held by Federal reserve banks 52-56, 64-66, 93 Owned by member banks 161-170 Rates of earnings on purchases by Federal reserve banks 50 Volume purchased by Federal reserve banks 140-141 (See also Index to Part II.) United States Treasurer, items drawn on, and handled by, Federal reserve banks. 145 (See also Index to Part II.) Victory notes. (See United States securities.) Warehouse receipts covering agricultural paper as security 258 Warrants, municipal: Purchased and held by Federal reserve banks 52-56, 64-66,92,116-117 Rates of earnings on 51 Willis, H. Parker, resignation as director of division of analysis and research.. 39 Wyatt, Walter, appointed counsel of Federal Reserve Board 39 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO PART II. DATA FOR EACH FEDERAL RESERVE DISTRICT. District No. 1—Boston: Page. Assets and liabilities of Federal reserve bank—holdings of bills discounted, acceptances, United States securities and total earning assets; also cash reserves, members' reserve deposits, total deposits, Federal reserve note circulation, and reserve percentages; by weeks during 1922 284 Chart showing 285 Assets and liabilities of reporting member banks—loans and discounts, investments, deposits, and accommodation at Federal reserve bank; by months during 1921 and 1922 290 Condition of Federal reserve bank—comparative statement of, December 31, 1920-1922 283 Debits to individual accounts (bank debits)—figures for each reporting center and summary for the district; by months, 1920-1922 290-292 Discount and open-market operations of Federal reserve bank—volume of bills discounted and of acceptances and United States securities purchased 28ft Discounts—volume of bills discounted by Federal reserve bank for member banks in each State, and number of banks accommodated 287 Earnings, expenses, and profit and loss account of Federal reserve bank, 1920-1922 288 Federal reserve clearing system—operations of Federal reserve bank in. . . 28S Gold settlement fund—clearings and transfers of Federal reserve bank, by weeks during 1922 28<> District No. 2—New York: Assets and liabilities of Federal reserve bank—holdings of bills discounted, acceptances, United States securities and total earning assets; also cash reserves, members' reserve deposits, total deposits, Federal reserve note circulation, and reserve percentages; by weeks during 1922 294 Chart showing 295 Assets and liabilities of reporting member banks—loans and discounts, investments, deposits, and accommodation at Federal reserve bank; by months during 1921 and 1922 300 Condition of Federal reserve bank—comparative statement of, December 31, 1920-1922.. • 295 Debits to individual accounts (bank debits)—figures for each reporting center and summary for the district; by months, 1920-1922 301 Discount and open-market operations of Federal reserve bank—volume of bills discounted and of acceptances and United States securities purchased 29$ Discounts—volume of bills discounted by Federal reserve bank for member banks in each State, and number of banks accommodated.. . . 297 Earnings, expenses, and profit and loss account of Federal reserve bank, 1920-1922 297-298 Federal reserve clearing system—operations of Federal reserve bank in... 298 Gold settlement fund—clearings and transfers of Federal reserve bank, by weeks during 1922 299 District No. 3—Philadelphia; Assets and liabilities-of Federal reserve bank—holdings of bills discounted, acceptances, United States securities and total earning assets; also cash reserves, members' reserve deposits, total deposits, Federal reserve note circulation, and reserve percentages; by weeks during 1922 30.5 Chart showing •. 304 Assets and liabilities of reporting member banks—loans and discounts, investments, deposits, and accommodiaton at Federal reserve bank; by months during 1921 and 1922 309 432 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO PART II. 433 • District No. 3—Philadelphia—Continued. Page. Condition of Federal reserve bank—comparative statement of, December 31, 1920-1922 302 Debits to individual accounts (bank debits)—figuies for each reporting center and summary for the district; by months, 1920-1922 309-311 Discount and open-market operations of Federal reserve bank—volume of bills discounted and of acceptances and United States securities purchased 305 Discounts—volume of bills discounted by Federal reserve bank for member banks in each State, and number of banks accommodated 306 Earnings, expenses, and profit and loss account of Federal reserve bank, 1920-1922 306-307 Federal reserve clearing system—operations of Federal reserve bank in... 307 Gold settlement fund—clearings and transfers of Federal reserve bank, by weeks during 1922 308 District No. 4—Cleveland: Assets and liabilities of Federal reserve bank—holdings of bills discounted, acceptances, United States securities, and total earnings assets; also cash reserves, members' reserve deposits, total deposits, Federal reserve note circulation, and reserve percentages; by weeks during 1922 . 313 Chart showing 314 Assets and liabilities of reporting member banks—loans and discounts, investments, deposits, and accommodation at Federal reserve bank; by months during 1921 and 1922 319 Condition of Federal reserve bank—comparative statement of, December 31, 1920-1922 312 Debits to individual accounts (bank debits)—figures for each reporting center and summary for the district; by months. 1920-1922 319-321 Discount and open-market operations of Federal reserve bank—volume of bills discounted and of acceptances and United States securities purchased 315 Discounts—volume of bills discounted by Federal reserve bank for member banks in each State, and number of banks accommodated 316 Earnings, expenses, and profit and loss account of Federal reserve bank, 1920-1922 316-317 Federal reserve clearing system—operations of Federal reserve bank in 317 Gold settlement fund—clearings and transfers of Federal reserve bank, by weeks during 1922 *. 318 District No. 5—Richmond: Assets and liabilities of Federal reserve bank—holdiugs of bills discounted, acceptances, United States securities and total earning assets; also cash reserves, members' reserve deposits, total deposits, Federal reserve note circulation, and reserve percentages; by weeks during 1922 323 Chart showing * 324 Assets and liabilities of reporting member banks—loans and discounts, investments, deposits, and accommodation at Federal reserve bank; by months during 1921 and 1922 329 Condition of Federal reserve bank-—comparative statement of, December 31, 1920-1922 322 Debits to individual accounts (bank debits)—figures for each reporting center and summary for the district; by months, 1920-1922 329-331 Discount and open-market operations of Federal reserve bank—volume of bills discounted and of acceptances and United States securities purchased 325 Discounts—volume of bills discounted by Federal reserve bank for member banks in each State, and number of banks accommodated 326 Earnings, expenses, and profit and loss account of Federal reserve bank, 1920-1922 326-327 Federal reserve clearing system—operations of Federal reserve hank in... 327 Gold settlement fund—clearings and transfers of Federal reserve bank, by weeks during 1922 328 District No. 6—Atlanta: Assets and liabilities of Federal reserve bank—holdings of bills discounted, acceptances, United States securities, and total earning assets; also cash reserves, members' reserve deposits, total deposits, Federal reserve note circulation, and reserve percentages: by weeks during 1922 333 Chart showing 334 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

434 INDEX TO PART II. • District No. 6—Atlanta—Continued. Page. Assets and liabilities of reporting member banks—loans and discounts, investments, deposits, and accommodation at Federal reserve bank; by months during 1921 and 1922 \ 339 Condition of Federal reserve bank—comparative statement of, December 31, 1920-1922 332 Debits to individual accounts- (bank debits)—figures for each reporting center and summary for the district; by months, 1920-1922 339-341 Discount and open-market operations of Federal reserve bank—volume of bills discounted and of acceptances and United States securities purchased 335 Discounts—volume of bills discounted by Federal reserve bank for member banks in each State, and number of banks accommodated 336 Earnings, expenses, and profit and loss account of Federal reserve bank, 1920-1922 • 336-337 Federal reserve clearing system—operations of Federal reserve bank in 337 Gold settlement fund—clearings and transfers of Federal reserve bank, by weeks during 1922 338 District No. 7—Chicago: Assets and liabilities of Federal reserve bank—holdings of bills discounted, acceptances, United States securities and total earning assets; also cash reserves, members' reserve deposits, total deposits, Federal reserve note circulation, and reserve percentages; by weeks during 1922 343 Chart showing 344 Assets and liabilities of reporting member banks—loans and discounts, investments, deposits, and accommodation at Federal reserve bank; by months during 1921 and 1922 '.. /. 349 Condition of Federal reserve bank—comparative statement of, December 33, 1920-1922. 342 Debits to individual accounts (bank debits)—-figures for each reporting center and summary for the district; by months, 1920-1922 350-353 Discount and open-market operations of Federal reserve bank—volume of bills discounted and of acceptances and United States securities purchased 345 Discounts—volume of bills discounted by Federal reserve bank for member banks in each State, and number of banks accommodated 346 Earnings, expenses, and profit and loss account of Federal reserve bank, 1920-1922 346-347 Federal reserve clearing system—operations of Federal reserve bank in.. 347 Gold settlement fund—clearings and transfers of I^ederal reserve bank, by weeks during 1922 348 District No. 8—St. Louis: Assets and liabilities of Federal reserve bank—holdings of bills discounted, acceptances, United States securities, and total earning assets; also cash reserves, members' reserve deposits, total deposits, Federal reserve note circulation, and reserve percentages; by weeks during 1922 355 Chart showing 356 Assets and liabilities of reporting member banks—-loans and discounts, investments, deposits, and accommodation at Federal reserve bank; by months during 1921 and 1922 361 Condition of Federal reserve bank—comparative statement of, December 31,1920-1922 354 Debits to individual accounts (bank debits)—figures for each reporting center and summary for the district; by months, 1920-1922 361-362 Discount and open-market operations of Federal reserve bank—volume of bills discounted and of acceptances and United States securities purchased 357 Discounts—volume of bills discounted by Federal reserve bank for member banks in each State, and number of banks accommodated 358 Earnings, expenses, and profit and loss account of Federal reserve bank, 1920-1922 358-359 Federal reserve clearing system—operations of Federal reserve bank in.. 359 Gold settlement fund—clearings and transfers of Federal reserve bank, by weeks during 1922 360 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO PABT II. 435 District No. 9—-Minneapolis: Page. Assets and liabilities of Federal reserve bank—-holdings of bills discounted, acceptances, United States securities and total earning assets; also cash reserves, members' reserve deposits, total deposits, Federal reserve note circulation, and reserve percentages: by weeks during 1922 364 Chart showing : 365 Assets and liabilities of reporting member banks—loans and discounts, investments, deposits, and accommodation at Federal reserve bank; by months during 1921 and 1922 370 Condition of Federal reserve bank—-comparative statement of, December 31, 1920-1922 363 Debits to individual accounts (bank debits)—-figures for each reporting center and summary for the district; by months, 1920-1922 370-372 Discount and open-market operations of Federal reserve bank—volume of bills discounted and of acceptances and United States securities purchased 366 Discounts—-volume of bills discounted by Federal reserve bank for member banks in each State, and number of banks accommodated 367 Earnings, expenses, and profit and loss account of Federal reserve bank, 1920-1922 367-368 Federal reserve clearing system—operations of Federal reserve bank in.. 368 Gold settlement fund—clearings and transfers of Federal reserve bank; by weeks during 1922 ". 369 District No. 10—-Kansas City: Assets and liabilities of Federal reserve bank—holdings of bills discounted, acceptances, United States securities and total earning assets; also cash reserves, members' reserve deposits, total deposits, Federal reserve note circulation, and reserve percentages; by weeks during 1922 374 Chart showing 375 Assets and liabilities of reporting member banks—-loans and discounts, investments, deposits, and accommodation at Federal reserve bank; by months during 1921 and 1922 380 Condition of Federal reserve bank—comparative statement of, December 31, 1920-1922 373 Debits to individual accounts (bank debits)—figures for each reporting center and summary for the district, by months, 1920-1922 381-383 Discount and open-market operations of Federal reserve bank—-volume of bills discounted and of acceptances and United States securities purchased 376 Discounts—volume of bills discounted by Federal reserve bank for member banks in each State, and number of banks accommodated 377 Earnings, expenses, and profit and loss account of Federal reserve bank, 1920-1922 377-378 Federal reserve clearing system—operations of Federal reserve bank in.. 379 Gold settlement fund—clearings and transfers of Federal reserve bank, by weeks during 1922 ."" 379-380 District No. 11—Dallas: Assets and liabilities of Federal reserve "bank—holdings of bills discounted, acceptances, United States securities, and total earning assets; also cash reserves, members' reserve deposits, total deposits, Federal reserve note circulation, and reserve percentages; by weeks during 1922 385 Chart showing 386 Assets and liabilities of reporting member banks—loans and discounts, investments, deposits, and accommodation at Federal reserve bank; by months during 1921 and 1922 391 Condition of Federal reserve bank—comparative statement of, December 31, 1920-1922 " 384 % Debits to individual accounts (bank debits)—figures for each reporting center and summary for the district; by months, 1920-1922 391-393 Discount and open-market operations of Federal reserve bank—volume of bills discounted and of acceptances and United States securities purchased 387 Discounts—volume of bills discounted by Federal reserve bank for member banks in each State, and number of banks accommodated 388 Earnings, expenses, and profit and loss account of Federal reserve bank, 1920-1922 388-389 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

436 INDEX TO PART II. District No. 11—Dallas—Continued. Page. Federal reserve clearing system—operations of Federal reserve bank in... 389 Gold settlement fund—clearings and transfers of Federal reserve bank, by weeks during 1922 '. 390 District No. 12—San Francisco: Assets and liabilities of Federal reserve bank—holdings of bills discounted, acceptances, United States securities, and total earning assets; also cash reserves, members' reserve deposits, total deposits, Federal reserve note circulation, and reserve percentages; by weeks during 1922 395 Chart showing \ 396 Assets and liabilities of reporting member banks—loans and discounts, investments, deposits, and accommodation at Federal reserve bank; by months during 1921 and 1922 401 Condition of Federal reserve bank—comparative statement of, December 31, 1920-1922 394 Debits to individual accounts (bank debits)—figures for each reporting center and summary for the district; by months, 1920-1922 401-404 Discount and open-market operations of Federal reserve bank'—volume of bills discounted and of acceptances and United States securities purchased 397 Discounts—volume of bills discounted by Federal reserve bank for member banks in each State, and number of banks accommodated 398 Earnings, expenses, and profit and loss account of Federal reserve bank, 1920-1922 398-399 Federal reserve clearing system—operations of Federal reserve bank in ... 399 Gold settlement fund—clearings and transfers of Federal reserve bank, by weeks during 1922 \ 400 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis