Annual Report of the Federal Reserve Board, 1923

TENTH ANNUAL REPORT OP THE FEDERAL RESERVE BOARD COVERING OPERATIONS FOR THE YEAR 1923 WASHINGTON GOVERNMENT PRINTING OFFICE 1924 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 1-319 PART II. Statistical tables, arranged by Federal reserve districts 321-455 PART III. Recommendations of the Federal Advisory Council to the Federal Reserve Board for year 1923 457-467 Description of Federal reserve districts 468-473 PART I. TEXT OF REPORT: Banking and business in 1923 1 Federal reserve discount policy 3 Open-market policy and operations 11 Gold and credit 16 Currency and credit , 23 Guides to credit policy , 29 Operations of the Federal reserve system— Condition of Federal reserve banks 39 Earnings, expenses, and volume of operations of Federal reserve banks 40 Building operations of Federal reserve banks , 44 Branches and agencies of Federal reserve banks and their operations 44 Changes in membership of Federal reserve system 47 Branch banking 48 Check clearing and collection 48 Rediscounts for nonmember banks 50 Administration of Clayton Act 51 Trust powers of national banks 54 Amendments to Federal reserve act 56 Amendments to regulations of the Federal Reserve Board 59 Meetings of Federal Advisory Council 61 Conferences held by the Federal Reserve Board 62 Board's organization, staff, and expenditures 62 DISCOUNT AND OPEN-MARKET RATES: No. 1. Changes during 1922 and 1923 in Federal reserve bank discount rates 64 No. 2. Average rates charged by Federal reserve banks on bills discounted 65 No. 3. Annual rates of earnings on discounted bills held by the Federal reserve banks 66 No. 4. Changes during 1923 in minimum authorized rates of Federal reserve banks on bankers' and trade acceptances bought in open market 67, 68 No. 5. Average rates charged by Federal reserve banks on bankers' and trade acceptances bought in open market 69 No. 6. Annual rates of earnings on bankers' and trade acceptances bought in open market and from other Federal reserve banks 70 in 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, 1916-1923 71 No. 8. Annual rates of earnings on United States securities held by the Federal reserve banks 72 No. 9. Annual rates of earnings on total earning assets and on municipal warrants held by the Federal reserve banks 73 CONDITION OF FEDERAL RESERVE BANKS: No. 10. Earning assets of all Federal reserve banks combined, 1914- 1923 74-78 No. 11. Reserves, deposits, and note circulation of all Federal reserve banks combined, 1914-1923 79-83 No. 12. Resources and liabilities of all Federal reserve banks combined on the last business day of each month, December, 1922-December, 1923 84 No. 13. Resources and liabilities of all Federal reserve banks combined, by weeks, during 1923 86-89 No. 14. Deposits, Federal reserve note circulation, required reserves, excess reserves, and reserve percentages of all Federal reserve banks combined, by weeks, during 1923 92 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 1920-1923 94 No. 16. Average daily holdings of all classes of earning assets of each Federal reserve bank, by months 95 Holdings of bills discounted— No. 17. Average daily holdings of each Federal reserve bank, by months 96 No. 18. Classification of paper held by each Federal reserve bank on December 31, 1923 97 No. 19. Classification of paper held by all Federal reserve banks combined at the end of each month 98 No. 20. Maturity distribution of paper held by each Federal reserve bank on December 26, 1923 99 No. 21. Maturity distribution of paper held by all Federal reserve banks combined on the last report date of each month. 100 No. 22. Classification of bills'secured by United States Government obligations held by each Federal reserve bank on December 26, 1923, and December 27, 1922 101 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 102 Bills bought in open market (bankers' and trade acceptances)— No. 24. Average daily holdings of each Federal reserve bank, by mon ths 103 No. 25. Held by each Federal reserve bank on December 31, 1923, by classes of accepting institutions 104 No. 26. Held by all Federal reserve banks combined at the end of each month during 1923, by classes of accepting institutions 105 No. 27. Held by each Federal reserve bank on December 31,1923, by classes 106 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. Y&ge. No. 28. Held by all Federal reserve banks combined at the end of each month during 1923, by classes 107 No. 29. Maturity distribution of bills held by each Federal reserve bank on December 26, 1923 108 No. 30. Maturity distribution of bills held by all Federal reserve banks combined at the end of each month 109 Municipal warrants— No. 31. Average daily holdings of each Federal reserve bank, by months 110 United States securities— No. 32. Average daily holdings of each Federal reserve bank, by months 111 No. 33. Par value of each class of United States securities held by each Federal reserve bank on December 31, 1923 _ 112 FEDERAL RESERVE NOTES: No. 34. Accounts of each Federal reserve agent on December 31, 1923, and December 30, 1922 113 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 115 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 118 No. 37. Issued and retired by each Federal reserve agent, by months, 121 No. 38. Outstanding, held by Federal reserve agent, and on hand in Washington on December 31, 1923—By banks and denominations , _ ^ 123 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 1923—By banks and denominations 125 No. 40. Issued and retired by all Federal reserve agents combined and amounts outstanding, 1914-1923, by denominations-_ 128 No. 41. Interdistrict movement during 1923 129 FEDERAL RESERVE BANK NOTES: No. 42. Issued and redeemed during 1915-1923 and outstanding on December 31, 1923, by banks and denominations 131 DISCOUNT AND OPEN-MARKET OPERATIONS: Total volume—All classes— No. 43. For each Federal reserve bank during 1923, distributed by classes 133 No. 44. For all Federal reserve banks combined, by months during 1923, with totals for 1914-1922, distributed by classes 134 No. 45. For each Federal reserve bank, by months during 1923, with totals for 1914-1922 135 Bills discounted— No. 46. Discounted by each Federal reserve bank, by months during 1923, with totals for 1914-1922 136 No. 47. Number of banks in each district accommodated through discount operations, by months during 1923, with totals for 1914-1922____ 137 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

VI TABLE OF CONTENTS. DISCOUNT AND OPEN-MARKET OPERATIONS—Continued. Bills discounted—Continued. p . age No. 48. Volume, by States, also number of member banks in each State and number accommodated through discount operations during 1923, 1922, 1921, and 1920 138 No. 49. Discounted by each Federal reserve bank for national banks and for State bank and trust company members during 1923, 1922, 1921, and 1920 140 No. 50. Discounted by each Federal reserve bank during 1923, by maturities and rates of discount charged 141 No. 51. Discounted by all Federal reserve banks combined during 1923, by months and by maturities and rates of discount charged 142 No. 52. Average maturity (in days) of bills discounted by each Federal reserve bank, by months during 1923, with average maturities for each bank and for each month of 1922 and 1921 143 No. 53. Bills secured by United States Government obligations, discounted by each Federal reserve bank, by months during 1923, with totals for 1917-1922 144 No. 54. Trade acceptances discounted by each Federal reserve bank, by months during 1923, with totals for 1914- 1922 ..." ,._ 145 No. 55. Bankers' acceptances discounted by each Federal reserve bank, by months during 1923, with totals for 1919- 1922____ 146 Bills bought in open market—Bankers' and trade acceptances— No. 56. Purchased by each Federal reserve bank, by months during 1923, with totals for 1914-1922. _____" 147 No. 57. Purchased in open market by each Federal reserve bank during 1923, distributed by classes 148 No. 58. Purchased in open market by all Federal reserve banks combined, by months during 1923, distributed by classes 149 No. 59. Purchased by each Federal reserve bank during 1923, by rates of discount charged 150 No. 60. Purchased by all Federal reserve banks combined, by months during 1923, by rates of discount charged 151 No. 61. Average maturity (in days) of bills purchased by each Federal reserve bank, by months during 1923, with average maturities for each bank and for each month during 1922 and 1921 152 No. 62. Purchased by each Federal reserve bank during 1923, by maturities, also average maturity for each bank 153 No. 63. Purchased by all Federal reserve banks combined, by months during 1922, by maturities, also average maturity for each month, and totals for 1914-1923 154 United States securities— No. 64. United States bonds and Victory notes purchased by each Federal reserve bank, by months during^ 1923, with totals for 1914-1922 155 No. 65. United States Treasury notes purchased by each Federal reserve bank, by months during 1923, with totals for 1916-1922 _* 156 No. 66. United States certificates of indebtedness purchased by each Federal reserve bank, by months during 1923, with totals for 1918-1922 157 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

TABLE OF CONTENTS. VII COLD SETTLEMENT FUND: Page. No. 67. Summary of transactions of each Federal reserve bank during 1923 158 No. 68. Clearings and transfers for all Federal reserve banks combined, by weeks, during 1923 159 FEDERAL RESERVE AGENTS' GOLD FUND: No. 69. Summary of transactions of each Federal reserve agent during 1923_ '_"'._• 160 CLEARING OPERATIONS: No. 70. Operations of each Federal reserve bank in the Federal reserve clearing system during 1922, with totals for 1919-1922 161 No. 71. Number of member banks and of nonmember banks on par list in each Federal reserve district at the end of each month during 1923 163 OPERATIONS OF BRANCHES: No. 72. Operations of each Federal reserve branch bank during 1923 _ _ 165 EARNINGS AND EXPENSES: No. 73. Earnings and expenses of each Federal reserve bank during 1923 167 No. 74. Profit and loss account of each Federal reserve bank during 1923 1 169 No. 75. Reimbursable expenditures of fiscal agency department of each Federal reserve bank during 1923 170 No. 76. Gross and net earnings of Federal reserve banks, also disposition made of net earnings, 1914-1923 171 RECEIPTS AND DISBURSEMENTS OF FEDERAL RESERVE BOARD: No. 77. Receipts and disbursements of the Federal reserve board for 1923 177 ALLOTMENTS OF UNITED STATES SECURITIES: No. 78. Allotments of each series of United States notes and certificates of indebtedness issued during 1923, by Federal reserve districts 181 ASSETS AND LIABILITIES OF MEMBER AND NONMEMBER BANKS: No. 79. Abstract of condition reports of all member banks combined- _ 182 No. 80. Abstract of condition reports of all State bank and trust company members combined ^ 183 No. 81. Abstract of condition reports of all member banks in New York City 184 No. 82. Abstract of condition reports of all member banks in the city of Chicago . 185 No. 83. Abstract of condition reports of all member banks in reserve cities 186 No. 84. Abstract of condition reports of all member banks outside of central reserve and reserve cities (so-called country banks) _ 187 No, 85. Loans, investments, deposits, and borrowings of national banks on call dates, 1914-1923 188 No. 86. Loans, investments, capital, surplus, deposits, and borrowings of all member banks on call dates, 1914-1923 190 No. 87. Principal resources and liabilities of about 764 reporting member banks in leading cities, by weeks, during 1923 192 No. 88. Assets and liabilities of all banks in the United States and island possessions 194 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

VIII TABLE OF CONTENTS. DEBITS TO INDIVIDUAL ACCOUNTS: Page.. No. 89. Debits to individual accounts as reported by banks in 141 principal cities—Summary by months and districts, 1921- 1923 195 GOLD IMPORTS AND EXPORTS: No. 90. Gold movement into and out of the United States, June 1, 1919-December 31, 1923, by principal countries 19T No. 91. Total imports of gold into and exports of gold out of the United States, by countries, 1922 and 1923 197 COST OF BANK PREMISES: No. 92-93. Cost of bank premises of Federal reserve banks and branches 198, 199 State banks and trust companies admitted to membership 200 Fiduciary powers granted to national banks 226 Banks granted authority to accept drafts and bills of exchange up to 100 per cent of capital and surplus 243. Personnel and salaries: Salaries of officers and employees of Federal Reserve Board 246 Salaries of officers and employees of Federal reserve banks 249 Salaries of national-bank examiners 253 Directory : Federal Reserve Board 255 Federal Advisory Council 255 Officers and directors of Federal reserve banks and branches. 256 Amendments to Federal reserve act 263 Regulations of Federal Reserve Board 265 Resolution of the Federal Reserve Board on establishment of Cuban agencies 295 Court opinions in par clearance cases: Atlanta case ---- 296 North Carolina case 298 Court opinions on exercise of fiduciary powers: Supreme Court of Pennsylvania 304 Supreme Court of Missouri 307 Supreme Court of the United States 314 Federal Reserve Board indexes: Production, employment, and trade, 1919-1923 318 Wholesale prices and foreign exchange, 1919-1923 319> CHARTS. Movement of earning assets of Federal reserve banks, by classes, 1922 and 1923 i 14 Gold movements into and out of the United States and growth of reserves of Federal reserve banks, 1919-1923 17 Movement of Federal reserve notes and earning assets of Federal reserve banks, 1917-1923- 24 Movement of loans and of demand deposits of member banks in leading cities, 1922 and 1923 26- Movement of Federal reserve notes and of deposits of Federal reserve banks, 1917-1923 28 United States securities, purchased bills, discounted bills, and total earning assets for all Federal reserve banks 90 Reserve ratio, deposits, Federal reserve note circulation, and total reserves for all Federal reserve banks 91 Federal reserve note circulation and holdings of bills discounted, bills purchased, and United States securities 324, 335, 346, 357, 368, 379, 391, 404, 414, 424, 436, 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 322 District No. 2—New York 333 District No. 3—Philadelphia J 344 District No. 4—Cleveland 355 District No. 5—Richmond 366 District No. 6—Atlanta 377 District No. 7—Chicago 389 District No. 8—St. Louis 402 District No. 9—Minneapolis 412 District No. 10—Kansas City 422 District No. 11—Dallas 434 District No. 12—San Francisco . 444 PART III. Recommendations of the Federal Advisory Council, 1923 459 Description of Federal reserve districts . 468 Map of Federal reserve districts . _ 474 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

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

THE FEDERAL RESERVE BOARD. DECEMBER 31, 1923. A. W. MELLON, ex officio, D. R. CRISSINGER, Governor. Secretary of the Treasury, Chairman. EDMUND PLATT, Vice Governor. ADOLPH C. MILLER. HENRY M. DAWES, ex officio, CHARLES S. HAMLIN. Comptroller of the Currency. GEORGE R. JAMES. EDWARD H. CUNNINGHAM. XII Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. WASHINGTON, February 15, 1924. SIR: The year covered in this, the tenth annual report of the Federal Reserve Board is of more than ordinary interest, since it has afforded an opportunity for the Federal reserve system to function under circumstances less influenced by conditions arising out of the war than any previous year. In the absence of those major disturbances which so profoundly affected business and credit conditions during the war and early post-war readjustment, Federal reserve credit policies, in response to prevailing economic conditions and on the basis of earlier experience, have undergone a fuller development. The volume, character, and occasion of rediscount operations and open-market transactions of the Federal reserve banks, the extent and influence of gold movements upon the credit and currency situation, rate policy, and the basic factors underlying general credit policy—these and other related matters that will be of continuing importance in the future have held an important place in the year 1923 in the functioning of the Federal reserve banks and in the deliberations and decisions of its governing authorities. The text of the report as herewith presented is devoted to a discussion of some of the broader aspects of the workings of the Federal reserve system and the fundamentals of its operation and administration as they may be viewed in the perspective of almost a decade of experience. These are believed to be matters of such widespread public interest as to make a fuller discussion of them than has been attempted in any previous report of the Board a useful undertaking at this time. In consequence many administrative matters which have had the attention of the Board during the year 1923 are given a subordinate place in the present report. BANKING AND BUSINESS IN 1923. Taking the year as a whole and regarding it in the perspective of the after-war readjustment period, there is abundant evidence that, so far as the United States is concerned, economic readjustment has been proceeding at a rapid rate and is now nearing completion. The economic balance as between various industries and sections of the country is not yet fully restored, but during the past two years l Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

2 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. there has been rapid progress in the direction of a more stable equilibrium and of a better alignment of prices between different commodity groups. In agriculture there has been a general improvement, though in the wheat-growing and livestock industries the recovery has been slow and incomplete. The year 1923 was characterized by a large industrial output, practically full employment, a sustained consumers' demand for goods, and a level of prices more stable than in any year since 1915. In the banking history of the year the outstanding events are the large increase in the volume of credit and currency provided to meet the demands of the country's business, the considerable inflow of gold, and the continued use of a volume of reserve bank credit of over a billion dollars that changed little between the opening and the close of the year. In the support of the increased volume of production and trade the member banks of the Federal reserve system between the spring of 1922, when the recovery of industry made itself felt in a larger demand for credit, and the end of 1923 extended an additional volume of credit of over $3,300,000,000. This represents an increase of about 14 per cent for the period and brought the total loans and investments of all member banks to a record level. That the banks of the country were able to finance the credit requirements of an enlarged volume of business and to meet an increase in the demand for currency amounting to more than $500,000,000, without giving rise to a demand for additional Federal reserve bank credit, is explained by the fact that member banks met this demand by the use of funds made available by the continued inflow of gold. This gold has served as a substitute for reserve bank credit. Had there been no gold imports, the growth of business and the increased demand for currency would have resulted in a demand for Federal reserve bank credit approximately equal to the half billion of gold imported during the period. The ability of the banking system during the past two years to meet the considerable increase in the demand for credit and currency without an increased use of reserve bank credit differs from the experience during the war period and the years of active business immediately following the war. During 1919 and 1920, for example, the rapid increase in member bank credit was accompanied by a more rapid rate of increase in Federal reserve bank credit. In 1922 and 1923, however, it was the additional gold received from abroad and not additional use of reserve bank credit which enabled the member banks to meet the increased credit and currency demand. The fact that a volume of Federal reserve bank credit of about $1,200,000,000 has been continuously in use during the past two years indicates that, while the gold received from abroad has been sufficient to supply the reserve and currency needs of member banks, it has not been in such Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. 3 volume as to enable the member banks, after supplying the new demands of their customers for credit and currency, to meet their total requirements without continuing to borrow in considerable volume from the Federal reserve banks. Federal reserve banks, therefore, continued in the year 1923, as in other years, to be an important and essential element in the country's credit structure. Changes in the volume of member bank credit during the year, more than in Federal reserve bank credit, have reflected the course of business developments. Total loans of all member banks increased by nearly $1,000,000,000 during the year. That the principal demand for credit was for commercial, industrial, and agricultural purposes is indicated by the rapid increase in the volume of loans of this character made by member banks in leading cities. The period of most rapid increase in the demand for credit was the first quarter of the year, when trade was active and the volume of production in basic industries was greater than at any previous time. At the opening of 1923 the upward movement of production, which had begun in the middle of 1921, continued at a rapid rate and production in basic industries reached the highest level on record; labor was fully employed; and prices were rising. During the late spring and summer months, however, there was a recession in industrial activity, though the distribution of merchandise was well maintained. The slackening in productive activity arose more from the hesitancy of business concerns in placing forward orders than from a lessened demand on the part of ultimate consumers, and the price declines which occurred during the period were chiefly in materials used in industry rather than in consumers' goods. During the last quarter of the year, while the volume of production was below the record levels of the spring, trade continued active and prices showed a degree of stability unusual in recent years. FEDERAL RESERVE DISCOUNT POLICY. These banking and business developments constituted the circumstances in which the Federal reserve system functioned during 1923 and with reference to which Federal reserve credit policy was formulated. In carrying out this policy the system has not relied upon changes in discount rates as the only means of influencing the general credit situation. The open-market transactions of Federal reserve banks during 1923, which are later considered in some detail, as well as their discount policy, have reflected Federal reserve credit policy. Furthermore, the experience of several of the reserve banks is demonstrating that changes in discount rates need not be in all circumstances the main reliance or in any situation the exclusive reliance in making the credit policy of the reserve banks effective. By maintaining constant, close, and direct contact with the loan policies and operations Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

4 ANNUAL REPORT OF THE FEDERAL, RESERVE BOARD. of its member banks, through examination or otherwise, a reserve bank can do much by other means than changes in discount rates to establish an effective supervision and control of the credit released by it to its member banks. Discount policy in 192S.—Discount rates in 1923 underwent fewer changes than in any other year in the history of the system. The only changes in discount rates were at the Federal reserve banks of Boston, New York, and San Francisco, where near the end of February rates were advanced from 4 per cent to 4£ per cent, bringing the rates at these banks to the level prevailing at all other reserve banks. These advances gained significance from the fact that they were the first rate advances in more than two years. At the time there had been a considerable increase on a national scale in the demand for credit and the existing inequality between discount rates in various districts tended to attract an undue proportion of borrowing to the centers with low rates. The effect of the rate advances of the three banks was to bring about a better regional distribution of credit and to test the character and soundness of the credit demand by having the obligations of borrowers passed upon by banks in their own locality. The attitude of the Federal reserve system, as expressed in these rate changes, was not immediately reflected in any change of the volume of bank credit in use. This, however, is not to be taken as indicating that the advances of rates, slight as they appeared, were without consequence. The influence of the change of discount rates by the reserve banks can not be measured by any immediate effect that they might be expected to have on the total volume of borrowing at member banks. The credit process which finally gives rise to a granting of credit by a member bank has its beginning in the business plans and decisions of the bank's customers. The movement in the volume of credit at any given time, and particularly in times of business expansion, has a momentum which can not be immediately checked, and while the expansion is actively going on the movement tends to gain momentum at an increasing rate. The volume of banking credit in use and outstanding, as recorded in the statements of the banks, is the outcome of commercial plans and commitments which may antedate by many months the extension of credit by the banks. Business transactions which are already under way will ordinarily be carried through to completion, quite irrespective of changes that have supervened in credit conditions and money rates. The rise in discount rates is not intended to interrupt or interfere with antecedent commitments that are in process of completion but rather to induce a more prudent attitude on the part of borrowers with regard to new commitments. It Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE FEDERAL. RESERVE BOARD. 5 requires, therefore, some time for a rate change to show its effects in the altered lending operations of the banks. In the months immediately following the rate advances made in February, 1923, the volume of credit, especially the borrowings for commercial and industrial purposes, continued to increase at a rapid rate. Prices, particularly of those commodities which had been advancing rapidly for about a year, ceased their rise in May, chiefly because the increased volume of production which the rise in prices had stimulated was reaching the market and taking effect in supplies of goods available for consumption. While consumers7 demand was maintained and the volume of trade continued large throughout the year, there was some recession in industrial activity in the second lialf of the year and a decline in the price level from the peak reached in May to approximately the level of the corresponding months of the previous year. The rise of prices during the early months of 1923, which in comparison with the price movements experienced under more settled •business conditions of the years before the war was proceeding at a relatively rapid rate, led to expressions of concern that the country might once more be entering upon a period of credit expansion and gave rise in certain quarters to a demand for further discount rate advances. The judgment of the Board, however, was that the increasing volume of credit was justifying itself in the continued increase in the volume of production and consumption; the fact that there was little indication of speculative activity was regarded as sufficient evidence that credit was not being put to uneconomic uses. In commenting on the business and credit situation at the time, the Board said in its Review of the Month for March that "the economic use of credit is to facilitate the production and orderly marketing of goods and not to finance the speculative holcjing of •excessive stocks of materials and merchandise. So far as the available indications go, the increased demand for credit during recent months appears to have arisen from the larger financial requirements of current production and trade and not from speculation in inventories. When production reaches the limits imposed by the available supplies of labor, plant capacity, and transportation facilities—in fact, whenever the productive energies and resources of the country are employed at full capacity—output can not be enlarged by an increased use of credit and by further increases in prices." The view of the Board at the time that the upward movement of prices was not due to an unwarranted expansion of credit, as tested by the volume of trade and industry, was confirmed by the subsequent course of economic events. During the closing months of 1923 prices became more stable, the reduced volume of production became better adjusted to the current 86538—24t 2 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

6 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. demand, and the volume of commercial and agricultural borrowings after reaching a peak during the crop-moving period, declined slightly. All of these developments indicated that the year 1923 by comparison with previous years attained a considerable degree of economic stability. The outcome for the year shows that the banks of the country through the extension of credit supported the industrial and trade recovery that was under way and that the Federal reserve banks through their discount policy performed the function laid down in the act of "accommodating commerce and business/7 Relation of discount rates to market rates.—The experience of the last year throws light upon the important and much discussed but as yet little understood problem of the basis of Federal reserve discount policy and rates. Discussions have usually addressed themselves to the question of relationship that should exist and be maintained between Federal reserve bank rates and the rates in the open market and between Federal reserve bank rates and prevailing rates charged by member banks to their customers for current commercial accommodation. The view most widely held in financial and banking circles is that the Federal reserve bank rate should move in sympathy with general money rates, rising as they rise and falling as they decline. A further development of this theory, based upon the leadership which it is felt the Federal reserve banks should assume in the money market, asserts that when money conditions are tightening the Federal reserve bank rates should lead the rise of money rates. A still further and more extreme view holds that Federal reserve bank rates normally should be above the level of member bank rates. A comparison of money rates in the New York market during the year 192& with the discount rate maintained by the Federal Reserve Bank of New York is presented in the following table: Prime Federal bankers' I Prime reserve accept- Treasury j commercial' discount ances, 90 certificates.! paper, 60 rate. days. ! to 90 days 1923. January 4.00 4.00 3.66 4.63 February 4.00 4.00 3.65 4.63 March 4.50 4.00 4.12 4.98 April 4.50 4.125 4.13 5.13 May 4.50 4.125 3.95 5.1'J June 4.50 4.125 3.84 4.91 July 4.30 4.125 3.91 4.94 August 4.50 4.125 3.86 5.02 September 4.50 4.125 4.01 5.125, October 4. 50 4.125 4.22 5.125 November 4.50 4. 125 3.94 5.10 December 4.50 4.125 3.88 4.88 It appears that the Federal reserve bank discount rate of 4^ per cent was in excess of the rate on bankers' acceptances and Treasury Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. 7 certificates of short maturity throughout the year and below the commercial paper rate. The relation in 1923 between Federal reserve bank rates and rates charged by member banks in the different districts to their customers is indicated by a comparison of the practically uniform rate throughout the year at all the Federal reserve banks and the rates paid by customers to member banks on paper rediscounted with the Federal reserve banks. This comparison is presented in the following table: Boston 4.42 5.07 New York... 4.42 5.22 Philadelphia. 4.50 5.31 Cleveland 4.50 5.58 Richmond I 4.50 6.09 Atlanta \ 4. 50 6.25 Chicago I 4. 50 5.62 St. Louis ! 4' .5'"0 . 5. 59 Minneapolis.. 4.50 7.93 Kansas City. 4.50 7.15 Dallas. 4.50 8.41 San Francisco ! 4. 44 5.84 Average for all districts 4.47 5.48 The table brings out the fact that the margin between the Federal reserve bank rate and member bank rates varies considerably from district to district, and that in general the spread is narrowest in those districts where the financial centers are located. The differences in the margin reflect in part the differences in the costs and risks of member bank lending in various sections of the country. These differences between districts also represent the wider margin between the Federal reserve bank rate and member bank rates in smaller cities as compared with the larger centers. With the Federal reserve bank rate at 4J per cent, the rates charged to customers in December, 1923, were 5.44 per cent for cities of 100,000 population and over, 6.34 per cent for cities from 15,000 to 100,000, and 7.54 per cent for cities of less than 15,000. The diversity in member bank rates, whether considered by Federal reserve districts or by size of cities is, therefore, apparent. It follows that the Federal Reserve Board, in approving the maintenance by all Federal reserve banks of rates at a uniform level practically throughout the year, was guided by no mechanical rule as to the necessity of maintaining a fixed and invariable relationship between reserve bank rates and member bank customer rates. Indeed, the observations of the Federal Reserve Board and the experience of the Federal reserve banks make it certain that the Federal reserve banks and the Federal Reserve Board can not adequately discharge their Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

8 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. function of " fixing rates with a view of accommodating commerec and business'7 by the simple expedient of any fixed rule or mechanical principle. New York and London money markets.—Reference has already been made to the principle not infrequently advocated that the discount rates of the Federal reserve banks must be higher than current rates for commercial accommodation in order to be "effective" rates. This view appears to be based on a loose analogy with the London market and with the traditional policy of the Bank of England. "Bank rate" in the London market is the official minimum rate at which the Bank of England stands ready to extend credit on paper of certain well-defined character. This rate is normally above the rate at which this class of paper is bought and sold in the London money market. It is not, however, above the rate charged by the London joint-stock banks on loans to their customers, in the form usual for borrowings in England for ordinary commercial and industrial use, that is to say, in the form of "overdrafts" and "advances." A comparison of the rate structure of the New York market with that of the London market brings out that in the New York market the official discount rate of the Federal reserve bank is also above the open-market rate on that class of paper, to wit, bankers' acceptances, most nearly comparable to the bills which are the principal type of paper in the London market. A comparison further shows that in London, as in New York, the bulk of the loans made by commercial banks to their customers are at rates higher than bank rate in London or the Federal reserve discount rate in New York. English banking practice does not, therefore, establish the inference that Federal reserve bank discount rates in order to be effective must be penalty rates—that is, be higher than the rates charged by member banks on customer loans. Little in the way of good would result from any attempt to adopt or set this up as the regulative principle in the adjustment of reserve bank rates. There is an important difference between the relationship sustained by member banks to their Federal reserve banks and by London joint-stock banks to the Bank of England. When member banks lend money to their customers they obtain from them promis* sory notes which are eligible for rediscount with the Federal reserve bank. The London joint-stock banks, on the other hand, make most of their loans to customers in the form of overdrafts or advances which do not result in negotiable instruments and therefore can not be converted into balances at the Bank of England. The temptation which is present under the American banking system to rediscount customer paper and relend the proceeds because of the profit arising from such rediscount, when the Federal reserve bank rate is Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE FEDERAL, RESERVE BOARD. 9 sufficiently below the customer rate to make such a transaction profitable, is not present under the English system. That this difference in the respective banking situations of the two countries is a fact to be reckoned with in the application of the discount policy of the Federal reserve banks is certain, but the methods by which it will most appropriately be reckoned with, experience is already making it clear, are not to be found principally, if at all, in the establishment and maintenance of reserve bank rates at punitive levels. The outlook for Federal reserve credit regulation would indeed be unpromising, in view of the great disparity of customer rates at member banks in different sections of the country, if the reserve banks had no other means than discount rates by which to regulate the volume of their credit used, and if this discount rate could exert no effective influence unless it were a penalty rate. The experience of the Federal reserve banks under normal conditions of operation has as yet been too brief to make it possible to speak comprehensively and definitely concerning the proper relation of Federal reserve bank discount rates and member bank customer rates. This is particularly true because of the variety of economic and financial conditions in the United States, partially expressed, as has just been pointed out, in the lack of uniformity of interest rates in the different sections of the country. It will take much further and fuller experience under more normal conditions to enable each Federal reserve bank operating in the particular circumstances of its district to work out the most practicable method of relating its rates to competitively determined member bank rates within its field of operation. The regional organization of the Federal reserve system was recognition of the fact that Federal reserve discount rates need not at all times and in all circumstances be uniform in the several districts, and experience appears to confirm the conclusion that no single and uniform method of adjusting discount rates will be found equally workable and equally satisfactory in all the districts. While it is not, therefore, possible to speak dogmatically on the subject of Federal reserve rates and the basis on which they will best and most usefully be adjusted in fulfilling the purpose of the Federal reserve act, to wit, that of fixing rates "with a view of accommodating commerce and industry/7 it is possible to point to certain considerations derived from the experience of the Federal reserve banks which have an important if not a decisive bearing upon the problem of regulating the flow and use of Federal reserve bank credit by means of the discount rate. Broadly stated, an effective Federal reserve discount rate will be one that gives effective support to a Federal reserve bank's credit and discount policy. The objective in Federal reserve discount policy is the constant exercise of a steadying influence on credit conditions. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JLU ANNUAL REPORT OF THE FEDERAL, RESERVE BOARD, The Federal reserve banks are the country's supplementary reservoir of credit and currency, the source to which the member banks turn when the demands of the business community have outrun their own unaided resources. The Federal reserve supplies the needed additions to credit in times of business expansion and takes up the slack in times of business recession. It is its responsibility to regulate the flow of new and additional credit from its reservoirs in accordance with solid indications of the economic needs of trade and industry. When production, trade, and employment are in good volume and the credit resources of the commercial banks of the countay are approximately all employed and there are signs neither of speculative business expansion nor of business reaction, Federal reserve bank rates should be neither so low as to invite the use of credit for speculative purposes nor so high as to discourage its use for meeting legitimate productive needs of the business community. It seems clear that if business is undergoing a rapid expansion and is in danger of developing an unhealthy or speculative boom, it should not be assisted by too easy credit conditions. In such circumstances the creation of additional credit by rediscounting at Federal reserve banks should be discouraged by increasing the cost of that credit—that is, by raising the discount rate. It seems equally obvious that if industry and trade are in process of recovery after a period of reaction, they should be given the support and encouragement of cheaper credit by the prompt establishment at the Federal reserve banks of rates that will invite the use of Federal reserve credit to facilitate business recovery. The reason for variable Federal reserve discount rates is the necessity of adjusting rates to these changes in business and credit conditions. The experience of the Federal reserve banks, notwithstanding that the brief period of their active operation on a considerable scale has been one of disturbed economic and financial conditions, is demonstrating that there is a sufficiently close connection between changes in Federal reserve bank rates and changes in rates charged their customers by member banks on a sufficiently large volume of customer borrowings to make Federal reserve rates an important and at times a leading influence in money centers. In that sense the Federal reserve bank rate may be said to be effective. Its effectiveness and the range of its influence have been promoted in no inconsiderable degree in recent years by the increasing fluidity of the American credit system—that is, by the ease with which credit flows between the larger financial centers and the interior of the country. Member bank customer rates have shown a tendency to move with changes in Federal reserve bank rates. This is particularly noticeable in the larger financial centers of the country, for reasons that need not be detailed, and when after a considerable period of stable rates the Federal reserve bank rate is advanced. This is not merely Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. 11 or principally because of the addition made to the cost of credit, but because an advance of rates when properly timed is taken by the business community as an indication of the attitude of the Federal reserve system toward the credit situation—the relation of the volume of the country's credit to the volume of its production and trade. It is for this reason that the leadership of the Federal reserve banks when rates are advancing appears from experience to be more promptly recognized than when rates are declining. OPEN-MARKET POLICY AND OPERATIONS. The credit policy of the Federal reserve system in 1923 was expressed not in its discount policy alone, but also in the open-market operations of the Federal reserve banks. The year has witnessed a considerable development in the scope, purpose, and method of these open-market operations. The results of the year have demonstrated that open-market operations, when wisely timed and well conceived, are, in a larger measure than has hitherto been generally appreciated, capable of giving effective support to the discount policy of Federal reserve banks without an accompanying change of rates. This new chapter of experience is of sufficient consequence in its bearing upon the development of the Federal reserve system co merit extended notice. Discount and open-market operations.—Two broadly distinguishable classes of credit operations, that is to say, ways of making "discounts, advancements, and-accommodations," are recognized and authorized by the Federal reserve act. There are, first, the so-called rediscount operations, and, second, the so-called open-market operations, these being the terms used by the Federal reserve act to distinguish the two major classes of Federal reserve bank operations. The provisions of the law governing rediscount operations are found in section 13 of the Federal reserve act and those governing open-market operations in section 14. An "open-market" operation consists in the purchase or sale in the general or open market by a reserve bank of such classes of investments as it is authorized by the act to buy and sell. The classes of investments specified by the act as appropriate for purchase and sale by the Federal reserve banks in the open market are cable transfers, bankers' acceptances, bills of exchange, securities of the United States Government, and certain types of obligations of minor political subdivisions. In making purchases and sales of these classes of securities the Federal reserve banks may deal directly with the public, for the act provides that they may purchase and sell "at home or abroad, either from or to domestic or foreign banks, firms, corporations, or individuals." Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

12 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD, By a rediscount operation, on the other hand, is meant the rediscount by a member bank with a reserve bank of the paper of it& customers, when that paper conforms to the ^eligibility'7 tests set up by the reserve act. There is no open market for customer paper or so-called line of credits loans—no market, at least, in the sense in which the term market may be applied to such two-name paper as trade bills, bankers' acceptances, etc. An important purpose of the Federal reserve act was to improve the status of customer paper of eligible character, or, as the Federal reserve act states in its title, "to afford means of rediscounting commercial paper." There can be no doubt that the Federal reserve act looked forward to the development in the United States in the course of time of an open market of considerable extent for dealings in short-term bills of the kinds described in section 14 of the act, and it was expected and desired that operations in the open market should be engaged in by the Federal reserve banks from time to time much after the manner of the central banks of leading foreign countries by the purchase or sale of securities for the purpose of exerting an influence on the state and course of credit. A review of the history of the open-market transactions of the Federal reserve system shows that during the first three years of their operation the volume of open-market securities held by the reserve banks was larger than the volume of their discounts for member banks. Easy money conditions during this period, the large influx of gold, and the strong reserve position of the member banks made it possible for them to finance the great growth that was then taking place in the volume of the country's business without borrowing from the Federal reserve banks. The reserve banks entered the open market at this time partly to secure earnings from the investments from which their operating expenses could be defrayed, but largely also for the purpose of building up a broader discount market in the United States by encouraging the use of bankers' acceptances and by freely dealing in them. After the entry of the United States into the World War the increased demand for credit for Government financing resulted in a rapid increase in borrowing by member banks at the reserve banks. From that time until the end of 1921, when the liquidation following the crisis of 1920 had pretty well completed its course, the volume of paper held by the Federal reserve banks as discounts was much larger than the holdings of open-market investments. The volume of such investments was at times considerable during this period, but, taking the period as a whole, the holdings of open-market investments during the five years from the time of our entry into the war until the spring of 1922 constituted a relatively small proportion of the total earning assets of the Federal reserve banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. 13 Open-market operations in 1922 and 1923.—During the years 1922 and 1923 the open-market transactions of Federal reserve banks entered upon a new phase. Not only were these transactions at times large in their absolute volume as well as in their volume relative to the rediscount operations of the banks, but they also showed between the beginning and the end of the period great fluctuations, both absolutely and relatively. Moreover, during these two years, in contrast to the earlier period, open-market transactions of the Federal reserve banks were principally in Government securitiese Following the general liquidation in 1921 there was a rapid and continued repayment of borrowings by member banks. The volume of paper held under discount by the Federal reserve banks reached a low level during the first part of the year 1922. Some of the reserve banks, in order to assure themselves of sufficient earnings to meet their expenses and their dividend requirements, began to purchase considerable amounts of short-term Treasury securities. By mid-year the volume of such securities held by the reserve banks reached nearly $600,000,000. The course of these operations, entered upon independently by each of the twelve banks, made evident the need for a better coordination of the open-market operations of the several banks, and in 1922 led to the creation of a committee of officers of the reserve banks for the purpose of coordinating reserve bank dealings in Government securities, so as to prevent possible conflict between their own transactions and those which as fiscal agents of the Government they were conducting for the Treasury. Moreover, and eventually destined to be far more important, the character and scale of the open-market operations engaged in by the Federal reserve banks during the year 1922 and the early part of 1923 showed the need of bringing these operations more definitely into line with the general credit policy of the system. The part that open-market operations may play in general credit policy is influenced by the fact that changes in the volume of securities held by the reserve banks have an effect on the volume of their discounts for member banks. The purchase of securities in the open market by a Federal reserve bank places funds in the hands of member banks which these banks may use in the repayment of borrowings from the reserve banks; the sale of securities, on the other hand, by withdrawing funds from the market may lead to additional borrowing from the reserve banks. The difference between discount operations and open-market operations is that the initiative in rediscounting lies with the member banks, while in the purchase and sale of securities the initiative may be taken by the reserve banks. The extent to which member banks borrow in order to replace the funds withdrawn by the reserve banks through the sale of securities is a measure Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

14 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. of the demand for reserve bank credit. The sale of securities by a reserve bank may thus serve as a test of the degree of adjustment between the demand for reserve bank credit and the outstanding volume of such credit. The changes in the volume of open-market holdings and of discounts during 1922 and 1923 and the extent to which these changes offset each other in the total volume of earning assets are shown in the chart. The volume of open-market holdings with which the Federal reserve banks entered the year 1923 amounted to $712,000,000, made up as follows: Government securities, $457,000,000; acceptances, $255,000,000. At that time the discounts of the Federal reserve system amounted to $628,000,000. The earning assets of the 12 MILLIONS OF DOLLARS MILLIONS OF DOLLARS 1200 1200 600 600 1922 1923 reserve banks, therefore, at the beginning of the year 1923 consisted of discounts and open-market investments in approximately equal volume. By the end of the year the volume of open-market holdings for the 12 banks amounted to $440,000,000, made up of Government securities, $104,000,000, and acceptances. $336,000,000. The reduction in the volume of open-market investments was accompanied by a substantially equal increase in the volume of discounts, with the result that the total volume of Federal reserve bank credit outstanding changed but little. The gradual withdrawal from the open market by the reserve banks during the first half of 1923 placed upon the member banks the responsibility for validating the continued use of the existing volume of reserve bank credit and tested Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. 15 the degree of dependence of the credit structure upon the volume of Federal reserve bank accommodation outstanding. The record shows that member banks met the test by discounting in a volume substantially equal to the reduction in open-market holdings. There was no material change in the volume of reserve bank credit in use. The reduction of open-market holdings by reserve banks, therefore, did not result in the withdrawal of support, but in a change in its character. The fact that the reduction of the open-market holdings durmg 1923 was accompanied by an increased amount of discounting by member banks in a volume approximately equal to the funds withdrawn by the reduction of open-market holdings showed that the total volume of reserve bank credit outstanding was not in excess of the demand for such credit. The relationship just described between open-market operations, discount operations, and the total volume of reserve bank credit is based upon the experience of the Federal reserve system as a whole, and is not evident to the same extent in the operations of the individual reserve banks. The purchases of Government securities in 1922 by reserve banks outside the money centers did not result in a corresponding decline in the discounts for their member banks, and in the early part of 1923 the security holdings of some reserve banks were materially reduced without causing a commensurate increase in the borrowings of member banks of those districts. The fact that open-market operations of individual reserve banks may not be reflected in changes in the demand for credit at these banks, but may influence the credit situation in the money centers where the purchases or sales are made, makes it evident that open-market policy should be a system policy. Open-market policy in 1923.—It was for these and related considerations that the Federal Reserve Board in April, 1923, took steps to bring about a better coordination of the open-market operations of the Federal reserve banks with their discount operations and their general credit policy. The necessity of coordinated action among the several banks with respect to open-market policy and operations was also an important consideration leading to the earlier appointment of the committee of reserve bank officers to act under the general supervision of the Board in handling open-market problems and operations. This committee is now the agency through which transactions in furtherance of the system's open-market credit policy are carried out. In view of the influence which the open-market operations of any reserve bank in the general money market may have on the credit situation, the board regarded it as essential that the purchases and sales of securities by reserve banks should be made with primary regard to their broader consequences and in accordance with the credit policy of the system. The following was the principle Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

16 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. laid down by the Board in this matter: "That the time, manner, character, and volume of open-market investments purchased by Federal reserve banks be governed with primary regard to the accommodation of commerce and business and to the effect of such purchases or sales on the general credit situation.77 As the Federal reserve act provides that discount rates shall be fixed "with a view of accommodating commerce and business/' the adoption of this principle by the Board has established the openmarket policy on the same basis as the discount policy. The experience of the past year in open-market and discount operations of the reserve banks is significant, because it has demonstrated that with a constant demand for reserve bank credit continuous readjustments in the composition of this credit may occur without resulting in an increase in the total volume outstanding. That throughout 1923, a year of growing business activity and increased credit and currency requirements, there was no demand for additional reserve bank credit was due to the continued inflow of gold from abroad which furnished to member banks the funds needed to finance the enlarged volume of trade and industry. GOLD AND CREDIT. The important influence exerted by the inflow of gold from abroad during the year 1923 on the banking situation in the country at large and on the position of the Federal reserve banks in relation to the general credit situation has already been the subject of brief reference in this report. Net gold imports into the United States during the past year amounted to $294,000,000. A gold movement of this magnitude in the course of a single year would constitute an impressive development and a factor of consequence even if it were an isolated occurrence. The gold inflow into the United States in the last year, however, presents itself as a continuance of the influx which has been in process since the closing months of the year 1920, and the indications are that the movement which has been bringing gold to our shores during the past three years has not yet spent its force. The shifting of the world's principal monetary metal which has taken place in this period of time is without precedent in monetary history. Gold imports and the Federal reserve hanks.—Since the Federal reserve banks began operations in November, 1914, over two billions of gold have been added to the stock of the United States by importation. It is the gold which has been thus received from abroad that now constitutes the larger portion of the gold reserves of* the twelve Federal reserve banks. The first billion of this gold came prior to the entry of the United States into the World War. Under the policy of gold concentration pursued by the reserve banks during the war, the bulk of the gold Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE FEDERAL, RESERVE BOARD. 17 received during the two years before our entry into the war was added to the gold holdings of the reserve banks. That concentration formed a part of the general policy of financial mobilization and was a most material factor in the success of the plan adopted for the financing of the war. During the period of our participation in the war gold movements were on a relatively small scale. The second billion of gold has been received during the five years since the conclusion of the war. This second billion was the net addition to our gold stock after the loss of some $400,000,000 of GOLD MOVEMENT AND RESERVES ( IN MILLIONS OF DOLLARS ) IMPORTS AND EXPORTS 1120 1919 1920 1921 1922 1923 Bars above baseline represent imports; bars below base line, exports. Black portions represent net imports or exports. gold between the removal of the gold embargo in 1919 and the autumn of 1920. Net imports of gold during the year 1921 alone amounted to around two-thirds of a billion dollars. The gold reserves of the Federal reserve system, which stood at $2,063,000,000 at the end of the year 1920, increased to $2,875,000,000 at the end of the year 1921, to $3,047,000,000 at the end of the year 1922, and to $3,080,000,000 at the end of the year 1923. Gold movements into and out of the United States and the growth of the reserves of Digitized fotr hFeR AFSeEdRe ral reserve banks from 1919 to 1923 are shown in the chart. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

18 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. Gold is the tangible and conventional basis of bank lending and currency issuing power. The particular effect exerted by an influx of gold, therefore, depends upon business and credit conditions and needs at the time when the gold is received. Gold received from abroad in the usual course first finds its way into the member banks. So long as it remains in their hands, it does not count as part of their legally required reserves. A member bank receiving the gold, therefore, deposits it with its reserve bank. If this bank has paper under rediscount with its reserve bank at the time, the gold may be used to reduce its rediscounts. If it has no paper under rediscount the gold adds to its reserve balance and to that extent increases its lending power. The first billion of gold which, as already noted, came prior to the entry of the United States into the World War, by increasing the reserves of member banks constituted a banking basis for the enormous growth of bank credit and currency which was used to finance the production of war materials and other supplies bought by European Governments in great volume. That was a period of business and credit expansion calling for enlarged lending by the banks of the country. Further expansion of credit and currency was occasioned by the vast expenditures of the Government during the period of our participation in the war. The addition of $1,149,000,000 of gold to the reserves of the Federal reserve banks after our entry into the war formed the basis of an increase in the discount and investment operations of the Federal reserve banks from $226,000,000 in April, 1917, to $2,291,000,000 in December, 1918. The reserve ratio of the Federal reserve system, which stood at 84.7 per cent in April, 1917, when the aggregate reserves of the system amounted to $963,000,000, fell to 48.8 per cent in December, 1918, when the aggregate reserves of the system stood at $2,151,000,000. The imports of gold, which took place during the year 1921 and which amounted to $667,000,000, came to the United States in payment of foreign indebtedness and reached us at a time when general loan liquidation which followed the crisis of 1920 was under way. This gold was a substantial factor in facilitating reduction of borrowings by member banks at the Federal reserve banks. As nearly as can be estimated, about one-half of the total reduction in the borrowings of member banks during the years 1921 and 1922 was effected by the use of the imported gold. Influence of gold imports duriruj 1922 and 1923.—The gold received in the United States since the middle of 1922 has had an effect different from that just noted in 1921 and the first half of 1922. This recent influx of gold has taken place after a period of liquidation and during a period when business was in process of recovery and expansion, and when demand for credit was increasing member bank Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. 19 loans. With the turn in credit and currency demands arising about the middle of 1922, not as many member banks had occasion to use their imported gold to repay borrowings at their reserve banks. The gold, therefore, constituted an addition to their reserve balances and enabled them to expand their loans to their customers without the need of rediscounting, and also to supply the cash requirements of their customers, just as was the case in the two years before our entry into the war in 1917. In brief, the gold received during the period of liquidation in 1921 and 1922 enabled the member banks to recover a considerable degree of the independence of reserve bank support which they had lost in the preceding years, while the gold received since the middle of 1922 has enabled them to maintain their state of relative independence notwithstanding the great intervening growth of credit. The increase in credit extended by member banks to their customers which, during the past two years has amounted to over $3,000,000,000, has been large enough to absorb the gold received during this time and, taking the banking situation in the country at large, to require the continued maintenance of the volume of reserve bank credit outstanding at the beginning of 1922. While this increase in credit and currency demands was large enough to maintain the existing volume of reserve bank credit, it was not so large as to result in an additional demand for reserve bank credit. Gold received by a member bank is in ordinary course deposited with its reserve bank. Its first effect is to add both to the reserve balance of the member banks and to the gold reserves of the Federal reserve banks. The reserve bank has no control over the use made of its free reserve balance by its member banks. Therefore, the use made in the first instance of credit arising from a gold import lies with the member bank. When, however, the member bank has expanded its operations to the full extent for which the gold deposit has furnished the required reserves, or has withdrawn currency in a volume equivalent to this deposit, a further use of the additional lending power arising out of the gold can be made only by borrowing from the reserve bank. The ordinary bank, like any business concern, is organized and conducted for profit. Banks seldom carry surplus reserves. Their disposition is to make full use of their surplus cash resources. . If these resources are in excess of what is needed to meet their customers' credit requirements, they will put them into the general market through the purchase of commercial paper, bond investments, or call loans, so as to keep all of their available funds in one way or another always fully and profitably employed. The reserve banks are in a different position. They are the holders of the ultimate and only true banking reserves of the country. They are the reserve banks of the coun- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

20 ANNUAL REPORT OF THE FEDERAL. RESERVE BOARD. try, and as such they are charged with large responsibilities for the constant maintenance of a sound credit situation. They must, therefore, be conducted with primary regard to the bearing of their operations upon credit conditions rather than by the desire to make full use of their earning power. Reserve bank credit is properly used when in response to the credit and currency requirements of industry and trade. The present large gold holdings of the reserve banks not only afford assurance of adequate credit support for the growth of productive industry in the United States, but also will make it possible for this country to meet any probable future demand for gold from abroad that may arise in connection with the restoration of the international gold standard. It is the part of prudence for the United States and for the Federal reserve banks in particular, as the holders of over $3,000,000,000 of gold (that is, about threefourths of the total estimated stock of monetary gold in the United States), to pursue a course which will enable them to part with such portion of this gold as Europe will need to reclaim for currency restoration with a minimum of inconvenience and disturbance to our internal financial and economic situation. Future gold movements.—In view of the important effects of gold imports upon the American credit situation and upon the international monetary situation, the probable extent and direction of future gold movements is a matter of great concern. No inflow comparable with that which has already taken place can be expected, since this movement has drained a large part of the European gold formerly in circulation and has in addition absorbed the bulk of the gold reserves of those countries, notably Russia and Germany, whose financial and monetary conditions were such as to make it impossible for them to keep their central banking reserves intact. The reserves of the central banks of other principal countries of Europe were considerably enlarged during the war and have not declined during the post-war period. Present government policy in these countries is to control gold exports and not to permit the reduction of the reserves of the central banks. In fact, of the $600,000,000 of gold imported into the United States during 1922 and 1923, the bulk consisted of newly mined gold. It is hardly to be expected, therefore, that in the immediate future the gold inflow will exceed or even equal the current gold production of the world. During the past year India has received a share of the new gold because improved economic conditions have led to a favorable trade balance, and gold has gone also to Egypt. A larger or smaller share of the gold output of a year constitutes the probable maximum which can be expected to be available for distribution to the United States and other countries. On the other hand, the prospect of net gold exports depends upon the balance of international payments as influenced by trade Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL, REFORT OF THE FEDERAL RESERVE BOARD. 21 movements and international loans and investments and upon the disposition and ability to withdraw gold on the part of those countries which are undertaking to reorganize their currency systems on a gold basis. Gold standard and currency reorganization.—The attempts during the past year at currency stabilization by European countries have been steps in the direction of the reintroduction of gold as a standard. They have not yet resulted in any considerable addition to gold reserves. Though they differ in method and detail, European efforts to promote better monetary conditions have aimed at the establishment and maintenance of a constant relationship between the value of local currencies and gold. Thus far experiments, which have been on a relatively small scale, have made use of the American dollar and other stable currencies as the equivalent of gold. In view of the low gold value of the total volume of these currencies and the limited use of gold in the settlement of trade balances, the demand for gold for purposes of reestablishing currency stability has not been considerable. In international trade gold has retained its conventional position as a standard throughout the decade of currency disorganization.. The necessity of a common basis for calculating the prices of commodities entering into world trade has had the result that through mutual adjustments of prices and exchange rates international price levels, when expressed in terms of gold, have tended toward equalization. In this adjustment the American dollar, not only because of its convertibility into gold, but because of its stability and because of the trade position of the United States, has become increasingly the unit of account in international trade. Thus the dollar has become the link between countries on a paper currency basis and the gold standard. The premium on dollar exchange and the large movement of gold to the United States in the postwar period both arose out of the large volume of goods exported to foreign countries during and since the war. Through shipments of gold to the United States foreign countries have been able to meet their unfavorable merchandise trade balance and to reduce their indebtedness for goods bought on credit in earlier years. In spite of the disorganized conditions of the exchanges, the volume of trade between the United States and other countries has been in large volume, and in the payment for goods purchased in the United States the foreign countries have used gold, not as before the war chiefly in the settlement of balances but more as one of the commodities that they were able to export to the United States. An added circumstance favorable to the shipment of gold to this country has been the commanding role now played by the United States as the world's most important and, practically speaking, only "free" gold market. 86538—24f 3 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

22 ANNUAL REPORT OF THE FEDERAL, RESERVE BOARD. By a free gold market is meant a market in which credits, howsoever established, are gold credits; that is to say, credits for which gold can be promptly obtained for foreign shipment and withdrawn without obstacle or objection. It is well known that in the financial economy of the world previous to 1914 London was the most important of the world's free gold markets—the one which commanded the greatest confidence and the one, therefore, which attracted the largest volume of foreign financial accounts and the large volume of varied business from every quarter of the world which followed in their wake. By virtue of its creditor position and its unprecedentedly strong gold position the United States has now become the world's gold center. As such it has assumed the high responsibility of so managing the vast gold supply domiciled here that it may be available for redistribution by export as occasion may arise without producing any untoward or disturbing effects in our own domestic, economic, and financial situation. The United States now holds an aggregate of about $4,000,000,000 of gold. This is approximately four-tenths of the estimated total stock of monetary gold in the world. It is more than double the total.monetary stock of the United States before the beginning of the World War in 1914. The history of the distribution of gold in the past demonstrates that monetary gold under normal conditions distributes itself at a fairly steady rate among gold-using countries in proportion to their ability to command it. It is to be expected when conditions are on a more normal basis that a situation similar to this will reestablish itself through the redistribution of gold. Great and impressive as has been the industrial growth of the United States in the past ten years, it can not be contended that it will require a twofold amount of gold to insure the integrity and impregnability of the gold standard. It is to be expected and desired that some portion of the gold which the tides of disorganized trade have brought us in the past ten years will eventually return to the countries whence it has come. Changes in the gold position of the United States for significant dates since the organization of the Federal reserve system are presented in the table. The increase in the gold reserves of the Federal reserve banks during the nine years of their operation has arisen from net gold imports of over $2,000,000,000, from domestic gold production and from a reduction of about $400,000,000 of gold and gold certificates in circulation. The gold withdrawn from circulation was replaced by Federal reserve notes, largely in pursuance of the policy of concentrating the gold of the country in the reserves of the reserve banks. During 1923, however, there was an increase in the circulation of gold certificates, so that the larger portion of the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE FEDERAL, RESERVE BOARD. 23 gold received from abroad during the year has been added to circulation rather than to the gold holdings of the reserve banks. [In millions of dollars.] Stock of Gold gold in Gold in reserves of Date United circula- Federal States.* tion.! reserve banks. Nov. 27, 1914 1,817 1,338 228 Apr. 6,1917 3,089 1,991 944 May 28,1920 2,664 674 1,953 Dec. 13,1922 3,909 670 3,061 Dec. 12, 1923 4,210 3,116 1 Figures for the nearest first of the month. CURRENCY AND CREDIT. Currency in 1923.—The increased demand for currency during 1923 was met by the payment of gold certificates into circulation and not by the issue of Federal reserve notes. This reflects the recent practice of certain reserve banks, particularly New York, of supplying the currency requirements of their members by paying out gold. For the system as a whole there was during the year a decrease in the volume of Federal reserve notes in circulation, though the total of money in circulation increased. Changes in the total, rather than in the various forms of money in circulation, measure the fluctuations in the demand for currency. Federal reserve banks continued to be the source from which currency was supplied in a volume responsive to changing requirements and the form of money paid out by the reserve banks affected merely the composition of the total money in circulation. The table shows the volume of different kinds of currency in circulation on January 1, 1923, and January 1, 1924. Amount (in mil- Percentage dislions). tribution. Kind of money Jan. 1, Jan. 1, Jan. 1, Jan. 1, 1923. 1924. 1923. 1924. Gold and gold certificates 732 997 15.5 20.1 Silver and silver certificates 597 696 12.6 14.1 United States notes.. 286 307 6.0 6.2 Federal reserve notes 2,373 2,224 50.1 44.9 Federal reserve bank notes 37 14 .8 .3 N ational bank notes 708 713 15.0 14.4 Total 4,733 4,951 100.0 100.0 The effect of meeting the currency demand by paying gold rather than Federal reserve notes into circulation has been to increase the proportion of gold in the total circulation to the largest percentage, and to decrease the proportion of Federal reserve notes to the lowest percentage in five years. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

24 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. While the Federal reserve banks during 1923 continued to function as the source from which the public obtained the currency required to transact the larger volume of business, the increased use of currency did not result in an increased use of Federal reserve bank credit. The reason for this was that the gold received from abroad and deposited with the reserve banks furnished member banks with funds to meet the increased currency demand. The relation between gold imports and currency demand in 1923 was similar to that in 1915 and 1916, which was also a period of gold imports and increasing currency requirements. In those years also the inflow of gold from abroad supplied member banks with credit in sufficient volume to finance a business expansion with little resort to the Federal reserve banks. The experience of 1923 is in contrast, however, to that of 1919-20, when there were no net gold imports and when business expansion led to heavy borrowing at the reserve banks to meet the large and increasing demand for currency. Currency demand and the reserve banks.—In the experience under the reserve system, changes in the demand for currency in the absence of gold imports have been the principal factor accounting for MILLIONS OF DOLLARS MILLIONS OF DOILAHS 3000 3000 2000 2000 1000 1000 1917 1918 1919 1920 1921 1922 1923 fluctuations in the total volume of borrowing. Thus total earning assets of the reserve banks and Federal reserve note circulation followed a parallel course until 1921, when the large inflow of gold began. The chart shows the movement of Federal reserve notes Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL, REPORT OF THE FEDERAL, RESERVE BOARD. 25 and earning assets from 1917 to 1923. The divergence between assets and notes in 1921 was the consequence of the large gold imports which were used in the liquidation of borrowings, and the difference of about $1,000,000,000 between earning assets and note circulation during the past two years measures the extent by which earning assets were reduced by the use of gold received from abroad. During 1922 and 1923 the relative position of earning assets and notes in circulation has remained unchanged, since the gold imported during those years was paid into circulation and was sufficient to supply the increased demand for currency. It is the coincidence of a volume of gold imports in 1923 about equivalent to the increased demand for currency which chiefly accounts for the absence of growth in reserve bank assets, and makes the relation between the movement of assets and notes different from the experience of earlier years. Credit demand and currency demand.—Though the increase in currency demand in 1923 has not, as in earlier years, been accompanied by a growth of Federal reserve bank credit, it has, as at other times, followed upon a growth in member bank credit. The larger currency requirements of 1923 were preceded by an increase in 1922 of loans and deposits of member banks. This is the usual sequence—an increase of deposits being followed by an increase of the currency. Ordinarily the first effect of an increase in business activity upon the banking position is a growth in loans and deposits. In the earlier stages of a period of banking expansion there is usually a roughly parallel upward movement of the loans and deposits of the banks. Later on, however, the situation changes. There comes a time when the increase of business activity and the fuller employment of labor and increased pay rolls call for an increase of actual pocket money to support the increased wage disbursements and the increased volume of purchases at retail. At this stage the rough parallelism between the growth of loans and deposits of the banks gives way to a divergent movement between these items. Loans may continue to increase while deposits will remain either, stationary or show a decline. When the point is reached in a forward movement of business where manufacturers and dealers need more currency for pay roll and other purposes they draw down their deposits at the banks. What in the first instance was the creation of bank credit in the convenient form of a checking account has now become a demand for cash. In other words, the customer's demand for book money (deposits) at the bank becomes converted into a demand for pocket money. This change is reflected in the altered position of the banks. The ratio of loans to deposits rises with an increased demand for currency. Movements of this character have occurred during the past two years. The year 1922 was one of business recuperation calling for Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

26 ANNUAL REPORT OF THE FEDERAL, RESERVE BOARD. increased banking accommodation. So far as the banking position was concerned, what was going on in 1922 was reflected in the simultaneous growth of member bank loans and deposits.- The first half of the year 1923 saw the forward movement in business quickened to an extraordinary degree. Production in basic industries was at an unprecedented rate; there was full employment with wage increases in many industries. The stage had been reached where bank borrowers were availing themselves of their credits to an increasing degree in the form of actual withdrawals of currency. The ratio of loans to deposits was in consequence rising. BILLIONS OF DOLLARS BILLIONS OF DOLLARS 13 13 MEMBER BANKS IN LEADING CITIES 1922 1923 The chart shows that in 1922 deposits of member banks in leading cities increased more rapidly than their loans,while in 1923 deposits declined and loans continued to increase. Thus the ratib of loans to deposit^ rose during 1923, reflecting the increased demand for currency. In days before the establishment of the Federal reserve system, the ratio of loans to deposits was commonly used as a trustworthy indicator of the banking position and of the general credit situation. This ratio is still frequently appealed to as foreshadowing changes in money rates. But it is not commonly recognized that the establishment of the Federal reserve system has introduced a new factor Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL, REPORT OF THE FEDERAL. RESERVE BOARD. 27 which has worked a great change in the situation. Previous to the establishment of the reserve banks a rise in the ratio of loans to deposits was properly regarded as indicating an approach to the limits of bank lending power because it indicated also the approaching exhaustion of the surplus reserves of the banks. It foreshadowed an approaching shortage of cash, and, under a currency system lacking elasticity, a period of credit stringency. Under the Federal reserve system, as before, fluctuations in the ratio of loans to deposits are occasioned by changes in the country's demand for currency. This increased demand, however, under present conditions leads to increased borrowing at the reserve banks. In the absence of gold imports in sufficient volume to meet the currency demand, it will be reflected in larger rediscounting at the Federal reserve banks for the purpose of obtaining currency. At the reserve banks there is a relationship between the demand for credit and for currency similar to that at the member banks. An increased demand for currency follows upon an increase in the demand for deposit credit at the reserve banks. The first step in the sequence which finally leads to an increase in the demand for currency takes the form of a demand for reserve bank credit to support the larger volume of loans and deposits at member banks. Later, as business continues to expand and as customers of member banks withdraw a larger proportion of their checking accounts in currency, the member bank turns to the reserve bank to obtain the additional currency needed to meet the demands of customers, and for this purpose discounts the customer's note or other eligible paper. As the member bank's customer in availing himself of his credit takes currency in increasing proportion, the member bank is obliged more nearly to match each dollar of cash withdrawn by its customer by a dollar of cash obtained by borrowing at the reserve bank. A point is finally reached where the member bank finds it necessary to rediscount with the reserve bank a larger proportion of the loans it has made to its customers in order to meet their currency requirements. It is then that the resources of the reserve bank are brought more fully into play and its loans mount rapidly. So long as the member bank's customer required only book money, the amount of member bank credit which a dollar of reserve bank credit would sustain was on the average in the ratio of about 10 to 1. But, as the demand for currency increases, this ratio declines and eventually reaches a point where a dollar of reserve bank credit must be obtained by the member bank for each dollar of currency taken from the bank by its customer. It follows that there is no constant ratio trhich can be safely assumed in estimating the extent to which a given amount of reserve bank credit will enable member banks to expand their loans. This ratio varies according to the stage of business activity and the resulting requirements for cur- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

28 ANNUAL, REPORT OF THE FEDERAL RESERVE BOARD. rency. From the point of view of the reserve system the important fact is that member banks must depend increasingly upon borrowing from the reserve banks as the demand for currency increases. It thus appears that the chief occasion for extensive changes in the volume of rediscounting at Federal reserve banks, taking them as a whole, arises out of variations in the demand for currency. Federal reserve banks, therefore, from the point of view of the chief use made of their credit, may be regarded as currency supplying banks. An increased demand for currency is first felt at the counters of the member banks. Since these banks carry little or no surplus cash, that is, cash in excess of what they need to make their customary day-to-day disbursements, an increase in the demands for cash made upon them is promptly MILLIONS OF DOLLARS MILLIONS OF DOLLARS, 3000 300Q 2000 200O 1000 1000* 1917 1918 1919 1920 1921 1922 1923 passed on to Federal reserve banks. The reserve banks are the repositories of the country's surplus cash, and in meeting the demand for currency may supply cash either out of their surplus reserves or by the creation of new currency through the issue of Federal reserve notes. The outflow or return flow of Federal reserve notes or other currency at the Federal reserve banks under ordinary conditions quickly and accurately reflects changes in the country's need of currency. Both the increase and the decrease in the total volume of money in circulation are in response to changes in the currency required to transact the country's business with a given, volume of trade and production. The Federal reserve note circulation,, being; Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL, REPORT OF THE FEDERAL RESERVE BOARD. 29 the elastic element in our currency system, ordinarily expands when need for additional circulation arises because of a swell in trade and industry, or because of seasonal or emergency demands, and as quickly contracts when the need or emergency which has occasioned it& issue disappears. Experience shows that fluctuations in the volume of Federal reserve note circulation have been much Wider than changes in the deposit liabilities of the reserve banks. The movements of notes and deposits from 1917 to 1923 are shown in the chart on page 28. These two liabilities, notes and deposits, constitute the items against which the reserve banks must carry reserves. Changes in the reserve position of Federal reserve banks, owing to the larger changes in the volume of notes than of deposits, have reflected principally increases and decreases in note circulation and in gold reserves. It was in 1920, at the time of the largest volume of Federal reserve note circulation, that the reserve ratio of the system was at its lowest level, and the subsequent rise in the combined reserve ratio occurred at a time when note circulation was rapidly decreasing. Changes in deposit liabilities, on the other hand, have been but a minor influence in their effect upon the reserve ratio. Changes in the ratio of total reserves to notes and deposits combined do not distinguish between the effect on the reserve position of changes in Federal reserve note circulation and in the volume of deposits. The ratio, therefore, represents on the liability side an average of two items which have widely different ranges of fluctuation, and does not give a clear picture of changes in the reserve position of the Federal reserve system and of the factors responsible for those changes. GUIDES TO CREDIT POLICY. It is to the reserve ratio that the public in most countries looks to get an indication of changes in the banking position and in the credit situation. This habit of looking at the reserve ratio as an indicator is particularly prevalent in the United States, because the United States is more than any other the country of legally regulated reserves. However theoretically imperfect any reserve ratio may be as a credit and banking index even in normal circumstances, and however defective reserve ratios may have become as a result of the suspension of the gold standard in many countries, the reserve ratio is nevertheless the one banking index that has uninterruptedly enjoyed the prestige of tradition, and there is little or no indication of the displacement of this tradition in the near future. The reserve ratio must, therefore, be reckoned with as a fact in banking administration. In thus recognizing the importance generally attached by the business public to changes in the reserve ratio as an index of the bank- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

30 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. ing position, the board is not oblivious of, nor indifferent to, the fact that central bank practices associated with an effective international gold standard are now inoperative and that this seriously affects the serviceability of reserve ratios as working guides in credit and currency administration. The reserve ratio can not be expected to regain its former position of authority until the extraordinary international gold movements which, in part, have occasioned and in part have resulted from the breakdown of the gold standard, have ceased and the flow of gold from country to country is again governed by those forces which in more normal and stable conditions determine the balance of international payments. The gold standard as a regulatory influence can not be effective for one country alone, no matter how impregnable its gold position. Gold movements in the years before the war were in response to changes in the trade and financial position of countries operating on the gold standard, and the changes in the reserve ratios of the central banks, which reflected these movements, were therefore indicative of trade movements and current banking and credit developments. A decline in the reserve ratio reflected -either a growth in the liabilities arising chiefly from domestic business or a loss of reserves owing to an unfavorable balance of international payments. Under an effective international gold standard the movements of gold among the money markets of the world exercised a corrective influence on exchange rates, tended to equalize mone}^ rates in various countries, and to keep domestic price levels in line with the world price level. In these circumstances, changes in the reserve ratios of the various central banks served as valuable indicators of the changes in the credit and trade relations of the countries and were consequently important guides in the shaping of discount policies. Under the present conditions, with gold embargoes in force in most foreign countries and the United States practically the only free gold market of the world, the movement of gold to this country does not reflect the relative position of the money market* nor does the movement give rise to corrective influences, working through exchanges, money rates, and price levels, which tend to reverse the flow. The significance which movements in the reserve ratios formerly possessed rested upon the fact that they were the visible indicators of the operation of the nicely adjusted mechanism of international finance. With this mechanism now inoperative, the ratios have lost much of their value as administrative guides. It has therefore been necessary for banking administration even in those countries that have been most suocessful in maintaining a connection with the gold standard to develop or devise other working baset. This has been as true in the United States where the gold standard has been consistently Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL, REPORT OF THE FEDERAL, RESERVE BOARD. 31 maintained as in other countries where that standard is for the time being inoperative. The anomalous situation thus confronting central banking administration in all countries has led to much discussion in the United States and elsewhere as to workable substitutes for reserve ratios as guides to credit and currency administration. Particular prominence has been given in discussions of new proposals to the suggestion frequently made that the credit issuing from the Federal reserve banks should be regulated with immediate reference to the price level, particularly in such manner as to avoid fluctuations of general prices. Entirely apart from the difficult administrative problems that would arise in connection with the adoption of the price index as a guide and entirely apart from the serious political difficulties which would attend a system of credit administration based on prices, there is no reason for believing that the results attained would be as satisfactory as can be reached by other means economically valid and administratively practicable. In saying this the board is not unmindful of the abundant evidence recent years have given of the economic and business disturbances occasioned by violent fluctuations of prices. But it must not be overlooked that price fluctuations proceed from a great variety of causes, most of which lie outside the range of influence of the credit system. No credit system could undertake to perform the function of regulating credit by reference to prices without failing in the endeavor. The price situation and the credit situation are no doubt frequently involved in one another, but the interrelationship of prices and credit is too complex to admit of any simple statement, still less of a formula of invariable application. An oversimplified statement of complex problems contributes nothing toward the development of an effective administrative procedure. It is the view of the Federal Reserve Board that the price situation and the credit situation, while sometimes closely related, are nevertheless not related to one another as simple cause and effect; they are rather both to be regarded as the outcome of common causes that work in the economic and business situation. The same conditions which predispose to a rise of prices also predispose to an increased demand for credit. The demand for credit is conditioned upon the business outlook. Credit is created in increasing volume only as the community wishes to use more credit—when the opportunity for the employment of credit appears more profitable. Sometimes borrowers want to borrow more and sometimes they are content with less. Sometimes lenders are ready to lend more and at other times less. Why this should be so depends on all those multifarious conditions and circumstances that affect the temper of the business community. For the most part these conditions lie beyond the radius of action of Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

32 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. the Federal reserve banks. When the business outlook is inviting: business men are apt to adventure and new business commitments are made in increasing volume. But only later will these commitments be reflected in the possible rise of prices and an increase in the volume of credit provided by the commercial banks of the country. The Federal reserve banks will not to any considerable extent feel the impact of the increased demand for credit until the whole train of antecedent circumstances which has occasioned it is well advanced on its course; that is, until a forward movement of business, no matter from what impulse it is proceeding, has gained momentum. Credit administration must be cognizant of what is under way or in process in the movement of business before it is registered in the price index. The price index records an accomplished fact. Good credit administration in times of active business expansion should not encourage or assist the excessive accumulation of forward commitments in business and banking which only later on will definitely reflect the rate at which they have been taking place in resulting changes of credit volume and changes of price levels; and in timesof business reaction should discourage enforced liquidation of past commitments which also will only later on reflect the rate at which it has been taking place in altered credit volume and price levels. The problem of efficient credit administration is, therefore, largely a question of timeliness of action. No statistical mechanism alone, however carefully contrived,. can furnish an adequate guide to credit administration. Credit is an intensely human institution and as such reflects the moods and impulses of the community—its hopes, its fears, its expectations. The business and credit situation at any particular time is weighted and charged with these invisible factors. They are elusive and can not be fitted into any mechanical formula, but the fact that they are refractory to methods of the statistical laboratory makes them neither nonexistent nor nonimportant. They are factors which must always patiently and skillfully be evaluated as best they may and dealt with in any banking administration that is animated by a desire to secure to the community the results of an efficient credit system. In its ultimate analysis credit administration is not a matter of mechanical rules, but is and must be a matter of judgment—of judgment concerning each specific credit situation at the particular moment of time when it has arisen or is developing. There are among these factors a sufficient number which are determinable in their character, and also measurable, to relieve the problem of credit administration of much of its indefiniteness, and therefore give to it a substantial foundation of ascertainable fact. In large part these factors are recognized in the Federal reserve act. The act, therefore, itself goes far toward indicating standards by which Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE FEDERAL, RESERVE BOARD. 33 the adequacy or inadequacy of the amount of credit provided by the Federal reserve banks may be tested. The Federal reserve act has laid down as the broad principle for the guidance of the Federal reserve banks and of the Federal Reserve Board in the discharge of their functions with respect to the administration of the credit facilities of the Federal reserve banks the principle of '" accommodating commerce and business." (Sec. 14 of the Federal reserve act, par. (d).) The act goes further. It gives a further indication of the meaning of the broad principle of accommodating commerce and business. These further guides are to be found in section 13 of the Federal reserve act, where the purposes for which Federal reserve credit may be provided are described as '" agricultural, industrial, or commercial purposes." It is clear that the accommodation of commerce and business contemplated as providing the proper occasion for the use of the credit facilities of the Federal reserve banks means the accommodation of agriculture, industry, and trade. The extension of credit for purposes " covering merely investments or issued or drawn for the purpose of carrying or trading in stocks, bonds, or other investment securities, except bonds and notes of the Government of the United States," is not permitted by the Federal reserve act. The Federal reserve system is a system of productive credit. It is not a system of credit for either investment or speculative purposes. Credit in the service of agriculture, industry, and trade may be described comprehensively as credit for productive use. The exclusion of the use of Federal reserve credit for speculative and. investment purposes and its limitation to agricultural, industrial, or commercial purposes thus clearly indicates the nature of the tests which are appropriate as guides in the extension of Federal reserve credit. They clearly describe the nature or character of the purposes for which such credit and currency may be extended. The qualitative tests appropriate in Federal reserve bank credit administration laid down by the act are, therefore, definite and ample. But the problem of credit and currency administration implies the use not only of qualitative tests but also of quantitative tests. By what means may it be known whether the volume of credit provided by the Federal reserve banks is in any given set of circumstances adequate, excessive, or deficient? The problem in good administration under the Federal reserve system is not only that of limiting the field of uses of Federal reserve credit to productive purposes, but also of limiting the volume of credit within the field of its appropriate uses to such amount as may be economically justified— that is, justified by a commensurate increase in the Nation's aggregate productivity. The Board is fully aware of the fact that the problem of credit extension involves the question of amount or Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

34 ANNUAL REPORT OF THE FEDERAL, RESERVE BOARD. volume as well as the question of kind or character; otherwise stated, involves a quantitative as well as a qualitative determination. But it is the view of the Board that it is not necessary to go outside of the Federal reserve act to find suitable methods of estimating the adjustment of the volume of credit provided by the Federal reserve banks to the volume of credit needs. The Federal reserve act itself suggests the nature of the tests, guides, or indicators—whatever they may be called—to be used in gauging the need for and the adequacy of Federal reserve credit. The provisions of the act already quoted indicate that the needs for credit which are recognized by the act as appropriate are those derived from agriculture, industry, and trade. It is the belief of the Board that there will be little danger that the credit created and contributed by the Federal reserve banks will be in excessive volume if restricted to productive uses. A characteristic of the good functioning of the economic system is to be found in the smooth unobstructed movement of goods from the producer through the channels of distribution to their several ultimate uses. The characteristic of the good functioning of the credit system is to be found in the promptness and in the degree with which the flow of credit adapts itself to the orderly flow of goods in industry and trade. So long as this flow is not interrupted by speculative interference there is little likelihood of the abuse of credit supplied by the Federal reserve banks and consequently little danger of the undue creation of new credit. The volume of credit will seldom be at variance with the volume of credit needs as they are reflected in the demands of productive industry as long as (1) the volume of trade, production, and employment, and (2) the volume of consumption are in equilibrium. Credit for short-term operations in agriculture, industry, and trade, when these operations are genuinely productive and nonspeculative in character, that is to say, credit provided for the purpose of financing the movement of goods through any one of the successive stages of production and distribution into consumption, is a productive use of credit. But when the effect of the credit used is to impede or delay the forward movement of goods from producer to consumer, unless such delay is made necessary by some unavoidable cause, e. g., the interruption of transportation facilities, credit is not productively used. The withholding of goods from sale when there is a market or the accumulation of goods for an anticipated rise of price is not a productive use. It is the nonproductive use of credit that breeds unwarranted increase in the volume of credit; it also gives rise to unnecessary maladjustment between the volume of production and the volume of consumption, and is followed by price and other economic disturbances. Administratively, therefore, the solution of the economic problem of keeping the volume of credit issuing from the Federal reserve banks from becoming either excessive or deficient is found. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. 35 in maintaining it in due relation to the volume of credit needs as these needs are derived from the operating requirements of agriculture, industry, and trade, and the prevention of the uses of Federal reserve credit for purposes not warranted by the terms or spirit of the Federal reserve act. There are no automatic devices or detectors for determining, when credit is granted by a Federal reserve bank in response to a rediscount demand, whether the occasion of the rediscount was an extension of credit by the member bank for nonproductive use. Paper offered by a member bank when it rediscounts with a Federal reserve bank may disclose the purpose for which the loan evidenced by that paper was made, but it does not disclose what use is to be made of the proceeds of the rediscount. A farmer's note may be offered for rediscount by a member bank when in fact the need for rediscounting has arisen because of extensions of credit by the member bank for speculative use. Similarly, the note of a member bank collateraled by United States Government securities may be offered for discount to a Federal reserve bank when in fact the proceeds are to be used in supporting the extension of credit for " agricultural, industrial, or commercial purposes." Protection of their credit against speculative uses requires that the Federal reserve banks should be acquainted with the loan policies and credit extensions of their member banks—such acquaintance as can be obtained by examination of their member banks or by other forms of contact with them. In brief, the technical administrative problem presented to each reserve bank is that of finding the ways and means best suited to the circumstances in which it operates of informing itself of when and to what extent the extension of credit for speculative uses is the real occasion of member bank rediscounting. The administrative problems presented to the Federal Reserve Board are of different character and require a different technique. Unlike the Federal reserve banks, the Federal Reserve Board makes no loans. It is not an operating body, but a supervising body. As a supervising body it is not primarily concerned with the detail of the transactions of the Federal reserve banks. Its concern lies rather with the total volume and the aggregate effects of the credit transactions of the Federal reserve banks. In the discharge of the responsibility placed upon it by the act for the " review and determination " of the discount policy and discount rates of the Federal reserve banks "with a view of accommodating commerce and business/7 the Federal Reserve Board must look for guidance primarily to information concerning the state of industry and trade and the state of credit. Changes in the volume of bank credit in use are the outcome of changes in the volume of business. A proper and effective credit policy, considered in its broader aspects must, therefore, be based on that wide variety of economic facts which, when brought together, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

36 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. throw light on the changes taking place in the business situation and their relation to current banking and credit trends. While statistical information concerning production and distribution, covering the whole range of business activity from producer to consumer, is not complete, it is sufficient to indicate currently the rate at which goods are being produced and marketed. Information of this character, as a result of the growing recognition of its value and of the activities in collecting such information both by govern- ; mental and private agencies, is now available more currently and in more lines of industry and trade than ever before. The changes from month-to-month recorded in these figures, when brought together and interpreted, indicate the nature and rate of readjustments which are constantly taking place in the industrial and business situation. The activity of business, as measured by these current statistics, is the outcome of the decisions and actions of a large number ,of individual business men. They are, to be sure, in form and in .substance an account of the immediate past, but they also give indications of the conditions affecting the course of business in the future. While this information does not make it possible to measure .or estimate in advance the probable aggregate volume of credit needs or to combine into any single formula the elements of judgment applicable to varying credit situations as they arise, it provides ibasic data needed in banking administration. No statistical analysis can ever be a substitute for judgment in matters of credit administration, but such analyses of economic conditions are indispensable as furnishing the factual basis for credit judgment and for the development of credit policy. In view of the importance of this information in the determination of credit policy the Board and the Federal reserve banks collect through their statistical organizations, in addition to current reports on banking and credit conditions, basic economic data bearing on changes in the volume of production, trade, and employment, and the movement of prices both in the United States and abroad. The volume of production in physical units indicates the extent of industrial activity and measures the output of goods which will subsequently come into the market. Monthly data are available for basic industries, and while fluctuations in the volume of production in these industries are wider than those in the total for all industries, the data are sufficiently representative to indicate at any given time the direction and trend of industrial activity. Changes in the volume of employment at industrial establishments, figures for which are available for a larger number of industries, not only reflect the degree of current productive activity and thus supplement the figures on production, but because of their bearing on the earnings of workers, also indicate changes in the purchasing power of a large body of Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. 37 consumers. It is the buying power of consumers which primarily determines the demand for goods and the rate at which current production can be maintained. The movement of goods into the hands of final purchasers is measured by the volume of retail buying, which for many lines of trade throughout the country is reported monthly. The rate at which goods are moving through the intermediate channels of distribution is reflected in the volume of wholesale trade and of the shipments of merchandise. A smooth distribution of goods requires that stocks of raw materials and merchandise shall be held at different points in the marketing process, and the extent to which the marketing is orderly—that is, without undue accumulation or exhaustion of stocks—is shown in the changes in the volume of stocks held by producers and distributors. While information concerning stocks is not yet as complete or as current as information on production and trade, it is now available for many commodities and is steadily becoming more satisfactory. Since the purpose of the Board and of the Federal reserve banks in collecting and compiling this current economic information is to measure changes in the volume of production and trade in relation to changes in the volume of credit, the various lines of information are put into the form of index numbers for purposes of comparison. The use of index numbers, by placing the wide variety of information on a common basis, makes possible comparisons of the direction and rate of change in the basic industrial and commercial activities in their relation to credit trends. In the current surveys of business conditions published by the Board and the Federal reserve banks, the economic data which they collect are made available to the business community. These publications and the activities of other Government and private agencies in the gathering and interpretation of information with reference to current economic conditions are contributing to a better understanding of the factors at work in the business situation and a better appreciation of the relation between business movements and the volume of credit. The business community from which the demand for credit arises is in a position, on the basis of the more adequate information now available, to shape its policies with reference to the use of credit in accordance with fundamental factors and thus to cooperate with banking authorities in the maintenance of sound credit conditions. The circumstances whiqh have unavoidably led central banking administrations in all countries to exercise a more direct judgment concerning credit conditions and needs than was necessary in periods when the gold standard functioned as an effective regulator of international trade and financial movements have been discussed earlier in this report. Under the conditions that formerly obtained, action S6538—24t 4 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

38 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. of a central bank was largely determined by forces that were registered in changes in its reserve position. No test so simple, so definite r so easily understood, and so practicable has been found, nor is likely to be found, as the old reserve ratio. The banking and business community in prewar days, looking at the position of the central bank— that is, the state of its reserve and the position of its reserve ratio— could see for itself what the state of credit was and what course of action was indicated. The business community could, therefore, closely approximate both the kind of action and the time of action to be taken by central banking authorities. In circumstances which made necessary the protection of their gold reserves, little scope was left for the exercise of large discretion. Under present conditions, however, and until the restoration in some form of the international gold standard, discretion must inevitably play a larger r&le in central banking administration than in pre-war days when more reliance could be placed on changes in the reserve ratio. There is much evidence that this altered situation in which the banking community finds itself is being more fully understood by the general business and borrowing public, and that a more intelligent comprehension of present day credit problems is resulting. The more fully the public understands what the function of the Federal reserve system is and on what grounds and on what indications its policies and actions are based, the simpler and easier will be the problems of credit administration in the United States. For this reason it has been the policy of the Board to inform the public, either through its official monthly publication or by statements to the press, on matters in which the public has an interest and to which its attention should be drawn. By this means the Board presents to the public a statement of the problems confronting the system and of the attitude of the Board toward current banking and credit developments. The public is a partner in the Federal reserve system. The cooperation of the public based upon an understanding of the broad outlines of Federal reserve credit policy is of the greatest advantage to a good functioning of the system. The difficulties and disturbances which have confronted business men, both in this country and abroad, during the period of postwar readjustments, have obliged them to take cognizance of the fundamental factors which influence the movement of trade and industry and of the relation between these factors and the volume of credit. In the United States more than ip any other country business men in recent years have shown a disposition to use current statistical data measuring the rate and movement of basic factors in the economic situation and to adjust the policies of their individual business enterprises to the underlying economic forces. The Federal reserve system in developing its policies is also in a position to use Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE FEDERAL, RESERVE BOARD. 39 as guides these indicators of changes in the state of industry and trade, and with the increasing public appreciation of the value and meaning of these guides will to a larger degree have the cooperation of an informed public opinion in the carrying out of its policies. It is the belief of the Board that out of the experience of the United States and other countries that are now endeavoring to adapt their banking systems to the changing conditions and needs of industry during this period of unprecedented disturbance, there may result a larger conception of the function of these banking systems and the development of a new and more competent basis of .credit administration. OPERATIONS OF THE FEDERAL RESERVE SYSTEM. <• In what follows there is presented the detail of the operation of the Federal reserve banks and branches, together with an account of administrative matters with which the Federal Reserve Board has dealt during 1923. CONDITION OF FEDERAL RESERVE BANKS. At the end of 1923 total earning assets of the Federal reserve banks were $1,211,000,000, or about $115,000,000 less than at the end of 1922. This reduction in earning assets was the result of a decline of $303,000,000 in United States Government security holdings, partly offset by increases of $105,000,000 in discounts and of $83,000,000 in acceptances. Federal reserve note circulation was $149,000,000 smaller on December 31, 1923, than on December 30, 1922. Total deposits showed a decline of $14,000,000 for the year and reserves a decrease 3f $8,000,000. Statements of condition for each of the 12 Federal reserve banks xnd for the system as a whole are published in the appendix. The 'ollowing summary for the system as a whole shows the principal terns for December 31, 1922 and 1923, and the changes for the year. CONDITION OF THE TWELVE FEDERAL RESERVE BANKS COMBINED. [In thousands of dollars.] 1 Dec.30. Dec. ?1, ( I + n ) c r o e r a s d e e- 1922. i 1923 crease (—). 'otal reserves 3,176872 168,934 Jold reserves 3,047393 3,080,032 +32,639 Jills discounted 617780 723,068 +105,288 Jills bought in open market 272122 354,637 +82,515 Jnited States Government securities 436155 133,566 -302,589 'otal earning assets 1,326096 1,211,322 -114,774 federal reserve notes in circulation.. 2395,789 2,246,673 -149,116 'ota ] deposits 1,973,532 1,959,579 -13,953 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

40 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. EARNINGS, EXPENSES, AND VOLUME OF OPERATIONS OF THE FEDERAL RESERVE BANKS. Gross earnings of the Federal reserve banks in 1923, as in the preceding year, were about $50,000,000, owing to the fact that the total volume of earning assets remained at about the same level during the two years, though their composition was changed. The average holdings of discounts and of acceptances was considerably larger in 1923 than in the year before, while the average holdings of United States securities was much reduced through the policy of allowing maturing obligations of the United States Government to be redeemed without purchasing other securities in their place. As a consequence, earnings of the reserve banks from paper discounted for member banks and from acceptances were larger in 1923 than in 1922, while earnings from Government securities showed a substantial decline. A comparison for the past two years of daily average holdings of each class of earning assets, earnings therefrom, and annual rates of earnings is given in the following table: HOLDINGS OF EAENING ASSETS, EARNINGS THEREFROM, AND ANNUAL RATES OF EARNINGS. [Amounts in thousands of dollars.] Daily average Earnings. An ea n r u n a in l g ra s t e (p s e o r f holdings. cent). 1923 1922 1923 1922 1923 1922 Bills discounted 738 114 573 247 32 956 26 523 4 46 4 63 Bills bought in open market 226,548 159,207 9,371 5,629 4.14 3.54 United States Government securities 185,823 454, 750 7,444 16,682 4.01 3.67 Municipal warrants 85 66 4 4.50 5.40 Total 1 150 570 1 187 97ft 49, 775 48,838 4.33 4.11 Miscellaneous earnings 934 1,653 Total earnings 50, 709 50,491 Current expenses of the Federal reserve banks have also been on about the same scale for the past two years, in spite of the fact that in the larger departments, such as transit and cash, the volume of work handled has continued to increase. Salaries paid to clerical employees showed a reduction for the year of $196,000—from $14,222,000 to $14,026,000. Total current expenses, however, exclusive of fiscal agency department expenses reimbursable by the Treasury Department, increased slightly and aggregated $29,771,000, as compared with $29,559,000 in 1922. A general idea of the volume of work performed by Federal reserve banks in rendering services to member banks, mainly free of charge, may be obtained from the table below, showing the number of pieces Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE FEDERAL, RESERVE BOARD. 41 and the amounts handled in each of the larger departments of the banks during the past three years. In the currency department, for instance, it will be noted that the banks received and counted 1,723,000,000 different bills during 1923, or about 300,000,000 more than were received and counted during 1922. In the coin department the banks received and counted 2,076,000,000 pieces, as compared with 1,954,000,000 during 1922. The work of the transit department also increased quite materially, as will be noted from the fact that the number of checks handled during 1923—697,000,000—exceeded the number handled in 1922 by 58,000,000, or by about 9 per cent. Departments mentioned above, whose services are rendered free of charge to member banks, are the largest operating units in the Federal reserve banks, and the work performed in these departments constitutes a very large proportion of the total operations of the banks. Notwithstanding substantial increases in the volume of work in these departments during 1923 over that handled in 1922, the work was performed at a slightly reduced cost for clerical help. This was due in part to the work of the committees on economy and efficiency of the Federal Reserve Board and of the individual Federal reserve banks, which have continued their endeavors to reduce the cost of conducting the various activities of the banks in so far as consistent with efficient operation and with the rendering of adequate service to member banks. VOLUME OF OPERATIONS IN PRINCIPAL DEPARTMENTS. 1923 1922 1921 NUMBER OF PIECES HANDLED. Bills discounted 782,000 841,000 1,435,000 Bills purchased in open market 179,000 142,000 127,000 Currency received and counted 1,722,877,000 1,424,672,000 1,353,020,000 Coin received and counted 2,076,075,000 1,953,632,000 1,647,677,000 Checks handled 697,464,000 638,634,000 574,921,000 Collection items handled: United States Government coupons paid 64,662,000 81,694,000 98,501,000 All other... 5,732,000 4,722,000 3,575,000 United States securities—issues, redemptions, and exchanges by fiscal agency department 2 109,115,000 24,753,000 42,067,000 Transfers of funds , 1,413,000 1,190,000 1,080,000 Envelopes received and dispatched 44,932,000 (3) AMOUNTS HANDLED. : Bills discounted $38,379,926,000 $22,082,887,000 $57,759,128,000 Bills purchased in open market 2,547,010,000 1,954,688,000 1,534,401,000 Currency received and counted 10,306,411,000 8,602,185,000 9,223,815,000 Coin received and counted 308,051,000 221,871,000 i 251,680,000 Checks handled 206,919,707,000 160,472,450,000 130,482,253,000 Collection items handled: United States Government coupons paid 761,731,000 759,124,000 772,330,000 All other 5,900,520,000 4,768,971,000 4,267,651,000 United States securities—issues, redemptions, and exchanges by fiscal agency department 8,414,107,000 14,135,914,000 18,527,752,000 Transfers of funds 78,867,108,000 70,553,465,000 50,936,519,000 i Partly estimated. 8 Large increase due to redemption of war savings securities which matured Jan. 1, 1923. * Data not available. NOTE.—Figures for 1922 arid 1921 have been revised where necessary to place them-on a comparable basis with those for 1923. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

42 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. At the time of closing the books on December 31 the Federal reserve banks obtained permission from the Board to charge their current net earnings with $4,022,246 to cover depreciation on bank premises. These depreciation charges were made in accordance with the instructions of the Board, which provide that in general depreciation allowances on bank buildings in excess of 2 per cent of the estimated replacement cost of the buildings (including vaults but excluding fixed machinery and equipment) will not be approved. An -exception is made in cases where the book value of the buildings, owing to high construction costs during the war and post-war periods, is materially above the estimated replacement cost; under such circumstances requests for permission to write off a depreciation charge in excess of 2 per cent are given consideration. No depreciation allowances are authorized on land when the estimated market value of the land is equal to or in excess of its book value. The Federal reserve banks are allowed to set up a separate depreciation reserve to cover depreciation on fixed machinery and equipment, such depreciation reserve being based on the estimated life of the machinery and equipment, but in no case to exceed 10 per cent per annum. The Board also authorized eight of the Federal reserve banks to set aside reserves aggregating $2,448,775 to cover probable losses in connection with doubtful or worthless paper held under discount for member banks. In case any part of the reserves set aside for this purpose is not actually required to cover losses it will be returned to the banks' profit and loss accounts and distributed in accordance with section 7 of the Federal reserve act. Gross and net earnings of each Federal reserve bank during the year, dividends paid to member banks, additions to surplus account, and amounts paid to the Government as franchise taxes are shown in the following table: FINANCIAL RESULTS OP OPERATION OF THE FEDERAL RESERVE BANKS DURING 1923. Net deduc- Net earnings Federal reserve bank. ea G rn ro in s g s s. 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 e u i a r o r r n e n s n in t f g r n o s e m . t f a a r d n v a i n a d v i c i l s d h a u i e b s r n l e p e d l t u s f a o , s x r . Boston $3,506,683.20 $2,134,253.81 $1,372,429.39 $120,294.25 $1,252,135.14 New York 11,413,182.76 6,880,136.17 4,533,046.59 1,489,367 49 3,043,679.10 Philadelphia 4,592,770.81 2,295,726.15 2,297,044.66 119,208.12 2,177,836.54 Cleveland 4,655,090.44 2,550,659.26 2,104,431.18 1,183,210.13 921,221.05 Richmond 2,878,896.24 1,551,155.58 1,327,740.66 234,897.96 1,092,842.70 Atlanta 2,682,313.70 1,294,231.43 1,388,082.27 1,035,903.26 352,179.01 Chicago 6,511,358.49 4,373,023.94 2,138,334.55 959,979.73 1,178,354.82 St. Louis 2,753,434.72 1,472,675.25 I)280,759.47 98,596.84 1,182,162.63 Minneapolis 1,749,253.46 1,082,137.35 667,116.11 341,660.93 325,455.18 Kansas City 2,993,919.41 1,928,119.36 1,065,800.05 718,088.59 347,711.46 Dallas 2,3.56,436.18 1,391,228.15 965,208.03 632,925.80 332,282.23 San Francisco 4,615,227.13 2,817,165.11 1,798,062.02 1,292,636.20 505,425.82 Total 50,708,566.54 29,770,511.56 20,938,054.98 8,226,769.30 12,711,285.68 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. 43 FINANCIAL RESULTS OF OPERATION OF THE FEDERAL RESERVE BANKS DURING 1923—Continued. Transferred to surplus account. Paid to Federal reserve bank. Div p i a d i e d n . ds p s F b c l o u r r r i i s b n p u e g u d p i r n p t g c o o a s s p s e u u i r t o b a - f - l. b 1 a 0 l e a p a n e r c n r e i c n e o g n f s t . n o e f t Total. U a G s n o i f v t r e t e a a d n r x n c S . m h t i a e s t e n e t s Boston $480,267.31 $77,186.78 $77,186.78 $694,681.05 New York 1,749,239.47 129.443.96 129,443.96 1,164,995.67 Philadelphia 582,291.58 ""$i,"i32;259"57" 46,328.54 1,178,588.11 416,956.85 Cleveland 725,626.57 195,594.48 195,594.48 Richmond 342,295.22 343,721.73 40,682.57 384,404.30 366,143.18 Atlanta 264,621.84 8,755.72 8,755.72 78,801.45 Chicago 904,370.94 27,398.39 27,398.39 246,585.49 St. Louis 296,809.68 353,927.08 53,142. 58 407,069.66 478,283.29 Minneapolis 212,732.68 11,272.25 11,272.25 101,450.25 Kansas City 275,313. 51 7,239.80 7,239.80 65,158.15 Dallas 251,429.01 80," 853." 22' 80,853.22 San Francisco 467,719.53 37,706.29 37,706. 29 Total 6,552,717.34 2,144,062.37 401,450.59 2,545,512.96 3,613,055.38 While in 1921 and 1922 franchise taxes were paid to the Government by all Federal reserve banks except Dallas, in 1923, owing to smaller earnings and to larger transfers to surplus account, there were three reserve banks, those of Cleveland, Dallas, and San Francisco, that paid no franchise tax to the Government. Larger transfers to surplus account by these banks were occasioned by the substantial increase during 1923 in the capital accounts of these reserve banks as a result primarily of increases in the paid-in capital and surplus of their member banks. In accordance with the provisions of the Federal reserve act, Federal reserve banks transfer to surplus account all net earnings remaining after the payment of dividends until the surplus account equals 100 per cent of subscribed capital. Increases in the capital of member banks, therefore, result in larger transfers to surplus by the reserve banks and in a corresponding decrease in earnings available for the payment of the franchise tax. RATIO OF CURRENT NET EARNINGS TO CAPITAL AND TO CAPITAL AND SURPLUS COMBINED, 1923. Daily average Ratio of current net earnings to average Current net Federal reserve bank. earnings. P ca a p id it - a i l n . Surplus. c P a a p id it - a i l n . P c a a a i p n d i d - ta in l surplus. Per cent.. Per cent. Boston $1,372,429 $8,004,450 $16,312.376 17.1 5,6 New York 4,533.047 29,153,983 59,799;523 15.5 5.1 Philadelphia.. 2,297,045 9,704,867 18,748.740 23.7 8.1 Cleveland 2,104,431 12,093,767 23,495;543 17.4 5.9 Richmond 1,327,740 5,704,917 11,288,078 23.3 7.8 Atlanta ... 1,388,082 4,410,367 8,941,553 31.5 10.4 Chicago 2,138,335 15,072,850 30,398,177 14.2 4.7 St. Louis 1,280,760 4,946,833 9,664,673 I 25.9 8.8 Minneapolis.. 667,116 3,545,550 7,472,947 I 18.8 6.1 Kansas City.. 1,085,800 4,588,550 9,488,300 I 23.2 7.6 Dallas 965,208 4,190,483 7,496,307 ! 23.0 8.3 San Francisco 1,798,062 7,795,333 15,263,332 i 23.1 7.8 Total... 20 938,055 109,211,950 218,369,549 19.2 6.4 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

44 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. BUILDING OPERATIONS OF FEDERAL RESERVE BANKS. At the end of 1923 all the Federal reserve banks except New York, St. Louis, and Minneapolis were occupying their own buildings. During the year the Federal Reserve Banks of Cleveland and of San Francisco moved into their new buildings, though the building of the San Francisco bank was not yet completed. The building in New York is approaching completion, and it is expected that it will be occupied some time during 1924. The building in Minneapolis is more than half completed, and contracts have been let for a building to be constructed in St. Louis. The New Orleans branch of the Federal Reserve Bank of Atlanta and the Oklahoma City branch of the Federal Reserve Bank of Kansas City also moved into their new buildings during 1923, so that in addition to nine Federal reserve banks there are now ten Federal reserve branches occupying their own buildings. The addition to the building of the Federal Reserve Bank of Atlanta was completed during the year, and construction has begun on the building for the Jacksonville branch. The Board also authorized the Federal Reserve Banks of St. Louis and San Francisco to obtain bids for the construction of banking houses at Little Rock and Salt Lake City. In December the Federal Reserve Bank of Philadelphia purchased property adjoining its present bank building, with a view of providing additional space either by remodeling the building purchased or by the construction of an annex. All Federal reserve banks and branches now have buildings or building sites, except the branches at Buffalo, Birmingham, Memphis, Seattle, Spokane, Los Angeles, and Portland. The cost of building operations at each Federal reserve bank and branch to December 31, 1923, is shown on pages 198 and 199. BRANCHES AND AGENCIES OF FEDERAL RESERVE BANKS AND THEIR OPERATIONS. Of the 23 branches of Federal reserve banks at the close of 1923, 1 (New Orleans) was established in 1915, 5 in 1917, 10 in 1918, 4 in 1919, 2 in 1920, and 1 (Helena) in 1921. No applications for the establishment of additional branches were approved by the Board in 1923 or were under consideration at the end of the year. Hearings on a petition for the establishment of a branch of the Federal Reserve Bank of Kansas City at Wichita, Kans., were held by the Board on September 6 and on December 18, 1923. This application was denied on the ground that the improvement that would be likely to result in the services rendered banks in the proposed territory would not appear to be sufficient to warrant the additional expense required to maintain a branch at Wichita. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE FEDERAL, RESERVE BOARD. 45 In addition to the branches there are three agencies of the Federal reserve banks, one of which (in Savannah) was established in 1919 by the Federal Reserve Bank of Atlanta for the purpose of supplying the currency needs of member banks in that city. In 1923 the Board authorized the establishment of agencies in Havana, Cuba, by the Federal Reserve Banks of Boston and Atlanta, and these agencies were opened for business on September 1. The occasion for the establishment of the Cuban agencies, the first to be opened in foreign territory, was that United States currency is legal tender in Cuba and a considerable volume of our currency, chiefly Federal reserve notes, has been in circulation in Cuba for a number of years. No adequate machinery, however, had been in operation for the withdrawal from circulation of unfit United States currency and for its replacement with new money. It was felt that this could be accomplished through the purchase and sale of cable transfers, bankers' acceptances, and bills of exchange in Cuba, and the agencies of the reserve banks in Cuba were established for the purpose of performing these functions. The Board's resolution authorizing these agencies is appended. The agency of the Federal Reserve Bank of Boston is authorized to buy and sell cable transfers, to buy, sell, and collect prime bankers' acceptances and prime bills of exchange, but, except under certain specified conditions, is not permitted to pay out any currency in Cuba. The activities of the Federal Reserve Bank of Atlanta, on the other hand, are limited to currency operations and to the purchase, sale, and collection in Cuba of such bankers' acceptances and bills of exchange as have originated in, or are drawn upon, banks or other drawees in the Sixth Federal Reserve District. The Atlanta agency may purchase other bills only upon request of and for account of the Federal Reserve Bank of Boston. Acceptances and bills of exchange eligible for purchase by the Cuban agencies must be payable in dollars, must arise out of actual import or export transactions, must bear the signature of two or more responsible parties, as well as a satisfactory bank indorsement, must have not more than 90 days to run exclusive of days of grace, and must be secured at the time of purchase by shipping documents evidencing the actual import or export and sale of goods. CUBAN AGENCIES—RESOLUTION ADOPTED BY FEDERAL RESERVE BOARD AT MEET- ING JULY 30, 1923 (AMENDING ACTION OP JUNE 27, 1923). Whereas the United States Government, by virtue of the so-called Platt amendment has entered into relations with Cuba which it does not have with any other foreign country, especially in matters of finance and currency, the currency of the United States having been made legal tender by Cuba; Whereas the Federal Reserve Board is of the opinion that the establishment of an agency in Cuba is desirable as a means of stabilizing banking conditions and furnishing an adequate supply of clean currency; Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

46 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. Whereas the President of the United States and the State Department have advised this Board that it is important that such an agency should be established; Whereas the Federal Reserve Bank of Atlanta and the Federal Reserve Bank of Boston have each petitioned the Federal Reserve Board for authority to establish an agency in Havana, Cuba, for the purpose of conducting operations permitted under section 14 of the Federal reserve act; Whereas the Federal Reserve Bank of Boston desires to establish such an agency primarily for the purpose of buying and selling cable transfers and buying, selling, and collecting bankers' acceptances and bills of exchange bearing satisfactory bank indorsements; Whereas a substantial portion of the currency now in circulation in Cuba consists of Federal reserve notes of the Federal Reserve Bank of Atlanta; and it is feared that the establishment of an agency of another Federal reserve bank in Cuba might result in the retirement of such notes from circulation; and the Federal Reserve Bank of Atlanta desires to establish an agency in Cuba primarily in order that it may maintain the circulation of its Federal reserve notes in Cuba; Whereas the Federal Reserve Bank of Boston does not desire to put its Federal reserve notes in circulation in Cuba but is willing, if authorized to establish such an agency, to preserve as far as possible the circulation in Cuba of Federal reserve notes issued through the Federal Reserve Bank of Atlanta; Be it resolved by the Federal Reserve Board, that the applications of the Federal Reserve Bank of Atlanta and the Federal Reserve Bank of Boston for permission to establish such agencies are hereby granted on the following terms and conditions: (1) The Federal Reserve Bank of Atlanta and the Federal Reserve Bank of Boston are each authorized to establish an agency in Havana, Cuba, and through such agency to buy and sell cable transfers; buy, sell, and collect prime bankers' acceptances and prime bills of exchange, which acceptances and bills are payable in dollars, arise out of actual import or export transactions, bear the signatures of two.or more responsible parties, bear a satisfactory bank indorsement, have not more than 90 days to run, exclusive of days of grace, and are secured at the time of purchase by shipping documents evidencing the actual import or export and the actual sale of goods and conveying or securing title to such goods; and to exercise only such incidental powers as shall be necessary to the exercise of the above powers. The term " bills" as hereinafter used shall mean cable transfers, bankers' acceptances, and bills of exchange of the kinds described in this paragraph. (2) The Federal Reserve Bank of Atlanta shall not buy or sell any cable transfers except at the request of the Federal Reserve Bank of Boston as provided in paragraph 3 hereof, and shall not purchase, sell or collect any bills in Cuba except such as originate in or are drawn upon banks or other drawees, in the Sixth Federal Reserve District; and shall purchase no other bills nor purchase or sell any cable transfers except upon the request of, and for the account of, the Federal Reserve Bank of Boston. (3) The Federal Reserve Bank of Boston shall not pay out any currency in Cuba, except as hereinafter provided, and whenever bills or cable transfers are offered for sale to its Havana agency and the sellers request payment in Federal reserve notes or other currency, the Federal Reserve Bank of Boston shall request the Federal Reserve Bank of Atlanta to purchase such bills or cable transfers for it and immediately pay for them with Federal reserve notes issued through the Federal Reserve Bank of Atlanta or other currency. The Federal Reserve Bank of Atlanta shall comply with all such requests and shall make immediate payment, and shall immediately resell such cable transfers or bills to the Federal Reserve Bank of Boston at cost and without recourse. If the Federal Reserve Bank of Atlanta shall fail to purchase such bills or cable trans- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE FEDERAL. RESERVE BOARD. 47 fers promptly for the Federal Reserve Bank of Boston or shall not have available in Havana a sufficient supply of currency, the Federal Reserve Bank of Boston may itself purchase such bills and pay for them with its own Federal reserve notes. In making sales of cable transfers and bills of exchange where currency is tendered in payment, the Federal Reserve Bank of Boston shall require the purchasing banks to make the currency payments to the agency of the Federal Reserve Bank of Atlanta for credit to its account. All settlements between the agencies shall be made at the request of the creditor bank by the head offices through the gold settlement fund. Neither bank shall make any direct exchanges of currency in Cuba. (4) The establishment and operation of such agencies, and the exercise of all the above powers through such agencies, shall be subject to such changes and such further rules and regulations as the Federal Reserve Board may prescribe from time to time. (5) The Federal Reserve Board expressly reserves the right to revoke its consent at any time to the continuance of such agencies, to require the discontinuance of such agencies or to authorize the establishment of new agencies whenever an its discretion it considers it desirable to do so. CHANGES IN MEMBERSHIP IN THE FEDERAL RESERVE SYSTEM DURING 1923. At the close of the year 1923 the total number of member banks In active operation was 9,774 as indicated by reports of condition at ? that time. Of this number 8,179 were national banks and 1,595 State banks and trust companies. During the year there was a net decrease in active membership of 85; the decrease in the number of national banks was 41, and the decrease in the number of State banks and trust companies 44. Decreases in membership occurred in most of the districts, particularly in the Minneapolis, Kansas City, and San Francisco districts. In the New York, St. Louis, and Philadelphia districts, on the other hand, the number of members increased during the year. Changes in membership by districts for the year are shown in the table below. MEMBERSHIP IN THE FEDERAL RESERVE SYSTEM. Total membership. State c b o a m nk p s a n an ie cI trust National banks. Increase Increase Increase Dec. 29, Dec. 31, (+)or Dec. 29, Dec. 31, ( + )or Dec. 29, Dec. 31, (+)or 1922. 1923. decrease 1922. 1923. decrease 1922. 1923. decrease (-). System 9,859 9,774 -85 1,639 1,595 -44 8,220 8,179 -41 Boston 429 424 — 5 39 36 -3 390 388 —2 New York 803 835 + 32 136 143 + 7 667 692 +25 Philadelphia. .. 716 722 + 6 58 66 + 8 658 656 -2 Cleveland 880 ' 877 -3 116 118 764 759 -5 Richmond . 630 627 o 68 66 -2 562 561 — 1 Atlanta... 536 525 -11 143 140 -3 393 385 — 8 Chicago 1,440 1,427 -13 379 369 -10 1,061 1,058 3 St Louis 608 624 + 16 121 127 +6 487 497 +10 Minneap olis 1,000 940 -60 130 109 -21 870 831 -39 Kansas City 1,142 1,122 -20 43 36 -7 1,099 1,086 -13 Dallas 855 849 -6 199 190 -9 656 659 +3 San Francisco 820 802 -18 207 195 -12 613 607 -6 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

48 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. The reduction of 85 in Federal reserve membership was the net result of the addition of 210 member banks and the loss of 295. Of the banks added to the membership, 2 were banks previously closed which resumed activities during the year, 89 were newly organized national banks, and 121 were formerly nonmembers which joined the system. Of the losses in membership, mergers accounted for 87, of which the largest number were in the San Francisco district, voluntary liquidation accounted for 31, absorption by nonmember banks for 48, voluntary withdrawal of State banks and trust companies for 29, and insolvencies or suspensions for 102. BRANCH BANKING. The Board has called attention in previous reports to the growth of branch banking in some portions of the country. In the State of California the development has been rapid and continuous in recent years. The growth of branch banking presents a problem which is receiving the serious attention of the Board, with a view of finding a satisfactory method of dealing with the situation. The difficulties of the problem arise in part from the differences in the legislation of the various States and the competitive disadvantages suffered by national banks in States that permit branch banking. The Board is hopeful that it can by administrative measures find some reasonable method of harmonizing existing differences of interest of State and national banks in the matter of branch banking, and thus lay the basis for a policy which will result in shaping the development and practice of branch banking in the United States along useful and serviceable lines. CHECK CLEARING AND COLLECTION. On June 11, 1923, the United States Supreme Court handed down decisions in the Atlanta and Richmond par clearance cases, which are of great importance in the Federal reserve par collection system. In the Board's annual report for 1922, at pages 30 to 33, the preliminary steps of this litigation were reviewed and a brief statement relative to the final decisions will be given here. Atlanta par clearance case.—In a unanimous opinion the Supreme Court affirmed the right of Federal reserve banks to collect for other Federal reserve banks, for member banks and for affiliated nonmember banks checks on any bank within their respective districts, if such checks are payable on presentation and can in fact be collected consistently with the legal rights of the drawee without paying an exchange charge. The court said that within these limits Federal reserve banks have ordinarily the same right to present a check to the drawee bank for payment over the counter as any other bank Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE FEDERAL, RESEEVE BOARD. 49 would have. The Federal Reserve Bank of Atlanta was fully exonerated of all charges of coercion and wrongful intent in its checkcollection methods. The court held that it had acted not only entirely within its own rights, but also without violating any right of the nonmember banks involved in the case, which are not entitled to protection against legitimate competition and whose loss of revenue from exchange charges resulting from the superior collection facilities of the Federal reserve system must be considered damnum absque injuria. The decision also stands for the proposition that Federal reserve banks are prohibited from paying exchange charges on checks forwarded by them for collection. This decision is reported in 262 U. S. 643, under the caption American Bank and Trust Co. v. Federal Reserve Bank of Atlanta. Richmond par clearance case.—In this case the primary question involved was the validity of a North Carolina statute which authorized State banks to charge exchange on remittances covering checks drawn on them and made such checks, when presented by or through a Federal reserve bank or any agent thereof, payable at the option of the drawee banks in exchange drafts on their reserve deposits, unless the drawer of the check had expressly stipulated for payment in cash. The Supreme Court, two justices dissenting, held this statute to be constitutional. In reaching this conclusion, the court ruled that the Federal Reserve Board is not required by law to establish a universal system of par clearance and that Federal reserve banks are not required to receive for collection or collect at par checks drawn on nonmember banks which refuse to remit at par, although they have the right to do so. The court affirmed the right of unaffiliated nonmember banks to charge exchange on remittances for checks drawn on them, but intimated that if they insist on charging exchange they should not share in the facilities of the par collection system. In this case, also, the court held that Federal reserve banks can not pay exchange charges. This decision is reported in 262 U. S. 649, under the caption Farmers & Merchants Bank v. Federal Reserve Bank of Richmond. The effect of these two decisions is that Federal reserve banks are authorized, but not required, to collect any check which is payable on presentation Without deduction for exchange; that the check clearing system should be voluntary in that unaffiliated nonmember banks should not be compelled to forego their right to charge exchange, and that it should be reciprocal in that nonmember banks which will not remit at par for checks drawn on them should not be permitted to share in the par collection facilities. The text of the Supreme Court's opinions discussed above is published on pages 296-304. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

50 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. There have been no important developments in the par clearance1 litigation affecting the Federal Reserve Banks of Cleveland and San Francisco since the publication of the Board's annual report for 1922, in which the preliminary aspects of this litigation were discussed. Following the decisions of the Supreme Court in the Atlanta and Richmond par clearance cases, the Board took under consideration what changes should be made in existent check collection practices in order to conform to the fullest extent to the spirit as well as the letter of these decisions. The Board had conceived it to be its duty under the law to establish in the United States a universal system of par clearance and collection of checks, and in accomplishing that purpose certain of the Federal reserve banks had found it appropriate to maintain agents other than banks for the purpose of making collections at par of checks drawn on nonpar remitting banks. The- Supreme Court, however, having declared that the Board has no duty to establish par clearance, the Board directed Federal reserve banks until further notice to discontinue the use of all such agents other than banks, with the result that Federal reserve banks do not now handle for collection checks drawn upon nonmember banks and not collectible at par through usual banking channels. Other suggested changes in the par collection system have also been carefully studied, but no final action has been taken by the Board. REDISCOUNTS FOR NONMEMBER BANKS. -On June 26, 1923, the Board revoked the permission which had formerly been granted to member banks to act as the media or agents of nonm ember banks in rediscounting paper with Federal reserve banks. In order to relieve the general financial stringency during the emergency of 1921, the Board had granted blanket authority to member banks to rediscount nonmember bank paper with Federal reserve banks, but the emergency period having passed, the Board felt that it would contravene the intent of Congress if this general permission were continued. Section 19 of the Federal reserve act provides in part that "No member bank shall act as the medium or agent of a nonmember bank in applying for or receiving discounts from a Federal reserve bank * * * except by permission of the Federal Reserve Board.M The obvious purpose of this provision is to prevent nonmember banks from obtaining the benefit of the rediscount privilege, Congress apparently intending that all banks which desire the benefits of the Federal reserve system ought to become member banks and contribute their quota to its resources and successful operation. That this is still the policy of Congress is indicated by the provision in the agricultural credits act of 1923 y which authorizes Federal reserve banks to discount agricultural Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. 51 paper for Federal intermediate credit banks, excepting such paper as bears the indorsement of a nonmember bank which is eligible for membership in the Federal reserve system. In withdrawing from member banks the general privilege of rediscounting nonmember bank paper, the Board let it be known that Federal reserve banks might continue to discount bankers' acceptances and other eligible paper bearing the signature or indorsement of a nonmember bank if such paper were bought by the offering bank in good faith in the open market from some party other than a nonmember bank. The Board also indicated that in exceptional cases and upon specific application it would grant member banks permission to rediscount nonmember bank paper, particularly in cases where the nonmember bank involved was ineligible by law for membership in the Federal reserve system. ADMINISTRATION OF CLAYTON ACT. During 1923 there have been a number of developments in the administration of the law relating to interlocking bank directorates which the Board desires to call to the attention of Congress. In its annual report for the year 1921, on 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 recommended the enactment of an amendment to remedy the situation. A bill to effect this purpose had been introduced in the House of Representatives on April 21, 1921, and referred to the Committee on Banking and Currency. Pending consideration of this bill a number of applications for the Board's permission for interlocking directorates were received, which the Board had no power to grant under the terms of the existing law, because the banks involved appeared to be in substantial competition. If the proposed amendment were enacted, however, the Board believed that it would be authorized to grant its consent to the interlocking directorates in such cases, and it accordingly deferred final action on these applications in the anticipation that the proposed bill would become law. Upon the adjournment of the Sixty-seventh Congress, however, without any action having been taken upon this bill, the Board felt that it could not properly continue to hold the pending applications in abeyance, and it therefore proceeded to their final consideration. All these applications have now been disposed of, the permission applied for being refused or granted, depending upon whether the banks involved were or were not in substantial competition. Questions have been raised from time to time in the past with regard to the Board's attitude in the matter of the revocation of per- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

52 ANNUAL REPORT OF THE FEDERAL, RESERVE BOARD. mits for interlocking directorates which have been granted, particularly in cases where the banks involved have come into substantial competition since the time when the permits were granted. In such cases the Board has no power under the law to permit additional common directors between the banks involved, and it has been represented that, because of the anomalous situation thereby created, the Board should exercise its undoubted power to revoke the permits formerly granted. The Board gave this question very careful consideration. Its counsel advised that the law does not require it to revoke permits in any case, but that the power to revoke them is discretionary. To aid it in determining how this discretionary power should best be exercised, the Board directed its 12 Federal reserve agents to make a comprehensive review of the situation affecting interlocking directorates in their districts, designed to inform the Board in detail whether the terms of section 8 of the Clayton Act were being complied with, and with particular reference to all cases involving banks having interlocking directorates which had been granted at a time when no substantial competition existed, but which could not then be granted under the Kern amendment, because the institutions affected had since become substantial competitors. This investigation disclosed that in a few cases banks with common directors have become substantial competitors since the time when permits for such directorates were granted, either through the natural growth of competitive business or through the acquisition of competitive business incident to a consolidation. After careful study, the Board decided not to revoke permits in cases where the interlocking directorates have resulted in the growth of competition between the banks involved, believing that this policy would best serve to carry out the underlying intent of the Clayton Act, which, in the Board's view, is to preserve competition between naturally competitive elements and thus prevent the formation of monopolies in various kinds of business in their inception. Where banks having common directors have become substantial competitors, it is obvious that such interlocking directorates have fostered, or at least not prevented, the free growth of competition, and this seems to be precisely what the Clayton Act was designed to accomplish. The Board, therefore, saw no valid reason for breaking up such directorates. It is true that in cases where competition has grown up between certain banks having common directors the Board has no power, under the Kern amendment, to permit additional common directors between the same banks, but this apparent discrimination, resulting from the Board's lack of adequate power under the present terms of the law to deal appropriately with such cases, is a condition which should be remedied by suitable legislation. It surely is not of sufficient gravity to warrant the Board in penalizing directors who have permitted their Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. 53 banks to come into substantial competition and have thus acted in harmony with the spirit and purpose of the law. The Board believes rather that such directors should be permitted to continue to serve their institutions, and that permits granted under the Kern amendment should be revoked only in cases where the interlocking directorate has the effect of lessening or stifling competition between banks which, but for the common directorate, would normally compete, or where there is some other violation of the intent and purpose of the law. As noted above, a bill was introduced in the House of Representatives on April 21, 1921, which would authorize the Board to grant permits for interlocking directorates between competitive banks if in its judgment uno restriction of banking credit or lessening of competition will result." This amendment was framed by the Board's committee on the Clayton Act, and cogent reasons for its enactment are contained in that committee's report to the Board, published on pages 352 to 356 of the Board's annual report for 1921. In its present form the act operates in an illogical way and often defeats the very purpose for which it was enacted. It empowers the Board to permit interlocking directorates between banks which are not in substantial competition, even though they have deliberately eliminated competition; but it does not authorize the Board to permit such relationships between banks which have become active competitors in spite of the presence of common directors on their boards. (Of course, if the Board finds that the banks in question have stifled competition by common agreement, it would not permit interlocking directorates between them, even though it has power to do so.) The act also operates inequitably against national banks, because it restricts them in their choice of directors, but does not restrict State banks and trust companies, and thus national banks are seriously handicapped in their competition with State incorporated institutions. If Congress desires the continuance of free competition between banking institutions, this factor should be considered. Very recently a large national bank in New York, which had under consideration the question of denationalization, represented to the Board that the applicability of the Clayton Act in the case of a certain director would be the determining factor in its decision upon this question. Other similar cases have been brought to the Board's attention. In some cases, also, the refusal to permit an interlocking directorate may have an adverse effect upon the banking and credit situation in the community, and the Board believes it should have power to deal with such cases appropriately. A recent case in point involved two national banks in a small southern city, which had as a common director a man of great influence in the community. The banks were 86538—24t 5 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

54 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. in an extended condition due to the large amounts which they had loaned to the farmers, and their ability to continue their agricultural loans and at the same time keep their doors open depended upon the unshaken confidence of their depositors. It was represented to the Board that if the law were strictly enforced and the influential common director were required to resign from either bank, the community would fail to understand the reason for his resignation, but would immediately suspect the solvency of the institution and a financial crisis would ensue, which might cause irreparable injury to the banking and farming situation in that district. Yet the two banks were admittedly in substantial competition, and under the law as it stands the Board had no power to permit the interlocking directorate. Under these extreme circumstances, however, the Board held that it might properly defer final action upon the application, pending improvement of the financial and agricultural situation in the affected district and pending action by Congress on the bill proposed by the Board. For these various reasons the Board believes that it will be very desirable to amend the Clayton Act substantially as proposed by the bill introduced in 1921, and it takes this opportunity to renew its urgent recommendation that some such legislation be enacted. During the past year the Board has received and considered 347 applications presented to it for permission to serve in interlocking directorates. TRUST POWERS OF NATIONAL BANKS. The right of national banks to exercise trust powers has during the past year been involved in litigation in the States of Pennsylvania and Missouri. The Board's annual report for 1922 discussed the preliminary stages of the litigation in Pennsylvania which concerned the right of the Corn Exchange National Bank of Philadelphia to act in a fiduciary capacity. It will be recalled that the Orphans' Court, in which the question first arose, refused to recognize the bank's right to act as guardian or to appoint it as such, on the ground that the exercise of trust powers by national banks in Pennsylvania was in contravention of the State law. The court based this conclusion upon certain conflicts between the State law relating to the administration of trusts by State banking institutions and the provisions of section 11 (k) of the Federal reserve act. On appeal, the Superior Court of Pennsylvania reversed the Orphans' Court and upheld in all respects the rights of national banks in Pennsylvania to exercise trust powers. An appeal was then taken to the Supreme Court of Pennsylvania by the Commonwealth, which had intervened in the proceeding. On April 9, 1923, the Supreme Court of Pennsylvania rendered its decision in this case, affirming the decision of the Superior Court and finally establishing the right of national banks in that Commonwealth Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. 55 to act in fiduciary capacities when authority therefor is given by the Board under section ll(k) of the Federal reserve act. The court considered the various conflicts between State and Federal laws and ruled definitely that the latter are paramount and must prevail; that Congress, in defining what should be considered uin contravention oh State law/" had made the right of national banks to exercise trust powers depend upon the existence of that right in competitive State institutions, and that if such State banks or trust companies are given the right to exercise trust powers, national banks must be accorded the same right, irrespective of differences in the rules governing the exercise of trust powders. The decision is reported under the caption In re Turners Estate, 277 Pa. 110; 120 Atl. 701, and the text of the opinion is published on pages 304-307. The litigation in Missouri concerned the right of the Burnes National Bank of St. Joseph to act as executor under a will in which it had been named. The Probate Court on January 29, 1923, refused to issue letters testamentary to the national bank on the ground that the bank was not authorized to act as executor under the laws of Missouri. The national bank applied to the Supreme Court of Missouri for a writ of mandamus requiring the Probate Court to issue letters testamentary to the national bank. On January 4 7 1924, the Supreme Court of Missouri rendered an opinion upholding the decision of the Probate Court and denying the writ of mandamus. In its decision the court held that the exercise of trust powers by national banks in Missouri, is in contravention of State law, largely because of the conflicts between the provisions of the State law and of section 11 (k) of the Federal reserve act relating to the administration of trusts. The court considered the provision in section ll(k) that the exercise of trust powers by national banks shall not be considered in contravention of State' law when State institutions, which compete with national banks, are permitted to exercise such powers, but failed to apply it, arguing that it was not controlling and that trust companies in Missouri did not compete with national banks in the sense contemplated by the statute. The full text of the opinion is published on pages 307-314. A number of the larger national banks in St. Louis and Kansas City were represented in the proceeding and have appealed the case to the United States Supreme Court on a writ of error. The United States has also intervened in the proceeding, through the Solicitor General, in order that the right of national banks to exercise trust powers, granted by Federal law, may be fully protected. The case has been set for argument before the United States Supreme Court on April 7, 1924.' 1 On April 28, 1924, the United States Supreme Court rendered its decision in this case, reversing the decision of the Missouri Supreme Court and definitely upholding the right of national banks in Missouri to exercise trust powers. Th3 full text of the opinion is published on pages 314-315. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

56 ANNUAL REPORT OF THE FEDERAL, RESERVE BOARD. Permits to exercise fiduciary powers.—During the year 1923 the Board approved 182 original and 19 supplementary applications by national banks for permission to exercise trust powers. The total number of national banks holding permits to exercise trust powers on December 31, 1923, was 1,819, a list of which, with the powers granted, is published on pages 226-242. AMENDMENTS TO THE FEDERAL RESERVE ACT. During the year 1923 the Federal reserve act was amended in several important respects by the act of March 4, 1923. This act is known as the IC agricultural credits act of 1923," and its purpose was to provide additional credit facilities for the agricultural and livestock interests of the country. This purpose was in part accomplished by creating new credit institutions adapted to extend credits to the agricultural interests for intermediate periods of from nine months to three years. The act further enlarged the operations of the Federal farm loan system and broadened the provisions of the Federal reserve act relating to agricultural credits. Only the provisions which amended the Federal reserve act will be discussed here. Capital requirements of member banks.—This act amended the ninth paragraph of section 9 of the Federal reserve act so as to permit banks to become member banks with a capital of 60 per cent of the amount theretofore required, with the proviso that such banks must increase their capital to 100 per cent within the time and under conditions prescribed by the Federal Reserve Board, but in all cases such banks must set aside annually at least 20 per cent of their net income for the preceding year as a fund to be devoted exclusively to such increase of capital. Discount of factors7 paper.—Section 13 of the Federal reserve act was amended so as to provide that notes, drafts, and bills of exchange of factors, issued for the purpose of making advances exclusively to producers of staple agricultural products in their raw state, should be eligible for discount by Federal reserve banks. Sight and demand bills of exchange.—Section 13 of the Federal reserve act was further amended to provide for the discount and purchase by Federal reserve banks of sight and demand bills of exchange drawn to finance the domestic shipment of nonperishable, readily marketable staple agricultural products, and secured by satisfactory shipping documents. The amendment prescribed that such bills must be forwarded promptly for collection and that in no event might a Federal reserve bank hold such bills for a period in excess of 90 days. Maturity of acceptances.—The maturity of acceptances eligible for discount, formerly described as "three months' sight/7 was amended to read "90 days' sight." Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE FEDERAL, RESERVE BOARD. 57 Six months1 agricultural acceptances.—The act further broadened the power of Federal reserve banks to discount acceptances by authorizing the discount of acceptances with maturities up to six months when drawn for an agricultural purpose and secured at the time of acceptance by documents of title covering readily marketable staples. Nine months7 agricultural paper.—The new section 13a added by the act of March 4, 1923, extends the maturity of agricultural paper eligible for discount from six to nine months. It provides further, however, that such paper having maturities in excess of six months can not be eligible as a basis for the issuance of Federal reserve notes unless secured by negotiable warehouse receipts or similar documents covering readily marketable staple agricultural products or by chattel mortgage upon livestock being fattened for market. This provision in effect, therefore, amends that portion of section 16 of the Federal reserve act which deals with collateral security for Federal reserve notes. Discounts for Federal intermediate credit banks.—Section 13a also authorizes Federal reserve banks to discount eligible agricultural paper for Federal intermediate credit banks, which latter corporations are one class of the credit institutions established by other provisions of the act. No such paper, however, which bears the indorsement of a nonmember bank which is eligible for membership may be thus discounted. Purchase and sale of debentures issued by Federal intermediate credit banks and national agricultural credit corporations.—The Federal reserve banks are authorized by section 13a to buy and sell debentures and other similar obligations issued by Federal intermediate credit banks and national agricultural credit corporations, such transactions, however, to be subject to the same limitations as are placed upon the purchase and sale of farm loan bonds, and State, county, and municipal bonds and warrants. Paper of cooperative marketing associations.—Section 13a further prescribes when paper of cooperative marketing associations shall be deemed to be issued or drawn for an agricultural purpose. Such paper is classified as agricultural paper when (a) the proceeds thereof are advanced by the association to its members for an agricultural purpose, (6) the proceeds are used by the association in making payments to members for agricultural products delivered by the members, or (c) such proceeds are used by the association to pay for grading, processing, packing, or marketing any agricultural products handled by the association for its members. This section also contains a proviso that the express enumeration of certain classes of paper of cooperative marketing associations as eligible for discount shall not be construed as rendering ineligible any other class of such paper which is otherwise eligible for discount. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

58 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. Limitation of amount of paper of six and nine months maturity which Federal reserve hanks may discount.—The Federal reserve act formerly provided that paper having a maturity not exceeding six months may be discounted in an amount to be limited to a percentage of the assets of the Federal reserve bank, to be fixed by the Federal Reserve Board. Section 13a now authorizes the Board to limit to a percentage of the Federal reserve bank's assets the amount of ninemonth paper, as well as six-month paper, that such bank may discount. Open-market dealings in acceptances of Federal intermediate credit hanks and national agricultural credit corporations.—The act of March 4, 1923, adds a new subsection (f) to section 14 of the Federal reserve act, authorizing Federal reserve banks to purchase and sell in the open market acceptances of Federal intermediate credit banks and national agricultural credit corporations, whenever the Board shall declare that the public interest so requires. Federal reserve hanks as depositories and fiscal agents.—This act adds a new paragraph to section 15 of the Federal reserve act, authorizing. Federal reserve banks to act as depositories for and fiscal agents of any national agricultural credit corporation or Federal intermediate credit bank. Repeal of progressive discount rate.—The Phelan Act. approved April 13, 1920, which provided for progressive discount rates, is repealed by the agricultural credits act. Provisions affecting the Federal reserve system without making any textual changes in the Federal reserve act— Section 207 (a) of the agricultural credits act of 1923 provides that national agricultural credit corporations, having an authorized capital stock of $1,000,000 or more, may discount for any member bank, upon its indorsement, agricultural paper with maturities up to nine months which is secured by warehouse receipts or similar documents covering readily marketable agricultural products, or by chattel mortgages on livestock. Such corporations may also rediscount for a member bank notes, with maturities up to three years, which are secured by chattel mortgages conferring a paramount lien on maturing or breeding livestock or dairy herds. Section 208 (a) authorizes Federal reserve banks to act as depositaries of United States bonds which national agricultural credit corporations must deposit as a condition to opening for business. Federal reserve banks are also to act as depositaries of United States bonds which such corporations must deposit as security against their indebtedness. Section 210 authorizes any member bank, with the permission of the Comptroller of the Currency, to invest up to 10 per cent of its capital and surplus in the stock of national agricultural credit corporations. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE FEDERAL, RESERVE BOARD. 59 Section 212 provides that the moneys of national agricultural credit corporations may be kept on deposit subject to check in any member bank. Federal reserve branch bank buildings.—The Federal reserve act was also amended by the act of February 6, 1923. The act of June 3, 1922, had inserted a paragraph at the end of section 10 which placed a limitation of $250,000 upon the amount which a Federal reserve bank might expend in the construction of a building, and the act of February 6, 1923, amended that provision so as to provide that the $250,000 limitation should apply only to branch-bank buildings and should cover only the cost of the building proper, exclusive of the cost of the vaults, permanent equipment, furnishings, and fixtures. It was further provided that the limitation should not apply to any buildings under construction prior to June 3, 1922. AMENDMENTS TO REGULATIONS OF FEDERAL RESERVE BOARD. The amendments made in the Federal reserve act by the agricultural credits act, approved March 4, 1923, necessitated changes in several of the Board's regulations, and the Board took this occasion to make a revision of its regulations. A new issue of the regulations was published under date of July 10, 1923, and a brief discussion of the more important changes is here presented. The new Regulation A supersedes Regulation A, series of 1922, and has been changed materially in order to conform to the amendments to the Federal reserve act made since the date of issue of the former regulation. Among other things, the new regulation contains a more liberal interpretation of eligible agricultural paper, with its extended maturity of nine months, and incorporates the new provisions of law classifying as agricultural paper certain paper of cooperative marketing associations. The regulation makes provision for the new classes of paper which were made eligible for discount by the agricultural credits act, viz, sight and demand drafts secured by bills of lading covering the domestic shipment of nonperishable, readily marketable agricultural staples, and paper of factors issued for the purpose of making advances to producers of staple agricultural products. Provision is also made for the discount, with maturities up to six months, of bankers' acceptances drawn for an agricultural purpose and secured by documents of title covering readily marketable staples. The act of July 1, 1922, amended the law with reference to the amount of paper of any one borrower which a Federal reserve bank might discount for a State member bank, fixing such amount at the same limit applicable to cases involving national banks, and the new Regulation A has been modified accordingly. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

60 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. Regulation B supersedes Regulation B, series of 1922, and hasbeen simplified by the omission of the provision in the former regulation which made a very limited class of bankers7 acceptances drawn by cooperative marketing associations eligible for purchase in the open market. The amendments to the law made a much broader class of bankers' acceptances drawn for agricultural purposes eligible for discount and for purchase in the open market, thus rendering the former provision unnecessary. Regulations C and D supersede the corresponding regulations of the 1920 series and contain no material changes. Regulation E, superseding Regulation E, series of 1920, has been rearranged, but no substantial change has been made except the elimination of the 10 per cent limitation on the amount of warrants of any municipality which might be purchased by a Federal reserve bank with the indorsement of a member bank. Regulation F is the same as the 1920 regulation, which it supersedes. Regulation G, superseding Regulation G, series of 1920, has been, changed only to the extent that it no longer requires notes representing real-estate loans to be canceled at maturity and new notes taken in their place. The new regulation permits a maturing note to be renewed or extended, but, as before, it provides that a national bank must not obligate itself in advance to make any renewal. Regulation H, superseding Regulation H, series of 1920, has been changed materially so as to conform to the amendments to section 9 of the Federal reserve act contained in the agricultural credits act, which made a State bank with a capital of 60 per cent of the amount theretofore required eligible for membership, provided it increases its capital to 100 per cent under certain terms and conditions, in large part to be prescribed by the Federal Reserve Board. In the new Regulation H, the Board has provided that banks admitted to membership with 60 per cent of the normal capital must increase their capital to the required 100 per cent within five years after admission to membership and to this end must set aside annually not less than 50 per cent of their net earnings for the preceding year. Certain other less important changes have also been made in the new regulation. Regulation I, which supersedes the corresponding 1920 regulation, has been changed so as to conform to the present practice in connection with the applications of newly organized national banks for membership in the Federal reserve system, and also so as to require receivers and liquidating agents of failed member banks to apply for the surrender and cancellation of Federal reserve bank stock held by such banks within six months after their appointment. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. 61 A new draft of Regulation J was tentatively approved, but has not yet become effective. Consequently check clearing and collection operations are still governed by the provisions of Regulation J, series of 1920. The Board has, however, instructed Federal reserve banks to discontinue the use of agents other than banks for the purpose of making collections at par of items drawn upon nonpar remitting banks. Regulation K is identically the same as the 1920 regulation, which it supersedes. Regulation L has been changed slightly by broadening the definition of the term "national bank/' as used in the regulation, to include all banking institutions organized or operating under the laws of the United States. A statement of the general principles adopted by the Board for its guidance in determining whether two or more banks are in substantial competition has also been inserted in the regulation. The text of the Board's new series of regulations is published on pages 265-294. PUBLICATION OF DIGEST OF RULINGS. In 1923 the counsel of the Federal Reserve Board completed the preparation of a u Digest of rulings of the Federal Reserve Board." The main part of this publication is given over to digests or summaries of all the Board's rulings, court decisions, legal opinions, and similar matters which have been published in the Federal Reserve Bulletin to the end of 1923. These digests contain the gist of the rulings and opinions which have interpreted the Federal reserve act and other legislation affecting the operation of the Federal reserve system, and they state the salient facts and conclusions reached in sufficient detail to make it unnecessary in most cases to refer to the full text of the rulings as published in the Bulletin. The digest is fully indexed and the arrangement is such as to make reference to the various rulings as convenient as possible. In this respect the digest is substantially an annotated edition of the Federal reserve act. In addition, the Digest of Rulings includes the regulations of the Federal Reserve Board, the full text of the Federal reserve act, with appendices and index as published in the 1923 edition, the act in its original form as enacted December 23, 1913, with a composition, showing by italics and canceled words the textual changes made by all amendments to the act, and a nontechnical summary of all these amendments showing the purpose and effect of the changes made. FEDERAL ADVISORY COUNCIL. Four meetings of the Federal Advisory Council were held in Washington during 1923, on the following dates: February 20 r Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

62 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. May 21, September 17, and November 19. The recommendations of the council to the Board are printed on pages 457-465. 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. The governors of the Federal reserve banks convened in Washington on March 26 and conferences of the governors and chairmen of the Federal reserve banks were held, beginning November 12. ORGANIZATION, STAFF, AND EXPENDITURES. During the year 1923 the following changes have occurred in the organization and staff of the Federal Reserve Board: On March 14, 1923, Hon. Milo D, Campbell, of Coldwater, Mich., was appointed a member of the Federal Reserve Board, in accordance with the amendment to section 10 of the Federal reserve act whereby the number of appointive members of the Board was increased from five to six. Mr. Campbell died suddenly on March 22, after having served as a member of the Board only eight days. To fill this vacancy Hon. Edward H. Cunningham, of Des Moines, Iowa, was appointed, effective May 14, to fill the unexpired term of 10 years. On May 1 Hon. D. R. Crissinger, of Marion, Ohio, Comptroller of the Currency, was appointed governor of the Federal Reserve Board to fill the vacancy caused by the expiration on August 9, 1922, of the term of office of Hon. W. P. G. Harding, of Birmingham, Ala., and on the same date Hon. Henry M. Dawes, of Chicago, 111., assumed the office of Comptroller of the Currency and ex officio member of the Federal Reserve Board. Hon. John R. Mitchell, of St. Paul, Minn., resigned as a member of the Board on May 12 and was succeeded by Hon. George R. James, of Memphis, Tenn., whose appointment was effective May 14. On September 15, Mr. Wm. W. Hoxton, general secretary, resigned to accept an appointment as Federal reserve agent and chairman of the board of directors of the Federal Reserve Bank of Richmond, and *Mr. Walter L. Eddy, executive secretary, was appointed secretary, effective October 1, 1923. Mr. J. C. Noell, Federal reserve examiner, was appointed assistant secretary, effective October 1, 1923. On March 6, 1923, Mr. George B. Vest, who had been employed in 1 the office of the Board's general counsel since October, 1922, was appointed assistant counsel. On July 1 the division of analysis and research and the office of statistician were consolidated into one division under the title of Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE FEDERAL, RESERVE BOARD. 63 division of research and statistics. Mr. W. W. Stewart, who had been the director of the division of analysis and research, became director of the consolidated division. The total cost of conducting the work of the Board during the year 1923, including salaries of members and the cost of printing and circulating the Federal Reserve Bulletin, was $726,428.28. Two assessments were levied against the Federal reserve banks aggregating $702,634.68, or approximately 215 thousandths of 1 per cent of their average paid-in capital and surplus for the year. By direction of the Federal Reserve Board: D. R. CRISSINGER, Governor. The SPEAKER OF THE HOUSE OF REPRESENTATIVES Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DISCOUNT AND OPEN-MARKET RATES. No. 1.—-CHANGES DUBING 1922 AND 1923 ON ALL CLASSES AND MATURITIES OF DISCOUNTED BILLS. [Per cent.] Federal reserve bank. Boston. Y N o e r w k. 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. Lo S u t. is. M ap i o n l n is e . - K C a i n t s y a . s Dallas. F c S i r s a a c n n o - . w w In effect Jan 1, 1922 5 5 5 5 54 5 54 5 Changes effective: o 1922—Jan. 9 ,__.... 5 Jan 11 5 Jan 23 44 Feb. 14 Mar 15 Mar 25 44 \pr 6 44 Apr. 14 4* June 22 4 June 23 4 July8 4 July 12 44 Aug 12 \ug 15 a 1923—Feb. 23 H 4* Mar 6 j 44 w In effect Dec. 31 4i 44 44 44 44 4i 44 4* 44 44 44 o NOTE—On Apr. 7 and 19, 1923, respectively, the Federal reserve banks of Boston and Philadelphia established a rate of 5 per cent on 6-9 month agricultural and livestock paper made eligible by the Mar. 4, 1923, amendment to the Federal reserve act. The remaining banks established a rate of 4£ per cent on such paper on the following dates: New York, Aug. 6; Cleveland, Apr. 9; Richmond, Apr. 7; Atlanta, Mar. 22; Chicago, Aug. 16; St. Louis, Apr. 5; Minneapolis, Apr. 11; Kansas City, Apr. 14, Dallas, Apr. 12; San Francisco, March 21. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No, 2.—AVERAGE RATES CHARGED ON DISCOUNTED BILLS, BY MONTHS, DURING 1923. [Per cent.] Federal reserve bank. J a a r n y u . - Fe a b ry r . u- March. April. May. June. July. g A u u s - t. t S b e e e m p r - . - O b c e t r o . - v b N e e o m r - . - c b D e e e m r - . - Y 19 e 2 a 3 r . Y 19 e 2 a 2 r . Y 19 e 2 a 1 r . d F Boston _ . 4.00 4.10 4 50 4 50 4.50 4.50 4.50 4.50 4.50 4.50 4.50 4.50 4.42 4.21 5.88 New York 4 00 4 09 4 50 4 50 4 50 4 50 4 50 4 50 4 50 4 50 4 50 4 50 4 42 4.21 6.06 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 4.50 5.44 ^ Cleveland . _ . . 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 4.60 5.72 § Richmond 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 4 70 5.91 Atlanta _ 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 4.64 6.05 Chicago .-_ ... _ . --_ 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 4.63 6.29 St Louis 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 4 65 5.90 Minneapolis _ _ 4.50 4 SO 4.50 4.50 4 50 4.50 4.50 4.50 4.50 4.50 4.50 4.50 4.50 4.85 6.35 Kansas City 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 4 79 6.14 Dallas 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 4 86 6.01 San Francisco 4.00 4.00 4.33 4.50 4.50 4.50 4.50 4.50 4.50 4.50 4.50 4.50 4.44 4.32 5.79 All banks: 1923.. 4.25 4.28 4.49 4 50 4.50 4 50 4 50 4.50 4.50 4.50 4 50 4.50 4.47 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 I 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 1919 4.18 4.14 4.15 4.18 4.16 4.19 4.14 4.12 4.18 4.19 4.53 4.67 4.26 1918 4.02 4.02 4.08 4.23 4.35 4.42 4.37 4.25 4.24 4.21 4.20 4.18 4.26 w o Cn 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 1923. a [Per cent".] Federal reserve bank. J a a r n y u . - F a eb ry r . u- March. April. May. June. July. August. te S m e b p- er. O b c e t r o- No b v e e r. m- D b ec e e r. m- Y 19 e 2 a 3 r . Y 19 e 2 a 2 r Y 19 e 2 a 1 r . £ Boston _ - 4.00 3.98 4.38 4.46 4. 50 4. 50 4. 50 4.50 4.50 4. 50 4.50 4.50 4.41 4.24 6.03 ^ New York 4.00 4.05 4.44 4.49 4. 50 4. 50 4. 50 4. 50 4. 50 4. 50 4.50 4.50 4.41 4.25 6.13 tr* 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 4.50 5.49 w Cleveland - _ _ _ 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 4.64 5 85 hrj Richmond 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 4.78 5.92 § Atlanta - - __-.___._ 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 4.76 6. 12 H Chicago 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 4.76 6.40 o St. Louis 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 4.71 5.97 ^ H Minneapolis 4. 54 4. 50 4.50 4. 50 4. 50 4. 50 4. 50 4. 50 4. 50 4. 50 4. 50 4. 50 4. 52 5. 12 6.48 ft Kansas City 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 4.95 6.06 W Dallas 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 08 6 °5 w San Francisco 4.00 4. 00 4. 16 4.47 4. 47 4. 50 4.50 4. 50 4.50 4.50 4.50 4.50 4.42 4.42 5.82 g \11 hanks- 1P°3 4 26 4 ?A 4 45 't 49 4 50 4 50 4. 50 4 50 4 50 4. 50 4 50 4 50 4 46 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 0. 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 w 1919 4.21 4. 18 4. 16 4. J6 4. 15 4.20 4.15 4. 13 4. 17 4. 15 4. 40 4. 55 4.23 CTJ 1918 . 3. 94 4.02 3.94 4. 14 4. 38 4.31 4.40 4. 35 4.27 4.22 4.27 4.29 4.24 m 1917 4 01 4.02 4 14 3. 92 3. 82 3. 49 3. 82 3 77 3.79 3.47 3.42 3.75 3.61 _ H-H 1916 4.18 4. 15 4. 21 4. .7 4.24 4. 36 4. 24 4.31 4.43 4.35 4.08 3.81 4.20 w JARD Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 4.—CHANGES SINCE JANUARY 1, 1922, IN MINIMUM AUTHORIZED RATES ON ACCEPTANCES BOUGHT IN OPEN MARKET. B A N K E R S' A (' C E P T A N C E S. [Per cent.] 1>,deral res<?rve bank. Boston. v-NrT d P el h p i h la ia - - 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 t s y a . s Dallas. San ci s F co ra . n- Y 01 K. In effect Jan. 1, 1922 4 4 4 4 1 4-5 4 4 5 i 5 6 4 Changes effective— 1922—Jan. 18 . 4 Jan 19 3 A Jan 20 S1 I c | w Jan. 21 3i H Jan. 23 ! 31 o Jan 27 31 ' j Mar. 13 ; 31 H Mar 15 1 W Mar. 24 3 ' Apr. 4 i 3 Apr 7 1 3 3 Apr 8 3 o Apr 12 ! ! 3 Apr. 15 Apr. 21 3 3-1 May 25 June 13 3 3 i June 22 21 ! June 23 2- '• ! June 24 i i June 27 2* bd July 6 ! 21 ! o July 8 .. -__ -.-| __ __ __ 2 i 24 > Aug. 11 j 3 Sept 26 3 1923—Apr. 24 ! j Tn effect Dec. 31... 2k j 21 1 2> \ 4 3 i 2A 21 3 i 3 i 3 3 21 1 Minimum and maximum rates. NOTE.—Acceptances purchased direct from the acceptor are taker} at a rate not less than the discount rate on commercial paper. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 4.—CHANGES SINCE JANUARY 1, 1922, IN MINIMUM AUTHORIZED RATES ON ACCEPTANCES BOUGHT IN OPEN MARKET—Continued. & TRADE ACCEPTANCES. [Per cent.] I ^ I Federal reserve bank. ^ Boston. Y N o e r w k. 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. Lo S u t. is. M ap i o n l n is e . - K C a i n t s y a . s Dallas. F c S i r s a a c n n o - . g In effect Jan. 1, 1922 2 Changes effective— 1922—May27 __. 4 May 29. 4 O *4 May 31 31 June 1 - _-_._-_.. 31 June 9 - . -. .- . 4 June 13 4 June 22 ..- 3 3* June 27 4 1923—In effect Dec 31 . 3 3* A 4 4 4 4 3i 2 Open-market rates applicable to trade acceptances only were first established on May 27, 1922. For rates chargeable prior to that time, see preceding table showing minimum authorized rates on bankers' acceptances purchased in open market. I w o & 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 1923. [Per cent.] m Q° Federal reserve bank. J a a r n y u . - F a eb ry ru . - March. April. May. June. July. g A u u st - . t S b e e e m p r - . - O b c e t r o . - v b N e e m o r - . - c b D e e m e r - . - Y 19 e 2 a 3 r . Y 19 e 2 a 2 r . Y 19 e 2 a 1 r . —f. Boston 4.04 4 05 4 06 4 10 4 20 4 20 4 18 4 18 4 19 4 18 4 19 4 18 4 14 3 55 5 39 1 New York 4.09 4.09 4.08 4 12 4 11 4 12 4.12 4 10 4 12 4 13 4 13 4 09 4 11 3 57 5 40 S3 Philadelphia - __ . ... . 4.07 4.07 4.09 4.12 4.19 4.20 4.20 4.20 4.19 4.19 4.19 4.18 4 15 3 53 5 35 Cleveland. ... _ ___ 4.09 4.09 4.11 4.13 4.23 4.24 4. 19 4.21 4.23 4.22 4.21 4.21 4.17 3.70 5.81 w Richmond 4.18 4 18 4 25 4 31 4 31 4 31 4 31 4 31 4 33 4 31 4 31 4 29 4 64 5 93 Atlanta 4.31 4.17 4 10 4 12 4 19 4 22 4 23 4 25 4 24 4 37 4 35 4 33 4 21 4 14 6 10 Chicago 4.11 4.08 4 10 4.12 4 23 4.21 4.27 4 28 4 27 4 28 4 25 4 22 4.21 3 50 5 51 O St. Louis- . . .. . 4.05 4.04 4.06 4.07 4.15 4. 15 4. 18 4.31 4.31 4.31 4.09 3.67 5.47 H Minneapolis 3.93 4.06 4.18 4.19 4.07 5.96 Kansas City . _ _ 4.56 4.56 4.18 4.56 4.56 4.56 4.56 4.37 4.60 6.46 Dallas 4.06 4 04 4.06 4.06 4 11 4 17 4.13 4.21 4 19 4 19 4 18 4.16 3.77 6.08 San Francisco.. . .. ._ 4.12 4.08 4.11 4.13 4.23 4.21 4.21 4.24 4.22 4.23 4.22 4.21 4.17 3.55 5.49 ft All banks: 1923 4.09 4.08 4.09 4.12 4.16 4.18 4.20 4 20 4.21 4.21 4.19 4.18 4.16 1922 .. . _ 4.28 4.21 3.92 3.48 3.28 3.22 3.13 3.10 3.19 3.68 4.10 4.11 3.59 1921 6.05 6.01 6.01 5.94 5 88 5 88 5 70 5 31 5 35 4 97 4 60 4.41 5.49 1920 . . 5.10 5.53 5.80 5.82 5.96 6.07 6.06 6.04 6.04 6.05 6.45 6.08 5.85 1919 . 4.28 4.24 4.24 4.24 4.24 4.24 4.25 4.25 4.25 4.26 4.47 4.84 4.36 W O CO Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Mo, 6.—ANNUAL RATES OF EARNINGS ON BILLS BOUGHT IN OPEN MARKET AND FROM OTHER FEDERAL RESERVE BANKS, BY MONTHS, DURING 1923. [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.te S m ep b - er. O b c e t r o . - No b v e e r. m- D b ec e e r. m- Y 19 e 2 a 3 r . Y 19 e 2 a 2 r . Y 19 e 2 a 1 r . cj Boston - 3.97 4.04 4.05 4.07 4.11 4.15 4.18 4.18 4.18 4.19 4.18 4,18 4.13 3.52 5. 61 New York 3.94 4.08 4.11 4.10 4.11 4.10 4.12 4.13 4.14 4. 12 4.12 4.13 4 11 3 54 5 59 Philadelphia 4.01 4.07 4.07 4.07 4.09 4.15 4.19 4.20 4.20 4.16 4.18 4.18 4.13 3.50 5.61 Cleveland _ . - ._ 4.02 4.09 4.12 4.09 4.13 4.18 4.21 4.20 4.21 4.22 4.22 4.27 4.15 3.48 5.90 3 Richmond - _ 4.17 4.17 4.18 4.19 4.25 4.29 4.31 4.31 4.31 4.31 4.31 4.32 4.27 4.83 6.03 H Atlanta . . 4.26 4.22 4.13 4.09 4.10 4.12 4.22 4.23 4.22 4.28 4.36 4.34 4.19 4.15 6.28 Chicago 4.00 4.03 4.06 4.08 4.09 4.12 4.18 4.20 4.21 4.19 4.21 4.20 4.15 3.50 5.67 O St. Louis 4.05 4.05 4.05 4.05 4.07 4.11 4.17 4.18 4.18 4.23 4.30 4.30 4.07 3.36 5.68 Minneapolis 3.88 4.24 4.06 4.08 3.94 4.18 4.18 4.31 4.13 Kansas City 4.56 4.56 4.10 4.30 4.56 4.56 4.57 4.18 4.18 4.20 4.43 4.56 4.26 4.96 6.40 Dallas ... . - - 4.02 4.05 4.05 4.06 4.06 4.15 4.21 4.20 4.15 4.20 4.20 4.19 4.13 3.67 6.10 fed San Francisco 4.04 4.16 4.17 4.03 4.14 4.17 4.20 4.21 4.20 4.21 4.21 4.21 4.14 3.47 5.70 b w All banks: 1923 _ 4.01 4.09 4.10 4.08 4.11 4.14 4.18 4.19 4.19 4.19 4.18 4.20 4.14 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 I 1919 _ 4.29 4.25 4.26 4.23 4.25 4.19 4.27 4.22 4.27 4.22 4.33 4.54 4.30 1918 3.64 3.79 3.92 4.18 4.36 4.25 4.24 4.38 4.19 4.25 4.36 4.33 4.14 1917 2.80 3.02 3.19 3.10 3.15 3.16 3.23 3.19 3.35 3.40 3.53 3.43 3.26 1916 2.09 2.07 2.04 2.04 2.07 2.14 2.21 2.31 2.46 2.12 2.52 2.71 2.36 i w 1 o Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 7.—ANNUAL RATES OF EARNINGS ON DISCOUNTED BILLS AND ON PURCHASED BILLS. [Per cent.] Discounted bills. Purchased bills. Federal reserve bank. 1916 1917 1918 1919 1920 1921 i 1922 1923 1918 1919 1920 1921 1922 1923 Boston 3.52 3.66 4.01 4.21 5.91 6.03 4.24 4.41 2.22 3.25 4.19 4.25 5.81 5.61 3.52 4.13 New York 3.69 3.12 4.04 4.12 5. 88 6.13 4.25 4.41 2.38 3.33 4.07 4.25 5.69 5.59 3.54 4.11 Philadelphia- 3.75 3.73 4.29 4.13 5.48 5.49 4.50 4.50 2.31 3.18 4.12 4.24 5.85 5.61 3.50 4.13 Cleveland 4.25 3.94 4.28 4.22 5.88 5.85 4.64 4.50 2.29 3.24 4.20 4.27 5.67 5.90 3.48 4.15 § Richmond. 4.00 3.91 4.40 4.34 5.69 5.92 | 4.78 4.50 3.09 3.22 4.27 4.57 5.74 6.03 4.83 4.27 H Atlanta 3.77 3.99 4.27 4.25 5.77 j 612 4.76 4.50 2.71 3.34 4.20 4.57 5. 55 6.28 4.15 4.19 O Chicago 4.60 3.85 4.30 4.26 6.17 6.40 4.76 4.50 2.28 3.11 4.24 4.33 5.64 5. 67 3.50 4.15 St. Louis_._ 4.04 3.85 4.29 4.2.5 5.83 5.97 4.71 4.50 2.34 3.16 4.18 4.36 5.30 5.68 3.36 4.07 Minneapolis 4.80 4.22 4.63 I 4.33 6.22 6.48 5.12 4.52 2.32 3.16 4.36 4. 27 5. 28 4.13 Kansas City 4. 77 4.14 4.74 | 4.68 6.05 6.06 4.95 4.50 2.39 3.20 4.26 4. 36 5. 45 6.40 4.96 4.26 Dallas j 4.49 4.48 4.67 ! 4.64 5.67 6.25 5.08 4.50 3.36 3.40 4.10 4. 79 I 5.49 6.10 3.67 4.13 San Francisco I 5.01 4.53 4.65 | 4.51 5.79 5.82 4.42 4.42 2.39 3.25 4.20 4.29 ! 5.61 5.70 3.47 4.14 System. 4.20 3.61 4.24 4.23 5.88 6.07 4.63 4.46 2.36 3.26 4.14 4.30 5.66 5.70 3.54 4.14 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 1923. [Per cent.] i Federal reserve bank. J a a r n y u . - Febru-!March. April. May. June. July. August. tem Se b p e - r O b c e t r o . - j N o b v e e r. m- De b c e e r. m- Y 19 e 2 a 3 r . Y 19 e 2 a 2 r . Y 19 e 2 a 1 r . j Boston 3.62 3.79 3. 75 4. 12 4.39 4.35 4.46 4.46 3.92 4.67 4.49 4.31 3.93 3.67 2.16 New York.... 3.69 3.88 3. 89 4. 17 4.26 4.22 4.49 4.50 4.10 4.51 4.47 3.82 3.94 3.63 2.70 Philadelphia^. 4.05 4.25 4. 22 ! 4. 28 4.29 4.28 4.27 4.26 4.24 4.30 I 4.29 4.36 4. 25 3.83 2.22 Cleveland 3. 50 3.93 3.94 | 4.08 4. 12 4.04 4. 15 4. 15 4. 14 4. 17! 4. 18 4. 12 3.96 3.84 2.21 s i Richmond 2.45 2.36 2. 35 2. 33 2.33 2.37 2.30 2.31 2.31 2.31 2.31 2.31 2. 36 2.06 2.04 Atlanta 3.17 3.57 3. 80 4. 00 4.40 4.53 4.29 4. 13 4.16 4.14 4.21 4. 14 3.71 2.54 2.79 w Chicago 3.59 3.80 3.77 | 3.80 3. 79 3.65 3.58 3.48 3.40 3.27 3.42 3.39 3.68 3.68 2.23 H St. Louis 4.00 4. 14 4. 17 j 4. 21 4.31 4.51 4.36 4.37 4.23 4.64 4.21 3.70 2.17 O i H Minneapolis I 4. 05 4. 29 j 4. 28 4. 24 4.27 4.28 4.30 4.24 4.20 4.28 4.26 4.34 4.25 3.43 2.06 Kansas City j 3.96 4.07 j 4. 15 | 4. 26 4. 32 J 3. 64 4.36 4.41 4.45 4.49 4.44 4.44 4.16 3.68 2.16 w Dallas | 3.49 3.70 | 3.80 3. 79 3. 80 3. 33 2.67 2.67 2.66 4.04 4.09 4.09 3.72 2.83 2.17 San Francisco i 3.95 4.19 i 4.16 4.26 4. 26 4.18 4.28 4.28 4.29 4.32 4.33 4.33 4.19 4.00 2.16 All banks: 1923.. 3.74 3.96 ! 3.99 4. 11 4.17 4. 15 4.07 4.21 4. 18 4.03 4.01 1922.. 3.16 3.58 I 3.72 3.77 3. 63 3.60 3.65 3.71 3.78 3.79 3.67 1921. 2.13 2.11 ! 2.24 2.15 2.31 2.33 2.49 2.38 2.68 2.92 2.37 j 1920.. 2.18 2.17 \ 2. 10 2. 10 2. 15 2 22 2.27 2 20 2 17 2 43 2 21 1919.. 2.26 2.31 ! 2.41 2.43 2.24 2.21 2.17 2. 18 2.22 2. 19 2.26 1918.. 3.27 3.25 | 3.59 3.56 2.76 2.87 2.73 2.44 2.49 2.40 2.99 1917.. 2.64 2.67 j 2.66 2.36 2.67 2.71 2. 75 3.06 2.86 2.98 2.68 1916.. 2.14 2.33 ; 2.14 2.34 2.38 2.36 2.38 2.47 2.44 2.38 2.35 w o g Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 9.—ANNUAL RATES OF EARNINGS ON TOTAL EARNING ASSETS, BY MONTHS, DURING 1923. [Per cent.] Sep- Octo- Year Year Year ily. A ugust 1923. 1922. 1921. 4.42 4.45 4.43 4.28 3.87 5.42 4.44 4.44 4.43 4.30 3.82 5.69 4.40 4.40 4.39 4.37 4. 11 4.95 4.40 4. 35 4.36 4.29 4.10 5.39 i 4.45 4.45 4.44 4.57 5.61 4.46 4.46 4.41 4.40 5.63 4.33 4.32 4.26 4.23 5.91 4.46 4.48 4.40 4.14 5.43 4.44 4.42 4.42 4.64 6.09 4.47 4.48 4.37 4. 25 5.39 4.39 4.43 4.26 4.56 5.79 4. 43 4.44 4.32 4.08 5.56 4.42 4.42 4 33 3.90 3.85 4.11 .5.60 5.42 5 61 5.72 5. 81 5. 50 3.98 3. 93 4.04 4.31 4.27 4. 12 3.34 3.37 3 29 1 2.62 2.69 2.67 I o w > NOTE.—Average annual rates of earnings (per cent) on municipal warrants during 1923 were as follows : Philadelphia—March, 4.56; April, 4.56; May, 4.50; June, 4.62; July, 4.54; November ,4.56; December 4.56; year, 4.54. Atlanta—June, 4.50; July, 4.50; August, 4.50; September, 4.50; October, 4.50; November, 4.50; December 4.50; year, 4.50. Minneapolis- January, 4.49; year, 4.49. Kansas City—September, 4.50; October, 4.50; November, 4.50; year, 4.50. All banks combined—January, 4.49; March, 4,56; April, 4.56; May, 4.50; June, 4,51; July, 4.52; August, 4.50; September, 4.50; October, 4.50; November, 4,50; December, 4,54; year, 4,50 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONDITION OF FEDERAL RESERVE BANKS. No. 10.—EARNING ASSETS OF FEDERAL RESERVE BANKS, 1914-1923. [In thousands of dollars.] Bills discounted. Date. U m S . e e S n c . t u G r o e o b d v l i b e g r y a n - - Other. Total. i B n il o ls p k e b e n t o . m ug a h r t - T o o n t a h l a b n i d l . ls Un se it c e u d r it S ie ta s tes 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 . nin : tions.1 Xov. 27. 7,383 7,383 7,383 7,383 Dec. 31. 9,909 9,909 9,909 205 734 10,848 H 1915. W Jan. 29.. 13, 955 13, 955 13, 955 13,180 27,135 Feb. 26- 20, 469 20, 469 20, 469 17,41? 37, 886 Mar. 26. 31,683 31, 683 31, 683 21, 579 53, 262 Apr. 30- 36, 586 36, 586 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 10, 379 36, 375 7,601 11,509 55, 485 July 30.. 29,102 29,102 11, 625 40, 727 7,923 16,107 64, 757 Aug. 27.. 29, 275 29, 275 13, 564 42, 839 8,836 25, 808 77, 483 Sept. 24. 31, 373 31, 373 13, 058 44, 431 24, 945 78, 704 Oct. 29.. 30, 448 30, 448 13, 619 44, 067 10, 505 25, ©14 79, 586 Nov. 26. 32, 794 32, 794 18,179 48, 973 12,919 27, 308 89,200 w Dec. 30.. 32, 388 32, 368 23, 013 55, 381 15, 797 12, 220 83, 398 o 1916. Jan. 28.. 26,901 | 26, 901 2G, 314 53, 215 21, 372 20, 602 95,189 Feb. 25.. 22,827 22, 827 29, 054 51, 881 29, 632 25, 403 106, 916 Mar. 31. 21, 267 21, 267 40, 408 61, 675 40, 275 33, 015 134, 965 Apr. 28.. 21, 448 21, 448 47, 585 69, 033 49, 681 36, 933 155, 647 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

May 26.. 25,36o 20, 365 52, '70S 73, 0?3 55, 782 44, 946 173, 801 June 30.. 21,188 21,188 71, 095 92, 283 57,129 22,671 172,083 July 28.. 27, 594 27, 594 83, 454 111,048 56, 581 27,220 194, 849 Aug. 25.. 27, 032 27, 032 82,146 109,178 55,001 27,863 192,042 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 c Dec. 29_, 30,196 30,196 127, 497 157, 693 55,414 8,975 222,082 tr1 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 48,118 17,124 209, 474 3 Mar. 30.. 20,106 20,106 84, 473 104, 579 47, 700 15,715 167, 994 Apr. 27_. 35,043 35,043 71, 400 106, 443 117,818 14, 999 239, 260 wH O May 25.. 1,900 45, 687 47, 587 107, 377 154, 964 117, 658 14, 675 287, 297 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, 459 195, 097 333, 556 76, 953 1,469 411, 978 H Aug. 31.. 11,867 135, 448 147,315 154, 591 301,906 77, 927 1,230 381,063 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 Nov. 30. 405, 608 350, 790 756, 398 205, 454 961, 852 89, 096 1,429 1,052, 377 Dec. 28.. 283, 421 397, 285 680, 706 275, 366 956, 072 107, 233 1,005 1,064,310 1918. Jan. 25 312, 520 315,142 627, 662 273,912 901, 574 123,194 2 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, 523 1,201, 585 Apr. 26 642, 429 259, 314 901, 743 302, 844 1204, 587 78, 853 3 2, 722 1,286,162 w May 31. 562,993 334, 364 897, 357 256, 373 1153, 730 146, 924 ? 736 1,301, 390 o June 28. 434, 509 434, 666 869,175 216, 848 1,086, 023 259, 066 3 23 1,345,112 \> July 26.. 673, 231 628, 920 1, 302,151 205, 274 1,507, 425 57, 012 3 103 1,564, 540 Aug. 30. 896, 228 531, 967 1, 428,195 232, 603 1,660, 798 56,122 67 1,716,987 • 1 Figures to Nov. 30, 1917, inclusive, represent only member banks' collateral notes 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. s 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 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 10.—EARNING ASSETS OF FEDERAL RESERVE BANKS, 1914-1923—Continued. [In thousands of dollars.] Bills discounted Date. U S . e S c . u G re o d v b er y n- Other. Total. i B n i l o ls p k e b e n t o . m ug a h r t - T o o n t a h l a b n i d l . ls Un se it c e u d r it S ie ta s t . es M w u ar n r i a c n ip ts a . l Tot a a s l s e e a ts r . ning ment obligations. 1918 Sept. 27 .. . . 1,221, 533 491,897 1,713,430 288, 391 2, 001, 821 78, 643 » 102 2,080. 566 Oct 25 1,002,417 453, 747 1,546,164 398, 623 1,944, 787 350,311 24 2, 295,122 Nov. 29 1,412,511 402. 084 1,815,195 375, 341 2,190, 536 121,796 27 2, 312, 359 O Dec. 27 1,400,371 302, 567 1, 702, 938 303, 673 2,006,611 311,546 13 2, 318,170 H 1919. Jan.31 1. 357, 571 243, 557 1,601,128 281, 293 1, 882, 421 294, 784 4 2,177,209 w hrl Feb. 28 1, 667, 965 211,855 1,879,820 276, 919 2,156,739 182, 782 4 2, 339, 525 Mar. 28 .. 1,691,010 195, 230 1,886, 240 248,107 2,134, 347 200, 935 3 2, 335,285 Apr. 25 1, 760, 672 189, 740 1, 950, 412 185,822 2,136, 234 218, 636 2,354, 870 May 29 1,802,893 186, 499 1,989,392 183, 650 2,173, 042 229, 014 2, 402, 056 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 2, 243,158 239, 400 2, 482, 558 Aug 29 1,609,296 205, 838 1,815,134 363,138 2,178,272 270, 705 2, 448, 977 W to Sept 26 1, 572 503 309, 779 1, 882, 282 342, 491 2, 224, 773 278, 315 2, 503,088 Oct. 31 . . 1,681,082 447, 465 2, 128, 547 394, 355 2, 522, 902 301, 254 2, 824,156 Nov 28 1,736,033 478,176 2,214.209 495, 595 2, 709, 804 314,937 3, 024, 741 W Dec 26 1, 510, 364 684, 514 2,194, 878 585, 212 2, 780,090 300, 405 3, 080, 495 > o 1920. Jan 30 1, 457, 892 716, 465 2,174, 357 561, 313 2, 735, 670 303, 521 3, 039,191 Feb 27 1, 572, 980 880, 531 2,453,511 531, 367 2, 984,878 294, 354 3, 279, 232 Mar 26 1,441,015 1, 008, 215 2, 449, 230 451,879 2,901,109 289, 922 3,191, 031 Apr. 30 , ,-, —, , ,-,, ----- I, 465, 320 1, 069, 751 2, 535, 071 407, 247 2, 942, 318 293, 514 3, 235, 832 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

May 28 '___; 1,447,962 1,071, 4^9 2, 519, 431 418,600 ; 2,938,031 306,394 3, 244, 425 June 25 j 1,277,980 1, 153,814 2,431,794 399, 185 i 2,830,979 | 352, 296 3,183, 275 J uly 30 : | 1, 241, 017 1,250,613 2,491,630 345,305 i 2,836,935 325, 380 3,162, 315 Aug 27 I 1,314.830 1,352,297 2, 667,127 321,965 j 2, 989, 092 300, 580 3, 289, 672 Sept. 24. 1.220,423 1, 434, 041 2, 704, 464 307,624 ! 3, 012, 088 297, 500 3, 309, 588 Oct. 29.. 1,203, 005 1, 597, 392 2, 801, 297 298,375 i 3, 099, 672 296, 371 3,396,043 Nov. 26. 1, 192,42.5 1, 542, 975 2, 735, 400 247,703 j 2, 983,103 320,614 3, 303, 717 Dec. 30.. 1, 141, 030 1, 578, 098 2, 719,134 255,702 I 2, 974, 836 288,191 3, 263, 027 1921. Jan. 31.. 1,040,367 j 1,416,750 2,457,117 163,700 I 2,620,817 287,150 2,907,967 Feb. 28. 997,965 | 1,391,545 2, 389, 510 169,421 j 2, 558,931 282, 807 2,841,738 Mar. 31. 971,100 ! 1, 262,006 2,233,106 119,340 j 2,352, 446 276,932 2, 629,378 Apr. 30. 937,652 | 1,138,916 2, 076, 568 109,763 ! 2,186, 331 267,095 2, 453, 426 I May 31. 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 j 1, 791, 573 259,184 2,050, 757 .July 31... 577, 774 1, 063, 838 1, 641, 612 17,977 I 1, 659, 589 244,365 1,903,954 Aug. 31. 545,176 946, 759 1, 491,935 35,320 I 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 Nov. 30- 476, 360 705, 941 1,182,301 72,954 1, 255, 255 204, 544 67 1, 459,866 Dfcc. 31.. 485, 233 659,113 1,144, 346 145, 263 1,289,609 233, 528 379 1, 523, 516 1922. Jan. 31.- 363, 586 475, 299 838, 885 74,935 j 913, 820 293, 085 206 1, 207, 111. Feb. 28.. 284, 614 427, 963 712, 577 93,458 I 806, 035 407, 889 242 1, 214,166 Mar. 31. 260, 781 419,686 680, 467 105, 270 j 785, 737 455, 506 102 I 1, 241, 345 Apr. 29.. 185, 743 324, 361 510,104 90,677 j 600, 781 587, 080 1,187, 861 W i O May 31 171,106 300, 384 471, 490 118, 182 i I 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 3 1, 082, 961 Aug. 31 126,113 271, 335 397, 448 180,176 ! 577. 624 507,131 21 ! 1, 084, 776 1 Includes bill of lading drafts, $31,000. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 10.—EARNING ASSETS OF FEDERAL RESERVE BANKS, 1914-1923—Continued. GO [In thousands of dollars.] Bills discounted. Date. U S . e S c . u G re o d v b er y n- i B n i l o ls p k e b e n o t . u m g 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 ie ta s t . es M w u ar n r i a c n ip ts a . l Tot a a s l s e e a ts rn ing ^ c ment obliga- Other. Total. tions. 1922. C Sept. 30 162, 780 300,916 463, 096 244,375 708, 071 482, 676 15 1,190, 762 ^ Oct. 31 269, 042 307, 393 576, 435 258,165 834, 600 362, 639 24 1,197, 263 Nov. 29 315, 280 334, 816 650,096 | 259, 226 909, 322 304, 461 24 1, 213, 807 £ Dec. 30 331, 790 285, 990 617,780 ! 272,122 889, 902 436,155 39 1,326,096 1923. Jan.31 377, 482 219, 769 597,251 I 188, 566 785,817 353, 735 1,139, 552 j. Feb. 28 356, 039 239, 721 595, 760 I 207, 678 803, 438 363, 074 1,166, 512 t*- Mar. 31 372, 768 326,146 263, 358 962, 272 250, 360 41 1,212,673 d Apr. 30 386, 079 338, 914 724,993 271, 573 996, 566 185, 305 1,181,871 £ May 31 406, 824 363, 910 770, 734 258, 680 1, 029, 414 191, 964 55 1, 221, 433 ^ June 30 407, 356 429, 593 836, 949 205, 600 1, 042, 549 101, 503 65 1,144,117 SC July 31 391, 937 433, 999 825, 936 183, 096 1, 009,032 98, 083 10 1,107,125 §3 Aug. 31 412, 318 452, 244 864, 562 171, 607 1,036,169 101, 995 20 1,138,184 g < Sept. 30 401,186 482, 367 883, 553 173, 258 1,056,811 96, 285 317 1,153, 413 W Oct. 31 425, 650 458,150 883,800 204, 698 1, 088,498 91, 837 317 1,180, 652 ^ Nov. 30 406, 533 396, 821 803, 354 300, 207 1,103, 561 104,169 154 1,207, 884 O Dec.31 353. 685 369, 383 723, 068 354, 637 1, 077, 705 133, 566 51 1,211,322 §5 d Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 11.—RESERVES, DEPOSITS, AND NOTE CIRCULATION OF FEDERAL RESERVE BANKS, 1914-1923. [Amounts in thousands of dollars.] Total F.R.bank F in . R t c i i . o r n c n u o . l t a e - s F. d e R a p n . o d n s o it te R r e es q e u r i v r e e . d r E es x e c r e v s e s . pe R r e c s e e n r t v a e ge. l n a o ti t o e n c — irc n u e - t liability. liability. 2,700 251,968 ! 88, 324 174,146 104.2 10,608 206,626 I 93,850 174, 049 100.5 o H 272, 095 14,500 286, 595 101, 033 171,155 95.0 O 282, 248 22,957 305, 205 107, 970 190,868 97.9 *j 282, 644 33, 767 316,411 112,433 183,802 93.6 H 285,364 46,444 331, 808 118,455 188, 606 92.5 M 284,615 57,847 342, 462 122, 754 207, 566 96.5 303,038 72, 489 375, 527 135,059 236, 972 99.1 299,105 85,127 384,232 138, 738 230, 737 96.2 309, 999 95, 233 405, 232 146, 593 232,450 93.5 337, 532 115,662 453,194 164, 401 263, 923 94.5 350, 021 146,025 496, 046 180, 917 289,377 94.8 398, 899 165,304 564, 203 205,736 323, 639 93.8 w &w 394, 245 189,026 583, 271 213, 596 342, 342 95.3 441, 663 179, 224 620,887 226, 272 344, 465 91.9 O 435, 793 171,368 607,161 221, 075 322,816 89.6 > 445,328 163,066 608,394 221, 091 303, 368 86.2 964 439,013 163, 094 602,107 218, 892 280,148 S2.9 1,669 1 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. -7 to Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 11.—RESERVES, DEPOSITS, AND NOTE CIRCULATION OF FEDERAL RESERVE BANKS, 1914-1923—Continued. o [Amounts in thousands of dollars.] Reserves. Deposits. Total Date. Gold. Total. G m ov en er t n . - M re e s m er b v e e. r 1 s' Net.2 ! i ! F in . R c ti i . o r c n n u o . l t a e - s I ! j F l . d i a e R b p . i o l n i s t o i y t t . e R re e s q e u r i v r e e . d r E es x e c r e v s e s . ppee RI r e c s e e n r t v a e ge. l F n a l . o t i i a t o R e b n . i c — b l i i r a t c n y n u . e k - t May 26.. 515,255 537, 227 44,131 504,299 ! 159,389 663,688 240, 260 296, 967 80.9 1,732 w June 30.. 542, 744 570,192 101,152 538,211 : 152, 244 j 690, 485 249, 282 320,910 82.6 1,721 o July 28.. 527, 536 544,125 56, 542 535,548 I 152, 590 j 688,138 248, 478 295, 647 79.1 1,692 Aug. 25.. 536, 221 548, 486 50,099 530,866 I 156,345 ! 687, 211 248, 341 300,145 79.8 1,690 H ! Sept. 29. 584, 767 592,578 38,985 j 529,360 I 196, .538 725,898 263, 891 328,687 | 81.6 3,033 Oct. 27.. 617,481 627, 457 29,982 i 548,703 ! 214, 622 763, 325 277, 894 349, 563 82.2 1,031 H Nov. 24. 701, 501 719,475 26,319 I 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. b Jan. 26.- 791, 245 808, 824 25, 607 687,841 688, 508 259, 768 948, 276 344, 885 463,939 85.3 w w Feb. 23.. 803, 324 818,573 ; 13, 407 629,475 677, 036 303,171 980, 207 358, 231 460, 342 83. 5 Mar. 30. 938,046 947,328 ! 20, 567 711,117 706, 905 357, 610 1,064,515 390, 461 556,867 89.0 Apr. 27_. 945,141 975,481 | 99, 689 719,785 ; 743, 532 420, 509 1,164, 041 428, 441 547, 040 83.8 May 25. ! 977,371 1,014,263! 76, 114 813,326 | 721,171 454,402 | 1,175, 573 434,170 580,093 86.3 June 29 | 1,294,512 1,334,352! 300, 986 1,033,460 I 1, 261, 800 508,753 | 1, 770, 553 645,131 689,221 75.4 934 July 27 \ 1,362,263 j 1,414,052 ; 143,032 1,135,456 1, 232, 200 534,015 | 1, 766, 215 644,876 769,176 80.1 2, 459 Aug. 31-.. ! 1,353,498 I 1,406,108 ! 154, 358 1,069,804 | 1,133, 926 587,915 i 1, 721,841 632,040 774,068 81.7 6,023 w o Sept. 28 1,408,470 1,457,559 71289 1,136,930 ; 1,193,886 J 700,212 1,894, 098 697, 945 759, 614 77.0 8,000 > Oct. 26 1,503,436 1,552,942 132221 1, 264.323 ! 1,318,798 847,506 2,166,304 800, 581 752, 361 71.7 8,000 Nov. 30 1,621,725 1, 676,211 220, 962 1,489,370 ; 1,595, 512 j 1,056, 983 2, 652, 495 981,222 694. 989 63.2 8,000 TW 9R 1.671. 133 1.720.768 ! 108,213 1,453,166 1,457,694 j 1,246,488 2, 704, 482 1,008,893 711,875 63.6 8,000 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1918. Jan. 25 J 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 Feb. 21 1,772,395 1,832,524 ; 56,165 1,459,720 ; 1,462,627 i 1,314,581 2, 777, 208 1,037, 751 794, 773 66.0 7,9* Mar. 28-29 1, 815, 704 1,874,063 I 104, 086 1,499,400 : 1,535,367 I 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 1,497,416 j 1,556,303 I 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 1,440,413 j 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 I 1, 529, 819 j 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 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 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 49.6 58,859 0 Nov. 29. 2,065, 213 2,120, 371 207,157 | 1,488,893 1,668,283 2, 568, 676 4, 236,959 1,611,369 509,002 50.0 86,003 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 1919. Jan. 31 2,112,106 2,179, 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 2,188, 723 210,547 1,620,972 , 796, 739 2,472, 307 4, 269, 046 1,617,781 570,942 51. 3 134, 042 Mar. 28 j 2,142,305 2, 210, 524 168,147 I 1,631,167 , 741,425 2? 521, 776 4, 263, 201 1,618,209 592, 315 51.9 145,540 Apr. 25 j 2,169,216 2,240,152 91,726 I 1.664,320 , 752, 094 2, 549, 552 4, 301, 646 1, 633,054 607,098 52,1 158,848 ft May 29 j 2,187,743 2, 255,106 141,479 ! 1,656,118 ., 830, 9202, 519, 292 4, 350, 212 1, 648, 539 606, 567 51.8 168, 427 w June 27 ! 2,147,784 2,216,256 73, 614 | 1, 713,030 , 750, 694 2,499,180 4, 249, 874 1,612,415 603,841 52.1 177,185 July 25 2,095,151 2,161,023 116,038 1,718,396 , 796, 561 2, 504, 497 4,301, 058 1,630,595 530, 428 50.2 193,849 Aug. 29 2,066,788 2,135,976 54, 494 1, 729, 950 ,629,797 2, 580, 629 4, 210, 426 1, 602, 681 533, 295 50.7 219,815 Sept. 26.. 2,177,854 2,187, 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 2,205, 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 2,159, 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 2,135,536 72, 357 1, 786,874 1,704,470 3,057, 646 4,762,116 1,819,623 315,913 44.8 261,039 w o 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 I 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 i 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 j 42.4 177,881 1 Figures not reported separately until January, 1917. 2 Figures shown in this column represent net deposits up to and including Feb. 28, 1921, and total deposits thereafter. 00 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 11.—RESERVES, DEPOSITS, AND NOTE CIRCULATION OP FEDERAL RESERVE BANKS, 1914-1923—Continued. 00 to [Amounts in thousands of dollars.] Reserves. • Deposits. Total Date. Govern- Members' F in . R c ti i . r o c n n u o l . a t - es F. d e R a p . n o d s n i o t te R r e e q s u e i rv r e e . d r E e x s c e e rv s e s . pe R r e c s e e n r t v a e ge l F n a . o ti t R o e n . c — b ir a c n n u e k - t Gold. Total. ment. reserve. Net.i liability. liability. 1920. 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 H O 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 H 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 1921. Jan. 31.. 2,103, 660 2,319,755 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 2, 363, 475 50, 828 1, 705, 253 1,670,010 3,048,554 4, 718,564 1, 803, 925 559, 550 50.1 i 87, 633 Mar. 31. 2, 221, 569 2, 436, 741 91,617 1, 658, 625 1, 784, 394 2,904,948 4, 689, 342 1,786, 517 650, 224 52.0 169,885 Apr. 30.. 2, 322, 683 2, 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 May 31 2,408,058 2, 571, 579 39, 080 1, 601, 634 1, G70, 624 2, 751,869 4,422, 493 1, 685,466 886,113 58.1 143, 706 June 30 ! 2,467,659 2, 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 2, 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 2, 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 w o Sept. 30.. 2, 728, 372 2,879, 331 98, 540 1, 581,032 1, 704, 807 2, 482,427 4,187, 234 1, 589,653 1, 289, 678 68.8 100,37£ Oct. 31.. 2, 791, 272 2,934,960 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 2, 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 Dec. 31.. 2,874,995 3,010, 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 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

I Jan. 31-. 2, 908, 958 3,062, 705 82, 810 1, 677,837 1,790, 685 2,179,052 3,969,737 I 1,498,361 1, 564, 344 77.2 82, Sll Feb. 28.. 2, 946, 739 3,079, 784 53, 759 1, 710, 249 1,799,401 2,196,058 3,995,459 I 1,508,214 1, 571, 570 77.1 80T 717 Mar. 31. 2,974, 784 3,105, 039 87, 588 1, 708, 761 1, 834, 811 2,194, 743 4,029, 554 i 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 I 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 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 o 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 H o 1923. Jan.31.. 3,075,810 3, 227,132 46,014 1, 913,465 1,991,062 2, 203,701 4,194, 763 ,578, 354 1, 648, 778 76.9 3,105 Feb. 28.. 3,072,813 3, 201, 600 43, 401 1, 887, 552 1, 952,317 2, 246,943 4,199, 260 , 582,086 1,619, 514 76.2 2,645 Mar. 31. 3,059, 592 3,167,446 79, 354 1,862, 676 1,961,651 2, 247, 257 4, 208, 908 , 585,480 1, 581, 966 75.3 2,431 Apr. 30.. 3,082, 282 3,179, 666 40, 290 1, 864, 756 1, 926,109 2, 235,435 4,161, 544 , 568, 311 1,611,355 76.4 2,286 May 31 3,112,106 3, 201,333 28,130 1,899,810 ! 1,964,128 2, 245, 829 4, 209, 957 ., 585, 7751, 615, 558 76.0 1,724 June 30 3,095,217 3,194, 665 33, 544 1,851,938 | 1,914,043 2, 253, 033 4,167,076 , 571,128 1, 623, 537 76.7 1,425 July 31 j 3,100,814 3,190,932 35,811 1,878, 367 1,936,938 2,177, 743 4,114, 681 1,549,026 1, 641,906 77.6 1,570 Aug. 31 3,105,903 3.188, 541 46, 551 1,844,718 1,911,730 2, 226,998 4,138, 728 1, 559,905 1, 628, 636 77.0 520 Sept. 30-.. 3,112,717 3.189, 598 50, 304 1, 912,460 2, 267, 620 4,180,080 1,576,409 1, 613,189 76.3 485 Oct. 31 3,111,078 3,191,145 40, 334 1, 895, 285 1,958,660 2, 224,865 4,183, 525 1,575, 475 1, 615, 670 76.3 523 Nov. 30.. 3,101,158 3,185, 277 32, 501 1,86. 7&4 1,919,214 2, 252,492 4,171, 706 1, 572, 722 1, 612, 555 76.4 498 < Dec. 31.. 3,080, 032 3,168,934 38, 074 1, 898,315 1,959, 579 2, 246, 673 4, 206,252 1, 584, 522 1, 584, 412 75.3 471 w o 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 agent" may be counted as part of the bank's required reserves. GO Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 12.—RESOURCES AND LIABILITIES OF ALL FEDERAL RESERVE BANKS COMBINED, AT CLOSE OF BUSINESS ON THE LAST BUSINESS 00 DAY OF EACH MONTH FROM DECEMBER, 1922, TO DECEMBER, 1923. [In thousands of dollars.] 1923 December, 1922 January. F a e r b y ru . - March. April, j 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 . s RESOURCES. 1 Gold with Federal reserve agents 2,166,879 2,174, 677 2,108, 767 2,021, 726 2, 009,192 |2,027, 009 2,032, 641 2, 052, 883 2,057,159 2,054, 541 2,085, 682 2,052,243 2,104, 255 Gold redemption fund with U.S. Treasury - 54, 366 47,066 57, 427 60,522 62,642 | 58,029 57, 777 58,588 49, 509 54, 857 61,471 50,926 58, 748 Gold held exclusively against Federal reserve notes 2, 221, 245 2, 221, 743 2,166,194 2,082,248 2,071,834 2,085,038 2,090,418 2,111,471 2,106, 668 2,109, 398 2,147,153 2,103,169 2,163,003 Gold settlement fund with Federal reserve Board 554,363 561,403 604,008 662, 709 691,673 685,808 693,038 648,318 647, 581 654,168 609,186 647, 768 571,087 Gold and gold certificates held by banks._. 271, 785 292,664 302, 611 314,635 318, 775 341, 260 311, 761 341,025 351,654 349,151 354, 739 350, 221 345, 942 Total gold reserves 3,047, 393 3,075,810 3,072,813 3,059,592 {3,082,282 3,112,106 3,095,217 3,100, 814 3,105, 903 |3,112, 717 J3, 111, 078 3,101,158 3,080,032 Reserves other than gold 129,479 151,322 128, 787 107,854 97, 384 89, 227 99,448 90,118 82,638 76,881 j 80,067 84,119 88,902 Total reserves 3,176,872 3, 227,132 3, 201, 600 3,167,446 3,179, 666 3, 201,333 3,194, 665 3,190,932 3,188,541 3,189,598 3,191,145 13,185, 277 3,168,934 Nonreserve cash 0) 54, 463 45,824 39,654 37,558 37,019 35, 354 40, 417 36,044 39,981 39,152 j 30,852 52,319 Bills discounted: Secured by United States Government obligations \ 331,790 377,482 356,039 372,768 386,079 406,824 407, 356 391,937 412,318 401,186 425, 650 406,533 353, 685 Other bills discounted 285,990 219, 769 239, 721 326,146 338,914 363,910 429, 593 433,999 452, 244 482, 367 458,150 396,821 369,383 o Total bills discounted. 617, 780 597, 251 595, 760 698,914 724,993 770, 734 836, 949 825,936 864, 562 883, 553 883, 800 803, 354 723, 068 Bills bought in open market 272,122 188, 566 207, 678 263, 358 271, 573 258, 680 205, 600 183,096 171, 607 173, 258 204, 698 300, 207 354, 637 United States Government securities: Bonds 28,877 29,898 29,197 29,300 27,948 26,900 25,352 25,001 21,194 21,860 18, 213 18, 506 29,508 Treasury notes 180, 387 133,054 144,778 2 145, 655 2 119,133 126, 652 71, 459 63,118 79, 390 69, 539 59,361 52,515 86, 947 Certificates of indebtedness 226,891 190, 783 189,099 75,405 38, 224 38, 412 4,692 9,964 1,411 4,886 14, 263 33,148 17,111 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Total United States Government | securities 436,155 353, 735 363,074 250, 360 I 185, 305 191,964 101,503 98,083 101,995 96, 285 91, 837 104,169 133, 566 Municipal warrants 41 i 55 65 10 20 317 317 154 51 Total earning assets 1, 326,096 1,139, 552 1,166,512 i 1,212,673 1,181,871 1,221,433 j 1,144,117 1,107,125 1,138,184 1,153, 4131,180, 6521, 207,884 1, 211, 322 Cjo 55 per cent redemption fund—Federal I r•eserve bank notes 2,096 311 311 191 191 191 192 193 27 28 28 Uncollected items 687, 698 530, 431 608,167 540, 425 526, 434 561,168 569,923 552, 651 530, 712 583,103 611,271 579, 270 565,614 Bank premises 45, 278 46,471 47, 863 48, 901 49,995 51,184 52, 296 53, 348 54, 246 55,084 55,943 56, 722 53,999 All other resources 13,929 15,180 16, 807 13, 283 13, 598 14, 220 11,868 12,859 12,921 13, 253 13,076 14,444 14,179 Total resources _ 5, 251,969 5,013, 540 5,087,084 5,022,573 |4,989,313 5,086, 548 5,008,415 4,957, 525 4,960,675 5,034, 4605,091, 2675, 074, 4775,066,395 s LIABILITIES. Federal reserve notes in actual circulation.. 2,395,789 2, 203, 701 2, 246, 943 2, 247, 257 2,235,435 2, 245, 829 2, 253,033 2,177, 743 |2, 226, 2, 267, 6202, 224, 8652, 252, 492 2, 246, 673 Federal reserve bank notes in circulation— net... 2,770 3, 105 2, 645 2, 431 2,286 1,724 | 1,425 1,570 520 485 523 471 Deposits: Member bank—reserve account 1, 933, 888 1,913, 465 1, 887, 552 1, 862, 676 •1,864,756 1, 899, 8101,851,938 j 1, 878, 367 jl, 844, 711,8 839,1421, 895, 2651,864,794 I1,898,315 Government 10, 756 46,014 43, 401 79, 354 40, 290 28,130 33,544 35,811 | 46,551 50, 304 40, 334 32, 501 38,074 Other deposits - 28, 888 31, 583 21, 364 19, 621 21, 063 36,188 28,561 22,760 j 20,461 23,014 23,061 21,919 23,190 I Total deposits 1, 973,532 1,991,062 1,952,317 1,961, 651 1,926,109 11,964,128 1,914, 0431,936,938 |l,911,730 1,912, 4601,958,660 1,919, 214 1,959, 579 Deferred availability items_ 544, 797 479, 551 546, 254 470, 214 482,602 | 529,570 496, 087 495, 728 473, 895 505, 011 555, 914 548, 897 516, 803 Capital paid in 107, 271 107, 703 108,635 108, 824 ! 109,355 109, 539 109, 492 109, 756 109, 627 109, 726 110, 084 110,145 Surplus 218, 369 218,369 218,369 218, 369 218, 369I 218,369 218,369 | 218,369 218,369 218,389 218, 369 218, 369 220,915 All other liabilities ..: 9,441 10,049 11,689 14,016 15,688 I 17,573 15,919 17,685 19,407 20,888 23, 210 24,923 11, 809 Total liabilities.. 5, 251,969 5,013, 540 5, 087,084 5, 022, 573 14,989,313 15,086,548 5,008,415 4,957,525 4,960, 6755,034,460 15,091,267 5,074,477 5,066, 395 Ratio of total reserves to deposit and Fed- i l o eral reserve note liabilities combined— > per cent _ 72.7 76.9 | 76.2 ! 75.3 76. 0 i 76. 7 j 77. 6 77. 0 76.3 76.3 76.4 75.3 Contingent liability on bills purchased for foreign correspondents 34, 393 34,390 28,397 36,150 33, 058 29,279 | 33,626 I 33,129 35,414 34,256 | 44,102 24,531 I 18,995 I 1 Not shown separately prior to January, 1923 2 Including Victory notes. QO 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 1923. QO [In thousands of dollars.] ] Cash reserves. Earning assets. Gold. Bil s discounted. U. £>. Government securities. Non- Date. wi a t G h g o e F n ld t . . R. G d T U f w o u t e u r i l r m e o . i n d y S t a n d h p . s . re - - - B s F m G f w e o u . t o e i a n t R t l n l r d h e d d t . - . h b c e G c a e g a l a n r d o n o t t d l i k l e d f d b s s i- y . re T g se o o r l t d v a e l s. s o g t e R h t o r h v a e l e d n e - r . s re T se o r t v a e l s. re c s a e s r h v . e b G S o y t m e o b i c o v l e U u i n e g n r s r . e a t n S . d - - . c b o i O l u l t s n h t e d e r i d s- . Total. m i b n o B a u o r il k g p ls e e h t n t . Bonds. T n u o re r t y a e s s - . c i e C n a d e d t n e r e e t s i b s f o t s i - - f . Total. r w M n a p i n a a c u t r l i - s - - . Total. 1923. Jan. 3 2,165,627 61,194 550,126 272,504 3,049,451 113,319 3,162,770 94, 565 351,483 276,162 627,645 255,182 28,059 U54,256 274,239 456, 554 39 1, 339, 420 10 2,186,194 51,873 543, 591 281,300 3,062,958 124,509 3,187,467 92,165 281,996 230,053 512,049 225, 760 28, 704 1147, 005 332,467 508,176 24 1, 246,009 17 2,195,474 49,949 535,229 296, 840 3, 077,492 136,645 3, 214,137 82,178 284,017 229,328 513,345 201,335 28,043 1128, 835 255, 554 412, 432 10 1,127,122 24 2,181,121 44,167 556, 642 298,207 3,080,137 141,844 3,221,981 76,043 341,454 228,281 569,735 204,547 28, 781 U38, 076 185, 962 352,819 4 1,127,105 31 2,174,677 47,066 561,403 292,664 3,075, 810 151,322 3,227,132 54, 463 377,482 219, 769 597,251 188, 566 29,898 1133,054 190, 783 353, 735 1,139, 552 Feb. 7 2,139, 375 59,856 569,278 307, 567 3,076,076 143, 288 3,219, 364 67,770 344.. 646 224, 663 569,309 184, 945 29,998 U36, Q88 187,038 353,124 1,107,378 14 2,144,036 60,120 572,152 302,189 3,078,497 140,464 3, 218,961 67,789 428, 724 224, 715 653,439 184,476 29,532 1133, 708 190,283 353,523 1,191,438 21 2,142,076 55,641 574,857 302, 668 3, 075,242 128,367 3,203,609 68,108 368, 241 259,682 627,923 182, 353 29,315 U38,105 186,614 354,034 1,164,310 28 2,108,767 57,427 604, 008 302, 611 3,072,813 128,787 3,201,600 45, 824 356,039 239, 721 595, 760 207, 678 29,197 U44, 778 189,099 363,074 1,166, 512 Mar. 7 2,074,043 52, 763 645, 285 311, 550 3,083,641 117, 633 3,201, 274 70,144 330, 093 241, 394 571,487 218, 886 28, 842 1129,134 186,911 344,887 1,135,260 14 2,068,613 58,262 638,208 313, 211 3, 078,294 118, 275 3,196,569 67,917 361, 286 251, 773 613,059 225,416 28, 865 1131,814 184,034 344, 713 1,183,188 21 2,052,103 50,400 648, 226 323, 572 3,074,301 118,323 3,192,624 69, 451 351,861 278,126 629, 987 237,965 29, 298 1134, 291 128,322 291, 911 41 1,159,904 28 2,034,099 55, 586 653, 708 320, 401 3,063, 794 112,494 3,176,288 65, 815 388, 238 311, 781 700,019 254,251 29, 303 U42,905 77,201 249, 409 41 1,203, 720 Apr. 4 2,013, 538 53,257 677, 216 325,484 3,069, 495 103, 522 3,173,017 66, 663 380, 785 314,445 695, 230 259,879 29, 330 1135,256 74,563 239,149 41 1,194,299 11 2,041, 509 62,210 657,410 324, 630 3,085, 759 98, 680 3,184,439 66,258 327,412 295,238 622, 650 274, 389 29,293 1133, 533 75, 328 238,154 41 1,135,234 18 2,036,490 59, 870 659,887 326, 375 3,082,622 95, 920 3,178,542 67,225 334, 611 308,851 643,462 277,447 28,155 1130,755 79,097 238,007 41 1,158,957 25 2,007, 555 57, 562 695, 630 323,822 3, 084, 569 94,473 3,179,042 70, 691 339, 880 296, 717 636, 597 274,041 27,939 1129,091 36,780 193, 810 41 1,104,489 May 2 2,005,998 63,277 693,564 317, 740 3,080, 579 93,809 3,174,388 61, 642 362, 633 367,707 730, 340 275,429 27,963 U20,030 36, 779 184, 772 40 1,190, 581 9 2,005,066 54,435 706,261 323,062 3, 088,824 92,557 3,181,381 67, 726 358, 637 336,380 695, 017 266,992 29, 573 il 19, 387 36,854 185, 814 40 1,147,863 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

16 1,999,818 57,317 686, 707 344,043 3, 087,885 93,166 3,181,051 66, 642 360,200 337,131 697, 331 281,609 27,125 l124, 538 37,226 188,889 i 40 1,167,869 23 1,993,724 53,379 698,872 347,320 3,093,295 94,488 3,187,783 68,731 366,803 333,510 700,313 270, 850 27,180 123, 710 56,069 206,959 55 1,178,177 29 2, Oil, 734 53, 545 702, 308 341,175 3,108, 762 86,735 3,195,497 61, 245 371, 533 359, 462 730,995 257,818 26,952 125,059 37, 277 189, 288 55 1,178,156 June 6 2,031, 421 58,266 677,179 346,800 3,113, 666 84, 552 3,198, 218 71,908 384,131 350, 790 734, 921 248, 234 26, 678 115,199 40,874 182,751 55 1,165,961 13 2,057, 611 56,459 678,665 346, 522 3,139, 257 87,357 3,226,614 73,860 359, 488 348,382 707,870 218, 618 25,149 100,138 32, 813 158,100 55 1,084,643 20 2,033, 359 57, 341 688,063 350,252 3,129, 015 85,966 3, 214, 981 68, 914 352, 733 378,368 731,101 205, 716 25,070 83,493 12,966 121, 529 55 1,058,401 27 2,035, Oil 57, 970 691, 429 326,334 3,110, 744 91,735 3, 202, 47972,030 383,297 391, 666 774,963 204,225 25,220 82,938 26,818 134,976 55 1,114,219 July 3 2,040,992 58, 676 661, 593 326,442 3,087,703 79,200 3,166,903 59, 589 477,053 452,786 929, 839 198,912 25, 618 64,126 4,957 94,701 25 1, 223,477 11 2,047, 787 53, 483 658, 617 340,492 3,100,379 76, 769 3,177,148 81,168 419,930 426, 439 846, 369 186,284 25,616 68,595 7,027 101,238 25 1,133,916 18 2,052,131 52,001 653,784 341,804 3, 099,720 83,702 3,183,422 81, 261 408, 359 397, 470 805,829 183,121 25,016 66,999 • 5,940 97,955 10 1,086,915 25 2,058, 246 60, 539 662,477 332,289 3,113, 551 86,454 3, 200,005 74,025 364, 413 396,126 760,539 176,864 25,128 59,888 11,268 96,284 10 1,033,697 Aug. 1 2,048,062 mf 725 650, 318 344, 561 3,109, 666 84,058 3,193, 724 66,492 381,862 424, 575 806,437 182,630 24,905 58,897 9,991 93,793 10 1,082,870 8 2,040,012 61, 701 664,114 346, 809 3,112, 636 77,484 3,190,120 64,138 397, 209 425, 893 823,102 177,409 24, 815 58,106 7,285 90, 206 10 1,090,727 15 2,079, 719 57,988 634,519 348,655 3,120,881 74,186 3,195,067 70,947 380, 560 420,879 801,439 173,189 24, 824 60,043 4,974 89, 841 20 1,064,489 22 2,081, 265 69,040 615,695 356,864 3,122,864 78,612 3, 201,476 79,585 359,999 420,597 780,596 176,610 21,145 59,780 3,834 84,759 20 1,041,985 29 2,061,164 49,304 649, 455 361,066 3,120,989 80, 245 3,201, 234 69,504 376,194 439,324 815,518 173,485 21, 666 69, 812 2,052 93, 530 20 1,082, 553 Sept. 5 2, 060, 700 50, 688 645,876 344, 746 3,102,010 76,324 3,178,334 65, 782 399,118 450,976 850,094 174,563 20,904 75, 416 2,452 98, 772 20 1,123, 449 12 2, 070, 557 57,053 633,454 349, 597 3,110, 661 77,004 3,187,665 77,139 389,071 452,288 841,359 179,313 20,875 73,843 5,139 99, 857 20 1,120,549 19 2,066,488 59, 245 638, 892 357, 345 3,121,970 77, 832 3,199,802 84, 295 324, 640 449, 600 774, 240 171,044 21, 387 63, 283 7,919 92, 589 317 1,038,190 26 2,061, 965 53, 328 641,647 359,664 3,116, 604 76,094 3,192,698 74,248 402,141 459,867 862,008 172,124 21,462 66, 275 4,148 91, 885 317 1,126,334 Oct. 3 2,055,663 59,108 643,874 357,185 3,115, 830 72,160 3,187,990 72,354 400,158 481, 503 881, 661 172,902 22, 067 67, 561 5,514 95,142 317 1,150,022 10 2,074, 372 60, 275 623,054 364, 693 3,122,394 71, 529 3,193,923 68, 932 406,269 462, 748 869,017 182, 407 22,098 64,710 5,075 91,883 317 1,143,624 17 2,087, 371 62,229 607, 734 367,835 3,125,169 72,854 3,198,023 74,877 386,175 468,346 854, 521 190,518 19,733 66, 518 7,790 94,041 317 1,139,397 24 2,089,358 53,174 618, 424 375,456 3,136,412 72,710 3,209,122 76,872 384,346 451,892 836,238 179,747 19,744 60,163 8,286 88,193 317 1,104,495 31 2,085, 682 61, 471 609,186 354, 739 3, 111, 07880,067 3,191,145 39,152 425, 650 458,150 883,800 204, 698 18, 213 59, 361 14, 263 91,837 317 1,180, 652 Nov. 7 2,107,970 67, 789 573, 514 373, 643 3,122,916 72,325 3,195, 241 68,172 377,705 439,747 817,452 248,028 18,203 57,237 14,852 90, 292 317 1,156,089 14 2,107,168 54, 748 584, 046 388, 047 3,134,009 75, 370 3,209,379 72, 860 373,536 417, 576 791,112 268, 450 18,192 60, 465 11, 663 90, 320 317 1,150,199 21 2, 098, 784 59, 715 600, 741 376, 216 3,135, 456 77,425 3,212,881 71,881 341, 635 404, 553 746,188 284, 554 18, 234 50, 098 5,031 73,363 51 1,104,156 28 2,104,845 60, 944 587,079 359, 568 3,112,436 84, 846 3,197, 282 58, 754 382, 643 411, 738 794, 381 289, 004 18, 509 52,832 13,119 84, 460 154 1,167,999 Dec. 5 2, 055, 625 56,009 647,658 358,847 3,118,139 79, 516 3,197,655 68,460 359,093 387,170 746, 263 298,370 18, 612 51,772 20,911 91, 295 154 1,136,082 12 2,100,895 63,085 584, 501 367,158 3,115,639 78,010 3,193,649 67,612 363, 293 398, 635 761,928 329,383 18,491 58, 691 19,112 96,294 51 1,187,656 19 2,140,445 61,095 541, Oil 348, 584 3,091,135 72, 303 3,163, 438 64, 548 385, 425 364, 771 750,196 322,379 18,464 54,493 8,292 81, 249 51 1,153,875 26 2,109,814 66,278 553, 604 341, 401 3,071,097 66,419 3,137, 516 69, 661 441,842 415,309 857,151 336, 415 23,555 65, 280 15,323 104,158 51 1,297,775 including Victory notes. 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 1923—Continued. CO 00 [In thousands of dollars.] Note circulation. Deposits. 5% redemp- Total Date. n f F b t u . o a i n o t n R e d n k s , . . U ite n m co s l . - pr B em an i k ses. r A e l s l o u o r t c h e e s r . r l e i s t a a o i b n u e i s d r l . c i e - s a c n c u t o F l u t . a a e t l R i s o . c n i i r . n - t n i c o o i F b r n . t a c e , n u R s n k l a i . e n - t. M a r c b e e c s a m o e n r u k b v n , e e t r . G m ov en er t n . - de O p t o h s e i r ts. Total. D a i a e t b v e f i e m a l r i i r t l s y - e . d p C a a id p i i t n al . f a e1u]rirp illlus* , . ) A li l a l b o il t i h ti e e r s> 1923. o w Jan. 3 2,097 770,070 45,281 15,506 5,429,709 2,411,058 2,947 1,942, 749 6,630 75,394 2,024,773 655,532 107, 450 218,369 i 9, 580 10 911 606,288 45,521 14,894 5,193,255 2,312,674 2,866 1,960,346 6,193 53,337 2,019,876 521,667 107,465 218,369 10, 338 17 311 653,495 45,895 15,329 5,138,467 2, 256,491 3,117 1,918,494 9,341 41, 616 1,969,451 I 573,705 107,484 218,369 9,850 24 310 580,151 46,400 15,497 5,067,487 I 2,221,316 3,132 1.924,541 33,042 33, 243 1,990,826 | 515,000 107, 648 218,369 11,196 31 311 530,431 46, 471 15,180 5,013, 540 2, 203, 701 3,105 1, 913, 465 40,014 I 31,583 1,991,062 J 479,551 107, 703 218,369 | 10, 049 Feb. 7. 311 524,349 46, 640 15, 823 4, 981,635 2,217,817 3,309 1,905, 530 35,131 23, 780 1,964,441 459, 255 107,810 218,369 10, 634 14. 311 676, 813 46, 777 16,045 5,218,134 2, 243, 603 3,074 1,964, 561 43, 492 22, 639 2, 030, 692 602,878 108, 373 218,369 11,145 21 - 311 606,809 47,042 16,566 5,106, 755 2, 260,497 3,066 1,897, 685 46, 306 21,917 1, 905, 908 538, 329 108,874 218,369 11,712 311 608,167 47,863 16,807 5,087, 084 2,246, 943 2,645 1, 887, 552 43,401 21,364 1, 952, 317 546, 254 108, 867 218,369 11,689 7. 311 618,956 47,937 17,120 5,091, 002 2, 256,302 2,788 1, 879, 697 38, 773 24,392 1, 942,862 549, 513 108, 852 218,369 I 12, 316 14. 291 689,039 48,108 17,348 5,202, 460 2, 242,902 2, 599 1,932, 714 42,442 20,633 | 1,995,789 621,433 108,483 218,369 12, 885 21 _ 291 645,874 48, 761 14,439 5,131,344 2,231,487 2,368 1,866,475 98, 627 19,931 1,985,033 572,000 108, 563 218, 369 13, 524 28. 191 559,481 48,847 13, 588 5,067, 930 2,232,482 2,435 1, 871,373 85,432 19,465 1, 976, 270 515, 298 108, 623 218, 369 14,453 Apr. 4 191 621,458 48,938 13,434 5,118,000 2,240,951 2,488 1, 894,035 74,423 20,148 544,367 108, 647 218, 369 14,572 11 191 638,391 49,208 13,627 5,087, 348 2,231,041 2,472 1,876,414 45, 218 20,499 ., 942,131 569, 272 108, 683 218, 369 15,380 w 18 191 723,336 49,692 13,871 5,191,814 2,220,251 2,443 1,924,525 44, 936 21, 540 ., 991,001 635,966 108, 649 218,369 15,135 o 25 191 622, 644 49, 945 14,065 5, 041,067 2, 222,588 2,287 1, 853,935 34, 692 19, 916 1, 908, 543 564,398 108, 857 218, 369 16,025 May 2 191 640,543 50,059 14,199 5,131, 603 2,237, 505 2,299 1,894, 651 49,083 40,114 1, 564, 788 108,822 I 218, 369 15, 972 9 191 600,834 50,155 13,811 5,061,961 2, 241, 780 2,065 1, 886,455 22, 616 28, 599 1,937, 670 536,222 109,029 i 218,369 16,826 16-- ... 191 734,416 50,484 14,057 5, 214, 710 2, 232,999 1, 878 1, 907, 893 56,057 29, 741 1, 993, 691 641, 510 109,273 ; 218, 369 16,990 23 191 615, 373 50,932 14,372 5,115, 559 2, 227, 700 1,653 1,930, 519 6,338 49, 429 1,986, 286 554, 650 109,278 ! 218, 369 17, 623 29 191 572,394 51,164 14,734 !5,073,381 2, 250, 217 1,752 1, 874,106 41,439 I 36,041 1, 951, 586 524, 323 109,348 ! 218, 369 17, 786 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

June 6 191 609,959 51,251 14, 216 5,111,704 2, 250,213 1,628 1,895, 62^ 50, 87^ 29, 530 I,976,029 537, 938 109, 363 218,369 18,164 13 191 689, 539 51, 719 14,170 5,140, 736 2, 235, 755 1,410 1,913, 879 14, 3^3 28,121 1,956, 323 601,040 109,381 218,369 18,458 20 191 685,812 52,215 12,299 5,092, 813 2,222.352 1,489 1,874,220 20, 764 26,330 1,921,314 601,028 109, 422 218,369 18, 839 27 .- 193 583, 917 52, 270 12, 394 5,037, 502 2,226, 954 1,548 1,867, 650 43,952 24,997 1,936, 599 525,165 109,427 218,369 19,440 July 3. 193 649,037 52,330 12, 932 5,164, 461 2,282,054 518 1,931, 762 14, 657 27, 832 1,974, 251 562,198 109, 584 218, 369 16,487 > 11 - 193 655,976 52, 657 12,857 5,113,915 2, 265,149 1,471 1,909,006 15, 778 24, 938 1,949, 722 552,512 109, 621 218,369 17,071 18 . - 193 674,936 53,203 13,031 5,092,961 2,216,994 1,296 1,883, 644 34,432 24,445 1,942, 521 586, 567 109,714 218,369 17,500 25 193 578, 566 53,309 12,967 4, 952, 762 2.194,871 1,608 1,839, 262 34, 784 22, 521 1,896, 567 513, 767 109, 629 218,369 17,951 >• A tig 1 193 578,520 53,360 12,982 4,988 141 2,187, 729 1,556 1,879, 504 41, 584 23,463 1,944, 551 508,543 109,497 218,369 17,896 8 193 539,877 53,424 13,058 4,951 537 2, 224,358 1,571 1,860,022 21, 935 22, 834 1,904, 791 474, 269 109,673 218,369 18,506 15 93 679,279 53, 664 13,184 5,076,723 2, 231, 815 1,550 1850, 690 30,038 21, 682 1,902,410 594,033 109,886 218, 369 18, 660 3 22 93 583. 815 54,183 13,043 4,974,180 2, 225,063 1,521 1824,572 34, 285 23,048 1,881,905 518,3C6 109, 678 218, 369 19, 278 29 93 546,129 54, 239 13,477 4, 967,229 2, 224, 760 1,565 1848, 617 37,960 21,005 1,907, 582 485, 041 109,751 218, 369 20,161 H O Sept. 5 ... 28 594, 984 54,269 13,339 5,030,185 2, 257, 278 509 1843,065 38,534 20. 776 902,375 522,057 109,718 218, 369 19,879 12 28 670,862 54,361 13,532 5,124,136 2, 262, 525 509 1872,773 39,597 24,086 1936, 456 576,015 109.682 218,369 20, 580 H 19 .. 28 747, 873 54,915 13,331 5,138,435 2, 254, 764 497 1 825, 005 37,970 24, 865 1887,840 645, 866 109, 644 218, 369 21,455 W 26 28 616,211 55,023 13,717 5,078, 259 2, 247, 830 492 } 851,790 56,279 22,004 1930, 073 550, 527 109, 657 218,369 21,311 w » Oct 3 28 663, 548 55,173 13,118 5,142, 233 2, 272,308 485 1884, 046 30, 065 22,126 1936, 237 583, 742 109,669 218,369 21, 423 10 28 646, 278 55,202 13, 470 5,121,457 2,288,580 480 1863, 850 20,151 21, 754 1905, 755 576, 277 109,676 218, 369 22, 320 ft 17 28 840, 286 55, 640 13, 690 5, 321, 941 2, 272, 391 473 1915, 740 36, 575 23, 007 1975, 322 723, 251 109,688 218, 369 22, 447 W 24 28 660,460 55, 895 13,470 5.120,342 2, 255, 354 529 1872,179 28, 823 22, 536 1923, 538 589, 636 109, 709 218, 369 23, 207 31 28 611,271 55,943 13,076 5, 091, 267 2, 224, 865 523 1895, 265 40, 334 23, 061 1958,660 555, 914 109,726 218,369 23,210 1 Nov. 28 588, 520 55,954 14,019 5, 078,023 2, 265, 556 517 1864,808 18,485 26,090 1909, 383 550, 606 109,835 218,369 23,757 14 28 787, 899 56,162 13,945 5, 290,472 2,263,048 507 1913,355 44, 911 24,165 982,431 691, 589 110, 023 218, 369 24, 505 w 21 28 680, 640 56, 559 13,828 5,139, 973 2, 223,074 502 1891, 027 26,072 24,380 1941,479 621,692 110,103 218, 369 24, 754 w 28 28 603, 579 56, 649 13,987 5, 098, 278 2, 246,300 498 1881,025 34,803 22, 765 938, 593 559, 044 110,095 218, 369! 25,379 i O Dec. 5 _.. 28 643, 289 56, 715 14, 602 5,116, 831 2, 252, 598 489 1, 884,010 30,065 21,429 1935, 504j 574,347 110,114 218,369 25,410 12 28 683, 968 56,456 14,8C0 5, 204,229 2, 266, 831 483 1, 923, 505 26, 612 21, 556 1971, 673 610, 980 110,142 218, 369 25, 751 19 28 734,270 56,951 15,515 5,188, 625 2, 296,436 477 1, 849,596 11,334 21,922 1882,852 654,456 110,156 218,369 25,879 P 26 28 591, 608 57,105 15, 684 5,169,377 2,340,375 470 1, 874, 486 42,811 20, 572 1, 937, 869 535,490 110,103 218, 369 26, 701 00 CO Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

90 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. ALL FEDERAL RESERVE BANKS MILLIONS OF DOLLARS MILLIONS OF DOLLARS 1000 I 1000 UNITED £>TATE5 SECURITIES 500 * i mk 500 0 • W///A mmm. v//ssZv. 1000 i r i 1000 PURCHASED BILLS 500 500 0 3000 1 I T 3000 DISCOUNTED BILLS 2500 2000 2000 1500 1500 1000 1OO0 I I I !! TOTAL EARNING ASSETS 30OO 2000 1000 500 1921 1922 1923 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE FEDERAL. RESERVE BOARD. 91 ALL FEDERAL RESERVE BANKS 100 oESERVP B AT 80 80 60 60 40 20 20 0 MILLIONS OF DOLLARS MILLIONS OF DOLLARS 3000 3000 DEPOSITS 2000 2000 1000 1000 4000 4000 F. R. NOTE CIRCULATION 3000 3000 2000 2000 1000 5000 TOTAL CASH RESERVES 4000 4000 3000 3000 2000 1921 1922 1923 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, to BY WEEKS, DURING 1923. [Amounts in thousands of dollars.] Liability on— Reserves required— Ratio of > total cash tz* Total Gold in reserves to fej Date. Deposits. F. i n l R a c t . i i o r n c n o u . t - es c a D o n m e d p b n o in o s e i t t e d s s . d A ( c e 3 g e p 5 a n o i p t s n ) e i . s t r s t F. A ( c R 4 g e 0 . a n n i p t n ) o e . s r t t es Total. re h c s e e a l r s d v h . es r r e e e x s q c e u e r i s v r s e e o d s. f d F c e l . o i p a m R o b s b i . l i i t i n n ti o a e e n t d s e d . < ^ ^ - Per cent. k 1923. Jan. 2,024,773 2,411,058 4,435,831 708,673 964,424 1,673,097 3,162,770 1,489,673 71.3 O 2, 019, 876 2,312,674 4, 332, 550 706,956 925,070 1, 632,026 3,187,467 1, 555,441 73.6 % 1,969,451 2,256,491 4, 225, 942 689,308 902,597 1, 591,905 3, 214,137 1,622,232 76.1 1, 990,826 2,221, 316 4,212,142 696,790 888,526 1,585,316 3, 221, 981 1,636,665 76.5 § 1,991,062 2, 203, 701 4,194, 763 696,873 881,481 1, 578, 354 3, 227,132 1, 648, 778 76.9 Feb. 1,964,441 2, 217,817 4,182,258 687, 554 887,128 1, 574, 682 3,219,364 1, 644, 682 77.0 tf 2,030,692 2, 243, 603 4, 274,295 710,741 897,442 1, 608,183 3, 218,961 1, 610, 778 75.3 ^ 1, 965,908 2,260, 497 4, 226, 405 688,069 904,200 1,592, 269 3, 203,609 1, 611, 340 75.8 W J 1,952,317 2,246,943 4,199, 260 683,309 898, 777 1, 582,086 3,201, 600 1, 619, 514 76.2 6 Mar. 7_ 1,942,862 2,256, 302 4,199,164 680,002 902, 521 1, 582, 523 3,201,274 1,618, 751 76.2 > 14 _ 1,995, 789 2, 242,902 4, 238,691 698, 526 897,161 1, 595, 687 3,196, 569 1, 600, 882 75.4 ^ 21 _ 1,985,033 2,231,487 4, 216, 520 694, 761 892, 594 1, 587, 355 3,192, 624" 1,605,269 75.7 W 28 _ 1,976, 270 2,232,482 4,208, 752 691, 694 892, 992 1, 584, 686 3,176, 288 1, 591, 602 75.5 m Apr 4_ 1,988, 606 2,240, 951 4, 229, 557 696,013 896,382 1, 592,395 3,173,017 1,580, 622 75.0 3 1,942,131 2,231,041 4,173,172 679, 746 892,417 1, 572,163 •3,184, 439 1, 612, 276 76.3 fed 1, 991,001 2,220, 251 4, 211, 252 696,850 888,099 1, 584, 949 3,178, 542 1, 593, 593 75-5 w 25_ 1,908,543 2, 222, 588 4,131,131 667,989 889,035 1, 557,024 3,179.042 1,622,018 77.0 O May 1,983,848 2,237, 505 4,221,353 694,347 895,003 1, 589,350 3,17*, 388 1,585,038 75.2 § 1,937,670 2, 241,780 4,179,450 678,185 896, 712 1, 574,897 3,181,381 1,606,484 76.1 16. 1,993,691 2, 232, 999 4,226, 690 697,791 893,200 1, 590,991 3,181,051 1,590,060 75.3 23_ 1,986,286 2,227,700 4, 213,986 695,199 891,080 1, 586, 279 3,187,783 1, 601, 504 75.6 29. 1,951, 586 2, 250,217 4, 201,803 683,055 900,086 1, 583,141 3,195,497 1,612, 356 76.1 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

June 6_ 1,976,029 2, 250, 213 4,226,242 691,610 900,085 1, 591, 695 3,198,218 1,606,523 75.7 13 _ 1,956,323 2, 235, 755 4,192,078 684,712 894,301 1, 579,013 3,226,614 1,647,601 77.0 20, 1,921, 314 2, 222,352 4,143, 666 672,458 888, 940 1,561,398 3,214,981 1,653,583 77.6 27 _ 1,936, 599 2, 226,954 4,163, 553 677,810 890, 780 1, 568, 590 3, 202,479 1,633,889 76.9 July 1, 974, 251 2, 282,054 4,256, 305 690,988 912,822 1,603, 810 3,166,903 1,563,093 74.4 > 1,949, 722 2, 265,149 4, 214, 871 682, 402 906,062 1, 588,464 3,177,148 1,588,684 75.4 g 1, 942, 521 2, 216, 994 4,159,515 679, 882 886,800 1, 566, 682 3,183,422 1, 616,740 76.5 ^ 1, 896, 567 2,194,871 4, 091,438 663, 799 877,947 1,541,746 3,200,005 1,658,259 78.2 £ Aug. 1,944,551 2,187, 729 4,132, 280 680, 593 875,090 1, 555,683 3,193,724 1,638,041 77.3 £| 8. 1, 904,791 2, 224,358 4,129,149 666, 676 889,743 1,556, 419 3,190,120 1,633,701 77.3 W 15. 1, 902,410 2,231,815 4,134, 225 665,844 892, 726 1, 558, 570 3,195, 067 1,636,497 77.3 g 22 _ 1,881,905 2, 225, 063 4,106,968 658, 667 890,025 1, 548, 692 3, 201, 476 1,652,784 77.9 # 29 _ 1, 907, 582 2,224, 760 4,132,342 667, 655 889,904 1, 557, 559 3, 201, 234 1,643,675 77.5 H Q Sept. 1,902,375 2, 257,278 4,159,653 665,833 902,911 1, 568, 744 3,178, 334 1, 609, 590 76.4 ^ 1,936,456 2, 262, 525 4,198,981 677,761 905,008 1, 582, 769 3,187, 665 1,604,896 75.9 H 19. 1,887,840 2, 254,764 4,142, 604 660,744 901,906 1, 562, 650 3,199,802 1, 637,152 77.2 ffl 26. 1,930,073 2, 247, 830 4,177, 903 675, 527 899,133 1, 574, 660 3,192, 698 1, 618,038 76.4 W Oct. 1,936,237 2,272,308 4,208, 545 677, 684 908,923 1, 586, 607 3,187,990 1, 601,383 75.8 j-, 1,905, 755 2,288, 580 4,194,335 667,012 915,432 1, 582,444 3,193,923 1,611,479 76.i m 1,975,322 2,272,391 4, 247, 713 691, 363 908,956 1, 600,319 3,198,023 1, 597,704 75.3 P 24 _ 1,923,538 2, 255,354 4,178,892 673,236 902,142 1, 575,378 3, 209,122 1, 633,744 76.8 f< 1,958, 660 2, 224, 865 4,183, 525 685, 531 889,944 1, 575,475 3,191,145 1, 615,670 76.3 y Nov. 7_ 1,909,383 2,265, 556 4,174,939 668, 285 906,223 1, 574, 508 3,195, 241 1,620,733 76.5 | 1, 982,431 2,263,048 4, 245,479 693,851 905, 218 I, 599,069 3, 209,379 1,610,310 75.6 £ 1,941,479 2,223,074 4,164,553 679, 517 889,232 1, 568, 749 3,212,881 1,644,132 77.1 2 1,938r 593 2,246,300 4,184,893 678, 509 898, 519 1, 577,028 3,197,282 1,620,254 76.4 W Dec. 1,935, 504 2, 252, 598 4,188,102 677,426 901, 040 1, 578,466 3,197,655 1,619,189 76.4 £ 1,971,673 2,266, 831 4,238,504 690,086 906,732 1,596,818 3,193,649 1,596,831 75.3 g 1,882,852 2,296,436 4,179,288 659,000 918, 575 1,577, 575 3,163,438 1,585,863 75.7 • 26. 1,937,869 2,340,375 4,278, 244 678,254 936,150 1,614,404 3,137, 516 1, 523,112 73.3 Co 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 1923, 1922, 1921, AND 1920. " ^ [Average daily figures. Amounts in millions of dollars.] 1. Cash reserves. 2. Total earning assets. 3. Deposits.^ 4. Fede c r i a r l c r u e l s a e ti r o v n e . notes in 5. Rese 1 r - v K e 3 p + er 4 c ) e . ntages. Month. 1923 1922 1921 1920 1923 1922 1921 1920 1923 1922 1921 1920 1923 1922 1921 1920 1923 1922 1921 1920 January._- 3,202 3,044 2,287 2,098 1,191 1, 304 3,035 3,044 1,982 1,801 1,6341,790 2,289 2,272 3,178 2,888 75.0 74.7 47.5 44.9 February- 3,209 3,070 2,344 2,053 1,153 1,215 | 2,869 3,1541,970 1,814 1, 660 1,797 2,245 2,177 I 3, 0692,947 76.1 76.9 49.6 43.3 March 3,191 3,096 2,403 2,058 1,179 1,191 | 2, 736 3, 2121,961 1,795 '• 1,8091, 783 2,253 2,195 2, 979 3,040 75.7 77.6 50.2 42.7 April 3,177 3,115 2,485 2,084 1,165 1,190 I 2, 527 I 3,1921,945 1,823 j 1,750 1,770 2,236 2,190 2,8713,072 76.0 77.6 53.8 43.0 | May. 3,180 3,127 2,542 2,079 1,173 1,189 2,354 3,256 1,949 1,877 I 1,717 1,811 2,243 2,153 2,787 3,090 75.9 77.6 56.4 42.4 June. 3,204 3,136 2,606 2,103 1,125 1,167 2,175 3, 210 1,931 1,893 | 1,723 1,748 2,247 2,138 2,683 3,114 76.7 77.8 59.1 43.3 July- 3,181 3,158 2,655 2,119 1,120 1,128 2,013 3,201 1,920 1,882 1,696 1,706 2,242 2,157 2,605 3,143 76.4 78.2 61.7 43.7 August 3,194 3,196 2,740 2,127 1,078 1,053 1,842 3,234 1,890 1,860 ! 1,691 1,699 2,229 2,151 2,512 3,165 77.6 79.7 65.2 43.7 i September. 3,187 3,192 2,836 2,139 1,123 1,113 1,740 3,329 1,908 1,866 | 1,7161,665 2,264 2,225 2,494 3,276 76.4 78.0 67.4 43.3 October 3,194 3,212 2,906 2,162 1,151 1,185 1,641 3,390 1,919 1, 876 1, 7281,681 2,276 2,309 ! 2,456 j 3,337 76.1 76.7 69.4 43.1 November . 3,200 3,209 2,964 2,183 1,148 I 1,210 1,520 3,375 1,939 1, 890 1, 7331,668 2,257 2,325 I 2,402 3,328 76.3 76.1 71.7 43.7 December. . 3,169 3,166 2,222 1,200 | 1,304 1,517 3,314 1,931 1,891 | 1,7551,622 2,292 2,416 | 2,416 3,343 75.0 73.5 71.8 44.7 Year. 3,191 3,144 2,649 2,119 1,151 1,187 2,160 3,243 1,937 1,856 ! 1,7451,728 2,256 2,226 | 2,702 3,146 76.1 77.0 59.6 43.5 1 Net deposits are shown up to and including February, 1921, and total deposits after that month. oW 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 1923. [In thousands of dollars.] Federal reserve bank. January. Fe a b ry ru . - March. April. May. June. July. Se b p e te r. m- October. No b v e e r. m- De b c e e r. m- Y 1 e 92 a 3 r . Y 19 e 2 a 2 r . Y 1 e 92 a 1 r . Boston 97,0 99,786 I 87,662 75,440 68,815 73, 779 74,374 72,903 77,441 61,252 81,408 106,489 81,267 91,159 127,981 New York 342,594 i 323,912 262,893 I 243,648 257,181 240,187 259, 745 240,406 239,805 235,903 242,495 268,136 262,812 283,116 606,949 Philadelphia.. 99,343 | 112,523 114,585 108,092 109,618 110,230 108,411 101,899 97,813 ! 95,973 94,676 99, 766 104,363 102,855 160,990 Cleveland 110,807 95,442 109,524 115,446 115,115 105,477 101,471 106,994 101,182 100, 272 105,433 112,939 106, 765 120, 473 171, 675 o Richmond.. 48,111 58, 929 66,054 70,196 71, 622 77,409 75,314 65,163 58,974 62, 736 59,931 116, 780 Atlanta 36,895 53,280 59,854 51,028 46,409 52,868 68, 263 87,378 93,680 | 87,867 59,596 52,448 129, 800 Chicago 137,918 165, 724 149,185 143,884 140,479 130,026 133,800 156,987 149,489 | 148,439 148, 766 153,475 339,335 O St. Louis... 56,072 62,461 60,350 61,784 58,105 57, 992 69,946 74,177 69,849 | 58,639 62,368 57,778 93,229 hrj Minneapolis. __ 32,080 37,552 39, 683 40,427 41,154 40, 380 42,445 41, 748 31,162 i 30,279 37,120 39,561 Kansas City... 64, 561 64,866 73,863 73, 328 60,535 52,004 54, 821 65,423 67,914 66,423 63,943 I 68,558 103,185 Dallas... _ 51, 955 50,009 48,100 47, 561 49, 757 49, 787 52, 842 59,074 63, 440 64,984 53,218 1 43,950 69,232 San Francisco. 113,756 129,159 125,376 108, 237 109,151 101,323 107, 705 97,092 83,056 97,416 107,616 113,966 162,315 Total: 1923 1,191,191 1,152,862 (1,178,919 1,164,606 1,173,194 jl, 124, 8911,119,787 jl, 078,204 1,123,472 ll, 150, 593 1,147, 7651,200,351 1,150,570 I. 1922 il, 304,163 1,191,013 ll, 190,0041,188,849 i 1,166,6171,127, 1,053,098 1,113,343 1,184,700 1, 210,1261,304, 4331,187,270 1921. |3,034, 655 2,735,784 2,527,253 2,353,794 |2,175,175 2,012,699 1,841,596 1,740,474 1,640,740 1, 520, 2831, 517,1942,160,179 I 1920. 3, 043, 9523,153, 994 3,191,945 3,255,859 j3, 209, 650J3,200, 973 13,233,862 13,329,481 3,390,089 3, 375,395|3,313, 5023, 242, 679 1919. 2, 213, 5112,225, 686 2,341, 724 391,774 12,323,992|2,478, 863 2,442,627 12,471,515 12,709,330 2, 907,803|3,034, 2242,487,483 s 1918_ 1,026, 3651, 001,954 1, 237, 3681,265,748 1,274,898 jl, 439,286 11,607,709 1,920,057 2,194, 7072,273, 5992,298,313 1,557,058 1917. 198, 234 199,860 229,856 275,310 432,291 422, 269 372, 358 438, 753 603,544 883, 2521,016,938 440,499 1916. 92, 502 103,619 149,306 168, 538 164,893 189,824 193,458 188,510 188, 358 188,414 221,301 164, 583 w o CD Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 17.—AVERAGE DAILY HOLDINGS OF DISCOUNTED BILLS, BY MONTHS, DURING 1923. CD [In thousands of dollars.] Federal reserve bank. January. Fe ar b y r . u- March. April. May. June. July. August. Se b p e t r e . m- October. No b v er e . m- De b c e e r. m- Y 19 e 2 a 3 r . Y 19 e 2 a 2. r Y 19 e 2 a 1 r . Boston.. 45,159 57, 622 50,567 | 47,603 42,648 50,627 52, 533 56,799 63,561 47,179 50,093 67,728 52,633 . 36, 393 99,581 New York 188,090 242,469 204,519 | 185,440 177,188 163,893 207,577 197, 758 191,526 192,017 154,406 146,100 187, 282 501,877 Philadelphia 43, 640 56,711 57, 218 ! 56,734 62,583 70,473 71,164 64, 587 58,974 55,916 59,296 59,846 53,181 124,879 Cleveland 28,916 26,966 34, 555 43,967 54, 660 57, 297 67,629 57,773 54, 591 61, 757 65,493 65,075 51, 717 48,410 137,468 Richmond 42, 253 j 40,762 46,176 55,916 62,479 65, 226 66,812 75,419 72,915 61,572 55, 482 59,590 53, 751 104,097 Atlanta .- 23,518 18,594 19,161 22, 662 29,407 j 34, 249 39,745 44,176 59,044 79, 241 83,902 75,962 44,283 41,016 108, 252 Chicago. 65,267 ! 57,953 86, 243 90,974 89,789 | 88,210 85, 569 75,580 81,204 108, 887 101, 653 99,089 86,046 81,197 294,161 St. Louis 17, 617 I 15, 793 22, 835 27,652 32,566 | 42,346 46, 783 51, 274 65, 877 72, 304 69, 755 58, 529 43, 754 27,680 79, 427 I Minneapolis 19,421 ! 18,142 17,949 20,201 24,849 26, 993 29,279 28, 407 29,342 29,090 23, 302 ; 21, 707 24,103 28,357 71, 794 Kansas City 23,006 I 17,650 22,143 27,300 39, 297 47,204 48,248 40, 922 41,590 52,887 59,683 | 56,786 39,861 30,127 I 84,660 Dallas... 16,133 16, 303 18,163 21, 491 26, 759 31,915 40,001 j 47,328 38, 743 24,082 17,371 | 12,872 25,993 31,655 61, 238 San Francisco. 35,949 41, 790 48,990 59,992 66,169 65, 873 81,699 77,762 75,825 58,152 56,107 63,006 48,112 136, 871 Total: 1923. 548,969 610,755 628, 519 659,932 708,394 ! 744,306 837,039 811,251 847,885 875,158 801,388 !774, 733 738,114 1922 968,971 772, 417 640,303 576,631 481,626 | 438, 789 428,327 J 396,242 416,612 484, 443 623,825 !663,562 573, 247 1921 2, 536,105 12, 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 11,185,432 1,804, 305 1920 2,142,788 |2,298,917 2, 386, 5372,440,376 J2,537, 5512,461,022 2,519,044 12,605,113 |2, 677,052 2, 782,055 2, 776,4572, 730,3602, 530, 379 I 1919 1,734,655 1,763,226 1, 861, 5321,919,461 1,973,926 1,842,112 1,867,920 [l, 801, 887 |1, 777,334 2,073,416 2,145, 6312,157, 021 1, 908,198 s 1918 611,235 I 531,541 567,475 769,259 902,102 938,442 1,165,649 i 1,337, 701 11,603,153 1, 709,766 1, 768, 7461, 749,156 1,140,053 1917 20,877 1 17,900 18,191 24,903 42,710 151, 234 147,797 134,988 182,439 313, 771 568,352 664,154 1916 29,078 I 24,134 21,609 21,956 20,184 20,514 25,421 28,058 27,320 22,154 19,923 32, 645 24,416 8 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 18.—HOLDINGS OF DISCOUNTED BILLS ON DECEMBER 31, 1923, DISTRIBUTED BY CLASSES. [In thousands of dollars.] Member banks' collateral I Customers' notes. j paper Domestic Domestic Federal reserve bank. (all T c o la ta ss l es). i i by se c U u . re S d . Secured ; J I p C a o p m er m , e n r . c e i . a l s. Ag p ri a c p u e lt r u . ral Li p v a e p s e to r. ck ac b c a e n p k ta e n r c s e ' s, acce tr p a ta d n e ces. I Government by U. S. : Otherwise 1 obligations. Government j secured. obligations, j Boston 67,701 861 20, 883 44, 371 658 35 New York 164,535 20 136,155 27,435 i 524 401 Philadelphia.. 58,924 356 42, 458 15,406 | 567 137 Cleveland 49, 018 25, 353 40 | 21,137 ! 605 412 991 Richmond 52, 022 287 22, 765 103 25, 244 I 2,628 210 Atlanta 55, 742 742 10, 226 247 37,326 | 6,138 Chicago 95,334 371 48, 495 180 28,674 | 17, 067 547 St. Louis 57, 282 271 17, 021 800 34,424 ! 3,391 275 1,100 fed O Minneapolis. _ 18, 657 28 3,261 557 5,140 ! 7,975 1,472 224 fed Kansas City.. 41, 867 359 10, 844 14,198 j 6,046 10, 414 6 Dallas 8,872 26 524 223 3,340 1,367 3,246 146 San Francisco 53,114 118 11,781 4,142 28,904 5,745 1,520 23 881 in Total.. _ 723, 068 3, 919 349, 766 6,292 285,599 ! 52, 711 17, 506 233 7,042 tel w o 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 1923, DISTRIBUTED BY CLASSES. CD 00 [In thousands of dollars.] Member banks' col- Customers' lateral notes. paper se- Total cured by Commer- Agricul- Date. (all classes). U. S. Gov- Secured by ci n al . e p . a s p . er tural paper. ernment U. S. Gov- Otherwise obligations. ernment secured. obligations. I 1923 Jan.-31 597, 251 2,944 374,538 8,409 131,367 Feb. 28 595, 760 3,242 352,797 | 8,790 157,244 Mar. 31 698,914 3,208 369,560 | 8,649 242,134 Apr.30 724,993 4,653 381,426 ' 8,041 249,021 j May 31 770, 734 3,418 403,406 7,274 263,372 June 30 836, 949 4,000 403, 356 7,393 317,308 July 31 -- 825,936 3,753 388,184 7,247 311,165 ! Aug. 31 864, 562 4,806 407,512 7,402 330,145 I Sept. 29.,. 883, 553 4,900 396, 286 7,532 371, 200 Oct. 31 883, 800 4,982 420, 668 6,977 359, 434 Nov. 30 803, 354 4,797 401, 736 6,660 306, 233 Dec. 31. 723, 068 3,919 349, 766 6,292 285,599 Dec. 30, 1922 617, 780 3,618 328,172 10,035 185, 616 63,510 Dec. 31,1921 1,144, 346 41,511 443, 722 17, 752 452, 331 129,037 Dec. 30, 1920 2, 719,134 271,526 869, 510 17,907 I 1, 274, 606 143,145 W Dec. 26, 1919 2,194, 878 352, 598 1,157, 766 8,255 576,015 24,825 O Dec. 27, 1918 1, 702,938 363,023 1,037,348 21,615 208, 248 29,384 Dec. 28,1917 680, 706 132, 774 150, 647 87,751 293, 241 8,631 » Included with "Commercial paper, n. e. s." Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 20.—HOLDINGS OF DISCOUNTED BILLS ON DECEMBER 26, 1923, DISTRIBUTED BY MATURITIES. [In thousands of dollars.] Maturity. Federal reserve bank. Total. Wi d t a h y in s . 15 16 to 30 days. 31 to 60 days. 61 to 90 days. 91 m d o ay n s t h t s o . 6 m O o v n e t r h 6 s. - s Boston .- 79, 262 69, 508 3,178 3,954 2,611 New York 204, 956 195, 643 3,241 3,569 2,494 - I Philadelphia. _ 62,150 56,815 1,233 2,091 2,003 Cleveland 68,840 47,013 6,905 9,230 5,455 237 H Richmond 55, 503 35,882 6,455 7,920 5,067 179 O w Atlanta 69,335 34, 246 10, 683 14,427 8,591 1,343 45 Chicago - 105,167 67,453 8,917 10,411 11,211 187 H St. Louis 62, 209 32,505 9, 766 10,625 8,700 581 32 g Minneapolis.. 22,831 9,317 2,225 2,420 3,286 4,984 599 Kansas City.. 49, 651 23,207 5,217 7,017 5,390 8,638 182 O Dallas 12,293 6,692 1,022 1,543 1,135 1,811 90 San Francisco 64,954 34,379 5,468 10, 862 10,571 3,480 194 Total- 857,151 612, 660 64, 310 84, 069 66, 514 28, 269 1,329 i w o l CO CO 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 1923, DISTRIBUTED BY MATURITIES. O [In thousands of dollars.} O Maturity. Total. Wi d t a h y i s n . 15 16 to 30 days.31 to 60 days. 61 to 90 days. 91 m d o ay n s th t s o . 6 m O o v n e t r h 6 s. 1923. Jan.31__ 597,251 453, 690 34,946 46,589 38,258 23,768 Feb. 28.. 595, 760 455,438 32,457 54,321 32,519 21,025 Mar. 28.. 700,019 513, 267 42,899 71,245 51, 772 20,821 15 Apr. 25.. 636,597 431,439 46, 760 83,264 50, 385 24, 046 703 May 29.. 730,995 508,360 54,923 82,487 44, 549 39, 988 688 June 27.. 774,963 524, 586 56,282 83,480 61,403 48,853 359 July 25.. 760,539 484,677 58, 725 91,938 85, 073 39, 997 129 Aug. 29- 815, 518 531, 631 64,241 120,476 76,809 22,127 234 Sept. 26.. 862,008 571,155 81,295 ! 120,935 75,155 13, 223 245 fed Oct. 31-. 883,800 594, 529 74,667 ! 121,853 75,104 17,124 523 w Nov. 28.. 794,381 542, 731 73,512 104,881 48, 287 24,024 946 Dec. 26.- 857,151 612,660 64, 310 66, 514 28, 269 1,329 tr1 Dee. 27, 1922.. 629, 885 436,465 48,609 63,372 50,059 31, 380 Dec. 28, 1921.. 1,179,833 708,361 j 116,690 | 161, 202 131, 936 61,644 i Dec. 30, 1920.. 2, 719,134 1,632,885 ! 280,406 I 430,676 311,619 63, 548 Dec. 26, 1919.. 2,194, 878 1,484,790 j 244,890 I 292, 715 152,125 20,358 Dec. 27, 1918.. 1, 702,938 1,149,955 | 266,107 166,876 93, 061 26,939 w Dec. 28, 1917.. 680, 706 355,373 ' 57,367 j 175, 006 83,974 o Dec. 29, 1916.. 30,196 1 9, 927 2 11, 794 I 5,006 2,423 1,046 Dec. 30, 1915-. 32, 368 15, 229 29,012 9,352 4,694 4,081 Dec. 31, 1914.. 4,632 3,531 1,746 Within 10 days. a From 11 to 30 days. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 32.—HOLDINGS OF DISCOUNTED BILLS SECURED BY UNITED STATES GOVERNMENT OBLIGATIONS ON DECEMBER 26, 1923, AND DECEMBER 27, 1922. 00 [In thousands of dollars.] Secured by— Total (all classes). Member banks' Customers' paper. collateral notes. Federal reserve bank. United States bonds. Victory notes. ! Treasury notes. Certificates of indebtedness. 1923 1922 1923 1922 1923 1922 1922 1923 1923 1922 1923 1922 ft! Q Boston 27,180 25,036 26,299 24, 293 881 743 20,412 18, 232 62 6,528 6,642 | 240 100 H New York. 158,190 125, 487 158,171 125,058 19 429 84,469 63,542 109 ! 73,123 61,766 I 598 70 Philadelphia - 45, 453 39,618 45,099 39,350 354 268 31, 578 31,458 186 | 13,351 7,807 524 167 O Cleveland j 39,947 28,147 39,590 27, 415 357 732 30, 717 22,476 660 7,650 4,171 I 1, 580 840 ! Richmond - 26, 740 25,024 26,479 24,506 261 518 19,602 21,002 239 6,376 3,443 I 762 340 Atlanta 20,301 3,036 19,314 2,816 987 220 11,126 2,008 136 2,524 835 j 6,651 57 Chicago 53, 292 29,106 52, 917 28,728 375 378 27, 517 21,103 131 23,932 4,372 1,843 3,500 St. Louis... 19, 785 16, 549 19,309 16,352 476 197 15,025 I 9,615 504 3,935 3,068 825 3,362 Minneapolis... 6,413 2,177 6,385 2,167 3,913 1,822 10 j 2,500 345 Kansas City... 18, 599 9,767 18,338 9,569 261 14, 675 5,778 149 j 3,668 3,410 256 430 Dallas 2,808 992 2,772 987 36 870 657 21 I 1,738 314 200 San Francisco.. 23,134 11, 556 23,010 11,483 124 15, 551 9,211 55 i 7,306 2,260 277 30 g Total.... 441, 842 316,495 437,683 | 312,724 4,159 3,771 275, 455 206, 904 2, 262 152, 631 98,433 ! 13,756 so W O > 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 o EACH MONTH DURING 1923. to [In thousands of dollars.] Secured byi Member Date. Total. I b e a r n al k s n ' o c t o e l s l . at- Cu p s a t p o e m r e . rs' United States Victory Treasury o C f e i r n t d if e ic b a t t e e d s bonds. notes notes. ness. 1923. w o Jan. 31... 377,482 374,539 2,943 163,811 4,288 151,823 57, 560 Feb. 28.. 356,039 352,934 3,105 167, 479 2,214 178,691 7, 655 H Mar. 28.. 388, 238 383, 761 4,477 208, 593 2,482 168,457 8,706 O Apr. 25.. 339, 880 335, 517 4,363 187, 512 2,961 139, 735 9,672 H W May 29_. 371, 533 368,315 3,218 214,037 143,307 14,189 June27_. 383,297 379, 581 3,716 243,028 121,470 18, 799 July 25.. 364,413 360, 619 3,794 231, 811 115,854 16, 748 Aug. 29.. 376,194 371,420 4, 774 251,156 108, 563 16,475 Sept. 26_. 402,141 397,456 4,685 262,320 125,178 14,643 Oct. 31... 425, 650 420,667 4,983 250, 404 158, 632 16,614 Nov. 28.. 382, 643 377,936 4,707 248, 922 118,485 15, 236 Dec. 26.. 441, 842 437,683 4,159 275,455 152,631 13, 756 Dec. 27, 1922.. 316,495 312, 724 3,771 206, 904 2,262 98, 433 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 Dec. 26, 1919.. 1, 510,364 1,157, 766 352, 598 732, 401 337, 663 440, 300 O Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. M.—AVERAGE DAILY HOLDINGS OF BILLS BOUGHT IN OPEN MARKET AND FROM OTHER FEDERAL RESERVE BANKS, BY MONTHS, DURING 1923. [In thousands of dollars.] Federal reserve bank. J a a r n y u . - Fe a b r r y 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 3 r . Year Y 19 e 2 a 1 r . Boston 18,958 13,741 16,187 18, 554 20, 535 18, 658 17, 660 11,948 10,053 27, 068 32, 598 17, 966 16, 805 9,187 New York 36,873 28, 508 31, 444 41, 415 66,449 57,110 42, 268 34, 857 30, 294 34, 754 76, 315 93, 893 47, 970 45, 761 32, 754 Philadelphia 22,877 26, 708 28, 762 26, 049 22,249 19, 852 19,857 19, 931 19, 515 19, 591 23, 952 27, 724 23,067 20, 369 9,159 Cleveland 44,851 32,013 41,989 51, 006 41,712 32,145 23, 537 39, 010 36, 075 28,129 29, 270 36, 498 36, 380 21, 376 12, 491 Richmond, 1,010 439 712 1,672 2,234 1,935 2,043 1,396 1,058 2,250 2,151 1,469 1, 547 3,063 H Atlanta 9,053 7, 326 13, 853 28, 514 29,838 16, 479 6,389 8,457 8,928 7,811 9, 473 11, 573 13,145 3, 968 2,459 O Chicago 13, 080 15, 503 29, 092 34, 549 33,485 34, 460 43,836 44, 337 42, 359 40,368 38,954 39,335 34, 228 15, 647 6,613 St. Louis.- 14, 203 11,965 11,198 12,446 11,170 8,613 4,071 1,192 230 12 94 110 6,239 7,610 730 Minneapolis. __ 7 3,391 3,766 1,822 175 47 51 95 762 0) Kansas City_._ 166 83 956 117 112 115 22 876 2,045 2,016 999 716 689 178 767 Dallas 23,187 22,121 20, 876 17, 222 12, 058 12,070 7,977 680 12,187 27, 841 38, 240 45, 685 19, 995 5,391 116 San Francisco. 36, 468 24, 850 33,651 41,167 31, 246 23,959 18,147 14,266 12, 057 11,991 15, 638 32,053 24,638 20, 555 14, 478 ft Total: 1923 | 220,733 186, 648 232,486 274, 533 271, 263 225, 396 185,807 176,950 173,619 183,671 262, 304 322, 431 226, 548 r 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, 621 325, 461 313,864 303, 981 278, 521 244, 001 388, 746 1919. 280, 732 276, -087 262, 787 208, 905 189, 768 246,158 362, 298 371,091 353, 936 340,189 455, 057 549,959 325, 232 1918. 265, 590 289, 072 318, 778 311,984 278,464 I 238, 507 209,174 217,109 249, 751 360, 451 378, 036 344, 329 288,422 1917. 111,575 117,865 99,026 78,812 99,517 1 164, 355 198, 703 162, 252 167, 403 178, 680 195, 635 250, 438 152, 046 1916. 26,155 28, 251 35,292 44,150 51,155 | 63, 403 80, 264 82, 391 82, 807 82, 601 96,493 122, 315 66, 280 w o 1 Less than $500. O CO 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 31, 1923, DISTRIBUTED BY CLASSES OF ACCEPTING INSTITUTIONS. [In thousands of dollars.] Member banks. Nonmember Branches Federal reserve bank. Total. National. na N ti o o n n - al. co b b r a p a n o n k r k s a i t a n io n g n d s. P b r a iv n a k t s e . an o d f b a a fo n g r k e e n s i . g c n ies Boston... 38,726 15, 215 12,916 7,076 2,015 1,504 New York 90, 564 29,728 29, 620 15, 878 8,404 6,934 o w Philadelphia..-- 33, 261 15,103 10, 831 3,433 2,102 1,792 Cleveland - 44,046 10,194 10, 572 8,551 8, 635 6,094 H O Richmond 2,078 125 1,953 Atlanta . 12,154 2,462 6,042 3,500 150 H Ghicago 42, 437 16, 996 21, 697 3,298 347 99 ft St. Louis 43 34 9 Minneapolis... 623 68 325 115 20 95 Kansas City.- 545 545 Dallas 49, 438 17, 428 14, 983 6,948 4,736 5,343 San Francisco. 38, 059 11, 058 13, 410 4,879 5,096 3,616 Total 351, 974 118,956 120, 405 55, 631 31,355 25, 627 W w o Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 26.—HOLDINGS OF BANKERS' ACCEPTANCES BOUGHT IN OPEN MARKET AND FROM OTHER FEDERAL RESERVE BANKS AT THE END OF EACH MONTH IN 1023, DISTRIBUTED BY CLASSES OF ACCEPTING INSTITUTIONS. [In thousands of dollars.] Member banks. Nonmember Branches Month Total. National. na N ti o o n n - al. co b b r a p a n o n k r s k a i t a n io n g n d s. P b r a i n v k a s te . of b a fo n r k e s i . gn d 3 January... 187, 428 69,826 57, 605 23, 392 24,189 | 12, 416 February. 206, 306 82, 586 64,107 25, 438 23,307 10,868 March 261, 242 99,459 83, 907 31, 883 31,549 f 14, 444 April 269,851 101, 063 88,135 34, 765 31, 475 14, 413 May 257, 491 98, 762 83, 391 32, 643 28,855 13, 840 June 205,065 75, 558 65, 403 30, 220 23,496 10,388 July..... 182,956 62, 321 60, 424 26,935 23,626 9,650 August. 171, 436 58, 746 56, 268 24, 313 24,015 8,094 September. 172, 987 53,135 56, 892 27, 468 23,826 11,666 October 203,870 65,363 69, 618 29, 370 23, 804 15, 715 November. 298, 615 102,193 43, 750 30, 967 23,007 December.. 351,974 118, 956 120, 405 55, 631 31, 355 25,627 : V Pec. 30,1922. 270,944 97,128 92,048 38,036 27,012 16, 720 i Dec. 31, 1921. 145,045 60,173 50,091 13,656 12,319 8,806 Dec. 31, 1920. 258, 878 169, 387 38, 374 24,905 26,212 Dec. 31, 1919. 566,369 405,339 65, 334 55,537 40,159 Dec. 31, 1918. 285, 273 238, 257 13,187 20,385 13,444 Dec. 31, 1917- 266,853 227, 717 11, 342 20,137 7,657 o Dec. 30, 1916. 121,154 66,803 36,127 18, 224 Dec. 27, 1915- 20, 599 13, 790 5,989 820 o C7T Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. %1.—HOLDINGS OP BILLS BOUGHT IN OPEN MARKET AND FROM OTHER FEDERAL RESERVE BANKS, ON DECEMBER 31, 1923, DIS- TRIBUTED BY CLASSES. [In thousands of dollars.] Bankers' icceptances based on— Trade acceptances based on- 1 Federal reserve bank. Total. Domestic 1 Domestic Total. Imports. Exports. trans- Dollar Total. Imports. Exports. 1 transactions. exchange. j actions. Boston --. _. .. .- _ .- -.- 38, 802 38,726 11,867 12,331 10, 939 3,589 76 13 63 O New York 93,151 90, 564 32, 303 32, 281 21,716 4, 264 2, 587 2,130 457 Philadelphia 33, 261 33, 261 9,631 11,254 10,190 2,186 Cleveland. . . - 44,046 44,046 23, 778 11,526 7,284 1,458 o Richmond 2,078 2,078 50 732 1,296 Atlanta. 12,154 12,154 730 7,099 4,325 Chicago 42, 437 42, 437 10, 785 15, 279 14, 548 1, 825 St. Louis 43 43 43 Minneapolis. .. . 623 623 168 412 43 Kansas City . _ . 545 545 545 Dallas 49,438 49, 438 17, 943 15, 739 10, 302 5, 454 San Francisco 38,059 38, 059 13,911 13, 258 9,214 1,676 Total 354, 637 351, 974 121,166 119,911 90,445 20, 452 2,663 2,143 520 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 1923, BY CLASSES. [In thousands of dollars.J Bankers' acceptances based on— Trade acceptances based on- Month, Total. Domestic Domestic Total. Imports. Exports. ac tr t a io n n s- s. ex D c o h l a la n r ge. Total. Imports. Exports. a t c r t a i n o s n - s. January... 188, 566 187, 428 85, 977 59, 218 36,181 6,052 1,138 1,138 O February.. 207,678 206,306 97,413 59,854 42,122 6,917 1,372 1,372 March 263, 358 261, 242 133, 773 68,134 48, 579 10, 756 2,116 1,932 184 ^ April 271, 573 269, 851 149, 880 61, 364 46,135 12,472 1,722 1,643 79 O May 258, 680 257,491 142,254 55, 315 48, 365 11,557 1,189 1,189 June 205,600 205, 065 113,906 46, 211 37,115 7,833 535 535 July 183, 096 182,956 104, 851 35, 207 34, 808 8,090 140 140 August.. 171,607 171,436 100,372 31, 748 33,188 6,128 171 171 September . 173, 258 172,987 85,196 43,087 36, 581 8,123 271 271 October 204, 698 203,870 80, 913 63, 608 48, 885 10, 464 828 828 November. 300,207 298, 615 110, 320 98, 530 75,131 14, 634 1,592 1,592 December., 354,637 351,974 121,166 119,911 90, 445 20, 452 2,663 2,143 I. 520 Dec. 31, 1922. 272,122 270,944 108,992 86,929 65,280 9,743 1,178 1,130 48 Dec. 31, 1921. 145, 263 145, 045 9, 919 33, 962 11,164 218 218 O 1 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 29.—HOLDINGS OF BILLS BOUGHT IN OPEN MARKET AND FROM OTHER FEDERAL RESERVE BANKS ON DECEMBER 26, 1923 M DISTRIBUTED BY MATURITIES. QQ [In thousands of dollars.] Maturity. Maturity Federal reserve bank. Total. 1 W 5 i d t a h y in s. 1 d 6 a t y o s 3 . 0 31 d a to y s 6 . 0 6 d 1 a t y o s 9 . 0 d O w ay v i s s t e i , h x r i b 9 n u 0 t Federal reserve bank. Total. 1 W 5 i d t a h y in s. 1 d 6 a t y o s 3 . 0 31 d a t y o s 6 . 0 6 d 1 a t y o s . 90 d O a w y v i s s e t i , h r x b i 9 n u 0 t months. months. Boston 33,973 9,854 9,322 8,107 5,217 1,473 St. Louis 43 37 6 New York. _ 90,052 65,152 7,404 12,929 4,289 278 Minneapolis-. 182 182 Philadelphia 32,951 6,185 6,254 13,166 7,224 122 Kansas City 670 125 215 330 Cleveland.., 39,809 6,541 8,378 11,956 11,303 1,631 Dallas 47, 976 7,720 12,116 19, 287 8,396 457 Richmond -. 2,321 772 322 1,152 75 San Francisco 35,343 6,772 9,920 9, 649 8,300 702 H Atlanta 12, 493 4,437 1,617 4,925 1,514 Chicago 40, 602 9,731 9,576 12, 682 8,613 Total. - 336, 415 117, 289 65,124 94, 220 55,119 4, 663 w o Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 30e—HOLDINGS OF BILLS BOUGHT IN OPEN MARKET AND FROM OTHER FEDERAL RESERVE BANKS ON THE LAST REPORT DATE IN EACH MONTH DURING 1923, 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 3 . 0 31 d a t y o s 6 . 0 61 d a to y s 9 . 0 d O a w y v i s s e t i , h x r b i 9 n u 0 t Date. Total. 1 W 5 i d t a h y in s. 16 d a to y s 3 . 0 3 d 1 a t y o s . 6 0 6 d 1 a t y o s . 90 d O a w y v s i s e i t , x h r b i 9 n u 0 t months. months. 1923. 1923 Jan. 31 188,566 ] 65,983 41, 654 45, 442 27, 565 7,922 Dec. 27, 1922.. 246, 293 83, 210 50, 737 69, 056 38, 083 5, 207 Feb. 28 207,678 | 58,137 42, 253 57,810 38, 789 10, 689 Dec. 28, 1921._ 114,240 58, 306 24, 743 26, 062 5, 114 15 Mar. 28 254, 251 68,201 50,121 57,897 63, 829 14, 203 Dec. 30, 1920.. 255, 702 87, 030 64, 745 76, 805 27,122 Apr. 25 274, 041 61, 703 41,600 96,885 65, 005 8,848 Dec. 26, 1919.. 585, 212 123, 723 100,061 209, 280 152,148 May 29 257, 818 89,430 61, 748 74,037 23,972 8,631 Dec. 27, 1918.. 303, 673 104, 435 73, 914 104, 880 20,444 June 27 204, 225 77, 785 47, 013 36, 906 37, 723 4,798 Dec. 28, 1917.. 275,366 40, 321 61,177 105,132 68, 736 July 25 176,864 53,114 27,600 38,337 55, 535 2,278 Dec. 29, 1916.. 127, 497 i 20, 329 2 29, 720 42, 766 34, 682 Aug. 29... 173,485 54,600 32,094 52, 339 29,674 4,778 Dec. 30, 1915.- 23, 013 i 1, 236 2 5, 266 7,508 9, 003 Sept. 26 172,124 56, 831 34, 308 38,148 38, 749 4,088 I Oct. 31 204, 698 64,180 30,101 53, 832 | 52, 217 4,368 Nov. 28 289,004 88, 265 45,431 85,172 I 63,376 6,760 Dec. 26 336, 415 117, 289 65,124 94, 220 55,119 4,663 i Within 10 days. 1 From 11 to 30 days. 1 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 31.—AVERAGE DAILY HOLDINGS OF MUNICIPAL WARRANTS, BY MONTHS, DURING 1923. [In thousands of dollars.] Federal reserve bank. January. F a eb ry 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 . - Y 19 e 2 a 3 r . Y 19 e 2 a 2 r . 1 Y 9 e 2 a 1 r . Boston New York Philadelphia 17 39 49 55 9 27 36 20 46 7 Cleveland Richmond O Atlanta - .... 1 10 15 32 51 51 51 18 CO w Chicago H St. Louis. O Minneapolis 20 1 13 7 Kansas City 106 266 177 46 6 29 Dallas - - San Francisco _._ Total: 1923 20 17 39 49 56 19 15 138 317 255 87 85 1922 302 195 102 90 5 9 18 22 27 31 66 1921 4 261 258 43 1920 1919 8 4 4 1 1 1918 1,284 825 528 536 535 254 61 64 68 47 29 21 351 1917 10, 690 15, 822 16, 339 15,112 14, 695 4,666 2,239 1,252 213 285 1,324 1,664 7,018 1916 18, 765 24,658 32,486 35, 703 42, 239 24, 216 26, 763 27, 711 22, 973 30, 334 21, 493 12, 692 26,815 W O i Less than $500. 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 1923. [In thousands of dollars.] Federal reserve bank. January. Fe a b r r y u . - March. April. May. June July. August. See b pp e tte r e . m- October. No b v e e r. m- De b c e e r m . - Y 1 e 92 a 3 r . Y 19 e 2 a 2 r . Y 1 e 92 a 1 r . Boston 32, 982 28,423 20,908 9,283 5,632 4,494 4,181 4,156 4,600 4,020 4,247 6,163 10,668 37,962 19,212 New York 117, 631 52, 935 26, 930 16, 793 13, 544 19,184 9,900 7,791 17,985 9,132 11, 774 28,143 27, 560 143, 988 72, 318 Philadelphia.. 32, 826 29,104 28, 588 25,270 24, 737 19,850 17, 381 17,381 17,606 17, 408 14, 781 12, 709 21,430 29, 259 26,946 Cleveland 37,040 36,463 32, 980 20,473 18, 743 16,035 10,305 10, 211 10, 516 10, 386 10, 670 11,366 18, 668 50, 688 21,716 g Richmond.. 4,848 1,341 1,341 1,341 1,341 1,808 1,341 1,341 1,341 1,341 1,341 1,341 1,677 4,632 9,620 g Atlanta 4,324 6,359 10, 710 2,104 609 299 265 220 259 275 254 281 2,151 7,463 19, 090 Chicago 59, 571 74,677 65,667 40,201 25,911 21, 214 11, 074 10,109 10, 237 7,732 8,882 10, 015 28, 492 56, 631 38, 561 St. Louis... 24, 252 28, 870 28,294 22,363 16,614 10, 825 7,251 5,526 3,839 1,861 12,375 22, 487 13,072 Minneapolis... 12, 632 11,086 13, 858 15,529 14, 659 13,434 11,875 11, 973 13,103 12,611 7,719 8,477 12,254 11,191 6,907 Kansas City... 41,389 39, 979 42,327 37,449 34, 454 26,009 12, 265 10, 206 11,080 10, 254 7,053 8,921 23,347 38, 247 17, 728 Dallas 12,635 11,052 12,263 11,296 9,283 3,576 1,779 1,779 1,912 7,151 7,829 6,427 7,230 6,904 7,878 San Francisco _ 41, 339 35,170 34,031 28,000 27, 961 18,405 9,305 9,295 9,352 9,276 9,266 9,256 19,972 45,298 10, 96b Total: 1923- 421,469 355,459 317, 897 230,102 193, 488 155,133 96, 922 101,830 91, 447 83,818 103,099 185, 823 1922.. 236,148 355, 210 457, 643 520,197 604,151 592,647 545, 546 497, 827 486,920 448, 617 326, 294 379, 763 454, 750 1921.. 297,638 287,359 295,758 276, 899 302, 753 302, 710 261,141 248, 770 254,764 207, 625 208, 579 226,005 264, 014 1920.. 325, 497 308, 619 344,161 331,824 301, 789 347, 445 318,309 303,288 338, 565 304,053 320,417 339,140 323, 554 1919.. 198,123 186, 372 194,103 213,358 228,080 235, 722 248, 645 269, 648 340, 246 295, 725 307,115 327,244 254,053 1918.. 148, 256 180,516 235,961 155, 588 84, 646 97, 696 64, 402 52,165 67,085 124, 443 126, 789 204, 807 128,232 1917.. 55,093 48,273 49,247 111,029 118,387 112, 036 73, 529 73,866 110,808 117, 941 100, 683 88,353 1916.. 18, 504 26, 576 36, 756 47,497 54, 959 56, 759 57, 377 55,297 55,410 53, 270 50, 504 53, 649 47, 072 w o Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 33.—PAR VALUE OF EACH CLASS OF UNITED STATES SECURITIES HELD ON DECEMBER 31, 1923. All classes of securities. Bonds. 2 per Certifi- Fede b ra a l n k re . serve Total. ! a U g p n r u e d r e c e m r h a e r s n e e - t. All other. Total. C 2 o p n 1 e 9 s r o 3 c 0 ls e . n o t f m P 1 1 c 9 a a 9 e 3 3 s n n 6 8 a t o - . - f c o e 4 f n t 1 p 9 l e o 2 r 5 a . n of 3 l c o e 1 p a n 9 e n 6 t r 1. c b 1 v e o 9 e 3 n n 4 r t 6 d s p c i - s e o 4 o r 7 o n n . f - L 3 l i c ^ o b e a e p n n r e t . t r y ; L 4 i l | o b c e p a e n n r e t t . r y o b T f 1 o u r 9 n 1 e r 5 y 9 a d 2 4 s . s 7 - , - Tr n e o a t s e u s r . y in c d a n e t e e b s s t s e . o d f - ! Boston $9,866, 500 $4,056,800 $5, 809, 700 $529,000 $529,000 $6,701,000 $2, 636, 500 New York. _ 46, 755, 950 36,495,000 10, 260, 950 6, 202, 450 $6, 202,450 29,972,000 10, 581, 500 o w Philadelphia 12,951,500 12,951, 500 747, 300 $100 549, 200 198,000 12,057, 700 146, 500 Cleveland 11,195, 100 11,195, 100 918, 400 414,800 458, 400 $45, 200 9, 029, 700 L 247,000 H O Richmond 1,340,900 1, 340,900 1,190,900 $915,100 237,000 38, 800 150,000 Atlanta 382, 650 382, 650 261, 250 1 10,300 $8,400 241, 750 800 91 400 2f> nnn Chicago 10, 756, 800 4, 198, 900 6. 557. 900 4, 425, 600 1, 862, 500 367. 300 $1, 768,000 $400 427, 400 4,867,700 1 1,463,500 St. Louis . _ i Minneapolis 10, 036,410 2,000,000 8, 036, 410 7,121, 710 260 500 114,800 7, 006,150 2, 749, 700 165,000 Kansas City 14, 418, 300 7, 250, 000 7,168, 300 6 331, 900 247, 500 20,200 6 008 400 55 son 7, 571,900 514,500 Dallas 6, 679, 500 6, 679, 500 1, 779, 500 545, 900 1, 233, 600 4 575 000 325,000 San Francisco 9,185, 400 9,185,400 9,185,400 Total: 1923.... 133, 569, 010 54, 000, 700 79, 568, 310 29, 508,010 3, 323,500 604,660 1, 768, 000 900 3, 526, 600 28,600 20,153, 950 101, 800 86, 951, 500 17,109, 500 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 1180, 393,150 226,891,000 1921 234,089,110 33,033, 610 11,328, 600 624, 660 2, 593,000 900 5,270,900 229, 200 12,986, 350 1 17, 565, 000 183, 490, 500 1920-.- 287,026, 610 26, 309, 310 14, 267,350 906,160 2, 593,000 900 6. 526. 300 197, 050 21,818, 550 3 72,800 260, 644, 500 1919_ — 300,106, 685 26,836,110 15,053, 700 927,160 2, 593,000 900 ! 6.526.300 114, 900 2l,620,150 3 67, 575 273, 203,000 1918.... 238, 562, 510 27,859,010 15,053, 700 927,160 2, 593,000 900 6, 526, 300 503, 600 5 2, 254, 350 9,301,000 201,402, 500 1917 121, 689, 682 51,847,182 15, 784,050 1,412,600 U2,741,290 900 6, 526,400 3,612,650 511,769,292 26, 792,000 43,050, 500 1916 55t 414, 650 44,247, 650 24, 331,150 5.149.800 '12,589,500 900 2,176, 300 11,167,000 1915 15, 918, 470 15,918,470 11,951 350 * 3, 967,120 1""""" 1 Includes Victory notes. 2 Includes 4 per cent Liberty loan bonds. 3 Victory notes. * Includes 3 per cent bonds of 1918 s 4 per cent Liberty loan bonds of 1942-1947. 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 31, 1923, AND DECEMBER 30, 1922. fin thousands ol dollars.] Total. Boston. New York. Philadelphia. Cleveland. Richmond. Atlanta. 1923 1922 1923 1922 1923 1922 1923 1922 1923 1922 1923 1922 1923 1922 RESOURCES. Federal reserve notes on hand 813,454 874,437 81,050 83,100 284,620 399,610 38,400 48,920 43,120 31,340 27,630 27,259 72,017 75,959 Federal reserve notes outstanding (issued to bank—net) 2,822,327 2,817,191 255,108 226,800 712,413 774,934 255,837 243,718 281,713 274,900 117,875 112,064 158,092 135,143 Collateral security for Federal reserve notes outstanding: Gold and gold certificates 326,584 . 353,462 35,300 15,300 235,531 283,184 14,000 7,000 8,780 13,275 2,400 2,400 Gold redemption fund 128,778 132,318 14,971 16,313 32,094 31,786 13,180 14,461 15,240 15,028 3,851 1,270 8,289 6,782 Gold fund, Federal Reserve Board.1,648,893 1,681,099 118,000 123,000 316,000 341,000 153,889 157,890 201,000 165,000 66,295 62,795 83,000 100,000 Eligible paper- Amount required 718,072 650,312 86,837 72,187 128,788 115,964 74,768 64,367 56,693 81,597 47,729 47,999 64,403 25,961 Excess amount held 303,644 208,893 19,666 14,804 95,492 104,425 6,082 4,958 30,185 7,894 5,210 6,126 3,350 11,765 Total 6,761,752 6,717,712 610,932 551,504 1,804,938 2,053,903 556,156 541,314 636,731 589,034 268,590 257,513 391,551 358,010 i LIABILITIES. Federal reserve notes received from Comptroller of the Currency—net amount (liability to comptroller) 3,635,781 3,691,628 336,158 309,900 997,033 1,174,544 294,237 292,638 324,833 306,240 145,505 139,323 230,109 211,102 O W Collateral received from Federal re- > serve bank (liability to bank): Gold 2,104,255 2,166,879 168,271 154,613 583,625 658,970 181,069 179,351 225,020 193,303 70,146 64,065 93,689 109,182 Eligible paper.... 1,021,716 859,205 106,503 86,991 224,280 220,389 80,850 69,325 86,878 89,491 52,939 54,125 67,753 37,726 Total... 6,761,752 6,717,712 610,932 551,504 1,804,938 2,053,903 556,156 541, 314 636,731 589,034 268,590 257,513 391,551 358,010 CO Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 34.—FEDERAL RESERVE AGENTS' ACCOUNTS AT CLOSE OF BUSINESS DECEMBER 31, 1923, AND DECEMBER 30, 1922—Continued. [In thousands of dollars.] Chicago. St. Louis. Minneapolis. Kansas City. Dallas. San Francisco. 1923 1922 1923 1922 1923 1922 1923 1922 1923 1922 1923 1922 RESOURCES. Federal reserve notes on hand 119,640 83,960 22,740 23,940 12,275 10,890 29,153 19,060 25,009 16,929 57,800 53,470 Federal reserve notes outstanding (issued to bank, net) 462,628 470,603 92,258 113,038 69,168 62,633 80,544 79,608 43,801 278,032 279,949 Collateral security for Federal reserve notes outstanding: Gold and gold certificates 10,130 11,780 13,052 13,052 7,391 7,471 Gold redemption fund 8,273 16,464 3,294 3,293 1,500 1,320 3,560 2,671 3,923 2,605 20,603 17,325 Gold fund, Federal Reserve Board 376,644 393,644 36,000 55,500 40,000 32,000 52,360 14,500 12,500 205,205 185,410 Eligible paper- Amount required 77,711 60,495 42,834 42,465 14,616 16,261 24,577 32,845 21,225 52,224 77.214 Excess amount held 59,859 27,939 14,467 645 2,815 4,720 3,576 2,368 24,454 19,881 38,488 3,368 Total.. 1,104,755 1,053,105 221,723 250,661 153,426 140,876 193,817 180,644 166,781 124,412 652,352 616,736 LIABILITIES. Federal reserve notes received from Comptroller of the Currency—net amount (liability to comptroller) 582,268 554,563 114,998 136,978 81,443 73,523 109,697 83,668 60,730 335,832 333,419 Collateral received from Federal reserve bank (liability to bank): Gold 384,917 410,108 49,424 70,573 54,552 46,372 41,920 55,031 25,814 22,576 225,808 202,735 Eligible paper 137,570 88,434 57,301 43,110 17,431 50,981 42,200 26,945 57,299 41,106 90,712 80,582 Total- 1,104,755 1,053,105 221,723 250,661 153,426 140,876 193,817 180,644 166,781 124,412 652,352 616,736 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 1923. [In thousands of dollars.] Total. Boston. Y N o e r w k. 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 t s y a . s Dallas. San ci s F co ra . n- Federal reserve notes: Outstanding- i Jan. 31 2, 632, 727 210,831 745, 741 219,334 247,898 99, 702 123, 529 447,971 106, 269 59,313 74,113 36, 412 261, 614 Feb. 28 2, 647, 562 218,530 741,927 228,161 253,881 96, 884 127,120 449,264 107,387 59,281 72,959 34,765 257,403 Mar. 31 2, 598,032 221,192 729,197 227,376 244,133 92,632 130, 734 438,812 100, 926 59, 736 71,080 32, 961 249, 253 Apr. 30 2, 595,039 224, 570 724, 469 231,457 247, 390 88,109 136, 613 439, 917 97,857 60,175 69,052 31,105 244,325 May 31 [ 2,612,983 224,014 733, 425 240,188 250,067 85, 356 137, 579 449,172 94, 528 58, 242 68, 298 29, 221 242,893 June 30_ 2,676, 901 236, 568 753,012 244,869 254,886 84, 346 138,143 457,080 91, 860 59,137 69,147 31, 654 256,199 July 31 _. 2,671, 082 241,374 747, 844 237, 783 258,105 84,019 136, 375 460, 771 89, 680 59, 388 69, 621 35,191 250, 931 Aug. 31 I 2,6 240,039 743, 615 235, 246 264,388 89,170 141, 055 466,020 88, 542 60, 516 73, 355 46,729 250,134 Sept. 29 2,733,803 243,760 734,333 234,204 271,779 97,188 145,769 463,983 91,106 61,498 73,947 58,925 257,311 Oct. 31 2, 720,586 244,431 715, 714 229,027 266,986 109, 942 151, 740 455,443 90, 249 62,452 73,185 62, 018 259,399 Nov. 30 2, 719, 745 241,452 701, 757 240, 593 264,904 112,006 155,013 448, 714 91, 537 64,540 76, 648 60, 587 261,994 Dec. 31 2,822,327 255,108 712,413 255,837 281, 713 117,875 158, 092 462,628 92, 258 80, 544 58, 659 278,032 Held by issuing bank- Jan. 31 429,026 18, 482 194, 712 23,143 23,288 10, 717 8,121 65, 278 20,273 3,773 3,733 49,070 Feb. 28 400, 619 20,450 173,803 24, 582 18,163 9,149 8,103 56, 366 19, 781 3,658 7,661 3,965 54,938 Mar. 31 350, 775 20,117 151,379 21, 593 13,836 7,119 6,589 42, 661 17, 763 3,199 8,520 3,930 54,069 Apr. 30 359, 604 25,062 152, 289 29,232 15,664 7,009 5,871 43,066 18, 774 4,532 7,743 3,238 47,124 w o May 31. 367,154 15, 532 162,169 34, 239 19,989 7,499 5,855 46,386 19, 254 4,058 8,637 2,516 41, 020 June 30_. 423,868 23,035 206,908 34, 610 20,328 5, 023 4,963 48, 567 17, 737 4,612 9,068 2,708 46,309 July 31.. 493,339 28, 237 247,854 34,055 28,309 6,965 5,865 58, 378 18, 759 5,090 9,962 3,724 46,141 Aug. 31.. 471,811 20, 242 256,689 16,880 23,700 6,520 14,467 52, 783 17, 678 6,377 10,952 4,616 40,907 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—Continued. MONTHLY FIGURES FOR 1923—Continued. [In thousands of dollars.] Total. Boston. m R o ic n h d - . Atlanta. Chicago. |st. Louis ^inne Dallas. I ! San c is F co ra . n- Federal reserve notes—Continued. Held by Issuing bank—Continued. ft Sept.29 466,183 21,321 253, 340 17,479 25,189 5,154 14, 686 48, 378 18,715 3, 645 11,684 4,068 42, 524 o Oct.31 495, 721 24,713 265, 831 16,586 28,156 10,424 18,980 49,141 16, 578 3,326 11,749 4,230 46,007 H Nov.30 467,253 19,817 267, 582 16, 676 20,455 7,667 14, 265 41,002 14, 693 3, 435 12,081 4,092 45, 488 O Dec. 31 575,654 34, 993 292,042 34,799 38,390 13, 717 17,198 55, 727 16, 386 4,216 13, 379 5,857 48, 950 ft In actual circulation- Jan. 31 2, 203, 701 192, 349 551, 029 196,191 224, 610 88f 985 115,408 382,693 85, 996 55, 540 65, 677 32, 679 212, 544 Feb. 28 2,246,943 I 198,080 568,124 203,579 235,718 87, 735 119, 017 87, 606 55,623 65, 298 30,800 202, 465 Mar.31 2,247,257 | 201,075 577,818 205,783 | 230,297 85, 513 124,145 396,151 83,163 56, 537 I 62, 560 29,031 195,184 Apr.30 2,235,435 | 199,508 572,180 202,225 231,726 81,100 130, 742 396,851 79,083 55, 643 61,309 27,867 197, 201 May 31 2, 245,829 208,482 571, 256 205, 949 230,078 77,857 131, 724 402, 786 75, 274 54,184 59, 661 26, 705 201, 873 June 30 2,253,033 213,533 546,104 210,259 234, 558 79,323 133,180 408, 513 74,123 54, 525 60, 079 209,890 July31 2,177, 743 213,137 499,990 203, 728 229,796 77, 054 130, 510 402, 393 70, 921 54, 298 59,659 31, 467 204, 790 Aug. 31 2, 226, 998 219, 797 486, 926 218,366 240, 688 82, 650 126, 588 413, 237 70, 864 54,139 62, 403 42,113 209, 227 ft Sept. 29 2, 267, 620 222, 439 480,993 216, 725 246,590 92,034 131,083 415, 605 72, 391 57,853 62, 263 54,857 214,787 Oct. 31 2,224, 865 219, 718 449, 883 212,441 238,830 99, 518 132, 760 406, 302 73, 671 59,126 61,436 57, 788 213,392 Nov. 30 2, 252, 492 221, 635 434,175 223,917 244, 449 104, 339 140, 748 407, 712 76, 844 61,105 64, 567 56, 495 216, 506 - ft Dec. 31 2, 246, 673 220,115 420, 371 221,038 243,323 104,158 140, 894 406,901 75, 872 64,952 67,165 52, 802 229,082 w Collateral pledged as security for outstanding Federal reserve notes: I Gold and gold certificates- Jan. 31 2,174, 677 163,244 645,414 171,567 195,851 70, 522 109,879 418,276 79,004 47, 702 59,836 14, 787 198,595 Feb. 28 2,108, 767 163,443 624, 745 161,193 206,334 64, 085 109,784 391,889 80,133 46, 799 58, 772 14, 366 187,224 Mar.31 2,021,726 172,106 638,997 151,209 206,136 56, 443 101, 572 354, 537 63,022 46, 630 52, 444 12, 356 166,274 Apr, 30 ----- 2,009,192 173, 533 638,282 163, 890 205,392 39,440 92, 616 355, 481 60,902 47. 421 44, 738 12, 471 175,026 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

May 31 2,027,009 175,077 637, 780 166,881 210, 949 33,467 94,727 375,937 59,873 47,918 31,304 12,327 180,769 June 30 2,032,641 177,731 637,244 167,662 206, 299 28,097 102,619 382, 859 48, 855 37,046 29,154 12,760 202,315 July 31 2,052,883 189,337 636, 710 168,476 208, 317 27, 651 105,388 382,434 51, 625 35, 242 38,278 12,897 196, 528 Aug. 31 2,057,159 191,302 635,982 165,738 206, 701 28,601 95,173 391,905 49,447 35, 304 40,112 17,364 199, 530 Sept. 29 2,054, 541 195,123 634,944 167,696 208, 791 28, 540 72,222 401,446 35, 652 38, 692 42,903 25, 606 202,926 Oct. 31 2,085,682 206,094 634, 350 166,320 208,193 48, 293 65, 663 400,933 35, 335 38, 836 34, 631 28, 538 218,496 Nov. 30 2,052,243 167, 515 633,964 179, 985 220, 711 63,078 64,330 345, 411 36,603 46, 714 31, 665 27,097 235,170 Dec. 31 2,104, 255 168, 271 583, 625 181,069 225,020 70,146 93, 689 384, 917 49, 424 54, 552 41, 920 25,814 225,808 Eligible paper- Jan. 31 753,115 66,193 256,802 71, 088 56, 321 37,162 28, 788 66,082 30,353 18,611 16, 694 38,028 66,993 Feb. 28 749, 098 61,110 210, 212 68, 370 49, 217 43,351 26, 769 103, 497 31, 238 20, 568 17, 920 38, 279 78,567 Mar. 31 926, 754 78, 329 209, 862 96,430 79,659 55,963 46,046 134, 712 38,876 22,478 25,214 40, 515 98,670 Apr. 30 952,474 70,396 262, 467 70,029 89,834 59,156 59,234 113,888 42,098 22,047 32,298 39,114 91,913 May 31 993,973 81,166 247, 241 79, 756 88,138 61,171 57,064 129,592 52,486 23,470 47,440 39, 377 87,072 O June 30 1,004,251 83, 219 208,038 93, 360 103,126 70,629 45,886 I 125,161 53,061 31,029 51,906 46,190 92,646 ^ July 31 963, 508 67, 601 252,091 70,069 73, 663 66,489 51, 255 126,084 45,890 26,909 41,144 46, 290 96,023 H Aug. 31 1,000,366 81, 767 220, 200 74,126 93,037 70,702 58, 613 126, 933 60,294 27,517 42,634 49, 385 95,158 W Sept. 29 1,025, 512 65,756 189,203 77,920 85, 420 79,089 84,113 135, 786 76,155 29,024 49,262 56,009 97,775 Hrj Oct. 31 1,047, 588 54, 632 230, 520 68, 405 90, 348 71, 607 91, 683 155,494 72,476 25, 502 58,391 52,469 76,061 g Nov. 30 1,038,355 93, 896 207,171 61,973 87, 461 54, 512 96, 668 159,827 66, 449 19,837 59, 995 56, 479 74,087 ferj Dec. 31 1,021,716 106,503 224, 280 80, 850 86,878 52, 939 67, 753 137, 570 57,301 17,431 42, 200 57, 299 90,712 W tr1 w w o I 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 OUTSTANDING. 00 WEEKLY FIGURES FOR 1923. [In thousands of dollars.] Collateral pledged as security. Federal Gold and gold certificates. reserve Date. notes outstanding. In redemption fund, United States H Treasury. O Jan. 3.. 2,810, 254 850, 750 2,165, 627 353,462 130,431 1, 681, 734 10.. 2, 747, 705 713,616 2,186,194 352,462 122,876 1, 710,856 17.. 2, 691, 511 ,399 2,195, 474 342, 462 134,719 1,718,293 24.. 2, 654,125 746,805 2,181,121 339,809 133, 647 1, 707, 665 31.. 2, 632, 727 753,115 2,174, 677 339,809 133,752 1, 701,116 Feb. 7_. 2, 619, 758 2,860, 655 721, 280 2,139, 375 329, 799 130, 567 1, 679, 009 240,897 14.. 2,633,175 2, 944,458 800, 422 2,144,036 330, 809 128,130 1, 685, 097 311, 283 21.. 2, 652, 879 2, 902,317 760, 241 2,142, 076 327,398 126, 833 1, 687, 845 249,438 28.. 2,647, 562 2,857, 865 749, 098 2,108, 767 317, 399 136,023 1,655, 345 210,303 Mar. 7. 2,650,183 2, 830,334 756,291 2, 074,043 322,399 124, 765 1, 626,879 180,151 14. 2,637,482 2,858,223 789, 610 2, 068, 613 312,399 126,836 1, 629,378 220, 741 21. 2, 617, 539 2, 865, 774 813, 671 2, 052,103 314,899 123, 544 1, 613, 660 248, 235 w 28. 2,601,079 2,941, 259 907,160 2, 034,099 314,899 129,141 1, 590,059 340.180 o i Apr. 4. 2,618,699 2,924, 516 910, 978 2,013, 538 314,899 128,082 1, 570, 557 305,817 11 2,613,072 2,903,311 861,802 2, 041, 509 314,899 130, 285 1, 596,325 290, 239 18. 2, 595,432 2,916, 368 879, 878 2,036,490 314,899 123, 761 1, 597, 830 320, 936 25. 2,601,820 2,885,001 877, 446 2,007, 555 314, 899 119,082 1, 573, 574 283.181 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

May 2. 2, 599,440 2, 968,867 962,869 2,005, 998 314, 899 135,068 1,556,031 369,427 9. 2, 599,266 2, 932, 777 927, 711 2,005,066 314,899 125,819 1, 564, 348 333,511 16_ 2, 595,925 2,939, 760 939,942 1,999,818 314,899 126,812 1,558,107 343,835 23. 2,607, 238 2,928, 727 935,003 1,993,724 314,899 123, 318 1, 555, 507 321,489 29. 2, 615, 206 2, 961, 566 949, 832 2,011,734 314,899 118, 977 1, 577,858 346, 360 June 6. 2, 635, 228 2, 978, 206 946, 785 2, 031, 421 314, 899 128, 937 1, 587, 585 342,978 ^ 13. 2, 640, 356 2, 950,857 893, 246 2,057, 611 318,899 129, 635 1,609, 077 310,501 ^ 20. 2, 651,502 2,922, 812 889, 453 2,033,359 319, 429 124, 088 1, 589,842 271,310 }> 27. 2, 665,141 2,973,482 938,471 2,035,011 320,429 118,451 1, 596,131 308,341 tT1 July 3_ 2, 687,572 3,120, 942 1,079, 950 2, 040,992 320,429 118,202 1,602,361 433,370 fe 11. 2, 693, 746 3,043,826 996,039 2, 047, 787 320,429 111,569 1, 615, 789 350,080 c 18. 2, 701,909 3,000, 729 948, 598 2,052,131 320, 429 123,612 1, 608, 090 298,820 & 25. 2, 680,126 2,948, 673 890,427 2,058,246 320,429 122, 967 1, 614, 850 268,547 o Aug. 1. 2, 673,158 2,996,366 948, 304 2,048,062 320,429 117,262 1, 610, 371 323,208 ^ 8. 2, 676,199 3,002,077 962, 065 2,040,012 320,429 114,013 1, 605, 570 325,878 H 15. 2,684, 738 3,014,143 934, 424 2, 079, 719 320,429 114,772 1, 644,518 329,405 £ 22. 2,687,335 2,999,438 918,173 2,081, 265 320, 424 125,847 1,634,994 312,103 29. 2, 686, 759 3,011,626 950,462 2,061,164 320,424 124, 045 1, 616, 695 324,867 J^ Sept. 5. 2,701, 577 3,041, 647 980, 947 2, 060,700 320,924 119,710 1, 620, 066 340,070 fe 12. 2, 716, 690 3,050, 627 980, 070 2,070,557 321,359 119,921 1, 629, 277 333,937 S 19. 2, 721, 735 2, 966,406 899, 918 2,066,488 320,959 116, 797 1,628, 732 244,671 P 26. 2, 725,864 3,053,080 991,115 2, 061,965 320,959 120,813 1, 620,193 327,216 W Oct. 3__ 2, 736, 500 3,070, 459 1,014, 796 2,055, 663 320,534 114,668 1, 620, 461 333,959 ^ 10._ 2, 739, 884 3, 081, 916 1,007, 544 2,074,372 320, 534 112, 074 1, 641, 764 342,032 & 17__ 2, 743, 726 3, 093, 269 1, 005,838 2, 087, 371 320, 534 122,860 1,643,977' 349,483 ^ 24.. 2, 736,852 3, 055,034 . 965, 676 2,089, 358 320, 534 113, 435 1,655, 389 318,182 31_. 2, 720, 586 3,133, 258 1, 047, 576 2, 085, 682 320, 534 116, 669 1,648, 479 412,672 § Nov. 7.. 2, 725,392 3,119,430 1, Oil, 460 2,107, 970 320, 534 107, 548 1, 679, 888 394,038 g 14.. 2, 730, 668 3,115,514 1,008, 346 2,107,168 320, 534 119,972 1, 666, 662 384,846 21.. 2, 721, 504 3, 088,408 989,624 2,098, 784 320, 534 115, 375 1, 662,875 366, 904 2, 719, 721 3,141.243 1,036,3^ 2,104,84-5 320,534. 106,648 lt 677, 663 421,522 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 OUTSTANDING—Continued. WEEKLY FIGURES FOR 1923. [In thousands of dollars.] Collateral pledged as security. Excess Federal Gold and gold certificates. collateral reserve pledged Date. notes out- with standing. Total. E p l a ig p i e b r l . e Total. In vault. In ti U o S r n e n t a d i f t t e u e e m s d nd p , - In R F g B o e e o d l s d a e e r r r d f v a u . e l nd, F r a e g e s d e e n e r r t v s a e . l H o Treasury. O H Dec. 5 2,732, 743 3,051,135 995, 510 2,055, 625 320,534 117,197 1, 617,894 318,392 M 1-4 12 2,755, 949 3,136, 259 1,035, 364 2,100,895 320,084 119,439 1, 661, 372 380, 310 w 19 2, 793,837 3,159, 574 1,019,129 2,140,445 327,084 113, 751 1, 699, 610 365, 737 26 2,838, 398 3,246, 522 1,136, 708 2,109,814 326, 584 114, 480 1, 668, 750 408, 124 Dec. 27, 1922 2,835,092 3,035, 779 836, 933 2,198,846 353,657 133,090 1, 712,099 200, 687 Dec. 28, 1921 2,796, 540 3, 092,876 1, 246, 507 1, 846, 369 349,013 115,832 1, 381, 524 296, 336 Dec. 30, 1920 3, 738,880 4,169, 219 2,893,005 1, 276, 214 264,926 118, 596 892, 692 430,339 Dec. 26, 1919 3,292,098 3, 951,930 2, 711,898 1, 240,032 244,148 103, 575 892, 309 659,832 IS Dec. 27, 1918 2,855, 604 3, 244, 666 1, 956,357 1, 288,309 246,327 81,951 960,031 389, 062 i Dec. 28, 1917 1,341,752 1, 388, 556 606, 705 781, 851 250,423 41, 479 489,949 46,804 Dec. 29, 1916 300, 511 300,925 18,402 282, 523 164, 567 15, 376 102, 580 414 Dec. 30, 1915 214,125 214,190 16, 740 197, 450 139,940 650 56,860 65 Dec. 31, 1914 17,199 17,205 4,953 12, 252 12,252 6 w 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 1923. [In thousands of dollars.] Outstand- Total. Boston. New York. Philadelphia. Cleveland. Richmond. ing at Month. beginning of each month in Issued. Retired. Issued. Retired. Issued Retired. Issued. Retired. Issued. Retired. Issued. Retired. 1923. January.. 2T 817,191 83,619 268, 083 8,400 24, 370 34, 880 64,073 7,400 31, 784 3,450 30,452 1,380 13, 742 February. 2, 632, 727 177, 941 163, 106 17,500 9,801 64, 760 68, 574 23,200 14,374 17,800 11,817 6,780 9,597 O March 2, 647, 562 132,150 181, 680 14,000 11,337 51,350 64,080 15,200 15,984 6,650 16,398 6,400 10, 652 April 2, 598,032 151,013 154,006 ]6,450 13, 072 42, 720 47,448 12,400 8,319 16,000 12, 743 4,840 9,363 H O May 2, 595, 039 130, 250 112,306 11,500 12,056 24, 700 15, 744 16, 240 7,509 14,120 11,443 6,360 9,113 June 2,612, 983 154,420 90, 502 19, 900 7, 346 33, 380 13, 793 11,400 6,720 13,000 8,181 7,080 8,090 H July.... 2, 676,901 124, 610 130,429 16, 200 11,394 13,000 | 18,168 11, 600 18, 686 14,200 10, 981 7,580 7,907 w August. 2, 671, 082 158,810 131,083 9,700 11, 035 15,880 ! 20,108 18,200 | 20, 736 17,900 11,617 15,960 10,810 I September.. 2, 154,260 119,266 14, 900 11,179 12,040 21,323 17,000 18, 042 17,300 17, 580 9, 561 October 2, 733,803 139, 925 153,142 19, 700 19, 029 11,500 | 30,119 13,200 18, 376 10, 780 15, 573 23, 020 10,267 November.. 2, 720, 586 146, 285 147,126 15, 600 18, 579 9,940 ! 23,897 31, 400 19, 835 12,300 14, 382 10, 910 8,845 December.. 2, 719, 745 244,110 141, 528' 31. 800 18,144 32,120 21, 464 29,160 13, 916 30,500 13, 691 17,220 11,352 Total: 1923 V- 797,393 1, 792,257 195, 650 167, 342 346, 270 408, 791 206, 400 194, 281 174,000 167,187 125,110 119, 299 1922.. _ 1, 949, 595 1, 914,195 179, 290 172, 647 470, 200 512, 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, 416 183,410 251,839 121,440 260, 269 153,820 197,397 1920 2,215, 254 1,775,312 225, 680 178,844 373,080 276, 442 177, 420 134,017 249, 000 154,109 179, 004 169,675 1919.. _ 2, 482, 515 2,046, 570 225, 500 139,768 753,120 632,420 195, 660 189,635 163, 565 146,283 162, 777 162,070 w o Outstanding: Jan. 1, 1924.. 2, 822, 327 255,108 712,413 255,837 281, 713 117,875 >> 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 Jan. 1, 1919.. 2,859, 844 819, 016 241, 871 266, 520 150, 998 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 3?,—FEDERAL RESERVE NOTES ISSUED AND RETIRED BY EACH FEDERAL RESERVE AGENT, BY MONTHS, DURING 1928—Contd. [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... 3,675 15,288 8,200 30,832 1.600 8,369 2,150 5,470 5,495 325 7,714 12,159 30,494 February. 10,526 6,935 22,680 21,387 5,990 4,871 2,370 2,403 1,910 3,064 265 1,912 4,160 8,371 March 10,820 7,207 19, 500 29,952 650 7,111 2,625 2,170 1,450 3,329 705 2,510 2,800 10, 950 o April 22,335 16,456* 25,160 24,055 1,350 4,420 2,648 2,208 760 2,788 1,030 2,885 5, 320 10, 249 w H May 10, 595 9,630 33,800 24, 544 700 4,029 1,570 3, 503 2,680 3,434 1,160 3,044 6,825 8,257 o June 7,883 7,318 29,200 21,292 850 3,518 3,967 3,072 3,000 2,151 4,000 1,567 20, 760 7,454 July 5,730 7,498 26,800 23,109 1,550 3,730 3,880 3,629 3, 350 2,876 5, 400 1,863 15,320 20,588 August.. 14,225 9,544 31,400 26,152 2,540 3,678 3,340 2,213 6,900 3,166 13, 565 2,027 9,200 9,997 September. 10, 455 5,741 23, 360 25, 398 5,560 2,996 2,595 1,612 2,800 2,209 13,890 1,693 16, 780 9,603 October 10, 775 4,804 22, 340 30, 880 2,460 3,317 3,310 2, 356 2,510 3,271 6,810 3,718 13, 520 11, 432 November. 10,920 7,648 22, 400 29,129 5,020 3,732 4,210 2,122 7,830 4,367 2,835 4,266 12, 920 10,324 December- 11, 525 8,446 42,000 28,085 4,950 4,229 7,540 2,912 6,640 2,744 2,255 4,183 28, 400 12,362 Total: 1923 129,464 106, 515 306,840 314,815 33,220 54,000 40, 205 33, 670 39,830 52, 240 37, 382 148,164 150,081 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 74,960 116,248 39,265 60,174 36, 730 79, 417 25, 762 70,978 241,620 255, 487 i 1920 _ .! 196,035 176,383 345,330 246,552 106,470 115,798 39, 450 46, 507 72, 570 65,000 69, 245 63,135 181,970 148, 850 1919 183,598 147,110 324,320 239, 799 134,025 39,990 50, 272 57,900 67, 662 55, 730 37,581 186,330 135, 544 Outstanding: Jan. 1, 1924.. 158,092 462, 628 92,258 69,168 80, 544 58, 659 278,032 w Jan. 1,1923.. 135,143 470,603 113,038 62, 633 79, 608 43,801 279,949 o Jan. 1, 1922.. 128,644 447, 218 114,103 60, 477 75, 438 39, 538 299, 277 i 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 Jan. 1, 1919.. 123, 620 450,938 129,120 98, 72,5 120,317 60, 495 229,238 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 38.—FEDERAL RESERVE NOTES OP EACH DENOMINATION OUTSTANDING, HELD BY FEDERAL RESERVE AGENTS, AND ON HAND IN WASHINGTON AS OF DECEMBER 31, 1923. [In thousands of dollars.] OUTSTANDING—NET AMOUNT ISSUED BY FEDERAL RESERVE AGENTS TO FEDERAL RESERVE BANKS. Federal reserve bank. Total. Fives. Tens. Twenties. Fifties. Hundreds. hun F d iv re e ds. Thousands. tho F us iv a e nds. tho T us e a n nds. > Boston 255,108 39,637 84,420 95,471 10,813 18,978 1,676 3,543 260 310 8 New York 712,413 198, 557 182, 493 131,855 42,520 78,174 21,059 49,335 1,840 6,580 I Philadelphia 255, 837 42, 759 65,095 87,977 37,434 17,347 1,183 4,042 Cleveland -_. . 281, 713 33, 843 44, 727 115,722 63,053 18,139 2,253 3,361 175 440 H Richmond 117,875 18, 726 30,848 46,037 12,860 7,758 250 1,371 5 20 Atlanta . 158,092 28, 734 36,653 45, 374 10,134 13,479 4,848 18,870 Chicago 462,628 81, 737 116,040 171,676 42, 551 31, 299 7,064 11, 281 980 St. Louis 92,258 16, 717 21, 755 37,103 6,902 6,169 1,116 1,956 210 330 Minneapolis 69,168 16, 697 20,815 25, 583 1,705 3,154 396 818 Kansas City 80, 544 19,100 17,199 29, 768 4,953 7,501 793 1,230 Dallas 58, 659 13,395 16,199 23,992 1,717 2,361 296 699 I San Francisco 278,032 45,484 53,970 112,866 14,222 31, 770 2,988 8,852 3,930 3,950 i? Total 2,822,327 555,386 690,214 923,424 248,864 236,129 43,922 105, 358 7,400 11, 630 HELD BY FEDERAL RESERVE AGENTS. — < Boston 81,050 15,800 21,900 20, 200 2,600 2,400 850 7,500 w New York.. 50,940 83, 640 58, 240 19, 200 45, 600 5,000 8,000 o Philadelphia 38,400 9,200 11,000 10,800 5,000 1,600 400 >> Cleveland,... 43,120 6,800 13,040 4,600 4,800 1,000 Richmond. . 27,630 2,940 4,280 4,720 3,800 2,650 1,170 2,125 Atlanta 72,017 8,570 13,575 15, 547 7,925 12, 610 5,564 8,226 Chicago 119,640 17,240 24,600 46,000 13,600 5,600 5,200 4,400 St. Louis 22, 740 3,200 3,560 4,660 2,000 1,200 1,500 1,400 3,440 to CO 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 to IN WASHINGTON AS OF DECEMBER 31, 1923—Continued. HELD BY FEDERAL RESERVE AGENTS—Continued. [In thousands of dollars.] Federal reserve bank. Total. Fives. Tens. Twenties. Fifties. Hundreds. hun F d iv re e ds. Thousands. thou F s iv an e ds. thou T s e a n nds. d j Minneapolis 12, 275 2,220 2,870 4,200 870 1,330 410 375 w Kansas City 29,153 2,263 5,740 6,200 4,910 5,540 2,200 2,300 Dallas . _. __ . 25,009 8, 540 7,460 6,240 502 750 701 816 o San Francisco 57,800 3,300 6,600 6,400 3,400 3,200 3,400 5,500 10,000 16,000 Total 813, 454 131,013 191, 705 196, 247 68,407 87, 280 27, 395 42,842 26,165 42,400 H W ON HAND IN WASHINGTON. Boston 122, 980 5,980 32,080 17,120 13,000 6,000 4,800 22, 000 10,000 12,000 New York 50,480 114, 920 117,280 23,000 14,000 7,000 20,000 20, 000 40,000 Philadelphia _ 121, 500 10,940 14, 320 19,440 12,000 12,800 9,600 8,400 10,000 24,000 Cleveland 76, 660 7,380 20, 520 23,360 13,800 3,600 1,200 800 2,000 4,000 Richmond - 106, 7.40 13,660 12, 640 13,840 17, 800 18,800 10,000 10,000 6,000 4,000 Atlanta 132, 960 21, 720 31,800 43,840 8,400 9,600 4,400 7,200 2,000 4,000 CO Chicago 90, 820 6,700 16, 560 16, 960 2,600 18,000 4,000 4,000 10,000 12,000 St. Louis... 105, 500 28,460 27,080 20,160 5,000 4,800 4,000 4,000 4,000 8,000 W Minneapolis 77, 020 20,380 27,880 20, 960 400 600 6,000 Kansas City... 49, 820 8,780 11, 880 10,160 1,200 2,000 4,600 11,200 W Dallas 65,920 9,400 15,120 11,600 2,800 3,200 1,800 4,000 6,000 12,000 o San Francisco.. 125,100 25, 260 22,480 44,160 6,400 7,200 3,600 4,000 4,000 8,000 Total..... 1,481, 700 209,140 347,280 358, 880 106, 400 100, 800 55, 600 101,600 74,000 128,000 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 39.—FEDERAL RESERVE AGENTS' STATEMENTS OF FEDERAL RESERVE NOTE TRANSACTIONS FOR 1923. [In thousands of dollars.] RECEIVED BY FEDERAL 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. Ten thousands. I Boston 167,600 36,200 61,"200 62,400 3,400 4,400 New York.... 231, 280 104,800 83, 560 15, 520 4,200 6,400 4,400 12,400 Philadelphia.. 177,880 36,800 50,080 61, 200 23, 800 4,400 400 1,200 % Cleveland 172,380 31,020 28,960 78,800 28,800 3,600 400 800 I Richmond 78,600 14,000 24,000 32,800 7,800 Atlanta 71,000 16,120 20,040 19, 440 3,000 1,200 11, 200 Chicago 339, 920 80,600 95,000 122, 720 31, 200 2,400 4,000 4,000 St. Louis 24,020 6,100 4,640 9,680 2,000 1,600 Minneapolis.. 35,240 9,560 10,600 12, 080 1,200 1,600 200 Kansas City.. 46,140 12, 660 9,680 11, 200 5,400 6,000 400 800 Dallas 48,120 16,000 16,000 14, 320 600 800 400 San Francisco. 124,340 36,380 32, 640 50, 720 1,000 3,600 Total... 1, 516, 520 400,240 436, 400 490,880 112,400 36,000 10,200 30,400 RETURNED BY FEDERAL RESERVE AGENTS TO COMPTROLLER FOR DESTRUCTION. i Boston 141,342 24,487 59, 469 44,985 4,543 5,662 518 1,573 50 w New York.. 408, 791 105,938 153,070 108, 840 12,881 13, 472 5,163 9,107 240 o Philadelphia 176,281 40, 701 52,465 57, 767 19, 223 4,996 210 919 Cleveland 153,788 28, 313 33,855 66,800 19, 512 4,078 583 617 20 Richmond.. 72,419 16,851 19, 620 25, 610 5,659 3,619 26 1,034 Atlanta 51, 993 17, 802 15, 020 15,437 2,172 1,318 66 178 Chicago 312, 215 65,065 95,849 113,801 28,231 7,176 841 1,247 St. Louis 45,999 15, 041 12, 645 14,125 2,473 1,302 151 257 to en Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 39.—FEDERAL RESERVE AGENTS' STATEMENTS OF FEDERAL RESERVE NOTE TRANSACTIONS FOR 1923—Continued. to RETURNED BY FEDERAL RESERVE AGENTS TO COMPTROLLER FOR DESTRUCTION—Continued. [In thousands of dollars.] Federal reserve bank agent at— Total. Fives. Tens. Twenties. Fifties. Hundreds. hun F d iv re e ds. Thousands. thou F s iv an e ds. thou T s e a n nds. Minneapolis _ __ 27,320 10,444 8,366 7,309 400 621 67 113 Kansas City. 35, 111 13,164 8,072 11,829 799 1,022 101 124 Dallas 25,182 9, 592 6,120 7,807 651 816 63 133 s San Francisco 121, 926 37,466 29, 571 44, 689 3,498 5,971 283 408 40 Total 1,572,367 384,864 494,122 518,999 100,042 50,053 8,072 15, 710 195 310 H O ISSUED BY FEDERAL RESERVE AGENTS TO FEDERAL RESERVE BANKS. Boston 195, 650 43,600 74,900 65,400 4,000 6,000 550 1,200 New York.... 346,270 149,430 103,240 66, 200 4,200 6,400 4,400 12,400 Philadelphia.. 206,400 45,600 57,800 69, 400 26,800 4,800 400 1,600 Cleveland 174,000 28, 720 29,480 75, 600 32, 400 6,100 700 1,000 Richmond 125,110 23,940 37,640 47,440 10,900 4,400 700 90 Atlanta 129,464 26, 455 31, 950 32,350 5,073 4,511 1,880 27,245 Chicago 306,840 73,560 81,840 104,240 34,200 8,500 1,800 2,400 300 1 8t. Louis 33,220 8,050 6,890 11, 880 2,700 2,900 150 450 50 150 Minneapolis-. 40,205 11,615 12,820 13, 200 1,260 140 310 Kansas City_. 39,830 13,340 9,220 11,360 2,530 3,080 100 200 w Dallas 52,240 14, 510 16,575 18, 690 735 910 175 645 o San Francisco. 148,164 40, 380 36,800 54,800 3,900 5,600 940 2,324 1,710 1,710 Total... 1,797,393 479,200 499,155 570, 560 128, 298 54, 461 11, 235 50, 474 2,060 1,950 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RETURNED TO FEDERAL RESERVE AGENTS BY OR FOR THE ACCOUNT OF FEDERAL RESERVE BANKS. I Boston __. 167,342 32,888 71,469 49, 784 4,543 6,462 518 1,573 55 50 New York_... 408,791 105, 938 153,070 108,840 12, 881 13,472 5,163 9,107 80 240 Philadelphia.. 194,281 46, 701 57,465 62,767 21, 223 4,996 210 919 Cleveland 167,187 30,713 36,655 70,800 22, 512 5,078 582 817 20 Richmond 119,299 26,531 33,420 42,010 10,159 4,719 126 2,234 100 Atlanta 106, 515 24,976 28,045 28, 617 4,272 4,858 646 15,101 Chicago 314,815 65,065 95,849 113,801 28,831 7,676 841 1,447 1,305 St. Louis 54,000 16,192 15,695 16,825 2,773 2,002 151 357 5 I Minneapolis.. 33,670 11,744 11,016 9, 709 400 621 67 113 Kansas City.. 38,894 13,447 9,752 13, 549 899 1,022 101 124 Dallas 37,382 12,072 9,895 13,187 726 886 148 468 San Francisco. 150,081 38, 266 30, 731 47,170 6,771 1,223 4,232 7,170 1,520 Total... 1, 792,257 424, 533 553,062 577,059 114, 217 58, 563 9,776 36,492 8,625 w o fcO Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 40.—FEDERAL RESERVE NOTES OP EACH DENOMINATION ISSUED AND RETIRED BY FEDERAL RESERVE AGENTS AND AMOUNTS OUTSTANDING. to [In thousands of dollars.] 00 Total. Fives. Tens. Twenties. Fifties. Hundreds. hun F d iv re e ds. Thousands. tho F us iv an e ds. tho T u e sa n nds. Issued: 1914 15 222, 155 82, 519 78,. 762 43,059 8,190 9,625 1916 208,457 78,051 68, 591 48,832 5, 772 7,211 1917 1,265,087 192,057 433, 228 423,376 90,126 126, 300 1918 2, 095, 695 383, 769 634, 451 805,055 140, 305 124,115 8,000 1919 2,482,515 527, mis 807, 561 796,030 155, 588 92,639 22, 757 55, 955 9,000 15,320 o he* 1920 2, 215, 254 431,450 568,800 779,060 184, 240 120, 755 27, 214 78, 905 10,700 14,130 w 1921 _. .. ___ 2, 049, 637 473, 930 654, 842 661,485 103, 069 90,113 15, 791 31,807 8,200 10,400 H 1922 1, 949, 595 507, 890 583, 790 577,310 122, 465 82,805 19,196 38, 469 7,380 10, 290 o 1923 1, 797, 393 479, 200 499,155 570, 560 128,298 54,461 11.235 50, 474 2.060 1,950 Total - 14, 285, 788 3,156, 531 4, 329,180 4, 704, 767 938, 053 708 024 ' Ofi IQQ 263 610 'i7 ^4n 52,090 w Retired: • • r 1914-15 8,030 2,490 1, 355 2, 355 1,135 695 1916 122, 472 55, 183 46, 231 15, 269 2,934 2,855 1917 214,573 74,918 65,049 35,807 8,487 30,312 1918 586,475 162,964 231,835 151,949 21,392 18,335 1919 2, 046, 570 452, 728 708,838 690, 313 107, 802 72, 561 1,602 5,621 2,405 4,700 1920 - 1,775,312 401,856 566, 580 590, 996 101,432 61,606 8,211 26,976 6,335 11,320 1921 3,003, 577 608,182 907,888 1,099, 340 198, 417 125, 322 16,873 47, 015 120 420 1 1 9 9 2 2 3 2 - - , 1 1, , 9 7 1 92 4 , , 1 2 9 5 5 7 4 4 2 1 4 8 , , 5 2 3 9 3 1 5 5 5 5 3 8 , , 1 0 2 6 8 2 5 61 7 8 7 , , 0 2 5 5 9 5 1 1 1 3 4 3 , , 2 3 1 7 7 3 1 5 01 8 , , 5 6 6 4 3 6 1 9 5, , 8 77 0 6 9 3 4 6 2 , , 4 1 9 4 2 8 1 8 2 , , 6 4 2 5 5 5 1 9 4 , , 9 0 3 9 0 0 i Total - - _ 11,463,461 2, 601,145 3, 638, 966 3, 781, 343 689,189 471,895 52, 271 158, 252 29, 940 40,460 Outstanding, Dec. 31: 1915 214,125 80,029 77,407 40, 704 7,055 8,930 W 1916 . 300,110 102, 897 99, 767 74, 267 9,893 13, 286 O 1917 1,350, 624 220,036 467, 946 461, 836 91, 532 109, 274 1918 2,859, 844 440,841 870, 562 1,114, 942 210,445 215,054 8,000 1919 3, 295, 789 515, 778 969, 285 1,220,659 258, 231 235,132 21,155 58, 334 6,595 10, 620 1920 - -- . 3, 735, 731 545,372 971, 505 1,408, 723 341, 039 294, 281 40,158 110,263 10, 960 13, 430 .921 2, 781, 791 411,120 718,459 970,868 245, 691 259, 072 39,076 95,055 19,040 23,410 1922 -_ - -. 2,817,191 500, 719 744,121 929, 923 234, 783 240, 231 42, 463 91,376 13,965 19, 610 1923 2,822, 327 555, 386 690, 214 923, 424 248, 864 236,129 43, 922 105,358 7,400 11,630 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 41.—INTERDISTKICT MOVEMENT OF FEDERAL RESERVE NOTES DURING 1923. [Represents fit notes returned to the bank of issue and unfit notes returned to the United States Treasurer for redemption.] [In thousands of dollars.] Federal reserve notes of Federal reserve bank of— 3 Returned by— Total. Boston. New York. Philadelphia. Cleveland. Richmond. Atlanta. > t"1 Fit. Unfit. Fit. Unfit. Fit. Unfit. Fit. Unfit. Fit. Unfit Fit Unfit. Fit. Unfit. n Boston 31,142 22, 652 18,894 15,909 3,914 1,927 1,756 1,164 1,129 613 387 New York 164,012 54,898 43,912 13,107 43,255 13,899 19,062 10,351 3,358 10,871 2,914 Philadelphia 40,518 31,845 3,247 1,846 19,475 16, 658 7,540 6,511 5,370 3,167 866 490 Cleveland. 40,979 39, 557 1,409 1,049 6,651 7,754 12,099 6,624 4,730 4,459 1,022 1,348 3 Richmond 19, 982 27, 598 1,192 1,261 4,191 5,943 7,167 7,607 4,066 6,735 1,331 2,513 Atlanta 19, 565 30,114 1,114 1,250 3,742 10, 706 1,300 1,443 2,255 2,924 2,111 2,716 Chicago.-. 45,407 49, 286 2,538 1,885 8,377 8,717 2,678 2,590 9,651 13, 594 1,257 1,423 1,966 1,890 ft 1 St. Louis 39,449 19, 461 611 218 1,946 1,123 5,635 2,822 877 567 3,400 2,282 ft O ft Minneapolis 13,227 263 115 552 244 129 468 120 74 148 93 Kansas City 17, 588 13,768 377 189 1,248 870 404 267 927 781 242 185 500 378 Dallas 11,766 11,094 254 148 923 591 303 168 485 373 207 142 2,009 1,628 San Francisco 26, 396 12,868 1,681 466 4,801 1,479 1,338 2,102 813 718 236 1,062 518 ft i Total 470,031 322, 774 56, 598 21, 534 71,154 70,302 73,600 35,491 54,082 44,474 27,112 16,940 23,978 14, 441 Grand total 1923_.__ 792,805 78,132 141, 456 109,091 98,556 44,052 38,419 W 1922...- 777, 353 64,842 158,611 96,951 85,647 50,539 42,759 o 1921.... 1,212,157 115,855 205,360 ' 140,957 140,049 86,222 88,142 1920.... 1,176,154 98, 755 235,657 124,934 130,995 69, 561 68,957 1919 988,334 61, 695 236, 525 114,204 94,720 67,919 1918___ 408,607 22,595 114, 610 47, 705 39,975 31, 547 21,385 1917.... 92,109 4,219 30,325 8,011 5,000 6,392 6,118 1916.... 40,155 1,599 9,376 2,100 2,087 4,750 4,434 to CD Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 41.—INTERDISTRICT MOVEMENT OF FEDERAL RESERVE NOTES DURING 1923—Continued. CO [In thousands of dollars.] O Federal reserve notes of Federal reserve bank of— Returned by- Chicago. St. Louis. Minneapolis. Kansas City. Dallas. San Francisco. Fit. Unfit. Fit. Unfit. Fit. Unfit. Fit. Unfit. Fit. Unfit. Fit. Unfit. s Boston 2,960 1, 588 239 178 140 192 147 969 510 I New York 23,005 8,333 2,269 932 1, 444 646 1,563 728 844 567 7,436 2,125 Philadelphia. 2,600 2,111 317 253 149 124 198 177 98 108 658 400 Cleveland 11,726 13, 578 1,526 2,380 334 500 471 712 144 287 867 866 Richmond - 1,184 1,977 288 619J 109 118 234 79 194 301 406 Atlanta 3,063 3,678 3,627 4,159J 122 195 345 559 1,232 1,817 654 667 W Chicago 5, 526 5, 704 5,069 5,616 3,458 3,715 540 729 4,347 3,423 St. Louis.., 19,193 7,176 502 338 3,659 2,452 1,548 1,331 1,180 Minneapolis-.. 7,426 5,569 241 945 ! 807 76 78 2,227 1,507 Kansas City... 5,730 ' 4,432 2,378 1,742 1,099 1,091 1,394 1,329 3,289 2,504 Dallas 1,427 1,195 1,438 1,517 144 167 1,657 2,145 2,919 3,020 San Francisco.. 6,652 3,231 1,021 531 2,665 2,109 2,957 2,202 1,399 914 i Total.... 84, 966 52, 868 18,898 18,256 11, 791 11,035 15, 563 13,878 7,442 7,443 24,847 16,112 Grand total: 1923 137,834 37,154 22,826 29,441 14,885 40,959 1922 136, 697 36, 548 21,067 28,287 14,118 41, 287 w 1921...._. 203,243 58, 543 32,587 50,679 34,837 55,683 o 1920 195,128 59,064 42, 522 55,177 44, 542 50,862 1919- 146, 276 50,848 39, 520 51, 427 25,169 41, 542 1918 48,857 15,432 13,906 25, 886 11,614 15,095 1917 5,006 3,419 5,508 7,895 5,760 4,456 1916 327 ],369 3,463 4,181 4,355 2,114 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 1923, AND AMOUNTS OUTSTANDING. [In thousands of dollars.] Federal reserve bank of issue. Total. Ones. Twos. Fives. Tens. Twenties. Fifties. Is Uallas 260 260 o Total, all banks* 1923 260 260 H 1922 34, 328 17,212 8,456 6,300 1,080 1,280 O 1921 126,324 69, 668 26, 096 28,600 1,320 640 1920 243,076 171,496 45,120 24,460 1,480 320 200 1919 222,353 157,148 38,000 25, 074 723 1,408 1918 120,816 63, 368 17, 520 32,339 5,877 1,712 1917 2, 732 2, 352 120 260 1916 11 285 2,065 5,560 3,660 1915 770 10 280 480 U fed Red eemed: Boston 1 179 366 800 13 New York 5,049 2,767 1,524 639 119 I Philadelphia 1,819 964 620 235 I Cleveland 1,967 654 124 1,189 Jtiphrnond 1,936 592 1,344 Atlanta 2,685 510 212 250 815 898 w Chicago 4,529 3,348 825 184 88 84 o St. Louis - - 2,014 1,770 104 85 10 26 19 Minneapolis 1,361 950 292 119 Kansas City 4,127 1,154 384 2,445 49 95 Dallas 2,011 1,386 220 249 71 85 San Francisco 1,077 782 276 19 OO Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No, 4#.—FEDERAL RESERVE BANK NOTES OF EACH DENOMINATION ISSUED AND REDEEMED BY COMPTROLLER OF THE CURRENCY DURING 1923, AND AMOUNTS OUTSTANDING—Continued. to [In thousands of dollars.] Federal reserve bank of issue. Total. Ones. Twos. Fives. Tens. Twenties. Fifties. Redeemed—C ontinued. Total* 1923 29,754 15,243 6,725 5,427 1,152 ' 1,188 19 1922 107,084 58,803 25,821 19,636 1,845 926 53 1921 259,121 176,394 42,191 36,698 2,202 1,568 68 1920 267,060 188,387 48,784 24,319 3,466 2,097 7 1919 77,194 32, 657 8,316 30,110 4,500 1,611 1918 _ 5,129 981 148 1,781 1,530 689 s 1917 2,182 706 1,015 461 Outstanding Dec. 31 'See Note): H Boston . 641 333 288 20 O New York. 2,630 1,434 652 472 72 Philadelphia _ 918 534 280 104 Cleveland. 999 500 136 363 Richmond 598 323 275 Atlanta 1,719 428 166 170 287 668 Chicago 1,821 979 340 234 131 137 St. Louis 688 382 76 105 27 45 53 Minneapolis.. _. 601 294 236 71 Kansas City 2,105 385 410 929 140 241 Dallas 880 353 56 269 73 129 San Francisco 820 482 292 46 1 Total: 1923 14,420 6,427 3,207 2,783 730 1,220 53 1922 . 43,914 21,670 9,932 7,950 1,882 2,408 72 3 1921 116,670 63,261 27, 297 21,286 2,647 2,054 125 1920 , . 249,467 169,987 43,392 29,384 3,529 2,982 193 W 1919 273,451 186,878 47,056 29,243 5,515 4,759 O 1918 128,292 62,387 17,372 34,279 9,292 4,962 1917 12,605 3,721 4,945 3,939 1916 12,055 2,075 5,840 4,140 1915 770 10 280 480 NOTE .—At the end of 1923 all Federal reserve banks except 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 Federal Reserve Bank of Dallas on $879,870 Federal reserve bank notes outstanding on Dec. 31, 1923, was $471,000, lawful money having been- deposited to provide for the retirement of all notes of $1 and $2 denominations. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DISCOUNT AND OPEN-MARKET OPERATIONS OF FEDERAL RESERVE BANKS. No. 43.—VOLUME OF DISCOUNT AND OPEN-MARKET OPERATIONS DURING 1923, DISTRIBUTED BY CLASSES. [In thousands of dollars.] Acceptances purchased in Bills discounted for member banks. open market. United States securities purchased. Municipal Federal reserve Total (all warbank. classes). Total c M o n b l e o l a m a t n e te b k s r . e a r l c n p K o . a u e p e n d . e i t s r e s , - . d a c p n u s A a d t l o t g p u l c r e i i r k v - r a . e l d m s D r a i a a g n e f n h d - t d s t . e B a r c n s a e c ' n p e a k t s c - - . - a T a c n r c c a e e d p s e t . - Total. Bankers'. Trade. Total. Bonds. n t V o o t i r e c y s - . T n u o re r te y a s s . - in C c d a n e e t e r e b t s s i t s f e . o i- d f - c r h p a a u n s r t e - s d. Boston 4,161, 284 3, 652, 775 1,481,924 2,164,351 4,339 2,161 302,083 302, 007 76 206,428 14 29, 436 176,976 New York... 20, 820, 276 17, 951,843 15,945, 969 1,993,904 4,925 470 6, 575 1,177, 647 1,164, 377 13, 270 1, 690, 786 16, 904 39,320 476, 836 1,157, 726 Philadelphia 3,169, 277 2,911,142 2,060, 519 846,548 3,322 753 159,105 159, 066 39 98,831 673 _ _ r_ _ 1,899 96, 259 199 Cleveland __. 2, 979,171 2, 436, 808 1,817,359 601, 650 3,689 14,110 196, 774 196, 670 104 345, 589 1,813 343, 776 Richmond 3,021,880 2, 910, 687 2,532,491 342, 276 27, 201 361 590 7,768 10,643 10, 643 100, 550 50 100, 500 Atlanta 902,284 728, 081 284, 717 400, 933 136, 566 932 4,933 94, 701 94, 701 79,431 4,797 111 3,777 70, 746 71 Chicago 3,316, 631 2, 508,082 1,869, 696 572,957 63,293 50 2,086 265, 360 265,360 543,189 190 2,023 104,896 436,080 St. Louis 1, 797, 508 1, 679,671 1,198,129 417,364 26,140 31,604 655 5,779 32, 580 32, 580 85, 257 18 3,417 81, 822 Minneapolis 386, 711 290,054 194,261 61,842 33,123 759 69 6,064 6,064 90, 593 3,877 28, 796 57,920 Kansas City 1, 011, 266 901,126 732,179 95,494 72,238 673 75 467 2,016 2,016 107,858 9,560 19,392 78, 906 266 Dallas 419, 702 300, 694 150,812 65,183 51, 686 32, 264 749 74,875 74,875 44,133 7, 275 36,858 San Francisco 2,496, 533 2,108,963 1, 648,812 414, 681 2 36,971 864 1,692 5,943 225,162 225, 111 51 162,408 49 162,359 Total 44,482, 523 38,379,926 29,916,868 7,977,183 363,493 67,457 3,532 51,393 2, 547,010 2, 533, 470 13, 540 3, 555,051 36,033 41,454 677,636 2, 799,928 536 1 Includes $250,000 discounted for the Federal Intermediate Credit Bank of Columbia, S. C. * Includes $2,000,000 discounted for the Federal Intermediate Credit Bank of Berkeley, Calif. CO Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 44.—VOLUME OF DISCOUNT AND OPEN-MARKET OPERATIONS, BY MONTHS, DURING 1923, DISTRIBUTED BY CLASSES. [In thousands of dollars.] CO Acceptances purchased in Bills discounted for member banks. open market. United States securities purchased. Municipal Total (all war- Month. classes). Total. c M o b n l e l o a a m n t t e e b k s r e a . r l c n p R o . a u e p n d e . t i r s e s . - d . c a p n u s A a t d l o t g p u c l r e i k r i r v - a . e l d m s r a D i a a g n e f n h - d t d s t . e B r c s a e ' n p a k t c '. - _ - ' a T c r c a e d p e t- Total. Bankers'. Trade Total. Bonds. n t V o o i t r c e y - s. T n u o re r te y a s s . - in c C d a n e e t e b e r s t s t i s e f . o d i- f - c r h p a a u n s r t e - s d. January 5, 636, 299 3, 691, 259 3,171,152 491,128 23, 979 670 4,330 152, 754 151,865 1, 792,286 2,580 1,586 73,174 1, 714,946 February 4, 038, 996 3, 720, 547 3,148, 293 549,065 18,232 1, 757 3,200 186, 464 184, 935 1,529 131,985 1,473 8,479 64,531 57,502 March 3, 971, 429 3,519,700 2, 849, 808 639, 085 27, 602 16 104 3, 085 254,141 252,019 2,122 197,547 1,275 8,191 47,183 140, 898 April 3, 543, 495 3, 291, 071 2, 661,608 594, 996 30,980 91 113 3,303 194, 851 193, 262 1,589 57, 573 141 27,854 26,180 May 3, 880, 335 3, 532, 513 2, 869, 088 620,866 39, 030 90 3,439 186, 363 185, 074 1,289 161,404 12, 227 19,800 45,441 83,936 55 June 3, 580, 386 3, 098,131 2, 334, 703 720,156 38, 814 71 4,387 183, 733 182,858 875 298, 512 1,046 76,025 221, 441 10 July 3, 765, 951 3, 487, 407 2, 662, 333 784,138 36, 597 136 234 3,969 186, 769 59 91, 716 771 53, 568 37, 377 August 3, 296, 502 3,052, 050 2, 346,099 674,026 26,168 1,823 295 3,639 160, 373 160,051 322 84, 069 1,027 54,889 28,153 September 2,981,349 2, 621, 961 1, 889,835 695, 249 24, 329 7,296 20 5, 232 159, 420 158, 666 754 199, 671 1,458 58,153 140, 060 297 October 3, 098, 430 2, 794,852 2, 016, 674 720, 429 34,181 17, 996 57 5,515 215, 351 214, 628 723 88, 227 1,286 52,001 34,940 November. 3,114, 479 2, 676, 799 1,939, 908 678,909 31, 364 21,229 72 5,317 327, 596 325, 972 1,624 109, 981 550 41, 755 67, 676 103 December 3, 574, 872 2,893, 636 2,027, 367 809,136 32, 237 18, 709 210 5,977 339,136 337, 371 1,765 342,080 12,199 83,062 246, 819 20 Total: 1923- 44, 482, 523 38, 379, 926 29, 916, 868 7, 977,183 363,493! 67,457 3,532 51, 3932, 547, 010 2, 533, 470 13, 540 3, 555, 051 36, 033 41, 454 677,636 2, 799, 928 536 1922_28, 670, 598 22,082,887 15, 683, 483 5,883, 951 467,765 3,416 44, 2721,954,688 1, 948, 379 6,309 4, 632, 847 63, 467 321,579 845,120 3,402, 681 176 1921.63,141, 608 57, 759,128 31, 229,142 25,502,115 841,832 i 57, 095 128,944 1, 534,401 1, 527, 235 7,166 3,847, 094 17, 732 20,800 65,898 3, 742, 664 1920.96, 527, 548 85, 320, 874 55, 565, 447 29, 376,108 .87,162 192,157 3, 218, 364 3,143, 737 '4, 627 ', 988, 310 323 9 , 987,978 1919.86, 737,067 79,173, 970 72, 548, 008 6, 415,899 71, 643 138, 4202,825,177 2, 788, 619 36, 558 4, 737, 920 1,329 428 4,736,163 1918.47, 414, 531 39, 752, 934 33,007, 788 6, 537, 833 19,940 187, 3731,809, 539 1, 748, 503 61,036 », 850, 348'3,996 520 5,775,832 1,710 1917. '10,152,126 8, 968, 991 7, 742,806 1,188,414 37,771 1,077, 713 1,046, 765 30,948 81, 537 7,063 16,822 1916. 741, 402 207, 871 163, 692 5,212 386,095 369, 762 16, 333 56, 750 56, 450 300 90,686 1915. 307, 771 161, 353 159, 394 1,959 64,845 64, 814 31 15,714 15, 714 65,859 1914. 22, 293 21, 411 21,411 205 205 677 I 1 Includes $250,000 discounted by the Federal Reserve Bank of Atlanta for the Federal Intermediate Credit Bank of Columbia, S. C, in November and $2,000,000 discounted by the Federal Reserve Bank of San Francisco for the Federal Intermediate Credit Bank of Berkeley, Calif., in December. 2 Included in preceding column. 2 Exclusive of certificates of indebtedness. * Figures not available. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 45.—VOLUME OF TOTAL DISCOUNT AND OPEN-MARKET OPERATIONS, BY MONTHS, DURING 1923. [In thousands of dollars.] T" i Prior years. Fede b ra a l n r k e . serve J a a r n y u . - F a e r b y r . u- ! March. April. May. June. July. August. Septem- October. No b v e e r. m- De b c e e r m . - Year. 1922 1921 Boston.. 412,511 421, 270 381,325 262,317 269,050 299, 379 321,388 | 377,473 321, 062 259, 512 348, 212 487, 785 4,161, 284 2, 733, 851 4, 864, 778 New York ...Js, 174,378 2, 512,945 2,185,951 il, 917, 015 1, 997, 5411, 378, 9371,652,573 11,266,024 1, 019, 3931,100, 7411, 218, 375 1, 396, 403 20, 820, 276 12, 985, 52234, 239, 667 Philadelphia | 238,147 243, 434 250,613 I 230,206 255, 528 333,255 294, 635 241,134 257, 002 233, 577 274,908 3,169, 277 2, 750, 518 4,162, 580 Cleveland 395,543 148, 011 172,259 155,055 251, 583 297, 382 333, 829 246, 517 192, 539 269,697 i 247,572 269,184 2,979,171 1, 832, 763 3, 655, 555 H Richmond.. 204, 061 144, 805 226, 496 246, 578 265,132 328,181 311, 072 290, 829 272, 848 275, 929 209, 214 246, 735 3, 021, 880 1,465,127 2, 812,016 O Atlanta 97, 750 39, 201 58, 963 51, 444 55,689 53, 282 61,617 55, 328 93, 731 119, 823 114,191 101, 265 902, 284 546,954 1, 688, 938 ft Chicago 408, 518 208, 453 321, 810 244, 291 242, 409 303, 277 263, 837 232,019 261, 404 274, 592 267, 419 288, 602 3, 316, 631 2, 431, 227 4, 538, 442 St. Louis... 150, 765 73,193 92, 898 113, 421 163, 639 214, 846 173.190 201,936 192, 231 154, 798 134,165 132,426 1, 797, 508 1, 044, 836 1, 674, 828 Minneapolis ___ 60,145 18, 052 21, 563 25,109 38, 098 37, 930 ! 28, 742 29, 452 33,164 34,867 25,818 33,771 386,711 273, 513 736, 603 Kansas City 111,383 34,131 52, 674 54, 442 • 78, 726 95, 821 83045 60, 011 77, 280 117,264 124,042 122,447 1,011,266 414,990 9G0, 337 ftj Dallas 40, 676 22, 560 21, 976 26, 263 29. 42] 32,105 34190 42, 516 45, 268 50, 064 37, 613 37, 050 | 419, 702 273, 560 776, 261 ft San Francisco 292, 422 172,941 184, 901 217, 354 233,519 225, 991 215,630 199, 762 231, 295 184,141 154,281 184,296 j 2,496,533 1,917, 737 3, 031, 603 Total: 1923.. .15, 636, 2994, 038, 996J3, 971, 4293, 543,495 3, 880, 3353, 580, 38613,765, 9513, 296,502, , 981, 349 3,098,430 3,114,479 3,574,872 44,482,523 1922...% 652, 595 2, 524, 7582,616,261 1, 666, 6181, 384, 7242,135,173 1,606,899 1, 471,469 , 920, 5872,825,699 3,400,191 4,465,624 28,670,598 ft 1921.__J8, 654,134 8, 309,185 7, 967, 0105,084,648 5, 040, 8584, 799, 534.3, 847, 0053, 663,163 , 650, 2633o, 7TO29O, 5K8Q1I 3^525,792 4,870,435 63,141,608 CfOt 1920 |7,186, 3177,122,048 18, 770,100 ',474,478 6, 452, 9447, 800, 8397, 518, 907 8, 366,571 , 447, 267 18, 013, 2768, 715, 061 10,659,740 W 527, 548 1919._.J7, 025, 3365, 454, 819 5,706,085 6,125,884 7, 620,107 6, 771, 91317, 692, 82516, 808,747 , 801, 292 18, 468, 0327,812,081 |S, 449, £ ;6, 737, 067 1918--. 1,525,985 1, 443, 795 1, 993, 0802, 605, 7203, 309, 20713, 655, 664|3, 490, 037 3, 955,612 , 953, 969 16, 793, 0195, 569, 709 i 8,118, 734 ;47, 414, 531 1917 49,105 99, 503 66, 495 95, 739 174,129 887, 502i 547,434 297,024 678, 063 2, 770, 806 3,394,417 (1,091,909 '10,152,126 1916 37,151 40, 029 50, 981 50, 861 48, 200 60, 785I 64,355 47,902 58, 680 63, 282 79, 645 139, 531 741, 402 O 23, 450 20, 346 26, 835 17, 839 20, 243 23,179 ) 27,048 29,375 23, 556 23, 961 38,179 33, 760 307, 771 1914- 9,949 12,344 22, 293 I i Exclusive of purchases of United States certificates of indebtedness. oo Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 46.—VoLtTMi OF BILLS DISCOUNTED, SY MONTHS, DURING CO [In thousands of dollars.] Total reduced to a common maturity basis1 (exclusive of Fede b ra a l n r k e . serve January. Fe a b r r y u- March. April. May. June. July. August. October. No b v e e r m . - De b c er e . m- Total. d dr e a m ft a s n ). d and sight I > Per cent of total. I Boston 261,832 391,595 330, 904 235, 275 248,762 263,488 295, 671 359, 755 292, 654 231, 352 310, 025 431, 462 3, 652, 775 2, 809,547 7.3 New York 2, 612,835 2, 393, 4091, 995,9761, 793,1161, 747, 3091,113, 2211,503,907 1,137,185 806, 281 939, 392 942,119 967, 09317,951, 843 9, 467,079 24.7 Philadelphia 176, 623 227,102 238,144 224, 302 248,967 301,009 279, 008 284, 243 228, 029 241, 003 209, 771 252, 941 2,911,142 2, 564, 095 6.7 H Cleveland 88, 757 113,962 138, 462 140,173 240,137 266, 360 322,132 220, 704 182, 290 252, 550 234, 746 236, 535 2, 436, 808 2, 272,626 5.9 C Richmond 113,296 144,805 225, 345 244, 917 264, 313 317, 253 310, 044 290, 578 272, 643 274, 434 207, 741 245, 318 2, 910, 687 2, 282,310 6.0 H Atlanta 37, 343 23, 830 30,403 36,144 49,834 51,102 53, 243 52,628 88,071 109, 444 104, 315 91, 724 728, 081 2, 507.799 6.5 w Chicago 142, 685 162, 007 251, 530 212, 954 212, 300 214,158 206, 526 195,874 i 207,283 242, 094 229, 722 230,949 2, 508, 082 b, 026, 747 15.7 St. Louis 72, 252 64,382 83, 021 107, 645 161,808 206,688 173,190 201, 896 189,159 154, 754 133, 421 131, 455 1, 679, 671 2, 901, 584 7.6 hr| Minneapolis 10,960 9,669 18, 012 21, 695 33, 411 34,484 25,776 26, 484 29, 240 32, 914 22, 859 24, 550 290, 054 1,104,249 2.9 Kansas City 41,374 26,494 48, 663 53,932 77, 662 91, 864 82,173 52, T7«6«6 73, 098 115,850 123,119 114,131 901,126 2, 032,445 5.3 Dallas. 17, 906 12, 981 12, 743 23,004 26,167 26, 714 32,491 42, 516 33, 804 30, 549 23,311 18, 508 300, 694 1,106, 775 2.9 San Francisco.._ 115, 396 150, 311 146, 497 197,914 221, 843 211, 790 203, 246 187,421 219, 409 170, 516 135, 650 148, 970 2,108,963 3, 237, 214 8.5 Total: 1923—.3, 691, 2593, 720, 5473, 519, 7003, 291,0713, 532, 5133,098,131 3, 487,4073, 052,050 , 621, 961 2, 794, 8522, 676, 7992, 893, 63638, 379,926 38,312, 470 100.0 ft 1922._ .2,345, 3652,080, 3721, 753, 0981, 308,0551,113, 9301,159, 3181, 317, 6021, 094, 307 , 267, 358 2,172,114 3,155, 7753, 315, 59322, 082, 887 1921__.8,258,163 8,120,849 7,368,268 4,912, 6524, 253,8643, 674,9773, 735, 0783, 513, 063 ,033,109 3, 489, 2683,231, 2714,168, 56657, 759,128 1920.__6, 241,2716, 517,4396, 970, 3316,229, 7406,135, 9846,336, 6426, 714,9247, 982, 524 ,298,972 7, 548, 4567,882, 9339, 461, 65885, 320, 874 1919._.5,994, 3824,980, 9365, 473, 5645,901,402 7, 385,8336,328,912 7,183,435 6,433, 662 , 726,155 8, 060, 318', 414,4987, 290, 873'9,173, 970 O W 1918.-- 762,445 754,934 2,172, 5802,993,019 3,137, 2263,343, 4583, 762, 259 ,685,140 5,903, 9635,154, 5976, 215, 08339, 752,934 > 1917.-. 18,326 22,409 26, 789 50,056 91,413 750, 270 460, 733 220, 940 548,164 2, 681,1663, 206,487 892,238 8,968,991 1916-. 11,115 7,665 9,387 11, 522 11,195 11, 660 20,183 17,352 14, 309 11,863 17,904 63, 716 207, 871 1915—- 10, 713 12, 530 13,400 10,549 12,145 13,406 13, 238 12, 234 14, 405 15, 051 18,270 15, 412 161, 353 1914 9,949 11,462 21,411 I i Total discounts multiplied by ratio of average maturity of bills discounted by each bank to average maturity (9.89 days) forjsystem. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 47.—NUMBER OF BANKS IN EACH DISTRICT ACCOMMODATED THROUGH DISCOUNT OPERATIONS, BY MONTHS, DURING 1923. Prior vears. Fede b ra a l n r k eserve Janu- Febru- March, j April May. Tune. July. August. I I Septem- Oetober. No b v er e . m- De b c e e r. m- Year. . 1922 1921 Boston 182 194 223 I 220 238 244 212 190 199 190 203 225 313 330 341 New York 332 341 375 I 376 399 393 367 334 340 374 394 431 590 544 531 Philadelphia. 285 270 313 I 323 359 337 338 329 322 325 342 353 532 538 509 Cleveland _. 240 220 240 I 275 292 294 260 276 300 300 323 470 540 509 Kichmond 255 244 243 296 325 327 344 318 316 303 266 274 453 491 494 Atlanta 212 226 213 229 258 272 278 313 321 345 311 267 351 353 444 Chicago 598 444 502 451 512 521 515 511 521 568 594 604 973 1,129 1,191 St. Louis 192 169 191 201 228 230 251 258 271 287 284 279 362 400 390 Minneapolis 274 174 209 242 292 314 328 | 294 215 253 264 284 559 706 765 Kansas City.. 257 240 254 296 345 349 338 322 327 397 406 336 653 733 920 Dallas 207 222 253 328 375 413 508 515 224 143 128 92 617 661 704 San Francisco 260 232 270 319 311 337 316 ! 268 267 240 230 460 531 617 & Total: 1923 3,294 2,976 3,282 3,507 3,942 3,999 4,110 3,960 3,600 3,752 3.732 3,698 6, 333 w 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 I 1921 5,293 5,107 5,320 5,568 5,632 5,745 I 5, 607 5, 453 5,427 5, 572 5,622 5,676 7, 415 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 1919_- 3,316 3,091 3,575 3,875 4, 035 4, 047 3,685 3, 460 3,722 3,839 3,649 3,659 5,993 1918 1,432 1,353 1,568 2,100 2,793 3,021 3, 462 3,671 3,464 3,610 3,667 3, 288 5,493 1917 309 262 315 384 590 900 960 990 953 1,140 1 574 1 701 3 127 1916 . 614 451 535 606 655 678 642 483 448 383 336 314 1,788 1915 570 606 693 813 760 711 761 794 835 754 1 920 o w 1914 132 339 Co 1 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 48.—VOLUME OF BILLS DISCOUNTED, BY STATES; NUMBER OF MEMBER BANKS IN EACH STATE, AND NUMBER ACCOMMODATED CO THROUGH DISCOUNT OPERATIONS, 1923, 1922, 1921, AND 1920. 00 [Amounts in thousands of dollars.] Number of member banks on Dec. 31. Number accommodated during— Total amount of paper discounted. Division and State. 1923 1921 1920 1923 1922 1921 1920 1923 1922 1921 1920 United States. 9,916 9,841 9,628 6,333 6,956 7,415 6,941 38, 379, 926 22, 082,887 57, 759,128 85, 320, 874 Geographic divisions: New England 436 439 449 450 323 339 352 354 3, 665, 259 2, 276, 633 4, 488,110 4, 960, 412 Middle Atlantic 1,858 1,820 1,796 1,766 1,240 1,236 1,178 1,134 22, 265, 677 12, 422, 245 36,492, 572 57, 985, 933 East North Central.. 1,790 1,795 1,795 1,760 1,085 J,221 1,240 1,130 3, 392,186 2,156,040 4,906, 757 6, 736, 742 West North Central- 1,829 1,830 1,826 1,816 1,115 3,304 1,480 1,430 1, 772, 372 749, 919 2, 573, 793 4, 274,116 South Atlantic 923 937 909 852 671 703 750 j^646 3, 237, 805 1, 651, 636 3, 356, 492 4,059,915 H East South Central.. 442 440 426 409 238 260 307 273 1, 067, 396 680, 626 1, 215, 695 1, 656, 772 O West South Central.. 1,395 1,380 1,319 1,284 903 1,005 1,120 1,037 691, 458 477, 098 1,632,417 2, 345, 534 Mountain 603 651 682 680 433 523 574 549 346, 847 426, 817 790, 360 836, 761 H Pacific 620 624 611 325 365 414 1, 940, 926 1, 241, 873 2, 302, 932 2, 464,689 H New England: Maine.. 64 63 63 40 41 40 38 49, 002 42, 621 52, 765 50, 294 New Hampshire. 55 56 56 55 42 43 46 45 60, 722 40, 246 48, 790 49,932 Vermont 47 48 49 49 29 34 36 40 27,118 21,409 26. 739 30, 253 Massachusetts 183 185 192 189 153 164 166 160 3, 395, 562 2, 068, 564 4,170, 612 4, 554, 280 Rhode Island 20 20 20 20 13 11 13 16 30, 023 16, 392 20, 649 41, 954 Connecticut 67 67 71 46 46 51 55 102, 832 87, 401 168, 555 233, 699 Middle Atlantic: New York 620 603 602 595 433 408 404 17, 408, 097 8, 837, 01430,228,160 49, 805, 621 New Jersey 299 282 272 260 220 198 188 182 738, 692 506, 559 727, 867 888, 470 Pennsylvania 939 935 922 911 587 630 592 548 4,118, 888 3, 078, 672 5, 536, 545 7, 291, 842 East North Central: w Ohio 456 457 463 459 282 307 291 260 933,910 669,974 1,215, 924 1, 062, 757 o Indiana 272 274 275 275 176 185 193 185 201, 529 i57, 255 303, 207 411, 878 Illinois 591 591 585 566 335 390 402 380 1, 328, 285 694 ? 581 1,782,989 3,105, 257 Michigan 284 283 282 272 185 212 217 783, 676 540, 791 295, 999 1,749,911 Wisconsin 187 190 190 188 107 127 137 144, 786 93, 439 308, 638 406, 939 West North Central: j Minnesota 375 J 377 375 368 161 ! 222 254 242 232,199 97, 457 474, 581 734,318 Iowa.- 455 1 459 459 459 333 I 400 429 424 181,396 198, 467 635, 256 823, 605 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Missouri.__ 192 181 121 126 120 127 1,118, 523 290, 008 1, 044, 637 2, 095, 0«0 North Dakota 188 188 188 187 118 145 152 144 14, 276 20, 768 65, 304 55, 649 South Dakota 147 153 155 152 105 127 145 130 19, 594. 27, 885 93, 325 82,986 Nebraska 194 198 202 210 149 146 169 192 173,458 85,134 175,230 356,931 Kansas 278 274 275 271 128 138 211 171 32,926 30,200 85,460 125, 537 South Atlantic- Delaware 22 22 22 22 17 19 20 20 11, 578 16, 731 38, 614 43,016 ^ Maryland 94 94 97 98 62 72 76 70 485,142 269, 905 569 550 830,265 Z. District of Columbia 15 15 16 16 12 11 10 10 613, 041 284, 791 99,228 124,352 ^ Virginia 195 192 190 185 146 150 146 140 1,235,751 526,888 1, 428,846 1, 737, 538 t"1 West Virginia 142 140 136 132 75 78 45 206,836 124, 432 123, 204 75,972 w North Carolina 97 104 103 97 87 85 358, 458 131, 470 311, 828 303,320 te South Carolina. 103 104 100 98 81 96 146.491 102, 574 253, 535 304,961 § Georgia 184 188 173 139 143 142 168 134 210,443 157, 386 422, 646 540,167 & Florida.. 71 78 72 65 48 39 58 46 70,065 37, 459 109, 041 100,324 ^ East South Central: O Kentucky 149 148 145 144 71 80 84 80 746, 537 446, 591 396, 523 475,954 ^ Tennessee 122 119 115 111 62 65 88 72 229, 722 150, 536 615, 489 986,790 H Alabama.-.. 132 133 130 121 75 83 105 95 65,377 61,382 148, 350 144,048 fc Mississippi 39 40 36 33 32 30 26 25, 760 22,117 55, 333 49,980 W West South Central: Arkansas 126 122 119 114 81 95 103 94 87, 571 74,450 186,439 204,422 j| Louisiana 50 49 51 53 40 37 50 45 275, 523 153,952 511,488 672,361 fe Oklahoma 465 462 400 380 259 312 360 294 60,393 56, 677 239, 655 267,739 g Texas 754 747 749 737 523 561 607 604 267,971 192, 019 694,835 1, 201,012 M Mountain: Montana 164 189 200 200 132 165 165 151 17,997 28, 370 65, 531 52,344 % Idaho 110 120 127 129 83 102 122 112 127,964 211,076 227,461 186,543 g Wyoming 49 51 51 50 27 35 39 35 5,041 8,955 28,863 25,666 £ Colorado. 146 148 146 145 89 99 105 114 139,377 77, 258 141, 255 222,453 < New Mexico 46 51 57 56 41 47 52 50 15,056 14, 471 28,151 30,723 m Arizona 25 26 25 25 22 23 24 22 5,337 17, 758 33, 709 21,407 W Utah 52 55 65 64 49 62 61 35, 792 68, 666 263,152 295,679 {£ Nevada 11 11 11 11 3 5 4 283 263 2,238 1,946 # Pacific: Washington 165 164 150 146 101 104 110 107 122, 584 75, 274 234,339 339,012 Oregon 136 135 134 119 63 75 86 79 107, 644 59,387 144,946 214,358 C alif or nia 319 325 355 346 161 186 218 202 1, 710, 6982 1,107, 212 1,923, 647 1,911,319 1 Includes $250,000 discounted by the Federal Reserve Bank of Atlanta for the Federal Intermediate Credit Bank of Columbia, S. C. CO 2 Includes $2,000,000 discounted by the Federal Reserve Bank of San Francisco for the Federal Intermediate Credit Bank of Berkeley, Calif. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 49.—VOLUME OF BILLS DISCOUNTED FOR NATIONAL BANKS AND FOR STATE BANK AND TRUST COMPANY MEMBERS OF THE FEDERAL RESERVE SYSTEM DURING 1923, 1922, 1921, AND 1920. [In thousands of dollars.] Total. Discounted for national banks. Discounted for State bank and trust company members. Federal reserve bank. Cj 1923 1922 1921 1920 1923 1922 1921 1920 1923 1922 1921 1920 Boston 3, 652, 775 2, 262, 087 4,454, 760 4, 876,556 j 2, 981, 222 1, 732,039 3, 596,012 3, 903, 570 671, 553 530,048 858, 748 972,986 New York... 17, 951, 843 9, 206, 364 30, 768, 990 50,539,429 I 14,015,575 7,231, 941 23, 572, 551 42, 514, 279 3, 936, 268 1, 974, 423 7,196,439 8,025,150 o Philadelphia _ 2, 911,142 2, 450, 843 3, 872, 367 5, 820, 258 2, 275, 5131, 940, 277 3,096,820 4, 985, 343 635, 629 510, 566 775, 547 834,915 Cleveland 2, 436,808 1, 523, 346 3, 218, 833 2,895, 670 1,402,831 940, 014 1, 431, 026 1,759,446 1, 033, 977 583, 332 1, 787, 807 1,136, 224 H O Richmond. 2, 910, 687 1,424, 567 2, 749, 671 3, 346, 3222, 485,609 1, 272,000 2, 478, 801 3,119, 260 425,078 152, 567 270, 870 227,062 Atlanta 1 728, 081 489, 930 1, 647, 255 2, 231,946 410, 837 290,808 | 1,080,731 1,520,311 316, 994 199,122 566, 524 711,635 H M Chicago 2, 508,082 1, 581,004 4,168,477 6,305,492 1, 794, 681 979,373 I 2,821,976 4, 335, 290 713,401 601, 631 1,346,501 1,970, 202 St. Louis 1, 679, 671 865, 856 1, 609, 024 2,438,041 1,183, 856 632, 877 1, 005,416 1, 689, 278 495, 815 232, 979 603, 608 748, 763 Minneapolis-.. 290,054 193, 014 730, 662 953,392 274,791 162, 458 654,869 887,148 15, 263 30, 556 75, 793 66, 244 Kansas City... 901,126 328, 019 944, 074 1, 667,943 446, 854 280, 273 787,229 1, 474, 277 454, 272 47, 746 156, 845 193, 666 Dallas 300,694 j 222, 557 771,997 j 1,280,178 274, 271 189,187 653, 382 1,150, 000 26, 423 33, 370 118, 615 130,178 San Francisco.. 2 2,108, 963 1, 535, 300 2,823,018 I 2,965,647 1,138, 509 971,337 1,549,496 1, 949,150 563, 963 1, 273, 522 1,016, 497 Total 38, 379,926 22,082, 887 57,759,128 85,320,874 28, 684, 549 16,622,584 42,728,309 69, 287, 352 9, 693,127 5,460, 303 15,030, 819 16,033, 522 ft s 1 Includes $250,000 discounted for the Federal Intermediate Credit Bank of Columbia, S. C. 2 Includes $2,000,000 discounted for the Federal Intermediate Credit Bank of Berkeley, Calif. w o Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 50.—VOLUME OF BILLS DISCOUNTED, BY MATURITIES AND RATES OF DISCOUNT CHARGED. [Amounts in thousands of dollars.] Total. Maturity. Rate charged. Federal reserve bank. Amount. ( m A in a v d t e a u r y r a i s g t ) e y .] a D d n e d ra m f s t a i s g n . h d t Wi d t a h y in s. 15 1 d 6 a t y o s . 30 3 d 1 a t y o s. 60 6 d 1 a t y o s . 90 9 6 1 m d o ay n s t h to s. O w m v i o e th n r6 i t n h b s u 9 . t 4 per cent. 4£ per cent. Boston 3, 652, 775 7.61 3,439,204 45,340 79,087 88, 670 474 591,138 3,061, 637 New York 17,951, 843 5.22 17,808,923 29,975 46, 296 66,405 244 4,568,027 13,383,816 Philadelphia 2,911,142 8.71 2, 869,132 6,018 14,173 21, 545 272 2, 911,142 O Cleveland 2,436,808 9.22 2, 287, 795 43, 230 54, 544 49, 518 1,718 2, 436,808 H O Richmond.. 2,910,687 7.76 2, 689, 744 45, 740 80,627 88, 785 5,395 35 2, 910, 687 Atlanta.... 728,081 34.11 ! 932 52, 064 109,558 143,083 13, 738 340 728, 081 Chicago 2, 508,082 23.77 | 1,949,084 111,895 200,085 210, 540 36,025 453 2,508,082 St. Louis... 1, 679,671 17.41 31,604 1, 264,107 91,481 158, 695 123, 261 9,460 1,063 1, 679, 671 Minneapolis 290,054 37.75 759 195.989 7,119 21, 482 39, 730 24,130 290, 054 Kansas City . 901,126 22.32 673 738, 603 17,057 40, 418 61, 440 42, 410 525 901,126 Dallas 300, 694 40.78 32,264 154.990 12,311 26, 732 44, 409 29, 201 787 300, 694 San Francisco 15.19 1,866, 270 28, 771 76, 757 115, 658 19, 247 1,396 296,855 1,812,108 Total: 1923 67,457 | 35,672,207 491,001 908,454 1,053,044 182, 314 5,449 5, 456,020 32,923, 9 ft ufit 1 Based on time bills only. W o > Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 51.—VOLUME OF BILLS DISCOUNTED, BY MONTHS, DURING 1923, DISTRIBUTED BY MATURITIES AND RATES OP DISCOUNT CHARGED. [Amounts in thousands of dollars.] Total. Maturity. Rate charged. Month. Amount. ( m i A n a v t d e u r a a r y i g s t e y ). a D n d e d r m a s f a i t g s n . h d t W d it a h y in s. 15 1 d 6 a t y o s . 30 31 d a to y s 6 . 0 61 d a t y o s 9 . 0 9 6 1 m d o ay n s t h to s. O m w v i o e t r n h 6 t in h b s u 9 . t 4 per cent. 4| per cent. January 3,691,259 6.08 3, 562, 686 24, 526 39,597 52,308 12,142 2,990,064 701,195 February 3, 720, 547 6.70 3, 570, 541 26,916 62, 240 51,634 9,216 2, 434,809 1,285,738 O March 3,519, 700 8.86 16 3, 285, 607 49, 892 84,166 85, 644 14,183 192 31,147 3,488, 553 April 3, 291,071 a 04 90 3,084,351 36, 616 72,067 80,055 16, 723 1,169 3,291, 071 H O May 3,532, 513 9.45 90 3, 302, 764 44,121 83,862 76, 201 24, 542 933 3,532, 513 June 3,098,131 11.17 71 2,842,111 50,033 88,039 92,093 25,149 635 3,098,131 July 3, 487,407 10.08 136 3, 252, 898 39,066 69, 786 106, 550 18,908 63 3,487,407 August.. __. 3,052,050 10.65 1,823 2,821,477 40, 680 81,875 96, 654 9,382 159 3,052,050 September. _. 2, 621,961 12.56 7,296 2,358,654 51, 287 90, 625 105, 843 170 2, 621, 961 October 2, 794, 852 13.15 17,996 2,512,581 46,259 84, 572 119,878 13,182 384 2, 794,852 November 2, 676, 799 11.97 21, 229 2,440, 712 40,033 73,208 14, 841 688 2, 676, 799 December . 2,893, 636 11.77 18, 710 2, 637, 825 41, 572 78,417 100,096 15,960 1,056 2,893, 636 Total: 1923. 38,379,926 67,457 35, 672, 207 491,001 908,454 1,053,044 182, 314 5,449 5,456,020 32,923,906 1922 22,082,887 12.14 19,931,136 377, 738 714, 398 829, 626 229,989 1 1921. 57, 759,128 13.63 51, 248, 594 1,062, 513 2, 025, 513 3,049,336 373,172 1920. 85,320, 874 13.29 75,914, 215 1,327, 285 2, 774, 388 4,953,099 351,887 1919. 79,173,970 10.13 76,131,886 387, 563 791,316 1, 737,920 125, 285 1918. 39, 752,934 11.81 36, 906, 711 383,901 754,479 1, 551, 597 156,246 W O 1917. 8,129, 286 181,029 272,499 357, 046 29,131 1916 207,871 115,053 34,423 41,577 16, 818 1915. 161,353 26,509 57,838 57,322 19, 684 1914. 21,411 12,381 5,180 3,206 644 « Figures not available. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 53.—AVERAGE MATURITY OF BILLS DISCOUNTED, BY MONTHS, DURING 1923. [Days.] Prior years. Federal reserve bank. J a a r n y u . - Fe a b ry r . u- March. April. May. June. July. August. Se b p e t r e . m- O b c e t r o . - No b v e e r. m- De b c e e r. m- Year. 1922 1921 Boston 8.44 6.97 9.88 10.88 9.41 7.96 6.62 6.38 7.85 6.50 6.05 7.61 8.19 9.24 New York __ 2.88 3.63 4.47 4.18 4.50 6.63 5.90 7.35 9.39 8.35 6.97 6.79 5.22 5.08 6.99 i Philadelphia 8.77 8.24 9.14 8.68 9.12 8.63 8.48 8.40 8.72 8.66 9.12 8.71 8.71 8.89 13.06 Cleveland 10.84 7.86 10. 95 12.16 8.31 8.39 6.96 9.34 10.81 9.29 8.92 10.37 9.22 13.30 15.90 Richmond. 9.72 8.68 7.71 7.99 7.85 7.01 6.67 7.66 8.74 7.98 7.22 7.57 7.76 13. 53 15.26 Atlanta 39.11 36.60 33.28 37.28 32.82 34.45 33.92 30.75 32.87 35.94 32.66 33.64 34.11 40.94 28.94 Chicago 22.07 25.33 25. 83 23.74 23.87 24.09 24.03 23.27 23.65 24.34 22.98 21.56 23.77 30.69 35.11 St. Louis 10.84 18.34 22.20 16.47 14.23 12.82 16.75 14.27 16.76 23.24 23.98 24.04 17.41 17.74 24. 59 Minneapolis 56.51 51.02 38.19 45.75 38.19 34.76 34.41 27.99 31.43 36.82 37.03 43.72 37.75 53.93 44.48 Kansas City 18. 71 24.77 24.39 26.40 25.95 24.26 21.58 23.59 20.24 20.33 21.58 20.34 22.32 39.04 37. 03 D alias 44. 56 44.42 58.21 43.15 49.54 54.59 50.09 31.85 21.76 29.87 32.33 37.87 40.78 55.38 38.44 San Francisco 13.19 10.74 17. 57 13. 80 13. 00 15.27 16.25 14.49 14.25 16.55 15.68 22.67 15.19 14.29 20.17 P All banks: 1923. 6.70 9.04 9.45 11.17 10.08 10.65 12.56 13.15 11.97 11.77 9.89 1922. 13.75 11.94 15.39 15.86 17.44 15.61 11.97 13.48 13.43 9.99 8.43 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 14.42 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 12.17 11.55 13.29 1919. 10.34 10.74 10.15 11. 07 9.13 9.79 9.41 9.33 9.44 9.54 11.36 11.52 10.13 1918- 18.90 27.73 22.25 11.25 12.59 10.09 12.85 12.70 10.38 11.17 12.37 '8.54 11.81 w o CO Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 53.—VOLUME OF BILLS, SECURED BY UNITED STATES GOVERNMENT OBLIGATIONS, DISCOUNTED DURING EACH MONTH IN 1923. [In thousands of dollars.] Year Feder b a a l n r k e . serve Total. c M o b l a e la n m t k e b s r e ' a r l c p R o a u e p d n e i t r s e - d January February March. April. May. June. July. August. Se b p e te r. m- October. No b v e e r. m- D b ec e e r. mnotes. I Boston 1, 489, 573 1,481,924 7,649 110,162 170, 579 183,554 81, 453 107, 234 88,068 113,288 180,290 I 101, 525 91, 697 111,703 150,020 o New York 15, 961,946 15, 945,969 15,977 i 2, 438,9652, 277, 516 1,816,501 ,631,148 1,589,235 970, 572 1, 265, 989 994,132 : 674, 464 753, 426 778, 491 771, 507 w Philadelphia 2, 062, 723 2,060, 520 2,203 | 142,142 160,991 167, 572 162,150 175,973 188, 752 191,955 187,274 j 158, 248 179,166 147,222 201, 278 H Cleveland 1, 820, 900 1, 816, 772 4,128 62, 082 89, 788 93, 291 87,032 177, 028 196,187 254,646 166,461 139, 428 193,114 188, 653 173, 190 Q I Richmond 2, 524, 369 2, 521, 421 2,948 99, 539 124,974 200,105 218,958 240, 234 279, 406 275,859 250,334 ' 220, 097 226, 605 177, 348 210,910 H Atlanta 282,954 279,014 3,940 7,122 7r926 11, 407 10, 937 13, 322 14,457 18, 739 23,130 36,618 46,867 51,066 41,363 Chicago 1,867, 787 1,866,097 1,690 110, 666 119,165 171, 270 162, 624 159, 036 153,338 151,666 149,131 151,482 177, 755 174,275 187, 379 St. Louis .__ 1,198, 309 1,195, 580 2,729 62, 521 46,811 52, 839 82, 353 123,911 164, 444 127,109 156.731 139, 293 92, 385 73, 848 76,064 Minneapolis 184, 906 184, 818 4,224 2,340 10, 361 11, 655 22, 684 24,976 17, 529 19,685 ! 20,093 19,940 16,248 [ 15,171 Kansas City __ 733,645 731, 992 1,653 36, 649 21,065 37, 020 40, 788 61, 064 74, 588 68, 333 40,444 ! 58,314 96, 267 102,149 j 96,964 Dallas 145,193 144,739 454 9,016 6,713 3,775 12,107 13, 367 10,066 13, 579 25,346 I 21,476 12,646 10,838 6, 264 San Francisco 1, 505, 709 1, 503,305 2,404 71,356 104,202 89, 026 149,102 174,169 158, 814 152, 744 143,042 158,431 116, 840 98, 678 89,305 Total: 1923-_.29,778,014 29, 732,151 45, 8633,154,444 3,132,070 2,836,721 2, 650,307 2,857, 257 2,323, 668 2,651,436 2,336,000 jl, 879, 469j 2,006, 708 1,930,519 2, 019, 415 f W t 1922_ _.15,464, 642 15, 379,463 85,179 1, 678, 5371, 284,698 1,032,402 883,804 736, 259 797,893 932,038 I 729,487 j 804,932 1,499, 040 2,411,323 2, 674, 229 ft 1921.__31, 925,45730,870,988 1, 054,4694,141, 4873,856, 232 3,549,862 3, 265,958 2, 708,619 2,058,159 2,184,275 [2,070,133 jl, 610, 6961,871, 588 1, 930, 649 2, 677, 799 1920.._57, 440,01855,410,876 |2, 029,1425,456, 3445, 544, 280 5,298,884 4, 771,072 4, 508,466 4, 544,836 4, 533, 506 4, 933, 983 J4,164, 062 14,305, 269 4, 349, 723 5, 029, 593 1919.__74,187, 28072,289, 8351,897, 4455, 713, 9034, 755, 629 5,271, 540 5,693,811 7,169, 367 6,036, 278 6, 824,988 6,170, 782 6, 238, 301 i7,348,942 |6, 761, 542 6,202,197 w 1918. __33, 390,08032,142, 406 1, 247, 674 378, 507 400,037 315,116 1,806, 669 2, 523, 506 2, 621,132 2,469,385 3,127,333 ;4,077, 897 J5,308, 281 4,601,2485, 760,969 o 1917.__ 5,884,161 5, 884,161 5,184 354, 016 192,916 30,478 j 215,651 i2,262,475 2,586,064 237,377 I I Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 54.—VOLUME OF TRADE ACCEPTANCES DISCOUNTED, BY MONTHS, DURING 1923. [In thousands of dollars.] 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- Year. Y 19 e 2 a 2 r . Y 19 e 2 a 1 r . Boston 58 113 124 44 64 206 53 124 104 182 1,006 2,161 1,187 1,905 New York 250 323 695 610 479 908 691 592 567 398 558 504 6,575 8,523 33,517 Philadelphia- 135 36 56 61 85 74 37 25 27 69 24 124 753 767 1,521 Cleveland 2,604 789 1,102 1,047 749 929 1,235 1,014 1,141 889 985 14,110 13,881 26,119 s Richmond-. 257 367 604 890 679 992 412 398 1,405 714 477 573 7,768 5,539 11,817 Atlanta 156 79 111 214 189 151 361 910 860 1,043 760 4,933 4,742 11,811 Chicago 184 64 89 162 344 204 277 61 201 185 109 2,086 1,321 9,147 St Louis 192 333 83 319 78 272 263 670 1,415 1,085 5,779 4,182 5,141 Minneapolis.. Kansas City- Dallas.. San Francisco. 4,330 j 3,200 3,439 4,387 3,969 3,639 5,232 ! 5, 515 5,317 5,977 51,393 5,773 3,854 3,556 3,247 2,891 2,402 2,977 3,120 4,524 4,133 44, 272 20,171 13, 263 9,094 10,013 8,673 8,824 7,983 9,682 7,851 ! [ 10,058 128, 944 16, 520 11,001 16, 541 13, 938 13,457 14,011 17,160 19, 389 15,143 ! 16,318 192,157 10, 904 7,062 7, 8,505 6,428 10,608 16,064 21,924 23, 469 138, 420 13,998 | 13,166 14,811 13,822 12, 762 20,917 23, 520 16,191 11,617 187, 373 574 1,768 2,521 1,077 1, 1,126 4,355 15,425 37, 771 444 276 199 245 594 415 1,103 5,212 320 629 514 1, w o Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 55.—VOLUME OF BANKERS' ACCEPTANCES DISCOUNTED, BY MONTHS, DURING 1923. [In thousands of dollars.] Prior years. 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 . - Year. 1922 1921 Boston 153 New York 94 290 26 9 12 24 15 470 192 23,192 Philadelphia 514 Cleveland 700 17 264 Richmond 200 179 10 201 590 Atlanta 691 Chicago 50 50 75 1, 446 St. Louis .. 561 25 1 24 20 25 655 1,459 7,974 Minneapolis . 903 Kansas City 75 75 212 Dallas 107 154 San Francisco 576 906 3 113 25 5 33 22 9 1,692 883 4, 592 Total* 1923 670 1,757 104 113 234 295 20 57 72 210 3,532 1922 873 92 124 289 157 115 61 8 33 515 1,007 142 3,416 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 m 1920 17, 226 28,611 34, 534 28,172 15, 254 9,431 7,069 5,490 8,103 10, 354 13, 275 9,643 187,162 1919 . 1,577 737 800 420 1,112 496 361 182 388 1,271 2,053 62, 246 71, 643 w o Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 56.—VOLUME OF BILLS BOUGHT IN OPEN MARKET, BY MONTHS, DURING 1923. [In thousands of dollars.] Total reduced to a common maturity basis.i 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- D b ec e e r. m- Total. d Amount. Per cent of total. S Boston. _ 28, 496 26, 062 33, 236 25,450 17, 769 26,146 22, 666 14, 555 14, 771 24, 304 33,892 34, 736 302, 083 209,034 8.2 II New York _ . .. 49, 228 50,179 75, 775 85, 650 119, 752 93,121 92,822 76, 815 76, 777 101, 592 190, 811 165,125 1,177, 647 661, 219 26.0 Philadelphia 18, 607 16, 248 12, 032 5,903 6,100 11, 645 7,830 10, 392 9,991 15, 999 23, 381 20,977 159,105 300,167 11.8 Cleveland ,_. 10, 626 22, 720 33, 242 14, 623 9,501 7,324 11, 696 25, 770 5,636 16, 874 12, 625 26,137 196, 774 337, 411 13.2 Richmond 215 1,151 1,661 819 928 1,028 251 205 1, 495 1,473 1,417 10, 643 14, 220 .5 Atlanta 3,110 6,916 22,907 14, 407 4,193 1,557 7,330 2,367 5,006 9,446 9,253 8,209 94, 701 139, 065 5.5 3 Chicago 15, 438 26, 354 22,303 19, 496 11, 385 25, 786 29, 373 16, 830 26,609 22,154 22, 224 27, 408 265, 360 467,751 18.4 St. Louis. 4,706 5,521 9,756 5,486 1,830 3,504 40 22 744 971 32, 580 47, 688 1.9 ft ft fut Minneapolis 132 5, 259 50 623 6,064 8,313 .3 Kansas City- 75 129 1,012 75 375 260 90 2,016 3,926 .1 Dallas 2,670 4,579 6,435 2,759 3,254 2,181 1,699 9, 464 9,415 14, 302 18,117 74, 875 125, 005 4.9 San Francisco 19, 526 22, 626 37, 229 19, 416 11, 631 11, 541 12, 384 12, 341 10,886 13, 625 18, 631 35, 326 225,162 233, 211 9.2 Total: 1923 152, 754 186,464 254,141 194, 851 186,363 183, 733 186, 828 160, 373 159, 420 215, 351 327, 596 339,136 2, 547, 010 2, 547, 010 100.0 i 1922 103,910 139,022 144,352 95, 724 150, 607 175,493 158, 758 185, 208 217, 053 206, 617 175, 378 202, 566 1, 954, 688 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 25Q 247,594 274, 237 285, 753 219, 464 259, 708 257, 989 281, 833 231, 840 253, 828 3, 218, 364 1919 201, 492 147, 410 143, 662 140, 639 147,650 291,915 276, 485 194, 211 205, 048 335, 262 340, 695 400, 708 2, 825,177 w 1918 130 620 148 9,75 138,996 108, 516 115,914 89, 580 123, 574 162, 796 183,132 256, 705 195, 698 155, 733 1, 809, 539 o > 1917 20, 617 70. 641 28,153 41,313 82, 544 135, 230 66,864 72,123 109, 046 86, 894 186, 219 178, 069 21,077,713 1916 9,603 12, 416 22,918 18, 499 21,912 42, 325 36, 575 28, 447 37, 087 40, 895 48,547 66,871 386,095 1915. 2,666 8,356 4,018 2,865 4,701 5,986 4,656 4, 548 6,340 7,919 12, 790 64,845 1914 1 Total purchases multiplied by ratio of average maturity of bills purchased by each bank to average maturity (39.42) for system. 3 Includes $168,411,520 of acceptances purchased from the Federal Reserve Banks of Boston and New York by other Federal reserve banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

IVo. 57.—VOLUME OP BILLS BOUGHT IN OPEN MARKET DURING 1923, BY CLASSES. OO [In thousands of dollars.] Bankers' acceptances. Trade acceptances. Federal reserve bank. Total (all classes). Dollar Total. Foreign. Domestic. exchange. Total. Foreign. Domestic. cj > Boston 302,083 302,007 180,924 104, 783 16,300 76 13 63 New York .. . . 1,177, 647 1,164,377 838,374 270, 521 55, 482 13,270 12, 621 649 IS Philadelphia _ 159,105 159, 066 105, 453 41, 767 11,846 39 39 o w Cleveland 196, 774 196,670 156,695 35,823 4,152 104 104 H o Richmond _ 10,643 10, 643 2,508 8,135 Atlanta 94,701 94, 701 74, 738 19,024 939 Chicago 265,360 265,360 170, 785 83,805 10, 770 St. Louis 32,580 32, 580 22,853 8,001 1,726 Minneapolis 6,064 6,064 4,697 1,332 35 Kansas City _ _._ 2,016 2,016 980 1,036 Dallas 74,875 74,875 55,140 17,044 2,691 I San Francisco 225,162 225, 111 144,192 75,904 5,015 51 51 Total 2,547,010 2,533,470 1,757,339 667,175 108,956 13, 540 12, 724 816 w o Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 58.—VOLUME OF BILLS BOUGHT IN OPEN MARKET DURING EACH MONTH IN 1923, BY CLASSES. [In thousands of dollars.] S3 Bankers' acceptances. Trade acceptances. 00 Total Month. to (all classes). Dollar Total. Foreign. Domestic. exchange. Total. Foreign. Domestic. January 152,754 151,865 104,402 43,905 3,558 February. 186,464 184, 935 129,276 49, 578 6,081 1,529 1,529 1 March 254,141 252,019 189,820 49,428 12, 771 2,122 1,939 April.. 194, 851 193, 262 135,112 48, 580 9,570 1,589 1,589 May 186, 363 185,074 122, 366 53, 555 9,153 1,289 1,289 o June 183, 733 182, 858 138,409 39, 479 4,970 875 875 July 186, 828 186, 769 132,950 43, 538 10, 281 59 59 August 160,373 160,051 109,472 46, 561 4,018 322 322 September 159,420 158, 666 115,004 36, 540 7,122 754 754 October 215,351 214,628 140,155 62, 231 12, 242 723 j 723 November 327, 596 325,972 217,039 96,294 12, 639 1,624 1,624 December 339,136 337, 371 223, 334 97,486 16, 551 . 1, 765 1,132 633 £ Total: 1923. 2, 547,010 2, 533,470 1, 757,339 667,175 108,956 13,540 12, 724 816 1922. 1,954,688 1,948,379 1, 400,057 484, 530 63, 792 6,309 5,844 465 1921 1,534,401 1, 527,235 1,019, 689 368, 972 138, 574 7,166 7,081 85 1920 3,218, 364 3,143, 737 2, 367,881 711,311 64, 545 74, 627 68, 876 5,751 1919 2,825,177 2, 788, 619 2,020,888 756, 425 11,306 36, 558 27,289 9,269 w o i CO Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 59.—VOLUME OF BILLS BOUGHT I.V OPEN MAEKET DURING 1923, BY RATES OF DISCOUNT CHARGED. Cn O [In thousands of dollars.] Federal reserve bank. Total. 3 % percent. 4 per cent. 4| per cent. 4J per cent. 4| percent. 4& per cent. 4J per cent. 4| per cent. 4|per cent. 4J per cent. 5 per cent. Boston. 302,083 24,538 88,112 154,544 30,374 3,856 467 168 8 4 12 New York 1,177,647 23, 527 1,029,951 91,334 15, 783 3,247 12, 653 942 210 Philadelphia-... 159,105 650 59,411 91, 951 6,798 256 39 Cleveland 196, 774 15, 557 65,025 90,014 23, 236 2,411 531 Richmond 10, 643 2,562 7,556 525 Atlanta _._ 94,701 4,569 42,860 22,929 1,697 167 22,479 Chicago.. ... 265, 360 9, 618 81,807 121, 784 39, 569 5,827 100 6,651 4 St. Louis 32, 580 4,121 22, 646 3,917 1,896 Minneapolis 6,064 1,450 3,609 1,005 Kansas City.... 2,016 1,012 1,004 Dallas 74,875 3,669 17,836 49,914 2,926 530 San Francisco 225,162 17,699 54,004 86,413 64,138 1,541 1,367 Tatal 2, 547,010 105,398 1,465, 261 717,379 193,973 18,360 100 45,191 1,114 218 4 12 w o Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No, 60.—VOLUME OF BILLS BOUGHT IN OPEN MAKKET DURING EACH MONTH IN 1923, BY RATES OF DISCOUNT CHARGED. [In thousands of dollars.] Month. Total. 3|per cent. 4 per cent. 4| per cent. 4| per cent. 4| per cent. 4-rg- per cent.4J per cent. 4| per cent. 4J per cent. 4f per cent. 5 per cent. January 152,754 28,483 97,118 22,610 2,054 95 2,184 210 February. . 186,464 30, 208 128,690 22,322 1,031 146 3,975 92 March 254,141 27,618 174,174 43,218 4,543 589 3,913 86 April 194, 851 18,993 124, 546 36, 660 9,668 1,850 2,948 186 May. 186,363 130, 576 32,915 18, 250 2,068 100 2,204 250 3 June 183,733 96 94, 789 66, 567 19, 731 1,062 1,475 11 2 July 186,828 90,990 69,197 20, 573 4,037 2,031 August „ 160, 373 82,900 51,488 22, 728 1,231 1,907 119 O September _ .. 159, 420 80, 587 56,859 15, 340 2,612 4 022 October _ • -_ 215,351 109,410 74, 813 20, 665 2,168 8,287 8 November 327, 596 171,874 117, 330 30, 428 1,316 6 648 W December.._ 339,136 179,607 123,400 28, 962 1,186 5,597 362 6 4 12 Total 2,547,010 105, 398 1,465, 261 717, 379 193,973 18,360 100 45,191 1,114 218 4 12 B w o Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 61.—AVERAGE MATURITY OF BILLS BOUGHT IN OPEN MARKET, BY* MeMM&, DURING 1923. [Days.] to Prior years. 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 . - Year. 1922 1921 Boston 22.53 27.11 28.58 39.73 23.77 26.33 20.92 21.38 24.33 24.15 38.31 22.74 27.28 28.37 18.32 New York .... 19.94 23.75 20.14 30.69 24.39 21.04 23.59 19.02 20.59 22.77 23.94 16.62 22.13 25.18 20.61 Philadelphia 77.99 85.11 78.31 74.66 78.04 74.38 71.25 75.81 76.66 71.00 75.82 59.73 74.37 61.59 44 81 Cleveland. 55.47 57.36 72.22 63.79 69.63 77.50 64.32 68.29 69.15 66.30 67.38 75.52 67.59 60.89 37.81 Richmond 52.32 50.01 62.07 59.06 62.48 46.55 56.89 58.51 54.47 46.59 • 40.98 52.66 58.75 43 91 Atlanta 45.95 49.39 64.21 62.26 55.33 39.73 63.53 61.02 49.43 64.29 51.73 47.78 57.89 51.73 52 21 Chicago 59.86 55.33 71.07 71.17 52.31 70.63 86.23 75.49 72.08 71.99 74.78 61.61 69.48 71.71 62.18 St. Louis 55 41 54.54 61.45 58.58 52.42 44.73 61.79 88.17 79.98 82.88 57.70 69.21 16 85 Minneapolis 19.83 52.70 75.20 70.80 54.03 39.29 Kansas City 31.04 58.98 77.70 85.23 85.85 85.54 59.91 76.78 73.01 56.78 Dallas 49.58 47.80 59.66 54.67 52.50 47.66 41.53 82.33 73.41 69.10 68.31 65 81 65.59 51.79 San Francisco 32.11 38.16 51.61 38.88 44.98 29.86 38.50 32.43 33.85 30.81 40.94 48.98 40.83 40.90 33.69 System. _ .. 37.74 43.14 46.59 44.28 33.02 36.07 40.51 38.85 40.32 39.87 38.26 35.38 39.42 Prior years: 1922. 31.56 31.99 33.91 35.28 37.01 37. 57 36.63 42.18 51.24 46.23 43.41 39.14 39.91 1921. 38.22 36.98 33.99 26.60 23.20 28.83 31.26 25.33 25.89 25.77 25.60 23.39 28.53 1920. 47.05 50.50 49.33 51. 59 44.22 45.72 47.82 36.78 41. 71 35.51 35.11 38.43 43.83 1919. 55.51 45.67 42.69 42.00 45.80 45.60 51.21 50.73 46.15 48.36 55.55 57.11 50.45 o Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 62.—VOLUME OF BILLS BOUGHT IN OPEN MARKET DURING 1923, BY MATURITIES. [In thousands of dollars.] Total. Maturity. Federal reserve bank. Amount. m A ( a d v t a e u y r r a s i g . t ) y e ' W d it a h y in s. 15 1 d 6 a t y o s. 30 31 d a to y s 6 . 0 61 d a to y s 9 . 0 O d v a e y r s 9 . 0 Boston 302,083 27.28 205, 634 25, 854 22,312 43, 947 4,336 New York.... 1,177, 647 22.13 952, 988 78, 236 53, 665 72, 815 19, 943 O Philadelphia.. 159,105 74.37 4,815 14, 387 24,889 91,462 23, 552 W Cleveland 196, 774 67.59 3,472 37, 608 40,116 83, 030 32; 548 H O Richmond 10,643 52.66 400 2,229 4,516 3,498 Atlanta.. 94, 701 57.89 4,872 19, 298 24,844 42,173 3,514 Chicago 265, 360 69.48 5,384 44,002 139, 591 27, 537 St. Louis 32, 580 57.70 958 8,169 7,664 15, 561 228 Minneapolis.. 6,064 54.03 150 1,409 2,148 2,085 272 Kansas City._ 2,016 76.78 20 227 1,769 Dallas 74,875 65. 81 938 8,902 19,958 42, 016 3,061 San Francisco 225,162 40.83 90, 531 35, 609 38,159 47,913 12,950 Total... 2, 547,010 39.42 1, 270,162 275, 703 287, 344 585,860 127,941 5 o C71 00 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 63.—VOLUME OF BILLS BOUGHT IN OPEN MARKET DtraiNG 1923, BY MONTHS AND MATUKITIES. [In thousands of dollars.] Total. Maturity. Month. Amount. m A ( a d v t a e u y r r a s i . g ) t e y Wi d t a h y i s n . 15 1 d 6 a t y o s . 30 31 d a t y o s . 60 61 d a t y o s . 90 O d v a e y r s 9 . 0 January... 152, 754 37. 74 76, 297 22, 737 15,183 27, 877 10, 660 February. 186, 464 43.14 68, 210 28,179 33, 263 43, 727 13, 085 s March 254,141 46.59 98, 680 31, 883 32,070 72, 094 19, 414 April 194, 851 44.28 77, 517 23, 789 29,130 54, 082 10, 333 May.— 186, 363 33.02 107, 657 19, 699 24, 037 23, 953 11,017 June 183, 733 36.07 102, 686 17, 060 18, 723 37, 759 7,505 July—- 186,828 40.51 96,135 18, 564 16, 491 45,105 10, 533 August-. 160, 373 38.85 90, 629 12,149 11, 382 36, 735 9,478 September. 159, 420 40. 32 84, 543 14,175 14, 283 38,156 8,263 October 215, 351 39.87 112, 949 22,386 16, 529 55. 774 7,713 November 327, 596 38.26 172, 392 30, 806 34, 281 78, 756 11,361 December.. 339,136 35.38 182, 467 34, 276 41, 972 71,842 8,579 Total: 1923. 2, 547, 010 39.42 1,270,162 275, 703 287,344 585, 860 127, 941 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, 424 848, 890 859,899 1919.. 2, 825,177 50.45 578, 751 455, 789 807, 326 982, 877 434 1918.. 1, 809, 539 0) 161, 964 276, 656 466, 589 876, 539 27,791 o w 1917.. 1, 077, 713 0) 32, 048 128, 893 267, 035 613, 296 36, 441 1916.. 386, 095 (0 38,442 63, 651 284, 002 1915.. 64, 845 (0 9,057 52, 808 1914.. i Figures not available. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 64.—VOLUME OP UNITED STATES BONDS AND VICTORY NOTES PURCHASED, BY MONTHS, DURING 1923. [In thousands of dollars.] Distribution, by classes Federal reserve bank. u J a a r n y - . F a e r b y r . u- March. April. May. June. July August. te S m e b p e - r. O b c e t r o . - No b v e e r. m- D b ec e e r. m- Total. U.S. U. S. bonds. Victory notes. Liberty All bonds. other. Boston ._ .. 14 14 14 New York 1,190 8,104 7,438 3,026 31,412 5,054 56, 224 39,320 16,904 Philadelphia 50 300 198 673 548 125 Cleveland Kichmond. Atlanta 570 1,226 278 141 205 252 1 1 195 439 233 231 1,017 4,908 111 4,505 292 Chicago 523 353 730 372 235 2,213 2,023 190 St Louis 4 14 18 18 Minneapolis 1,865 255 895 94 532 19 53 21 128 3,877 3,477 400 Kansas City- 125 400 635 300 1,000 1,000 100 6,000 9,560 9,460 100 Dallas San Francisco Total: 1923 - - 4,166 9,952 9,466 3,539 32, 027 1,046 771 1,027 1,458 1,286 550 12,199 77, 487 41, 454 34, 908 1,125 1922 . 55,388 55,369 57,310 47, 792 11,962 36, 530 14, 708 20, 334 28,127 45,125 5,927 6,474 385,046 321, 579 46, 835 16, 632 1921 _ 11 520 8,362 1,640 240 50 6,856 5 20, 848 38, 532 20, 800 17, 702 30 1920. . 218 5 21 1 19 1 61 6 1 332 9 323 1919 1,014 146 166 1 86 278 60 1 4 1,757 428 1,329 1918 14, 337 14, 747 9,823 3,239 15, 832 13,048 1,142 285 107 1,306 93 37 73, 996 73,396 1917 2,431 145 8,641 2,870 52 1,242 18, 367 3,825 20,831 190 1,547 21, 396 81, 537 81,537 1916 6,627 9,497 8,250 10, 430 6,114 1,322 341 501 2,193 7 5,628 5,540 56, 450 56,450 1915 2,651 2 566 1 340 75 285 560 478 735 488 1,200 2,989 2,347 15, 713 15, 714 1914-. 205 205 205 Bonds and Victory notes purchased during 1923, distributed by classes: XJ S Victory notes 1,586 8,479 8,191 3,398 19, 800 41, 454 U. S. bonds- Liberty bonds 2,356 959 1,147 141 12,198 1,015 681 1,007 1, 439 1,275 548 12,142 34,908 All other 224 514 128 29 31 90 20 19 11 2 57 1,125 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 65.—VOLUME OF UNITED STATES TREASURY NOTES PURCHASED, BY MONTHS, DURING 1923. [In thousands of dollars.] O) Taken under 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 t r e . m- O b c e t r o . - No b v e e r. m- De b c e e r. m- Total. r c e h p a u se r- o A th l e l r. agreement. Boston _ 5,623 2,915 519 825 1,624 1,810 1,759 1,857 1,155 1,214 2,424 7,711 29, 436 28,986 450 New York 51,890 40, 215 33,322 19,364 29,700 56, 389 34,807 36, 340 44, 678 39, 998 28, 635 61, 498 476,836 474,079 2,757 Philadelphia 1,046 45 100 356 88 24 240 1,899 1,899 Cleveland „«. 464 103 1 25 1,215 5 1 813 1 813 Richmond 50 50 50 Atlanta - _ 935 729 15 354 215 136 779 93 136 96 150 139 3,777 3,777 Chicago * 6,547 10, 455 8,816 5,868 9,163 11, 465 13, 729 8,924 7,988 4,630 8,626 8,685 104,896 102, 667 2,229 St. Louis 2,504 614 21 275 1 2 3,417 3,417 Minneapolis . . .. 3,009 2,734 2,354 1,167 3,554 2,418 2,304 1,947 3,007 1,552 1,364 3,386 28,796 8,802 19, 994 Kansas City 6 6,717 436 758 2,502 190 5,728 1,189 11 532 1,323 19,392 3,120 16, 272 Dallas 1,100 1,600 4,500 75 7,275 2,700 4, 575 San Francisco _ 4 45 49 49 Total: 1923 73,174 64,531 47,183 27, 854 45, 441 76,025 53, 568 54, 889 58,153 52,001 41, 755 83,062 677, 636 620,354 57, 282 1922 6,771 114, 884 99, 387 58,803 20, 948 110, 368 37, 761 70, 562 92, 845 89,866 45, 455 97, 470 845,120 561, 383 283,737 1921 13, 624 4,626 942 11, 253 10, 775 9,178 15, 500 65, 898 1920 1919 1918 i 520 520 1917 1 456 1,882 1,220 756 1,370 1,369 10 7,063 1916 * 50 250 300 Treasury notes purchased during 1923: Under repurchase agreement 63, 782 53,354 45, 757 26,807 42,917 70,364 51, 415 47,121 54, 873 45,842 40,685 77, 437 620,354 All other 9,392 11,177 1,426 1,047 2,524 5,661 2,153 7,768 3,280 6,159 1,070 5,625 57,282 1 Figures for 1916-1918 represent renewable one-year gold notes; those for later periods represent Treasury notes with a definite maturity in excess of one but of not more than five years. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 66.—VOLUME OF UNITED STATES CERTIFICATES OF INDEBTEDNESS PURCHASED, BY MONTHS, DURING 1923. [In thousands of dollars.] . Tempo- Certifirary cer- cates tificates taken Federal reserve bank. January ru F a e r b y - . March. April. May. June. July. g A u u st - . 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 . - Total. ch p a u s r e - d u re n p d u e r r - ot A h l e l r. from chase U.S. agree- Treasury ment. I Boston 116,546 16, 666 767 895 1,306 12, 482 2,642 1,871 13, 876 176, 976 155,000 18,446 3,530 New York 459, 235 21,038 73, 440 15, 859 69, 368 7,935 1,292 15, 684 91, 657 19, 759 56, 810 197, 633 1,157, 726 758,000 333, 525 66, 201 116,206 j 21,037 Philadelphia... 91,871 39 171 1 3,114 100 750 96, 259 94,000 2,259 213 ' Cleveland 295, 698 11, 226 555 258 1,920 43 4,613 273 201 6,507 343, 776 325,000 18, 776 22,483 | 1 Richmond 90,500 10,000 I 100, 500 100, 500 Atlanta 55, 792 6,500 5,360 398 1,242 144 35 j 48 604 242 156 70, 746 54,500 16, 246 225 Chicago 243, 325 9,284 38,431 5,601 9,326 51,868 14,209 10,391 19, 524 5,714 6,847 21, 560 436,080 311,500 95, 685 28,895 St. Louis. 71,299 2,662 100 15 4,652 3,072 22 81,822 70, 500 11,322 Minneapolis... 44,179 135 302 2,247 1,133 934 489 898 298 1,574 5,084 57, 920 47,000 10,920 Kansas City.-. 70,003 920 3,500 510 52 1,055 205 1,652 28 31 903 78,906 73,500 1,090 4,316 Dallas 19,000 5,000 1,198 500 3,210 2,000 5,600 350 36,858 24,000 210 12,648 San Francisco. 157, 500 1,175 24 2,660 1,000 162, 359 161,000 1,359 Total: 1923.. 1,714,946 57,502 140,898 ! 26,180 83,936 221, 441 37,377 28,153 140,060 34,940 67,676 246,819 12,799,928 j 2,174,500448,956 176,472 1922.. 141,101 135,060 562,114 156, 244 87, 277 653,464 78,061 101,040 315,204 |311,965 17, 653 843,498 3,402,681 2,148,500 411,817 842,364 1921.. 274,092 449,487 47,965 640,031 , 044, 620 60,631 41,615 523,968 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, 519124,321 890,308 182,927 600,282 944, 253 7,987,978 7,262,000 312,581 413,397 1919.. 828, 447326,327 88,694 83,842 86, 537 150, 808 232,845 180,874 j 1,870,088 | 72,453 56,887 758,361 4, 736,163 1918.. 511,022 518,192 1,089,232 321,326 184,426 415, 800 21,797 30,222 j 85,5S2 '631,044 219,309 1,747,880 ;5,775, 832 Certificates purchased during 1923: From U. S. Treasury (temporary certificates): 1,593,000 109,000 43,000 144, 500 3,000 96, 500 185,500 2,174, 500 Under repurchase agreement 55, 396 24,780 18,537 22,727 33,134 58,194 33,583 24,706 39,913 28,115 65, 528 44,343 448,956 Allother 66, 551 32,722 13,361 3,453 7,802 18, 746 794 3,446 3,647 6,825 2,149 16,976 176,472 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOLD SETTLEMENT FUND. 00 No. 67.—SUMMARY OF TRANSACTIONS, JANUARY 1 TO DECEMBER 31, 1923. [In thousands of dollars.] Net changes in ownership of gold Settlements from Jan. 1, 1923, to Dec. 31, Balance through interbank Transfers Transfers Interbank transfers. 1923, inclusive. in fund transfers and Fede b ra a l n r k e . serve B Ja a n la . n 1 c . e | d W ra i w th a - ls. Deposits. age to nt's a f g r e o n m t's at c o l f ose settlements. fund. fund. business Net Total Net Dec. 31. Debits. Credits. debits. credits. credits. Loss. Gain. § Boston 28,077 20, 062 65, 022 110,000 25, 000 124,150 21, 200 i 7, 883, 938 8, 031, 733 147, 795 32, 882 44, 845 New York 169, 378 436,000 415, 500 30,000 50, 000 396, 900 469, 750 | 131,914 25, 971, 805 25, 839, 891 109,814 59, 064 Philadelphia 30, 599 50 185, 000 224, 000 53, 000 87, 000 38, 400 7, 962 170 7, 996 160 33, 990 29, 939 14,610 Cleveland. 71, 888 78,160 15, 000 46, 000 10, 000 79, 000 43, 700 7, 235, 202 7, 366, 526 131, 324 68, 752 96,024 8 Richmond -_ 27, 618 40 79,887 78, 500 10, 000 52, 000 47, 000 6, 363, 899 6, 370,897 6, 998 40, 963 1,998 Atlanta 20,153 560 20, 522 91, 000 65, 000 46, 500 23, 500 3, 038, 467 3, 065,125 26, 658 17, 773 3,658 Chicago 77, 261 40, 270 128, 284 145, 000 95, 000 104, 500 106,100 9,975 12, 832, 348 12, 822, 373 106, 900 8,375 St. Louis... 31,207 139 39, 800 86, 500 76, 000 32, 500 59, 500 52, 095 6, 018, 696 5, 966, 601 35, 273 25, 095 Minneapolis 23, 499 12, 505 15, 296 23, 000 10, 000 29,100 28, 500 1, 725,160 1, 736, 015 10,855 23, 545 10, 255 Kansas City 30, 768 2,700 74, 235 45, 000 28, 000 17, 000 82, 000 103, 249 4, 350, 576 4, 247, 327 47, 054 38, 249 Dallas 6,214 32, 814 28, 320 14, 000 7,500 26, 500 12, 000 2, 858, 300 2, 889, 919 31, 619 12, 339 17,119 San Francisco 37, 700 1,044 148, 500 247, 000 136, 204 44, 000 107, 500 92, 006 3,374,172 3, 282,166 45, 854 28, 506 Year: 1923 554,362 624, 344 1, 215, 3661,140, 000 £65, 704 1,039,150 1, 039,150 389, 239 89, 614, 733 89, 614, 733 389, 239 571, 088 1922 522, 063 466, 218 1, 215, 8311, 326, 816 609, 502 1,153, 975 1,153,975 748, 639 75. 335, 987 75, 335, 987 748, 639 554,362 1921 357, 278 652, 011 1, 880, 6341, 651, 210 587, 372 3, 289, 0813, 289, 081 1,150, 002 64, 934,801 64, 934,801 1,150, 002 522, 063 w 1920 329, 737 539, 684 1,186,940 |1,118, 300 498, 585 7, 551, 5857, 551, 585 1, 565, 839 85, 074, 220 85, 074, 220 1, 565, 839 357, 278 o 1919 401, 926 392, 293 1,124,304 1,479,640 675, 440 7, 930, 8597,930, 859 3, 526, 274 66, 053, 393 66, 053, 393 3, 526, 274 329, 737 1918 311, 644 102, 433 693,181 1, 512, 297 1,011,831 4,812,105 4,812,105 2, 670, 339 45, 439, 487 45, 439, 487 2, 670, 339 401, 926 1917 169, 740 382, 858 966, 556 852,881 411, 087 2,643,846 2, 643, 846 2,154, 721 24, 319, 060 24, 319, 060 2,154, 721 311,644 1916 77, 760 136, 550 301, 570 94,520 21,480 223, 870 5, 533, 966 5, 533, 966 223, 870 169, 740 1915 0) 25, 580 155, 800 52, 460 85, 697 1, 052, 649 1, 052, 649 85, 697 77, 760 i Established May 20, 1915. 2 Included in settlements. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 68.—CLEARINGS AND TRANSFERS OF ALL FEDERAL RESERVE BANKS COMBINED THROUGH THE GOLD SETTLEMENT FUND, BY WEEKS, DURING 1923. [In thousands of dollars.] Week ending- cle T a o ri t n a g l s. tra T n o sf ta e l rs. T t i o r n a t g a n s l s f a c e n l r e s d a . r- Week ending— cle T a o r t in al gs. tra T n o sf ta e l rs. T t i o r n a t g n a s l s f a c e n l r e s d a . r- Jan. 4 (3 days) 1,078, 111 3,000 1, 081, 111 Aug. 16. 1,392,974 4,000 1,396,974 cj 11._ 1,793,576 84,000 1,877, 576 23.. 1, 638,656 7,500 1,646,156 18 1,814, 363 62, 500 1, 876, 863 30.. 1, 505, 700 1,000 1, 506, 700 25 1, 715,365 18, 500 1,733,865 Sept. 6_. 1, 288,038 3,000 1, 291,038 Feb. 1____ 1, 679,395 6,100 1, 685, 495 13.. 1, 559,197 10,000 1, 569,197 8 1, 523,023 6,000 1, 529,023 20.. 1,898, 819 51, 500 1, 950,319 15 1, 478,489 5,000 1,483, 489 27.. 1, 768, 575 1,000 1, 769, 575 21 1, 501, 233 1, 501, 233 Oct. 4.. 1,789, 753 15,000 1,804, 753 Mar. 1 1,993, 013 6,000 J 1, 999,013 11.. 1, 684, 006 11,000 1,695,006 8.... 1, 691,942 5,000 1,696,942 18.. 1, 799,038 21,000 1,820,038 15 1,694, 824 55,000 1, 749, 824 25.. 1, 885, 771 21,000 1, 906,771 22 1,944, 327 42,000 1, 986,327 Nov. 1, 799,231 16,000 1, 815, 231 29 1, 704, 799 14,000 1,718, 799 1, 655,863 6,000 1, 661, 863 Apr. 5 _. 1, 677, 244 1, 677, 244 15.. 1, 701, 348 6,000 1, 707,348 12 1, 655, 821 1, 655,821 22- 1, 999,407 11,000 2,010, 407 19. 1, 815,367 4,000 1,819, 367 1, 566, 966 2,500 1, 569, 466 26 1, 893, 462 14, 500 1, 907,962 Dec. 6.- 2, 005, 625 10,000 2, 015, 625 May 3 ._ 1, 798, 568 21, 500 1,820,068 13 1, 729,689 12, 500 1, 742,189 10 1, 636,187 8,500 1, 644, 687 20 2, 047, 631 85, 500 2,133,131 17 1,858, 697 12,000 1, 870, 697 27 1, 645, 392 5,000 1, 650,392 24 1,816, 883 127,000 1,943, 883 28-31 (3 days). 1, 067,058 2.000 1,069, 058 Xfl 31 1, 502, 383 43, 700 1, 548,083 June 7 1, 734, 622 9,000 1, 743, 622 Total: Year 1923 89, 614, 733 1, 039,150 90, 653, 883 14.. ... 1, 673,117 29,850 1,702, 967 1922 75, 335, 987 1,153, 975 76, 489, 962 21 1,909,082 75,500 1,984,582 1921 _. 64, 934, 801 3, 289,081 68, 223, 882 o 28 1, 775, 751 24, 500 1, 800, 251 1920 85, 074,220 7, 551, 585 92, 625, 805 July 5-.. 1,667,369 18, 400 1,685, 769 1919 66, 053,393 7,930, 859 73, 984, 252 12 1, 635, 496 23,100 1, 658, 596 1918 45,439,487 4, 812,105 50,251, 592 19..„.._.. 1,751,350 7,500 1,758,850 1917.-.. _. 24, 319,060 2, 643, 846 26,962,906 26 1, 693, 653 2,500 1,696,153 1916 5, 553,966 Aug. 2 1, 606,029 2,000 1, 608,029 1915 (from May 20). 1,052, 649 1, 472,455 6,000 1,478, 455 Or CD Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE AGENTS' GOLD FUND. No. 69.—SUMMARY OF TRANSACTIONS, JANUARY 1 TO DECEMBER 31, 1923. [In thousands of dollars.] Total with- Total depos- Balance at Federal reserve agent at— B Ja a n l . a n 1 c . e Withdrawals. Deposits. T to ra b n a sf n e k r . s fr T o r m an s b f a e n rs k. d t r r a a w ns a f l e s r s a n to d its f a er n s d f t r r o a m ns- b c u lo s s in e e o s f s bank. bank. Dec. 31. Boston 123,000 140,000 50,000 25,000 110,000 165,000 160,000 118,000 New York 341,000 5,000 50,000 30,000 55,000 30,000 316,000 O Philadelphia.-. 157,889 175,000 53,000 224,000 228,000 224,000 153,889 Cleveland 165,000 10, 000 46,000 10,000 46,000 201,000 Richmond 62, 795 75,000 10,000 10,000 78, 500 85,000 88,500 66,295 Atlanta 100,000 53,500 10,500 65,000 91,000 118, 500 101, 500 83,000 H Chicago 393,644 124,000 57,000 95,000 145,000 219,000 202,000 376, 644 W St. Louis 55,500 46,000 16,000 76,000 86,500 122,000 102,500 36,000 Minneapolis 32,000 5,000 10,000 23,000 15,000 23,000 40,000 Kansas City... 52,360 36,000 5,000 28,000 45,000 64,000 50,000 38,360 Dallas -. 12,500 4,500 7,500 14,000 12,000 14,000 14,500 San Francisco.. 185, 410 91,000 136, 204 247,000 227, 204 247,000 205, 206 Year 1923. 1,681,098 755,000 148, 500 565, 704 1,140,000 1, 320, 704 1, 288, 500 1, 648, 894 1922 1, 394,884 924,000 492,900 609,502 1,326, 816 1, 533, 502 1, 819, 716 1,681,098 1921. 1, 589, 500 1,023, 854 587, 372 1, 651, 210 2,176, 872 2,675,064 1,394,884 1920 886, 327 1,060, 700 451, 350 498, 585 1,118,300 1, 559, 285 1,569,650 1919 928,497 1,011,370 165,000 675, 440 1,479,640 1,686,810 1,644,640 886,327 1918 496, 604 103,594 35,021 1,011,831 1, 512,297 1,115, 425 1,547,318 928,497 1917 102,580 56,590 8,820 411,087 852,881 467,677 861,701 496,604 w 1916 56,860 27,320 21,480 94,520 48,800 94,520 102,580 o 1915 0) 4,400 52,460 56,860 56,860 "I i Established^September 8, 1915. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CLEARING OPERATIONS. No. 70.—OPERATIONS OF THE FEDERAL RESERVE CLEARING SYSTEM DURING 1923, [Numbers in thousands. Amounts in thousands of dollars.1 Items drawn on banks in- Total items handled (exclusive of duplications' Other Federal Items drawn on District outside reserve dis- United States rese F r e v d e e r b a a l nk. Fe b d a e n r k al c r i e t s ie e s rv . e F b e r d a e n r c a h l r c e i s t e ie r s v e l b F a e n d k e r c a a i n t l i d e r e s b s . r e a r n v c e h w t a t r o r i d c d e ts d r a ( w f d o i e r r e - ect Treasurer. Number. Amount. 3 bank). N b u e m r. - Amount N b u e m r. - Amount. N b u e m r. - N b u e m r. - Amount. N b u e m r. - Amount. 1923 1922 1921 1923 1922 1921 T W Boston 7,862 8, 430, 734 5,897,855 1,824 200,954 60, 385 52,696 48, 85214, 529, 543 11,509,403 11, 060, 482 New York 28,129 51,192, 703 2,648 1, 489,055 67, 240 9, 301, 354 13,125 1, 392, 272 111, 142103, 871 90, 87363, 375, 384 60,499, 551 34, 212, 786 j Philadelphia 13,676 10, 327, 462 29, 870 3,901, 399 1,952 330, 887 45, 498 50, 445 45, 94414, 559, 748 12, 590, 789 11, 691, 608 a Cleveland 8,373 5,891, 816 10, 508 12, 520, 111 42, 516 4, 681,379 20,242 2,536 254, 317 64, 049 55, 570 46, 44623, 367, 865 11,146,025 10, 493, 330 Richmond 1,629 3,917,509 3,490 2, 567, 819 35, 481 4,913,943 1,334 185,101 41,934 38, 239 35, 37411, 584,372 7,418, 849 7, 276,909 Atlanta. 1,574 1, 364, 366 3,500 3,173, 322 14,677 1, 601, 226 1,444 199, 957 21,195 25, 313 17, 763 6, 338, 871 4, 713, 618 3, 463, 338 Chicago ._ 13,116 12,302, 755 3, 816 4, 244,138 61, 254 5, 272,812 5,016 674,650 83, 202 74, 417 65, 27322,494, 355 14,176,158 3. RRO. 454 St. Louis 5,034 4, 363, 220 3,245 2,879, 770 32, 008 1, 974, 225 2,362 220, 776 42, 649 37, 350 32,905 9, 437, 991 5,993, 027 5,452,457 Minneapolis _ 3,371 1, 538, 750 319 190, 576 21, 746 1, 230, 227 61, 730 770 26, 268 24, 031 22, 543 3,114,967 2, 703, 664 2,658, £33 Kansas City 5,366 2,676,849 4,170 1,918, 4.85 41, 273 2, 865, 522 4, 024 2,007 227, 705 52, 828 48, 043 51, 403 7, 692, 585 7,123, 428 7, 646, 054 Dallas _. 2,894 1, 802, 212 1,421 777, 807 24, 408 3, 400, 233 785 92, 368 29, 508 26, 044 26,104 6, 072, 620 4, 591, 056 4, 431,924 San Francisco 3,619 4,671,228 9,687 4,851,045 44,564 3,106,614 2,648 639,064 60,518 48, 863 39,196 13,267,951 8, 040, 932 7,191, 873 W Total: 1923...- 94,643 1108,479,604 42,804 34,612,128 465,736 48,143,789 190 85,996 35,803 4,511,735 639,176 195,836,252 o 1922__._ 97, 517 87,698,642 39, 544 17,320,887 1413,679 40, 423, 947 162 48, 641 33, 980 5, 014,383 584,882 (150,506,500 1921 78, 374 58, 365, 284 33,142 16, 297, 746 [377,856 38,825,254 104 22,017 33, 200 5, 649, 747 522,676 119.160,048 1920 63, 599 72, 494, 620 23, 447 20,228,821 J337, 628 57, 083,187 75 23, 593 27, 367 6, 679, C43 452,116 156,509,264 1919 43,206 62, 481, 093 14, 833 13,115,715 1214,177 46, 340,904 43 37, 240 32,900 '14,518,471 305,159 136,493,423 1 For list of Federal reserve branch cities, see p. 165. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 70.—OPERATIONS OF THE FEDERAL RESERVE CLEARING SYSTEM DURING 1923—Continued. to [Numbers in thousands. Amounts in thousands of dollars.] Items forwarded to Total items handled (including duplications). Branches in own dis- Head office, by Other Federal reserve Federal reserve bank. trict, by head office. branches. banks and branches. Number. Amount. d > Number. Amount. Number. Amount. Number. Amount. 1923 1922 1921 1923 1922 1921 Boston 2, 773 639, 940 63,158 55,123 50, 830 15,169, 483 12,082, 663 11,651,345 New York 302 64, 452 432 223,148 17, 254 2,142,648 129,130 119,316 105, 215 65, 805, 632 62, 563,789 36, 397, 633 Philadelphia-.. 5,827 1, 248, 381 51,325 57,113 54,296 15, 808,129 13, 880, 222 13, 497, 573 Cleveland 541 149, 525 579 158,949 2,264 678, 013 67, 433 58,143 48, 716 24, 354, 352 11, 956, 422 11, 500, 534 Richmond 471 111, 027 1,040 107, 054 3,780 1, 309, 371 47, 225 42, 883 39, 259 13, 111, 824 8, 762, 819 8, 620,887 Atlanta 663 121, 579 327 389, 303 1,733 601, 806 23, 918 27, 750 20, 236 7, 451, 559 5, 587,997 4, 378, 840 Chicago 153 31,715 44 21, 289 5,250 526, 884 78, 509 68, 943 23, 074,243 14, 661, 227 14, 054, 405 St. Louis 164 18, 082 114 9,213 809 82,148 43, 736 38, 476 33, 998 9, 547, 434 6,114, 442 5, 605, 465 Minneapolis 12 1,200 16 14, 254 1,137 252, 944 27,433 25,148 | 23, 706 3, 383, 365 2, 960, 234 2,942, 362 Kansas City... 1,192 195, 223 490 211, 624 4,056 717, 736 58, 566 54, 520 | 58, 246 8, 817,168 8, 290, 019 8,980, 368 i Dallas... 599 78, 214 143 21, 793 1,199 157,356 31, 449 27, 924 28, 038 6, 329, 983 4, 835, 568 4, 797, 267 San Francisco.. 1,913 245,166 639 112,880 2,372 440,538 65,442 53, 729 43, 338 14,066,535 8, 777,048 8,055, 574 Total: 1923.. 6,010 1,016,183 3,824 1,269,507 48,454 8, 797,765 697,464 206,919,707 1922.. 5,616 921, 022 3,800 1, 095, 943 44, 336 7,948,985 638, 634 160, 472, 450 -I- § 1921.. 5,783 1,141, 612 3,580 1,175, 597 42, 882 9, 004, 996 574,921 130,482,253 1920.. 6,671 1, 799, 856 2,695 1, 644, 775 42, 716 19, 551, 328 504,198 179, 505, 223 1919.. 4,844 2, 056, 827 1,326 1,119,942 30, 265 17, 230, 824 341, 594 156,901, 016 w o Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

So, 71.—NUMBER OF MEMBER AND OF NONMEMBER BANKS IN EACH FEDERAL RESERVE DISTRICT AT THE END OF EACH MONTH IN 1923. Total. Boston. New York. Philadelphia. Cleveland. Richmond. Atlanta. Nonmember Nonmember Nonmember Nonmember Nonmember Nonmember Nonmember banks. banks. banks. banks. banks. banks. banks. Mem- Mem- Mem- Mem- Mem- Mem- Member ber ber ber ber ber ber banks. On Not banks. On Not banks. On Not banks. On Not banks. On Not banks. On Not banks. On Not on par par on par par on par par on par par on par par on par par on par list. list. list. list. list. list. list. list. list. list. list. list. list. 1923 January 9,911 17, 777 427 259 812 342 715 492 882 1,085 632 j 960 564 541 379 1,131 February 9,917 17, 724 2,282 427 234 812 341 715 492 882 1,084 635 961 561 542 377 1,132 March 9,922 17,692 2,285 428 234 814 344 715 491 882 1,087 639 959 558 542 378 1,129 April 9,923 17,663 2,280 429 232 816 344 717 494 889 1,084 634 953 558 539 383 1,124 May___ 9,927 17,643 2,279 429 232 823 348 718 495 886 1,082 635 954 556 537 377 1,126 June 9,933 17, 589 2,310 427 230 827 351 720 495 885 1,084 635 932 573 538 380 1,124 July 9,916 17,565 2,324 424 229 830 352 721 501 882 1,075 631 927 576 536 378 1,131 August.. 9,905 17,381 424 229 831 351 721 503 882 1,075 630 917 589 534 381 1,127 September 9,906 17, 255 2,580 423 230 831 355 722 504 882 1,074 629 912 591 536 380 1,128 October... 17,114 2,672 423 230 833 358 721 505 883 1,071 630 910 592 536 379 1,127 November 16,919 2, 791 423 229 835 359 721 506 882 1,072 629 888 615 535 378 1,127 December 9,896 16, 725 2,896 424 228 839 360 725 514 1,071 631 865 637 535 380 1,127 December, 1922 9,916 17, 822 2,288 427 259 343 717 881 1,085 634 962 568 543 380 1,129 December, 1921 9,841 18,102 2,263 436 257 800 334 704 473 884 1,085 626 990 577 515 390 1,156 December, 1920 9,629 19,139 1,755 436 255 783 329 698 439 871 1,079 610 1,266 334 462 408 1,233 December, 1919 9,066 16,499 3,996 432 245 753 322 678 415 843 1,085 585 485 426 355 1,219 December, 1918 8,692 10,305 10,247 423 246 723 339 661 329 * 102 814 728 1411 565 351 I U,156 426 209 1, 345 CO Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 71.—NUMBEE OP MEMBER AND OF NONMEMBER BANKS IN EACH FEDERAL RESERVE DISTRICT AT THE END OF EACH MONTH IN 1923—Continued. OS Chicago. St. Louis. Minneapolis. Kansas City. Dallas. San Francisco. Nonmember Nonmember Nonmember Nonmember Nonmember Nonmember Mem- banks. Mem- banks. Mem- banks. Mem- banks. Mem- banks. Mem- banks. ber ber ber ber ber ber banks. banks. banks. banks. banks. banks. On par Not on On par Not on On par Not on On par j Not on On par j Not on On par Not on list. par list list. par list. list. par list. list, par list. list, par list. list. par list. 1923 January 1,442 4,243 613 2,466 159 1,013 2,594 189 1,149 2,976 167 863 1,039 822 942 27 February- _. 1,441 4,247 616 2,461 159 1,012 2,591 182 1.152 2,966 167 861 1,039 822 931 28 March 1,441 4, 241 620 2,460 159 1,010 2,583 184 1,154 2,952 170 862 1,032 815 931 29 April 1,438 4,238 622 2,459 159 1,009 2,576 180 1,152 2,943 173 862 1,023 816 934 29 May 1,438 4,239 623 2,457 159 1,004 2,570 182 1,154 2,941 169 863 1,014 817 934 29 June 1,440 4,236 624 2, 453 159 1,006 2, 558 187 1,154 2,930 174 863 1,003 814 937 28 July 1,438 4,236 624 2, 450 159 999 2,542 191 1,155 2,935 173 863 999 813 941 30 August 1,440 4,178 60 624 2,424 187 993 2,486 233 1.153 2,923 177 862 811 934 37 September. 1,440 4,162 71 624 2,405 201 991 2,416 287 1,155 2,908 ! 182 862 811 929 40 October 1,440 4,139 87 626 2,399 210 987 2,321 342 1,147 2,893 189 863 979 809 930 40 November. 1,437 4,119 101 627 2,395 215 979 2,195 406 1,147 2,873 194 864 974 810 931 43 tr1 December.. 1, 435 4,105 114 630 2,373 233 979 2,085 445 1,146 2,858 196 863 958 928 44 December, 1922_ 1,443 4,246 610 2,*467 159 1,014 2,596 188 1,152 3,007 165 861 1,045 946 26 December, 1921 _ 1,443 4,235 588 2,489 167 1,024 2,635 154 1,103 3,091 185 861 1,151 857 972 December, 1920. 1,421 4,266 571 2,514 188 1,009 2,891 1,087 3,391 850 1,274 831 1,027 December, 1919. 1,374 3,896 293 538 2,309 355 920 1,879 1,025 1,038 3,346 756 1,220 723 942 109 December, 1918- 1,334 2,392 1,805 514 1,046 1 1, 600 867 1,169 1 1, 743 994 2,200 i 979 I 727 247 1947 644 1,049 i 159 o w 1 Approximate figures. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OPERATIONS OF BRANCHES. No. 72.—OPERATIONS OF FEDERAL RESERVE BRANCH BANKS DURING 1923. NUMBER OF PIECES HANDLED. Noncash collection items Fiscal agency— Bills dis- Currency Checks handled. Transfers of red I e s m su p e t s i , ons Federal reserve branch and district number. cou b n o t u e g d h a t. nd rec c e o i u v n ed te d a . nd handled. Government All other. funds. and of e x U c . h a S n . ges coupons. securities. No. 2—Buffalo 7,584 38,150, 000 10,976,000 417,060 137,959 13,094 547,656 No. 4—Cincinnati . __. 28, 200, 446 15, 500,000 1,813,051 105,982 18, 593 6,147,152 Pittsburgh 52,035,611 21, 992, 000 1, 807, 352 70, 042 15, 527 2,903,591 No. 5—Baltimore 11,597 37, 831,122 16, 749, 000 1,138, 327 76,964 25,035 471,737 No. 6—Birmingham _ 13,142, 537 4,169, 000 80, 354 14, 720 5,992 190,358 Jacksonville _. . _.. _ 16, 040, 956 3, 999, 000 121, 310 24.162 6,337 202,171 Nashville 10, 652, 543 4, 206, 000 74,511 24.813 3,990 1,351, 478 New Orleans. 24, 471 22,087, 676 3, 787, 000 595, 921 36, 292 14, 685 1, 804, 380 No. 7—Detroit 8,119 48,140, 335 13, 007, 000 974, 632 61, 746 30, 331 2, 386,153 No. 8—Little Rock 9,155 7, 453, 350 5, 331, 000 105, 557 24, 487 9,470 810,415 Louisville 5,237 20, 771, 707 8, 079,000 641,963 35, 841 12,140 2,053,410 Memphis 14, 599 16, 395, 325 3, 934, 000 197, 839 37, 381 12, 388 421,891 No. 9—Helena 9,518 2, 289, 481 2,108, 000 122, 894 25,318 11,864 399,136 No. 10—Denver. _ 11, 447 5,969,500 8,120, 000 583,167 36, 691 11,424 982,093 Oklahoma City 3, 854, 604 14, 419, 000 33,021 56, 873 7,779 1, 284,077 Omaha 16,516 5,184, 532 9, 940, 000 470, 798 33, 946 227 831 1,505,079 No. 11—El Paso 10,167 3, 523,063 2, 640,000 63, 498 19, 892 12, 875 125, 727 i Houston _ ._ 7,685 8,396, 672 6, 207, 000 227, 594 28, 460 20, 779 560, 298 No. 12—Los Angeles 6,242 37, 735,184 31,214,000 1, 240,023 109, 056 34, 215 1, 519, 816 Portland .._ 4,942 5, 417,873 4,863,000 559,024 15, 240 14, 441 1, 576, 834 Salt Lake City 12, 689 2, 793, 906 6, 438,000 263, 931 45,016 17, 617 519,952 w • Seattle 819 8, 348, 566 5,814, 000 620, 723 32, 786 14, 273 1,420, 551 o Spokane _ 9,151 1, 550, 464 3,657,000 296, 681 18, 272 8,883 515, 329 Total: 1923 ... _ ._. .._ 169,938 395, 965,453 207, 149, 000 12,449,231 1,071, 939 344,563 29,699,284 1922 183, 028, 000 1921 1 157, 692, 000 - 1920 i 125, 435, 000 i Figures for 12-month period ending Dec. 15. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 72,—OPERATIONS OF FEDERAL RESERVE BRANCH BANKS DURING 1923—Continued. AMOUNT OF ITEMS HANDLED. Noncash collection items Fiscal agency- Bills dis- Currency handled. Issues, Federal reserve branch and district number. cou b n o t u e g d h t a . nd rec c e o i u v n ed te d a . nd h C an he d c le k d s . Go co v u er p n o m ns e . nt All other. Tra f n u s n f d e s r . s of a r n e d d o e f e m x U c p . h t S a io n . n g s es securities. No. 2—Buffalo $860,519,802 $200,440,000 $2, 782,914,000 $3, 815,730 $102,934,101 $683,072, 625 $8, 565, 578 F No. 4—Cincinnati. 130,329,400 5, 806, 826, 000 16, 654,265 67,002, 671 394,108, 230 77,426,853 Pittsburgh _ 388,847,573 10,191, 398, 000 20, 860, 407 81, 445,009 546,362, 652 85, 485, 954 No. 5—Baltimore 553,129,469 218, 909, 945 4, 224,491,000 10, 807, 773 88, 526, 242 798,335,886 4,125,062 No. 6—B irmingham 54,731, 390 1, 486, 994, 000 477, 290 29, 525, 762 137, 282,353 5, 229, 579 Jacksonville 65,100, 627 1, 257, 806, 000 706, 635 16, 544, 443 98, 737, 295 2, 577, 547 Nashville 37, 473,076 1,412, 033, 000 471, 659 27, 354, 770 64, 746,670 6,390,406 New Orleans 312,881,126 98, 253, 231 1, 097, 428, 000 5, 014, 876 37, 809, 754 481, 494, 465 51,477, 234 No. 7—Detroit 730, 668, 550 401,142, 800 5,197, 928, 000 12, 333, 060 99, 343,790 2, 438, 735, 440 39, 789, 937 No. 8—Little Rock 70, 521,970 28, 404,133 873, 456, 000 510,116 28, 364, 701 248, 705, 842 5,125,960 w Louisville 710, 682, 510 111,412,876 2, 252, 263, 000 5, 729,152 41,104, 248 397, 240, 376 17, 216, 306 Memphis 147, 895, 348 61,193, 200 703,121, 000 1, 336, 568 86, 206, 968 389, 451, 752 4,865,115 No. 9—Helena 17,997,318 19, G09, 485 361, 930, 000 616, 554 9, 579, 043 141, 328, 753 1, 623, 014 hrj No. 10—Denver 140,844, 728 44,186,700 1, 408, 098, 000 4, 517, 787 34, 935, 632 257, 465, 912 10,688, 319 Oklahoma City. 19, 802,050 1, 733, 581, 000 270, 894 38, 668, 671 139, 227, 433 6, 099, 264 I Omaha 178,498, 741 28,374,894 1, 298, 461, 000 2, 385, 526 35, 027, 428 391, 270, 296 10,925,317 No. 11—El Paso 34,867, 585 25, 732, 300 346, 537, 000 262, 739 12, 712,128 153, 098, 639 1,156, 575 Houston 40, 085, 723 41,911,404 1,464, 372, 000 1, 421, 338 67, 780, 240 973, 430, 946 4, 545, 686 No. 12—Los Angeles 123,129, 583 269,740, 335 4,752,026, 000 9,157,958 60,160,101 2, 811, 203, 714 24,925, 884 Portland 107, 675, 307 52, 780, 787 1, 354, 011, 000 3, 680, 513 20,128,441 505, 950, 271 14, 267,106 Salt Lake City.. 162, 748, 613 22, 641, 706 854,738,000 1, 074, 947 28, 363, 725 397, 246,802 4,467,882 Seattle... 51,946,175 71,448, 592 1, 053,355, 000 3, 735,454 45, 471, 796 683,145, 565 23,178,497 Spokane 71, 408,296 11,905, 898 483,561,000 1, 292,382 10, 938, 922 149, 902,799 5,093,008 w Total: 1923.. 4, 315, 500, 844 2,404,372,402 52,397, 328,000 107,133,623 1,069,928, 586 13, 281, 544, 716 415,246,083 o 1922.. 2,941,917,000 2 1,815,877,000 32,160, 339, 000 1921.. 5,742,170,000 2 1,804. 992,000 30, 841,136, 000 1920.. 6,836,678,000 2 1,616,708,000 37, 560, 687,000 NOTE.—Currency received and counted during 1923 by agencies of the Federal Reserve Bank of Atlanta: Havana, Cuba, agency—561,830 pieces, amounting to $7,226,600 (fourth quarter only); Savannah, Ga., agency—2,007,171 pieces, amounting to $10,983,430. 1 Figures for 12-month period ending Dec. 15. 2 Represents currency and coin received from member and nonmember banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EARNINGS AND EXPENSES OF FEDERAL RESERVE BANKS. No. 73.—EARNINGS AND EXPENSES OF EACH FEDERAL RESERVE BANK DURING 1923. EARNINGS. Total. Boston. New York. Ph p i h la ia d . 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 t s y a . s | Dallas. Sa c n i s F c r o a . n- Discounted bills $32,956,293 $2,320,839 $8,255,616 $2,693,392 j$2,326,579 12,681,590 SI, 998,189 $3,872,139 i$l,968,788 $1,088,899 SI, 793,861 $1,170,022 $2,786,349 Purchased bills 9,371,288 741,384 1,969,837 952,999 1,511,554 62,795 550,770 1,420,395 I 253,773 31,414 29,361 826,172 1,020,834 United States securities 7, 444,089 419,739 1,087,251 910,010 739,935 39,511 79, 752 1,049,666 ' 520,780 520,724 971,271 268,659 836,761 Deficient reserve penalties... 521,061 9,172 40,800 21,754 29,564 83,614 42,278 37,573 38,857 91,943 37,374 62,361 25,771 Miscellaneous 415,835 15,549 59,649 14,616 47,458 11,356 11,325 131, 586 1 28,763 16,273 162,052 29,222 154,488 Total earnings. 50,708,566 3,506,683 11,413,183 4,592,771 4,655,090 2,878,896 2,682,314 6,511,359 2,753,435 1.749,253 2,993,919 2,356,436 4,615,227 CURRENT EXPENSES. Salaries: Bank officers ,471,411 $137,500 $469,328 $131,499 $223,067 $166,792 $177,065 I $332,875 $160,116 $113,236 $161,747 $135,730 $262,456 Clericalstaff ,025,794 895,768 3,873,284 994,796 1,045,915 | 729,497 426,492 j 1,947,951 749,767 460,128 821,310 619,370 1,461,516 Special officers and watchmen 812,283 193,627 59, 811 97,326 j 38,587 32,909 108,696 32,969 24,041 76,369 37,365 77,260 Allother ,625,025 103,019 312,456 103,077 j 178,431 i 70,547 39,336 344,363 43,970 35,756 148,210 111,275 134,585 Governors' conferences 6,923 378 758 312 492 I 345 551 711 523 606 589 510 1,148 Federal reserve agents' conferences 3,450 176 332 138 211 132 239 443 90 261 361 704 Federal Advisory Council— 12,358 478 657 540 950 663 952 1,007 1,266 1,195 707 1,278 2,665 Directors' meetings 147,287 6,173 21,664 6,223 7,812 6,515 26,079 9,094 11,333 9,507 25,850 6,064 10,973 Traveling expenses3 281,469 10,022 28,320 13,965 19,218 19,618 20,341 31,780 29,183 32,649 14,999 24,976 36,398 Assessments for Federal Reserve Board expenses 702,634 52,474 190,846 60,883 76,158 36,449 28,616 97,426 31,300 23,704 30,296 25,034 49,448 Legal fees 44,768 1,978 586 2,588 7,059 3,207 6,741 185 14,149 6,040 321 1,914 i Debit. 2 Other than those connected with governors' and agents' conferences and meetings of directors and of the advisory council. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 73.—EARNINGS AND EXPENSES OF EACH FEDERAL RESERVE BANK DURING 1923—Continued. CURRENT EXPENSES—Continued. 00 Total. Boston New York. Ph p i h la ia d . el- C la le n v d e . - m R o ic n h d - . Atlanta. I Chicago. St. Louis. M ap i o n l n i e s. - K C an it s y a . s Dallas. San c is F c r o a . n- Insurance (other than on currency and security shipments) $378,427 $26,967 $65,411 $24,089 $28,300 j $22,289 $18,995 | $38,601 $20,323 $30,474 $36,202 $28,073 $38,703 Insurance on currency and security shipments 545,985 71,248 98,065 88,801 72,779 32, 996 28,608 ; 56,083 17,630 | 11,409 17,057 20,918 30,391 Taxes on banking house 625,109 108,063 31,882 21,614 27,528 41,831 41,967 i 230,455 7,397 I 1,593 76,594 33,070 3,115 light, heat, and power 246,381 25,532 20,131 29, 565 21,019 10,724 11,108 | 49, 602 3,097 j 1,836 44,288 25,622 3,857 Repairs and alterations, banking house 255,979 7,258 1,700 76,737 5,830 7,883 5,668 88,308 360 196 55,007 6,738 294 Rent 830,238 29, 610 311,786 2,903 129,650 1,186 19,789 42,176 70,389 46,699 24,143 1,248 120,629 Office and other supplies 594,440 28,462 88,308 53,957 57,833 31,489 30,365 144,239 22,135 23,860 37,490 27,467 48,835 Printing and stationery 696,934 61,784 86,523 57,679 68,753 43,926 46,209 112,922 37,157 36,757 45,216 35,067 64,941 Telephone 200,151 20,427 46,837 26,679 14,929 6,057 4,970 30,164 6,970 6,988 7,850 12,189 16,091 Telegraph 590,287 8,233 65,172 23,146 37,614 40,489 77, 346 62,125 44,223 25,757 71,530 50,988 83,664 Postage 1,723,758 167,097 248,052 141,363 156,677 126, 823 96, 991 207,994 123,986 90,303 142,083 95,409 126,980 Expressage 367,565 33,827 85,492 47,148 21,147 24,063 | 22,036 55,244 13,017 7,955 22,304 25,864 Federal reserve currency: Original cost, including shipping charges 1,651,134 236,694 421,229 252,141 182,662 41,328 I 78,992 210,993 | 7,287 40,005 9,075 27,435 143,2 Cost of redemption, including shipping charges 332,390 31,439 76,748 40,627 20,880 25,840 18,039 57,752 7,835 10,622 11,749 6,437 24,422 Taxes on Federal reserve bank note circulation 8,131 103 2,006 3,540 2,482 All other expenses 590,200 36,294 110,942 35,445 8,419 | 21,88ft 33,725 110,094 29,814 32,622 50, 449 33,497 47,019 Total 29,770,511 2,134,254 6,880,136 2,295,726 2,550,659 1,551,156 11,294,232 4,373,024 1,472,675 1,082,137 1,928,119 ,391,228 2,817,165 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 74.—PROFIT AND LOSS ACCOUNT OF EACH FEDERAL RESERVE BANK DURING 1923. Total. Boston. New York Ph p i h la i d a. el- C la le n v d e . - m R e 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 c r o a . n- Earnings $50,708,566 13,506,683 $11,413,183 $4,592,771 $4,655,090 $2,878,896 $2,682,314 $6,511,359 $2, 753,435 $1,749,253 $2,993, 919 $2,356,436 $4,615,227 Current expenses 29,770,511 2,134,254 6,880,136 2,295,726 2,550,659 1,551,156 1,294,232 4,373,024 1,472,675 1,082,137 1,928,119 1,391,228 2, 817,165 Current net earnings... 20,938,055 1,372,429 4,533,047 2,297,045 2,104,431 1,327,740 1,388,082 2,138,335 1,280,760 667,116 1,065,800 965,208 1,798,062 Additions to current net earnings: Amounts deducted from reserve for depreciation on U. S. bonds 158,857 5,290 18,807 4 148 848 29,946 80,294 17,795 1,729 All other 77,865 20,559 1,697 810 7,803 1,888 1,941 11,957 564 8,327 4,547 4,659 13;U3 Total additions 236,722 25, S49 1,697 19,617 11,951 1,888 2,789 41,903 80, 858 8,327 4,547 22,454 14, 842 Deductions from current net earnings: Depreciation allowances on bank premises 4,022,246 122,048 1,235,937 23,733 699,651 89,671 305,411 451,044 2,200 40,405 393,983 42,242 615, 921 Reserve for probable losses. 2,448,775 50,000 668,416 363,586 123,687 200,000 128,086 590,000 325,000 Reserve for self insurance 202,756 52 756 100,000 50,000 Reserve for depreciation on U. S. bonds 66,034 53,856 12,178 Furniture and equipment .. 1,202,808 20,309 58,021 70,648 336,702 43, 216 57,228 166,662 29,971 23,328 60,379 12,062 324,282 All other 520,872 3,786 144,351 44, 444 58,808 3,898 7,637 20,591 23,597 32,399 128,010 11,076 42,275 Total deductions 8,463,491 146,143 1,491,065 138, 825 1,195,161 236,785 1,038,692 1,001,883 179, 455 349,988 722,636 655,380 1,307,478 Net deductions from current net earnings...., 8,226,769 120,294 1,489,368 119,208 1,183,210 234,897 1,035,903 959,980 98,597 341,661 718, 089 632,926 1,292,636 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 74.—PROFIT AND LOSS ACCOUNT OF EACH FEDERAL RESERVE BANK DURING 1923—Continued. O Total. Boston. New York. Ph p i h la ia d . 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 an it s y a . s Dallas. Sa»Fi?n- Net earnings available for dividends, surplus, and franchise tax $12,711,286 11,252,135 $3,043,679 2,177,837 $921,221 $1,092,843 $352,179 $1,178,355 $1,182,163 $325,455 $347,711 $332,282 i $505,420 Dividends paid , 6,552,717 480,267 1,749,239 582,292 725,626 342,295 264,622 904,371 296,810 212,733 275,313 251,429 467,720 Transferred to surplus account 2,545,513 77,187 129,444 1,178,588 195,595 3.84,404 8,756 27,398 407,070 11,272 7,240 80,853 37,706 Franchise tax paid U. S. Government 3,613,056 694,681 1,164,996 416,957 366,144 78,801 246,586 478,283 101,450 65,158 No. 75.—REIMBURSABLE EXPENDITURES OF FISCAL AGENCY DEPARTMENT. Total. Boston. New York. Ph p i h la ia d . el- C la l n ev d e . - m R o ic n h d - . Atlanta. Chicago. St. Louis. M ap i o n l n i e s. - K C an it s y a . s. Dallas. San ci s F c r o a . n- Expenditures during 1923: Salaries . . $1,326,500 $71,953 $128,106 $76,813 $227,947 $31,524 $56,322 8239,354 $74,386 $141,087 $146,613 $46,011 $86,384 All other 586,160 6,788 293,985 24,150 80,314 14,527 11,223 50,686 17,879 33,360 18,921 14,270 20,057 Amounts reimbursable Jan. 1,1923 368,243 25,491 110,312 14,377 v 34,728 6,360 8,719 39,741 25,168 28,032 33,782 6,674 34,829 Total 2,280/903 104,232 532,403 115,340 342,989 52,411 76,294 329,781 117,433 202,479 199,316 66,955 141,270 Reimbursements received during 1923. 2,154,253 100,083 514,205 110,627 323,246 46,151 68,604 307,126 109,329 191,026 190,900 62,887 130,069 Balance reimbursable Jan. 1,1924 126,650 4,149 18,198 4,713 19,743 6,260 7,690 22,655 8,104 11,453 8,416 4,068 11,201 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 76.—GROSS AND NET EARNINGS OF EACH FEDERAL RESERVE BANK, ALSO DISPOSITION MADE OF NET EARNINGS, 1914-1923. Earnings. Disposition of net earnings. Federal reserve bank. Gross. Net. Div p i a d i e d. nds Tra s n u s r f p e l r u re s d .1 to F G p r a o a i v d n e c t r h o n i s m U e . e t n S a t x . .1 lo P s r s o f o f (— i r t w ) ( a + r c d a ) . rr o ie r d All Federal reserve banks: 1914 . $63,145 2 $310,287 -$310,287 1915 . . 2,110,107 168, 828 $217,463 -48,635 1916 5, 217,937 2, 750,998 1, 742, 774 +1,008,224 1917 16,128,339 9, 579, 607 6,801, 726 $1,134,234 $1,134,234 +509,413 I 1918 67, 584, 417 52, 716, 310 5, 540, 684 48, 334, 341 -1,158, 715 1919 102,380, 583 78, 367, 504 5,011, 832 70, 651, 778 2, 703,894 1920 181, 297, 338 149, 294, 774 5, 654, 018 82, 916, 014 60, 724,742 H 1921 122, 864, 605 82, 087, 225 6,119, 673 15, 993, 086 59, 974,466 O 1922 .. . 50, 490, 739 16, 497, 736 6, 307,035 -659, 904 10,850,605 1923 50, 708, 566 12, 711, 286 6, 552, 717 2, 545, 513 3, 613,056 Total... 598, 845, 776 403, 863, 981 43,947, 922 220, 915, 062 139, 000, 997 Boston: 1914 891 2 25, 818 -25,818 1915 124, 568 2 8, 785 -8,785 1916 490, 888 295, 935 249, 735 +46,200 1917 1, 285, 884 740, 359 601,756 75,100 75,100 -11,597 1918 . 4, 475,195 3, 305,180 384,180 2,921,000 1919 7, 497, 583 5, 777, 381 414,447 5,362,934 1920 12, 273, 253 10, 272, 564 447, 266 7,351, 799 2,473, 499 1921 6, 968, 662 4, 281, 353 473,109 772, 324 3,035,920 1922 3, 541, 313 1,097,402 481,951 -170,782 786,233 w 1923 3, 506, 683 1, 252,135 480, 267 77,187 694,681 o Total 40,164,920 26,987, 706 3, 532, 711 16, 389, 562 7,065, 433 1 Amounts shown as transferred to surplus account for 1922 are net, i. e., after the deduction of amounts charged to surplus account on Dec. 31, 1922, and paid to the United States Government as franchise tax for prior years as follows: For 1920—New York, $270,389; for 1921—Boston, $247,350; New York, $1,334,160; Philadelphia, $36,366; Richmond $20,459; Atlanta, $213,629; Chicago, $710,190; Minneapolis, $52,423; Kansas City, $208,170; San Francisco, $306,926; total, $3,129,673. 2 Excess of expenses. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 76.—GROSS AND NET EARNINGS OF EACH FEDERAL RESERVE BANK, ALSO DISPOSITION MADE OF NET EARNINGS, 1914-1923—Con. to Earnings. Disposition of net earnings. Federal reserve bank. Gross. Net. Div p i a d i e d nds Tra s n u s r f p e l r u re s d .1 to G F p r a o a i v d n e c r t h o n i m s I e T e . n t a t S x .1 . lo P s r s o f o f (— i r t w ) ( a + r c d a ) . r o ri r ed New York: 1914 . $13,927 2 $43, 485 -$43,485 1915 331,108 2 80,402 -80, 402 1916 971,026 414, 064 $127,113 +286, 951 o 1917 4,929, 214 3, 078, 481 1, 942,819 $649, 363 $649, 363 -163,064 1918 25, 314, 736 21,662,917 1,195, 026 20, 467, 891 1919 35, 332,412 27, 959, 619 1, 291, 047 23, 964, 678 2, 703, 894 O 1920 - 60, 525,321 53,128,130 1, 477, 096 12,332,523 39,318.511 1921 -- - 34, 704, 939 26, 093, 832 1, 608, 721 3, 782, 671 20, 702, 440 1922 11,341,319 3,721,593 1, 652,138 -1,397,603 3, 467, 058 1923 11,413,183 3, 043, 679 1,749,239 129, 444 1,164,996 Total 184, 877,185 138, 978, 428 11, 043,199 59, 928,967 68,006, 262 Philadelphia: 1914 - - - . .. 2,739 2 21, 322 -21,322 1915 _._ 111, 233 2 10,195 -10,195 1916 - - 448,180 249, 941 128, 458 +121,483 1917 _ 1, 095,540 753,875 623, 603 +130, 272 1918 - 84, 357,740 2,972, 089 583, 983 2, 608, 344 -220, 238 1919 11, 609,880 6, 659,169 462, 380 6,196, 789 1920 , 8, 848, 551 9, 065,116 496, 679 8, 204, 775 363,662 j 1921 . .._ „ „ 4, 008, 095 5, 339,454 517, 663 935, 239 3,886, 552 1922 - - * * 4,251,950 2, 236, 876 541, 552 803, 594 891'730 1923 , , „ - 4, 592, 771 2,177,837 582, 292 1,178, 588 416,957 Total - r— 43,326, 679 29,422, 840 3, 936, 610 19,927, 329 5, 558, 901 Cleveland: 1914 20,077 2 28,937 -28,937 J915 ,.,.„- _.-_r__rr__.r_-.r-r.—r.,„_-____.rr_r_,__r? 111,738 ? 26,837 -26,837 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1916 452,129 293,808 143,237 +150, 571 1917 1,367, 216 753, 682 716,168 +37, 514 1918 _ 5,226,864 4,135, 796 716,107 3, 552,000 -132,311 1919 7,800, 829 6,093, 785 556, 785 5, 537, 000 192O._ 14, 458, 619 11,820,031 604,194 11, 215, 837 1921 _ _ 9, 390, 863 6, 284,383 660,228 2, 329,442 3,294, 713 1922 __. 4,994,282 2, 268, 688 692, 436 861, 264 714,988 1923 4, 655,090 921, 221 725, 626 195,595 Total ,. 48, 459, 707 32,515,620 4,814,781 23, 691,138 4,009,701 Richmond: 1914 _ „ 4,730 220,073 -20,073 1915 _ 314,850 195,028 151,940 +43,088 1916 _ ._ 334,102 186, 571 197, 922 -11,351 1917 821,195 462, 224 240, 944 116, 472 116,472 -11,664 O 1918 .._._ 2, 979,048 2, 312,030 232,432 2, 079, 598 1919 ._ ._ 4, 775, 324 3,877, 266 252, 872 3, 624, 394 H 1920 _ 6,903, 270 5, 238, 506 293,052 4, 740,869 204,585 W 1921 _ 6, 729, 679 4, 393, 627 322, 203 693, 792 3, 377, 632 1922 _ 2,832, 944 867,448 333, 321 32,954 501,173 1923 ... 2, 878,896 1,092,843 342,295 384,404 366,144 Total 28, 574,038 18, 605,470 2, 366,981 11, 672, 483 4, 566,006 Atlanta: 1914 2,808 2 19, 571 -19, 571 1915 _ 233, 652 102,103 +102,103 1916 279, 520 129, 307 201, 719 -72,412 1917 589, 789 288,083 218, 203 40,000 40,000 -10,120 1918... 2,293,058 1, 652, 473 182,473 1, 470, 000 1919 „ _ 4, 416, 001 3,382, 397 197, 397 3,185, 000 1920. 7,476,431 6, 010,324 225, 571 3, 648, 465 2,136, 288 o 1921 7,406, 652 5, 496, 219 245, 862 770,106 4, 480, 251 1922 _ _--- 2, 352, 736 672, 730 256, 618 -172, 018 588,130 1923 2, 682,314 352,179 264, 622 8,756 78,801 Total - 27, 732,961 18,066, 244 1, 792,465 8, 950, 309 7, 323,470 *See note on page 171. 2 Excess of expenses. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ISO, 7U.—UROSS AND NET EARNINGS OF EACH FEDERAL RESERVE BANK, ALSO DISPOSITION MADE OF NET EARNINGS, 1914-1923—Continued. Earnings. Disposition of net earnings. Federal reserve bank. Gross. Net. Di p vi a d id e . nds Tra s n u s r f p e l r u re s d .1 to G F p o r a a v id n e c r t h o n i m s U e e . n t S a t . x .l lo P s r s o f o ( f — i r t w ) ( a + c rd a ) . r o ri r ed Chicago: § 1914 $17,814 2 $22,169 -$22,169 1915 251,071 42,260 +42, 260 1916 665, 937 403, 206 $361,319 +41, 887 1917 2, 083,164 1, 231, 879 862, 259 $215,799 $215,799 -61,978 o 1918 8, 481, 747 6, 805,081 604, 635 6, 200, 446 1919 12, 012, 078 8, 576, 204 700,807 7, 875, 397 1920 30, 303, 218 25, 875, 749 792, 769 14, 688, 500 10, 394,480 w 1921 20, 382,170 14, 505,117 853, 785 2, 075, 323 11, 576, 009 1922 6, 748, 863 1,405, 215 876, 203 -657,289 1,186, 301 1923 6, 511, 359 1,178, 355 904, 371 27, 398 246, 586 Total 87, 457, 421 60,000, 897 5,956,148 30,425, 574 23, 619,175 St. Louis: 1914 9,463 216, 257 -16,257 1915 77,370 2 80,912 """ —80, 912 1916 297, 948 141,017 31,100 _ +109, 917 1917 773,106 502,156 284, 566 +217,590 1918 2, 676,828 1, 777,810 404,838 1, 603, 310 -230, 338 1919 3,884, 478 2, 355,154 234, 660 2,120,494 w 1920 7,180,117 4, 875, 566 253, 711 4, 621,855 o 1921 5,166,315 2, 951,926 270,253 1,042, 564 1, 639,109 1922 2, 456, 447 647, 572 283,166 276,450 87,956 1923 2, 753, 435 1,182,163 296, 810 407,070 478, 283 Total 25, 275, 507 14, 336,195 2, 059,104 10,071,743 2, 205, 348 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Minneapolis: 1914 1,322 2 23,530 -23,530 1915 98,790 2 8,811 -8,811 1916 255,177 134, 603 * 57,720 +76,883 1917 672, 799 394, 353 363,895 37, 500 37,500 -44, 542 1918 2,049,954 1, 545,847 168,103 1,377, 744 1919 3, 007,041 2, 333,943 180,186 2,153, 757 1920 5, 307, 381 4,131,053 195,871 3, 410, 948 524,234 1921 _... _. 4,966, 311 3,151,154 211,657 488, 530 2,450, 967 1922... 1, 969, 248 782, 695 213, 774 4,469 564,452 1923 _ 1, 749, 253 325, 455 212, 733 11, 272 101,450 Total . 20,077, 276 12, 766, 762 1, 603, 939 7,484, 220 3,678, 603 Kansas City: 1914 1,934 2 26, 230 -26, 230 1915 100,540 2 40,546 -40,546 1916 380, 208 224,989 66, 707 +158, 282 1917 1,002, 660 566,404 364, 503 +201, 901 1918 3,451,936 2, 437, 748 309, 729 2, 421,426 -293,407 1919-.. 4, 961, 482 3, 923,362 228, 755 3, 694,607 j 1920 7, 409,987 5, 540,681 257, 672 3, 042, 781 2, 240, 228 1921 . _ _ _ . 5, 712,858 3, 056, 096 268, 620 486, 918 2, 300, 558 1922. 3,094, 660 7S3,036 275, 655 -157,432 664,813 1923-. . 2,993,919 347,711 275, 313 7,240 65,158 Total 29,110,184 16,813, 251 2, 046,954 9, 495, 540 5, 270, 757 Dallas: 1914 2,679 227,640 -27, 640 1915 241,987 103,028 65,523 +37,505 w 1916 . 326, 372 166,046 134,008 +32, 038 o 1917 621, 970 352,067 188, 234 +163, 833 1918 2,089, 526 1,240,175 261, 503 1,184,408 -205, 736 1919 3,062, 251 2,041, 864 196, 335 1, 845, 529 1920 4, 904,522 3, 228, 231 225, 424 3, 002, 807 1921 4, 243, 648 1, 613, 564 252, 211 i, 361, 353 1922 _ 2,085, 775 354,125 251, 915 102,210 1 See note on page 171. 2 Excess of expenses. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 76.—GROSS AND NET EARNINGS OF J^ACH TJSDEUAL J^ESEKVJK JDAJNK, ALSO JLUSFOSITION MADE OF NET EARNINGS, 1914-1923—Continued. Earnings. Disposition of net earnings. Federal reserve bank. Franchise tax Profit (+) or Gross. Net. Div p i a d id e . nds Tra s n u s r f p e l r u e s d .1 to G p o a v id e r t n o m U e . n S t. J loss fo ( r — w ) a r c d a . rried > Dallas—Continued. 1923 _ . _ $2, 356,436 $332, 282 $251,429 $80,853 I fa Total _ 19,935,166 9,403, 742 1,826, 582 7, 577,160 San Francisco: 1914 2,761 2 35, 255 -$35, 255 1915 113,200 217,103 -17,103 1916 316, 450 111,511 43,736 +67, 775 1917 . . .. 885,802" 456,044 394, 776 +61, 268 1918 4,187, 785 2, 869,164 497, 675 2, 448,174 -76, 685 1919 -~ 7,021, 224 5, 387, 360 296,161 5,091,199 1920 12, 706, 668 10,108, 823 384, 713 6, 654,855 3,069,255 ..... 1921 9,184, 413 4,920, 500 435,361 1, 254,824 3,230,315 1922 4, 821, 202 1, 660, 356 448, 306 -185, 721 1, 397, 771 1923-. .._ - _ 4, 615, 227 505, 426 467, 720 37, 706 Total - - -. - -. 43, 854, 732 25, 966, 826 2, 968, 448 15, 301, 037 7, 697, 341 i See note on page 171. 2 Excess of expenses. w o Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RECEIPTS AND DISBURSEMENTS OF THE FEDERAL RESERVE BOARD. No.{77.—RECEIPTS AND DISBURSEMENTS OF THE FEDERAL RESERVE BOARD FOR THE YEAR 1923. Balance January 1, 1923: >> Available for general expenses of the board . $80, 024. 07 ^ Available for expenses chargeable to the Federal reserve banks 236, 452. 10 <H Total _ $316,476.17 ? § RECEIPTS. hj Available for general expenses of the board: P Assessments on Federal reserve banks for estimated general expenses of the board $702, 634. 68 H Refunds of expenditures during 1922 878. 87 o Subscription to Federal Reserve Bulletin 8, 388. 17 ^ Refund by Treasury Department of salaries of laborers 1. 519. 99 M Miscellaneous receipts and reimbursements 885. 59 fei hrj Total receipts available for general expenses of the board 714, 307. 30 g Available for expenses chargeable to Federal reserve banks: t*J Assessments on Federal reserve banks— j> For cost of preparing Federal reserve notes, including redemption of Federal reserve notes „ 1,467, 123. 77 g For expenses of gold shipments between Treasury offices and Federal reserve banks § under the provisions of section 16, Federal reserve act 4, 155. 24 # For expenses of leased-wire system 253, 109. 54 tg For miscellaneous expenses 10, 794. 46 g f> Total receipts available for expenses chargeable to Federal reserve banks 1, 735, 183. 01 W p Total receipts 2, 449, 490. 31 Total available for disbursements 2, 765, 966. 48 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No, 77.—RECEIPTS AND DISBURSEMENTS OF THE FEDERAL RESERVE BOARD FOR THE YEAR 1923—Continued. ^ -a DISBURSEMENTS. For general expenses of the board: Expenses for 1922 paid in 1923 $14, 371. 58 Expenses for 1923 (per detailed statement) $726, 428. 28 ^ Less accounts unpaid December 31, 1923 12, 666. 29 % 713,761.99 £ Salaries of laborers reimbursable by Treasury Department 2, 539. 99 ^ Miscellaneous expenses reimbursable 88. 09 & Refund account of Federal Reserve Bulletin 6. 69 ^ o Total disbursements for general expenses of the board $730, 768. 34 H For expenses chargeable to Federal reserve banks: o Cost of preparing Federal reserve notes, including redemption of Federal reserve notes__ 1, 498, 576. 47 Expense of gold shipments between Treasury offices and Federal reserve banks under £j the provisions of section 16, Federal reserve act 3, 254. 11 tei Expense of leased-wire system 252, 894. 74 ^ Miscellaneous expenses 10, 515. 65 O Total disbursements for expenses chargeable to Federal reserve banks 1, 765, 240. 97 j> F Total disbursements $2, 496. 009. 31 # Balance December 31, 1923: gjj Available for accounts unpaid, December 31, 1923 12, 666. 29 H Available for general expenses of the board 50, 896. 74 ^ Available for expenses chargeable to Federal reserve banks unpaid, December 31, 1923 206, 394. 14 w Total balance 269,957. 17 | Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DETAILED STATEMENT OF COMMITMENTS. January. F a eb ry ru . - 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 ||6,305.41 86,305.41 1*6,570.43 «, 817.89 ;7,964.87 58,372.11 18,480.40 $8, 480.41 $8,562.66 | $8,658.73 $8, 658.74 $8,658.78 «93,835.84 Office of secretary 2,088.74 2,088.75 | 2,313.76 2,313.74 2,313.75 2,313.76 2,313.74 2,313.75 1,837.09 2,113.74 2,113.75 2,113.76 26,238.33 Ofllce of general counsel 1,955.82 1,955 83 1,980.85 2,005.82 2,115.83 2,165.85 2,223.82 2,295.83 2,256.68 2,217.48 2,217.50 2,217.52 25,608.83 Office of fiscal agent 513.33 513.33 513 34 513.33 51333 513.34 513.33 513.33 513.34 513.33 513.33 513.34 6,160.00 Division of examination 8,657.90 8,748.74 8,607.12 8,607.05 8,619.58 8,632.12 8,632. 05 9,132.08 10,582.12 10,380.38 10,380.41 10,380.46 111,360.01 Division of bank operations 5,525.74 5,516.42 5,285.11 5,173.27 5,176.63 4,982.60 4,997.44 4,997.46 4,997.60 4,668.69 4,792.05 4,802.19 60,915.20 Division of chief clerk 2,186.22 2,252.28 2,315 04 2,274.96 2,335.00 2,270.87 2,202.06 2,205.50 2,222 53 2,202.47 2,327.50 2,427.53 27,221.96 Division of gold settlement 1,362.99 1,314.05 1,354.27 1,336.24 1,342.99 1,359.52 1,355.74 1,368.49 1,282.7? 1,423.49 1, 407,74 1,419.02 16,327.31 Division of supply agent 441.66 403.34 445.00 445.00 445.00 445.00 410.00 450.00 450.00 450 00 450.00 450.00 5,285.00 Division of currency 737.91 706.55 699.17 699.16 699.17 699.17 699.16 699.17 699.17 699.16 699.17 699.17 8,436.13 Division of printing I 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 research and statistics j 6,756.78 6,848.20 6,902.58 6,987.42 6,829.85 7,013.12 7,699.43 7,486.95 6,927.61 6,982.43 6, 624.18 6,677.56 83,736.11 DivLion of architecture 763.88 763.89 763.89 763.89 763.88 763.90 763.88 763.89 763.89 76389 763.88 763.90 9,166.66 Division of issue and redemption 4,630.82 4,864.17 5,196 67 5,194.49 4,961.67 4,665.84 4,563.16 4,560.34 4,635.34 4,737.32 4,593.32 4,580.65 57,183.79 Messengers 1,625.80 1,630.84 1,630.85 1,630. 81 1,624.18 1,627.52 1,630.81 1,594.17 1,630.85 1,644.70 1,660. 84 1,609.61 19,540.98 Charwomen \ 96.00 96.00 96.00 96.00 96.00 96.00 96.00 96.00 96.00 96.00 93.86 93.86 1,147.72 Total 44,072.33 44,431.13 45,097.42 45,282.40 46,225.06 46,344.06 |47,004.35 |47,380.70 47,. 880.99 47,975.14 147,719.60 ;47,830.69 |557,243.87 NONPERSONAL SERVICES. Transportation and subsistence: Board members and their staff 27.31 186.91 244.44 49.95 i. 16 237.17 180.06 182.19 365.34 261.66 104.00 1,923.19 Office of secretary 30.45 68.37 89.81 35.74 56.50 280.87 Office of general counsel 49.26 49.26 Division of examination 5,799.33 7,348.96 5,971.37 5,335.54 5,234.36 4,348.99 I 4,754.43 132.30 3,914.69 5,753.30 5,319.46 I 4,214.92 58,127.65 Division of research and statistics 38.90 21.89 172.37 63.39 26.02 I 11.89 124.47 47.03 31.28 537.24 Division of architecture Total all other divisions, including local car fare 16.73 20.27 16.05 6.38 27.10 j 86.53 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No, 77.—RECEIPTS AND DISBURSEMENTS OF THE FEDERAL RESERVE BOARD FOR THE YEAR 1923—Continued. OO o January. F a eb ry ru . - March. April May. June. July. August. i | S b ep e t r e . m- October. N o b v e e r. m* De b c e e r. m- Total. NONPERSONAL SERVICES. Communication service: Telephone $633.25 $649.76 $523.23 $566.77 $650.62 $654.61 $624.10 $630 75 $623.09 $651.67 $645.32 $661.79 $7,614.96 Telegraph 1,101.72 1,081.55 1,730 11 1,064.88 1,058.51 1,626.65 1,076.98 1,08353 1,399.45 901.82 1,210. 46 1,606.75 14,942.41 Postage 49.00 40.00 41.00 66.00 SO. 00 80.00 75.00 80.00 75.00 586.00 Printing, binding, etc 8,470.57 233.65 3,559.02 3,062.90 4,260.62 3,292.61 3,434.42 2,203.31 2,195.89 1,533.59 2,094.83 1,79*2.16 36,133.57 Repairs 32.54 4.00 55.01 130.46 36.32 30.87 112.56 61.08 21.86 137.64 67.40 43.26 733.00 Electricity (light and power) 44.00 44.00 44.00 44.00 44.00 44.04 44.00 44.00 44.00 44.00 44.00 44.00 528.04 Steam (heat) 35.00 35.00 35.00 35 00 35.00 35.00 35.00 35.00 280.00 Miscellaneous, unclassified 301.91 108.96 448.60 143.86 154.99 138.91 220 02 214.87 301.11 56.01 1,003.66 44.25 3,137.15 H Equipment rental 375.00 375.00 378.00 375.00 375.00 378.00 375.00 375.00 381.81 375.00 375.00 382.00 4,519.81 W Supplies: Stationery and office 1,571.47 559.92 493.95 346.96 779.61 584.65 1,050.01 943.65 593.99 799.09 415-91 793.23 8,932.44 Periodicals 64.67 6.00 22.82 1,54S.17 91.58 14.90 100-00 16.00 1,864.14 Equipment: Furniture and office 1,248.22 404.75 509. 91 345.15 109.50 473.39 201.62 27.88 179.09 52.00 515.10 4,084.47 Books 207.57 65.88 10.00 50.00 31.83 80.65 24.72 33.10 121.21 15.00 639.96 Rent 2,293.09 2,293.09 2,293.09 2,293.09 1,876.42 1,876.42 1,876.42 1,876.42 1,876.42 1,876.42 1,876.42 1,876.42 24,183.72 Total 22,340.73 13,393.44 16,656.17 114,053.22 16,393.33 113,386.59 14,483.74 8,075.54 11,829.27 12,858 02 13,407.70 12,306. 169,184.41 gj Grand total 66,413.06 57,824.57 61,753.59 159,335.62 62,618.39 59,730.65 01,488.09 J55,456.24 59,710 26 60,833.16 61,127.30 60,137.35 726,428.28 & W O Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALLOTMENTS OF UNITED STATES SECURITIES. No. 78.—ALLOTMENTS OF UNITED STATES NOTES AND CERTIFICATES OF INDEBTEDNESS DURING 1923. Tax certificates. Treasury notes. Federal reserve district. Total. Series Series Series Series Series Series A, Series B, TS-2, 1923. TD-2, 1923. TM, 1924. TM-2, 1924. TD, 1924. TJ, 1924. 1927. 1927. Boston $10,366,000 $22,480,000 $18,042,000 $30,693, 000 $17, 847,000 $8,029, 500 $32,151,000 $58,653,500 $198, 262,000 V New York 62, 789,000 74, 855,500 118, 685, 500 78,348, 500 62, 405,000 43, 743, 500 131,411,400 262,491,600 834, 730,000 o Philadelphia 8,001,000 16,189, 500 30, 281, 500 16, 535,000 15, 255,000 5,925, 000 35, 479, 500 48,314,300 175,980, 800 Cleveland_ _ 10, 817,500 8,895,500 26, 687,000 23, 405, 500 21,636,500 10,143,000 23, 319, 200 53,084,000 177,988,200 H Richmond 4,495, 500 6,095,500 11, 269, 500 9, 053,000 5, 739, 500 3,142,000 18, 246,100 19,853,500 77, 894, 600 o Atlanta _ _ 6, 390, 500 7,579,500 11, 395, 500 9,032, 500 7, 590, 500 5, 013, 500 10,046, 300 18,393,600 75,441,900 O hieago 14,005,000 21,839, 500 34, 777, 500 32, 792,500 24,727,000 13, 207, 500 50, 343, 300 88, 289,900 279,982, 200 H St. Louis ___•___ 4,049,000 5,699, 500 14,999, 500 9, 399, 500 9, 669, 500 3, 622,000 17,893,100 40,115,300 105, 447, 400 W Minneapolis 4,893,000 5,323,500 j 8, 496, 500 6,179,000 3, 571, 500 3,924,000 14, 580,300 15,414,000 62,381, 800 Kansas City. 5, 683, 500 3, 381,000 12,497,500 5, 463,000 3, 225, 500 1,581,000 6, 285,900 19, 751,400 57, 868,800 Dallas 8,187,000 4,576, 500 14, 353, 500 10,211,000 7,002,000 6,962, 500 6, 214, 200 7, 771,800 65, 278, 500 O San Francisco 14, 575,000 12,918,000 19, 710, 500 18, 638,000 15, 480,000 29, 835,000 20,957,300 33,837,800 165,951, 600 m Total 154, 252,000 189,833, 500321,196,000 249, 750, 500 I 194,149, 000 135,128, 500 366,927,600 665,970,700 j 2, 277, 207,800 Rate of interest (per cent) 4i 4 4i 4 Date issued 3-15-23 6-15-23 3-15-23 9-15-23 12-15-23 12-15-23 1-15-23 5-15-23 I Maturity date 9-15-23 12-15-23 3-15-24 3-15-24 12-15-24 6-15-24 12-]5-27 3-15-27 | i 03 O CO Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

182 ANNUAL EEPORT OF THE FEDERAL RESERVE BOARD. CONDITION OF MEMBER AND NONMEMBER BANKS. No. 79.—ABSTRACT OF CONDITION REPORTS OF ALL MEMBER BANKS (NATIONAL AND STATE) OF THE FEDERAL RESERVE SYSTEM. [In thousands of dollars.] Dec. 29, Apr. 3, June 30, Sept. 14, Dec. 31, 1922 (9,859 1923 (9,850 1923 (9,856 1923 (9,843 j 1923 (9,774 banks). banks). banks). banks). banks). RESOURCES. Loans and discounts 18,061,459 18, 554,983 18,864, 321 18, 838, 478 19,034,996 Overdrafts 19,328 16,842 15,737 18, 622 16, 690 Customers' liability on account of acceptances 372, 550 378,159 334,383 295, 841 391, 595 United States Government securities 3, 788,377 3,883, 266 3,870, 232 3, 722, 441 3, 641,132 Other bonds, stocks, and securities 3,899,339 3, 877,102 3,924, 715 3,918,011 4,045,312 Banking houses, furniture, and fixtures 711,917 731,082 752,048 767, 651 786, 792 Other real estate owned 123, 354 134,143 145,180 145, 279 147, 634 Cash in vault 561, 576 518,112 428,911 523,407 561,433 Reserve with Federal reserve banks Items with Federal reserve banks in process 1,939,028 1,908, 586 1,871,015 1, 868,926 1,900,153 of collection Due from banks, bankers, and trust com- 635,926 601, 519 559,308 654, 791 665, 709 panies Exchanges for clearing house, also checks on 1,805,579 1, 774,287 1, 596,184 1, 640,178 1,824,348 other banks in same place 1, 405,121 989, 629 946,179 1, 709, 537 Outside checks and other cash items 117,963 103, 242 128,907 105,965 140,987 Redemption fund and due from United States Treasurer ...- 36,800 37,084 36,909 36,720 United States securities borrowed l 19,471 18,449 15,629 15,188 14,969 Other securities borrowed z 2,012 1,954 2,048 2,186 2,232 Other assets 382, 771 323,817 303, 445 287, 755 318, 367 Total. 33,882, 571 33,852, 041 33, 795,326 33, 728,424 35, 238, 606 LIABILITIES. Capital stock paid in | 1,940,916 1,979,953 1,998, 295 2,004,140 2,003,054 Surplus fund | 1, 625, 765 1, 630, 553 1, 631,702 1, 626,922 1, 641,319 Undivided profits, less expenses and taxes | paid 797, 233 745,076 737,081 805,170 733,193 Due to Federal reserve banks 39,610 34, 477 33, 472 37, 771 36,674 Due to banks, bankers, and trust companies. 3, 452, 773 3,473, 760 3,183,978 3,165, 502 3, 475, 656 <3wtified and cashiers' or treasurers' checks outstanding. 857, 234 601,465 468,154 534,642 922, 549 Demand deposits 14,815, 507 14, 525, 756 14, 692,905 14, 565, 909 15,164,182 Time deposits.._ 7, 644,881 8,142, 574 8, 378, 211 8,466,416 8,650, 610 United States deposits.. 461,799 404, 427 296, 482 144, 478 236,942 Total deposits 27, 271, 804 27,182, 459 27,053, 202 26, 914, 718 28,486,613 Bills payable (including all obligations representing money borrowed, other than rediscounts) 429,930 494,412 522,989 516, 637 444, 983 Notes and bills rediscounted (including acceptances of other banks and foreign bills of exchange or drafts sold with indorsement) 447, 597 473,407 550, 222 604, 725 572, 661 Cash letters of credit and travelers' checks outstanding._ 15, 628 17,723 34, 577 27,112 20,360 Acceptances executed for customers 366,539 380, 245 319, 381 291, 713 400,200 Acceptances executed by other banks for account of reporting banks 33, 652 41,126 45,819 26, 679 26,197 National-bank notes outstanding 723,317 727, 574 719,489 730, 980 725,441 United States securities borrowed 54,138 52, 542 50, 586 52,175 53, 256 Other securities borrowed 4,960 6,115 5,025 4,936 5.270 Other liabilities 171,092 120, 856 126,958 122, 517 126,069 Total. 33,882,571 I 33,852,041 33,795,326 33,728, 424 35, 238, 606 Ratio of reserve with Federal reserve banks to net deposit liability (per cent) 10.2 10.0 9.8 9.7 1 Exclusive of securities borrowed by national banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. 183 •No. SO,—ABSTRACT OF CONDITION REPORTS OF STATE BANK AND TRUST COM- PANY MEMBERS OF THE FEDERAL RESERVE SYSTEM. [In thousands of dollars.] Dec. 29, Apr. 3, June 30, Sept. 14, Dec, 31 1922 1923 1923 1923 1923 (1,639 (1,626 (1,620 (1,609 (1,595 banks). banks). banks). banks). banks). RESOURCES. Loans and discounts 6,464,127 6, 889, 418 7,049, 292 6, 906, 563 7,161,274 Overdrafts 6,284 5,181 5,309 5,675 6,222 Customers' liability on account of acceptances 164,085 175, 333 147, 252 142, 356 184,158 United States Government securities 1,135,381 1,192,691 1,179, 861 1,123, 272 1,077, 773 Stock of Federal reserve banks 35,403 36, 670 36,962 37, 271 37,691 Other bonds, stocks, and securities 1,517,361 1,494,519 1, 512, 818 1, 483, 616 1,530,967 Banking houses, furniture, and fixtures 241, 393 251,619 258, 839 263, 038 274,014 Other real estate owned 48,190 52, 018 58,062 58, 882 53,768 Gold and gold certificates 10, 505 9,547 11, 278 11,713 13, 749 All other cash in vault 160,021 150,115 127,188 150, 797 162,438 Reserve with Federal reserve banks 718,181 729,086 728, 279 Items with Federal Reserve banks in process 699, 581 719,315 of collection 180,134 | 176,899 162,397 Due from banks, bankers, and trust com- I 191,335 205, 536 panies 391,948 Exchanges for clearing house, also checks on 424,176 j 441,096 388,354 476, 640 other banks in same place 557,683 I 406,091 391,734 355,900 698,686 Outside checks and other cash items 55,769 I 49,319 57,356 46, 643 67,388 United States securities borrowed 19,471 18,449 15,629 15,188 14,969 Other securities borrowed 2,012 1,954 2,048 2,186 2,232 Other assets 176,841 168,865 156,872 143,623 156,483 Total . 11,917,017 j 12,248,870 12,293,124 12,025,993 I 12,843,303 LIABILITIES. Capital stock paid in 624,656 661,559 670,154 672,496 677,979 Surplus fund 550, 750 563,491 561,676 5.59,202 573,610 Undivided profits, less expenses and taxes paid 268,508 259,009 261,003 282,288 259,342 Due to Federal reserve banks 11,501 7,960 9,278 8,008 9,709 Due to banks, bankers, and trust companies _ 725, 717 814,205 799,481 750,174 907,610 Certified and cashiers' or treasurers' checks outstanding 351,059 276,968 215,147 237,031 388, 524 Demand deposits... 5,283,488 5,349,066 5,408, 921 5,238,910 5, 575, 521 Time deposits __I 3,326,958 3,563,258 3,624,048 3, 603,093 3, 703, 712 United States deposits 160,005 142,281 105,921 45, 434 81,461 Total deposits 9,858,728 10,153,738 10,162,796 9, 882,650 10, 666,537 Bills payable (including all obligations representing money borrowed other than rediscounts) 119,149 124,247 152,068 163. 642 120,817 Notes and bills rediscounted (including acceptances of other banks and foreign bills of exchange or drafts sold with indorsement) 185,176 | 182,940 | 197, 421 203, 926 238, 765 Cash letters of credit and travelers' checks I Ac o c u e t p s t t a a n n c d e i s n g executed for customers 16 10 6 , , 6 7 9 5 5 6 j ! 17 1 9 2 , , 1 3 8 7 4 2 ! 1 2 47 6 . , 1 0 7 1 3 8 14 19 5 , , 9 6 2 1 7 5 19 1 5 4 , , 8 7 7 6 7 9 Acceptances executed by other banks for account of reporting banks 10,021 i 14, 982 15,410 7,782 8,567 United States securities borrowed 19,523 18,462 15, 634 15,192 14, 969 Other securities borrowed 2,012 1,954 2,048 2,186 2,232 Other liabilities 101,043 | 76, 932 81, 723 71,087 69,839 Total. 11,917,017 12,248,870 I 12,293,124 12,025,993 12,843, 303 Ratio of reserve with Federal reserve banks to net deposit liability (per cent) 10.8 ! 10.7 10.6 10.4 ! Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

184 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD, No. 81.—ABSTRACT OF CONDITION REPORTS OF ALL MEMBER BANKS (NATIONAL AND STATE) IN NEW YORK CITY. [In thousands of dollars.] Dee. 29, Apr. 3, June 30, Sept. 14, i Dec. 31, 1922 (58 1923 (58 1923 (61 1923 (62 S 1923 (63 banks). banks). banks). banks). j banks). RESOURCES. Loans and discounts 3, 764,127 3, 754, 571 3,722,909 i 3,611,946 ! 3, 790, 960 Overdrafts 1,310 1, 355 1,437 l 1,106 j 1,840 Customers' liability on account of acceptances 215, 053 218,055 204,764 l: 180,378 I 240, 591 United States Government securities 1, 008, 895 979,944 955, 692 • 873,990 I 897,303 Other bonds, stocks, and securities 553, 434 502. 266 512,832 ', 503,901 ! 517, 689 Banking houses, furniture, and fixtures 87,519 [ 89,311 89,483 I 90,199 | 91, 598 Other real estate owned 1. 3,170 i 3,159 3,397 3,712 3, 502 Cash in vault 69,365 i 62,483 51,437 I 57,424 ! 61, 383 Reserve with Federal reserve banks 624,956 j 587, 359 569,931 ; 550,056 | 577,156 Items with Federal reserve banks in process of collection 125, 5,58 i 106, 714 111, 451 123,095 i 133, 325 Due from banks, bankers, and trust companies 78,019 I 64, 273 65,863 | 55,980 ! 82, 285 Exchanges for clearing house, also checks on other banks in same place 1, 019, 819 614,326 576,149 575, 747 j 1,163,045 Outside checks and other cash items 19,122 i 18, 291 21,490 i 19,478 ! 29,379 Redemption fund and due from United | Un S i t t a e t d e s S T ta r t e e a s s u se re c r urities borrowed1 1,91 8 3 6 | |. 1,922 1,953 1,944 ! 1, 924 Other securities borrowed l 40 ; Other assets 227,998 i 179, 223 173,450 | 159,605 180, 010 Total . 7, 800, 384 ! 7,183, 252 j 7, 062, 238 j 6, 808, 561 I 7, 771, 990 LIABILITIES. Capital stock paid in 314,230 ' 324, 925 328,200 I 329,183 i 330,298 Surplus fund 390,130 j 378,824 I 373,520 j 373,414 i 373,520 Undivided profits, less expenses and taxes paid 165,184 165, 908 171,253 | 182,382 ! 174,408 Due to Federal reserve banks 1,573 486 130 | 168 I 211 Due to banks, bankers, and trust companies- 1,119,972 I 1,105,840 1,124,776 j 1,016,859 ! 1,227,355 Certified and cashiers' or treasurers' checks outstanding 587,971 | 369,347 Demand deposits 3,921,252 | 3,493,958 Time deposits 534,287 United States deposits 197,876 Total deposits 6, 362, 931 Bills payable (including all obligations representing money borrowed other than rediscounts) Notes and bills rediscounted (including acceptances of other banks and foreign bills of exchange or drafts sold with indorsement) Cash letters of credit and travelers' checks outstanding Acceptances executed for customers Acceptances executed by other banks for account of reporting banks National bank notes outstanding United States securities borrowed Other securities borrowed Other liabilities Total | 7,800,384 Ratio of reserve with Federal reserve banks to net deposit liability (per cent) 1 Exclusive of securities borrowed by national banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AXXTJAL REPORT OF THE FEDERAL RESERVE BOARD. 185 82.—ABSTRACT OF CONDITION REPORTS OP ALL MEMBER BANKS (NATIONAL AND STATE) IN THE CITY OF CHICAGO. [In thousands of dollars.] j Dec. 29, Apr. 3, June 30, Sept. 14, Dec. 31, 1922 1923 1923 1923 1923 (25 banks). (23 banks). (24 banks). (25 banks). (24 banks). RESOURCES. .Loans and discounts 1,036,257 1,064,072 1,061,854 1,061,276 1,057,462 Overdrafts _. 179 272 235 157 244 Customers' liability on account of acceptances 32,475 27,049 19, 549 25, 930 31,463 United States Government securities 138, 966 121,832 115,430 123,163 124,680 Other bonds, stocks, and securities 155, 910 159, 738 150,221 132,171 139,298 Banking houses, furniture, and fixtures 14,894 15,445 21,527 23,006 20,439 Other real estate owned 2,334 2,280 2,288 2,401 64 Cash in vault 28,265 24,888 22,468 23,538 25, 618 Reserve with Federal reserve banks 144,185 129,125 134,484 136,557 133,458 Items with Federal reserve banks in process of collection 43,050 40,127 31,480 39, 717 41,597 Due from banks, bankers, and trust companies 117,868 117,717 117,393 115,146 122,877 Exchanges for clearing house, also checks on other banks in same place 77, 066 48, 719 62,354 48,197 85,559> Outside checks and other cash items 9,195 9,812 9,059 5,826 7,781 Redemption fund and due from United States Treasurer 29 131 134 United States securities borrowed J Other securities borrowed * Other assets.. j 30, 514 26,045 21,396 13, 910 19, 702 i Total.. 1,831,187 1,787, 233 1,769,869 j 1,751,129 1,810,372 LIABILITIES. ! Capital stock paid in j 87,530 86, 650 91, 972 93,020 92, 050f Surplus fund | 83,325 83, 435 79, 984 80,495 79,995 Undivided profits, less expenses and taxes paid ! 57, 906 54, 523 55,125 56, 622 55, 708. Due to Federal reserve banks |. Due to banks, bankers, and trust companies, j 336,076 356,235 330,171 337,140 331,182 Certified and cashiers' or treasurers' checks outstanding . ! 40, 490 22,404 14,191 17,379 22,941 Demand deposits I 828,966 824,857 799, 717 843,438* Time deposits __.{ 278, 975 276, 073 279,022 272,398 281,651 United States deposits I 25,935 16,304 14, 745 4,955 9,835 Total deposits I 1, 510,442 1,439, 944 1,431,589 1,489, 047 Bills payable (including all obligations representing money borrowed other than rediscounts) j 7,670 24, 615 7,304 18, 950 20,03Q Notes and bills rediscounted (including j acceptances of other banks and foreign j bills of exchange or drafts sold with in- j dorsement) 18,238 33,470 13,197 15, 035 15,080 Cash letters of credit and travelers' checks outstanding 1,723 2,224 8,025 2, 751 2,042 Acceptances executed for customers 31,835 27, 702 18,195 25,031 29,465 Acceptances executed by other banks for account of reporting banks 1,156 1,436 1,988 1,821 2,349 National bank notes outstanding 575 2,248 2,584 2,670 2,665 United States securities borrowed 1,000 1,000 1,000 Other securities borrowed Other liabilities 30,787 29, 986 27,509 22,145 21,941 Total., 1,831,187 1,787,233 | 1,769,869 1,751,129 1,810,372 Ratio of reserve with Federal reserve banks to net deposit liability (per cent) 13.5 | 12.8 13.0 13.3 12.9* Exclusive of securities borrowed by national banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

186 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. No. 83.—ABSTRACT OF CONDITION REPORTS OF ALL MEMBER BANKS (NATIONAL AND STATE) IN RESERVE CITIES. [In thousands of dollars.] Dec. 29, Apr. 3, June 30, Sept. 14, Dec. 31, 1922 1923 1923 1923 1923 (574 banks).(569 banks), (569 banks).(565 banks).(560 banks). RESOURCES. Loans and discounts 6, 255, 257 6, 562, 661 6, 681, 853 6, 703,137 6, 672, 032 Overdrafts 5,772 5,187 4,608 4, 603 4,651 Customers' liability on account of acceptances 111,952 120, 607 99. 875 84, 349 105,923 United States Government securities 1,211,340 1, 273, 297 1, 266, 494 1,208,150 1,116,276 Other bonds, stocks, and securities 1, 208, 404 1,177, 706 1,206,017 1,190, 725 1, 233, 995 Banking houses, furniture, and fixtures 263, 901 273, 657 279,117 288, 599 297,341 Other real estate owned 52, 205 55, 798 61, 460 57, 018 55,149 Cash in vault 171, 785 149, 989 129, 690 160, 848 164, 263 Reserve with Federal reserve banks 620, 807 645, 672 615, 270 Items with Federal reserve banks in process 620,147 627, 971 of collection 379,457 363,162 390,009 Due from banks, bankers, and trust com- 332, 026 398, 638 panies 737, 542 696,101 713, 700 Exchanges for clearing house, also checks on 652, 373 666, 037 other banks in same place 251, 663 252,188 209, 031 367, 750 Outside checks and other cash items 58, 703 49, 417 234, 353 58,110 72,143 Redemption fund due from United States 69,128 Treasurer 9,433 9,298 9,355 9,276 8,961 United States securities borrowed 1.__ 10, 507 8,832 j 7,341 7,661 6, 515 Other securities borrowed i 43 57 145 283 Other assets 93,342 85,765 I 76, 297 82, 290 87, 581 Total. 11, 442,070 11,729,380 11,730,191 11,756,588 11,911,842 LIABILITIES. Capital stock paid in 639,401 657, 301 663, 042 663,499 659,105 Surplus fund 553, 777 556, 670 560, 526 554, 096 556, 668 Undivided profits, less expenses and taxes paid 239,378 229, 609 230,163 255, 257 223,196 Due to Federal reserve banks 10,945 10,189 7, 675 10, 205 8,792 Due to banks, bankers, and trust companies. 1, 589, 723 1, 577, 467 1, 358, 783 1, 436, 250 1, 498, 429 Certified and cashiers' or treasurers' checks outstanding.. _ _ 143,846 127, 928 113, 066 117,629 185, 272 Demand deposits 4,807,170 4,903,972 4,990,803 4,981,801 4,960, 608 T U Ti o n m i t t a e e l d d d e S e p t p o a o s te i s t s s i t d s eposits 9 2 , , 6 3 1 1 4 7 8 5 5 , , , 2 3 3 7 9 5 6 8 8 ! | 9 o2 , , 7 5 I 1 O8 8 8 A4 5 1 , , , 6 1 0 *1 0 7 , 4 4 4 A ! 9 2, , 8 41 5 85 4 94 , ,, 1 4 48 1 47 1 9 9 2 , , 4 8 9 6 8 5 7 2 , , , 6 4 3 5 3 3 3 7 1 9 2 , , 9 7 1 5 3 3 0 3 6 , , , 9 0 8 9 0 8 2 7 4 Bills payable (including all obligations representing money borrowed other than rediscounts) 129, 815 148,112 209,404 194, 806 137,311 Notes and bills rediscounted (including acceptances of other banks and foreign bills of exchange or drafts sold with indorsement). 157, 291 162, 006 222,270 240, 048 224, 019 Cash letters of credit and travelers' checks outstanding 2,238 2,230 4,198 2,827 3,311 Acceptances executed for customers 107,801 123, 765 92, 475 84,077 112, 806 Acceptances executed by other banks for account of reporting banks 9,473 11, 652 13,755 6, 705 6,513 National bank notes outstanding 185, 395 183, 271 180, 750 184,152 176,076 United States securities borrowed 29,314 25, 326 26,155 29,141 29,597 Other securities borrowed 1,354 2,644 1,622 1,560 1,852 Other liabilities.... 41, 475 41, 620 41, 644 44, 767 44,396 Total 11,442,070 11, 729, 380 11, 730,191 11, 756, 588 11,911,842 Ratio of reserve with Federal reserve banks to net deposit liability (per cent) 10.2 10.3 10.0 9.9 L Exclusive of securities borrowed by national banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. 187 No. 84.—-ABSTRACT 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. 29, Apr. 3, June 30, Sept. 14, Dec. 31, 1922 (9,202 1923 (9,200 1923 (9,202 1923 (9,191 1923(9,127 banks). banks). banks). banks). banks). RESOURCES. Loans and discounts 7, 005, 818 7,173, 679 7, 397, 705 7, 462,119 7, 514, 542 Overdrafts 12, 067 10,028 9,457 12, 756 9,955 Customers' liability on account of acceptances _ _ 13, 070 12,448 10,195 5,184 13, 618 United States Government securities _. 1,429,176 1, 508,193 1, 532, 616 1, 517,138 1,502,573 Other bonds, stocks, and securities 1,981, 591 2,037, 392 2, 055, 645 2,091, 214 2,154,330 Banking houses, furniture, and fixtures 345, 603 352, 669 361,921 365,847 377,414 Other real estate owned-- 65,645 72, 906 78, 035 82,148 88,919 Cash in vault -. 292,161 280, 752 225, 316 281, 597 310,169 Reserve with Federal reserve banks 549, 080 546, 453 Items with Federal reserve banks in process 546, 430 554, 342 574, 269 of collection-_ 87, 861 84, 351 Due from banks, bankers, and trust com- 91,516 93,341 100, 77S panies _ 872,150 760, 555 Exchanges for clearing house, also checks on 896,196 803, 015 905, 486 other banks in same place _.. 56, 573 74, 396 73, 323 53,821 93,183 Outside checks and other cash items 30, 943 25, 722 29,230 22, 551 31, 684 Redemption fund and due from United States Treasurer _ 25,425 25, 537 25, 645 25, 555 25, 705 United States securities borrowed1 8,878 9,617 7,527 8,454 Other securities borrowed 1 1,972 1,911 1,991 2,041 1,949 Other assets.__ 30,917 32, 784 32,302 31,950 31, 074 Total _ —. 12,808,930 13,152,176 13,233, 028 13, 412,146 13, 744, 402 LIABILITIES. Capital stock paid in 899,755 911,077 915,081 918, 438 921, 601 Surplus fund 598, 533 611, 624 617, 672 618,917 631,136 Undivided profits, less expenses and taxes paid. 334, 765 295, 036 280, 540 310,909 279, 881 Due to Federal reserve banks. _ 27,092 23,802 25, 667 27,398 i 27,671 Due to banks, bankers, and trust companies. 407,002 434, 218 370, 248 375,253 418,690 Certified and cashiers' or treasurers' checks outstanding 84,927 81, 786 75, 296 91,510 Demand deposits. _ _ _ 5,258,119 , 5,358,898 5,282,439 5,370, 867 5, 560,181 Time deposits __ _ 4, 213,343 4,489,651 4,653, 454 4,735, 241 4, 830,374 United States deposits _ .._. 62, 590 68,200 58,736 32,124 41,817 Total deposits.-. —. 10,053,073 10,458,555 10,465,840 10,607,831 10,970,243 Bills payable (including all obligations representing money borrowed other than rediscounts) , „.._ 194, 738 174, 814 208, 311 196, 065 205, 790 Notes and bills rediseount&di (including acceptances of other banks azusl foreign bills of exchange or drafts sold-with indorsement _ _.,._,, _., 168, 641 142, 476 196,567 206,856 171, 614 Cash letters of credit and travelers' checks outstanding-, „,„_ 272 369 352 177 Acceptances executed for customers.. _ 12,992 12,140 9,681 4,735 13,015 Acceptances executed by other feanks for account of reporting banks ,,, 482 763 597 677 National bank notes outstanding 501,680 504,293 506,037 508,175 United States securities borrowed 22, 260 23, 738 20,953 19, 556 21,181 Other securities borrowed _ „ 3,566 3,471 3,403 3,376 3,418 Other liabilities. 18,269 16,198 15, 559 18,477 17,494 Total 12, 808,930 13,152,176 13, 233,028 13,412,146 13,744,402 Batio of reserve with Federal reserve banks to net deposit liability (per cent).. 7.6 7.4 7.4 7.4 7.4 1 Exclusive of securities borrowed by national banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 85.—LOANS, INVESTMENTS, DEPOSITS, AND BORROWINGS OF NATIONAL BANKS ON CALL DATES FROM 1914 TO 1923. 00 00 [En thousands of dollars.] Deposits. | ! N b u a m o n f k b s e . r d L i o s a c n o s u n a t n s d .1 U s e e . m c S u i . r n i G e ti n o e t s v . - I I O s s t t o h ec c e u k r r s b i , t o a ie n n s d d . s, re B a d b i i l s l l e s c o p a u n a n y d t - s. 1914. ! Dec. 31 i 7,581 6, 363, 435 795,078 i 1,331,838 8, 236,468 132,442 1915. 8 Mar. 4. 7, 599 6,507,011 781,194 1,256,901 1,238,053 59,541 2, 243, 744 8, 593, 967 95, 660 May 1___ 7,604 fi, 649, 792 783, 994 1,243,871 1,293,992 46, 723 2, 226, 534 8, 892, 047 90, 533 June 23._ 7, 605 6, 665, ] 45 783, 454 1,284,915 1,326,850 48, 964 2, 208, 006 8, 821, 24) 98,120 H Sept. 2... 7,613 6,814,062 781, 726 1,311,809 1,379,421 44,900 2, 466, 056 9,229,517 105, 719 Nov. 10.. 7,617 7,315,335 777, 765 1,436,613 1,423,891 41,203 2, 709, 673 JO, 157,472 103, 455 Dec. 31.. 7,607 7,450, 653 774,639 1,468,874 I 1,466,015 35,901 2, 738, 432 10,402,386 98,416 HI Mar. 7.. 1916. 7,586 7, 597,890 753, 913 1,558,394 9,910,197 6,135, 828 1,548,578 33,273 3, 074, 080 10,791,765 61,956 W May 1... 7,578 7, 713, 748 738,830 1,619,343 10,071,921 6, 461,966 1, 642, 523 35,489 2,995, 344 11, 135,322 63, 720 June 30.. 7, 579 7, 769,096 731, 205 1.620,755 10,121,056 6, 395,024 1,729,666 39, 457 2, 712. 940 10, 877,087 08, 618 Sept. 12.. 7, 589 7, 998, 582 729, 777 1,717,916 10, 446, 275 6, 605, 922 1, 805, 934 34,822 2, 915, 663 11,362,341 91,893 Nov. 17.. 7,584 8, 432, 656 724,473 1,801,920 10,959,049 7, 211, 403 1, 893, 813 35, 308 3, 348, 755 12, 489, 279 73, 671 Dec. 27.. 7,584 8, 438, 099 716,960 1,818, 603 10, 973, 662 7, 034, 098 1,935, 710 35,418 3, 261, 620 12,266,846 89, 758 1917. Mar. 5.. 7,581 8, 796, 299 714, 523 1,863,594 11,374,416 7, 169, 249 2, 070, 971 34, 695 3, 683, 265 12,958,180 69, 727 May 1... 7,589 8, 838,910 768,114 1,950,752 11,557,776 7, 498,891 2,166, 683 35, 626 3, 379,138 13,080,338 92,314 June 20 _. 7,604 8,991,809 1,076, 256 1,936,812 12,004,877 7, 433, 493 2,179, 761 132,965 3, 025, 614 12,771,833 373,028 w Sept. 11.. 7,638 9, 263, 728 1,158,982 1,961,235 12,383,945 7, 679, 370 2, 295,982 210, 395 3, 048, 550 13,234,297 285,104 Nov. 20.. 7,656 9, 824, 728 2,354,183 2, 005,317 14,184, 228 8, 056, 948 2,281,865 1, 352, 006 3,107, 517 14, 798, 336 599,945 Dec. 31.. 7,662 9,906, 377 1, 624, 529 13, 499, 536 8, 436, 395 2, 298, 282 517. 315 3,193, 697 14,445,689 741, 848 1918. w J M M u a a n r y e . 2 1 4 9 0 .. . . . . 7 7 7 , , , 6 6 7 8 7 0 8 0 5 1 9 9 0 , , , 1 7 5 6 9 6 4 9 6 , , , 2 6 3 2 3 7 3 5 0 2 2 2, , , 1 6 1 2 6 2 9 2 6 , , , 9 6 2 6 0 8 3 5 3 1 1 1 , , , 9 8 8 1 4 5 0 0 6 , , , 4 7 7 5 8 7 6 7 2 1 1 1 4 3 4 , , , 1 2 6 3 8 3 4 5 6 , , , 9 3 7 5 9 4 4 3 7 8 8 7 , , , 0 0 8 8 9 3 4 4 8 , , , 1 1 6 4 5 8 6 0 6 2 2 2 , , , 3 3 3 4 4 7 2 3 0 , , , 6 7 5 7 4 8 9 7 9 1 1, , 6 0 0 8 3 6 2 7 0 , , , 7 7 0 1 8 8 2 7 6 3 2 2 , , , 8 8 3 8 0 0 7 2 1 , , , 6 0 0 8 2 1 3 32 1 1 1 4 4 4 , , , 0 3 4 2 8 3 1 5 8 , , , 6 1 0 2 7 9 6 0 9 8 8 6 8 4 5 3 4 6 , , , 2 1 8 7 9 7 1 6 5 o > Aug. 31.. 7,728 10,126,388 2, 466,268 1, 795,082 14. 387, 738 8, 095, 749 2,397,491 506, 583 2,885,936 13, 885, 759 1,294,004 Nov. 1... 7,754 10, 755,471 3,166,492 15; 688, 032 8,640, 818 2,372, 512 1,136, 884 2, 901, 259 15,051,473 1,566,995 Dec. 31.. 7,767 10, 446, 473 2, 956, 394 1, 15,191,499 9,460, 577 2, 473f 868 313,381 3,175,255 15,423,081 1,380,831 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1919. Mar. 4.. 7,761 10,096,300 I 3, 686, 720 1,807,032 15, 590, 052 8, 856, 395 2, 652, 666 591,318 3,199,428 15, 299, 807 1,451,223 May 12.. 7,773 10, 267,153 ! 4, 032, 753 1, 849, 087 16, 148,993 9, 552, 767 2, 729, 245 530, 551 3, 091, 233 15,903,796 1,547,723 June 30.. 7, 785 11,027,280 i 3,176, 314 1,875, 609 16,079,203 9, 588,144 2, 784,940 566, 793 2, 984, 988 15, 924, 865 1, 484, 769 Sept. 12., 7,821 11,546,095 3, 296,593 1,919, 216 16. 761, 904 10,174, 670 2,921, 034 518, 903 3, 067, 000 16,681,607 1, 505, 516 Nov. 17.. 7, .865 12,268,757 I 2,881,881 1,983,402 17,134,040 10, 773, 058 3, 053, 685 270, 390 3, 370, 720 17, 467, 853 1, 742, 631 Dec. 31.. 7,890 12, 784, 460 2, 723, 493 1, 985, 218 17,493,171 10,928,635 3,139, 542 448, 863 3, 349, 373 17, 866, 413 1,911,810 1920. Feb. 28. 7,933 13,117,765 i 2, 459, 424 1. 970, 844 17, 548,033 10, 329, 637 3,259,178 67,914 3, 308, 393 16,965,122 2,064, 590 May 4... 7,990 13,524,921 2, 375, 801 1, 947,904 17,848,626 10,459,284 3, 410, 480 115,200 2, 939, 579 16, 924, 543 2, 265, 079 June 30.. 8,030 13,637,115 I 2, 269, 575 1, 916,890 17, 823, 580 10,650,112 3, 485, 501 175, 788 2, 844, 020 17,155, 421 2, 206, 068 Sept. 8~. 8,093 13,732,321 2,175, 019 1,924,161 17, 831, 501 10, 346, 539 3, 560, 298 53, 453 2, 791, 666 16, 751, 956 2, 299, 640 Nov. 15_. 8,123 13,783,998 j 2,152,465 1, 953, 827 17,890,290 10, 544, 778 3, 621,112 147, 239 2, 648, 573 16,961, 702 2, 390, 633 Dec. 29.. 8,130 13,543,932 | 2,131,573 1, 990,454 17, 665,959 9, 888, 077 3, 631, 837 212,123 2, 545, 720 16, 277, 757 2, 342, 663 1921. Feb. 21.. 8,143 12,837, 274 2,047, 234 1,980,825 16.865, 333 9, 249,181 3, 712,430 113, 449 2, 403, 294 15, 478. 354 1,925,529 Apr. 28.. 8,152 12,367,400 2,001,811 1, 990,970 16,360,181 8, 872, 860 3, 698, 518 175,149 2,105, 332 14, 851', 859 1,711,502 June 30. 8,154 12, 014,485 2, 019,497 2,005, 584 16, 039.566 9, 046, 475 3, 695, 806 249, 039 2,151, Oil 15,142, 331 1,471,979 Sept. 6- 8,155 11, 695, 047 1, 861,977 1, 973, 749 15, 530, 773 8, 652, 869 3, 680, 704 109, 981 2,117, 298 14, 560, 852 1, 256, 773 Dec. 31.. 8,169 11,515, 338 1,975,898 2, 081, 442 15, 572,678 8,871,799 3, 749, 328 188, 089 2, 265, 886 15,075,102 1, 019,929 1922. Mar. 10.. 8,197 11, 293, 874 2,031,564 2,086, 596 15,412,034 8, 796, 631 3, 837, 759 215, 347 2. 540, 15, 390, 438 598,826 May 5... 8,230 11,194,343 2,124, 691 2,162, 587 15, 481, 621 9, 091, 841 3, 918, 282 141, 844 2, 615, 021 15,766,988 534, 621 June 30.. 8,249 11,257,412 2,285, 459 2, 277, 866 15, 820, 737 9, 603, 188 4,111,951 103, 374 2, 502, 051 16, 320, 564 508.752 Sept. 15.. 8,240 11,248,166 2, 402,492 2, 289, 782 15,940,440 9, 643, 796 4,169, 220 145, 182 2, 640, 564 16,598,762 429, 324 Dec. 29.. 8,225 11,612,713 2, 656, 560 2, 347, 479 16, 616, 752 10, 042,192 4, 318, 736 304,176 2, 755, 377 17, 420, 481 573, 202 1923. Apr. 3... 8,229 11,679,621 2, 694, 207 2,346,915 16. 720, 743 9, 505, 256 4, 580, 216 264, 279 2, 686, 530 17, 036, 281 660. 632 June 30-. 8,241 11, 828,101 2, 693, 846 2, 375, 857 16, 897, 804 9, 541. 485 4, 755,162 192,135 2, 409,198 16,897,980 723, 722 Sept. 14.. 8,239 11,947,506 2, 602, 762 2, 398, 304 16, 948, 572 9, 629, 072 4, 864, 369 101, 649 2, 445, 440 17, 040, 530 753, 794 Dec. 31.. 8,184 11,887,032 2,566,851 2,477,843 16,931,726 10,127,182 4,948,019 157,849 2,595,811 17,828,861 658,062 1 Includes rediscounts, overdrafts, and customers' liability on account of drafts paid under letters of credit. 2 Includes certified and cashiers' checks outstanding. 3 Includes postal savings deposits. in fed Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 86.—LOANS, INVESTMENTS, CAPITAL, SURPLUS, DEPOSITS, AND SORROWINGS OF ALL MEMBER BANKS ON CALL DATES 1914 TO 1923. O [In thousands of dollars.] Deposits. Bills Date. b N be a u r n m k - o s f . d L i o s a c n o s u n a ts nd .l s G e U S c m o u n t v a e r i e i t t n t e e r i t s n d e - s. s s t e o b c O c u o k r t n s h i d , t e i s r e , a s nd . Capital. Surplus. ( D c i c n a e e c s r a m t l h n i u f i d a d e ie n r i d n s d ' g ( s i a n p v T c o i l i n s u m g t d a e s i l ) n . g 2 U S n ta i t t e e s d . a p n c a d o y u r a n e b t d s l i , e schecks). Q W Dec. 31, 1914.. 7,852 8, 559,875 6,419,071 794,239 1,346,565 1,074,757 734, 527 8,305,440 5,124, 745 1,233,280 70, 77G 1,876, 639 132, 902 H O Mar. 4, 1915... 7,607 8,615,117 6,563,326 780, 355 , 271,436 1,075,805 731,978 8,666, 422 5,091, 728 , 264,006 58, 719 2, 251, 969 95, 943 May 1, 1915... 7,614 8, 748, 350 6, 705,146 783,157 , 260,047 1,075, 258 727, 039 8,967, 321 5,366,911 , 319, 921 45, 960 2, 234, 529 90, 098 June 23, 1915,. 7,615 8,806,015 6, 719, 715 782,619 , 303,681 1,077, 885 729, 799 8, 893,955 5, 277, 748 , 351, 699 48, 261 2, 216, 247 98, 487 H S N e o p v t . . 1 2 0 , , 1 1 9 9 1 1 5 5 .. .. 7 7 , , 6 63 4 0 0 9 9 , , 0 7 8 3 7 0 , , 9 0 8 7 1 3 6 7 , ,4 9 8 6 2 4 , , 6 7 8 0 7 5 7 7 7 8 6 0 , ,8 9 9 3 5 2 , , 4 3 7 4 0 2 , , 4 38 5 1 4 1 1, , 0 0 8 8 7 7 , ,2 5 8 4 9 9 7 7 3 3 8 8 , , 6 27 6 6 3 1 9 0 , ,3 43 8 7 9 , , 2 2 6 1 7 0 6 5 , , 1 4 5 9 2 0 , , 9 2 7 2 4 6 , , 4 46 1 3 6 , , 2 64 5 1 8 4 4 0 3 , , 3 95 0 1 0 2 2, , 4 7 8 3 5 3 , , 6 4 4 4 83 1 1 0 0 6 4 , , 0 0 1 8 8 3 w Dec. 31, 1915.. 7,631 9,898, 575 7, 622,474 773,807 ., 502, 294 1, 087,150 741, 529 10,635, 606 6,333, 596 , 506,018 34, 866 2, 761,126 99,109 Mar. 7, 1916.. 7,612 10,119, 693 7, 777, 301 753, 049 , 589, 343 1,086, 590 740, 669 11, 030, 326 6, 303, 731 , 592, 376 32, 296 3,101,923 62, 428 May 1, 1916,.. 7,605 10, 284, 575 7, 898,141 737,997 1,648,437 1,086,807 740, 727 11,403,506 6, 661, 384 ., 685, 830 34, 41f> 3,021,876 64, 117 June 30, 1916.. 7,606 10,347,962 7,964, 297 730,374 , 653, 291 1, 085,375 747, 431 11,133, 293 6, 581, 382 , 774,839 38, 607 2, 738, 465 09, 067 Sept. 12, 1916.. 7,618 10,763,079 8, 263, 282 728,948 1, 770,849 1, 090, 891 754, 202 11,736,987 6,891, 676 , 852, 761 33,943 2, 958, 607 95, 008 Nov. 17, 1916 _. 7,614 11,289,957 8,712,262 723,643 1,854,052 1,094, 542 762,134 12,892, 622 7, 522, 254 1,939, 488 34, 408 3,396, 472 79,618 Dec. 27, 1916... 7,614 11,306,806 8, 713, 686 716,129 1,876,991 1, 095, 719 767, 450 12,661,287 7, 340, 515 1,983, 202 34, 543 3, 303,027 94, 670 Mar. 5, 1917.. 7,614 11, 733,023 9,096,145 713, 713 1,923,165 1,100,126 778,239 13, 395,876 7, 503, 543 2,125,049 33, 717 3, 733, 567 75,341 May 1, 1917... 7,629 12, 017,969 9,207, 646 776,189 2, 034,134 1,111,345 791, 368 13, 651, 006 7, 915, 697 2, 262,897 34, 675 3, 437, 737 95, 440 June 20, 1917.. 7,653 12,558,839 9, 423,427 1,098,036 2, 037, 376 1, 123,205 799, 331 13, 39G, 922 7, 856, 476 2, 303, 732 140, 584 3. 096,130 379,917 Dec. 31, 1917- 7,907 3 17,132, 205 3 12,419, 748 2,854,364 1, 311,150 1,085,110 18, 628,027 11,179,676 3,150, 241 649,413 3, 642, 697 886, 773 May 10,1918.. 8,132 18,874,889 3 12,758, 572 3,281,120 2,835,197 1, 367,060 1,143,321 19, 209,959 11,050,610 3, 346,828 1, 459, 274 3, 353, 247 1,134, 959 June 29, 1918.. 8,213 3 18,724,1493 13,318, 589 2, 567,044 2,838, 516 1, 381, 220 1, 157,792 18,954,308 10, 753, 727 3, 395, 381 1, 521, 403 3, 283, 797 1,106, 441 td N De o c v . . 3 1 1 , , 1 1 9 9 1 1 8 8 . . . . 8 8 , , 6 5 9 9 2 6 2 2 1 0 , , 3 8 4 8 5 3 , , 6 9 1 5 7 8 1 14 4 , , 3 6 1 70 8 , , 5 5 2 2 3 3 3 3 , , 8 6 1 5 9 7 , , 6 2 4 4 1 3 2 2 , , 9 8 0 5 8 5 , , 1 4 9 5 2 3 1 1 , , 4 4 4 5 2 9 , , 2 0 0 9 6 5 .1 1, , 2 2 2 54 3 , ,34 53 2 5 2 2 0 1 , , 8 4 2 1 0 9 , , 8 3 1 3 5 0 1 1 3 2 , , 3 0 0 16 9 , , 3 3 0 1 3 0 3 3 , , 8 6 3 5 4 0 , , 3 9 2 4 0 3 1, 4 7 7 0 1 7 , , 6 6 2 3 7 2 3 3 , , 8 4 0 45 4, , 0 9 7 3 5 5 2 1 , , 9 0 6 3 9 2 , , 8 5 5 1 55 o Mar. 4, 1919.. 8,725 21, 760, 989 13,975, 744 4,823,001 2,962, 244 1,466,268 i 1, 269, 007 21, 493, 288 12. 708, 816 4,092, 477 884, 280 3, 807, 715 2, 060, 469 June 30, 1919.. 8,822 22, 603, 353 15, 535, 758 4,036,899 3, 030,696 1,489,792 i 1, 292, 716 22, 807, 520 13, 899, 421 4, 343, 382 902, 339 3, 562, 378 2,048, 753 Nov. 17, 1919. , 8,995 24, 527, 853 17, 589, 828 3, 660,943 3, 277, 082 1,565,871 j 1,343,684 25, 168, 890 15, 638,038 5, 049, 493 386, 309 4, 095, 050 2, 423, 886 Dec. 31, 1919... I 9,066 25, 181,511 18,363,644 3, 506, 426 3,311,441 1,593,833 ! 1,375,727 26, 121,621 16,062,684 5, 304, 793 648, 555 4, 105, 589 2, 561, 607 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

May 4, i920_. 9,291 25,847,116 19,497,574 3,081,156 3, 268, 386 1, 695, 555 1, 446, 915 24,835,338 15, 351, 732 5, 747, 532 | 190,168 I 3,545,906 3,054,068 June 30> 1920, 9,399 25,945, 407 19, 784, 370 2, 941, 655 3, 219, 382 1, 717, 044 1, 480, 429 25, 372,336 15, 715, 533 5, 910, 926 I 2G0,179 3, 485, 698 2, 952,167 N De o c. v . 2 1 9 5 , , 1 1 9 9 2 2 0 0 . . 9 9 , , 5 6 6 0 7 6 2 2 6 5 , , 1 8 3 8 2 7 , , 7 5 2 0 9 5 2 1 0 9 , , 0 7 7 67 9 , , 5 3 0 5 5 3 2 2 , , 7 7 8 5 6 9 , , 1 4 0 2 9 8 3 3, , 3 2 6 6 0 6 , , 9 8 4 9 8 1 1 1 , , 7 79 8 9 7 , , 1 0 6 6 0 1 1 1 , , 5 5 2 1 6 8 , , 9 9 0 5 1 8 2 24 5 , , 0 2 8 0 8 1 , , 6 2 5 7 9 7 1 1 4 5 , , 4 6 9 1 4 3 , , 1 8 2 9 90 6 6 , , 1 1 4 8 4 7 , , 9 0 2 6 1 4 | ! 3 2 1 1 6 9 , , 1 8 9 3 1 1 I 3 3 , , 0 2 8 3 4, 0 ,1 2 9 5 3 7 3 3 , , 3 2 0 47 7 , , 8 9 4 3 9 8 Apr, 28, 1921. 24, 644, 961 18,606,924 2, 627,073 3, 410,964 1,850,074 1, 552, 418 22, 812, 216 13, 509, 483 6, 343, 443 272, 561 2,686, 729 2, 432, 386 June 30, 1921. 9,745 24, 310, 666 18,206,011 2, 661,078 3, 443, 577 1, 858, 710 1, 557, 719 23, 324, 851 13,855, 620 6, 366, 632 389, 910 2,712,689 2,108, 879 Dec. 31, 1921 _ 9,779 23,644, 202 17,483, 518 2, 647, 793 3, 512, 891 1,867, 821 1, 557,475 23, 231, 356 13, 014, 458 6, 450, 629 306,103 2, 860,166 1,452,962 Mar. 10, 1922. 9,816 23, 418,982 17,161,135 2, 754, 846 3, 503, 001 1,886,172 1, 561, 043 23, 641, 418 13,484,054 6, 329,503 I 3,165,463 838,979 June 30, 1922. 9,892 24, 358,014 17, 295,943 3, 246,824 3,815, 247 1,912, 227 1, 584, 092 25, 516, 687 15, 035,179 7,175; 005 156,118 ! 3,150,385 722, 744 Dec. 29, 1922. 9,859 25,768, 503 18,080, 787 3, 788, 377 3,899, 339 1,940, 916 1, 625, 765 27, 271, 804 15,672,741 7,644,881 461,799 ! 3, 492, 383 877, 527 Apr. 3, 1923.. 9,850 26, 332,193 18,571,825 3, 883, 266 3, 877,102 1,979,953 1,630. 553 27,182, 459 15,127,221 8,142, 574 404,427 I 3, 508, 237 967, 819 June 30, 1923. 9,856 26,675,005 18,880, 058 3, 870, 232 3, 924, 715 1,998,295 1, 631, 702 27, 053, 202 15,161,059 8, 378, 211 296,482 j 3, 217, 450 1,073,211 Sept. 14, 1923 9,843 26,497, 552 18,857,100 3, 722, 441 3,918,011 2,004,140 1, 626, 922 26, 914, 718 15,100, 551 8, 466, 416 144,478 3,203,273 1,121,362 Dec. 31, 1923. 9,774 26, 738,130 19,051,686 3, 641,132 4, 045, 312 2,003,054 1, 641, 319 28, 486, 613 16,086, 731 8, 650, 610 230,942 3, 512, 330 1, 017, 644 1 Includes rediscounts, overdrafts, and customers* liability on account of drafts paid under letters of credit. 2 Postal savings deposits of State bank members are included with demand deposits for dates prior to June 20, 1917. 3 Exclusive of customers' liability on drafts paid under letters of credit by State bank members. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 87.—PRINCIPAL RESOURCES AND LIABILITIES OF ABOUT 764 REPORTING MEMBER BANKS IN LEADING CITIES. CO [In millions of dollars.] to Accommodation at Loans and discounts and investments. Deposits. Federal reserve banks. Loans and discounts, gross. Investments. Re- Se- Total. o c m U G b e u b S . r l e o r y e i n S e n v g - - d t - a . -s b c o t a o u o t S b n h n r c y e d e e k - d d r s s. ot A h l e l r. Total. Total. b P w o U r n a e r d n - s i . te b d L e o i r n S b ty d - ta s t . e T b s r o u s e n r e a y d c s s u - ri T t n i t V r a u e o o e n s r i t r a c y d . e y s - s - C e i o d d c e f e n a r b t i t e i n e t f s - s - - s s b s O t e t a o o i t c n n e c h u d s d k e r . s s r i , , - b s s w F a e e e r e n r r e r i a v t d v - k h l e - e s. v C a i a u n s l h t. m N d a e n e - t d. Time. m G e e r o n n v - t - . Total. o t c m U G i b e u b o r l . e o r i n y n S e g n v s - . d a t - . - O c c u w a u u n s t n i h r e r s s e d e - e e e d d - r tions. notes. Yearly average (based on weekly figures): 1921 15,346 11,980 667 3,030 8,283 3,366 1,317 879 236 202 2,049 1,263 320 10, 229 2,940 230 lr 261 494 767 1922. 15,163 10, 970 331 3,424 7, 215 4,193 1,985 1,241 568 176 2,208 1, 361 286 10,859 3,372 211 254 121 133 1923 16, 413 11, 789 255 3, 750 7,784 I 4,624 2, 457 278 1,044 907 129 2,167 1,400 291 11, 420 3,950 183 475 268 207 1923. Jan. 3. 16,353 11,619 306 3,909 7,404 4,734 2,502 275 1,084 132 801 210 2,232 1, 458 326 11, 527 3,748 351 390 254 136 10 16,185 11,498 304 3,787 7,407 4,687 2,494 279 1,082 129 807 197 2,193 1,473 317 11, 596 3, 715 186 289 195 94 17 16, 378 11,513 297 3,811 7,405 4,865 2,661 279 1,081 130 960 211 2,204 1,434 290 11,600 3,735 299 296 199 97 24 16, 249 11,405 277 3,733 7,395 4,844 2,638 279 1,077 128 955 199 2,206 1,443 288 11, 519 3,715 181 359 260 99 ?1 16, 289 11, 440 276 3, 723 7,441 4,849 2,627 281 1,069 131 952 194 2,222 1,444 275 11,537 3,729 150 379 287 92 Feb. 7. 16, 243 11, 439 270 3,677 7,492 4,804 2,611 281 1,068 125 957 180 2,193 1,430 284 11,485 3,723 134 357 257 100 14 16,299 11,509 273 3, 729 7,507 4,790 2,599 282 1,072 121 959 165 2,191 1,484 287 11,612 3,728 114 446 343 103 21 16, 264 11, 531 278 3,736 7,517 4,733 2,552 282 1,063 118 943 146 2,181 1,425 289 11,446 3,773 99 417 278 139 28 16, 330 11,640 283 3,800 7,557 4,690 2,504 283 1,042 112 921 146 2,186 1,408 277 11,525 3,776 100 386 267 119 Mar. 7 11, 635 272 3,717 7,646 4,703 2,517 283 1,060 114 943 2,186 1,403 285 11,385 3,856 100 372 248 124 14 16, 376 11,723 270 3,711 7,742 4,653 2,491 283 1,061 112 935 100 2,162 1,443 289 11, 464 3,891 109 406 274 132 21 16, 494 11,750 270 3,753 7,727 4,744 2,584 283 1,045 110 941 205 2,160 1,388 276 11,184 3,923 326 416 259 157 28.... 16, 498 11,784 265 3,766 7,753 4,714 2,553 283 1,042 108 929 191 2,161 1,395 283 11,082 3, 948 337 475 290 185 Apr. 4. 16, 569 11,880 271 3,828 7,781 4,689 2,533 283 1,038 106 918 188 2,156 1,407 283 11, 212 3,959 337 469 282 187 H ——- .- 16, 501 11, 825 272 3,763 7,790 4,676 2,516 282 1,035 105 921 173 ! 2,160 1, 387 289 11, 251 3,951 336 396 239 157 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

16,479 11, 821 3,773 7,770 4,658 2,500 282 | 1,037 103 907 171 2,158 1,438 27911,218 3,967 300 412 236 176 25 16,473 11, 839 3, 793 7,784 4,634 2,482 281 | 1,033 100 159 2,152 1,368 28111,156 3,989 266 402 243 159 May 2 16, 568 11,986 273 3,923 7,790 4,582 2,432 281 j 1,023 100 140 2,150 1,412 27611, 285 3,996 251 486 263 223 9 16, 491 11,922 284 3,824 7,814 4,569 2,437 281 j 1,025 98 894 139 2,132 1,402 28811,194 3,969 240 449 259 190 16 16, 635 11,938 271 3,824 7,843 4,697 2,559 281 1,019 1,023 138 2,138 1,426 27311, 220 3,966 416 445 257 188 16, 558 11, 892 262 3, 804 7,826 4,666 2,533 282 1,005 1,019 129 2,133 1,432 28311, 216 3,987 282 436 259 177 29-30 16,490 11, 840 266 3,800 7,774 4,650 2,501 279 1,002 992 130 2,149 1,386 28211,173 4,004 192 459 258 201 June 6_... 16, 467 11,808 261 3,807 7,740 4,659 2,519 279 1,013 998 132 2,140 1,406 29311,172 3,999 147 471 278 193 16,472 11,823 259 3,786 7,778 4,649 2, 516 280 1,018 989 130 2,133 1,420 29011, 320 3,991 147 441 253 188 20 16, 481 11,790 252 3, 755 7,783 4,691 2,551 280 1,031 984 160 2,140 1,397 27911,094 3,996 256 462 246 216 27 16, 543 11,850 251 3,806 7, 793 4,693 2, 535 281 1,040 974 143 2,158 1,390 28211,104 4,000 256 491 271 220 July 3 16, 625 11,952 257 3,880 |7,815 4,673 2,510 280 1,058 949 128 2,162 1,441 28511, 253 4,012 227 644 364 280 3 11 16,497 11,852 241 3,818 i7,793 4,645 2,494 277 1, 064 940 117 2,151 1,424 30711, 281 3,968 180 565 310 255 18 16,407 11, 763 239 3,745 |7,779 4,644 2,467 278 1,060 928 108 2,177 1,399 28511,163 3,981 157 527 304 223 H 25 16, 344 11,716 231 3, 742 i7,743 4,628 2,443 278 1,054 912 107 2,185 1,356 28311, 078 3,964 146 472 255 217 O Aug. 1 16, 350 11, 740 231 3, 712 '7, 797 4,610 2,437 277 1,063 901 104 2,173 1,396 27211, 080 3,972 147 516 278 238 8 16, 279 11, 696 230 3,653 7,813 4, 583 2,423 277 1,060 893 101 2,160 1,383 29510, 965 3,972 147 540 295 245 H 15 16, 273 11, 702 230 3,646 7,825 4,571 2,415 275 1,063 886 | 99 2,156 1,360 27911, 008 3,972 132 511 276 235 W 22 16, 211 11, 677 228 3,616 7,833 4,534 2,391 275 1,053 879 I 93 2,143 1,341 28110, 890 3,981 132 489 256 233 29 16, 244 11, 708 230 3,642 7,836 4,536 2,392 274 1,064 881 | 83 2,144 1,366 28310, 880 4,006 122 521 270 251 Sept. 5 16, 284 11, 771 230 3,661 7,880 4,513 2,373 275 1,058 871 | 81 2,140 1,368 28710, 963 4,009 110 557 297 260 12 ! 16,349 11, 840 232 3,660 7,948 4,509 2,363 275 1,059 860 ! 81 2,146 1,380 29311, 082 4,005 98 557 288 269 19 | 16,456 11, 892 245 3,697 7,950 4,564 2,410 275 1,051 861 i 136 2,154 1,340 28611, 020 4,012 236 491 221 270 26 ! 16,422 11, 877 258 3,677 7,942 4,545 2,387 275 1,053 856 j 116 2,158 1,366 28410, 891 4,020 238 573 294 279 Oct. 3 J 16,506 11, 984 258 3,738 7,988 4,522 2,376 275 1,043 860 | 111 2,146 1,396 28711,045 4,016 236 598 293 305 10 I 16,476 11, 956 257 3,665 8, 034 4,520 2,380 274 1,045 876 I 99 2,140 1,372 30511, 060 4,010 209 590 298 292 17 | 16,473 11,961 258 3,665 8,038 4,512 2,367 274 1,043 874 ! 91 2,145 1,410 29011,186 4,024 131 582 280 302 24 | 16,433 11, 920 230 3,673 8,017 4,512 2,359 277 1,040 877 | 80 2,154 1,351 29011, 077 4,033 107 561 273 288 31 | 16,474 11, 943 233 3,706 8,004 4,531 2,341 275 1,041 864 i 78 2,190 1,388 28311,158 4,032 98 593 304 289 Nov. 7 ! 16,418 11, 921 229 3,699 7,993 4,497 ! 2,330 275 1, 042 857 | 73 2,167 1,358 30511,130 4,034 97 539 264 275 14 ! 16,419 11, 930 241 3,687 8,002 4,489 ! 2,319 275 1,029 857 | 76 2,170 1,405 30011, 276 4,029 73 504 253 251 O 21 I 16,375 11, 899 225 3,734 7,940 4,476 J 2,284 276 1,013 845 ! 68 2,192 1,390 29011,158 4,022 55 467 222 245 28 | 16,368 11,904 227 3,732 7,945 4,464 J 2,279 276 1,011 842 69 2,185 1,385 29711,107 4,048 49 508 256 252 Dec. 5 I 16,385 11, 927 226 3,761 7,940 4,458 ! 2,279 276 1,013 839 69 2,179 1,384 30511,111 4,044 42 474 239 235 12 I 16,389 11, 918 224 3,768 7,926 4,471 j 2,294 274 1,012 841 ; 86 2,177 1,424 32111, 252 4,059 33 489 241 248 19 16,489 11, 956 225 3,830 7,901 4,533 I 2,338 276 1,005 840 i 134 2,195 1,355 33611,103 4,058 196 470 254 216 26 16,490 11, 934 228 3, 858 7,848 4,556 j 2,350 276 1,016 853 124 2,206 1,379 35511, 034 4,072 186 575 306 269 OO Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 88.—ASSETS AND LIABILITIES OF ALL BANKS IN THE UNITED STATES AND ISLAND POSSESSIONS FOR WHICH REPORTS ARE AVAILABLE CO ON OR NEAR JUNE 30, 1914-1923. [Taken from annual reports of the Comptroller of the Currency.] (In thousands of dollars.) 1914 (26,765 1915 (27,062 19 J 1 u 9 n ( e 2 9 3 ,1 0. 23 19 J 2 u 0 n e (3 0 3 , 0 1 , 39 19 J 2 u 1 n o (3 3 0 0 ,8 , 12 1 J 92 u 2 n e ( 3 3 0 0 ,3 , 89 1 J 9 u 23 n e ( 3 3 0 0 ,1 , 78 C"J banks). I banks). banks). banks). banks). banks). banks). n RESOURCES. Loans and discounts 15, 288, 357 15,722,440 17, 895, 366 30, 791, 725 ,693, 721 ',684,205 j 30, 229, 446 Overdrafts 51,121 36, 232 38,211 309, 186 81, 849 74,600 57, 982 Investments Ft, 584,925 5,881, 931 6, 796, 570 11,387,525 ,381,923 1,547,567 ; 13, 672, 547 H Total loans and investments 20,924,403 21,640,603 24,730,147 42,288,436 157,4% ,306,372 i 43,959,975 Banking house, furniture, and fixtures 609, 697 636, 821 610, 046 863,191 993,898 , 078, 174 | 1. 176,098 O Other real estate owned 129, 983 156,584 216, 596 137,785 153,623 198,457 ' 256, 119 Due from banks » 2,872,697 3, 233,943 4,032,125 5, 833, 241 ,794, 205 ., 414, 241 5, 597, 150 H Exchanges for clearing house 307, 246 488, 849 849, 910 , 049, 507 930, 594 646,590 W Checks and other cash items 520, 995 69, 630 281, 576 607, 868 241,160 644, 014 549, 485 Cash on hand 1, 639, 219 1, 457,702 1,486,118 1,076,378 946, 567 829. 892 797,101 Other resources -,._ 274, 404 301, 601 425,781 1,422,299 ,334,934 , 023, 623 1,052,393 Total 53, 079,108 49, 671, 390 50, 425, 367 54,034,911 LIABILITIES. Capital stock paid in 2,132, 074 2,162, 842 2,195,101 2, 274, 200 2, 351, ,588 2, 437,365 2, 702, 639 2, 903, 961 2, 943, 950 3, 052, 367 Surplus 1, 714,486 1, 732,918 1, 849, 693 1,945, 544 2, 034, 764 2,181,994 2, 410, 346 2, 542. 032 2, 697, 409 2, 799, 494 W Undivided profits, less expenses and taxes paid 562, 031 639, 778 564, 338 674,191 684, 260 825, 889 976, 261 910, 743 933, 843 954,145 National-bank circulation 722, 555 722, 704 676,116 660, 431 681, 631 677,162 688,178 704,147 725, 748 720, 001 w I D n u d e i v t i o d u b a a l n k d s e _ p _ os -r its 3 1 2 8 , , 5 7 8 0 8 5 , , 1 0 1 7 2 5 1 2 9 , , 1 7 9 8 9 3 , . 3 3 9 1 3 2 2 3 2, , 4 8 6 7 3 3 , , 6 4 0 9 9 3 26 3 , , 9 3 1 9 3 6 , ,1 94 6 4 7 2 3 7 , , 9 5 5 9 6 5 , , 3 0 7 6 8 2 3 3 3 , , 8 2 9 1 0 1 , , 4 6 8 3 7 1 3 3 7 , , 8 7 2 0 9 8 , , 9 3 8 0 5 2 3 2 5 , , 4 8 5 0 9 9 , , 1 4 5 1 5 4 3 3 7 , , 2 7 4 4 4 6 , , 3 8 8 2 6 3 40 3, , 6 3 1 9 0 2 , , 2 3 1 0 1 5 W United States deposits 4 66, 655 4 48, 964 < 39,457 4 132, 965 4 1,037,787 « 566, 793 4 175, 788 390, 230 128,887 238. 439 Total deposits 21,359,842 22,031,669 26,376,559 30,443,076 32,689,227 37,668,911 41,714.075 38,658,799 41,120,096 44,240,955 Notes and bills rediscounted 38,130 59,452 53,468 I 167, 471 680, 877 659, 219 1, 499, 262 1,271,684 435,711 534, 706 Bills payable (including certificates of deposit representing money borrowed) 194, 432 166,762 | 113,251 317,853 1,641,272 1, 785, 598 1,375,591 635, 564 780, 761 Other liabilities 247,848 288,005 i 442,712 643,997 1, 523, 635 1,302,749 1,304,433 933. 046 952, 182 Total 26,971,398 27,8 4,130 32, 271, 238 37,126, 763 40, 726,439 47, 615, 447 53, 079,108 49, 671, 390 j 50, 425, 367 54,031,911 1 Includes lawful reserve with Federal reserve banks or other reserve agents. 2 Included in "Checks and other cash items." 3 Includes certified and cashiers' checks. « For national banks only. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. 195 DEBITS TO INDIVIDUAL ACCOUNTS. No. 89.—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). 1923 1922 1921 1923 1922 1921 January 41, 752, 913 34, 936, 967 37,917,489 2,197,997 1, 928, 021 2,058,410- February... 35, 925, 212 30,585,310 29, 710,133 1,889,899 1, fill, 605 1, 611, 603 March 42,185,143 36, 932, 274 33,882,892. 2, 222,086 1,857,809 1,821,196 April 39,294,408 36, 388, 040 32, 214, 520 2,119, 787 1,760,157 1,796,118* May 40,071,906 37, 976,008 32,492, 798 2,139, 645 1,837,939 1, 788, 548 June 40,573,595 39, 236,177 33, 585,698 2,172,872 1,992,898 1,826, 530 July 36, 504, 275 36, 055, 788 31,494,148 1, 983, 223 1,899, 373 1, 734,824 August 33, 495, 567 34,136,129 30,077, 621 1, 771, 572 1,586,094 1, 588, 542 September. 34,060,234 35, 768, 453 31, 604,964 1, 760,956 1, 717, 635 1, 630, 299 October 38,900,241 40, 745,186 34, 300,232 2,154, 617 2,087,622 1,947,992 N D o ec v e e m m b b e e r r . _ . 3 4 8 2 , , 4 5 4 0 8 3 , , 0 8 5 7 1 0 4 3 0 6 , , 4 1 3 5 6 9 , , 8 9 9 8 6 1 3 3 3 7 , , 9 4 9 2 7 0 , , 1 8 8 5 6 6 2 2 , , 2 15 8 0 7 , , 6 9 6 1 6 2 ! | 2 1 , ,9 1 8 2 6 6 , ,3 5 1 2 4 3 2 1 , , 0 9 0 2 5 5 , , 6 7 9 5 8 3 ' Total 463, 715, 415 439,357,209 398,698,537 24, 851, 232 22, 391, 990 21, 735, 513 District No. 2—New York (7 cities). District No. 3—Philadelphia (10 cities), 1923 1922 1921 1923 1922 1921 J F a e n b u r a u r a y ry _. 2 1 2 9 , , 7 5 6 95 3 , , 0 7 1 6 8 1 1 1 9 7 , , 0 6 2 4 9 4 , , 4 5 2 5 6 1 2 1 0 5 , , 6 6 6 4 6 5 , , 8 7 2 3 7 2 1 1, , 9 6 1 4 4 8 , , 8 9 5 2 7 5 1 l ,r 4 5 3 8 1 3 , , 5 0 9 0 3 8 1 1, , 3 6 9 7 1 9 , , 3 9 2 2 83 March 23, 231, 535 20,977,917 17, 940,133 1,926,493 1,628,117 1,615, 908 April ._ 21,180, 741 21,326, 277 16,950, 772 1,863, 477 1,569,312 1, 582, 299 May ._ 21, 399, 850 22, 268, 911 17, 774, 980 1,973,625 1,634,314 1, 503, 607 June 21,789,805 22, 693, 592 18, 355, 750 2,083,113 1, 720, 649 1, 622,499 July 19, 008, 372 20, 328, 510 16, 907, 780 1,826, 560 1, 668, 316 1, 523, 296 August 16, 829, 386 18, 854,442 15, 683,072 1, 733,171 1, 589,819 1,407.35S September. 17,414,976 19, 793,005 16, 617, 939 1, 670, 226 1, 646, 539 1, 500, 586 October 19, 846,052 22, 967,053 18,170, 740 1, 922, 569 1,891,067 1, 581,867 November. 20, 632,112 19, 637,137 18, 018, 315 1, 738, 336 1, 682,845 1, 515, 206 December.. 22, 801,386 21, 546, 408 21,178, 533 1, 999, 728 1, 939,197 1, 766, 389 Total 246, 492. 994 247,067,229 j 213,910,573 22,301,080 19,984,776 18, 689, 687 District No. 4—Cleveland (13 cities). District No. 5—Richmond (7 cities).. 1923 1922 1921 1923 1921 January 2, 305, 963 1, 709, 252 2, 236, 485 746, 047 630,971 737,917 February.. 1,949,930 1, 538, 886 1, 754, 568 631, 628 535,864 600, 411 March 2, 206, 665 1,665,926 1, 869, 444 737, 293. 618, 568 677, 832 April 2, 227, 570 1, 744, 376 1,841,155 676,260 614, 409 645, 676 May 2, 266, 888 1, 741, 268 1, 716, 241 701,164 664, 853 633,007 June 2, 278,941 1,927, 948 1, 751, 903 742, 692 681,167 677,168 July 2, 237, 042 1,911,065 1, 620,986 081,119 636, 506 660, 222 August 2,081,604 1,850, 667 1, 521, 031 668,610 616, 520 674, 846 September . 2, 005. 409 1, 877, 032 1, 585, 995 655, 258 596, 901 666,886 October 2, 241,154 2,025, 319 1, 689, 784 746, 504 705,455 743,458 November. 1,996,108 1, 867, 671 1, 643, 919 710, 408 660, 697 724, 232 December.. 2,331,503 2,430, 467 1, 873, 095 804,167 753, 942 793, 239 Total 26,128, 777 22, 289, 877 21,104,606 8, 501,150 7,715,853 ! 8,234,894 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

196 AXKUAL REPORT OF THE FEDERAL RESERVE BOARD. No. 89.—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). 1923 1922 1921 1923 1922 1921 January 1,005, 714 774, 821 895, 433 4, 810,899 3, 858,652 4, 321,991 February.- 827, 440 676, 960 741,122 4, 383, 817 3, 523, 914 3, 512, 764 March 991, 806 781, 076 811,214 4, 828, 041 4, 389,187 3, 992, 927 April 886, 328 710, 303 770, 072 4, 737, 859 3,945,171 3, 819,083 May 922, 450 764, 397 725, 043 4, 899, 390 4, 097, 957 3, 765,913 June 902, 403 785, 260 728, 734 4, 772,812 4, 326,058 3, 827, 910 July 837, 023 743, 297 735.144 4, 509, 455 3, 995, 629 3. 781, 428 August 790, 799 739, 642 704,823 I 4, 240, 633 3, 991, 612 3, 874,899 September. 835, 330 800, 649 796,832 I 4, 208,411 4,070,134 3,848, 068 October 1,020, 357 901, 535 858,216 I 4, 660,972 4, 438, 210 4,068, 910 November . 991,989 911, 367 785,252 4, 428, 485 4, 051,955 3, 827,166 December.- 1,124, 910 989, 297 831, 379 4, 886,123 4, 615,171 4,195, 461 Total. 11,136,549 9, 578, 604 9, 383, 264 55,366,897 j 49,303,650 46, 836, 520 District No. 8—St. Louis (5 cities). District No. 9—Minneapolis (9 cities) 1923 1922 1921 1923 ! 1922 1921 January 1,178, 722 858, 795 879,881 647,312 ! 492, 323 580, 703 February.. 952, 802 739, 485 813,884 510,811 j 455, 305 464, 851 March 1,112, 395 859, 417 875, 995 600,805 i 556, 282 516, 962 April 1, 039, 549 826, 599 836, 575 596,914 ! 512, 419 524, 033 May 1, 076, 560 911, 346 830, 702 634,217 I 546, 252 505, 338 June 1, 104,142 930, 887 859, 644 652,341 : 569, 323 554.127 July 980,103 871, 384 813, 249 593,964 i 554, 605 501, 752 August 930, 888 830,180 780, 771 598,206 \ 580, 550 539,110 September 945,160 908, 393 837, 548 635,309 i 654,491 614,893 October 1,184, 854 1, 067, 437 945, 072 700,333 ! 698, 732 622, 728 November- 1, 094, 428 988, 780 879, 322 664,498 j 633, 665 543,110 December.. 1, 194, 752 1,145, 954 957, 258 660,760 710, 631 573, 961 Total. 12, 794, 355 10, 938, 657 10, 309, 901 | 7, 495, 470 ! 6, 964, 5786, 541, 568 District No. 10—Kansas City (14 cities) District No. 11—Dallas (11 cities). 1922 1921 1923 I 1922 1921 January... __ 950, 759 1,152, 595 605, 258 526, 519 February... 872, 689 942, 309 494, 600 460,149 March 1, 012, 278 1, 067, 066 547,188 524, 469 April 956, 757 1, 006,119 488, 255 470, 827 May 1, 026, 849 953, 761 486, 003 486, 707 June 1, 081, 813 992, 057 465, 461 479, 097 July 1, 041, 778 994, 617 420, 874 432, 944 August 1, 056, 449 1, 025,141 448, 966 440, 729 September.. 1, 058, 493 1, 022,182 540, 722 541, 700 October 1,155, 094 1, 006, 694 629, 517 589,166 November.. 1, 050,896 966, 224 583, 636 556, 549 December.. _ 1,181, 287 992, 594 620, 979 605, 692 Total . 12, 445,142 12,121, 359 | 6, 331, 459 | 6,114, 548 5, 893,495 District No. 12—San Francisco (18 cities). 1923 1922 1921 January 2, 374,873 1,979, 295 2,156, 296 February... 2, 043,173 1, 709, 434 1, 765,128 March 2, 581, 355 2, 061, 228 2,197,441 April 2, 347, 653 1, 951,433 1, 999, 527 May 2, 429,942 1,995, 215 1, 858, 570 June 2, 453,134 2, 047,485 1, 935,991 July 2, 344, 597 1, 972, 381 1, 796, 431 August 2, 295, 578 1,999, 425 1,842, 521 September. 2, 318, 980 2,103,481 1,970, 749 October 2, 633, 571 2, 218, 496 2, 097, 324 November.. 2,460, 057 2,131,811 2, 065, 061 December.. 2, 652, 946 2,392, 621 2, 252,118 Total, 28, 935,859 24, 562, 305 23, 937,157 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. 197 GOLD IMPORTS AND EXPORTS. No. 90.—GOLD MOVEMENT INTO AND OUT OF THE UNITED STATES, JUNE 1, 1919- DECEMBER 31, 1923. [In thousands of dollars.] Total since lifting of Period of net loss, Period of net gain, embargo, June 1, 1919- June 1, 1919- Sept. 1, 1920- Dec. 31, 1923. Aug. 31, 1920. Dec. 31, 1923. Net Net Net Net Net Net imports. exports. imports. exports. imports. exports. France 261,147 2,409 263, 556 Great Britain 756,195 82, 514 673, 681 Netherlands 45,137 1,147 43,990 Sweden _ 98, 561 1 98, 562 Canada 131, 058 59,315 71, 743 Argentina 138, 362 146, 375 8,013 China- 35, 416 59, 395 23, 979 India ._- . _ 29, 305 40, 804 11, 499 Japan . 193,199 132,856 60,343 All other 96, 034 146, 462 242, 496 Total 991, 850 385,326 1, 377,176 No. 91.—TOTAL IMPORTS OP GOLD INTO AND EXPORTS OF GOLD OUT OF THE UNITED STATES, BY COUNTRIES, DURING CALENDAR YEARS 1922 AND 1923. 1922 1923 1922 1923 Denmark $17, 769, 576 $3, 561,829 France $2, 660,000 G Fr e a r n m c a e ny 27,04 3 3 5 , , 1 1 5 1 8 8 4 1 9 9 , , 0 5 3 5 6 1 , , 3 58 0 6 1 Netherlands. $ 7 1 27 9 , , 0 0 0 0 0 0 90,0 5 0 0 0 0 Greece. 4,798, 294 Sweden 78,000 Netherlands 9,957, 870 13, 291, 819 Switzerland _ _ _ 29,501 1,379,957 Norway 8, 423,894 168 England 20,990 138, 249 Spain 71,125 35,839 Canada 22,161, 759 1,704,605 Sweden 32, 885, 875 5,357 Central America 12,127 England.. 121,732,152 147,11^958 Mexico 4, 303, 609 4, 706,475 Scotland 151, 320 2,560, 382 i West Indies 5,884 15 Canada 10,372,092 49, 374, 549 Argentina 48,600 Central America 4, 373, 220 2, 443, 620 Colombia 500,000 700,000 Mexico 5,912, 737 6, 581,439 British India 4,445,339 14, 637,246 West Indies 1, 780,020 547, 624 ! China 350,200 110,005 Argentina 26,828 5, 337, 914 Dutch E ast Indies 435,010 60,010 Bolivia 19,591 26, 295 Hongkong 3,582,385 2, 377,915 Chile 395,279 245,556 Allother 204,090 29,840 Colombia 6, 847,910 4, 451,579 Peru 1, 619,119 2,069,820 Total. 36, 874,894 28, 643,417 Venezuela . 915,169 686,129 China 8,937,975 5,588,015 Dutch East indies- 1, 626,911 2, 330,112 Japan 6,000 Philippine Islands.. 853,034 I 1, 571, 860 British Oceania 4,230,900 ! 1, 656, 563 Egypt, 2,569,101 i 1,736, 664 Portuguese Africa. _. 491,857 I 932,302 Allother 1,329,660 I 1,974,532 Total.. 275,169,785 j 322,715,812 86538—24f- -14 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No, 92.—COST OF BANK PREMISES OWNED BY THE FEDERAL RESERVE BANKS AS OF DECEMBER 31, 1923. Cost of buildings. 00 Cost of land, in- Buildings, Federal r b e r s a e n rv c e h . bank or c i u s b l t h u u d i e l d i e i d l i z m d n — e i g o d n n l o g - o e l s t d r . e m v c x a a e a c n u l c l l d l u a h t n s , i m i n f e v i e o i x e s r u e - y o s d , f i e M a n x r n c c p i f l s e e h e u c o e n i d e s t u s e l . i s e l n c a s g t - , co V n ti s a o t u n r l u . t c- e m V q a e u u n ip l t t . - a m n a d m F c i h e e x i q n e n u t d e . i r p y - T bu o i t l a d o l i f n co g s s t . b T u o o i f t a l a d n l l a i d n c n g o d s s t . ! ! j D c e h t p a i r r o e g n c e i s a . - v B n a o l e u o t. e k , Remarks. expense. NEW BUILDINGS CONSTRUCTED BY FEDERAL RESERVE BANKS AND NOW OCCUPIED AS BANK QUARTERS. Boston $1, 246, 726 $2, 561, 954 $220,062 $760,587 0) $662,157 $4, 204,760 $5,451,486 $1,139, 263 $4,312, 223 Occupied March, 1922. New York (annex 592, 679 1,157, 873 185,016 3,715 $315 120,300 1,467, 219 2, 059,898 494, 720 1, 565,178 Occupied May, 1921. building). o Cleveland 920,490 4,982,256 676,786 483,642 593,980 1, 336,722 8,073,386 8,993,876 1, 087, 064 7,906,812 Occupied August, 1923. Richmond 202,025 1, 603,064 128,861 17,126 282,393 410,409 2,441,853 2,643,878 484,062 2,159.816 Occupied October, 1921. H Atlanta 283,000 1,023, 279 95,062 63,108 174,037 175, 279 1,530.765 1,813, 765 394, 599 1,419,166 Occupied October, 1918. New Orleans.. _. 201,250 565,552 63,114 49,347 53,410 157,568 888,991 1, 090, 241 231, 881 • 858,360 Occupied October, 1923. O Chicago 2,963,548 4,789, 529 356,840 436,821 633,915 1, 276, 579 7, 493, 684 10,457, 232 2, 843,443 7, 613, 789 Occupied July, 1922. Kansas City 495, 300 2,815,078 243,947 96,381 235,695 777,940 4,169, 041 4,664,341 833,303 3.831,038 Occupied November, 1921. . Oklahoma City 65,021 304,095 29,395 32,900 43,500 67,866 477, 756 542, 777 34, 454 ' 508,323 Occupied April, 1923. 4 Dallas. ...1 181,120 909, 564 94,874 32,532 132,280 325,209 1,494,459 1, 675,579 293,001 1, 382, 578 Occupied March, 1921. El Paso 39,003 73, 618 4,867 3,410 29,975 10,374 122, 244 161,247 26, 054 135,193 Occupied August, 1920. Houston 66,312 234,751 15,687 15,065 18,810 57,692 342,005 408,317 15,446 392,871 Occupied February, 1922. San Francisco. 416,045 2,145, 653 213,116 114,590 132,800 596,498 3, 202,657 3, 618, 702 956, 258 2, 662, 444 Occupied December, 1923; estimated cost to complete, $797,343. Total. 7,672,519 23,166,266 2,327,627 2,109,224 2, 331,110 5, 974, 593 35,908,820 43,581,339 8,833,548 34, 747, 791 BUILDINGS PURCHASED BY FEDERAL RESERVE BANKS AND NOW OCCUPIED AS BANK QUARTERS. (Amounts shown under "cost of land" represent total original cost; figures shown in columns 2 to 7, inclusive represent remodeling costs only.) New York (No. 10 Gold $91, 715 $8,172 $671 $3,004 $11,847 $103, 562 $53, 562 $50,000 Occupied November, 1921. Street). Philadelphia 2 999, 488 271,803 91,119 $833,998 $128,914 218,236 1, 544, 070 2, 543,558 1,433,006 1,110, 552 Occupied December, 1917. Pittsburgh 515, 000 165, 712 33, 657 94,765 175,950 11,370 481,454 996,454 73, 264 923,190 Occupied February, 1920. Baltimore 3 201,023 201,023 21,023 180, 000 Occupied March, 1918. Nashville 83,704 124,206 11,664 11,987 28,055 25,101 201,013 284, 717 71, 995 212, 722 Occupied December, 1922. Louisville 4 202,877 3,060 3,060 205,937 56,424 149, 513 Occupied June, 1919. W Helena 14, 925 57, 643 12,876 9,266 66, 580 16,109 162,474 177,399 86,010 91,389 Occupied February, 1921. O Omaha* 165, 602 38,216 1,532 39, 748 205, 350 30, 350 175, 000 Occupied May, 1920. f Total 2, 274, 334 665, 752 154, 579 950,016 399,499 273,820 2,443, 666 4,718,000 1,825,634 2,892,366 BUILDINGS IN COURSE OF CONSTRUCTION OR AUTHORIZED. New York (main build - $4,850, 209 >, 455,361 $1,365, 707 $134,827 $575,475 I $1,547,575 $10,078,945 [, 929,154 $3, 246, 270 $11,682,884 Estimated cost to complete, ing). $4,185,000. Jacksonville - 145,842 105, 695 13,586 10,791 13,804 14,570 158,446 204, 288 30, 566 173, 722 Estimated cost to complete, $68,100. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

St. Louis.. 1,304,849 327,255 199, 625 526, 880 1,831,729 733,300 1, 098, 429 Estimated cost of proposed building, $3,401,500. Little Rock 85,007 13,454 13,454 98,461 98, 461 Estimated cost of proposed building, $357,200. Minneapolis 600,521 1,086,314 196,047 59,099 322,121 1,663, 581 2, 264,102 252,251 2,011,851 Estimated cost to complete, $1,338,100. Salt Lake City 114,075 114,075 6,708 107, 367 Estimated cost of proposed building, $250,000. Total ._ _.- - 7, 000, 503 7,974,625 1,788, 419 204,717 589, 279 1,884, 266 12,441,306 19,441,809 4, 269, 095 15,172,714 BUILDINGS OCCUPIED BY TENANTS. (Amounts shown under "cost of land" represent total original cost.) 1 Cincinnati $380,744 $380, 744 $113,744 $267, 000 Will remodel or erect new Baltimore 251,193 251,193 63,193 188, 000 building. o Total 631,937 631,937 176,937 455,000 New building proposed. to H BUILDING SITES (CONSTRUCTION NOT AUTHORIZED) O Detroit $650,000 $650,000 $650,000 H Denver 101, 263 $182 $182 101, 445 $21, 263 80,182 1 W Total 751, 263 182 182 751,445 21, 263 730,182 Grand total for all banks and branches.. 18,330, 556$31, 806.643 4, 270,807 $3, 263,957 $3,319,888 $8,132, 679 50, 793, 974 69,124, 530 15,126,477 53, 998, 053 No. 93.—COST OF BANK PREMISES SOLD PRIOR TO DECEMBER 31, 1923, ALSO REMODELED BUILDING TO BE DEMOLISHED. Federal reserve bank. Or c i o g s in t. al rem C o o d st e o li f ng. Total cost. c D ia e t p i r o e n - B w o h o e k n v s a o l l u d e . Sale price. Remarks. charged off. Boston $1,000,000 $1,000,000 $200,,000 $800,000 $1,150,000 Profit of $150,000 deducted from cost of new premises and depreciation allowance of $200,000 applied to new property. Dallas 08, 400 $53,336 151,736 76, 736 75,000 130,000 About $18,000 of material salvaged from this building before sale used in new San Francisco. 239, 749 239, 749 239,749 Re b p u r i e ld se in n g ts . cost of remodeling for temporary occupancy of old building on land O bd purchased as site for new building. This building was not in use at end of Total 10,098, 400 293,085 1, 391,485 516,485 875,000 1, 280, 000 1923 and will be demolished and site used for part of new building. o 1 Included in cost of vault construction. 4 Annex being constructed at an estimated total cost of $177,500., 2 Will remodel building purchased in 1923 or build annex. > Erection of new building contemplated. 3* Wwiilnl bDee ssoolida iIfI nneewwT b Duiuludainingg iiss e erreeccteteda.. No bank buildings or sites therefor have been acquired for the following branches and agencies: Branches—Buffalo, Birmingham, Memphis, Los Angeles, Portland, Seattle CO Spokane. Agencies—Savannah, Havana (Boston), Havana (Atlanta). CO Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATE BANK AND TRUST COMPANY MEMBERS. The following is a list of State bank and trust company members of the Federal Reserve System on December 31, 1923, snowing the capital, surplus, and total resources, as compiled from the latest available figures: Capital. Surplus. res T o o u t r a c l es. DISTRICT NO. 1. CONNECTICUT. (See also District No. 2.) New Britain—New Britain Trust Co $500,000 $200,000 $5, 787, 835 New Haven—Union & New Haven Trust Co. 650,000 650, 000 11,501,140 South Manchester—Manchester Trust Co 200,000 100,000 2, 547, 830 Water bury—Colonial Trust Co 500,000 600,000 8, 474, 359 MAINE. Bangor—Merrill Trust Co 500,000 400,000 11, 389, 989 Ellsworth—Union Trust Co 100,000 100,000 2,830,805 Portland—Fidelity Trust Co 400,000 400,000 15, 681, 613 Sanford—Sanford Trust Co 100,000 50,000 1,633,934 MASSACHUSETTS. Arlington—Menotomy Trust Co 200,000 100,000 3, 671, 261 Boston- American Trust Co ., 500,000 2,000,000 29, 855, 652 Beacon Trust Co ., 000,000 1,800, 000 30, 782,118 Exchange Trust Co _ ., 000,000 1,000,000 19,811,847 Bank of Commerce & Trust Co.. 500,000 105,000 4, 695, 781 Liberty Trust Co 750,000 750,000 15, 513, 439 Massachusetts Trust Co , 000,000 500,000 21, 284, 934 New England Trust Co _ ., 000,000 2,000, 000 28, 315, 496 Old Colony Trust Co ', 000,000 9,000,000 168, 751, 536 State Street Trust Co I, 000, 000 2,500,000 46, 714, 821 United States Trust Co.* ,000,000 1, 000,000 20, 269, 976 Cambridge- Harvard Trust Co 400,000 500,000 12, 525,101 Inman Trust Co 200,000 57,500 2,392,966 Fitchburg—Fitchburg Bank <fc Trust Co 500,000 500,000 5,808, 651 Gloucester—Gloucester Safe Deposit & Trust Co. 200,000 200,000 5, 003,942 Greenfield—Franklin County Trust Co 200,000 100,000 3,411,854 Holyoke—Hadley Falls Trust Co 500,000 250,000 8, 684, 969 Lawrence—Merchants Trust Co _ _.. 300,000 150,000 9, 261,043 Lynn—Security Trust Co _ 200,000 300,000 8, 640, 268 Newton—Newton Trust Co 600,000 600,000 12,850,976 Norwood—Norwood Trust Co 200,000 26,000 4,103,688 Salem—Naumkeag Trust Co.. 250,000 200,000 6, 540, 661 Waltham—Waltham Trust Co 300,000 200,000 6, 713, 578 Winchester—Winchester Trust Co 100,000 50,000 1, 578,108 Worcester—Worcester Bank & Trust Co. L, 500,000 1,000,000 35,152, 242 RHODE ISLAND. Providence- Industrial Trust Co 4,000,000 6,000,000 116, 228,18.'. Rhode Island Hospital Trust Co. 3,000,000 4,500,000 84,962,534 Union Trust Co _._ 1,000,000 500,000 18,325,261 DISTRICT NO. 2. CONNECTICUT. (See also District No. 1.) Bridgeport—Bridgeport Trust Co 1,000,000 I 300,000 10, 465,152 200 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AXXUAL KEPORT OF THE FEDERAL RESERVE BOARD. 201 Total Capital. Surplus. resources. DISTRICT NO. 2—Continued. NEW JERSEY. (See also District No. 3.) Asbury Park—Seacoast Trust Co_ $175,000 $175,000 $4, 812,942 Bayonne—Bayonne Trust Co 300,000 200, 000 7,167,416 Bloomfield— Bloomfield Trust Co 250,000 150,000 4, 931,194 Watsessing Bank 100,000 100, 000 2,150,192 Bogota—Bank of Bogota 75,000 40, 000 1, 004, 825 Boonton—Boonton TrustCo 100, 000 50, 000 1,475,285 Carteret—Carteret Trust Co 100, 000 25; 000 527,484 Cranford—Cranford Trust Co 100,000 100, 000 2, 509,053 East Orange- East Orange Bank 150,000 j 100,000 3, 554,053 Savings Investment & Trust Co 500,000 ! 500,000 13,687,003 Elizabeth—Elizabethport Banking Co 250,000 I 250,000 5,804,082 Fort Lee—Fort Lee Trust Co 100,000 ! 20,000 395,451 Franklin—Sussex County Trust Co , 100, 000 i 50, 000 1,521,852 Glen Ridge—Glen Ridge Trust Co 100,000 I 50,000 2,029,399 Haekensack—Peoples Trust & Guaranty Co 600,000 ! 400, 000 10,010,877 Hasbrouck Heights—Bank of Hasbrouck Heights 50,000 ! 40, 000 709,169) Hoboken—Jefferson Trust Co 400,000 i 100,000 7,471,060s Jersey City— Claremont Bank of Jersey City 200,000 200, 000 8, 041, 03T Commercial Trust Co. of New Jersey 2, 000, 000 1, 500, 000 48,190,. 591 New Jersey Title Guarantee & Trust Co 1, 300, 000 1,000,000 23, 322,495 Long Branch—Long Branch Banking Co 150,000 ; 100,000 j 2, 308,172 Montclair— B ank of Montclair 250.000 ! 100,000 I 4, 798, 578 Montclair Essex Trust Co 500,000 I 500,000 i 10,947,294 Morristown—Morristown Trust Co 600,000 | 300,000 I 9,125,327 Newark— City Trust Co 200,000 ' 100, 000 4, 550, 55£ Federal Trust Co 1, 500, 000 1,750,000 22,533,332; Fidelity Union Trust Co 5, 250, 000 3, 250,000 66, 633, 655, Ironbound Trust Co 300,000 ! 300, 000 13, 033,884 Mutual Bank of Roseville 200,000 I 160, 000 2, 621, 281 Springfield Avenue Trust Co 200,000 1 100, 000 6,815, 882:; Nutley—Bank of Nutley 100,000 | 65,000 2, 419, 512 Passaic—Peoples Bank & Trust Co 400.000 I 600,000 9,339, 090 Paterson—Hamilton Trust Co 500,000 i 500,000 11, 309,853; Perth Amboy—Perth Amboy Trust Co 300,000 i 200,000 8, 367, 317 Plainfield— Plainneld Trust Co 500,000 I 500,000 11,046,313. Rahway—Rahway Trust Co 100,000 | 100,000 1,411,455 Ridgeneld Park— Overpeck Trust Co * 100,000 ! 9,969 681,900 Ridgefield Park Trust Co 100,000 ; 75,000 2, 324, 538 Ridgewood—Ridgewood Trust Co 150,000 ! 50,000 2,975, 802 Rutherford—Rutherford Trust Co 100.000 I 150,000 2,337,386 Westfield— I Peoples Bank & Trust Co 200,000 I 100,000 j 3,614, 948 Westfield Trust Co 200,000 i 50.000 j 3, 788,842 West Hoboken—Hudson Trust Co. of West Hoboken- 1,000,000 i 1,000,000 52, 390, 297 Westwood—Westwood Trust Co 100,000 ! - 20,000 I 520, 835 NEW YORK. Adams—Citizens Trust Co 150,000 I 75,000 1, 745, 705 Albion—Orleans County Trust Co 100,000 I 50, 000 1,133,112 Amsterdam—Montgomery County Trust Co___ _ 200,000 i 200, 000 4, 396, 617 Batavia— Bank of Genesee 100,000 i 100.000 1,777,103 Belmont—State Bank of Belmont 50,000 j 50, 000 512,820 Binghamton—Peoples Trust Co 500,000 | 100, 000 7, 793, 545 Blasdell—Bank of Blasdell 30, OCC | 5, 500 323, 682 Brooklyn— i Brooklyn Trust Co 1, 500, 000 2, 750, 000 50, 466,418 Globe Exchange Bank_.'_ 400, 000 120,000 4, 091,786. Manufacturers Trust Co 5, 000,000 3,000, 000 120, 215, 303 Mechanics Bank 1,600,000; 1, 600, 000 48, 387,801 Midwood Trust Co 700,000 ; 300, 000 4,492, 215 Peoples Trust Co 1, 600, 000 I 2, 400, 000 58, 550, 312: Buffalo- Buffalo Trust Co 1, 500,000 ! 1, 250, 000 35, 620, 795 Citizens Trust Co 1 1,250,000 1,250,000 28,190, 02ft Fidelity Trust Co 1,000,000 ! 1, 000, 000 24, 583,155. Liberty Bank of Buffalo 2,000,000 i 2, 000, 000 49, 327, 707 Marine Trust Co 10,000,000 ! 7,000, 000 135, 549,009 Peoples Bank of Buffalo 1,000,000 ! 600, 000 24, 718,113. Cam'steo—First State Bank - 50, 000 j 44,000 650,940 Cape Vincent—Citizens Bank of Cape Vincent 50,000 i 10,000 441, 093 Chatham—State Bank of Chatham _ 50,000 50, 000 2, 045,840 Coney Island, New York City—Bank of Coney Island- 200,000 ! 100,000 6,108,764 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

202 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. DISTRICT NO, 2—Continued. NEW YORK—continued Depew—BankofDepew ._ $50, 000 $15,000 $1, 098, 862 Dunkirk—Dunkirk Trust Co _. 250, 000 125, 000 2,215,894 East Aurora- Bank of East Aurora 150, 000 30,000 2,364, 226 Erie County Trust Co. . 100,000 50,000 1, 755, 232 Elmira— Chemung Canal Trust Co 600,000 400, 000 10, 740, 246 Endicott—State Bank of Endicott 50,000 50,000 3, 380, 087 Floral Park—Floral Park Bank 50, 000 50,000 1,801,556 Fredonia—Citizens Trust Co 100, 000 100,000 2, 056,402 Geneva—Geneva Trust Co,. 250, 000 225, 000 * 4,916,326 Gloversville—Trust Co. of Fulton County. 250, 000 150,000 1,912, 445 Hamburg— Peoples Bank 60,000 90, 000 2, 055,946 Hammondsport—Bank of Hammondsport 50,000 50,000 1, 260,125 Hicksville—Bank of Hicks ville 100,000 125, 000 2, 481, 262 Ithaca—Ithaca Trust Co 250, 000 150,000 5, 365, 821 Johnson City—Workers Trust Co 100, 000 100,000 4,203,815 K K i a n t g o s n t a o h n — — N K o in rt g h s e to rn n W Tr e u s s t t c h C e o ster Bank__ • 2 5 5 0 0 , , 0 0 0 0 0 0 2 2 0 5 0 , , 0 0 0 0 0 0 4, 8 2 9 3 8 7 r , 9 2 1 6 8 3 Lackawanna—American Bank of Lackawanna 100,000 25,000 1,104,994 Little Falls—Herkimer County Trust Co. 350, 000 350, 000 5, 312, 701 Lowville—Lewis County Trust Co _ 200,000 100,000 1,966,816 Malone—Peoples Trust Co 300, 000 100,000 3, 575, 229 Millbrook—Bank of Millbrook 50,000 50,000 1, 348, 799 Mineola—Nassau County Trust Co 150,000 100, 000 3,103, 350 New York— Amalgamated Bank 200, 000 75, 000 2, 580, 265 Bankers Trust Co 20, 000, 000 15, 000, 000 386, 628, 270 Bank of America 6, 500,000 5, 000,000 176, 876,135 Bank of Europe 450, 000 225,000 9, 268, 752 Bank of New York & Trust Co 4, 000, 000 8, 000.000 119,594,532 Bank of United States. 2, 000, 000 400,000 55,106, 566 Central Union Trust Co 12, 500, 000 17, 500, 000 254, 907, 423 Commonwealth Bank of the City of New York 600,000 700, 000 14, 571, 566 Continental Bank 1, 000, 000 * 500,000 17, 234, 701 Corn Exchange Bank 9,075, 000 10, 000, 000 240, 616, 737 Equitable Trust Co 23,000, 000 8,000, 000 381, 987, 487 Farmers Loan & Trust Co 5, 000, 000 10, 000, 000 158, 840, 267 Federation Bank of New York 250, 000 220, 489 3, 593, 052 Fidelity International Trust Co 2, 000, 000 1, 500, 000 29, 252, 258 Fifth Avenue Bank . 500, 000 2, 000, 000 29, 095, 446 Fulton Trust Co 500, 000 250, 000 11, 081, 690 Guaranty Trust Co 25, 000, 000 15, 000, 000 546, 077, 582 Irving Bank-Columbia Trust Co 17, 500, 000 7, 500, 000 412, 412, 540 Manhattan Co 10, 000, 000 10. 000, 000 256, 596, 305 Metropolitan Trust Co. of the City of New York__.?__ 2, 000, 000 3, 000, 000 51, 875, 505 Mutual Bank 500, 000 400, 000 16, 277, 293 New Netherland Bank 600, 000 300, 000 11,041,265 New York Trust Co 10, 000, 000 10,000,000 266, 270, 558 Pacific Bank 1, 000, 000 1, 500, 000 37, 786, 210 United States Mortgage & Trust Co 3, 000, 000 3, 000, 000 67, 487, 251 United States Trust Co. of New York 2, 000, 000 12, 000, 000 71. 709, 767 W. R. Grace & Co.'s Bank j 500, 000 1,200,000 ! 11,106,951 Yorkville Bank of New York City 200, 000 800,000 i 27,433,414 Niagara Falls—Power City Bank . i 1, 000, 000 500,000 i 16,341,384 Nyack—Rockland County Trust Co I 1007 000 25,000 ; 2, 989, 460 Ogdensburg—St. Lawrence Trust Co | 100, 000 10.000 ; 1, 098, 997 Olean—Olean Trust Co I 100, 000 40,000 ! 1, 340, 668 Oneida—Madison County Trust & Deposit Co 200. 000 120,000 I 3, 589, 618 Orchard Park —Bank of Orchard Park 30. 000 15,000 ! 952, 689 Pearl River—State Bank of Pearl River 50, 000 12,500 I 104, 363 Perry—Citizens Bank 50, 000 70,000 j 1,497,733 Port Chester—Mutual Trust Co. of Westchester County 300, 000 150,000 ! 4,711,295 Rochester—Lincoln-Alliance Bank 2, 000, 000 2,000,000 ! 54, 248, 974 Rome—Rome Trust Co 300, 000 100, 000 j 4, 648, 302 Schenectady—Schenectady Trust Co 400,000 100,000 15, 032, 925 Smithtown Branch—Bank of Smithtown 50, 000 25,000 i 924, 892 Stony Brook—Bank of Suffolk County 50, 000 25,000 ! 657, 493 Syracuse— City Bank Trust Co 2, 380, 300 1,000,000 I 24, 361, 639 First Trust & Deposit Co 2, 500, 000 1,000,000 I 45,175,171 Syracuse Trust Co 1, 500,000 750,000 | 32, 080, 632 Utica— Citizens Trust Co 1,000, 000 1,000,000 i 20, 677, 634 Oneida County Trust Co 250, 000 250,000 j 3, 214, 843 Utica Trust & Deposit Co 1, 000, 000 700,000 j 15,937,496 Warsaw—Trust Co. of Wyoming County 100, 000 20,000 I 990,977 Watertown—Northern New York Trust Co 400, 000 400, 000 9, 536, 546 Westbury—Bank of Westbury 50,000 13,250 1,091,714 White Plains—County Trust Co 150, 000 50, 000 6, 53?, 649 Williamsville—Amherst Bank 50,000 14, 283 558, 631 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. 203 Total Surplus. resources. DISTRICT NO. 3. DELAWARE. Milford—Milford Trust Co. $50,000 $100, 000 $1,315, 640 Wilmington— _._ -.. Equitable Trust Co... _ 500,000 500,000 6,359,093 Security Trust & Safe Deposit Co 600,000 700,000 7, 574, 896 Wilmington Trust Co _ 2, 000, 000 1, 015,000 19, 539, 725 NEW JERSEY. (See also District No. 2.) Atlantic City— Atlantic Safe Deposit & Trust Co 300, 000 350,000 6,857, 500 Bankers Trust Co 100,000 100,000 1, 578,859 Equitable Trust Co.... 200,000 200, 000 3,821, 895 Burlington—Burlington City Loan & Trust Co 100, 000 100,000 2,141,149 Camden—Camden Safe Deposit & Trust Co 500,000 900,000 13,326,215 Gloucester City—Gloucester City Trust Co 100, 000 65,000 1,027, 448 Hightstown—Hightstown Trust Co... 100,000 20,000 933,753 Princeton—Princeton Bank & Trust Co 200,000 150,000 3, 245, 285 Riverside—Riverside Trust Co _ 100, 000 125,000 2, 383, 743 Swedesboro—Swedesboro Trust Co _ 100,000 20,000 789,865 PENNSYLVANIA. (See also District No. 4.) Allentown—Penn Trust Co 300, 000 100, 000 2,439,909 Bloomsburg—Columbia County Trust Co 125,000 25,000 1,213,640 Carlisle—Carlisle Trust Co 150, 000 200,000 2, 500,071 Chester—Cambridge Trust Co 500,000 400,000 6, 596, 066 Du Bois—Union Banking & Trust Co 250,000 500,000 2,885, 946 East Petersburg—East Petersburg State Bank 50, 000 10,000 183, 684 Egypt—Farmers Bank of Egypt 60, 000 30,000 610, 635 Frackville—Peoples Trust Co 125, 000 50,000 655, 562 Harrisburg—Dauphin Deposit Trust Co 300, 000 400, 000 5, 091,985 Hazleton— American Bank & Trust Co 400, 000 300, 000 4, 920,936 Markle Banking & Trust Co.. 300,000 700, 000 7, 237, 005 Peoples Savings & Trust Co 250, 000 200, 000 4, 092, 505 Honesdale—Wayne County Savings Bank 200,000 350,000 4, 508, 742 Huntingdon—Grange Trust Co 125, 000 35,000 980, 743 Jenkintown—Jenkintown Bank & Trust Co 250,000 600, 000 6,974, 660 Kulpmont—Dime Deposit Bank 50,000 52,000 630, 765 Lemoyne—Lemoyne Trust Co 200,000 200,000 1,407, 562 Lewistown—Lewistown Trust Co 125, 000 25,000 860, 390 Lock Haven—Lock Haven Trust Co 250,000 250, 000 3, 385,199 Lykens—Miners Deposit Bank 50, 000 130,000 1, 201,490 Mill Hall—Mill Hall State Bank 35, 000 15,000 429, 336 New Oxford—Farmers & Merchants Bank 50,000 75,000 801,471 Olyphant—The Olyphant Bank.. 100, 000 100, 000 2, 809,839 Orrstown—Orrstown Bank 25,000 13,500 250, 880 Philadelphia— Aldine Trust Co 750, 000 500,000 6, 059,085 Bank of North America & Trust Co 5, 000, 000 5,000, 000 64,860,406 Colonial Trust Co 500, 000 500, 000 10, 281,241 Federal Trust Co 200, 000 250,000 5, 212, 762 Fidelity Trust Co 5, 200, 000 16,000, 000 69. 843,772 Girard Trust Co 2, 500, 000 7, 500, 000 60, 653,405 Ninth Bank & Trust Co.. 750, 000 1, 500, 000 16,909,885 Northeast-Tacony Bank & Trust Co 250, 000 75,000 1,245, 278 Oxford Bank & Trust Co.._ 250,000 150,000 4,815, 241 Pennsylvania Co. for Insurance on Lives and Granting Annuities 2, 000, 000 5, 000,000 52,194, 294 Peoples Bank& Trust Co 1,000, 000 250, 000 12, 711, 019 Philadelphia Trust Co 1, 000, 000 5, 000,000 32, 282,693 Provident Trust Co 2, 000, 000 5, 000,000 26, 277,198 West Philadelphia Title & Trust Co 500, 000 750,000 10,102,156 Reading— Berks County Trust Co. 750, 000 650, 000 8, 244, 362 Northeastern Trust Co 454,070 75, 027 2, 703,446 Schnecksville—Schnecksville State Bank 25, 000 2,500 62, 398 Schuylkill Haven—Schuylkill Haven Trust Co 125, 000 125,000 1,657, 087 Scranton—Peoples Savings & Dime Bank & Trust Co 700, 000 700,000 17,097, 698 Shamokin—Dime Trust and Safe Deposit Co 125, 000 200,000 2, 521, 374 Tamaqua—Peoples Trust Co.. 125, 000 100, 000 1, 508, 372 Wilkes-Barre— Dime Bank Title & Trust Co 200, 000 200,000 3,508,025 Union Savings Bank & Trust Co... 250, 000 75,000 1, 704,409 Williamsport— Northern Central Trust Co 500,000 350, 000 4, 713, 234 Susquehanna Trust Co 400, 000 400, 000 4, 363,677 Williamstown—Williams Valley Bank 50,000 50,000 975,810 York- Guardian Trust Co 300,000 240, 000 2,480,007 York Trust Co.-.. _ 300, 000 225, 000 4, 434,325 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

204 ANNUAL REPORT OF THE FEDERAL RESERVE BOARJ>. Total Capital. Surplus. resources. DISTRICT NO. 4. KENTUCKY. (See also District No. 8.) Georgetown—Farmers Bank & Trust Co. $100,000 i $75, 000 $1,110, 690 Lexington— Guaranty Bank & Trust Co 300, 000 J 50, 000 3,191,979 Security Trust Co 500,000 | 150, 000 2, 356, 507 Richmond—State Bank & Trust Co 150,000 j 55, 000 1, 206, 962 OHIO. Adena—Adena Commercial & Savings Bank 60,000 i 6,000 603,018 Akron— Central Savings & Trust Co 500,000 I 500,000 1 14, 273, 541 Depositors Savings & Trust Co 325,000 300,000 8, 300, 611 Firestone Park Trust & Savings Bank 200,000 125, 000 3,874,421 First Trust & Savings Bank 1, 500, 000 1,500,000 28, 642,103 Alliance—City Savings Bank & Trust Co 250, 000 125, 000 4,157, 623 Antwerp—Antwerp Exchange Bank Co 25,000 7,500 368, 761 Apple Creek—Apple Creek Banking Co 25, 000 25,000 268, 245 Atwater—Atwater Savings Bank Co 25,000 12,500 393,880 Barberton— Peoples Savings & Banking Co 100,000 36,000 ! 1,924,540 Bowling Green—State Bank of Bowling Green 100,000 21,000 669,435 Bridgeport—Bridgeport Bank Co 75, 000 40, 000 816,990 Buckeye City—Commercial & Savings Bank Co. 25,000 13,500 292,460 Canton—Dime Savings Bank Co 500, 000 217, 500 5, 863,485 Chagrin Falls—Chagrin Falls Banking Co 100,000 100,000 1,917,524 Cincinnati- Brighton Bank & Trust Co 500, 000 150, 000 10, 827, 575 Fourth & Central Trust Co 2, 000,000 2, 000, 000 23, 917,470 Pearl Market Bank Co 400, 000 200, 000 8, 564, 823 Provident Savings Bank & Trust Co. 1, 500, 000 1, 200, 000 24,870, 615 Union Trust Co 1,000,000 3, 000, 000 30, 247, 793 Western Bank & Trust Co 1, 000, 000 1, 000, 000 16, 625,993 Cleveland- Cleveland Trust Co 8. 600, 000 4, 300, 000 192, 989, 673 Commonwealth Banking & Trust Co 250, 000 18,000 2, 272, 012 Guardian Savings & Trust Co 4, 000, 000 4, 000, 000 103, 857, 703 Lake Erie Trust Co 1, 000, 000 250, 000 3, 578, 742 Midland Bank_ 2, 000, 000 475, 000 21, 094,636 Pearl Street Savings & Trust Co__ 1, 500, 000 600, 000 25,489,140 Reliance Trust Co 300, 000 50,000 j 2, 059, 426 State Banking & Trust Co 750. 000 285,000 15,942,405 Union Trust Co 22, 250, 000 11,125,000 I 273,122,796 United Banking & Savings Co 1, 500, 000 700,000 23,892, 021 Columbiana—Union Banking Co 50, 000 < 55, 000 662, 321 Columbus—Citizens Trust & Savings Bank 1, 500, 000 550,000 23, 008, 556 Conneaut—Conneaut Mutual Loan <fc Trust Co._ 125, 000 125,000 2, 679, 229 Cuyahoga Falls—Falls Banking Co 150. 000 75, 000 1, 695,992 Dayton—Dayton Savings & Trust Co 600, 000 600, 000 17, 550, 508 Delphos—Peoples Bank of Delphos 50, 000 18, 500 467, 580 Delta—Peoples Savings Bank Co.._ 25, 000 35, 000 601,458 Eldorado—Farmers State Bank 35, 000 8,000 443, 026 Frazeysburg—Peoples Bank Co, 25,000 50, 000 598, 795 Geneva—Geneva Savings Bank Co 100,000 100, 000 1, 703,104 Gibsonburg— Gibsonburg Banking Co 50, 000 29,000 836,330 Home Banking Co 25, 000 25, 000 642, 755 Hillsboro—Hillsboro Bank & Savings Co 50,000 25, 000 593, 859 Hubbard—Hubbard Banking Co 50, 000 50, 000 976, 435 Lodi—Lodi State Bank... _ 40.000 60,000 840, 873 Lyons—Farmers State Bank__ 25, 000 2,000 204,483 McCutchenville—Farmers Bank 30, 000 2,700 132,133 Mansfield—Farmers Savings & Trust Co 200. 000 200, 000 2, 382, 378 Massillon— Ohio Banking & Trust Co 500, 000 152, 000 2,803, 333 Metamora—Farmers & Merchants Bank Co 25, 000 10, 000 403, 372 Middlefield—Middlefield Banking Co 25,000 30,000 543, 607 Middletown—American Trust & Savings Bank_. 350,000 34,000 2, 434,224 Milan—Farmers & Citizens Banking Co 25, 000 15, 000 552, 234 Minerva- Minerva Banking Co _ _ 50, 000 6,000 441,099 Minerva Savings & Trust Co 125,000 33, 000 1, 597, 275 Minster—Minster State Bank 25, 000 35, 000 455, 536 Napoleon—Napoleon State Bank 50. 000 50, 000 1, 088, 505 Newark—Newark Trust Co 200, 000 200, 000 3, 587, 285 New Philadelphia- Merchants State Bank 100, 000 65, 000 1,069, 741 Ohio Savings & Trust Co _ 150,000 75, 000 2,187,951 Orrville— Oreville Savings Bank 50, 000 52, 000 988,962 Pemberville—Pemberville Savings Bank Co 50, 000 1,250 414,819 Peninsula—Peninsula Banking Co 25,000 9,000 242, 371 Portsmouth—Security Bank_ 300, 000 200. 000 3, 384, 665 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. 205 Total Capital. Surplus. resources. DISTRICT NO. 4—Continued. OHIO—continued. Rittman—Rittman Savings Bank $60, 000 $18, 500 $719, 327 Rossford—Rossford Savings Bank 50, 000 28,000 748, 612 St. Clairsville—Dollar Savings Bank Co 50, 000 60, 000 984,093 St. Marys- American State Bank 50, 000 25,000 737, 437 Home Banking Co 100, 000 30, 500 1,116,148 Shadyside—Shadyside Bank 35,000 9,000 595, 503 Shelby—Citizens Bank 100, 000 50, 000 1, 488, 639 Shiloh— Shiloh Savings Bank Co 25, 000 40, 000 373, 896 Steubenville— Steubenville Bank & Trust Co 650, 000 304, 700 5, 525,100 Union Savings Bank & Trust Co 350,000 350, 000 5, 515, 761 Sylvania—Farmers & Merchants Bank Co 50, 000 20, 000 913, 306 Toledo- Commercial Savings Bank & Trust Co 200, 000 350, 000 11,321,793 Commerce Guardian Trust & Savings Bank. 1, 400, 000 700, 000 27, 819, 696 Upper San dusky— Citizens Savings Bank 50, 000 50, 000 773, 483 Lewis Bank & Trust Co . 150,000 50. 000 958, 063 Vermilion—Erie County Banking Co 50, 000 17; 500 661, 639 Wakeman—Wakeman Bank Co 25, 000 15, 000 315, 440 Warren—Union Savings & Trust Co 600, 000 600, 000 5,982, 875 Wellington—First Wellington Bank 85, 000 100, 000 1, 218, 028 West Lafayette—West Lafayette Bank Co 100, 000 50,000 1,173, 333 West Milton—Citizens State Bank Co 30, 000 15, 000 326, 587 Wooster—Commercial Banking & Trust Co 150, 000 51, 500 1, 359, 048 Youngstown— i City Trust & Savings Bank 600,000 I 650, 000 9, 846, 467 Dollar Savings & Trust Co 2, 500, 000 1, 250, 000 21, 050,171 PENNSYLVANIA. (See also District No. 3.) Ambridge—Ambridge Savings & Trust Co 125. 000 125, 000 3,451,316 Beaver—Beaver Trust Co 300^ 000 100, 000 2, 641, 728 Beaver Falls—Federal Title & Trust Co 200, 000 40, 000 1,501,397 Bellevue—Bellevue Savings & Trust Co 125, 000 50, 000 1, 902, 064 Butler—Guaranty Trust Co 500, 000 600, 000 6, 982, 054 East Pittsburgh—East Pittsburgh Savings & Trust Co 200, 000 200, 000 4, 693,122 Erie—Security Savings & Trust Co 200, 000 500, 000 6, 439, 403 Greensburg—Merchants Trust Co 200, 000 200, 000 2, 822, 278 Mead ville—Crawford County Trust Co 200, 000 50,000 2, 851,303 New Brighton—Beaver County Trust Co 400, 000 200, 000 1,724,414 New Castle—Lawrence Savings & Trust Co 300, 000 400,000 5, 220,128 Pittsburgh- Allegheny Trust Co 700. 000 750, 000 6, 614, 341 City Deposit Bank 200, 000 800, 000 16, 057, 228 Colonial Trust Co 2, 600, 000 3, 000, 000 25, 888, 722 Commonwealth Trust Co 1, 500, 000 1, 250, 000 14,997,285 Oakland Savings & Trust Co 300, 000 200, 000 6,163, 680 Pittsburgh Trust Co 2. 000,000 2, 000, 000 21,373.159 Potter Title & Trust Co ' 505, 000 200, 000 7,103! 887 Union Trust Co 1, 500, 000 42, 000, 000 148, 826, 507 Washington—Real Estate Trust Co. of Washington 200, 000 400, 000 3, 062,127 Woodlawn—Woodlawn Trust Co ] 2/5, 000 125, 000 1, 982, 577 WEST VIRGINIA. (See also District No. 5.) Moundsville—Marshall County Bank 150, 000 ( 50,000 1, 784, 374 Sistersville—First-Tyler Bank & Trust Co 200,000 1 100, 000 2, 242, 963 Wheeling- Security Trust Co 300,000 I 200, 000 4,154, 064 Wheeling Bank & Trust Co 500,000 500, 000 8, 749, 059 DISTRICT NO. 5. DISTRICT OF COLUMBIA. Washington—Continental Trust Co 1,000,000 100,000 4, 608, 356 MARYLAND. Balt A B H B L im a i t a a b l l l m a t o t e i i n r i m r m t l t e i y t o o - c o r r n B e e E a x B T C n c a r k o h u n m a k s o n t m f g C B e e r o a c B l i t a a i l n m k B o a r & e n k T C r o u u s n t ty C o _ 1 1 , , 7 0 0 0 3 5 2 0 0 0 0 5 0 , , , , , 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 2 1 , ,0 0 2 0 5 2 0 2 0 0 2 5 0 , , , , , 0 5 0 0 0 0 0 0 0 0 0 0 0 0 0 2 1 1 7 6 0 1 , , , , 1 4 1 9 4 9 4 1 2 9 8 9 7 8 8 , , , , , 4 8 6 6 6 8 0 6 5 1 0 8 5 2 8 Maryland Trust Co 1, 000,000 10, 773,909 Forest Hill—Forest Hill State Bank 25, 000 6, 500 240, 789 Digitized forS FalRisAbuSryE—RF armers & Merchants Bank. 100,000 100,000 977,951 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

206 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. Capital. Surplus. DISTRICT NO. 5—Continued. NORTH CAROLINA. Belhaven—Farmers Bank $25,000 $236,928 Benson—Farmers Commercial Bank. 100,000 660,014 Charlotte- American Trust Co Independence Trust Co Edenton—Bank of Edenton Elizabeth City—Carolina Banking & Trust Co. Forest City—Farmers Bank & Trust Co Henderson—Carolina Bank & Trust Co Morehead City—Bank of Morehead City New Bern—New Bern Banking & Trust Co Tarboro—Farmers Banking & Trust Co Washington—Bank of Washington Winston-Salem—Wachovia Bank & Trust Co... SOUTH CAROLINA. Bishopville—Peoples Bank 25,000 75,000 426, 371 Charleston—Carolina Savings Bank 200,000 150, 000 3, 704, 323 Cher aw— Bank of Cheraw 110, 000 50, 000 1, 294, 056 Merchants & Farmers Bank 100,000 25,000 555, 223 Chester—Commercial Bank 100,000 100, 000 1, 335, 569 Darlington—Bank of Darlington 100, 000 100, 000 1, 537, 064 Florence- Commercial & Savings Bank 250, 000 1, 839, 291 Palmetto Bank & Trust Co 100, 000 947, 465 Georgetown— Bank of Georgetown 100, 000 1,182, 388 Peoples Bank of Georgetown 17, 500 627, 782 Hartsville—Bank of Hartsville 42. 500 1, 002, 436 Rock Hill—Citizens Bank & Trust Co 18, 500 740, 048 St. George—Farmers Bank 9,000 299, 627 St. Matthews—Home Bank 30, 000 443, 593 Sumter—Peoples Bank 14, 700 564, 209 Union—Nicholson Bank & Trust Co 200, 000 1, 766, 837 Walterboro—Farmers & Merchants Bank. 30, 000 661, 372 Westminster—Westminster B ank 25, 000 832, 662 Woodruff—Bank of Woodruff 40,000 593, 331 Blackstone—Citizens Bank & Trust Co 65,000 872, 254 Chase City—Peoples Bank & Trust Co 25, 000 588, 817 Galax—Peoples State Bank (Inc.) 41. 805 420, 650 Kenbridge—Bank of Lunenburg (Inc.) 79, 000 602, 091 Norfolk—Citizens Bank of Norfolk 500, 000 8, 582, 932 Petersburg—Petersburg Savings & Trust Co. 141, 700 5, 337, 535 Richmond— Bank of Commerce & Trusts 500, 000 5, 765, 195 Savings Bank of Richmond 300, 000 2. 748, 817 State & City Bank & Trust Co 1, 200, 000 21, 120. 449 Union Bank of Richmond 750, 000 4, 822, 630 Rural Retreat—Peoples B ank 4,000 248,176 Victoria—Bank of Victoria (Inc.) 11,000 447,128 WEST VIRGINIA. (See also District No. 4.) Berwind—Berwind Bank 50,000 100, 000 1, 303, 633 .Charleston—Kanawha Valley Bank 500,000 1, 600, 000 13, 025,161 Franklin— Farmers Bank of Pendleton 50, 000 604, 393 Franklin Bank 18, 000 413,381 Grafton—Grafton Banking & Trust Co 50, 000 1, 521, 594 Harpers Ferry—Bank of Harpers Ferry 6,000 ! 204, 876 Hurricane—Putnam County Bank 50, 000 518,688 Martinsburg— Peoples Trust Co 102, 500 1, 619. 886 Shenandoah Valley Bank & Trust Co... 25,000 560, 235 Moorefield—Hardy County Bank 2,050 166,112 Petersburg—Potomac Valley Bank 3,000 253, 809 St. Marys—Pleasants County Bank 26, 000 520, 334 Salem—Merchants & Producers Bank 35, 000 726, 686 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ASTNUAL REPORT OF THE FEDERAL, RESERVE BOARD. 207 Total resources. DISTRICT NO. 6. ALABAMA. Athens—Farmers & Merchants Bank $80,000 $50,000 $988, 308 Birmingham- American Trust & Savings Bank 500,000 250,000 13,939,494 Birmingham Trust & Savings Co. 1, 000,000 750,000 19,199, 792 Carrollton—Pickens County State Bank... 60,000 4,000 264, 245 Clayton—Bank of Commerce 50, 000 10,000 241,118 Cullman—Alabama Bank & Trust Co 50,000 10,000 293,609 Guin—Marion County Banking Co • 25,000 37, 500 370,882 Hartselle—Farmers & Merchants Bank 50,000 4, 500 434,905 Huntsville—Farmers State Bank 100,000 30,000 809,163 Hurtsboro—Farmers & Merchants Bank... 31,400 15, 000 152,981 Jasper—Central Bank & Trust Co 50,000 10, 000 960, 214 Marion—Marion Central Bank 50,000 100, 000 603, 211 Mobile— Merchants Bank 200, 000 450, 000 9, 853,919 Peoples Bank 200,000 300,000 6, 214, 588 Monroeville—Monroe County Bank 100,000 30,000 760, 692 Montgomery—Alabama Bank & Trust Co. 300,000 42, 000 2, 925, 588 •Orrville—Orrville Bank & Trust Co 25,000 30,000 176, 661 Pittsview—Bank of Pittsview 25,000 5,000 70,139 Roanoke— Merchants & Farmers Bank 125, 000 16,071 472,133 Roanoke Banking Co 200, 000 200, 000 1, 399,154 Selma—Peoples Bank & Trust Co 100,000 50,000 974,621 Talladega—Bank & Trust Co 100, 000 22,000 684,031 Tuskegee—Macon County Bank 50. 000 110, 000 589,685 Union Springs—American Bank 50, 000 10,000 260, 536 De Land—Volusia County Bank & Trust Co. 200, 000 40, 000 2, 4S6, 562 Jacksonville—American Trust Co 200. 000 45, 000 571, 392 Lakeland—Central State Bank 100, 000 5, 000 816,384 Lake Wales—Citizens Bank of Lake Wales 75, 000 9,000 248,183 Leesburg—Leeshurg State Bank 50, 000 25, 000 1.191,333 Marianna—Citizens State Bank 30, 000 247, 205 Miami- Commercial Bank. Trust & Title Co 300,000 150, 000 1,552,254 Southern Bank & Trust Co 100, 000 25,000 2, 628, 232 Orlando—Bank of Orange & Trust Co 200,000 51, 600 1, 469, 272 Tallahassee—Exchange Bank 50,000 25,000 423, 296 Tampa- Bank of Commerce 200, 000 40,000 1,965, 543 Citizens Bank & Trust Co 1,000,000 500,000 j 12, 682,997 Winter Park- Bank of Winter Park 40, 000 10,000 616,421 Union State Bank 50,1*00 3, 500 406, 355 GEORGIA. Athens— American State Bank 100,000 20,000 953, 866 Commercial Bank of Athens. . _ 200,000 50,000 1, 556, 237 Atlanta— ! Atlanta Trust Co 1,500,000 ! 300, 000 6, 972, 649 Georgia Savings Bank & Trust Co . I 500,000 j 200, 000 3, 529, 332 Lowry Bank & Trust Co. of Georgia.. 2,500,000 i 3, 000, 000 32, 676, 603 Bainbridge—Citizens Bank & Trust Co ! 100,000 j 20, 000 901, 519 Barnesville—Barnesville Bank. _ _ 50,000 j 10,000 220, 469 Bartow—Bartow Bank j 25,000 ! 15,000 220, 520 Boston—Bank of Boston 25,000 i 5,000 163,408 Bowersville—Bank of Bowersville 25,000 5,000 109, 400 Bowman—Bank of Bowman 35, 000 j 10, 000 333, 275 Brunswick—Brunswick Bank & Trust Co 230,000 ; 101, 000 2, 228, 650 Calhoun—Peoples Bank . 60.000! 11, 000 482, 650 Camilla—Bank of Camilla ! 50, 000 i 50,000 j 645, 212 Canon— " " j | Canon Bank j 25,000 ! 12,500 I 110,109 Farmers Bank 25,000 i 1, 250 94, 392 Carlton—Planters Bank 25,000 j 64, 880 Carrollton—Peoples Bank . . j 60,000 s ~"~36,~6o6~i 652, 343 Cartersville—Bank of Cartersville ! 100,000 j 60,000 i 661, 925 Cave Spring—Bank of Cave Spring j 25,000 i 25,000 184, 788 Chipley—Farmers & Merchants Bank _ . 50.000 10,000 I 298, 321 Claxton—Citizens Bank of Claxton 30,000 j 4, 000 139, 552 Commerce— . j Commerce Bank & Trust Co 50,000 j 12, 055 194, 552 Northeastern Banking Co i 100,000 , 60, 000 712, 612 Cordelle—Exchange Bank j 100,000 i 100,000 646, 567 Crawford—Farmers Bank i 100,000 ; 50,000 611, 622 Dacula—Dacula Banking Co j 25, 000 5, 000 85, 361 Dawson—Bank of Dawson | 100, 000 ] 42, 500 328, 765 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

208 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. DISTRICT NO. 6—Continued. GEORGIA—continued. Donalsonyille—Bank of Donalsonville. $50, 000 Douglasville—Douglasville Banking Co 51, 500 Dublin—Southern Exchange Bank 1,000 Eastman— Bank of Eastman Citizens Banking Co Eatonton— Farmers & Merchants Bank 000 Middle Georgia Bank 50, 000 50, 000 Elberton—Bank of Elberton 100, 000 25, 000 Forsyth—Monroe County Bank 25,000 30, 000 Girard—Farmers & Merchants Bank 25,000 1,000 Graymont—Bank of Graymont 25. 000 20, 000 Grayson—Bank of Grayson 40, 000 10,000 Greenville- Greenville Banking Co Peoples Bank H art well—Hartwell Bank 30,000 i Hoschton— Bank of Hoschton 15,000 j Jackson—Jackson Banking Co. 20, 000 Jefferson—Citizens Bank & Trust Co. 7,100 La Grange—La Grange Banking & Trust Co 650, 000 Lavonia—Bank of Lavonia 20, 000 Lawrenceville—Brand Banking Co 50, 000 Lexington—Oglethorpe County Bank 25,000 Lincolnton—Farmers State Bank 10, 000 Locust Grove—Bank of Locust Grove 5,000 Louisville—Bank of Louisville 55, 000 Madison- Bank of Madison Morgan County Bank McDonough— Bank of Henry County Farmers & Merchants Bank Metter— Bank of Candler County 1,250 Citizens Bank 20, 000 Millen—Bank of Millen. 50, 000 Monroe— Bank of Monroe 15,000 731, 369 Farmers Bank 30,000 576, 328 Union Banking Co. 6, 000 163,249 Pelham—Farmers Bank 50,000 603, 078 Pendergrass—Pendergrass Banking Co 5,000 73, 925 Plains—Plains Bank 35, 000 444, 250 Portal—Bank of Portal 2,000 113,042 Rhine—Rhine Banking Co 4, 500 91, 757 Royston—Royston Bank 30, 000 474, 579 Sardis—Peoples Bank 6, 000 97,114 Sasser—Bank of Sasser 32, 500 158,428 Savannah— Citizens & Southern Bank 3, 000, 000 72, 028,135 Citizens Trust Co 300, 000 1, 359, 768 Liberty Bank & Trust Co 300, 000 3, 793, 890 Savannah Bank & Trust Co 700, 000 «0,020, 529 Social Circle—Walton County Bank 125. 000 647,390 Soperton—Bank of Soperton 25,000 327, 585 Statesboro—Bank of Statesboro 100, 000 830, 264 Swainsboro—Central Bank 25, 000 181,652 Toccoa—Bank of Toccoa 50, 000 253, 204 Valdosta—Exchange Bank of Valdosta 100,000 252,809 Wadley—Bank of Wadley 25,000 242, 613 West Point—Citizens Bank 100. 000 431, 325 Winder- Farmers Bank 231, 473 North Georgia Trust & Banking Co. 740,131 Winterville—Pittard Banking Co 109, 235 Zebulon—Bank of Zebulon 173, 006 LOUISIANA. (See also District No. 11.) Baton Rouge—Union Bank & Trust Co 150, 000 2, 796,867 Gretna—Jefferson Trust & Savings Bank 60.000 1, 378, 217 Iota—Bank of Iota 25,000 ! 369,438 New Orleans- Algiers Trust & Savings Bank 200, 000 50, 000 1,178, 411 American Bank & Trust Co 300, 000 200, 000 3, 445,025 Canal-Commercial Trust & Savings Bank 4, 000, 000 2, 000,000 83, 451,188 Citizens Bank & Trust Co. of Louisiana.. 1,000, 000 250, 000 10, 887, 638 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. 209 Total resources. DISTRICT NO. 6—Continued. LOUISIANA—continued. New Orleans—Continued. Hibernia Bank & Trust Co $2, 000, 000 $2, 500,000 $64, 507, 264 Interstate Trust & Banking Co 750, 000 800, 000 17, 588, 861 Marine Bank & Trust Co 1, 500,000 800, 000 31,407, 414 New Orleans Bank & Trust Co 400, 000 100,000 5,895, 341 New Roads—Pointe Coupee Trust & Savings Bank. 60,000 6,600 382,789 Opelousas—Parish Bank & Trust Co 50,000 10,000 314, 432 Ville Platte—Evangeline Bank & Trust Co 75,000 37, 500 1,011,172 MISSISSIPPI. (See also District No. 8.) Crystal Springs—Peoples Bank 25,000 2,700 159, 267 TENNESSEE. (See also District No. 8.) Bellbuckle—Peoples Bank & Trust Co 30,000 141, 387 Chattanooga—Chattanooga Savings Bank 750, 000 250,000 6,855,421 Murfreesboro—Rutherford County State Bank 50,000 25,000 236,860 Wartrace—Wartrace Bank & Trust Co 25,000 1,500 82, 437 DISTRICT NO. 7. ILLINOIS. (See also District No. 8.) Argenta—The Gerber State Bank 25,000 5,000 242,891 Auburn—Auburn State Bank_ _. 25,000 50,000 549, 215 Barrington—First State Bank 50,000 20,000 555, 725 Blandinsville—Huston Banking Co 60,000 40,000 1, 341, 847 OJiicago— Adams State Bank 200,000 40,000 2,121, 617 Auburn Park Trust & Savings Bank 200,000 30,000 815, 545 Austin State Bank 300,000 100,000 6,457, 321 Capital State Savings Bank 300,000 60,000 4,023,155 Central Trust Co. of Illinois 6,000,000 1, 000,000 90, 658, 585 -Chicago Trust Co 1, 500,000 500,000 23, 836,072 Depositors State Bank 300,000 150,000 5, 740,872 Drexel State Bank 350,000 150, 000 9,119, 417 First Trust & Savings Bank 6,250, 000 6, 250,000 128, 406, 915 Harris Trust & Savings Bank 3, 000, 000 3,000,000 55,976,194 Home Bank & Trust Co 1,000,000 400,000 10, 515,957 Hyde Park State Bank 300,000 200,000 5, 310, 364 Illinois Merchants Trust Co 15, 000, 000 15, 000,000 291,377, 569 Independence State Bank 200,000 40,000 4,970,879 Kasper State Bank 1, 000,000 250,000 13, 899,082 Madison & Kedzie State Bank 750,000 250, 000 10,481,643 Mercantile Trust & Savings Bank 400,000 125,000 8,179, 697 Noel State Bank 1, 000, 000 150,000 10,444, 737 Northern Trust Co 2,000,000 3,000,000 59,249,730 Northwestern Trust & Savings Bank 1, 000,000 500,000 20,479, 835 Reliance State Bank 500,000 150,000 9,963, 630 Second Security Bank _ 250,000 200,000 5,879,483 Security Bank of Chicago. 500,000 350,000 8, 718, 505 South Side Trust & Savings Bank 500,000 100,000 10,326,888 Standard Trust & Savings Bank_ 1,000,000 500,000 15, 744,896 State Bank of Chicago 2, 500,000 5,000,000 60, 507,290 Twenty-sixth Street State Bank 200,000 30,000 2,011, 383 Union Trust Co 2,000,000 3,000,000 67, 398,055 United State Bank of Chicago _ 200,000 75,000 2,930, 646 Woodlawn Trust & Savings Bank 400,000 100,000 9,103,713 Oiceo— Cicero Trust & Savings Bank 100,000 60,000 1,915,632 Western State Bank 200,000 50,000 3,142,949 •Cowden—State Bank of Cowden 25,000 10,000 255,066 Des Plaines—Des Plaines State Bank.. 100,000 25,000 1,465,683 Divernon—First State Bank.. 50,000 9,000 654, 217 Eureka—Farmers State Bank 100,000 20,000 674,368 Evanston— Evanston Trust & Savings Bank... 200,000 40,000 2.467,416 State Bank & Trust Co 300,000 400,000 8,327,153 Fulton—Whiteside County State Bank 50,000 8,000 593, 669 'Geneva— State Bank of Geneva 50,000 25,000 1,325,593 Hinckley—Hinckley State Bank _ 50,000 25,000 558,855 Hinsdale—Hinsdale State Bank 100,000 25,000 1.092,417 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

210 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. Total Capital. Surplus. resources. DISTRICT NO. 7—Continued. ILLINOIS— continued. Joiiet— Commercial Trust & Savings Bank_ $100,000 $10, 000 $1, 368, 668 Joiiet Trust & Savings Bank__ 100. 000 50,000 2,184, 003 Kewanee—Union State Savings Bank & Trust Co. 150,000 25,000 1, 373,106 La Grange—La Grange State Bank 100,000 60,000 2,195,474 Magnolia—First State Bank 25.000 6,000 193, 519 Marshall—Marshall State Bank 6o;ooo 10,000 462, 844 M M M a a a r t t t t t o e in s o s o n v n — i — ll C e F - e y i n r - s M t t r a a S l r t t I a i l n t l e i s n v B o il i a l s e n T k S _ r t u _ a s t t e & B a S n a k v . ings Bank_ 1 2 5 0 0 5 0 , , , 0 0 0 0 0 0 0 0 0 2 2 7 0 0 5 , , , 0 0 0 0 0 0 0 0 0 1,1 4 2 6 0 6 0 8 6 , , , 1 6 7 4 8 5 8 6 9 , . * Mount Carroll— Carroll County State Bank __ 50,000 50,000 1, 369, 70& First State Bank__ 100,000 5,000 1,150, 299' Oak Park- Oak Park Trust & Savings Bank 400,000 200,000 5, 960, 324 Suburban Trust & Savings Bank 100,000 50, 000 2,030,004 Oswego—Oswego State Bank 50,000 10,000 414,983 Polo—Polo State Bank 75,000 15,000 559, 432 Rock Island—First Trust & Savings Bank... 200,000 50,000 1, 505, 732 St. Charles—Stewart State Bank 100,000 50, 000 1, 310, 514 Seneca— Farmers Trust & Savings Bank 25,000 6,500 142, 63a State Bank of Seneca 50,000 25,000 447, 74& Shannon—State Bank of Shannon 50,000 3,000 296, 065 Springfield—Ridgely Farmers State Bank 600,000 150,000 7,175, 556 Wenona—First State Bank 50,000 50,000 803, 297 INDIANA. (See also District No. 8.) Angola—Steuben County State Bank 40,000 17,600 404, 996 Bargersville—Farmers State Bank 25,000 25,000 233, 495 Colfax—Farmers State Bank 25,000 154, 655 Connersville—Fayette Bank & Trust Co 400,000 46,000 2, 421, 748 Cromwell—Sparta State Bank... _ 27,500 1,500 185, 931 Elkhart—St. Joseph Valley Bank... 250,000 150, 000 5,031, 592 Indianapolis—Fletcher Savings & Trust Co ., 500,000 500,000 19,304,935 Jamestown—Citizens State Bank 30,000 20,000 457, 764 Kentland—Kent State Bank 50,000 47, 500 438, 086 La Fontaine—Farmers State Bank 35,000 4,000 142, 635 Marion—Grant Trust & Savings Co 174, 600 140,750 2, 446, 500 North Liberty—North Liberty State Bank-. 50,000 12,500 395, 874 Richmond—Dickinson Trust Co 200,000 50,000 2, 730, 644 Rochester—United States Bank & Trust Co 75,000 25,000 862,893 South Bend- American Trust Co_ 500,000 160,000 5, 589, 383. St. Joseph Loan & Trust Co. ., 800, 000 200,000 5, 528, 731 South Whitley—Mayer State Bank__ 25,000 20, 500 313, 032 Terre Haute—Terre Haute Trust Co 500,000 500, 000 9, 287, 739 Tipton—Farmers Loan & Trust Co 50,000 50,000 679, 787 Algona—County Savings Bank 100,000 60,000 2, 323, 811 Alta Vista—Alta Vista Savings Bank . 30,000 20,000 583,087 Ames—Story County Trust & Savings Bank _. 50,000 19,000 1, 016, 452 Armstrong—State Bank of Armstrong 25,000 5,000 261, 624 Audubon—Iowa Savings Bank 50, 000 300, 853 Barnes City—Farmers Savings Bank 50,000 15,000 597, 001 Battle Creek—Battle Creek Savings Bank 1130,000 5,000 1,032,050 Bellevue—Bellevue State Bank 60,000 20,000 1, 246,802 Bennett—Bennett Savings Bank _ 50, 000 5,000 443, 684 Blairsburg—State Bank of Blairsburg 25, 000 10, 500 294,739 Brighton—Brighton State Bank 50, 000 444, 516 Britt—Commercial State Bank 60, 000 70,000 1, 511, 980 Burlington—First Iowa State Trust & Savings Bank. 600, 000 450, 000 10,197, 213 Cedar Falls—Security Trust & Savings Bank. _ 50, 000 10,000 526, 914 Cedar Rapids—Iowa State Savings Bank 200, 000 70,000 3, 247,837 Chariton—State Savings Bank.. _ 50,000 50,000 1,031,128 Charter Oak—Farmers State Bank 40,000 10,000 496.102 Cherokee—Cherokee State Bank 75,000 75,000 1,371,712 Clearfield—Taylor County State Bank 25,000 157,118 Clinton—Peoples Trust & Savings Bank_ 300,000 300,000 6,143, 392 Corwith—Peoples State Bank 40,000 5,000 161,730 Corydon—Wayne County State Bank 75,000 25,000 461,920 Davenport—American Commercial & Savings Bank.. ,000,000 500,000 20,825,050 Decorah— Citizens Savings Bank 50,000 50,000 Winneshiek County State Bank 150,000 75,000 2, 257, 580 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. 211 Total resources. DISTRICT NO. 7—Continued. IOWA—continued. Des Moines— Bankers Trust Co $1, 000, 000 $200,000 $6, 714, 026 Central State Bank 250, 000 250,000 7, 979, 419 Iowa Loan & Trust Co._ 500, 000 250,000 10,949, 059 Dexter—Iowa State Bank 25, 000 15, 000 279, 254 Early- Citizens State Bank 30, 000 9,000 379, 764 State Bank of Early 40,000 15,000 393, 339 Elberon—Farmers State Bank 50,000 25,000 824,995 Eldora—Citizens Savings Bank 50,000 25,000 284,337 Elkader— Elkader State Bank 50, 000 25,000 1,179,197 Ellsworth- Farmers State Bank 25,000 7,000 185, 685 State Bank of Ellsworth 35,000 3.000 362,954 Fairbank—Fairbank State Bank 26, 000 24,000 573,896 Fairfield— Iowa Loan & Trust Co 50,000 12.500 474, 396 Iowa State Savings Bank 200, 000 75,000 1, 759, 715 Farragut—Commercial Savings Bank 40,000 4,000 199, 821 Fort Dodge—Webster County Trust & Savings Bank._. 100, 000 6,000 725, 583 Fort Madison- American State Bank 100,000 21,000 1, 730, 089 Fort Madison Savings Bank 100,000 70,000 2,070,015 Fostoria—Citizens Savings Bank 25,000 196,958 Fremont—State Bank of Fremont 40, 000 504, 819 Garwin— Garwin State Bank 50,000 597,081 Gilbert—Gilbert Savings Bank 50,000 317, 472 Gilman—Citizens Savings Bank 50,000 507, 870 Grand River—Farmers State Bank 25,000 364,625 Grant—Farmers Savings Bank 25,000 220, 764 Greenfield—Greenfield Savings Bank 30, 000 282, 288 Hudson—Hudson Savings Bank 50,000 622, 263 Humboldt—Peoples State Bank 100, 000 902,448 Jefferson—Jefferson Savings Bank 50,000 14,000 657,748 Knoxville—Guaranty State Bank 50,000 15,000 524,038 L L L M L L L M L M e o a o o y a a a a o k w c k g t g l p t k n o e c a o n l d r — o n t e n o i V e a l — t d l n — m — o F i i g — e a n S a — e w F — F — r — t L m a a a — M M t r o r M L e e m m w L a r o a a l S s e e a d g c c p a r k r e k n o & s l s v e n r e o l m i i t S l & n d T V o i S a a g g n r i a S v D s e e a v S i a w d T r n i B S v a n o e g r y a i a r g v S u n s s v i n s e t s n g i k a B r t S n s g B s t a g s e t & B a a n S s B n t B a k t e S B k a a n . a a _ t B a n k n e v n k k a i k B n n g k a s n k Bank 1 3 2 3 2 2 5 7 0 5 2 0 5 0 5 0 0 5 5 0 5 , , , , , , , , , , 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 2 2 1 1 1 1 1 8 5 0 5 7 0 0 5 1 , , , , , , , , , 0 0 0 0 5 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 3 3 8 2 7 3 4 3 3 5 5 3 2 9 8 9 0 5 5 0 7 4 6 7 3 6 9 0 6 5 , , , , , , , , , , 4 1 8 0 2 9 8 3 7 0 3 2 3 4 6 9 2 0 7 0 6 9 6 4 5 0 0 1 1 3 Marshalltown—Marshalltown State Bank 100,000 50,000 2, 653,120 Mason City—City Commercial Savings Bank 400, 000 65,000 2,835,831 Mechanicsville—Mechanicsville Trust & Savings Bank- 50, 000 50, 000 721,739 Mediapolis— Commercial State Bank 100, 000 45,000 532, 832 Missouri Valley—State Savings Bank 50, 000 10,000 468, 703 Mondamin—Mondamin Savings Bank 35,000 15,000 339, 745 Monticello— Lovell State Bank 200,000 100,000 1,457,773 Monticello State Bank 200,000 200,000 2,811, 680 Moorhead—Moorhead State Bank 30,000 30,000 448, 683 Moville—Moville State Bank ,_ __. 35,000 23, 000 427, 305 New Hampton—State Bank 50,000 30,000 961,079 Newton— Citizens State Bank 60,000 25,000 640,021 Jasper County Savings Bank 100,000 50,000 1,408, 413 Osage—Home Trust and Savings Bank... 50, 000 25, 000 735,100 Osceola—Iowa State Bank 50. 000 4,000 406,911 Ottumwa—Ottumwa Savings Bank 100, 000 30,000 1, 631,760 Perry—Peoples Trust & Savings Bank... 50,000 6,200 702, 954 Remsen—Farmers Savings Bank 50,000 30,000 491,445 Riceville— RiceviUe State Bank 25,000 15,000 278, 287 Roland—Farmers Savings Bank_ ._ 35, 000 25,000 491,849 Royal—Home State Bank 25,000 2,000 202,280 Sac City- Farmers Savings Bank _ 100,000 30,000 753,459 Sac County State Bank 75, 000 50,000 1,286,446 Schaller—Schaller Savings Bank__. 25,000 25,000 395, 592 Shenandoah—Security Trust & Savings Bank 60,000 9,000 453, 335 Sibley—Sibley State Bank.. __ 50,000 15,000 606, 007 Sioux Center—Sioux Center State Bank 25,000 25,000 367,021 Solon—Ulch Bros. State Bank 50, 000 15,000 868,357 Storm Lake—Security Trust & Sayings Bank 75,000 5, 253 412, 538 Strawberry Point—Strawberry Point State Bank 50,000 10,000 894, 283 Terril—Terril Savings Bank _ 25,000 2,000 326, 586 Thompson—State Bank of Thompson _. 30,000 I 8,000 326,048 Tipton—Farmers & Merchants Savings Bank 50, 000 J 20,000 527,741 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

212 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. Total Capital. Surplus. resources. DISTRICT NO. 7—Continued. IOWA—continued. Ute— Farmers Savings Bank $25,000 ! $2,500 I $181, 559 State Savings Bank 50,000 : 15,CKXi 467, 725 Vail—Farmers State Bank 50, 000 i 12,50{' i 299,093 Van Wert—Van Wert State Bank 25,000 25,00( ! 317,859 Victor—Victor Savings Bank 50,000 i 30,00C ! 628, 660 Wapello—Wapello State Savings Bank 30,000 ! 10,00C ! 597,893 Waterloo—Waterloo Bank & Trust Co 250,000 ! 50,00C 1 2, 271,112 Webster City—Hamilton County State Bank. 100,000 i 30,00C i 1, 452, 083 Winterset—Madison County State Bank 125,000 i 125,000 I 1, 498,109 (See also District No. 9.) Adrian— Adrian State Sayings Bank 150,000 90,000 2, 059,102 Commercial Savings Bank 110, 000 30,000 1, 694,402 Lenawee County Savings Bank 150,000 50,000 2,150, 726 Albion- Albion State Bank 50,000 40,000 1, 082, 717 Commercial & Savings Bank 75,000 40,000 1, 141,187 Alpena—Alpena County Savings Bank 100,000 200,000 3, 720,182 Ann Arbor- Farmers & Mechanics Bank 200,000 75, 000 3, 757,116 State Savings Bank 300,000 300, 000 4,190, 381 Armada- Armada State Bank 25,000 25,000 518, 344 Farmers State Bank 25,000 12, 500 400, 347 Bay City- Bay City Bank 350, 000 300,000 5, 420, 719 Farmers State Sayings Bank 100,000 75,000 1, 783, 710 Peoples Commercial & Savings Bank 400,000 500,000 11, 656, 437 Bellevue—Farmers State Bank _ _ 25,000 5,000 173, 970 Benton Harbor—Ben ton Harbor State Bank 100,000 75,000 1, 642, 272 Big Rapids- Big Rapids Savings Bank 50,000 25,000 1, 013, 942 Citizens State Bank 50,000 25,000 1,655,312 Birmingham—First State Savings Bank 100, 000 25, 000 1, 494, 371 Blanchard—Blanchard State Bank 25,000 5,000 251, 746 Blissfield—Blissfield State Bank 50,000 22, 500 815, 489 Britton—Peoples State Savings Bank 25,000 5,000 345, 240 Brown City—Brown City Savings Bank 40,000 8,000 645, 263 Caledonia—State Bank of Caledonia 50,000 10,000 527, 763 Caro—State Savings Bank 75,000 25,000 1, 117, 072 Carson City—Farmers & Merchants State Bank. 25,000 5,000 275, 570 Carsonyille—First State Bank 25,000 5,000 471, 249 Cass City—Pinney State Bank.. 50,000 5, 500 667, 257 Cassapolis—Cass County State Bank 40,000 8,000 370, 684 Charlotte—Eaton County Savings Bank 100,000 20,000 1, 314,197 Chelsea- Farmers & Merchants Bank 50,000 50,000 776, 122 Kempf Commercial & Savings Bank 60, 000 40, 000 786, 484 Coloma—State Bank of Coloma 25,000 25,000 687, 017 Constantine—Commercial State Bank. 25,000 8,000 466, 228 Coopersville—Peoples Savings Bank 25,000 5,000 477, 581 Croswell— First State Savings Bank... .-_ 30,000 6,000 635, 613 State Bank of Croswell.. 60,000 12, 000 1, 218, 496 Davison—Davison State Bank 50, 000 10,000 535, 930 Dearborn—Dearborn State Bank 100, 000 150, 000 2, 211, 010 Detroit- American State Bank 1, 500, 000 650,000 26, 989, 611 Bank of Detroit 2, 000,000 500,000 37, 363, 692 Central Savings Bank. 1, 000,000 600,000 27, 362, 582 Commercial State Savings Bank 1,000,000 200,000 5, 598, 500 Detroit Savings Bank _. 1, 500,000 2, 000,000 35, 735, 085 Dime Savings Bank 1, 500, 000 2, 500, 000 50, 510,838 First State Bank - 2,498, 716 699,827 18,649,467 Peninsular State Bank 2,500,000 1, 500,000 39,031,462 Peoples State Bank 5,000,000 10,000,000 131, 573, 787 United Savings Bank 750,000 150,000 11,054,373 Wayne County & Home Savings Bank. 4,000,000 6,000,000 96,052,102 Eaton Rapids—Michigan State Bank 75,000 75,000 707,071 Edmore—Edmore State Bank 30,000 10,000 411,623 Elk Rapids—Elk Rapids State Bank 35,000 12,800 377, 452 Evart—Evart State Bank _ 50,000 647,031 Farmington—Farmington State Savings Bank... 40,000 30,000 893, 506 Fennville—Old State Bank 50,000 15,000 546,343 Fenton— Commercial State Savings Bank.. 50,000 27,500 639,913 Fenton State Savings Bank 25,000 20,000 844,726 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. 213 Surplus. Total resources. DISTRICT NO. 7—Continued. MICHIGAN—continued. Flint- Citizens Commercial & Savings Bank $350,000 $6,618,516 Genesee County Savings Bank 500,000 10, 141, 864 Industrial Savings Bank 300,000 2. 960, 465 Union Trust & Savings Bank 270, 000 6, 603, 548 Flushing—Peoples State Bank 15, 000 396, 605 Fountain—Bank of Fountain 5, 000 191, 517 Frankenmuth—Frankenmuth State Bank 50, 000 1,087, 933 Fremont— I Fremont State Bank 50,000 40,000 I 683, 405 Old State Bank 100, 000 50,000 1, 226,189 Grand Haven- Grand Haven State Bank 100,000 100,000 2, 289, 840 Peoples Savings Bank 50,000 30,000 1,170,125 Grand Rapids— Commercial Savings Bank 300,000 60,000 3, 467, 722 Grand Rapids Savings Bank 500,000 500,000 17, 486, 495 Kent State Bank 500,000 1,100,000 16,045, 218 Peoples Savings Bank_ 200,000 100,000 2,841,314 Greenville—Commercial State Savings Bank 50,000 30,000 1, 285,838 Hart—Oceana County Savings Bank . 40,000 13,000 608, 392 Highland Park- American State Bank 200, 000 50,000 4, 062, 552 Highland Park State Bank 1,000,000 900, 000 25, 699, 534 Hillsdale—Hillsdale Savings Bank 100,000 25, 000 1, 377, 713 Holland- First State Bank 100,000 65, 000 2, 903, 490 Holland City State Bank 100,000 50, 000 2, 598, 514 Holly—First State & Savings Bank 100, 000 50, 000 1, 606, 385 Hopkins—The Hopkins State Savings Bank 25, 000 5. 000 441,473 Howell—First State & Savings Bank 75,000 19,000 943,287 Imlay City— Lapeer County Bank 50,000 10,000 1,027,684 Peoples State Bank 50,000 10, 000 719, 250 Ionia—State Savings Bank 100, 000 100, 000 1,875, 377 Jackson- Central State Bank 100,000 26,000 1,853, 636 Jackson State Savings Bank 300,000 125, 000 2, 624, 471 Jonesville—Grosvenor Savings Bank 50,000 25, 000 660, 241 Lake Odessa—Lake Odessa State Savings Bank 25,000 25, 000 498, 422 Lakeview— Commercial State Savings Bank 25,000 7,000 354,090 Farmers & Merchants State Bank 40, 000 10,000 297, 786 Lansing—American State Savings Bank 500,000 250,000 9, 641, 660 Lapeer—Lapeer Savings Bank 75, 000 15,000 827,843 Lenox—Macomb County Savings Bank 50,000 15,000 1,167,825 Lowell—City State Bank 25,000 10,000 545,148 Ludington—Ludington State Bank 100,000 25, 000 2, 032, 435 Man P ch eo e p st l e e r s — B ank ™ m 25, 000 15, 000 523, 313 Union Savings Bank 25, 000 50, 000 712, 276 Manistee—Manistee County Savings Bank 100,000 100,000 2,828,142 Marcellus—G. W. Jones Exchange Bank 40, 000 35, 000 878,552 Marshall—Commercial Savings Bank 100,000 20, 000 1,257,161 Marysville—Marysville Savings Bank .50,000 25,000 302,932 Mason— Farmers Bank 50,000 10, 000 686,349 First State & Savings Bank 25,000 15, 000 737,471 Midland—Chemical State Savings Bank 50,000 15, 000 900, 513 Milan—Milan State Savings Bank 25, 000 1.6,000 467, 734 Milford— Farmers State Savings Bank 50,000 8,000 294, 670 First State Bank 25,000 12, 500 667, 766 Monroe— Dansard State Bank 1 200,000 30,000 2, 816, 595 Montague—Farmers State Bank 25,000 5,000 429,646 Morenci—Wakefield State Bank 50,000 30,000 1,909,138 Mount Clemens—Ullrich Savings Bank... 100,000 100, 000 2,358,156 Mount Pleasant— Exchange Savings Bank 50,000 32,500 1,054,127 Isabella County State Bank 60,000 27,000 1, 527,364 Nashville- Farmers & Merchants Bank 35,000 50,000 1,928, 625 State Savings Bank 30,000 12,500 477,559 New Haven—New Haven Savings Bank 25,000 25,000 509,856 Niles City—Niles City Bank 100,000 25,000 1,451,535 Northville—Lapham State Savings Bank... 50,000 30,000 1,085,384 Onsted—Onsted State Bank 25,000 10,000 321, 722 Paw Paw—Paw Paw Savings Bank 40,000 10,000 540,329 Petersburg—The H. C. McLachlin & Co. State Bank. 25,000 5,000 549, 325 Petoskey—First State Bank 60,000 15,000 1,183, 607 86538—24t 15 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

214 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. Total Capital. Surplus. resources. DISTRICT NO. 7—Continued. \ MICHIGAN—continued. j Pinconning—Pinconning State Bank $30,000 $6, COO $567, 175 POntiac—Pontiac Commercial & Savings Bank 1,000,000 200, COO 13,711,311 Port Huron—Federal Commercial & Savings Bank : 300,000 150, COO 6, 549, 443 Redford—Redford State Savings Bank | 100,000 42,000 1,264, 247 Rochester—Rochester Savings Bank I 50,000 10,000 623, 409 Rogers City—Presque Isle County Savings Bank | 35,000 15, 030 1, 274,153 Romeo—Romeo Savings Bank I 100,000 25, 030 1, 439, 940 Royal Oak- First State Bank of Royal Oak j 200,000 100,030 2, 786,460 Royal Oak Savings Bank j 100,000 100,0)0 2, 486, 700 Saginaw— I American State Bank I 200,000 100, 000 5, 265,178 Bank of Saginaw | 1,000,000 500,0i)0 23,434, 780 St. Charles—St. Charles State Bank 25,000 9,000 820, 725 St. Clair—Commercial & Savings Bank i 75,000 20, 000 1,102, 071 Saline—Saline Savings Bank j 25,000 25,000 536,810 Saugatuck—Fruit Growers State Bank j 100,000 25,000 950, 337 Sebewaing—Farmers & Merchants State Bank i 25,000 6, 2oO 425,305 South Haven—Citizens State Bank | 100,000 100, 000 1, 587,448 Sparta—Sparta State Bank I 30,000 8, 000 547, 252 Spring Lake—Spring Lake State Bank ! 25,«00 25,000 503, 750 Suttons Bay—Leelanau County Savings Bank ! 25,000 10,0(i0 400, 535 Tecumseh— I Lilley State Bank ! 40,000 20,0(0 727, 230 Tecumseh State Savings Bank j 50,000 30,0(0 872,989 Traverse City—Traverse City State Bank 200,000 100,0(0 3, 454,363 Vicksburg— Farmers State Bank i 25,000 5.0C0 488,005 First State Bank 30,000 7,2C0 415, 536 Warren—State Savings Bank of Warren. 25,000 25,0C0 755,800 Washington—Washington Savings Bank I 25,000 15,000 299, 266 Wayne—Wayne Savings Bank.. j 50,000 50, 000 1,460, 306 Williamston— Crossman & Williams State Bank... 40,000 20,003 505, 222 Williamston State Bank I 50,000 10,003 664,000 WISCONSIN. ! * (See also District No. 9.) Baraboo—Bank of Baraboo 100,000 50,00) 2, 223, 552 Burlington—Bank of Burlington 125,000 25,000 1, 667, 620 Clinton—Citizens Bank 50,000 10,000 572,686 Delavan—Citizens Bank of Delavan 50,000 50,000 1,064,396 Green Lake—Green Lake State Bank 40,000 20,000 465, 288 Kenosha—Merchants & Savings Bank 100,000 24,000 1, 982, 459 Kewaunee—State Bank of Kewaunee 70,000 20,000 1,168, 207 Madison—Bank of Wisconsin 31)0,000 60,000 4, 722, 339 Milwaukee- American Exchange Bank 1,000,000 200, 000 12, 329, 621 Badger State Bank 200, 000 50,000 5, 639, 834 Marshall & Ilsley Bank 1,000,000 1,500,000 26, 543, 936 Second Ward Savings Bank 1,000,000 2,000,00d 37,611,442 Mineral Point—Iowa County Bank 100, 000 50, 00( 1, 261, 590 Mosinee—State Bank of Mosinee 50,000 30, 000 646, 516 Oakfield—Bank of Oakfield 50,000 10, 00( 288, 621 Platteville—State Bank of Platteville 50, 000 10,00C 1,122,048 Plymouth- Plymouth Exchange Bank 100,000 50,00C 1, 262,188 State Bank of Plymouth 125,000 32, 50C 1,158, 712 Seneca—Farmers & Merchants State Bank. 35,000 17, 50C 460,068 Sheboygan—Citizens State Bank 200, 000 200,00C 4,098,697 Sturgeon Bay—Bank of Sturgeon Bay 100,000 20,000 2,305,711 Waupun—State Bank of Waupun 50,000 30,000 859, 551 Wausau—Marathon County Bank 150,000 60,000 2,184, 009 Winneconne—Union Bank 25,000 13,500 483, 585 DISTRICT NO. 8. j ARKANSAS. | Arkansas City—Desha Bank & Trust Co I 104,000 100,000 1, 214,642 Bates ville— I Citizens Bank & Trust Co j 50,000 20,000 658,285 Union Bank & Trust Co | 100,000 20,000 1,124, 532 Blytheville—Farmers Bank & Trust Co _ j 100,000 10, 000 1,047,183 Brinkley—Monroe County Bank j 35, 000 10,000 387,612 Cabot—Peoples State Bank 25,000 3,250 114,000 Gonway—Farmers State Bank _. 60,000 15,000 1,166,243 Dardanelle—Dardanelle Bank & Trust Co ! 50,000 10,000 414,717 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. 215 Total Capital. Surplus. resources. DISTRICT NO. 8—Continued. ARKANSAS—continued. Dumas—Merchants & Farmers Bank $50,000 $10,000 $365, 762 Earle—Bank of Commerce 150,000 30,000 968,483 England—Citizens Bank & Trust Co 100,000 40,000 504, 271 Forrest City—Bank of Eastern Arkansas 50,000 50,000 940,342 Fort Smith—Arkansas Valley Bank 100,000 20, 000 1, 425, 585 Gillett—Citizens Bank 25, 000 2,500 84,692 Helena—Security Bank & Trust Co 250,000 50,000 1, 582,378 Jonesboro— Bank of Jonesboro 200.000 100,000 1,731,680 Jonesboro Trust Co iod! ooo 30,000 1, 095, 549 Lake Village—Chicot Bank & Trust Co 150,000 15,000 550,165 Little Rock- American Bank of Commerce & Trust Co 750, 000 150, 000 12,429,275 Bankers Trust Co 300,000 80,000 7,664,027 Southern Trust Co 500,000 100,000 5,134, 299 Union Trust Co 500,000 250, 000 8,129,222 W. B. Worthen Co., Bankers 200,000 300,000 3, 500,690 Magnolia— Columbia County Bank 50,000 50, 000 684,814 Farmers Bank & Trust Co 50, 000 50, 000 1,105,171 Marion—Crittenden County Bank & Trust Co 275,000 25,000 2, 516,926 Marvell—Bank 'of Marvell 50,000 10,000 501,033 Newport—Arkansas Bank & Trust Co 200,000 37, 500 1, 283,930 Paris—American Bank & Trust Co 50,000 10,000 555, 404 Pine Bluff- Cotton Belt Savings & Trust Co 100, 000 60,000 1,458,122 Peoples Savings Bank & Trust Co 100,000 50, 000 914, 718 Russellville— Bank of Russellville 75,000 37, 750 772,886 Peoples Exchange Bank 100,000 50,000 1,117,068 Texarkana—Merchants & Planters Bank 200,000 23, 200 986,224 Waidron—Bank of Waldron 60,000 20,000 409, 208 Walnut Ridge—Lawrence County Bank 125,000 31,250 1,055, 970 Warren—Warren Bank 75,000 42, 000 567, 095 ILLINOIS. (See also District No. 7.) Belleville—Belleville Savings Bank 300, 000 250,000 4,416, 242 East St. Louis—Union Trust Co 300,000 300,000 4, 331,907 Edwardsville—Citizens State & Trust Bank 100,000 35,000 1, 222,732 Effingham—Effingham State Bank 110, 000 25, 000 981,869 Greenville—State Bank of Hoiles & Sons 120,000 40,000 1, 539,876 Harrisburg—First Trust & Savings Bank 150,000 75, 000 2,375,011 Hillsboro—Montgomery County Loan & Trust Co 100,000 50, 000 842, 423 Litchfield—Litchfleld Bank & Trust Co 100, 000 25,000 985, 865 Madison—Union Trust Co 50,000 12, 000 387, 537 Mount Carmel—First State Bank 100,000 20,000 492,855 Mount Olive—Mount Olive State Bank 50,000 10,000 445,925 New Athens—Farmers State Bank 25,000 3,500 144,021 O'Fallon—First State Bank 25,000 5,000 214,818 Palmyra—First State Bank 25, 000 25, 000 193,401 Quincy—State Savings, Loan & Trust Co , 000, 000 200, 000 10,979,415 INDIANA. (See also District No. 7.) Corydon—Corydon State Bank_ 75,000 19, 250 434, 533 Evansville—Mercantile Commercial Bank 200,000 50,000 2, 367, 630 Paoli—Paoli State Bank 40,000 10, 000 456, 504 KENTUCKY. (See also District No 4.) Louisville- Kentucky Title Savings Bank & Trust Go 350,000 200,000 11,937,428 Liberty Insurance- Bank 500,000 750,000 19, 785,118 Lincoln Bank & Trust Co 750,000 175,000 6, 748, 327 Louisville Trust Co 806,100 275, 000 5, 486,-875 Owensboro—Central Trust Co 200, 000 110,000 3, 512, 365 MISSISSIPPI. (See also District No. 6.) Greenwood—Greenwood Bank & Trust Co 200,000 50,000 1,498,865 Grenada—Grenada Bank 250,000 300, 000 7,166, 274 Pontotoc—Bank of Pontotoc 100,000 25,000" 871,225 Rosedale—Bolivar County Bank 75,000 6,000 332, 309 Ruleville— Planters Bank & Trust Co 50,000 25,000 303, 537 Tunica—Citizens Bank of Tunica 75,000 15,000 1,072,100 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

216 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. Capital. Surplus. Total resources. DISTRICT NO. 8—Continued (See also District No. 10.) j Bertrand—Commercial Bank of Bertrand \ $25,000 $5,00C $105,200 Bowling Green—Pike County Bank 25,000 10,00C 263,411 Cabool—Citizens Savings Bank ! 25,000 5, 00C 344,020 Iberia—Farmers & Traders Bank I 25,000 10,000 256, 872 Jefferson City—Exchange Bank of Jefferson City i 100,000 25,000 1,800, 502 Lexington—Lafayette County Trust Co ! 75,000 15,000 466,060 Linn Creek—Camden County Bank : J 25, 000 35,000 303,496 Luxemburg—Lemay Ferry Bank _* j 50,000 20,000 1, 297, 247 Macon—State Exchange Bank of Maeon \ 100,000 40,000 1,213,429 Maplewood— \ Bank of Maplewood I 50,000 25,000 1, 221, 087 Citizens Bank of Maplewood 100,000 15, 000 842, 341 Marshall—Wood & Huston Bank _' 100,000 200,000 1, 816,170 Pine Lawn—Pine Lawn Bank 30,000 4,000 214, 566 St. Louis- American Trust Co 1,000,000 450, 000 15,197,296 Bremen Bank 200,000 500, 000 6, 784,108 Cass Avenue Bank 200,000 150,000 4, 659, 492 City Trust Co 200,000 65,000 2,122, 032 Easton-Taylor Trust Co 200,000 12,000 1,877,020 Farmers & Merchants Trust Co 400,000 80,000 6, 299,199 Franklin Bank 1,000,000 300,000 11,779,352 Grand Avenue Bank of St. Louis 200,000 100, 000 3, 200, 867 Grant State Bank 200,000 50,000 1, 03?, 549 Gravois Bank of St. Louis County 25,000 35,000 880,110 International Bank of St. Louis 1,000,000 200,000 9, 229, 829 Jefferson Bank 200,000 175, 000 4, 759,036 Jefferson Gravois Bank of St. Louis 200,000 100,000 4,155,112 Laclede Trust Co 200,000 40,000 2, 206, 383 Lafayette South Side Bank 1,000,000 800, 000 25, 014, 260 Liberty Central Trust Co 3,000,000 1, 000, 000 41, 467, 273 Lindell Trust Co 200,000 20, 000 220,427 Lowell Bank 200,000 50, 000 3, 535, 879 Manchester Bank 500,000 100,000 5,975,912 Mercantile Trust Co 3,000,000 7, 000, 000 67, 427, 089 Mississippi Valley Trust Co 3,000,000 3, 500, 000 37, 372, 845 Mound City Trust Co 200,000 40,000 2, 068, 399 Natural Bridge Bank 200,000 50,000 1, 543, 361 North St. Louis Trust Co 200,000 50,000 3,013,663 Northwestern Trust Co 500,000 500,000 9, 637, 694 Park Savings Trust Co. (Richmond Heights) 50,000 10,000 124, 659 Savings Trust Co 200,000 50, 000 2, 810, 652 Scruggs Vandervoort & Barney Bank 200,000 22,000 1, 787, 033 Shaw State Bank 120,000 12,000 400, 726 South Side Trust Co 200,000 50,000 3, 385, 493 Southern Commercial & Sayings Bank 200,000 50,000 3, 692, 690 Southwest Bank of St. Louis 125,000 18, 500 1, 324, 847 Tower Grove Bank 1 200,000 100, 000 7,167,144 United States Bank 1,000,000 700,000 10, 657,999 Water Tower Bank I 200,000 75,000 1, 672, 702 West St. Louis Trust Co j 200,000 90,000 3,134,289 Versailles—Bank of Versailles | 75,000 10,000 470,155 Washington—Franklin County Bank 50,000 20,000 437, 395 Waynesville—Bank of Waynesville 50,000 6,000 544, 266 Webster Groves—Webster Groves Trust Co 100,000 40,000 1, 213, 959 TENNESSEE. (See also District No. 6.) Alamo—Bank of Alamo 25,000 4,000 267,196 Bells—Bank of Crockett 25,000 5,000 390, 723 Brownsville—First State Bank 200,000 40,000 1,408,929 Dyer—Farmers & Merchants Bank 40,000 23,300 324,833 Greenfield—Greenfield Bank I 30,000 25,000 299,850 Halls—Peoples Savings Bank & Trust Co 25,000 10,000 207,994 Henning—Bank of Henning 50,000 307,807 Memphis- Bank of Commerce & Trust Co.. 3,000,000 1, 500,000 36,913, 579 Guaranty Bank & Trust Co 500,000 120,000 10, 470, 341 Union & Planters Bank & Trust Co 2,000,000 700,000 39, 857,810 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. 217 Total Capital. Surplus. resources, DISTRICT NO. 9. (See also District No. 7.) Ewen—State Bank of Ewen $25,000 $20,000 $420,145 Gladstone—Gladstone State Savings Bank. 50,000 25,000 1, 213, 569 Gwinn—Gwinn State Savings Bank 25,000 25,000 417, 218 Iron Mountain—Commercial Bank 100,000 100, 000 2, 533,186 Laurium—State Savings Bank 100, 000 125,000 1,063,077 Manistique—Manistique Bank 50,000 50,000 861,065 Menominee—Commercial Bank 100,000 25,000 1, 209, 503 Sault Ste. Marie- Central Savings Bank 100,000 20,000 1,343, 551 Sault Savings Bank 100,000 60,000 1,826, 546 South Range—South Range State Bank 30, 000 30,000 718,429 MINNESOTA. Anoka—State Bank of Anoka 50, 000 25,000 925, 685 Benson—Swift County Bank 50, 000 50,000 1, 376,522 Clinton—Clinton State Bank 25,000 6,000 282,074 Excelsior—Minnetonka State Bank 25,000 10,000 573, 670 Hayfield—Farmers State Bank 25,000 18,000 540, 540 Hutchinson—Farmers & Merchants State Bank (Inc.) - 50,000 12, 500 927, 249 Ihlen—Ihlen State Bank . 25, 000 4,000 210, 599 JefTers—State Bank of JefTers 25, 000 25,000 409,107 Kenyon—Kenyon State Bank 50,000 12,000 627,561 Lake City—Lake City Bank of Minnesota 50,000 50,000 923, 365 Lewiston—Security State Bank._ 50,000 10,000 546, 897 Luverne—Rock County Bank 50, 000 25, 000 733, 281 Madelia—State Bank of Madelia 50,000 10,000 687,409 Menahga—Farmers & Merchants State Bank 25,000 5,000 255,652 Minneapolis- Mercantile State Bank __. 300, 000 80, 000 2,347,927 Wells-Dickey Trust Co 500,000 190, 000 5, 468, 255 New Richland—State Bank of New Richland . 50,000 25, 000 697,006 New Ulm—Citizens State Bank 100,000 100, 000 2,374, 815 Red Wing—First Security State Bank 125,000 65,000 1, 469, 485 Revere—State Bank of Revere 30, 000 30,000 238,307 St. Paul—Central Metropolitan Bank 400,000 80,000 4,933,060 St. Peter—Citizens State Bank of St. Peter 50,000 25,000 784, 087 South St. Paul—Drovers State Bank 100,000 50,000 1,851,915 Spring Valley- Farmers State Bank i 25,000 6,000 261,891 First State Bank 30,000 40,000 59&, 866 Walnut Grove—First State Bank 50,000 315, 628 Wanamingo—Security State Bank (Inc.) 40,000 8,000 216,488 Westbrook—Citizens State Bank 25,000 10,000 272,466 Willmar—Kandiyohi County Bank 100,000 40,000 1,639, 394 Winona— Deposit Bank & Trust Co. of Winona 300, 000 200, 000 4,064, 241 Merchants Bank of Winona 200, 000 50,000 3, 568, 594 MONTANA. Anaconda—Daly Bank & Trust Co 100, 000 100, 000 3, 307,975 Belgrade—Belgrade State Bank 50,000 25, 000 444,447 Belt—Farmers & Miners State Bank 50,000 12, 500 330, 370 Billings—Security Trust & Savings Bank.... 100, 000 12,000 1, 686, 780 Boulder—Bank of Boulder 75,000 25,000 495, 658 Bozeman— Gallatin Trust & Savings Bank 100, 000 25,000 874, 692 Security Bank & Trust Co 100, 000 10, 000 405, 774 Broadus— Powder River County Bank 50,000 1,200 223,088 Butte— Metals Bank & Trust Co 400, 000 300,000 10,949, 646 Miners Savings Bank & Trust Co 200, 000 50,000 1, 837, 765 Culbertson—Citizens State Bank 25, 000 10,000 294, 315 Denton—Denton State Bank 25,000 5,000 226, 230 Dillon—Security State Bank 50, 000 188, 545 East Helena—East Helena State Bank 50,000 12, 500 226,413 Edgar—Edgar State Bank 30, 000 145, 665 Ennis—Southern Montana Bank 25, 000 25, 000 268, 754 Eureka—Farmers & Merchants State Bank. 25,000 20,000 303,985 Forsyth—Bank of Commerce 75,000 764, 648 Fromberg— Clarks Fork Valley Bank 25, 000 2,500 163, 248 Hamilton—Ravalli County Bank 50, 000 12, 500 640,139 Helena- Conrad Trust & Savings Bank 200,000 100,000 1, 672, 783 Montana Trust & Savings Bank 150,000 75,000 1,825,352 Union Bank & Trust Co.,. 250,000 150,000 3, 552, 253 Hinsdale—Valley County Bank 25, 000 8,000 169,102 Huntley—Huntley State Bank 25, 000 10,000 172, 615 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

218 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. Total resources. DISTRICT NO. 9—Continued. \ MONTANA—continued. ! Joliet—Joliet State Bank j $25,000 $188, 599 Kalispell—Bank of Commerce | 100,000 $25,000 715, 974 Laurel—American Bank of Laurel I 25,000 2,503 149,400 Lewistown—Empire & State Bank J 150,000 25,003 1, 638, 279 Missoula— American Bank & Trust Co j 100,000 25, 003 1,481,018 Moccasin—Moccasin State Bank j 25, 000 4,003 148,989 Nashua—State Bank of Nashua • 25,000 5,003 255,942 Opheim—First State Bank of Opheim j 25,000 142,424 Park City—Park City State Bank ! 40,000 5,003 285, 611 Philipsburg— j First State Bank. _. _____ j 50,000 10,00) 453, 070 Philipsburg State Bank ! 40,000 20, 00) 342, 857 Plenty wood—State Bank of Plenty wood , 25,000 5, 00D 291, 364 Reed Point—Reed Point State Bank | 25,000 1,500 123,909 Richey—First State Bank j 25,000 5, 000 116,828 Roundup—Citizens State Bank j 50,000 50, 000 782,496 Saco—Farmers & Merchants State Bank of Saco | 25,000 5,000 215, 638 Stevensville—First State Bank • 40,000 10, 000 355,361 Townsend—State Bank of Townsend _! 100,000 11, 000 643, 728 White Sulphur Springs—Central State Bank | 60,000 212, 301 Willow Creek—Willow Creek State Bank \ 25,000 20, 0(Xi 380, 293 Wolf Point— i First State Bank __ i 30,000 15, OOC 539,987 Security State Bank j 25,000 3, 500 219,104 Worden—Farmers State Bank____ 25, 000 6,00f 195,304 NORTH DAKOTA. j Enderlin—Enderlin State Bank | 50,000 10, OOC 431, 531 Fullerton—Farmers State Bank | 25, 000 1, OOC 150, 012 Jamestown—Security Savings Bank ! 50, 000 10,000 248, 714 Noonan—Security State Bank j 25, 000 5, 000 326, 660 SOUTH DAKOTA. | Bellefourche—Butte County Bank I 75, 000 25,000 110,207 Big Stone City—Gold & Co. State Bank 50,000 5,000 503, 203 Brookings—Bank of Brookings j 150,000 50,000 2, 485, 048 Camp Crook—Little Missouri Bank j 25, 000 10,000 305, 019 Gregory—Commercial State Bank j 50,000 7,040 757, 241 Groton—Brown County Banking Co \ 25,000 10, 000 589,583 Hecla—Farmers & Merchants State Bank ! 25, 000 5,000 358, 767 Mitchell—Commercial Trust & Savings Bank i 100,000 20,000 1, 514, 007 Newell—Reclamation State Bank i 25,000 5,000 259, 932 Philip—Bank of Philip ! 40,000 10,000 454, 262 Rapid City—Security Savings Bank I 50, 000 16, 000 719, 084 Sioux Falls—Commercial & Savings Bank | 200, 000 2,000 1, 349,078 South Shore—South Shore Bank i 25,000 5,000 265, 426 Stratford—First State Bank | 30,000 2,000 320,198 Timber Lake—Stock Growers State Bank I 25, 000 5,000 272, 680 Webster—Security Bank & Trust Co | 60, 000 30, 000 1, 499, 877 White River—Mellette County State Bank I 25,000 2,500 130, 295 WISCONSIN. ! (See also District No. 7.) Balsam Lake—Polk County Bank 25, 000 5,000 j 284, 048 Boyceville—Bank of Boyceville 30, 000 6,000 ! 458, 270 Ellsworth—Bank of Ellsworth 50, 000 25,000 ! 1, 060,954 Glenwood City—First State Bank 42, 000 4,000 • 380,191 Grantsburg—First Bank of Grantsburg 50, 000 6,700 ! 645,453 New Richmond—Bank of New Richmond 75,000 37,500 1, 228,131 West Salem—La Crosse County Bank 50, 000 27, 500 723, 240 Whitehall—Peoples State Bank 30,000 6,000 474. 849 DISTRICT NO. 10. COLORADO. Denver— American Bank & Trust Co 500, 000 250, 000 10, 831,181 International Trust Co 500,000 500, 000 18,175, 293 Fort Lupton—Fort Lupton State Bank,.. 25, 000 15,000 428, 134 KANSAS. Anthony—Home State Bank 25, 000 6,000 289.110 Fort Scott—Fort Scott State Bank 100, 000 50, 000 1, 385, 830 Hiawatha—Morrill & Janes Bank 100,000 50, 000 967,199 Jamestown—Jamestown State Bank 25, 000 25, 000 338,896 Liberal—Citizens State Bank 50, 000 25, 000 400, 625 St. Marys—Farmers Reserve State Bank__ 25, 000 5,000 214,625 Sedan—Sedan State Bank 30, 000 50,000 526, 213 Digitized foWr FinRfiAelSd—ERSt ate Bank of Winfield 100,000 50,000 1,383,188 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. 219 Total Capital. resources. DISTRICT NO. 10—Continued. MISSOURI. (See also District No. 8.) Joplin—Conqueror Trust Co $250, 000 $100, 000 $4, 350,960 Kansas City— Commerce Trust Co 6, 000, 000 2,000,000 98, 092, 469 Federal Trust Co.. 200,000 40,000 1,052, 004 Live Stock State Bank 200, 000 37, 500 1, 500, 796 South St. Joseph—St. Joseph Stock Yards Bank 350,000 150, 000 3, 639, 489 NEBRASKA. Aurora—Fidelity State Bank 50, 000 15,000 828, 526 Broken Bow—Custer State Bank 35,000 15,000 401,998 Chappell—Chappell State Bank 50,000 25, 000 545, 635 Elgin—Elgin State Bank . 100, 000 20,000 023.366 Genoa—Farmers State Bank 25, 000 1, 250 242, 351 Lewellen—Bank of Lewellen 50, 000 6,100 300, 384 Meadow Grove— Meadow Grove State Bank 25,000 5, 000 311, 269 Security Bank 25,000 2,500 307, 735 Oakland—Oakland State Bank 25, 000 10, 000 424,120 Ord—Nebraska State Bank 35, 000 12,000 488,609 Pender—Fender State Bank 85, 000 15,000 666.367 St. Edward—Farmers State Bank 25, 000 4,500 275, 699 Western—Saline County Bank 30, 000 30,000 261, 682 NEW MEXICO. (See also District No. 11.) Aztec—Citizens Bank 40,000 10, 000 | 204,160 OKLAHOMA. (See also District No. 11.) Chelsea—Bank of Chelsea „ 50, 000 7,000 480,826 Clinton—Clinton State Bank.- 50, 000 5,000 207, 778 Okarche—First Bank of Okarche 50,000 15,000 299,706 Sallisaw—Security State Bank 30,000 5,000 268,466 WYOMING. Cheyenne—Cheyenne State Bank 100, 000 20,000 916, 224 Evanston—The Stockgrowers Bank 50,000 35,000 548,119 Mountain View—Uinta County State Bank. 40,000 4,000 112, 232 Van Tassell—Bank of Van Tassell 25, 000 7,000 107, 034 DISTRICT NO. 11. ARIZONA. (See also District No. 12.) Safford—Bank of Safford 33,000 47,000 I 798, 753 30,000 7,000 i 292,360 Tombstone—Cochise County State Bank LOUISIANA. (See also District No. 6.) Monroe—Central Savings Bank & Trust Co. 375, 000 125, 000 3,866, 671 Shreveport—Continental Bank & Trust Co_. 300,000 100,000 5,844, 759 NEW MEXICO. (See also District No. 10.) Alamogordo—First State Bank ^ 50,000 5,ooe 627,867 Albuquerque—State Trust & Savings Bank 100, 000 1,212,260 Corona—Stockmens State Bank 30,000 80, 000 127, 614 Portales—Security State Bank 25, 000 5, 000 321, 800 OKLAHOMA. (See also District No. 10.) Broken Bow—McCurtain County Bank 25,000 3,000 239, 757 Coleman—Coleman State Bank 25, 000 500 211,031 Fort Towson—First State Bank 50, 000 5,000 498, 619 Valliant—Farmers State Guaranty Bank... 25, 000 262, 730 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

220 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. Total Capital. Surplus. resources. DISTRICT NO. 11—Continued. TEXAS. Abernathy—First State Bank $25, 000 $5,(KK) $230, 444 Alice—Citizens State Bank 60, 000 20,(00 387,209 Alto—Alto State Bank 25,000 4, £93 201, 790 Anson—Anson State Bank 50,000 50,(00 754, 756 Austwell—Austwell State Bank 25, 000 5, COO 62, 479 Avery—Avery State Bank 25, 000 12, £00 123, 415 Ballinger—Ballinger State Bank <fe Trust Co... 60,000 4, COO 362, 885 Bay City- Bay City Bank & Trust Co 65,000 20,000 696.470 First State Bank 100, 000 3,000 503, 200 Bedias—First State Bank 25, 000 5,030 211, 529 Beeville—Beeville Bank & Trust Co 50,000 32,530 399, 498 Bishop—First State Bank 25,000 15, OX) 562,828 Blooming Grove—Blooming Grove State Bank. 50,000 5, OX) 241, 046 Bomarton—First State Bank 32,000 4,5'X> 166, 338 Bonham—First State Bank of Bonham 200, 000 100, 0)0 1, 621, 668 Bremond—First State Bank 50, 000 13, 2)0 550, 881 Brownfield—Brownfield State Bank 25,000 25,0D0 463,578 Bryan—First State Bank & Trust Co 100, 000 50,000 1, 422,134 Caddo Mills—Caddo Mills State Bank 30,000 15, 000 272, 625 Canton—Texas State Bank 50,000 5,0<>0 169,992 Canyon—First State Bank 40,000 7,0(10 274,462 Celina— Celina State Bank 35, 000 296, 034 First State Bank 50, 000 344,484 Chil dress- City Guaranty State Bank 100, 000 13, 5(0 709,945 Farmers & Mechanics State Bank 50, 000 60, 0(0 1,116,277 Clarendon—Farmers State Bank 50, 000 2,2<4 191, 569 Clifton- Farmers Guaranty State Bank 30,000 30,0C0 555, 873 First Guaranty State Bank 40, 000 10,0C0 412, 113 Coahoma—First State Bank of Coahoma 25,000 l,8C0 304, 487 Commerce- Citizens State Bank 25,000 12, 500 257, 022 State Bank of Commerce 50, 000 10, 000 389,199 Como—Como State Bank 25,000 25,003 263, 913 Cooper—Security State Bank 100, 000 417, 841 Copperas Cove—First State Bank 35, 000 6,003 240,421 Corsicana— First State Bank 200, 000 40,003 2,184, 210 Cross Plains—First Guaranty State Bank 30, 000 4,003 316, 814 Crowell— First State Bank 30, 000 30, 003 356, 653 Cuero—First State Bank & Trust Co 100, 000 50, 003 658, 654 Dallas- Central State Bank 1, 000, 000 5, 768, 226 Mercantile Bank & Trust Co . 500, 000 150,000 7, 577, 419 Decatur—Security State Bank 60,000 200,153 Del Rio—Del Rio Bank & Trust Co 100, 000 70,000 577,976 Denton—First Guaranty State Bank 50, 000 10,000 513, 074 East Bernard—Union State Bank 50, 000 11, 500 344,198 Edgewood—Farmers & Merchants State Bank.. 35,000 20, 000 190, 208 El Paso—American Trust & Savings Bank 350,000 20, OOd 1, 734, 441 Emhouse—First State Bank 30, 000 20, OOd 190,097 Falfurrias—Falfurrias State Bank 75, 000 1, 50C 549, 707 Ferris—Farmers & Merchants State Bank 50,000 20, 000 490, 290 Flatonia—Flatonia State Bank 50,000 7,00( 663, 704 Floydada—First State Bank 50, 000 5,00C 544.471 Forney—Forney State Bank 25, 000 35,00C 263, 334 Franklin—First State Bank 30, 000 15, 00C 457, 094 Frost—Citizens State Bank 25,000 50, 00C 375, 033 Galveston—Texas Bank & Trust Co 400, 000 600,00C 9, 927,462 Ganado—Farmers State Bank 35,000 l,00C 84,429 Gatesville—Guaranty State Bank & Trust Co.. 50, 000 16, 000 800, 832 Georgetown—Farmers State Bank 50. 000 50, 000 697, 571 George West—First State Bank 50,000 250, 899 Gilmer—Gilmer State Bank 50, 000 5,500 287,188 Goldthwaite—Trent State Bank 100,000 50, 000 948, 303 Gonzales—Gonzales State Bank & Trust Co 75, 000 25, 000 740,136 Grand Prairie— First State Bank ViO, 000 20,200 365, 500 Guaranty State Bank 25,000 132,918 Greenville—Citizens State Bank 100, 000 6,000 608, 412 Hallsville— Farmers State Bank 25,000 3,000 175, 853 Hamilton—Hamilton Bank & Trust Co 50,000 50, 000 418,839 Hamlin—First State Bank 40, 000 11, 000 782, 714 Hedley—Guaranty State Bank 25, 000 8,000 237, 551 Hereford—First State Bank & Trust Co 50, 000 50, 000 621,152 Hillsboro—First State Bank 150, 000 18, 000 1, 006, 345 Idalou—First State Bank 25,000 461, 510 Iola—Iola State Bank 25,000 9,000 193, 544 Italy—Farmers State Bank 40, 000 13,000 431, 335 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. 221 Total Capital. Surplus. resources. DISTRICT NO. 11—Continued. TEXAS—continued. Jacksonville—First Guaranty State Bank $62, 500 $25,000 $796, 009 Josephine—Josephine State Bank 30,000 7,000 164,914 Junction—Junction State Bank 100,000 100,000 801, 304 Kaufman—First State Bank 100, 000 80,000 654, 425 Kerens—First State Bank 50,000 30,000 411, 321 Kilgore—Kilgore State Bank 25,000 12,500 212, 278 Killeen- First State Bank 35, 000 17, 500 472, 906 Guaranty State Bank 30,000 221,363 Kirkland—First State Bank 50, 000 2,500 164,169 Ladonia—First State Bank 35,000 5,000 492, 455 La Feria—Cameron County Bank 25, 000 3,000 409, 337 Lamesa—First State Bank 60,000 30,000 847. 652 Leakey—First State Bank 25,000 2,000 111, 282 Liberty—Liberty State Bank 35,000 453, 849 Lockney—Lockney State Bank 50,000 2,500 250, 906 Longview—Commercial Guaranty State Bank 50,000 2,500 460, 713 Loraine—First State Bank 30,000 30,000 702, 988 Lorenzo—First State Bank 25,000 25,000 512,985 Lubbock— Lubbock State Bank 100,000 50,000 1, 703, 748 Security State Bank & Trust Co....- 100,000 8,000 806,811 Lufkin—Citizens Guaranty State Bank 75,000 567,193 Luling— Citizens State Bank 25,000 7,500 373,847 Lipscomb Bank & Trust Co 75,000 55,000 601,551 McAllen— First State Bank & Trust Co 100, 000 700, 224 McGregor—First State Bank 50, 000 8,000 509, 677 McKinney—Central State Bank. 75, 000 7,000 906, 312 Madison ville—Farmers State Bank 25,000 25,000 493,473 Matador—First State Bank 37, 500 12, 500 363, 810 Mathis—First State Bank 30,000 20,000 162,173 May pearl- Citizens State Bank 25,000 15, 000 251, 885 Farmers & Merchants State Bank 25,000 12,500 186,053 Memphis—Citizens State Bank 75,000 25,000 681,021 Mertens—First Guaranty State Bank 25,000 8,000 215, 680 Mission—First State Bank 50, 000 10, 000 508,166 Moran—Moran State Bank 40,000 363,815 Mount Calm—First State Bank . 40,000 2,500 167, 715 Mount Pleasant—Guaranty State Bank 60,000 30,000 526,049 Munday—First State Bank 35, 000 385,196 Murchison—First State Bank 25,000 4,000 139, 022 Nacogdoches—Commercial Guaranty State Bank 100,000 50,000 1, 343,413 Normangee—First State Bank 25,000 25,000 209, 730 North Zulch—Farmers Guaranty State Bank 25,000 4,000 234, 203 Olney—Farmers State Bank 30,000 6,000 267,100 Orange—Guaranty Bank & Trust Co 100, 000 777, 265 Paducah—First State Bank 50.000 50,000 679,809 Palmer—First Guaranty State Bank 25, 000 17,500 327,597 Pampa—Gray County State Bank 25,000 8,000 210, 602 Paris: First State Bank 150,000 100,000 1, 523,091 Lamar State Bank & Trust Co 150, 000 56,500 1, 772, 858 Pecos—Pecos Valley State Bank 110, 000 8,000 503, 959 Piano—Farmers State Bank 60, 000 30,000 532, 236 Post City—First State Bank 25, 000 4,000 229, 908 Rails- First State Bank 25,000 15,000 288,037 Guaranty State Bank & Trust Co 60,000 10,000 481, 886 Reagan—First State Bank 25,000 25,000 282, 778 Rice—First State Bank 50,000 322,605 Richardson—Citizens State Bank 35, 000 4,100 240, 737 Richland—First State Bank of Richland 25,000 25,000 308,124 Roaring Springs—First State Bank i 25,000 15,000 282, 681 Robstown— First State Bank 25,000 15,000 555, 680 Guaranty State Bank 50, 000 15,000 744,886 Roby—First State Bank 40,000 5,000 648, 519 Rochester—First State Bank 25,000 7,000 497, 508 Rockwall—Guaranty State Bank 50,000 18,500 406, 501 Royse—First State Bank 50, 000 25,000 372,768 Rusk—Farmers & Merchants State Bank & Trust Co. 100,000 2,500 659, 620 Sabinal—First State Bank 80,000 4,000 530, 206 San Antonio—Central Trust Co 200, 000 3, 512, 475 San Augustine—Commercial Guaranty State Bank 50,000 12,500 ! 468, 714 Santa Anna—First State Bank 35,000 20,000 i 591, 726 Savoy—First State Bank 25,000 9,000 i 189,259 Seminole—First State Bank 40,000 30,000 i 213, 776 Seymour—First Guaranty State Bank 35,000 5,500 I 228,071 Shamrock—Farmers & Merchants State Bank 50,000 25,000 I 556, 257 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

222 ANNUAL REPORT OF THE FEDERAL RESERVE BOABD. Capital. Surplus. res T o o u t r a c l es. DISTRICT NO. 11—Continued. TEXAS—contin ued. Shiro—Farmers State Bank . $25,000 $15,000 $209,727 Sinton—Bank of Commerce 50,000 32,000 532, 939 Slaton— First State Bank ' 40,000 1,300 435,453 Slaton State Bank 25, 000 16, 500 862, 762 Snyder—First State Bank & Trust Co 50, 000 25,000 508,677 S S t p a e m ar f m or a d n — — F G ir u st a r S a t n a t t y e S B t a a n te k Bank i : IO 2 O 5 , , 0 o 0 o 0 o 5 5, , 0 0 0 0 0 0 8 1 0 03 8 , , 1 2 8 1 6 2 S Sw te e p e h t e w n a v t i e l r l — e— T F e a x r a m s e B rs a n G k u & ar T an ru ty s t S C ta o te Bank 1 io 0 o 0, , o 0 o 0 o 0 75 6 , , 0 0 0 0 0 0 1,1 7 9 5 8 7 , , 1 0 3 4 2 5 Sylvester—First State Bank i 50,000 1,500 296, 563 Taft—First State Bank 25,000 12, 000 172,363 Tahoka—Guaranty State Bank.. 25,000 225, 211 Teague—First State Bank ! 75,000 593,025 Terrell—First State Bank_ 200,000 1, 385,920 Tioga—First Guaranty State Bank 30,000 223,334 Trenton—Guaranty State Bank 25,000 103, 083 Tyler—Peoples Guaranty State Bank 100,000 40, 000 1,855,163 Valley Mills—Citizens State Bank 30,000 4,500 219,305 Valley View—First Guaranty State Bank 25, 000 1,000 136. 742 Waco—First State Bank & Trust Co 300, 000 30, 000 2,133, 913 Waxahachie—Guaranty State Bank & Trust Co. 200,000 23, 500 1, 624,228 Weatherford—First State Bank 125, 000 28, 000 842, 426 Wellington—Wellington State Bank 50, 000 10, 000 493, 806 West—First State Bank of West— 50, 000 3,500 505, 065 Wharton— Security Bank & Trust Co 50,000 16,000 446, 290 Wharton Bank & Trust Co 50,000 150, 000 944, 713 White Deer—First State Bank 25, 000 5,000 200, 290 Wills Point—First State Bank 100, 000 50,000 723, 907 Winnesboro—Merchants & Planters State Bank. 30, 000 30, 000 423,777 Wolfe City—First State Bank 50, 000 21, 000 449, 517 Wortham— First State Bank 50,000 25, 000 622,435 Wylie—First State Bank 75, 000 27, 000 600,926 Yoakum—Yoakum State Bank 100,000 100,000 1, 989, 241 DISTRICT NO. 12. ARIZONA. (See also District No. 11.) Buckeye—Buckeye Valley Bank, 25,000 5,000 155, 424 Phoenix—Valley B ank 750,000 250,000 10, 922, 811 CALIFORNIA. Alameda—Bank of Alameda 500,000 250, 000 7,160, 413 Bakersfleld—Security Trust Co 600,000 300,000 10, 313, 004 Brawley—Imperial Valley Bank 300,000 2, 060, 201 Burbank—Farmers & Merchants Savings Bank 50, 000 14,000 248,308 Cedarville—Surprise Valley Bank 25, 000 50, 000 378, 952 Chico—Peoples Savings & Commercial Bank 100, 000 8,500 915, 233 Downey—Los Nietos Valley Bank 50, 000 54,000 1,196, 538 Fresno—Valley Bank 900, 000 80, 000 13, 051,186 Fullerton—Standard Bank of Orange County 50, 000 10, 750 632,963 Holtville—Hoitville Bank 75,000 2, 500 494, 540 Kingsburg—Kingsburg B ank 110, 000 60, 000 1, 293,061 Long Beach—Farmers & Merchants Bank 500, 000 500,000 11, 692, 762 Los Angeles- Pacific Southwest Trust & Savings Bank 6, 830, 000 3,415, 000 174,154,903 Security Trust & Savings Bank 7; 700, 000 2, 825, 000 202, 264, 798 Union Bank & Trust Co. of Los Angeles 1, 500, 000 258, 000 15, 533,138 Norwalk—Bank of Norwalk , 50,000 40, 000 1,115,025 Pasadena—Citizens Savings Bank of Pasadena 300, 000 75, 000 3, 936, 641 Placerville—Eldorado County Bank 67, 000 139, 000 1, 871, 080 Porterville— Pioneer Bank 150, 000 46, 500 1, 542, 262 The Home Bank 100,000 15, 000 501, 012 Quincy— Plumas County Bank 100, 000 30, 000 1, 096, 217 Sacramento—Peoples Bank 800, 000 163,000 9,081, 482 St. Helena—Bank of St. Helena ._. 85,000 40, 500 960, 843 Salinas—Monterey County Bank 275,800 70, 000 3, 554,142 San Bruno—California Bank of San Mateo County.. 30,000 2,200 293,293 San Fernando—San Fernando Valley Savings Bank. 50, 000 8,000 661, 548 San Francisco— American Bank 2, 750, 000 687, 500 30, 254, 237 Anglo-California Trust Co 1, 500,000 1, 000, 000 52,323,089 Bank of Italy 15, 000, 000 5,000,000 302, 694, 801 British-American Bank 1,000, 000 44, 500 3,863,611 French-American Bank - 1, 250, 000 400,000 17, 605, 219 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. 223 Total Capital. resources. DISTRICT NO. 12—Continued. CALIFORNIA—continued. San Francisco—Continued. Italian-American Bank $1, 500, 000 $415, 000 $20,177,857 Mercantile Trust Co 5, 500,000 4, 000, 000 138, 045, 556 Mission Bank 200, 000 120,000 3, 032,437 Mission Savings Bank 500,000 75,000 8, 556,987 Union Trust Co 1, 200, 000 1, 975, 000 43, 258, 255 United Bank & Trust Co 4, 500,000 571, 000 46,182,343 San Jose—Growers Bank 300,000 32,000 1,475,601 San Luis Obispo—Citizens State Bank 150, 000 20,000 867,470 Santa Ana—Orange County Trust & Savings Bank_ 300,000 100, 000 2,494,140 Sausalito—Bank of Sausalito i 97, 750 20,000 1, 009,057 Sawtelle—Citizens State Bank. 100,000 80,000 2,386, 393 Turlock—Commercial Bank of Turlock 75, 000 60,000 1, 398,137 IDAHO. Arco—Butte County Bank 25,000 1,000 111, 874 Ashton—Security State Bank 50, 000 12,000 443, 459 Blackfoot— Blackfoot Citv Bank 50, 000 10, 000 449, 505 D. W. Standrod & Co., Bankers 100, 000 110,100 1, 603, 862 Cambridge—Peoples Bank 40, 000 4,000 212, 812 Castleford—Bank of Castleford 25, 000 1,250 81, 091 Drummond—First State Bank 25,000 73,337 Eagle—Bank of Eagle 25, 000 3,550 150, 551 Emmett—Bank of Emmett 60,000 25,000 663,444 Filer—Farmers & Merchants Bank 25, 000 1,000 . 154,796 Genesee—Genesee Exchange Bank 25, 000 12, 500 486, 044 Gooding—Citizens State Bank 25, 000 15,000 225, 550 Grangeville—Bank of Camas Prairie 50, 000 50,000 674, 387 Hazelton—Hazelton State Bank 25, 000 2,000 133,179 Homedale—First Bank of Homedale 25, 000 104, 316 Idaho Falls—Anderson Bros. Bank 100, 000 100, 000 1, 747, 869 Kimberly—Bank of Kimberly 35, 000 15, 000 400, 056 Kuna—Kuna State Bank 25, 000 1,500 111,195 Mackay—W. G. Jenkins & Co 50,000 10,000 284,842 Malad City—J. N. Ireland & Co., Bankers 40,000 12, 500 481,863 Meridian—Meridian State Bank 25, 000 3,500 184, 562 Montour—Farmers & Stockgrowers Bank 25,000 1,600 100,000 New Plymouth—Farmers State Bank 25,000 10,000 215,173 Oakley—Farmers Commercial & Savings Bank_ 25, 000 5,297 184,267 Orofmo—Bank of Orofino 25,000 5,000 328, 015 Picabo—Picabo State Bank 25, 000 5,000 219,182 Pocatello—Citizens Bank & Trust Co 200,000 60,000 1, 872,623 Rexburg—Farmers & Merchants Bank 50,000 274, 584 Richfield—First State Bank 25,000 2,000 153,359 Soda Springs—Largilliere Co., Bankers__ 25,000 12,000 524,133 Star—Farmers Bank 25,000 13,000 192, 044 Sugar City—Fremont County Bank 25,000 5,000 213, 681 Teton City—First State Bank 30,000 129,920 Tetonia—Farmers State Bank 25,000 1,000 122, 466 Twin Falls—Twin Falls Bank & Trust Co 100, 000 45,000 1, 382,178 Victor—Victor State Bank 25,000 10, 000 185,163 OREGON. Albamy—Albany State Bank 50,000 10,000 944, 761 Athena—Athena State Bank 45, 000 120, 793 Aurora—Aurora State Bank_ 25,000 16,000 315,786 Central Point—Central Point State Bank 25,000 5,000 328, 523 Dallas—Dallas City Bank 50, 000 19,000 585, 608 Enterprise—Enterprise State Bank 50,000 22, 500 400,929 Fossil—Steiwer & Carpenter Bank 100, 000 7,000 431,879 Grants Pass—Grants Pass & Josephine Bank 75,000 25,000 1, 073, 766 Gresham—First State Bank 30, 000 25,000 631, 686 Haines—Bank of Haines 25, 000 5, 500 194,953 Helix—Bank of Helix : 50, 000 12,000 223,001 Hood River—Butler Banking Co 100, 000 40,000 1,410,883 Jordan Valley—B ank of Jordan Valley 50,000 25,000 427, 399 Joseph—First Bank of Joseph 50, 000 13, 500 341,133 Lake view—Lake County Loan & Savings Bank. 40,000 10, 000 290,191 Madras—Madras State Bank 25, 000 25, 000 209, 949 Marshfield—Bank of Southwestern Oregon 100, 000 20, 000 1,146,702 Medford—Jackson County Bank 100, 000 20, 000 1, 201, 649 Moro—Farmers State Bank 45,000 7,000 180,125 Myrtle Point—Bank of Myrtle Point 50,000 15, 000 261, 209 North Portland—Live Stock State Bank 100, 000 10,000 921,918 Oakland—E. G. Young & Co. Bank 50,000 15, 000 675, 368 Oregon City- Bank of Commerce 200,000 35, 000 1, 533,313 Bank of Oregon City 150, 000 30,000 2, 246,854 Pendleton—Inland-Empire Bank 250,000 32,000 1, 062, 534 Digitized forP FiloRt ARSocEkR— First Bank of Pilot Rock... 30, 000 20, 000 328, 594 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

224 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. Capital. Surplus, res T o o u t r a c l es. DISTRICT NO. 12—Continued. OREGON—continued. Portland— Citizens Bank $200,000 $10,000 $2,998,153 Hibernia Commercial & Savings Bank.. 200,000 100,000 6,808,805 Ladd & Tilton Bank lf 000, 000 1,000,0(0 28, 634,155 Prineville—Bank of Prineville. 50,000 221, 561 Reedsport—First Bank of Reedsport 25,000 2,0(0 239,405 Shaniko—Eastern Oregon Banking Co _ 50,000 10,0C0 309, 655 Stanfield—Bank of Stanfield 25,000 15,OC0 169, 805 The Dalles—Wasco County Bank. 100,000 5,000 820, 995 Tillamook—Tillamook County Bank 40,000 10,003 691,086 Wasco—Bank of Wasco 25,000 15,003 235, 413 Woodburn—Bank of Woodburn 50,000 10,00D 797, 228 UTAH. Bingham Canyon—Bingham State Bank 25,000 6,500 533,356 Cedar City- Bank of Southern Utah 75,000 85. 000 693,078 Iron Commercial & Savings Bank _._ 50,000 10, 500 352, 613 Delta—Delta State Bank 25,000 12, 50(i 329,139 Ephraim—Bank of Ephraim 50,000 37; 500 609, 550 Fillmore—Fillmore Commercial & Savings Bank 50,000 10,00C 348,557 Fountain Green—Bank of Fountain Green 25,000 23,000 334, 619 Gunnison—Gunnison Valley Bank. 50,000 18,500 411,492 Helper—Helper State Bank 50,000 50,000 771, 410 Kaysville—Barnes Banking Co 50,000 80,000 567, 507 Logan— . Cache Valley Banking Co 100,000 40,000 1, 761, 408 Thatcher Brothers Banking Co 100,000 100,000 1, 781,169 Monticello—Monticello State Bank . 50,000 9,500 178, 978 Parowan—Bank of Iron County 35,000 21,000 283,691 Payson— Exchange Savings Bank . 50,000 30,000 457, 823 State Bank of Payson...... 50,000 17,000 623, 334 Price- Carbon County Bank 100,000 10,000 536, 624 Price Commercial & Savings Bank_. 50,000 70,000 1,988,039 Provo— Farmers & Merchants Bank 100,000 21,000 909, 692 Knight Trust & Savings Bank 300;000 45,000 1, 503, 808 Richfield— James M. Peterson Bank 50,000 50,000 662, 494 State Bank of Sevier 45,000 45,000 523, 203 Richmond—State Bank of Richmond 25,000 13,500 190,244 Salina—First State Bank of Salina 25,000 70,000 726, 658 Salt Lake City- Columbia Trust Co 250,000 25,000 1,254,228 Deseret Savings Bank 500,000 300,000 6, 500,156 Tracy Loan & Trust Co 238, 600 159,840 1,103,534 Utah Savings & Trust Co 300,000 75,000 2, 335, 646 Walker Bros., Bankers 850,000 350,000 19, 244, 561 Spanish Fork—Commercial Bank 50,000 25,000 425, 861 Vernal—Bank of Vernal 60,000 15,000 368, 722 WASHINGTON. Albion—Albion State Bank 25,000 6,000 73,964 Almira— Almira State Bank 50,000 13,000 355, 774 Farmers State Bank 25,000 6,500 138,572 Buena—Buena State Bank __ 25,000 1,500 91, 804 Centralia—Centralia State Bank. 100,000 13,000 676, 642 Chehalis—Coffman, Dobson Bank & Trust Co 150,000 100,000 2, 682, 285 Colfax—First Savings & Trust Bank of Whitman County 75,000 499,128 Coulee—Security State Bank 25,000 107, 560 Davenport—Lincoln County State Bank.. 50,000 20,000 434, 243 Ellensburg—Farmers Bank 100,000 25,000 1, 252, 549 Everett—Bank of Commerce 100,000 25,000 1,936, 494 Farmington—Bank of Farmington... 25,000 10,000 252,045 Goldendale—State Bank of Goldendale 75,000 8,500 439,025 Hoquiam—Lumberman's Bank & Trust Co 100,000 25,000 1,454, 010 Kelso—Cowlitz Valley Bank 30,000 10,000 495, 652 La Crosse— First State Bank 60,000 40,000 562,943 Security State Bank 30,000 7,500 172, 509 Molson—Molson State Bank 25,0QD 10,000 308, 523 Odessa—Farmers & Merchants Bank 25,000 15,000 391,116 Okanogan—Commercial Bank 50,000 10,000 447, 472 Pine City—Pine City State Bank 25,000 3,800 132,174 Pomeroy—Pomeroy State Bank 50,000 150,000 1, 239, 441 Pullman—Pullman State B ank 37,500 10,000 603, 393 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. 225 Total Capital. Surplus. resources. DISTRICT NO. 12—Continued. w ASHIN GTON—continued. Puyallup— Citizens State Bank... $50, 000 $6,000 $778, 698 Puyallup State Bank 50, 000 2,500 683, 707 Reardan—Farmers State Bank 50, 000 20,000 398,102 Renton—Renton State Bank 25,000 2,500 306, 710 Ritzville—Ritzville State Bank 25, 000 4,500 272, 617 Rockford—Farmers & Merchants Bank 25,000 2,567 178, 653 Rosalia—Bank of Rosalia 25, 000 5,000 304, 376 St. John—Farmers State Bank 40,000 10,000 307, 578 Selah—Selah State Bank 30, 000 6,000 315, 676 South Bend—Pacific State Bank . 100, 000 11,100 1,160, 500 Spokane— Spokane & Eastern Trust Co ., 000, 000 250,000 11, 528, 358 Washington Trust Co 200, 000 , 50, 000. 1,856,911 Stanwood—Bank of Stanwood 25,000 ! 25,000 681,958 Tekoa— Citizens State Bank 25,000 12, 000 327,904 Tekoa State Bank 30, 000 15,000 422, 248 Toppenish— Central Bank of Toppenish 50,000 35, 000 390, 245 Traders B ank 25,000 15,000 359, 271 Uniontown—Farmers State Bank 25,000 7,000 ! 230, 244 Walla Walla- Farmers & Merchants Bank 200,000 40,000 ! 1, 355, 705 Peoples State Bank 100, 000 50,000 i 1, 588, 842 Wenatchee— Columbia Valley Bank 100,000 25,000 ! 1, 580, 587 Commercial Bank & Trust Co.. 100, 000 40,000 1,642, 874 Wilbur—State Bank of Wilbur ._ 50,000 10,000 | 505, 645 Yakima— Yakima Trust Co 200, 000 50,000 I 1, 388, 577 Yakima Valley Bank _ 275, 000 51,000 2, 506,036 Zillah—Zillah State Bank... 25,000 513 67 990 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FIDUCIARY POWERS GRANTED TO NATIONAL BANKS. Under section ll(k) of the Federal reserve act as amended, 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 the list given above, indicate the power or powers it is authorized to exercise. Powers Powers granted. granted. DISTRICT NO. 1. DISTRICT NO. 1-Continued. CONNECTICUT. MAINE. (See also District No. 2.) Auburn—National Shoe & Leathei 1 to 7. Bank. Ansonia—Ansonia National Bank 1 to 9. Bangor—First National Bank . 1, 2, and 4. Bristol—Bristol National Bank.. „ . 1 to 8. Bar Harbor—First National Bank . 1 to 4. Hartford- Bath—Bath National Bank 1 to 8. First National Bank 1 to 9. Belfast—City National Bank 1 to 8. Hartford-Aetna National Bank__. 1 to 4, and 9 Biddeford—First National Bank oi 1 to 9. Phoenix National Bank__ . 1 to 9. Biddeford. Meriden—Home National Bank of 1 to 9. Damariscotta—First National Bank 1,2, 3, 5, and Meriden. of Damariscotta. 6. Middletown—Middletown National 1 to 4. Lewiston—Manufacturers National 1 to 5 and[9. Bank. Bank Naugatuck—Naugatuck National 1 to 4. Norway—Norway National Bank 1 to 8. Bank. Portland— New Britain—New Britain National 1 to 9. Canal National Bank 1 to 9. Bank First National Bank _. 1, 2, and 4. New Haven— Portland National Bank 1, 2, and 4. First National Bank Ito8. Waterville—Ticonic National Bank_. 1 to 4. Merchants National Bank 1 to 8. National Tradesmens Bank & 1 to 4. MASSACHUSETTS. Trust Co. New Haven Bank, N. B. A 1 to 9. Adams— Second National Bank 1 to 9. First National Bank 1 to 8. New London- ; Graylock National Bank 1 to 7, and 9. National Bank of Commerce 1 to 5. Amherst—First National Bank 1 to 9. New London City National Bank- 1, 2, 3, 5, 7, Attleboro—First National Bank 1 to 9. 8, and 9. Beverly—Beverly National Bank 1 to 4. Norwich—Thames National Bank__. 1 to 9. Boston— Rockville— Citizens National Bank . 1 to 9. First National Bank 1 to 9. Commonwealth - Atlantic Na- Ito9. Rockville National Bank 1 to 9 tional Bank. Torrington— Torrington National 1 to 7. Federal National Bank 1 to 9. Bank. First National Bank 1 to 9. Wallingford— First National Bank... 1 to 9. Merchants National Bank 1 to 9. Waterbury— National Shawmut Bank 1 to 9. Citizens and Manufacturers Na- 1 to 9. National Union Bank 1 to 9. tional Bank. Second National Bank Ito9. Waterbury National Bank t 1 to 9. Webster & Atlas National Bank._ 1 to 9. 226 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. 227 Powers Powers granted. granted. DISTRICT NO. 1—Continued. DISTRICT NO. 1—Continued. MASSACHUSETTS—continued. MASSACHUSETTS—continued. Brockton— Webster—First National Bank 1 to 4. Brockton National Bank Ito9. West Newton—First National Bank. 1 to 9. Home National Bank 1 to 4. Woburn—Woburn National Bank 1, 2, 3, 6, 7 Edgartown—Edgartown National Ito3. and 9. Bank. Worcester— Fall River- Mechanics National Bank 1 to 4. Fall River National Bank 1 to 9. Merchants National Bank 1 to 9. Massasoit Pocasset National Bank 1 to 9. Yarmouthport—First National Bank. 1 to 9. Metacomet National Bank 1 to 9. Fitchburg—Safety Fund National 1 to 9. NEW HAMPSHIRE. Bank. Foxboro—Foxboro National Bank 1 to 9. Berlin—City National Bank. . 1. Gardner—First National Bank 1 to 9. Claremont— Gloucester—Cape Ann National Bank 1 to 9. Claremont National Bank 1 to 4. Great Barrington—National Mahai- 1 to 9. Peoples National Bank 1. we Bank. Concord— Greenfield—First National Bank 1 to 9. First National Bank . Ito9. Haverhill— Mechanics National Bank ___ . 1 and 4. Essex National Bank Dov N e a r t - ional State Capital Bank 1 and 4. M Fir e s r t r im Na a t c i k o n N al a t B io a n n a k l Bank Ito4. Merchants National Bank . 1 to 3. 1 to 4. StrafTord National Bank 1 to 4. Holyoke— Keene— City National Bank 1 to 4. Ashuelot National Bank 1 and 4. Holyoke National Bank 1 to 4. Keene National Bank 1 to 4. Hudson—Hudson National Bank 1 to 9. Laconia—Peoples National Bank 1 and 4. Lawrence—Bay State National Bank. 1 to 9. Manchester— Leominster— Amoskeag National Bank 1 and 4. Leominister National Bank 1 to 4. Manchester National Bank. .. . 1. Merchants National Bank 1 to 7 and 9. Merchants National Bank 1 and 4. Lowell— Milford—Souhegan National Bank... 1 and 4. Appleton National Bank Ito9. Nashua- Old Lowell National Bank 1. Indian Head National Bank. Ito3. Lynn- Second National Bank. ._ __ 1 and 4. Central National Bank Ito8. Newport—Citizens National Bank... 1 and 4. Manufacturers National Bank 1 to 9. Wolfeboro—Wolfeboro National Bank 1 and 4. National City Bank 1 to 5 and 7. Marlboro— RHODE ISLAND. First National Bank Ito4. Peoples National Bank 1 to 9. Newport—AquidneckNational Bank. 1 to 9. Methuen—National Bank of Meth- 1 to 8. Providence—National Bank of Com- 1 to 9. uen_ merce. Milford—Home National Bank 1 to 4. VERMONT. Nantucket—Pacific National Bank... 1 to 9. New Bedford— Barre—Peoples National Bank Ito9. First National Bank 1 to 9. Bellows Falls—National Bank of Bel- 1 to 3. Merchants National Bank 1 to 9. lows Falls. Safe Deposit National Bank 1 to 9. Bennington— Newburyport—Merchants National Ito8. County National Bank 1 to 9. Bank. The First National Bank 1 to 9. North Adams—N o r t h Adams Na- 1 to 9. Brandon—First National Bank 1 to 4. tional Bank. Brattleboro—Vermont Peoples Na- 1 to 9. Northampton- tional Bank. First National Bank 1 to 9. Montpelier—First National Bank 1 to 4. Northampton National Bank Ito9. Poultney—Citizens National Bank... 1 to 4. Pittsfield— Rutland- Agricultural National Bank 1 to 9. Baxter National Bank. 4. Pittsfield National Bank 1 to 7 and 9. Clement National Bank 1 to 3, 5 to 7 Plymouth— St. Albans—Welden National Bank.. Ito4. Plymouth National Bank 1 to 4. St. Johnsbury—First National Bank. 1 to 6 and 9 The Old Colony National Bank.. Ito5. Springfield—First National Bank 1 to 4. Provincetown—First National Bank. Ito9. Windsor—State National Bank Ito3. Reading—First National Bank Ito4. Salem—Merchants National Bank 1 to 9. DISTRICT NO. 2. Shelburne Falls—Shelburne Falls 1 to 7 and 9 National Bank. CONNECTICUT. So B u a th n b k r . idge—Southbridge National 1 to 9. (See also District No. 1.) Springfield— Bridgeport- Chapin National Bank 1 to 9. City National Bank Ito9. Chicopee National Bank 1 to 9. First National Bank 1 to 9. Springfield National Bank 1 to 8. Danbury— The Third National Bank 1 to 9. City National Bank Ito9. Tisbury—Martha's Vineyard Na- 1 to 8. Danbury National Bank... 1 to 9. tional Bank. New Canaan—First National Bank.. Ito9. Turners Falls—Crocker National 1 to 7 and 9. Norwalk—National Bank of Nor- Ito9. Bank. walk. Uxbridge—Blackstone National Bank Ho 4. ltidgefield—First National Bank & Ito9. Wareham—National Bank of Ware- Ito4. Trust Co. ham. South Norwalk—City National Bank Ito4. Watertown—Union Market National 1 to 4. Stamford—First-Stamford National Ito9. Digitized for FBRanAkS.ER Bank. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

228 ANNUAL REPORT OF THE FEDERAL RESERVE BOAED. Powers Powers granted. granted. DISTRICT NO. 2—Continued. DISTRICT NO. 2—Continued. NEW JERSEY. NEW JERSEY—continued. (See also District No. 3.) Phillipsburg— Phillipsburg National Bank 1 to 8. Allentown—Farmers National Bank. 1 to 9. Second National Bank 1 to 9. Asbury Park—Merchants National 1 to 9. Plainfield—City National Bank 1 to 4. Bank. Red Bank- Atlantic Highlands—Atlantic High- 1 to 3. Broad Street National Bank Ito9. lands National Bank. Second National Bank 1 to 9. Belleville—Peoples National Bank,.. 1 to 9. Ridgewood— Belvidere—Belvidere National Bank. Ito8. Citizens National Bank . 1 to 9. Bloomneld—Bloomfield N a t i o n al 1 to 4. First National Bank 1 to 9. Bank. Roselle—First National Bank 1 to 9. Boonton—Boonton National Bank... 1 to 9. Rutherford—Rutherford National 1 to 4 Bound Brook—First National Bank.. 1 to 9. Bank. Butler—First National Bank 1 to 9. Somerville—Second National Bank.. 1 to 4. Caldwell—Citizens National Bank... 1 to 8. South Amboy—First National Bank. Ito9. Carlstadt—Carlstadt National Bank 1 to 9. South River—First National Bank... 1 to 9. Clifton—First National Bank 1 to 9. Summit—First National Bank Ito9. Cranbury—First National Bank | Ito4. Sussex—Farmers National Bank 1 to 4. Dover—National Union Bank j 1 to 9. Washington—First National Bank._. 1 to 9. Elizabeth- National State Bank 1 to 7 and 9. NEW YORK. Peoples National Bank 1 to 9. Freehold—National Freehold Bank- 1 to 9. Adams—Farmers National Bank 1 to 9. ing Co. Albany— Frenchtown—Union National Bank.. land 4. First National Bank 4. Garfleld—First National Bank Ito9. National Commercial Bank & 1 to 8. Hackettstown—Hackettstown Na- 1 to 9. Trust Co. tional Bank. New York State National Bank- 1 to 9. Hoboken— Amsterdam— First National Bank. Ito4. Farmers National Bank 1 to 9. Second National Bank 1 to 9. i First National Bank . . 1 to 9. Jersey City— Auburn— Bergen National Bank Ito9. ! Cayuga County National Bank.. 1 to 8. First National Bank 1 to 9. National Bank of Auburn ... 1 to 9. Merchants National Bank Ito9. Ballston Spa—Ballston Spa National 1 to 9. Union Trust & Hudson County 1 to 9. Bank. National Bank. Bath—Bath National Bank 1 to 9. Kearny—First National Bank & 1 to 9. Binghamton— Trust Co. City National Bank.. _ . . _ 1 to 9. Lambertville—Lambertville National Ito9. First National Bank 1 to 9. Bank. Brooklyn- Long Branch—Citizens National Ito9. First National Bank 1 to 9. Bank. Nassau National Bank ._ 1 to 9. Lyndhurst—First National Bank 1 to 9. \ Buffalo—Manufacturers & Traders 1 to 9. Montclair—First National Bank 1 to 9. j National Bank. Morristown— Canandaigua—Canandaigua Na- 1 to 9. First National Bank Ito9. ; tional Bank. National Iron Bank 1 to 9. i Canton- Newark— First National Bank Ito9. Merchants & Manufacturers Na- 1 to 4. I St. Lawrence County National 1 to 3, 5 to 8 tional Bank. Bank. National Newark & Essex Bank- 1 to 9. Carthage— ing Co. Carthage National Bank 1 to 9. National State Bank 1 to 9. National Exchange Bank 1 to 9. North Ward National Bank 1 to 4. Catskill—Catskill National Bank 1 to 8. New Brunswick- Cedarhurst—Peninsula National 1 to 9. National Bank of New Jersey 1 to 9. i Bank. Peoples National Bank 1 to 9. ! Clayton—National Exchange Bank.. 4. Newton— Cohoes—National Bank of Cohoes 1 to 8. Merchants National Bank 1 to 9. Cooperstown— Sussex National Bank 1 to 9. First National Bank 1 to 9. Nutley—First National Bank 1 to 9. Second National Bank 1 to 8. Ocean Grove—Ocean Grove National 1 to 9. Corning—First National Bank & 1 to 8. Bank. Trust Co. Orange- i Cuba- Brick Church National Bank 1 to 9. Cuba National Bank Ito9. Orange National Bank Ito8. First National Bank _ Ito9. Second National Bank Ito9. Dolgeville—First National Bank 1 to 9. Passaic—Passaic National Bank & 1 to 9. Dover Plains—Dover Plains National 1 to 9. Trust Co. Bank. Paterson— Dunkirk- First National Bank 1 to 9. Lake Shore National Bank Ito9. National Bank of America 1 to 9. Merchants National Bank I to 8. Paterson National Bank 1 to 9. ! Edwards—Edwards National Bank.. i. Second National Bank 1 to 9. Elmira— Totowa National Bank 1 to 5, 7 to 9. Merchants National Bank Lto7. Perth Arnboy— Second National Bank L to 9. City National Bank Ito9. Far Rockaway—National Bank of 4. First National Bank 1 to 9. Far Rockaway. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. 229 Powers Powers granted. granted. DISTRICT NO. 2—Continued DISTRICT NO. 2—Continued. NEW YORK—continued. NEW YORK—continued. Fredonia—National Bank of Fre- New York—Continued. donia. Gotham National Bank 1 to 9. Freeport—Citizens National Bank Ito9. Hanover National Bank 1 to 8. Fulton—Citizens National Bank 1 to 9. Harriman National Bank 1 to 9. Gloversville— Liberty National Bank 4. City National Bank Ito9. Mechanics & Metals National 1 to 9. Fulton County National Bank... 1 to 9. Bank. Goshen—National Bank of Orange 1 to 9. National American Bank of New 1 to 9. County. York. Granville— National Bank of Commerce 1 to 9. Farmers National Bank 4. National City Bank 1 to 9. Washington County National 4. National Park Bank 1 to 9. Bank. Public National Bank 1 to 9. Hempstead—First National Bank 1 to 9. Seaboard National Bank 1 to 9. Herkimer—Herkimer National Bank. Ito8. North Tonawanda—State National 1 to 9. Hoo F si i c r k s t F N a a l t l i s o - nal Bank 1 to 9. Bank. Peoples National Bank 1 to 8. Norwich— Hornell—Citizens National Bank 1 to 9. Chenango National Bank 1 to 8. Hudson— National Bank of Norwich 1 to 9. Farmers National Bank Ito9. Nyack—Nyack National Bank 1 to 9. First National Bank 1 to 9. Ogdensburg—National Bank of Og- 1 to 8. Hudson Falls- densburg. Peoples National Bank 1 to 9. Olean—Exchange National Bank 1 to 9. Sandy Hill National Bank .__ Ito9. Oneida—Oneida Valley National 1 to 9. Ilion— Bank. Ilion National Bank Ito9. Oneonta— Manufacturers National Bank 1 to 9. Citizens National Bank 1 to 9. Ithaca—First National Bank 1 to 9. Wilber National Bank 1 to 9. Jamestown- Ossining—Ossining National Bank... 1 to 9. American National Bank 1 to 9. Oswego—Second National Bank 1 to 9. Na B ti a o n n k a . l Chautauqua County Ito8. O Ow vi e d g — o— First National Bank 4. Kin F g i s r t s o t n N - ational Bank of Rondout. 1 to 9. Peek F O s i k w r i s l e t l g — o N a N ti a o ti n o a n l a B l a B n a k n k _. 1 1 t t o o 9 9 . . Rondout National Bank w 1 to 9. Peekskill National Bank 1 to 9. State of New York National Ito9. Westchester County National 1 to 9. Lackawanna—Lackawanna National Ito9. Bank. Bank. Larchmont—Larchmont National Ito9. Plattsburg— Bank. Merchants National Bank 1 to 9. Liberty—Sullivan County National Ito9. Plattsburg National Bank & 1 to 5, 7 to 9. Bank. Trust Co. Little Falls—Little Falls National 1 to 9. Port Chester—First National Bank... 1 to 9. Bank. Port Henry—Citizens National Bank. 1 to 9. Lockport— Port Jervis— National Exchange Bank 1 to 9. First National Bank 1 to 9. Niagara County National Bank.. 1 to 9. National Bank of Port Jervis 1 to 9. Long Beach—National Bank of Long 1 to 8. Potsdam—Citizens National Bank... 1 to 9. Beach. Poughkeepsie— Lowville—Black River National 1 to 9. Fallkill National Bank | 1 to 9. Bank. Farmers & Manufacturers Na- I 1 to 9. Lynbrook—Peoples National Bank__ Ito9. tional Bank. j Middletown— Richfield Springs—First National | 1 to 9. First National Bank Ito9. Bank. j Merchants National Bank 1 to 9. Riverhead—Suffolk County National 1 to 9. Mineola—First National Bank.. 4. Bank. Monticello—National Union Bank of 1 to 9. Rockville Center—Nassau County i 1 to 9. Monticello. National Bank. Morristown—Frontier National Bank. 4. Rome—Farmers National Bank 1 to 9. Mount Kisco—Mount Kisco National. 1 to 9. Roscoe—First National Bank 1 to 9. Bank. Rye—Rye National Bank 1 to 9. Mount Vernon—First National Bank. 1 to 8. Saratoga Springs—Saratoga National 4. New burgh— Bank. Highland National Bank 1 to 9. Scarsdale—Scarsdale National Bank..| 1 to 9. National Bank of New burgh 1 to 9. Schenectady— Quassaick National Bank 1 to 9. Mohawk National Bank | 1 to 9. New Rochelle—National City Bank.. 1 to 9. Union National Bank 1 to 9. New York— Southampton—First National Bank.. 1 to 8. American Exchange National 1 to 9. Spring Valley—First National Bank.. 1 to 9. Bank. Stapleton—Richmond Borough Na-' j 4. Bronx National Bank 4. tional Bank. | Chase National Bank 1 to 9. Suffern— Suffern National Bank 1 to 9. Chatham & Phenix National Ito9. Syracuse—Liberty National Bank | 1 to 9. Bank. Tarrytown—Tarrytown National ! 1 to3, 5to9 Chemical National Bank Ito9. Bank. ! Coal & Iron National Bank. 1 to 9 Troy— I First National Bank Ito9. Manufacturers National Bank_..J 1 to 9. Garfield National Bank 1 to 9. Union National Bank I 1 to 9. 86538—24f 16 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

230 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. Powers Powers granted. granted. DISTRICT NO. 2—Continued. DISTRICT NO. 3—Continued. NEW YORK—continued. PENNSYLVANIA. Utica— (See also District No. 4.) First National Bank & Trust 1 to 9. Company. Allentown— Oneida National Bank 1 to 9. Allentown National Bank Ito9. Utica City National Bank 1 to 9. Merchants National Bank 1 to 8. Walton—First National Bank 1 to 9. Second National Bank Ito9. Warsaw—Wyoming County National 1 to 9. Ambler—First National Bank 1 to 9. Bank. Annville—Annville National Bank... 1 to 9. Watertown— Ashland—The Ashland Nations 1 Ito9. Jefferson County National Bank. 1 to 9. Bank. Watertown National Bank Ito8. Atglen—Atglen National Bank 1 to 3. Waverly—First National Bank 1 to 9. Belleville—Belleville National Bank _. 1 to 3. Wellsville—Citizens National Bank.. 1 to 9. Bethlehem- Westfield—National Bank of West- 4. Bethlehem National Bank 1 to 9. field. First National Bank 1 to 9. Yonkers— Lehigh Valley National Bank Ito8. First National Bank 1 to 9. Bloomsburg—Bloomsburg Nations! 1 to 9. Yonkers National Bank & Trust 1 to 9. Bank. Co. Blossburg—Miners National Bank... 1 to 4. I Boyertown— DISTRICT NO. 3. Farmers National Bank 1 to 9. National Bank of Boyertown 1 to 9. DELAWARE. Bradford—Commercial National Ito9. Bank. Dover—First National Bank 1 to 9. Catasauqua—National Bank of Cate- 1 to 9. Laurel—Peoples National Bank 1 to 8. sauqua. Milford—First National Bank 1 to 9. Chambersburg— Seaford—First National Bank 1 to 8. National Bank of Chambersbun;. 1 to 9. Smyrna—Fruit Growers National 1 to 4, 6 to 9. Valley National Bank .. 1 to 9. Bank. Chester- Wilmington— First National Bank .. Ito9. Central National Bank 1 to 9. Pennsylvania National Bank.. . 1 to 9 Union National Bank 1 to 9. Clearfleld— Clearfleld National Bank 1 to 9. NEW JERSEY. County National Bank 1 to 9. Columbia—Central National Bank.... 1 to 9. (See also District No. 2.) Danville—First National Bank 1 to 3. Darby—First National Bank Ito9. Atlantic City- Du Bois— Atlantic City National Bank 1 to 4. Deposit National Bank 1 to 9. Chelsea National Bank 1 to 9. Du Bois National Bank . 1 to 4. Union National Bank 1 to 3. East Stroudsburg—Monroe County. Ito9. Bordentown—First National Bank... 1 to 9. National Bank. Burlington—Mechanics National 1 to 9. Emaus—Emaus National Bank . 1 to 9. Bank. Emporium—First National Bank 1 to 9. Camden—First National State Bank. 1 to 9. Ephrata— Cape May—Merchants National 4. Ephrata National Bank 1 to 9. Bank. Farmers National Bank 1 to 9. Collingswood—Collingswood Na- 1 to 9. Fleetwood—First National Bank 1 to 9. tional Bank. Frackville—First National Bank 1 to 9. Elmer—First National Bank 1 to 9. Gettysburg—First National Bank.... 1 to 9. Glassboro—First National Bank Ito9. Greencastle—First National Bank 1 to 9. Haddonfield—Haddonfield National 1 to 9. Harrisburg—Merchants National 1 to 4. Bank. Bank. Medford—Burlington County Na- Ito9. Hazleton— tional Bank. First National Bank 1 to 9. Merchantville—First National Bank. 1 to 9. Hazleton National Bank 1 to 9. Mill ville—Mill ville National Bank... Ito9. Honesdale—H o n e s d a 1 e National Ito9. Mount Holly—Mount Holly National Ito8. Bank. Bank. Honeybrook—First National Bank... Ito9. Ocean City—First National Bank.__ 1 to 7 and 9. Houtzdale—First National Bank 1 to 9. Point Pleasant Beach— Huntingdon— Ocean County National Bank 1 to 8. First National Bank 1 to 9. Princeton—First National Bank 1 to 4. Union National Bank 1 to 8. Riverton—C innaminson National.. _ Ito9. Johnstown—First National Bank 1 to 8. Bank. Kutztown—Kutztown National Ban'.i 1 to 9. Salem— Lancaster— City National Bank 1 to 9. Conestoga National Bank Ito9. Salem National Banking Co Ito9. Fulton National Bank 1 to 9. Swedesboro—Swedesboro National 1 to 9. Lancaster County National Bank. 1 to 9. Bank. Lansdale—First National Bank 1 to 9. Trenton— Lebanon— Broad Street National Bank 1 to 4. First National Bank 1 to 9. First National Bank 1 to 9. Lebanon National Bank 1 to 9. Mechanics National Bank 1 to 9. Lehighton—Citizens National Bank. 1 to 9. Ventnor City—Ventnor City National 1 to 9. Lititz—Farmers National Bank 1 to 4 Bank. Lock Haven—First National Bank.. Ito9. Woodbury—First National Bank 1 to 9. Mahanoy City- Woodstown—Woodstown National 1 to 9. First National Bank 1 to 9. Bank. Union National Bank Ito8. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. 231 Powers Powers granted. granted. DISTRICT NO. 3—Continued. DISTRICT NO. 3—Continued. PENNSYLVANIA—continued. PENNSYLVANIA—continued. Manheim— Waynesboro—Citizens National Bank 1 to 9. Keystone National Bank 1 to 9. West Chester- Manheim National Bank . _ _ 1 to 9. First National Bank 1 to 9. Marietta—Exchange National Bank.. 1 to 4. National Bank of Chester County 1 to 9. Mauch Chunk—Mauch Chunk Na- 1 to 9 West Grove—National Bank of West 1 to 4. tional Bank. Grove. Maytown—May town National Bank. 1 to 4. Wilkes-Barre— Mechanicsburg—First NationalBank. 1 to 9. Second National Bank 1 to 9. Mqntrose—First and Farmers Na- 1 to 9. Wyoming Jlational Bank 1 to 9. tional Bank & Trust Co. Williamsport— Mount Carmel— First National Bank 1 to 9. First National Bank 1 to 9. Lycoming National Bank 1 to 9. Union National Bank 1 to 9. West Branch National Bank 1 to 4. Mount Joy— Williamsport National Bank 1 to 9. First National Bank 1 to 9. Wrightsville—First National Bank... 1 to 9. Union National Mount Joy Bank. 1 to 9. York- Mountville—Mountville National 1 to 4. Central National Bank 1 to 9. Bank. First National Bank 1 to 9. Myerstown—Myerstown National 1 to 4 Industrial National Bank of West 1 to 4. Bank. York. Nanticoke—First National Bank 1 to 4. Western National Bank .... 1 to 9. Nazareth—Nazareth National Bank.. 1 to 9. New Holland—New Holland Na- 1 to 5 and 9. DISTRICT NO. 4. tional Bank. Newton—First National Bank 1 to 7 and 9. KENTUCKY. Newville—First National Bank 1 to 4. Northampton—Cement National 1 to 8. (See also District No. 8.) Bank of Siegfried. Oxford—National Bank of Oxford 1 to 9. Ashland— Patton—First National Bank 1 to 4. Ashland National Bank 1 to 5, 7 to 9. Pen Argyl—First National Bank 1 to 9. Second National Bank 1 to 5, 7 to 9. Philadelphia- Third National Bank 1 to 5, 7 to 9. Broad Street National Bank.. . 1 to 7 Brooksville—First National Bank_._ Ito4. Central National Bank 4. Cynthiana—The National Bank 1 to 5, 7 to 9 Corn Exchange National Bank... 1 to 9. Georgetown—Georgetown National Ito5, 7 to 9. Drovers andMerchants National 1 to 9. Bank. Bank. Lexington—Phoenix National Bank 1 to 9. Eighth National Bank 1 to 9. & Trust Co. Fourth Street National Bank 1 to 9. Middlesboro—The National Bank.. 1 to 5, 7 to 9. Market Street National Bank 1 to 7 and 9. Mount Sterling- National Bank of Commerce 1 to 9. National Bank of Mount Sterling. 1 to 4. National Bank of Germantown_ _ 1 to 8. Traders National Bank National Bank of North Phila- 1 to 9. Newport- 1 to 5, 7 to 9. delphia. American National Bank 1 to 5, 7 to 9. Perm National Bank 1 to 9. Newport National Bank Ito5, 7 to 9. Philadelphia National Bank 1 to 9. Paris—First National Bank.. 1 to 5, 7 to 9. Quaker City National Bank 1 to 9. Pineville—Bell National Bank 1 to 5, 7 to 9. Second National Bank 1 to 9. Richmond—Madison National Bank 1 to 5, 7 to 9. Southwark National Bank 1 to 8. & Trust Co. Southwestern National Bank 1 to 8. Somerset— Textile National Bank _ _ l to 9 Farmers National Bank 1 to 5, 7 to 9. Third National Bank 1 to 9*. First National Bank 1 to 9. Tradesmen's National Bank 1 to 9. fVilliamsburg—First National Bank. 1 to 4. Union National Bank 1 to 8. Winchester—Clark County National 1 to 5, 7 to 9. Philipsburg—Moshannon National to 9. Bank. Bank. Pittston—First National Bank. _ 1 to 9 OHIO. Port Allegany— First National Bank 1 to 9 Pottstown— Akron—National City Bank _. 1, 4, and 9. National Bank of Pottstown 1 to 9. Alliance—Alliance First National ..'.'. 1 to 9. National Iron Bank l to 9. Ashtabula—National Bank of Ashta- 1 to 7 and 9 Reading— bula. Penn National Bank l to 4. Athens- Reading National Bank 1 to 9. Athens National Bank 1 to 7 and 9. Red Lion—Red Lion First National 1 to 9 Bank of Athens, N. B. A 1 to 7 and 9. Bank. Bellaire—First National Bank 1, 4, and 9. Scranton—Third National Bank 1 to 9. Cadiz—Fourth National Bank 1 to 7 and 9. Shickshinny—First National Bank 1 to 3, 5 to 8 Canton—First National Bank 4. Souderton—Union National Bank_ _. 1 to 9. Cincinnati— Spring City—National Bank of Spring 1 to 9. Atlas National Bank ], 4, and 9. City. I Citizens National Bank & Trust 1 to 7 and 9. State College—First National Bank.. 1 to 9. Co. Stroudsburg— Fifth-Third National Bank 1, 4, and 9. First National Bank l to 9. First National Bank " to 7 and 9. Stroudsburg National Bank 1 to 9. Second National Bank 1 to 7 and 9. Sunbury—First National Bank 1 to 9. Cleveland- Tamaqua—Tamaqua National Bank. 1 to 9. Brotherhood of Locomotive En- 1 to 9. Tioga—Grange National Bank 1 to 4. gineers Cooperative National Topton—National Bank of Topton... 1 to 4. Bank of Cleveland. Towanda—Citizens National Bank.. 1 to 9. Central National Bank, Savings to 7 and 9. Tyrone—Farmers & Merchants Na- 1 to 9. & Trust Co. Digitized for tFioRnaAl SBEaRnk National City Bank 1 to 7 and 9. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

232 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. Powers Powers granted.' granted. DISTRICT NO. 4—Continued, DISTRICT NO. 4—Continued oino—continued. PENNSYLVANIA—continued. Columbus— Ellwood City—First National Bank.. 1 to 9. City National Bank 1 to 7 and 9. Erie—First National Bank 1 to 9. Commercial National Bank 1 to 7 and 9. Ford City—First National Bank & 1 to 9. Huntington National Bank 1 to 7. .Trust Co. Ohio National Bank 1 to 7 and 9. Franklin—LambertonNationalBank. 1 to 9. Coshocton—Commercial National 1, 4, and 9. Greensburg—First National Bank 1 to 9. Bank. Greenville—First National Bank 1 to 4. Dayton— Grove City- Merchants National Bank & 1, 4, and 9. First National Bank . 1 to 9, Trust Co. Grove City National Bank 1 to 9. Winters National Bank_._. 1, 4, and 9. McKeesport—First National Bant:... 1 to 9. East Liverpool—First National Bank. 1 to 7 and 9. Meadville—New First National Bank. 1 to 5, 7 to 9. Fostqria—Union National Bank 1 to 7 and 9. Myersdale—Citizens National Bank.. 1 to 9. Hamilton—First National Bank & 1. 4, and 9. Monessen—Peoples National Bank __ 1 to 8. Trust Co. New Brighton—UnionNationalBank. 1 to 9. Hillsboro—Merchants National Bank 1 to 7 and 9. New Castle- Lancaster—Fairfield National Bank- 1 to 7 and 9. Citizens National Bank 1 to 9. Lebanon— First National Bank Ito9. Citizens National Bank & Trust 1 to 7 and 9. New Kensington—First Natior. al 1 to 8. Co. Bank. Lebanon National Bank & Trust 1, 4, and 9. Oakmont—First National Bank 1. Co. Oil City—Oil City National Bank ... 1 to 9. Lorain—National Bank of Commerce- 1 to 7 and 9. Pittsburgh- Mansfield—Citizens National Bank.. 4. Bank of Pittsburgh, N. A 1 to 9. Marietta- Diamond National Bank 1 to 9. Central National Bank 1, 4, and 9. Duquesne National Bank 1 to 9. Citizens National Bank 1 to 7 and 9. Farmers' Deposit National Bank- 4 and 9. First National Bank 1, 4, and 9. First National Bank 1 to 9. Marion—National City Bank & Trust 1 to 7 and 9. Highland National Bank 1 to 9. Co. Monongahela National Bank 4. Massillon—Merchants National Bank 1, 4, and 9. National Bank of America at 1 to 4. Mt. Vernon—The Knox National 1 to 7 and 9. Pittsburgh. Bank. Second National Bank of Alle- 1 to 9. New Philadelphia—Citizens National 1 to 7 and 9. gheny. Bank. Third National Bank 1 to 9. Painesviile—Painesville National 1 to 7 and 9. Union National Bank 1 to 9. Bank. Punxsutawney—Punxsutawney N a- 1 to 9. Piqua— tional Bank- Citizens National Bank 1 to 9. Sharon— Piqua National Bank 1 to 7 and 9. First National Bank 1 to 9. Ravenna—Second National Bank 1, 4. and 9. McDowell National Bank 1 to 4. St. Clairsville—First National Bank.. 1 to 7 and 9. Titusville—Second National Bank .._ Ito9. Sandusky—Third National Exchange 1 toO. Uniontown—National Bank of Fay- 1 to 9. Bank. ette County. Springfield—Mad River National 1 to 7 and 9. Vandergrift— Citizens National Bank. 1 to 9. Bank. Warren—Warren National Bank 1 to 9. Steubenville—National Exchange 1 to 7 and 9. Washington— Bank & Trust Co. Citizens National Bank 1, % 3, 5, 6, Tiffin- 7, and 9. Commercial National Bank..!... 1 to 7 and 9. First National Bank 1 to 9. Tiffin National Bank 1 to 7 and 9. Way nesbur g—C itizensN ational B ank. 1 to 9. Toledo- Zelienople—Peoples National Bank.. i to 4. First National Bank 1 to 7 and 9. Northern National Bank WEST VIRGINIA. Troy- 4. First Troy National Bank & (See also District No. 5.) Trust Co. 1 to 7 and 9. Warren—Western Reserve National Elm Grove—First National Bank 1 to 9. Bank. 1 to 7 and 9. New Cumberland—First National 1. Wilmington—C linton County Bank. National Bank & Trust Co. 1 to 7 and 9. Sistersville—Union National Bank... 1 to 9. Youngstown— " Wheeling—National Bank of West 1 to 9. Commercial National Bank 1 to 7 and 9. Virginia. First National Bank 4. Zanesville— DISTRICT NO. 5. First National Bank 1, 4, and 9. Old Citizens National Bank 1 to 7 and 9. DISTRICT OF COLUMBIA. PENNSYLVANIA. Washington— Commercial National Bank 1. (See also District No. 3.) District National Bank 1 to 8. Farmers & Mechanics National 1 to 8. Blairsville—First National Bank 1 to 9. Bank of Georgetown. Brownsville—Second National Bank. 1 to 9. Federal-American National Bank 1 to 8. Butler- Lincoln National Bank Ito8 Farmers National Bank 1 to 9 National Bank of Washington... 1 to 8. Merchants National Bank 1 to 9 National Metropolitan Bank 1 to 8. Canonsburg—First National Bank... 1 to 9. Riggs National Bank 1 to 8. Second National Bank 1 to8. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. 233 Powers Powers granted. granted. DISTRICT NO. 5—Continued. DISTRICT NO. 5—Continued. MARYLAND. VIRGINIA. Baltimore— Drovers & Mechanics National 1 to 9. Abingdon—First National Bank 1 to 9. Bank. Alexandria- . Farmers & Merchants National 1 to 9. Citizens National Bank Ito4. Bank. First National Bank Ito4. Merchants National Bank 1 toft. Appalachia—First National Bank 1. National Bank of Baltimore Ito9. Charlottesville— Western National Bank 1 to 9. National Bank of Charlottesville. Ito4. Cumberland—Second National Bank. 1 to 9. Peoples National Bank 1 to 9. Easton—Easton National Bank 1 to 9. Chase City—First National Bank 1 to 9. Frederick- Chatham—First National Bank 1 to 3. Farmers & Mechanics National 1 to 4. Clifton Forge- Bank. Clifton Forge National Bank 1 to 4. Frederick County National Bank. 1 to 9. First National Bank 1 to 6, and 9. Hagerstown—Second National Bank. 1 to 9. Covington— Hyattsville—First National Bank 1 to 4. Citizens National Bank 1 to 4. New Windsor—First National Bank. 1 to 4. Covington National Bank 1 to 4. Pocomoke City—Citizens National 1 to 9. Danville— Bank. American National Bank 1 to 9. Rising Sun—National Bank of Rising. 1 to 4. First National Bank Ito9. Sun. Emporia—Citizens National Bank... 1 to 9. Rockville—Montgomery County Na- 1 to 3. Fredericksburg—Planters Nat ional 1 to 9. tional Bank. Bank. Salisbury—Salisbury National Bank. _ 1 to 9. Hampton—Merchants National Bank Ito9. Harrisonburg—First National Bank.. 1 to 9. NORTH CAROLINA. Loesburg—Peoples National Bank... 1 to 9. Lexington—Rockbridge Na t i o n a 1 1 to 9. Ashe A N v m a il t l i e e o r — i n c a a l n B N a a n t k io o n f a l C B om an m k erce I 1 t t o o 9 9 . . N M e B a w r a t p n in o k s r . t v N ill e e w — s P — eo F p ir l s e t s N N a a t t i i o o n n a a l l B B a a n nk k . . I 1 t t o o 4 4 . . Cha C C M rl o h o e m a r t r c t m l e h o - a e tt r n e c t i s N a l & a N t i F o at a n i r a o m l n a B e l r a s B n N k an a k tional I 1 1 t t t o o o 9 9 9 . . . N Pe o te r N S f r o s e a b a l t k u b io r - o g n a — a rd l V B N i a r a g n t i k i n o i n o a a f N l C B a o t a m i n o m k na e l r c B e ank- I 1 I t t t o o o 4 3 9 . . . E G D G l r o u N i a z l r d h a h U a s t a b a i n b m B o m e i o t n o a — r h — a n n o l k — N F N . B C i a W a r a t s i t i t n o i t a y o k n y N — n . a n a a l e F l t i i N B o r B s n a a t a a t n i n l k o & k B n a a l n o C k B f i t a iz A n e k l n a . s - .. 1 1 I 1 1 t t t t t o o o o o 9 9 9 9 9 . . . . . P P R o u i B c l r a h t a A P P s s m n k m e u m k i o o l — o . a e n p u s r d l i e k t c — h s i a — n N N a N a A t t i a i m o o ti n n e o r a a n i l l c a a B B l n B a a n n a k k N nk ational 1 I I 1 t t . t o o o 4 9 9 . . . mance. Central National Bank Ito9. High Point—Commercial National First National Bank 1 to 9. N M e B o w o a r n e B k s e . v r i n ll — e— N F a i t r i s o t n a N l at B io a n n a k l B of a n N k ew 1 1 t t o o 4 9 . . M Pla e n rc t h er a s n t N s a N ti a o t n io a n l a B l a B nk ank 1 I t t o o 9 9 . . Bern. Roanoke— Oxford—First National Bank 1 to 4. American National Bank 1 to 4. Raleigh- Colonial National Bank Ito9. Citizens National Bank 1 to 9. First National Bank 1 to 9. Commercial National Bank 1 to 9. National Exchange Bank 1 to 9. Rocky Mount—Planters National 1 to 9. Rocky Mount—Peoples National 1 to 4. Bank. Bank. Salisbury—First National Bank 1 to 9. Salem—Farmers National Bank Ito9. Winston-Salem—Farmers National 1 to 9. South Boston— Bank & Trust Co. Boston National Bank Ito9. Planters & Merchants National 1 to 4. SOUTH CAROLINA. Bank. Staunton— Charleston- Augusta National Bank 1 to 9. Atlantic National Bank 1 to 9. National Valley Bank 1 to 9. Peoples National Bank 1 to 4. Warrenton—Farquier National Bank. Ito9. Columbia- Winchester- Columbia National Bank 1 to 9. Farmers & Merchants National Ito9. National Loan & Exchange Bank. 1 to 9. Bank. Elloree—First National Bank 1 to 9. Shenandoah Valley National Ito4. Greenville- Bank. First National Bank 1 to 9. Norwood National Bank 1 to 9. WEST VIRGINIA. Peoples National Bank 1 to 4. Woodside National Bank Ito9. (See also District No. 4.) Holly Hill—First National Bank 1 to 3, 5 to 9. Lake City—Farmers & Merchants 1 to 4. Beckley—Beckley National Bank Ito9. National Bank. Bluefield— Orangeburg—Edisto National Bank.. 1 to 9. First National Bank Ito9. Rock Hill—National Union Bank 1 to 9. Flat Top National Bank 1 to 9. Spartanburg— Charleston— Central National Bank 1 to 4. Charleston National Bank Ito9. First National Bank Ito9. Kanawha National Bank Ito9. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

234 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. Powers granted. DISTRICT NO. 5—Continued. DISTRICT NO, 6—Continued. WEST VIRGINIA—continued. GEORGIA—continued. Clarksburg- Dalton—First National Bank Ito5. Empire National Bank 1 to 4. Dawson—Dawson National Bank 1 to 3, 5 to 9. Union National Bank Ito4. Elberton—First National Bank Ito9. . Fairmont—National Bank of Fair- 1 to 9. Fitzgerald— mont. Exchange National Bank 1 to 4. Fairview—First National Bank 1 to 4. First National Bank 1 to 4, 6, 7 Grafton—First National Bank 1 to 9. and 9. Huntington— La Grange—La Grange National 1 to 8. First National Bank 1 to 9. Bank. Huntington National Bank 1 to 9. Louisville—First National Bank Ito9. Madison—Madison National Bank__j 1 to 4. Macon—Fourth National Bank 1 to 4. Martinsburg— Old National Bank i 1 to 9. Quitman—First National Bank 1 to 8. Parkersburg— j Winder—Winder National Bank 1 to 9. First National Bank I 1 to 9. Parkersburg National Bank j 1 to 9. LOUISIANA. Second National B ank I 1 to 9. St. Marys—First National Bank I 1 to 9. (See also District No. 11.) Welch—First National Bank 1 to 9. Crowley—First National Bank of DISTRICT NO. 6. Acadia Parish. Lake Charles—Calcasieu National Anniston— ALABAMA. Ne B w a n O k rl o e f a S ns o — ut W hw T e h s it t n e L y o - u C i e s n ia tr n a a l . Na- 1 to 9. Anniston National Bank . _. . 1 to 7 and f. tional Bank. Commercial National Bank 1 to 5, 7, MISSISSIPPI. and 9. First National Bank 1to 8. (See also District No. 8.) Athens—First National Bank _ _ _1 Bessemer—First National Bank in 1'to 8. Biloxi—First National Bank 1 to 4. Bessemer. Canton—First National Bank j 1 to 4. Birmingham—First National Bank,. 1 to 9. Gulfport—First National Bank •__! 1 to 8. Cullman—Leeth National Bank . 1to 4. Hattiesburg—Commercial National 1 to 9. Florence—First National Bank _. Ito8. ! Bank. Gadsden—First National Bank_ ... 1to 3. ! Jackson—Jackson State National 1 to 7 and 9. Mobile—First National Bank 1to 8. ! Bank. j Montgomery—First National Bank.. 1to 9. Laurel- Oxford—First National Bank 1to 8. i Commercial National Bank & 1 to 9. Piedmont—First National Bank 1to 3. | Trust Co. ! Selma—City National Bank 1to 8. i First National Bank 1 to 9. Talladega—Talladega National Bank. 1to 4. ; Meridian—First National Bank 1 to 8. Trov—First National Bank 1 Tuscaloosa— TENNESSEE. Citv National Bank 1to 8. (See also District No. 8.) First National Bank. .. . 1to 8. Copperhill—First National Bank of 1 to 3, 5 to FLORIDA. Polk County. Bartow—Polk County National Bank. 1to 9. Dickson—Citizens National Bank...-. 1 to 8. Bradentown—First National Bank... 1to 4. Fayetteville— Brooksville—First National Bank 1to 8. Elk National Bank 1 to 3 and 5. De Funiak Springs—First National 1to 8. First National Bank 1 to 3, 5 to 9. Bank. Gallatin—First and Peoples Natio lal 1 to 9. Jacksonville— Bank. Atlantic National Bank Ito9. Greenville—First National Bank 1 to 9. Barnett National Bank 1to 4. Johnson City—Tennessee National 1 to 9. Florida National Bank 1to 8. Bank. Miami Beach—Miami Beach First 1to 9. Kingsport—First National Bank 1 to 7 and 9. National Bank. Knoxville— Panama City—First National Bank_. 4 City National Bank 1. St. Augustine- Union National Bank 1 to 7 and 9. First National Bank _ . 1to 9. i McMinnville—Peoples N a t i o r a 1 1 to 3, 5 to 8. St. Augustine National Bank Ito9. ; Bank. St. Petersburg- Nashville— Central National Bank & Trust 1 to 3. American National Bank 1 to 9. Co. Broadway National Bank 1 to 7 and 9. First National Bank. 1to 4. Fourth & First National Bank... 1 to 8. Tampa—First National Bank 1to 8. Tennessee-Hermitage National 1 to 4. West Palm Beach— Bank. American National Bank . . 1to 9. First National Bank 1to 9. DISTRICT NO. 7. GEORGIA. ILLINOIS. Athens- Georgia National Bank . _.. 1to 8. (See also District No. 8.) National Bank of Athens 1to 4. Atlanta- Amboy—First National Bank __ 1 to 9 Atlanta National Bank 1 to 8. Aurora— Fourth National Bank. 1to 9. First National Bank 1 to 9 Fulton National Bank 1 to 9. Merchants National Bank 1 to 9 Barnesville—First National Bank 1to 8. Old Second National Bank 1 to 9 Brunswick—National Bank of Bruns- 1to 9. Batavia— wick. Batavia National Bank 1 to 9 Digitized foCr aFrrRolAltSonE—RF irst National Bank 1 to 9. First National Bank _ 1 to 8 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL. REPORT OF THE FEDERAL RESERVE BOARD. 235 Powers Powers granted. granted. DISTRICT NO, 7—Continued. DISTRICT NO. 7—Continued. ILLINOIS—continued. INDIANA—continued. Belvidere— Brazil— First National Bank lto 8. Citizens National Bank 1 to 7. Second National Bank 1 to 4. First National Bank lto 4. Bushnell— First National Bank lto 9. Riddell National Bank 1 to 9. Cambridge—Farmers National Bank. 1 to 9. Brookville— Canton— Franklin County National Bank. 1 to 4. Canton National Bank 1 to 9. National Brookville Bank 1 to 4. First National Bank_ _ lto 8. C ambridge C ity—Fir st N ational B ank 1 to 8. Casey—First National Bank lto 4. Clay City—First National Bank 1 to 9. Charleston—National Trust Bank 1 to 9. Columbia City—First National Bank lto 9. Chicago— Columbus—First National Bank 1 to 9. Calumet National Bank . lto 9. Crawfordsville— Corn Exchange National Bank_._ 4. Citizens National Bank 1 to 4. First National Bank of Englewood 1 to 4. Elston National Bank 1 to 8. Lawndale National B ank lto 9. First National Bank. _ _ _ . . 1 to 9. Live Stock Exchange National 1 to 9. Dana—First National Bank 1 to 3. Bank. Delphi—Citizens National Bank 1 to 9. National Bank of the Republic... 1 to 9. Dublin—First National Bank 1 to 3. National City Bank 1 to 9. Dyer—First National Bank 1 to 4. Chillicothe—First National Bank lto 9. Edinburg—Farmers National Bank.. lto 4. Danville- Elkhart—First National Bank 1 to 9. First National Bank . 1 to 9. Elwood—First National Bank lto 8. Palmer National Bank 1 to 9. Fort Wayne- Second National Bank 1 to 8. First National Bank . . lto 8. Decatur— Old National Bank 1 to 9. Citizens National Bank lto 9. Frankfort—American National Bank. 1 to 8. Milliken National Bank, . 1 to 4. Franklin—Franklin National Bank.. 1 to 4. National Bank of Decatur . - 1 to 4. Gary—National Bank of America 1 to 9. Dixon—Dixon National Bank. 1 to 9. Goshen—City National Bank 1 to 9. Elmhurst—First National Bank 1 to 9. Greencastle—First National Bank lto 9. El Paso— Hammond—First National Bank 1 to 4. First National Bank 1 to 9. Indiana Harbor- Woodford County National Bank lto 9. 1 Indiana Harbor National Bank of lto 9. Evanston—City National Bank .__ _ lto 9. East Chicago. Freeport— United States National Bank, lto 9. First National Bank_. . ... _. 1 to 9. East Chicago. Second National Bank 1 to 9. Indianapolis— Galesburg— Fletcher American National Bank 1 to 7 and i). First National Bank ... 1 to 9. Indiana National Bank of lto 9. Galesburg National Bank 1 to 9. Indianapolis. Henry—First National Bank lto 7. Kokomo— Joliet— Citizens National Bank 1 to 4. First National Bank 1 to 4. Howard National Bank. ... _ _ lto 9. Joliet National Bank ___ . 1 to 9. La Porte—First National Bank 1 to 4. Will County National Bank . .. 1 to 9. Libert v—Union County National 1 to 3. Kankakee—City National Bank. 1 to 4. Bank. Kewanee—First National Bank, 1 to 9. Lognnsport— La Salle—La Salle National Bank 1 to 4. City National Bank _ . 1 to 8. Lincoln—Lincoln National Bank 1 to 9. FJrst National Bank 1 to 8. Macomb—Union National Bank 1 to 9. Lowell—First National Bank in 1 to 7. Marengo—First National Bank. lto 9. Lowell. Marseilles—First National Bank lto 4. Marion— Mat toon.—National Bank of Mattoon. lto 3. First National Bank 1 to 4. Monticello—First National Bank 1 to 9. i Marion National Bank _ . ._ __ lto 9. Moweaqua— First National Bank 1 to 3. Martinsville—First National Bank ._ 1 to 7. Ottawa—National City Bank 1 to 9. Michigan City—Merchants National 1 to 9. Peoria— Bank. Central National Bank 1 to 9. Mishawaka—First National Bank_ 1 to 4. Commercial National Bank 1 to 8. Monrovia—First National Bank 1 to 4. Merchants & Illinois National lto 9. Monterey—First National Bank.. _. lto 3, 5 to 9 Bank. Montpelier—First National Bank 1 to 9. Princeton—Citizens National Bank.. 1 to 3, 5 to 8. Muncie—Delaware County National 1 to 9. Rockford— Bank. Forest City National Bank 1 to 9. New Carlisle—First National Bank.. 1 to 3. Manufacturers National Bank 1 to 9. Peru—First National Bank 1 to 9. Rockford National Bank 1 to 4. Richmond— Swedish-American National Bank 1 to 9. First National Bank . 1 to 9. Third National Bank lto 8. Second National Bank 1 to 4. Savanna—First National Bank lto 8. Rising Sun—The National Bank of._ 1 to 9. Sycamore- Rochester—First National Bank 1 to 5, 7, and Citizens National Bank .. lto 9. 9. Sycamore National Bank 1 to 9. Rockville—Rockville National Bank. 1 to 4. Waukegan—Waukegan National 1 to 9. Rushville— Bank. Rush County National Bank 1 to 4. Rushville National Bank 1 to 4. INDIANA. Russiaville—First National Bank 1 to 3. Shelbyville— (See also District No. 8.) Farmers National Bank lto 9. First National Bank lto 9. Attica—Central National Bank ... . 1 to 9. Sheridan— Batesville—First National Bank 1 to 4. Farmers National Bank lto 8. Digitized forB FloRomAiSngEtRon —First National Bank.. 1 to 7 and 9. First National Bank lto 4. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

236 ANNUAL REPORT OF THE FEDERAL RESERVE BOAED. Powers Powers granted. granted. DISTRICT NO. 7—Continued. DISTRICT NO. 7—Continued. INDIANA—continued. IOWA—continued. South Bend- New Sharon—First National Bank... 1 to 7. First National Bank 1 to 4. Newton—Clark National Bank 1 to 9. Merchants National Bank 1 to 9. Odebolt—First National Bank 1 to 4. Swayzee—First National Bank 1 to 9. Oskaloosa—Oskaloosa National Bank:. 1 to 3. Terre Haute— Paullina—First National Bank 1 to 7 and 9. First National Bank 1 to 9. Perry—Perry National Bank 1 to 9. Terre Haute National Bank 1 to 9. Peterson—First National Bank 1 to 4. Thorntown—Home National Bank. 1 to 8. Red Oak—First National Bank 1 to 4. Tipton—Citizens National Bank 1 to 4. Remsen—First National Bank 1 to 8. Wabash—Farmers & Merchants 1 to 4. Rippey—First National Bank 1,2,3, 5 to 8. National Bank. Rockwell City—Rockwell City Na- 1 to 9. Whiteland—Whiteland National 1 to*. tional Bank. Bank. Royal—Citizens National Bank 1 to 3. Whiting—First National Bank lto 7. Ruthven—First National Bank 1 to 8. Wilkinson—Farmers National Bank 1 to 3. Sheffield—First National Bank 1 to 9. Winamac—First National Bank 1 to 8. Shenandoah—Farmers National B an] c. 1 to 9. Sibley—First National Bank 1 to 3. IOWA. Sidney—National Bank of Sidney... 1 to 9. Sioux City— Arlington—American National Bank. lto 3. First National Bank .. 1 to 9. Aurelia—First National Bank... lto 9. Security National Bank . 1 to 9. Bancroft—First National Bank 2, 3, 5 to 7. Sioux National Bank 1 to 9. Boone—First National Bank 1 to 4. Sioux Rapids—First National Bank.. 1 to 3. Buffalo Center—First National Bank lto 9. Spencer—First National Bank 1 to 9. Burlington—Merchants National 1 to 9. Stanton—First National Bank . 1 to 4. Bank. Storm Lake—Citizens National Bank. 1 to 9. Cedar Rapids— Story City—First National Bank... 1 to 4. Cedar Rapids National Bank lto 9. Thornton—First National Bank lto 9. Merchants National Bank 1 to 4. Tipton—City National Bank 1 to 8. Charter Oak—First National Bank... 1,2,3, and 5 Washington—Washington National 1 to 8. Cherokee—First National Bank 1 to 9. Bank. Clarence—First National Bank. lto 4. Waterloo- Clinton— Commercial National Bank 1 to 4. City National Bank lto 4. First National Bank 1 to 7. Merchants National Bank.. 1 to 5. Leavitt & Johnson National Bank. 1 to 4. Colfax—First National Bank... 1 to 3, 5 to 9. Waverly—First National Bank 1 to 4. Coon Rapids—First National Bank.. lto 3. Webster City- Council Bluffs- Farmers National Bank 1 to 4. City National Bank 1 to 8. The First National Bank 1 to 9. First National Bank 1 to 9. Davenport—First National Bank lto 9. MICHIGAN. Decorah—National Bank of Decorah. 1 to 9. Des Moines—Des Moines National 1 to 8. (See also District No. 9.) Bank. Dubuque— Battle Creek- Consolidated National Bank lto 9. Central National Bank 1 to 4. First National Bank 1 to 9. City National Bank lto 8. Elkader—First National Bank lto 9. Old National Bank 1 to 9. Everly—First National Bank lto 7. Bay City—First National Bank lto 4. Fairfield— First National Bank lto 8. Benton Harbor- Fonda—First National Bank 1 to 4. American National Bank lto 9. Fontanelle—First National Bank lto 9. Farmers and Merchants Na- 1 to 9. Fort Dodge—Fort Dodge National 1 to 8. tional Bank. Bank. Birmingham—First National Bank. lto 4. Gladbrook—First National Bank lto 3. Boyne City—First National Bank... lto 3. Graettinger—First National Bank... 1 to 9. Detroit—National Bank of Com- 1 to 8. Greenfield—First National Bank lto 5, 7 to 9. merce. Grinnell— Flint—First National Bank lto 4. Citizens National Bank... lto 9. Grand Rapids- Merchants National Bank 1,2, 3, 5 to 7, Grand Rapids National Bank lto 9. and 9. Old National Bank 1 and 4. Griswold—Griswold National Bank.. 1 to 7 and 9. Hillsdale—First National Bank 1 to 4. Hampton—Citizens National Bank., lto 9. Jackson- Hawarden—First National Bank 1,2, 3, 5 to 8. National Union Bank lto 9. Humboldt—First National Bank lto 4. Peoples National Bank *._. lto 9. Independence—First National Bank. lto 4. Kalamazoo—First National Bank lto 9. Indianola—First National Bank lto 3. Lansing— Kanawha—First National Bank lto 3. Capital National Bank lto 4. Keokuk—Keokuk National Bank 1 to 9. City National Bank 1 to 9. LeMars—First National Bank 1 to 3, 5 to 9. Muskegon— Linn Grove—First National Bank... lto 9. Hackley National Bank 1 to 7 and 9. Manchester—First National Bank... lto 4. Union National Bank lto 9. Marengo—First National Bank 1 to 4. Petoskey—First National Bank 1 to 4. Marshalltown—First National Bank. 1 to 3. Pontiac—American National Bank- 1 to 9. Mason City—First National Bank__. lto 9. Port Huron—First National Bank in 1 to 4. Milford—First National Bank lto 3. Port Huron. Montezuma—First National Bank... 1 to 4. Rochester—First National Bank 1 to 4. Muscatine—First National Bank 1 to 9. Saginaw— Second National Bank 1 to 8. Newell—First National Bank 1 to 9. Traverse City—First National Bank 1 to 3. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. 237 Powers Powers granted. granted. DISTRICT NO. 7—Continued. DISTRICT NO. 8—Continued. WISCONSIN. ILLINOIS—continued. (See also District No. 9.) Benld—First National Bank of Benld. 1 to 3, 5 to 8 Breese—First National Bank 1 to 9. Antigo— Cairo—Cairo National Bank.. _ .. 1 to 9. First National Bank. _ ._ _ .. . 1 to 8. Carlinville—Carlinville National 1 to 9. Langlade National Bank 1 to 3, o to 8. Bank. Appleton—Citizens National Bank... 1 to 9. Carlyle—First National Bank ... Ito9. Beaver Dam—Old National Bank 1 to 4. East St. Louis—Security National Ito9. Clintonville—First National Bank... 1 to 4. Bank. Darlington—First National Bank 1 to 8. Edwardsville—Edward s v i 11 e Na- 1,2,3,5,(5,7, Edgerton—First National Bank 1 to 8. tional Bank. and 9. Fond du Lac— Highland—First National Bank 1 to 9. Commercial National Bank 1 to 9. Jacksonville—Ayers National Bank.. 1 to 4. First-Fond du Lac National Bank. Ito8. Lawrenceville—First National Bank. 1 to 9. Hartford—First National Bank 1 to 7 and 9. Lebanon—First National Bank 1 to 9. Janesville—First National Bank 1 to 4. Marion—First National Bank _ ._ Ito9. Manitowoc—First National Bank in 1 to 9. Mascoutah— First National Bank 1 to 9. Manitowoc. Metropolis—City National Bank 1 to 4. Marinette—First National Bank 1 to 9. Mount Carmel—American National 1 to 9. Milwaukee— Bank. Marine National Bank 1 to 9. Mount Sterling—First NationalBank. 1 to 4. National Bank of Commerce 1 to 9. Murphysboro—First National Bank. 1 to 8. National Exchange Bank . . 1 to 9. Nashville- Monroe—First National Bank. . ... 1 to 4 Farmers & Merchants National 1 to 9. Neenah—National Manufacturers 1 to 3. Bank. Bank. First National Bank. _ . .. 1 to 9. Oshkosh—City National Bank 1 to 4. Nokomis—Nokomis National Bank.. 1 to 3. Racine— O'Fallon—First National Bank 1 to 9. First National Bank I to 9. Pittsfield—First National Bank 1 to 9. Manufacturers National Bank 1 to 9. Quincy— Ripon— Quincy-Ricker National Bank 1 to 9. American National Bank. ... 1 to 9. & Trust Co. First National Bank 1 to 9. Sparta—First National Bank 1 to 3, 5 to 7. Shawano—Wisconsin National Bank. 1 to 8. Vandalia—First National Bank. 1 to 8. Sheboygan— Security National Bank. Ito9. Sparta—Farmers National Bank 1 to 9. INDIANA. Stevens Point—First National Bank. 1 to 8. Viroqua—First National Bank. 1 to 9. (See also District No. 7.) Waukesha— National Exchange Bank . ... 1 to 4. Bedford—Bedford National Bank 1 to 3, 5 to 9. Waukesha National Bank Ito8. Bicknell—First National Bank 1 to 9. Wausau— Evansville— American National Bank 1 to 9. National City Bank 1 to 9. First National Bank _ .. 1. Old National Bank __ ... 1 to 9. , West Bend—First National Bank 1 to 9. Farrnersburg—First National Bank.. 1 to 6 and 8. Wisconsin Rapids—First National 1 to 9. Jeffersonville—First National Bank.. Ito9. Bank. Mitchell—First National Bank 1 to 4. Mount Vernon—Old First National Ito8. DISTRICT NO. 8. Bank. New Albany—New Albany National Ito9. ARKANSAS. Bank. Orleans—National Bank of Orleans__ 1. Batesville—First National Bank 1 to 7 and 9. Princeton— Corning—First National Bank 1 to 9. Farmers National Bank 1,2,3,5,6,7, El Dorado—First National Bank Ito9. and 9. Fordyce—First National Bank. 1 to 4. Peoples American National Bank. Ito8. Fort Smith- Seymour- First National Bank 1 to 9. First NationalBank 1 to 9. Merchants National Bank.. _ __1 to 9,. Seymour National Bank . 1 to 9. Hot Springs— Sullivan—National Bank of Sullivan. 1 to 7 and 9 Arkansas National Bank Ito9. Tell City—Citizens National Bank... 1 to 4. Citizens National Bank 1 to 3, 5 to 9. Vevay—First National Bank... _. 1 to 9. Jonesboro—First National Bank Ito9. Wadesville—The Farmers National 1 to 9. Lake Village—First National Bank__ 1 to 9. Bank. Little Rock- KENTUCKY. England National B ank I to 9. (See also District No. 4.) Exchange National Bank 1 to 9. Marianna—Lee County National 1 to 4. Bowling Green—American National 1 and 4. Bank. Bank. Mena—First National Bank 1. Columbia—First National Bank. Ito3, 5 to 8. Newport—First National Bank. 1 to 8. Danville- Paragould—First National Bank Ito9. Citizens National Bank ... 1 to 9. Pine Bluff—Simmons National Bank. 1 to 9. Farmers National Bank Ito8. Texarkana—State National Bank Ito9. Elizabethtown—First - Hardin Na- 1 to 9. tional Bank. ILLINOIS. Glasgow—Farmers National Bank 1 to 4. Harrodsburg—First National Bank.. Ito9. (See also District No. 7.) Henderson—Henderson National 1 to 9. Bank. Anna—First National Bank Ito4. Hopkinsville—First National Bank . 1 to 9. Belleville— Lawrenceburg— •First National Bank •Ito8. Anderson National Bank 1 to 3, 5 to 9 Digitized for FRSAt. SCElaRir National Bank 1 to 9. Lawrenceburg National Bank 1 to 8. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

238 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. Powers Powers granted. granted. DISTRICT NO. 8—Continued. DISTRICT NO. 9—Continued. KENTUCKY—continued. MINNESOTA—continued. Lebanon— Austin— Citizens National Bank 1 to 4. Austin National Bank 1 to 9. Marion National Bank 1 to 4. First National Bank 1 to 8. Louisville- Bemidji—First National Bank__ 1 to 9. Citizens Union National Bank___i 1 to 9. Blooming Prairie—First National 1, 2,3 and 5. First National Bank 1 to 9. Bank. Louisville National Bank 4. Chatfield—First National Bank 1 to 5. National Bank of Kentucky 1 to 9. Crookston—Merchants National 1 to 8. Mayfield—First National Bank 1 to 8. Bank. Morganfield—Morganfield National 1 to 4. Duluth— Bank. American Exchange National 1 to 8. Murray—First National Bank 1 to 9. Bank. Owesboro— First National Bank 1 to 9. City National Bank 1 to 9. Paducah— First National Bank 1 to 8. City National Bank 1 to 9. Minnesota National Bank__ 1 to 9. First National Bank Ito3. Northern National Bank 1 to 9. Princeton—Farmers National Bank.. 1 to 9. Eveleth—First National Bank_. 1 to 3, 5 to 9. Fairmont—Martin County National 1 to 9. MISSISSIPPI. Bank. Fairbault—Security National Baik__ 1 to 9. (See also District No. 6.) Fergus Falls—Fergus Falls National 1 to 8. I Bank. Greenville—First National Bank | 1 to 4. Hutchinson—Farmers National B ank 1 to 9. Greenwood—The First National j 1. Lanesboro—First National Bank ._. 1 to 3. Bank. j Little Falls- MISSOURI. ! American National Bank 1 to 9. First National Bank 1, 2, 3, 5, 6, (See also District No. 10.) 8, and 9. Minneapolis- Boonville—Boonville National Bank. 1 to 9. Metropolitan National Bank 1 to 9. Carrollton—First National Bank 1 to 8. Midland National Bank 1 to 8. Chillicothe—First National Bank Ito9. Northwestern National Bank 4. Columbia— Northfield—Northfield N a ti oi.al 1 to 9. Boone County National Bank 1 to 4. Bank. Exchange National Bank 1 to 4. Owatonna— Hannibal—Hannibal National Bank. 1 to 9. First National Bank 1 to 9. J K e i f r f k er s s v o i n ll e C — it C y i — tiz F e i n r s s t N N a a ti t o io n n a a l l B B a a n n k k ., . 1 1 t t o o 8 9 . . Red N W ati i o n n g a - l Farmers Bank 1 to 3, 5 to 9. Pierce City—First National Bank 1 to 9. First National Bank 1 to 9. Bidgeway—First National Bank 1 to 9. Goodhue County National B;mk_ 1 to 9. St. Louis— St. Peter—First National Bank 1 to 8. First National Bank 1 to 4. Stillwater—First National Bank 1 to 9. Merchants-Laclede National 1 to 4. Truman—Truman National Bank 1 to 9. Bank. Virginia—American Exchange Na- 1 to 3, 5 to 8. National Bank of Commerce 1 to 9. tional Bank. Security National Bank Savings 1 to 9. Waseca—Farmers National Bank 1 to 9. & Trust Co. Welcome—Welcome National Baik._ 1 to 8. State National Bank 1 to 9. Windom—First National Bank 1 to 9. Sedalia— Winona—Winona National Bank 1 to 9. Citizens National Bank 1 to 4. Third National Bank 1 to 3, 5 to 7. MONTANA. V U Sp e n r r i i s o n a n g i v l f l i i e e l s l l e d — — — F M U irs n a t i r o s N n h a a N l t l i o a N t n i a a o t l n io B a n l a a n B l k a B n a k n . k .. . 1 1 1 t t t o o o 3 4 3 . . , 5 to 7. B Bo il z l e M M i m n o i g a d n s n l - t a — a n n d C a o N N m a a m t t i i o e o r n n c a a i l a l l B B N a a n n a k k tior al 1 1 1 t t t o o o 9 4 9 . . . Bank. TENNESSEE. Dillon—First National Bank 1 to 7 and 9. (See also District No. 6.) Great Falls—Great Falls National 1 to 4. Bank. Memphis— Kalispell-First National Bank 1 to 4. C So e u n t t h ra e l r n S t N at a e ti N o a n t a i l o n B a a l n B k ank 1 1 t t o o 4 9 . . L M e i w le C i s s o t C o m w it m y n — e — rc F ia i l r st N N at a io ti n o a n l a l B B an a k nk 1 1 t t o o 7 9 . . DISTRICT NO. 9. First National Bank 1 to 9. Missoula— First National Bank 1 to 7 and 9. Western Montana National Bank. 1 to 8. (See also District No. 7.) NORTH DAKOTA. Manistique—First National Bank 1 to 4. Bismarck—First National Bank 1 and 9. Marquette— Ellendale—First National Bank 1 to 4. First National Bank 1 to 9. Fargo— Union National Bank 1 to 9. First National Bank 1 to 9. Menominee—First National Bank...) 1 to 9. Merchants National Bank 1 to 9. Negaunee—Negaunee National Bank. 1 to 3. Security National Bank 1 to 9. Forman—First National Bank 1 to 3. MINNESOTA. Grand Forks—First National Bank_. 1 to 9. Jamestown—James River National 1 to 3, 5 to 7, Albert Lea—First National Bank 1 to 8. Bank. and 9. Alexandria—First National Bank 1 to 9. Minot— Argyle—First National Bank 1, 2, 3, 5, 6, Second National Bank 1 to 9. 7, and 9. Union National Bank 1 to 7 and 9. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. 239 Powers Powers granted. granted. DISTRICT NO. 9—Continued. DISTRICT NO. 10—Continued. SOUTH DAKOTA. COLORADO—continued. Aberdeen—Aberdeen National Bank 1 to 4. Loveland— Arlington—First National Bank 1 to 4. First National Bank. 1 to 4, 6, and Brookings—First National Bank Ito9. Canton—First National Bank 1 to 9. Loveland National Bank 1 to 7. Colman—First National Bank Ito4. Mancos—First National Bank 1 to 9. Flandreau—First National Bank 1 to 3. Montrose—Montrose National Bank 1 to 9. Lake Preston—First National Bank, 1 to 4. Sterling—Logan County National 1 to 9. Lead—First National Bank 1 to 9. Bank. Rapid City—First National Bank... 1 to 7 and i Telluride—First National Bank 1 to 8. Sioux Falls— Trinidad- Minnehaha National Bank 1 to 8. First National Bank 1 to 3. Security National Bank 1 to 4. Trinidad National Bank 1 to 9. Sioux Falls National Bank 1 to 8. Walsenburg—First National Bank... 1 to 9. Spe: 1 to 3. Vermilion—First National Bank 2 to 9. KANSAS. Watertown—First National Bank... 1 to 9. Anthony—First National Bank Ito4. WISCONSIN. Atchison—City National Bank 1 to 9. Coffeyville— (See also District No. 7.) Condon National Bank 1 to 3, 5 to 9 . First National Bank 1 to 3 and 5. Ashland— Emporia— Ashland National Bank 1 to 9. Citizens National Bank 1 to 9. Northern National Bank 1 to 7 and 9. Commercial National Bank & 1 to 9. Barron—First National Bank 1 to 3. Trust Co. Chippewa Falls— Fort Scott—Citizens National Bank.. 1 to 7 and 9. First National Bank 1 to 9. Goodland—Farmers National Bank.. 1 to 4. Lumbermens National Bank Ito9. Greal Bend—First National Bank... 1 to 9. Superior- Horton—First National Bank 1 to 4. First National Bank 1 to 7. Hutchinson—First National Bank 1 to 4. United States National Bank... 1 to 9. Independence—Commercial National 1 to 9. Bank. DISTRICT NO. 10. Jewel City—First National Bank 1 to 3. Lawrence— COLORADO. Lawrence National Bank 1 to 8. Merchants National Bank 1 to 8. Akron—First National Bank 1 to 4. Luray—First National Bank 1 to 3. Boulder- Ottowa—Peoples National Bank 1 to 4. Boulder National Bank 1 to 4. Pittsburg—National Bank of Com- 1 to 9. Citizens National Bank 1 to 7. merce. Brush—First National Bank I to 3, 5 to 8. Pratt—First National Bank 1 to 9. Canon City—Fremont County Na- 1 to 4. Sabetha—National Bank of Sabetha. 1 to 4. tional Bank. Salina— Center—First National Bank 1 to 4. Farmers National Bank 1 to 4. Colorado Springs— National Bank of America 1 to 9. Colorado Springs National Bank. 1 to 9. Topeka—Farmers National Bank 1 to 4. Exchange National Bank. 1 to 9. Troy—First National Bank ! 1 to 3. First National Bank 1 to 9. Wellington—First National Bank 1 to 9. Craig—Craig National Bank.. 1 to 9. Wichita- Denver— First National Bank 1 to 9. Broadway National Bank 1 to 9. Fourth National B ank 1 to 9. Colorado National Bank.. 1 to 9. Winfield—First National Bank 1 to 9. Denver National Bank Ito9. First National Bank 1 to 9. Globe National Bank 1 to 8. Hamilton National Bank. 1 to 9. Stock Yards National Bank 1 to 9. (See also District No. 8.) United States National Bank 1 to 9. Durango—Burns National Bank 1 to 7. Cameron—First National Bank 1 to 3. Eagle—First National Bank of Eagle 1 to 4. Carthage—Central National Bank 1 to 3. County. Joplin—Jqplin National Bank 1 to 9. Englewood—First National Bank 1 to 4. Kansas City— Fort Collins- Columbia City National Bank... 1 to 4 and 9. First National B ank 1 to 4. Drovers National Bank 1 to 4. Fort Collins National Bank 1 to 9. Fidelity National Bank & Trust 1 to 9. Poudre Valley National Bank 1 to 7 and 9. Co. Fort Morgan—First National Bank.. 1 to 4. First National Bank 1 to 9. Grand Junction—Grand Valley Na- 1 to 9. Gate City National Bank 1 to 9. tional Bank. Interstate National Bank 1 to 9. Greeley— Liberty National Bank 1 to 7 and 9. First National Bank Ito9. New England National Bank 1 to 9. Greeley National Bank 1 to 9. King City—First National Bank & 1 to 9. Union National Bank 1 to 4. Trust Co. Gunnison—First National Bank 1 to 9. Maryville—First National Bank 1 to 5. Hugo—First National Bank 1 to 3. Neosho—First National Bank 1 to 9. Idaho Springs—First National Bank.. Ito4. St. Joseph— Lamar—Lamar National Bank 1 to 9. American National Bank 1 to 4. Las Animas—First National Bank... 1 to 9. Burns National Bank 1 to 4. Longmont—American National Bank, 1 to 9. Tootle-Lacey National Bank 1 to 8. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

240 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. Powers Powers granted. granted. DISTRICT NO. 10—Continued. DISTRICT NO. 10—Continued . NEBRASKA. WYOMING—continued. Belden—First National Bank 1 to 3, 5 to 9 Cody—Shoshone National Bank 1 and 4. Butte—First National Bank. 1 to 3. Evanston—First National Bank 1 to 3. Columbus—First National Bank 1 to 9. Kemmerer—First National Bank 1 to 4. Decatur—First National Bank 1 to 3. Laramie—First National Bank Ito3. Emerson—First National Bank 1 to 8. Powell- Lyons—First National Bank Ito3. First National Bank. 1 to 8. Madison—Madison National Bank... 1 to 7 and 9. Powell National Bank 1 to 4. Nebraska City—Nebraska City Na- 1 to 9. Rawlins— tional Bank. First National Bank _. 1 to 9. Norfolk—Norfolk National Bank ] to 3. Rawlins National Bank 1 to 3. Omaha— Rock Springs— First National Bank 1 to 4. First National Bank 1 to 8. Merchants National Bank 1 to 4. Rock Springs National Bank Ito9. United States National Bank 4. Sheridan- Ord—First National Bank 1 to 4. First National Bank .__ Ito9. Pender—First National Bank 1, and 3 to 7. Sheridan National Bank ... 1 to 3, 5 to 9. Randolph—First National Bank 1 to 9. Shoshoni—First National Bank 1 to 8. South Omaha—Stock Yards National 4. Thermopolis—First National Bank-, Ito9. Bank. Utica—First National Bank 2 and 3. DISTRICT NO. 11. NEW MEXICO. ARIZONA. (See also District No. 11.) (See also District No. 12.) Gallup—First National Bank in Gal- 2 and 3. Nogales—First National Bank 1 to 8. lup. Tucson- Las Vegas—First National Bank 1 to 9. Arizona National Bank 1 to 9. Raton—First National Bank 1 to 7 and 9 Consolidated National Bank 1 to 4. Santa Fe—First National Bank. 1 to 9. LOUISIANA. OKLAHOMA. (See also District No. 6.) (See also District No. 11.) Shreveport— Ada—First National Bank 1 to 7. Commercial National Bank j 1 to 4. Bartlesville—First National Bank 1 to 8. First National Bank | 1 to 4. Cleveland—First National Bank 1 to 9. Enid—American National Bank 1 to 9. NEW MEXICO. | Guthrie—First National Bank 1 to 8. (See also District No. 10.) Hominy— Hoo N F ke i a r r t s — i t o n N F a i a r l s t i t B o N a n n a a k l t i B o o n a f n a C l k o B m a m nk erce 1 1 1 t t t o o o 3 3 9 , . a 5 n t d o 5 9 . . Albu F C q i i u r t s i e z t r e q N n u s a e t — N io a n t a io l n B a a l n B k ank 1 1 1 t t t o o o 4 7 9 . . and 9. Lawton—City National Bank 1 to 3, 5 to 7, State National Bank Ito9. McAlester— and 9. C Si a lv rl e s r b a C d— ity F - irst National Bank 1 to 3. Mus A F k i o m r g s e e t r e i N — ca a n t F i o i N r n s a t a t l N i o B a n a t a i n o l k n B a a l n B k ank 1 1 1 . t t o o 3 9 , . 5 to 7. A Si m lve e 1 r * ic C an it y N N at a io ti n o a n l a B l a B n a k n . k 2 1 an to d 3 6 . , 8, Oklahoma City- TEXAS. and 9. American National Bank 1 to 3, 5, 7 to 9. Abilene—Citizens National Bank 1 and 2. Farmers National Bank 1 to 4. Amarillo—First National Bank 1 to4. First National Bank 1 to 9. Austin—American National Bank 1 to 3. Liberty National Bank 1 to 9. Beaumont— Security National Bank 1 to 8. First National Bank Ito4. Tradesmens National Bank 1 to 7 and 9. Texas National Bank 1 to 9. Pond Creek—First National Bank... 1 to 4. Bonham—First National Bank ., Ito3. Sallisaw—First National Bank ___ 1 to 3, 5 to 7. Brenham—First National Bank | 1 to 7 and 9. Shawnee—Shawnee National Bank__ 1 to 9. Brownsville—Merchants National I 1. Tulsa— Bank. | Central National Bank Ito9. Brownwood—Citizens National Bank) 1 to 9. Exchange National Bank 1 and 4. Cameron—Citizens National Bank... Ito9. First National Bank 1, 2, and 4. Clarksville—First National Bank 1 to 3, 5 to 8. Woodward—First National Bank 2 and 3. Colorado— City National Bank 1 to 4. WYOMING. Colorado National Bank 1 to 3, 5 to 7. Corsicana—Corsicana National Bank. 1 to 4. Basin—First National Bank 1 to 7. Dallas- Buffalo—First National Bank 1 to 4. American Exchange National 1 to 9. Casper— Bank. Casper National Bank Ito4. City National Bank Ito9. Citizens National Bank 1 to 7. Dallas National Bank _. Ito9. National Bank of Commerce 1 to 7. National Bank of Commerce 1 to 4. Wyoming National Bank 1 to 4. Republic National Bank Ito9. C heyenne— Denison—State National Bank 1 to 9. American National Bank... 1 to 9. El Paso— Citizens National Bank •___. Ito9. City National Bank _. 1 to 9. First National Bank 1 to 9. First National Bank 1 to 7 and 9 Stock Growers National Bank 1 to 9. State National Bank 1 to 9. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. 241 Powers Powers granted. granted. DISTRICT NO. 11—Continued. DISTRICT NO. 12—Continued. TEXAS—continued. CALIFORNIA—continued. Fort Worth- Sacramento- Farmers & Mechanics National 2 to 9. Capital National Bank 1 to 9. Bank. National Bank of D.O. Mills & Co.1 to 7 and 9. First National Bank 1, 2, and 4. San Francisco— Fort Worth National Bank 1 to 4. Anglo & London Paris National 1 to 9. Stockyards National Bank 1 to 4. Bank. Galveston— • Bank of California, N. A Ito9. First National Bank 1 to 9. Crocker National Bank 1 to 9. South Texas National Bank 1, 2, and 3. 1 Santa Ana—First National Bank 1 to 9. Granger—First National Bank 1 and 2. Santa Barbara— Greenville—Greenville National Ex- 1 to 4. County National Bank & Trust 1 to 9. change Bank. Co. Haskell—Haskell National Bank 1 to 3, 5 to 8. First National Bank 1 to 9. Houston- Santa Paula—First National Bank & 1 to 9. National Bank of Commerce 1 to 7 and 9. Trust Co. State National Bank 1 to 9. Stockton—First National Bank 1 to 3, 5 to 7 Union National Bank 1 to 9. . Wilmington—First National Bank... 4. Italy—First National Bank 1 to 9. Longview—First National Bank 1 to 3, 5, IDAHO. and 8. Boise- McKinney—First National Bank 1 to 4. Boise City National Bank ... 1 to 9. Marshall- First National Bank of Idaho 1 to 5. First National Bank 1 to 3. Hagerman—First National Bank 1. Marshall National Bank 1 to 4. Hailey—Hailey National Bank 1 to 3. Orange- Lewiston—Lewiston National Bank.. 1 to 9. First National Bank Ito9. Moscow—First National Bank 1 to 4. Orange National Bank Ito9. Payette—First National Bank 1 to 9. Palestine—Royal National Bank 1 to 4. Port Arthur—First National Bank... 1 to 4. NEVADA. San Angelo— Central National Bank 1 to 4. Reno—Farmers and Merchants Na- 1 and 4. First National Bank 1 to 9. tional Bank. San Angelo National Bank 1 to 3. Tonopah—Nevada First National I 4. San Antonio— Bank. Alamo National Bank 1 to 9. OREGON. Frost National Bank 1 to 9. Lockwood National Bank Ito9. Ashland—First National Bank 1 to 9. National Bank of Commerce._ 1 to 9. Corvallis—First National Bank 1 to 4. Sealy—Sealy National Bank 1 to 4. Eugene—First National Bank Ito4 Sherman- Grants Pass—First National Bank of 1, 2, 3, 5, 6, Commercial National Bank,. _ . 1 to 3, 5 to 8. Southern Oregon. 7, and 9. Merchants & Planters National 1 to 9. Harrisburg—First National Bank 1 to 3. Bank. Junction City—First National Bank.. 1, 2, 3, 5, 6, Stanton—First National Bank 1 to 3. 7, and 9. Texarkana—Texarkana National 1 to 9. Marshfield— First National Bank of 1 to 9. Bank. Coos Bay. Troup—First National Bank 1. Medford—Medford National Bank... 1 to 9. Tyler—Citizens National Bank. Ito3. Milton—First National Bank 1 to 4. Victoria—Victoria National Bank Ito4. Ontario—First National Bank 2 and 3. Waco—First National Bank 1 to 8. Pendleton— Waxahachie—Citizens National Bank 1 to 9. American National Bank 1 to 4. Wichita Falls- First National Bank 1 to 4. City National Bank Ito9. Portland— First National Bank 1 to 9. First National Bank 1 to 4. Peninsula National Bank 1 to 9. DISTRICT NO. 12. United States National Bank 1 to 9. Salem—First National Bank in Salem. 1 to 9. ALASKA. UTAH. Fairbanks—First National Bank Ito9. Salt Lake City- Continental National Bank . .. Ito4. Deseret National Bank 1 to 4. Calexico—First National Bank 4. Chico—First National Bank . Ito8. Fullerton—Farmers & Merchants 4. Bellingham— National Bank. Bellingham National Bank 1 to 4. Long Beach- First National Bank _. 1 to 5 and 9 California National Bank . 1 to 9. Clarkston—First National Bank 1 to 9 First National Bank 1 to 9. Colfax—Farmers National Bank 1 to 4. • Long Beach National Bank 1 to 9. Ellensburg—Washington National 1 to 3. Los Angeles- Bank. Continental National Bank 4. Everett- Farmers & Merchants National 1 to 9. First National Bank 1 to 9. Bank. Security National Bank . Ito9. M ountain View—F irst N ational B ank. 4. Hoquiam—First National Bank 1 to 9. Oakland—Central National Bank 1 to 9. Mount Vernon— First National Bank. Ito3. Orland—First National Bank 4. | Okanogan—First National Bank 1 to 9. Pleasanton—First National Bank 4. Olympia—Olympia National Bank__ 1 to 9. Redwood City—First National Bank 1 to 3, 5, 7 Oroville— First National Bank 1 to 9. of Mateo County. to 9. Pasco—First National Bank 1 to 9. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

242 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. Powers Powers granted. granted. DISTRICT NO. 12—Continued. DISTRICT NO. 12—Continued. WASHINGTON—continued. WASHINGTON—continued. Port Angeles—First National Bank.. 1 to 9. Spokane—Continued. Pullman—First National Bank 1 to 7. Old National Bank 1 to 9. Rosalia—Whitman County National 1 to 9. Tacoma— Bank National Bank of Tacoma 1 to 9. Seattle— Puget Sound National Bank 1 to 9. Dexter Horton National Bank 1 to 9. Toppenish—First National Bank 1 to 9. First National Bank 1 to 9. Vancouver—Vancouver National Ito4. Marine National Bank 1 to 9. Bank. Metropolitan National Bank 1 to 7 and 9. Walla Walla— National Bank of Commerce Ito9. Baker-Boyer National Bank 1 to 9. National City Bank. Ito9. First National Bank 1 to 9. Seaboard National Bank.. 1 to 9. Third National Bank 1, 3, and 4. Seattle National Bank 1 to 4, 6, and Wenatchee— First National Bank 1 to 9. Yakima—Yakima National Bank 1 to 9. Union National Bank._ Ito9. University National Bank 1 to 9. HAWAHAN ISLANDS. Spokane- Exchange National Bank 1 to 9. Honolulu—First National Bank of 1 to 8. Fidelity National Bank 1 to 9. Hawaii. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ACCEPTANCES TO 100 PER CENT. The following banks have been granted authority by the 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: Massachusetts—Continued. Hartford- Boston—Continued. 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-Pocasset National Bank. Canal National Bank. Fitchburg—Safety Fund National Bank. Portland National Bank. New Bedford— Massachusetts: First National Bank. Boston— Safe Deposit National Bank. American Trust Co. Springfield—Springfield National Bank. Beacon Trust Co. Worcester—Merchants National Bank. Citizens National Bank. Rhode Island: Commonwealth-Atlantic National Bank. Providence— First National Bank. Blackstone Canal National Bank. Merchants National Bank. Merchants National Bank. National Shawmut Bank. National Bank of Commerce. National Union Bank. Providence National Bank. DISTRICT NO. 2. Connecticut: New York—Continued. Bridgeport— New York City—Continued. Bridgeport Trust Co. Chemical National Bank. City National Bank. Corn Exchange Bank. First National Bank. Equitable Trust Co. New Jersey: Farmers Loan & Trust Co. Hoboken—First National Bank. Fifth Avenue Bank. Newark—National Newark & Essex Banking First National Bank. Co. Garfield National Bank. New Brunswick—National Bank of New Jer- Guaranty Trust Co. sey. Harriman National Bank. Paterson— Irving Bank-Columbia Trust Co. Hamilton Trust Co. Mechanics & Metals National Bank. Paterson National Bank. National Bank of Commerce. New York: National City Bank. Buffalo- National Park Bank. Manufacturers & Traders National Bank. New Netherland Bank. New York City- New York Trust Co. American Exchange National Bank. Pacific Bank. Bankers Trust Co. Seaboard National Bank. Bank of America. U. S. Mortgage & Trust Co. Bank of Manhattan Co. W. R. Grace & Co.'s Bank. Bank of New York & Trust Co. Utica— Central Union Trust Co. First National Bank & Trust Co. Chase National Bank. Utica Trust & Deposit Co. DISTRICT NO. 3. Pennsylvania: Pennsylvania—Continued. Philadelphia- Philadelphia—Continued. Corn Exchange National Bank. Market Street National Bank. First National Bank. Philadelphia National Bank. Fourth Street National Bank. Tradesmen's National Bank. Girard National Bank. DISTRICT NO. 4. Kentucky: Ohio—Continued. Lexington—Phoenix National Bank and Trust Toledo—Commerce Guardian Trust & Savings Co. Bank. Ohio: Pennsylvania: Cincinnati— Braddock—First National Bank. Fifth-Third National Bank. Greensburg—First National Bank. Union 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. 243 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

244 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. 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. Farmers & 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- Western National Bank. American National Bank North Carolina: Bank of Commerce & Trusts. Wilmington—Murchison National Bank. Central National Bank. South Carolina: First National Bank. Charleston- Merchants National Bank. Bank of Charleston, N. B. A. Planters National Bank. 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 Bank & Trust Co. Mobile—Merchants Bank. Canal Commercial Trust & Savings Bank. Montgomery—First National Bank. Hibernia Bank & Trust Co. Troy—Farmers & Merchants National Bank. Interstate Trust & Banking Co. Florida: Marine Bank & Trust Co. Jacksonville—Atlantic National Bank. New Orleans Bank & Trust Co. Pensacola—Citizens & Peoples National Bank. Whitney-Central National Bank. Georgia: New Roads—The Pointe Coupee Trust & Sav- Albany—Albany Exchange National Bank. ings Bank. Atlanta- Mississippi: Atlanta National Bank. Vicksburg—Merchants National Bank. Fourth National Bank. Tennessee: Macon— Chattanooga- Fourth National Bank. First National Bank. Macon National Bank. Hamilton National Bank. Savannah— Clarksvil le—First National Bank. Citizens Trust Co. 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 Riddell 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 Merchants Trust Co. National Bank of Commerce. Live Stock Exchange National Bank. Wisconsin: National Bank of the Republic. Milwaukee—First Wisconsin National Bank. National City Bank. Union Trust Co. DISTRICT NO. 8. Arkansas: Missouri—Continued. Pine Bluff—Peoples Savings Bank & Trust Co. St. Louis—Continued. Mississippi: Merchants-Laclede Nationa.. Bank. Ittabena—First National Bank. Mississippi Valley Trust Co. Missouri: National Bank of Commerce1. 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. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. 245 DISTRICT NO. 10. Colorado: Missouri—Continued. Denver—Denver National Bank. 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 Nationa iBank. 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 Bank. wood. Second 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— C ont i nued. Los Angeles- Portland—Continued. First National Bank. United States National Bank. Merchants National Bank. Washington: San Francisco- Seattle- American Bank. Dexter Horton National Bank. Anglo & London-Paris National Bank. First National Bank. Bank of California, N. A. National Bank of Commerce. Crocker National Bank. Seaboard National Bank. First National Bank. Seattle National Bank. Mercantile Trust Co. 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. Northwestern National Bank, 86538—24t- -17 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PERSONNEL AND SALARIES. SALARIES OF OFFICERS AND EMPLOYEES OF THE FEDERAL RESERVE BOARD AS OF DECEMBER 31, 1923. OFFICE OF SECRETARY. Walter L. Eddy, secretary . $10, 000. 00 J. C. Noell, assistant secretary 4, 500. 00 Staff: 1 at 84,500 4, 500. 00 1 at $4,000. 4, 000. 00 1 at $3,900. 3, 900. 00 1 at $3,300 3, 300. 00 2 at $3,000 _ 6, 000. 00 1 at $2,800 2, 800. 00 1 at $2,650 2,650.00 1 at $2,300 2,300.00 1 at $2,150 2, 150. 00 1 at $2,140 ..... 2, 140. 00 1 at $2,080 2, 080. 00 1 at $2,000 2, 000. 00 2 at $1,905--.- 3, 810. 00 4 at $1,800 7, 200. 00 1 at $1,730 '._. 1, 730. 00 2 at $1,665—*. — 3, 330. 00 4 at $1,500 6, 000. 00 4 at $1,440 5, 760. 00 1 at $1,400 - -. 1, 400. 00 1 at $1,300--.. _.__ 1, 300. 00 1 at $1,260 1, 260. 00 1 at $l,200__ .... 1, 200. 00 1 at $820 820 1 at $720 720 $86, 850. 00 OFFICE OF GENERAL COUNSEL. Walter Wyatt, general counsel 8, 000. 00 Edgar W. Freeman, assistant counsel 5, 500. 00 George B. Vest, assistant counsel 3, 000. 00 Staff: 1 at $2,850 2, 850. 00 1 at $2,000 2, 000. 00 1 at $1,920 1, 920. 00 1 at $1,800 1, 800. 00 1 at $1,540 . 1, 540. 00 26, 610. 00 OFFICE OF FISCAL AGENT. Wm. M. Imlay, fiscal agent 4, 500. 00 Staff: 1 at $1,660 1, 660. 00 6, 160. 00 ARCHITECTS. A. B. Trowbridge, consulting architect 6, 666. 66 O. W. Ten Eyck, assistant architect 2, 500. 00 9, 166. 66 246 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. 247 OFFICES OF MEMBERS OF THE BOARD. Staff: 2 at $3,000 $6, 000. 00 1 at $2,800 2, 800. 00 1 at $2,700 2, 700. 00 2 at $2,500 5, 000. 00 1 at $2,000 2, 000. 00 1 at $1,800 1, 800. 00 1 at $1,665 1, 665. 00 1 at $1,500 1, 500. 00 1 at $1,440 1, 440. 00 $24, 905. 00 DIVISION OF BANK OPERATIONS. Edward L. Smead, chief of division $7, 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 $2,320 2, 320. 00 3 at $2,080 6, 240. 00 1 at $1,960 1, 960. 00 1 at $1,905 1, 905. 00 1 at $1,860— — - 1, 860. 00 1 at $1,680 1, 680. 00 2 at $1,620 - 1 3,240.00 1 at $1,600 1, 600. 00 1 at $1,560- 1, 560. 00 1 at $1,540 1, 540. 00 1 at $1,525 1, 525. 00 1 at $1,500 1, 500. 00 1 at $1,465.- 1, 465. 00 3 at $1,440 4, 320. 00 2 at $1,400 2, 800. 00 1 at $1,380 __ • 1,380.00 1 at $1,200 1, 200. 00 • 57, 625. 00 DIVISION OF EXAMINATION. James F. Herson, chief of division and chief Federal reserve examiner $12, 000. 00 Examiners: James Buchanan 7, 500. 00 W. J. Donald — 7, 000. 00 J. A. Griffin 6, 000. 00 Ralph M. Chapman 4, 800. 00 P. A. Gordon 4, 800. 00 Frank J. Drinnen 4, 500. 00 Assistant examiners: 1 at $4,000 4, 000. 00 4 at $3,900 15, 600. 00 2 at $3,600 7, 200. 00 1 at $3,20(L__- 3, 200. 00 2 at $3,000 6, 000. 00 1 at $2,900_ 2, 900. 00 1 at $2,800__ 2, 800. 00 2 at $2,700_ — 5, 400. 00 1 at $2,100 2, 100. 00 1 at $2,080 2, 080. 00 Office staff: 1 at $2,000 2, 000. 00 2 at $1,920 3, 840. 00 1 at $1,465 -__---- 1, 465. 00 1 at $1,380 1, 380. 00 106, 565. 00 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

248 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. DIVISION OF RESEARCH AND STATISTICS. Walter W. Stewart, director of division $8, 000. 00 Morris Jacobson, statistician 8, 000. 00 E. A. Goldenweiser, associate statistician 5, 400. 00 Staff: 1 at $3,500 3, 500. 00 1 at $3,000 3, 000. 00 1 at $2,750 2, 750. 00 2 at $2,700 5, 400. 00 2 at $2,500 5, 000. 00 1 at $2,400 2, 400. 00 1 at $2,080 2, 080. 00 3 at $2,000 6, 000. 00 2 at $1,800 3, 600. 00 1 at $1,700 , 1, 700. 00 3 at $1,680 5, 040. 00 1 at $1,665 1, 665. 00 1 at $1,620 1, 620. 00 1 at $1,600 1, 600. 00 1 at $1,525 1, 525. 00 2 at $1,500 3, 000. 00 5 at $1,440 7, 200. 00 2 at $1,200 2, 400. 00 $80, 880. 00 DIVISION OF FEDERAL RESERVE ISSUE AND REDEMPTION. L. G. Copeland, chief of division $4, 100, 00 W. J. Tucker, assistant chief 2,760.00 Staff: 1 at $2,280__^ 2, 280. 00 1 at $1,920 1, 920. 00 1 at $1,860 1, 860. 00 1 at $1,800 1, 800. 00 3 at $1,620 4, 860. 00 7 at $1,500 : 10, 500. 00 8 at $1,440 11, 520. 00 4 at $1,380 5, 520. 00 3 at $1,320 3, 960. 00 2 at $1,260 2, 520. 00 2 at $1,200 2, 400. 00 2 at $l,020_ 2, 040. 00 58, 040. 00 EMPLOYEES DETAILED. Redemption Division, Office of the Comptroller of the Currency: 2 at $1,020 (laborers) 2, 040. 00 MESSENGERS. 2 at $1,440 . $2, 880. 00 1 at $1,400 1, 400. 00 1 at $1,300 1, 300. 00 1 at $1,250 1, 250. 00 7 at $1,200 8, 400. 00 1 at $1,160 .-.- 1, 160. 00 1 at $1,080 1, 080. 00 1 at $1,000 1, 000. 00 1 at $900 900. 00 19, 370. 00 CHARWOMEN. 3 at $240 720. 00 Total 478,931.66 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL, REPORT OF THE FEDERAL RESERVE BOARD. 249 SALARIES OF OFFICERS AND EMPLOYEES OF FEDERAL RESERVE BANKS AS OF DECEMBER 31, 1923 AND 1922. ALL FEDERAL RESERVE BANKS AND BRANCHES COMBINED. Number. Annual salaries. 1923. 1922. 1923. 1922. Officers: Chairmen and Federal reserve agent. 12 12 $229,000 $223,000 Governors 12 12 309,000 306,000 Other officers 309.23 313. 50 2, 005,196 ' 2,020,408 Employees, by departments: Banking department.. 9,904.17 9,614. 50 13,459, 381 12,879,122 Federal reserve agent's department __ 344 382 743, 574 801, 238 Auditing department 315 351. 81 609,876 660, 761 Ftecal agency department * 526.76 652. 98 866,719 1, 023,948 Total. 11,423.16 11,338. 79 18, 222, 746 17,914, 477 Fiscal agency and auditing department officers and employees whose salaries are reimbursed by the Treasury Department: Officers _ 2.77 4.50 14, 374 20, 230 ' Employees1 , 429.74 610. 21 721, 767 984,409 Other employees whose salaries are reimbursed to bank 140. 33 91.50 143,981 93,806 Grand total. 11,996. 00 12,045.00 19,102,868 19,012,922 1 Exclusive of temporary employees engaged in the redemption of Victory notes and war savings securities. FEDERAL RESERVE BANK OF BOSTON (INCLUDING HAVANA AGENCY). Number. Annualsalaries. 1923 1922 1923 1922 Officers: Chairman and Federal reserve agent. 1 1 $18,000 $18,000 Governor 1 1 25,000 25,000 Other officers. _ _ 13 14 99,040 105,040 Employees, by departments: Banking department.... 639 599 838,110 783,004 Federal reserve agent's department. _ 31 34 65, 440 67,820 Auditing department _ 16 17 32,220 33,900 Fiscal agency department 41 29 67,144 60,060 Total 742 695 1,144,954 1,092, 824 Fiscal agency department employees whose salaries are reimbursed by the Treasury Departmenti 17 94 25, 680 132, 720 Grand total. 759 789 1,170, 634 1, 225, 544 1 Exclusive of temporary employees engaged in the redemption of Victory notes and war savings securities. FEDERAL RESERVE BANK OF NEW YORK (INCLUDING BUFFALO BRANCH). Officers: Chairman and Federal reserve agent. 1 1 $30, 000 $30, 000 Governor. _ _ 1 1 50,000 50,000 Other officers 38 38 409, 500 415, 200 Employees, by departments: Banking department 2, 352. 5 2,405. 5 3, 374,423 3, 281, 383 Federal reserve agent's department. _ 69 78 150, 350 159,040 Auditing department 72 78 159,040 166,880 Fiscal agency department 140 205 261,110 331, 500 Total. 2, 673. 5 2, 806. 5 4, 434, 423 4,434, 003 Fiscal agency department employees whose salaries are reimbursed by the Treasury Departmentl 43 74 89,920 133,360 Other employees whose salaries are reimbursed to bank 21.5 19.5 23, 590 20, 070 Grand total. 2,738 2,900 4,547, 933 4, 587, 433 1 Exclusive of temporary employees engaged in the redemption of war savings securities. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

250 ANNUAL REPORT OF THE FEDERAL RESERVE BOAED. FEDERAL RESERVE BANK OF PHILADELPHIA. Number. Annual salaries. 1923 1922 1923 1922 Officers: Chairman and Federal reserve agent. 1 1 $15, 000 $15,000 Governor 1 1 25,000 25,000 Other officers. 12 12 95,300 93,300 Employees, by departments: Banking department.._ 683 683 900,825 859,080 Federal reserve agent's department.. 54 53 110,144 102,428 Auditing department 32 33 62, 550 63,110 Fiscal agency department.._ 36 36 49,910 47, 980 Total . __. 819 819 1,258, 729 Fiscal agency department employees whose salaries are reimbursed by the Treasury Department l 31, 520 23, 460 Grand total. 836 833 1, 290, 249 I 1,229,358 1 Exclusive of temporary employees engaged in the redemption of war savings securities. FEDERAL RESERVE BANK OF CLEVELAND (INCLUDING CINCINNATI AND PITTSBURGH BRANCHES). Officers: Chairman and Federal reserve agent 1 $25,000 $25,000 Governor 1 30, 000 30, 000 Other officers _ 25 170, 270 175,168 Employees, by departments: Banking department 897 1,193, 582 980, 797 Federal reserve agent's department 28 64, 500 66, 340 Auditing department _ 30 64, £96 66,744 Fiscal agency department... 51 78, 616 72, 836 Total 1,033 880 1, 626, 7 64 1,416, 885 Fiscal agency department employees whose salaries are reimbursed by the Treasury Department1 72 53 123,618 96,292 Other employees whose salaries are reimbursed to bank, including building employees in space rented to tenants 28 30, 338 Grand total _ 1,133 933 1,781,020 1, 513,177 i Exclusive of temporary employees engaged in the redemption of war savings securities. FEDERAL RESERVE BANK OF RICHMOND (INCLUDING BALTIMORE BRANCH). Officers: Chairman and Federal reserve agent 1 1 $15,0(30 $15,000 Governor 1 1 18,000 18,000 Other officers _ 23 24 134, 700 137, 500 Employees, by departments: Banking department 624 605 726, 250 711,400 Federal reserve agent's department 14 16 28,560 31,860 Auditing department 18 20 33, 270 38, 070 Fiscal agency department _ 16 28 18,150 35,460 Total 697 695 987,290 Fiscal agency department employees whose salaries are reimbursed by the Treasury Department*_. 34 19 29,990 Other employees whose salaries are reimbursed to bank 7 8 5,970 Grand total _ 738 722 1, 027,140 1,023, 250 i Exclusive of temporary employees engaged in the redemption of Victory notes and war savings securities FEDERAL RESERVE BANK OF ATLANTA (INCLUDING BIRMINGHAM, JACKSONVILLE, NASHVILLE, AND NEW ORLEANS BRANCHES AND HAVANA AND SAVANNAH AGENCIES). Officers: Chairman and Federal reserve agent 1 1 $12,000 $12,000 Governor _ 1 1 18,000 18,000 Other officers 31 2 30 159, 300 2152,300 Employees, by departments: Banking department 369 330 421,503 387,354 Federal reserve agent's department 9 11 19, 580 22,080 Auditing department-_ 17 18 29,040 30, 720 Fiscal agency department _ 19 20 26, 080 27, 660 Total 447 411 685,500 650,114 Fiscal agency department employees whose salaries are reimbursed by the Treasury Department i 25 22 37, 980 32,138 Grand total 472 433 723,480 682, 252 1 Exclusive of temporary employees engaged in the redemption of war savings securities. J Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. 251 FEDERAL RESERVE BANK OF CHICAGO (INCLUDING DETROIT BRANCH). Number. Annual salaries. 1923 1922 1923 1922 Officers: Chairman and Federal reserve agent. 1 1 $24,000 $24,000 Governor. 1 1 35,000 35,000 Other officers. _ 41 43 276,650 298,850 Employees, by departments: Banking department _ 1,464 1,456 2,018,430 2,023,995 Federal reserve agent's department- _ 61 71 122,980 141,350 Auditing department- 38 42 70,860 77,420 Fiscal agency department 55 60 99,940 Total- _ 1,661 1,674 2,636,580 2,700,555 Fiscal agency department employees whose salaries are reimbursed by the Treasury Department i 50 41 93,580 70,000 Other employees whose salaries are reimbursed to bank, including building employees in space rented to tenants.... 15 13,200 Grand total. 1,726 1,715 2,743,360 2,770,555 1 Exclusive of temporary employees engaged in the redemption of war savings securities. FEDERAL RESERVE BANK OF ST. LOUIS (INCLUDING LOUISVILLE, MEMPHIS, AND LITTLE ROCK BRANCHES). Officers: Chairman and Federal reserve agent 1 1 $18,000 $18,000 Governor 1 1 25,000 25,000 Other officers 26 26 133, 540^ 128,340 Employees, by departments: Banking department 543 560 708,956 718,109 Federal reserve agent's department._ ._ 13 13 29,700 28,260 Auditing department.. 13 17 17, 940 22,860 Fiscal agency department 36 40 52,580 62,180 Total 633 658 985,716 1,002,749 Fiscal agency department employees whose salaries are reimbursed by the Treasury Department1 22 22 36,720 35,640 Grand total 655 680 1,022,436 1,038,389 Exclusive of temporary employees engaged in the redemption of war savings securities. FEDERAL RESERVE BANK OF MINNEAPOLIS (INCLUDING HELENA BRANCH). Officers: Chairman and Federal reserve agent 1 1 $15,000 $15,000 Governor 1 1 20, 000 18,000 Other officers 15.5 13 80,200 70,300 Employees, by departments: Banking department.. 357.5 341 437,498 409, 356 Federal reserve agent's department _ 12 13 23, 380 25,580 Auditing department _ _ 12 11 21,200 17,900 Fiscal agency department 18 31 23,704 38,450 Total 417 620,982 594, 586 Fiscal agency and auditing department officers and employees whose salaries are reimbursed by the Treasury Department: Officers. 1.5 9,000 10,800 Employees *__ _ _. 69.5 91,754 115,288 Grand total 495 721,736 720,674 *— i Exclusive of temporary employees engaged in the redemption of war savings securities. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

252 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. FEDERAL RESERVE BANK OF KANSAS CITY (INCLUDING DENVER, OKLAHOMA CITY, AND OMAHA BRANCHES). Number. ^nnual salaries. 1923 1922 1923 1922 Officers: Chairman and Federal reserve agent. 1 1 $15, 000 $15,000 Governor. _ 1 1 20,000 20,000 Other officers. _ _ 26 28 133,820 142, 740 Employees, by departments: Banking department 560 578 809,377 819, 374 Federal reserve agent's department. _ 15 17 32,040 34,100 Auditing department __ 18 24 30,120 41, 530 Fiscal agency department 32 51 60, 680 86,400 Total _. 653 700 1,101,037 1,159,144 Fiscal agency department employees whose salaries are reimbursed by the Treasury Department 1 41 75 73, 560 127,470 Other employees whose salaries are reimbursed to bank, including building employees in space rented to tenants 66 60 68, 663 59,876 Grand total. 760 835 1, 243,260 1,346,490 1 Exclusive of temporary employees engaged in the redemption of war savings securities. FEDERAL RESERVE BANK OF DALLAS (INCLUDING EL PASO AND HOUSTON BRANCHES). Officers: Chairman and Federal reserve agent _ 1 1 $18,000 $12,000 Governor 1 1 18,000 18,000 Other officers 21 20 103, 350 96,900 Employees, by departments: Banking department .-. 452.17 465 623, 470 646,090 Federal reserve agent's department__ 15 19 36,620 47,940 Auditing department _._ _, 21 22 39,420 42,030 Fiscal agency department _ _ 26.25 24 43,650 37,740 Total.-- 537.42 552 882, 510 900,700 Fiscal agency department employees whose salaries are reimbursed by the Treasury Department * 16.75 30 29,660 50,330 Other employees whose salaries are reimbursed to bank, including building employees in space rented to tenants 1.83 3 2,850 6,390 Grand total _ _ 556 585 915, 020 957,420 1 Exclusive of temporary employees engaged in the redemption of war savings securities. FEDERAL RESERVE BANK OF SAN FRANCISCO (INCLUDING LOS ANGELES, PORTLAND SALT LAKE CITY, SEATTLE, AND SPOKANE BRANCHES). Officers: Chairman and Federal reserve agent. 1 1 $24,000 $24,000 Governor. 1 1 25, 000 24,000 Other officers 37.73 38.50 209, 526 204,770 Employees, by departments: Banking department 963 854 1, 406, 960 1, 259,180 Federal reserve agent's department. . 23 29 60, 280 74, 440 Auditing department 28 34.81 49,320 59, 597 Fiscal agency departmentl 56.51 78.98 96,535 123, 742 Total.. _ 1,110.24 I 1,037.29 1,871, 621 1,769,729 Fiscal agency and auditing department officers and employees whose salaries are reimbursed by Treasury Department: Officers 1.27 . 2.50 5,374 9,430 Employees.1.- - 22.49 I 84.21 38,105 137, 721 1 1 1,500 1,500 Other employees whose salaries are reimbursed to bank Grand total... 1,135 i 1,125 1,916, 600 1,918,380 i Exclusive of temporary employees engaged in the redemption of war savings securities. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SALARIES OF NATIONAL BANK EXAMINERS, AS OF DECEMBER 31, 1923. Allanson, Edward A $3, 500 Evans, Clyde J $3,600 Allen, Edgar F. (junior grade) 2, 500 Evans, William C 4, 000 Allsup, Archie S 3, 300 Faris, A. B 3,900 Alvey, John C 5, 000 Filson, Chas. H 4,800 Amrhein, Joseph A 3, 000 Fiman, Chas. F 3, 600 Anheier, Christopher H 3, 000 Fletcher, Thos. E 4, 500 Armstrong, George E 5, 500 Folger, William P 4, 800 Ashwood Cecil (junior grade) _ 2, 400 Fredlund, John 0. (junior Baker, William B 5, 000 grade) 2, 700 Baldridge, Wm. H 3, 600 Funsten, J. B., jr 5,000 Barrett, John W 4,500 Funsten, Wm. P . _ 3, 900 Bartee, James S 3,300 Furbee, Ernest M 3, 300 Basham, Albert A 3, 600 Gilbert, H. B 2,700 Bean, Norwin S — -- 8, 500 Glazier, Chas. A 3, 000 Bina, James C. (junior grade) 3, 000 Goodhart, Richard W 6, 000 Black, Harold W 5, 000 Gough, E. H 6, 000 Bly, J. Garver (junior grade). 2, 700 Graham, Chas. S 3, 600 Boldin, Bernard E 3, 000 Graham, H. A. (junior grade) 2, 700 Borden, John C 4,200 Gray, W. M 4,500 Boysen, Alfred 3, 300 Greene,Thos. M. (junior grade) 2, 700 Brennan, F. P. (junior grade) _ 2, 400 Greenfield, Jas. B 5, 100 Brewer, Henry F 5, 000 Griffey, O. A 5, 500 Brock, Roland F 3, 300 Griswold, Wm. C 4, 500 Brooks, Roger E 4,200 Hackney, Wm. N_ 3, 300 Carolan, William B 3, 600 Hane, Henry B 5, 500 Carson, Thomas D 3, 600 Haneke, Edw. C 5, 000 Chambers, Arthur R 3, 300 Harrington, T. J 3, 900 Chapman, Charles H 5, 500 Harris, Thos. E 8, 500 Chapman, Edward L 4, 000 Hartman, Chas. H_ 3, 900 Chase, H. Guy 4, 500 Haugen, Nels E__ 4, 500 Chorpening, Ira I 5, 000 Hedrick, Gilbar C 3, 600 Cloe, William B 4, 200 Herndon, Jas. B. (junior grade) 3, 000 Coffin, George M 4, 200 Hilliard, Walter B 3, 600 Coffin, G. S 4, 000 Hodgson, R. M 4,500 Colley, Leon H. (junior grade) 2, 750 Hooper, Marshall 4,000 Collier, Richard H 10, 000 Horner, Harry N 3, 600 Conner, Joseph H 2,400 Houston, Robt. C 4, 500 Cooney, Dan H 4, 500 Hughes, John P 3,000 Cooper, Roy A 4,000 Hurley, Michael J 3, 600 Cooper, T. A 4, 200 Hutt, W. E 5, 000 Craig, Claude O 3, 900 Idleman, Perry L 3, 600 Crawley, William C 3, 000 James, A. L 4, 800 Crossen, Gail W 3,300 Johnson, A. W. (junior grade) 2, 700 Culver, Wm. A__*. 3, 300 Johnson, C. E. H 4, 000 Cutts, Arthur D 3, 300 Johnson, Robin M 2,400 Cutts, Leo M 1, 200 Jorres, G. W. (junior grade)__ 2, 700 Dalton, John W 4, 200 Joseph, E. M 3,600 Davenport, Henry B 5, 500 Kelly, Burdett___. 3, 300 DeBaun, Claud 4,500 Kennedy, L. G _-__ 3,000 Derr, Ralph H 3,000 Ketner, J. H 3, 000 Dillistin, William H Klein, Benton 3, 300 Dooley, Thos. E. (junior grade) 2, 700 Knight, Marvin J. (junior Doty, Robert W 3, 000 grade) 2, 700 du Bois, Nathan S 3, 900 Lahman, H. S 3, 300 Dunaway, Warren W 3, 600 Lamb, Ernest 4, 500 Dwyer, Thomas R 4, 000 Lamm, R. Foster 4, 000 Dye, Samuel W 4,000 Lammond, W. M 3, 600 Ebnother, Charles W 3, 000 Lanum, H. L 3, 000 Embry, Jacob 4, 500 LaRoque, O. K 4,800 253 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

254 ANNUAL REPORT OF THE FEDERAL RESERVE BO.VRD. Leyburn, A. P $4,000 Robinson, E. Robert $4, 200 Lifsey, W. P 3, 600 Rockey, K. H 6, 000 Logan, J. M 7, 000 Roots, J. O 5, 500 Longmoor, S. A 5,000 Rorebeck, E. F 8, 500 Lorang, P. J 5,400 Ryan, F. J 3, 600 Luce, Frank H . 5, 000 Sailor, V. L_ ______ . . __..___ _ 3, 000 Luiken, John B 3,600 Sawyer, L. M., jr 5, 000 McBryde, W. W 3, 900 Schechter, W. J 8, 500 McCans, A. B 4, 800 Schlotzhauer, H. A - 3, 600 McCreight, H. A ... 3, 600 Sellers, W. B_-_-_ 3, 000 McGarvey, F. S. (junior grade) 2, 700 Sheehan, W. F 5, 000 McGrath, John C 4, 800 Shively, E. F 3, 600 McKee, H. J 3,300 Sims, H. M 10, 000 McKee, J. S 3, 600 Sisk, C. M: .__ 4, 500 McLean, Chas. H. (junior Smiley, M. D____ 4, 200 grade) 2, 700 Smith, A. B 4,000 McMullan, John R 3, 600 Smith, C. F 4,800 McPike, B. M 3, 300 Smith, G. F 3,000 Macdonald, F. G __ 3, 000 Smith, G. H 4, 000 Machen, H. L _.. 10, 000 Smith, J. H 5, 500 Madland, L. L 4,200 Smith, R. E__ 3, 600 Maguire, Edw. J ___ 3, 300 Smith, W. A. (junior grade)-- 2, 700 Maloney, Wm. W 3, 000 Snapp, J. W.___- 3, 300 Mann, S. H __. 4, 000 Snyder, V. G 4, 000 Mansfield, F. S ... 4,500 Stanfield, A. J_ 3, 600 Marcuse, Benj 2, 400 Stearns, E. Willey_ _ 8, 500 Martin, L. H 3,600 Stewart, A. M 3, 300 Maxey, Chas. T .... — _ 3, 900 Stewart, C. A 4, 200 Mertens, Chas. R 3, 000 Storing, Chas. C__ 3, 000 Miles, Albert F. (junior grade) 2, 700 Stuart, Robt. K 3, 600 Millard, Sam. T 3, 600 Sullenberger, S. F 4, 500 Montgomery, Robt 4, 200 Thomas, Tfaos. C 9, 000 Moon, E. W 4, 200 Thompson, K. W_ _ - _ _ 3, 600 Moore, Geo. M 3,600 Thorn, Leslie D 3, 000 Moore, S. A 3, 600 Tucker, G. H 3, 300 Morgan, W. M 5, 500 Vann, John R. (junior grade). 2, 700 Mueller, A. M. (junior grade) 2, 700 Waldron, W. J 3, 500 Murphy, D. F. (junior grade) 2, 700 Walker, H. W 4, 500 Nelson, Nels (junior grade) __ 2, 700 Watson, E. H 6, 000 Newnham, S. L 10, 500 Whiteman, H. C 3, 600 Noone, D. L 3, 000 Wilde, Max C 5, 000 Norris, F. L 7, 500 Wilde, Otto F. (junior grade)_ 3, 000 Northcutt, V. H 4, 500 Williams, F. D 4, 500 Otto, Chas. C 4, 500 Williams, R. Clyde 3, 900 Parker, Edw. F 5, 000 Williams, T. M 6,000 Patterson, B. K 5,400 Willson, E. V. K 3, 600 Pearson, Herbert 3, 300 Wilson, Chas. F 3, 300 Peightel, J. C 3, 900 Wilson, E. B 4, 500 Penix, J. L 5, 000 Wilson. R. F 3, 600 Peterson, F. R 3, 000 Wilson, W. P. (junior grade). 2, 700 Pole, J. W 12, 000 Wood, D. R 4, 200 Potter, F. F 3, 600 Wood, John S •__ _- 9, 500 Power, R. E 3, 300 Woods, J. K 5, 500 Proctor, J. L 5, 000 Woodside, Hal 4, 200 Ramsdell, Paul C 3, 000 Wright, E. M 2, 700 Reeves, Owen T., jr 16, 500 Wright, I. D 4, 200 Reinholdt, C. A 3, 600 Wylie, Robt, W 3, 600 Riley, Jay M 3, 000 Young, Wm. R 4,200 Robb, Ellis D 8, 000 Younger, Cole J 4, 200 Roberts, L. K _. 10, 000 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DIRECTORY OF THE FEDERAL RESERVE BOARD, FEDERAL ADVISORY COUNCIL, AND FEDERAL RESERVE BANKS. FEDERAL RESERVE BOARD. EX OFFICIO MEMBERS. D. R. CRISSINGER, Governor. EDMUND PLATT, Vice Governor. A. W. MELLON, ADOLPH C. MILLER. Secretary of the Treasury, Chair- CHARLES S. HAMLIN. man. GEORGE R. JAMES. HENRY M. DAWES, EDWARD H. CUNNINGHAM. Comptroller of the Currency WALTER L. EDDY, Secretary. WALTER WYATT, General Counsel. J. C. NOELL, Assistant Secretary. M. JACOB SON, Statistician. W.'M. IMLAY, Fiscal Agent. E. A. GOLDENWEISER, J. F. HERSON, Associate Statistician. Chief, Division of Examination and Chief Federal Reserve Ex- E. L. SMEAD, aminer. Chief Division of Bank Operaf WALTEB W. STEWART, tions. Director, Division of Research and Statistics. FEDERAL ADVISORY COUNCIL. [Elected for year 1924.] 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.—Oscar Wells, president First National Bank, Birmingham, Ala. 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.—W. M. McGregor, president First National Bank, Wichita Falls, Tex. District No. 12.—D. W. Twohy, president Old National Bank, Spokane, Wash. 255 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OFFICERS AND DIRECTORS OF FEDERAL RESERVE BANKS.1 DISTRICT NO. I—FEDERAL RESERVE BANK OF BOSTON. FREDERIC H. CURTISS, Chairman and Federal Reserve Agent. ALLEN HOLLIS, Deputy Chairman. W. P. G. HARDING, Governor. Director. Residence. Term expires. Class A: Edward S. Kennard Rumford, Me Dec. 31,1924 Frederick S. Chamberlain. New Britain, Conn - Dec. 31,1925 Alfred L. Ripley Boston, Mass Dec. 31,1926 Class B: Charles G. Washburn Worcester, Mass... Dec. 31,1924 E. R. Morse__ _ Proctor, Vt Dec. 31,1925 Philip R. Allen East Walpole, Mass Dec. 31,1926 Class C: Allen Hollis Concord, N. H Dec. 31,1924 Jesse H. Metcalf Providence, R. I _ Dec. 31,1925 Frederic H. Curtiss _ Boston, Mass Dec. 31,1926 HAVANA AGENCY. HORACE E. SNOW, Manager. DISTRICT NO. 2—FEDERAL RESERVE BANK OF NEW YORK. PIERRE JAY, Chairman and Federal Reserve Agent. WM. L. SAUNDERS, Deputy Chairman. BENJAMIN STRONG, Governor. Class A: Charles Smith. Oneonta, N. Y.._. Dec. 31,1924 Gates W. McGarrah New York, N. Y. Dec. 31,1925 R. H. Treman. Ithaca, N. Y Dec. 31,1926 Class B: Frank L. Stevens North Hoosick, N. Y_ Dec. 31,1924 Owen D. Young New York, N. Y Dec. 31,1925 Theodore F. Whitmarsh. do Dec. 31,1926 Class C: C. M. Woolley .do_ Dec. 31,1924 Pierre Jay _do_ Dec. 31,1925 Wm. L. Saunders _do_ Dec. 31,1926 BUFFALO BRANCF W. W. SCHNECKENBURGER, Manager. W. J. Humphrey Warsaw, N. Y Dec. 31,1924 Fred J. Coe Niagara Falls, N. Y-. Do. John A. Kloepfer__ Buffalo, N. Y Do. Elliott C. McDougal do_ Do. Harry T. Ramsdell_ ..do. Do. W. W. Schneckenburger_ _do_ Do. Carlton M. Smith .do. Do. 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. Class A: Francis Douglas Wilkes-Barre, Pa Dec. 31,1924 John C. Cosgrove Johnstown, Pa Dec. 31,1925 Jos. Wayne, jr Philadelphia, Pa Dec. 31,1926 Class B: Charles K. Haddon Camden, N. J Dec. 31,1924 Alba B. Johnson Philadelphia, Pa Dec. 31,1925 Edwin S. Stuart do . . . . Dec. 31,1926 Class C: Chas. C. Harrison do Doc. 31,1924 H. B. Thompson Wilmington, Del D3C. 31,1925 R. L. Austin ._ Philadelphia, Pa Dec. 31,1926 1 Includes directors elected in December, 1923, for the 3-year term beginning January 1,1924. 256 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL, REPORT OF THE FEDERAL. RESERVE BOARD. 257 DISTRICT.NO. 4—FEDERAL RESERVE BANK OF CLEVELAND. D. C. WILLS, Chairman and Federal Reserve Agent. LEWIS BLAIR WILLIAMS, Deputy Chairman. E. FANCHER, Governor. Director. Residence. Term expires. Class A: 0. N. Sams Hillsboro, Ohio... Dec. 31,1924 Chess Lamberton Franklin, Pa Dec. 31,1925 Ropert Wardrop _ Pittsburgh, Pa Dec. 31,1926 Class B: John Stambaugh Youngstown, Ohio... Dec. 31,1924 R P Wright Erie Pa Dec. 31,1925 Geo. D. Crabbs Cincinnati, Ohio Dec. 31,1926 Class C: W.W. Knight _ Toledo, Ohio-. Dec. 31,1924 L. B. Williams Cleveland, Ohio Dec. 31,1925 D. C. Wills do -. . Dec. 31,1926 CINCINNATI BRANCH. L. W. MANNING, Manager. Chas. Du Puis Cincinnati, Ohio Dec. 31,1924 Judson Harmon do Do. E. S. Lee Covington, Ky Do. L. W. Manning _ _ Cincinnati, Ohio Do. John Omwake do Do. PITTSBURGH BRANCH. GEORGE DE CAMP, Manager. Chas. D. Armstrong. Pittsburgh, Pa . Dec. 31,1924 Chas. W. Brown .do Do. James D. Callery.... ..do. Do. George De Camp ..do. Do. R. B. Mellon -do. Do. DISTRICT NO. 5—FEDERAL RESERVE BANK OF RICHMOND. W.W. HOXTON, Chairman and Federal Reserve Agent. FREDERIC A. DELANO, Deputy Chairman. GEORGE J. SEAY, Governor. Class A: Charles E. Rieman Baltimore, Md.. Dec 31,1924 John F. Bruton. - Wilson, N. C . Dec. 31,1925 L. E. Johnson.._ _^._ Alderson, W. Va Dec. 31,1926 Class B: Edmund Strudwick Richmond, Va Dec 31,1924 Edwin C. Graham Washington, D. C ... Dec. 31,1925 D. R. Coker Hartsville S. C Dec. 31,1926 Class C: Frederic A. Delano Washington, D. C Dec. 31,1924 Robert Lassiter Charlotte, N. C Dec. 31,1925 W. W. Hoxton Riohtnopd, V*i Dec. 31,1926 BALTIMORE BRANCH. ALBERT H. DUDLEY, Manager. Edmund P. Cohill. Hancock, Md... Dec. 31,1924 Albert H. Dudley.. Baltimore, Md.. Do. Wm. H. Matthai.. .do Do. Carter G. Osburn.. ..do. Do. Henry B. Wilcox... ..do. Do. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

258 ANNUAL REPORT OF THE FEDERAL RESERVE BOAED. 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. Director. Residence. Term expires.. Class A: John K. Ottley , Atlanta, Ga _. Dec. 31,1924 Oscar Newton Jackson, Miss Dec. 31,1925 P. R. Kittles Sylvania, Ga _ Dec. 31,1926 Class B: J. A. McCrary. Decatur, Ga. Dec. 31,1924 W. H. Hartford Nashville, Tenn.. Dec. 31,1925 Leon C. Simon New Orleans, La._ Dec. 31,1926 Class C: Lindsey Hopkins Atlanta, Ga _ Dec. 31,1924 W. H. Kettig Birmingham, Ala. Dec. 31,1925 Joseph A. McCord Atlanta, Ga Dec. 31,1926 NEW ORLEANS BRANCH. MARCUS WALKER, Manager. A. P. Bush Mobile, Ala Den. 31.1924 J. P. Butler, jr New Orleans, La John E. Bouden, jr__ . ._ . ..do _ F. W. Foote Hattiesburg, Miss... R. S. Hecht New Orleans, La P. H Saunders do Leon C. Simon... _ ...do 6 6 6 6 6 6 BIRMINGHAM BRANCH. A. E. WALKER, Manager. W. W. Crawford. _i Birmingham. Dec. 31,1924 JohnH. Frye -| do Do. W. H. Kettig . do Do. Oscar Wells _i do Do. T. O. Smith .i do. Do. JACKSONVILLE BRANCH. GEORGE R. DE SAUSSTJRE, Manager. John C. Cooper Jacksonville, Fla Dec 31 1924 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. 31,1924 Paul M. Davis do Do. T. A. Embry Winchester, Tenn. Do. W. H. Hartford.... Nashville, Tenn... Do. E. A. Lindsay .....do..' Do. HAVANA AGENCY. L. C. A DELS ON, Manager, SAVANNAH AGENCY. ROBT. N. GROOVER, Manager. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE FEDERAL. RESERVE BOARD. 259 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: George M. Reynolds __ Chicago, 111 _ Dec. 31,1924 Charles H. McNider _ Mason City, Iowa__ _ Dec. 31,1925 E. L. Johnson. _ Waterloo, Iowa__ _ .- Dec. 31,1926 Class B: A. H. Vogel .-.- Milwaukee, Wis Dec. 31,1924 S. T. Crapo _ Detroit, Mich Dec. 31,1925 Robert Mueller Decatur, 111 :. Dec. 31,1926 Class C: Wm. A. Heath Chicago, 111 _ Dec. 31,1924 F. C. Ball. ._. Muncie, Ind _ Dec. 31,1925 James Simpson Chicago, 111 Dec. 31,1926 DETROIT BRANCH. W. R. CATION, Manager. Emory W. Clark Detroit, Mich. Dec. 31,1924 Julius H. Haas _ .do__ Do. Charles H. Hodges. _ .do. Do. James Inglis__ _ .do_ Do. John W. Staley .. .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: J. C. Utterback... . Paducah, Ky__ _ _. Dec. 31,1924 John C. Martin Salem, til.. Dec. 31,1925 John G. Lonsdale _ .... St. Louis, Mo Dec. 31,1926 Class B: Rolla Wells St. Louis, Mo _ . Dec. 31,1924 W. B. Plunkett Little Rock, Ark Dec. 31,1925 LeRoy Percy . . Greenville, Miss Dec. 31,1926 Class C: Wm. McC. Martin ... St. Louis, Mo _ . ._ ... Dec. 31,1924 C. P. J. Mooney Memphis, Tenn._ _ _. Dec. 31,1925 John W. Boehne . Evansville, Ind Dfcc. 31,192ft LOUISVILLE BRANCH. W. P. KINCHELOE, Manager. W. P. Kincheloe Louisville, Ky Dec. 31,1924 W. C. Montgomery Elizabethtown, Ky_ Do. George W. Norton Louisville, Ky Do. F. M. Sackett .do. Do. Embry L. Swearingen. .do- Do. MEMPHIS BRANCH. DHN J. HEFLIN, Manager. John J. Heflin Memphis, Tenn. Dec. 31,1924 JohnD. 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

260 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. 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 1924 John M. Davis do Do J. E. Eneland, 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: Wesley C. McDowell _ Marion, N. Dak Dec. 31,1924 Theodore Wold Minneapolis, Minn Dec. 31,1925 J. C. Bassett Aberdeen, S. Dak _ Dec. 31,1926 Class B: F. P. Hixon La Crosse, Wis... Dec. 31,1924 F. R. Bigelow_ St. Paul, Minn.... _.. Dec. 31,1925 N. B. Holter _ Helena, Mont .... Dec. 31,1926 Class C: Homer P. Clark- St. Paul, Minn Dec. 31,1924 Geo. W. McCormick Menominee, Mich Dec. 31,1925 John H. Rich _. Minneapolis, Minn Dec. 31,1926 HELENA BRANCH. R. E. TOWLE, Manager. L.M. Ford Great Falls, Mont. Dec. 31,1924 R. O. 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. M. L. MCCLUBE, Chairman and Federal Reserve Agent. HEBER HORD, Deputy Chairman. W. J. BAILEY, Governor. Class A: J. C. Mitchell Denver, Colo Dec. 31,1924 Frank W. Sponable. Paola, Kans Dec. 31,1925 E. E. Mullaney Hill City, Kans.... Dec. 31,1926 Class B: T. C. Byrne Omaha, Nebr Dec. 31,1924 J. M. Bernardin.... Kansas City, Mo.. Dec. 31,1925 Harry W, Gibson... Muskogee, Qkla--. Dec. 31,1926 Class C: Heber Hord Central City, Nebr Dec. 31,1924 Fred O. Roof Denver, Colo Dec. 31,1925 M. L. McClure Kansas City, Mo.. Dec. 31,1926 DENVER BRANCH. J. E. Olson, Manager. John Evans.... Denver, Colo Dec. 31,1924 A C C C F P o a s rk te s r d do o ... D D o o . . Murdo MacKenzie .do... Do. J E Olson do Do. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. 261 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, 1924 W. J. Coad Omaha, Nebr Do. L. H. Earhart _ do ._ Do. J. E. Miller Lincoln, Nebr . Do. R. 0. Marnell . . _ _ ... Nebraska City, Nebr Do. OKLAHOMA CITY BRANCH. C. E. DANIEL, Manager. C. E. Daniel Oklahoma City, Okla.. Dec. 31, 1924 Walter Ferguson. _ .do Do. P. A. Janeway .do., Do. William Mee .do., Do. E. K. Thurmond. .do- Do. DISTRICT NO. 11—FEDERAL RESERVE BANK OF DALLAS. L. P. TALLEY, Chairman and Federal Reserve Agent. W. B. NEWSOME, Deputy Chairman. B. A. MCKINNEY, Governor. Class A: John T. Scott Houston, Tex Dec. 31, 1924 W. H. Patrick Clarendon, Tex . .... Dec. 31, 1925 Howell E Smith McKinney Tex Dec. 31, 1926 Class B: Frank Kell . . Wichita Falls, Tex Dec. 31, 1924 Marion Sansom Fort Worth, Tex Dec. 31, 1925 J. J. Culbertson . .. . .. Paris, Tex Dec. 31, 1926 Class C: W. B. Newsome Dallas, Tex Dec. 31, 1924 L. P. Talley _ ..do Dec. 31, 1925 Clarence E. Linz . _ do Dec. 31, 1926 EL PASO BRANCH. W. C. WEISS, Manager. A. P. Coles El Paso, Tex. c. 31, 1924 E. M. Hurd .do Do. W. W. Turney.. .do.. Do. W. C. Weiss.... .do.. Do. J. F. Williams.. .do- Do. HOUSTON BRANCH. R. B. COLEMAN, Manager. Frank Andrews . . . Houston, Tex Dec. 31,1924 Guy M. Bryan _ _ do • . . Do. R. B. Coleman do Do. R. M. Farrar do Do. E. F. Gossett do _ Do. 86538—24t 18 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

262 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. DISTRICT NO. 12—FEDERAL RESERVE BANK OF SAN FRANCISCO. JOHN PERRIN, Chairman and Federal Reserve Agent. WALTON N. MOORE, Deputy Chairman. J. U. CALKINS, Governor. Director. Residence. Term expires Class A: M. A. Buchan Palo Alto, Calif Dec. 31,1924 C. K. Mclntosh San Francisco Calif Dec 31 1925 J. S. Maodonnell Pasadena, Calif Dec. 31,1926 Class B: Wm. T. Sesnon San Francisco, Calif Dec 31,1924 E. H. Cox Madera Calif Dec 31 1925 A. B. C. Dohrmann San Francisco, Calif Dec 31,1926 Class C: Walton N. Moore do Dec 31 1924 Wm. Sproule _ __ .. do Dec. 31,1925 John Perrin do Dec. 31,1926 PORTLAND BRANCH. FREDERICK GREENWOOD, Manager. J. C. Ainsworth Portland, Oreg Dec 31 1924 Edward Cookingham do Do. Frederick Greenwood do Do Nathan Strauss _ do Do. Jos. N. Teal do Do. SEATTLE BRANCH. C. R. SHAW, Manager. M. A. Arnold Seattle, Wash Dec. 31,1924 M. F. Backus do . . Do. Chas. H. Clarke do Do. Chas. E. Peabody _ do .. Do. C. R. Shaw do Do. SPOKANE BRANCH. W. L. PARTNER, Manager. C. E. McBroom Spokane, Wash __ Dec. 31,1924 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. 31,1924 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. H. S. McKee Los Angeles, Calif.. Dec. 31,1924 I. B. Newton .do.. Do. Henry M. Robinson. Pasadena, Calif Do. J. F. Sartori Los Angeles, Calif.. Do. C. J. Shepherd do Do. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. 263 AMENDMENTS TO THE FEDERAL RESERVE ACT. On February 6, 1923, section 10 of the Federal Reserve Act was amended as follows: [PUBLIC—No. 405—67TH CONGEESS.] [S. 4390.] An Act To amend the last paragraph of section 10 of the Federal Reserve Act as amended by the Act of June 3, 1922. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That the last paragraph of section 10 of the Federal Reserve Act as amended by the Act of June 3, 1922, is amended to read as follows: "No Federal reserve bank shall have authority hereafter to enter into any contract or contracts for the erection of any branch bank building of any kind or character, or to authorize the erection of any such building, if the cost of the building proper, exclusive of the cost of the vaults, permanent equipment, furnishings, and fixtures, is in excess of $250,000: Provided, That nothing herein shall apply to any building under construction prior to June 3, 1922." Approved, February 6, 1923. The following amendments to the Federal Reserve Act were incorporated in the agricultural credits act, approved March 4, 1923. These amendments constitute Title IV of that act: TITI^E IV.—AMENDMENTS TO THE FEDERAL RESERVE ACT. SEC. 401. That the ninth paragraph of section 9 of the Federal Reserve Act is amended to read as follows: " No applying bank shall be admitted to membership in a Federal reserve bank unless (a) it possesses a paid-up, unimpaired capital sufficient to entitle it to become a national banking association in the place where it is situated under the provisions of the National Bank Act, or (b) it possesses a paid-up, unimpaired capital of at least 60 per centum of the amount sufficient to entitle it to become a national banking association in the place where it is situated under the provisions of the National Bank Act and, under penalty of loss of membership complies with rules and regulations which the Federal Reserve Board shall prescribe fixing the time within which and the method by which the unimpaired capital of such bank shall be increased out of net income to equal the capital which would have been required if such bank had been admitted to membership under the provisions of clause (a) of this paragraph: Provided, That every such rule or regulation shall require the applying bank to set aside annually not less than 20 per centum of its net income of the preceding year as a fund exclusively applicable to such capital increase/' SEC. 402. That the second paragraph of section 13 of the Federal Reserve Act is amended and divided into two paragraphs to read as follows: "Upon the indorsement of any of its member banks, which shall be deemed a waiver of demand, notice and protest by such bank as to its own indorsement exclusively, any Federal reserve bank may discount notes, drafts, and bills of exchange arising out of actual commercial transactions; that is, notes, drafts, and bills of exchange 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, the Federal Reserve Board to have the right to determine or define the character of the paper thus eligible for discount, within the meaning of this Act. Nothing in this Act contained shall be construed to prohibit such notes, drafts, and bills of exchange, secured by staple agricultural products, or other goods, wares, or merchandise from being eligible for such discount, and the notes, drafts, and bills of exchange of factors issued as such making advances exclusively to producers of staple agricultural products in their raw state shall be eligible for such discount; but such definition shall not include notes, drafts, or bills covering merely investments or issued or drawn for the purpose of carrying or trading in stocks, bonds, or other investment securities, except bonds and notes of the Government of the United States. Notes, drafts, and bills admitted Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. to discount under the terms of this paragraph must have a maturity at the time of discount of not more than 90 days, exclusive of grace. "Upon the indorsement of any of its member banks, which shall be deemed a waiver of demand, notice, and protest by such bank as to its own indorsement exclusively, and subject to regulations and limitations to be prescribed by the Federal Reserve Board, any Federal reserve bank may discount or purchase bills of exchange payable at sight or on demand which are drawn to finance the domestic shipment of nonperishable, readily marketable staple; agricultural products and are secured by bills of lading or other shipping documents conveying or securing title to such staples: Provided, That all such bills of exchange shall be forwarded promptly for collection, and demand for payment shall be made with reasonable promptness after the arrival of such staples at their destination : Provided further, That no such bill shall in any event be held by or for the account of a Federal reserve bank for a period in excess of 90 days. In discounting such bills Federal reserve banks may compute the interest to be deducted on the basis of the estimated life of each bill and adjust the discount after payment of such bills to conform to the actual life thereof." SEC. 403. That the fourth paragraph of section 13 of the Federal Reserve Act Is amended to read as follows: "Any Federal reserve bank may discount acceptances of the kinds hereinafter •described, which have a maturity at the time of discount of not more than 90 days' sight, exclusive of days of grace, and which are indorsed by at least one member bank: Provided, That such acceptances if drawn for an agricultural purpose and secured at the time of acceptance by warehouse receipts or other such documents conveying or securing title covering readily marketable staples may be discounted with a maturity at the time of discount of not more than six months' sight exclusive of days of grace." SEC. 404. That the Federal Reserve Act is amended by adding at the end of section 13 a new section to read as follows: "SEC. 13a. Upon the indorsement of any of its member banks, which shall be deemed a waiver of demand, notice, and protest by such bank as to its own indorsement exclusively, any Federal reserve bank may, subject to regulations and limitations to be prescribed by the Federal Reserve Board, discount notes, drafts, and bills of exchange issued or drawn for an agricultural purpose, or based upon live stock, and having a maturity, at the time of discount, exclusive of days of grace, not exceeding nine months, and such notes, drafts, and bills of exchange may be offered as collateral security for the issuance of Federal reserve notes under the provisions of section 16 of this Act: Provided, That notes, drafts, and bills of exchange with maturities in excess of sk: months shall not be eligible as a basis for the issuance of Federal reserve notes unless secured by warehouse receipts or other such negotiable documents conveying or securing title to readily marketable staple agricultural products or by chattel mortgage upon live stock which is being fattened for market. "That any Federal reserve bank may, subject to regulations and limitations to be prescribed by the Federal Reserve Board, rediscount such notes, drafts, and bills for any Federal Intermediate Credit Bank, except that no Federal reserve bank shall rediscount for a Federal Intermediate Credit Bank any such note or obligation which bears the indorsement of a nonmember State bank or trust company which is eligible for membership in the Federal reserve system, in accordance with section 9 of this Act. "Any Federal reserve bank may also buy and sell debentures and other such obligations issued by a Federal Intermediate Credit Bank or by a National Agricultural Credit Corporation, but only to the same extent as and subject to the same limitations as those upon which it may buy and sell bonds issued under Title I of the Federal Farm Loan Act. "Notes, drafts, bills of exchange or acceptances issued or drawn by cooperative marketing associations composed of producers of agricultural products shall be deemed to have been issued or drawn for an agricultural purpose, within the meaning of this section, if the proceeds thereof have been or are to be advanced by such association to any members thereof for an agricultural purpose, or have been or are to be used by such association in making payments to any members thereof on account of agricultural products delivered by such members to the association, or if such proceeds have been or are to be used by such association to meet expenditures incurred or to be incurred by the association in connection with the grading, processing, packing, preparation for market, or marketing of any agricultural product handled by such association for any of its members: Provided, That the express enumeration in this paragraph of certain classes of paper of cooperative marketing associations as eligible for redis- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. 265 shall not be construed as rendering ineligible any other class of paper <of such associations which is now eligible for rediscount. "The Federal Reserve Board may, by regulation, limit to a percentage of the assets of a Federal reserve bank the amount of notes, drafts, acceptances, or bills having a maturity in excess of three months, but not exceeding six months, •exclusive of days of grace, which may be discounted by such bank, and the amount of notes, drafts, bills, or acceptances having a maturity in excess of six months, but not exceeding nine months, which may be rediscounted by such bank." SEC. 405. That section 14 of the Federal Reserve Act is amended by adding at the end thereof a new paragraph to read as follows: " (f) To purchase and sell in the open market, either from or to domestic banks, firms, corporations, or individuals, acceptances of Federal Intermediate Credit Banks and of National Agricultural Credit Corporations, whenever the Federal Reserve Board shall declare that the public interest so requires." SEC. 406. That section 15 of the Federal Reserve Act is amended by adding at the end thereof a new paragraph to read as follows: "The Federal reserve banks are hereby authorized to act as depositories for and fiscal agents of any National Agricultural Credit Corporation or Federal: Intermediate Credit Bank." SEC. 407. That the Act entitled "An act to amend the act approved December 23, 1913., known as the Federal reserve act," approved April 13, 1920, is repealed. REGULATIONS OF THE FEDERAL RESERVE BOARD. WASHINGTON, July 10, 1928. The Federal Reserve Board transmits herewith a new issue of all of its regulations applicable to member banks. Regulations A and B of the new series supersede the corresponding regulations of the series of 1922, and the other regulations of the new series supersede corresponding regulations of the series of 1920. It is to be noted that Regulation J of the new series will not be effective until August 15, 1923. Regulation A has been materially amended in order to make it conform to the provisions of the Federal reserve act as amended by the agricultural credits &et of 1923. This regulation has also been amended so as to conform to the amendment to section 9 of the Federal reserve act contained in the act of July 1, 1922, and has also been amended in a few other respects. Regulation B has been clarified and Section II (c) of the old regulation has been omitted because it is no longer necessary in view of the broader provisions with reference to six months' agricultural acceptances contained in the law and In Regulation A as amended. Regulation C is identically the same as in the series of 1920. Regulation D has not been changed, except that a slight inaccuracy in the quotation from section 19 has been corrected and section numbers have been inserted. Regulation E has been rearranged and the appendices heretofore published separately have been incorporated in the body of the regulation. No material change has been made in the substance of the regulation, however, except the elimination of the 10 per cent limitation on the amount of warrants of any municipality which might be purchased by a Federal reserve bank with the indorsement of a member bank. Regulation F is identically the same as in the series of 1920. Regulation G has been changed only in one respect. Paragraph (g) thereof has been changed so as not to require a note representing a real-estate loan to be canceled at maturity and a new note taken in its place. It now permits the old note to be renewed or extended for an additional period. Regulation H has been changed materially so as to conform to the amendments to section 9 of the Federal reserve act contained in the agricultural credits act of 1923, which make State banks with a capital equal to not less than 60 per cent of the amount required for the organization of a national bank eligible for admission to membership under certain terms and conditions. Regulation I has been changed so as to conform to the present practice in connection with the applications of newly organized national banks for membership in the Federal reserve system, and also so as to require the receivers of insolvent member banks and the liquidating agents of member banks in Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

266 ANSTUAL REPORT OF THE FEDERAL RESERVE BOARD. voluntary liquidation to apply for the surrender and cancellation of the Federal reserve bank stock held by such banks within six months after their appointment. Regulation J has been rewritten and brought up to date. This new regulation, however, will not become effective until August 15, 1923. Regulation K is identically the same as in the series of 1920. Regulation L has been changed slightly by broadening the definition of the term "national bank" as used in the regulation to include all banking institutions organized or operating under the laws of the United States. A statement of the general principles adopted by the board for its guidance in determining whether two or more banks are in substantial competition has also been inserted in the regulation. Instructions which govern only Federal reserve agents or Federal reserve banks will be covered in separate letters or regulations, as in the past. By order of the Federal Reserve Board. WM. W. HOXTON, Secretary. REGULATION A, SERIES OF 1923. (Superseding Regulation A of 1922.) DISCOUNTS UNDER SECTIONS 13 AND 13 (a). ARTICLE A. NOTES, DRAFTS, AND BILLS OF EXCHANGE. SECTION I. General statutory 'provisions. Any Federal reserve bank may discount for any of its mem ber banks any note, draft, or bill of exchange: Provided— (a) It has a definite maturity at the time of discount of not more than 90 days, exclusive of days of grace; except that (1) if drawn or issued for an agricultural purpose or based on livestock, it may have a maturity at the time of discount of not more than nine months, exclusive of days of grace, and (2) certain bills of exchange payable at sight or on demand are eligible even though they have no definite maturity (see Section VII, below); (6) It has been issued or drawn for an agricultural, industrial, or commercial purpose, or the proceeds have been used or are to be used for such a purpose, or it is a note, draft, or bill of exchange of a factor issued as such making advances exclusively to producers of staple agricultural products in their raw state; (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, discounted 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; and (/) 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 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 under the terms of section 5200 of the United States Revised Statutes, as amended, were it a national banking association. 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 notes, drafts, bills of exchange, or bankers' acceptances which are eligible for discount 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 discount at a Federal reserve bank has determined that— (a) It must be a negotiable 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 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. 267 instance, in producing, purchasing, carrying, or marketing goodsJ 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, and the name of a party to such transaction must appear upon it as maker, drawer, acceptor, or indorser. (6) It must not be a note, draft, or bill of exchange the proceeds of which have been or are to be advanced or loaned to some other borrower, except as to paper described below under Sections VI (6) and VIII. (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 permanent or fixed investments of any kind, such as land, buildings, or machinery, or for any other capital purpose. (d) It must not be a note, draft, or bill of exchange the proceeds of which have been used or are to be used for investments of a purely speculative character. (e) It may be secured by the pledge of goods or collateral of any nature, including paper which is ineligible for discount, provided it (the note, draft, or bill of exchange) is otherwise eligible. SECTION III. Applications for discount. Every application for the discount 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 or drawn, or the proceeds thereof have been or are to be used, for such a purpose as to render them eligible for discount under the terms of this regulation, and, in the case of a member State bank or trust company, every application 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 which could be borrowed lawfully from such State bank or trust company under the terms of section 5200 of the United States Revised Statutes, as amended, were it a national banking association. 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 discount. The member bank shall certify in its application whether the note offered for discount 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, unless the note was discounted by a member bank for a depositor (other than a bank) or for another member bank, and— (1) It is secured by a warehouse, terminal, or other similar receipt covering goods in storage, by a valid prior lien on livestock which is being marketed or fattened for market, or by bonds or notes of the United States; or (2) The aggregate of obligations of the borrower discounted and offered for discount at the 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 bank and is less than $5,000. A Federal reserve bank shall use its discretion in taking the steps necessary to satisfy itself as to eligibility. Compliance of a note with Section II (c) 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. SECTION V. Drafts, bills of exchange, and trade acceptances. (a) Definition.—A draft or bill of exchange, within the meaning oi 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 i When used in this regulation the word "goods" shall be construed to include goods, wares, merchan- Digitized folris Fe, RoAr aSgEriRcu ltural products, including livestock. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

268 ANNUAL. REPORT OF THE FEDERAL RESERVE BOARD. 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 discount 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 drawer in a form satisfactory to the Federal reserve bank. SECTION VI. Agricultural paper. (a) Definition.—Agricultural paper, within the meaning of this regulation, is defined as a negotiable note, draft, or bill of exchange issued or drawn, or the proceeds of which have been or are to be used, for agricultural purposes, including the production of agricultural products, the marketing of agricultural products by the growers thereof, or the carrying of agricultural products by the growers thereof pending orderly marketing, and the breeding, raising, fattening, or marketing of livestock, and which has a maturity at the time of discount of not more than nine months, exclusive of days of grace. (b) Paper of cooperative marketing associations.—Under the express terms of section 13a, notes, drafts, bills of exchange, or acceptances issued or drawn by cooperative marketing associations composed of producers of agricultural products are deemed to have been issued or drawn for an agricultural purpiose, if the proceeds thereof have been or are to be— (1) Advanced by such association to any members thereof for an agricultural purpose, or (2) Used by such association in making payments to any members thereof on account of agricultural products delivered by such members to the association, or (3) Used by such association to meet expenditures incurred or to be incurred by the association in connection with the grading, processing, packing, preparation for market, or marketing of any agricultural product handled, by such association for any of its members. These are not the only classes of paper of such associations which are eligible for discount, however, and any other paper of such associations which complies with the applicable requirements of this regulation may be discounted on the same terms and conditions as the paper of any other person or corporation. Paper of cooperative marketing associations the proceeds of which have been or are to be used (1) to defray the expenses of organizing such associations, or (2) for the. acquisition of warehouses, for the purchase or improvement of real estate, or for any other permanent or fixed investment of any kind, are not eligible for discount, even though such warehouses or other property are to be used exclusively in connection with the ordinary operations of the association. (c) Eligibility.—To be eligible for discount, 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. (d) Discounts for Federal intermediate credit banks.—Any Federal reserve bank may discount agricultural paper for any Federal intermediate credit bank; but no Federal reserve bank shall discount for any Federal intermediate credit bank any such paper which bears the indorsement of any nonmember State bank or trust company which is eligible for membership in the Federal reserve system under the terms of section 9 of the Federal reserve act as amended. In discounting su«ch paper each Federal reserve bank shall give preference to the demands of its own member banks and shall have due regard to the probable future needs of its own member banks; and no Federal reserve bank shall discount paper for any Federal intermediate credit bank when its own reserves amount to less than 50 per cent of its own aggregate liabilities for deposits and 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. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. 269 Federal reserve notes in actual circulation. The aggregate amount of paper discounted by all Federal reserve banks for any one Federal intermediate credit bank shall at no time exceed an amount equal to the paid-up and unimpaired capital and surplus of such Federal intermediate credit bank. (e) Limitations.—The Federal Reserve Board prescribes no limitation on the aggregate amount of notes, drafts, bills of exchange, and acceptances with maturities in excess of three months, but not exceeding six months, exclusive of days of grace, which may be discounted by any Federal reserve bank; but the aggregate amount of notes, drafts, bills of exchange, and acceptances with maturities in excess of six months, but not exceeding nine months, which may be discounted by any Federal reserve bank shall not exceed 10 per cent of its otal assets. SECTION VII. Sight drafts secured by bills of lading. A Federal reserve bank may discount for any of its member banks bills of exchange payable at sight or on demand which— (a) Are drawn to finance the domestic shipment of nonperishable, readily marketable, staple agricultural products, and (b) Are secured by bills of lading or other shipping documents conveying or securing title to such staples. All such bills of exchange shall be forwarded promptly for collection, and demand for payment shall be made promptly, unless the drawer instructs that they be held until arrival of car, in which event they must be presented for payment within a reasonable time after notice of arrival of such staples at their destination has been received. In no event shall any such bill be held by or for the account of a Federal reserve bank for a period in excess of 90 days. In discounting such bills Federal reserve banks may compute the interest to be deducted on the basis of the estimated life of each bill and adjust the amount thus deducted after payment of such bills to conform to the actual life thereof. SECTION VIII. Factors' paper. Notes, drafts, and bills of exchange of factors issued as such for the purpose of making advances exclusively to producers of staple agricultural products in their raw state are eligible for discount with maturities not in excess of 90 days, exclusive of days of grace, irrespective of the requirements of Section II (a) and II (b). ARTICLE B. BANKERS' ACCEPTANCES. SECTION IX. 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 X. Eligibility. A Federal reserve bank may discount any such bill bearing the indorsement of a member bank and having a maturity at the time of discount not greater than that prescribed by Section XI (a), 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, or between dependencies or insular possessions and 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 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 (&) 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

270 ANNUAL REPORT OF THE FEDERAL RESERVE BO.1RD. 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 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 (6) 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 security must 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 discount 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 XI. Maturities. (a) Legal requirements.—No such acceptance is eligible for discount which has a maturity at the time of discount in excess of 90 days' sight, exclusive of days of grace, except that acceptances drawn for agricultural purposes and secured at the time of acceptance t>y warehouse receipts or other such documents conveying or securing title covering readily marketable staples may be discounted with maturities at the time of discount of not more than six months7 sight, exclusive of days of grace. (b) General conditions as to maturity of domestic acceptances.—Although a Federal reserve bank may legally discount an acceptance having a maturity at the time of discount not greater than that prescribed under (a), it may decline to discount 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 XII. 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 discount 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. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. 271 REGULATION B, SERIES OF 1923. (Superseding Regulation B of 1922.) OPEN-MARKET PURCHASES OF BILLS OF EXCHANGE, TRADE ACCEPTANCES, AND BANKERS' ACCEPTANCES UNDER SECTION 14. SECTION I. General statutory provisions. Section 14 of the Federal reserve act provides that, under rules and regulations to be prescribed by the Federal Reserve Board, Federal reserve banks may purchase and sell in the open market, at home or abroad, from or to domestic or foreign banks, firms, corporations, or individuals, bills of exchange of the kinds and maturities made eligible by the act for discount and bankers' acceptances, with or without the indorsement of a member bank. SECTION II. General character of bills and acceptances eligible. The Federal Reserve Board, exercising its statutory right to regulate the purchase of bills of exchange and acceptances, prescribes that— (a) Any banker's acceptance or bill of exchange which is eligible for discount under the terms of Regulation A is eligible for purchase by Federal reserve banks in the open market, with or without the indorsement of a member bank, if— (1) It has been accepted by the drawee prior to purchase; or (2) It is accompanied or secured by shipping documents or by warehouse, terminal, or other similar receipts conveying security title; or (3) It bears a satisfactory bank indorsement; (b) 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 applicable requirements of Regulation A; and (c) 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 applicable requirements of Regulation A. SECTION 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 its financial condition in form to be approved by the Federal reserve bank and has agreed in writing with a Federal reserve bank to inform it upon request concerning the transaction underlying the acceptance. REGULATION C, SERIES OF 1923. (Superseding Regulation C of 1920.) ACCEPTANCE BY MEMBER BANKS OF DRAFTS AND BILLS OF EXCHANGE. ARTICLE A. ACCEPTANCE OF DRAFTS OR BILLS OF EXCHANGE DRAWN AGAINST DOMESTIC OR FOREIGN SHIPMENTS OF GOODS OR SECURED BY WAREHOUSE RECEIPTS COVERING READILY MARKETABLE STAPLES. SECTION I. Statutory provisions. Under the provisions of the sixth paragraph of section 13 of the Federal reserve act, as amended, any member bank may accept drafts or bills of exchange drawn upon it, having not more than six months' sight to run, exclusive of days of grace, which grow out of transactions involving the importation or exporta- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

272 ANNUAL EEPORT OF THE FEDERAL RESERVE BOARD. tion of goods; or which grow out of transactions involving the domestic shipment of goods, provided shipping documents conveying or securing title are attached at the time of acceptance; or which are secured at the time of acceptance by a warehouse receipt or other such document conveying or securing title covering" readily marketable staples.4 This paragraph limits the amount which any bank shall, accept for any one person, company, firm, or corporation, whether in a foreign or domestic transaction, to an amount not. exceeding at any time, in the aggregate, more than 10 per cent of its paid-up and unimpaired capital stock and surplus. This limit, however, does not apply in any case where the accepting bank remains secured either by attached documents or b}^ some other actual security growing out of the same transaction as the acceptance. A trust receipt which permits the customer to have access to or control over the goods will not be considered by Federal reserve banks to be "actual security" within the meaning of section 13. A bill of lading draft, however, is "actual security" even after the documents have been released, provided that the draft is accepted by the drawee upon or before the surrender of the documents. The law also provides that any bank may accept such bills up to an amount not exceeding at any time, in the aggregate, more than one-half of its paid-up and unimpaired capital stock and surplus; or, with the approval of the Federal Reserve Board, up to an amount not exceeding at any time, in the aggregate, more than 100 per cent of its paid-up and unimpaired capital stock and surplus. In no event,, however, shall the aggregate amount of acceptances growing out of domestic transactions exceed 50 per cent of such capital stock and surplus. SECTION II. Regulations. 1. Under .the provisions of the law referred to above the Federal Reserve Board has determined that any member bank, having an unimpaired surplus equal to at least 20 per cent of its paid-up capital, which desires to accept drafts or bills of exchange drawn for the purposes described above, up to an amount not exceeding at any time, in the aggregate, 100 per cent of its paid-up and unimpaired capital stock and surplus, may file an application for that purpose with the Federal Reserve Board. Such application must be forwarded through the Federal reserve bank of the district in which the applying bank is located. 2. The Federal reserve bank shall report to the Federal Reserve Board upon the standing of the applying bank, stating whether the business and banking conditions prevailing in its district warrant the granting of such application. 3. The approval of any such application may be rescinded upon 90 days' notice to the bank affected. ARTICLE B. ACCEPTANCE OF DRAFTS OR BILLS OF EXCHANGE DRAWN FOR THE PURPOSE OF CREATING DOLLAR EXCHANGE. SECTION III. Statutory provisions. Section 13 of the Federal reserve act also provides that any member bank may accept drafts or bills of exchange drawn upon it having not more than three months' sight to run, exclusive of days of grace, drawn, under regulations to be prescribed by the Federal Reserve Board, by banks or bankers in foreign countries or dependencies or insular possessions of the United States for the purpose of furnishing dollar exchange as required by the usages of trade in the respective countries, dependencies, or insular possessions. No member bank shall accept such drafts or bills of exchange for any one bank fco an amount exceeding in the aggregate 10 per cent of the paid-up and unimpaired capital and surplus of the accepting bank unless the draft or bill of exchange is accompanied by documents conveying or securing title or by some other adequate security. No member bank shall accept such drafts or bills in an amount exceeding at any time in the aggregate one-half of its paid-up and unimpaired capital and surplus. This 50 per cent limit is separate and distinct Prom and not included in the limits placed upon the acceptance of drafts and bills of exchange as described under Article A of this regulation. * A readily marketable staple within the meaning of these regulations may be defined as sn article of jommerce, agriculture, or industry of such uses as to make it the subject of constant dealings in ready narkets with such frequent quotations of price as to make (a) the price easily and definitely ascertainable md (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

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. 273 SECTION IV. Regulations. Any member bank desiring to accept drafts drawn by banks or bankers in foreign countries or dependencies or insular possessions of the United States for the purpose of furnishing dollar exchange shall first make an application to the Federal Reserve Board setting forth the usages of trade in the respective countries, dependencies, or insular possessions in which such banks or bankers are located. If the Federal Reserve Board should determine that the usages of trade in such countries, dependencies, or possessions require the granting of the acceptance facilities applied for, it will notify the applying bank of its approval and will also publish in the Federal Reserve Bulletin the name or names of those countries, dependencies, or possessions in which banks or bankers are authorized to draw on member banks whose applications have been approved for the purpose of furnishing dollar exchange. The Federal Reserve Board reserves the right to modify or on 90 days' notice to revoke its approval either as to any particular member bank or as to any foreign country or dependency or insular possession of the United States in which it has authorized banks or bankers to draw on member banks for the purpose of furnishing dollar exchange. REGULATION D, SERIES OF 1923. (Superseding Regulation D of 1920.) TIME DEPOSITS AND SAVINGS ACCOUNTS. SECTION I. Statutory provisions. Section 19 of the Federal reserve Act provides, in part, as follows: "Demand deposits within the meaning of this act shall comprise all deposits payable within thirty days, and time deposits shall comprise all deposits payable after thirty days, all savings accounts and certificates of deposit which are subject to not less than thirty days' notice before payment, and all postal savings deposits. SECTION II. Time deposits, open accounts. The term "time deposits, open accounts" shall be held to include all accounts, not evidenced by certificates of deposit or savings pass books, in respect to which a written contract is entered into with the depositor at the time the deposit is made that neither the whole nor any part of such deposit may be withdrawn by check or otherwise, except on a given date or on wirtten notice which must be given by the depositor a certain specified number of days in advance, in no case less than 30 days. SECTION III. Savings accounts. The term "savings accounts" shall be held to include those accounts of the bank in respect to which, by its printed regulations, accepted by the depositor at the time the account is opened— (a) The pass book, certificate, or other similar form of receipt must be presented to the bank whenever a deposit or withdrawal is made, and (jb) The depositor may at any time be required by the bank to give notice of an intended withdrawal not less than 30 days before a withdrawal is made. SECTION IV. Time certificates of deposit. A "time certificate of deposit" is defined as an instrument evidencing the deposit with a bank, either with or without interest, of a certain sum specified on the face of the certificate payable in whole or in part to the depositor or on his order— (a) On a certain date, specified on the certificate, not less than 30 days after the date of the deposit, or (&) After the lapse of a certain specified time subsequent to the date of the certificate, in no case less than 30 days, or (c) Upon written notice, which the bank may at its option require to be given a certain specified number of days, not less than 30 days, before the date of repayment, and (d) In all cases only upon presentation of the certificate at each withdrawal for proper indorsement or surrender. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

274 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. REGULATION E, SERIES OF 1923. (Superseding Regulation E of 1920.) PURCHASE OF WARRANTS. SECTION I. Statutory requirements. Section 14 of the Federal reserve act reads in part as follows: "Every Federal Reserve Bank shall have power— " (6) To buy and sell, at home or abroad, bonds and notes of the United States, and bills, notes, revenue bonds, and warrants with a maturity from date of purchase of not exceeding six months, issued in anticipation of the collection of taxes or in anticipation of the receipt of assured revenues by any State, county, district, political subdivision, or municipality in the continental United States, including irrigation, drainage and reclamation districts, such purchases to be made in accordance with rules and regulations prescribed by the Federal Reserve Board." SECTION II. Definitions. Within the meaning of this regulation— The term "warrant" shall be construed to mean "bills, notes, revenue bonds, and warrants with a maturity from date of purchase of not exceeding six months." The term "municipality" shall be construed to mean "State, county, district, political subdivision, or municipality in the continental United States, including irrigation, drainage, and reclamation districts." The term "net funded indebtedness" shall be construed to mean the legal gross indebtedness of the municipality (including the amount of any school district or other bonds which depend for their redemption upon taxes levied upon property within the municipality) less the aggregate of the following items: (1) The amount of outstanding bonds or other debt obligations made payable from current revenues; (2) The amount of outstanding bonds issued for the purpose of providing the inhabitants of a municipality with public utilities, such as waterworks, docks, electric plants, transportation facilities, etc.: Provided, That evidence is submitted showing that the income from such utilities is sufficient for maintenance, for payment of interest on such bonds, and for the accumulation of a sinking fund sufficient for their redemption at maturity; (3) The amount of outstanding improvement bonds, issued under laws which provide for the levying of special assessments against abutting property in amount sufficient to insure the payment of interest on the bonds and the redemption thereof at maturity: Provided, That such bonds are direct obligations of the municipality and included in the gross indebtedness of the municipality; and (4) The total of all sinking funds accumulated for the redemption of the gross indebtedness of the municipality, except sinking funds applicable to bonds described in (1), (2), and (3) above. SECTION III. Class of warrants eligible for purchase. Any Federal reserve bank may purchase warrants issued by a municipality in anticipation of the collection of taxes or in anticipation of the receipt of assured revenues, provided— (a) They are the general obligations of the entire municipality; it being intended to exclude as ineligible for purchase all such obligations as are payable from "local benefit" and "special assessment" taxes when the municipality at large is not directly or ultimately liable; (6) They are issued in anticipation of taxes or revenues which are due and payable on or before the date of maturity of such warrants; but the Federal Reserve Board may waive this condition in specific cases. For the purposes of this regulation, taxes shall be considered as due and payable on the last day on which they may be paid without penalty; (c) They are issued by a municipality— (1) Which has been in existence for a period of 10 years; (2) Which for a period of 10 years previous to the purchase has not defaulted for longer than 15 days in the payment of any part of either principal or interest of any funded debt authorized to be contracted by it; (3) Whose net funded indebtedness does not exceed 10 per centum of the valuation of its taxable property, to be ascertained by the last preceding valuation of property for the assessment of taxes. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. 275 SECTION IV. "Existence" and "nondefault." Warrants will be construed to comply with that part of Section III (c) relative to term of existence and nondefault, under the following conditions: . (1) Warrants issued by or in behalf of any municipality which was, subsequent to the issuance of such warrants, consolidated with or merged into an existing political division which meets the requirements of these regulations, will be deemed to be the warrants of such political division: Provided, That such warrants were assumed by such political division under statutes and appropriate proceedings the effect of which is to make such warrants general obligations of such assuming political division and payable, either directly or ultimately, without limitation to a special fund, from the proceeds of taxes levied upon all the taxable real and personal property within its territorial limits. (2) Warrants issued by or in behalf of any municipality which was, subsequent to the issuance of such warrants, wholly succeeded by a newly organized political division whose term of existence, added to that of such original political division or of any other political division so succeeded, is equal to a period of 10 years will be deemed to be warrants of such succeeding political division: Provided, That during such period none of such political divisions shall have defaulted for a period exceeding 15 days in the payment of any part of either principal or interest of any funded debt authorized to be contracted by it: And provided further, That such warrants were assumed by such new political division under statutes and appropriate proceedings the effect of which is to make such warrants general obligations of such assuming political division and payable, either directly or ultinately, without limitation to a special fund, from the proceeds of taxes levied upon all the taxable real and personal property within its territorial limits. (3) Warrants issued by or in behalf of any municipality which, prior to such issuance, became the successor of one or more, or was formed by*the consolidation or merger of two or more, preexisting political divisions, the term of existence of one or more of which, added to that of such succeeding or consolidated political division, is equal to a period of 10 years, will be deemed to be warrants of a political division which has been in existence for a period of 10 years: Provided, That during such period none of such original, succeeding, or consolidated political divisions shall have defaulted for a period exceeding 15 days in the payment of any part of either principal or interest of any funded debt authorized to be contracted by it. SECTION V. Limitations. (a) Except with the approval of the Federal Reserve Board, no Federal reserve bank shall purchase and hold an amount in excess of 25 per cent of the total amount of warrants outstanding at any time and issued in conformity with provisions of section 14 (6), above quoted, and actually sold by a municipality. (b) Except with the approval of the Federal Reserve Board, the aggregate amount invested by any Federal reserve bank in warrants of all kinds shall not exceed at the time of purchase a sum equal to 10 per cent of the deposits kept by its member banks with such Federal reserve bank. (c) Except with the approval of the Federal Reserve Board, the maximum amount which may be invested at the time of purchase by any Federal reserve bank in warrants of any single municipality shall be limited to the following percentages of the deposits kept in such Federal reserve bank by its member banks: Five per cent of such deposits in warrants of a municipality of 50,000 population or over; Three per cent of such deposits in warrants of a municipality of over 30,000 population, but less than 50,000; One per cent of such deposits in warrants of a municipality of over 10,000 population, but less than 30,000. (d) Any Federal reserve bank may purchase from any of its member banks warrants of any municipality, indorsed by such member bank, with waiver of demand, notice, and protest if such warrants comply with Sections III and V (h) of these regulations, except that where a period of 10 years is mentioned in III (c) hereof a period of 5 years shall be substituted' for the purposes of this clause. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

276 ANNUAL EEPORT OF THE FEDERAL RESERVE BOARD. SECTION VI. Warrants of small municipalities. Warrants of a municipality of 10,000 population or less shall be purchased only with the special approval of the Federal Reserve Board. The population of a municipality shall be determined by the last Federal or State census. Where it can not be exactly determined the Federal Reserve Board will make special rulings. SECTION VII. Opinion of counsel. Opinion of recognized counsel on municipal issues or of the regularly appointed counsel of the municipality as to the legality of the issue shall be secured and approved in each case by counsel for the Federal reserve bank. REGULATION F, SERIES OF 1923. (Superseding Regulation F of 1920.) TRUST POWERS OF NATIONAL BANKS. SECTION I. Statutory provisions. The Federal reserve act as amended by the act of September 26, 1918, provides in part: SEC. 11. The Federal Reserve Board shall be authorized and empowered: (k) To grant by special permit to national banks applying therefor, when not in contravention of State or local law, the right to act as trustee, executor, administrator, registrat 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. No 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 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 oatli 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 exercise the powers enumerated in this subsection, the Federal Reserve Board may take into consideration the amount of capital and surplus of the applying bank, whether or not such capital and surplus is sufficient under the circumstances of the case, the needs of 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 to any national banking association having a capital and surplus less than the capital and surplus required by State law ]of S te banks, trust companies, and corporations exercising such powers. SECTION II. Applications. A national bank desiring to exercise any and all of the powers authorized by section 11 (k) of the Federal reserve act, as amended by the act of September 26, 1918, shall make application to the Federal Reserve Board, on a form approved by said board, for a special permit authorizing it to exercise such powers. In the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. 277 case of an original application—that is, where the applying bank has never been granted the right to exercise any of the powers authorized by section 11 (k)—the application should be made on F. R. B. Form 61. In the case of a supplemental application—that is, where the applying bank has already been granted the right to exercise one or more of the powers authorized by section 11 (k)—the application should be made on F. R. B. Form 61-B. Both forms are made a part of this regulation and may be obtained from the Federal Reserve Board or any Federal reserve bank. SECTION III. Separate departments. Every national bank permitted to act under this section shall establish a separate trust department, and shall place such department under the management of an officer or officers, whose duties shall be prescribed by the board of directors of the bank. SECTION IV. Custody of trust securities and investments. The securities and investments held in each trust shall be kept separate and distinct from the securities owned by the bank and separate and distinct one from another. Trust securities and investments shall be placed in the joint custody of two or more officers or other employees designated by the board •of directors of the bank and all such officers and employees shall be bonded. SECTION V. Deposit of funds awaiting investment or distribution. Funds received or held in the trust department of a national bank awaiting investment or distribution may be deposited in the commercial department of the bank to the credit of the trust department, provided that the bank first delivers to the trust department, as collateral security, United States bonds, or other readily marketable securities owned by the bank, which collateral security shall at all times be at least equal in market value to the amount of the funds so deposited. SECTION VI. Investment of trust funds. (a) Private trusts.—Funds held in trust must be invested in strict accordance with the terms of the will, deed, or other instrument creating the trust. Where the instrument creating the trust contains provisions authorizing the bank, its officers, or its directors to exercise their discretion in the matter of investments, funds held in trust rnsiy be invested only in those classes of securities which are approved by the directors of the bank. Where the instrument creating the trust does not specify the character or class of investments to be made and does not expressly vest in the bank, its officers, or its directors a discretion in the matter of investments, funds held in trust shall be invested in any securities in which corporate or individual fiduciaries in the State in which the bank is located may lawfully invest. (b) Court trusts.—Except as hereinafter provided, a national bank acting as executor, administrator, or in any other fiduciary capacity, under appointment by a court of competent jurisdiction, shall make all investments under an order of that court, and copies of all such orders shall be filed and preserved with the records of the trust department of the bank. If the court by general order vests a discretion in the national bank to invest funds held in trust, or if under the laws of the State in which the bank is located corporate fiduciaries appointed by the court are permitted to exercise such discretion, the national bank so appointed may invest such funds in any securities in which corporate or individual fiduciaries in the State in which the bank is located may lawfully invest. SECTION VII. Books and accounts. All books and records of the trust department shall be kept separate and distinct from other books and records of the bank. All accounts opened shall be so kept as to enable the national bank at any time to furnish information or reports required by the Federal or State authorities, and such books and records shall be open to the inspection of such authorities. 86538—24t 19 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

278 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. SECTION VIII. Examinations. Examiners appointed by the Comptroller of the Currency or designated by the Federal Reserve Board will be instructed to make thorough and complete audits of the cash, securities, accounts, and investments of the trust (department of the bank at the same time that examination is made of the banking department. SECTION IX. Conformity with State laws. Nothing in these regulations shall be construed to give a national bank exercising the powers permitted under the provisions of section 11 (k) of the Federal reserve act, as amended, any rights or privileges in contravention of the laws of the State in which the bank is located within the meaning of that s^ct. SECTION X. Revocation of permits. The Federal Reserve Board reserves the right to revoke permits granted under the provisions of section 11 (k), as amended, in any case where in the opinion of the board a bank has willfully violated the provisions of the Federal reserve act, or of these regulations or the laws of any State relating to the operations of such bank when acting in any of the capacities permitted under the provisions of section 11 (k), as amended. SECTION XI. Changes in regulations. These regulations are subject to change by the Federal Reserve Board; provided, however, that no such change shall prejudice any obligation undertaken in good faith under regulations in effect at the time the obligation was assumed. REGULATION G, SERIES OF 1923. (Superseding Regulation G of 1920.) LOANS ON FARM AND OTHER REAL ESTATE. Section 24 of the Federal reserve act provides in part that— Any national banking association not situated in a central reserve city may make loans secured by improved and unencumbered farm land situated within its Federal reserve district or within a radius of one hundred miles of the place in which such bank is located, irrespective of district lines, and may also make loans secured by improved and unencumbered real estate located within one hundred miles of the place in which such bank is located, irrespective of district lines; but no loan made upon the security of such farm land shall be made for a longer time than five years, and no loan made upon the security of such real estate as distinguished from farm land shall be made for a longer time than one year nor shall the amount of any such loan, whether upon such farm land or upon such real estate, exceed fifty per centum of t'le actual value of the property offered as security. Any such bank may make such loans, whether secured by such farm land or such real estate, in an aggregate sum equal to twenty-five per centum of its capital and surplus or to one-third of its time deposits and such banks may continue hereafter as heretofore to receive time deposits and to pay interest on the same. National banks not located in central reserve cities may, therefore, legally make loans secured by improved and unencumbered farm land or other real estate as provided by this section. Certain conditions and restrictions must, however, be observed— (a) There must be no prior lien on the land; that is, the lending bank must hold an absolute first mortage or deed of trust. (b) The amount of the loan must not exceed 50 per cent of the actual value of the land by which it is secured. (c) The maximum amount of loans which a national bank may make on real estate, whether on farm land or on other real estate as distinguished from farm land, is limited under the terms of the act to an amount not in excess of one-third of its time deposits at the time of the making of the loan, and not in excess, of one-third of its average time deposits during the preceding calendar year: Provided, however, That if one-third of such time deposits as of the date of making the loan or one-third of the average time deposits for the preceding calendar year is less than one-fourth of the capital and surplus of the bank as of the date of making the loan, the bank in such event shall have authority to make loans upon real estate under the terms of the act to the extent of one-fourth of the bank's capital and surplus as of that date. (d) Farm land to be eligible as security for a loan by a national bank must be situated within the Federal reserve district in which such bank is located or within a radius of 100 miles of such bank irrespective of district lines. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. 279 (e) Real estate as distinguished from farm land to be eligible as security for a loan by a national bank must be located within a radius of 100 miles of such bank irrespective of district lines. (/) The right of a national bank to "make loans" under section 24 includes the right to purchase or discount loans already made as well as the right to make such loans in the first instance: Provided, however, That no loan secured by farm land shall have a maturity of more than five years from the date on which it was purchased or made by the national bank and that no loan secured by other real estate shall have a maturity of more than one year from such date. (g) Though no national bank is authorized under the provisions of section 24 to make a loan on the security of real estate, other than farm land, for a period exceeding one year, nevertheless, at the end of the year, the maturing note may be renewed or extended for another year, and in order to obviate the necessity of making a new mortgage or deed of trust for each renewal the original mortgage or deed of trust may be so drawn in the first instance as to cover possible future renewals of the original note. Under no circumstances, however, must the bank obligate itself in advance to make such a renewal. It must in all cases preserve the right to require payment at the end of the year and to foreclose the mortgage should that action become necessary. The same principles apply to loans of longer maturities secured by farm lands. (h) In order that real estate loans held by a bank may be readily classified, a statement signed by the officers making a loan and having knowledge of the facts upon which it is based must be attached to each note secured, by a first mortgage on the land by which the loan is secured, certifying in detail as of the date of the loan that all of the requirements of law have been duly observed. REGULATION H, SERIES OF 1923. (Superseding Regulation H of 1920.) MEMBERSHIP OF STATE BANKS AND TRUST COMPANIES. SECTION I. Banks eligible for membership. 1. Incorporation.—In order to be eligible for membership in a Federal reserve bank, a State bank or trust company must have been incorporated under a special or general law of the State or district in which it is located. 2. Capital stock.—Under the terms of section 9 of the Federal reserve act as amended, no applying bank can be admitted to membership in a Federal reserve bank unless— (a) It possesses a paid-up, unimpaired capital sufficient to entitle it to become a national banking association in the place where it is situated, under the provisions of the national bank act, or (6) It possesses a paid-up, unimpaired capital of at least 60 per cent of such amount, and, under penalty of loss of membership, complies with the rules and regulations herein prescribed by the Federal Reserve Board fixing the time within which and the method by which the unimpaired capital of such bank shall be increased out of net income to equal the capital required under (a). In order to become a member of the Federal reserve system, therefore, any State bank or trust company must have a minimum paid-up capital stock at the time it becomes a member, as follows: Minimum Minimum capital if capital if If located in a city or town with a population of— admitted admitted under under clause (a) clause (6). Not exceeding 3,000 inhabitants $25,000 $15,000 Exceeding 3,000 but not exceeding 6,000 inhabitants 50, 000 30,000 Exceeding 6,000 but not exceeding 50,000 inhabitants . _ 100,000 I 60,000 Exceeding 50,000 inhabitants 200,000 120,000 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

280 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. Any bank admitted to membership under clause (b) must also, as a condition of membership, the violation of which will subject it to expulsion from the Federal reserve system, increase its paid-up and unimpaired capital within five years after the approval of its application by the Federal Reserve Board to the amount required under (a). For the purpose of providing for such increase, every such bank shall set aside each year in a fund exclusively applicable to such capital increase not less than 50 per cent of its net earnings for the preceding }^ear prior to the payment of dividends, and if such net earnings exceed 12 per cent of the paid-up capital of such bank, then all net earnings in excess of 6 per cent of the paid-up capital shall be carried to such fund, until such fund is large enough to provide for the necessary increase in capital. Whenever such fund shall be large enough to provide for the necessary increase in capital, or at such other time as the Federal Reserve Board may require, such fund or as much thereof as may be necessary shall be converted into capital by a stock dividend or used in any other manner permitted by State law to increase the capital of such bank to the amount required under (a): Provided, however, That such bank may be excused in whole or in part from compliance with the terms of this paragraph if it increases its capital through the sale of additional stock: Provided, further, That nothing herein contained shall be construed as requiring any such bank to violate any provision of State law, and in any case in which the requirements of this paragraph are inconsistent with the requirements of State law the requirements of this paragraph may be waived and the subject covered by a special condition of membership to be prescribed by the Federal Reserve Board. SECTION II. Application for membership. Any eligible State bank or trust company may make application on F. R. B. Form 83a, made a part of this regulation, to the Federal Reserve Board for an amount of capital stock in the Federal reserve bank of its district equal to 6 per cent of the paid-up capital stock and surplus of such State bank or trust company. This application must be forwarded direct to the Federal reserve agent of the district in which the applying bank or trust company is located and must be accompanied by Exhibits I, II, and III, referred to on page 1 of the application blank. SECTION III. Approval of application. In passing upon an application the Federal Reserve Board will consider especially— 1. The financial condition of the applying bank or trust company and the general character of its management; 2. Whether the corporate powers exercised by the applying bank or trust company are consistent with the purposes of the Federal reserve act; and 3. Whether the laws of the State or district in which the applying bank or trust company is located contain provisions likely to prevent proper compliance with the provisions of the Federal reserve act and the regulations of the Federal Reserve Board made in conformity therewith. If, in the judgment of the Federal Reserve Board, an applying bank or trust company conforms to all the requirements of the Federal reserve act and these regulations, and is otherwise qualified for membership, the board will issue a certificate of approval subject to such conditions as it may deem necessary to insure compliance with the act and these regulations. When the conditions imposed by the board have been accepted by the applying bank or trust company the board will issue a certificate of approval, whereupon the applying bank or trust company shall make a payment to the Federal reserve bank of its district of one-half of the amount of its subscription, i. e., 3 per cent of the amount of its paid-up capital and surplus, and upon receipt of this payment the appropriate certificate of stock will be issued by the Federal reserve bank. The remaining half of its subscription shall be subject to call when deemed necessary by the Federal Reserve Board. SECTION IV. Powers and restrictions. Every State bank or trust company while a member of the Federal reserve system— 1. Shall retain its full charter and statutory rights as a State bank or trust compan}', subject to the provisions of the Federal reserve act and to the regulations of the Federal Reserve Board; Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. 281 2. Shall maintain such improvements and changes in its banking practice as may have been specifically required of it by the Federal1 Reserve Board as a condition of its admission and shall not lower the standard of banking then required of it; 3. kShall enjoy all the privileges and observe all those requirements of the Federal reserve act and of the regulations of the Federal Reserve Board made in conformity therewith wThich are applicable to State banks and trust companies which have become member banks; and 4. Shall comply at all times with any and all conditions of membership prescribed by the Federal Reserve Board at the time of the admission of such member bank to the Federal reserve system. SECTION V. Examinations and reports. Every State bank or trust company, while a member of the Federal reserve system, shall be subject to examinations made by direction of the Federal Reserve Board or of the Federal reserve bank by examiners selected or approved by the Federal Reserve Board. In order to avoid duplication, examinations of State banks and trust companies made by State authorities will be accepted in lieu of examinations by examiners selected or approved by the board wherever these are satisfactory to the directors of the Federal reserve bank, and examiners from the staff of the board or of the Federal reserve banks will, whenever desirable, be designated by the board to act with the examination staff of the State in order that uniformity in the standard of examination may be assured. Every State bank or trust company, while a member of the Federal reserve system, shall be required to make in each year not less than three reports of condition on F. R. B. Form 105. Such reports shall be made to the Federal reserve bank of its district on call of such bank, on dates to be fixed by the Federal Reserve Board. They shall also make semiannual reports of earnings and dividends on F. R. B. Form 107. As dividends may be declared from time to time, each State bank or trust company member shall also furnish to the Federal reserve bank of its district a special notification of dividend declared on F. R. B. Form 107a. F. R. B. Forms 105, 107, and 107a are made a part of this regulation. REGULATION I, SERIES OF 1923. (Superseding Regulation I of 1920.) INCREASE OR DECREASE OF CAPITAL STOCK OF FEDERAL RESERVE BANKS AND CANCELLATION OF OLD AND ISSUE OF NEW STOCK CERTIFICATES. SECTION I. Increase of capital stock. (a) New national banks.-—Each new national bank, while in process of organization (including each nonmember State bank converting into a national bank, 5 while in process of such conversion), shall file with the Federal reserve bank of its district an application to the Federal Reserve Board on F. R. B. Form 30 (or as to a nonmember State bank converting into a national bank, on F. R. B. Form 30a), made a part of this regulation, for an amount of capital stock of the Federal reserve bank of its district equal to 6 per cent of the paid-up capital stock and surplus of such new national bank. Such application shall be forwarded promptly to the Federal Reserve Board, and if it is found to be in proper form the Federal Reserve Board will grant its approval effective if and when the Comptroller of the Currency issues to such bank his certificate of authority to commence business. If its application is approved, the applying bank shall thereupon make a payment to the Federal reserve bank of its district of one-half of the amount of its subscription, i. e., 3 per cent of the amount of its paid-up capital and surplus; and upon receipt of this payment the Federal reserve bank will issue a receipt therefor, 5 Whenever any State member bank is converted into a national bank under section 5154 of the Revised Statutes, as amended by section 8 of the Federal reserve act, it may continue to hold as a national bank its shares of Federal reserve bank stock previously held as a State bank, and need not file any application for Federal reserve bank stock, unless the aggregate amount of its capital and surplus is increased, in which event it should file an application for additional stock, as provided in Section I (c). The certificate of stock issued in the old name of the member bank, however, should be surrendered and canceled, and a new certificate should be issued in lieu thereof, in the new name of the member bank, as provided in Section III. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

282 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. place the amount in a suspense account, and notify the Federal Reserve Board that it has been received. When the Comptroller of the Currency issues to such applying bank his certificate of authority to commence business the Federal reserve bank shall issue a stock certificate to the applying bank, and the capital stock of the Federal reserve bank represented by such certificate shall be considered as issued as of the date upon which the Comptroller of the Currency issues his certificate of authority to commence business. The remaining half of the subscription of the applying bank shall be subject to call when deemed necessary by the Federal Reserve Board. (b) State banks becoming members.—Any State bank or trust company desiring to become a member of the Federal Reserve System shall make application as provided in Regulation H, and when such application has been approved by the Federal Reserve Board and all requirements of Regulation H have been complied with the Federal reserve bank shall issue an appropriate certificate of stock as provided in Regulation H. (c) Increase of capital or surplus by member banks.—Whenever any member bank shall increase the aggregate amount of its paid-up capital stock and surplus, it shall file with the Federal reserve bank of which it is a member an application on F. R. B. Form 56, made a part of this regulation, for an additional amount of the capital stock of the Federal reserve bank of its district equal to 6 per cent of such increase. After such application has been approved by the Federal reserve agent and by the Federal Reserve Board, the applying member bank shall pay to the Federal reserve bank of its district one-half of the amount of ii:s additional subscription, and when this amount has been paid the appropriate certificate of stock shall be issued by the Federal reserve bank. The remaining half of such additional subscription shall be subject to call when deemed necessary by the Federal Reserve Board. (d) Consolidation of member banks.—Whenever two or more member banks consolidate and such consolidation results in the consolidated bank acquiring by operation of law 6 the Federal reserve bank stock owned by the other consolidating bank or banks, and which also results in the consolidated bank having an aggregate capital and surplus in excess of the aggregate capital and surplus of the consolidating member banks, such consolidated bank shall file an application for additional stock, as provided in Section I (c). (e) Certifying increases of Federal reserve bank stock.—Whenever the capital stock of any Federal reserve bank shall be increased the board of directors of such Federal reserve bank shall certify such increase to the Comptroller of the Currency on F. R. B. Form 58, which is made a part of this regulation. Such certifications shall be made quarterly as of the last days of December, March, June, and September of each year. A duplicate copy of each certificate shall be forwarded to the Federal Reserve Board. SECTION II. Decrease of capital stock. (a) Reduction of capital by member bank.—Whenever a member bank reduces the amount of its paid-up capital stock and, in the case of redaction of the paidup capital of a national bank, such reduction has been approved by the Comptroller of the Currency and by the Federal Reserve Board in accordance with the provisions of section 28 of the Federal reserve act, it shall file with the Federal reserve bank of which it is a member an application for the surrender and cancellation of stock on F. R. B. Form 60, which is made a part of this regulation. When this application has been approved by the Federal reserve agent and the Federal Reserve Board, the Federal reserve bank shall accept and cancel the stock which the applying bank is entitled to surrender and shall refund to the member bank the proportionate amount due such bank on account of the stock canceled. 6 Section 5 of the Federal reserve act provides that " Shares of the capital stock of Federal reserve banks owned by member banks shall not be transferred or hypothecated." This provision prevents a transfer of Federal reserve bank stock by purchase, but does not prevent a transfer by operation of law. When there is a merger of member banks involving the liquidation of one of such banks and the purchasing of the assets of the liquidating bank by the bank continuing in existence, it is necessary for the liquidating bank to surrender its Federal reserve bank stock and for the purchasing bank to apply for new stock. On the other hand, if member banks consolidate, under a statute which does not require the liquidation of any of the consolidating banks, and the assets and obligations of the consolidating banks are transferred to the consolidated bank by operation of law, the consolidated bank becomes the owner of the Federal reserve bank stock of the consolidating banks as soon as the consolidation takes effect and such stock technically need not be surrendered. The certificates of stock issued in the names of the consolidating banks, however, should be surrendered and canceled, and a new certificate should be issued in lieu thereof, in the new name of the consolidated bank, as provided in Section III. A consolidation of national banks under the act of Congress entitled "An act to provide for the consolidation of national banking associations," approved Nov. 7, 1918, meets all of these conditions. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. 283 (6) Insolvency of member bank.—Whenever a member bank shall be declared insolvent and a receiver appointed by the proper authorities, such receiver shall, within six months from the date of his appointment, file with Federal reserve bank of which the insolvent bank is a member an application on the F. R. B. Form 87, which is made a part of this regulation, for the surrender and cancellation of the stock held by such insolvent member bank, and for the refund of all balances due to it. If the receiver shall fail to make such application within the time specified, the Federal reserve agent shall report the facts to the Federal Reserve Board with a recommendation as to the action to be taken, whereupon the Federal Reserve Board will either issue an order to cancel such stock or, if the circumstances warrant it, grant the receiver additional time in which to file such an application. Upon approval of such an application by the Federal reserve agent and the Federal Reserve Board, or upon the issuance of such an order by the Federal Reserve Board, the Federal reserve bank shall cancel such stock and shall adjust accounts between the member bank and the Federal reserve bank by applying to any indebtedness of the insolvent member bank to such Federal reserve bank all cash-paid subscriptions made by it on the stock canceled with one-half of 1 per cent per month from the period of last dividend, if earned, not to exceed the book value thereof, and the balance, if any, shall be paid to the duly authorized receiver of such insolvent member bank. (c) Voluntary liquidation of member bank.—Whenever a member bank goes into voluntary liquidation and a liquidating agent is appointed, such agent shall, within six months from the date of his appointment, file with the Federal reserve bank of which the liquidating bank is a member an application on F. R. B. Form 86, if a national bank, and on F. R. B. Form 143, if a State bank, which forms are made a part of this regulation, for the surrender and cancellation of the stock held by it and for the refund of all balances due to such liquidating member bank. If the liquidating agent shall fail to make such application within the time specified, the Federal reserve agent shall report the facts to the Federal Reserve Board with a recommendation as to the action to be taken, whereupon the Federal Reserve Board will either issue an order to cancel such stock, or, if the circumstances warrant it, grant the liquidating agent additional time in which to file such an application. Upon approval of such an application by the Federal reserve agent and the Federal Reserve Board, or upon the issuance of such an order by the Federal Reserve Board, the Federal reserve bank shall cancel such stock and shall adjust accounts between the liquidating member bank and the Federal reserve bank by applying to the indebtedness of the liquidating member bank to such Federal reserve bank all cash-paid subscriptions mado by it on the stock canceled with one-half of 1 per cent per month from the period of last dividend, if earned, not to exceed the book value thereof, and the balance, if any, shall be paid to the duly authorized liquidating agent of such liquidating member bank. (d) Consolidation of member banks.—Whenever there is a consolidation of two or more member banks which results in the consolidated bank acquiring by operation of law (see note 6 on p. 282) the Federal reserve bank stock owned by the other consolidating banks, and which also results in the consolidated bank having a paid-up capital less than the aggregate paid-up capital of the consolidating member banks, the consolidated bank shall file with the Federal reserve bank of which it is a member an application for the surrender and cancellation of stock on F. R. B. Form 60a, which is made a part of this regulation. Upon the approval of this application by the Federal reserve agent and the Federal Reserve Board, the Federal reserve bank shall accept and cancel the stock which the applying bank is entitled to surrender, and shall refund to the applying bank the proportionate amount due such bank on account of the stock canceled. (e) Certifying reductions of Federal reserve bank stock.—All reductions of the capital stock of a Federal reserve bank shall, in accordance with the provisions of section 6 of the Federal reserve act, be certified to the Comptroller of the Currency by the board of directors of such Federal reserve bank on F. R. B. Form 59, which is made a part of this regulation. Such certifications shall be made quarterly as of the last days of December, March, June, and September of each year. A duplicate copy of each certificate shall be forwarded to the Federal Reserve Board. SECTION III. Cancellation of old and issue of new stock certificates. Whenever a member bank changes its name or, by consolidation with another member bank acquires by operation of law (see note 6 on p. 282) the Federal reserve bank stock previously held by such other member bank, it shall surrender Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

284 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. to the Federal reserve bank the certificate of Federal reserve bank stock which was issued to it under its old name, or which was issued to such other member bank. The certificate so surrendered shall be indorsed by the member bank surrendering it or by the member bank to which it was originally issued and shall be accompanied by proper proof of the change of name or consolidation. Upon receipt of such certificate of stock so indorsed, together with such proof, the Federal reserve bank shall cancel the certificate so surrendered and shall issue in lieu thereof to and in the name of the member bank surrendering it a new certificate for the number of shares represented by the certificate so surrendered, or if the member bank is entitled to surrender some of the stock which is represented by the surrendered certificate, and an application for the surrender and cancellation of such stock is at the same time made in accordance with this regulation, the new certificate shall be for the number of shares represented by the surrendered certificate less the number of shares canceled pursuant to such application. All cases where certificates of stock are surrendered and new certificates issued in lieu thereof and in a different name shall be reported to the Federal Reserve Board by the Federal reserve agent. REGULATION J, SERIES OF 1920. (Superseding Regulation J of 1917.) CHECK CLEARING AND COLLECTION. (See note below.) Section 16 of the Federal reserve act authorizes the Federal Reserve Board to require each Federal reserve bank to exercise the function of a clearing house for its member banks, and section 13 of the Federal reserve act, as amended by the act approved June 21, 1917, authorizes each Federal reserve bank to receive from any nonmember bank or trust company, solely for the purposes of exchange or of collection, deposits of current funds in lawful money, national-bank notes, Federal reserve notes, checks and drafts payable upon presentation, or maturing notes and bills, provided such nonmember bank or trust company maintains with its Federal reserve bank a balance sufficient to offset the items in transit held for its account by the Federal reserve bank. In pursuance of the authority vested in it under these provisions of law, the Federal Reserve Board, desiring to afford both to the public and to the various banks of the country a direct, expeditious, and economical system of check collection and settlement of balances, has arranged to have each Federal reserve bank exercise the functions of a clearing house for such of its member banks as desire to avail themselves of its privileges, and for such nonmember State banks and trust companies as may maintain with the Federal reserve bank balances sufficient to qualify them under the provisions of section 13 to send items to Federal reserve banks for purposes of exchange or of collection. Such nonmember State banks and trust companies will hereinafter be referred to in this regulation as nonmember clearing banks. Each Federal reserve bank shall exercise the functions of a clearing house under the following general terms and conditions: (1) Each Federal reserve bank will receive at par from its member banks and from nonmember clearing banks in its district, checks 7 drawn on all member and nonmember clearing banks and on all other nonmember banks which agree to remit at par through the Federal reserve bank of their district. (2) Each Federal reserve bank will receive at par from other Federal reserve banks, and from all member and nonmember clearing banks, regardless of their location, for the credit of their accounts with their respective Federal reserve 7 A check is generally defined as a draft or order upon a bank or banking house, purporting to be drawn upon a deposit of funds, for the payment at all events of a certain sum of money to a certain person therein named, or to him or his order, or to bearer, and payable instantly on demand. NOTE.—The Federal Reserve Board, by telegram dated August 2,1923, instructed Federal reserve banks to discontinue the use of agents other than banks for the purpose of making collections at par of items drawn upon nonpar remitting banks. Under date of July 10, 1923, in connection with the revision of all the board's regulations, the board had issued Regulation J, series of 1923, which was intended to supersede Regulation J, series of 1920. but the effective date of that regulation was fixed as of August 15, 1923, and before that date the regulation was suspended and never became effective. Regulation J, series of 1920, has since been superseded, however, by Regulation J, series of 1924, which was adopted by the Federal Reserve Board and became effective on May 9, 1924. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. 285 banks, checks drawn upon all member and nonmember clearing banks of its district and upon all other nonmember banks of its district whose checks are collected at par by the Federal reserve bank. (3) Immediate credit entry upon receipt subject to final payment will be made for all such items upon the books of the Federal reserve bank at full face value, but the proceeds will not be counted as part of the minimum reserve nor become available to meet checks drawn until such time as may be specified in the appropriate time schedule referred to in subdivision 7. (4) Checks received by a Federal reserve bank on its member or nonmember clearing banks will be forwarded direct to such banks and will not be charged to their accounts until sufficient time has elapsed within which to receive advice of payment, as shown by the appropriate time schedule referred to in subdivision 7. (5) Under this plan each Federal reserve bank will receive at par from its member and nonmember clearing banks checks on all member and nonmember clearing banks and on all other nonmember banks whose checks can be collected at par by any Federal reserve bank. Member and nonmember clearing banks will be required by the Federal Reserve Board to provide funds to cover at par all checks received from or for the account of their Federal reserve banks: Provided, however, That a member or nonmember clearing bank may ship currency or specie from its own vaults at the expense of its Federal reserve bank to cover any deficiency which ma}^ arise because of and only in the case of inability to provide items to offset checks received from or for the account of its Federal reserve bank.8 (6) Section 19 of the Federal reserve act provides that— "The required balance carried by a member bank with a Federal reserve bank may, under the regulations and subject to such penalties as may be prescribed by the Federal Reserve Board, be checked against and withdrawn by such member bank for the purpose of meeting existing liabilities: Provided, however, That no bank shall at any time make new loans or shall pay anv dividends unless and until the total balance required by law is fully restored." Items can not be counted as part of the minimum reserve balance to be carried by a member bank with its Federal reserve bank until such time as may be specified in the appropriate time schedule referred to in subdivision 7. Therefore, should a member bank draw against items before such time, the draft would be charged against its reserve balance if such balance were sufficient in amount to pay it; but any resulting impairment of reserve balances would be subject to all the penalties provided by the act. Inasmuch as it is essential that the law in respect to the maintenance by member banks of the required minimum reserve balance shall be strictly complied with, the Federal Reserve Board, under authority vested in it by section 19 of the act, has prescribed as the basic penalty for any deficiency in reserves a sum equivalent to an interest charge on the amount of the deficiency of 2 per cent per annum above the ninety-day discount rate of the Federal reserve bank of the district in which the member Bank is located, and has announced that it wTill prescribe for any Federal reserve district, upon the application of the Federal reserve bank of that district, as an additional progressive penalty for any subsequent deficiency by the same member bank during the same calendar year a sum equivalent to an interest charge on the amount of the subsequent deficiency at a rate increasing one-half of 1 per cent for each such subsequent deficiency. (7) Each Federal reserve bank will determine by analysis the amounts of uncollected funds appearing on its books to the credit of each member bank. Such analysis will show the true status of the reserve held b}^ the Federal reserve bank for each member bank and will enable it to apply the penalty for impairment of reserve. Each Federal reserve bank will publish time schedules showing the time at which any item sent to it will be counted as reserve and become available to meet any checks drawn. (8) In handling items for member and nonmember clearing banks, a Federal reserve bank will act as agent only. The board will require that each member and nonmember clearing bank authorize its Federal reserve bank to send checks 8 In accordance with instructions issued by the Federal Reserve Board on April 24, 1917, the various Federal reserve banks have issued circulars setting forth the conditions under which their respective member banks may draw drafts on their reserve bank accounts payable with or through any other Federal reserve bank. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

286 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. for collection to banks on which checks are drawn, and, except for negligence, such Federal reserve bank will assume no liability. Any further requirements that the board may deem necessary will be set forth b}^ the Federal reserve banks in their letters of instruction to their member and nonmember clearing banks. Each Federal reserve bank will also promulgate rules and regulations governing the details of its operations as a clearing house, such rules and regulations to be binding upon all member and nonmember banks which are clearing through the Federal reserve bank. REGULATION K, SERIES OF 1923. (Superseding Regulation K of 1920.) BANKING CORPORATIONS AUTHORIZED TO DO FOREIGN BANKING BUSINESS UNDER THE TERMS OF SECTION 25 (a) OF THE FEDERAL RESERVE ACT. I. Organization. Any number of natural persons, not less in any case than five, may form a Corporation 9 under the provisions of section 25 (a) for the purpose of engaging in international or foreign banking or other international or foreign financial operations or in banking or other financial operations in a dependency or insular possession of the United States either directly or through the agency, ownership, or control of local institutions in foreign countries or in such dependencies or insular possessions. II. Articles of association. Any persons desiring to organize a corporation for any of the purposes defined in section 25 (a) shall enter into articles of association (see F. R. B. Form 151, wrhich is suggested as a satisfactory form of articles of association) which shall specify in general terms the objects for which the Corporation is formed, and may contain any other provisions not inconsistent with law which the Corporation may see fit to adopt for the regulation of its business and the conduct of its affairs. The articles of association shall be signed by each person intending to participate in the organization of the Corporation and when signed shall be forwarded to the Federal Reserve Board in whose office they shall be filed. III. Organization certificate. All of the persons signing the articles of association shall under their hands make an organization certificate on F. R. B. Form 152, which is made a part of this regulation, and which shall state specifically: First. The name assumed by the Corporation. Second. The place or places where its operations are to be carried on. Third. The place in the United States where its home office is to be located. Fourth. The amount of its capital stock and the number of shares into which it shall be divided. Fifth. The names and places of business or residences of persons executing the organization certificate and the number of shares to which each has subscribed. Sixth. The fact that the certificate is made to enable the persons subscribing the same and all other persons, firms, companies, and 'corporations who or which may thereafter subscribe to or purchase shares of the capital stock of such Corporation to avail themselves of the advantages of this section. The persons signing the organization certificate shall acknowledge the execution thereof before a judge of some court of record or notary public who shall certify thereto under the seal of such court or notary. Thereafter the certificate shall be forwarded to the Federal Reserve Board to be filed in its office. IV. Title. Inasmuch as the name of the Corporation is subject to the approval of the Federal Reserve Board, a preliminary application for that approval should be filed with the Federal Reserve Board on F. R. B. Form 150, which is made a part of this regulation. This application should state merely that the organiza- 9 Whenever these regulations refer to a Corporation spelled with a capital 0 they relate to a corporation organized under section 25 (a) of the Federal reserve act. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. 287 tion of a Corporation under the proposed name is contemplated and may request the approval of that name and its reservation for a period of 30 days. No Corporation which issues its own bonds, debentures, or other such obligations will be permitted to have the word "bank" as a part of its title. No Corporation which has the word " Federal" in its title will be permitted also to have the word "bank" as a part of its title. So far as possible the title of the Corporation should indicate the nature or reason of the business contemplated and should in no case resemble the name of any other corporation to the extent that it might result in misleading or deceiving the public as to its identity, purpose, connections, or affiliations. V. Authority to commence business. After the articles of association and organization certificate have been made and filed with the Federal Reserve Board, and after they have been approved by the Federal Reserve Board and a preliminary permit to begin business has been issued by the Federal Reserve Board, the association shall become and be a body corporate, but none of its powers except such as are incidental and preliminary to its organization shall be exercised until it has been formally authorized by the Federal Reserve Board by a final permit generally to commence business. Before the Federal Reserve Board will issue its final permit to commence business, the president or cashier, together with at least three of the directors, must certify (a) that each director elected is a citizen of the United States; (6) that a majority of the shares of stock is owned by citizens of the United States, by corporations the controlling interest in which is owned by citizens of the United States, chartered under the laws of the United States, or by firms or companies the controlling interest in which is owned by citizens of the United States; and (c) that of the authorized capital stock specified in the articles of association at least 25 per cent has been paid in in cash and that each shareholder has individually paid in in cash at least 25 per cent of his stock subscription. Thereafter the cashier shall certify to the payment of the remaining installments as and when each is paid in, in accordance with law. VI. Capital stock. No Corporation may be organized under the terms of section 25 (a) with a capital stock of less than $2,000,000. The par value of each share of stock shall be specified in the articles of association, and no Corporation will be permitted to issue stock of no par value. If there is more than one class of stock, the name and amount of each class and the obligations, rights, and privileges attaching thereto shall be set forth fully in the articles of association. Each class of stock shall be so named as to indicate to the investor as nearly as possible what is its character and to put him on notice of any unusual attributes. VII. Transfers of stock. Section 25 (a) provides in part that— "A majority of the shares of the capital stock of any such corporation shall at all times be held and owned by the citizens of the United States, by corporations the controlling interest in which is owned by citizens of the United States, •chartered under the laws of the United States or of a State of the United States, or by firms or companies the controlling interest in which is owned by citizens of the United States." In order to insure compliance at all times with the requirements of this provision after the organization of the Corporation, shares of stock shall be issuable and transferable only on the books of the Corporation. Every application for the issue or transfer of stock shall be accompanied by an affidavit of the party to whom it is desired to issue or transfer stock, or by his or its duly authorized agent, stating— In the case of an individual.— (a) Whether he is or is not a citizen of the United States and if a citizen of the United States, whether he is a natural-born citizen or a citizen by naturalization, and if naturalized, whether he remains for any purpose in the allegiance of any foreign sovereign or state; (6) Whether there is or is not any arrangement under which he is to hold the shares or any of the shares which he desires to have issued or transferred to him, in trust for or in any •way under the control of any foreign state or any foreigner, foreign corporation, or any corporation under foreign control, and if so, the nature thereof. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

288 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. In the case of a corporation.—(a) Whether such corporation is or is not chartered under the laws of the United States or of a State of the United States. If it is not, no further declaration is necessary, but if it is, it must also be stated (6) whether the controlling interest in such corporation is or is not owned by citizens of the United States, and (c) whether there is or is not any arrangement under which such corporation will hold the shares or any of the shares, if issued or transferred to such corporation, in trust for or in any way under the control of any foreign state or any foreigner or foreign corporation or any corporation under foreign control, and if so, the nature thereof. In the case of a firm or company.— (a) Whether the controlling interest in such firm or company is or is not owned by citizens of the United States and, if so. (b) whether there is or is not any arrangement under which such firm or company will hold the shares or any of the shares if issued or transferred to such firm or company in trust lor or in any way under the control of any foreign state or any foreigner or foreign corporation or any corporation under foreign control, and if so, the nature thereof. The board of directors of the Corporation, whether acting directly or through an agent, may, before making any issue or transfer of stock, require such further evidence as in their discretion they may think necessary in order to determine whether or not the issue or transfer of the stock would result in a violation of the law. No issue or transfer of stock which would cause 50 per cent or more of the total amount of stock issued or outstanding to be held contrary to the provisions of the law or these regulations shall be made upon the books of the Corporation. The decision of the board of directors in each case shall be final and conclusive, and not subject to any question by any person, firm, or corporation,, on any ground whatsoever. If at any time by reason of the fact that the holder of any shares of the Corporation ceases to be a citizen of the United States, or, in the opinion of the board of directors, becomes subject to the control of any foreign state or foreigner or foreign corporation or corporation under foreign control, 50 per cent or more of the total amount of capital stock issued or outstanding is held contrary to the provisions of the law or these regulations, the board of directors may, wheni apprised of that fact, forthwith serve on the holder of the shares in question a notice in writing requiring such holder within two months to transfer such shares to a citizen of the United States, or to a firm, company, or corporation approved by the board of directors as an eligible stockholder. When such notice has been given by the board of directors the shares of stock so held shall cease to confer any vote until they been transferred as required above and if on the expiration of two months after such notice the shares shall not have been so transferred, the shares shall be forfeited to the Corporation. The board of directors shall prescribe in the by-laws of the Corporation appropriate regulations for the registration of the shares of stock in accordance with the terms of the law and these regulations. The by-laws must also providethat the certificates of stock issued by the Corporation shall contain provisions sufficient to put the holder on notice of the terms of the law and the regulations of the Federal Reserve Board defining the limitations upon the rights of transfer. VIII. Operations in the United States. No Corporation shall carry on any part of its business in the United States except such as shall be incidental to its international or foreign business. Agencies may be established in the United States with the approval of the Federal Reserve Board for specific purposes, but not generally to carry on the business of the Corporation. IX. Investments in the stock of other corporations. It is contemplated by the law that a Corporation shall conduct its business abroad either directly or indirectly through the ownership or control of corporations, and It is accordingly provided that a Corporation may invest in the stock, or other certificates of ownership, of any other corporation organized— (a) Under the provisions of section 25 (a) of the Federal reserve act; (6) Under the laws of any foreign country or a colony or dependency thereof; (c) Under the laws of any State, dependency, or insular possession of the United States; provided, first, that such-other corporation is not engaged in the general business of buying or selling goods, wares, merchandise, or commodities in the United States; and second, that it is not transacting any business in the United States except such as is incidental to its international or foreign business. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. 289 Except with the approval of the Federal Reserve Board, no Corporation shall invest an amount in excess of 15 per cent of its capital and surplus in the stock of any corporation engaged in the business of banking, or an amount in excess of 10 per cent of its capital and surplus in the stock of any other kind of corporation. No Corporation shall purchase any stock in any other corporation organized under the terms of section 25 (a) or under the laws of any State which is in substantial competition therewith or which holds stock or certificates of ownership in corporations which are in substantial competition with the purchasing Corporation. This restriction, however, does not apply to corporations organized under foreign laws. X. Branches. No Corporation shall establish any branches except with the approval of the Federal Reserve Board, and in no case shall any branch be established in the United States. XI. Issue of debentures, bonds, and promissory notes. Approval of the Federal Reserve Board.—No Corporation shall make any public or private issue of its debentures, bonds, notes, or other such obligations without the approval of the Federal Reserve Board, but this restriction shall not apply to notes issued by the Corporation in borrowing from banks or bankers for temporary purposes not to exceed one year. The approval of the Federal Reserve Board will be based solely upon the right of the Corporation to make the issue under the terms of this regulation and shall not be understood in any way to imply that the Federal Reserve Board has approved or passed upon the merits of such obligations as an investment. The Federal Reserve Board will consider the general character and scope of the business of the Corporation in determining the amount of debentures, bonds, notes, or other such obligations of the Corporation which may be issued by it. Application.—Every application for the approval of any such issue by a Corporation shall be accompanied by (1) a statement of the condition of the Corporation in such form and as of such date as the Federal Reserve Board may require; (2) a detailed list of the securities by which it is proposed to secure such issue, stating their maturities, indorsements, guaranties, or collateral, if any, and in general terms the nature of the transaction or transactions upon which they were based; and (3) such other data as the Federal Reserve Board may from time to time require. Advertisements.—No circular, letter, or other document advertising the issue of the obligations of a Corporation shall state or contain any reference to the fact that the Federal Reserve Board has granted its approval of the issue to which the advertisement relates. This requirement will be enforced strictly in order that there may be no possibility of the public's misconstruing such a reference to be an approval by the Federal Reserve Board of the merits or desirability of the obligations as an investment. XII. Sale of foreign securities. Approval of the Federal Reserve Board.—No Corporation shall offer for sale any foreign securities with its indorsement or guaranty, except with the approval of the Federal Reserve Board, but such approval will be based solely upon the right of the Corporation to make such a sale under the terms of this regulation and shall not be understood in any way to imply that the Federal Reserve Board has approved or passed upon the merits of such securities as an investment. Application.—Every application for the approval of such sale shall be accompanied by a statement of the character and amount of the securities proposed to be sold, their indorsements, guaranties, or collateral, if any, and such other data as the Federal Reserve Board may from time to time require. Advertisements.—No circular, letter, or other document advertising the sale of foreign securities by a Corporation with its indorsement or guaranty shall state or contain any reference to the fact that the Federal Reserve Board has granted its approval of the sale of the securities to which the advertisement relates. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

290 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. XIII. Acceptances. Kinds.—Any Corporation may accept (1) drafts and bills of exchange drawn upon it which grow out of transactions involving the importation or exportation of goods, and (2) drafts and bills of exchange which are drawn by banks or bankers located in foreign countries or dependencies or insular possessions of the United States for the purpose of furnishing dollar exchange as required by the usages of trade in such countries, dependencies, and possessions, provided, however, that, except the approval of the Federal Reserve Board and subject to such limitations as it may prescribe, no Corporation shall exercise its power to accept drafts or bills of exchange if at the time such drafts or bills are presented for acceptance it has outstanding any debentures, bonds, notes, or other such obligations issued by it, Maturity.—Except with the approval of the Federal Reserve Board, no Corporation shall accept anj^ draft or bill of exchange which grows out of a transaction involving the importation or exportation of goods with a maturity in excess of six months, or shall accept any draft or bill of exchange drawn for the purpose of furnishing dollar exchange with a maturity in excess of three months. Limitations.—(1) Individual drawers: No acceptances shall be made for the account of any one drawer in an amount aggregating at any time in excess of 10 per cent of the subscribed capital and surplus of the Corporation, unless the transaction be fully secured or represents an exportation or importation of commodities and is guaranteed by a bank or banker of undoubted solvency. (2) Aggregates: Whenever the aggregate of acceptances outstanding at any time (a) exceeds the amount of the subscribed capital and surplus, 50 per cem: of all the acceptances in excess of the amount shall be fully secured; or (b) exceeds twice the amount of the subscribed capital and surplus, all the acceptances outstanding in excess of such amount shall be fulty secured. (The Corporation shall elect whichever requirement (a) or (b) calls for the smaller amount of secured acceptances.) In no event shall any Corporation have outstanding at any one time acceptances drawn for the purpose of furnishing dollar exchange in an amount aggregating more than 50 per cent of its subscribed capital and surplus. Reserves.—Against all acceptances outstanding which mature in 30 days or less a reserve of at least 15 per pent shall be maintained, and against all acceptances outstanding which mature in more than 30 days a reserve of at least 3 per cent shall be maintained. Reserves against acceptances must be in liquid assets of any or all of the following kinds: (1) cash; (2) balances with other banks; (3) bankers' acceptances; and (4) such securities as the Federal Reserve Board may from time to time permit. XIV. Deposits. In the United States.—No Corporation shall receive in the United States any deposits except such as are incidental to or for the purpose of carrying out transactions in foreign countries or dependencies of the United States where the Corporation has established agencies, branches, correspondents, or where it operates through the ownership or control of subsidiary corporations. Deposits of this character may be made by individuals, firms, banks, or other corporations, whether foreign or domestic, and may be time deposits or on demand. Outside the United States.—Outside the United States a Corporation may receive deposits of any kind from individuals, firms, banks, or other corporations, provided, however, that if such corporation has any of its bonds, debentures, or other such obligations outstanding it may receive abroad only such deposits as are incidental to the conduct of its exchange, discount, or loan operations. Reserves.—Against all deposits received in the United States a reserve of not less than 13 per cent must be maintained. This reserve may consist of cash in vault, a balance with the Federal reserve bank of the district in which the head office of the Corporation is located, or a balance with any member bank. Against all deposits received abroad the Corporation shall maintain such reserves as may be required by local laws and by the dictates of sound business judgment and banking principles. XV. General limitations and restrictions. Liabilities of one borrower.—The total liabilities to a Corporation of any person, company, firm, or corporation for money borrowed, including in the liabilities of a company or firm the liabilities of the several members thereof, shall at no time exceed 10 per cent of the amount of its subscribed capital and surplus, except with the approval of the Federal Reserve Board: Provided, however, That the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. 291 discount of bills of exchange drawn in good faith against actually existing values and the discount of commercial or business paper actually owned by the person negotiating the same shall not be considered as money borrowed within the meaning of this paragraph. The liability of a customer on account of an acceptance made by the Corporation for his account is not a liability for money borrowed within the meaning of this paragraph unless and until he fails to place the Corporation in funds to cover the payment of the acceptance at maturity or unless the Corporation itself holds the acceptance. Aggregate liabilities of the Corporation.—The aggregate of the Corporation's liabilities outstanding on account of acceptances, average domestic and foreign deposits, debentures, bonds, notes, guaranties, indorsements, and other such obligations shall not exceed at any one time ten times the amount of the Corporation's subscribed capital and surplus except with the approval of the Federal Reserve Board. In determining the amount of the liabilities within the meaning of this paragraph, indorsements of bills of exchange having not more than six months to run, drawn and accepted by others than the Corporation, shall not be included. Operations abroad.—Except as otherwise provided in the law and these regulations, a Corporation may exercise abroad not only the powers specifically set forth in the law but also such incidental powers as may be usual in the determination of the Federal Reserve Board in connection with the transaction of the business of banking or other financial operations in the countries in which it shall transact business. In the exercise of any of these powers abroad a Corporation must be guided by the laws of the country in which it is operating and by sound business judgment and banking principles. XVI. Management. The directors, officers, or employees of a Corporation shall exercise their rights and perform their duties as directors, officers, or employees, with due regard to both the letter and the spirit of the law and these regulations. For the purpose of these regulations the Corporation shall, of course, be responsible for all acts of omission or commission of any of its directors, officers, employees, or representatives in the conduct of their official duties. The character of the management of a Corporation and its general attitude toward the purpose and spirit of the law and these regulations will be considered by the Federal Reserve Board in acting upon any application made under the terms of these regulations. XVII. Reports and examinations. Reports.—Each corporation shall make at least two reports annually to the Federal Reserve Board at such times and in such form as it may require. Examinations.—Each Corporation shall be examined at least once a year by examiners appointed by the Federal Reserve Board. The cost of examinations shall be paid by the Corporation examined. XVIII. Amendments to regulations. These regulations are subject to amendment by the Federal Reserve Board from time to time, provided, however, that no such amendment shall prejudice obligations undertaken in good faith under regulations in effect at the time they were assumed. REGULATION L, SERIES OF 1923. (Superseding Regulation L of 1920.) INTERLOCKING BANK DIRECTORATES UNDER THE CLAYTON ACT. SECTION I. Definitions. Within the meaning of this regulation— The term "member bank" shall apply to any national bank and any State bank or trust company which is a member of the Federal reserve system. The term "national bank" shall be construed to apply not only to national banking associations but also to banks, banking associations, and trust companies organized or operating under the laws of the United States, including all banks and trust companies doing business in the District of Columbia, regardless of the sources of their charters. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

292 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. The term "resources" shall be construed to mean an amount equal to the sum of the deposits, capital, surplus, and undivided profits. The term "State bank" shall include any bank, banking association, or trust company incorporated under State law. The term "private banker" shall apply to any unincorporated individual engaging in one or more phases of the banking business as that term is generally understood and to any member of an unincorporated firm engaging in such business. The term "Edge Act" shall mean section 25 (a) of the Federal reiserve act as amended December 24, 1919. The term "Edge corporation" shall mean any corporation organized under the provisions of the Edge Act. The term "city of over 200,000 inhabitants" includes any city, incorporated town, or village of more than 200,000 inhabitants, as shown by the last preceding decennial census of the United States. Any bank located anywhere within the corporate limits of such city is located in a city of over 200,000 inhabitants within the meaning of the Clayton Act, even though it is located in a suburb or an outlying district at some distance from the principal part of the city. SECTION II. Prohibitions of Clayton Act. Under section 8 of the Clayton Antitrust Act— (1) No person who is a director or other officer or employee of a national bank having resources aggregating more than $5,000,000 can legally serve at the same time as director, officer, or employee of any other national bank, regardless of its location. (2) No person who is a director in a State bank or trust company having resources aggregating more than $5,000,000 or who is a private banker having resources aggregating more than $5,000,000 can legally serve at the same time as director of any national bank, regardless of its location. (3) No person can legally be a director, officer, or employee of a national bank located in a city of more than 200,000 inhabitants who is at the same time a private banker in the same city or a director, officer, or employee of any other bank (State or national) located in the same city, regardless of the size of such bank. The eligibility of a director, officer, or employee under the foregoing provisions is determined by the average amount of deposits, capital, surplus, and undivided profits as shown in the official statements of such bank, banking association, or trust company filed as provided by law during the fiscal year next preceding the date set for the annual election cf directors, and when a director, officer, or employee has been elected or selected in accordance with the provisions of the Clayton Act it is lawful for him to continue as such for one 3^ear thereafter under said election or employment. When any person elected or chosen as a director, officer, or employee of any bank is eligible at the time of his election or selection to act for such bank in such capacity his eligibility to act in such capacity is not affected by reason of any change in the affairs of such bank from whatsoever cause until the expiration of one year from the date of his election or employment. SECTION III. Exceptions. The provisions of section 8 of the Clayton Act— (1) Do not apply to mutual savings banks not having a capital stock represented by shares. (2) Do not prohibit a person from being at the same time a director, officer, or employee of a national bank and not more than one other national bank, State bank, or trust company, where the entire capital stock of one is owned by the stockholders of the other. (3) Do not prohibit a person from being at the same time a class A director of a Federal reserve bank and also an officer or director, or both an officer and a director, in one member bank. (4) Do not prohibit a person who is serving as director, officer, or employee of a national bank, even though it has resources aggregating over $5,000,000, from serving at the same time as director, officer, or employee of any number of State banks and trust companies, provided such State institutions are not located in the same city of over 200,000 inhabitants as the national bank and do not have resources aggregating in the case of any one bank more than $5,000,000. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. 293 (5) Do not prohibit a person from serving at the same time as director, officer, or employee of any number of national banks, provided no two of them are located in the same city of over 200,000 inhabitants and no one of them has resources aggregating over $5,000,000. (6) Do not prohibit a person who is not a director, officer, or employee of any national bank from serving at the same time as officer, director, or employee of any number of State banks or trust companies, regardless of their locations and resources. (7) Do not prohibit a person who is an officer or employee but not a director of a State bank from serving as director, officer, or employee of a national bank, even though either or both of such banks have resources aggregating over $5,000,000, provided both banks are not located in the same city of over 200,000 inhabitants. (8) Do not prohibit a person who is an officer or employee but not a director of a national bank from serving at the same time as director, officer, or employee of a State bank, even though either or both of such banks have resources aggregating over $5,000,000, provided both banks are not located in the same city of over 200,000 inhabitants. (9) Do not apply to persons who have obtained the consent or approval of the Federal Reserve Board under the provisions of the Kern amendment, section 25 of the Federal Reserve Act, or the Edge Act, as hereinafter provided. Exceptions cumulative.—The above exceptions are cumulative. SECTION IV. Permission of the Federal Reserve Board under Kern amendment. By the Kern amendment, approved May 15, 1916, as amended May 26, 1920, the Clayton Act was amended so as to authorize the Federal Reserve Board to permit any private banker or any officer, director, or employee of any member bank or class A director of a Federal reserve bank to serve as director, officer, or employee of not more than two other banks, banking associations, or trust companies coming within the prohibitions of the Clayton Act, provided such other banks are not in substantial competition with such private banker or member bank. Substantial competition.—If the institutions involved are not in substantial competition, the board is authorized, in its discretion, to grant, withhold, or revoke such consent; but if they are in substantial competition, the board has no discretion in the matter and must refuse such consent. The board has adopted the following statement of general principles for its guidance in determining whether banks are in substantial competition within the meaning of the Kern amendment to the Clayton Act: "In general, two banks will be deemed to be in substantial competition if they actually compete for a considerable amount of business, i. e., if a considerable portion of the business of each is of the same character and in doing or seeking such business they actually compete for the same customers or prospective customers, regardless of whether or not it is probable or possible that an interlocking directorate between them would result in injury to the public by making credit less available. If the statements of two banks show that each has a considerable amount of the same class of deposits or loans and it appears from the evidence submitted that they are so located as to be in a position to serve the same customers conveniently, the board will presume, in the absence of evidence to the contrary, that they are in substantial competition. This presumption may be rebutted, however, b)^ any evidence showing that they are not actually competing for such business, e. g., that they actually serve different classes of customers, that the business in question is not actually sought by one bank but is merely incidental to its other business, or that competition has already been eliminated through common stock ownership. The existence of substantial competition, however, may be shown by evidence other than that described above." This is not intended as a precise definition of the term "substantial competition," but merely as a broad statement of the general principles which will be observed by the Federal Reserve Board in determining whether banks are in substantial competition. Whether or not substantial competition exists in any particular case is a question of fact which must be determined in the light of all the facts and circumstances involved in such case. When obtained.—Inasmuch as the Kern amendment excepts from the prohibitions of the Clayton Act only those "who shall first procure the consent of the Federal Reserve Board," it is a violation of the law to serve two or more institutions in the prohibited classes before such consent has been obtained. Such con- 86538—24t 20 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

294 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. sent should be obtained, therefore, before becoming an officer, director, or employee of more than one bank in the prohibited classes. Such consent may be procured before the person apptying therefor has been elected as a class A director of a Federal reserve bank or as a director of any member bank. Applications for permission.—A person wishing to obtain the permission of the Federal Reserve Board to serve banks coming within the prohibitions of the Clayton Act should— (1) Make formal application on F. R. B. Form 94, or, if a private banker, on F. R. B. Form 94d. Each of these forms is made a part of this regulation. (2) Obtain from each of the banks involved a statement on F. R. B. Form 94a, which is made a part of this regulation, showing the character of its business,, together with a copy of its last published statement of condition, and, if a private banker, make a statement on F. R. B. Form 94e showing the character of his or his firm's business. (3) Forward all these papers to the Federal reserve agent of his district, who will attach his recommendation on F. R. B. Form 94b, which is made a part of this regulation, and forward them in due course to the Federal Reserve Board. Approval or disapproval.—As soon as an application is acted upon by the board, the applicant will be advised of the action taken. If the board approves the application, a formal certificate of permission to serve on the banks involved will be issued to the applicant. Rehearing.—If the board decides that the banks are in substantial competition and that it can not approve the application, it will, upon petition of the applicant, reconsider its decision and afford him every opportunity to present any additional facts or arguments bearing on the subject. Effect of permits.—Permission once granted is continuing until revoked and need not be renewed. Revocation.—All permits, however, are subject to revocation at anj^ time in the discretion of the Federal Reserve Board. The issuance of a permit to any person shall have the effect of revoking any or all permits which may have been issued previously to that person. SECTION V. Permits under section 25 of the Federal reserve act. With the approval of the Federal Reserve Board any director, officer, or employee of a member bank which has invested in the stock of any corporation principally engaged in international or foreign banking or financial operations or banking in a dependency or insular possession of the United States, under the provisions of section 25 of the Federal reserve act, may serve as director, officer, or employee of any such foreign bank or financial corporation. Applications for approval.—The approval of the Federal Reserve Board for such interlocking directorates may be obtained through an informal application in the form of a letter addressed to the Federal Reserve Board either by the officer, director, or employee involved, or in his behalf by one of the banks which he is serving. Such application should be sent directly to the Federal Reserve Board. SECTION VI. Permits to serve Edge corporations. With the approval of the Federal Reserve Board— (1) Any officer, director, or employee of any member bank may serve at the same time as director, officer, or employee of any Edge corporation in whose capital stock the member bank shall have invested. (2) Any officer, director, or employee of any Edge corporation may serve at the same time as officer, director, or employee of any other corporation in whose capital stock such Edge corporation shall have invested under the provisions of the Edge Act. Applications for approval.—Such approval may be obtained through an informal application in the form of a letter addressed to the Federal Reserve Board either by the director, officer, or employee involved, or in his behalf by one of the banks or corporations involved. Such applications should be sent directly to the Federal Reserve Board. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. 2951 CUBAN AGENCIES. RESOLUTION ADOPTED BY FEDERAL RESERVE BOARD JULY 30, 1923. Whereas the United States Government, by virtue of the so-called Platt amendment, has entered into relations with Cuba which it does not have with any other foreign country, especially in matters of finance and currency, the currency of the United States having been made legal tender by Cuba; Whereas the Federal Reserve Board is of the opinion that the establishment of an agency in Cuba is desirable as a means of stabilising banking conditions and furnishing an adequate supply of clean currency; Whereas the President of the United States and the State Department have advised this board that it is important that such an agency should be established; Whereas the Federal Reserve Bank of Atlanta and the Federal Reserve Bank of Boston have each petitioned the Federal Reserve Board for authority to establish an agency in Havana, Cuba, for the purpose of conducting operations permitted under section 14 of the Federal reserve act; Whereas the Federal Reserve Bank of Boston desires to establish such an agency primarily for the purpose of buying and selling cable transfers and buying, selling, and collecting bankers' acceptances and bills of exchange bearing satisfactory bank indorsements; Whereas a substantial portion of the currency now in circulation in Cuba consists of Federal reserve notes of the Federal Reserve Bank of Atlanta; and it is feared that the establishment of an agency of another Federal reserve bank in Cuba might result in the retirement of such notes from circulation; and the Federal Reserve Bank of Atlanta desires to establish an agency in Cuba primarily in order that it may maintain the circulation of its Federal reserve notes in Cuba; Whereas the Federal Reserve Bank of Boston does not desire to put its Federal reserve notes in circulation in Cuba but is willing if authorized to establish such an agency, to preserve as far as possible the circulation in Cuba of Federal reserve notes issued through the Federal Reserve Bank of Atlanta; Be it resolved by the Federal Reserve Board, That the applications of the Federal Reserve Bank of Atlanta and the Federal Reserve Bank of Boston for permission to establish such agencies are hereby granted on the following terms and conditions: (1) The Federal Reserve Bank of Atlanta and the Federal Reserve Bank of Boston are each authorized to establish an agency in Havana, Cuba, and through such agency to buy and sell cable transfers; buy, sell, and collect prime bankers' acceptances and prime bills of exchange, which acceptances and bills are payable in dollars, arise out of actual import or export transactions, bear the signatures of two or more responsible parties, bear a satisfactory bank indorsement, have not more than 90 days to run, exclusive of days of grace, and are secured at the time of purchase by shipping documents evidencing the actual import or export and the actual sale of goods and conveying or securing title to such goods; and to exercise only such incidental powers as shall be necessary to the exercise of the above powers. The term "bills" as hereinafter used shall mean cable transfers, bankers' acceptances, and bills of exchange of the kinds described in this paragraph. (2) The Federal Reserve Bank of Atlanta shall not buy or sell any cable transfers except at the request of the Federal Reserve Bank of Boston as provided in paragraph 3 hereof, and shall not purchase, sell, or collect any bills in Cuba except such as originate in or are drawn upon banks or other drawees in the Sixth Federal Reserve District; and shall purchase no other bills nor purchase or sell any cable transfers except upon the request of, and for the account of, the Federal Reserve Bank of Boston. (3) The Federal Reserve Bank of Boston shall not pay out any currency in Cuba except as hereinafter provided, and whenever bills or cable transfers are offered for sale to its Havana Agency and the sellers request payment in Federal reserve notes or other currency, the Federal Reserve Bank of Boston shall request the Federal Reserve Bank of Atlanta to purchase such bills or cable transfers for it and immediately pay for them with Federal reserve notes issued through the Federal Reserve Bank of Atlanta or other currency. The Federal Reserve Bank of Atlanta shall comply with all such requests and shall make immediate payment, and shall immediately resell such cable transfers or bills to the Federal Reserve Bank of Boston at cost and without recourse. If the Fed- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

296 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. eral Reserve Bank of Atlanta shall fail to purchase such bills or cable transfers promptly for the Federal Bank of Boston or shall not have available in Havana a sufficient supply of currency, the Federal Reserve Bank of Boston may itself purchase such bills and pay for them with its own Federal reserve: notes. In making sales of cable transfers and bills of exchange where currency is tendered in payment, the Federal Reserve Bank of Boston shall require the purchasing banks to make the currency payments to the agency of the Federal Reserve Bank of Atlanta for credit to its account. All settlements between the agencies shall be made at the request of the creditor bank by the head offices through the gold settlement fund. Neither bank shall make any direct exchanges of currency in Cuba. (4) The establishment and operation of such agencies, and the exercise of all the above powers through such agencies, shall be subject to such changes and such further rules and regulations as the Federal Reserve Board may prescribe from time to time. (5) The Federal Reserve Board expressly reserves the right to revoke its consent at any time to the continuance of such agencies, to require the discontinuance of such agencies, or to authorize the establishment of new agencies whenever in its discretion it considers it desirable to do so. COURT OPINIONS IN PAR CLEARANCE CASES. ATLANTA CASE. DECISION OF SUPREME COURT OF THE UNITED STATES, JUNE 11, 1923. AMERICAN BANK & TRUST CO. ET AL., APPELLANTS, V. FEDERAL RESERVE BANK OF ATLANTA ET AL. Appeal from the United States Circuit Court of Appeals for the Fifth Circuit. Mr. Justice BRANDEIS delivered the opinion of the court. After the decision in this case reported in 256 U. S. 350 an answer was filed which denied, in large part, the allegations of the bill. Then, by an amended answer, the Federal reserve bank disclaimed any intention of demanding payment in cash, when presenting checks at the banks, and averred its willingness to accept payment in drafts, either on the drawee's Atlanta correspondent or on any other solvent bank, if collectible at par. The District Court heard the case upon the evidence. It found that the Federal reserve bank was not inspired by any ulterior purpose to coerce or to injure any non-member bank which refused to remit at par. It found that the evidence was insufficient to sustain any charge that the Federal reserve bank was exercising its rights so as to injure or oppress plaintiff banks. And it found, specifically, that the evidence did not sustain the charge that the Federal reserve bank accumulated checks upon nonmember country banks until they reached a large amount and then caused the checks to be presented for payment over the counter, in order to compel plaintiff banks to keep in their vaults so much cash that they would be obliged either to agree to remit at par or to go out of business. With regard to publication on the par list of the names of non-assenting banks, the District Court held that the evidence did not justify a finding that such publication was made in order to injure or oppress plaintiff banks. But it was of opinion that insertion of their names might lead to the belief that the plaintiff banks had agreed to remit at par. An injunction was, therefore, granted against inclusion of their names on the par list. The relief sought was in all other respects denied. The decree left the Federal reserve bank free to publish that it would make collection at par of checks upon any bank in any town, thus including those ir. which plaintiffs had their respective places of business. 280 Fed. 940. These findings were approved by the Circuit Court of Appeals; and the decree was affirmed, 284 Fed. 424. The case is here on an appeal taken by the plaintiffs. The evidence was conflicting. No adequate reason is shown why the concurrent findings of fact made by the two lower courts should not be accepted by us. Luckenbach v. W. J. McCahan Sugar Refining Co., 248 U. S. 139, 145. Whether on the undisputed facts plaintiffs were entitled to additional relief is the main question for decision. In order to decide that question it is necessary to consider the course Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. 297 of business former1^ prevailing and the changes wrought by the attempt to introduce universal par clearance and collection of checks through the Federal reserve banks. A large part of the checks drawn on country banks are sent to payees who reside in places other than that in which the drawee bank is located. Payment of such a check is ordinarily secured through the payee's depositing it in his local bank for collection. This bank ordinarily used, as the means for presenting the check to the drawee, a clearing house and/or correspondent banks. Formerly when the check was so presented, the drawee ordinarily paid, not in cash, but by a remittance drawn on his balance in some reserve city or by a credit with some correspondent. This process of collection yielded to the country bank a twofold profit. It earned some profit by the small service charge called exchange, which it made for the remittance or the credit. And it earned some profit by using the depositor's money during the period (sometimes weeks) in which the check was travelling the often circuitous route, with many stops, from the payee's bank to its own, and also while the exchange draft was being collected. These avenues to profit are, in large measure, closed by the Federal reserve banks' course of action. These banks do not pay any exchange charges to the drawee. And their superior facilities so shorten the time required to collect checks that the drawee bank's balances available for loans are much reduced. Largely because of the fact that the reserve banks thus make the collection without any deduction for exchange, most checks on country banks are now routed through the reserve banks. Although there is, as the District Court found, no intentional accumulation or holding of checks in order to embarrass, the advantages offered by the Federal reserve banks have created a steady flow in increased volume of checks on country banks so routed. That the action contemplated by the Federal reserve bank will subject the country banks to certain losses is clear.9 In order to protect them from the resulting loss it would be necessary to prevent the Federal reserve banks from accepting the checks for collection. For these banks cannot be compelled to pay exchange charges or to abandon superior facilities. The contention is that the injunction should issue, because it is ultra vires the Federal reserve banks to collect checks on banks which are not members of the system or affiliated with it, through establishing an exchange balance, and which have definitely refused to assent to clearance at par. It is true that Congress has created in the reserve banks institutions special in character, with limited functions and with duties and powers carefully prescribed. Those in respect to the collection of checks are clearly defined. The original act (act of December 23, 1913, c. 6, sec. 13, 3S Stat. 251, 263) authorized the reserve banks to " receive from any of its member banks, and from the United States, deposits of ...checks ... upon solvent member banks payable upon presentation; or solely for exchange purposes may receive from other Federal reserve banks deposits of ... checks ... upon solvent member or other Federal reserve banks payable upon presentation." By the amendment to section 13 of September 7, 1916, c. 461, 39 Stat. 752, the class of checks receivable was extended to " checks payable upon presentation within the district." By the amendment to section 13 of June 21, 1917, c. 32, sec. 4, 40 Stat. 232, 235, the class of banks from which checks might be received "solely for collection" was extended. By the latter amendment the facilities offered by the Federal reserve banks were made available also to such nonmembers as became affiliated with the Federal reserve system by establishing the required balance ato offset items in transit." It is true, also, that in practice this amendment might result in excluding checks on particular banks from the class collectible through the Federal reserve banks. For it enacted the clause which prohibits payment of exchange charges by Federal reserve banks. And as this piohibition would prevent reserve banks from using the usual channels in making collection of checks drawn on those country banks which insist upon exchange charges, the reserve bank might find it impossible or unwise, as a matter of banking practice, to collect such checks at all. But the class of checks to which the reserve bank's collection service might legally be applied was left by the amendment as those "payable upon presentation within its district." Wherever collection can be made by the Federal reserve bank, without paying exchange, neither the common law nor the Federal reserve act precludes their undertaking it; if it can be done consistentlv with the rights of the country banks already determined in this case, 256 U. S. 350. 9 It is said that introduction of a universal system of par clearance and collection of checks through the Federal reserve banks would bring compensatory advantages to the country banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

298 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD'. Federal reserve banks are, thus, authorized by Congress to collect for other reserve banks, for members, and for affiliated non-members, checks on any bank within their respective districts, if the check is payable on presentation and can in fact be collected consistently with the legal rights of the drawee without paying an exchange charge. Within these limits Federal reserve banks have ordinarily the same right to present a check to the drawee bank for payment over the counter as any other bank, State or national, would have. For section 4 (38 Stat. 251, 254) provides that the Federal reserve banks shall have power: "Seventh. To exercise by its board of directors or duly authorized officers or agents, all powers specifically granted by the provisions of this act and such incidental power as shall be necessary to carry on the business of banking within the limitations prescribed by this act." The findings of fact negative the charges of wrongful intent and of coercion. The Federal reserve bank has formally declared that it is willing, when presenting checks, to accept in payment a draft of the drawee bank upon its Atlanta correspondent or a draft upon any other solvent bank—if collectible at par. Country banks are not entitled to protection against legitimate competition. Their loss here shown is of the kind to which business concerns are commonly subjected when improved facilities are introduced by others, or a more efficient competitor enters the field. It is damnum absque injuria. As the course of action contemplated by the Federal reserve bank is not ultra vires, we need not consider whether lack of power, if it had existed, would have entitled plaintiffs to relief. Compare National Bank v. Matthews, 98 U. S. 621; Blair v. Chicago, 201 U. S. 400, 450. Some minor objections are urged. The Federal Reserve Bank of Atlanta serves, directly, only the sixth reserve district, which includes Georgia. It is contended that the decree should be reversed because the District Court refused to allow the intervention as plaintiffs of banks located outside of that district; because that court refused to admit evidence of the activities engaged in by other Federal reserve banks in other districts under the approval o:f the Federal Reserve Board; and because the court admitted certain joint answers to interrogatories propounded under equity rule 58. We cannot say that the trial court abused the discretion vested in it, or erred, in so ruling. Affirmed. RICHMOND CASE, DECISION OF SUPREME COURT OF THE UNITED STATES, JUNE 11, 1923. FARMERS AND MERCHANTS BANK OF MONROE, N. C, ET AL., PETITIONERS,-^. FEDERAL RESERVE BANK OF RICHMOND, VA. [On writ of certiorari to the Supreme Court of the State of North Carolina.] Mr. Justice BRANDEIS delivered the opinion of the court. The Legislature of North Carolina provided by section 2 of chapter 20, Public Laws of 1921, entitled "An act to promote the solvency of State banks": "That in order to prevent accumulation of unnecessary amounts of currency in the vaults of the banks and trust companies chartered by this State, all checks drawn on said banks and trust companies shall, unless specified on the face thereof to the contrary by the maker or makers thereof, be payable at the option of the drawee bank, in exchange drawn on the reserve deposits of said drawee bank when any such check is presented by or through any Federal reserve bank, postoffice, or express company, or any respective agents thereof." Section 1 authorizes banking institutions chartered by the State to charge a fee not in excess of one-eighth of one per cent on remittances covering checks, the minimum fee on any remittance therefor to be ten cents. Section 4 exempts from the operation of Sections 1 and 2 all checks drawn in payment of obligations to the Federal or the State government. Whether this statute conflicts with section 13 of the Federal reserve act (December 23, 1913, c. 6, 38 Stat. 251, 263; as amended September 7, 1916, c. 461, 39 Stat. 752; June 21, 1917, c. 32, section 4, 40 Stat. 232, 234) or otherwise with the Federal Constitution is the question for decision. The legislation arose out of the effort of the Federal Reserve Board to introduce in the United States universal par clearance and collection of checks through Federal reserve banks. See American Bank & Trust Co. v. Federal Reserve Bank of Atlanta, 256 U. S. 350. The Federal Reserve Bank of Richmond serves Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. 299 the Fifth Federal Reserve District which includes North Carolina. Upon the enactment of this statute the bank gave notice that it considered the legislation void under the Federal Constitution; that, when presenting checks to North Carolina State banks for payment over the counter, it would refuse to accept exchange drafts on reserve deposits as required by section 2; and that it would return as dishonored checks for which only exchange drafts had been tendered in payment. Some checks were returned thus dishonored; and to enjoin such action, this suit was brought in a court of the State by the Farmers and Merchants Bank of Monroe and eleven other State banks. Two hundred and seventyone more joined later as plaintiffs. So far as appears, none of them was a member of the Federal reserve system or was affiliated with it. The trial court granted a perpetual injunction. The Supreme Court of the State reversed the decree, 183 N. C. 546; and the case is here on writ of certiorari, 261 U. S. —. Defendant admits that, if the North Carolina statute is constitutional, plaintiffs are entitled to an injunction. To understand the occasion for the statute, its operation and its effect, the applicable banking practice must be considered.10 Par clearance does not mean that the payee of a check who deposits it with his bank for collection will be credited in his account with the face of the check if it is collected. His bank may, despite par clearance, make a charge to him for its service in collecting the check from the drawee bank. It may make such a charge although both it and the drawee bank are members of the Federal reserve system; and some third bank which aids in the process of collection may likewise make a charge for the service it renders. Such a collection charge may be made not only to member banks by member banks, National or State, but it may be made to member banks also by the Federal reserve banks for the services which the latter render. The collection charge is expressly provided for in section 16 of the Federal reserve act (38 Stat. 268) which declares that: "The Federal Reserve Board shall, by rule, fix the charges to be collected by the member banks from its patrons whose checks are cleared through the Federal reserve bank and the charge which may be imposed for the service of clearing or collection rendered by the Federal reserve bank." Par clearance refers to a wholly different matter. It deals not with charges for collection, but with charges incident to paying. It deals with exchange. Formerly, checks, except where paid at the banking house over the counter, were customarily paid either through a clearing house or by remitting, to the "bank in which they had been deposited for collection, a draft on the drawee's deposit in some reserve city. For the service rendered by the drawee bank in so remitting funds available for use at the place of the deposit of the check, it was formerly a common practice to make a small charge, called exchange, and to deduct the amount from the remittance. This charge of the drawee bank the Federal Reserve Board planned to eliminate and, in so doing, to concentrate in the twelve Federal reserve banks the clearance of checks and the accumulation of the reserve balances used for that purpose. The board began by efforts to induce the banks to adopt par clearance voluntarily.11 The attempt was not successful. The board then concluded to apply compulsion. Every national bank is necessarily a member of the Federal reserve system; and every State bank with the requisite qualifications may become such. Over members the board has large powers, as well as influence. The first step in the campaign of •compulsion was taken in the summer of 1916, when the board issued a regulation requiring every drawee bank, which is a member of the Federal reserve system to pay without deduction, all checks upon it presented through the mail by the Federal reserve bank of the district. The operation of this requirement was at first limited in scope by the fact that the original act (section 13) authorized the reserve banks to collect only those checks which were drawn on member banks and which were deposited by a member bank or another reserve bank or the United States. Few of the many State banks had then elected to become members. In September, 1916, section 13 was amended so as to authorize a reserve bank to receive for collection from any member (including other reserve banks) also checks drawn upon nonmember banks within its district. Thereby, the Federal Reserve Board was enabled to extend par clearance to a large proportion of all checks issued in the United States. But the regulation (j) then i° See Annual Reports of the Federal Reserve Board, 1914, pp. 19, 20, 174; 1915, pp. 14-17; 1916, pp. 9-12; Regulation I, Series of 1916, p. 169; 1917, pp. 23, 24; Regulation J, Seri?s of 1917, pp. 131-183; 1918, pp. 74-77: 204-206; 810, 811, 817, 821; 1919, pp. 40-44; 222-228; 1920, pp. 63-09; 1921, 03-73; 228-230; Latter from the Governor of the Federal Reserve Board of January 26, 1920, Senate Document No. 181, 66th Congress, 2d session; .also "Par Clearance of Checks," by C. T. Murehison, 1 No. Car. Law Review 133. n See Report, Federal Reserve Board, 1915, pp. 14-17; ibid, 1916, pp. 9-11. 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300 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. issued expressly provided that the Federal reserve banks would receive from member banks, at par, only checks on those of the nonmember banks whose checks could be collected by the Federal reserve bank at par. It was recognized that nonmembers were left free to refuse assent to par clearance. By December 15, 1916, only 37 of the State banks within the United States, numbering about 20,000, had become members of the system; and only 8,065 of the State banks had assented to par clearance. Reserve banks could not, under the then law, make collections for nonmembers • It was believed that if Congress would grant Federal reserve banks permission to make collection also for nonmembers, the board could offer to all banks inducements adequate to secure their consent to par clearance. A further amendment to section 13 was thereupon secured by act of June 21, 1917, c. 32, section 4, which provided, among other things, that Federal reserve banks: "Solely for the purposes of exchange of or collection, may receive from any nonmember bank . . . deposits of checks . . . payable upon presentation: Provided, Such nonmember bank . . . 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/' To this provision, which embodied the legislation proposed by the Federal Reserve Board, there was added, while in the Senate, another proviso, relating to the exchange charge, now known in a modified form as the Hardwick amendment, which declares: "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.1' Thus a Federal reserve bank was authorized to receive for collection checks from nonmembers who maintained with it the prescribed balance; and strenuousefforts were then made to induce all State banks to so arrange. But the law did not compel State banks to do this. Many refused; and they continued to insist on making exchange charges. On March 21, 1918, the Attorney General, 31 Ops. Atty. Gen. 245, 251, advised the President: "The Federal reserve act, however, does not command or compel these State banks to forego any right they may have under the State laws to make charges in connection with the payment of checks drawn upon them. The act merely offers the clearing and collection facilities of the Federal reserve banks upon specified conditions. If the State banks refuse to comply with the conditions by insisting upon making charges against the Federal reserve banks, the result will simply be, so far as the Federal reserve act is concerned, that since the Federal reserve banks cannot pay these charges they cannot clear or collect checks on banks demanding such payment from them." The Federal Reserve Board and the Federal reserve banks were thus advised that they were prohibited from paying an exchange charge to any bank. But they believed that it was their duty to accept for collection any check on any bank; and that Congress had imposed upon them the duty of making par clearance and collection of checks universal in the United States. So they undertook to bring about acquiescence of the remaining State banks to the system of par clearance.12 Some of the nonassenting State banks made stubborn resistance.13 To overcome it the reserve banks held themselves out as prepared to collect at par also checks on the State banks which did not assent to par clearance. This they did by publishing a list of all banks from whom they undertook to collect at par, regardless of whether such banks had agreed to remit at par or not. This resulted in drawing to the Federal reserve banks for collection the large volume of checks which theretofore had come to the drawee bank by mail from many sources and which had been paid by remittances drawn on the bank's balance in some reserve city. If a State bank persisted in refusal to remit at par, the reserve banks caused these checks to be presented, at the drawee bank, 12 North Carolina was placed on the par list on November 15, 1920. There were on January 1, 1921, in the United States, 30,523 banks, State and national. Of these, 1,755 State banks had refused to enter the par list. About 250 of the banks so refusing were in North Carolina. During the year 1921 the number which refused to consent to par clearance increased to 2,353. Annual Eeport of Federal Reserve Board, 1921, p. 71. 13 See American Bank & Trust Co. v. Federal Reserve Bank of Atlanta, supra; Brookings State Bank r. Federal Reserve Bank of San Francisco, 277 Fed. 430; 281 Fed. 222; Farmers & Merchants Bank of Catlettsburg, Ky., v. Federal Reserve Bank of Cleveland, 286 Fed. 610. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. 301 for payment in cash over the counter. The practice adopted by the reserve banks would, if pursued, necessarily subject country banks to serious loss of income. It would deprive them of tjieir income from exchange charges; and it would reduce their income-producing assets by compelling them to keep in their vaults in cash a much larger part of their resources than theretofore. That such loss must result was admitted. That it might render the banks insolvent was clear. But the Federal reserve banks insisted that no alternative was left open to them, since they had to collect the checks and were forbidden to pay exchange charges. The State banks denied that the Federal reserve banks were obliged to accept these checks for collection; and insisted that Federal reserve banks should refrain from accepting for collection checks on banks which did not assent to par clearance. It was to protect its State banks from this threatened loss, which might disable them, that the legislature of North Carolina enacted the statute here in question.14 It made no attempt to compel the Federal reserve bank to pay an exchange charge. It made no attempt to compel a depositor to accept something other than cash in payment of a check drawn by him. It merely provided that, unless the drawer indicated by a notation on the face of the check that he required payment in cash, the drawee bank was at liberty to pay the check by exchange drawn on its reserve deposits. Thus the statute merely sought to remove (when the drawer acquiesced) the absolute requirement of the common law that a check presented at the bank's counter must be paid in cash. It gave the drawee bank the option to pay by exchange only in certain cases; namely, when the check was "presented by or through any Federal reserve bank, post office or express company, or any respective agents thereof." The option was so limited, because the only purpose of the statute was to relieve State banks from the pressure which, by reason of the common-law requirement, Federal reserve banks were in a position to exert and thus compel submission to par clearance. It was expected that depositors would cooperate with their banks and refrain from making the prescribed notation; and that when the reserve banks were no longer in a position to exert pressure by demanding payment in cash, they would cease to solicit, or to receive, for collection checks on nonassenting State banks. Thus, these would be enabled to earn exchange charges as theretofore. Such was the occasion for the statute and its purpose. Whether this legislative modification of the common-law rule which requires payment in cash violates the Federal Constitution is the question for decision. That it does is asserted on five grounds. First. It is contended that in authorizing payment of checks by draft on reserve deposits section 2 violates the provision of Article I, section 10, clause 1 of the Federal Constitution, which prohibits a State from making anything except gold and silver coin a tender in payment of debts. This claim is clearly unfounded. The debt of the bank is solely to the depositor. The statute does not authorize the bank to discharge its obligation to its depositor by an exchange draft. It merely provides that, unless the depositor in drawing the check specifies on its face to the contrary, he shall be deemed to have assented to payment by such a draft. There is nothing in the Federal Constitution which prohibits a depositor from consenting, when he draws a check, that payment may be made bv a draft. And, as the statute is prospective in its operation, Denny v. Bennett, 128 U. S. 489; Abilene National Bank v. Dolley, 228 U. S. 1, 5, there is no constitutional obstacle to a State's providing that, in the absence of dissent, consent shall be presumed. Laws which subsist at the time and place of the making of a contract, and where it is to be performed, enter into and form a part of it, as fully as if they had been expressly referred to or incorporated in its terms. This principle embraces alike those laws which affect its construction and those which affect its enforcement or discharge. See Odgen v. Saunders, 12 Wheat. 213, 231; Von Hoffman v. Quincy, 4 Wall. 535, 550. If, therefore, the provision of section 2 authorizing payment by exchange draft is otherwise valid, it is binding upon the drawer of the check. Since it binds the drawer, it binds the payee and every subsequent holder, whether he be a citizen of North Carolina or of some other State, and wherever the transfer of the check was made. Brabston v. Gibson, 9 How. 263. For the holder of a check has, in the absence of acceptance by the drawee bank, no independent right to require payment under the general law. 14 Statutes similar in purpose were enacted in Alabama, Florida, Georgia, Louisiana, Mississippi, South Dakota, and Tennessee. See Annual Report of Federal Reserve Board, 1921, p. 70; Alabama, Gen. & Loc. Acts, 1920, No. 35; Florida, Laws, 1921, c. 8532; Georgia, Laws, 1920, p. 107; Louisiana, Acts, l920,No. 23; Mississippi, Laws, 1920, c. 183; South Dakota, Laws, 1921, c. 31; Tennessee, Pub. Acts, 1921, c. 37. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

302 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. Bank of the Republic v. Millard, 10 Wall. 152. He takes it subject to the construction and with rights conferred by the laws of North Carolina, the place of the bank's contract and of performance. Pierce v. Indseth, 106 U. S. 546. Compare Rouquette v. Overmann, L. R. 10 Q. B. 525. Second. It is contended that section 2 violates the due process clause. The argument is that defendant is a Federal corporation authorized to engage in the business of collecting checks payable upon presentation within the district, a business common to all banking institutions; that the right to engage in this branch of the business is a valuable property right; that while defendant has, in the past, not made any charge for such collections, it has the right to do so, and could make this branch of its business an important source of revenue; that to compel defendant to accept in payment of checks exchange drafts on reserve deposits, whether good or bad, deprives it of liberty of contract, and in effect of an important branch of its business, since that of collecting checks can not be conducted under such limitations. To this argument the answer is clear. The purpose of the statute, as its title declares, was to promote the solvency of State banks. We should, in the absence of controlling decision of the highest court of the State to the contrary, construe the statute not as authorizing payment in a "bad" draft, but as authorizing payment in such exchange drafts only as had customarily been used in remitting for checks. So construed the statute is merely an exercise of the police power, by which the banking business is regulated for the purpose of protecting the public and promoting the general welfare. Noble State Bank v. Haskell, 219 U. S. 104, 575. The regulation here attempted is not so extreme as inherently to deny rights protected by the due process clause. Compare Chicago. Burlington & Quincy R. R. Co. v. McGuire, 219 U. S. 549, 567, 568; Central Lumber Co. v. South Dakota, 226 U. S. 157, 162. If the regulation exceeds the State's power to protect the public, it must be because some other provision of the Federal Constitution is violated by the means adopted or by the manner in which they are applied. Third. It is contended that the statute is obnoxious to the equal protection clause. The argument is that the Federal Reserve Bank of Richmond is obliged to accept payment in exchange drafts, whereas other banks with whom it might conceivably compete may demand cash, except in those cases where they present the check through an express company or the post office. It is well settled that the legislature of a State may (in the absence of other controlling provisions) direct its police regulations against what it deems an existing evil, without covering the whole field of possible abuses. Lindsley v. National Carbonic Gas Co., 220 U. S. 61, 81; Missouri Pacific Ry. Co. v. Mackey,, 127 U. S. 205. If ~he legislature finds that a particular instrument of trade war is being used against a policy which It deems wise to adopt, it may direct its legislation specifically and solely against that instrument. Central Lumber Co. v. South Dakota, supra, p. 160. If it finds that the instrument is used only under certain conditions, or by a particular class of concerns, it may limit its prohibition to the conditions and the concerns which it concludes alone menace what it deems the public welfare. The facts recited above disclose ample ground for the classification made by the legislature. Hence, there was no denial of equal protection of the law. There remains to consider whether section 2 exceeds the State's power, because Congress has imposed specifically upon Federal reservs banks duties, the performance of which isection 2 obstructs; and that in this way it conflicts with the Federal reserve act. This is the ground on which the invalidity of the North Carolina act has been most strongly assailed. Fourth. One contention is that section 2 conflicts with the Federal reserve act because it prevents the Federal reserve banks from collecting checks of such State banks as do not acquiesce in the plan for par clearance. The argument rests on the assumption that the Federal Reserve Bank of Richmond is obliged to receive for collection any check upon any North Carolina State bank, if such check is payable upon presentation; and is obliged to collect the same at par without allowing deductions for exchange or other charge. But neither section 13, nor any other provision of the Federal reserve act, imposes upon reserve banks any obligation to receive checks for collection. The act merely confers authority to do i3O. The class of cases to which such authority applies was enlarged from time to time by Congress. But in each amendment, as in section 13, the words used were "may receive"—words of authorization merely. It is true that in statutes the word "may" is sometimes construed as "shall". But that is where the context, or the subject matter, compels such construction. Supervisors v. United States, 4 Wall. 435. Here it does not. This statute appears to have been Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. 303 drawn with great care. Throughout the act the distinction is clearly made between what the board and the reserve banks "shall" do and what they "may" do.15 Moreover, even if it could be held that the reserve banks are ordinarily obliged to collect checks for authorized depositors, it is clear that they are not required to do so where the drawee has refused to remit except upon allowance of exchange charges which reserve banks are not permitted to pay. There is surely nothing in the act to indicate that reserve banks must undertake the collection of checks in cases where it is impossible to obtain payment except by incurring serious expense; as, in presenting checks by special messenger at a distant point. Furthermore, the checks which the act declares reserve banks may receive for collection are limited to those "payable on presentation." The expression would seem to imply that the checks must be payable either in cash or in such funds as are deemed by the reserve bank to be an equivalent. A check payable at the option of the drawee by a draft on distant reserves would seem not to be within the limited class of checks referred to in the act. The argument for the Federal reserve bank is not helped by reference to the incidental power conferred by section 4. It is only "such incidental powders as shall be necessary to carry on the business of banking within the limitations prescribed by this [the Federal reserve] act" wiiich are granted. No duty or right of the Federal reserve bank to collect checks is obstructed by the North Carolina statute which merely gives to the drawee bank the right to pay in the customary exchange darft, where its depositor has, by the form used in drawing the check, consented that this be done. Fifth. The further contention is made that section 2 conflicts with the Federal reserve act because it interferes with the duty of the Federal Reserve Board to establish in the United States a universal system of par clearance and collection of checks. Congress did not in terms confer upon the Federal Reserve Board or the Federal reserve banks a duty to establish universal par clearance and collection of checks; and there is nothing in the original act or in any amendment from which such duty to compel its adoption may be inferred. The only sections which in any way deal either with clearance or collection are 13 and 16. In neither section is there any suggestion that the Reserve Board and the reserve banks shall become an agency for universal clearance. On the contrary section 16 strictly limits the scope of their clearance functions. It provides that the Federal Reserve Board: "may at its discretion exercise the functions of a clearing house for such Federal reserve banks . . . and may also require each such bank to exercise the functions of a clearing house for its member banks." There is no reference whatever to "par" in section 13, either as originally enacted or as amended from time to time. There is a reference to "par" in section 16; and it is so clear and explicit as to preclude a contention that it has any application to nonmember banks; or to the ordinary process of check collection here involved. Section 16 (38 Stat. p. 268) declares: "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. Nothing herein contained shall be construed as prohibiting a member bank from charging its actual expense incurred in collecting or remitting funds, or for exchange sold to its patrons." The depositors in a Federal reserve bank are the United States, other Federal reserve banks, and member banks. It is checks on these depositors which are to be received by the Federal reserve banks. These checks from these depositors the Federal reserve banks must receive. And when received they must be taken at par. There is no mention of nonmember banks in this section. When, in 191(3, section 13 was amended to permit Federal reserve banks to receive from *5 In the original Federal reserve act (38 Stat. 251) "may" is used in sections 2, 3, 4, 5, 8, 9, 10, 11, 12, 13, 14, 15, 16, 18, 19, 21, 22, 24, 25, 28, 28. "Shall" is used in those sections and also in sections 1, 6, 7, 20, 23, 27, 29. Thus: Sec. 2: "The Secretary . . . shall designate . . . cities to be known as Federal reserve cities, and shall divide the Continental United States into districts. . . . The districts . . . may be readjusted. . . . Such districts shall be known as Federal reserve districts and may be designated by number"; Sec. 3: "Each Federal reserve bank shall establish branch banks within the Federal reserve district in which it is located and may do so in the district of any Federal reserve bank which may have been suspended"; Sec. 5: "outstanding capital stock shall be increased . . . as member banks increase their capital stock . . . and may be decreased as member banks reduce their capital stock . . . "; Sec. 13: "... may receive . . . deposits . . . may discount . . . shall at no time exceed"; Sec. 16: "Every Federal reserve bank shall maintain reserves . . . "; "Every Federal reserve bank shall receive on deposit." 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304 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. member banks solely for collection other checks payable upon presentation within the district—and when, in 1917, section 13 was again amended to permit such receipt solely for collection also from certain nonmember banks—section 16 was left in this respect unchanged. In other respects section 16 was amended both by the act of 1916 and by the act of 1917. The natural explanation of the omission to amend the provision in section 16 concerning clearance is that the section has no application to nonmember banks—even if affiliated. Moreover, the contention that Congress has imposed upon the board the duty of establishing universal par clearance and collection of checks through the Federal reserve banks is irreconcilable with the specific provision of the Hardwick amendment which declares that even a member or an affiliated nonmember may make a limited charge (except to Federal reserve banks) for "payment of checks and . . . remission therefor by exchange or otherwise/' The right to make a charge for payment of checks, thus regained by member and preserved to affiliated nonmember banks, shows that it was not intended, or expected, that the Federal reserve banks would become the universal agency for clearance of checks. For, since against these the final clause prohibited the making of any charge, then if the reserve banks were to become the universal agency for clearance, there would be no opportunity for any bank to make as against any bank a charge for the "payment of checks." The purpose of Congress in-amending section 13 by the act of 1917 was to enable the board to offer to nonmember banks the use of its facilities, which it was hoped would prove a sufficient inducement to them to forego exchange charges; but to preserve in nonmember banks the right to reject such offer;16 and to protect the interests of member and affiliated nonmember banks (in competition with the nonaffiliated State banks) by allowing also those connected with the Federal system to make a reasonable exchange charge to others than the reserve banks. The power of the Federal Reserve Board to establish par clearance was, thus, limited by the unrestricted right of unaffiliated nonmember banks to make a charge for exchange and the restricted right of members and affiliate nonmembers to make the charge therefor fixed as reasonable by the Federal Reserve Board. No bank could make such a charge against the Federal reserve banks, because these were prohibited from paying any such charge. Member and nonmember affiliated banks, because they were such, performed the service for the Federal reserve banks without charge. Unaffiliated nonmember banks were under no obligation to do so. Thus construed, full effect may be given to all clauses in the Hard wick amendment as enacted. It in no way interferes with the right of a depositor in a nonaffiliated State bank to agree with his bank that the checks which he mightdraw should (unless otherwise indicated on their face) be payable, at the option of the drawee, in exchange in certain cases. The North Carolina statute here in question does not obstruct the: performance of any duty imposed upon the Federal Reserve Board and the Federal reserve banks. Nor does it interfere with the exercise of any power conferred upon either. It is therefore consistent with the Federal reserve act and with the Federal Constitution. Reversed. Mr. Justice VAN DEVANTER and Mr. Justice SUTHERLAND dissent. COURT OPINIONS ON EXERCISE OF FIDUCIARY POWERS. DECISION OF SUPREME COURT OF PENNSYLVANIA, APRIL 9, 1923. IN THE MATTER OF THE PETITION OF EDNA FRISBIE TURNER, DECEASED- APPEALS OF COMMONWEALTH OF PENNSYLVANIA—APPEAL FROM THE DECI- SION OF THE SUPERIOR COURT OF PENNSYLVANIA, REVERSING DECREE OF THE ORPHANS' COURT OF PHILADELPHIA COUNTY. FRAZER, /. These two appeals involve the same question, namely, whether a national bank lias the right to act as a fiduciary under the laws of the Commonwealth of Pennsylvania; they were argued together and will be decided in a single opinion. 16 The Governor of the Federal Reserve Board stated in his letter to the Senate, January 26, 1920, Sen. Doc. 184, 66th Cong., 2d session, p. 6: "That a relatively small number of nonmember banks should not want to become members of the clearing system, or should not want to remit at par is, of course, their own concern, and the Federal Reserve Board and the Federal reserve banks have not and will not dispute their right to decline to do so." Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. 305 In settling the account of executors of the estate of Edna Frisbie Turner, a fund was awarded to minor children, beneficiaries under the will of decedent. The court appointed The Rittenhouse Trust Company, of the City of Philadelphia, guardian of their estate and before the account was called for audit that company was converted into a national bank and consolidated with the Corn Exchange National Bank, with power granted by the Federal Reserve Board to transact a fiduciary business. The latter applied for and secured a certificate from the State Banking Department authorizing it to do fiduciary's business in Pennsylvania and presented a petition asking that funds belonging to the minors be paid to it. This the court refused to do until the bank secured the approval of the Orphans' Court of Philadelphia County, under rule 21 of that court relating to approval of fiduciaries. Accordingly, a petition was presented for that purpose setting forth the fact of petitioner's incorporation under the National banking laws and its subsequent consolidation with The Rittenhouse National Bank, formerly The Rittenhouse Trust Company, stating it was authorized by the Federal Reserve Board to transact a fiduciary business and had complied with the law of Pennsylvania governing the transaction of such business; had conformed to the acts of May 9th, 1889, P. L. 159, and May 20, 1921, P. L. 991, agreeing to be subject to supervision and examination by the Banking Department of Pennsylvania in the same manner as corporations of Pennsylvania; and stipulated, pursuant to requirements of the before mentioned rule of court, 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 moneys, 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 for whose account the same has been received, and that trust funds received by said bank, whether as fiduciary or for the person or persons for whom it is surety shall be deposited in a separate account" in another bank or trust company of good standing. This application was refused by the orphans' court, whereupon the bank filed a petition, as guardian of the minors, asking that, notwithstanding the refusal to approve its application to act as fiduciary, the funds in question be awarded to it as guardian. This petition was also dismissed and an appeal taken to the Superior Court, which reversed the court below and from that decree we have the present appeals. The act of Congress, approved December 23, 1913, (38 Stat. 251), gave the Federal Reserve Board power, inter alia, "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." It was thus left to the courts to ascertain whether, in any given case, the exercise of the powers granted would be in contravention of State or local law. Difficulties arose in the construction of the act, resulting in its amendment in 1918 (act September 26, 1918, 40 Stat. 867) by permitting "national banks to act as executor, administrator, trustee, guardian, etc., in all cases where 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," and also providing that "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 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 statute contained a further provision that banks exercising fiduciary powers should "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 section - . . but nothing in this act shall be construed as authorizing the State authorities to examine the books, records, and accounts of the national bank which are not held in trust under authority of this subsection." It also required that "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 its trust department, United States bonds or other securities approved by the Federal Reserve Board." Numerous other administrative provisions are found in the Federal act that need not be referred to here. The contention of the Commonwealth is that, to permit a Federal bank to act in a fiduciary capacity in this State, under the statutory provisions referred to, would amount to a violation of our laws. The act of May 21, 1919, P. L. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

306 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. 209, provides, inter alia, that the banking department shall have supervision of all corporations or persons receiving money on deposit for safe keeping, including banks incorporated under the laws of the United States, which shall, pursuant to Federal law or regulations, be permitted to act in any fiduciary capacity and makes all such corporations subject to inspection and examination by the banking commissioner. By act of May 20, 1921, P. L. 991, it was provided that no person should have the right to appoint, in a fiduciary capacity, any corporation other than a corporation organized and doing business under the laws of Pennsylvania and subject to the supervision and examination of the banking department of the State, or a corporation organized under the laws of the United States and doing business in Pennsylvania by resolution of its board of directors agreeing to place itself under and subject to the supervision and examination of the State Banking Department "in the same manner and to the same extent as corporations organized and existing under the laws of this State." A comparison of the foregoing Federal and State acts shows the main points of difference are that the Federal statute allows inspection of the: books and records of only that part of the assets of national banks as are received in a fiduciary capacity and requires them to segregate all assets held in a fiduciary capacity and prohibits commingling them with other assets in its business, unless it shall first set aside in the trust department United States bonds or other securities approved by the Federal Reserve Board, while on the other hand, the State acts authorize supervision t>y the banking department of all assets of the corporation and forbid substitution of securities for the funds, but require the companies, in all cases, to keep trust funds separate from their other assets and to indicate all investments made as fiduciaries, so that the trust to which the investment belongs shall be clearly known. It is argued this difference in the two provisions produces a conflict, making the Federal reserve act in direct violation of State law by permitting uninvested funds to be mingled with the general assets and removing such funds from the inspection and supervision of State authorities. The Corn Exchange National Bank has complied with every provision of the State rules, regulations, and laws by consenting to the examination of all its assets by the State bank examiners and agreeing to keep trust securities on deposit in a separate bank. This voluntary compliance with State rules would, in itself, seem to render unnecessary a further discussion of the questions raised. Appellant contends, however, that the national bank can not, validly, agree to be bound by State law or by local rule of court, wrhich is contrary or inconsistent with the Federal law and that, consequently, the question still remains whether it was not beyond the power of the bank to agree to comply with the State regulations where they are in conflict with Federal practice. The answer to this contention is that in so far as the State law is inconsistent with the Federal act, the former must yield to the latter, even though the result may be to place upon Federal banks a benefit or burden not received or assumed by the State banks and trust companies. The definition given in the Federal act as to what constitutes a violation of the State law takes no cognizance of the fact that certain administrative details in the regulations of Federal banks were different from those governing State institutions. The existence of these differences, however, is not sufficient to deprive a national bank of the enjoyment of its powers under the Federal law. The establishment of the Federal reserve bank was a matter within the scope of Federal power and a State can not, in any way, interfere with the powers of such banks, except in so. far as Congress has permitted it to do so. When the Federal ad: was passed Congress had knowledge of the fact that various States had adopted different laws and systems governing persons or corporations acting in a fiduciary capacity. Having this knowledge, they gave to the Federal Reserve Board power to prescribe regulations for the government of Federal banks. Regulations thus established are paramount to State rules and the latter must yield whenever a conflict arises. It was with knowledge of this situation and the existing difference between rules governing State and Federal banks that Congress undertook to define, by the act of 1918, what would be construed "in contravention of State law." It will be observed the definition refers to "powers" only and not the rules governing the exercise of such powers. It is the right itself, not the rules governing the exercise of the right, to which reference is made. Concede the existence of the right in the State banks and trust companies and we have the same right bestowed upon national banks. Had Congress intended the latter to be governed by State laws in the exercise of the right given, surely expression of that intention would be found in the statute. In the absence of such utterance, we must assume Congress was satisfied with the rules already prescribed by the Federal Reserve Board. If these rules happen to conflict with State regulations on the subject, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. 307 the latter must yield to the former because the right being conceded the power to regulate the exercise of the right would follow as a necessary incident. We believe this view is fully supported by the opinion in First National Bank v. Union Trust Company, 244 U. S. 416, and cases therein cited. The decree of the Superior Court is affirmed. DECISION OF SUPREME COURT OF MISSOURI, JANUARY A, 1924. STATE EX REL. BURNES NATIONAL BANK OF ST. JOSEPH V. A. B. DUNCAN, JUDGE OF PROBATE COURT OF BUCHANAN COUNTY. Mandamus. The relator filed its petition in this court setting forth its organization as a national bank and alleging that one Mar}^ E.. Bird, a citizen of the State of Missouri and resident of the city of St. Joseph, died November 27, 1922, leaving a will which was duly admitted to probate in the probate court of Buchanan County, in which will she named the relator as executor; that the Federal reserve act, section 9704, paragraph K, in granting certain powers to national banks, included the right to act as executors of estates; that the Federal Reserve Board, under the rules and regulations prescribed by the Federal reserve act, granted the petitioner the right to exercise its privileges so granted in so far as such exercise of that right was not in contravention of the State or local law; that under the Revised Statutes of Missouri for 1919 trust companies of this State are authorized to act as executors, and in fiduciary capacities; that subsequent to the probate of said will the petitioner made application to the probate court of Buchanan County for appointment as executor, and for the issuance of letters testamentary under the terms of the will; that January 29, 1923, the respondent, judge of said probate court, entered an order declining to appoint the petitioner on the grounds that under the laws of the State of Missouri, said petitioner was not authorized to act as executor. The proceedings of the probate court in that connection were set out in full, including the order declining to appoint the Burns National Bank as executor, and appointment of Mary E. Williams, to be administratrix, with will annexed, of said estate. The petition thereupon prays this court for an alternative writ of mandamus, directing the respondent judge of the probate court to set aside said order appointing Mary E. Williams, and to appoint the petitioner as executor of said estate, or show cause why he had not done so. Upon the filing of such petition this court caused an alternative writ to be issued March 3, 1923. The respondent then for return to the alternative writ demurred on the ground that the aforesaid petition did not state facts which would authorize the issuance of a peremptory writ of mandamus. The case, then, is to be determined upon the facts stated in the petition for an alternative writ. I. The petitioner calls attention to section 11, R. S. Mo. 1919, providing that after the probate of a will, letters testamentary shall be granted to the persons therein appointed executors, arguing that "persons7' mentioned in the section includes corporations as well as natural persons. There can be no force in this argument unless petitioner means that this and other sections of the chapter relating to administration, authorize any and every corporation to act as executor or in other fiduciary relation as provided for in that chapter. It is true that in many instances where the word "person" is used in a statute, it is construed to include corporations. The use of the term applies particularly to criminal statutes where a criminal act affects the property of a person. But that construction is by no means universal; it depends upon the context and the intent with which the term is employed. (30 Cyc. p. 1526; see Words & Phrases, title "Person.") The entire purpose and context of article 1 on administration excludes the idea that "person" means corporation. Section 7, relating to persons who may administer on estates; section 6, excluding certain persons from acting as administrator or executor; section 36, providing the form of letters issued to an executor; in fact, all the provisions of that article show that the legislature was dealing with and granting powers to natural persons. It must be remembered that there was no common law right to make a will or appoint an executor. It is purely a matter of statutory regulation. The statute authorizing certain persons to act as executor is an enabling statute, and it must Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

308 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. be construed according to the intent and purpose of the legislature in enacting it. The intent of the legislature to include only natural persons in the authority granted in that article appears not only in the terms of the article, but is shown by the actual grant, in another statute, of authority to trust companies to act as executors, and in other fiduciary relations. There would have been no need of such affirmative act if this chapter on administration had granted such authority to all corporations. Before any corporation in this State can have a right to act in a fiduciary relation in administrating estates there must be express authority given that kind of a corporation and that statutory authority must be construed in part materia with the chapter relating to administration. Certainly there is no warrant for a contention that any corporation which might be named as executor in the will would have authority to act as such unless the law creating and denning the powers of such corporation should authorize it to perform such duties. The petitioner can not derive authority to act as executor from the article on administration or the section of that article relating to executors. It must be authorized to act through some other statute, Federal or State, giving it such authority. II. The petitioner claims authority to act as executor under the provisions of the Federal reserve act. A brief filed herein by several amid curiae, presumably representing national banks, has a good deal to say about the authority of the Federal Government, quoting precedents to the effect that the Constitution of the United States and the acts of Congress, within the scope of authority delegated to them, are paramount—the supreme law of the land—and binding upon all the States; that when Congress has enacted a statute within its constitutional power, regulating and defining the powers of any agency created b}^ Congress, a State can not by any enactment nullify or abridge the powers thus granted or defined. Of course those principles are well established, and the extent of such authority is not in issue in this case. In accordance with its constitutional authority, Congress, it was held, had power to authorize the organization of national banks and invest them with whatever functions it thought necessary to make the business of the banks successful. Thus, incidental authority was founded upon necessity; national banks could be empowered to perform any duties when "Congress was of the opinion that these faculties were necessary to enable the bank to perform the services which are exacted from it, and for which it was created." (First National Bank v. Fellows, 244 U. S., 1. c. 420.) That quotation is taken from an earlier case and the principle applied to the section of the Federal reserve act authorizing banks to act in fiduciary capacities. That case is the only case cited, and, so far as we know, the only case decided by the United States Supreme Court construing that feature of the Federal reserve act under which the petitioner asserts its right. It is mentioned often in later decisions of other courts, and the argument of petitioner is largely based upon deductions drawn from it by such other courts. We think it settles a good many questions which have arisen in relation to the act-—questions which occur in this case. It is well to note what is said there regarding the authority granted by Congress to a national bank to serve in fiduciary relations, such as executor, as necessary to enable the bank to perform the services required of it. We will notice below just what is meant by those duties in the light of the provision of the Federal reserve act. III. While Congress has power, unless restrained by the Federal Constitution, to absorb to itself the entire regulation of such matters as are under consideration here, it has not done so. On the contrary, while the Federal reserve act authorizes national banks to act in the capacity of executors, administrators, etc., Congress appeared to have in mind the popular protest against its supposed tendency to legislate in matters of purely local and State concern, for it limited the authority of national banks in that respect to cases where such authority was "not in contravention of the State or local law." The question at issue here is whether the exercise of the fiduciary function by national banks authorized by that provision of the Federal reserve act is in contravention of the law of the State of Missouri. First, however, we must ascertain what authority is to decide that question. Is its determination peculiarly within the jurisdiction of the Federal court? Or does this court have authority to say whether the exercise of such functions by national banks is in contravention of the law of this State? It has always been held that the power to regulate the acquisition and transfer of property, descents and distributions, the devolution of estates, etc., is exclusively within the jurisdiction of the State. Overly v. Gordon, 177 U. S. 214; Pennoyer v. Neff, 95 U. S. 714. Trustees, executors, and administrators are the instruments through which the State regulates and controls certain classes of property. This is recognized by the Federal courts in the cases just mentioned. 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ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. 309 It naturally follows that the State, by statute, has the right to say, and the State courts have the right finally to determine, what agencies may exercise such control without acting in contravention of the State law. That was expressly held by the Federal Supreme Court in the Fellows case. (244 U. S., 1. c. 427-8), where Chief Justice White said: "In other words, we are of opinion that as the particular functions in question by the express terms of the act of Congress were given only 'when not in contravention of the State or local law,; the State court was, if not expressly at least impliedly, authorized by Congress to consider and pass upon the question whether the power was or was not in contravention of the State law, and we place our conclusion on that ground. * * * The nature of the subject dealt with adds cogency to this view since that subject involves the action of State courts of probate in a universal sense, implying from its very nature the duty of such courts to pass upon the question and the power of the court below within the limits of State jurisdiction to settle, so far as the State was concerned, the question for all such courts by one suit, thus avoiding the confusion which might arise in the entire system of State probate proceedings and the very serious injury to many classes of society which also might be occasioned." Since that decision the Federal reserve act has been amended. Originally it authorized the Federal Reserve Board— "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." Section 11 (k) of the act was amended by Congress in September, 1918, so thatphe provision read as follows: "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, registar 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." It can not be contended that Congress by this amendment took away from the courts of a State the right to interpret its own statutes and to determine this particular question. The reasoning of the Supreme Court in the Fellows case negatives the existence of any such authority on the part of Congress. The petitioner argues that this amendment enlarges the authority of national banks, giving them authority to act in such matters, where before the amendment they had none. On the contrary, the first paragraph of the amendment limits the exercise of that authority. Under the original act the authority to act as executor, etc., given to national banks was only when such function was "not in contravention of the State or local law." Under the first paragraph of the amendment it is not sufficient that it is not in contravention of the State law, but there must be competition with State institutions, authorized to act in such fiduciary capacities, before a national bank has such authority. The petitioner calls attention to the second paragraph of the amendment quoted as further limiting the right of the State to exclude national banks from acting in such capacities, by declaring that where the State gives such authority to State banks and trust companies or other corporations u which compete with national banks" the exercise of such power "shall not be deemed to be in contravention of the State or local laws." Some courts have held this to be a legislative interpretation of the authority granted and not binding upon the courts. Appellant says that it was not necessary for Congress to make any qualification; that it had a right to authorize national banks to act in fiduciary relations without any exceptions and regardless of the State law. It is sufficient answer to say that Congress has not seen fit to do so. On the contrary, Congress has dealt very tenderly with the supposed sensitiveness of States in regard to en- 86538—241 21 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

310 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. croachment upon their authority. It is not contended and can not be that that provision attempts to take away from the State courts the right to determine when the exercise of such powers is in contravention of State law, except to define one particular instance where it shall not be so considered. It remains for the courts to say what is meant by the competition with national banks as mentioned in the act. That the provision relating to the contravention of State or local law is retained in the amendment shows an intent to give it some meaning, and that meaning is not taken away by the attempted definition following. If the latter paragraph should be construed to state the entire case as to when national banks should be excluded from exercising such authority, the use of the expression "not in contravention of the State or local law" would be superfluous. We hold, therefore, that this court has the right and the duty to determine whether the office which the petitioner seeks to discharge is in contravention of the laws of this State. IV. In consideration of the terms of paragraph 11 (k) of the Federal reserve act we must ascertain what Congress had in mind. Congress did not grant such powers to national banks because it claimed any right to provide for the custody of property which is within the constitutional control of the State. Congress had no intention to trespass upon State preserves. National banks were vested with such functions because they were necessary to enable them to " perform the services which were exacted from them and for which they were created." It was a matter of surviving against unequal competition. That idea is apparent in the act, and particularly in the amendment. Unless it was necessary to the proper discharge of its duties there was no reason why a national bank should act in fiduciary relations, and such function would not be necessary unless the bank came in competition with.the State institutions, which wquld thereby have an advantage over their national competitors. This appears in the expressions where the act speaks of other corporations, "which come in competition with national banks" * * * "which compete with national banks." If State institutions of like character are denied the right to exercise such functions, national banks have no right to exercise them. It is in contravention of State law; that is, in contravention of the State legislative policy. It is only because national banks, by reason of an advantage given to State institutions, could not compete and survive that this authority is conferred upon them. When Congress in the act speaks of competition of course it means competition on equal terms with State corporations. It can not be that Congress intended national banks to have privileges and advantages which State institutions could not enjoy in matters relating to control of estates which are peculiarly within the State authority. The entire purpose of the act was not to give national banks an advantage but to place them upon equal terms with competitive State banks. It was said by the Federal Supreme Court in the Fellows case, 1. c. 426: "This must be since the State may not by legislation create a condition as to a particular business which would bring about actual or potential competition with the business of national banks and at the same time deny the power of Congress to meet such created condition by legislation appropriate to avoid the injury which otherwise would be suffered by the national agency. Of course, as the general subject of regulating the class of business just referred to is peculiarly within the State administration control, State regulation for the conduct of such business, if not discriminatory or so unreasonable as to justify the conclusion that they necessarily would so operate, would be controlling upon banks chartered by Congress when they came in virtue of authority conferred upon them by Congress to exert such particular powers." This is a distinct recognition of our interpretation of the act. National banks have no right to exercise the fiduciary functions enumerated in the statute unless the State has discriminated against national banks in that respect and put them at a disadvantage. If national banks, without such authority can compete successfully with State institutions, then under the terms of the act they have not right to demand the exercise of such functions. V. In determining whether the exercise of fiduciary capacities by a national bank is in contravention of the State law it is not necessary to point to a specific statute which forbids the exercise of such functions by such banks or similar institutions of the State. If it is contrary to the policy of the State and plainly so appears from its statutory enactments, then it is in contravention of the State law. The legislative power of the State has not given authority to State banks to act as executors, administrators, etc., but has selected trust companies as the only and peculiar corporations to be invested with such trusts. This authority is not given to trust companies as a convenient incident to the conduct of their Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. 311 ordinary business. The legislature was not considering the prosperity of trust companies, but was looking for the safety of certain important trust funds which are attended with the natural insecurity and danger of dissipation, making them the especial and peculiar concern of the law. The legislative purpose was not to confer a privilege upon trust companies but to seek additional sources of security for those funds. Hence the law-making body hedged about the custodians of such funds with restrictions, conditions, and securities with which only a trust company could conveniently comply—restrictions which the State courts are powerless to impose upon national banks. National banks with the regulatory provisions in the Federal reserve act may be just as safe as the State trust companies. With that we have no concern. The propriety and expediency of statutes are for the sole determination of the legislative body. We must declare the legislative policy as we find it. Now let us consider for a moment what that policy is: (a) The legislature has not given authority to act as executors and administrators to State banks, the natural inevitable competitors of national banks in the transaction of ordinary business. « (6) In giving this authority to trust companies it has provided in section 11801 R. S. 1919, subdivision 5, that: "All investments made by any trust company of money received by it in any fiduciary capacity shall be at its sole risk, and for all losses of such money the capital stock and property of the company shall be absolutely liable." except on certain unimportant conditions. (c) Subdivision 8 of the said last-mentioned section provides that the property held by a trust company in trust "shall not be mingled with the investments of the capital stock or other property belonging to such trust company or be liable for debts or obligations thereof." For the purposes of that section the trust company is required to have "a trust department in which all the business authorized by the act" shall be kept distinct and separate from its general business. {d) Subdivision 9, of the said section, provides that, unless otherwise provided in the instrument creating the trust on certain of the money held by the trust company in a fiduciary capacity interest shall be allowed at not less than 2 per cent per annum, compounded annually. (e) Section 11802, R. S. 1919, provides that the directors may set apart a trust or guaranty fund, and provides for its investment. Section 11803 provides that the guaranty fund shall be absolutely pledged for the faithful performance of the duties of the trust company under the provisions of the act. (/) Section 11838, R. S. 1919, provides that when any company now doing business in this State, or which may hereafter be organized under the provision of this article relating to trust companies, * * * "which shall make with the bank commissioner a deposit of two hundred thousand dollars * * * shall be permitted to qualify as guardian and curator, executor, etc., without giving bond as such, and the fund so deposited is primarily liable for the obligation of the company as guardian, curator, executor, etc." The Federal reserve act provides that the assets held by a national bank in a fiduciary capacity shall be segregated from the general assets of the bank and a separate set of books and records shall be kept which shall be open to inspection of the State authorities. It further provides that funds deposited or held in trust by the company "awaiting investment" shall be carried in a separate account and shall not be used by the bank in the conduct of its business unless first set aside in the trust department in United States bonds, etc., and 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. It further provides that when the laws of the State require corporations acting in fiduciary capacity to deposit securities with the State authorities, national banks shall be required to make similar deposits. It can not be contended that these regulations in any way conform to the requirements which the State law imposes upon trust companies. The extraordinary burden which trust companies carry by acting in a fiduciary relation is shown in subdivision 5, in section 11801, which makes all the capital stock and property of the company liable for the loss of trust funds. Nothing to compare with this appears in the Federal reserve act. The State requirement of trust companies further provides that money so deposited shall be a special deposit. It shall not be mingled with the investments of the capital stock nor with other money belonging to the trust company or liable for its debts, and two per cent interest shall be allowed on it. Not only must the money be kept separate Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

312 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. and accounted for separately; it is a separate department and completely independent in its management, as if it were indeed a separate and distinct organization. When a trust company takes on the discharge of duties as executor, etc., it elects to conduct new business distinct from its trust company business, and to become peculiarly responsible for funds which have nothing to do with and can not add to the prosperity of its ordinary business, nor make the functional discharge of its regular business any easier or more effective. The trust company mightfail with complete loss to all stockholders and depositors, and yet that would not affect in the least the security of the trust funds if the statute is complied with. A trust company, by reason of taking on this additional duty and engaging in this outside business, is not competing with national banks as a trust company. It would be exactly the same as if the legislature should attach such a function to probate courts. Considering then that the legislative department of the State has not seen fit to give such authority to State banks, and has not given such authority to trust companies as an aid to the conduct of their ordinary business, but has selected trust companies to discharge such duties only on condition that they* create a separate and distinct operative agency, there is no such competition with national banks, as is contemplated in the Federal reserve act. The exercise of such functions by national banks is not necessary in the performance of the service for which they were created. We can not admit that Congress intended to give national banks an advantage in competition with State banks. The relator hastens to assure us that State authorities have no control whatever over national banks, except as permitted by the congressional act. This court has recognized that in the recent case of State v. National Bank, 249 S. W. 619. The legislature of this State can not, by any means, require on the part of national banks a compliance with the conditions mentioned which reflect the legislative policy of the State and national banks, restrained by the law of their organization can not comply with them. Thus it plainly appears that the relator can not act as executor in this case because the exercise of such function would be in contravention of the State law. VI. The authorities support the conclusion we have reached. The most important case, of course, is the First National Bank v. Fellows (244 U. S. 416), referred to above. That case arose in Michigan where the Attorney General brought a quo warranto proceeding against a nationa} bank (92 Mich. 640), questioning its right to act as trustee, executor, etc. The Supreme Court of Michigan held by a majority ruling (a) that the provision in the Federal reserve act 11 (k) was not in contravention of the State law, neither of any express provision of the statute, nor of the legislative policy of the State, (b) but that the exercise of such function by a national bank was unconstitutional. The United Supreme Court, where the case went on writ of error, gave special emphasis as quoted above, to the fight of the State to determine the question of contravention. The court said (244 U. S., 1. c. 425), referring to the Michigan decision: "In view of the express ruling that the enjoyment of the powers in question by the national bank can not be in contravention of the State law," the State court proceeded upon the erroneous assumption that because a particular function was subject to be regulated by State law, "Congress was without power to give a national bank the right to-carry on such functions." The United States court then reversed the ruling, not because the Michigan Supreme Court erred in determining the question of contravention, but erred in holding that Congress had no constitutional right to invest national banks with such functions. The court then further indicated a deference to the power of the State to control its own affairs, as follows (1. c. 426-427): "That the statute subjects the right to exert the particular functions which it confers on national banks to the administrative authority of the reserve board, giving besides to that board power to adopt rules regulating the exercise of the functions conferred, thus affording the means of coordinating the functions when permitted to be exercised. It charged all national banks with reasonable and nondiscriminating provisions regulating their exercise as to said corporations, the whole to the end that harmony and the concordant exercise of Notional and State power might result." This is a definite statement of the United States Supreme Court that the rules regulating the exercise of the functions under consideration provided by the Reserve Board must coordinate with the State regulations. No doubt the conditions in section ll(k) were framed to meet the usual requirements and regulations to be expected in State statutes uto the end that harmony and the concordant exercise of National and State power might result." This seems to be a plain indi- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. 313 cation that if the State has regulations and exacts conditions for the exercise of these fiduciary powers, with which a national bank can not comply and with which the State legislature is powerless to compel compliance, then the exercise of such functions by a national bank is in contravention of the State law. The case of the People v. Brady, 271 111. 100, is referred to in the cited cases and furnishes an important illustration of the subject. That was a mandamus proceeding at the relation of a national bank, asking a peremptory writ requiring the issuance to relators of a certificate of qualification to act as trustee, executor^ etc. The Supreme Court of Illinois, in a very able and lucid opinion, held that the exercise of functions prescribed in section ll(k) were in contravention of the State law, pointing out as regulating the exercise of such functions the Illinois Statutes which could not be applied to national banks. The opinion also denies the constitutional authority of Congress to regulate and provide for the exercise of fiduciary functions because they come strictly within the State control. That decision was rendered before the Fellows case got to the Supreme Court. After that ruling the same national bank brought another mandamus proceeding in the Illinois State court on the theory that in the Fellows case the United States Supreme Court overruled the conclusion reached by the Illinois court in the Brady case. That case came before the Supreme Court of Illinois. (State ex rel. v. Russell, 283 111. 520.) The court then refused to grant the relief prayed on the ground that the former ruling was res adjudicata and indicated (1. c, 524) that if it were not for the conclusiveness of the former judgment the court would be obliged to rule differently, conceding that the former judgment was erroneous. In that obiter statement the Illinois court shows a misunderstanding of the point decided in the Fellows case. The only question considered in the Fellows case and the only point upon which the Michigan Supreme.Court was overruled was as to the constitutionality of the provision in the Federal act. The Illinois court evidently failed to notice that the Federal Supreme Court did not pass upon the question of whether the Federal act was in contravention of the law of Michigan so as to affect that question when applied to the Illinois law. As a matter of fact, under the ruling in the Fellows case, the judgment in the Brady case was not erroneous and would have been sustained by the Federal Supreme Court if the question had got before it on the sole ground that the exercise of such powers by national banks in Illinois was in contravention of the State law. So that the ruling in the Brady case is still the law of Illinois on that question. The case of Aquidneck National Bank of Newport v. Jennings, 117 Atl. 743, is where the Supreme Court of Rhode Island held that the provisions of section ll(k) were in contravention of the State law of Rhode Island. The court points out the statutes regulating the exercise of fiduciary relations such as are mentioned in section 11 (k), and holds that the State can not impose such regulations upon national banks and therefore the exercise of such functions by a national bank is in contravention of the State law. Rhode Island, like the State of Missouri, did not grant such powers to the State banks. The opinion says (1. c. 746): "The extension by the general assembly of this power of trust companies alone, of all corporations, is plainly because the provisions governing their creation and their regulation safeguard in a peculiar manner the rights of those beneficially interested in such trusts.7' The same may be said of the Missouri statutes in relation to that matter; the selection of trust companies alone and the peculiar manner of managing trust funds required show that it is the legislative policy of the State that general banking institutions shall not be endowed with such functions. The brief of amid curids calls attention to recent statutes of this State giving trust companies certain additional powers which make them competitors of banks in respects where they were not such competitors before. This does not alter the attitude of the State toward such institutions. Trust companies are selected as fiduciary agents doubtless because the legislature deemed them best fitted to meet the rigid exactions which the statute imposes upon the exercise of such trusts. In the appeal of Henry W. Woodbury, 78 N. H. p. 50, the question came before the Supreme Court of New Hampshire. In that case there was an express statute forbidding the appointment of banking companies and trust companies as administrators and executors. The court held that the exercise of the fiduciary functions mentioned in ll(k) of the Federal reserve act wTere in contravention of the State law. Of course there is no express denial in the Missouri statute, but the denial to banks of such functions is clearly implied and as emphatic as if there had been express denial. No cases have been cited by petitioners in support of their position, when regulations and restrictions such as are imposed by the Missouri legislature are present, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

314 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. where it has been held that the provisions of the Federal reserve act are not in contravention of the State law. The Supreme Court of Pennsylvania, in case of In re Turner Estate, 120 Atl. 701, held that the provisions of the Federal act were not in contravention of the law of Pennsylvania, on the ground that the regulation of such fiduciary functions was in harmony with the State regulations. There were no such stringent regulations as are provided in our statute. (Hamilton v. State, 94 Conn. 648. In re Estate of Stanchfield, 171 Wis. 553; In re Mullinax, 179 N. Y Supp. 90; are cited.) In each case the exercise of such powers was expressly granted to State institutions which act in direct and general competition with national banks in the exercise of their ordinary functions. In the regulation of trust funds the Federal act is in direct conflict with the Missouri statute, above pointed out. Necessarily there would be a want of that "harmony and concordant exercise of National and State powers" which Chief Justice White, in the Fellows case, held was necessary in such cases. We think that both reason and authority support the view that the exercise of fiduciary functions mentioned in Federal reserve act, ll(k), are in contravention of the law of Missouri, the legislative policy, and the express statutes. The premptory writ is therefore denied. All concur. J. T. WHITE, Judge. DECISION OF SUPREME COURT OF THE UNITED STATES. SUPREME COURT OF THE UNITED STATES. No. 762.—OCTOBER TERM, 1923. The State of Missouri at the relation of the Burnes National Bank of St. Joseph, Plaintiff in Error, v. A. B. Duncan, Judge of the Probate Court of Buchanan County, Missouri. In Error to the Supreme Court of the State of Missouri. [April 28, 1924.] Mr. Justice HOLMES delivered the opinion of the Court. The relator, the Burnes National Bank of St. Joseph, was appointed executor by a citizen of Missouri who died on November 22, 1922, leaving; a will. The bank applied to the proper probate court for letters testamentary, but was deniei appointment on the ground that by the laws of Missouri national banks were not authorized to act as executors. Thereupon it applied to the supreme court of the State for a writ of mandamus to the judge of the probate court and an alternative writ was issued. The respondent demurred, the demurrer was sustained and the peremptory writ was denied. Mo. A writ of error was allowed by the chief justice of the State court. The bank claims the capacity to fill the office under the statutes of the United States. By the act of September 26, 1918, c. 177, § 2, 40 Stat. 967, 968, amending § 11 (k) of the Federal Reserve Act, the Federal Reserve Board was empowered "To grant by special permit to national banks applving therefor, when not in contravention of State or local law, the right to act as trustee, executor, administrator * * * 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." If the section stopped there the decision of the State court might be final, but it adds 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 this act." This says in a roundabout and polite but unmistakable way that whatever may be the State law, national banks having the permit of the Federal Reserve Board may act as executors if trust companies competing with them have that power. The relator has the permit, competing trust companies can act as executors in Missouri, the importance of the power to the sustaining of competition in the banking business is so well known and has been explained so fully heretofore that it does not need to be emphasized, and thus the naked question presented is whether Congress has the power to do what it tried to do. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. 315 The question is pretty nearly answered by the decision and fully answered by the reasoning in First National Bank of Bay City v. Fellows, 244 U. S. 416. That case was decided before the amendment to the Federal reserve act that we have quoted and came here on the single issue of the power of Congress when the State law was not contravened. It was held that the power "was to be tested by the right to create the bank and the authority to attach to it that wrhich was relevant in the judgment of Congress to make the business of the bank successful." 244 U. S. 420. The power was asserted and it was added that "this excluded the power of the State in such case, although it might possess in a general sense authority to regulate such business, to use that authority to prohibit such business from being united by Congress with the banking function." 244 U. S. 425. Now that Congress has expressed its paramount will this language is more apposite than ever. The States can not use their most characteristic powers to reach unconstitutional results. Western Union Telegraph Co. v. Kansas, 216 U. S. 1. Pullman Co. v. Kansas, 216 U. S. 56. Western Union Telegraph Co. v. Foster, 247 U. S. 105, 114. There is nothing over which a State has more exclusive authority than the jurisdiction of its courts, but it can not escape its constitutional obligations by the device of denying jurisdiction to courts otherwise competent. Kennedy v. Supreme Lodge of the World, 252 U. S. 411, 415. So here—the State can not lay hold of its general control of administration to deprive national'banks of their power to compete that Congress is authorized to sustain. The fact that Missouri has regulations to secure the safety of trust funds in the hands of its trust companies does not affect the case. The power given by the act of Congress purports to be general and independent of that circumstance and the act provides its own safeguards. The authority of Congress is equally independent, as otherwise the State could make it nugatory. Since the decision in First National Bank of Bay City v. Fellows, 244 U. S. 416, it generally has been recognized that the law now is as the relator contends. In re Turner's Estate, 277 Pa. 110, 116. Estate of Stanchfield, 171 Wis. 553. Hamilton v. State, 94 Conn. 648. People v. Russell, 283 111. 520, 524. In re Mollineaux 179 N. Y. Supp. 90. Fidelity National Bank & Trust Co. v. Enright, 264 Fed. Rep. 236. Judgment reversed. Mr. Justice SUTHERLAND, dissenting. The real question here, as I understand it, is not whether Congress may safeguard national banks against ordinary State legislation of a discriminative character, but whether Congress may intrude upon and prohibit the exercise of the governmental powers of a State to the extent that such exercise discriminates against such banks in favor of competing State corporations. The authority of the Fellows case, I think, is pressed too far. The statute there under review simpty made national banks competent to act as executors, etc., "when not in contravention of State or local law." The statute did not attempt to overrride the will of the State in that respect, but expressly recognized its control and authority. The State supreme court conceded that the powers thus conditionally conferred by the Federal statute, in fact, would not be in contravention of the State law, but held that Congress was without constitutional authority, because the functions sought to be given to such banks were subjects of State regulation. That view of the matter was rejected; but, putting aside some expressions not necessary to the decision, I do not think the case can be regarded as authority for the conclusion apparently now reached: that Congress may so limit the power of a State, against its expressly declared will to the contrary, that it may confer the right to act as executors and administrators upon State corporations which compete with national banks, only upon condition that the same right be conferred upon the latter. Certainly that precise question was not there presented for decision. It is fundamental, under our dual system of government, that the Nation and the State are supreme and independent, each within its own sphere of action; and that each is exempt from the interference or control of the other in respect of its governmental powers, and the means employed in their exercise. Bank of Commerce v. City of New York, 2 Black. 620, 634; South Carolina v. United States, 199 U. S. 437, 452, et seq.; Farrington v. Tennessee, 95 U. S. 679, 685. "How their respective laws shall be enacted; how they shall be carried into execution; and in what tribunals, or by what officers; and how much discretion, or whether any at all shall be vested in their officers, are matters subject to their own control, and in the regulation of which neither can interfere with the other/' Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

316 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD,, Tarble's case, 13 Wall. 397, 407-8. Except as otherwise provided by the Constitution, the sovereignty of the States "can be no more invaded by the action of the General Government than the action of the State governments can arrest or obstruct the course of the national power." Worcester v. Georgia, 6 Pet. 515, 570. In Bank, of Commerce v. City of New York, supra, pages 633-4, a tax case, this court said: "That government whose powers, executive, legislative, or judicial, * * * are subject to the control of another distinct government can not be sovereign or supreme, but subordinate and inferior to the other. This is so palpable a truth that argument would be superfluous. Its functions and means, essential to the administration of the government, and the employment of them, are liable to constant interruption and possible annihilation. * * * But of what avail is the function or the means if another government may tax it at discretion? It is apparent that the power, function, or means, however important and vital, are at the mercy of that government. And it must be always remembered, if the right to impose a tax at all exists on the part of the other government, 'it is a right which in its nature acknowledges no limits/ And the principle is equally true in respect to ever}' other power or function of a government subject to the control of another." It is settled beyond controversy that the right of a State to pass laws, to administer them through courts of justice, and to employ agencies for the legitimate purposes of State government can not be taxed, Veazie Bank v. Fenno, 8 Wall. 533, 547; and that rule is but an application of the general and broader rule, which forbids an}7 interference by the Federal Government with the governmental powers of a State. The settlement of successions to property on death is a subject within the exclusive control of the States and entirely beyond the sphere of national authority. See Tilt v. Kelsey, 207 U. S. 43, 55-6; "Plummer v. Coler, 178 U. S. 115, 137. Upon the death of the owner his property passes under the control of the State and remains there until all just charges against it can be determined and paid and those who are entitled to become its new owners can be ascertained. The duty and power of the State to provide a tribunal for the accomplishment of these ends, Tilt v. Kelsey, supra, it follows, can not be abridged by Federal legislation. The right of the owner to direct the descent of his property by will or permit it under statute, as well as the right of a legatee, devisee, or heir to receive the property, are rights exclusively derived from and regulated by the State. Plummer v. Coler, supra, page 137. During the process of administration the estate, in contemplation of law, is in the custody of the court exercising probate powers, and of this court the executor or administrator is an officer. Yonley v. Lavender, 21 Wall. 276, 280. "An administrator appointed by a State court is an officer of that court; his possession of the decedent's property is a possession taken in obedience to the orders of that court; it is the possession of the court. * * *" Byers v. McAuley, 149 U. S. 608, 615. In the present case the State legislature, as conclusively determined by the State supreme court, has excluded not only national banks but State banks from assuming the functions of executors and administrators, which functions, for reasons satisfactory to itself, it has allowed trust companies to exercise. This determination of the State to grant the right to one and not the other, when it might have excluded both, is plainly the assertion of a governmental policy upon a matter within its exclusive control, with which the Federal Government has no authority to meddle. Congress may, of course, confer upon national banks the capacity to act as administrators and executors, but I do not think it is within the constitutional authority of that body to make such legislation binding upon the State against its will. The decision just rendered perhaps does not go that far; but it does uphold the power of Congress to impose its will upon the State in this respect if the State, in the exercise of its exclusive authority over the devolution of estates of deceased persons, permits any corporation which competes with national banks to exercise the powers mentioned. This contingency seems to me a slender distinction upon which to found a denial of the State's power. It may be conceded that a State is precluded from enforcing legislation which discriminates against national banks, in respect of private banking or business operations; but a very different situation is presented when the discrimination arises in respect of the governmental operations of the State. A State, for example, can not be sued in its own courts without its consent; but is it powerless to consent to such suits by financial corporations of its own creation except upon condition that it extends a similar, privilege to competing national banks? Legislation requiring all residents of a State to deposit their funds only in State institutions would undoubtedly be bad against Federal legislation to the contrary; but is it beyond the power of the State legislature to subject public Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. 317 moneys—State, county or municipal—to such a restriction? A State may not unconditionally require private debts to be paid only in gold and silver; but, in the exercise of its sovereign power of taxation, it may limit the payment of taxes to gold and silver, if it sees fit, in spite of a Federal law making currency a legal tender, and, as this court has said: "It is not easy to see upon what principle the National Legislature can interfere with the exercise, * * * of this power." Lane County v. Oregon, 7 Wall. 71, 77." In my opinion, the exercise of the powers conferred upon trust companies by the legislation here under review is governmental in its nature; and the fact that the statute discriminates in that matter against national banks (as, also, it does against State banks) is a negligible incident, which does not affect the validity of the statutory limitation. The probate courts of a State have only such powers as the State legislature gives them. They are wholly beyond the jurisdiction of Congress, and it does not seem to me to be within the competency of that body, on any pretext, to compel such courts to appoint as executor or administrator one wiiom the State law has declared shall not be appointed. The particular invasion here sanctioned may not be of great moment; but it is a precedent, which, if carried to the logical extreme, would go far toward reducing the States of the Union to the status of mere geographical subdivisions. The case is one, to use the phrase of Mr. Justice Brewer in Fairbank v. United States, 181 U. S. 283, 291-2, for the application of the maxim, obsta principiis, not de minimis non cur at lex. I am authorized to say that Mr. Justice MCREYNOLDS concurs in this dissent. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

318 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. FEDERAL RESERVE BOARD INDEXES. FEDERAL RESERVE BOARD INDEXES OF PRODUCTION, EMPLOYMENT, AND TRADE. [Average for 1919=100.] Indexes of industrial Department Department Produc- activity. Fac- store sales.1 store stocks.1 Year and month. t i i b t n o r a d i n e s u i s i s c n . - d in u g c t p io ro n - j Ji^tr m m e o n v t e s - . m to e r n y t. W tr s a a h d l o e e le . - j U u n s a te d d - . ju A s d te - d. j U us n t a e d d - . ju A st d e - d. 1919 average.. 100 100 100 100 100 ; 100 100 100 100 100 1920 average- 105 102 117 91 104 112 120 120 136 136 1921 average._ 80 80 92 105 83 73 110 110 115 115 1922 average._ 103 95 110 90 ! 74 111 111 116 116 1923 average.. 124 132 108 101 j 124 124 129 129 1919. i January 107 100 108 108 98 ; 79 81 92 85 95 February 100 88 85 71 95 ! 71 72 93 92 March.. 95 90 70 95 | 80 90 90 90 April 96 77 96 i 88 102 98 94 May 93 96 80 96 i 95 98 96 92 93 June 93 96 87 98; 103 95 96 88 92 July 102 101 108 95 100 i 112 77 104 91 97 August 103 108 110 100 i 102 ! 111 78 101 102 102 September. _. 105 105 114 115 j 104 I 114 96 105 114 106 October 101 107 127 142 I 103 i 121 118 105 122 109 November 98 104 75 131 | 105 I 111 119 106 124 111 December 103 103 100 123 | 108 I 123 173 1C8 108 116 1920. January 116 112 118 105 110 120 | 107 121 115 128 February 115 106 104 82 109 105 89 116 125 133 March 115 118 119 81 111 126 ! 122 122 137 136 April 108 109 102 60 109 119 i 121 117 142 138 May 105 110 108 69 108 118 I 126 123 138 138 June. ._ 107 108 117 81 107 124 122 122 133 139 July 105 101 117 81 103 126 I 94 126 133 141 August 102 104 123 83 103 117 | 94 121 141 141 September 102 101 115 103 102 117 110 :20 151 140 October 99 97 128 119 99 101 132 U8 154 138 November. ._ 95 85 124 124 94 91 137 122 146 131 December 90 75 125 104 75 183 114 115 124 1921. January 84 74 106 106 103 117 101 113 February 85 69 91 87 90 117 106 113 March _ 81 80 93 90 117 117 113 112 April.. 79 78 85 77 114 110 116 113 May 77 81 92 89 113 110 114 114 June 77 80 92 98 111 111 110 115 July 74 75 85 101 80 107 108 116 August 79 85 92 117 84 108 116 116 September 79 83 90 128 95 104 125 117 October 89 102 146 124 110 130 117 November 86 93 111 120 107 131 117 December 83 78 108 173 108 108 116 1922. January 84 96 99 ! 90 102 103 115 February 91 82 101 90 ! 80 104 110 117 March 95 98 123 83 ! 102 102 120 119 April.. 86 95 61 73 j 113 109 120 117 May 92 109 70 101 I 115 112 116 117 June. ... 94 109 73 98 i 110 111 110 115 July 95 103 67 99 j 80 107 115 114 August 95 110 79 109 ! 87 113 113 113 September... 100 106 103 137 j 106 117 122 113 October 107 118 122 160 ! 130 116 127 114 November... 116 120 122 139 i 131 117 130 116 December 116 113 126 131 | 188 117 109 118 1923. January 121 121 133 114 i 101 114 107 120 February 120 116 117 80 I 101 90 116 118 126 March 125 134 134 89 103 124 124 128 127 April 124 131 128 78 I 103 119 115 132 129 May 127 138 137 85 i 103 128 125 129 130 June. 122 128 135 85 103 127 127 122 128 y 121 118 136 90 I 101 89 120 119 127 August.. 120 126 142 111 101 100 129 129 129 September. 114 117 125 128 101 112 123 139 129 October 118 128 142 158 101 148 132 146 131 November 116 118 130 144 100 142 126 149 133 December 110 109 123 130 202 125 123 133 i The index of production in basic industries is adjusted for changes due to seasonal influences. The indexes of department-stores sales and stocks are shown with and without adiustments for seasonal Digitized forv aFrRiaAtioSnE.R http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE FEDERAL, RESERVE BOARD. 319 FEDERAL RESERVE BOARD INDEXES OF WHOLESALE PRICES AND FOREIGN EXCHANGE. [For prices, 1913 average=100. For foreign exchange, par value=100.] Federal Reserve Board indexes> of wholesale prices. Foreign Year and month. exchange. United England France. Canada. Japan. States. 1919 average. .. _ 211 241 207 235 87 1920 average 239 310 250 240 66 1921 average 149 198 344 167 181 62 1922 average 158 165 319 149 182 69 1923 average 164 170 394 150 188 65 1919 January 201 227 196 209 96 February __ . .._ __ _. 194 222 191 208 97 March 195 210 193 198 95 April 200 214 198 197 91 May 206 224 202 210 90 June _ ._ __ _ 207 234 204 225 91 Julv 216 242 207 241 88 August... . . 223 249 218 241 85 September 217 251 216 248 83 October.. . 218 261 214 262 83 November 225 272 217 283 80 December 233 283 223 294 75 1920 January 248 301 447 239 302 72 February _. __ 248 316 472 249 308 65 March 253 325 513 253 313 67 April . ... 267 330 562 265 280 65 Mav 269 336 575 279 246 68 June. 262 334 535 276 223 71 Julv 254 322 520 274 220 71 August 240 317 536 258 209 66 September 232 311 533 244 199 63 October 214 293 517 234 197 61 November . .. 196 277 489 221 197 58 December 179 257 450 208 180 57 1921 January 168 240 414 199 176 60 February 157 223 389 189 171 62 March . 152 210 370 184 167 62 April.... __ 146 203 357 177 169 63 May 145 198 346 168 173 66 June .. 143 195 333 165 172 63 /July _. _.! 146 193 334 163 378 62 August 147 193 323 166 177 60 September - 147 191 322 158 192 60 October 146 185 316 149 202 61 November 145 174 313 145 197 61 December . __ 143 170 307 145 193 64 1922 January 142 167 306 144 191 65 February 146 165 303 149 185 69 March 147 166 307 150 182 70 April 149 165 320 152 180 72 May. 158 169 324 154 183 72 June 161 167 325 153 187 71 Julv 165 169 328 154 195 70 August _ ... _. 166 166 320 149 187 69 September 164 163 315 144 179 68 October... _ 165 160 315 145 174 67 November 164 162 329 147 172 67 December.. __ _ 165 164 337 147 173 70 1923 January 166 165 346 148 176 68 February... 166 168 380 152 183 66 March 169 173 398 155 185 67 April. . 170 175 390 156 185 67 May . 167 | 173 386 155 187 66 June 164 171 394 153 186 65 July 159 168 391 151 183 63 August ... _ . 159 164 391 150 179 62 September 163 165 404 149 190 63 October 163 166 404 147 196 63 November 163 171 416 145 199 61 December., ... .. 163 177 427 144 205 60 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. 321 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. 31, Dec. 30, Dec. 31, 1923. 1922. 1921. RESOURCES. Gold with Federal reserve agents 168, 271 154, 613 159, 910 Gold redemption fund with United States Treasury.. 13, 527 9,421 27, 746 Gold held exclusively against Federal reserve notes _. 181, 798 164, 034 187, 656 Gold settlement fund with Federal Reserve Board 32, 882 28, 077 42,312 Gold and gold certificates held by banks. 20, 078 16, 036 7,117 Total gold reserves ... . .. . 234, 758 208,147 237, 085 Reserves other than gold 8,266 12, 730 14, 675 Total reserves 243, 024 220, 877 251, 760 Nonreserve cash 3, 520 C1) 0) Bills discounted: Secured by United States Government obligations 21, 744 23, 675 21, 533 Other bills discounted 45, 957 37, 909 37, 638 Total bills discounted ... . .. 67, 701 61, 584 59,171 Bills bought in open market 38, 802 25, 407 13,149 United States Government securities: Bonds ._ 529 529 539 Treasury notes. . 6, 697 6,610 2 949 Certificates of indebtedness. ______ . 2,636 "22, 454 9,818 Total United States Government securities. _ 1. 9, 862 29, 593 11, 306 Total earning assets 116,365 116,584 83, 626 5 per cent redemption fund—Federal reserve bank notes 422 422 55 034 59,142 52, 812 Bank premises. 4,312 4,434 4,740 All other resources 131 297 359 Total resources. 422, 386 401, 756 393, 719 LIABILITIES. Federal reserve notes in actual circulation 220,115 201, 314 202. 535 Federal reserve bank notes in circulation—net 6,277 Deposits: Member bank—reserve account. .. _ . . 123, 637 126, 342 110. 760 Government ... ... 2,356 534 8,368 Other deposits 117 980 1,086 Total deposits 126,110 127, 856 120, 214 Deferred availability items 51,609 47, 906 39, 502 Capital paid in ... . . .__ ... ... 7,890 8,126 7, 936 Surplus 16, 390 16, 312 16, 483 All other liabilities.. ._ _. ... . 272 242 772 Total liabilities 422, 386 401, 756 393,719 Ratio of total reserves to deposit and Federal reserve note liabilities combined (per cent) 70 2 67.1 78.0 Contingent liability on bills purchased for foreign correspondents 2 511 2, 336 1 Not shown separately prior to 1923. 2 Including Victory notes. 322 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DISTRICT NO. 1 BOSTON. 323 SCHEDULE 2.—MOVEMENT OF PRINCIPAL ASSETS AND LIABILITIES DURING 1923. [Amounts in thousands of dollars.] Bills discounted for member banks. Date ( e 2 a T a + s r 6 o s n 5 ) t e . i a t n s + l g Total. c U G B e u s b . r o i e r n l y e - S v l - s d - . c O b o d t i u i h s l n l - e s t r - b o m o B k p u i e i a n e l g t r l n . s h - tU S c t n t i s u a e e i r t t - s i e e . - 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 k - r r t v s s - e ' . p T o d o e s t - i a t l s r i e n c F t n s e i o u e o e r c t l d a r n a e i v l - r . - s - e s c a p R e g e e r e n e v r - s t - e - . ment ed. obligations. 10 Jan. 3 116,093 51, 660 20, 885 30,775 23, 62740, 806 226, 887 127, 649 137, 297207,208 65.9 10 96,834 38, 232 15. 334 22,898 19,906 38, 696 232, 036 129, 267 133, 095201, 717 69.3 89, 27644, 994 14, 352 30, 642 16,183 28, 099244,102 128, 061 130, 458 197, 663 74.4 24__ 96, 78749, 290 20, 985 28, 305 18, 31929,178 237,130 127, 214 132, 588 195, 086 72.4 31-. 95, 26251, 342 23, 857 27, 485 14,851 29, 069238, 761 125,148 128, 470 192, 349 74.4 Feb. 7 96,830 54,133 27, 350 26, 783 14,585 28,112 234, 504 124,649! 129,076 197, 381 71.8 93, 21850, 814 27, 721 23, 093 14,160 28,244 241, 026 127,504 133,134 198,457 72.7 21 101,140 59, 646 22, 774 36,872 12,796 28,698 236, 775 121,258 129,023 201,331 71.7 28 89, 30248, 565 28, 479 12,545 28,192 245,861 118,175 123,666 76.4 Mar. 7 81, 890 41, 589 19, 707 21, 882 12,854 27,447 247,054 123, 700126,144 202,499 75.2 14 94,485 49, 931 22, 072 27,859 17, 11127, 443242, 959 123, 303 128, 908202, 290 73.4 2 2 1 8 8 84 1 , , 6 4 4 8 8 9 5 56 0 , , 1 7 1 6 2 0 2 2 4 2 , , 9 3 4 5 7 6 2 32 7 , , 1 4 6 0 5 4 1 17 7 , , 1 4 9 8 6 21 1 0 4 , , 1 4 8 0 1 6 2 2 5 5 8 5 , , 6 2 1 4 2 0 1 1 2 2 0 0 , , 4 4 3 2 3 4 1 1 2 2 8 9 , , 6 7 4 0 9 0 2 2 0 0 3 2 , ,9 8 4 3 0 6 7 7 7 6 . . 6 9 Apr. 4 74, 556 47, 354 19, 670 27, 684 17, 065 10,13' 264,825 123, 450130, 474204, 987 78.9 11 74,397 46, 796 16,821 29,975 17,428 10.173 261,314 122, 921 128,772 202,916 78.8 18 80, 307 50, 330 15, 825 34, 505 19, 59510, 382260, 968 127, 962 131,064 203, 780 77.9 25 60, 552 34, 145 16, 695 17,450 20,979 5,428 273, 604 124, 533126, 077205, 2951 82.6 May 2 72,168 44, 687 18,466 26,221 21,911 5,570 264, 502 124, 822128,227 204, 873 79.4 g 61, 24835, 740 17,495! 18,245 19, 620 5,888 271, 673 120, 378 122, 239205, 214 83.0 16 70, 76544, 893i 18, 863 26, 03020,102 5,770 267, 663 126,197 127, 658205, 230 80.4 23 . 64, 38438, 127!21, 607 16, 52020, 318 5, 939280, 487 127, 730129, 751207, 219 83.2 29 83,400 56, 842| 26, 5!" 30, 256 21, 024 5, 534266, 614 125, 395130, 266211,291 78.1 June 6 65, 70342,122 20,802 21, 32o!19,818 3,763 280,146 124, 333 128, 445214,846 81,6 13 ._. . 70, 91048, 704| 21,700 27, 004 18, 267 3,939 275, 987 128,854 129,876 213,763 80.3 20 76, 51154,3741 20,232 34,142 18, 028 4,109 271, 892 129, 099129,81 214,194 79.0 27 71, 06748,342 2-0' , -7-1327, 629 18, 564 4,161 276, 679 122,546 126,705 216,027 80.7 July 3 _ 78, 205 55, 20721, 26433,943 19,166 3,83: 274, 142 126, 991127, 324221, 837 78.5 11 76, 490 52, 50721, 50731,000 19,543 4, 440271,987 126,336 127, 268222, 514 77.8 65, 054 43, 608 19, 88823,7201 16,773 4,673 283,257 129,311 130, 952217, 089 81.4 25 65, 72545, 322 18, 44926,873 16,512 3,891 279,896 125,056 126, 207216, 489| 81.7 I Aug. 1 65, 50746, 349 18,986 27, 363 14, 814 4,344 284, 506 125, 588127, 886219, 63l| 81.9 2 1 2 8 5 6 7 7 8 5 1 , , , 7 4 5 2 0 2 5 2 5 6 5 5 0 2 3 , , , 8 4 7 9 7 0 6 9 6 2 2 2 0 2 3 , , , 2 4 2 1 4 3 1 3 2 3 3 3 7 0 3 , , , 4 2 4 9 5 4 5 3 7 1 1 1 2 0 1 . , , 8 3 77 7 2 0 1 3 4 4 4 , , , 6 2 3 7 6 5 2 2 2 8 7 8 1 6 3 , , , 8 8 1 6 5 5 1 : 3 1 1 1 2 2 2 5 4 3 , , , 4 3 7 5 8 4 3 0 1 1 1 12 2 2 6 5 6 , , , 9 3 4 9 1 5 r 6 0 2 2 2 2 2 2 2 3 3 , , ,1 4 8 4 0 5 2 9 1 8 8 7 1 0 8 . . . 1 9 9 29 83, 72469, 95924, """'45, 673 10,12f 3,639 27.1, 042125, 581129, 230222, 895 77.0 ! Sept. 5 .... 84, 711 70, 20021, 26448,936! 10,748 3, 763273. 351 122, 361126,340 228,29: 77.1 84,192 69,915 20, 55649,359) 10,330 3,947 272, 432 126, 597130,375 227,148 ,7.6.2 19 69, 871 56, 921 18, 22538, 696 9, 3813, 569281, 087 122, 629 127,2211 228,2081 77!9.1 26 64, 846 53, 215|21,181 32, 034 7, 578 4, 053296,906 125, 504113222, 8Q5 2?2?4,A 6f4U0O 883:.0 Oct. 3 . . 66, 59254, 011119,489 34,522 8,021 4, 56029G, 743129,472 131,724 229, 712 82,1 10 62, 38849, 667i18,900! 30,767! 8,903 3,818 297.124 123,607 125,315 232, 514 83.0 17 60, 026 46, 042|17,367| 28, 675J 10,247 3, 737305, 474 135,624 136,836 231, 872| 82.8 24 45.180 30, 879i14,602 16,277; 10,734 3, 567314, 829 128,719 131,714 226, 59: 87.9 31 59,277 40, 481 18,249 22, 232; 14,151 4,645 309, 885 133,498 135,286 219,718 87.3 Nov. 7 65, 42035,630 18,771 16,859 26,185 3,605 291,403 131,139 131,989 225, 290 81. 6 14 84, 29049,647 19,286 30,361 30, 232 4, 4111 275, 194131,550 136, 057 222,190! 76. 8 21 .. 85, 597 50,786 19,4681 31,318 30, 675 4, 1361 264,499124, 429126, 743 220, 369! 76. 2 28 106, 76070,235! 25,8951 44,340 31, 910 4,615 252, 7611 125,791128, 508 224, 516! 71. 6 Dec. 5 94, 781 58,215! 23,9981 34, 2V, 32, 116 4, 450257, 763 124, 033 125,175 228,186. 72.9 12 107,859 70,.58 8! 25.586J 45, 002|, 3 .2,078 5,193 248,441 127,318 128, 770J 226,417: 69.0 2 1 6 9 12 9 0 5 , , 7 0 1 9 6 i 7 7 5 9 8 , , 2 6 54 2 5 1 2 7 2 , 5 1 , 8 0 4 J 62 ; 5 2 3 , 3 07 8 0 2 8 3) 33 3 , 2 9 , 7 3 0954 7 , , 5 4 2 7 7 4 2 2 6 4 3 3 , , 9 6 3 7 8 0 1 12 2 1 4 , , 2 7 1 8 9 4 j 1 1 2 2 5 6 , , 1 0 0 1 9 5 2 2 3 3 4 4 , , 1 8 0 3 8 0 1 ; 7 6 3 7 . . 5 5 Daily average. 81,267 52,633!. 17,9661 10,668 267,33' 125,822: 129,377| 214,619; 77.7 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

324 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. FEDERAL RESERVE BANK OF BOSTON MILLIONS OF DOLLARS MILLIONS OF DOLLARS 350 1350 F. R. NOTE CIRCULATION 300 250 200 150 100 100 I I I PURCHASED BILLS 1 I I I I UNITED STATES SECURITIES 200 I I I I I DISCOUNTS FOR OWN MEMBERS 1921 1922 1323 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DISTRICT NO. 1 BOSTON. 325 SCHEDULE 3.-—VOLUME OF DISCOUNT AND OPEN-MARKET OPERATIONS. [In thousands of dollars.] Bills discounted for member banks. Month. Secured by U S. Government obligations. January i 261 151,291 February i 391,595 220, 524 March ! 330,904 146,896 April 235, 275 153, 395 May 141, 215 June 174, 854 July 181,847 August 178, 997 September 292, 654 190, 618 October 231, 352 139,174 .November 310, 025 197, 790 December 431, 462 280,101 Total: 1923 | 3,652,775 1,489,573 4.339 ! 2,156,702 1922 ; 2,262,087 714,537 4,371 i 1,541,992 1921 ' 4,454,760 2,361,087 4,027 i 2,087,589 LT. S. securities Total discount and open Bills bought in open market. purchased. market operations. Certifia T a c n r c a c e e d p s e t . - B no a o n t n e d d s s . c in a d te e s b o t- f i edness. January 412,511 191, 714 521,894 February 421, 270 325, 952 548, 590 March 381, 325 304, 764 772, 882 April 262, 317 167, 170 384,035 17, 769 J 29, 425 446,190 26, 146 163,809 333, 569 22, 666 129, 735 209, 0G4 14, 555 184, 130 311, 774 September. 14, 771 1,495 1,155 ! 12,482 321, 062 October 24, 304 2.095 | 1,214 j 2,642 259, 512 November 33, 892 1,385 I I 2,424 \ 1,871 348. 212 D ecember 34, 736 Total: 1923 302, 083 2S5, 707 16,300 *76 | 29,450 J 176,976 '4,161,284 1922 261, 691 253, 485 8,206 | j 29,137 180,936 ! _2, 733,851 I 1921.... 211, 703 192, 643 19,060 | 7, 798 I 190,517 j I 4,864,778 86538—24t 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.] N be u r m o - f N be u r m o - f mem- member ber banks banks in dis- accomtrict moat end dated of during month the month September 199 October 190 November. 203 December. 225 Total: 1923 I 49,002 | 60,722 27,118 3,395,562 1922 42,621 I 40,246 21,409 I 2,068,564 1921 I 52,765 48, 790 26, 739 4,170. 612 Number of member banks at end of year: 1923 183 424 1922 185 427 1921 192 436 Number of Member banks accommodated: 1923 153 313 1922 164 330 1921 166 341 1 Figures relate only to that part of the State located in the Boston district. SCHEDULE 5.—EARNINGS AND EXPENSES. 1923 1922 1921 Discounted bills $2, 320, 839 $1, 543, 539 $6,007,117 Purchased bills 741, 384 591, 647 515,192 United States securities 419,739 1,391, 691 415, 9<-1 Deficient reserve penalties. 9,172 9,777 13,778 Miscellaneous 15, 549 4,659 16,644 Total earnings.. 3, 506, 683 3,541,313 6,968, 662 CURRENT EXPENSES. Salaries: Bank officers 137, 500 141, 000 135, 500 Clerical staff 895, 768 925,072 905,811 Special officers and watchmen 33, 323 34,430 31, 648 All other 103,019 100, 932 35, 233 Governors' conferences 378 411 461 Federal reserve agents' conferences 176 426 118 Federal Advisory Council 478 250 200 Directors' meetings_ _ 6,173 7,367 9,263 Traveling expenses l 10, 022 9,820 8,436 Assessments for Federal Reserve Board expenses. 52, 474 55,241 57,218 Legal fees 1,978 775 1,200 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

DISTRICT NO. 1 BOSTON. 327 SCHEDULE 5.—EARNINGS AND EXPENSES—Continued. 1922 1921 CURRENT EXPENSES—continued. Insurance (other than on currency and security shipments). $26, 967 $31, 534 $25, 220 Insurance on currency and security shipments 71, 248 49, 271 26, 297 Taxes on banking house 108, 063 90,900 47, 336 Light, heat, and power _._ 25, 532 25,489 3,110 Repairs and alterations, banking house 7, 258 1,767 Rent_ 29, 640 52, 772 95,637 Office and other supplies 28, 462 26, 539 22,123 Printing and stationery 61,784 74, 588 77,141 Telephone 20,427 21,169 16, 365 Telegraph _. 8,233 7,977 10,960 E Po x s p t r a e g s e sage 1 3 6 3 7 , , 0 8 9 2 7 7 186,990 159, 649 Federal reserve currency: Original cost, including shipping charges 236,694 65, 501 302, 264 Cost of redemption, including shipping charges. 31, 439 38, 792 88, 526 Taxes on Federal reserve bank-note circulation 23, 871 56,749 All other expenses 36, 294 49,516 J 122, 542 Total current expenses. 2,134, 254 2,022,400 2, 239,007 PROFIT AND LOSS ACCOUNT. Earnings 3,506,683 3, 541, 313 Current expenses _ 2,134, 254 2,022,400 2,239,007 Current net earnings. 1,372,429 1,518,913 4, 729,655 Additions to current net earnings: Amounts deducted from reserve for depreciation on United States bonds 5, 290 32,100 43, 681 All other __. 20, 559 9,494 3,894 Total additions- 25, 849 41, 594 47, 575 Deductions from current net earnings: Depreciation allowances on bank premises. 122,048 328, 215 £9,000 Furniture and equipment 20, 309 133,106 Allother 3,786 1,784 6,877 Total deductions-_ ___ _ 146,143 463,105 495, 877 Net deductions from current net earnings 120, 294 421,511 448, 302 Net earnings available for dividends, surplus, and franchise tax 1, 252,135 1,097,402 4, 281, 353 Dividends paid 480, 267 481, 951 473,109 Transferred to surplus account 6 7 94 7 , , 1 6 8 8 7 1 4 • 5 3 7 8 6 , , 8 5 8 6 3 8 3,0 7 3 7 5 2 , , 9 3 2 2 0 4 Franchise tax paid United States Government. _r 2 Includes $73,692 for furniture and equipment, which since 1921 has been charged direct to profit and loss. 3 Included with current expenses prior to 1922. * Bank also charged its surplus account and paid the United States Government $247,350 as an additional franchise tax for 1921. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

328 ANNUAL EEPOET OF THE FEDERAL RESERVE BOARD. SCHEDULE 6.—VOLUME OF OPERATIONS IN PRINCIPAL DEPARTMENTS. NUMBER OF PIECES HANDLED. Bills discounted: Applications _ 3,610 3,711 0) Notes discounted 55, 601 51,085 70, 398 Bills purchased in open market for own account 19,165 17, 351 13,973 Currency received and counted 206, 6G4,000 176,618,000 142,316,000 Coin received and counted 196, 501,000 174,1S8, 000 2 159, 331, 000 Checks handled 63,158, 000 55,123, 000 50,830, 000 Collection items handled: United States Government coupons paid 5, 478. 000 6, 925, 000 7, 767, 000 All other ___| 727, 000 488., 000 319, 000 United States securities—issues, redemptions, and ex- | changes by fiscal agency department 3 7, 594, 000 ! v 1,559.000 3,823,000 Transfers of funds 50, 000 i 47, 000 38, 000 Envelopes received and dispatched 2,011,000 I 0) 0) AMOUNTS HANDLED. Bills discounted $3, 652, 775, 000 $2,262,0*7,000 I $4,454,760,000 Bills purchased in open market for own account 302, 083, 000 261,691,000 j 211,703,000 Currency received and counted 1. 259, 323, 000 1,022,617,000 ! 862,200,000 C oin received and counted i 20, 170, 000 18,442,000 ! 2 15, 910.000 Checks handled | 15, 169, 483, 000 12,082,663,000 | 11,651,345,000 Collection items handled: J United States Government coupons paid 69,761,000 67,777,000 I 66, 757, 000 All other j 722, 651, 000 515,597,000 i 552, 657, 000 United States securities—issues, redemptions, and ex- i changes by fiscal agency department 1 797,105,000 1,184, 543, 000 I 1, 710, 904, 000 Transfers of funds 4,186, 430, 000 3,033,806,000 j 1, 963, 283, 000 1 Data not available. 2 Estimated. '• Large increase due to the redemption of war savings securities which matured January 1, 1923. SCHEDULE 7.—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 i n c w t o n w o n n It o s e t e t m h h r e v e s i e r r f F b o b r a e r w n d a e k a n s r r c d a h l a e e d n r s e d . - to I U te T n m r i e s t e a d d s u ra S re w t r a n t o e f o s n . Total. Number. Amount. Number.: Amount. Number. Amount. Number. Amount. J F a e n b u r a u r a y ry 3 4 , , 9 6 8 2 7 1 1 ' , 1 9 2 49 4 . , 6 8 2 5 9 8 2 1 3 9 2 2 : 5 4 2 6 , , 8 7 9 3 0 9 1 1 4 3 6 1 2 1 0 4 , , 9 6 4 2 t 4 9 4 4 , , 9 3 9 1 9 0 1 1 , , 1 0 9 1 8 1 , , 4 2 6 2 8 1 March 4,718 1,214,641 231 , 63.131 159 15.702 5,108 1, 293, 474 '\pril 4, 612 1. 199, 176 223 53,901 170 19, 85H 5, 005 1, 272,933 Mav 5,110 1, 271, 650 238 55,429 ] 69 16, 515 5, 517 1,343.594 June 5,173 1, 32.3, 292 234 55,074 154 15,649 5. 561 1,396,015 Julv 5, 190 1, 208, 965 239 52,122 131 14, 636 5, 500 1. 275, 723 August 4, 845 1,3 24,732 251 52,894 131 15,249 5, 227 1,192,875 September _ . . 4,499 1,129, 315 223 54,144 145 14, 359 4, 867 1.197,818 October 5, 388 1, 256, 070 241 54,334 171 21, 485 5, 800 1, 331, 889 November 5,023 1. 232, 934 223 : 48,080 166 15, 657 5,412 1, 296. 671 December 5, 395 1,291,327 246 51,202 151 16, 273 5, 792 3,358, 802 Total: 1923. _ 58, 561 14, 328, 589 2,773 639,940 1,824 200, £54 63,158 15. 169, 483 1922.. 50, 906 11,292,190 2,427 ! 573,260 1,790 217,213 55, 123 12. 082, 663 1921.. 47, 164 10, 814, 383 1, 978 590, 863 1,688 246, 099 50, 830 11,651,345 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DISTRICT NO. 1 BOSTON. 329 SCHEDULE 8.—CLEARINGS AND TRANSFERS THROUGH THE GOLD SETTLEMENT FUND. [In thousands of dollars.] Payments Receipts Week ending- F t e o d e o r t a h l e r r e- f F r e om de r o a t l h r e e r - Net loss. Net gain. serve banks.serve banks Jan 4 (3 days) 87, 756 99, 578 11,822 11 - - 142, 053 157, 956 15,903. 18 156, 476 155,054 1, 422 25 - - 143. 899 133, 069 10, 830 Feb 1 129, 217 133, 864 4, %A% 8 . . 115,700 119,123 3,423 15 134, 843 129, 451 5,392 21 125 941 133, 580 7 639 Mar. 1 - - 170, 968 187,187 16, 219 8 150, 615 146, 546 4,069 15 150, 743 151,475 732 22 180. 522 182,128 1, 606 29 144, 223 144, 370 147 Apr 5 168, 556 182. 633 14,077 12 147, 097 156' 293 9,196 19 163, 480 151 276 12, 204 26 196 375 207 544 11 169 May 3 152,145 157, 443 5, 298 10 160 568 151 432 9 136 17 191,174 198, 473 7,299 24 165, 556 169,182 3, 626 31 138, 734 131. 257 7,477 June i - - 177,844 186, 034 8.190 14 169, 285 174, 794 5, 509 21 186,911 176, 183 10, 728 28 . 152, 646 147,009 5,637 July 5 145. 760 158.190 12, 430 12 157,900 160, 588 2,688 19 _- - -.. 161, 727 162,112 385 26 138,673 146,195 7 522 Aug. 2 . _ ___-.._ 144, 021 147, 301 3, 280 9 133, 828 130, 925 2," 903" 16 123 198 118 458 4 740 23 143,451 137, 669 5,782 30 123, 355 119 457 3 898 Sept. 6 _ . _ 116,220 123, 434 7,214 V 13 129,453 124, 477 4,976 20 163,090 180, 374 17. 284 27 152, 423 157, 933 5,510 Oct. 4 . . . _ _ 157,487 157, 540 11 137, 323 144, 525 7,197 18 155,189 166, 278 11,089 25 . 158. 777 154,637 4,140 Nov. 1 149, 074 145, 779 3,295 8 . 164, 774 139, 864 24, 910 15 149 770 137 957 11 813 22 1 167,496 164, 753 2,743 28 i 160,834 149, 085 11, 749 Dec 6 183.763 ! 194, 566 10, 803 13 149 227 135 815 13 412 20 ' 196,106 201, 628 5,522 27 129,401 ; 133, 093 3,692 28-31 (3davs) 112,436 i 97, 366 15,070 Total" 1923 8, 008, 088 8.052,933 44,845 1922 5, 946, 664 5, 922, 570 24," 094" 1921 5, 301, 614 5, 387,823 86, 209 Net gain in ownership of gold since establishment of fund in 1915, $193,337,000. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

330 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. SCHEDULE 9.—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. Loans and discounts gross. Last report date in— United States securities All other 1923 1922 1923 1922 1923 January 861,214 803,405 139,946 63,071 173, 087 144, 533 February- _ 860, 569 808, 588 129, 037 72, 540 172, 549 142,795 March 863, 964 791, 753 126, 400 70, 583 170,437 144, 433 April 869, 575 785, 435 125, 764 86, 608 173, 743 147, 228 May 861,392 788,624 131,601 98,192 174, 936 162, 694 June* 875,430 788,363 139, 794 115,983 173, 956 170, 936 July 882, 655 791, 571 129,167 118,570 169, 210 169,211 August 879, 359 782, 557 127, 518 131,227 168,453 171,171 September. 885, 595 809, 927 137,810 126, 951 171, 950 172, 788 October 882, 635 838,014 132, 578 134,408 175, 344 168,820 November. 877,157 831, 339 128, 297 129, 239 174, 020 171,071 December.. 879,457 830,233 121, 580 133, 532 170,441 171,120 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— 1923 1922 1923 1922 January 839,642 756, 517 241,585 183,565 32,685 i 19, 731 February. _ 804,063 740, 521 245, 527 189,094 30,643 ! 30,311 March 780, 632 718,550 247,898 196,380 37,682 24,820 April 810,006 763,155 252,619 200,442 17,801 I 6,470 May 804,688 782, 250 255,636 213, 512 35,379 ! 12, 298 June 799, 808 786, 609 257, 712 231,462 27,757 12, 723 July 814,181 798, 522 265, 629 228, 826 26,884 I 16, 513 August 786,114 782, 660 268, 582 240,308 48,102 | 14,363 September. 797, 135 808, 606 270, 567 246, 742 33,626 15, 527 October 846, 974 832,019 269,872 242, 376 21, 931 19, 946 November. 802, 468 798, 593 268, 857 238, 964 47,483 53, 929 December.. 788,151 813,832 266,077 237, 567 55, 067 47,432 NOTE.—Figures are for about 43 banks in Boston, Hartford, New Haven, Providence, and Springfield, which submit weekly reports to the Federal reserve bank. SCHEDULE 10.—DEBITS TO INDIVIDUAL ACCOUNTS. [In thousands of dollars.] Summary for 11 centers.* Month. 1923 1922 1921 January... 2,197,997 'i, 928,021 2, 058, 410 February.. 1, 889, 899 1, 611, 605 1, 611, 603 March 2, 222,086 1,857,809 1, 821,196 April 2,119, 787 1, 760,157 1,796,118 May 2,139, 645 1, 837, 939 1, 788, 548 June 2, 172, 872 1,992, 898 1, 826, 530 July 1,983, 223 1, 899, 373 1, 734, 824 August 1, 771, 572 1, 586,094 1, 588, 542 September- 1, 760, 956 1, 717, 635 1, 630, 299 October 2,154,617 2,087, 622 1, 947, 992 November. 2,150, 666 1, 986, 523 1, 925, 753 December . 2, 287, 912 2,126, 314 2,005, 698 Total 24, 851, 232 22, 391,990 21, 735, 513 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

DISTRICT NO. 1—BOSTON. 331 SCHEDULE 10.—DEBITS TO INDIVIDUAL ACCOUNTS—Continued. [In thousands of dollars.] Bangor, Me. Boston, Mass. Month. 1923 1922 1921 1923 1922 1921 January 15, 053 13, 529 15, 780 1, 610, 748 1, 433, 716 L, 522, 703 February . 12, 574 11,916 13, 654 1, 386, 926 1,184, 979 L, 182, 520 March 14, 553 14, 503 15, 539 1, 660,192 1, 372, 388 L, 341, 714 April 13,463 13, 242 15, 614 1, 544, 708 1, 283, 772 L, 311, 520 May 14, 223 13, 910 14, 915 1, 543, 890 1, 346,120 L, 319, 737 June 16,121 14, 391 16, 949 1, 555, 083 1, 474, 648 L 335. 434 July. 15,311 13,705 15, 763 1, 417, 938 1, 399, 991 1, 260, 953 August 14, 919 12,896 15,083 1, 241, 475 1,125, 201 1,162,085 September 15,015 14, 328 14, 496 1, 252, 337 1, 233, 003 1,176,042 October 18, 446 15, 711 17, 435 1, 525, 206 1, 498, 936 1, 425,199 November 14, 352 13, 369 15, 382 1, 547,452 1,444,411 1, 430, 876 December 15, 838 16, 693 16, 678 1,662,042 1, 533, 993 1, 483, 833 Total 179, 868 168,193 187, 288 17,947,997 16,331,158 15, 952,616 Brockton, Mass.* Fall River, Mass. Month. 1923 1922 1921 1923 1922 1921 January . 21, 274 36, 650 29, 608 26, 647 February 18,931 30, 385 22, 741 23, 947 March . 22,148 19,963 32, 461 25, 670 24, 767 April 22, 272 19,170 33, 734 26, 062 24, 417 May 21, 200 19,112 33, 385 28, 925 22, 668 June 21, 626 19, 798 32, 264 30, 337 23, 876 July 17, 973 18, 511 29,164 29, 000 23, 915 August . . 19, 810 19, 332 28, 522 26,897 23, 430 September 21,063 19, 527 31, 742 27, 803 27, 997 October 25, 075 21,848 41, 453 37,065 34,112 November 23, 883 23, 555 46, 201 41,488 34, 246 December . 22, 469 22, 604 37, 537 37,102 27, 865 Total 257, 724 203, 420 413,498 362,698 317, 887 Hartford, Conn. Holyoke, Mass. Month. 1923 1922 1921 1923 1922 1921 January 111, 977 98, 556 101, 822 17, 716 12, 571 15, 318 February 99, 351 80, 203 81, 332 14, 656 10, 676 11, 502 March... _ . _ 106, 384 90, 748 90, 371 17, 799 13, 523 13,308 April 113,103 96, 832 96, 742 18, 210 12, 860 12, 789 May 113, 296 93, 622 85, 321 18, 657 • 13,087 11,796 June 113,833 97,150 89, 745 20, 307 13, 592 13,376 July 111,869 97, 557 95, 294 17, 086 13,600 11,996 August . ... 99,915 86, 496 80, 532 15, 567 12, 358 10, 514 September 98, 234 88, 843 86, 901 15, 410 14, 534 11,723 October. 111,759 108, 451 89,657 19, 402 18,098 13,297 November . 110,831 94, 968 87,927 18, 222 18, 631 13, 572 December 123, 902 110,641 99, 696 17, 514 17, 528 13, 217 Total. 1, 314, 454 1,144,067 1, 085, 340 210, 546 171,058 152, 408 Lowell, Mass. Lynn, Mass.* Month 1923 1922 1921 1923 1922 1921 J anuary 21, 819 19,106 20, 945 22, 224 24, 755 February 18, 590 16, 602 16, 218 19, 210 20, 082 March 22, 764 19, 426 17, 473 27, 845 25, 083 April 22, 915 19,192 18, 916 28, 652 25,182 May 25, 334 20, 025 18, 989 28, 882 25,199 June 25, 502 19, 361 19, 927 26, 774 24, 429 July 21, 768 19, 636 18, 375 22, 582 23, 805 August 21, 467 19, 298 18, 068 28,116 23, 343 September 20, 597 19, 494 18, 906 25, 569 23, 686 October 24, 230 23, 358 21,713 31,136 27, 669 November 25, 365 24, 946 21,689 28, 897 26, 850 December 21,140 23, 260 21, 393 27, 387 26,332 Total 271,491 1 243, 704 232, 612 317, 274 296, 415 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

332 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. SCHEDULE 10.—DEBITS TO INDIVIDUAL ACCOUNTS—Continued. [In thousands of dollars.] Manchester, N. H.* New Bedford, Mass. Month. 1923 1922 1921 1923 1922 1921 January 18, 803 18, 496 31,146 26, 460 23, 882 February._ 15, 239 16,128 30,184 24, 796 22, 440 March..... 18, 505 20, 545 33, 544 26, 022 23, 435 April 17, 332 19, 056 31, 731 24, 755 22,985 May 16, 603 18,548 32, 241 27, 094 24, 224 June 17, 524 19, 754 34,105 28, 099 25, 972 July 16, 064 19, 282 31,115 27, 598 24, 540 August 16, 393 18, 921 28, 742 26, 487 24,335 September. 16, 356 18,141 26, 547 25, 795 25, 831 October 18, 026 19, 698 32,132 34,162 29, 634 November. 18.167 18, 572 36, 550 35,167 30, 793 December. . 26, 801 24, 944 34, 635 33, 325 29, 612 Total. 243,500 ! 215,813 I 232, 085 382, 672 339,760 ! 307, 683 New Haven, Conn. Portland, Me.* Month. 1923 1922 1921 1923 1922 1921 January 88, 448 73, 889 78, 904 37,180 29, 930 38, 955 February... 74, 098 58, 445 64, 854 35, 255 26,165 31, 761 March 82, 608 74, 468 73, 678 39,140 31, 972 34, 431 April 81, 257 69, 728 72, 234 36, 812 31,461 32, 084 May 92. 439 73, 660 71.810 42, 854 33, 892 30, 237 June 94, 274 73, 473 72,131 44, 666 32, 787 29, 631 July 90. 544 84, 636 73, 066 42, 627 35, 407 28,947 August 87. 533 75, 874 67,116 38, 783 35, 733 31, 049 September. 81, 603 78, 061 65, 261 38, 730 36, 863 31, 506 October 95, 787 81. 981 72, 379 48,195 41,152 34, 740 November . 87, 582 74, 556 68, 735 43, 438 34, 628 31, 332 December. . 93. 901 82, 450 74, 499 42, 735 38, 913 32, 675 Total 1,050,074 j 901, 221 854, 667 488, 415 408,903 387, 348 Providence, R. I. Springfield, Mass." Month. 1923 1921 1923 ! 1922 January 159,503 i 133,213 ! 150, 600 72. 904 55, 423 64, 838 February. _. 136,280 ! 122,416 I 117,545 61,613 48, 961 53,122 March 151, 269 ! 133,438 j 132, 814 74,143 57, 435 59, 869 April 152.709 ! 130,900 ! 131, 855 72, 611 57, 271 55, 345 May 154,009 131,740 131, 425 77, 899 62, 370 53, 636 June 162.329 • 145,839 I 138, 392 80, 530 67, 430 59, 529 July 143, 654 127,917 ; 128, 743 70, 562 64, 395 52, 295 August 134, 111 113,859 1 114, 622 65, 460 58, 717 50, 181 September. 127,659 128,983 1 123, 964 61,471 63, 014 51, 943 October 176,754 i 165,025 154, 831 76, 602 78,170 63,166 November. 158,803 145,167 i 138, 006 69, 012 74,140 61, 538 December.. 169,304 160.285 i 142, 981 71,100 73,478 60, 296 Total I 1,826,384 1,638,782 i 1,605,778 j 853,907 760, 804 685, 758 Waterbury, Conn. Worcester, Mass. Month. 1923 1922 1921 1923 1922 1921 January 32. 306 26, 024 28, 044 72. 631 61, 349 73, 765 February 28, 325 27, 994 20. 863 58, 530 50, 837 56,728 March 30, 491 26.850 i 23, 855 70, 021 60, 773 64, 242 April _ -__ ---. 37, 239 26, 377 24, 736 70, 718 56, 437 64, 310 Mi ay 35 527 28, 527 24, 599 76, 644 61, 229 63,064 June 38. 785 29, 641 26. 219 80, 269 66, 367 64, 509 July 32, 640 26, 083 22, 988 72,134 59, 650 59,191 August . 31, 082 27,006 ; 18, 359 68, 239 59, 722 54, 398 September.. ... 29, 046 27. 214 22,193 62, 766 59, 577 56, 985 October 33. 373 31, 227 24, 413 76, 075 73, 608 65, 322 November . 30, 213 28,054 ; 23, 839 75, 095 65, 766 60, 688 December. _ 35, 806 35. 149 ; 27, 975 76, 293 75, 888 67,949 Total 394, 833 340, 146 288, 083 859, 415 751, 203 751,151 NOTE.—Centers which have not reported continuously for the 18 months ending Dec. 31, 1923, are not Digitized fori nFcRluAdeSdE iRn t he table. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DISTRICT NO. 2—NEW YORK. SCHEDULE 1.—COMPARATIVE STATEMENT OF CONDITION. [In thousands of dollars.] Dec. 31, Dec. 30, Dec. 31, 1923. 1922. 1921. RESOURCES. Gold with Federal reserve agents _ 583, 625 658,970 653, 004 Gold redemption fund with United States Treasury 9,441 10, 309 15,000 Gold held exclusively against Federal reserve notes 593,066 669, 279 668, 004 Gold settlement fund with Federal Reserve Board 109, 814 169, 378 130, 058 Gold and gold certificates held by banks. 168,615 118,127 283,142 Total gold reserves _ 871, 495 956, 784 1,081, 204 Reserves other than gold _ _ _ 24,437 31,314 50, 336 Total reserves 895,932 988, 098 1,131, 540 Nonreserve cash. _ 11,846 0) Bills discounted: Secured by United States Government obligations 136,175 168, 236 156,014 Other bills discounted 28, 360 16, 053 53,066 Total bills discounted 164, 535 184, 289 209,080 Bills bought in open market __ 93,151 60, 864 72, 593 United States Government securities: Bonds 6,202 1,149 596 Treasury notes 29,972 60, 618 3,570 Certificates of indebtedness ._ _ 10, 582 105,485 99,359 Total United States Government securities _ 46, 756 167, 252 103, 525 Total earning assets __ _ __ 304,442 412, 405 385,198 5 per cent redemption fund—Federal reserve bank notes - 1,603 Uncollected items 115,065 134, 303 103, 363 Bank premises 13, 298 10,100 6,648 All other resources __ 1,067 1,893 % 2,852 Total resources 1, 341, 650 1, 546, 799 1, 631, 204 LIABILITIES. Federal reserve notes in actual circulation 420, 371 597, 071 663, 363 Federal reserve bank notes in circulation—net _ 20, 559 Deposits: Member bank—reserve account 712, 858 749, 006 726, 098 Government 9,562 518 32, 616 Other deposits _-. ___ 12, 406 11,439 14,451 Total deposits 734,826 760,963 773.165 Deferred availability items 95, 342 98,101 83, 848 Capital paid in 29,439 28, 688 27,114 Surplus... _._ _.. 59, 929 59,800 60,197 All other liabilities. _ _ 1, 743 2,176 2,958 Total liabilities 1, 341, 650 1, 546, 799 1, 631, 204 Ratio of total reserves to deposit and Federal reserve note liabilities combined (per cent) 77.6 72.8 78.8 Contingent liability on bills purchased for foreign correspondents... 6,572 12, 624 12, 036 1 Not shown separately prior to 1923. 333 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

334 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. SCHEDULE 2.—MOVEMENT OF PRINCIPAL ASSETS AND LIABILITIES DURING 1923. [Amounts in thousands of dollars.] Bills discounted for member banks. Date. e a T a ( 4 s r 2 - o s n 6 + t e i ) a n . 5 ts l g Total. | ! ! ! • s U G e B e b c . r o y u i n y l v S r - 1 - e . d ; I c O I b d o ti i u hl s l - n esr t- b o m B o k p u i e i a n e l g t r l n . - s htU s S e t n t i c a e i u t t s e e r . s i d - 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 n s e e e e i r m k - r t v s s - e , ' I i ! j i p T o d o s e t i - a ts l . n r F c o e t i e t i r s d e o c e s e u n r r v . l i a a e n - l || s c a p R e e g e r e n e v r - t s - e - . I ment ed. 1 obliga- | tions. 10 Jan. 3 358, 749 185,584 169,695 15,889 51, 796 121, 3691, 013, 570 741,929 754,455! 597, 350| 75.0 10 352, 055 167,852 154,575 13,277 37, 724 146, 4791, 025, 054 762,804 775,0001 565,213 76.5 17 322,176 182,733 161,502 21,231 29, 394 110, 049 986, 428 711,692 723,930; 552,218 77.3 24 345, 55' 216,641 191,283 25,358 32,0661 96,850 977, 44* 722, 717. 739,942! 545,265 76.1 31 358, 718 251,864 230,612 21,252 27,785 79,069 983, 86* 720,929; 744,157j 551,029 76.0 Feb. 7_ 300,749 221,033 193,109 27,924! 27,410 52,3061,041,269 719,607; 743,923! 554,344 80.2 ' 14_ 377,278 294,250 259,758) 34,492 29,793 53, 235!1, 002, 764 755,686! 778,494! 560,010 74.9 21_ 311,349 240,447 194, 473; 45,974! 27,312 43, 590! 1,024, 725 707,269; 327, 7401 569,795 79.0 28_ 289,490, 210,222 179, 216j 31, 006| 30,470 48, 798J1, 050, 354 712,1061 734,747' 568,124 80.6 Mar. 7_ 255,775 200,239* 170,341 29,898' 29,480 26,0561,061,547 683,969! 704,761 570, 391 83.2 14. 269,173 209,482 176,173 33,309; 35,264 24,4271,069,933 724,458! 734,753 567,169 82.2 21. 216,941) 170,037 136,465; 33,572 29,242 17,5621,115,002 681, 0531 719,303 568, 287 86.6 28- 287.949 228,901 176, 967j 51, 934i 34,309 24, 739! 1, 081, 560 707, 865 756,172 565, 691 81.8 Apr. 4_ 256,891! 210,603 165, 668! 44,935 27,462 18, 826Jl, 085, 976 1,544 733, 837574,400 83.0 11_ 246,046 182,175 137,3361 44, 8391 46,840 17, 031 |l, 074, 395 691, 41671 565.181 83.7 18. 239,528; 169,576' 131,015 38,561! 50,911 19,041)1,094,888 722, 586745, 315£61, 366 83.8 25 _ 210,444; 154,134 123,134 31,000 45,161 11,149 1,091,527 682, 516704, 004559, 220 May 2_ 269,686) 211,574 136,456 75,118 54,373 3,7391, 094, 695 713,310 753,009 571,466 82.7 9_ 2dO, 141 i 198, 730: 148,603 50,12^ 56, 838 4,5731, 071, 201 694,445 719,109 566, 318 83.3 16. 236,031! 153,237; 124,537 28, 70075, 645 1491., 105,163 722,577 751,348 562.182 84.1 23_ 263,019| 163,317 133,017 30, 30073, 55226! 1501,070, 674 707,626! 728,269 559, 876 83.1 30_ 259,851j 171,125i 127,711 43, 41475, 50013,226 L, 065, 71 680,128^ 707,548 566, 030 83.7 June 6_. 289,6251 194,419! 153,421 40,998 74,058 21,, 148 1, 057, 622 704,990 735,840| 568,599 81.1 13.. 248, 003! 179, 079 130,194J 48, 88552, 31416, 610 1, 076, 726 714,054, 737,6731 555,158 83.3 20.. 198,320i 138,845 105,381 33,464 38, 96420,5111,116, 884 700,5601 727,047 547,527 87.6 27_. 235,183[ 160,328: 120,956 39,372 43, 71231,1431, 083, 365 705,3231 739,368 533,713 85.1 July 304,651) 259,723' 197,137 62, 58640,101 4,8271., 031, 267 730, 923753,915 546,814 79.3 271,961; 219,643 161,777 57, 86642, 345 9,9731, 025, 090 719, 493737,686 526,422 81.1 243,237' 185, 821! 149,66236,159 46, 45610, 9601, 027, 659 697, 983720,222 513,330 83.3 25_ 219, 475; 167,569 126,41741,152 39, 67112, 2351, 011,198 661, 780684,3141 503,111 85.2 Aug. 261, 5801 209,406: 148,39161, 01540, 00012,174 1, 017, 321 715, 734738, 899497, 762 82.3 266,498 222,872 172,663 50, 20937, 002 6,624 989, 687 690,236 707,441 504, 061 81.7 15. 233,1841 195,625 146,794 48, 83131,910 5,649 986, 539 668,701 690,204 496, 945 83.1 22- 207,142i 167,391: 124, 742i 42,64935, 905 3, 846 .1, .013, 247 659,730 683,676 495, 327 85.9 29- 226,163! 180,312 125,507 54,805 33, 44012,411 998, 367 674, 46". 694, 471 484, 705 84.7 Sept. 5_ 269,440 209,788 152,620 57,168 41,271 18,381 951, 030 674,965 692,207 486,765 80.7 12_ 259, 772 205, 694! 144, 183 61,511 36, 82817,250 975,459 689,101| 718,050 481,804 81.3 19- 172,216j 138,737; 90,196 48, 54123, 43510, 044 , 029, 633 664,932! 696,654 478,053 87.7 26_ 236,967j 200, 452J 146,370 54, 08226, 556 9,959 995, 597 690, 80S 720,6421 469,443 83.7 Oct. 3_. 239,907! 203, 9761 136,459 67, 51722, 35713, 574 990,412 700,035! 721,257 474,894 10- 244,637 205,047j 146,344 58, 70332, 741 6,849 ' 3, 640! 711,542j 471,073 82.9 17_ 220,604! 170, 808! 116,593 54, 21543, 72712, 069 982,225 705,579! 725,956 463,507 82.6 24- 204,087! 163,441! 111,001 52, 44036, 097 4,549 996,601 688,145| 706,001 457, 029 85.7 31-. 265,149, 201, 803| 149,580 52, 22352, 43710, 909 977,501 718,144 742,567 449,! 82.0 Nov. 265,486' 174,430! 119,262 55,168 78,407 12,649 948,503 673,563 692,226 455,559 82.6 257,436 162,286! 117,986 44,300 78, 420i 16,730 930,354 695,8281 723,644 443,898 79.7 21 _ 216, 164' 125, 645; 86, 57539, 07084, 420| 6,099 981,238 699,803 717,909! 433,315 85.2 28_ 235,440' 131,843! 102,644 29,199 87,993j 15,604 964,147 701,181 720,319J 429,997 83.8 Dec. 5_ 238,789j 124,149' 92,041 32,108 932,116 685,630 703, 261! 426,837 82.5 12. 270,1191 143,5941 98,610 44,984 927,206 716,648! 731,9951 421,946 80.4 19- 229,591' 130,598; 104,894! 25,704 914,396 669,737! 684,474 422,105 82.6 26. 317,407; 204,9561 1£8,190! 46,766 885,222 705,485' 725,480 428,579! 76.7 Daily average. 262,8121 187,282. 47,970 27, 5C0 1, 013, 732 689,362 713,488 519,435; 82.2 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DISTRICT NO. 2 NEW YORK. 335 FEDERAL RESERVE BANK OF NEW YORK MILLIONS OF DOLLARS MILLIONS OF DOLLARS 200 1200 000 1000 800 800 600 600 400 400 200 200 400 I I I 400 PURCHASED BILLS 200 200 400 I I I f I 400 UNITED STATES SECURITIES 200 200 1000 I | | I I 1000 DISCOUNTS FOR OWN MEMBERS 800 800 600 600 400 400 200 200 1921 1922 1923 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

336 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. SCHEDULE 3.—VOLUME OF DISCOUNT AND OPEN-MARKET OPERATIONS. [In thousands of dollars.] Bills discounted for member banks. Month. Total. o U S e b e . r l c n i S g u m . r a e G t e i d o n o n t v b s - y . B a a a c n n c c e k e p e s t r . - s' a T a c n r c c a e e d p s e t . - t l u A i p v r g e a a r s p l i t c a e o u r n c . l k d - All other January. 2, 612, 835 2,438. 965 94 250 291 173,235 Februsr 2,393,409 2,277,516 290 323 229 115,051 March... 1,995,976 1,816,501 26 695 387 178,367 April... 1,793,116 1,631,148 610 511 160,847 May 1,747,309 1,589,235 479 430 157,165 June 1,113,221 : 970,572 908 510 141,231 July 1,503,907 ' 1,265,989 9 691 416 236, 802 August,. 1,137,185 ' 994,132 12 592 274 142,175 Sept ember _ 806,281 ! 674,464 567 420 130,830 October 939,392 ! 753,426 24 ! 398 465 185,079 November.. 942,119 i 778, 491 15 558 465 162,590 December.. 967,093! 771, 507 504 527 194,555 Total: 1923. 17,951,843 ! 15,961,946 6, 575 4,925 1,977,927. 1922.. 9,206,364 ! 7,685,801 192 8,523 8,042 1,503,806 1921.. 30,768,990 ! 14,704,624 23,192 I 33, 517 6,066 16,001,591 Billc bought in open market. U. p S ur . c s h e a c s u e r d it . ies Tot m al a d ik is e c t o o u p n e t r a a t n io d n o s p . en- Month. Certifi- Bankers' Dollar Trade Bonds cates of Total. accept- ex- accept- and indebt- 1923 1922 1921 ances. change. ances. notes. edness. January 49,228 47,489 850 889 53,080 459,235 3,174,378 1,102, 997 5,789,803 February 50,179 45, 648 3,002 1,529 48,319 21,038 2, 512, 945 1,026,459 5,692,233 March 75, 775 68,655 5.153 1,967 40, 760 73, 440 2,185, 951 1,074,055 4,631,296 April 85, 650 77,919 6,142 1,589 22,390 15, 859 1, 917, 015 641, 050 2, 568,238 N* May. _.. 119, 752 112,215 6,248 1,289 61,112 69, 368 1, 997, 541 414, 737 2, 351, 008 June 93,121 90, 089 2,196 836 56,389 116,206 1, 378, 937 971, 945 2,066, 887 July 92, 822 87,184 5, 579 59 34, 807 21,037 1, 652, 573 788, 744 1,871,213 August 76, 815 74, 719 1,774 322 36,340 15, 684 1, 266, 024 520, 361 1,688,228 September * 76, 777 72, 621 3,402 754 44,678 91,657 1,019, 39S 844, 511 1,561,218 October 101, 592 94, 687 6,182 723 39, 998 19, 759 1,100, 741 1,497,235 1, 718, 244 November 190,811 181, 786 7,401 1,624 28, 635 56, 810 1, 218, 375 1,811,993 1, 538, 319 December 165,125 155,883 7,553 1,689 66, 552 197,633 1, 396, 403 2, 291, 435 2, 762, 980 Total: 1923 1,177,647 1,108,895 55. 482 13,270 533,060 1,157, 726 20,820,276 1922 871, 433 828,802 i 37.123 5,508 796,335 2, 111, 390 12, 985, 522 1921. 799,813 703,315 90,311 6,187 39.024 2, 631,840 34,239, 667 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DISTBICT NO. 2—NEW YORK. 337 SCHEDULE 4.—VOLUME OF BILLS DISCOUNTED FOR MEMBER BANKS IN EACH STATE. [Amounts in thousands of dollars.] Number of Number of member member banks Month. Co c n u n t e .1 cti- New York. Je N rs e e w y.1 Total. b d a i n s k tr s i c i t n m a o cc d o a m te - d at end during of month. the month. January 245 2, 572 585 40,005 2, 612,835 812 332 February 1,320 2, 352, 602 39,487 2,393,409 812 341 March .. . 799 1,953,442 41,735 1,995,976 814 375 April . 839 1, 749,165 43,112 1, 793,116 816 376 May. . . . 826 1, 708, 342 38,141 1, 747,309 823 399 June _. 2,125 1, 072,719 38, 377 1,113, 221 827 393 Julv 1,660 1,460,215 42, 032 1, 503, 907 830 367 August _ _ _ _ 1,455 1,086, 790 48, 940 1,137,185 831 334 September 670 760,163 45, 448 806, 281 831 340 October 900 oor> ™ 55, 969 939,392 833 374 November _ . 600 893,489 48, 030 942,119 835 394 December 1,045 916, 062 49,986 967, 093 839 431 Total- 1923 12.484 17,408,097 531, 262 17,951,843 1922 14, 546 8 837 014 354 804 9, 206,364 1921 33,350 30, 228,160 507, 480 30, 768,990 Number of member banks at end of year: 1923 12 620 207 839 1922 12 603 193 808 1921 13 602 185 800 Number of member banks accommodated: 19^3 10 433 147 590 1922 9 408 127 544 1921 11 398 122 531 1 Figures relate only to that part of the State located in the New York district SCHEDULE 5.—EARNINGS AND EXPENSES. 1921 Discounted bills $3, 970, 210 Purchased bills 1, 619, 512 "United States securities 5, 227, 488 Deficient reserve penalties.. 49, 738 Miscellaneous 474,371 Total earnings.. CURRENT EXPENSES. Salaries: Bank officers 498,114 Clerical staff 3, 928, 025 Special officers and watchmen 208,144 All other 303,314 Governors' conferences 448 Federal reserve agents' conferences 156 Federal Advisory Council 1,200 Directors' meetings 32,101 Traveling expenses x 37,891 Assessments for Federal Reserve Board expenses 202, 802 Legal fees 2,275 Insurance (other than on currency and security shipments) 84, 058 Insurance on currency and security shipments 58, 786 Taxes on banking house 8,036 Light, heat, and power 9,678 Repairs and alterations, banking house 9,279 Rent 422, 660 Office and other supplies 115,928 Printing and stationery 136, 319 Telephone 47,388 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

338 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. SCHEDULE 5.—EARNINGS AND EXPENSES—Continued. 1923 1921 CURRENT EXPENSES—continued. Telegraph $65,172 $63,943 $65,191 Postage 248,052 Expressage 85, 492 310,005 284, 399 Federal reserve currency: Original cost, including shipping charges. _ 421, 229 553,125 1, 091, 592 Cost of redemption, including shipping charges. 76, 748 70,174 213, 287 Taxes on Federal reserve bank-note circulation 69, 374 136,310 All other expenses 110, 942 142, 277 2 270, 399 Total current expenses. 6, 880,136 '3, 776, 530 8,167, 780 PROFIT AND LOSS ACCOUNT. Earnings 11, 413,183 11,341,319 34, 704, 939 Current expenses 6, 880,136 6, 776, 530 8,167, 780 Current net earnings 4, 533, 047 4, 564, 789 26, 537,159 Miscellaneous additions to current net earnings.. • 1,697 2,743 3,654 Deductions from current net earnings: Depreciation allowances on bank premises... 1, 235, 937 365, 053 60, 404 Reserve for self-insurance. 52, 756 294, 072 250,000 Furniture and equipment 58,021 50,172 (3) Allother 144,351 136, 642 136,577 Total deductions... 1, 491,065 845,939 446, 981 Net deductions from current net earnings 1, 489, 368 843,196 443, 327 Net earnings available for dividends, surplus, and franchise tax 3, 043, 679 3, 721, 593 26, 093, 832 Dividends paid 1, 749, 239 1, 652,138 1, 608, 721 Transferred to surplus account 129, 444 * 206,946 3, 782, 671 Franchise tax paid United States Government 1,164,996 4 1, 862, 509 20, 702, 440 2 Includes $89,418 for furniture and equipment, which since 1921 has been charged direct to profit and loss. 3 Included with current expenses prior to 1922. * 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. SCHEDULE 6.—VOLUME OF OPERATIONS IN PRINCIPAL DEPARTMENTS. 1923 1922 1921 NUMBER OF PIECES HANDLED. Bills discounted: Applications 17,418 14,178 21, 461 Notes discounted 72,177 60, 715 149, 868 Bills purchased in open market for own account 75,701 56, 474 46, 836 Currency received and counted 477,257,000 412, 347, 000 411,515,000 Coin received and counted 816,128,000 801,277,000 671, £85, 000 Checks handled 129,130,000 IK, 316,000 105, 215, 000 Collection items handled: United States Government coupons paid 17, 684,000 22, 685, 000 26,126,000 Allother 2,177,000 1, 741, 000 1, 430, 000 United States securities—issues, redemptions, and exchanges by fiscal agency department.... 8,247,000 7,030, 000 8, 368, 000 Transfers of funds 284,000 236, 000 214, 000 Envelopes received and dispatched 7, 673, 000 1 6, 761, 000 (2) AMOUNTS HANDLED. Bills discounted $17,951,843,000 $9, 206, 364, 000 $30, 768, 990, 000 Bills purchased in open market for own account 1,177,647, 000 871, 433, 000 799, 813, 000 Currency received and counted._ 3,006,283, 000 2, 610, 697, 000 3,192, 093, 000 Coin received and counted 125,506,000 76, 684, 000 99,118,000 Checks handled 65,805,632,000 62, 563, 789, 000 36,397, 633, 000 Collection items handled: United States Government coupons paid 337, 344. 000 336,468, 000 312,873, 000 Allother 1,920,719,000 1, 519, 894, 000 1.580,526,000 United States securities—issues, redemptions, and exchanges by fiscal agency department. 3,148,870,000 6,449, 625, 000 7, 206, 611, 000 Transfers of funds 28,031,500,000 25,126,090,000 18,160, 300, 00C * Excluding Buffalo branch. 2 Data not available. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DISTRICT NO. 2 NEW YORK. 339 SCHEDULE 7.—OPEBATIONS OF FEDERAL RESERVE CLEARING SYSTEM. [Figures include cash items only. Numbers in thousands; amounts in thousands of dollars.] Ite b d m a is n s t k r i s c d t. ra in w n ow o n n Ite s o t m h e th r e s v i e r e f r o b F b r r w a e a n d a n r k e c d r s h e a e a d l s n r . t e d o - Ite U T m n r s i e t e a d s d u r S a r t w a e t n r e s. o o f n Total.* Month. Num- Number. Amount. ber. Amount. Number. Number. January 8,755 5, 076, 754 1,483 177, 666 1,292 135, 532 11, 530 5, 389,952 February •_. 7,185 4, 206, 925 1,277 147, 045 940 94,404 9,402 4, 448, 374 March __. 8,993 5,978, 205 1,565 183, 537 1,115 101,418 11, 673 6, 263,160 April _. 7,958 5, 223, 294 1,472 190, 220 1,198 95, 307 10, 628 5, 508,821 May 7,967 5, 370, 861 1,449 190, 452 1,170 140,361 10, 586 5, 701,674 June 8,133 5,402, 565 1,438 185, 530 1,031 112, 623 10, 602 5, 700, 718 July 8,210 4,896, 223 1,369 178,196 906 103, 723 10,485 5,178,142 August 7,890 4, 784, 409 1,321 170, 380 1,012 104, 388 10, 223 5, 059,177 September 7,569 4, 695, 318 1,317 172, 297 1,128 99, 571 10, 014 4, 667,186 October 8,694 5,804, 999 1,560 204, 650 1,260 145,188 11,514 6,154, 837 November 8,012 5,115, 234 1,427 173, 818 1,082 130, 590 10, 521 5, 419, 642 December _. 8,651 5, 428, 325 1,576 168,857 991 129,167 11, 218 5, 726, 349 Total: 1923. 98, 017 61, 983,112 17, 254 2,142, 648 13,125 1,392,272 128,396 65, 518, 032 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 1 Exclusive of duplications on account of items handled by both parent bank and branch. SCHEDULE 8.—CLEARINGS AND TRANSFERS THROUGH THE GOLD SETTLEMENT FUND. [In thousands of dollars.] Payments to Receipts from other Federal other Federal Week ending- reserve reserve Net loss. Net gain. banks. banks. Jan. 4 (3 days) 303,739 339, 546 35,807 11 581, 627 562,442 19 185 18 _.. 566,168 554,935 11, 233 25 506,066 485, 947 20,119 Feb. 1 475, 534 522, 962 47, 428 8 430, 161 451, 212 21, 051 15 444, 891 426, 519 18, 372 21 . 423,155 440, 227 17,072 Mar. 1 592, 023 607, 792 15, 769 8 492, 341 499, 589 7,248 15 470, 482 534, 681 64,199 22 . . 591, 028 600, 892 9,864 29 517, 691 473, 027 44, 664 Apr. 5 ._ 507, 005 514, 680 7,675 12 483, 533 479, 555 3,978 19 499,512 542, 216 42,704 26 583, 244 552, 946 30 298 May 3 520,159 538, 767 18, 608 10 477, 398 467,923 9,475 17 543,471 569, 078 25,607 24 602, 872 552, 988 49, 884 31 447, 652 426, 575 21, 077 June 7 525, 658 516, 857 8,801 14 _ 506, 504 497, 261 9,243 21 566, 599 618, 405 51,806 28 530, 425 507, 726 22, 699 July 5 533 669 497 048 36 621 12 514, 045 468,137 45 908 19 _ 479, 677 515, 305 35, 628 26 498, 309 460, 247 38,062 Aug. 2 459 374 463 664 4 290 9 432, 330 412, 752 19, 578 16 387,174 402, 529 15, 355 23 440, 055 458, 991 18, 936 30 419,257 401,818 17, 439 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

340 ANNUAL REPORT OF THE FEDERAL RESERVE EOARD. SCHEDULE 8.—CLEARINGS AND TRANSFERS THROUGH THE GOLD SETTLEMENT FUND—Continued. [In thousands of dollars.] Payments to Receipts from other Federal other Federal Week ending- reserve reserve Net loss. Net gain. banks. banks. Sept. 6 378, 220 356,572 21, 648 13 439, 852 445, 112 5,260 20 . 544,636 591, 638 47, 002 27 507, 593 493, 244 14, 349 Oct. 4 526,941 508, 762 18,179 11 488, 889 468, 575 20, 314 18 510, 626 527, 764 17,138 25 530, 443 525,646 4,797 Nov. 1 506, 399 512, 385 5,986 8 488, 041 453, 713 34,328 15 502, 824 502, 680 144 22 . 540, 993 571,785 30, 792 28 451, 256 442,155 9. l6I Dec 6 626, 064 580,124 45, 940 13 496, 708 504,199 7,491 20 647, 867 654, 833 6,966 27 507, 260 465, 669 41, 591 28-31 (3 days) _. 321, 265 339, 546 18, 281 Total- 1923 26, 368, 705 26, 309, 641 59,064 1922 22, 359, 499 22,198, 469 161, 030 1921 19, 261, 642 18, 963, 838 297, 804 Net loss in ownership of gold since establishment of fund in 1915, $1,650,102,000. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SCHEDULE 9.—PRINCIPAL ASSETS AND LIABILITIES OF REPORTING MEMBER BANKS AS OF THE LAST REPORT DATE IN THE MONTH MEMBER BANKS IN LEADING CITIES.1 [In thousands of dollars .\ r Loans and discounts, gross. Investments. Accommodation at Secured by stocks Net demand deposits. Time deposits. Federal reserve Last report date in- Total. a th n a d n b U o n n i d t s e d o t S h t e a r tes Un se it c e u d r it S ie ta s t . es All other. bank bonds. 1923 1922 1922 1923 1922 1923 1922 1923 1922 1923 1923 1922 H January... 4,107, 518 3, 960, 418 1,676,444 1, 329,101 1,198, 266 710, 620 766,717 746,649 4,925, 632 4, 682, 791 744,304 480,013 227,078 88,991 to February_ 4,219,198 3.928, 747 1, 735,929 1.342,001 1,116,845 727, 658 742, 222 724,239 4,967,431 4.612, 235 768, 377 519,149 184, 867 74,221 M Ap a r r i c l h 4 4 , , 2 2 1 3 9 9 , , 3 9 5 0 9 7 3 4 , , 0 9 0 8 6 2 , , 9 3 4 3 2 3 1 1 , , 6 6 7 7 5 0 , , 6 5 4 7 8 6 1 1, , 4 4 9 0 9 6 , ,0 5 2 9 5 8 1 1 , , 1 0 2 8 9 4 , , 2 6 8 3 1 6 7 7 4 9 8 3 , , 4 1 8 3 5 4 7 7 1 1 7 3 , , 4 1 2 8 3 5 7 75 1 5 6 , , 6 3 9 4 1 3 4 4, , 6 6 8 8 7 0 , , 1 9 7 7 19 4 4, , 6 8 9 8 9 1 , , 1 7 5 6 8 4 8 9 8 1 9 2 , , 1 8 3 6 4 7 5 5 3 7 9 3 , , 1 9 5 5 4 3 2 1 0 2 1 6 , , 6 6 8 7 3 6 4 2 8 3 , ,4 8 6 8 5 3 t O H —( May 4,197,061 4, 026, 235 1,648,204 1.667,002 1,097, 275 870, 593 713,108 833,177 4, 688,737 5,091,125 914, 493 590,187 140, 813 20, 795 June 4,180,451 3,960, 876 1,642,400 1, 637, 7751,107,481 004,186 728,440 842,185 4, 727,030 5,107,474 900, 653 665,806 129, 236 65,008 July 4,095, 341 3, 876,786 1,571,062 1, 593,483 1,079,839 036, 386 745, 588 848, 734 4, 647,935 4, 911,693 890,143 789, 423 138, 632 15,469 August 4,077,640 3, 868. 631 1,490,958 1,572, 318 1,028,022 070, 755 727,846 796,436 4,509,994 4,799,790 902, 635 828,129 154, 607 31,636 T September 4,147, 477 3,965, 246 1,500,134 1,655,884 1,030,078 020,918 731,336 773,955 4,578, 654 4,847, 523 906, 769 779,049 172,095 33,462 October. __ 4,163, 202 4,032, 937 1, 515, 910 1,702,412 1,035, 241 050, 542 764,052 770, 890 4,733, 254 4,859, 303 899, 301 775, 383 168,974 70,793 N D o ec v e e m m b b e e r r . 4 4 , ,1 1 3 9 8 9 , , 1 2 3 2 4 9 4 3, , 0 98 5 2 0 , , 6 2 9 7 9 1 1 1 , , 5 6 4 4 3 9 , , 8 4 3 7 5 2 1 1 , , 6 7 6 1 7 5 , , 9 7 4 8 0 0 1 1 , , 0 0 0 2 6 6 , , 4 8 2 2 3 3 0 1 5 7 4 8 , , 2 24 1 6 4 , 7 7 5 4 5 7 , , 7 77 5 3 4 7 75 5 7 3 , , 3 2 3 1 5 4 4 4 , , 7 7 0 4 1 1 , , 0 7 7 5 83 4 4 , , 9 8 0 31 4 , , 6 0 8 1 4 0 887,858 7 76 7 4 4 , , 2 2 3 0 0 7 1 9 6 7 5 , , 3 8 3 2 7 2 1 1 1 1 0 5 , , 5 9 5 1 6 5 9 1 Figures are for about 112 banks in New York City, Buffalo, Albany, Bridgeport, Jersey City, Newark, Rochester, and Syracuse which submit weekly reports to the Federal j reserve bank. REPORTING MEMBER BANKS IN NEW YORK CITY.* o January... 3,633,027 3, 488,810 1,505,086 1,159, 696 1,073,419 645,161 565, 391 570,093 4, 438, 679 4, 212,339 493,608 302, 355 197, 747 61,851 February. 3, 729, 581 3, 448, 955 1, 557,692 1,167, 321 992,494 657, 355 540,677 542,135 4,469, 536 4,139,191 508,750 329, 864 150, 631 43,472 March 3, 734, 697 3, 510, 442 1,486, 631 1,236,102 1,002, 692 674, 839 518,171 533, 536 4,185, 561 4,223,976 626,165 347,842 165, 552 22, 529 April 3, 712, 451 3, 530,950 1,483,056 1,316, 687 959, 290 724, 642 513, 691 565,106 4,181,968 4, 383, 286 646, 845 379,448 97,301 8,058 May 3, 692, 789 3, 558, 758 1,468, 210 1, 491, 393 972, 874 800, 680 514,060 640, 263 4,185,627 4,600,115 649,844 393, 628 106,734 5,783 June 3, 676, 272 3, 502,925 1,463,692 1,471,921 977, 710 923,160 526,120 647, 033 4, 226, 796 4,623,864 631,021 465,108 92,133 52, 579 July 3, 593,167 3, 413,590 1,393,171 1,416,378 953, 506 953,730 540,124 650,556 4,153,730 4,414,272 613,049 579,825 102,440 9,728 August 3, 582, 558 3,409; 478 1,316,122 1, 401,886 905, 545 979,718 521,549 597, 435 4,036,891 4,316,409 618,118 606,620 118,152 21,082 September 3,647,060 3, 496,074 1, 322,948 1, 479, 554 904, 922 925, 511 523,067 581, 862 4,103, 787 4,357,471 621,085 551,949 132,939 23,781 October ... 3,658, 524 3, 555,410 1,334,943 1, 525,178 915, 793 942, 417 553,634 580,021 4,258, 555 4,361,082 611,641 544,917 129, 753 57,150 November 3, 627, 241 3, 515, 661 1,352,869 1, 495, 796 894,950 940,508 536,071 555,132 4, 263,447 4,346, 583 601,102 542,754 56, 282 81,234 December. 3, 683,968 3, 579, 220 1,455,126 1, 544,413 915, 775 1,055,049 539, 583 555,838 4,212,831 4,402,658 608,830 530,110 123, 251 81,964 CO 2 Figures are for about 67 banks in New York City, which submit weekly reports to the Federal reserve bank. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

342 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. SCHEDULE 10.—DEBITS TO INDIVIDUAL ACCOUNTS. [In thousands of dollars.] Summary for 7 centers.1 Albany, N. Y. Month. 1923 1922 1921 1923 1922 1921 January 22, 763, 018 19, 644, 551 20, 666, 732 96, 488 106, 285 109,494 February _ 19, 595,761 17,029,426 15, 645, 827 99,302 97, 690 March 23,231,535 20, 977,917 17, 940,133 115,288 112, 671 120,103 April.. 21,180, 741 21,326, 277 16,950, 772 124,851 131, 779 120, 323 May _. -. 21,399,850 22, 268, 911 17, 774,980 111,455 123, 383 149,174 June _ _ 21,789,805 22, 693, 592 18, 355, 750 126,000 102, 969 119, 637 July ! 19,008,372 20, 328, 510 16,907, 780 101, 948 109,145 100, 594 August-. 16, 829, 386 18,854, 442 15, 683,072 93, 063 89,110 82, 066 September. 17,414,976 19, 793, 005 16, 617,939 85,949 84, 578 81, 303 October 19, 846,052 22, 967, 053 18,170, 740 93, 625 97, 257 83, 668 November. 20, 632,112 19,637,137 18,018,315 92,195 84,977 83, 571 December.. 22,801, 386 21, 546, 408 21,178, 533 98, 825 111,472 102, 764 Total. 1246,492,994 247,067,229 213, 910, 573 1,238, S 1,251,316 1, 245,685 Binghamton, N. Y. Buffalo, N. Y. Month. 1923 1922 1921 1923 1922 1921 January 20, 899 16, 505 17, 701 309, 057 249, 559 281, 253 February.. 17, 353 15,480 14,129 254,456 203, 493 226,348 March __..__ 19,944 17, 278 16, 682 294,347 241,149 243, 280 April 21,164 17, 531 17, 045 303, 951 247, 947 251, 920 May 21,204 18,684 16,419 305, 735 260, 515 238,882 June 21,813 18, 415 16,529 318, 927 271, 332 246, 588 July.. 20,540 17, 358 16, 674 315, 071 277, 708 249,419 August 20, 873 17, 458 15, 884 294, 753 259,810 221,871 September. 18,143 17,488 15, 455 282,954 260, 908 226,008 October 20, 610 18, 781 16,993 323, 020 290,914 254, 931 November. 18, 962 17, 974 15, 871 299, 217 278,248 229, 598 December.. 20, 821 20, 294 17, 746 323, 095 303, 351 259, 247 Total— 242, 326 213,246 197,128 3, 624, 583 3,144,934 2,929, 345 Elmira, N. Y.* Jamestown, N. Y.* Month. 1923 1922 1921 1923 1921 January 15, 531 17, 053 February.. 14, 354 11, 703 14, 530 11,861 I March 16, 533 12, 593 17, 981 14,369 ! April.. 17, 261 12, 727 18, 345 15,679 I May 17, 695 13, 459 18, 447 15,746 ! June 18, 981 14,971 19, 395 15,931 j July 18,106 14, 295 18, 430 15,541 August 17, 325 14, 886 18,24ft 15,178 ! September. 17, 939 14,126 16,708 16, 167 I October 16, 252 16,346 18,882 16,627 i November . 17,113 14, 260 17,95'3 17,110 December.. 18,080 15,926 18, 713 18,081 Total j 205,170 155, 292 214, 685 172, 290 Montclair, N. J.* Newark, N. J.* Month. 1923 1922 1921 1923 1922 1921 January 13, 917 277, 975 February.. 10,176 9,586 | 222, 213 March 12, 342 10,242 278, 535 April 12, 820 10,638 266, 328 227, 780 May 14, 654 11,463 275, 852 233,104 June 15, 826 12,602 296,553 250, 328 July 12, 906 10,132 264, 990 236,385 August 11,881 9, 790 240, 512 221, 356 September. 11, 524 11,416 242, 744 230, 383 October 14, 085 12, 012 277, 612 251, 240 November. 13, 366 12,047 257, 057 236. 096 December.. 16,180 14,838 305, 588 286, 633 Total— 159, 677 124,766 3, 205 959 2,173, 305 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. S—NEW YORK, 343 SCHEDULE 10.—DEBITS TO INDIVIDUAL ACCOUNTS—Continued. [In thousands of dollars.] Northern New Jersey Clearing New York, N. Y. House Association.* Month. 1923 1922 1921 1923 1922 1921 January 22,087,156 19, 064, 575 20,032, 528 200,171 February— 19, 019, 491 16, 543,428 15,129, 775 133,591 116, 720 March 22, 541, 298 20,397,109 17,353,179 173,782 142, 903 April 20, 478, 562 20, 716, 594 16, 348, 754 157.625 136, 359 May 20, 703, 871 21, 653, 679 17,170, 760 158.910 136,301 June 21, 041, 296 22, 063, 382 17, 754,821 183, 334 158,881 July 18, 320, 626 19. 713,134 16,339, 685 170, 362 153, 973 August 16,188, 613 18, 287, 224 15,186, 093 150, 729 146, 439 September- 16, 799. 454 19,215, 296 16,102, 523 152, 771 156, 013 October 19,151,902 22,322,276 17, 610, 321 190, 038 185, 039 November.. 19, 982,927 19,026, 750 17,492, 224 179, 600 163,073 December _. | 22,081,149 20, 851,135 20, 574, 899 243,447 217, 012 Total J238,396,345 239,854, 582 207, 095, 562 2, 094, 360 1,712,713 Passaic, N. J. Rochester, N. Y. Month. i 1923 1922 1921 1923 1922 1921 January 31,074 22, 961 20, 487 151,864 131, 292 138, 027 February 22,634 18, 547 126,157 103, 594 112, 459 March 29, 751 24, 456 20,365 157, 969 128, 087 126, 285 April | 32,460 23, 398 20, 395 150,969 127, 470 131, 896 ~M "aayy 35,047 23, 581 21, 302 151,875 130, 071 118. 263 June.. 35,120 27, 080 22, 861 174,062 150, 944 • 136, 790 July- 32, 548 22, 092 22, 592 146,802 128, 672 121,803 August 33.120 24, 883 20, 709 135,127 121, 878 107,984 September... 31. 258 25, 774 22, 015 133, 279 130, 274 118,762 October 3i 475 27, 996 21, 941 147, 872 145.926 125,156 November. _. 32, 775 27, 304 22, 074 138,358 134,120 116, 592 December.-. 36, 637 33, 345 26, 988 175, 716 155, 020 136, 847 Total.. 301,397 258,718 1, 790,050 1,587,348 1, 490,864 Stamford, Conn.* Syracuse, N. Y. Month. 1923 1923 1922 1921 January 66, 480 53, 374 67, 242 February... 9,618 8,131 56, 368 47,194 53,139 March 11,621 10,416 57,167 60, 239 April 12,846 8,863 68,784 61, 558 60,439 May 14,160 11,090 70, 663 58, 998 60,180 June 14, 896 13,110 72, 587 59, 490 58, 524 July 13, 964 11, 228 70,837 60, 401 57, 013 August 12, 567 10, 668 63, 837 54, 079 48,465 September-. 13, 097 11,253 63, 939 58, 687 51,873 October 14, 708 12, 905 74, 548 63, 903 57, 730 November.. 12,446 11,219 67, 678 67, 764 58, 385 December- 13, 264 12, 732 65,143 71, 791 60, 042 Total. 157, 734 121,615 813, 802 714, 406 •3, 271 NOTE.—Centers which have not reported continuously for the 18 months ending Dec. 31, 1923, are not included in the table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DISTRICT NO. 3—PHILADELPHIA. SCHEDULE 1.—COMPARATIVE STATEMENT OF CONDITION. [In thousands of dollars.] Dec. 31, Dec. 30, Dec. 31, 1923. 1922. 1921. RESOURCES. Gold with Federal reserve agents _ 181,069 179, 351 144,402 Gold redemption fund with United States Treasury 4,659 6,116 Gold held exclusively against Federal reserve notes 185,728 185, 467 148,768 Gold settlement fund with Federal Reserve Board 29,939 j 30, 599 61, 776 Gold and gold certificates held by banks...J 33,367 19, 523 1,950 Total gold reserves 249,034 1 235, 589 212, 494 Reserves other than gold 10,747 ! 14,805 7,159 Total reserves 259,781 ; 250,394 | 219,653 Non-reserve cash.. _ 1,345 I 0) ! Bills discounted: Secured by United States Government obligations. 42,814 ! 38,872 | 66,615 Other bills discounted 16,110 10,738 | 21,937 Total bills discounted-. 58,924 I 49,610 ! 88,552 Bills bought in open market. 33,261 i 23,380 j 15, 895 United States Government securities: Bonds 747 1,800 ! 1,434 Treasury notes 12, 058 22,640 i 2 739 Certificates of indebtedness 147 4,750 ! 10,189 Total United States Government securities I 12, 952 29,190 12, 362 Municipal warrants 140 Total earning assets. 105,137 102,180 | 116, 949 .F> per rent redemption fnnri—Federal reserve hank notes 700 Uncollected items 53,356 58, 032 46, 296 Bank premises 1, 111 640 600 All other resources ._ 184 366 218 Total resources 420,914 411,612 384,416 LIABILITIES. Federal reserve notes in actual circulation 221, 038 214,067 200, 724 Federal reserve bank notes in circulation—net 5,886 Deposits: Member bank—reserve account. _ 119,129 119, 075 104, 706 Government 2,437 255 1,786 Other deposits _ 337 587 1,210 Total deposits 121,903 119,917 107, 702 Deferred availability items . . ... 47, 805 49,331 43,049 Capital paid in 9,941 9,327 8,736 Surplus _ - _ 19,927 18, 749 17,945 All other liabilities _._ 300 221 374 Total liabilities 420,914 411,612 384, 416 Ratio of total reserves to deposit and Federal reserve note liabilities combined (per cent) 75.8 75.0 71.2 Contingent liability on bill's purchased for foreign correspondents... 1, 633 2,752 2,560 1 Not shown separately prior to 1923. 2 Including Victory notes. 344 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DISTRICT NO. 3—PHILADELPHIA. 345 SCHEDULE 2.— MOVEMENT OF PRINCIPAL ASSETS AND LIABILITIES DURING 1923. [Amounts in thousands of dollars.] Bills discounted for member banks. Date. ( T e 2 i a o 6 + n r ) t . g n 5 a - + l Total. c U G B e u s b r o . i e r n S y l v - e l - . - s d ! ! | O c b d o e t i i u h s d ll - n e . s r t- b o o m B k p u i i e n a e l g t r l n . s h - tU S c t n t i s u a e e i r - t t s i e e . - s d s T e c r r o a e v s t - e a h s l . r b M e a s i b e t n e s m e . r k r - v s e ' d T e o i p t t o s a . s l - r l e c n a F e i s t o e i r r e i n c d t a o r e - u l v n s - e . s c a p e R g e e r e n e v r - s t - e ment obligations. 10 Jan. 3. 104,053 48,043 38,033 10, 010 21,910 34,100 245,988 114,912 121, 225212, 917! 73.6 10. 99,248 39,574 32,625 6,949 20,074 39,600 237,905 113,878 117,117 204,617 73.9 17. 90,430 39,706 32,300 7,406 21,510 29, 214 244, 884 113,349 115,842 202,412 76.9 24. 96,168 41,163 33,784 7,379 25, 614 29,391 241,904 115,918 120,951 197,481 76.0 31. 107,759 51,807 41,899 9,908 26, 768 29,184 229,889 114,890 120,149 196,191 72.7 Feb. 7. 107,922 52, 246 39, 839 12,407 26,578 29,098 221,417 112,271 114,389 196, 947 71.1 14. 111, 37257, 254 42,084 15,170 25,021 29,097 227,621 113,327 115,968 204, 224 71.1 21. 113,335 57,911 42,670 15,241 26,357 29, 067 224,786 112,450 115, 734205, 045 i70.1 28. 110, 70953, 556 38, 828 14, 728 28,083 29,070 230,489 113,449 115, 506203, 579 72.2 Mar. 7. 103, 30245,545! 34,004 11, 541 28, 687| 29,070 234,429 115,821 117,915 200, 809 73.6 14. 112,047 54,357 40,890 13,467 28,620 29,070 228,364 115,378 119, 785202, 025 71.0 21. 1 118, 76161, 374 43, 622 17, 752 28,302 29,044 215,770 114,124 118,747 198,180 68.1 28. i 119,95965, 555 46,424 19,131 28,946 25,417 220,028 110,475 114, 994202,8111 69.2 Apr. i 114,13760, 510 41,828 28,169! 25,417 227,641 118, 746122, 883199, 270 70.7 i 106,83455,107 40,780 14,327 26,269! 25,417 228,150 113, 066116,495 198, 690 72.4 18 _ i 100,32049,947 35,432 14, 515 24,915 25,417 235,777 118, 525120,157 197, 788 74.2 25. 1 101,19851, 691 38,188 13,503 24,680 24,786 230,976 110,652 113, 496199,451 73.8 May 2. 2107,907 59,537 41,799 17, 738 23,634! 24,696 231,770 116,059 119,710 201,014 72.3 9. 2 103, 96656,171! 42,431 13, 740 23,1071 24, 648 232,136 115,783 117,771 200, 383 73.0 16. 2109, 535 62,294 43,899 18,395 22,273! 24,928 229, 368 114,315 119,164 202, 774 71.2 23. 3 112,754 66,521 42,393 24,128 21,125! 25,053 226,905 114,949 117,714 202, 2531 70.9 29. 3114,960 70,083 44,378 25, 705 20, 003124,819 232, 531 113,529 117,341 206, 755 71:7 June 6_ 3 109, 73464,423 42,106 22,31 20,462J 24,794 231, 766 116,403 119, 879202, 694 71.8 13. s 100,760 63,151 42,189 20, 962 20,119 17,435 236,112 114,145 115, 077204, 884 73.8 20. 3 108,77371,472 44,342 27,130 19, 860| 17,386 219,911 111,368 112, 647201,381 70.0 27. 3 109, 62572, 380 45,820 26, 560 19,509! 17,681 227, 786 109, 581112, 020206, 686 j71.5 July 3. 4 114,674 77,968 50,636 27,332 19,310' 17,381 230,175 114, 092114,940 211, 259 70.6 11_ * 104, 54867,272 44,823 22, 449 19,880! 17,381 234, 894 116,009 116, 683211, 184 71.6 18. 105, 34567, 379 46, 726 20,653 20.585 17,381 234,974 117,981 120, 358 205, 324 72.1 25. 100, 14162,447 43,604 18,843 20,313i 17,381 240,463 114,756 117,517 203, 458 74.9 Aug. 102, 68366, 028 42,171 23,857 19,274] 17,381 j 241,928 115, 529118,469 204,916 74.8 101,173 63,833 42,392 21,441 19,959 17,381 i 248,054 112, 581114,421 214,366 75.4 102,802 65, 209 42,135 23,074 20,212| 17,38l! 255,831 118,438 121,157 218,992 75.2 96,898 59,211| 37, 288 21,923| 20,306 17,381) 253,888 114,806 117,582 211,043 77.3 29 ! 100,221 62, 627141, 469 21,158 20, 213 j 17,381; 257,345 117,859 120,772 215,674 76.5 Sept. 5. 99, 64' 62,400i 39,147 23,253 19,866! 17,381' 261,898 120, 292122, 050 218, 611 76.9 12. 95, 800 58, 641 i36,596 22,045 19,778| 17,381 259,986 114, 658117,334 220,316 77.0 19. 94, 830 59, 064!36, 774 22,290i 18,3331 17,433 259,159 114, 071 117,123 218,244 77.3 26. 95, 661 58,9951 38, 077 20,9181 19,256117,410| 258,073 112, 850117, 079 214,104 77.9 Oct. 3 88,134 51,838! 33,442 18,396 j 18,888^17,408^ 265,776 119,909 121,4141 213,198 79.4 10 90,137 54,885! 36,529 18,3561 17,844!17,408! 263,462 114,837 115,629 216,938 79.2 17 1 95,165 57, 333 i 37,080 20,253! 20,424!17,408! 252,452 115,469 117,329 213,006 76.4 24 I 96,060 58,383! 37,825 20,558! 20, 269;17,408 256,287 118,949 119,901 210,635 77.5 31 96,188 61, 820! 40, 274 21,546! 16,962 17,406! 257,973 115,641 117,882 212,441 78.1 Nov. 7. 89, 929 52,686i 35,016 17, 67019,838' 17,405! 270,862 115,322 119,605 216,905 80.5 14. 100, 251 56, 765| 39>149 17, 61626, 081! 17, 405! 262,829116, 263118,999; 221,153 77.3 21. 90, 87r 51,247! 37,741 13,506 27,221 12,4051 259,906 116, 246118,323 212,679 78.5 28. 5 91,511 55,686 39,869 15,817 23,119 12, 603 269, 708113, 791116,140 222,613 79.6 Dec. 5. « 86,170 49, 713 38, 288 11,425 23,751 12,603| 272,232 115,542 116,505 220,839 80.7 12. 93, 77" 56, 361 42, 875 13,486 24,808! 12,603! 270,490 114,974 117,693 225,915 78.7 19. 100, 74261,127 45, 516 15,611 26,948! 12,6671 265,071 113,177 114,340 229,829 77.0 26. 108, 053 62,150| 45,453 16,697 32,951: 12,952! 259,102 115,177 117,484 233,016| 73.9 Daily average 6104,363 59,846' 23,067: 21,430; 243,674 114,145 116,807 210,656; 74.4 1 Includes $41,000 municipal warrants. 1 Includes $40,000 municipal warrants. 3 Includes $55,000 municipal warrants. 4 Includes $15,000 municipal warrants. Digitized for FRASE5R In cludes $103,000 of municipal warrants 8 Includes $20,000 of municipal warrants. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

346 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. FEDERAL RESERVE BANK OF PHILADELPHIA MILLIONS OF DOLLARS MILLIONS OF DOLLARS 350 350 300 300 250 250 200 200 150 150 100 100 100 100 200 DISCOUNTS FOR OWN MEMBERS 150 100 1921 1922 1923 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DISTEICT NO. 3 PHILADELPHIA. 347 SCHEDULE 3.—VOLUME OF DISCOUNT AND OPEN-MARKET OPERATIONS. [In thousands of dollars.] Bills discounted for member banks. Month. Secured by Bankers' Agricul- Total. U e . rn S m . G en o t v- a a c n c c e e p s t . - c T e r p a t d a e n c a e c s - . i j t l u iv ra e l s t a o n c d k All other. obligations. paper. January.. 176, 623 142,142 135 160 34,186 February 227,102 160,991 36 158 65,917 March. 238,144 167, 572 56 271 70, 245 April _.. 224, 302 162,150 61 335 61, 756 May 248,967 175,973 85 387 72, 522 June 301,009 188, 752 74 334 111, 849 July 279,008 191, 955 37 319 86,697 August 284, 243 187, 274 25 240 96,704 September 228, 029 158, 248 27 232 69, 522 October 241, 003 179,166 69 234 61, 534 November 209, 771 147, 222 24 246 62, 279 December.. 252, 941 201, 278 124 406 51,133 Total: 1923. 2, 911,142 2, 062, 723 753 3,322 844, 344 1922. 2, 450, 843 1, 771, 245 767 3,508 675, 323 1921. 3,872, 367 2, 708,180 1,521 3,189 1,158, 963 I U. S. securities Total discount and open- Bills bought in open market. purchased. Munic- market operations. ipal war- Month. Total. e B a r c n s a e ' c n p e a t k s - c - . - c D h o e a x n ll - g a e r , T a c n r e a a c c p e d - t s - e . B n a o o n t n e d d s s . i c e i C n a d e t d n e r e e t s i s b f o s t i . f - - c r h p a a u n s r t e - s d. 1923 1922 1921 January ! 18, 607 18,042 565 1,046 91, 871 288,147 265.135 383, 218 February I 16,248 15,808 440 45 39 243,434 254,008 328, 233 March __. 12, 032 10,817 1,215 225 171 41 250, 613 263,529 435, 206 April.— _. 5,903 5,078 825 1 230, 206 197, 711 379, 880 May 6,100 5,750 350 406 55 255,528 197, 571 400,274 June 11, 645 11,386 220 39 388 213 313,255 221,492 431, 835 July 7,830 6,965 865 286, 838 172,636 284,217 August 10, 392 9,447 945 294, 635 184,277 316,031 September 9,991 8,996 995 3,114 241,134 174, 425 280, 490 October \ 15, 999 13,609 2,390 257, 002 218,965 294, 490 November 23, 381 21, 420 1,961 222 100 103 233, 577 258.136 288,992 December 20,977 19, 902 1,075 240 750 274,908 342, 633 339, 714 Total: 1923... 159,105 147, 220 11, 846 39 2,572 96, 259 199 3,169, 277 1922... 137,122 132, 533 4,366 223 38, 679 123, 772 102 2,750, 518 1921... 92,353 80,373 11,980 11,622 186,098 140 4,162,580 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

348 ANNUAL REPOET OF THE FEDERAL RESERVE BOARD. SCHEDULE 4.—VOLUME OF BILLS DISCOUNTED FOR MEMBER BANKS IN EACH STATE. [Amounts in thousands of dollars.] Number of Month. Je N rs e e w y - .1 Delaware. P v e a n n n i s a y .1 l- Total. N a b m u d t a i m e n e s m n k t b r d s b e i c r e o i t n r f of a m c b d c e o a a m n m te k b d m s er omonth. during the month. January 11,984 163,943 176,623 715 285 February __. 12,885 1,035 213,182 227,102 715 270 March _ _.. 17, 631 996 219,517 238,144 715 313 April 17,860 829 205,613 224,302 717 323 May _ _ 21, 269 1,120 226, 578 248,967 718 359 June 20,474 842 279,693 301,009 720 337 July.. _ 15,609 749 262,650 279,008 721 338 August 12, 779 1,878 269,586 284,243 721 329 September 12,488 609 214,932 228,029 722 322 October 19,486 1,304 220, 213 241,003 721 325 November _ 20,790 769 188,212 209, 771 721 342 December 24,175 751 228,015 252,941 725 353 Total: 1923 _. 207,430 11,578 2,692,134 2,911,142 1922. 151,755 16,731 2,282,357 2,450,843 1921 220,387 38,614 3,613,366 3,872,367 Number of member banks at end of year: 1923 611 1922 606 1921 595 Number of member banks accommodated: 1923... 442 1922 448 1921 1 Figures relate only to that part of the State located in the Philadelphia district. SCHEDULE 5.—EARNINGS AND EXPENSES. 1923 1922 1921 Discounted bills $2,693, 392 $2,393,673 $6,849,905 Purchased bills _ 952,999 712, 383 513, 710 United States securities 910, 010 1,119, 457 597, 553 Deficient reserve penalties.. 21, 751 14,409 34,442 Miscellaneous 14,615 12, 028 12,485 Total earnings.. 4,592,771 ! 4,251,950 8,008, 095 I Salaries: CURRENT EXPENSES. Bank officers __ _. 131,409 129, 499 124,020 Clerical staff _ _._ 994, 796 982, 600 999,460 Special officers and watchmen 59,811 57, 952 69, 934 All other. _ __ 103,077 83,477 84,970 Governors' conferences _•_ _ 312 206 343 Federal reserve agents' conferences 138 181 137 Federal Advisory Council _ 540 461 382 Directors' meetings 6,223 6,407 6,509 Traveling expenses * _. 13, 965 16, 378 17,839 Assessments for Federal Reserve Board expenses 60, 883 60, 625 62,008 Legal fees _ _ _ 2,588 4,370 5,745 Insurance (other than on currency and security shipments) _ 24, C89 44,439 42, 939 Insurance on currency and security shipments 88,801 46, 025 (2) Taxes on banking house.. 21, f.14 21, 276 22, 820 Light, heat, and power 29, 565 39, 085 34, 794 Repairs and alterations, banking house _ 76, 737 20, 396 79,117 Rent. 2, 903 1,675 10, 621 Office and other supplies.. 53,957 31, 457 38,103 Printing and stationery... 57, (379 51, 973 64, 508 Telephone 26, i379 23, 431 28,558 Telegraph 23, 146 18, 745 20,385 Postage 141, 363 167,973 2 186,112 Expressage 47,148 1 Other than those connected with governors' and agents' conferences and meetings of directors and of the advisory council. 2 Insurance on currency and security shipments is included with postage and expressage. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DISTRICT NO. 3—PHILADELPHIA. 349 SCHEDULE 5.—EARNINGS AND EXPENSES—Continued. 1923 1922 1921 CURRENT EXPENSES—continued. Federal reserve currency: Original cost, including shipping charges _ _ $252,141 $118,014 $320,923 Cost of redemption, including shipping charges 40,627 43,381 113, 211 Taxes on Federal reserve bank-note circulation 24,723 58, 313 All other expenses 35,445 59,170 » 374, 692 Total current expenses _ _ 2,295, 726 2,053, 919 2,766,443 PROFIT AND LOSS ACCOUNT. Earnings 4, 592, 771 4,251,950 8,008,095 Current expenses _ 2, 295, 726 2,053,919 2, 766,443 Current net earnings. 2,297,045 2,198,031 5, 241,652 Additions to current net earnings: Amounts deducted from reserve for depreciation on United States bonds 18,807 67, 732 127,192 All other 810 14, 946 8,188 Total additions _ _ _ 19,617 82,678 135, 380 Deductions from current net earnings: Depreciation allowances on bank premises ._ 23, 733 30,000 Furniture and equipment _ _ 70,648 42,931 All other - . 44,444 902 7,578 Total deductions 138,825 43,833 37, 578 Net deductions from current net earnings _ 119, 208 5 38,845 * 97, 802 Net earnings available for dividends, surplus, and franchise tax 2,177,837 2, 236,876 5,339,454 Dividends paid 582, 292 541,552 517,663 Transferred to surplus account . . . 1,178,588 8 839,960 935,239 Franchise tax paid United States Government 416,957 6 855,364 3,886, 552 Includes $309,696 for furniture and equipment, which since 1921 has been charged direct to profit and loss. 4 Included with current expenses prior to 1922. 5 Net addition. 6 Bank also charged its surplus account and paid the United States Government $36,366 as an additional franchise tax for 1921. SCHEDULE 6.—VOLUME OF OPERATIONS IN PRINCIPAL DEPARTMENTS. 1923 1921 NUMBER OF PIECES HANDLED. Bills discounted: Applications 17,583 C1) 0) Notes discounted _ __ 53,614 49,019 71, 054 Bills purchased in open market for own account 11,367 10,638 5,914 Currency received and counted. 156,722, 000 123,686, 000 104, 744, 000 Coin received and counted __ 194,118, 000 183,478, 000 2 142, 057, 000 Checks handled 51, 325, 000 57,113, 000 54,296, 000 Collection items handled: United States Government coupons paid . 6,355,000 7,614,000 8, 782, 000 Allother 382,000 344, 000 221, 000 United States securities—issues, redemptions, and exchanges by fiscal agency department-.. __ 3 6, 754, 000 I 1,222, 000 3, 701, 000 Transfers of funds 74,000 | 63,000 59,000 Envelopes received and dispatched 2,420,000 ! 0) 0) AMOUNTS HANDLED. Bills discounted $2,911,142, 000 $2,450,843, 000 $3,872, 367, 000 Bills purchased in open market for own account 159,105, 000 137,122, 000 92, 353, 000 Currency received and counted _ 1, 011, 761, 000 726, 382, 000 766,822, 000 Coin received and counted _ 27, 062, 000 23, 545, 000 2 17, 796, 000 Checks handled 15,808,129, 000 13,880, 222, 000 13, 497,573, 000 Collection items handled: United States Government coupons paid 63, 054, 000 63,852, 000 69, 587, 000 All other 432, 479, 000 452, 257, 000 364, 897, 000 United States securities—issues, redemptions, and exchanges by fiscal agency department 578,493, 000 930, 091, 000 1,874,428, 000 Transfers of funds ._• _.. 3,379, 281, 000 3, 040, 220, 000 2,192, 523,000 3 Data not available. 2 Ten-month period, Mar. 1 to Dec. 31, 1921. 3 Large increase due to redemption of war savings securities which matured Jan. 1, 1923. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

350 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. SCHEDULE 7.—OPERATIONS OF FEDERAL RESERVE CLEARING SYSTEM. [Figures include cash items only. Numbers in thousands; amounts in thousands of dollars.] Items drawn on Ite o m th s e f r o F rw ed a e rd ra e l d r t e o - Items drawn on banks in own dis- serve banks and Treasurer of Total. trict. their branches. United States. Month. Num- Num- Num- Number. Amount. ber. Amount. ber. Amount.) ber. January 1, 219,089 532 103,033 166 32, 011 4,396 1, 354,133 February... 3,055 986, 476 426 86,123 146 25, 320 3,627 1, 097, 919 March 3,658 1,187,809 479 108,161 172 29,442 4,309 1, 325, 412 April. 3,552 1, 170,071 474 104, 772 191 36, 287 4,217 1, 311,130 May 3,701 1, 231, 618 470 111,357 164 28, 803 4,335 1, 371, 778 June 3,805 1, 289,879 464 111,764 152 26, 309 4,421 1,427, 952 July 3,755 1,182, 576 444 103, 357 150 22, 391 4,349 1, 308, 324 August 3, 525 1,131,327 444 96,174 144 31, 058 4.113 1, 258, 569 September. 3,319 1,121, 026 423 101, 634 152 27, 571 3,894 1, 250, 231 October 3,879 1, 286, 739 559 116,096 184 25, 537 4,622 1, 428, 372 November. 3,632 1,161, 024 530 97, 679 183 23, 235 4,345 1, 281,938 December.. 3,967 1, 261, 227 582 108, 231 148 22,913 4,697 1, 392,371 Total: 1923 43,546 j 14,228,861 5,827 1, 248, 381 1, 952 330, 887 51, 325 15, 808,129 1922 ! 48,546 12,287,112 6,668 1, 289, 433 1,899 303, 077 57,113 13, 880, 222 1921 I 43,878 11,229,057 8,352 1,805,965 2,066 462, 551 54, 296 13,497, 573 SCHEDULE 8.—CLEARINGS AND TRANSFERS THROUGH THE GOLD SETTLEMENT FUND. [In thousands of dollars.] Payments Receipts Week ending- F t e o d e o r t a h l e r r e- f F r e o d m e r o al t h r e e r - Net loss. Net gain. serve banks. serve banks. Jan. 4 (3 days) _ 103, 735 101, 65(5 2,079 11 166,878 162, 612 4,266 18 176, 566 169, 654 6,912 25 153,896 154, 779 883 Feb. 1 142, 474 130, 508 11, 966 139, 398 144, 3C7 4,909 15.. 126, 729 131, 224 4,495 21_. 148, 792 147, 542 Mar. 1.. 172,124 178,171 6,047 155,163 156, 457 1,294 15.. 160, 251 145,4i59 14,792 22.. 176,801 173,405 3,396 29.. 148,497 154,822 6,325 Apr. 5.. 138, 563 144,771 6,208 12.. 146,905 143, 822 19.. 171, 598 177, 308 5,710 26.. 163, 639 160.339 3,300 May 3.. 161, 326 161,621 "~295 10.. 152, 731 152, 170 561 17.. 170,422 168,139 2,283 24.. 167,983 169,846 1,863 31- 133,378 135, 583 2,205 June 7.. 149,401 143, 272 6,129 ; 14.. 146, 641 150,466 3,825 21.. 188, 351 175. 965 12,386 28.. 149,572 158,776 9,204 July 5.. 141,927 145,034 3,107 12.. 146,883 151,032 4,149 19.. 163, 420 158,108 5,312 26.. 148, 453 154,619 6,166 Aug. 2.. 138,527 141,429 2,902 9.. 131,648 134, 533 2,885 16.. 123,939 125, 375 1,436 23.. 156,194 151, 600 4,594 30.. 136, 834 137,711 877 Sept. 113,173 118, 517 5,344 13. 138,447 138,981 534 20. 169, 584 164,173 5, 411 27. 156,923 155, 5761 1.347 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DISTRICT NO. 3—PHILADELPHIA. 351 SCHEDULE 8.—CLEARINGS AND TRANSFERS THROUGH THE GOLD SETTLEMENT FUND—Continued. [In thousands of dollars.] Payments Receipts Week ending— Fe to d e o r t a h l e r r e- f F ro ed m e r o a t l h r e e r - Net loss. Net gainserve banks. serve banks. Oct. 4 158, 404 164, 715 6,311 11 148, 393 147,126 1 267 18 167, 746 155, 763 11,983 25 163,191 165, 458 2,267 Nov. 1 154, 426 156, 691 2,265 8 . 139,621 142,108 2,487 15 160,254 161,007 753 22 179, 824 176, 692 3,132 28 133, 635 139,975 6,340 Dec. 6 181, 712 186,711 4,999 13 153,453 151,917 1 536 20 185,998 176,145 9,853 27 " ' ' " 151,417 151,187 230 28-31 (3 days) 93, 330 89, 703 3,627 Total: 1923 8,049,170 8,034, 560 14, 610 1922._ . 7,109, 692 7,134,136 24, 444 1921 6, 527, 572 6, 538, 701 11,129 Net gain in ownership of gold since establishment of fund in 1915, $129,280,000. SCHEDULE 9.—PRINCIPAL ASSETS AND LIABILITIES OF REPORTING MEMBER BANKS IN LEADING CITIES AS OF THE LAST REPORT DATE IN THE MONTH. [Inthousands of dollars.] Investments. Loans and discounts, gross. Last report date in— United State securities. All other. 1923 1922 1923 1922 1923 1922 January 583,151 571, 726 124,591 74, 855 188,066 165,483 Februarv 594,187 570,161 118, 954 80, 907 185,211 164,361 March 614, 654 562,456 124, 420 78, 344 183,491 165,975 April 625, 442 560,101 124,121 79,068 182,831 173,494 May 615, 274 554, 873 128, 336 83,865 184, 798 183,243 June _ 628, 772 555,696 124, 813 94, 540 185,356 185,034 July 633,199 557, 803 120, 030 92, 675 184,933 189,097 August 632,933 563.521 113,302 96,332 181,047 187, 445 September 642, 599 583,931 112,173 97, 529 180,344 184,097 October ._ 634,509 599,951 107,706 99,023 181,424 181,849 November 627, 785 603,564 105,092 92,484 182,349 183,495 December 621,768 592,418 108,896 111,460 185,397 182, 679 Accommodation at Net demand deposits. Time deposits. Federal reserve bank. Last report date in— 1923 1922 1923 1922 1923 1922 January 703,453 622,056 68, 864 47,308 28,336 34,205 February . _ 700, 795 616,302 75,467 47,781 30,940 37,865 March.. . 684,876 628,919 89, 507 48,627 39,759 27,839 April 707,984 649,894 88, 753 49,283 26,493 13,895 May... 692,381 662,943 98,009 50,369 40,342 18,213 June 680,115 667, 252 103, 538 50,838 43,475 17,760 July 692,859 677,264 105, 666 51,843 35,557 15,737 August __ .. 684,238 677,443 104, 599 54,371 37,227 13,927 September 681,066 695,195 103,006 56,194 34,451 16,365 October, 681,025 690,083 109,417 56, 289 34,903 18, 669 November 679, 521 692,601 113,074 58,116 25, 442 30,939 December 671,953 698,089 114, 593 58,857 29,214 26,918 NOTE.—Figures are for about 55 banks in Philadelphia, Camden, Scranton, and Wilmington which submit weekly reports to the Federal reserve bank. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

352 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. SCHEDULE 10.—DEBITS TO INDIVIDUAL ACCOUNTS. [In thousands of dollars.] Summary for 10 centers.1 Month January 1,914,857 1,583,008 1,679,283 February... 1,648,925 1,431,593 1, 391, 392 March 1,926,493 1,628,117 1, 615,908 April 1,863,477 1, 569,312 1,582, 299 May 1,973,625 1,634,314 1,503, 607 June 2, 083,113 :<, 720,649 1,622,499 July 1, 826, 560 1,668,316 1, 523,296 August 1, 733,171 1,589,819 1,407,355 September- 1,670,226 1,646, 539 1,500, 586 October 1, 922, 569 1,891,067 1, 581,867 November.. 1,738,336 1, 682, 845 1,515,206 December.. 1,999, 728 1,939,197 1,766,389 Total I 22,301, C 19, 984, 776 18,689, 687 Allentown, Pa.* Altoona, Pa. Month. 1923 1922 1921 1923 1922 1921 January 28, 446 16,176 11,640 14,634 February- 23,033 20,181 14,658 10,109 11,721 March 30,188 24, 702 17,335 12,920 14,188 April _ 31,476 26,555 17,340 12, 787 13,708 May 32,445 25,826 19, 296 13,329 13,392 June . 33,292 26,648 18,86C 13, 708 13,491 July _ 29, 735 25,853 18,096 13,177 13,204 August 27, 827 24,093 17,605 14, 706 13,022 September _ 28, 882 25,966 16, 291. 14,366 11,745 October 33, 615 29,668 19,248 15,663 13,314 November. 27,921 26,016 14,781 13, 876 12, 458 31, 392 29,830 16,487 15, 700 13,509 December- Total 358,252 I 285,338 206,173 161,981 158,386 Camden, N. J.* Chester, Pa. Month. 1922 1921 1923 1922 January 48,832 22,849 17,886 21,792 February- 39,346 34,444 20, 229 15, 583 18,654 March. __ _ | 47,378 41,125 22, 264 18,390 21,213 April _ 45,375 40, 575 22, 300 19, 026 20,088 May 49,639 45, 680 23,989 20, 273 18,447 June.. 53,274 45, 934 25, 321 18, 740 18,663 July 49,812 42, 348 24, "04 18, 309 17,804 August i 47,104 41,861 24, 307 18,243 16,478 September 46,869 44,175 23,081 18,826 16,682 October 52,784 44, 670 28, 224 23, 535 19,092 November _ 49,023 41,046 24,141 20, 271 16,286 December __ I 57,462 56,359 25, 699 22,234 18, 809 Total. 586, 898 478,217 287,108 231,316 224,008 Harrisburg, PEi.* Hazleton, Pa Month. 1923 1922 1921 1923 1922 | 1921 January 31,610 33,451 31,052 10,399 February 28,194 24,917 23,930 6,903 8,264 March _ _ 37,599 29,806 27,917 11,221 9,577 April 36,661 32,103 28,712 15!, 054 9,603 May _ . . 38,819 31, 597 26,216 12,317 8,759 June.. . _ _ . 40,781 30,401 29, 728 12,755 9,052 July 38,941 32, 208 27,986 12,119 9,338 August . . 37,261 29, 715 27,246 12,008 9,021 September 35,769 31,317 26,926 10,841 9,412 October 40,301 34,007 28,546 14,370 11,312 November 36, 299 31,290 25,560 12,611 10, 601 December __ 43, 676 35,970 33,377 13,260 10,865 Total 445,911 376,782 337,196 143, 858 105,804 1 Figures for cities marked with an asterisk are not included in the district summary or in the national Digitized fors uFmRmAaSryE oRf 141 centers. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DISTRICT NO. 3 PHILADELPHIA. 353 SCHEDULE 10.—DEBITS TO INDIVIDUAL ACCOUNTS—Continued. [In thousands of dollars.] Johnstown, Pa.* Lancaster, Pa. Month. 1923 1922 1921 1923 1922 1921 January 23, 305 17,235 27, 235 18,063 22, 735 February 20, 332 15, 699 22,165 17, 897 18, 865 March 23,124 18,898 22,927 31, 535 25,413 26, 296 April 24.359 19,097 22,454 32,026 26, 615 32,953 May 26, 325 21,057 21, 499 20,478 19,821 June.. 27, 631 21,002 22, 218 25, 495 22, 637 20,520 July... 25,458 20, 081 20,103 24,626 20,990 18,464 August 25,207 21,356 19,076 23,317 20,458 17,838 September.. 23.360 22, 272 19, 571 24,099 21, 943 19,295 October 25,451 23,785 19,821 28,900 25, 731 21, 601 November.. 23, 358 22,113 18,950 24, 898 22, 733 20,361 December... 23,038 26, 433 21,429 26, 751 26, 652 21, 752 Total. 290, 948 249, 028 208,048 317,855 269, 610 260, 501 Lebanon, Pa.* Norristown, Pa.* Month. 1923 1921 1923 1921 January 6,425 3,709 February... 5,181 4,068 3,092 2,451 March 6, 773 5,134 4,092 ! 2,919 April 7, 386 6,107 3,766 3,103 May 7,597 5,414 4,356 3,221 June 7, 948 5, 402 4,966 3,515 July 7, 250 5, 239 4,057 i 3,405 August 7,344 5,088 3,942 I 3,160 September.. 6, 769 5, 338 3,965 I 3,335 October 8,160 6,508 4,393 ! 3,949 November.. 6,744 5,880 3,949 I 3,728 December.. 7, 639 6,625 4,245 3,847 TotaL 84,916 60,803 I 48, 532 36, 633 Philadelphia, Pa. Reading Pa." Month. 1923 1922 1921 1921 January 1, 596, 994 1, 327,128 1, 388, 593 41,362 31, 362 27, 983 February... 1,375,159 1,197, 975 1,140,113 34, 487 26, 466 24, 301 March 1, 606, 540 1, 353, 282 1, 331, 829 42, 343 32,040 29,884 April.. 1,541,444 1, 299, 842 1, 297,833 44, 087 33, 008 33, 433 May 1, 642, 579 1, 374,876 1, 243,427 46, 713 33,410 35,150 June 1, 752, 826 1, 459, 928 1, 347,153 45, 254 35, 712 35,935 July... 1, 495, 459 1, 416, 261 1, 258, 308 41,813 32,196 29,153 August 1, 392, 251 1,348, 538 1,154, 445 43, 651 31, 404 28,102 September.. 1, 379, 516 1, 389, 367 1, 242, 356 37, 677 33,826 28, 696 October 1, 583, 917 1, 582,430 1, 312, 688 43, 607 37,430 33, 752 November.. 1, 42S, 416 1,402,331 1, 263, 133 40,100 36, 739 31, 697 December... 1, 647, 903 1, 615, 296 1, 477, 185 44, 856 41,347 34,920 Total. 18, 443, 004 16, 767, 254 15, 457, 063 505, 950 404,940 373, 006 Scranton, Pa. Trenton, N. J. Month. I 1923 1922 1921 1923 1922 1921 January 78, 563 62, 781 67, 951 55, 501 45, 781 49, 552 February.. 65, 845 54, 837 60, 067 54, 248 46, 884 41, 228 March 77, 037 64,031 66,179 55, 855 48, 455 46, 924 April. 71, 788 58,665 63,433 61, 398 47, 281 47, 428 May 77, 376 51,357 64, 524 63,010 52,129 44, 055 June 78,170 52, 781 70, 293 61, 290 49, 915 46,496 July 82, 843 49, 394 64, 238 62, 353 49, 782 49, 385 August 71, 357 45,154 61,811 54, 781 49,438 47,019 September. 63,060 48, 912 63, 888 55,188 54,166 48,512 October 75, 821 72, 070 64, 554 61, 234 53, 517 47,887 November. 71,120 66, 510 61, 905 56, 429 51, 857 46, 219 December.. 80,140 73, 919 69, 718 70, 480 65, 902 58,165 Total 893,120 700, 411 778, 561 711,767 615,107 572, 870 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

354 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. SCHEDULE 10.—DEBITS TO INDIVIDUAL ACCOUNTS—Continued. [In thousands of dollars.] Wilkes-Barre, Pa. Williamsport, Pa. Month. 1923 1922 1921 " 1923 1921 January 41, 953 36, 523 38,200 19,806 15, 959 19,926 February.. 34,138 31,190 32,047 17, 282 15, 591 15,472 March 42, 721 36,494 37, 707 18,845 18,303 18, 725 April. 41,839 35, 669 37, 249 18, 033 18,404 17, 688 May 43,700 34, 403 35, 589 19, 296 18, 534 16,860 June _. 45,500 34,299 36, 623 18, 619 19, 320 16, 741 July 44, 393 29,081 34,935 19,058 17,411 17, 209 August 42, 803 28, 248 35,516 17,153 16,801 16,881 September. 39,126 33, 025 37,048 17,143 17,142 17,162 October 47,075 39,156 37,407 17, 754 20,475 18,125 November. 48,649 39,432 36,061 15, 747 18,156 15, 609 December.. 52,060 42,200 39,729 17, 997 19,982 19,109 Total 523,957 419,720 438,111 216, 733 216, 078 209, 507 Wilmington, Del. York, Pa. Month. 1923 1922 1921 1923 1922 1921 January 35, 828 30,184 39, 018 19, 952 17,063 16,882 February _. 28, 873 27, 594 39, 471 16, 328 13, 933 13,754 March 35,093 31,886 34, 079 19, 268 18,943 18, 768 April 37, 652 30, 739 32,046 19, 657 20, 284 19,873 May 36,358 32,390 30, 750 21, 21& 16, 545 16, 742 June. 35, 922 33, 577 36,066 21,110 15, 744 16,453 July 35, 617 36, 323 33, 554 19, 41:. 17, 588 16,195 August 69,403 31, 790 29,716 20,194 16,443 14, 629 September _ 34,010 31,132 28, 302 18, 712 17, 660 15, 596 October 38, 742 30, 676 21, 654 19, 791 16, 523 November. 35, 082 30,944 27, 808 19, 073 16, 735 15, 366 December __ 40, 661 35, 573 30, 998 21, 550 21, 739 17, 415 Total. 463, 241 390,831 392,484 238,122 212,468 198,196 NOTE.—Centers which have not reported continuously for the 18 months ending Dec. 31,1923, are not included in the table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DISTRICT NO. 4—CLEVELAND. SCHEDULE 1.—COMPARATIVE STATEMENT OF CONDITION. [In thousands of dollars.] Dec. 31, Dec. 30, Dee. 31, 1923. 1922. 1921. RESOUBCES. Gold with Federal reserve agents __ _ 225, 020 193,303 177,327 Gold redemption fund with United States Treasury ... 3,427 5,924 5,107 Gold held exclusively against Federal reserve notes __ ._. 228,447 199,227 182,434 Gold settlement fund with Federal Reserve Board 68, 752 71,889 41,455 Gold and gold certificates held by banks __ __ 12,177 13,484 12, 241 Total gold reserves 309, 376 284,600 236,130 Reserves other than gold _ 5,561 7,391 7,156 Total reserves 314, 937 291, 991 243, 286 Nonreserve cash 5,184 C1) 0) Bills discounted: Secured bv United States Government obligations 25, 833 19, 907 46,168 Other bills discounted _ __ ._ 23,185 18, 634 68, 426 Total bills discounted _ 49,018 38, 541 114, 594 Bills bought in open market 44, 046 51,007 5,378 United States Government securities: Bonds 918 918 889 Treasury notes _ _ 9,030 10, 979 2 4, 467 Certificates of indebtedness _ 1,247 13,842 8,326 Total United States Government securities.._ 11,195 • 25,739 13, 682 Total earning assets __ _____ 104, 259 115, 287 133, 654 5 per cent redemption fund—Federal reserve bank notes 539 Uncollected items _ ; 53,180 66,175 54, 273 Bank premises _ . __..___.-___„ ._ 9, 097 7,006 3, 952 All other resources—_ 207 598 912 Total resources.., - 486, 864 481,057 436, 616 LIABILITIES. Federal reserve notes in actual circulation 243, 323 242, 565 214, 775 Federal reserve bank notes in circulation—net _ 5,797 Deposits: Member bank—reserve account 151, 670 144, 487 130, 933 Government _ _._ 3,322 545 6,275 Other deposits.. _ _ _ __ 1,583 1,705 783 Total deposits _ _ 156, 575 146, 737 137,991 Deferred availability items 49, 897 55. 802 43. 520 Capital paid in _ _ _ . 12,333 11, 708 11,134 Surplus 23, 691 23, 495 22, 634 All other liabilities 1,045 750 765 Total liabilities 486, 864 481, 057 436, 616 Ratio of total reserves to deposit and Federal reserve note liabilities combined (per cent) __ . - 78.8 75.0 69.0 Contingent liability on bills purchased for foreign correspondents 2,051 2,815 2,624 1 Not shown separately prior to 1923. 2 Including Victory notes. 355 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

356 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. SCHEDULE 2.—MOVEMENT OF PRINCIPAL ASSETS AND LIABILITIES DURING 1923. [Amounts in thousands of dollars.l Bills discounted for member banks. Date. a T e ( + s i a 2 o 6 n s r + ) t e g n . a 5 t - l s | Total. c U G B u s b . o i e r y l - e v S l d s - . c d o i u s- n t- ] ! ; bo k B u e i g l t l . h s t U S c t n t i s u a e e i r - t t s i e e . - d s r b d M e a e b s it p n e e e s. m o r k r v s s - e - ' d T e i o t p s t . o a s l - r l e c n a F e s i t o r i e r e i n c t a o d r e u l v n - s - e . I c a R s p e g e e e n e r r - v s t - - . e ern- ed, i ment obligations. 10 Jan. 3 147,867| 49,043 24, 339 24,704! 50,065 48, 759 161,643 176,470 242,859| 67.7 10 120,928 28,522 14,252 14,270! 46,641 45, 765 151, 715 160,465 238,215 73.4 17 107,803 25,899 15, 086 10,813! 43,148 38, 756 162,164 167,277 229, 016 75.9 24 96, 61929,162 19,063 10,099! 41,123 26, 334 163,669 169,021 228,464 80.3 31. 82,923 20,223 11,529 8,694! 36,376 26,324 159,283 163, 317 224,610 83.8 Feb. 7 93,439 24,849 13, 724 11,125^ 32,301 302, 672 152,748 155,285 227,249 79.1 14 101,235 33, 547 23, 680 9,867i 31,282 36,406 318,985 163,919 167, 558 234,687 79.3 21 102,394 34,336 22,899 ll,437i 30,506 37, 552 314,240 157,631 161,235 237, 050 78.9 29 96,262 23,252 16,554 6,698| 35,440 37, 570 322, 533 158,292 161, 648 235,7181 81.2 Mar. 7 104,021 27,633! 12,756 14,877 38, 774!37, 614 306,808 152, 552 159,296 232,328 78.3 14 115,993 39,981! 26,195 13, 786 37, 624301, 470 162,684 168,138 230,514 75.6 21 118, 63342,488 21,276 21,212 44, 519 31,626 290.920 157, 589 168,9461 224,874 73.9 28 107, 63839,741 22,095 17, 64646, 59721,300 307,186 156, 767 162,868 230,500 78.1 Apr- it:::::::: 1 1 2 1 1 1 , , 7 5 8 8 9 33 4 8 8 , , 7 8 3 7 1 3 2 2 1 8 , , 6 8 1 3 3 8 2 1 0 7 , , 0 1 3 1 5 8 5 5 1 1 , , 5 5 4 0 9 62 2 1 1 , , 3 3 6 4 7 6 2 29 9 8 3 , , 4 5 3 6 7 6 1 1 6 6 4 1 , , 0 5 2 9 6 4 1 1 7 6 0 5 , , 8 9 8 6 6 5 2 2 3 2 3 5 , , 2 7 7 7 0 3 7 7 3 5 . . 5 3 18 120, 25747,640 22,733 24,907 51, 25121,366 283,717 161,780 165,501 228,359 72.0 25 111, 89047,191 24,335 22, 85647,110 17, 589303,501 163,434 166,298 231,179 76.4 May 2 108, 04146, 75425, 574 21,180 43,452 17,835 300, 361 161,601 168,83lj 226,835 75.9 9 111,853 51,667 29, 01222,655 42, 347 17,839 305, 203 166, 347 169,3931 231,465 76.1 2 2 1 3 9 6 1 1 1 2 1 1 6 1 9 , , , 7 0 5 3 4 7 6 3 06 5 54 8 5 , , , 1 1 7 3 5 1 8 4 4 3 3 3 6 7 2 , , , 1 6 0 0 9 5 5 9 02 2 2 7 2 2 , , , 0 6 4 8 0 5 8 9 5 4 4 3 1 2 7 , , , 1 5 4 0 5 6 2 3 0 1 1 1 9 9 9 , , , 4 3 4 4 1 6 5 4 9 2 3 2 9 0 8 7 0 9 , , , 2 6 7 4 4 3 0 5 7 1 1 16 6 6 2 3 7 , , , 1 2 3 6 2 3 4 5 5 1 1 1 7 6 6 0 8 7 , , , 1 2 5 7 3 6 4 2 2 1 2 2 2 2 3 2 7 3 9 , , , 6 2 2 8 3 8 6 2 3 7 7 7 0 4 7 . . . 9 4 3 i June 6 _- 101,071 46, 094]24, 584 21,510 35,181 19, 796305, 354 159,558 162,812 227, 403 78.3 13 104,367 53, 36534, 399 18,966 30, 769 20, 233 307,404 168,025 170,637 232,872 76.2 20 99,9*8 59,278 35,007 24,271 30,592 10,078 304,249 161,628] 163,874 225,330 78.2 27 103, 32364,932 38, 289 26, 64327, 591 10, 800313.921 162,3261 165,446! 233,504 78.7 July 3 122,040 86, 53549, 56' 36,968 25,103 10,402 300,906 167,: 169,2291 234,373 74.6 11 110, 674 77, 79546, 563 31, 23222,477 10,402 310,633 166,692 169,035! 240,099 75.9 18... 101,848 69,793 37, 874 31,919 21,853 10, 202310,735 162, 426 167,3491 232,461 77.7 25 91,705 54,860 33, 02521, 835 26, 643 10,202 329,460 165, 534170,438 232,169 81.8 Aug. 1 96, 291 54,803 30,806 23,997 31, 287 10, 201318,167 164,342 169,143! 227,907 80.1 8 _ 106, 60262,112 34,782 27,330 34, 288 10, 202311,037! 162,220 164, 236,466 77.5 15 111,319 63,008 37,571 25,437 38,110 10, 201304,480 158,7561 162,148 239, 675 75.8 22 106, 74854,846 29,639 25, 20741, 701 10, 201313,471 163,247| 167,040 237,127 77.6 29 105, 81352,875 30,040 22, 83542, 704 10, 234319,295| 161,804j 166,169 242,910 78.1 Sept. 5 _. 96, 35547,041 27, 635 19,406 39,056 10, 258329, 747 161,632 167,836! 241,383 80.6 12 106, 64060,101 37,229 22,872 36, 281 10, 258325,169 164,861! 169,830! 250,045 77.4 19 94, 206 49,466 26, 63622,830 34, 524 10,216 317,381 154,225 156,154 242,498 79.6 26 98, 258 55, 35930,600 24, 75932, 610 10, 289326, 712 15'3,193 160,444 247,792 80.0 Oct. 3 92,067 51, 77629,044 22, 73230,002 10,28< 324, 244 157,165 159,991 241,581 80.7 10 98,004 59, 50932, 945 26, 56428,206; 10,289 326, 692 159, 069 162,275 247,896 79.6 3 2 1 1 4 7 _. 1 1 9 0 0 6 2 2 , , , 0 5 7 2 1 4 6 8 8 6 6 63 3 1 , , , 3 1 2 0 7 4 8 2 0 2 3 3 9 4 5 , , , 1 9 5 9 5 5 1 4 3 3 2 2 1 9 7 , , , 6 0 3 1 4 5 9 9 4 2 2 2_ 8 - 8 4, , , ,5_ 8 7 0_ 9 1 8 4 6 _ ) ! 1 1 1 . 0 0 0. , , ,,3 5 5 _4 4 6 _6 6 2 .3 3 3 2 1 1 0 6 4 , , , 1 8 3 2 7 7 1 3 5 l 1 1 f 5 5 O 9 5 , , , 7 9 7 5 4 9 1 7 41 1 15 6 6 9 2 3 , , , 4 1 8 7 1 7 5 8 3 j ! 2 2 2 4 4 3 1 3 8 , , , 6 9 8 0 6 3 1 4 0 7 7 7 8 8 8 . . . 8 9 1 Nov. 7 ._ 106, 22867,528 35,939 31,589 28,138 10,562 312,543' 156,485 158,663 241,502 78.1 14 110, 74370,538 42,574 27,964) 29,443 10,762 317,032 1-33, 748 168, 613) 246,18876.4 21 100, 23460,541 34,414 26,1271 28,930 10,763 311,667 157,339 160,178! 236,817 78.5 28 100,974 60,267 34,645 25,622 29,944j 10,763 323, 267 156,430 160,1081 244,680 Dec. 5 101, 00361, 44533,118 28, 327 28,80«3! 10,755 321,947] 161,9411 165,763! 239,033 79.5 12 120,099 71,379 42, 29029,089 37,965) 10,7551 310,218! 160,529 163,572 250,908 74.8 19 122,207 70, 68243, 610 27,072 40,285 11,240| 308,356: 158,337 160,390! 253,563 74.5 26...—.. 119,839 68, 840 39,947 28, 89339,809 11,190} 322,820 \ 56,678 160,133 263,478 76.2 Daily average 106, 76551,717 _ _| 36,380 312,132| 158,370j 162,723! 237,238 78.0 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DISTRICT NO. 4 CLEVELAND. 357 FEDERAL RESERVE BANK OF CLEVELAND MILLIONS OF DOLLARS MILLIONS OF DOLLARS 350 350 300 300 100 100 PURCHASED BILLS too 100 UNITED STATES SECURITIES 50 200 r i^' i i i 200 DISCOUNTS FOR OWN MEMBERS 150 150 100 100 1921 1922 1923 86538—24t 24 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

358 ANNUAL REPORT OE THE FEDERAL RESERVE BOARD. SCHEDULE 3.—VOLUME OP DISCOUNT AND OPEN-MARKET OPERATIONS. [In thousands of dollars.] Bills discounted for member banks. Month. Total. S U e e . o c r n b u S m l r . i e g G e d a n - o b t v y - 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 . - t l A u i p v r g a e a r s p l i t c e o a u r c n . l k d - All other. tions. January 88,757 62, 082 2,604 193 23,878 February 113,962 89,788 1,626 150 22, 398 March 138,462 93,291 789 477 43,905 April 140,173 87,032 1,102 427 51,612 May 240,137 177,028 1,047 321 61,741 June 196,187 749 124 69,300 July 322,132 254,646 929 246 66,311 August 220,704 166,461 1,235 155 52,853 September 182,290 139,428 1,014 41, 520 October 252, 550 193,114 1,141 580 57, 715 November 234,746 188, 653 889 437 44, 767 December 236, 535 173,190 985 251 62,109 Total, 1923_.. 2,436,808 1,820,900 14,110 3,689 598,109 1922... 1,523, 346 1,083,488 700 13,881 4,450 420,827 1921... 3,218,833 2,225,602 17,264 26,119 5,734 944,114 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 indebt- 1S23 1922 1921 i ances. I change.ances. notes. edness. January 10,626 10, 541 85 464 295,696 395,543 195,952 412,391 February 22,720 22,618 102 103 11, 226 143,011 192, 206 408,287 March . 32,256 882 104 555 172,259 159, 517 361, 566 April 14,623 14,158 465 258 155,055 123,480 261,154 May 9,501 9,101 400 25 1,920 251, 583 140,468 361, 311 June 7,324 7,245 79 1,215 22,483 297,382 163,138 372,483 July 11,696 11,449 247 1 333,829 91,698 268, 060 August 25, 770 25, 579 191 43 246, 517 112,868 196,941 September 5,636 5,512 124 4,613 192, 539 106,431 231,416 October 16,874 16,454 420 273 259,697 124,971 259,639 November 12,625 12, 365 260 201 247, 572 205,318 261,617 December 26,137 25,240 897 6,507 269,184 216, 716 260, 690 Total, 1923 196, 774 192, 518 4,152 104 1,813 343, 776 2, £79,171 1922.... 95, 551 92, 812 2,610 129 30,936 182,930 1,832, 763 1921.... 87,844 83, 321 4,277 246 4,532 344, 346 3,655, 555 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DISTRICT NO. 4 CLEVELAND. 359 SCHEDULE 4.—VOLUME OF BILLS DISCOUNTED FOR MEMBER BANKS IN EACH STATE. [Amounts in thousands of dollars.] N be u r m o - f N be u r m o - f member member Month. sy P lv e a n n n i - a.1 Ohio. tu K c e k n y - .i Vi W rgi e n s i t a.1 Total. b d a i n s k tr s i c i t n ac b co an m k m s oat end of dated month. during the month. January _ 31, 262 52, 690 3,176 1,629 88,757 240 February _ 43, 722 2,766 1,205 113,962 220 March 65, 778 67, 599 2,352 2,733 138,462 882 240 April 51,989 81,793 2,909 3,482 140,173 275 May , 148,623 84,719 3,223 3,572 240,137 292 June 166,936 94,014 3,046 2,364 266,360 288 July.. 215,181 100, 449 3,366 3,136 322,132 882 294 August 140, 413 73,949 4,031 2,311 220, 704 882 260 September 104,006 70,865 4,395 3,024 182, 290 882 276 October. _ 159,066 85,899 4,296 3,289 252,550 883 300 November 150, 721 76, 549 4,088 234,746 882 300 December _ 126, 510 101, 662 3,714 4,649 236, 535 323 Total: 1923... 1,426, 754 933,910 41,362 34,782 2, 436, 808 1922 796, 315 669, 974 41,564 15, 493 1, 523, 346 1921 1,923,179 1, 215,924 43, 210 36, 520 3, 218, 833 Number of member banks at end of year: 1923 328 456 _ 1922__ 329 457 881 1921 327 Number of member banks accommodated: 1923__ 145 282 470 1922__ 182 307 540 1921 169 291 509 1 Figures relate only to that part of the State located in the Cleveland district. SCHEDULE 5.—EARNINGS AND EXPENSES. 1923 1922 1921 EARNINGS. Discounted bills $2, 326, 579 $2, 247, 667 $8,041, 788 Purchased bills 1,511, 554 743,759 737,533 United States securities 739,935 1,946,915 479,840 Deficient reserve penalties.. 29, 564 27,223 57,017 Miscellaneous 47,458 28,718 74, 685 Total earnings.. 4, 655,090 4,994,282 9, 390, 863 Salaries: CURRENT EXPENSES. Bank officers 223,067 220,100 194,464 Clerical staff ,045,915 1,081, 239 1,166,854 Special officers and watchmen ._ 97, 326 93, 785 82, 332 Allother 178,431 108, 236 136,031 Governors' conferences __ 492 360 329 Federal reserve agents' conferences 211 260 133 Federal Advisory Council.-. 950 613 859 Directors' meetings _ 7,812 8,386 7,133 Traveling expenses K 19,218 21, 036 17, 600 Assessments for Federal Reserve Board expenses 76,158 76,737 77,182 Legal fees. 7,059 5,538 2,000 Insurance (other than on currency and security shipments). 28,300 26, 600 57,723 Insurance on currency and security shipments 72, 779 42, 564 (J) ' Taxes on banking house _ _ 27, 528 23,493 28,826 Light, heat, and power _ _ _ 21,019 7,494 11,556 Repairs and alterations, banking house.- 5,830 6,845 4,120 Rent. 129, 650 162, 648 148,511 Office and other supplies . 57,833 37,965 51,119 Printing and stationery.i 68, 753 66,080 107, 494 Telephone 14,929 15,969 14, 901 Telegraph 37, 614 36,516 j 38,018 E Po x s p t r a e g s e sage.. 1 2 56 1 , , 1 6 4 7 7 7 151,764 | 2 180, 769 1 Other than those connected with governors' and agents'conferences and meetings of directors and of the advisory council. 2 Insurance on currency and security shipments is included with postage and expressage. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

360 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. SCHEDULE 5.—EARNINGS AND EXPENSES—Continued. 1923 1921 CURRENT EXPENSES—Continued. I Federal reserve currency: j Original cost, including shipping charges [ $182, 662 $124,508 ! $209,295 Cost of redemption, including shipping charges 20, 880 37,788 ! 90,999 Taxes on Federal reserve bank-note circulation. ; | 21,335 i 75,920 All other expenses 48,419 | 83,407 3 252,634 Total current expenses _ ' 2,550,659 2,461,266 2,956,802 PROFIT AND LOSS ACCOUNT. \ Earnings... _J 4,655,090 ' 4,994,282 9,390,863 Current expenses i 2,550,659 j 2,461,266 i 2,956,802 Current net earnings ' 2,104,431 | 2,533,016! 6,434,061 Additions to current net earnings: Amounts deducted from reserve for depreciation on United | As S s t e a s t s e m s e b n o t n a d cc s o .. u . nt expenses Federal Reserve Board previously 4,148 43,728 l 57T 296 charged to profit and loss ! 37,209 All other 7,803 5.161 32. 229 Total additions.. 11,951 | 48, S 126,734 Deductions from current net earnings: Depreciation allowances on bank premises 689, 651 125,428 64, 759 Reserve for probable losses 100, 000 Reserve for self-insurance 100,000 100,000 ! 100,000 Furniture and equipment 336,702 42,779 0) Allother "1 _ZIIIIII.IIIIIIIIIIIIIIIIIIIIZIIIIII 58, 808 45,010 11,653 Total deductions. 1,195,161 313,217 276,412 Nef diductions from current not earnings J 1,183, 21C 264,328 I 149, 678 Net car lings available for dividends, surplus, and franchise tax 921,221 2, 268, 688 6, 284, 383 Dividends paid 725, 626 692, 436 660, 228 Transferred to surplus account 195,595 861. 264 2, 329,442 Franchise tax paid United States Government 714,988 3,294,713 3 Includes $85,684 for furniture and equipment, which since 1921 has been charged direct to profit and loss' A Included with current expenses prior to 1922. SCHEDULE 6.—VOLUME OF OPERATIONS IN PRINCIPAL DEPARTMENTS. 1923 1921 NUMBER OF PIECES HANDLED. Bills discounted: Applications. 12,092 13,139 ! 17, 463 Notes discounted 34,932 i 36,444 ; 54,186 Bills purchased in open market for own account 16,021 i 0) I 0) C Co u i r n r e r n e c c y e iv re e c d e i a v n ed d c a o n u d n c te o d unted 1 1 2 6 8 1 , , 0 7 8 8 5 8 , , 0 0 0 0 0 0 ! j 1 1 3 1 9 7 , , 1 4 0 3 5 7 , , 0 0 0 0 0 0 i ! 11 0 6 ) ,934,000 Checks handled 67,433,000 I 58,143, 000 | 48, 716, 000 Collection items handled: United States Government coupons paid 6, 434. 000 i 7,921,000 9,132, 000 All other 390,000 I 350,000 244, 000 United States securities—issues, redemptions, and ex- j changes by fiscal agency department 2 17, 228, 000 | 3, 007, 000 2,917, 000 Transfers of funds 88,000 I 68,000 52,000 Envelopes received and dispatched 3,611.000 ! 2, 905, 000 3,106, 000 AMOUNTS HANDLED. Bills discounted $2, 436, 808, 000 SI, 523, 346, 000 $3, 218, 833, 000 Bills purchased in open market for own account 196, 774, 000 95, 551, 000 87, 844, 000 Currency received and counted 821,051,000 653, 478, 000 742, 541, 000 Coin received and counted 12,499,000 12, 269, 000 0) •Checks handled 24, 354, 352, 000 11, 956, 422,000 11, 500, 534, 000 Collection items handled: United States Government coupons paid 63, 857, 000 62, 051, 000 62,120, 000 All other 469, 979, 000 405, 362, 000 265,615,000 United States securities—issues, redemptions, and exchanges by fiscal agency department.. 900,529, 000 1, 002, 514, 000 1,735, 643, 000 Transfers of funds 3, 649, 583, 000 3, 098, 602, 000 2,058, 580, 000 1 Data not available. 2 Large increase due to redemption of war savings securities which matured Jan, 1,1923. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DISTEICT NO. 4 CLEVELAND. 361 SCHEDULE 7.—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 i a n ic w t o . n w o n n re I t t o t s h e e e m o rv i t r s h e e b f b r o r a a r F n w n e k c a d s h r e d a e r s e n a . d l d It U e T n m r i e s te a d d su ra r S e w t r a n t o e o f s n . Total.i Month. Num- Num- Num- Number. Amount. ber. ber. j Amount. ber. Amount. January.,. 5, 239 1,714,001 189 57, 020 191 27, 625 5,619 1, 798,646 February _. 4,239 1, 361, 237 164 48, 464 179 22, 438 4,582 1, 432,139 March 5,261 1, 863, 313 212 59,413 228 21, 516 5,701 1,944, 242 April 5,030 1, 977,192 187 58, 580 265 22, 387 5,482 2, 058,159 May.._ _.. 5,010 2,143, 293 194 57,428 232 22, 772 5,436 2,223,493 June 5,261 2,155,164 191 60,918 191 20,419 5, 643 2, 236, 501 July 5,068 2, 064, 851 194 57, 592 175 17, 887 5,437 2,140, 330 August 5,018 1, 904, 759 186 56, 900 165 17,561 5,369 1,979, 220 September. 4,811 1,886,606 186 56,147 221 18, 019 5,218 1,960, 772 October 5,568 2,150,977 218 62, 801 267 22, 481 6,053 2, 236, 25& November. 5,233 1,907,121 215 | 62, 845 218 20, 450 5,666 1, 990, 416 December 5,659 1, 964, 792 244 60,147 204 20, 762 6,107 2,045, 701 Total: 1923 61,397 | 23.093,306 2 2,380 2 698, 255 2,536 i 254,317 66, 313 24,045, 878 1922 53,252 | 10,911,364 2 1, 841 ! 2 618, 940 2, 201 ! 215,167 57, 294 11, 745, 471 1921. 44,292 10,237,703 2 1,519 I 2 799,115 2,062 I 240,487 47, 873 11, 277, 305 1 Exclusive of duplications on account of items handled by both parent bank and branches. 2 Includes 116,000 items, aggregating $20,242,000; 117,000 items, aggregating $19,494,000; and 92,000 items, aggregating $15,140,000; forwarded direct to drawee banks in other districts during 1923, 1922, and 1921, respectively. SCHEDULE 8.—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. 4 (3 days). 88, 794 79,492 9,302 11 135, 770 156,181 20,411 133,430 138, 807 5,377 25.. 139, 772 156, 755 16,983 Feb. 1.. 137, 803 132, 268 5,535 | 8_. 134,171 127, 984 6,187 j 15.. 114.965 117,241 2,276 21.. 12l| 978 125,126 3,148 Mar. 1_. 156,315 169, 017 12, 702 8_. 135, 536 130, 026 5,510 | 15.. 137, 397 130, 763 6,634 | 22.. 164,845 160, 316 4,529 i 29.. 134, 738 147, 923 13,185 Apr. 5_. 136, 733 130, 984 5, 749 132,865 126, 549 6,316 155, 050 153, 668 1,382 | 26.. 154,858 171,816 16,958 May 3.. 146, 996 145, 249 1,747 | 10.. 133, 980 137,875 3,8 17.. 162,494 140, 985 21,509 j 24.. 158, 344 176, 773 18,429 31.. 130,824 140,499 9,675 June 7_. 131,180 133,745 565 14.. 133, 739 133, 637 102 21.. 168, 646 166, 744 1,902 j. J A u u ly g . 2 2 1 1 1 5 2 9 8 6 2 9 6 _ . . . . . . . _ . . . . . . . 1 1 1 1 1 1 1 " 1 1 6 3 2 4 2 4 5 4 2 7 9 6 8 5 1 1 1 4 , , , , , . , , , 6 2 2 8 1 9 3 8 1 1 3 1 9 8 0 5 8 8 1 1 3 7 5 2 0 0 7 1 1 1 1 1 1 1 1 6 6 3 4 1 3 5 2 4 3 3 4 7 9 4 2 , . , , , , , , 6 3 9 8 4 7 8 7 7 8 1 9 8 7 8 8 2 0 1 1 4 4 1 5 3 8 5 1 1 , , , , .9 8 5 2 7 7 2 4 9 0 5 7 1 6 7 I 1 1 9 3 5 , , , 0 8 6 3 8 0 1 4 0 23.. 128,747 154,696 12, 794 30-. 135,667 6, 920' Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

362 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. SCHEDULE 8.—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. Sept. 6 102,135 102,382 247 13. 119,060 125, 380 6,320 20 157,351 154,339 3,012 27 141,964 152, 760 10, 796 Oct. 4 148, 263 146,182 2,081 11 125, 493 127,943 2,450 18 148,907 141,943 6,964 25 167,625 169,314 1,689 Nov. 1 147, 276 140, 806 6,470 8 . . 121,802 122,989 1,187 15 135, 506 135, 203 303 22 161, 476 165, 572 4,096 28 118,621 122,913 4,292 Dec. 6 ... ... . . 140, 845 144,752 3 907 13 132,410 124,011 8 399 20 . . 156, 760 159,615 2,855 27 125, 652 136, 226 10, 574 28-31 (3 days) 86, 530 77, 332 9,198 Total: 1923 7,314, 202 7, 410, 226 96, 024 1922 5,844,293 5, 931,461 87,168 1921 . 5, 555, 625 5, 599, 722 44,097 Net gain in ownership of gold since establishment of fund in 1915, $515,270,000. SCHEDULE 9.—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. Loans and discounts, Last report date in— gross. Un s i e t c e u d r i S ti t e a s t . es All other. 1923 1922 1923 1922 1923 1922 January 1,058,142 981,397 242, 690 147,090 297,117 268,984 February 1,061, 997 1,004,649 243, 978 159,990 287, 202 278, 747 March .. __ 1,083,459 998, 500 254,336 163, 541 287, 533 274,205 April 1,112, 537 994,945 244, 790 171,867 289,207 269, 626 May 1,129, 730 990, 081 239, 519 170, 610 284, 576 275,746 June - 1,134, 428 987,778 241, 621 185. 024 286, 447 282,812 July 1.122, 324 997, 813 234,077 187, 490 299, 718 285, 901 August 1,129,492 1,003,425 234,026 206,872 297,954 283,683 September - -. 1,127,997 1,027,074 236,878 209,922 299,061 281, 294 October 1,131,116 1,035, 535 233,828 225,013 294,855 277,181 November 1,134, 303 1,034,111 227,108 217,789 299, 254 282,410 December 1,121, 598 1,055,974 223, 569 239,048 300, 636 293, 444 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 n at k. Last report date in— 1923 1922 1923 1922 1923 1922 Jsnuary 943, 270 770, 217 548,435 425, 539 8,031 55, 562 February - 932,774 779,381 547, 603 470,050 10,943 42,817 March . 915,114 793,801 553,728 474, 518 24,126 33,010 April 939,497 801,881 554,762 470,468 31,302 27,009 May ^ - —- 926, 211 812,106 561,869 475, 271 38,469 28,927 June 927,090 844,801 563,753 486,157 48, 980 17, 515 July . - 936,276 859,807 576,348 493, 561 40, 317 7,700 August 923, 308 865, 298 592,008 £04, 625 38,187 10,426 September _ . . 902, 981 875, 704 591, 570 603,405 39,089 16,937 October 896, 634 872, 391 602,614 512,882 43, 614 21, 111 November 898, 952 861,747 603,982 .319, 322 39,130 34,880 December .. 868,188 858,189 607, 724 ,562,241 46,177 31,718 NOTE.—Figures are for about 80 banks in Cleveland, Cincinnati, Pittsburgh, Canton, Columbus, Dayton, Erie, Lexington, Toledo, and Youngstown which submit weekly reports to the Federal reserve bank. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DISTRICT NO. 4—CLEVELAND. 363 SCHEDULE 10.—DEBITS TO INDIVIDUAL ACCOUNTS. [In thousands of dollars.] Summary for 13 centers.1 ikron, Ohio. Month. 1923 1922 1921 1923 1922 1921 January 2,305,963 1,709,252 2,236,485 70,891 52,213 60,579 February . ._ 1,949,930 1,538,886 1,754,568 60,012 44,683 49,503 March - ._ 2,206,665 1,665,926 1,869,444 75,165 50,975 58,544 April _ 2,227, 570 1,744,376 1,841,155 75,372 55,619 64,190 Ml ay 2,266,888 1,741,268 1,716,241 77,528 54,469 62,589 June *. - -_ 2, 278,941 1,927,948 1, 751,903 79,646 62,396 60,684 Julv.-.T.... 2, 237,042 1,911,065 1,620,986 77,040 60, 222 60,571 August 2,081, 604 1, 850,667 1, 521,031 70,121 58,259 55,015 September 2,005,409 1, 877,032 1,585,995 74,125 60,660 57,543 October 2, 241,154 2,025,319 1,689, 784 70,847 60,142 51,406 November 1, 996,108 1, 867,671 1,643,919 64,848 56,359 47,733 December 2, 331, 503 2,430,467 1,873,095 72,586 67,073 51,749 Total 26,128, 777 22,289,877 21,104,606 868,181 683,070 680,106 Butler, Pa.* Canton, Ohio.* Month. 1923 1922 1921 1923 1922 1921 Januarv 11,245 46,336 February 9,696 6,824 36,019 22,870 March 11, 533 7,987 47,910 32,404 April 11, 594 9,766 45,836 34,326 May 11,832 10,055 44,869 32,814 June 13,042 10,633 50,669 37,769 July 11,151 10,112 45,444 37, 791 August 10,774 10, 512 41,660 35,788 September 12,172 10,726 40,736 38,634 October 13,398 12,376 43,761 39,893 November 11, 787 9,867 37, 729 36,219 December 12,683 11,288 44,474 48,587 Total 140,907 110,146 525,443 397,095 Cincinnati, Ohio* Cleveland, Ohio Month. 1923 1922 1921 1923 1922 1921 January _. 357,392 284,242 319,045 689,980 523; 990 734, 722 February 288,000 232,459 226, 244 542, 818 446,019 471,510 March 367,067 288, 287 286,113 629,468 474,124 556,289 April 358,462 289. 537 278,132 676,374 527,212 580,207 May . . _ . _ 351,875 279, 292 244,926 668,494 499,125 521,056 June .. 344,432 316,334 261,365 692,395 591,911 521,476 July 326,414 281, 577 251,983 662,147 575,181 486,086 August 282,836 264,307 237, 729 626,360 560, 088 455, 243 September 300, 788 288,992 248, 530 612, 713 574, 640 480,877 October 327,438 303,163 272,496 678, 058 601,503 490,925 November 290, 932 290, 087 255, 254 592, 533 547,363 518,719 December 365, 752 357,962 307, 571 703,121 667, 269 604,968 Total 3,961,388 3,476,239 3,189,388 7, 774,461 6, 588, 425 6,422,078 Columbus, Ohio. Connellsville, Pa.* Month. 1923 1922 1921 1923 1922 1921 January _._ 163,204 113,650 130,424 6,138 February __ 118,679 138,926 103,647 5,374 March.. 146,337 118,359 124,179 6 866 4 473 April. ._ 165, 708 123, 541 133,325 5,762 4'247 May 369,640 126,620 111,994 6,096 4,660 June _ 158, 244 131,914 121,905 6 230 5 420 July 151,254 131,308 121,269 5,455 4,843 August. 150,908 124, 240 108,988 5 483 5 872 September 148,042 133,741 ]18,639 5,527 6,994 October . 137, 240 138,459 115, 780 5,787 6 989 November.. 128, 749 128, 510 107,006 4,984 5,904 December 153,662 154,737 128,183 5,366 6,434 Total 1,791 667 1,564,005 1,425,339 69,068 55 836 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

364 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. SCHEDULE 10.—DEBITS TO INDIVIDUAL ACCOUNTS—Continued. [In thousands of dollars.] Dayton, Ohio. ! Erie, Pa. Month. 1923 1922 1921 1923 1922 1921 January 69, 936 52, 239 51, 841 33, 694 23, 260 29, 634 February 59,756 45, 830 47. 293 26, 545 20, 545 24,499 March 78, 642 56, 501 56,987 31, 687 26, 292 28, 205 April 70,944 51, 880 55,023 30, 820 24,290 27, 290 May ___ 71, 572 54, 520 51,035 32, 417 26 723 26 281 June 73,842 58, 613 53, 476 34,402 26,922 26, 697 July . 74,611 61,949 56,420 32, 263 25, 672 * 25,122 August... 63, 768 54, 798 57,941 32, 755 27,107 23,931 September 66, 845 56, 744 54, 521 31,932 27, 268 26,101 October . 69, 861 59, 011 56, 322 35,388 29, 290 25,604 November 60,102 53, 965 54,662 i 31,045 27, 233 23 717 December 73, 632 68, 998 59,099 32,916 30, 224 26,926 Total __ 833,511 675,048 654, 620 385, 864 314, 826 314, 007 Greensburg, Pa. Homestead, Pa.* Month. 1923 1922 1921 1923 1922 1921 January.. . 21,620 18,728 23, 242 3,433 February 18, 667 13, 590 15, 396 2 935 2 173 ' March 23, 384 16, 043 19, 699 3,350 2,555 April 20, 735 17,931 16, 765 3,481 2 736 May 24,152 19,684 16, 596 4,125 3,448 June 23, 522 17,655 17, 453 4,283 3 406 July 19 367 17 774 19 194 4 201 3 280 August 18,567 20,131 17,177 3,975 2,984 September 21, 299 21, 083 19, 361 3,797 3, 6U October 23,190 23,166 19, 208 4,406 3,889 November 20,003 18,917 15, 279 4,216 3,141 December 22, 947 21, 642 19, 322 4, 502 3.468 Total- 257,453 226,344 218, 692 46, 704. 34, 694 Lexington, Ky. Lima, Ohio.* Month. 1923 1922 1921 1923 1922 1921 January.. '... 33, 576 19,751 21,903 17,156 February . 34, 795 25, 742 22,481 14,766 11, 659 March 35,938 33, 210 26, 705 19, 047 13 819 April 24, 374 18,138 18, 752 17, 547 13, 260 May 21,837 19, 550 15, 397 17,217 12, 236 June 22,891 19, 341 15, 402 17,778 14,065 July 20,126 19, 218 15,446 17,671 14, 440 August.._ 17,030 16, 472 14,952 17,133 14, 226 Seotember 16, 359 16, 848 14,107 16, 075 13, 794 October .. .. _ 19,291 20, 331 15, 796 18, 223 13,960 November 17,467 25, 488 15, 261 16, 321 14, 453 December 24,906 26, 985 19,155 20, 449 16,732 Total 288,590 261,074 215, 357 209, 383 152, 644 Lorain, Ohio." New Brighton, Pa.* Month. 1923 1922 1921 1923 1922 1921 January 5,598 ! 10, 643 February. _ 4,292 ! 3,423 9,185 6,188 March 5,393 ! 4,444 10, 420 7,921 April 6,016 | 4,800 11,448 7,757 May 6,198 : 4, 522 12, 714 8, 536 June 6,960 I 5,519 12,479 9,629 July 6,803 j 5,185 11, 781 9, 717 August 6,451 4,912 I 11,655 9,720 September. 7,364 i 5,794 I 11,560 9, 905 October 7, 240 ! 6,495 ! 12, 976 9, 631 November. 6.019 i 5,692 10, 642 9,377 December.. 6,522 ; 5,923 11,713 10,903 Total. 74,856 ! 56,709 187,216 j 99,284 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DISTRICT NO. 4 CLEVELAND. 365 SCHEDULE 10.—DEBITS TO INDIVIDUAL ACCOUNTS—Continued. [In thousands of dollars.] Oil City, Pa Pittsburgh, Pa. Month. 1923 1922 1921 1923 1922 1921 January . _ 14, 359 11,134 15, 336 879, 244 651, 733 922, 583 February 12, 216 9,067 11,485 834, 618 591, 011 821, 505 March . 13, 846 10, 890 11, 554 859,486 649, 824 771,115 April__ 14,154 11,453 11, 355 818, 876 671,135 719,332 May 14, 676 14,102 10, 033 873, 416 672, 624 703,152 June 13, 806 14, 974 9,950 853, 957 738,877 717,983 July 13, 374 13, 014 8,743 877, 750 719,716 615, 312 August 12,819 13, 481 7,992 794, 903 714, 763 591, 063 September.. 11, 042 12, 349 8,482 741, 682 708, 543 604, 918 October 13, 057 15, 242 9,780 873, 986 788, 957 687, 486 November 11,611 13, 055 10, 383 789, 506 733, 687 638, 060 December 12, 923 13, 771 11, 775 899, 255 1, 061, 877 704,068 Total__ 157,883 152, 532 126, 868 10, 096, 679 8, 702, 747 8,496, 577 i Springfield, Ohio. Toledo, Ohio I Month. 1923 1922 1921 1923 1922 1921 January 24, 253 16, 099 18,611 186, 451 153,141 118, 230 February ._ 18,533 13, 837 * 15, 050 138, 615 128, 013 95, 680 March 22, 730 18, 547 19, 815 183, 290 132, 550 106,989 April 20, 254 16, 878 18, 370 192, 377 142,065 108,441 May 1 20, 266 16, 330 15, 973 187, 049 149, 544 105, 666 June . _ 22, 950 18,149 15,813 188, 986 152, 234 110, 315 July 22, 065 20, 631 16, 702 173, 592 164, 428 121,170 August.. 20, 022 19,174 14, 727 172, 289 156, 766 106,833 September 20,198 20, 726 15, 289 158, 769 151, 073 112,853 October. 20,381 19, 965 15,148 189, 401 170, 357 124, 952 November 18,181 19, 406 13, 548 164, 259 156, 719 127, 093 December 20,117 22, 246 14, 923 196. 797 185, 429 151,941 Total... 249, 950 221,988 193, 969 2,131,875 1, 842, 319 1, 390,163 Warren, Ohio.* Wheeling, W. Va. Month. 1923 1922 1921 1923 1922 1921 January 13, 358 53, 952 31,492 40, 331 February _ 10, 625 9,069 36, 550 27, 398 31, 433 March 14, 787 10, 831 46, 454 34, 743 36, 241 \pril __ _ _ _ _ 13, 620 9, 562 50, 898 35, 902 36, 503 May 13, 736 10,167 46, 370 38, 484 32 645 June 13,919 10, 713 47, 298 39, 919 34. 652 July _-. . . 13, 427 10, 770 45, 836 40, 256 29', 784 August 12, 975 10, 972 42, 766 37, 498 28,153 September 13, 751 12,181 ... 41, 465 37, 687 27, 931 October 13, 457 12, 583 44, 758 43,369 33, 784 November 11, 809 11, 239 43, 549 39,128 34 366 December 13, 365 12, 731 53, 086 48. 551 37, 066 Total 158, 829 120,818 552, 982 454, 427 402, 889 Youngstown, Oh'io. Zanesville, Ohio.* Month. 1923 1922 1921 1923 1922 1921 January ._ _ 64, 803 41, 822 69, 049 12, 983 February 48,126 34, 225 45, 086 10, 797 6,925 March 60, 238 43, 868 53,122 13,445 10, 566 April 66, 684 48, 332 51, 602 13, 556 10,302 May 59, 471 49, 493 43, 824 13,344 10,022 June 67, 002 55, 043 46, 097 14, 005 10 972 Julv .. 67, 617 61, 696 45,167 12, 766 10, 872 August ._ 59, 296 47, 890 39, 016 12, 458 10,127 S O e c p to te b m er b er . . 6 60 5 , , 6 9 9 3 6 8 5 5 5 5 , , 6 5 7 2 0 7 4 4 3 5 , , 3 5 7 9 3 3 1 1 1 2 , . 8 9 9 0 6 7 1 12 1 , , 3 4 8 0 9 6 — November 54, 255 47, 841 38, 092 12, 631 11,141 December. 65. 555 61, 665 43, 920 13, 217 12,420 _.. Total 739, 681 603,072 583, 941 154, 005 117,142 NOTE.—Centers which have not reported continuously for the 18 months ending Dec. 31, 1923, are not included in the table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DISTRICT NO. 5—RICHMOND. SCHEDULE 1.—COMPARATIVE STATEMENT OF CONDITION, [In thousands of dollars.] Dec. 31, Dec. 30, Dec. 31, 1923. 1922. 1921. RESOURCES. Gold with Federal reserve agents 70,146 64, 065 38,057 Gold redemption fund with United States Treasury. 2,818 4, 578 4,962 Gold held exclusively against Federal reserve notes. 72,964 68, 643 43, 019 Gold settlement fund with Federal reserve board 40, 963 27, 618 19,094 Gold and gold certificates held by banks _ 5,236 5,729 2,663 Total gold reserves 119,163 101,990 64, 776 Reserves other than gold _ 4,284 9,922 6,781 Total reserves . _. 123, 447 111,912 71, 557 Nonreserve cash _ _ 3,045 0) 0) Bills discounted: Secured by United States Government obligations. ___ 23,052 22,092 41,047 Other bills discounted - - 28,970 31,193 53,621 Total bills discounted 52, 022 53, 285 94, 668 Bills bought in open market ___ _ 2,078 1,734 3,558 United States Government securities: Bonds 1,191 1,191 1,233 Treasury notes. ... . 150 100 Certificates of indebtedness 3,760 Total United States Government securities 1,341 1,291 4,993 Total earning assets 55, 441 56, 310 103, 219 5 per cent redemption fund—Federal reserve bank notes 188 Uncollected items 54, 338 58,037 46, 414 Bank premises 2, 528 2,618 2, 545 All other resources. _ _ 410 398 305 Total resources 239, 209 229,275 224, 228 LIABILITIES. Federal reserve notes in actual circulation 104,158 101,147 107,101 Federal reserve bank notes in circulation—net 3,516 Deposits: Member bank—reserve account 65, 58.2 61, 527 56,127 Government 1,801 860 4, 456 Other deposits _ _ 200 573 438 Total deposits _.. 67, 583 62, 960 61, 021 Deferred availability items. . 49, 352 47, 882 35, 620 Capital paid in 5,816 5,595 5, 429 Surplus _ ._ -.__ . - _ _ .. 11,672 11, 288 11. 030 All other liabilities ... 628 403 511 Total liabilities 239, 209 229, 275 224, 228 Ratio of total reserves to deposit and Federal reserve note liabilities combined (per cent) 71 9 68.2 42 6 Contingent liability on bills purchased for foreign correspondents... 988 1,686 1,568 1 Not shown separately prior to 1923. 366 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DISTRICT NO. 5 RICHMOND. 367 SCHEDULE 2.—MOVEMENT OP PRINCIPAL ASSETS AND LIABILITIES DURING 1923. [Amounts in thousands of dollars.] Bills discounted for member banks. Date. e ( T a a 2 s r o 6 + n s ) t e . i 5 a n t + l s g Total. c U G B e u b s r . i o r e y n l S e - v l - . s d - , c O b o d t i i u h l s l n - e s t r - b o o B m k p u i i e n a l e g t l r n . s h - t U • S c t n s t i u a e e i r t t s - i e e . - d s! ] s T e c l r r o a e v s . t - e h ai s , . s c a p R e e g e r n e e v r - s t - e - . ment oblitions. I 3 4 Jan. 3. 57,2931 49,483 19,824 29, 659 6,291 105,618 62,859 64,210 53,172| 42,919 15,407 27, 512 ,291 107, 6851 63,290 64,186 17. 44,462 37,862 13,159 24, 703 5,841 114, 387 i 61,7 62, 727 24 _ 41, 286 39, 239 15, 481 23, 758 1,341 119,142| 66, 326 67, 778 39,935 37, 863 15, 624 22, 239 1,341 119,849 61,252 65, 015 Feb. 7 40,836 39,029 15, 23,048 1,341 117, 743 , 435j 64, 683 89,536 40,159 38, 367 16, 009 22, 358 1,341 117, 753 62,425j 64,875 89, 034 44, 642 43, 081 18, 024 25,05' 1,341 112, 920 60,813! 62, 494 89,011 28IIZIIII 45, 299 43, 793 18, 937 24, 856 1,341 114, 471 63,806! 66, 384 87, 735 Mar. 7 43,409 41,388 16, 027 25, 36i 1,341 112,493 62, 313i 64,112 45,583 43,462 17,754 25, 708 1,341 110, 819| 61,349! 65, 859 53,950 51,834 23,329 28, 505 1, 341 100, 428 60, 595; 7,267 28IIIIIII 52,663 50,366 20,906 29, 460 1,341 101, 585 59, 64, 305 Apr. 4 54,430 52, 063 21,053 31,010 60,262 61,515 83, 6621 56, 205 53,148 22, 340 30, 808 61,3 63, 012 82 18 60, 046 56,92' 24, 020 32,907 61,642| 62,152 82,1951 25 62,410 58,940! 24,459 34, 481 57, 74Si 59, 447! 80, 513 May 2__ 62,224 58,704! 23,228 35,476 89,037! 65, 072 80,334! 63,813 60,200| 23,981 36, 219 84, 615 61, 616 79, 562| 16 67,263 63,7131 26,582 37,131 80,121 61, 581 78,885! 23 66, 8431 63, 225| 24,140 39, 085 78, 928 61, 329 77, 653! 29 66,300 62,789 25,717 37,072 81, 797! 65. 358 77,243! June 36, 674 1,945 81,030 61,073 77,997! 13_ 35,977 1,900 77, 870 58,431 78, 223! 20. 37,469 1,750 77, 58,323 77,128 27. 38,083 1.778 78, 665 ,87 77, 251 July 3. 69,270 65,676 26, 083 2,253 75, 968 60,638! 61, 308 78, 916 11. 67,391 64,118 27, 613 1,932 79, 615| 58,889 59, 827 79, 351 18. 70,290 67,012 30, 045 1,937 74, 3411 58,124 59,466 78,124 25. 70,820 67,598 29, 795 1,881 78, 234j 59.697 62, 489 77, 012 Aug. 1 36,643 79,183 77,036 8 38,313 79, 529 78, 254 15 38, " 79, 2141 79,453 22 39, 827 77,080 80,108 29 41,318 79.890 80, 480 Sept. 5. 71, 528 28,756 42,772 76,896 59, 869 82, 493 12_ 72. 547 28,724 43,823 77,912 59, 2241 82,955 19_ 78, 470 30,9521 47,518 72, 508 59,101 85, 049 26. 77, 380 30,897 46,483 80, 963 58,549 88,320 Oct. 3__ 77, 881 76,045 28,925 47,120 1,341 83, 719 62, 637! 92, 738 10. 76,216 73,960 28, 63245, 328 1,341 91,805 63, 591 64,907 95, 046 17. 76,045 73, 56328,130 45, 433! 1,341 ,975 63,605 66, 615 96, 787 24. 73, 654 71,047 26,874 44,173 1,341 96,252 61,635 63,901 97,166 31_ 74, 541 71,434 26,935 44,499| 1,341! 62, 031 j 64, 685 ,518 Nov. 7 65, 587 62,370! 22,458 1,341! 109,548 63, 780 101,149 14. 65,199 61,496i 24,857 1,341! 109,005 ,295 101, 824 21__ _. 62,187 58,523 24,401 1,3411 109,638 61, 4891 100,907 28 58,808 54,839 21,914 1,341 119,576 63, 277 102, 809 Dec. 5_ 52, 763 22,284 30,479 1,959 1,3411 123,218 65, 002 104, 015 72.2 12_ 53, 752 24,826 28,926 2,195 1,341 122,161 63,519 105, 205 71.8 19. 60, 074 29,518) 30,556 1,854 1, 341| 113,634 60, 955 108,119 66.9 26- 55,503i 26,7401 28,763 2,321 1,341) 116,175 58,139 109, 265 68.4 Daily average j 62,736 59,5901. 1,469 1,677 94,731 60,829 63,510 88, 62.4 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

368 ANNUAL EEPOBT OF THE FEDERAL RESERVE BOABD. FEDERAL RESERVE BANK OF RICHMOND MILLIONS OF DOLLARS MILLIONS OF DOLLARS 200 180 180 F. R. NOTE CIRCULATION 160 160 i 40 PURCHASED BILLS 20 tI 40 1 UN TED STATES SECURITIES 20 I ' ll 0 -p6Q DISCOUNTS FOR OWN MEMBERS 1322 1923 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DISTRICT NO. 5 RICHMOND. 361) SCHEDULE 3.—VOLUME OF DISCOUNT AND OPEN-MARKET OPERATIONS. [In thousands of dollars.] January,._ 113,298 99; 539 ! 1 2,257 ! 11,243 February 144,805 124,974 i... ! 367 1,856 17,608 March j 225,345 200,105 i 604 1,641 22, 995 April 244,917 218,958 ; 890 2,648 ; 22, 421 May.... ' 264,313 240, 234 679 2,825 1 20, 575 June 317,253 I 279, 406 992 2,695 ! 34,160 July 310.044 I 275,359 200 412 3,217 I 30,356 August. 290,578 I 250,334 179 3,049 ! 36, 618 September. 272,643 I 220, 097 1,405 2,363 149 48,629 October 274,434 i 226,605 714 ; 2,033 200 44,882 November- 207,741 177,348 ! 10 477 I 1,239 I 12 28,655 December.. 245,318 ! 210,910 1 201 573 i 1,378 I 32,256 Total: 1923. 2,910,687 I 2,524,369 ; 590 i 7, 768 201 361 350, 398 1,424,567 I 1,190,949 !._. I 5, 539 49'B78 185,401 2,749,671 I 2,311,900 I i 11,817 59,184 366, 770 Bills bought in open market. U. S. securities Total discount and openpurchased. market operations. Month. Total. a a B c n e c a r c e n s e p ' k s t - . - c D h o e a x l n l - g ar e. a T a 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 . c i e C n a d e d t n r e e t e s i b s f o s t i - - f . 1923 1922 1921 January ._ 215 215 50 90, 500 204,061 205, 840 247, 729 February 144, 805 159, 622 226, 995 March 1,151 1,151 226, 496 167,880 307, 639 April 1,661 1,661 246, 578 88,619 295,358 Mfiv . 819 S19 265,132 72, 719 213,118 June 928 1 928 10, 000 328,181 72,185 247,186 July 1,028 1 1,028 311,072 57,456 211, 059 Auaiist 251 1 251 290, 829 45,487 216,410 S^Dtember. ._ 205 205 272, 848 76,418 226, 413 October 1,495 1.495 275, 929 112,459 202, 541 November.. __ 1, 473 1. 473 209, 214 150, 947 200,050 December 1,417 1,417 246, 735 255, 697 217, 518 Total: 1923.. . 10, 643 10, 643 50 100, 500 3, 021, 880 1922 8,460 8, 460 100 32,000 1,465,127 1921 25,345 25, 345 37,000 2, 812,01 e Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

370 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 i V n e i i r a s - , t i o t D f r i i C s c - t o- M la a n r d y . - g V in ir ia - . 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 d er k is s - a b c m a c n o o - k m s lumbia. trict at dated end of during month. the month. January 8,673 44,383 14,747 26, 533 14,038 4,922 113, 296 632 255 February, 5, 313 33,639 30, 789 55,223 15, 291 4, 550 144, 805 635 244 March (3, 241 43, 518 42,352 108,246 21, 939 3,049 225,345 639 243 April _ 6,779 34,442 39, 551 124,018 36,358 244, 917 634 296 May 11,147 39,416 40, 585 119,133 49, 265 4,767 264,313 635 325 June 15, 895 77,111 50, 266 124,724 41, 835 7,422 317,253 635 327 July 18,253 77, 829 58,150 125,403 25, 559 4,850 310,044 631 344 August 17, 532 80,063 51,091 103,761 35,145 2,986 290, 578 630 318 September _ 17, 232 48,005 46, 845 112,779 45,449 2,333 272,643 629 316 October 23, 359 38, 878 38,177 133, 816 37, 582 2,622 274, 434 630 303 November 17, 814 36, 428 36,403 97,080 17,499 2,517 207, 741 629 266 December 23, 816 59, 329 36,186 105,035 18,498 2,454 245,318 631 274 Total: 1923 172,054 613,041 485,142 1, 235, 751 358,458 46, 241 , 910, 687 1922 108,939 284, 791 269, 905 526, 888 131,470 102, 574 1,424, 567 1921.... 99, 228 569, 550 1, 428, 846 311, 828 253, 535 2, 749,671 Number of member banks at end of year: 1923 127 195 97 103 631 1922 125 192 104 104 634 1921 120 190 103 100 626 Number of member banks accommodated: 1923 12 i 146 453 1922 11 150 491 1921 __ 10 146 494 1 Figures relate only to that part of the State located in the Richmond district. SCHEDULE 5.—EARNINGS AND EXPENSES. 1923 1922 EARNINGS. Discounted bills $2,681,590 $2, 569, 887 i, 477 Purchased bills 62,795 74, 655 184, 592 United States securities 39,541 95, 378 196, 299 Deficient reserve penalties. 83, 614 87,080 175, 797 Miscellaneous 11,356 5,944 1, 514 Total earnings.. 2,878,896 2,832, 944 6, 729, 679 Salaries: CURRENT EXPENSES. Bank officers _ _ 166, 792 155, 467 149, 702 Clerical staff 729,497 760,883 858, 861 Special officers and watchmen _ 38, 537 33,189 29,941 Allother 70, 547 78, 739 62,102 Governors' conferences 345 166 550 Federal reserve agents' conferences__ ___ _ 132 123 88 Federal Advisory Council __ 663 629 493 Directors' meetings 6,515 5,795 7,021 Traveling expenses 'l 19,618 23,101 33,931 Assessments for Federal Reserve Board expenses. _ 36,449 37,402 38, 723 Legal fees__ --' 3,207 12,218 4,292 Insurance (other than on currency and security shipments). 22, 289 24, 928 22,090 Insurance on currency and security shipments 32,996 19,783 20,054 Taxes on banking house _ 41,831 40,901 7,873 Light, heat, and power _ 10, 724 10,989 4,093 Repairs and alterations, banking house .-. 7,383 24,854 16,157 Rent. 1,186 4,341 16,331 Office and other supplies . 31,489 39,175 32.690 1 Other than those connected with governor's 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

DISTRICT NO. 5—RICHMOND. 371 SCHEDULE 5.—EARNINGS AND EXPENSES—Continued. CURRENT EXPENSES—continued. 1922 1921 Printing and stationery $43,926 $48,431 $52; 037 Telephone 6,057 5,944 4,910 Telegraph ___ 40,489 34,934 34, 210 E Po x s p t r a e g s e s age _ _. 1 2 2 4 6 , , 0 8 6 2 3 3 134,456 119,001 Federal reserve currency: Original cost, including shipping charges. 41,328 68, 358 262,614 Cost of redemption, including shipping charges.. 25,840 24, 734 77,712 Taxes on Federal reserve bank-note circulation 13,184 32, 240 All other expenses _ 21,880 28,632 2 239,458 Total current expenses . 1,551,156 1,631,356 2,127,174 PROFIT AND LOSS ACCOUNT. Earnings 2, 878, 896 2,832,944 6,729,679 Current expenses 1, 551,156 1, 631,356 2,127,174 Current net earnings.. 1,327,740 I 1,201,588 4, 602,505 Additions to current net earnings: Amounts deducted from reserve for depreciation on United States bonds 3,618 6,827 Allother, _.. ___ _ 8,831 4,202 Total additions _ _. 1,8 12,449 11,029 Deductions from current net earnings: Depreciation allowances on bank premises- 89,671 178,358 54,069 Reserve for probable losses. 50,000 50,000 100,000 Reserve for self-insurance..__ 50,000 50,000 50,000 Furniture and equipment 43,216 64,710 Allother _ _•___ 3,898 3,521 15,838 Total deductions 236,785 346, 589 219,907 Net deductions from current net earnings _ 234,897 334,140 208,878 Net earnings available for dividends, surplus, and franchise tax.. 1,092,843 867,448 4,393, 627 Dividends paid 342,295 333,321 322,203 Transferred to surplus account _ _ 384,404 * 53,413 693, 792 366,144 4 480,714 3,377,632 Franchise tax paid United States Government 2 Includes $197,329 for furniture and equipment, which since 1921 has been charged direct to profit and loss. 3 Included with current expenses prior to 1922. * Bank also charged its surplus account and paid the United States Government $20,459 as an additional franchise tax for 1921. SCHEDULE 6.—VOLUME OF OPERATIONS IN PRINCIPAL DEPARTMENTS. 1923 1922 1921 NUMBER OF PIECES HANDLED. Bills discounted: Applications. 17,804 0) Bills N p o u te rc s h d a i s s e c d o u i n n t o ed pen market for own account 77,9 5 5 6 9 5 85,1 3 4 2 5 7 124, 0 7 5 8 7 3 Currency received and counted 80, 985, 000 57, 300, 000 50,178, 000 Coin received and counted 186, 736, 000 183, 293, 000 167,312, 000 Checks handled 47,225, 000 42,883, 000 39,259, 000 Collection items handled: United States Government coupons paid. 2, 083, 000 2, 590, 000 3, 264,000 Allother . ..__ 204, 000 196, 000 100, 000 United States securities—issues, redemptions, and exchanges by fiscal agency department __. 25,811,000 536, 000 1, 750, 000 Transfers of funds 85,000 75, 000 76,000 Envelopes received and dispatched 3,132, 000 0) 0) AMOUNTS HANDLED. Bills discounted $2,910, 687, 000 $1,424, 567, 000 $2, 749, 671, 000 Bills purchased in open market for own account 10, 643, 000 8, 460, 000 25, 345, 000 Currency received and counted 440, 247, 000 318, 247,000 333, 535, 000 Coin received and counted _ 14, 000, 000 14,167, 000 10, 946,000 Checks handled _ __ 13, 111, 824, 000 8, 762, 819, 000 8, 620,887, 000 Collection items handled: United States Government coupons paid 17, 732, 000 18, 075,000 21, 761, 000 Allother-. 235, 548, 000 213,232, 000 147, 587, 000 United States securities—issues, redemptions, and exchanges by fiscal agency department 187,687, 000 296, 264,000 643, 474, 000 Transfers of funds ___ 2,747,662, 000 2,455,199, 000 2, 031, 290, 000 1 Data not available. 2 Large increase due to redemption of war savings securities which matured Jan. 1, 1923. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

372 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. SCHEDULE 7.—OPERATIONS OF FEDERAL RESERVE CLEARING SYSTEM. [Figures include cash items only. Numbers in thousands; amounts in thousands of dollars.] Items drawn on banks in own irer of TotaU district, I States. Month. N b u e m r. - Amount. N b u e m r. - Amount. N b u e m r. - Amount. N b u e m r. - Amount. Januarv 3,405 768, 804 346 105, 260 139 30, S02 3,890 904,966 February 2,963 796, 375 299 87, 111 92 11, 534 3, 354 895,020 March.. _ 3, 604 979. 426 339 109, 272 115 11, [-192 4, 058 1,100,090 Aoril 3,342 901, 228 312 97, 796 127 17, 993 3,781 1,017, 017 Mav 3,510 960, 655 310 100,425 115 17, 613 3,935 1, 078, 693 June 3,462 944 812 301 107, 536 101 16, 675 3,864 3,069, 023 Julv__ 3,269 885. 586 292 104,466 99 12, ,540 3,660 1, 002, 592 August 3,159 883, 555 280 106, 033 93 12,310 3,532 1, 002, 398 September . 3,061 926,180 263 ill, 116 108 11, 570 3,432 1, 048,866 October _ 3, 631 1, 167,115 322 139, 019 132 14, 341 4,085 1, 320,475 November _. 3.428 1, 074, 837 320 122, 047 111 13, 285 3, 859 1, 210,169 December 3, 766 1,110,698 396 119, 290 102 14,446 4,264 1.244, 434 • Total: 1923 40, 600 11,399,271 3,780 1, 309, 371 1, 334 185,101 45, 714 12,893, 743 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 1 Exclusive of duplications on account of items handled by both parent bank and branch. SCHEDULE 8.—CLEARINGS AND TRANSFERS THROUGH THE GOLD SETTLEMENT FUND. [In thousands of dollars.] Payments Receipts to other from other Week ending— Federal re- Federal re- Net loss. ! Net gain. serve banks. serve banks. Jan. 4 (3 days). 73, 664 67, 546 6,118 11.1 123,899 125, 754 1,855 18 111,289 115. 068 3, 779 25 108, 420 113, 099 4,679 Feb. 1 108,473 109,165 692 104, 551 103, 074 1,477 j 100, 947 102, 629 1, 682 21.. 105, 305 98. 6150 ~6~645~j Mar. 1 . 120, 933 121, 6o9 8_. 106,167 101, 711 4,426 15.. 123, 759 117,041 6, 718 22. 145, 742 146, 978 1,236 29.. 117, 864 120,302 2,438 Apr. 5.. 113,861 105, 925 7,936 12.. 118,670 113,C78 5, 592 19.. 130,148 126, 533 3,615 26. 121,865 112,4M 9,421 May 3.. 139, 663 144, 727 5,064 10.. 118,709 111, 195 7,514 17.. 129, 469 124, 089 5,380 24_. 134, 824 131^019 3,805 31.. 102, 729 109, 734 7,005 June 117, 937 118, 366 429 14.. 123, 668 116, 503 7,165 21.. 140,405 139,618 787 28.. 135, 020 136,750 1,730 July 5.. 123, 223 131,930 8,707 12.. 124, 240 120, 410 3,830 19.. 138,902 134, 366 4,536 26.. 128, 869 130, 502 1,633 Aug. 117, 245 119,313 2,068 9" 114, 371 114. 524 153 16.. 104, 085 99:, 849 4,236 23.. 123, 695 123, 044 651 30.. 117, 926 120,131 2,205 Sept. 99, 470 101, 713 2,243 110, 374 107,137 3,237 20., 159,125 153, 250 5, 875 27. 120,966 130, 376 9.410 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DISTEICT NO. 5 RICHMOND. 373 SCHEDULE 8.—CLEARINGS AND TRANSFERS THROUGH THE GOLD SETTLEMENT FUND—Continued. [In thousands of dollars.] Payments Receipts Week ending— Fe to d e o r t a h l e r r e- f F ro ed m e r o a t l h r e e r - Net loss. Net gain. serve banks. serve banks. Oct. 4 129, 556 139,086 9,530 11... 119, 885 123, 561 3,676 18 142,124 143, 778 1,654 25 135, 398 140,329 4,931 Nov. 1 . 129, 031 131,449 2, 418 8 108, 029 118, 213 10,184 15-._ 130,433 130, 203 230 22 156,446 153, 737 2,709 28 100, 237 110, 823 10,586 Dec. 6 140, 424 140, 445 21 13 135,497 134,941 556 20. _ 159,685 152,618 7,067 27. 112,481 116, 758 4,277 28-31 (3 days) 56, 201 62, 714 6, 513 Total: 1923 6,415,899 6,417,897 1, 998 1922 5, 255, 732 5, 271,957 16, 225 1921 6,104,150 6, 054, 210 49,940 Net loss in ownership of gold since establishment of fund in 1915, $14,726,000. SCHEDULE 9.—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. Loans and discounts, gross. Last report date in— United States securities. All other. 1923 1922 1923 1923 1922 January... 447,948 442, 625 82, 678 70,068 53,257 48,419 February. 449, 291 437, 016 80,082 70,414 52, 642 48, 430 March 457, 985 435,607 81,914 66,127 51, 538 50,962 April 461, 448 437, 535 79,162 65, 345 51,111 49,859 May 459,330 429, 237 81,096 63, 333 50, 742 51,717 June 457, 690 430, 203 80, 281 65,141 52, 206 54, 765 July. 454,384 426, 063 80, 843 64, 546 52, 430 55, 797 August 458,172 427,988 79, 255 68,102 51,187 55, 683 September 467, 306 431, 229 81, 993 67, 500 51, 771 66, 034 October. __ 467, 417 439, 279 75,168 72,984 51, 500 57, 282 November. 462, 519 445,182 75, 612 73, 224 50, 736 56, 740 December. 465,120 459,380 78, 776 76,938 50,061 54, 946 Accommodation at Net demand deposits. Time deposits. Federal reserve bank. Last report date in- 1923 1922 1923 1922 1923 1922 January... 343,285 304, 679 148,871 130,973 20,164 44, 620 February.. 337, 358 301,479 151, 784 130, 383 25, 802 38, 568 March 330, 768 298, 257 152,874 134, 453 31,200 36,027 April 324, 714 311, 896 155, 981 135, 674 36, 845 25,054 May _ 327, 578 312, 067 156, 853 141, 581 35, 575 16, 282 June 321, 775 327, 080 154, 363 149,473 37,099 11,098 July 323, 361 334, 715 152,299 145,144 38,078 8,064 August 323,443 327, 243 151, 536 141, 567 38, 784 10, 445 September 321,139 326, 791 152. 481 145, 266 44, 569 14, 508 October. -. 333,182 332,088 151, 989 145,929 43, 543 17, 671 November. 343, 742 332,001 151,739 147, 065 32, 026 25, 738 December. 339,153 335, 679 150, 444 345,619 35, 039 NOTE.—Figures are for about 76 banks in Richmond, Baltimore, Charleston, S. C, Charleston, W. Va., Charlotte, Columbia, Huntington, Lynchburg, Norfolk, Raleigh, Roanoke, Washington, and Wilmington, which submit weekly reports to the Federal reserve bank. Digitized for FRAS8E6R5 38—24f- -25 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

374 ANNUAL EEPOfJT OF THE FEDERAL EESERVE BOABD. SCHEDULE 10.—DEBITS TO INDIVIDUAL ACCOUNTS. [In thousands of dollars.] Summary for 7 centers.1 Asbeville, N. C* Month. 1923 1922 1921 1923 1922 1921 January 746,047 630,971 737, 917 20, 282 February.. 631, 628 535,864 ! 600,411 19, 317 March 737, 293 618,568 677, 832 20, 583 April 676, 260 614,409 I 645, 676 19, 915 17, 016 May 701,164 664,853 ! 633, 007 20,986 17, 583 June 742, 692 681,167 ! 677,168 21, 051 17, 646 July:. 681,119 636,506 i 660, 222 22,583 18,767 i August 668, 610 616,520 i 674,846 25, 080 18,918 I September. 655, 258 596,901 ! 21, 887 18,950 j October^__. 746, 504 705,455 i 743, 458 23, 318 20,327 ! November. 710, 408 660,697 | 724, 232 21, 649 19, 559 December.. 804,167 753,942 793, 239 24, 224 19,418 Total 8,501,150 7,715,853 ; 8,234,894 260,875 I 168,184 Baltimore, Md. Charleston, S. C. Month. 1923 1922 1921 1922 January 387,836 364, 215 448, 090 34, 647 27,070 i 28, 788 February.. 327,800 301,165 353,382 41,311 24,162 ! 23,880 March 392, 850 350,817 413, 200 31, 215 24,370 I 25,032 April 372, 373 351, 291 395, 722 26,828 26,230 i 28, 354 May 387. 050 385, 653 393,187 26,456 26,064 | 23,571 June 411,764 399, 702 421,517 32, 436 23,828 i 25, 052 July 387, 263 369, 680 418, 510 28, 101 26,039 | 25,179 August 367, 717 362, 288 440, 523 26,257 I 24,326 ! 23, 214 September. 345, 300 327, 258 417,881 20,390 17,180 i 23,125 October 395, 600 373, 575 465, 576 23,84S j 21,561 ; 24,819 November. 348, 020 343, 370 443, 218 27,645 ! 28,111 j 22,582 December.. 400, 315 388, 798 480, 385 34,580 | 28,494 ! 27,398 Total 4,523, 4, 317, 812 5, 091,191 353,715 297, 435 300,994 Charleston, W. Va.* Charlotte, N. C, Month. 1923 1922 1923 1922 ! January 41, 087 39, 094 27,156 j 24, 489 February. . 33,423 27,018 34, 6&8 24,047 S 20,209 March 37,453 29, 667 43, 740 28, 226 i 24, 218 April. 42,410 27, 348 40,362 28,537 ! 24,173 May 40,284 27, 733 42, 815 30,891 ! 23, 512 June. 39, 280 36, 584 42, 3138 31,424 ! 26,196 July 35, 886 30,864 36, 244 31,609 i 21,185 August 35, 561 29, 757 34,455 28,026 i 21, 571 September. 35, 729 32,113 39,448 33,874 ! 25,840 October 40,047 38, 790 44,849 37,282 ! November. 35, 677 37, 555 45,924 35,567 j 28, 595 39, 870 44,200 51,110 43,376 ! 30, 710 December- Total 456, 707 361, 629 495, 097 378,015 i 299,591 Columbia, S. C. Cumberland, Md.* Month. 1923 1922 1921 1923 1922 1921 January 26,687 23,028 21, 609 8, 055 February. . 22,900 19,583 18, 295 6,646 March 28,982 23, 703 20, 731 9,872 7,559 April 22, 965 21,771 21, 087 9,889 8,643 May 24, 726 24,964 21,174 9,464 June. 24, 432 22, 339 19, 324 9,385 8,382 L July— 18,433 17, 453 18, 926 10, 120 7,981 !_ August 21, 874 15,167 17, 497 8,662 7,815 L September. 22, 566 20,829 20, 727 8,638 8,073 i. October 26, 741 25, 760 23,980 9.827 8,422 '. November. 25, 129 23, 590 21, 848 8,916 8,168 I. December.. 30, 248 23, 512 23, 778 9, 738 9,009 i_ Total. 295,683 261,699 248,976 109,465 j 88,766 !_ 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

DISTRICT XO. 5 RICHMOND. 375 SCHEDULE 10.—DEBITS TO INDIVIDUAL ACCOUNTS—Continued. [In thousands of dollars.] Danville, Va.* Durham, N. C* Month. 1923 1922 1921 1923 1922 1921 Januarv 12,853 19,886 February - 9,191 7,861 16,756 March 9,073 8,337 19, 602 April . 8,562 7,684 17, 280 May 8,264 7,493 19,606 June 8,628 7,363 17,411 17,337 July 9,072 7,529 18,175 19, 797 7 940 7,436 18,340 18,151 September 8,208 7, 705 19,074 19, 935 October 11,157 15,599 23, 405 21, 508 November 13, 469 13, 502 22, 029 21,307 December 14,115 14,909 24, 657 21, 590 Total 120,532 105, 418 236, 221 139, 625 Greensboro, N. C* Greenville, S. C* Month. 1923 1922 1921 1923 1922 1921 January 23, 834 22, 460 16, 248 February 20, 655 12, 894 23, 500 12, 276 12, 687 March 22, 742 14, 518 23, 340 15, 248 13, 256 \pril 20, 631 14,977 20,055 13, 605 13,896 May 20,928 14,929 21, 245 15, 749 12 639 June 21,188 15,791 20, 799 14,950 13,456 July 21,487 16, 021 __ 19, 711 15, 446 11, 627 August 19, 292 15, 281 21,717 14, 782 11,347 September 19, 470 18, 302 23,939 15, 952 15,893 October 26, 717 21,112 30,920 20,467 18, 077 November 26,328 23, 291 27,726 23,881 16, 308 December 25, 656 23, 020 31,192 20,440 18,063 Total 268,928 190,136 286, 604 199, 044 157, 249 Hagerstown, Md.* Huntington, W. Va.* Month. 1923 1922 1921 1923 1922 | 1921 1 January . . 9, 356 27,853 19,311 24,754 M Fe a b r r c u h ary 10 7 , , 8 7 8 5 2 2 6 8 , , 3 3 0 9 4 4 2 27 5 , , 1 2 8 5 6 9 1 1 5 9 , ,1 92 3 3 0 9 2 9 5 , H 3 Q 3 Q 9 \pril 11, 503 8,536 26,174 17, 672 21, 883 10, 914 8,458 27,852 19,477 21,066 June 11,924 8,617 28, 226 21,921 21,895 July 10, 648 8,782 25, 237 20,034 20,135 \ugust 10,102 8,045 26, 406 19, 793 19, 758 September.. . 9,661 8,932 24, 229 20, 792 18, 662 October 11,086 9,848 26, 272 24,132 21, 489 9,600 8,611 24, 294 23,160 20,134 December 11, 500 9,580 28, 904 28, 719 21,809 Total 124, 928 94,107 317, 892 250,064 259,023 Lynchburg, Va.* Newport News, Va.* Month. 1923 1922 1921 1923 1922 1921 January 23,494 8,078 February . . . .. 18,845 16, 508 6,527 5,701 March __ _ 21, 027 17,851 8,462 7,039 \pril 18, 755 16, 943 7,708 6 537 May.. __ 20, 318 17, 556 7,090 6,682 June 21, 930 18, 239 7,471 7,266 July 20, 888 18,104 7,788 7 635 August _. __• 18, 410 15, 570 7,434 7,603 September 18, 783 17,835 6,708 6 658 October. _ _ 22, 426 19,818 7,366 6,965 November 19, 257 18,398 7,147 7 041 December __ . 22, 445 23, 333 9,069 8,371 Total 246,578 200,155 90, 848 77 498 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

376 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. SCHEDULE 10.—DEBITS TO INDIVIDUAL ACCOUNTS—Continued. [In thousands of dollars.] Norfolk, Va. Raleigh, N. C. Month. 1923 1922 1921 1923 1922 1921 January 72,992 58, 981 70, 008 36,450 21, 225 17, 633 February... 64,184 51, 515 53,148 24,000 15,387 16, 347 March 78, 241 63,102 61, 686 31,300 17,383 18, 967 April. 68, 959 64, 458 53,885 28,117 17, 050 17,183 May 69, 525 70,125 53, 831 30,700 18,190 17,710 June 69, 754 72,467 62, 472 30,935 18,180 17,971 July 65, 629 65, 026 58, 715 29, 696 20, 720 18,270 August 64, 370 62. 882 53, 323 31, 620 17, 774 16,800 September- 69,842 56,838 53, 775 26,739 19, 050 16, 853 October 83, 587 74,881 63,983 31. 070 31, 533 15,954 November.. 87, 642 67, 896 63, 207 29, 358 26, 367 15,133 December.. 96, 691 85, 571 74, 540 33,876 36,000 18,850 Total. 891,416 793, 742 722,573 i 363,861 258, 859 207, Richmond, Va. Roanoke, Va.' Month. 1923 1922 1921 1923 1922 1921 January 148, 341 109, 296 127, 300 25, 295 February... 116, 745 100,005 115,150 20,053 17,092 March 130,965 110, 967 113,998 23,948 19, 251 April 116, 656 105, 072 105, 272 23,735 19,427 May 119, 892 108, 966 100,022 25, 243 21,954 June 131, 003 113, 227 104, 636 25, 366 22,634 July 115,753 105,979 99, 437 23,966 21, 505 August 122, 317 106,057 101,918 23, 910 21,110 September. 130, 973 121,872 108, 685 22,471 22,039 October 140, 808 140, 863 120, 253 25, 266 24, 598 November. 146, 690 135, 796 129, 649 24,061 23, 611 December. . 157, 347 150,191 137, 578 28,090 28,067 Total 1,577,490 1, 408, 291 1, 363, 898 291, 404 241, 288 Spartanburg, S. C* Washington, D. C* Month. 1923 1922 1921 1922 1921 January 11,712 197,842 159.902 157,959 February... 9,621 7,197 168,733 153, 095 138, 591 March 14, 075 9,097 202,135 184,375 154,835 April.. 10, 472 7,701 192, 636 181, 542 159,646 May 11, 077 8,062 217,940 196,473 157,122 June _. 10,831 9,314 215, 672 201, 728 180, 668 July. 9,587 8,442 188,418 180, 651 156,184 August 9,499 7,410 172, 211 162,052 140, 433 September.. 9,957 8,594 172, 548 173,976 148, 229 October 18, 352 13,306 200,156 186.903 169,698 November.. 14, 386 11, 780 188,996 176,812 160,796 December. _ 13,489 10,662 205,872 186, 080 Total... 143, 058 101, 565 2,323,154 2,156,145 1,910, 241 Wilmington, N. C* Winston-Salem, N. C* Month. 1923 1922 1921 1923 1922 1921 January 21,142 19,046 32, 935 February 20, 211 16,968 21,006 29, 5S1 18, 538 March 23,933 21,236 22,367 34, 598 23,348 April 19,783 19,940 23, 387 32,007 27,156 May 18, 219 22,902 20, 538 30,721 26, 761 June 20, 577 19,448 20, 575 32, 353 29,141 July.. 17,400 18, 553 20,044 33,863 22,888 August. 15,869 18, 501 18,890 28, 338 24,020 September., 18,254 21,283 21,075 28, 054 27,420 October 26, 741 25, 371 23,902 34, 294 35,075 November. _ 24, 932 24, 778 22,032 32, 514 27,862 December... 26,386 25, 225 22, 728 31, 878 33,449 Total.. 253, 447 253,251 236, 544 381,886 295, 658 NOTE.—Centers which have not reported continuously for the 18 months ending Dec. 31, 1923, are not included in the table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DISTRICT NO. 6—ATLANTA. SCHEDULE 1.—COMPARATIVE STATEMENT OF CONDITION. [In thousands of dollars.] Dec. 31, Dec. 30, Dec. 31, 1923. 1922. 1921. RESOURCES. Gold with Federal reserve agents _ 93,689 109,182 45,225 Gold redemption fund with United States Treasury.. _ _ _ 5,178 1,756 5,450 Gold held exclusively against Federal reserve notes 98, 867 110,938 50,675 Gold settlement fund with Federal Reserve Board __ 17, 773 20,153 14,806 Gold and gold certificates held by banks _. 6,466 5,609 5,159 Total gold reserves 123,106 136, 700 70,640 Reserves other than gold 4,980 5,651 5,642 Total reserves . . _ _ 128,086 142,351 76, 282 Nonreserve cash 6,128 0) 0) Bills discounted: Secured by United States Government obligations 10,968 2,116 24, 420 Other bills discounted 44, 774 24, 216 66, 407 Total bills discounted _ 55, 742 26,332 90,827 Bills bought in open market 12,154 11, 422 3,686 United States Government securities: Bonds 261 220 10,314 Treasury notes . _ . 92 2 80 Certificates of indebtedness „ 31 2,072 8,566 Total United States Government securities . 384 2,372 18,880 Municipal warrants 51 Total earning assets _ ._ _ __ 68, 331 40,126 113,393 5 per cent redemption fund—Federal reserve bank notes 467 525 Uncollected items _ . _ 23,411 28,860 23,592 Bank premises .. _ _ _ 2,664 1,962 1,008 All other resources _ _ . 386 264 729 Total resources 229, 006 214, 030 215,529 LIABILITIES. Federal reserve notes in actual circulation ._ 140,894 124,036 121,471 Federal reserve bank notes in circulation—net 8,034 Deposits: Member bank—reserve account 54, 697 52,398 42,967 Government 2 561 848 11 213 Other deposits _._ 313 498 336 Total deposits 57, 571 53, 744 54,516 Deferred availability items 16,117 22,376 17,480 Capital paid in _ __ ... 4,430 4,310 4,189 Surplus . 8,950 8,942 9,114 All other liabilities _ ._ 1,044 622 725 Total liabilities 229, 006 214,030 215, 529 Ratio of total reserves to deposit and Federal reserve note liabilities combined (per cent) 64 5 80 1 43 3 Contingent liability on bills purchased for foreign correspondents... 779 1,238 1,152 1 Not shown separately prior to 1923. 2 Including Victory notes. 377 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

378 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. SCHEDULE 2.—MOVEMENT OF PRINCIPAL ASSETS AND LIABILITIES DURING 1923. [Amounts in thousands of dollars.] Mem- Fed- Total ber eral Recash banks' Total reserve serve Date. se r r e v - es. res d e e r - ve po d s e i - ts. i n n o c te ir s - c p e e n r t - posits. culation. 9 10 Jan. 3 48,692 28.451 1,764 26,687 10,897 9,344 139,480 59,062 65,229 126,325 72.8 10 41,840 22,523i 2,188 20,335 9, 875 9,442 141,220 59,306 62,834 122, 950 76.0 17 31,072 20,797 2,055 18, 742 8,108 2,167 144,339 54,979 56,827 120,164 81.6 24 32, 249| 22,621 2,472 20,1491 7,1992,429 145, 529 55,623 58, 696 118, 718 82.0 31 32,342 21,303| 2,456 18,847 V"~ 3,541 145,015 54,433 57, 717 115,408 83.8 Feb. 7 31,233 18,864! 2, 38716,477 6,562 5,8071 147,361 57,489 59,795 118,668 82.6 14 28,450 16, 262' 1,819 14,443 7,074 5,1141 153,278 57,9231 61, 396 122,441 83.4 21 35,703 18,074 2, 75315, 321 7,615 10,014 146,235 57,481 60,196 121,472 80.5 28 - - 36, 778 18, 505 2,087 16,418 8,283! 9,990 143,480 53,0129 i 56,187 119,017 81.9 Mar. 7 _ _ 44,156! 19,405 2,984 16, 421 9,659 15,092 139,184 55, 6i3j 58,969 123,654 76.2 14_ 42,588j 15,994 2,001 13,993 11,532 15,062 143,333 57,106| 61,317 124,317 77.2 21 45,553! 19,438 3,448 15,990 16,074 10,041 142, 700 56, 503 62,667 124,851 76.1 28_ 42,346 18,635i 2,856 15,779 21,199 2, 512 145, 619 54,896 61, 608 123, 757 78.6 Apr. 4_ 4 4 9 9 , , 4 3 9 2 2 4 | | 2 1 0 9, , 3 6 0 6 5 5 ! 2 2 , , 6 2 6 3 5 8 1 1 8 7 , , 0 0 0 6 0 7 2 2 6 7 , , 1 6 1 7 7 8 2 2 , , 5 5 4 0 2 9 1 13 4 6 1 , , 9 2 9 2 2 1 5 54 5 , , 9 5 4 0 8 8 | 1 6 5 1 8 , , 2 4 6 8 8 1 1 1 2 2 6 6 , , 6 0 5 3 7 5 7 7 5 3 . . 6 8 18 54,9581 23,852| 4,012 19,840 28, 581 2,525 136, 311 56, 699 62,842 126,9511 71.8 25 59,173j 26,579 4,969 21,610 32,065 529 132,986 53, «00| 56,432 132,463j 70.4 May 2 63,520 28.994 4,810 24,184 33,968 558 128,846 54,685! 56,987 133,050! 67.8 9 59,123 26,368 3,809 22, 559 32,207 548 131, 076 55,464| 57,109 134, 593| 68.4 58,637 27,362 4,391 22,971 30,317 958 134,413 57, 262! 61,461 134,188! 68.7 23 30, 886 3,887 27,179 563 130, 276 55, 329 56, 730 133, 802i 68.4 29 _ 56,903 i 32, 345 3,507 28,838 23,998 560 135,646 55, 974 59,229 133, 656j 70.3 June 6 54, 772| 33,710 3,950 29,760 20,573 489 138,085 58, 4871 60,481 133, 5021 71.2 13_ 46, 935! 29, 635 4,901 24,734 17,057 243 141,453 56,124; 56,471 133, 735 74.4 20 . . 49,020i 35,996 6,607 29,389 12,840 184 142,643 58, 292j 58, 944 134,004| 73.9 27 45,149 35,175 6,259 28,916 9,652 140, 732 51,151; 53, 284 133,190j 75.5 July 3 i 52,489| 44,115 6,925 37,190 8,144 220 140,964 56,143 57,457 134, 633! 73.4 1 45,160138,118 6,403 31,715 6,800 232 142, 416 54, 139! 55, 218 135,149j 74.8 18 1 42, 352j37,603 5,786 31, 8r 4,462 27' 143,991 52. 950 54,745 134,057! 76.3 25 1 45, 632J40,788 7,118 33, 670 4,640 194 142,762 53,848 54,956 133,906! 75.6 Aug. 1 51,15o!41.995 6, 27o!35,725 8,938 207 135,339 52,240 53,905 132,256* 72.7 1 49,797140,684 6,600! 34,084 8,886 217 136,857 53,343! 54,511 132,209! 73.3 15 _ 251,043! 42, 229 8,633 33,596 8,542 252 132,869 51,093 53, 248 132,203! 71.6 22_ 2 53,466] 45,040 9,051 35,989 8,209 197 126,813 54,175 55, 854 132,138i 67.5 29 2 56,160148,152 10,885 37,267 7,780 208 121,015 50, — 52, 623 126, 776| 67.5 Sept. 2 61, 555: 52, 772 10,983 41, 789 8,505 258 117, 329 52, 838 53,969 128,483; 64.3 12 2 62,086 52, 792 12,836 39,956 9,044 230 113,460i 51,052 53,778 128,051! 62.4 19 3 71,047! 61, 373 15, 83545, 538 9,383 240 104, 648 52,677 53,875 128, 673! 57.3 26 3 76,83lJ 67, 323 16,147 51,176 9,142 315 104,025 53,019| 57, 550 129, 467j 55.6 Oct. 3 _ 3 80,311J 70, 87717,332 53,545 9,108 27; 99,373 52,083 54, 568 131,892! 53.3 10 3 84, 518! 75,164 18,042 57,122 9,026 27' 98, 556 51, 273 52,812 133,426| 52.9 17 3 88, 241; 82,497 21,108 61,389 5,452 241 99,348 53, 504 56,707 134, 518! 52.0 24 3 89,415 83,440 20,339 63,101 5,671 253 96, 281 52,9691 55,144 133,911! 50.9 31 3 92,157; 84, 459 19,042 65,417 7,404 24; 96,349j 53, 375! 56, 410 132, 760; 50.9 Nov. 7 3 90, 504 81,646!19,560 62,086J 8,562 245 102, 658 52, 295! 53, 781 142,620J 52.3 14 _ . 3 87, 783: 22, 52055, 255! 9,752 205 109,666 53,927! 57,303 144,178! 54.4 21 3 93,426 82,' 71623,351 59,365| 10,407 252 101,822 53, 520! 55, 544 143,669! 51.1 28 3 98,352; 87, 087 24,931 62,136 11,006 228 97,802 54,278i 56,43" 142, 698- 49.1 Dec. 5 "3 96,806 85, 507J23, 29662, 211 10,918 330 99,941 56,060| 58,034 143,090i 49.7 12. 3 88, 264 76,137 20,630 55, 507 11,869 207 108, 771 56,080 57,879 143, 502; 54.0 19 3 82, 720 71,311 20,443 50,868 11,155 203 117,0251 55, 912 56,279 144,932: 58.2 26 3 82,170 69, 335j20, 30149,034 12,493 291 120,811; .33, 691 58,53" 148,367 58.4 Daily average ; 4 59, 596 44, 283j 13,145 2,150 129,022, 54,442 57, 218 131, 726 68. 3 ^Includes $10,000 of municipal warrants. 2 Includes $20,000 of municipal warrants. 3 Includes $51,000 of municipal warrants. 4 Includes $18,000 of municipal warrants. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

379 DISTRICT NO. 6 ATLANTA. FEDERAL RESERVE BANK OF ATLANTA MILLIONS OF DOLLARS MILLIONS OF DOLLARS 180 ?80 4-0 1 1 1 r i i • •• • r •"•• T •• ! | UNITED STATES SECURJTES 20 20 1 1 1 1 1 DISCOUNTS FOR OWN MEMBERS 1921 1922 1923 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

380 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. SCHEDULE 3.—VOLUME OF DISCOUNT AND OPEN-MARKET OPERATIONS. [In thousands of dollars.] Bills discounted for member banks. Month. Total. l m b G i S g y e e o a c n v U t u t i e o r . o r e n n S b d s - . - . B t a a a c n n c c k e e e p s r - . s' t a T a c n r c a c e d e p e s - . l c i p v u A a e a lt g s p n u t r d e o i r r - a c . l k D d e s r a m i a g n ft h a d s n t . d ot A h l e l r. January 37,343 7,122 156 2,913 27,152 February __. 23,830 7,926 I 79 2,267 13,558 March 30,403 11,407 j 99 2,152 16, 729 April 36,144 10,937 I 111 3,096 21,944 May 49,834 13,322 j 214 3,785 32,452 June 51,102 14,457 j 189 3,073 33,380 July 53,243 18,739 ! 151 2,966 31,387 August. __ 52,628 23,130 361 2. 869 26,268 September. 88,071 36, 618 910 3, 079 40 47,424 October.. 109, 444 46,867 860 4,027 260 57,430 November 104,315 51,066 1,043 i 3,092 276 December.. 91, 724 41, 363 760 3,247 220 46,134 Total: 1923 728,081 282, 954 4,933 36, 566 932 402,696 1922 489,930 186, 946 4,742 4£, 734 248, 508 1921 1,647,255 936,800 691 11,811 71,054 U.S. securities Total discount and open Bills bought in open market. purchased. Mu- market operations. nicipal Month. Total. t a B a c e n a c r n c s e ' e k p s - - . c D h e o a x n ll - g a e r .l I t T a a n r c a c c d e ep s e . - B n a o o n t n e d d s s . d C o n e f e e b r s t i e t n s i d . - - - c r h w p a a u a n s r r t e - - s d, 1923 1922 1921 ' January.,. 3,110 3,110 1,505 55, 792 97,750 83,174 185, 274 February. 6,916 6,906 10 1,955 6,500 39,201 62,890 150,014 March 22,907 22,378 529 5,360 58,963 55,899 164, 074 April 14,407 14, 282 125 495 398 51, 444 42, 518 152, 514 May.... 4,193 4,118 420 1,242 55,689 31,095 153, 502 June 1, 557 1,557 225 10 53,282 28,776 132,349 July 7,330 7,130 144 61, 617 25,291 122,118 August.. 2, 367 2,367 35 10 55, 328 21,483 124, 661 September. .'5, 006 5,006 575 48 93,731 42,414 137,489 October 9,446 9,446 329 604 119,823 52, 765 133,016 November.. 9,253 9,253 381 242 114,191 49,823 111, 241 December.. 8,209 8,209 1,156 156 20101,265 50,826 122,686 Total: 1923. 94, 701 93,762 8,685 70, 746 902,284 1922. 46,429 46,429 6,205 4,382 546,954 1921. 22,128 22,128 12,540 7,015 1,688,938 i Includes $250,000 discounted for the Federal Intermediate Credit Bank of Columbia, S. C. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DISTKICT NO. 6-—ATLANTA. 381 SCHEDULE 4.—VOLUME OF BILLS DISCOUNTED FOR MEMBER BANKS IN EACH STATE. [Amounts in thousands of dollars.] Number Number of memof mem- ber Month. Ten- Georgia. Florida. b A am la a - . M sip is p s i i . s i - L a o n u a i . s 1 i- Total. ban b k e s r in a b c a c n o k m s district modated at end of during month. the month. January. 3,498 8,530 2,669 1,989 139 20,518 37, 343 541 212 February _. 930 9,255 2,437 2,882 156 8,170 23, 830 542 226 March 2,344 9,012 3,059 3,718 78 12,192 30,403 542 213 April 5,332 11,419 3,183 5,685 424 10,101 36,144 539 229 May 7,613 22, 725 2,531 5,354 589 11,022 49, 834 537 258 J*me. __ 9,526 20,086 2,654 4,699 746 13,391 51,102 538 272 July 10,175 15, 986 4,006 3,470 780 18,826 53,243 536 278 August 12,804 11,982 7,934 3,171 745 15,992 52, 628 534 313 September 14,784 23,448 10,427 7,154 1,120 31,138 88,071 536 321 October _ 13,647 29, 714 13,148 11,750 1,665 39, 520 109,444 536 345 November 13, 770 23,612 10,809 7,962 1,348 46, 5642104,315 535 311 December 12, 348 24,674 7,208 7,543 717 39,234 91,724 535 267 Total: 1923... 106,771 210,443 70,065 65, 377 8,507 728,081 1922... 75,357 157, 386 37, 459 61,382 7,392 150,954 489,930 1921... 455, 731 422,646 109,041 148,350 26,250 485, 237 1,647,255 Number of member banks at end of year: 1923 184 132 535 1922.. 188 133 543 1921 173 130 515 Number of member banks accommodated: 1923 143 75 351 1922 142 83 353 1921 168 105 444 Figures relate only to that part of the State located in the Atlanta district. Includes $250,000 discounted for the Federal Intermediate Credit Bank of Columbia, S. C. SCHEDULE 5.—EARNINGS AND EXPENSES. 1923 1922 EARNINGS. Discounted bills ! $1,998,189 $1,951,695 $6,624,052 Purchased bills 550,770 164, 704 154,440 United States securities 79,752 189,390 533, 022 Deficient reserve penalties. _ 42,278 44,357 90,825 Miscellaneous. 11,325 2,590 4,313 Total earnings. ; 2,682,314 2, 352,736 7, 406, 652 CURRENT EXPENSES. Salaries: Bank officers 177,065 159, 994 163,432 Clerical staff 426,492 487, 751 530,325 Special officers and watchmen 32,909 23,375 22,653 All other, _ 39,336 38, 758 40, 751 Governors' conferences 551 656 819 Federal reserve agents' conferences 239 286 442 Federal Advisory Council 952 690 1,259 Directors' meetings..! _ 26,079 21,758 25,708 Traveling expenses 1 20,341 19,284 26,251 Assessments for Federal Reserve Board expenses. 28,616 30,164 30,242 6,741 7,538 Insurance (other than on currency and security shipments). 18, 995 28,159 28,401 Insurance on currency and security shipments 28,608 17,253 Taxes on banking house _ 41,967 9,393 8,789 Light, heat, and power. 11,108 10,555 Repairs and alteraattiioonnss,, banking house. 5,668 1,101 2,609 Rent 19, 789 25,841 25, 999 Office and other supplies. 30,365 17,819 26,783 Printing and stationery. _ 46,209 33, 225 58,406 1 Other than those connected with governors' and agents' conferences and meetings of directors and of the advisory council. 2 Insurance on currency and security shipments is included with postage and expressage. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

382 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. SCHEDULE 5.—EARNINGS AND EXPENSES—Continued. 1923 1922 1921 CURRENT EXPENSES—continued. Telephone $4,970 $4,546 $4,987 Telegraph 77,346 64, 789 57,223 E Po x s p t r a e g s e s age _ _ 9 2 6 2, , 0 9 3 9 6 1 99, 431 1 127,661 Federal reserve currency: Original cost, including, shipping charges 78, 992 107, 938 203, 504 Cost of redemption, including shipping charges _ 18,039 25,219 66, 972 Taxes on Federal reserve bank-note circulation 103 22,360 51,963 All other expenses 33, 725 33, 760 3 59, 332 Total current expenses 1, 294, 232 1, 293, 053 1, 580, 585 PROFIT AND LOSS ACCOUNT. Earnings _ 2, 682,314 2,352, 736 7,406,652 Current expenses _ 1. 294,232 1,293, 053 1, 580, 585 Current net earnings _ 1,388,082 1,059, 683 5,826,067 Additions to current net earnings: Amounts deducted from reserve for depreciation on United States bonds _ 2,590 8,379 All other 1,941 1,823 622 Total additions 2,789 4, 413 9,001 Deductions from current net earnings: Depreciation allowances on bank premises 305, 411 163, 294 47,088 Reserve for probable losses 668, 416 200,000 250,000 Furniture and equipment__ 57, 228 17, 387 0) All other _. 7,637 10,685 41, 761 Total deductions.... 1,038,692 ! 391,366 338,849 Net deductions from current net earnings 1, 035,903 386,953 329,848 Net earnings available for dividends, surplus, and franchise tax 352,179 672, 730 5,496, 219 Dividends paid _ _ 264,622 , 256,618 245, 862 8,756 s 41, 611 770,106 Transferred to surplus account * 78,801 a 374, 501 4,480,251 Franchise tax paid United States Government 2 Insurance on currency and security shipments is included with postage and expressage. 3 Includes $33,399 for furniture and equipment which since 1921 has been charged direct to profit and loss. 4 Included with current expenses prior to 1922. 5 Bank also charged its surplus account and paid the United States Government $213,629 as an additional franchise tax for 1921. SCHEDULE 6.—VOLUME OF OPERATIONS IN PRINCIPAL DEPARTMENTS. 1923 1922 1921 NUMBER OF PIECES HANDLED. Bills discounted: Applications 13, 240 13,975 28,456 Notes discounted 85, 479 93,603 157,874 Bills purchased in open market for own account 6,673 3,312 1,584 Currency received and counted 97,814,000 85, 585, 000 85,048,000 Coin received and counted 50, 084, 000 51, 786,000 68,135,000 Checks handled. 23,918, 000 27, 750, 000 20,336,000 Collection items handled: United States Government coupons paid 1,689,000 I 2, 045, 000 2, 650, 000 Allother. 147.000 I 134.000 79,000 United States securities—issues, redemptions, and exchanges by fiscal agency department i 3, 981, 000 1, 695, 000 2, 578,000 Transfers of funds. 68,000 60.000 58,000 Envelopes received and dispatched 2, 329, 000 AMOUNTS HANDLED. Bills discounted $728,081,000 $489, 930. 000 $1,647,255,000 Bills purchased in open market for own account 94, 701, 000 46, 429, 000 22,128,000 Currency received and counted •_ 415, 248, 000 415, 416, 000 454,145,000 Coin received and counted 7,119,000 6, 675,000 9, 066,000 Checks handled 7, 451, 559,000 £,587,997,000 4. 378,840,000 Collection items handled: United States Government coupons paid 12,194, 000 ; 12, 205, 000 15, 699, 000 Allother 165,548,000 ! 151, 741, 000 96, 359, 000 United States securities—issues, redemptions, and exchanges by fiscal agency department 151,539,000 ; 182,122, 000 369, 521, 000 Transfers of funds 1,466,213,000 ; 1, 603, 403, 000 1,079, 298,000 1 Large increase due to redemption of war savings securities which matured Jan. 1, 1923. Digitized for F'RDAatSa EnRot available. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DISTRICT NO. 6 ATLANTA. 383 SCHEDULE 7.—OPERATIONS OF FEDERAL RESERVE CLEARING SYSTEM. [Figures include cash items only. Numbers in thousands; amounts in thousands of dollars.] Items forwarded Items drawn on to other Federal Items drawn on banks in own reserve banks Treasurer of Total.* district. and their United States. Month. branches. Num- Num- Num- Number. Amount. ber. Amount. ber. Amount. ber. Amount. January 1,638 530,789 166 48,073 121 39, 697 1,925 618,559 February 1,465 451,923 150 44,652 112 14,682 1,727 511, 257 March 1,757 558, 375 194 60, 641 128 17,961 2,079 636,977 April 1,602 514,818 159 49,838 134 15,001 1,895 579, 657 May 1,677 538,417 145 55,350 127 25,119 1,949 618, 886 June 1,623 494, 529 131 46,612 111 12,715 1,865 553,856 July 1,574 424, 274 116 43,463 112 12,338 1,802 480,075 August 1,549 465, 427 115 41, 651 111 12,018 1,775 519,096 September 1,535 449, 777 120 43,954 118 11,392 1,773 505,123 October 1,808 579,754 136 56,076 133 14, 489 2,077 650, 319 November 1,704 561,782 133 53,907 120 12, 256 1,957 627, 945 December 1,819 569,049 168 57, 589 117 12, 289 2,104 638, 927 Total: 1923. 19, 751 6,138,914 1,733 | 601,806 1,444 ' 199,957 22,928 6,940, 677 1922 23,970 4, 486, 070 1,548 I 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 1 Exclusive of duplications on account of items handled by both parent bank and branch. SCHEDULE 8.—CLEARINGS AND TRANSFERS THROUGH THE GOLD SETTLEMENT FUND. [In thousands of dollars.] Payments to Receipts Week ending— other Fed- from other Net loss. Net gain. eral reserve Federal rebanks. serve banks. Jan. 4 (3 days) 32,929 28, 210 4,719 11 61, 834 68,961 7,127 18 65 837 64, 657 1,180 25 58, 333 57, 235 1,098 Feb 1 59,342 58, 201 1,141 8 ._ 53,360 58, 619 5,259 15 47, 542 50, 391 2,849 21_ 55,037 50, 862 4,175 Mar. 1 _ 67,635 64, 519 3,116 8 61,464 61, 492 28 15 66, 855 68, 984 2,129 22 . 71,828 69, 645 2,183 29 60, 344 65, 513 5,169 Apr. 5 55,189 51, 492 3,697 12 . . .. 60,321 57, 239 3,082 19 68, 275 63, 985 4,290 26 59, 842 61, 591 1,749 May 3 _ _ 63, 602 59,868 3,734 10 53,300 56, 587 3,287 17 58,142 61, 265 3,123 24 64,586 63,097 1,489 31. 53,469 54, 882 1,413 June 7 48, 233 52, 928 4,695 14 51, 666 57, 692 6,026 21 63, 601 63,145 456 28 54,956 57,299 2,343 July 5 . 51, 043 50,910 133 12 45. 799 52,289 6,490 19 52,905 50. 824 2, 081 26_ 54, 270 52, 913 1,357 Aug. 2 _ ,. . . 54, 217 44,957 9,260 9 42, 825 47, 013 4,188 16 46,956 41,905 5,05l 23 60 120 50,934 9 186 30 _._ 47, 556 43, 325 4, 231 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

384 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. SCHEDULE 8.—CLEARINGS AND TRANSFERS THROUGH THE GOLD SETTLEMENT FUND—Continued. [In thousands of dollars.] Payments to Receipts Week ending- e o r t a h l e r r e s F e e rv d e - F fr e o d m e ra o l t h re e - r Net loss. Net gain. banks. serve banks. Sept. 6__ _ . 39, 278 34, 727 4,551 13 53, 554 49, 914 3,640 :::::::: 20 65,254 58, 264 6,990 27 61,142 61, 279 137 Oct. 4 . 58, 848 58, 847 I 1 1 1 8. . 6 66 1 , , 9 5 8 3 6 5 6 5 9 7 , , 3 7 6 1 6 5 4,271 2,831 25 70,346 65, 863 4,483 Nov. 1 64, 398 64,160 238 8 63, 364 71,917 8,553 15 . 60, 273 64, 294 4,021 22... 81, 735 75, 356 6,379 28.... 62,033 56,951 5,082 Dec. 6 72, 210 79, 208 6,998 13 64,484 73, 802 9,318 20 73, 233 82, 747 9,514 27 56,920 57, 798 878 28-31 (3 days) 36,161 42, 983 6,827 Total: 1923 3,084, 967 3, 088, 625 3,658 1922. .. 2, 392, 243 2,482, 228 89,985 1921 2,140,046 2,125, 232 14, 814 Net gain in ownership of gold since establishment of fund in 1915, $132,540,000. SCHEDULE 9.—PRINCIPAL ASSETS AND LIABILITIES OF REPORTING MEMBER BANKS IN LEADING CITIES AS OF THE LAST REPORT DATE IN THE MONTH. [Inthousands of dollars.] Investments. Loans and discounts, Last report date in— gross. United States securities. All other. 1923 1922 1923 1922 1923 1922 January ._ 403, 283 359. 818 42, 773 29,307 35, 335 35, 270 February 405, 999 350,132 40, 561 32, 505 37,193 36,472 March 407, 878 358,443 46, 292 30, 531 36, 506 31, 638 April 404, 830 351, 251 46, 862 32,129 36, 489 32, 213 May 406, 230 354, 445 45, 045 30, 753 35, 633 33, 281 June 405, 240 354,126 48, 356 38, 469 39,385 33,166 July 400, 022 353, 882 43, 570 36, 752 39, 683 33,897 August 400,989 357, 735 44,021 42, 255 41, 249 34,711 September . 415,065 370, 506 44, 784 40, 638 42,923 33,117 October 438, 680 390, 270 41,679 40. 523 43, 357 33,901 November 450,398 404, 027 41, 205 40. 889 43,114 35,298 December 446, 595 399, 831 46, 548 46,011 42,480 35, 645 Accommodation at Net demand deposits. Time deposits. Federal reserve bank. Last report date in— 1923 1922 1923 1922 1923 1922 January 289, 314 222, 953 163, 802 143, 321 7,558 25,393 February _ _ _ 287, 739 229,394 164,837 142, 354 4,824 12, 501 March 276, 891 229,326 167,168 143, 925 4.515 11,308 April 271, 846 237,040 168, 775 144,172 10, 609 6,407 May 276, 062 238, 750 171, 881 147, 724 12,462 2,959 June - - 273, 444 244,819 179, 381 150,442 13,881 3,158 July. . 268,312 244, 202 178, 686 151, 976 , 16,493 4,123 August 262, 748 250, 856 178, 295 154, 211 19,025 3,548 September . 253, 023 260,425 181,107 153, 920 35,938 8,177 October 259, 039 264,894 181,428 157,438 51, 550 9,029 November 266, 076 271, 688 181, 370 159,189 57, 683 17,134 December 270, 848 271, 316 180, 701 161, 595 45, 540 10,850 NOTE.—Figures are for about 39 banks in Atlanta, Birmingham, Jacksonville, Nashville, New Orleans Digitized forC FhaRttAanSoEogRa , Knoxville, and Savannah which submit weekly reports to the Federal reserve bank. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DISTRICT NO. 6 ATLANTA. 385 SCHEDULE 10.—DEBITS TO INDIVIDUAL ACCOUNTS. [In thousands of dollars.] Summary for 15 centers.1 Albany, Ga.* Month. 1923 1922 1921 1923 1922 1921 January 1 005 714 774,821 895, 433 4,990 February 827, 440 676,960 741,122 4,299 3,734 M^arch 991, 806 781,076 811,214 5,606 3,909 April 886,328 710, 303 770, 072 4,110 3,611 May 922, 450 764, 397 725, 043 4,330 3,716 June 902, 403 785, 260 728,734 4,130 3,681 July 837,023 743, 297 735,144 3, 568 3,386 August 790, 799 739,642 704,823 2,872 3,928 September 835, 330 800,649 796,832 4,440 4,790 October 1, 020, 357 901, 535 858, 216 5,373 5,041 November ,. 991,989 911,367 785, 252 5,407 4,907 December 1,124, 910 989,297 831,379 5,843 5, 774 Total 11,136,549 9, 578,604 9, 383, 264 54,968 46, 477 Atlanta, Ga Yugusta, Ga Month. 1923 1922 1921 1923 1922 1921 January 135, 236 104, 413 110, 774 32, 714 26,835 25, 404 February.- _ 119, 234 88,157 97,342 28,959 20,126 22,183 March 146, 675 111, 020 107, 659 40,692 24,179 21,996 April 127, 305 98, 210 101,106 29, 572 22,039 22,125 May _ 136,068 115,450 101,043 27, 374 25, 796 20,397 June 138,249 109, 070 100,232 25,332 25, 553 20, 708 July 121, 402 106, 592 98,406 22, 781 21, 616 21, 539 August _ _. 115, 754 105,893 92, 619 19, 550 21,358 19,082 September . . 121,497 ' 111, 530 102, 355 30, 224 27, 538 29, 542 October... 149,831 125,714 119, 381 37,790 33,446 31,782 November 144, 066 120, 795 104, 775 38,989 32,083 26,047 Deecember 148,091 134, 522 118,583 35,831 31,730 30, 321 Total 1, 603,408 1, 331, 366 1,254, 275 369,808 312, 299 291,126 Birmingham, Ala. Brunswick, Ga.* Month. 1923 1922 1921 1923 1922 1921 January _ _ 114, 378 61, 710 76, 343 2,871 February 99, 365 61, 275 65,030 2,499 2,275 March . _. _ 106,438 75,894 67,897 2,857 2,245 April 102, 313 65, 743 61, 573 2,632 2,184 IVtay 108, 046 71, 728 58,164 2,777 2,378 June 106, 472 72, 527 58, 010 3,067 2,434 July . 103, 708 71, 548 51, 077 2,702 2,642 August 99,004 73, 215 50, 589 3,002 2,856 September 100,167 83, 066 60,484 2,981 2,867 October __ _ 126,990 99, 027 54, 879 3,108 2,958 November 105,137 103, 604 54, 978 3,447 2,906 December 118,073 103, 566 68,062 3,601 3,387 Total 1, 290,091 942,903 727, 086 35, 544 29,132 Chattanooga, Tenn. Columbus, GEi.* Month. 1923 1922 1921 1923 1922 1921 January 39,088 32,354 41, 444 13, 587 February 31,958 26, 580 34, 320 11,186 8,432 March.. 40,096 31,073 41,678 13,956 10,022 April 36, 764 28, 682 37, 387 11,035 9,794 May _ 38,260 29,358 32,770 12,079 10, 339 June 38,310 31, 594 33, 271 11,179 10, 301 July _ .- 35,625 27,761 32, 863 10,422 9,594 August 37, 310 29,807 31,570 10,401 9,199 September _ 35,485 32, 897 32, 696 13,140 12, 582 October 39,050 33,809 34, 217 16,431 15 214 November 37,499 34, 516 33,927 16, 312 14, 381 December _ 39,155 38, 324 36, 695 15, 260 14, 646 Total., 448, 600 376, 755 422,838 154,988 124, 504 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

386 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. SCHEDULE 10.—DEBITS TO INDIVIDUAL ACCOUNTS—Continued. [In thousands of dollars.] "ordele, Ga.* Dothan, Ala.* Month. 1923 1922 1921 1923 1922 1921 January 1,463 3,845 February . 1,451 2,961 1,789 March 1,514 1,079 2, 592 2,156 April 1,056 957 2,676 1,943 May.. 1,186 1,026 2,468 1,954 June 994 894 2,375 1,836 July 958 757 1,823 1,962 August 913 1,799 1,805 2,602 September.. 2,680 3,108 4,058 October. . 2,458 3,901 4,053 November 2,232 4,110 4,430 December. . 1,890 3,785 3,225 Total...v 9,535 15,772 35,449 30,008 Elberton, Ga.* Jackson, Miss.* Month. 1923 1922 1921 1923 1922 1921 January 1,166 13,778 February.. 883 774 13,137 March.. 1,151 1,097 14,361 10, 580 - April 839 934 12, 20; 8 328 May 772 1,064 12,072 9,648 June 685 773 11,767 11 057 July . 593 706 12, 387 9,623 August 761 593 11,210 9,640 September. _ . 906 790 12,459 11,675 October 1,679 1,102 15, 891 11,939 November 1,431 1,046 14, 983 13,025 December ... .. 1,394 1,196 17,230 13,418 Total 12, 260 10, 075 161,476 108,933 Jacksonville, Fla. Knoxville, Tenn Month. 1923 1922 1921 1923 1922 1921 January 54, 639 42, 681 53, 849 33, 367 26,417 27, 775 February 49, 781 39,833 45,267 27,024 23,817 23,187 March 59, 922 51, 345 51,973 31, 782 26, 392 27,044 April. 58, 384 47, 751 52,191 29,018 25,458 26, 374 May.. 56, 718 51,447 45,177 31, 452 24,135 24,01& June 55, 015 47,310 42, 732 34, ,')16 26, 215 23,808 July . 52, 201 43, 420 40,078 30, 770 25, 585 23,613 August 48, 228 47, 836 38,190 30,004 24, 737 23,698 September.. _. _ . __ 46,465 41, 747 36, 777 30, 109 27, 251 25,891 October.. 54,643 46,017 39, 618 33, 319 28, 079 29,775 November 51, 563 47, 387 40,311 29,147 26, 998 24,85& December 64,697 56,326 47,006 36, 707 32,628 27,864 Total.. 652, 256 563,100 533,169 377, 215 317,712 307,906 M^eon, Ga. Meridian, Miss.* Month. 1923 1922 1921 1923 1922 1921 Januarjr 21,072 14,865 19, 673 9,894 February 18, 987 13,090 15, 095 9,520 March 22,187 15,133 17,485 11,461 8,161 April . 19.661 16,074 16, 765 10t 048 7,856 May 24', 894 16,105 16, 377 12,004 8,977 June 20, 765 17,707 16,910 18,844 8,398 July 21, 096 19,266 17, 219 14,290 7,548 August . . 18, 524 16, 863 16,168 8,427 7,569 September 19,210 19,800 18, 539 *, 057 9,749 October 22, 243 21,677 19, 362 9,989 10, 561 November 22,141 20,943 17, 027 10,322 9.452 December 23, 522 23,026 19,166 10,158 9,123 |__ Total 254, 302 214, 549 209, 786 134,014 87, 394 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DISTBICT NO. 6 ATLANTA. 387 SCHEDULE 10.—DEBITS TO INDIVIDUAL ACCOUNTS—Continued. fin thousands of dollars.] Montgomery, Ala. Month. 1923 1922 1921 January 32, 507 25,457 30, 099 22, 809 15,061 17,151 February.. 26, 453 23,907 24, 663 20,145 12,690 12, 792 March 30, 999 27, 332 27, 632 24, 749 15,619 15,143 April 28, 705 22, 976 24,956 21,137 14, 208 14, 853 May 30, 241 25, 006 24, 768 19, 674 15, 423 15,939 June _ 28,183 24, 882 24,118 18. 760 15, 220 11,219 July 27,155 23,884 23,457 16, 639 13,251 10.527 August 27,471 23, 620 21,632 15,661 15,078 14,108 September. 25,166 26, 293 27, 754 20, 888 20,199 16,883- October 30, 505 30,419 27, 504 28,350 23,106 18, 620 November. 31,973 27,952 25, 548 25,340 21,165 15, 696 December. 34, 710 31, 723 29, 092 25, 793 22,672 17, 455 Total 355, 068 313,451 311,223 259,945 203, 692 180,386 Nashville, Tenn. Newnan, Ga." Month. 1923 1923 1922 January ... 78, 537 63,069 92, 369 2,038 February.. 64, 052 56. 520 83,188 1,996 1,149 March 76,812 67,966 94, 873 2,306 1,351 April 71, 790 64, 403 85, 570 1,725 1,195 May 79, 091 63. 035 80, 640 1.662 1,313 June 77, 272 68, 037 105, 055 1,494 1,462 July 68, 253 64,146 114, 664 1,510 1,727 August 66, 840 64, 762 107, 064 1,388 1,256 September. 68, 256 66, 687 113,275 2, 210 1,592 October 77,968 72,977 125, 076 2,208 1,828 i November. 70, 708 67, 904 104, 282 2,581 1, 471 December. 76, 669 75,178 64,872 2,599 1,982 Total 876, 248 794, 684 1,170, S 23, 717 16, 326 Valdosta, Ga.* New Orleans, La. Month. 1923 1922 1921 1922 1921 January 5,536 347, 739 281, 869 312, 392 February.. 4,945 3,792 261, 634 238, 366 240, 544 March 5,218 4,127 318, 299 256,963 254, 019 April 4,483 3, 599 272, 843 228, 924 246, 015 May 4,450 3.739 280, 069 245, 622 228, 485 June 4,490 3,922 269, 692 269,897 218, 587 July 4,467 3,894 255, 382 253, 803 230, 915 August 4,745 4, 078 232,162 245, 957 218,773 September. 4,711 4,384 251, 071 265, 279 248,384 October 4,887 4,790 310, 267 301,922 265,983 November. 4,682 5,213 338, 657 326, 627 256, 265 December.. 5, 236 5,178 414, 594 347, 044 281,031 Total. 57, 850 46,716 3, 552,409 3,262, 273 3,001,393 Pensacola, Fla. Savannah, Ga. Month. 1923 1922 1921 1923 1922 1921 I January 7,312 5,668 7,327 j 45, 770 40, 232 47,963 6,327 5, 683 5,864 | 38, 434 34, 266 40, 497 February-- 7, 223 6,055 6,881 ! 43, 762 40, 797 43,165 March 6,858 7,479 6,422 I 42, 243 38, 651 42, 732 April 7,493 6,314 6,727 I 41,184 41, 684 41,048 May 7,473 6,374 6,657 ! 43,389 42, 505 40, 202 June 7,337 5,911 6,059 | 39, 858 37, 938 39, 207 July 7,248 6,118 6,195 ; 36, 021 37, 248 39, 793 August 6,686 5.728 5,970 i 46, 693 44, 654 51, 432 September. 7, 230 6^ 094 6,002 | 63, 025 46,616 56, 090 October 6,436 5,812 6, 187 I 49, 472 41, 039 44, 915 November. 8,730 7,426 6,525 j 50, 465 44,126 51, 374 December.. Total . 86, 353 74,662 76, 816 540.316 489, 756 538, 418 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

388 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. SCHEDULE 10.—DEBITS TO INDIVIDUAL ACCOUNTS—Continued. [In thousands of dollars.] Tampa, Fla. Vicksburg, Miss. Month. 1923 1922 9121 1923 1922 1921 January. _. 30, 735 26, 766 25, 237 9,811 7,424 7,633 February,. 27, 629 26, 257 24, 636 7,458 6,393 6,514 March 34,600 25, 477 27, 802 7,570 5,831 5,967 April. 33, 546 24, 532 26, 536 6,189 5,173 5,467 May 35,300 27,477 24, 389 6,586 5,817 5,100 June 32,890 22, 789 21,962 6,085 5,580 5,263 July.. 28, 659 23, 328 20, 588 6,157 5,248 4,932 August 31,015 21,901 20, 500 6,007 5,249 4,842 September. 26, 393 21, 384 20, K7 7,020 6,596 6,693 October 29,953 23,656 21,428 9,193 8,976 8,499 November. 30, 471 25, 255 22, 659 10,390 9,287 7,777 December.. 36,162 30,930 25, 533 10, 711 10,076 7,800 Total 377,353 299, 752 281,427 93,177 81, 650 76,487 NOTE.—Centers which have not reported continuously for the 18 months ending Dec. 31, 1923, are not included in the table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DISTRICT NO. 7—CHICAGO. SCHEDULE 1.—COMPARATIVE STATEMENT OF CONDITION. [In thousands of dollars.] Dec. 31, Dec. 30, Dec. 31, 1923. 1922. 1921. RESOURCES. Gold with Federal reserve agents . 384,917 410,108 312,163 Gold redemption fund with United States Treasury 4,196 2,199 26, 284 Gold held exclusively against Federal reserve notes __ 389,113 412, 307 338, 447 Gold settlement fund with Federal Reserve Board 106, 900 77, 261 79,130 Gold and gold certificates held by banks 49, 091 50,981 22,025 Total gold reserves 545,104 540, 549 439, 602 Reserves other than gold 8,286 21,704 15,870 Total reserves 553, 390 562, 253 455, 472 Nonreserve cash.. . _ _ _ _ 7,500 C1) Sti Bills discounted: Secured by United States Government obligations 48,866 24, 875 59,832 Other bills discounted.. 46, 468 48,996 125, 688 Total bills discounted 95,334 73,871 185, 520 Bills bought in open market ,... _ 42,437 14,565 8,489 United States Government securities: Bonds 4,425 4,426 4,490 Treasury notes 4,868 2 10,855 * 5,115 Certificates of indebtedness 1,464 47,552 17, 039 Total United States Government securities._ 10, 757 62,833 26, 644 Total earning assets.. _ _. 148, 528 151,269 220, 653 5 per cent redemption fund—Federal reserve bank notes - . . . 665 1,665 Uncollected items 66,451 98, 525 77, 273 Bank premises 8,264 8,288 7,010 All other resources _ 240 702 1,521 Total resources _ -- 784,373 821, 702 763, 594 LIABILITIES. Federal reserve notes in actual circulation 406,901 420, 506 402, 463 Federal reserve bank notes in circulation—net _ _ 7,386 Deposits: Member bank—reserve account _ _ 268, 212 282,901 237,012 Government _ _.. _.._. 2,745 1,294 9, 849 Other deposits. __ _ _. 1,052 2,659 2,353 Total deposits 272,009 286,854 249, 214 Deferred availability items 58, 611 68, 248 57, 201 Capital paid in 15,179 14,772 14,307 Surplus - - . 30, 426 30, 398 29,025 All other liabilities _ , _. 1,247 924 3,998 Total liabilities . . 784, 373 821, 702 763, 594 Ratio of total reserves to deposit and Federal reserve note liabilities combined (per cent) 81.5 79.5 69.9 Contingent liability on bills purchased for foreign correspondents... 2,640 4,093 3,808 1 Not shown separately prior to 1923. 2 Including Victory notes. 86538—24f 26 389 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

390 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. SCHEDULE 2.—MOVEMENT OF PEIXCIPAL ASSETS AND LIABILITIES DURING 1923. [Amounts in thousands of dollars.] Bills discounted for | member banks. j Date. ( e 2 a T a + s r o 5 s n t e + i a t n 6 l s g ) . I \ ! i Total. ] s e G U B e c b . r u o i y n l r S v l - e s - . d j I | | O c b d o i t i u l h s l n - s e t r - I 'b o m o k B p u i e a i n e g l r t n l . - h s t I U - t " n i e i ' t s e . d s T e c r o r a e v t s - a e h l s. r b e M d a s e b i e t n e p e s r m k o . r v s s e - - ' i j j j | T i o ts t . al F r l e c n a e s i t d o r i i e e o n c t r e r v n u a s e . - l s c p R e e e r n e r v t - - - e ment j ed. obliga- I tions. 10 I arc 3 150, 684; 77,791: 31,246! 46, 545j 16,098 56,7951 547,395 269,917! 273, 6 419,333 79.0 30 . 151,277! 6-•4' ,4—771 22,1051 42,372 16,005555 70, 745! 541,477 276, 817 280,151 406,086 78.9 17 136, 742! 60,9881 23,420i 37,568 9,850 65,904i 557,393 284,192 287, 625395, 522 81.6 24.. 126,034! 6677,,338800!| 2299,,223322jj 3388,,114488 10, 03948, 615 559,128 278, 797 283,002 389,307 83 2 31 134,133| 56,666| 19,875 36,791 9,502 67,965 551, 692283, 330 288, 659 82! 2 Feb. 144,420! 55,619 22,012 33,607! 13,863 74, 539, 050278,166 281, 430383, 252 81.1 14 145, 534t 56. 534^ 23, 394| 33,140! 13, 821 75,179 538,022 275,902 280, 779386,353 80.6 21 153, 295| 61, 697i 28, 332J 33, 365] 17,194 74, 404542,802 281,931 288,057 389,883 80.1 28 _. 178,024! 75, 682J 41, 620 i 34,062 27,841 74,501 512,153 279,117 282,975 75.8 Mar. 179,952 76,753; 45,770 30,983 29,499 73,700 513, 490280, 978 286, 420394,691 75.4 14. 182.558! 79,898! 46,804 33, 0941 28,375 74, 285509, 722281,017 285, 423391,487 75.3 21 179,816! 92,742, 53,822 38,920 28,400 58, 674517,757 277,022 295,054 391,856 75.4 28. 173,152! 96,986! 50,602' 46,384 31,112 45,054 515,415 269,434 274, 784393, 330 77.1 Apr. 4 188,4061 112,202! 57,884 54,318! 32,1 43, 508509, 314280, 477 287,097 395,330 74.6 11 155,750) 78,683j 40,124 38,559 33,452 43, 615538, 588277, 572 281,091 395, 284 79.6 18. 160,257! 83,7111 43,128 40,583 33,853 42, 693 536, 514281,988 287, 441 395, 506 78.6 25 151,879! 89,746; 43,563 46,183 36,320 25, 813535, 583271, 744 275,511 394, 382 80.0 May 2 161,991! 101,302! 46,724 54,578 35,01' 25, 672532, 477 277, 670 287, 216394,132 78.2 9 __ 148,509! 88,4121 35,417 52,995 33,783 26, 314548,155 281, 919 284, 545396, 092 80.5 2136 1 1 4 5 5 0 , ,6 5 8 8 3 4 ! ! 9 8 1 3 , , 0 7 6 7 8 8 ! ! 3 3 6 2 , , 6 9 3 4 6 9 5 5 4 0 , , 4 8 3 2 2 9 1 3 3 3 3 , , 3 9 5 0 4 6 2 2 8 5 , , 4 7 5 0 2 95 5 4 6 7 6 , , 2 7 5 8 7 7 2 2 7 9 5 2 . ,1 6 3 3 7 2 2 2 8 9 9 8 , , 9 3 7 4 " 03 3 9 9 6 6 , , 2 7 8 7 7 3 7 8 9 1 . . 8 5 29. 135,667 80,554; 33,984 46,570 29,859 25, 254574,643 278, 287 287, 307402, 403 83.3 June 6... 136,595) 82,795! 39,193 43,602 28, 34325, 45' 571, 093 276, 940 294,780 401,993 82.0 13... 131,759| 73,830! 33,281 31, 05526, 874566, 571 281,643 283, 629399, 386 83.0 2 2 0 7 1 1 3 5 6 7 , ,2 9 5 9 2 3! j 1 8 0 4 1 , , 3 34 6 7 7 i ! 3 50 8 , , 1 7 1 6 2 0! 50,587 4 4 1 3 , , 0 4 4 7 3 1 1 1 1 2 , , 1 8 5 6 5 2 5 54 4 3 8 , , 0 4 9 1 4 0 2 2 7 7 1 6 , , 1 1 6 7 9 2 2 28 7 0 2 , , 8 8 5 7 5 94 4 0 0 0 4 , , 0 7 5 5 8 2 7 8 9 1. . 4 3 July 3 146,384! 91,023!43,896j 47,127 44,144 11,217 565,821 281, 752 284, 575413,982 81.0 11 133, 369' 82, 250:31,902 50,348 39,141 11,978 568,995 273, 474 282, 393410, 779 82.1 18... 141, 742' 86,113i36,296 49,817 43,161 12,468 559,933 281, 238 287, 305404,928 80.9 25 133,006 77,403;31,254 46,149S45, 57510,028 556, 362 269,127 272,588 400,976 82.6 Aug. 140,089! 81,490! 38,714 42, 7761 47, 346| 11,253 555, 242 270, 650 279, 482401,106 81.6 8 133,610; 78,392 28,474| 49,918| 45,1521 10,066 570, 058 274, 586 278,529 406.102 83.3 15 129,731) 75,515 26,6681 48,847] 44,690 9,526 575,099 281, 424 284,364 407,970 83.1 22 123,182! 72,249| 28,300 43,949 42,071 8,862 571, 261 264, 270 267, 555408,953 84.4 29. 121,3331 68,635j 32,548 36,087 43,081 9,617 586, 497 273,910 278, 779409,967 85.2 Sept. 5 123,521; 74,148! 37,145 37,0031 39,897 9,476 591, 457 267,141 278, 890417, 207 85.0 12.. 118, 505! 66.054J 26,857 39,197! 41,932 10, 519579, 597 271, 723 274, 556414,481 84.1 19 130.108! 75I251! 29,481 45,770 43,955 10,902 562, 631 269, 634 274,828 412,134 81.9 26 135, 826; 87,122| 38,427 48,695| 40,257 8,447 564, 638 267, 618 272, 593412, 250 82.4 Oct. 3.. 153,153! 105,286 53,002 52, 284 j40,188 7,679 557,784 268,229 277, 556415, 011 80.5 10 150, 525!101, 096 49, 714 51, 38242, 659 6,770 554,747 266,221 269, 404415,859 81.0 17 164,1961 115,062 59, 335 55, 72742,155 6,979 547,986| 277,769 284,083 412, 236 78.7 24.. 158,316; 111,951; 56,5741 55,377137, 751 8,614 544, 650! 268,524 273,145 410,865 79.6 31 165, 2831118,527| 62, 515i 56,012!37, 087 9,669 528,259! 264, 27f 266, 756406,302 78.5 j I Nov 7 151, 227J 105,382! 52,891 52, 49136,95; 8,888 550,668} 270,186 272, 716407, 790 80.9 14. 131,816' 82, 545!39,033 43, 51239, 453 9,818 576,351) 283,980 287, 724404,136 83.3 21. 142, 832! 92, 702146, 66346,039 41, 871 8,259 560,732! 277,146 281, 758401,919 82.0 28-- 162,147! 114,025! 62, 96851, 05739,107 9,015 542,974 269,285 274,312 405,089 79.9 Dec 5 151,396 104,432! 57,261 47,171 39,365 7, 599554,446 272,870 279,404! 406,311 80.9 12 143,417! 93,579! 47,708 45,871 39,940 9,898 568,983 281,008 284,395! 405,855 82.4 19 134,137 86,159! 40,914 45,245| 38,354 9,624 564,115 266,496 268,849! 409,723 83.1 26 ___ 156,720! 105,167! 53,292 51,875 40,602 10,951 564,900 271,265 276,541! 420,296 81.1 I ! I Daily average 148,766! 86,046^ 34, 22828, 492 280,953! 403,605 80.7 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DISTRICT NO. 7—CHICAGO. 391 FEDERAL RESERVE BANK OF CHICAGO MILLIONS OF DOLLARS MILLIONS OF DOLLARS 600 600 I I I I I F. R NOTE CIRCULATION 500 500 400 400 300 300 200 200 100 100 200 200 PURCHASED BlLLS too 100 0 200 1 200 UNITED STATE:s SECURITYES ! i 100 100 liii w/M 500 I I I • I I 500 DISCOUNTS FOR OWN MEMBERS 400 400 300 300 200 200 too 100 1921 1922 1923 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

392 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. SCHEDULE 3.—VOLUME OF DISCOUNT AND OPEN-MARKET OPERATIONS. [la thousands of dollars.] Bills discounted for member banks. Month. Total. o S U b e e . l r c i n S u g m r . a e t G 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 r t . - s' a T a c n r c c a e e d p s e t . - l t A i u p v r g e a a r s p l i t c e o a u r c n . l k - d All other. January. 142, 685 110,666 184 4,481 27,354 February 162,007 119,165 64 3,621 39,157 March 251, 530 171, 270 50 206 7,436 72, 568 April. 212,954 162,624 89 4,954 45, 287 May... 212,300 159,036 162 5,373 47. 729 June 214,158 153,338 344 5,104 55, 372 July 206, 526 151, 666 204 3,708 50,948 August. _. 195,874 149,131 277 3,097 43, 369 September 207, 283 151,482 4,920 50,820 October 242,094 177, 755 201 7,325 56,813 November 229,722 174, 275 185 6,113 49,149 December. 230, 949 187,379 109 7,161 36, 300 Total: 1923. 2, 508, 082 1,867, 787 50 2,086 63, 293 574, 866 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 U. S. securities Total discount and open- Bills bought in open market. purchased. market operations. Month. Total. a B a c n e a c c r e n s e p ' k s t - . - c D h o a e l n x l g - a e r . a T c r c a e d p e t- B no a o n t n e d d s s . c e i C n a d e t d n e r e e s ti b s f o s t i f - . - 1923 1922 1921 January 15, 438 15,123 315 7,070 243,325 408,518 244, 003 474, 436 February ... 26, 354 25, 530 824 10,808 9,284 208, 453 195, 692 405, 294 March 22, 303 20, 492 1,811 9,546 38, 431 321, 810 204, 015 556,911 April.. 19, 496 18, 280 1,216 6,240 5,601 244, 291 166, 841 387, 789 May 11,385 10,800 585 , 9,326 242, 409 146, 747 426,025 June 25,786 I 24,726 1,060 11,465 51,868 303, 277 182, 778 455,443 July 29, 373 27, 558 1,815 13, 729 14, 209 263, 837 106, 017 331, 867 August 16,830 16,698 132 8,924 10,391 232, 019 148, 930 312, 805 September 26, 609 25, 923 19, 524 261,404 181,859 333,920 October-. 22,154 21, 384 770 4,630 5, 714 274, 592 218, 640 294,722 November 22, 224 21, 693 531 8,626 6, 847 267, 419 214,084 250, 410 December.. 27, 408 26, 383 1,025 | I 8,685 21, 560 288, 602 421, 621 308,820 Total: 1923. 265, 360 ! 254, 590 10,770 I 1107,109 436, 080 3, 316, 631 1922. 253, 464 1249,637 3,827 I !158,198 438, 561 2, 431, 227 1921. 138, 276 132,825 5,451 j 21,214 210,475 4, 538, 442 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DISTRICT NO. 7 CHICAGO. 393 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. Illinois.1 Indiana.1 Iowa. M g i a c n h . i 1 - W s i i s n c . o 1 n- Total. b in e r d b is a t n ri k c s t acc d o a m te m d oat end of during month the month. January 48,941 9,434 9,639 71, 302 3,369 142,685 1,442 598 February 95, 943 8,584 5, 340 47,026 5,114 162,007 1,441 444 March 141, 510 16,900 7,986 71, 264 13,870 251, 530 1,441 502 April 110, 615 17,146 8,630 66, 853 9,710 212, 954 1,438 451 May 107,857 14, 684 14,216 61, 590 13,953 212, 300 1,438 512 June 114, 625 15, 704 12,440 53, 577 17,812 214,158 1,440 521 July 96, 270 17,915 15, 729 66,415 10,197 206, 526 1,438 515 August- 86,975 15, 364 15,034 67, 531 10, 970 195,874 1,440 511 September ... 108, 434 15, 742 15,874 54, 378 12,855 207, 283 1,440 521 October. . 117,999 17, 262 23,509 67,469 15,855 242,094 1,440 568 November 101, 753 10, 281 27,852 75,167 14,669 229, 722 1,437 594 December 101, 260 13,014 25,147 78, 696 12,832 230,949 1,435 604 Total: 1923 1, 232,182 172,030 181,396 781, 268 141, 206 2, 508, 082 1922 628,790 138, 051 198,467 532, 518 83,178 1, 581,004 1921 1, 687, 314 273,191 635, 256 1, 284, 464 288, 252 4,168,477 Number of member banks at end of year: 1923 404 210 455 235 131 1,435 1922 406 212 459 234 132 1,443 1921... 404 214 459 233 133 1,44a Number of member banks accommodated : 1923.- 244 147 333 167 82 973 1922 282 155 400 194 98 1,129 1921 297 160 429 195 110 1,191 1 Figures relate only to that part of the State located in the Chicago district. SCHEDULE 5.—EARNINGS AND EXPENSES. 1923 1922 EARNINGS. Discounted bills $3,872,139 $3,862,291 $18,829,302 Purchased bills... 1,420,395 547, 339 374,864 United States securities _ 1,049,666 2,081,340 ! 858,205 Deficient reserve penalties 37,573 49,761 ! 123,250 Miscellaneous 131,586 208,132 ! 196, 549 Total earnings. 6,511,359 6,748,863 i 20,382,170 CURRENT EXPENSES. Salaries: Bank officers. _ .__ 332,875 367,156 332,652 Clerical staff _ , 947,951 1,907,058 1, 888,877 Special officers and watchmen _._ ._ 155,333 138,792 All other__ 344,363 236, 665 156, 492 Governors' conferences _ _ 711 309 615 Federal reserve agents' conferences 363 348 244 Federal Advisory Council. _ .1,007 992 1,099 Directors' meetings _ 9,094 8,221 11,731 Traveling expenses i 31, 780 42,083 48,131 Assessments for Federal Keserve Board expenses 97,426 98,307 105,227 Legal fees 1,387 Insurance (other than on currency and security shipments). 38,601 67,400 76,128 Insurance on currency and security shipments _ 56,083 48, 424 24,663 Taxes on backing house. 230,455 Light, heat, and power _ 49, 602 Repairs and alterations, banking house.-- Rent. 42,176 205, 729 273,625 Office and other supplies. 144, 239 83,090 120,847 Printing and stationery,.. 112,922 109,172 128, 770 Telephone..._ 30,164 31,328 31,872 Telegraph _ 62,125 62,168 71, 621 E P x o p st r a e g s e sage 2 5 0 5 7 , , 9 2 9 4 4 4 245,014 237,238 1 Other than those connected with governors' and agents' conferences and meetings of directors and of Digitized fothr eF aRdAviSsoEryR c ouncil. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

394 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. SCHEDULE 5—EARNINGS AND EXPENSES—Continued. 1923 1922 1921 CURRENT EXPENSES—continued. Federal reserve currency: Original cost, including shipping charges $210,993 $95,378 $768,220 Cost of redemption, including shipping charges.. 57,752 82, 631 106,811 Taxes on Federal reserve bank-note circulation. . . . 2,006 33,425 98,655 All other expenses 110, 094 198,439 2 229,948 Total current expenses . . . . . .. 4,373, 024 4,080,057 4, 852, 258 PROFIT AND LOSS ACCOUNT. Earnings __ . . . 6, 511, 359 6, 748,863 20,382,170 Current expenses _ 4, 373,024 4, 080,057 4,852, 258 Current net earnings _ _ 2,138,335 2, 668,806 15, 529,912 Additions to current net earnings: Amounts deducted from reserve for— Depreciation on United States bonds 29,946 144, 554 Probable losses. _. 300,000 AH other 11,957 127. 465 4,826 Total additions 41,903 572,019 4,826 Deductions from current net earnings: Depreciation allowances on bank premises 451,044 1,400,000 145,000 Reserve for probable losses _ 363, 586 500,000 Furniture and equipment 166,662 238,923 All other .. . _ 20, 591 196.687 384,621 Total deductions... _ 1,001,883 | 1,835,610 1,029,621 Net deductions from current net earnings... 959, 980 1,263,591 1,024. 795 Net earnings available for dividends, surplus, and franchise tax 1,178, 355 1,405,215 14, 505,117 Dividends paid , 904,371 i 876,203 853, 785 Transferred to surplus account 27,3S8 ! * 52,901 2,075,323 Franchise tax paid United States Government 246,586 ! «476, 111 11,576,009 2 Includes $118,158 for furniture and equipment, which since 1921 has been charged direct to profit and loss. »Included with current expenses prior to 1922. < Bank also charged its surplus account and paid the United States Government $710,190 as an additional franchise tax for 1921, SCHEDULE 6.—VOLUME OF OPERATIONS IN PRINCIPAL DEPARTMENTS. 1923 1922 NUMBER OF PIECES HANDLED. Bills discounted: Applications. 21,196 29,349 51,656 Notes discounted _ _.. 94,971 140,994 245,885 Bills purchased in open market for own account 20,241 20, 326 10,819 Currency received and counted _. 268,485,000 200,648,000 187,790,000 Coin received and counted 206,613,000 165,914, 000 161,448,000 Checks handled.... 88,649, 000 78, 509,000 68,943,000 Collection items handled: United States Government coupons paid 10,459,000 13,898, 000 17,644, 000 All other _ 442,000 378, 000 1412,000 United States securities—issues, redemptions, and exchanges by fiscal-agency department 2 22,041, 000 a 4,054,000 3 6,180,000 Transfers of funds _ ._ 246, 000 214, 000 178,000 Envelopes received and dispatched 7,460, 000 4 6,148, 000 (5) AMOUNTS HANDLED. Bills discounted $2, 508,082,000 $1, 581,004, 000 $4,168,477,000 Bills purchased in open market for own account 265,360, 000 253,464, 000 138,276,000 Currency received and counted 1,501,901, 000 1,172,217,000 1,133,869,000 Coin received and counted 28,843,000 15,694,000 17,273,000 Checks handled 23, 074, 243, 000 14,661,227,000 14,054,405,000 Collection items handled: United States Government coupons paid 89,818,000 89,443,000 97,607,000 All other.. 763,273,000 605,026, 000 480,383,000 United States securities—issues, redemptions, and exchanges by fiscal-agency department _ 1,116, 402,000 1,934,493,000 1,765,445,000 Transfers of funds 15, 588,668,000 13,904,999,000 9,284,101,000 1 In this figure, coupons received for collection have been counted separately, each as one item, whereas in 1922 and 1923 the number of coupon "collections" were counted, a "collection" including one or more coupons. 2 Large increase due to redemption of war-savings securities which matured Jan. 1,1923. 3 In this figure, war savings and thrift stamps were counted according to the number of certificates to which attached, as the number of stamps is not available. * Partly estimated. Digitized for F6R DAaSta EnRot available. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DISTRICT NO. 7—CHICAGO. 395 SCHEDULE 7.—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 i r n a ic w o t. n w o n n re I t t o t s h e e e m o r i v t r s h e e b f b r o r a a r F n w n e k c a d s h r e d a e r e s n a . d l d It U e T n m r i e s te a d d s r u a S r w e ta r n t o e o f s n . Total. Month. Number. Amount. Number. Amount. Number. Amount. Number Amount. January 6,470 1,435,126 432 41,712 481 77, 913 7,383 1, 554, 751 February 5,364 1, 548, 670 370 38,162 395 57, 891 6,129 1, 644,723 March 6,706 2,175, 606 504 50,955 477 57, 486 7,687 2,284,047 April .. 6, 211 1,868,267 396 44,098 501 54, 358 7,108 1,966, 723 May 6,549 1,922,193 417 i 46,438 445 52,987 7,411 2, 021,618 June 6,783 1, 983,118 463 50,970 355 60, 305 7,601 2,094, 393 July 6,319 1,791, 011 416 41,712 323 45, 542 7,058 1,878, 265 August 6,283 1, 756,448 412 43, 054 298 44, 321 6,993 1,843,823 September 6,270 1.722,200 428 46,412 413 52, 430 7,111 1,821,042 October 7,203 1.973,201 466 46, 023 545 59,150 8,214 2,078,374 November .. 6,661 1,800,630 428 37, 792 426 54,823 7,515 1,893, 245 December 7,367 1,843, 235 518 39, 556 357 57, 444 8,242 1,940, 235 Total: 1923. 78,186 21,819,705 5,250 526,884 5,016 674, 650 88,452 23,021, 239 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 1 Exclusive of duplications on account of items handled by both parent bank and branch. SCHEDULE 8.—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 4 (3 davs) 156,859 139, 898 16,961 11 259, 543 245, 888 13,655 18 . --- 258,480 274, 082 15,602 25 262,994 271,192 8,198 Feb. 1 279,139 251, 464 27,675 8 _ _ _ 212, 415 213, 264 849 15 199, 305 211, 087 11, 782 21 213,905 205, 780 8,125 Mar. 1 . -. -.- 316, 505 280, 605 35, 900 8 228, 230 242, 789 14, 559 15 251, 869 235,143 16, 726 2° 248, 943 264, 288 15, 345 29 241, 665 255, 883 14, 218 Apr. 5 _ 231, 696 230, 425 1,271 12 226, 015 233, 404 7,389 19 . ... 259,690 256, 607 "~3,~ 083 26 272,765 284, 222 "Il,~457 May 3 277, 291 259,975 17, 316 10 . . _.. 223, 758 235, 363 11, 605 17 259,322 i 256,337 ~~2~ 985 24 . 266,158 295, 458 29,300 31 229, 836 242, 722 12,886 June 7_ 261, 307 248, 299 13,008 14 238, 530 237, 385 1,145 21. 296, 745 286,409 10,336 28 268, 510 273, 303 4, 793 July 5 „ 253, 624 263,418 9,794 12 225, 268 239, 863 14, 595 19. .. . 270, 206 249, 315 20, 891 26 256, 019 259, 562 3, 543 Aug. 2 247, 665 242, 028 5, 637 8 9 215,172 231, 096 15,924 16... 197, 362 205, 620 8, 258 23 246, 020 242, 095 3,925 30. _. 217,646 228,375 10, 729 Sept 1 6 3 ... 2 18 2 8 9 , , 0 0 4 7 7 9 2 1 2 8 8 8 , , 2 3 8 9 4 6 763 317 20 288, 768 265, 390 23,378 27 251, 567 252, 990 1, 423 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

396 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. SCHEDULE 8.—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. 4 245,843 244,089 1, 754 11 238, 666 228,621 10, 045 18. 241,947 236, 256 5,691 25 269,707 269, 341 366 Nov. 1 259, 395 248, 790 10, 605 8 220,380 243, 341 22,961 15 235,083 236,060 977 22 300,199 282,493 17,706 28 212, 671 212, 271 400 Dec. 6 257, 403 272,323 14,920 13 240,917 238, 221 2,696 20 289,093 293,408 4,315 27 237,902 246, 075 8,173 28-31 (3 days) 159, 724 149, 480 10, 244 Total: 1923 12,936, 848 12,928,473 8,375 1922 . 11, 279, 632 11, 346,028 66,396 1921 8, 698, 247 8,900,334 202,087 Net gain in ownership of gold since establishment of fund in 1915, $271,579,000. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SCHEDULE 9.—PRINCIPAL ASSETS AND LIABILITIES OF REPORTING MEMBER BANKS AS OF THE LAST REPORT DATE IN THE MONTR. MEMBER BANKS IN LEADING CITIES.* [In thousands of dollars.] Loans and discounts, gross. Investments. Accommodation at Secured by stocks Net demand deposits. Time deposits. Federal reserve Last report date in— Total. th a a n n d U b n o i n t d e s d o S t t h a e t r es U s n e it c e u d r it S ie ta s t . es All other. bank. bonds. 1923 1922 1923 1922 1923 1922 1923 1923 1922 1923 1923 1922 w J F a e n b u ru ar a y ry .. . . 1 1 , , 6 6 6 8 1 4 , , 7 5 6 3 8 9 1 1, , 5 5 7 6 3 5 , , 1 0 2 8 70 5 54 3 2 9 , , 3 7 5 54 8 4 4 4 3 5 5 , , 4 5 7 1 1 4 3 30 1 0 9 , , 4 1 6 8 8 9 1 1 2 4 3 4 , , 9 9 9 5 2 0 3 3 5 6 9 2, , 3 7 5 4 4 8 3 38 8 2 4 , , 6 4 8 5 6 7 , ,5 1 5 7 2 , 7 , 5 9 8 8 9 1 3 2 2 6 0 0 , , 7 2 3 8 0 0 7 7 5 5 9 7, , 8 73 1 4 0 6 65 4 8 8 , , 4 7 7 7 2 3 4 1 4 9 , , 1 1 0 7 8 7 5 2 6 7 , , 2 8 9 0 0 4 H2 March 1, 736, 300 1, 546, 502 548,045 422,754 286, 800 142, 974 370,367 ,470,340 771,486 657, 473 63, 952 33,677 o April 1, 755, 672 1, 534, 654 552,066 426, 514 273, 708 167,969 367, 495 391,155 , 487, 567 336, 576 773,061 659,041 54,872 17,991 May 1, 782, 316 1,586,510 584, 887 484,871 279, 874 185,109 358, 607 404,225 , 516,121 422,458 785, 341 667, 576 44,120 15,877 H June 1, 776, 695 1, 550,619 584,018 484,141 289, 699 212,037 348,113 401, 532 , 480, 302 400, 916 787,171 681,109 63, 243 10,020 July.. 1, 749,334 1, 562, 886 585, 652 499,847 280, 734 209, 502 354, 777 402,093 , 485, 725 440, 402 783, 683 682, 359 41,475 7,196 August 1, 742, 505 1, 576, 323 573,127 528,071 295, 508 243, 097 342, 664 408, 320 ., 495, 870 440, 503 779, 960 701,687 36,605 19,665 September 1, 759, 8931, 573,982 579, 630 519,930 273,066 245,846 340, 384 405,146 , 453, 740 437,964 781,944 700,355 52, 881 17,443 October... 1, 780, 6671,624,909 588, 236 552,361 264, 946 252, 647 337, 456 407, 299 1, 458, 622 439,081 790, 046 731,179 77, 065 25,669 November 1, 765,241 1, 599,000 587,949 543,436 255,052 256, 353 342,051 419,044 1,436, 241 434, 443 798, 630 732,092 69,895 40, 360 s December. 1, 757, 418 1, 609, 200 592,150 539,093 284, 270 295,202 349, 770 432, 776 1,470, 801 467,033 801,341 744,470 59, 722 38, 244 REPORTING MEMBER BANKS IN CITY OF CHICAGO.2 o> o January... 1,066, 883 1, 046,182 407, 277 319,626 176,906 40,127 186, 264 173, 519 1,036, 336 870,020 367, 254 312,419 8,047 15, 817 February. 1,082, 872 1,056, 963 407,902 329, 845 158, 554 60,964 186, 686 176,144 1,030,135 921,926 367,688 315,973 26,186 6,307 March 1,126,871 1,037, 515 413, 570 303, 439 143, 282 57,609 191, 798 176, 425 995,110 878, 356 376,425 311,474 40, 956 19, 720 April 1,140, 475 1,026, 633 415,026 310, 389 126, 931 79, 678 190, 384 177, 728 1,002,877 916,070 370, 831 310,959 34, 232 3,460 May 1,166, 556 1,082,025 447,605 365,780 127,067 93,825 179,937 185, 422 1, 029,031 986, 569 375, 673 315,083 16, 795 9,274 June 1,156,081 1,049,000 440, 276 360,484 138, Oil 112, 734 171,844 181, 261 997,832 959, 519 373,107 324,492 38, 944 5,979 July 1,124, 582 1,052,049 437, 250 373,041 122, 531 107, 937 177,649 176, 799 993,046 981,590 369, 333 322, 781 17, 484 2,442 August 1,119,407 1,066, 013 423, 629 400, 369 143,918 133, 330 163, 550 175, 726 1,000, 820 997, 652 363, 946 334, 514 17,187 6,225 September 1,132, 774 1,063,343 430, 234 394,786 124, 991 132, 374 166, 339 171, 682 971,908 990,053 365, 201 328,505 29, 483 8,500 October... 1,154,436 1,101, 574 440, 545 424,850 121, 549 130,024 163, 975 172,417 983,175 995,441 371,100 352,616 44,088 8,648 November 1,136,472 1,068, 641 439,416 414,965 114,088 136, 818 166, 786 180, 520 970,116 990, 967 372,891 350,499 31,626 11,081 December. 1,129,923 1,075, 246 440, 290 408, 470 146,506 162, 254 171,468 193, 538 1,003, 369 1, 008, 717 378,930 361,27/6 29, 536 14,763 1 Figures are for about 106 banks in Chicago, Detroit, Cedar Rapids, Des Moines, Dubuque, Grand Rapids, Indianapolis, Joliet, Milwaukee, Peoria and Sioux City which CO submit weekly reports to the Federal reserve bank. CO ? Figures are for about 49 banks in Chicago which submit weekly reports to the Federal reserve bank, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

398 AXNUAL REPORT OF THE FEDERAL RESERVE BOARD, SCHEDULE 10.—DEBITS TO INDIVIDUAL ACCOUNTS. [In thousands of dollars.] Summary for 21 centers.1 Adrian, Mich.* Month. 1923 1922 1923 1922 1921 January 4,810, 899 3,858,652 4,321,991 4,067 February. _ 4, 383,817 3, 523,914 3, 512, 764 2,695 2,471 March 4,828,041 4, 389,187 3,992,927 3,716 3,082 April 4, 737, 859 3, 945,171 3,819,083 3,546 3,076 May 4,899, 390 4,097,957 3, 765,913 3,693 2,998 June 4, 772, 812 4, 326,058 3, 827, 910 3,476 3,482 July - 4, 509, 455 3,995, 629 3, 781, 428 3,373 2,904 August 4, 240, 633 3, 991,612 3,874, 899 3,557 2,982 September. 4,208,411 4,070,134 3,848,06§ 3,057 2,977 October 4, 660, 972 4,438, 210 4,068, 910 2,943 3,133 November. 4,428, 485 4,051,955 3, 827,166 2,786 2,968 December.. 4,886,123 4, 615,171 4,195,461 3,508 3,700 Total. 55, 366, 897 49, 303,650 46,836, 520 40,417 33,773 i Aurora, 111.* Bay City, Mich. Month. 1923 1922 1921 1923 | 1922 1921 January 13, 749 10, 303 9,998 13,123 February.. 11,335 I 9,654 8,442 8,959 10,018 March 15,922 12, 266 9,876 10,082 11,229 April. 14, 557 11,898 9,180 9,713 10,585 May 15,049 11,391 10, 362 10,449 9,874 June 14,885 12,875 10, 591 10,026 9,704 July 14,879 11,827 10,043 9,804 9,915 August 15,004 11, 930 10,797 10,019 10,145 September . 14,098 12, 545 10,438 10,115 11,534 October 15, 637 13,118 12,848 10, 598 10, 707 November. 13,402 11, 309 11, 686 10,043 11,380 December- 15, 783 14,190 13, 111 11, 346 12,125 Total- 174,300 | 133,003 127,677 121,152 130, 339 Bloomington, 111. Cedar Rapids, Iowa. 1923 1922 1922 1921 January 11,481 8,917 10,126 27,139 37, 646 48,220 February ... 10,397 8,849 10,499 21,693 29,794 37,997 March 15,970 13,409 13,105 31, 24*3 27, 799 57,130 April 11,997 10,617 11, 531 28,189 22, 606 47,390 May 11, 233 9,200 8,860 28,696 21,228 39,863 June --. 11,562 9,553 9,624 29, 241 22,830 41,940 July... 10, 734 9.751 9,936 27,296 29, 693 40,094 August 10, 398 9,538 9,519 25, 862 21, 342 39,388 September -. 10, 918 9,799 9,631 27,877 21,899 39,668 October 11,204 9,953 9,396 31,626 | 23, 555 42,948 November.. 9,564 9,442 8,548 25, 306 20,814 37,861 December.. . 11,281 11, 702 9,923 28,650 24,255 41,157 Total . 136, 739 120, 730 120,698 332,821 j 303, 461 513, 654 Chicago, 111. Danville, 111.* Month. 1923 1922 1921 1923 1922 January. _ 3,153,458 2, 628, 922 2,898,058 February 2,929,918 2, 377,977 2,330,876 9,600 March. 3,069,933 2,937,013 2,593, 598 13,684 April.... 3,054,525 2, 625,014 11,483 May— -. 3,100,634 2, 688, 686 2,454, 662 10, 550 June 2,941,388 2,866, 520 2,497,960 10, 640 July 2,859,024 2. 526,494 2,424, 556 11,960 August ----- 2,644,705 2, 551, 243 2, 547, 308 9,560 September 2,631,379 2, 630,976 2, 525, 688 9,640 October 2,929,548 2,929, 346 2, 709, 978 10, 683 November.. -j 2,812,412 2, 618, 619 2, 581,023 10, 617 December i 3,152,048 2,950, 223 2,799,188 11,940 Total 35,278,972 j 32,331,033 , 30,831,583 177,944 120,357 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. 399 SCHEDULE 10.—DEBITS TO INDIVIDUAL ACCOUNTS—Continued. [In thousands of dollars.] Davenport, Iowa. Decatur, 111. Month. 1923 1922 1921 1923 1921 January 37,548 29,002 31,073 14,488 11, 831 13, 768 February. _ 32,348 1 30,170 28, 261 12,611 11, 245 11,147 March 36,377 ! 34, 649 34, 227 16, 684 14, 610 15.083 April.. 35,404 l 31,904 31,120 15,478 12, 664 14, 491 May 38,235 ! 35,194 27,940 I 15, 608 13,290 13,072 June. 34,292 ! 33,817 26,655 16,423 13,908 12,889 July ... 31,746 ! 36,136 26, 725 15,754 14, 310 14,145 August 30,294 30, 667 25, 289 16,054 15,430 13,572 September. 30,129 ! 35, 576 28,434 15, 076 13, 897 13, 389 October 33,949 1 36, 210 30, 274 14,986 14,583 12, 661 November. 31,650 i 34,933 25,963 14,165 13, 525 11,318 December.. 33,847 1 38, 111 30, 226 14,363 15,520 13, 619 Total- 405,819 i 406,369 346,187 181,690 ! 164, 813 159,154 Des Moines, Iowa. Detroit, MichL. Month. 1923 1922 1921 1923 1922 1921 January 82,322 64, 246 75, 674 623,392 443,087 479, 627 February 67,298 56,738 65,530 583,430 403,803 389,988 March _ 95,650 78,201 90,763 684,043 516,859 461,007 April 86,655 65,997 78,732 672, 530 490,190 477, 262 May. _- 85,332 68,229 67,073 709,107 526,023 493,899 June 103,416 71, 587 69,185 720,921 542,982 472,623 July 79,815 67, 217 63,289 638,497 574,030 535, 570 August 73,404 64,690 63,842 630,679 588, 363 509,487 September 72,223 68,510 §4, 238 628,324 548, 708 490,863 October 83,406 72,384 69,506 675,990 554,040 486,356 November 72, 249 73,028 65,025 654,044 545,937 444,616 December _ 74, 312 75,536 68,934 697,177 651, 296 504,924 Total 976,082 826,363 841, 791 7,918,134 6,385,318 5, 746, 222 Dubuque, Iowa. Flint, Mich. Month. 1923 1922 1921 1923 1922 1921 January 16, 806 11,935 14,438 31,007 19, 558 18, 695 February 12, 267 11, 660 11, 781 27, 218 17,087 14,882 March 15,807 13,718 15,034 33,655 22, 787 18, 301 April 14,391 12, 554 13,092 34,149 32, 369 20, 450 May 14,425 12, 888 13, 676 34, 619 28. 074 21,466 June 15,174 12, 992 11, 639 35,413 ! 27,278 21,338 July _. 14, 423 12, 241 11, 676 28,412 22, 286 24,700 August 12, 945 11, 632 10, 746 30,141 ! 24.466 25,250 September 13,162 12, 782 11, 699 31,039 24. 781 24, 399 O N c o t v o e b m er ber ._ 1 1 4 4 , , 9 3 3 0 2 6 1 12 3 , , 1 4 5 5 1 7 1 1 2 2 , , 2 3 4 5 8 8 3 3 4 2 , , 0 3 5 2 7 5 : ) 2 2 7 6 , , 0 7 9 4 9 0 2 2 1 3 , , 5 0 5 3 4 2 December 15, 500 15,068 12, 207 34, 610i 28,547 21,069 Total 174,138 153,078 150, 594 386, 645 301, 072 255,136 ; Fort Wayne, Ind. Gary, Ind.* Month. ! 1923 1922 1921 1923 1922 1921 January ! 35,643 27,986 30, 022 14,160 February j 31,500 26, 261 25, 530 13, 079 8,260 March 38,447 30, 350 31,115 15, 288 10, 211 April 1 35,579 28, 311 30,588 15, 630 10, 721 May 1 48,989 30, 213 28,714 18, 563 12,680 June .. . . ...s 46,975 31,941 30,072 17, 615 11, 874 July, | 41,142 31, 357 28,113 17, 544 12, 530 August . . 37,442 28,072 26, 690 17, 210 12, 333 September i 35,643 33,125 27,095 16, 420 11,500 October _ .. 39,922 32,832 27, 669 18,538 12,542 November 39,441 32,305 27, 299 17, 481 13, 750 December 40,788 35, 246 33,487' 16,204 14,181 Total - .J 471,511 367, 999 346, 394 197, 732 130, 582 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

400 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. SCHEDULE 10.—DEBITS TO INDIVIDUAL ACCOUNTS—Continued. [In thousands of dollars.] Grand Rapids, Mich. Hammond, Ind.* Month. 1923 922 1921 1923 1922 1921 January 65, 334 85,432 15,182 February.. 57,098 i 50,124 72,309 12, 249 March 69,493 ! 60,011 76, 857 16,069 April 64,583 | 55,950 76, 922 16, 732 May 69,715 ; 63, 232 76, 261 18,463 June 70,870 i 63,344 80, 852 18,533 July 67,208 ! 59, 983 72,061 19,106 13, 762 August 67,594 ; 62,156 80, 557 17, 523 12, 497 September. 69,300 ! 59,104 85,086 16,177 12,032 October 67,279 | 64,155 89,187 18, 755 14,052 November. 60,650 ! 60, 868 85, 425 15, 462 13, 703 December-. 70,626 I 65, 870 96,801 17,620 15,108 Total 800, 799 730,131 977, 750 201, 871 81,154 Indianapolis, Ind. Jackson, Mich/ Month. 1923 1922 1921 1923 1922 January 174,966 128,100 143, 600 24, 238 14, 889 17,048 February.. 145, 289 119,521 122, 209 16,239 11,716 12, 543 March 156, 646 153,018 140, 939 20, 647 14, 544 14,729 April 148, 337 125, 229 132, 927 21, 594 14,919 14, 745 May 167, 536 139,871 131, 828 22, 646 17, 873 15,113 June... 168,050 150, 564 144, 606 23, 697 19,999 13, 726 July 161,827 145,641 139, 243 21,286 19,002 16,189 August 148, 841 136, 234 133, 658 23,038 18, 071 15, 407 September. 141,040 140,381 128,617 23,039 16, 837 14,871 October 155, 313 147, 215 135, 80a 22,289 18, 216 15,581 November. 149, 060 144,353 130,011 18, 879 16, 994 13, 338- December.. 162,951 176,168 147, 696 21,923 18,800 16, 44a Total 1,879,855 j 1,706,295 1, 631, 437 259, 515 201, 860 179, 733 Kalamazoo, Mich. Lansing, Mich. Month. 1923 1922 1921 1923 1922 1921 January 22,643 i 17,437 19, 963 30,500 17,917 19, 880 February.. 17,432 i 14,710 15, 322 28, 500 16, 863 17, 593 March 21,746 I 17, 209 19, 662 40, 450 21, 734 22, 084 April 20,699 17.265 17, 653 40, 061 23, 262 23,091 May 21,028 17,079 17, 249 41,092 26,078 20,192 June 22,676 I 18, 038 17,987 41,613 23, 311 July 21,207 I 17, 731 15, 969 36,168 26, 606 21, 599' August 19,715 ! 19,090 16, 703 36.924 25, 727 21, 378 September. 19,795 19,038 17,246 29, 820 25, 597 20,915 October-... 21,216 ! 19, 877 17,270 29, 700 27, 210 21, 577 November. 19,785 I 18, 886 16, 663 27, 626 25,254 18,198 December.. 21,103 21, 978 20,119 33.925 30,500 20,155 Total 249, 045 218, 338 211, 806 416, 379 295, 734 249,973 Mason City, Iowa/ Milwaukee, Wis. Month. 1923 1922 1923 1922 1921 January 10, 579 279, 922 217,005 274, 058 February.. 8,706 242,053 213, 848 222, 297 March 12,227 279,199 263, 205 233, 644 April 9,942 269, 564 220, 409 222,181 May 10, 924 295, 825 237, 263 215, 763 June 10, 834 291, 793 244, 219 225, 594 July 10, 379 271,807 241, 747 218,209 August 9,885 256, 490 226, 383 222,327 September. 9,450 259, 652 244, 496 227, 746 October 10, 275 293, 767 269, 351 243,189 November. 8,920 264, 781 240, 463 221,342 December, . 10,193 278, 62<3 267, 634 239, 578 Total 122, 314 104,782 3,283,479 2,886,023 2,765,928- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DISTRICT NO. 7 CHICAGO. 401 SCHEDULE 10.—DEBITS TO INDIVIDUAL ACCOUNTS—Continued. [In thousands of dollars.] Moline, 111.* Muscatine, Iowa.* Month. 1923 1922 1921 1923 1922 1921 January 7,746 6,805 8, 523 6,711 February.. 7,157 6,494 9,027 4,982 4,302 March 8,556 8,087 10, 351 8,218 6,773 April 9,894 9,874 9,975 6,901 5,440 May _. 9,315 9,472 8,659 6,048 5,182 June.. 9,193 8,526 6,036 4,631 July 8,168 9 752 7,494 5,736 4,852 August 8,586 7^327 6,837 6,045 5,013 September . 8,557 7,776 7,582 5,556 5,516 October 8,815 7,619 7,522 6,295 6,477 November . 7,823 7,435 7,589 5,316 5,067 December.. 8,087 7,152 7,694 6,887 6,474 Total. 101, 897 6, 319 99, 942 74, 731 59, 727 Oshkosh, Wis.* Peoria, 111. Month. 1923 1922 1923 1922 1921 January 11,640 40, 401 31, 210 40, 243 February. _ 9,200 7,347 32, 740 29, 854 32, 597 March 11,750 10,000 41, 244 34, 988 38, 679 April 10, 750 8,911 39, 415 33, 090 35, 743 May 12,000 9,311 40,995 36, 646 34,122 June 11, 640 9,920 41,194 37, 435 32,512 July 10, 477 9,213 39, 072 36,191 32, 891 August 11,063 11,967 37,895 35, 077 31, 203 September. 10, 470 11,000 37, 570 35, 265 32, 973 October 10,950 j 9,950 41, 553 38, 735 33, 473 November . 10,000 i 9,950 39, 212 35, 706 27,976 December. _ 11,600 11, 560 42, 315 45, 019 35, 461 Total 131, 540 ! 109,129 473, 606 429, 216 407, 873 Rockford, 111. Sioux City, Iowa. Month. 1923 1922 1921 1923 1922 1921 January 24, 662 18, 205 21, 799 74, 770 35, 498 55, 862 February._ 16, 456 16,114 19,422 63,914 46, 330 47, 917 March 28, 042 20, 321 22, 908 86, 044 76, 068 60, 930 April 24, 688 20, 698 22, 254 76,100 65, 618 45,156 May 25, 862 19, 663 20, 817 76,441 70, 037 33, 778 June 26, 625 20, 368 20,004 78, 035 71,959 38, 860 July 24, 758 20, 015 21, 357 72,023 66,856 35, 444 August 22, 178 19,408 18. 637 70, 584 64, 277 34, 022 September. 21,867 19, 745 18,190 69, 781 67,146 33, 045 October 24, 702 22, 044 18, 269 80, 403 74, 294 35, 486 November . 22, 656 19, 096 17, 418 71,166 61,945 30,832 December.. 25, 235 23, 224 20, 220 78, 650 70, 660 30,852 Total 287, 731 238,901 241, 295 897,911 770, 688 482,182 South Bend, Ind. Springfield, 111.* Waterloo, Iowa. Month. 1923 1922 1921 1923 1922 1921 1923 1922 1921 January j 34,904 22, 287 15, 584 28,121 23, 271 25, 250 18,161 12, 531 12, 448 February | 29,067 22, 212 15, 591 24,716 21, 254 20, 507 14,146 11, 795 10,998 March | 36,006 26,821 22,953 29, 579 26, 558 27, 893 21, 483 16,335 13, 679 April | 38,121 26,194 25, 718 27, 893 25,011 25, 635 18, 214 15, 517 13, 509 May 44,972 29,829 26, 577 26, 905 22, 775 22, 596 18, 684 14, 785 10, 227 June 47, 867 32, 806 28, 663 28, 887 25,382 23, 481 14,905 11, 892 July 40, 741 33,148 24, 207 28,917 25,415 I 26, 576 17, 758 14, 392 11, 729 August 40, 305 34,159 23, 879 26, 214 23,194 I 23, 270 17, 386 13, 639 11, 299 September. 36,130 34, 207 26, 063 24, 738 21,830 22,876 17, 248 14, 987 11, 549 October 44, 893 35, 340 26, 553 27,187 23, 647 22,480 19, 678 16, 597 13, 220 November. 38,953 33, 037 22, 216 25, 085 22, 797 22, 218 17, 448 14,145 10, 250 December | 38,754 40, 227 25, 601 28,116 25, 652 24, 212 18, 251 17, 041 12,119 Total 470,713 370,267 283,605 | 326,358 286, 786 286,994 217,150 142,919 NOTE.—Centers which have not reported continuously for the 18 months ending December 31, 1923, are not included in the table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DISTRICT NO. 8—ST. LOUIS. SCHEDULE 1.—COMPAEATIVE STATEMENT OF CONDITION. [In thousands of dollars.] Dec. 31, Dec. 30, Dec. 31, 1923. 1922. 1921. RESOURCES. Gold with Federal reserve agents 49. 424 70, 573 66,158 Gold redemption fund with United States Treasurv 2,773 2,960 3, 695 Gold held exclusively against Federal reserve notes 52,197 73, 533 69,853 Gold settlement fund with Federal Reserve Board 35, 272 31 207 22 963 Gold and gold certificates held by banks 5,060 2,852 3,257 Total gold reserves 92, 529 107, 592 96,073 Reserves other than gold 9,802 10, 295 10,568 Total reserves 102,331 117 887 106 641 Nonreserve cash... . 3,321 C1) (l) Bills discounted: Secured by United States Government obligations 17,292 14, 549 21, 831 Other bills discounted 39, 990 15, 533 41, 222 Total bills discounted 57 282 30 082 63 053 Bills bought in open market 43 13,028 218 United States Government securities: Bonds. 7,307 1,153 Treasury notes. 9,464 8 Certificates of indebtedness... 2,780 6,772 Total United States Government securities _ ... J » 19, 551 7,933 Total earning assets 57, 325 62, 661 71, 204 5 per cent redemption fund—Federal reserve bank notes 523 Uncollected items 30,139 42,862 33, 744 Bank oremises 1,346 912 615 All other resources 108 354 760 Total resources 194, 570 224, 676 213,487 LIABILITIES. Federal reserve notes in actual circulation 75,872 93, 659 95, 246 Federal reserve bank notes in circulation—net 3,923 Deposits: Member bank—reserve account. 70.100 73 798 64, 613 Government . 3,042 1,211 3,802 Other deposits 466 1,927 849 Total deposits 73, 608 76, 936 69, 264 Deferred availability items 29, 490 38, 993 30, 263 Capital paid in. . • . 5,009 4.827 4, 603 Surplus 10, 072 9, 665 9,388 All other liabilities 519 596 800 Total liabilities 194, 570 224, 676 213,487 Ratio of total reserves to deposit and Federal reserve note liabilities combined (per cent)._. . .. 68.5 69.1 64.8 Contingent liability on bills purchased for foreign correspondents... 836 1,618 1,504 1 Not shown separately prior to 1923. 402 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DISTRICT NO. 8 ST. LO1TIS. 403 SCHEDULE 2.—MOVEMENT OF PRINCIPAL ASSETS AND LIABILITIES DURING 1923. (Amounts in thousands of dollars.) Bills discounted for member banks. Fed- Date. a T ( e + s 2 i a o s n 6 + r t e g n . a 5 ) t - s l Total. c m U G B e u s b . i e r o r e S y l n e - n v l . s d - t - c O b o d e t i i u d h s l - l n . e s t r - b o m B o k p u i e i a n e l g t r l n . s h - t U S s i e n t t c i a i e u t t s e e r . 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 e s e e i r m k - r t v s s - e . ' p T o d o s e t i - a ts l . r l e c n a e s i o t r i r e i n c t a o r e u l v n s - e . s c a p R e e g e r n e e v r t - s - e - . obligations. 10 Jan. 3 63,993 26,669 13,182 13,487 12, 778 24, 546i 118, 586 78,171 80, 759 93,918 67.9 10. _ 54,650 15,119 7, 282! 7,837 13, 820 25, 711 120,420 73, 758 75,837 89, 533 72.8 17 52,750 13,374 7,372 6,002 14,926 24,450 122,485 76,349 78,039 88,145 73.7 24 54,266 14, 795 8,820 5,975 15, 228 24, 243 117, 553 70,739 74,620 86, 419 73.0 31 . . 57,109 15,804 9,893 5,911 14,549 26, 756 118,309 74,002 79,316| 85,996 71.6 Feb. 55,497 12,962 7,638 5,324 13,657 28,878 115,223 72, 742 75,958 85,909J 71.2 14 53,000 12, 725 6,897 5, 11,495 S, 780 118, 51l] 72,254 74,864 87, 500| 73.0 2 2 1 8 .... 5 6 4 0 , , 3 1 9 2 0 8 2 1 1 6 , , 1 1 9 9 9 6 1 8 3, ,4 0 3 57 1 j 78,,7615421 9 0 , , 2 ' 0 — 2 28, 890 1 1 1 1 7 7 , , 7 0 3 1 8 4J 1 6 7 9 2 , ,6 9 8 9 1 3 7 74 6 , , 8 9 7 7 6 0 8 8 6 7 , , 6 5 0 9 6 4 7 7 2 2 . . 0 0 Mar. 7 57,872 18,857 7,765 11,092 10,162 28,853 114,232 73,972 77,710 87,035 69.3 14 57," 19, 225 8,524 10.701 9,923 28,836 117, 564 74,054 78,287 86, 936 71.2 21 65,900 25,479 10,594! 14,885 11,997 28, 424 102,3061 70, 546 73,731 85,916 64.1 28. _ 65,906 26,431 11,786! 14,645 12, 448 27,027 102, 817J 72,450 75,192 83, 690 64.7 Apr. 4 64, 353 10, 676 17, 352 12,455 23, 870| 107,105! 75, 426 79, 253i 82,465 66.2 11 ! 59,240 23,344 10,045 13,299 12, 057 23,839 106,626] 71, 539 74, 505i 80,994 68.6 18 .. . 63,990 29,844 14, 550 15,294 11,966 22,180 99, 656! 70, 643 74, 0201 80, 512 64.5 25 ! 63,159 31, 592 15, 757 15,835 12, 909 18,658 100,525:! 70, 508 73,491; 78, 241 66.3 May 2 63,295 32,465 14, 783 17.682 12, 686 18,1441 98,650! 71, 518 74,346 78, 578! 64.5 9 - .' 60, 510 30,581 13, 664 16.917 11,796 18,133 98, 597 j 70, 962 73,292 77, 206 65.5 16 61,114 32, 523 15, 026 17, 497 11,158 17,433 99,676| 67,145 71,8731 76,962 67.0 23 56,843 31, 341 14, 224 17, ir 10, 569 14, 933 106,612| 75, 377 78,325 75,376! 69.4 29 .. 58, 633 33,r"" 17, 054 16, 926 9,719 14,934 103,745 68,955 74,102J 75,4551 69.4 June 6 60,922 39,549 16,025 23, 524 9,821 11, 552s 95, 688 70,029 73,538! 74,900 64.5 13 56, 700 36,111 15,265 20, 846 9,077 11,512! 97,895 70,337 72,260i 73,91l| 67.0 20 63, 337 47,569 17,651 29.918 7,359 8,409! 88,092 69,403 70, 527| 73, 7021 61.1 27 56,151 40,687 17,674 23,013 7,061 8, 403| 94, 826 66, 372 69,103! 73, 214! 66.6 July 3 69, 009 55,779 21, 573 34, 206 5, 979J 7,251; 91,640 74, 714 76, 522| 75, 073| 60.5 11 ': 55,077 43,380 18,498 24,882 4,4461 7, 251! 95,986 69,140 70,794) 73,827 66.4 18 . 1 56, 934 46, 237 17,910 28,327 3, 446) 7, 251 93,222 66,648 70, 687| 73, 244 64.8 25 56,435 46,073 16,390 29.683 j 3, 111) 7, 251 96, 020 69, 748 73, 910! 72,108J 65.8 Aug. 1 i 55, 748 46, 270 15, 788 30,482! 2,227 7,251 97,209 68, 837 72, 339! 72, 235 67.2 8 55, 093 46, 315 15, 798 30,517! 1, 527 7,2511 98,968 70,706! 73, 574i 71, 656 68.1 15 i 59, 729 51, 367 18,912 32,455! 1,111 7, 251) 92, 529 68,981! 71,485! 72, 521 64.2 22 ; 62,394! 57,844 20, 985 36,8591 882 3, 668i 88, 254 68, 234! 70,897! 71,757 61.9 29 60,9761 56~-~ 21, 829 35,Atm 390 3, 668! 91,127 68, 302; 72, 249; 71, 585| 63.4 Sept. 5 63,632! 59,575 22,195 37,380 389 3,668i 87,805 67, 877 72, 2561 71, 527! 61.1 12 ' 63,349 59,292! 20,655 38,63^ 389 3, 668j 87,046 68,764 72, 020! 72,297) 60.3 19 72,739| 69,027 21,108 47, 919 40 3,672! 72, 618 67, 572! 72, 310! 51.9 26 ! 75,411! 71,704 24,097 47, 607 39 3, 668! 71, 510 64, 399! 67,320! 73,038; 50.9 I Oct. 3_ i 79, 432 75,757;23, 250 52, 71,430 65,957) 68, 388i 74, 717J 49.9 10 74,107 70,432 22,174 48, 258 7i 3, 6681 75,928 66, 544! 68, 5181 75, 074! 52.9 3 2 1 1 7 4 ._ ! i 7 7 7 2 4 1 , , , 9 5 5 5 8 3 1 5 0 7 7 74 2 1 , , , 5 5 9 7 0 4 8 1 4 j j 2 2 2 2 4 3 , , , 7 0 6 4 7 8 0 5 4 4 4 4 9 9 9 , , , 4 8 2 2 6 3 6 0 8 2 7 9 ; |. ! 7 8 8 3 7 0 , , , 4 5 7 5 5 2 6 9 4 6 6 64 7 7 , , ,1 I 5 2 O 0 8 O 8 ! 1 ; 6 6 7 9 9 0 , , , 1 4 3 2 6 3 2 6 4 1 ; ! 7 7 7 5 6 3 , , , 6 0 3 7 0 1 1 0 4 ! | 5 5 58 3 5 . . . 4 6 2 Nov. 7... . 1 70, 521 70,348 21, 579 48, 769| 173L 81, 343 66, 814S 68, 6371 75,528! 56.4 14. j 73, 773|73, 744 20,934 52,810 29k 84, 771 68, 338| 70,655 76,8441 57.5 21 ! 70,046 70,024 20, 978149,046 22. 83,691 65,280! 68,168 74,808! 58.5 28 66, 946 66,424 20,885| 45, 539 522!. 92,910 68,076! 70, 748 77,140! 62.8 1 Deo 59,418j59,296 18,003 41, 293J 122L 97, 851 67,136 70,034 77,695; 66.2 12 i 54,676i54, 604 16,928 37,676! 72L I 102,006! 70, 276; 72, 981 77,6761 67.7 19 61,459!61,430 21,129 40,30l! 29j_ 90,3411 65,920; 67,300 77,478! 62.4 26. ' 62, 252 j62,209 19, 785 42,424! 43!. 96, 853i 68, 027i 70,678| 78, 896! 64.8 Daily average....: 62,368| 43,754 1, 239! 12,375 >9,975 73,201! 78,508; 64.6 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

404 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. FEDERAL RESERVE BANK OF ST. LOUIS MILLIONS OF DOLLARS MILLIONS OF DOLLARS 180 160 160 F. R. NOTE CIRCULATION 120 100 80 60 UNITED STATES SECURITIES DISCOUNTS FOR OWN MEMBERS! 1921 1922 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DISTRICT NO. 8 ST. LOUIS. 405 SCHEDULE 3.—VOLUME OF DISCOUNT AND OPEN-MARKET OPERATIONS. [In thousands of dollars.] Bills discounted for member banks. Secured Month. Total. b G o y m o b v U l e i e g n . r a t S n - - . B a a a c n n c c k e e p e s r t . - s' a T a c n r c c a e e d p s e t . - l t A i u p v g r a e a r s p l i t c e a o u r c n . l k - d D d e s r a i m a g n f d h a ts t n . d ot A h l e l r. tions. January.. 72,252 62,521 192 1,002 8,537 February- 64, 382 I 46, 811 561 333 1,430 15, 247 March 83, 021 52,839 25 240 1,602 28, 315 April 107, 645 82, 353 83 1,753 23,456 May 161,808 i 123,911 319 1,956 35, 622 June 206, 688 164,444 78 2,552 28 39, 586 July— 173,190 127,109 272 2, 728 43,081 August. 201, 896 156, 731 263 2,635 118 42,125 September. 189,159 i 139, 293 670 2,498 1,179 45,499 October 154,754 92,385 829 3,103 6,488 51,949 November.. 133,421 73, 1,415 2,387 13, 452 42, 294 December.. 131,455 76,064 1,085 2, 494 10, 339 41,473 Total: 1923. 1,679,671 11,198,309 655 5,779 26,140 31,604 417,184 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 Bills bought in open market. U. p S ur . c s h ec a u se ri d t . ies Tot m al a d rk is e c t o o u p n e t r a a n ti d o n o s p . en- Month. Total. B a a a c n n c c k e e e p s r t . - s' c D h o e a x n ll - g a e r , a T a 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 . c i e C n a d e d t n r e e t e s i b s f o t i s - - f . 1922 1921 January.. 4,706 4,431 275 2,508 71, 299 150, 765 75, 951 146, 871 February- 5,521 5,396 125 628 2,662 73,193 65, 610 124,617 March 9,756 8,940 816 21 100 92, 898 50, 454 157,862 April 5,486 5,476 10 275 15 113, 421 61, 662 137,868 May..- 1,830 1,580 250 1 163, 639 74,127 139,852 June 3,504 3,254 250 2 4,652 214, 846 126, 244 177,169 July.__. 173, 190 63, 407 135, 362 August. 201, 936 53, 871 120,338 September.. 3,072 192, 231 70, 073 133, 338 October 22 22 22 154, 798 79, 702 124, 503 November.. 744 744 134,165 116, 022 151, 381 December.. 971 971 132, 426 207, 713 125, 667 Total: 1923 32, 580 30, 854 1,726 3,435 81, 822 1, 797, 508 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 86538—24f 27 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

406 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- Number of ber of mem- member ber Month. tu K c e k n y - .1 ne T s e s n e - e .1; \ M si i p s p s i i . s 1 - n I o l i l s i- .1 dia In n - a.1 s M ou i r s i - .1 ka A n r s - as. Total. i b n t a r i n d c k i t s s - a b c m a c n o o k m - s at end dated of during month. the month. January _. 42, 673 578 296 I 5,476 855 19, 015 3,359 72, 252 613 192 February 19,860 435 332 I 6,926 329 32,452 4,048 64, 382 616 169 March 15, 055 7,439 506 I 9,376 2, 528 45, 094 3,023 83,021 620 191 April 44,330 5,562 798 | 9,789 2,361 41,095 3,710 107,645 622 201 May 77, 257 8,505 960 9,594 2, 661 58, 574 4,257 161, 808 623 228 June 127, 301 4,413 1,306 7,664 2,645 57, 685 5, 674 206, 688 624 230 July 84,659 4,889 1,274 7,823 2,932 65, 886 5,727 ,73,190 624 251 August 100,185 9,663 1,294 5,912 2,044 76,907 5,891 201, 896 624 258 September 86, 468 13,654 1, 674 7,045 2,280 67, 588 10,450 189,159 624 271 October 44, 625 25,089 2,752 I 9,857 3,615 52,422 16, 394 154, 754 626 287 November 30,893 25,512 3,114 8,107 3,335 50, 049 12,411 133, 421 627 284 December 31, 869 17,212 ! 2,947 8,534 3,914 54, 352 12, 627 131,455 630 279 Total: 1923.. 705,175 122,951 | 17, 253 96,103 I 621,119 87,571 i 1,679,671 1922_. 405,027 75,179 ! 14,725 65, 791 19, 204 I 211,480 74,450 ! 865, 856 1921.. 353,313 159,758 I 29,083 95, 675 30, 016 ! 754,740 186,439 1,609,024 Number of member banks at end of year: 1923 27 : 19 187 62 I 141 126 ! 630 1 19 9 2 2 1 2 2 2 7 6 l I 1 2 8 0 1 1 8 8 1 5 6 6 2 1 | I 1 1 2 1 6 6 1 1 1 2 9 2 I j 6 58 1 8 0 Number of member banks accommodated: 1923 91 | 81 362 1922 108 j 95 400 1921 105 ! 103 1 Figures relate only to that part of the State located in the St. Louis district. SCHEDULE 5.—EARNINGS AND EXPENSES. 1923 1922 1921 EARNINGS. : i Discounted bills _ _j $1,968,788 | $1. 303, 808 $4,739,032 Purchased bills _ _ _ 253,773 ' 255, 750 41, 427 United States securities I 520, 780 i 832,169 284,151 Deficient reserve penalties i 38, 857 I 45, 915 80, 640 Miscellaneous _ *28, 763 18, 805 21, 065 Total earnings 2,753,435 | 2,456,447 5,166,315 CURRENT EXPENSES. I Salaries: Bank officers __ 160,116 155,877 151,043 Clerical staff 749, 767 829,072 931,158 Special officers and watchmen 32, c<69 28, 418 28, 069 Allother 43, 970 40, 750 38, 763 Governors' conferences ._ 523 456 675 Federal reserve agents' conferences 443 228 287 Federal Advisory Council 1.266 1,250 1,200 Directors' meetings - 11,333 10, 675 11, 948 Traveling expenses 2 29, 183 24, 498 29, 373 Assessments for Federal Reserve Board expenses 31, 300 31, 820 31, 597 Legal fees 185 2,919 116 Insurance (other than on currency and security shipments) I 20, 323 41, 785 40, 730 I T L n a i s g x u h e r s t a , n o h n c e e a b t o a , n n a k c n i u d n r g r p e o h n w o c u e y r s e a nd security shipments ! j 17 3 7 . , . 0 6 3 9 3 9 7 0 7 1 3 3 3 , , , 0 2 0 7 3 1 6 5 4 (») 2 3, , 1 1 8 1 4 5 R R O e e ff n p ic t a e , i . r a s n a d n d o t a h l e t r e r s a u t p io p n l s ie , s b . anking house - 2 7 2 0 , , 3 1 8 3 9 5 7 18 3 , , 3 6 2 8 2 4 2 7 4 6 19 3 , , 8 2 7 9 9 1 7 6 8 - Debit. 2 Other than those connected with governors' and agents' conferences and meetings of directors and of the advisory council. Digitized for F3 IRnsAuSraEnRce on currency and security shipments is included with postage and expressage. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DISTRICT NO. 8 ST. LOUIS. 407 SCHEDULE 5.—EARNINGS AND EXPENSES—Continued. 1923 1922 CURRENT EXPENSES—continued. Printing and stationery $37,157 | $37,977 $46, 091 Telephone 6,970 I 7,448 ! 8,217 Telegraph 44,223 ! 42,841 I 43, 262 Postage- 123,986 |\ Expressage 13,017 I" 132,763 | « 123,197 Federal reserve currency: Original cost, including shipping charges 7,287 52, 719 236, 047 Cost of redemption, including shipping charges. 7, 835 '11,586 20, 049 Taxes on Federal reserve bank-note circulation 16, 377 26,500 All other expenses 29, 814 41,185 4 103, 718 Total current expenses.. 1, 472, G75 i,623, 222 1, 961, 25G PROFIT AND LOSS ACCOUNT. Earnings 2, 753, 435 I2 ,24,5 64,564,4 7447 j 5,166, 315 Current expenses 1, 472, 675 I 1,16,2 36,2232,2 222 j 1, 961, 250 Current net earnings . 1,280,760 | 833,225 | 3,205, 065 Additions to current net earnings: Amounts deducted from reserve for depreciation on United States bonds 80, 294 3, 883 All other 564 2,257 13, 241 Total additions 80, 858 6,140 13, 241 Deductions from current net earnings: Depreciation allowances on bank premises 2, 200 2,000 I 112, 224 Reserve for probable losses 123, 687 125,000 | 150, 00£ Furniture and equipment 29, 971 44,755 I (5) All other 23, 597 20,038 | 4,156 Total deductions 179, 455 191, 793 266,380 Net deductions from current net earnings 98,597" 185,653 | 253,139 Net earnings available for dividends, surplus, and franchise tax 1,182,163 64' 72" I 2, 951, 926 Dividends paid 296, 810 283,166 270,253 Transferred to surplus account 407, 070 276, 450 1, 042, 564 Franchise tax paid United States Government 478, 283 87, 956 1, 039,109 B Insurance on currency and security shipments is included with postage and exprcssage. 4 Includes $54,082 for furniture and equipment, which since 1921 has been charged direct to profit and loss 5 Included with current expenses prior to 1922. SCHEDUL -VOLUME OF OPERATIONS IN PRINCIPAL DEPARTMENTS. 1921 NUMBER OF PIECES HANDLED. I Bills discounted: j Applications | 10,618 9,802 19, 829 N otes discounted j 57, 036 43,624 ! 78, 898 Bills purchased in open market for own account i 1,934 2,423 ! 1, 922 Currency received and counted i 105, 278, 000 94, 931, 000 j 92, 016, 000 Coin received and counted 121, 128, 000 126,429,000 ! 130, 666, 000 Checks handled 43, 736, 000 38,476,000 i 33, 998, 000 Collection items handled: United States Government coupons paid 3, 470, 000 4,222,000 I 5, 216, 000 All other 244, 000 197,000 | 131, 000 United States securities—issues, redemptions, and exchanges by fiscal agency department i 9,645. 000 919, 000 2, 333, 000 Transfers of funds *. 104, 000 83, 000 SO, 0G0- Envelopes received and dispatched 2, 965, 000 (2) (2) AMOUNTS HANDLED. Bills discounted $1, 679, 671, 000 $865,856,000 I $1,609, 024, OCHJ- Bills purchased in open market for own account 32, 580, 000 33; 736, 000 I 20, 187, 000 Currency received and counted 520,881,000 473,065,000 j 495, 761, 000- Coin received and counted 14, 705, 000 13,631,000 ! 14,115, OOG Checks handled 9, 547, 434, 000 6,114,442, 000 ! 5, 605, 465, OGOf ' Collection items handled: United States Government coupons paid 28,416, 000 27,806,000 i 30, 405, 0(1(1 All other 395, 426, 000 267, 681, 000 I 190,104, 0GO United States securities—issues, redemptions, and exchanges by fiscal agency department 356, 984, 000 494,025,000 741,401,000 Transfers of funds 3, 582, 323, 000 3,779,461,000 I 2,455,721,000 1 Large increase due to redemption of war saving securities which matured Jan. 1, 1923. s Data not available. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

408 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. SCHEDULE 7.—OPERATIONS OF FEDERAL RESERVE CLEARING SYSTEM. [Figures include cash items only. Numbers in thousands; amounts in thousands of dollars.1 It b e a m n s k s d r i a n w o n w o n n It o s e e t m h rv e s r e f F o b r e a w d n e a k r r s d a a l e n d re d t - o Tr I e te a m su s r e d r r o a f w U n n o i n ted Total.* Month. district. their branches. States. Number. Amount. Number.! Amount. Number. Amount. Number. Amount. January 3, 332 834,511 58 i 6,369 260 45, 669 3,650 February... 2,913 668, 873 51 I 6,165 159 14, 324 3,123 689,362 March 3,521 800, 039 70 ! 8,318 211 17, 342 3,802 825,699 April 3,326 760, 958 62 ' 6,432 237 16, 747 3,625 784,137 May 3,366 788, 905 64 ! 6, 557 181 19,864 3,611 815,326 June 3,326 761, 244 66 j 7, 581 166 15, 440 3,558 784, 265 July 3,128 724,181 5,849 158 13, 8'r9 3,350 743, 909 August 3,227 716, 620 7,304 160 12, 979 3,457 736, 903 September. 3,194 709, 806 6,452 205 15,199 3,465 731,457 October 3,751 850,193 77 I 7,090 260 18, 346 4,088 875,629 November. 3,538 783, 660 75 j 7,019 199 15, 613 3,812 806, 292 December.. 3, 665 818, 225 7,012 166 15, 374 3,917 840, 611 Total: 1923 I 40, 287 I 9, 217, 215 809 | 82,148 2,362 220, 776 43, 458 9, 520,139 1922..,.! 35,088 i 5,796.020 676 i 79,364 2,262 197, 007 38, 026 6, 072, 391 1921 I 30, 893 5, 250, 399 629 i 102,686 2,012 202, (158 33, 534 5, 555,143 1 Exclusive of duplications on account of items handled by both parent bank and branch. SCHEDULE 8.—CLEARINGS AND TRANSFERS THROUGH THE GOLD SETTLEMENT FUND. [In thousands of dollars.] Payments Receipts Week ending— Fe to d e o r t a h l e r r e- F fr e o d m e r o al t h r e e r - Net loss. Net gain. serve banks. serve banks. Jan. 4 (3 days) 73,133 71, 559 1,574 11 140, 592 140, 392 200 18 143 005 137 502 5 503 25 125 900 121 257 4 643 Feb. 1 114, 532 112,986 1,546 8 112,812 111, 688 1,124 15 _ 110,609 112, 568 1,959 Mar. 2 1 1 1 1 3 0 4 5 , , 0 3 3 7 9 2 1 13 0 4 6 , , 7 1 3 7 0 't 1,1 3 3 5 5 8 8 126,172 123,314 2,858 15 129, 352 123, 521 5,831 22 138, 969 131, 003 7,961 29 116,540 119, 445 2,905 Apr. 5 108,473 109, 94S 1,475 12 116, 096 115, 955 141 19 129, 097 122,170 6,927 26 116,390 116, 5C7 117 May 3 120, 271 118, 746 1,525 10 108,429 109, 877 1,448 17 122,878 120, 053 2,825 24 127, 870 138,392 10, 522 31 . 107, 998 97, 629 10, 369 June 7 111, 541 111, 330 211 14 109, 380 113, 646 4,266 21 126, 877 116, 004 10,873 28 107, 223 111,471 4,248 July 5 96, 263 96, 651 388 12 _ . . 101, 452 105,177 3,725 19 114,332 110,012 4,320 26""::::.:.:::"::: :::::::: :: 99, 235 102, 9€ 2 3,457 Aug. 2 100,690 100,451 239 9 91,619 94, 296 2,677 98, 869 92,905 5,964 23 "v ":Y~"Y:::::: 108,964 105, 588 3,376 30 95,188 98,090 2,902 Sept. 6 81, 544 77, 305 3,739 13 _.._ 110, 353 107, 792 2, 561 20 125, 040 111, 277 13, 763 27 109, 248 108, 222 1,026 Oct. 4 116,472 119, 070 2,598 11 _ 121, 864 125,160 3,296 18 128, 471 131, 064 2,593 Digitized for FRA2S5.E:: R ::: 131, 426 132,164 738 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DISTRICT SO. 8 ST. LOUIS. 409 SCHEDULE 8.—CLEARINGS AND TRANSFERS THROUGH THE GOLD SETTLEMENT FUND—Continued. [In thousands of dollars.] Payments Receipts Week ending— Fe to d e o r t a h l e r r e- f F ro ed m e r o a t l h r e e r - Net loss. Net gain. serve banks. serve banks. Nov. 1 121, 687 120, 005 1,682 8 110, 937 116, 983 6,046 15 113, 983 109, 588 4,395 22 139, 690 142, 039 2,349 28 98, 740 110,101 11,361 Dec. 6 131, 932 135, 995 4,063 13 117,177 124,750 7,573 20 135, 514 125,109 10,405 27 . . 102, 650 109,440 6,790 28-31 (3 days) 64, 306 65, 803 1,497 Total: 1923 6, 051,196 6, 026,101 25, 095 1922 . .. 5, 371, 660 5, 355, 579 16, 081 1921 4,488,154 4, 507, 392 19, 238 Net gain in ownership of gold since establishment of fund in 1915, $65,849,000. SCHEDULE 9.—PRINCIPAL ASSETS AND LIABILITIES OF REPORTING MEMBER BANKS IN LEADING CITIES AS OF THE LAST PURPORT DATE IN THE MONTH. [In thousands of dollars.] Investments. Loans and discounts Last report date in— gross. Un se it c e u d r it S ie ta s t . es All other. 1923 1922 1923 1922 1923 1922 January 450, 275 434,036 81 042 35, 927 91,535 69,029 February ._ . .. 456, 848 436, 854 77, 806 40, 055 91, 674 69, 685 March 457,190 423,146 79 743 40, 608 90, 505 70,935 April.. . . . .. 456, 156 416, 762 78,380 42, 247 85, 705 74,011 May ___ . 455,546 414,495 77, 259 40, 391 89,284 94, 205 June 449, 386 404, 628 82, 377 52, 633 87,819 80. 387 July 455, 521 412,721 76,169 51, 153 85, 899 82, 270 August . . 457, 904 407, 824 76,133 53, 141 85,116 84, 359 September 465, 910 419, 859 58, 729 85,189 84,878 October 471, 259 437, 700 6? 908 71, 948 84, 757 86, 309 November _ 470, 663 443, 875 66, 958 71,421 87, 426 87, 419 December 473,216 458, 001 71, 009 75, 914 87, 658 88, 234 Net demand deposits. Time deposits. Accommodation at Federal reserve bank Last report date in— 1923 1922 1923 1922 1923 1922 January 378,922 309, 318 182, 383 155, 196 5, 586 23, 228 February._ 376, 217 320, 376 184,211 157, 761 11,198 14, 377 March 364,106 315, 073 183, 497 157,883 15, 077 9,332 April 363, 057 314.652 182, 333 160,105 17, 621 7, 372 May . . .. 358,883 313, 504 183, 678 158, 346 18.654 15,569 June 343, 099 307, 995 182, 206 159. 965 25, 203 5,827 July.. .. 342, 855 313, 315 190, 328 163, 873 27, 897 2, 495 August _. 335, 069 319, 741 191,179 170, 38G 38,116 1,940 September 329, 493 323,167 188, 578 172, 033 47, 772 10, 465 October. . _ 328, 896 328, 872 192,478 174. 654 47, 324 13,339 November 334,281 337 315 194, 522 178 201 44 719 15 953 December.. 342, 263 365, 572 189,793 179,379 43,588 18, 703 NOTE.—Figures are for about 35 banks in St. Louis, Little Rock, Louisville, Memphis, and Evansville, which submit weekly reports to the Federal reserve bank. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

410 REPORT OF THE FEDERAL RESERVE BOARD, SCHEDULE 10.—DEBITS TO INDIVIDUAL ACCOUNTS. I In thousands of dollars.] Summary* for 5 centers 1 East St. Louis and National Stock Month. Yards, 111.* 1923 1922 1921 1923 1922 1921 Januarv. 1,178, 722 858, 795 879, 881 47, 012 34, 515 February 952, 802 739,485 813, 884 37, 243 33, 543 34, 646 March __ ... 1,112,395 859, 417 875, 995 41,188 35, 885 36,958 April 1.039,549 826, 599 836, 575 42, 025 37,197 36,871 May _ __-.. 1, 076, 560 911,346 830, 702 49,938 42, 549 35, 872 June 1, 104,142 930, 887 859, 644 45, 901 41, 320 38, 229 July 980,103 871,384 813,249 43, 076 37,851 35,382 August 930,888 830,180 780, 771 48, 565 37, 263 36, 499 September 945,160 i 908,393 ! 837, 548 45, 699 39.354 33,918 October 1,184,854 1 1 067,437 ! 945, 072 50, 601 44, 614 36,332 988.780 i 879, 322 47, 786 43, 070 35, 218 December i ] 9J-' 75? 1 145,954 | 957, 258 43, 865 44, 449 37, 043 Total 12, 794, 355 10 938,657 | 10,309,901 542, 899 471, 610 397,028 Evansvilie, Ind. Fort Smith, Ar Month. 1923 1922 j 1921 1923 1922 1921 January 35,715 23,887 ! 22, 419 12, 276 February.. .. . _ . 33, 640 21,271 I 18, 432 11,010 March 31, 003 28,153 : 20,150 12, 375 April 30, 599 24,307 i 20,816 11,921 Mav. ... 33, 968 29, 824 20, 728 11,724 June 33, ?82 31,135 22, 449 H, 741 July 31,916 31,297 i 23, 912 10, 05£ 9,488 August... . 30. 991 26, 643 20, 588 9, 884: 8, 853 September 29,219 29, 651 20, 686 11,460 12,484 October 32, 398 30,843 ! 22, 260 16, 018 15, 088 November 31,618 29,062 < 21, 959 15, 778 14, 632 December 32. 615 35,128 ! 23,935 14, 37.5 13, 221 Total 386, 964 341,201 | 258,334 149, 221 73, 766 Greenville, Miss.* Helena, Ark Month 1923 1922 1921 1923 1922 1921 January 6,122 7,106 February 4,462 3, 809 4, 716 3, 423 March 4 293 3, 672 5 549 3 805 April 3 524 3,443 4 330 3 574 May . . 3,388 3, 759 4, 433 4, 613 June 3,183 3,623 4 041 3 983 July 2,951 3,353 3,723 4,278 August _. __._. 2,730 2,749 4,349 3,433 September 3,034 3,305 4, 015 5,927 October. 3,854 4,055 6 ^-70 8 976 November. . _ _ . . _ 4,700 4,509 7,988 7,847 December 4,934 5,327 9, :.94 6,739 Total 47,175 41, 604 65,944 56,598 ! - LittleRock, Ark. Louisville, Ky. Month. 1923 1922 1921 1923 1922 1921 January.. 65,326 42, 669 47,858 179,318 125,911 111,484 February.. __ ... 54, 369 38, 800 38, 425 153,307 123, 319 155,340 March.. 62, 728 40, 690 39,146 166,446 137,985 133,617 April 59, 543 37, 479 39, 797 153, 355 129,881 126,910 May 60,107 38, 865 36,574 159. 006 147, 613 126,822 June 49, 519 39, 941 38, 682 174 205 143,172 133, 233 July 49, 722 33, 866 35, 218 155,176 134, 931 122, 852 August 51, 562 36, 958 36, 965 143, 397 124,800 116,249 September. . _ 53, 330 52,609 48,838 142, 304 129,403 117,138 October _ 76, 882 66,117 51, 047 16C, 310 143, 091 126,325 November 75, 052 61,916 46, 207 152, 224 139, 758 127,122 December. 73, 751 65, 544 48,101 167', 244 165, 524 137, 584 Total 731, 891 555, 454 506, 858 1,900, 292 1, 645, 388 1, 534, 676 & l Figures for the 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. 8 ST. LOUIS. 411 SCHEDULE 10.—DEBITS TO INDIVIDUAL ACCOUNTS—Continued. [In thousands of dollars.] Memphis, Tenn. Owensboro, Ky.* Month. 1923 1922 1921 1923 1922 1921 January 176,959 109,444 119, 535 7,884 February 134, 391 83,856 86, 375 6,867 6, 236 March 175, 837 301,082 93, 865 7,518 6,136 April. 136, 946 101, 944 83, 402 6,262 4,817 May 122,192 107, 955 84,378 6,128 4,762 June 127, 928 105, 502 82, 673 5,728 4.630 July 106, 390 94.672 ' 80,910 5,677 5,459 August 103, 702 89, 476 81,025 5,369 4,976 September . 115,481 116, 048 104, 310 4,819 4,532 October 165, 494 163, 089 141, 828 6,209 4,906 November _ _ 180,435 175, 584 125,156 5,571 5,442 December 190, 255 173,180 119, 710 8,057 8,737 Total 1, 736,010 1, 421,832 1, 203,167 76,089 60, 633 ^uincy, 111.* St. Louis, Mo. Springfield, Mo.* Month. 1923 I 1922 1921 1923 ! 1922 1921 1923 1922 1921 January 11,143 8,578 8,163 721,404 556, 884 578,585 15, 595 13,139 11,519 February. _. 10,141 7,467 9,641 577,095 472, 239 515,312 12, 295 11,106 10,420 March. 12, 766 10,118 12, 390 676, 381 551, 507 589, 217 14,171 12, 605 12,164 April. 12, 284 9,153 11,068 659,106 532,988 565, 650 13, 787 12, 281 12, 250 May.. 12,153 9,285 9,652 701, 287 587,089 562, 200 15, 325 12,437 11, 520 June 11, 370 9,913 9,507 719, 208 611,137 582, 607 15, 225 13, 736 12,945 July 11, 064 8,970 9,689 576,618 550, 357 12, 593 11, 892 11, 209 August 10,820 9, 794 8,431 601, 236 552, 303 525,944 13,678 12, 401 11,062 September.. 9,821 9,469 8,721 604,826 580, 682 546, 576 14,124 12, 250 11,838 October 10,898 10, 594 9,328 749, 770 664,297 603, 612 15,455 12, 752 12,027 November.. 10, 587 9,774 8,98« 655,099 582,460 558, 878 15,139 13, 647 11, 948 December.. 10,937 11, 705 9,958 730,887 706, 578 627,928 15, 683 15, 717 12,666 Total 133,984 114,820 115,534 8,033,198 16,974, 782 6,806,866173,070 153, 963 141, 568 NOTE.—Centers which have not reported continuously for the 18 months ending Dec. 31, 1923, are not included in the table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DISTRICT NO. 9—MINNEAPOLIS SCHEDULE 1.—COMPARATIVE STATEMENT OF CONDITION. [In thousands of dollars.] Dec. 31, Dec. 30, Dec. 31, 1923. 1922. 1921. RESOURCES. Gold with Federal reserve agents 54, 552 46, 372 16,856 Gold redemption fund with United States Treasury 2,053 3,423 2,765 Gold held exclusively against Federal reserve notes 56, 605 49, 795 19, 621 Gold settlement fund with Federal Reserve Board. 23, 545 23,499 31,115 Gold and gold certificates held by banks 8,828 7,535 9,140 Total gold reserves 88, 978 80,829 59, 876 Reserves other than gold 955 1,190 811 Total reserves 89,933 82,019 60, 687 Nonreserve cash 943 0) 0) Bills discounted: Secured by United States Government obligations 3,289 2,539 7,289 Other bills discounted 15,368 19, 377 43, 923 Total bills discounted 18,657 21,916 51,212 Bills bought in open market 623 United States Government securities: Bonds. 7,121 4,523 115 Treasury notes 2,750 8,049 Certificates of indebtedness .. .. 16£ 499 4,450 Total United States Government securities 10,03(i 13, 071 4,565 Municipal warrants _ . 39 89 Total earning assets 29, 310 35,026 55, 866 5 per cent redemption fund—Federal reserve bank notes. 196 201 Uncollected items 14,507 18,166 14, 505 B ank premises 2,103 942 763 All other resources 3, 526 1,809 1,033 Total resources _ 140, 328 138,158 j 133,055 Federal reserve notes in actual circulation 64,952 58, 735 56,789 Federal reserve bank notes in circulation—net. 4,220 Dcposits: Member bank—reserve account. 46, 904 49, 310 43, 524 Government 2,416 800 2,964 Other deposits 497 916 477 Total deposits | 49,817 | 51,026 46, 965 Deferred availability items. 13, 482 16, 588 12, 919 Capital paid in 3,498 3,535 3, 569 Surplus 7, 484 7, 473 7,468 All other liabilities 1, 095 801 1,125 Total liabilities. 140,328 I 138,158 133,055 Ratio of total reserves to deposit and Federal reserve note liabilities combined (per cent) 78.4 74.7 58.5 Contingent liability on bills purchased for foreign correspondents... 646 929 864 1 Not shown separately prior to 1923. 412 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DISTRICT NO. 9 MINNEAPOLIS. 413 SCHEDULE 2.—MOVEMENT OF PRINCIPAL ASSETS AND LIABILITIES DURING 1923. [Amounts in thousands of dollars.] Bills discounted for member banks. Date. ( e 2 a T a s + r o s n 5 e t i + a t n l 6 s g )Total. c U G B e u b s r i . o r e n y l S e v l - - s . d - c O b o d t i i u h l s l n - e s t r - (b m o B o k p i u i e a n e l g t r l n . s h - t;U s S e t n t i c a e i u t t s e r e . i s d - s T e c r r o a e v s t - e a h s l . r b d M e a e s i b p t n e e e s o m r k r . v s s - - e ' d T e i o t p s t o . a s l - r i e n c t n F e i s u o o e r e c l t a d n r a e i l v r - - . s - e s c a p R e e g e e r n e r - v s t - - . e ment ed. obliga-| tions. 10 11 Jan. 3. 1 38, 60121,251 2,413 18,838 17,311 82,337 50,948 56, 219 59, 539li 71.1 10. 2 35, 39819, 565 1,686 17,879 15, ~" 83, 296 49,372 55,292 58, 742, 73.0 17. 3 29.690 18,3721 1,050 17,322 11, 308] 49, 388 54,336 57, 604 77.4 24. * 27,396 18, 602 1,073 17, 529 8, 790 90,389 50,306 55,105 56,398 81.1 31. 28,982|18,9091 2,102 16,807 132| 9,941 87,764 48, 552 52,974 55,540 80.9 Feb. 32, 288 19,374 1,490 17,884 1, 10,932 82,297 48,525 51,964 56,077 76.2 14. 32,028 17,073 731 16, 342 4,012 10,943 84,344 51, 367 55,335 55,854 75.9 2 2 1 8 . . 3 3 5 3 , , 3 2 5 8 9 0 1 16 8 , , 7 0 9 2 3 2] 4 7 8 7 9 9 1 15 8 , , 5 0 3 1 3 4 5 4 , , 1 9 0 5 8 9 1 12 1 , , 4 2 5 9 8 9] 8 8 1 0 , , 3 7 6 1 1 4 4 5 6 1 , , 0 5 5 2 0 6 4 55 9 , , 8 2 4 5 0 9 ] ! 5 55 5 , , 9 6 3 2 9 3 7 76 3 . . 2 5 Mar. 7. 33,409 16,575 1,468 15,107 4,182 12, 652 85,170 51,776i 55, 825' 56,446 75.9 14. 34, 671 17, 0791 1,489 15, 590 3,927 13, •" 82,511 52,195] 55,147 55, 885 74.3 21. 39, 21421, 083 4,350 16, 733 3,197 14,934 79,""" 53,440 56, 330) 56,143 71.1 37, 630 19, 758 2,647 17, 111 2,797 15, 075 77,847 49, 252 52,375 56,032 71.8 Apr. 4. 37, 876 20,466 3, 572| 16, 894 2,275 15,135 78, 726 50,056) 52,845 57, 069 71.6 ll 36, 436 19,104 16, 007 1,997 15,335 80,412 50, 390 53,059 56,5! 73.3 37, 859 20, 615 4^633 15, 982 1,669 15, 575 80, 603 50, 6421 54,922) 56, 386) 72.4 25. 38, 304 21, 723 4,038 17, 685 1, 217 15, 364 75,313 47,978j 50,416) 56,011 70.8 May 2 2 1 2 9 3 9 6 . . . . . 3 4 4 3 3 0 9 0 7 9 , , , , , 9 1 0 6 6 3 9 0 0 6 ' 4 0 9 3 2 2 2 2 2 5 2 3 5 5 , , , , , 9 0 8 7 3 5 1 1 1 5 1 8 4 7 9| 4 5 6 6 6 , , , , , 0 1 3 5 3 1 2 9 0 6 0 5 5 5 8 2 1 1 1 1 0 7 8 8 9 , , , , , 4 3 3 6 6 4 2 4 8 5 6 2 9 9 0 6 2 8 0 7 1 1 2 1 | 1 1 1 1 1 4 4 4 4 4 , , , , , 9 8 5 5 5 8 6 9 6 8 6 4 0 5 4| 7 7 7 7 7 1 4 2 3 5 , , , , , 9 1 1 6 8 3 2 1 7 1 5 5 3 3 9 4 4 4 4 4 6 8 7 9 6 , , , , , 0 9 8 5 8 4 7 5 4 1 5 1 6 3 0 ) 1 4 4 5 5 5 8 9 0 1 1 , , , , , 1 4 5 4 4 3 6 9 2 9 6 0 4 J 9 0 j | 5 5 5 5 5 6 4 5 6 5 , , , , , 1 5 3 3 0 5 5 6 7 9 3 0 7 2 2 7 6 7 6 6 0 9 7 8 1 . . . . . 7 5 6 5 5 June 6. 38, 702 23, 570 4,810 18,760 15,132 72,568 46, 773) 49, 550) 54,936| 69.5 13. 37, 011 23, 476 4, 452' 19, 024 13, 53." 70, 610 45,0091 46, 446) 54, 373 70.0 20. 40,89" 28,416 8,986| 19,430 12, 481 66,970 46,139) 47, 2691 54, 776) 65.6 27. 41,014,28, 399 7, 282 21,117 12, 615 66,181 44, 575 46,137) 54,391 65.8 July 3. 42,922 29, 545 13, 377 68,107 46, 811 48, 085) 56,198 65.3 11. 43,114129, 729 13, 385 65, 830 45, 897 47, 500 56, 965 63.0 18. 40,163( 29,178 6,835| 22,343| 10, 985) 67,408 45,911 48, 258! 56,194 64.5 25. 40, 249 28, 945 22,154| 11, 304 70, 04" 47, 550 49, 989 55, 595 66.3 Aug. 38, 996 27, 586 4, 727) 22, 859 11,410 67, 26' 43, 847 46, 038; 55, 010 8. 41, 072129, 227 6, 851 22, 376 11,845 68,196 48, 007 49, 300| 55, 008 65.4 15. 42,108 30, 293 7,807 22, 486 11,815 67, 879 48, 534 49, 8121 54, 813 64.9 22. 41, 996 29, 431 6, 982| 22, 449 12, 565 66, 797 46, 967 48, 8031 55, 07" 64.3 29. 41, 774 28, 947; 6,915! 22, 032 12, 82' 67, 559 46, 639 48, 5531 54, 755) 65.4 j Sept. 5 i 39, 401 26, 5451 5, 529 j21, 016 12, 856 67, 830 43, 602 44, 2801 56, 691 67.2 12 ' 42, 701 29, 829 7,963 21,866) 12, 872 68, 569 47, 688 49, 590! 57,163! 64.2 19 40, 51r 27, 365 4,498 22, 867 13,152 69, 414 45,0781 45, 578! 57, 954 67.0 26 44, 094 29,711 7,379 22,332) 14, 3! 69, 356j 46, 6591 48, 439! 58, 002 65.2 I I Oct. 3. I 42,092!28, 4251 7, 584j 20,841 50| 13, 617' 73,4371 48,101 59, 219 67.5 10. 43, 35"'29, 419 8,648j 20,771 51j 13, 88' 70, 792) 47, 846 49, 557i 59, 33' 65.4 17. 43, 25029,311 9,037! 20,274 50, 13, 889; 71, 753 46,468; 48, 898| 59, 496| 66.1 24. 44,006 30, 0701 6, 507j 23,563, 51 13, 88c 71, 579 47, 418| 48, 985! 59, 379 65.5 31 _ 34, 403 26,8491 3, 637 23, 212! 51 7,503 81, 716| 46, 7551 49,912; 59,126 74.6 j 50, 364! Nov. 7. 31, 642 23,753! 3,613 20,140 511 7,838 88, 701 51,885 53, 573| 60, 889 77.5 2 2 1 8 1 4 . . . 3 2 3 2 9 1 , , , 6 2 7 1 8 9 1 7 0 2 2 2 1 4 4 , , , 7 2 3 4 7 5 5 1 0 1 | j 5 5 2, , , 6 9 6 4 1 4 3 1 1 1 8 8 8 , , , 8 6 7 3 2 4 2 7 2 5 5 5 0 1 1 i 7 7 7 , , , 3 8 9 9 6 1 0 5 5 8 8 8 6 8 4 , , , 3 3 2 3 5 2 0 6 4 ; 4 4 4 8 9 6 , , , 6 9 7 1 0 3 1 7 9 5 5 4 0 8 2 , , , 1 2 2 6 1 4 6 3 0 1 : 6 6 6 1 0 1 , , , 1 9 2 2 5 7 4 3 3 ] 7 7 79 5 7 . . . 0 7 9 Dec. 30,019121, 602^ 4, 664; 16, 838 41 8, 376 87,987 47,19' 49, 043! 62, 619 78.8 12. 28, 016 19, 597 16, 307' 41 8,378 90, 290 47, 619) 50, 096; 63, 538 79.5 19. 30,102 21, 71'07:i 6^ 769 14,941 6 8,386 88, 462 47, 3561 48, 422! 65,143 77.9 26. 31, 665 22,831' 6, 413 16,418) 182 8,652 87,111 47,118! 49, 937[ 66, 749 74.7 Daily average. __ 37,120| 24,103j- 762 12,254i 7,262 47,781) 50,220| 57,44.2) 71.8 1 Including $39,000 of municipal warrants. 4 Including $4,000 of municipal warrants. 2 Including $24,000 of municipal warrants. 5 Including $1,000 of municipal warrants. Digitized for FRAS3 EInRcl uding $10,000 of municipal warrants. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

414 ANXUAL REFORT OF THE FEDERAL RESERVE BOARD. FEDERAL RESERVE BANK OF MINNEAPOLIS MILLIONS OF DOLLARS MILLIONS OF DOLLARS 120 s i I T ! 120 F. R. NOTE CIRCULATION 100 • 100 so 60 UNITED STATES SECURITIES DISCOUNTS FOR OWN MEMBERS 1921 1922 1923 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DISTRICT ISTO. 9 MINNEAPOLIS. 415 SCHEDULE 3-—VOLUME OF DISCOUNT AND OPEN-MARKET OPERATIONS. [In thousands of dollars.] Bills discounted for member banks. Month. b S y e c U u . r e S d . ;' Bankers' Trade t A ur g a r l i c a u n l d - Demand Tota . Govern- accept- acjept- livestock and sight All other. obl m ig e at n i t ons.1 ances . arlces. paper. drafts. January 10, 960 4,224 2,9 0 3,826 February 9. 669 2,340 ! 1,1Ml 6,199 March 13, 012 10,361 ! 1,686 ! 5,965 April 21, 695 11,655 i 6 2,8?3 7,211 Mav 33,411 22,684 20 4.0SI 6,646 June 34, 4S4 24,976 4,023 5, 480 July 25, 776 17,529 5 3, 332 95 4,815 August 26, 484 19,685 ; 6 1,931 | 175 4,687 September 29, 240 20.093 i 10 1,478 ! 163 7,496 October 32 914 19 940 11 3, 196 1 45 9,722 November 22, 859 16,248 6 3,106 248 3,251 December, ... 24. 550 15,171 1•" """ 3,447 33 5, 899 Total: 1923 J 290, 051 184,906 ! 33,123 759 71,197 1922 193,014 86,029 ; 173 46. 951 59, 861 1921J 730, 662 314,276 i 903 2,696 106,266 306, 521 ! Bills bought in open market. U. S. securities Total discount and openpurchased. market operations. Mui nicipal Month. I wari rants Bankers Dollar Trade Bonds tificatesi pur- Total. accept- ex- accept- and of in-J chased. 1923 1922 1921 ances. change ances. notes. debted ness, January 132 132 ! 4,874 44, 179 30,145 26, 080 81, 980 M Fe a b r r c u h a ry . . 5,259 5,224 35 0 3 ;9 9 8 4 9 Q 3 1 0 3 2 5 L 21 8 , , 5 0 6 5 3 2 2 2 5 0 , , 8 7 9 1 0 2 6 66 9 , , 3 5 2 5 7 1 April i 1, 167 2, 247 25,109 20, 477 65, 359 Mav 3. 554 1, 133 ?8. 098 23, 785 68,131 June ! 2,512 934 37| 930 29, 459 68, 662 July _ 1 2.311) 647 28, 742 16,177 52, 388 August 9, 479 489 29, 452 18, 760 57, 260 September 02« 898 33.164 22, 685 52, 565 October 50 I 50 j | 1.605 298 1 34.867 20, 626 57, 555 November 1 1385 1,574 i ! J15, 818 14, 866 49, 844 December 623 623 | 3 514 5,084 3,771 33,996 46,981 Total: 1923.. 6,064 029 ! 35 32.673 57, 920 i 386.711 1922 . 49 372 38, 061 66 273, 513 1921.. 39 39 1031 4,782 89 736, 603 ! Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

416 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. SCHEDULE 4.—VOLUME OF BILLS DISCOUNTED FOR MEMBER BANKS IN EACH STATE. [Amounts in th ousands of dollarS.I Number Number of of member Month. M g i a c n h .1 i- W s i o s n co .1 n- M s i o n 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. m b d a i e n s m t k r b s ic e i t r n m a b o c a c d n o a k m t s e - d at end of during month. the month. January 308 235 6,490 608 1,351 1,968 10, 960 1,013 274 February . . 25 133 7,512 400 788 811 % 669 1,012 174 March 485 14 746 494 1,123 1,164 13, 012 1,010 209 April... . . 25 460 17, 736 750 1,589 1,135 21, 695 1,009 242 May.. 142 397 27, 438 1,183 1,930 2,321 33,411 1,004 292 June 470 632 27 534 1 248 1,829 2 771 34, 484 1,006 314 July. 208 163 19, 689 1,545 2,073 2,098 25, 776 999 328 August . _ 103 105 21,515 1,868 1,362 1,531 26, 484 993 294 September ... 137 120 25, 111 1,420 1,503 949 29, 240 991 215 October 291 185 28, 204 1, 376 1,946 912 32, 914 987 253 November 301 272 17, 346 1, 724 2,048 1,168 22, 859 979 264 December 398 393 18,878 1,660 2,052 1,169 24, 550 979 284 Total: 1923- 2,408 3,580 232,199 14, 276 19, 594 17, 997 290. 054 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, 531 730, 662 Number of member banks at end of year: 1923 49 56 375 188 147 164 979 1922 ^9 58 377 188 153 189 1,014 1921 49 57 375 188 155 200 1,024 Number of member banks accommodated: 1923 18 25 161 118 105 132 559 1922 18 29 222 145 127 165 706 1921 22 27 254 152 145 165 765 1 Figures relate only to that part of the State located in the Minneapolis district. SCHEDULE 5.—EARNINGS AND EXPENSES. 1923 Discounted bills. $1, 088, 89'3 $1, 451, 659 $4, 649, 554 Purchased bills 31,414 13 United States securities 520, 721 383, 531 142, 001 Deficient reserve penalties. 91, 943 128, 087 157,158 Miscellaneous 16, 273 5, 971 17, 585 Total earnings- 1,749,253 r 1,969,248 4. 966, 311 CURRENT EXPENSES. Salaries: Bank officers 113, 236 107, 977 115,499 Clerical staff 460,128 463, 390 517, 448 Special officers and watchmen 24, 04*1 22, 281 23, 618 All other 35, 756 16, 446 18, 807 Governors' conferences 6(16 467 770 Federal reserve agents' conferences {'0 267 403 Federal Advisory Council 1, 195 1,140 908 Directors' meetings 9, 507 11, 407 11, 902 Traveling expenses l 32, fr:9 21, 470 35, 505 Assessments for Federal Reserve Board expenses 23, 704 24, 945 25, 554 Legal fees 14, 149 11, 592 11. 628 Insurance (other than on currency and security shipments) 30, 4'74 25, 792 30, 818 Insurance on currency and security ship .nents | 11, 409 9, 497 7,210 Taxes on banking house 1 1, 5')3 1, 578 1. 964 Light, heat, and power ! 1, 836 902. 1,556 Repairs and alterations, banking house 196 1, 667 1,015 Rent 46, 699 44, 038 44, 128 Office and other supplies. 23, 860 21, 954 29, 921 Printing and stationery .. 36, 757 42, 515 67, 151 Telephone 6,988 7, 090 7,248 Telegraph '.. 25,757 i 21.697 23, 494 1 Other than those connected with governors' and agents' conferences and meetings of directors and of Digitized forth Fe RadAvSisEorRy council. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DISTRICT 1ST0. U MINNEAPOLIS. 417 SCHEDULE 5.—EARNINGS AND EXPENSES—Continued. 1923 1922 1921 CURRENT EXPENSES—continued. Postage _ $90, 303 Expressage 7,955 $95, 002 $96, 584 Federal reserve currency: Original cost, including shipping charges 40,005 53, 334 124, 584 Cost of redemption, including shipping charges. 10, 622 16, 765 16, 552 Taxes on Federal reserve bank-note circulation 14, 260 26, 980 All other expenses 32, 622 47, 469 » 84, 620 Total current expenses. 1, 082,137 1, 084, 942 1,325, 867 PROFIT AND LOSS ACCOUNT. Earnings _ 1, 749, 253 1, 969, 248 4, 966, 311 1, 082,137 1, 084, 942 1, 325, 867 Current expenses _ 667,116 884, 306 3, 640, 444 Current net earnings 8,327 41, 231 17,264 Miscellaneous additions to current net earnings. Deductions from current net earnings: 40,405 9,713 5,275 Depreciation allowances on bank premises -. 200, 000 500, 000 Reserve for probable losses 53, 856 78, 058 Reserve for depreciation on United States bonds.. 23, 328 24, 640 Furniture and equipment 32, 399 30,431 1,279 Allother Total deductions.. 349,988 142,842 506, 554 Net deductions from current net earnings _ 341,661 | 101, 611 489, 290 Ne learnings available for dividends, surplus, and franchise tax 325,455 782, 695 3,151,154 Dividends paid 212, 733 213, 774 211, 657 Transferred to surplus account 10 1 1 1 , , 2 4 7 5 2 0 4 4 5 5 12 6 , , 8 0 9 2 2 9 2,4 4 5 8 0 8 , , 9 5 6 3 7 0 Franchise tax paid United States Government 2 Includes $53,368, for furniture and equipment which since 1921 has been charged direct to profit and loss . 3 Included with current expenses prior to 1922. 4 Bank also charged its surplus account and paid the United States Government $52,423 as an additional franchise tax for 1921. SCHEDULE 6.—VOLUME OF OPERATIONS IN PRINCIPAL DEPARTMENTS. 1923 1922 1921 NUMBER OF PIECES HANDLED. Bills discounted: Applications 7,875 0) 0) Notes discounted 35, 533 47, 933 109,195 Bills purchased in open market for own account.. 365 0) C C C h o u i e r n r c e k r n s e c c h y e a i r v n e e d c d l e e i a d v n ed d c a o n u d n c te o d unted 3 27 9 2 , , , 1 4 9 7 0 3 4 6 3 , , , 0 0 0 0 0 0 0 0 0 ~ 2 2 9 5 7 , , , 1 " 3 6 4 9 l 8 9 7 , ~ , 0 6 0 0 6 0 0 6 0 ' 2 2 1 3 5 3 , , , 7 2 4 0 7 1 6 6 6 , , , 0 0 0 0 0 0 0 0 0 Collection items handled: United States Government coupons paid 1, 747, 000 2, 435. 000 3,588, 000 Allother 340, 000 327,000 282, 000 United States securities—issues, redemptions, and exchanges by fiscal agency department 2 5,072,000 1, 277, 000 3,933,000 Transfers of funds __ 70, 000 3 28,000 3 23, 000 Envelopes received and dispatched. 2, 775,000 0) 0) AMOUNTS HANDLED. Bills discounted _ $290, 054,000 $193, 014, 000 $730, 662,000 Bills purchased in open market for own account 6,064, 000 39, 000 Currency received and counted 179, 737,000 """156,734," 666 165, 717,000 Coin received and counted 2, 203,000 2,157,000 3, 038, 000 Checks handled _. 3, 383, 365,000 2, 960,234,000 2, 942, 362,000 Collection items handled: United States Government coupons paid 10, 974,000 11,296,000 14, 347,000 All other 155, 783,000 137,087, 000 131,130, 000 United States securities—issues, redemptions, and exchanges by fiscal agency department 203,764,000 i 225, 517, 000 245,520, 000 Transfers of funds__^ *_ 2,189,155,000 j ; 1,640, 524,000 31, 307,121, 000 1 Daln noi •.•vaiuiule. 2 Ln.rgo iv..Traso due to redemption of war savings securities which matured Jan. 1, 1923. Digitized for F 3 ERxAclSuEsivRe of transfers to the 5 per cent redemption fund of national banks. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

418 ANXUAL REPORT OF THE FEDERAL RESERVE BOARD. SCHEDULE 7.—OPERATIONS OF FEDERAL RESERVE CLEARING SYSTEM. [Figures include cash items only. Number? in thousands; amounts in thousands of dollars.] Month. Ite d b m i a s n s t k r i s c d t. ra i w n n ow on n Ite t s o h m e t e h i s y i e r e r f o b F b r r w a e a d n a n e k r c d r s h a e e l a d s n r . e t d o - Ite U T m r n s e i t a e s d d u ra r S w e ta r n te s o . o n ! ! | Total.1 I Number.! Number, j Amount. Number, i Amount January | 2,110 < 233,38" 103 25, 295 50 I 082 2,263 267, 764 February j 1,749 ! 188,486 82 19,019 40 i 236 ! 1,871 213, 741 March j 2,242 i 255,579 25, 997 61 ! 332 : 2,400 288, 908 April j 2,128 ; 2*0.605 97 25, 774 527 ! 2.302 273. 906 May ! 2,170 j 249.055 87 26,458 796 | 2, 328 283; 309 June i 2,228 ! 255.794 95 26, 272 62 ' 224 ! 2,385 289, 290 July ! 2,055 i 241,927 103 29, 38G 61 j 458 ! 2,219 275, 781 August I 2,037 ; 234,109 25, 517 56 j 390 I 2,192 266, 016 September.__- j 1,989 : 247.075 26, 874 69 ! 520 I 2,154 282,469 October 2,334 ' 294,208 30,777 92 423 | 2,543 334,408 November i 2,118 ; 261.389 109 29, 209 69 | C53 ! 2, 296 298,651 December ! 2,276 257.939 114 27,096 C33 I 2,452 293, 668 Total: 1923 i 25, 436 • 2, 959. 55! ' 1,199 2 314, 674 770 93,684 27,405 3,367,911 1922....; 23,447 •• 2.562.07' ! 1,071 2 263, 743 550 116,758 25,068 2,942, 578 1921 J 21,995 : 2, 581, 57. ; i,O77 2 262,103 544 74,847 23,616 2, 918, 528 1 Exclusive of duplications on account of items handled by both parent bank and branch. 2 Includes 34,000 items aggregating $24,829,000: 4,000 items aggregating $2,411,000; and 62,000 items aggregating $61,730,000 forwarded direct to drawee banks in other districts during 1922,1121, and 1923, respectively. SCHEDULE 8.—CLEARINGS AND TRANSFERS THROUGH THE GOLD SETTLEMENT FUND. [In thousands of dollars.] Payments to Receipts from other Fed- other Fed- Week ending- eral reserve eral reserve Net loss. Net gain banks. banks. Jan. 4 (3 days) ! 19, £ 19. 675 88 11. 40, 263 37,917 2,346 ! 18. 37, 081 4L 480 4,399 25. 33, 968 37, OGi 3,093 Feb 1_. 37,948 j 34, 208 3.740 j 8.. 32,962 26,101 6,861 I 15.. 26, 368 28, 761 2,393 21 -. 28, 364 27, 342 1, 022 ----- Mar 1.. 32, 673 34.146 8.. 33,018 34,284 1,266 15_. 40,128 34, SCI 5,267 22_. 41, 224 41, 400 176 29.. 33,737 33,462 275 5.. 26, 359 27, 622 1,263 12.. 30, 071 34. 208 4,137 19.. 36, 368 31,885 4, 483 26.. 32, 446 30, 2,53 2,193 May 3_. 32, 760 33, 943 1,183 10.. 29.643 30,232 589 17.. 38, 325 36, 654 1,671 24.. 35, 663 33, 245 2,418 31.. 28, 540 29, CSS 493 June 31, 709 37,251 5,542 33, 659 27, 650 0,~609~ 39,409 35. 545 3,864 28. S54 34, 577 277 July 5.. 803 31, 5S1 1,778 12.. 792 29, 453 661 19.. 522 34,148 1,374 26.. 199 35, ,509 "310 810 29,800 10 525 28, 572 347 486 25. 709 2, 777 600 34, 687 87 508 33,154 2,646 Sept. 358 23, 788 568 oil 33, 924 1,4.13 958 35, 751 1, 207 065 36,683 ! 1, 618 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DISTRICT NO. 9—MINNEAPOLIS. 419 SCHEDULE 8.—CLEARINGS AND TRANSFERS THROUGH THE GOLD SETTLEMENT FUND—Continued. [In thousands of dollars.] Payments to Receipts from: Week ending— other Fed- e"aieresFe'v; Net loss. Net gain. banks. banks. Oct. 4 32, 550 34, 504 1,954 11 . . 35, 615 36,094 479 18 40. 281 36, 836 3,445 25 39, 51 i 46, 307 6,796 34,766 41, 623 6 857 8 34, 544 40,625 l 6,081 15 33, 326 30,246 i 3, 0S0 22 37,986 38, 347 361 28 33, 795 34,153 358 Dec. 6 34, 235 38,130 3,895 13 33,763 35, 716 1,953 20 39,145 37,910 1. 235 27 29,427 29,646 ----- 219 28-31 (3 days)-.. 18,054 18,523 469 Total: 1923 1, 754, 260 1, 764, 515 10, 255 1922 1, 566,083 1, 587, 557 __ _ _ 21,474 1921 1, 517, 488 1, 546, 650 29,162 Net gain in ownership of gold since establishment of fund in 1915, $49,795,000. SCHEDULE 9.—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. Loans and discounts, gross. Last report date in— United Statessecurities. Ail other 1922 1923 1922 1923 1922 January 247,447 246,148 51, 730 24, 753 30,806 20, 767 February.. 246,447 242,369 52, 509 31, 766 30,486 21,407 March 249, 373 235, 159 52, 775 34, 361 31,064 21,939 April 249,412 235, 950 50,849 36,145 30,434 21, 959 May 240, 097 235, 346 54, 072 34,164 29, 219 23,049 June 236,407 232, 500 55, 205 42, 498 29, 671 24,164 July 233,441 233, 064 53, 686 40. 371 29, 349 23, 798 August 234, 776 239, 447 52, 363 38, 889 29,137 26, 573 September. 244,154 243, 783 55, 022 40, 917 27, 620 26, 986 October 249, 354 243, 443 53, 366 41. 507 27, 388 27,465 November. 247, 575 251, 555 52, 671 41,142 26, 781 28, 845 December.. 240, 379 247, 387 53, 840 47.312 28, 746 28,889 Net demand deposits. | Time deposits. Accommodation at Federal reserve bank. Last report date in— 1923 1922 1923 1922 1923 1922 i January... 214, 403 175,030 84, 389 76, 205 2,668 6,179 February. 214, 735 177, 989 82, 641 76, 855 1,360 3,874 March 209,647 174, 230 83, 653 77, 382 5, 907 2,304 April 204,427 179,432 85, 312 76, 769 8,242 2,507 May 205, 822 184,126 84, 249 76, 536 11, 225 2,849 June 194, 525 186,643 83, 957 77,417 12,332 2,850 July 192, 776 186, 478 85, 531 77, 611 10, 453 2.732 August 192,170 190, 986 87,129 I 77, 716 9,648 2,879 September 197,835 198, 286 84,452 I 80, 803 13,828 3,306 October. _. 208,496 199, 449 82, 685 81, 793 12, 536 3,838 November. 206,104 203,471 83,802 82, 988 7,776 3, 520 December. 197, 019 207, 652 85, 309 84, 326 9,631 3,719 NOTE.—Figures are for about 28 banks in Minneapolis, Helena, Duluth, Fargo, Great Falls, La Crosse' St. Paul, and Sioux Falls, which submit weekly reports to the Federal reserve bank. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

420 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. SCHEDULE 10.—DEBITS TO INDIVIDUAL ACCOUNTS. [In thousands of dollars.] Summary for 9 centers.* Aberdeen, S. Dak. Month. 1923 1922 1921 1923 1922 1921 January _ 647, 312 492, 323 580, 703 5,345 5,081 9,330 February _ _ 510, 811 455,305 464,851 3,824 3,902 5,060 March 600, 805 556, 282 516, 962 5,065 4,822 6,396 April 596, 914 512,419 524, 033 5,051 5,196 5,626 May 634,217 546, 252 505, 338 5,490 5,416 5,711 June . 652, 341 569, 323 554,127 5,938 6,000 5,904 July . . . 593, 964 554,605 501, 752 5,653 5,782 5,508 August .. 598,206 580, 550 539,110 6,090 6,031 5.838 September. 635,309 654, 491 614,893 6,049 6,286 5,975 October. 700, 333 698, 732 622, 728 6,586 5,919 6,390 November 664,498 633, 665 543,110 5,902 5,340 5,840 December _ 660, 760 710, 631 573,961 6,258 6,471 6,476 Total.. 7, 495, 470 6, 964, 578 6, 541, 568 67, 251 66, 246 74,054 Billings, Mont. Dickinson, N. Dak.* Month. 1923 1922 1921 1923 1922 1921 January _ _ 8,810 7,106 8,038 1,582 February 6,593 5,592 6,154 1,080 758 March _ __ __ 8,525 6,381 7,218 1,430 1,153 April 7,996 6,356 7,573 1,371 1,305 Mav.- - - 8,382 6,576 7,331 1,559 1,051 June 7,741 7,419 7,286 1,192 1,002 July 8,244 7,353 7,147 1,412 1,222 August 7,879 7,303 6,845 1, 305 1,330 September 7,538 7,082 7,195 1,393 1,274 October. _ 9,020 8,418 8,283 1, 668 1,645 November . _ 8,146 9,028 8,103 1, 783 1,668 December _ 8,495 10, 607 8,602 1, 680 1,793 Total.-. 97, 369 89, 221 89, 775 17, 455 14, 201 Duluth, Minn. Fargo, N. Dak. Month. 1923 1922 1921 1923 1922 1921 January _ __ 67,130 46,412 87,045 11,697 9,030 9,225 February _ 53, 627 42,490 57,127 8,415 7,433 9,171 March 61, 801 58, 386 59, 687 11, 729 9,745 11,183 April . 69, 772 51,487 67, 582 12,009 10, 284 10,979 May 84,179 69,083 68,876 13,045 11, 247 10,952 June 93, 739 77, 276 76,602 13, 332 11,316 10,934 July 77, 715 65, 445 66,169 11,713 11, 676 11, 304 August 70, 654 77, 927 73, 531 12,109 12, 791 11, 500 September 87,962 105, 005 111, 754 12, 392 13,493 11,840 October 90, 441 105, 449 92,050 15,056 14, 280 12,873 November 94,115 96,423 82,044 13,198 12,021 11,450 D ecember 69, 984 89,197 68,186 13,109 11, 597 10,851 Total 921,119 884, 580 910, 653 147,854 134,913 132, 262 Grand Forks, N.Dak. Helena, Mon1 Month. 1923 1922 1921 1923 1922 1921 January 7,850 5,481 5,181 11,318 10,660 11,952 February 5,563 4,453 4,209 10,175 8,568 8,278 March 7,963 5,827 5,147 9,369 8,415 9,583 April 7,936 6,275 4,996 7,718 8,571 8,820 May.. _ 7,758 6,174 4,601 8,976 8,870 8,035 June 7,768 5,699 4,795 9.087 9,094 10, 629 July 7,229 5,439 4,957 9.173 9,639 9,870 August 7,305 6,318 4,997 9, 787 9,447 10,427 September. _ 8,293 7,781 6,051 8,008 9,336 11, 090 October. _ 10, 515 10, 622 8,499 10, 323 10, 979 12, 642 November 8, 916 8,387 7,770 9,489 11,070 11, 330 December 7,690 8,555 7,061 9,957 13, 698 15, 354 Total 94, 786 81,011 68, 264 118,380 118, 347 128, 010 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. 421 SCHEDULE 10.—DEBITS TO INDIVIDUAL ACCOUNTS—Continued. [[In thousands of dollars.] Jamestown, N. Dak.* Lewistown, Mont.* Month. 1923 1922 1921 1923 1922 1921 January 2 442 5, 901 February 1, 566 1,385 3, 456 2,871 Mi arch 1 862 1 581 4 995 3 081 April 2,352 1,893 4. 635 3,162 May 2,110 1,801 4.020 2.924 June 1, 998 1.925 3,716 3,149 July 1,992 1,869 3,962 3, 251 August 2,179 1.981 3, 523 3,348 September 2,211 | 2,144 3, 697 4,993 October 2, 515 ! 2 342 4. S77 6, 705 November 2, 367 2,155 5,12/ 6,161 December 2,137 2,451 8.900 Total 25, 729 21, 527 •17, 909 48,545 Minneapolis. Minn. Minot, N. Dak.* Month. 1923 1922 1921 1923 1922 1921 January 348, 571 263, 320 320, 867 4,821 February 261,922 250, 487 258, 662 3, 088 2,549 March 306, 702 299,324 288, 842 3,912 3, 587 April 311,353 275, 383 288, 323 3,978 3,685 .... May 326, 414 286, 922 275, 653 4,187 3,330 June 317, 838 280 435 307 020 3,868 3,329 July 296, 945 276, 775 267, 518 4,842 3,687 August 300, 538 292, 781 303, 873 4,521 3,939 September 336,186 336, 043 333,129 4,349 4, 747 October 377, 697 356,016 336, 457 5,178 6,323 November 348 131 321 796 288 724 4 662 4 942 December 352, 648 369, 553 311, 532 4,035 5, 233 Total 3, 884, 945 3, 608, 835 3, 580, 600 51,441 45, 351 Red Wing, Minn.* St. Paul, Minn. Month. 1923 1922 1921 1923 1922 1921 January 2,241 179,114 138, 851 120,427 February 1, 650 1,689 153, 677 126,443 108,157 M arch 1,909 2,016 181, 252 155,934 120,438 April 2,137 1,925 167, 046 142, 235 121,581 Mi ay 2,245 1,915 172, 401 145, 052 116,071 June, 2,476 2,433 189,128 164,894 122, 751 July 1,974 2.082 169, 326 165,484 121, 063 August 2,120 1,950 174, 387 160, 208 114,803 September ' 2,185 2,029 160, 408 161, 486 119,442 2,548 2,302 171,910 178, 534 137,252 November 2,242 2,267 168, 642 162, 266 119, 932 December 2,717 2,639 184, 368 192, 597 137, 618 Total 26, 444 23, 247 2,071, 659 1, 893,984 1,459, 535 Sioux Falls, S. Dak.* Superior, Wis. Winona, Minn.* Month. 1923 1922 1921 1923 1922 1921 1923 1922 1921 January 17. 803 16, 561 19,553 7,477 6,382 8,638 9 127 4,105 3 984 February. __ 13, 528 11,750 16,967 7,015 5,937 8,033 4,453 3,263 3,866 March 18, 642 14,179 20, 622 8,399 7,448 8,468 4,714 4.270 4,562 April 15, 223 13,157 17, 945 8,033 6, 632 8, 553 4, 529 3. f395 4,417 May_. 15,198 14, 342 16,967 7,572 6,912 8,108 4,749 4,(153 4,214 June 16,474 13, 843 18,744 7,720 7,190 8,206 5,218 5,184 4,447 Julv 14, 255 15, 515 17,572 7,966 7,012 8,216 5,248 4, ()43 4,833 A Se u p g t u e s m t ber 1 1 4 4 , , 6 9 9 6 3 2 1 1 3 4 , , 7 2 4 2 8 3 1 1 6 5 , , 7 5 2 7 2 3 9 8 , , 4 4 5 7 7 3 7 7 , , 7 9 4 7 4 9 8 7 , , 2 4 9 1 6 7 4 4 , , 4 27 8 6 3 q • ' 1 9 7 7 6 4 4, , 1 1 5 3 7 9 October 15,991 15, 202 17,133 8,785 8,515 8,282 4,959 4,*86 4,854 November 16,165 14, 375 15, 726 7,959 7, 334 7,917 5 080 4. .f46 4,293 December __ 17, 353 16,911 17, 384 8,251 8,356 8,281 5,112 5,192 4,666 Total 190,285 173,806 210, 908 97,107 87,441 98,415 61.948 52,710 52, 432 NOTE.—Centers which have not reported continuously for the 18 months ending Dec. 31, 1923, are not included in the table. Digitized for FRASER S6538—24f 28 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DISTRICT NO. 10—KANSAS CITY. SCHEDULE 1.—COMPARATIVE STATEMENT OP CONDITION. [In thousands of dollars.] Dec. 31, Dec. 30, Dec. 31, 1923. 1922. 1921. Gold with Federal reserve agents 41, 920 55,031 28,042 Gold redemption fund with United States Treasury 3, 390 2,354 3,474 Gold held exclusively against Federal reserve notes . 45, 310 57, 385 31,516 Gold settlement fund with Federal Reserve Board. 47, 054 30, 768 33, 764 Gold and gold certificates held by banks... 3,142 2, 682 2,517 Total gold reserves 95, 506 90, 835 67, 797 Reserves other than gold.. 3,241 3,902 6,861 Total reserves _ 98, 747 94, 737 74, 658 Nonreserve cash _ 3,044 0) C1) Bills discounted: Secured by United States Government obligations.. 11,203 7,352 17, 839 Other bills discounted 30, 664 19,192 52,140 Total bills discounted.. 41, 867 26, 544 69, 979 Bills bought in open market. 545 402 1,337 United States Government securities: B onds 6, 332 4,091 8,867 Treasury notes 7.572 23,468 2 1 Certificates of indebtedness 514 11, 630 5, 386 TotalUnited States Government securities. 14, 418 39,189 14, 254 Municipal warrants 150 Total earning assets. 56, 830 66,135 85, 720 5 per cent redemption fund—Federal reserve bank notes. 200 889 Uncollected items -| 34.340 47, 968 40, 926 Bank premises J, 4,595 | 4,695 4,400 All other resources .1 570 | 665 518 Total resources _ 198,132 214,400 j 207, 111 LIABILITIES. i j Federal reserve notes in actual circulation ...! 67,165 Federal reserve bank notes in circulation—net j Deposits: Member bank—reserve account Government Other deposits Total deposits . Deferred availability items. Capital paid in Surplus.. All other liabilities._ Total liabilities Ratio of total reserves to deposit and Federal reserve note liabilities I combined (per cent) j 68.1 50.5 1,536 Contingent liability on bills purchased for foreign correspondents.! 817 t Not shown separately prior to 1923. 2 Victory notes. 422 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DISTRICT SO. 10 KANSAS CITY. 423 SCHEDULE 2.—MOVEMENT OF PRINCIPAL ASSETS AND LIABILITIES DURING 1923. [Amounts in thousands of dollars.] Bills discounted for member banks. Bills Date. e a T a ( + s 2 r o s n + 6 t e i a ) 5 t n . s l g Total. c m U G e u b s r o e . r e y n S e n v - - d . t - c O b o d e t i u i d h l s l n . e - s t r - b o m o B k p u i e i a n e l g t r l n . - s h t! I j i I U s S e t n t i e a e i u t t s r e e . i s d - j I ! ! j : s T e c r o r a v e t s - e a h l s , j i j i j i r d b M e e a b s i p n t e e e s o r r k m . v s s - - e ' d T e i o p ts t o . a s l - r l c e n a F e i s o t i r r e e i n t c a o d r e u l v n - s - e . s c a p R e e g e r n e e r v t s - - e - . obligations. 10 11 Jan. 3 80,293] 34,733 15,978 18, 755; 45,158! 90, 522! 84, 968 96,976 70,328 54.1 10 68,27l! 25,046 8,380 16,666' 43,114! 99, 205! 83, 377 92, 267 68, 532 61.7 17 62,653J 19,049 2,954 16, 095! 43,519: 100,790! 80, 968 87,8011 67,215 65.0 24 I 57,181 18,572 4,768 13, 804 38,524: 104,892,! 80, 449 86,606! 66, 701 68.4 31 _| 55,2151 16,609 2, 93813,671 38,521! 106,649! 77, 846 84,012 65, 677 71.2 I I Feb. 7 56,682; 18,074 3,324 14, 750 38, 523| 105,141! 82, 072 86,424 66, 580 68.7 14 56,684! 18,076' 4,328 13, 748 38, 523 i 108, 666! 87, 540 90,921 65, 981 69.3 21 60,225! 17, 687 4,181 13, 506 42,453! 100,789) 82, 460 85, 908 65, 681 66. 5 63, 9S4! 17,851 4,683 13,168 46,058' 97,277: 81,960 85, 500| 65, 298 64.5 Mar. 7__ 65,573' 18,7841 5, 4Ioj 13,368 45,712! 96,336! 82, 459J 86, 408 65, 234 63.5 I4__ G8,487| 21,8981 7, SS3j 14.015 45,512j 94,110! 83, 895 88, 459 64, 539 61.5 21.... 66,915; 27,035i 11,2681 15,767 38.803: 96,1281 83, 233 89, 4721 63, 759 62.7 61,312! 22, 818| 6, 816J 16,002 37, 417! 94,144| 80. 295 82, 6751 62,631 64.8 Apr. 66,288! 28,157; 12, 5141 15,64' 37, 90G 93, 739! 84, 920 87, 814 62, 719 62.3 11 GO, 3l0| 22,329' 7,4121 14, 911 ;7,906! , 203i 79, 7441 82, 872 62, 548 66.2 IS 66,974! 29,033| 11,193 17,840 87, 866! 91, 364! 82, 504 85, 658 61, S89 61.9 67, 27Gj 31,144; 12,378; 18, 7661. 36,132s 86,651! 79,988 82,820! 61,379 60.1 May 2 69,422! 33,810; 12, 624J 21,186j 35, 612 84, 366! 78, 721 81, 529 61, 208 59.1 69.146! 34,026' 11,6611 22, 365j 34,991 84, 502' 80, 620 82, 775' 61, 253 58. 7 16 _ 74,721! 39,844! 15,666 24,178 34. 748! 79. 957; 80, 968 85, 549 60, 560 54.7 23 78, 425i 45,079! .18,774 26,305 33, 217! 75, 678: 82, 066 88, 257j 00, 589 50.8 79,678! 46,404! 19,324 27,080 33,145! 72,128; 81, 060 85, 550 59, 915 49.6 ! June 0_ 71 >21 lil 1/ 0 i 2- 180 79, 287 82, 229J 60, 432 53.2 13- 7T5 IC '•" 9S 03 7t 4) 79,7121 81, 779j 59, 745 54.7 20 71 7 2 ¥ 22 19, >U t J S 79, 754 j 81,918; 60, 371 51.9 4M 19 A 20,4 0 7 S, 77, 569 79, 794| 59, 946 52.9 July 1 ) r 10 2* 80, 3361 82, 327: 60, 939 57.3 •>/-$ 4<M 7 1(> 81, 243 83, 172! 01, 089 59.3 79, 833 83, 20o! 61, 297 61. 1 97, t J 82, 090! 85, 777; 60, 678 66.5 Aug. V 0 o 1'"^ 10 >l '- 101 4" 79.533! 82.621; 59,994 71.0 Si )2M SS KiOh' ^^ "> "- 79,008! 81.267; 60. 093 j 69.3 4 i m /I 74 io 1 i) 78, S79| 82, 102! 60'. 5891 69.3 >(< "7 i 11' ; t r / < t' 80,3601 82,996' GO. 906! C7.4 ( -\< •y i> (K 1 78.093J 80,374! 03^598,68.2 _ l 01 81, 132j 83.076 63,997 68.0 1*> 7 ">) 2~ 1/77 7 . 7 8 .8 3 1 8 6 8 8 0 0 ^ . 5 0 7 3 0 9 6 66 3 33 , ,3 7 30 9 08 3 8 6 6 8 3 . . 8 5 26 2^.7 \ S S 1 c ) 78,753! 81,451; 62,552 61. 8 3 0/ 90 SO 79,500| 81,132 63,063 60.2 1S<J u 75,9421 77,425: 62,852 61.7 r " ' > 4 I j , ^ l J(i ( " ) f ( ] I 2 2 )•* 1 ^* ,-2) 7 7 7 7 3 5 8 3 , , , , 7 2 7 2 | 6 1 1 7 7 3 3 1 1 | 8 7 7 7 , 7 0 7 7 , , , 1 7 7 1 5 1 5 1 8 8 8 i: : 6 6 6 6 , 2 3 ] ] , , , 5 2 4 4 0 6 3 3 3 2 6 6 5 5 5 7 7 5 . . . 2 8 0 Nov. 7_ ()fii Q 3^^ 2 10» ( -0 s^ f 91 75,387 77, 409, 62, 591 57.6 1 66 (V) 18, J > 21 0^ C , J4 S2, 0 3 73, 433 76, 576! 65, 138 57.9 67 242 5% 7 *> 2° 30^ 11) o 79 8), 074 77,921 80, 571! 63, 95' 59.6 f 7 113 >J, }J> 21 5 J 710 6, "11 >°, 149 72,996 76, 525j 64, 336 59.0 Dec. 70,868! 62,367! 27,0821 35, 285| 785: 7, 716| S3, 7741 76, 400 79,193! 65, 669 57.8 66,200! 57,230; 22,238 34. 992; 740 i 8,2301 85,789! 75, 393 78, 688! 60,1 59.4 65,710; 57, 0071 22,895 34,1121 705 ~! 89,542; 76, 775 78, 791' 67, 494 61.2 63, 339| 49,651- 18,599 31, 052! 670! 13, 018J 92, 758J 75, 240 77, 375 68, 994 63.4 Daily average. 2 63, 943! 39,861' 689! 23, 3471 90,316| 80,560 84,195, 63,369 61.2 5 Includes $266,000 of municipal warrants. 1 Includes $46,000 of municipal warrants. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

424 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. FEDERAL RESERVE BANK OF KANSAS MILLIONS OF DOLLARS MILLIONS OF DOLLARS UNITED STATES SECURITIES 5 .^ ^ <<£ ^3 > S 1921 1922 1923 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DISTRICT NO. 10 KANSAS CITY. 425 SCHEDULE 3.—VOLUME OF DISCOUNT AND OPEN-MARKET OPERATIONS. [In thousands of dollars.] Bills discounted for member banks. Month. Total. m b G S y e e o n c v U t u e . r r o e n S b d - . - B a a a c n n c c k e e e p s r t . - s' a T a c n r c c a e e d p s e t . - a c n u A s d l t g o t l u r c i i r v k - a e l - De s a i m g nd h a t nd All other. ligations. paper. drafts. Januarv 41, 374 36, 649 2,966 1, 759 Februarv 26, 494 21, 065 • 38 2, 538 2,853 March 48, 663 37, 020 10 5,261 6,372 April 53, 932 40, 788 5,909 7,235 May 77, 662 61, 064 79 7, 855 8,664 June 91 864 74 588 50 8 963 8 263 July 82,173 68, 333 31 6,578 2 7, 229 August _ _ 52, 766 40,444 75 3,577 10 8, 660 September 73, 098 58, 314 4,819 9 9,956 October 115, 850 96, 267 107 8,182 23 11, 271 November __ ._ _ . 123,119 102,149 146 9, 520 307 10,997 December 114,131 96, 964 6 6,070 322 10, 769 Total: 1923 901,126 733, 645 75 467 72, 238 673 94, 028 1922 328, 019 206, 307 88 59, 475 62,149 1921 944, 074 630, 652 212 4,516 121, 869 * 186, 825 IT. S. securities Total discount and open- Bills bought in open market. purchased. , Munic- market operations. ipal war- Month. Total. a B a c n e a c c r e n s e p k ' s t - . - c D h o e 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 n te d d s s . d C i o e c e f b a r t t t i i e e n f s - d - - c r h p a a u n s r t e - s d. 1923 1922 1921 ness. Januarv 6 70,003 111,383 46, 254 100, 742 .February \ i 6,717 920 34,131 48, 225 91,629 M arch 75 75 436 3,500 52, 674 45, 558 112,114 A pril . _ 510 54, 442 27, 361 91,178 May - 129 129 883 52 78, 726 18, 770 73, 095 June 2,902 1,055 95, 821 32, 619 77, 410 July ! 825 47 83. 045 14, 641 69,109 August 1,012 1,012 6, 028 205 60,011 9, 550 60, 347 September 75 75 2,189 1, 652 266 77, 280 20, 286 72, 916 October 375 375 l' 011 28 117,264 32, 618 81, 730 November 260 260 632 31 124, 042 37,443 68, 47& December.. 90 90 7,323 903 122, 447 81,665 61, 591 Total: 1923.. 2, 016 2,016 28, 952 78, 906 266 i 1.011.266 1922 1,849 1,849 41, 298 43, 824 414,990 1921 5, 558 5, 558 800 9.149 758 960, 337 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

426 ANXUAL REPORT OF THE FEDERAL RESERVE BOARD. SCHEDULE 4.—VOLUME OF BILLS DISCOUNTED FOR MEMBER BANKS IN EACH STATE. [Amounts in thousands of dollars.] Month. s M ou i r s i - . 1 | | m W i y n o g - . ! ! b N ra e s - ka. r C a o d l o o . - Kansas.i h O om kl a a- .1 { Total. January... 16, 204 453 : 6,868 14,662 817 2,279 86 , 41,374 February. 6,549 ! 221 I 9,396 . 7,732 1, 867 43 I 26,494 March 22,142 i 330 i 14, 870 8, 287 1.999 j 971 64 | 48,663 April 27,693 | 657 i 13, 660 6, 616 3, 085 2,058 163 53,932 May -. ! 45,088 ! 7S1 I 13.061 ! 11,303 3,011 77, 662 June ! 55.776 ! 800 i 16,945 I 10,610 3,248 91, 864 July- ' 44,110 ! 547 I 13,391 16,398 2,580 82,173 August _| 15,163 ; 308 i 17,853 J 12,825 2, 771 52, 766 September ! 37,607 64 14.237 ' 12,522 2,420 6,144 73,098 1,155 October i 70,194 151 17,379 j 15,231 j 4,016 8,805 115,850 [ 1,147 November i 80,302 131 18,746 ' 11,621 i 5,378 6,845 123.119 ! 1,147 December j 76,576 634 17,001 ! 11,570 2,915 5,256 114,131 1,146 336 Total: 1923....497,404 5,092 173,407 1139,377 32,926 901,126 1922...J 78,528 8,955 85,134 I 77, 258 30, 200 328, 019 1921 ! 289, 897 2S, 863175,230 141,255 I 85,460 944,074 Number of member j banks at end of | year: I 1923... _„. 51 49 194 146 j 278 1,146 | 1922 _. 55 51 198 148 ! 274 1,152 | 1921 ' 56 51 202 146 i 275 1,103 Number of member i banks accomino- ! dated: j 1923 i 35 27 149 128 653 1922 __..| 38 35 146 , 138 733 1921 I 54 39 169 ! 105 211 920 i Figures relate only to that part of the State located in the Kansas City district. SCHEDULE 5.—EARNINGS AND EXPENSES. 1923 1922 1921 "T EARNINGS. Discounted bills $1, 793, 361 $1,492, 657 $5,134, 004 Purchased bills 29, 361 8,828 49,148 United States securities 971, 271 1,408, 738 382, 855 Deficient reserve penalties- 37, 374 47, 215 126,434 Miscellaneous 162,052 137,222 20,417 Total earnings 2,993,919 3, 094, 660 5, 712,858 Salaries: CURHENT EXPENSES. Bank officers 161,747 ! 161,530 160,543 Clerical staff 821, 310 ; 957,883 1, 051, 627 Special officers and watchmen 76. 369 i 62,918 45, 976 All other 148,210 ! 107, 316 55,097 Governors' conferences 589 ! 512 620 Federal reserve agents' conferences 261 ! 250 211 Federal Advisory Council 707 ! 460 410 Directors' meetings 2^,850 i 25,604 25, 823 Traveling expenses 1 14,999 i 17,941 28, 705 Assessments for Federal Reserve Board expenses 30,296 i 32,230 32,749 Legal fees 6,040 ! 6,911 6,769 Insurance (other than on currency and security shipments)- 36,202 31,745 45,360 Insurance on currency and security shipments 17,057 i 16, 705 (2) Taxes on banking house __ 70,594 ! 15,495 13,654 Light, heat, and power | 44,288 i 28, 253 7,781 Repairs and alterations, banking house j 55,007 ! 25,883 7,088 Kent I 24,143 i 18, 786 63,964 Office and other supplies j 37,490 i 32,408 39, 475 Printing and stationery J 45.216 ! 45, 300 65. 507 Telephone I 7.850 i 9,127 10,984 1 Other than those connected with governors' and agents' conferences and meetings of directors and of the advisory council. 2 Insurance on currency and security shipments is included with postage arid expressage. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DISTRICT NO. 10 KANSAS CITY. 427 SCHEDULE 5.—EARNINGS AND EXPENSES—Continued. 1923 1922 1921 CURRENT EXPENSES—continued. Telegraph $71, 530 $73, 831 $77,611 E P x o p st r a e g s e sage 14 9 2 , , 4 0 6 8 8 3 156, 451 2 184,179 Federal reserve currency: Original cost, including shipping charges 9,075 64,990 124, 491 Cost of redemption, including shipping charges. 11, 749 28, 077 32,054 Taxes on Federal reserve bank-note circulation 3,540 37, 713 62, 938 All other expenses _ 50,449 52, 501 8 267,463 Total current expenses 1,928,119 2, 010, 820 2,411,079 PROFIT AND LOSS ACCOUNT. Earnings 2,993,919 3,094, 660 5, 712,858 Current expenses 1,928,119 2, 010, 820 2,411,079 Current net earnings 1, 065,800 1,083, 840 3, 301, 779 Additions to current net earnings: Amounts deducted from reserve for depreciation on United States bonds _._ _ - _. 95,999 j 38, 605 Allother 4,547 5,930 3,826 Total additions.. 4,547 101, 959 42,431 Deductions from current net earnings: Depreciation allowances on bank premises 393,983 337,810 88,114 Reserve for probable losses 128, 086 200,000 Reserve for depreciation on United States bonds. 12,178 Furniture and equipment 60, 379 60,128 Allother 128,010 4,825 Total deductions 722,636 402,763 8,114 Net deductions from current net earnings 718,089 10, 804 245,683 Net earnings available for dividends, surplus, and franchise tax 347, 711 783,036 3, 056,096 Dividends paid - 275, 313 275, 655 268, 620 Transferred to surplus account 7, 240 » 50,738 486, 918 65,158 5 456, 643 2,300, 558 Franchise tax paid United States Government 2 Insurance on currency and security shipments is included with postage and expressage. 3 Includes $183,223 for furniture and equipment which since 1921 has been charged direct to profit and loss. 4 Included with current expenses prior to 1922. s Bank also charged its surplus account and paid the United States Government $208,170 as an additional franchise tax for 1921. SCHEDULE 6.—VOLUME OF OPERATIONS IN PRINCIPAL DEPARTMENTS. 1923 1922 1921 NUMBER OF PIECES HANDLED. Bills discounted: Applications 11. 841 0) 0) Notes discounted 67, 667 70,249 i 110, 067 Bills purchased in open market for own account 150 54 ! 686 Currency received and counted 48,265, 000 41,488,000 ! 38. 515, 000 Coin received and counted 66,188.000 71,080,000 j 67, 261, 000 Checks handled 58, 566', 000 54,520,000 ; 58, 246, 000 Collection items handled: United States Government coupons paid 2, 863, 000 3,360,000 ! 4, 352, 000 Allother 238, 000 215, 000 I 136, 000 United States securities—issues, redemptions, and exchanges by fiscal agency department 2 9, 032, GOO 819,000 ' 1, 534, 000 Transfers of funds 113, 000 113,000 ; 114, 000 Envelopes received and dispatched 4,173, 000 0) I CO AMOUNTS HANDLED. Bills discounted $901,126, 000 $328,019,000 $944, 074, 000 Bills purchased in open market for own account 2, 016, 000 1,849.000 i 5, 558, 0C0 Currency received and counted 256,300,000 288, 221, 000 ; 320,102, 000 Coin received and counted 10, 257, 000 | 11, 010, 000 ; 10, 658, 000 Checks handled 8,-817,168, 000 | 8, 290, 019, 000 !8, 980, 368, 0C0 Collection items handled: United States Government coupons paid 20, 684, 000 j 20,362,000 I 22, 217, 000 All other 193,652,000 | 106, 830, COO I 144, 271, 000 United States securities—issues, redemptions, and exchanges by fiscal agency department 317,045,000 ! 530,649,000 | 66G, 996, 000 Transfers of funds _. 3,189, 812, 000 3, 753, 239, CGO I 2, Cyl), 017, 000 1 Data not available. Digitized for F 2 LRaArgSe EinRcr ease due to redemption of war savings securities which matured Jan. 1, 1923. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

428 ANNUAL EEPOET OF THE FEDERAL RESERVE BOARD. SCHEDULE 7.—OPERATIONS OF FEDERAL RESERVE CLEARING SYSTEM. [Figures include cash items only. Numbers in thousands; amounts in thousands of dollars.] Items forwarded to j It b e a m n s k s d i r n a o w w n n d o i n s- o se th rv e e r F ba e n de k r s a a l n re d - Treasurer of Total.1 Month. trict. their branches. United States. Number. Number.Amount. I Number. Amount. Number. Amount. January 4,429 652, 854 457 73, 700 140 18, 262 5,026 744, 816 February.. 3,822 525, 123 400 60, 997 126 16, 375 4,348 602, 495 March 4,551 691, 086 488 75, 079 188 20,451 5,227 786, 616 April 4,255 635, 617 392 67,611 227 19,311 4, 874 722, 539- May 4,212 636, 062 323 55, 563 181 19, 265 4,716 710, 890 June 4,214 615,124 292 57,546 I 148 22, 062 4,654 694, 732 July 4,120 604, 646 297 53,099 j 132 16, 229 4,549 673, 974 August 4, 109 589,422 309 53,603 I 130 15, 279 4,548 658, 304 September. 3, 944 587, 764 277 52, 510 ! 181 20, 6G9 4,402 660,943 October 4,412 668, 092 298 59,618 232 21, 668 4,942 749, 378 November. 4,187 617, 233 258 56,919 174 18, 054 4,619 692, 206 December.. 4, 554 637, 833 277 55,515 i 148 20, 080 4,979 713,428 Total: 1923.... 50,809 7,460,856 2 4, 0682 721, 760 | 2,007 227, 705 56, 884 8, 410, 321 1922 46.174 6, 882, 598 2 4, 7242 765, 807 | 1,858 236, 512 52, 756 7, 884, 917 1921..., 49, 656 7, 422, 353 2 5, 0292 858, 949 | 1,740 219, 246 56, 425 8, 500, 548 1 Exclusive of duplications on account of items being handled by both parent bank and branch. 2 Includes 12,000 items aggregating $4,024,000; 11,000 items aggregating $4,318,000; and 7,000 items aggregating $4,455,000, forwarded direct to drawee banks in other districts during 1923, 1922 and 1921, respectively. SCHEDULE 8.—CLEARINGS AND TRANSFERS THROUGH THE GOLD SETTLEMENT FUND. [In thousands of dollars.] Payments Receipts Week ending— Fe to d e o r t a h l e r r e- f F r e o d m e r o al t h re er - Net loss. Net gain. serve banks. serve banks. Jan. 4 (3 days) 61, 270 56, 322 4 948 11._ _ 99,444 96, 66 5 2, 779 18 98, 299 99, 319 1,020 25 86, 640 86, 828 188 Feb. 1. 88, 671 84,175 4,496 8 82, 607 76, 961 5,646 15 74, 668 75, 0C9 341 21 74, 049 72 800 1 249 Mar 1 93 898 88 9>i7 4 911 8 84,904 84, 859 45 15 89,058 85,439 3 619 92 85,889 93, 516 7,627 29 82, 571 79. 690 2,881 Apr. 5_ . 78, 305 74,879 3,426 12 82, 763 82, 527 236 19 92,167 87, 319 4,848 26 _ 86, 311 84.122 2,189 Mav 3 87, 734 82, 623 5,111 10 81, 618 78, 676 2,942 17 85,147 82, 880 2,267 24 __. 90, 622 86, 289 4,333 31 73, 384 69,636 3,748 June 7 - 83, 800 93, 525 9,725 14 83, 352 81, 405 1,947 21 86,162 81, 221 4,941 28 87,190 101, 277 14,087 July 5 67,058 64, 259 2,799 12 82,108 87, 315 5 207 19 79, 705 83, 458 3 753 26 80, 587 81, 897 1,310 Aug. 2 82, 594 88, 035 5 441 9 75, 759 75, 240 519 16 73,933 72, 277 1,656 23 . 83, 919 79, 785 4,134 30 80, 634 81. 045 411 Sept. 6 .- 61, 953 65.214 3,261 13 84,131 80,038 4,093 91 238 82 61] 8 627 S~, (l-2i G, 420 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DISTRICT NO. 10 KANSAS CITY. 429 SCHEDULE 8.—CLEARINGS AND TRANSFERS THROUGH THE GOLD SETTLEMENT FUND—Continued. [In thousands of dollars.] Payments Receipts to other from other Week ending— Federal re- Federal re- Net loss. Net gain. serve banks. serve banks. Oct 4 84, 448 81,037 3,411 11 81,823 81, 691 132 18 81, 300 73,748 7,552 25 94, 801 91, 334 3,467 Nov. 1 89,171 93, 808 4,637 8 75, 804 74, 324 1,480 15 71,811 71,098 713 22 92,183 96, 707 4,524 28 73, 738 69,911 3, 827 Dec. 6 89, 347 88,127 1,220 13 84,799 91,137 6,338 20 100,127 100,495 368 27 71, 832 78, 584 6, 752 28-31 (3 days) 44, 426 47, 806 3, 379 Total: 1923 4, 367, 576 4,329,327 38, 249 1922 4,063, 822 4, 052, 655 11,167 1921 ._ . . 3, 708,356 3, 706, 733 1,623 Net loss in ownership of gold since establishment of fund in 1915, $15,696,000. SCHEDULE 9.—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 Loans anddiscounts, gross. Last report date in— United States securities. All other. 1923 1922 1923 1922 1923 1922 January 443, 779 432,403 91, 093 42, 595 59,013 47, 275 February 453,053 425, 953 88, 270 53, 767 57, 765 46 978 March 449, 786 424, 626 91, 889 50, 850 58,725 48, 982 April 446, 504 423, 895 93,674 58, 882 57, 606 50, 791 May 446,890 428, 026 93, 620 60. 977 60,335 53, 242 June 449, 060 425, 061 92, 061 79,129 58, 919 56, 244 July 446, 599 428, 666 92, 362 80, 519 59,587 59,204 August 442, 912 426, 234 91, 333 83, 062 59,934 60, 866 September 443,296 431,210 89, 274 85.236 61, 962 62,140 October. 444,923 440,338 86, 192 85, 111 61, 251 59,286 November.. . __ _ 433,542 446, 538 82, 436 87, 643 58,161 59, 216 December 428,175 449,299 80,164 90, 027 59,413 60, 289 Net demand deposits. Time deposits. Accommodation at Federal reserve bank. Last report date in— 1923 1922 1923 1922 1923 1922 January 460, 828 372,034 124, 775 105, 020 4,066 23, 771 February ___ 469, 637 382, 424 122, 652 106,227 5,690 13,148 March. 460,539 389,659 125, 587 104, 761 11,649 9,666 April 443,341 400, 618 126,767 109,005 19,616 9,142 May _ 431,957 418, 750 131, 807 110, 745 32, 279 4,570 June 427,529 433, 281 132,421 115,956 33, 660 3,157 Julv 433,675 444,067 133,514 116,048 28, 768 2,254 August 436,266 446, 858 134,526 116,844 24,973 3,538 September 425,867 448,209 134, 702 117,821 32, 212 7,596 October 407, 442 447,825 134,159 121, 674 40,886 9,291 November 394, 263 437, 060 133,824 122, 384 41,772 14,506 December.. 396,110 445,741 132, 672 123,436 33,199 17,034 NOTE.—Figures are for about 73 banks in Kansas City, Mo., Denver, Oklahoma City, Omaha, Kansas City. Kans., Lincoln. Muskogee. Pueblo, St. Joseph, Topeka, Tulsa, and Wichita, which submit weekly Digitized forre pFoRrtAs StoE tRhe Federal reserve bank. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

430 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. SCHEDULE 10.—DEBITS TO INDIVIDUAL ACCOUNTS. [In thousands of dollars.] Summary for 14 centers.1 Atchison, Kans.* Month. 1923 1922 1923 1922 1921 January 1, 202, 253 950, 759 1,152, 595 6,823 4,809 5,456 February-. 996, 426 872, 689 942, 309 5,657 4,633 4,437 March 1,199,481 1, 012, 278 1,067,066 6,090 5, 697 6,173 April 1,130,015 956, 757 1,006,119 6,208 5,079 4,759 May 1,142,172 1, 026,849 953, 761 6,338 5,307 4,761 June 1,155,879 1, 081, 813 992, 057 6,243 4,987 5,207 July... 1,081,943 1, 041, 778 994, 617 5,863 5,214 5,290 August 1,106,154 1,056, 449 1, 025,141 5,913 5,649 5,446 September. 1,069,497 i 1, 058,493 1, 022,182 5,509 5,411 5,377 October 1,159,741 i 1,155, 094 1, 006, 694 6,384 6,087 5,504 N D o ec v e e m m b b e e r r . . . 1 1 , , 0 0 5 8 3 2 , , 1 8 4 8 7 5 f 1 1 , , 0 1 5 8 0 1 , , 2 8 8 9 7 6 | 9 99 6 2 6 , , 2 5 2 9 4 4 6 6, , 0 3 9 5 4 3 5 6 , , 8 6 1 1 0 0 i j 5 5 , , 1 2 7 4 9 5 Total 13,379,593 ; 12,445,142 12,121,359 73,475 65,293 | 62,834 Bartlesyille, Okla. Casper, Wyo.* Month. 1923 1922 1921 1923 1922 1921 January.-„ 17,203 14, 490 15,906 February.. 10, 48G 8,002 i 11,516 13, 677 9,780 March 13, 748 9,787 j 11,140 16,182 12, 332 April. 15, 229 10,197 S 10, 764 16, 661 11, 072 May 13,117 10,648 I 9,259 17,610 12, 473 June 11, 892 12,002 ! 8,822 20, 349 14, 461 July 11,412 10,887 ! 9,381 20,195 13,206 August 9,090 10,143 ! 6,819 20, 387 14,026 September. 8,422 9,486 I 7,491 16,171 13, 952 October 9, 247 10,186 I 7,598 16, 538 16.028 November. 9,309 ' 8,194 14, 951 14, 245 December.. 10, 059 12,724 i 9,701 14,052 16, 808 Total 138, 294 122,459 | 115,175 202, 679 148, 383 Cheyenne, Wyo.* Cclorado Springs, Colo. Month. 1922 ! 1922 1921 January _.! 13,933 12,798 i 9,716 I 11, 696 11, 407 11, 722 February. 10,976 11,054 8,370 | 10, 797 9,288 9,575 March .: 8,893 ! 8,247 I 8,410; 14, 033 10, 995 11,884 April 9,752 6,817 I 7,487 j 12, 207 10, 546 10,395 May 9,504 6,958 7,462 j 12, 869 11, 079 10, 276 June 10,012 7,817 10, 335 13, 022 12, 597 11,033 July.... 8, 424 8,918 8,591 11, 687 12, 022 11,313 August... 11, 250 8, 462 8,966 13, 452 13, 347 13, 095 September ; 9, 205 10, 862 8,246 12, 252 12, 658 11, 628 October 12, 308 15, 347 8,797 12,145 | 11, 881 10, 737 November... 12,063 12, 721 8,405 | 12,1,59 10, 663 10, 560 December 11,334 13, 076 10,663 13,637 12, 698 11, 941 Total... 127,774 Enid, Okla.* Month. 1923 1922 1921 1923 1922 1921 January 169, 737 145,063 161, 559 13,273 February. . 140, 669 123, 969 125,159 11, 849 March 169, 830 147, 539 146, 832 13, '792 April 158, 398 133,143 143, 061 13, 066 May 166, 013 145, 505 134,817 12, 854 June 160,127 148, 609 144,114 12, 400 11, 789 July 152, 532 149, 814 135, 268 17, 197 13, 776 A ugust 163, 029 147, 947 143, 743 15, 180 13, 877 September. 166, 607 156, 454 141, 396 10, 839 12, 280 October 175, 004 181, 510 141,438 10, 547 11, 863 November _ 159, 668 151, 881 152,598 j 10. 308 10, 609 December.- 163,194 166, 625 152,894 i 10U28 ; 12, 838 Total | 1,950,5 1,798,059 ! 1,722,879 j 151,533 | 87,032 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 KO. 10—KANSAS CITY. 431 SCHEDULE 10.—DEBITS TO INDIVIDUAL ACCOUNTS—Continued. [In thousands of dollars.] Fremont, Nebr.* Grand Junction, Colo.* Month. 1923 1922 1921 1923 1922 1921 3 856 2,762 February 3,908 ! 2,184 2,150 March 5,357 3,039 2,761 April 3,919 3,380 2,661 2,632 May 3,625 3,324 2,958 2,786 June 3,856 3, 667 3,252 2,711 July 3,360 3, 206 2,518 2,322 August 3,255 2,864 2,812 2,508 September 3,346 3,217 2,999 2,893 October 3,696 3,231 3,433 3,062 November 2,926 3,119 3,457 2,764 December 3,082 3,813 3,359 3,179 Total 44,186 29,821 - 35, 434 29, 768 CJuthrie, Okla.* Hutchinson, Kans.* Month. 1923 1922 1921 1923 1922 1921 i January 3,724 14, 646 February 2,926 2,186 11,669 13,322 March 3,748 2, 343 11,987 11,401 April 3,169 2,194 11, 584 10, 627 May 3,399 2,196 10, 852 11,094 June 3 117 2 500 11,057 12, 347 July 3,092 2,318 13, 345 14,962 August 3,046 2,425 12,975 14, 601 September 2,934 2,506 10, 056 13, 538 October 3,398 3, 833 11,451 12,840 November 3,542 3, 571 10,087 11,314 December _ 4,310 4,220 10, 536 16,246 ... — Total 40,405 30, 292 140, 245 142, 292 Independence, Kans.* Joplin, Mo. Month. 1923 1922 1921 1923 1922 1921 January 10,294 13,854 9, 758 10,354 February 7,796 13,177 8,301 8,388 March 12, 064 ... 16,413 9, 756 9,611 April. 10, 435 8,174 15, 215 10,004 9,065 May 11, 026 9,100 14, 419 10, 786 8,591 June 12, 987 9, 862 14, 320 12, 034 9,141 July 10, 965 8, 960 11, 304 10, 567 7,969 August 8 573 9, 609 12,717 10, 631 7,286 September 7,694 8,319 14,169 10,903 8,669 October 8,740 ?, 379 14, 543 11,579 8,768 November 8,872 7,936 13, 060 11, 898 9,042 December.. . _ 8,500 9,080 ... 14, 729 14,400 10,363 Total 117, 946 80,419 167,920 130, 617 107, 247 Kansas City, Kans. Kansas City, Mo. Month. 1923 1922 1921 3923 1922 1921 Januarv 22,728 1 15,205 19, 032 365, 511 254, 819 331, 579 Februarv _ 14,774 I 12,410 14, 634 301, 282 256,277 268,012 March 18,671 i 15,847 16, 254 359,268 | 289,130 304,325 April 19,659 i 14,105 13,968 341,194 276,842 302, 025 Mav 19,208 i 15,016 i 14,190 344, 277 293,519 294, 254 Juno 21,214 i 16 488 15, 429 352, 628 317, 689 300, 532 Julv 20,452 ! 16,310 13, 795 32,5, 668 295, 825 312, 347 Aupif-t... 21,096 i 15, 600 13,573 366, 570 328, 058 338,241 19,414 16, 987 15, 260 3-51,015 333, 290 339, 883 Otobcr . ! 22,117 i 16,461 13,991 363,131 ! 354, 218 322, 374 Ne\T-in;v: 18, 540 ! 16, 347 13,455 351 725 330,124 293, 056 21,390 1 19,159 16.147 353,419 348, 865 291, 863 "' i To? ; : 239,263 ! 1S9.935 j 179, 72S 4,175, 088 3,678,656 3, 668, 491 Digitized for FRASER i i http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

432 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. SCHEDULE 10.—DEBITS TO INDIVIDUAL ACCOUNTS—Continued. HE thousands of dollars.] Lawrence, Kans.* McAlester, Okla.* Month. 1923 1922 1921 1923 1922 1921 January _ . . 4, 550 4, 848 February 3,768 3,389 3,444 3,601 March. 4,460 4,254 4,085 4, 053 April 4 453 4,083 3 761 4 036 May 4,362 3,989 4,347 3,617 June 4.831 4, 655 3,764 3,728 Julv- 4, 183 3, 934 3,924 3,304 August 4 145 3,462 4,121 3,484 September 3, 753 4,438 4,094 4,134 October 5,158 4, 281 4,493 5,559 November 4, 578 4,393 4 412 5 784 December 5, 568 4,857 5, 276 5,112 Total 53, 809 45,735 1 50, 569 46, 412 Muskogee, Okla. Oklaloma City, Okla. Month. 1923 1922 1921 1923 1922 1921 January 30, 742 15. 627 25, 577 83, 282 78, 901 99, 617 February 22, 408 21,472 21, 272 71,419 69,139 82, 290 March 27 344 27,381 23, 582 91, 356 86, 579 95, 493 April . . 26,402 23, 288 16, 389 76, 722 81, 257 86,950 May 23, 767 24, 425 17,163 80, 969 83, 445 80, 60S June 25,167 25, 212 16, 052 85, 200 90, 830 83. 080 July 23, 553 24, 592 13,128 78, 507 83, 833 84, 328 August . 21, 340 24, 346 11,803 74,843 74, 257 82, 510 September 22 286 26, 560 14,134 68, 520 76, 470 91, 665 October.. 31, 718 33.832 17, 451 76, 729 81, 469 92, 853 November 27, 062 30, 432 15, 602 77,890 80,147 92, 681 December 15 845 32, 377 15, 525 73, 783 86, 454 86, 886 Total . 297. 634 309, 544 207, 678 939, 220 972, 781 1, 058, 961 Okmulgee, Okla.* Omaha, Nebr. Month. 1923 1922 1921 1923 1922 1921 January 513 216, 862 158, 262 192,280 February.. 588 7,618 181, 285 162, 265 163,951 March 793 8,607 226, 919 199, 605 199, 501 April 354 7,629 210,511 178, 609 177,817 May 433 i 8,904 211, 557 200, 081 169, 355 June 721 I 9,507 211, 572 201, 650 184, 021 July 293 | 7.880 200,193 192, 971 183,479 August 911 ! 4,393 202, 406 197, 637 191, 749 September. 026 7,496 200, 377 198, 214 181, 479 October 126 j 8,021 230, 670 216, 034 178, 900 November. 607 8,422 178,139 190, 507 152, 974 December.. 643 I 9,799 185, 286 216,110 161,439 Total _ 101,008 2,455, 783 2, 311, 945 2,136, 945 Parsons, Kans.* Pittsburg, Kans.* Month. 1923 1922 1921 1923 1922 1921 January 278 J February.. 639 3,100 4,838 March 402 3,903 5,282 April. _ 437 3,418 4,860 May 106 3,192 4,511 June 581 4,437 4,657 July 984 3,791 4, 578 August 015 3,464 5,637 September _ 757 3,785 5,390 October 916 3,995 6,376 November. 994 3,768 6,154 December.. 135 4,751 6,801 Total ' 40, 244 41,604 75,385 59,084 I Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DISTRICT NO. 10 KANSAS CITY. 433 SCHEDULE 10.—DEBITS TO INDIVIDUAL ACCOUNTS—Continued. [In thousands of dollars.] Pueblo, Colo. St. Joseph, Mo. Topeka, Kans. 1923 1922 1921 1923 ! 1922 ! 1921 j 1923 ! 1922 1921 January 17,272 14, 341 19, 741 16, 948 15, 067 February 11, 983 13, 400 13, 240 14, 287 13,764 March 16, 939 18, 425 19, 787 17, 764 13, 671 April 18,925 15; 754 19, 715 16, 252 13, 217 May 16,412 15, 835 15, 312 15, 813 14, 258 June , 17,126 15, 453 10, 840 16, 309 14, 385 July 15,930 16, 374 17, 885 15, 909 14, 675 August t 16, 502 15, 663 20, 390 14, 594 13, 610 September 16,136 13, 057 16,183 13,167 13, 210 October 18, 064 15,139 18, 704 15, 660 15, 035 November I 20,848 23, 077 31, 462 15, 058 13, 853 December | 24,150 19,669 17. 205 17, 364 16, 067 Total. 1210, 287 J196,187 220, 464 707, 032 828, 418 189,123 Tulsa, Okla. 1923 1922 1921 1921 January 115, 250 112,149 119,091 51, 431 39, 495 48, 613 February... 99, 943 87, 288 108, 368 43, 386 38,737 38, 885 March 114, 205 90, 899 97 232 46, 448 40, 868 42, 451 April 111,171 93, 428 90, 586 44, 455 37, 729 42, 677 May __ 112,216 98, 990 82,192 43, 929 43, 493 41, 733 June 115, 061 117, 349 84, 803 46, 554 46, 257 44, 619 July 103,122 106, 074 68.112 57, 041 48,974 52, 357 August 86, 847 97, 475 62, 200 46, 982 50, 331 48, 608 September. 78, 213 87, 250 62, 910 39,514 46, 039 46, 417 October 86, 865 95, 923 62, 384 41, 279 45, 778 42, 990 November. 70, 531 85, 965 67, 202 40, 703 42, 509 38, 952 December.. 88, 528 113, 433 90,141 42, 632 51, 501 39,968 Total 1,181, 952 1,186, 223 995, 221 544,354 531,711 j 528, 270 NOTE.—Centers which have not reported continuously for the 18 months ending Dec. 31, 1923, are not included in the table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DISTRICT NO. 11—DALLAS SCHEDULE 1.—COMPARATIVE STATEMENT OF CONDITION. [In thousands of dollars.] Dec. 31, Dec. 30, Dec. 31, 1923. 1922. i 1921. RESOURCES. Gold with Federal reserve agents ___ 25, 814 22, 576 j 11, 093 Gold redemption fund with United States Treasury 2,252 1,349 ! 2,941 Gold held exclusively against Federal reserve cotes. 28, 066 23,925 i 14,034 Gold settlement fund with Federal Reserve Board 12, 339 6,214 ! 8.518 Gold and gold certificates held by bank? 11, 904 10,121 ! 7,263 Total gold reserves 52, 309 40, 260 f 29, 815 Reserves other than gold _ 6,015 6,289 ! 6,149 Total reserves 58, 324 46, 549 35,964 Nonreserve cash 2,866 C1) Bills discounted: Secured by United States Government obliga.tions. 550 710 8,962 Other bills discounted 8,322 13,712 ! 41, 635 Total bills discounted.. 8,872 14, 422 50,597 Bills bought in open market. 49438 26, 827 165 United States Government securities: Bonds 1.780 2, 630 2,630 Treasury notes 4,575 Certificates of indebtedness.. 325 8, 678 1,900 Total United States Government securities i 6,680 11, 308 4,530 Total earning assets 5 per cent redemption fund—Federal reserve ban)-: notes Uncollected items .- Bank premises xUl other resources Total resources. LIABILITIES Federal reserve notes in actual circulatioE j 52. 802 Federal reserve bank notes in circulation—net ! Deposits: Member bank—reserve account. 54, 461 43, 372 Government 641 4, 344 O ther deposits 537 297 Total deposits - -- 55, 639 48, 013 Deferred availability items. 26,089 22,635 Capital paid in 4,195 | 4, 203 Surplus 7,496 I 7,394 All other liabilities. 1,422 l 1,588 Total liabilities. 133, 306 122, 029 Ratio of total reserves to deposit and Federal reserve note liabilities combined (per cent) 49.8 43.1 Contingent liability on bills purchased for foreign correspondents.. 832 1 Not shown separately prior to 1923. 434 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DISTRICT NO. 11 DALLAS. 435 SCHEDULE 2.—MOVEMENT OF PRINCIPAL ASSETS AND LIABILITIES DURING 1923. [Amounts in thousands of dollars.] Bills discounted for member banks. Mem- Fedber eral Rebanks' reserve serve re- notes perserve in centde- circu- ages. posits. lation. 10 11 14,426 1,074 13, 352 44,829 52,192 54,470 38, 595 48. 2 15,346 1,706 13, 640 46, 771 55, 227 57,489 36, 782 49.6 16, 282 1, 14, 583 47,988 55, 637 57, 907 35, 353 51.5 16, 714 1,625 15,089 54, 254 56,044 34, 437 50.8 16,820 1,850 14,970 54,968 57, 362 32, 679 56.7 48,673 15,441 54, 078 32, 617 51.4 50,103 15, 587 54, 361 31, 832 50.1 49, 918 16, 780 54,055 31,314 49.9 49, 934 16, 913 52, 626 50.0 52,412 18,552 l,840| 16,712 56,623! 31, 210 49.4 50, 288 18,826 1,254 17,572 12, 706 55,896| 30, 381 50.1 52, 717 18,S00 1,715 17,085 12,439 54, 013 29, 800 47.0 51, 297 19,286 1,0021 18,284 11, 5041 55, 885 28, 954 47.9 51,167 19, 533 7411 18,792 20,130 11,504 53, 335 29, 449 46.8 49, 290 19, 948 54,1651 29,136 48.3 50, 23, 238 52, 933 28, 723 46.6 48, 367 24, 526 52, 7641 28,160 47.7 50.4 48.1 16 47,983 25,97 47.4 23 48,106 27,738 27,195! 47.6 29.. 47,323 29,422 26, 768! 47.1 47,334 31,312 3,890 27,422 12,642 3,380! 39,951! 48,827! 50, 855! 28, 045|50.6 45,384 30,616j 2,942 27,6741 12, 1,779| 36,931! 48,336! 49, 307! 27, 284 48.2 46,832 31,826 3,2641 28,5621 13, 22'i 1, 779 37,169 46, 384 47,176 27, 831 49.6 48,1511 33,734 2,752! 30,982 12,63^ 1, 779| 35, 963 45, 205) 48, 020J 27, 561|47.6 1, 779! 36, 069| 46,127I 47, 379'! 29, 9961 46.6 1,780! 33, 651 i 46,1711 46, 940! 30, 347! 43.5 7, 781 1, 780 35, 715! 44, 696 47, 308! 30, 702? 45.8 37; 432| 2, 627 1, 780 36, 378| 44, 293| 45,9251 32, 0361 47.3 47, 64S| 44,599 6,484! 38,115! 1, 2701 1,779| 30,045! 43,314! 44, 994| 31,858! 46.9 47, 629 45, 182 6,566| 38, 616| 667! 1.7801 37,822! 43, 352j 45,027; 32, 9891 48.5 48,572 46,162 6, 5541 39,608| 630J i; 780! 39,991| 43,7411 45, 440' 34, 385| 50.1 50,681! 48,282! 8, 6011 39,681 619 1,780 42,360! 44, 097J 46, 059 j 38, 064! 50.4 50,180| 47,937j 7,170 40,767 464! 45,031! 44,423! 46, 359J 40, 394 J 51.9 .... Sept. 47,755J 45,541 8,265 37,276 435' 1,779 53, 915! 47,196: 48, 764| 44, 290; 57.9 5 50, 710! 38,932! 6,571 32,361 9,999| 1,779 52,072 48,671| 49,857! 45,796; 54.4 19 53,6121 33,960! 6,522 27,438 17,872! 1,780 60,549 51,553! 53,790| 49,970! 58.4 26... 54,449 30,1241 5,025 25,099 22,5461 1, 62,376| 51,9731 56,392| 51,653| Oct. 3 57,120! 26, 870| 4,067 22,803 28, 47G! 1, 780 63,407J 53,633; 55,373i 56,737! 56.6 10. 59, 511 22, 9201 2,057 20,863 27, 966) 8, 625 62,155 54,153! 55, 7181 58, 272! 54.5 17.. 60, 806 22.812| 3,353j 19,459 29, 214 8, 780 67,136 57,759! 60,184 59,583! 56.1 3 2 1 4 6 5 5 8 , , 2 2 0 5 3 9 2 21 2 , , 3 3 5 05 3 1 1 3 3 , , 8 1 5 3 6 9 ! 1 1 8 8 , , 1 4 6 9 6 7 3 2 2 7 , , 1 1 1 2 8 7 1 8 1 , , 7 7 8 7 0 9 6 6 4 7 , , 1 7 0 3 9 3 ! ! 5 56 9 , , 1 8 4 65 6 5 2 9 , , 7 § 22 59,, 509:j 5 5 3 6 . .3 7 57, 7881 Nov. 7. 64,884 19,826 3,380 16,446! 33,278 11, 780 61,830 58,515! 60,7341 58,161! 52.0 14 61,068) 17,174 3, 22713,947 37,615 6, 279 65,713 58,9731 62,211 57,450; 14. 9 21 62, 8401 15,675 3, 03212,643 40.886 6, 279 62,822 58,230 60,452! 56,810! 53.6 28 65,28Ij 15,019) 3,030 11,989 43,982 6,280 62,792 59.716 62.720! 56,5961 Dec. 5 66,673 14,957 3,163 ll,794j 45,436! 6, 280 60,497! 61,225 63,522) 56,724: 50.3 63,692 13,544 2, 352 11,192 43, 869! 6, 279 60, lll| 58,465 60,689! 55,274! 51.8 19.. . 65, 330l 12,667 1,917 10,750 46,284 6,379 58,777! 59,425! 60,493! 55,118| 50.8 26 66, 974| 12,293 2,808 9,485 47, 9761 6,705 61,218j 58,082j 62,265| 55,508j 52.0 Daily average 53,218! 25,993 j I 19, 995; 7,230 46, 929J 52,0211 54, 240j 39,183i 50.2 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

436 ANXUAL REPORT OF THE FEDERAL RESERVE BOARD. FEDERAL RESERVE BANK OF DALLAS M1LL!ONS OF DOLLARS MILLIONS OF DOLLARS 100 100 i i i i r F.R.NOTE CIRCULATION UNi7£D STATES SECURITIES 120 ! DiSCQUISTS FOR OWN MEMBERS 100 1921 192.2 1923 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DISTRICT NO. 11 DALLAS. 437 SCHEDULE 3.—VOLUME OF DISCOUNT AND OPEN-MARKET OPERATIONS. [In thousands of dollars.] Bills discounted for member banks. Secured Month, Total. b G o y t m o b io U v l e i n e g . n s r a t S n . - - . 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 . - t A u p s r g l a t i a r o v p l i c c e e k - u r a . l n - d D d e s r a i m a g n f h d a ts t n . d I i ot A h l e l r, January 17,906 9,016 105 4,175 4,610 February 12, 981 6,713 10 3,122 3,136 March 12, 743 3,775 16 4,036 4,916 April 23,004 12,107 5 5,274 5,583 May _ 26,167 13, 367 156 6,943 29 5,672 June - 26, 714 10, 066 43 7,328 40 9,237 July 32,491 13, 579 70 8,303 39 ; 10, 500 August 42, 516 25, 346 26 4,753 1,432 | 10, 959 September 33, 804 21,476 18 1,854 5,672 October 30, 549 12, 646 110 2,175 10, 557 5,061 November 23, 311 10, 838 167 2,072 3,535 December 18,508 6,264 23 1,651 7,761 2,809 Total, 1923 300, 694 145,193 749 51,686 32, 264 70, 802 1922 222, 557 80, 694 107 694 71,112 69,950 1921. 771,997 454, 685 154 3,865 120,105 193,188 Bills bought in open market. U. S. securities Total discount and openpurchased. market operations. 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 T a 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 . c i C n a e t d e r e s ti b f o t i f - - 1923 1922 1921 edness. January.. 2,670 2,645 25 1,100 19,000 40, 676 39,196 92, 743 February.. 4,579 4,326 253 5,000 22, 560 23, 661 67,374 March 6,435 6,229 206 1,600 1,198 21, 976 28,101 73, 573 April 2,759 2,759 500 19,180 64, 555 May.... 3,254 3,174 80 29,421 16, 533 60,495 June.l.. 2,181 2,181 3,210 32,105 20, 811 67, 655 July____ 1,699 1,584 34,190 17, 311 59,175 August. 42, 516 18,827 63, 453 September.. 9,464 9,189 275 2,000 45, 268 18,817 October 9,415 9,165 250 4,500 5,600 50, 064 32, 584 62, 605 November.. 14, 302 13, 676 626 37, 613 20, 804 53, 515 December. . 18,117 17, 256 861 37, 050 17, 735 45, 053 Total, 1923. 74, 875 72,184 2,691 7,275 36, 858 419, 702 1922. 33,153 31,013 2,140 1,161 16, 689 273, 560 1921. 694 3,570 776,261 86538—24f- -29 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

438 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. L a o n u a i . s 1 i- h O om kl a a- .1 M N ex e i w co - .1 Texas. Arizona.1 Total. i b n e r d i b s a tr n i k c s t m a o c d co a m te - d at end of during month. the month. January 89 1,030 1,159 15, 383 245 17,906 863 207 February _ 91 581 974 11,171 164 12,981 861 222 March 101 542 1,350 10, 602 148 12, 74c. 862 253 April 43 914 812 21,143 92 23, 004 862 328 May 134 1,500 1,157 23, 347 29 26,16'r 863 375 June 359 764 1,198 24, 342 51 26, 714 863 413 July 684 1 112 1, 589 28, 843 263 32, 49 L 863 508 August 906 778 1,305 39, 369 158 42,513 862 515 September - 1,285 298 1, 071 31, 093 57 33, 804 862 224 October _ . . 2,176 539 1,033 26, 765 36 30, 549 863 143 November 1,981 470 1,019 19,757 84 23,311 864 128 December 1,006 413 921 16,156 12 18, 508 863 92 Total: 1923. . 8,855 8,941 13,588 267,971 1,339 300, 694 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 Number of member banks at end of year: 1923 17 50 33 754 9 863 1922 17 50 37 747 10 861 1921 18 42 42 749 10 861 Number of member banks accommodated: 1923 10 43 32 523 9 617 1922 7 45 37 561 11 661 1921 17 31 39 607 10 704 1 Figures relate only to that part of the State located in the Dallas district. SCHEDULE 5.—EARNINGS AND EXPENSES. 1923 1921 EARNINGS. Discounted bills $1,170,022 $1, 609, 383 $3, 829,840 Purchased bills 826,172 197, 994 7,980 United States securities 268, 659 195, 049 171,151 Deficient reserve penalties. 62, 361 50, 432 124,163 Miscellaneous 29,222 32, 917 110, 514 Total earnings 2, 356, 436 2, 085, 775 4, 243, 648 Salaries: CURRENT EXPENSES. Bank officers 135, 132,184 133, 545 Clerical staff 619, 680, 629 735, 904 Special officers and watchmen 37, 37,134 34, 598 Allother . 111, 105, 356 82, 470 Governors' conferences 261 714 Federal reserve agents' conferences.. 297 295 Federal advisory council 250 200 Directors' meetings 6,003 7,004 Traveling expenses l 30, 383 39,185 Assessments for Federal Reserve Board expenses 26,189 25, 759 Legal fees 708 93 Insurance (other than on currency and security shipments). 26,001 47, 348 Insurance on currency and security shipments 14, 857 (2) Taxes on banking house 30, 485 30,052 Light, heat, and power 28, 212 27, 632 Repairs and alterations, banking house 3,215 18,476 Rent. 3,743 9,660 Office and other supplies. 31, 793 49, 818 Printing and stationery... 54, 667 64, 587 Telephone 12,213 9,652 Telegraph 58,383 Postage 112,819 2 146,419 Expressage.. 1 Other than those connected with governors' and agents' conferences and meetings of directors and of the advisory council, 2 Insurance on currency and security shipments is included with postage and expressage. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DISTRICT NO. 11 DALLAS. 439 SCHEDULE 5.—EARNINGS AND EXPENSES—Continued. 1923 1922 1921 CURRENT EXPENSES—continued. Federal reserve currency: Original cost, including shipping charges $27, 435 $44, 262 $65, 915 Cost of redemption, including shipping charges.. 6,437 12, 336 23,150 Taxes on Federal reserve bank-note circulation 2,482 12, 639 22, 286 All other expenses 33,497 50, 372 !217, 414 Total current expenses. 1, 391, 228 1, 515, 391 1,860,856 PROFIT AND LOSS ACCOUNT. Earnings 2, 356, 436 2,085, 775 4, 243, 648 Current expenses. 1,391,228 1, 515,391 1, 860, 856 Current net earnings 965,2 570, 384 2, 382,792 Additions to current net earnings: Amounts deducted from reserve for— Depreciation on United States bonds . 17, 795 231, 523 Probable losses 80,984 All other "~4~659 < 107,113 Total additions 22, 454 419, 620 Deductions from current net earnings: Depreciation allowances on bank premises 42, 242 161,018 139, 230 Reserve for probable losses 590,000 439,000 561, 500 Reserve for depreciation on United States bonds.. 49, 295 Furniture and equipment 12,062 32, 710 All other 11,076 3,151 20, 087 Total deductions 655,380 635, 879 770,112 Net deductions from current net earnings 632, 926 216, 259 769, 228 Net earnings available for dividends, surplus, and franchise tax 332, 282 354,125 1, 613, 564 Dividends paid 251, 429 251,915 252, 211 Transferred to surplus account 80, 853 102, 210 1,361,353 3 Includes $155,843 for furniture and equipment which since 1921 has been charged direct to profit and loss. 4 Includes $55,000 representing excess of sale price over net book value of old bank building sold during the year. 6 Included with current expenses prior to 1922. SCHEDULE 6.—VOLUME OF OPERATIONS IN PRINCIPAL DEPARTMENTS. 1921 NUMBER Ot PIECES HANDLED. Bills discounted: Applications 10,123 13,075 24,887 Notes discounted 89,801 108,463 147,405 Bills purchased in open market for own account 4,681 2,202 34 Currency received and counted 37,912, 000 30, 747,000 47,098,000 Coin received and counted 34,815,000 30,924,000 47, 430,000 Checks handled 31,449,000 27,924,000 28,038,000 Collection items handled: United States Government coupons paid 1,011,000 1, 268, 000 1,358,000 Allother 128,000 126,000 87,000 United States securities—issues, redemptions, and exchanges by fiscal agency department i 2,883,000 484,000 548, 000 Transfers of funds 100, 000 89,000 87,000 Envelopes received and dispatched 2, 515,000 (2) (2) AMOUNTS HANDLED. Bills discounted $300, 694,000 $222, 557,000 $771,997, 000 Bills purchased in open market for own account 74,875,000 33,153,000 694,000 Currency received and counted 185,914,000 162, 973,000 237, 472,000 Coin received and counted 20,920,000 13, 647,000 21,901,000 Checks handled 6, 329,983,000 4,835, 568,000 4, 797, 267,000 Collection items handled: United States Government coupons paid 6, 375, 000 6,241,000 6,476,000 Allother 166,902,000 133, 845,000 96,438,000 United States securities—issues, redemptions, and exchanges by fiscal agency department 169, 280,000 142, 583,000 191,913,000 Transfers of funds 2,614,785,000 2,538,172,000 2,555, 584,000 1 Large increase due to redemption of war saving securities which matured Jan. 1, 1923. 2 Data not available. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

440 ANNUAL REPORT OF THE FEDERAL RESERVE BOAKL\ SCHEDULE 7.—OPERATIONS OF FEDERAL RESERVE CLEARING SYSTEM. [Figures include cash items only. Numbers in thousands; amounts in thousands of dollars.] Items forwarded Items drawn on to other Federal Items drawn on banks in own i reserve banks Treasurer of Total.1 district. i and their United States. Month. branches. Number. Amount. Number. Amount. Number. Amount. Number. Amount. January 2,394 452,449 130 16,516 9,150 2.592 478,115 February 1,999 394,819 100 12,197 7,191 2,164 414,207 March 2,402 478,318 110 14, 522 7,941 2,580 500, 783 April 2,161 454, 356 98 13,359 7,066 2,330 474, 781 May._..___ 2,250 435,149 103 14, 574 7.776 2,423 457,499 June 2, 287 416, 238 99 13,934 S, 409 2,449 438, 581 July 2,202 388, 933 99 12, 342 7,139 2,362 408,414 August. 2, 216 446,153 92 12,142 7,032 2,369 465, 327 September 2, 402 574,867 79 11,512 7,632 2,543 594.011 October 2,923 718,841 95 12,605 8,017 3,087 739,463 [November 2,692 645,183 89 11, 264 7,338 2,844 663, 785 December 2,795 574,946 105 12, 389 7,677 2,964 595.012 Total: 1923.... 28,723 5,980,252 i 1,199 157,356 785 92,368 30, 707 6,229,976 1922.... 25,054 ! 4,481,056 | 1,271 167,430 991 110,000 27,316 4,758,486 1921... 24,958 I 4,332,648 ! 1,196 267, 237 1,146 99, 276 27,300 4,699,161 1 Exclusive of duplications on account of items handled by both parent bank and branch. SCHEDULE 8.—CLEARINGS AND TRANSFERS THROUGH THE GOLD SETTLEMENT FUND. [In thousands of dollars.] Payments to Receipts from Week ending— other Federalother Federal Net loss. Net gain. reserve banks.reserve banks. Jan. 4 (3 days) . _ 32,278 34,300 2,022 11 54, 928 52, 632 2,296 18 57, 942 53,942 4,000 25 48, 276 51, 915 3,639 Feb. 1 50, 090 52, 814 2,724 8 51, 080 45,067 6,013 15 49, 910 49, .549 361 21 . . 44,496 43, 912 584 Mar. 1 62, 894 62,305 89 8 53, 670 51,178 2,492 15 54, 670 51, 677 2,993 22 55, 942 53, 240 2,702 29 46, 551 47, 659 1,108 April 5 43, 945 43,713 232 12 47, 265 46, 277 988 19 51,000 49, 439 1,561 26 46, 229 47, 605 1,376 May 3 48, 452 51, 630 3,178 10 46,103 44,331 1,772 17 46,459 46,103 356 24 . . _. 52, 524 52, 522 2 31 37, 833 39, 687 1,854 June 7 44, 744 48, 515 3,771 14 46, 255 41,877 4,378 21 49, 491 50, 760 1,269 28 42,988 42,469 519 July 5 39,846 41, 700 1,854 12 41, 335 37, 469 3,866 19 45, 271 43,039 232 26 42,967 43, 797 3,830 Aug 2 38,052 37,918 134 9 35,934 35,529 405 16 38,405 38,983 578 23 47,859 50, 775 2,916 30 47,849 b% 479 4,630 Sept. 6 .- - 41,106 49, 456 8,350 13 67,416 68, 578 1,162 20 80,821 84, 515 3,694 27 .- 77,049 79,782 2,733 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DISTRICT NO. 11 DALLAS. 441 SCHEDULE 8.—CLEARINGS AND TRANSFERS THROUGH THE GOLD SETTLEMENT FUND—Continued. [In thousands of dollars.] Payments to Receipts from Week ending— other Federal other Federal Net loss. Net gain. reserve banks.reserve banks. Oct. 4 _ 74,419 76, 315 1,896 11 77,098 77,383 285 18._ _ __ 75, 402 75,937 535 25 74, 868 77,828 2,960 Nov. 1 85,009 81, 837 3,172 8 74, 335 73, 249 1,086 15 59, 640 62,197 2,557 22 78, 323 77,980 343 28 - -- 59, 363 59, 608 245 Dec. 6 78, 290 77, 486 804 13 66, 287 65, 759 528 20 71, 805 73,661 • 1,856 27 60, 530 62,386 1,856 28-31 (3 days) _ 39, 506 35, 655 3,851 Total: 1923 2,884, 800 2,901,919 17,119 1922 . 2, 315,160 2, 321, 726 6,566 1921 2, 452,558 2, 435, 566 16,992 Net gain in ownership of gold since establishment of fund in 1915, $26,814,000. SCHEDULE 9.—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. Loans and discounts, Last report date in. gross. United S ti t e a s te . s securi- All other. 1923 1922 1923 1922 1923 1922 January._. 262, 388 235,051 53,304 39,071 8,291 9,091 February. 268, 243 233, 678 54, 656 43, 937 9,017 8,040 March 269,109 237,071 61, 927 41, 927 9,515 7,890 April 258, 305 236,133 64, 328 42, 926 9,054 7,325 May 248,147 237, 786 60, 582 45, 948 9,036 8,290 June 248,159 236, 679 62,914 49, 802 9,291 8,112 July 250, 885 233,949 54,849 47, 841 10,443 7,241 August 257, 915 239, 069 52, 758 48, 850 10,746 7,899 September 270,534 254,071 56,192 50, 485 10,940 7,452 October. _. 287, 266 274,805 53,113 48,023 12,309 8,025 November 296, 014 272,972 53,181 48, 016 13, 655 8,651 December. 293, 868 267,865 59, 462 57,830 14,141 8,955 Accommodation at Net demand deposits. Time deposits. Federal reserve bank. Last report date in. 1923 1923 1922 1923 1922 January... 239, 686 190,998 72, 638 61,486 4,371 7,740 February- 247, 213 198,312 74, 762 62, 593 3,071 6,072 March 236,134 197,130 75, 666 63,004 2,716 4,680 April 226,181 203,908 75,764 64,021 7,158 4,085 May 220, 570 209, 587 73, 667 65,500 7,484 2,931 June 214,175 208, 737 75, 806 64, 964 8,163 3,599 July 208, 505 204, 553 74, 783 65,186 13, 768 3,943 August 208,088 206, 793 74,415 64, 013 16,412 4,222 September 227, 821 223, 564 75, 543 65, 949 8,292 5,747 October... 251,102 239, 796 76,833 69, 578 8,617 5,033 November 260, 504 240,187 79,384 69, 468 4,967 3,666 December. 257, 638 235,044 83,038 70, 527 5,491 2,690 NOTE.—Figures are for about 52 banks in Dallas, El Paso, Houston, Fort Worth, Galveston, San Digitized foAr FntRonAioS,E SRhr eveport, and Waco, which submit weekly reports to the Federal reserve bank. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

442 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. SCHEDULE 10.—DEBITS TO INDIVIDUAL ACCOUNTS. [In thousands of dollars.] Summary for 11 centers.1 Albuquerque, N. Mex. Month. 1923 1922 1921 1923 1922 1921 J F a e n b u r a u r a y ry.. 4 6 9 0 4 5 , , 2 6 5 0 8 0 4 5 6 26 0 , , 1 5 4 1 9 9 4 5 6 5 6 1 , , 2 76 7 3 4 9,514 7 7 , , 0 68 0 3 3 7 7 f , 9 2 9 5 4 4 March 547,188 524,469 496, 774 9, 8,232 6,187 April. 488, 255 470, 827 443, 091 8,779 7,944 5,713 May 486, 003 486, 707 437, 088 9,534 8,967 5,572 June 465, 461 479,097 453, 385 10, 403 9,684 7,787 July 420, 874 432,944 424, 419 10,262 9,389 7,652 August 448,966 440, 729 435, 510 9,168 8,191 6,598 September. 540, 722 541, 700 512, 987 8,568 7,966 7,069 October 629, 517 589,166 567, 447 8,979 9,670 7,617 November _ 583,636 556, 549 527, 296 10, 539 9,721 8,134 December.. 620,979 605, 692 577, 461 9,975 10, 377 Total 6,331,459 6,114,548 5,893,495 113,918 104, 827 86, 275 Austin, Tex. Beaumont, Tex. Month. 1923 1922 1921 1923 1922 1921 January 17,337 12,134 15, 296 18, 334 15,085 19,108 February.. 14, 979 10, 550 12, 094 15, 220 14, 498 15, 775 March 16, 209 13, 280 13, 303 16,017 15,154 16,152 April 16, 556 12,981 11,313 16, 525 12, 851 12,800 May 13, 967 13,268 12, 764 17,133 14,211 12,736 June 14,065 13, 274 11,226 17,401 14, 534 13,592 July 11,956 11,758 10,906 j 16,299 13, 538 12, 588 August 14, 649 11,711 10,322 15, 660 13, 425 14,063 September. 18, 291 19, 319 14, 248 14, 564 14,177 12,613 October 20,239 19, 297 14, 256 16, 495 15, 528 13,331 November. 22, 363 16,405 14,513 15,915 14,170 12,848 December.. 23, 766 18,329 13, 326 15, 634 17,195 14,782 Total 204,377 172, 306 153,567 195,197 174, 366 170, 388 Corsicana, Tex.* Dallas, Tex. Month. 1923 1922 1923 1922 1921 January 6,733 193, 256 150,103 164, 375 February.. 4,978 4,847 159,058 131,028 131, 552 March 5,525 4,708 167, 932 148, 763 152, 704 April 5,619 4,654 145, 326 132, 670 137, 276 May 5,560 3,975 149,039 138,789 135, 629 June 5,767 3,789 146,415 144, 514 133, 439 July 6,504 3,333 128,462 128,096 123, 822 August 8,115 3,523 139,566 130,049 124, 531 September . 10, 207 5,813 184,133 179,770 155, 576 October 11,164 5,769 218, 768 200, 507 172,329 November . 11,068 5,057 217,059 183, 245 157, 269 December. _ 12, 639 6,266 226, 674 199,070 166,224 Total. >3, 879 51, 734 2,075, (588 1, 866, 604 1, 754, 726 El Paso, Tex. Fort Worth, Tex. Month. 1923 1922 1921 1923 1922 1921 January 31,993 34,458 35, 215 122, 250 137, 684 103,005 February.. 28, 543 27, 061 30, 332 105,992 125, 653 95, 537 March 36, 070 31,696 35, 428 111, 870 142, 066 91,142 April 32,125 28, 707 32, 328 95, 649 119, 459 82, 273 May 30, 723 33, 779 33,469 88., 715 106, 776 78, 564 June 33, 462 33,423 37, 232 73,591 101, 707 84,961 July.. 28, 252 30,920 28, 731 62,193 88, 408 86,156 August 27,118 30, 589 29, 080 62,983 87, 520 94,230 September. 24,656 27,860 28, 384 67,012 86, 428 103,673 October 29, 706 29, 835 31,930 83,464 100, 674 122,466 November _ 28, 756 30,137 33,132 73, 610 105, 617 128,667 December.. 34,185 34, 532 36, 454 86,041 120,962 144,458 Total 365, 589 372,997 391, 715 1,033,370 1, 322, 954 1,215,122 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. 11 DALLAS. 443 SCHEDULE 10.—DEBITS TO INDIVIDUAL ACCOUNTS—Continued. [In thousands of dollars.] Galveston, Tex.* Houston, Tex Month. 1923 1921 1923 1922 1921 January 96,206 101, 328 133, 571 110,108 136, 519 February.. 73, 963 76, 251 99,384 90, 361 114, 046 March 81, 763 83, 298 115,945 105,969 127,971 April 87, 288 77,834 107,969 100, 510 107, 668 May 71,738 84, 202 110,940 105, 059 101, 218 June 76, 881 85, 507 106,479 99, 630 109, 569 July 71, 838 80, 656 104,581 93, 540 104,179 August 96, 674 91,195 113,178 105, 098 108, 250 September- 128, 501 104, 421 146, 282 138,645 129, 307 October 149, 585 89, 757 164, 382 139, 942 138, 705 November. 78,301 69, 421 136,063 123, 952 115, 573 December __ 57,409 74,102 141, 381 131, 209 128, 691 Total 1, 070,147 899, 254 1, 017, 9721,480,155 1, 344, 023 1, 421, 696 Roswell, N. Mex.* San Antonio, Tex." Month. 1923 1922 1921 1923 1922 1921 January 2,491 31,287 27,179 32, 266 February. . 1,920 2,421 26,826 22,824 25,603 March 2,847 2,405 31,639 27,271 30,760 April 2,292 2, 484 27,875 24, 656 28, 719 May 2,709 2,302 32, 529 28, 033 29,941 June 2,777 2,304- 31, 502 27,348 32, 917 July 2,180 2,609 27, 962 26,069 26. 477 August 2, 426 2,962 33, 201 28, 867 29,184 September _ 2,273 2,192 32,153 30, 972 28,138 October 2,688 3,063 35, 236 31,143 26, 757 November. 2,706 2,566 33, 295 28, 865 27,129 December.. 2,587 2,926 33, 380 31, 095 29,103 Total 29, 896 28, 234 376, 885 334,322 346, 994 Shreveport, La. Texarkana, Tex. Month. 1923 1922 1921 1923 1922 1921 January 41,614 31, 441 37, 477 9,073 5,888 7,303 February- - 29, 428 28, 036 31, 699 10,948 6,451 6,039 March 38, 645 30, 994 24, 446 10, 586 6,849 6,752 April 34, 640 29, 673 27, 706 8,727 6,103 6,541 May 34, 565 36, 504 30,J002 8,962 7,831 6,361 June 33, 911 32, 514 27, 051 8,672 7,866 6,720 July 31, 047 30,151 24, 508 8,445 6,821 5, 548 August 31, 842 27, 226 23, 618 8,273 6,526 5,733 September . 31,895 29, 945 29, 577 9,541 6,759 6,752 October 39, 080 34, 216 31, 235 11, 287 7,116 6,994 November _ 36, 913 37, 764 27, 016 9,501 7,061 6,622 December.. 39,352 36,108 31, 737 10, 218 9,882 8,597 Total 422, 932 384,572 346, 072 114,233 85,153 79,962 Tucson, Ariz. Waco, Tex. Month. 1923 1922 1921 1923 1922 1921 January 8,744 6,555 6,893 19, 572 15, 380 18, 578 February. _ 6,475 6,859 6,398 16,184 12, 649 15, 548 March 7,843 6,666 6,683 16, 263 14, 800 16,006 April 7,505 6,851 5,731 14,454 13, 078 13, 742 May 8,647 7,426 7, 645 13, 778 14, 097 13,138 June 7,438 7,743 8,467 13, 624 14,208 13,341 July 6,605 7,248 7,147 12, 772 13, 075 1& 182 August 6,439 6,181 6,277 20, 090 14, 213 12.808 September. 6,987 6, 456 6,311 28, 793 24, 375 19,477 October 7,791 7,358 7,171 29, 326 25, 023 21,413 November. 9,174 8,473 7,415 23, 743 20,004 16,107 December.. 8,793 9,166 7,623 24,960 18, 862 16,871 Total 92, 441 86, 982 83, 761 233, 559 199, 764 190, 211 NOTE.—Centers which have not reported continuously for the 18 months ending Dec. 31, 1923, are not ncluded in the table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DISTRICT NO. 12—SAN FRANCISCO. SCHEDULE 1.—COMPARATIVE STATEMENT OF CONDITION. [In thousands of dollars.] Dec. 31, Dec. 30, Dec. 31, 1923. 1922. 1921. RESOURCES. Gold with Federal reserve agents ' 225, 808 202, 735 220,433 Gold redemption fund with United States Treasury 5, 034 3,977 3,356 Gold held exclusively against Federal reserve notes. 230, 842 206, 712 223, 789 Gold settlement fund with Federal Reserve Board- 45, 854 37, 700 37,460 Gold and gold certificates held by banks _ 21, 978 19,106 18, 254 Total gold reserves 298, 674 263, 518 279, 503 Reserves other than gold 2,328 4,286 3, 249 Total reserves _. 301, 002 267, 804 282, 752 Nonreserve cash 3,577 0) 0) Bills discounted: Secured by United States Government obligations 11,899 6, 867 13,683 Other bills discounted 41, 215 30,437 53, 410 Total bills discounted . _ __ 53,114 37, 304 67, 093 Bills bought in open market 38, 059 43,486 20, 795 United States Government securities: Bonds 92 210 Treasury notes . _ .. _ 9,185 27, 525 2 2, 717 Certificates of indebtedness 7,149 7,927 Total United States Government securities 9,185 34, 766 10. 854 Total earning assets 100, 358 115, 556 98, 742 5 per cent redemption fund—Federal reserve bank notes 394 Uncollected items 42,13.5 45, 438 37,180 Bank premises 2, 770 1,744 809 All other resources 4,102 4,656 6,244 Total resources • 453, 944 435,198 426,121 LIABILITIES. Federal reserve notes in actual circulation - 229, 082 235, 041 240,411 Federal reserve bank notes in circulation—net _ 4,751 Deposits: Member bank—reserve account 152,488 137, 801 121,108 Government, .__ _ _ . 3,015 1,967 4,225 Other deposits 4,929 3,781 3,876 Total deposits 160,432 143, 549 129, 209 Deferred availability items 39, 676 32,906 28,045 Capital paid in - 7. 862 7,565 7,375 Surplus _ __ _ _ 15, 301 15, 263 15,199 All other liabilities _ _ r. 1, 591 874 1,131 Total liabilities _ 453,944 435,198 426,121 Ratio of total reserves to deposit and Federal reserve note liabilities combined (per cent) 77.3 70.7 76.5 Contingent liability on bills purchased for foreign correspondents. _ 1,349 1,582 1,472 1 Not shown separately prior to 1923. * Victory notes. 444 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DISTRICT NO. 12;—SAN FRANCISCO. 445 SCHEDULE 2.—MOVEMENT OF PRINCIPAL ASSETS AND LIABILITIES DURING 1923- [Amounts in thousands of dollars.] Bills discounted for member banks. Date. ( e 2 a T a + s r o 5 s n t e + i a t n 6 l s g ). Total. b s G y e m B o c U u v i e l e r n l . e s r t S n d . - c O o b d t u i i h l s n l - e s t r - b 0 o m B k u p i e i a n l g e t r l . h s - n t U S r s n i t e t a i i c t t e u e e s - d s . c s T e a r s o v h t e a r s l e- r b p M e o a s b d s n e e i e e m r k t - r v s s - e . ' p T o o d s t e it - a s l . n F r l o c e a e i s t t d r e e i c o e s r u v r n i - a e . n l s a c p e R g e e r e n e v r - s t - e - . obliga- ed. tions. Jan. 3 120, 23640, 511 13, 05027,461 40,958 38, 767263, 565138,499 143,846 244,187: 67.9 10 119, 72632, 874 6,456 26,418 37,086 49,766 259, 788141, 535146,143 226, 388 69.7 17 109,346 33, 289 9,068 24, 22135, 290 40, 767263, 836139,946 146, 682219, 075 72.1 24 103,122 35, 556 12, 86822,688 32, 800 34, 766263,932 138, 529146, 473212, 458 73.5 31 101,805 38, 041 14, 84723,194 28,998 34, 766269, 321138, 832149, 914212, 544 74.3 Feb. 7 37, 685 16,480 21, 20526, 382 34,742 267, 217 139,798 145,676 209,2571 75.3 14 102; 377! 42,950 20, 99521,955 24, 684 34, 743 263, 599142, 353150,561 207,230 73.7 2 2 1 8 1 1 0 1 2 3 , , 3 5 2 6 2 0 4 5 3 0 , ,2 2 0 7 0 5 2 1 1 9 , , 1 1 4 6 7 9 2 31 2 , , 0 1 3 2 1 8 2 28 4 , , 3 53 7 8 5 3 34 4 , , 7 7 4 4 7 7 2 24 5 4 7 , , 4 9 5 2 2 1 1 1 3 3 8 8 , , 4 6 7 0 3 6 1 1 4 4 7 6, , 4 5 2 0 1 5 2 2 0 0 7 2 , , 3 4 7 6 9 5 7 7 2 0 . . 5 2 Mar. 7 113,489 46,167 12, 01534,152 32, 580 34,742 247,133 141,909 148, 679205,150 69.8 14 109, 331 42, 926 10, 24732,679 31, 663 34,742| 252,534 143,779 153, 817202, 383 70.9 21 120, 0i: 49, 565 19, 02530, 54035, 708 34,742! 234,160 140, 663149,803 200,818 66.8 28 119, 220 54, 782 21, 781 33, 00136, 821 27,617 233,819 139, 226146, 945197, 722 67.8 Apr. 4 125,288 56, 918 22, 901 34,017 40,753 27,617 229,886 140, 725147, 399 199,170 66.3 II 119,445 53,838 17, 61336,225 37,990 27, 617232, 574140,174 146, 006197, 494 67.7 18 123,633 58, 749 25, 42033,329! 37,267 27,617 229, 878139,181 148, 996196, 796 66.5 25 129, 837 65,186 29, 79035,396 37,010 27, 641225, 238140, 208147, 787196, 294 65.5 May 2 125,940 63, 714 30, 32833,386 34, 585 27,641 234,214 140, 219146, 950201, 374 67.2 9 124, 516 65, 051 26,933 38,118 31,869 27, 596! 241,114143, 896149, 738205,414 67.9 16 124, 904 66, 24" 28,188 38, 05931, 061 27, 596 246, 870145, 005157, 493205, 267 68.1 23 123, 939 66, 446 30, 69235, 75429, 897 27, 596 243,960150. 038 154,514 202, 589 68.3 29 122, 768 66, 786 31, 69335, 09328,341 27,641 245,172 149, 237155,955 203,102 68.3 June 6 120,845 67,942 31, 21936, 72325, 262 27,641 249, 047148, 929155,143 204, 866 69.2 13 104,800 60, 629 25, 37135,258 24, 962 19,209 261, 598149, 209154, 047202, 441 73.4 20. 94, 789 64,108 25, 95838,150 21, 496 9,185 267, 725 142,101 148,173 205,356! 75.7 27 104, 005 74,169 25, 34548,824 20, 651 9,185 267, 079 146, 955154, 391207,413' 73.8 July 3 108, 729 76, 928 26,461 50,467 22,615 9,186! 269, 668145,967 151,190 217, 984 73.0 11 112,090 84,078 29, 443 54, 63518, 82' 9,185 262,566 146, 523153, 206217,423 70.8 18 107, 416 81, 590 31, 93849, 65216, 641 9, 185 263, 956146, 243152, 671210, 244 72.7 25 106, 926 81,876 32, 31249, 564 15, 865 9,185 261,754 145, 783 152, 457208, 333 72.6 Aug. 1 106, 046 81,173 30, 436 50, 737 15, 688 9,185! 260, 270140,885 148, 709208, 018 73.0 8 99, 053 74, 528 25, 41449,114 15, 340 9,185 269, 143,649 149, 907209, 412 75.0 15 97, 520 73,440 25, 20148, 239 14, 895 9,185 277, 820 147, 709154, 628210, 860 76.0 22 96, 964 74, 470 29, 39645, 074 13, 309 9,185 275, 098 144,188 153, 079211,712 75.4 29 111,265 89, 759 36, 25953,500 12, 321 9,185 265, 943 147, 781156,040 211,021 72.5 Sept. 5 112, 288 91, 442 34, 64756, 795 11,661 9,185 267, 036 144,160 150, 988 217, 534 72.5 12 .. 110, 637 89, 440 36, 50152, 939 12, 012 9,185 277, 466 152,596 160,003 218,676 73.3 19 101, 426 80, 685 30,129 50,556 11, 556 9,185 278,420 147,591 154,686 218,363 74.6 26 104, 495 83,805 28, 002 55, 803 11,505 9,185 273, 496 145,465 152,423 216,569j 74.1 Oct. 3 108, 547 86, 293 27,099 59,194 13, 069 9,185 274, 849 147,295J 151,991 219, 546 74.0 10... 98, 035 76, 976 23, 08153,895 11,874 9,185 285,900 147,127 153,312 220, 293 76.5 17 91, 796 71,217 21, 57449, 643 11, 394 9,185 296, 790 153,448 163,707 220, 519 77.2 24... 89, 485 69,940 21,857 48,083 10, 360 9,185 290, 766 146,863 154,798 218,486i 77.9 31 _ 86, 023 64, 388 20, 20144,187 12,450 9,185 298, 202 148,588 156,14^ 213, 392 80.7 Nov. 7 65, 505 21, 82743, 678 13, 296 9,185 296,491 149,437 155,437 217, 572 79.5 14 80,040 56, 579 16, 85439, 725 14, 276 9,185 308,107 154,081 161,692 218,796 81.0 2 2 1 8 8 8 0 5 , , 0 4 2 5 8 6 5 58 3 , , 8 2 0 3 5 9 1 19 6 , , 7 65 6 6 03 38 7 , , 0 5 4 8 5 3 1 1 7 8 , , 0 0 3 3 2 8 9 9 , , 1 1 8 8 5 5 3 30 0 1 6 , , 4 9 6 4 2 0 1 1 5 49 1 , , 4 0 9 1 7 3 ! 1 1 5 5 8 7 , , 4 5 0 2 5 5 2 2 1 1 6 4 , , 7 8 0 5 0 3 8 8 1 1 . . 7 1 Dec. 5... 84, 096 51,817 15, 89535, 92223,094 9,185 305, 883 150,974| 159,012!221, 580 80.4 12 94, 254 51, 5631 15, 96035, 603 33, 506 9,185 299,183 151,6761 159,917!224,905! 77.7 19. 103, 441 58,886J 22, 35836, 52835,370 9,185 289, 781 151, 257i 156,560 228, 764j 75.2 26 109,482 64, 954j 23,134 41, 82035, 343 9,185 286,876 143, 800j 152,739 232, 397 74.5 Daily average. 107, 616 63, 006 24, 638 19,972 265, 065 143,564 150,921 212,280 73.0 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

446 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. FEDERAL RESERVE BANK OF SAN FRANCISCO MILLIONS OF DOLLARS MILLIONS OF DOLLARS 350 I I I I I 350 F. R. NOTE CIRCULATION 300 300 250 2C0 200 150 150 100 100 22! 0 100 I I I 100 PURCHASED BILLS 50 100 I I ! I I 100 UNITED STATES SECURITIES 50 50 200 I I I I I 200 DISCOUNTS FOR OWN MEMBERS 150 150 100 100 1921 1922 1923 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DISTRICT NO. 12 SAN FRANCISCO. 447 SCHEDULE 3.—VOLUME OF DISCOUNT AND OPEN-MARKET OPERATIONS. [In thousands of dollars.] Bills discounted for member banks. Month. Total. m b G S e y e o n c v t U u e o r . r e b n S d l - . i- B a a a c n n c c k e e p e s t r . - s' a T c r c a e d p e t- t l A u i p v r g e a a r s p l i t c e a o u r n c . l k d - a D n d e d r m a s f a i t g s n . h d t ot A h l e l r. gations. January 115, 396 71, 356 576 389 2,310 40, 765 February 150,311 104, 202 906 211 1,352 43, 640 March 146,497 89, 026 3 246 2,323 54, 899 April 197, 914 149,102 113 302 2,847 45, 550 May 221, 843 174, 169 135 4,845 42, 694 June 211, 790 158, 814 749 3,748 48, 479 July 203, 246 152, 744 1,084 4,331 45,062 August 187, 421 143, 012 403 3,173 40, 710 September 219, 409 158, 431 426 1,951 84 58, 517 October 170, 516 116, 840 970 2,484 423 49, 766 November 135, 650 98, 678 226 2, 337 235 34,152 December 148, 970 89, 305 802 1 5, 270 34 53, 550 Total: 1923 2,108, 963 1, 505, 709 1,692 5,943 36, 971 864 557, 784 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 Bills bought in open market. U p .S u . r c se h c a u s r e i d ti . es Tot m al a r d k is e c t o o u p n e t r a a n ti d o n o s p . en- Month. Bank- Cerers' Dollar I Trade Bonds tificates! I Total. accept- ex- accept- and of in- 1921 ances. change.j ances. notes. debtedness. January 19, 526 18,993 533 157,500 j 292, 422 176, 299 217, 053 February 22, 626 22,121 505 172, 941 149, 721 196, 592 March 37, 229 36, 507 671 ! 1,175 184, 901 236, 799 327, 336 April 19, 416 19, 336 80 | 24 217, 354 110, 549 296, 720 I May 11,631 11,306 325 233,519 118,747 347,857 June 11, 541 11, 201 340 2,660 225, 991 121,917 368, 886 July 12, 384 12,199 185 215, 630 123, 786 233, 373 August 12, 341 12, 265 76 199,762 152, 925 194, 915 September 10, 886 10, 741 145 1, 000 231,295 159,901 192, 744 October 13, 625 13, 490 135 184,141 167,962 230, 610 November 18, 631 18, 156 475 154, 281 155, 524 203,419 December 35, 326 33, 781 1,545 184, 296 243, 607 222,098 Total: 1923 225,162 220, 096 5,015 51 49 162, 359 2, 496, 533 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 3, 031, 603 1 Includes $2,000,000 discounted for the Federal Intermediate Credit Bank of Berkeley, Calif. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

448 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 ber banks Month. z A on ri a - .1 Utah. v N ad e- a. fo C r a n l i i a - . g O o re n - . Idaho. i W ng a t s o h n - . Total. i b n a n d k is s - ac m c o o - mtrict at dated end of during month. the month. January 556 4,184 57! 87, 517 2,037 12,336 8,709 822 260 February.. 440 1,196 127, 640 4, 835 9,809 6,391 822 232 March 359 1,474 28! 112,335 9,994 12, 066 10, 241 815 266 April __ 302 2,209 166, 691 12,487 10,135 6,090 816 270 May 197 2,676 188,699 10, 618 11, 677 7,976 817 319 June 230 2,035 178,121 8,481 11, 522 11, 376 814 311 July 566| 4,079 167, 294 6,055 11, 328 13,903 813 337 August 4931 3,912 150, 419 7,412 11,380 13, 777 811 316 September. 391! 3,636. 181, 747 11, 459 10, 522 11,654 811 269 October 403! 3,541(. 129, 030 14, 423 10, 455 12, 664 809 267 November. 46s 2,517;. 105, 67' 8,951 9,532 8,927 135, 650! 810 240 December.. 15! 4,333| 124 2 115,528 10,892 7,202 10,876 148, 970J 809 230 Total: 1923 3,9981 35,792; 283 1, 710, 6981 107, 644 127,964 122, 584 2 108.963 L 1922 13,422| 68,666! 263 1,107, 212 59,387 211, 076 75, 274 1535, 300! - 1921 27, 235|263,152 2, 238 1, 923, 647 144, 946 227,461 234, 339 2,823,018. Number of member banks at end of year: 1923 16! 52; 319 136 110! 165 809j 1922 16! 55; 325 135 120J 164 826i 1921 15 65! 355 134 127 150 857 Number of member banks accommodated: 1923 38j 161 83 101 1922 491 186 102 104 531. 1921 62: 218 122! 110 617j. 1 Figures relate only to that part of the State located in the San Francisco district. 2 Includes $2,000,000 discounted for the Federal Intermediate Credit Bank of Berkeley, Calif. SCHEDULE 5.—EARNINGS AND EXPENSES. 1923 1922 EARNINGS. Discounted bills $2, 786,349 $2,126,654 j$7,965, 583 Purchased bills 1,020,834 712,385 i 825, 577 United States securities 836, 761 1,811,317 | 236,876 Deficient reserve penalties. 25, 771 48, 957 I • 130, 254 Miscellaneous 1 54, 488 121,889 | 26,123 Total earnings.. 4, 615, 227 4,821,202 | 9,184,413 CURRENT EXPENSES. Salaries: Bank officers __ 262,456 235, 695 225, 480 Clerical staff ,461,516 1, 543, 561 1,687,043 Special officers and watchmen 77, 260 81,750 74,174 All other 134,585 113, 764 88,954 Governors' conferences 1.148 1,221 1,407 Federal reserve agents' conferences 704 1,116 1,929 Federal Advisory Council 2, (565 1,483 2,312 Directors' meetings 10, 973 11, 386 12,413 Traveling expenses 2 ..- 36, 398 38, 319 35,115 Assessments for Federal Reserve Board expenses 49, 448 51, 003 52, 375 Legal fees 1,914 3.974 6,509 Insurance (other than on currency and security shipments). 38, 703 40, 085 69,056 Insurance on currency and security shipments 30, 391 25, 889 30, 583 Taxes on banking house 3,115 5,134 6,713 Light, heat, and power 3,857 5,346 7,480 Repairs and alterations, banking house 294 947 25, 497 Rent. 120, 629 97, 465 137, 766 Office and other supplies.. 48,835 42, 060 50,565 Printing and stationery... 64,941 85,511 154,529 1 Debit. 2 Other than those connected with governors' and agents' conferences and meetings of directors and of Digitized fothre FaRdvAisSoEryR c ouncil. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DISTRICT NO. 12—SAN FRANCISCO. 449 SCHEDULE 5.—EARNINGS AND EXPENSES—Continued. 1923 CURRENT EXPENSES—continued. Telephone __ $16,091 $15,775 $16,915 Telegraph 83,664 88,034 100,108 E P x o p st r a e g ss e a . ge 1 2 2 5 6 , , 8 9 6 8 4 0 137,922 141, 285 Federal reserve currency: Original cost, including shipping charges. 143, 293 230, 465 498, 762 Cost of redemption, including shipping charges. 24,422 42, 696 74,963 Taxes on Federal reserve bank-note circulation 15,000 43, 485 All other expenses ._. 47, 019 90, 78.6 3 271, 538 Total current expenses.. 2,817,165 3,006, 387 3, 816,964 PROFIT AND LOSS ACCOUNT. Earnings 4, 615, 227 4,821,202 9,184,413 Current expenses. 2,817,165 3, 006, 387 3, 816,964 Current net earnings. 1,798,062 1,814,815 5,367,449 Additions to current net earnings: Amounts deducted from reserve for depreciation on United States bonds J 1,729 4,395 | 78,876 Allother 13,113 1,814 ! 1,497 Total additions.. 14,842 6,209 j 80, 373 Deductions from current net earnings: Depreciation allowances on bank premis 615,921 36,406 ! 16, 512 Reserve for probable losses 325,000 72,000 1 500,000 Furniture and equipment 324, 282 36,003 ! (4) All other 42, 275 16,259 I 10,810 Total deductions. 1307478 160,668 527,322 Net deductions from current net earnings 1292, 636 154, 459 446, 949 Net earnings available for dividends, surplus, and franchise tax 505,426 1,660, 356 4,920, 500 Dividends paid _ 467, 720 448,306 ! 435,361 Transferred to surplus account 37, 706 5 121, 205 i 1, 254, 824 ' 1,090,845 j 3, 230, 315 Franchise tax paid United States Government. 3 Includes $155,031 for furniture and equipment which since 1921 has been charged direct to profit and loss. 4 Included with current expenses prior to 1922. 5 Bank also charged its surplus account and paid the United States Government $306,926 as an additional franchise tax for 1921. SCHEDULE 6.—VOLUME OF OPERATIONS IN PRINCIPAL DEPARTMENTS. 1923 1922 1921 NUMBER OF PIECES HANDLED. Bills discounted: Applications.. __ 16, 565 0) 0) B C C C C i o o h u l l i e l r l n s r c N e e k c p r o n s e t u t i c c o e r h y e c s n a i h v r n d a i e e d t i s c d e s l e e c m e d i a o d v s n u e i d n n d h t a o c e a n d o p n d u e d l n n e c t d m e o : d u a n rk te e d t for own account 8 3 6 2 3 5 , , , 4 2 0 4 3 2 5 7 2 6 7 1 0 , , , , , 0 0 0 7 7 0 0 0 2 7 0 0 0 5 1 5 5 1 6 3 6 , , , 8 8 7 6 1 5 2 1 6 3 1 7 9 , , , , , 0 1 0 0 3 0 3 0 1 0 0 4 0 6 0 4 5 1 3 1 8 , , , 6 3 5 1 3 3 3 9 1 6 6 8 0 6 , , , , , 0 0 3 0 9 C 0 8 0 1 0 0 0 6 0 United States Government coupons paid 5,389,000 6, 731, 000 8, 622,000 Allother 313,000 226,000 134,000 United States securities—issues, redemptions, and exchanges by fiscal agency department 2 10,827,000 2,151,000 6,407,000 Transfers of funds 131,000 114,000 101,000 Envelopes received and dispatched 3,868, 000 0) (l) AMOUNTS HANDLED. Bills discounted $2,108,963,000 $1, 535, 300, 000 $2,823,018,000 Bills purchased in open market for own account 225,162, 000 211,800,000 130,461, 000 Currency received and counted 707, 765,000 602,138,000 519,558,000 Coin received and counted 24, 767,000 13,950,000 31, 859,000 Checks handled 14, 066, 535,000 8, 777,048,000 8, 055, 574,000 Collection items handled: United States Government coupons paid 41, 522, 000 43, 548,000 52,481, 000 Allother 278, 560,000 200, 419, 000 217,684,000 United States securities—issues, redemptions, and exchanges by fiscal agency department 486,429,000 763, 488,000 1, 375,896,000 Transfers of funds 8,241,696,000 6, 579, 750, 000 5,158,701,000 1 Data not available. 2 Large increase due to redemption of war-savings securities which matured Jan. 1, 1923. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

450 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. SCHEDULE 7.—OPERATIONS OF FEDERAL RESERVE CLEARING SYSTEM. [Figures include cash items only. Numbers in thousands; amounts in thousands of dollars.] Items forwarded | to other Federal Items drawn on i reserve banks and Treasurer of Total.* ; their branches. United States. Month. Num- Num- Number. !Amount. ber. Amount. ber. Amount. January 245 39, 804 255 96, 589 5,123 1,091,181 February 185 33, 203 202 49, 832 4,447 905, 550' March 210 41, 979 215 62,185 5,428 1,157,067 April 202 38, 030 225 42, 879 5,024 1,075, 936 May 189 36, 332 234 59, 266 5,192 1,164, 446 June 188 32, 879 207 56.169 5,210 1,188, 561 July 206 35, 280 204 44, 488 5,199 1,110, 725 August 192 36, 017 218 36, 671 5,196 1, 089, 787 September 159 32, 465 217 48, 055 4,951 1,137,047 October 201 40, 435 239 44, 882 5.751 1, 333,451 November 182 37, 822 221 42, 099 5,415 1,194, 944 December 213 36, 292 211 55, 949 5,954 1, 259, 794 Total, 1923 2,372 440, 538 2,648 639, 064 62, 890 13, 708, 489- 1922 2,378 400, 542 2,301 1,294,631 51, 241 8, 441, 474 1921 1,928 407, 164 2,1C6 1,319,864 41,123 7, 599, 026 1 Exclusive of duplications on account of items handled by both parent bank and branch. SCHEDULE 8.—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 4 (3 days) 47, 366 43, 328 4,038 11 ._ . ... 70, 747 70,176 571 18 72, 289 72, 362 73 25 65, 700 64. 730 970 Feb. 1 62, 272 62, 879 607" 8 59, 808 51, 624 8,184 15 52, 712 49, 058 3,654 21 55,172 49, 229 5,943 Mar. 1 • 78,674 69, 39P 9,278 8 69, 664 64, 669 4,995 15 75, 260 70, 78] 4,479 22 . - >. __ . 84, 594 69, 511 15,083 29 74, 378 76, 703 2,325- Apr 5 68, 557 60,171 8,386 12 64, 220 66, 914 2,694 19 62, 982 56, 962 6,020 26 73, 998 78, 574 4,576 May 3 69, 668 65, 476 4,192 10 58, 449 69,026 10, 577" 17 63 394 66, 640 3,246 24 76, 880 75,071 1,809 31 61, 705 68, 847 7,142 June 7 60, 269 55, 500 4,769 14 60, 288 70, 651 10, 363 21 . 71, 385 74, 584 3,19£ 28 69, 254 65, 809 3,445 July 5 62 202 65, 667 3,465 12 65, 591 62, 079 3,512 19 65, 303 61,251 4,052 26 64, 573 60, 338 4,235 Aug 2 56, 602 59, 660 1 3,058 9 50, 232 56, 004 5,772 16 50, 382 50, 475 93 23 59, 378 56, 291 3,087 30 61,198 55, 448 5,750 Sept 6 45, 502 49, 031 3,529 13 . .. .- 54, 999 59, 580 4,581 20 68, 454 68, 737 283 27 67, 812 59, 331 8,481 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DISTRICT NO. 12 SAN FRANCISCO. 451 SCHEDULE 8.—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. 4 71, 520 74, 607 3,087 11 57, 967 76,611 18, 644 18 -- -- .- _- -. 61,511 61, 306 205 25 70, 678 68, 548 2,130 Nov. 1 - - - -- 74, 598 77, 897 3,299 8 60, 235 64, 538 4,303 15 54, 445 66, 813 12, 368 22 . 74, 054 64, 945 9,109 28 64, 542 61, 520 3,022 Dec. 6 - . .. 79, 402 77, 758 1,644 13- 67, 469 61, 923 5, 546 20 77, 799 74, 963 2,836 27.- 64.919 63, 530 1,389 28-31 (3 days) 37,120 42, 144 5,024 Total: 1923 3, 418,172 3, 389, 666 28, 506 1922 _ 2, 985,482 2, 885, 596 99, 886 1921 2,468, 430 2, 457, 681 10, 749 Net gain in ownership of gold since establishment of fund in 1915, $296,060,000. SCHEDULE 9.—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 Loans and discounts, gross. Last report date in— United States securities. All other. 1923 * 1922 1923 1922 1923 1922 January 913,314 886, 232 199,070 141,945 158,985 174,006 February 938,773 839, 261 201, 232 145,185 157,981 162, 092 March 954,423 846, 502 216,870 141, 426 154, 380 170,556 April _ . '- 979, 407 862, 506 215,645 150, 946 154, 912 164, 290 May - _.-_.- 997, 822 860, 559 212, 690 150, 780 158,663 164,910 June _ 1, 008, 699 856, 592 209, 628 161,131 158, 531 165, 410 July 992, 021 863,942 197,895 160,292 153,468 166,468 August 992, 954 868,441 198,616 172,049 148, 600 160, 572 September 1,007,488 876,709 197, 671 174, 235 154, 972 159,323 October 992,406 891,727 187,113 179, 233 156,732 161,534 November ___ . - .,. _ 1, 000, 561 904,297 185,079 181,151 159,171 163,638 December 1, 007, 606 908, 690 194, 283 197,179 161, 595 159,833 Accommodation at Net demand deposits. Time deposits. Federal reserve bank. Last report date in— 1923 1922 1923 1922 1923 1922 January _._ 670, 542 603, 719 590, 722 564, 239 19, 674 23,069 February 669,061 565,595 598,156 530, 007 32, 068 20,143 March.- _ 672, 293 575, 242 607, 489 532,248 36, 687 26,024 April . 690, 500 596,137 612,522 541, 521 45, 241 16, 046 May 723,696 601, 795 586, 569 534, 573 42, 329 15,512 June. 715, 309 608, 270 579,048 546,845 48,032 11,858 July 731,410 628, 375 527,822 549, 529 53, 816 11, 606 August 723,097 634, 061 540, 909 544,831 59,567 10, 848 September ______ _ _ _ 726, 630 639,987 549, 631 551, 864 57,168 9,613 October 753, 650 656, 001 540, 873 559, 012 41,939 12,180 November . , _ _ 742, 732 653, 246 551,100 565,981 40, 014 30, 712 December 730,864 653,268 565, 053 576, 219 46, 208 21, 370 NOTE.—Figures are for about 65 banks in San Francisco, Los Angeles, Portland, Salt Lake City, Seattle, Digitized foSr pFoRkaAnSe, EORa kland, Ogden, and Tacoma, which submit weekly reports to the Federal reserve bank. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

452 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. SCHEDULE 10.—DEBITS TO INDIVIDUAL ACCOUNTS. [In thousands of dollars.] Summary (or 18 centers.1 Bakersfield, Calif.* Month. 1923 1922 1921 i 1923 1922 1921 January 2, 374,873 1,979, 295 2,156, 296 12, 264 February. _ 2, 043,173 1, 709, 434 1, 765,128 9,781 March 2, 581,355 2, 061, 228 2,197, 441 12, 885 14, 555 April 2, 347,653 1,951, 433 1,999, 527 11, 829 11, 346 May 2, 429,942 1, 995, 215 1, 858, 570 10,924 11, 428 June 2,453,134 2, 047,485 1, 935,991 10,807 11,110 July 2, 344, 597 1, 972, 381 1, 796,431 10,400 10, 896 August 2, 295, 578 1, 999, 425 1, 842, 521 9.933 10, 630 September. 2,318,980 2,103,481 1, 970, 749 8,894 9,460 October 2, 633, 571 2, 218, 496 2,097, 324 10,915 9,429 November, 2, 460, 057 2,131,811 2, 065,061 10, 709 11, 629 December.. 2, 652, 946 2, 392, 621 2, 252,118 10, 703 11,753 Total. 28,935,859 I 24,562,305 23,937,157 130, 044 112, 236 Bellingham, Wash.* Berkeley, Calif.* Month. 1923 1922 1923 1922 1921 January 7, 559 21,211 15, 496 13, 608 February. _ 6,000 4,958 14,882 15, 967 11,031 March 9,011 6,808 18,046 19, 202 13, 062 April 8,712 6,262 16, 620 16,100 12, 307 May 8,473 6,559 16, 578 20, 630 12, 714 June 7,946 7,810 16, 269 17,006 12, 061 July 8,287 6,887 16,804 15, 365 12,465 August 8,638 7,371 16, 560 15, 374 14, 267 September. 8,632 7,353 14, 386 17, 848 13, 838 October 9,216 7,632 18, 624 17, 899 14, 916 November. 8,093 7,094 17, 757 16,193 13, 720 December.. 8,886 6,997 17, 016 17, 334 16, 285 Total. 99,453 { 75,731 204, 783 204, 414 160, 274 Boise, Idaho. Eugene, Oreg.* Month. 1923 1922 1921 1923 1921 January 14,454 13, 470 12, 651 8,322 February. _ 10,444 9,632 9,458 8,207 5,867 March 12, 364 10, 355 10, 010 9,945 6,828 April 11, 834 10,354 11, 324 10, 358 7,746 May 12,325 12, 310 9,616 12, 938 8,321 June. 13, 226 12,829 10, 557 10, 449 7,867 July 12, 813 12,072 12, 214 10, 217 8,068 August 11, 621 11, 279 10,849 11, 185 8, 576 September.. 11, 971 12,172 11,712 10. 863 8,705 October 13, 777 12,963 12,280 13,524 10,345 November. 11, 788 13,038 13,174 12, 049 9, 875 December.. 13, 473 16,434 13, 025 11, 746 9,800 Total. 150, 090 146,908 I 136,870 12£>, 803 91, 098 Fresno, Calif. Long Beach, Calif, "i Month. 1923 1922 1921 1923 1922 1921 January 54, 225 41,368 44, 399 54, 402 28, 249 23, 807 February- _ 41,982 36,041 51, 266 49,853 25, 419 20,328 March 51,074 43,232 44, 535 C3,496 31, 236 26, 391 April _ 45,891 52,480 40, 249 11, 224 29,039 25,032 May 43,604 40, 351 38,162 60, 248 30, 393 21,899 June 46, 612 40, 766 36, 207 61,161 32, 547 24,044 July 45, 765 42, 212 35, 246 58, 518 38,103 25,108 August 51,066 42,600 38, 229 •31, 833 36, 243 23,930 September. 54,295 54,829 52,636 57, 230 38, 072 23, 095 October 66, 605 72, 362 71, 658 64,935 41,442 | 24,097 November. 59,920 71, 584 65,008 59,160 40,848 I 24,622 December.. 52,290 70, 079 58,310 62,345 51,536 j Total- 613,329 607,904 575,905 710,405 423,127 291, 037 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

DISTRICT NO. 12—SAN FRANCISCO. 453 SCHEDULE 10.—DEBITS TO INDIVIDUAL ACCOUNTS—Continued. [Inthousands of dollars.] Los Angeles, Calif. Oakland, Calif. Month. 1923 1922 1921 1923 1922 1921 January 659, 256 511,034 459,122 116,062 80,998 86, 490 February 586, 622 436, 496 380,139 110, 542 72, 146 73, 731 March 749, 004 520, 741 482, 278 336,503 84, 653 85,866 April _ _ 673, 080 473, 001 433, 981 125,121 85, 684 79, 053 May 713, 892 526, 172 407, 791 121, 007 86, 939 83,051 June . 706, 985 518, 489 441,855 117, 588 87, 280 79, 942 July 706, 623 498, 524 425, 222 119, 666 82, 838 77, 888 August 672, 468 494, 186 433, 829 112, 497 87, 621 77, 496 September 668, 497 516, 679 424,648 117,041 90, 770 77, 080 October 770, 469 549, 286 473, 648 121, 594 109, 244 80, 212 November 722 837 535, 054 484 115 114 110 96, 759 80, 766 December 789, 512 632, 291 538,157 139,125 123,158 93, 787 Total 8, 419, 245 6,211,953 5384, 785 1, 450, 856 1, 088, 090 975, 362 Dgden, Utah. Pasadena, Calif. Month. 1923 1922 1921 1923 1922 1921 January 32 195 20, 722 21,110 32,811 26, 290 24, 333 February.. . 26, 272 16, 093 12, 580 27, 533 20, 648 21,943 March. 29.917 19, 740 14, 161 37, 154 27, 301 28,110 April._. .. . 31, 225 17, 557 13, 749 31, 495 24, 260 25, 273 May. 29 292 21 517 12 930 34 312 26 405 21, 576 June.. 24, 488 17, 727 13, 881 31, 623 25, 878 22, 395 July 24, 657 16, 483 12,199 29, 846 24, 891 21,126 August _ 25, 879 18, 867 12.193 28, 065 22, 945 19,032 September-. ___ _ __. - _ 24, 162 20, 072 12, 265 26, 451 23, 291 19, 860 October 32, 461 21, 997 16, 263 33, 079 25, 651 22, 518 November 34 405 32 403 20 147 31 188 25, 987 23, 475 December - 31,070 36, 821 18. 529 35,316 31, 224 22, 134 Total 346, 023 259,999 I 180,007 378, 873 304,771 271, 775 Phoenix, Ariz.* Portland, Oreg. Month. 1923 1922 1921 1923 1922 1921 January 20, 566 137. 699 124, 454 159,187 February 16,442 14, 698 124, 494 113,711 142, 462 March. 19, 328 14,807 149, 822 142, 945 161, 572 April - . 17, 269 15, 631 157, 439 136, 292 169, 062 Mav 19, 274 20, 507 151 119 127, 805 140,306 June 20, 760 20,140 150,081 141, 368 147,327 Julv.. . 15, 873 16, 661 152, 587 133, 170 130, 602 August 17, 233 14,463 154 315 141, 005 148, 810 September 17,118 14, 793 160, 280 147, 297 160, 839 October._ _ . 22, 229 18,497 196, 793 161, 536 158, 665 November 24, 365 20, 004 162, 622 136, 941 131, 367 December.. 25, 065 21, 239 169, 701 145, 142 138, 317 Total... 235, 522 191, 440 1,866, 952 1,651,666 1, 788, 516 Reno, Nev. Ritzville, Wash.* Month. 1923 1922 1921 1923 1922 1921 January . 11,321 9,929 11,630 676 February . 7,869 7,933 8,926 545 571 March 9,314 9,862 11,208 691 732 April 9,323 9,100 10,885 539 712 May. _ 10,042 10,006 10, 650 567 763 June . 11,654 11,906 11,753 612 688 July.. 10, 739 11,207 11,549 532 562 August . 9,935 10,115 11,360 594 532 September 10,121 10, 973 10, 541 905 789 October 11, 203 11,537 10,895 1,073 792 November. 11, 527 11,065 10, 914 1,079 647 December 12, 018 11,837 11,354 956 812 Total 125, 066 125, 470 131, 665 8,769 7,600 86538—24f 30 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

454 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. SCHEDULE 10.—DEBITS TO INDIVIDUAL ACCOUNTS—Continued. [In thousands of dollars.] Sacramento, Calif. Salt Lake City, Utah. Month. 1923 1922 1922 1921 January 78, 911 58, 010 58,102 68, 048 58, 771 80, 937 February. _ 41,237 47, 384 47, 627 54, 478 44, 625 53, 783 March 40,232 62, 741 55, 588 61, 869 52, 987 63, 711 April 35,536 63,149 54, 553 60, 657 53,440 70,076 May 46,262 58, 265 51, 584 63, 452 55. 788 50, 298 June . 35.202 64, 036 53, 720 66, 639 55, 819 60, 640 July 35,579 60, 099 54, 094 58,850 55, 670 55, 339 August 37,831 66, 031 48, 813 57, 613 57, 331 54,846 September. 35.749 70,147 63, 304 58, 032 55, 830 60, 652 October 43,881 68, 088 73, 423 67,198 62, 839 60, 378 November. 49,826 54, 645 73, 697 66, 203 67, 629 69,428 December.. 57,360 83, 394 80, 027 83, 304 81, 461 91,098 Total . 537, 606 755, 989 714, 532 766, 343 702,190 771,186 San Bernardino, Calif * San Diego, Calif. Month. 1923 1922 1921 1923 1922 1921 Januarv,. .__ 7,476 51, 463 38 167 37 477 February 6,432 5,350 42, 227 32, 581 32, 638 March ._ 7,028 6, 601 50, 641 39, 403 34, 909 April- 0, 780 6,335 43,022 41, 247 35, 870 May __ 8,008 6,977 46,011 39, 370 32, 054 June.. 7,775 6,740 47, 899 40, 296 32, 233 July 8, 249 6, 419 48, 580 39, 851 34, 220 August. 8,090 5,850 42, 490 36, 590 31, 897 September 6,846 5,882 40, 096 36, 471 31, 469 October. 8,860 6 286 43 245 38 753 31 657 November 7,682 6,051 47, 820 38, 698 33, 719 December 8,066 7,431 49,883 47, 758 39, 613 Total 91, 292 69, 922 553, 377 469,185 407, 756 San Francisco, Calif. San Jose, Calif.* Month. 1923 1922 1921 1923 1922 1921 January 776. 762 725,176 878,190 24, 902 21, 606 24, 284 February 680, 420 626, 032 696, 854 19, 654 15, 475 16,914 March 885, 456 738, 831 915, 361 22, 374 19, 554 18, 078 April.... 778, 350 698, 205 777, 769 23, 683 18, 572 22, 270 Ma}7 809, 640 705, 661 744, 094 20, 745 18, 596 17, 481 June 829, 547 730, 557 750, 204 20, 764 19 937 16, 895 July . 750, 868 708,828 663, 710 21, 842 20,878 19, 343 August 739,784 708,090 1 690, 619 22, 041 23,286 1 19,961 September . _ 760, 056 757,110 751, 523 21, 228 2], 937 ! 21,176 October 849, 907 751,195 791, 526 27, 058 26 948 24 806 November.. 785, 434 723,098 780, 411 23,474 26,235 I 22, 566 December 835, 640 765,177 848, 436 23,014 24,351 ! 23,263 Total 9, 481, 864 8, 637, 960 9,288, 697 270, 779 257, 375 247,637 Seattle, Wash. Spokane, Wash. Month. 1923 1922 1921 1923 1922 January 165,674 137, 260 138,209 40,312 51,159 February.. 140, 288 126, 991 117, 602 35, 979 39, 919 A M p a r r i c l h r 1 1 7 6 9 6 , , 2 71 7 0 2 1 1 4 5 6 7 , , 8 04 2 4 0 1 1 3 4 7 1 , , 3 5 2 3 9 4 4 4 7 2 , , 2 2 5 0 8 6 4 4 9 5 , . 8 4 7 5 5 4 May__ 168, 652 139,118 128,901 47, 838 42.876 June 178, 691 149, 944 140, 342 46, 634 48,010 July 166, 824 138, 580 131,109 41, 645 44, 478 August 170, 001 155, 736 133,171 41, 572 44,070 September. 169, 561 158,135 149,195 41, 704 50,118 October 182, 264 163,193 144, 675 52, 694 48,835 November. 174, 742 165, 608 139, 790 43,159 43, 070 December- 187,985 168,185 147,809 51, 400 47,286 Total. 2, 050, 664 1, 806,614 1, 649, £ 598,105 532, 401 555,150 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DISTEICT NO. 12—SAN FRANCISCO. 455 SCHEDULE 10.—DEBITS TO INDIVIDUAL ACCOUNTS—Continued. [In thousands of dollars.] Stockton, Calif. Tacoma, Wash. f Yakima, Wash. Month. ! 1923 1922 1921 1923 1922 1921 1923 1922 1921 January 23,492 21, 232 20,721 36, 925 33, 740 38, 718 9,658 10,113 10, 054 February... 18, 856 17, 895 18, 393 31,456 29,801 28, 920 8,385 10,027 8,559 March 23,443 21, 587 21,129 40, 758 39, 465 41, 331 10, 281 11, 847 10, 293 April 25, 531 22, 088 21, 617 38, 318 35,475 38, 395 10,034 11,036 9,435 May 24, 084 20, 692 18,148 38, 747 36,165 35, 753 9,613 10, 420 8,881 June. 25, 581 21, 782 18,823 45, 294 39, 411 35, 571 9,419 10, 216 8,487 July 25, 625 21,027 18, 778 39, 555 37, 595 35, 341 8,890 9,586 8,208 August 24, 728 21, 793 20,131 38, 013 38, 228 34,177 8,794 9,193 9,069 September. 26, 363 22, 228 21,513 38, 795 36, 873 38, 006 11, 293 10,828 12, 293 October 26, 773 23, 706 23, 060 38,869 40,311 38, 467 12, 898 11, 699 15, 067 November. 26, 400 26, 079 20, 295 37, 567 37, 668 37,674 12, 880 11, 548 13, 389 December.. 27, 742 24, 941 23, 898 40, 587 40,951 38, 337 11,414 10, 832 13,317 Total 265, 050 246, 508 464,884 445,683 440,690 123, 559 127, 345127, 052 NOTE.—Centers which have not reported continuously for the 18 months ending Dec. 31, 1923, 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 1923. DESCRIPTION OF FEDERAL RESERVE DISTRICTS. 457 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OFFICERS AND MEMBERS OF THE FEDERAL ADVISORY COUNCIL FOR THE YEAR 1923. OFFICERS. President, L. L. RUE. Vice President, PAUL M. WARBURG. Secretary, HARRY L. HILYARD. EXECUTIVE COMMITTEE. L. L. RUE. J. M. MILLER, Jr. PAUL M. WARBURG. J. J. MITCHELL. A. L. AlKEN. E. F. SWINNEY. MEMBERS. A. L. AIKEN, 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. M. MILLER, Jr., Federal Reserve District No. 5. E. W. LANE, Federal Reserve District No. 6. J. J. MITCHELL, Federal Reserve District No. 7. F. J. WADE, Federal Reserve District No. 8. G. H. PRINCE, Federal Reserve District No. 9. E. F. SWINNEY, Federal Reserve District No. 10. 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, FEBRUARY 20, 1923. TOPIC 1.—Rates. Recommendation,—Council believes that time and conditions now warrant increases in the rediscount rates of the Federal Reserve- Banks of Boston, New York, and San Francisco to 4J per cent. TOPIC 2.—Provision for 3 per cent extra dividend on stock of Federal reserve banks as contained in Capper bill S. 4280 and Lenroot bill S. 4287. Recommendation.—Council is of the opinion that the provision in the Capper and Lenroot bills, providing under certain conditions for an extra dividend of 3 per cent to member banks, violates an important principle which was adopted when, after mature deliberation at the time of the passage of the Federal reserve act, dividends on stock of the Federal reserve banks were limited to 6 per cent. The Federal reserve banks were not organized for profit, and in this lies an important protection to the system. After 6 per cent has been paid to stock-holding banks, and provision made for surplus as 459 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

460 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. required by law, all additional profits should be turned over to the Government and thus benefit the taxpayer. Council requests that the Federal Reserve Board forward this recommendation to the Banking and Currency Committees of the Senate and House of Representatives. Recommendation 3.—At the request of the Federal Reserve Board, council discussed a paper submitted by the vice president, Mr. Paul M. Warburg, entitled: "Annual address of President Paul M. Warburg, American Acceptance Council, New York, January 19, 1923." This paper contains two suggestions: (1) Finance bills. Council is impressed with the importance of securing for xlmerican banks power to accept finance bills to be drawn by banks of such foreign countries as may attain economic and fiscal conditions sufficiently strong to warrant them to undertake the stabilization of their exchanges and the ^establishment of their gold standards; such bills to be drawn under the auspices of the government banks of the foreign countries involved and accepted by member banks under the regulations of and with the approval of the Federal Reserve Board. The council recommends to the board close study of this question and would welcome an expression of the board's view at the next meeting of the council. (2) Rediscount and open-market policies. Council believes that the second suggestion contained in Mr, Warburg's address is deserving of the Federal Reserve Board's most careful study and investigation. This suggestion deals with the importance of having the Federal reserve system adopt two entirely distinct policies, one affecting the rediscount transactions of the Federal reserve system, and the other the open-market operations of the system, as fully described in that paper. If the board shares the view of the council it is suggested that it invite the officers of the Federal reserve banks to devote their attention to the topic with a view of developing some plan which by gradual steps would lead to a broader use of acceptances as investments by the member banks. Recommendations of the Federal Advisory Council to the Federal Reserve Board, May 21, 1923. Recommendation 1.—The Federal Advisory Council believes that all the services inquired about by the Federal Reserve Board in its letter of May 3, 1923, inclosing copy of u Memorandum for governor's conference, X-3676," should be continued, except that the council holds to the opinion that the service rendered in the free collection of noncash items, both city and country, should be reduced. The free collection of coupons, however, should be continued. The council understands that this question is now being studied by a special committee of governors appointed by the board. Recommendation 2.—The Federal Reserve Board has submitted to the Federal Advisory Council a copy of its resolution in tentative form authorizing the Federal Reserve Bank of Boston to establish an agency in Havana, Cuba, and specifying the terms and condi- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. 461 tions under which such an agency should operate. The board has asked the Federal Advisory Council to express its views particularly on the question whether the restrictions embodied under No. 1 of the resolution are far-reaching enough to insure safety; and, on the other hand, whether in the opinion of the council these restrictions are so far-reaching that they might prevent the attainment of the objects of the establishment oi the agency—the outstanding objects being, as members of the board have explained to the council, the so-called stabilization of the Cuban currency and banking situation, and the furnishing of a continuous supply of clean money. A careful examination of the resolution leads the council to the view that the limitations are not stricter than the circumstances require. The stupendous losses that American banks operating in Cuba have recently suffered can not but impress the council with the absolute necessity of placing the greatest possible safeguards upon the open-market operations of Federal reserve banks in Cuba. If these bills are to be bought by the agency before they are actually accepted by the bank on which they are drawn, it is obvious that the board is well advised if it stipulates that they shall be secured by shipping or other documents conveying title. Also that they should bear what the board calls " a satisfactory bank indorsement." Without these safeguards obviously the agency would not be safe in buying these bills. With these safeguards it is doubtful, however, whether the agency will find an adequate supply of bills which are thus made eligible for purchase by it. A very large number of these bills are being drawn as so-called ^dry-season credits"—that is, the large sugar-growing concerns are permitted to draw on the banks granting the credit for the making of the crop in advance of the grinding, and during the grinding period, and the shipping documents are forthcoming in due course as soon as the raw sugar becomes available for shipment. While these bills are excellent investments for Federal reserve banks after they have been accepted, they are, therefore, not available for purchase by the foreign agency in the foreign country where they are drawn. Another difficulty arises when we reach the point of defining what is a " satisfactory bank indorsement." If we were restricting this definition so as to include only member banks, there would be only two banks available for such indorsement for the agency, and this would give them a position of preference. On the other hand, it will be very difficult for the agency to discriminate and to refuse the indorsement of local banks or the Canadian banks. The fact remains, however, that the Federal reserve bank is in no position to examine these Canadian or local banks in a similar manner as it ca.n secure statements and examinations of American indorsing or accepting institutions. There have been quite a number of important Cuban banks that have gone into receivers7 hands, and one of the important Canadian branch banks became heavily involved only about a year ago. Moreover, it should not be overlooked that some of the large sugar estates are practically owned, voluntarily or involuntarily, by banks and banking firms and that in such cases the bank indorsement is not quite as independent a guarantee as it would appear. If the agency would be very careful in selecting the names that it would consider as satisfactory indorsements, and in keeping the amount that it would take of each name within very conservative limits, it would soon be charged with giving a position of preference to American Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

462 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. branch banks. It is hard to conceive, however, how such a development could be avoided. Moreover, the supply of these bills will be forthcoming only during certain seasons of the year. The operations of the agency will, therefore, not be continuous, but only seasonal. On the whole, the council can not escape the conclusion that on this of necessity restricted scope a basis can not be found which would prove satisfactory to the Cuban banks or secure any position of continuous effective influence for the agency. What has been said about power to purchase acceptances applies to a certain degree also to power given to the agency to buy and sell cable transfers. This, too, would be only a sporadic business, and there is grave doubt whether the agency would be able to secure the bulk of this business as long as it could not buy the bulk of the long bills which would be offered in the market, and as long, therefore, as a great many of the sellers of these bills are more likely to send their remittances to some New York, Philadelphia, or Boston correspondent and draw against these remittances by cable. Moreover, the volume of cable transfer business to be done by the agency would be determined by its willingness to carry, itself, the expense of shipping currency. It also must be borne in mind that a bank buying or selling cable transfers would not of necessity pay in currency or receive currency. It may simply receive or make payment by transfer in the settlement at the clearing house. It is, therefore, a mistake to assume that all of these transactions would result in currency movements. Governor Harding, of the Federal Reserve Bank of Boston, appeared before the council and explained his thoughts concerning the future operations of the contemplated agency. When asked how these operations wTould tend to stabilize the currency he replied that Cuban currency was practically stable; and about the currency situation itself he stated that in his opinion it seemed worse than it actually was, inasmuch as there was a great deal of clean currency in Cuba, but this was held back by the banks and the people while the unclean currency was put into circulation. He said that the total amount of objectionably soiled currency in circulation was estimated at about ten million dollars. While the council is in full sympathy with the ends that the board is trying to attain, it believes that the plan as now contemplated would not prove successful in actual operation and that what the board desires to achieve can and should be accomplished by other and simpler means which would not involve the ominous step of permitting Federal reserve banks to establish organizations of their own in foreign countries—a step which in the opinion of the council was not contemplated by the act—a step for which the traditions of the important European central banks would give no precedent. The following thoughts have suggested themselves to the council and are herewith respectfully submitted to the board for its consideration. It has been stated as an element of uncertainty in the Cuban banking situation that in case of runs or emergencies the banks can not count on obtaining an adequate supply of currency within a reasonably short time. It would seem to the council that if provisions were made to maintain at all times an adequate currency supply at the Jacksonville branch of the Federal Reserve Bank of Atlanta, or, if need be, at a branch to be established by it at Key West, a currency reserve could be made available for the banks in Havana in practically one night or even in a shorter time. The mere Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. 463 fact that such an arrangement would be announced would have a reassuring effect, and in case of need no doubt this arrangement would prove entirely sufficient. While a provision of this sort would give Cuba assurance that a sufficient volume of currency would be forthcoming, there remains the second phase of the problem, which is to provide for Cuba a constant stream of clean currency. If the board authorized Federal reserve banks to appoint correspondents among the banks operating in Cuba, for which appointment the Federal reserve act gives them undoubted authority, it would be an easy and entirely practicable matter to have accounts of Federal reserve banks opened not only with the American branches but also with the leading Canadian and local banks. If such accounts were opened by Federal reserve banks transmitting to such Cuban banks, let us say, $100,000 in clean currency, for which balances collateral could be required, and if at the same time arrangements were made with these correspondent banks by which the return of unfit currency to the United States would be facilitated, a simple machinery would be set up by which these balances could be continuously replenished by the remittance of clean currency, while the soiled currency would flow back to the United States. What volume this stream of currency would assume is a matter that could be ascertained and developed on the strength of actual experience gained from month to month. If a plan of this sort would be announced, the council has no doubt it would be most popular, because it would meet the two main requirements of the situation without subjecting the system to the charge of undue discrimination or exposing it to the danger of opening the crack of the door which might lead the Federal reserve system to operation of its own organizations in other foreign countries. If, as these operations develop, the Boston Federal Reserve Bank, or any other Federal reserve bank, should feel that the general interest requires that they should buy bills in Cuba direct, instead of purchasing them after they are in the United States and properly accepted, or that they should deal in cable transfers, they are free to do so through the intermediary of their correspondents or agents, or agencies (whichever name may be preferred). The council fails to see that these transactions would in any way promote or that they are directly related with the attainment of the end sought by the board, viz, the creation of an adequate currency reserve, or the furnishing of a constant stream of clean circulating notes. From Governor Harding's statement, it would appear that the dealing in cable transfers and the open market operations are proposed mainly for the reason of giving the agency a legal status, which then would enable it to exercise the currency functions which are the real object to be accomplished, but for which section 14-e does not grant any special authority. With the question of which of the Federal reserve banks should secure a larger or smaller share in this development, the council has little concern, nor does the council think that the Federal reserve banks among themselves should look upon this problem from the point of view of competition or of securing any special advantage for any particular district. The question must be judged from the point of view of what is best for the Federal reserve system, best for the United States, and also in this case of what is the most advantageous method of procedure in working out the financial problems of Cuba, in which the United States has so large an interest, and for the welfare Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

464 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. of which our country has responsibilities that it has toward no other foreign nation. Recommendation 3.—Council is of the opinion that there is nothing in business and financial conditions which would occasion any change in rediscount rates at this time. Recommendation of the Executive Committee of the Federal Advisory Council to the Federal Reserve Board, June 14, 1923. (Subsequently approved by the council.) Hon. D. R. CRISSINGER, Governor, Federal Reserve Board, Washington, D. C. DEAR GOVERNOR CRISSINGER: The executive committee of the Federal Advisory Council met to-dayr and considered the letter of the Federal Reserve Board dated June 7, inclosing communication from the First Federal Foreign Banking Association of New York City, dated June 6, urging the board to redraft its regulations covering section 25a of the Federal reserve act to provide lor two requirements, marked (1) and (2), on page 2 of their letter. The executive committee of the Federal Advisory Council begs to state its opinion as follows: With regard to (1), the committee does not consider it equitable to make rulings on the eligibility of acceptances made by acceptance corporations different from the rulings covering acceptances made by member banks. If it is necessary for member banks to secure the approval of the Federal reserve authorities before issuing acceptances beyond six (6) months, the same rule should also be applied to acceptance corporations. With regard to (2), the so-called Edge law is a combination of two separate projects; one was a law prepared several years before by the counsel of the Federal Reserve Board, which law was designed to provide for a Federal charter for banks or corporations in which national banks should have the privilege to invest, such corporations doing an acceptance business, and operating in foreign countries, either through branches or through the ownership of subsidiary corporations. In providing for acceptance corporations of this kind, two objects were had in mind: (1) That it should be possible for several banks to combine in the ownership of such a corporation, thereby creating a joint instrument with which to operate in foreign countries, it being realized that unless such a combination were permitted, only very few of the very strongest banks would be able to engage in foreign banking. The American Foreign Banking Corporation and the Mercantile Bank of the Americas were the immediate outgrowth of this legislation, which, it is interesting to remember, was proposed and adopted as against Mr. McAdoo^s plan, who wished the Federal reserve banks themselves to go to foreign countries with organizations of their own acting as "agencies." (2) American deposit banks being properly restricted with regard to their acceptance powers to 100 or 150 per cent of their capital and surplus, while acceptance corporations were not permitted to accept domestic deposits, it was provided that acceptance corporations, like British acceptance houses, should be allowed to accept a multiple of their capital and surplus. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. 465 Congress amended the Federal reserve act so as to permit national banks to invest in acceptance corporations of this kind, but neglected to pass a law authorizing their existence under a Federal charter. The draft of the law remained, therefore, hanging fire until Senator Edge became interested in passing legislation permitting national banks to invest in investment corporations in a similar manner as they had been authorized to do with regard to acceptance corporations. He then took the draft of the law prepared for acceptance corporations and simply added to it the powers governing investment corporations. Two entirely distinct projects were thus covered by one law. When the board was asked to write its regulation it quite properly proceeded to separate these two functions, and the committee holds the view that it would be a mistake to make the changes now proposed by the First Federal Foreign Banking Association. Investment banking and acceptance banking are two entirely different matters; acceptance banking deals entirely with shorttermed credits of a commercial nature, the risk being short, and the funds of the corporation being kept liquid as a reserve fund to be available in case of default in payment on the part of any debtors. It would interfere with the liquidity and safety of these corporations, as acceptance corporations, if they locked up their funds in illiquid loans against which they would put out their own obligations. All banking traditions in Europe, where this acceptance business has been developed, abhor the thought of having an acceptance bank issuing its long term obligations in the market. It is obvious if any of these long term loans went bad, and the debentures of the acceptance corporation would begin to sell at a discount, that their acceptances could not be sold; also that in case the collateral of the securities, on which these debentures had been issued, could not be liquidated w^hen the debentures matured, that the safety of the acceptances would be impaired. As against these considerations, very little importance may be attached to the argument of the First Federal Foreign Backing Association to the effect that some business may be u switched " from acceptances into long term obligations. Such transactions, if they are really based on import and export transactions, are extremely unlikely, and if they existed, they could be carried temporarily by a cash advance, or an acceptance credit might be secured from others. It is true that acceptance corporations have no easy time in making both ends meet, and earning a dividend. If greater latitude, however, is to be given to them, it must be sought on other lines, which do not run counter to safe banking principles. Very truly yours, L. L. RUE, Chairman; Executive Committee. Recommendations of the Federal Advisory Council to the Federal Reserve Board, September 17, 1923. Recommendation No. 1.—The Federal Advisory Council has considered carefully the letter from the Undersecretary of the Treasury to the Governor of the Federal Reserve Board dated August 3, 1923, suggesting a certain differential between the rediscount rate Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

466 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. for commercial paper and the open market rate for bankers' acceptances and approves of the principle, but is of the opinion that the time is not opportune to increase the existing differential rate to the extent suggested. Recommendation No. 2.—Recognizing the great importance of the development of the acceptance market and the market for shortterm Treasury certificates, the Federal Advisory Council recommends to the Federal Reserve Board, if possible, some legal plan be adopted whereby the Federal reserve banks may extend accommodation to member banks and corporations or firms dealing in acceptances and short-term Treasury certificates by the purchase of these acceptances and certificates; and in the event of resale of these securities to such member banks and corporations or firms, proper compensation should be exacted for the service rendered; but these transactions should be confined to acceptances and short-term Treasury certificates and should not include United States bonds or Treasury notes. Recommendation No. 3.—The Federal Advisory Council having heard Messrs. Claiborne and Adams in support of the so-called Claiborne-Adams check collection plan and the recent amendments thereto, is of the opinion that the plan is unsound, and therefore unanimously recommends its rejection by the Federal Reserve Board. The council concurs in the essential objections to the plan as set forth in the report of the advisory committee of governors of the Federal reserve banks to the Federal Reserve Board dated August 1, 1923. Recommendation No. 4.—The Federal Advisory Council has considered the effect of Regulation J, series of 1923, and recommends that it be amended as follows: (1) To provide that Federal reserve banks shall receive at par from member banks and nonmember clearing banks in their respective districts, checks drawn upon member and nonmember banks that are collectible at par in acceptable funds; and shall receive at par from or for account of other Federal reserve banks such checks payable within its district. Collectibility at par may be established by an agreement of a drawee bank to remit at par in acceptable funds or ability of a Federal reserve bank to make collection at par through another member or nonmember bank. (2) To provide that Federal reserve banks shall not receive upon deposit checks upon any nonmember bank which are not collectible at par. (3) To provide that Federal reserve banks shall not charge exchange upon checks drawn upon a member bank deposited with a Federal reserve bank, which checks are drawn by, indorsed by, or which emanate from any nonmember bank which does not remit at par. Recommendations of the Federal Advisory Council to the Federal Reserve Board, November 19, 1923. Recommendation No. L—Referring to letter from Vice Governor Platt, of the Federal Reserve Board, addressed to the Federal Advisory Council, dated October 31, 1923, relative to the shipment abroad of Federal reserve notes of the Federal Reserve Bank of Dallas, the transaction as proposed involves in substance the shipment abroad Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. 467 by a New York member bank of Federal reserve notes. It would require a very strained construction of the Federal reserve act to conceive that the Federal Reserve Bank of New York for such purpose would be warranted in paying out Federal reserve notes issued by the Federal Reserve Bank of Dallas; nor does the council approve such a transaction for the purpose either of increasing the reserve or the open market investments of the Federal Reserve Bank of Dallas, in view of its position as disclosed b}^ its latest published statement showing Government securities and open market investments of $44,000,000, and a reserve of 54.9 per cent. The council sees all the less reason for giving favorable consideration to this suggestion inasmuch as the object to be sought is not to create needed additional credit facilities for the Federal Reserve Bank of Dallas but apparently to enlarge its earning capacity. Recommendation No. 2.—Council refers to its recommendation No. 1 to the Federal Reserve Board of May 21, 1923, relative to the collection of noncash items by Federal reserve banks, at which time it was understood that the question was being studied by a special committee of governors appointed by the Federal Reserve Board. Council is not informed of the committee's report, but upon further consideration is of the opinion that the collection of noncash items by Federal reserve banks, other than coupons, should be discontinued. Recommendation No. 3.—At the request of the Federal Reserve Board, the council has considered the resolution and reports of the board dated November 7, 1923, concerning state-wide branch banking. Council believes that the resolution, if carried into effect, will give a position of monopoly to those State banks that have already established state-wide systems of branches, while those State banks that have refrained from branch banking will be placed in a position of great disadvantage. Recommendation No. 1±.—Council has received no communication from the Federal Reserve Board with respect to discount rates, but is of the opinion that no changes at this time 'are necessary or warranted. Resolution.—The Federal Advisory Council has been informed that in connection with pending appointments or reappointments of class C directors of Federal reserve banks, the Federal Reserve Board has been subjected to the embarrassment of an attempt to influence it by political pressure and organized campaign, with the object in view of replacing tried servants of the Federal reserve system by others aspiring for their positions. The council expresses itself as unanimously opposed to such attempts which are gravely detrimental to the best interests of the country and apt to injure the system and to undermine its high standards. The council requests that each member convey these views to his own district and use his influence to counteract movements of this character wherever they may arise. The council feels that the board should not be embarrassed in the exercise of its duties by ill advised campaigns of this kind and that the board may safely be relied upon not to sacrifice deserving and trusted officers or directors to the aspirations of ambitious and unqualified persons. 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 i Jan. 1, 1924 miles). | (estimated). No. 1—Boston 61, 345 7, 398, 304 No. 2—New York 51, 890 13,911,745 No. 3—Philadelphia 36, 842 7, 079, 916 No. 4—Cleveland 73, 424 10, 562,214 No. 5—Richmond 152, 316 10, 249, 057 No. 6—Atlanta 248, 226 10, 324, 586 No. 7—Chicago 190, 513 16, 342, 636 No. 8—St. Louis 194, 810 9, 284, 596 No. 9—Minneapolis 414, 004 5, 368, 054 No. 10—Kansas City... 473, 565 7, 308, 041 No. 11—Dallas 392, 989 6,121,284 No. 12—San Francisco. 633,852 7, 420, 623 Total ! 2,973,776 ! 111,371,056 FEDERAL RESERVE DISTRICTS. Land area Population, Federal reserve district. (square Jan. 1, 1924 miles). (estimated). District No. 1—Boston.,. 61, 345 7, 398, 304 Connecticut (excludirlg Fairfield Countv). _ . _.. 4, 189 1,138, 085 Maine . _ 29. 895 778 579 Massachusetts 8 039 4 052 572 New Hampshire 9 03J 448 237 Rhode Island 1,067 629, 854 Vermont 9,124 350, 977 District No. 2—New York 51, 890 13,911,745 Connecticut (Fairfleld Conrstv^ 631 352 091 New Jersey.- 3,605 2, 650, 502 Counties of— Bergen. Hunter don. Morris. Sussex. Essex. Middlesex. Passaic. Union. Hudson. Monmouth. Somerset. Warren. New York 47, 654 10,909,152 District No. 3—Philadelphia 36, 842 7, 079, 916 Delaware 1,965 231, 524 New Jersey 3,909 760, 327 Counties of— Atlantic. Cape May. Gloucester. Ocean. Burlington. Cumberland. Mercer. Salem. Camden. Pennsylvania 30,968 6,088,065 Counties of— Adams. Clinton. Lebanon. Philadelphia. Bedford. Columbia. Lehigh. Pike. Berks. Cumberland. Luzerne. Potter. Blair. Dauphin. Lvcoming. Schuylkill. Bradford. Delaware. McKean. Snvder. Bucks. Elk. Mifflin. Sullivan. Cambria. Franklin. Monroe. Susquehanna. Cameron. Fulton. Montgomery. Tioga. Carbon. Huntingdon. Montour. Union. Center. Juniata. Northampton. Wayne. Chester. Lackawanna. Northumberland. Wyoming. Clearfield. Lancaster. Perry. York. . 468 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OP THE FEDERAL RESERVE BOARD. 469 FEDERAL RESERVE DISTRICTS—Continued. Land area Population, Federal reserve district. (square Jan. 1, 1924 miles). (estimated). District No. 4—Cleveland 73, 424 10, 562, 214 Kentucky (eastern part) _ _ 17, 614 1,149, 343 Counties of— Bath. Fleming. Lawrence. Nicholas. i 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. Clav. Kenton. Mason. Scott. Elliott. Knott. Menifee. Whitlev. Estill. Knox. Montgomery. Wolfe." Fayette. Laurel. Morgan. Woodford. • Ohio 40, 740 6,168, 227 Pennsylvania (western part) . __ . 13,864 3, 066, 592 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) 1,206 178,052 Counties of— Brooke. Marshall. Tyler. Hancock. Ohio. Wetzel. District No. 5—Richmond 152, 316 10, 249, 057 District of Columbia 62 481, 451 Maryland 9,941 1, 513, 242 North Carolina 48, 740 2, 704,497 South Carolina . . 30,495 1, 753, 077 Virginia - __ _ _ . 40, 262 2,411,192 West Virginia (southern naxt) 22, 816 1, 385, 598 Counties of— B arbour. 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 10,324r 586 Alabama 5], 279 2, 434, 731 Florida 54,861 1, 057, 403 Georgia . _. ___ 58, 725 3,013,961 Louisiana (southern r>art") 26,891 1, 288, 789 Parishes of— Acadia. Evangeline. Rapides. Tangipahoa. Allen. Iberia. St. Bernaid. Terrebonne. i 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 Feliciaua. East Baton Orleans. St. Martin. Rouge. Plaquemines. St. Mary. East Feliciana. Pointe Coupee. St. Tammany. Mississippi (southern part) ." 25,519 842,59 & 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. Walthall. Forrest. Jefferson Davis. Newton. Warren. Franklin. Jones. Pearl River. Wayne. George. Kemper. Perrv. Wilkinson Greene. Lamar. Pike. Yazoo. Hancock. Lauderdale. Rankin. Digitized for FRA8S6E53R8 —24f——31 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

470 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. FEDERAL RESERVE DISTRICTS—Continued. Land area Population, Federal reserv<3 district. (square Jan. 1, 1924 miles). (estimated). District No. 6—Atlanta—Continued. Tennessee (eastern narfi 30,951 1,687,107 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. Cannon. Hancock. Monroe. Sumner. Carter. Hawkins. Montgomery. Trousdale. Cheatham. Hickman. Moore. Unicoi. Claiborne. Houston. Morgan. Union. Clay. Humphreys. Overton. Van Buren. Co eke. 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—Chicsigo 190, 513 16,342, 636 Illinois (northern Dart") 35,448 5, 562,999 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. Whitside. De Kalb. Kendall. Moultrie. Will. De Witt. Knox. Ogle. Winnebago. Douglas. Lake. Peoria. Woodford. Du Page. La Salle. Piatt. Edgar. Lee. Putnam. Indiana (northern Dart") 26, 707 2,423,448 Counties of— Adams. Fountain. Laporte. Ripley. Allen. Franklin. Madison. Rush. Bartholomew Fulton. Marion. St. Joseph. Benton. Grant. Marshall. Shelby. Blackford. Hamilton. Miami. Starke. Boone. Hancock. Monroe. Steuben. Brown. Hendricks. Montgomery. Tippecanoe. -Carroll. Henry. Morgan. Tipton. •Cass. Howard. Newton. Union. Clay. Huntington. Noble. Vermilion. Clinton. Jasper. Ohio. Vigo. Dearborn. Jay. Owen. Wabash Decatur. Jennings. Parke. Warren. Dekalb. Johnson. Porter. WTayne. Delaware. Kosciusko. Pulaski. Wells. Elkhart. Lagrange. Putnam. White. Fayette. Lake. Randolph. Whitley Iowa 55, 586 2,477,874 Michigan (southern part) 40, 789 3,686,618 Countiesof— Alcona. Eaton. Lapeer. Ogemaw. Allegan. Emmet. Leelanau. Osceola. Alpena. Genesee. Lena wee. Oscoda. Antrim. Gladwin. Livingston. Otsego. Arenac. Grand Traverse. Macomb. Ottawa. • Barrv. Gratiot. Manistee. Presque Isle. Bay.* Hillsdale. Mason. Roscommon. Benzie. Huron. Mecosta. Saginaw. Berrien. Ingham. Midland. St. Clair. Branch. Ionia. Missaukee. St. Joseph. Calhoun. Iosco. Monroe. Sanilac. •Cass. Isabella. Montcalm. Shiawassee. Charlevoix. Jackson. Montmorency. Tuscola. Cheboygan. Kalamazoo. Muskegon. Van Buren. Claire. Kalkaska. Newaygo. Washtenaw. Clinton. Kent. Oakland. Wayne. Crawford. Lake. Oceana. Wexford. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. 471 FEDERAL RESERVE DISTRICTS—Continued. Land area Population, Federal reserve district. (square Jan. 1, 1924 miles). (estimated). District No. 7—Chicago—Continued. Wisconsin (southern part) 2,191, 697 Counties of— Adams. Green Lake. Marquette. Sheboygan. Brown. Iowa. Milwaukee. Vernon. Calumet. Jackson. Monroe. Wai worth. Clark. Jefferson. Oconto. Washington. Columbia. Juneau. Outagamie. Waukesha. Crawford. Kenosha. 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. 8—St. Louis. 194,810 Arkansas __. 52, 525 1, 825, 441 Illinois (southern part) 20, 595 1, 271,130 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. Pulaski. Williamson. Indiana (southern part) 9,338 601,507 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, 319, 500 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. Carroll. Hart. Metcalfe. Warren. Casey. Henderson. Monroe. Washington Christian. Henry. Muhlenberg. Wayne. Clinton. Hickman. Nelson. WTebster. Mississippi (northern part).__ _-_ 20, 843 945,348 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. WTebster. Choctaw. Leflore. t Quitman. Winston. Clay. Lowndes. ' Sunflower. Yalobusha. Coahoma. Marshall. Tallahatchie. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

472 ANNUAL REPORT OF THE FEDERAL RESERVE EOARD. FEDERAL RESERVE DISTRICTS—Continued. Population, Federal reserve district. Jan. 1, 1924 (estimated). District No. 8—St. Louis—Continued. Missouri (eastern part) 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. How ell. Oregon. Scotland. . Carroll. Iron. Osage. Scott. Carter. Jefferson. Ozark. Shannon. Cedar. Johnson. Pemiscot. Shelby. Chariton. Knox. Perry. Stoddard. Christian. Laclede. Pettis. 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) Counties of— Benton. Fayette. Henry. Shelby. Carroll. Gibson. Lake. Tipton. Chester. Hardeman. Lauderdale. Weakley. Crockett. Hardin. McNairy. Decatur. Hay wood. Madison. Dyer. Henderson. Ob ion. District No. 9—Minneapolis Michigan (northern part) _ 335,403 Counties of— Alger. Dickinson. Keweenaw. Menominee. Baraga. Gogebic. Luce. Ontonagon. Chippewa. Houghton. Mackinac. Schoolcraft. Delta. Iron. Marquette. Minnesota _ 80, 858 2, 515, 434 Montana _ 146,131 620,101 North Dakota 70,183 675, 637 South Dakota 76, 868 658, 244 Wisconsin (northern part) _.. 23, 273 563, 235 Counties of— Ashland. Dunn. Oneida. Sawyer. Barron. Eau Claire. Pepin. Taylor. Bayfteld. Florence. Pierce. Trempealeau. Buffalo. Forest. Polk. Vilas. Burnett. Iron. Price. Washburn. Chippewa. La Crosse. Rusk. Douglas. Lincoln. St. Croix. District No. 10—Kansas City __ __ 473, 565 7,308,041 Colorado _ _. — 103, 658 997, 561 Kansas _ _ ^ — 81, 774 1, 801, 522 Missouri (western part of) _. -- - 10, 521 841,858 Counties of— Andrew. Cass. Holt. Nodaway. Atchison. Clay. Jackson. Platte. Barton. Clinton. Jasper. Vernon. Bates. Dekalb. McDonald. Worth. Buchanan. Gentry. Newton. Nebraska _ ._ 76,808 1,339, 286 New Mexico (northern part)_._ 41, 486 160,065 Counties of— i Coif ax. Rio Arriba. San Miguel. Union. McKinley. Sandoval. Santa Fe. Mora. San Juan. Taos. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD. 473 FEDERAL RESERVE DISTRICTS—Continued. Land area Population, Federal reserve district. (square Jan. 1, 1924 miles). (estimated). District No. 10—Kansas City—Continued. Oklahoma (part of) 61, 770 1,953, 391 Counties of— Adair. Ellis. Logan. Pontotoc . Alfalfa. Garfield. Love. Pottawatoraie Beaver. Oarvin. 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. Camanche. 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 214,358 District No. 11—Dallas.. Arizona (southeastern part) Counties of— Cochise. Greenlee. Pima. Santa Cruz. Graham. Louisiana (northern part) Parishes of— Bienville. De Soto. Madison. Tensas. Bossier. East Carroll. Morehouse. Union. Caddo. Franklin. Natchitoches. Webster. C aid well. Grant. Ouachita. West Carroll. Catahoula. Jackson. Red River. Winn. Claiborne. La Salle. Richland. Concordia. Lincoln. Sabine. New Mexico (southern part)-. Counties of— Bernalillo. Dona Ana. Lea. Roosevelt. Catron. Eddy. Lincoln. Sierra. Chaves. Grant. Luna. Socorro. Curry. Guadalupe. Otero. Torrence. De Baca. Hidalgo. Quay. Valencia. Oklahoma (southeastern part) Counties of— Atoka. Choctaw. Johnston. Marshall. Bryan. Coal. McCurtain. Pushmataha. Texas District No. 12—San Francisco Arizona (northwestern part) _ 90, 398 255,460 Counties of— Apache. Maricopa. Navajo. Yavapai. Coconino. Mohave. Pinal. Yuma. Gila. California _ 155,652 3,859,194 Idaho 83, 354 475, 651 Nevada _ ._ 109, 821 75, 568 Oregon _ _ _ 95, 607 828, 967 Utah 82,184 480, 729 Washington 66,836 1, 445, 054 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 O FEDERAL RESERVE BANK AGENCY Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO PART I. Acceptances: Page. As investments by member banks, recommendation of advisory council 458 Banks granted authority to accept up to 100 per cent of capital and surplus 243-245 By American banks, of finance bill drawn by banks of foreign countries, recommendation of advisory council 460 Differential between open-market rate for bankers' acceptances and rediscount rate for commercial paper, recommendation of advisory council 465 Discounted by Federal reserve banks 145, 146 (See also Index to Part II.) Edge Act corporations, recommendation of advisory council 464 Foreign bankers', held by Federal reserve banks 104, 105 Held by Federal reserve banks 74-79, 86-89, 97, 98, 103 Imports and exports, based on, discounted or purchased and held by Federal reserve banks 98, 106, 107, 148, 149 Market, development of, by extending accommodation to member banks, corporations, or firms dealing in acceptances, recommendation of advisory council 466 Maturity of bills purchased and held by Federal reserve banks 108, 109, 152-154 Member bank, held by Federal reserve banks 104, 105 National bank, held by Federal reserve banks 104, 105 Nonmember bank, held by Federal reserve banks 104, 105 Private bankers', held by Federal reserve banks 104, 105 Purchased by Federal reserve banks 147-150 (See also Index to Part II.) Rates—Discount and open-market— Annual rates of earnings on bills bought by Federal reserve banks 70, 71 Average rates charged by Federal reserve banks 69 Changes in Federal reserve bank rates during 1923 64, 67, 68 Volume of acceptances purchased by Federal reserve banks at each rate 149-151 (See also Index to Part II.) Regulations— A—Rediscounts under section 13 59, 266 : B—Open-market purchases 60, 271 Accommodation: At Federal reserve banks of reporting member banks 137, 138, 192 (See also Index to Part II.) Granting of, to member banks, corporations, or firms to develop acceptance market and market for short-term Treasury certificates, recommendation of advisory council 466 Acts: Amending Clayton Act, proposed 53 Amending Federal reserve act 56-59, 263-265 Administrative problems of Federal Reserve Board 35 Administrator, executor, etc. (See Fiduciary powers.) Advisory council, Federal. (See Federal advisory council.) Agencies of Federal reserve banks. (See Branches and agencies.) Agents for nonmember banks, Federal reserve banks acting as, permission revoked 50 Agricultural movements, index of 318 Agricultural paper: Holdings of, by Federal reserve banks 97, 98 Regulation A 268 Volume discounted by Federal reserve banks 133, 134 (See also Index to Part II.) Amendment to Clayton Act, proposed 53 Amendments to Federal reserve act 56-59, 263-265 475 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

476 INDEX TO PART I. Page. Amendments to regulations of the Federal Reserve Board 59—61, 265—294 Area of Federal reserve districts 468 Assessment for expenses of Federal Reserve Board 63, 167, 177 Assets and liabilities. (See Resources and liabilities.) Atlanta par clearance case, decision of Supreme Court 48, 296 Balance sheets. (See Condition statements.) Bank buildings, Federal reserve and branches 44, 85, 88, 169, 198 Act limiting cost 59. 263 Book value..._ _ _ - _ 83, 88', 198 Cost of 198 Depreciation allowances 169 Expense of maintaining 168 (See also Index to Part II.) Bank credit, discussion of [ 2, 5, 10, 16, 23, 25, 29 Bank debits—debits to individual account 195, 196 (See also Index to Part II.) Bank notes. (See Federal reserve bank notes.) Bank premises, Federal reserve, cost of 198 Bankers' acceptances. (See Acceptances.) Banking and business during 1923, discussion of 1 Bills bought. (See Acceptances.) Bills discounted. (See Discount and open-market operations.) Bonds, United States. (See United States securities.) Branch banking 48 Recommendation of Federal advisory council 467 Branches and agencies of Federal reserve banks: Buildings,. _ _ ___ 44,198 Cost of 198 Directors and managers of ^ 256-262 Foreign, recommendation of advisory council 460 Habana agency established 45, 295 Operations, volume of 165, 166 Premises, cost of 198 Building operations of Federal reserve banks and branches 44, 198 Act limiting cost.. _ 59, 263 Book value of bank premises 83, 88, 198 Cost of bank premises 198 Depreciation allowances 169 Expense of maintaining bank premises 168 Campbell, Milo D.: Appointed member of Federal Reserve Board 62 Death of 62 Capital: Federal reserve banks 43, 85, 88 Increase or decrease in—Regulation I 281 (See also Index to Part II.) Member banks 183-187, 190 Ratio of current net earnings to capital and to capital and surplus combined 43 State bank members 184-187, 200 Cash reserves of Federal reserve banks. (See Reserves.) Certificates of indebtedness. (See United States securities.)! Check clearing and collection: Atlanta par clearance case, decision of Supreme Court 48, 296 Claiborne-Adams par collection plan, recommendation of advisory council 466 Gold settlement fund transactions 84, 158 (See also Index to Part II.) Operations, volume of— Federal reserve banks 161, 162 Federal reserve branch banks 165, 166 (See also Index to Part II.) Par list, number of banks on 163, 164 Regulation J 284 Amendment to, proposed by Federal advisory council 466 Richmond par clearance case, decision of Supreme Court 49, 298 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. 477 Page. Claiborne-Adams par collection plan, recommendation of advisory council 466 Clayton Act: Administration of 51 Amendment to, proposed _ 53 Regulation L _- 291 Clearing-house bank debits 195, 196 (See also Index to Part II.) Clearing operations, volume of: Federal reserve banks 161, 162 Federal reserve branch banks 165, 166 (See also Index to Part II.) Collateral held as security against Federal reserve notes 113, 114, 116, 118 Collateral notes of member banks discounted by Federal reserve banks: Holdings of 97, 98 Volume discounted 133, 134 Collection, free, of noncash items, recommendation of advisory counciL 460, 467 Commercial paper: Differential between rediscount rate for, and open-market rate for bankers' acceptances, recommendation of advisory council 465 Discount rates 64 Holdings of paper discounted by Federal reserve banks 97, 98 (See also Discount and open-market operations.) Condition statements: Abstract of condition reports of member banks 182-187 All banks in the United States , 194 All Federal reserve banks combined 39, 74-89 Each Federal reserve bank. (See Index to Part II.) Member banks 182-187 Conferences, Federal Reserve Board with agents and governors 62 Counties in Federal reserve districts 468 Court decisions: Fiduciary powers granted to national banks— Burnes National Bank, St. Joseph, Mo 55, 307, 314 Corn Exchange National Bank of Philadelphia, Pa 54, 304 Par clearance cases— Atlanta case 48, 296 Richmond case 49, 298 Credit, discussion of 2, 5, 10, 16, 23, 25, 29 Crissinger, D. R., appointed governor of Federal Reserve-Board 62 Cuba, branch Federal reserve bank agency established in 45, 295 Cunningham, Edward H., appointed member of Federal Reserve Board,_ 62 Currency: Circulation 23 Demand for 24 Receipts— Federal reserve banks (see also Part II) 41 Federal reserve branch banks 165, 166 (See also Federal reserve bank notes; Federal reserve notes.) Currency stabilization and the gold standard ., 21 Federal advisory council on 460 Customers' paper discounted by Federal reserve banks, holdings of 97, 98 Dawes, Henry M., appointed ex-officio member of the Federal Reserve Board 62 Debits to individual account 195, 196 (See also Index to Part II.) Deferred availability items (checks, drafts, transit items, etc.) of Federal reserve banks " 85, 88 Department store sales and stocks, index of 318 Deposits: Federal reserve banks— All banks combined 79-83, 85, 88, 92, 94 Each Federal reserve bank. (See Index to Part II.) Movement of, 1917-1923, chart showing 28 Reserve required against 92 Government, held by Federal reserve banks 79, 85, 88 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

478 INDEX TO PART I. Deposits—Continued. Page. Member banks 183-192 Reserve deposits 80, 82, 85, 88 (See also Index to Part II.) Ratio of member bank loans to deposits, chart showing 26 Reserves required against j, 92 Time deposits and savings accounts—Regulation D 273 Depreciation, amounts charged off by Federal reserve banks on account of _ 42, 169 (See also Index to Part II.) Digest of rulings of Federal Reserve Board, publication of 61 Directors of Federal reserve banks and branches, list of 256-262 Directory: Federal advisory council 255 Federal reserve banks 256 Federal Reserve Board 255 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 70, 71 Average rates charged by Federal reserve banks 69 Changes in Federal reserve bank rates during 1923 67, 68 Discounted by Federal reserve banks 145, 146 Foreign bankers', held by Federal reserve banks 104, 105 Held by Federal reserve banks 74, 86, 97, 98, 103 Imports and exports, based on, discounted or purchased and held by Federal reserve banks 98, 106, 107, 148, 149 Maturity of bills purchased and held by Federal reserve banks 108, 109, 152-154 Member bank, held by Federal reserve banks 104, 105 National bank, held by Federal reserve banks 104, 105 Nonmember bank, held by Federal reserve banks 104, 105 Private bankers', held by Federal reserve banks 104, 105 Purchased by Federal reserve banks 147-150 Regulations 266, 271 Volume of, purchased by Federal reserve banks at each rate__ 149-152 Branches of Federal reserve banks, bills discounted and bought by. 165, 166 Changes in volume of open-market holdings and of discounts, chart showing 14 Discounts—bills discounted— Agricultural and livestock paper— Held by Federal reserve banks 97, 98 Volume discounted 133, 134 Commercial paper held by Federal reserve banks 97, 98 Customers' paper held by Federal reserve banks 40, 97, 98 Discussion of 11-16 Holdings of 40, 74, 86, 96-98 Livestock paper held by Federal reserve banks 97, 98 Maturity of 99, 100, 143 Member banks accommodated, number of 137, 138 Member banks' collateral notes discounted and held by Federal reserve banks 97, 98, 133, 134 National banks, bills discounted for 140 Rates charged and rates of earnings on bills discounted, _ 64-71, 141, 142 State banks and trust companies, bills discounted for 140 United States securities, paper secured by, discounted and held by Federal reserve banks 74, 86, 97, 98, 101, 102, 144 Volume of bills discounted for member banks in each State 138 Volume (total) of bills discounted 136, 138-146 Open-market operations: Discussion of 11-16 Federal advisory council on ^ 458 Regulation C__l 271 Par value of United States securities held by Federal reserve banks__ 112 Rates charged and rates of earnings. (See Discount and openmarket rates.) United States securities purchased and held by Federal reserve banks 74, 86, 111, 112, 155-157 Digitized for FRAVSoElRum e of operations—total . 41, 133-135 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO PART I. 479 Discount and open-market rates: Page. Acceptances purchased, volume at each rate 150, 151 Annual rates of earnings on— Acceptances purchased 70, 71 Bills discounted 68, 71 Municipal warrants purchased 73 Total earning assets 73 United States securities purchased 72 Average rates charged on acceptances purchased 69 Average rates charged on bills discounted 65 Bills discounted, volume, at each rate 141 Changes during 1923 in Federal reserve bank rates 64, 67, 68 Federal advisory council on 459, 464, 467 Comparison of Federal reserve bank rate and member bank rate 7 Comparison of money rates with discount rates of Federal Reserve Bank of New York 6 New York and London rate_ 8 Relation of, to market rates 6 (See also Index to Part II.) Discount policy: Discussion of 3—10 Federal advisory council on 461 Districts, Federal reserve. (See Federal reserve districts.) Dividends: Paid by Federal reserve banks . 43, 170 Provision for extra dividend on stock of Federal reserve banks, recommendation of advisory council 459 (See also Index to Part II.) Dollar exchange bills purchased or discounted and held by Federal reserve banks 98, 106, 107, 148, 149 Earning assets of Federal reserve banks: Earnings, annual rates of 40, 73 Holdings of 40, 74, 86, 94, 95 Movement of, 1917-1923, chart showing 24 (See also Index to Part II.) Earnings and expenses of Federal reserve banks 40—43, 167—176 (See also Index to Part II.) Earnings, rates of. (See Discount and open-market rates.) Economy and efficiency in Federal reserve banks 41 Eddy, Walter L., appointed secretary of Federal Reserve Board 62 Edge Act corporations: * Recommendations of advisory council 464 Regulation K 286 Eligible paper h d as security for Federal reserve notes 117, 118, 120 Employees: Federal reserve banks, number and salaries 249-252 Federal Reserve Board, salaries 246-248 Employment, index of 318 Examiners, national bank, salaries of 253, 254 Exchange, foreign, index of 319 Executor, administrator, etc. (See Fiduciary powers.) Expenses: Federal reserve banks 167-170 (See also Index to Part II.) Federal Reserve Board 63, 167, 177 Fiscal agency departments of Federal reserve banks 170 Exports and imports: Acceptances based on, purchased, and held by Federal reserve banks 98, 106, 107, 148, 149 Gold 197 Expressage, cost of, Federal reserve banks 168 Federal advisory council: Meetings of 61 Members of 255, 459 Recommendations of 459-467 Federal intermediate credit banks, discounts for_ 57, 134 Federal reserve act, amendments to 56-59, 263-265 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

480 INDEX TO PART I. Federal reserve agents: Page. Conferences of 62 Federal reserve note accounts of 113, 114 Gold fund, summary of transactions during 1923 160 Gold held by 84, 86, 116, 120 List of 1 256-262 Salaries of 249-252 Federal reserve bank notes: Circulation of all Federal reserve banks combined 79-82, 88 Issued by Comptroller of the Currency 131 Outstanding 132 Redeemed by Comptroller of the Currency 131 Redemption fund against 85, 88 Taxes paid on circulation 168 Federal reserve banks (see also Index to Part II): Acceptances purchased or discounted by. (See Acceptances.) Agricultural paper discounted or held bv 97, 98, 133, 134 Bank premises I 44, 85, 88, 169, 198 Cost of _ _ 198 Branches of 44 Buildings 44, 198 Directors and managers of . 256-262 Operations, volume of 165, 166 Building operations 44, 198 Capital i 43, 85, 88 Clearing operations 161, 162 Commercial paper held by 97, 98 Condition of all Federal reserve banks combined 39, 74-89 Condition of each bank. (See Index to Part II.) Deferred availability items (checks, drafts, transit items, etc.) 85, 88 Deposits— Of all banks combined 79-83, 85, 88, 92, 94 Of each Federal reserve bank. (See Index to Part II.) Reserves required against 92 Depreciation charges made by 169 Directors and officers 256-262 Discount rates. (See Discount and open-market rates.) Discounts. (See Discount and open-market operations.) Dividends— Paid by Federal reserve banks 43, 170 Provision for extra, recommendation of advisory council 459 Earning assets. (See Earning assets.) Earnings, transfers to surplus fund 43, 170 Earnings and expenses 40-43, 167-170 Economy and efficiency 41 Employees, number and salaries 249-252 Excess reserves ("free gold")- (See Reserves.) Expenses of 40-43, 167-170 Expressage, cost of 168 Federal reserve bank notes. (See Federal reserve bank notes.) Federal reserve notes. (See Federal reserve notes.) Fiscal agency operations 170, 181 Franchise tax paid by 43, 170 Furniture and equipment, cost of 168 Gold held by 79,84,86 Gold redemption fund 84, 86 Gold settlement fund 84,86, 158 Government deposits held by 79-83, 85, 88 Governors— Conferences of 62 List of _ 256-262 Salaries of 249-252 Investments of. (See Earning assets; Discount and open-market operations.) Livestock paper discounted and held by 97, 98, 133, 134 Member-bank reserve deposits held by 80, 82, 85, 88 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO PART I. 481 Federal reserve banks—Continued. Municipal warrants— Page. Holdings of 110 Purchases of 133, 134 Rates of earnings on 73 Officers and directors, list of 256-262 Officers, salaries of 249-252 Postage, cost of 168 Profit and loss account 169, 170 Rent paid by 168 Reserve ratio. (See Reserve ratio.) Reserves. {See Reserves.) Resources and liabilities of all banks combined 39, 74-89 Salaries 40, 167, 249-252 Self insurance 168 Surplus account 43, 85, 88, 170 Telephone and telegraph expenses 168 Uncollected items (checks, drafts, transit items, etc.) 85, 88 United States securities purchased and held by. {See United States securities.) Federal Reserve Board: Assessment for expenses of 63, 167, 177 Campbell, Milo D.— Appointed member 62 Death of 62 Conferences with— Federal advisory council 62 Federal reserve agents 62 Governors of Federal reserve banks 62 Crissinger, D. R., appointed governor 62 Cunningham, Edward H., appointed member 62 Dawes, Henry M., appointed ex officio member 62 Directory 255 Division of analysis and research and office of statistician consolidated 62 Eddy, Walter L., appointed secretary 62 Employees, number and salaries 246-248 Expenses of 63, 177-180 Harding, W. P. G., expiration of term as member 62 Hoxton, W. W., resignation as secretary 62 Members of 255 Mitchell, John K., resignation as member 62 Noell, J. C, appointed assistant secretary 62 Officers of, number and salaries 246-248 Organization 62 Receipts and disbursements 177-180 Regulations 59-61, 265-294 Resolution on Cuban agency 45, 295 Salaries of officers and employees 246—248 Vest, George B., appointed assistant counsel 62 Federal reserve currencv: Cost of 1 168 Taxes paid on Federal reserve bank-note circulation 168 Federal reserve districts: Area 468 Counties in divided States 468 Description 468 Map showing outline 474 Population 468 Federal reserve notes: Circulation— All Federal reserve banks combined •_ 79, 85, 88, 94 Each Federal reserve bank 116 {See also Index to Part II.) Collateral security held against 113, 114, 116, 118 Cost of preparing 177, 178 Eligible paper held as collateral against '. 117, 118, 120 Excess collateral pledged against 118 Gold and gold certificates held as collateral against 116, 118, 120 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

482 INDEX TO PART I. Federal reserve notes—Continued. Page. Held by Federal reserve agents 113, 114, 123 Held by Federal reserve banks 115, 116 Interdistrict movement of 129, 130 Issued by Federal reserve agents to Federal reserve banks. 121, 122, 126, 128 Movement of, 1917-1923, charts showing 24, 28 On hand in Washington on December 31, 1923 124 Outstanding 113, 115, 121, 122, 128 Received by Federal reserve banks from Comptroller of the Currency 113, 125 Received from and returned to other Federal reserve banks 129 Reserves required against 92 Retired (returned by Federal reserve banks to Federal reserve agents) 121, 122 Returned to and received from other Federal reserve banks 129, 130 Returned by Federal reserve agents to Comptroller of the Currency for destruction 126 Shipment of notes abroad, advisory council on 466 Fiduciary powers: Court decisions— Burnes National Bank, St. Joseph, Mo 55, 307 Corn Exchange National Bank, Philadelphia, Pa 54, 304 Permits issued to national banks 54, 226-242 Regulation F 276 Finance bills, acceptance of, recommendation of advisory council 460 Fiscal agency operations of Federal reserve banks 170, 181 Foreign banking—Regulation K 286 Foreign banks: Acceptances of, held by Federal reserve banks 104, 105 Acceptance of their finance bills by American banks, advisory council on 460 Foreign exchange, index of_^ 319 Franchise tax paid by Federal reserve banks to Government 43, 170 (See also Index to Part II.) Furniture and equipment purchased by Federal reserve banks 168 (See also Index to Part II.) Gold: Federal reserve agents' gold fund 113, 118, 160 Held as security for Federal reserve notes 84, 113, 116, 118, 120 Held by Federal reserve agents 84, 86, 118 Held by Federal reserve banks 79, 84, 86 Held in the United States 22 Imports and exports 17, 18, 197 Chart showing 17 Reserves. (See Reserves.) Shipments, cost of 177, 178 Gold and credit situation, discussion of , 16-22 Gold redemption fund: Federal reserve agents 113, 118 Federal reserve banks 84, 86 Gold settlement fund: Balance of all Federal reserve banks combined 84, 86 Summary of transactions 158 Gold standard and currency stabilization 21 Advisory council on 460 Government bonds. (See United States securities.) Government deposits held by Federal reserve banks 79, 85, 88 Government, Federal reserve banks as fiscal agents of 170, 181 Governors of Federal reserve banks: List of 256-262 Meetings of 62 Salaries of 249-252 Harding, W. P. G., expiration of term as member of Federal Reserve Board 62 Havana agency established 45 Recommendations of advisory council 460 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO PART I. 483 Hoxton, Wm. W.: Page 8 Appointed Federal reserve agent at Richmond 62 Resignation as secretary of Federal Reserve Board 62 Imports and exports: Acceptances based on, purchased or discounted and held by Federal reserve banks 98, 106, 107, 148, 149 Gold 17, 18, 197 Chart showing 17 Indexes of production, employment, and trade 318 Insurance, self, of Federal reserve banks 169 Inter district movement of Federal reserve notes 129, 130 Interest rates. (See Discount and open-market rates.) Investments of-Federal reserve banks. (See Earning assets; Discount and open-market operations.) Interlocking bank directorates under the Clayton Act—Regulation L 291 Kern amendment to Clayton Act, amendment to, proposed 53 Land area of Federal reserve districts 468 Leased-wire system, cost of 177, 178 Livestock paper discounted and held by Federal reserve banks._ 97, 98, 133, 134 Loans, deposits, investments, etc., of member banks 190 Loans on farm and other real estate—Regulation G 278 Managers of branches of Federal reserve banks 256-262 Manufacturing production, index of 318 Map outlining Federal reserve districts 474 Maturities: Acceptances purchased and held by Federal reserve banks, 108, 109, 152-154 Bills discounted by Federal reserve banks 99, 100, 141-143 Member banks: Acceptances as investments of, advisory council on 460 Acceptances of, held by Federal reserve banks 104, 105 Accommodation at Federal reserve banks 137, 138, 192 (See also Index to Part II.) Capital 182-187, 190, 200 Collateral or promissory notes of, discounted and held by Federal reserve banks 97, 98, 133, 134 Condition reports, abstract of 182—187 Dividends paid to, by Federal reserve banks 43, 170 Loans, investments, deposits, etc 188-190 National banks— Loans and discounts 188-190 Paper discounted for 140 Number of 138, 182 Number accommodated through discount of paper 137, 138 Number in each district 163 Number in each State _ 138 Reporting banks in leading cities, assets and liabilities of 192, 193 Reserve deposits of 80, 82, 85, 88 (See also Index to Part II.) Resources and liabilities 182-194 State banks and trust companies— Abstract of condition reports 183 Bills discounted for 140 Capital j 183, 200 Membership in system 47, 183, 200 Number, capital, surplus, and total resources 183-187, 200 Surplus of 182-194, 200 United States securities owned by 182-194 (See also National banks; State banks.) Membership in Federal reserve system 47, 183, 200 Regulation H 279 Mining production, index of 319 Mitchell, John R., resignation as member of Federal Reserve Board 62 Money rates: New York and London markets 8 (See also Discount and open-market rates.) Municipal warrants: Purchased and held by Federal reserve banks. _ 74, 85, 86, 110, 133, 134 Rates of earnings on 73 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

484 INDEX TO PART I. National banks: Page. Acceptances of, held by Federal reserve banks 104, 105 Bills discounted for 140 Changes in membership 47 Examiners, salaries of 253, 254 Fiduciary powers granted to 226—242 Loans, investments, deposits, etc 188 Noell, J. C., appointed assistant secretary of Federal Reserve Board 62 Noncash items, free collection of, advisory council on 458, 465 Nonmember banks: Acceptances of, held by Federal reserve banks 104, 105 Number on par list 163, 164 Rediscounting for, by Federal reserve banks, permission revoked 50 Notes. (See Federal reserve bank notes; Federal reserve notes.) Officers and directors of Federal reserve banks 256-262 Officers and employees: Federal reserve banks, number and salaries 249-252 Federal Reserve Board, salaries 246-248 One hundred per cent of capital and surplus, list of banks granted authority to accept up to 243-245 Open-market operations of Federal reserve banks. (See Discount and open-market operations.) Open-market rates. {See Discount and open-market rates.) Opinions of courts: Fiduciary powers granted to national banks— Burnes National Bank, St. Joseph, Mo 55,307,314 Corn Exchange National Bank, Philadelphia, Pa 54, 304 Par clearance cases— Atlanta case _ _ _ 48, 296 Richmond case 49^ 298 Par collections. (See Check clearing and collection.) Par list, number of banks on 163, 164 Par value of United States securities held by Federal reserve banks 112 Percentage of reserves to deposit and note liabilities of Federal reserve banks. (See Reserve ratio.) Political influence in appointments, advisory council on 467 Population of Federal reserve districts 468 Postage, cost of, Federal reserve banks 168 Private banks, acceptances of, held by Federal reserve banks 104, 105 Production in basic industries, index of 318 Profit-and-loss account of Federal reserve banks 169, 170 (See also Index to Part II.) Purchased paper. (See Acceptances.) Rates, discount. (See Discount and open-market rates.) Ratio of cash reserves to deposit and note liabilities of Federal reserve banks. (See Reserve ratio.) Real estate, loans on—Regulation G 278 Receipts and disbursements of the Federal Reserve Board J _ _ 177-180 Recommendations of the Federal advisory council 459—467 Redemption fund against Federal reserve bank notes S5 88 7 Rediscounts for nonmember banks by Federal reserve banks, permission revoked 50 Regulations of the Federal Reserve Board: A—Rediscounts under section 13 266 B—Open-market purchases under section 14 271 C—Acceptance by member banks of drafts and bills of exchange 271 D—Time deposits and savings accounts 273 E—Purchase of warrants 274 F—Trust powers of national banks 276 G—Loans on farm land and other real estate 278 H—Membership of State banks and trust companies 279 I—Increase or decrease of capital stock of Federal reserve banks 281 J—Check clearing and collection 284 K—Banking corporations authorized to do foreign banking business under section 25a 286 L—Interlocking bank directorates under the Clayton Act 291 Rent paid by Federal reserve banks 168 (See also Index to Part II.) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO PART I. 485 Page. Reporting member banks in leading cities, assets and liabilities of 192-194 (See also Index to Part II.) Reserve balances of member banks: Held by all Federal reserve banks combined 79-83, 86 Held by each Federal reserve bank. (See Index to Part II.) Reserve ratio: All Federal reserve banks combined 79, 85, 92, 94 As indicator of banking and credit situation 29 Each Federal reserve bank. (See Index to Part II.) Reserves of Federal reserve banks: Cash- All banks combined 79, 84, 92, 94 Each Federal reserve bank. (See Index to Part II.) Excess reserves 79, 92 Gold, chart showing 17 Required against notes and deposits „ 79, 92 Reserves against worthless or doubtful paper 42 Resolution of the Federal Reserve Board on Cuban agency 45, 295 Resources and liabilities: All banks in the United States 194 Federal reserve banks 39, 74-89 Member banks 182-190, 200 Reporting member banks 192 (See also Index to Part II.) Richmond par clearance case 49, 298 Salaries: Federal reserve banks 40, 167, 249-252 Federal Reserve Board 246-248 National bank examiners 253, 254 Savings accounts—Regulation D 273 Staff. (See Employees.) State banks and trust companies: Acceptances of, held by Federal reserve banks 104, 105 Admitted to system 200-225 Membership in system—Regulation H 279 State bank and trust company members: Abstract of condition reports 182—187 Bills discounted for 140 Capital, surplus, and total resources 183, 200 Changes in membership 47 Number of 183 Resources and liabilities 183 Subscriptions to Federal Reserve Bulletin 177 Supreme Court of Missouri, decision of, on right of national banks to exercise fiduciary powers 55, 307 Supreme Court of Pennsylvania, decision of, on right of national banks to exercise fiduciary powers 54, 304 Supreme Court of United States, decisions of: Atlanta par clearance case 48, 296 Richmond par clearance case 49, 298 Right of national banks in Missouri to exercise fiduciary powers 314 Surplus account: Federal reserve banks 43, 85, 88, 170 Member banks _ 182-187, 200 Ratio of current net earnings to capital and to capital and surplus combined 43 Tax, franchise, paid to Government by Federal reserve banks 170 Telegraph, leased-wire system, cost of 178 Telephone and telegraph expense of Federal reserve banks 168 Time deposits—Regulation D 273 Trade acceptances. (See Acceptances.) Treasury certificates of indebtedness. (See United States securities.) Treasury notes. (See United States securities.) Trust companies. (See State banks and trust companies.) Trust powers. (See Fiduciar\< powers.) 86538—24t 32 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

486 INDEX TO PART I. Page. Uncollected items (checks, drafts, transit items, etc.) of Federal reserve banks 85, 88 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 170 United States securities: Allotments of 181 Bills discounted, secured by— Held by Federal reserve banks 74, 86, 97, 98, 101, 102, 144 Volume discounted by Federal reserve banks 144 Certificates of indebtedness: Development of market for, advisory council on 466 Purchased by Federal reserve banks 157 Depreciation on, charges made by Federal reserve banks on account of 169 Discount rates on paper secured by 64 Held by Federal reserve banks 74, 86, 111 Par value of 112 Owned by member banks 182-187 Rates of earnings on purchases by Federal reserve banks 72 Treasury notes purchased by Federal reserve banks 156 Victory notes purchased by Federal reserve banks 155 Volume purchased by Federal reserve banks 155-157 (See also Index to Part II.) United States Treasurer, items drawn on, and handled by Federal reserve banks 161 (See also Index to Part II.) Vest, George B., appointed assistant counsel of Federal Reserve Board 62 Victory notes. (See United States securities.) Warrants, municipal: Purchased by Federal reserve banks 74, 85, 86, 110, 133, 134 Rates of earnings on 73 Regulation E 274 Wholesale prices, index of 319 Wholesale trade, index of 318 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 bill 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 1923 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 1922 and 1923 330 Condition of Federal reserve bank—comparative statement of, December, 1921-1923 L 322 Debits to individual accounts (bank debits)—figures for each reporting center and summary for the district; by months, 1921-1923. _ 330-332 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, 1921-1923 326 Federal reserve clearing system—operations of Federal reserve bank in 328 Gold settlement fund—clearings and transfers of Federal reserve bank, by weeks during 1923 329 Volume of operations in principal departments 328 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 1923 334 Chart showing 335 Assets and liabilities of reporting member banks—loans and discounts, investments, deposits, and accommodation at Federal reserve bank; by months during 1922 and 1923 341 Condition of Federal reserve bank—comparative statement of, December, 1921-1923 333 Debits to individual accounts (bank debits)—figures for ea.cn reporting center and summary for the district; by months, 1921-1923__ 342 Discount and open-market operations of Federal reserve bank— volume of bills discounted and of acceptances and United States securities purchased 336 Discounts—volume of bills discounted by Federal reserve bank for member banks in each State, and number of banks accommodated 337 Earnings, expenses, and profit and loss account of Federal reserve bank, 1921-1923 337-338 Federal reserve clearing system—operations of Federal reserve bank in 339 Gold settlement fund—clearings and transfers of Federal reserve bank, by weeks during 1923 339-340 Volume of operations in principal departments 338 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 1923 345 Chart showing 346 Assets and liabilities of reporting member banks—loans and discounts, investments, deposits, and accommodation at Federal reserve bank; by months during 1922 and 1923 351 Digitized for FRASER 487 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

488 INDEX TO PART II. District No. 3—Philadelphia—Continued. Page. Condition of Federal reserve bank—comparative statement of, December, 1921-1923 L 344 Debits to individual accounts (bank debits)—figures for each reporting center and summary for the district; by months, 1921-1923 352-354 Discount and open-market operations of Federal reserve bank— volume of biUs discounted and of acceptances and United States securities purchased : 347 Discounts—volume of bills discounted by Federal reserve oank for member banks in each State, and number of banks accommodated. 348 Earnings, expenses, and profit and loss account of Federal reserve bank, 1921-1923 348,349 Federal reserve clearing system—operations of Federal reserve bank in 350 Gold settlement fund—clearings and transfers of Federal reserve bank, by weeks during 1923 351, 352 Volume of operations in principal departments 349 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 1923 356 Chart showing 357 Assets and liabilities of reporting member banks—loans and discounts, investments, deposits, and accommodation at Federal reserve bank; by months during 1922 and 1923 362 Condition of Federal reserve bank—comparative statement of, December, 1921-1923 355 Debits to individual accounts (bank debits)—figures for each reporting center and summary for the district; by months, 1921-1923- 363-365 Discount and open-market operations of Federal reserve bank— volume of bills discounted and of acceptances and United States securities purchased _ _ • 358 Discounts—volume of bills discounted by Federal reserve bank for member banks in each State, and number of banks accommodated _ 359 Earnings, expenses, and profit and loss account of Federal reserve bank, 1921-1923 359, 360 Federal reserve clearing system—operations of Federal reserve bank in _ 361 Gold settlement fund—clearings and transfers of Federal reserve bank, by weeks during 1923 361, 362 Volume of operations in principal departments 360 District No. 5—'Richmond: 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 1923 367 Chart showing 368 Assets and liabilities of reporting member banks—loans and discounts, investments, deposits, and accommodation at Federal reserve bank; by months during 1922 and 1923 373 Condition of Federal reserve bank—-comparative statement of, December, 1921-1923 366 Debits to individual accounts (bank debits)—figures for each reporting center and summary for the district; by months, 1921-1923. 374-376 Discount and open-market operations of Federal reserve bank— volume of bills discounted and of acceptances and United States securities purchased 369 Discounts—volume of bills discounted by Federal reserve bank for member banks in each State, and number of banks accommodated. 370 Earnings, expenses, and profit and loss account of Federal reserve bank, 1921-1923 370,371 Federal reserve clearing system—operations of Federal reserve bank in 372 Gold settlement fund—clearings and transfers of Federal reserve bank, by weeks during 1923_____ - 372, 373 Volume of operations in principal departments 371 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO PART II. 489 District No. 6—Atlanta: 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 1923 378 Chart showing 379 Assets and liabilities of reporting member banks—loans and discounts, investments, deposits, and accommodation at Federal reserve bank; by months during 1922 and 1923 384 Condition of Federal reserve bank—comparative statement of, December, 1921-1923 377 Debits to individual accounts (bank debits)—-figures for each reporting center and summary for the district; by months, 1921-1923 385-388 Discount and open-market operations of Federal reserve bank—volume of bills discounted and of acceptances and United States securities purchased 380 Discounts—volume of bills discounted by Federal reserve bank for member banks in each State, and number of banks accommodated, _ 381 Earnings, expenses, and profit and loss account of Federal reserve bank, 1921-1923 381, 382 Federal reserve clearing system—operations of Federal reserve bank in 383 Gold settlement fund—clearings and transfers of Federal reserve bank, by weeks during 1923 383, 384 Volume of operations in principal departments 382 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 1923 390 Chart showing 391 Assets and liabilities of reporting member banks—loans and discounts, investments, deposits, and accommodation at Federal reserve bank; by months during 1922 and 1923 397 Condition of Federal reserve bank—comparative statement of, December, 1921-1923 389 Debits to individual accounts (bank debits)—figures for each reporting center and summary for the district; by months, 1921-1923-_ 398-401 Discount and open-market operations of Federal reserve bank—volume of bills discounted and of acceptances and United States securities purchased 392 Discounts—volume of bills discounted by Federal reserve bank for member banks in each State, and number of banks accommodated. 393 Earnings, expenses, and profit and loss account of Federal reserve bank, 1921-1923__ 393, 394 Federal reserve clearing system—operations of Federal reserve bank in 395 Gold settlement fund—clearings and transfers of Federal reserve bank, by weeks during 1923 395,396 Volume of operations in principal departments 389 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 1923 403 Chart showing " 404 Assets and liabilities of reporting member banks—loans and discounts, investments, deposits, and accommodation at Federal reserve bank; by months during 1922 and 1923 409 Condition of Federal reserve bank—comparative statement of, December, 1921-1923 402 Debits to individual accounts (bank debits)—figures for each reporting center and summary for the district; by months, 1921-1923-_ 410-411 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

490 INDEX TO PART II. District No. 8—St. Louis—Continued Page. Discount and open-market operations of Federal reserve bank—volume of bills discounted and of acceptances and United States securities purchased 405 Discounts—volume of bills discounted by Federal reserve bank for member banks in each State, and number of banks accommodated. 406 Earnings, expenses, and profit and loss account of Federal reserve bank, 1921-1923 406,407 Federal reserve clearing system—operations of Federal reserve bank in 408 Gold settlement fund—clearings and transfers of Federal reserve bank, by weeks during 1923 408, 409 Volume of operations in principal departments- 407 District No. 9—Minneapolis: Assets and liabilities of Federal reserve bank—holdings oi" 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 1923 I 413 Chart showing 414 Assets and liabilities of reporting member banks—loans and discounts, investments, deposits, and accommodation at Federal reserve bank; by months during 1922 and 1923 419 Condition of Federal reserve bank—comparative statement of, December, 1921-1923 412 Debits to individual accounts (bank debits)—figures for each reporting center and summary for the district; by months, 1921-1923_ 420-421 Discount and open-market operations of Federal reserve bank—volume of bills discounted and of acceptances and United States securities purchased 415 Discounts—volume of bills discounted b3^ Federal reserve bank for member banks in each State, and number of banks accommodated- 416 Earnings, expenses, and profit and loss account of Federal reserve bank, 1921-1923 416, 417 Federal reserve clearing system—operations of Federal reserve bank in 1 418 Gold settlement fund—clearings and transfers of Federal reserve bank; by weeks during 1923 418, 419 Volume of operations in principal departments 417 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 1923 1 423 Chart showing 424 Assets and liabilities of reporting member banks—loans and discounts, investments, deposits, and accommodation at Federal reserve bank; by months during 1922 and 1923 429 Condition of Federal reserve bank—comparative statement of, December, 1921-1923 422 Debits to individual accounts (bank debits)—figures for each reporting center and summary for the district, by months, 1921-1923 430-433 Discount and open-market operations of Federal reserve bank—volume of bills discounted and of acceptances and United States securities purchased 425 Discounts—volume of bills discounted by Federal reserve bank for member banks in each State, and number of banks accommodated- 426 Earnings, expenses, and profit and loss account of Federal reserve bank, 1921-1923 426, 427 Federal reserve clearing system—operations of Federal reserve bank in 428 Gold settlement fund—clearings and transfers of Federal reserve bank, by weeks during 1923 428, 429 Volume of operations in principal departments 427 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO PART II. 491 District No. 11—Dallas: 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; bv weeks during 1923 1 435 Chart showing 436 Assets and liabilities of reporting member banks—loans and discounts, investments, deposits, and accommodation at Federal reserve bank; by months during 1922 and 1923 441 Condition of Federal reserve bank—comparative statement of, December, 1921-1923 434 Debits to individual accounts (bank debits)—figures for each reporting center and summary for the district; by months, 1921-1923 442-443 Discount and open-market operations of Federal reserve bank—volume of bills discounted and of acceptances and United States securities purchased 437 Discounts—volume of bills discounted by Federal reserve bank for member banks in each State, and number of banks accommodated- 438 Earnings, expenses, and profit and loss account of Federal reserve bank, 1921-1923 • 438,439 Federal reserve clearing system—operations of Federal reserve bank f^in 440 Gold settlement fund—clearings and transfers of Federal reserve bank, by weeks during 1923 440, 441 Volume of operations in principal departments 437 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 1923 I 445 Chart showing 446 Assets and liabilities of reporting member banks—loans and discounts, investments, deposits, and accommodation at Federal reserve bank; by months during 1922 and 1923 451 Condition of Federal reserve bank—comparative statement of, December, 1921-1923 444 Debits to individual accounts (bank debits)—figures for each reporting center and summary for the district; by months, 1921-1923__ 452-455 Discount and open-market operations of Federal reserve bank—volume of bills discounted and of acceptances and United States securities purchased 447 Discounts—volume of bills discounted by Federal reserve bank for member banks in each State, and number of banks accommodated. 448 Earnings, expenses, and profit and loss account of Federal reserve bank, 1921-1923 448, 449 Federal reserve clearing system—operations of Federal reserve bank in 450 Gold settlement fund—clearings and transfers of Federal reserve bank, by weeks during 1923 - 450, 451 Volume of operations in principal departments 447 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis