Annual Report of the Federal Reserve Board, 1924

ELEVENTH ANNUAL REPORT OF THE FEDERAL RESERVE BOARD COVERING OPERATIONS FOR THE YEAR 1924 WASHINGTON GOVERNMENT PRINTING OFFICE 1925 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONTENTS Page PART I. Report of the Federal Reserve Board, with exhibits 1-290 PART II. Charts and statistical tables, arranged by Federal reserve districts 291-449 PART I. TEXT OF REPORT: Industry and trade in 1924 1 w Growth of member bank credit 2 Volume of Federal reserve bank credit 3 Currency demand and the reserve banks 6 Gold and Federal reserve bank credit 7 Demand for gold and for dollar credits 9 Discount and open-market policy in 1924 10 Earnings, expenses, and volume of operations of Federal reserve banks 12 Fiscal agency operations 17 Building operations of Federal reserve banks 18 Branches and agencies of Federal reserve banks 19 Branch banking 19 Changes in membership in Federal reserve system 21 Banks on par list 22 Bank suspensions 23 Check clearing and collection 24 Trust powers of national banks 27 Administration of Clayton Act 29 Legislation affecting the Federal reserve system 30 Amendments to regulations of the Federal Reserve Board 30 Meetings of the Federal Advisory Council 31 Conferences held by the Federal Reserve Board 31 Board's organization, staff, and expenditures 31 DISCOUNT AND OPEN-MARKET RATES: No. 1. Discount rates—Changes during 1923 and 1924 in Federal reserve bank rates 33 No. 2. Average rates charged by Federal reserve banks on bills discounted 34 No. 3. Average rates of earnings on discounted bills held by the Federal reserve banks 35 No. 4. Open-market rates—Changes during 1923 and 1924 in minimum authorized rates of Federal reserve banks on acceptances bought in open market 36 No. 5. Average rates charged by Federal reserve banks on bills bought in open market 37 No. 6. Average rates of earnings on bills bought in open market and from other Federal reserve banks 38 No. 7. Average rates of earnings on bills discounted and on bills purchased by each Federal reserve bank, 1916-1924 39 No. 8. Average rates of earnings on United States securities held by the Federal reserve banks 40 in Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

IV CONTENTS DISCOUNT AND OPEN-MARKET RATES—Continued Pag* No. 9. Average rates of earnings on total earning assets and on municipal warrants, Federal intermediate credit bank debentures, and foreign loans on gold held by the Federal reserve banks 41 CONDITION OF FEDERAL RESERVE BANKS: No. 10. Earning assets of all Federal reserve banks combined, 1914r- 1924 _' 42 No. 11. Reserves, deposits, and note circulation of all Federal reserve banks combined, 1914-1924 45 No. 12. Resources and liabilities of all Federal reserve banks combined on the last day of each month, December, 1923- December, 1924 48 No. 13. Resources and liabilities of ail Federal reserve banks combined, by weeks, during 1924 50 No. 14. Cash reserves, deposits, Federal reserve note circulation, and reserve percentages—Daily averages for all Federal reserve banks combined, by months, 1920-1924 54 No. 15. Earning assets—Average daily holdings of all Federal reserve banks combined, by classes and months, 1920-1924 55 No. 16. Earning assets—Average daily holdings of all classes combined, by banks and months 56 Discounted bills— No. 17. Average daily holdings of each Federal reserve bank, by months 57 No. 18. Holdings of each Federal reserve bank on December 31, 1924, by classes 58 No. 19. Holdings of all Federal reserve banks combined at the end of each month, by classes 58 No. 20. Holdings of each Federal reserve bank on December 31, 1924, by maturities 59 No. 21. Holdings of all Federal reserve banks combined on the last report day of each month, by maturities 59 No. 22. Holdings of bills secured by United States Government obligations by each Federal reserve bank on December 26, 1923, and December 31, 1924, by classes. _ 60 No. 23. Holdings of bills secured by United States Government obligations by all Federal reserve banks combined on the last report date of each month, by classes 60 Bills bought in open market (bankers' and trade acceptances)— No. 24. Average daily holdings of each Federal reserve bank, by months 61 No. 25. Holdings of bankers' acceptances by each Federal reserve bank on December 31, 1924, by classes of accepting institutions 62 No. 26. Holdings of bankers' acceptances by all Federal reserve banks combined at the end of each month during 1924, by classes of accepting institutions 62 No. 27. Holdings of each Federal reserve bank on December 31, 1924, by classes 63 No. 28. Holdings of all Federal reserve banks combined at the end of each month during 1924, by classes 63 No. 29. Holdings of each Federal reserve bank on December 31, 1924, by maturities 64 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONTENTS CONDITION OF FEDERAL RESERVE BANKS—Continued Bills bought in open market—Continued Page No. 30. Holdings of all Federal reserve banks combined at the end of each month, by maturities 64 United States securities— No. 31. Average daily holdings of each Federal reserve bank, by months 66 No. 32. Holdings of each Federal reserve bank on December 31, 1924, by classes 66 FEDERAL RESERVE BANK NOTES: No. 33. Received from and returned to the Comptroller of the Currency and outstanding, by denominations, 1915-1924 67 FEDERAL RESERVE NOTES: No. 34. Federal reserve agents' accounts at the end of 1923 and 1924_ 68 No. 35. Issued to Federal reserve banks by Federal reserve agents, held by issuing banks, and in actual circulation; also gold and eligible paper held by agents as security for notes issued to banks—Monthly figures for each Federal reserve bank 70 No. 36. Issued and retired by each Federal reserve agent, by months 72 No. 37. Issued and retired by all Federal reserve agents combined and amounts outstanding, 1914-1924, by denominations. 74 No.'38. Collateral (gold and eligible paper) pledged with Federal reserve agents as security for Federal reserve notes issued to Federal reserve banks—Weekly figures for all Federal reserve banks combined 75 DISCOUNT AND OPEN-MARKET OPERATIONS: Total volume—All classes— No. 39. For each Federal reserve bank during 1924, by classes. 76 No. 40. For. all Federal reserve banks combined, by months and classes 77 No. 41. For each Federal reserve bank, by months 78 3ills discounted— No. 42. Volume discounted by each Federal reserve bank, by months 79 No. 43. Number of banks in each district accommodated through discount operations, by months 80 No. 44. Volume, by States, also number of member banks in each State and number accommodated through disjount operations 81 No. 45. Volume discounted for national banks and for State bank and trust company members 82 No. 46. Volume discounted by each Federal reserve bank, by maturities and rates of discount charged 83 No. 47. Volume discounted by all Federal reserve banks combined, by months and by maturities and rates of discount charged 84 No. 48. Average maturity of bills discounted 85 No. 49. Bills secured by United States Government obligations, discounted by Federal reserve banks 86 No. 50. Trade acceptances discounted 87 No. 51. Bankers' acceptances discounted 87 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

VI CONTENTS DISCOUNT AND OPEN-MAEKET OPERATIONS—Continued Page Bills bought in open market—Bankers' and trade acceptances— No. 52. Purchased by each Federal reserve bank, by months 88 No. 53. Purchased by each Federal reserve bank,'by classes 89 No. 54. Purchased by all Federal reserve banks combined, by months and classes 89 No. 55. Purchased by each Federal reserve bank, by rates of discount charged 90 No. 56. Purchased by all Federal reserve banks combined, by months and b}^ rates of discount charged 91 No. 57. Average maturity of bills purchased _ 92 No. 58. Purchased by each Federal reserve bank, by maturities. 93 No. 59. Purchased by all Federal reserve banks combined, by months and maturities 93 United States securities— No. 60. Total volume of all classes purchased by each Federal reserve bank 94 No. 61. United States bonds and Victory notes purchased by Federal reserve banks 1 95 No. 62. United States Treasury notes purchased by Federal reserve banks 96 No. 63. United States certificates of indebtedness purchased by Federal reserve banks 97 No. 64. Special temporary certificates of indebtedness issued to Federal reserve banks by the Secretary of the Treasury 98 No. 65. Rediscounts and sales of bills and securities between Federal reserve banks 98 GOLD SETTLEMENT FUND: No. 66. Summary of transactions of each Federal reserve bank 100 No. 67. Clearings and transfers of all Federal reserve banks combined, by weeks during 1924 101 FEDERAL RESERVE AGENTS' GOLD FUND: No. 68. Summary of transactions of each Federal reserve agent 102 CLEARING OPERATIONS: No. 69. Operations of the Federal reserve clearing system 103 No. 70. Number of member banks and of nonmember banks on par list and not on par list in each State 105 No. 71. Number of member banks and of nonmember banks on par list and not on par list in each Federal reserve district. 106 OPERATIONS OF BRANCHES: No. 72. Volume of operations of each Federal reserve branch bank__ 108 BANK PREMISES: No. 73. Cost of bank premises of Federal reserve banks and branches. 110 EARNINGS AND EXPENSES: No. 74. Earnings and expenses of Federal reserve banks during 1924_ 112 No. 75. Gross and net earnings of Federal reserve banks, 1914-1924. 114 RECEIPTS AND DISBURSEMENTS OF FEDERAL RESERVE BOARD: No. 76. Receipts and disbursements of the Federal Reserve Board for 1924 117 ASSETS AND LIABILITIES OF MEMBER AND NONMEMBER BANKS: No. 77. All banks in United States: Resources and liabilities 120 No. 78. All member banks: Resources and liabilities, 1924 121 No. 79. National banks: Resources and liabilities, 1924 122 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONTENTS VII ASSETS AND LIABILITIES OF MEMBER AND NONMEMBER BANKS—Con. Page No. 80. State bank and trust company members: Resources and liabilities, 1924 123 No. 81. All member banks in New York City: Resources and liabilities, 1924 124 No. 82. All member banks in Chicago: Resources and liabilities, 1924__ 125 No. 83. All member banks in reserve cities: Resources and liabilities, 1924 126 No. 84. All member banks outside of central reserve and reserve cities (country banks): Resources and liabilities; 1924 127 No. 85. All member banks: Principal resources and liabilities, 1914- 1924 128 No. 86. National banks: Principal resources and liabilities, 1914- 1924 _.. 130 No. 87. State bank and trust company members: Principal resources and liabilities, 1914-1924_^ 132 No. 88. Reporting member banks in leading cities: Principal resources and liabilities 134 No. 89. State banks and trust companies: Member and eligible nonmember banks on June 30, 1924, in each Federal reserve district 136 No. 90. State banks and trust companies: Member and eligible nonmember banks on June 30, 1924, in each State 137 No. 91. State banks and trust companies: Nonmember banks eligible for membership on the basis of capital stock requirements for national banks and on the basis of the reduced requirements of the agricultural credits act of 1923 138 No. 92. All member banks: Earnings and dividends, 1919-1924 141 No. 93. Reporting member banks in Federal reserve bank cities: Amounts due to and due from other banks 143 No. 94. Membership in the Federal resources system: Changes in number of banks and total resources for all districts combined 147 No. 95. Membership in the Federal reserve system: Changes in number of banks, by districts 149 DEBITS TO INDIVIDUAL ACCOUNTS: No. 96. Debits to individual accounts as reported by banks in 141 principal cities—Summary by months and districts, 1919- 1924 154 GOLD IMPORTS AND EXPORTS: No. 97. Gold imports into and exports from the United States, June 1, 1919-December 31, 1924, by periods and principal countries 158 No. 98. Total imports of gold into and exports of gold from the United States, by countries, 1922, 1923, and 1924 159 No. 99. Gold imports into and exports from the United States, by months, during 1924 159 MONEY IN CIRCULATION: No. 100. Money in circulation outside the United States Treasury and Federal reserve banks 160 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONTENTS MONET RATES: Page No. 101. Rates on prime commercial loans of 4 to 6 months maturity in principal cities, by months during 1924____ 162 PRODUCTION INDEXES: No. 102. Index of production, employment, trade, wholesale prices, and foreign exchange 163 State banks and trust companies admitted to membership 166 State bank membership—Summary classification according to capital stock 191 Fiduciary powers granted to national banks 193 Banks granted authority to accept drafts and bills of exchange up to 100 per cent of capital and surplus 211 Personnel and salaries: Salaries of officers and employees of Federal Reserve Board 214 Salaries of officers and employees of Federal reserve banks 216 Salaries of national-bank examiners 220 Directory: Federal Reserve Board 223 Federal Advisory Council 223 Officers and directors of Federal reserve banks and branches 224 Court opinions: Opinion of United States District Court in Atlanta par clearance case. _ 231 Decision of Supreme Court of the United States on right of national banks in Missouri to exercise trust powers 234 Decision of Supreme Court of Rhode Island on right of national banks to exercise trust powers 237 Bills to amend the Clayton Act, proposed 240 Extract from World War adjusted compensation act 240 Regulations of the Federal Reserve Board 241 Recommendations of the Federal advisory council to the Federal Reserve Board 276 Description of Federal reserve districts 285 PART II Charts showing cash reserves, holdings of earning assets, and Federal reserve note circulation of each Federal reserve bank, 1917-1924__ 292 Charts showing loans and investments and deposits of reporting member banks in each Federal reserve district, 1917-1924 305 Statistical tables, arranged by Federal reserve districts: District No. 1—Boston 312 District No. 2—New York 323 District No. 3—Philadelphia 334 District No. 4—Cleveland 345 District No. 5—Richmond 357 District No. 6—Atlanta 369 District No. 7—Chicago 381 District No. 8—St. Louis 393 District No. 9—Minneapolis 403 District No. 10—Kansas City 414 District No. 11—Dallas - 427 District No. 12—San Francisco 438 Map of Federal reserve districts 450 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PART I REPORT OF THE FEDERAL RESERVE BOARD WITH EXHIBITS 36569—25t- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE FEDERAL RESERVE BOARD DECEMBER 31, 1924 EX OFFICIO MEMBERS D. R. CRISSINGER, Governor. EDMUND PLATT, Vice Governor. A. W. MELLON, ADOLPH C. MILLER. Secretary of the Treasury, Chairman. CHARLES S. HAMLIN. J. W. MCINTOSH, GEORGE R. JAMES. Comptroller of the Currency. EDWARD H. CUNNINGHAM. WALTER L. EDDY, Secretary. WALTER W. STEWART, J. C. NOELL, Assistant Secretary. Director, Division of Research and Statistics. J. F. HERSON, E. A. GOLDENWEISER, Chief, Division of Examination and Assistant Director, Division of Re- Chief Federal Reserve Examiner. search and Statistics. WALTER WYATT, General Counsel. E. L. SMEAD, W. M. IMLAY, Fiscal Agent. Chief, Division of Bank Operations. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD WASHINGTON, February 20, 1925. SIR: In this, its eleventh annual report, the Federal Reserve Board reviews the business and banking developments in 1924 as they affected the position of the Federal reserve banks and describes the operations of the Federal reserve system during the year. The board, in its annual report for 1923, discussed in the light of the experience of the Federal reserve system for the preceding ten years certain of the basic factors underlying the administration of Federal reserve bank credit. The present report indicates the manner in which the discount and open-market policies discussed more fully in last year's report have functioned under business and credit conditions prevailing in 1924. INDUSTRY AND TRADE IN 1924 Business and industry in 1924, taking the year as a whole, were less active than in 1923, when production and trade were in exceptionally large volume. The recession in industrial activity which began in the spring of 1923 continued, with a brief interruption at the turn of the year, until the middle of 1924. Increased output in certain basic industries early in 1924 resulted in a larger volume of production than could be currently marketed at prevailing prices, with the consequence that stocks accumulated, prices receded, production was sharply curtailed, and there was a decrease in employment at industrial establishments. The volume of trade, however, continued at a high level throughout the period of industrial recession and, as distribution of goods to the consumer was in larger volume than current production, stocks of merchandise which had accumulated during the spring months were gradually reduced and a renewed demand for materials was reflected in a firmer tone in the commodity markets. This industrial readjustment, together with an improvement in the position of the farmer, was an important factor in bringing about a business recovery during the last quarter of the year. The farmer's income, particularly in certain sections of the wheat producing regions, was larger in 1924 than in recent years, though the corn crop was short. In the aggregate, crop production was as large as in 1923 and prices at the farm averaged considerably higher. Conditions in the livestock industry, however, continued to be unfavorable. Wheat farmers in this country benefited by the shortage of the world wheat crop and the consequent larger export demand. Financing of agricultural ex- 1 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

2 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD ports as well as of exports of other raw materials in large volume was facilitated by the flotation in the United States of an unusually large amount of foreign loans, which increased the buying power of foreign purchasers in our markets. This improvement ifKhe European demand for American products, the increase in the current income of the farmer, and a growth in business confidence were factors in bringing about the increase in business activity during the closing months of the year. Between September and December industrial output and factory employment increased sharply from the low point reached in midsummer, and this expansion in production in basic industries was sufficient to overcome the larger part of the previous decline. At the end of 1924, as a result of a readjustment in prices and the improvement in the world market for agricultural products, there was a better balance between industry and agriculture than at any time in more than four years. GROWTH OF MEMBER BANK CREDIT In the banking and credit situation the principal development in 1924 was a decline in money rates during the first half of the year, which carried those rates by midsummer to the lowest level in a decade. This ease in the money market was the result of an abundance of loanable funds at member banks and not of a decreased use of credit to finance current business. In fact, throughout most of the year the volume of commercial borrowing at member banks in principal cities continued near the high level of the autumn of 1923, and after the seasonal advance in the latter part of 1924 was in larger volume than at any time in more than three years. This continued demand for commercial credit during the period of slackened industrial activity may be accounted for in part by the fact that throughout this period the volume of trade and distribution was maintained at a high level. Decreased industrial activity, however, accompanied by lessened employment and smaller pay rolls, resulted in a diminished demand for hand-to-hand money, and as currency released from circulation flowed into the member banks it increased the volume of their funds available for lending. Further additions to the supply of funds arose from gold imports, which during the first half of the year were in larger volume than during 1923. Member banks used funds arising from these two sources to repay their borrowings at the Federal reserve banks, and the reduction during the early part of 1924 in the total of Federal reserve bank credit in use was about equivalent to the inflow of currency from domestic circulation and of gold received from abroad. When repayment to the reserve banks had brought the volume of borrowing by member banks to a low level, these banks used further additions to their funds as a basis for enlarging the volume of their outstanding credit, chiefly Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD through the purchase of investment securities and the making of loans on stocks and bonds. The growth during the last seven months of 1924 in the total loans and investments of member banks in leading cities was about $2,000,000,000, of which $900,000,000 represented an increase in investments, $800,000,000 an increase in loans secured by stocks and bonds, and $300,000,000 an increase in commercial loans. This rapid growth in the volume of member bank credit, which began in June, was accompanied by a correspondingly rapid increase in demand deposits amounting to about $1,800,000,000. In the financial centers, where the growth of deposits was largest, the increase represented in part a growth of balances held for banks in the interior. This concentration of funds in the money centers, which usually occurs during periods of declining business activity, contributed to the ease in the central money markets and was one of the factors responsible for the low level of rates prevailing during July and August. Toward the end of August, however, the demand for credit and currency in connection with crop moving and the autumn trade, and the revival of industrial activity, resulted in some return flow of funds to the interior, and rates became firmer during the latter months of the year. Demand for currency reached its peak in December and, together with the outward movement of gold during that month, led member banks to increase their borrowings at the reserve banks. The large growth in 1924 in the total of member bank credit in use is shown by a comparison of the condition of all member banks at the end of 1923 and 1924. ALL MEMBER BANKS [In millions of dollars] —- End of— Increase 1923 1924 Loans 19, 052 20,181 1 129 Investments 7,686 8,845 1, 159 Total loans and investments 26, 738 29, 026 2, 288 Demand deposits ._ . . 16,086 17, 766 1, 680 Bankers' balances 3,512 4,548 1,036 Time deposits ... ._ .. ... 8, 651 9, 805 ], 154 VOLUME OF FEDERAL RESERVE BANK CREDIT In contrast with this growth in the loans and investments of member banks, the amount of Federal reserve bank credit outstanding was no larger at the end of 1924 than at the end of the previous year. The demand for reserve bank credit, however, fluctuated much more widely during 1924 than in the two preceding years. Earning assets of the reserve banks after decreasing by $400,000,000 during the first five months of the year to $800,000,000—the lowest level since 1917—remained near that level for two months, and then Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD increased again by $450,000,000 to $1,250,000,000 at the end of the year. The decline in the volume of reserve bank credit outstanding during the first half of the year was due to a decrease in the amount of currency in circulation of $280,000,000 and to gold imports of $240,000,000. During the last five months of the year the increase in earning assets of the reserve banks reflected seasonal growth of $330,000,000 of money in circulation, and the further facts that during these months net gold imports were only $16,000,000 and that during December, for the first time since 1920, there was a net outward movement of gold. Thus in 1924 gold and currency movements exerted their combined effect during tiie early part of the year toward a reduction in the use of reserve bank credit, and during the latter MILLIONS OF DOLLARS MILLIONS OF DOLLARS I EARNING ASSETS I OF FEDERAL RESERVE BANKS 1200 1200 600 600 1922 1923 1924part of the year toward an increase in the demand for reserve bank credit. In this respect the year 1924 differed from 1923, when a gradual growth in currency demand was continuous throughout the year, as were gold imports, with the consequence that the demand for currency was currently met by member banks out of the balances created at the reserve banks through the deposit of imported gold, and the volume of reserve bank credit in use remained throughout the year at a relatively constant level. Changes in the total volume of reserve bank credit outstanding and in its composition for the first seven and for the last five months of 1924 and for the year as a whole are shown in the following table, and the course of the different classes of earning assets during the past three years is presented in the chart above. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD EARNING ASSETS OF FEDERAL RESERVE BANKS [In millions of dollars] Increase (+) or decrease (—) Dec. 31, July 30, Dec. 31, 1923 1924 1924 First 7 Last 5 months months Year 1924 1924 1924 Total earning assets 1 J 1,211 825 1,249 -386 +424 +38 Discounts 723 294 I 314 -429 +20 -409 Acceptances 355 24 I 387 -331 +363 +32 United States securities _ 133 I 505 ' 540 +372 +35 +407 1 Including other classes of earning assets, which on Dec. 31, 1924, aggregated $8,000,000. During the first seven months of 1924 purchases of United States Government securities in the open market steadily increased and carried the holdings of these securities by the reserve banks from $133,000,000 at the close of 1923 to over $505,000,000 at the end of July. The funds thus placed in the market were used by member banks in the repayment of their borrowings and resulted further in a reduction of the acceptance holdings of the reserve banks. Total holdings of discounted and purchased bills, which at the beginning of the year were about $1,078,000,000, declined almost continuously to $318,000,000 at the end of July. During this period of open-market purchases in considerable volume, the total of reserve bank credit outstanding, as measured by earning assets, declined by nearly $400,000,000, and at the same time there was a considerable change in its composition. The proportion of United States securities, which at the opening of the year constituted about 11 per cent of total earning assets, increased to 60 per cent at the end of July, while the proportion of discounts declined from 60 per cent to 36 per cent. The decline in total earning assets during this period, as has been pointed out earlier, is accounted for by the inflow of gold and the decreased demand for currency, and the fact that the volume of discounts and acceptances decreased to a larger extent than total earning assets was due chiefly to the security purchases by the reserve banks. During the last five months of the year there was relatively little change in the holdings of United States securities, and the volume at the end of December was about the same as in the middle of August. During this period, however, total earning assets of the reserve banks increased by over $400,000,000, largely in response to seasonal requirements. In December the growth was principally in discounts, but for the period as a whole the larger part of the increase was in holdings of acceptances, which increased after the middle of August from $18,000,000 to $387,000,000 at the end of December. At the close of 1924 acceptance holdings of the Federal reserve banks were larger than at any time since 1920 and constituted nearly one- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

6 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD half of the total volume of outstanding acceptances. The unusually heavy exports of agricultural products during the autumn of the year were financed in considerable part through the use of acceptance credit, and the total amount of credit extended in this form was larger in 1924 than at any time except during the last part of 1919. The volume of commodities financed through acceptance credit in 1924 was in fact larger than in 1919, when measured in terms of physical volume, because in 1919, with prices at a much higher level, more credit was required to finance the same physical quantity of goods. A large part of the total acceptances purchased by the reserve banks arose out of the financing of export and import trade with many countries covering principally the exportation of cotton and grains, and the importation of coffee, sugar, silk, hides, and wool. With this large volume of acceptances in the market the seasonal tightening of money rates resulted during the last quarter of the year in heavy offerings of bills to the reserve banks, with a consequent growth of acceptance holdings by these banks. A table showing the principal assets and liabilities of the Federal reserve banks for every week in 1924 appears on pages 50-53. CURRENCY DEMAND AND THE RESERVE BANKS At the reserve banks, through the large amount of currency of all kinds paid in daily and the large volume withdrawn each day, there is a continuous adjustment between the volume of money in circulation and the public's changing requirements for currency. While the net outflow of currency from the reserve banks during the last five months of 1924 approximately equaled the net inflow during the first part of the year, and there was consequently little change in the total volume of money in circulation, the amount of currency that passed through the reserve banks during the year was in excess of $10,000,000,000, or more than twice the amount currently held by the public. The amount held by the public, about $5,000,000,000, includes the vault cash in banks, the till money of the merchants, and the cash in the pockets of individuals. Since cash in the vaults of member banks does not count as part of their legal reserves, they keep on hand only that amount of currency which experience has shown to be necessary to meet the immediate demands of their depositors; this amount in the aggregate is about $500,000,000, and represents 2 per cent of their gross deposits. Mercantile establishments also limit their holdings of cash to till-money requirements, and the amount of money carried by individuals, though it fluctuates to some extent with the volume of employment and earnings, is determined largely by pocket-money requirements. In this country, where the banking habit is general, where business concerns and individuals deposit with banks any excess of currency in their possession, and banks Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD 7 in turn keep on hand only enough cash for immediate needs, any outstanding currency above actual requirements promptly flows to the reserve banks, and any increased demand for currency is reflected in withdrawals of cash from these banks. It is this responsiveness of the volume of currency in use to the public's requirements and the promptness with which the net volume of inflow or outflow of currency of all kinds at the reserve banks responds to changes in the demand for cash that constitutes the elastic character of the currency under the Federal reserve system. The elasticity of the currency is in no way affected by changes made by the reserve banks in the relative amount of payments made in Federal reserve notes and in other forms of currency. In 1924 the Federal reserve banks continued the practice, which had begun in the middle of 1922, of increasing the amount of gold certificates in circulation, with the result that the volume of Federal reserve notes outstanding declined further during the year and an equal amount of gold certificates was substituted in their place in the country's circulation. As a consequence of this practice, the reserves of the reserve banks during the first part of the year did not increase to the extent of gold imports during the period, and during the latter part of the year, when the demand for currency was increasing, this demand was met by the reserve banks out of reserves as well as through an increased issue of Federal reserve notes. As a result of this paymeiit of gold certificates into circulation, together with net gold exports of $30,000,000 in December, total reserves at the end of the year had declined to $3,000,000,000, the lowest figure for three years. The extent to which gold certificates have been restored to circulation is indicated by the fact that during the three years since 1922, with net gold imports of about $800,000,000, there has been no net increase in the reserves of the reserve banks, and the volume of gold certificates in circulation has increased by an amount equal to the gold imports. GOLD AND FEDERAL RESERVE BANK CREDIT In 1924, as in other recent years, the most important single influence affecting the volume of Federal reserve bank credit in use was the continued inflow of gold. While net imports of gold in 1924 were somewhat less than in 1923, they represented a continuation of a movement which has lasted for over four years, and since their effect upon the relative position of Federal reserve banks and member banks has been cumulative, their influence is clearer when considered in perspective. Gold received from abroad is deposited by member banks with the reserve banks, and its immediate effect is to increase their reserve balances. The use made by member banks of these additions to their reserve balances depends upon the extent of the currency demand and upon the indebtedness of member banks at the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

8 ANNUAL REPORT OF THE FEDERAL* RESERVE BOARD reserve banks at the time the gold is received. In 1921, when liquidation was under way, balances arising out of the $667,000,000 of net gold imports, as well as the currency returned from domestic circulation were used to reduce indebtedness at the reserve banks. In 1922, when the volume of member bank borrowing was at a low level and there was an increased demand for currency, the larger part of the additions to reserve balances due to gold imports of $238,000,000 were used to meet the currency demand, though a part remained as a basis for the growth in deposit liabilities of member banks which occurred during the first half of the year. In 1923 practically the entire amount of net gold imports of $294,000,000 was used by member banks in lieu of additional borrowing at the reserve banks to meet demands for currency, and the earning assets of the reserve banks remained practically unchanged. In 1924, though the volume of earning assets of the reserve banks and the volume of money in circulation fluctuated considerably during the year, at the end of the year they were both at about the same levels as at the beginning, and the $258,000,000 of net gold imports are reflected in a growth of member bank balances. For the entire four-year period the net gold imports arid the net decline in currency in circulation have been reflected in a decrease of nearly $2,000,000,000 in the earning assets of the Federal reserve banks and a growth of $3,000,000,000 in the loans and investments of member banks. This divergence in the movement of Federal reserve bank credit and member bank credit since 1920 is shown in the following table: RESERVE BANK AND MEMBER BANK CREDIT, 1920-1924 [Amounts in millions of dollars] End of— Change 1920 1921 1922 1923 1924 1 1 9 9 2 2 0 4 - 1923-24 Federal reserve banks: Total earning assets 3,235 1,524 1,326 1,211 1,249 -1,986 +38 Member bank reserve balances 1,780 1,753 1,934 1,898 2,220 +440 +322 All member banks: Total loans and investments 25,888 23, 644 25,769 26,738 29,027 +3,139 +2,289 Deposits on which reserves are computed. 17,616 16,816 18,966 19,505 21, 985 +4,369 +2, 480 Hatio of earning assets of reserve banks to loans and investments of member banks (per cent) -. 12.5 6.4 5.1 4.5 4.3 Ratio of reserve balances to deposits on which reserves are computed (per cent) 10.0 10.5 10.2 9.7 10.1 The large increase in the loans and investments of member banks and the decline in the earning assets of the reserve banks, shown in the table, has reduced the ratio of Federal reserve bank credit to member bank credit in use from 12.5 per cent in 1920 to 4.3 per cent in 1924. The ability of member banks to increase the volume of # Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD 9 their own outstanding credit and at the same time to decrease their use of reserve bank credit was due principally to the receipt during the four years of $1,500,000,000 of gold from abroad. While the proportion of the amount of reserve bank credit outstanding to loans and investments of member banks is only a fraction of what it was in 1920, the ratio between reserve balances maintained by member banks at the reserve banks to member bank deposit liabilities, as shown by the table, has remained practically constant at about 10 per cent, which represents on the average the minimum required by law. This constancy reflects the fact that member banks have currently utilized the full amount of credit that could be supported by the increase of $440,000,000 in their reserve balances. Thus, notwithstanding the large addition to their balances, the member banks were obliged in the autumn of 1924 to increase their borrowings at the reserve banks in order to meet the seasonal demand for currency. DEMAND FOR GOLD AND FOR DOLLAR CREDITS A factor in the increased demand for reserve bank credit in the latter part of 1924 was the demand for gold for export, most of which was withdrawn by certain European countries to be used in monetary reconstruction. A large part of these exports went to Germany and were made possible by the flotation of a loan under the Dawes plan for reparations. The progress made in the settlement of reparations and the restoration of sound monetary conditions in Europe resulted in increased confidence of American investors in European securities, and, together with the abundance of funds seeking investment, facilitated the placing of a large volume of foreign loans in the United States. The volume of such flotations in 1924 was nearly three times as large as in 1923 and larger than for any other year since the war. While a large part of these loans was used in the purchase of goods in the United States, several countries used dollar credits thus obtained in supporting the exchange value of their currencies. During 1924 the exchanges of three European countries returned to pre-war parity, several other countries adopted new monetary units related to gold, and still other currencies were maintained in a definite relationship to the dollar or to the pound sterling. In the closing months of the year there was a considerable improvement in many leading European exchanges, particularly in sterling exchange, which, after advancing from $4.31 in June to $4.73 at the end of December, was within 2}/% per cent of parity. To the extent that dollar credits created in the United States through foreign borrowing wrere used to withdraw gold, they made it possible to increase the actual gold reserves of foreign countries and to utilize Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

10 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD for monetary reconstruction a portion of the gold which during recent years had come to this country as the result of disorganized conditions abroad. Gold received from abroad has been the principal factor in bringing money rates in this country to a low level, and the difference between rates here and abroad, at a time of increased confidence in the European financial situation, facilitated foreign borrowing and thus contributed to making dollar credits and gold available to those countries which have undertaken to reestablish sound monetary conditions. With the actual resumption of gold payments in certain countries and the stabilization of currencies with reference to gold in many other countries, the year 1924 has been one of definite progress toward the reestablishment of the international gold standard. DISCOUNT AND OPEN-MARKET POLICY IN 1924 Federal reserve credit policy in 1924, expressed both in changes of discount rates and in open-market operations, was determined with reference to the developments in trade, industry, and credit, which have been outlined in the preceding sections of this report. Discount rates at the Federal reserve banks, which had been uniformly 43^ per cent at all the reserve banks since the early months of 1923, were reduced between May and the middle of October, 1924, to a level ranging at the different banks from 3 to 4 per cent. These reductions were made at a time of a recession in industrial activity, decreasing factory employment, slackened demand for commodities, and unusual ease in the money market. Money rates by the middle of the year, as the result of the less active demand for credit, and the abundance of funds arising out of the inflow of currency and of gold, had declined to the lowest level in a decade, and discount rates at the reserve banks were adjusted to prevailing credit and business conditions. Atthe Federal Reserve Bank of New York the discount rate was reduced on May 1 from 4J^ to 4 per cent, on June 12 to S}4 per cent, and on August 8 to 3 per cent, and continued at that level to the end of the year. At the Federal Reserve Banks of Boston, Philadelphia, Cleveland, and San Francisco the rates were reduced to 3J^ per cent, and to 4 per cent at the other reserve banks. The rates prevailing at the beginning and at the end of the year at each of the Federal reserve banks and the dates on which rate changes were made are shown in. the following table: Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD 11 CHANGES DURING 1924 IN FEDERAL RESERVE BANK DISCOUNT RATES Reduction In effect In effect Jan. 1, Dec. 31, 1924 1924 Date Rate Boston i AH June 12 3H 3H New York May 1 4 3 June 12 1Aug. 8 3 Philadelphia _ June 19 3H June 26 Cleveland _ _ _ __ June 2 4 2 Aug. 15 Richmond . . _ . - . - -_ June 14 4 . 4 Atlanta June 18 4 4 Chicago . . __. June 14 4 4 St. Louis June 19 4 4 Minneapolis _ . _ . _ . i Oct. 15 4 4 Kansas Citv July 1 4 Dallas . - . _ _ _ .. July 16 4 4 San Francisco June 10 4 Aug. 25 3H 1 Five per cent on 6 to 9 months agricultural and livestock paper. 2 Four and one-half per cent on 91-day to 6-months, and 5 per cent on 6 to 9 months agricultural and livestock paper. 1^,3 On all classes of paper. The relationship between the discount rate at the Federal Reserve Bank of New York and the rates on commercial paper and on acceptances for a period of three years is shown in the chart. After a PER CENT PER CENT Commercial Paper Rate /—* 5 r r - f ^ R '' r L / F.R. Bank Discount Rat h 1 K AcceptanceRate V i V MONEY RATES IN NEWYORK CITY —i—i—i—i—i—i—i i i i i J—J—1 _1 .j—i—»—i— 1922 1923 1924continuous decline from the high point of the autumn of 1923, money rates in the New York market in the summer of 1924 were at a considerably lower level than during the preceding period of low Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

12 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD money rates in the summer of 1922. Though rates on commercial paper advanced in November and December, they were at the end of the year about 1 per cent lower than at the beginning and somewhat lower than in the middle of 1922. The rise in open-market rates on acceptances, which began in the middle of the year, together with the considerable increase in the volume of acceptances offered to the reserve banks, led to a gradual advance of the buying rate on acceptances at the New York Reserve Bank from 2 to 3 per cent, and in December the rate on 60 to 90 day bills was at the same level as the discount rate. Open-market operations in 1924, as in the two preceding years r played an important part in the general credit policy of the reserve banks. The purchase of United States Government securities by the reserve banks placed funds in the market which were used by member banks, together with funds arising from other sources, to reduce their indebtedness at the reserve banks. During the period when reductions in discount rates decreased the cost of reserve bank credit to member banks, security purchases, by facilitating the repayment of borrowings by member banks, were an influence in reducing the amount of their indebtedness to the reserve banfis. This general credit policy was the adjustment made by the reserve banks to the trend in business and credit. At the time when the openmarket purchases were made there was a recession in industrial activity, the attitude of the business community was hesitant, and there was no evidence of the growth of speculation. Open-market purchases during this period served to build up a portfolio of securities and to increase the proportion of outstanding reserve bank credit under the direct control of the Federal reserve banks. By these purchases the reserve banks placed themselves in a position, through the subsequent sale of securities in case it should become desirable, to cause member banks to discount and to bring a larger part of the outstanding reserve bank credit under the influence of the discount rate. Thus during 1924 both the discount and open-market policies pursued by the Federal reserve banks, taken as a whole, were approved by the Federal Reserve Board with regard to the broader aspects of the credit situation and "with a view of accommodating commerce and business," the basis provided in the Federal reserve act for discount policy and adopted by the board as the principle for the conduct of open-market operations. EARNINGS, EXPENSES, AND VOLUME OF OPERATIONS OF THE FEDERAL RESERVE BANKS Gross earnings of the Federal reserve bank^ in 1924 were $38,340,- 000, or 25 per cent less than in 1923 and 1922, when they were about $50,000,000. The lower earnings resulted from a decline of about Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD 13 one-fifth in the average daily holdings of earning assets, together with a decrease from 4.33 to 3.83 per cent in the annual rate of return. Earnings on bills discounted for member banks and on bills bought in open market declined from $42,300,000 in 1923 to $21,600,000 in 1924, while earnings on Government securities increased from $7,400,000 in 1923 to $14,700,000 in 1924. Miscellaneous earnings, consisting largely of profits on current purchases and sales of United States securities, of income from rented space in bank buildings and of penalties for deficient reserves, were $1,975,000 in 1924, compared with $937,000 in 1923. Income from space rented was $436,000 in 1924, profits on transactions in United States securities were $750,000, and penalties for deficient reserves $382,000. Average daily holdings of each class of earning assets, earnings thereon, and annual rates of earnings in 1924, compared with the two preceding years, are shown in the following table: HOLDINGS OF EARNING ASSETS, EARNINGS THEREFROM, AND ANNUAL RATES OF EARNINGS [Amounts in thousands of dollars] Bills United Bills bought States Other dis- in the Govern- earning Total counted open ment assets market securities Daily average holdings: 1922 573,247 I 159,207 454, 750 66 1,187, 270 1923 738,114 i 226, 548 185, 823 85 1,150, 570 1924 374,834 i 172,428 401, 365 1,690 950, 317 Earnings: 1922 26, 523 5,629 16, 682 4 48, 838 1923 32, 956 9,371 7,444 4 49,775 1924 . 15, 943 5,710 14, 712 61 36,426 Average rates of earnings (per cent): 1922 4.63 3.54 3.67 5.40 4.11 1923 4.46 4.14 4.01 4.50 4.33 1924 4.25 I 3.31 3.67 3.61 3.83 Current expenses in 1924, exclusive of those fiscal agency department expenses which are reimbursable by the Treasury Department, amounted to $28,432,000, a reduction from the 1923 total of about $1,340,000, or 4.5 per cent. Most of this reduction was in salaries paid to the clerical staff, which aggregated $13,289,000, as against $14,026,000 the year before, and in the cost of Federal reserve currency, including redemption charges, which amounted to $1,433,000 in 1924, as compared with $1,992,000 in 1923. The Federal reserve banks in 1924 handled a larger volume of operations than during any previous year in rendering free services to member banks, such as the clearing and collection of checks, the collection of other items, and the receipt and payment of cash, including such currency and coin operations as were formerly performed by sub treasuries. In the cash department, for instance, the number of bills received and counted aggregated 1,838,000,000, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

14 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD compared with 1,^723,000,000 in 1923, an increase of 115,000,000 pieces, and the number of coins received and counted was 2,187,000,- 000, compared with 2,076,000,000 in 1923. Checks handled by the transit departments of the Federal reserve banks also increased materially, the number handled in 1924 (743,000,000) being about 45,000,000 in excess of the number handled during the preceding year. Thus, while the earnings of the Federal reserve banks have declined materially, the volume of free services rendered to member banks has continued to show substantial increases. On the other hand, the number of notes discounted and of bills purchased in open market fell off from 961,000 in 1923 to 726,000 in 1924. While the income of the banks is derived almost wholly from paper discounted for member banks and from acceptances and securities bought in the open market, operating expenses connected with these discount and open-market operations are very small when compared with operating expenses in the cash and transit departments. Notwithstanding the increase in the volume of operations the Federal reserve banks, through increased efficiency, were able to reduce during the year the amount paid as clerical salaries. The total number of employees of the Federal reserve banks at the end of 1924, excluding those in the fiscal agency departments, was 9,964, compared with 10,704 at the end of 1923. The number of employees in the fiscal agency departments decreased from 957 at the end of 1923 to 478 at the end of 1924. The volume of operations in the principal departments of the Federal reserve banks during the past three years is shown in the following table: VOLUME OF OPERATIONS IN PRINCIPAL DEPARTMENTS 1924 1923 1922 NUMBER OF PIECES HANDLED Bills discounted: Applications 129,000 168,000 Notes discounted 583,000 782,000 841,000 Bills purchased in open market for own account 143,000 179,000 142,000 Currency received and counted 1, 838,279, 000 1, 722,877,000 1,424,849,000 Coin received and counted _ _. 2,186, 737,000 2,076,075,000 1,945,453,000 Checks handled 742, 878, 000 697, 502, 000 638, 634,000 Collection items handled: United States Government coupons paid 50, 471,000 64, 662,000 81,694,000 All other 6,113,000 5, 732.000 4, 722,000 United States securities—issues, redemptions, and exchanges by fiscal agency department 16,097,000 2 114,409,000 24, 753,000 Transfers of funds 1, 503, 000 1, 413,000 1,190,000 Envelopes received and dispatched 40,050,000 44,932,000 0) AMOUNTS HANDLED Bills discounted _ $15, 419,155,000 $38,379,926,000 $22,082,887,000 Bills purchased in open market for own account 2,172,142,000 2, 547,010,000 1,954,688,000 Currency received and counted 10, 777, 306,000 10,306,411,000 8, 602,185,000 Coin received and counted.. 293, 924,000 308,051,000 221, 871,000 Checks handled 219, 832,179, 000 207, 719, 529,000 160, 472, 450,000 Collection items handled: United States Government coupons paid 719, 784,000 761, 731,000 759,124,000 Allother 5, 509,093,000 5, 900, 520,000 4, 768, 971,000 United States securities—issues, redemptions, and exchanges by fiscal agency department 6, 708,272,000 8,433,891,000 14,135, 914,000 Transfers of funds 98, 359,028,000 78,867,108,000 70, 553,465,000 1 Data not available. Digitized for F2 RLaArgSeE inRc rease due to redemption of war-savings securities which matured Jan. 1, 1923. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD 15 As a consequence of the larger decline in gross earnings than in current expenses, current net.earnings of the Federal reserve banks declined by more than one-half and amounted to $9,908,000 in 1924, as against $20,938,000 in 1923. As is shown in the profit and loss statement, the Federal reserve banks charged their current net earnings with net deductions of $6,190,000, made up principally as follows: Depreciation allowances on bank premises, $4,035,000; reserves for probable losses on paper held under discount for member banks, $1,067,000; and cost of furniture and equipment purchased during the year, $1,075,000. After these charges were made, net earnings available for dividends, surplus, and franchise taxes amounted to $3,718,000, as against $12,711,000 in 1923. Earnings of two of the reserve banks—Cleveland and Kansas City—were not sufficient to cover current expenses, depreciation charges, reserves for probable losses, etc., or any part of the dividends accrued during the year, while the earnings of four other banks—Boston, New York, St. Louis, and San Francisco—though in excess of current expenses, depreciation allowances, reserves, etc., were not sufficient to meet fall dividend requirements. As a result these six banks withdrew $3,266,000 from their surplus accounts built up in previous years. Of the six Federal reserve banks that had earnings sufficient to cover current expenses, depreciation charges, reserves and dividends, only four had an excess of earnings remaining after such charges. Of these, the Philadelphia, Kichmond, and Dallas banks, whose subscribed capital was in excess of their surplus accounts, transferred all of such excess earnings, aggregating $175,732, to surplus account, as is authorized by law, while the Minneapolis bank transferred $12,628 to surplus account and paid $113,646 to the United States Government as a franchise tax. Gross and net earnings of each Federal reserve bank during the year, dividends paid to member banks, and amounts transferred to or withdrawn from surplus account are shown in the following table : FINANCIAL RESULTS OF OPERATION OF THE FEDERAL RESERVE BANKS DURING 1924 Net earn- Surplus account ings avail- Franchise Federal reserve bank ea G rn ro in ss gs d a c s i a n v h u b d i i r s l d p e e f e l r f u n t a o a s d n r , x s - , Div p i a d i e d nds f T e r r a s n t s o - d W r f a ro w it m h a - ls t G U a S m x o n t v a e i p e t t n a e e r t i n s d d - Boston _ _ $2,559,016 $470,422 $477, 798 $7,376 New York 8, 569,350 616,852 1,796,530 1,179,678 Philadelphia 2, 915,846 747,092 615,135 $131,957 Cleveland . 3, 770, 689 i 473,153 756,152 1,229,305 Richmond 2,210,240 379,791 351,251 28, 540 Atlanta . 1,907,121 272,656 272,656 Chicago 5,202,169 909,123 909,123 St. Louis 1,688,143 203,937 304,976 101,039 Minneapolis . __ 1,609,070 329,102 202,828 12,628 $113,646 Kansas City 2, 262, 910 1 253,182 265, 697 518,879 Dallas _ 2,157, 964 265,024 249, 789 15,235 San Francisco 3,487, 931 250,516 480,561 230,045 Total 38,340,449 3, 718,180 6,682,496 188,360 3,266, 322 113,646 Digitized for 1F DReAfiSciEt iRn earnings before payment of dividends. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

16 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD A comparison of gross and net earnings and the disposition made of these earnings for the years 1920-1924 is shown in the table below: GROSS AND NET EARNINGS OF FEDERAL RESERVE BANKS, 1920-1924 Earnings Disposition of net earnings j Franchise tax Transferred to ! paid to United Net Dividends surplus ! States I Government 1920. $181,296,711 $149, 294, 774 $5, 654, 018 $82, 916, 014 $60, 724, 742 1921. 122,869,940 82, 087,225 6,119,673 15,993, 086 59,974,466 1922. 50,498,699 16,497, 736 6, 307, 035 i 659, 904 10, 850, 605 1923. 50, 708, 566 12,711,286 6,552,717 2, 545, 513 3, 613,056 1924. 38, 340,449 3, 718,180 6, 682,496 2 3,077,962 113,646 1 Withdrawn from surplus. On the basis of 1922 operations there was $2,740,158 transferred to surplus, but $3,400,062 was withdrawn in connection with an adjustment of franchise taxes paid in previous years. 2 Withdrawn from surplus. The table brings out the fact that transfers to surplus, which were large in 1920, when the surplus at none of the banks was as large as subscribed capital, declined rapidly, and in 1924 there were net withdrawals from surplus. The franchise tax paid to the United States Government also decreased with the decrease of net earnings and during 1924 was only $113,646, compared with about $60,000,000 in 1920 and 1921. Owing to the substantially reduced earnings in 1924, the ratio of current net earnings to average paid-in capital declined to 8.9 per cent from 19.2 per cent in 1923. If current net earnings are related to paid-in capital and surplus combined, the ratio works out at 3 per cent in 1924, as compared with 6.4 per cent in 1923. The highest rate of current net earnings on paid-in capital and surplus in 1924, 7 per cent, was reported by the Federal Reserve Bank of Dallas and the lowest ratio, 1.6 per cent; by the Federal Reserve Bank of St. Louis. In 1923 the highest ratio, 10.4 per cent, was reported for the Federal Reserve Bank of Atlanta and the lowest ratio, 4.7 per cent, by the Federal Reserve Bank of Chicago. The table below shows current net earnings, daily average paid-in capital, and surplus of each Federal reserve bank during 1924, and the ratios of current net earnings to paid-in capital and to paid-in capital and surplus for 1923 and 1924. Detailed figures of both earnings and expenses of each Federal reserve bank appear on pages 112-116. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT-OF THE FEDERAL RESERVE BOARD 17 RATIO OF CURRENT NET EARNINGS TO CAPITAL AND TO CAPITAL AND SURPLUS COMBINED Ratio of current net earnings Daily average to average Current Federal reserve bank ear n n e i t ngs Paid-in capital Pa a i n d d - i s n u c rp ap lu it s al Paid-in Surplus capital 1923 1923 Per Per Per Per cent cent cent cent Boston $585, 515 $7, 963, 300 $16, 389, 563 7.4 ! 17.1 2.4 5.6 New York 2,218, 529 29,942,173 59,928,967 7.4 15.5 2 5 5.1 Philadelphia- 762, 010 10, 252, 250 19,927, 329 7.4 23.7 2. 5 8.1 Cleveland 1,105,839 12, 602, 533 23, 691,138 8.8 17.4 3.0 5.9 Richmond 672,406 5,854,183 11, 672,483 11.5 23.3 3.8 7.8 Atlanta 660,109 4, 544, 260 8, 950, 309 14.5 31.5 4.9 10.4 Chicago 1, 255, 733 15,152, 050 ! 30, 425, 575 8.3 14.2 2.8 4.7 St. Louis 246, 795 5,082,933 S 10, 071, 743 4.9 25.9 1.6 8.8 Minneapolis.. _ 543, 903 3,380,467 ! 7,484, 219 16. 1 18.8 5.0 6.1 Kansas City- 396, 823 4,428,284 i 9,495, 540 9.0 23.2 2.8 7.6 Dallas 826, 302 4,163,150 7, 577,160 19.8 23.0 7.0 8.3 San Francisco. 634, 547 8, 009, 350 i 15, 301, 038 7.9 23.1 2.7 7.8 Total—_ 9,908, 511 111,374,933 i 220,915,064 8.9 19.2 | 3.0 6.4 FISCAL AGENCY OPERATIONS Fiscal agency operations of the Federal reserve banks during 1924 included the sale and delivery of newly issued bonds and notes, the redemption of securities called for payment or matured, denominational exchanges, interchanges of coupon and registered bonds, exchanges of temporary for permanent bonds, conversions, transfers of ownership, purchases of securities in open market for Government account, maintenance of Government deposit accounts with designated depositaries, and the custody of Government securities. While the volume of transactions is smaller than during the war and the immediate post-war period, it is nevertheless still considerable, as may be seen from the following table giving the number and amount of the principal transactions during 1924: Number of items New securities issued _ 260,000 $1, 452,793,000 Redemptions 579,000 2,458,222,000 Exchanges (securities received for exchange) _ 4, 831,000 2, 738,126,000 Treasury savings certificates issued or received for redemption 56,000 13, 573, 000 War savings and thrift stamps redeemed, including redeemed stamps received from post offices 10, 370,000 45, 557, 000 In addition to the purely fiscal agency operations, the Federal reserve banks, acting as depositaries for the Treasury, pay Government checks, warrants, and coupons, collect checks and noncash items for the accounf of the Treasury, withdraw Government deposits from depositary banks, transfer funds by telegraph, and carry on the former subtreasury operations, comprising principally the replace- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

18 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD ment, exchange, and redemption of United States paper currency and coin. During 1924 the Federal reserve banks paid 50,471,000 Government coupons amounting to $719,784,000 and 34,289,000 checks and warrants drawn on the United States Treasurer amounting to $4,160,286,000. Coin received and counted aggregated 2,187,- 000,000 pieces, amounting to $294,000,000. While some of this coin would no doubt have been handled by the Federal reserve banks even if the sub treasuries had not been discontinued, a large part of this work prior to 1921 was performed by the sub treasuries. On December 31, 1924, the Federal reserve banks held $414,500,000 of securities pledged by depositary institutions as collateral for Government deposits, which on that date amounted to $228,000,000, and in addition $2,269,000,000 of securities were held in safekeeping for the account of the Treasury. During the war and until June 30, 1921, the Federal reserve banks were reimbursed by the Treasury for practically all expenses incurred in the discharge of their fiscal agency functions, but at present they receive reimbursement for only those expenses incurred directly in connection with the issue of new securities, all other operations being conducted at the expense of the Federal reserve banks. Reimbursable fiscal agency expenses of the Federal reserve banks during 1924 were $444,000 and the amount of expenses absorbed was approximately $868,000. These figures do not, however, include the cost of handling Government coupons, checks, and warrants and other depositary operations, or the cost of handling coin. BUILDING OPERATIONS OF FEDERAL RESERVE BANKS Construction was begun in 1924 of a building for the Little Rock branch of the Federal Reserve Bank of St. Louis and of an addition to the building occupied by the Louisville branch of that bank. The building for the Jacksonville branch was completed during the year and construction on the New York and Minneapolis buildings, although not completed, progressed sufficiently so that the New York bank was able to occupy its building in October and the Minneapolis bank to begin moving into its building in December. Work has also progressed on the St. Louis building, and on the San Francisco building which was occupied near the end of 1923. Eleven of the Federal reserve banks, including Minneapolis, and ten of the Federal reserve branch banks are now housed in their own buildings, while buildings are under construction for the other reserve bank, St. Louis, and for the Little Rock branch. Building sites have also been acquired for six other branches, two of which were acquired in 1924, a site for the Birmingham branch by purchase and one for the Omaha branch by exchange for a building purchased in 1920. Construction of buildings for the Denver and Omaha branches was authorized by the Federal Reserve Board in 1924. All Federal Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD 19 reserve bank branches, except those at Buffalo, Memphis, Seattle, Spokane, Los Angeles, and Portland, now have their own buildings or building sites for such buildings. Tables showing the cost of building operations at each Federal reserve bank and branch are printed on pages 110 and 111. BRANCHES AND AGENCIES OF THE FEDERAL RESERVE BANKS No additional branches or agencies of Federal reserve banks were authorized during the year, although the Federal Reserve Bank of Richmond applied to the board for permission to establish a branch to serve the southwestern portion of the fifth Federal reserve district. This application, however, has not yet been acted on by the board. There has been no change in the character of business transacted by the existing branches and agencies. Effective January 1, 1925, the board adopted revised rules and regulations with respect to the appointment of directors of Federal reserve branch banks. The new rules provide that each branch shall have seven directors, appointments being made for designated terms. As in the case of the parent banks, the volume of work handled by the branches and agencies in their principal operating departments has continued to increase, as may be seen from the following comparison for 1923 and 1924: 1923 1924 Checks handled: Number of items 207,187,000 222, 622,000 Amount $53,197,150,000 $54, 763,840,000 Currency received and counted: Number of pieces 397, 973, 000 433, 582, 000 Amount $2, 415, 356, 000 $2, 468,886,000 Coin received and counted: Number of pieces 353,158, 000 ! 387, 200,000 Amount $55,633,000 I $60,199,000 Current expenses of the 23 branches and 3 agencies during 1924 were $5,747,000, as compared with $5,730,000 in the year preceding. The average number of officers and employees was reduced from 2,557 in the last quarter of 1923 to 2,384 in the corresponding quarter of the year just closed. BRANCH BANKING In respect to branch banking the administrative policy of the board has been developed in its actions upon individual applications of member banks for permission to establish branches. Under that provision of the Federal reserve act which authorizes it to prescribe conditions of admission to membership in the Federal reserve system, the board has generally required State banks and trust companies Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

20 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD applying for membership to agree that they will not establish any branch, agency, or additional office except after applying for and receiving the board's permission. During the past year the board has taken occasion to give formal statement to the principles by which it will be guided in acting upon such applications. These principles are incorporated in the revised form of Regulation H.1 The board has announced further that the establishment of each branch must be separately approved, and that no blanket authority will be granted to any member bank to establish branches under a contemplated program of extension. A survey of branch banking developments in the States has been undertaken by the board during the year, and a preliminary statement of the results of this survey was published in the Federal Reserve Bulletin for December, 1924. Reports to the board for June show that 681 banks located in 29 States—including 108 national, 191 member State, and 382 nonmember instituitions—were operating a total of 2,233 branches. Of these banks, 371 were operating only branches located in the home city of the parent bank and 310 were operating branches outside the home city. More than one-half of the banks, 376 out of 681, were operating one branch only; 235 were operating 2 to 4 branches, and 90 were operating 5 or more branches. Of the branches reported, 1,463 were located in the home city of the parent bank and 770 outside the home city. During the first six months of 1924 a total of 213 branches were established, of which 154 were home-city and 59 were outside branches, and very nearly this proportion of home-city to outside branches is shown for the 280 branches established during the calendar year 1923. It may be noted that comparatively few banks located in the larger cities report outside branches, only 43 of the institutions reporting such branches being located in cities of 100,000 or more population, while a large majority of the banks operating only home-city branches are located in these larger cities. Recent growth in the number of home-city branches represents an effort on the part of banks located in the larger cities to extend their banking facilities to outlying districts for the accommodation of their customers. State banking codes and administrative practice, as is well known, vary from State to State—from absolute prohibition of branch banking in any form in some States to free authorization of the practice on a state-wide basis in other States. Branch banking territory may, of course, be either extended or diminished in the future by modification of State banking codes or administrative practice. During the past year Illinois by referendum vote approved a statute (enacted in 1923) prohibiting branch banking. Since, however, no banks were operating branches in this State, the effect of the en- 1 See page 260. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD 21 actment is to provide specific legislative authority for an administrative policy continuing present conditions. Two other States have during the year amended the branch banking provisions of their laws—Maryland, by providing that a bank or trust company establishing a home-city branch shall conform to the capital requirement for a bank or trust company located in such city or town; and Mississippi, by providing that the consent of the superintendent of banks (instead of the consent of a majority of State bank examiners) shall be obtained before a bank located in a city of 10,000 or more population establishes a branch within the corporate limits of the city. CHANGES IN MEMBERSHIP IN FEDERAL RESERVE SYSTEM BETWEEN DECEMBER 31, 1923, AND DECEMBER 31, 1924 On December 31, 1924, there were 9,587 member banks in active operation in the Federal reserve system, as indicated by the required reports of condition which were submitted by the banks as of that date. Of this number 8,043 were national banks and 1,544 were State banks and trust companies, the number of both classes of banks being smaller than a year earlier. The reduction was 136 for national banks and 51 for State banks, a total of 187. Despite the decline in the number of banks, the total resources of both classes of member banks show increases for the year. On December 31, 1924, the aggregate resources of all member banks were $38,987,000,000, the resources of national banks amounting to $24,369,000,000 and those of State member banks to $14,618,- 000,000. For the year resources of all member banks show an increase of nearly $3,800,000,000, of which about $2,000,000,000 was for national banks and $1,800,000,000 for member State banks and trust companies. The decline in membership during the year was the net result of 171 additions and 359 losses, omitting from these figures compensating changes between national and State members which affected membership in the two classes of banks without changing membership in the system as a whole. These gains and losses to membership are classified in the following table, by class of member banks. Tables showing changes in membership, by Federal reserve districts, during the period 1919-1924, appear on pages 147-153. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

22 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD CHANGES IN ACTIVE MEMBERSHIP IN THE FEDERAL RESERVE SYSTEM, DECEMBER 31, 1923, TO DECEMBER 31, 1924 Member banks Number Resources (in National State Total thousands) Active membership Dec. 31,1923 8,179 1,595 9,774 $35,238,606 ADDITIONS TO MEMBERSHIP Primary organization of national banks 20,308 Conversion of nonmember banks to national. 21,345 Admission of State banks 61,805 Resumption, following suspension _ 17 10,863 Conversion within the system* Total additions. 132 47 171 114, 321 LOSSES TO MEMBERSHIP Merger of member banks „ _ 83 Absorption of member banks by nonmembers. 51 42,304 Voluntary liquidation (terminal) 34 51, 752 Withdrawal. 26 66,879 Suspension or insolvency 1! 163 146,892 Conversion within the system1 • Others, losses .. 1,347 Total losses 268 358 309,174 Net change during the year -136 -51 -187 2+3, 748, 261 Active membership Dec. 31, 1924. 8.043 1,544 9,587 38, 986, 867 1 Compensating items, except for 1 member State bank which succeeded a national bank that did not report on Dec. 31, 1924, and was therefore not counted among losses in 1924. 2 Includes, in addition to increases classified above, those due to growth and reorganizations. BANKS ON PAR LIST The following table shows the number of banks on the par list, that is, of banks which have agreed to pay without deductions for collection charges such checks drawn upon them as are presented by the Federal reserve banks in connection with the operation of the Federal reserve clearing system. The table also shows the number of banks not on par list. The number of banks on the par list on December 31, 1924, was 25,127, and included, in addition to the member banks, 15,445 nonmember banks. This total was 1,494 below that for the end of December, 1923, and 3,657 below that for December 15, 1920, when the number of par collecting banks was highest. The number of nonmember banks collecting at par was smaller at the end of December this year than last in all except the Boston, New York, Philadelphia, Cleveland, and Atlanta districts. It was larger than in December, 1920, only in the New York and Philadelphia districts. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD 23 NUMBER OF MEMBER AND NONMEMBER BANKS ON PAR LIST AND NOT ON PAR LIST, DECEMBER, 1924 AND 1923 Member banks Nonmember banks * Fede d r i a s l t r r i e c s t e • rve Total National State On par list Not on par list 1924 1923 1924 1923 1924 1923 1924 1923 1924 1923 Boston 420 424 384 388 36 36 234 228 New York 859 839 714 695 145 144 381 360 Philadelphia.. 743 725 671 659 72 66 519 514 Cleveland 872 880 753 762 119 118 1,075 1,071 10 5 Richmond 624 631 560 564 64 67 743 865 715 637 Atlanta . 516 535 383 389 133 146 383 380 1,105 1,127 Chicago. 1,419 1,435 1,059 1,064 360 371 3,927 4,105 218 114 St. Louis 628 630 495 501 133 129 2,225 2,373 332 233 Minneapolis 906 979 802 861 104 118 1,498 2,085 853 445 Kansas City _.. 1,086 1,146 1,051 1,108 35 38 2,747 2,858 204 196 Dallas 838 863 655 670 183 193 862 958 153 95 San Francisco 771 809 586 611 185 198 851 928 57 44 System 9,682 " 9, 896 8,113 8,272 1,569 1,624 15,445 16, 725 3,647 2,896 1 Incorporated banks other than mutual savings banks. BANK SUSPENSIONS During 1924 there were 759 bank suspensions reported to the Federal reserve banks. Of this number 595, or nearly 80 per cent, were nonmember banks and the remaining 164 were member banks, 129 of these being national banks and 35 State banks or trust companies. The capital and surplus of the suspended banks for which information was available (all member banks and all but four of the nonmember banks) aggregated $41,704,000. The capital and surplus of closed nonmember banks amounted to $24,636,000, or 59 per cent of the aggregate for all closed banks. The capital and surplus of the national banks amounted to $13,713,000 and that of the State banks and trust companies to $3,355,000. There were 39 banks, previously closed, which reopened during the year. Although bank suspensions occurred in all except the Cleveland district, there were only seven in the Boston, New York, and Philadelphia districts combined as against 537 in the Chicago, Minneapolis, and Kansas City districts. The banks closed in the latter districts were equivalent to more than 70 per cent of the total number of suspensions and had capital and surplus amounting to 63 per cent of the total for all closed banks, while those in the eastern districts mentioned were less than 1 per cent of the total number and had capital and surplus of about 6 per cent of the total. The largest number of suspensions in any one district was 299 in the Minneapolis district. Although figures for closed banks represent, so far as could be determined, banks which were closed by order of supervisory authorities, it is not known how many of these institutions may ultimately prove to be solvent. Banking suspensions for 36569—25t 3 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

24 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD the year are shown, by districts and by class of bank, in the following table: BANKS CLOSED DURING 19241 All banks Member banks Non- Capital member Federal reserve district and National State banks (num- (num- (number) ber) ber) 2 sands of dollars) All districts _ _ 759 41,704 129 35 595 Boston 250 1 New York _ 2,415 2 5 Philadelphia 1 79 1 Cleveland __ Richmond 34 1,817 3 1 30 Atlanta 44 2,670 4 9 31 Chicago 104 6,461 6 10 88 St. Louis 55 2,600 1 2 52 Minneapolis 299 12, 925 50 9 240 Kansas City .'. _ 134 6,877 32 2 100 Dallas 52 3,908 19 2 31 San Francisco 28 1,702 10 18 1 Includes all banks, incorporated and unincorporated, which were reported closed or insolvent during the year. 2 Includes 3 nonmember banks in the Chicago district and 1 in the Richmond district for which no information regarding capital is available. Suspensions were more numerous at the beginning of the year than during the summer and fall. During the first quarter of the year there were 302 closed banks, nearly half the total number for the year. Banks closed during 1924 are shown, by months, in the following table: BANKS CLOSED DURING 1924, BY MONTHS1 Member All Nonbanks member National State 1924 Year... 759 129 35 595 January 136 23 11 102 February. _ 90 19 6 65 March 76 19 2 55 April 71 9 62 May 82 9 73 June 44 11 1 32 July 50 8 1 41 August 29 5 1 23 September. 35 * 2 33 October 37 8 1 28 November . 49 8 5 36 December.. 60 8 7 45 1 Includes all banks, incorporated and unincorporated, which were reported closed or insolvent during the year. CHECK CLEARING AND COLLECTION Atlanta par clearance case.—During the year a new par clearance suit was instituted against the Federal Reserve Bank of Atlanta, the Federal reserve agent at Atlanta, and the Federal Eeserve Board. This suit differs from the former par clearance cases in Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD 25 that it involves a national bank rather than a nonmember bank, and also raises certain questions dealing with check collection transactions which have not been adjudicated before. It is anticipated that a final decision in this case by the Supreme Court will go a long way toward settling the par clearance controversy. A brief statement of the case is given herewith. On August 9 the Pascagoula National Bank of Moss Point, Miss., filed a bill of complaint in the United States District Court for the Northern District of Georgia against the Federal Reserve Bank of Atlanta, Joseph A. Me Cord as Federal reserve agent, and the Federal Reserve Board. In general, the bill charged the several defendants with having ignored and violated various provisions of the Federal reserve act, and prayed for an injunction against the Federal Reserve Bank of Atlanta which, if granted, would in effect— (1) Require the Federal Reserve Bank of Atlanta to give immediate credit and availability to the plaintiff for all its deposits of checks and drafts drawn on other member banks in the Atlanta district, no matter at what distance from Atlanta the drawee bank may be; (2) Permit the plaintiff to charge exchange on checks drawn upon it and presented for payment by or through the Federal reserve bank; and (3) Prohibit the Federal reserve bank from handling checks for any banks other than its own members and, for its own members y any checks which are not payable within the Atlanta district. The bill also asked that the Federal Reserve Board and Joseph A. Me Cord be enjoined from promulgating and enforcing the provisions of the board's Regulation J, and further asked for an accounting and recovery from the Federal reserve bank of the amounts of exchange charges and interest of which the plaintiff alleged it had been illegally deprived. In response to this bill the Federal Reserve Board entered a special appearance solely for the purpose of pleading its exemption from the suit in the Northern District of Georgia and filed a motion to be dismissed from the suit on the ground that it is not an inhabitant of the Northern District of Georgia and, therefore, is not suable in that district without its consent, because of the provision of section 51 of the Judicial Code that "no civil suit shall be brought in any district court against any person by any original process or proceeding in any other district than that whereof he is an inhabitant/7 On behalf of the Federal reserve bank and the Federal reserve agent, answers were filed showing cause why the relief prayed for in the bill should not be granted and also going into the merits of the case at some length. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

26 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD Arguments on the board's motion to be' dismissed from the suit and on the plaintiff's prayer for a preliminary injunction were heard by the court on October 2 and 3; and, at the conclusion of the argument, the court handed down an oral decision from the bench upholding both of defendant's contentions. Subsequently, brief written decrees were signed dismissing the board from the litigation and denying a preliminary injunction, but no written opinion was rendered by the court. On December 15 the case was argued on its merits, and on December 29 the court rendered a decision holding that there was nothing unlawful in any of the acts of defendants complained of and authorizing a decree dismissing the bill. The court's decision, therefore, was a complete victory for the Federal reserve system. The opinion of the court, which is published on pages 231-234, holds in effect that: (1) The Federal reserve banks are not required to give depositing member banks immediate credit and availability for checks and drafts drawn on other member banks in the Atlanta district and are justified in refusing to permit the amount of said checks to be counted as reserves or to be withdrawn by check or otherwise until they actually have been collected; (2) Under the terms of the so-called "Hardwick amendment" to section 13 of the Federal reserve act, member banks have not the right to make an "exchange charge" for remitting payment to a Federal reserve bank for checks drawn on themselves, although such checks are not the property of the Federal reserve bank but are handled for collection. (3) That, under the terms of section 13 of the Federal reserve act, the authority of a Federal reserve bank to collect checks is not limited to checks sent to it by its own members and checks payable within the district of such Federal reserve bank; and, therefore, a Federal reserve bank may collect checks on its own member banks and nonmember clearing banks which come to it from other districts, and may handle checks payable on presentation sent to it by its member banks or nonmember clearing banks whether payable within its own district or not; and (4) That the provision in the "Hardwick amendment" which has the effect of requiring member banks to pay without deduction checks drawn on them when presented by Federal reserve banks, whether paid over the counter or by the more convenient means of checks on their deposits elsewhere, does not deprive member banks of property without due process of law and, therefore, is not contrary to the fifth amendment to the Constitution. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD 27 The plaintiff has appealed the case directly to the Supreme Court of the United States, on the ground that it involves the constitutionality of an act of Congress. Cleveland and San Francisco par clearance cases.—The preliminary aspects of the par clearance litigation affecting the Federal reserve banks of Cleveland and San Francisco are discussed in the board's annual report for 1922, where it was noted, among other things, that the Brookings State Bank of Brookings, Oreg., following its suit for an injunction against the Federal Reserve Bank of San Francisco, had brought an action for damages to compensate it for the loss alleged to have been occasioned it by the collection methods employed by the reserve bank. This damage suit has not yet reached a hearing on the merits and no further action has been taken with regard to the injunction proceedings. In June, 1923, the Farmers & Merchants Bank of Catlettsburg, Ky., also followed its suit for injunction against the Federal Reserve Bank of Cleveland by bringing an action at law for compensatory and punitive money damages. This action was brought in the United States District Court for the Eastern District of Kentucky. The Federal reserve bank filed a special demurrer to the complaint objecting to the jurisdiction of that court over the defendant on the ground that the Federal Reserve Bank of Cleveland was an inhabitant of the Northern District of Ohio and, because of section 51 of the Judicial Code, could be sued only in the courts of that district. In March, 1924, the plaintiff brought a new action for damages against the Federal Reserve Bank of Cleveland in the United States District Court for the Northern District of Ohio. This action has not yet come to trial, and there are no important developments to report in connection with the injunction suit against the Cleveland Reserve Bank. TRUST POWERS OF NATIONAL BANKS During the year 1924 two important court decisions were handed down affecting the right of national banks to exercise trust powers. In the first of these cases, State of Missouri ex rel Burnes National Bank v. Duncan, 265 U. S. 17, the Supreme Court of the United States, in an opinion rendered April 28, 1924, upheld in all respects the right of national banks in Missouri to exercise trust powers. The court co as trued the grant of power contained in section 11 (k) of the Federal reserve act to mean " that whatever may be the State law, national banks having the permit of the Federal Reserve Board may act as executor if trust companies competing with them have that power/7 and further held that it was within the constitutional authority of Congress to confer upon national banks the right to act in fiduciary capacities, saying in this connection, " The State can not lay hold of its general control of administration to deprive Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

*28 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD national banks of their power to compete that Congress is authorized to sustain." The effect of this decision, therefore, is to establish conclusively the right of national banks to exercise trust powers in any State whose laws authorize or permit the exercise of similar powers by competing State institutions. The preliminary stages of this case, including the decision of the Supreme Court of Missouri which had denied the right of the Burnes National Bank to exercise trust powers, are discussed in the board's annual report for 1923 on page 55 and a footnote on that page records the fact that the decision of the Missouri Supreme Court was reversed by the United States Supreme -Court The full texts of the opinions of both courts are also published in the 1923 report on pages 307 and 314. For convenience of reference, the opinion of the United States Supreme Court is republished in this report on pages 234-237. In the board's annual report for 1922 a brief statement is made of a decision of the Supreme Court of Rhode Island which in effect denied the right of national banks in Rhode Island to exercise trust powers. This case, however, was not conclusive on this question, because the decision was based primarily on the ground that the State treasurer could not be compelled by mandamus to accept a tender of bonds from a national bank as security for the performance of its fiduciary functions. For this reason it was felt that the case was not a proper one in which to test out finally the right of national banks in Rhode Island to exercise trust powers and no appeal was taken from this decision. Subsequently, however, a proceeding was brought against the same national bank—the Aquidneck National Bank of Newport—by the Attorney General of the State of Rhode Island for the purpose of determining definitely the right of the national bank to continue to exercise trust powers in conformity with the provisions of section 11 (k) of the Federal reserve act. In an opinion rendered July 9, 1924, the Supreme Court of Rhode Island followed the decision of the United States Supreme Court in the Burnes National Bank case and held that in view of this authoritative construction of section 11 (k) of the Federal reserve act, national banks in Rhode Island may continue to exercise trust powers. The full text of the opinion of the Rhode Island Supreme Courts is published on pages 237-239. Permits to exercise fiduciary powers.—During the past year the board has approved 154 original and 20 supplemental applications by national banks for permission to exercise fiduciary powers under the provisions of section 11 (k) of the Federal reserve act. The ; total number of banks holding permits to exercise trust powers on December 31, 1924, was 1,802, a list of which, with the powers granted, is published on pages 193-210. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD 29 ADMINISTRATION OF CLAYTON ACT In each of the board's annual reports to Congress since 1921 attention has been called to the desirability of amending section 8 of the Clayton Act. After several years7 experience in administering this provision of law the board has found that the present law is not adapted to carrying out the intention of Congress in regulating interlocking bank directorates. In its present form section 8 of the Clayton Act in operation often defeats the purpose for which it was enacted; it discriminates against national banks, and in many cases its enforcement results in unnecessary hardship to individuals and to the disadvantage of the banking and credit situation in certain communities. The board has repeatedly recommended the enactment of an amendment to the Clayton Act to overcome these defects. During the closing weeks of the first session of the Sixty-eighth Congress two bills were introduced to amend section 8 of the Clayton Act—S. 3299 in the Senate on May 13, 1924, and H. R. 9344 in the House on May 20, 1924. The Senate bill proposed to amend it by the addition of a clause which would authorize the board to grant permits for interlocking directorates between a member bank and not more than two other banks if, in the board's judgment, no restriction of banking credit or lessening of interbank competition would result. The House bill proposed to redraft the so-called Kern amendment to section 8 of the Clayton Act in simpler form. This bill would have authorized the board to permit interlocking directorates between any three banks or trust companies if, in its judgment, it was not incompatible with the public interest, thus giving the board somewhat wider discretion than contemplated by the Senate bill and removing the requirement in the law as it now stands that one of the banks involved be a member bank. The fundamental purpose of both bills, however, was to give the board more latitude in the matter of permitting interlocking directorates and thus enable it to administer the Clayton Act more effectively and more nearly in harmony with the apparent purpose and intent of Congress in regulating interlocking directorates. The Senate bill was introduced at the board's request and the House bill with the board's approval. Both bills are reprinted in full on page 240. No action, however, was taken with regard to either of these bills and the first session of the Sixty-eighth Congress terminated without any amendment to the Clayton Act. During the past year the board has received and considered 238 applications presented to it for permission to serve in interlocking directorates. It has also investigated 65 alleged violations of section 8 of the Clayton Act reported to it by the Comptroller of the Currency. Thirty-four of these were found to be actual violations of the law and the bank directors involved were required to comply with the law. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

30 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD LEGISLATION AFFECTING THE FEDERAL RESERVE SYSTEM During the past year no amendments were made to the Federal reserve act, but certain legislation affecting the operation of the Federal reserve system was passed. By an act approved February 20, 1924, the life of the War Finance Corporation was extended until January 1, 1925, thus continuing the various functions performed by Federal reserve banks in connection with the operations of the War Finance Corporation. Section 502 of the World War adjusted compensation act, enacted on May 19, 1924, authorizes Federal reserve banks, subject to regulations to be prescribed by the Federal Reserve Board, to rediscount for member or nonmember banks promissory notes of veterans secured by their adjusted service certificates and with maturities not in excess of nine months. The rate of interest for such rediscounts is fixed at the same rate as that charged for the discount of 90-day commercial paper. It is further provided that no such loan may be made to a veteran until after the expiration of two years after the date of his adjusted service certificate, so that Federal reserve banks will not be called upon for the present to rediscount this class of paper. The relevant portions of the World War adjusted compensation act are reprinted on page 240. AMENDMENTS TO REGULATIONS OF FEDERAL RESERVE BOARD Under date of August 15, 1924, the board published a new issue of all its regulations applicable to member banks. Earlier in the year Regulations H and J of the 1923 series had been materially amended and the prime purpose of the new issue was to provide a complete edition of all the board's regulations under one cover. The changes made in the regulations may be briefly summarized as follows: Regulation A was amended so as to provide expressly for the rediscount of paper secured by bonds or notes of the War Finance Corporation, and also so as to require that whenever the makers of notes offered for rediscount have closely affiliated or subsidiary corporations or firms, separate financial statements of such corporations or firms must accompany the financial statement of the borrower which is required to be filed with the member bank under certain circumstances. Regulation D was rewritten under a new title, "Reserves of member banks/7 and there was transferred to it that part of Regulation J which deals with penalties for deficiencies in reserves. Certain other material was also added to provide a more complete regulation on the subject of reserves. Regulation H is in the form adopted on April 7, 1924. The principal change in the new regulation was the incorporation therein of Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD 31 various conditions of membership to which all banks thereafter becoming members of the Federal reserve system will be subject and of a statement of the principles which will govern the establishment of branches by State member banks and trust companies. The sections of this regulation were also rearranged with a view to greater clarity. Regulation J is in the form adopted on May 9, 1924, except that the section which dealt with penalties for deficient reserves was transferred to Regulation D. Regulation J, series of 1924, supersedes the corresponding regulation of the 1920 series. It is completely rewritten and rearranged with a view to clarification and the incorporation of the principles governing the collection of checks laid down by the Supreme Court in the Atlanta and Richmond par clearance cases, decided in 1923. The terms upon which Federal reserve banks will handle checks are also prescribed with greater detail and precision so as to define more clearly the rights, duties, and liabilities of Federal reserve banks as collecting agents. Regulation L was amended by the addition thereto of a new paragraph with reference to the burden of proving the absence of substantial competition in connection with applications for interlocking directorates under the Clayton Act. No material changes were made in Regulations B, C, E, F, G, I, or K. This issue of the board's regulations became effective on September 1, 1924, and the full text thereof is printed on pages 241-275. MEETINGS OF FEDERAL ADVISORY COUNCIL Four meetings of the Federal Advisory Council were held in Washington during 1924 on the following dates: February 19, May 13, September 25, and November 24. CONFERENCES HELD BY THE FEDERAL RESERVE BOARD The Federal Reserve Board, as usual, conferred with the Federal Advisory Council on the occasion of each of its meetings during the year. The governors of the Federal reserve banks met in Washington on May 5-7 and the governors and chairmen of the Federal reserve banks conferred, separately and jointly, on November 10-14. At both conferences special sessions were held at which the board was in attendance. ORGANIZATION, STAFF, AND EXPENDITURES During the year 1924 there were several changes in the organization and staff of the Federal Reserve Board. Hon. D. R. Crissinger, whose term as governor of the Federal Reserve Board expired on 36569—251 4 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

32 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD April 30, and Hon. Edmund Platt, whose term as vice governor expired on August 10, were redesignated by the President. Hon. Adolph C. Miller, of California, whose term of office as member of the board expired August 9, was reappointedforatermof lOyears. On December 17 Hon. Henry M. Dawes resigned as Comptroller of the Currency and ex officio member of the board, and was succeeded on December 20 by Hon. J. W. Mclntosh, of Illinois. Mr. Morris Jacobson, statistician in the division of research and statistics, resigned on July 31. Later the office of statistician was discontinued and Mr. E. A. Goldenweiser, who had been serving as associate statistician, was appointed assistant director of the division of research and statistics. On December 31 Mr. Edgar W. Freeman resigned as assistant counsel. The total cost .of conducting the work of the board during the year 1924 was $720,039.61. Two assessments were levied against the Federal reserve banks aggregating $663,239.90, or approximately one-fifth of 1 per cent 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.—DISCOUNT RATES—CHANGES DURING 1923 AND 1924 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 ia - C l l a e n v d e- m Ri o c n h d - Atlanta Chicago St. Louis M p in o n li e s a- K C an it s y as Dallas San c is F c r o an- 8 In effect Jan. 1, 1923 4 4 24H 4H 4H 4H 4M 4M 4H 4 Changes effective— 3 1923—Feb. 23____ &A Mar. 6 4^ 1924—May I. 4 June 2 _ 4 June 10 4 i June 12 _ 3H June 14 _ 4 4 June 18 4 3 June 19 _ _ 2 3^ 4 June 26 July 1. 4 July 16 4 Aug. 8 3 Aug. 15 3H Aug. 25 3H Oct. 15 4 In effect Dec. 31, 1924 3K 3 VA 3H 4 4 4 4 4 4 4 3K 1 5 per cent on 6-9 month agricultural and livestock paper from April 7, 1923, to June 11, 1924, inclusive. 2 5 per cent on 6-9 month agricultural and livestock paper from April 19,1923, to June 25,1924, inclusive; 4J/£ per cent on 91-day to 6-month agricultural and livestock paper from June 19 to June 25, 1924. NOTE.—Discount rates were made applicable to 6-9 month agricultural and livestock paper, which was made eligible by the March 4, 1923, amendment to the Federal reserve act, on the following dates in 1923: Boston, Apr. 7; New York, Aug. 6; Philadelphia, Apr. 19; Cleveland, Apr. 9; Richmond, Apr. 7; Atlanta, Mar. 22; Chicago, Aug. 16; St. Louis, Apr. 5; Minneapolis, Apr. 11; Kansas City, Apr. 14; Dallas, Apr. 12; San Francisco, Mar. 21, CO 09 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 2.—AVERAGE RATES CHARGED ON DISCOUNTED BILLS CO [Per cent] Prior years Federal reserve bank January Fe a b ry ru- March April May June July August Sep b t e e r m- O b c e t r o- No b v e e r m- De b c e e r m- Year 1923 1922 1924 Boston 4 50 4 50 4 50 4 50 4 50 3.87 3.50 3.50 3. 50 3.50 3 50 3 50 4 10 4 42 4.21 New York 4. 50 4 50 4 50 4. 50 4. 00 3.67 3.50 3. 10 3.00 3.00 3.00 3.00 3 92 4.42 4.21 w Philadelphia 4.50 4.50 4.50 4.50 4.50 4.13 3.50 3.50 3.50 3.50 3.50 3.50 4.07 4.50 4.50 Cleveland 4 50 4 50 4 50 4.50 4. 50 4.00 4.00 3.72 3. 50 3.50 3. 50 3 50 4 11 4 50 4.60 o A Ri t c la h n m t o a n ,. d . .. 4 4. . 5 5 0 0 4 4 .5 5 0 0 4 4 . . 5 5 0 0 4 4. . 5 5 0 0 4 4 . . 5 5 0 0 4 4 . . 1 2 8 6 4 4. . 0 0 0 0 4 4 . . 0 0 0 0 4 4 . . 0 0 0 0 4 4 . . 0 0 0 0 4 4 . . 0 0 0 0 4 4 . . 0 0 0 0 4 4 .3 2 2 8 4 4. . 5 5 0 0 4 4. . 7 6 0 4 H Chicago 4 50 4 50 4. 50 4. 50 4. 50 4. 24 4.00 4.00 4.00 4.00 4.00 4.00 4.33 4. 50 4.63 St. Louis 4.50 4.50 4. 50 4.50 4.50 4. 36 4.00 4.00 4.00 4.00 4. 00 4.00 4.34 4.50 4. 65 Minneapolis... 4.50 4.50 4.50 4. 50 4.50 4.50 4.50 4.50 4.50 4.22 4.00 4.00 4.45 4.50 4.85 H Kansas City 4. 50 4. 50 4. 50 4. 50 4. 50 4.50 4.00 4. 00 4.00 4.00 4.00 4.00 4.40 4. 50 4.79 Dallas 4.50 4. 50 4.50 4.50 4.50 4.50 4.25 4.00 4.00 4.00 4.00 4.00 4.34 4.50 4.86 San Francisco 4. 50 4.50 4.50 4.50 4.50 4.18 4.00 3.90 3.50 3.50 3.50 3.50 4.30 4.44 4.32 All banks: 1924 4.50 4.50 4. 50 4. 50 4.42 4.16 3.89 3.78 3.69 3.65 3.63 3.56 4.20 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 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 G.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 H w o > Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 3.—AVERAGE RATES EARNED ON DISCOUNTED BILLS [Per cent] Prior years Federal reserve bank May June July I August te S m e b p- er October ve N m o b - er ce D m e b - er Year 1923 1922 1924 Boston 4.29 3.64 3.53 3.52 3.51 3.50 3.51 4. 18 4. 41 4.24 M New York 3.89 3.57 3.36 3.04 3.01 3.00 3.00 3. 97 4. 41 4.25 Q Philadelphia 4.30 3.61 3.52 3.50 3.50 3.50 3. 50 4.12 ! 4.50 4.50 Cleveland. _ 4.23 4.07 3.91 3.57 3.52 3.50 3.50 4.17 i 4. 50 4.64 Richmond 4.40 4.17 4.08 4.03 4.01 4.00 4.00 4.32 4.50 4.78 Atlanta 4.46 4.26 4.15 4.09 4.05 4.01 4.00 4.36 4. 50 4.76 Chicago.. 4.48 4.30 4.19 4. 11 4. 06 4.02 4.00 4.37 4.50 4.76 St. Louis 4.48 4.33 4.23 4. 14 4.11 4.08 4.02 4.39 4.50 4.71 Minneapolis 4.50 4.50 4. 50 4.50 4.43 4.27 4.27 4.49 4.52 5.12 Kansas City 4.50 4.50 4.42 4.28 4.17 4.06 4.01 4.46 4.50 4. 95 Dallas 4.50 4.47 4.28 4.22 4.18 4.07 4.01 4.40 4.50 5. 08 San Francisco 4.36 ! 4. 14 4.11 3.86 3.72 3.57 3.51 4.33 4.42 4.42 All banks: 1924.. 4.35 4. 11 3.99 3.85 3.75 3.69 3. 59 4.25 1923.. 4.50 4.50 150 4.50 4.50 4.50 4.50 4.46 1922.. 4.61 4.50 4.47 4.42 4.36 4.29 4.29 4.63 1921.. 6.20 5.91 5.85 5.69 5. 39 5. 11 6.07 J920-. 5.89 6.13 6. 19 6.22 6.35 6.41 6.42 1919.. 4.20 4.15 4. 13 4.17 4.15 4.40 4. 55 4.23 H 1918.. 4.31 4.40 4.35 4.27 4.22 4.27 4.29 4.24 1917.. 3.49 3.82 3.77 3.79 3.47 3.42 3. 75 3.61 1916.. 4.36 4.24 4.31 4.43 4.35 4.08 3.81 4.20 H W W CO Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 4.—OPEN MARKET RATES—CHANGES DURING 1923 AND 1924 IN MINIMUM AUTHORIZED RATES ON ACCEPTANCES BOUGHT IN OPEN MARKET BANKERS' ACCEPTANCES [Per cent] Federal reserve bank d - Boston Y N o e r w k d P e h lp il h a i - a C la le n v d e- m Ri o c n h d - Atlanta Chicago St. Louis M ap i o n l n is e- K C an i s ty as Dallas Fra S n a c n isco In effect Jan 1 1923 2H 2H 3 3 2H 23^ Q 3 3 3 2M Changes effective— 1923-Apr 24 4 1924-May 12 3M May 29 June 20 2 2 2 2 2 2 2 June 23 2 In effect Dec 31 1924 2 2 2 2 3 2 2 2 3 3 3 2 NOTE.—Acceptances purchased direct from the acceptor are taken at a rate not less than the discount rate on commercial paper. TRADE ACCEPTANCES [Per cent] In effect Jan. 1, 1923... Changes effective— 1924-June 20. May 12 May 29 2% i In effect Dec. 31, 1924. 33^ 2% w p Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 5.—AVERAGE RATES CHARGED ON BILLS BOUGHT IN OPEN MARKET [Per cent] Prior years Federal reserve bank January Fe a b ry ru- March April May June July August Sep b t e e r m- October No b v e e r m- De b c e e r m- Year 1923 1922 1924 Boston 4.17 4.15 4.12 4.00 3.39 3.13 2.25 2.20 2.22 2.23 2.29 2.71 2.90 4.14 3.55 New York 4.10 4.09 4.09 4.07 3.29 3.13 2.30 2.25 2.21 2.14 2.30 2.77 2.93 4.11 3.57 Philadelphia 4.17 4.17 4.15 4.11 3.65 3.01 2.32 2.27 2.34 2.25 2.34 2.91 3.40 4.15 3.53 o Cleveland 4.21 4.18 4.21 4.17 3.54 3.13 2.27 2.27 2.23 2.20 2.35 2.79 3.09 4.17 3.70 3 Richmond 4.31 4.28 4.31 4.25 3.75 3 04 4 01 4 29 4.64 Atlanta 4.33 4.31 4.24 4.23 4.38 4.07 4.05 2.89 2.74 2.88 2.60 3.18 * 3.74 4.21 4.14 Chicago 4.21 4.19 4.22 4.24 3.45 3.08 2.29 2.17 2.21 2.19 2.32 2.84 3.31 4.21 3.50 St. Louis .- . _ - - 4.18 4.16 4.18 4.14 3.56 3.06 2.28 2.27 2.23 2.19 2.30 2.78 2.86 4.09 3.67 Minneapolis 4.17 4.17 4.14 4.14 3.61 3.13 2.28 2.28 2.21 2.13 3.66 4.07 Kansas City 4.56 4.19 4.14 4.11 3.54 3.13 3.05 2.24 2.21 2.17 2.32 2.74 2.90 4.37 4.60 Dallas _.- 4.16 4.17 4.17 4.13 3.57 3.15 2.29 2.25 2.22 2.21 2.32 2.76 3.26 4.16 3.77 San Francisco . 4.22 4.21 4.21 4.19 3.77 3.14 2.34 2.20 2.22 2.18 2.34 2.78 2.95 4.17 3.55 All banks: 1924 4.18 4.16 4 16 4.14 3.48 3.15 2.35 2.25 2.23 2.20 2.32 2.79 3.08 k 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 CO Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 6.—AVERAGE RATES EARNED ON BILLS BOUGHT IN OPEN MARKET AND FROM OTHER FEDERAL RESERVE BANKS CO •00 [Per cent] Prior years 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 1923 1922 1924 Boston 4.18 4.17 4.16 4.12 4.02 3.51 2.44 2.33 2.21 2.22 2.24 2.42 3.18 4.13 3.52 New York _.. 4.15 4.10 4.10 4.10 3.79 3.55 2.63 2.34 2.22 2.17 2.22 2.49 3.01 4.11 3.54 Philadelphia 4.18 4.17 4.17 4.18 4.13 3.85 3.21 2.61 2.32 2.23 2.26 2.36 3.58 4.13 3.50 Cleveland 4.21 4.22 4.21 4.21 4.18 3.73 3.10 2.96 2.24 2.19 2.22 2.46 3.52 4.15 3.48 on Richmond 4.31 4.29 4.30 4.29 4.13 3.96 3.97 3,04 4.18 4 27 4.83 Atlanta 4.28 4.28 4.25 4.24 4.24 4.17 4.11 3.62 2.83 2.72 2.57 2.69 3.77 4.19 4.15 Chicago 4.19 4. 19 4. 18 4.17 4.14 3.60 2.85 2.37 2.19 2.16 2.20 2.45 3.48 4 15 3 50 St Louis 4. 19 4.16 4. 15 4.17 4.12 3.71 3.60 2.50 2.20 2.19 2.21 2.47 2.91 4.07 3.36 Minneapolis 4.18 4.16 4.13 4.15 4.13 3.53 3.03 2.70 2.21 2.17 2.26 2.28 3.73 4.13 Kansas City 4.56 4. 17 4. 15 4.16 4.13 3.34 3.05 2.69 2.17 2.16 2.19 2.43 3.06 4.26 4.96 Dallas-., 4.18 4.17 4.18 4.17 4.17 3.17 2.90 2.74 2.27 2.20 2.21 2.45 3.66 4.13 3.67 San Francisco „ - 4.21 4.21 4.21 4.20 4,17 3.95 2.96 2.64 2.19 2.17 2.20 2.46 3.26 4.14 3.47 All banks: 1924 4.20 4.18 4.17 4.17 4.05 3.66 2.80 2.49 2.22 2.20 2.23 2.46 3.31 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 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 g 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 ... 2.09 207 2.04 2.04 2.07 2. 14 2.21 2.31 2.46 2.12 2.52 ,n 2.36 s w o Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 7.—AVERAGE RATES EARNED ON DISCOUNTED AND ON PURCHASED BILLS [Per cent] Discountedbills Purchased bills Federal reserve bank 1916 1917 1918 1919 1920 1921 1922 1923 1924 1916 1917 1918 1919 1920 1921 1922 1923 1924 Boston _ _ ._ 3.52 3.66 4.01 4.21 5.91 6.03 4.24 4.41 4.18 2.22 3.25 4. 19 4. 25 5.81 5. 61 3.52 4.13 3.18 New York 3.69 3.12 4.04 4. 12 5.88 6. 13 4.25 4.41 3.97 2.38 3.33 4.07 4.25 5.69 5. 59 3.54 4.11 3.01 w Philadelphia.. 3.75 3.73 4.29 4.13 5.48 5. 49 4. 50 4.50 4. 12 2.31 3. 18 4. 12 4.24 5. 85 5. 61 3. 50 4.13 3.58 o Cleveland 4.25 3.94 4.28 4.22 5.88 5.85 4.64 4.50 4.17 2.29 3.24 4.20 4.27 5.67 5.90 3.48 4.15 3.52 o Richmond 4.00 3.91 4.40 4.34 5.69 5.92 4.78 4.50 4.32 3.09 3.22 4.27 4.57 5.74 6.03 4.83 4.27 4.18 Atlanta _.. . 3.77 3.99 4.27 4.25 5.77 6.12 4.76 4.50 4.36 • 2.71 3.34 4.20 4.57 5. 55 6.28 4.15 4.19 3.77 Chicago 4 60 3 85 4.30 4.26 6 17 6.40 4. 76 4.50 4.-87 2.28 3. 11 4.24 4.33 5.64 5.67 3.50 4. 15 3.48 St. Louis . - 4.04 3.85 4.29 4.25 5.83 5.97 4.71 4.50 4.39 2.34 3.16 4.18 4.36 5.30 5.68 3.36 4.07 2.91 Minneapolis 4.80 4.22 4.63 4.33 6.22 6.48 5.12 4.52 4.49 2.32 3.16 4.36 4.27 5.26 4.13 3.73 Kansas City 4.77 4.14 4. 74 4.68 6 05 6.06 4.95 4.50 4.46 2.39 3.20 4.26 4.36 5.45 6.40 4.96 4.26 3.06 Dallas.. 4; 49 4.48 4.67 4.64 5.67 6.25 5.08 4.50 4.40 3.36 3.40 4.10 4.79 5.49 6.10 3.67 4.13 3.66 San Francisco 5.01 4.53 4.65 4.51 5.79 5.82 4.42 4.42 4.33 2.39 3.25 4,20 4.29 5.61 5.70 3.47 4.14 3.26 System 4.20 3.61 4.24 4.23 5.88 6.07 4.63 4.46 4.25 2.36 3.26 4.14 4.30 5.66 5.70 3.54 4.14 3.31 g Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 8.—AVERAGE RATES EARNED ON UNITED STATES SECURITIES [Per cent] Federal reserve bank Ja a n ry u- Fe a b ry ru- March April May June July g A u u s - t t S e b e m e p r - - O b c e t r o- v N b e e m o r - - c D b e e m e r - - Year Prior years 1923 1922 1924 Boston _ _ 4.37 4.43 4.13 4.18 4.09 3.70 3.72 3.70 3.47 3.45 3.47 3.40 3.71 3.93 3.67 New York 4.16 4.21 3.69 4.09 4.01 3.68 3.52 3.42 0 00 3.35 3.34 3.26 3.50 3.94 3.63 Philadelphia. 4.30 4.29 4.17 4.24 4.16 4.00 4.09 4.01 3.97 3.96 3.95 3.97 4.09 4.25 3.83 Cleveland 4.17 4.17 4.12 4.17 4.04 3.81 3.71 3.53 3.41 3.33 3.32 3.34 3.64 3.96 3.84 no i Richmond 3.39 3.44 3.68 3.68 3.68 3.56 3.45 3.41 3.35 3.31 3.29 3.25 3.47 2 36 2 06 Atlanta 4.24 4.17 4.17 4.16 4.05 4.21 3.82 3.59 3.59 3.66 3:67 3.34 3.69 3.71 2.54 Chicago 3.88 3.88 4.02 4.06 4.00 3.80 3.74 3.65 3.56 3.55 3.56 3.56 3.72 3 68 3 68 St. Louis 4.17 4.17 4.08 4.0£ 4.08 3.86 3.75 3.43 3.31 3.29 3.27 3.27 3.54 4.21 3.70 Minneapolis 4.39 4.34 4.25 4.17 4.12 3.94 3.90 3.78 3.72 3.65 3.77 3.67 3.91 4.25 3.43 Kansas City 4.54 4.50 4.32 4.29 4.20 4.04 3.89 3.71 3.66 3.62 3.60 3.57 3.87 4.16 3.68 Dallas j 4 19 4.10 4.22 4 08 4.06 3 61 3 60 3.59 3 32 3 39 3.50 3 30 3 67 3 72 2 83 San Francisco. 4.40 4.28 4.21 4.15 4.09 3.79 3.65 3.48 3.32 3.30 3.27 3.26 3.60 4.19 4.00 All banks: 1924 _ 4.26 4.17 4.04 4.14 4.05 3.79 3.68 3.57 3.46 3.44 3.46 3.39 3.67 1923. -.- 3.74 3.96 3.99 4.11 4.17 4.02 4.17 4.15 4.07 4.21 4.18 4.03 4.01 1922 3.16 3.58 3.72 3.77 3.70 3.67 3.63 3.60 3.65 3.71 3.78 3.79 3.67 1921 2.13 2.11 2.24 2.15 2.49 2.40 2.31 2.33 2.49 2.38 2.68 2.92 2.37 1920 2.18 2.17 2.10 2.10 2.22 2.24 2.15 2.22 2.27 2.20 2.17 2.43 2.21 1919 2.26 2.31 2.41 2.43 2.42 2.33 2.24 2.21 2.17 2.18 2.22 2.19 2.26 1918 3.27 3.25 3.59 3.56 3.06 3.00 2.76 2.87 2.73 2.44 2.49 2.40 2.99 1917 2.64 2.67 2.66 2.36 2.41 2.39 2.67 2.71 2.75 3.06 2.86 2.98 2.68 1916 2.14 2.33 2.14 2.34 2.26 2.29 2.38 2.36 2.38 2.47 2.44 2.38 2.35 w o > Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 9.—AVERAGE RATES EARNED ON TOTAL EARNING ASSETS fPer cent] Prior years Janu- Febru- Septem- Novem-Decem- Federal reserve bank ary ary March April May June July August ber October ber ber Year 1923 1922 1924 Boston . . _ 4.35 4.36 4.29 4.29 4.22 3.87 3.59 3.58 3.30 3.14 2.99 2.94 3.69 4.28 3.87 New York 4.37 4.35 4.14 4.28 4.04 3.72 3.46 3.34 3.11 3.00 2.99 2.99 3.53 4.30 3.82 Philadelphia 4.35 4.36 4.34 4.37 4.33 4.13 3.86 3.80 3.76 3.65 3.44 3.40 4.02 4.37 4.11 Cleveland 4.32 4.32 4.30 4.34 4.27 3.98 3.80 3.60 3.35 3.21 3.13 3.15 3.79 4.29 4.10 Richmond 4.44 4.41 4.42 4.43 4.42 4.32 4.10 4.00 3.95 3.93 3.90 3.87 4.24 4.44 4.57 Atlanta 4.45 4.44 4.43 4.46 4.47 4.44 4.24 4.10 3.98 3.84 3.65 3.58 4.24 4.41 4.40 C hicago 4.33 4. 30 4.29 4.29 4.26 4.08 3.94 3.80 3.60 3.48 3.39 3.45 3.92 4.26 4.23 St. Louis 4.49 4.46 4.40 4.40 4.39 4.30 4.14 3.87 3.67 3.52 3.28 3.16 4.01 4.40 4.14 Minneapolis 4.44 4.41 4.34 4.30 4.27 4.13 4.10 4.02 3.90 3.72 3.80 3.76 4.10 4.42 4.64 Kansas City.. 4.51 4.47 4.38 4.38 4.35 4.24 4.09 3.90 3.71 3.51 3.37 3.30 4.02 4.37 4.25 Dallas 4.23 4.21 4.24 4.21 4.22 3.89 3.83 ' 3.83 3.58 3.33 3.14 2.99 3.84 4.26 4.56 San Francisco . 4.39 4.38 4.36 4.34 4.30 4.04 3.79 3.62 3.33 3.16 2.98 -2.95 3.78 4.32 4.08 All banks: 1924 . . 4.39 4.36 4.30 4.34 4.26 4.03 3.80 3.67 3.45 3.30 3.21 3.17 3.83 1923 4.03 4.13 4.26 4.32 4.35 4.36 4.42 4.42 4.41 4.44 4.40 4.38 4.33 1922 4.62 4.47 4.34 4.25 4.08 3.98 3.90 3.85 3.84 3.88 4.00 4.06 4.11 1921 5.88 5.92 5.90 5.85 5.79 5.67 5.60 5.42 5.35 5.25 4.99 4.74 5.61 1920 4. 46 4.88 5. 12 5.23 5.36 5.51 5.72 5.81 5.81 5.94 5.98 5.98 5.50 1919 4.04 4.03 4.02 4.01 3.99 4.01 3.98 3.93 3.91 3.95 4.16 4.29 4.04 1918...... 3.75 3.81 3.86 4.07 4.29 4.20 4.31 4.27 4.21 4.13 4.19 4.14 4.12 1917 2.90 3.03 3.14 2.83 2.93 3.08 3.34 3.37 3.41 3.37 3.37 3.59 3.29 1916 2.85 2.70 2.26 2.50 2.47 2.53 2.62 2.69 2.78 2.79 2.72 2.83 2.67 NOTE.—Average annual rates earned (per cent) during 1924 on municipal warrants: Philadelphia, 4.58; Atlanta, 4.51; Minneapolis, 4.36; System, 4.56; on Federal intermediate credit bank debentures: New York, 3.30; Philadelphia, 3.94; Kansas City, 3.36; System, 3.85; on foreign loans on gold: 3.00 for all banks, except Boston which held no foreign loans on gold. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

42 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD CONDITION OF FEDERAL RESERVE BANKS No. 10.—EARNING ASSETS OF FEDERAL RESERVE BANKS, 1914-1924 [In thousands of dollars] Bills discounted Bills Date S U e e . c r S n u m . r e G d en o b t v y - Other Total i m b n o a o u r p g k e h e n t t se U S c n t u a i r t t i e e ti s d es w M a c r i u p ra n a n l i- ts e a T a s r o s n t e i a t n s l g obligations i 1914 Nov. 27.. 7,383 7,383 7,383 Dec. 31. 9,909 9,909 205 734 10,848 1915 Jan. 29... 13, 955 13,955 13,180 27,135 Feb. 26.. 20, 469 20, 469 ! 17,417 • 37, 886 Mar. 26.. 31, 683 31,683 ! 21,579 ! 53, 262 Apr. 30.. 36, 586 36, 586 I 25,469 62,055 I ! May 28.. 33, 951 33,951 i 6, 947 i 23, 094 63, 992 June 25.. 25, 996 25, 996 i 10, 379 7, 601 11, 509 55, 485 July 30.. 29,102 29,102 i 11, 625 7, 923 16,107 64, 757 Aug. 27.. 29, 275 29, 275 13, 564 8, 836 25, 808 77, 483 Sept.24_. 31,373 31,373 13, 058 9, 328 24, 945 I 78, 704 Oct. 29 _ _ 30,448 30, 448 13, 619 10,505 25,014 | 79, 586 Nov. 26.. 32, 794 32, 794 16,179 12, 919 27,308 89, 200 Dec. 30.. 32, 368 32, 368 23, 013 15, 79: 12, 220 83, 398 1916 Jan.28_. 26, 901 26, 901 26, 314 21,372 20, 602 95,189 Feb. 25.. 22, 827 22, 827 29, 054 29, 632 25, 403 106, 916 Mar. 31.. 21,267 21.267 40, 408 40, 275 33,015 134, 965 Apr. 28_. 21,448 21, 448 47, 585 49, 681 36,933 155, 647 May 26.. 20, 365 20, 365 52, 708 55, 782 44,946 j 173, 801 June30_- 21,188 21, 188 71,095 57, 129 22,671 i 172, 083 J A u u ly g. 2 8 2 _ 5 _ .. 2 2 7 7 , , 0 5 3 9 2 4 2 2 7 7 , , 0 5 3 9 2 4 8 8 3 2, , 4 1 5 4 4 6 5 5 6 5 , , 0 5 0 8 1 1 2 2 7 7 , , 2 8 2 6 0 3 i 1 19 9 2 4 , , 0 8 4 4 2 9 Sept. 29.. 25, 953 25, 953 80, 625 53, 471 24,028 ' 184, 077 Oct. 27.. 21,131 21, 131 86, 085 51, 904 29, 890 189,010 Nov. 24.. 20, 501 20, 501 102, 092 50, 594 22, 166 195, 353 Dec. 29.. 30,196 30, 196 127, 497 55,414 8,975 222, 082 1917 Jan. 26.. 15,711 15,711 97, 697 55, 769 12, 249 181, 426 Feb. 23.. 20, 266 20, 266 123, 966 48,118 17,124 209, 474 Mar. 30.. 20,106 20,106 84,473 47, 700 15, 715 167, 994 Apr. 27.. 35,043 35,043 71, 400 117, 818 14, 999 239,260 May 25.. 1,900 45, 687 47, 587 107,377 117, 658 14, 675 287, 297 June 29.. 25, 546 2 193, 546 219,092 202, 270 70, 728 2,446 494, 536 July 27.. 12, 670 125, 789 138, 459 195,097 76, 953 1,469 411,978 Aug. 31.. 11, 867 135, 448 147, 315 154, 591 77,927 1,230 381,063 Sept. 28.. 65, 923 167, 616 233, 539 176,169 95,005 224 504, 937 Oct. 26.. 209, 230 187,864 397,094 177, 590 110,042 233 684, 959 Nov. 30.. 405, 608 350, 790 756, 398 205,454 89,096 1,429 1,052, 377 Dec. 28.. 283,421 397, 285 680, 706 275, 366 107, 233 1,005 1,064,310 1918 Jan. 25 312, 520 315,142 627, 662 273, 912 123,194. 3 4, 902 1,029, 670 Feb. 21 263, 905 245, 629 509, 534 296,170 222, 657 3 3, 436 1,031,797 Mar. 28-29 301, 451 281, 777 583, 228 304,065 310, 769 3 3, 523 1, 201, 585 Apr. 26 642, 429 259, 314 901, 743 302, 844 78, 853 3 2, 722 1, 286, 162 May 31.. 562, 993 334, 364 897, 357 256, 373 146, 924 3 736 1, 301, 390 June 28.. 434, 509 434, 666 869,175 216, 848 259, 066 3 23 1, 345,112 July 26.. 673, 231 628, 920 1, 302,151 205, 274 57,012 3 103 1,564,540 Aug. 30.. 896, 228 531, 967 1, 428,195 232, 603 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. 3 Includes bill of lading drafts as follows: Jan. 25, 1918, $2 765,000; Feb. 21, $2,821,000; Mar. 29, $2,994,000; Apr. 26, $2,168,000; May 31, $235,000; June 28, $12,000; July 25, $37,000. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONDITION OF FEDERAL RESERVE BANKS 43 No. 10.—EARNING ASSETS OF FEDERAL RESERVE BANKS, 1914-1924—Continued [In thousands of dollars] Bills discounted Date I i S U e . c u S r . e d G o b v y - i b n o B u o il p g ls e h n t se U S c n t u a i r t t i e e ti s d es w M a c r i u p ra n a n i l - ts e a T a s o r s n t e i a t n l s g | ernment Other Total market I obliga- | tions 1918—Continued Sept. 27 1, 221, 533 491,897 1, 713,430 288, 391 78, 643 M02 2,080, 566 Oct. 25 1,092, 417 453, 747 1, 546,164 398, 623 350, 311 24 2, 295,122 Nov. 29 1,412,511 402, 684 1, 815,195 375, 341 121, 796 27 2, 312, 359 Dec. 27 1, 400, 371 302, 567 1, 702, 938 303, 673 311,546 13 2, 318,170 1919 Jan. 31.. 1, 357, 571 243, 557 1,601,128 281, 293 294, 784 2,177, 209 Feb. 28. 1, 667, 965 211,855 1, 879, 820 276, 919 182, 782 2,339, 525 Mar. 28.. 1,691,010 195, 230 1, 886, 240 248,107 200, 935 2, 335, 285 Apr. 25 | 1,760,672 189, 740 1, 950, 4l2 185, 822 218, 636 2, 354, 870 May 29 I 1,802,893 186,499 1, 989, 392 183, 650 229,014 2, 402,056 June 27 i 1,573,483 244, 557 1, 818,040 304, 558 231, 569 2,354,167 July 25...i ! 1,616,210 251, 392 1,867, 602 375, 556 239, 400 2, 482, 558 Aug. 29 1,609,296 205, 838 1, 815,134 363,138 270, 705 2,448, 977 Sept. 26 1,572,503 309, 779 1, 882, 282 342, 491 278, 315 2, 503,088 Oct. 31 1,681,082 447, 465 2,128, 547 394,355 301, 254 2, 824,156 Nov. 28 1,736,033 478,176 2, 214, 209 495, 595 314, 937 3,024, 741 Dec. 26 ! 1,510,364 684, 514 2, 194, 878 585, 212 300,405 3,080, 495 1920 | Jan. 30 J 1,457.892 716, 465 ! 2, 174, 357 561,313 303, 521 3,039,191 Feb. 27 j 1,572,980 880,531 | 2,453,511 531, 367 294, 354 3, 279, 232 Mar. 26 1,441,015 1,008, 215 | 2, 449, 230 451, 879 289,922 3,191,031 Apr. 30 j 1,465,320 1,069,751 i 2,535,071 407, 247 293, 514 3, 235, 832 May28 ! 1,447,962 1,071, 469 2, 519, 431 418, 600 306, 394 3, 244, 425 June 25 I 1,277,980 1,153, 814 2, 431, 794 399,185 352, 296 3,183, 275 July 30 ! 1,241,017 1, 250, 613 2, 491, 630 345, 305 325, 380 3,162, 315 Aug. 27 1,314,830 1, 352, 297 2, 667,127 321, 965 300, 580 3, 289, 672 Sept. 24. 1, 220, 423 1, 484, 041 2, 704, 464 307, 624 297, 500 3, 309, 588 Oct. 29_. 1, 203, 905 1, 597, 392 j 2, 801, 297 298, 375 296, 371 3, 396,043 Nov. 26.. 1,192, 425 | 1, 542, 975 | 2, 735,400 247, 703 320,614 3, 303, 717 Dec. 30.. 1,141,036 | 1, 578, 098 ! 2, 719,134 255, 702 288, 191 3, 263,027 Jan. 31 . :, 040, 367 1, 416, 750 2,457,117 163, 700 287,150 2,907, 967 Feb. 28.. 997, 965 1, 391, 545 2, 389, 510 169,421 282, 807 2,841, 738 Mar. 31.. 971,100 1, 262, 006 2, 233,106 119, 340 276, 932 2, 629, 378 Apr. 30_. 937, 652 1,138, 916 2, 076, 568 109, 763 267, 095 2, 453,426 May 31.. 787,244 1,120,669 | 1, 907, 913 75, 457 266, 481 2, 249,851 June 30._ 637, 590 ! 1,113, 760 j 1, 751, 350 40, 223 259,184 2, 050, 757 July 31.. 577, 774 I 1, 063, 838 | 1, 641, 612 17, 977 244, 365 1, 903,954 Aug. 31.. 545, 176 ! 946, 759 j 1, 491, 935 35, 320 230, 233 1, 757, 488 Sept. 30.. 496, 844 ! 916,169 ' 1, 413, 013 45, 042 227, 830 1,685, 885 Oct. 31... 462,436 I 850,591 1, 313, 027 86,110 192, 521 10 1, 591, 668 Nov. 30.. 476,360 705,941 1, 182, 301 72, ©54 204, 544 67 1,459,866 Dec. 31.. 485,233 I 659 113 1,144,346 145, 263 233,528 379 1, 523, 516 1922 Jan. 31... 363,586 475, 299 74,935 293, 085 206 1, 207, 111 Feb. 28.. 284,614 427, 963 712, 577 93, 458 407,889 242 1, 214,166 Mar. 31.. 260,781 ! 419, 686 680,467 105, 270 455, 506 102 1, 241, 345 Apr. 29.. 185,743 | 324, 361 510,104 90, 677 587,080 1,187,861 May 31.. 171,106 300, 384 471, 490 118,182 603,419 1,193,091 June 30.. 167, 241 294,177 461, 418 161,112 555,465 1,177,995 July 31.. 132, 390 273, 788 406,178 140, 111 536, 669 1, 082,961 Aug. 31.. 126,113 271, 335 397, 448 180,176 507,131 1,084, 776 Sept. 30.. 162, 780 300, 916 463, 696 244,375 482, 676 1,190, 762 Oct. 31... 269, 042 307, 393 576, 435 258,165 362, 639 1,197, 263 Nov. 29.. 315, 280 334,816 650, 096 259, 226 304, 461 1, 213,807 Dec. 30.. 331, 790 285, 990 617, 780 272,122 436,155 1, 326,096 1 Includes $31,000 of bill of lading drafts. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

44 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No. 10,—EARNING ASSETS OF FEDERAL RESERVE BANKS, 1914-1924—Continued [In thousands of dollars] Bills discounted Date S U e e . c r n S u . m r e G d en o b v t y - Other Total i b m n o B a o u i r l p g k ls e h e n t t se U S c n t u a i r t t i e e t s d ies w M c a i r u p r n a a i l n - t s! | I e a T a s r o s n t e i a n ts l g obligations 1923 Jan. 31 377,482 219, 769 597,251 188,566 353,735 1,139, 552 Feb. 28 356,039 239, 721 595, 760 207, 678 363,074 1,166, 512 Mar. 31 372, 768 326,146 698, 914 263, 358 250,360 1, 212,673 Apr. 30 386,079 338,914 724, 993 271, 573 185, 305 1,181,871 May 31 __, 406,824 363,910 770,734 258,680 191,964 55 1,221,433 June 30 407,356 429, 593 836, 949 205, 600 101, 503 65 1,144,117 July 31 , 391,937 433,999 825, 936 183, 096 10 1,107,125 Aug. 31 412, 318 452,244 864, 562 171, 607 101,995 20 1,138,184 Sept. 30 401,186 482, 367 883, 553 173, 258 96, 285 317 1,153,413 Oct. 31 425,650 458,150 ! 883,800 204,698 91,837 317 1,180,652 Nov. 30 406, 533 396,821 803, 354 300, 207 104,169 154 1, 207,884 Dec. 31 353, 685 369,383 723, 068 354, 637 133, 566 51 .1,211,322 1924 Jan.31 267, 978 264,282 532,260 286,041 126, 371 10 944,682 Feb. 29 257, 215 271, 748 528,963 267,880 165,463 1 100 ' 962,406 Mar. 31 228,949 517,885 228, 247 262, 867 51 ! 1, 009,050 Apr. 30 161,164 286,021 447,185 124,485 301, 660 51 I 873,381 May 31 164,149 277,217 ! 441,366 79, 549 352,857 2 551 i 874, 323 June 30 115, 580 218,374 i 333,954 36, 524 431, 085 2 1,301 i 802,864 July 31 89,424 203,623 293,047 23,469 522,897 i 1,250 > 840,66a Aug. 30 83, 480 191,188 274, 668 58,103 542, 211 i 1,750 | 876, 732 Sept. 30 , 111, 591 164, 608 276,199 131,821 576,108 1 1, 750 ! Oct. 31 118, 592 145, 549 264,141 200,114 584,205 2 3,557 i 1, 052, 017 Nov. 29 112,694 129, 330 242,024 313, 572 583, 738 i 2, 550 ! 1,141,884 Dec. 31 186,840 127, 288 314,128 387,100 540,160 3 8,050 j 1,249,438 1 Federal intermediate credit bank debentures. »Includes Federal intermediate credit bank debentures as follows: May 31, $500,000; June 30, $1,250,000; Oct. 31, $3,550,000. 3 Comprises $6,000,000 foreign loans on gold and $2,050,000 Federal intermediate credit bank debentures Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONDITION OF FEDERAL, RESERVE BANKS 45 No. 11.—RESERVES, DEPOSITS, AND NOTE CIRCULATION OF FEDERAL RESERVE BANKS, 1914-1924 [Amounts in thousands of dollars] Reserves Deposits F. R. Re- bank Date Gold Total m G er e o n n v - t - b s M e e r r e s v ' m e r e - l - Total» n c o F i t r . t i c e o u s R n la . in - r q e u s R i e e r r - e v d e3 r E e x s c e e r s v s e s c p e a e e r g n v r e t - e - n c t b e i n i r i t o o l c i u l t n t e i y l - a a - - 1914 Nov. 27..-. 227,840 262,470 249,268 2,700 88,324 174,146 104.2 Dec. 31 241,321 267,899 256,018 10,608 93,850 174,049 100.5 1915 Jan.29 251 306 272,188 272,095 14, 500 101,033 171,155 95.0 Feb. 26— 269J 753 282,248 22,957 107,970 190,868 97.9 Mar. 26. 273,137 296,235 282,644 33,767 112,433 183,802 93.6 Apr. 30.... 280,543 307,061 285,364 46,444 118,455 188,606 92.5 May 28 298,33l| 330,320 284,615 57,847 122,754 207,566 96.5 June 25 324,183 372,031 303,038 72,489 135,059 236,972 99.1 July 30.... 347, 383 369,475 299,105 85,127 138,738 230,737 96.2 Aug. 27... 359,165 379,043 309,999 95,233 146, 593 232,450 93.5 Sept. 24 405,404 428,324 15,000 337,532 115, 662 164,401 263,923 94.5 Oct. 29 433,236 470, 294 15,000 350,021 146.025 180,917 289,377 94.8 Nov. 26 492,163 529,375 15,000 398,899 165,304 205,736 323,639 93.8 Dec. 30— 542,413 555,938 15,000 394,245 189.026 213,596 342, 342 95.3 1916 Jan. 28 555, 241 j 570,737 27, 760 441,663 179,224 226, 27: 344,465 91.9 Feb. 25— 526,213 543, 891 32,501 435,793 171,368 221,075 322,816 89.6 Mar. 31 514, 521 524, 459 38,469 445,328 163, 066 221,091 303, 368 86.2 964 Apr. 28 487,029 499,040 40, 660 439,013 163, 094 218,892 280,148 82.9 1,669 May 26... 515, 255 537, 227 44,131 504,299 159,389 240,260 296,967 80.9 1,732 June 30 542,744 570,192 101,152 5.38,241 152,244 249,282 320,910 82.6 1,721 July 28— 527, 536 544,125 56,54f -535,548 152, •" 248,478 295,6471 79.1 1,692 Aug. 25... 536, 221 548,486 50,099 530,866 156,345 248, 341 300,145 79.8 1,690 Sept. 29 584,767 5^2,578 38,985 529,360 196,538 263,891 328,687 81.6 3,033 Oct. 27 617,481 627, 457 29,982 543,703 214,622 277,89£ 349,563 82.2 1,031 Nov. 24 701,501 719, 475 26, 319 620,128 240,448 ai3,224 406,251 83.6 1,028 Dec. 29— 736,236 753,774 28,837 650,665 275,353 337,874 415,900 81.4 1917 Jan.26 791, 245 808,824 25, 607 687,841 688,508 259, 768 344,885 463,939 85. 3 Feb. 23— 803,324 818,573 13,407 629,475 677,036 303,171 358, 231 460,342 83. 5 Mar.30 938,046 947,328 20, 567 711,117 706,905 357,610 390,461 556,867 89.0 Apr. 27—. 945,141 975,481 719,785 743,532 420,509 428,441 547,040 83.8 May 25. 977,, 3711.,, 014,263 76,114 813,326 796,171 454,402 434,170 580,093 81.1 June 29.. 1, 294,5121,334,352 300,9661,,033,4601, 261,800 508,753 645,131 689,221 75. 4 934 July 27- 1,362, 263J, 414, 052 143,0321',135,456 %1 ,232,200 534,015 644,876 769,176 80.1 2,459 Aug. 31. 1, 353, 498 1,406,108 154:,, 3"5'"8 1,,0691,, 804. ,1 1.33,926 587,915 632,040 774,068 81.7 6,023 1, 408,4701,457, 559 71.,, 289 1., 136,9310,193,886 700,212 697,945 759,614 77.0 8,000 Oct. 26 1, 503, 436 %1 552,942 132, 2211L, 264,3 3232 31:, ,318,798 847, 506 800, 581 752, 361 71.7 8,000 Nov. 30 1,621.,, 725 1,. 676, 211 220,96! 1,489, 3701, 595,5121,056,983 981, 222 694,989 63.2 8,000 Dec. 28— 1, 671,, 133 1,, 720, 768 108, 2131,453,1661, 457,9941-, 246,488, 0108,893 711,875 63.6 8,000 1918 Jan. 25 1,726,507 .1,782,759 135,6911, 480,74:1,492,878 1, 234,934. 1, 016,481766,278 65.4 8,000 Feb. 21 1, 772, 395 1,832, 524 56,165 1,459,7"20 1"., 462,627 1,314,5811,037,751 794,773 66.0 7,999 Mar. 28-29...1,815, 704 1, 874,063 104,086 1,499,4001,535,», 367 ,1 452,838" .I,! 118,513755, 550 62.7 7,978 Apr. 26—. 1,827,000 1,890,945 130,668 1,497,4161, 556i,, 303 1,526i,, 232. 1, 155,199735,746 61.3 7,895 May 31. 1,917,8261,975,709 166, 1911,., 44>0,,413 1., 586, , 60>0,, 968 ,1 195,700 780,009 62.0 8,324 June 28- 1,949,021 2,, 000066^,119999 84,5351,, 557r,, 587 .,1 ,529,8191., 722,216, 1 224, 323 781,876 61.7 10,390 July 26- ' 974:,, 200 2,,029, 329 233, 0401,4351,,196 1.,, 622,87'0 1,870,835 1, 316, 339 712,990 58.1 11,084 Aug/30. 013,794 2,066,962 104,7291,478,639 1.,, 572,8982,092!,, 708 ,1 387, 597 679,365 56.4 20,687 Sept. 27 , 020,8132, 072,176 191, 6231, 535,4901,667,109 2, 349, 3261, 523, 218548,958 51.6 35,819 Oct. 25 045,132 2,098,169 278,2181, 683,4991,723,902 2, 507,9121, 606, 531491,638 49.6 58,859 Nov. 29 , 065, 2132,120, 371 207,1571,488,8931,668,283 2, 568,6761,611, 369 509,002 50.0 86,003 Dec. 27 2,090, 274"146,219 63, 3671, 587, 3181,552,892 2, 685, 2441, 617,610 528,609 50.6 117,122 1 Figures not reported separately until January, 1917. 2 Figures shown in this column represent net deposits up to and including Feb. 28, 1921, and total deposits thereafter. 3 Forty per cent against Federal reserve notes and 35 per cent against deposits. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

46 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No. 11.—RESERVES, DEPOSITS, AND NOTE CIRCULATION OF FEDERAL RESERVE BANKS, 1914-1924—Continued [Amounts in thousands of dollars] Reserves Deposits F. R. Date Gold Total m G er o e n n v - t - b M e se r e s r ' m v r e e - - Total n c o i F r t t i . c e o u s R n l a m . - r q e u R s i e e r - r e v d e r E e x s c e e r s v s e s c p R a e e e g r n e v r e - t - e - n c t b e b i n i i t a r o l o c D i t l u . n t e i l k — a y a - - 1919 Jan. 31 112,106 2,179,646 64,928 1,, 693,132 1L,, 659, 457 450,729 , 561,102 618, 544 53.0 129,445 Feb.28 122,998 2,188,723 210,5471,620,972 1t, 796,739 ,472,3071,617,781 570,942 5.1.3 134,042 Mar.28 142,305 2,210,524 168,1471,631,167 1L, 741,425 , 521,7761,618,209 592,315 51.9 145,540 Apr. 25. 2,169, 216 2,240,152 91,7726 "1., 664,3201L, 752,094 549, 552 ,633,054 607,098 52.1 158.848 May 29. 187,743 2, 255,106 141,479 1, 6i56,118 1L, 830,920 519,292 , 648,539 606,567 51.8 168,427 June 27.. 2,147,784 2,216,256 73,6141,771113,030 1., 750,694 499,180 ., 612,415 603,841 52.1 177,185 July 25.- 2,095,1512,161,023 116,038 l| 718,396 1L, 796, 561 504,497 ., 630,595 530,428 50.2 193.849 Aug. 29. !, 066,788 2,135,97654,494 1,729,950 L1, 629, 797 580,629 ., 602,681 533,295 50.7 219,815 Sept. 26 2,177,854 2,187,505 61,2761,731,413 1L, 634,074 655, 354 , 634,068 553,437 51.0 239,451 Oct.31 " 138,000 2,205,592 100,465 1,833,4811L, 850,518 752,876 , 748,831 456,761 47.9 254,933 Nov. 28 093,641 2,159,666 98,157 1,844,434 1L, 889, 399 852, 277 , 802,200 357,466 45.5 256,793 Dec. 26 2,078,432 2,135, 536 72, 3571,786i,," 8"74 L1, 704, 470 057,646 ., 819,623 315,913 44.8 261,039 1920 Jan. 3O._. !, 012,6562,073,933 72,974 1,850,712il, 806,496 850,9441,772,650 301,283 44.5 250, 530 Feb. 27— ,966,8362,083, 215 133,913J1,871,961J1,884, 576 019,9841,867, 594 215,621 42.5 237,131 Mar. 26. _. ., 934, 75~5 057,155 27,711 1,867,125|1, 772,904 048,039 , 839,731 217, 424 42.7 201, 392 Apr. 30— 1, 936, 720,070,765! 37,592 1,859,844)1,812,732 074, 555 , 864, 278 206, 487 42.4 177,881 May 28. 1,953,103 , 092,496 36, 433 |.l, 852,91611, 794, 440 107,0211, 870,862 221, 634 42. 179,185 June 25.. 1,969,375 , 108, 605j 14,189|1,831,916)1, 722, 223 116,718 " 19,465 259,140 43. 185,604 July 30.. 1,977,704 , 128,640! 12,16711,808,15611, 697, 245 120,1381, 842,091 286, 549 44.2 192,168 Aug. 27. 1,971, 825 , 127, 827| 43, 510 1, 818,502J1, 717,867 203,6371, 882, 708 245,119 43.2 200,793 Sept. 24 1,989,835 151, 594 46, 493 1, 800,6771, 658, 464 ,279,996 259,134 43. 214,180 Oct. 29 003,320 168,038 18, 754 1, 805,6611, 674, 553 , 351, 3031,926,615 241, 423 43.1 214,961 Nov. 26 2,023, 946 195,310 15,909 1,,771i; 774 1,623,641 .325,"""" "., 898, 489296.821 44.4 214,610 Dec. 30 2,059, 333 249,163 j 27,639 1., 748,979 1,604,190 , 344,686 1., 899, 341349.822 45.4 216,960 1921 Jan. 31-_. 103,660 319,755! 28,627J1,721,895|1,650,6633,083,155 1,, 810,994 508,761 49.0 200,159 Feb. 28.— 2,148,0852,363,475! 50,828|1,705,25311,670,0103,048,5541, 803,925 559,550 50.1 187,633 Mar. 31 2, 221,5692,436,741 91,61711. 658,625il, 784,394 904, 786,517 650, 224 52.0 169,885 Apr. 30 2,322,683 2",!,505, 612 31, 664 1,666, 509J1,732, 2142,844,0111, 743, 879 761,733 54.8 154,944 May 31. 2, 408,0582,571,579' 39,), 080 1,:601,, 634 1., 670, 6242,751, 1,685,466 886,113 58.1 143,706 June 30.. 2,467,6592,627,494| 43,1,446 1,603,!, 845 1., 675, 21"" 648,0861"., 645,560981,934 60.8 132,568 July 31.. 2,543,0392, 697,032 32,680 1, 625,123 1., 683,0428, 549,626 "1,608,9171,088,115 63. 125,046 Aug. 31. 2,641,061" 787,920 46,i, 809 1, 618,9,0011., 690, 7542, 481-,, 466 "1., 584, 3418, 203,572 66.8 109,864 Sept. 30 _2,728, 372 879, 331 98, 540 1, 581,032J1,704,8072, 482, 427 1, 589,6531,289, 678 68.8 100, 378 Oct. 31. 2,791, 2722,934,960 j 43,086jl, 658,627 1,732,8982, 421,426 11, 575,0851, 359,87, 70. 6 85, 515 Nov. 30 2,849,4472,989,142 45,,91j, 3jl, 6,70, 362 1,742,8302, 366,0061, 556, 339922 :1, 432,750 72. 7 75,862 Dec. 31. 2,874,995 3n , ^O0lO,2i52! 9955, 9955111111,775533 , 221177 11, 887766,0088222,409,, 339922 11, 620, 3851, 389,86' 70.2| 83,690 1922 Jan. 31 2,908,958 3,062,705 82,81011,677,83: 1, 790, 6852,179, 0521,498, 3611, 564, 344 77.2 82,811 Feb. 28 2, 946, 739 3,079, 784 53, 75911, 710, 2491, 799, 40 * 196,05811, 508, 2141, 571, 570 77.1 80, 717 Mar. 31 |2,974, 784 3,105,039 87, 588; 1,708, 776\1" 1',834,81 2,194, 743'1, 520, 0811, 584,958 77.1 80,575 Apr. 29 2, 996, 425 3,128, 306 51, 981; 1,754[, ," 844 .,1849,4422,169),, 420 1,515,0731, 613, 233 77.8 77,135 May 31 3, 007, 621 33,,13300, , 449977 54, 295; 1,782,0041,, 870,1522,141,184 1, 511,0271, 619,47i 78.0 70, 553 June 30 3,021, 767 33,114444, 554422 33,093!l, 820, 377 1., 883, 3292,152,962 1, 520,35C1, 624,192 77.9 67,351 July 31 3,047, 9493,178, 652 58, 583:1,760,8241, 846, 5822,132,145 1,499,16: 1, 679, 490 79.9 61,052 Aug. 31_ 3, 061, , 0499 33,195, 558 48,4461,803,6221., 874, 6882,155, 515 1, 518, 341, 677, 21 79. 53, 636 Sept. 30 .3,077,, 210 3!,, 207,494 14,51111,857',, 260 1,, 897,1852, 268,6521,L, 571, 475 1, 636,01S 77.0 44,005 Oct.31 3, 079I,, 9663 3, ,217,882 34, 355 1, 812, 570 1, 875,43i 2, 301,7771[, 577,113 1, 640, 769 77.0 34,961 Nov. 29. 3,072, 858 33, ,202,810 33,449 1, 807, 631 11, 860, 2232, 329,814 1L,, 583,004 1, 619,806 76.4 20,868 Dec. 30. 3,047, 393 33,,176, 872 10,756:1, 933,8881"!., 973, 5322, 395,7891L, 649,052 1, 527,820 72.7 2,770 1923 Jan.31 3,075, 810 3,227r,,132 46,01411,913,4651,991, 06'2, 203, 7011, 578, 354 1,648, 77! 76. 9 3,105 Feb. 28 3,072,8133, 201, 600 43,40111,887,552 "., 952, 31 2, 246,943 1,582,086 1,619, 51 76. 2 2,645 Mar. 31 3,059, 592 3" ,167^;,446 79,35411,862,676 1, 961, 6512. 247, 257 1, 585,480 1, 581,966 75. 3 2,431 Apr. 30 _.3, 082, 282 3;,, 179, 666 40,29011,864,756"1, 926,10S2. 235, 43511, 568, 31111, 611, 35£ 76. 41 2,286 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONDITION OF FEDERAL RESERVE BANKS 47 No. 11.—RESERVES, DEPOSITS, AND NOTE CIRCULATION OF FEDERAL RESERVE BANKS, 1914-1924—Continued [Amounts in thousands of dollars] Reserves Deposits F. R. ! F. R. Re- bank Date Gold Total m G er o e n v n - - t I j b M e s r e e s r ' m v r e e - - Total j j ! c n i o r t c i t o e u s n la i - n qu R i e r - ed r E e x s c e e rv ss e s c p e a e r g e n v r e t - e - n c t e i n i r t o o c t u l n e i l — a a - bility 1923—Con. May 31 112,106 3, 201, 333 28,,1301, 899, 810 1,964,128 2, 245, 829 1, 585, 775 1, 615, 558! 76. 0 1,724 June 30 3,095i,, 217 ^3,,,194,665 33,, 5544 1.,. 851,938 1,914, 043 2, 253,033 1, 571,128; 1, 623, 5371 76. 1,425 July 31. 3,1001,,814 31,,190,932 35, 8111, 878, 367 1,936, 938 2,177, 743 1, 549,0261, 641,906 77. 1,570 Aug. 31 3,105,903 3l,, 188, 541 46, 551 I'.!, 844, 718 1,911, 730 2, 226,998 1, 559, 905! 1, 628, 636 77. 0 520 Sept. 30 3 1,,12, 717 3,189, 598 50, 304 1,, 839,142 1,912, 460 2, 267, 620 1,5 5776i, 409! 1,613,189 76.3 485 Oct. 31 3,111,078 ^3,,,191,145 40,334 ., 895, 265 1,958, 660 2, 224,865 1575,475(1, 615, 670 76.3 523 Nov. 30 3,101,158 31,,185, 277 32, 5011,864, 794 1, 919,214 2, 252, 492 1, 572, 722! 1, 612, 555 76.4 498 Dec. 31____ 3,080,032 31;,168,934 38,074 I!, 898, 315 1,959, 5:'9 2, 246, 673 1, 584, 522; 1, 584, 412 75.3 471 1924 Jan.31 3,142, 575 3I,, 261,161 37',, 582 1., 950, 702 2!,, 010, 322 2, 026, 469 1, 514, 201 1, 746,« 80. 435 Feb. 29.... 3,119,652 3J,, 220,804 431,,095 I.!, 900,149 1,, 996644,, 451 2,, 042,, 66i1, 504, 624 1, 716,180 80.4 402 Mar. 31 3,094[,, 988 13,,193, 887 99, 5811,885,23"2, 006, 372 2, 002, 7851, 503, 344 1,690, 543 79.7 383 Apr. 30..._ 3,120I,, 389 13,,222, 609 32, 503 I.!, 944, 9522,005, 3811, 926,013 11, 472, 289 1, 750, 320 82.0 343 May 31._. 3,112,629 3!, 205, 513 47',, 477 1, 906,093 1, 974,807 1,911,, 440 1, 455i,, 759 1T49, 754 82.5 319 June 30 3,128,176 3I, 238,803 43, 2511, 944,095 2~,010,317 l.!, 860I,, 923 .1,, 447,980 1., 790, 823 83.7 July 31.... 3,143,065 3i, 247,113 45, 464 2; 090, 821 "21.,168,1241, 763,9471, 464, 420 1L, 782, 693 82.6 Aug. 30. _. 112277 33,168, 536 36,135 2,059, 5172,128,2201'., 763, 659 1, 450, 341 1., 718,195 81.4 Sept. 30 3,046, 723 3I,,133, 210 56, 254 2,110, 949 2!,, 197,1011, 745, 395 1, 467,142, 1666, 068 79.5 Oct. 31.._. 3, 036, 705 31,,117,825 26,976 2,138, 45f 2",1948,"2"71,., 799,104 1,487,833, 6129,992 78.1 Nov. 29 3,025, 316 31,,110,009 36, 693 2,142,820 2, 208, 728 1, 874, 833 1,522, 98.8 ,1 587,021 76.2 Dec. 31-... 2,936, 533 3I,, 047,054 51,197 2,220,4362, 310, 668 1, 862,062 1, 553, 5.6,0 4193,494 73.0 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. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 12.—RESOURCES AND LIABILITIES ON THE LAST DAY OF THE MONTH 00 [In thousands of dollars] 1924 December, 1923 January February March April May June July August te S m e b p- er October ve N m o b - er ce D m e b - er Gold with Federal reserve agents 2,104, 255 2,129,140 2,104,027 2,080,413 2,088,317 2,096,851 2,128,427 2, 083, 3022, 041, 3312,026, 2371,998,332 1,912,022 1, 702,306 Gold redemption fund with U. S. Treasury. 58, 748 50,108 44, 586 45,891 50, 749 49,446 32,166 27,882 33, 032 36, 217 38,119 43, 039 41,245 Gold held exclusively against Federal reserve notes 2,163, 003 2,179, 248 2,148, 613 2,126, 3042,139, 0662,146, 2972,160, 5932, 111, 1842, 074, 3632, 062, 4542,036,451! 1,955,061 1, 743, 551 Gold settlement fund with Federal Reserve Board 571, 087 577, 227 604,184 613,339 610, 622! 595,403 576, 218 604, 816 630, 795 596, 851 576, 871 593, 004 679,464 Gold and gold certificates held by banks.... 345, 942 386,100 366,855 355,345 370, 7011 370, 929 391, 365 427, 065 383, 969 387, 418 423, 383 477, 251 513, 518 Total gold reserves 3, 080, 032 3,142, 575 3,119, 652 3, 094,9883,120, 38913,112,6293,128,176| 3,143, 065 3, 089,1273, 046, 7233, 036, 7053, 025, 3162, 936, 533 Reserves other than gold 88, 902 118, 586 101,152 102,220J 92, r' 110,627 104,048 79,409 86,487 81,120 84, 693 110, 521 Total reserves _ 3,168, 934 3, 261,161 3, 220,804 3,193, 8873, 222, 6093, 205, 5133, 238, 803 3, 247,113 3,168, 5336,133,210 3,117, 8253,110,009 3, 047, 054 Nonreserve cash 52, 319 57,009 45, 648 45,108 49,811 40, 594 45, 525 48,451 37, 245 38, 647 35, 692 33,299 62, 567 Bills discounted: Secured by United States Government obligations 353, 685 267, 978 257, 215 228, 949 161,164 164,149 115,580 89, 424 83,480 111,591 118, 592 112,694 186,840 Other bills discounted 369, 383 264,282 271, 748 286, 021' 277,217 218, 374 203, 623 191,188 164,608 145, 549 129, 330 127,288 Total bills discounted 723, 068 532, 260 528, 963 517,885 447,185 441, 366 333, 954 293, 047 274, 668 276,199 264,141 m Bills bought in open market 354, 637 286, 041 267,880 228, 24: 124,485 79, 549 36, 524 23, 469 58,103 131, 821 200,114 United States Government securities: Bonds 29, 508 18, 598 18, 500 18,424 19, 269 17,832 22, 264 30, 589 32, 571 37,375 40, 458 75,265 Treasury notes 86,947 80, 287 114,246 181, 494 221, 771 262, 228 314, 028 384, 634 391, 532 398, 251 329,182 349,354 Certificates of indebtedness 17,111 27,486 32, 717 62,-949 60,620 72, 797 94, 793 107, 674 118,108 140, 482 214, 565 115,541 W o Total United States Government securities. __ _ -.. 133, 566 126, 371 165,463 262,867 301,660 352, 857 431, 085 522, 897 542,211 576,108 584, 205 583,738 540,160 Foreign loans on gold 6,000 All other earning assets -. 51 10 100 51 51 551 1,301 1,250 1,750 1,750 3, 557 2, 550 2,050 Total earning assets _ 1,211,3221 944, 6821 962,4061, 009,050 873,381! 874,323! 802, S 840, 663 876, 7321 985, 87811,052,017) 1,141,884' 1,249,438 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

5 per cent redemption fund—Federal reserve bank notes 28 28 28 28 28 28 Uncollected items _. 565, 614 534,218 576,790 481, 510 586,350 486,163 511,600 531, 6091 509,806 582, 716 591, 964j 646, 348 656,197 Bank premises 53,999 54, 611 55,172 55,872 56,494 57,152 57, 779 58,585' 59, 299 60,040 60, 726! 61, 554 57, 598 All other resources 14,179 18, 706 21,548 21,388 22, 530 25, 480 24, 992 29,235J 31,959 26, 210 26, 633! 27,136 23, 526 Total resources _._ 5,066,395 4,870,415 4, 806,843 4,811, 203 4, 689,253 4,681, 563 4, 755,6561 4,683, 577 4,826, 701 4,884,857J 5,020,230| 5,096,380 LIABILITIES Federal reserve notes in actual circulation.. 2,246,673 2,026,469 2,042,665 2, 002, 785 1, 926, 013 1,911,440 1,860,923 1,763,947 1, 763, 659 1,745,395 1,799,104 1,874,833 1, 862, 062 Federal reserve bank notes in circulation- O net. __ 471 435 402 343 319 O Deposits: Member bank—reserve account _. 1,898,315! 1,950,702 1,900,149 1,885,237 1,944,952 1, 906, 093 1,944, 095 2,090,821 2,059, 51 2,110,949 2,138, 452 2,142, 820 2, 220, 436 G O o th v e e r r n d m ep e o n s t i ts __ 3 2 8 3 , , 1 0 9 7 0 4 | ! 3 2 7 2 , , 0 5 3 8 8 2 4 2 3 1 , , 0 2 9 0 5 7 9 2 9 1, , 5 5 5 8 4 1 ! 2 3 7 2 , , 9 5 2 0 6 3 4 21 7 , , 4 2 7 3 7 7 4 22 3 , , 2 9 5 7 1 1 4 31 5 , , 4 8 6 3 4 9 3 32 6 , , 1 5 3 6 5 8 5 29 6 , , 2 8 5 9 4 8 2 2 9 6 , , 9 3 7 9 6 9 3 29 6 , , 6 2 9 1 3 5 3 5 9 1 , , 1 0 9 3 7 5 3 Total deposits _ 1,959, 579 2, 010, 3221,964,451 2, 006,372! 2, 005, 381 1,974,807 2,010,317 2,168,124 2,128,220 2,197,1011 2,194,827 2, 208,728 2,310, 668 Deferred availability items _ 516,803 489,881 529,885 451,314 533,466 455, 777i 466, 562 479, 571 446,978 539, 200 545, 220 589, 866 584, 716 'A Capital paid in _ 110,145 110, 028 110,816 110, 850 110, 927 111,457 111,405 lll,503j 112,012 111,955 112,017 112,161 112, 038 o Surplus.. 220,915 220, 915 220,915 220,915 220,915 220,915! 220,915 220,915 220,915 220,915 220,915 220,915 217,837 All other liabilities _ 11,809 12,365 13,262 14, 224 14,158 14,538! 11,441 11,596 11,793 12,135 12, 774 13, 727 9, 059 Total liabilities. 5,066,395| 4,870,415 4,806,843 4,811,203 4, 689,253] 4,681,563 4, 755,656| 4,683, 577 4,826, 7011 "4,884,857 5,020,2301 5,096,380 a Ratio of total reserves to deposit and Fed- pa eral reserve note liabilities combined— percent 75.3 80.8 80.4 79.7 82.0 82. 5 83. 7 81.4 79.5 78.1 76. 2| 73. 0 Contingent liability on bills purchased for foreign correspondents _ 18, 995 j 16,831 10, 721 10, 881 20,505 39, 9651 38, 769 37,975j 27,63 19, 359 ' 24, 219 28,186! 42, 683 pa en XJl CD Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 13.—RESOURCES AND LIABILITIES, BY WEEKS O [In thousands of dollars] Cash reserves Earning assets Gold Bills discounted United States Government securities Date a F G w . g o i e t R l n h d . t I i G d T U f w t u e o u r i . e m o r i l n d y t a n S d h p s r . - - e- s B F m f G w e . u o t e o i n t a R t l n l d r h e d t d . - h c b e c G e g a a l a r d o n o n t t l d i e l k d f d s b s i- y re T g s o o e t l r a d v l es s o t g e R h t r o h e a v l - e n d e r s re T s o er t v al es re N c s a o e s n r h v - e S b G o y e m t o b i c o v l e u i e n U g n r r s e a . t n S d - - . co O b d u t i i n s h l - l t e s e r d I i Total i m b n o B a u o i r l g k p ls h e e n t t Bonds T n u r o e r t y a e s s - c i C e n a d e d t n r e e t e s i b f s o i t s - - f Total e a a o s A r s t n h e l i e l ts n r g i Total 1924 I Jan. 2 2,109,715! 57, 327 568,954 347,890 3,083,886 87,984 3,171,870 67,573 422, 764375,119 797,883 347, 29,429 79,859 17,35E 126,643 1,271,762 9 2,106,705! 51,448 583, 522389,867! 3,131,542 106, 965 3, 238,507 67, 756306, 373300, 548606, 921 319,166 19, 903 62, 18,366 100,358 1, 026,496 16 2,130,879! 46,800 573, 038406, 662 3,157, 379 113,025 3,270,404 68,926 259, 774274,411 534,185 292,744 20, 026 72,084 24, 502 116,612 943,561 23 - . 2,103,477 52, 632 587, 327408,226 3,151,662 119,923 3, 271,585 63, 331272,927 267,851 540,778 275,997 20, 014| 76,455 24,457 120,926 937,711 2,127,175 50,931 573,226 391,821 3,143,153 119,758 3,262,911 59, 661259,280 263,027 522,307 271,792 18, 584| 77,355 24,833 120,772 914,881 Feb. 6 2,097,830 50, 315 610, 033 381,115 3,139,293 119, 646 3, 258,939 56, 240242,085 245, 211487,296 283,399 18, 353 78,401 27,904 124,658 895,363 13 [ 2,139,913 57, 815 553.784 376,750 3,128,262 117, 224 3,245,4861 51,160 297, 561248, 785546,346 278,079 18,234 80,261 28,760 127,255 951,680 20 2,116,662 45,101 589.785 373,949 3,125,497 111,917 3,237,414 50, 502233,045 263,081 496,126 253,476 18,260 95, 599 27,870 141,729 891,331 27 2,109,124! 42,069 600, 085 371,469 3,122,747 106, 993 3, 229,740 51,091 263, 512268, 078531,590 263,310 18,347 105, 677 31, 777 155,801 100 950,801 Mar. T> •_ 2,050,306: 48, 393 644,584 373,480! 3,116,763 106,059 3, 48,116 211,938 276,370 488,308 259,737 18,342 130,225 33,499 182, 066 100 930, 211 12 2,046,696 49,101 657,175 377,1101 3,130,082 105,758 3, 235', 84050,282 2l4,557i 268,842 483,399! 242,616 18 2821 155, 311 38, 776 212,369 100 938.484 19 . 2,098,170 52, 764 606,747 374,164 3,131,845 101,352 3, 233,197 51,137 166,826 264,425 431,251 194,203 18,264 174,577 103,836 296, 677 51 922,182 26.... 2,082,659 56, 945 605,918! 377,422 3,122,944 100,107 3, 223,051 51, 054214,656 267,659 482,315 202,458 18,801 176-, 704 61, 751 257, 256 51 942, 080 Apr. ?_. 1,974, 624 50,533 709,581 357, 029| 3,091,767 99,564 3,191,331 46, 599239,063 290,597 529, 660213, 772 18,331 184, 887 61, 637 264, 855 51 1,008,338 9.. 1,984,054 57, 223 672,888 389,2811 3,103,446 97,975 3,201,421 49,351 228, 280 01, 279 529, 559197, 606 18,273 187, 615 63,015 268,903 51 996,119 16- 1,997,364 56. 715 671,222! 379,585| 3,104,886! 100,404 3, 205,290 48, 750 190,419 279,151 469, 570176, 680 18, 855 193, 327 54,485 266, 667 51 912,968 23_. 2, 047, 470 55, 971 623,182j 387, 267i 3,113,890,' 100, 937 3, 214,827 51, 624187, 914 284, 929 472, 843140,424 18,892 201,158 54, 245 274, 295 51 887, 613 30.. 2,088, 317 50; 749 610,6221 370, 701 j 3,120,389 102,220 3, 222, 609 49,811 161,164 286, 021 447,185 124,485 19,269 221,771 60, 820 301, 660 51 873,381 May 2,110,776 39, 755 601,766 377,309; 3,129,606 102,502 3,232,108 51, 243| 167,556272, 729 440, 285 87, 287 18,353 232,091 60, 438 310,882 51 838, 505 14. 2,135, 212 35,911 578,914 388,439: 3,138,476 102.810 3,241,286 52,177 155,536 255, 645 411,181 75, 361 18,463^ 241,721 62, 980 323,164 551 810,257 21. 2,113,340 36, 216 595,676! 392,934! 3,138,166 101,819 3,239,985 51,135 149,669 264.946 414, 615 55, 692 19,522 241,688 63,431 324, 641 551 795,499 2,103,863 46, 465 594, 007! 373, 478! 3,117, 813| 96,461 3,214,274 46,238! 164,566 265; 034 429, 600 86,760 17,409; 245,722! 70,151 333, 282 551 850,193 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

.Tune 4. 2, 089, 133j 48, 439: 593, 8721 393, 6483,125,092! 99,827 3, 224,919 49,611 135, 3231 266,097401,420 55, 632 20,098| 296,666 81,126; 397,890 1,301 856,243 11-. 2, 091,061 37, 532 601,165i 424, 690 3,154,448 105,047 3, 259,495 55,944 131,268 244,724 375, 992 44, 381 22,190! 334,024 66,69l! 422,905 1,301 844,579 18.. 2, 118,962 42, 249, 574,150i 422,280 3,157,641 114,503 3, 272,144 56,641.114,4391 236,941 351, 380 57, 322 21,9691 300,216 103,717; 425,902 1,301 835,905 25.. 2,118,093 38,491 579,518 419,468 3,155,570 115,833 3, 271, 403 54,006)118,117 232,014 350,131 i 45,034 22, 542! 308, 552 98,700 429,794 1,301 826,260 July 2 .. 2,126,686 33,134 577, 616 383,219 3,120,655 98,963 3, 219, 618 48,809< 142,338 226,663 369,0011 52, 811 21,113! 320,802 93,573 435,488 1,250 858, 550 9 .. 2,099,835! 37,433! 595,604 410,530 3,143,402 101,904 3, 245, 306 54,574 94,607 216,106 310, 713 58, 509 20,862 330,051 99,587; 450,500 , 250 820, 972 16 ! 2,111,1731 37,6571 574,339 437,381 3,160,550 105,864 3, 266,414 5c77 ,o31io2 r9iT7 , o2o3c5 | o2n0e8 ,n0n0o8 305,243! 37.428 20,752; 344,857 100,9651 466,574 ,250 810,495 23 2" ,1~0"0~, 4'26! 36,684 584,488 445,929 3,167,527, 106,015 3, 273, 542 55,456 85,271! 205,561 290, 832 31, 530 20,303 353,531 103,377 477,211 ,250 800,823 30 2,080,047 43,732 590,814 440, 312 3,154,905 105,0933, 259-, 99849,947 92,052 201,843 293, 895; 24, 441 30,378 369,655 105,248 505,281 ,250 824.867 Aug. 6 2,079,415 35,79! 589,472 421, 054 3,125,740 103,309 3, 229, 049 47,746 194,842 273, 638! 22,1 29, 634394,419 111,464 535, 51' ,250 832, 502 O 13 2,080,982! 32,15' 612, 076419,210 3,144,425! 89,012 3, 233,437 48, 556 81, 988 184,211 266,199, 18,028 30,118 398,467 111,740 540,325 ,250 825,802 O 20. 2,075,614! 39,947 604,190 406, 8973,126,648 86,300 3,212,948 45,854 70, 570 188, 714 259, 2841 25,724 31, 666 391, 569 117,875 541,110 1,750 827.868 27 2,059,620 43,314 608, 095404, 238 3,115, 267 87,1163, 202, 383 44,469 77,9381184, 622 262,560, 49, 32,391 391,489 117, 746 541, 626 1,750 855,225 2 Sept. 3 12,019,186 29,937 656,187 375,705 3,081,015 78,748 3,159, 763 37,993 118, 073 183, 87i 301, 949! 69, 583 32,883 391, 532 117, 730542,145 1,750 915,427 10. _..-_! 2,035,611! 36,891 619,422 392,995 3,0S4,919 86,920 3,171,839 46, 098 84,931 176,299 261, 230! 92, 491 34,044 412, 378 121, 766 568,188 1,750 923, 659 o 17 i 2,038,632! 36,638 611,304 394,919! 3,081,493! 83,919 3,165,41 44,543 83,601 174, 366 257,9671 99,212 35, 951 397,863 184,915 618, 729 6,950 982,858 24 2,031,4061 34,686 603,448 399,623 3,069,163! 86,852 3,156, 015 43,191 89, 515 170,348 259,863 92,146 37, 061 397, 753 139, 782574, 596 1,750 928,355 I Oct. 2, 027, 304j 34, 772 588,384 394,779 3,045,239! 85,786 3,131,025 39, 776 104,7851 161,971 266,756- 138,506 37,663 397, 762 140, 532575,957 1,750 982,969 1,984,893! 39,605 619,128 402,320 3,045,946| 85,694 3,131,640 46,771!110,444 155,944 266,388; 175,392 39,316 397,916 143,989 581,221 1,750 1,024,751 1,974,799! 39,915 626,083 396, 5803,037,377! 83,307 3,120, 684 3_8,,_ 2.„7 9109,851! 153,227 263,078| 197,261 39,873 400,911 157,738 598, 522 2,007 1,060,868 22. 2,006,200! 29,905 607, 378400, 7353, 044, 218! 87,403 3, 131, 621 42,037i 75,945? 147,295 223,240! 169,659 40,854 397, 931 144, 042582,827 2,007 977,733 29 j 2,004,220) 36,246 580, 869422,491 3,043,8261 87,' "" 3,131, 594 42,300 i 75,4711 147,094 222,565! 215,404 41, 702398,429 144,069 584, 200 2,007 1,024,176 Nov. 5 ! 1,989,213 38,070587,118 424,370 3,038,771! 85,148 3,123,919 35, 355 95,175! 134, 229,263! 234,848 42, 309 398, 006 144, 561 584,876 3,557 1, 052,544 12 ! 1,970,0111 27,114601, 642449,115 3,047,882[ 90,065 3,137,947 41,731 95,334! 128, 224,232! 248,190 44, 746 398, 318 145,300 588,364 3,557 1,064,343 19 j l,933,98l! 38,620610,131 468,086 3,050,8181 92,411 3,143, 229 43,005 84,680 149,164 233,8441 275,245 44, 243 397,568 145, 266 587,077 2,550 1, 098,716 26 ! 1,926,215! 42,136591, 026486,8731 3,046,250| 87,701 3,133,951 34, 307 96,204 125,201 221,405! 281,001 44,320 390, 079 147,816 582, 215 2, 5501,087,171 Dec. 3 ! 1,905,7304_5, ,._ _J,036 488,376! 3,027, 930 89,963 3,117,893 40,023 124,656! 124,272 248, c 354,606! 44, 785 390,876 139,282 574,943 8,050 1,186,527 10. 1, 836, 288 32,093 647,643 481,474J 2,997,498 95, 218 3, 092, 716 41,643 127,279 126,977 254, 256i 352,838! 46, 358361,082 144,4561 551,896 8,050 1,167,040 17-... 1,822,424 47,048 589,390l 4.95,2561 2,954, 94,467 3, 048, 585 40,418 158,413! 125,398 283, 811! 336,8271 64, 578 341,485 158,0991 564,162 8,050 1,192,850 2 3 4 1 . ..1 1 , , 7 7 4 0 7 2 , , 3 2 0 1 6 8 4 4 5 1 , , 2 7 4 5 5 6 6 67 3 9 7 , , 2 4 4 6 0 4 1 5 O 1 Z 3 , , D6 5 U0 1 O5 8 1 2 -! , , 9 9 1 3 2 6 , , 8 5t 1 3 9 3 ! 1 8 1 4 0 , , 5 6 2 9 1 4 2 3 , , 9 0 9 4 7 7 , , 5 0 1 5 3 4 3 6 7 2 , , 5 6 6 6 7 8 2 1 3 8 9 6 , , 2 8 3 4 0 0 ! ! 1 15 2 7 7 , , 1 2 9 8 9 8 ! 3 3 1 96 4 , , 4 1 2 2 9 8 ; 3 38 8 9 7 , , 1 5 0 7 0 4j 7 7 4 5 , , 7 2 5 6 6 5 3 3 4 4 2 9 , , 3 5 5 5 4 2 1 11 2 5 0 , , 5 5 4 7 1 1 5 5 3 4 7 0 , , 8 1 7 6 9 0 8 8 , , 0 0 5 5 0 0 1 1, , 2 3 4 3 9 1 , , 4 9 3 3 8 2 1 Represents Federal intermediate credit bank debentures except as follows: Municipal warrants—$51,000 on Jan. 2 and 9, $20,000 on Jan. 16, $10,000 from Jan. 23 to Feb. 6, $51,000 from Mar. 19 to June 25, $7,000from Oct. 15 to Nov. 12; foreignloans on gold—$6,000,000from Dec. 3 to 31. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 13.—RESOURCES AND LIABILITIES, BY WEEKS—Continued to [In thousands of dollars] Note circulation Deposits 5% re- Date d f F n b t e u . i o a m n o t n R d n e p k s , . - i U l t e e n c m t c e o s d l- pr B em an i k ses A re l s l o o u t r h c e e r s r li e a T s b a o o i n t u li d a r t l c i e e s s F c i i . n r R c a u . c l n a t o u ti t a o e l n s n c F i o b t r i t a c . o e u n s n l k R , a in - . M a r b c e e c s a m e o n r u k b v n , e e t r m ov e e n r t n- Other Total D a b i e v t f i e a e l m i i r t l r y a s e - d l o ia t A t i b h e l i e s l l r inet 1924 Jan. 2- 679,216 53,998 15,835 5,260,282 2,245,230 470 1,963,874 56, 695 30,266 2,050,835 620,178 110,483 220,915 12,171 606,178 54,006 15, 576 5, 008, 547 2,147,064 456 1,941, 006 20,343 23, 406 1, 984, 755 532,205 110,506 220,915 12,646 670.437 54, 209 16,185 5, 023,750 2,084,320 444 1,936,307 39, 436 23, 895 1, 999, 638 595, 671 110,302 220,915 12,460 23 591,436 54,578 17,120 4, 935,789 2,049, 834 439 1,934,949 61, 184 22, 163 2, 018,296 523,511 110, 035 220,915 12, 759 30 531,163 54, 594 19,027 4,842,265 2, 022, 514 434 1,927,714 40,941 22, 430 1, 991, 085 484,338 110,043 220,915 12, 936 Feb. 6 504,353 54, 614 19,237 4, 788, 774 2, 017,424 427 1,893,988 38,250 21, 365 1, 953, 603 473, 584 110, 005 220, 915 12, 816 562, 725 54, 732 20, 088 4, 885,899 2, 039, 203 418 1,915,232 36, 960 20, 017 1,972,209 529,687 110, 357 220,915 13,110 20 627,100 55,153 20,907 4, 882, 435 2,023,783 410 1,891,258 39,467 20,826 1, 951, 551 561, 666 110, 802 220, 915 13, 248 27 581.438 55,169 21, 623 4,889, 890 2, 022,301 405 1, 926, 514 38,441 20,876 1,985,831 535,818 110,880 220, 915 13, 740 Mar. 606,204 55,197 22, 077 4,884, 655 2, 019, 773 402 1, 906, 729 59, 463 19,834 1, 986, 026 532,998 110,831 220, 915 13, 710 12 638,715 55,254 23,282 4,941,885 2, 010, 595 394 1, 944, 699 54,222 19,929 2,018,850 566,026 110,836 220,915 14.269 19 681, 527 55, 466 21,286 4, 964,823 1, 989,848 389 1,981,042 8.856 22, 233 2, 012,131 616,683 110,828 220,915 14,029 26 557,304 55,864 21,486 4, 850,867 1,982,706 382 1,912,411 75,191 19, 514 2,007,116 513,762 110,831 220,915 15,155 Apr. 2 55,876 21,398 4,909,655 1,987,262 374 1,933,113 109, 838 19,413 2, 062,364 513, 463 110, 859 220,915 14,418 g 577, 583 55, 985 22,420 4, 902,907 1, 981, 638 365 1,934, 999 98,841 21, 227 2, 055,067 519, 305 110, 837 220, 915 14, 780 16 713,559 56,164 21,802 4,958, 561 1, 966,349 356 1,940,810 49, 711 21, 064 2,011, 585 634,333 110,869 220,915 14,154 23 611, 729 56,480 22,114 4,844,415 1,940,821 350 1,935,113 44,567 21,176 2, 000, 856 556, 051 110,865 220, 915 14, 557 30 586,350 56,494 22,530 4,811,203 1,926,013 343 1,944, 952 32, 503 27, 926 2,005,381 533,466 110, 927 220,915 14,158 May 7 566, 511 56, 540 23, 730 4, 768, 665 1, 927,027 338 1, 953, 532 18, 381 22, 439 1, 994, 352 500,211 111,231 220,915 14, 591 14 673,130 56,687 24,813 4,858,378 1, 911,875 332 1, 939, 598 30, 375 24, 961 1, 994, 934 604, 329 111,369 220, 915 14,624 21 598, 587 56,679 24, 568 4, 766,481 1,886,429 322 1,941,285 19,053 24, 996 1,985,334 547,313 111,378 220,915 14, 790 28 531,954 57,139 25,207 4, 725,033 1,891,147 317 1, 936, 074 40, 384 20, 982 1, 997,440 488, 715 111,493 220, 915 15,006 June 4_. 573, 797 57,174 26, 779 4, 788, 523 1,884, 039 1, 988, 047 31,866 21,221 2, 041,134 516,199 111,456 220, 915 14, 780 573,457 57,274 27, 773 4,818, 522 1,870,518 2, 031, 905 35,172 19,802 2, 086,879 513,620 111, 442 220,915 15,148 685, 234 57, 374 25,151 4, 932,449 1,851, 842 2,103,815 9,648 22, 013 2,135,476 597, 744 111,472 220, 915 15,000 25 _ 556, 594 57, 772 24, 746 4,790,781 1,843,922 2,035, 342 52.110 21. 007 2.108.459 490. 757 111.420 220 915 15. 3ftR Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

July 617,800 57, 787 25,158 4,827,722 [ 1,874,270 2, 016,128 32,203 26,161 2, 074,492 535,024 111,407 220,915 11,614 2 3 1 3 0 6 , - _ 6 5 6 56 1 5 0 0 8 5 4 , , , , 1 0 4 6 4 3 9 1 5 3 9 3 5 5 5 5 7 8 8 7 , , , , 9 9 5 3 3 7 0 7 2 3 7 1 2 2 2 28 6 7 7 , , , , 0 6 4 7 2 6 7 1 3 1 8 2 4 4 , \ ' ; , , , - , 1 8 7 9 7 7 , 7 6 4 4 6 , , 0 0 2 , 4 4 7 0 3 5 6 08 1 1 1 1 , , , , 8 7 8 7 1 6 5 8 2 1 5 2 , , , , 7 5 0 6 1 6 0 2 2 9 5 6 2 2 2 2 , , , , 0 0 0 0 3 7 8 8 6 4 7 5 , , , , 2 3 6 8 0 9 3 5 3 5 6 2 3 4 4 1 4 5 0 9 , , , , 1 5 3 1 1 1 8 5 8 4 5 1 2 2 3 3 2 2 0 4 , , , , 2 9 0 0 8 1 0 9 8 5 7 7 2 2 2 2 . , , , 1 1 1 0 4 4 6 7 4 4 4 8 , , , , 8 0 7 9 5 0 9 1 1 5 5 0 5 4 5 50 7 6 3 4 3 9 1 , , , , 3 4 3 6 3 1 2 0 7 5 8 0 1 1 1 1 1 1 1 1 1 1 1 1 , , , , 4 4 4 4 0 8 0 0 5 7 9 0 2 2 2 2 2 2 2 2 0 0 0 0 , , , , 9 9 9 9 1 1 1 1 5 5 5 5 1 1 1 1 1 2 2 2 , , , , 1 0 0 9 2 6 4 0 7 5 6 1 Aug. 13. ! I 5 5 8 1 6 4 , , 9 8 5 8 3 0 5 5 8 8 , , 6 77 6 1 8 3 3 0 1 , , 0 3 7 0 0 8 : ; , , 7 7 1 8 2 4 , , 9 8 1 2 5 7 1 1 , , 7 75 5 6 2, , 0 0 2 1 5 4 2 2 , , 1 0 0 9 5 2 , , 4 6 8 9 4 6 3 2 5 4 . , 9 0 9 7 5 5 3 35 1 , , 8 0 8 2 5 3 2 2 , .1 1 6 5 5 9 , ,6 5 5 0 6 2 4 52 5 2 2 , , 8 5 3 1 1 6 1 1 1 1 1 1 , , 4 8 9 6 3 7 2 2 2 2 0 0 , , 9 9 1 1 5 5 1 1 2 2 , , 0 0 0 0 6 2 20- 572, 931 59,290 31,517 r, 750, 408 1,738,057 2, 095, 408 28, 287 33, 953 2, 157, 648 509,847 112,009 220, 915 11,932 27 _ 511, 052 59, 292 31,932 , 704,353 1,740,709 2,082,481 33, 023 34,860 2,150, 364 468,103 112,014 220, 915 12, 248 Sept. 3_ 590, 970 59, 323 32,322 4, 795, 798 1, 760, 757 2, 101. 923 35,150 32, 150 2,169, 223 520, 905 112, 003 220, 915 11,995 Q 10- 5 7 8 7 0 5 , , 9 5 1 8 7 9 5 5 9 9 , , 3 6 7 7 6 2 33,383 4 5 , , 8 0 1 5 4 4 , , 9 8 4 66 4 1 1 , , 7 7 5 3 0 4 , , 6 66 7 6 0 2 2 , , 2 1 6 3 1 8 , , 2 8 5 9 5 3 29 6 , , 3 7 3 4 9 1 2 3 9 1, , 5 7 8 3 3 4 2 2 , , 2 2 0 9 0 7 , , 1 3 7 6 7 8 5 6 1 7 8 8 , , 0 5 5 4 0 2 1 1 1 1 1 2 , , 9 0 8 3 9 2 2 2 2 2 0 0 , , 9 9 1 1 5 5 1 1 2 2 , ,4 0 6 2 0 6 6 24 _ 598, 345 60,026 26,211 4,812, 143 1, 729,859 2,120,331 46,926 28,625 2,195,882 540,929 111,976 220,915 12,582 Oct. 621,409 60,040 26, 511 4, 861, 730 1,744.974 ! 2,127,949 56, 542 29,511 2, 214, 002 557, 664 111,964 220, 915 12,211 626, 384 60,070 26, 469 4. 916, 085 1,757,452 I 2, 189,536 37, 546 28, 469 2, 255, 551 557,432 111,981 220, 915 12, 754 o 831,460 60,302 26,273 5, 137,866 1,767,264 I 2,186,481 62, 663 30,083 2,279,227 745, 661 112,011 220,915 12, 788 22 _ 669,125 60, 322 26, 450 4, 907, 288 1,751,701 2,149,992 23, 197 28, 859 2, 202, 048 607, 786 111,911 220, 915 12, 927 29- 611,709 60,724 26, 766 4, 897, 269 1,766,622 . .. 2,162,347 28, 266 27, 351 2,217, 964 566, 510 111,953 220, 915 13,305 Nov. 5_ 583,315 60,743 27, 541 4,883,417 1,816,817 I. 2,118,075 29, 813 31,107 2,178,995 541, 592 112,009 220,915 13,089 685,893 60, 751 27, 439 5, 018,104 1,829,202 I 2,172,354 33, 424 29, 662 2, 235, 440 606, 738 112,222 220, 915 13, 587 2 1 6 9 7 6 1 1 3 5 , , 2 7 4 2 0 0 6 6 1 1 , , 0 5 8 5 5 3 2 2 7 7 , , 3 1 6 7 3 9 4 5 , , 9 0 5 8 9 6 , , 5 9 8 3 5 4 1 1 , , 8 8 4 2 5 3 , , 3 4 0 6 8 0 | | . . 2 2 , , 2 1 1 4 5 8 , , 3 1 4 3 6 7 2 2 4 6 , , 6 7 6 2 7 3 2 30 7 , , 8 4 5 3 6 2 j2 2 , , 2 2 0 7 2 0 , , 7 4 1 4 6 5 5 6 6 46 4 , , 2 3 3 4 0 0 1 1 1 1 2 2 , , 2 1 4 6 1 9 2 2 2 2 0 0 , , 9 9 1 1 5 5 1 14 3 , , 6 1 4 3 3 7 Dec, 3 663, 892 61, 555 27, 299 5, 097,189 1,849,006 |-. 2, 252, 475 22,911 30,007 I2, 305, 393 595, 581 112, 159 220,915 14,135 10 649, 131 61,741 26,239 5, 038, 510 1,853,614 |_. 2, 192, 333 35, 975 31,002 I2,259,310 578, 685 112,123 220, 915 13, 863 17 831,419 61, 768 23, 458 5,198, 498 1,871,453 !_. 2, 214, 744 8,542 33, 022 2,256,308 723,943 112, 036 220,915 13, 843 24 674,514 j 61,819 23,827 5,127,273 1,941,747 |. 2,222,870 58, 071 30,243 2,311,184 526,992 112,026 220,915 14, 409 31 1 656, 197 I 57, 598 23, 526 5, 096, 380 1,862,062 |_ 2, 220,436 51, 197 39, 035 2, 310, 668 584, 716 112, 038 217, 837 9, 059 CO Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 14.—CASH RESERVES, DEPOSITS, FEDERAL RESERVE NOTE CIRCULATION AND RESERVE PERCENTAGES, BY MONTHS [Average daily figures. Amounts in millions of dollars] 1. Cash reserves 2. Total deposits i 3. Federal reserve notes in circulation 4. Reserve percentages Is-(2+3) Month 1924 1923 1921 1920 1924 1923 1922 1921 1920 1924 1923 1922 1921 1920 1924 1923 1922 1921 1920 January... 3,242 3,202 3,044 2,287 2,098 1,980 1,982 1,801 1,634 1,790 2,113 2,289 2,272 3,178 2,888 79.2 75.0 74.7 47.5 44.9 February. 3,239 3,209 3,070 2,344 2, 053 1,954 1,970 1,814 1,660 1,797 2,035 2,245 2,177 3,069 2,947 81.2 76.1 76.9 49.6 43.3 March 3,222 3,191 3,096 2,403 2,058 1,991 1,961 1,795 1,809 1,783 2,014 2.253 2,195 2,979 3,040 80.5 75.7 77.6 50.2 42.7 April 3,202 3,177 3,115 2,485 2,084 2,004 1,945 1,823 1,750 1,770 1,971 2,236 2,190 2,871 3,072 80.5 76.0 77.6 53.8 43.0 May 3, 222 3,180 3,127 2, 542 2,079 1,980 1, 949 1,877 1, 717 1,811 1,915 2,243 2,153 2, 787 3,090 82.7 75.9 77.6 56.4 42.4 June 3,247 3, 204 3,136 2, 606 2,103 2, 065 1, 931 1,893 1, 723 1,748 1,871 2,247 2,138 2,683 3,114 82.5 76.7 77.8 59.1 43.3 July 3, 249 3,181 3,158 2,655 2,119 2,110 1, 920 1, 882 1,696 1, 706 1,825 2,242 2,157 2,605 3,143 82.6 76.4 78.2 61.7 43.7 August.. 3,211 3, 194 3,196 2,740 2,127 2,140 1, 890 1,860 1,691 1, 699 1,757 2, 229 2,151 2, 512 3,165 82.4 77.6 79.7 65.2 43.7 September. 3,157 3,187 3,192 2,836 2,139 2,188 1,908 1, 866 1,716 1, 665 1,750 2,264 2,225 2,494 3,276 80.1 76.4 78.0 67.4 43.3 October 3,124 3,194 3,212 2,906 2,162 2,208 1,919 1,876 1,728 1,681 1,769 2,276 2,309 2, 456 3, 337 78.5 76.1 76.7 69.4 43.1 November. 3,131 3,200 3,209 2,964 2,183 2,223 1,939 1,890 1,733 1,668 1,836 2,257 2,325 2,402 3,328 77.1 76.3 76.1 71.7 43.7 December.. 3,057 3,169 3,166 2,995 2,222 2,255 1,931 1,891 1, 755 1,622 1,884 2,292 2,416 2,416 3,343 73.8 75.0 73.5 71.8 44.7 tei Year. _! 3,192 3,191 3,144 2,649 2,119 2,092 1,937 1,856 1,745 1,728 1,895 2,256 2,226 2,702 3,146 80.1 76.1 77.0 59.6 43.5 I i Net deposits are shown up to and including February, 1921, and total deposits after that month. w o > Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 15.—EARNING ASSETS: AVERAGE DAILY HOLDINGS, BY CLASSES [Amounts in millions of dollars] Total earning assets 1 Discounted bills Purchased bills United States securities Month 1924 1923 1922 1921 1920 1924 1923 1922 1921 19201924 1923 1922 1921 19201924 1923 1922 1921 1920 a o January.._ 1,001 I 1,191 1,304 3,035 3,044 580 549 969 2,536 2,143 303 221 201 576 118 421 236 325 0 - 1 „ M Fe a b r r c u h ar .. y . . . 9 9 2 5 2 2 I 1 1 ,1 ,1 7 5 9 3 1 1 , , 2 1 1 9 5 1 2,736 3 3 , , 1 2 5 1 4 2 5 4 1 7 6 9 6 6 1 2 1 9 7 6- 7 i 3 O 2 2, , 4 3 0 0 9 2 2 2 , , 2 3 9 8 9 7 2 2 7 3 2 0 2 1 3 8 2 7 1 17 3 3 8 5 48 4 1 6 2 1 4 3 3 4 3 3 5 1 5 8 4 3 5 5 8 5 2 29 8 6 7 3 3 0 4 9 4 g April 940 ! 1,165 1,190 2,527 3,192 495 660 577 2,140 2,440 173 275 110 420 272 230 520 277 332 a May 840 ! 1,173 1,189 2,354 3,256 435 708 1,967 2,537 81 271 103 84 417 323 194 604 303 302 June 843 I 1,125 1,167 2,175 3,210 375 744 439 1,818 2,461 51 225 135 55 401 416 155 593 302 348 J A u u l g y u . s .. t . . . . 8 8 2 3 6 7 ! j 1 1 ,0 ,1 7 2 8 0 1 1 , , 1 0 2 5 8 3 2 1 , , 0 8 1 4 3 2 3 3 , , 2 2 0 3 1 4 3 2 1 7 8 0 8 8 3 1 7 1 4 3 2 9 8 6 1 1 , , 7 5 2 5 5 5 2 2 , , 5 6 1 0 9 5 44 1 1 8 7 6 7 1 1 5 5 4 9 2 3 7 8 3 3 6 2 4 6 4 5 6 3 2 7 9 9 7 0 5 4 4 9 6 8 2 2 6 4 1 9 3 3 1 0 8 3 o o September. 931 ! 1,123 1,113 1,740 3,329 848 416 1, 445 2, 677 90 173 210 40 314 575 102 487 255 338 •=1 October 1,006 ! 1,151 1,185 1,641 3,390 241 875 484 1,377 2, 782 178 184 252 56 304 585 92 449 208 304 November. 1,085 ! 1,148 1,210 1,520 3,375 229 802 624 1,233 2,776 266 262 260 79 279 587 84 326 208 320 December.. 1,221 j 1,200 1,304 1,517 3,314 302 775 663 1,185 I 2, 731 357 322 261 106 244 555 103 226 339 Year. 950 I 1,151 1,187 2,160 3,243 375 738 573 1,804 I 2,530 172 227 159 92 389 401 186 455 264 324 1 Includes municipal warrants, Federal intermediate credit bank debenture bonds, and foreign loans on gold. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 16.—EABNING ASSETS: AVERAGE DAILY HOLDINGS OF ALL CLASSES COMBINED [In thousands of dollars j Prior years Federal reserve bank January February March April May June July August Sep b t e em r - October No b v e e r m- De b c e e r m- Year 1923 1922 1924 Boston 72,187 65, 773 67,057 61,127 51,075 54, 045 49,844 52, 597 57,443 61,445 85,341 112,368 65, 874 81, 267 91,159 New York 191,620 179,712 186, 515 150,757 172,397 215,294 222,483 278,320 317,327i 314, 549j 365,813 262,812 283,116 Philadelphia 96, 249 86, 444 82,409 75, 619 66,764 67, 526 57,885 54,915 54,161 57,0741 72,358; 88, 304 71, 608 104, 363102,855 Cleveland 103,779 90,963 92,516 98,976 91,497 85,153 68,970 73, 587 99,300 115,040] 136,643 95,286 106,765 120,473 "Richmond 52,709 53,376 62,441 66, 564 62,416 56, 788 52, 647 40, 248 41,982 40,469i 35, 809! 34, 518 49,976 62, 736 59,931 Atlanta 68,001 55,450 61,148 52,616 47,053 41,886 32, 666 33,427 31,947 32,914 33,8971 33,829 43, 705] 52,448 Chicago 124,683 106,955 126,242 129,192 120,558 116,873 108, 508 110,955 117,725 129,879 147, 778 150,874 124,234) 148,766 153,475 St. Louis 47,116 41,291 46,217 45, 520 37,552 33,148 29,462 33,423 41,472 45,483; 44, 513| 44,934 40,838 62,368 57,778 I M Ka in n n sa e s a p C o i l t i y s 3 5 1 4 , , 0 2 3 2 1 4 4 2 4 8 , , 5 6 0 8 9 5 3 4 4 8 , , 0 0 3 4 1 4 3 AQ 8 , H 2 O 2 C 6 I 4 4 1 7 , , 6 0 9 8 8 1 4 5 0 0 , , 8 8 4 9 4 3 4 4 6 0 , , 3 8 8 3 0 3 4 4 1 4 , , 7 6 7 5 0 1 4 4 1 6 , , 6 5 1 9 3 2 3 4 8 9 , , 0 7 8 6 9 5 , | 3 5 3 3 , , 7 3 2 5 3 0 | 3 5 1 4 , , 3 67 2 9 8 3 49 6 , , 8 0 4 4 5 2 3 6 7 3 , , 1 9 2 4 0 3 3 6 9 8 , , 5 5 5 6 8 1 M Dallas 62,462 60, 382 60, 206 50, 240 40,881 43,443 47, 832 51,887 48. 797 43, 202 46, 786! 51,711 50, 636 53, 218 43,950 San Francisco--. 96,607 84, 152 91,751 87,800 82, 239 79,967 75, 678 76, 591 84, 027 90, 795 101,883! 115, 705 107,616 113,966 Total: 1924. 1,000,668 921,588 951,774 940,493 839,571 842,963 825,999 836, 534 930,965 1,005,742 1,085,027! 1,220,706 950,317) 1923. 1,191,191 1,152.862 1,178,919 1,164,606 1,173,194 1,124, 8911,119, 7871, 078, 2041,123,472 1,150, 5931,147,765 1,200,351 1,150, 570! d 1922. 1,304,163 1, 215, 2201,191, 0131,190,004 1,188,849 1,166, 6171,127, 8881, 053, 0981,113,343 1,184,700 1,210,126 1,304,433 1,187,2701 1921. 3,034,6552,869, 2332, 735, 7842, 527, 2532, 353, 7942,175,175 2, 012, 6991,841, 5961, 740,4741,640, 740l,520,283| 1,517,194 2,160,179 1920 3, 043,9523,153,994 3, 211,9363,191,945 3,255,859 3, 209,6503, 200,9733, 233, 8623,329,481 3, 390, 0893,375,395 3,313,502 3, 242,679 1919. 2, 213, 5112, 225,6862, 318,4222,341, 7242, 391, 7742, 323,9922,478, 8632, 442,6272, 471, 5152, 709, 3302,907,803 3,034,224 2,487, 483' 1918. 1, 026,3651, 001,9541,122,693 1, 237, 3681, 265, 748l,274,r" 1, 439, 2861,607, 7091,920, 0572,194, 7072,273,599 2,298,313 1,557,058: 1917 198,234 199,860 182,804 229,856 275,310 432, 291 422, 269 372, 358 438,753 603, 544 883,252 1,016,938 440,499! 1916 92, 502 103, 619 126,142 149,306 168, 538 164,893 189, 824 193, 458 188, 510 188,358 188,414 221,301 164. 583: Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

0. II. DISCOUNTED BILLS*. AVEEAGE DAILY HOLDINGS [In thousands of dollars! Prior years 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 1923 1922 8 1924 Boston 34,348 30,996 27,493 23,417 17,887 17,108 11,172 11,653 10,141 6,913 13,018 21,391 18,760 52,633 36,393 New York 120,998 122,339 79,831 87,590 62, 285 41,512; 45,537 31,890 40,525 44,925 38, 644 75, 495 65/808 187, 282 93, 368 Philadelphia 45,258 40, 815 41,895 40, 546 32,946 30,117 25,6151 21,316 19,194 18, 638 22, 896 36, 751 31,315 59, 846 53,181 3 Cleveland 42,450 37,016 38,189 49, 745 43, 807 35, 661 20,990 16, 931 19, 751 21, 288 26, 362 40, 262 32, 679 51,717 48,410 Richmond. 47, 394 47,007 54, 625 59, 278 55, 808 50, 655 47,165 35,123 36, 35, 476 30, 825 28,819 44,070 59, 590! 53, 751 Atlanta 53,354 41,985 46,182 43,811 41,123 38,460i 30,582 30,357 27,424 25, 446 22, 510 20,898 35,152 44, 283 41,016 Chicago 71, 251 57,197 58,855 60,627 57,511 48,806i 41,665 34, 763 29, 53^ 29,193 32, 396 39, 892 46, 795 86,046 81,197 8 St. Louis.. 45,435 36,950 34,562 33,290 27,325 24,068 19, 728 18,870 22,166 21,925 15, 912 12,048 25,987 43, 754 27, 680 Minneapolis... 18,181 15,989 14,570 14,936 16, 460 14,995 14, 783 14, 218 12, 222 7,756 5,391 5,075 12,875 24,103 28,357 Kansas City... 42, 368 31, 258 25,196 24, 340 24, 832 23, 812 16,906 12, 562 10, 286 7,665 6,469 5,715 19, 252 39, 861 30,127 Dallas 9,64" 9,363 9,811 11,784 14,195 15,938 18, 345 22, 428 17,830 7,884 3, 978 3,63' 12,081 25,993 31, 655 San Francisco. 49, 677 45, 256 48,160 45,17." 41, 250) 33, 460 25, 764 19, 554 16, 780 13,7 10, 638 11,733 30,060 63,006 48,112 Total: 1924.. 580, 371 516,171 479, 369 494, 537 435, 429 374, 592 318, 252 269, 665 262,75J 240,907 229,039 301, 716 374,834 1923.. 548,969 610,755 628, 519 659,932 708, 394 744, 306 837, 039 811,251 847, 88, 875,158 801, 388 774, 733 738,1141 1922.. 968,971 772,41 640,303 576, 631 481, 626 438, 789 428, 327 396, 242 416.61: 484, 443 623, 825 663, 562 573, 247 1921.. 2, 536,1052,408, 7922,301, 628 2,139,982 1,966, 646 1,817,749 1,725,162 1, 554, 702 1, 445, 691 1, 376, 91' 1, 232, 576 1,185, 432 1, 804, 305 1920.. 2,142, 7882,298,917 2,386, 537 2, 440, 376 2, 537, 551 2,461,022! 2,519,044 2,605,113 2, 677, 052 2, 782, 055 2,776,457 2, 730, 36C 2, 530, 379 1919.. 1, 734, 6551, 763, 2261,861, 532 1, 919,461 1, 973, 926 1,842,112 1,867,920 1, 801, 887 1, 777, 334 2,073, 416 2,145,631 2,157,021 1,908,198 1918.. 611,235 531, 541 567, 475 769, 259 902,102 938,442> 1,165,649 1, 337, 70 1, 603,153 1, 709, 766 1,768,746 1,749,156 1,140,053 1917.. 20, 87' 17,900 18,191 24,903 42, 710 151, 234 147, 797 134, 988 182,438 313, 771 568,352 664,154 193,082 1916.. 29, 078 24,134 21,609 21, 956 20,184 20, 514! 25, 421 28,058 27, 32C 22,154 19, 923 32, 645 24,416| W DO Cl Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

58 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No. 18.—DISCOUNTED BILLS: HOLDINGS ON DECEMBER 31, 1924, BY CLASSES [In thousands of dollars] Rediscounted bills Member banks' collateral notes Federal reserve bank T c o la ta ss l e ( s a ) ll a m n C d e o r m a c g i - a ri l - Domestic b s P y ec a U u p r e . e r d S. b S y e c U u . r e S d . Othercultural trade ac- Govern- Govern- wise paper ceptancesment obli-ment obli- secured n. e. s gations gations Boston 28,994 13,718 59 160 15,057 New York 81,322 6,768 158 20 68, 725 5,651 Philadelphia . 36, 284 4,770 81 27,411 4,022 Cleveland 42, 073 9,911 718 504 28,744 2,196 Richmond 33, 548 17, 797 462 262 11, 686 3,341 Atlanta -- 16,070 13,092 396 70 1,259 1,253 Chicago 37,824 17, 760 624 14 19,365 61 St. Louis . , . 10,130 4,200 624 170 5,133 3 Minneapolis __ 4,452 4,009 229 214 Kansas City 4,976 4,249 24 703 Da%s 2,713 1,813 5 45 201 649 San Francisco... 15, 742 3,999 226 7 7,051 4,459 Total 314,128 102,086 3,353 1,276 185, 564 21,849 No. 19.—DISCOUNTED BILLS: HOLDINGS ON THE LAST DAY OF EACH MONTH, BY CLASSES [In thousands of dollars] Member banks' Rediscounted bills collateral notes Bankers' ac- Trade accept- Total ceptances ances based Date (all Com- based on— on— Secured Secured classes) a c m n n p u d . e a l r t e p u a c . e g i r r a a r s l i l . - p I a o m n r d t - s m tr D a e n s o t s - i - c p a I o m n r d t - s m tr D a e n s o t s - i - c b G o y m t o b i U v o l e i e n g . n r s t a n S - - . b G o y m t o b i v U l o e i e n g n . r s a t n S - - . s O e w t c h i u s e r e r e - d exports actions exports actions 1924 Jan 31 532,260 252,192 275 6,170 2,157 265,821 5,645 Feb. 29 528,963 261,045 217 5,856 2,715 254,500 4,630 Mar. 31 _ -_- 517,885 278, 536 108 160 5,529 2,587 226, 362 4,603 Apr. 30 447,185 275,182 79 100 108 6,108 2,411 158,753 4,444 May 31 441, 366 287, 099 92 31 5,430 2,273 161, 876 4,565 June 30 333,954 209,260 9 4,616 1,636 113, 944 4,489 July 31 293,047 191,912 3,587 1,617 87, 807 8,124 Aug. 30 274, 668 171,921 3,012 1,426 82,054 16,255 Sept. 30 276,199 145, 288 2,995 1,307 110, 284 16,325 Oct. 31 264,141 120,106 3,495 1,268 117, 324 21, 948 Nov. 29 242,024 112,308 3,754 1,384 111, 310 13,268 Dec. 31 314,128 102,086 3,353 1,276 185, 564 21,849 Dec. 31, 1923 723,068 355,816 233 7,042 3,919 349, 766 6,292 Dec. 30, 1922 617, 780 270,781 200 130 19 4,825 3,618 328,172 10, 035 Dec. 31, 1921 1,144, 346 631,038 50 288 5 9,980 41, 511 443, 722 17, 752 Dec. 30, 1920 2, 719,134 1, 521, 546 17, 218 21,427 271, 526 869, 510 17,907 Dec. 26, 1919 2,194,878 627, 083 15,479 33, 697 352, 598 1,157, 766 8,255 Dec. 27, 1918 1, 702,938 264,967 0) 15,985 363,023 1,037, 348 21,615 Dec. 28, 1917— 680, 706 309,534 0) 0) 132,774 150,647 87,751 i Included with " Commercial and agricultural paper n. e. s." Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONDITION OF FEDERAL. RESERVE BANKS 59 No. 20.—DISCOUNTED BILLS: HOLDINGS ON DECEMBER 31, 1924, BY MATURITIES [In thousands of dollars] Maturity Federal reserve bank Total Within 16 to 30 31 to 60 61 to 90 91 days to Over 6 15 days days days days 6 months months Boston 28 994 26,366 569 1,164 839 56 New York . . 81,322 75,837 1,448 2,528 1,505 4 Philadelphia 36, 284 32, 550 967 1,896 861 10 Cleveland 42, 073 33, 908 2,966 3,041 1,865 282 11 Richmond 33, 548 20, 532 3,938 5,725 3,122 221 10 Atlanta 16,070 6,639 2,847 4,197 1,956 397 34 Chicago _ 37,824 22,489 2,963 4,130 3,706 4,317 219 St. Louis 10,130 6,731 1,018 1,153 855 343 30 Minneapolis 4,452 1,247 262 560 656 1,389 338 Kansas City 4,976 1,182 420 747 897 1,669 61 Dallas 2,713 2,099 209 169 181 54 1 San Francisco ._ 15,742 12,023 728 1,103 900 799 189 Total.. _ 314,128* 241, 603 18,335 26,413 17,343 9,541 893 No. 21.—DISCOUNTED BILLS: HOLDINGS ON THE LAST REPORT DATE OP EACH MONTH, BY MATURITIES [In thousands of dollars! Maturity Date Total Within 16 to 30 31 to 60 61 to 90 91 days to Over 6 15 days days days days 6 months months 1924 Jan. 30 522,307 341,181 44,481 67,922 40, 764 25, 669 2,290 Feb. 27 531,590 350, 745 44,941 67,120 44,125 20,610 4,049 Mar. 26 482, 315 292, 787 43,014 68, 572 51, 597 19,825 6,520 Apr. 30 447,185 245,805 40,070 79, 690 46,979 2S, 289 6,352 May 28 _ 429,600 234, 773 42,400 42,688 40,049 3,021 June 25 350,131 175, 793 35, 038 55, 717 38,390 44,345 848 July 30 293,895 135, 605 27,653 50,017 48, 649 31, 543 428 Aug. 27.. 262, 560 122,499 28, 218 58,153 36,348 16,928 414 Sept. 24 259,863 143, 331 30, 569 48,859 28,417 8,266 421 Oct. 29__ 222, 565 124,903 27,271 42, 266 19,695 7,993 437 Nov. 26 221,405 138,102 23, 604 32,397 17,761 9,030 511 Dec. 31 314,128 241, 603 18, 335 26,413 17,343 9,541 Dec. 26, 1923 857,151 612, 660 64, 310 84,069 66, 514 28, 269 1,329 Dec. 27, 1922 629,885 436, 465 48, 609 63,372 50,059 31,380 Dec. 28, 1921.... 1,179, 833 708, 361 116, 690 161,202 !131,936 61,644 Dec. 30, 1920.... 2, 719,134 1, 632,885 280,406 430, 676 311,619 63, 548 Dec. 26, 1919.... 2,194,878 1,484, 790 244,890 292, 715 152,125 20, 358 Dec. 27, 1918 1, 702, 938 1,149,955 266,107 166,876 93,061 Dec 28, 1917.... 680, 706 355, 373 57, 367 175,006 83,974 Dec. 29, 1916 30,196 i 9,927 211, 794 5,006 2,423 1,046 Dec. 30, 1915,... 32,368 i 5,229 2 9,012 9,352 4,694 4,081 Dec. 31,1914.... 9,909 4,632 3,531 1,746 1 Within 10 days. 2 From 11 to 30 days. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

60 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No. 22.—DISCOUNTED BILLS SECURED BY UNITED STATES GOVERNMENT OBLI- GATIONS: HOLDINGS ON DECEMBER 31, 1924, AND DECEMBER 26, 1923 [In thousands of dollars] Secured by- Member banks' Redis- Total (all Feder b a a l n r k eserve co n ll o a t t e e s ral co b u i n ll t s ed classes) Uni b te o d n .S ds tates Tr n e o a t s e u s ry C o e f e r d i t n i n f d i e c e s a b s te t- s 1924 1923 1924 I 1923 1924 1923 1923 1924 1923 1924 1923 Boston _. 15,057 26, 299 15, 21727,180 11, 54320,412 3,179 6,528 495 240 New York.... 68, 725 158,171 68, 745 158,19061,463 84,469 7,207 73,123 75 598 Philadelphia- 27,411 45,099 27, 41145,453 23, 77831, 5783,429 13,351 204 524 Cleveland 28, 74439, 590 29,248 39, 94726,871 30, 7172,360 7,650 1,580 Richmond 11, 68626,479 11, 94826, 74011,696 19,602 252 6,376 762 Atlanta 1,259 19,314 1,329 20, 301 668 11,126 631 2,524 30 6,651 Chicago.. 19, 36552, 917 19,379 53, 29217,430 27, 5171,899 23,932 50 1,843 St. Louis 5,133 19,309 5,303 19, 785 4,736 15, 025 420 3,935 147 825 Minneapolis.. 229 6,385 229 6,413 199 3,913 30 2,500 Kansas City-. 703 18,338 727 18, 599 702 14,675 25 3,668 256 Dallas 201 2,772 246 2,808 246 870 1,738 200 San Francisco 7,051 23, 010 7,058 23,134 15, 551"~~97 7,306 277 Total... 185, 564 437, 6831, 276 4,159 186,840 441,842 166, 2931275,455 19, 529 152, 613,1018 13, 756 No. 23.—DISCOUNTED BILLS SECURED BY UNITED STATES GOVERNMENT OBLI- GATIONS: HOLDINGS ON THE LAST REPORT DATE OF EACH MONTH [In thousands of dollars] Seoured by- Member banks' Redis- Date co n ll o a t t e e s ral co b u i n ll t s ed Total U b S o n ta n i t t d e e s s d V n i o ct t o es ry Tr n e o a t s e u s ry in c C d a n e t e e e r b t s s i t s f e i o - d f - 1924 Jan. 30 257,066 2,214 259, 280 147,937 101, 578 9,765 Feb. 27 260,861 2,651 263, 512 158, 918 97,959 6,635 Mar. 26 212,163 2,493 214,656 127,448 7,120 Apr. 30 158,753 2,411 161,164 120,248 34,187 6,729 May 28 162, 340 2,226 164, 566 116, 786 43,920 3,860 June 25 116, 506 1,611 118,117 97, 696 19,633 788 July 30 90,441 1,611 92, 052 74, 329 16, 728 995 Aug. 27 76, 507 1,431 77,938 65,048 11,488 1,402 Sept. 24 88, 300 1,215 89, 515 77, 634 10,122 1,759 Oct. 29 74, 220 1,251 75, 471 61, 325 12,122 2,024 Nov. 26 94,941 1,263 96, 204 80, 755 12,809 2,640 Dec. 31 185, 564 1,276 186,840 166, 293 19, 529 1,018 Dec. 26, 1923 437,683 4,159 441,842 275,455 152,631 13, 756 Dec. 27, 1922 312, 724 3,771 316,495 206, 904 2,262 98,433 8,896 Dec. 28, 1921 444, 244 42, 949 487,193 345, 372 66, 671 26, 026 49,124 Dec. 30, 1920 869, 510 271, 526 1,141, 036 648, 352 304,686 187, 998 Dec. 26, 1919 1,157, 766 352, 598 1, 510,364 732, 401 337, 663 440, 300 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 24.—BILLS BOUGHT IN OPEN MARKET AND FROM OTHER FEDERAL RESERVE BANKS: AVERAGE DAILY HOLDINGS [In thousands of dollars] ! Prior years Feder b a a l n r k eserve January Fe a b 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- Year 1923 1922 Q 1924 O Boston 30,701 25,869 21,935 16,201 7,604 3,938 4,390 2,992 7,833 15,669 33,533 55, 576 18,853 17,966 16,805 New York 54,909 63,158 40,194 41,331 15,810 14,608 18,295 14,138 44, 527 82, 295 86,670 101,877 48, 084 47, 970 45, 761 2 Philadelphia 32, 685 23,486 16, 780 11,337 4,965 3,477 1,646 1,031 1,687 5,184 15,317 19,586 11,404 23,067 20,369 Cleveland 46, 671 36,663 27, 676 17, 995 10,048 5,280 2,642 1,155 7,141 13,763 23,881 36,175 19,055 36,380 21, 376 a Richmond 2,645 2,571 2,160 1,483 1,061 357 784 1,142 1,469 1,547 Atlanta 12, 742 10,277 9,592 7,614 5,824 3,257 1,547 1,124 1,870 4,322 7,640 6,215 13,145 3,968 o Chicago 39, 704 32,757 34,140 27, 560 13,856 5,907 2,547 2,238 8,860 17, 234 28,960 30, 220 20, 291 34,228 15,647 St. Louis 365 2,194 6,132 5,277 3,261 1,510 218 2,972 6,789 11,880 17, 659 4,868 6,239 7,610 Minneapolis 2,061 3,554 6,729 4,870 2,671 1,376 849 223 1,206 2,366 1,163 114 2,259 762 Kansas City 154 4,214 9,867 6,598 3,017 1,650 1,595 548 2,645 6,287 10,851 14, 745 5,184 689 178 Dallas 45, 289 42, 584 33,500 17,979 4,566 4,720 7,100 3,236 3,286 7,441 15, 032 22, 611 17,217 19,995 5,391 San Francisco... 34, 583 24,081 20,414 14, 744 7,709 4,341 2,946 1,626 7,750 16, 599 30, 999 48, 440 17,856 24, 638 20,555 Total: 1924 302, 509 271,408 229, 650 173,666 80, 814 51,125 44,132 28, 371 89, 777 177, 949 265, 926 356, 613 172, 428 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 1922 98, 742 87,398 103, 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, 778 311,984 278,464 238, 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, 517 164, 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 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

62 ANNUAL. REPORT OF THE FEDERAL, RESERVE BOARD No, 25.—BANKEKS' ACCEPTANCES BOUGHT IN OPEN MARKET AND FROM OTHER FEDERAL RESERVE BANKS: HOLDINGS ON DECEMBER 31, 1924, BY CLASSES OF ACCEPTING INSTITUTIONS [In thousands of dollars] Member banks Nonmember Branches Federal reserve bank Total Non- b b a a a n n n k d k in s g P b r a iv nk at s e o a f g a e f n n o d c re . ie ig s n National national corpora- banks tions Boston 63,889 27,379 14,673 14,100 5,902 1,835 New York 101, 596 34,620 30,485 15,109 10, 977 10, 405 Philadelphia.. 18, 276 7,777 5,250 3,253 1,506 490 Cleveland 41, 217 10, 445 11,163 6,588 7,884 5,137 Richmond 1,486 25 1,461 Atlanta 9,202 2, 450 3,428 3.225 46 53 Chicago 33, 882 14, 968 17,090 i;490 270 64 St. Louis 21, 391 8,079 1,980 545 Minneapolis.. 8 Kansas City.. 15, 661 4,348 6,121 2,293 1,353 1,546 Dallas .... 26,197 7,657 8,973 3,860 3,610 2,097 San Francisco. 54,068 16, 543 17,316 7,619 7,815 4,775 Total.... 386,873 134, 291 123, 495 60,978 39,908 28,201 No. 26.—BANKER'S ACCEPTANCES BOUGHT IN OPEN MARKET AND FROM OTHER FEDERAL RESERVE BANKS: HOLDINGS AT THE END OF EACH MONTH, BY CLASSES OF ACCEPTING INSTITUTIONS [In thousands of dollars] Non- Member banks member Branches Month Total b b a a a n n n k d k in s g P b r a iv n a k t s e o a f g f a e o n n r c d e i i e g s n Non- corpora- banks National national tions 1924 January 283, 706 91, 991 91,446 45,864 25,725 February 265,647 81,987 82,275 49,771 31,143 20,471 March _ 226,990 72,365 72,260 26,933 16,534 April _ 123,434 35,360 25,128 16,463 7,590 May _ 79,407 22,651 25,292 16,301 10,150 5,013 June 36,499 8,798 10,136 7,993 6,822 2,750 July 23,469 6,060 6,533 5,445 3,642 1,789 August 58,103 14,464 21, 727 9,638 7,798 4,476 September 131,426 34,728 52, 744 18,754 14,785 10,415 October... 200,114 59,180 72,547 32,452 21,020 14,915 November __. 313, 403 96,851 108,613 47,666 32,986 27,287 December 386,873 134,291 123,495 60,978 39,908 28,201 Dec. 31,1923 351,974 118,956 120,405 55,631 31,355 25,627 Dec. 30, 1922 270, 944 97,128 92,048 38,036 27,012 16,720 Dec. 31,1921 145,045 60,173 50,091 13,656 12,319 8,806 Dec. 31,1920 258,878 169,387 38,374 24,905 26,212 Dec. 31,1919 566,369 405.239 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 Dec. 30,1916 121,154 66,803 36,127 18,224 Dec. 27, 1915 20,599 13,790 5,989 i 820 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONDITION OF FEDERAL RESERVE BANKS 63 No, 21.—BILLS BOUGHT IN OPEN MARKET AND FROM OTHER FEDERAL RE- SERVE BANKS: HOLDINGS ON DECEMBER 31, 1924, BY CLASSES [In thousands of dollars] Trade accept- Bankers' acceptances based on— ances based on- Federal reserve bank Total Total Imports Exports t D r t a o i t n o m i s c n a e s c s - - c D h o e a x l n l - g ar e cl U f a ie s n d s - i- Total p I o m rt - s 1924 Boston 63,889 63,889 23, 542 20, 394 19,510 443 New York 101,823 101, 596 30, 244 39,944 27, 517 3,076 815 227 227 Philadelphia 18, 276 18, 276 5,322 8,349 4,369 236 Cleveland 41,217 41, 217 20, 570 13,987 6,284 376 Richmond 1,486 1,486 25 201 1,260 Atlanta 9,202 9,202 547 6,590 2,065 Chicago 33,882 33, 882 10,489 10. 484 12,204 705 St. Louis 21,391 21,391 7,284 ! 9.168 4,492 447 Minneapolis _ 8 8 8 Kansas City . 15, 661 15,661 5,501 7,152 2,830 178 Dallas 26,197 26,197 9,430 10,302 5,955 510 San Francisco 54, 068 54,068 23, 877 21. 210 8,070 911 Total 387,100 386, 873 136,839 i 147,781 94,556 6,882 815 227 227 No. 28.—BILLS BOUGHT IN OPEN MARKET AND FROM OTHER FEDERAL RESERVE BANKS: HOLDINGS AT THE END OF EACH MONTH, BY CLASSES [In thousands of dollars] Bankers' acceptances based on— Trade acceptances 1 on— Month Total Do- Do- Total Imports Exports a m t c r e a ti s n o t s i n - c s c D h o e a x l n - l g ar e cl U f a ie s n d s - i- Total p I o m rt - s a m t c r t e a i s o n t n s ic - s 1924 j January | 286,041 283, 706 116, 761 93, 398 59, 299 14,191 57 2,335 2,209 126 February 267,880 265, 647 109, 206 94,432 48, 362 13, 558 89 2,233 2,233 March j 228,247 226, 990 96, 813 77, 849 40,842 11, 402 84 1,257 1,257 April ! 124,485 123,434 58, 027 40,883 19, 554 4,470 500 1,051 1,051 May 79,549 79,407 36, 790 27, 321 12, 203 2,823 270 142 142 June 36,524 36,499 15, 051 13, 683 6,790 925 50 25 25 July.__ _ 23,469 23,469 10, 581 8,247 4,087 490 64 August.._ 58,103 58,103 33, 615 16, 292 7,208 726 262 September 131, 576 131,426 67, 296 38, 730 20,953 1,557 2,890 150 150 ! October 200,114 200,114 84, 302 70,906 38,813 2,679 3,414 November 313, 572 313,403 119, 208 113, 398 71,251 6,327 3,219 169 169 I December __ 387,100 386, 873 136, 839 147, 781 94, 556 6,882 815 227 227 | Dec. 31, 1923 354,637 351,974 120,957 119, 911 90,445 20,452 209 2,663 2,143 520 Dec. 31, 1922 272,122 270, 944 107, 842 86, 929 65, 280 9,713 1,150 1,178 1,130 48 36569—25f 6 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

64 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No. 29.—BILLS BOUGHT IN OPEN MARKET AND FROM OTHER FEDERAL RESERVE BANKS: HOLDINGS ON DECEMBER 31, 1924, BY MATURITIES [In thousands of dollars] Maturity Federal reserve bank Total Over 90 Within 16 to 30 31 to 60 I 61 to 90 days but 15 days days days ! days within 6 months 1924 Boston 63, 889 17, 500 12,910 20, 733 11,428 1,318 New York 101, 823 50,119 14, 648 20,881 12,063 4,112 Philadelphia.. 18, 276 5,510 5,349 3,947 3,454 16 Cleveland _._ 41,217 9,061 13,848 9,420 2,125 Richmond 1,486 437 150 797 102 Atlanta 9,202 3,116 1,983 2,893 1,210 Chicago _ 33,882 6,976 4,788 10,092 10,960 1,066 St. Louis 21, 391 4,991 4,250 6,704 5,418 28 Minneapolis Kansas City 15, 661 3,959 3,776 5,107 2,786 Dallas 26,197 6,103 6,767 8,329 4,585 413 San Francisco 54,068 12,102 11, 502 17,768 10,150 2,546 Total 387,100 117, 576 75,192 111,099 71, 576 11,657 No. 30.—BILLS BOUGHT IN OPEN MARKET AND FROM OTHER FEDERAL RE- SERVE BANKS: HOLDINGS ON THE LAST REPORT DATE IN EACH MONTH, BY MATURITIES [In thousands of dollars] Maturity Datb Total Over 90 Within 16 to 30 31 to 60 61 to 90 days but 15 days days days days within 6 ! months I Jan.30.. 271, 792 103,186 62, 372 72,304 ! 31,278 2,652 Feb. 27_. 263,310 119, 637 51, 091 55,857 I 34, 565 2,160 Mar. 26. 202, 458 88, 089 .41,161 49,817 ! 21,884 1,507 Apr. 30.. 124,485 63, 564 24,120 29,141 | 7,228 432 May 28. 86,760 66,995 8,349 8,638 | 2,274 504 June 25.. 45,034 18, 390 8,969 11,907 I 4,074 1,694 July 30.. 24,441 10, 243 5,657 4,099 I 2,287 2,155 Aug. 27. 49, 289 10, 906 9,006 8,261 I 12, 794 8,322 Sept. 24. 92,146 20, 064 13, 593 24, 270 28,155 6,064 Oct. 29__ 215, 404 78, 429 42,114 52, 503 36,660 5,698 Nov. 26. ! 281,001 75, 403 53, 412 80, 240 61,807 10,139 Dec. 31.. 387,100 117, 576 75,192 111, 099 71, 576 11,657 Dec. 26, 1923. 336, 415 117, 289 65,124 94, 220 55,119 4,663 Dec. 27, 1922. 246, 293 83, 210 50, 737 69,056 38, 083 5,207 Dec. 28, 1921. 114, 240 58, 306 24, 743 26, 062 5,114 15 Dec. 30, 1920. 255, 702 87, 030 64, 745 76,805 27,122 Dec. 26, 1919. 585, 212 123, 723 100, 061 209, 280 152,148 Dec. 27, 1918. 303, 673 104, 435 73, 914 104,880 20,444 Dec. 28, 1917. 275, 366 40, 321 61,177 105,132 68, 736 Dec. 29, 1916. 127, 497 i 20, 329 2 29, 720 42, 766 34,682 Dec. 30, 1915. 23, 013 1 1, 236 2 5, 266 7, 508 9,003 1 Within 10 days. 2 From 11 to 30 days. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 31.—UNITED STATES SECURITIES: AVERAGE DAILY HOLDINGS [In thousands of dollars] Prior years Federal reserve bank January Februar y March April May June July August September October November December Year 1923 1922 Q 1924 O Boston 7,138 17, 629 21, 509 25, 584 34, 282 37,952 39,469 38, 790 35, 401 28, 261 10,668 37, 962 New York 15, 713 18, 094 59, 645 57, 594 72, 662 116, 277 151, 462 176,455 192, 055 190,107 189, 235 186,808 119,175 27, 560 143, 988 Philadelphia 18, 306 22,143 23, 703 23, 685 28,511 32, 656 29, 374 31, 028 31, 530 31, 452 31,412 29, 830 27, 811 21, 430 29, 259 Cleveland 14, 658 17, 284 26, 651 31, 236 37, 642 44, 212 45, 338 55, 501 59,994 64, 249 64, 797 59, 527 43, 494 50,688 O Richmond 2,670 3,798 5,125 5,125 5,125 5,072 5,125 5,125 5,083 4,993 4,984 4,595 4,737 1,677 4,632 Atlanta 1,868 3,186 5,374 1,191 106 169 537 1,946 2,653 3,146 3,747 3,858 2,315 2,150 7,463 Chicago 13, 728 17, 001 33,247 41, 005 49.191 62,160 64, 296 73, 954 79, 328 83,452 86,422 79, 868 57,077 28, 492 56, 631 o St. Louis 1,316 2,147 5,523 6,953 6,966 7,570 9,516 14, 493 16, 334 16, 769 16, 721 14, 952 9,960 12, 375 22, 487 Minneapolis 10, 789 9,142 12, 732 18, 420 21, 950 24, 522 25, 201 27, 210 28,164 28, 639 27,165 25, 930 21,692 12,254 11,191 Kansas City 11, 702 9,037 12, 981 17,160 19, 849 25, 382 27, 879 31, 660 33,682 35, 008 35, 780 33, 477 24, 512 23, 347 38,247 Dallas 7,526 8,435 16, 895 20, 477 22,120 22, 785 22, 387 26, 223 27, 681 27, 877 27, 776 25, 250 21, 320 7,230 6,904 San Francisco 12, 347 14, 815 23,177 27, 883 33, 280 42,166 46, 968 55, 411 59,497 60, 398 60,246 55, 091 41,011 19, 972 45, 298 Total: 1924. 117, 761 133, 990 242, 682 272, 238 322, 986 415,970 462, 365 536, 958 575,470 584, 953 587,075 554, 587 401, 365 1923. 421, 469 355, 459 317, 897 230,102 193, 488 155,133 96, 922 89, 988 101, 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 34,4,161 331, 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 88, 697 110, 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 62 W Ci Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No, 32,—UNITED STATES SECUEITIES: HOLDINGS (PAB VALUE) AT END OF YEAR, BY CLASSES OS All classes of securities Bonds Feder b a a l n r k eserve Total U pu n a m r d g c r e e h e r n e a t - r s e e - P m t u m e i h r n n o r c a v t o p h r e e u k a c s n g e s o t h - t e m d - All other Total 2 c o p n e 1 s r 9 o 3 c l 0 s e o n f t P 19 a 2 3 c n 6 e o a p - n f m 1 e t 9 r a 3 s 8 l 4 o a p n e r o f c 1 e 9 n 2 t 5 3 l c 1 o e 9 o p a n 6 f e n t 1 r c 1 b v e 9 o 3 e n 4 n r 6 t p s d - c i 1 e s o o 9 r o n 4 n f 7 - L ^ i c l b p o e e a n n r t ty Li l c b o e a e n n r t ty T b 1 1 r o u 9 9 e o 4 n r 5 y a f 7 d 2 - s s - T 1 b 9 r o 4 e n 4 a d - s 1 s u 9 o r 5 y f 4 Tr n e o a t s e u s ry in c C d a e e t r e b t s i t f e o i d - f mittee 1924 Boston $36, 660, 250 $1, 409, 600 $31,. 675, 5500 $3, 575,150 $2, 472, 050 $529,000 $1, 928,050 $15, 000 $23, 726, 700 $10,461, 603 New York 169,898,350 "1, 5"0""0',000 167,141,000 1,257,350 12,439,850 12, 384,950 5"4" , 9"0"0 •1"2 0, 495i,, 010 036,963,500 Philadelphia 29, 888, 800 12,441,000 17";,447,800 1,345,100 $100 549, 200 760, 500 35, 300 24,127, 200 4, 416, 500 Cleveland 60,049, 900 45,183, ,866,400 11,126,2001 414, 800 10, 568,400 $45, 200 97,800 33,858, 200 15,065, 500 Richmond 4, 610, 900 3, 270, 000 1, 340,900 1, 340,400 $915,100 237, 000 188,300 2, 464,000 806, 500 Atlanta 3, 784, 700 1,317,000 2, 467, 700 1, 564, 200 10, 300 $31,200 1,521,400 1,300 1, 349, 000 871, 500 Chicago 80, 370, 000 63, 076, 500 17',, 293, 50019, 494, 200 $400 427, 400 19,033,000 33, 400 46, 556, 30014,319, 500 St. Louis 15, 087, 500 15, 087, 500 1,263, 500| 1, 263, 500 11,171,000 2, 653, 000 Minneapolis 25, 788, 410 18, 043, 500 7, 744, 910 8,856,810 260 114,800 8, 522,850 218, 400 13,145,100 3, 786,500 Kansas City 33, 380, 850 1,000,000 22, 052, 500 10,328,350 8, 910, 650 35,600 3, 586,950 96, 000 5i,, 192,100 18,181, 700 6, 288, 500 Dallas 25, 496, 500 125,000 23,816,500 1, 555, 000 3, 273, 000 3,163, 000 10,000 100,000 16,998,000 5, 225, 500 San Francisco... 55,143, 400 45,930, 500 9, 212, 900 3,180, 000 1,800 3,178,200 37, 282, 400 14, 681, 000 Total: 1924 540,159, 560 4, 034, 600 449,035,000 87,089,960 75, 265,960 915,100 237, 360 900 2,045,500 68,600 66,099,100 152,500 5, 746,900 349,354, 600 115i,, 539,000 1923_— 133, 569, 010 54, 000^ 700 79, 568, 31029, 508, 0103, 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, 7106, 728, 600624, 660 1, 768,000 900 5,, 270,900 134,100 13,729,250 625,300 180,393,150 22266,,889911,000 1921..-. 234,089,110 33,033,610 11,328,600 624,660 2,593,000 900 5,, 270,900 229, 20012,986,350 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, 05021,818, 550 " 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 21,620,150 67, 575 273, 203,000 1918-.. 238, 562, 510 27, 859, 010 15, 053, 700927,160 2, 593, 000 900 6, 526,300 503, 600 8 2, 254, 350 9, 301, 000 201,402, 500 1917.--. 121, 689, 682 51,847,182 15, 784,050 1,412, 60012, 741, 290 900 6, 526,400 3, 612, 650511,769, 292 26, 792,000 43,050, 500 1916. 55,414, 650 44, 247, 650 24, 331,150 5,149,800* 12, 589,500 900 2,176, 300 11,167,000 15, 918, 470 15, 918, 470 11,951,350 4 3,967,120 1 Includes Victory notes. 2 Includes 4 per cent Liberty loan bonds. 3 Victory notes. 4 Includes 3 per cent bonds of 1918. 6 4 per cent Liberty loan bonds of 1942-1947. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANK NOTES No. 33.—FEDERAL RESERVE BANK NOTES: RECEIVED FROM AND RETURNED TO COMPTROLLER OF THE CURRENCY, AND OUTSTANDING, BY DENOMINATIONS [In thousands of dollars] Total Ones Twos Fives Tens T t w ie e s n- Fifties Total Ones Twos Fives Tens T t w ie e s n- Fifties Received from Comp- Returned to Comptroller troller of the Currency:* of the Currency—Contd. 1923 260 260 1920 267, 060 188, 387 48, 784 24,319 3,466 2,097 7 1922 34,328 17,212 8,456 6 300 1 080 1 280 1919 77 194 32, 657 8,316 30,110 4,500 1,611 1921 126, 324 69,668 26,096 28,600 1,320 640 1918 5,129 981 148 1,781 1,530 689 1920 243, 076 171,496 45,120 24,460 1,480 320 200 1917 2,182 706 1,015 461 1919 222,353 157,148 38,000 25 074 723 1 408 Outstanding Dec 31* 2 1918... ._ 120,816 63,368 17,520 32,339 5 877 1,712 1924 8,559 4,048 1,848 1,485 441 701 36 1917 _ 2,732 2,352 120 260 1923 14,420 6,427 3,207 2,783 730 1,220 53 1 1 9 9 1 1 6 5 11,2 7 8 7 5 0 2,06 1 5 0 5 5 2 6 80 0 3 6 4 6 80 0 1 1 9 9 2 2 1 2 1 4 1 3 6 , , 9 6 1 7 4 0 2 6 1 3 , , 2 6 6 7 1 0 2 9 7, , 2 9 9 3 7 2 2 7 1, , 2 9 8 5 6 0 2 1 , , 6 88 47 2 .2 2 , , 0 4 5 0 4 8 1 7 2 2 5 i 1920 249,467 169,987 43,392 29,384 3,529 2,982 193 Returned to Comptroller of the Currency: 1919 273, 451 186,878 47,056 29,243 5,515 4,759 1924 5,861 2,378 1,360 1,298 289 519 17 1918 128, 292 62,387 17,372 34, 279 9,292 4,962 1923 . 29,754 15,243 6,725 5,427 1,152 1,188 19 1917 12,605 3,721 4,945 3,939 w 1922 107, 084 58,803 25,821 19, 636 1,845 926 53 1916 12, 055 2,075 5,840 4,140 1921 . 259,121 176,394 42,191 36, 698 2,202 1,568 68 1915 770 10 280 480 W 1 No Federal reserve bank notes have been issued to the Federal reserve banks since 1923. 2 All Federal reserve banks have extinguished their liability on outstanding Federal reserve bank notes by depositing lawful money with the United States Treasurer to provide ou for their retirement. GO Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE NOTES OO No. 34.—FEDERAL RESERVE NOTES: FEDERAL RESERVE AGENTS' ACCOUNTS ON DECEMBER 31 [In thousands of dollars] Total Boston New York Philadelphia Cleveland Richmond Atlanta 1924 1923 1924 1923 1924 1923 1924 1923 1924 1923 1924 1923 1924 1923 e RESOURCES s Federal reserve notes on hand 936, 517 813,454 45,150 81, 050 331,940 284, 620 32,000 38,400 49,170 43,120 25,884 27, 630 56, 595 72, 017 Federal reserve notes issued to banks 2,244, 961 2,822,327 241,102 255,108 528,118 712,413 215,664 255, 837 230, 609 281,713 101, 218 117, 875 166, 830 158,092 Collateral held as security for Federal reserve notes issued to banks: Gold and gold certificates 279,494 326, 584 35,300 35,300 188, 531 235, 531 6,000 14,000 8.780 8,780 3,500 2,400 Gold-redemption fund__ 114, 918 128, 778 11,065 14,971 29, 776 32, 094 14, 848 13,180 i 11. 686 15, 240 4,389 3,851 8,306 8,289 Gold fund, Federal Reserve Board 1, 307, 894 1, 648,893 118,000 118, 000 166, 000 316, 000 147, 389 153,889 145, 000 201, 000 74,795 66, 295 131, 500 83,000 1-3 Eligible paper- W Amount required 542,655 718, 072 76,737 86,837 143, 811 128,788 47,427 74,768 65,143 56,693 22, 034 47,729 23, 524 64,403 Excess amount held 126,138 303, 644 16,146 19,666 16,040 95,492 5,471 6,082 15, 763 30,185 9,688 5,210 1,581 3,350 I4 Total 5, 552, 577 6, 761,752 543, 500 610,932 1,404, 216 1,804,938 468, 799 556,156 526,151 636, 731 238, 008 268, 590 391, 836 391, 551 LIABILITIES Federal reserve notes received from Comptroller of the Currency 3,181,478 3,635,781 286,252 336,158 860, 058 997, 033 247, 664 294, 237 279, 779 324, 833 127,102 145, 505 223,425 230,109 Collateral received from Federal reserve bank: Gold 1,702, 306 2,104,255 164,365 168, 271 384, 307 583,625 168, 237 181, 069 165,466 225, 020 79,184 70,146 143, 306 93,689 Eligible paper 668, 793 1, 021,716 92,883 106,503 159, 851 224,280 52,898 80,850 80,906 86,878 31,722 52,939 25,105 67,753 Total - 5,552,577 6,761,752 543,500 610,932 1,404, 216 1,804,938 468,799 556,156 526,151 636,731 238, 008 268, 590 391, 836 391, 551 w o Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Chicago St. Louis Minneapolis Kansas City Dallas San Francisco 1924 1923 1924 1923 1924 1923 1924 1923 1924 1923 1924 1923 RESOURCES Federal reserve notes on hand 253, 020 119, 640 25,660 22,740 14,993 12, 275 26,753 29,153 15,152 25, 009 60,200 57, 800 Federal reserve notes issued to banks 213, 687 462,628 64,600 92,258 74, 836 69,168 81,639 80,544 63, 722 58, 659 262,936 278, 032 Collateral held as security for Federal reserve notes issued to banks: Gold and gold certificates 9,775 10,130 13, 052 13, 052 14, 556 7,391 Gold-redemption fund _ _ 5, 265 8,273 2,815 3,294 976 1,500 5,115 3,560 4,130 3,923 16,547 20,603 Gold fund, Federal Reserve Board _ 160,644 376,644 44,000 3G, 000 59, 500 40, 000 58, 360 38, 360 18, 500 14,500 184,206 205, 205 Eligible paper- Amount required __ _ 47,778 77, 711 8,010 42,834 1,308 14, 616 18,164 38, 624 26, 536 32, 845 62,183 52,224 Excess amount held 23, 657 59,859 23,484 14,467 2,342 2,815 2,412 3,576 2,182 24,454 7,372 38,488 Total 704, 051 1,104, 755 178, 344 221, 723 167, 007 153,426 192,443 193, 817 144, 778 166, 781 593,444 652,352 LIABILITIES Federal reserve notes received from Comptroller of the Currency 466, 707 582,268 90, 260 114,998 89, 829 81,443 108, 392 109, 697 78, 874 83, 668 323,136 335, 832 Collateral received from Federal reserve bank: I Gold -. 165,909 384,917 56, 590 49,424 73, 528 54, 552 63,475 41, 920 37,186 25,814 200, 753 225, 808 Eligible paper 71,435 137, 570 31,494 57,301 3,650 17,431 20, 576 42, 200 28, 718 57,299 69, 555 90, 712 Total 704,051 1,104,755 178,344 221,723 167, 007 153,426 192,443 193,817 144,778 166, 781 593,444 652,352 CD Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 35.—FEDERAL RESERVE NOTES: ISSUED TO BANKS BY AGENTS, HELD BY ISSUING BANKS, AND IN ACTUAL CIRCULATION; ALSO GOLD AND ELIGIBLE PAPER HELD BY AGENTS AS SECURITY FOR NOTES ISSUED TO BANKS [In thousands of dollars] Total Boston Y N o e r w k Ph p il h a i d a el- C la le n v d e- m Ki o c n h d - Atlanta Chicago St. Louis M ap in o n li e s - K C an it s y as Dallas Fra S n a c n isco Federal reserve notes: Issued to Federal reserve banks- Jan. 31 2,601,138 219, 287 704,693 230,965 246,726 101,493 146,110 417,413 86,011 67,214 73,424 49,253 258,549 Feb. 29 2, 547,961 222,402 682,966 233, 055 249, 012 97, 258 145,870 379, 216 84, 054 72, 656 75,972 48,115 257,385 Mar. 31 2, 476, 243 224, 926 653, 788 226,447 245, 294 91,163 148,475 354,251 82, 273 71, 589 76, 078 47, 740 254, 219 Apr. 30 2,444,073 225,857 656, 757 223, 731 244, 579 89, 227 151, 344 324,076 79, 378 70,164 75,984 53,423 249,553 May 31 _.. 2,374, 531 220,848 643,281 217,144 241,089 81, 748 150, 646 293, 652 76, 271 72,651 75,622 52, 899 248,680 June 30 2, 339, 048 219, 868 636, 957 215,199 235, 535 80,101 148,356 283, 715 72,914 70,842 74, 570 48,745 252,246 July 31 2, 271,117 219,162 629, 485 208, 699 228, 992 78, 677 145,038 256,385 69, 576 68,496 69, 578 46,345 250,684 Aug. 31 2.229, 498 216,851 618, 930 202,147 225, 051 77, 997 147, 685 244, 051 66, 326 67,027 70, 672 50, 987 241, 774 Sept. 30 2.230, 535 219,168 612, 863 199, 077 229, 068 79,320 151, 691 229,145 63, 610 68, 835 71, 796 59,029 246,933 Oct. 31 2, 259,192 221,005 615,800 199,490 231, 857 86, 609 153, 355 225, 236 63,471 73,587 76,100 63, 723 248,959 Nov. 30 2, 246, 740 219, 787 603, 330 197, 063 228, 585 93, 585 156, 448 214, 483 63, 931 74, 976 79,180 61,973 253,399 Dec. 31 2, 244, 961 241,102 528,118 215, 664 230, 609 101, 218 106, 830 213, 687 64, 600 74, 836 81,639 63, 722 262,936 Held by Federal reserve banks- Jan. 31 _ 574, 669 18,044 320, 590 35, 956 28, 928 11,429 15,044 55,184 15, 598 5,103 10,563 3,435 54,795 Feb.29 505, 296 17,993 303, 542 26, 692 19, 661 9,568 14, 072 30,495 13, 783 5,083 11, 703 3,315 49, 389 Mar. 31 473, 458 17,974 284, 550 16, 6G5 18,511 7,507 12, 784 30,949 14,086 4,572 12,037 3,760 50,063 Apr. 30 518, 060 20, 278 304, 752 26,158 23,489 11, 029 11,516 33, 629 13, 796 4,734 12, 598 9,738 46,343 May 31 463, 091 15,430 294,622 21, 272 19,984 5,521 10, 017 22, 607 10,809 2,606 11,653 9,677 38,893 June 30 -- 478,126 18, 568 295,161 23, 962 21,219 6,919 9, 926 27,860 10,809 3,006 10,722 7,516 42,457 July 31 507,170 23,071 304, 889 33, 546 27, 605 10,110 11,825 20, 422 10,461 3,335 6,831 6,666 48,409 Aug. 31._ 465, 839 16,396 304, 546 33,929 14, 709 6,235 13,923 18,300 8,295 3,271 6,022 5,545 34,668 Sept. 30 485,140 18,634 308, 072 43, 547 18, 261 7,178 16,875 13,208 6,702 2,703 6,2£9 6,412 37,279 Oct. 31._ 21,239 271,487 41,618 22,105 6,590 16,012 18, 505 6,353 2,684 6,306 6,094 41,095 Nov. 30 371,907 19, 540 207,884 29, 547 18,010 6,781 16,168 14,384 6,023 2,574 6,429 4,607 39,960 Dec.31. ._. 382,899 33,713 140, 765 46,927 32, 094 13, 639 23, 951 17,158 6,787 3,075 8,803 8,081 47,906 In actual circulation- Jan. 31 -._ 2, 026,469 201,243 384,103 195,009 217,798 I 90, 084 131,066 362,22$ 70,413 62,1 LI 62,861 45,818 203,754 Feb. 29 2, 042, 665 204,409 379,424 206, 363 229,351 | 87, 690 131, 798 348, 721 70, 271 67, 573 64,269 44,800 207,996 Mar. 31 2,002,785 206,952 369, 238 209, 782 226,783 ! 83, 656 135, 691 323,302 68,187 67,017 64,041 43,980 204,156 Apr. 30. 1,926, 013 205,579 352, 005 197, 573 221,090 ! 78,198 139, 828 290,447 65, 582 65,430 63,386 43, 685 203,210 May 31... - 1,911,440 205,418 348,659 195, 872 221,105 I 76, 227 140, 629 271,045 65,462 70, 045 63,969 43, 222 209, 787 June 30 ___ 1,860,923 201,300 341,796 191, 237 214,316 i 73,182 138,430 255,855 62,105 67,836 63,848 41, 229 209,789 July 31 1, 763,947 196,091 324, 596 175,153 201,387 ! 68, 567 133,213 235,963 59,115 65,161 62, 747 39, 679 202, 275 Aug. 31 1,763,659 200,455 314,384 168,218 210, 342 i 71,762 133,762 225,751 58,031 63,756 64, 650 45,442 207,106 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Sept. 30 _ 1, 745,395 200,534 304, 791 155,530 210,807 72,142 134, 816 215, 937 56,908 66,132 65, 527 .52,617 209,654 N O o ct v . . 3 3 1 0 _ _ _ _ 1 lt ,8 7 7 9 4 9, , 1 8 0 3 4 3 2 19 0 9 0 , ,2 7 4 6 7 6 3 3 4 9 4 5 , , 3 4 1 4 3 6 1 16 5 7 7 , , 5 8 1 7 6 2 2 2 0 1 9 0 , , 7 57 5 5 2 8 8 0 6 , > 8 0 0 1 4 9 1 14 3 0 7 , , 3 2 4 8 3 0 2 2 0 0 6 0 , , 0 7 9 3 9 1 5 57 7 , , 1 9 1 0 8 8 7 7 0 2 , , 9 4 0 0 3 2 6 7 9 2 , ,7 7 5 9 1 4 5 57 7 , , 3 6 6 2 6 9 2 21 0 3 7 , , 4 8 3 6 9 4 Dec. 31 1,862,062 207,389 387,353 168, 737 198, 515 87,579 142, 879 196, 529 57,813 71,761 72,836 55,641 215,030 Collateral pledged with agents as security for Federal reserve notes issued to banks: Gold and gold certificates- Jan. 31 2,129,140 176,100 643,297 168,438 198,884 62, 779 95,062 384, 337 67,237 55,208 48, 681 20,232 208,885 Feb. 29 2,104,027 174, 215 583, 077 181, 288 205,039 60, 204 97,172 383, 891 67, 879 58,900 53,148 17, 393 221,821 Mar. 31 _ 2,080,413 191,140 635,851 180, 740 203, 372 43, 634 101,172 320, 506 65, 013 58,4931 55,154 18,304 207,034 Apr. 30. 2, 088, 317 197,420 635,651 187,024 204, 702 36,108 111, 496 300, 245 62, 718 56, 253 54, 760 32,151 May 31 ___ _. 2,096,851 203, 261 635,414 184, 897 199, 246 38,355 114, 883 279, 982 63, 111 57, 770 56, 558 37, 518 225,856 June30___ 2,128,427 208, 881 635, 238 189, 651 213, 693 39, 407 123,696 279, 738 61, 754 57, 607 57, 906 28, 814 232,042 July 31. _. . 2,083,302 213,976 620, 073 186, 551 214, 449 43, 408 122, 626 249, 575 59, 917 55,500 60, 774 23,393 233, 060 Aug. 31 2, Q41,331 204,014 599,947 185, 499 216, 259 48, 428 120, 231 236,434 56, 666 53, 778 62, 009 28, 036 230,030 Sept. 30 _._ 2,026,237 207,931 569, 843 182, 630 215,4.76 50, 601 129, 862 221, 290 53,950 58,036 60,552 45, 597 230,469 Oct.31_. 1,998,332 203, 768 544,786 173, 503 216,314 61, 675 129, 490 211,193 55, 211 67, 079 62, 936 48.002 224,375 Nov. 30 1,912,022 180, 650 519, 616 164, 036 201,842 73, 951 130. 754 191. 041 55, 371 71, 258 62, 637 45,131 215, 735 Dec. 31_ 1,702, 306 164,365 384,307 168, 237 165, 466 79,184 143,306 165,909 56, 590 73,528 63,475 37,186 200, 753 Eligible paper- Jan. 31 790,449 60,245 165,140 68,903 69,675 45, 606 57, 999 97, 394 41,542 17,543 34,472 52, 791 79,139 Feb. 29 756,701 54,887 148,107 57, 582 62,924 54,977 58,168 103,599 43,572 18, 555 35,929 51,296 67,105 Mar. 31 710,116 55,610 143,190 48, 548 58, 079 61, 871 56, 560 94, 712 45,002 19,994 27, 784 36, 213 62, 553 Apr. 30 546,031 33, 752 63,277 37,323 58, 630 61, 665 49, 719 75,783 32,595 16, 757 29, 554 22, 769 64, 207 May 31 505, 465 30, 276 83,709 37, 662 50, 651 54,606 47, 636 63,122 31,992 17,777 26,340 18,471 43,223 June30__ _ __ 357,131 18,027 51,312 25, 634 25, 627 51, 912 33, 528 45, 084 22. 360 14,938 19, 814 23, 453 25, 442 July 31 303,929 13, 694 38, 574 23, 634 19,138 40, 727 32, 201 38, 727 18,066 15,353 15,471 26,547 21, 797 Aug. 31 323, 562 17,718 69, 452 21,068 19,340 35, 305 32,138 37, 777 21, 873 13,899 11, 529 24,635 Sept. 30 17,567 124, 036 17,427 31, 253 35, 568 29,150 38, 207 27,907 11, 712 12,452 15,263 25,427 Oct. 31 _ . 448,083 25,838 123, 661 27,042 37, 067 34,429 31, 686 57, 520 29, 226 7,313 15, 986 19, 214 39,101 Nov. 30 _ 536, 942 58, 538 130,293 42, 982 55, 605 27, 912 33, 882 61, 062 28, 353 4,888 19, 549 22,806 51,072 Dec. 31 _ 159,851 52,898 80,906 31,722 25,105 71, 435 31,494 3,650 20,576 28, 718 69,555 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 36.—FEDERAL RESERVE NOTES: ISSUED AND RETIRED BY EACH FEDERAL RESERVE AGENT, BY MONTHS [In thousands of dollars] Outstand- Total Boston New York Philadelphia Cleveland Richmond ing at beginning Month of each month in Issued Retired Issued Retired Issued Retired Issued Retired Issued Retired Issued Retired 1924 January... 2,822, 327 50,162 271,349 11,200 47, 021 16, 620 24, 339 1,760 26, 632 3,500 38,487 755 17,137 February. 2,601,140 93,295 146,474 15,000 11, 885 9,020 30, 747 15, 240 13,150 13,130 10,844 6,300 10, 535 i March 2, 547, 961 83, 780 155, 495 15, 600 13, 076 11, 460 40, 638 16, 440 23, 048 8,950 12, 667 2,300 8,395 April 2,476,246 147, 955 180,127 14, 650 13, 719 53, 440 50, 472 19, 000 21, 716 11,955 12, 670 11,100 13,036 May 2,444, 074 97,150 166, 695 9,150 14, 159 11, 240 24, 716 11,040 17, 627 11,965 15, 456 7,545 15, 023 June 2,374, 529 89, 692 125,173 13, 400 14, 380 11,400 17, 724 13, 800 15, 745 11, 000 16, 553 7,560 9,208 J A ul u y g _ u __ st _ . 2 2 , , 3 2 3 7 9 1 , , 0 1 4 1 8 8 8 7 3 6 , , 9 8 2 1 8 0 1 1 4 2 4 5 , , 7 5 4 4 0 6 1 1 2 4 , , 2 6 0 5 0 0 1 1 4 4 , , 9 9 0 6 6 1 1 1 3 0 , , 1 2 0 2 0 0 2 2 0 0 , , 6 6 9 5 2 5 7 6 , , 6 8 0 0 0 0 1 1 3 4 , , 1 3 0 5 0 2 10 6 , , 7 2 0 5 0 0 1 1 3 4 , , 1 2 9 4 0 4 7 8, , 4 6 6 3 0 5 9 9, , 1 0 4 5 1 9 September, 2, 229, 500 115, 695 114, 659 18, 400 16, 083 12, 000 18, 067 5,800 8,870 16, 800 12, 783 8,160 6,837 October 2, 230, 536 127, 780 99,125 16, 000 14,164 19, 960 17, 023 9,040 8,627 15, 950 13,162 13, 875 6,586 November. 2, 259,191 109, 072 11, 900 13, 118 13, 940 26, 410 6,640 9,067 8,200 11,472 12, 200 5, 224 December.. 2, 246, 739 213, 725 215, 503 41, 200 19, 884 32,180 107,392 31, 000 12, 399 14, 500 12, 476 17, 820 10,187 Total: 1924. 1, 276, 592 1, 853, 958 193, 350 207,356 214, 580 398, 875 144,160 184,333 132,900 184,004 103, 710 120, 368 1923. 1, 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 s Outstanding: Jan. 1, 1925.. 2, 244,961 241,102 528,118 215, 664 230, 609 101, 217 Jan. 1, 1924.. 2,822,327 255,108 712.413 255, 837 281, 713 117,875 1 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 w Jan. 1, 1919.. 2,859,844 168, 986 819, 016 241, 871 266, 520 150, 998 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Atlanta Chicago St. Louis Minneapolis Kansas City Dallas San Francisco Month Issued Retired Issued Retired Issued Retired i Issued Retired Issued Retired Issued Retired Issued Retired January.. 3,390 15, 372 7,240 52,456 6,247 ! 1,790 3,743 800 7,920 2,147 11,552 20, 443 February. 6,915 7,155 5,340 43, 536 1,200 3,157 | 7,250 1,809 5,080 2,533 2, 92.0 4,059 5,900 7,064 March 9,795 7,190 2,000 26, 965 1,640 3,421 | 2,270 3,336 3,100 2,994 2, 605 2,979 7,620 10,786 April 11,030 8,162 5,600 35, 775 400 3,295 ' 2,030 3,455 2,300 2,394 7,970 2,288 8,480 13,145 May.... 5,470 6,168 9,700 40,125 1,000 4,108 10, 910 8,423 2,840 3,202 5,210 5,734 11, 080 11, 954 June 3,897 6,187 6,700 16, 636 3,356 2,375 4,184 2,800 3,852 1, 380 5, 534 15, 380 11, 814 July.... 3,700 7,018 5,800 33,130 3,338 3,115 5,461 2,800 7,791 1,620 4,020 10,420 11,981 August. 7,223 4,576 7,000 19,334 3,251 2,265 3,734 3,860 2,765 7,200 2,557 8,120 17,030 September. 9,875 5,869 7,000 21, 905 2,716 4,680 2,872 4,580 3,457 10, 680 2,639 17, 720 12, 561 October 7, 500 5,836 7,500 11,409 2,600 2,738 7,025 2,274 7,920 3,616 7,290 2,595 13,120 11,095 November. 7,950 4,856 6,000 16, 753 3,300 2,840 3,910 2,521 3,300 1,120 2,871 15, 080 10, 640 f December.. 21, 780 11, 398 15,000 15, 797 3,400 2,731 | 4,410 4,550 5,620 3,161 5,295 3,546 21, 520 11, 982 Total: 192.4. 98, 525 89, 787 84,880 333, 821 13, 540 41,198 52, 030 46, 362 46, 985 55,437 50, 374 135, 400 150,495 1923. 129,464 106, 515 306, 840 314,815 33,220 54, 000 40, 205 33, 670 39, 830 38, 894 52, 240 37, 382 148,164 150, 081 1 1 9 9 2 2 2 1. _ 14 9 8 8 , , 7 9 8 4 0 0 20 9 0 2, , 2 0 8 5 1 6 3 29 2 3 9 , , 1 9 4 8 0 0 305, 755 7 6 4 3 , , 9 4 6 3 0 0 1 6 1 4 6 , , 4 2 9 4 5 8 3 4 9 3 , , 2 3 6 6 5 1 6 41 0 , , 1 2 7 0 4 5 4 36 5 , , 1 7 8 3 0 0 4 7 1 9 , , 0 4 1 1 0 7 3 2 3 5 , , 6 76 8 2 4 2 70 9 , , 4 9 2 7 1 8 2 1 4 9 1 3 , , 9 6 0 2 5 0 2 21 5 3 5 , , 4 2 8 3 7 3 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 98, 426 39, 990 50, 272 57, 900 67, 662 55, 730 37, 581 186, 330 135,544 Outstanding: Jan. 1, 1925. 166,830 213, 687 64, 600 74, 836 81, 639 63, 722 262, 937 Jan. 1., 1924. 158, 092 462, 628 92,258 69,168 80, 544 58, 659 278, 032 J J a a n n . . 1 1. , , 1 1 9 9 2 2 3 2 . . 1 12 3 8 5 , , 1 6 4 4 3 4 4 4 7 4 0 7 , , 6 2 0 1 3 8 1 1 1 1 4 3 , , 1 0 0 3 3 8 6 60 2 , , 4 6 7 3 7 3 7 7 9 5 , , 4 6 3 0 8 8 4 3 3 9 , , 8 5 0 3 1 8 2 29 7 9 9 , , 9 2 4 7 9 7 Q Jan. 1, 1921. 179, 760 634,237 155,391 81, 386 118,125 84, 754 313,144 Jan. ., 1920. 160,108 535, 459 164,719 88, 443 110, 555 78, 644 280, 024 GO Jan. 1, 1919_ 123, 620 450,938 129,120 98, 725 120, 317 60,495 229, 238 Co Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 37.—FEDERAL RESERVE NOTES: ISSUED, RETIRED, AND OUTSTANDING, BY DENOMINATIONS [In thousands of dollars] Total Fives Tens Twenties Fifties Hundreds hu F n i d v r e eds Thousands tho F u i s v a e nds tho T us e a n nds Issued to banks: 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, 515 527,665 807, 561 796, 030 155, 588 92, 639 22, 757 55,955 9,000 15,320 1920 2 215,254 431, 450 568, 800 779, 060 184, 240 120, 755 27, 214 78,905 10, 700 14,130 1921 . .. 2,049,637 473,930 654, 842 661,485 103, 069 90,113 15, 791 31,807 8,200 10,400 1922 1,949, 595 507,890 583, 790 577,310 122. 465 82,805 19,196 38,469 7,380 10,290 1923 1, 797, 393 479, 200 499,155 570,560 ! 128,298 54, 461 11, 235 50, 474 2,060 1, 950 1924 . . . _. . „._._. 1,276, 592 567,940 248,140 329,037 62. 282 37,690 5, 693 13, 990 2,230 9,590 Total__ .. . . 15, 562,380 3, 724,471 4, 577,320 5,033,804 1,000,335 745,714 101,886 277,600 39,570 61,680 Returned to agents: 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 1922 . . , 1,914,195 418, 291 558,128 618, 255 133,373 101, 646 15,809 42,148 12,455 14,090 1923 1,792,257 424,533 553,062 577,059 114, 217 58, 563 9,776 36,492 8,625 9,930 1924 . 1,853,958 599,522 460, 588 559, 083 121,141 70,324 11,900 24, 740 3,080 3,580 Total 13,317,419 3,200, 667 4, 099, 554 4,340,426 810, 330 542, 219 64,171 182, 992 33, 020 44,040 Outstanding Dec. 31: 1915 214,125 80,029 77, 407 40, 704 7,055 8,930 1916 300,110 102,897 99,767 74,267 9,893 13.286 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 1921 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 1924 2,244,961 523,804 477, 766 693, 378 190,005 203,495 37, 715 94,608 6,550 17,640 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE NOTES 75 Ho. 38.—FEDERAL RESERVE NOTES: COLLATERAL PLEDGED WITH FEDERAL RESERVE AGENTS AS SECURITY FOR FEDERAL RESERVE NOTES ISSUED TO BANKS, BY WEEKS [In thousands of dollars] Collateral pledged as security Excess Federal colreserve Gold and gold certificates lateral notes pledged Date i F s r b s e e u a s d e e n e r d k r v s a t e o l Total Eligible Total In vault tio d I U n n e . m f r S u e p . - n - d R F In f e e u d s g n e e o d r r l v a d e l r F a e e w g s d i e e e n t r r t h v a s e l Treasury Board 1924 Jan. 2. 2,805,972 3,192,028 1,082,313 2.109, 715 326, 584 125, 237 1, 657, 894 2, 756, 251 2,992,014 885, 309 2,106, 705 326, 584 115, 533 1, 664, 588235,763 16.. 2, 710, 213 2,929, 362 2,130,879 326,584 120,474 1, 683,821 219,149 23... 2, 646, 876 2, 887,962 784, 485 2,103, 477 327, 584 119, 072 1, 656, 821241,086 30... 2,605, 244 2,892,107 764,932 2,127,175 327, 584 114, 542 1,685,049 286.863 Feb. 6.. 2, 589, 519 2,843, 521 745, 691 2, 097, 830 327, 584 124, 096 1, 646,150 254, 002 13.. 2, 570, 377 2, 935,151 795, 238 2,139, 913 327, 584 117, 215 1, 695,114 364, 774 20.. 2, 555, 412 2,833, 667 717, 005 2,116, 662 328,184 121,925 1,666, 553 275, 511 27.. 2, 550,102 2,862,441 753, 317 2,109,124 328,184 122, 915 1, 658,025 308,093 Mar. 5. 2, 537, 203 2, 760,412 710,106 2,050, 306 328,184 116, 702 1, 605,420 223, 209 12... 2, 521, 424 2, 739,932 693,236 2,046,696 328,184 115, 728 1, 602, 784218. 508 19. 2, 507, 758 2, 694, 254 596,084 2, 098,170 117, 558 1, 649, 673 186,496 26. 2,489,943 2, 736, 789 654,130 2,082, 659 329, 729 119,989 1, 632,941 246,846 Apr. 2__ 2, 473,160 2,688,814 714,190 1,974, 624 329, 729 113, 724 1, 531,171 215, 654 9__ 2, 467, 323 2,690,899 706,845 1, 984,054 329, 729 124, 769 1, 529, 556223, 576 16.. 2, 445, 344 2,618,148 620, 784. 1,997,364 329, 729 116,157 1, 551,478 172,804 ?3._ 2, 438, 680 2, 639, 072 591, 602 2, 047,470 331,939 112,153 1, 603, 378200, 392 30.. 2,444, 073 2, 634, 348 546, 031 2,088, 317 335,864 1, 628, 584190,275 May 7.. 2,440, 306 2,617, 005 506, 229 2.110, 776 335,864 114, 397 1, 660, 515176, 699 14.. 2,419, 055 2,604,465 469, 253 2,135, 212 335,864 112, 704 1,686, 644 185,410 21.. 2, 396,475 2, 562, 324 2,113, 340 335, 864 118, 743 1, 658,733 165,849 2, 376, 708 2, 599, 323 495,460 2,103,863 335,864 113,172 1, 654,827 222, 615 June 4__ 2, 374,943 2, 526,767 437, 634 2, 089,133 335, 864 113,963 1, 639, 306151,824 11.. 2, 363, 666 2, 495, 717 404, 656 2, 091,061 335, 864 110, 243 1, 644,954 132,051 2 1 5 8 . . . . 2 2 , , 3 3 3 5 9 6 , , 9 9 2 1 24 2 2 , , 5 5 0 1 1 6 , , 0 0 0 6 3 0 3 3 9 8 7 2 , , 9 0 1 9 0 8 2 2, , 1 1 1 1 8 8 , , 0 9 9 6 3 2 3 3 3 3 4 4 , , 6 6 0 0 4 4 1 1 1 0 5 8 , , 9 8 8 1 6 7 1 1, , 6 6 7 6 4 8 , , 6 3 7 7 2 2 1 1 5 6 9 1 , , 8 0 3 1 6 2 July 2__ 2,340, 363 2, 532, 274 405, 588 2,126, 686 334, 604 110,410 1, 681, 672191,911 9_. 2, 340, 752 2, 461, 525 361, 690 2, 099,835 333, 604 120, 299 1, 645,932 120, 773 16... 2, 318, 510 2, 442,462 331, 289 2, 111, 173334,679 113, 690 1, 662, 804 123, 952 23.. 2, 290, 760 2, 414,147 313, 721 2,100, 426 336, 679 115, 993 1, 647, 754123,017 30.. 2, 273, 563 2, 385,178 305,131 2, 080, 047 334, 779 107, 927 1, 637, 341 111,615 Aug. 6.. 2,249,160 2, 364, 400 284, 985 2,079,415 335, 704 112, 602 1, 631,109 115, 240 13.. 2, 249, 231 2, 357, 919 276, 937 2, 080, 982 334, 704 117, 676 1, 628, 602108, 688 2 27 0 . . . _ 2 2 , , 2 2 3 3 6 2, , 2 3 0 0 2 5 2 2 , , 3 3 6 5 2 3 , , 1 0 0 5 7 3 2 3 7 0 7 2 , , 4 4 9 3 3 3 2 2 , , 0 0 5 7 9 5 , , 6 6 2 1 0 4 3 3 3 3 1 1 , , 5 5 0 0 4 4 1 1 1 0 3 7 , , 7 6 3 2 6 1 1 1 , , 6 62 3 0 0 , , 4 3 8 8 9 01 1 2 1 9 6 , , 8 8 5 0 1 2 Sept. 3.. 2, 234, 260 2, 376,138 356, 952 2, 019, 186 331, 504 105,088 1, 582, 594 141,878 10.. 2, 249, 824 2, 372, 893 337, 282 2, 035, 611 331, 504 111,360 1, 592, 747123,069 17. 2, 247, 075 2, 387, 001 348, 369 2, 038, 632 331, 504 113, 459 1, 593, 669 139, 926 24.. 2, 236,419 2, 372, 686 341, 280 2,031,406 331, 504 1, 585, 233136, 267 114, 669 Oct. 1... 2, 232,463 2, 411,191 2,027, 304 331, 505 115, 626 1, 580,173 178, 728 2,250,137 2,408, 257 423, 364 1,984, 893 331, 504 111, 364 1, 542,025 158,120 15.. 2, 244, 368 2,414,054 439, 255 1,974, 799 331, 504 113, 625 1, 529,670 169, 686 22. 2, 250, 435 2, 384, 574 378, 374 2, 006, 200 331, 504 112, 523 1, 562,173 134,139 29.. 2, 256, 452 2, 422,124 417,904 2,004, 220 306, 504 113, 756 1, 583,960 165,672 Nov. 5. 2, 252, 367 2,437, 547 448, 334 1, 989, 213305, 504 118, 555 1, 565,154 185,180 12. 2, 255, 532 2,426, 676 456, 665 1, 970,011 290, 504 117, 372 1, 562,135 171,144 19. 2, 254,425 2,421,143 487,162 1, 933,981 289, 504 111,111 1, 533, 366166, 718 26. 2, 248, 213 2,405,077 478,862 1,926, 215 289,104 122, 731 1, 514, 380156.864 Dec. 3.. 2, 262, 896 2,477, 350 571, 620 1,905, 730 279,104 113, 627 1, 512,999 214,454 10.. 2, 200, 892 2,414, 571 578, 283 1, 836, 288 278, 904 113, 954 1,443,430 213, 679 17.. 2, 216, 729 2, 399, 517 577,093 1, 822,424 278, 904 118, 314 1,425,206 182, 788 24.. 2, 253,234 2,490,083 742,865 1, 747, 218 278, 494 116, 771 1, 351,953 236, 849 31.. 2, 244, 961 2, 371, 099 668, 793 1, 702, 306 279, 494 114,918 1, 307,894 126,138 Dec. 26, 1923. 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 2,198, 846 353, 657 133,090 1, 712,099 200, 687 Dec. 28, 1921. 2, 796, 540 3,092, 876 1, 246, 5071, 846, 369 349, 013 115,832 1, 381, 524296, 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 Dec. 27, 1918. 2,855, 604 3, 244, 666 1, 956, 3571, 288, 309 246, 327 81, 951 960,031 389,062 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 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

VOLUME OF DISCOUNT AND OPEN-MARKET OPERATIONS OF FEDERAL RESERVE BANKS No. 39.—DISCOUNT AND OPEN-MARKET OPERATIONS: VOLUME, BY CLASSES [In thousands of dollars] 3 Bills discounted for member banks Acceptances purchased in United States securities purchased open market in open market Munic- > ipal Feder b a a l n r k eserve T c o la ta s l s e ( s a ) ll 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 tu C c a r n o i a g a . l m r l e i p a c m . a u n s e p l d . - r e - r, m d s a D r i a a g n e n f d h - t d t s a B a c e n a c r c e n s e p ' k s t - - a T a c n r c a c e e d p s e t- Total Bankers' Trade Total Bonds T n u r o e r t y a e s s - c i C e n a d e d t n e r e t s e i b f s o t i s - f - 3 ch r w p a a u n a s r e r t - - s d 4 1 1924 Boston 1,225,078 8J22,170 510,012 311,240 918 259,498 259,498 143,410 1,957 51,004 90,449 New York 9,419,418 7,030,842 6, 522,347 503,964 47 4,484 1,077,399 1,068,947 8,452 1,304,131 11,237 241,249 1,051,645 7,046 Philadelphia 1,417,682 1, 264, 030 1,049, 272 214,087 671 89,140 89,140 60, 579 946 25,434 34,199 3,933 Cleveland 1,577,400 1, 348, 025 1,102, 202 237,107 307 8,409 116,070 116,070 112, 603 10,211 53,211 49,181 702 Richmond 1, 373,844 1,357, 776 1, 046, 866 301,586 285 9,039 9,399 9,399 6,327 150 3,620 2,557 342 Atlanta,. 629,824 550,312 206,976 i 336,844 1,557 4,935 59, 621 59, 621 19, 627 7,462 6,492 5,673 264 Chicatzo 1,427,923 1,035, 261 751, 741 282, 280 1,240 164,045 164,045 227, 723 19,075 99, 785 108,863 894 St. Louis 685,404 605,118 340, 460 233, 697 26,069 20 4,872 50, 732 50, 732 29, 260 1,264 13,773 14,223 294 Minneapolis..- . _ _ 260, 529 100, 354 57, 476 42, 503 357 18 15,834 15, 834 144,118 51, 637 49, 523 42,958 223 Kansas City 340, 582 227, 744 139,025 88, 044 412 263 50, 625 50, 625 61,437 11, 936 23, 987 25, 514 776 Dallas 304,115 148, 383 62, 995 67, 632 17,066 30 660 102,846 102,846 52, 658 3,438 28,472 20, 748 228 San Francisco 1,201,674 929,140 667, 203 2 258,143 853 125 2,816 176, 933 176, 933 95,145 3,183 54,889 37,073 456 Total 19,863,473 15, 419,155 12, 456, 575 2,877,127 46, 621 507 38, 325 2,172,142 2,163, 690 8,452 2,257,018 122, 496 651,439 1,483,083 15,158 1 Includes $250,000 discounted for the Federal Intermediate Credit Bank of Columbia, S. C. 2 Includes $850,000 discounted for the Federal Intermediate Credit Bank of Berkeley, Calif. 3 Includes special certificates of indebtedness issued to the Federal reserve banks by the Secretary of the Treasury. includes foreign loans on gold as follows: New York, $1,746,000; Philadelphia, $582,000; Cleveland, $702,000; Richmond, $342,000; Atlanta, $264,000; Chicago, $894,000;|St. Louis, $294,000; Minneapolis, $216,000; Kansas City, $276,000; Dallas, $228,000, and San Francisco, $456,000; also Federal intermediate credit bank debentures—New York, $5,300,000; Philadelphia, $3,300,000, and Kansas City, $500,000. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 40,—DISCOUNT AND OPEN-MARKET OPERATIONS: MONTHLY VOLUME, BY CLASSES [In thousands of dollars] Bills discounted for member banks Acceptances purchased in United States securities purchased i open market Municipal Month Total (all Total c M o n b l e l o a m a n t t e e b k s r e a r l tu C c a r n o i a g a . m l r l e i p a m . c a n u s e p d l . r - e - r, m d s a D r i a a g n e n f - d h t d t s a B a c e n a c r c n s e ' e p k s t - - a T a c n r c a c e d e p s e t- Total Bankers' Trade Total Bonds T n u r o e r t y a e s s - in C d c n e e a o r e b t t s f e i t s f s e i d - - c r w h p a a u a n s r r t e - - s d3 1924 January. 2, 612, 539 2, 295, 565 1,859,934 418,112 13,330 86 4,103 231,941 230,292 1,649 85,033 1,658 53, 881 29,494 February--- 2,811, 485 2,462,407 2,093,905 356, 042 8,212 116 4,132 289,138 286, 892 2,246 59, 840 3,606 47, 084 9,150 100 March 2, 491,195 1, 709,329 1, 310, 777 4,176 75 4,366 197, 714 195, 815 1,899 584,101 3,833 75, 778 504,490 51 April 2,164, 953 1,935, 590 1,413,778 514,120 2,542 147 5,003 148,458 147, 046 1,412 80,905 6,258 56,777 17,870 May 1, 559, 961 1,403, 502 1, 071,315 327,144 1,235 73 3,735 83,492 82,623 72,467 6,523 47,461 18,483 500 June 1, 034, 596 702,889 475, 914 223, 091 364 10 3,510 52, 017 52, 017 278,940 9,848 101, 032 168, 060 750 July 901, 940 733,457 575,298 154,820 323 3,016 60,136 60,136 108, 347 16, 592 76, 094 15. 661 August 543, 599 428, 508 332, 387 93,971 427 1,723 57, 354 57,354 57, 237 5,038 39, 851 12^ 348 500 1 September- 1,138, 133 700,125 607, 111 88,614 2,493 1,907 113, 773 113, 623 150 319, 035 9,098 24, 257 285,680 5200 October 1,180, 438 839,900 748,806 83,668 5,110 2,316 275,469 275,469 63, 262 14,483 7, 281 41, 498 1,807 November.. 1, 089,168 724,757 617, 348 101,274 4,081 2,054 301, 671 301, 502 169 62, 740 8,241 26, 051 28,448 9 December.. 2,335, 466 1,483,126 1, 350, 002 126,336 4,328 2,460 360,979 360,921 58 485, 111 37,318 95, 892 351, 901 6,250 Total: 1924 19, 863, 473 15, 419,155 12,456, 575 2 2, 877,127 46,621 507 38,325 2,172,142 2,163, 690 8,452 2, 257, 018 122,496 651,439 1,483, 083 15,158 1923 44,428,375 38, 379,926 29,916, 868 * 8,340,676 67,457 3,532 51,393 2, 547, 010 2, 533,470 13, 540 3, 500,903 5 77,487 671, 379 2, 752, 037 536 1922 28, 543, 552 22, 082, 887 15, 683,483 6,351, 716 3,416 44,272 1, 954,688 1,948, 379 6,309 4, 505, 801 5 350,196 818,972 3, 336, 633 176 n 1921 63,141, 608 57,759,128 31, 229,142 26,343,947 57, 095128,944 1, 534,401 1, 527, 235 7,166 3, 847, 094 5 38, 532 3, 742, 664 985 1920 96, 527, 548 85,320, 874 55, 565,447 29, 376,108 187,162 192,157 3, 218,364 3,143, 737 74,627 7, 988, 310 «332 J, 987,978 1919 86, 737, 067 79,173,970 72, 548, 008 6,415,899 71, 643 138,420 2, 825,177 2, 788, 619 36, 558 4, 737, 920 51, 757 4, 736,163 1918 47,414, 531 39, 752, 934 33, 007,788 6,537,833 19,940 187,373 1, 809, 539 1,748, 503 61, 036 5,850, 348 73, 996 520 5, 775, 832 1,710 1917 10,152,126 7,742,806 1,188,414 (7) 37,771 «1, 077, 713 1, 046, 765 30,948 88,600 81, 537 7,063 16,822 1916 741,402 207,871 38, 967 163,692 5,212 386, 095 369, 762 16,333 56, 750 56,450 300 1915 307, 771 161,353 159, 394 1,959 64,845 64, 814 31 15, 714 15, 714 65,859 1914 _22,293 21411 21,411. 205 205 677- 1 Prior to 1922 figures include securities, if any, purchased from other Federal reserve banks in addition to purchases in open market. Separate figures not available. 2 Includes $250,000 discounted by the Federal reserve bank of Atlanta for the Federal Intermediate Credit Bank of Columbia, S. C, and $850,000 discounted by the Federal Reserve Bank of San Francisco for the Federal Intermediate Credit Bank of Berkeley, Calif. 3 Includes $6,000,000 of foreign loans on gold during December and Federal intermediate credit bank debentures as follows: February, $100,000; May, $500,000; June, $750,000; August, $500,000; September, $5,200,000; October, $1,800,000; and December, $250,000. • Includes $250,000 discounted by the Federal Reserve Bank of Atlanta for the Federal Intermediate Credit Bank of Columbia, S. C, and $2,000,000 discounted by the Federal Reserve Bank of San Francisco for the Federal Intermediate Credit Bank of Berkeley, Calif. 6 Includes Victory notes. « Exclusive of certificates of indebtedness. 7 Included with '-'commercial and agricultural paper, n. e. s." « Figures not available. »Includes $170,072,483|of acceptances'purchased from the Federal reserve banks of Boston and New York by other Federal reserve banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 41.—DiscpUNT AND OPEN-MABKET OPERATIONS: VOLUME, BY MONTHS 00 [In thousands of dollars] Prior years Federal reserve bank January February March April May June July August Sep be t r em- October No b v e e r m- De b c e e r m- Year 1923 1922 1924 Boston 163,089 166, 892 179, 778 117,495 65, 393 71,183 43, 680 41, 959 60, 784 47,605 106,304 160,916 1,225,078 4,161,284 2,727, 701 New York 1, 279,602 1, 567,196 1,171, 776 1,050,144 694,177 256, 224 384, 472 167, 954 589,381 604, 626 453,436 1,200,430 9,419,418 20,807, 603 12, 943; 576 Philadelphia.- 200, 516 187, 556 169, 777 140,148 102,230 99, 825 74, 765 57, 756 56, 744 73,216 82, 236 172,913 1,417,682 3,169, 277 2,747, 268 Cleveland 149, 976 175, 212 139, 849 186,164 147,483 130, 044 66,002 46, 588 101, 666 82, 506 108,088 243,822 1,577,400 2, 979,171 1,826, 779 Richmond 174, 618 148, 013 182, 921 171,431 114,722 96, 595 98, 650 49,185 102, 303 83,160 57, 836 94,410 1,373,844 3,021,880 1,465,127 Atlanta 94,578 74, 590 86, 545 70,163 57, 340 48, 316 25, 273 24,817 29,490 43, 636 35, 961 39,115 629,824 895, 784 546, 954 Chicago 172, 534 159, 589 212,582 138, 700 148, 282 112, 001 57, 718 51, 657 62, 793 70,020 77, S"" 164,061 1,427,923 3,291,63l| 2,423,127 St. Louis 111,972 90,144 90, 673 73, 837 59, 531 37, 943 31,789 26,633 32, 510 38, 802 36, 714 54,856 685,404 1,793,1081 1,040,436 Minneapolis--. 31, 295 19, 684 27, 027 27, 230 30, 244 26, 344 20,190 13,255 14, 841 24, 656 8,533 17,230 260,529 386, 7111 273, 513 H Kansas City... 62,497 43, 423 54. 849 31,140 22, 530 25, 465 15, 466 7,436 12,648 16,809 16,127 32,192 340,582 1, 008, 866! 414, 540 W Dallas 39,469 34, 472 24, 836 18,445 17,818 29,419 23,467 18, 229 18, 595 23,662 21,701 34,002 304,115 417, 702i 273,560 San Francisco.. 132, 393 144, 714 150, 582 140, 056 100, 211 101, 237 38,130 56, 378 71, 740 84,2i6 121,519 1, 201, 674 2,495,358! 1,860,971 Total: 1924-.-. 2,612,539 2,811,485 2, 491,195 2,164, 953 1,559,961 1, 034,596| 901, 940 543,599 1,138,133 1,180,438 1,089,168 2,335,466 19,863,473 1923 5,612,099 4,024,196 3,970. 254 3, 543, 495 3, 876, 835 3, 575,386|3, 765, 9513, 296, 5022, 980, 5493, 096, 4303,111,979 3,574,699 44,428, 375 1922.... 2,646,595 2, 522, 410 2, 597,127 1, 646, 968 1,382,349 2,101, 43211, 586, 3991, 469,0691,915, 5872,812,551 3,397,6911 4,465,374 28, 543, 552 1921 8,654,134 8, 309,185 7, 967, 010 5, 084, 648 5,040, 858 4, 799, 5343, 847, 0053, 663,1633, 650, 2633, 729, 5813,525,792! 4,870,435 63,141,608 1920.--. 7,186,317 7,122,048 8, 770,100 7, 474, 47r 6, 452, 944 7,800,839 7, 518, 9078, 366, 5718, 447, 2678, 013, 2768,715,06l|10,659,740 96, 527, 548 11991199--,,---- 77,,002255,,333366 5, 454, 819 5, 706, 085 6,125, 884 7, 620,107 6, 771,9137, 692,8256, 808, 7478, 801, 2928, 468, 0327, 812,081 8,449, 94686, 737, 067 1918 1,52255,998855 1, 443, 795 1,993,080 2, 605, 720 3,309, 207 3, 655, 6G43, 490, 0373, 955,6124, 953, 9696, 793, 0195, 569, 709 8,118, 73447,414,531 1917_..J 49,105 99, 503 66, 495 95, 739 174,129 887, 502 547, 434 297,024 678, 0632, 770,8063,394,417 1,091,909 10,152,126 1916 37,151 40,029 50, 981 50,861 48, 200 60, 785 64, 355 47, 902 58, 680 63, 282 79, 645 139, 531 741,402 1915 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 1 Prior to 1922, figures include securities, if any, purchased from other Federal reserve banks in addition to purchases in open market. Separate figures not available. w 2 Includes $170,072,483 of acceptances purchased from the Federal reserve banks of Boston and New York by other Federal reserve banks. Excludes purchases of United States o certificates of indebtedness, figures of which are not available. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No, 42.—BILLS DISCOUNTED: VOLUME, BY MONTHS [In thousands of dollars] Total reduced to a common maturity basis (exclusive of demand and Federal reserve bank January Fe a b ry ru- March April May June July August Septem- October No b v e e r m- De b c e e r m- Total sight drafts) l 8 Per cent Amount of total O 1924 Boston 123, 722 135, 494 117, 779 87,500 51,355 40,703 28, 764 33,134 27,523 20, 025 55,306 100,865 822,170 675,150 4.4 New York 1,159,498 1, 398,139 667,831 949, 737 625,130 135, 502 305, 042 116,154 292, 594 435,431 288, 097 657, 687 7, 030,842 3, 028, 648 19.7 Philadelphia- 173,709 169, 708 143, 648 131, 204 92,800 79, 550 72,817 54,655 54, 209 60,840 67,372 163, 518 1, 264, 030 1, 081,700 7.0 Cleveland 131, 595 160,635 113, 876 175, 424 139,278 102,148 52,663 40, 787 81,474 62,060 86, 518 201, 567 1, 348, 025 1,152,628 7.5 o Richmond 170,721 144, 750 180,883 169, 591 113,847 96,067 98,650 48, 807 101,948 83,120 57, 689 91,703 1,357, 776 1,387, 002 9.0 Atlanta | 82,427 62, 315 75,186 65, 369 53,484 45,932 22,179 23, 022 25, 592 36, 979 27, 330 30,497 550,312 1,658,485 10.8 Chicago I 134,705 123, 712 145, 040 107,125 129,838 65,101 44,554 38, 921 38,130 44,537 50, 243 113, 355 1, 035, 261 2, 224, 710 14.5 St. Louis i 109,061 85, 059 80,905 71, 556 58, 554 30, 634 27, 752 24,190 25,739 30,705 26, 263 34,700 605,118 1,307,946 8.5 Minneapolis I 18,382 11, 686 11, 872 13,414 15, 294 6,492 6,799 3,720 2,605 2,400 2,325 5,365 100, 354 416,623 2.7 Kansas City 59,222 34,604 36,850 26, 466 19, 099 13, 397 9,200 4,203 4,337 5,637 4,931 9,798 227,744 705,264 4.6 Dallas 21,439 13, 698 8,143 13, 544 14,174 12,409 15,949 14,633 11, 502 9,692 5,110 8,090 148,383 448, 046 2.9 W San Francisco 111, 084 122, 607 127, 316 124, 660 90,649 74,954 49, 088 26, 282 34,472 48, 474 53, 573 65,981 929,140 1, 286, 332 8.4 H Total: 1924. _._ 2, 295, 565 2,462,407 1, 709, 329 1,935, 590 1,403, 502 702,889 733,457 428,508 700,125 839,900 724, 757 1,483,126 15, 419,155 15,372, 534 100.0 o 1 1 9 9 2 2 2 3 3 2, , 6 3 9 4 1 5 , , 2 3 5 65 9 3 2, , 0 7 8 2 0 0 , , 3 5 7 4 2 73 1 , , 5 7 1 5 9 3 , , 7 0 0 9 0 8 3 1 , , 2 3 9 0 1 8 , , 0 0 7 5 1 5 3 1 , , 1 5 1 32 3 , , 9 5 3 1 0 3 3 1 , , 1 0 5 9 9 8 , , 3 1 1 3 8 13 1 , , 4 31 8 Z 7 , ,4 6 0 0 7 2 3 1 , , 0 0 5 9 2 4 , , 0 3 5 0 0 7 2 1 , , 6 2 2 6 1 7 , , 9 3 6 5 1 8 2 2 , , 1 7 7 94 2 , , 1 8 1 5 4 2 2 3, , 1 6 5 7 5 6 , , 7 7 9 7 9 53 2 , , 3 8 1 9 5 3 , , 5 6 9 3 3 6 J 2 3 2 8 , , 0 3 8 7 2 9 , , 8 9 8 2 7 6 I 1921-___ 8, 258,163 8,120, 8497,368, 268 4,912,652 4,253, 864 3,674,977 3, 735, 0783, 513, 063 3, 033,109 3,489,268 3, 231, 271 4,168, 56657,759,128 1920 6, 241, 271 6, 517, 4396,970,33l! 6, 229, 740 6,135,984 6, 336, 6426,714,924 7,982,524 7, 298, 972 7, 548,456 7,882, 933 9,461, 658 85, 320, 874 1919 5,994,382 4,980,936 5,473, 56415,901,402 7,385,833 6,328,912 7,183, 4356,433, 662 6,726,155 8, 060,318 7, 414,498 7, 290, 873 79,173, 970 1918.— 762,445 754,934| 2,172, 580 2,993, 019 3,137, 2263,343,458 3, 762, 259 4,685,140 5, 903, 963 5,154, 5976, 215, 083 39, 752,934 1917 18,326 22,409 26, 789 50, 056 91,413 750,270 460,733 220,940 548,164 2,681,166 3,206,487 892,238 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 1 Total discounts multiplied by ratio of average maturity of bills discounted by each bank to average maturity (12.39 days) for system. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 43.—MEMBERJBANKS ACCOMMODATED THROUGH DISCOUNT OPERATIONS: NUMBER, BY MONTHS CO o Prior years 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 1923 1922 1024 Boston 202 209 213 199 179 174 130 129 120 110 145 180 317 313 330 New York 372 373 373 355 360 335 283 241 255 259 299 369 593 590 544 Philadelphia 327 320 308 308 308 282 262 296 260 271 299 356 525 532 538 Cleveland 311 259 278 308 302 302 274 263 252 264 259 318 485 470 540 Richmond _. - . 272 277 305 344 355 356 330 297 301 285 254 246 463 453 491 Atlanta 258 265 272 274 287 284 273 285 287 277 258 218 390 351 353 Chicago .. 634 609 591 639 620 587 553 471 491 514 489 525 922 973 1,129 St Louis 264 246 261 275 268 260 244 236 239 236 207 197 391 362 400 Minneapolis 298 217 207 236 268 265 254 197 123 94 95 100 476 559 706 Kansas City - -. _ 349 321 307 347 334 321 262 168 162 146 108 113 586 653 733 Dallas 112 128 154 196 264 290 311 275 146 83 52 37 492 617 661 San Francisco .. 264 241 247 263 250 250 256 194 150 124 108 124 420 460 531 Total: 1924 3,663 3,465 3,516 3,744 3,795 3,706 3,432 3,052 2,786 2,663 2, 573 2,783 6,060 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 1922 5, 350 4,847 4.701 4,738 4,636 4,436 4,167 4,042 3,944 3,793 3,859 3,873 6,956 1921 5,293 5,107 5,320 5,568 5,632 5,745 5,607 5,453 5,427 5,572 5,622 5,676 7,415 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 398 469 570 606 693 813 760 711 761 794 835 754 1,920 1914 132 339 ift s Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DISCOUNT AND OPEN MARKET OPERATIONS 81 Ho. 44.—DISCOUNT OPERATIONS, BY STATES: VOLUME OF DISCOUNTS, NUMBER OF MEMBER BANKS, AND NUMBER ACCOMMODATED [Amounts in thousands of dollars] Number of member Number accommo- Total amount of paper disbanks on Dec. 31 dated during— counted Division and State 1924 1923 19221924 1923 1922 1924 1923 1922 United States 9,916 6,060 6,333 6,956 15,419,155 38,379,926 22,082,887 New England: Maine 62 64 42 40 41 42,267 49,002 42,621 New Hampshire 54 55 56 42 42 43 42,453 60,722 40,246 Vermont _. 46 47 48 36 29 34 18,024 27,118 21,409 Massachusetts 182 183 185 148 153 164 645,969 3,395, 562 2,068, 564 Rhode Island 21 20 20 13 13 11 ! 16,117 30,023 16,392 Connecticut 66 67 67 45 46 46 j 63,955 102,832 87,401 Middle Atlantic: New York... 632 620 603 436 433 408 '6,653,107 17,408,097 8,837,014 New Jersey 313 299 282 221 220 198 528,775 738, 692 506, 559 Pennsylvania _. 953 935 592 587 630 1,888,144 4,118,888 3,078,672 East North Central: Ohio. 447 456 457 281 307 I 933,910 669,974 Indiana 268 272 274 169 176 185 i 112, 549 201, 529 157,255 Illinois _. 583 591 591 342 335 390 402,748 1, 328,285 694,581 Michigan 286 284 283 177 185 212 378, 601 783,676 540,791 Wisconsin 187 187 190 95 107 127 94, 665 144,786 93,439 West North Central: Minnesota 364 375 377 139 161 222 64,095 232,199 97,457 Iowa 446 455 459 303 333 400 122, 560 181,396 198,467 Missouri 192 192 18.1 123 121 126 279,964 1,118, 523 290,008 North Dakota. 174 188 188 106 118 145 12, 030 14, 276 20,768 South Dakota 133 147 153 95 105 127 13,448 19,594 27,885 Nebraska... 187 194 198 133 149 146 50,305 173,458 85,134 Kansas 265 278 274 118 128 138 20, 994 32,926 30,200 South Atlantic: Delaware 22 22 22 15 17 19 5,976 11,578 16,731 Maryland 91 94 94 58 62 72 160, 308 485,142 269,905 District of Columbia 15 15 15 11 12 11 105,456 613, 041 284, 791 Virginia 196 195 192 155 146 150 507, 935 1,235,751 West Virginia 142 142 140 92 75 89 260, 940 206,836 124,432 North Carolina 95 97 104 80 87 85 308,177 358,458 131,470 South Carolina 100 103 104 78 81 96 i 55,981 i 46,491 102, 574 Georgia 172 184 188 156 143 142 161, 060 210,443 157,386 Florida 71 78 42 48 39 28, 218 70, 065 37,459 East South Central: Kentucky 147 149 148 75 71 80 186,961 746, 537 446, 591 Tennessee 120 122 119 80 62 65 200, 045 229,722 150, 536 Alabama 126 132 133 90 75 83 48, 689 65,377 61, 382 Mississippi _ _ 44 39 40 32* 30 32 28, 966 25, 760 22,117 West South Central: Arkansas 126 126 122 88 81 95 73, 260 87, 571 74,450 Louisiana 47 50 49 41 40 37 194, 608 275, 523 153, 952 Oklahoma 430 465 462 237 259 I 312 ! 37, 621 . 60, 393 56, 677 Mou T n e t x a a in s : 751 754 747 415 523 561 ! 131, 290 267,971 192,019 A U N N I W M C d r o e e t a o y i w l v a z h o o n o a h o r m t d n a M a . d a a n . in . e o a . g xico 1 1 1 4 2 3 3 1 0 4 3 9 3 6 9 1 1 4 0 1 1 1 4 4 2 5 1 4 6 1 6 9 2 5 1 6 4 0 1 1 1 2 5 5 5 1 4 8 2 6 1 1 5 1 8 9 0 i | | i 1 2 3 6 7 2 1 0 1 7 4 6 6 7 9 2 13 4 2 3 2 1 2 8 1 1 1 4 3 9 4 2 0 6 9 7 5 9 3 3 2 5 ! ! i ! i | i 2 7 3 2 6 4 7 5 2 5 , , , , , , , 9 1 6 4 4 2 4 5 9 3 3 4 7 9 1 1 6 7 5 7 3 3 9 1 1 3 2 3 1 1 5 7 5 5 5 7 9 , , , , , , , 0 2 3 9 3 9 7 0 4 8 7 6 3 9 9 5 1 3 7 4 7 7 2 6 2 2 1 7 6 1 1 7 8 8 7 8 1 4 , , , , , , , 9 2 0 3 4 6 2 7 6 7 5 7 7 6 5 5 3 6 1 0 5 6 8 8 Pacific: Washington 158 165 164 87 101 104 71,349 122, 584 75, 274 Oregon 137 136 135 61 63 75 63,468 107,644 59,387 California 300 319 325 159 161 186 2 693, 93531,710,698 1,107, 212 1 Includes $250,000 discounted by the Federal Reserve Bank of Atlanta for the Federal Intermediate Credit Bank of Columbia, S. C. 2 Includes $850,000 discounted by the Federal Reserve Bank of San Francisco for the Federal Intermediate Credit Bank of Berkeley, Calif. 3 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. 45.—BILLS DISCOUNTED: VOLUME DISCOUNTED FOR NATIONAL BANKS AND FOR STATE BANK AND TRUST COMPANY MEMBERS 00 to [In thousands of dollars] Total Discounted for national banks Discounted for Sta m te e m ba b n e k r s and trust company Federal reserve bank 1924 1923 1922 1921 1924 1923 1922 1921 1924 1923 1922 1921 Boston 822,170 3,652, 775 2, 262,087 4,454,760 579,535 2,981, 222 1,732,039 3, 596,012 242,635 671,553 530,048 858,748 New York 7,030, 842 17,951,843 9, 206,364 30,768,990 5, 631, 414 14,015, 575 7,231, 941 23, 572, 551 1,399,428 3,936,268 1,974,423 7,196,439 Philadelphia.. 1, 264, 030 2, 911,142 2,450,843 3,872, 367 887,361 2, 275, 513 1,940,277 3,096,820 376,669 635,629 510.566 775,547 Cleveland-_ 1, 348, 025 2,436,808 1, 523, 346 3, 218,833 990, 530 1, 402,831 940,014 1,431,026 357,495 1,033,977 583,332 1, 787,807 A Ri t c la h n m t o a n .. d 1 1 , 3 5 5 5 7 0 , , 7 3 7 1 6 2 2 1 , 7 9 2 1 8 0 , , 0 6 8 8 1 7 1,4 4 2 8 4 9 , , 5 9 6 30 7 1 2 , , 6 74 4 9 7 , , 6 2 7 5 1 5 1,0 30 0 5 2 , , 5 5 0 5 3 0 2, 4 4 1 8 0 5 , , 8 6 3 0 7 9 1, 2 2 9 7 0 2 , , 8 0 0 0 8 0 1 2 , , 0 4 8 7 0 8, , 8 7 0 3 1 1 2 3 4 5 4 5 , , 5 2 5 2 9 6 3 4 1 2 6 5 , , 9 0 9 7 4 8 1 1 9 5 9 2 . . 1 56 2 7 2 5 2 6 7 6 0 , , 5 8 2 7 4 0 H Chicago 1, 035, 261 2, 508, 082 1, 681,004 4,168,477 671,972 1,794,681 979,373 2,821,976 363, 289 713,401 60i;631 1, 346,501 O St. Louis 605,118 1, 679,671 865,856 1,609, 024 369, 946 1,183,856 632,877 1,005,416 235,172 495,815 232,979 603,608 Minneapolis.. 100, 354 290, 054 193,014 730,662 92, 564 274,791 162,458 654, 869 7,790 15,263 30,556 75,793 H Kansas City.. 227,744 901,126 328,019 944, 074 172,812 446,854 280,273 787,229 54,932 454,272 47,746 156,845 w Dallas 148, 383 300,694 222,557 771,997 129, 502 274,271 189,187 653,382 18,881 26,423 33,370 118,615 San Francisco. 2 929,140 3 2,108,963 1, 535, 300 2,823,018 492, 566 1,138,509 971,337 1,549,496 435,724 968,454 563,963 1,273,522 Total. _. 15,419,155 38,379, 926 22,082, 887 57, 759,128 11, 32 j. 'JJ 28,684, 549 16,622,584 42, 728,309 4,091,800 9,693,127 5,460, 303 15,030,819 1 Includes $250,000 discounted for the Federal Intermediate Credit Bank of Columbia, S. C. 2 Includes $850,000 discounted for the Federal Intermediate Credit Bank of Berkeley, Calif. 3 Includes $2,000,000 discounted for the Federal Intermediate Credit Bank of Berkeley, Calif. 00 w o> > w d Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No, 46,—BILLS DISCOUNTED: VOLUME, BY MATURITIES AND BY RATES OF DISCOUNT CHARGED [Amounts in thousands of dollars] Total Maturity Rates charged Federal reserve bank Over 6 Amount ( m A in a v d t e u a r r a y i g s ty e )1 a D n d e d r m a s f i a t g s n h d t Wi d th ay in s 15 16 to 30 days31 to 60 days61 to 90 days9 6 1 m d o ay n s th t s o 9 w m b i o t u h n t i t n hs 3 per cent V/v per cent 4 per cent 4^ per cent 8 S 1924 Boston 822,170 10.17 780,059 11,819 14,522 15,224 545 1 289,460 532,710 New York _ 7,030,842 5.34 6,932,344 19,357 35,809 43,125 207 1,763,389 420, 560 671, 688 4,175,205 Philadelphia... _.. 1,264,030 10.60 1,216,320 8,211 18, 794 20,509 196 502,976 761,054 Cleveland 1,348,025 10.60 307 1,257,695 19, 712 34,749 33,465 2,039 58 451,527 175,257 721,241 Richmond... . 1,357,776 12.66 1,173,236 31,836 68,338 78, 557 5,307 502 548,234 809,542 Atlanta 550,312 37.45 1,557 271,348 45,403 102,218 117,068 9,973 2,745 186,343 363,969 Chicago 1, 035,261 26.63 770,871 45,073 83, 568 99, 784 34,334 1,631 363,174 672,087 St. Louis 605,118 27.99 26,069 375,195 45,576 69,410 76,187 8,355 4,326 179,569 425,549 Minneapolis 100, 354 51. 62 357 58,631 3,001 7,138 13,389 15, 692 2,146 8,883 91,471 Kansas City.. 227,744 38.43 412 141,350 10,051 20,586 29, 410 24,427 1,508 38,036 189,708 Dallas 148,383 42.27 17,066 66,688 8,494 19,302 25, 507 9,934 1,392 56,986 91,397 San Francisco 929,140 17.17 853 804,319 17, 309 37,260 55, 556 11,549 2,294 208, 631 122,906 597,603 n Total 1924_._. 15,419,155 12.39 46,621 13,848,056 265,842 511,694 607,781 122,558 16, 603 1,763,389 1,873,154 2,351,076 9,431,536 1 Based on time bills only. a o 3 oo CO Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 47.—BILLS DISCOUNTED: MONTHLY VOLUME, BY MATURITIES AND RATES OF DISCOUNT CHARGED OO [Amounts in thousands of dollars] / Total Maturity Rates charged Month Amount m ( A in a v t d e u r a r a y i g t s y e ) a D n d e d r m a s f i a t g n s h d t Wi d th a i y n s 15 16 d a to y s 30 31 d a to y s 60 61 d a to y s 90 m 91 t o o d n a 6 th ys s b 9 u O m t v w o e i n r th t h 6 in s 3 per cent 3H per cent 4 per cent 4)4 per cent 1924 J F a e n b u r a u r a y ry 2 2 , , 2 4 9 6 5 2 , ,4 5 0 6 7 5 1 9 0 . . 2 6 7 4 1 8 3 , , 2 3 1 3 2 0 2 2, , 2 1 9 1 3 3 , , 0 0 6 7 9 2 2 30 9 , , 7 3 0 1 0 6 5 54 6 , , 6 3 5 6 9 4 6 64 8 , , 8 6 8 9 9 2 1 8 2, , 5 7 4 7 3 8 2 1 , , 8 52 2 1 7 2 2 , , 4 2 6 9 2 5 , , 4 5 0 6 7 5 i ft March_._ ._ 1, 709,329 14.03 4,176 1, 506,414 33, 419 67,955 81, 299 11, 685 4,381 1,709,329 April 1,935, 590 12.05 2,542 1, 736,317 34, 648 61,201 82,179 14,833 3,870 1,935, 590 May 1,403, 502 14.23 1,235 1,224, 795 29,854 61,842 65, 287 18.829 1,660 625,130 778,372 June _ . _ 702,889 20.27 364 574,123 20,936 40,178 49, 212 17, 547 529 142,352 332, 655 227,882 July 733,457 16.25 323 628,740 15,180 31, 402 45, 494 12,082 236 406, 623 311, 975 14, 859 August 428,508 19.05 427 351,408 14,069 28, 451 28, 418 5,504 231 89, 580 140, 402 194,806 3,720 w September _ 700,125 12.50 2,493 622, 647 12,343 26, 252 31, 534 4,653 203 292, 594 197,678 207, 248 2,605 October 839,900 11.71 5,110 758, 705 11,114 25, 697 33, 744 5,274 256 435, 431 191,399 211, 863 1,207 ft November.* 724, 757 12.64 4,081 646,328 16,378 28, 558 24,044 5,092 276 288,097 262, 769 173, 891 December 1,483,126 9.71 4,328 1,392,438 17,885 29,135 32, 989 5,738 613 657, 687 531.931 293,508 Total: 1924 15, 419,155 12.39 46, 621 13,848,056 265,842 511, 694 607, 781 122,558 16,603 1,763,389 1,873,154 2,351,076 9,431, 536 1923 38,379,926 9.89 67,457 35,672,207 491,001 908,454 1,053,044 182,314 5,449 1922 22,082,88f 12.14 19,931,136 377,738 714,398 829,626 229,989 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 ft 1 1 9 9 1 1 9 8 • • _ _ . _ . 3 7 9 9 , , 1 7 7 5 3 2 , , 9 9 3 7 4 0 1 1 0 1 . . 1 8 3 1 3 7 6 6 , , 9 1 0 3 6 1 , , 7 88 1 6 1 3 3 8 8 7 3 , ,9 5 0 6 1 3 7 7 5 9 4 1 , ,3 4 1 7 6 9 1 1, , 5 7 5 3 1 7 , , 5 9 9 2 7 0 1 1 2 5 5 6 , , 2 2 4 8 6 5 f m t 1917 8, 968, 991 0) 8,129,286 181.029 272, 499 357,046 29,131 207,871 0) 115,053 34,423 41, 577 16,818 1915 161, 353 (0 26, 509 57,838 57, 322 19, 684 1914 21,411 0) 12,381 5,180 3,206 644 W o 1 Figures not'availab1" Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 48. -BILLS DISCOUNTED: AVERAGE MATURITY, BY MONTHS [Days] Prior years Federal reserve bank January February March April May June July August Sep b t e e r m- October No b v e e r m- De b c e e r m- 1923 1922 2 8 1924 B N o ew st o Y n ork... 9 4 . . 1 7 8 7 8 3 . . 4 9 2 7 8 6 . . 7 2 9 4 9 4 . . 5 2 7 1 1 5 2 . . 1 8 2 9 1 1 3 3 . . 1 1 8 1 1 7 3 . . 4 7 1 9 1 1 2 1 . . 8 2 3 1 1 5 1 . . 8 5 3 6 13 5 . . 0 5 1 3 1 6 0 . . 8 6 3 8 1 5 0 . . 9 0 0 5 1 5 0 . . 3 1 4 7 5 7 . . 2 6 2 1 8 5 . . 1 0 9 8 o Philadelphia 9.20 8.48 10.12 10.75 12.19 12.53 12.48 12.77 12.08 12.50 11.99 9.43 10.60 8.71 8.89 d Cleveland 11.41 8.17 13.40 10.59 11.01 11.26 13.87 13.42 9.39 13.14 11.32 7.59 10.60 9.22 13.30 Richmond . 9.10 8.36 11.09 12.61 15.45 17.14 14.14 18.59 11.86 13.48 13.50 11.20 I 12.66 7.76 13.53 Atlanta 32.04 33.75 36.20 41.78 42.26 37.35 48.78 39.95 36.28 33.65 38.70 37.45 34.11 40.94 Chicago. _ 22.80 22.54 29.74 32.69 25.02 33.49 34.67 27.74 33.14 30.06 27.64 16.29 ! 26.63 23.77 30.69 St. Louis 23.45 29.65 30.06 27.58 24.98 29.55 29.69 34. 02 30.91 30.77 26.27 28.36 ! 27.99 17.41 17.74 Minneapolis 48.29 40.76 37.47 48.00 53.65 84.60 60.03 54.03 54.23 74.21 77.73 46.59 51.62 37.75 53.93 Kansas City 24.91 29.75 , 30.69 52.12 59.49 59.62 58.75 52.41 49.78 53.09 45.07 31.25 38.43 22.32 39.04 Dallas 27.96 45.00 54.99 46.74 57.07 52.61 51.94 38.35 33.84 21.36 30.92 27.80 42.27 40.78 55.38 San Francisco 19.15 19.59 18. 76 18.24 21.69 18.02 20.63 18.45 11.99 10.67 7.48 10.13 17.17 15.19 14.29 All banks: 1924 10.64 9.27 14.03 12.05 14.23 20.27 16.25 19.05 12.50 11.71 12.64 9.71 12.39 1923..- 6.08 6.70 8.86 9.04 9.45 11.17 10.08 10.65 12.56 13.15 11.97 11.77 9.89 w 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 H 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 O 3 o in 00 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 4:9.—BILLS DISCOUNTED, SECURED BY UNITED STATES GOVERNMENT OBLIGATIONS: VOLUME BY MONTHS 00 [In thousands of dollars] Year Federal reserve bank Member Redis- January February March April May June July August Sep b t e e r m- October No b v e e r m- De b c e e r m- t Total collateral co p u a n p t e ed r notes 1924 Boston _ _. 512, 607 509,968 2,639 64,437 96,394 80,021 54,317 27,784 28,737 17,634 16,129 17,836 13,364 31, 624 64,330 New York... 6,214,270 6,214,060 210 1,048, 535 1,341, 559 610,097 792,942 587,216 108,891 279, 592 94,500 264,209 397,783 192,995 495,951 Philadelphia 980, 759 980,102 657 144,038 131,897 113,434 93,600 65,396 62,204 58, 526 44,232 40, 626 44, 669 49,865 132,272 Cleveland 1,021, 567 1,019,060 2,507 100,934 130,460 76,417 124,104 104,499 80, 9651 40, 299 33,202 71, 709 54, 676 70,481 133,821 Richmond 980,033 977,829 2,204 144,813 112, 502 138, 510 118, 641 69, 552 65,1361 75, 326 35, 789 63,446 50,293 38,308 67,717 Atlanta 184,989 182,790 2,199 33, 462 24,083 29,342 22, 939 17,220 16,116 6,321 8,250 11,939 3,283 4,145 Chicago 748, 780 748, 345 435 104,406 98,412 100, 867 63,114 90,577 39, 724 27, 569 27,171 26[ 595 32, 601! 35,407 102,337 St. Louis 334,210 332,243 1,967 66,973 41,364 44,496 42,265 37, 541 18, 495 15,194 11,128 12,819 13,212 12,450 18,273 Minneapolis 51, 684 51, 639 45 10,392 7,285 8,642 7,233 1,655 1,871 621 378 624 3,465 Kansas City 137,212 136,537 675 46,091 25,376 23,557 10, 629 7,347 4,425 2,761 1,471 1,796 2,844 3,052 7,863 Dallas 51,978 51, 709 269 11,021 4,606 2,199 4,954 4, 6341 5,176 4,191 6,303 4,465 1,877 1,406 1,146 San Francisco 549,133 548,871 262 75,680 72,080 76,490 70, 579 44,722 36, 424 25,224 14, 897 24, 608 27,394 35, 758 45,277 Total: 1924 11, 767r,, 222 11, 753,153 14,069 1,850,782 2, 086,0181,304,091 1,406, 726 1,063, 721 467, 948! 554, 508 293, 929 536, 619 651,030 475,253 1,076,597 1923 29, 778J,, 014 29, 732,151 45,863 3,154,444 3,132,070 2,836, 7212, 650, 307 2,857,257;2, 323, 668| 2, 651, 4326,336, 0001, 879,469 2, 006, 708 1,930, 5192,019,415 1922 15, 464:,, 642 15,379, 463 85,1791 1,678,537 1,284, 6981,032,402 883,804 736, 259 797, 893 932,038 729, 487 804,932 1, 499, 040 2,411,323 2, 674,229 1921 31, 925,,, 457 30,870, 9818,054,469 4,141,487 3,856,232 3,549,862 3,265, 958 2, 708, 6191 2,058, 1592,184,275 2,070,133 1, 610, 6961,871, 588 1,930,649 2, 677, 799 1920 57,440,018 55,410, 8762,029,142 5,456, 344 5, 544,2805,298,884 4, 771,072 4, 508, 4661 4, 544,8364, 533, 5064, 933, 9834,164, 0624,305,269 4,349, 7235,029, 593 1919..... 74,187,280 72,289,835 1,897,445 5, 713,903 4, 755, 6295,271, 5405, 693,811 7,169,367 6, 036,2786, 824,9886,170, 7826, 238,3017,348, 942 6, 761,5426,202,197 1918 33,390,080 32,142,406 1,247,674 378, 507 400,037 315,116 1,806, 669 2, 523,5062, 621,1322,469, 3853,127, 3334,077, 8975,308,281 4, 601,2485, 760,969 1917 5,884,161 5,884,161 5,184 354, 016 192, 916 30,478 215, 651 2, 262,475 2,586,064 237,377 W O Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 50.—TRADE ACCEPTANCES DISCOUNTED: VOLUME, BY MONTHS [In thousands of dollars] Prior years C* Federal reserve bank January February March April May June July August Sep b t e e r m- October No b v e e r m- De b c e e r m- Year 1923 1922 to '* 1924 a Boston 85 170 174 49 51 88 61 20 54 17 71 78 918 2,161 1,187 o ^, New York . 385 368 407 334 603 568 792 215 105 94 480 133 4,484 6,575 8,523 Philadelphia.. 43 58 76 77 50 40 40 67 41 51 34 94 671 753 767 Cleveland 932 737 518 1,165 1,013 761 918 287 524 326 421 807 8,409 14,110 13,881 Richmond 759 1,754 1,680 1,535 480 799 351 343 515 290 295 238 9,039 7,768 5,539 Atlanta _. 481 293 420 616 523 461 297 320 318 442 424 340 4,935 4,933 4,742 Chicago 129 101 76 150 72 150 112 106 83 134 33 94 1,240 2,086 1,321 St. Louis. 705 482 296 428 705 305 96 87 150 843 246 529 4,872 5,779 4,182 Minneapolis 11 5 1 1 18 69 173 Kansas City 241 17 5 263 467 88 Dallas 26 31 12 11 57 121 170 131 16 74 II 660 749 694 San Francisco. _. 306 121 707 633 176 217 179 146 101 45 39 146 2,816 5,943 3,175 Total: 1924 . 4,103 4,132 4,366 5,003 3,735 3,510 3,016 1,723 1,907 2,316 2,054 2,460 38, 325 > 1923 4,330 3,200 3,085 3,303 3,439 4,387 3,969 3,639 5,232 5,515 5,317 5,977 51,393 1922 5,773 3,854 4,348 3,447 3,556 3,247 2,891 2,402 2,977 3,120 4,524 4,133 44, 272 p W i 1921.. 20,171 13, 263 11, 868 10,864 9,694 10, 013 8,673 8,824 7,983 9,682 7,851 10, 058 128, 944 1920 16, 520 11, 001 23, 383 15, 296 16, 541 13, 938 13, 457 14, 011 17,160 19, 389 15,143 16, 318 192,157 1919 10,904 8,880 8,561 8,071 7,062 7,946 8,505 6,428 10, 608 16, 064 21, 924 23,467 138,420 1918 13, 998 19, 217 16, 231 11,121 13,166 14, 811 13, 822 12, 762 20,917 23, 520 16, 191 11,617 187, 373 1917 574 856 763 678 1, 768 2,521 1,077 1,668 1,126 4,355 6,960 15,425 37, 771 1916 444 246 299 240 298 276 199 245 594 415 853 1,103 5,212 1915 320 629 496 514 1,959 H3 No. 51.—BANKERS' ACCEPTANCES DISCOUNTED: VOLUME, BY YEARS O M Year Total Boston Y N o e r w k Ph p i h la ia del- C la le n v d e- m Ri o c n h d - Atlanta Chicago St. Louis M ap in o n li e s - K C an it s y as Dallas San c is F c r o an- 1924 _ 507 47 28f> 20 30 125 1923 3,532 470 590 50 655 75 1,692 1922 .. . 3 416 192 700 75 1,459 107 883 1921 __ _ 57,095 153 23,192 514 17,264 691 1,446 7,974 903 212 154 4,592 1920 187,162 22,129 70,654 4,127 10,015 6,338 32,095 7,124 368 704 33,608 1919 _- 71,643 4,985 61, 771 19 4,146 357 365 oo Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 52.—BILLS BOUGHT IN OPEN MARKET: VOLUME, BY MONTHS OO 00 [In thousands of dollars] Total reduced to a common maturity Federal reserve banks u Ja a n ry - r F u e a b ry - March April May June July August te S m ep b - er October No b v e e r m- Dec b e e m r - Total basis * Amount P o e f r t o c t e a n l t > tr1 I 1924 Boston 30, 791 24, 788 22, 090 21,176 8,892 3,201 9,916 5,740 12, 266 27,222 49,180 44, 236 259, 498 261,203 12.0 New York 98, 805 154,902 99,099 81,151 51,283 20, 601 40, 262 38, 343 60,100 141,600 128, 544 162, 709 1,077,399 698,341 32.1 Philadelphia _. 18, 573 16, 287 9,403 5,034 3,945 3,111 737 1,130 606 10,623 14,350 5,341 89,140 136,157 6.3 Cleveland 14, 366 10, 598 8,303 5,567 2,242 3,232 1,389 1,153 8,057 16, 939 19, 280 24,944 116,070 193, 350 8.9 Richmond 2,260 1, 581 1,616 1,581 875 1,486 9,399 11, 652 .5 Atlanta 9,228 9,500 8,107 3,907 2,728 682 1.203 1,106 2,632 6,126 7,329 7,073 59, 621 76,807 3.5 Chicago 19, 622 21, 885 18, 479 10, 681 4, 643 4,848 2,363 5,296 7,995 20,645 20,370 27, 218 164,045 269, 769 12.4 St. Louis .._ _ .. 1,513 3,650 3,890 1,842 977 746 75 567 3,774 7, 958 9,773 15, 967 50, 732 75,033 3.5 Minneapolis ._ _ 2, 305 3,092 2,720 1,764 828 1,519 466 164 1,884 1,092 15,834 21,172 1.0 Kansas City 75 7,412 3,181 1,991 1,075 2,305 811 402 3, 915 9,044 9,838 10, 576 50,625 67, 272 3.1 Dallas 16, 727 17, 068 7,523 3,206 2,020 6,804 1,155 ! 892 3,206 11,462 14,380 18,403 102,846 143,219 6.6 San Francisco__ 17, 676 18, 375 13, 303 10, 558 3,984 4,968 1,759 2, 561 9,338 22, 758 28, 627 43, 026 176,933 218,167 10.1 Total: 1924 _ 231, 941 289,138 197, 714 148,458 83,492 52, 017 60,136 57, 354 113, 773 275,469 301, 671 360, 979 2,172,142 2,172,142 100.0 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 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, 359 247, 594 274, 237 285, 753 219,464 259, 708 257, 989 281,833 231, 840 253,828 3,218, 364 i 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 1918 130,620 148, 275 138, 996 108, 516 115,914 89, 580 123, 574 162, 796 183,132 256, 705 195, 698 155, 733 1,809, 539 w 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 j 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 w 1 o 1 Total purchases multiplied by ratio of average maturity of bills purchased by each bank to average maturity (35.33) for system. 2 Includes $170,072,483 of acceptances purchased from the Federal reserve banks of Boston and New York by other Federal reserve banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DISCOUNT AND OPEN MARKET OPERATIONS 89 No. 53.—BILLS BOUGHT IN OPEN MARKET: VOLUME, BY CLASSES [In thousands of dollars] Bankers' acceptances Trade acceptances Federal reserve bank Total (all classes) Total Foreign Domestic ex D c o h l a l n ar ge Total F ei o g r n - m D e o s - tic 1924 B oston 259,498 259,498 171, 534 77,038 10,926 New York 1, 077, 399 1,068, 947 808,283 230, 057 30, 607 8,452 8,452 Philadelphia._ 89,140 89,140 64,008 21, 345 3,787 Cleveland __ 116,070 116, 070 95,180 18, 375 2,515 Richmond 9, 399 9,399 2,299 7,100 Atlanta 59, 621 59, 621 48,484 11,034 103 Chicago 164,045 164,045 102, 475 56, 756 4,814 St. Louis 50, 732 50, 732 40,029 9,454 1,249 Minneapolis. 15,834 15, 834 12, 876 2,521 437 Kansas City _ 50, 625 50, 625 40,097 9,206 1,322 Dallas 102,846 102, 846 82, 878 17,362 2,606 San Francisco 176,933 176,933 135,164 39,025 2,744 Total 2,172,142 2,163, 690 1, 603, 307 499, 273 61,110 8,452 8,452 No. 54.—BILLS BOUGHT IN OPEN MARKET: MONTHLY VOLUME, BY CLASSES [In thousands of dollars] Bankers' acceptances Trade acceptances Total (all Month classes) Total Foreign Do t m i e c s- ex D c o h l a l n ar ge Total Foreign Do t m ic es- 1924 January _. 231,941 230, 292 169. 486 49, 634 11,172 1,649 1,649 February 289,138 215, 036 60, 489 11, 367 2,246 2,246 March 197,714 195, 815 144, 905 41,149 9,761 1,899 1,899 April 148, 458 147, 046 109, 853 31, 849 5,344 1,412 1,412 May 83, 492 82, 623 63, 632 16,843 2,148 June 52,017 52,017 40, 777 10, 212 1,028 July 60,136 60,136 48, 606 10, 576 954 August 57, 354 57, 354 49, 041 7,843 470 September 113,773 113, 623 89, 747 22,331 1,545 150 150 October 275, 469 275, 469 201,105 68,046 6,318 November 301, 671 301, 502 217, 440 77, 776 6,286 169 December. 360, 979 360, 921 253, 679 102, 525 4,717 58 58 Total: 1924. 2,172,142 2.163, 690 1, 603, 307499,273 I 61,110 8,452 8,452 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 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 55.—BILLS BOUGHT IN OPEN MARKET: VOLUME, BY RATES CHARGED CD O [In thousands of dollars] Federal reserve bank Total 2 c e p n e t r 2 c ^ e p n e t r 2H ce n p t er 2V c 8 e n p t er 2^ c e p n e t r 2% ce n p t er 2% ce n p t er 2 c ^ e p n e t r 3 c e p n e t r 3H ce p n e t r 3) c 4 e n p t er 3 c ^ e p n e t r 1924 Boston . . 259,498 25,061 21,324 46,608 11,646 14,892 1,514 12,250 3,307 15,379 2,597 1,467 304 New York 1,077,399 246,006 29,090 103,411 12,429 55,121 6,446 63,108 1,004 60,280 57,545 1,025 219 Philadelphia 89,140 3,303 5,889 12, 869 2,786 2,868 466 2,837 544 3,198 1,344 166 Cleveland 116,070 12,148 10,105 18, 657 4,316 4,807 2,841 13, 737 3,283 3,524 2,346 342 79 Richmond 9,399 1,486 Atlanta _ __ 59, 621 900 6,519 5,041 1,012 941 250 2,812 500 22 139 Chicago _. . 164,045 23,025 9,996 19, 627 3,024 3, 612 4,012 12, 249 1,763 8,813 4,246 970 St Louis 50, 732 6,073 5,604 9,122 1,655 1,670 755 11, 639 494 1,825 455 37 Minneapolis _ _ _. 15,834 1,393 732 1,479 2 16 567 1,245 Kansas City 50, 625 8,776 5,818 6,952 2,187 2,040 844 6,849 264 1,506 1,861 13 Dallas 102,846 8,503 7,982 11, 301 2,880 3,214 1, 336 12,220 1,276 2,253 6,106 178 7 San Francisco .... 176, 933 20,131 16, 534 20,845 5,508 6,181 4,008 24,471 3,168 9,402 3,006 359 93 Total 2,172,142 355, 319 119,593 255,912 47,445 95, 362 22,472 162,172 15, 603 108, 255 80,890 4,557 702 Federal reserve bank ZV ce2 n p t er 3& ce p n e t r S5 c A e n p t er 3H ce p nt er 3% ce n p t er 3^ c e p n e t r 4 c e p n e t r 4K ce p n e t r 43 c 4 e n p t er 4% ce p n e t r 4} c /2 e n p t er 4^ c 8 e n p t er 4% ce p n e t r 1924 Boston 3,388 575 3,811 6,936 38,851 43, 654 5,583 299 12 40 New York 228 80 56 365 2,732 1,445 411,804 15,317 1,957 298 7,433 Philadelphia 905 2,350 318 19, 382 29,141 765 9 Cleveland 10 620 457 11,265 21, 749 5,148 582 54 Richmond 875 1,285 5,748 5 Atlanta _ 86 220 59 1,041 17, 598 9, 711 377 12, 393 Chicago 1,544 859 19,932 39, 739 7,850 2,300 275 109 100 St. Louis 22 411 95 3,665 6,715 495 Minneapolis -. 400 193 3,725 6,047 35 Kansas City ._ 521 125 6, 505 5,616 150 3 595 Dallas 43 818 563 18, 769 23, 299 2,073 25 San Francisco 741 642 13,811 17, 343 30,122 250 318 Total 4,682 80 3,201 365 12,850 12,356 565,307 219,616 60,303 3,771 21,080 149 100 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 56.—-BILLS BOUGHT IN OPEN MARKET: MONTHLY VOLUME, BY RATES CHARGED [In thousands of dollars] Month Total 2 per cent 2l c A e n p t er 2 c ^ e p n e t r 2^ c e p n e t r 2y c 2 e n p t er 2^ c e p n e t r 2% ce n p t er 2% ce n p t er 3 per cent 3H ce n p t er 3^ c e p n e t r 3^ c e p n e t r 1924 January 231,941 February, 289,138 March __ 197 714 April 148, 458 May 83, 492 1,685 50,768 3,393 361 June__ 52,017 113 2 604 852 210 62 20,070 28, 269 484 332 July 60,136 4,476 1,372 50, 685 1,633 535 57 7 3 15 August 57, 354 21, 938 5,485 28, 795 651 145 September 113, 773 65, 824 15,142 28, 616 2,124 1,005 October 275, 469 177, 614 39, 809 50, 782 3,366 1,615 70 39 250 November 301, 671 85,467 57, 755 83, 880 23,955 45, 485 3,835 186 95 December ._ 360, 979 30 13, 041 15,714 45, 973 17, 658 161, 730 15, 538 86,140 1,853 680 9 Total... 2,172,142 355,319 119, 593 255, 912 47,445 95,362 22, 472 162,172 15, 603 108, 255 80,890 4,557 702 Month 3 c ^ e p n e t r 3Tc 9 e 6 n t per 35 c A e n p t er 3H ce p n e t r 3% ce p n e t r W ce % nt per 4 per cent 4K ce n p t er 43 c 4 e n p t er 4^ c e p n e t r 4 c ^ e p n e t r ty c i e n p t er 4 c ^ e p n e t r 1924 January 126, 526 76,231 23,476 674 4,934 100 February 189,869 75, 746 16,609 299 6,595 20 March 1,626 4,064 126,335 45, 668 13,750 1,505 4,746 20 April 1,853 6,313 108, 703 21, 394 6,407 1,293 2,386 109 May_. 4 593 3,180 9,371 1,979 5,459 577 61 2 065 June 4 661 354 July 1,353 August _. 340 September 227 835 October 1,924 November 1,013 December _ 85 80 21 138 2,289 Total 4,682 80 3,201 365 12, 850 12, 356 565, 307 219, 616 60, 303 3,771 21,080 149 100 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 57.—BILLS BOUGHT IN OPEN MARKET: AVERAGE MATURITY, BY MONTHS CO to [Days] Prior years 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 1923 1922 1924 Boston _ . _. 29.68 25.81 23.14 18.13 -16. 95 23.56 34.89 26.78 39.14 35.03 46.00 53.34 35.57 27.28 28.37 New York 18.37 16.69 17.94 15.40 15.55 33.27 17.60 59.34 32.30 21.87 32.46 21.95 22 90 22.13 25.18 P C h le il v a e d la e n lp d hia 5 6 3 7 . .7 91 3 5 5 8 7 . . 1 8 7 0 4 6 8 1. . 5 9 6 3 4 4 6 2 . . 5 9 3 3 2 2 1 0 . . 7 4 0 9 3 3 1 6 . . 7 5 0 1 4 35 6 . . 4 6 9 5 7 72 5 . . 4 3 5 8 7 6 1 1 . . 0 1 7 3 4 5 9 9 . . 5 2 3 0 6 6 4 1 . . 2 3 7 5 6 6 4 2 . . 3 7 9 0 5 58 3 . . 8 9 6 7 7 67 4 . . 5 3 9 7 6 6 1 0 . .8 59 9 8 Richmond 43.79 47.05 38.47 36.17 48.41 51.59 43.81 52.66 58.75 3 Atlanta 47.99 46.41 45.77 50.04 49.76 61.87 31.34 46.65 42.65 47.19 37.72 45.11 45. 52 57.89 51.73 Chicago - - _ 68.35 61.26 63.47 57. 40 31.79 28.40 38.25 44.95 57.43 48.20 55.73 68.39 58.11 69.48 71.71 St. Louis . 45.60 54.85 56.85 45.19 21.07 18.65 11.09 72.93 57.15 47.55 52.43 56.02 52.26 57.70 69.21 Minneapolis 62.72 41 67 43.64 46.15 14.17 32.02 11.13 83.61 51. 73 35.83 47.25 54.03 Kansas City 90.00 51.22 46.14 36.56 13.64 36.32 36.85 62.22 46.19 41.44 52.06 52.00 46.95 76.78 73.01 Dallas 49.80 52. 51 53.07 39.23 16.86 40.71 27.43 57.61 55.38 46.68 52.85 51.06 49.21 65.81 65.59 San Francisco . 36.47 33.34 36.18 26.71 15.35 31.26 25.17 42.88 60.00 46.49 57.57 48.55 43.57 40.83 40.90 gystem* 1924 35 72 30 82 31.53 24.38 18.51 33. 37 22.99 54.55 41.51 33.35 44.41 40.45 35.33 1923 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 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 § Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DISCOUNT AND OPEN MARKET OPERATIONS 93 No. 58,—BILLS BOUGHT IN OPEN MARKET: VOLUME, BY MATURITIES [In thousands of dollars] Total Maturity Federal reserve bank Amount m A ( a v d t e a u r y r a s i g ) t e y 1 W 5 i d th a i y n s 16 d a to y s 30 31 d a to y s 60 61 d a to y s 90 O d v a e y r s 90 1924 Boston *_.. 259,498 35.57 140,821 25,525 31,199 53,939 8,014 New York 1,077,399 22.90 862,790 73,937 45,530 72,197 22,945 Philadelphia 89,140 53.97 9,656 20,124 17,517 40,125 1,718 Cleveland 116,070 58.86 5,797 29,622 22,299 49,123 9,229 Richmond 9,399 43.81 1,318 2,158 3,323 2,582 18 Atlanta... 59,621 45.52 6,472 18,931 16,965 17,197 56 Chicago 164,045 58.11 10,912 42,298 31,531 70,001 9,303 St. Louis 50,732 52.26 3,446 14,267 10,359 21,827 Minneapolis 15,834 47.25 1,505 5,640 3,215 5,474 Kansas City 50,625 46.95 4,707 18,028 11,404 16,434 52 Dallas 102,846 49.21 8,516 33,441 23,291 35,837 1,761 San Francisco 176,933 43.57 53,967 39,669 28,033 45,494 9,770 Total 2,172,142 35.33 1,109, 907 323,640 244,666 430,230 63,699 No. 59.—BILLS BOUGHT IN OPEN MARKET: MONTHLY VOLUME, BY MATURITIES [In thousands of dollars] Total Maturity Month Amount m A ( a v d t e a u r y r a s i g ) t e y W 15 i d th a i y n s 16 d a to y s 30 31 d a to y s 60 61 d a t y o s 90 O d ve a r y . s 90 1924 January. 231,941 35.72 116,804 34,379 23,297 51,597 5,864 February 289,138 30.82 169,003 41,912 23,134 53,355 1,734 March 197, 714 3.1. 53 107,865 40,050 15,601 30,946 3,252 April 148,458 24.38 101,320 22,104 11,121 12,193 1,720 May 83,492 18.51 68,365 9,159 2,021 3,854 93 June 52, 017 33.37 17, 670 13, 346 14, 031 5,301 1,669 July 60,136 22.99 48, 039 3,397 4,501 2,385 1,814 August 57,354 54.55 11,317 13,474 7,120 8,805 September 113, 773 41.51 45,350 22,442 14,169 24,870 6,942 October __ 275,469 33.35 138, 272 50, 768 38, 642 40, 845 6,942 November 301, 671 44.41 114,838 39, 617 49, 783 83, 736 13, 697 December 360,979 40.45 171, 064 32, 992 41, 246 104, 510 11,167 Total: 1924 2,172,142 1,109, 907 323, 640 244, 666 430, 230 1923 2, 547,010 1, 270,162 275, 703 287, 344 585,860 127,941 1922. 1, 954, 688 939,086 207,194 270,126 429,425 108,857 1921 1, 534,401 937, 607 215, 338 224,037 153,945 3,474 1920. 3, 218,364 1, 060,151 449,424 848,890 859,899 1919. 2,825,177 578, 751 455, 789 807,326 982,877 434 1918. 1,809, 539 161, 964 276, 656 466, 589 876, 539 27,791 1917. 1,077, 713 32, 048 128,893 267,035 613, 296 36,441 1916. 386, 095 38,442 63, 651 284,002 1915. 64,845 2,980 9,057 52,808 1 Figures not available. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 60.—UNITED STATES SECURITIES: TOTAL VOLUME PURCHASED IN OPEN MARKET 1 CD [Exclusive of special temporary certificates issued to Federal reserve banks by the Secretary of the Treasury] [In thousands of dollars] Prior years F • e der b al a n r k eserve 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 1923 1922 1924 Boston 8,576 6,610 10,909 8,819 5,146 16,279 5,000 3,085 5,995 358 1,818 11,815 84,410 51,426 147,423 N Ph e i w la d Y e o lp r h k ia 2 8 1 , , 2 2 3 9 4 9 1 1 4 , , 5 0 6 5 1 5 33 1 , , 1 8 7 4 5 6 1 3 9 , , 9 2 1 5 0 6 1 4 7, , 9 7 8 6 5 4 5 11 3 , , 1 4 2 1 1 4 3 1 9 , , 2 1 1 6 1 8 13 1 , , 4 4 7 5 1 7 30 1, , 9 4 2 8 9 7 27, 2 5 0 9 3 5 36, 7 51 9 4 5 11 3 9 , , 4 2 7 8 2 8 4 4 2 0 6 , , 1 0 3 7 1 9 92 4 0 , , 8 1 3 1 1 3 1,46 5 2 5 , , 2 2 0 7 1 9 S n Cleveland 4,015 3,979 11, 670 5,173 5,963 19,664 11, 950 4,648 12,135 3,507 2,290 16, 609 101, 603 20, 589 85, 882 Richmond 1,637 1,682 422 259 528 378 355 40 147 879 6,327 50 100 Atlanta ... 2,923 2.775 3,252 887 1,128 1,702 1,891 689 1,266 531 1,302 1,281 19, 627 18,431 10, 587 Chicago 18, 207 13, 992 31,063 20,894 13,801 31,052 10,801 7,440 12,668 4,838 7,373 22,594 194, 723 206,689 399,659 St. Louis 1,398 1,435 3,878 439 1,563 3,962 1,876 2,997 139 678 3,895 22, 260 10,357 42,844 Minneapolis 10,608 4,906 12,435 12,052 14,122 16,333 12,925 9,371 10, 352 21,157 6,208 11,649 142,118 43,593 64,933 Kansas City 3,200 1,407 4,818 2,683 2,356 9,763 5,455 2,831 4,396 1,878 1,358 11, 292 51, 437 31,958 57,672 Dallas 1,303 3,706 9,170 1,695 1,624 10,206 6,363 2,704 3,887 2,508 2,211 7,281 52. 658 18,133 11, 850 San Francisco 3,633 3,732 9,963 4,838 5,578 21,315 9,621 9,287 12, 568 508 2,046 12,056 95,145 233 18,871 Total: 1924 85,033 59, 840 132, 601 80,905 72,467 192, 940 108,347 57, 237 99,035 63, 262 62, 740 222, 111 1,236,518 1923.._. 175,086 117,185 87,372 57, 573 114, 904 149,012 88, 716 84,069 102, 371 86,227 107,481 156, 407 1,326,403 1922..._ 197,260 302, 965 226, 677 243,189 117,812 290, 622 110,030 158,536 174,176 239,308 66, 535 230,192 2, 357,302 1921.... 27,103 18,880 46,487 40,485 152,393 63,884 45, 257 42. 797 76, 271 43,123 131,859 165,455 853,994 1920.— 43,594 25,301 14, 408 15,144 42,723 85,445 51, 519 63,340 164,306 47,988 45,288 127,254 726,310 I i Prior to 1922 includes securities, if any, purchased from other Federal reserve banks, in addition to purchases in the open market, separate figures not being available. w o > Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 61.—UNITED STATES BONDS AND VICTORY NOTES: VOLUME PURCHASED IN OPEN MARKET 1 [In thousands of dollars] i Distribution, by classes t!$ Federal reserve bank Ja a n ry u- Fe a b ry ru- March April May June July August te S m ep b - er OctoberNo b v e e r m-De b c e e r m- Total U. S. U.S.bonds I Victory notes Liberty All bonds other o o 1924 Boston __ 15 500 1,442 1,957 1,942 15 New York 3,700 7,537 11, 237 11,182 55 Philadelphia . 145 200 601 946 905 41 Cleveland 2,000 1,200 1,000 6,011 10,211 10,113 98 Richmond 150 150 150 Atlanta.. 346 529 1,152 527 470 1.258 631 432 400 351 737 629 7,462 7,053 409 o Chicago 1,813 418 655 1,113 1,247 1,076 3,448 4,052 1,558 3,695 19,075 19,033 42 St. Louis 600 664 1.264 1,264 3 Minneapolis 697 1,119 2,206 4,475 6,002 3,774 6,221 2,741 4,212 9,111 4,605 6,474 51, 637 50,213 1,424 Kansas City 600 50 598 48 1,699 591 786 32 767 290 6,475 11,936 6,700 5,236 Dallas 5 600 200 1,050 1,583 3,438 3,168 270 San Francisco... __ 2 3 3 4 1,102 3 6 2 1 2,057 3,183 3,183 n Total: 1924 1,658 3,606 3,833 6,258 6.523 9,848 16, 592 5,038 9,098 14, 483 8,241 37, 318 122,496 114,906 7,590 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 _ . 49,388 54,919 57, 310 32, 292 11,962 24,030 14, 708 19,934 28,127 45,125 5,927 6,474 350,196 294, 729 38,835 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 19 61 6 1 332 9 323 1919 1,014 146 166 1 86 278 60 1 1 4 1,757 428 1,329 1-3 1918 14,337 14, 747 9,823 3,239 15,832 13,048 1,142 285 107 1,306 93 37 73,996 73,996 i—i 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 O 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 15,714 15,714 1914 205 205 205 Bonds purchased during 1924, distributed by classes: Liberty bonds 1,596 3,482 3,651 6,017 6,495 9,695 16,458 4,993 9,095 14,481 8,236 30,707 114,906 All other 62 124 182 241 28 153 134 45 3 2 5 6,611 7,590 1 Prior to 1922 includes securities, if any, purchased from other Federal reserve banks, in addition to purchases in open market, separate figures not being available. CO Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 62.—UNITED STATES TREASUKY NOTES: VOLUME PURCHASED IN OPEN MARKET 1 CD [In thousands of dollars] Purchased Taken Federal reserve bank Ja a n ry u- Fe a b ry ru- March April May June2 July August te S m e b p- er October ve N m o b - er De b c e e r m- Total2 r u a c e g n h p r d a e u s e e r e r - - t m h in m o r v a o p e e r u e k s n g n t e t h - t o A th l e l r ment committee I 1924 Boston.. _ 5,463 5,934 7,054 5,879 3,971 8,745 3,791 2,344 906 1,213 5,704 51,004 12,179 38, 825 New York 14,681 12,066 21,085 16,296 13,597 32,408 29,806 10,225 8,152 3,666 17,476 62,457 241,249 77,805 163,444 on Philadelphia.. ... _ 6,910 1,370 3,323 3,847 5,893 879 1,118 453 288 1,353 25,434 20,434 5,000 Cleveland 2,327 3,486 6,925 4,450 4,602 10, 212 8,273 3,579 2,721 1,463 5,173 53, 211 51,147 2,064 Richmond 967 1,473 259 187 287 86 361 3,620 3,620 Atlanta 1,248 1,852 1,140 130 97 269 871 216 334 9 151 175 6,492 4,557 1,935 Chicago __ 10, 309 9,125 16,682 13, 052 9,419 17,251 8,129 4,836 2,491 1,652 6,839 99, 785 22,873 76, 712 200 St. Louis 825 1,258 2,521 435 1,042 2,902 1,426 1,359 405 1,600 13, 773 13 773 Minneapolis 6,509 2,933 4,205 5,630 4,720 6,627 5,175 4,330 2,076 4,104 893 2,321 49, 523 2,012 » 18,607 28,904 Kansas City _ 1,812 1,234 2,448 1,835 1,665 4,646 4,182 1,546 1,463 168 597 2,391 23,987 2,550 20,972 465 Dallas 684 3,083 7,251 1,320 1,241 3,939 4,862 1,770 1,132 625 2,565 28, 472 100 27,487 885 San Francisco 2,146 3,270 6,467 4,168 4,302 9,813 7,224 8,174 3,170 1,202 4,953 54, 889 50,229 4,660 Total: 1924 . 53, 881 47,084 75, 778 56, 777 47,461 101, 032 76, 094 39, 851 24, 257 7,281 26, 051 95, 892 651,439 117, 519 489, 807 44,113 1923 71,474 62,831 47,183 27,854 45,441 76, 025 53, 568 54,889 57,353 50, 001 41,755 83,005 671,379 620,354 51, 025 1922 6,771 112, 986 81, 237 55,153 19, 598 110, 268 37, 761 69, 562 92, 845 89, 866 45,455 97,470 818,972 561,383 257, 589 1921 13,624 4,626 942 11,253 10,775 9,178 15,500 65,898 38,549 27,349 1 1920 _ 1919 i 1 1 9 91 1 7 8 3 3 520 456 1,882 1,220 756 1,370 1 369 10 7,0 5 6 2 3 0 3 1916 3___ 50 250 300 Treasury notes purchased during 1924: Under repurchase agreement _ 20,275 8,545 8,178 12, 826 2,581 1,187 700 100 3,000 13, 471 46,656 117, 519 Through open market investment committee 23, 580 35,937 65,405 40, 779 41,366 97, 524 70,504 31, 801 22, 646 11,750 48, 515 489,807 All other 10, 026 2,602 2,195 3,172 3,514 2,321 4,890 8,050 1,511 4,281 830 721 44,113 1 Prior to 1922 includes securities, if any, purchased from other Federal reserve banks, in addition to purchases in open market, separate figures not being available. 2 Exclusive of securities sold by Federal reserve banks under repurchase agreement and subsequently repurchased, as follows: Boston, $8,240,000; New York, $36,050,000; Philadelphia, $3,090,000; Cleveland, $9,270,000; Richmond, $1,030,000; Atlanta, none; Chicago, $15,450,000; St. Louis, $2,060,000; Minneapolis, $5,150,000; Kansas City, $5,150,000; Dallas, $7,210,000; San Francisco, $10,300,000. Total, $103,000,000. 3 Figures for 1916-1918 represent renewable one-year gold notes; those for later periods represent Treasury notes with a definite maturity of over one but not more thanjfive'years. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 63.—UNITED STATES CERTIFICATES OF INDEBTEDNESS: VOLUME PURCHASED IN OPEN MARKET1 [Exclusive of special temporary certificates issued to Federal reserve banks by the Secretary of the Treasury] [In thousands of dollars] C t c a e a k r t t e e if n s i- th ch P ro a u s u r e - g d h Federal reserve bank January Fe a b ry ru- March April May June July August t b S e e e m r p - - 2 O b c e t r o- No b v e e r m- De b c e e r m- Total r u c e n h p d a u s e r e r - m in o a v p r e e k s n e t- t o A th l e l r OCO agree- ment O ment com- d mittee 3 1924 Boston.. 3,098 676 3,855 2,940 1,175 7,534 709 741 5,089 358 605 4,669 31,449 5,199 22,128 4,122 New York 6,618 1,989 12,761 2,960 4,167 20, 713 5,662 3,232 22,335 24,595 19, 319 49,294 173,645 66,722 94,673 12, 250 Philadelphia... 1,324 46 1,175 587 1,138 5,521 132 353 1,476 203 226 1,518 13,699 12, 939 760 Cleveland 1,688 493 4,745 723 1,361 7,452 2,477 1,069 8,414 3,507 827 5,425 38,181 28,528 9,653 Richmond 670 209 422 341 91 355 40 61 368 2,557 2,557 Atlanta 1,329 394 960 230 561 175 389 41 532 171 414 477 5,673 1,997 3,676 Chicago 7,898 3,054 13,963 7,187 4,382 12, 688 1,425 1,528 6,729 786 4,163 12,060 75,863 29,420 43,607 2,836 St. Louis 573 177 1,357 4 521 460 450 1,638 139 273 1,631 7, 223 7,223 Minneapolis 3,402 854 6,024 1,947 3,400 5,932 1,529 2,300 4,064 7,942 710 2,854 40,958 11,549 29,409 Kansas City 788 173 2,320 250 643 3,418 682 499 2,901 943 471 2,426 15, 514 200 12,040 3,274 Dallas 619 623 1,914 375 383 6,267 901 934 2,755 2,308 536 3,133 20,748 3,370 13,176 4,202 San Francisco 1,487 462 3,494 667 1,273 11,498 1,295 1,110 9,392 506 843 5,046 37,073 28,023 9,050 Total: 1924 29,494 9,150 52,990 17,870 18,483 82,060 15,661 12, 348 65,680 41,498 28,448 88,901 462, 583 104,911 278,440 79, 232 1923. --. 99,446 44,402 30,723 26,180 37,436 71,941 34, 377 28,153 43, 560 34,940 65,176 61, 203 577,537 448,956 128, 581 3 1922 141,101 135,060 88,130 155,744 86,252 156, 324 57,561 69,040 53,204 104,317 15,153 126,248 1,188,134 411,817 776,317 1921 27,092 18, 880 46,487 39,965 144,031 48, 620 40, 631 41, 615 64,968 25,492 122,676 129,107 749,564 254,986 494,578 Certificates p 1 u 9 r 2 c 0 hased dur- 43,376 25,296 14, 387 15,143 42,723 85, 445 51, 519 63, 321 164, 306 47,927 • 45, 282127, 253 725,978 312, 581 413, 397 H ing 1924: o Under repurchase agreement 9,361 3,093 9,664 9,305 2,503 573 375 615 14,875 19, 267 35,280 104,911 3 Through open market investment committee 16, 348 5,080 35,899 6,415 12,240 68, 363 12,919 10,050 48,461 5,001 8,249 49,415 278,440 All other 3,785 977 7,427 2,150 3,740 13,124 2,742 1,923 16, 604 21, 622 932 4,206 79, 232 1 Prior to 1922 includes securities, if any, purchased from other Federal reserve banks, in addition to purchases in open market, separate figures not being available. 2 Exclusive of securities sold by Federal reserve banks under repurchase agreement and subsequently repurchased, as follows: Boston, $700,000, New York, $3,700,000; Philadelphia, $300,000; Cleveland, $1,000,000; Richmond, $100,000; Atlanta, $100,000; Chicago, $1,400,000; St. Louis, $300,000; Minneapolis, $400,000; Kansas City, $500,000; Dallas, $500,000; CD San Francisco, $1,000,000. Total, $10,000,000. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 64.—UNITED STATES CERTIFICATES OP INDEBTEDNESS: VOLUME OF SPECIAL TEMPORARY CERTIFICATES ISSUED TO FEDERAL RESERVE CD BANKS BY THE SECRETARY OF THE TREASURY OO [In thousands of dollars] Year- Federal reserve bank March June September December 1924 1923 1922 1921 1920 I Boston. 29,000 11,000 15,000 4,000 59,000 155,000 56,500 156,000 471,000 New York 371,000 47,000 201,000 259,000 878,000 758,000 1,403,500 2,077,000 3,836,000 Philadelphia 15, 500 5,000 20, 500 94,000 104,000 141,000 311,000 1 Cleveland _ . _. 6,000 5,000 11,000 325,000 122,000 343,000 831,000 Richmond _ __ 10C, 500 32,000 37,000 84,000 Atlanta 54,500 7,000 17,000 Chicago _ _ 18,000 11,000 4,000 i 33.000 311,500 189,000 138,000 800,000 St. Louis . 2,000 5,000 7,000 70,500 98,000 36,000 59,000 Minneapolis -. . _ 2,000 2,000 47,000 15,500 140,000 Kansas City 10, 000 10, 000 73, 500 27,000 4,000 112,000 Dallas 24,000 6,000 3,000 176,000 San Francisco 161,000 95,000 51,100 425,000 Total 451, 500 86, 000 220,000 263,000 1,020, 500 2,174, 500 2,148, 500 2,993,100 7,262,000 No. 65.—REDISCOUNTS AND SALES OF BILLS AND SECURITIES BETWEEN FEDERAL RESERVE BANKS: VOLUME OF OPERATIONS ACCEPTANCES PURCHASED FROM OTHER FEDERAL RESERVE BANKS [In thousands of dollars] Month Total Boston • N Yo e r w k Ph p il h a i d a el- Cleveland m Ri o c n h d - Atlanta Chicago St. Louis M ap in o n li e s - K C an it s y as Dallas Fra S n a c n isco W O 1924 January 3,661 59 3,602 Februarv 18, 346 53 3,006 3,005 12,282 M. arch 2,648 2.648 \pril 25 25 June 2,506 2,506 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Total: 1924.. 27,186 2,785 3,006 3,005 18,390 1923.. 105, 225 10,090 9, 008 ! 6,796 ! 391 13, 380 2,432 2,002 57,923 3,203 1922.. 86, 618 111 | 53,462 i 13,105 14,668 5, 272 1921.. 58,646 10, 671 6,823 i 25,094 ! 1,000 15,058 1920- 212, 547 30, 673 11,067 35,149 72,710 j_ 5,090 5,049 47, 722 1919.. 424,577 15, 827 55,300 i 5,080 i 5,065 I 95,477 40, 320 19,282 i 45,099 10,077 133,050 1918.. 336,590 6,709 50,182 42,321 ! 54,199 ! 331 i 2,514 ; 100,077 4,551 25,911 I 19,047 8,242 22,506 1917.. 170,072 5,047 19,659 15,204 j 40,102 ' 5,018 1,005 i 5,572 6,944 16,675 i 9,264 25, 333 20, 249 UNITED STATES SECURITIES PURCHASED FROM OTHER FEDERAL RESERVE BANKS i w o o 1924 d January 8,891 953 618 909 1,101 465 545 1,849 397 306 386 329 1,033 April 5,204 2,602 2,602 June 35, 768 307 27, 003 358 512 990 153 1,289 4,695 461 July 5, 587 657 1,643 329 657 1,643 658 ! Total: 1924 55, 450 1,260 27, 621 1,566 3,102 465 874 3,018 3,030 3,061 4,277 5,024 2,152 1923 54,149 12, 674 6,500 25,000 4,400 2,400 2,000 1,175 o 1922 127,046 6,150 41, 946 3,250 5,984 8,100 4,400 450 56,766 BILLS DISCOUNTED FOR OTHER FEDERAL RESERVE BANKS Total: 1921 999,153 204,150 595, 500 5,000 194,503 1920 3,460,245 969,884 479, 581 144, 579 1,406,172 52,000 168, 500 13,000 40,029 20,000 143,000 23,500 1919 2, 233, 677 40,000 229,017 5,000 1,328,338 140, 209 428, 613 5,000 57, 500 1918 324,048 13,189 17,499 24,044 82,916 100,321 4,500 73, 551 6,000 2,028 1917 45,195 25 185 5,000 5,007 5,003 5,000 i Separate figureso f securities (if any) purchased from other Federal reserve banks prior to 1922 are not available, such transactions being included with securities purchased in open market. > H M o CO Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOLD SETTLEMENT FUND o o No. 66.—GOLD SETTLEMENT FUND: SUMMARY OF TRANSACTIONS THROUGH THE FUND [In thousands of dollars] Net changes in Federal reserve bank B J a a l n a . n c 1 e d W raw ith a - ls Deposits t T o r a f a u n g n s e d f n e t r ' s s T a ra f g f r u n e o n s n m d f t e 's rs Interbank transfers Clearingsfrom Jan i . n c 1 l , u s 1 i 9 v 2 e 4, to Dec. 31, 1924, B i o a n t f a n l c b e f a l u s u o n s n s s c d i e e - t a o b h n w a r d n n o k e u c r l g s e h h a r ip i t n r a o g n f s i n s g f t o e e l r r d s - Debits Credits d N eb e i t ts d T e o b t i a t l s c T re o d ta it l s cr N ed et its Dec. 31 Loss Gain g 1924 Boston 32,882 38,150 70,000 15,000 68,000 18,600 9,039,300 9,104,944 65,644 32,276 16,244 New York 109,814 602,710 459,500 325,000 475,000 105,070 612,000 337,058 29,681,310 29,344,252 286,476 169,872 Philadelphia 29,939 505 172,050 184,000 20,500 90,500 24,500 8,579,702 8,638,855 59,153 31,137 6,847 Cleveland 68,752 67,405 18,000 24,000 70,000 121,500 16,700 7,455,042 7,534,653 79,611 40,158 25,189 Richmond 40,963 51,968 75,000 10,000 53,000 19,000 5,733,775 5,758,567 24,792 18,723 9,208 Atlanta 17,773 5 43,821 143,000 37,500 53,500 10,000 3,285,493 3,385,868 100,375 12,964 56,875 I Chicago 106,900 52,000 15,920 216,000 328, 500 15,200 14,036,548 14,174,017 137,469 110,989 175 831 St Louis 35,273 2,025 29,500 36,666 2,000 14,000 55,000 45,914 6,315,416 6,269,502 23,834 4,914 Minneapolis 23,545 14,300 7,900 33,250 12,750 22,500 6,000 2,037,935 2,077,359 39,424 19,569 22,924 Kansas City 47,054 2,188 42,500 47,000 9,000 51,500 41,947 4,696,157 4, 654,210 40,919 553 Dallas 12,339 14,394 15,100 51,000 29,666 7,000 35,070 1,082 3,176,000 3,174,918 18,033 26,988 San Francisco 45,854 8,000 113,000 170,000 135,000 47,000 56,000 80,467 3,661,647 3,581,180 44,387 71,467 Year: 1924 571,088 763,532 1,007,409 1,158,250 1,022,750 919,570 919,570 506,468 97,698,325 97,698,325 506,468 679,465 293,456 293,456 1923 554,362 624,344 1,215,366 1,140,000 565,704 ,1,039,150 1,039,150 389,239 89,614,733 89,614,733 389,239 571,088 3 1922 522,063 466,218 1,215,831 1,326,816 609,502 '1,153,975 1,153,975 748, 639 75,335,987 75,335,987 748,639 554,362 1921 357,278 652,011 1,880,634 l;651,210 587,372 3,289,081 3,289,081 1,150,002 64,934,801 64,934,801 1,150,002 522,063 1920 329,737 539,684 1,186,940 1,118,300 498,585 7,551,585 7,551,585 1,565,839 85,074,220 85,074,220 1,565,839 357,278 w o 1919 401,926 392,293 1,124,304 1,479,640 675,440 7,930,859 7,930,859 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 (2) (2) 223,870 5,533,966 5,533,966 223,870 169,740 1915 0) 25,580 155,800 52,460 (2) (2) 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

GOLD SETTLEMENT FUND 101 No. 67.—GOLD SETTLEMENT FUND: CLEARINGS AND TRANSFERS, BY WEEKS [In thousands of dollars! Total Total Tota . Week ending- clearings i t n r t a e n r s b f a e n rs k cle t a ra ri n n s g fe s r a s nd 1924 Jan. 2 (1 day)_ 437,019 6,000 443,019 1, 954, 490 9,500 1,963,990 16. 1,907, 913 2,000 1,909, 913 23. 1, 838, 375 1,838,375 30. 1, 771, 235 13,000 1, 784, 235 Feb. 6. 1, 723, 308 15, 000 1, 738,308 13. 1, 587, 581 14, 500 1,602,081 20. 2,006,102 1,000 2,007,102 27. 1, 682,090 16,000 1,698,090 Mar. 5. 1,889, 758 6,000 1,895, 758 12. 1, 730, 516 16, 500 1,747,016 19. 2, 059, 518 55,800 2,115,318 1,973,477 53,000 2,026,477 Apr. 2. 1,792, 523 1, 792, 523 9. 1, 704,063 5,000 1,709,063 16. 1, 928,173 26,000 1,954,173 23. 1, 908, 548 5,000 1, 913, 548 30. 1, 855, 322 12,000 1,867, 322 May 7. 1, 925, 943 11,000 1, 936,943 14. 1, 695,396 11,000 1,706, 396 21. 1,899, 621 32, 500 1,932,121 28. 1, 761, 324 1, 761, 324 June 4. 1, 566, 782 14,000 1, 580,782 11. 1, 675, 321 12, 500 1, 687,821 2 1 5 8 . . 2 1 , , 2 8 3 61 1, , 9 9 9 4 0 4 4 2 9 2 , , 0 5 0 0 0 0 2 1 , ,8 2 8 8 3 1 , , 4 9 9 4 0 4 July 2. 1, 945,073 22,000 1,967,073 9. 1, 566,997 21,000 1, 587,997 16. 1, 804, 514 9,500 1,814,014 23. 1, 757, 560 9,070 1, 766,630 30.. 1, 770, 554 3,000 1, 773, 554 Aug. 6. 1, 771, 571 1, 771, 571 13.. 1, 725, 248 1, 725, 248 20. 1, 897,183 1,000 1,898,183 27.. 1, 689,183 1,000 1,690,183 Sept. 3.. 1, 428,190 1,428,190 10.. 1, 714, 734 11,000 1,725, 734 17.. 1, 966, 750 58, 500 2,025, 250 24.. 2,032,883 42, 500 2,075, 383 Oct. 1,825, 309 2,000 1, 827, 309 1,871, 680 13,000 1,884,680 15. 1, 758,842 6,000 1, 764,842 22. 2,263, 361 16,500 2, 279,861 29. 1, 995, 343 7,500 2,002,843 Nov. 5. 1,847,192 8,500 1,855, 692 12. 1, 938, 530 34, 700 1,973, 230 2 1 6 9 . . 2 2, , 1 3 1 4 9 0 , , 3 1 5 5 1 4 2 9 2, , 5 5 0 0 0 0 2 2 , , 1 3 2 6 8 2 , , 8 5 6 1 54 Dec. 3.. 1,893, 767 7,000 1,900, 767 10.. 2,041, 220 37,500 2,078, 720 17. 2, 244, 275 113,000 2,357, 275 24.. 2, 208,136 49,500 2,257, 636 31.. 1,912,393 5,000 1,917, 393 Total: 1924.. 97, 698, 325 919, 570 98, 617, 895 1923.. 89, 614, 733 1, 039,150 90, 653,883 1922.. 75, 335, 987 1,153,975 76,489,962 1921.. 64,934,801 3, 289,081 68,223, 882 1920.. 85,074, 220 7, 551, 585 92,625,805 1919 66,053, 393 7,930,859 73,984, 252 1918 45,439,487 4, 812,105 50, 251, 592 1917 24,319, 060 2, 643,846 26,962,906 1916 5, 553, 966 1915 (from May 20). 1,052,649 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

102 ANNUAL REPORT OP THE FEDERAL, RESERVE BOARD FEDERAL RESERVE AGENTS' GOLD FUND No, 68.—SUMMARY OF TRANSACTIONS THROUGH THE FUND [In thousands of dollars] Balance at Balance With- Transfers Transfers close of Federal reserve agent at— Jan. 1 drawals Deposits to bank from bank business Deo. 31 1924 Boston -. 118,000 170,000 115,000 15,000 70,000 118,000 New York 316,000 475,000 325,000 166,000 Philadelphia 153,889 170,000 20, 500 184,000 147,389 Cleveland 201, 000 10,000 70,000 24,000 145,000 Richmond 66,295 69,000 12, 500 10,000 75,000 74, 795 Atlanta —. 83,000 57,000 37,500 143,000 131, 500 Chicago 376, 644 ~ii~666~ 216, 000 160, 644 St. Louis _. 36, 000 37,000 2,000 36,000 44,000 Minneapolis 40,000 1,000 12, 750 33,250 59,500 Kansas City 38,360 38,000 47,000 58, 360 Dallas 14,500 18,000 29,000 51,000 18,500 San Francisco 205,206 56,000 135,000 170,000 184, 206 Year: 1924. 1,648,894 626,000 149, 500 1,022, 750 1,158,250 1,307,894 1923. 1, 681, 098 755, 000 148, 500 565, 704 1,140,000 1, 648,894 1922. 1,394,884 924, 000 492,900 609, 502 1,326,816 1, 681,098 1921. 896, 692 1, 589, 500 1,023,854 587,372 1, 651,210 1,394,884 1920. 886,327 1, 060, 700 451,350 498,585 1,118,300 1919. 928,497 1, 011, 370 165,000 675,440 1,479, 640 886,327 1918. 496, 604 103, 594 35,021 1, 011, 831 1,512,297 928,497 1917. 102, 580 56, 590 8,820 411, 087 852,881 496, 604 1916. 56,8C0 27, 320 21,480 94,520 102, 580 1915. 0) 4,400 52,460 56, 860 i Established Sept. 8, 1915. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CLEARING OPERATIONS No, 69.—OPERATIONS OF THE FEDERAL RESERVE CLEARING SYSTEM [Numbers in thousands. Amounts in thousands of dollars] Total items handled (exclusive of dupli- Items drawn on banks in— cations) Items drawn on Federal reserve bank Own F ba e n d k e ra c l i t r y eserve Ow b n r a F n e c d h e r c a i l ti r e e s s e l rve Di b F c s a i e t t r n d i i e k e c s r t a a l n o d u b re t r s a s e n i r c d v h e e Ot s r ( h e e f e o c r r v r t w e F t o a e r d d d d i e e s r r a d t a r w l i c d r e e t i e s - - Un T i r t e e a d s u S r t e a r tes Number Amount bank) 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 N b u e m r - Amount 1924 1923 1924 1923 Q 1924 Boston 9, 937,371 54,895 5,865, 806 1,839 186,522 65,417 60,385 ! . , 14, 529,543 O New York 33,708 53, 957, 209 2,641 1,453,370 70, 929 9, 577, 398 11,336 1, 364, 921 118, 614 111,142 66,352,898 63,375,384 Philadelphia 16,246 15,041, 914 33,410 4,262, 654 1,932 270, 717 51, 588 45,498 19, 575,285 14, 559, 748 Cleveland 8,621 5, 533, 735 9,653 12,632,303 43, 699 4,456,059 131 19, 505 2,383 245,396 64,487 64,049 22,886,998 23, 367,865 H Richmond 1,760 4,294,142 3,738 2,681,989 34,759 4,649,639 1,350 152,650 41,607 41,934 11,778,420 11,584,372 Atlanta... _. •1,608 1,298,314 3,505 4.351,623 16,007 1,696,862 1,497 154, 707 22,617 21,233 7,501,506 7,138,692 O Chicago 15,151 12,195,222 4,589 4,585,726 66,247 5,333, 562 5,125 629,072 91,112 83,202 22,743, 582 22,494,355 St. Louis 6,575 4, 771,022 3,254 3,037,529 32,431 1,865,942 2,260 182, 679 44, 520 42,649 9,857,172 9,437,991 Minneapolis 3, 772 1,929, 795 311 173,358 19,924 1,102,443 58,453 937 103,970 25,004 26,268 3,368,019 3,114,967 Kansas City 4,311 3,133,582 4,332 2.054,624 47,068 3,259,339 3,132 2,043 258,577 57,759 52,828 8, 709,254 7,692, 585 Dallas 1,933 2,312,696 1,499 1,119,309 27, 275 2, 920, 327 773 89, 280 31,480 29, 508 6,441,612 6,072,620 San Francisco 3, 915 5, 096,467 10, 979 5,097,462 52, 089 3, 204, 782 2,814 521, 795 69, 797 60,518 13,920, 506 13,267,951 -I- Total: 1924 106,283 119,501,469 i 44,501 37,187,293 498, 733 48,194,813 196 81,090 34, 289 4,160, 286 684,002 209,124,951 1923. 94, 643 108,479, 604 42,842 35,411,949 465, 736 48,146, 789 190 85, 996 35,803 4, 511, 735 639, 214 196,636,073 1 For list of Federal reserve branch cities, see p. 108. O CO Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 69.—OPEKATIONS OF THE FEDERAL RESERVE CLEARING SYSTEM—Continued [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 I banks and their branches Number Amount Number Amount Number Amount Number Amount 1924 1923 1924 1923 1924 Boston.. 2,749 57C, 014 68,166 63,158 16,559,713 15,169,483 New York... 332 65, 443 356 215, 694 17,551 2,044, 836 136,853 129,130 68, 678, 871 65, 8J)5, 632 Philadelphia. 7,422 1, 219, 944 59, 010 51, 325 20, 795,229 15,808,129 Cleveland 158,610 574 141,623 j 2,388 687, 506 68, 039 67, 433 23, 874, 737 24, 354,352 Richmond. 476 101, 699 95,354 ! 3,876 1, 279,159 46, 779 47, 225 13, 254, 632 13,111,824 Atlanta 661 129,022 354 423,261 ! 1,667 596,859 25,299 23, 956 8, 650, 648 8, 251,381 Chicago 180 22,415 53 23,645 I 5, 739 491, 221 97,084 88,649 23, 280, 863 23,074,243 St. Louis... 162 13,885 105 7,265 | 1,006 87,963 45, 793 43, 736 9,966,285 9,547,434 Minneapolis 13 1,671 14 14,525 I 1,188 268, 680 26, 219 27, 433 3, 652,895 3,383,365 Kansas City... 821 159, 534 432 253,682 ! 2,964 663,531 61,976 58,566 9,786, 001 8, 817.168 Dallas 588 73, 332 151 23,337 ! 1,074 148,438 33, 293 31,449 6, 686, 719 6, 329, 983 San Francisco.. 1,964 228, 688 584 113, 560 2,022 382,832 74, 367 65,442 14, 645, 586 14,066, 535 Total: 1924.. 5,787 954,299 3,443 1,311,946 49, 646 8,440,983 742, 878 219,832,179 1923.. 6,010 1,016,183 3,824 1, 269, 507 48,454 8, 797, 766 697, 502 207, 719, 529 I Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CLEARING OPERATIONS 105 No. 70.—MEMBER BANKS AND NONMEMBER BANKS ON PAR LIST AND NOT ON PAR LIST: NUMBER IN EACH STATE ON DECEMBER 31 Member banks Nonmember banks * State On par list Not on par list» 1924 1923 1924 1923 1924 1923 New England States: - Maine 62 64 49 48 New Hampshire 54 55 15 14 Vermont 46 47 35 34 Massachusetts 182 183 71 71 Rhode Island 21 20 8 8 Connecticut 66 67 74 70 Eastern States: New York 632 620 276 262 New Jersey 313 299 141 133 Pennsylvania 953 939 659 650 Delaware 22 22 35 35 Maryland 91 94 170 168 District of Columbia 15 15 33 38 Southern States: Virginia 196 195 240 296 89 37 West Virginia 142 142 198 204 10 3 North Carolina 95 97 100 157 349 308 South Carolina.. 100 103 29 28 267 289 Georgia 172 184 75 76 387 420 Florida _. 69 71 77 69 159 147 Kentucky 147 149 442 453 17 8 Tennessee 120 122 268 306 206 168 Alabama 126 132 35 35 195 187 Mississippi .. 44 39 25 28 274 274 Arkansas __ __ ._ 126 126 280 333 77 32 Louisiana 47 50 44 52 171 179 Texas _ . 751 754 807 882 68 14 Middle Western States: Ohio 447 456 661 658 1 Indiana 268 272 832 830 8 7 Illinois 583 591 1,300 1,319 18 11 Michigan 286 284 526 559 83 47 Wisconsin 187 187 645 733 162 82 Minnesota __ .. 364 375 654 908 403 195 Iowa 446 455 1,289 1,371 33 20 Missouri __ 192 192 1,363 1,416 32 20 Western States: North Dakota 174 188 285 431 224 88 South Dakota _. 133 147 279 396 144 110 Nebraska 187 194 766 783 171 168 Kansas... 265 278 1,032 1,046 5 1 Montana 130 164 111 146 9 7 Wyoming 39 49 60 78 11 10 Colorado. _ _ 144 146 188 203 7 6 New Mexico 36 46 35 43 3 4 Oklahoma.. _ 430 465 373 417 5 6 Pacific States: Washington 158 165 177 199 29 17 Oregon _ _. _ __ _. 137 136 114 115 27 25 California 300 319 375 417 1 2 Idaho 101 110 72 74 Utah 49 52 66 65 Arizona 23 25 33 43 3 3 Nevada. ._ ._ 11 11 23 25 Total . . 9,682 9,896 15,445 16, 725 3,647 2,896 1 Incorporated banks other than mutual savings banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 71.—MEMBER BANKS AND JNONMEMBER BANKS ON PAR LIST AND NOT ON PAR LIST: NUMBER IN EACH FEDERAL RESERVE DISTRICT AT END OF MONTH Total Boston New York Philadelphia Cleveland Richmond Atlanta Nonmember Nonmember Nonmember Nonmember Nonmember j Nonmember Nonmember banks banks banks banks banks banks banks Mem- Mem- Mem- Mem- Mem- Mem- Member ber ber ber ber ber ber banks On par Not on banks On par Not onbanksiOnparNoton banks On par Not on banks On par Not onbanks On par Not on banks 3nparNot on list par list list par list list par list list ipar list list par list list par list list par list o 1924 January 9,875 16,484 3,013 424 230 837 | 363 724 516 1,076 i 630 851 646 534 375 1,129 w February 9,856 16,337 3,084 421 232 840 I 362 724 516 877 1,077 629 841 651 537 375 1,125 H March 9,820 16, 246 3,142 421 232 846 | 360 727 { 518 876 1.078 i 628 831 662 533 381 1,124 April 16,119 3,185 421 232 360 730 | 518 877 1,076 627 826 | 665 533 382 1,115 May 9,785 15,981 3,240 421 i 232 850 362 731 ' 516 874 1,078 627 824 669 532 383 1,113 June 9,763 15, 896 3,301 421 I 232 851 367 732 518 874 1,077 627 813 679 530 380 1,113 July—. 9,745 15, 820 3,353 422 I 231 849 370 735 519 874 1,076 627 793 691 527 379 1,109 August . 9,733 15, 736 3,419 421 I 232 851 370 736 522 873 1,077 624 771 710 524 379 1,109 S O e c p to te b m er b er , 9 9 , , 7 7 1 0 8 8 1 1 5 5 , , 6 60 6 1 2 3 3 , , 5 4 5 9 0 6 4 4 2 2 0 0 2 2 3 3 2 2 8 8 5 5 3 3 3 3 7 7 5 9 7 7 3 4 8 0 5 5 2 1 0 8 8 8 7 7 3 2 1 1 , , 0 0 7 7 8 8 6 6 2 2 3 4 7 7 5 4 3 5 7 7 2 2 3 6 5 5 2 2 0 0 3 3 7 7 8 9 1 1 , , 1 1 0 0 9 8 d November i 9,700 15, 524 3,612 420 234 858 379 742 519 871 1,080 7 i 624 742 724 518 373 1,125 December I 9,682 15,445 3, 647 420 234 859 381 743 519 872 1,075 10 j 624 743 715 516 383 1,105 December, 1923 16, 725 2,896 424 228 360 725 514 1,071 j 5 i 631 865 637 535 380 1,127 F December, 1922 9,916 17, 822 2,288 427 259 343 717 486 881 1,085 ! 1 ! 634 962 568 543 380 1129 December, 1921 9,841 18,102 2, 263 436 257 800 I 334 704 473 884 1,085 I 1 I 626 990 577 515 390 1156 December, 1920 9,629 19,139 1,755 436 255 783 I 329 698 439 871 1.079 I. 610 1, 266 334 462 408 1233 December, 1919 9,066 16,499 3,996 432 245 753 322 678 415 843 1,085 L 585 485 995 426 355 1219 December, 1918 J 8,692 10, 305 10, 247 423 246 723 I 339 661 329 1 102 814 728 j 1411 565 351 1,156 426 209 i 1345 < w Q Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Chicago St. Louis Minneapolis Kansas City Dallas San Francisco Noninember I I Nonmember Nonmember Nonmember Nonmember b M a b e n e m r ks - ban N ks o t on b M a , b e n e m k r s - j I I On p b a a r nk N s ot on b M a b e n e m r k - s On p b ar a n i k N s ot on b M a b e n e m r k - s On p b a a r nk N s ot on M ba b e n e m r k - s On p b ar a n j k N s ot on par list j list par list list par list list par list list par list 1924 January.. 1, 435 4,090 129 630 2,344 j 249 975 1,972 513 1,137 2,838 199 863 944 February- 1,437 4,074 141 630 2,333 261 969 1,895 555 1,133 2,820 199 859 934 102 March 1,432 4,050 149 631 2,318 271 956 1,863 576 1,126 2,814 199 848 925 | 111 April 1,432 4,043 150 633 2, 308 i 280 950 1,796 1,115 2,798 197 911 118 O May. 1,433 4,009 174 633 2,300 280 945 1,730 632 1,105 2,779 195 846 905 121 June. 1,427 4,003 179 631 2,287 292 940 1,699 650 1,103 2,769 197 842 132 July. 1,428 3,988 187 629 2,273 306 930 1,682 664 1,097 2,765 201 842 136 August j 1,427 3,985 187 629 2,259 316 928 1,637 704 1,094 2,764 200 843 137 September ...| 1,426 3,980 187 629 2,250 321 921 1,599 750 1,090 2,764 202 842 142 N O o ct v o e b m er b er ( 1 1 , , 4 4 2 2 4 3 3 3 , , 9 9 6 5 7 2 2 1 0 9 3 5 6 6 3 3 0 1 2 2 , , 2 24 3 4 6 3 32 2 8 5 9 9 1 0 5 7 1 1 , , 5 5 6 3 9 5 8 7 1 8 6 4 1 1 , , 0 0 8 8 9 8 2 2, , 7 7 5 5 0 8 2 20 0 7 4 8 8 4 4 2 0 8 8 7 7 7 2 1 1 4 4 5 6 December 1,419 3,927 218 628 2,225 332 1,498 853 1,086 2,747 204 838 862 153 December, 1923._ _...! 1,435 4,105 114 630 2,373 233 979 2,085 445 1,146 2,858 196 863 958 ! 95 December, 1922 ! 1,443 4,246 610 2,467 159 1,014 2,596 188 1,152 3,007 165 861 1,045 ! 52 December, 1921 1,443 4,235 588 2.489 167 1,024 2,635 154 1,103 3,091 185 861 1,151 ! 23 3 D D e e c c e e m m b b e e r r , , 1 1 9 9 2 1 0 9 ! I 1 1, , 3 4 7 2 4 1 4 3 , , 2 8 6 9 6 6 293 5 5 7 3 1 8 2 2 , , 3 5 0 1 9 4 3 1 5 8 5 8 1, 9 00 2 9 0 2 1 , ,8 8 7 9 9 1 1,025 1 1 , , 0 0 8 3 7 8 3 3 , , 3 3 9 4 1 6 8 75 5 6 0 1 1 , , 2 2 7 2 4 0 L |. 109 O December, 1918 | 1,334 2,392 1, 805 514 1, 046 1 1, 600 867 1.169 1 1, 743 994 2, 200 1979 727 247 | 1947 U59 i Approximate figures. NOTE.—Nonmember banks not on par list comprise all incorporated banks, other than mutual savings banks, that have not agreed to remit at par. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OPERATIONS OF BRANCHES o 00 No. 72.—BRANCHES OF FEDERAL RESERVE BANKS: VOLUME OF OPERATIONS NUMBER OF PIECES HANDLED Noncash collection items Fiscal Currency Coin handled agency—is- Federal reserve branch and district number disc B o i u ll n s ted r c e o c a u e n n i d v te e d d r c e o c a u e n n i d t v e e d d h C a h n e d c l k ed s Government s ti u o c e n h s a s , , n r a e g n d e d s e m o e f x p - - Tra f n u s n f d e s rs of re d E c i n s e p v iv a e e t l c d o h p a e e n d s d coupons All other United States securities No. 2.--Buffalo 2,585 39,454,000 15,417,000 10,973,000 297,000 149,000 41, 000 12,000 513,000 No. 4.-Cincinnati 29, 495, 000 53, 827, 000 16,246,000 1,573,000 24,000 987,000 21,000 597,000 Pittsburgh 53, 581,000 26, 327, 000 21, 506, 000 1, 464, 000 47, 000 320,000 15,000 616,000 No. 5.-Baltimore 9,446 47, 245,000 138, 365, 000 17,357,000 891,000 75, 000 54,000 27,000 757,000 No. 6.—Birmingham 14, 619,000 9,486,000 4,529,000 92,000 14,000 110, 000 6,000 251,000 Jacksonville 16, 828,000 10, 904, 000 4, 692, 000 97,000 30, 000 151,000 7,000 262,000 Nashville 11,310,000 2, 258, 000 4, 423, 000 118,000 26, 000 140, 000 6,000 247,000 New Orleans 13,625 22, 750,000 21, 272, 000 3, 663,000 448,000 29, 000 148, 000 14,000 383,000 No. 7.-Detroit. 5,936 54,315,000 30, 519, 000 15, 321, 000 761, 000 81,000 301,000 30,000 662,000 s No. 8.--Little Rock 8,183 8, 025,000 5, 824,000 5, 013, 000 82,000 25, 000 48, 000 13,000 302,000 Louisville 3, 342 22, 203,000 13,140,000 8,168,000 542, 000 38, 000 134,000 13, 000 383,000 I Memphis.. _ 13,008 17, 792,000 8, 357, 000 3, 675,000 157,000 43,000 9,000 11,000 313,000 No. 9.--^Helena 4,847 2, 270, 000 694, 000 1, 933, 000 94, 000 28, 000 52,000 9,000 261,000 No. 10..—Denver 8,977 6, 369,000 7, 578,000 8, 210, 000 419,000 43, 000 123,000 11,000 441,000 Oklahoma City- 4, 454,000 4,197, 000 16, 318,000 84,000 62,000 184,000 9,000 685,000 Omaha 11,554 4, 804, 000 3, 465, 000 10,169, 000 360, 000 35, 000 199, 000 33,000 851,000 No. 11..—El Paso 5,347 4,137, 000 4,195, 000 2, 617, 000 47, 000 21, 000 4,000 11,000 210, 000 Houston 3,419 10,120, 000 7,828,000 6, 644,000 178,000 29,000 15, 000 22,000 372,000 No. 12. -Los Angeles 5,737 40, 015, 000 11,075,000 38, 574, 000 860,000 122, 000 178,000 34,000 597,000 Portland 4,227 5,192, 000 3,998, 000 5, 477, 000 440,000 16, 000 180, 000 14, 000 341,000 Salt Lake City.. 7,007 3, 352,000 1,196,000 7,008,000 185,000 68, 000 41, 000 19, 000 319,000 Seattle 678 8, 358,000 6,180, 000 6, 079, 000 436, 000 32,000 278,000 13,000 210,000 Spokane 4,575 1,491,000 401, 000 4, 027, 000 212, 000 17, 000 66,000 8,000 263,000 w Total: 1924. 112,493 428,179,000 386, 503, 000 222, 622,000 9, 837,000 1,054,000 3, 763,000 358,000 9, 836,000 o 1923. 167, 312 395, 965, 000 352, 748, 000 207,187, 000 12, 449, 000 1, 072, 000 29, 699, 000 345, 000 10,215,000 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AMOUNTS OF ITEMS HANDLED Noncash collection items Fiscal agencyhandled issues, redemp- Federal reserve branch and district number B co il u ls n t d e i d s- re C c c e u o iv r u r e n e d t n e c d a y nd C an o d in c r o e u ce n i t v e e d d h C a h n e d c l k ed s Government U e n x ti c i o t h e n a d s n , g S a e t n s a d t o e f s Tra f n u s n f d er s s of coupons All other securities No. 2.--Buffalo $531,195,000 $202,103,000 $3,107,000 $2, 671,266,000 $3,078, 000 $89,076,000 $3, 667,000 $696,751,000 No. 4.--Cincinnati 128,348,000 6,398,000 5, 675, 557,000 16,423,000 38, 668,000 37,784,000 489, 593,000 Pittsburgh 388,191,000 2, 596,000 10, 264, 615, 000 21,183,000 38, 687,000 70,210,000 828,247,000 No. 5.--Baltimore "219,768,666 252,407,000 10, 768,000 4,285, 501,000 9, 529,000 79,303, 000 4,104,000 1,013, 627,000 No. 6.--B Ja i c r k m s i o n n g v h il a l m e 5 6 6 8 , , 0 0 5 2 6 6 , , 0 0 0 0 0 0 1 1 , , 0 1 5 9 9 7 , , 0 0 0 0 0 0 1 1, , 5 5 8 47 9 , , 9 5 5 30 2 , , 0 0 0 0 0 0 5 6 9 8 2 1 , , 0 0 0 0 0 0 3 18 8 , , 4 7 0 0 2 7 , , 0 0 0 0 0 0 4 6 1 1 9 2 , , 0 0 0 0 0 0 1 1 4 2 7 5 , , 4 1 4 07 0 , , 0 0 0 0 0 0 1 Nashville 35, 918,000 468,000 1,487,420,000 706,000 28,344,000 609,000 106, 666, 000 New Orleans 200,245, 000 107, 920, 000 3,101, 000 1, 901, 903, 000 4,253,000 32,399, 000 19,330,000 539,247,000 No. 7.--Detroit 349,952,000 428,437,000 4,190,000 5,654,514,000 10,976,000 98,719,000 31,889,000 2.881,684,000 No. 8.--Little Rock 58, 790,000 34, 258,000 1, 001,000 865, 308, 000 450, 000 23, 622,000 1,172,000 ' 302, 546,000 Louisville 162, 531,000 117,446,000 1. 770, 000 2, 329, 900, 000 4, 930, 000 40,186, 000 4, 695,000 574,966,000 Memphis 110,077,000 64, 020,000 1, 735,000 706,803,000 1,152,000 76, 344, 000 1,033,000 414,834,000 No. 9-—Helena 7,473,000 20, 879,000 461,000 330, 765,000 587,000 11,336,000 202,000 131,266,000 No. 10.—Denver 36,869, 000 42, 624, 000 2,476, 000 1, 530, 944,000 4,190, 000 35, 646, 000 5, 843,000 350,429,000 Oklahoma City. 22, 575,000 806, 000 2, 051, 598,000 589,000 43,489,000 1, 279,000 215,948,000 Omaha ___ 54,941,000 26, 803,000 1,193,000 1, 239,494, 000 2, 027, 000 36, 998,000 3, 621,000 954,446,000 § No. 11.—El Paso 17, 577,000 31, 620, 000 4,436, 000 348, 582,000 239,000 12,058,000 61,000 181,194,000 Houston 19, 980, 000 45, 335, 000 1,343,000 1, 564, 535, 000 1,157,000 64,383,000 181,000 1,094,058,000 No. 12..—Los Angeles 61,494,000 207, 577,000 7, 528,000 4,897, 689,000 8,116,000 63, 555,000 12,329,000 3,026,892,000 Portland 64,146,000 46, 035,000 1, 593,000 1,421,212, 000 3, 606,000 22,147,000 8, 636,000 554, 708,000 Salt Lake City.. 97, 345, 000 29,198, 000 786, 000 872,033, 000 1,126,000 34,012,000 842,000 " 428,204,000 Seattle 38,796, 000 68,426,000 1,844,000 1,032, 576,000 3,255,000 39,432,000 10, 908,000 746, 507,000 o Spokane 33,048,000 11,167,000 226,000 494,143,000 ], 082,000 9, 629,000 1, 799,000 148, 761,000 W Total: 1924.. 2,-064,227,000 2,435, 369,000 60,082,000 54,763,840,000 99,927,000 975,142,000 221, 225,000 15,953,121,000 1923.. 4,281,332,000 2,404, 372, 000 55, 574,000 53,197,150, 000 107,134,000 1,069,929,000 415,246,000 13,281,545,000 NOTE.—Currency received and counted during 1924 by agencies of the Federal Reserve Bank of Atlanta: Havana, Cuba, agency—2,899,000 pieces, amount $23,367,000; Savannah, Ga., agency—2,502,000 pieces, amount $10,149,000. O CO Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BANK PREMISES No. 73.—COST OF BANK PREMISES OF FEDERAL RESERVE BANKS TO DECEMBER 31, 1924 NEW BUILDINGS CONSTRUCTED BY FEDERAL RESERVE BANKS AND NOW OCCUPIED AS BANK QUARTERS Cost of buildings Cost of Federal o r r e s b e r r a v n e c b h ank d c u e b l l t u m a u il d n i i o n l i d z d l n e e , i i g t s d n i h n o g e o - l s d d r , v a e m B a x n e l u u a c d a x l c i l n t p l u m h s d e e s , i o i i i n n f n s v u i s e c g e x s e r e s e y o l , d - , f a i e r n l M x c a c p h n f l i e e u s i e n e t c d o e s s e i u c e n l s - t s g ' , s V st a r u u l c t ti c o o n n- equ V i a p u m lt ent c e F h q i i u x n • i e e p d ry m m e a a n n - t d o T f o b t u a i l l d c i o n s g t s a T n o o d f t i a n l b l g a u s n c i o d ld st - ti D on e p c r h e a c r i g a- es Book n e v t alue, Remarks S H Boston i $1,246,726 $2, 561, 954 $220,062 $760,587 (2) $662,157 $4,204, 760 $5,451,486 $1,261,311 $4,190,175 Occupied March, 1922. O New York: Main building 4, 850, 210 8, 672,421 1, 678, 352 316,380 $751,229 2,446,853 313,865, 235 18, 715,445 4,130,352 14, 585,093 Occupied October, 1924. '" Annex building._. 592, 679 1, 221, 244 190,631 3,715 315 120,300 1, 536,205 2,128,884 521,079 1, 607,805 Occupied May, 1921. Cleveland. 920,490 4, 591, 964 910, 669 538, 827 593, 980 1,423,366 8,058, 806 8, 979,296 2, 571, 217 6,408,079 Occupied August, 1923. Richmond 202, 025 1, 603,064 128, 861 17,126 282,393 410,409 2,441,853 2, 643, 878 566,026 2,077,852 Occupied October, 1921. Atlanta.... 283,000 1, 023, 279 95, 062 63,108 174,037 175,279 1,530,765 1,813, 765 431,962 1,381,803 Occupied October, 1918. Jacksonville.-. 45,842 162,335 13, 748 10, 791 24,104 25,956 236,934 282, 776 55,467 227,309 Occupied June, 1924. New Orleans 201,250 565, 551 70,095 49,347 53,410 157, 580 895,983 1,097,233 259,166 838,067 Occupied October, 1923. Chicago 2, 963, 548 4, 789, 529 356,840 436,821 633, 915 1,276, 579 7,493, 684 10,457, 232 3,008, 640 7,448, 592 Occupied July, 1922. Minneapolis 600, 521 1, 625,157 338, 758 325, 205 (2) 482,848 4 2, 771, 968 3,372, 489 558,377 2,814,112 Occupied in part December, 1924. Kansas City 495, 300 2, 815,078 243, 947 96,381 235, 695 777, 940 4,169,041 4,664,341 1,388,871 3,275,470 Occupied November, 1921. Oklahoma City. 65,021 304,095 29,395 32,900 43,500 67,866 477,756 542,777 107,105 435,672 Occupied April, 1923. Dallas 5 .__ 181,120 909, 564 94, 874 32, 532 132,280 325,457 1,494, 707 1, 675,827 324,863 1,350, 964 Occupied March, 1921. El Paso 39,003 73, 618 4,867 3,410 29, 924 10,374 122,193 161,196 28,491 132, 705 Occupied August, 1920. Houston 66, 312 234, 751 15, 687 15,065 18,810 59,284 343,597 409,909 60,265 349,644 Occupied February, 1922. San Francisco.. 412, 996 '2, 623, 795 268,416 114, 590 136,135 696,007 6 3,838, 943 4, 251, 939 1,076, 647 3,175, 292 Occupied December, 1923. Total 13,166,043 33, 777,399 4, 660,264 2,816, 785 3,109, 727 9,118, 255 53,482,430 66, 648,473 16, 349, 839 50,298, 634 BUILDINGS PURCHASED BY FEDERAL RESERVE BANKS AND NOW OCCUPIED AS BANK QUARTERS (Amounts shown under "Cost of land" represent total original cost; figures shown in columns 2 to 7, inclusive, represent cost of additions and remodeling) New York (No. $3,004 $11,847 $103,562 $53,562 $50,000 Occupied November, 1921. Gold Street). Philadelphia. 91,119 $962,912 () 213,998 1, 539,831 2, 546,984 1,433,006 1,113,978 Occupied December 1917. Pittsburgh. 33,657 94, 765 $175,950 11,370 481,454 996,454 98, 557 897,897 Occupied February, 1920. Baltimore 7. 201,023 21,023 180,000 Occupied March, 1918. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Nashville 83, 704 124,953 11,664 11, 987 28,055 24,353 201,013 284, 717 77, 381 207, 336 Occupied December, 1922. Louisville.. 202,877 103,289 8.520 26,148 13,346 16 029 s 167,332 370,209 60,824 309, 385 Occupied June, 1919. Helena. _ 14,925 57, 643 12,876 9,266 66, 580 16,109 162,474 177 399 90, 747 86, 652 Occupied February, 1921. Total 2,116, 397 731, 572 158, 507 976,164 412,845 284,863 2, 563,951 4,680,348 1,835,100 2,845,248 ]BUILDINGS IN COURSE OF CONSTRUCTION AND BUILDING SITES Birmingham _. $125, 509 $125, 509 $125, 509 Construction not authorized. Detroit 650,000 650,000 650,000 Do. St. Louis - . 1,304,874 $1, 296,485 $243, 588 $132, 299 $27, 500 $307,172 $2,007,044 3, 311, 918 $745,000 2, 566, 918 Estimated cost to complete, $l,492,000.io Little Rock 85,007 136, 599 20,104 25,967 11,440 20, 312 214,422 299,429 299,429 Estimated cost to complete, $127,774.10 Denver 101,512 556 556 102,068 21, 512 80, 556 Estimated cost of proposed building, $491,626.10 Omaha 9 176,236 451 451 176,687 176,687 Estimated cost of proposed building, $457,170.10 Salt Lake 'City '. 114,075 114,075 14,075 100,000 - Estimated cost of proposed building, $25 0,000. Total- 2, 557,213 1,433,084 264, 699 158,266 38, 940 327,484 2,222,473 4, 779, 686 780, 587 3, 999,099 BUILDINGS OCCUPIED BY TENANTS (AMOUNTS SHOWN UNDER "COST OF LAND" REPRESENT TOTAL ORIGINAL COST) Cincinnati $380, 744 $380, 744 $113, 744 $267,000 Will remodel or erect new g building. Baltimore 251, 343 251,343 63, 343 188,000 New building proposed. m fc=J Total 632,087 632,087 177,087 455,000 CO Grand total for 18, 471, 740 $35, 942,055 $5,083,470 $3,951,215 $3, 561, 512 $9,730,602 $58,268,854 76,740, 594 19,142,613 57, 597,981 all banks and branches. 1 After deduction of profit of $150,000 realized on sale of property purchased in 1918. 2 Included in cost of vault construction. 3 Estimated cost to complete, $752,076. * Estimated cost to complete, $173,093. * Exclusive of property purchased in 1915 for $98,400 and remodeled at a cost of $53,336, which was sold in 1922 for $130,000 after removal of about $18,000 of material used in new building. e Exclusive of cost ($239,749) of remodeling old building for temporary occupancy. 7 Will be sold if new building is erected. s Estimated cost to complete, $30,549. * Represents book value ($175,000) of property purchased in 1920, which was exchanged in 1924 for present property, plus incidental expense. Cost of original property, including cost of remodeling, was $205,350. io Includes estimated cost of vault and of permanent equipment. No bank buildings or sites therefor have been acquired for the following branches and agencies: Branches—Buffalo, Memphis, Los Angeles, Portland, Seattle, Spokane. Agencies—Savannah, Havana (Boston), Havana (Atlanta). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EARNINGS AND EXPENSES OF FEDERAL RESERVE BANKS No. 74,—EARNINGS AND EXPENSES or FEDERAL RESERVE BANKS DURING 1924 Total Boston Y N o e r w k d P e h lp il h a i - a C la le n v d e- m Ri o c n h d - Atlanta Chicago L S ou t. is M ap in o n li e s - K C an it s y as Dallas Fra S n a c n isco Discounted bills ___i$15,942,845 $783,450 $2, 613, 566 $1, 290, 080!$1,361,771 $11.,905,118 $1,532, 222 $2,044[,, 407 $1,140, 622 $578,447 $859, 534 $531,356 $1,302, 272 Purchased bills 5,709,809 5""9 9,1'"7"2 1,446,693 408,4091 670,338 47,787 234,196 "7"05,723 141, 778 84, 269 158, 580 630, 682 582,182 United States securities... | 14, 712, 5931,049,841 4,165,856 1,136,303 1,581,943 164,559 85,388 2,121,708 352,652 848,070 947,929 781,838 1,476, 506 Deficient reserve penalties j 381, 619 4,576 24,974 7,839 16,"" 65, 026 40, 720 39, 910 27,441 40,175 36,380 52, 5481 25,361 Miscellaneous ., 1,593,583 121, 977 318, 261 73, 215 139, 968 27, 750| 14, 595 290,4211 25,650 58,109| 260, 487 161, 540 101, 610 Total earnings 38,340,449 2,559,016 8,569,350 2,915,846 3,770,689 2,210,240 1,907,121 5,202,169 1,688,143 1,609,070 2,262,910 2,157,964 3,487,931 CURRENT EXPENSES Salaries: Bank officers 2, 524, 709 122,000 479, 542 129,833 225, 000 169,190 206, 719 347,478 164,320 121,350 161,144 142,120 256,013 Clerical staff 13, 288, 720 894,000 !, 412,141 980,591 1,105,384 718,163 431,430 1,818, 716 716,421 429, 493 743, 286 580,902 1,458,193 Special officers and watchmen 800,150 31, 504 166, 462 59, 595 100,178 43, 628 37,188 102,906 38, 289 25, 576 75,182 36, 817 82,825 Allother 1, 671, 718 90, 512 371, 699 91,117 231, 662 68, 987 34, 906 271,471 41,145 67,148 153, 548 102,323 147,200 Governors' conferences 5,882 288 504 267 425 310 280 383 472 566 613 746 1,028 Federal reserve agents' conferences 3,474 276 98| 123 189 66 405 302 379 246 267 345 778 Federal Advisory Council-_. 10, 550 452 5501 343 745 322 848 914 1,200 1,087 442 1,047 2,600 Directors' meetings 158, 709 6,235 21,460 7,565 7,669 7,541 25, 290 8,441 9,892 9,052 26,276 5,607 23,681 Traveling expenses 1 313, 625 6,416 27, 660 12,875 22, 434 21, 684 20, 821 26,222 31, 741 52,454 14,473 28,156 Assessments for Federal Reserve Board expenses 663, 240 48, 634 179, 201 59,978 72,332 35,009 26,897 91,183 30,213 21,867 27,972 23,485 46,469 Legal fees 90, 798 2,014 7,115| 5,462 13,526 9,019 4,711 1,221 23,463 9,348 2,717 10, 614 Insurance (other than on currency and 1,588 security shipments) 400,199 26, 590 58, 602 35, 062 44,345 19, 742 39, 714 ]8,178 29, 600 36, 655 25, 539 42,505 Insurance on currency and security ship- 23, 667 ments 561, 971 72, 749 115, 656| 87,077 66,154 28,459 58,859 17, 311 16,175 17,394 22, 567 29, 683 Taxes on banking house.. 840, 761 105, 593 116, 643 22, 538 163, 226 29,887 47, 667 230,166 2,112 1,580 73,662 32,792 3,115 Light, heat, and power 277, 826 20,489 47,284J 21, 922 38, 536 41,667 13,402 41, 240 3,182 42, 093 24,892 13,524 Repairs and alterations, banking house ... 157,464 2,492 4,640| 15,167 14, 657 9,794 9,070 17,941 7,562 426 69,300 9,765 1,575 Rent 657, 624 3,913 268, 687 2,774 47,064 6,800 14,695 48,142 78, 849 43,399 1,393 118,922 Office and other supplies 492, 952 21, 485 111,227 44,127 48, 047 26,252 23,848 76,924 21,622 20, 891 26,305 21, 404 50,820 Printing and stationery.. _ _. 585, 506 47,828 78, 258 51, 077 63, 870 36, 663 29, 518 81,128 30,310 38,063 34, 867 23,049 70,875 Telephone.... 200,436 19, 609 51,346 25, 741 14,126 5,380 5,045 26, 675 6,454 7,310 7, 760 11, 709 19,281 Telegraph __ 574,120 8,086 65,413 20,087 35,802 79,427 59,305 43,409 23, 998 67, 709 50,062 81,933 Postage 1, 727, 581 172,851 270,178 153,517 151,674 120,384 98,924 213, 546 118,221 74, 683 140,975 88,134 124; 494 Expressage 379, 435 91,464 51,836 25,992 27, 903 21,169 50, 584 12,328 10,093 21,171 20,359 Federal reserve currency: 37,005 9,531 Original cost, incl. shipping charges.. 1,180,952 195, 550 196,149 99,618 54, 606 28,409 225, 985 5,295 6,796 34, 215 125,787 Cost of redemption, including ship- 164,946 43, 596 ping charges _ 251,899 53,328 37,567 26, 351 19, 532 36,556 8,785 1,738 5,769 21,920 27,818 8,643 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Taxes on Federal reserve bank-note cir- I culation 815 815 All other expenses. 610,822 39, 716 156,113 41,446 45,844 25,053 29,942 66,944 32,437 36,645 52,060 34,121 50, 501 Total current expenses 28,431,938 1,973, 501 6,350,821 2,153, 836 2, 664, 850 1, 537, 834 1, 247,012 3, 946,436 1,441, 348 1, 065,167 1, 866, 087 1,331,662 2, 853, 384 PROFIT AND LOSS ACCOUNT E arnings 38,340.449 2, 559, 016 8, 569,350 2, 915, 846 3, 770, 689 2, 210, 240 1,907,121 5, 202,169 1, 688,143 1,609,070 2, 262,910 2,157,964 3,487,931 Current expenses . 28,43i; 938 1, 973,501 6,350,821 2,153,836 2, 664, 850 1, 537,834 1, 247,012 3,946, 436 1,441, 348 1, 065,167 1, 866,087 1,331,662 2,853, 384 Current net earnings. 9, 908, 511 585,515 2,218, 529 762, 010 1,105, 839 672,406 660,109 1,255, 733 246, 795 543,903 396,823 826,302 634, 547 Additions to current net earnings: Withdrawn from reserve for depreciation on United States bonds 224, 795 15,870 20, 433 21, 612 2, 067 143,469 168 21,176 All other 343,908 4,686 176, 240 1,698 18, 385 2,006 12, 231 40, 679 16, 264 27,101 18, 019 26, 063 536 Total additions .. 568,703 20, 556 176,240 22,131 39,997 2,006 14,298 40,679 16,264 170, 570 18,187 47, 239 536 Deductions from current net earnings: Depreciation allowances on bank premises 4, 034, 782 122,048 910,440 1, 509, 445 82,114 94, 934 165,197 4,400 310, 862 628,468 79,119 127, 755 Reserve for probable losses 1, 067, 259 100,000 285, 585 181, 674 500,000 Reserve for self-insurance 105,197 55,197 50,000 Reserve for depreciation on United States bonds 12, 822 12,822 Furniture and equipment __ ._ 1,074, 591 11,650 536, 776 23,307 102,466 52,819 17, 321 11,818 25,927 48,938 36,408 9,385 197,776 Allother 464, 383 1,951 275, 504 13, 742 7,078 9,688 3,911 15, 778 28,795 25, 571 3,316 20,013 59,036 Total deductions 6, 759,034 135, 649 1, 777, 917 37, 049 1, 618,989 294, 621 401,751 387, 289 59,122 385,371 668,192 608, 517 384, 567 Net deductions from current net earnings. 6,190,331 115,093 1, 601, 677 14,918 1, 578, 992 292, 615 387,453 346, 610 42,858 214, 801 650,005 561, 278 384,031 Net earnings available for dividends, surplus, and franchise tax . 3, 718,180 470,422 616,852 747,092 2 473,153 379, 791 272, 656 909,123 203,937 329,102 2 253,182 265,024 250, 516 Dividends paid 6,682,496 477,798 1,796, 530 615,135 756,152 351, 251 272, 656 909,123 304, 976 202, 828 265, 697 249,789 480, 561 Transferred to surplus account 188 360 131 957 28 540 12,628 15, 235 Franchise tax paid U. S. Government _. 113,646 113,646 Deficit in earnings after payment of dividends, charged to surplus account 3, 266,322 7,376 1,179,678 1, 229, 305 101, 039 518,879 230,045 REIMBURSABLE EXPENDITURES OF FISCAL AGENCY DEPARTMENT Expenditures during 1924: Salaries 376,742 16,543 38,424 19,439 48,121 22,854 24,175 54,472 28,348 41,060 37,430 22,674 23, 202 All other 67,325 2,775 10,045 1,712 11,848 3,100 3,630 7,354 4,531 10,171 2,498 3, 516 6,145 Amounts 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 Total 570, 717 23,467 66, 667 25, 864 79, 712 32, 214 35, 495 84, 481 40, 983 62, 684 48,344 30, 258 40, 548 Reimbursements received during 1924 544,890 22, 564 64, 205 24, 676 77,117 29, 969 33,476 82, 316 39, 442 59,448 44,815 28, 336 38, 526 Balance reimbursable Jan. 1, 1925... 25, 827 903 2,462 1,188 2,595 2,245 2,019 2,165 1,541 3,236 3,529 1,922 2,022 1 Other than those connected with governors' and agents' conferences and meetings of directors and of the advisory council. 2 Deficit in earnings before payment of dividends. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

114 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No. 75.—GROSS AND NET EARNINGS OF EACH FEDERAL RESERVE BANK, ALSO DISPOSITION MADE OF NET EARNINGS, 1914-1924 Earnings Disposition of net earnings Federa b l a r n e k serve Gross Net Div p i a d i e d nds T to r a s n u s r f p e l r u r s e d ! F G p r a o a i v n d e c t r h o n i s m U e . e t n S a t . x ] Pro l f c o o f a s r i w r t s r i a ( e ( r + d d -) ) or All Federal reserve banks: 1914 $63,145 2 $310,287 -$310,287 1915 2,110,107 168, 828 $217,463 -48,635 1916 5, 217,998 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 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 181,296,711 149,294,774 5,654,018 82,916,014 60, 724,742 1921 _ 122, 869,940 82, 087, 225 6,119, 673 15,993, 086 59,974,466 1922 50,498,699 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 1924 38, 340,449 3, 718,180 6, 682,496 -3, 077,962 113, 646 Total 637,198,954 407, 582,161 50,630,418 217,837,100 139,114,643 Boston: 1914 891 » 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 1923...- 3, 506, 683 1, 252,135 480,267 77,187 694, 681 1924 2, 559,016 470,422 477,798 -7, 376 Total 42, 723,936 27, 458,128 4, 010, 509 16,382,186 7, 065,433 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 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 1920... 60, 525,321 53,128,130 1,477, 096 12, 332, 523 39, 318, 511 1921 34, 710, 274 26,093,832 1, 608,721 3, 782,671 20,702,440 1922 11, 349,279 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 1924 8, 569, 350 616, 852 1, 796, 530 -1,179,678 Total 193,446, 535 139,595,280 j 12,839,729 58, 749,289 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... 4, 357,740 2,972,089 583,983 2, 608,344 -220, 238 1919 8,609,880 6,659 169 462.380 6,196, 789 1920 11,848,551 9,065,116 496,679 8, 204,775 363, 662 1921 8,008,095 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 1924 2, 915, 846 747, 092 615,135 131,957 Total 46,242, 525 30,169,932 4,551,745 20,059,286 5,558,901 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

115 EARNINGS AND EXPENSES o# 75,—GROSS AND NET EARNINGS OF EACH FEDERAL RESERVE BANK, ALSO DISPOSITION MADE OF NET EARNINGS, 1914-1924—Continued Earnings Disposition of net earnings Feder b a a l n r k eserve Gross Net Div p i a d i e d nds T to r a s n u s r f p er l r u e s d G p fr a o a i n v d c e t h r o n i s m U e e . t n a S t x . Pro l c o f a s it s r r ( i ( e + - d ) ) or forward Cleveland: 1914 $2, 077 2 $28,937 -$28,937 1915... 111,738 ' 26,837 -26,837 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 1920 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 1924 3, 770, 689 2 473,153 756,152 -1,229,305 Total 52, 230,396 32, 042,467 5,570,933 22,461,833 4, 009, 701 Richmond: 1914 4,730 2 20, 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 .1918 2,979, 048 2, 312,030 232,432 2, 079, 598 1919... 4, 775,324 3, 877, 266 252,872 3, 624,394 1920 6,902, 643 5,238, 506 293, 052 4, 740,869 204, 585 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 1924... 2, 210, 240 379, 791 351,251 28, 540 Total 30, 783, 651 18,985,261 2, 718,232 11, 701, 023 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, 39-7 197,397 3,185, 000 1920 7,476, 431 6, 010,324 225, 571 3, 648,465 2,136,288 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 1924._. 1,907,121 272, 656 272, 656 Total 29, 640,082 18,338, 900 2, 065,121 8,950,309 7,323,470 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 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 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 1924 5,202,169 909,123 909,123 Total 92, 659, 590 60,910,020 6,865,271 30,425, 574 23,619,175 St. Louis: 1914 9,463 2 16,257 -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 2 Excess of expenses. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

116 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No. 75.—GROSS AND NET EARNINGS OF EACH FEDERAL RESERVE BANK, ALSO DISPOSITION MADE OF NET EARNINGS, 1914-1924—Continued Earnings Disposition of net earnings Feder b a a l n r k eserve Gross Net Div p i a d i e d nds T to ra s n u sf r e p r l r u e s d F G p r a o a i n v d c e t h r o n is m U e e . t n a S t x . Pro l f c o o f a s i r t r s w r i ( a ( e + r - d d ) ) or St. Louis—Con. 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 1920 7,180,117 4,875, 566 253,711 4, 621,855 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 1924 ._ 1, 688,143 203,937 304,976 -101, 039 Total 26,963,650 14, 540,132 2, 364, 080 9,970, 704 2,205,348 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 1924 1, 609,070 329,102 202, 828 12, 628 113,646 Total 21, 686, 346 13? 095, 864 1, 806, 767 7,496,848 3, 792, 249 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 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, 660 783, 036 275, 655 -157,432 664, 813 1923 2, 993, 919 347, 711 275, 313 7,240 65,158 1924 2, 262, 910 2 253,182 265. 697 -518,879 Total 31, 373, 094 16,560,069 ! 2,312,651 8, 976, 661 5, 270, 757 Dallas: 1914 2,679 2 27, 640 -27,640 1915 241, 987 103, 028 65,523 +37, 505 1916 326, 372 166, 046 134,008 +32, 038 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 1, 361, 353 1922 2,085, 775 354,125 251,915 102, 210 1923 2, 356, 436 332, 282 251,429 80, 853 1924 2,157, 964 265, 024 249, 789 15, 235 Total 22, 093,130 9, 668. 766 2, 076, 371 j 7, 592, 395 San Francisco: 1914 2,761 2 35, 255 -35, 255 1915 113, 200 2 17,103 -17,103 1916 316,511 111,511 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 1924 3,487, 931 250, 516 480, 561 -230, 045 Total 47, 342, 724 26, 217, 342 3, 449, 009 15,070,992 7, 697,341 2 Excess of expenses. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RECEIPTS AND DISBURSEMENTS OF THE FEDERAL RESERVE BOARD No. 76.—RECEIPTS AND DISBURSEMENTS OF THE FEDERAL RESERVE BOARD FOR THE YEAR 1924 Balance Jan. 1, 1924: Available for general expenses of the board $63, 563. 03 Available for expenses chargeable to the Federal reserve banks 206, 394. 14 Total $269,957. 17 RECEIPTS ^ Available for general expenses of the board: y Assessments on Federal reserve banks for estimated general expenses of the board $663, 239. 90 % Reimbursement on account of expenditures during 1923 1, 020. 00 ^ Subscriptions to Federal Reserve Bulletin 5, 162. 89 w Reimbursement by Treasury Department of salaries of laborers 1, 530. 00 o Miscellaneous receipts and reimbursements 5, 517. 47 ^ Reimbursement on account of cost of examinations of foreign banking institutions 29, 677. 08 hrj W Total receipts available for general expenses of the board 706, 147. 34 § Available for expenses chargeable to Federal reserve banks: W Assessments on Federal reserve banks— ^ For cost of preparing Federal reserve notes 1, 071, 922. 00 For expenses of gold shipments between Treasury offices and Federal reserve banks ^ under the provisions of section 16, Federal reserve act . 660. 91 ui For expenses of leased wire system 248, 482. 70 g For miscellaneous expenses 11, 235. 54 <! Total receipts available for expenses chargeable to Federal reserve banks 1, 332, 301. 15 cd o Total receipts 2,038,448.49 £j Total available for disbursements 2, 308, 405. 66 DISBURSEMENTS For general expenses of the board: Expenses for 1923 paid in 1924 15, 853. 92 Expenses for 1924 (per detailed statement) 1 $720, 039. 61 Less accounts unpaid Dec. 31, 1924 19, 736. 28 h-* 700,303. 33 f-1 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 76.—RECEIPTS AND DISBURSEMENTS OF THE FEDERAL RESERVE BOARD FOR THE YEAR 1924—Continued 00 DISBURSEMENES—continued For general expenses of the board—Continued. Cost of examination of foreign banking institutions reimbursable $16, 600. 30 Salaries of laborers reimbursable by Treasury Department 2, 040. 00 Miscellaneous expenses reimbursable 361. 26 Refunds account of Federal Reserve Bulletin 32. 00 Total disbursements for general expenses of the board $735, 190. 81 For expenses chargeable to Federal reserve banks: Cost of preparing Federal reserve notes 1, 144, 324. 00 Expenses of gold shipments between Treasury offices and Federal reserve banks under the provisions of section 16, Federal reserve act 623. 30 Expenses of leased wire system 248, 529. 90 Miscellaneous expenses „ 11, 007. 89 Total disbursements for expenses chargeable to Federal reserve banks 1, 404, 485. 09 Total disbursements $2, 139, 675. 90 Balance Dec. 31, 1924: Available for accounts unpaid Dec. 31, 1924 19, 736. 28 Available for general expenses of the board 14, 783. 28 Available for expenses chargeable to Federal reserve banks unpaid Dec. 31, 1924 134, 210. 20 Total balance 168, 729. 76 DETAILED STATEMENT OF EXPENSES OF THE FEDERAL RESERVE BOARD January j February March 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- $8,669.98 !$8,669. 99 $8,740. 03 $8,922. 90 $8,842.49 $8, 795.86$8, 804.14 $8,804.16 ! $8,804. 20 &8,808. 31 $8,812. 50 $8, 773. 64 $105,448.20 Office of secretary 2,391. 66 2, 391. 2,391. 68 2,391. 66 2,391. 66 2,391.68 2,391. 66 2,391.66 ! 2,391.68 2,391.66 2, 391. 66 2,391. 68 28, 700.00 Office of general counsel 2,454.15 2,454.16 2,454.18 2,385.40 2,341. 66 2,341. 69 2,341, 65 2,341.66 2,341. 6'"9 2,341. 65 2,341. 66 2,341. 69 28,481. 24 Office of fiscal agent 838, 33 838. 34 838. 33 838. 33 838. 34 1, 004. 99 1,005. 00 1, 005. 01 1,004. 99 1,005. 00 1,005. 01 11,060. 00 Division of examination _ 8,082.04 8,082.09 7,917.38 8,082.04 7,957.10 7,642. 55 8, 509. 38 8,387. 79 7,472.85 8, 518. 27 8, 526.68 8,526. 71 97,704.88 Division of bank operations 5,045. 35 5,045. 40 5,045. 50 5,005. 62 5,045.40 5,000. 77 5,027. 02 5,005.41 4, 967.16 4, 732.02 4, 732. 07 4, 732.16 59,383.88 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Division of chief clerk _ 2,904.55 2,916. 23 2,916.31 2,916. 22 2,903.46 2,867.15 2,656. 23 2,646. 23 2,446. 30 2,411.22 2,411.23 2,507.13 32, 502. 26 Division of gold settlement 1,536.82 1,507. 58 1,536.85 1, 535.32 1, 539. 83 1, 534,60 1, 562.32 1, 578.33 1, 556.60 1, 571. 57 1, 543. 83 1, 561. 85 18, 565. 50 Division of currency 729.15 729.17 729 17 729 15 729.17 684 74 729.15 729.17 729.18 729.15 729.17 729.18 8, 705. 55 Division of research and statistics 7,365.90 7, 203. 72 7, 203.85 7, 203. 68 7,070.40 6,837.16 6, 945.48 6, 279. 32 6,422. 57 6,948. 27 6,941. 65 6, 748.41 83,170.41 co Division of architecture 486.11 486.11 486.12 486.10 486.11 486.11 2,916. 66 ^ Division of issue and redemption 4,694.66 4, 721. 67 4,631.68 4, 593. 66 4, 522. 33 4,382. 67 4,468. 33 4, 524.17 4, 510.17 4,418. 99 4,459. 67 4,334. 67 54, 262. 67 o2 Messengers 1,629.15 1,629.16 1, 587. 51 1, 545. 82 1, 545. 83 1, 545. 86 1, 545. 82 1, 545. 83 1, 605. 85 1, 589.15 1, 565. 83 1, 565.85 18, 901. 66 so Charwomen _ _ 96.00 96.00 96.00 96.00 96.00 84.27 95.30 95.30 95.30 95.30 95.30 91.13 1,131.90 to Total.. _ 46,923.85 46,771. 27 46, 574.60 46, 731. 90 46,309. 77 45,433.45 46,081.47 45, 334.03 44, 348. 56 45, 560. 55 45, 556. 25 45,309.11 550,934. 81 "+> NONPERSONAL SERVICES Transportation and subsistence: CO Board members and their staff 318. 37 145. 90 123.93 430.21 357. 08 269.45 69.12 661.40 643. 93 391. 34 188.04 143. 54 3, 742. 31 Office of secretary 3.84 96 49 4.73 27.78 137. 33 270.17 Office of general counsel 80 73 79 31 1 33 213 57 57 67 32 58 74 69 60.94 600.82 Division of examination 4, 502.81 4,425.96 4,719.79 4,853.98 5,077. 24 3,405.71 6, 461. 61 1,318. 23 3,909. 38 5, 520. 70 4,374. 27 5,358. 36 53,928.04 Division of research and statistics 39.40 168.13 71.18 164.42 8. 14 197. 79 218. 67 68.36 936. 09 Total all other divisions, including local carfare. _ . 13.75 14.88 28.95 49.75 50.42 157. 75 Communication service: Telephone 644.64 634.42 642.16 638. 33 646.89 624.49 620. 89 637. 39 631. 96 639. 94 633. 50 641.79 7,636. 40 Telegraph 1,485.92 1, 296. 76 1,631.28 933. 54 910. 32 1,668. 00 1, 052. 91 928. 59 1,498. 58 891. 57 1,173.40 1,500.00 14, 970. 87 Postage 46.00 65 00 70.00 70 00 65.00 72.00 63.00 451. 00 Printing, binding, etc 2, 564.12 2, 034.44 4,774.33 2,002. 72 3, 553. 93 7, 225. 25 2, 287. 95 5, 609. 30 247.03 1,852. 63 2,020. 55 10,143. 41 44,315. 66 Repairs 86 69 10.16 36 10 13 60 2.70 29 50 20.01 33.47 95.31 17.40 32.21 58.62 435. 77 Electricity (light and power) 49.68 49.68 49 68 49.68 49.68 49.72 50.00 50.00 50.00 50.00 50.00 50.00 598.12 Steam (heat) 50.37 50.37 50.37 50.37 50.41 50.00 50.00 50.00 50.00 451. 89 Miscellaneous, unclassified 110.32 71.24 197. 66 173.99 154.11 83.89 138. 61 117. 97 161. 88 45.56 1,643.94 55. 00 2, 954.17 Equipment rental 375.00 375.00 381. 75 375.00 375.00 282.73 265.00 265.00 271. 75 128. 24 6.75 3,101. 22 Supplies: Stationery and office 470. 21 797.35 613.43 1, 636.68 80.64 719.13 390.59 223. 53 251. 55 466.13 557. 63 569.86 6, 776. 73 Periodicals .20 15.98 6.00 182. 77 1 50 4.78 4.00 707. 57 922. 80 Equipment: " Furniture and office . 759. 77 178. 62 8.20 7.50 10.35 56.70 185. 68 19.60 1,199. 08 6.96 1,211.40 88.00 3, 731. 86 Books 112. 71 51.43 12.50 32.10 5.72 4.30 36.00 54.72 119.10 117. 51 60.00 606. 09 Rent . . 1,876. 42 1, 876.42 1,876.42 1,876. 42 1,876.42 1,876.42 1,876.42 1,876.42 1,876.42 1, 876.42 1,876.42 1,876. 42 22, 517. 04 Total 13,544. 95 11, 992. 32 15,334. 00 13,377. 96 13, 451. 76 16,366. 71 13,489. 59 12,183. 84 11,111.96 12,473. 44 14, 289. 23 21,489. 04 169,104. 80 Grand total .-. 60,468. 80 58, 763. 59 61,908.60 60,109. 86 59, 761. 53 61, 800.16 59, 571. 06 57, 517. 87 55, 460. 52 58,033. 99 59,845.48 66, 798.15 720, 039.61 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONDITION OF MEMBER AND NONMEMBER BANKS to No. 77.—ALL BANKS1 IN THE UNITED STATES AND ISLAND POSSESSIONS: RESOURCES AND LIABILITIES OF BANKS FOR WHICH REPORTS o ARE AVAILABLE [Taken from annual reports of the Comptroller of the Currency] [In thousands of dollars] June 30, June 23, June 30, June 20, June 29, June 30, June 30, June 30, June 30, June 30, June 30, 1914 (26,765 1915 (27,062 1916 (27,513 1917 (27,923 1918 (28,880 1919 (29,123 1920 (30,139 1921 (30,812 1922 (30,389 1923 (30,178 1924 (29,348 banks) banks) banks) banks) banks) banks) banks) banks) banks) banks) B RESOURCES Loans and discounts __ 15, 288,357 15,722,440 17,895,366 20,618,740 22,530,886 24,994,685 30,791,725 28,693, 724 27,684, 205 30,229,446 31,291,888 Overdrafts _ 51,121 36,232 38,211 47,199 60,335 94,293 109,186 81,849 74,600 57,982 56,334 Investments 5, 584,925 5,881,931 6,796, 570 8,003,820 9, 741, 653 12, 229, 528 11,387,525 11,381,923 12,547, 567 13,672,547 14,228, 745 O T Ba o n ta ki l n l g o a h n ou s s e a , n f d ur i n n it v u e re s , t m an e d n f t i s xtures 20,9 6 2 0 4 9 , , 4 6 0 9 3 7 21,6 6 4 3 0 6 , , 6 8 0 2 3 1 24, 6 7 1 3 0 0 , , 0 1 4 4 6 7 28,6 7 6 0 9 9 , , 0 7 6 5 5 9 33,3 7 3 3 2 7 , , 8 1 7 4 4 8 37,3 7 1 7 8 5 , , 5 1 0 1 6 2 43,2 8 8 6 8 3 , , 4 1 3 9 6 1 40,1 9 5 9 7 3, , 4 8 9 9 6 8 40 1 , , 3 0 0 7 6 8 , , 3 1 7 7 2 4 4 1 3, ,1 9 7 5 6 9, , 9 0 7 9 5 8 45 1 , , 5 2 7 9 6 5 , , 9 8 6 3 7 1 H Other real estate owned 129,983 156,584 216, 596 153,902 172,035 161, 595 137, 785 153, 623 198,457 256,119 294,428 O Due from banks 2 _ 2,872,697 3,233,943 4,032,125 4, 793,167 5,136,604 5,865,414 5,833,241 4, 794,205 5,414, 241 5,597,150 6,121,093 Exchanges for clearing house (3) 307,246 488,849 486,083 359,834 831, 713 849, 910 1,049,507 930, 594 646, 590 1,117,361 Checks and other cash items 520,995 69,630 281,576 272,609 323,245 589,096 607,868 241,160 644,014 549,485 875,009 Cash on hand 1,639, 219 1,457, 702 1,486,118 1, 502, 502 896, 570 997,353 1,076,378 946,567 829,892 797,101 911, 500 Other resources 274,404 301,601 425,781 539,676 768,129 1,076,658 1,422,299 1,334,934 1,023, 623 1,052,393 952, 501 Total....-._.. _ 26,971, 398 27,804,130 32,271,238 37,126, 763 40,726,439 47,615,447 53,079,108 49,671,390 50,425,367 54,034,911 57,144,690 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 3,114,203 f 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 2,967,359 Undivided profits, less expenses and taxes tr1 paid 562,031 639,778 564,338 674,191 684, 260 825,889 976, 261 910,743 954,145 971,730 National bank notes outstanding. 722,555 722,704 676,116 660,431 -681, 631 677,162 688,178 704,147 725, 748 720,001 729,686 w Due to banks 2, 705, 075 2, 783,312 3,463,609 3,913, 944 3, 595,062 3,890,487 3, 708, 302 2,809,414 3,244,386 3,610,211 3,928,292 Individual deposits 4 18, 588,112 19,199,393 22,873,493 26,396,167 27, 956, 378 33, 211, 631 37,829,985 35,459,155 37, 746,823 40,392,305 43,618,978 United States deposits « 66,655 « 48, 964 «39,457' s 132,965 « 1,037,787 5 566, 793 5 175, 788 390,230 128,887 152, 302 Total deposits __ 21, 359,842 22,031, 669 26,376,559 30,443, 076 32, 589,227 37, 668, 911 41, 714, 075 38, 658, 799 41,120, 096 44,240,955 47, 699, 572 Notes ajid bills rediscounted 38>130 59,452 53,468 167,471 680,877 659, 219 1,499, 262 1, 271, 684 435, 711 534, 706 325,280 Bills payable (including certificates of w deposit representing money borrowed).. 194,432 166, 762 113,251 317,853 707,978 1, 641, 272 1, 785, 598 1, 375, 591 635, 564 780,761 472,699 o Other liabilities 247, 848 288,005 442,712 643,997 996,114 1, 523,635 1,302, 749 1,304, 433 933,046 952,482 864,161 Total... 26,971, 398 27,804,130 32, 271,238 37,126, 763 40, 726,439 47,615,447 53,079,108 49,671,390 50,425,367 54,034,911 57,144,690 1 Except (1) the Federal reserve banks, Federal land banks, and Federal intermediate credit banks, and (2) a certain number of nonreporting private banks, which varies somewhat from year to year, but which was reported by the Comptroller of the Currency to be 461 in June, 1924, with estimates as follows: Capital paid in, $9,200,000; surplus and profits, $8,300,000; deposits, $99,400,000. 2 Includes lawful reserve with Federal reserve banks and other reserve agents. * Includes certified and cashiers' checks. »Included in " Checks and other cash items." 5 For national banks only. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONDITION OF MEMBER AND NONMEMBEE BANKS 121 No. 78.—ALL MEMBER BANKS: RESOURCES AND LIABILITIES [In thousands of dollars] Dec. 31, Mar. 31, June 30, Oct. 10, Dec. 31, 1923 (9,774 1924 (9,681 1924 (9,650 1924 (9,635 1924 (9,587 banks) banks) banks) banks) banks) RESOURCES Loans and discounts. 19,034,996 19,158,195 19,248,650 19,801,388 20,165,601 Overdrafts _ 16,690 17, 518 15,369 18, 510 15, 708 United States Government securities 3,641,132 3, 569, 653 3, 607, 797 3,894,620 3,902,793 Other bonds, stocks, and securities 4,045,312 4,086,668 4, 389,743 4, 736,126 4,942,486 Total loans and investments 26, 738, 130 26,832,031 27,261, 559 28,450, 644 29,026,588 Customers' liability on account of acceptances. 391, 595 387, 292 285,830 330,716 461,736 Banking house, furniture, and fixtures 786, 792 813,880 836,699 843,077 860,614 Other real estate owned. 147, 634 156,089 155, 753 158, 641 161,133 Cash in vault 561,433 494, 223 503, 555 527,889 597,472 Reserve with Federal reserve banks 1,900,153 1,893,301 1,965,453 2,121,428 2,227, 569 Items with Federal reserve banks in process of collection 665, 709 549, 087 582,475 613,494 724,926 Due from banks, bankers, and trust companies 1,824,348 1, 643, 739 1,940,197 2, 430,462 2,339,488 Exchanges for clearing house, also checks on other banks in same place.. 1, 709, 537 1, 582,343 1,741,073 1,091, 300 1,935,114 Outside checks and other cash items 140,987 107, 798 133,411 100, 551 133,666 Redemption fund and due from United States Treasurer 36, 720 37,141 37,104 36, 701 36,284 United States securities borrowed 1 14,969 16, 478 18,060 19,087 Other securities borrowed * 2,232 2,420 1,787 1,954 2,541 Other assets 318,367 304,398 313,476 378,953 460, 649 Total. 35, 238,606 34,820, 223 35, 777,256 37,103,870 LIABILITIES Capital stock paid in 2, 003, 054 2,022,169 2,030,336 2,034,943 2,037,481 Surplus fund 1,641,319 1, 649,880 1, 669, 592 1, 682, 646 1,707,486 Undivided profits, less expenses and taxes paid 733,193 796, 395 786,547 876, 516 786, 759 Due to Federal reserve banks _. 36, 674 32,978 33,976 36, 508 43, 648 Due to banks, bankers, and trust companies _ 3, 475, 656 3,446, 737 3,820,125 4,453,412 4, 504,315 Certified and cashiers' or treasurers' checks outstanding 922,549 867, 420 983,979 653, 342 1,082,431 Demand deposits 15,164,182 14, 719, 256 15, 308,990 15, 729, 597 16,684,038 Time deposits 8,650,610 8,889,923 9, 203, 545 9, 597,395 9,804,738 United States deposits _ 236,942 291, 767 178,946 301,803 242,482 Total deposits 28,486,613 28,248,081 29,529,561 30, 772,057 32,361,652 Bills payable (including all obligations representing money borrowed other than rediscounts).. .__ 444,983 315, 979 205, 225 167,483 289,253 Notes and bills rediscounted (including acceptances of other banks and foreign bills of exchange or drafts sold with indorsement) 572, 661 428, 536 297,682 265, 264 367,490 Cash letters of credit and travelers' checks outstanding . 20,350 22, 457 36,041 22,514 21, 709 Acceptances executed for customers 400,200 375, 768 276,968 328,526 460,383 Acceptances executed by other banks for account of reporting banks. _. 26,197 37,451 27, 720 28,532 37, 322 National-bank notes outstanding 725, 441 725,986 729,186 723,039 714,333 United States securities borrowed 53, 256 52, 263 51,425 46, 786 48,017 Other securities borrowed ._ 5,270 4,952 4,252 5,535 5,946 Other liabilities 126, 069 140,306 132, 721 150,029 149,036 Total.. 35, 238, 606 34,820, 223 35, 777,256 37,103,870 38,986, 867 Ratio of reserve with Federal reserve bank to net deposit liability (per cent).. 9.7 9.8 10.0 10.1 1 Exclusive of securities borrowed by national banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

122 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No. 79.—NATIONAL BANKS:1 RESOURCES AND LIABILITIES [In thousands of dollars] Dec. 31, Mar. 31, June 30, Oct. 10, Dec. 31, 1923 (8,184 1924 (8,115 1924 (8,085 1924 (8,074 1924 (8,049 banks) banks) banks) banks) banks) RESOURCES Loans and discounts 11,876,562 11,952,287 11, 978, 728 12, 210,148 12, 319, 680 O verdraf ts_... 10,470 10, 815 10, 075 12, 242 9,802 United States Government securities 2, 566,851 2,494, 313 2,481, 778 2, 579,190 2, 586,697 Other bonds, stocks, and securities 2, 477, 843 2, 511, 637 2, 660, 550 2,897,040 3, 075,999 Total loans and investments _.. 16,931, 726 16,969,052 17,131,131 17,698,620 17,992,178 Customer's liability on account of acceptances 207, 438 202, 572 135, 829 145, 666 244, 728 Banking house, furniture, and fixtures 512, 910 525, 335 532, 728 541, 852 551,371 Other real estate owned 93, 881 100, 098 104, 630 107, 459 108,966 Cash in vault 386,428 342,969 345, 219 360,101 409, 566 Reserve with Federal reserve banks 1,180, 838 1,160, 766 1,198, 670 1, 303, 631 1, 394, 386 Items with Federal reserve banks in process of collection 460,173 379, 307 397, 340 427, 894 486,933 Due from banks, bankers, and trust companies 1, 349,334 1, 222,190 1,444,783 1, 852,163 1, 780,902 Exchanges for clearing house, also checks on other banks in same place 1,011,058 909, 802 1,001, 493 629, 231 1, 081, 840 Outside checks and other cash items 73, 656 56,420 69,687 52, 898 70,635 Redemption fund and due from United States Treasurer 36,746 37,167 37,129 36, 726 36, 310 Other assets 161, 940 157, 210 167, 280 166, 820 223, 466 Total 22, 406,128 22,062, 888 22, 565, 919 23, 323, 061 24,381, 281 LIABILITIES Capital stock paid in 1, 325, 825 1, 335, 572 1,334,011 1, 332, 527 1, 334, 836 Surplus fund 1, 068, 359 1, 073, 363 1, 080, 578 1, 074, 268 1,088,880 Undivided profits, less expenses and taxes paid 473,979 507,905 501,656 556, 792 503, 268 Due to Federal reserve banks 26, 965 25,328 26, 445 27, 342 33,188 Due to banks, bankers, and trust companies 2, 568, 846 2, 539, 782 2, 794, 556 3, 272,166 3, 269,594 Certified and cashiers' or treasurers' checks outstanding 534,063 449,489 550,335 364,635 599,623 Demand deposits 9, 593,119 9, 292,127 9, 593,250 9, 795, 580 10, 363, 250 Time deposits. 4, 948,019 5,108,970 5,259,933 5, 460, 677 5, 581,287 United States deposits 157,849 183,000 123, 318 153, 266 Total deposits 17,828,861 17, 598, 696 18,347, 837 19,108, 798 20, 000, 208 Bills payable (including all obligations representing money borrowed other than rediscounts) 324,166 143,847 123, 611 202, 304 Notes and bills rediscounted (including acceptances of other banks and foreign bills of exchange or drafts sold with indorsement) 333,896 271,645 196, 778 170,419 196,396 Cash letters of credit and travelers' checks outstanding 5,475 6,225 9,456 6,135 6,124 Acceptances executed for customers 204,432 193,240 131,411 140, 574 235, 232 Acceptances executed by other banks for account of reporting banks 17,630 25, 455 17,381 18,435 26, 564 National-bank notes outstanding 725,949 726,483 729, 686 723, 530 714,844 United States securities borrowed 38,287 35,684 32,542 28, 729 28,930 Other securities borrowed 3,038 2,532 2,565 3,581 3, 405 Other liabilities 56, 231 47,200 38,171 35,662 40,290 Total _,-_ 22,406,128 22,062,888 22, 565,919 23,323, 061 24,381,281 Ratio of reserve with Federal reserve banks to net deposit liability (per cent) _. 9.5 9.5 9.4 9.4 1 Includes nonmember national banks in Alaska and Hawaii—six on Dec. 31, 1924, with total resources of $12,290,000. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONDITION OF MEMBER AND NONMEMBEK BANKS 123 No. 80.—STATE BANK AND TRUST COMPANY MEMBERS: RESOURCES AND LIABILITIES [In thousands of dollars] Dec. 31, Mar. 31, June 30, Oct. 10, Dec. 31, 1923 (1,595 1924 (1,571 1924 (1,570 1924 (1,566 1924 (1,544 banks) I banks) banks) banks) banks) RESOURCES Loans and discounts 7,161, 274 7, 208, 994 7, 273, 506 7, 594, 884 7,849, 546 Overdrafts... _ 6,222 6,704 5, 296 6,277 5,915 United States Government securities 1, 077, 773 1, 078,861 1,129, 358 1, 318, 766 1,319, 291 Stock of Federal reserve banks _. 37, 691 38,144 38, 452 39,383 39, 396 Other bonds, stocks, and securities 1, 530,967 1, 537, 872 1, 692, 009 1, 800,927 1,828,325 Total loans and investments 9, 813,927 9, 870, 575 10,138, 631 10, 760,237 11,042,473 Customers' liability on account of acceptances 184,158 184, 720 150, 001 185, 050 217, 008 Banking house, furniture, and fixtures 274, 014 288,683 304,119 301, 379 309,439 Other real estate owned 53, 768 56, 006 51,138 51,197 52,177 Gold and gold certificates 13, 749 14, 556 16, 983 16,874 18,420 A llother cash in vault 162, 438 137, 251 142, 089 151,633 170, 785 Reserve with Federal reserve banks Items with Federal reserve banks in process 719,315 732, 535 766, 783 817, 797 833,183 of collection . Due from banks, bankers, and trust com- 205, 536 169, 780 185,135 185,600 237,993 panies Exchanges for clearinghouse, also checks on 476, 640 422, 792 496, 675 580, 318 560,983 other banks in same place.. 672,616 j 739, 795 Outside checks and other cash items 67, 388 51,406 I 63, 745 462,155 853, 521 United States securities borrowed 14,969 16,478 | 18,884 47, 686 63, 055 Other securities borrowed 2,232 2,420 j 1,787 18, 060 19,087 Other assets 156,483 147,207 I 146, 228 1,954 2,541 212,144 237, 211 TotaL 12,843, 303 12,767,025 13,221,983 13, 792, 084 14,617,876 LIABILITIES Capital stock paid in 677, 979 687, 347 697, 075 703,166 703,445 Surplus fund 573, 610 577,170 589,669 609,033 619, 266 Undivided profits, less expenses and taxes paid 259, 342 288, 612 285, 041 319, 912 283', 695 Due to Federal reserve banks 9,709 7,650 I 7,531 9,166 i 10,460 Due to banks, bankers, and trust companies 907, 610 907,283 I 1,026,453 1,181, 620 I 1, 235,623 Certified and cashiers' or treasurers' checks outstanding 388, 524 417, 957 433, 766 288,839 ! 483, 202 Demand deposits 5, 575, 521 5, 431, 016 5, 720, 242 5,938,330 | 6, 325,863 Time deposits 3, 703, 712 3, 782, 092 3,944, 831 4,138, 099 j 4, 224, 966 United States deposits... 81, 461 111, 038 57, 375 116,391 I 91, 441 Total deposits 10, 666, 537 10, 657, 036 11,190,198 11, 672, U5 12, 371,555 Bills payable (including all obligations representing money borrowed, other than rediscounts) 120, 817 77, 091 61, 378 43,872 I Notes and bills rediscounted (including acceptances of other banks and foreign bills of exchange or drafts sold with indorsement) 238, 765 156,891 j 100,904 94,845 171, 094 Cash letters of credit and travelers' checks outstanding _._ 14, 877 16, 249 26, 602 16,384 15, 589 Acceptances executed for customers 195, 769 182, 528 145, 557 187,952 225,151 Acceptances executed by other banks for account of reporting banks 8,567 11,996 10, 339 10, 097 10, 758 United States securities borrowed 14, 969 16, 579 18, 883 18, 057 19, 087 O ther securities borrowed 2,232 2,420 1,787 1,954 2,541 Other liabilities 69,839 93,106 94, 550 114,367 ! 108, 746 Total. 12,843,303 12,767,025 13, 221, 983 13, 792, 084 j 14,617,876 • Ratio of reserve with Federal reserve banks to net deposit liability (per cent) 10.2 10.5 10.4 10.4 10.3 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

124 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No. 81.—ALL MEMBER BANKS IN NEW YORK CITY: RESOURCES AND LIABILITIES Lin thousands of dollars] Dec. 31, Mar. 31, June 30, Oct. 10, Dec. 31, 1923 1924 1924 1924 1924 (63 banks) (64 banks) (64 banks) (66 banks) (66 banks) RESOURCES Loans and discounts 3, 790,960 3,807,083 3, 972, 612 4,148,346 4,381,023 Overdrafts 1,840 1, 700 1,277 1,229 1,104 United States Government securities 897, 303 854,449 921,023 1,037, 732 974,021 Other bonds, stocks, and secutities 517,689 549,948 700,153 761, 513 797, 537 Total loans and investments 5,307, 793 5, 313,180 5,595,065 5,948,830 6,153,685 Customers' liability on account of acceptances •__ 240, 591 233, 229 172, 453 212, 503 294, 680 Banking house, furniture, and fixtures 91, 598 92, 525 91, 552 92, 819 89, 521 Other real estate owned 3,502 3,525 3,494 2,946 2, 866 Cash in vault. 61, 383 55, 515 57, 308 63, 027 72,627 Reserve with Federal reserve banks 577,156 618,600 Items with Federal reserve banks in proc- 608, 661 689, 369 738, 911 ess of collection 133,325 119,234 | Due from banks, bankers, and trust com- 118,363 ! 113,116 159,458 panies 82, 285 76,602 | Exchanges for clearing house, also checks 65,943 ! 65, 235 73,644 on other banks in same place 1,163, 045 1,172, 856 I 1, 279,372 731,182 1, 390, 441 Outside checks and other cash items 29, 379 19,955 ! 24,017 16, 681 24,163 Redemption fund and due from United States Treasurer 1,924 2,014 2,031 2,034 United States securities borrowed i Other securities borrowed1 Other assets 180, 010 175,196 | 181,035 219,383 285, 272 Total. 7, 771, 990 7, 760, 932 ! 8, 220, 746 8,157,112 9, 287, 302 INABILITIES Capital stock paid in 330, 298 332, 750 I 333, 600 335, 260 336, 300 Surplus f und 373, 520 376,019 ; 376, 682 377, 393 379, 205 Undivided profits, less expenses and taxes paid 174,408 182,833 j 188,677 198,399 200,093 Due°to Federal reserve banks 211 336 i 212 206 265 Due to banks, bankers, and trust companies 1,227, 355 1,282,176 i 1,481,730 1, 503, 860 1, 547, 432 Certified and cashiers' or treasurers' checks outstanding 622,826 ! 649,528 ! 742,711 | 445, 726 759, 540 Demand deposits 3,799,955 I 3, 740,166 I 4,065,873 I 4, 037, 933 4, 616,670 Time deposits 888, 578 I 624,987 ! 635,914 768, 809 775, 270 United States deposits 51,406 I 59,178 ! 43, 652 28, 591 Total deposits. _ _. 6,390,331 6,356,371 6,953,138 6,800,186 7, 737, 768 Bills payable (including all obligations representing money borrowed, other than rediscounts) 81,852 • 51,047 • 15,303 | 18, 338 43,651 Notes and bills lediscounted (including acceptances of other banks and foreign bills of exchange or drafts sold with indorsement) , 161,948 : ioi, 200 ; 50,628 j 86, 781 180, 259 Cash letters of credit and travelers' checks outstanding _• 14,820 ! 15,806 I 26,679 ! 17,146 16,964 Acceptances executed for customers 244,914 222,421 : 163,296 | 204, 636 290,128 Acceptances exeeuted by other banks for ! account of reporting banks 16, 658 26,399 i 19,071 ! 19,546 24,294 National-bank notes outstanding 38,525 39,142 ' 39,357 39, 805 39, 884 United States securities borrowed 2,478 2,478 • 2,178 995 995 Other securities borrowed 500 Other liabilities 42, 238 \ 54, 466 ' 52,137 58,127 47, 761 Total _ 7,771,990! 7,760,932! 8,220,746 8,157,112 9, 287,302 Ratio of reserve with Federal reserve ^ to net deposit liability (per cent),. 12.8 i 13.5 ! 12.3 13.0 13.3 . * Exclusive of securities borrowed by national banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONDITION OF MEMBER AND NONMEMBEB BANKS 125 No. 82.—ALL MEMBER BANKS IN THE CITY OF CHICAGO: RESOURCES AND LIABILITIES tin thousands of dollars] Dec. 31, Mar. 31, June 30, Oct. 10, Dec. 31, 1923 1924 1924 1924 1924 (24 banks) (25 banks) (26 banks) (25 banks) (24 banks) RESOURCES Loans and discounts 1,057,462 1, 024,798 1,064,243 1,209,848 1,163,949 Overdrafts --- 244 220 188 163 378 United States Government securities 124,680 141,766 167,036 183,250 180,131 Other bonds, stocks, and securities 139, 298 128,742 137,473 150,311 162,115 Total loans and investments.. 1, 321, 684 1,295, 526 1,368,940 1,543,572 1,506,573 Customers' liability on account of acceptances - 31,463 32, 385 27,141 30,051 32,833 Banking house, furniture, and fixtures 20,439 27,848 29,865 17,771 26,926 Other real estate owned 64 64 62 75 Cash in vault. 25,618 21,751 22, 261 21,590 25,520 Reserve with Federal reserve banks 133,458 119,790 152,413 156,235 162,709 Items with Federal reserve banks in process of collection.. _ 41,597 30,863 34,197 35,180 40,935 Due from banks, bankers, and trust companies 122,877 101,145 160,100 144, 447 129,600 Exchanges for clearing house, also checks on other banks in same place 85, 559 62,736 95, 540 49,234 88, 531 Outside checks and-other cash items 7,781 3,712 7,704 3,638 6,547 Redemption fund and due from United States Treasurer 130 144 143 143 142 United States securities borrowed l 2,509 Other securities borrowed l 1 1 Other assets 19,702 12,464 14,178 26, 262 23,898 Total.. 1,810,372 1,710,937 j 1,912,545 2,028,198 2,044,289 LIABILITIES Capital stock paid in 92,050 92,700 92,900 87,900 89,400 Surplus fund .. 79,995 79,540 79,570 84,571 88,077 Undivided profits, less expenses and taxes paid 55,708 57,667 58,690 62,000 50,163 Due to Federal reserve banks Due to banks, bankers, and trust companies 331,182 350,117 428,695 472,718 399,643 Certified and cashiers' or treasurers' checks outstanding 22,941 22,647 25,839 16,218 23,784 Demand deposits 843,438 741, 351 874, 350 919,234 953,740 Time deposits 281,651 271,401 293,173 307,968 342,099 United States deposits 9,835 14,008 8,984 10,440 17,724 Total deposits 1, 489, 047 1, 399, 524 1,631,041 1, 726, 578 1, 736,990 Bills payable (including all obligations representing money borrowed other than I rediscounts) I 20,030 11,000 Notes and bills rediscounted (including | acceptances of other banks and foreign j bills of exchange or drafts sold with indorsement) 15,080 6,511 1,724 3,186 7,125 Cash letters of credit and travelers' checks outstanding 2,042 1,768 2,894 1,940 1,897 Acceptances executed for customers 29,465 32,056 27,669 31,240 34,472 Acceptances executed by other banks for account of reporting banks 2,349 911 623 1,416 1,638 National bank notes outstanding 2, 665 2,638 2,810 2,844 2,843 United States securities borrowed 2,509 Other securities borrowed 1 1 Other liabilities 21,941 24,113 14,623 26, 523 31,458 Total.. 1,810, 372 1,710,937 1,912, 545 2,028,198 2,044,289 Ratio of reserve with Federal reserve bank to net deposit liability (per cent) 12.9 12.1 13.5 12.5 13.4 i Exclusive of securities borrowed by national banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

126 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No. 83.—ALL MEMBER BANKS IN RESERVE CITIES: RESOURCES AND LIABILITIES [In thousands of dollars] Dec. 31, Mar. 31, June- 30, Oct. 10, Dec. 31, 1923 1924 1924 1924 I 1924 (560 banks) (554 banks) (552 banks) (555 banks)! (549 bank: EESOURCES Loans and discounts 6,672,032 6, 800,071 6, 707,973 6,977,374 ! 7,161,802 Overdrafts _ 4,651 6,091 5,241 4,453 4,421 United States Government securities 1,116,276 1,116,274 1,129, 922 1,293,842 1, 353,239 Other bonds, stocks, and securities 1, 233, 995 1, 221,118 1, 291, 876 1,409,164 1, 463, 637 Total loans and investments 9,026,954 9,143,554 9,135,012 9,684,833 9,983,099 Customers' liability on account of acceptances 105, 923 107,157 77.167 79, 421 119,628 Banking house, furniture, and fixtures 297,341 307, 887 325,166 331,348 339,382 Other real estate owned. 55,149 58,767 52,684 53,970 52, 648 Cash in vault- 164, 263 145, 903 150,022 160, 928 178,538 Reserve with Federal reserve banks 615,270 616, 457 635,372 702, 047 726,462 Items with Federal reserve banks in process of collection 390,009 315, 836 341, 535 373,828 419, 234 Due from banks, bankers, and trust eom- 713, 700 674,010 861,388 1,157,115 968, 035 Exchanges for clearing house, also checks on other banks in same place _ _ 367, 750 276, 207 291,125 248, 715 367, 398 O Re u d ts e i m de p t c i h o e n c k f s u n a d n d a o n t d h er d u ca e s h fr o it m em U s nited 72,143 58,354 73.168 56,156 71,330 States Treasurer 8,961 9,119 9,106 8,852 8,610 United States securities borrowed 1 __ 6,515 5,991 10, 950 10, 365 11, 796 Other securities borrowed 1 283 363 372 534 412 Other assets _ 87, 581 81, 742 78, 008 96, 863 113, 617 Total ' 11,911,842 11,801,347 j 12,041,075 12, 964, 975 13, 360,189 LIABILITIES Capital stock paid in •_ 659,105 673,675 681,402 685, 501 685, 541 Surplus fund.- 556, 668 561, 348 573,026 576,149 584,878 Undivided profits, less expenses and taxes paid .... 223,196 246,662 242,339 270, 371 239, 631 Due to Federal reserve banks 8,792 8,639 7,363 8,788 10,232 Due to banks, bankers, and trust companies 1, 498, 429 1,438, 522 1, 543, 851 2, 029, 644 2, 041,306 Certified and cashiers' or treasurers' checks outstanding ______ 185, 272 123, 035 143, 797 126, 677 204,887 Demand deposits 4, 960, 608 4, 942,157 5, 095, 705 5, 313, 495 5, 440, 203 Time deposits __ _. 2, 950,007 3, 021, 385 3, 200, 727 3, 341, 222 3,435,102 United States deposits _ 133, 884 173, 378 110, 252 192,193 146,219 Total deposits 9, 736,992 9,707,116 10,101, 695 11, 013,019 11,277,949 Bills payable (including all obligations representing money borrowed other than rediscounts).. 137,311 91,218 36, 262 33, 324 104,971 Notes and bills rediscounted (including acceptances of other banks and foreign bills of exchange or drafts sold with indorsement). _. 224, 019 153, 089 60,076 45,073 85,482 Cash letters of credit and travelers' checks outstanding-.. 3,311 4,505 5,987 3,118 2,627 Acceptances executed for customers 112, 806 107, 380 77,352 84, 602 122,771 Acceptances executed by other banks for account of reporting banks. 6,513 9,330 7,562 6,844 9,384 National bank notes outstanding 176, 076 174, 732 177, 361 174, 299 168, 637 United States securities borrowed. 29, 597 26, 312 29, 318 26, 483 26,072 Other securities borrowed ." 1,852 1,427 1.333 1,540 1,331 Other liabilities _ 44,396 44, 553 47, 362 45, 652 50,915 Total _ 11,911,842 I 11,801,347 12,041.075 12,964, 975 13, 360,189 Ratio of reserve with Federal reserve bank to net deposit liability (per cent) 9.9 9.8 10.1 10.1 1 Exclusive of securities borrowed by national banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONDITION OF MEMBER AND NONMEMBER BANKS 127 No. 84.—ALL MEMBER BANKS OUTSIDE CENTRAL RESERVE AND RESERVE CITIES (SO-CALLED COUNTRY BANKS): RESOURCES AND LIABILITIES [In thousands of dollars] Dec. 31, Mar. 31, June 30, Oct. 10, Dec. 31, 1923 (9,127 1924 (9,038 1924 (9,008 1924 (8,989 1924 (8,948 banks) banks) banks) banks) banks) RESOURCES Loans and discounts 7,514,542 7, 526, 243 7, 503,822 7,465,820 7,458,827 Overdrafts 9,955 9,507 8,663 12,665 9,805 United States Government securities 1,502,873 1,457,164 1, 389, 816 1,379,796 1,395,402 Other bonds, stocks, and securities 2,154, 330 2,186,860 2, 260, 241 2,415,138 2, 519,197 Total loans and investments 11,181, 700 11,179,774 11,162, 542 11,273,419 11,383,231 Customers' liability on account of acceptances 13,618 14, 521 9,069 8,741 14, 595 Banking house, furniture, and fixtures 377,414 385, 620 390,116 401,139 404, 785 Other real estate owned _. 88, 919 93, 733 99, 513 101, 650 105, 545 Cash in vault 310,169 271, 054 273, 964 282, 344 320,787 Reserve with Federal reserve banks 574, 269 548, 393 559, 068 573,777 599,487 Items with Federal reserve banks in process of collection 100, 778 84, 025 87,509 91,370 105,299 Due from banks, bankers, and trust companies 905,486 802,641 842,107 1, 063, 665 1,168, 209 Exchanges for clearing house, also checks on other banks in same place 93,183 70, 544 75,036 62,169 88,744 Outside checks and other cash items 31,684 25,777 28, 522 24,076 31, 626 Redemption fund and due from United States Treasurer. 25, 705 25,894 25,841 25, 675 25,498 United States securities borrowed * 8,454 7,978 7,934 7,695 7,291 Other securities borrowed J 1,949 2,057 1,414 1,420 2,128 Other assets _ . 31, 074 34,996 40, 255 36,445 37,862 Total.. 13,744,402 13,547,007 13,602,890 13, 953, 585 14, 295,087 LIABILITIES Capital stock paid in 921,601 923,044 I 922, 434 926,282 926,240 Surplus fund 631,136 632,973 640,314 644, 533 655,326 Undivided profits, less expenses and taxes paid 279,881 309,233 296,841 345, 746 296, 872 Due to Federal reserve banks 27,671 24,003 26,401 27, 514 33,151 Due to banks, bankers, and trust companies 418,690 375,922 365,849 447,190 515,934 Certified and cashiers' or treasurers' checks outstanding 91, 510 72,210 71,632 64,721 94,220 Demand deposits 5; 560,181 5,295, 582 5, 273,062 5,458,935 5,673,425 Time deposits . 4,830,374 4, 972,150 5,073,731 5,179, 396 5, 252,267 United States deposits 41,817 45, 203 33,012 55, 518 49,948 Total deposits. 10,970,243 10, 785,070 10, 843, 687 11,233, 274 11,618, 945 Bills payable (including all obligations representing money borrowed other than rediscounts) 205,790 162,714 153,660 115, 821 140,406 Notes and bills rediscounted (including acceptances of other banks and foreign I bills of exchange or drafts sold with indorsement)._ 171,614 167,736 185, 254 130,224 94,624 Cash letters of credit and travelers' checks outstanding 177 378 481 310 221 Acceptances executed for customers 13, 015 13,911 8,651 8,048 13,012 Acceptances executed by other banks for account of reporting banks. _. 677 811 464 726 2,006 National bank notes outstanding >. 508,175 509,474 509, 658 506,091 502,969 United States securities borrowed 21,181 20,964 19,929 19,308 20,950 Other securities borrowed 3,418 3,525 2,918 3,495 4,614 Other liabilities 17,494 17,174 i 18, 599 19, 727 18,902 Total. 13,744,402 13, 547, 007 13,602,890 13,953,585 14,295, 087 Ratio of reserve with Federal reserve bank to net deposit liability (per cent)... 7.4 7.3 7.4 7.4 7.5 1 Exclusive of securities borrowed by national banks. 36569—25f 10 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 85*—ALL MEMBEK BANKS: PRINCIPAL RESOURCES AND LIABILITIES ON CALL DATES, 1914-1924 to [In thousands of dollars] 00 Loans and investments Deposits Num- Bills pay- Date b b a e n r k o s f Total L c o o a d u n i n s s- t a s n l d U s e e . r c n S u m . r i G e ti n o e t v s - st s o e b O c c o k u t n s h r d , i e t a s i r e , n s d Capital Surplus Total Demand 2 Time3 U S n ta i t t e e s d Bank a c b r o l e e u d n i a s t n - s d c > j ! 1914 Dec. 31. 7,582 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 j 70, 776 1,876,639 132,902 W 1915 Mar. 4. 7,607 8,615,117 6, 563, 326 780, 355 1,271,436 1,075,805 j 731, 978 8, 666, 422 5, 091, 728 1,264, 006 58, 719 2, 251,969 95,943 H May 1... 7,614 8, 748, 350 6, 705,146 783,157 1,260,047 1,075,258 727,039 8, 967, 321 5,366,911 1,319,921 45, 960 2, 234, 529 90, 698 O June 23.. 7,615 8,806, 015 6, 719, 715 782,619 1, 303, 681 1,077,885 729, 799 8,893, 955 5, 277, 748 1,351, 699 48, 261 2, 216, 247 98,487 Sept. 2... 7,630 9,087, 981 6, 964, 705 780, 895 1, 342,381 1,087, 289 738,276 9, 437, 210 5,490, 974 1.416,641 43,951 2, 485, 644 Nov. 10_. 7,640 9, 730,073 7, 482, 687 776, 932 1,470,454 1,087, 549 738, 663 10,389, 267 6,152, 226 1,463, 258 40, 300 2, 733, 483 104, 018 Dec. 31.. 7,631 9,898, 575 7, 622,474 773, 807 1, 502, 294 1,087,150 741,529 10,635,606 6, 333, 596 1, 506, 018 34, 866 2, 761,126 99,109 1916 Mar. 7.. 7,612 10,119, 693 7, 777, 301 753, 049 1,589,343 1,086, 590 740,669 11,030,326 6, 303, 731 1, 592, 376 32, 296 3,101, 923 62,428 May 1... 7,605 10, 284, 575 7,898,141 737, 997 1, 648, 437 1,086,807 740, 727 11,403,506 6, 661, 384 1, 685,830 34,416 3, 021,876 64,117 June 30.. 7,606 10, 347, 962 7, 964, 297 730, 374 1, 653,291 1,085,375 747,431 11,133, 293 6, 581, 382 1,774,839 38, 607 2, 738, 465 69,067 S N D e e o p c v . t . . 2 1 17 7 2 _ . . . . 7 7 7, , , 6 6 6 1 1 1 4 4 8 1 1 1 1 0 1 , , , 3 2 7 0 8 6 9 6 3 , , , 8 9 0 0 5 7 6 7 9 8 8 8 , , , 2 7 7 6 1 1 3 3 2 , , , 2 6 2 8 8 6 6 2 2 7 7 7 2 2 1 8 3 6 , , , 1 9 6 2 4 4 9 8 3 1 1 1 , , , 8 8 7 5 7 7 4 6 0 , , , 9 0 8 9 5 4 1 2 9 1 1 1 , , , 0 0 0 9 9 9 5 0 4 , , , 8 7 9 5 1 1 4 9 2 7 7 7 5 6 6 4 7 2 , , , 1 4 2 3 5 0 4 0 2 1 1 1 2 2 1 , , , 7 6 8 6 3 9 1 2 6 , , , 9 2 6 8 8 2 7 7 2 6 7 7 , , , 3 8 5 4 2 9 0 2 1 , , , 6 2 5 5 7 1 4 6 5 1 1 1, , , 8 9 9 5 8 3 2 3 9 , , , 7 4 2 6 8 0 8 1 2 3 3 3 4 4 3 , , , 9 4 5 4 0 4 3 8 3 2 3 3 , , , 9 3 3 5 0 9 8 3 6 , , , 6 0 4 0 2 7 7 7 2 9 9 7 5 4 9 , , , 6 6 0 1 7 8 « 0 0 f > ed 1917 Mar. 5.. 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 I 3, 733, 567 75,341 May 1.. 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. 7,653 12, 560, 918 9, 425, 506 1,098,036 2,037,376 1,123, 205 799, 331 13, 396, 922 7, 856, 476 2, 303, 732 140,584 ! 3,096,130 381,996 Dec. 31. 7, 907 * 17,132,205 * 12,419,748 1,858, 093 2,854, 364 1,311,150 1,085,110 18, 628, 027 11,179,676 3, 156, 241 649,413 3,642,697 886,773 1918 May 10.. 8,132 * 18,874,889 *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 w June 29.. 8,213 * 18,723,500 « 13,317,940 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 1,105, 792 o Nov. 1... 8, 596 21,345,617 14, 670, 523 3, 819, 641 2,855, 453 1,442,206 1, 223, 342 20, 820, 815 12, 016, 310 3, 650,943 1, 707, 627 3,445,935 2, 032, 555 Dec. 31. 8,692 20,883,958 14, 318, 523 3,657,243 2,908,192 1,459,095 1,254, 535 21,419, 330 13, 309, 303 3,834,320 471,632 3, 804,075 1,969,851 1 Including rediscounts, overdrafts, and customers' liability on account of drafts paid under letters of credit. 2 Including certified and cashiers' or treasurers' checks outstanding. 3 Including postal savings deposits. Postal sayings deposits of State bank members are included with demand deposits for dates prior to June 20, 1917. * Exclusive of customers' liability on drafts paid under letters of credit by State bank members. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1919 ! Mar. 4 | 8,725 21, 760, 989 13, 975, 744 4, 823,001 2,962, 244 1,466,268 j 1,269,007 21,493, 288 12,708,816 ! 4,092,477 884, 280 3, 807, 715 2,060,469 June 30 | 8,822 22, 602,150 15,534,555 4, 036,899 3,030, 696 1, 489, 792 I 1, 292, 71622, 807, 520 13,899,421 i 4,343,382 902, 339 3,662,378 2,047, 550 Nov. 17 i 8,995 24, 527,853 17, 589,828 3, 660, 943 3, 277, 082 1,565,871 I 1,343,684 25,168, 890 15,638,038 I 5,049,493 386, 309 4, 095,050 2,423,886 Dec 31. 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 May4 1920 9,291 25,846, 657 19, 497,115 3, 081,156 3,268, 386 1,695, 555 1, 446, 915 24, 835, 338 15,351, 732 5, 747, 532 190,168 3, 545, 906 3, 053, 607 O O June 30 ) 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, 926 260,179 3, 485, 698 2, 952,167 Nov. 15.. 9,567 26,132, 505 20, 079, 505 2, 786,109 3, 266,891 1, 787,160 1, 518, 953 25, 088, 277 15, 494,189 6. 144, 064 219, 831 3, 230,193 3,307,938 6 Dec. 29. 9,606 25, 887, 729 19, 767, 353 2, 759,428 3,360, 948 1, 799,061 1, 526, 901 24,203,659 14,613,290 6,187,921 316,191 3, 084, 257 3, 247,849 1921 Apr. 28. 9,698 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 June30.. 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- 9,779 23, 644, 202 17, 483, 518 2, 647, 793 3, 512, 891 1,867,821 1,557,475 23, 231, 356 13, 614, 458 6, 450, 629 306,103 2, 860,166 1, 452,962 1922 Mar. 10.. 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, 662, 398 329, 503 3,165, 463 838,979 g June 30. . 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.. 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 g 1923 w Apr. 3 — 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 3, 508, 237 967,819 w June30_. 9,856 26,675,005 18,880,058 j 3,870,232 3,924, 715 1,998,295 I 1,631,702 27, 053, 202 15,161, 059 8,378,211 296,482 3, 217,450 1,073, 211 Sept. 14.. 9, 843 26,497, 552 18, 857,100 3, 722,441 3,918,011 2,004,140 1, 626, 92226, 914, 718 15,100, 551 8,466,416 144,478 3, 203, 273 1,121,362 Dec. 31.- 9,774 26, 738,130 19,051,686 I 3,641,132 4,045,332 2, 003, 054 1, 641, 31928,486, 613 16, 086, 731 8, 650, 610 236,942 3, 512,330 1,017,644 1924 Mar. 31. 9,681 26,832,034 19,175,713 j 3,569,653 4,086,668 2,022,169 1, 649,880 28, 248, 081 15, 586, 676 8,889, 923 291, 767 3,479,715 744, 515 J O u c n t e . 3 10 0 _ _ _ . 9 9, , 6 6 5 3 0 5 2 2 7 8 , , 4 2 5 6 0 1 , , 6 5 4 5 4 9 1 19 9 , , 8 2 1 6 9 4 , , 8 0 9 1 8 9 3 3 , , 8 9 6 4 0 , 7 6 , 2 7 0 97 4 4 , , 3 7 8 3 9 6 . , 7 1 4 2 3 6 2 2 , , 0 0 3 3 0 4 . , 3 9 3 4 6 3 1 1 , , 6 6 6 8 9 2 , , 6 5 4 9 6 2 3 2 0 9 , , 7 5 7 2 2 9 , ? 5 0 6 5 1 7 1 1 6 6 , , 3 29 8 2 2 , , 9 9 3 6 9 9. 9 9 , , 5 20 9 3 7 , , 3 5 9 4 5 5 3 1 0 78 1 , , 8 9 0 4 3 6 4 3 , , 4 8 8 5 9 4 , , 9 1 2 0 0 1 4 5 3 0 2 2 , , 9 7 0 4 7 7 Dec. 31.. 9, 587 29, 026, 588 20,181,309 3,902, 793 4,942,486 2, 037,481 1, 707, 486 32,361,652 17, 766,469 9,804,738 242,482 4, 547,963 656,743 g to CO Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 86.—NATIONAL BANKS1: PRINCIPAL RESOURCES AND LIABILITIES ON CALL DATES, 1914-1924 00 [In thousands of dollars] O Loans and investments Deposits Num- Bills payb b a er n k o s f Total d L i o sc a o n u s n a t n s d 2 St e a U r t n e n s m i t e G e n d o t v-| j j sto b O c o k t n h s d , e s r , and Capital Surplus Total Demand J Time4 U S n ta it t e e d s Bank a c b r o l e e u d a n is n t - s d securities | securities 1914 Dec.31_. 7, 581 8,490, 351 6, 363,435 795,078 ! 1,331,838 1,065,952 726, 936 8, 236, 468 5, 088,189 1, 206,810 71,698 1,869, 771 132,442 g 1915 Mar. 4... 7,599 8, 545,106 6,507,011 781,194 1,256,901 1,066,589 724, 308 8, 593,967 5, 052, 629 1,238,053 59, 541 2, 243, 744 95,660 May 1 7,004 8, 677, 657 6, 649, 792 783,994 1,243, 871 1,065,892 719, 329 8, 892, 047 5, 324, 798 1,293, 992 46, 723 2, 226, 534 90, 533 Jane 23 7,605 8, 733, 514 6, 665,145 783,454 1,284,915 1,068,519 722,089 8, 821,241 5,237, 421 1, 32fi, 850 48, 964 2,208,006 98,120 Sept. 2 7, 613 8, 907, 597 6, 814, 062 781, 726 1,311,809 1,068,864 722, 578 9,229, 517 5, 339, 140 1,379, 421 44, 900 2, 466, 056 105, 719 Nov. 10 7,617 9, 529, 713 7, 315, 335 777, 765 1,436,613 1, 068, 649 722, 877 10,157,472 5, 982, 705 1, 423, 891 41, 203 2, 709, 673 103,455 Dec. 31... 7,607 9, 694,166 7, 450, 653 774, 639 1,468, 874 1, 068, 049 725, 554 10,402, 386 | 6,162,038 1,466,015 35,901 2, 738,432 98,416 1916 Mar. 7 7,586 9, 910,197 7, 597, 890 753, 913 1, 558, 394 1,067, 289 724, 664 10,791,765 | 6,135,828 1, 548, 578 33,273 3, 074, 086 61, 956 May 1 7,578 10, 071,921 7, 713,748 738, 830 1, 619,343 1, 067,481 724, 697 11,135, 322 ! 6, 461, 966 1, 642, 523 35, 489 2,995,344 63,720 Ifed June 30 7,579 10,121,056 7, 769, 096 731, 205 1, 620, 755 1, 066, 049 731, 389 10,877,087 ] 6, 395, 024 1, 729, 666 39,457 2, 712,940 68, 618 Sept. 12 7,589 10,446, 275 7, 998, 582 729, 777 1, 717, 916 1, 067, 565 731,409 11,362,341 6, 605, 922 1, 805, 934 34, 822 2, 915, 663 91,893 Nov. 17. „ 7,584 10, 959, 049 8,432, 656 724,473 1,801, 920 1,071,116 739, 336 12,489, 279 7, 211, 403 1,893,813 35, 308 3, 348, 755 73, 671 Dec. 27. _._ 7,584 10,973,662 8,438,099 716, 960 1, 818, 603 1,070, 793 744, 653 12,266,846 7, 034, 098 1,935, 710 35,418 3, 261,620 89, 758 1917 Mar. 5.... 7,581 11, 374,416 8, 796, 299 714, 523 1, 863, 594 1, 073, 875 754, 621 12, 958,180 7,169,249 2, 070, 971 34, 695 3, 683, 265 69,727 May 1 7,589 11, 557, 776 8, 838,910 768,114 1,950, 752 1,079,689 761, 654 13, 080, 338 7, 498, 891 2,166, 683 35, 626 3, 379,138 92,314 June 20 . 7, 604 12,004, 877 8,991,809 1,076,256 1,936,812 1,082, 779 762, 367 12, 771, 833 7, 433,493 2,179, 761 132, 965 3, 025, 614 373,028 Sept. 11 7,638 12, 383, 945 9, 263, 728 1,158, 982 1,961, 235 1,090, 318 769, 050 13,234,297 7, 679, 370 2, 295, 982 210, 395 3, 048, 550 285,104 Nov. 20 7, 656 14,184, 228 9, 824, 728 2,354,183 2,005, 317 1,092,207 774, 575 14, 798, 336 8, 056, 948 2, 281, 865 1, 352, 006 3,107, 517 599,945 Dec. 31 7,662 13,499, 536 9, 906, 377 1,624,529 1,' ' " 1,092,606 784, 065 14, 445, 689 8,436, 395 2, 298, 282 517,315 3,193, 697 741,848 1918 Mar, 4 7,670 13,636,747 j 9, 599, 370 2,126,605 1, 910, 772 1,094,338 801,165 14,438,769 j 8,084,146 2, 370, 679 682, 712 3,301,232 656, 896 May 10 7.688 14,285,954 ! 9, 766, 235 2, 662, 963 1, 856, 756 1,096, 932 803,143 14, 385,120 I 8, 094, 686 2, 342, 747 1,060,086 2, 887, 601 844,171 June 29.._ 7,705 14,134,393 ' 10,164, 623 2,129,283 1,840,487 1,098, 556 809.138 14,021,609 i 7,838,150 2, 343, 589 1, 037, 787 2, 802, 083 883, 274 Aug. 31... 7,728 14,387,738 i 10,126,388 2, 466, 268 1, 795, 082 1,101,839 813, 769 13,885,759 ! 8,095,749 2, 397, 491 506, 583 2, 885, 936 1,294,005 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Nov. 1.. 7,754 15,688,032 10, 755,471 3,166,492 1,766,069 1,107, 760 829,663 15,051,473 | 8,640,818 2,372, 512 1,136, 884 2, 901,259 1,566,991 Dec. 31. 7,767 15,191,499 10,446,473 2,956,394 1,788,632 1,109, 735 845,282 15,423,081 i9, 460, 577 2,473, 868 313, 381 3,175,255 1,380, 835 1919 Mar. 4. 7,761 15, 590,052 10,096,300 3,686, 720 1,807,032 1,106, 550 854,433 15, 299, 807 8, 856,395 2, 652, 666 591,318 3,199,428 1, 451, 223 May 12.. 7,773 16,148,993 10, 267,153 4,032, 753 1,849,087 1,111,501 859,603 15,903,796 9, 552, 767 2, 729, 245 530, 551 3,091, 233 1, 547, 723 June 30.. 7,785 16,079,203 11,027,280 3,176,314 1,875,609 1,118,603 872, 226 15,924,865 9, 588,144 2, 784,940 566, 793 2, 984, 988 1,484, 769 N Se o p v t . . 1 1 7 2 . . . . 7 7, , 8 8 2 6 1 5 1 1 6 7 , , 7 1 6 3 1 4 , , 9 0 0 40 4 1 1 1 2 , , 2 5 6 4 8 6 , , 0 7 9 5 5 7 3 2, , 8 2 8 9 1 6 , , 8 5 8 9 1 3 1 1 , , 9 91 8 9 3 , , 2 4 1 0 6 2 1 1, , 1 1 5 3 3 7 , , 9 7 7 5 0 2 902, 905 1 17 6 , , 4 6 6 8 7 1 , , 8 6 5 0 3 7 1 1 0 0 , , 1 7 7 7 4 3, , 0 6 5 7 8 0 2 3 , ,0 9 5 2 3 1 , , 6 0 8 3 5 4 2 5 7 1 0 8, , 9 3 0 9 3 0 3 3 , , 0 3 6 7 7 0 , , 0 0 7 0 20 1 1, , 7 5 4 0 2 5 , , 6 5 3 1 1 6 O Dec. 31- 7,890 17, 493,171 12, 784,460 2,723,493 1,985, 218 1,158, 2o9 921,335 17,866,413 10, 928,635 3,139, 542 448, 863 3, 349,373 1,911,810 o 1920 2 Feb. 28. 7,933 17,548, 033 13,117, 765 2,459, 424 1,970,844 1,182,082 944,126 16,965,122 10,329,637 3, 259,178 67,914 3,308,393 2,064, 590 May 4... 7,990 17,848,626 13,524,921 2,375,801 1,947,904 1, 214, 769 16, 924, 543 10,459, 284 3,410,480 115, 200 2, 939, 579 2,265,079 a June 30.. 8,030 17,823, 580 13, 637,115 2, 269, 575 1,916, 890 1, 224,166 17,155, 421 10, 650,112 3, 485, 501 175,788 2, 844,020 2, 208,068 Sept. 8__. 8,093 17,831, 501 13, 732,321 2,175,019 1,924,161 1, 248, 271 16, 751,956 10, 346, 539 3, 560,298 53,453 2, 791,666 2,299,640 Q Nov. 15_. 8,123 17,890, 290 13,783,998 2,152,465 1,953,827 1, 269,930 1,016, 522 16,961, 702 10, 544, 778 3,621,112 147, 239 2, 648, 573 2,390, 633 Dec. 29.. 8,130 17, 665,959 13,543,932 2,131, 573 1,990,454 1, 272, 291 1,019, 928 16, 277, 757 9,888, 077 3, 631,837 212,123 2, 545, 720 2,342,663 1921 Feb. 21. 8,143 16,865,333 12,837,274 2,047,234 1,980,825 1, 273,205 1, 029,406 15,478,354 9,249 181 3, 712,430 113,449 2,403, 294 1,925, 529 J A u p n r e . 2 3 8 0. . . . 8 8 , ,1 1 5 5 4 2 1 1 6 6 , , 0 3 3 6 9 0 , , 5 1 6 8 6 1 1 1 2 2 , , 0 3 1 6 4 7 , , 4 4 8 0 5 0 2 2 , , 0 00 1 1 9 , , 8 4 1 9 1 7 2 1 , , 0 99 0 0 5, , 6 9 8 7 4 0 1 1 , , 2 2 7 7 1 3 , , 3 8 8 8 3 0 1 1, , 0 0 2 2 4 6 , , 7 2 6 5 1 6 1 1 5 4 , , 1 8 4 5 2 1 , , 3 8 3 5 1 9 8 9, , 0 8 4 7 6 2 , , 4 8 7 6 5 0 3 3, , 6 69 9 8 5 , , 8 5 0 1 6 8 2 1 4 7 9 5 , , 0 1 3 4 9 9 2 2, , 1 1 5 0 1 5 , , O 3 i 3 l 2 1 1, , 4 7 7 1 1 1 , , 5 97 0 9 2 B Sept. 6... 8,155 15,530, 773 11,695,047 1,861,977 1,973,749 1, 276,177 1,027, 373 14, 560,852 8, 652,869 3, 680, 704 109,981 2,117, 298 1, 256,773 w Dec. 31.. 15, 572,678 11,515,338 1,975,898 2,081,442 1, 282,432 1, 033, 406 15,075,102 8, 871, 799 3, 749,328 188,089^ 2, 265,886 1, 019,929 1922 Mar. 10.. 8,197 15,412,034 11,293,874 2,031,564 2,086,596 1, 289, 528 1, 036,184 15, 390,438 8, 796, 631 3,837, 759 215,347 2, 540, 701 598,826 May 5... 8,230 15, 481, 621 11,194,343 2,124,691 2,162,587 1,296,220 1, 040, 249 15, 766,988 9,091,841 3,918,282 141,844 2, 615,021 534, 621 June 30.. 8,249 15,820, 737 11, 257,412 2, 285,459 2,277,866 1,307, 216 1, 048, 806 16, 320, 564 9, 603,188 4, 111, 951 103,374 2, 502, 051 508, 752 Sept. 15.. 8,240 15,940,440 11, 248,166 2,402,492 2,289, 782 1,307,122 1,042,197 16, 598, 762 9, 643, 796 4,169, 220 145,182 2, 640, 564 429, 324 Dec. 29.. 8,225 16, 616, 752 11, 612, 713 2, 656, 560 2,347,479 1,317,010 1,075, 545 17,420,481 10, 042,192 4, 318, 736 304,176 2, 755,377 573, 202 1923 Apr. 3. 8,229 16, 720, 743 11,679,621 2,694, 207 2,346,915 1,319,144 1, 067, 652 17, 036, 281 9, 505, 256 4, 580, 216 264, 279 2, 686,530 660, 632 June 30.. 8,241 16,897,804 11,828,101 2,693,846 2,375,857 1,328,891 1,070, 616 16, 897,980 9, 541,485 4,755,162 192,135 2,409,198 723, 722 Sept. 14_. 8,239 16,948, 572 11,947, 506 2, 602,762 2,398,304 1,332,394 1,068, 320 17,040, 530 9, 629, 072 4,864, 369 101, 649 2,445, 440 753, 794 B Dec. 31.. 8,184 16, 931, 726 11,887,032 2, 566,851 2,477,843 1,325,825 1, 068, 359 17,828,861 10,127,182 4,948,019 157,849 2, 595,811 658,062 w 1924 Mar. 31.. 8,115 16,969,052 11,963,102 2,494,313 2,511,637 1,335, 572 1, 073,363 17, 598, 696 9,741, 616 5,108,970 183,000 2, 565,110 510, 533 June 30_. 8,085 17,131,131 11,988,803 2,481,778 2,660, 550 1,334,011 1, 080, 578 18,347,837 10,143, 585 5, 259,933 123,318 2,821,001 340, 625 Oct. 10.. 8,074 17, 698, 620 12,222,390 2, 579,190 2,897,040 1,332, 527 1, 074, 26819,108, 798 10,160, 215 5,460, 677 188,398 3,299, 508 294,030 Dec. 31.. 8,049 17, 992,178 12,329,482 2, 586,697 3,075,999 1,334,836 20, 000,208 10,962,873 5, 581, 287 153,266 3, 302, 782 398, 700 1 Includes nonmember national banks in Alaska and Hawaii. On Dec. 31, 1924, there were 6 with total resources of $12,290,000. 2 Including rediscounts, overdrafts and customers' liability on account of drafts paid under letters of credit. 3 Including certified and cashiers' checks outstanding. 4 Including postal savings deposits. Co Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 87.—STATE BANK AND TRUST COMPANY MEMBERS: PRINCIPAL RESOURCES AND LIABILITIES ON CALL DATES, 1914-1924 Co [In thousands of dollars] to Loans and investments Deposits Num- I Bills pay- Date ber of United Other Capital Surplus able and banks Total L di o s a c n o s u a n n ts d l St e a r t n e m s G en o t v- sto b c o k n s d , s a , nd Total Demand2 Time 3 U S n t i a t te e s d Bank rediscounts securities securities 1914 Dec. 31. 73,057 57,782 26 15,249 9,541 7,918 73,066 39,471 26,600 6,995 459 1915 Mar. 4_. 73,587 58,476 15,085 9,951 7,996 76, 251 41,595 26,286 8,370 283 May 1... 74,383 57, 533 16,823 10,101 8,046 79,148 44,622 26,421 8,105 264 June 23.. 76,085 19,417 10,101 8,046 76, 709 43,134 25,241 8,334 367 Sept. 2. _ 183,909 152,740 31,135 19,161 16,040 212, 278 154,902 37,663 19,713 363 Nov. 10.. 204,088 169,603 34,453 19,636 16,128 236,305 172,719 39, 678 23,908 564 Dec. 31.. 208,160 174,135 33,992 19,836 16,334 238,062 174,815 40,474 22,773 1916 Mar. 7.. 213,287 181,760 31,527 20,036 16,364 243,178 170,968 44,245 27,965 472 May 1... 216,660 186,873 29,755 20,061 16,390 272,864 202,280 43,907 26,677 397 June 30.. 230,053 197,820 32,200 20,061 16,406 261,035 189,877 45, 583 25, 575 449 Sept. 12.. 321,166 267, 540 53,591 24,061 23,157 379, 758 289,640 47,129 42,989 3,187 Nov. 17.. 335,391 282,476 52,880 24,161 23,162 408,471 314, 654 46,084 47, 733 5,947 Dec. 27.. 337,803 278, 524 59, 245 25,661 23,161 400,045 310,805 47, 829 41,411 4,912 1917 Mar. 5.. 40 363,384 302,823 54 60,507 26, 986 24,044 443,344 338, 573 54, 456 50,315 5,614 May l._ 44 464,262 371,325 8,909 84,028 32,326 30. 089 574,904 419,758 96, 525 58, 621 3,126 June 20. 53 560,070 436,236 22,685 101,149 41,076 37,339 629,327 426, 729 124,282 7,780 70, 536 8,968 Dec. 31. 250 3,637,334 2, 516,366 234, 592 886,376 219, 294 301,471 4, 189, 398 2,746,899 135,014 449,025 145, 225 1918 May 10.. 449 4, 593,922 2,995,211 619,624 979,087 270,878 340, 604 4, 831, 531 2, 959, 096 1,004,658 402,043 465,734 290, 788 June29_ 513 4, 594,276 3,156,400 439,246 283,414 349,080 4, 938, 636 2, 918, 617 1,052, 290 485,63.9 482,090 222, 518 Nov. 1__ 847 5,662,814 3,917,988 654,859 1,089,967 335,196 394,106 5, 775,832 3,379,073 1,278,948 572,618 545,193 465, 564 Dec. 31. 930 5, 697,825 3,875^064 702,619 1,120,142 350,110 409,680 6,002, 702 3,851, 970 1,361,020 160,464 629,248 589,016 1919 Mar. 4.. 6,176,205 3,882,299 1,138,128 1,155,778 360,468 415,006 6,199, 560 3, 855,326 1,440,371 295,228 608,635 609,246 June 30.. 1,042 6, 528,356 4, 510,368 862,339 1,155,649 371,979 420,934 6, 889,092 4,314,904 1, 558,940 337,432 677,816 562,781 Nov. 17.. 1,135 7,399, 700 5,324, 294 781,134 1,294,272 412,869 441,-264 7, 707, 780 4,868,613 1, 996, 405 117,977 724, 785 681, 255 Dec. 31. 1,181 7,694,315 5, 582, 500 785,013 1,326,802 436,324 454,877 8,262,017 5,137,894 2,165, 786 201, 710 756,627 649,797 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1920 May 4_. 1,306 8,004,177 5,975,633 707,338 1,321, 206 481,536 486, 840 7, 917,174 4, 896,145 2,337, 635 76, 521 606,873 788, 528 June 30,. 1,374 8,127, 969 6,150,825 674,046 1,303,098 493,628 494,568 8,224,105 5,069, 705 2,426,035 86,498 641, 867 746,099 Nov. 15.. 1,449 6,299, 680 635, 609 1,313,697 517, 980 502, 961 8,134,137 4, 954,170 2,523, 695 74,381 581, 891 917,305 Dec. 29.. 1,481 8,228,719 6,227, 630 629,955 1,371,134 527, 520 507, 503 7, 932,134 4, 730,330 2,556, 818 106,166 538,820 905,186 1921 Apr. 28. 1,550 8, 291,041 6, 242,802 627, 717 1,420, 522 579,391 528,112 7, 967,002 4, 640,179 2,645, 703 99,625 581,495 720,884 Q June 30. 1,595 8, 277,339 6,194, 800 644,043 1,438,496 585, 530 531, 918 8,188, 968 4, 812, 819 2, 671, 593 142, 457 562,099 636, 900 O Dec. 31- 1,614 8,077,322 5,970, 915 674,353 1,432,054 586,089 524,574 8,162,919 4, 745,987 2,702,110 120,308 594, 514 433,033 1922 Mar. 10_. 1,624 8,012, 853 5, 869, 501 726,302 1,417,050 597,369 525, 379 8, 257, 910 4, 690,940 2,825,429 116, 569 624, 972 240,153 June 30.. 1,648 8, 543, 402 6,040, 684 964, 523 1, 538,195 605, 761 535,806 9, 202,351 5,435, 721 3,063, 838 54,142 648, 650 213, 992 O Dec. 29.. 1,639 9,158, 556 6,470,411 1,135,381 1,552,764 624,656 550, 750 9, 858, 728 5, 634, 547 3,326, 958 160,005 737, 218 304,325 1923 O Apr. 3. 1,626 9, 618, 479 6, 894, 599 1,192, 691 1,531,189 661,559 563,491 10,153, 738 5, 626,034 3, 563,258 142,281 822,165 307,187 June 30-. 1,620 9, 784, 242 7,054, 601 1,179, 861 1,549, 780 670,154 561, 676 10,162, 796 5, 624,068 3, 624,048 105, 921 808,759 349,489 Sept. 14_. 1,609 9, 556,397 6, 912,238 1,123, 272 1,520, 887 672,496 559,202 9, 882, 650 5,475,941 3, 603,093 45,434 758,182 367, 568 g Dec. 31.. 1,595 9, 813,927 7,167,496 1,077,773 1,568, 658 677, 979 573, 610 10, 666, 537 5, 964, 045 3, 703, 712 81, 461 917,319 359,582 g 1924 Mar. 31.. 1,571 9,870, 575 7,215, 698 1,078,861 1,576,016 687,347 577,170 10, 657,036 5, 848, 973 3, 782,092 111,038 914,933 233, 982 w June 30. 1,570 10,138, 621 7, 278, 802 1,129,358 1,730,461 697,075 589, 669 11,190,198 6,154,008 3, 944, 831 57,375 1,033,984 162,282 Oct. 10.. 1,566 10, 760, 237 7, 601,161 1,318,766 1, 840, 310 703,166 609,033 11, 672, 445 6, 227, 169 4,138,099 116,391 1,190, 786 138, 717 Dec. 31. 1,544 11,042,473 7, 855,461 1, 319,291 1, 867, 721 703, 445 619,266 12, 371, 555 6, 809,065 4, 224, 966 91, 441 1, 246,083 258, 043 1 Including rediscounts, overdrafts, and customers' liability on account of drafts paid under letters of credit. 2 Including certified and cashiers' or treasurers' checks outstanding. 3 Including postal savings deposits. 4 Included with other bonds, stocks, and securities g I w 50 CO CO Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 88.—REPORTING MEMBER BANKS IN LEADING CITIES: PRINCIPAL RESOURCES AND LIABILITIES OF ABOUT 737 BANKS, BY WEEKS CO [In millions of dollars] Loans and discounts and investments Deposits Accommodation at Federal reserve banks Loans and discounts Investments Reserve Total Total c m U G o e u S b b r e . o r e n y S l e n v i - - . - d t - s b c o t a o u o t b n h n r c y e d e d k d r s s o A th l e l r Total Total b w P o r n U a e d r - n s ite b d L e o r i n b t S y d - t s ate b T s u o r s e r n e y a d c s s u - rities o d c C t f a e i f e t b i i e r n - t - s - - b s s O t e a t o o i c t n n e h c u d d s k e r s i r s - te b s w F r a e a e n r i l v t d k h r e - e s - v C a i a n u s l h t m N d a e e n - t d Time m G er e o n n v - t - Total m c U G o e u S b b r e o . r y e n l n e v S i - - - d t - . c O c u w a u u n s t n r e r i h s e s e d - e e e d d - r- n 2 ga- edness gations tions 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 1,261 494 767 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 4,624 2,457 278 1,044 907 129 2,167 1,400 291 11,420 3,950 183 475 268 207 1924 17,266 12,324 206 4,142 7,976 4,942 2,427 1,236 87 155 2,515 1,544 12,063 4,453 153 167 83 84 1924 Jan. 2 16,622 12,067 239 4,030 7,798 4,555 2,314 270 1,005 80 843 116 2,241 1,455 322 11,438 4,104 163 533 300 233 9 :.- 16, 438 11,931 228 3,921 7,782 4,507 270 1,005 81 833 114 2,204 1,430 311 11, 285 4,106 154 349 190 159 16 - 16, 372 11,877 224 3,879 7,774 4,495 2,313 270 1,014 842 107 2,182 1,434 280 11, 308 4,112 139 284 148 136 CO 23. 16,355 11,857 223 3,877 7,757 4,498 2,303 270 1,024 824 107 2,195 1,435 277 11,210 4,137 139 294 165 129 30 ._ 16,364 11,884 214 3,863 7,807 4,480 2,289 270 1,013 822 105 2,191 1,425 273 11,239 4,097 139 273 153 120 Feb. 6 16,419 11,932 236 3,846 7,850 4,487 2,308 270 1,030 828 104 2,179 1,407 273 11,275 4,120 139 255 145 110 13 16, 420 11, 935 238 3,818 7,879 4,485 2,291 270 1,034 812 97 2,194 1,416 298 11,404 4,132 125 317 202 115 20.._ 16,421 11,927 229 3,849 7,849 4,494 2,286 273 l,pl 803 102 2,208 1,398 281 11, 235 4,176 125 270 136 134 p 27 — 16, 374 11,877 227 3,805 7,845 4,497 2,276 273 1,030 794 102 2,221 1,419 280 11,167 4,184 124 297 162 135 Mar. 5 16,384 11,935 214 3,820 7,901 4,449 2,226 270 1,000 784 97 2,223 1,410 279 11,174 4,194 125 262 118 144 12 16, 469 11, 997 207 3,852 7,938 4,472 2,256 270 1,032 779 101 2,216 1,445 279 11,348 4,191 125 258 120 138 19 16,620 12,113 207 3,913 7,993 4,507 2,289 270 1,038 769 139 2,218 1,483 274 11,418 4,194 245 206 75 131 26 16,580 12,065 207 3,860 7,998 4,515 2,287 271 1,053 758 133 2,228 1,415 281 11,171 4,235 237 253 124 129 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Apr. 2— 16,629 12,102 224 3,887 J 7,991 4,527 2,276 272 1,058 67 754 125 2,251 1,436 269 11,246 4,230 238 300 160 140 9... 16, 569 12,056 228 3,829 7,2 4,513 2,260 273 1,065 71 737 114 2,253 1,439 282 11,163 4,241 237 306 146 160 16.-. 16,612 12,062 219 3,866 7,977 4,550 2,259 271 1,073 71 730 114 2,291 1,442 273 11, 340 4,251 224 242 106 136 23... 16,607 12.054 213 3,882 7,959 4,553 2,253 272 1,083 70 722 106 2,300 1,438 283 11,289 4,265 204 238 102 136 30... 16,656 12,121 213 3,973 7,935 4,535 2,198 272 1,095 70 660 101 2,337 1,455 269 11, 439 4,288 207 204 80 124 May 7.. 16, 664 12,075 211 3,939 7,925 4,589 2,241 - 271 1,113 72 6S6 99 2,348 1,459 285 11, 379 4,301 204 208 90 118 14. 16, 707 12.055 219 3,888 7,948 4,652 2,253 272 1,137 71 680 93 2,399 1,449 284 11,496 4,304 183 178 76 102 21. 16,601 11,980 231 3,878 7,871 4,621 2,239 272 1,138 69 669 91 2,382 1,453 278 11, 403 4,316 118 174 69 105 28., 16,610 11,951 215 3,860 7,876 4,659 2,238 272 1,149 67 663 87 2,421 1,447 287 11, 403 4,323 89 181 81 100 June 4_. 16,662 11,942 218 3,897 7,827 4,720 2,244 272 1,157 69 663 83 2.476 1,489 287 11, 569 4,326 89 160 58 102 11-. 16, 796 12,076 214 3,966 7,896 4,720 2,257 270 1,169 69 663 86 2,463 1,539 287 11. 785 4,348 80 140 55 85 18.. 16,871 12,112 215 4,021 7,876 4,759 2,295 273 1,186 69 633 134 2,464 1,596 275 11,883 4,379 129 116 42 74 25.. 16,969 12,142 218 4,050 7,874 4,827 2,313 271 1,204 71 634 133 2,514 1,545 279 11,837 4,414 129 106 40 July 2._ 17, 056 12,150 216 4,113 7,821 4,906 2,373 271 1,240 70 661 131 2,533 1,521 292 11,994 4,418 129 133 70 63 9 17, 055 12,197 214 4,106 7,877 4,858 2,335 272 1,237 69 631 126 2, 523 1,538 299 12,021 4,437 114 84 28 56 17,122 12, 220 195 4,183 7,842 4,902 2,359 273 1,249 69 645 123 2,543 1,586 274 12,162 4,482 101 84 34 50 23_. 17,159 12, 217 195 4,188 7,834" 4,942 2,402 273 1,284 68 650 127 2,540 1,569 274 12,135 4,490 100 70 24 46 30-. 17, 252 12, 265 190 4,241 7,834 4,987 2,402 271 1,300 65 645 121 2,585 1,591 285 12,233 4,492 72 29 43 Aug. 6__ 17,330 12, 348 188 4,219 7,941* 4,982 2,395 276 1,315 65 632 107 2,587 1,595 276 12, 291 4,523 96 62 23 39 13__ 17,436 12,403 190 4,279 7,934 5,033 2,429 272 1,352 62 644 99 2,604 1,618 278 12, 425 4,554 96 64 28 36 20.. 17, 519 12,451 193 4,316 7,942 5,068 2, US 269 1,359 65 648 102 2,625 1,596 271 12, 419 4,551 96 61 20 41 27. _ 17, 515 12,424 192 4,292 7,940 5,091 2,461 271 1,373 66 652 99 2,630 1,585 275 12, 424 4,557 96 59 21 Sept. 3.. 17, 571 12, 437 4,372 7,867 5,134 2,500 267 1,409 67 662 95 2,634 1,604 281 12, 478 4,565 86 108 65 43 10. 17, 620 12, 479 193 4,318 7,968 5,141 2,497 268 1,411 68 656 94 2,644 1,626 293 12, 599 4,577 75 74 32 42 17,872 12, 577 200 4,355 8,022 5,295 2,622 267 1,408 69 590 288 2,673 1,750 279 12, 789 4,622 233 77 30 47 24_ 18,008 12, 677 190 4,406 8,081 5,331 2,647 266 1,409 70 607 295 2,684 1,612 283 12, 630 4,664 233 75 31 44 Oct. 18,193 12, 782 192 4,470 8,120 5,411 2,652 266 1,421 67 608 290 2,759 1,620 273 12,870 4,675 233 92 49 43 18,151 12, 729 192 4,392 8,145 5,422 2,664 266 1,429 68 603 298 2,758 1,672 291 12, 805 4,696 232 104 61 43 18,232 12, 786 191 4,389 8,206 5,446 2,660 265 1,434 69 590 302 2,786 1,659 292 13,044 4,732 210 104 57 47 22__ 18,320 12,843 192 4,474 8,177 5,477 2,686 265 1,442 70 602 307 2,791 1,640 291 13,013 4,743 200 67 23 44 29__ •18, 315 12, 764 181 4,366 8,217 5,551 2,712 265 1,449 69 623 306 2,839 1,646 293 12, 922 4,782 199 65 20 45 Nov. 5- 18, 344 12, 769 185 4,399 8,185 5,575 2,698 264 1,449 70 620 295 2,877 1,598 311 12,947 4,805 200 77 39 38 12. 18,432 12, 872 185 4,446 8,241 5,560 2,672 265 1,454 68 611 274 2,888 1,645 314 13,196 4,823 168 72 37 35 19. 18,442 12,824 182 4,425 8,217 5,618 2,724 265 1,475 70 629 285 2,894 1,696 294 13,091 4,862 140 82 24 58 26. 18,487 ! 12,870 185 4,483 8,202 5,617 2,734 264 1,482 67 639 282 2,883 1,625 305 13,065 4, 857 140 66 33 33 Dec. 3.. 18, 527 | 12,915 199 4,522 8,194 5,612 2,735 264 1,486 67 639 279 2,877 1,724 310 13,212 4,826 132 103 67 36 10.- 18, 576 12, 972 179 4,604 8,189 5,604 2,727 263 1,464 75 647 278 2,877 1,669 321 13,213 4,826 85 110 68 42 17.. 18, 582 12,989 191 4,607 8,191 5,593 2,712 263 1,414 364 517 154 2,881 1,694 338 13,169 4,816 180 133 91 42 24.. 18,601 I 13,023 196 4,641 8,186 5,578 2,700 262 1,412 370 523 133 2,878 1,700 333 13,045 4,814 169 224 155 69 31.. 18, 599 I 13,068 195 4,668 8,205 5,531 2,645 261 1,388 362 501 133 2,886 1,680 324 13, 254 4,849 166 154 114 40 00 Or Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

136 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No. 89.—STATE BANKS AND TRUST COMPANIES: MEMBER AND ELIGIBLE1 NON- MEMBER BANKS ON JUNE 30, 1924, IN EACH FEDERAL RESERVE DISTRICT [Amounts ID thousands of dollars] Number of banks Capital Per Per Federal reserve cent cent district Mem- El n ig o i n b - le Total me o m f - Members El n i o g n ib - le Total me o m f bers members bers members bers to to total total Boston 36 192 228 15.8 33,450 28,511 61,961 54.0 New York 144 322 466 30.9 229, 729 80,840 310, 569 74.0 Philadelphia 70 434 504 13.9 38,426 90, 774 129,200 29.7 Cleveland 120 827 947 12.7 82, 790 74,669 157, 459 52.6 Richmond 65 1,091 1,156 5.6 19,337 89, 071 108,408 17.8 Atlanta 133 1,207 1,340 9.9 31,885 57, 779 89,664 35.6 Chicago 364 3,104 3,468 10.5 112, 908 190, 764 303,672 37.2 St. Louis 130 1, 753 1,883 6.9 40,569 74,503 115,072 35.3 Minneapolis 101 1,399 1,500 6.7 6,777 43,833 50,610 . 13.4 Kansas City. _ .. 33 1,820 1,853 1.8 8,635 62,242 70,877 12.2 Dallas.. .._ 186 721 907 20.5 12,250 32,732 44,982 27.2 San Francisco 188 728 916 20.5 80,319 73,628 153,947 52.2 Total- 1,570 13, 598 15,168 10.4 697,075 899,346 1, 596,421 43.7 Surplus Total resources Per Per Federal reserve cent cent district Mem- El n i o gi n b - le Total me o m f - Members El n ig o i n b - le Total me o m f bers members bers members bers to to total total Boston 39,433 23,887 63,320 62.3 800,261 549,509 1, 349, 770 59.3 New York 196,066 2 88,669 284, 735 68.9 5,219,654 1,391, 710 6,611,364 78.9 Philadelphia 70,265 92,450 162, 715 43.2 590, 225 1, 085,548 1, 675, 773 35.2 Cleveland 96,844 71,906 168,750 57.4 1,448,711 1,139, 760 2,588,471 56.0 Richmond. 13,428 58,063 71,491 18.8 230,451 945,492 1,175,943 19.6 Atlanta 18,363 25,137 43,500 42.2 414,468 615,844 1,030,312 40.2 Chicago 88,838 88,044 176,882 50.2 2,217,196 2, 509,596 4, 726,792 46.9 St. Louis 24,049 31,886 55,935 43.0 558,484 731,365 1,289,849 43.3 Minneapolis 2,878 14,673 17, 551 16.4 * 94? 545, 569,313 663,858 14.2 Kansas City 3,315 21,979 25,294 13.1 137, 574 666,680 804,254 17.1 Dallas... 3,788 10,447 14,235 26.6 102,287 287,052 389,339 26.3 San Francisco 32,402 32,518 64,920 49.9 1,408,127 1,093,688 2, 501,815 56.3 Total 589,669 559,659 1,149, 328 51.3 13,221,983 11, 585, 557 24,807,540 53.3 * Eligibility is based on capital stock requirements. List does not include mutual savings banks without capital stock and private banks, neither of which are eligible for membership in Federal Reserve System. 2 Includes undivided profits of eligible nonmember banks in the State of New York. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONDITION OF MEMBER AND NONMEMBER BANKS 137' No. 90.—STATE BANKS AND TRUST COMPANIES: MEMBER AND ELIGIBLE NON- MEMBER BANKS ON JUNE 30, 1924, IN EACH STATE [Amounts in thousands of dollars] Nu b m an b k e s r of Paid-in capital Surplus Total resources State M be e r m s - E m l n b ig o e e i m n r b s - l - e Members n E o l n b i m g e i e r b s m le - Members n E o l n b i m e g r i e s b m le - ' Members n E on l b i m g er i e b s m le - New England States: Maine 4 44 1,100 4,040 950 2,875 32,226 91,839 New Hampshire. 10 805 961 18,932 Vermont 32 2,366 2,165 62, 992 Massachusetts... 25 59 22,500 11,800 25, 433 10, 615 510, 656 220, 648 Rhode Island 3 7 8,000 1,145 11,000 1,043 225, 795 19,277 C onnecticut 4 54 1,850 12,255 2,050 8, 283 31, 584 192, 947 Total 36 206 33,450 32,411 39, 433 25, 942 800, 261 606, 635 Eastern States: New York 98 237 208, 720 59, 440 180, 573 i 74, 434 4,815,106 999, 599 New Jersey. 56 109 22,859 23,650 17,673 17, 517 441, 495 424, 668 Pennsylvania 77 540 45, 751 112, 848 119, 025 126, 976 828, 678 1, 467, 778 Delaware 4 19 3,200 3,487 2,500 1,486 38,043 34, 784 Maryland ___ _. 8 104 4,930 16,165 4,404 19, 570 67, 755 253,865 District of Columbia 1 10 1,000 11,110 100 6,550 4,886 95,267 Total 244 1,019 286,460 226, 700 324, 275 246, 533 6,195, 963 3,275,961 Southern States: Virginia 12 241 4,762 19, 526 3,624 9,868 50, 538 151,844 West Virginia.... 17 188 2,490 16, 705 2,903 10, 243 36,159 185,305 North Carolina. _ 12 324 5,267 16, 372 2,096 8,470 67,008 187,108 South Carolina... 19 243 2,038 11,978 1,151 5,710 19, 811 111, 679 Georgia 78 411 13,119 16, 769 7,601 7,995 126, 504 131, 760 Florida 13 209 2,545 9,044 934 2, 891 29,1^9 119,252 Alabama 24 193 4,421 8,232 2, 535 3,549 60,882 71,003 Mississippi ._ 8 219 790 10,159 431 4,681 11,161 137, 264 Louisiana. .. 15 185 11, 595 11,186 7,239 5,541 199,804 156, 601 Texas .. 176 610 11,377 27,377 3,506 8,068 90,930 222,282 Arkansas 38 229 5,484 9,439 1,899 3,866 61, 378 83,325 Kentucky 9 429 3,656 16, 941 1,865 10,444 57, 437 174,156 Tennessee . 13 281 8,000 16,080 2,387 5,663 83, 642 161,170 Total 434 3,762 75, 544 189, 808 38,171 86,989 894, 403 1, 892, 749 Middle Western States: Ohio 91 492 68, 215 34, 266 42,224 24, 209 1,112,003 526, 392 Indiana.._ 21 589 5,032 35,089 2,020 14, 503 60, 254 434,341 Illinois— 82 1,162 56, 659 87, 361 43, 650 42, 401 1,115, 200 1,131,945 Michigan 166 407 41,275 26,601 35,930 14,090 853,116 348,939 Wisconsin... 30 575 4,332 25, 555 4,463 8, 703 106,876 352,322 Minnesota 29 565 2, 480 20,241 1,146 8,077 34, 766 288,461 Iowa 101 944 9,771 39, 405 4,423 16, 212 134,325 507,187 Missouri 58 771 28,300 34,367 19,330 15, 795 433,088 331,319 Total 578 5,505 216,064 302, 885 153,186 143,990 3,849,628 3,920,906 Western States: North Dakota 4 257 150 5, 769 20 1,505 1,102 55, 779 South Dakota 14 310 580 7,790 140 2,171 8,059 105, 212 Nebraska 13 736 560 23, 614 163 6,193 5,799 286, 751 Kansas -_. 7 554 355 18,022 211 8,394 3,957 169,226 Montana 35 118 2,475 4,600 960 1,073 31, 719 39,854 Wyoming 3 43 190 1,784 59 703 1,511 17, 591 Colorado 3 117 600 4,691 555 1,849 18, 425 49,439 New Mexico 2 35 60 1,585 15 328 309 10,261 Oklahoma 7 197 205 4,958 27 899 1,745 46,821 Total 88 2,367 5,175 72,813 2,150 23,115 72, 626 780,934 Pacific States: Washington 47 135 4,058 6,164 1,240 1,501 43, 763 54,081 Oregon... 38 111 3,680 5,324 1,655 1, 696 57, 660 51,134 California 38 323 66,768 52, 720 26,942 25,086 1,235, 491 874, 556 Idaho 33 53 1,355 1,598 457 377 12, 560 18,447 Utah . . 30 58 3,683 3,971 1,853 2,188 47, 957 48, 635 Nevada 22 1,741 527 22,186 Arizona 4 37 838 3,211 307 1,715 11, 671 39, 333 Total 190 739 80, 382 74, 729 32,454 j 33,090 1, 409,102 1,108,372 Grand total 1,570 13, 598 697,075 899,346 589, 669 559,659 13,221,983 11, 585, 557 i Includes undivided profits. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

138 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No, 91.—STATE BANKS AND TRUST COMPANIES: NONMEMBER BANKS ELIGIBLE FOR MEMBERSHIP IN JUNE, 1924, ON THE BASIS OF CAPITAL STOCK REQUIRE- MENTS Under the original Federal reserve act State banks and trust companies admitted to membership were required to have a paid-in capital sufficient to entitle them to become national banking associations; that is, $25,000 in places with a population of 3,000 or less; $50,000 in places with a population in excess of 3,000 but not over 6,000; $100,000 in cities with a population in excess of 6,000 but not over 50,000, and $200,000 in cities with a population of over 50,000. The agricultural credits act of 1923 authorized the admission of State banks and trust companies with a paid-in capital equal to not less than 60 per cent of the above-meritioned requirements, subject to an agreement to increase their capital stock within a period to be prescribed by the Federal Reserve Board, to the minimum requirement for national banks. The following table gives statistics of nonmember banks eligible for membership on the basis of capital requirements under the original Federal reserve act and under the 1923 amendment: [Amounts in thousands of dollars] Total nonmember banks eligible for membership Eligible under original Federal reserve Made eligible by 1923 amendment Federal reserve district act N b u e m r - P ca a p id it - a in l Surplus Total N b u e m r - ! I P c a a i p d i - t i a n l S p u lu r- s re T so o u ta rc l es Boston 178 26,931 22,873 510,560 1, 580 1,014 38,949 New York 314 79,900 i 86,848 1,371,474 940 11,821 20,236 Philadelphia.. 374 80, 703 86,012 981, 804 GO 10,071 6,438 103, 744 Cleveland 716 68,734 66,308 1,040, 590 111 5, 935 99,170 Richmond 814 82,657 54,374 869,885 277 6,414 3,689 75, 607 Atlanta 786 49, 981 22,256 534,332 421 7,798 2,881 81, 512 Chicago- 2,512 176, 597 82, 522 2,318,306 592 14,167 5,522 191,290 St. Louis 1,129 62, 793 25, 531 601, 363 624 11,710 6,355 130,002 Minneapolis-. 719 31,494 10, 761 413, 901 12,339 3,912 155,412 Kansas City.. 1,032 47,498 15,895 505,114 788 14, 744 161,566 Dallas 474 27.470 8,794 240, 607 247 5,262 1,653 46,445 San Francisco 585 70.471 31, 721 1, 063, 591 143 3,157 797 30,097 Total. _. 9,633 805, 229 513,895 10,451, 527 3,965 94,117 45,764 1,134,030 Eligible nonmember banks in cities with a population of over 50,000 Eligible under original Federal reserve Made eligible by 1923 amendment Federal reserve district act (capital not less than $200,000) (capital $120,000 to $199,999) N b u e m r - P ca a p id it - a in l Surplus re T so o u t r a c l es N b u e m r - P c a a i p d i - t i a n l p S l u u r s - re T so o u ta rc l es Boston 31 12,590 12,982 229, 324 1,145 582 23,133 New York 73 55,480 i 60,913 ! 924, 716 760 11, 552 15,208 Philadelphia.. 93 51,050 62,425 I 637,586 9,766 6,184 99,870 Cleveland 44 21,128 26,099 393,146 4,031 4,292 75, 505 Richmond 42 30, 535 23,380 299,169 1,232 511 11, 503 Atlanta 22 9,356 3,. 152 112,349 125 9 653 Chicago. 147 60, 663 35, 064 894,250 1,646 630 18,058 St. Louis 13 7,150 2,380 56,017 150 100 4,456 Minneapolis.. 9 4,800 2,230 55,293 120 31 1,219 Kansas City.. 30 8,618 2,410 118,113 150 50 1,705 Dallas 10 4,350 1,157 31,100 425 140 5,420 San Francisco. 45 31,332 14,001 596,534 485 72 3,375 TotaL _. 559 297, 052 246,193 4,347, 597 120 20,035 14,153 260,105 * Includes undivided profits of banks in the State of New York. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONDITION OF MEMBER AND NONMEMBEB BANKS 139 No. 91.—STATE BANKS AND TRUST COMPANIES: NONMEMBER BANKS ELIGIBLE FOR MEMBERSHIP IN JUNE, 1924, ON THE BASIS OF CAPITAL STOCK REQUIRE- MENTS—Continued [Amounts in thousands of dollars] Eligible nonmember banks in cities and towns with a population of 6,001 to 50,000 Eligible under original Federal reserve Eligible under 1923 amendment Federal reserve district act (capital not less than $100,000) (capital $60,000 to $99,999) Num- Paid-in Surplus Total Num- Paid-in Sur- Total ber capital resources ber capital plus resources I Boston 58 9,225 6,309 187,720 395 411 15,026 New York 80 15,000 1 15,630 290, 603 150 i 174 3,781 Philadelphia.. 80 13,573 13,393 177,831 135 40 1,038 Cleveland 138 24, 654 27,147 363,114 527 252 4,823 Richmond 19, 035 11,289 210, 658 322 5,466 Atlanta 63 10,050 5, 357 124,915 985 387 12,523 Chicago 235 31,756 16, 563 462, 552 2,061 679 27,084 St. Louis *80 11,501 4,206 114,365 1,045 719 14,252 Minneapolis.. 29 3,675 1,389 .48,888 715 170 9,352 Kansas City.. 43 4,925 1,998 50,360 685 330 10,070 Dallas. _. 29 4,975 1,378 51,099 700 180 7,010 San Francisco. 59 11,023 155,984 300 94- 3,275 Total... 159, 392 110,867 | 2,238,089 | 3,758 113,700 Eligible nonmember banks in cities and towns with a population of 3,001 to 6,000 Eligible under original Federal reserve Eligible under 1923 amendment Federal reserve district act (capital not less than $50,000) (capital $30,000 to $49,999) N b u e m r - P ca a p id it - a in l Surplus re T so o u t r a c l es N b u e m r - P ca a p id it - a in l p S l u u r s - re T so o u t r a c l es Boston.. 31 2,070 1,356 , 37,730 21 New York 41 i 3,927 63,214 195 Philadelphia.. 56 6,660 4,441 70,160 9 Cleveland 60 4,974 3,216 69, 500 213 Richmond 74 *6,461 4,580 72, 783 241 117 Atlanta 95 7,428 4,104 89, 040 330 155 Chicago 175 12,367 4,632 158,986 921 414 St. Louis 128 4,151 99,441 544 204 Minneapolis.. 36 2,435 839 29,413 303 Kansas City.. 62 4,355 1,315 42, 623 900 353 Dallas 49 3,535 1,549 35,138 155 75 San Francisco. 82 8,965 3,882 109,447 285 116 Total... 72, 278 37,992 877,475 116 4,053 58,319 1 Includes undivided profits of banks in the State of New York. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

140 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No. 91.—STATE BANKS AND TRUST COMPANIES: NONMEMBER BANKS ELIGIBLE FOR MEMBERSHIP IN JUNE, 1924, ON THE BASIS OF CAPITAL STOCK REQUIRE- MENTS—Continued [Amounts in thousands of dollars] Eligible nonmember banks in cities and towns with a population of 3,000 or less Eligible under original Federal reserve Eligible under 1923 amendment Federal reserve district act (capital not less than $25,000) (capital $15,000 to $24,999) N b u e m r - P c a a i p d it - a in l Surplus re T so o u t r a c l es N b u e m r - i ! P ca a p id it - a in l p S l u u r s - re T so o u t r a c l es Boston 58 3,046 2,226 55, 786 New York... 120 5,600 i 6, 378 92,941 Philadelphia. 145 9,420 5, 753 96,227 7 i 132 205 2,580 Cleveland 474 17,978 9,846 214,830 68 ! 1,111 841 13,962 Richmond . 603 26, 626 15,125 287,275 257 ! 4, 541 2,739 54,965 Atlanta 606 23,147 9,643 396 | 6,358 2,330 63, 785 Chicago 1,955 71,811 26,263 )2, 518 526 I 9,539 3,799 129,506 St. Louis... 34,934 ' 14, 794 331, 540 592 9,971 5,332 104,754 Minneapolis... 645 20,584 : 6,303 280,307 660 11,201 3,617 141,324 Kansas City... 897 29,600 10,172 294,018 751 13,009 5,351 139,825 Dallas 386 14,610 4,710 123,370 229 3,982 1,258 31,147 San Francisco.. 399 19,151 , 7,630 201, 626 128 2,087 515 20,058 Total | 7,196 | 276,507 ( 118,843 2,988,466 3,614 i 61,931 25,987 701,906 i Includes undivided profits of banks in the State of New York. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONDITION OF MEMBER AND NONMEMBER BANKS 141 No. 92.—ALL MEMBER BANKS: ABSTRACT OF EARNINGS AND DIVIDENDS REPORTS BY FEDERAL RESERVE DISTRICTS, FOR THE YEARS ENDING JUNE 30, 1919, TO 1924 [Amounts in thousands of dollars) Ratio of net District J s C u u ( a a n a r p p n s e i l d t u o a 3 s f l 0) ea G rn r i o n s g s s ex T pe o n t s a e l s T e i n a n o e r g t n t a s - l cha N o r f g e E e t d d N p i r t e o i t o f i n a ts d t - o d d e D c e l i n a v r d i e - s d t t p o i a r o o d c n f d a i t p i t s - o ital and surplus All member banks: Per cent 1919 776, 490 1, 291,001 876, 613 414, 388 80,056 334, 332 191, 297 12.04 1920. 193, 337 1, 636,141 1,097,471 538, 670 129,062 409, 608 218,353 12.83 1921 415, 722 1, 829, 671 1, 267, 705 561,966 216,309 345,657 238,667 10.12 1922 496,689 1, 669,429 1,156, 417 513,012 213,863 299,149 246,050 8.56 1923 629,468 1, 683, 512 1,189, 732 493, 780 148,643 345,137 270,862 9.51 1924. 1, 742,332 1, 253,983 488, 349 151,234 337,115 256,273 9.11 Boston: 1919. 229, 922 i 91,248 61, 445 29,803 5,320 24, 483 13,169 10.65 1920 254,379 ; 109,194 72,970 36, 224 8,601 27, 623 14, 603 10.86 1921 263, 512 127,160 83, 541 43, 619 17, 520 26,099 16,048 9.90 1922 269,961 I 115,159 80, 700 34, 459 19,200 15, 259 18, 604 5.65 1923. 270, 376 I 114,908 83, 740 31,168 22, 340 18, 299 8.26 1924 266,801 | 120, 742 87,914 32,828 12,618 20,210 16,651 7.57 New York: 1919. 715,511 ! 394, 506 261,038 133,468 24,847 108, 621 49,356 15.18 1920... 835,536 i 485,096 315,082 170; 014 54, 55.4 115,460 49,040 13.82 1921.... 897,474 | 538,808 357,369 181,439 77,897 103, 542 70,629 11.54 1922 914,893 ! 465,257 301, 469 163, 788 69,345 94,443 74,918 10.32 1923... 959,646 i 460,979 306,033 154,946 35,005 119,941 78,897 12.50 1924... 984,994 | 473, 333 324, 597 148, 736 32,302 116,434 78,198 11.82 Philadelphia: 1919... 256,677 ; 88,783 56,957 31,826 7,012 24,814 13, 703 9.67 1920 278,085 I 105,929 66,748 39,181 13,181 26,000 15,389 9.35 1921 288,891 ! 113, 715 71, 326 42,389 17,169 25,220 16, 577 8.73 1922 301,890 I 111, 213 68,391 42,822 11,607 31,215 18,965 10.34 1923. 327,046 ! 116, 311 72,965 43,346 5,767 37, 579 21,461 11.49 1924... 353,190 124, 724 • 80,057 44,667 5,935 38, 732 20,827 10.97 Cleveland: 1919... 309,264 ' 120, 246 81, 271 38,975 4,641 34, 334 18,116 11.10 1920 341,073 147,824 98, 248 49, 576 7,236 42,340 20, 672 12.41 1921. 371,803 j 166,663 115,582 51,081 15,221 35,860 I 22,473 9.64 1922. 388,417 ' 165, 248 114,322 50, 926 11,496 39, 430 25,023 10.15 1923 405,746 173,902 119, 983 53,919 10, 760 43,159 26, 918 10.64 1924.. 422,699 183, 860 132, 544 51,316 10, 575 40, 741 26, 529 9.64 Richmond: 1919 140,864 ! 39, 212 17,471 2,378 15,093 9,914 10.71 1920 164,276 72, 532 48, 706 23, 826 3,937 19,889 10, 764 12.11 1921 179, 644 75,156 54, 227 20, 929 6,434 14, 495 11,383 8.07 1922 1 86, 248 | 73,491 51, 504 21, 987 5,631 16, 356 11, 597 8.78 1923 190,718 | 73,824 51, 463 22,361 .. 5, 61016, 751 13, 671 8.78 1924.;, 194,888 77, 685 55,103 22, 582 | 5, 649 16, 933 13,151 Atlanta: I 1919 109,147 48, 886 33, 705 15,181 I 3,254 11,927 7,392 10.93 1920 128, 471 66,189 44,123 22,066 I 3,150 18, 916 10,834 14.72 1921.. . 136, 757 75, 656 55, 730 19,926 I 7,478 12, 448 10, 817 9.10 1922_ 142, 231 65, 044 47, 589 17,455 I 6,541 10, 914 9,276 7.67 1923 146, 262 47, 087 19.006 ! 5,278 13, 728 13, 291 9.39 1924... _ 151,173 70,187 51, 305 18,882 | 6,349 12,533 !11, 760 8.29 Chicago: 1919 389, 369 185, 587 131,410 54,177 !11,513 42, 664 27,936 10.96 1920. 444,085 234, 765 162,006 72, 759 | 13,750 59,009 33,018 13.29 1921 475, 310 271,165 189, 025 82,140 21, 697 60,443 33,362 12.72 1922 481, 416 251,170 174, 842 76,328 28,911 47,417 33,167 9.85 1923 496, 269 245, 642 179,852 65, 790 I 20,027 45, 763 34, 546 9.22 1924 503, 721 253,480 188, 434 65,046 j21,678 43, 368 33,954 8.61 St. -Louis: 1919 127,288 51, 746 35, 290 16, 456 I 2,503 13,953 9,164 10.96 1920 143, 408 68, 352 46, 396 21,956 j 3,286 18, 670 11,298 13.02 1921. 150, 096 74, 980 52, 355 22,625 j 7,890 14, 735 11, 046 9.82 1922. 158, 428 71. 305 50,298 21.007 I 7,766 13, 241 11,128 8.36 1923 165, 642 75, 343 53, 727 21,616 i 6,258 15, 358 13,402 0.27 1924 169, 278 77, 699 56,477 21, 222 I 8,119 13,103 13, 732 7.74 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

142 ANNUAL REPORT OF THE FEDERAL. RESERVE BOARD No. 92.—ALL MEMBER BANKS: ABSTRACT OF EARNINGS AND DIVIDENDS REPORTS BY FEDERAL RESERVE DISTRICTS, FOR THE YEARS ENDING JUNE 30, 1919, TO 1924—Continued [Amounts in thousands of dollars] Ratio District J s C u u ( a a n a r n p s p e i d l o t 3 u a f 0 s l ) ea G rn ro in s g s s ex T p o e t n a s l es T e i n a n o e r g t n t a s - l ch lo N a o s r f s e g f e t e s d d N p it r e i o t o f n a it d s to d d D e e c i n l v a d i r - s ed t t p o o i a r o f d o c n d a n f i p i e t t - o s i t tal and surplus Minneapolis: Per cent 1919 100,373 55,298 41,016 14,282 2,434 11, 848 8,890 11.80 1920 110,101 66,157 50,991 15,166 2,644 12, 522 8,528 11.37 1921 117,421 74,936 59,288 15, 648 5,021 10,627 7,401 9.05 1922 118, 732 66, 278 53, 465 12,813 7,222 5,591 6,703 4.71 1923 _ 116, 513 61, 994 51, 998 9,996 3,303 8,893 2.83 1924 107,588 58, 610 49,044 9,566 7, 719 1,847 5,560 1.72 Kansas City: 1919 127,218 73, 836 52, 298 21, 538 4,185 17,353 12, 296 13.64 1920 __ 145,526 90, 514 65, 757 24,757 4,099 20, 658 14, 255 14.20 1921 150, 324 94,349 71,115 23.234 10,282 12,952 11, 562 8.62 1 1 1 9 9 9 2 2 2 2 3 4 .. 1 1 1 4 5 5 3 1 1 , , . 1 3 5 6 5 0 9 1 6 8 8 8 3 5 2 , , , 1 1 5 6 3 8 7 2 5 6 6 6 5 5 3 , , , 7 9 2 0 1 0 1 3 1 1 1 1 9 8 8 , , , 4 2 3 6 1 8 6 9 4 1 1 1 5 3 2 , , , 4 9 6 3 9 5 0 3 3 2 5 6 , , , 5 3 0 6 9 3 6 1 6 1 1 8 1 0 , , , 7 5 2 3 1 9 1 9 8 3 3 1 . . .7 5 9 9 7 8 Dallas: 1919....... 110, 519 46,918 31,011 15, 907 3,893 12, 014 9,084 10.87 1920 130,033 64,643 41,163 23,480 3,445 20, 035 11,631 15.41 1921.. 140,320 70, 501 51, 428 19,073 11, 612 7,461 9,010 5.32 1922 138, 758 58,974 43,166 15,808 14, 254 1,554 9,391 1.12 1923 138, 674 58, 630 42,540 16,090 12, 725 3,365 9,870 2.43 1924. 136, 341 60, 244 42,945 17, 299 9,919 7,380 8,148 5.41 San Francisco: 1919 160,338 77, 264 51, 960 25, 304 8,076 17, 228 12,277 10.74 1920 218,364 124,946 85, 281 39, 665 11,179 28,486 18,321 13.05 1921 244.170 146, 582 106,719 39,863 18,088 21, 775 18,359 8.92 1922... 244, 546 142, 705 105,470 37.235 18,897 18, 338 16,979 7.50 1923 261, 024 150, 719 114, 643 36,076 18, 262 17, 814 20,103 6.82 1924....... 265, 949 159, 636 121, 650 37, 986 14,718 23, 268 19,025 8.75 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BANKERS' BALANCES OF REPORTING MEMBER BANKS No. 93.—AMOUNTS DUE TO AND FROM OTHER BANKS BY REPORTING MEMBER BANKS IN FEDERAL RESERVE BANK CITIES (Last report date of each month) DUE TO BANKS AND BANKERS [In thousands of dollars] Federal reserve bank city Total w Date (12 cities) Boston New York Ph p il h a i d a el- C l l a e n v d e- m Ri o c n h d - Atlanta < Chicago Sf. Louis M ap in o n li e s - K C an it s y as Dallas Fra S n a c n isco t w o 1920 Apr.30_ . 2,080,847 117,810 1,053,044 141,713 57,133 35,142 15,887 I 325,564 85, 073 48,144 87,138 24, 035 90,164 May 28 2, 039,155 110,647 I 994,301 157, 397 53,259 32,174 13,004 i 318,279 83, 599 42. 888 123,215 21.941 88, 451 June 25 2, 016,812 111,934 | 985,966 158,615 49, 383 31,381 11,576 ! 320,821 80, 339 30, 873 124, 774 18,504 92, 646 July 30 2,008,883 117,269 I 959,670 151.194 54,844 32,104 9,646 I 317,553 82, 672 39,867 135,851 18, 842 •89,371 a Aug. 27 1,950,236 I 112,140 | 919,903 151, 032 57,872 32, 600 9,957 ; 321.131 79, 449 37, 023 124, 608 17, 536 86, 985 m Sept. 24 1,991,312 j 114,382 942,412 160, 596 54,898 33, 585 9, 941 323; 989 69, 682 42, 509 122,499 19, 584 97, 235 Oct. 29 1,909,975 I 111,695 901,815 163, 719 57, 033 22, 285 9,889 304, 890 71,138 36,446 109, 337 20,100 101, 628 O Nov. 26 1,889,909 ! 105,863 907,386 157. 691 52, 675 32, 505 9,067 290, 941 72,313 35,143 107, 046 19,387 99,892 *4 Dec.31 1,974,432 I 109, 729 997, 538 153, 628 52, 776 26, 746 9,318 305,870 69, 681 35, 736 109, 640 19.315 84, 455 1921 Jan, 28 1,878,194 ! 101, 766 882,028 147, 489 48, 079 29, 919 8,649 321, 049 77, 212 33,489 112, 934 17, 828 97, 752 g Feb. 25 1,843,703 ! 96, 820 865,181 141, 058 46,026 28, 823 9,433 327, 059 75, 546 34,160 113,646 17, 438 88, 513 Mar. 25 1,681,749 i 90, 230 794, 501 133, 770 39,966 23,970 8,031 297,874 65, 309 35,134 95, 216 15, 639 82,109 W Apr.27 1,657,716 | 98, 006 787,476 131, 088 36,806 20, 930 8,090 294,011 63, 739 32, 212 95, 778 13, 722 75,858 May 25 1,656,873 i 93,493 801, 506 125,831 36, 798 21, 506 7,388 I • 292,223 65, 512 28, 783 94, 472 12,871 76,490 June 29 1,632,492 ; 91, 503 809, 388 123, 270 34,159 18, 076 7,435 I 273,084 58, 578 30, 553 94, 755 11,616 80,075 July 27... 1, 656,164 i 96, 626 799, 079 127,647 36, 578 19, 378 7,150 | 282, 394 63, 719 28,190 104, 728 11,987 78,688 Aug.31. 1,659,376 ; 88, 211 824, 208 123, 96] 37, 521 18, 608 6,512 I 278,421 60, 751 31, 263 102,498 10, 549 76,873 W Sept. 28 1,643,295 i 91, 973 809, 547 127, 796 34,654 19, 651 8,309 j 271,331 61,197 30, 383 91,560 16, 033 80, 861 Oct. 26 1,678,579 | 100, 671 829, 639 129, 728 33, 610 21, 733 7,464 271,141 63, 099 31, 033 90, 738 15, 279 84,444 Nov. 30 1,730,931 i 98, 016 133, 582 29,996 22, 703 7,538 269,515 61, 326 32, 521 85,468 15, 318 86, 560 Dec. 28 1, 703, 752 100,896 815, 242 131, 092 36, 242 23, 273 10,077 287,925 64, 915 33, 344 96,159 16, 518 88, 069 1922 Jan. 25 1,775,579 s 104, 637 870, 278 134, 919 36, 796 24, 252 8,630 298, 707 69, 899 35, 292 94, 221 15,462 82,486 Feb. 21 1,820,274 101,193 848, 374 133,836 35,117 24,814 9,002 337.380 80,805 36, 849 104,922 19, 216 88,766 Mar. 29 1,802,172 ; 98, 714 880, 000 137, 526 34,859 22, 028 10,421 313, 312 72, 289 41,118 90, 208 19, 391 82, 306 Apr. 26 1,885,940 j 113,333 926,106 143,147 33,938 23,316 9,669 323,216 75,416 39,426 98, 517 17,310 82,546 00 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No, 93.—AMOUNTS DUE TO AND FROM OTHER BANKS BY REPORTING MEMBER BANKS IN FEI)ERAL RESERVE BANK CITIES—Contd. DUE TO BANKS AND BANKERS—Continued [In thousands of dollars] Federal reserve bank city Date (12 T o ci t t a i l es) Boston i New YorkPhi p l h a i d a el- C la le n v d e- m Ri o c n h d - Atlanta Chicago St. Louis M ap in o n li e s - K C an it s y as Dallas Fra S n a c n isco May 31.. 1,982, 731 105,318 1,019, 593 144,271 35,801 23,317 11, 640 324, 261 79, 970 42,013 102,288 17, 770 76,489 June 28.. 1,910,673 104,962 I 941,083 145,332 38,123 23, 050 10, 988 330, 699 77, 785 39,168 104,899 15,420 79,164 July 26.. 1,950, 752 111,347 963,192 151, 287 40, 687 25, 413 11, 584 324,696 77,150 38,110 108, 860 15, 002 83, 424 Aug. 30.. 1, 895,400 104,224 907, 832 142,478 42,841 26, 342 11,691 332, 299 75,124 38, 734 108,817 16, 535 Sept. 27.. 1,908, 386 107,866 897,117 153,181 41,135 26, 757 11, 934 307, 719 77, 396 41,619 110, 785 29, 731 103,146 Oct. 25.. 1, 934, 303 110, 222 932, 547 150,132 38, 254 30,443 12, 955 304,138 78,496 42, 667 105, 581 34, 363 94,505 Nov. 29.. 1,923,031 100,931 958, 540 143. 548 37,617 31,043 14, 752 293, 400 76, 951 42, 545 102, 628 29,994 91,082 Dec. 27.. 1,991,007 112,768 910, 261 159, 308 35,176 30, 790 15, 549 348,175 85,897 48,175 116,012 27, 254 101,642 1923 Jan.31 2, 060, 668 110, 936 966, 362 156,141 45, 905 34, 244 17,483 357,379 93, 885 49,309 117, 041 28,054 83, 929 Feb. 28.. 2,161, 780 109, 748 1, 058, 851 162, 242 44,623 32, 791 15,812 366, 577 91, 381 49, 588 113,275 26, 222 90, 670 Mar. 28 1, 948, 786 103, 632 929,839 153, 231 41, 283 29,087 15, 965 342, 962 79, 045 47, 585 103, 869 21, 630 80,658 Apr. 25 1,904,459 110,248 908, 503 158, 240 40, 384 13,108 332, 712 73, 062 44,000 100, 641 17,405 79, 269 May 29-30.. 1,862,252 103, 576 156, 224 45,329 24, 963 11,528 341,411 79,391 41,017 96, 707 15,691 82,126 June 27... . 1,821,976 100,339 853, 466 153, 686 42, 064 25, 395 11,138 340,418 70, 657 35, 936 95.943 13,548 79,386 J A u .u ly g . 2 2 5 9 1 1 , , 8 8 0 0 8 7 , , 2 0 5 6 7 8 1 9 03 8 , , 1 7 6 4 0 2 8 83 6 3 4 , ,8 2 7 4 9 6 1 15 5 4 0 , , 4 2 0 1 1 8 4 4 3 3 , , 2 0 9 5 4 3 2 24 5 , , 1 3 4 5 1 5 1 1 1 1 , , 0 4 1 8 1 3 3 3 1 3 9 7 , ,9 5 4 6 2 9 6 6 8 8 , , 7 9 0 6 4 5 3 3 5 7 , , 8 5 5 2 2 1 9 8 8 9 , , 6 2 8 4 6 4 1 16 1 , , 7 3 5 8 2 4 8 8 0 7 , , 0 7 1 1 3 0 Sept. 26.. 1,835,117 103,204 854,994 153,674 41, 791 26, 773 11,850 311, 057 69, 450 41,885 95, 205 34,191 91,043 Oct. 31... 1, 932,823 108, 791 955,146 155,551 39, 418 31, 071 14,106 298, 728 67,868 42, 448 93.944 37,012 88, 740 Nov. 28.. 1,849,894 99,948 880,074 152,159 39,458 32, 060 15,166 295, 308 '71.360 40, 586 91, 998 43, 272 88. 505 Dec. 26.. 1,929,121 100, 753 918, 235 157,204 39,451 32, 944 16, 413 329, 344 70,193 42,822 96, 616 38, 519 86, 627 1924 Jan. 30... 1, 982, 010 110, 221 982,186 156, 629 41,964 31, 982 13,835 320, 224 78, 298 41,716 94, 413 30, 574 80,068 Feb. 27.. 1, 970, 023 109,441 954,336 155, 639 41, 597 29, 363 12, 658 347, 651 73, 248 46, 958 93, 532 24, 931 80, 669 Mar. 26.. 1, 984,873 112, 238 963,972 158,457 42,108 27, 259 10, 721 364,175 72,104 148, 412 82,474 26, 597 76,356 Apr. 30.. 2, 092, 345 121,916 1,093,291 161, 511 41, 575 25, 515 13, 470 346, 366 70,860 39, 892 80,453 20,801 76,695 May 28.. 1,931,408 111,310 941, 555 156, 787 42,444 26, 328 11,275 351,645 72, 579 38,481 78, 791 19,097 81,116 June 25.. 2,291, 217 128, 218 1,131, 700 189,443 45,165 27, 092 11,815 420,157 88. 620 43,175 92, 818 19, 784 93,230 July 30.. 2,463, 587 135,116 1, 215, 600 193,258 54, 026 29,836 11,077 441,669 93, 033 44,909 110,306 19, 788 114,969 Aug. 27. 2,492, 396 129, 658 1,161, 963 199,479 62,671 32,306 13,158 473,449 99, 319 44, 060 129, 038 17, 645 129,650 Sept. 24_. 2,657,716 137,640 1, 241,440 217,754 56, 079 31, 726 15,052 495, 642 96, 769 61,432 132, 369 34,524 137,289 Oct. 29 2,590,888 146,831 1,182,963 209,990 57,313 32,830 16,831 447, 795 100, 005 82,125 137,443 40, 252 136,510 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Nov. 26.. 2,528,201 127,267 1,175,323 201, 717 53, 227 38, 742 16, 723 412, 297 102,496 79,698 135,461 44,046 141,204 Dec. 31.. 2,635,368 139, Oil 1,304,858 192,884 61, 798 33, 643 17,980 407,915 98,409 69,183 132,811 52,340 124,536 DUE FROM BANKS AND BANKERS 1920 Apr. 30.. 656, 697 53.085 145,299 80, 322 22,132 9,519 8,580 151, 686 32,187 17,252 41,247 21,311 74,077 May28_. 673,279 j 49,934 128,031 77,698 30,645 9,065 8,625 152, 824 32,602 24, 696 64,082 18,277 76,800 June 25.. 649,576 I 49,907 113,237 70, 736 28, 605 10,080 7,944 159, 739 32, 685 25,466 61,940 16,961 72,276 July 30.. 649,108 i 48,439 118,742 68, 913 30,367 7, 795 7,243 154,912 32, 959 23,303 65, 516 12,15C 78, 769 Aug. 27.. 637,200 | 45, 367 113,608 74, 729 33,119 12, 590 6,434 !154,282 28, 586 20,281 58,845 13,137 76,222 Sept. 24.. 676,343 i 44.086 128,703 74, 433 27,336 8,483 7,353 I161,094 42,670 26,807 59,301 18,476 77,601 Oct. 29... 629,169 ! 44,262 101,718 75,927 27, 522 9,604 7,891 i 156,212 30,930 24,702 54,138 18,949 77,314 Nov. 26.. 619,178 | 43,019 111,839 72, 721 26,779 8,185 7,091 !152,944 28,142 24,758 54,182 17,300 72,218 Dec. 31-. 599,480 45, 546 119,549 72,865 20, 514 6,4G2 6,591 |158,404 28,681 19, 263 50, 013 16,465 55,187 1921 Jan. 28... 504.407 35,706 95,431 57, 387 19, 889 5,971 5,693 123,609 29, 338 17,001 44,764 15,169 54,449 Feb. 25-. 508, 615 34,253 102, 546 56, 442 20, 891 5,436 6,380 130, 996 26, 544 19,140 43,435 13, 596 48, 956 M Ap a r r . . 2 25 7 . _ . 4 4 6 7 B 9, , 5 4 1 5 4 4 3 34 3 , , 4 3 2 9 9 7 . 9 9 0 4 , , 0 8 4 8 6 7 5 52 3 , , 5 5 3 6 8 4 1 19 9 , , 4 5 6 4 6 9 5 5, , 0 1 9 1 7 9 5 6 , , 0 00 9 6 2 1 12 2 8 1 , , 8 6 9 8 2 4 2 22 3 , , 8 5 2 4 6 3 1 1 7 7 , , 8 6 5 0 6 9 3 3 4 9 , , 2 3 8 3 0 0 1 1 2 1, , 7 5 4 6 1 9 4 4 9 6 , , 9 5 4 0 3 5 May 25.. 515,097 33,171 149,968 48, 693 21,133 4,852 5,222 119,355 22,002 17, 051 37,880 11,636 44,134 June29._ 501,191 36,211 136,391 54,100 18, 992 4,437 4, 593 120,130 20, 326 12, 418 40,462 10,338 42,793 July 27-. 460,815 32,162 88,324 50, 902 14, 861 4,235 5,334 125,267 22,353 16, 342 45,474 11,146 44,415 Aug. 31.- 456, 971 33,688 85,435 53,821 15,846 4,452 4,948 124,456 20,450 17,210 42,539 9,944 44,182 Sept. 28.. 474.408 34,053 95,749 53, 530 14,212 5,315 5,878 121, 948 22, 592 17,585 42,888 15,130 45, 528 Oct. 26... 489,088 35,107 92,364 51, 742 13,159 5,836 6,550 131,175 25,430 19, 812 43,101 14,906 49,906 Nov. 30- 488,126 37,212 87,259 58, 547 15, 213 6,008 6,693 126, 567 24, 831 19,107 38,474 13,843 54,372 Dec. 28.- 37,367 99,254 53,674 12, 647 4,496 6,583 127,124 24, 831 18,876 40,430 16, 723 50,641 Jan.25-- 475, 880 34, 928 79,584 50,125 13, 646 4,622 7,975 135,423 23,924 19,598 41, 573 16,462 48,020 Feb. 21. 489, 930 35, 872 75,743 49, 261 13,387 5,336 6,300 134,108 27,239 15,972 48,353 19,055 59,304 Mar. 29 . 465,839 33,112 80,840 54, 554 12, 632 4,258 5,872 123, 535 22,068 23,091 41, 614 17, 747 46, 516 Apr. 26. . 506,990 44,700 77,173 57, 308 14,289 5,826 8,177 135, 448 29, 694 18, 972 42,017 17, 715 55,671 May 31.. 492, 729 39,975 72,827 56, 712 21, 820 5, 534 7,794 134,935 22, 316 20, 237 47,151 16, 566 46,862 June28_. 500, 738 38,054 78,044 55,180 16,412 6,995 9,149 139,826 29, 657 20, 671 43, 322 13, 523 49, 905 July26._ 503,082 37, 628 69,935 56, 668 17,888 7,243 6,292 145, 957 25, 030 23, 979 41,009 15, 544 55,909 Aug. 30.. 510,455 33,742 72,409 51, 784 19, 056 12,135 5,833 138,878 29, 342 24,130 46, 730 17,352 59,064 Sept. 27.. 512, 518 37,213 73, 583 51, 840 17, 723 11, 560 5,733 132,399 29,048 18,422 45,364 28,905 60, 728 Oct. 25__. 553, 309 40,642 81,835 57, 553 16, 773 13,410 7,078 159,114 29,289 18,138 44,199 26, 747 58, 531 Nov. 29- 526,688 42,140 84,320 56,029 18,856 13, 506 6,936 139, 586 26,976 20,596 42,301 24,077 51,365 Dec. 27-. 552,253 38., 463 82,181 51, 991! 20,059 12,504 6,845 161, 357 31,227 21,731 50,743 21,920 53,232 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 93.—AMOUNTS DUE TO AND FROM OTHER BANKS BY REPORTING MEMBER BANKS IN FEDERAL RESERVE BANK CITIES—Contd. DUE FROM BANKS AND BANKERS—Continued [In thousands of dollars] Federal reserve bank city Date Atlanta Chicago St. Louis M ap i o n l n i e s - K C an it s y as Dallas Fra S n a c n isco 1923 2 Jan. 31 7,186 138, 875 26,083 18,163 | 49,810 i 22,035 63, 725 Feb. 28 7,962 149,815 24,087 19,537 | 45,931 I 21, 357 48, 996 8 Mar. 28 8,925 142,120 19,983 13,130 | 41,250 i 19,303 44,440 Apr. 25 5, 991 150, 242 21,508 16,042 I 39,934 j 10,423 41, 270 May 29-30 6, 669 158, 531 22,698 15,495 38,812 13,217 45, 833 June 27 5,718 145,310 21, 507 18, 503 36, 948 14,985 41, 389 July 25 6,048 137,820 21,638 13,376 35, 614 12, 725 45, 577 Aug. 29 5, 444 133,799 21, 262 13,582 37,847 16,084 47, 463 Sept.26 5. 782 138,384 22,115 16,514 39,4.28 29,857 53, 529 Oct. 31 7,438 142, 826 23, 937 20,179 39,464 28,170 49,830 Nov. 28 7,124 142, 629 24,058 19,428 37, 630 30, 760 50, 904 Dec. 26 7,234 144, 990 24, 967 18, 637' 41,557 26,404 52, 626 1924 Jan.30 8,142 137, 488 21, 581 17, 078 36, 227 21,013 44, 749 Feb. 27 9,244 141, 856 23,320 21, 004 36, 728 20, 084 41,951 Mar. 26 8,360 132, 972 23, 857 19,780 33, 690 20,405 45,170 Apr.30 11, 557 151, 075 28, 093 17,371 33,193 17,883 41, 624 w J M u a n y e 2 28 5 . 9 8, , 4 2 3 3 3 3 1 1 5 9 8 4 , ,4 1 5 8 6 3 2 4 3 2 , , 1 8 5 0 0 7 3 1 0 6 , , 8 2 0 8 5 0 3 5 3 3 , , 6 0 9 1 2 7 1 1 6 9 , , 4 4 3 7 1 9 4 5 5 1 , , 2 0 1 9 0 3 3 July 30 13,641 195, 337 43, 723 33, 564 53, 654 21, 680 72, 701 Aug. 27 . 15,941 176,245 46, 625 23, 619 74,184 21, 956 76, 718 w w Sept. 24 13, 618 176, 361 42, 327 30, 690 72, 030 31, 995 66, 626 o Oct. 29 16,884 ! 169,057 53, 572 33, 297 66, 508 34,826 81,239 Nov. 26.. 20, 256 169,391 49, 621 25,876 70, 285 33,811 91, 618 Dec. 31 16,752 169,274 40,326 22, 987 61,098 33, 236 68,857 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CHANGES IN MEMBERSHIP No. 94,—MEMBERSHIP OF THE FEDERAL RESERVE SYSTEM: CHANGES IN NUMBER OF BANKS AND TOTAL RESOURCES ALL FEDERAL RESERVE DISTRICTS Number of banks Total resources (in thousands of dollars) 1919 1920 1921 1922 1923 1924 1919 1920 1921 1922 1923 1924 National bank membership, beginning of year . 7,762 7,885 • 8,125 8,165 8,220 8,179 20, 033, 546 22, 702, 549 21, 357,404 19,411,618 21,965, 554 22, 395, 303 Total additions--. _. _. 245 354 197 225 190 132 220, 681 508,839 232, 927 216, 995 368,077 105, 309 Primary organization 171 236 111 76 93 90 90, 878 93, 851 71, 855 38,600 124, 863 20, 308 Conversion of State member banks... i 11 2 11 17 20 2 30 6 65, 761 347, 783 96. 787 93, 889 172,090 44, 759 Conversion of nonmember banks 62 103 58 110 56 19 47, 259 62, 473 48,347 60, 351 58, 073 21, 345 Absorption of State member banks... (4) (2) (7) (7) (5) (9) 16, 310 3,500 10, 442 15,215 7,035 9,001 Resumption following suspension 1 11 19 11 17 473 1,232 5,496 8,940 6,016 9,896 Total losses 122 114 157 170 231 268 224, 255 338, 641 596, 597 220,115 755, 969 404, 894 Voluntary liquidation (terminal)3 5 11 9 17 23 29 17,136 7,582 17, 268 9,280 15, 817 48, 696 Suspension or insolvency 3 18 54 36 89 127 1,924 9,703 40, 687 31,093 54,139 122, 898 Merger between national banks 36 29 38 48 41 44 (204, 786) (338, 092) (226, 477) (230, 215) (182,361) (129,380) Absorption by State member banks.. 12 11 26 39 23 21 79, 764 178, 289 294, 788 75,600 140,845 191,419 g Succession by State member banks <6 6 3 1 27 2 9,952 2,708 131,023 72, 731 499,090 2,476 W Absorption or succession by nonmem- H ber banks 59 39 27 27 48 44 115,479 140, 359 112. 831 31,411 46, 078 38, 058 Other decreases 2 51 1,347 Net increase (+) or decrease (—) +123 +240 +40 +55 -41 -136 +2, 669, 003 -1,345,145 I-1,945, 786 +2, 553, 936 +429, 749 +1,973, 688 National bank membership, end of year... 7,885 8,125 8,165 8,220 8,179 8,043 22, 702, 549 21,357,404 19,411,618 21, 965, 554 22, 395, 303 24,368,991 1 One national bank succeeded a State member and a national bank. 2 Member bank of one class succeeded by one of the other, the latter not reporting until the next year. 8 Represents, so far as could be determined, the termination of banks' existence, all instances in which voluntary liquidation had been intermediate in mergers or successions having been classified according to the ultimate status of the liquidated bank. « Two national banks succeeded by a single State member bank. 1 One national bank succeeded by another national bank which did not report until the next year. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 94.—MEMBERSHIP OF THE FEDERAL RESERVE SYSTEM: CHANGES IN NUMBER OF BANKS AND TOTAL RESOURCES—Continued ALL FEDERAL RESERVE DISTRICTS—Continued QO Number of banks Total resources (in thousands of dollars) 1919 1920 1921 1922 1923 1924 1919 1920 1921 1922 1923 1924 State bank membership,beginning of year. 930 1,181 1,481 1,614 1,639 1, 595 7, 482,113 9, 913, 707 9,826, 794 9,904,860 11,917,017 12,843,303 Total additions 285 340 207 97 74 47 1,079,284 1,168,942 644,969 350, 477 686,988 417, 826 Admission of State banks 280 334 204 95 66 42 986,138 987, 353 224,958 201, 698 137, 830 61,805 A A S R u b e b c s s s c u o o e m r r s p p s p t t i i i o t o o i n o n n n to o o f f f n o n n l a l a o t o i t n w o i m o n i n n a e g a l m l b s b b a u e a n s r n p k k e s b s n a s n i k o s n ( * 1 2 5 ) (ID 6 (26 3 ) (39 1 1 ) (2 6 3 2 ) ( 2 2 ( 3 1 2 6 ) ) 1 7 3 9 , , 3 7 8 6 2 4 178 3 , , 3 2 0 8 0 9 2 1 9 2 7 2 , , 4 5 9 1 8 3 7 75 2 , , 6 7 4 0 3 4 0 1 8 4 1 0 4 7 0 , , 8 7 5 4 9 2 5 3 0 1 1 2 9 3 9 1 4 , , , 6 4 0 9 1 1 1 6 8 9 7 7 O & H O Total losses _ _ 34 40 74 72 118 98 160,352 164, 942 170, 944 148,376 323,980 151, 935 Voluntary liquidation (terminal)3 4 3 3 8 4 5 36, 609 9,634 8,699 21, 287 1,876 3,056 Suspension or insolvency . . -- _ 3 16 10 33 36 2,126 29, 287 2,821 20, 407 23, 994 Merger between State member banks. 1 7 10 12 16 9 (21,306) (153,040) (283, 552) (142,814) (588, 942) (78,154) Absorption by national banks 4 2 7 7 5 9 16, 310 3,500 10,442 15, 215 7,035 9,001 Conversion to national banks 212 10 17 2 21 29 6 92, 475 122, 648 93, 556 94,144 155, 420 44,759 Absorption by nonmember banks 3 3 3 1 1 7 11, 087 8,437 19, 032 3,603 6,813 4,246 Withdrawal 9 12 M8 13 29 6 26 3,523 18, 597 9,928 11,306 132,429 66, 879 Other decreases 7 1 1 348 Net increase (+) or decrease (—) +251 +300 +133 +25 -44 -51 +2, 431, 594 -86, 913 +78,066 +2,012,157 +926,286 +1, 774, 573 State bank membership, end of year 1,181 1,481 1,614 1,639 1,595 1,544 9,913, 707 9, 826, 794 9,904, 860 11, 917,017 12,843, 303 14, 617,876 2 Member bank of one class succeeded by one of the other, the latter not reporting until the next year. 3 Represents, so far as could be determined, the termination* of banks' existence, all instances in which voluntary liquidation had been intermediate in mergers or successions having been classified according to the ultimate status of the liquidated bank. 4 Two national banks succeeded by a single State member bank. « Compulsory withlrawal of five banks in 1921, and one bank in 1924, with aggregate resources of $l,709,00A w 7 Nonpayment on lederal reserve stock. w Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 95.—MEMBEKSHIP OF FEDEKAL RESERVE SYSTEM: CHANGES IN NUMBER OF BANKS District No. 1—Boston 1919 1920 1921 National "bank membership, beginning of year.392 396 398 Total additions . 8 4 Primary organization 8 4 Conversion of State member banks Conversion of nonmember banks Absorption of State member banks Resumption following suspension Total losses 4 2 Voluntary liquidation (terminal)-1 Suspension or insolvency Merger between national banks 1 Absorption by State banks Succession by State member banks Absorption or succession by nonmember banks 3 2 Other decreases Net increase (+) or decrease (—) +4 +2 National bank membership, end of year 396 398 State bank membership, beginning of year._. 31 36 Total additions 5 3 Admission of State banks 5 3 Succession to national banks Absorption of national banks Absorption of nonmember banks Resumption following suspension Total losses.. _ Voluntary liquidation (terminal)l Suspension or insolvency Merger between State member banks Absorption by national banks Conversion to national banks Absorption by nonmember banks Withdrawal . . Other decreases Net increase (+) or decrease (—) +5 +3 State bank membership, end of year. _ 36 39 ot ot 1922 1923 1924 396 390 388 7 4 3 4 6 9 1 1 1 1 3 6 2 3 1 -2 -6 o 396 390 388 39 40 39 2 1 1 2 1 1 (2) (3) 1 2 4 1 2 4 +1 -1 -3 40 39 36 ot ot District No. 2—New York 1919 1920 1921 1922 1923 1924 622 631 650 662 667 692 19 35 25 21 33 29 19 29 21 17 27 25 1 2 3 1 1 5 1 3 2 1 1 2 i 7 10 16 13 16 8 1 2 1 1 1 1 1 1 3 1 8 9 7 2 2 3 2 3 2 1 1 1 4 2 3 3 3 1 -5 +9 +19 +12 +5 +25 383 631 650 662 667 .692 36 101 122 134 133 136 1 22 18 4 9 13 1 20 17 3 8 9 2 1 1 1 4 (2) (3) (2) (3) 1 j 1 6 5 6 6 1 2 1 3 5 i 1 2 3 1 1 3 2 +21 +12 -1 +3 +7 36 122 134 133 136 143 ootot District No. 3—Philadelphia District No. 4—Cleveland 1919 1920 1921 1922 1923 1924 1919 1920 1921 1922 1923 1924 632 640 652 653 658 656 748 746 762 768 764 759 10 17 5 9 10 13 8 20 18 3 12 1 7 14 5 7 10 11 7 13 15 3 9 1 2 1 1 1 1 2 1 2 1 6 2 ----- 3 "(1) 1 2 5 4 4 12 3 10 4 12 7 17 8 1 2 1 1 1 1 1 1 1 3 2 1 2 4 4 1 3 2 6 2 2 1 1 ..... 3 2 3 2 3 1 1 2 2 3 4 1 5 1 2 1 2 4 5 2 +19 +8 +12 +1 +5 -2 +10 -2 +16 +6 -4 -5 -7 711 640 652 653 658 656 666 746 ~ 762 768 764 759 752 143 29 38 46 51 58 66 66 97 111 115 116 118 5 11 9 6 8 9 6 33 16 7 4 4 5 5 11 9 6- 8 8 5 33 16 6 4 4 ft 1 1 1 (2) (1) (1) (3) (2) (3) (2) (3) "(i) 4 2 1 1 1 1 2 2 3 3 2 4 1 1 1 1 1 2 1 2 1 1 1 1 j 1 2 1 1 21 1 1 4 +1 | +9 +8 +5 +7 +8 +6 +31 +14 +4 +1 +2 +1 144 38 46 51 58 66 72 97 111 115 116 118 119 1 Represents, so far as could be determined, the termination of banks' existence, all instances in which voluntary liquidation had been intermediate in mergers or successions having been classified according to the ultimate status of the liquidated bank. 2 Compulsory withdrawal of one bank in 1921, with resources of $418,000. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 95.—MEMBERSHIP OF FEDERAL RESERVE SYSTEM: CHANGES IN NUMBER OF BANKS—Continued Cn District No. 5—Richmond District No 6—Atlanta District No 7—Chicago District No.8—St. Louis 1919 1920 1921 1922 1923 1924 1919 1920 1921 1922 1923 1924 1919 1920 1921 1922 1923 1924 1919 1920 1921 1922 1923 1924 National bank membership, beginning of year 528 539 553 559 562 561 372 362 376 385 393 385 1,046 1,048 1,061 1,065 1,061 1,058 470 470 480 480 487 497 Total ad iitions _. 19 20 14 19 8 4 12 16 16 12 8 8 18 22 12 6 9 13 17 9 11 16 5 Primary organization 10 10 6 4 4 3 8 9 8 7 4 4 10 17 6 2 5 11 7 12 7 7 7 4 Conversion of State member banks. 1 1 3 1 1 2 2 1 1 1 1 1 4 Conversion of nonmember banks ._ 9 9 6 12 4 4 6 5 5 2 4 • 5 5 5 1 3 4 4 2 3 5 1 O Absorption of State member banks (2) 0) (1) (2) (2) (1) (1) W Resumption following suspension.. 1 1 1 2 1 1 H Total losses 8 6 8 16 9 10 22 2 7 4 1 16 11 16 9 8 10 12 16 12 7 9 4 6 10 Voluntary liquidation (terminal) L 2 1 2 1 1 2 3 2 2 Suspension or insolvency - 2 4 2 4 2 2 4 4 2 2 6 ..... 1 1 1 1 1 Merger between national banks 3 1 2 7 1 1 1 1 1 2 4 2 5 3 1 6 5 5 2 3 2 1 Absorption by State banks 1 1 2 5 1 1 2 1 1 2 1 2 1 2 Succession by State member banks 33 2 1 Absorption or succession by nonmember banks.._ 3 4 1 4 4 5 16 3 1 8 4 7 2 2 3 4 5 1 2 1 2 4 s1 Ot N h e e t r i d n e c c r r e e a a s se e 4 ? (+) or decrease (—)..+11 +14 +6 +3 -1 -6 -10 +14 +9 .. + . 8 .. -8 Q + 2 2 1 + 13 +4 -4 1 -3 -3 +10 +7 +10 -5 s National bank membership, end of year. 539 553 559 562 561 555 362 376 385 393 385 382 1,048 1,061 1,065 1,061 1,058 1,055 470 480 480 487 497 492 State bank membership, beginning of year 37 46 56 66 68 66 54 64 84 127 143 140 288 326 358 f377- 379 369 44 68 91 105 121 127 Total additions _. 9 13 14 8 I 15 24 49 22 6 1 44 41 24 6 5 5 27 24 14 17 16 10 Admission of State banks 9 13 14 15 24 49 22 6 42 39 24 6 4 5 27 24 13 17 16 10 Succession to national banks_._ ... ... _ 32 2 1 Absorption of national banks. ... (1) (1) (2) (X) (1) (1) (2) (1) (1) (2) (i) (2) m (2) Absorption of nonmember banks._. (1) (i) Resumption following suspension.. 1 1 o w > Total losses 3 4 6 4 4 5 4 6 9 13 6 9 5 • 4 15 21 3 1 ----- i 10 Voluntary liquidation (terminal) i__ 1 1 2 1 2 Suspension or insolvency 1 2 1 3 9 1 5 10 I I Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Merger between State member banks 2 1 1 1 i 1 1 2 1 2 1 2 Absorption by national banks 2 1 1 2 2 2 1 Conversion to national banks 1 1 3 1 1 2 2 3 1 1 1 1 1 4 Absorption by nonmember banks 1 2 2 1 1 Withdrawal 1 2 3 2 3 2 3 1 3 7 3 7 4 1 1 3 1 Other decreases Net increase (+) or decrease (—). +9 +10 +10 +2 -2 -4 +10 +20 +43 +16 -3 -12 +38 +32 +19 +2 -10 -16 +24 +23 +14 +16 +6 +5 State bank membership, end of year 46 56 66 68 66 62 64 84 127 143 140 128 326 358 377 379 369 353 68 91 105 121 127 132 1 Represents, so far as could be determined, the termination of banks' existence, all instances in which voluntary liquidation had been intermediate in mergers or successions having been classified according to the ultimate status of the liquidated bank. 2 One national bank succeeded a State member and a national bank. 3 Two national banks succeeded by a single State member bank. 3 Q w g Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 95.—MEMBERSHIP OF FEDERAL RESERVE SYSTEM: CHANGES IN NUMBER OF BANKS—Continued Or to District \To. 9 —Minneapolis District No. 10.—Kansas C ty i District Nc. 11—Dallas District No c . i 1 sc 2 o —San Fran- 1919 1920 1921 1922 1923 1924 1919 1920 1921 1922 1923 1924 1919 1920 1921 1922 1923 1'2 1919 1920 192 1 1922 1923 1924 i 1 National bank membership, beginning of year 797 834 883 882 870 831 967 991 1, 023 1,048 1,099 1,086 630 642 655 649 656 659 558 586 632 618 613 607 Total additions 44 57 13 12 11 12 36 54 44 71 28 12 25 31 16 2G 25 20 33 61 23 35 23 13 Primary organization 26 26 7 3 3 4 28 34 12 8 4 19 24 9 2 4 11 22 44 13 16 16 7 C C o o n n v v e e r r s s i i o o n n o o f f S no ta n t m e e m m e b m e b r e b r a b n a k n s ks. _ 17 1 28 2 4 3 4 1 3 f 7 1 ? 1 8 2 fi 57 1 1 A 8 9 6 5 2 2 17 6 Ml 8 4 1 8 3 15 2 3 6 11 3 2 3 Absorption of State member banks. (2) (1) 0) (I) 0) (3) 0) (1) (2) (2) (1) (0 (1) (2) jjs Resumption following suspension 1 2 6 3 5 1 2 3 1 2 3 1 4 ._.._ 3 2 := 3 O Total losses . __ _ _._ . 7 8 14 24 50 58 12 02 19 20 41 65 H 18 22 19 09 34 5 15 37 40 29 36 Voluntary liquidation (terminal) i 1 2 4 5 3 10 9 1 2 C 1 5 2 4 3 A S M u b e s s r p o g e r e n p r s t b i i o o e n n tw b o e y r e n i S n t n s a o a te l t v i o b e n a n n a c l y k s banks 2 1 5 1 11 1 i 4! 47 3 • 2 5 4 9 8 1 3 1 4 1 7 1 2 9 10 7 4 4 2 1 2 4 1 1 7 0 1 j ____ J _ 4 4 3 1 1 6 3 3 24 5 5 8 2 1 1 4 2 0 W Succession by State member banks . _ _ ii 3 J 1 22 Absorption or succession by non- i member banks _ _ . 4 2 1 3 4 3 9 11 5 4 9 9 | 4 6 3 2 5 1 1 4 4 4 1 7 Other decreases 3 1 1 Net increase (+) or decrease (—) +37 +49 -1 -12 -39 -46 +24 +32 +25 +51 -13 -53 '+12 +13 -6 +7 +3 -14 +28 +46 -14 -5 -6 -23 National bank membership, end of year.. 834 883 882 870 831 785 991 1, 023 1, 048 1,099 1,086 1,033 642 655 649 656 659 645 586 632 618 613 607 584 State bank membership, beginning of year. 70 86 116 135 130 109 27 47 63 44 43 36 97 114 185 202 199 190 86 137 198 i 219 207 195 Total additions. _ 20 34 22 5 2 4 22 17 1 2 4 2 21 74 26 7 6 56 67 38 8 5 2 i Admission of State banks 20 34 22 5 1 4 22 14 1 4 1 20 74 26 7 7 5 56 G7 38 7 4 3 Succession to national banks 3 1 1 1 21 Absorption of national banks (1) 0) 0) (1) (2) (4) 0) (1) (0 (24) (12) (120 Absorption of nonmember banks. . i (1) Resumption following suspension 1 1 1 Total losses - - 4 4 3 10 03 13 2 1 20 3 11 5 4 3 9 10 16 13 5 6 ! 17 20 17 15 Voluntary liquidation (terminal)1 2 1 2 1 1 2 2 4 3 1 Suspension or insolvency 1 4 14 9 2 2 2 6 4 3 6 5 4 1 Merger between State member banks. 1 o, 1 3 5 5 4 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A Co b n so v r e p rs ti i o o n n b to y n n a a t t i i o o n n a a l l b b a a n n k k s s 1 9 2 1 1 2 2 i 6 1 1 1 i 4 1 2 1 3 1 2 1 2 2 7 "16" 2 1 3 1 1 3 5 2 1 V> Absorption by nonmember banks 1 1 3 2 1 1 Withdrawal 2 1 3 5 M0 1 | 4 1 1 5 3 2 Other decreases 5 1 i 1 Net increase (+) or decrease (—) +16 +30 +19 -5 -21 -9 +20 +16 -19 -1 ! -7 -3 + 17 +71 +17 -3 -9 -7 +51 +61 +21 -12 -12 -13 State bank membership, end of year 86 116 135 130 109 100 47 63 44 43 1 36 33 114 ^85 202 199 190. 183 137 198 219 207 195 182 1 Represents, so far as could be determined, the termination of banks' existence, all instances in which voluntary liquidation had been intermediate in mergers or successions having been classified according to the ultimate status of the liquidated bank. 2 Member bank of one class succeeded by one of the other, the latter not reporting until the next year. 3 One national bank succeeded by another national bank which did not report until the next year. 4 Compulsory withdrawal of 4 banks in 1921 and 1 bank in 1924, with aggregate resources of $1,291,000. s Nonpayment on Federal reserve stock. O W Q •CO i—i B I w w tn s Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

154 AXXUAL REPORT OF THE FEDERAL RESERVE BOARD DEBITS TO INDIVIDUAL ACCOUNTS No. 96.—DEBITS TO INDIVIDUAL ACCOUNTS BY BANKS IN 141 PRINCIPAL CITIES, BY MONTHS Debits on the books of reporting banks to accounts of individuals, firms, and corporations, and of the United States Government including war loan deposit accounts, also debits to savings accounts, payments from trust accounts, and certificates of deposits paid. Figures do not include debits to the accounts of other banks or in settlement of clearing-house balances, payments of cashiers' checks, charges to expense and miscellaneous accounts, corrections, and similar charges. Monthly figures are derived from weekly reports by prorating the figures for those weeks which do not fall entirely within a single calendar month. SUMMARY, BY FEDERAL RESERVE DISTRICTS [In thousands of dollars] Total Month 1924 1923 1922 1 1921 i 1920 1 1919 i January 41,498,264 41, 752, 913 34, 943, 664 45, 367, 303 34,929,044 February _ _ 37,397, 792 35,925,212 30, 585,310 29, 728,424 35, 787,840 28,162,959 March 40, 739, 481 42,185,143 36,932, 274 33,903,259 43, 431,173 32,170, 533 April 39, 518, 668 39,294, 408 36, 388, 040' 32,235, 079 41, 643, 736 32, 686,088 May 40, 044,354 40, 071, 906 37,976,008 32, 512,426 39,256, 598 37, 026, 671 June 40, 229, 841 40, 573, 595 39,236,177 33, 606,456 40, 346, 912 39, 211, 257 July 40,131,073 36, 504, 275 36,055, 788 31, 514,619 39, 868, 249 41, 055,948 August 38, 691, 819 33, 495, 567 34,136,129 30, 097, 035 36, 274, 676 37, 943, 950 September. 38,971,985 34,060,234 35, 768,453 31,625,162 37, 378,270 38, 531, 953 October 43, 417, 983 38, 900, 241 40, 745,186 34,323,441 41,027, 647 44, 474, 469 November. 41, 892, 997 38, 503, 870 36,159,896 33,441,136 39, 696, 095 42, 536, 207 December.. 49,157,166 42, 448, 051 40, 436,981 38,020,458 42,947, 842 46, 564, 679 Total 491, 691, 423 463, 715, 415 439,363,906 399,036,331 483, 026, 341 455, 293, 758 District No. 1—Boston (11 cities) Month 1924 1923 1922 1921 1920 i 1919 1 January | 2,189,052 2,197, 997 1,928, 021 2, 058, 410 2, 675, 255 2, 009, 761 February... 1,973,432 1, 889,899 1, 611, 605 1, 611, 603 2, 070, 598 1, 594, 925 March 2,147,057 2, 222, 086 1,857,809 1,821,196 2,441, 399 1, 849,181 April j 2,118,054 2,119, 787 1, 760,157 1, 796,118 2, 463, 338 1, 771,883 May 2, 052, 772 2,139, 645 1,837, 939 1, 788, 548 2, 388, 706 2, 020,963 June 2, 040, 544 2,172,872 1, 992, 898 1, 826, 530 2, 395,135 2, 273, 765 July 2,111,283 1, 983, 223 1, 899, 373 1, 734, 824 2, 426, 337 2, 365, 624 August.. 1, 989, 773 1, 771, 572 1, 586, 094 1, 588, 542 2, 050, 980 2, 057,147 September. 1,974,984 1, 760, 956 1, 717, 635 1, 630, 299 2,177, 650 2, 043, 246 October 2,357, 435 2, 154, 617 2,087, 622 1, 947, 992 2, 401,160 2, 592,489 November. 2, 252, 717 2,150, 666 1,986, 523 1, 925, 753 2, 278, 756 2,484,021 December I 2,467,796 2, 287,912 2,126,314 2, 005, 698 2,367, 205 2,835, ^-67 Total 25,674,899 j 24,851,232 22,391,990 21, 735, 513 28,136, 519 25,898, 472 District No. 2—New York (7 cities) Month 1924 1923 1922 1921 1920 1919 January 22,814, 899 22, 763, 018 19, 644, 551 20, 666, 732 24,320, 682 18, 683,156 February-- 20, 511, 857 19, 595, 761 17, 029, 426 15, 645, 827 18, 606, 208 14,926, 776 March 22, 227, 152 23,231,535 20, 977, 917 17, 940, 133 22, 919,446 17,189, 069 April.. 21, 356, 913 21,180, 741 21, 326, 277 16, 950, 772 21, 990, 708 17, 859, 002 May 22,124,834 21,399, 850 22, 268, 911 17, 774, 980 20, 254, 578 20, 904, 781 June _ 22, 639, 521 21, 789, 805 22, 693, 592 18, 355, 750 20, 496, 326 22, 168, 368 July 22,184, 731 19, 008, 372 20, 328, 510 16, 907, 780 19, 791, 364 23, 012, 206 August 21, 556,426 16, 829, 386 18, 854, 442 15, 683, 072 18, 006, 812 20, 825, 951 September. 21, 387, 861 17, 414, 976 19, 793, 005 16, 617, 939 18,236, 870 21, 011, 144 October 23,242,131 19, 846, 052 22,967, 053 18,170, 740 20, 817, 207 24, 846, 202 November . 23, 708, 849 20, 632, 112 19, 637,137 18,018,315 20,817,136 23, 921, 299 December.. 28,106, 044 22, 801, 386 21, 546,408 21,178,533 23,117,836 25, 532, 024 Total 271,861,218 246, 492, 994 247, 067, 229 213,910,573 249, 375,173 250, 879,978 i Revised. Figures for following cities partly estimated for periods specified: Boston, to end of 1920; St. Digitized forL FouRisA aSnEd RL ouisville, to January, 1921, inclusive; and St. Paul to January, 1922, inclusive. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEBITS TO INDIVIDUAL, ACCOUNTS 155 No. 96.—DEBITS TO INDIVIDUAL ACCOUNTS BY BANKS IN 141 PRINCIPAL CITIES, BY MONTHS—Continued SUMMARY, BY FEDERAL RESERVE DISTRICTS—Continued [In thousands of dollars] District No. 3—Philadelphia (10 cities) Month 1923 1922 1921 1920 1919 January... 1,925,455 1,914,857 1, 583, 008 :, 679,283 1,978, 267 1, 581, 693 February. 1, 723,139 1, 648,925 1,431, 593 L, 391,392 1, 585, 698 1, 272, 808 March 1, 873,812 1,926,493 1, 628,117 [, 615, 908 1,891,903 1, 514, 704 April 1,942,356 1, 863, 477 1,569,312 ^, 582, 299 1,874,066 1,449, 060 May 1, 894,928 1, 973, 625 1,834,314 ., 503, 607 1, 562,861 June 1, 936, 205 2, 083,113 1,720, 649 ., 622, 499 1, 908; 508 1,661,131 July 1, 902, 728 1, 826, 560 1, 668, 316 ., 523, 296 1,857, 001 1,719, 920 August, 1, 748, 702 1, 733,171 1, 589,819 :, 407, 355 1, 773,422 1,597,915 September. 1, 794, 021 1, 670,226 1,646, 539 1, 500, 586 1, 746, 073 1,697, 789 October i 1,968,134 1, 922, 569 1,891, 067 1, 581, 867 1,874, 281 1,800, 612 November . I 1, 820, 722 1, 738,336 1, 682,845 1, 515, 206 1, 818, 682 1, 680, 381 December.. 2,242,478 1,999, 728 1, 939,197 1, 766, 389 1,995, 716 1,957, 058 Total 22,772,6 22, 301, 080 19,984,776 18, 689, 687 22,091, 705 19,495,932 District No. 4—Cleveland (13 cities) Month 1924 1923 1922 1921 1920 1919 January 2, 227, 515 2, 305, 963 1, 709, 252 2, 236, 485 2, 335,154 1, 866, 735 February. _ 2,006, 249 1,949,930 1, 538,886 1, 754, 568 1,942, 268 1, 533, 594 March 2,173,881 2, 206,665 1, 665, 926 1,869, 444 2, 329, 618 1, 795,187 April 2, 275,246 2, 227, 570 1, 744, 376 1,841,155 2, 331, 924 1, 812, 344 May 2,122,402 2, 266,888 1, 741, 268 1, 716, 241 2,166,964 1, 838,213 June 2,105,227 2,278,941 1, 927, 948 1, 751, 903 2,412, 086 2, 081, 885 July 2,139,964 2, 237, 042 1,911,065 1, 620, 986 2,458, 275 2.146, 230 August 1,979. 554 2,081, 604 1,850, 667 1, 521, 031 2,162, 713 1, 948, 043 September. 1, 2,005,409 1,877,032 1, 585,995 2, 261, 299 2, 044, 338 October 2, 300,487 2, 241,154 2, 025,319 1, 689,784 2,449, 572 2.147, 235 November. 1, 980,486 1,996,108 1, 867, 671 1, 643, 919 2, 291, 823 1,981,154 December. 2, 466, 903 2, 331, 503 2, 430, 467 1, 873, 095 2, 535, 569 2, 363, 702 Total 25, 774, 602 26,128, 777 22, 289, 877 21,104, 606 27,677,265 23,558,660 District No. 5—Richmond (7 cities) Month 1924 1923 1922 1920 January 733,878 746, 047 630,971 737, 917 913,182 664,034 February.. 650, 035 631, 628 535,864 600, 411 729,147 549, 272 March 699, 209 737,293 618, 568 677, 832 827, 966 573,898 April 672, 896 676,260 614,409 645, 676 815, 659 594, 749 May 665, 057 701,164 664,853 633,007 794, 726 638,199 June 673, 372 742, 692 681,167 677,168 816, 522 736, 281 July 676, 364 681,119 636, 506 660, 222 823,137 778,461 August 674, 370 668, 610 616, 520 674,846 742, 740 744, 693 September. 648, 670 655, 258 596, 901 742,456 736, 604 October 733, 682 746, 504 705,455 743,458 805, 251 862,098 November. 675,127 710,408 660, 697 724, 232 783, 394 829, 047 December. 795, 584 804,167 753, 942 793, 239 841, 217 903, 315 Total 8, 298, 244 8, 501,150 7, 715,853 8, 234, 894 9, 635, 397 ;, 610, 651 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

156 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No. 96.—DEBITS TO INDIVIDUAL ACCOUNTS BY BANKS IN 141 PRINCIPAL CITIES, BY MONTHS—Continued SUMMARY, BY FEDERAL RESERVE DISTRICTS-Continued [In thousands of dollars] District No. 6—Atlanta (15 cities) Month 1924 1923 1922 1921 1920 1919 January... 1,047,405 1, 005, 714 774,821 895,433 1, 299, 305 909, 836 February.. 947,847 827,440 676,960 741,122 1,018, 724 735, 579 March 987, 094 991,806 781,076 811,214 1,174, 029 781, 069 April 970,084 886,328 710,303 770,072 1,142, 763 772, 570 May 916,882 922, 450 764,397 725, 043 1,072, 048 866,105 June 872, 788 902,403 785,260 728, 734 1,050, 795 891,195 July 914,053 837, 023 743, 297 735,144 1, 053,476 896, 644 August 848,971 790, 799 739,642 704,823 969, 926 855, 820 September. 959, 071 835, 330 800, 649 796,832 1, 009,492 900, 815 October 1,129, 584 1,020,357 901, 535 858, 216 1, 046,469 1,169, 851 November. 973,154 991,989 911,367 785, 252 984, 850 1,114, 521 December. 1,154,408 1,124,910 989, 297 831, 379 990, 040 1, 244, 769 Total 11, 721, 341 11,136, 549 9, 578, 604 9, 383, 264 12,811,917 11,138, 774 District No. 7—Chicago (21 cities) Month 1924 1923 1922 1921 1920 1919 January. _. 4, 701,940 4,810,899 3,858,652 4, 321,991 5,161, 983 4, 003, 943 February. _ 4,178,246 4, 383,817 3, 523,914 3, 512,764 4, 300,416 3, 302,169 March 4,807,897 4,828, 041 4, 389,187 3,992,927 5, 359, 715 3, 688,857 April 4, 643, 076 4, 737, 859 3,945,171 3,819, 083 4, 910, 702 3, 705, 095 May 4, 746, 250 4,899, 390 4, 097, 957 3, 765, 913 4, 791, 361 4, 049, 043 June 4, 582, 549 4, 772,812 4,326,058 3,827,910 5, 072,942 4,271, 775 July 4, 654, 974 4, 509, 455 3, 995, 629 3, 781,428 5, 235,135 4, 517, 819 August 4, 469, 357 4, 240, 633 3,991, 612 3,874,899 4, 733,163 4, 370, 996 September. 4, 435, 346 4,208,411 4, 070,134 3,848, 068 4, 969, 417 4, 424, 744 October 4,949,211 4, 660,972 4,438, 210 4,068,910 5,086,228 4, 736,840 November. 4, 500, 225 4,428,485 4, 051,955 3,827,166 4, 559,162 4, 557, 526 December. 5,326, 098 4,886,123 4, 615,171 4,195,461 4,885,453 5, 039, 794 Total 55, 995,169 55, 366,897 49, 303, 650 46,836, 520 59, 065, 677 50, 668, 601 District No. 8—St. Louis (5 cities) Month 1924 1923 1922 1921 i 1920 i 1919 1 January... 1,130, 859 1,178, 722 858, 795 970, 864 1, 357, 873 1,148,738 February. 981, 669 952,802 739,485 813,884 1,120, 338 941, 763 March 1, 062, 671 1,112, 395 859, 417 875,995 1, 240, 210 983, 228 April 1, 033, 484 1, 039, 549 826, 599 836, 575 1,172, 378 969,924 May 1, 057, 603 1, 076, 560 911, 346 830, 702 1,114, 713 1, 005, 643 June 1, 035,196 1,104,142 930,887 859, 644 1,128,191 1, 065, 597 July 994,401 980,103 871,384 813, 249 1, 099, 834 1,152, 719 August.. 959, 857 930,888 830,180 780, 771 1, 020, 674 1, 042, 670 September. . 1,003, 066 945,160 837, 548 1, 061, 524 1, 033, 641 October 1, 212,110 1,184, 854 1,067, 437 945, 072 1,113, 685 1,189, 2] 5 November.. 1, 081, 663 1, 094,428 988, 780 879,322 1, 026, 267 1,128, 298 December... 1, 259, 637 1,194, 752 1,145,954 957, 258 1, 086, 735 1, 258, 763 Total. 12,812,216 ; 12,794,355 10,938, 657 10,400, 884 13, 542, 422 12,920,199 1 See footnote on p. 154. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEBITS TO INDIVIDUAL ACCOUNTS 157 No, 96.—DEBITS TO INDIVIDUAL ACCOUNTS BY BANKS IN 141 PRINCIPAL CITIES, BY MONTHS—Continued SUMMARY, BY FEDERAL RESERVE DISTRICTS—Continued fin thousands of dollars] District No. 9—Minneapolis (9 cities) Month 1924 1923 1922 i 1921 i January 5(35,332 647, 312 499, 020 601, 067 750, 746 728, 915 February.. 523,317 510, 811 455,305 483,142 611,657 488, 311 March 584,754 600,805 556, 282 537, 329 718,468 594, 533 April 552, 9.10 596, 914 512,419 544, 592 711,106 639,321 May 596,115 634, 217 546, 252 524,966 700,431 654, 522 June 613,515 652, 341 569, 323 574,885 707, 687 637,133 July 634, 515 593,964 554, 605 522, 223 720, 311 658, 607 August 596, 031 598, 206 580, 550 558, 524 685, 479 657, 784 September - 773,680 635, 309 654, 491 635, 091 811,189 793,158 October 1, 059, 292 700, 333 698, 732 645,937 901, 540 832, 602 November. 891,171 664,498 633, 665 563, 390 843, 455 736, 082 December.. 849, 622 660, 760 710, 631 597, 233 759, 651 818,955 Total 8, 240, 254 7,495, 470 6,971,275 I 6,788,379 8,901,720 ;, 239, 923 District No. 10—Kansas City (14 cities) Month 1924 1923 1922 1921 Januai y.. _ 1, 003, 759 1, 202, 253 950, 759 1,152, 595 1,480, 682 1,155, 377 February. 937, 931 996,426 872, 689 942, 309 1, 230,956 998,141 March 1, 020, 873 1,199,481 1, 012, 278 1,067 066 1, 451, 230 1,130, 898 April 1, 012, 890 1,130, 015 956, 757 1, 006,119 1, 313, 463 1, 095,116 May.__ 1, 000, 236 1,142,172 1, 026,849 953, 761 1,335,707 i 1,210,025 June 963, 496 1, 155, 879 1,081,813 992, 057 1, 351, 458 1,147, 584 July...- 1,070,984 I 1,081,943 1, 041, 778 994,617 1, 323, 317 1, 317, 537 August. 1,083,918 j 1, 106, 154 1, 056, 449 1, 025,141 1,327,488 ! 1,343,784 I September. 1, 097,173 j 1, 069,497 1,058,493 1, 022,182 1, 389, 286 I 1, 246,189 October 1,216,807 ! 1,159, 741 1,155, 094 1,006, 694 1,418,334 I 1,345,289 November. 1,062,890 i 1, 053,147 1, 050, 896 966, 224 1,334,809 I 1,311,747 December- 1,189, 358 | 1, 082, 885 1,181, 287 992, 594 1, 266,168 1,429, 571 Total . 12,660,315 I 13,379,593 12,445,142 12,121, 359 16, 222, 898 14, 731, 258 District No. 11—Dallas (11 cities) Month ^923 1922 1921 1920 1919 January 567, 222 605, 258 526,519 551, 763 698, 650 467, 745 February._ 493, 840 494, 600 460,149 466, 274 548,921 374, 247 March 492, 894 547,188 524, 469 496,774 627,458 404, 913 April 483,944 488,255 470, 827 443, 091 595,160 414,998 May 466, 066 486,003 486, 707 437, 088 584, 042 479,813 June 447, 735 465, 461 479, 097 453, 385 582, 581 514,313 July 455, 924 420, 874 432, 944 424,419 579, 773 525, 261 August 449,553 448,966 440, 729 435, 510 566,814 498, 790 September. 566,180 540, 722 541, 700 512,987 630, 664 527, 419 October 670, 360 629,517 589,166 567,447 689, 884 654, 777 November . 586, 644 583, 636 556, 549 527, 296 615, 626 659,791 December. . 664, 938 620,979 605, 692 577,461 619,756 726,060 Total 6, 345, 300 6, 331, 459 6,114, 548 5, 893, 495 7, 339,329 6, 248,127 1 See footnote on p. 154. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

158 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No. 96.—DEBTS TO INDIVIDUAL ACCOUNTS BY BANKS IN 141 PRINCIPAL CITIES, BY MONTHS—Continued SUMMARY, BY FEDERAL RESERVE DISTRICTS—Continued [In thousands of dollars] District No. 12—San Francisco (18 cities) Month 1924 1923 1922 1921 1920 1919 January 2, 590,948 2,374,873 1,979,295 2,156, 296 2, 395, 524 1, 709, 111 February._ 2,470, 230 2,043,173 1, 709, 434 1, 765,128 2,022, 909 1,445,374 M Ap a r r i c l h 2 2, , 4 6 5 6 6 2 , , 1 8 8 1 7 5 2 2 , , 3 5 4 8 7 1 , , 6 3 5 5 3 5 2 1 , , 9 0 5 6 1 1 , , 4 3 2 3 28 2 1 , , 1 9 9 9 7 9 , , 4 5 4 2 1 7 2 2 , ,4 3 4 2 9 2 , ,4 7 6 3 9 1 1 1 , , 6 6 0 6 2 4 , , 0 9 2 9 6 6 May 2,401, 209 2,429, 942 1,995,215 ! 1, 858, 570 2, 265, 234 1, 796, 503 June 2,319, 693 2,453,134 2,047,485 < 1, 935,991 2,424, 681 1, 762, 230 July 2, 391,152 2, 344, 597 1,972, 381 1, 796,431 2, 500, 289 1,964,920 August 2,335,307 2, 295, 578 1, 999, 425 1, 842, 521 2, 254,465 2, 000, 357 September. 2,335, 245 2,318, 980 2,103,481 1,970, 749 2, 342, 350 2, 072, 866 October 2, 578, 750 2, 633, 571 2, 218,496 2,097, 324 2, 424, 036 2, 297, 259 November. 2,359, 349 2,460, 057 2,131,811 2, 065, 061 2, 342,135 2,132, 340 December.. 2, 634, 300 2, 652, 946 2,392, 621 2, 252,118 2,482,496 2,455, 201 Total 29, 535,185 28,935,859 24,562,305 23,937,157 28,226,319 22,903,18b I GOLD IMPORTS AND EXPORTS No. 97.—GOLD IMPORTS INTO AND EXPORTS FROM THE UNITED STATES, BY PERIODS [In thousands of dollars] To e D t m e a c l . b a s 3 r i 1 g n , o ce , 1 J 9 u 2 li n 4 f e ti n 1, g 1 9 o 19 f -Pe 1 r , i 1 o 9 d 1 o 9 f - A ne u t g . l o 3 s 1 s , , 1 J 9 u 2 n 0 e Pe 1 r , i 1 od 9 2 o 0 f - N ne o t v g . a 3 i 0 n , , 1 S 92 e 4 pt. Dec 1 e 9 m 24 ber, im N p e o t rts ex N po e r t ts im N p e o t rts ex N po et rts im N p e o t rts ex N po e r t ts p N o im r e t t s - p N e o x r e - t t s France. _. 285,493 2,409 284, 899 3,003 Germany 54, 340 10 74, 344 19,994 Great Britain.. 874,840 82, 514 802, 579 10,253 Netherlands 94,778 1,147 94, 955 1,324 Sweden 103,083 1 104, 085 1,001 Canada 169,452 i 59.315 107, 595 2,542 Argentina 116, 233 146, 375 27, 525 2,617 China 30, 394 59, 395 29,001 India 40, 330 40,804 6,149 5, 675 Japan 193,199 132,856 60. 343 Allother 48, 093 146,452 193,861 '__.. 684 Total 1 249 923 385, 326 1,664 650 29, 401 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOLD IMPORTS AND EXPORTS 159 No. 98.—GOLD IMPORTS INTO AND EXPORTS FROM THE UNITED STATES, BY COUNTRIES [In thousands of dollars] 1922 1923 1924 1922 1923 1924 IMPORTS Denmark 17,770 3,562 France _ 2,660 114 France 27,043 19,036 24,459 Germany 20,000 Germany 35 49, 552 4,829 Great Britain. 21 138 12,264 Great Britain 121,883 149, 672 130, 909 Netherlands—. 19 90 1,324 Greece 4,798 727 365 Italy 34 2,737 Sweden _ 78 2,000 Netherlands 9,958 13, 292 50,965 Switzerland 30 1,380 43 Norway 8,424 Canada _ 22,162 1,705 3,102 Spain 71 36 66 Central America 12 1 Sweden 32,886 5 6,523 Mexico. 4,304 4,706 4,029 Canada 10, 372 49, 374 41,496 West Indies 10 Central America 4,373 2,444 2,131 Argentina 49 176 Mexico 5,913 6,581 5,458 Colombia. _. 500 700 5 West Indies 1,780 548 372 Venezuela 1,102 Argentina 27 5,338 22,305 British India 4,445 14, 637 11,025 Bolivia 20 26 1 China.. 350 110 Chile 395 245 431 Hongkong 3,582 2,378 4,3 Colombia 4,452 2,289 Dutch East Indies 435 323 Ecuador 443 i 706 897 Philippine Islands 65 800 Peru 1,619 2,070 2,710 Allother 139 582 Venezuela 915 686 317 China 8,938 5,588 5,022 Total . 36, 875 28, 643 61, 648 Hongkong 15 1 319 2,500 Dutch East Indies 1,627 2,330 2,356 Japan.__ 6 Philippine Islands.^ 853 1,572 4,814 British Oceania 4,231 1,656 2,870 Egypt 2,569 1,737 1,455 Portuguese Africa 492 932 610 All other 838 873 1,199 Total _ 275,170 322, 716 319, 721 No. 99.—GOLD IMPORTS INTO AND EXPORTS FROM THE UNITED STATES, BY MONTHS [In thousands of dollars] Im- Ex- Net im- Net ex- Im- Ex- Net im- Net exports ports ports ports ports ports ; ports ports 1924 1924 January... 45,136 281 44, 855 August 18,150 2,397 15, 753 February.. 35, 111 505 34, 606 September 6,656 4,580 2,076 March 34,322 817 33, 505 October 19, 702 4,125 15, 577 April 45,418 1,391 44,027 November 19,862 13,173 May 41,074 593 40,481 December 10,274 39,675 29,401 June 25,181 268 24, 913 July 18,835 327 18, 508 Total 319, 721 61,648 258,073 36569—25t 12 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MONEY IN CIRCULATION No. 100.—MONEY IN CIRCULATION OUTSIDE THE UNITED STATES TREASURY AND FEDERAL RESERVE BANKS [From U. S. Treasury Department circulation statements] [In thousands of dollars] Total G an o d l l i d o b n c u o l i - n G ti o fi l c d a c te e s r- S d t s a o i n l l v l d a e a r r s rd S t i i l f v i e c r a t c e e s r- T n r o e 1 t 8 a e 9 s s 0 u o r f y Sub s s i i lv d e i r ary U S n n t o i a t t t e e e s s d F re n e s o d e t e r e r v s a e l ba F r n e e k s d e e n r r v o a e t l es b N an a k ti o n n o a t l e - s c ( p i i e n r r T c d u o c o l t a a l a l p t a l i i r o t s a n ) g o 1914—July 1. 3, 402,015 611, 545 1,026,149 70,300 478,602 2,428 159, 966 337,845 715,180 34.35 w 1917—Apr. 1. i 4,100, 591 641, 794 1, 348, 818 70,863 459, 680 1,997 191, 351 330, 353 356, 448 3,170 697,160 39.54 H 1920—Nov. 1 i 5, 628, 428 495, 353 231,404 89, 725 60, 385 1,628 261, 556 277, 736 3,310, 225 209, 877 715,023 52.36 o 1922—July 1. 4, 375, 555 417,126 173, 342 58, 073 265, 335 1,510 229, 564 292, 343 2,138, 713 71, 868 727, 681 39.87 A S u e g p . t. 1 1 . 4 4 , , 3 33 9 7 3 , , 5 4 0 1 7 8 4 4 1 1 6 6 , , 2 38 8 7 2 1 19 7 3 1 , , 9 9 8 8 5 8 5 5 8 9 , , 3 0 7 3 8 4 271, 672 , ,5 5 0 0 1 8 2 23 2 2 9 , , 9 7 5 4 6 8 2 28 8 5 4 , , 3 0 4 0 3 1 2 2, ,1 1 1 41 5 , ,3 3 5 0 0 6 6 HO 5 , , 0 1 3 5 2 9 7 72 3 5 1 , , 7 7 1 8 1 2 3 3 9 9 . . 9 4 3 7 H W Oct. 1_ 4, 520, 895 412, 894 214, 957 60, 582 277, 778 ,501 236, 357 281,493 2, 249, 856 55, 526 729, 951 41.04 Nov. 1 4, 570, 281 428, 376 233, 741 60, 675 277, 043 ,492 239, 778 277, 201 2, 281, 430 48, 721 721,824 41.44 Dec. 1. 4, 616, 508 416,643 253,730 60, 762 285, 414 ,489 242, 751 277, 854 2, 312, 424 42, 501 722, 940 41. 80 1923—Jan. 1. 4, 732, 899 429,192 302, 744 61,465 288, 590 ,484 245, 978 286, 206 2, 372, 865 36, 728 707, 647 42.81 Feb. 1. 4, 509,128 401,112 301, 370 59, 560 294, 336 ,479 240, 942 278,864 2,184, 452 32, 867 714,146 40.74 Mar. 1 4, 610, 637 410, 958 314, 593 59,567 317, 268 ,476 241,087 283, 491 2, 226, 694 29, 981 725, 522 41.61 Apr. 1. 4, 655, 676 410,102 319, 068 59, 063 338, 915 ,471 241, 980 294, 308 2,232, 448 25,870 732, 451 41. 98 May 1. 4, 668, 041 408, 971 328, 900 58, 497 352,878 ,469 242, 853 299, 506 2,218,511 24, 002 732, 454 42.04 June 1. 4, 705, 924 407, 257 338,885 57, 975 365,130 ,463 245, 493 306,003 2, 228,123 21,584 j 734,011 42.34 IS July 1. 4, 729, 379 404,181 386, 456 57, 262 364, 258 ,460 247, 308 302, 750 2, 234,659 19, 969 711,076 42. 50 72 Aug. 1. 4, 695, 769 403, 218 411,938 56,999 368,938 ,458 247, 870 300,011 2,160, 449 18, 901 725, 987 42.16 <J Sept. 1 4, 777, 907 397, 342 441,155 57, 615 374, 877 ,456 249, 498 304, 577 2, 204, 824 17,613 728,950 42. 85 N D O e o c c t v . . . 1 1 1 _ . 4 4 4 , , ,8 8 9 3 4 2 5 9 , 3 , , 9 1 2 2 5 5 1 8 3 3 3 39 9 9 9 6 7 , , , 9 8 7 8 4 3 1 9 7 4 5 5 6 3 0 5 3 0 , , , 4 8 2 6 6 7 1 2 9 5 5 5 7 7 8 , , , 1 9 9 2 0 4 7 8 2 3 3 3 7 7 8 0 5 1 , , ,4 6 7 9 8 8 9 7 8 , , , 4 4 4 5 4 4 1 5 9 2 2 25 5 5 7 2 4 , , , 7 4 6 9 9 9 1 9 4 3 3 3 0 0 0 6 6 2 , , , 9 3 2 7 7 9 6 6 1 2 2 2 , , , 2 2 2 3 0 4 6 7 5 , , , 6 5 2 3 4 3 7 1 0 1 1 1 6 5 4 , , , 3 2 5 1 4 0 2 9 1 7 7 7 3 3 2 0 4 6 , , , 0 9 7 4 8 4 0 2 8 j j 4 4 44 3 3 . . . 0 4 2 1 5 7 o w 1924—Jan. 1. 4, 951, 085 415,319 582,029 58, 704 375,365 443 260, 627 306, 823 2, 223, 674 13,611 713. 490 i 44.22 Feb. 1. 4, 681, 708 405, 573 571, 381 56, 496 357,177 440 252,511 294, 470 2,008,877 12, 729 - 721,054 41.77 Mar. 1 4, 807, 778 416,047 033, 253 55, 910 368, 750 437 251,537 302, 404 2, 030, 818 12, 091 735,531 I 42.85 Apr. 1. 4, 812, 861 408,062 687, 252 55, 202 367,113 433 251, 639 304, 846 1, 11,588 737,141 | 42.85 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

May 1 4, 760,114 403, 649 726,179 54, 823 370,093 1,428 252, 702 301,110 1, 909, 143 11,025 729, 962 42.33 June 1. 4, 815,401 402,122 779,169 54,078 373, 381 1,425 252, 557 305, 966 1, 897, 636 10, 438 738, 629 42.78 July 1. 4, 755, 403 396, 415 801, 381 54, 017 364, 414 1,423 252, 971 297, 790 1, 843,091 10, 066 733, 835 42.20 Aug.l 4, 665,187 800,124 53, 644 372, 683 1,420 252, 407 301, 667 1, 745, 820 9,635 729, 288 41.36 Sept. 1 4, 773, 878 401, 794 872, 807 53,915 385,499 1,417 253,732 308, 111 1, 746, 230 9,229 741,144 42.28 Oct. 1- 4, 806, 367 427.970 898,165 54, 603 388, 574 1,412 256, 467 304, 345 1, 729, 301 9,030 736, 500 42.52 Nov. 1 4, 879, 694 436,160 904, 861 55,185 389, 201 1,410 259, 710 305, 840 1, 784, 046 8,710 734,571 43.12 Dec. 1. 4,993, 570 437.971 933, 688 55, 606 389,113 1,407 263,102 304, 418 1, 862, 055 8,471 737, 739 44.08 i The figures for the several classes of money do not add to this total, as mutilated currency forwarded for redemption and unassorted currency held by Federal reserve banks have been deducted from the total only. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MONEY RATES» IN FEDERAL RESERVE BANK AND BRANCH CITIES No. 101.—RATES ON PRIME COMMERCIAL LOANS OF 4 TO 6 MONTHS MATURITY New Boston York Buffalo 1924 Week ending- Jan 15 5 5 -534 6 Feb. 15 5 5 6 Mar. 15 5 5 -534 6 Apr. 15 5 6 May 15 5 fi June 15_ 434-5 434-5 July 15 4 -5 Aug. 15 4 2-434 4 -434 Sept. 15 -. 434 Oct. 15 434 334-6 Nov. 15 4 Dec. 15 434 4 -434 Louis- Little ville Rock 1924 Week ending- Jan. 15 - 6 6 Feb. 15 6 6 Mar. 15 6 6 Apr. 15 6 6 May 15 6 6 June 15 - 6 6 July 15 6 6 Aug. 15 6 6 Sept 15 6 6 Oct 15 6 6 Nov 15 6 6 Dec. 15 6 6 iO SO SO SO iO Phila- delphia 534 5 5 -5M 5 5 4 -5 434 4 -43^ 4 -434 6 4 -434 6 Minne- apolis Helena 534 534 8 534 8 8 8 534-534 8 5 -534 8 5 -534 434-5 434-534 434 434 00 OC Cleve- Pitts- Cincin- land burgh nati 6 6 6 5 -6 6 5 -6 6 534-6 6 6 534-6 6 534-6 5 -6 6 6 6 6 6 5 -6 5V2-G 534-6 5 -6 5J4-6 5 -6 5 -6 534-6 5 -6 5 -6 5 -6 5 -6 5 -6 534-6 Kansas Omaha Denver City 6 6 6 6 6 6 5H-6 6 5M-6 6 6 6 5 -6 6 4H-6 5 -6 434-6 5 -6 434-6 8 5 -6 434-6 8 5 434-6 8 5 -6 434-6 CO CO m Ri o c n h d - B m a o l r t e i- Atlanta m h B i a n i m r g - - J v s a o i c l n l k e - - O N rl e e w ans N v a il s l h e - 6 534 6 -8 7 7 534-6 534 5 -6 6 -7 6 7 6 6 6 534 5 -6 6 -7 7 6 6 534 5 -6 6 -7 7 6 6 5 -6 534 5 -6 6 -7 7 534-6 6 5 -534 434-6 5 -6 6 534-6 6 5 2-6 5 -534 5 -6 5 -6 6 534-6 6 534-6 5 -6 5 -6 6 534-6 6 5 -534 5 -6 5 -6 5 -7 6 534 5 -6 6 -7 5 -6 6 5 -5lA 4M-534 434-6 5 -7 S\4-S 5 -6 6 5 -534 4K-5H 5 -6 5 -7 4 -8 5 -6 6 h O o k m la a - Dallas El Paso H t o o u n s- F S r a a n n- P la o n r d t- Seattle City cisco 6 -8 6 8 6 -7 534-6 7 7 6 6 8 6 6 6 6 -7 5 -534 8 6 -7 534-6 6 -634 6 6 6 -7 5 -6 8 6 6 -7 6 6 5 -6 8 5 -6 6 6 6 8 5 -6 434-6 6 534-6 6 5 -6 8 5 -6 5 6 -7 334-5 6 434-6 6 -8 5 -6 434-5H 6 414-5 6 -7 5 -6 8 5 -6 6 434 6 -7 4 -6 8 5 -6 6 5 6 -7 5 -6 6 -8 5 -6 5 534 6 5 6 -7 4 -6 6 -8 5 -6 5 -5V2 6 CO CO Chi- Detroit cago 5 -6 6 534 5 -6 5 5 - - 5 5 3 V 42 534 434-534 5M-6 4^-534 5 -6 434-5^ 434-6 4 -4^4' 5 -5H 4 -5 434-6 434-534 434-6 4J4-5 434-6 434-5 5 -6 Spo- Salt Lake kane City 6 6 6 6 6 6 -8 6 6 6 6 -7 6 6 -7 6 6 6 -634 6 -7 6 -634 6 6 -634 6 COCO St. Louis 534 5 534 5 534 5 -5Y2 5 -534 5 —5?4 4 -534 4 -5 4 -5 334-5 334-5 334-5 Los Angeles 634 634-7 6 -6H 7 6 —67^ 6 6 6 6 434-6 6 7 6 6 -7 6 -7 6 -7 4 -6 6 -7 6 6 -7 6 6 -7 1 Customary rates charged, as reported by representative member banks. The rates are those at which the bulk of the loans of the designated class are handled by reporting banks during the week ending the 15th of the month. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BUSINESS INDEXES OF THE FEDERAL RESERVE BOARD No. 102.—INDEXES OF PRODUCTION, EMPLOYMENT, TRADE, WHOLESALE PRICES, AND FOREIGN EXCHANGE Indexes of production, employment, trade, etc.1 (Average for 1919=100) Indexes of w fo h r o 1 l 9 e 1 sa 3 l = e 1 p 0 r 0 i ) c 2 es (average Index Pro- Industrial activity D s e t p o a re r t s m al e e n s t- D st e o p r a e r s tm toc e k n s t- Bank o e f i g fo n r- Year and month i b n t d t r a i d i u i o n s e u c n i s - s c - M fa p i c a n r t o n g u - u r- - M d p i u n r i o c g n - - - m A t c u o g u r v r l a - i e l - - m p F t e o l a m e o r c n y y - - t - F t r p o o a a r l c y l y s - W t s r h a a o l d e l e e- j U us n t a e d d - ju A s d te - d j U us n t a e d d - ju A st d e - d a B t w r c i a u e o n a c d i n g r l t d d - s - - l R r i o o c n a a a a g i d r d l s - - d Y N C o s e i o u b e i d t r t w i e y - k ts U S n ta i t t e e s d E la n n g d - France C ad an a - Japan c = v h ( a e p a 1 x l 0 n a u - 0 r g e ) e 3 d ti u o c n - tion ments d 1919 average.. 100 100 100 100 100 100 100 100 100 100 100 100 211 241 207 235 1920 average.. 105 102 117 91 103 124 112 120 133 99 108 115 239 310 512 250 240 1921 average.. 80 92 105 82 84 73 110 115 90 94 91 149 198 344 167 181 1922 average- 103 95 110 90 89 74 112 I 116 123 103 95 158 165 319 149 182 1923 average.. 120 124 132 108 104 113 83 124 129 136 119 107 165 170 394 150 J88 1924 average.. 108 114 122 116 95 104 82 125 132 155 117 108 159 176 446 147 200 1919 X January 107 100 108 108 97 79 81 93 95 35 98 90 201 227 196 209 96 February.. 100 88 85 72 95 91 71 72 94 91 60 95 89 194 222 191 208 97 <X March 96 95 90 71 95 92 80 90 90 92 90 52 88 87 195 210 193 198 95 April 99 96 89 78 96 92 88 102 99 97 94 65 97 90 200 214 198 197 91 May 93 96 97 81 96 92 95 98 95 92 93 I 84 99 97 206 224 202 210 90 June 93 96 97 88 98 95 103 95 95 88 92 106 92 99 207 234 204 225 91 July 102 101 108 95 100 98 112 78 104 91 97 131 106 107 216 242 207 241 88 August 103 108 110 100 102 103 111 79 101 102 102 132 102 107 223 249 218 241 85 September _ 105 106 114 115 104 108 114 95 105 114 106 117 108 106 217 251 216 248 83 October 101 107 127 142 103 104 121 118 103 122 109 146 106 107 218 261 214 262 83 November. 98 104 75 129 105 110 111 119 106 125 111 131 96 108 225 272 217 283 80 December.. 103 103 100 123 108 119 123 173 108 108 116 ! 143 no 111 233 283 223 294 75 * The indexes of production in basic industries, building contracts, freight-car loadings, and bank debits are adjusted to allow for seasonal variations. Indexes of departmentstore sales and stocks are shown both with and without seasonal adjustments. Construction of these indexes has been described and early figures given in the Federal Reserve Bulletin as follows: Index of production in basic industries, December, 1922; indexes of industrial activity, March, 1924; factory employment index, December, 1923; wholesale trade index, April, 1923; department-store sales index, adjusted, January, 1924; department store stocks index, unadjusted, February, 1923; adjusted, March, 1924; building contracts index, November, 1924; bank debits index, July, 1924. 2 The materials and methods used in constructing these indexes of wholesale prices were fully described in a publication of the Federal Reserve Board issued in 1924, entitled "Prices in the United States and Abroad, 1919-1923." 3 The method used in constructing this general index of foreign exchange was described in the Federal Reserve Bulletin for October, 1922. CO Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 102.—INDEXES OF PRODUCTION, EMPLOYMENT, TRADE, WHOLESALE PRICES, AND FOREIGN EXCHANGE—Continued Indexes of production, employment,trade,etc. (Average for 1919=100) Indexes of wholesale prices (average for 1913=100) Index Industrial activity D s e to p r a e rt s m al e e n s t- D st e o p r a e r s t t m oc e k n s t- o e f i g fo n r- Year and month in b t d P t r i a d u i r i o n s o e u c n i - - s s c - M fa d p i c u a r n o t c n g u - - u r- - M d p t i i u n r o o i c g n n - - - m m A t c u o e g u r v n r a l i - e t l - s - m p t F e o l m e a o r c n y y - t - r F t p o o a a l r c y l y s - W tr s a h a d l o e l e e j U us n t a e d d - ju A st d e - d j U us n t a e d d - ju A st d e - d a t B w r e i a e u o n a d c i n g r l t - d d s - l R r i o c o n a a a a g i d r d s l - - d B Y N C s o e a i o u e b i d w n t t r i y e - k k ts U S n ta it t e e c s E la n n g d - France C ad a a n- Japan c = v h ( a e p 1 a l x 0 n a u - 0 r g e ) e tion 1920 January 116 112 118 105 110 124 120 106 122 112 126 149 110 117 248 301 447 239 302 72 February _ _ ._ 115 106 104 82 109 122 105 90 117 122 130 129 107 115 248 316 472 249 308 65 March 115 118 119 81 111 130 126 122 121 134 133 131 111 119 253 325 513 253 313 67 April 108 109 102 61 109 127 119 121 118 139 135 109 102 120 267 330 562 265 280 65 May 105 110 108 70 107 129 118 127 123 135 135 90 104 114 269 336 575 279 246 68 June _ • _ _ . 107 108 117 81 106 131 124 122 122 130 137 98 110 115 262 334 535 276 223 71 July 105 101 117 81 103 125 126 94 127 130 139 84 112 120 254 322 520 274 220 71 August _ _ 102 104 123 83 103 128 117 94 121 138 139 87 110 114 240 317 536 258 209 66 September 102 101 115 103 101 126 117 109 121 147 137 84 108 116 232 311 533 244 199 63 October 99 97 128 118 99 122 101 132 116 151 135 86 106 111 214 293 517 234 197 61 November 95 85 124 124 94 113 91 137 122 143 127 71 109 111 196 277 489 221 197 58 December 90 75 125 104 . 87 104 75 184 115 113 121 63 110 105 179 257 450 208 180 57 1921 January.. . _ _ . 84 74 106 106 80 89 69 103 118 100 113 70 91 97 168 240 414 199 176 60 February 85 69 91 88 82 88 69 91 118 106 113 64 95 95 157 223 389 189 171 62 March . _____ 81 80 93 90 82 89 81 117 117 113 112 70 91 94 152 210 370 184 167 62 April 79 78 85 77 82 86 73 115 112 116 112 77 96 94 146 203 357 177 169 63 May... _ __ 77 81 92 89 82 84 70 113 110 114 114 84 93 90 145 198 346 168 173 66 June 77 80 92 98 81 83 73 111 111 110 116 82 93 89 143 195 333 165 172 63 July 74 75 85 101 80 79 71 80 108 109 116 85 94 88 146 193 334 163 178 62 August 79 85 92 117 81 81 79 85 109 116 117 95 93 90 147 193 323 166 177 60 September _ . _ 79 83 90 128 83 81 82 95 104 126 117 121 94 91 147 191 322 158 192 60 October 83 89 102 146 84 81 83 124 109 130 117 103 98 89 1 146 185 316 149 202 61 November __ . _. __ 86 86 93 111 85 80 71 120 107 131 117 110 94 91 145 174 313 145 197 61 December 83 78 87 108 84 82 60 174 108 108 116 123 96 90 143 170 307 145 193 64 1922 January 86 84 96 100 84 78 63 90 103 103 116 102 93 86 142 167 306 144 191 65 February. _ . 91 82 101 91 86 81 62 81 105 111 118 110 105 92 146 165 303 149 185 69 March 95 98 123 84 87 ' 83 I 73 102 102 120 119 ' 119 107 93 147 1 166 J 307 150 182 70 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

April 86 95 61 74 66 114 111 120 117 123 149 165 320 152 180 72 May 92 109 70 102 72 116 112 116 116 123 95 158 169 324 154 183 72 June 94 109 73 98 76 110 110 110 116 123 101 161 167 325 ! 153 187 71 July 95 103 67 99 71 80 108 107 115 134 98 165 169 328 I 154 195 70 August... 95 no 79 109 79 88 113 113 114 136 102 166 166 320 | 149 187 69 September 100 106 103 137 83 107 118 122 114 130 104 164 163 315 ! 144 179 68 October 107 118 122 160 88 131 115 128 114 113 103 165 160 315 145 174 67 November 116 120 122 139 102 80 132 118 130 116 136 116 97 164 162 329 147 172 67 December 116 113 126 131 100 105 72 189 118 110 118 128 114 101 165 164 337 I 147 173 70 1923 January 121 121 134 114 101 104 78 102 116 107 121 132 117 106 166 165 346 148 176 08 February 120 116 117 81 103 108 76 90 117 118 126 143 117 110 166 168 380 152 183 66 March 125 134 •135 90 105 113 86 124 124 129 127 140 120 111 169 173 398 155 185 67 April 124 131 128 78 105 113 79 120 117 132 128 130 124 111 170 175 390 156 185 67 May 127 138 137 86 105 117 80 129 124 129 130 130 127 113 167 173 386 155 187 66 June 122 128 136 86 105 117 83 126 126 122 128 117 121 110 164 171 394 153 186 65 juiy.. :::.: 121 118 137 91 104 113 79 89 120 119 128 112 119 105 159 168 391 151 183 63 August 120 126 143 111 104 114 88 101 128 129 130 112 123 105 159 164 391 150 179 62 September 114 117 126 128 104 114 91 113 125 139 130 128 112 101 163 165 404 149 191 63 October 118 128 143 158 104 117 96 149 131 146 131 151 118 105 163 166 404 147 196 63 November 116 118 130 144 103 115 85 142 127 149 133 167 120 105 163 171 416 145 199 61 December 110 109 123 130 102 113 72 202 127 123 132 172 113 105 163 177 427 144 205 19°4 January 120 122 138 105 J00 108 80 110 126 115 131 170 118 105 163 178 445 146 205 58 February 121 123 130 96 101 114 78 102 128 127 135 163 125 109 163 180 469 148 200 58 March... 116 127 128 81 101 113 80 115 115 138 137 164 115 108 160 180 483 147 200 58 April _ 114 122 110 77 99 111 78 133 131 140 136 150 121 111 158 181 428 143 201 63 May. „ 103 112 114 87 96 105 77 127 123 135 135 129 117 109 156 177 428 143 200 62 June 94 97 111 87 93 100 76 120 120 127 133 125 103 103 154 174 442 145 189 60 juiy ....:_. 95 97 113 100 89 92 78 91 123 122 130 121 111 108 156 174 440 147 191 59 X August 94 104 116 121 90 83 93 118 126 126 133 111 108 158 173 442 149 196 61 September 103 113 124 152 91 92 119 131 137 128 150 117 107 156 172 436 146 198 61 C/2 October 109 123 134 189 93 103 ! 95 141 124 147 132 166 120 112 159 175 442 148 206 61 November 107 112 122 160 93 101 | 84 141 126 148 131 196 116 107 160 176 449 148 210 61 December 117 116 130 143 94 106 79 210 131 124 133 180 124 112 165 177 451 149 209 62 Cn Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

166 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD STATE BANK AND TRUST COMPANY MEMBERS The following is a list of 1,544 State bank and trust company active members of the Federal Reserve System on December 31, 1924, showing the capital, surplus, and total resources, as compiled from the latest available figures: Surplus Total resources DISTRICT NO. 1 CONNECTICUT (See also District No. 2) New Britain—New Britain Trust Co $500, 000 $300,000 $6,179, 503 South Manchester—Manchester Trust Co. 200, 000 100,000 2,150, 833 Waterbury—Colonial Trust Co 500,000 1,000,000 10, 099, 454 Bangor—Merrill Trust Co 500, 000 400, 000 12,444,808 Ellsworth—Union Trust Co.. 100, 000 100, 000 2,877, 393 Portland—Fidelity Trust Co. 400,000 400, 000 16, 505, 031 Sanford—Sanford Trust Co... 100, 000 50,000 1, 783, 291 MASSACHUSETTS Arlington—Menotomy Trust Co 200,000 100, 000 4, 039, 207 Boston- American Trust Co 1, 500, 000 2, 000,000 30, 937,851 Beacon Trust Co 1, 000, 000 1,800, 000 30,821,116 Exchange Trust Co 1,000, 000 1, 000, 000 19, 955, 350 Bank of Commerce & Trust Co. 600,000 140,000 5, 212,046 Liberty Trust Co 750, 000 750,000 14,393, 905 Massachusetts Trust Co 1, 000,000 500, 000 24, 078, 258 New England Trust Co 1, 000, 000 2,000,000 30, 365, 585 Old Colony Trust Co 7,000,000 9,000,000 181,812, 538 State Street Trust Co - 2,000,000 2, 500,000 52, 700,047 United States Trust Co___ 1, 000,000 1,000, 000 20, 201, 532 Cambridge— Harvard Trust Co 400,000 600, 000 14, 541, 743 Inman Trust Co 200,000 75, 000 2, 714, 292 Fitchburg—Fitchburg Bank & Trust Co 500, 000 500,000 5, 749,879 Gloucester—Gloucester Safe Deposit & Trust Co. 200, 000 200, 000 5, 206, 676 Greenfield—Franklin County Trust Co 200,000 100, 000 3, 648, 711 Holyoke—Hadley Falls Trust Co 500,000 250,000 9, 600, 615 Lawrence—Merchants Trust Co 300, 000 150, 000 9, 399, 225 Lynn—Security Trust Co 200,000 300, 000 9, 527, 774 Newton—Newton Trust Co 600,000 600,000 14,446, 367 Norwood—Norwood Trust Co 200,000 50,000 4, 746,857 Salem—Naumkeag Trust Co 250, 000 200, 000 6,804,490 Waltham—Waltham Trust Co 300, 000 200, 000 6,812, 630 Winchester—Winchester Trust Co. 100, 000 50,000 1,864, 662 Worcester—Worcester Bank & Trust Co 1, 500,000 1, 500, 000 38, 057, 729 RHODE ISLAND Providence- Columbus Exchange Bank 200,000 80,000 2,857, 653 Industrial Trust Co. 4,000,000 6,000,000 123, 637,194 Rhode Island Hospital Trust Co... 3, 000, 000 5,000,000 93,923,829 Union Trust Co 1,000, 000 500, 000 20, 838, 503 DISTRICT NO. 2 NEW JERSEY (See also District No. 3) Asbury Park—Seacoast Trust Co..,_. $175,000 $250,000 $5,197,256 Bayonne—Bayonne Trust Co 300, 000 200, 000 7, 917, 454 Bloomfield— Bloomfield Trust Co 250, 000 150, 000 5, 963, 763 Watsessing Bank 100, 000 100, 000 2, 703, 554 Bogota—Bank of Bogota 75, 000 50, 000 1,081,845 Boonton—Boonton Trust Co.. . _. . 100, 000 50, 000 1, 533, 079 Carteret—Carteret Trust Co 100, 000 25, 000 864, 869 Cranford—Cranford Trust Co 100,000 100, 000 3, 046, 939 East Orange- East Orange Bank 250,000 150, 000 4,139, 647 Savings Investment & Trust Co.. 500,000 500, 000 15, 905, 521 Elizabeth- Central Home Trust Co_ 200,000 50,000 2, 703, 791 Elizabethport Banking Co. 250, 000 250,000 6,327, 282 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATE BANK MEMBERSHIP 167 DISTRICT NO. 2—Continued NEW JERSEY—continued Fort Lee—Fort Lee Trust Co $100,000 $20, 000 $580, 601 Franklin—Sussex County Trust Co 100, 000 75, 000 1, 940, 660 Glen Ridge—Glen Ridge Trust Co 100,000 50,000 2,164,971 Hackensack—Peoples Trust & Guaranty Co 600, 000 400, 000 11, 270, 604 Hasbrouck Heights—Bank of Hasbrouck Heights 50,000 50,000 795, 458 Hoboken—Jefferson Trust Co 400, 000 100, 000 7,889, 041 Jersey City— Claremont Bank of Jersey City 200, 000 200, 000 9,166, 093 Commercial Trust Co. of New Jersey 2,000, 000 1, 500,0C0 51, 380,169 New Jersey Title Guarantee & Trust Co 1, 300,000 1, 000, 000 28, 010, 714 Long Branch—Long Branch Banking Co 150,000 100, 000 2, 458, 474 Montclair— Bank of Montclair 250, 000 100, 000 5, 669,407 Montclair Essex Trust Co 750, 000 500, 000 10, 829, 783 Morristown—Morristown Trust Co 600, 000 300, 000 10, 052, 203 Newark— City Trust Co 200, 000 250, 000 4,852,123 Federal Trust Co 2, 500, 000 1, 000, 000 25, 275, 925 Fidelity Union Trust Co 5, 250, 000 3, 750, 000 83, 897, 360 Ironbound Trust Co 500, 000 500, 000 14, 981, 842 Mutual Bank of Roseville 200, 000 160, 000 2, 775, 427 Springfield Avenue Trust Co 200, 000 100, 000 7,913,998 Nutley—B ank of Nutley 100, 000 80, 000 2, 693, 549 Passaic—Peoples Bank & Trust Co 400, 000 600, 000 10, 846, 601 Paterson—Hamilton Trust Co 600, 000 500, 000 11, 640, 683 Perth Amboy— Perth Amboy Trust Co 300, 000 300,000 9, 361, 656 Raritan Trust Co 100, 000 50, 000 2, 042, 750 Plainfield—Plainfield Trust Co '. 609, 300 500,000 | 13,959, 645 Rahway—Rahway Trust Co 100, 000 .100,000 1,368, 952^ Ridg O ef v i e e r ld p ec P k a r T k— rust Co 100, 000 8,013 I 1,155, 988 Ridgefield Park Trust Co 100,000 100,000 2, 585,076 R R i u d t g h e e w rf o o o rd d — — R R u id t g h e e w rf o o o rd d T T r r u u s s t t C C o o..._. 1 1 5 0 0 0 , , 0 0 0 0 0 0 1 5 50 0 , , 0 0 0 0 0 0 3 2 , , 4 0 9 4 5 1 , , 4 60 8 8 2 Westfield— Peoples Bank & Trust Co 200, 000 100, 000 4, 067, 903 Westfield Trust Co 200, 000 50, 000 4, 321, 325 West Hoboken—Hudson Trust Co. of West Hoboken. 1, 000, 000 1, 000, 000 44,154,199 Westwood—Westwood Trust Co 100, 000 20, 000 795, 821 NEW YORK Adams—Citizens Trust Co _- 150,000 75, 000 1, 835, 529 Albion—Orleans County Trust Co 100, 000 50, 000 1,016, 221 Amsterdam—Montgomery County Trust Co 200, 000 300, 000 4,425, 704 Batavia—Bank of Genesee 100,000 100, 000 2,147, 308 Belmont—State Bank of Belmont 50, 000 50,000 490, 247 Binghamton—Peoples Trust Co 500, 000 100, 000 8, 525, 792 Blasdell—Bank of Blasdell 30, 000 5,500 282, 886 Brooklyn- Brooklyn Trust Co 1, 500, 000 3,000, 000 57,185, 466 Globe Exchange Bank 400, 000 120,000 4, 489, 042 Mechanics Bank 2,000,000 2,400, 000 51, 398, 538 Midwood Trust Co _ ... . 700, 000 300, 000 7, 285,983 Peoples Trust Co 1, 600, 000 2, 400, 000 65, 717, 253 Buffalo- Buffalo Trust Co 2,000,000 1, 750, 000 64,376, 007 Fidelity Trust Co 1, 000, 000 1,000,000 29,404, 425 Liberty Bank of Buffalo 2,000, 000 2,000,000 61,429, 085 Marine Trust Co 11,250, 000 8, 750, 000 170, 519,447 Peoples Bank of Buffalo 1,000, 000 600, 000 27, 682,952 Canisteo—First State Bank 50, 000 35, 000 664,172 Cape Vincent—Citizens Bank of Cape Vincent 50,000 10, 000 468,141 Chatham—State Bank of Chatham 50, 000 100,000 2, 340,044 Coney Island, New York City—Bank of Coney Island 200, 000 100, 000 5, 613, 063 Depew—Bank of Depew 50,000 15, 000 1,112,413 Dunkirk—Dunkirk Trust Co 250, 000 125, 000 2, 434, 377 East Aurora—Bank of East Aurora 150, 000 30, 000 2,638,491 Elmira—Chemung Canal Trust Co 600,000 400, 000 11,415,8H Endicott—State Bank of Endicott 50,000 75, 000 3, 556,120 Floral Park—Floral Park Bank 50,000 50,000 Fredonia—Citizens Trust Co 100,000 100, 000 2, 216, 261 Geneva—Geneva Trust Co 250, 000 200, 000 4,893, 326 Gloversville—Trust Co. of Fulton County 350, 000 250, 000 1,892, 309 Hamburg—Peoples Bank 60, 000 90,000 2, 580,859 Hammondsport—Bank of Hammondsport 50, 000 50,000 1, 277, 415 Hicksville—Bank of Hicksville 100, 000 150, 000 2,662, 698 Ithaca—Ithaca Trust Co _._ 250,000 i 200, 000 6, 235, 057 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

168 ANNUAL EEPORT OF THE FEDERAL. RESERVE BOARD Total resources DISTRICT NO. 2—Continued NEW YORK—continued Johnson City—Workers Trust Co $200, 000 $200, 000 $4, 327, 362 Katonah—Northern Westchester Bank 50,000 25,000 1, 046, 012 Kingston—Kingston Trust Co... 250, 000 250, 000 5,176,888 Lackawanna—American Bank of Lackawanna 100, 000 25,000 1, 279, 690 Little Falls—Herkimer County Trust Co 350, 000 350, 000 5, 822,170 Lowville—Lewis County Trust Co 200, 000 100, 000 2, 061, 319 M alone—Peoples Trust Co... 300, 000 100, 000 3,835, 016 Millbrook—Bank of Millbrook 50, 000 50,000 1, 544,140 Mineola—Nassau County Trust Co 150, 000 100, 000 3, 735, 740 New York— Amalgamated Bank 200, 000 75, 000 4, 635, 287 Bankers Trust Co 20, 000, 000 15, 000, 000 469,114,102 Bank of America 6, 500, 000 5, 000, 000 216,117, 907 Bank of Europe. ._ _. 450, 000 225, 000 10, 208, 425 Bank of the Manhattan Co. (Manhattan Co.) 10, 000, 000 10, 000, 000 283, 876,173 Bank of New York & Trust Co 4, 000, 000 8, 000, 000 136,986,816 Bank of United States 2, 000, 000 400, 000 62, 921, 904 Central Mercantile Bank.. 1, 500, 000 810, 000 15, 468, 461 Central Union Trust Co 12, 500, 000 17, 500, 000 340, 083, 931 Commonwealth Bank of the City of New York 600, 000 700, 000 18, 542, 010 Continental Bank.. _ 1, 000, 000 500, 000 19, 889, 404 Corn Exchange Bank 10, 000, 000 10, 000, 000 267, 606,175 Equitable Trust Co 23, 000, 000 9, 000, 000 483, 460,159 ^Farmers Loan & Trust Co 5, 000, 000 10, 000, 000 204, 138, 064 Federation Bank of New York 250, 000 250, 000 8, 446,384 Fidelity-International Trust Co 2, 000, 000 1, 500, 000 30, 498, 627 Fifth Avenue Bank. 500, 000 2, 000, 000 30, 979, 559 Fulton Trust Co.. ._ 500, 000 250, 000 14, 213, 882 Guaranty Trust Co 25, 000, 000 15, 000, 000 682, 986, 685 International Union Bank 250, 000 205, 193 3, 831, 591 Irving Bank-Columbia Trust Co 17, 500, 000 7, 500, 000 437,849, 437 Manufacturers Trust Co 5, 000, 000 3, 000, 000 132, 597,109 Metropolitan Trust Co. of the City of New York 2, 000, 000 3, 000, 000 60, 602, 214 Mutual Bank 500, 000 400, 000 17,139, 832 New Netherland Bank 600, 000 300, 000 13, 054, 376 New York Trust Co 10, 000, 000 10, 000, 000 343, 576, 076 Pacific Bank 1, 000, 000 1, 500, 000 45, 658, 354 United States Mortgage & Trust Co 3, 000, 000 3, 000, 000 80, 428, 373 United States Trust Co. of New York 2, 000, 000 12, 000, 000 77, 407, 992 Yorkville Bank of New York City 200, 000 800, 000 36, 225, 224 Niagara Falls—Power City Bank 1, 000, 000 500, 000 16, 078, 066 Nyack—Rockland County Trust Co 100, 000 50, 000 3, 365, 481 Olean—Olean Trust Co 100, 000 50, 000 1, 350, 480 Oneida—Madison County Trust & Deposit Co 200, 000 120, 000 3, 524, 105 Orchard Park—Bank of Orchard Park 30. 000 15, 000 1, 015, 364 Pearl River—State Bank of Pearl River 50, 000 9,467 234, 216 Perry—Citizens Bank 50, 000 80, 000 1, 482, 731 Port Chester—Mutual Trust Co. of Westchester County 300, 000 150, 000 5, 001,135 Rochester—Lincoln-Alliance Bank 2, 000, 000 2, 000, 000 57, 474, 668 Rome—Rome Trust Co 300, 000 100, 000 5, 598, 553 Schenectady—Schenectady Trust Co 400, 000 400, 000 18, 446, 760 Smithtown Branch—Bank of Smithtown 50, 000 25, 000 1, 420, 009 Spring Valley—Ramapo Trust Co 100, 000 35, 000 983, 795 Stony Brook—Bank of Suffolk County 50, 000 25, 000 731,619 Syracuse- City Bank Trust Co 2, 500, 000 1, 000, 000 28,147,144 First Trust & Deposit Co 2, 500, 000 1, 250, 000 49,267,880 Syracuse Trust Co 1, 500, 000 750, 000 37,198 ; 262 Utica— Citizens Trust Co 1, 000, 000 1, 000, 000 21, 023, 040 Oneida County Trust Co 250, 000 250, 000 3, 579, 739 Utica Trust & Deposit Co 1, 000, 000 700, 000 17, 024, 257 Warsaw—Trust Co. of Wyoming County 100, 000 20, 000 1, 050,421 Watertown—Northern New York Trust Co 400, 000 400, 000 10, 495, 300 Westbury—Bank of Westbury 50, 000 13, 250; 1, 495, 294 White Plains—County Trust Co 200, 000 300, 000 9, 265, 538 Williamsville—Amherst Bank 96, 700 29, 010 1, 032, 904 DISTRICT NO. 3 DELAWARE Milford—Milford Trust Co 100, 000 200, 000 1, 605, 340 Wilmington— Equitable Trust Co 500, 000 500, 000 7,580,319 Security Trust & Safe Deposit Co 600, 000 700, 000 8,171, 765 Wilmington Trust Co 2, 000, 000 1,100, 000 21, 407, 355 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATE BANK MEMBERSHIP 169 DISTRICT NO. 3—Continued NEW JERSEY (See also District No. 2) Atlantic City- Atlantic Safe Deposit & Trust Co $300,000 $350, 000 $7,169,950 Bankers Trust Co 100,000 100, 000 2, 458, 699 Equitable Trust Co 200, 000 200, 000 4,912, 084 Burlington—Burlington City Loan & Trust Co 100, 000 100, 000 2, 303, 048 Camden— Camden Safe Deposit & Trust Co 500, 000 1, 000, 000 14, 247,408 Gloucester City—Gloucester City Trust Co 100, 000 65, 000 1, 202, 736 Hightstown—Hightstown Trust Co 100, 000 30, 000 781, 674 Princeton—Princeton Bank & Trust Co 250, 000 200, 000 3, 503,147 Riverside—Riverside Trust Co 100, 000 125, 000 2, 327,475 Swedesboro—Swedesboro Trust Co 100, 000 20, 000 841, 353 PENNSYLVANIA (See also District No. 4) I Allentown—Penn Trust Co 300, 000 150,000 2,665,446 Blooinsburg— Columbia County Trust Co 125,000 25, 000 1,208,894 Carlisle—Carlisle Trust Co 200,000 200,000 2,535,905 Chester—Cambridge Trust Co 500,000 500, 000 6, 820, 503 Du Bois—Union Banking & Trust Co 250,000 500,000 2, 688, 541 East Petersburg—East Petersburg State Bank 50, 000 10, 000 209,324 Egypt—Farmers Bank of Egypt 60,000 40,000 754,152 Frackville—Peoples Trust Co 125, 000 65, 000 768,964 Harrisburg—Dauphin Deposit Trust Co 300,000 400,000 5,139,062 Hazleton— American Bank & Trust Co 400,000 300,000 5, 686,492 Markle Banking & Trust Co 600, 000 1, 000, 000 8, 260, 237 Peoples Savings & Trust Co 250,000 250,000 4, 788, 783 Honesdale—Wayne County Savings Bank 200, 000 425, 000 4, 601, 970 Huntingdon—Grange Trust Co 125,000 45,000 970, 442 Jenkintown—Jenkintown Bank & Trust Co 250, 000 700, 000 7, 842,426 Kingston—West Side Trust Co 250, 000 50, 000 1, 767, 422 Kulpmont—Dime Deposit Bank 50, 000 60, 000 768, 549 Lemoyne—Lemoyne Trust Co 200, 000 200, 000 1, 363, 266 Lewistown—Lewistown Trust Co 125, 000 25, 000 797, 745 Lock Haven—Lock Haven Trust Co 250, 000 250, 000 3,182, 994 Luzerne—Merchants & Miners State Bank 50,000 5,000 358,914 Lykens—Miners Deposit Bank 50,000 150, 000 1, 263, 428 Mechanicsburg—First Bank & Trust Co 250, 000 150, 000 1,978, 699 Middletown—Citizens Bank & Trust Co. 125, 000 75, 000 1, 013, 508 Mill Hall—Mill Hall State Bank 35, 000 15, 000 336, 261 Nanticoke—Miners Trust Co 125, 000 150, 000 2, 494, 815 New Oxford—Farmers & Merchants Bank 50, 000 75, 000 825, 699 Olyphant—The Olyphant Bank 100, 000 100, 000 3, 077, 857 Orrstown—Orrstown Bank .__ . 25, 000 16, 000 230, 548 Philadelphia— Aldine Trust Co 1, 000, 000 1, 000, 000 6, 257, 771 Bank of North America & Trust Co... - 5, 000, 000 5, 000. 000 67,192,600 Colonial Trust Co 500, 000 500, 000 11, 236, 628 Federal Trust Co 200, 000 300, 000 5,877, 741 Fidelity Trust Co 5, 200, 000 16,000,000 75,838, 596 Girard Trust Co 2, 500, 000 7, 500, 000 70,071,030 Ninth Bank & Trust Co 750, 000 1, 500, 000 17,733,339 Northeast-Tacony Bank & Trust Co. 250, 000 100, 000 1, 512, 221 Oxford Bank & Trust Co 500, 000 , 300,000 5,363,808 Pennsylvania Co. for Insurance on Lives and Granting Annuities 3,964,990 14,381, 672 77,392, 553 Peoples Bank & Trust Co 1, 000, 000 250,000 ! 15,152, 047 Philadelphia Trust Co 1,000, 000 5,000,000 ! 30, 850, 084 Provident Trust Co 2, 000, 000 5, 000, 000 28, 471, 776 West Philadelphia Title & Trust Co 500, 000 750, 000 9, 700, 402 Reading— Berks County Trust Co 750,000 650,000 8, 555, 815 Northeastern Trust Co 454, 870 125,408 2,998, 634 Schnecksville—Schnecksville State Bank 25, 000 2,500 96,723 Schuylkill—Schuylkill Haven Trust Co 125, 000 175, 000 1, 969, 762 Scranton—Peoples Savings & Dime Bank & Trust Co 1, 000, 000 1, 000, 000 18,176,852 Shamokin—Dime Trust and Safe Deposit Co 125,000 200, 000 2, 445, 601 Tamaqua—Peoples Trust Co 125, 000 125, 000 1, 503, 026 Wilkes-Barre— Dime Bank Title & Trust Co 200, 000 250, 0000 3, 905, 020 Union Savings Bank & Trust Co 250, 000 75, 000 1,997, 398 Williamsport— Northern Central Trust Co 500, 000 400, 000 4, 877, 620 Susquehanna Trust Co 500, 000 600, 000 4, 721, 267 WMiamstown—Williams Valley Bank 50, 000 50, 000 1, 093, 483 Wyomissing—Peoples Trust Co. _ ___ __ __ - 500, 000 275, 000 2,832,952 York- Guardian Trust Co . 425, 000 400, 000 3, 750,174 Digitized for FRYAoSrkE RTr ust Co 300, 000 375,000 4, C67, 613 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

170 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD Capital Surplus Total resources DISTRICT NO. 4 KENTUCKY (See also District No. 8 Georgetown—Farmers Bank & Trust Co. $100, 000 $75, 000 $1, 206, 756 Lexington- Guaranty Bank & Trust Co 300, 000 50, 000 3, 230, 778 Security Trust Co 500, 000 150, 000 3, 397, 723 Richmond—State Bank & Trust Co 150, 000 55, 000 1,242, 612 OHIO Adena—Adena Commercial & Savings Bank 60, 000 6,500 458,303 Akron— Central Savings & Trust Co 1. 000, 000 500, 000 16, 378, 908 Depositors Savings &. Trust Co 500, 000 512, 500 9, 070, 757 Firestone Park Trust & Savings Bank... _. 200, 000 125, 000 4,459, 659 First Trust & Savings Bank 1, 500, 000J 1, 500, 000 27,955, 403 Alliance—City Savings Bank & Trust Co 250, 0001 125,000 4, 431, 946 Antwerp—Antwerp Exchange Bank Co 25, 000 7,500 364,156 Apple Creek—Apple Creek Banking Co 25,000 25, 000 240, 450 Atwater—Atwater Savings Bank Co 25, 000 12, 500 382,884 Barberton—Peoples Savings & Banking Co 100, 000 38, 500 2, 261, 720 Bowling Green—State Bank of Bowling Green. 100, 000 21, 000 693, 465 Bridgeport—Bridgeport Bank Co 75, 000 40, 000 766,674 Canton—Dime Savings Bank Co 500, 000 225, 000 5, 671, 708 Chagrin Falls—Chagrin Falls Banking Co 100, 000 100, 000 2,173,129 Cincinnati- Brighton Bank & Trust Co 500, 000 250, 000 14, 348, 843 Fourth & Central Trust Co 2, 000, 000 2, 000, 000 24, 699, 062 Pearl Market Bank 400, 000 200,000 8,406, 635 Provident Savings Bank & Trust Co 1, 500, 000 1, 500, 000 28, 462, 46S Union Trust Co 1, 000, 000 3, 500, 000 36, 031, 470 Western Bank & Trust Co 1, 000, 000 1, 000, 000 17, 738, 749 Cleveland- Cleveland Trust Co 8, 600, 000 4, 300, 000 204, 011, 644 Commonwealth Banking & Trust Co 250, 000 22, 030 2,000,619 Guardian Savings & Trust Co 4, 000, 000 4, 000, 000 115,100, 094 Lake Erie Trust Co 1,000,000 250, 000 4, 450, 616 Midland Bank 2, 000, 000 600, 000 26, 393, 510 Pearl Street Savings & Trust Co 1, 500, 000 750, 000 28, 343, 950 Reliance Trust Co 300, 000 50,000 2, 356, 26S State Banking & Trust Co 750, 000 300,000 16, 072, 883 Union Trust Co 22, 250, 000 11,125,000 299, 715, 587 United Banking & Savings Co 1, 500, 000 750, 000 23, 747, 301 Columbiana—Union Banking Co 50,000 60,000 694, 914 Columbus—Citizens Trust & Savings Bank 1, 500, 000 600, 000 24, 318, 018 Conneaut— Citizens Banking & Trust Co 125,000 33, 886 1,107, 799 Conneaut Mutual Loan & Trust Co 125, 000 125, 000 2, 552, 830 Cuyahoga Falls—Falls Banking Co 150, 000 62.500 1, 610, 703 Danville—Commercial & Savings Bank Co 25,000 16, 500 321, 884 Delphos—Peoples Bank of Delphos 50, 000 19,500 494, 903 Delta—Peoples Savings Bank Co 25,000 35,000 615, 568 Eldorado—Farmers State Bank 35, 000 8,600 419,197 Frazeysburg—Peoples Bank Co 25, 000 50, 000 609, 298 Geneva—Geneva Savings Bank Co 100, 000 100,000 1, 461, 940 Gibsonburg— Gibsonburg Banking Co 50,000 29, 000 857, 948 Home Banking Co 25,000 25, 000 685, 748 Hillsboro—Hillsboro Bank & Savings Co 50, 000 25, 000 590, 785 Hubbard—Hubbard Banking Co 50, 000 50, 000 1, 030, 238 Lima—First American Bank & Trust Co 400, 000 105, 000 4, 057,101 Lodi—Lodi State Bank 40, 000 60, 000 739, 583 Lyons—Farmers State Bank 25,000 2,500 221, 686 McCutchenville—Farmers Bank 30,000 2,768 129, 762 Mansfield—Farmers Savings & Trust Co 200, 000 200, 000 2,404,952 Massillon—Ohio Banking & Trust Co 500,000 158, 000 3, 388, 855 Metamora—Farmers & Merchants Bank Co 25, 000 10, 000 402, 483 Middlefield—Middlefield Banking Co 25,000 30,000 521, 786 Middletown—American Trust & Savings Bank. 150, 000 38, 000 2, 266, 919 Milan—Farmers & Citizens Banking Co 25,000 15,000 559,160 Minerva- Minerva Banking Co 50,000 9,500 472, 619 Minerva Savings & Trust Co. 125, 000 33,000 1,638, 819 Minster—Minster State Bank 25,000 35, 000 495,119 Napoleon—Napoleon State Bank 50,000 50,000 1, 239, 305 Newark—Newark Trust Co 200, 000 200, 000 3, 580, 690 New Philadelphia— Merchants State Bank 100, 000 65,000 1, 034, 872 Ohio Savings & Trust Co 150, 000 100,000 2, 000, 250 Newton Falls—First State Bank 125, 000 26, 000 1, 319,995 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATE BANK MEMBERSHIP 171 Total Capital DISTRICT NO. 4—Continued OHIO—continued Orryille—Orrville Savings Bank $50,000 $52,000 $916, 054 Peninsula—Peninsula Banking Co 25,000 11,000 273, 716 Portsmouth—Security Bank 300,000 200,000 3,478,305 Rittman—Rittman Savings Bank 60,000 20,000 692,256 St. Clairsville—Dollar Savings Bank Co 50,000 60,000 871, 488 St. Marys— ' American State Bank 50,000 25,000 569,677 Home Banking Co 100,000 32,000 1,169, 641 Shadyside—Shadyside Bank 50,000 12, 750 469, 334 Shelby—Citizens Bank 100, 000 50,000 1, 586, 340 Shiloh—Shiloh Savings Bank Co 25,000 40,000 386,006 Steubenville— Steubenville Bank & Trust Co 650,000 311, 000 5, 522,877 Union Savings Bank & Trust Co 350, 000 350,000 5,416, 337 Sylvania—Farmers & Merchants Bank Co 50,000 25,000 926, 019 Toledo- Commerce Guardian Trust & Savings Bank.. 1,400, 000 700,000 27, 517,305 Commercial Savings Bank & Trust Co 200,000 400, 000 13,163, 233 Toledo Trust Co.. 5, 000, 000 3, 000, 000 40,175, 726 Upper Sandusky—Citizens Savings Bank 50,000 50,000 801, 386 Vermilion—Erie County Banking Co 50,000 18,500 678,993 Wakeman—Wakeman Bank Co . _ 25, 000 15,000 325,427 Warren—Union Savings & Trust Co 600,000 600,000 7, 053, 763 Wellington—First Wellington Bank 85,000 100,000 1,196, 789 West Lafayette—West Lafayette Bank Co 100,000 50,000 1, 065, 667 West Milton—Citizens State Bank Co 30,000 16,000 345,466 Wooster—Commercial Banking & Trust Co 150, 000 53,500 1,199, 852 Youngstown— City Trust & Savings Bank 600,000 650, 000 10, 710, 205 Dollar Savings & Trust Co _ 2, 500, 000 1, 250, 000 20,968,082 PENNSYLVANIA (See also District No. 3) Ambridge—Ambridge Savings & Trust Co 125, 000 125, 000 4, 011,135 Beaver—Beaver Trust Co 300,000 100,000 2, 776,144 Beaver Falls—Federal Title & Trust Co. 200,000 40,000 1, 635, 781 Bellevue—Bellevue Savings & Trust Co 125, 000 100,000 2, 208, 989 Butler—Guaranty Trust Co 500,000 600,000 6, 820, 346 East Pittsburgh—East Pittsburgh Savings & Trust Co.. 200,000 200,000 4,849,987 Erie—Security Savings & Trust Co 200,000 500,000 6, 597, 658 Greensburg— Merchants Trust Co 200,000 200,000 2, 547, 020 Union Trust Co. 400, 000 40,000 1,849,497 Meadville—Crawford County Trust Co 200,000 50,000 2, 934, 807 New Brighton—Beaver County Trust Co 400,000 200, 000 1, 718,964 New Castle—Lawrence Savings & Trust Co 300,000 400,000 5,449, 669 Pittsburgh- Allegheny Trust Co ._- 700,000 850,000 7,089, 532 City Deposit Bank 200,000 800,000 16,813,148 Colonial Trust Co 2,600,000 3,000, 000 25, 519,153 Commonwealth Trust Co ._ _. 1, 500, 000 1, 350, 000 15,432,074 Oakland Savings & Trust Co 300,000 300,000 Pittsburgh Trust Co 2, 000,000 2, 000, 000 21, 318, 750 Potter Title & Trust Co 500,000 300,000 7, 522, 222 Union Trust Co . ._. 1, 500, 000 44,000,000 191,174, 050 Washington—Real Estate Trust Co. of Washington 200,000 500,000 3, 239, 036 Woodlawn—Woodlawn Trust Co 125,000 125, 000 2, 402,458 WEST VIRGINIA (See also District No. 5) Moundsville—Marshall County Bank 150,000 50,000 1, 577,140 Sistersville—First-Tyler Bank & Trust Co. 200,000 100,000 2, 262,665 Wheeling- Security Trust Co . 300,000 300,000 4,451, 041 Wheeling Bank & Trust Co 500,000 500.000 8,955, 990 DISTRICT NO. 5 DISTRICT OF COLUMBIA Washington—Continental Trust Co 1,000,000 100,000 4,492, 395 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

172 REPORT OF THE FEDERAL RESERVE BOARD Total resources DISTRICT NO. 5—Continued MARYLAND Baltimore— Atlantic Exchange Bank & Trust Co. $2,000, 000 $2,000,000 $34, 273,440 Baltimore Commercial Bank 750, 000 250,000 I 11,154, 594 Baltimore Trust Co 1,000, 000 2,000,000 18, 288,008 Liberty Bank of Baltimore County.._ 25,000 25,000 1,007,797 Maryland Trust Co 1, 000, 000 500,000 11, 512, 894 Forest Hill—Forest Hill State Bank 25,000 6,500 239,270 Salisbury—Farmers & Merchants Bank.. 100, 000 100, 000 1,085, 602 NORTH CAROLINA Belhaven—Farmers Bank 25,000 7,500 229, 246 Charlotte- American Trust Co 1, 200, 000 470, 610 18, 331, 395 Independence Trust Co 1,000, 000 500, 000 7,086,891 Edenton—Bank of Edenton 66,900 85,000 1,113,411 Elizabeth City—Carolina Banking & Trust Co. 250,000 1, 350, 042 Forest City—Farmers Bank & Trust Co 100, 000 100, 000 2,147, 719 Henderson—Carolina Bank & Trust Co 100,000 7,000 474, 777 Morehead City—Bank of Morehead City 50,000 4,000 378, 290 Tarboro—Farmers Banking & Trust Co 100,000 60, 000 1, 335,968 Washington—Bank of Washington 100, 000 91,275 1, 228, 240 Winston-Salem—Wachovia Bank & Trust Co,. 2,175, 000 750, 000 41, 637, 690 SOUTH CAROLINA Bishopville—Peoples Bank 25, 000 75, 000 414,007 Charleston—Carolina Savings Bank _ 200, 000 150,000 3, 730, 074 Cheraw— Bank of Cheraw 110,000 I 50, 000 1, 002, 954 Merchants & Farmers Bank 100,000 I 25, 000 571,920 Chester—Commercial Bank 100,000 I 100, 000 1,339,955 Darlington—Bank of Darlington 100,000 I 100, 000 1, 405,102 Florence— Commercial & Savings Bank 250,000 100,000 2,462,192 Palmetto Bank & Trust Co 100,000 22, 000 808,121 Georgetown—Bank of Georgetown 100, 000 100, 000 1, 261, 612 Hartsville—Bank of Hartsville 75,000 42, 500 887, 282 Rock Hill—Citizens Bank & Trust Co 140, 000 21,000 981,034 St. George—Farmers Bank 25,000 9,000 304,428 St. Matthews—Home Bank 50,000 30,000 444, 871 Sumter—Peoples Bank 100,000 15, 500 645,356 Union—Nicholson Bank & Trust Co 200,000 200,000 1,711,064 Walterboro—Farmers & Merchants Bank. 100,000 32, 000 691, 943 Westminster—Westminster Bank 100,000 25, 000 863,394 Woodruff—Bank of Woodruff 77, 800 40, 000 622,159 Blackstone—Citizens Bank & Trust Co 100, 000 70, 000 892, 983 Chase City—Peoples Bank & Trust Co 100,000 28,000 570,932 Galax—Peoples State Bank (Inc.) 47, 500 42, 375 468,416 Kenbridge—Bank of Lunenburg (Inc.) 50, 000 83,000 583,135 Norfolk—Citizens Bank of Norfolk 000,000 500,000 8,742,088 Petersburg—Petersburg Savings & Trust Co.. 000, 000 141, 700 5, 235, 064 Richmond- Bank of Commerce & Trusts 500,000 500,000 5, 591,795 Savings Bank of Richmond 200,000 300, 000 2, 799,024 State & City Bank & Trust Co 200,000 1, 200, 000 20,142,908 Union Bank of Richmond 500,000 750,000 4,629,271 Rural Retreat—Peoples B ank 35, 000 4,000 204, 563 Victoria—Bank of Victoria (Inc.) 30,000 12, 000 420, 066 WEST VIRGINIA (See also District No. 4) Berwind—Berwind Bank 50,000 100, 000 1,166, 244 Charleston—Kanawha Valley Bank _ 500,000 1, 600, 000 13,896,306 Franklin- Farmers Bank of Pendleton 50,000 50,000 617, 987 Franklin Bank 40,000 19, 000 384, 309 Qrafton—Graf ton Banking & Trust Co 100,000 50, 000 1, 242, 536 Harpers Ferry—Bank of Harpers Ferry— 25,000 6,000 203,841 Hurricane—Putnam County Bank 50, 000 50,000 516, 614 Martinsburg— Peoples Trust Co 200. 000 102 500 1, 623, 521 Shenandoah Valley Bank & Trust Co. ioo; ooo 25, 000 602, 033 Moorefield—Hardy County Bank 2,250 159,00C Petersburg—Potomac Valley Bank 50,000 3,000 247, 795 St. Marys—Pleasants County Bank. 50,000 26, 000 539,34* Salem—Merchants & Producers Bank 75, 000 19, 500 698, 75( Digitized for FRASER 50, 000 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATE BANK MEMBERSHIP 17a , Capital Surplus re T so o u t r a c l es DISTRICT NO. 6 ALABAMA Athens—Farmers & Merchants Bank $80,000 $50,000 $1,013,167 Birmingham- American Trust & Savings Bank , 000,000 500,000 15, 349,131 Clay B to ir n m — in B g a h n a k m o T f r C u o s m t m & e S rc a e vings Co L, 5 0 0 0 , 0 0 , 0 0 0 00 80 1 0 5 , , 0 0 0 0 0 0 21, 3 3 4 0 2 6 , , 7 2 6 9 1 8 Guin—Marion County Banking Co 25, 000 40,000 438,485- Hartselle—Farmers & Merchants Bank 50, 000 5,500 457,127" Huntsville—Farmers State Bank 100, 000 25,000 611,806- Hurtsboro—Farmers & Merchants Bank 31,400 15,000 139, 240> Jasper—Central Bank & Trust Co. 50,000 10,000 924, 671 Marion—Marion Central Bank 50,000 100,000 614,167 Mobile- Merchants Bank 500,000 300,000 11,782,486 Peoples Bank 300, 000 200,000 5,159,155 Monroeville—Monroe County Bank 100, 000 30,000 858,035 Montgomery—Alabama Bank & Trust Co.. 300,000 47,000 2, 699, 743 Orrville—Orrville Bank & Trust Co ----- 25, 000 30,000 163,006 Pittsview—Bank of Pitts view 25, 000 5,000 76,332: Roanoke— Merchants & Farmers Bank 125, 000 498,314: Roanoke Banking Co 200,000 200,000 1, 251,056 Selma— Peoples Bank & Trust Co 100, 000 50,000 1,138,426 Talladega—Bank & Trust Co 100, 000 25, 000 691,150^ Tuskegee—Macon County Bank 50, 000 110, 000 626, 790< Union Springs—American Bank 50, 000 10,000 317,426 FLORIDA De Land—Volusia County Bank & Trust Co 200, 000 40,000 2, 648,197 Jacksonville—American Trust Co 200,000 50, 701 1,002, 785> Lakeland—Central Bank & Trust Co 100, 000 15, 000 1,327, 627 Lake Wales—Citizens Bank of Lake Wales.-. 75,000 10, 000 306,968 Leesburg—Leesburg State Bank 50, 000 25,000 1, 319,085 Marianna—Citizens State Bank 30,000 372,152: Miami- Commercial Bank & Trust Co 200,000 100,000 2,867, 518 Southern Bank & Trust Co 100, 000 40,000 5,067, 592 Orlando—Bank of Orange & Trust Co 200, 000 50,000 1, 695,288 Tallahassee—Exchange Bank 50, 000 25,000 463,185 Tampa- Bank of Commerce 200,000 40, 000 1, 977,049 Citizens Bank & Trust Co , 000, 000 500, 000 17, 263,079 Winter Park—Bank of Winter Park 40, 000 10, 000 678, 585 GEORGIA Athens— American State Bank 100,000 20, 000 954, 255 Commercial Bank of Athens 200,000 50,000 1, 604,485 Atlanta- Atlanta Trust Co ., 500, 000 300,000 8, 408,32a Georgia Savings Bank & Trust Co 500,000 250,000 4,182,037 Trust Company of Georgia !, 000, 000 1,000, 000 7,865,132 Bainbridge—Citizens Bank & Trust Co 100, 000 20, 000 985, 788 Barnesville—Barnesville Bank 50,000 10, 000 206, 425 Bartow—Bartow Bank 25,000 15,000 220, 296 Boston—Bank of Boston 25,000 5,000 159, 950 Bowers ville—Bank of Bowers ville 25,000 5,000 85, 555 Bowman—Bank of Bowman 35, 000 10,000 332,999 Brunswick—Brunswick Bank & Trust Co 230, 000 101, 000 2,119,147 Calhoun—Peoples Bank 50, 000 497,462 Camilla—Bank of Camilla 100. 000 470, 029 Carrollton—Peoples Bank 60,000 30,000 630, 684 Carters ville—Bank of Carters ville 100, 000 60,000 566, 733 Cave Spring—Bank of Cave Spring.. 25,000 25,000 188,724 Chipley—Farmers & Merchants Bank 50,000 274, 826 Claxton—Citizens Bank of Claxton 30, 000 6,000 163, 628 Commerce— Commerce Bank & Trust Co 50,000 12, 073 169,077 Northeastern Banking Co 100,000 60,000 641,587 Cordelle—Exchange Bank 100. 000 100, 000 718, 543 Dacula—Dacula Banking Co 25,000 5,000 78,300 Dawson—Bank of Daws on . 100,000 42,500 403, 342 Douglasville—Douglasville Banking Co 75,000 51,500 626,874 Dublin—Southern Exchange Bank 100,000 5,000 818,336 Eastman- Bank of Eastman 60,000 10,000 259,247 Citizens Banking Co 100,000 20,000 714, 340 Eatonton— Farmers & Merchants Bank 25,000 |. 81,619 Middle Georgia Bank 50,000 | 50,000 494,441 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

174 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD Total resources DISTRICT NO. 6—Continued GEORGIA—continued Elberton—Bank of Elberton $100,000 $25, 000 $634, 968 Forsyth—Monroe County Bank 25,000 30,000 302, 206 Girard—Farmers & Merchants Bank | 25,000 2,500 140, 957 Graymont—Bank of Graymont 25,000 20, 000 246,115 Greenville- Greenville Banking Co 65,000 100,000 578, 055 Peoples Bank 30,000 27,606 180, 552 Hartwell—Hartwell Bank 60,000 30, 000 475, 693 Hoschton—Bank of Hoschton 30,000 12,000 73, 593 Jackson—Jackson Banking Co 100, 000 20,000 327, 804 Jefferson—Citizens Bank & Trust Co 94,170 10, 000 333,167 La Grange—La Grange Banking & Trust Co 250,- 000 650, 000 2,933, 026 Lavonia—Bank of Lavonia 40, 000 17, 000 290, 903 La wrenceville—Brand Banking Co _ _ 50,000 50,000 716, 290 Lexington—Oglethorpe County Bank 25,000 25, 000 246, 087 Lincolnton— Farmers State Bank 25,000 10,000 286,447 Locust Grove—Bank of Locust Grove. _ 25,000 5,000 144, 411 Louisville—Bank of Louisville 25, 000 55,000 471, 245 Madison—Bank of Madison 100, 000 75, 000 493, 317 McDonough— Bank of Henry County 50,000 30,000 284,773 Farmers & Merchants Bank 100, 000 14,100 278, 594 Metter— Bank of Candler County 25,000 2,000 129, 954 Citizens Bank 30,000 20, 000 185,122 Millen—Bank of Millen._ 50,000 50, 000 496, 362 Monroe- Bank of Monroe 300,000 7,500 736, 251 Farmers Bank 150,000 30, 000 463, 355 Union Banking Co 60,000 151, 462 Pelham—Farmers Bank ._ 100,000 50,000 587,876 Pendergrass—Pendergrass Banking Co 25,000 5,000 75,417 Plains—Plains Bank.... 50,000 30,000 391,914 Portal—Bank of Portal 25,000 2,000 132, 488 Rhine—Rhine Banking Co - 25,000 4, 500 85, 021 Royston—Royston Bank 60,000 30, 000 434, 689 Sardis—Peoples Bank 25,000 6,000 111, 985 Sasser—Bank of Sasser 25, 000 32, 500 124,151 Savannah— Citizens & Southern Bank 3,000,000 2, 500, 000 64, 382, 587 Citizens Trust Co ._ 300,000 75,000 1, 622, 469 Liberty Bank & Trust Co 300, 000 350, 000 4, 438, 906 Savannah Bank & Trust Co 700,000 700, 000 7,881,057 Soperton—Bank of Soperton 25,000 25,000 376,239 Statesboro—Bank of Statesboro.... _ 100,000 75,000 883, 522 Swainsboro—Central Bank 25,000 7,500 189,184 Toccoa—Bank of Toccoa _ 50,000 10,000 235, 079 Wadley—Bank of Wadley _... 25,000 25,000 239, 339 West Point—Citizens Bank 100,000 20, 000 468, 200 Winder—Farmers Bank 50,000 8,500 212, 427 Winterville—Pittard Banking Co _._. 25, 000 5,000 92, 619 Zebulon—Bank of Zebulon 25,000 12, 500 184, 329 LOUISIANA (See also District No. 11) Baton Rouge—Union Bank & Trust Co._ 150,000 75,000 3, 041,017 Gretna—Jefferson Trust & Savings Bank 80,000 35,000 1, 352, 275 New Orleans— Algers Trust & Savings Bank 200, 000 50,000 1,402,679 American Bank & Trust Co - 500, 000 250, 000 6,853, 359 Canal-Commercial Trust & Savings Bank 4,750,000 2, 250, 000 89, 699, 281 Hibernia Bank & Trust Co... 2,000,000 2, 500,000 67, 860, 880 Interstate Trust & Banking Co 750,000 900, 000 17, 437, 189 Marine Bank & Trust Co 1,500,000 800, 000 31, 452, 698 New Orleans Bank & Trust Co 800,000 200, 000 9, 009, 224 New Roads—Pointe Coupee Trust & Savings Bank 60,000 6,600 335, 062 Opelousas—Parish Bank & Trust Co 50,000 10,000 403, 035 Ville Platte—Evangeline Bank & Trust Co 75,000 37,500 1, 012, 393 MISSISSIPPI (See also District No. 8) Crystal Springs—Peoples Bank 25,000 2,800 161, 549 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATE BANK MEMBERSHIP 175 Surplus Total DISTRICT NO. 6—Continued TENNESSEE (See also District No. 8) Bellbuckle—Peoples Bank & Trust Co $30,000 $147,942 750,000 $250, 000 6,675,055 Chattanooga—Chattanooga Savings Bank 25, 000 2,517 90,839 W artrace—Wartrace Bank & Trust Co DISTRICT NO. 7 ILLINOIS (See also District No. 8) 25, 000 5,500 265, 394 Argenta—The Gerber State Bank 50, 000 10, 000 710,178 Auburn—Auburn State Bank 50, 000 20, 000 655,289 Barrington—First State Bank 60, 000 40, 000 1, 348, 409 Blandinsville—Huston Banking Co Chicago- 200, 000 40, 000 2, 392, 496 Adams St ate B ank 200, 000 30, 000 956, 590 Auburn Park Trust & Savings Bank 300, 000 100, 000 6, 645,303 A D C C C D h u e a r e e i n p p s c x t o t i a i e r t s n a g a l i l l o t S o S S T r T t t a s t a r a r t u t u e t e S s e s t t B B t a S t C a a C e a n n o v o k B k i . n o a g n f s k I l B li a n n o k is 6 1 , , 3 3 3 0 0 5 5 5 0 0 0 0 0 0 0 , , , , , 0 0 0 0 C 0 0 0 0 O 0 0 0 0 O 3, 5 2 1 0 0 0 5 6 0 0 0 0 0 0 , , , , , 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 2 0 8 8 4 6 9 , , , , , 8 3 1 7 2 8 7 7 6 9 6 0 1 4 9 , , , , , 5 8 5 4 7 6 6 2 3 3 1 6 0 6 1 First Trust & Savings Bank 6, 250, 000 6, 250, 000 144, 278,278 Harris Trust & Savings Bank 3, 000, 000 3, 000, 000 73, 024, 707 Home Bank & Trust Co 1, 000, 000 500, 000 10, 656,975 Hyde Park State Bank 300, 000 200, 000 5, 506, 655 Illinois Merchants Trust Co 15, 000, 000 30, 000, 000 462,481, 010 Independence State Bank 200, 000 40, 000 4, 898, 762 Kasper-Arnerican State Bank 1, 600, 000 400, 000 19, 642,974 Madison & Kedzie State Bank 1, 000,000 250, 000 12, 051,300 Mercantile Trust & Savings Bank 400, 000 125, 000 10, 228, 580 Noel State Bank 1, 000, 000 150, 000 10,190,695 Northern Trust Co 2, 000, 000 3, 000, 000 67, 432,329 Northwestern Trust & Savings Bank 1, 000, 000 500, 000 21,167, 763 Second Security Bank 350, 000 200, 000 6, 077, 467 Security Bank of Chicago 700, 000 350, 000 9,148,369 South Side Trust & Savings Bank 750, 000 250, 000 11, 527, 275 Standard Trust & Savings Bank 1, 000, 000 500, 000 16,856, 261 State Bank of Chicago 2, 500, 000 5, 000, 000 62,683,633 Twenty-sixth Street State Bank 200, 000 37, 000 2,044,199 Union Trust Co 2, 000, 000 3, 000, 000 73,151, 700 United State Bank of Chicago 200, 000 100, 000 3, 309,221 Woodlawn Trust & Savings Bank 500, 000 150, 000 9, 783, 707 Cicero- Cicero Trust & Savings Bank 100, 000 70, 000 1,883,804 Western State Bank 250, 000 50, 000 3,484,113 Cowden—State Bank of Cowden 25, 000 10, 000 259,089 Des Plaines—Des Plaines State Bank 100, 000 25, 000 1,750,153 Divernon— First State Bank 50, 000 10, 000 619, 770 Eureka—Farmers State Bank 100, 000 20, 000 771, 732 Evanston— Evanston Trust & Savings Bank 200, 000 100, 000 2, 688, 803 State Bank & Trust Co 300, 000 500, 000 8, 736, 614 Fulton—Whiteside County State Bank 50, 000 8,000 533, 615 Geneva—State Bank of Geneva 100, 000 50, 000 1, 418, 693 Hinckley—Hinckley State Bank 50, 000 25, 000 537, 460 Hinsdale—Hinsdale State Bank 100, COO 25, 000 1, 238, 791 Joliet— Commercial Trust & Savings Bank 100, 000 10, 000 1, 608,169 Joliet Trust & Savings Bank 100, 000 50, 000 2, 326, 361 Kewanee—Union State Savings Bank & Trust Co.. 150, 000 25, 000 1,403, 232 La Grange—La Grange State Bank 100, 000 100, 000 2, 252, 789 Magnolia—First State Bank _ 25, 000 6,000 186, 091 Marshall—Marshall State Bank 60, 000 12, 000 450, 682 Martinsville—Martinsville State Bank: 50,000 20, 000 471, 515 Matteson—First State Bank 25, 000 25,000 220, 222 Mattoon—Central Illinois Trust & Savings Bank__. 100, 000 100, 000 1, 232,182 Mount Carroll- Carroll County State Bank 100,000 25, 000 1,403, 034 First State Bank J 100,000 15,000 1,311,697 Oak Park- Oak Park Trust & Savings Bank 400,000 200,000 7, 059, 966 Suburban Trust & Savings Bank 200, 000 100,000 2, 537,479 Oswego—Oswego State Bank 50,000 10, 000 387, 412 Polo—Polo State Bank __ 60, 000 30,000 570,863 Rock Island—First Trust & Savings Bank 200, 000 50,000 1, 661, 078 St. Charles—Stewart State Bank... _ 100,000 50,000 1,475, 63 5 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

176 ANNUAL REPORT OF THE FEDERAL. RESERVE BOARD Capital DISTRICT NO. 7—Continued ILLINOIS—continued Seneca- Farmers Trust & Savings Bank $25, 000 $7,500 $168, 756 State Bank of Seneca 50, 000 25, 000 472, 899 Shannon—State Bank of Shannon 50, 000 4,000 284,872 Springfield—Ridgely Farmers State Bank 600, 000 150, 000 8,232,351 Wenona—First State Bank 50, 000 50, 000 856, 828 INDIANA (See also District No. 8) Bargersville—Farmers State Bank 25, 000 25, 000 235, 681 Coif ax—Farmers State Bank 25, 000 132, 285 Connersville—Fayette Bank & Trust Co 400, 000 36, 000 2, 711, 377 Cromwell—Sparta State Bank 27, 500 1,500 189, 681 Elkhart—St. Joseph Valley Bank 250, 000 150, 000 5, 079, 983 Indianapolis—Fletcher Savings & Trust Co 500,000 500, 000 22,180,166 Jamestown—Citizens State Bank 30, 000 20,000 454, 922 Kentland—Kent State Bank 50,000 50, 000 490, 027 La Fontaine—Farmers State Bank 35, 000 131,709 Marion—Grant Trust & Savings Co 175, 600 141,950 2, 577, 415 Nprth Liberty—North Liberty State Bank 50, 000 12, 500 408, 032 Richmond—Dickinson Trust Co 200, 000 50, 000 2, 817, 684 Rochester—United States Bank & Trust Co 75,000 25, 000 853, 760 South Bend- American Trust Co 500, 000 160, 000 5,483, 608 St. Joseph Loan & Trust Co 800, 000 200, 000 5, 723, 898 South Whitley— Mayer State Bank 25, 000 20, 500 329, 912 Terre Haute—Terre Haute Trust Co 500, 000 500, 000 8, 745,335 Tipton—Farmers Loan & Trust Co 50, 000 50, 000 692, 251 Algona— County Savings Bank 100, 000 60, 000 2, 379, 524 Alta Vista—Alta Vista Savings Bank 30,000 20, 000 618, 854 Ames—Story County Trust & Savings Bank 50, 000 19, 000 1, 020, 513 Barnes City—Farmers Savings Bank 50, 000 15, 000 612, 511 Bellevue—Bellevue State Bank _ 60,000 15, 000 1,112, 661 Bennett—Bennett Savings Bank , 50,000 I 5,000 431, 605 Blairsburg—State Bank of Blairsburg 25,000 I 10, 500 331, 606 Britt—Commercial State Bank 100,000 i 130, 000 1,458,904 Burlington—First Iowa State Trust & Savings Bank... 600,000 450, 000 10, 447, 096 Cedar Falls—Security Trust & Savings Bank 50,000 10, 000 517,762 Cedar Rapids—Iowa State Savings Bank 200,000 I 50, 000 3, 216, 506 Chariton—State Savings Bank.. 50,000 50, 000 1, 026, 878 Charter Oak—Farmers State Bank 40, 000 10, 000 414, 036 Cherokee—Cherokee State Bank 75, 000 75, 000 1,484,186 Clearfield—Taylor County State Bank 25, 000 144, 805 Clinton—Peoples Trust & Savings Bank _ _ 300, 000 300, 000 6, 090,150 Ccrydon—Wayne County State Bank 75, 000 11,500 470,461 Davenport—American Commercial & Savings Bank... 1,000, 000 500, 000 23, 532, 07.1 Decorah—Winneshiek County State Bank 150,000 75, 000 2, 667,156 Des Moines— Bankers Trust Co 1,000, 000 200, 000 6, 282, 706 Central State Bank 250, 000 250, 000 8, 942, 613 Iowa Loan & Trust Co 500,000 ! 250, 000 9, 214,123 Dexter—Iowa State Bank 25, 000 15, 000 282, 034 Early- Citizens State Bank 30,000 5, 000 329, 476 State Bank of Early 40, 000 10,000 380, 809 Elberon—Farmers State Bank 50, 000 25,000 800,163 Eldora—Citizens Savings Bank 50, 000 25, 000 296, 313 Elkader—Elkader State Bank 50, 000 25, 000 1,130, 723 Ellsworth- Farmers State Bank 25, 000 10, 000 193,640 State Bank of Ellsworth 35,000 3,000 326, 912 Fairbank—Fairbank State Bank 26, 000 24, 000 580, 686 Fairfield— Iowa Loan & Trust Co 50, 000 12, 500 480, 644 Iowa State Savings Bank 200,000 75, 000 1, 962, 640 Farragut—Commercial Savings Bank 40,000 4,000 207, 075 Fort Dodge—Webster County Trust & Savings Bank. 100,000 5,000 617, 915 Fort Madison- American State Bank 100, 000 22, 000 1, 591, 649 Fort Madison Savings Bank 100, 000 75, 000 2, 267, 930 Fostoria—Citizens Savings Bank 25, 000 190, 988 Fremont—State Bank of Fremont 40, 000 60, 000 496, 542 Garwin—Garwin State Bank 50, 000 j 12, 897 594.475 Gilbert—Gilbert Savings Bank 50,000 I 309, 585 Oilman—Citizens Savings Bank 50, 000 10, 000 441,898 Grand River—Farmers State Bank 25, 000 15, 000 378,345 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATE BANK MEMBEBSHIP 177 Total Capital Surplus resources DISTRICT NO. 7—Continued IOWA—continued Grant—Farmers Savings Bank . $25,000 $8,000 $196, 317 Greenfield—Greenfield Savings Bank 30,000 10,000 330,166 Hudson—Hudson Savings Bank 50, 000 20,000 595,643 Humboldt— Peoples State Bank 100,000 753, 376 Jefferson—Jefferson Savings Bank.„ 50, 000 3,000 616, 990 Knoxville—Guaranty State Bank 50,000 15,000 485,356 Lake View—Lake View State Bank 25, 000 25,000 322, 528 Lakota—Farmers & Drovers State Bank 30, 000 10,000 296,187 Lowden—Lowden Savings Bank 25, 000 15, 000 361,018 Lytton—Farmers Savings Bank 30,000 17. 500 457,476 Mapleton—Mapleton Trust & Savings Bank 75,000 15,000 910,232 Marshalltown—Marshalltown State Bank 100, 000 50, 000 2,845,521 Mason City—City Commercial Savings Bank 400, 000 65, 000 2,408,957 Mechanicsville—Mechanicsville Trust & Savings Bank.. 50, 000 40,000 712,463 Mediapolis—Commercial State Bank... 100,000 45,000 573,821 Missouri Valley—State Savings Bank 50,000 10,000 430, 207 Mondamin—Mondamin Savings Bank 35, 000 15, 000 352,473 Monticello— Lovell State Bank 200, 000 100, 000 1, 579, 782 Monticello State Bank 200,000 200,000 2,967,183 Moorhead—Moorhead State Bank 30, 000 30,000 448, 295 Moville—Moville State Bank 35, 000 23, 000 474,448 Newton—Jasper County Savings Bank 100, 000 50, 000 1, 590,170 Osage—Home Trust & Savings Bank 50,000 25,000 822,199 Osceola—Iowa State Bank 50,000 4,000 350,957 Ottumwa—Ottumwa Savings Bank 100, 000 30, 000 1,801,621 Palmer—Farmers Savings Bank 35, 000 8,000 428, 823 Perry—Peoples Trust & Savings Bank 50, 000 6,600 681,484 Remsen—Farmers Savings Bank 50,000 30, 000 530,989 Riceville—Riceville State Bank 25, 000 15,000 282, 845 Royal—Home State Bank 25, 000 194,808 Sac City- Farmers Savings Bank 100, 000 814,468 Sac County State Bank 75,000 50,000 1,202, 587 Schaller—Schaller Savings Bank 25,000 15, 000 407,351 Shenandoah—Security Trust & Savings Bank 60 000 12,000 486,411 Sibley—Sibley State Bank 50, 000 15, 000 635, 049 Sioux Center—Sioux Center State Bank 25,000 25, 000 364, 378 Solon—Ulch Bros. State Bank 50,000 15, 000 800,893 Storm Lake—Security Trust & Savings Bank 75, 000 6,200 474,855 Strawberry Point—Strawberry Point State Bank 50, 000 10, 000 876, 501 Terril—Terril Savings Bank 25, 000 2,000 312, 311 Thompson—State Bank of Thompson 30,000 8,000 326,444 Tipton Farmers & Merchants Savings Bank 50, 000 10,000 544,190 TJte— Farmers Savings Bank. 25,000 2,500 165,610 State Savings Bank 50,000 15,000 431,418 Vail—Farmers State Bank _ 50,000 12,500 241,726 Van Wert—Van Wert State Bank 25,000 25,000 289,127 Victor—Victor Savings Bank _ 50,000 30,000 585,721 Wapello—Wapello State Savings Bank 30,000 6,000 538,871 Waterloo—Waterloo Bank & Trust Co 250,000 50,000 2,057,133 Webster City—Hamilton County State Bank 100,000 20,000 1,405,952 Winterset—Madison County State Bank 125,000 125,000 1,510,568 (See also District No. 9) Adrian- Adrian State Savings Bank ._ 150,000 90,000 2,076,329 Commerical Savings Bank _. 110,000 30,000 1,755,281 Lenawee County Savings Bank 150,000 50,000 2,200,389 Albion- Albion State Bank _. 50,000 25,000 1,074,908 Commercial & Savings Bank. 100,000 55,000 1,143,345 Alpena—Alpena County Savings Bank 100,000 200,000 3,971,595 Ann Arbor- Farmers & Mechanics Bank 200,000 100,000 4,154,316 State Savings Bank . 300,000 300,000 4, 685,335 Armada- Armada State Bank __ 25,000 25,000 571,086 Farmers State Bank. 25,000 12,500 369,105 Bay City- Bay City Bank. 350,000 200,000 5,320,452 Farmers State Savings Bank 100,000 75,000 1,622,058 Peoples Commercial & Savings Bank... 400,000 500,000 11,836,276 Bellevue—Farmers State Bank 25,000 5,000 179,212 Benton Harbor—Benton State Bank ._. 100,000 75,000 1,598, 994 Big Rapids- Big Rapids Savings Bank 50,000 25,000 1,213,478 Citizens State Bank 50,000 25,000 1,787,233 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

178 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD Total Capital Surplus resources DISTRICT NO. 7—Continued MICHIGAN—continued Birmingham—First State Savings Bank $100,000 $30,000 $1,960,683 Blanchard—Blanchard State Bank 25,000 5,000 282, 915 Blissfield—Blissfield State Bank 50,000 23,000 823,778- Britton—Peoples State Savings Bank 25,000 5,000 352,803 Brown City—Brown City Savings Bank 40,000 8,000 663,154 Caledonia—State Bank of. Caledonia 50,000 10,000 549,44Q Caro—State Savings Bank 75,000 25,000 1,176,941 Carson City—Farmers & Merchants State Bank.. 25,000 5,000 322,306 Carsonville—First State Bank 25,000 5,000 513,325 Cass City—Pinney State Bank 50,000 6,500 741, 757 Cassapolis—Cass County State Bank 40,000 8,000 366,543 Charlotte—Eaton County Savings Bank 100,000 20,000 1,384,366 Chelsea- Farmers & Merchants Bank 50,000 50,000 846,613- Kempf Commercial & Savings Bank 60,000 40,000 790,91& Coloma—State Bank of Coloma 25,000 15,000 588,671 Constantine—Commercial State Bank 25,000 8,000 458,263 Coopersville—Peoples Savings Bank 25,000 5,000 516,461 Croswell— First State Savings Bank _L 30.000 6,000 666,111 State Bank of Croswell.. 60,000 12,000 1,270,894 Davison—Davison State Bank 50,000 10,000 549, 529- Dearborn—Dearborn State Bank 100,000 150,000 2, 967, 558 Detroit- American State Bank 1,500,000 500,000 27,587,200 Bank of Detroit 2,000,000 500,000 47,120, 789 Central Savings Bank _. 1,000,000 800,000 29,844,925 Commercial State Savings Bank 1,000,000 200,000 6,889,405 Detroit Savings Bank 1,500,000 2,000,000 37,900, 909- Dime Savings Bank 1,500,000 2,600,000 57,381,286 First State Bank 2, 500,000 700,000 20,216,763 Peninsular State Bank 2,500,000 1,500,000 43, 538,705 Peoples State Bank 5,000,000 10,000,000 149,042,679 United Savings Bank 750,000 250,000 12,601,883 Wayne County & Home Savings Bank 4,000,000 6,000,000 103, 557, 715 Eaton Rapids—Michigan State Bank 75,000 15,000 711,480 Edmore—Edmore State Bank 30,000 10,000 445,08& Elk Rapids—Elk Rapids State Bank 35,000 10,828 373,482 Farmington—Farmington State Savings Bank 40,000 30,000 1,015,360 Fennville—Old State Bank 50,000 15,000 523, 633 Fenton— Commercial State Savings Bank 50,000 29,000 710,66g Fenton State Savings Bank 25,000 20,000 911,510 Flint- Citizens Commercial & Savings Bank 450, 000 350, 000 7, 265, 949 Genesee County Savings Bank 500,000 500,000 10, 223, 554 Industrial Savings Bank 1,000,000 300,000 12, 337,165 Union Trust & Savings Bank 400, 000 300,000 6, 620,680 Flushing—Peoples State Bank 25,000 15,000 400, 381 Fountain—Bank of Fountain 25,000 5,000 193, 322 Frankenmuth—Frankenmuth State Bank 50,000 60, 000 1, 337, 748 Fremont— Fremont State Bank 50,000 40,000 713,283 Old State Bank 100,000 50,000 1,241, 766- Grand Haven- Grand Haven State Bank 100, 000 100,000 2, 232,163^ Peoples Savings Bank 50,000 35,000 1,132,416 Grand Rapids- Grand Rapids Savings Bank 500,000 500,000 22,132, 821 Home State Bank for Savings 250, 000 62, 500 3, 573,025 Kent State Bank 500, 000 1, 250,000 23,120, 38S Greenville—Commercial State Savings Bank 50,000 30,000 1, 347, 961 Hart—Oceana County Savings Bank 40,000 13,000 610, 548 Highland Park- American State Bank 200, 000 60, 000 4, 349, 914 Highland Park State Bank 1,000,000 1, 000,000 26,926, 652 Hillsdale—Hillsdale Savings Bank 100,000 25,000 1,485, 872 Holland- First State Bank 100,000 100,000 3,051,416 Holland City State Bank 100,000 100, 000 2,826, 011 Holly—First State & Savings Bank 100,000 50,000 1, 742, 842 Hopkins—The Hopkins State Savings Bank 25,000 5,000 489,480 Howell—First State & Savings Bank 75, 000 20,000 1,103, 410 Imlay City— Lapeer County Bank 50,000 10,000 1, 093,845 Peoples State Bank 50,000 10,000 792,053 Ionia—State Savings Bank 100,000 100,000 1,902,439 Jackson- Central State Bank.. 100,000 26,000 1,836,368 Jackson State Savings Bank_ 300,000 80,000 2, 261,286 Jonesville—Grosvenor Savings Bank 50,000 25,000 723,475 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATE BANK MEMBERSHIP 179 Total resources DISTRICT NO. 7—Continued MICHIGAN—continued Lake Odessa—Lake Odessa State Savings Bank $25,000 $25,000 $465, 806 Lakeview— Commercial State Savings Bank 25,000 7,000 332, 924 Farmers & Merchants State Bank 40,000 10,000 310,828 Lansing—American State Savings Bank 750,000 250,000 9,997, 396 Lapeer—Lapeer Savings Bank 75,000 15,000 958, 703 Lenox—Macomb County Savings Bank 50,000 15,000 1,178,941 Lowell—City State Bank _ 25,000 10,000 616,266 Ludington—Ludington State Bank 100,000 25,000 2,028, 578 Manchester- Peoples Bank 25,000 15,000 548, 518 Union Savings Bank 25,000 50,000 723,171 Manistee—Manistee County Savings Bank 100,000 100,000 3,198, 655 Marcellus—G. W. Jones Exchange Bank 40,000 35,000 877,010 Marlette—State Savings Bank 25,000 5,000 595,885 Marshall—Commercial Savings Bank 100,000 20,000 1, 285, 701 Marysville—Marysville Savings Bank 50,000 25,000 330,101 Mason- Farmers Bank 50,000 10,000 644, 583 First State & Savings Bank ._ 25,000 15,000 730, 830 Midland—Chemical State Savings Bank 50,000 15,000 1,128,976 Milan—Milan State Savings Bank._ 25,000 16,000 427, 270 Milford— Farmers State Savings Bank 25,000 8,000 337,329 First State Bank 25,000 12, 500 762, 348 Monroe—Dansard State Bank 200,000 40, 000 2, 628, 528 Montague—Farmers State Bank 25,000 5,000 422, 770 Morenci—Wakefield State Bank 50,000 30,000 1,117, 554 Mount Clemens— I Citizens Savings Bank 150,000 100, 000 3 3 Ullrich Savings Bank 100,000 100,000 2, 306', 489 Mount Pleasant- Exchange Savings Bank 50,000 32,500 1, 092, 514 Isabella County State Bank 60,000 28,000 | 1, 784,929 Nashville— Farmers & Merchants Bank 35,000 50,000 928,133 State Savings Bank 30,000 13,000 New Baltimore—Citizens State Savings Bank 25,000 10, 000 412, 653 New Haven—New Haven Savings Bank 25,000 25, 000 517, 515 Niles City—Niles City Bank 100,000 25, 000 1,497,882 Northville—Lapham State Savings Bank 50,000 35,000 1, 209, 425 Onsted— Onsted State Bank 25,000 10, 000 319, 529 Paw Paw—Paw Paw Savings Bank 40,000 10, 000 543, 216 Petersburg—The H. C. McLachlin & Co. State Bank 25,000 35, 000 604, 744 Petoskey—First State Bank 60,000 20, 000 1,179, 146 Pinconning— Pinconning State Bank 30,000 6,000 580,363 Pontiac—Pontiac Commercial & Savings Bank 800, 000 200,000 13, 568, 551 Port Huron—Federal Commercial & Savings Bank 300,000 180, 000 6, 650, 778 Bedford—Redford State Savings Bank 100, 000 42, 000 1,480, 933 Rochester—Rochester Savings Bank 50,000 10, 000 672, 940 Rogers City—Presque Isle County Savings Bank 35, 000 15, 000 1,316, 975 Romeo—Romeo Savings Bank 100, 000 25, 000 1, 545, 346 Royal Oak- First State Bank of Royal Oak 200,000 100, 000 3,821, 569 Royal Oak Savings Bank I 100,000 100, 000 3, 394, 669 Saginaw— I American State Bank ! 200,000 100, 000 4, 887, 078 Bank of Saginaw | 1,000,000 1, 000, 000 21, 292,994 St. Charles—St. Charles State Bank j 25,000 13, 000 899, 860 St. Clair—Commercial & Savings Bank j 75,000 20, 000 1,172, 779 Saline—Saline Savings Bank ! 25,000 25, 000 587, 797 Saugatuck—Fruit Growers State Bank j 100,000 35, 000 941, 546 Sebewaing—Farmers & Merchants State Bank j 25,000 6,250 563,493 South Haven—Citizens State Bank I 100,000 100, 000 1, 738, 949 Sparta—Sparta State Bank I 30,000 8,000 583,110 Spring Lake—Spring Lake State Bank 25,000 30,000 517,347 Tecumseh— I Lilley State Bank I 40,000 20, 000 701, 003 Tecumseh State Savings Bank I 50, 000 30, 000 856, 524 Traverse City—Traverse City State Bank 200,000 100, 000 3, 679, 932 Vicksburg— Farmers State Bank 25,000 5,000 505, 527 First State Bank 30,000 7,200 417,180 Warren—State Savings Bank of Warren 25,000 25,000 976,141 Washington—Washington Savings Bank 25, 000 15,000 •291, 541 Wayne—Wayne Savings Bank 50,000 50,000 1, 637,470 Williamston— Crossman & Williams State Bank 40,000 20, 000 524, 270 Williamston State Bank 50,000 10,000 667, 42?. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

180 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD Total Capital Surplus resources DISTRICT NO. 7—Continued | WISCONSIN ! (See also District No. 9) j Baraboo—Bank of Baraboo $100,000 $50, 000 $2,325, 281 Burlington—Bank of Burlington ' 125,000 25, 000 1,644, 898 Clinton—Citizens Bank 50,000 10, 000 586, 708 Delavan—Citizens Bank of Delavan ! 50, 000 50, 000 1,127,945 Cxreen Lake—Green Lake State Bank I 40,000 20. 000 492, 065 Kewaunee—State Bank of Kewaunee 80, 000 25, 000 1, 234,973 Madison—Bank of Wisconsin j 500,000 160, 000 5,197, 313 Milwaukee- Badger State Bank i 200,000 100, 000 6, 204, 774 Marshall & Ilsley Bank ! 1,000,000 1, 500, 000 28,634, 746 Second Ward Savings Bank i 1,000,000 2, 000, 000 39, 354,913 Mineral Point—Iowa County Bank ! 100.000 50, 000 1,196, 646 Oakfield—Bank of Oakfield 50,000 10, 000 291, 516 Platteville—State Bank of Platteville \ 50, 000 50, 000 1, 073, 744 Plymouth— I Plymouth Exchange Bank | 100,000 50, 000 1, 420, 244 State Bank of Plymouth | 125,000 32, 500 1, 082,144 Seneca—Farmers & Merchants State Bank ! 35, 000 17, 500 448,176 Sheboygan—Citizens State Bank 200,000 200, 000 4,496, 565 Sturgeon Bay—Bank of Sturgeon Bay i 100,000 20. 000 2,465,611 Waupun—State Bank of Waupun ! 50, 000 35, 000 944, 623 Wausau—Marathon County Bank i 150,000 60, 000 2, 329, 802 Winneconne—Union Bank I 25, 000 13, 500 501, 769 DISTRICT NO. 8 j ARKANSAS Arkansas City—Desha Bank & Trust Co 104,000 16, 000 961, 833 Bates ville— Citizens Bank & Trust Co 50,000 ' 20.000 832, 784 Union Bank & Trust Co 100, 000 25,000 1, 407, 212 Blytheville—Farmers Bank & Trust Co 100, 000 20, 000 1,309, 652 Brinkley—Monroe County Bank 35, 000 12, 000 389, 795 Conway—Farmers State Bank 60,000 15, 000 1, 270, 311 Dardanelle—Dardanelle Bank & Trust Co 50, 000 10, 000 433, 504 Dumas—Merchants & Farmers Bank 50,000 10,000 446,411 England—Citizens Bank & Trust Co 100,000 40, 000 761,631 Forrest City—Bank of Eastern Arkansas 50,000 50,000 1, 009,175 Fort Smith—Arkansas Valley Bank 100, 000 20,000 1, 290, 018 Oillett—Citizens Bank 25,000 2,500 126, 493 Helena—Security Bank & Trust Co 250,000 50,000 1, 543,800 Jonesboro— Bank of Jonesboro 200, 000 100, 000 1, 788,493 Jonesboro Trust Co 100, 000 30,000 1,159, 625 Lake Village—Chicot Bank & Trust Co 150,000 20,000 492,218 Little Rock- American Southern Trust Co 1,000,000 200,000 21,467,259 Bankers Trust Co. 300,000 100,000 10,854,104 Union Trust Co 500,000 250,000 10,749,137 W. B. Worthen Co., Bankers 200, 000 300, 000 3,913,181 Magnolia— Columbia County Bank 50,000 50,000 678, 612 Farmers Bank & Trust Co 50,000 50,000 884,985 Marion—Crittenden County Bank 200,000 1, 584,141 Marvell—Bank of Marvell 50,000 10,000 490,470 Newport—Arkansas Bank & Trust Co 200,000 10, 000 1,412, 794 North Little Rock—Twin City Bank 100,000 20,000 782, 563 Paris—American Bank & Trust Co 50,000 10,000 651, 078 Pine Bluff- Cotton Belt Savings & Trust Co 100,000 I 60, 000 1, 354,944 Peoples Savings Bank & Trust Co 100,000 | 50, 000 1, 278,215 Russellville— Bank of Russellville 75,000 37, 750 813,955 Peoples Exchange Bank j 100,000 i 50,000 1,105, 839 Siloam Springs—Producers State Bank 25,000 I 3,500 147, 299 Texarkana—Merchants & Planters B ank 200, 000 | 25,000 965,272 Waldron—Bank of Waldron 60,000 ] 20,000 450,015 Walnut Ridge—Lawrence County Bank 125,000 31,250 1,065,075 Warren—Warren Bank 75,000 46.000 643, 651 ILLINOIS (See also District No. 7) Belleville—Belleville Savings Bank.. 300,000 250,000 4,232, 526 East St. Louis—Union Trust Co.. _ 600,000 200,000 6,970,294 Edwardsville—Citizens State & Trust Bank. 100,000 ! 35,000 1,295,838 Effingham—Effingham State Bank 110,000 i 25.000 1,012, 277 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATE BANK MEMBERSHIP 181 Total DISTRICT NO. 8—Continued ILLINOIS—continued Granite City—Granite City Trust & Savings Bank $100, 000 $25,000 $1,170, 748 Greenville—State Bank of Hoiles & Sons 120,000 40,000 1.515,161 Harrisburg—First Trust & Savings Bank 150, 000 75,000 2,410,480 Hillsboro—Montgomery County Loan & Trust Co 100,000 50,000 785,218 Litchfield—Litchfield Bank & Trust Co 100,000 30,000 945, 484 Madison—Union Trust Co 50,000 15,000 386,266 Mount Olive—Mount Olive State Bank 50.000 10,000 445, 714 New Athens—Farmers State Bank 25,000 5,000 168, 557 O'Fallon—First State Bank 25,000 5,000 250, 760 Palmyra—First State Bank 25, 000 25,000 230,274 Quincy—State Savings, Loan & Trust Co 1,000,000 200, 000 11,443, 549 INDIANA (See also District No. 7) Cory don—Corydon State Bank 75, 000 20,000 497,106 200,000 50, 000 2,278, 678 E vansville—Mercantile Commercial Bank 40, 000 10,000 461,107 Paoli—Paoli State Bank KENTUCKY (See also District No. 4) Louisville- Kentucky Title Savings Bank & Trust Co 350,000 350,000 13,840,453 Liberty Insurance Bank 500, 000 1,000,000 21, 796,348 Lincoln Bank & Trust Co 750,000 200,000 8, 271,168 Louisville Trust Co.. 806,100 300,000 6, 550, 342 Owensboro—Central Trust Co 200,000 110, 000 3,138,327 MISSISSIPPI (See also District No. 6) Baldwyn— Merchants & Farmers Bank 15,000 5,000 66,812 Greenwood—Greenwood Bank & Trust Co 200,000 50, 000 1, 553, 611 Grenada—Grenada Bank 250,000 300,000 7, 557, 700 Pontotoc—Bank of Pontotoc 100,000 25,000 672,052 Rosedale—Bolivar County Bank 75,000 10,000 271, 500 Ruleville—Planters Bank & Trust Co 50, 000 25, 000 242,054 Tunica—Citizens Bank of Tunica 75,000 15,000 | 943,089 (See also District No. 10) Bertrand—Commercial Bank of Bertrand 25,000 2,000 120, 736 Bowling Green—Pike County Bank 25,000 10,000 262,940 Cabool—Citizens Savings Bank 25,000 5,000 309,857 Iberia—Farmers & Traders Bank 25,000 10,000 226, 301 Jefferson City—Exchange Bank of Jefferson City 100,000 25,000 1,763,152 Lexington—Lafayette County Trust Co 75,000 15,000 444,451 Linn Creek—Camden County Bank 25,000 35,000 239,256 Luxemburg—Lemay Ferry Bank 50,000 25,000 1,423,899 Macon—State Exchange Bank of Macon 100,000 40,000 1,155, 529 Maplewood— Bank of Maplewood 50,000 25,000 1,451,015 Citizens Bank of Maplewood 100,000 16,500 894,202 Peoples State Bank 60, 000 13,600 183, 281 Marshall—Wood & Huston Bank 100,000 200, 000 1, 606, 689 Pine Lawn—Pine Lawn Bank 30,000 5,000 230,746 St. Louis— American Trust Co 1,000, 000 500,000 16,693, 959 Baden Bank 200,000 100, 000 2,330, 983 Bremen Bank 200,000 500,000 7,011,871 Broadway Savings Trust Co 200,000 85,000 2,348,419 Cass Avenue Bank 200,000 200,000 4,911, 896 Chippewa Trust Co 200,000 50,000 1,712,099 City Trust Co 200,000 65,000 2, 216, 220 Easton-Taylor Trust Co 200,000 14,000 1,908, 265 Farmers & Merchants Trust Co 400, 000 100,000 5,857,760 Franklin Bank 1,000, 000 300,000 13, 250, 534 Grand Avenue Bank of St. Louis 200,000 100, 000 3,116,189 Grant State Bank 200,000 50,000 1,353,155 Gravois Bank of St. Louis County 50,000 20,000 871, 211 International Bank of St. Louis 1,000,000 200,000 10, 522, 581 Jefferson Bank 200, 000 175,000 4, 872, 423 Jefferson Gravois Bank of St. Louis 200,000 100,000 4, 260, 573 Laclede Trust Co 200,000 40,000 2, 219,180 Lafayette South Side Bank 1,000,000 1, 000, 000 26,613,738 Liberty Central Trust Co 3, 000, 000 1, 000,000 a, 575,458 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

182 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD Capital Total resources DISTRICT NO. 8—Continued MISSOURI—continued St. Louis—Continued Lindell Trust Co $200, 000 $20, 000 $1,133, 882 Lowell Bank 200,000 100,000 3, 844, 471 Manchester Bank 500, 000 100,000 6,158, 931 Mercantile Trust Co 3, 000, 000 7,000,000 74, 405,489 Mississippi Valley Trust Co . 3, 000, 000 3, 500,000 42, 394, 582 Mound City Trust Co 200, 000 40, 000 2, 085, 217 Natural Bridge Bank 200, 000 50,000 1, 750, 726 North St. Louis Trust Co 200, 000 60, 000 3, 060, 804 Northwestern Trust Co 500, 000 500, 000 9, 873,005 Park Savings Trust Co. (Richmond Heights) 50, 000 10,000 339,864 Savings Trust Co 200,000 50, 000 3, 032,091 Scruggs Vandervoort & Barney Bank 200, 000 27,000 1, 994,146 Shaw State Bank 120,000 12,000 615,173 South Side Trust Co 200,000 50,000 3,170, 466 Southern Commercial & Sayings Bank 200,000 50, 000 3,865, 692 Southwest Bank of St. Louis 125,000 20, 500 1, 714, 354 Tower Grove Bank 400,000 100, 000 7, 207, 256 United States Bank 1,000,000 500,000 10, 387, 621 Water Tower Bank 200,00C 75, 000 1, 575, 981 West St. Louis Trust Co- 200, 000 100, 000 3, 228,939 Versailles—Bank of Versailles 75, 000 2, 500 450, 892 Washington—Franklin County Bank 50,000 20,000 465, 818 Webster Groves—Webster Groves Trust Co 100, 000 50, 000 1,405,723 TENNESSEE (See also District No. 6) Alamo—Bank of Alamo 25,000 5,000 276, 943 Bells—Bank of Crockett 25, 000 5, 000 483,748 D Br y o e w r— ns F v a il r l m e— er F s ir & st M S e ta rc te h a B n a ts n k Bank 2 4 0 0 0 , , 0 00 0 0 0 4 25 0 , ; 7 0 0 0 0 0 1, 3 6 3 2 7 1 , , 1 9 7 8 8 3 Greenfield—Greenfield Bank 30, 000 25,000 305, 784 Halls —Peoples Savings Bank & Trust Co 25, 000 10, 000 220,315 Henning—Bank of Henning 50,000 414,124 Memphis- i Bank of Commerce & Trust Co 3,000,000 I 1, 500, 000 41, 562,444 Fidelity Bank & Trust Co 1,000,000 ! 100.000 4,488, 579 Union & Planters Bank & Trust Co 2,500,000 I 200, 000 35, 356, 230 DISTRICT NO. 9 (See also District No. 7) JSwen—State Bank of Ewen 25,000 20, 000 450,456 Gladstone—Gladstone State Savings Bank. 50,000 25, 000 1,136,139 Gwinn—Gwinn State Savings Bank 25, 000 25,000 409,333 Iron Mountain—Commercial Bank 100,000 100, 000 3,139, 565 Laurium—State Savings Bank _•_ 100, 000 100,000 1, 029, 891 Manistique—Manistique Bank 50,000 50,000 874,178 Menominee—Commercial Bank 100,000 25, 000 1, 318, 765 Sault Ste. Marie- Central Savings Bank 100,000 40,000 1, 419, 039 Sault Savings Bank 100,000 60, 000 1, 777, 068 South Range—South Range State Bank 30,000 30,000 820, 540 MINNESOTA Anoka—State Bank of Anoka 50, 000 25, 000 966,998 Benson—Swift County Bank 50, 000 50,000 1,492, 280 Clinton—Clinton State Bank 25, 000 6, 000 334, 764 Columbia Heights—Columbia State Bank 25,000 5,000 137,054 Excelsior—Minnetonka State Bank 25,000 15, 000 592, 724 Hayfield—Farmers State Bank 25, 000 18,000 501,148 Hutchinson—Farmers & Merchants State Bank (Inc). 50, 000 12, 500 812, 500 Ihlen—Ihlen State Bank 25, 000 4.000 207, 030 Jeffers—State Bank of JeiTers 25, 000 25,000 435, 741 Kenyon—Kenyon State Bank 50,000 12,000 622, 535 Lake City—Lake City Bank of Minnesota 50,000 50,000 1,069, 254 Lewiston—Security State Bank 50, 000 10,000 460, 483 Luverne—Rock County Bank 50,000 25,000 814, 368 Madelia—State Bank of Madelia 50, 000 10,000 660,165 Menahga—Farmers & Merchants State Bank 25, 000 . 5,000 214,917 Minneapolis- Mercantile State Bank 250, 000 50,000 2,391,482 Wells-Dickey Trust Co 500, 000 190,000 5, 919, 831 New Richland—State Bank of New Richland 50,000 25, 000 722, 898 New Ulm—Citizens State Bank 100,000 100, 000 2, 744, 242 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATE BANK MEMBERSHIP 183 Total Capital Surplus resources DISTRICT NO. 9—Continued . MINNESOTA—continued Red Wing—First Security State Bank $125,000 $65,000 $1,534, ioa, Revere—State Bank of Revere 30,000 30,000 277, 825 South St. Paul—Drovers State Bank 100,000 10,000 1, 797, 856 Spring Valley—First State Bank 30,000 40,000 581,433 Wanamingo—Security State Bank (Inc.)--. 40,000 8,000 265,242 Westbrook—Citizens State Bank 25,000 10,000 298,156 Willmar—Kandiyohi County Bank... 100, 000 40,000 1, 778,121 Winona— Deposit Bank & Trust Co. of Winona. 300,000 200,000 4, 244,122 Merchants Bank of Winona 200,000 50,000 3,850,019 Anaconda—Daly Bank & Trust Co 100,000 100,000 3, 809,303 Belgrade—Belgrade State Bank. 50,000 25,000 415, 255 Belt—Farmers & Miners State Bank 50,000 10,000 300,093 Billings—Security Trust & Savings Bank 100,000 13,000 2, 060,647 Boulder—Bank of Boulder 75,000 25,000 423,902 Bozeman— Gallatin Trust & Savings Bank 100,000 25,000 932, 529 Security Bank & Trust Co 100,000 10,000 419,014 Broadus—Powder River County Bank 25,000 1, 200 186, 733 Butte— Metals Bank & Trust Co 400,000 300,000 12, 308,937 Miners Savings Bank & Trust Co 200,000 50,000 1, 556,630 East Helena—East Helena State Bank 50,000 12, 500 223,456 Edgar—Edgar State Bank 30,000 122,558 Ennis—Southern Montana Bank _ 25,000 25,000 266, 588 Eureka—Farmers & Merchants State Bank.... 25,000 21,000 233, 512 Fromberg—Clarks Fork Valley Bank _. 25,000 2,500 146,896 Hamilton—Ravalli County Bank _ 50,000 12, 500 513,020 Helena- Montana Trust & Savings Bank 150,000 75,000 2,196,517 Union Bank & Trust Co... 250, 000 150,000 4,455,106 Hinsdale—Valley County Bank 25,000 3,500 159,919 Joilet—Joilet State Bank 25,000 205, 587 Kalispell—Bank of Commerce 100,000 25,000 622,002 Laurel—American Bank of Laurel 25,000 2,500 211,018 Moccasin—Moccasin State Bank 25,000 194,402 Nashua—State Bank of Nashua 25,000 5,000 227,156 Opheim—First State Bank of Opheim 25,000 132,479 Park City—Park City State Bank 40,000 3,000 331,178 Philipsburg—First State Bank 50,000 10,000 450,008 Reed Point—Reed Point State Bank 25,000 1,000 107,275 Richey—First State Bank 25,000 5,000 146, 553 Saco—Farmers & Merchants State Bank 25,000 1,000 200,010 Stevensville—First State Bank 40,000 10,000 314,002 Townsend—State B ank of Townsend 100,000 11,000 702,216 White Sulphur Springs—Central State Bank. 30,000 131,032 Wolf Point—First State Bank 30,000 15,000 723,036 Worden—Farmers State Bank _ 25,000 4,500 214,034 NORTH DAKOTA Enderlin—Enderlin State Bank 50,000 3,500 455,147 Fullerton—Farmers State Bank 25,000 1,000 137,058 Jamestown—Security Savings Bank. 50,000 10,000 399, 286 Noonan— Security State Bank 25,000 5,000 387, 537 SOUTH DAKOTA Bellefourche—Butte County Bank 75,000 25,000 1,327, 788 Big Stone City—Big Stone City State Bank.... 50,000 5,000 382,975 Buffalo—First State Bank 25,000 5,000 161, 383 Camp Crook—Little Missouri Bank _ 25,000 10,000 335,431 Gregory—Commercial State Bank. 50,000 7,500 671,376 Groton—Brown County Banking Co.. 25,000 10,000 685,896 Hecla— Farmers & Merchants State Bank 25,000 5,000 309, 858 Mitchell—Commercial Trust & Savings Bank.. 100,000 20,000 2, 296, 295 Newell—Reclamation State Bank 25,000 5,000 389,189 Philip—Bank of Philip 40,000 10,000 521,167 South Shore—South Shore Bank 25,000 5,000 258, 716 Stratford—First State Bank 30,000 349, 662 Webster—Security Bank & Trust Co 60,000 30,000 1,148, 640 White River—Mellette County State Bank._._ 25,000 2,500 136,138 36569—25t- -13 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

184 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD Capital Surplus Total resources DISTRICT NO. 9—Continued WISCONSIN (See also District No. 7) Balsam Lake—Polk County Bank $25,000 $5,000 $257,170 Boyceville—Bank of Boyceville-. 30,000 6,000 511,09a Ellsworth—Bank of Ellsworth.._ 50,000 25,000 1,171, 633 Glenwood City—First State Bank 42,000 5,000 384, 727 Grantsburg—First Bank of Grantsburg 50,000 7,300 683,900 New Richmond—Bank of New Richmond 75,000 37, 500 1,172, 223 Tomahawk—Bradley Bank 60,000 14,000 891, 468- West Salem—La Crosse County Bank 50,000 27,500 714,316 Whitehall—Peoples State Bank 30,000 6,000 490, 051 DISTRICT NO. 10 COLORADO Denver—International Trust Co 500,000 500,000 17,464, 36T Fort Lupton—Fort Lupton State Bank. 25,000 15,000 462, 082 75,000 40,000 577, 875. La Junta—Colorado Savings & Trust Co KANSAS 25,000 6,000 301,435- Anthony—Home State Bank.. 100,000 50,000 1, 010, 245 J H S L S a e t i i m b . d a e w a M e r n s a a — t a l t o r — h w y S a s — C n e — d — it a M F i n z J a e a o r S n m r m r t s i a e e l s t S l r e t s t o & a B w R t e J a n e a n s B n k e S e r a t s v a n e t B k e S a B n ta k a t n e k Bank 1 2 5 2 3 2 5 0 5 0 5 , , , , , 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 2 2 6 5 2 5 5 5 0 , , , , , 0 0 0 0 5 0 0 0 0 0 0 0 0 0 0 2, 3 5 2 5 3 2 0 3 2 0 1 3 4 9 , , , , 1 8 , 5 5 7 8 0 5 0 3 6 4 5 4 9 8 Winfield—State Bank of Winfleld. _, (See also District No. 8) Joplin—Conqueror Trust Co. 250,000 100,000 5,197,089- Kansas City- Commerce Trust Co.— _ >, 000,000 2,000,000 105, 512,901 Federal Trust Co... 200,000 40,000 2,471, 726- King City—First Trust Co 50,000 303,443 South St. Joseph—St. Joseph Stock Yards Bank. 350,000 150,000 5,365,150 NEBRASKA Aurora—Fidelity State Bank 50,000 15,000 766, 209 Broken Bow—Custer State Bank.. 35,000 15,000 440, 056 Chappell—Chappell State Bank... 50,000 25,000 605,803 Elgin—Elgin State Bank 100,000 20,000 901,092; Genoa—Farmers State Bank 25,000 1,250 231,800 Lewellen—Bank of Lewellen 50,000 7,000 368,750 Meadow Grove- Meadow Grove State Bank 25,000 5,000 307,723 Security Bank 25,000 2,500 304, 779 Oakland—Oakland State Bank.... 25,000 10,000 490,672 Ord—Nebraska State Bank _._ 35,000 12,000 544,367 Pender—Pender State Bank 85,000 17,000 572,860- St. Edward—Farmers State Bank. 25,000 4,500 271,197 Western—Saline County Bank 30,000 30,000 275, 566 NEW MEXICO (See also District No. 11) Aztec—Citizens Bank 30,000 15,000 178,019 OKLAHOMA (See also District No. 11) Chelsea—Bank of Chelsea 50,000 7,000 528,894 50,000 15,000 385,076 Okarche—First Bank of Okarche. Evanston—The Stoekgrowers Bank 50,000 35,000 490,916 Mountain View—Uinta County State Bank.. 40,000 4,000 107,570 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATE BANK MEMBERSHIP 185 Total DISTRICT NO. II ARIZONA (See also District No. 12) Safford—Bank of SafTord $33,000 $47,000 $673, 251 Tombstone—Cochise County State Bank.. 30,000 5,000 277,923 LOUISIANA (See also District No. 6) Shreveport—Continental Bank & Trust Co_ 300,000 100,000 5,797, Oil NEW MEXICO (See also District No. 10) Corona—Stockmens State Bank 30,000 108,589 OKLAHOMA (See also District No. 10) Broken Bow—McCurtain County Bank. 25, 000 3,000 250,386 Coleman—Coleman State Bank 25,000 500 246, 599 Garvin—Farmers State Bank __ 15,000 1,500 70, 765 Soper—Liberty State Bank 15,000 93,556 Valliant—Farmers State Guaranty Bank. 25, 000 352, 210 TEXAS Abernathy—First State Bank 25, 000 5,000 406,162 Anson—Anson State Bank 50, 000 30,000 627,467 Austwell—Austwell State Bank 25,000 5,000 69,402 Avery—Avery State Bank _...__. 25,000 82 98,117 Ballinger—Ballinger State Bank __„ 40, 000 311, 797 Bay City- Bay City Bank & Trust Co 65,000 884,162 First State Bank 75, 000 3,000 494, 657 Bedias—First State Bank 25,000 7,500 149, 416 Beeville—Beeville Bank & Trust Co 50,000 32, 500 444,969 Bishop—First State Bank . 25, 000 25, 000 295, 764 Blooming Grove—Blooming Grove State Bank. 50, 000 5,000 304,235 Bomarton—First State Bank 32,000 4,500 . 249,485 Bonham—First State Bank of Bonham 200,000 100, 000 1, 717, 597 Bremond—First State Bank 50, 000 13, 250 476,380 Brownfleld—Brownfleld State Bank 25, 000 25, 000 788,192 Bryan—First State Bank & Trust Co 100, 000 50, 000 1, 324, 528 Caddo Mills—Caddo Mills State Bank 30, 000 15,000 222,319 Canton—Texas State Bank 50,000 5,000 155,887 Canyon—First State Bank___ 40, 000 8,000 367,519 Celina— Celina State Bank 35, 000 340,180 First State Bank 50,000 332,178 • Childress— City Guaranty State Bank 100,000 15,500 1, 028,670 Farmers & Mechanics State Bank 50,000 60,000 1,941,975 Clarendon—Farmers State Bank 50,000 2,294 221,802 Clifton- Farmers Guaranty State Bank 30,000 30, 000 524, 770 First Guaranty State Bank 40,000 11, 000 425,316 Coahoma—First State Bank of Coahoma 25,000 1,800 227,365 Commerce- Citizens State Bank 25,000 12,500 225, 647 State Bank of Commerce 50,000 10,000 332.461 Como—Como State Bank 25,000 25,000 205,375 Cooper—Security State Bank 100, 000 351,621 Copperas Cove—First State Bank 35,000 7,000 197.462 Corsicana—First State Bank 200, 000 40,000 1,827,870 Cross Plains—First Guaranty State Bank.. 30,000 364, 501 Crowell—First State Bank 30,000 30,000 501,778 Cuero—First State Bank & Trust Co 100,000 50,000 678,871 Dallas- Central State Bank ,000,000 5,982,118 Mercantile Bank & Trust Co 500,000 150, 000 9, 792, 701 Del Rio—Del Rio Bank & Trust Co 100,000 50,000 457,881 Denton—First Guaranty State Bank. 50,000 11,000 665,306 East Bernard—Union State Bank 50,000 12,000 308, 553 Edgewood—Farmers & Merchants State Bank.. 35,000 20,000 158,477 El Paso—American Trust & Savings Bank...... 350,000 20,000 3,870,657 Emhouse—First State Bank 30,000 20,000 170,232 Emory—Guaranty State Bank.. 17,500 1,500 98,453 Ferris—Farmers & Merchants State Bank _ 50,000 25,000 459,951 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

186 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD Total Capital Surplus resources DISTRICT NO. 11—Continued TEXAS—continued Flatonia—Flatonia State Bank... $50, 000 $13, 000 $597, 611 Floydada—First State Bank 50, 000 5,000 740, 360 Forney—Forney State Bank _ 25,000 40, 000 270, 030 Franklin—First State Bank 30,000 15, 000 388,783 Frost—Citizens State Bank _.., 25, 000 50,000 359, 570 Ganado—Farmers State Bank 35, 000 1,000 103, 536 Gatesville—Guaranty State Bank & Trust Co 50, 000 17, 000 783, 050 Georgetown—Farmers State Bank... 50,000 50,000 678,298 George West—First State Bank 50,000 263, 313 Gilmer—Gilmer State Bank __ 50,000 6,000 263, 041 Goldthwaite—Trent State Bank 100, 000 50, 000 1, 018, 548 Gonzales—Gonzales State Bank & Trust Co 75, 000 25,000 769, 057 Grand Prairie- First State Bank 40, 000 20, 200 i 338,120 Guaranty State Bank .._ 25,000 106, 656 Greenville—Citizens State Bank.. 100, 000 6,000 732,515 Hallsville—Farmers State Bank 25, 000 4,000 136,374 Hamilton—Hamilton Bank & Trust Co 50, 000 40, 000 383, 580 Hamlin—First State Bank 40, 000 14,000 623,175 Hedley—Guaranty State Bank_..^ 25, 000 8,000 237,488 Hereford—First State Bank & Trust Co 50, 000 25, 000 654,198 Hillsboro—First State Bank 150, 000 20, 000 1, 026,936 Idalou—First State Bank.. _ 25, 000 8,000 433, 545 Iola—Iola State Bank _ 25,000 11, 000 148,455 Italy—Farmers State Bank. 40, 000 13, 500 363,870 Jacksonville—First Guaranty State Bank 62, 500 25, 000 841,493 Josephine—Josephine State Bank 30, 000 7,000 154,382 Junction—Junction State Bank 100,000 100, 000 649,451 Kaufman—First State Bank 100, 000 80,000 611,674 Kerens—First State Bank _ 50,000 30, 000 460, 869 Kilgore— Kilgore State Bank 25, 000 12, 500 167,932 Killeen— First State Bank 35,000 17, 500 427,010 Guaranty State Bank 30, 000 2,500 206,183 Kirkland—First State Bank 50,000 3,500 306,559 Kosse—Guaranty State Bank 25, 000 1,250 195,550 Ladonia—First State Bank 35,000 5,000 470,263 La Feria—Cameron County Bank 35,000 5,000 4f4,140 Lamesa—First State Bank 60,000 30,000 1, 382,868 Leakey—First State Bank 25,000 136,974 Liberty—Liberty State Bank_. 35,000 478,317 Lockney—Lockney State Bank 50,000 2,500 299,115 Longview—Commercial Guaranty State Bank 50,000 5,000 659,168 Loraine—First State Bank 30,000 30,000 532, 552 Lorenzo—First State Bank _ 25,000 25, 000 624,100 Lubbock— Lubbock State Bank 200, 000 20,000 2,601,390 Security State Bank & Trust Co 100,000 10,000 953,774 Lufkin—Citizens Guaranty State Bank... 75,000 413.838 Luling— Citizens State Bank 25, 000 8,000 492.654 Lipscomb Bank & Trust Co 75,000 55,000 1, 016, 092 McGregor—First State Bank 50,000 9,000 492,956 McKinney—Central State Bank 75,000 7,000 970,246 Madison ville—Farmers State Bank 25,000 25,000 497,790 Matador—First State Bank 37, 500 12,500 515,105 Mathis—First State Bank 30,000 20,000 157,747 May pearl- Citizens State Bank 25,000 15,000 260.655 Farmers & Merchants State Bank. 25,000 12, 500 145, 756 Memphis—Citizens State Bank _. 75,000 25,000 922,635 Mertens—First Guaranty State Bank 25,000 10,000 189.839 Moran—Moran State Bank 25, 000 341, 087 Mount Calm—First State Bank 40,000 400 147,084 Mount Pleasant—Guaranty State Bank 60, 000 30,000 578,223 Munday—First State Bank 35,000 456, 807 Murchison—First State Bank 25,000 4,500 109,488 Nacogdoches—Commercial Guaranty State Bank. 100,000 50,000 1, 228, 554 Normangee—First State Bank 25,000 25,000 177,000 North Zulch—Farmers Guaranty State Bank 25,000 5,000 347, 317 Olney—Farmers State Bank 40,000 8,500 763,610 Orange—Guaranty Bank & Trust Co 100, 000 557,235 Paducah—First State Bank 50,000 50,000 743, 688 Palmer—First Guaranty State Bank. 25,000 17, 500 247,674 Pampa—Gray County State Bank 25,000 8,000 254, 709 Paris- First State Bank i 150,000 50,000 1,427,825 Lamar State Bank & Trust Co.. 150,000 30,000 1,753,292 Piano—Farmers State Bank. 60,000 30,000 575,329 Post City—First State Bank..... 25,000 4,500 258,165 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STAIE BANK MEMBEESHIP 187 Capital Surplus Total DISTRICT NO. 11—Continued TEXAS—continued Ealls- First State Bank _ $25,000 $15,000 $396,261 Guaranty State Bank & Trust Co 60,000 10,000 637, 643 Reagan—First State Bank. _. 25,000 25,000 243, 519 Rice—First State Bank 50,000 1,000 239, 773 Richardson—Citizens State Bank _. 35, 000 4,600 230,661 Richland— First State Bank of Richland 25, 000 25, 000 359,602 Roaring Springs—First State Bank _. 25,000 5,000 283,078 Robstown— First State Bank -.. 25,000 25, 000 378,701 Guaranty State Bank 50, 000 15, 000 733, 606 Roby—First State Bank 40, 000 10, 000 471, 757 Rochester—First State Bank 25,000 7,000 505.800 Rockwall—Guaranty State Bank 50,000 19, 000 403, 232. Royse—First State Bank 50,000 25, 000 347.801 Rusk—Farmers & Merchants State Bank & Trust Co.. 100,000 2,500 563, 281 Sabinal—First State Bank _ 80,000 526, 080». San Antonio—Central Trust Co 200, 000 3, 774, 468; San Augustine—Commercial Guaranty State Bank 50,000 12,500 447, 843; Santa Anna—First State Bank _ 35,000 20, 000 538, 025, Savoy—First State Bank 25, 000 9,000 193, 615» Seminole—First State Bank 40, 000 5,000 185, 482' Seymour—First Guaranty State Bank 35,000 5,500 343,044 Shiro—Farmers State Bank 25,000 15,000 192,114 Sinton—Bank of Commerce 50,000 37,500 437,387 Slaton— First State Bank 40,000 1,500 404,068 Slaton State Bank... 25,000 16, 500 878,828 Snyder—First State Bank & Trust Co 50,000 12, 500 417,878 Spearman—Guaranty State Bank 25,000 5,000 97,509 Stamford—First State Bank.. 100,000 5,000 730,377 Stephenville—Farmers Guaranty State Bank 100,000 10,000 780,393 Sudan—Sudan State Bank-.. _ 17, 500 1,750 325, 543 Sweetwater—Texas Bank & Trust Co... 100,000 100,000 1,271,85a Sylvester—First State Bank 35,000 2,000 220,910 Taft—First State Bank 50,000 5,000 179,966 Tahoka—Guaranty State Bank 25,000 214,66ft Teague—First State Bank 75,000 1,086,89? Terrell—First State Bank 200,000 1,200,064 Tioga—First Guaranty State Bank.. 30,000 208,684 Trenton—Guaranty State Bank 25,000 94,641 Tyler—Peoples Guaranty State Bank _. 100,000 40,000 1,550,818; Valley Mills—Citizens State Bank 30,000 '5,000 224,523: Valley View—First Guaranty State Bank 25,000 1,000 133,437 Waco—First State Bank & Trust Co 300,000 50,000 2,278,451 Waxahachie—Guaranty State Bank & Trust Co 200,000 23,500 1,678,796 Weatherford—First State Bank 125,000 30,000 832,989, Wellington—Wellington State Bank. .1 50,000 10,000 608,651 West—First State Bank of West 50,000 4,500 436,54ft Wharton— Security Bank & Trust Co 50,000 17,000 •490,677 Wharton Bank & Trust Co 50,000 150,000 869,157 White Deer—First State Bank 25,000 5,000 169,855, Wills Point—First State Bank 100,000 50,000 629,928 Winnesboro—Merchants & Planters State Bank 30,000 10,000 373,127 Wolfe City—First State Bank 50,000 21,000 295,145 Wortham—First State Bank 50,000 25,000' 1,200,518 Wylie—First State Bank 75,000 28,500 613,230 DISTRICT NO. 12 ARIZONA (See also District No. 11) Buckeye—Buckeye Valley Bank 25,000 5,000 174,956 750,000 250,000 12,365,940 Phoenix—Valley Bank CALIFORNIA 500,000 250,000 7,397,225 Alameda—Bank of Alameda _ 650,000 400,000 11,167,899 Bakersfield—Security Trust Co... 100,000 9,500 934,473 Chico—Peoples Savings & Commercial Bank. 50,000 54,000 1,136,512 Downey—Los Nietos Valley Bank 50,000 11,500 722,125 Fullerton—Standard Bank of Orange County. 75,000 2,500 466,490 Holtville—Holtville Bank 110,000 60,000 1,074,325 Kingsburg—Kingsburg Bank. 500,000 500,000 11,103,929 Long Beach—Farmers & Mechanics Bank Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

188 ANNUAL REPORT OF THE FEDERAL. RESERVE BOARD Capital Surplus re T so o u t r a c l es DISTRICT NO. 12-Continued CALIFORNIA—continued Los Angeles- Pacific Southwest Trust & Savings Bank $6,900,000 $4,250,000 $184,928,039 Security Trust & Savings Bank 8,250,000 2,825,000 215,872, 578 Union Bank & Trust Co. of Los Angeles 1,500,000 290,000 14,167,093 Nor walk—Bank of Nor walk 50,000 40,000 895,030 Pasadena—Citizens Savings Bank of Pasadena 300,000 75,000 3,969,138 Placerville—Eldorado County Bank 67,000 143,000 1,820,252 Porterville—The Home Bank _ 100,000 15,000 491,928 Quincy—Plumas County Bank 100,000 30,000 1,156,314 Sacramento—Peoples Bank _ 800,000 173,000 8,929, 111 St. Helena—Bank of St. Helena 85,000 43,500 982.845 Salinas—-Monterey County Bank 275,800 80,000 3,867,485 San Fernando—San Fernando Valley Savings Bank 50,000 9,000 684,717 San Francisco— American Bank 4, 750,000 1,030,000 68,081,551 Anglo-California Trust Co 1,500,000 1,150,000 56,747,831 Bank of Italy . 17, 500,000 5,000,000 354,367,865 British-American Bank 1,000,000 50,200 5,199,684 French-American Bank 1,250,000 500,000 19,664,835 Italian, American Bank.. ._ _ 1, 500,000 500,000 22, 456,092 Mercantile Trust Co 5, 500,000 4,000, 000 160, 090,991 Mission Bank 200,000 120,000 2, 985, 901 Mission Savings Bank... _ 500,000 100,000 9, 355, 701 United Bank & Trust Co 4, 500, 000 610, 500 48, 595, 858 Wells Fargo Bank & Union Trust Co 9, 000,000 5, 000,000 142, 227, 645 San Jose—Growers Bank. 300,000 35,000 1, 692,072 San Luis Obispo—Citizens State Bank... 150,000 22, 500 915, 304 Santa Ana—Orange County Trust & Savings Bank 300,000 125,000 2, 701,129 Sausalito—Bank of Sausalito ,.._ 100,000 25,000 1,087, 437 Sawtelle—Citizens State Bank 200,000 25,000 2, 404, 358 Turlock—Commercial Bank of Turlock 75,000 62,000 1, 562,160 IDAHO Arco—Butte County Bank 25,000 1,000 148, 989 Ashton—Security State Bank 50,000 8,000 438,063 Blackfoot—Blackfoot City Bank 50,000 10,000 511, 228 Buhl—Security State Bank 25,000 1,250 107, 613 Cambridge—Peoples Bank _ 40.000 4,000 193, 815 Eagle—Bank of Eagle 25,000 4,000 162,055 Emmett—Bank of Emmett 60,000 25,000 605. 942 Filer—Farmers & Merchants Bank .... 25,000 1,000 159, 406 Genesee—Genesee Exchange Bank. .... 25,000 12, 500 522, 480 Gooding—Citizens State Bank 25,000 15,000 195, 222 Grangeville—Bank of Camas Prairie 50,000 25,000 674, 627 Hazelton—Hazelton State Bank 25,000 2,000 144,000 Idaho Falls—Anderson Bros. Bank 100,000 100,000 1, 996,035 Kimberly—Bank of Kimberly 35.000 15,000 377,300 Kuna—Kuna State Bank 25, 000 1,700 100,003 Mackay—W. G. Jenkins & Co 25, 000 5,000 235, 666 Maiad City—J. N. Ireland & Co., Bankers 40,000 12, 500 495, 882 Meridian—Meridian State Bank 25, 000 3,500 291, 863 New Plymouth—Farmers State Bank.. . . _ . 25,000 210, 466 Oakley—Farmers Commercial & Savings Bank 25,000 15,000 164, 786 Orofino—Bank.of Orofino ... 25,000 5,000 292, 235 Picabo—Picabo State Bank 25,000 197, 466 Pocatello—Citizens Bank & Trust Co . .. 200,000 60,000 1. 509, 374 Eexburg—Farmers & Merchants Bank 50, 000 246, 099 Richfield—First State Bank 25, 000 2,500 165, 291 Soda Springs—Largilliere Co., Bankers _ 25, 000 12, 000 591, 656 Star—Farmers Bank 25,000 13,000 208, 578 Sugar City—Fremont County Bank 25,000 5,000 216, 483 Teton City First State Bank 30,000 147, 269 Tetonia—Farmers State Bank 25,000 1,000 110,080 Twin Falls—Twin Falls Bank & Trust Co 100, 000 45,000 1, 547,157 Victor—Victor State Bank 25,000 10,000 156,309 OREGON Albany—Albany State Bank . 50,000 10,000 979, 867 Athena—Athena State Bank 45,000 125, 891 Aurora—Aurora State Bank 25,000 16,000 296, 751 Beaverton—Bank of Beaverton . . - _. . 25,000 8,000 502,859 Central Point—Central Point State Bank 25,000 5,000 294, 713 Dallas—Dallas City Bank 50,000 19, 000 509,264 Enterprise—Enterprise State Bank 50,000 10, 000 366, 255 Fossil—Steiwer & Carpenter Bank 100,000 7,000 479, 223 Grants Pass—Grants Pass & Josephine Bank 75,000 25,000 991, 901 Gresham—First State Bank i 30,000 25,000 629,183 Haines—Bank of Haines 1 26,000 5,500 172, 788 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATE BANK MEMBERSHIP 189 Capital Surplus Total resources DISTRICT NO. 12—Continued OREGON—continued Helix—Bank of Helix $50,000 $12,000 $244,653 Hood River—Butler Banking Co 125,000 50,000 1, 567, 726 Jordan Valley—Bank of Jordan Valley 50,000 25, 000 390, 667 Joseph—First Bank of Joseph 50,000 13, 500 294, 943 Lakeview—Lake County Loan & Savings Bank. 40,000 10,000 320, 325 Madras—Madras State Bank 25, 000 25,000 195, 701 Marshfield—Bank of Southwestern Oregon 100, 000 20,000 1,011,050 Medford—Jackson County Bank 100, 000 20,000 1, 312, 798 Moro—Farmers State Bank 45, 000 5,127 163, 949 Myrtle Point—Bank of Myrtle Point 50, 000 15, 000 249, 861 North Portland—Live Stock State Bank 100,000 551,081 Oakland—E «G. Young & Co. Bank 50,000 15,000 613,167 Oregon City- Bank of Commerce 200, 000 40,000 1, 618,624 Bank of Oregon City 150, 000 30, 000 2,103,021 Pendleton—Inland-Empire Bank 250, 000 35,000 1,148, 517 Pilot Rock—First Bank of Pilot Rock 40, 000 25,000 306, 265 Portland- Citizens Bank 200, 000 10,000 3, 252, 368 Hibernia Commercial & Savings Bank 200,000 100,000 6,971,463 Ladd & Tilton Bank 1, 000, 000 1, 000,000 27, 563,010 Prineville—Bank of Prineville 50,000 245, 771 Beedsport—First Bank of Reedsport 25,000 2,500 232, 074 Shaniko—Eastern Oregon Banking Co __. 25,000 10, 000 301,993 Stanfield—Bank of Stanfield 25,000 15, 000 142,120 The Dalles—Wasco County Bank 100,000 5,000 720,971 Tillamook—Tillamook County Bank 40,000 10,000 662,124 Wasco—Bank of Wasco 25, 000 15,000 234,207 Woodburn—Bank of Woodburn 50,000 10,000 785,334 Bingham Canyon—Bingham State Bank 26,000 10,000 658, 230 Cedar City- Bank of Southern Utah 75,000 87,000 Iron Commercial & Savings Bank _ 50,000 11,000 283,007 Delta—Delta State Bank 25,000 12, 500 383,606 Ephraim—Bank of Ephraim-_ 50,000 40,000 543,012 Fillmore—Fillmore Commercial & Savings Bank. 50,000 11,000 347, 883 Fountain Green—Bank of Fountain Green 25, 000 25,000 310, 605 Gunnison—Gunnison Valley Bank 50,000 18, 500 369, 287 Helper—Helper State Bank _. 50,000 50,000 775, 517 Kaysville—Barnes Banking Co 50,000 80,000 594,495 Logan- Cache Valley Banking Co 100,000 44, 000 1, 651, 945 Thatcher Bros. Banking Co 100,000 100, 000 2, 038, 375 Monticello—Monticello State Bank 50,000 9,500 165, 772 Parowan—Bank of Iron County.._ 35,000 21,000 378, 863 Payson—State Bank of Payson . 50,000 18,000 527, 603 Price- Carbon County Bank 100, 000 10, 000 500, 74L Price Commercial & Savings Bank 50, 000 70, 000 951,491 Provo— Farmers & Merchants Bank 100, 000 23,000 859, 064 Knight Trust & Savings Bank 300,000 50,000 1, 583,829 Richfield—James M. Peterson Bank 50,000 50,000 689, 468 Salina—First State Bank of Salina 25,000 75, 000 705,478 Salt Lake City- Columbia Trust Co 200, 000 25, 000 1, 468, 572 Deseret Savings Bank 500,000 250, 000 6, 749, 095 Tracy Loan & Trust Co 243,100 171,475 1,469, 829 Utah Savings & Trust Co 300,000 86,000 2,329, 583 Walker Bros., Bankers 850, 000 400,000 22,274, 563 Spanish Fork—Commercial Bank 50,000 25,000 406, 280 Vernal—Bank of Vernal 60, 000 15,000 385,065 WASHINGTON Almira— Almira State Bank 50,000 13,000 333,351 Farmers State Bank 25, 000 6,500 132, 290 Buena—Buena State Bank _ ~_ 25,000 1,500 109, 203 Centralia—Centralia State Bank 100,000 13,000 725,471 Chehalis—Coffman, Dobson Bank & Trust Co -... 150,000 100,000 2,470,366 Colfax—First Savings & Trust Bank of Whitman County. 75, 000 496, 850 Coulee—Security State Bank 25, 000 67, 037 Davenport—Lincoln County State Bank _ 50,000 20,000 358,604 Ellensburg—Farmers Bank. _ _ 100,000 25,000 1,214, 909 Everett—Bank of Commerce 100,000 25,000 2,186,098 Farmington—Bank of Farmington 25,000 10,000 273,663 Goldendale—State Bank of Goldendale 75,000 8,500 411,895 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

190 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD Total Capital Surplus resources DISTRICT NO. 12—Continued WASHINGTON—continued Hoquiam—Lumberman's Bank & Trust Co. $100,000 $25,000 $1, 554,464 Kelso—Cowlitz Valley Bank 30,000 12,000 423, 737 La Crosse— First State Bank 60,000 40, 000 442, 611 Security State Bank 30,000 3,401 141,423 Odessa—Farmers & Merchants Bank 25,000 15,000 410,096 Okanogan—Commercial Bank _ 50,000 10,000 373, 745 Pine City—P;ne City State Bank 25,000 3,800 115, 591 Pomeroy—Pomeroy State Bank.. 50, 000 150,000 1, 333, 324 Pullman—Pullman State Bank 37, 500 10,000 666,883 Puyallup— Citizens State Bank 50,000 8,000 787, 543 Puyallup State Bank 50,000 2,500 658,494 Reardan—Farmers State Bank 50,000 20,000 408, 943 Ritzville—Ritzville State Bank_ 25,000 5,000 291,344 Rockford—Farmers & Merchants Bank 25,000 2,567 193,782 Rosalia—Bank of Rosalia. _ 25,000 5,000 285,305 St. John—Farmers State Bank 40,000 10,000 340,078 Selah—Selah State Bank _ 30,000 6,000 474, 589 South Bend—Pacific State Bank 100,000 11,100 1, 223,671 Spokane- Spokane & Eastern Trust Co 1,000,000 250,000 11,502,855 Washington Trust Co 200,000 75,000 1,933,897 Stanwood—Bank of Stanwood 25,000 25,000 634,177 Tekoa— Citizens State Bank 25,000 7,000 275,061 Tekoa State Bank 30,000 15,000 442,479 Toppenish— Central Bank of Toppenish 50,000 35,000 330,892 Traders Bank 25,000 15,000 376,603 Uniontown—Farmers State Bank 25,000 7,000 218,148 Walla Walla- Farmers & Merchants Bank 200,000 40,000 1,424,687 Peoples State Bank 100,000 50,000 1,618,335 Wenatehee— Columbia Valley Bank- 100,000 25,000 2,089,402 Commercial Bank & Trust Co 100,000 40,000 1, 584,815 Wilbur—State Bank of Wilbur 50,000 10,000 546,369 Yakima— Yakima Trust Co . 200,000 50,000 1, 559,710 Yakima Valley Bank 275,000 53,000 2,437,414 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATE BANK MEMBEKSHIP 191 SUMMARY CLASSIFICATION ACCORDING TO CAPITAL STOCK [Amounts in thousands of dollars] Banks having a capital stock of— Total $25,000 i $25,001 to $50,000 $50,001 to $100,000 State New England: Maine 1,100 33,611 200 4,661 M assachusetts 22,500 547, 639 100 1,865 Rhode Island 8,200 241,257 C onnecticut 1,200 18,430 Middle Atlantic: New York 210,267 5,485,961 810 21,249 1,057 19, 686 New Jersey. 23,859 493,569 50 795 2,075 36,969 Pennsylvania 47,890 900,041 50 327 335 4,856 160 3,832 East North Central: Ohio 70,290 1,138,514 375 6,405 835 12,248 1,080 14,560 Indiana _ 21 5,033 62,475 75 283 2,828 150 1,351 Illinois 82 57,310 1, 300,369 200 1,749 600 6,362 1,780 25,240 Michigan 163 40,550 885, 585 950 19,168 2,17140, 750 3,615 69,220 Wisconsin 30 4,542 109, 331 50 759 577 8,920 615 10,707 West North Central: Minnesota 2,425 35,727 200 2,722 550 8,746 300 6,320 Iowa 94 9,436 135,551 400 4,418 1,966 24,012 1,695 24, 242 Missouri... 61 28, 610 466,971 125 1,159 330 5,087 710 7,904 North Dakota 4 150 1,379 50 525 100 854 South Dakota 14 580 8,975 175 2,277 170 1,925 235 4,773 Nebraska ._, 13 560 6,081 125 1,606 250 3,001 185 1,474 Kansas... 7 380 5,193 854 1,038 100 1,010 South Atlantic: Delaware 4 3,200 38,765 100 1,605 Maryland 7 4,900 77,562 50 1,247 1,086 District of Columbia 1 1,000 4,492 Virginia.. _ 12 4,763 50,280 163 1,676 200 1,464 West Virginia 17 2,490 39,145 25 204 340 3,791 275 2,384 North Carolina 11 5,167 75,314 25 229 50 379 467 6,300 South Carolina 18 1,953 20,147 50 718 50 445 953 9,097 Georgia , nl 12,909 129, 672 600 4,393 745 5,206 24 2,134 13,436 Florida 2,445 36,989 170 2,833 275 6,702 East South Central: Kentucky,._ 9 3,656 62, 674 100 1, 207 Tennessee 13 7,700 91,981 100 1,072 150 l,20J Alabama 22 4,311 66,458 75 678 331 3,422 480 4, 313 Mississippi 790 11, 468 40 227 50 242 250 1,887 West South Central: Arkansas. 5,084 76, 515 274 435 5,816 13 1,170 13,628 Louisiana 13 11, 215 235, 656 50 403 215 2,700 Oklahoma 7 205 1,928 105 100 914 Texas 174 11, 312 114,087 48 1,185 13,170 3,355 34,320 33 2,84: 26,832 Mountain: Montana 35 2,445 35,643 350 2,632 420 3,524 675 8,970 Idaho 32 1,305 13,123 500 4,381 345 3,084 260 4,149 Wyoming 2 90 598 90 598 Colorado 3 600 18, 504 462 578 New Mexico _._ 2 60 286 60 286 Arizona 4 838 13,492 175 63 951 Utah 28 3,614 50,101 1,400 611 6,691 535 6,134 Pacific: Washington 45 4,008 45, 880 13 325 3,382 648 7,620 1,010 13, 549 Oregon 38 3,665 58, 553 225 2,373 740 575 5,067 California. ___ 37 68,838 1,371,904 200 3,438 702 8,502 Total. 1, 544 703,445 14, 617,876 6,680 80, 69841118,277 236,403 301 27,455 373,404 1 Includes 5 banks with capital under $25,000 as follows: Mississippi, 1 with capital of $15,000 and total resources of $65,000; Oklahoma, 2 with capital of $30,000 and total resources of $165,000; Texas, 2 with capital of $35,000 and total resources of $424,000. 36569—25f- -14 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

192 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD SUMMARY CLASSIFICATION ACCORDING TO CAPITAL STOCK—Continued [Amounts in thousands of dollars] Banks having a capital stock of— $100,001 to $2oo;ooo $200,001 to $500,000 $500,001 to $1,000,000 Over $1,000,000 2 State •3 I New England: Maine 2 900 28,950 Massachusetts 6 1,200 29,883 6 2,250 52,908 6,950 159,474 12,000 303, 509 Rhode Island I 200 2.858 1,000 20,839 7,000 217, 560 Connecticut II 200 2,151 2 1,000 16, 279 Middle Atlantic: New York ll! 2,050 78,287 20 7,000 171,246 9,500 227,059 28 189,850 4,968, 434 New Jersey 11 2,075 51,410 13 4,450 113,923 4,159 101, 907 11,050 188, 565 Pennsylvania 24 3,900 78, 697 28 10, 380 127,843 6,800 112,076 26, 265 572,410 East North Central: Ohio 1,900 37,306 11 4,250 62, 628 6,600 113, 959 55,250 891,408 Indiana 575 7,674 41 1,650 22,020 800 5,724 1,500 22,180 Illinois . 2,130 26,830 12 4,100 81, 597 8,650 118, 245 39,850 1, 040, 346 Michigan 1,760 32,952 4,250 103, 690 7,300 133, 459 20, 500 486, 346 Wisconsin ~ 15,758 500 5,197 2,000 67, 990 West North Central: Minnesota 325 5,384 1,050 12, 555 Iowa_._ _ 1.075 13,904 1,700 28, 713 2,600 40, 262 Missouri 5,045 71,805 2,400 39,659 5,000 77,468 15,0001 263,! Kansas 125 2,291 South Atlantic: Delaware 500 7,580 600 8,173 2,000 21,407 Maryland 2,750 40,956 2,000 34,273 District of Columbia 1,000 4,492 Virginia 200 2,799 1,000 10,221 2,000 13, 977 1, 200 20,143 West Virginia 550 5,463 1,300 27,303 North Carolina... 250 1,350 1,000 7,087 3,375! 59, S South Carolina 650 7,425 250 2,462 Georgia 350 2,068 1,880 16, 032 700 7,881 6, 500| 80, 656 Florida 1,000 10,191 1,000 17,263 East South Central: Kentucky 2 350 4,381 1, 650 42,265 1,556 14,821 Tennessee 1 200 1,622 1,750 11,163 5, 500 76,919 Alabama 2 325 1,749 1,100 19,641 2,000 36, 655 Mississippi 1 200 1,554 7,558 West South Central: Arkansas 1,379 12,183 1,050| 23,147 1,000 21, 467 Louisiana 2; 350 4,444 800! 12,650 1,550 26, 446 8,250 189,013 Texas 10| 1,775 17,841 1,150 15,942 1,000 5,982 Mountain: Montana 350 3,753 650 16,764 Idaho.. 200 1,509 Colorado 500 17,464 Arizona 750 12, 366 Utah 200| 1,4 1,3431 12,132 850 22, 275 Pacific: Washington 750| 7,389 I 275: 2,43'1,000 11, 503 Oregon ._. 875i 15,513 II 250| 1,149 1,000 27, 563 California- 6611 7,380 71 2,675j 40,08^ 2,450 25, 297 11 62,150 1,287, 200 Total. 189 33, 725 565,923 170,62, 753.1,143,392 98 85,315,1,493,829 106 469,240 10,724,227 I i 2 Includes 9 banks with capital in excess of $10,000,000 as follows: New York, 6 with capital of $109,250,000 and total resources of $2,584,013,761; Ohio, 1 with capital of $22,250,000 and total resources of $299,715,587; Illinois, 1 with capital of $15,000,000 and total resources of $462,481,010; California, 1 with capital of $17,500,000 and total resources of $354,367,865. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FIDUCIARY POWERS GRANTED TO NATIONAL BANKS Under section ll(k) of the Federal reserve act as amended, 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 & Leather 1 to 7. Bank. Ansonia—Ansonia National Bank Ito9. Bangor— Bristol—Bristol National Bank 1 to 8. First National Bank 1, 2, and 4. Hartford- Merchants National Bank 1 to 9. First National Bank z. Ito9. Bar Harbor—First National Bank _._ 1 to 4. Hartford-Aetna National Bank . 1 to 4, and 9. Bath—Bath National Bank Ito8. Phoenix National Bank Ito9. Belfast—City National Bank Ito8. Meriden—Home National Bank of 1 to 9. Biddeford—First National Bank of 1 to 9. Meriden. Biddeford. Middletown—Middletown National 1 to 9. Damariscotta—First National Bank 1, 2, 3,5, and Bank. of Damariscotta. 6. Naugatuck—Naugatuck National Ito4. Lewiston—Manufacturers National 1 to 5, and 9. Bank. Bank. New Britain—New Britain National 1 to 9. Norway—Norway National Bank Ito8. Portland- New Haven- Canal National Bank 1 to 9. First National Bank Ito8. First National Bank ... 1, 2, and 4. Merchants National Bank 11*8. Portland National Bank 1,2, 4, and 9. National Tradesmens Bank & 1 to 4. Rockland—Rockland National Bank. 1 to 9. Trust Co. Thomaston—Georges National Bank. 1 to 3, 5 and New Haven Bank, N. B. A Ito9. 8. Second National Bank 1 to 9. Waterville—Ticonic National Bank.. 1 to 4. New London— National Bank of Commerce 1 to 5. MASSACHUSETTS New London City National Bank 1, 2, 3, 5, 7, Adams— 8, and 9. First National Bank I.to8. Norwich—Thames National Bank... Ito9. Graylock National Bank 1 to 7, and 9. Portland—First National Bank 1 to 9. Amherst—First National Bank 1 to 9. Rockville— Attleboro—First National Bank 1 to 9. First National Bank._ Ito9. Beverly—Beverly National Bank 1 to 4. Rockville National Bank 1 to 9. Boston- Torrington— Torrington National 1 to 7. Atlantic National Bank 1 to 9. Bank. 1 Citizens National Bank.. 1 to 9. Wallingford—First National Bank 1 to 9. Federal National Bank. Ito9. Waterbury— First National Bank 1 to 9. Citizens and Manufacturers Na- Ito9. Merchants National Bank Ito9. tional Bank. National Shawmut Bank Ito9. Waterbury National Bank Ito9. National Union Bank 1 to 9. Willimantic—Windham National 1 to 9. Second National Bank 1 to 9. Bank. Webster & Atlas National Bank.. Ito9. 193 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

194 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD Powers Powers granted granted DISTRICT NO. 1—Continued DISTRICT NO. 1—Continued MASSACHUSETTS—continued MASSACHUSETTS—continued Brockton— Wareham—National Bank of Ware- 1 to 9. Brockton National Bank 1 to 9. ham. Home National Bank -.. 1 to 4. Watertown—Union Market National 1 to 4. Edgartown — Edgartown National 1 to 3. Bank. Bank. Webster—First National Bank. 1 to 4. Fall River- Wellesley—Wellesley National Bank. 1 to 9. Fall River National Bank.. 1 to 9. West Newton—First National Bank.. 1 to 9. Massasoit Pocasset National Bank 1 to 9. Woburn—Woburn National Bank... 1, 2, 3, 6, 7, Metacomet National Bank 1 to 9. and 9. Fitchburg—Safety Fund National 1 to 9. Worcester- Bank. Mechanics National Bank__. 1 to 4. Foxboro—Foxboro National Bank 1 to 9. Merchants National Bank { 1 to 9. Gardner—First National Bank 1 to 9. Yarmouthport—First National Bank.; 1 to 9. Gloucester—Cape Ann National Bank 1 to 9. Great Barrington—National Mahal- 1 to 9. NEW HAMPSHIRE j we Bank. Greenfield—First National Bank 1 to 9. Berlin—City National Bank _ Haverhill— Claremont— Essex National Bank 4. Claremont National Bank 1 to 4. First National Bank 1 to 4. Peoples National Bank 1. Merrimack National Bank 1 to 4. Concord- Holyoke— First National Bank ._ 1 to 9. City National Bank 1 to 4. Mechanics National Bank^ 1 and 4. Holyoke National Bank 1 to 4. National State Capital Bank 1 and 4. Hudson—Hudson National Bank 1 to 9. Dover— Lawrence—Bay State National Bank. 1 to 9. Merchants National Bank 1 to 3. Leominster— Stafford National Bank 1 to 4. Leominster National Bank 1 to 4. Franklin—Franklin National Bank.. 1. Merchants National Bank 1 to 7 and 9 Keene— Lowell— Ashuelot National Bank 1 and 4. Appleton National Bank 1 to 9. Keene National Bank 1 to 4. Old Lowell National Bank 1. Laconia—Peoples National Bank 1 and 4. Lynn- Manchester— Central National Bank . 1 to 8. Amoskeag National Bank 1 and 4. Manufacturers National Bank 1 to 9. First National Bank 1 and 4. National City Bank 1 to 5 and 7. Manchester National Bank 1. Marlboro- Merchants National Bank 1 and 4. First National Bank 1 to 4. Milford—Souhegan National Bank... 1 and 4. Peoples National Bank 1 to 9. Nashua— Methuen—National Bank of Meth- 1 to 8. Indian Head National Bank 1 to 3. uen. Second National Bank 1 and 4. Milford—Home National Bank 1 to 4. Newport—Citizens National Bank 1 and 4. Nantucket—Pacific National Bank .. 1 to 9. Plymouth — Pemigewasset National 1 and 4. New Bedford- Bank. First National Bank 1 to 9. Wolfeboro—Wolfeboro National Bank 1 and 4. Merchants National Bank 1 to 9. Safe Deposit National Bank 1 to 9. RHODE ISLAND Newburyport—Merchants National 1 to 8. Newport—Aquidneck National Bank I 1 to 9. Bank. Providence—National Bank of Com- ; 1 to 9. No ti r o t n h al A B d a a n m k s . —North Adams Na- 1 to 9. merce. i Northampton— VERMONT I First National Bank 1 to 9. Barre—Peoples National Bank i 1 to 9. Northampton National Bank 1 to 9. Bellows Falls—National Bank of Bel- I 1 to 3. Pittsfield— lows Falls. I Agricultural National Bank j 1 to 9. Bennington— I Pittsfield National Bank 1 to 7 and 9. County National Bank j 1 to 9. Plymouth— The First National Bank j 1 to 9. Old Colony National Bank 1 to 5. Brandon—First National Bank I 1 to 4. Plymouth National Bank 1 to 4. Brattleboro—Vermont Peoples Na- i 1 to 9. Provincetown—First National Bank. 1 to 9. tional Bank. | Reading—First National Bank 1 to 4. Chelsea—National Bank of Orange | 1 to 8. Salem—Merchants National Bank 1 to 9. County. I Shelburne Falls — Shelburne Falls l to 7 and 9. Manchester Center—Factory Point National Bank. National Bank. Southbridge—Southbridge National 1 to 9. Montpelier— Bank. First National Bank 1 to 4. Springfield— Montpelier National Bank j 1 to 9. Chapin National Bank 1 to 9. Newport—National Bank of Newport | 1 to 7 and 9. Chicopee National Bank I 1 to 9. Poultney—Citizens National Bank __j 1 to 4. Springfield National Bank 1 to 8. Rutland— j The Third National Bank 1 to 9. Baxter National Bank _| 4. Tisbury — Martha's Vineyard Na- 1 to 8. Clement National Bank i 1 to 3, 5 to 7. tional Bank. St. Albans—Welden National Bank..! 1 to 4. Turners Falls — Crocker National 1 to 7 and 9. St. Johnsbury—First National Bank.I 1 to 6 and 9. Bank. Springfield—First National Bank j 1 to 4. Uxbridge—Blackstone National Bank 1 to 4. Windsor—State National Bank | 1 to 3. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FIDUCIAEY POWERS 195 Powers Powers granted granted DISTRICT NO. 2 DISTRICT NO. 2—Continued CONNECTICUT NEW JEESEY—continued (See also District No 1) New Brunswick- National Bank of New Jersey 1 to 9. Bridgeport- Peoples National Bank Ito9. City National Bank - Ito9. Newton- First National Bank » Ito9. Merchants National Bank Ito9. D anbury— Sussex National Bank. 1 to 9. City National Bank Ito9. Nutley—First National Bank Ito9. Danbury National Bank 1 to 9. Ocean Grove—Ocean Grove National 1 to 9. New Canaan—First National Bank.. 1 to 9. Bank. Norwalk—National Bank of Nor- 1 to 9. Orange— walk. Orange National Bank Ito8. Ridgefield—First National Bank & 1 to 9. Second National Bank Ito9. Trust Co. Passaic—Passaic National Bank & 1 to 9. South Norwalk—City National Bank 1 to 4. Trust Co. Stamford—First - Stamford National 1 to 9. Paterson— Bank. First National Bank... Ito9. NEW JEESEY National Bank of America Ito9. Paterson National Bank _ Ito9. (See also District No. 3) Second National Bank 1 to 9. Totowa National Bank__ 1 to 5, 7 to 9. Allentown—Farmers National Bank. 1 to 9. Perth Amboy—First National Bank. Ito9. Asbury Park—Merchants National Ito9. Phillipsburg— Bank. Phillipsburg National Bank Ito8. Atlantic Highlands—Atlantic High- Ito8. Second National Bank Ito9. lands National Bank. Plainfield— Belleville—Peoples National Bank... Ito9. City National Bank. Ito4. Belvidere—Belvidere National Bank. Ito8. First National Bank Ito9. Bloomfield—Bloomfield National Ito4. Red Bank- Bank. Broad Street National Bank Ito9. Boonton—Boonton National Bank... 1 to 9. Second National Bank & Trust Ito9. Bound Brook—First National Bank. 1 to 9. Co. Butler—First National Bank. Ito9. Ridgewood— Caldwell—Citizens National Bank... Ito8. Citizens National Bank Ito9. Carlstadt—Carlstadt National Bank. Ito9. First National Bank Ito9. Clifton—First National Bank Ito9. Roselle—First National Bank. _. X to 9. Closter—Closter National Bank 1 to 9. Rutherford—Rutherford National Xto4. Cranbury—First National Bank Ito4. Bank. Dover—National Union Bank Ito9. Somerville—Second National Bank. Ito4. East Orange—First National Bank.. 1 to 9. South Amboy—First National Bank. Ito9. Elizabeth— South River—First National Bank... 1 to 9. National State Bank _ 1 to 7 and 9. Summit—First National Bank Ito9. Peoples National Bank Ito9. Sussex—Farmers National Bank . Ito4. Freehold—National Freehold Bank- 1 to 9. Washington—First National Bank... Ito9. ing Co, Woodbridge--First National Bank... 1 to 9. Frenchtown—Union National Bank. 1 and 4. Garfield—First National Bank 1 to 9. NEW YORK Hackettstown—Hackettstown Na- l.to.9. tional Bank. Adams—Farmers National Bank 1 to 9. Hoboken— Albany- First National Bank 1 to 4. First National Bank 4. Second National Bank . 1 to 9. National Commercial Bank & 1 to 8. Jersey City— i rust v_,o. Bergen National Bank 1 to 9. • New York State National Bank. Ito9. First National Bank __ 1 to 9. Amsterdam- Franklin National Bank 1 to 7 and 9. Amsterdam City National Bank. 1 to 3, 5 to 8 Merchants National Bank 1 to 9. Farmers National Bank Ito9. Union Trust & Hudson County 1 to 9. First National Bank Ito9. National Bank. Auburn— Kearny—First National Bank & 1 to 9. Cayuga County National Bank.. 1 to 8. Trust Co. National Bank of Auburn Ito9. Lambertville—Lambertville National 1 to 9. Ballston Spa—Ballston Spa National Ito9. Bank Bank. Long Branch—Citizens National Ito9. Bath—Bath National Bank 1 to 9. Binghamton— Lyndhurst—First National Bank ... 1 to 9. City National Bank 1 to 9. Metuchen—Metuchen National Bank Ito9. First National Bank X to 9. Milburn—First National Bank. Ito9. Brooklyn- Montclair—First National Bank 1 to 9. First National Bank Xto9. Morristown— Nassau National Bank 1 to 9. First National Bank .. Ito9. Buffalo—Manufacturers & Traders 1 to 9. National Iron Bank Ito9. National Bank. Newark— Canandaigua—Canandaigua Na- X to 9. Citizens National Bank & Trust Ito9. tional Bank. Co Canton— Forest Hill National Bank Ito9, First National Bank X to 9. Merchants & Manufacturers Na- Ito4. St. Lawrence County National 1 to 3,5 to 8. tional Bank. Bank. National Newark & Essex Bank- 1 to 9. Carthageing Co. Carthage National Bank Xto9. National State Bank Ito9. National Exchange Bank ^_. Xto9. North Ward National Bank Ito4. Catskill—Catskill National Bank.... X to 8. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

196 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD Powers Powers granted granted DISTRICT NO. 2—Continued DISTRICT NO. 2—Continued NEW YORK—continued NEW YORK—continued Cedar hurst—Peninsula National Ito9. Lowville—Black River National 1 to 9. Bank. Bank. Clayton—National Exchange Bank., 4. Lynbrook—Peoples National Bank... 1 to 9. Cohoes—National Bank of Cohoes... Ito8. Malone—Farmers National Bank 1 to 9. Cooperstown— Middletown— First National Bank Ito9. First National Bank Ito9. Second National Bank Ito8. Merchants National Bank 1 to 9. Corning—First National Bank & Ito8. Mineola—First National Bank Ito9. Trust Co. Monticello—National Union Bank of 1 to 9. Cuba- Monticello. Cuba National Bank Ito9. Morristown—Frontier National Bank 4. First National Bank... Ito9. Mount Kisco—Mount Kisco Na- Ito9. Dolgeville—First National Bank. Ito9. tional Bank. Dover Plains—Dover Plains National Ito9. Mount Vernon—First National Bank 1 to 8. Bank. Newburgh— Dunkirk- Highland National Bank Ito9. Lake Shore National Bank Ito9. National Bank of Newburgh Ito9. Merchants National Bank Ito8. Quassaick National Bank 1 to 9. Edwards—Edwards National Bank. 4. New Rochelle—National City Bank.. Ito9. Elm M ira e — rchants National Bank Ito7. .LN tJVV A m X U e I r J i v can Exchange National Ito9. Second National Bank... Ito9. Bank. Fairport—Fairport National Bank & Ito9. Bronx National Bank _. 4. Trust Co. Chase National Bank Ito9. Far Rockaway—National Bank of 4. Chatham & Phenix National Ito9. Far Rockaway. Bank Fredonia—National Bank of Fre- Ito9. Chemical National Bank 1 to 9. donia. Coal & Iron National Bank Ito9. Freeport—Citizens National Bank... Ito9. East River National Bank 1 to 9. Fulton—Citizens National Bank Ito9. First National Bank Ito9. Glen Falls- Garfleld National Bank 1 to 9. First National Bank Ito9. Gotham National Bank _ Ito9. National Bank of Glen Falls Ito9. Grace National Bank 1 to 9. Gloversville— Hamilton National Bank Ito9. City National Bank Ito9. Hanover National Bank Ito8. Fulton County National Bank... Ito9. Harriman National Bank Ito9. Goshen—National Bank of Orange Ito9. Liberty National Bank 4. County. Mechanics & Metals National Ito9. Granville— Bank. Farmers National Bank _. 4. National American Bank of New Ito9. Washington County National 4. York. Bank. National Bank of Commerce Ito9. Hancock—First National Bank Ito9. National City Bank Ito9. Hempstead—First National Bank Ito9. National Park Bank Ito9. Herkimer—Herkimer National Bank. Ito8. Public National Bank Ito9. Hoosick Falls- Seaboard National Bank... _ 1 to 9. First National Bank Ito9. North Tonawanda—State National Ito9. Peoples National Bank Ito8. Bank. Hornell—Citizens National Bank Ito9. Norwich— Hudson— Chenango National Bank 1 to 8. Farmers National Bank Ito9. National Bank of Norwich., Ito9. First National Bank Ito9. Nyack—Nyack National Bank Ito9. Hudson Falls- Ogdensburg—National Bank of Og- Ito8. Peoples National Bank Ito9. densburg. Sandy Hill National Bank 1 to 9. Olean—Exchange National Bank Ito9. Ilion— Oneida—Oneida Valley National Ito9. Ilion National Bank 1 to 9. Bank. Manufacturers National Bank 1 to 9. Oneonta— Ithaca—First National Bank Ito9. Citizens National Bank 1 to 9. Jamestown— Wilber National Bank Ito9. American National Bank Ito9. Ossining—Ossining National Bank.._ Ito9. National Chautauqua County Ito8. Oswego—Second National Bank & Ito9. Kings B to an n k - . Ov X i d IU — at Fi K r S s O t . National Bank 4, First National Bank of Rondout. Ito9. Owego— Rondout National Bank.... Ito9. First National Bank 1 to 9. State of New York National Ito9. Owego National Bank Ito9. Bank. Peekskill— Lackawanna—Lackawanna National Ito9. Peekskill National Bank Ito9. Bank. Westchester County National 1 to 9. Larchmont—Larchmont National Ito9. Bank. Bank & Trust Co. Plattsburg— Liberty—Sullivan County National Ito9. Merchants National Bank _. Ito9. Bank. Plattsburg National Bank & Ito5, 7to9 Little Falls—Little Falls National Ito9. Trast Co. Bank. Port Chester—First National Bank.. Ito9. Lockport— Port Henry—Citizens National Bank. 1 to 9. National Exchange Bank Ito9. Port Jervis— Niagara County National Bank.. 1 to 9. First National Bank Ito9. Long Beach—National Bank of Long Ito8. National Bank of Port Jervis Ito9. Beach. Potsdam—Citizens National Bank,.. Ito9. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

197 FIDUCIARY POWERS Powers Powers granted granted DISTRICT NO. 2—Continued DISTRICT NO. 3—Continued NEW YORK—continued NEW JERSEY—continued Poughkeepsie— Burlington—Mechanics National 1 to 9. Fallkill National Bank Ito9. Bank. Farmers & Manufacturers Na- Ito9. Camden—First National State Bank. Ito9. tional Bank. Cape May—Merchants National 4. Richfield Springs—First National Ito9. Bank. Bank. Collingswood — Collingswood Na- Ito9. Riverhead—Suffolk County National Ito9. tional Bank. Bank. Elmer—First National Bank Ito9. Rockville Center—Nassau County 1 to 9. Glassboro—First National Bank Ito9. National Bank. Haddonfield—Haddonfield National Ito9. Rome—Farmers National Bank Ito9. Bank. Roscoe—First National Bank Ito9. Medford—Burlington County Na- Ito9. Rye—Rye National Bank 1 to 9. tional Bank. Saratoga Springs—Saratoga National 4. Merchantville—First National Bank Ito9. Bank & Trust Co Scarsdale—Scarsdale National Bank.. 1 to 9. Millville— Schenectady— Mechanics National Bank 1 to 9. Mohawk National Bank Ito9. Millville National Bank Ito9. Union National Bank Ito9. Mount Holly—Mount Holly Na- 1 to 8. Southampton—First National Bank._ Ito8. tional Bank. Spring Valley—First National Bank.. Ito9. Ocean City—First National Bank.... 1 to 7 and 9. Stapleton—Richmond Borough Na- 4. Paulsboro—First National Bank & Ito9. Su t f i f o e n r a a i — Jb> S an u K f . fera National Bank. Ito9. Po T in ru t s P t le C a o sa . nt Beach—Ocean County Ito8. Syracuse- National Bank. Liberty National Bank.. _ 1 to 9. Princeton—First National Bank 1 to 4. Salt Springs National Bank Ito9. Riverton—Cinnaminson National Ito9. Tarrytow n—Tarrytown National 1 to 3,5 to 9. Bank. Bank. Salem— Troy- City National Bank Ito9. Manufacturers National Bank Ito9. Salem National Banking Co Ito9. National City Bank Ito9. Swedesboro—Swedesboro National Ito9. Union National Bank Ito9. Bank. United National Bank Ito9. Toms River—First National Bank... Ito9. Utica— Trenton- First National Bank & Trust Co. Ito9. Broad Street National Bank 1 to 4. Oneida National Bank Ito9. First National Bank _ Ito9. Utica City National Bank Ito9. Mechanics National Bank Ito9. Walton—First National Bank Ito9. Ventnor City—Ventnor City Na- 1 to 9. Warrensburg —Emerson National 1 to 9. tional Bank. Bank. Woodbury—First National Bank 1 to 9. Warsaw—Wyoming County Na- Ito9. W'oodstown—Woodstown National Ito9. Bank U0I1H1 JjallK. PENNSYLVANIA WatJeerftfoewrsno—n County National Bank. 1 to 9. Watertown National Bank 1 to 8. (See also District No. 4) Waverly—First National Bank 1 to 9. Wellsville—Citizens National Bank.. 1 to 9. Allentown— Westfield—National Bank of West- 4. Allentown National Bank Ito9. field. Merchants National Bank 1 to 8. Yonkers— Second National Bank. 1 to 9. First National Bank... 1 to 9. Ambler—First National Bank Ito9. Yonkers National Bank & Trust 1 to 9. Annville—Annville National Bank... Ito9. Co. Ashland—The Ashland National Ito9. Bank DISTRICT NO. 3 Atglen—Atglen National Bank _ 1 to 3. Beliefonte—First National Bank 1 to 9. DELAWARE Belleville—Belleville National Bank. Ito3. Delmar—First National Bank 1 to 8. j|_j> e £\4t"u V B ill e e £lnV t l h e/1 l Tm e >1 h — em National Bank Ito9. Dover—First National Bank... 1 to 9. First National Bank Ito9. Laurel—Peoples National Bank 1 to 8. Lehigh Valley National Bank Ito8. Milford—First National Bank Ito9. Bloomsburg—Bloomsburg National 1 to 9. Seaford—First National Bank Ito8. Bank. Smyrna—Fruit Growers National 1 to 4, 6 to 9. Blossburg—Miners National Bank... Ito4. W H" i R l aa Cm Hnl e r i K nn . tgrtaol nN-ational Bank Ito9. XJ oy N F e a a r r i t o m io w e n n r a — s l N B a a t n io k n o a f l B B o a y n e k rtown I 1 t t o o 9 9 . . National Bank of Delaware 1 to 9. Bradford—Commercial National 1 to 9. Union National Bank— Ito9. Bank. Catasauqua—National Bank of Cata- Ito9. NEW JERSEY sauqua. Chambersburg— (See also District No. 2) National Bank of Chambersburg. Ito9. Valley National Bank 1 to 9 Atlantic City- Chester- Atlantic City National Bank Ito4. First National Bank... 1 to 9. Chelsea National Bank 1 to 9. Pennsylvania National Bank Ito9. Union National Bank... Ito3. Clearfield— Bordentown—First National Bank- Ito9. Clearfield National Bank Ito9. 1 tn Q Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

198 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD Powers Powers granted granted DISTRICT NO. 3—Continued DISTRICT NO. 3—Continued PENNSYLVANIA—continued PENNSYLVANIA—continued Columbia- Northampton—Cement National Ito8. Central National Bank Ito9. Bank of Siegfried. First Columbia National Bank__ Ito9. Oxford—National Bank of Oxford Ito9. Danville- Patton—First National Bank 1 to 4. Danville National Bank ... Ito9 Pen Argyl—First National Bank Ito9. First National Bank Ito9. Philadelphia- Darby—First National Bank .._ Ito9. Broad Street National Bank 1 to 7. Du Bois— Central National Bank _ 4. Deposit National Bank Ito9. Corn Exchange National Bank__ 1 to 9. Du Bois National Bank Ito4. Drovers and Merchants National Ito9. East Stroudsburg—Monroe County Ito9. Bank. National Bank. E ighth National B ank Ito9. Emaus—Emaus National Bank Ito9. Fourth Street National Bank 1 to 9. Emporium—First National Bank 1 to 9. Kensington National Bank 1 to 3, 5 to 9. Ephrata— Market Street National Bank 1 to 7 and 9. Ephrata National Bank Ito9. National Bank of Commerce Ito9. Farmers National Bank... Ito9. National Bank of Germantown. _1 to 8. Fleetwood—First National Bank 1 to 9. National Bank of North Phila- Ito9. Frackville—First National Bank & 1 to 9. delphia. Trust Co. Northern National Bank Ito9. Gettysburg—First National Bank.__ 1 to 9. Perm National Bank 1 to 9. Greencastle—First National Bank Ito9. Philadelphia National Bank Ito9. Hamburg—First National Bank 1 to 9. Quaker City National Bank Ito9. Harrisburg — Harrisburg National Ito9. Second National Bank 1 to 9. Bank. Southwark National Bank Ito8. Hazleton— Southwestern National Bank Ito8. First National Bank 1 to 9. Tenth National Bank _ 1 to 9. Hazleton National Bank 1 to 9. Textile National Bank 1 to 9. Honesdale — Honesdale National Ito9. Third National Bank 1 to 9. Bank. Tradesmen's National Bank Ito9. Honeybrook—First National Bank... 1 to 9. Union National Bank 1 to 9. Houtzdale—First National Bank Ito9. Philipsburg— Huntingdon- First National Bank. 1 to 9. First National Bank Ito9. Moshannon National Bank 1 to 9. Union National Bank ._ 1 to 8. Phoenixville—National Bank of Phoe-1 to 9. Johnstown—First National Bank 1 to 8. nix ville. Kutztown—Kutztown National Bank|1 to 9. Pittston—First National Bank 1 to 9. Lancaster- Plymouth—First National Bank Ito9. Con estoga National Bank.- _ 1 to 9. Port Allegany— First National Bank. 1 to 9. Fulton National Bank 1 to 9. Pottstown— - • Lancaster County National Bank Ito9. National Bank of Pottstown Ito9. Lansdale—First National Bank .. 1 to 9. National Iron Bank 1 to 9. Lebanon— Pottsyille—Miners National Bank Ito9. First National Bank... 1 to 9. Reading— Lebanon National Bank 1 to 9. Penn National Bank 1 to 4. Peoples National Bank 1 to 9. Reading National Bank 1 to 9. Lehighton—Citizens National Bank . 1 to 9. Red Lion—Red Lion First National Ito9. Lewistown—Russell National Bank.. 1 to 9. Bank. Lititz—Farmers National Bank. 1 to 4. Schuylkill Haven—First National 1 to 9. Lock Haven—First National Bank... Ito9. Bank. Mahanoy City- Scranton—Third National Bank Ito9. First National Bank 1 to 9. Shickshinny—First National Bank... 1 to 3, 5 to S.. Union National Bank Ito8. Shippensburg— Manheim— First National Bank 1 to 9. Keystone National Bank Ito9. Peoples National Bank 1 to 9. Manheim National Bank.. Ito9. Smethport—Grange National Bank Ito9. Marietta—Exchange National Bank.. Ito4. of McKean County. Mauch Chunk—Mauch Chunk Na- Ito9. Souderton—Union National Bank Ito9. tional Bank. Spring City—National Bank of SpringIto9. Maytown—Maytown National Bank. Ito4. City. Montrose—First and Farmers Na- 1 to 9. State College—First National Bank.. Ito9. tional Bank & Trust Co. Stroudsburg— Mount Carmel— First National Bank Ito9. First National Bank... 1 to 9. Stroudsburg National Bank 1 to 9. Union National Bank Ito9. Sunbury—First National Bank Ito9. Mount Joy— Tamaqua— First National Bank Ito9. Tamaqua National Bank Union National Mount Joy Bank. Ito9. First National Bank 1 to 9. Mountville—Mountville National Ito4. Tioga—Grange National Bank Ito4. Bank. Topton—National Bank of Topton.. 1 to 4. Myerstown—Myerstown National Ito4. Towanda—Citizens National Bank__ 1 to 9. Bank. Tyrone— Nanticoke—First National Bank Ito4. Blair County National Bank 1 to 9. Nazareth—Nazareth National Bank.. 1 to 9. Farmers & Merchants National Ito9. New Holland—New Holland Na- 1 to 5 and 9. Bank. tional Bank. Waynesboro—Citizens National Bank Ito9. Newton—First National Bank :. 1 to 7 and 9. West Chester- Newville—First National Bank Ito4. First National Bank Ito9. Norristown—Peoples National Bank. Ito9. National Bank of Chester County Ito9. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FIDUCIARY POWERS 199 Powers Powers granted granted DISTRICT NO. 3—Continued DISTRICT NO. 4—Continued PENNSYLVANIA—continued OHIO—continued West Grove—National Bank of West Ito4. Columbus— Grove. City National Bank I to 7 and 9 Wilkes-Barre— Commercial National Bank 1 to 7 and 9 Second National Bank 1 to 9. Huntington National Bank Ito7. Wyoming National Bank Ito9. Ohio National Bank 1 to 7 and 9. Wiiliamsport— Coshocton—Commercial National 1, 4, and 9. First National Bank 1 to 9. Bank. Lycoming National Bank 1 to 9. Dayton- West Branch National Bank 1 to 4. Merchants National Bank & 1, 4, and 9. Wiiliamsport National Bank 1 to 9. Trust Co. Wrightsville—First National Bank.. 1 to 9. Winters National Bank & Trust 1, 4, and 9. York- Co. Central National Bank 1 to 9. East Liverpool—First National Bank. 1 to 7 and 9. First National Bank Ito9. Fostoria—Union National Bank 1 to 7 and 9. Industrial National Bank of West 1 to 4. Greenville—Second National Bank.. 1 to 7 and 9, York. Hamilton—First National Bank & 1, 4, and 9. Western National Bank Ito9. Trust Co. Hillsboro—Merchants National Bank 1 to 7 and 9. Lancaster—Fairfield National Bank. _1 to 7 and 9. DISTRICT NO. 4 Lebanon- Citizens National Bank & Trust 1 to 7 and 9. KENTUCKY Co. Lebanon National Bank & Trust 1, 4, and 9. (See also District No. 8) Co. Ashland— L M o a r n a s in fi — eld N — at C io i n ti a ze l n B s a n N k a t o io f n C a o l m B m a e n r k c . e . .1 to 7 and 9. Ashland National Bank 1 to 5, 7 to 9. Marietta- 4. H L U M M B C e r e a y B & i o o x o r d n l u o i a r T S N d T t a n T g h k n n e l n g h r e a e s i r k t c a — t a t i t s v u o o o . r d i n b S i s o d n n w l e a o H t l t n — d r e — e n r N a s C a o — — r N l r P — l a o N T l i B a t h a F . G n i h a n t o T o i a g i t e r e e n o n i h s - o N o n n a k t N e r n i l g a a x N o a a N t e l B i t l f t a o i o B N a a o M t B n w t i n a n i a o a a o n k o a t n n l n i n k u l o a k B a n n l B l a t N a B n B a l S a a k a n t t B n e n i k o k r k a l . n _ n i . a n _ . k l . g _ . . 1 1 1 1 I 1 1 1 I 1 t t t o t o t t t t t t o o o o o o o o 9 4 5 5 5 5 . 4 5 5 . 5 , , , . , , , , 7 7 7 7 7 7 7 t t t t t t t o o o o o o o 9 9 9 9 9 9 9 . . . . . . . M M M N N Pa e e C B B B a a o i w w n s r u o a a a C F i C s e o a . n n n n i P s i l e i r n k k k t r v l t k h n o i s — . . . i V z — i t t l n l e l r a e — e a N N n d r F — l n s a a e r M N o t a t l N P i p i n n o o a e a h — a k n n t r i i t i c n l a a a i o i h T o e l — n l n a s n h C a B v n a N e C l i i t l a t l s i l a K B y n t B e t N i k a n z i B a o n e o a n a n n t k x k n i a s o k N N l n N B & a a a a t t l a i i t . B T o i o ' n o n n r a k n u a a n . a s l l . k l t . 1 1 1 1 1 1 1 1 1 , , , 4 t t t t t t o o o o 4 4 o o , , , 7 a 7 7 7 7 7 a a n n n a a a a a a d n d d n n n n n 9 d d d d d d 9 9 . 9 9 . 9 . 9 9 9 . . . . . . Newport— Piqua— P P R i a i & n c r e i h A s N v T m — i m e l r o l w u e F e n s — r p i d t r i o c — s B C a r t t n e o M N l N . l N a a a t N d a i t i o i t a s o i n o o t n i a n n o a l a n l N B l a B l a B a a t n B a i n o k n a k n k n a k l Bank 1 1 1 1 1 t t t t t o o o o o 5 5 5 5 5 , , , , , 7 7 7 7 7 t t t t t o o o o o 9 9 9 9 9 . . . R S Sa t a B . n v C d a e C P n n u l i i a n k q s t i i k a u . r z s — y e a v — n i N S l s l e T e a N c — h t o i a i o n r t F n d i d o i a r n N s l N a t B a a l N t t a i B i o a o n n a t n k i n a o a . k l n l E a B l x a B c n h a k a n n k g _ e _ I 1 1 1 I t t , o o t t 4 o o 9 9 , . . 7 7 a n a a d n n d d 9 9 9 . . . Som F er a se r t m — er • s National Bank 1 to 5, 7 to 9. Sp B ri a n n g k fi . eld—Mad River National 1 to 7 and 9. First National Bank 1 to 9. Steubenville— W Wi i n ll c ia h m es s t b er u — rg— Cla F r i k rs t C N ou at n i t o y n a N l a B ti a o n na k l .. I 1 t o to 4 5 . , 7 to 9. Na C t o io . nal Exchange Bank & Trust 1 to 7 and 9. Bank. Peoples National Bank 1 to 7 and 9. OHIO Tiffin- Akron—National City Bank 1,4, and 9. Commercial National Bank 1 to 7 and 9, Alliance—Alliance First National 1 to 9. Tiffin National Bank 1 to 7 and 9. Ashtabula—National Bank of Ashta- 1 to7 and9 Toledo—First National Bank 1 to 7 and 9. bula. Troy—First Troy National Bank & 1 to 7 and 9. Athens- Trust Co. Athens National Bank 1 to 7 and 9. Urbana—Champaign National Bank. 1 to 7 and 9. Bank of Athens, N. B. A 1 to 7 and 9.| Warren- Bellaire—First National Bank 1, 4, and 9. Second National Bank 1 to 7 and 9. Bradford—First National Bank 1 to 7 and 9. Western Reserve National Bank. 1 to 7 and 9. Cadiz—Fourth National Bank 1 to 7 and 9. Wilmington—Clinton County Na- 1 to 7 and 9. Canton—First National Bank 1 to 7 and 9.| tional Bank & Trust Co. Cincinnati— I Youngstown— Atlas National Bank 1, 4, and 9. Commercial National Bank...... 1 to 7 and 9. Citizens National Bank & Trust 1 to 7 and 9. First National Bank _. 4. Co. Mahoning National Bank 4 and 9. Fifth-Third National Bank 1, 4, and 9. Zanesville— First National Bank..... 1 to 7 and 9. First National Bank _ 1,4, and 9. Lincoln National Bank Ito9. Old Citizens National Bank 1 to 7 and 9. Second National Bank 1 to 7 and 9. Cleveland- Brotherhood of Locomotive En- 1 to 9. PENNSYLVANIA gineers Cooperative National Bank of Cleveland. (See also District No. 3) Central National Bank, Savings 1 to 7 and 9. & Trust Co. Blairsville—First National Bank Ito9. National City Bank.__ 1 to 7 and 9. Brownsville—Second National Bank Ito9, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

200 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD Powers Powers granted granted DISTRICT NO. 4—Continued DISTRICT NO. 5 PENNSYLVANIA—continued DISTRICT OF COLUMBIA Butler- Washington- Farmers National Bank. 1 to 9. Commercial National Bank. 1 to 8. Merchants National Bank Ito9. District National Bank 1 to 8. Canonsburg—First National Bank 1 to 9. Farmers & Mechanics National 1 to 8. Ellwood City—First National Bank.. 1 to 9. Bank of Georgetown. Erie—First National Bank 1 to 9. Federal-American National Bank 1 to 8. Ford City—First National Bank & Ito9. Lincoln National Bank 1 to 8. Trust Co. National Bank of Washington 1 to 8. Franklin—Lamberton National Bank 1 to 9. , National Metropolitan Bank 1 to 8. Greensburg—First National Bank _ 1 to 9. Riggs National Bank 1 to 8. Greenville—First National Bank .. Ito9. Second National Bank.. Ito8. Grove City- First National Bank 1 to 9. MARYLAND Grove Citv National Bank.. 1 to 9. McKeesport—First National Bank... Ito9. Baltimore- Meadville—New First National Bank 1 to 5, 7 to 9. Citizens National Bank Ito9. Myersdale—Citizens National Bank.. 1 to 9. Drovers & Mechanics National Ito9. Monessen—Peoples National Bank.. _Ito8. Bank. New Brighton—Union National Bank 1 to 9. Farmers & Merchants National Ito9. New Castle— Bank. Citizens National Bank 1 to 9. Merchants National Bank Ito9. First National Bank 1 to 9. National Bank of Baltimore Ito9. New Kensington—First National 1 to 8. Western National Bank... _. Ito9. Bank. Cumberland—Second National Bank Ito9. Oakmont—First National Bank 1. Easton—Easton National Bank 1 to 9. Oil City—Oil City National Bank... 1 to 9. Frederick- Pittsburgh- Farmers & Mechanics National Ito4. Bank of Pittsburgh, N. A 1 to 9. Bank. Columbia National Bank 1 to 9. Frederick County National Bank Ito9. Diamond National Bank Ito9. Hagerstown—Second Natjional Bank. Ito9. Duquesne National Bank 1 to 9. Hyattsville—First National Bank Ito4. Farmers' Deposit National Bank. 4 and 9. New Windsor—First National Bank. Ito4. First National Bank 1 to 9. Pocomoke City—Citizens National Ito9. Highland National Bank 1 to 9. Bank. Mellon National Bank 1 to 9. Rising Sun—National Bank of Rising Ito4. Monongahela National Bank 4. Sun. National Bank of America at 1 to 9. R-ockville—Montgomery County Na- Ito3. tional Bank. Se x c o i t n is d uu N r a g t n io . nal Bank of Alle- 1 to 9. Salisbury—Salisbury National Bank. Ito9. gheny. Third National Bank _ Ito9. NORTH CAROLINA Union National Bank Ito9. Punxsutawney—Punxsutawney Na- 1 to 9. Asheville— tional Bank. American National Bank Ito9. Sharon— National Bank of Commerce _ Ito9. First National Bank Ito9. Charlotte- McDowell National Bank 1 to 4. Charlotte National Bank Ito9. Titusville—Second National Bank... Ito9. Commercial National Bank Ito9. Uniontown— Merchants & Farmers National 1 to 9. National Bank of Fayette 1 to 9. Bank. County. Union National Bank Ito9. Second National Bank ... 1 to 9. Concord—Concord National Bank... Ito9. Uniontown National Bank & 1 to 9. Durham—First National Bank Ito9. Trust Co. Elizabeth City—First & Citizens Ito9. Vandergrift—Citizens National Bank. 1 to 9. National Bank. Warren—Warren National Bank Ito9. Gastonia—First National Bank Ito9. Washington— Goldsboro—Wayne National Bank... Ito9. Citizens National Bank 1, 2, 3, 5, 6, Graham—National Bank of Ala- Ito9. 7, and 9. mance. First National Bank 1 to 9. High Point—Commercial National Ito4. Waynesburg—C i t i z e n s National Ito9. Bank. Bank. Mooresville—First National Bank... Ito9. Zelienople—Peoples National Bank... Ito4. New Bern—National Bank of New Ito4. Bern. WEST VIRGINIA Oxford—First National Bank Ito4. Raleigh— (See also District No. 5) Citizens National Bank Ito9. Commercial National Bank Ito9. Elm Grove—First National Bank Ito9. Rocky Mount—Planters National Ito9. New Cumberland—First National 1. Bank. Bank. Salisbury—First National Bank..... Ito9. Sistersville—Union National Bank... 1 to 9. Wadesboro—First National Bank Ito9. Wheeling—National Bank of West 1 to 9. Winston-Salem—Farmers National Ito9. Virginia. Bank & Trust Co. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FIDUCIARY POWERS 201 Powers Powers granted granted DISTRICT NO. 5—Continued DISTRICT NO. 5—Continued SOUTH CAROLINA VIRGINIA—continued Charleston- Salem—Farmers National Bank. Ito9. Atlantic National Bank Ito9. South Boston- Peoples National Bank Ito4. Boston National Bank _ Ito9. Columbia- Planters & Merchants National 1 to 8. Columbia National Bank Ito9. Bank. National Loan & Exchange Bank.Ito9. Staunton— Elloree—First National Bank Ito9. Augusta National Bank. _ Ito9. Gaffney—Merchants & Planters Na- Ito9. National Valley Bank 1 to 9. tional Bank. Warrenton—Farquier National Bank Ito9. Greenville- Waynesboro—First National Bank... Ito9. First National Bank Ito9. Winchester- Norwood National Bank Ito9. Farmers & Merchants National Ito9. Peoples National Bank _ Ito4. Bank. Woodside National Bank _ _ Ito9. Shenandoah Valley National Ito4. Holly Hill—First National Bank.... 1 to 3, 5 to 9. Bank. Lake City—Farmers & Merchants 1 to 4. National Bank. WEST VIRGINIA Orangeburg—Edisto National Bank.. Ito9. Rock Hill—National Union Bank Ito9. (See also District No. 4) Central National Bank Ito4. Beckley—Beckley National Bank 1 to 9. First National Bank Ito9. Bluefield— First National Bank 1 to 9. VIRGINIA Flat Top National Bank Ito9. Charleston- Abingdon—First National Bank 1 to 9. Charleston National Bank Ito9. Alexandria- Citizens National Bank_ 1 to 9. Alexandria National Bank Ito9. Kanawha National Bank 1 to 9. Citizens National Bank . Ito4. Clarksburg- First National Bank Ito4. Empire National Bank 1 to 4. Appalachia—First National Bank.... 1. Merchants National Bank . Ito9. Blackstone—First National Bank Ito9. Union National Bank Ito4. Charlottesville— Fairmont—National Bank of Fair- 1 to 9. National Bank of Charlottesville. Ito4. mont. Peoples National Bank Ito9. Fairview—First National Bank. 1 to 4. Chase City—First National Bank Ito9. Grafton—First National Bank Ito9. Chatham—First National Bank Ito3. Huntington—First National Bank... 1 to 9. Clifton Forge- Madison—Madison National Bank__ Ito4. Clifton Forge National Bank Ito4. Martirisburg—Old National Bank Ito9. First National Bank 1 to 6 and 9. Parkersburg— Covington— First National Bank. _ Ito9. Citizens National Bank Ito9. Parkersburg National Bank 1 to 9. Covington National Bank Ito4. Second National Bank _ 1 to 9. Danville- St. Marys—First National Bank 1 to 9. American National Bank Ito9. Welch—First National Bank 1 to 9. First National Bank 1 to 9. Emporia—Citizens National Bank Ito9. Fredericksburg—Planters National Ito9. DISTRICT NO. 6 Ha"mRopntlorn—Merchants National Bank Ito9. ALABAMA Harrisonburg—First National Bank.. Ito9. Anniston— Leesburg— Anniston National Bank.. 1 to 7 and 9. Loudoun National Bank. Ito9. Commercial National Bank 1 to 5, 7, Peoples National Bank Ito9. and 9. Lexington—Rockbridge National Ito9. First National Bank Ito8. Bank. Athens—First National Bank. 1. Martinsville—Peoples National Bank Ito4. Bessemer—First National Bank in 1 to 8. Newport News—First National Bank Ito9. Bessemer. Norfolk- Birmingham—First National Bank 1 to 9. National Bank of Commerce Ito4. Cullman—Leeth National Bank 1 to 4. Seaboard National Bank Ito9. Florence—First National Bank.. 1 to 8. Norton—First National Bank Ito9. Gadsden— First National Bank 1 to 3. Petersburg—Virginia National Bank. Ito3. Mobile—First National Bank 1 to 8. Portsmouth—American National 1. Montgomery—First National Bank.. Ito9. Bank. Oxford—First National Bank. 1 to 8. Pulaski— Piedmont—First National Bank ... Ito3. Peoples National Bank Ito9. Selma—City National Bank.. 1 to 8. Pulaski National Bank Ito9. Talladega—Talladega National Bank. 1 to 4. Richmond— Troy—First National Bank.. 1. American National Bank Ito4. Tuscaloosa— Central National Bank Ito9. City National Bank 1 to 8. First National Bank Ito9. First National Bank 1 to 8. Merchants National Bank Ito9. Planters National Bank Ito9. Roanoke— FLORIDA American National Bank.. Ito4. Colonial National Bank Ito9. Bartow—Polk County National Bank 1 to 9. First National Bank 1 to 9. Bradentown—First National Bank... 1 to 4. National Exchange Bank Ito9. Brooksville—First National Bank.... 1 to 8. Rocky Mount—Peoples National Ito4. De Funiak Springs—First National 1 to 8. Bank. Bank. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

202 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD Powers Powers granted granted DISTRICT NO. 6—Continued DISTRICT NO. 6—Continued FLORIDA—continued MISSISSIPPI—continued Jacksonville— Vicksburg— Atlantic National Bank 1 to 9. National City Savings Bank & 1 to 9. Barnett National Bank. 1 to 9. Trust Co. Florida National Bank.. _. 1 to 9. National Peoples Savings Bank & 1 to 9. Miami—First National Bank 1 to 9. Trust Co. Miami Beach—Miami Beach First 1 to 9. National Bank. TENNESSEE Panama City—First National Bank . 4. Pensacola—Citizens & Peoples Na- 1 to 9. (See also District No. 8) tional Bank. St. Augustine- Copperhill—First National Bank of 1 to 3, 5 to 8. First National, Bank _ 1 to 9. Polk County. St. Augustine National Barj)k 1 to 9. Dickson—Citizens National Bank 1 to 8. St. Petersburg- Fayetteville— Central National Bank & Trust Ito9. Elk National Bank... 1 to 3 and 5. Co. First National Bank _. 1 to 3, 5 to 9. First National Bank _. 1 to 4. Gallatin—First and Peoples National 1 to 9. Tampa- Bank. Exchange National Bank Ito9. Greenville-^First National Bank 1 to 9. First National Bank .. 1 to 8. Johnson City—Tennessee National 1 to 9. Winter Haven—Snell National Bank. 1 to 3, 5 to 7. Bank. Kingsport—First National Bank 1 to 7 and 9. GEORGIA Knoxville— Athens- City National Bank 1. Georgia National Bank 1 to 8. Union National Bank 1 to 7 and 9. National Bank of Athens.... 1 to 4. McMinnville—Peoples National 1 to3, 5to8. Atlanta- Bank. Atlanta and Lowry National 1 to 8. Nashville— Bank. American National Bank Ito9. Fourth National Bank 1 to 9. Broadway National Bank 1 to 7 and 9. Fulton National Bank 1 to 9. Fourth & First National Bank... 1 to 8. Barnesville—First National Bank 1 to 8. Tennessee-Hermitage National 1 to 4. Brunswick—National Bank of Bruns- 1 to 9. Bank. wick. Carrollton—First National Bank 1 to 9. DISTRICT NO. 7 Dalton—First National Bank 1 to 5. Dawson—Dawson National Bank 1 to 3, 5 to 9. ILLINOIS | Elberton—First National Bank 1 to 9. Fitzgerald— (See also District No. 8) Exchange National Bank _ 1 to 4. First National Bank 1 to 4, 6, 7. Amboy—First National Bank 1 to 9. and 9. Aurora— La Grange—La Grange National 1 to 8. First National Bank 1 to 9. Bank. Merchants National Bank 1 to 9. Louisville—First National Bank 1 to 9. Old Second National Bank 1 to 9. Macon—Fourth National Bank. 1 to 4. Batavia— Quitman—First National Bank | 1 to 8. Batavia National Bank j 1 to 9. Winder—Winder National Bank | 1 to £ First National Bank j 1 to 8. Belvidere— j LOUISIANA First National Bank _ 1 to 8. Second National Bank 1 to 4. (See also District No. 11) Bushnell—First National Bank 1 to 9. Cambridge—Farmers National Bank, l to 9. Hammond—Citizens National Bank. 1 to 9. Canton- Lake Charles— Canton National Bank.. _ | 1 to 9. Calcasieu National Bank of 1 to 9. First National Bank 1 to 8. Southwest Louisiana. Casey—First National Bank 1 to 4. First National Bank 1 to 9. Charleston—National Trust Bank- _. 1 to 9. New Orleans—Whitney-Central Na- 1 to 9. Chicagotional Bank. Austin National Bank 1 to 9. Calumet National Bank _„ 1 to 9. MISSISSIPPI First National B ank of E nglewood 1 to 4. Lawndale National Bank _._. 1 to 9. (See also District No. 8) National Bank of the Republic... 1 to 9. I Chillicothe—First National Bank 1 to 9. Biloxi—First National Bank 1 to 4. Danville- Canton—First National Bank 1 to 4. First National Bank .. 1 to 9. Gulfport—First National Bank. 1 to 8. Palmer National Bank Ito9. Hattiesburg—Commercial National 1 to 9. Second National Bank 1 to 8. Bank. Decatur— Jackson— Citizens National Bank 1 to 9. Capital National Bank 1 to 9. Milliken National Bank _. 1 to 4. First National Bank | 1 to 9. National Bank of Decatur _. 1 to 4. Jackson State National Bank 1 1 to 7 and 9.Dixon—Dixon National Bank 1 to 9. Laurel— Elrnhurst—First National Bank 1 to 9. Commercial National Bank & 1 to 9. El Paso— Trust Co. First National Bank.. 1 to 9 First National Bank _. 1 to 9. Woodford County National Bank 1 to 9 Meridian—First National Bank 1 to 8. Evanston—City National Bank.__..._ 1 to ft Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FIDUCIARY POWEKS 203 Powers Powers granted granted DISTRICT NO. 7—Continued DISTRICT NO. 7—Continued ILLINOIS—continued INDIANA—continued Freeport— Greencastle—First National Bank.... 1 to 9. First National Bank. 1 to 9. Hammond—First National Bank Ito4. Second National Bank 1 to 9. Indiana Harbor- Galesburg— Indiana Harbor National Bank of 1 to 9. First National Bank 1 to 9. East Chicago. Galesburg National Bank Ito9. United States National Bank, Ito9. Henry—First National Bank 1 to 7. East Chicago. Joliet— Indianapolis- First National Bank 1 to 4. Fletcher American National Bank 1 to 7 and 9. Joliet National Bank. Ito9. Indiana National Bank of In- 1 to 9. Will County National Bank 1 to 9. dianapolis. Kankakee—City National Bank Ito4. Kokomo— Kewanee—First National Bank 1 to 9. Citizens National Bank. 1 to 4. La Salle—La Salle National Bank 1 to 4. Howard National Bank 1 to 9. Lincoln—Lincoln National Bank 1 to 9. La Fayette—First-Merchants Na- 1 to 8. Macornb—Union National Bank 1 to 9. tional Bank. Marengo—First National Bank Ito9. La Porte—First National Bank 1 to 4. Marseilles—First National Bank 1 to 4. Liberty—Union County National 1 to 3. Mattoon—National Bank of Mattoon. 1 to 3. Bank. Monticello—First National Bank 1 to 9. Linton—First National Bank 1 to 7. Moweaqua—First National Bank Ito3. Logansport— Ottawa—National City Bank____ Ito9. City National Bank Ito8. Peoria— First National Bank 1 to 8. Central National Bank 1 to 9. Lowell- Commercial National Bank Ito8. First National Bank in Lowell... 1 to 7. Merchants & Illinois National 1 to 9, Lowell National Bank Ito8. Prince B to a n n — k. Citizens National Bank.. 1 to 3, 5 to 8. Mari F o i n rs — t National Bank Ito4. Rockford— Marion National Bank 1 to 9. Forest City National Bank Ito9. Martinsville—First National Bank. . 1 to 7. Manufacturers National Bank Ito9. Michigan City—Merchants National 1 to 9. Rockford National Bank 1 to 4. Bank. Swedish-American National Bank Ito9. Mishawaka—First National Bank... 1 to 4. Third National Bank Ito8. Monrovia—First National Bank 1 to 4. Savanna—First National Bank 1 to 8. Monterey—First National Bank 1 to 3, 5 to 9. Sycamore- Montezuma—First National Bank... 1 to 8. Citizens National Bank 1 to 9. Montpelier—First National Bank 1 to 9. Sycamore National Bank 1 to 9. Muncie—Delaware County National 1 to 9. Waukegan—Waukegan National 1 to 9. Bank. Bank. New Carlisle—First National Bank.. 1 to 3. Noblesville—First National Bank.... 1 to 8. INDIANA Peru—First National Bank 1 to 9. Remington—Farmers National Bank_ 1 to 3, 5 to 8. (See also District No. 8) Richmond- First National Bank 1 to 9. Attica—Central National Bank 1 to 9. Second National Bank 1 to 4. Batesville—First National Bank 1 to 4. Rising Sun—The National Bank of__ 1 to 9. Bloomington—First National Bank.. 1 to 7 and 9. Rochester—First National Bank 1 to 5, 7, and Brazil Citizens National Bank 1 to 7. Rockville—Rockville National Bank. 1 to 4. First National Bank. _ _ ... Ito4. Rushville— Riddell National Bank .._ 1 to 9. American National Bank 1 to 9. Brookville— Rush County National Bank 1 to 4. Franklin County National Bank. 1 to 4. Rushville National Bank... 1 to 4. National Brookville Bank... 1 to 4. Russiaville—First National Bank 1 to 3. Cambridge City—First National Bank Ito8. Shelbyville— Clay City—First National Bank 1 to 9. Farmers National Bank 1 to 9. Columbia City—First National Bank 1 to 9. First National Bank 1 to 9. Columbus—First National Bank Ito9. Sheridan— C rawfords ville— Farmers National Bank... 1 to 8. Citizens National Bank Ito4. First National Bank. 1 to 4. Elston National Bank. Ito8. South Bend- First National Bank _ 1 to 9. First National Bank 1 to 4. Dana—First National Bank._ Ito3. Merchants National Bank _. Ito9. Delphi—Citizens National Bank 1 to 9. Swayzee—First National Bank Ito9. Dublin—First National Bank Ito3. Terre Haute— T)yer—First National Bank 1 to 4. First National Bank 1 to 9. Edinburg—Farmers National Bank._ Ito4. McKeen National Bank.. Ito9. Elkhart—First National Bank 1 to 9. Terre Haute National Bank Ito9. Elwood—First National Bank Ito8. Thomtown—Home National Bank... Ito8. Fort Wayne— Tipton—Citizens National Bank Ito4. First National Bank 1 to 8. Wabash—Farmers & Merchants Ito4. Lincoln National Bank 1 to 8. National Bank. Old National Bank Ito9. Whiteland—Whiteland National Ito4. Frankfort—American National Bank. 1 to 8. Bank. Franklin—Franklin National Bank.. 1 to 4. Whiting—First National Bank 1 to 7. Gary—National Bank of America 1 to 9. Wilkinson—Farmers National Bank. Ito3. Goshen—City National Bank Ito9. Winamac—First National Bank Ito8. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

204 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD Powers Powers granted granted DISTRICT NO. 7—Continued DISTRICT NO. 7—Continued IOWA IOWA—continued Arlington—American National Bank. Ito3. Sidney—National Bank of Sidney 1 to 9. Aurelia—First National Bank Ito9. Sioux City- Bancroft—First National Bank 2,3, 5 to 7. First National Bank _ 1 to 9. Boone—First National Bank __. Ito4. Security National Bank 1 to 9. Buffalo Center—First National Bank Ito9. Sioux National Bank 1 to 9. Burlington—Merchants National Ito9. Sioux Rapids—First National Bank.. 1 to 3. Bank. Spencer—First National Bank 1 to 9. Cedar Rapids- Stanton—First National Bank. I 1 to 4. Cedar Rapids National Bank Ito9. Storm Lake—Citizens National Bank.' 1 to 9. Merchants National Bank Ito4. Story City—First National Bank ; 1 to 4. Charles City—Commercial National Ito9. Thornton—First National Bank 1 to 9. Bank. Tipton—City National Bank ; 1 to 8. Charter Oak—First National Bank_. 1,2,3, and 5. Washington—Washington National I 1 to 8. Cherokee—First National Bank Ito9. Bank. \ Clarence—First National Bank.__ Ito4. Clinton- Waterloo— j City National Bank Ito4. Commercial National Bank ! 1 to 4. Merchants National Bank 1 to 5. First National Bank _._.| 1 to 7. Colfax—First National Bank 1 to 3, 5 to 9. Leavitt & Johnson National Bank| 1 to 4. Coon Rapids—First National Bank.. Ito3. Waverly—First National Bank | 1 to 4. Council Bluffs- Webster City— [ City National Bank Ito8. Farmers National Bank ; 1 to 4. First National Bank Ito9. The First National Bank | 1 to 9. Davenport—First National Bank Ito9. MICHIGAN I Decor ah—National Bank of Decorah.1 to 9. Des Moines—Des Moines National 1 to 8. (See also District No. 9) I Bank. Dubuque— Ann Arbor—First National Bank | 1 to 9. Consolidated National Bank Ito9. Battle Creek— j First National Bank Ito9. Central National Bank.. | 1 to 4. Elkader—First National Bank Ito9. City National Bank 1 to 8. Everly—First National Bank Ito7. Old National Bank 1 to 9. Fairfield—First National Bank.... Ito8. Bay City—First National Bank 1 to 4. Fonda—First National Bank 1 to 4. Benton Harbor— Fontanelle—First National Bank Ito9. American National Bank 1 to 9. Fort Dodge—Fort Dodge National Ito8. Farmers and Merchants Na- j Bank. tional Bank. 1 to 9. Gladbrook—First National Bank Ito3. Birmingham—First National Bank.. 1 to 4. Graettinger—First National Bank.... 1 to 9. Boyne City—First National Bank... 1 to 3. Greenfield—First National Bank 1 to 5, 7 to 9. Detroit—National Bank of Com- 1 to 8. Grinnell—Citizens National Bank 1 to 9. merce. Griswold—Griswold National Bank.. 1 to 7 and 9. Flint—First National Bank 1 to 4. Hampton—Citizens National Bank.. 1 to 9. Grand Rapids— Hawarden—First National Bank 1,2,3,5 to 8. Grand Rapids National Bank 1 to 9. Humboldt—First National Bank 1 to 4. Old National Bank _ land 4. Independence—First National Bank. 1 to 4. Hillsdale—First National Bank 1 to 4. Indianola—First National Bank Ito3. Jackson— Kanawha—First National Bank Ito3. National Union Bank 1 to 9. Keokuk—Keokuk National Bank Ito9. Peoples National Bank 1 to 9. LeMars—First National Bank Ito3,5to9. Kalamazoo— First National Bank 1 to 9. Linn Grove—First National Bank 1 to 9. Lansing- Manchester—First National Bank... Ito4. Capital National Bank 1 to 4. Marengo—First National Bank 1 to 4. City National Bank 1 to 9. Marshalltown—First National Bank. Ito3. Muskegon— Mason City—First National Bank 1 to 9. Hackley National Bank _. 1 to 7 and 9* Milford—First National Bank Ito3. Union National Bank 1 to 9. Montezuma—First National Bank...! 1 to 4. Petoskey—First National Bank 1 to 4. Muscatine—First National Bank I Ito9. Pontiac—First National Bank 1 to 9. Newell—First National Bank |Ito9. Port Huron—First National Bank in 1 to 4. New Sharon—First National Bank___!1 to 7. Port Huron. Newton—Clark National Bank. j Ito9. Rochester—First National Bank 1 to 4. Odebolt—First National Bank I Ito4. Saginaw—Second National Bank 1 to 8. Oelwein—First National Bank._...._j Ito7. Traverse City—First National Bank. 1 to 3. Oskaloosa—Oskaloosa National Bank 1 to 3. Paullina—First National Bank J 1 to 7 and 9. WISCONSIN Perry—Perry National Bank Ito9. Peterson—First National Bank 1 to 4. (See also District No. 9) Red Oak—First National Bank 1 to 4. Remsen— First National Bank Ito8. Antigo— Rippey—First National Bank _ 1, 2, 3,5 to 8. First National Bank 1 to 8. Rockwell City—Rockwell City Na- Ito9. Langlade National Bank 1 to 3, 5 to 8. tional Bank. Appleton—Citizens National Bank... 1 to 9. Royal—Citizens National Bank 1 to 3. Beaver Dam—Old National Bank 1 to 4. Ruthven—First National Bank. 1 to 8. Clintonville—First National Bank... 1 to 4. Sheffield—First National Bank 1 to 9. Darlington—First National Bank 1 to 8. Sibley—First National Bank... Ito3. Edgerton—First National Bank | 1 to 8. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FIDUCIARY POWERS 205 Powers Powers granted granted DISTRICT NO. 7—Continued DISTRICT NO. 8—Continued wisco NSIN—continued ILLINOIS—continued Fond du Lac— Carlinville—Carlinville National Ito9. Commercial National Bank 1 to 9. Bank. First-Fond du LucNational Bank. Ito8. Carlyle—First National Bank Ito9. Hartford—First National Bank 1 to 7 and 9. Carmi—National Bank of Carmi 1 to 9. Janesville—First National Bank 1 to 4. Edwardsville—Edwardsville Na- 1,2,3,5,6,7, Manitowoc—First National Bank in 1 to 9. tional Bank. and 9. Manitowoc. Highland—First National Bank Ito9. Marinette—First National Bank Ito9. Jacksonville—Ayers National'Bank. _ Ito4. Milwaukee- Lawrenceville—First National Bank. Ito9. Marine National Bank Ito9. Lebanon—First National Bank Ito9. National Bank of Commerce 1 to 9. Marion—First National Bank 1 to 9. National Exchange Bank Ito9. Mascoutah—FirsJ; National Bank Ito9. Monroe—First National Bank Ito9. Metropolis—City National Bank Ito4. Neenah—National Manufacturers 1 to 3. Mount Carmel—American National 1 to 9. Bank. Bank. Oshkosh—City National Bank Ito4. M ount Sterling—F ir st N ational B ank. 1 to 4. Racine- Murphysboro—First National Bank. 1 to 8. First National Bank Ito9. Nashville- Manufacturers National Bank... Ito9. Farmers & Merchants National 1 to 9. Ripon— Bank. American National Bank Ito9. First National Bank 1 to 9. First National Bank Ito9. Nokomis—Nokomis National Bank. 1 to 3. Shawano—Wisconsin National Bank. Ito8. O'Fallon—First National Bank Ito9. Sheboygan—Security National Bank. Ito9. Pittsfield—First National Bank _ Ito9. Sparta—Farmers National Bank Ito9. Quincy—Quincy-Ricker National 1 to 9. Stevens Point—First National Bank. Ito8. Bank & Trust Co. Viroqua—First National Bank Ito9. Sparta—First National Bank 1 to 3,5 to 7. Waukesha— Vandalia—First National Bank Ito8. National Exchange Bank __ 1 to 4. Waukesha National Bank Ito8. INDIANA Wausau— American National Bank _ Ito9. (See also District No. 7) First National Bank 1. West Bend—First National Bank Ito9. Bedford—Bedford National Bank 1 to 3,5 to 9. Wisconsin Rapids—First National Ito9. Bicknell—First National Bank Ito9. Bank. Evansville— National City Bank 1 to 9. DISTRICT NO. 8 Old National Bank... 1 to 9. Farmersburg—First National Bank.. 1 to 6 and 8. ARKANSAS Jeffersonville—First National Bank.. Ito9. Linton—First National Bank _. 1 to 7. Batesville—First National Bank 1 to 7 and 9. Mitchell—First National Bank 1 to 4. Bentonville—First National Bank... Ito9. Mount Vernon—Old First National 1 to 8. Corning—First National Bank Ito9. Bank. El Dorado—First National Bank Ito9. New Albany—New Albany National 1 to 9. Fordyce—First National Bank 1 to 4. Bank. Fort Smith- Orleans—National Bank of Orleans... 1. City National Bank _ 1 to 9. Poseyville—Bozeman Waters Na- 1, 3, 5, 6, 8, First National Bank. 1 to 9. tional Bank. and 9. Merchants National Bank Ito9. Princeton— Hot Springs- Farmers National Bank 1,2,3,5,6, 7, Arkansas National Bank __ Ito9. and 9. C itizens National B ank 1 to 3, 5 to 9. Peoples American National Bank. Ito8. Jonesboro—First National Bank 1 to 9. Seymour- Lake Village—First National Bank.. 1 to 9. First National Bank 1 to 9. . Little Rock- Seymour National Bank Ito9. England National Bank 1 to 9. Sullivan—National Bank of Sullivan. 1 to 7 and 9. Exchange National Bank „ 1 to 9. Tell City—Citizens National Bank.. 1 to 4. Marianna—Lee County National 1 to 4. Vevay—First National Bank 1 to 9. Bank. Wadesville—The Farmers National 1 to 9. Mena—First National Bank 1. Bank. Newport—First National Bank 1 to 8. KENTUCKY North Little Rock—First National Ito9. Bank. (•See also District No. 4) Paragould—First National B&nk Ito9. Paris—First National Bank... 1 to 9. Bowling Green—American National 1 and 4. Pine Bluff—Simmons National Bank. Ito9. Bank. Texarkana—State National Bank Ito9. Columbia—First National Bank 1 to 3,5 to 8. Danville— ILLINOIS Citizens National Bank 1 to 9. Farmers National Bank.. . Ito8. (See also District No. 7) Elizabethtown—First-Hardin Na- Ito9. Alton—Citizens National Bank Ito9. Gl n a o sg n o a w i j — jan F K a . r . mers National Bank Ito4. Anna—First National Bank 1 to 9. Harrodsburg—First National Bank Ito9. Belleville- Henderson—Henderson National Ito9. First National Bank Ito8. Bank. St. Clair National Bank Ito9. Hopkinsville—First National Bank.. Ito9. Benld—First National Bank of Benld. 1 to 3,5 to 8. Lawrenceburg— Breese—First National Bank 1 to 9. Anderson National Bank 1 to 3,5 to 9. Cairo—Cairo National Bank.. Ito9. Lawrenceburg National Bank Ito8. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

206 ANNUAL REPORT OF THE FEDERAL BESEBVE BOAKD Powers Powers granted granted DISTRICT NO. 8—Continued DISTRICT NO. 9—Continued KENTUCKY—continued MINNESOTA Lebanon- Albert Lea—First National Bank 1 to 8. Citizens National Bank. 1 to 4. Alexandria—First National Bank _ _ 1 to 9. Marion National Bank Ito4. Argyle—First National Bank 1, 2, 3, 5, 6, Louisville— 7, and 9. Citizens Union National Bank___ 1 to 9. Austin- First National Bank 1 to 9. Austin National Bank 1 to 9. Louisville National Bank Ito9. First National Bank _ 1 to 8. National Bank of Kentucky 1 to 9. Bemidji—First National Bank 1 to 9. Mayfield—First National Bank. 1 to 8. Blooming Prairie—First National 1,2, 3, and 5 Morganfield—Morganfield National 1 to 4. Bank. Bank. Chatfield—First National Bank Ito5. Murray—First National Bank 1 to 9. Duluth— Owensboro—First National BanK 1 to 9. American Exchange National 1 to 8. Paducah— Bank. City National Bank.. 1 to 9. City National Bank Ito9. First National Bank 1 to 3. First National Bank _. 1 to 8. Princetons- Minnesota National Bank. 1 to 9. Farmers National Bank 1 to 9. Northern National Bank 1 to 9. First National Bank 1 to 3, 5 to 7 Eveleth—First National Bank 1 to 3,5 to 9. and 9. Fairmont—Martin County National Ito9. Bank. MISSISSIPPI Fairbault—Security National Bank_. 1 to 9. (See also District No. 6.) -F er F gu e s r g A u 1 s a n F s— al • ls National Bank Ito8. First National Bank 1 to 9. Greenville—First National Bank 1 to 4. Hutchinson—Farmers National Bank 1 to 9. Greenwood—The First National 1. Lanesboro—First National Bank 1 to 3. Bank. Little Falls- American National Bank. Ito9. MISSOURI First National Bank 1, 2, 3, 5, 6, (See also District No. 10) Minneapolis- 8, and 9. Metropolitan National Bank 1 to 9. Boonville—Boonville National Bank. 1 to 9. Midland National Bank 1 to8. Carrollton—First National Bank Ito8. Northwestern National Bank 4. Chillicothe—First National Bank Ito9. Northfield—Northfield National 1 to 9. Columbia— Bank. Boone County National Bank Ito4. Owatonna— Echange National Bank ._. 1 to 4. First National Bank. 1 to 9. Hannibal—Hannibal National Bark. Ito9. National Farmers Bank 1 to 3, 5 to 9 Jefferson City—First National Bank. 1 to 9. Park Rapids—First National Bank.. Ito9. Kirksville—Citizens National Bank.. 1 to 8. Red Wing- Pierce City—First National Bank.... 1 to 9. First National Bank Ito9. Ridgeway—First National Bank 1 to 9. Goodhue County National Bank 1 to 9. St. Louis— Rochester—First National Bank 1 to 9. First National Bank 1 to 4. St. Cloud—Merchants National Bank 1 to 9. Merchants-Laclede National 1 to 4. St. Paul—Twin Cities National Bank. 1 to 9. Bank. St. Peter—First National Bank 1 to 8. National Bank of Commerce 1 to 9. Stillwater—First National Bank 1 to 9. Security National Bank, Savings 1 to 9. Truman—Truman National Bank 1 to 9. & Trust Co. Virginia—xVmerican Exchange Na- 1 to 3, 5 to 8 State National Bank Ito9. tional Bank. Sedalia— Waseca—Farmers National Bank 1 to 9. Citizens National Bank 1 to 4. Welcome—Welcome National Bank.. 1 to 8. Third National Bank 1 to 3, 5 to 7. WTindom—First National Bank. Ito9 Springfield—Union National Bank... 1 to 4. Winona—Winona National Bank 1 to 9. Unionville—Marshall National Bank. 1 to 3, 5 to 7 Versailles—First National Bank __..___ 1 to 3. MONTANA ."Dj j iZi i1i1n -Ig «s —nn TENNESSEE Midland National Bank 1 to 9. Montana National Bank 1 to 9. (See also District No. 6.) Bozeman—Commercial National 1 to 4. Bank. Memphis— Dillon—First National Bank 1 to 7 and 9 Central State National Bank 1 to 4. Great Falls—Great Falls National Ito4. S outhern N ational B ank. 1 to 9. Bank. Kalispell—First National Bank 1 to 4. DISTRICT NO. 9 Missoula—• First National Bank 1 to 7 and 9 MICHIGAN Western Montana National Bank Ito8. (See also District No. 7) NORTH DAKOTA Manistique—First National Bank__ Ito4. Bismarck—First National Bank 1 and 9. Marquette— Ellendale—First National Bank Ito4. First National Bank.,... Ito9. Fargo— Union National Bank.. 1 to 9. First National Bank.... Ito9. Menominee—First National Bank.. Ito9. Merchants National Bank 1 to 9. Negaunee—Negaunee National Bank Ito3. Security National Bank Ito9. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FIDUCIARY POWERS 207 Powers Powers granted granted DISTRICT NO. 9—Continued DISTRICT NO. 10—Continued NORTH DAKOTA—continued COLORADO—continued Forman—First National Bank 1 to 3. Greeley— Grand Forks—First National Bank- 1 to 9. First National Bank 1 to 9. Jamestown—James River National 1 to 3, 5 to 7, Greeley National Bank Ito9. Bank. and|9. Union National Bank Ito4. Minot— Gunnison—First National Bank 1 to 9. Second National Bank Ito9. Hugo—First National Bank Ito3. Union National Bank 1 to 7 and 9. I L d a a m ho ar — Sp L ri a n m gs a — r N Fi a rs ti t o N na a l t i B on an al k Bank. 1 It o to 9 . 4. SOUTH DAKOTA Las Animas—First National Bank... 1 to 9. Longmont—American National Bank Ito9. Aberdeen—Aberdeen National Bank. 1 to 4. Loveland— Arlington—First National Bank 1 to 4. First National Bank 1 to 4,6, and Canton—First National Bank 1 to 9. 7. Colman—First National Bank.. Ito4. Loveland National Bank 1 to 7. Deadwood—'First National Bank 1 to 9. Mancos—First National Bank Ito9. Flandreau—First National Bank 1 to 3. Montrose—Montrose National Bank. 1 to 9. Lead—First National Bank Ito9. Ordway—First National Bank Trustee. Miller—First National Bank 1 to 9. Sterling—Logan County National Ito9. Rapid City—First National Bank 1 to 7 and 9. Bank. Sioux Falls— Trinidad- Minnehaha National Bank 1 to 8. First National Bank Ito3. Security National Bank Ito4. Trinidad National Bank Ito9. Spearfish—American National Bank. 1 to 3. Walsenburg—First National Bank... ltoQ. Vermilion—First National Bank 2 to 9. Watertown—First National Bank Ito9. KANSAS WISCONSIN Anthony—First National Bank Ito4. Atchison—City National Bank .... 1 to 9. (See also District No. 7) Coffeyville— Condon National Bank 1 to 3,5 to 9. Ashland— First National Bank 1 to 3 and 5. Ashland National Bank. 1 to 9. Emporia— Northern National Bank 1 to 7 and 9. Citizens National Bank 1 to 9. Barron—First National Bank Ito3. Commercial National Bank & 1 to 9. Chippewa Falls- Trust Co. First National Bank.. Ito9. Fort Scott—Citizens National Bank. 1 to 7 and 9. Lumbermens National Bank 1 to 9. Goodland—Farmers National Bank. Ito4. Menomonie—First National Bank.. Ito9. Great Bend—First National Bank 1 to 9. Superior- Horton—First National Bank Ito4. First National Bank 1 to 7. Hutchinson—First National Bank 1 to 4. United States National Bank... 1 to 9. Independence—Commercial National Ito9. Bank. DISTRICT NO. 10 Jewel City—First National Bank 1 to 3. Kansas City—Peoples National Bank 1 to 9. COLORADO Lawrence— •Lawrence National Bank 1 to 8. Akron—First National Bank 1 to 4. Merchants National Bank., Ito8. Boulder- Watkins National Bank 1 to 9. Boulder National Bank Ito4. Luray—First National Bank.. 1 to 3. Citizens National Bank 1 to 7. Ottawa—Peoples National Bank 1 to 4. Brush—First National Bank 1 to 3, 5 to 8. Paola—Miami County National 1 to 9. Canon City—Fremont County Na- 1 to 4. Bank. tional Bank. Pittsburg—National Bank of Com- 1 to 9. Center—First National Bank 1 to 4. merce. Colorado Springs- Pratt—First National Bank 1 to 9. Colorado Springs National Bank Ito9. Sabetha—National Bank of Sabetha. Ito4. Exchange National Bank 1 to 9. Salina— First National Bank 1 to 9. Farmers National Bank Ito4. Craig—Craig National Bank 1 to 9. National Bank of America 1 to 9. Denver- Topeka—Farmers National Bank 1 to 4. American National Bank Ito7. Troy—First National Bank. Ito3. Broadway National Bank 1 to 9. Wellington—First National Bank Ito9. Colorado National Bank 1 to 9. Wichita- Denver National Bank 1 to 9. First National Bank. 1 to 9. First National Bank.. Ito9. Fourth National Bank Ito9. Globe National Bank -. 1 to 8. Winfield—First National Bank Ito9. Stock Yards National Bank 1 to 9. United States National Bank 1 to 9. MISSOURI Durango—Burns National Bank..... Ito7. Eagle—First National Bank of Eagle Ito4. (See also District No. 8) County. Englewood—First National Bank Ito4. Cameron—First National Bank Ito3. Fort Collins- Carthage—Central National Bank Ito3. First National Bank Ito4. Joplin—Jqplin National Bank 1 to 9. Fort Collins National Bank Ito9. Kansas City— Poudre Valley National Bank 1 to 7 and 9. Columbia National Bank 1 to 4 and 9. Fort Morgan—First National Bank... 1 to 4. Drovers National Bank.. Ito4. Grand Junction—Grand Valley Na- 1 to 9. Fidelity National Bank & Trust Ito9. tional Bank. Co. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

208 ANNUAL KEPORT OF THE FEDERAL RESERVE BOARD Powers Powers granted granted DISTRICT NO. 10—Continued DISTRICT NO. 10—Continued MISSOURI—continued OKLAHOMA—continued Kansas City—Continued. Oklahoma City—Continued. First National Bank ._ Ito9. Security National Bank -. 1 to 8. Gate City National Bank 1 to 9. Tradesmens National Bank 1 to 7 and 9. Interstate National Bank __ 1 to 9. Pond Creek—First National Bank... 1 to 4. Liberty National Bank 1 to 7 and 9. Sallisaw—First National Bank Ito3,5to7. New England National Bank 1 to 9. Shawnee—Shawnee National Bank__ 1 to 9. Maryville—First National Bank 1 too. Tulsa— Neosho—First National Bank 1 to 9. " Central National Bank 1 to 9. St. Joseph- Exchange National Bank 1 and 4. American National Bank 1 to 4. First National Bank 1, 2, and 4. Burns National Bank.. Ito4. Woodward—First National Bank 2 and 3. Tootle-Lacey National Bank Ito8. WYOMING NEBRASKA Buffalo—First National Bank 1 to 4. Belden—First National Bank 1 to 3, 5 to 9. Casper- Butte—First National Bank 1 to 3. Casper National Bank.. _ 1 to 4. Columbus—First National Bank 1 to 9. Citizens National Bank 1 to 7. Decatur—First National Bank 1 to 3. Wyoming National Bank 1 to 4. Emerson—First National Bank 1 to 8. Cheyenne- Lincoln—Lincoln State National 1 to 9. American National Bank.. 1 to 9. Bank. First National Bank . Ito9. Lyons—First National Bank 1 to 3. Stock Growers National Bank _. 1 to 9. Madison—Madison National Bank__ 1 to 7 and 9. Cody—Shoshone National Bank 1 and 4. Nebraska City—Nebraska City Na- Ito9. Evanston—First National Bank 1 to 3. tional Bank Kemmerer—First National Bank 1 to 4. Norfolk—Norfolk National Bank 1 to 3. Laramie—First National Bank 1 to 3. Omaha— Powell—First National Bank 1 to 8. First National Bank. 1 to 4. Rawlins— Merchants National Bank Ito4. First National Bank 1 to 9. Omaha National Bank 1 to 9. Rawlins National Bank Ito3. United States National Bank 4. Rock Springs- Ord—First National Bank 1 to 4. First National Bank 1 to 8. Pender—First National Bank. 1, and 3 to 7. Rock Springs National Bank 1 to 9. Randolph—First National Bank 1 to 9. Sheridan— South Omaha—Stock Yards National 4. First National Bank Ito9. Bank Sheridan National Bank 1 to 3, 5 to 9 Utica—First National Bank 2 and 3. Thermopolis—First National Bank__ 1 to 9. NEW MEXICO DISTRICT NO. 11 (See also District No. 11) ARIZONA Gallup—First National Bank in Gal- 2 and 3. lup. (See also District No. 12) Las Vegas—First National Bank 1 to 9. Raton- Nogales—First National Bank Ito8. First National Bank .. - 1 to 7 and 9. . Tucson- National Bank of New Mexico._. 2 and 3. Arizona National Bank Ito9. Santa Fe—First National Bank 1 to 9. Consolidated National Bank 1 to 4. OKLAHOMA LOUISIANA (See also District No. 11) (See also District No. 6) Barfclesville— Shreveport— First National Bank 1 to 8. Commercial National Bank 1 to 4. Union National Bank _. 4. First National Bank Ito4. Cleveland—First National Bank 1 to 9. Enid- NEW MEXICO American National Bank 1 to 9. Enid National Bank 1 (See also District No. 10) Guthrie—First National Bank 1 to 8. Hominy— Albuquerque—First National Bank.. 1 to 7 and 9 First National Bank _ 1 to 3, 5 to 9. Silver City—American National Bank 2 and 3. National Bank of Commerce 1 to 9. Hooker—First National Bank 1 to 3 and 5. TEXAS Lawton—City National Bank _.. 1 to 3, 5 to 7, and 9. Abilene—Citizens National Bank 1 and 2. McAlester— Amarillo—First National Bank 1 to 4. American National Bank 1. Austin—American National Bank._ _ 1 to 3. First National Bank 1 to 3, 5 to 7. Beaumont— Miami—Ottawa County National 1 to 9. First National Bank 1 to 4. Bank. Texas National Bank 1 to 9. Muskogee—First National Bank 1 to 9. Bonham—First National Bank 1 to 3. Oklahoma City- Brenham—First National Bank 1 to 7 and 9 American National Bank 1 to 3, 5, 7 to Brownsville—Merchants National 1. Farmers National Bank. _ 1 to 4. -Br " o R w a n n w t ood—Citizens National Bank 1 to 9. First National Bank 1 to 9. Cameron—Citizens National Bank... 1 to 9. Liberty National Bank 1 to 9. 1 Clarksville—First National Bank 1 to 3, 5 to 8 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FIDUCIARY POWERS 209 Powers Powers granted granted DISTRICT NO. 11—Continued DISTRICT NO. 12 TEXAS—continued ALASKA Colorado- Fairbanks—First National Bank lto 9. City National Bank Ito4. Colorado National Bank Corpus Christi—Corpus Christi Na- 1 to 3, 5 to 7. ARIZONA tional Bank. 1 to 7. Winslow—First National Bank Corsicana—Corsicana National Bank. Dal A la m s- erican Exchange National 1 to 4. CALIFORNIA N D C a i a B t t l y i l a o a n N s n k a a N . l t a i B o ti n a o a n n l k a B l o a B f n a C k n o k mmerce 1 1 1 t t t o o o 9 9 9 . . . A C C a h n l i a e c h x o e i — c im o F — — ir F s F t i i r r N s s t t a N t N i a o a t n i t a o io l n n a B a l a l B n B k a a n n k k 4 1 1 . t t o o 9 8 . . Republic National Bank 1 to 4. Fullerton—Farmers & Merchants 4. Denison—State National Bank 1 to 9. National Bank. G G G E F l o r a r a e l r P v e n t U F S F S F F S F a e n g s W o t t i o i a i s v n e B o o a r r r t r u r i r i s s s o t — c m o t l a t — t e t t t l n k e h r n e W e t — d N N N y N — k h F r T a . s — a a a o i a S r e r G t t t r t d t x s i i i i t & a o o o s t r o h a t e n n n s n e N N e M N a a a a n N N l l l a a l a v e t t a B B B a t B i i i c i t l o o t h a o a a i l a i n n e o o n a n n n n a a n n k k k n a k N l l a i l a c l B B a l B s t B a B a i a o n n N a a n n k k n n k a a k k t l i o E n x a . - l _ 1 1 1 1 I 1 1 2 1 1 1 1 , t , t t t a t t t t t o 2 o o o o o 2 o o o n 9 , , d 4 9 4 4 7 9 9 9 . a a . . . . . . . n n 2 a d d . n d 3 4 . . 9. R M O P O L L l o o e r a o e o l d s n k f a a u w g F P C l F C C s n A M n a a a a i d o o a o t n n B B r c n r a a l — o m n d s g i i m t a i t d f t e f t e — o n e m i n o i F l e a c o V n N n e C r k r i c e C n s — e r s . N i a i r — h C i s n e t e t c a t y - a w i F t n & o i o a — t a N t i N u — i l n r l r o n M a s a a a F N N n t l F t t l t i y i a e i a a r i N N o o B l . r r s t t n s c n i t i a a a B o t o h a a t t n N n a i l i n l a N k o o a n a n a B B n n l a k t l t i s a a t a a B o B i l l n n o n a k N a k B B n a n n a l a a a k k l t n n B i k k B o a n a n a n k l k 4 4 4 4 1 1 1 1 1 l l . . . . t t o t o t t t t t o o o o o o 9 9 9 9 9 9 9 . . 3 . . . . . , 5, 7 H Ha o c s h u k a s e n t l g l o — e n - H Ba as n k k e . ll National B ank lto 3, 5 to 8. Sacr N C a a a m p ti e i o t n a n l t a o l N - B at a io nk n a o l f B D a . n k O. Mills & 1 1 t t o o 7 9 . and 9. N Se a c t o io n n d a N l B at a io n n k a o l f B C a o n m k merce 1 1 t t o o 7 7 a a n n d d 9 9 . .San F C r o a . ncisco- South Texas Commercial Bank.. 1 to 9. Anglo & London Paris National 1 to 9. I L t o al n y g U S — v t n a ie i F t o e w i n r N — s t N a F N t a i i t o r a i s o n t t i n a o N l a n l B a a B l t a io n a B n k n a k a n l k Bank 1 1 l 1 t o t t a o o n t o 9 d 9 9 . . . 8 3 . , Sant B C P a a r a B A o c n i c a k n f k n i a c e o k — r f . N N F C a i a a t r i l t s o i i t f o n o N n a r l a n a l i t B a i B , o a n a n N n a k . l k A Bank l l l l t t t t o o o o 8 9 9 9 . . . . M Mc a K rs i h nn a e ll y - —First National Bank 1 to 4. Sant C a o B un a t r y b a N r a a t - ional Bank & Trust lto 9. M Fi a rs r t s h N a a ll t i N on a a ti l o B na a l n k B _ a ._ n _ k 1 lt o to 3 4 . . Fi C rs o t . National Bank lto 9. Orange— Stockton—First National Bank lto 3, 5 to 7. First National Bank lto 9. Orange National Bank 1 to 9. IDAHO Palestine—Royal National Bank 1 to 4. Boise- Port Arthur—First National Bank_._ 1 to 4. Boise City National Bank lto 9. San Angelo— First National Bank of Idaho 1 to 5. Central National Bank 1 to 4. Pacific National Bank lto 9. First National Bank lto 9. Hagerman—First National Bank 1. San xVngelo National Bank _ lto 3. Hailey—Hailey National Bank 1 to 3. San Antonio— Lewiston—Lewiston National Bank. lto 9. Alamo National Bank lto 9. Moscow—First National Bank lto 4. Frost National Bank 1 to 9. Payette—First National Bank lto 9. Lockwood National Bank lto 9. National Bank of Commerce lto 9. NEVADA Sealy—Sealy National Bank lto 4. Sherman- Reno—Farmers & Merchants Na- 1 and 4. Commercial National Bank 1 to 3, 5 to 8. tional Bank. Merchants & Planters National lto 9. Tonopah—Nevada First National Bank. Bank. Stanton—First National Bank lto 3. Texarkana—Texarkana National lto 9. OREGON Bank. Troup—First National Bank 1. Ashland—First National Bank 1 to 9. Tyler—Citizens National Bank lto 3. Corvallis—First National Bank lto 9. Victoria—Victoria National Bank lto 4. Eugene—First National Bank lto 4. Waco—First National Bank 1 to 9. Grants Pass—First National Bank of 1, 2, 3, 5, 6, Waxahachie—Citizens National Bank lto 9. Southern Oregon. 7, and 9. Wichita Falls- Harrisburg—First National Bank lto 3. C Fi i r t s y t N N a a t t i i o o n n a a l l B B a a n n k k l l t t o o 9 9 . . Junction City—First National Bank. 1, 7 2 , , a 3 n , d 5 9 , . Qr Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

210 ANNUAL. REPORT OF THE <3?EDERAL EESERVE BOARD Powers Powers granted granted DISTRICT NO. 12—Continued DISTRICT NO. 12—Continued OREGON—continued WASHINGTON—continued McMinnville—United States Na- Ito9. Okanogan—First National Bank Ito9. tional Bank. Olympia—Olympia National Bank__ Ito9. Marshfield—First National Bank of 1 to 9. Oroville—First National Bank 1 to 9. Coos Bay. Pasco—First National Bank Ito9. Medford—Medford National Bank... Ito9. Port Angeles—First National Bank.. 1 to 9. Milton—First National Bank. 1 to 4. Pullman—First National Bank 1 to 7. Ontario—First National Bank 2 and 3. Rosalia—Whitman County National Ito9. American National Bank 1 to 4. Seattle- First National Bank 1 to 4. Dexter Horton National Bank__. Ito9. Portland- First National Bank Ito9. First National Bank.. Ito4. Marine National Bank Ito9. Peninsula National Bank 1 to 9. Metropolitan National Bank 1 to 7 and 9. United States National Bank Ito9. National Bank of Commerce 1 to 9. West Coast National Bank Ito9. National City Bank Ito9. Salem—First National Bank in Salem Ito9. Seattle National Bank 1 to 4, 6, and UTAH University National Bank 1 to9. Salt Lake City- Exchange National Bank Ito9. Continental National Bank...... 1 to 4. Fidelitv National Bank 1 to 9. Deseret National Bank _ Ito4. Old National Bank 1 to 9. WASHINGTON National Bank of Tacoma 1 to 9. Puget Sound National Bank Ito9. Bellingham— Toppenish—First National Bank __. 1 to 9. American National Bank 1 to 3 and 9. Vancouver—Vancouver National 1 to 4. Bellingham National Bank 1 to 4. Bank. First National Bank 1 to 5 and 9. Walla Walla— Colfax—Farmers National Bank . 1 to 4. Baker-Boyer National Bank 1 to 9. Ellensburg—Washington National Ito3. First National Bank 1 to 9. Bank. Third National Bank 1, 3, and 4. Everett- Wenatchee—First National Bank 1 to 9. First National Bank Ito9. Yakima—Yakima National Bank Ito9. Security National Bank. 1 to 9. Hoquiam—First National Bank Ito9. HAWAHAN ISLANDS First National Bank Ito3. Honolulu—PMrst National Bank of Ito8. Skagit National Bank 1 to 4. 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- B oston—Continued. Hartford Aetna National Bank. Second National Bank. Phoenix National Bank. State Street Trust Co. New Haven—First National Bank. Webster & Atlas National Bank. Norwich—Thames National Bank. Dedham—Dedham National Bank. Maine: Fall River—Massasoit-Pocasset National Bank. Portland- Fitchburg—Safety Fund National Bank. Canal National Bank. New Bedford- Portland National Bank. First National Bank. Massachusetts: Safe Deposit National Bank. Boston— Springfield—Springfield National Bank. American Trust Co. Worcester—Merchants National Bank. Atlantic National Bank. Rhode Island: Beacon Trust Co. Providence— Citizens National Bank. Blackstone Canal National Bank. First National Bank. Industrial Trust Co. Merchants National Bank. Merchants National Bank. National Shawmut Bank. National Bank of Commerce. National Union Bank. Providence National Bank. Old Colony Trust Co. DISTRICT NO. 2 Connecticut: New York—Continued. Bridgeport- New York City—Continued. 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 Fifth National Bank. Co. First National Bank. New Brunswick—National Bank of New Jer- Garfield National Bank. sey. Grace National Bank. Paterson— Guaranty Trust Co. Hamilton Trust Co. Harriman National Bank. Paterson National Bank. Irving Bank-Columbia Trust Co. New York: Mechanics & Metals National Bank. Buffalo- National Bank of Commerce. Manufacturers & Traders National Bank. National City Bank. New York City- National Park Bank. American Exchange National Bank. New Netherland Bank. Bank of America. New York Trust Co. Bank of Manhattan Co. (Manhattan Co.). Pacific Bank. Bank of New York & Trust Co. Seaboard National Bank. Bankers Trust Co. U. S. Mortgage & Trust Co. Central Union Trust Co. Utica— Chase National Bank. First National Bank & Trust Co. Chemical 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 & Trust Columbus—Continued. Co. Ohio National Bank. Ohio: Toledo—Commerce Guardian Trust & Savings Cincinnati— Bank. Fifth-Third National Bank. Pennsylvania: Union Trust Co. Braddock—First National Bank. Cleveland- Greensburg—First National Bank. Brotherhood of Locomotive Engineers Pittsburgh- Cooperative National Bank. Bank of Pittsburgh, N. A. Central National Bank, Savings & Trust First National Bank. Co. Mellon National Bank. Cleveland Trust Co. Pittsburgh Trust Co. Guardian Savings & Trust Co. Union National Bank Union Trust Co. Union Trust Co. Columbus— West Virginia: City National Bank. Wheeling—Wheeling Bank & Trust Co. Digitized for FRASER 211 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

212 ANNUAL. REPORT OF THE FEDERAL RESERVE BOARD DISTRICT NO. 5 Maryland: South Carolina—Continued. Baltimore— Orangeburg-^-Edisto National Bank. Atlantic Exchange Bank & Trust Co. Rock Hill—Peoples National Bank. Baltimore Commercial Bank. Virginia: Baltimore Trust Co. Danville—First National Bank. Citizens National Bank. Hampton—Merchants National Bank, Drovers & Mechanics National Bank. Norfolk- Farmers & Merchants National Bank. Citizens Bank. Maryland Trust Co. National Bank of Commerce. Merchants National Bank. Norfolk National Bank. National Bank of Baltimore. 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- Clarksville—First National Bank. Citizens & Southern Bank. Citizens Trust Co. Savannah Bank & Trust Co. Valdosta—First National Bank. DISTRICT NO. 7 Illinois: Illinois—Continues. Chicago— Peoria—Merchants & Illinois National Bank. Chicago Trust Co. Indiana: Continental & Commercial National Bank. Brazil—The Riddell National Bank. Drovers National Bank. Indianapolis—Fletcher-American National First National Bank. Bank. Foreman National Bank. Michigan: Harris Trust & Savings Bank. Detroit- Illinois Merchants Trust Co. First National Bank. National Bank of the Republic. National Bank of Commerce. National City Bank. Wisconsin: Union Trust Co. Milwaukee—First Wisconsin National Bank. DISTRICT NO. 8 Arkansas: M issouri— C ontinued. Pine Bluff—Peoples Savings Bank & Trust Co. St. Louis—Continued. Mississippi: Merchants-Laclede National Bank. Ittabena—First National Bank. Mississippi Valley Trust Co. Missouri: National Bank of Commerce. St. Louis- Tennessee: First National Bank in St. Louis. Memphis— Liberty Central Trust Co. Central-State National Bank. Mercantile Trust Co. Union & Planters Bank & Trust Co. DISTRICT NO. 9 Minnesota: M innesota— C ontinued. Minneapolis- St. Paul- First National Bank in Minneapolis. First National Bank. Northwestern National Bank. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ACCEPTANCES TO 100 PER CENT 213 DISTRICT NO. 10 Colorado: 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 National Bank. DISTRICT NO. 11 Arizona: Texas—C ontinued. Nogales—First National Bank. Galveston—South Texas National Bank. Texas: Hillsboro—Citizens National Bank. Austin—American National Bank. Honey Grove—State National Bank. Brownwood—First National Bank in Brown- Houstonwood. First National Bank. Corpus Christi—State National Bank. Houston National Bank. Dallas- National Bank of Commerce. American Exchange National Bank. Second National Bank. City National Bank. South Texas Commercial National Bank. Dallas National Bank. Union National Bank. Republic National Bank. Navasota—First National Bank. The Southwest National Bank. Paris—Lamar State Bank & Trust Co. Eagle Pass—First 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. DISTRICT NO. 12 California: Oregon—Continued. Los Angeles- Portland—Continued. First National Bank. Ladd & Tilton Bank. Merchants National Bank. Northwestern National Bank. San Francisco- United States National Bank. American Bank. Washington: Anglo & London-Paris National Bank. Seattle- Bank of California, N. A. Dexter Horton National Bank. Crocker National Bank. First National Bank. First National Bank. National Bank of Commerce. Mercantile Trust Co. Seattle National Bank. Wells Fargo Bank & Union Trust Co. Spokane— Santa Barbara—First National Bank. Exchange National Bank. Oregon: Old National Bank. Portland- Spokane & Eastern Trust Co. First National Bank. Tacoma—National Bank of Tacoma. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PERSONNEL AND SALARIES SALARIES OF OFFICERS AND EMPLOYEES OF THE FEDERAL RESERVE BOARD AS OF DECEMBER 31, 1924 OFFICE OF SECRETARY Walter L. Eddy, secretary $10, 000. 00 J. C. Noell, assistant secretary 5, 400. 00 Staff: 1 at $4,500 4, 500. 00 1 at $4,000 4, 000. 00 1 at $3,600 3, 600. 00 1 at $3,200 3, 200. 00 2 at $3,000 6, 000. 00 1 at $2,700 2, 700. 00 1-at $2,650 2, 650. 00 1 at $2,400 2, 400. 00 1 at $2,200 2, 200. 00 1 at $2,150 2, 150. 00 1 at $2,000 2, 000. 00 1 at $1,905 1, 905. 00 8 at $1,800 14, 400. 00 7 at $1,600 1 11, 200. 00 1 at $1,500 1, 500. 00 1 at $1,400 1, 400. 00 1 at $900 900. 00 1 at $820 820. 00 1 at $660 660. 00 $83, 585. 00 OFFICE OF GENERAL COUNSEL Walter Wyatt, general counsel $9, 000. 00 Edgar W. Freeman, assistant counsel- 6, 000. 00 George B. Vest, assistant counsel 4, 000. 00 Staff: 1 at $2,200 2, 200. 00 1 at $2,000 2, 000. 00 1 at $1,800 1, 800. 00 1 at $1,600 1, 600. 00 1 at $1,500 1, 500. 00 28, 100. 00 OFFICE OF FISCAL AGENT William M. Imlay, fiscal agent $4, 500. 00 Oliver E. Foulk, deputy fiscal agent 3, 900. 00 Staff: 1 at $2,000 2, 000. 00 1 at $1,660 1, 660. 00 12, 060. 00 OFFICES OF MEMBERS OF THE BOARD Staff: 2 at $3,000 $6, 000. 00 1 at $2,900 2, 900. 00 1 at $2,850 2, 850. 00 1 at $2,700 2, 700. 00 1 at $2,600 -__- 2, 600. 00 1 at $2,500- -__- 2,500.00 1 at $2,000 2, 000. 00 2 at $1,800 3, 600. 00 1 at $1,600 1, 600. 00 26, 750. 00 214 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PERSONNEL, AND SALARIES 215 DIVISION OF BANK OPERATIONS Edward L. Smead, chief of division $7, 000. 00 John R. Van Fossen, assistant chief 4, 500. 00 Staff: 1 at $3,500 3, 500. 00 2 at $2,700 5, 400. 00 1 at $2,400 2, 400. 00 2 at $2,200 4, 400. 00 2 at $2,100 4, 200. 00 1 at $2,000 2, 000. 00 1 at $1,905 1, 905. 00 2 at $1,700 3, 400. 00 5 at $1,600 8, 000. 00 4 at $1,500 6, 000. 00 1 at $1,400 1, 400. 00 1 at $1,380 1, 380. 00 1 at $1,300 1, 300. 00 $56, 785. 00 DIVISION OF EXAMINATION James F. Herson, chief of division and chief Federal reserve examiner $12, 000. 00 Examiners: James Buchanan 8, 000. 00 W. J. Donald 7,000. 00 Ralph M. Chapman 5, 000. 00 P. A. Gordon 5, 000. 00 Frank J. Drinnen 5, 000. 00 Assistant examiners: 2 at $4,200 8, 400. 00 1 at $4,000 4, 000. 00 2 at $3,900 7, 800. 00 2 at $3,300 6, 600. 00 3 at $3,200 9, 600. 00 3 at $3,000 9, 000. 00 3 at $2,400 7, 200. 00 Office staff: 1 at $2,200 2, 200. 00 1 at $2,100 2, 100. 00 1 at $1,920 1, 920. 00 1 at $1,500 1, 500. 00 102, 320. 00 DIVISION OF RESEARCH AND STATISTICS Walter W. Stewart, director of division $10, 000. 00 E. A. Goldenweiser, assistant director 6, 000. 00 Staff: 1 at $5,000 5, 000. 00 1 at $4,000 4,000. 00 1 at $3,600 3, 600. 00 1 at $3,000__ 3, 000. 00 1 at $2,900 2, 900. 00 1 at $2,700 2, 700. 00 3 at $2,500 7, 500. 00 1 at $2,400 2, 400. 00 2 at $2,000 4, 000. 00 4 at $1,800 7,200. 00 1 at $1,700 1, 700. 00 3 at $1,680 5, 040. 00 3 at $1,600 4, 800. 00 3 at $1,500 4, 500. 00 1 at $1,440 1,440. 00 1 at $1,300 1, 300. 00 2 at $1,200 2,400. 00 1 at $900 900. 00 80, 380. 00 Digitized for FRAS3E6R5 69—25t 15 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

216 ANNUAL REPORT OF THE FEDERAL. RESERVE BOARD DIVISION OF FEDERAL RESERVE ISSUE AND REDEMPTION L. G, Copeland, chief of division $4, 100. 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 2 at $1,620 3, 240. 00 9 at $1,500 _ _ _ 13,500.00 6 at $1,440 8,640.00 4 at $1,380 5, 520. 00 2 at $1,320 2, 640. 00 2 at $1,200 2, 400. 00 1 at $1,080 1,080.00 2 at $1,020 __ 2,040.00 $53, 780. 00 EMPLOYEES DETAILED Redemption Division, Office of the Comptroller of the Currency: MESSENGERS 4 at $1,440 $5 760. 00 1 at $1,300 300. 00 1 at $1,250 1 250. 00 7 at $1,200. _ __ _ 8 400 00 1 at $1,080 1 080. 00 1 at $1,000. 1 000. 00 18, 790. 00 CHARWOMEN 2 at $240 $480. 00 1 at $375.60 375. 60 855. 60 Total. ._ ___ _ 465, 445. 60 SALARIES OF OFFICERS AND EMPLOYEES OF FEDERAL RESERVE BANKS AS OF DECEMBER 31, 1924 AND 1923 (Exclusive of temporary employees.) ALL FEDERAL RESERVE BANKS AND BRANCHES COMBINED Number Annual salaries Officers and employees 1924 1923 1924 1923 Officers: Chairman and Federal reserve agent 12 12 $232,000 $229,000 Governor 12 12 313, 000 309,000 Other officers 293. 62 309. 23 1, 987,180 2,005,196 Employees by departments: Banking department 9,218 9, 904.17 12, 969, 257 13, 459, 381 Federal reserve agen t 's department 311 344 706, 724 743, 574 Auditing department__ 260.5 315 540, 722 609,876 Fiscal agency department 526. 76 695,038 866, 719 Total 10, 506. 95 11, 423.16 17, 443,921 18, 222, 746 Fiscal agency department officers and employees whose salaries are reimbursed by the Treasury Department: Officers 1.38 2.77 5,500 14,374 Employees 78.17 429. 74 142, 530 721, 767 Other employees whose salaries are reimbursed to bank 174. 50 140. 33 187, 372 143,981 Grand total. _ 10, 761 11,996 17,779,323 19,102,868 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PERSONNEL, AND SALARIES 217 FEDERAL RESERVE BANE OF BOSTON (INCLUDING HABANA AGENCY) Number Annual salaries Officers and employees 1924 1923 1924 1923 Officers: Chairman and Federal reserve agent. 1 I $18,000 $18,000 Governor.- __. 1 25,000 25,000 Emp O lo th y e e r e s o f b fi y c e d rs epartments: 11 13 77, 040 99,040 Banking department 612 639 828,150 838,110 Federal reserve agent's department._ 32 31 70,440 65,440 Auditing department 8 16 17,040 32, 220 Fiscal agency department 29 41 53, 280 67,144 Total 694 742 1, 088, 950 1,144,954 Fiscal agency department employees whose salaries are reimbursed by the Treasury Department-. 4 17 6, 300 25, 680 Grand total. 698 759 1, 095, 250 1,170, 634 FEDERAL RESERVE BANK OF NEW YORK (INCLUDING BUFFALO BRANCH) Officers: Chairman and Federal reserve agent. II 1 $30,000 | $30, 000 Governor 1 50,000 50, 000 Other officers 38 392,100 I 409, 500 Employees by departments: 35 i Banking department 2,327 2,352.5 3,353,051 j 3,374,423 Federal reserve agent's department __ 65 ! 69 148,460 , 150,350 Auditing department 64 72 ! 147,010 159,040 Fiscal agency department 140 | 186,940 ! 261,110 Total _ 2,591 2,673.5 4,307,561 j 4,434,423 Fiscal agency department employees whose salaries are reimbursed by the Treasury Department 7 43 15,770 ! 89,920 Other employees whose salaries are reimbursed to bank. 55 21. 5 57, 380 j 23, 590 Grand total i _ 2,653 2,738 4, 380, 711 4, 547, 933 FEDERAL RESERVE BANK OF PHILADELPHIA Officers: Chairman and Federal reserve agent _ 1 1 $15, 000 $15, 000 Governor 1 1 25, 000 25, 000 Other officers 11 12 93, 000 95, 300 Employees by departments: Banking department 663 683 882,940 900, 825 Federal reserve agent's department. _ 45 54 90, 478 110,144 Auditing department 32 32 64, 430 62, 550 Fiscal agency department 27 36 38, 800 49, 910 Total j 780 819 1, 209,648 1,258, 729 Fiscal agency department employees whose salaries are I reimbursed by the Treasury Department | 4 17 8,480 31, 520 Grand total. 784 1, 218,128 1, 290, 249 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 25 176, 980 170, 270 Employees by departments: Banking department 823 897 1,177, 261 1,193, 582 Federal reserve agent's department... 22 28 53,914 64,500 Auditing department 26 61,452 64, 896 Fiscal agency department 28 52,188 78, 516 Total 926 1,033 1, 576, 795 1, 626, 764 Fiscal agency department employees whose salaries are reimbursed by the Treasury Department 72 13, 800 ! 123, 918 Other employees whose salaries are reimbursed to bank.. 23 28 28,277 j 30,338 Grand total 956 1,133 1,618,872 1,781,020 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

218 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD FEDERAL RESERVE BANK OF RICHMOND (INCLUDING BALTIMORE BRANCH) Number Annual salaries Officers and employees 1923 1924 Officers: Chairman and Federal reserve agent_ 1 1 $15, 000 $15, 000 Governor 1 1 20,000 18,000 Other officers 19 23 125, 500 134, 700 Employees by departments: B anking department 578 624 701, 380 726, 250 Federal reserve agent's department. _. 11 14 24, 680 28, 560 Auditing department 18 18 33, 720 33, 270 Fiscal agency department 16 16 22, 020 18,150 Total 644 ; 942, 300 973, 930 Fiscal agency department employees whose salaries are reimbursed by the Treasury Department 11 ! 34 16, 650 49, 370 Other employees whose salaries are reimbursed to bank.. 5, 460 j 3,840 Grand total . 738 964, 410 1, 027,140 FEDERAL RESERVE BANK OF ATLANTA (INCLUDING BIRMINGHAM, JACKSONVILLE NASHVILLE, AND NEW ORLEANS BRANCHES AND HABANA AND SAVANNAH AGENCIES) Officers: Chairman and Federal reserve agent_ 1 1 $15,000 $12,000 Governor 1 1 20,000 18,000 Other officers. 32 31 170,120 159, 300 Employees by departments: Banking department 329 369 400, 690 421, 500 Federal reserve agent's department-. 11 9 25,100 19, 580 Auditing department 13.5 17 25,500 29,040 Fiscal agency department 11.33 19 19, 700 26,080 Total 398. 83 447 676,110 685, 500 Fiscal agency department employees whose salaries are reimbursed by the Treasury Department 3.67 25 5, 220 37,980 Other employees whose salaries are reimbursed to bank.. 5.5 8,100 Grand total 408 472 689, 430 723,480 FEDERAL RESERVE BANK OF CHICAGO (INCLUDING DETROIT BRANCH) I Officers: Chairman and Federal reserve agent. 1 1 $24,000 $24,000 Govern or 1 1 35,000 35,000 Other officers 39 41 286, 600 276, 650 Employees by departments: Banking department 1,230 1,464 1, 806, 351 2,018,430 Federal reserve agent's department... 50 61 113, 070 122, 98 Auditing department 27 38 58, 780 70, 860 Fiscal agency department 59 55 103, 960 88, 660 Total | 1,407 1,661 2,427, 761 2, 636, 580 Fiscal agency department employees whose salaries are | reimbursed by the Treasury Department i 5 50 10, 520 93, 580 Other employees whose salaries are reimbursed to bankJ 31 15 34, 380 13,200 Grand total ___j 1,443 1, 726 2, 472, t 2, 743, 360 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PERSONNEL AND SALARIES 219 FEDERAL RESERVE BANK OF ST. LOUIS (INCLUDING LOUISVILLE, MEMPHIS AND LITTLE ROCK BRANCHES) Number Annual salaries Officers and employees 1924 1923 1924 1923 Officers: Chairman and Federal reserve agent 1 $18,000 $18,000 Governor 1 25,000 25, 000 Other officers.. 26 133,520 133, 540 Employees by departments: Banking department 543 659,300 708,956 Federal reserve agent's department 13 28, 060 29,700 Auditing department 13 21,780 17,940 Fiscal agency department 36 48, 760 52, 580 Total 572 633 934, 420 985,716 Fiscal agency department employees whose salaries are reimbursed by the Treasury Department 22 11,260 36, 720 Grand total 578 655 945, 680 1,022,436 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 20,000 Other officers 16.62 15.5 91, 500 80,200 Employees by departments: Banking department 315 357. 5 423,169 437,498 Federal reserve agent's department 10 12 20,700 23,380 Auditing department 11 12 20,860 21,200 Fiscal agency department _. 18 18 23,900 23,704 Total 372. 62 417 615,129 620,982 Fiscal agency department officers and employees whose salaries are reimbursed by the Treasury Department: Officers 1.38 1.5 5,500 9,000 Employees 8.0 69.5 11,700 91,754 Grand total _ 382 632,329 721, 736 FEDERAL RESERVE BANK OF KANSAS CITY (INCLUDING DENVER, OKLAHOMA CITY AND OMAHA BRANCHES) Officers: Chairman and Federal reserve agent 1 1 $15,000 $15,000 Governor 1 1 20, 000 20,000 Other officers 25 26 133, 240 133, 820 Employees by departments: Banking department 507 560 743, 045 809, 377 Federal reserve agent's department 15 15 32, 702 32,040 Auditing department 18 18 32,640 30,120 Fiscal agency department 29 32 52,460 60, 680 Total 596 653 1, 029, 087 1,101, 037 Fiscal agency department employees whose salaries are reimbursed by the Treasury Department 11 41 21,300 73,560 Other employees whose salaries are reimbursed to bank. 51 66 52, 275 68,663 Grand total _ 658 760 1,102, 662 1, 243, 260 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

220 ANNUAL REPORT OF THE FEDERAL. RESERVE BOARD FEDERAL RESERVE BANK OF DALLAS (INCLUDING EL PASO AND HOUSTON BRANCHES) Number Annual salaries Officers and employees 1924 1923 1924 1923 Officers: Chairman and Federal reserve agent. _. . 1 1 $18, 000 $18, 000 Governor. 1 1 18, 000 18,000 Other officers 20 21 99, 700 103,350 Employees by departments: B anking department 408 452. 17 568, 260 623,470 Federal reserve agent's department 16 15 39, 500 36, 620 Auditing department 16 21 32,190 39,420 Fiscal agency department. 17.5 26.25 28, 830 43,650 Total 479.5 537. 42 804,480 882, 510 Fiscal agency department employees whose salaries are reimbursed by the Treasury Department 6.5 16. 75 . 11, 330 29, 660 Other employees whose salaries are reimbursed to bank. 1.83 2,850 Grand total 486 556 815, 810 915, 020 FEDERAL RESERVE BANK OF SAN FRANCISCO (INCLUDING LOS ANGELES, PORTLAND, SALT LAKE CITY, SEATTLE, AND SPOKANE BRANCHES) Officers: Chairman and Federal reserve agent ._ 1 1 $24, 000 $24, 000 Governor 1 1 25, 000 25, 000 Other officers _. 35 37.73 207, 880 209, 526 Employees, by departments: Banking department 938 963 1, 425, 660 1, 406, 960 Federal reserve agent's department 23 23 59, 620 60, 280 Auditing department ._ _. 12 28 25, 320 49, 320 Fiscal agency department 36 56.51 64, 200 96, 535 Total 1,046 1,110 24 1, 831, 680 1, 871, 621 Fiscal agency department officers and employees whose salaries are reimbursed by the Treasury Department: Officers-_ 1.27 5,374 Employees. ___ 0 22.49 10, 200 38,105 Other employees whose salaries are reimbursed to bank. 1 1 1,500 1, 500 Grand total _ 1,052 1,135 1, 843, 380 1,916, 600 SALARIES OF NATIONAL BANK EXAMINERS, AS OF DECEMBER 31, 1924 DISTRICT No.l —BOSTON Norwin S. Bean, chief examiner $8, 500 1 examiner at $5,500, 1 examiner at $4,500, 1 examiner at $4,200, 3 examiners at $3,900, 1 examiner at $3,600, 3 examiners at $3,000 38, 500 $47, 000 DISTRICT. NO. 2—NEW YORK Owen T. Reeves, jr., chief examiner 20,000 1 examiner at $7,000, 1 examiner at $6,500, 2 examiners at $6,000, 1 examiner at $5,500, 1 examiner at $5,000, 1 examiner at $4,500, 1 examiner at $4,200, 3 examiners at $3,900, 2 examiners at $3,600, 1 examiner at $3,300, 4 examiners at $3,000, 1 examiner at $2,700, 1 examiner at $2,400 84,000 104, 000 DISTRICT NO. 3—PHILADELPHIA Stephen L. Newnham, chief examiner 13, 000 3 examiners at $5,500, 2 examiners at $5,000, 2 examiners at $4,500, 1 examiner at $4,200, 1 examiner at $4,000, 1 examiner at $3,900, 2 examiners at $3,300, 2 examiners at $3,000__ __ __ _ __ 60,200 73, 200 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PERSONNEL. AND SALARIES 221 DISTRICT NO. 4—CLEVELAND Thomas C. Thomas, chief examiner $9, 000 1 examiner at $5,250, 1 examiner at $5,0.00, 1 examiner at $4,500, 1 examiner at $4,200, 1 examiner at $4,000, 3 examiners at $3,900, 1 examiner at $3,600, 1 examiner at $3,300, 3 examiners at $3,000, 1 examiner at $2,750 53, 300 $62, 300 DISTRICT NO. 5—RICHMOND Edwin F. Rorebeck, chief examiner, Washington, D. C 10, 000 1 examiner at $6,000, 1 examiner at $4,500, 4 examiners at $4,200, 2 examiners at $3,900, 2 examiners at $3,600, 2 examiners at $3,300, 1 examiner at $3,000, 1 examiner at $1,200 _ 53, 100 63, 100 DISTRICT NO. 6—ATLANTA Ellis D. Robb, chief examiner 9, 000 1 examiner at $4,800, 2 examiners at $4,500, 4 examiners at $3,900, 1 examiner at $3,600, 1 examiner at $2,700 33, 000 42, 000 DISTRICT NO. 7—CHICAGO Howard M. Sims, chief examiner 13, 000 1 examiner at $8,500, 1 examiner at $5,100, 1 examiner at $5,000, 1 examiner at $4,800, 4 examiners at $4,500, 3 examiners at $4,200, 2 examiners at $4,000, 3 examiners at $3,900, 1 examiner at $3,600, 1 examiner at $3,300, 1 examiner at $3,000, 2 examiners at $2,700 89, 000 102,000 DISTRICT NO. 8—ST. LOUIS John S. Wood, chief examiner 13,000 1 examiner at $5,500, 2 examiners at $5,000, 2 examiners at $4,500, 1 examiner at $4,200, 1 examiner at $3,900, 1 examiner at $3,300, 1 examiner at $3,000, 1 examiner at $2,700 41, 600 54, 600 DISTRICT NO. 9—MINNEAPOLIS B. K. Patterson, chief examiner 8, 500 4 examiners at $5,000, 1 examiner at $4,200, 1 examiner at $4,000, 1 examiner at $3,900, 3 examiners at $3,600, 5 examiners at $3,000, 1 examiner at $2,700, 1 examiner at $2,400 63,000 71, 500 DISTRICT NO. 10—KANSAS CITY L. K. Roberts, chief examiner 13, 000 3 examiners at $6,000, 2 examiners at $4,800, 1 examiner at $4,000, 2 examiners at $3,900, 3 examiners at $3,600,3 examiners at $3,300, 4 examiners at $3,000, 2 examiners at $2,700, 1 examiner at $2,400 79, 900 92, 900 DISTRICT NO. 11—DALLAS R. H. Collier, chief examiner 12, 000 1 examiner at $5,500, 1 examiner at $5,400, 1 examiner at $5,000, 3 examiners at $4,800, 1 examiner at $4,500, 3 examiners at $3,600, 3 examiners at $3,300, 1 examiner at $3,000 58, 500 70, 500 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

222 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD DISTRICT NO. 12—SAN FRANCISCO Thomas E. Harris, chief examiner $12, 000 1 examiner at $7,000, 1 examiner at $6,000, 1 examiner at $5,500, 2 examiners at $5,000, 2 examiners at $4,800, 1 examiner at $4,500, 2 examiners at $4,300, 2 examiners at $4,000, 1 examiner at $3,800, 1 examiner at $3,600, 2 examiners at $3,000, 1 examiner at $2,400 75, 000 $87, 000 RECAPITULATION Examining staff: Chief examiner, at $15,000 per annum 1 Assistant chief examiners— At $9,500 per annum 1 At $8,500 per annum 1 At $7,000 per annum 1 At $6,000 per annum 1 At $5,800 per annum 1 Office of Comptroller, at $3,300 per annum 3 Total 9 61, 700 Chief examiners of districts— At $20,000 per annum 1 At $13,000 per annum 4 At $12,000 per annum 2 At $10,000 per annum 1 At $9,000 per annum 2 At $8,500 per annum 2 Total 12 141,000 Other examiners—• At $8,500 per annum 1 At $7,000 per annum 2 At $6,500 per annum 1 At $6,000 per annum 1 7 At $5,500 per annum 8 At $5,400 per annum 1 At $5,250 per annum 1 At $5,100 per annum 1 At $5,000 per annum 14 At $4,800 per annum 9 At $4,500 per annum 16 At $4,300 per annum 2 At $4,200 per annum 13 At $4,000 per annum 8 At $3,900 per annum 23 At $3,800 per annum 1 At $3,600 per annum 18 At $3,300 per annum 14 At $3,000 per annum 27 At $2,750 per annum 1 At $2,700 per annum 7 At $2,400 per annum 4 At $1,200 per annum 1 Total 180 729, 100 Total examining staff l 201 Total salaries 931, 800 Examiners detailed to War Finance Corporation 6 Examiners acting as receivers 17 Examiners on leave without pay . 2 * In addition, there are 25 national bank examiners not receiving salaries. 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, Chairman CHARLES S. HAMLIN. J. W. MCINTOSH, GEORGE R. JAMES. Comptroller of the Currency. EDWARD H. CUNNINGHAM. WALTER L. EDDY, Secretary. WALTER W. STEWART, Director, Division of Research and J. C. NOELL, Assistant Secretary. Statistics. J. F. HERSON, E. A. GOLDENWEISER, Chief, Division of Examination and Assistant Director, Division of Re- Chief Federal Reserve Examiner. search and Statistics. WALTER WYATT, General Counsel. E. L. SMEAD, W. M. IMLAY, Fiscal Agent. Chief, Division of Bank Operations. FEDERAL ADVISORY COUNCIL [Elected for the year 1925] District No. 1.—Charles A. Morss, vice president Simplex Wire & Cable Co., Boston, Mass. District No. 2.—Paul M. Warburg, chairman International Acceptance Bank, New York, N. Y. District No. 3.—:Levi L. Rue, president Philadelphia National Bank, Philadelphia, Pa. District No. 4.—George A. Coulton, vice president Union 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. Frank O. Wetmore, president First National Bank, Chicago, 111. District No. 8.—Breckinridge Jones, president Mississippi Valley 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.—Henry S. McKee, president Barker Bros., Los Angeles, Calif. 36569—25f -16 223 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

224 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD OFFICERS AND DIRECTORS OF FEDERAL RESERVE BANKS 1 DISTRICT NO. 1—FEDERAL RESERVE BANK OF BOSTON FREDERIC H. CURTISS, Chairman and Federal Reserve Agent. ALLEN HOLLIS, Deputy Chairman. W. P. G. HARDING, Governor Term expires Director Residence Dec. 31— Class A: Frederick S. Chamberlain.. New Britain, Conn. 1925 Alfred L. Ripley Boston, Mass. 1926 Edward S. Kennard Rumford, Me 1927 Class B: E. R. Morse Proctor, Vt 1925 Philip R. Allen.. East Walpole, Mass.. 1926 Charles G. Washburn Worcester, Mass 1927 Class C: Chas. H. Manchester Providence, R. I. 1925 Frederic H. Curtis. Boston, Mass 1926 Allen Hollis Concord, N. H. 1927 HAVANA (CUBA) 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: Gates W. McGarrah New York, N. Y 1925 R. H. Treman. Ithaca, N. Y... _ 1926 Delmer Runkle . . ._ Hoosick Falls, N. Y ... 1927 Class B: Owen D. Young New York, N. Y 1925 Theodore F. Whitmarsh . .do 1926 Samuel W. Reyburn . .do.. 1927 Class C: Pierre Jay .do 1925 Wm L Saunders do 1926 Clarence M. Woolley ,. . . .do ... 1927 BUFFALO BRANCH W. W. SCHNECKENBURGER, Managing Director W W. Schneckenburger. Buffalo, N. Y. 1925 Harry T. Ramsdell do 1925 John A. Kloepfer do 1925 Wolcott J. Humphrey... Warsaw, N. Y. 1926 Carlton M. Smith Buffalo, N. Y__ 1926 Elliott C. McDotfgal do 1927 Arthur Hough Batavia, N. Y_. 1927 DISTRICT NO. 3—FEDERAL RESERVE BANK OF PHILADELPHIA RICHARD L. AUSTIN, Chairman and Federal Reserve Agent. CHAS. C. HARRISON, Deputy Chairman. GEORGE W. NORRIS, Governor Class A: John C. Cosgrove Johnstown, Pa 1925 Jos. Wayne, jr.. Philadelphia, Pa.. 1926 Francis Douglas.. Wilkes-Barre, Pa. 1927 Class B: I AlbaB. Johnson... _. Philadelphia, Pa 1925 Edwin S. Stuart | do 1926 Charles K. Haddon | do 1927 Class C: H. L. Cannon. Bridgeville, Del... 1925 R. L. Austin Philadelphia, Pa.. 1926 Chas. C. Harrison.. do. 1927 1 Includes directors elected in December, 1924, for the 3 year term beginning January 1, 1925. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DIRECTORY 225 DISTRICT NO. 4—FEDERAL RESERVE BANK OF CLEVELAND D. C. WILLS, Chairman and Federal Reserve Agent. LEWIS BLAIR WILLIAMS, Deputy Chairman. E. R. FANCHER, Governor Term expires Director Residence Dec. 31— Class A: Chess Lamberton_ Franklin, Pa 1925 Robert Wardrop.. Pittsburgh, Pa.. 1926 O. N. Sams Hillsboro, Ohio.. 1927 Class B: R. P. Wright Erie, Pa.. 1925 Geo. D. Crabbs... Cincinnati, Ohio 1926 John Stambaugh.. Youngstown, Ohio. 1927 Class C: L. B. Williams.... Cleveland, Ohio., 1925 D. C. Wills do.. 1926 W. W. Knight Toledo, Ohio.. 1927 CINCINNATI BRANCH L. W. MANNING, Managing Director L. W. Manning Cincinnati, Ohio 1925 E. S. Lee Covington, Ky _ _ 1925 Hon. Judson Harmon Cincinnati, Ohio 1925 Chas W DuPuis do 1926 John Omwake do . _ . . 1926 A. Clifford Shinkle do.. _ 1927 George M. Verity Middletown, Ohio 1927 PITTSBURGH BRANCH GEORGE DECAMP, Managing Director George DeCamp Pittsburgh, Pa.. 1925 Chas. D. Armstrong. do _ 1925 Chas. W. Brown do. 1925 Joseph R. Eisaman.. Greensburg, Pa... 1926 James D. Callery Pittsburgh, Pa 1926 R. B. Mellon do 1927 Joseph R. Naylor Wheeling, W. Va. 1927 DISTRICT NO. 5—FEDERAL RESERVE BANK OF RICHMOND WM, W. HOXTON, Chairman and Federal Reserve Agent. FREDERIC A. DELANO, Deputy Chairmant GEORGE J. SEAT, Governor Class A: John F. Bruton Wilson, N. C. 1925 L. E. Johnson Alderson, W. Va 1926 Charles E. Rieman Baltimore, Md 1927 Class B: Edwin C Graham Washington, D. C 1925 D. R. Coker. Hartsville, S. C. 1926 Edmund Strudwick Richmond, Va 1927 Class C.- Robert Lassiter..... Charlotte, N. C 1925 WTD \y Hoxton T< i o\\ rn on d. Va 1926 Frederic A. Delano. . . Washington, D. C_ - 1927 BALTIMORE BRANCH ALBERT H. DUDLEY, Managing Director Albert H. Dudley... Baltimore, Md. 1925 Levi B. Phillips.... Cambridge, Md. 1925 Wm. H. Matthai.. Baltimore, Md... 1925 Carter G. Osburn.. .do. 1926 Edmund P. CohilL. Hancock, Md... 1926 Henry B. Wilcox... Baltimore, Md. 1927 John G. Rouse do 1927 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

226 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD DISTRICT NO. 6—FEDERAL RESERVE BANK OF ATLANTA OSCAR NEWTON, Chairman and Federal Reserve Agent. W. H. KETTIG, Deputy Chairman. M. B. WELLBORN, Governor Term Director Residence ex D p e i c r . es 31— Class A: 1925 P. R. Kittles Sylvania, Ga_. 1926 Eugene R. Black.. Atlanta, Ga... 1927 Class B: W.H.Hartford... Nashville, Tenn.. 1925 Leon C. Simon New Orleans, La_. 1926 J. A. McCrary Decatur, Ga 1927 Class C: W. H. Kettig..... Birmingham, Ala. 1925 Oscar Newton Atlanta, Ga 1926 Lindsey Hopkins. do 1927 NEW ORLEANS BRANCH MARCUS WALKER, Managing Director Marcus Walker.. New Orleans, La__ 1925 J. P. Butler, jr do 1925 P. H. Saunders . . do . . 1925 F. W. Foote _. _ Hattiesburg, Miss . 1926 L. C. Simon New Orleans, La,. . 1926 R. S. Hecht do 1927 Albert P. Bush ... Mobile, Ala. . . 1927 BIRMINGHAM BRANCH A. E. WALKER, Managing Director A. E. Walker John H. Frye W. H. Kettig W. W. Crawford Oscar Wells T. O. Smith John P. Kohn JACKSONVILLE BRANCH GEORGE R. DESAUSSURE, Managing Director George R. DeSaussure. Jacksonville, Fla. 1925 G. G. Ware... Leesburg, Fla 1925 J. C. Cooper Jacksonville, Fla. 1925 Edward W. Lane do. 1926 Fulton Saussy do 1926 C. P. Kendall.. do 1927 L. C. Edwards Tampa, Fla.. 1927 NASHVILLE BRANCH JOEL B. FORT, jr., Managing Director Joel B. Fort, jr _ Nashville, Tenn 1925 T. A. Embry _ Winchester, Tenn.. 1925 W. H. Hartford... __• _ Nashville, Tenn 1925 E. A. Lindsey do.. . 1926 P. M. Davis •„ do 1926 J. E. Caldwell do... 1927 Joseph A. Chapman Columbia, Tenn 1927 SAVANNAH AGENCY ROBT. N. GROOVER, Manager HAVANA (CUBA) AGENCY L. C. ADELSON, Manager Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DIRECTORY 227 DISTRICT NO. 7—FEDERAL RESERVE BANK OF CHICAGO WILLIAM A. HEATH, Chairman and Federal Reserve Agent. JAMES SIMPSON, Deputy Chairman. JAMES B. MCDOUGAL, Governor Term Director Residence ex D p e i c re . s 31— Class A: Charles H. McNider Mason City, Iowa _. 1925 E. L. Johnson Waterloo, Iowa _. 1926 George M. Reynolds _ Chicago, 111.. 1927 Class B: S. T. Crapo. _. Detroit, Mich _.. 1925 Robert Mueller Decatur, 111 1926 A. H. Vogel Milwaukee, Wis. 1927 Class C: F. C. Ball Muncie, Ind 1925 James Simpson Chicago, 111 1926 Wm. A. Heath do 1927 DETROIT BRANCH WM. R. CATION, Managing Director Wm. R. Cation Detroit, Mich.. 1925 Julius H. Haass do 1925 Chas. H. Hodges do 1925 John W. Staley .! do 1926 N. P.Hull Lansing, Mich. 1926 George B. Morley Saginaw, Mich. 1927 Harry H. Bassett Flint, Mich 1927 DISTRICT NO. 8—FEDERAL RESERVE BANK OF ST. LOUIS WILLIAM MCC. MARTIN, Chairman and Federal Reserve Agent. JOHN W. BOEHNE, Deputy Chairman. DAVID C. BIGGS, Governor Class A: John C. Martin Salem, 111 1925 John G. Lonsdale - - - - St. Louis, Mo .-- 1926 J. C. Utterback Paducah, Ky . 1927 Class B: W. B. Plunkett Little Rock, Ark . 1925 LeRoy Percy _.. Greenville, Miss 1926 Rolla Wells St. Louis, Mo 1927 Class C: C. P. J. Mooney. . Memphis, Tenn 1925 John W. Boehne E vans ville, Ind... 1926 William McC. Martin St. Louis, Mo 1927 LOUISVILLE BRANCH W. P. KINCHELOE, Managing Director W. P. Kincheloe Louisville, Ky. 1925 Attilla Cox .do., 1925 E. L. Swearingen .do.. 1925 Eugene E. Hoge Frankfort, Ky 1926 William Black I Louisville, Ky ._ 1926 Max B. Nahm Bowling Green, Ky. 1927 E.H. Wood___._ 1 Lucas, Ky 1927 MEMPHIS BRANCH V. S. FuQUA, Managing Director V. S. Fuqua ' Memphis, Tenn. 1925 J. W. Vandem | Jackson, Tenn... 1925 T. K. Riddick........ Memphis, Tenn.. 1925 John D. McDowell... do 1926 S. E. Ragland .do.. 1926 R. Brinkley Snowden. .do 1927 E. M. Allen Helena, Ark. 1927 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

228 ANNUAL REPORT OF THE FEDERAL, RESERVE BOARD DISTRICT NO. 8.—FEDERAL RESERVE BANK OF ST. LOUIS—Continued LITTLE ROCK BRANCH A. F. BAILEY, Managing Director Term Director Residence ex D p e i c re . s 31— A. F. Bailey Little Rock, Ark 1925 J. E. England, jr do 1925 Moorhead Wright do 1925 Stuart Wilson Texarkana, Ark 1926 C. S. McCain Little Rock, Ark 1926 John M. Davis .do. , 1927 Hamp Williams Hot Springs, Ark I 1927 DISTRICT NO. 9—FEDERAL RESERVE BANK OF MINNEAPOLIS JOHN R. MITCHELL, Chairman and Federal Reserve Agent. HOMER P. CLARK, Deputy Chairman. R. A. YOUNG, Governor Class A: I Theodore Wold Minneapolis, Minn _- 1925 J. C. Bassett ! Aberdeen, S. Dak 1926 Wesley C. McDowell j Marion, N. Dak 1927 Class B: j F. R. Bigelow ' St. Paul, Minn _ 1925 N. B. Holter ! Helena, Mont 1926 F. P. Hixon LaCrosse, Wis 1927 Class C: George W. McCormick Menominee, Mich.. 1925 John R. Mitchell Minneapolis, Minn 1926 Homer P. Clark. St. Paul, Minn . 1927 HELENA BRANCH R. E. TOWLE, Managing Director R. E. Towle Helena, Mont ! 1925 LeeM. Ford Great Falls, Mont I 1925 H. W. Rowley.. Billings, Mont 1925 R. O. Kaufman. Helena, Mont 1926 C. J. Kelly- Butte, Mont I 1926 T. A. Marlow Helena, Mont 1927 Henry Sieben 1 do 1927 DISTRICT NO. 10.—FEDERAL RESERVE BANK OF KANSAS CITY M. L. MCCLURE, Chairman and Federal Reserve Agent. HEBER HORD, Deputy Chairman. W. J BAILEY, Governor Class A: | Frank W. Sponable i Paola, Kans 1925 E. E. Mullaney ^ : Hill City, Kans 1926 J. C. Mitchell ! Denver, Colo 1927 Class B: J. M. Bernardin Kansas City, Mo... 1925 Harry W. Gibson Muskogee, Okla 1926 Thomas C. Byrne Omaha, Nebr 1927 Class C: Fred O. Roof Denver, Colo 1925 M. L. McClure Kansas City, Mo... 1926 Heber Hord Central City, Nebr. 1927 DENVER BRANCH J. E. OLSON, Managing Director J. E. Olson • Denver, Colo I 1925 Harry Farr Greeley Colo ; 1925 Murdo MacKenzie - i Denver, Colo ! 1925 A. C. Foster ' do I 1926 R. H. Davis | do 1926 C. C. Parks do 1927 William L. Petriken : do 1927 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DIRECTORY 229 DISTRICT NO. 10.—FEDERAL RESERVE BANK OF KANSAS CITY—Continued OMAHA BRANCH L. H. EARHART, Managing Director Term Director Residence ex D p ec ir . es 31— L H. Earhart - Omaha, Nebr 1925 A. H. Marble - .-- Cheyenne, Wyo_. 1925 W J Coad - -. Omaha, Nebr ..- -.. 1925 T L Davis do 1926 J. E. Miller.. - Lincoln, Nebr 1926 R 0 Marnell Nebraska City, Nebr __ _ 1927 A J Weaver Falls City, Nebr 1927 OKLAHOMA CITY BRANCH C. E. DANIEL, Managing Director C. E. Daniel Oklahoma City, Okla. 1925 Ned Holman Guthrie, Okla.. 1925 E. K. Thurmond. Oklahoma City, Okla.. 1925 Walter Ferguson.. do 1926 Frank Buttram... . — .do... 1926 William Mee do 1927 W. A. Stewart Okmulgee, Okla 1927 DISTRICT NO. 11—FEDERAL RESERVE BANK OF DALLAS LYNN P. TALLEY, Chairman and Federal Reserve Agent. CLARENCE E. LINZ, Deputy Chairman. B. A. MCKINNEY, Governor Class A: W. H. Patrick Clarendon, Tex 1925 Howell E. Smith _ _ _ .. McKinney, Tex _ 1926 J. H. Frost San Antonio, Tex _ 1927 Class B: Marion Sansom Foit Worth, Tex 1925 J. J. Culbertson _. Paris, Tex 1926 Frank Kell Wichita Falls, Tex . 1927 Class C: Lynn P Talley Dallas, Tex 1925 Clarence E. Linz. . . _. .. do 1926 S. B. Perkins - _,_... . do 1927 EL PASO BRANCH DWIGHT P. REORDAN, Managing Director Dwight P. Reordan _ _ El Paso, Tex 1925 E M Hurd do 1925 W. W. Turney do 1925 E. A. Cahoon _ _ _ Roswell, N. Mex 1926 A. P. Coles El Paso, Tex 1926 George D. Flory _. . do 1927 H. L. Kokernot Fort Davis, Tex 1927 HOUSTON BRANCH FRED HARRIS, Managing Director Fred Harris Houston, Tex 1925 Guy M.Bryan.. . ... do 1925 R. M. Farrar do 1995 E. F. Gossett ... . do 192b J. Cooke Wilson .... - _ Beaumont, Tex._. 1926 Fred W. Catterall . Galveston, Tex 1927 E. A. Peden Houston, Tex .. 1927 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

230 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 Term Director Residence' ex D p e i c r . es 31— Class A: C K Mclntosh San Francisco, Calif 1925 J. S. Macdonnell --- Pasadena, Calif ______ _ . 1926 Howard Whipple Turlock, Calif 1927 Class B: E. H. Cox Madera, Calif 1925 ABC Dohrmann San Francisco, Calif 1926 Wm. T. Sesnon do _ 1927 Class C: ^V^m Sproule do 1925 John Perrin , . do 1926 Walton N. Moore _ do . _ 1927 PORTLAND BRANCH FREDERICK GREENWOOD, Managing Director Frederick Greenwood. Portland, Oreg.. 1925 Edward Cookingham. do.. 1925 Jos. N. Teal .do 1925 J. C. Ainsworth do 1926 Nathan Strauss do 1926 William Pollman Baker, Oreg... 1927 A. C. Dixon Eugene, Oreg. 1927 SEATTLE BRANCH C. R. SHAW, Managing Director C. R. Shaw Seattle, Wash _ 1925 Chas E Peabody do 1925 M. F. Backus _ _ do . _ 1925 M. A. Arnold do 1926 Chas. H. Clarke do 1926 E W Purdy Bellinghain, Wash 1927 Charles E. Gaches Mount Vernon, WTash .__ _ _ 1927 SPOKANE BRANCH W. L. PARTNER, Managing Director W. L. Partner Spokane, W^ash 1925 RPe tLer MRuctGterregor. _ _ _ _ Hoo d p o er, Wash. . _ 1 1 9 9 2 2 5 5 C. E. McBroom Spokane, Wash 1926 G I Toevs do 1926 Charles L. McKenzie Colfax, Wash 1927 E. H. Van Ostrand __ Coeur d'Alene, Idaho __ _______ 1927 SALT LAKE CITY BRANCH R. B. MOTHERWELL, Managing Director R. B. Motherwell Salt Lake City, Utah. 1925 L. H. Farnsworth... do 1925 G.G.Wright do 1925 Charles H. Barton _. Ogden, Utah 1926 Lafayette Hanchett. Salt Lake City, Utah. 1926 J. S. Bussell Pocatello, Idaho 1927 Chapin A. Day Ogden, Utah 1927 LOS ANGELES BRANCH C. J. SHEPHERD, Managing Director C. J. Shepherd Los Angeles, Calif,. 1925 Henry M. Robinson. do 1925 Isaac B. Newton do 1925 J. F. Sartori .__ .do 1926 F. J. Belcher, jr San Diego, Calif. 1927 E. M. Lyon Redlands, Calif.. 1927 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COURT OPINIONS OPINION OF UNITED STATES DISTRICT COURT IN ATLANTA PAR CLEARANCE CASE In the District Court of the United States for the Northern District of Georgia Pascagoula National Bank, plaintiff, v. Federal Reserve Bank of Atlanta et al. r defendants. No. 295. In Equity The handling of checks between Federal reserve banks and nonmember banks of the reserve system was dealt with in American Trust & Banking Co. v. Federal Reserve Bank of Atlanta, 256 U. S. 350; 262 U. S. 643, and in Farmers & Merchants Bank of Monroe v. Federal Reserve Bank of Richmond, 262 U. S* 649. The present case involves the handling of checks between the Federal reserve bank and one of its members under Regulation J of the Federal Reserve Board. That regulation, adopted to execute the collection and clearing house powers granted in section 13 and section 16 of the Federal reserve apt, requires that each Federal reserve bank shall exercise the function of a clearing house and collect checks on terms and conditions particularly set forth, whose effect, so far as here material, is that such reserve bank will receive at par, checks which can be collected at par, and only such whether they be sent by its own member and affiliated banks, or by, or for the account of, other reserve banks, and whether the checks are drawn on its own member banks or nonmember banks, and that the checks sent each reserve bank will be counted as reserve or become available for withdrawal by the bank sending them (subject to final payment) only in accordance with a time schedule based on experience of the average time required to collect checks drawn on the different points. The observance of this regulation by the Reserve Bank of Atlanta results in a refusal by it to permit the complainant, one of its members, to deduct the previously charged "exchange" or compensation for remitting payment for checks drawn on complainant, and prevents complainant getting immediate credit for checks sent by it to the reserve bank when drawn on points at a distance from Atlanta, whereby it loses the use of the credit during the period of delay. The complainant contends, first, that by the provision of section 16 of the reserve act, it is entitled to immediate credit, at par, for checks drawn on any of the depositors in the Reserve Bank of Atlanta, no matter at what distance from Atlanta the drawee may be. Second, that under the Hardwick amendment of section 13, it has the right to make a charge for remitting payment to the Reserve Bank of Atlanta of checks drawn on itself when these are not the property of the reserve bank, but are handled for collection. Third, that under section 13 the Reserve Bank of Atlanta has no right to have or collect any checks drawn on complainant which come to the reserve bank from a source outside of the sixth reserve district. Fourth, that if the reserve act authorizes this deprivation of complainant's right to charge for remittance, it takes its property without due process of law, contrary to the Constitution. We consider these contentions in order. 1. The provision of section 16, which is claimed to require the immediate credit of checks is: "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." Complainant, being a member bank, claims immediate credit, at par, for all the checks and drafts on the depositors of the Reserve Bank of Atlanta, who are either member banks of the sixth reserve district, the United States, or other reserve banks. Regulation J allows immediate credit for Government checks and vouchers, and for items payable in the city where the reserve bank is located. When payable at a distant point the item is deferred for the number of days indicated on the time schedule, and then credited without any deduction (subject to final payment) whether returns have been actually received or not. Are these latter items "received on deposit at par"? Section 5 of Regulation J states the terms on which checks sent to a reserve bank "for deposit or collection" will be handled, the first being: "A Federal reserve bank will act only as agent of the bank from which it receives such checks, and will assume no liability except for its own negligence and its 231 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

232 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD guaranty of prior indorsements." A check so received and handled is reallyreceived for collection and not on deposit in the common sense of the word, meaning general deposit in which arises the relation of debtor and creditor, not that of principal and agent. Webster's International Dictionary: "Deposit." In a general deposit the check on indorsement and delivery to the banker becomes at once the property of the banker, who owes the depositor the face of the check, or other agreed sum, and becomes bound to honor the depositor's checks therefor. New York v. Massey, 192 U. S. 138, 145; McGregor, Receiver, v. Battle, 128 Ga. 577. The depositor's only relation to the check, thereafter, is his liability under his indorsement in case of nonpayment, a liability usually enforced by "charging the check back" to him. Usually the depositor may check immediately, but this is not of the essence of a general deposit. The parties may agree otherwise, and it is not uncommon in banking practice, where large checks, payable at a distance, are taken at par, to delay availability on the checking account so that the banker may not, by honoring checks in advance of collection, be lending his money without interest. The inclusion of the time schedule only in the terms upon which the reserve bank will receive deposits would be ordinary prudent banking, considering the enormous volume of the aggregate reserve bank "float," as the mass of checks in transit is called. It may be noted that, by section 13, nonmember clearing banks are required to protect their deposited checks in transit by maintaining a balance sufficient to offset them, which is another way of saying that the checks are not available credits while in transit. It must be remembered also that these deposit accounts of the member banks in the reserve bank, though subject to check, constitute their reserve required under section 19. By amendment of this section this reserve must be "an actual net balance." "Net" means that all proper charges and deductions have been made from the account; "actual" excludes what is merely fictitious or supposed. Uncollected checks, though supposed to be drawn against actual, available deposits, may not be, and if so they may nevertheless be defeated of payment by many circumstances, such as death or countermand of the drawer, or offset by the banker upon the drawer's insolvency. An immediate credit of them must be largely on the faith of the depositor's indorsement, but the mere obligation of the member bank is not the actual reserve intended by the law. Moreover, the requirement that the reserve bank itself maintain a reserve in gold or lawful currency of 35 per cent of its deposits is involved if the "float" is to be counted as present deposits. The time schedule by which credit is deferred until checks would ordinarily be collected minimizes the chance of accumulated disappointments in collection, and the amount of merely supposed balance in the reserves of members, and seems a very reasonable reconciliation of the requirement of section 16, that the checks be received on deposit in the reserve account, with that of section 19, that the reserves be actual net balances. The additional stipulation that the reserve bank will act only as agent makes greater difficulty. It probably means that the checks are at first received only for collection, Ward v. Smith, 7 Wai. 447. "Deposits for collection" are spoken of in section 13, but "on deposit" in section 16 does not mean for mere collection. Since, however, credit is to be given at the expiration of the period fixed by the time schedule, whether returns from the check have actually been received or not, at that time certainly the agency is to cease and the check is to become and does become the property of the reserve bank and the transaction ripens into a general deposit. The check is then "received on deposit at par," as required by section 16. 2. The next contention relates to charges not for collecting checks on others, but for remitting to the reserve bank payment of checks drawn on the member bank itself. Section 16 provides: "Nothing herein contained shall be construed as prohibiting a member bank from charging actual expenses incurred in collecting and remitting funds or for exchange sold to its patrons. 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." Whether the right established in the first clause quoted, of a member bank to charge actual expenses for collecting and remitting, would include a remittance in payment of checks drawn on it and presented by the reserve bank; or whether the term "its patrons" in the second sentence refers to those sending checks to the reserve bank and implies that all expense of clearance of their checks is to be charged back to them, are questions that need not be decided. For the later legislation, known as the "Hardwick Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COURT OPINIONS 233 amendment" of section 13 is directly applicable and controls. It provides that ''nothing in this or any other section of this act shall be construed as prohibiting 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 and remission therefor by exchange or otherwise; but no such charges shall be made against the Federal reserve banks." The complainant argues that the last clause is in the nature of a proviso or exception wholly repugnant to the main enactment preceding it, and therefore void, leaving the grant of the right to make reasonable charges unrestrained by the exception. Or, if the last clause is to be treated as a part of the main enactment equally with wThat precedes, that the two parts are so inconsistent as to render the whole legislation abortive, and leave section 16 to control. As pointed out in Farmers & Merchants Bank of Monroe v. Federal Reserve Bank of Richmond, 262 U. S. 649, 666, there is no such repugnance in the Hardwick amendment as to cause either consequence. The right to make the charge is established as to checks sent for collection or payment by other member banks or nonmember banks, but it can not be made against reserve banks. We therefore come to consider the contention that the charge is not made against a reserve bank unless such bank is the lawful owner of the checks dealt with, and that if it is handling them only as the agent of another, for collection, the charge is against the true owner and to be passed back by the reserve bank to that owner. The proceedings of Congress in adopting the amendment show that par clearance through the reserve banks was the issue dealt with. The intent of the original amendment was to destroy such clearance as a reserve bank policy. The addition of the clause under discussion was made with the intent, and has the effect, to firmly establish it and give to the reserve system and to the public whatever advantage in clearing and collecting checks may follow therefrom, as well as to save the reserve banks from an expense in collecting their own checks. To forbid remittance charges against reserve banks means no more than that remittances to them shall not be diminished by such charges, without any inquiry, if that would be practicable, into the real ownership of the items remitted for. The reserve banks can not recognize as proper such charges made against them, and in this sense are forbidden to pay them. 3. The contention that the Reserve Bank of Atlanta can not handle for collection or deposit checks on complainant coming to it from sources outside the Sixth Reserve District is erroneous. The evidence is that the reserve bank handles no such checks on its members except those sent it by another reserve bank or by the members of another reserve bank by the latter's authority and for its account. Section 13 declares that any Federal reserve bank may " solely for the purposes of exchange or collection, receive from other reserve banks . . . checks and drafts payable upon presentation within its district." These other reserve banks may receive from their members and nonmembers maintaining clearing balances "checks and drafts payable upon presentation" at any place. So checks drawn upon complainant coming to member banks or nonmember clearing banks in another reserve district may be sent by them to the reserve bank of their district and by it sent for collection or exchange to the reserve bank of complainant's district without going beyond the permissions of section 13. A check sent by a member bank by the authority and for the account of its reserve bank is in effect received from the latter. 4. The result of these provisions of the reserve act, so construed, is to require a member bank to pay without deduction checks drawn on it when presented by its reserve bank, whether paid over its counter or by the more convenient means of a check on its own deposits elsewhere. This takes none of the property or property rights of complainant without due process of law. Complainant may refuse to pajr otherwise than in cash over its counter, according to the common law, as, on the other hand, the reserve bank may insist on that sort of payment. What is lost is the right to agree on a compensation for a more convenient payment by draft on more accessible reserves when both parties are willing so to agree. That the State, having powrer over the State banker and his business, may regulate his method of receiving and paying out his deposits was ruled in Farmers & Merchants Bank of Monroe v. Reserve Bank of Richmond, 262 U. S. 649. A similar power must be recognized in the United States to regulate the banking in the Federal Reserve System. Complainant being a national bank, chartered to do its business under the Federal laws, can not complain that those laws are not, or do not remain, such as it would prefer. It is not compelled to do anything without compensation. It is simply told that if it does the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

234 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD thing in question it must be done without compensation. Noble State Bank v. Haskell, 219 U. S. 575. The evidence offered by the defendants as to the actual conduct of their business is pertinent and admissible. The remainder, relating mainly to matters either irrelevant or to be judicially known, is excluded. Nothing unlawful appearing in any of the acts of the defendants complained of, a decree may be taken dismissing the bill. This December 29, 1924. (Signed) SAM H. SIBLEY, U. S. Judge. DECISION OF SUPREME COURT OF THE UNITED STATES ON RIGHT OF NATIONAL BANKS IN MISSOURI TO EXERCISE TRUST POWERS. Supreme Court of the United States. No. 762.—October term, 1923. The State of Missouri at the relation of the Burnes National Bank of St. Joseph, Plaintiff in Error, v. A. B. Duncan, Judge of the Probate Court of 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 denied 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 applying 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 had the power to do what it tried to do. 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 which 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." Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COURT OPINIONS 235 244 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 Stanch field, 171 Wis. 553. Hamilton v. State, 94 Conn. 648. People v. Russell, 283 111. 520, 524. In re Mollineaux, 179 N. Y. Supp. 90. Fidelity National Bank & Trust Co. v. Enright, 264 Fed. Rep. 236, Judgment reversed. Mr. Justice SUTHERLAND, dissenting. The real question here, as I understand it, is not whether Congress may 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 simply made national banks competent to act as executors, etc., "when not in contravention of State or local law." The statute did not attempt to override 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.'7 Tarble's case, 13 Wall. 397, 407-8. Except as otherwise provided by the Constition, 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 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

v?36 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD 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 every 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 any 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 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 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COURT OPINIONS 237 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 whom 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 geograpieal 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 curat lex. I am authorized to say that Mr. Justice MCREYNOLDS concurs in this dissent. DECISION OF SUPREME COURT OF RHODE ISLAND ON RIGHT OF NATIONAL BANKS TO EXERCISE TRUST POWERS Supreme Court of Rhode Island Herbert L. Carpenter, Attorney General, v. Aquidneck National Bank. M. P. No. 417 SWEETLAND, C. J.: The above-entitled proceeding is an information in th <* nature of quo warranto, prosecuted by the Attorney General for and in behalf of the State. Therein the court is informed that the defendant, although prohibited by the laws of this State, has been and is, by usurpation, exercising the powers of an executor, and also has been and is acting as trustee and in other fiduciary capacities. The informant prays that judgment be entered against the defendant excluding and ousting it from the further exercise of such powers. In its plea the defendant admits that it is acting as executor and as trustee as alleged in the information; but sets up that it is not acting in contravention of the laws of this State; because such laws authorize and permit the exercise of similar powers by trust companies organized in the State, which trust companies compete with national banks located in the State. For support of its plea the defendant relies upon the provisions of the Federal reserve act of December 23, 1913, section 11, subsection k, as amended September 26, 1918, conferring upon the Federal Reserve Board authority "to grant by special permit to national banks applying therefor, when not in contravention of State or local law, the right to act as trustee, executor, administrator, registrar of stocks and bonds, guardian of estates, assignee, receiver, committee of estates of lunatics, or in any other fiduciary capacity in which State banks, trust companies, or other corporations which come into competition with national banks are permitted to act under the laws of the State in which the national bank is located. Whenever the laws of such State authorize or permit the exercise of any or all of the foregoing powers by State banks, trust companies, or other corporations which compete with national banks, the granting to and the exercise of such powers by national banks shall not be deemed to be in contravention of State or local law within the meaning of this act." The defendant shows that in conformity with the Federal reserve act as amended it has been granted by the Federal Reserve Board the right to act, under the rules of the board, as trustee, executor, administrator, or in any other fiduciary capacity in which trust companies which come into competition with it are permitted to act under the laws of the State of Rhode Island. By the provisions of the statutes of this State, now chapter 271, general laws 1923, a trust company, established in accordance with our laws and which has conformed to the regulations therein prescribed, is empowered, among other things, to accept and execute all trusts committed to it by arrv person, corporation, or court of this State, or of the United States, and to accept "and execute the office of executor, administrator, guardian of the estate and other offices, in the chapter named, having similar fiduciary character. Any court of probate in this State is empowered in its discretion to appoint such a trust company to either of said offices of trust. The power to act in such fiduciary capacity is not conferrred by our law upon a State bank, savings bank, or any other corporation in this State; and probate courts are without jurisdiction under our statutes to appoint any corporation except such a trust company to the offices of executor, administrator, guardian, or the like. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

238 ANNUAL REPORT OF THE FEDERAL, RESERVE BOARD When a national bank has the permission of the Federal Reserve Board, Congress has conferred upon such bank authority to act in a fiduciary capacity, and the authority to so act becomes a part of the corporate powers of the bank. Without question a national bank can exercise such corporate powers in this State when their exercise is not in contravention of our domestic law. Certain of the corporate powers which Congress has thus conferred upon national banks relate to trusts which arise in connection with offices requiring for their exercise the appointment of a probate court. Save as such trusts we see no reason to question that a national bank may exercise in this State its corporate powers of a fiduciary nature which it has acquired in conformity with the act of Congress. In Aquidneck National Bank v. Jennings, 44 R. I. 435, the defendant here, in an attempt to place itself on a parity with the trust companies of the State, sought by mandaimis to compel the State treasurer to accept from it United States bonds in a certain amount, to be held by the treasurer as security for the performance by the defendant of its duties in a fiduciary capacity. The Federal reserve act provides that when the laws of a State require that a trust company of such State shall deposit securities for the protection of trusts held by that company, national banks in such State shall be required to make similar deposit of securities for the protection of private and court trusts held by them in their fiduciary capacity. In that petition for mandamus, without passing upon the corporate powers of this defendant bank to act as a trustee in this State, the court denied the petition. The denial was principally upon the ground that, without the sanction of the general assembly, nothing in the Federal reserve act can be regarded as regulating or extending the duties of the treasurer as one of the general officers of the State and that Congress can not give the national banks in the State the right to demand that the general treasurer shall perform for their benefit the same duties which, under our law, he performs for trust companies in this State. In Aquidneck Bank v. Jennings, supra, we have held that a national bank can not be admitted to an apparent standing of equality with trust companies. We can not say, however, that the exercise in this State by the defendant bank of its power to act in a fiduciary capacity is in contravention of our State law, save as to the execution of those trusts which arise in probate proceedings. In Aquidneck National Bank v. Jennings, supra, we declared that "the devolution of the estates of decedents, the control of the property of infants, and lunatics, the jurisdiction of pur probate courts, and the legal regulation of the trusts which arise in the administration of probate law are matters which pertain exclusively to the powers of a State over its domestic affairs. Under the State law no corporation other than a trust company, organized under the Rhode Island statute, may be appointed executor, administrator, or guardian by our probate court or may accept and execute the duties of such office. * * * In the absence of the express sanction of the general assembly the appointment of a national bank to execute the trusts which arise in probate proceedings, or the attempted execution of such trusts by a national bank, would be in contravention of our State law." In the case before us now, where the matter is directly pertinent to the issues, we are still of the same opinion. In conformity with its conclusion often stated, the Supreme Court of the United States declared in Tilt v. Kelsey, 207 U. S. 43, that "in respect to the settlement of the succession to property on death the States of the Union are sovereign." Yonley v. Lavender, 88 U. S. 276; United States v. Fox, 94 U. S. 315. In the Federal reserve act when first enacted it was provided that the Federal Reserve Board may grant national banks the right to act as trustees, executors, administrators, guardians, etc., "when not in contravention of State or local law." This provision still remains. In People v. Brady, 271 111. 100, the court held that authority given by the Federal Reserve Board to a national bank to act as trustee or the personal representative of a decedent was in contravention of the law of Illinois. In First National Bank v. Union Trust Co., 244 U. S. 416, the Supreme Court appeared to recognize the authority of the court of last resort of a State to construe the statutes of such State and to determine whether such authorization did contravene the local law. Apparently to meet this situation, in the interest of national banks, Congress in 1918 amended the Federal reserve act by passing the extraordinary amendment which became the last sentence of that portion of the act quoted above as follows: " 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." Our statutory provisions regulating the jurisdiction of probate courts in the issuing of letters testamentary and of administration, and Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COURT OPINIONS 239 in appointing guardians are not of doubtful interpretation. It is the practice of the Federal Supreme Court to adopt the construction placed upon a State statute by the court of last resort of that State. We felt confident that the United States Supreme Court would not hold as valid and constitutional the amendment of 1918, which assumed arbitrarily to place a legislative construction upon statutes of a State, regardless of their positive terms, or the construction placed upon them by the Supreme Court of such State. In Aquidneck National Bank v. Jennings, supra, we said that "wedo not admit the power of Congress to control this court in the construction of the State laws of Rhode Island." It appears that we were not justified in our confidence as to the position which the Supreme Court would take in the matter. In the recent case of State of Missouri v. Duncan, 257 S. W. 784, the Supreme Court of Missouri, in a carefully considered opinion, held that under the probate law of that State a national bank having a permit from the Federal Reserve Board could not be appointed and act as executor, and that the exercise of such fiduciary functions is "in contravention of the law of Missouri, the legislative policy, and the express statute." The court further held in relation to the amendment of 1918, that: "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." Upon review in the United States Supreme Court it was held, in a majority opinion, that notwithstanding the provisions of the probate law of Missouri a national bank having a permit from the Federal Reserve Board may act as an executor if State trust companies competing with it have that power, and that "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." From the majority opinion Mr. Justice Sutherland and Mr. Justice McReynolds dissented. The vigorous opinion of Mr. Justice Sutherland, based upon the former decisions of the Supreme Court, and the just relation which exists under the Constitution between the powers of Congress and those of the State authorities in matters of local concern, appears to us to be eminently sound and convincing. In conclusion he says, "The probate courts of a State have only such powers as the State 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 whom 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 curat lex." The final determination of the constitutional validity of congressional action is in the Federal Supreme Court. The matter presented here is in all respects identical with that before the Supreme Court of Missouri and the United States Supreme Court in the cases we have just considered. In the case before us we are constrained to be governed by the majority opinion in State of Missouri v. Duncan, supra. Therefore our determination is that the defendant should not be ousted from the further exercise of the power alleged in the information. Judgment is entered for the defendant. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BILLS TO AMEND THE CLAYTON ACT [Introduced in Congress but not passed. See p. 29] [Sixty-eighth Congress, first session, S. 3299] IN THE SENATE OF THE UNITED STATES MAY 13, 1924—Mr. McLean introduced the following bill, which was read twice and referred to the Committee on Banking and Currency A BILL To amend section 8 of an act entitled "An act to supplement existing laws against unlawful restraints and monopolies, and for other purposes," approved October 15,1914, as amended May 15, 1916* and May 26, 1920. Be it enacted by the Senate and House of^ Representatives of the United States of America in Congress assembled, That section 8 of the act entitled "An act to supplement existing laws against unlawful restraints and monopolies, and for other purposes," approved October 15, 1914, as amended by the acts of May 15, 1916, and May 26, 1920, be further amended by striking out the period at the end of the second clause of the said section and adding to said clause the following: "or if in the judgment of the Federal Reserve Board no restriction of banking credit or lessening of competition will result." [Sixty-eighth Congress, first session, H. R. 9344] IN THE HOUSE OF REPRESENTATIVES MAY 20, 1924—Mr. McFadden introduced the following bill, which was referred to the Committee on Banking and Currency and ordered to be printed A BILL To amend section 8 of the act entitled "An act to supplement existing laws against unlawful restraints and monopolies, and for other purposes," approved October 15, 1914, as amended. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That the last proviso of the second paragraph of section 8 of the act entitled "An act to supplement existing lawrs against unlawful restraints and monopolies, and for other purposes," approved October 15, 1914, as amended, is amended to read as follows: "And provided further, That nothing in this act shall prohibit any private banker from being an officer, director, or employee of not more than two banks, .banking associations, or trust companies, or prohibit any officer, director, or employee of any bank, banking association, or trust company, or any class A director of a Federal reserve bank, from being an officer, director, or employee of not more than two other banks, banking associations, or trust companies, whether organized under the laws of the United States or any State, if in any such case there is in force a permit therefor issued by the Federal Reserve Board; and the Federal Reserve Board is authorized to issue such permit if in its judgment it is not incompatible with the public interest, and to revoke any such permit whenever it finds, after reasonable notice and opportunity to be heard, that the public interest requires its revocation." EXTRACT FROM WORLD WAR ADJUSTED COMPENSATION ACT LOAN PRIVILEGES. SEC. 502. (a) A loan may be made to a veteran upon his adjusted service certificate only in accordance with the provisions of this section. (b) Any national bank, or any bank or trust company incorporated under the laws of any State, Territory, possession, or the District of Columbia (hereinafter in this section called "bank")? is authorized, after the expiration of two 240 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REGULATIONS OF THE BOARD 241 years after the date of the certificate, to loan to any veteran upon his promissory note secured by his adjusted service certificate (with or without the consent of the beneficiary thereof) any amount not in excess of the loan basis (as defined in subdivision (g) of this section) of the certificate. The rate of interest charged upon the loan by the bank shall not exceed, by more than 2 per centum per annum, the rate charged at the date of the loan for the discount of 90-day commercial paper under section 13 of the Federal Reserve Act by the Federal reserve bank for the Federal reserve district in which the bank is located. Any bank holding a note for a loan under this section secured by a certificate (whether the bank originally making the loan or a bank to which the note and certificate have been transferred) may sell the note to, or discount or rediscount it with, any bank authorized to make a loan to a veteran under this section and transfer the certificate to such bank. Upon the indorsement of any bank, which shall be deemed a waiver of demand, notice, and protest by such bank as to its own indorsement exclusively, and subject to regulations to be prescribed by the Federal Reserve Board, any such note secured by a certificate and held by a bank shall be eligible for discount or rediscount by the Federal reserve bank for the Federal reserve district in which the bank is located. Such note shall be eligible for discount or rediscount whether or not the bank offering the note for discount or rediscount is a member of the Federal Reserve System and whether or not it acquired the note in the first instance from the veteran or acquired it by transfer upon the indorsement of any other bank. Such note shall not be eligible for discount or rediscount unless it has at the time of discount or rediscount a maturity not in excess of nine months exclusive of days of grace. The rate of interest charged by the Federal reserve bank shall be the same as that charged by it for the discount or rediscount of 90-day notes drawn for commercial purposes. The Federal Reserve Board is authorized to permit, or on the affirmative vote of at least five members of the Federal Reserve Board to require, a Federal reserve bank to rediscount, for any other Federal reserve bank, notes secured by a certificate. The rate of interest for such rediscounts shall be fixed by the Federal Reserve Board. In case the note is sold, discounted, or rediscounted the bank making the transfer shall promptly notify the veteran by mail at his last known post-office address. REGULATIONS OF THE FEDERAL RESERVE BOARD WASHINGTON, August IS, 1924. The Federal Reserve Board transmits herewith a new issue of all of its regulations applicable to member banks. Since the issuance of the last edition of the board's regulations under date of July 10, 1923, Regulations H and J of that issue have been superseded by new regulations, and the prime purpose of this edition is to provide a complete edition of the board's regulations under one cover. No very material changes have been made in this issue of the regulations except the incorporation therein of the new Regulations H and J, but a few minor changes have been made which are summarized below. Regulation A has been amended so as to provide expressly for the rediscount of paper secured by bonds or notes of the War Finance Corporation and also so as to require that whenever the makers of notes offered for rediscount have closely affiliated or subsidiary corporations or firms, separate financial statements of such corporations or firms must accompany the financial statement of the borrower which is required to be filed with the member bank under certain circumstances. Regulation D has been rewritten under a new title, " Reserves of Member Banks," and there has been transferred to it that part of Regulation J which deals with the subject of penalties for deficiencies in reserves. Certain other material has also been added to the regulation to provide a more complete discussion of the subject of reserves. The new regulation, however, makes no substantial changes in the existing regulations of the board and will require no changes in the practice of Federal reserve banks or member banks, nor in the forms now in use. Regulation H is in the form adopted on April 7, 1924. Regulation J is in the form adopted on May 9, 1924, except that Section VI thereof which dealt with penalties for deficiencies in reserves has been transferred to Regulation D, as explained above, and Section VII has been redesignated Section VI. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

242 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD Regulation L has been amended by the addition thereto of a new paragraph with reference to the burden of proving the absence of substantial competition in connection with applications for interlocking directorates under the Clayton Act. No material changes have been made in Regulations B, C, E, F, G, I, or K. This issue of the board's regulations becomes effective on September 1, 1924. The Federal reserve banks are requested to see that each member bank in their respective districts receives at least one copy of this official edition of the board's regulations before the effective date. 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. WALTER L. EDDY, Secretary. REGULATION A, SERIES OF 1924 (Superseding Regulation A of 1923) DISCOUNTS UNDER SECTIONS 13 AND 13a ARTICLE A—NOTES, DRAFTS, AND BILLS OF EXCHANGE SECTION I. GENERAL STATUTORY PROVISIONS Any Federal reserve bank may discount for any of its member banks 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); (b) 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 or unless it is secured by bonds or notes of the War Finance Corporation. (d) The aggregate of notes, drafts, and bills bearing the signature or 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 an5^ 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 or notes 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— Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REGULATIONS OF THE BOARD 243 (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 instance, in producing, purchasing, carrying, or marketing goods l 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 or of the War Finance Corporation, and the name of a party to such transaction must appear upon it as maker, drawer, acceptor, or indorser: Provided, however, That if the purpose is the carrying or trading in bonds or notes of the War Finance Corporation, such note, draft, or bill of exchange must be secured by same. (b) 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 (b) 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. (&) 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. Whenever the borrower has closely affiliated or subsidiary corporations or firms, the borrower's financial statement shall be accompanied by separate financial statements of such affiliated or subsidiary corporations or firms, unless the 1 When used in this regulation the word "goods" shall be construed to include goods, wares, merchandise, or agricultural products, including livestock. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

244 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD statement of the borrower clearly indicates that such note is both eligible from a legal standpoint and acceptable from a credit standpoint: Provided, however. That the Federal reserve bank to which such note is offered for rediscount maywaive this requirement until May 1, 1925, in any case where such borrower and the affiliated or subsidiary corporations or firms have not issued separate financial statements prior thereto. 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 of this regulation, is defined as an unconditional order in writing, addressed by one person to another, signed by the person giving it, requiring the person to whom it is addressed to pay in the United States, at a fixed or determinable future time, a sum certain in dollars to the order of a specified person; and a trade acceptance is defined as a draft or bill of exchange, drawn by the seller on the purchaser of goods sold,2 and accepted by such purchaser. (b) Evidence of eligibility and requirement of statements.—A Federal reserve bank shall take such steps as it deems necessary to satisfy itself as to the eligibility of the draft, bill, or trade acceptance offered for 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 purpose, 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. 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

REGULATIONS OF THE BOARD 245 (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 such 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 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 total 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 ib) 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 Sections II (a) and II (6). ARTICLE B.—BANKERS7 ACCEPTANCES 3 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 hankers' acceptance credits. 8 For regulations governing the acceptance by member banks of drafts and bills of exchange drawn on them, see regulation C, p. 248. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

246 ANNUAL REPORT OF THE FEDERAL. RESERVE BOARD 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,4 provided that the bill is secured at the time of acceptance by a warehouse, terminal, or other similar receipt, conveying security title to such staples, issued by a party independent of the customer, and provided further that the acceptor remains secured throughout the life of the acceptance. In the event that the goods must be withdrawn from storage prior to the maturity of the acceptance or the retirement of the credit, a trust receipt or other similar document covering the goods may be substituted in lieu of the original document, provided that such substitution is conditioned upon a reasonably prompt liquidation of the credit. In order to insure compliance with this condition it should be required, when the original document is released, either (a) that the proceeds of the goods will be applied within a specified time toward a liquidation of the acceptance credit or (b) that a new document, similar to the original one, will be resutjstituted 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 by 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 months' 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 4 A readily marketable staple within the meaning of these regulations may be defined 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 (6) the staple itself easy to realize upon by sale at any time. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REGULATIONS OF THE BOARD 247 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. REGULATION B, SERIES OF 1924 (Superseding Regulation B of 1923) OPEN MARKET PURCHASES OF BILLS OF EXCHANGE, TRADE ACCEPT- ANCES, AND BANKERS' ACCEPTANCES UNDER SECTION 14 SECTION I. GENERAL STATUTORY PROVISIONS Section 14 of the Federal reserve act provides that, under rules and regulations to be prescribed by the Federal Preserve 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; (6) 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. 36569—25f 17 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

248 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD REGULATION C, SERIES OF 1924 (Superseding Regulation C of 1923) ACCEPTANCE BY MEMBER BANKS OF DRAFTS AND BILLS OF EXCHANGE 5 AKTICLE 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 exportation 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.6 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 by 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. * For regulations governing the rediscount of bankers' acceptances by Federal reserve banks, see Regulation A, page 245. • A readily marketable staple within the meaning of these regulations may be defined 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 (6) the staple itself easy to realize upon by sale at any time. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REGULATIONS OF THE BOARD 249 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 mayaccept 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 to 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, from and not included in the limits placed upon the acceptance of drafts and bills of exchange as described under Article A of this regulation. SECTION IV. REGULATIONS Any member bank desiring to accept drafts drawn by banks or bankers 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 1924 (Superseding Regulation D of 1923) RESERVES OF MEMBER BANKS SECTION I. STATUTORY PROVISIONS Section 19 of the Federal reserve act provides, in part, as follows: BANK RESERVES SEC. 19. Demand deposits within the meaning of this act shall comprise all deposits payable 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. Every bank, banking association, or trust company which is or which becomes a member of any Federal reserve bank shall establish and maintain reserve balances with its Federal reserve bank as follows: (a) If not in a reserve or central reserve city, as now or hereafter defined, it shall hold and maintain with the Federal reserve bank of its district an actual net balance equal to not less than seven per centum of the aggregate amount of its demand deposits and three per centum of its time deposits. (6) If in a reserve city, as now or hereafter denned, it shall hold and maintain with the Federal reserve bank of its district an actual net balance equal to not less than ten per centum of the aggregate amount of its demand deposits and three per centum of its time deposits: Provided, however, That if located in the outlying districts of a reserve city or in territory added to such a city by the extension of its corporate charter, it may, upon the affirmative vote of five members of the Federal Reserve Board, hold and maintain thereserve balances specified in paragraph (a) hereof (c) If in a central reserve city, as now or hereafter defined, it shall hold and maintain with the Federal reserve bank of its district an actual net balance equal to not less than thirteen per centum of the aggre- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

250 ANNUAL REPOKT OF THE FEDEKAL RESERVE BOARD gate amount of its demand deposits and three per centum of its time deposits: Provided, however, That if located in the outlying districts of a central reserve city or in territory added to such city by the extension of its corporate charter, it may, upon the affirmative vote of five members of the Federal Reserve Board, hold and maintain the reserve balances specified in paragraphs (a) or (b) thereof. * * * * * ** The required balance carried by a member bank with a Federal reserve bank may, under the regulations and subject to such penalties as may be prescribed by the Federal Reserve Board, be checked against 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 any dividends unless and until the total balance required by law is fully restored. In estimating the balances required by this act, the net difference of amounts due to and from other banks shall be taken as the basis for ascertaining the deposits against which required balance with Federal reserve banks shall be determined. The various Liberty bond acts (act of April 24, 1917, sec. 7; act of September 24, 1917, sec. 8; act of.April 4, 1918, sec. 8) provide, in part, as follows: That the provisions * * * with reference to the reserves required to be kept by national banking associations and other member banks of the Federal Reserve System shall not apply to deposits of public moneys by the United States in designated depositaries. SECTION II. DEFINITIONS (a) Demand deposits.—The term "demand deposits" shall include all deposits which are payable within 30 days except "savings accounts," "time certificates of deposit/' and "postal savings deposits," as defined below. (b) Time deposits.—The term "time deposits" shall include all "time deposits, open accounts," all "savings accounts," all "time certificates of deposit," and all "postal savings deposits," as defined below. (c) Time deposits, open accounts.—The term "time deposits, open accounts" shall mean deposits not evidenced by certificates of deposit or savings pass books, in respect to which a written contract is entered into with the depositor at 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, not less than 30 days after the date of the deposit, or on written notice which must be given by the depositor a certain specified number of days in advance, in no case less than 30 days. (d) Savings accounts.—The term "savings accounts" shall mean those deposits in respect to which— (1) The pass book, certificate, or other similar form of receipt must be presented to the bank whenever a withdrawal is made, (2) 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, and (3) The bank's printed regulations, accepted by the depositor at the time the account is opened, include the above requirements. (e) 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— (1) On a certain date, specified on the certificate, not less than 30 days after the date of the deposit, or (2) After the lapse of a certain specified time subsequent to the date of the certificate, in no case less than 30 days, or (3) 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 (4) In all cases only upon presentation of the certificate at each withdrawal for proper indorsement or surrender. (/) Postal savings deposits.—The term "postal savings deposits" shall mean deposits of postal savings funds in banks under the terms of the postal savings act, approved June 25, 1910, as amended. (g) Government deposits,—The term "Government deposits" shall mean deposits of public moneys by the United States in designated depositaries.7 7 Deposits made by United States postmasters of Government funds, other than postal savings deposits, received by them in their official capacity, constitute " Government deposits" within the meaning of this regulation and, when made in designated depositaries, are exempt from the reserve requirements of section 19. The following classes of deposits, however, are not " Government deposits" within such meaning and are not exempt from reserve requirements: (1) Deposits of Philippine funds made by the Philippine government and carried under the title "Treasurer of the Philippine Islands currency reserve fund account." (2) Deposits of Porto Rican funds made by the Porto Rican government. (3) Deposits of Indian funds under the control of the Department of the Interior. (4) Deposits of States, counties, or municipalities. (5) Deposits of the United States Shipping Board and the Emergency Fleet Corporation. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EEGULATIONS OF THE BOARD 251 SECTION III. COMPUTATION OF RESERVES (a) Amounts of reserves to be maintained.—Every member bank of the Federal reserve system is required by law to maintain on deposit with the Federal reserve bank of its district an actual net balance equal to 3 per cent of its time deposits plus— Seven per cent of its demand deposits if not in a reserve or central reserve city. Ten per cent of its demand deposits if in a reserve city, except that if located in an outlying district of a reserve city or in territory added to such city by the extension of the city's corporate limits such bank may, upon the affirmative vote of five members of the Federal Reserve Board, be permitted to maintain 7 per cent reserves against its demand deposits. Thirteen per cent of its demand deposits if located in a central reserve city, except that if located in an outlying district of a central reserve city or in territory added to such city by the extension of the city's corporate limits, such bank may, upon the affirmative vote of five members of the Federal Reserve Board, be permitted to maintain 7 per cent or 10 per cent reserves against its demand deposits. No reserves are required to be maintained against Government deposits as defined above. (6) Deductions allowed in computing reserves.—Member banks in determining the amount against which reserves must be carried may deduct: (1) From gross demand deposits, all Government deposits as defined above. (2) From the amount of balances due. to other banks, the amount of balances due from other banks (except Federal reserve banks and foreign banks), including in the amount due from banks, out of town items placed in the mail and charged to the account of correspondent banks, items with a Federal reserve bank in process of collection, checks drawn on banks located in the same city, and exchanges for clearing houses. (c) Availability of checks as reserve.—Checks forwarded to a Federal reserve bank for collection or credit 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 Section IV of Regulation J. If a member bank draw against checks before such time, the draft will be charged against its reserve balance if such balance be sufficient in amount to pay it; but any resulting impairmant of reserve balances will be subject to all the penalties provided by the act. SECTION IV. PENALTIES FOR DEFICIENCIES IN RESERVES (a) Basic penalty.—Inasmuch as it is essential that the law in respect to 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 Federal reserve act, hereby prescribes a basic penalty for deficiencies in reserves according to the following rules: (1) Deficiencies in reserve balances of member banks in central reserve and reserve cities will be computed on the basis of average daily net deposit balances covering a weekly period of seven days. Deficiencies in reserve balances of other member banks will be computed on the basis of average daily net deposit balances covering a semimonthly period. (2) Penalties for deficiencies in reserves will be assessed monthly on the basis of average daily deficiencies during each of the reserve computation periods ending in the preceding month. (3) A basic rate of 2 per cent per annum above the Federal reserve bank discount rate on 90-day commercial paper will be assessed as a penalty on deficiencies in reserves of member banks. (5) Progressive penalty.—The Federal Reserve Board will also prescribe for any Federal reserve district, upon the application of the Federal reserve bank of that district, an additional progressive penalty for continued deficiencies in reserves, in accordance with the following rules: (1) When a member bank in a central reserve or reserve city has had an average deficiency in reserves for six consecutive weekly periods, a progressive penalty, increasing at the rate of one-fourth of 1 per cent for each week thereafter during which the average reserve balance is deficient, will be assessed on weekly deficiencies until the required reserve has been restored and maintained Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

252 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD for four consecutive weekly periods, provided that the maximum penalty charged will not exceed 10 per cent. (2) When a member bank outside of a central reserve or reserve city has had an average deficiency in reserves for three consecutive semimonthly periods, a progressive penalty, increasing at the rate of one-half of 1 per cent for each half month thereafter during which the average reserve balance is deficient, will be assessed on semimonthly deficiencies until the required reserve has been restored and maintained for two consecutive semimonthly periods, provided that the maximum penalty charged will not exceed-10 per cent. SECTION V. LOANS AND DIVIDENDS WHILE RESERVES ARE DEFICIENT It is unlawful for any member bank the reserves of which are at any time deficient to make any new loans or pay any dividends unless and until the total reserves required by law are fully restored, and the payment of penalties for deficiencies in reserves does not exempt member banks from this prohibition of law. As provided above, penalties for deficiencies in reserves are computed on the basis of the average reserve balances for weekly or semimonthly periods; but this prohibition of law applies whenever the reserves are deficient for one day or more, regardless of whether or not the average reserve balances for the weekly or semimonthly period are deficient. REGULATION E, SERIES OF 1924 (Superseding Regulation E of 1923) PURCHASE OF WARRANTS SECTION I. STATUTORY REQUIREMENTS Section 14 of the Federal reserve act reads in part as follows: Every Federal reserve bank shall have power— (6) To buy and sell, at home or abroad, bonds and notes of the United States, and bills, notes, revenue bonds, and warrants with a maturity from date of purchase of not exceeding six months, issued in 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.77 The term "municipality77 shall be construed to mean "State, county, district, political subdivision, or municipality in the continental United States, including irrigation, drainage, and reclamation districts.77 The term "net funded indebtedness"77 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 amounts 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 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REGULATIONS OF THE BOARD 253 (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; (b) 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. 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 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. (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. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

254 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD 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 (b), 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 members bank, with waiver of demand, notice, and protest if such warrants comply with Sections III and V (b) of these regulations, except that where a period of 10 years is mentioned in III (c) hereof a period of 5 years shall be substituted for the purposes of this clause. SECTION VI. WARRANTS OF SMALL MUNICIPALITIES Warrants of a municipality of 10,000 population or less shall be 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 1924 (Superseding Regulation F of 1923) TRUST POWERS OF NATIONAL BANKS SECTION I. STATUTORY PROVISIONS The Federal reserve act as amended by the act of September 26, 1918, provide^ in part: SEC. 11. The Federal Reserve Board shall be authorized and empowered: (k) To grant by special permit to national banks applying therefor, when not in contravention of State or local law, the right to act as trustee, executor, administrator, registrar of stocks and bonds, guardian 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 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 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REGULATIONS OF THE BOARD 255 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 oath or execute the necessary affidavit. It shall be unlawful for any national banking association to lend any officer, director, or employee any funds held in trust under the powers conferred by this section. Any officer, director, or employee making such loan, or to whom such loan is made, may be finedn ot 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 State banks, trust companies, and corporations exercising such powers. SECTION II. APPLICATIONS A national bank desiring to exercise any or all of the powers authorized 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 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 61-6. 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.8 8 The act requires that the bank shall set aside in the trust department " United States bonds or other securities approved by the Federal Reserve Board." This provision of the regulations is intended as a general approval by the Federal Reserve Board of all securities which comply with the requirements thereof and specific approval by the Federal Reserve Board is unnecessary as to such securities. The board will not approve any securities which do not comply with these requirements. 36569—25t 18 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

256 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD 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 may 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. (6) Court trusts.—Except as hereinafter provided, a national bank acting as executor, administrator, or in any other fiduciary capacit}^, 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. 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 (fc) 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 act. SECTION X. REVOCATION OF PERMITS The Federal Reserve Board reserves the right to revoke permits granted under the provisions of section ll(fc), 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. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REGULATIONS OF THE BOARD 257 REGULATION G SERIES OF 1924 3 (Superseding Regulation G of 1923) LOANS ON FARM LAND AND OTHER REAL ESTATE Section 24 of the Federal reserve act provides in part that— Any national banking association not situated in a central reserve city rnay make loans secured by 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 1 oans 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 the 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 mortgage or deed of trust. (6) The amount of the loan must not exceed 50 per cent of the actual value of the land by which it is secured. (c) The maximum amount of loans which a national bank may make on real estate, whether on farm land or on other real estate as distinguished from farm land, is limited under the terms of the act to an amount not in excess of onethird 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. (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. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

258 ANNUAL REPORT OF THE FEDERAL, RESERVE BOARD REGULATION H, SERIES OF 1924 (Superseding Regulation H of 1923) MEMBERSHIP OF STATE BANKS AND TRUST COMPANIES SECTION I. BANKS ELIGIBLE FOR MEMBERSHIP 1. Incorporation.—In order to be eligible for membership in a Federal 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 i ncreased 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 60,000 Exceeding 50,000 inhabitants 200,000 120,000 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 year 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 com- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REGULATIONS OF THE BOARD 259 party. 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 ON 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. 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. CONDITIONS OF MEMBERSHIP Pursuant to the authority contained in the first paragraph of section 9 of the Federal reserve act, which provides that the Federal Reserve Board may permit applying banks to become members of the Federal reserve system "subject to such conditions as it may prescribe," the Federal Reserve Board will prescribe the following conditions of membership for each bank or trust company hereafter applying for admission to the Federal reserve system, in addition to such other conditions as the board may consider necessary or advisable in the particular case— (1) Except with permission of the Federal Reserve Board, such bank or trust company shall not cause or permit any change to be made in the general character of its assets or in the scope of the functions exercised by it at the time of admission to membership, such as will tend to affect materially the standard maintained at the time of its admission to the Federal reserve system and required as a condition of membership. (2) Such bank or trust company shall at all times conduct its business and exercise its powers with due regard to the safety of its customers. (3) Such bank or trust company shall not reduce its capital stock except with the permission of the Federal Reserve Board. (4) Such bank or trust company shall not, except after applying for and receiving the permission of the Federal Reserve Board, establish any branch, agency, or additional office. (5) Such bank or trust company, except after applying for and receiving the permission of the Federal Reserve Board, shall not consolidate with or absorb or purchase the assets of any other bank or branch bank for the purpose of operating such bank or branch bank as a branch of the applying bank; nor directly or indirectly, through affiliated corporations or otherwise, acquire an interest in another bank in excess of 20 per cent of the capital stock of such other bank; nor directly or indirectly promote the establishment of any new bank for the purpose of acquiring such an interest in it; nor make any arrangement to acquire such an interest. (6) Such bank or trust company shall reduce to, and maintain within, the limits prescribed by the laws of the State in which it is located, any loan which may be in excess of such limits. (7) Such bank or trust company shall reduce to an amount equal to 10 per cent of its capital and surplus all balances in excess thereof, if any, which are Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

260 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD carried with banks or trust companies which are not members of the Federal reserve system, and shall at all times maintain such balances within such limits. (8) Such bank or trust company may accept drafts and bills of exchange drawn upon it of any character permitted by the laws of the State of its incorporation; but the aggregate amount of all acceptances outstanding at any one time shall not exceed the limitations imposed by section 13 of the Federal reserve act, that is, the aggregate amount of acceptances outstanding at any one time which are drawn for the purpose of furnishing dollar exchange in countries specified by the Federal Reserve Board shall not exceed 50 per cent of its capital and surplus, and the aggregate amount of all other acceptances, whether domestic or foreign, outstanding at any one time shall not exceed 50 per cent of its capital and surplus, except that the Federal Reserve Board, upon the application of such bank or trust company, may increase this limit from 50 per cent to 100 per cent of its capital and surplus: Provided, however, That in no event shall the aggregate amount of domestic acceptances outstanding at any one time exceed 50 per cent of the capital and surplus of such bank or trust company. (9) The board of directors of said bank or trust company shall adopt a resolution authorizing the interchange of reports and information between the Federal reserve bank of the district in which such bank or trust company is located and the banking authorities of the State in which such bank is located. Each bank or trust company applying for membership hereafter will be required to agree to the above conditions and any other conditions which the board may prescribe, prior to the admission of such bank or trust company to the Federal reserve system. % SECTION V. PERMISSION NECESSARY PRIOR TO MAKING CHANGES IN ASSETS OR SCOPE OF FUNCTIONS Each bank or trust company hereafter admitted to the Federal reserve system and each bank or trust company which has heretofore been admitted subject to condition No. 1 of Section IV or subject to any similar condition shall, through the Federal reserve agent, request the permission of the Federal Reserve Board prior to taking any action which may result in a change in the general character of its assets or in the scope of the functions exercised by it at the time of admission to membership, such as will tend to affect materially the standard maintained at the time of its admission to the Federal reserve system and required as a condition of membership. The board considers that among the actions which may result in changes of the kind referred to in this section are the establishment of branches, agencies or additional offices and consolidations or mergers with, or purchases of the assets of other banks or branch banks. SECTION VI. PRINCIPLES GOVERNING ESTABLISHMENT OF BRANCHES In passing upon applications by State banks and trust companies for permission to establish branches, agencies or additional offices, under condition No. 4 of Section IV, or under any similar condition which may have been prescribed by the Federal Reserve Board and agreed to by any bank or trust company heretofore admitted to the Federal reserve system, the Federal Reserve Board will observe the following principles— (1) The Federal Reserve Board will as a general principle restrict the establishment of branches, agencies or additional offices by such banks or trust companies to the city of location of the parent bank and the territorial area within the State contiguous thereto, as said territory has been defined in the board's resolution of November 7, 1923,9 excepting in instances where the State banking authorities have certified and the board finds that public necessity and advantage render a departure from the principle necessary or desirable. (2) The Federal Reserve Board as a general principle will not consider an application by such bank or trust company for a permit to establish a branch, agency or additional office, unless the authorities of the State in which such bank is located regularly make simultaneous examinations of the head office and all branches, agencies or additional offices of such bank, nor unless the examinations made by the State authorities are, in the judgment of the Federal Reserve Board, of such character in every respect as to furnish the Federal 9 The term "contiguous territory" is defined in the board's resolution of Nov. 7, 1923, to mean: "The territory of a city or town whose corporate limits at some point coincide with the corporate limits of the city or town in which the parent bank is located." Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REGULATIONS OF THE BOARD 261 Reserve Board with sufficient information as to the condition of such bank and the character of its management to enable the Federal Reserve Board fully to protect the interests of the public. (3) The Federal Reserve Board as a general principle will require each bank or trust company which establishes or maintains branches, agencies or additional offices to maintain for itself and such branches, agencies or additional offices an adequate ratio of capital to total liabilities and an adequate percentage of its total investments in the form of paper or securities eligible for discount or purchase by Federal reserve banks. (4) The Federal Reserve Board will not consider any application to establish a branch, agency or additional office until the State banking authorities have approved the establishment of such branch, agency or additional office, and the directors or executive committee and the Federal reserve agent of the Federal reserve bank of the district in which such bank or trust company is located have made a report upon the financial condition of the applying bank or trust company, the general character of its management, what effect the establishment of such branch, agency or additional office would «have upon other banks or branches in the locality in which it is to be established, and whether, in their opinion, it would be in the interest of the public in such locality, together with their recommendation as to whether or not the application should be granted. (5) When permission is granted for the establishment of such branch, agency or additional office same shall be established and opened for business within six months after such permission is granted. If such branch, agency or additional office is not established within such time the permit shall become void, unless the time is extended by the board for good cause. (6) The Federal Reserve Board reserves the right to cancel any permit which it may grant hereafter to establish any branch, agency or additional office whenever it shall appear, after hearing, that such branch, agency or additional office is being operated in a manner contrary to the interest of the public in the locality in which it is established. SECTION VII. 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 company, subject to the provisions of the Federal reserve act, to the regulations of the Federal Reserve Board, and to the conditions prescribed by the Federal Reserve Board and agreed to by such State bank or trust company prior to its admission. (2) Shall maintain such improvements and changes in its banking practice as may have been specifically required of it by the Federal Reserve Board as a condition of its admission and shall not lower the standard of banking then required of it; (3) Shall 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 which 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 VIII. 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 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

262 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD 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 1924 (Superseding Regulation I of 1923) 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,10 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 paidup 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, 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 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 its 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 io Whenever any State member bank is converted into a national bank under sec. 5154 of the Revised Statutes, as amended by sec. 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

REGULATIONS OF THE BOARD 263 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 n 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 reduction of the paid-up 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) 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 the Federal reserve bank of which the insolvent bank is a member an application on F. R. B. Form 87, which is made a part of this regulation, for the surrender and cancellation of 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 11 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 November 7, 1918, meets all of these conditions. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

264 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD 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 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 liquidating agent of such liquidating member bank. (dj 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 11 on p. 263) 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 11 on p. 263) the Federal reserve bank stock previously held by such other member bank, it shall surrender 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. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REGULATIONS OF THE BOARD 265 REGULATION J, SERIES OF 1924 (Superseding regulation J of 1920) CHECK CLEARING AND COLLECTION SECTION I. STATUTORY PROVISIONS Section 16 of the Federal reserve act authorizes the Federal Reserve J3oard 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. SECTION II. GENERAL REQUIREMENTS 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 and collect checks 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 as nonmember clearing banks. Each Federal reserve bank shall exercise the functions of a clearing house and collect checks under the general terms and conditions hereinafter set forth. SECTION III. CHECKS RECEIVED FOR COLLECTION (1) Each Federal reserve bank will receive at par from its member banks and from nonmember clearing banks in its district, checks 12 drawn on all member and nonmember clearing banks, and checks drawn on all other nonmember banks which are collectable at par in funds acceptable to the Federal reserve bank of the district in which such nonmember banks are located. (2) Each Federal reserve bank will receive at par from other Federal reserve banks, and from all member and nonmember clearing banks in other Federal reserve districts which are authorized to route direct for the credit of their respective Federal reserve banks, checks drawn on all member and nonmember clearing banks of its district, and checks drawn on all other nonmember banks of its district which are collectable at par in funds acceptable to the collecting Federal reserve bank. (3) No Federal reserve bank shall receive on deposit or for collection any check drawn on any nonmember bank which can not be collected at par in funds acceptable to the Federal reserve bank of the district in which such nonmember bank is located. SECTION IV. TIME SCHEDULE AND AVAILABILITY OF CREDITS (1) Each Federal reserve bank will publish a time schedule showing the time at which any item sent to it will be counted as reserve and become available for withdrawal or other use by the sending bank. For all checks received, the sending bank will be given immediate credit, or deferred credit, in accordance with such time schedule, and as provided below. (2) For all such checks as are received for immediate credit in accordance with such time schedule, immediate credit, subject to final payment, will be given upon the books of the Federal reserve bank at full face value in the reserve account 12 A check is generally defined as a draft or order upon a bank or banking house, purporting to be drawn upon a deposit of funds, for the payment at all events of a certain sum of money to the order of a certain person therein named, or to him or his order, or to bearer, and payable on demand. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

266 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD or clearing account upon day of receipt, and the proceeds will at once be counted as reserve and become available for withdrawal or other use by the sending bank. (3) For all such checks as are received for deferred credit in accordance with such time schedule, deferred credit, subject to final payment, will be entered upon the books of the Federal reserve bank at full face value, but the proceeds will not be counted as reserve nor become available for withdrawal or other use by the sending bank until such time as may be specified in such time schedule,13 at which time credit will be transferred from the deferred account to the reserve account or clearing account subject to final payment and will then be counted as reserve and become available for withdrawal or other use by the sending bank. SECTION V. TEBMS OF COLLECTION The Federal Reserve Board hereby authorizes the Federal reserve banks to handle such checks subject to the following terms and conditions; and each member and nonmember clearing bank which sends checks to any Federal reserve bank for deposit or collection shall by such action be deemed (a) to authorize the Federal reserve banks to handle such checks subject to the following terms and conditions, (b) to warrant its own authority to give the Federal reserve banks such authority, and (c) to agree to indemnify any Federal reserve bank for any loss resulting from the failure of such sending bank to have such authority. (1) A Federal reserve bank will act only as agent of the bank from which it receives such checks and will assume no liability except for its own negligence and its guaranty of prior indorsements. (2) A Federal reserve bank may present such checks for payment or send such checks for collection direct to the bank on which they are drawn or at which they are payable, or in its discretion may forward them to another agent with authority to present them for payment or send them for collection direct to the bank on which they are drawn or at which they are payable. (3) A Federal reserve bank may in its discretion and at its option, either directly or through an agent, accept either cash or bank drafts in payment of or in remittance for such checks and shall not be held liable for any loss resulting from the acceptance of bank drafts in lieu of cash, nor for the failure of the drawee bank or any agent to remit for such checks, nor for the nonpayment of any bank draft accepted in payment or as a remittance from the drawee bank or any agent. (4) Checks received by a Federal reserve bank on its member or nonmember clearing banks will ordinarily be forwarded or presented direct to such banks, and such banks will be required to remit or pay therefor at par in cash or bank draft acceptable to the collecting Federal reserve bank, or at the option of such Federal reserve bank to authorize such Federal reserve bank to charge their reserve accounts or clearing accounts; provided, however, that any Federal reserve bank may reserve the right in its check collection circular to charge such items to the reserve account or clearing account of any such bank at any time when in any particular case the Federal reserve bank deems it necessary to do so. (5) Checks received by a Federal reserve bank payable in other districts will be forwarded for collection upon the terms and conditions herein provided to the Federal reserve bank of the district in which such checks are payable. (6) The amount of any check for which payment in actually and finally collected funds is not received shall be charged back to the forwarding bank, regardless of whether or not the check itself can be returned. SECTION VI. OTHER RULES AND REGULATIONS Each Federal reserve bank shall also promulgate rules and regulations not inconsistent with the terms of the law or of this regulation, governing the details of its check clearing and collection operations. Such rules and regulations shall be set forth by the Federal reserve banks in their letters of instruction to their member and nonmember clearing banks and shall be binding upon any member or nonmember clearing bank which sends any check to such Federal reserve bank for collection or to any other Federal reserve bank for the account of such Federal reserve bank for collection. 13 For rules for computation of reserves and penalties for deficiencies in reserves, see regulation D, Sections III and IV, p. 251. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REGULATIONS OF THE BOARD 26 7 REGULATION K, SERIES OF 1924 (Superseeding Regulation K of 1923) BANKING CORPORATIONS AUTHORIZED TO DO FOREIGN BANKING BUSINESS UNDER THE TERMS OF SECTION 25(a) OF THE FEDERAL RESERVE ACT SECTION I. ORGANIZATION Any number of natural persons, not less in any case than five, may form a Corporation 14 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. SECTION 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 which 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. SECTION 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 qf some court of record or notary public who shall certify thereto under the seal of such court or notarj^. Thereafter the certificate shall be forwarded to the Federal Reserve Board to be filed in its office. SECTION IV. TITLE Inasmuch as the name of the Corporation is subject to the approval of 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 organization 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 wrord "Federal" in its title will be permitted also to have the word "bank" as a part of its title. So far as possible the title of the Corporation should 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. 14 Whenever these regulations refer to a corporation spelled with a capital C, 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

268 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD SECTION 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. SECTION 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. SECTION VII. TRANSFERS OF STOCK Section 25(a) provides in part that— A majority of the shares of the capital stock of any such corporation shall at all times be held and owned by the citizens of the United States, by corporations the controlling interest in which is owned by 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; (b) 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. 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 (b) 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 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REGULATIONS OF THE BOARD 269 firm or company 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. 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 msiy, when 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 have 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 provide that 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. SECTION 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. SECTION 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 with the consent of the Federal Reserve Board 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; (&) 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. 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 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

270 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD Corporation. This restriction, however, does not apply to corporations organized under foreign laws. SECTION 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. SECTION 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. SECTION 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. SECTION 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 with 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. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REGULATIONS OF THE BOARD 271 Maturity.—Except with the approval, of the Federal Reserve Board, no Corporation shall accept any 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 an}^ time (a) exceeds the amount of the subscribed capital and surplus, 50 per cent 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 fully secured. (The Corporation shall elect whichever requirement (a) or (6) 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 cent 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. SECTION 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. SECTION 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 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 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

272 ANNUAL, REPORT OF THE FEDERAL RESERVE BOARD 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. SECTION 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. SECTION XVII. BEPORTS 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. SECTION 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 1924 (Superseding Regulation L of 1923) INTERLOCKING BANK DIRECTORATES UNDER THE PT.AYTON ACT SECTION I. DEFINITIONS Within the meaning of this regulation— The term "member bank" shall apply to any national bank and any State bank or trust company which is a member of the Federal reserve system. The term "national bank" shall be construed to apply not only to national banking associations but also to banks, banking associations, and trust 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. 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. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REGULATIONS OF THE BOARD 273 The term "Edge Act" shall mean section 25(a) of the Federal reserve 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 of 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 year 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. SJDUTION III. EXCEPTIONS The provisions of section 8 of the Clayton Act— (1) Do not apply to mutual savings banks not having a capital stock represented by shares. (2) Do not prohibit a person from being at the same time a director, officer, or employee of a national bank and not more than one other 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. (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. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

274 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD (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 AMEND- MENT B}^ the Kern amendment, approved May 15, 1916, as amended May 26, 1920, the Clayton Act was amended so as to authorize the Federal Reserve 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, by 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 coinpetition," 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. Burden of proof.—Inasmuch as the Federal Reserve Board has no power to permit a person to serve two or more banks coming within the prohibitions of the Clayton Act unless the institutions involved are not in substantial competition, the applicant for such permission has the burden of proving to the board that such institutions are not in substantial competition. 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. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REGULATIONS OF THE BOARD 275 Such consent 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 applying 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 jf 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 any 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

RECOMMENDATIONS OF THE FEDERAL ADVISORY COUNCIL TO THE FEDERAL RESERVE BOARD OFFICERS AND MEMBERS OF THE FEDERAL ADVISORY COUNCIL FOR THE YEAR 1924 OFFICERS President, P. M. WARBURG. Vice President, E. F. SWINNEY. Secretary, C. B. GEORGEN. EXECUTIVE COMMITTEE P. M. WARBURG, Chairman. J. J. MITCHELL. C. A. MORSS, Vice Chairman. L. L. RUE. J. M. MILLER, Jr. E. F. SWINNEY. MEMBERS C. A. MORSS, Federal Reserve District No. 1. P. M. WARBURG, Federal Reserve District No. 2. L. L. RUE, Federal Reserve District No. 3. C. E. SULLIVAN, Federal Reserve District No. 4. J. M. MILLER, JR., Federal Reserve District No. 5. O. WELLS, Federal Reserve District No. 6. J. J. MITCHELL, Federal Reserve District No. 7. F. J. WADE, Federal Reserve District No. 8. G. H. PRINCE, Federal Reserve District No. 9. E. F. SWINNEY, Federal Reserve District No. 10. W. M. MCGREGOR, Federal Reserve District No. 11. D. W. TWOHY, Federal Reserve District No. 12. RECOMMENDATIONS OF THE FEDERAL ADVISORY COUNCIL TO THE FEDERAL RESERVE BOARD FEBRUARY 19, 1924 TOPIC NO. 1.—The banking situation in the Northwest and Middle West and in New Mexico, with special reference to the large number of small bank failures. The board would like to have your opinion as to whether the lack of confidence in these small banks is likely to spread far enough to do any serious injury to banks in the larger cities or to any banks outside of the territory principally affected by agricultural depression. The board would also like to know whether the council has any suggestions to make with regard to possible amendments to the national banking act which would not be merely palliatives but would prevent any future similar epidemic of lack of confidence. Recommendation.—It is the opinion of the council that it is unlikely that the lack of confidence referred to by the board will spread enough to do serious injury to the banks in larger cities or to other territories affected by agricultural depression at the present time. It is also the opinion of the council that the present, unfortunate banking 276 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RECOMMENDATIONS OF ADVISORY COUNCIL 277 situation arises largely from the fact that the number of banks in the sections involved has been much greater than local needs for banking accommodations required. The organization of many of these banks has been stimulated and encouraged by unsound systems of guarantee of deposits by various States which gave a false sense of security to those organizing the banks and encouraged in the public mind a lack of discrimination between well-managed and badly managed banks. This, coupled with unsound and inexperienced management, resulted in inevitable disaster. The council heartily approves of the attempt that is being made to meet the present emergency but is confident that no amendment to the national banking act or Federal reserve act will safeguard the business community from the consequences of unsound banking methods. It has, therefore, no amendment to recommend. While there are no means that can prevent banks from suffering the consequences of mismanagement or dishonesty in the administration of their affairs, measures may possibly be devised that would serve to alleviate the hardships of the depositors of banks in receivers' hands, particularly of depositors of small means. It may be opportune for the board to take up anew its earlier recommendation, made several years ago when combating former propositions for a guarantee of deposits. The board's recommendation envisaged the creation of a liquidation fund. Such fund was designed under very careful safeguards and restrictions to pay to depositors of banks in receivers'hands such proportion of their deposits as could be safely advanced against the depositors' claims against the defaulting bank. The council does not wish to make this suggestion with regard to the present emergency, but solely with a view to stimulating a careful examination of the problem which is bound to recur in the future in some form or other. TOPIC NO. 2.—The general policy involved in bankers' acceptances drawn by banks to finance, export transactions, assuming that banks may lawfully give such acceptances. The board has had a number of propositions involving such acceptances submitted to it for rulings as to their compliance with the law, but would like the advice of the council as to the policy involved. Recommendation.—This question was fully covered in the council's conference with the board in which Mr. Warburg stated that he thought to express the council's views when holding that the transaction involved was clearly within the legal powers of the accepting member banks. It was, however, a question of good or bad banking practice. In the council's view acceptances of this character should only be considered as eligible by Federal reserve banks when drawn by banks directly connected with or located in the foreign country from which, or to which, the goods were moving (so-called foreign or colonial banks or their branches); and, furthermore, such bills should be drawn within a time reasonably near to shipment of the goods and in no circumstances after the transportation had been completed. The council thought that the decision concerning the eligibility of such acceptances might well be left to the discretion of the Federal reserve banks instead of trying to deal with it by a rigid regulation which could hardly cover so complex and so individual a case. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

278 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD TOPIC NO, 3.—Open-market operations and the basis upon which they should be handled during the year 1924. Recommendation.—-The council is reluctant to give very positive advice concerning the desirability of increasing or decreasing the volume of open-market investments of the Federal reserve banks at this time. Experience has shown that the volume of bills rediscounted and held by the Federal reserve system and the total invested in open-market purchases are closely interrelated. Only by actual tests and careful experiments is it possible to ascertain from time to time whether a substantial increase or decrease in the aggregate of investments may safely be brought about, and if so what effects it will have on the position of the combined member banks and the money market. The council is very glad to notice the growing attention devoted by the board to the importance of open-market operations; for with gold standards suspended all the world over and gold moving to our country almost automatically, the gold reserve percentages of the Federal reserve system have become barometers of much smaller significance than the fluctuations in the volume of the Federal reserve system's total investments. The council is inclined to believe that in view of present domestic and foreign conditions, it might be opportune for the Federal reserve banks to engage in some careful experiments in the direction of increasing open-market investments. These might result in a slight easing of money rates and in a more liberal use of our credit facilities at home and abroad. It is the unanimous opinion of the council that discount rates should not be changed at this time. The council urges the Federal reserve banks in their open-market operations to show a greater preference for acceptances than for Government issues. TOPIC NO. 4.—Subdivision of gold reserves. Recommendation.—After considering the form contemplated by the board for its weekly condensed statement of combined gold reserves, viz, statement of percentage of gold holdings against outstanding Federal reserve notes, of percentage of gold holdings against member bank deposits, and of percentage of total gold holdings against Federal reserve notes and deposits combined, the council is of the opinion that the legal requirement is complied with by publishing the amounts of the several gold reserves without giving the three individual percentages. The council feels that fluctuations in the gold strength, as indicated in the discussions of the previous question, are of minor significance in present circumstances and that by giving three percentages too much emphasis would be laid upon fluctuations, which, as a consequence of the proposed grouping, are likely to appear more pronounced. Moreover it is to be feared that during a period of economic strain, always recurring from time to time, the board may be charged with artificially manipulating the reserve percentages. It is to be expected that the press and the public will continue to watch the combined reserve percentage (against notes and deposits combined), as it is the only percentage which will clearly indicate any increase or decrease in reserve strength from week to week. It would seem to the council, therefore, that the greater simplicity of the present method of reporting would lead to a better understanding of the problem on the part of the lay com- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RECOMMENDATIONS OF ADVISORY COUNCIL 279 munity and for the time being, at least, would seem to be the better course. As it is, there is grave danger that critics of the Federal reserve system will charge the board as being possessed of larger powers in the determination of stabilization of price levels than it actually has. The proposed scheme would be construed by them as an additional means of control in the hands of the Federal Keserve Board and as such might easily be used as an invitation for further attacks upon the board. Recommendation No. 5.—The council expressed itself as unanimously opposed to the provisions of the bill pending in Congress, H. R. 3206, requiring the payment by Federal reserve banks of 2 per cent interest on member bank balances. Recommendation No. 6.—McFadden bill. The council has read the bill H. R. 6855, introduced in the House of Representatives by Congressman McFadden, and agrees in principle with the general trend of thought embodied in the said bill. The present uncertainty with reference to branch banking makes it difficult for those engaged in the banking business to determine their course of action, and we consider that the proposed bill, if enacted, would offer very essential and helpful relief in this regard. Without venturing an opinion concerning questions of detail involved in the bill, we indorse its objects and aims and respectfully urge its passage. MAY 13, 1924 TOPIC NO. 1.—The credit and business situation and outlook with special reference to the open market and discount rate policies to be pursued in the circumstances by the Federal reserve banks, collectively or separately. Recommendation.—Inquiry of all members present has elicited an expression of opinion that no changes in rediscount rates at the present time are desirable. With regard to open-market operations council reiterates the view expressed on previous occasions that the Federal reserve banks should not make investments for the sole purpose of increasing their earnings and earning dividends. On the other hand, the council is of the opinion that it is desirable for the Federal reserve system in normal times to be possessed of a sufficient volume of investments (i. e., total earning assets) so as to be able to steady the market in case that should be necessary. The council finds it extremely difficult to lay down any definite rule as to what the normal figure of investments should be, because naturally it would change from time to time in accordance with the economic and financial conditions which prevail in given circumstances. Under present conditions, it would seem that it would not be out of line for the system to seek to preserve an aggregate investment (i. e., total earning assets) of substantially its present volume with a tendency somewhat to increase these investments if this can be done without unduly affecting the market. The council makes these suggestions with a great deal of reluctance, as it feels that an authoritative opinion can only be given by those actively in charge of operations. 36569—25f 19 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

280 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD TOPIC NO. 2.—Regulation H—a discussion of the adequacy of its provisions and their application by the Federal Reserve Board. Recommendation.—The council has examined Regulation H and has no criticism to offer. TOPIC NO. 3.—The so-called Dawes-McKenna report to the Reparations Commission.—The board would like to have an expression of the views of the council upon any matters considered in the report which the council believes to be pertinent for the consideration of the Federal Reserve Board, or of interest and concern to the American banking and financial public. The board would also like to have the council discuss the advisability of the Federal reserve banks purchasing from American banks, with their indorsement, German trade bills which bear also the indorsement of the new German gold rediscount bank. Recommendation.—At the request of the Federal Reserve Board, the advisory council has given careful consideration to the report of the first committee of experts, the so-called Dawes report. The council wishes to record its admiration for the excellent work done by the committee, and to express the hope that with the least possible delay the committee's recommendations will be carried into actual effect. The council furthermore indorses the wish recently expressed by President Coolidge that American private capital and initiative give this plan its hearty support as a demonstration of the Nation's desire to do its full share in the economic rehabilitation of the Old World. The council has given particular thought to the question of how far the Federal reserve system may aid the country in accomplishing these aims. It is obvious that the Federal reserve system, as such, can not by any action of its own cooperate in the flotation and distribution of the new German loan, the absorption of which on a liberal scale in the United States is one of the prerequisites of the Dawes plan. Nor should any such direct aid by the Federal reserve system be necessary. There should be little difficulty in placing this loan, provided it is properly secured and provided the investing public feels confident that the debtor, having accepted the burden in good faith, will be free to go about his work without hindrance as long as he makes the utmost effort of which he is capable. While, therefore, the council has no suggestion to offer to the Federal Reserve Board concerning this phase of the problem, there are important services the Federal reserve system could render with regard to the operations of the new note-issuing bank which Germany is to organize under the provisions of the Dawes plan. The council urges the Federal Reserve Board to examine very closely into the powers vested in this respect in the Federal reserve banks and to study the question how far it may. be desirable to amend existing rulings and regulations in order to approach the problem of Europe's financial and economic reconstruction in the most helpful spirit in the same manner as is being done by the Bank of England and other central note-issuing banks. Unless America finds ways and means to permit her excessive banking strength to benefit other countries, particularly those striving to bring their house in order, the dollar can not maintain its Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RECOMMENDATIONS OF ADVISORY COUNCIL 281 position as a world standard of exchange, and foreign countries—and even American banking and commerce—will, once more, in a larger degree become dependent upon and tributary to the pound sterling, to the greater exclusion of the dollar. It is idle, however, to preach the use of the dollar, unless at the same time we render it possible for other countries to avail themselves of our dollar facilities. It is obvious that our credit power can not continue to grow indefinitely without the danger of oversaturation. If the stream of gold that floods our shores is not stemmed in time it is to be feared that ultimately we will not be able to ward off its inflationary effects. Credit and currency inflation would only aggravate the economic maladjustment already existing within our own boundaries; a maladjustment which not only disturbs and endangers our trade with other countries, but which makes our agricultural situation particularly difficult and distressing. But, irrespective of the danger of inflation against which there still are at our disposal powerful cushions that could be applied in order to counteract or soften its effect, the problem ought to be weighed from another and even more important angle. It is the question of whether the world is more likely to regain the blessings of economic stability under the sway of several fluctuating standards of exchange or by a general return, as speedy as circumstances may permit, to definite relations of exchanges to gold as the ultimate measure and regulator. The Dawes report leads the world to the crossroads in this regard. It provides for a German note-issuing bank on a gold basis, but leaves the door open to place it on a sterling basis, and it can not be denied that there is no small probability of the latter basis being chosen. In the opinion of the council the sooner Germany can be placed on a gold or gold exchange basis, the sooner can England, and other countries also, return to an unrestricted gold standard, while if Germany were placed on a sterling basis, England—in returning to an unrestricted gold basis—would have to pull not only her own weight, but that of Germany also. It is obvious, therefore, that if the new German bank is placed on the sterling-exchange basis the world must prepare itself to remain on a basis of exchange instability for a prolonged period, the end of which can not be foreseen, while the adoption of the gold (that is, the dollar) basis would accelerate the return to world-wide stability. It is this momentous alternative that is involved in the organization of the new German note-issuing bank, and the council deems it its duty to point to its importance with all the emphasis of which it is capable. It is not as an American problem that we are discussing this phase, but as one that touches the future of all the world. The council has been pleased to learn that it has been ruled that Federal reserve banks may consider as eligible for their open-market Purchases certain German dollar trade bills, payable in the United tates, if indorsed by the recently established German gold rediscount bank, the so-called Schacht Bank, and by approved American indorsers. The council sees in this decision a move in the right direction, helpful to all parties concerned, inasmuch as it transfers credit power from where it is idle and redundant to where an acute shortage of Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

282 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD credit cripples the purchasing ability of a country, which normally ranks second in line as a buyer of our goods. The council recommends that, when the new German note-issuing bank, provided in the Dawes plan, is organized, the Federal reserve banks take the steps necessary in order to facilitate the rediscounting in this country of properly protected German gold bills, be it through the intermediary of American banking institutions, or through so-called agency agreements, or such other arrangements as have been concluded by Federal reserve banks with central banks of other countries. Measures of this character do not only tend to bring our gold hoard into active and healthy use, but by enabling and encouraging other countries to trade in terms of dollars, we stimulate our own ioreign commerce. We facilitate, furthermore, the direct sale in dollars of our own products, instead of making foreign countries and ourselves dependent in this respect upon Great Britain's acting as broker and banker, as naturally she would, where the pound sterling would govern as an exclusive basis of commerce and trade. If there is any reason to assume that success of the Dawes plan may prove the turning point in Europe's long road of suffering and decline, it is a unique opportunity and duty for the United States to lend a helpful hand to the utmost of its ability. In the opinion of the council, there does not seem to be any room for doubt with regard to the policy which in these circumstances the Federal reserve system should pursue. TOPIC NO. 4.—Should the Federal reserve banks continue to pay dividends even though not earned. Recommendation.—The council was unanimously of the opinion that dividends should be continued as long as the amount of surplus justifies this action, even though such dividends may not have been earned during the current year. TOPIC NO. 5.—Domestic acceptances. Recommendation.—The council was asked to discuss the topic whether or not Congress should be asked to amend the Federal reserve act so as to give greater latitude to accepting banks with regard to both domestic and foreign acceptances. The council is of the opinion that it is not advisable or necessary to ask for such an amendment. On the other hand, the council recommends that the most liberal interpretations and rulings that consistently can be made should be given by the Federal Reserve Board, particularly with regard to such expressions occurring in the acts as "involving" and growing out of udomestic," and then to leave it to the Federal reserve banks to exercise the restraining influence within such liberal interpretations and rulings. If this were done, the council is confident that American accepting banks can be placed in a position effectively to meet British competition which now is threatening to monopolize the field where American banks are not now in a position effectively to compete. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RECOMMENDATIONS OF ADVISORY COUNCIL 283 SEPTEMBER 25, 1924 RESOLUTIONS ADOPTED BY THE FEDERAL ADVISORY COUNCIL Resolution No. 1.—Whereas, a further easing of money rates at this time might render it extremely difficult to ward off a period of acute inflation with its subsequent evil consequences with which the country is only too well familiar, and Whereas, forced investments of Federal reserve banks in our market and continued substantial importations of gold into the United States are factors that might tend to enhance the plethora of money already existing, Resolved, That this council recommend to the Federal Reserve Board to consider the question whether the time has come for Federal reserve banks to exercise their power to invest some of their funds in foreign bills with approved American banking indorsements and payable by and repayable to Federal reserve banks in dollars. The council believes that observing these safeguards and by properly scattering its purchases the Federal reserve system can safely invest substantial amounts abroad, without any risk of loss on account of exchange or otherwise, and in doing so ward off to that extent the inflow of gold, incidentally assisting the foreign countries involved in their efforts to stabilize their exchanges and to bring them back to definite gold relations. Resolution No. 2.—The council has learned that the Secretary of the Treasury is about to call in for redemption on February 1, 1925, the $118,489,900 4 per cent loan of 1925, and desires to record its entire approval of the policy involved in this step. NOVEMBER 24, 1924 TOPIC NO. 1.—A carefully considered survey of the present and prospective business situation with reference to its bearing on the credit, discount, and open-market policy of the Federal reserve system in the coming months. Recommendation.—From the reports made at the meeting of the advisory council by the different members representing their respective reserve districts, it seems to the council that there is at this time no evidence of unusual speculation in goods and commodities and no evidence of inflation of their price levels. There would appear, therefore, to be no cause on this account to consider immediate increases in discount rates in the several Federal reserve districts. The general view seems, however, to be that the near future will bring to the United States a substantial increase in business activity which with the comparatively small stocks available might easily lead to a marked advance in prices. It is the opinion of the council that this movement of prices might very easily get out of hand and degenerate into conditions of inflation of a more or less acute degree, with its subsequent disastrous results. It seems to the council, therefore, that extreme care would be indicated at this time in watching further developments and that at this moment it might be desirable, particularly in New York, where the discount rate at 3 per cent is the lowest, and where the activity in the security market has already taken substantial proportions, to bring the financial situation in that district under firmer control of the Federal reserve bank. This should be accomplished at the time being by open-market operations. The Federal reserve system ?s large holdings in Government securities were acquired at the time with a view to arming the Federal reserve system with a means of combating inflationary movements should they occur. It would seem Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

284 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD as if the time had now come for the Federal reserve system to adopt a policy of reducing, so far as may be expedient, their aggregate open-market holdings of acceptances and Government securities and of transferring some of these investments to the financial community. By doing so conditions would likely be gradually brought about in which the banks once more would have recourse to the facilities of the Federal reserve system by rediscount operations, so that the rediscount rate of the New York Federal Reserve Bank would become more effective. If then it should appear that still firmer interest rates are required by the general situation, an increase in the discount rate of the New York Federal Reserve Bank could then be taken into consideration. TOPIC NO. 2.—What amendments to the national banking act in the direction of modernization consistent with sound banking would the council advise the Federal Reserve Board recommend to Congress ? Recommendation.—While the subject of amending the national banking act is important and of current interest because of the consideration which Congress is likely to give it in the near future, the time of a single meeting is inadequate for a discussion of it by this body. The council suggests that it be made a matter of study by its members for the purpose of forming some conclusions at the next council meeting. TOPIC NO. 3.—A consideration of the effect of foreign capital flotation in the American market. Recommendation.—In the opinion of the council there exists no doubt but that the absorption by our country of foreign securities adequately protected would afford not only a profitable outlet for our surplus funds, but at the same time would redound to the benefit of the borrowing countries, which thus are enabled to by our commodities, while they are strengthened in their struggle to stabilize their exchanges. It is obvious that it is of as much importance to us to be in a position of selling these goods as it is for the foreign countries to buy them. TOPIC NO. 4.—Should Liberty bonds, or any issue of tiiem, be refunded into bonds available for national bank circulation ? Recommendation.—Liberty bonds should not be refunded into bonds available for circulation, as the gradual elimination of a rigid bond secured circulation was one of the outstanding reasons for the enactment of the Federal reserve act, with its provisions for an elastic note issue ample for the needs of the country. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DESCRIPTION OF FEDERAL RESERVE DISTRICTS Land area Population Federal reserve district (square Jan. 1,1925 miles) (estimated) No. 1—Boston. _ 61,345 7,477,889 No. 2—New York 51,890 14,100,112 No. 3—Philadelphia 36,842 7,161,510 NOt 4—Cleveland 73,424 10,721,082 No. 5—Richmond _ 152,316 10, 378,164 No. 6—Atlanta 248,226 10,415,246 No. 7—Chicago 190,513 16,577,337 No. 8—St. Louis 194,810 9,323,782 No. 9—Minneapolis. 414,004 5,437,255 No. 10—Kansas City 473,565 7,385,785 No. 11—Dallas 392,989 6,217,311 No. 12—San Francisco. _ 683,852 7,590,692 Total 2,973,776 112, 786,165 FEDERAL RESERVE DISTRICTS DISTRICT NO. 1—BOSTON 61,345 7,477,889 Connecticut (excluding Fairfield County) 4,189 1,157,685 Maine. _ 29,895 781,220 Massachusetts.. 8,039 4,102,626 New Hampshire 9,031 449,526 Rhode Island._. 1,067 636,218 Vermont 9,124 350,614 DISTRICT NO. 2—NE^iv YORK . 51,890 14,100,112 Connecticut (Fairfield County) 631 359,877 New Jersey 3,605 2,700,101 Counties of— Bergen. Hunterdon. Morris. • Sussex. Essex. Middlesex. Passaic. Union. Hudson. Monmouth. Somerset. Warren. New York 47,654 11,040,134 DISTRICT NO. 3—PHILADELPHIA 36,842 7,161,510 Delaware 1,965 233,654 New Jersey 3,909 774,460 Counties of— Atlantic. Cape May. Gloucester. Ocean. Burlington. Cumberland. Mercer. Salem. Pennsylvania 30,968 6,153,396 Counties of— Adams. Clinton. Lebanon. Philadelphia. Bedford. Columbia. Lehigh. Pike. Berks. Cumberland. Luzerne. Potter. Blair. Dauphin. Ly coming. Schuylkill. Bradford. Delaware. McKean. Snyder. 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. . 285 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

286 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD FEDERAL RESERVE DISTRICTS—Continued Land area Population, Federal reserve district (square Jan. 1,1925 miles) (estimated) DISTRICT NO. 4^—CLEVELAND 73,424 10,721,082 Kentucky (eastern part1) 17,614 1,160,746 Counties of— Bath. Fleming. Lawrence. Nicholas. Bell. Floyd. Lee. Owsley. Boone. Garrard. Leslie. Pendleton. Bourbon. Grant. Letcher. Perry. Boyd. Greenup. Lewis. Pike. Bracken. Harlan. Lincoln. Powell. Breathitt. Harrison. McCreary. Pulaski. Campbell. Jackson. Madison. Robertson. Carter. Jessamine. Magoffin. Rockcastle. Clark. Johnson. Martin. Rowan. Clay. Kenton. Mason. Scott. Elliott. Knott. Menifee. Whitley. Estill. Knox. Montgomery. Wolfe. Fayette. Laurel. Morgan. Woodford. Ohio 40,740 6,270,435 Pennsylvania (western nart") _ 13,864 3,109,921 Counties of— Allegheny. Crawford. Indiana. Venango. Armstrong. Erie. Jefferson. Warren. Beaver. Fayette. Lawrence. Washington. Butler. Forest. Mercer. Westmoreland. Clarion. Greene. Somerset. West Virginia (northern narti 1,206 179,980 Counties of— Brooke. Marshall. Tyler. Hancock. Ohio. Wetzel. DISTRICT NO. 5.—RICHMOND 152,316 10,378,164 District of Columbia 62 492,421 Maryland «_; 9,941 1, 529,137 North Carolina - 48,740 2,740,841 South Carolina 30,495 1, 770,415 Virginia 40,262 2,436,693 West Virginia (southern nnrt,') 22,816 1,408,657 Counties of— Barbour. Hardy. Mingo. Roane. Berkeley. Harrison. Monongalia. Summers. Boone. Jackson. Monroe. Taylor. Braxton. Jefferson. Morgan. Tucker. Cabell. Kanawha. Nicholas. Upshur. Calhoun. Lewis. Pendleton. Wayne. Clay. Lincoln. Pleasants. Webster. Doddridge. Logan. Pocahontas. Wirt. Fayette. McDowell. Preston. Wood. Gilmer. Marion. Putnam. Wyoming. Grant. Mason. Raleigh. Greenbrier. Mercer. Randolph. Hampshire. Mineral. Ritchie. DISTRICT NO. 6—ATLANTA 248, 226 10,415,246 Alabama 51,279 2,456,370 Florida 54,861 1,079,637 Georgia 58,725 3,043,493 Louisiana (southern part") 26,891 1,297,658 Parishes of— Acadia. Evangeline. Rapides. Tangipahoa. Allen. Iberia. St. Bernard. Terrebonne. Ascension. Iberville. St. Charles. Vermilion. Assumption. Jefferson. St. Helena. Vernon. Avoyelles. Jefferson Davis. St. James. Washington. Beauregard. Lafayette. St. John the Bap- West Baton Calcasieu. Lafourche. tist. Rouge. Cameron. Livingston. St. Landry. West Feliciana. East Baton Orleans. St. Martin. Rouge. Plaquemines. St. Mary. East Feliciana. Pointe Coupee. St. Tammany. Mississippi (southern part) 25, 519 839,973 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. Perry. Wilkinson. Greene. Lamar. Pike. Yazoo. Digitized for FRASEHRan cock. Lauderdale. Rankin. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DESCRIPTION" OF FEDERAL RESERVE DISTRICTS 287 FEDERAL RESERVE DISTRICTS—Continued Land area Population, Federal reserva district (square Jan. 1,1925 miles) (estimated) DISTRICT NO. 6—ATLANTA—Continued Tennessee (eastern part) 30,951 1,698,110 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. Cocke. Jackson. Perry. Warren. Coffee. Jefferson. Pickett. Washington. Cumberland. Johnson. Polk. Wayne. Davidson. Knox. Putnam. White. De Kalb. Lawrence. Rhea. Williamson. Dickson. Lewis. Roane. Wilson. Fentress. Lincoln. Robertson. Franklin. Loudon. Rutherford. DISTRICT NO. 7—CHICAGO -- 190,513 16, 577, 337 Illinois (northern part) _ 35, 448 5,643,291 Counties of— Boone. Ford. Livingston. Rock Island. Bureau. Fulton. Logan. Sangamon. Carroll. .Grundy. McDonough. Schuyler. Cass. Hancock. McHenry. Shelby. Champaign. Henderson. McLean. Stark. Christian. Henry. Macon. Stephenson. Clark. Iroquois. Marshall. Tazewell. Coles. Jo Daviess. Mason. Vermilion. Cook. Kane. Menard. Warren. Cumberland. Kankakee. Mercer. Whiteside De Kalb. Kendall. Moultrie. Will. De Witt. Knox. Ogle. Winnebag Douglas. Lake. Peoria. Woodford. Du Page. La Salle. Piatt. Edgar. Lee. Putnam. Indiana (northern part) 26, 707 2, 446, 981 Counties of— Adams. Fountain. La Porte. 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. De Kalb. Johnson. Porter. Wayne. Delaware. Kosciusko. Pulaski. Wells. Elkhart. Lagrange. Putnam. White. Fayette. Lake. Randolph. Whitley. Iowa 55, 586 2, 496,337 Michigan (southern part) 40,789 3, 774,305 Counties of- Alcona. Eaton. Lapeer. Ogemaw. Allegan. Emmet. Leelanau. Osceola. Alpena. Genesee. Lenawee. Oscoda. Antrim. Gladwin. Livingston. Otsego. Arenac. Grand Traverse. Macomb. Ottawa. Barry. 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 FRAS3E6R5 69—25t 20 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

288 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD FEDERAL RESERVE DISTRICTS—Continued Land area Population, Federal reserve district (square Jan. 1,1925 miles) (estimated) DISTRICT NO. 7—CHICAGO—Continued Wisconsin (southern part,') 31,983 2,216,423 Counties of— Adams. Green Lake. Marquette. Sheboygan. Brown. Iowa. Milwaukee. Vernon. Calumet. Jackson. Monroe. Walworth. 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 9, 323, 782 Arkansas 52, 525 1,843, 750 Illinois (southern part)__ 20, 595 1, 278, 051 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, 615 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.1 22, 567 1,321,150 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. Webster. Mississippi (northerr1 part) 20,843 947, 296 Counties of— Alcorn. De Soto. Monroe. Tate. Attala. Grenada. Montgomery. Tippah. Benton. Holmes. Noxubee. Tishomingo. Bolivar. Humphreys. Oktibbeha. Tunica. Calhoun. Itawamba. Panola. Union. Carroll. Lafayette. Pontotoc. Washington. Chickasaw. Lee. Prentiss. Webster. Choctaw. Leflore. Quitman. Winston. Clay. Lowndes. Sunflower. Yalobusha. Coahoma. Marshall. Tallahatchie. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DESCRIPTION OF FEDERAL RESERVE DISTRICTS 289 FEDERAL RESERVE DISTRICTS—Continued Land area Population, Federal reserve district (square Jan. 1,1925 miles) (estimated) DISTRICT NO. 8—ST. LOUIS—Continued Missouri (eastern part") 58,206 2,613,298 Counties of— Adair. Douglas. Maries. Reynolds. Audrain. Dunklin. Marion. Ripley. Barry. Franklin. Mercer. St. Charles. Benton. Gasconade. Miller. St. Clair. Bollinger. Greene. Mississippi. St. Francois. Boone. Grundy. Moniteau. St. Louis. Butler. Harrison. Monroe. St. Louis City. Caldwell. Henry. Montgomery. Ste. Genevieve. Callaway. Hickory. Morgan. Saline. Camden. Howard. New Madrid. Schuyler. Cape Girardeau. Howell. Oregon. Scotland. Carroll. Iron. Osage. Scott. Carter. Jefferson. Ozark. Shannon. Cedar. Johnson. Pemiscot. Shelby. Chariton. Knox. Perry. Stoddard. Christian. Laclede. 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 p^rt") 10,736 718, 622 Counties of— Benton. Fayette. Henry. Shelby. Carroll. Gibson. Lake. Tipton. Chester. Hardeman. Lauderdale. Weakley. Crockett. Hardin. McNairy. Decatur. Hay wood. Madison. Dyer. Henderson. Obion. DISTRICT NO. 9—MINNEAPOLIS 414,004 5,437, 255 Michigan (northern part"! 16, 691 336,118 Counties of— Alger. Dickinson. Keweenaw. Menominee. Baraga. Gogebic. Luce. Ontonagon. Chippewa. Houghton. Mackinac. Schoolcraft. Delta. Iron. Marquette. Minnesota 80,858 2, 547, 511 Montana 146,131 637,904 North Dakota 70,183 682, 828 South Dakota.. 76,868 663, 668 Wisconsin (northern part') 23, 273 569, 226 Counties of— Ashland. Dunn. Oneida. Sawyer. Barron. Eau Claire. Pepin. Taylor. Bayfield. 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 7,385,785 Colorado 103,658 1,012,044 Kansas 81, 774 1,809, 588 Missouri (western pai*t^ 10, 521 847, 780 Counties of— Andrew. Cass. Holt. Nodaway. Atchison. Clay. Jackson. Platte. Barton. Clinton. Jasper. Vernon. Bates. De Kalb. McDonald. Worth. Buchanan. Gentry. Newton. Nebraska 76,808 1,350,015 New Mexico (northern nnrt^ 41,486 161, 755 Counties of— Colfax. 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

290 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD FEDERAL RESERVE DISTRICTS—Continued Land area Population, Federal reserve district (square Jan. 1,1925 o miles) (estimated) DISTRICT NO. 10—KANSAS CITY—Continued Oklahoma (northwestern Dart) _ _. 61,770 1,985,256 Counties of— Adair. Ellis. Logan Pontotoc. Alfalfa. Garfield. Love. Pottawatomie. Beaver. Garvin. McClain. Roger Mills. Beckham. Grady. Mclntosh. Rogers. Blaine. Grant. Major. Seminole. Caddo. Greer. Mayes. Sequoyah. Canadian. Harmon. Murray. Stephens. Carter. Harper. Muskogee Texas. Cherokee. Haskell. Noble. Tillman. Cimarron. Hughes. Nowata. Tulsa. Cleveland. Jackson. Okfuskee. Wagoner. Comanche. Jefferson. Oklahoma. Washington. Cotton. Kay. Okmulgee. Washita. Craig. Kingfisher. Osage. Woods. Creek. Kiowa. Ottawa. Woodward. Custer. Latimer. Pawnee. Delaware. Le Flore. Payne. Dewey. Lincoln. Pittsburg. Wyoming.. __. 97,548 219,347 DISTRICT NO. 11—DALLAs _ 392,989 6,217,311 Arizona (southeastern Dart) 23,412 135,393 Counties of— Cochise. Greenlee Pima. Santa Cruz. Graham. Louisiana (northern part) 18,518 574,047 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 Dart) 81,017 215, 616 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 Dart) _ . 7,644 234,166 Counties of— Atoka. Choctaw. Johnston. Marshall. Bryan. Coal. McCurtain. Pushmataha. Texas 262, 398 5,058,089 DISTRICT NO. 12—SAN FRANCISCO 683,852 7,590,692 Arizona (northwestern narfci 90,398 265, 623 Counties of— Apache. Maricopa. Navajo. Yavapai. Coconino. Mohave. Pinal. Yuma. Gila. California 155, 652 3,967,278 Idaho 83,354 486,597 Nevada 109,821 75,108 Oregon 95,607 840,362 Utah 82,184 488,562 Washington 66,836 1,467,162 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PART II This section of the report presents tables showing the condition and operations and earnings and expenses of each Federal reserve bank, the condition of reporting member banks, and the volume of debits to individual accounts at banks in leading centers. Charts showing cash reserves, holdings of the various classes of earning assets, and Federal reserve note circulation of each Federal reserve bank for the period 1917 to 1924, inclusive, also charts showing loans and investments and deposits of reporting member banks in each Federal reserve district for the period 1921 to 1924, inclusive, are presented on pages 292-311. For convenience of reference the statistical tables are arranged by Federal reserve districts. Other data relating to the operations of the Federal reserve banks, together with a discussion of banking and business developments in each district, are published in the annual reports of the respective Federal reserve agents. 291 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

to ALL FEDERAL RESERVE BANKS CD to MILLIONS OF DOLLARS MILLIONS OF DOLLARS 3500 13500 3000 3000 w a 2500 2500 2000 2000 1500 1500 1000 1000 500 500 1917 1918 1919 1920 1921 1922 1923 ERAL W H SERV n BAN W H w H CO PORT o THE M EDER [> f r^ <j w o A: Net Deposits to February, 1921; Total Deposits beginning March,1921 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANK OF BOSTON MILLIONS OP DOLLARS MILLIONS OF DOLLARS 3501 : " 1350 300 300 250 250 200 150 100 50 1917 1916 1919 1920 1921 1922 1923 1924- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANK OF NEW YORK MILLIONS OF DOLLARS MILLIONS OF DOLLARS zoor I12OO 1100 1917 1918 1919 1920 1921 1922 1923 1924- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANK OF PHILADELPHIA MILLIONS OF DOLLARS MILLIONS OF DOLLARS 350 1350 300 300 250 250 200 200 150 150 100 100 50 1917 1918 1919 1920 1921 1922 1923 1924- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANK OF CLEVELAND MILLIONS OF DOLLARS MILLIONS OF DOLLARS 350 350 300 300 250 250 200 200 150 100 1917 1918 1919 1920 1921 1922 1923 1924- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANK OF RICHMOND MILLIONS OF DOLLARS MILLIONS OF DOLLARS 180 1180 160 160 140 140 120 120 100 100 80 60 20 X ^-^Acceptances ^~v^_ .1917 1918 1919 1920 1921 1922 1923 1924- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANK OF ATLANTA MILLIONS OF-DOLLARS MILLIONS OF DOLLARS 180 180 160 120 100 1917 1918 1919 1920 1921 1922 1923 192^ Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANK OF CHICAGO MILLIONS OF DOLLARS MILLIONS OF DOLLARS 600 —1600 550 550 500 450 1917 1918 1919 1920 1922 1923 1924 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANK OF ST. LOUIS MILLIONS OF DOLLARS MILLIONS OF DOLLARS 180 1180 160 160 120 100 80 60 4-0 20 1917 1918 1919 1920 1921 1922. 1923 1924- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANK OF MINNEAPOLIS MILLIONS OF DOLLARS MILLIONS OF DOLLAR! 120 1120 100 100 80 80 60 1917 1918 1919 1920 1921 1922 1923 1924 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANK OF KANSAS CITY MILLIONS OF DOLLARS MILLIONS OF DOLLARS 180 180 160 160 14-0 140 120 120 100 100 80 60 20 1917 1918 1919 1920 1921 1922 1923 1924 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANK OF DALLAS MILLIONS OF DOLLARS MILLIONS OF DOLLARS 120 120 100 100 80 20 1917 1918 1919 1920 1921 1922 1923 192* Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANK OF SAN FRANCISCO MILLIONS OF DOLLARS MILLIONS OF DOLLARS 350 1350 300 300 250 250 200 200 v ^-• 150 150 100 1917 1918 1919 1920 1921 1922 1923 1924 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REPORTING MEMBER BANK CHARTS 305 REPORTING MEMBER BANKS IN LEADING CITIES, 1921-1924 MILLIONS BOSTON DISTRICT DOLLARS Loans and Investments 1200 1200 1000 1000 800 800 600 600 400 400 Loans on Stocks and Bonds and U.S.Sec. 200 200 Time Deposits 1921 1922 1923 1924 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

306 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD MILLIONS) NEW YORK DISTRICT DOLLARS 7000 7000 6000 6000 5000 5000 4000 4000 3000 3000 All Other Loans,^ 2000 2000 1000 1000 1921 1922 1923 1924 PHILADELPHIA DISTRICT 1000 1000 Loans and Investments 800 800 Net Demand Deposits Total Loans 600 600 400 ^ All Other Loans 200 200 1921 1922 1923 1924- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REPORTING MEMBER BANK CHARTS 307 CLEVELAND DISTRICT 1800 1.800 Loans and Investments 1600 1600 1400 1400 1200 1921 1922 1923 1924 MILLIONS MILLIONS RICHMOND DISTRICT DOLLARS DOLLARS Loans and Investments 600 600 500 500 Total Loans 400 400 300 300 AH Other Loans 200 200 Loans on Stocks and Bonds Time Deposits - and U.S.Sec. 100 investments 100 1921 1922 1923 1924 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

308 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD MILLIONS ATLANTA DISTRICT MILLIONS DOLLARS DOLLARS 600 600 500 500 \7 400 400 300 300 200 200 Time Deposits^ 100 Investments 100 Loans on Stocks & Bonds and U.S.Sec. 1921 1922 1923 1924 MIL O LI F ONS CHICAGO DISTRICT MILL O I F ONS DOUARS DOLLARS Loans and Investments 2400 2400 2000 2000 Total Loans 1600 ' Net Demand Deposits " 1600 1200 All Otner Loans -— 1200 Time Deposits 800 800 Investments Loans on Stock sand Bonds 400 - and U.S.Sec. — 400 1921 1922 1923 1924- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REPORTING MEMBER BANK CHARTS 309 400 300 300 200 200 Loans on Stocfcs & Bonds and U.S.Sec. 100 too 1921 . 1922 1923 1924 MINNEAPOLIS DISTRICT 300 250 250 f /•—1 200 200 150 ' 150 100 100 Time Deposits,.. 50 1921 1922 1923 1924 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

310 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD KANSAS CITY DISTRICT Loans and Investments 600 600 500 500 400 400 300 300 200 200 Investments 100 100 Loans on Stocks and Bonds and U.S.Sec. 1921 1922 1923 1924 MILL or IONS DALLAS DISTRICT DOLLARS I 350 Loans and Investments/ 300 300 250 250 200 200 All Other Loans 150 150 100 100 Time Deposits 50 Loans on Stocks and Bonds and U.S.Sec. 1921 1922 1923 192** Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REPORTING MEMBER BANK CHARTS 311 SAN FRANCISCO DISTRICT 1000 800 800 600 600 400 Investments 4-00 Loans on Stocks & Bonds 200 and U.S. Sec. . 200 1921 1922 1923 36569—25t 21 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DISTRICT NO. 1—BOSTON No. 1.—CONDITION OF FEDEEAL RESERVE BANK [In thousands of dollars | Dec. 31, Dec. 31, Dec. 31, 1924 1923 1922 Gold with Federal reserve agent 164,365 168,271 ! 154,613 Gold redemption fund with United States Treasury 5,038 13,527 ! 9,421 Gold held exclusively against Federal reserve notes. 169,403 181,798 164, 034 Gold settlement fund with Federal Reserve Board 32, 275 32,882 28,077 Gold and gold certificates held by bank.. 18, 422 20, 078 16, 036 Total gold reserves _ _ 220,100 234, 758 208,147 Reserves other than gold 13,740 8,266 12, 730 Total reserves _ 233,840 243,024 | 220,877 Nonreserve cash _ 5,543 3,520 (0 Bills discounted: Secured by United States Government obligations.. 15, 217 21,744 i 23,675 Other bills discounted 13, 777 45,957 37,909 Total bills discounted 28,994 67,701 61,584 Bills bought in open market 63,889 38,802 I 25,407 United States Government securities: Bonds - 2,472 529 529 Treasury notes _.. ._. 23, 727 6,697 6,610 Certificates of indebtedness 10, 461 2.636 22, 454 Total United States Government securities. 36,660 29, 593 Total earning assets __ 129,543 116, 365 116, 584 5 per cent redemption fund—Federal reserve bank notes. 422 Unconnected items 60, 635 55,034 59,142 Bank premises 4,190 4,312 4,434 All other resources. 180 131 297 Total resources 433, 931 422,386 401,756 LIABILITIES Federal reserve notes in actual circulation. 207, 389 220,115 i 201,314 Deposits: Member bank—reserve account.. 140,102 123, 637 126,342 Government 3,856 2,356 534 Other deposits... 84 117 Total depdl&its- 144,042 126,110 127,856 Deferred availability items. 57,905 51, 609 47,906 Capital paid in 7,980 7,890 8,126 Surplus _ 16,382 16, 390 16,312 All other liabilities 233 272 242 Total liabilities.. 433,931 i 422,386 I 401,756 Ratio of total reserves to deposit and Federal reserve note liabilities combined (per cent) _ 66.5 70.2 67.1 Contingent liability on bills purchased for foreign correspondents... 2,511 i Not shown separately prior to 1923. 312 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DISTRICT NO. 1 BOSTON 313 Ko. 2.—PRINCIPAL ASSETS AND LIABILITIES OF FEDERAL RESERVE BANK, BY WEEKS [Amounts in thousands of dollars] Bills discounted for member banks Federal Date a T e s i a n o s r e t g n a t - s l Total G se U o B c b v . i u y e l S r l r . s e n d - O b d t i i h l s l e - s r m b o o B a p u i i r n e l g k l n s h et t U s S e n t t c i a i e u t t s r e e i d s -[re T c s o a e s r t v a h l es d r b M e e a p s b n e e o e m r k r s v i s - e t ' s de T p o o t s a i l ts r c n e i t r o s i i c o t e n u r e n l v s a e - s c a p R e e g e r n e e v r - t - s e ment counted obligations 1924 Jan. 2... 100,302 60,852 20, 84c 40,003 33,391 iO, 200132,517 135, 264 229, 594 71.3 70,991 32, 594 14,350 18,244 32, 763 5, 634! 278,068126,410 128,818 210, 336 82.0 16- 65,090 27,964 12, 652 15,312 30,453 6,6731 281,593 130, C 132, 865 203, 268 83.8 23_ 60,016 25,811 13,67: 12,140 26,968 7,237 279,983 123,658 126,515 200,862 85.5 30.. 72,461 36,927 19,613 17, 314 27,038 8,496 270,800 125,681 128,417 199,937 82.5 Feb. 6 ! 62,626 27,037 14,880 12,157 27, 514 8,075 278,052 124,335 126, 880 199, 733 85.1 2 2 0 7 _ 1 6 5 6 1 9 9 , , , 3 0 8 0 2 2 7 5 5 2 2 3 5 6 5 , , , 1 9 1 8 7 6 1 4 8 2 1 1 1 3 4 , , , 5 9 6 3 1 9 f 7 8 1 1 12 3 1 , , , 6 2 2 2 6 7 9 4 6 2 2 2 4 5 4 , , , 0 9 7 3 3 3 5 9 3 1 9 7 0 , , , 6 9 6 0 0 2 0 5 2 ! | 2 2 2 7 8 8 7 2 2 , , , 9 9 5 9 2 4 8 3 6 1 1 12 2 3 4 1 0 , , , 4 3 8 2 1 6 9 3 3 1 1 12 2 3 9 7 3 , , , 0 4 0 2 9 3 3 9 9 2 2 2 0 0 0 0 2 2 , , , 6 9 5 2 1 0 3 4 6 8 8 83 4 5 . . . 7 7 7 Mar. 5_ 66,873 31,695 18, 218 13,477 22,504 12, 674279, 313 124,669 130,202 204,105 83.5 12.. 67, 768 29, 074 18,112 10,962 23,031 15, 663 275,661 124, 037 128,602 203,204 83.1 62, 215 23, 366 12,852 10, 514 19,982 18,867 280, 336 124, 628 125,370 203,607 85.2 26_ 60,963 22, 512 12,88r 9, 625 19,154 19,297 284,874 118,153 126, 697j 204,265 86.1 Apr. 2_ 65, 647 25, 40C 13, 412 11,988 18, 710 21,537 293,203 126, 532 137,231 207,779 85.0 9 64,382 22,229 11,13' 11,092 20,403 21,750 290,377 123,350 133,595 205,970 85.5 16. 57.424 22,434 10,391 12,043 14,664 20,326; 295,513 129,415 131,533! 207,127 87.3 23 ! 54,258 20,560 10,135 10,425 12,652 21,046,' 293,365 124,517 127,067 206,278 88.0 22,333 11,398 10,935 11,419 23,551 i 294,193128,175 130,715 205,579 87.5 30 ! 57,303 j 16,692 8,803 7, 7,657 24,628 299,101 126,872 128,594! 204,427 May 7__ I 48,977 15,972 8,932 7,040 7,997 25; 755 295,681 125,844 128,093! 203,179 89.3 14 i 49,724 16,311 8,590 7, 721 4,849 25,769 296,760 126,07" 127, 558| 201,234 90.3 21 46,929 20,381 11,637 5,281 26,777i 297,239 126,545 130,366 203,440 89.0 28 I 52,439 8,744 I 19,526 11,405 8,121 5,876 32,820 289,569 126,469 128,843 203,802 87.1 June 4 | 58,222 16,946 10,121 6,825 3, 754 35,014 287,945 126,531 130,230! 198,734 87.5 11 j 55,714 14,203 8,777 5,426 2,977 32,233! 280,838 118,114 119,068 199,663 88.1 18 I 49,413 15, 783 10,286 5,497 1,817 32,739 297,143 126,594 132,840 199,079 89.5 25 50,339 July 2. I 50,639 14,030 8,678 5,352 33,123 310,440 138, 780 140, 526205,029 89.8 9_ 54,120 11,831 6,323 5, 508 8,164 34,125 301,386 137, 734 138, 545!202.329 88.4 16. 48,685 10,504 5,850 4,654 3,584 34, 597 302, 978 139,808 141,192 197,858 89.4 23- 46,868 9,310 4,939 4,371 2,961 34, 597 299,154 135.053 137,221 194,586 90.2 30- 47,398 10,265 5,065 5,200 2,537 34,596 305,265 138, 919 142,839!195,370 90.3 Aug. 51,462 11, 555 4,894 6,661 2,498 37,409 295,869 134,468 135,850!196,663 89.0 13- 51,809 11,518 5,179 6,339 38,252 294, 626 135,069 136,341!196,392 88.5 2 2 7 0 - . 5 5 4 4 , , 3 25 0 8 5 1 1 1 1 , , 6 6 0 2 3 0 5 5 , , 0 09 2 4 5 6 6 , ,5 5 2 7 6 8 4 4 , , 3 4 8 5 7 1 3 3 8 8 , , 2 2 5 5 1 1 2 2 9 9 5 2 , , 9 9 1 1 4 2 1 13 3 3 7 , , 1 3 8 9 9 2 1 1 3 3 9 5 , , 0 1 7 8 0 7 1 1 9 9 7 7 , , 2 1 4 6 3 8 8 8 8 8 . . 0 1 Sept. 3 58,150 11,926 5,114 6,812 7,973 38, 251 296,207 136,320 137,088 202,902 87.1 10 56,348 10,175 4,949 5,226 39,233 292,683 133,504 134,534 200, 633 87.3 60,581 8,345 4,291 4,054 8,479 43, 757 290,025 138,073 138, 742197,472 86.3 24 |, 57,769 10, 529 5,778 4,751 8,376 38,864 295,563 138,458 140,879 198,035 87.2 Oct. 1 57,579 8,067 4,977 3,090 10,649 38.863 293,650 137, 521 139, 705201, 267 86.1 8 I 58,326 7,368 4,062 3,306 12,094 38.864 294,048 135.054 136,904 200,699 87.1 15 ! 65,696 4,""" 3,754 18,195 38,862i 305,238 149,916 154, 818203,863 85.1 22 I 60,491 5,212 3,165 2,047 16,417 38,862| 295,726 138,875 141,075 200,475 86.6 29 j 65,947 6,689 4,356 2,333 20,396 38,862 291,773 142,333 143, 714198,164 85. 3 - Nov. 5 I 71,197 9,690 5,501 4,189 22,652 38,855 276,046 139,047 140, 728 198.330 81.4 12 84,024 13,269 7,827 5,442 31,900 38, 855 259,899 138,984 141,554 196,534 76.9 19 90,120 13, 532 7,844 5,688 37, 733 38,855 262,880 139,896 142,099 196,249 77.7 26 94,949 15,496 8,073 7,423 40,953 38,500! 256,886 136, 759 138,604 76.2 Dec. 3 j 106,271 15,469 7,327 8,142 53,012 37,790 247,093 136, 846 138,310 200,152 73.0 10. 107,818 18,327 10,041 8,286 55,810 33,681! 249,226 135, 830 137,860 204,096 72.9 108, 524 17,280 11,182 6,098 34,356! 248,028 133,847 134,887 207,493 72.4 24. 124, 994 29,930 18, 723 11, 207 59, 655 35,409; 242,042 137,028 142,879 215,824 67.5 31- 129, 5431 28, 994 15,217 13, 777 36,660| 233,840 140,102 144,042 207,389 66.5 | Daily average. 65,874 i 18,760 L 18,853 28,2611 285,094 131,952 134,993 202,811 84.4 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

314 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No. 3.—DISCOUNTS AND PURCHASES OF BILLS AND SECURITIES BY FEDERAL RESERVE BANK: VOLUME, BY CLASSES [In thousands of dollars] Bills discounted for member banks Bills bought in open market Secured Commer- Month Un b i y ted c a i g a r l i c a u n l d - Trade Bankers' Dollar Trade Total States tural accept- Total accept- ex- accept- Govern- paper, ances ances change ances ment n. e. s. obligations 1924 January 123,722 64,437 59,200 85 30,791 3,855 February 135,494 96,394 170 24,788 22,903 1,885 March 117,779 80, 021 37,584 174 22, 090 19, 577 2,513 April 87,500 54,317 33,134 49 21,176 19, 641 1,535 May 51,355 27,784 23, 520 8,892 June 40,703 28, 737 11,878 3,201 3,201 July 28, 764 17, 634 11,069 9,916 9,756 160 August _ 33,134 16,129 16,985 5,740 5,740 September _. 27, 523 17,836 9,633 12,266 12, 216 50 October 20, 025 13,364 6,644 27, 222 27, 222 November 55,306 31, 624 23, 611 49,180 48,297 December 100, 865 64, 330 36,457 44,236 44,196 40 Total: 1924. 822,170 512, 607 308,645 918 259,498 248, 572 10,926 1923. 3, 652, 775 1,489, 573 2,161, 041 2,161 302, 083 285, 707 16, 300 76 1922. 2, 262, 087 714, 537 1, 546, 363 1,187 261, 691 253,485 8,206 United States se- Bills c ch u a r s i e t d i es in p o u pe r- n U s S e n t c a i u t t e e ri s d - Total discounts and purchases bought market ties purfrom chased Month other from Federal Certifi- other reserve Bonds cates of Federal banks and indebt- reserve 1924 1923 1922 notes banks January. _. 5,478 3,098 953 164,042 412, 511 191, 714 February.. 5,934 676 421, 270 325,952 March 7,054 32,855 179, 778 381, 325 304, 764 April 5,879 2,940 117,495 262, 317 167,170 May 3,971 1,175 65, 393 269, 050 129,425 June 8,745 18, 534 307 71,490 299, 379 163, 809 July.... 4,291 709 43, 680 321, 388 129, 735 August . 2,344 741 41, 959 377, 473 184,130 September.. 60, 784 321, 062 202, 769 October 358 47, 605 259, 512 267,172 November.. 1,213 605 106,304 358, 302 365,231 December-. 7,146 160,916 487, 785 301, 980 Total: 1924_ 52,961 90, 449 1, 260 1, 226, 338 1923. 10, 090 29, 450 176, 976 4,171, 374 1922. 29, 037 174, 886 6,150 2, 733, 851 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DISTRICT NO. 1 BOSTON 315 No. 4.—BILLS DISCOUNTED BY FEDERAL RESERVE BANK VOLUME, BY STATES [Amounts in thousands of dollars] I Num- Number of ber of mem- mem- Month Maine H s N a h e m i w re p- m V o e n r- t c M hu a s s e s t a t - s R Is h l o a d n e d n C c e o u c n t t i - 1 - Total i b n t a b r d i n e c i r k t s s - m a b c a o b c n d e o k r a m s t- at end ed durof ing the month month 1924 January... 5,429 3,720 2,249 104,832 1,867 5,625 123,722 424 202 February _ 5,451 4,500 1,823 114,642 4,035 5,043 135,494 421 209 March 5,577 4,824 1,715 98,045 288 7,330 117,779 421 213 April 3,253 4,166 1,978 69, 836 742 7,525 87, 500 421 199 May 3,397 4,006 1,933 34,426 1,556 6.037 51, 355 421 179 June 4,484 4,543 1,481 23,175 1,320 5; 700 40,703 421 174 July.._. 2,659 3,287 1,424 18,878 138 2,378 28,764 422 130 August. 1,787 2,517 1,243 23, 649 264 3,674 33,134 421 129 September- 2,146 2,627 1,248 18, 269 645 2,588 27,523 420 October--.. 1,656 2,296 1,220 10,858 692 3,303 20,025 420 110 November.. 2,513 2,829 795 45, 692 695 2,782 55, 306 420 145 December _. 3,915 3,138 915 83,667 3,875 5,355 100,865 420 180 Total: 1924 42, 267 42, 453 18,024 645,969 16,117 57, 340 822,170 1923 49,002 60,722 27,118 3,395,562 30,023 90, 348 3,652,775 1922 42, 621 40, 246 21,409 2,068,564 16, 392 72,855 2, 262, 087 Number of member banks at end of year: 1924.. _... 182 420 1923---. 183 424 1922 185 427 Number of member banks accommodated: 1924 148 317 1923 153 313 1922-.. 164 330 1 Figures relate only to that part of the State located in the Boston district. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

316 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No. 5.—EARNINGS AND EXPENSES OF FEDERAL RESERVE BANK 1924 1923 1922 Discounted bills $783,450 $2,320,839 $1,543,539 Purchased bills 599,172 741,384 591,647 United States securities.... 1,049,841 419,739 1,391,691 Deficient reserve penalties. 4,576 9,172 9,777 Miscellaneous 121,977 15,549 4,659 Total earnings.. 2,559,016' 3,506, 683 3, 541,313 CURRENT EXPENSES Salaries: Bank officers 122,000 137, 500 141,000 Clerical staff... 894,000 895, 768 925,072 Special officers and watchmen 31,504 33,323 34,430 All other. _ 90, 512 103,019 100,932 Governors' conferences _. 288 378 411 Federal reserve agents' conferences 276 176 426 Federal Advisory Council - 452 478 250 Directors' meetings 6,235 6,173 7,367 Traveling expenses ! 6,416 10,022 9,820 Assessments for Federal Reserve Board expenses 48, 634 52,474 55, 241 Legal fees 2,014 1,978 775 Insurance (other than on currency and security shipments). 26, 590 26,967 31, 534 Insurance on currency and security shipments 72,749 71, 248 49, 271 Taxes on banking house 105, 593 108,063 90,900 Light, heat, and power 20,489 25, 532 25,489 Repairs and alterations, banking house 2,492 7,258 1,767 Rent. 3,913 29, 640 52,772 Office and other supplies 21,485 28,462 26, 539 Printing and stationery 47,828 61,784 74, 588 Telephone 19, 609 20,427 21,169 Telegraph... 8,086 8,233 7,977 Postage 172,851 167, 097 152,667 Expressage 37, 005 33, 827 34, 323 Federal reserve currency: Original cost, including shipping charges 164, 946 236, 694 65, 501 Cost of redemption, including shipping charges.. 27, 818 31, 439 38,792 Taxes on Federal reserve bank-note circulation 23,871 All other expenses 39, 716 36, 294 49, 516 Total current expenses.. 1,973, 501 2,134, 254 2, 022,400 PROFIT AND LOSS ACCOUNT Earnings 2, 559, 016 3, 506, 683 3, 541, 313 Current expenses. 1,973, 501 2,134, 254 2,022,400 Current net earnings. 585, 515 1, 372, 429 1, 518,913 Additions to current net earnings: Withdrawn from reserve for depreciation on United States bonds. 15,870 5,290 32,100 All other 4,686 20, 559 9,494 Total additions.. 20, 556 25,849 41, 594 Deductions from current net earnings: Depreciation allowances on bank premises.. 122,048 122,048 328,215 Furniture and equipment 11,650 20,309 133,106 All other 1,951 3,786 1,784 Total deductions 135,649 146,143 463,105 Net deductions from current net earnings. 115,093 120,294 421, 511 Net earnings available for dividends, surplus and franchise tax 470,422 1, 252,135 1,097, 402 Dividends paid 477, 798 480, 267 481,951 Transferred to surplus account 77,187 2 -170,782 Franchise tax paid United States Government 694, 681 2 786, 233 Deficit in earnings after payment of dividends charged to surplus account.. _ _ 7, 376 | * Other than those connected with governors' and agents' conferences and meetings of directors and of the advisory council. 2 After charging surplus and crediting franchise tax with $247,350 paid as an additional franchise tax for 1921. Amounts transferred to surplus and paid as a franchise tax out of earnings for 1922 were $76,568 and $538,883, respectively. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DISTEICT NO. 1 BOSTON 317 No. 6.—VOLUME OF OPERATIONS IN PRINCIPAL DEPARTMENTS OF FEDERAL RESERVE BANK 1924 1923 1922 NUMBER OF PIECES HANDLED Bills discounted: Applications . 6,881 i 11,363 19,908 Notes discounted 30,829 55,601 51,085 Bills purchased in open market for own account 16, 542 19,165 17,351 Currency received and counted 216,741,000 206, 664,000 176, 618, 000 Coin received and counted 180, 439,000 196, 501, 000 174,138,000 Checks handled 68,166, 000 63,158,000 55,123,000 Collection items handled: United States Government coupons paid 4,456, 000 5,478,000 6,925,000 All other . _ 542,000 727,000 488,000 United States securities—issues, redemptions, and exchanges by fiscal agency department 1, 201,000 2 7, 594,000 1, 559, 000 Transfers of funds. _ 51,000 50, 000 47,000 Envelopes received and dispatched 2, 369, 000 2,011,000 AMOUNTS HANDLED Bills discounted _. $822,170,000 $3,652, 775,000 $2,262,087,000 Bills purchased in open market for own account., 259,498,000 302,083, 000 261, 691, 000 Currency received and counted 1, 322,986, 000 1, 259, 323,000 1, 022,617,000 Coin received and counted. _ _ 20, 413,000 20,170,000 18,442, 000 Checks handled 16, 559, 713, 000 15,169,483, 000 12,082,663,000 Collection items handled: United States Government coupons paid 63,151,000 69, 761, 000 67^ 777,000 All other 592,437, 000 722, 651,000 515, 597,000 United States securities—issues, redemptions, and exchanges by fiscal agency department 488, 513,000 797,105, 000 1,184, 543, 000 Transfers of funds 5, 606,721,000 4,186,430, 000 3, 033,806, 000 1 Revised figures. 2 Large increase due to redemption of war savings securities which matured Jan. 1, 1923. 3 Data not available. No. 7.—OPERATIONS OF FEDERAL RESERVE CLEARING SYSTEM [Figures include cash items only. Numbers in thousands; amounts in thousands of dollars] It b t e r a i m c n t k s . s i d n r a o w w n n d o i n s- It s e o th e m th r e v i e s r e r f b o F b r r a e w a n d n a k e c r r h s d a e e a l s d n r e d to - Ite U T m n r s i e t a e d s d u r a r S e w t r a n t o e f s on Total Month Number Amount Number Amount Number Amount Number Amount 1924 January 5,508 1, 420, 969 220 47, 963 136 14,965 5,864 1,483, 897 February 4,721 1,198,482 200 44, 634 117 12, 809 5,038 1, 255, 925 March 5,144 1,386, 604 227 51,314 134 13,919 5,505 1, 451, 837 April 5,365 1,321,636 223 48,127 162 16, 911 5,750 1, 386, 674 May. 5,446 1, 255, 227 226 45, 860 154 16, 285 5,826 1, 317, 372 June 5,336 1, 229, 748 220 45, 529 132 15, 857 5,688 1, 291,134 J A u u ly gust 4 5 , , 8 53 3 4 8 1 1 , , 3 2 7 6 9 6 , ,8 9 1 6 8 0 2 21 3 3 2 4 3 5 9 , , 2 7 4 6 5 8 1 1 2 4 7 7 1 1 6 5 , , 1 6 4 7 7 0 5 5, , 1 8 9 9 8 3 1 1 , , 4 32 3 8 4 , ,8 7 7 3 5 3 September 4,980 1, 250, 566 230 48, 413 184 15, 204 5,394 1,314,183 October 5, 712 1,320,210 253 51, 349 246 18, 805 6,211 1, 390, 364 November 5,134 1, 348, 417 234 48, 863 156 14, 888 5,524 1,412,168 December 5,860 1, 424, 540 271 52, 949 144 15,062 6,275 1,492, 551 Total: 1924 63, 578 15, 803,177 2, 749 | 570,014 1,839 186, 522 68,166 16, 559, 713 1923 58, 561 14, 328, 589 2. 773 639, 940 1,824 200, 954 63,158 15,169, 483 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

318 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No. 8.—CLEARINGS AND TRANSFERS THROUGH 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 1924 Jan 2 (1 day) 31, 708 53, 644 21,936 9 209,446 217,611 8,165 16 203 089 207, 724 4,635 23 _ . 165,240 164,461 779 30 164, 780 160,433 4,347 Feb. 6._ .. . . 169, 738 175, 951 6,213 13 133, 977 141,199 7,222 20 . . . _ 185,099 186,437 1,338 27 153, 550 149,920 3,630 Mar 5 216,496 217, 757 1,261 12 171,038 167, 806 3,232 19 202,588 209,108 6,520 26 193,855 199,126 1 5,271 Apr. 2 . - . 174, 734 184, 090 9,356 9 174 994 173 488 1 506 16 . - 208, 238 212,491 4,253 23 185,813 183,881 1, 932 30 . .. 171, 010 171, 626 616 May 7 220, 002 224,842 4,840 14 150, 375 147, 639 2,736 21 167, 284 169,249 1,965 28 . 153, 704 156,414 2,710 June 4. _ _ _ 149 267 141, 877 7 390 11 _ . . 138, 500 137,104 1,396 18 . .. - - 195 312 188, 015 7, 297 25 147,850 165,822 17,972 July 2 - - 169, 240 186,110 16,870 9 _ . _ . 156, 670 146, 732 9,938 16 165, 724 167,720 1,996 23 . - 150,160 146, 642 3,518 30 _ 173,904 180,850 6,946 Aug 6 218,170 209, 633 8,537 13 182 449 181,274 1,175 20 - 218,258 219,714 1,456 27 169, 601 167,973 1,628 Sept. 3 - - -.- - - -. 107, 672 113, 207 5,535 10 . -- - - 141,489 133, 358 8,131 17 160 319 158, 786 1,533 24 - - . 194, 959 200, 663 • 5,704 Oct. 1 356,103 155, 792 311 g 154 102 153,132 970 15 132, 521 144,253 11,732 22 211, 773 199, 682 12, 091 29 . .. 166,993 162,891 4,102 Nov 5 179,108 164, 541 14, 567 12 . . _ _ 197,825 181, 885 15,940 19 205, 725 210,178 4,453 26 - 174, 758 170,918 3,840 Dec 3 172 864 162 279 10 585 10 168, 771 172, 218 3,447 17 . _ 197, 380 198,405 1,025 24 176, 710 172,834 3,876 31 . - «. _ 166, 365 154,159 12, 206 Total* 1924 . .. . 9,107, 300 9,123,544 16, 244 1923 -. 8,008,088 8, 052, 933 44,845 1922 5, 946, 664 5, 922, 570 24, 094 Net gain in ownership of gold since establishment of fund in 1915, $209,581,000. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DISTRICT NO. 1 BOSTON. 319 No. 9.—REPORTING MEMBER BANKS IN LEADING CITIES: PRINCIPAL RESOURCES AND LIABILITIES [In thousands of dollars] Investments Loans and dis- Last report date in— counts Un s i e t c e u d r i S ti t e a s tes All other 1924 1923 1924 1923 1924 1923 January , 856,546 861, 214 125, 615 139, 946 169,758 173,087 February 856,630 860, 569 123, 063 129, 037 169, 881 172, 549 March 855,796 863, 964 123, 271 126,400 169, 591 170, 437 April _ 852,032 869, 575 120, 604 125, 764 176,124 173, 743 May 834, 856 861, 392 121, 867 131, 601 186, 602 174,936 June _._ 849, 342 875, 430 133, 810 139, 794 191, 533 173, 956 July 895,005 882, 655 132,021 129,167 198, 264 169, 210 August 888,145 879, 359 123, 585 127, 518 201, 952 168,453 September. 917, 472 885, 595 129, 872 137, 810 205, 707 171, 950 October 947,017 882, 635 128, 806 132, 578 210, 096 175,344 November. 926, 301 877,157 120,108 128, 297 200, 407 174, 020 December.. 941, 337 879, 457 126, 022 121, 580 195, 280 170, 441 Accommodation at Net demand Time deposits Federal reserve deposits banks Last report date in— 1924 1923 1923 1924 1923 January... 808, 545 839, 642 273,126 241, 585 17, 660 32, 685 February- 795, 516 804,063 282,199 245, 527 13, 279 30, 643 March 780,076 780, 632 289, 517 247, 898 6,978 37. 682 April 810, 208 810,006 286, 334 252, 619 8,323 17, 801 May 800, 224 804, 688 290, 735 255, 636 4,299 35, 379 June 820.076 799, 808 297, 397 257, 712 1,991 27, 757 July 861.077 814,181 315,014 265, 629 1,025 26, 884 August 849,527 786,114 325, 322 268, 582 1,292 48,102 September 862,942 797,135 330, 881 270, 567 1,273 33, 626 October... 922, 818 846, 974 330,182 269, 872 621 21,931 November. 877, 722 802, 468 319, 966 268, 857 3,519 47, 483 December. 891, 936 788,151 316, 587 266, 077 11, 236 55,067 NOTE.—Figures are for about 42 banks in Boston, Hartford, New Haven, Providence, and Springfield, which submit weekly reports to the Federal reserve bank. No. 10.—DEBITS TO INDIVIDUAL ACCOUNTS [In thousands of dollars. For explanatory note, see p. 154] Total for 11 centers l Month 1924 1923 1922 January 2,189, 052 2,197,997 1,928, 021 February... 1,973,432 1, 889,899 1, 611,605 March 2,147,057 2, 222, 086 l,857,«809 April 2,118, 054 2,119, 787 1, 760,157 May 2, 052, 772 2,139,645 1,837, 939 June 2, 040, 544 2,172,872 1, 992,898 July 2, 111, 283 1,983, 223 1, 899, 373 August 1, 989, 773 1, 771, 572 1, 586, 094 September. 1, 974,984 1, 760,956 1, 717, 635 October 2, 357, 435 2,154,617 2, 087, 622 November. 2, 252, 717 2,150,666 1, 986, 523 December.. 2, 467, 796 2, 287, 912 2,126, 314 Total 25,674, 899 24, 851, 232 22,391,990 1 Figures for cities marked with an asterisk (*) are not included in the district summary or in the national summary of 141 centers. 36569—25t 22 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

320 ANNUAL; REPORT OF THE FEDERAL RESERVE BOARD No. 10.—DEBITS TO INDIVIDUAL ACCOUNTS—Continued [In thousands of dollars] Bangor, Me. Boston, Mass. Month 1924 1923 1922 1924 1922 January 14, 054 15, 053 13, 529 1, 570, 205 1, 610, 748 1, 433, 716 February.. 12, 312 12, 574 11,916 1, 442, 657 1, 386, 926 1,184, 979 March 14, 002 14; 553 14, 503 1, 566, 322 1, 660,192 1, 372, 388 April 13, 074 13, 463 13, 242 1, 536, 266 1, 544, 708 1, 283, 772 May 14, 217 14, 223 13, 910 1, 476, 231 1, 543, 890 1, 346,120 June 14, 967 16,121 14, 391 .,479,960 |1, 555, 083 1, 474,648 July 14, 346 15,311 13, 705 ,540,541 !1, 417, 938 1, 399, 991 August 13, 722 14, 919 12, 896 .,476,277 |1, 241, 475 1,125, '201 September. 14, 817 15, 015 14, 328 ,450,972 I 1, 252, 337 1, 233, 003 October 17, 324 18, 446 15, 711 ,710,365 1, 525, 206 1,498,936 November. 12, 691 14, 352 13, 369 .,688,539 !1, 547, 452 1,444,411 December.. 13, 363 15, 838 16, 693 .,830,484 |1, 662, 042 1, 533,993 Total 179, 868 168,193 18, 768, 819 17, 947,997 16, 331,158 Brockton, Mass.* Fall River, Mass. Month 1923 1922 1924 1923 1922 January j 20, 736 21, 274 33, 574 36, 650 29,608 February I 20,688 18,931 30, 364 30, 385 22, 741 March ! 20,909 22,148 19,963 27, 680 32,461 25,670 April ! 21,224 22, 272 19,170 29,625 33, 734 26, 062 May I 21,477 21, 200 19,112 27, 724 33, 385 28, 925 June ! 19,653 21, 626 19, 798 25, 296 32, 264 30, 337 July 18,869 17,973 18, 511 25,972 j 29,164 29,000 August . ! 19, 513 19, 810 19, 332 26,936 28, 522 26,897 September 19,317 21,063 19, 527 24, 893 31, 742 27, 803 October ! 24, 248 25, 075 21,848 33, 296 41, 453 37,065 November ! 22, 761 23, 883 23, 555 38, 268 46, 201 41,488 December.. 21, 548 22, 469 22, 604 35,174 37, 537 37,102 Total j 250,943 257, 724 203,420 358,802 413, 498 Hartford, Conn. Holyoke, Mass. Month 1924 1923 1922 1924 1923 1922 January 136, 347 111,977 98, 556 17, 066 17, 716 12, 571 February.. 109, 098 99,351 80, 203 13,960 14, 656 10,676 March 122, 997 106, 384 90, 748 14, 366 17, 799 13, 523 April 127,133 113,103 96,832 15,636 18, 210 12,860 May 119, 506 113, 296 93, 622 15,474 18, 657 13,087 June 119,408 113, 833 97,150 14, 903 20, 307 13, 592 July.. 130, 662 111,869 97, 557 16, 391 17, 086 13,600 August 104,584 99, 915 86, 496 14, 382 15, 567 12, 358 September. 110, 365 98, 234 88,843 11, 766 15, 410 14, 534 October 130, 965 111, 759 108, 451 17, 005 19, 402 18,098 November. 110, 806 110,831 94, 968 14,898 18, 222 18,631 December.. 126, 683 123,902 110,641 16,417 17, 514 17, 523 Total 1,448, 554 1, 314,454 1,144, 067 182, 264 210, 546 171,058 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DISTRICT NO. 1 BOSTON 321 No. 10.—DEBITS TO INDIVIDUAL ACCOUNTS—Continued [In thousands of dollars] Lowell, Mass. Lynn, Mass." Month 1924 1923 1922 1924 1923 1922 January 21,470 21,819 19,106 25, 705 22, 224 24,755 February.. 19,006 18, 590 16,602 21,657 19,210 20,082 March 19,910 22,764 19, 426 23,170 27,845 25,083 April 18,585 22,915 19,192 26,720 28, 652 25,182 May 17, 376 25,334 20,025 27,006 25,199 June. - 18,053 25, 502 19, 361 25,088 26,774 24,429 July 18,073 21, 768 19,636 28, 859 22, 582 23,805 August 15, 618 21,467 19, 298 25,909 28,116 23,343 September. 14,317 20,597 19,494 26,496 25,569 23,686 October 22, 429 24,230 23,358 33, 256 31,136 27,669 23, 374 25, 365 24, 946 28,538 28,897 26,850 November. 22, 731 21,140 23, 260 28,377 27,387 26, 332 December- Total 230,942 271, 491 243,704 320, 781 317, 274 296,415 Manchester, N. H.* New Bedford, Mass. Month 1924 1923 1922 1924 1923 1922 January 18,492 19,472 18,803 31, 810 31,146 26,460 February.. 16,785 17, 240 15, 239 30,165 30,184 24,796 March 18,707 20,681 18,505 29,826 33,544 26,022 April ' 21,305 21,103 17, 332 28,405 31,731 24,755 May 18,799 21,430 16,603 29, 444 32,241 27,094 June 16,842 22,410 17,524 26,195 34,105 28,099 July 17, 533 21, 098 16,064 27,081 31,115 27,598 August 15, 538 19,626 27,515 28,742 26,487 September. 15,654 18,827 16, 356 27,869 26,547 25,795 October 16,761 20,570 18,026 35,404 32,132 34,162 November. 16,475 18, 257 18,167 35,491 36,550 35,167 December.. 20, 629 22,786 26,801 36, 513 34,635 33,325 Total 213, 520 243, 500 215, 813 365, 718 382,672 I 339,760 New Haven, Conn. Portland, Me." Month 1924 1923 1922 1924 1923 1922 January 93,435 88, 448 73, 889 41,185 37,180 29,930 February. _ 82,096 74,098 58,445 36, 404 35,255 26,165 March 94, 771 82,608 74, 468 40, 452 39,140 31,972 April 87, 256 81,257 69, 728 38,700 36,812 31, 461 May 93,292 92,439 73, 660 39,290 42, 854 33,892 June 88, 674 94,274 73, 473 38, 316 44, 666 32,787 July 95,856 90,544 84,636 41,306 42,627 35, 407 August 82,8,40 87,533 75,874 39,198 38,783 35,733 September. 89,847 81, 603 78, 061 40, 036 38,730 36, 863 October 98, 771 95,787 81,981 45, 304 46,195 41,152 November . 83, 322 87,582 74,556 40, 401 43, 438 34,628 December.. 96,867 93,901 82, 450 45,134 42, 735 38,913. Total 1,087,027 1,050,074 I 901,221 485,726 488,415 408,903 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

322 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No. 10.—DEBITS TO INDIVIDUAL ACCOUNTS—Continued [In thousands of dollars] Providence, R. I. Springfield, Mass.* Month 1924 1923 1922 1924 1923 1922 January 160,149 159,503 133,213 73,450 72,904 5.6,423 February... 142,806 136,280 122,416 68, 276 61,613 48,961 March 150,369 151,269 133,438 71,889 74,143 57,435 April .- 150,774 152,709 130,900 78,702 72,611 57,271 May. _ 155,549 154,009 131,740 73,946 77,899 62,370 June 144,311 162,329 145,839 74,941 80,530 67,430 July 137,780 143,654 127,917 78,448 70, 562 64,395 August 133, 453 134, 111 113,859 66,271 65,460 58,717 September. 132,823 127,659 63,632 61,471 63,014 October 174,661 176,754 165,025 83,763 76,602 78,170 November. 146,825 158,803 145,167 80,341 69,012 74,140 December _. 174,966 169,304 160,285 82,474 71,100 73,478 Total. 1, 804,466 1, 826, 384 1,638,782 896,133 853,907 760, 804 Water bury, Conn. Worcester, Mass. Month 1923 1922 1924 1923 1922 January 36,300 32, 306 26,024 74, 642 72,631 61, 349 February 26,281 28,325 27,994 64, 687 58,530 50,837 March 36,043 30,491 26,850 70, 771 70, 021 60,773 April. 37,586 37,239 26,377 73,714 70,718 56, 437 May .- 33,193 35,527 28,527 70,766 76,644 61,229 June, 35,997 38,785 29,641 72,780 80,269 66, 367 July --.- 33,453 32,640 26,083 71,128 72,134 59,650 August 28,740 31, 082 27,006 65,706 68, 239 59,722 September .- 31,036 29,046 27,214 66,279 62,766 59,577 October.. 35,653 33, 373 31, 227 81, 562 76,075 73,608 November 29,772 30, 213 28,054 68,731 75,095 65, 766 December 38, 505 35,806 35,149 76,093 76, 293 75,888 Total 402, 559 394,833 340,146 856,859 859, 415 751,203 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DISTRICT NO. 2—NEW YORK No. 1.—CONDITION OF FEDERAL RESERVE BANK [In thousands of dollars] 1 Dec. 31, Dec. 31, | Dec. 31, 1924 1923 ! 1922 I RESOURCES Gold with Federal reserve agent 384,307 583, 62i i 658,970 Gold redemption fund with United States Treasury ! 11,557 | 9,441 10,309 Gold held exclusively against Federal reserve notes i 395,864 1 593,066 I 669,279 Gold settlement fund with Federal Reserve Board 286,475 109,814 j 169,378 Gold and gold certificates held by bank 277,263 168,615 118,127 Total gold reserves | 959,602 871,495 < 956,784 Reserves other than gold... _ ! 21,868 24,437 31,314 Total reserves ' 981,470 895, 932 988,098 Nonreserve cash _ _ ! 18,517 11.846 (0 Bills discounted: Secured by United States Government obligations 68, 745 ! 136,175 168,236 Other bills discounted 12, 577 28,360 16,053 Total bills discounted . 81,322 164,535 184,289 Bills bought in open market.. 101,823 93,151 60,864 United States Government securities: Bonds _ . ._ . . 12,440 6,202 1,149 Treasury notes 120, 495 29, 972 60,618 Certificates of indebtedness _. 36,963 10,582 ; 105,485 Total United States Government securities. 169, 898 46,756 \ 167,252 Foreign loans on gold 1,746 Total earning assets _ ... 354, 789 304,442 412,405 Uncollected items 156,377 115,065 j 134,303 Bank premises 16,243 13,298 10,100 All other resources 8,657 1,067 ! 1,893 Total resources . 1,536.053 1,341,650 1,546,799 LIABILITIES Federal reserve notes in actual circulation _ 387,353 420,371 597,071 Deposits: Member bank—reserve account 883, 861 712,858 749,006 Government 16,904 9, 562 I 518 Other deposits _. 28,195 12,406 I 11,439 Total deposits _ 928,960 734,826 760,963 Deferred availability items. . . 129,055 95,342 98,101 Capital paid in 30,167 29,439 28,688 Surplus 58, 749 59,929 59,800 All other liabilities 1,769 1,743 2,176 Total liabilities 1,536,053 1,341,650 1,546,799 Ratio of total reserves to deposit and Federal reserve note liabilities combined (per cent) 74.6 77.6 72.8 Contingent liability on bills purchased for foreign correspondents... 12,421 6,572 12,624 i Not shown separately prior to 1923. 323 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

324 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No. 2.—PRINCIPAL ASSETS AND LIABILITIES OF FEDERAL RESERVE BANK, BY WEEKS [Amounts in thousands of dollars] I Bills discounted for member banks Date a T e s i s a o n e r t g n t a s - l J Total se U B G e c b u r i o . n l y r S l v e - s . - d c O o b d t i u i h l s n l e - s t r - m b o o B a p i u i r n e l g k l n s h e t t U S s n i t e i t c a i t u t e r e e s - s d s T e c r o a r e v s t - a e h l s r b M p e a s o b d n e e s e e r m k i r - v t s s e - ' p T o d o s e t i - a t l s F r l c e n e a i s o d t r i e i c n t e o r e u r v n s a - e l s c p e R e e r n e v r t - - e ment ed obligations 1924 Jan 347,763 219,594 184,134 35,460 89,991 38,178 897,960 758,990 783,011 419,226 74.7 196, 077127, 560109,850 17, 710 59,862 8,655 972, 810716,100 729,621 403,003 85.9 16.. 174,555 113,450 88, 579 24, 871 49,944 11,161 1,009,617739,823 759,811 392, 900 87.6 23.. 178,325 125, 695102, 726 22, 969 39,655 12,975 1,023,318738,510 772,833 389,419 88.0 30.. 169,912 105, 246 91, 002 14, 244 50, 603 14,063 995, 713 721,689 737, 720 383, 563 Feb. 6_. 195,156 108,234 96, 262 11,972 71,802 15,120 949, 015700,298 716,746 381,050 86.4 13-. 258,054 162,618 143,078 19,540 78,136 17,300 884,967 692,621 707,998 377,886 81.5 20-. 172,002 107,597 90,155 17,442 44,537 19,868 695,958 712,783 378,417 87.8 ^ 27.. 203,632 123,416 106,840 16,576 56,264 23,852 737,496 756,317 370,592 86.0 Mar. 5.. 168,077 80, 660 59,601 21,059 56,862 30,455 954,475 697,335 715,865 372, 537 87.7 181,416 96,926 72,762 24,164 44,284 40,106 978,861 740,888 758,072 371,197 86.7 191! 159,397 46,476 31,284 15,192 12, 703100,218 1,043,305 783,964 796,428 368, 790 89.5 26_. 184, 952 93, 862 77, 637 16, 225 39,245 51,845 983,185 725, 981759.221 363, 857 87.5 Apr. 2-. 220, 926111,362 87,968 23,394 55,160 .54,404 955,687 738,874 772,919 365, 515 83.9 9.. 238,175 131,176 90,340 40,836 49, 757 57,242 940,015 747, 734780, 769 362, 695 82.2 16.. 183,289 75, 575 50, 770 24,805 52,550 55,164 967,579 736,330 757, 705 359, 728 86.6 23.. 145,147 61,938 39, 758 22,180 25,728 57,481 1,018,202 743,095 764,053 357, 566 90.8 30.. 140,573 47.861 31,366 16,495 27,165 65, 547 1,043,385763, 689790, 965 352, 005 91.3 May7_. 146, 481 66,943 51, 738 15, 205 10,527 69,011 999,475 743,049 758,493 349, 757 90.2 136,800 55,746 41,608 14,138 8,415 72,639 999,768 740,260 759,300 347,312 90.3 134,640 55,534 40,992 14,542 6,421 72,685 1,017,455750,180 767.222 344,294 91.5 28_. 177, 296 59.862 44,424 15,438 41, 504 75,930 985,368 756,558 775,679 342,248 88.1 June4_ 150,355 24,055 13,934 16,985 95,3811,006,738 767,812 783,153 344,308 89.3 11.. 145,759 35,154 20,844 14,310 8,163 102,442 1,062,538818, 077835,683 342,616 90.2 18.. 191,403 36,445 20, 717 15,728 18,414 136,544 1,064,171879,229 893,037 344,007 86.0 25.. 190,890 41,920 25,703 16,217 12, 733136,237 1,012,129813, 381833,822 341, 286 86.1 July 2_ 238,640 73,330 56,368 16,962 24,309 141,001 930,899 779,418 802,754 347,169 81.0 9.. 208,154 33,804 17,096 16, 708 26,332 148,018 978,854 808,159 825,968 340,993 83.9 16.. 202,671 40,691 25,417 15,274 11,990 149,990 1,012,849849,652 334,962 84.2 23.. 202,838 31,819 17,360 14,459 10,444 160,575 1,027,578849,842!874,300 329,484 85.4 30_. 234,957 39,146 24,615 14,531 7, 567188,244 995,383 843,120 874,949 323, 686 83.0 i Aug. 6_. 221,070 31, 720 18,279 13,441 182,354 999,489 843,442 874, 279 320, 577 83.6 13_. 213,421 29, 555 17,473 12, 082 6,827 177,039 1,014,860857, 531 888,887 317,338 84.1 20.. 216,137 27,596 14,952 12,644 11,502 177,039 971,018 819,451 850,327 313,533 83.4 27.. 244, 245 33,734 19,973 13,761 33,472 177,039 968,277 836,751 868, 505 311, 733 82.0 Sept. 3.. 295,438 74, 790 59,9: 14,865 43,609 177,039 912,195 845,897 871,277 312, 052 77.1 10.. 273,599 36,523 20, 720 15,803 51,194 185,882 923,455 842,563 868,010 306,741 78.6 17 306, 258 33,426 16,171 17, 255 46,035 221,597 962,042 981,800 304,218 76.9 24_. 262,867 35,222 17,821 17,401 40,329 187,316 927,948 827,463 856,411 302, 733 80.1 Oct. 1.. 316,114 53,814 36,878 16,936 74,984 187,316 907,861 858,899 304,341 76.1 8_. 356,527 74,876 56,446 18,430 94, 335187,316 897, 765894, 584 921,876 311,812 72.8 15.. 372, 546 65,289 47, 795 17,494 103,941 203, 316850,438 858,001 ' II, 741309,813 70.8 22.. 278,902 29,224 14,120 15,104 62,362 187,316 932,315 854, 766 j 877,359306,959 78.7 29.. 307,514 33,218 14, 981 18,237 187,316 927,043 857,562j 879,586 327,393 76.8 Nov. 5. 320,81: 39, 738 26,298 13,440 93, 758187, 316i 911,204 801,837 826,565 357, 945 76.9 12. 289,409 25,150 14,155 10,995 76,943 187, 316J 959,437 852,424 876,562 365,26f 77.3 19. 320,3r 50, 971 21,837 29,134 82,030 187,316 959,247 857,817! 880,243 374,320 76.5 26. 303,151 35,688 26, 636 9,052 82,008 185,455 972,549 841, 7721 861,395382,903 78.2 Dec. 3. 367,216 59, 205 49, 544 9,661 123, 732182, 533968, 725913,432; 937,384 381,021 73.5 10. 365, 682 37,126 11, 741 110,81" 204, 252909, 017853,580! 880,173 369,364 72.7 17_ 351,893 53,042 41, 599 11,443 93,449 203, 656942,823 887,124! 909,459 376,250 73.3 24. 409,990 134,157 103,105 31,052 104,743 169, 344949.530 903,1651 940,486 394,825 71.1 31. 354, 789 81, 322 68, 745 12, 577 101,823 169,898 981,470 883,861 928,960 387,353 74.6 Daily average 233,309 65,808 48,084 119,175 j 963,519 783,731; 808,909 353,050 P1 Includes other earning assets as follows: Federal intermediate credit bank debentures, $100,000, Feb Digitized fo2r 7F|tRo|AMSaEr. R1 2, $5,200,000 on Sept. 17; foreign loans on gold, $1,746,000, Dec. 3 to 31. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DISTRICT NO. 2 NEW YORK 325 No. 3.—DISCOUNTS AND PURCHASES OF BILLS AND SECURITIES BY FEDERAL RESERVE BANK: VOLUME, BY CLASSES [In thousands of dollars) Bills discounted for member banks Bills bought in open market Secured Com- Month Total b G o y m o b v U l e i e g n . r t a S n - - . a c m n p u d e a l t r p u c a e i g r r a a r l l i- a B a c e n a c r c n e s e p ' k s t - - a T a c n r c a c e d e p s e t- Total B a a a c n n c c k e e p e s t r - s ' [ | i c D h e o a x l n l - a g r e a T a c n r c a c e d e p s e ttions n. e. s. 1924 J. anuary 1,159,498 1, 048, 535 110, 568 10 385 98, 805 93, 7941 3, 362 1,649 February 1,398,139 1, 341, 559 56, 212 368 154,902 147, 586 5,070J 2,246 March..'. 667,831 610,097 57, 327 407 99,099 92,817 4,383 1,899 April _ 949, 737 792, 942 156,424 334 81,151 76,994 2,745 1,412 May 625,130 587, 216 37, 311 51,283 49, 246 1,1 June 135, 502 108, 891 26,043 568 20, 601 19, 983 61: i July 305, 042 279, 592 24, 658 792 40, 262 39, 627 635i August -. 116,154 94, 500 21,439| 215 38,343 38, 033 310| September 292, 594 28,280 105 60,100 58, 618 1, 332 150 October... 435,431 397, 783 37, 554 94 141, 600 137, 210 4, 390! November 288,097 192,995 94, 622 480 128, 544 124,494 3,881 169 December. _. 657, 68" 495,951 161,603 133 162, 709 159,938 2,713 58 Total: 1924... 7, 030,842 6, 214,270 812,041 47 4,484j 1,077,399 1,038,340 30,607 8,452 1923...17,951,843 1.55i,961,946 1.,, 982, 852 470 6,575 1,177,647 1,108,895 55, 482 13, 270 1922... 9, 206,364 7,685,801"1, 511,848 192 8, 523 871,433 828,802 37,123 5,508 U. S. securities U.S. se- Federal Bills purchased in curities inter- Total discounts and purchases bought open market pur- mediate from chased credit Foreign Month other from bank loans F r b e e a s d e n e r k v r s a e l B n a o o n n t d e d s s in c C d a n e t e r e e b t s s i t s f e o i d - f - F r b e o e a s t d e h n e r e k v r r s a e l c d t h p e u a b u r s e e r e - n s d - on gold 1924 1923 1922 1924 January 59 14, 681 6,618 618 1,280, 279 3,174,494 1,102,997 February 53 12,066 1,989| 100 1, 567, 249 2, 512,946 1,026,459 March 2,648 21,085 383, 761 1,174,424 2,185,951 1, 074,112 April 25 16, 296 2,960 1, 050,169 1,917,015 641,050 May 13. 597 4,167 694,177 1,997, 541 414, 737 June 32,408 67, 713 27,003 283, 227 1,378,937 971,945 July.... 33,506 5,662 384, 472 1,655,296 788, 744 August „ 10, 225 3,232 167,954 1, 266,049 520,361 September.. 8,152 223. 335 5,200 589,381 1,019,432 844, 511 October 3, 000 24; 595 604,626 1,105,859 1,497, 235 November.. 17, 476 19,319 453,436 1,219,361 1,812,047 December. . 69,994 308,294 1, 746 1,200,430 1,396,403 2, 291, 435 Total: 1924. 2,785| 252,486| 1,051,645 27,621 5,300 1, 746| 9,449,824! 1923. 9, 008!! 533> >° °3l 1 »! 45109 12, 674 120,829,284 1922. 111111 778811,993377 2,083,842! 41,946 12,985,633 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

326 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No. 4.—BILLS DISCOUNTED BY FEDERAL RESERVE BANK: VOLUME, BY STATES [Amounts in thousands of dollars] Number of Number of member member Connecti- New banks in banks ac- Month cut i New York Jersey l Total district at commodat- • end of ed during month the month 1924 January... 886 1,119,789 38,823 1,159, 498 837 372 February. 925 1,360, 779 36,435 1, 398,139 840 373 March 1,260 624, 786 41, 785 667,831 846 373 April 1,273 914, 058 34,406 949, 737 848 354 I May 558 ! 589,193 35,379 625,130 850 360 June 408 106,885 28, 209 135, 502 851 335 July 220 277,487 27,335 305,042 849 283 August.. 290 91, 602 24, 262 116,154 851 241 September. 269, 985 22, 609 292, 594 853 255 October 405, 970 29,461 435,431 853 259 November.. 350 266,114 21,633 288,097 858 299 December.. 445 i 626,459 30, 783 657, 687 Total: 1924 6,615 I 6,653,107 371,120 7,030,842 L 1923 _ 12,484 i 17,408,097 531,262 17,951,843 L 1922 14,546 8,837,014 354,804 9,206,364 L Number of member banks at end of year: I 1924 632 216 859 L 1923... 620 207 839 j. 1922 603 193 808 L Number of member banks accommodated: 1924 436 148 593 1923 433 147 590 I 1922 408 127 544 1 Figures in this column relate only to that part of the State located in the New York district. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DISTRICT NO. 2; NEW YORK 327 No. 5.—EARNINGS AND EXPENSES OF FEDERAL RESERVE BANK 1924 1923 i 1922 Discounted bills $2, 613, 566 $8, 255, 646 $3, 970, 210 Purchased bills.! 1, 446, 693 1,969,837 1, 619, 512 United States securities 4,165,856 1, 087, 251 5, 227,488 Deficient reserve penalties - 24, 974 40,800 49, 738 Miscellaneous 318, 261 59, 649 482, 331 Total earnings. 8, 569,350 11,413,183 11,349,279 CURRENT EXPENSES Salaries: Bank officers _ 479, 542 469,328 494, 844 Clerical staff __ __. 3,412,141 3, 873, 284 3, 602, 883 Special officers and watchmen 166,462 193, 627 188,207 Allother .__ 371, 699 312,456 280/085 Governors' conferences.^ _ 504 758 490 Federal reserve agents'conferences _ 98 332 247 Federal Advisory Council 550 657 845 Directors' meetings __ ._ 21,460 21, 664 23,075 Traveling expenses J 27, 660 28,320 28, 923 Assessments for Federal Reserve Board expenses 179, 201 190, 846 197, 882 Legal fees 7,115 586 3,982 Insurance (other than on currency and security shipments). 58, 602 65,411 65,144 Insurance on currency and security shipments. 115, 656 98,065 81,429 Taxes on banking house 116, 643 31, 882 29,184 Light, heat, and power 47, 284 20,131 16, 569 Repairs and alterations, banking house 4,640 1,700 2,581 Rent. 268, 687 341, 786 350, 284 Office and other supplies 111, 227 88, 308 71,951 Printing and stationery 78, 258 86, 523 90, 276 Telephone 51, 346 46,837 48, 983 Telegraph 65. 413 65,172 63,943 Postage 270,178 248, 052 232, 690 Expressage 91,464 85,492 76, 553 Federal reserve currency: Original cost, including shipping charges 195, 550 421,229 j 553,125 Cost of redemption, including shipping charges. 53,328 76, 748 70,174 Taxes on Federal reserve bank-note circulation 69, 374 All other expenses _ 156,113 110,942 132, 807 Total current expenses j 6,350,821 6, 880,136 ! 6, 776, 530 PROFIT AND LOSS ACCOUNT Earnings 8, 569, 350 11,413,183 11, 349, 279 Current expenses. 6, 350, 821 6, 880,136 6, 776, 530 Current net earnings 2, 218, 529 4, 533, 047 4, 572, 749 Additions to current net earnings __ 176, 240 1,697 2,743 Deductions from current net earnings: Depreciation allowances on bank premises.. 910,440 1, 235, 937 365,053 Reserve for self-insurance._ _ 55,197 52,756 294,072 Furniture and equipment 536, 776 58,021 50,172 Allother 275, 504 144,351 144,602 Total deductions _ 1, 777, 917 1,491,065 853, 899 Net deductions from current net earnings... _. 1, 601, 677 1,489,368 851,156 Net earnings available for dividends, surplus and franchise tax 616, 852 3, 043, 679 3, 721, 593 Dividends paid 1, 796, 530 1, 749, 239 1, 652,138 Transferred to surplus account 129,444 -1,397,603 Franchise tax paid United States Government 1,164,996 2 3,467,058 Deficit in earnings after payment of dividends, charged to surplus account..' 1,179, 678 1 Other than those connected with governors' and agents' conferences and meetings of directors and of the advisory council. 2 After charging surplus and crediting franchise tax with $270,389 paid as an additional franchise tax for 1920 and $1,334,160 for 1921. Amounts transferred to surplus and paid as a franchise tax out of earnings for 1922 were $206,946 and $1,862,509, respectively. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

328 ANNUAL: KEPORT OF THE FEDERAL RESERVE BOARD .No. 6.—VOLUME OF OPERATIONS IN PRINCIPAL DEPARTMENTS OF FEDERAL RESERVE BANK NUMBER OF PIECES HANDLED Bills discounted: Applications-- 12,452 17,418 14,178 Notes discounted 39, 622 72,177 60, 715 Bills purchased in open market for own account 61, 453 75, 701 56, 474 Currency received and counted 512,097,000 477, 257, 000 412, 347, 000 Coin received and counted 917,181,000 816,128,000 801, 277. 000 Checks handled ._ 136, 853,000 129,130, 000 119,316,000 Collection items handled: United States Government coupons paid 14, 055,000 17, 684,000 22, 685, 000 Allother _ 2,429, 000 2,177,000 1, 741,000 United States securities—issues, redemptions, and exchanges by fiscal agency department 4, 009, 000 113. 541,000 -' 7,030, 000 Transfers of funds 293, 000 284,000 236, 000 Envelopes received and dispatched _ 7, 337, 000 7, 673, 000 3 6, 761, 000 AMOUNTS HANDLED Bills discounted $7,030, 842,000 $17,951, 843, 000 $9, 206, 364, 000 Bills purchased in open market for own account 1,077,399, 000 1,177,647,000 ! 871,433, 000 Currency received and counted _ 3,177,027,000 3,006,283,000 j 2, 610, 697, 000 Coin received and counted _ 114, 281,000 125,506,000 76, 684, 000 Checks handled _ ~~\ 871, 000 65,805,632,000 | 62, 563, 789, 000 Collection items handled: United States Government coupons paid. 332, 369, 000 337,344,000 I 336, 468,000 All other._. :_.__ 1, 873, 743, 000 1,920,719,000 ! 1, 519, 894, 000 United States securities—issues, redemptions, and ex- ! changes by fiscal agency department__ 3, 52fi, 342, 000 4 3,168, 654,000 j 2 6,449, 625, 000 Transfers of funds 35,182, 64i; 000 28,031, 500, 000 25,126, 090,000 I 1 Revised figures. Large increase due to redemption of war savings securities which matured January 1, 1923. 2 Exclusive of redeemed war savings and thrift stamps received from post office. 3 Excluding Buffalo branch. 4 Revised figures. No. 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 a n ic w t o n w o n n re I to t s t e h e m o r e v t i s h r e e b f b r o r a r a F w n n e k c a d s h r e d e a r e s a n d l d It U e T m n r i e s t a e s d d u r a r S e w t r a n o te f o s n Total i Month Num- Num- Num- Number Amount ber ber ber Amount 1924 January 8,541 5,369, 661 1,446 170, 505 933 i 127,847 I 10,920 5, 668, 013 February 7,387 4, 759, 625 1,319 156, 501 899 I 95,416 | 9,605 5, 011, 542 M Ap a r r i c l h 8 8, , 6 5 6 8 9 3 5 5 , , 2 2 5 9 2 7 , , 3 6 6 3 7 9 1 1 , , 4 5 6 2 9 0 1 18 7 2 1 , , 9 5 0 6 9 7 1 1 , , 0 1 7 72 7 I 1 1 2 3 5 6 , , 4 6 6 4 4 9 11, 1 1 1 2 , 9 361 5 5 , , 5 61 5 6 0 , ,0 5 1 8 2 3 May 8,713 5,241,467 1,476 174,332 1,090 ! 133, 645 11, 279 5, 549, 444 June. 8,954 5, 305,300 1,393 156,801 860 I 132,807 11, 207 5, 594, 908 July- 9,622 5, 233, 617 1,403 156, 642 917 ! 103,039 I 11,942 5, 493, 298 August 4,881, 054 1,298 146, 437 1,271 92,710 11,268 5,120, 201 September 9,007 5, 724,102 1,369 159, 089 1, 206 93, 828 11, 582 5, 977,019 October , 9,853 6,136, 269 1,651 196, 928 921 105, 780 12, 425 6, 438,977 November 8,934 6, C82,874 1,547 185, 343 519 98,813 11,000 6,367, 030 December... 10,316 5, 704, 002 1,660 187, 782 471 118, 923 12,447 6, 010, 707 Total: 1924 107,278 64, 987, 977 17, 551 2, 044,836 11,336 ! 1,364,921 136,165 68, 397, 734 1923 98,017 61,983,112 17,254 2,142, 648 13,125 J 1,392,272 128,396 65, 518,032 1 Exclusive of duplications on account of items handled by both parent bank and branch. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DISTRICT NO. 2—NEW YORK 329 No. 8.—CLEARINGS AND TRANSFERS THROUGH GOLD SETTLEMENT FUND [In thousands of dollars] Payments to Receipts Week ending— r o e t s h e e r r v F e e b d a e n r k a s l fro F m ed e o r t a h l er Net loss Net gain reserve banks 1924 Jan. 2 (1 day) 145, 291 144,903 388 9 .. .. 597,334 632,177 34, 843 16 592, 659 607,185 14, 526 23 545,066 563,806 18 740 30 _ ... .. 547, 238 519,932 27,306 Feb 6 553, 289 517,703 35, 586 13 517,482 464,501 52, 981 20 ._ 578,424 651,787 73,363 27 501,106 516,995 15,889 Mar. 5 598,804 589, 470 9,334 12 524, 938 537,035 12,097 19 . .. 629,466 688,198 58, 732 26 658,109 600,034 58,075 Apr. 2 559, 650 553,164 6,486 y 9 :;::::: : : ; : ; ; : : : :: 546, 772 523, 856 22,916 16 605, 453 627,122 21,669 23 . 547,355 590,981 43,626 30 549,196 574,134 24, 938 May 7 649,115 598, 682 50 433 14 517, 788 511, 607 6 181 21 . ..... .. . 567,170 574,927 7,757 28 540, 596 518, 294 22, 302 J une 4 . _ . -. . 483,148 488,716 5 568 11 492, 752 531,887 39,135 18 . . . . . .. .. 767, 507 761, 777 5,730 25 588,822 539, 227 49, 595 July 2 625,137 566, 987 58,150 9 470,604 498, 607 28,003 16 . . .. 522, 911 549, 406 26, 495 23 503,151 518, 478 15,327 30 546, 885 524, 988 21, 897 Aug. 6 - 533, 575 557, 334 23, 759 13 510,430 526, 600 16,170 20 _ _ . . 591,881 561,990 29 891 27 . . . . 477, 781 482, 217 4,436 Sept. 3 426, 569 398, 528 28,041 10 482, 799 497,004 14 205 17 581,910 648, 238 66 328 24 655, 788 600,233 55, 555 Oct. 1 531, 783 535 984 4 201 8 557,917 548, 348 9, 569 15 512, 490 476, 681 35, 809 22 614, 807 695 658 80 851 29 576,174 577, 639 1,465 Nov. 5 554, 561 535, 759 18,802 12 594, 548 631, 544 36 996 19 712, 063 702, 084 9 979 26 . .. . 601,465 622,536 21 071 Dec. 3 570, 809 574,331 3,522 10 655, 525 620,970 34 555 17 715,481 777, 242 61, 761 24 . . .. . _ 685, 654 711,170 25, 516 31 569,152 587 596 18, 444 Total: 1924 29, 786, 380 29,956, 252 169,872 1923 26,368, 705 26,309 641 59 064 1922 22,359, 499 22,198, 469 161,030 Net loss in ownership of gold since establishment of fund in 1915, $1,480,230,000. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 9.—REPORTING MEMBER BANKS IN LEADING CITIES: PRINCIPAL RESOURCES AND LIABILITIES CO REPORTING MEMBER BANKS IN EIGHT CITIES 1 O [In thousands of dollars] Loans and discounts Investments Accommodation -at Last report date in— Total Se a t b c h n o u a d n r n e d d s U b o n b n it y d e s d s S o to t t a c h t k e e s r s Un s i e t c e u d r i S ti t e a s tes All other Ne d t ep d o e s m its and Time deposits b F a e n d k e s ral reserve c > F j ' 1924 1923 1924 1923 1924 1923 1924 1923 1924 1923 1923 1924 1923 January... 4,230,439 4,107, 518 1,646, 776 1, 676,444 1,003,097 1,198,266 767, 934 766, 716 4,827,708 4,925,632 878,020 744,304 227, 078 February _ 4,199,101 4,219,198 1, 579, 214 1, 735, 9291, 002, 2581,116,845 781, 626 742, 222 4, 794, 581 4, 967,431 902, 744 768, 377 184,867 March 4, 329,874 4,239,359 1,636,296 1,675,576 985,980 1,129,281 787,889 717,423 4, 823, 924 4, 680, 719 942,163 889,867 201, 683 April 4,358, 628 4,219, 907 1, 708,410 1, 670, 648 944, 729 1,084,636 855,452 713,185 5,036,492 4,687,197 962,162 912,134 126, 676 J M un ay e 4 4 , ,2 4 5 7 4 2 , , 1 5 50 8 3 4 4 , , 1 1 8 9 0 7 , , 4 0 5 6 1 1 1 1, , 8 6 3 3 3 3 , , 8 0 7 2 8 2 1 1, , 6 6 4 4 2 8 ,4 , 0 20 0 4 1 1, , 0 0 3 0 4 2 , , 8 7 9 4 871 1, , 1 0 0 9 7 7 , , 4 2 8 7 1 5 9 9 0 8 6 4 , , 3 2 9 3 1 3 7 7 2 1 8 3, , 1 4 0 4 8 0 5 5 , , 0 3 1 6 2 0 , , 0 9 5 1 6 4 4 4 , , 6 7 8 2 8 7 , , 0 73 3 7 0 9 9 6 8 1 8 , , 3 0 2 5 7 0 9 9 1 0 4 0 , , 4 6 9 5 3 3 1 1 4 2 0 9 , , 8 2 1 3 3 6 w July 4, 533,140 4,095, 341 1,958, 001 1, 571, 0621, 067,267 1,079,839 1,012,863 745, 588 5,531,578 4,647,935 010,120 890,143 138, 632 August 4. 573, 6504,077, 640 1,944, 504 1, 490, 9581,103, 908 1, 028, 0221, 031, 649 727, 846 5, 569, 575 4, 509, 994 028, 705 902,635 154,607 September 4, 710,676 4,147,477 2,033,432 1,500,134 1,184, 536 1, 030, 0781, 039, 613 731, 336 5, 654, 005 4, 578, 654 101, 587 906. 769 172,095 j October. _. 4, 621, 7254,163, 202 1,932, 309 1, 515,910 1,213,672 1,035, 241 1,139,777 764,052 5,696,000 4, 733,254 150, 377 899,301 168,974 November. 4, 741,321 4,138, 229 2, 061,382 1, 543, 8351, 228,142 1,006,423 1,144, 349 747, 754 5,839,852 4, 741, 783 181,242 887,858 97,337 December. 4,891,857 4,199,134 2,200,809 1, 649, 4721,139, 625 1,026, 823 1,136,153 755, 773 5,957,157 4, 701, 075 156, 537 895, 284 165, 822 REPORTING MEMBER BANKS IN NEW YORK CITY January._. 3, 717, 878 3, 633,027 1,453,883 1, 505,086 893, 255 1,073, 419 554,379 565, 391! 4,337,217 4,438, 679 583,428 493, 608 58, 571 197,747 February _ 3,685,315 3,729,581 1,384,954 1,557,692 888,806 992,494 565,105 540, 677I 4,300,319 4,469, 536 604,789 508, 750 71,327 150,631 M Ap a r r i c l h 3 3 , , 8 8 1 1 1 8 , , 9 11 2 5 8 3 3 , , 7 71 3 2 4 , , 4 6 5 9 1 7 1 1, , 4 4 9 4 3 1 , , 3 1 5 0 1 6 1 1 , , 4 4 8 86 3 , , 6 0 3 5 1 6 8 8 7 38 2 , , 6 6 0 7 9 9 1, 9 0 5 0 9 2 , , 6 2 9 9 2 0 6 5 3 7 2 2 , , 2 8 6 9 9 3 5 5 1 1 3 8, , 1 6 7 9 1 1 4 4, , 5 3 1 2 3 8 , , 8 5 6 6 9 4 4 4 , , 1 1 8 8 5 1, , 9 5 6 6 8 1 6 65 4 9 3 , , 4 3 2 7 6 2 6 6 4 2 6 6 , ,1 8 6 4 5 5 5 4 0 , , 3 0 3 1 3 4 1 9 6 7 5 , , 3 5 0 5 1 2 33 May 3,726, 689 3, 692,789 1,420,376 1,468,210 896, 584 972, 874 685,085 514,060! 4,499,507 4,185, 627 658,241 649,844 18,493 106,734 June 3,962,873 3, 676,272 1,637,605 1,463,692 924,913 977, 710 753,024 526,120! 4,852,870 4,226, 796 679, 954 631,021 8,047 92,133 July 4,036, 212 3*, 593,167 1, 764,487 1,393,171 953, 018 953, 506 767,205 540,124 5,016,424 4,153, 730 699,913 613, 049 5,714 102,440 w August 4, 069,051 3,582, 55S 1, 753,159 1,316,122 977,362 905, 545 797, 995 521, 549 5,055,017 4,036, 891 711, 521 618,118 8,980 118,152 o September 4,205,674 3,647,060 1,834,071 1,322,948 1,053,825 904,922 789,110 523, 067 5,136,326 4,103, 787 775,021 621, 085 9,600 132, 939 October.. . 4,112,297 3,658, 524 1, 722,713 1,334, 943 1,090,399 915, 793 882,249 553,634 5,177, 529 4,258, 555 813,312 611, 641 11,861 129, 753 November. 4,234, 580 3,627,241 1,854, 699 1,352,869 1,096,200 894, 950 886,833 536,071 5, 314,168 4,263,447 847,211 601,102 5,056 56,282 December. 4,361, 756 3,683,968 1,973,919 1,455,126 999,408 915, 775 871,135 539, 583 5,401,345 4, 212, 831 817,004 608, 830 30, 975 123, 251 1 Figures are for about 108 banks in New York City, Buffalo, Albany, Bridgeport, Jersey City, Newark, Rochester, and Syracuse, which submit weekly reports to the Federal reserve bank. 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

DISTRICT NO. 2—NEW YORK 331 No. 10.—DEBITS TO INDIVIDUAL ACCOUNTS (In thousands of dollars. For explanatory note see page 154.] Total for 7 centers l Albany, N. Y. Month 1924 1923 1922 1924 1923 1922 January 22,814,899 22,763,018 19,644,551 95, 786 96,488 106,285 February.. 20, 511,857 19, 595,761 17,029,426 108,023 99,302 97,690 March 22,227,152 23,231,535 20,977,917 117,452 115,288 112,671 April 21,356,913 21,180,741 21,326,277 130,184 124,851 131,779 May 22,124,834 21,399,850 22,268,911 129,640 111,455 123,383 June 22,639,521 21,789,805 22,693,592 117,293 126,000 102,969 July 22,184,731 19,008,372 20,328,510 119,183 101,948 109,145 August 21, 556,426 16,829,386 18,854,442 109,237 93,063 89,110 September. 21,387,861 17,414,976 19,793,005 110,099 85,949 84, 578 October 23,242,131 19,846,052 22,967,053 130,482 93,625 97,257 November. 23,708,849 20,632,112 19,637,137 109,444 92,195 84,977 December.. 28,106,044 22,801,386 21, 546,408 133,409 98,825 111, 472 Total 271,861, 218246,492, 994247,067,229 1,410, 232 1, 238,989 1,251,316 Binghamton, N. Y. Buffalo, N. Y. Month 1924 1923 1922 1924 1923 1922 I January 20, 616 20, 899 16, 505 325, 276 309, 057 249, 559 February.. 18,466 17,353 15,480 273,827 254,456 203,493 March 18, 673 19, 944 17, 278 293, 111 294,347 241,149 April 20,286 21,164 17, 531 300, 427 303,951 247, 947 May 19,600 21, 204 18, 684 311,380 305, 735 260, 515 June 19.662 21,813 18,415 302, 529 318, 927 271,332 July 20,146 20, 540 17, 358 311.743 315, 071 277, 708 August 18, 292 20,873 17,458 275, 722 294, 753 259,810 September. 18, 709 18,143 17,488 279, 808 282, 954 260, 908 October 20, 995 20,610 18,781 326. 222 323,020 290,914 November. 18,773 18,962 17, 974 301,806 299, 217 278, 248 December.. 20,740 20,821 20, 294 328,115 323,095 303, 351 Total 234, 958 242, 326 213, 246 3,629, 966 3, 624, 583 3,144,934 Elmira, N. Y.* Jamestown, N. Y.* Month 1924 1923 1922 1924 1923 1922 January 17,010 15, 531 18,354 17,053 February.. 16, 578 14,354 11,703 16,442 14,530 11,861 March 17,100 16, 533 12, 593 18,695 17.981 14,369 April 17,815 17,261 12,727 18,316 18. 345 15,679 May 19,291 17,695 13,459 18, 447 15,746 June 17,305 18,981 14,971 17,884 19,395 15,931 July 19,839 18,106 14,295 18,547 18,430 15, 541 August...^ . 16,812 17,325 14,886 17,823 18,245 15,178 September. 16,834 17,939 14,126 17,382 16,708 16,167 October 18, 509 16,252 16,346 18,797 18,882 16,627 November . 15,346 17,113 14,260 17, 547 17,956 17,110 December.. 19,300 18,080 15,926 20,899 18,713 18,081 Total 211,739 205,170 155,292 219, 554 214, 685 172,290 i Figures for cities marked with an asterisk (*) are not included in the district summary or in the national summary of 141 c enters. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

832 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No. 10.—DEBITS TO INDIVIDUAL ACCOUNTS—Continued [In thousands of dollars.] I Montclair, N. J.* Newark, N. J.* Month 1924 1923 1922 1924 1923 1922 January 15, 754 13,917 300,607 277,975 February._ 12,038 10,176 246,199 222, 213 March 15, 212 12,342 10, 242 275,008 278, 535 April 14, 591 12,820 10,638 281,195 266,328 227,780 May 16,246 14, 654 11,463 292,074 275,852 233,104 June 16, 572 15,826 12,602 298, 590 296,553 250,328 July 15,107 12,906 10,132 290,065 264,990 236,385 August 13, 756 11,881 9,790 266,790 240,512 221,356 September. 14,693 11, 524 11,416 287, 507 242, 744 230,383 October 16,191 14,085 12,012 302,670 277,612 251,240 November. 15,937 13,366 12,047 270,355 257,057 236,096 December.. 19, 548 16,180 14,838 344,413 305, 588 286,633 Total 185,645 159,677 124,766 3,455,473 3,205,959 2,173,305 Northern New Jersey Clearing New York, N. Y. House Association * Month 1924 1923 1922 1924 1923 1922 January 22,113,958 22,087,156 19, 064, 575 204,194 200,171 February, _ 19,886,015 19, 019, 491 16, 543,428 171, 097 133, 591 116,720 March 21, 546,482 22,541, 298 20,397,109 186, 764 173, 782 142,903 April 20, 653,978 20,478, 562 20,716, 594 193, 357 157, 625 136,359 May 21,405, 560 20, 703,871 21, 653, 679 210, 983 158, 910 136,301 June 21,925, 659 21, 041, 296 22, 063,382 202,052 183, 334 158,881 July 21, 468,874 18, 320, 626 19, 713,134 209, 713 170, 362 153,973 August 20,915,784 16,188, 613 18, 287, 224 174, 956 150, 729 146,439 September. 20, 734,467 16, 799, 454 19,215, 296 183, 837 152, 771 156,013 October 22, 505, 693 19,151,902 22,322, 276 210, 298 190, 038 185,03» November. 23, 046,934 19,982,927 19, 026, 750 181, 741 179, 600 163,073 27, 327, 223 22,081,149 20,851,135 238, 872 243, 447 217,012 December- Total 263, 530, 627 238,396, 345 239,854, 582 2,367,864 2, 094, 360 1, 712,713 Passaic, N. J. Rochester, N. Y. Month 1924 1923 1922 1924 1923 1922 January 34,142 31,074 22,961 157, 817 151,864 131,292 February-_ 30,044 22,634 18,547 133,526 126,157 103, 594 March 32, 716 29,751 24,456 151, 996 157,969 128,087 April 34, 626 32,460 23,398 150, 678 150,969 127,470 May 34, 269 35, 047 23, 581 154, 776 151,875 130,071 June 33,453 35,120 27,060 171, 608 174, 062 150,944 July 33, 732 32, 548 22,092 163,181 146,802 128,672 August 29,992 33,120 24,883 144,425 135,127 121,878 September. 32,047 31, 258 25, 774 144, 296 133,279 130,274 October 31, 581 34,475 27,996 157,605 147,872 145,926 November. 31, 569 32, 775 27,304 138, 038 138, 358 134,120 December-. 39,100 36, 637 33, 345 188, 544 175,716 155,020 Total 397, 271 301,397 1,856, 490 1, 790, 050 1,587,348 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DISTRICT NO. 2 NEW YORK 333 No. 10.—DEBITS TO INDIVIDUAL ACCOUNTS—Continued [In thousands of dollars.] Stamford, Conn.* Syracuse, N. Y. Month 1924 1923 1922 1924 1923 January 12, 549 14, 547 67, 304 66,480 53, 374 February._ 11, 673 9,618 8,131 61, 956 56, 368 47,194 March 12,103 11, 621 10, 416 66, 722 72, 938 57,167 April 13, 319 12, 846 8,863 66,734 68, 784 61, 558 May 15, 629 '14,160 11, 090 69, 609 70,663 58,998 June 14,808 14,896 13,110 69, 317 72, 587 59, 490 July 13, 546 13,964 11, 228 67, 872 70, 837 60, 401 August 12,102 12, 567 10, 668 62,974 63,837 54,079 September. 12, 877 13, 097 11, 253 68, 435 63, 939 58, 687 October 15,445 14, 708 12, 905 69, 553 74, 548 63, 903 November. 12,063 12, 446 11,219 62, 285 67, 678 67, 764 December. _ 13, 458 •13, 264 12,732 68, 913 65,143 71, 791 Total. 159, 572 157, 734 121, 615 801, 674 813,802 714,406 NOTE.—Centers which have not reported continuously for the 18 months ending Dec. 31, 1024. are not included in the table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DISTRICT NO. 3—PHILADELPHIA No. 1.—CONDITION OF FEDERAL RESERVE BANK [In thousands of dollars] Dec. 31, Dec. 31, Dec. 31, 1924 1923 1922 RESOURCES Gold with Federal reserve agent 168, 237 181, 069 179,351 Gold redemption fund with United States Treasury 4,480 4,659 6,116 Gold held exclusively against Federal reserve notes 172, 717 185, 728 185,467 Gold settlement fund with Federal reserve Board... 31,137 29,939 30, 599 Gold and gold certificates held by bank 27, 713 33, 367 19, 523 Total gold reserves 231, 567 249, 034 235, 589 Reserves other than gold _ 4,994 10, 747 14, 805 Total reserves . 236, 561 259, 781 250, 394 Nonreserve cash... 1,731 1, 345 0) Bills discounted: Secured by United States Government obligations 27, 411 42, 814 38, 872 Other bills discounted 8, 873 16,110 10, 738 Total bills discounted. 36, 284 58, 924 49.630 Bills bought in open market 18, 276 33, 261 23,380 United States Government securities: Bonds.. __: 1,345 747 1,800 Treasury notes 24 127 12 058 22, 640 Certificates of indebtedness __ 4,417 147 4,750 Total United States Government securities 29,889 12, 952 29,190 Foreign loans on gold _ 582 All other earning assets _ _ 1,550 Total earning assets 86, 581 105,137 102,180 Uncollected items _ 59 473 53 356 58,032 Bank premises __ 1,114 1,111 640 All other resources 203 184 366 Total resources _ 385, 663 420,914 411,612 LIABILITIES Federal reserve notes in actual circulation _ 168, 737 221, 038 214, 067 Deposits: Member bank—reserve account _ 129, 677 119,129 119,075 Government 2,152 2,437 255 Other deposits _ 806 '337 587 Total deposits 132, 635 121,903 119,917 Deferred availability items 53, 591 47,805 49, 331 Capital paid in _ 10, 518 9,941 9,327 Surplus 20, 059 19,927 18, 749 All other liabilities... 123 300 221 Total liabilities .. 385, 663 420,914 411,612 Ratio of total reserves to deposit and Federal reserve note liabilities combined (per cent) 78.5 75.8 75.0 Contingent liability on bills purchasedfor foreign correspondents 4,140 1,633 2,752 1 Not shown separately prior to 1923. 334 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DISTBICT NO. 3 PHILADELPHIA 335 No. 2.—PRINCIPAL ASSETS AND LIABILITIES, OF FEDERAL RESERVE BANK, BY WEEKS [Amounts in thousands of dollars] Bills discounted for member banks Date a T e s i s a o n e r t g t n a s - l 1 Total b s y e G B e c U o i r u l n v l . r s - e S - d . O b d t i i h s l - l e s r b i m n o B a u o i r l g p l k s h e e t n t U s S e t n t i c a e i u t t s e e ri s d - re T s c e o a r s t v a h e l s r b M d e a e s b n e e p e m r k o r v s s - e - ' d T e o i p t t o a s s l - F r i e n e c n s o u d e c t l e r e a i r v r s - a - e l s c p R e e e r e n r v - t - e ment count- its tion obliga- ed tions 1924 Jan. 2 _ 101, 711 54,-992 40. 502 14, 490; 32, 972| 13, 747258, 554 117,974 122,492 218,453 75.8 9.... 92, 770 46, 07 34, 759 11,318 32,001 i 14, 692252, 752 118,123 119, 041206, 332 77.7 93, 238 40, 512 31, 596 8,916 32, 047 20, 679 246, 512117,019 120, 327200, 215 76.9 94, 461 39, 659 31, 063 8,596 33, 705 21,097 237, 633 115, 236120, 250191, 043 76.3 30_. 94, 838 43, 333 32,493 10, 840 30,082 21,423 241, 233 115, 700120, 350192, 606 77.1 Feb. 6_. 83, 568 38, 096 30, 625 7,471 23, 930 21, 542250, 75< 120,206 122,167 190, 387 80.2 13.. 79, 744 36, 699 28,966 7,733 21, 503 21, 542265, 512 119, 782123,197 200, 742 82.0 2 2 0 7 _ .. . 8 8 7 8 , , 8 0 3 1 2 5 3 4 9 4 , , 3 0 5 2 3 1 3 3 0 2 , , 1 7 2 3 9 2 1 8 2, , 2 2 8 2 9 4 2 21 5 , ,0 5 5 1 8 81 j 2 2 2 2 , , 9 9 6 3 1 6 2 2 5 49 0 , , 8 3 5 8 8 8 1 1 1 1 4 2 , , 2 9 9 0 2 1 1 11 1 5 7 , , 6 63 6 6 0 2 19 0 8 1 , , 4 3 7 8 9 0 7 7 9 9. . 0 1 Mar. 5.. 81, 339 40, 014 30,379 9,635 18,389 22,936 257, 258 115, 731118, 252199,105 81.1 12.. 79, 514 39, 427 29, 665 9,762 17,151 22, 936 262, 84f 115, 957119, 235202, 049 81.8 19 81, 943 40, 519 30, 710 9,809 16, 359 25, 014259, 724 117, 348118, 598199, 303 81.7 26_. 75, 910 38,714 26, 937 11, 777 14,163 22, 982266, 343 113, 063117, 643201, 292 83.5 Apr. 2_. 81, 304 43, 602 30, 302 13, 300 14, 669! 22, 982 272, 750 117, 537126,868 206, 443 81.8 9.. 73, 846 37, 961 26, 970! 10,991 12, 852| 22, 982272, 251 113, 572120, 753204,864 83.6 16.. 74, 284 39, 990 25, 949j 14, 041 10, 986 23, 257269, 746 116,155 118, 739207, 279 82.7 71, 377 38, 09l| 25, 525! 12, 566 9, 280 23, 955265,491 114, 675117, 377197, 409 84.3 3o!* 69, 564 36, 053 j 23, 650! 12,403 7,07 26, 381269, 338 116,311 118, 587197, 573 85.2 May 7_. 63, 996 31, 710! 20, 65S| 11, 052 4,811 27, 424271, 450 119,041 120, 896192, 755 86.5 14.. 66, 288 31,832 21, 464! 10, 368 28, 516268, 576 114,888 118, 221192, 830 86.3 28!" 6 67 5 , , 2 2 6 5 2 2 3 31 3 , , 1 3 9 3 1 4 2 2 2 1 , , 9 7 2 5 4 7 [ 10 9 , , 5 2 7 6 7 7 4 4^ ,0 8 1 3 4 7 2 29 8, , 5 5 0 3 6 0 2 26 6 3 6 , , 8 3 6 5 8 ; 1 1 1 1 9 3 , , 1 0 9 3 1 91 1 1 2 6 0 , , 3 63 9 4 8 1 1 9 8 4 6 , , 6 3 6 3 0 0 8 85 5 . . 7 9 June 4.. 73,198 32, 436 22, 684 9, 752| 4, lOOi 35, 361 260, 573 122, 996126, 830186, 616 83.1 11.. 73.159 30, 244 20, 683 9,561 4,128 37, 486 267, 301 128,129 130, 208188, 270 83.9 18.. 59,963 26, 247 18, 292! 7, 955! 3, 484 28, 931 262, 566 117, 792119,248 185, 644 86.1 59, 977 27, 260 8, 267! 2,485| 28, 931 268,283 114,146 119,855 185, 824 July 2.. 59, 686 27, 568 17, 977| 9, 591 i 1,937 272, 478 120, 668122, 616191, 262 86.8 9_. 56,829 25, 023 16, 746, 8, 2771 1,625 28, 931 273, 290 122,318 124,426 184, 576 88.4 3 2 1 0 3 6 . . . . . . ..5 5 5 8 5 6 , , , 7 6 5 6 6 6 5 1 7 2 2 24 6 3 , , , 3 3 0 0 5 9 1 6 1 1 1 1 6 7 5 , , , 4 0 4 7 5 7 1 5 5 1 8 8 7 , , , 3 8 6 0 3 1 1 0 6 1 1 1 , , , 7 4 2 5 3 8 0 6 7 2 2 2 9 9 9 , , , 6 6 6 7 7 7 4 4 4 2 2 2 6 6 6 3 8 4 , , , 5 0 3 6 1 3 4 0 0 1 1 1 2 2 2 2 1 3 , , , 3 6 0 9 2 7 8 9 21 1 1 2 2 2 4 4 6 , , , 8 4 0 1 1 7 5 4 5 1 1 1 7 7 7 2 2 9 , , , 8 8 9 5 8 0 3 6 9 8 8 8 7 8 8 . . . 4 7 9 Aug. 6.. 54, 374 21, 236 14,184 7,052 1,088 30,800 262, 281 124, 340126,186 169, 229 88.8 13.. 54,355 21, 047 14, 201 921 31,137 262, 801 123, 020124, 835171, 671 2 2 0 7 . .. 5 5 3 3 , ,4 5 6 4 9 3 1 1 9 9 , , 8 7 6 9 7 7 1 1 3 2 , , 9 3 5 79 7 6 6, , 8 4 4 8 0 8 7 7 8 8 5 9 3 3 1 1 , , 1 1 3 3 7 7 2 26 6 1 2 , , 7 6 2 3 1 3 1 1 2 2 5 3 , , 5 7 3 34 5 1 12 2 7 8 , , 5 51 9 7 61 1 6 6 4 3 , , 3 9 7 7 0 4 Sept. 3.. 54, 696 20,1971 12,888 7,309 1,612 31,137 256,899 120, 258124, 302164, 913 88.8 10.. 53, 716 18, 775! 11, 935 6,840 1,563 31, 628256, 097 126,962 131,132 157, 929 88.6 2 1 4 7 . . . . 5 52 2 , , 5 7 2 3 7 3 1 1 7 7 , , 3 5 4 2 1 4 1 1 11 1 , ,1 2 0 2 4 7 6 6 , , 2 2 9 3 7 7 1 1, , 8 7 0 5 1 2 3 3 1 1 , , 4 8 5 9 2 0 2 2 5 5 1 0 , , 0 33 3 1 5 1 1 3 2 0 5 , , 8 6 1 0 8 31 12 3 9 1 , , 2 2 3 2 7 31 1 5 5 4 0 , , 9 3 8 5 4 8 8 8 7 9 . . 9 3 Oct. 1 53, 010 18, 4611 11,448 7,013 1,347 31,452 253, 612 127,320 131, 848156, 078 88.1 8 53, 695 17, 591 j 10, 329 7,262 2,902 31,452 250, 422 128,456 130, 594153, 588 88.1 15 56.160 17, 922^ 11, 090 6,832 5,036 31,452 257, 917 124,931 138,513 156,995 87.3 22 58, 690 17, 803 j 11, 589 6,214 7,685 31,452 245, 217 128; 433129, 640151, 900 87.1 29 60, 606 19, 284 i 12, 921 6,363 8,120 31,452 243, 858 127, 466129, 570152, 619 86.4 Nov. 5. 64,846 19, 973J 13,136 6,837 10,121 31, 452244,313 127,340 131, 042156, 517 85.0 12 | 70,584 22,103 14, 358 7, 745 13, 729 31,452 237, 901 122,895 126,529 159,880 83.1 19 I 73,566 22, 741 15, 222 7, 519 17, 073 31,452 233, 626 129, 762132,112 155, 242 81.3 26 I 76,536 23, 395 16, ' 6, 502 19, 52831,313 239, 978 128,481 130,184 164, 635 81.4 Dec. 3 75,117 21, 522 15,149 6,373 20, 429 31, 034 245, 073 133, 230135, 375164,955 81.6 10 85,755 34, 788; 25, 848 8, 940| 19,821 29, 014233, 646 125, 602129, 412170, 673 77.9 17 86,152 35, 026 25 927 9, 0991 19, 454 29, 540233,193 126, 048126, 741173, 774 77.6 24. I 98,090 47; 3471 37^ 6011 9, 746! 18, 722 29, 889228,384 122,882 126, 512182,315 74.0 31 _J 86,581 36, 284 27, 411| 8, 8731 18, 276 29, T" 236, 561 129, 677132, 635168, 737 78.5 Daily average j 71, € 31,315 I 11,404 27,811 256,595 119,779 123,100 183,141 1 Includes other earning assets as follows: Municipal warrants $51,000 March 19 to June 25; Federa Intermediate Credit Bank debentures $500,000 May 14 to May 28, $1,250,000 June 4 to Aug. 13, $1,750,00 Aug. 20 to Oct. 29, $3,300,000 Nov. 5 and 12, $2,300,000 Nov. 19 and 26, $1,550,000 Dec. 3 to Dec. 31; foreign loans on gold $582,000 Dec. 3 to Dec. 31. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

336 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No. 3.—DISCOUNTS AND PURCHASES OF BILLS AND SECURITIES BY FEDERAL RESERVE BANK: VOLUME, BY CLASSES [In thousands of dollars] Bills discounted for member banks Bills bought in open market Commer- Secured cial and Month Total b G y m o v U e e n . r t S n- . c p u a a l g t p u r e i r - r a , l a T a c n r c a c e d e p s e t- Total B a a c n c k ep er t- s' c D h o e a x l n l - g ar e a T a c n r c a c e e d p s e tobligations n. e. s. 1924 January 173,709 144, 038 29, 628 18, 573 17,171 1,402 February 169,708 131, 897 37, 753 16, 287 15, 407 880 March 143,648 113, 434 30,138 9,403 8,674 729 April 131, 204 93,600 37, 527 5,034 4,834 200 May 92, 800 65, 396 27, 354 3,945 3,880 65 June 79, 550 62, 204 j 17, 306 3,111 2,936 175 July 72, 817 58, 526 14, 251 737 737 August 54, 655 44, 232 10, 356 1,130 1,130 September 54, 209 40, 626 13,542 606 606 October 60, 840 44,669 I 16,120 10, 623 10, 473 150 November 67, 372 49,865 17,473 14, 350 14, 294 56 December 153, 518 132, 272 31,152 5,341 5,211 130 Total: 1924.... 1, 264, 030 980, 759 282, 600 671 89,140 85, 353 3,787 1923.... 2,911,142 2, 062, 723 847, 666 753 159,105 147,220 11,846 39 1922.... 2, 450, 843 1, 771, 245 678, 831 767 137,122 132, 533 4,366 223 I United States United Month B c s h e a o a c n n s u d m d e r s d i a t i r i e k n C s e o c e o p t a f r p u t t i e i e n r f s n - - i- e c s S o r f e h F p t t r a t c i a a o e u h l e u s t d m r e r s e r e - - e r i s d - - l g F e o o i o o a g n l n r n d - s m F d c i b t e e p e n u r a d b d e u t r n e e d e i e r a k r r - n i s - a t t - e l M r c w a i • a u p n a u s n a r r t e s - i - l d - 192 T 4 otal p u d r i 1 s c 9 c h 2 o a 3 u se n s ts an 1 d 922 notes debt- serve chased edness banks 1924 January.. 6,910 1,324 909 201, 425 288,147 I 265,135 February. 1,515 46 187, 556 243,434 I 254,008 March 16, 675 51 169,777 250, 613 263, 529 April _ 3,323 587 140,148 230, 206 197, 711 May 3,847 1,138 500 ! 102,230 255, 528 197, 571 June 5,893 10, 521 750 j 99,825 313, 255 221, 492 July 1, 079 132 657 ! 75,422 286, 838 172, 636 August.. 1,118 353 500 !.. ; 57,756 294, 635 184, 277 September. 453 1,476 56, 744 241,134 174, 425 October 203 1,550 73,216 257,002 218,965 November. 226 82, 236 233, 577 258,136 December.. 1,954 1,518 582 172, 913 274, 908 342, 633 Total: 1924 26,380 34,199 1,566 582 1,300 51 11,419,248 1923 1 2,572 96,259 199 : 3,169,277 1922 iJ 38,679 120, 522 3,250 102 j !, 750, 518 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DISTRICT NO. 3 PHILADELPHIA 337 No. 4.—BILLS DISCOUNTED BY FEDERAL RESERVE BANK: VOLUME, BY STATES [Amounts in thousands of dollars] Number of Number of member member Month Je N rs e e w y * Delaware P v e a n n n i s a y * l- Total a b d t a i n e s k n tr s d ic i t o n f ac b c d o a a m n te k m d s omonth during the month 1924 January. . _ . . ... 21,157 729 151,823 173,709 725 327 February 17, 237 702 151,769 169, 708 724 320 March 19,754 874 123,020 143, 648 727 308 April 21,166 939 109,099 131,204 730 308 May. . . . ... 19,174 561 73,065 92,800 731 308 June 18,022 701 60,827 79, 550 732 282 July . . 12,196 552 60,069 72,817 735 262 August 4,899 146 49,610 54,655 736 296 September 3,484 184 50,541- 54,209 738 260 October 4,578 199 56,063 60,840 740 271 November 7,403 160 59,809 67,372 742 299 December 8,585 229 154, 704 163, 518 743 356 Total* 1924 157, 655 5,976 1,100,399 1,264,030 1923 207,430 11, 578 2,692,134 2,911,142 1922 151, 755 16, 731 2, 282,357 2,450,843 Number of member banks at end of year: 1924 97 22 624 743 1923 92 22 611 725 1922 89 22 606 717 Number of member banks accommodated: 1924 .. . . 73 15 437 525 1923 73 17 442 532 1922 71 19 448 538 1 Figures in this column relate only to that part of the State located in the Philadelphia district. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

338 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No. 5.—EARNINGS AND EXPENSES OF FEDERAL RESERVE BANK 1924 1923 1922 Discounted bills $1, 290, 080 $2, 693, 392 $2, 393, 673 Purchased bills 408, 409 952, 999 712, 383 United States securities.___ 1,136, 303 910,010 1,119, 457 Deficient reserve penalties. 7,839 21, 754 14, 409 Miscellaneous 73, 215 14, 616 12, 028 Total earnings. 2, 915, 846 4, 592, 771 4, 251,950 CURRENT EXPENSES Salaries: Bank officers 129, 833 131,499 129, 499 Clerical staff . 980, 591 994, 796 982, 600 Special officers and watchmen 59, 595 59, 811 57, 952 Allother 91,117 103,077 83,477 Governors' conferences 267 312 206 Federal reserve agents' conferences 123 138 181 Federal Advisory Council 343 540 461 Directors' meetings 7, 565 6,223 6,407 Traveling expenses * 12, 875 13, 965 16, 378 Assessments for Federal Reserve Board expenses 59, 978 60, 883 60, 625 Legal fees 5, 462 2,588 4,370 Insurance (other than on currency and security shipments). 35,062 24, 089 44, 439 Insurance on currency and security shipments 87,077 88, 801 46,025 Taxes on banking house 22, 538 21, 614 21, 276 Light, heat, and power 21, 922 29, 565 39, 085 Repairs and alterations, banking house 15,167 76, 737 20, 396 Rent- 2,774 2,903 1,675 Office and other supplies 44,127 53, 957 31, 457 Printing and stationery 51, 077 57, 679 51, 973 Telephone 25, 741 26, 679 23, 431 Telegraph : 20,087 23,146 18, 745 P E o x s p t r a e g s e sage 1 5 5 1 3 , , 8 5 3 1 6 7 1 4 4 7 1 , , 1 3 4 6 8 3 167, 973 Federal reserve currency: Original cost, including shipping charges... 196,149 252,141 118,014 Cost of redemption, including shipping charges. 37, 567 40, 627 43, 381 Taxes on Federal reserve bank-note circulation 24, 723 All other expenses 41, 446 35,445 59,170 Total current expenses.. 2,153, 836 2, 295, 726 2,053,919 PROFIT AND LOSS ACCOUNT Earnings 2, 915, 846 4, 592, 771 4, 251, 950 Current expenses. 2,153, 836 2, 295, 726 2, 053,919 Current net earnings.. 762,010 2, 297, 045 2,198,031 Additions to current net earnings: Withdrawn from reserve for depreciation on United States bonds 20, 433 18, 807 67, 732 Allother 1,698 810 H, 946 Total additions. 22,131 19, 617 82, 678 Deductions from current net earnings: Depreciation allowances on bank premises. 23, 733 Furniture and equipment.. 23, 307 70, 648 42,931 Allother 13, 742 44, 444 902 Total deductions __ 37,049 138, 825 43, 833 Net deductions from current net earnings 119, 208 2 38, 845 Net earnings available for dividends, surplus and franchise tax 747, 092 2,177, 837 2, 236, 876 Dividends paid 615,135 582, 292 541, 552 131, 957 1,178, 588 3 803, 594 Transferred to surplus account 416, 957 3 891, 730 Franchise tax paid United States Government 1 Other than, those connected with governors' and agents' conferences and meetings of directors and o the advisory council. ' 2 Net additions. 3 After charging surplus and crediting franchise tax with $36,366 paid as an additional franchise tax for 1921. Amounts transferred to surplus and paid as a franchise tax out of earnings for 1922 were $839,960 and $855,364, respectively. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DISTRICT NO. 3 PHILADELPHIA 339 No. 6.—VOLUME OF OPERATIONS IN PRINCIPAL DEPARTMENTS OF FEDERAL RESERVE BANK 1924 1923 1922 NUMBER OF PIECES HANDLED Bills discounted: Applications _ 14,029 17, 583 0) Notes discounted.. 35, 579 53,614 49,019 Bills purchased in open market for own account. 6,630 11,367 10, 638 Currency received and counted— _ __ 164,432,000 156,722,000 123, 686,000 Coin received and counted 216,525,000 194,118,000 183,478,000 Checks handled __. 59,010,000 51, 325,000 57,113,000 Collection items handled: United States Government coupons paid 4,952,000 • 6,355,000 7,614,000 All other. 458, 000 382,000 344,000 United States securities—issues, redemptions, and exchanges by fiscal agency department 1, 211,000 2 6, 754,000 1, 222, 000 Transfers of funds 93,000 74,000 63,000 Envelopes received and dispatched _ 2,489,000 2,420, 000 0) AMOUNTS HANDLED Bills discounted _ $1, 264,030,000 $2,911,142,000 $2,450, 843,000 Bills purchased in open market for own account 89,140,000 159,105,000 137,122,000 Currency received and counted 1,084,405,000 1,011,761,000 726,382,000 - Coin received and counted 30, 353,000 27,062, 000 23, 545,000 Checks handled 20, 795, 229,000 15, 808,129,000 13, 880,222, 000 Collection items handled: United States Government coupons paid 55,876,000 63,054, 000 63,852,000 Allother 462,479, 000 432,479, COO 452, 257,000 United States securities—issues, redemptions, and exchanges by fiscal agency department 456,097,000 578,493, 000 930, 091,000 Transfers of funds 4, 899, 506, 000 3, 379,281, 000 3, 040, 220,000 1 Data not available. 2 Large increase due to redemption of war savings secutities which matured January 1, 1923. No. 7.—OPERATIONS OF FEDERAL RESERVE CLEARING SYSTEM [Figures include cash items only. Numbers in thousands; amounts in thousands of dollars] Ite d b m i a s n s tr k i s c d ts ra in wn ow o n n Ite s o th m e th r e v s i e r e f r o b F b r r w a e a n d n a k r e c d r h s a e e a l d s n r t e d o - Ite T U m r n e s i a te s d u d ra r e S w r t n at o e o s n f . Total Month Num- Num- Num- Number ber Amount ber Amount ber Amount 1924 January _. 3,931 1, 208,205 580 108, 557 136 21,076 4,647 1,337,838 February 3,489 1,117,523 548 88,880 126 19,047 4,163 1,225,450 March 4,063 1, 244, 554 607 103,683 148 20,960 4,818 1,369,197 April 4,032 1,716,208 616 112,335 170 26,136 4,818 1,854,679 May 4,139 1, 708,990 632 97, 794 157 24,970 4,928 1,831,754 June _. 4,262 1, 631, 220 615 94,450 148 24,427 5,025 1,750,097 July 4,356 1, 701,196 617 105,628 156 21, 946 5,129 1,828,770 August 3,873 1, 537,889 557 85,158 148 18,929 4,578 1,641,976 September 4,044 1,955,752 565 95, 721 228 20,964 4,837 2,072,437 October.. 4,622 1,829,116 693 116,116 211 24,859 5,526 1,970,091 November 4,086 1,637,652 636 98,261 156 20,948 4,878 1,756,861 December 4,759 2,016, 263 756 113,361 148 26,455 5,663 2,156,079 Total: 1924 49,656 19,304, 568 7,422 1,219,944 1,932 270,717 59,010 ' 20,795,229 1923 43, 546 14, 228,861 5,827 1, 248, 381 1,952 330, 887 51,325 15,808,129 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

340 ANNUAL, REPORT OF THE FEDERAL RESERVE BOARD No. 8.—CLEAEINGS AND TRANSFERS THROUGH 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 1924 Jan. 2 (1 day). 36, 803 35, 270 1,533 178, 717 168, 788 9,929 6.. 168,470 158, 534 9,936 3.. 168,001 159, 399 8,602 30.. 163, 758 167,437 3,679 Feb. 6.. 147,106 155, 768 13.. 135, 685 151, 217 15, 532 20.. 195,145 180, 783 14,362 27.. 151, 703 152, 310 607 Mar. 5.. 148,312 153, 659 5,347 12.. 141, 709 145, 847 4,138 19.. 176, 572 173,548 3,024 26.. 166, 772 174,439 7,667 Apr. 2. 151, 390 157, 202 5,812 9. 154,445 154, 800 355 16.. 166, 891 165, 740 1,151 23.. 167,421 163, 005 4,416 30.. 168, 305 171,013 2,708 May 7_. 171,147 173,947 2,800 2 14 1 . . . . 1 1 7 6 4 0 , , 9 7 0 2 7 8 1 17 6 1 1 , , 2 6 2 0 6 6 ! I 3,681 878 28.. 163, 779 170,451 ! 6,672 June 4.. 151, 576 144,168 I 7,4 11.. 139,881 I 146,769 ! 18.. 186,713 176,866 j 9,847 25.. 170,695 I 176,763 | 6,068 July 2.. 165, 221 171,674 | 6,453 9_. 141, 350 142,112 762 16.. 163, 362 160,686 S 2,676 23.. 162,936 160,459 i 2,477 30.. 173,105 173,981 876 Aug. 6.. 149, 735 149, 505 230 13.. 154,956 158,803 3,847 20.. 156,149 157, 550 1,401 27.. 143, 879 145, 512 1,633 Sept. 3.. 140, 354 136, 988 3,366 10.. 150,077 149, 740 337 17.. 178, 220 175,089 3,131 24.. 180,176 179, 225 951 Oct. 1- 168, 251 170,130 1,879 8.. 178,984 175,211 3,773 15.. 148,399 155,928 7,529 22.. 202,059 188,165 13,894 29.. 179,840 177, 745 2,095 Nov. 5.. 154, 688 152, 955 1,733 12.. 164,176 158, 639 5,537 19.. 204, 256 202,001 2,255 26.. 180, 497 188,320 7,823 Dec. 3.. 169,089 173, 772 4,683 10.. 182,421 172,860 9, 561 17.. 204, 472 205, 706 1,234 24.. 210, 353 209,067 31.. 156,566 160,977 Total: 1924.. 8,670,202 I 8, 663, 355 6,847 1923.. 8,049,170 j 8, 034, 560 14, 610 1922.. 7,109, 692 7,134,136 24,444 Net gain in ownership of gold since establishment of funds in 1915, $122,433,000. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DISTEICT NO. 3 PHILADELPHIA 341 No. 9.—REPORTING MEMBER BANKS IN LEADING CITIES: PRINCIPAL RESOURCES AND LIABILITIES [In thousands of dollars] Investments Loans and discounts Last report date in— United States securities All other 1924 1923 1924 1923 1924 1923 T January... 622,977 583,151 104,284 124, 591 180,850 188,066 February. 624,243 594,187 104, 711 118, 954 185,073 185,211 March 638, 557 614, 654 103,371 124,420 188,496 183,491 April 644, 756 625,442 96, 647 124,121 ! 200,052 182,831 May 642,432 615,274 97,328 128,336 i 206,217 184, 798 June 644, 970 628, 772 99,191 •124,813 213,949 185,356 July 653,461 633,199 93,756 120,030 228, 218 184,933 August 658, 701 632, 933 94,094 113,302 I 237, 287 181,047 September 669,890 642, 599 103, 706 112,173 ! 244, 779 180,344 October... 689, 582 634, 509 106, 291 107,706 ! 254, 903 181,424 November 701, 674 627, 785 106,069 105,092 I 252,960 182,349 Decernber. 673, 245 621, 768 118, 448 108,896 | 256, 720 185,397 Accommodation at Net demand deposits Time deposits Federal reserve banks Last report date in— 1924 1923 1924 1923 1924 1923 January. __ 660, 956 703,453 127, 951 68, 864 14,013 28, 336 February. 659, 672 700, 795 130, 708 75,467 18.026 30,940 March 659, 528 684,876 129,130 19, 507 13,412 39, 759 April 668,126 707, 984 133,978 18, 753 12.027 26,493 May 684, 521 692, 381 131, 232 10,494 40,342 June 692, 973 680,115 133, 741 103, 538 7,519 43, 475 July 718,471 692,859 141, 046 105, 666 5,874 35, 557 August 723, 605 684, 238 149, 706 104, 599 4,466 37, 227 September 732,828 681, 066 155, 049 103, 006 3,761 34,451 October. __ 753,351 681,025 166, 255 109,417 4,895 34,903 November 762, 257 679, 521 177, 501 113, 074 3,819 25, 442 December. 753, 070 671, 953 182, 331 114, 593 13, 090 29, 214 NOTE.—Figures are for about 55 banks in Philadelphia, Gamden, Scranton, and Wilmington, which submit weekly reports to the Federal reserve bank. No. 10.—DEBITS TO INDIVIDUAL ACCOUNTS [In thousands of dollars. For explanatory note see p. 154] Total for 10 centers i Allentown, Pa.* Month 1924 1923 1922 1924 1923 1922 January 1,925,455 1,914, 857 1, 583, 008 29, 778 28,446 February._ 1,723,139 1, 648,925 1,431, 593 27,413 23,033 20,181 March 1,873,812 1, 926,493 1, 628,117 30,969 30,188 24, 702 April 1,942, 356 1,863, 477 1, 569, 312 32, 390 31,476 26, 555 May 1,894,928 1,973, 625 1, 634, 314 30, 558 32,445 25,826 June 1,936, 205 2,083,113 1, 720, 649 32, 218 33, 292 26, 648 July 1,902,728 1,826, 560 1, 668, 316 32, 651 29, 735 25, 853 August 1, 748, 702 1,733,171 1, 589,819 29,832 27,827 24, 093 September.. 1, 794,021 1, 670, 226 1, 646, 539 31, 495 28,882 25, 966 October 1,968,134 1,922, 569 1,891,067 35,148 33, 615 29, 668 November.. 1,820, 722 1, 738, 336 1, 682,845 30,451 ! 27,921 26, 016 December.. 2, 242,478 1,999,728 1,939,197 35, 319 31,392 29,830 Total 22,772,680 22,301,080 19, 984, 776 378, 222 1 358, 252 285, 338 1 Figures for cities marked with an asterisk (*) are not included in the district summary or in the national summary of 141 centers. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

342 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No. 10.—DEBITS TO INDIVIDUAL ACCOUNTS—Continued [In thousands of dollars.] Altoona, Pa. Camden, N. J.* Month 1924 1923 1924 1923 January 14, 210 16,176 11, 640 54, 553 48,832 February-. 13, 586 14, 658 10,109 45, 224 39, 346 34, 444 March 14, 785 17, 335 12, 920 48, 894 47, 378 41,125 April 15,310 17, 340 12, 787 51,807 45, 375 40, 575 May 14, 512 19, 296 13, 329 48, 808 49, 639 45, 680 June 15,471 18,860 13, 708 52,807 53, 274 45, 934 July 15, 533 18,096 13,177 58,026 49, 812 42, 348 August 16,305 17, 605 14, 706 48, 675 47,104 41, 861 . September- 13, 501 16, 291 14, 366 50, 721 46,869 44,175 October 14, 318 19, 248 15, 663 58,151 52, 784 44, 670 November- 15, 236 14, 781 13,876 50, 916 49, 023 41, 046 December.. 17, 572 16,487 15,700 67, 628 57,462 56,359 Total 180, 339 206,173 161,981 636, 210 586, 898 478, 217 Chester, Pa. Harrisburg, Pa.* Month 1924 1923 1922 1924 1923 1922 r January 25,444 22,849 | 17,886 40, 067 31,610 33, 451 February... 23,045 20,229 I 15, 583 35, 989 28,194 24, 917 March 25,930 22,264 ! 18, 390 39, 515 37, 599 29, 806 April 22, 555 22,300 19,026 39,144 36, 661 32,103 May... 23, 633 23, 989 20, 273 39,888 38,819 31, 597 June 21,856 25, 321 18, 740 37,311 40, 781 30, 401 July... 22,964 24, 704 18,309 39,437 38,941 32, 208 August 20, 997 24,307 18,243 36, 334 37,261 29,715 September.. 21,610 23, 081 18, 826 39, 309 35, 769 31,317 October 24, 714 28, 224 23, 535 43,491 40, 301 34,007 November. _ 21, 036 24,141 20, 271 38, 863 36, 299 31, 290 December... 24, 012 25, 699 22, 234 43, 980 43,676 35,970 Total . 277, 796 287,108 231,316 473, 328 445, 911 376,782 Hazleton, Pa. Johnstown, Pa. Month 1924 I 1923 1923 1922 January 12, 248 10, 399 21, 795 23, 305 17, 235 February. _ 11, 560 9,903 8,264 21, 525 20, 332 15, 699 March 11,883 11, 221 9,577 21, 687 23,124 18, 898 April 12, 717 12, 054 9,603 23, 999 24, 359 19, 097 May 13, 527 12,317 8,759 22,499 26, 325 21,057 June 14, 073 12, 755 9,052 22,098 27, 631 21, 002 July 14, 653 12,119 9,338 21, 778 25,458 20, 081 August 13,094 12, 008 9,021 21, 697 25, 207 21,356 September. 14,147 10,841 9,412 21,368 23, 360 22, 272 October 15, 507 14, 370 11,312 24, 690 25,451 23, 785 November. 13,719 I 12,611 10, 601 21,900 23, 358 22,113 December. . 14, 600 13, 260 10, 865 24, 611 23, 038 26, 433 Total 161,728 143,858 105, 804 269, 647 290, 948 249, 028 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DISTRICT NO. 3—PHILADELPHIA 343 No. 10.—DEBITS TO INDIVIDUAL ACCOUNTS—Continued [In thousands of dollars.] Lancaster, Pa. Lebanon, Pa.* Month 1924 1923 1922 1924 1923 1922 January 27,955 27,235 18,063 7,032 6,425 February. _ 24,370 22,165 17,897 6,307 5,181 4,068 March 32,853 31,535 25,413 7,416 6,773 5,134 April 32,901 32,026 26,615 8,577 7,386 6,107 May 26,808 26,808 20,478 7,041 7,597 5,414 June 26,659 25,495 22,637 7,068 7,648 5,402 July 26,035 24,626 20,990 6,920 7,250 5,239 August 24,052 23,317 20,458 6,799 7,344 5,088 September. 27,146 24,099 21,943 6,669 6,769 5,338 October 31,642 28,900 25,731 8,246 8,160 6,508 November. 25,785 24,898 22, 733 6,642 6,744 5,880 December.. 28,881 26, 751 26,652 7,703 7,639 6,625 Total 335,087 317,855 269,610 86,420 84,916 60,803 Norristown, Pa." Philadelphia, Pa. Month 1924 1923 1922 1924 1923 1922 January... 4,562 3,709 1,602,165 1, 596,994 1,327,128 February.. 3,390 3,092 2,451 1,408,212 1,375,159 1,197,975 March 4,092 2,919 1, 540,381 1,606, 540 1, 353,282 April 3,849 3,766 3,103 1,602,872 1,541,444 1,299,842 May 3,773 4,356 3,221 1,571,816 1, 642, 579 1,374,876 June 3,688 4,966 3,515 1, 610,962 1, 752,826 1,459,928 July _. 3,618 4,057 3,405 1,570,638 1,495,459 1,416,261 August 3,942 3,160 1,448,325 1,392,251 1,348,538 September. 3,482 3,965 3,335 1,478,165 1,379, 516 1,389,367 October 4,146 4,393 1,623,087 1,583,917 1,582,430 November. 3,883 3,949 3,728 1, 513,365 1,428,416 1,402,331 December.. 4,513 4,245 3,847 1,871,374 1, 647,903 1,615,296 Total 45,939 48,532 36,633 18,841,362 18,443,004 16,767,254 Reading, Pa.* Scranton, Pa. Month 1924 1923 1922 1924 1923 1922 January 45,358 41,362 31,362 75,807 78,563 62,781 February.. 38,945 34,487 26,466 77,166 65,845 54,837 March 39,252 42,343 32,040 75,667 77,037 64,031 April 36,056 44,087 33,008 75,200 71, 788 58,665 May 40,244 46,713 33,410 74,980 77,376 51,357 June 37,622 45,254 35, 712 74,487 78,170 52, 781 July 41,813 32,196 77,833 82,843 49,394 August 35,941 43,651 31,404 68,300 71,357 45,154 September. 35,496 37,677 33,826 75,333 63,060 48,912 October 37,081 43,607 37,430 80,587 75,821 72,070 November. 34,226 40,100 36, 739 69,740 71,120 66,510 December.. 43,028 44,856 41,347 80,440 80,140 73,919 Total. 462,186 505,950 404,940 905,540 893,120 700,411 36569—25t 23 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

344 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No. 10.—DEBITS TO INDIVIDUAL ACCOUNTS—Continued [In thousands of dollars.] Trenton, N. J. Wilkes-Barre, Pa. Month 1924 1923 1922 1924 1923 1922 January... 58,398 55,501 45, 781 47,817 41,953 36, 523 February.. 64,063 54,248 46,884 46,573 34,138 31,190 March 61,603 55,855 48,455 46, 533 42, 721 36,494 April 64,654 61,398 47,281 50,641 41,839 35,669 May 61,094 63,010 52,129 47,810 43, 700 34,403 June 60,952 61,290 49,915 51,889 45, 500 34,299 July 64,657 62, 353 49, 782 49,081 44, 393 29,081 August 56, 224 54, 781 49,438 44, 269 42,803 28,248 September. 64,568 55,188 54,166 45,984 39,126 33,025 October 63,229 61,234 53, 517 51, 557 47,075 39,156 November. 59, 279 56,429 51,857 46,451 48,649 39,432 December.. 76, 762 70,480 65,902 57,012 52,060 42, 200 Total 755,483 711, 767 615,107 585, 617 523,957 419, 720 Williamsport, Pa. Wilmington, Del. York, Pa. Month 1924 1923 1922 1924 . 1923 1922 1924 1923 1922 January 17,896 19,806 15, 959 35,476 35, 828 30,184 20,287 19, 952 17,063 February.. 15,164 17, 282 15, 591 33,200 28,873 27, 594 17, 760 16, 328 13,933 March 17, 652 18,845 18,303 36, 761 35,093 31,886 21, 647 19, 268 18, 943 April 18,482 18,033 18,404 36,977 37, 652 30, 739 22, 764 19, 657 20, 284 May 18, 213 19, 296 18, 534 35, 585 36,358 32, 390 20, 477 21, 213 16, 545 June 16, 744 18, 619 19,320 35,608 35, 922 33, 577 21, 577 21,110 15, 744 July 15, 579 19, 058 17,411 41, 285 35, 617 36, 323 19,123 19,411 17, 588 August 15,391 17,153 16, 801 36, 540 69,403 31, 790 18,299 20,194 16,443 September. 16,127 17,143 17,142 32, 715 34,010 31,132 18, 872 18, 712 17, 660 October 17, 602 17, 754 20,475 39, 580 38, 742 38, 699 21, 818 21, 654 19, 791 November.. 14, 353 15, 747 18,156 34,395 35,082 30, 944 21, 082 19, 073 16, 735 December.. 16, 825 17, 997 19, 982 41,422 40, 661 35, 573 28,178 21, 550 21, 739 Total. 200,028 216, 733 216, 078 439, 544 463, 241 390, 831 251, 884 238,122 212, 468 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DISTRICT NO. 4—CLEVELAND o. 1.—CONDITION OF FEDERAL RESERVE BANK [In thousands of dollars] Dec. 31,1924Dec. 31,1923Dec. 31,1922 RESOURCES Gold with Federal reserve agent 165,466 225, 020 193,303 Gold redemption fund with United States Treasury 1,849 3,427 5,924 Gold held exclusively against Federal reserve notes 167, 315 228,447 199, 227 Gold settlement fund with Federal Reserve Board 40,158 68, 752 71, 889 Gold and gold certificates held by bank l._ 21,407 12,177 13,484 Total gold reserves 228, 880 309, 376 284, 600 Reserves other than gold . - 9,365 5,561 7, 391 Total reserves.. _ .__ .. 238, 245 314, 937 291,991 Nonreserve cash 5,934 5,184 0) Bills discounted: Secured by United States Government obligations 29,248 25, 833 19, 907 Other bills discounted 12, 825 23,185 18,634 Total bills discounted _ . . _ _ .. 42, 073 49, 018 38, 541 Bills bought in open market 41,217 44, 046 51, 007 United States Government securities: Bonds 11,126 918 918 Treasury notes 33,858 9, 030 10,97$ Certificates of indebtedness _• 15,066 1,247 13, 842 Total United States Government securities ... . 60,050 11,195 25, 739 Foreign loans on gold 702 Total earning assets . . . 144, 042 104, 259 115, 287 Uncollected items 56,127 53,180 66,175 Bank premises . . _. ._ 7,573 9,097 7,006 All other resources 333 " 207 598 Total resources . 452, 254 486, 864 481, 057 LIABILITIES Federal reserve notes in actual circulatiqn, 198, 515 243,323 242, 565 Deposits: Member bank—reserve account 163,019 151, 670 144,487 Government 4,203 3,322 545 Other deposits ,... 1,123 1,583 1,705 Total deposits 168, 345 156, 575 146, 737 Deferred availability items 49, 460 49, 897 55,802 Capital paid in. 12, 756 12, 333 11, 708 Surplus 22,462 23, 691 23, 495 All other liabilities 716 1,045 750 Total liabilities 452, 254 486, 864 481, 057 Ratio of total reserves to deposit and Federal reserve note liabilities combined (per cent) ., . 64.9 78.8 75.0 Contingent liability on bills purchased for foreign correspondents.._ 4,994 2,051 2,815 J Not shown separately prior to 1923. 345 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

346 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No. 2.—PRINCIPAL ASSETS AND LIABILITIES OF FEDERAL RESERVE BANK, BY WEEKS [Amounts in thousands of dollars] Bills discounted for member banks Mem- Date e a T a s r s o n e t i a t n s l g 1 Total b G B c y m o i u l v e l r s U e e n r d . t s n S e - . - c O o b d u t i i h n s l - l e t s e r d i m b n o B a o u r i p l k g l e e s h n t t U s S e n t t c i a i e u t t s e r e i s d - c s T a e s o r h v t a e r l s e-r b e d s a e b e i n p t e r s k o r v s s e - ' d T e i o p t t s o a s l - n F r l o c e a e i s t t d r e e i c e s o r u v r n i - a n e l s c a p R e e e g e r n r e - v t - s e obligations 1924 Jan. 2 118,765 57,271 29.781 27,490 48,973 12, 521 306,970 158,447 165,810 241,114 75.4 118,219 55,100 29,223 25,877 49,391 13,728 297,657 159,504 163,333 235,801 74.6 99,752 39,545 21,376 18,169 45, 295 14,9r 306,314 161,338 165,518 224.919 78.5 23_ 94,976 35,954 21,509 14,445 43,459 15, 563 308,858 158,452 164,415 222, 238 79.9 88,802 31,432 17,201 14,231 41,415 15,955 321,482 165,693 171,871 219,341 82.2 Feb. 6.. 91, 520 34.849 22,134 12, 715 40,33; 16,334 309,118 159,753 166,567 214, 517 81.1 13.. 106,892 53.850 32,95" 20,893 36,708 16,334 318,77l| 169,662 174,482 226,741 79.4 20- 89.321 36,548 23,150 13,398 34, 769 18,004 311,346 158,338! 164,192 221,661 80.7 27. 91, 777 39,269 26.762 12, 507 33,036 19,472 328,651 166,757 171,065 229,934 82,0 Mar, 5.. 86,483 33,161 17, 299 15,862 31,456 21,866 321,7631 158,740 165,798 223, 775 12.. 96,448 40,991 21,434 19, 557 30,115 25,342 320, 683i 161,877 170, 533227,975 80.5 19.. 90,404 36,874 16,305 20, 569 25, 538 27,992 305,642i 158,436 159,786 220, 755 80.3 26.. 92,125 41,343 22,362 18,981 20,61' 30,168 326,467i 161,526 170,621 227,315 82.0 I Apr. 2_. 93,392 42, 508 24,389 18,119 19,913 30,971 316,852 157,588 171,443 222, 583 80.4 9.. 103,396 53,048 30,115 22,933 19,314 31,034 315,254 161,046 173,688 228,198 78.4 16.. 106,375 57,404 28,428 28,976 17,601 31,370 301,257 163,381 170,646 223,416 76.4 23.. 100, 538 51, 78" 30, 576 21,211 16, 550 32, 201303,969i 158,539 162,417 223,974 78.7 30.- 93,902 45,132 25,916 19, 216 13, 672 35,098 305,537 156,599 160, 511221,090 80.1 May 7_. 92,122 43,392 23, 734 19,658 12,376 36,354 311,416 163,952 165,947 219,423 80.8 14.. 90,943 42,912 24,441 18,471 10,374 37,65: 312,048 161,800 165,454 221,147 80.7 2 2 1 8 _ . . . 8 9 7 6 , , 0 4 7 1 4 8 4 5 1 0 , , 3 0 0 2 3 0 2 2 8 2 , , 6 10 6 5 3 2 1 1 9, , 1 3 9 5 8 " 8 7 , , 0 5 9 5 6 6 3 3 7 8 , , 8 6 4 7 2 53 3 0 0 9 9 , , 8 0 7 6 2 0 1 1 6 6 2 2 , , 0 5 9 8 8 3 1 1 iW 6 6 4 6 )o, ,6 o3 0 8u 2 0 2 22 1 0 4 . , 4 7 8 7 9 2 8 8 1 0 . . 5 1 June 4_. 95, 593 43, 385 22,068 21,317 5,379 46,829 311,672 170, 538174,490 215,415 79.9 11.. 103,423 47, 245 31,719 15, 526 5,814 50,364 307,447 168,848 173, 683218, 252 78.4 18.. 76,714 31,095 18,457 12, 638 5,638 39,981 315,415 164,141 165,693 210,989 83.7 25.. 74,313 29,324 17,857 11,467 4,415 40, 574326,349 162,765 167,904 213,931 85.5 July 2. 69,665 25, 288 14.782 10, 506 3,355 41,022 322,328 160, 769162,643 212, 718 85.9 65,915 20, 642 11,791 8,851 3,077 42,196 331,991 160, 586163,969 217,086 87.1 16——' 70,340 20,619 11.763 8,856 2,780 46,941 323,497 166,088 169,056 209.490 85.5 23. 68.322 18,887 10,733 8,154 2,175 47, 260321, 791 163, 262167,489 205,733 86.2 30 69, 253 20,15: 13,124 7,027 " 1,686 47,416 330,380 174,178 178,452 202,499 86.7 Aug. 6 74, 079 18,478 11,763 6,715 1,429 54,172 314,489 165,919 169, 283200,807 85.0 13 79, 588 22, 594 16,715 5,879 968 56,026 324,697 175, 397177,825 206,883 84.4 20 73,796 16,615 10, 263 6,352 965 56, 216 327,432 175,340 177,797 202,978 86.0 27 73,955 16,806 10, 614 6,192 933 56, 216 327,899 168,422 171,011 209.920 86.1 Sept. 3 _ 75,977 16,73' 10, 862 5,875 3,024 56,216 324,214 166, 505169,691 208,900 85.6 10 88,34, 22, 51, 17,94' 4,571 6,66f 59,168 325,079 178, 227181,412 212, 574 82.5 17 99,334 29, 51' • 24, 22 5, 293: 8,07; 61,744] 302,362 178, 616179,778 206,761 78.2 24 97, 726 28,683 21,99J 8,30: 60,742 314,483 176,819 181, 290210,792 80.2 Oct. 1 97,82£ 26,43? 19, 77: 6,667 9,64J 61,742 305, 564170,168 174,007 209,435 79.7 96,905 19,682 13, 324 6,358 12,47 64,748 307,945 170, 574174,056 212,420 79.7 15— 104,31i 26, 246 19, 08? 7,160 13, 31' 64, 749308,710 182,005 187,989 212, 582 77.1 22— 103, 21 23,741 16,81, 6,923 14, 72' 64, 749298, 663169,861 172,14 209,987 78.2 29— 103,787 20,786 13,80C 18,24' 64,754 305,337 170, 614175, 51?211,672 78.9 Nov. 5— 110,36£ 25,14^ 17,27! 7,872 20,46? 64,754 300,217 179,056 181,39: 208,090 77.1 12— 126,733 39, 621 30,327 9,294 22,076 65,036 290,086 179,436 183,180 212,765 73,3 19— 113, 468 24,332 14,99C 9,343 24,099 65,036 292,601 179,191 182,425 205,628 75.4 26— 116,636 26, 214 17,757 8,457 25,887 64,535 287,900 168,176 171,88£ 209,552 75.5 Dec. 3 123,422 27,921 15,067 12,854 31, 267 63,533 287,185 179,871 183,53, 205,0OC 73.9 10 132,857 43,13Z 29,681 13,454 32,509 56, 511284,178 182,587 188,16€ 209,993 71.4 17 145, 207 51, 25t 34,562 16,693 34,374 58,876 262,341 183, 206184,76S 206,63C 67.0 24— 148,453 46,032 27, 57£ 18,454 41,66? 60,050 262,136 175,196 181,6I1 217, 54 65.7 31 144,042 42,073 29,24? 12,825 41,217 60,050 238,245 163,019 168,34£ 198,51, 64.9 Daily average 95,28C 32,679 19,05£ 43,494 312,337 166,194 170,792 216,380 80.7 1Includes foreign loans on gold, $702,000, Dec. 3 to 31. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DISTRICT NO. i CLEVELAND 347 No. 3.—DISCOUNTS AND PURCHASES OF BILLS AND SECURITIES BY FEDERAL RESERVE BANK: VOLUME, BY CLASSES [In thousands of dollars] Bills discounted for member banks Bills bought in open market Com- Month Total m b l G S i y g e e o a c n v U t u t i e o r . o r e S n n b d s - . - a m p t g a a u e r p n r i r c c a d e u i l r a , l l e B a c rs n e a ' c p n a e t k c - s - - a T a c n r c a c e d e p s e t- m d s a D r i a a g n e n f d h - t d t s Total e B a r c s n e a ' c p n a e t k c - s - - c D h e o a x l n l - g ar e a T a c n r c a c e d e p s e tn. e. s. 1924 January _ 131, 595 100,934 29,729 932 14,366 13,596 770 February 160,635 130,460 29,422 737 10,598 10,105 493 March 113,876 76,417 36,913 518 8,303 8,028 275 April 175,424 124,104 50,144 1,165 5,567 5,447 120 May _. 139, 278 104, 499 33,734 1,013 2,242 2,162 June 102,148 80,965 20,418 761 3,232 3,232 July 52,663 40, 299 11,446 918 1,389 1,307 82 August 40, 787 33, 202 7,243 287 1,153 1,153 September 81,474 71, 709 9,176 524 8,057 8,057 October 62,060 54,676 7,023 326 16,939 16, 693 246 November 86, 518 70,481 15, 584 421 19,280 18,916 364 December 201, 567 133,821 66,910 807 24,944 24,859 85 Total: 1924 1,348,025 1,021, 567317, 742 8,409 307 116,070 113, 555 2,515 1923....2,436,808 1,820, 900601,798 14,110 196, 774 192, 518 4,152 104 1922-..1, 523, 3461, 083,488425, 277 700 13,881 95, 551 92,812 2,610 129 U. S. securities U. S. se- Bills purchased in open curities Total discounts and purchases bought market purfrom chased Foreign Month other from loans on F r b e e a s d e n e r k r v a s e l B n a o o n n t d e d s s c i C e n a d e d t n r e e t e s i b f s o i t s - - f F r b e o e a s t d e h n e r e k r v r s a e l gold 1924 1923 1922 1924 January 2,327 1,688 1,101 151,077 395,543 195, 952 February _ _ 3,486 493 175, 212 148,011 192, 206 March 6,925 10, 745 139,849 172, 259 159, 517 April 4,450 723 186,164 155,055 123,480 May . 4,602 1,361 147,483 251, 583 144, 254 June 12, 212 12,452 358 130,402 299,161 168,151 July 9,473 2,477 1, 643 67,645 338,846 101,697 August. __ 3,579 1,069 46, 588 246, 517 121, 641 September 3. 721 8,414 101, 666 192, 539 115,629 October.. . . 3,507 82, 506 269,697 131, 210 November 1,463 827 108,088 247, 572 212, 365 December 11,184 5,425 702 243,822 269,184 220,123 Total: 1924... 63,422 49,181 3,102 702 1, 580, 502 1923 6,796 1,813 343, 776 2, 985,967 1922 53,462 30, 936 176,946 5,984 1,886, 225 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

348 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No. 4.—BILLS DISCOUNTED BY FEDERAL RESERVE BANK: VOLUME, BY STATES [Amounts in thousands of dollars] Number Number of of member Month P v e a n n n i s a y l * - Ohio tu K c e k n y - i I ! Vi W rg e in st ia1 Total b m d a i e n s m k tr s b i c i e t n r m a b o c a c d n o a k m t s e - d at end of during month the month 1924 January 69, 353 55, 425 3, 277 i 3, 540 131, 595 880 February 109, 438 45,432 2,516 | 3,249 160, 635 877 259 March 54, 462 52, 672 2, 965 j 3,777 113, 876 876 278 A pril 101, 968 66, 916 3, 246 3,294 175,424 877 308 May 87,849' 45, 579 2,857 2,993 139,278 874 302 June 63, 844 33,946 1,810 2,548 102,148 874 302 July 28,251 20, 545 1,840 2,027 52, 663 874 274 August 21, 986 14,182 1,905 2,714 40, 787 873 263 September 57,207 19,161 2,221 2,885 81,474 873 252 October 33,328 20, 447 2,556 5,729 62, 060 872 264 November 50, 275 29, 629 2,498 4,116 86, 518 871 259 December 109, 784 85, 757 2,127 3,899 201, 567 872 318 Total: 1924 _ 787, 745 489,691 29,818 40, 771 1,348,025 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 Number of member banks at end of year: 1924 329 447 872 1923 328 456 880 1922 329 457 881 Number of member banks accommodated: 1924 155 281 485 1923___ 145 282 470 1922 182 307 540 1 Figures in this column relate only to that part of the State located in the Cleveland district. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DISTRICT NO. 4 CLEVELAND 349 No. 5.—EARNINGS AND EXPENSES OP FEDERAL RESERVE BANK 1922 Discounted bills. $1, 361, 771 $2, 326, 579 $2, 247, 667 Purchased bills 670, 338 1, 511, 554 743, 759 United States securities 1, 581, 943 739, 935 1,946,915 Deficient reserve penalties. 16, 669 29, 564 27, 223 M iscellaneous 139,968 47, 458 28, 718 Total earnings.. 3, 770, §89 4, 655, 090 4,994, 282 CURRENT EXPENSES Salaries: Bank officers . 225,000 223, 067 220,100 Clerical staff .* 1,105,384 1, 045,915 1, 081, 239 Special officers and watchmen 100,178 97, 326 93, 785 Allother 231, 662 178,431 108, 236 Governors' conferences 425 492 360 Federal reserve agents' conferences. _. 189 211 260 Federal Advisory Council 745 950 613 Directors' meetings 7,669 7,812 8,386 Traveling expenses l 22, 434 19, 218 21, 036 Assessments for Federal Reserve Board expenses 72, 332 76,1 58 76, 737 Legal fees 13, 526 7,059 5,538 Insurance (other than on currency and security shipments). 44, 345 28, 300 26, 600 Insurance on currency and security shipments.-.. 66,154 72, 779 42, 564 Taxes on banking house 163, 226 . 27,528 23, 493 Light, heat, and power 38, 536 21,019 7,494 Repairs and alterations, banking house 14, 657 5,830 6,845 Rent. 47, 064 129, 650 162, 648 flqe other supplies.. 48,047 57,833 37, 965 Printing and stationery... 63,870 68,753 66,080 Telephone 14,126 14,929 15, 969 Telegraph 35, 802 37, 614 36, 516 151, 674 156, 677 151,764 Expressage . 25 992 21,147 Federal reserve currency: Original cost, including shipping charges 99,618 182, 662 124, 508 Cost of redemption, including shipping charges. 26, 351 20,880 37, 788 Taxes on Federal reserve bank—note circulation 21, 335 All other expenses _ 45,844 48,419 83, 407 Total current expenses | 2,664,850 2, 550, 659 2,461, 266 PROFIT AND LOSS ACCOUNT Earnings 3,770,689 4, 655, 090 4,994, 282 Current expenses . 2, 664,850 2, 550, 659 2, 461,266 Current net earnings . 1,105, 839 2,104,431 2, 533, 016 Additions to current net earnings: Withdrawn from reserve for depreciation on United States bonds 21, 612 4,148 43, 728 Allother 18, 385 7,803 5,161 Total additions.. 39,997 11,951 48, 889 Deductions from current net earnings: Depreciation allowances on bank premises. 1, 509, 445 699, 651 125,428 Reserve for self-insurance 100, 000 100, 000 Furniture and equipment 102,466 336, 702 42, 779 Allother 7,078 58,808 45, 010 Total deductions 1,195,161 313, 217 Net deductions from current net earnings 1, 578,992 1,183, 210 264,328 Net earnings available for dividends, surplus, and franchise tax 2 473,153 921, 221 2, 268, 688 Dividends paid 756,152 725, 626 692,436 Transferred to surplus account 195, 595 861, 264 Franchise tax paid United States Government 714,988 Deficit in earnings after payment of dividends charged to surplus account 1 1, 229, 305 1 Other than those connected with governors' and agents' conferences and meetings of directors and o* the advisory council. 2 Deficit in earnings before payment of dividends. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

350 ANNUAL REPOKT OF THE FEDEKAL RESERVE BOARD No. 6.—VOLUME OF OPERATIONS IN PRINCIPAL DEPARTMENTS OF FEDERAL RESERVE BANK 1924 1923 1922 NUMBER OF PIECES HANDLED Bills discounted: Applications 11,036 12,092 13,139 Notes discounted _ ... 28,427 34,932 36,444 Bills purchased in open market for own account 10,059 16,021 co- Currency received and counted.. 135,693,000 128,085,000 rn, 437,000 Coin received and counted. 176,965,000 161, 788,000 139,105,000 Checks handled... - 68,039,000 67,433,000 58,143,000 Collection items handled: United States Government coupons paid. 5,475,000 6,434,000 7,921,000 All other 442,000 390,000 350,000 United States securities—issues, redemptions, and exchanges by fiscal agency department. 2,483,000 217,228,000 3,007,000 Transfers of funds 90,000 88,000 68,000 Envelopes received and dispatched 3, 530,000 3,611,000 2,905,000 AMOUNTS HANDLED Bills discounted $1,348,025,000 $2,436,808,000 $1,523,346,000 Bills purchased in open market for own account 116,070,000 196,774,000 95, 551,000 Currency received and counted 833,126,000 821,051,000 653,478,000 Coin received and counted 14,419,000 12,499,000 12,269,000 Cheeks handled. _ 23,874,737,000 24,354,352,000 11,956,422,000 Collection items handled: United States Government coupons paid 64,778,000 63,857,000 62,051,000 All other.. 427,264,000 469,979, 000 405,362,000 United States securities—issues, redemptions, and exchanges by fiscal agency department 348,600,000 900,529,000 1,002, 51*, 000 Transfers of funds - 4,752,346,000 3,649,583,000 3,098,602,000 1 Data not available. 2 Large increase due to redemption of war savings securities which matured Jan. 1, 1923. No. 7.—OPERATIONS OF FEDERAL RESERVE CLEARING SYSTEM [Figures include cash items only. Numbers in thousands; amounts in thousands of dollars] Items drawn on Items forwarded Items drawn on Month banks i t n r ic o t wn dis- re to t s h e o e r t v i h r e e b r b r a a F n n e k c d s h e e r a s a n l d U T n r i e t a e s d u r S e t r a o te f s Total i Number Amount Number Amount Number Amount Number Amount 1924 January 5,409 1,879,455 241 59,818 170 23,151 5,820 1,962,424 February 4,924 1, 742,209 193 58,128 158 19,199 5,275 1,819, 536 March 5,578 1,964,965 226 66,802 213 20,429 6,017 2,052,196 April 5,321 1,925,091 230 63,807 247 24,024 5,798 2,012,922 May 5,169 1,870, 511 222 60,169 193 23,091 5, 584 1,953, 771 June 5,025 1,779,357 199 63,118 162 19, 204 5,386 1,861,679 July 4,964 1,807,852 194 60,435 149 19,052 5,307 1,887,339 August 4,716 1,715, 931 178 53,069 203 18, 776 5,097 1, 787, 776 September 4,906 1,906, 773 182 52, 724 265 18, 722 5,353 1, 978,219 October.. 5,465 2,064,113 217 55, 551 269 20,929 5,951 2,140,593 November 4,901 1,831,207 202 51,273 186 19, 264 5,289 1,901, 744 December 5,595 2,134,633 235 62,117 168 19, 555 2,216,305 Total: 1924 61,973 22,622,097 2 2, 519 2 707,011 2,383 245,396 66, 875 23, 574, 504 1923. 61,397 23,093,306 2 2,380 2,536 254,317 66,313 24,045,878 1 Exclusive of duplications on account of items handled by both parent bank and branches. 2 Includes 131,000 items, aggregating $19,505,000 and 116,000 items, aggregating $20,242,000, forwarded direct to drawee banks in other districts during 1924 and 1923, respectively. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DISTRICT NO. 4 CLEVELAND 351 No. 8.—CLEARINGS AND TRANSFERS THROUGH 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 1924 Jan. 2 (lday). 37,396 30,038 7,358 151,273 140,535 10, 738 16.. 134,956 142,837 7,881 23.. 143,911 146,015 2,104 30.. 127,884 141,073 13,189 Feb. 6.. 138,942 128,122 10,820 13.. 103,997 116,254 12,257 20.. 159,302 152,684 6,618 27.. 127,362 147, 497 20,135 Mar, 5.. 147,654 142,349 5,305 12.. 130,039 130,541 502 19.. 164, 208 151,096 13,112 140,102 162, 916 ~22,~8U Apr. 2. 142,174 134,595 7,579 9.. 122, 731 124,139 1,408 16.. 153, 775 140,427 13,348 23. 154,870 159,948 5,078 30.. 145,131 147,597 2,466 May 7.. 128,990 136,419 7,429 14_. 119,575 122,153 2,578 21.. 165, 026 162,879 2,147 28.. 137,112 140,937 3,825 June 4_. 125,494 127,455 1,961 138,471 134,576 3,895 167,864 174,426 6,562 25.. 142,108 153,662 11,554 July 2.. 151,522 150,326 1,196 9_. 110,678 121,571 10,893 16_. 142,976 136,493 6,483 23.. 145,650 144,178 1,472 131,316 140, 770 9,454 Aug. 6. 137,844 124,006 13, 838 13. 117,838 128, 718 10,880 20. 142,107 146,617 4,510 27. 135, 795 135,543 252 Sept. 3.. 111,443 108,555 2,888 10.. 132, 791 135,103 2,312 17.. 162, 337 140,417 11,-920 24_. 159,374 172,662 "l3,"288 Oct. 143, 586 135, 688 7,898 145, 950 150,233 4,283 15. 133,056 133,857 801 22. 192,950 181,851 11,099 29.. 153,370 157,169 3,799 Nov. 5_. 143, 038 138, 701 4,337 12. 142,542 135, 303 7,239 19.. 183,194 184, 224 26.. 173,023 4,197 Dec. 3_. 148,266 148, 681 415 10.. 162,065 160, 568 1,497 17.. 187,718 168, 752 18,966 24.. 177, 245 181,111 31.. 158, 521 130,260 28, 261 Total: 1924.. 7, 576, 542 7,551, 353 25,189 1923.. 7,314, 202 7,410,226 96,024 1922.. 5, 844, 293 5, 931,461 87,168 Net gain in ownership of gold since establishment of fund in 1915, $490,081,000. 36569—25t 24 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

352 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No. 9.—REPORTING MEMBER BANKS IN LEADING CITIES: PRINCIPAL RESOURCES AND LIABILITIES [In thousands of dollars] Investments Loans and discounts Last report date in— United States Securities All other 1924 1923 1924 1923 1924 1923 January... 122,108 1, 058,142 221, 228 242,690 302, 237 297,117 February _ 117,160 1,061, 997 224, 919 243, 978 309, 385 287, 202 March 135,801 1,083,459 224, 518 254,336 307, 009 287, 533 April 156, 224 1,112, 537 216,107 244, 790 311,174 289, 207 May 161, 921 1,129, 730 214, 726 239, 519 313, 318 284, 576 June 145,199 1,134,428 234, 251 241, 621 «21, 826 286,447 July 134, 321 1,122,324 292, 549 234,077 328,462 299, 718 August 145, 937 1,129,492 303,044 234,026 333,180 297, 954 September 149,026 1,127,997 321,888 236,878 338, 512 299*061 October. __ 156, 747 1,131,116 330, 901 233, 828 344, 572 294, 855 November 161, 888 1,134, 303 330, 504 227,108 346, 614 299,254 December. 148, 289 1,121, 598 303,140 223, 569 343, 992 300, 636 Accommodation at Fed- Net demand deposits Time deposits eral reserve banks Last report date in— 1924 1923 1924 1923 1924 1923 January... 898,343 943, 270 617,343 548,435 13, 753 8,031 February. 884,297 932, 774 627, 521 547, 603 22, 784 10,943 March. _ • 883,296 915,114 627,651 553, 728 22,098 24,126 April 902, 358 939, 497 631.194 554, 762 24, 581 31, 302 May 902, 050 926,211 650, 801 561, 869 30,430 38,469 June 910, 549 927, 090 673, 924 563, 753 11, 022 July 964, 563 936, 276 687, 988 576,348 5,740 40,317 August 975, 954 923, 308 698,135 592,008 2,279 38,187 September 983, 738 902,981 697,851 591, 570 13,118 39,089 October 1, 010, 591 896, 634 701, 278 602, 614 4,571 43, 614 November. 1, 019,485 898, 952 701.195 603, 982 9,245 39,130 December. 972, 457 868,188 680, 065 607, 724 23, 790 46,177 NOTE.—Figures are for about 76 banks in Cleveland, Cincinnati, Pittsburgh, Canton, Columbus, Dayton, Erie, Lexington, Toledo, and Youngstown, which submit weekly reports to the Federal reserve bank. No. 10.—DEBITS TO INDIVIDUAL ACCOUNTS [In thousands of dollars. For explanatory note see p. 154] Total for 13 centers i Akron, Ohio Month 1924 1923 1922 1924 1923 1922 January 2,227,515 2,305,963 1, 709,252 77,388 70, 891 52, 213 February.. 2,006,249 1,949,930 1, 538,886 63,027 60,012 44,683 March 2,173,881 2,206,665 1,665,926 70,378 75,165 50,975 April _. 2,275, 246 2, 227, 570 1, 744,376 78,539 75,372 55,619 May ... 2,122,402 2,266,888 1, 741, 268 72,646 77,528 54,469 June 2,105,227 2, 278,941 1, 927, 948 72,020 79,646 62,396 July. 2,139,964 2,237,042 1, 911,065 76, 093 77,040 60,222 August 1,979, 554 2,081,604 1,850, 667 65, 725 70,121 58, 259 September. 1,996,688 2,005,409 1,877,032 72,962 74,125 60,660 October 2,300,487 2, 241,154 2,025,319 76,839 70,847 60,142 November. 1,980,486 1, 996,108 1,867,671 67,994 64,848 56,359 December.. 2,466,903 2,331, 503 2,430,467 84,884 72, 586 67, 073 Total 25, 774,602 26,128, 777 22,289,877 878,495 868,181 683,070 1 Figures for cities marked with an asterisk (*) are not included in the district summary or in the nationa summary of 141 centers. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DISTKICT NO. 4 CLEVELAND 353 No. 10.—DEBITS TO INDIVIDUAL ACCOUNTS—Continued [In thousands of dollars.] Butler, Pa.* Canton, Ohio * Month 1923 1922 1924 1923 1922 January 10,428 11,245 47, 294 46,336 February.. 9,097 9,696 6,824 40, 787 36,019 22,870* March 10,500 11, 533 7,987 49,063 47,910 32,404 April 11, 789 11, 594 9,766 50,653 45,836 34,326- May 11,070 11,832 10,055 41,763 44,869 32,814 June 10,278 13,042 10, 633 43,003 50, 669 37, 760 July 10,647 11,151 10,112 43,070 45,444 37, 791 August.... _ 10, 213 10, 774 10, 512 39, 775 41,660 35,788 September. 11,910 12,172 10, 726 43,044 40, 736 38,634 October 13,030 13,398 12,376 44,460 43, 761 November. 10,945 11,787 9,867 37,667 37, 729 36, 219 December. _ 11,477 12, 683 11,288 47,320 44,474 48,587 Total 131,384 140, 907 110,146 527,899 525, 443 397,095 Cincinnati, Ohio * Cleveland, Ohio Month 1924 1923 1922 1924 1923 1922 January 341,469 357,392 284,242 642, 928 689, 980 523, 990 February.. 288,178 288,000 232,459 583,611 542,818 446, C19- March 317,364 367, 067 288, 287 626, 227 629,468 474.124 April. 328, 538 358,462 289, 537 719, 936 676, 374 527, 212 May 303,195 351,875 279, 292 609,831 668, 494 499.125 June 298, 662 344,432 316,334 618, 520 692, 395 591, 911 July 316, 567 326, 414 281, 577 624,357 662,147 575,181 August 282, 723 282,836 264, 307 571,311 626, 360 560,08S September. 288,611 300, 788 288, 992 597,176 612, 713 574,640 October 332,316 327,438 303,163 660,497 678, 058 601, 503 November. 297, 707 290,932 290,087 582,193 592, 533 547, 363 December.. 397, 257 365, 752 357,962 751,111 703,121 667, 269 Total 3, 792,587 3,961, 388 3,476, 239 7, 587, 698 7, 774, 461 6,588, 425 Columbus, Ohio Connellsville, Pa.* Month 1924 1923 1922 1922 January 133,552 163, 204 113, 650 4,856 6,138 February.. 120,940 118, 679 138,926 4,494 5,374 March 136, 497 146,337 118,359 4,847 6,866 4,473 April 138,867 165, 708 123, 541 4,764 5,762 4,247 May 133, 501 169,640 126, 620 4,990 6,096 4,660 June 132, 722 158, 244 131, 914 4,883 6,230 5,420 July 132,134 151, 254 131,308 4,753 5,455 4,843 August 123, 729 150,908 124,240 4,608 5,483 5,872 September. 132, 737 148, 042 133, 741 4,471 5,527 6,994 October 144, 868 137,240 138,459 5,080 5,787 6,989 November. 134, 226 128, 749 128, 510 4,291 4,984 5,904 December.. 150,472 153,662 154, 737 5,058 5,366 6, 434 Total 1, 614,245 1, 791,667 1, 564, 005 57, 095 69,068 55, 836 I Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

354 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No. 10.—DEBITS TO INDIVIDUAL ACCOUNTS—Continued [In thousands of dollars.] Dayton, Ohio Erie, Pa. Month _____ 1924 I 1923 1922 1924 1923 1922 January 73,969 i 69,936 52, 239 32,400 33, 694 23,260 February.. 63,443 59, 756 45, 830 28,286 26,545 20,545 March 71,123 78, 642 56, 501 31,128 31,687 26,292 April.. 70,587 70, 944 51,880 31,267 30,820 24,290 May 71, 572 54, 520 32,064 32,417 26, 723 June.. 70,120 73,842 58, 613 31,835 34,402 26, 922 July 70,172 74, 611 61, 949 30,960 32, 263 25, 672 August 60, 573 63,768 54, 798 30, 531 32, 755 27,107 September _ 65, 757 66, 845 56, 744 31,418 31,932 27, 268 October 70,152 69,861 59,011 34, 630 35,388 29,290 November. 60, 978 60,102 53, 965 29, 345 31, 045 27, 233 December.. 70, 506 73, 632 33, 771 32,916 30,224 Total 815, 713 833, 511 675,048 377, 635 385,864 314, 826 Greensburg, Pa. Homestead, Pa Month i " 1924 1923 1922 1924 I 1923 1922 January 25, 519 21, 620 18,728 4,158 3,433 February._ 21,979 18,667 13, 590 3,756 2,935 2,173 March 22,198 23,384 16,043 3,905 3,350 2,555 April-. 20, 561 20,735 17,931 4,164 3,481 2,736 May 21, 611 24,152 19, 684 4,892 4,125 3,448 June 21, 545 23, 522 17, 655 4,515 4,283 3,406 July 23, 515 19, 367 17, 774 4,476 4,201 3,280 August 21,719 18, 567 20,131 4,246 3,975 2,984 September . 21,165 21, 299 21,083 4,172 3,797 3,614 October 23,165 23,190 23,166 4,824 4,406 3,889 November. 19,430 20,003 18,917 4,093 4,216 3,141 December.. 23, 666 22, 947 21,642 4,766 4,502 3,468 Total 266,073 257, 453 226,344 51,967 46, 704 34, 694 Lexington, Ky. Lima, Ohio * Month 1924 1923 1922 1924 1923 1922 January 31,171 33,576 19, 751 18,025 17,156 February.. 29,937 34,795 25,742 18, 774 14, 766 11, 659 March 27, 795 35, 938 33, 210 18, 257 19,047 13,819 April 20,115 24,374 18,138 18, 695 17, 547 13, 260 May 20,824 21,837 19, 550 19,143 17, 217 12, 236 June 18,271' 22,891 19,341 18, 598 17, 778 14,065 July 18,966 20,126 19,218 18,132 17, 671 14,440 August 16,957 17, 030 16,472 17,385 17,133 14, 226 September. 16,205 I 16, 359 16,848 18,402 16,075 13, 794 October 18,886 i 19, 291 20,331 19, 091 18, 223 13,960 November. 17,615 I 17,467 25,488 16, 670 16, 321 14,453 December.. 25, 232 I 24, 906 26,985 22, 070 20,449 16, 732 Total. 261,974 i 288,590 261,074 223,242 209,383 152, 644 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DISTRICT NO. 4—CLEVELAND 355 No. 10.—DEBITS TO INDIVIDUAL ACCOUNTS—Continued [In thousands of dollars] Lorain, Ohio * New Brighton, Pa.* Month 1924 1923 1922 1924 1923 1922 January 5,99.5 5,598 11,124 10,643 February.. 5,092 4, 292 3,423 10,106 9,185 6,188 March 6,046 5,393 4,444 11,154 10, 420 7,921 April 6,365 6,016 4,800 11,481 11,448 7,757 May 6,460 4, 522 11, 533 12, 714 8,536 June 6,540 5,519 11,304 12,479 9,629 July. 6,509 6,803 5,185 11, 291 11, 781 9,717 August 6,451 4,912 10, 950 11, 655 9,720 September. 7,364 5,794 11, 560 9,905 October 7,259 7,240 6,495 12,976 9,631 November. 6,485 6,019 5,692 10,642 9,377 December.. 7,303 6, 522 5,923 11, 713 10,903 Total 77,886 74, 856 56, 709 88, 943 137, 216 99, 284 Oil City, Pa. Pittsburgh, Pa. Month 1924 1923 1922 1924 1923 1922 January 15,819 14,359 11,134 874,126 879, 244 651, 733 February _ _ 14,044 12, 216 9,067 787, 711 834, 618 591, 011 March 13, 253 13, 846 10, 890 864,439 859,486 649,824 April 14, 603 14,154 11,453 856, 714 818,876 671,135 May 12, 769 14, 676 14,102 84S, 972 873, 416 672, 624 June 11, 753 13,806 14, 974 821, 604 853, 957 738,877 July 13,329 13, 374 13,014 852, 303 877, 750 719, 716 August 11,433 12,819 13, 481 800, 991 794, 903 714, 763 September. 12,991 11, 042 12, 349 754,368 741, 682 708, 543 October 12,853 13,057 15,242 901, 034 873, 986 788,957 November. 11,344 11,611 13, 055 784, 292 789, 506 733, 687 December._ 13, 512 12,923 13, 771 993, 052 899, 255 1,061, 877 Total 157, 703 157, 883 152,532 10,139, 606 10,096, 679 8, 702, 747 Springfield, Ohio Toledo, Ohio Month 1924 1923 1922 1924 1923 1922 January 21,413 24,253 16, 099 181,389 186,451 153,141 February. _ 17, 535 18,533 13,837 171,815 138, 615 128,013 March 21,940 22, 730 18, 547 181, 532 183,290 132, 550 April 20,192 20, 254 16,878 188, 933 192, 377 142, 065 May 19, 454 20, 266 16,330 177, 382 187,049 149, 544 June 18, 018 22,950 18,149 189,022 152, 234 July 20, 749 22, 065 20, 631 169, 229 173, 592 164,428 August 18, 700 20,022 19,174 164, 348 172, 289 156, 766 September. 17, 980 20,198 20, 726 171,079 158, 769 151,073 October. _. 19, 910 20, 381 19, 965 228,902 189,401 170, 357 November. 17,189 18,181 19, 406 162, 760 164, 259 156, 719 December.. 21, 284 20,117 22, 246 181, 975 196, 797 185,429 Total 234, 364 249,950 221, 988 2,168, 366 2,131,875 1,842, 319 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

356 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No. 10.—DEBITS TO INDIVIDUAL ACCOUNTS—Continued [In thousands of dollars] Warren, Ohio * Wheeling, W. Va. Month 1924 1923 1922 1924 1923 1922 January 14,111 13,358 50,«40 53, 952 31, 492 February-_ 14,850 10,625 47,110 36, 550 27, 398 March 14,940 14, 787 10,831 46, 718 46,454 34,743 April 14,821 13, 620 9, 562 46,335 50,898 '35,902 May 12, 702 13, 736 10,167 43,961 46,370 38,484 June.. 11,232 13,919 10, 713 43, 286 47, 298 39,919 July 12,997 13,427 10, 770 45, 246 45, 836 40, 256 August 12, 226 12, 975 10,972 41,447 42, 766 37,498 September. 14, 056 13, 751 12,181 42,159 41,465 37,687 October- __ 1 1 3 1 , , 3 6 4 7 6 5 1 11 3 , , 8 4 0 5 9 7 1 1 2 1 , , 2 5 3 8 9 3 4 4 5 1 , , 4 1 8 6 4 4 4 4 4 3 , , 7 5 5 4 8 9 3 43 9 , , 1 3 2 6 8 9 November. 13, 761 13, 365 12, 731 48, 993 53,086 48, 551 December- Total 160, 717 158, 829 120, 818 542, 543 552, 982 454, 427 Youngstown, Ohio Zanesville, Ohio * Month 1924 1923 1922 1924 1923 1922 January 67,201 64,803 41,822 12, 774 12, 983 February __ 56,811 48,126 34, 225 11,763 10, 797 6,925 March 60, 653 60, 238 43,868 14,011 13,445 10,566 April 68,597 48,332 15,063 13, 556 10,302 May 61,054 59,471 49,493 13, 274 13,344 10,022 June 56,511 67,002 55,043 13, 023 14, 005 10, 972 July 62, 911 67, 617 61,696 13, 252 12, 766 10,872 August 52,090 59, 296 47,890 12, 513 12,458 10,127 September. 60, 691 60,938 55, 670 12, 873 11, 907 11,389 October 63, 267 55, 527 13, 711 12,896 12,406 November. 51,956 54, 255 47,841 11,802 12, 631 11,141 December.. 68, 445 65, 555 61, 665 12, 917 13, 217 12,420 Total 730,187 739, 681 603, 072 156, 976 154,005 117,142 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DISTRICT NO. 5—RICHMOND No. 1.—CONDITION OF FEDERAL RESERVE BANK [In thousands of dollars] Dec. 31, Dec. 31, Dec. 31, 1924 1923 1922 RESOURCES Gold with Federal reserve agent 79,184 70,146 64,065 Gold redemption fund with United States Treasury . 2,107 2,818 4,578 Gold held exclusively against Federal reserve notes 81,291 72,964 68, 643 Gold settlement fund with Federal Reserve Board.. 18, 724 40,963 27, 618 Gold and gold certificates held by bank 19,662 5,236 5,729 Total gold reserves 119, 677 119,163 101, 990 Reserves other than gold - _ 5,809 4,284 9,922 Total reserves . .- . . 125,486 123,447 111,912 Nonreserve cash __. _ _ 3,498 3,045 0) Bills discounted: Secured by United States Government obligations 11, 948 23, 052 22, 092 Other bills discounted -.__ 21, 600 28,970 31,193 Total bills discounted 33, 548 52, 022 53, 285 Bills bought in open market 1,486 2,078 1,734 United States Government securities: Bonds _- 1,340 1,191 1,191 Treasury notes 2,464 150 100 Certificates of indebtedness _ 807 Total United States Government securities. . 4,611 1,341 1,291 Foreign loans on gold 342 Total earning assets 39,987 55,441 56,310 Uncollected items 54,296 54,338 58,037 Bank premises 2,446 2,528 2,618 All other resources 353 410 398 Total resources 226,066 239, 209 229,275 LIABILITIES Federal reserve notes in actual circulation _ _ 87, 579 104,158 101,147 Deposits: Member bank—reserve account . 66,295 65, 582 61, 527 Government 2,455 1,801 860 Other deposits. - _ _. 340 200 573 Total deposits ___ _• 69,090 67, 583 62, 960 Deferred availability items. . . . . . - . . . 51,205 49, 352 47,882 Capital paid in. __ n 5,900 5,816 5,595 Surplus 11, 701 11, 672 11,288 All other liabilities, _ 591 628 403 Total liabilities 226,066 239,209 229, 275 Ratio of total reserves to deposit and Federal reserve note liabilities combined (per cent) . _. .. - _ _ 80.1 71.9 68.2 Contingent liability on bills purchased for foreign correspondents... 2,433 988 1,686 1 Not shown separately prior to 1923. 357 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

358 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No. 2.—PRINCIPAL ASSETS AND LIABILITIES OF FEDERAL RESERVE BANK, BY WEEKS [Amounts in thousands of dollars] Bills discounted for member banks Date T e i a o n r t g n a - l Total se U G B e c b . r u o i S y n l . r v l - e s - c c O b o d t i u i h l s n l - e s t r - b o m o B k p u i i a n e l e g r t l n s - ht U s S e t n t c i a i e u t t s e e ri s d - s T e c r o a r e v s - ta h e l s r b M p e a b o s d n e e e s e r m r k - i v t s s - e ' p T o d o e s t - i a ts l r l e c n a F e s i o t r i e e r i c n t a o r d e u v l n - s - e s c p e e R e r n e v r - t - e ment ed obligations 1924 Jan. 2___. 57,502 53, 655 23,852 29,803 1,982 1,865 117,412 64,874 103, 276 69.0 55,267 50,304 22,988 27,316 2,609 2,354 112.880 65,082 66, 591 96,03r 69.4 16- 51,346 45,695 21.172 24,523 2, 797 2,854 115,880 64,369 67,436 92, 701 72.4 23- 52,219 46,045 20, 746 25,299 3,045 3,129 113,893 65,317 68, 201 90,992 71.5 30_ 51,' 132 45, 525 19,428 26,097 2,313 3,294 118,833 67,146 71,405 89,430 73.9 Feb. 6. 46, 505 40,408 14,923 25,485 2,643 3,454 117, 553 64,692 65,877 89,770 75.5 13. 50, 708 44,478 18,984 25,4941 2,776 3,454 113,186 64,728 68,049 88, 593 72.3 20- 58, 683 52,094 20,912 31,182 2,429 4,160 99,779 61,969 63,314 87, 619 66.1 27. 59, 527 52,379 19, 705 32,674 2,368 4,780 95, 537 59,524 61,087 86, 782 64.6 Mar. 5_ 63, 724 55,845 21, 503 34,342 2,754 5,125 98, 772 65,185 66,525 86,491 64.6 50,912 18, 063 32, 849 2,845 5,125 102,400 62, 075 66, 628 85, 627 67.3 19- 63,606 55, 555 20,029 35, 526 2,926 5,125 93,329 63,046 63,901 84,417 62.9 26- 63,295 55, 775 18,427 37,348 2,395 5,125 94, 767 61, 812 65,632 83,330 63.6 Apr. 2.. 65,408 57, 795 18,479 39,316 2,488 5,125 89, 764 59,974 62,937 82,804 61. 6 9__ 62,078 54, 666 17, 724 36, 942 2,287 5,125 92,923 61, 755 63, 532 82,013 63.8 16- 65,488 58,352 19, 551 38, 801 2,011 5,125 90,652 62,385 66, 634 80, 794 61.5 23- 70,120 63,139 20, 686 42,453 1,856 5,125 80, 485 6], 138 62,482 79,465 56.7 30- 67,163 16.173 43,807 2,058 5,125 82, 674 60.349 62, 759 78,198 58.7 May 7 , 57,517 15,427 42,090 1,025 5,125 84,101 60,605 61,195 76,959 60.9 14 57 519 15, 515 42,004 1,165 5,125 85,193 61,899 64,424 76, 226 60.6 21 54,054 13, 514 40, 540 1,680 5,125 82, 679 59,489 60,095 74,412 61.5 28 50, 033 12, 822 37,211 1,447 5,125 90, 526 59,923 63,872 73,876 65.7 June 4.. 56,979 50, 558 12, 880 37,678 1,296 5,125 89,347 61,685 62,151 74,439 65.4 11- 51, 786 45, 555 11,631 33,924 1,106 5,125 93, 536 59,934 62, 539 73, 549 68.7 18- 56,049 49,955 13,145 36,810 969 5,125 87,369 60,309 61, 540 73,053 64.9 25.. 60,199 54,305 15,842 38,463 769 5,125 86, 615 61, 509 64, 905 72, 073 63.2 July 2- 58,271 52,486 15, 582 36,904 660 5,125 88, 659 62,408 63,358 74,136 64.5 9— 53, 526 47,952 13,809 34,143 449 5,125 90, 472 62, 292 63,402 72, 228 66.7 16- 51,057 45,673 12,415 33,258 259 5,125 91, 533 61,394 62,887 70, 759 68.5 23- 50, 788 45,431 12,180 33, 251 232 5,125 90, 590 59,470 62,220 69,083 69.0 3O._ 45,823 9,813 30,885 5,125 99, 712 63,379 66,817 68,294 73.8 Aug. 6.. 40, 742 35,617 8,657 26,960 5,125 101,852 62,658 63,966 68, 584 76.8 13.. 38,020 32,895 8,188 24,707 5,125 104, 661 61,841 63,548 68, 556 79.2 20.. 38,801 33, 676 7,754 25,922 5,125 104,472 61,947 62,985 68, 977 79.2 39,345 34,220 8,113 26,107 5,125 105,590 62,004 64,905 68, 644 79.1 Sept. 3 39,818 34, 693 8,147 26,546 5,125 106,271 62,881 65,811 71,143 77.6 10. 40,837 35, 712 9,199 26, 513 5,125 106,348 63,407 65,108 71,324 77.9 17. 43, 662 38, 537 9,234 29,303 5,125 101,582 62,870 63, 734 71, 220 75.3 24 43,407 38, 414 9,475 4,993 104, 508 63, 077 66, 660 71,434 75.7 Oct. 1 41,084 36,091 8,730 27,361 4,993 107,249 62,767 66,223 72,406 77.4 8_ 38,117 33,124 7,317 25,807 4,r~ 110, 567 63,865 65, 575 73,985 79.2 2 2 1 2 9 5 4 4 3 0 9 2 , , , 0 5 8 4 2 5 3 3 9 3 3 34 7 5 , , , 8 0 5 6 5 3 6 0 1 8 9 7 , , , 8 0 6 1 8 4 0 6 5 2 2 2 6 8 6 , , , 8 7 2 8 8 4 6 0 0 4 4 4 , , , 1 9 9 9 93 2 1 1 1 1 1 1 6 1 1 , , , 4 7 0 0 5 9 2 2 1 6 6 63 5 2 , , , 4 5 7 2 1 3 9 0 8 6 6 6 5 7 6 , , , 4 9 6 7 7 9 6 9 5 7 7 7 6 7 5 , , , 6 8 8 5 8 5 4 0 1 7 8 7 7 1 7 . . . 6 7 1 Nov , 5.. 37,168 32,175 8,117 24, 058 4,1 121,189 66,629 67,351 81,364 81.5 12 35,678 30,685 7,694 22,991 4,1 119,820 62,295 64,460 82,972 81.3. 19 35, 885 30, 892 8,180 22, 712 4,1 126, 518 66,373 67, 536 84, 260 83.3 26 33,881 28,926 7,838 21,088 4,955 130,177 64.350 67,893 85,291 85.0 Dec. 3 30,176 24, 954 5,678 19, 276 4,880 137,021 69,404 70,003 86, 076 87.8 10 27,911 22, 936 4,964 17,972 293 4,340! 137,862 65, 559 -67,968 86, 660 89. 2 17 36,303 30, 364 11,050 19, 314 1,079 4,518| 129,568 64, 518 65, 675 89,597 83. 4 24 39,698 33, 384 11,474 21,910 1,361 4,611 132,039 65,060 70, 660 94,058 80.2 39,987 33, 548 11, 948 21,600 1,486 4,611 125,486 66, 295 69, 090 87, 579 80.1 Daily average 49,976 44, 070 1,142 4,737 103,804 62,404 65, 230 80, 304 71. 3 Digitized for 1 F IRncAluSdEesR f oreign loans on gold, $342,000, Dec. 3 to 31. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DISTRICT NO. 5 RICHMOND 359 No. 3.—DISCOUNTS AND PURCHASES OF BILLS AND SECURITIES BY FEDERAL RESERVE BANK: VOLUME, BY CLASSES [In thousands of dollars] Bills bought in Bills discounted for member banks open market Secured Commer- Month by United cial and Bankers' Trade Demand Bankers' Total G S o t v a e te r s n- ag tu ri r c a u l l- a a c n c c e e p s t- a a c n c c e e p s t- an d d r a s f i t g s ht Total a a c n c c e e p s tment obli- paper, gations n. e. s. 1924 January 170,721 144,813 25,099 50 759 2,260 2,260 .February 144, 750 112,502 30,384 110 1,754 1,581 1,581 March.. 180, 883 138, 510 40,618 75 1,680 1,616 1,616 April 169,591 118, 641 49, 365 50 1,535 1,581 1, 581 May '- 113,847 69, 552 43,815 480 875 875 June _- 96,067 65,136 30,132 799 July 98, 650 75, 326 22,973 351 August.. 48, 807 35, 789 12, 675 343 September 101,948 63,446 37,987 515 October 83,120 50, 293 32, 537 290 November 57, 689 38, 308 19,086 295 December 91, 703 67,717 23, 748 238 1,486 Total: 1924... 1, 357,776 980,033 368, 419 285 9,039 '... 9,399 9,399 1923... 2,910,687 2, 524, 369 377,599 590 7,768 I 361 10,643 i 10,643 1922... 1,424, 567 1,190,949 228,079 5,539 j... 8,460 U. S. securities pur- U. S. sechased in open curities Total discounts and purchases market purchased | Foreign Month from loans on Certifi- other gold B a o n n d ds in ca d t e e b s t o ed f - F re e s d e e r r v a e l 1924 1923 1922 notes ness banks 1924 January 967 670 465 175,083 204,061 205, 840 February 1,473 209 148,013 144, 805 159,622 March 422 182,921 226, 496 167, 680 April 259 171,431 246, 578 88, 619 May -_-..- 114, 722 265,132 72, 719 June 187 341 96, 595 328,181 72,185 July 98, 650 311,072 57,456 August _. ... _ . . . 287 91 49,185 290, 829 45, 487 September 355 102, 303 272,848 76, 416 October 40 83,160 275, 929 112,459 November 86 61 57 836 209, 214 150,947 December 511 368 342 94,410 246,735 255,697 Total: 1924 3,770 2,557 465 342 1, 374, 309 1923 50 100, 500 3,021,880 1922 ._. 100 32,000 1, 465,127 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

360 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No. 4.—BILLS DISCOUNTED BY FEDERAL RESERVE BANK: VOLUME, BY STATES [Amounts in thousands of dollars] Num- Number of ber of mem- mem- Month Vi W rg e in st ia1 D l o u i f m s t C b ri i o c a - t M la a n r d y- Virginia C N ar o o r l t i h na C S a o ro u l t i h na Total d b i a b s i n n e tr k r i s ct a b c m a b c n e o o k r - m s at end dated of during month the month 1924 January 21,230 34,151 22,241 79, 284 10,604 3,211 170,721 630 272 February 14,493 9,920 30,308 71,871 14,418 3,740 144,750 629 277 March 12,858 16,249 19, 325 91,336 34,877 6,238 180,883 628 305 April 12, 569 4, 294 23,483 74, 585 50,431 4,229 169, 591 627 344 May.__ 14,139 3,575 23,818 46,884 19, 275 6,156 113,847 627 355 June 17,472 5,487 4,755 29,502 32,744 6,107 96,067 627 356 July 19,411 13,122 4,006 17,066 40, 205 4,840 98, 650 627 330 August _ 20,283 6,837 2,311 9,644 6,160 3,572 48,807 624 297 September 22, 557 5,564 2,147 27, 781 39,934 3,965 101,948 623 301 October 24, 713 2,030 1,833 29,622 19,864 5,058 83,120 624 285 November. _ 20, 586 1,115 2,553 14,414 15,188 3,833 57,689 624 254 December 19,858 3,112 23, 528 15,946 24,477 4,782 91,703 624 246 .v Total: 1924 _ 220,169 105,456 160, 308 507,935 308,177 55, 731 1,357, 776 1923. 172,054 613,041 485,142 1,235,751 358,458 46, 241 2,910,687 1922 . 108, 939 284, 791 269, 905 526,888 131,470 102, 574 1,424, 567 Number of member banks at end of 1924_ 127 15 91 196 95 100 624 1923 127 15 94 195 97 103 631 1922 _ . 125 15 94 192 104 104 634 Number of member banks accommodated: 1924 81 11 58 155 80 78 463 1923__ 65 12 62 146 87 81 453 1922 - 77 11 72 150 85 96 491 i Figures relate only to that part of the State located in the Richmond district. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DISTRICT NO. 5 RICHMOND 361 No. 5.—EARNINGS AND EXPENSES OF FEDERAL RESERVE BANK 1924 1923 1922 Discounted bills $1,905,118 $2,681,590 $2, 569,887 Purchased bills. 47, 787 62, 795 74,655 United States securities 164, 559 39, 541 95,378 Deficient reserve penalties- 65, 026 83,614 87,080 Miscellaneous..- 27, 750 11, 356 5, 944 total earnings.. 2, 210, 240 2,878,896 2,832,944 CURRENT EXPENSES Salaries: Bank officers. 169,190 166, 792 155,467 Clerical staff.... 718,163 729, 497 760,883 Special officers and watchmen _ _ 43, 628 38, 587 33,189 All other 70, 547 78, 739 Governors' conferences _ 310 345 166 Federal reserve agents' conferences _ 66 132 123 Federal Advisory Council 322 663 629 Directors' meetings 7,541 6,515 5, 795 Traveling expenses * _ _. 21,684 19, 618 23,101 Assessments for Federal Reserve Board expenses 35, 009 36,449 37,402 Legal fees _ 1,588 3,207 12, 218 Insurance (other than on currency and security shipments). 23,667 22,289 24, 928 Insurance on currency and security shipments 29, 887 32, 996 19, 783 Taxes on banking house __ _ 41,667 41,831 40,901 Light, heat, and power.. 9,794 10, 724 10, 989 Repairs and alterations, banking house 4,869 7,883 24, 854 Rent. 6,800 1,186 4,341 Office and other supplies __ 26, 252 31,489 39,175 Printing and stationery __ 36,663 43, 926 *48, 431 Telephone - 5,380 6,057 5,944 Telegraph 40,489 34, 934 Postage ._ 120, 384 126, 823 Expressage _ 27,903 24, 063 134,456 Federal reserve currency: Original cost, including shipping charges 54,606 41,328 68, 358 Cost of redemption, including shipping charges.. 19, 532 25, 840 24, 734 Taxes on Federal reserve bank-note circulation 13,184 All other expenses _ 25, 053 21,880 28,632 Total current expenses.. 1, 537,834 1, 551,156 1, 631, 356 PROFIT AND LOSS ACCOUNT Earnings 2, 210, 240 2,878,896 2, 832, 944 Current expenses. 1, 537,834 1, 551,156 1, 631, 356 Current net earnings. 672,406 1, 327, 740 1, 201, 588 Additions to current net earnings: Withdrawn from reserve for depreciation on United States bonds 3,618 All other 2,006 8,831 Total additions.. 2,006 12,449 Deductions from current net earnings: Depreciation allowances on bank premises.. 82,114 89, 671 178, 358 Reserve for probable losses 100, 000 50,000 50,000 Reserve for self-insurance. 50, 000 50,000 50,000 Furniture and equipment 52,819 43, 216 64, 710 All other 3,521 Total deductions _ ._ 294,621 236, 785 346, 589 Net deductions from current net earnings 292,615 234,897 334,140 Net earnings available for dividends, surplus and franchise tax 379, 791 1, 092,843 867,448 Dividends paid _ __ 351, 251 342, 295 333, 321 Transferred to surplus account •28, 540 3 3 8 6 4 6 , , 4 1 0 4 4 4 2 2 5 3 0 2 1 , , 9 1 5 7 4 3 Franchise tax paid United States Government . 1 Other than those connected with governors' and agents' conferences and meetings of directors and of the advisory council. 2 After charging surplus and crediting franchise tax with $20,459 paid as an additional franchise tax for 1921. Amounts transferred to surplus and paid as a franchise tax out of earnings for 1922 were $53,413 and $480,714, respectively. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

362 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No. 6.—VOLUME OF OPERATIONS IN PRINCIPAL DEPARTMENTS OF FEDERAL RESERVE BANK 1923 1922 NUMBER OF PIECES HANDLED Bills discounted: Applications 15,550 17,804 C1) Notes discounted 76,508 77,959 85,145 Bills purchased in fcpen market for own account 511 565 327 Currency received and counted 94,155,000 80,985,000 57,300,000 Coin received and counted 161,693,000 186,736,000 183,293,000 Checks handled _ 46,779,000 47,225,000 42,883,000 Collection items handled: United States Government coupons paid 1,624,000 2,083, OC0 2, 590,000 Allother.. 205,000 204,000 196,000 United States securities—issues, redemptions, and exchanges by fiscal agency department. 341,000 I 2 5,811,000 536,000 Transfers of funds 96,000 85,000 75,000 Envelopes received and dispatched 2,777,000 3,132,000 0) AMOUNTS HANDLED Bills discounted $1,357, 776,000 $2,910,687,000 $1,424,567,000 Bills purchased in open market for own account 9,399,000 10,643,000 8,460,000 Currency received and counted 4822,885544,000000 440,247,000 318,247,000 Coin received and counted _ 14,585,000 14,000,000 14,167,000 Checks handled 13,254,632,000 13,11111,882244,000000 8, 762, 819,000 Collection items handled: m United States Government coupons paid _. 15,422,000 17,732,000 18,075,000 Allother. 213,053,000 235,548,000 213,232,000 United States securities—issues, redemptions, and exchanges by fiscal agency department 104,832,000 187,687,000 296,264,000 Transfers of funds ._ 1,287,812,000 I 2,747,662,000 2,455,199,000 1 Data not available. 2 Large increase due to redemption of war savings securities which matured Jan. 1, 1923. No. 7.—OPERATIONS OF FEDERAL RESERVE CLEARING SYSTEM [Figures include cash items only. Numbers in thousands; amounts in thousands of dollars] Month Ite b t m r a ic n s t ks d in ra o w w n n d o is n - Ite o s t m h e th e r s v i e r e f r o b b F r r w a e a n d a n k e r c d s r h a e e l d a s n r e t d o - i ! | Ite T U m r n e s i a t d s e u d ra re S w r t n a t o e o n s f I I Total i Number Amount Number Amount | Number Amountj Number Amount 1924 January 3,432 1,014,382 350 107, 305 99 11,981 j 3,881 1,133, 668 February 3,137 927, 302 308 94, 586 91 11, 073 3,536 1, 032,961 March 3, 456 975, 078 349 109, 066 110 22, 236 3,915 1,106,380 April 3,419 981,673 331 103, 578 128 12, 562 3,878 1,097,813 May 3,375 950,175 312 100, 910 113 11, 478 3,800 1, 062, 563 June _ -. 3,295 887,019 296 101, 520 100 11, 082 3,691 999, 621 July 3,309 923, 417 297 96,302 99 12,209 3,705 1,031,928 August 854, 417 267 93, 390 118 11, 570 3,414 959,377 September 3,202 917,613 282 109,948 130 12,003 3,614 1,039, 564 October.. 3,523 1,071, 967 333 124, 574 142 13, 733 1,210,274 November -. 3,246 1,002, 457 312 115, 682 113 10, 640 3; 671 1,128, 779 December 3,834 1,120,270 439 122, 298 107 12,083 4,380 1, 254,651 Total: 1924 40, 257 11, 625, 770 3,876 1, 279,159 1,350 152, 650 45, 483 13, 057, 579 1923 40,600 11,399, 271 3,780 1,309,371 1,334 185,101 45, 714 12,893, 743 1 Exclusive of duplications on account of items handled by both parent bank and branch. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DISTRICT NO. 5 RICHMOND 363 No. 8.—CLEARINGS AND TRANSFERS THROUGH 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 1924 Jan. 2 (one day) 29,525 23,109 6,416 9 . 125,071 116,484 8,587 16 110,297 112,885 2,588 23 . . 108, 233 104,978 3,255 30 111, 358 117, 529 6,171 Feb. 6 112 705 111, 252 1,453 13 . 96,629 92,928 3,701 20 . .. 127, 867 115, 923 11,944 27 111, 127 106, 778 4,349 Mar. 5 117,325 118,086 761 12 103, 871 106,273 2,402 19 . . 134, 766 127,175 7,591 26 110,429 113,775 3,346 Apr. 2 107, 853 104,050 3,803 9 101 349 104 782 3,433 16 116, 790 112, 613 4,177 23 122, 520 112, 545 9,975 30. 120,464 122,272 1, 808 May 7 110,862 111,448 586 14 106 129 106,441 312 21 131,089 129,588 1,501 28 . 104,161 111, 525 7,364 June 4 86 942 86, 780 162 11 103,421 105, 724 2,303 18 . 126,888 121,144 5,744 25 106,492 106, 758 266 July 2 112,641 117,494 4,853 9 . . 84,197 81, 759 2,438 16 108, 406 109, 761 1,355 23 102,845 102, 111 734 30 96,840 107,140 10,300 Aug. 6 _. 95, 750 97,365 1,615 13 100,594 102,464 1,870 20.. 102,085 101, 544 541 27 96, 528 96,804 276 Sept. 3 82,128 83,406 1,278 10 . 110,326 107,384 2,942 17 117,030 112,281 4,749 24 111,649 114,482 2,833 Oct. 1 . 99, 934 103, 736 3,802 8 108, 726 110,645 1,919 15 . 103, 213 103, 431 218 22 120, 985 120,881 104 29 109, 615 113,145 3,530 Nov. 5 96,758 102,182 5,424 12 109,184 107,132 2,052 19... 126,342 133,138 6,-796 26 117,059 120, 472 3,413 Dec. 3 103,140 110,487 7,347 10 117,939 118,804 865 17 147,149 140,395 6,754 24 144,063 147,598 3,535 31 117,486 108,681 8,805 Total: 1924 5, 786, 775 5, 777,567 9,208 1923.... _ 6, 415,899 6, 417, 897 1,998 1922 5,255,732 5,271,957 16,225 Net loss in ownership of gold since establishment of fund in 1915, $23,934,000. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

364 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No. 9.—REPORTING MEMBER BANKS IN LEADING CITIES: PRINCIPAL RESOURCES AND LIABILITIES [In thousands of dollars] Investments Loans and discounts Last report date in— United States securities All other 1924 1923 1924 1923 January. _. 464, 200 447,948 74,639 82, 678 51,151 53, 257 February- 464, 500 449, 291 73,458 80, 082 52,622 52, 642 March 469,151 457,985 68, 637 81,914 52,927 51, 538 April 477, 501 461,448 67,.079 79,162 52, 649 51, 111 May 465, 517 459,330 61, 736 81, 096 52, 817 50, 742 June 468, 334 457, 690 62, 522 80,281 52, 529 52,206 July 459, 810 454, 384 62,391 80,842 54,202 52, 430 August 464, 238 458,172 63,973 79, 255 56,926 51,187 September 471, 783 467,306 68, 074 81,993 59, 505 51,771 October.— 473, 409 467,417 69, 899 75,168 64, 034 51, 500 November 473,962 462, 519 70, 228 75, 612 64, 592 50,736 December . 475, 889 465,120 70,709 78,776 | 64,874 50, 061 Accommodation at Net demand deposits Time deposits Federal reserve banks Last report date in— 1924 1923 1924 1923 1924 1923 January. _. 350,071 343, 285 151,997 148, 871 26, 471 20,164 February.. 331,186 337,358 159,420 151, 784 32,437 25, 802 March 328,330 330,768 160, 631 152, 874 32,743 31, 200 April 330, 057 324, 714 165,703 155,981 31,488 36, 845 May 325,640 327, 578 166,198 156, 853 20, 730 35, 575 June 324, 890 321, 775 169,475 154,363 20, 651 37, 099 July 330, 534 323,361 174,482 152, 299 13, 418 38, 078 August 333, 089 323,443 179,382 151, 536 38, 784 September 338, 552 321,139 179, 704 152,481 11,439 44, 569 October. __ 349, 224 333,182 180, 629 151,969 11, 531 43, 543 November. 359, 507 343, 742 179, 421 151, 739 8,336 32, 026 December. 366,155 339,153 181, 577 150,444 14,844 35, 039 NOTE.—Figures are for about 75 banks in Richmond, Baltimore, Charleston, S. C, Charleston, W. Va.. Charlotte, Columbia, Huntington, Lynehburg, Norfolk, Raleigh, Roanoke, Washington, and Wilmington, which submit weekly reports to the Federal reserve bank. No. 10.—DEBITS TO INDIVIDUAL ACCOUNTS fin thousands of dollars. For explanatory note see p. 154] Total for 7 centers * Asheville. N. C* Month 1924 1923 1922 1924 1923 1922 January 733 878 746 047 630, 971 22,638 20, 282 February 650, 035 631, 628 535, 864 19, 893 19, 317 March. 699, 209 737, 293 618, 568 21, 762 20, 583 April _ . . 672, 896 676, 260 614,409 23, 893 19,915 17, 016 May 665, 057 701,164 664,853 25, 284 20,986 17, 583 June 673 372 742, 692 681,167 23, 322 21, 051 17, 646 July 676, 364 681,119 636, 506 26,956 22, 583 18, 767 August 674,370 668, 610 616, 520 25, 041 25, 080 18,918 September 648,670 655, 258 596,901 24, 376 21, 887 18, 950 October 733,682 746, 504 705, 455 24,915 23,318 20, 327 November 675,127 710,408 660,697 20, 444 21,649 19, 559 December... . _. 795, 584 804,167 753,942 23, 660 24,224 19, 418 Total 8,298, 244 8,501,150 7, 715, 853 282,184 260, 875 168,184 * 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. 5 RICHMOND 365 No. 10.—DEBITS TO INDIVIDUAL ACCOUNTS—Continued [In thousands of dollars.] Baltimore, Md. Charleston, S. C. Month 1924 1923 1923 1922 January 388,917 387,836 364, 215 27, 266 34, 647 27,070 February.. 339,941 327,800 301,165 24,498 41, 311 24,162 March 387, 337 392,850 350, 817 23, 222 31, 215 24,370 April 357, 222 372, 373 351, 291 31,040 26,828 26,230 May 364,928 387, 050 385, 653 24, 802 26,456 26,064 June _. 377, 505 411, 764 399, 702 28,109 32,436 23,828 July... 372, 039 387, 263 369, 680 23, 051 28; 101 August 389, 570 367, 717 362, 288 21,172 26, 257 24,326 September. 363,960 345, 300 327, 258 22, 168 20, 390 17,180 October 401, 009 396,600 373, 575 28, 055 23, 849 21, 561 November _ 361, 620 348,020 343,370 24,759 27, 645 28,111 December.. 422, 600 400,315 31,438 34, 580 28,494 Total 4, 526, 648 4, 523, 888 4, 317, 812 309, 580 353,715 297,435 Charleston, W. Va.* Charlotte, N. C. Month 1924 1923 1922 1924 1923 1922 January 41,087 ' 44,869 39, 094 27,156 February.. 31,690 33,423 27,018 42, 694 34,688 24,047 March 37,615 37,453 29,667 45,931 43, 740 28,226 April 35,101 42,410 27, 348 43, 301 40, 362 28,537 May 34, 829 40, 284 27, 733 42,358 42, 815 30,891 June 34,433 39, 280 36, 584 40, 216 31,424 July 34,603 35,886 30,864 40, 386 16, 244 31,609 August 32,650 35, 561 29,757 37,875 34,455 28,026 September. 33, 681 35, 729 32,113 43, 236 39,448 October 35,189 40,047 38,790 48,426 44, 849 37,282 November.. 32, 873 35, 677 37, 555 44,843 45, 924 35, 567 December.. 43,882 39,870 44,200 53, 071 51,110 41, 376 Total 423, 535 456, 707 361,629 527,206 495, 097 378,015 Columbia, S. C. Cumberland, Md.* Month 1924 1922 January 26, 786 26, 687 23, 028 8,648 8,055 February. _ 23, 367 22,900 19,583 7,618 6,899 6,646 March 22, 216 28, 982 9,160 9,872 7,559 April 21, 875 22, 965 21, 771 9,447 9,889 8,643 May 19,182 24, 726 24, 964 9,023 9,464 8,068 June 19,811 24,432 22, 339 9,445 9,385 8,382 July. _. 19, 241 18, 433 17, 453 10, 300 10,120 7,981 August 15, 724 21,874 15,167 9,161 8,662 7,815 September _ 16,545 22, 566 20,829 8,601 8,638 8,073 October 24, 745 26, 741 25, 760 9,574 9,827 8,422 November. 20,990 25,] 29 23, 590 8,532 8,916 8,168 December.. 21. 241 30, 248 23, 512 9,381 9,738 9,009 Total 251,723 295, 683 261,699 108,890 109,465 88,766 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

366 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No. 10.—DEBITS TO INDIVIDUAL ACCOUNTS—Continued [In thousands of dollars.] Danville, Va.* Durham, N. C* Month 1924 1923 1922 1924 1923 1922 January 12,520 12,853 20,941 19,886 February. _ 10,152 9,191 7,861 18,028 16, 756 March..... 9,240 9,073 8,337 20,498 19, 602 April 7,887 8,562 7,684 18, 542 17,280 May 8,219 8,264 7,493 18, 719 19,606 Tune 7,250 8,628 7,363 19,378 17,411 17,337 July.. 8,655 9,072 7,529 18, 969 18,175 19, 797 August 7,862 7,940 7,436 20,247 18,340 18,151 September. 9,134 7,705 19,962 19,074 19,935 October.. _ . 11, 583 11,157 15, 599 22,897 23,405 21,508 November. 13, 514 13,469 13, 502 22, 000 22,029 21, 307 December— 13,874 14,115 14,909 24,448 24,657 21, 590 Total 119,890 120, 532 105,418 244,629 236,221 139,625 Greensboro, N. C.: Greenville, S. C* Month 1924 1923 1922 1924 1923 1922 January..,. 23,999 23,834 27,906 22,460 16,248 February _. 22,155 20,655 12,894 25,424 23, 500 12,276 March 23,357 22,742 14, 518 24,177 23,340 15, 248 April 22,711 20,631 14,977 20,477 20,055 13, 605 May 22, 591 20,928 14, 929 19,912 21,245 15,749 June 19,977 21,188 15,791 18,042 20, 799 14,950 July__ 20,751 21,487 16,021 17,047 19, 711 15,446 August 21,021 19, 292 15, 281 18,770 21, 717 14, 782 September. 20,528 19,470 18,302 21,091 23,939 15,952 October 25, 076 26, 717 21,112 24,822 30,920 20,467 November. 25,129 26, 328 23, 291 23,813 27, 726 23, 881 December.. 28,145 25, 656 23, 020 26,399 31,192 20, 440 Total 275,440 190,136 267,880 286,604 199,044 Hagerstown, Md." Huntington, W. Va.* Month 1924 1923 1922 1924 1923 1922 January 10,346 9,356 26,999 27,853 19,311 February. _ 9,550 7,882 6,304 23,^92 25,186 15,923 March 10,241 10,752 8,394 26,277 27,259 19,130 April 11,377 11, 503 8,536 27,098 26,174 17,672 May 9,747 10,914 8,458 24,994 27,852 19,477 June 10,089 11, 924 8,617 25, 265 28, 226 21, 921 July._ 10,723 10,648 8,782 25,874 25, 237 20,034 August 10, 377 10,102 8,045 23,848 26,406 19,793 September. 9,513 9,661 8,932 24,917 24,229 20,792 October 10,921 11, 086 9,848 27, 748 26,272 24,132 November. 1 9 0 , , 2 0 2 78 8 1 9 1 , , 6 5 0 00 0 8 9 , , 6 5 1 8 1 0 3 2 2 5 , , 1 1 8 9 1 5 2 2 4 8 , , 2 9 9 0 4 4 2 2 3 8, , 7 1 1 6 9 0 December- Total 122,190 124,928 94,107 313, 988 317,892 250; 064 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DISTRICT NO. 5 RICHMOND 367 No. 10.—DEBITS TO INDIVIDUAL ACCOUNTS—Continued [In thousands of dollars.] Lynchburg, Va.* Newport News, Va.* Month 1924 1923 1922 ,1924 1923 1922 January 20, 716 23, 494 7,205 8,078 February.. 18,174 18, 845 16, 508 6,273 6,527 5,701 March 19,330 21, 027 17,851 6,724 8,462 7,039 April. 18, 762 18, 755 16,943 6,601 7,708 6,537 May 18,922 20, 318 17, 556 6,350 7,090 6,682 June 18,646 21,930 18, 239 6,777 7,471 7,266 July 19, 380 20,888 18,104 7,809 7,788 7,635 August 18, 694 18,410 15, 570 7,434 7,603 September. 18, 564 18, 783 17,835 6,835 6,708 6,658 October 19, 806 22,426 19,818 7,337 7,366 6,965 November. 2 1 2 8 , , 4 7 2 3 9 8 2 19 2 , , 4 2 4 5 5 7 2 1 3 8 , , 3 3 3 9 3 8 9 7 , , 2 3 0 4 6 8 7,147 8 7 , , 3 0 7 4 1 1 December- Total 232,161 246, 578 200,155 85,153 90,848 77,498 Norfolk, Va. Raleigh, N. C. Month 1924 1923 1922 1924 1923 1922 January 77,135 72,992 58,981 33,380 36,450 21,225 February.. 65,660 64,184 51,515 24,000 15,387 March 66,850 78,241 63,102 29, 766 31,300 17,383 April 67,545 68,959 64,458 33,616 28,117 17,050 May 67,859 69, 525 70,125 28,385 30,700 I 18,190 June 62,588 69, 754 72,467 27,261 30,935! 18,180 July 71,971 65,629 65,026 26, 936 29, 696 20, 720 August 60,450 64,370 62,882 26,214 31, 620 17,774 September. 56, 264 69,842 56, 838 24,658 26, 739 19,050 October 83, 587 74,881 26,364 31,070 31, 533 November. 70,828 87, 642 67,896 24,105 29,358 26,367 December.. 91,926 96,691 85, 571 27,628 33,876 36,000 Total 827, 768 891,416 793,742 336,975 363,861 258,859 Richmond, Va. Roanoke, Va.* Month 1924 1923 1922 1924 1923 1922 January 135,525 148,341 109,296 24,147 25, 295 February... 125, 213 116, 745 100,005 22,193 20,053 17,092 March 123, 887 130,965 110,967 24,073 23, 948 19,251 April 118, 297 116, 656 105,072 23,482 23, 735 19,427 May 117,543 119,892 24, 658 25,243 21,954 June 117,882 131,003 113,227 24, 790 25,366 22, 634 July 122, 740 115, 753 105, 979 24,581 23,966 21,505 August 123,365 122,317 106,057 23,477 23, 910 21,110 September. 121,839 130, 973 121,872 23, 308 22,471 22,039 October 136,391 140,808 140,863 29,079 25,266 24, 598 November. 127, 982 146,690 135, 796 24, 753 24,061 23,611 December.. 147,680 157,347 150,191 31, 551 28, 090 28,067 Total 1, 518,344 1, 577,490 1,408, 291 300,092 291,404 241,288 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

368 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No. 10.—DEBITS TO INDIVIDUAL ACCOUNTS—Continued [ID thousands of dollars.] Spartanburg, S. C* Washington, D. C* Month 1924 1923 1922 1924 1923 1922 January 13,583 11,712 200,939 197,842 159, 902 February._ 11,705 9,621 7,197 182,073 168,733 153,095 March 12,237 14,075 9,097 195,472 202,135 184,375 April 13,783 10,472 7,701 203,690 192,636 181, 542 May 14, 771 11,077 8,062 200, 285 217, 940 196,473 June 13,653 10,831 9,314 217,866 215,672 201, 728 July 11,783 9,587 8,442 201,803 188,418 180, 651 August 12,852 9,499 7,410 176,159 172,211 162,052 September. 13,481 9,957 8,594 180,496 172, 543 173,976 October 18,694 18,352 13,306 205,057 200,156 186,903 November . 17,806 14, 386 11, 780 195, 291 188, 996 176,812 December.. 17,858 13,489 10,662 234,543 205,872 198,636 Total 172, 206 143, 058 101, 565 2,393, 674 2,323,154 2,156,145 Wilmington, N. C* Winston-Salem, N. C* Month 1924 1923 1922 1923 1922 January 21,441 21,142 19,046 32,420 32,985 February.. 20,075 20,211 16,968 29,161 29,581 18,538 March 21,973 21, 236 31,329 34,598 23,348 April 21,687 19, 783 19,940 31,224 32,007 27,156 May. 19,633 18,219 22, 902 30,856 30, 721 26, 761 June 19,580 20, 577 19,448 30,924 32, 353 29,141 July 16,796 17,400 18,553 35, 598 33,863 22,888 August 15, 795 15,869 18,501 28,338 24,020 September . 16,648 18,254 21, 283 34, 748 28,654 27,420 October 22, 576 26, 741 25,371 35,610 34,294 35,075 November. 21,265 24,932 24, 778 31,249 32,614 27,862 December.. 24,286 26,386 25, 225 34,114 31,878 33,449 Total 241,755 | 253,447 253, 251 386,601 381, 886 295,658 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DISTRICT NO. 6—ATLANTA No. 1.—CONDITION OF FEDERAL RESERVE BANK [In thousands of dollars] Dec. 31, Dec. 31, Dec. 31, 1924 1923 1922 RESOURCES Gold with Federal reserve agent 143,306 93,689 109,182 Gold redemption fund with United States Treasury - 2,492 5,178 1,756 Gold held exclusively against Federal reserve notes 145,798 98, 867 110, 938 Gold settlement fund with Federal Reserve Board 12,963 17, 773 20,153 Gold and gold certificates held by bank 8,390 6,466 5,609 Total gold reserves -- - . 167,151 123,106 136, 700 Reserves other than gold. 9,167 4,980 5,651 Total reserves 176,318 128,086 142, 351 Nonreserve cash _ - - 4,701 6,128 0) Bills discounted: Secured by United States Government obligations 1,329 10,968 2,116 Other bills discounted .. 14, 741 44, 774 24, 216 Total bills discounted . 16,070 55, 742 26,332 Bills bought in open market 9,202 12,154 11, 422 United States Government securities: Bonds 1,564 261 220 Treasury notes - - .. - 1,349 92 2 80 Certificates of indebtedness 872 31 2,072 Total United States Government securities 3,785 384 2,372 Foreign loans on gold 264 All other earning assets _ . . - 51 Total earning assets 29, 321 68,331 40,126 5 per cent redemption fund—Federal reserve bank notes 467 Uncollected items --- 27,950 23,411 28,860 Bank premises 2,780 2,664 1,962 All other resources _ -._ _ 1,775 386 264 Total resources _ 242, 845 229,006 214,030 LIABILITIES Federal reserve notes in actual circulation 142,879 140,894 124,036 Deposits: Member bank—reserve account _ .. . 62,897 54,697 52, 398 Government 3,757 2,561 848 Other deposits.._ _ _ 124 313 498 Total deposits 66, 778 57, 571 53, 744 Deferred availability items 19,023 16,117 22,376 Capital paid in 4,564 4,430 4,310 Surplus . . _ _ ... 8,950 8,950 8,942 All other liabilities.-. 651 1,044 622 Total liabilities ... 242,845 229,006 214,030 Ratio of total reserves to deposit and Federal reserve note liabilities combined (per cent) 84.1 64.5 80.1 Contingent liability on bills purchased for foreign correspondents 1,878 775 1,238 1 Not shown separately prior to 1923. 2 Including Victory notes. 369 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

370 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No. 2.—PRINCIPAL ASSETS AND LIABILITIES OF FEDERAL RESERVE BANK, BY WEEKS [Amounts in thousands of dollars] Bills discounted for member banks Date e a a T s r s n o e i t t n a s g l * Total s b e y G B e c r u i o n l U r v l - e s . - S d . O b d t i i h s l - l e s r m b o o B a p u i r i n l e g k l n s h et t U s S e n t t c i a i e u t t s e e ri s d - re T c se o a r s t v a h l es r b M p e a o s b e d n e e e s m - k r i r t v - s s e ' p T o d o e s t - i a ts l F r l e c n e a s i d o e i t r e n t r i c e v r o u a s e n - l s c a p R e e g e r e n e v r - t - s e ment counted obliga- I tions 1924 Jan. 2 74,396 60,341 14,202 46,139 13,003 1,001 129, 365 60,294 63,922 141,413 63.0 67,949 53,800 15,437 38,363 12,747 1,351 122,122 55, 529 57,979 137,655 62.4 16. 64, 538 49,347 13,432 35, 915 13,185 125,338 56,263 59,311 135,103 64.5 23. 65,514 50,091 13,959 36,132 13.160 2,253 121,438 57, 249 60,291 132, 555 63.0 60,078 45, 787 11,173 34,614 11,740 2,541 126,501 55,466 59,176 130, 584 66.7 Feb. 6.. 54,648 41, 234 8,303 32,931 10,666 2,738 133,661 57, 587 59.388 131,173 70.1 13. 48,458 36,082 7,926 28,156 9,704 2,672 139,956 57,939 61.389 130,937 72.8 20. 56,511 42,475 8,750 33, 725 10,533 3,503 131,828 56,448 60,160 130,110 69.3 27.. 60, 631 47,488 10,520 36,968 8,867 4,276 127,885 56,652 60,059 130,739 67.0 Mar. 5.. 59.484 44,164 9,223 34,941 9,963 5,357 131,973 56, 594 61, 332 132,628 68.0 12.. 59,281 43, 760 10, 648 33,112 10.161 5,360 133, 226 59.471 63,105 132,889 68.0 19.. 61,847 47, 415 9,818 37, 597 9,055 5,377 128, 605 60,006 60, 652 133,853 66.1 26.. 60,012 45,073 7,874 37,199 9,581 5,358 133,280 56,229 62,049 134,194 67.9 Apr. 2.. 62,255 48,162 9,533 38, 629 8,785 5,308 135, 662 56, 384 62,103 135,894 68.5 9_. 49, 260 41, 374 8,704 32, 670 7,772 114 148,161 56, 602 61,011 138,628 74.2 16.. 46,240 39, 047 6,636 32,411 7,092 101 149,400 54,978 57,835 140,009 75.5 23.. 54,129 46, 552 8,700 37,852 7,362 215 144,017 59, 710 61,751 140, 384 71.2 30.. 51,024 43, 793 7,536 36, 257 7,123 108 143, 027 56, 342 57,322 139,828 72.5 May 7-. 44,918 37, 516 4,405 33, 111 7,299 103 152,961 57, 472 140,293 76.8 14.. 42,183 36, 202 4,901 31, 301 5,930 51 155, 293 56, 561 59,001 140, 233 77.9 21.. 50, 504 45, 211 8,308 36,903 5,239 54 146, 589 55, 371 57, 422 140,437 74.1 44, 526 40,181 33, 694 4,134 211 151,863 53,417 57, 047 139, 254 77.4 June 4_. 46,154 41,922 34, 953 4,135 97 155,934 56, 292 60, 525 140,168 77.7 11_. 43,237 39,496 7,966 31, 530 3,610 131 153, 435 55, 960 57, 916 139,715 77.6 18.. 36, 876 33, 690 4,810 28, 880 2,992 194 162,004 59,025 60,151 138, 740 81.5 25.. 36,220 33, 573 5,120 28, 453 2,238 409 165, 345 57,322 63,507 137, 739 82.2 July 2.. 33,832 31, 561 2,724 28, 837 2,189 82 159,411 53,941 55,003 138,511 82.4 9.. 31.485 29,854 2,757 27, 097 1,416 215 163, 737 58,033 59, 690 136,939 83.3 16.. 31, 353 29,632 2,778 26,854 1,293 428 161,151 55,040 56,999 136, 211 83.4 23.. 33, 973 31, 700 3,228 28, 472 1,465 808 155, 807 53, 420 54, 886 134, 996 82.1 30. 32,805 30,397 3,193 27,204 1,406 1,002 154, 889 52,817 55,056 133,105 82.3 Aug. 6.. 32,275 29, 486 2,581 26, 905 1,095 1,694 154,807 53,421 55,484 132, 346 82.4 13.. 32,464 29, 644 26, 760! 862 1,958 155, 578 57,285 58,517 131, 296 82.0 2 2 7 0 . . . . 3 34 3 , , 3 0 6 5 2 9 3 2 0 9 , , 8 7 8 2 3 2 2 2, , 9 8 1 0 7 1 ; ! 2 27 6 , , 9 9 6 2 6 1 1 1 , , 2 3 3 1 4 7 2 2, , 1 1 6 0 2 3 1 15 5 3 4 , , 2 8 0 3 9 6 5 5 6 4 , , 9 5 6 7 7 9 5 57 7 , , 8 5 4 6 7 5 1 1 3 3 1 0 , , 1 8 4 7 9 4 8 8 1 1 . . 4 8 Sept.3 32,933 29, 338 2,637 26, 701 i 1,349 2,246 57,476 60, 247 133, 632 82.7 10 30,141 25,950 1,986 23,964 1,601 2,590 162,433 57.472 60,038 134,114 83.7 17 30,235 25, 463 1,750 23, 713 1,920 2,852 169, 277 63, 965 64,980 134, 595 84.8 24 30,786 25,596 2,602 22,994 2,304 2,886 166,167 64, 714 133,955 83.6 Oct. 31, 586 25, 518 2, 642J 22, 876 3,059 3,009 166,924 59,907 65, 568 134, 633 83.4 30,104 23, 570 1, 564! 22,006 3,492 3,042 167,472 59, 584 63,984 135, 564 83.9 15.. 32,296 25, 059 2,502 22, 557 4,004 3,233 163, 864 61, 381 63,195 136,177 82.2 22.. 34,160 25,630 2,979 22,651: 5, 313 3,217 160,391 58,965 60,895 135, 327 81.7 29 j 33,575 24,034 3,022 21,012 6,249 3,292 163,017 59, 550 61, 258 135,167 83.0 Nov. 5 | 31,091 21,063 2,190 18,873 6,642 3,386 164,279 58,521 59,639 137, 246 83.4 12 I 30,948 19, 349 1,077 18, 272 7,850 3,749 168,063 63, 565 66,441 137,405 82.4 19.___* I 34,782 21,998 1,191 20, 807, 8,683 4,101 164, 500 62,361 64, 794 137, 584 81.3 35, 604 23, 257 1,309 21,948 8,403 3,944 165,486 60, 729 62, 952 137, 804 82.4 Dec. 3 35,< 22,954 1,408 21, 546 8,825 3,940 164, 246 60,251 62,063 139,618 81.4 10 I 34,792 22,209 1,148 21,061' 8,595 3,724 170, 610 62,443 64, 606 141,969 82.6 17 | 30,613 18,144 1,497 16,647 8,390 3,815 173,123 62,438 63,052 142, 994 84.0 24 I. 33,862 19, 815 1,666 18,149 9,978 3,805 177, 997 65,620 70,908 147,823 81.4 31 | 29,321 16,070 1,329 14,741; 9,202 3, 785176,318 62,897 66, 778 142,879 84.1 i Daily average. 43,705 35,152 6,215 2,315 152, 784 56,871 59, 801 136,879 77.7 1 Includes other earning assets as follows: Municipal warrants, $51,090 on Jan. 2 and 9, $20,000 on Jan. Digitized fo1r6 , F$R10A,0S00E JRan . 23 to Feb. 6; foreign loans on gold, $264,000, Dec. 3 to 31. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DISTRICT NO. 6 ATLANTA 371 No. 3.—DISCOUNTS AND PURCHASES OF BILLS AND SECURITIES BY FEDERAL RESERVE BANK: VOLUME, BY CLASSES [In thousands of dollars] Bills discounted for member banks Bills bought in open market Com- Month Total m b l G S i y g e e o a c n v U t u t i e r o . r o e n S n b d s - . - a c m n n p u d . a e l t r p e u a c . e g i r r a s a r , l . i l - a T a c n r c a c e d e p e s t- D d e s a r m i a g n f h a d t n t s d Total B a a a c n n c k c e e p e s r t- s' ex D c o h l a l n a g r e 1924 January.._ 82,427 33,462 148,368 481 116 9,228 9,228 February _ 62, 315 24, 083 37,871 293 9,500 9,497 3 March 75,186 29, 342 45, 324 420 100 8,107 8,007 100 April __. 65, 369 22,939 41, 774 616 40 3,907 3,907 May._ 53,484 17, 220 35, 693 523 2,728 2,728 June 45, 932 16,116 29,329 461 26 682 682 July 22,179 6,321 15, 540 297 21 1,203 1,203 August 23, 022 8,250 14,425 320 27 1,106 1,106 September 25, 592 7,889 17, 213 318 172 2,632 2,632 October. 36,979 11, 939 24, 245 442 353 6,126 6,126 November 27, 330 3,283 23,312 424 311 7,329 7,329 December 30, 497 4,145 25, 737 340 275 7,073 7,073 Total: 1924 550, 312 1358,831 4,935 1,557 59,621 59, 518 103 1923.. .... 728, 081 282,954 1439, 262 4,933 932 94, 701 93, 762 1922 489,930 186,946 298,242 4,742 46,429 46, 429 b f o B r u o il g m ls ht U p o . u p S e rc . n h s a m e s c a e u d r r k i i t e i n t es U c c u . h p r a u S i s t r . i e - e d s s e- Foreign Munic- Total p d u i r s c c h o a u s n e t s s a • nd Month r b e o F e a s t e r e h n a d r e k l v - r s e B n a o o n t n d e d s s in c C d a n e t e e r e b t s s i t s f e o i d - f - F r b e o e f a s r t d o e h n e m r e k r v r s a e l l g o o o a n l n d s w c a h p r a u r s a r e - n d ts 1924 1923 1922 1924 January 1,594 1,329 545 95,123 97, 750 83,174 February 2,381 394 74, 590 39,201 62,890 March 2,292 960 86, 545 58, 963 55, 899 April 657 230 70,163 51, 444 42, 518 May ' 567 561 57, 340 55, 689 31, 095 June 1,527 175 48, 316 53, 282 28, 776 July 1,502 329 25, 602 61,617 25, 291 August. 24, 817 55, 328 21,483 September- 734 532 29,490 93, 731 42,414 October 360 171 43, 636 119,823 52, 765 November.. 414 35,961 114, 582 49,823 December.. 804 477 264 39,115 101,265 50, 826 Total: 1924 13, 954 5, 673 874 1923 391 8,685 64, 246 6,500 71 902, 675 1922 6,205 4,382 546, 954 1 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

372 ANNUAL (REPORT OF THE FEDERAL RESERVE BOARD No. 4.—BILLS DISCOUNTED BY FEDERAL RESERVE BANK: VOLUME, BY STATES [Amounts in thousands of dollars] Num- I Num- , ber of j ber of mem- member ber Month ne T s e se n e - J Georgia Florida b A a l m a- a M si i p s p s i i s i - L a o n u a is 1 i- Total ba i n n k s a b c a c n o k in s district'modated at end I during of j the month j month 1924 January 9,706 24, 252 5,777 8,028 708 33, 706 2 82, 427 534 258 February 10, 477 16, 283 4,437 6,627 430 24,061 62, 315 537 265 March.. 12,430 21, 261 2,953 6,321 1,036 31,185 75,186 533 272 April 12,604 15, 761 1,439 4,182 601 30, 782 65, 369 533 274 May 13, 307 16, 244 1,725 3,510 1,200 17, 498 53,484 532 287 June 10, 759 16, 393 399 2,188 587 15, 606 45, 932 530 284 July 8,476 6,159 758 2,432 887 3,467 22,179 527 273 August 8,177 1,173 2,533 841 3,668 23, 022 524 285 September 10, 914 1,110 4,003 649 2,047 25, 592 520 287 October _. 11, 557 9,158 5, 316 4,058 689 6,201 36, 979 520 277 November 5,655 10, 665 1,894 2,064 659 6,393 27, 330 518 258 December 3,069 11,385 1,237 2,743 535 11,528 30, 497 516 218 Total: 1924 117,131 161, 060 28,218 i 48,689 8,822 : 186,142 2 550,312 1923 106, 771 210,443 70,065 ( 65,377 8,507 266,668 2 728,081 1922 75, 357 157, 386 37,459 ! 61,382 7,392 I 150,954 ! 489,930 Number of member banks at end of year: 1924. 172 126 24 ! 32 516 1923 184 132 20 ! 33 535 1922 188 133 20 32 543 Number of member banks accommodated: 1924 156 42 1923- 143 351 1922 142 353 J Figures in this column relate only to that part of the State located in the Atlanta district. 2 Includes $250,000 discounted for the Federal Intermediate Credit Bank of Columbia, S. C. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DISTRICT NO. 6—ATLANTA 373 No. 5.—EARNINGS AND EXPENSES OF FEDERAL RESERVE BANK 1924 1923 1922 Discounted bills $1, 532, 222 $1, 998,189 $1, 951, 695 Purchased billsJ . - . 234,196 550, 770 164,704 Unite<f; |M$t#s securities __ - 85,388 79,752. 189r89t), Deficient reserve penalties- 40,-720 42, 278: Miscellaneous _ J 14, 595 11,325 2,590 Total earnings. 1, 907,121 2, 682, 314 2, 352, 736 CURRENT EXPENSES Salaries: Bank officers 206, 719 177, 065 159, 994 Clerical staff 431, 430 426, 492 487, 751 Special officers and watchmen 37,188 32, 909 23,375 Allother 34, 906 39, 336 38, 758 Governors' conferences 280 551 656 Federal reserve agents' conferences 405 239 286 Federal Advisory Council 848 952 690 Directors' meetings 25, 290 26, 079 21, 758 Traveling expenses l 20, 821 20, 341 19, 284 Assessments for Federal Reserve Board expenses 26,897 28, 616 30,164 Legal fees :.-_ 9,019 6,741 8,948 Insurance (other than on currency and security shipments). 19, 742 18, 995 28,159 Insurance on currency and security shipments 28, 459 28, 608 17, 253 Taxes on banking house 47, 6Q7 41, 967 9,393 Light, heat and power 13,402 11,108 10, 555 Repairs and alterations, banking house 9,070 5, 668 1,101 Rent. 14, 695 19, 789 25, 841 Office and other supplies 23, 848 30, 365 17,819 Printing and stationery 29,518 46, 209 33, 225 Telephone 5,045 4,970 4,546 Telegraph 79, 427 77, 346 64, 789 Postage.—. 98, 924 96, 991 Expressage 21,169 22, 036 99,431 Federal reserve currency: Original cost, including shipping charges 28, 409 78, 992 107, 938 Cost of redemption, including shipping charges. 3,892 18, 039 25, 219 Taxes on Federal reserve bank-note circulation 103 22, 360 All other expenses 29, 942 33, 725 33, 760 Total current expenses.. 1, 247, 012 1, 294, 232 1,293,053 PROFIT AND LOSS ACCOUNT Earnings 1, 907,121 2, 682, 314 2, 352, 736 Current expenses . 1, 247, 012 1, 294, 232 1, 293, 053 Current net earnings. 660,109 1, 388, 082 1, 059, 683 Additions to current net earnings: Withdrawn from reserve for depreciation on United States bonds 2,067 2,590 Allother 12,231 1, 941 1, 823. Total additions.. 14, 298 2, 789 4,413 Deductions from current net earnings:' Depreciation allowances on bank premises. 94,934 305, 411 163, 294 Reserve for probable losses 285, 585 668, 416 200, 000 Furniture and equipment 17, 321 57, 228 17, 387 All other 3,911 7,637 10,685 Total deductions 401, 751 391, 366 Net deductions from current net earnings 387,453 386, 953 Net earnings available for dividends, surplus and franchise tax 272, 656 352,179 672, 730 Dividends paid 272, 656 264,622 256,618 Transferred to surplus account 8,756 2-172,018 78, 801 2 588,130 Franchise tax paid United States Government 1 Other than those connected with governors' and agents' conferences and meetings of directors and of the advisory council. - 2 After ctiargihgsTif plus and crediting franchise tax wjth $213$70 paid as an additiqn^Liranchise tax for 1921. Amounts transferred to surplus arid paid as a franchise tax out of earnings for 1922 were $41,611 and $374,501, respectively. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

374 ANNUAL. REPORT OF THE FEDERAL RESERVE BOARD No. 6.—VOLUME OF OPERATIONS IN PRINCIPAL DEPARTMENTS OF FEDERAL RESERVE BANK 1924 1923 1922 NUMBER OF PIECES HANDLED Bills discounted: Applications _ 10,492 13, 240 13,975 . Notes discounted _ _. 68,912 85,479 93,603 Bills purchased in open market for own account 4,426 6,673 3,312 Currency received and counted.._ 106, 694, 000 97, 814, 000 85, 585, 000 Coin received and counted 58, 325, 000 50, 084, 000 51, 786, 000 Checks handled ._ _ 25, 299, 000 i 23,956, 000 27, 750, 000 Collection items handled: United States Government coupons paid 1,202, 000 1, 689, 000 2, 045, 000 Allother _ 147, 000 147, 000 134,000 United States securities—Issues, redemptions, and exchanges by fiscal agency department _._ 692, 000 * 3,981,000 1,695,000 Transfers of funds 73,000 68,000 60, 000 Envelopes received and dispatched. 2, 088, 000 2, 329, 000 (3) AMOUNTS HANDLED Bills discounted _ $550,312, 000 $728, 081, 000 $489,930, 000 Bills purchased in open market for own account 59, 621, 000 94, 701, 000 46,429, 000 Currency received and counted 450, 008, 000 415,248, 000 415,416,000 Coin received and counted...._ __ 7, 690, 000 7,119, 000 6,675, 000 Checks handled -_ 8, 650, 648, 000 1 8, 251,381, 000 5,587,997,000 Collection items handled: United States Government coupons paid 9,824, 000 12,194, 000 12, 205, 000 Allother... 165,758, 000 165, 548, 000 151, 741, 000 United States securities—issues, redemptions, and exchanges by fiscal agency department 56,731, 000 151, 539, 000 182,122, 000 Transfers of funds 1, 738,402, 000 1,466,213, 000 1,603,403, 000 1 Revised figures. J Large increase due to redemption of war-savings securities which matured January 1, 1923. a Data not available. No. 7.—OPERATIONS OF FEDERAL RESERVE CLEARING SYSTEM [Figures include cash items only. Numbers in thousands; amounts in thousands of dollars] Items forwarded Items drawn on to other Federal Items drawn on banks in own reserve banks Treasurer of Total i district and their United States Month branches Number Amount Number Amount Number Amount Number Amount 1924 January 1,723 637,670 183 55,854 119 12, 677 2,025 706,201 February 1,631 583,710 209 51,164 115 12,178 1,955 647,052 March 1,855 647, 251 194 54,062 126 12,585 2,175 713,898 April 1,767 616,610 170 52,195 138 13, 721 2,075 682,526 May 1,798 617, 209 148 48, 361 121 11, 942 2,067 677, 512 June. 1,672 557, 668 124 44,859 111 11,849 1,907 614,376 July 1,642 553,329 110 45, 795 114 12, 615 1,866 611,739 August 1,564 501, 579 41,466 135 13,026 1,787 556,071 September 1,707 586, 578 107 46,871 137 13,015 1,951 October 1,902 677,394 100 47,032 136 14,763 2,138 739,189 November 1,801 632,178 97 49,842 123 13,145 2,021 695,165 December 2,058 735, 623 137 59,358 122 13,191 2,317 808,172 Total: 1924 21,120 7,346, 799 1,667 596,859 1,497 154, 707 24,284 8, 098,365 1923 19,789 6,938, 735 1,733 601,807 1,444 199, 957 22,966 7, 740,499 Exclusive of duplications on account of items handled by both parent bank and branch. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DISTRICT NO. 6 ATLANTA 375 No. 8.—CLEARINGS AND TRANSFERS THROUGH 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 1924 Jan. 2 (one day) 13,905 14,069 164 9 68,691 60,338 8,353 16 59,342 62,632 3,290 23 .. . . 64, 279 59,749 4,530 30 66,191 66, 762 571 Feb 6 57,234 64,198 6,964 13 . 54,933 61,441 6,508 20 70,259 64, 594 5,665 27. 63, 569 59,758 3,811 Mar. 5 57,658 62,133 4,475 12 57,582 58,706 1,124 19 ._ 75,437 71,133 4,304 26 . . 64,661 69, 280 4,619 Apr. 2 . . 59,123 62,140 3,017 9 55,125 68,798 13,673 16 ". 61,366 63,040 1,674 23 69,792 64,457 5,335 30 . 61,045 60,646 399 May 7 -- . 55,928 65,925 9,997 14 55,045 57,773 2,728 21 71,302 62,961 8,341 28 54,544 59,962 5,418 June 4 46,854 52,005 5,151 11 53,463 51,547 1,916 18 59, 953 68, 225 8,272 25 61,291 62,690 1,399 July 2 66, 745 63,430 3,315 9 49,980 54,078 4,098 16 . 59,908 57,141 2,767 23 60,679 55,435 5,244 30 57,168 56,211 957 Aug. 6 52,850 52, 532 318 13 _ 49,235 50,368 1,133 20. _ . 62, 702 61,229 1,473 27 54,418 54,112 306 Sept. 3 44, 537 52,178 7,641 lo""" ::::::::::::::::— 57,462 59, 879 2,417 17 71, 349 79, 380 8,031 24 75,992 73, 381 2,611 Oct. 1 68, 251 68,463 212 8 66,797 68,642 1,845 15 67, 659 64, 584 3,075 22 84,050 80,882 3,168 29 _ 74,790 78,489 3,699 Nov. 5 68, 729 70, 521 1,792 12 63,554 66, 541 2,987 19 82,730 79, 288 3,442 26 . . 79, 641 81,041 1,400 Dec. 3.. 68,398 67,812 586 10 72, 531 78,660 6,129 17 83, 509 86, 716 3,207 24 _ ..,_.. 81,725 89,251 7,526 31 .._ 75,032 70,662 4,370 Total: 1924 3,338,993 3, 395,868 56,875 1923 3, 084,967 3,088,625 3,658 1922 2,392, 243 2,482,228 89,985 Net gain in ownership of gold since establishment of fund in 1915, $189,415,000. 36569—25t -25 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

376 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No. 9.—REPORTING MEMBER BANKS IN LEADING CITIES: PRINCIPAL RESOURCES AND LIABILITIES [In thousands of dollars} Loans and discounts Investments Last report date in— United States securities All other 1924 1923 1924 1923 1924 1923 January.._ 430, 542 403, 283 38, 586 42, 773 40,998 35,335 February.. 427,454 405,999 39, 361 40, 561 39, 576 37,193 March 424,048 407,878 39,932 46,292 38,685 36, 506 April 424,808 404,830 37,182 46,862 41,908 May 422, 907 406, 230 34,328 45,045 41,342 35,633 June 414,334 405,240 33,061 48, 356 41, 069 39, 385 July 405,549 400,022 29, 397 43, 570 41, 027 39, 683 August 411,351 28, 733 44, 021 41,249 September 421,473 415, 065 30, 872 44, 784 42, 693 42,923 October. __ 432,815 438, 680 30, 558 41,679 42, 671 43,357 November, 445, 475 450, 398 30, 893 41, 205 44,934 43,114 December. 459,134 446, 595 31,862 46, 548 43,463 42,480 Net demand de- Time deposits Accommodation at Fedposits eral reserve banks Last report date in— 1924 1923 1924 1923 1924 1923 January... 276,007 289,314 176, 556 163, 802 24,288 7,558 February.. 280,192 287,739 176, 520 164,837 27, 032 4,824 March 269,472 276, 891 178, 300 167,168 24,945 4,515 April 274,279 271,846 182, 861 168,775 23,974 10,609 May 265, 511 276,062 185, 943 171,881 18,966 12,462 June 263,414 273, 444 187,321 179, 381 12, 059 13,881 July 265, 552 268,312 187, 927 178,686 6,424 16,493 August 286,107 262,748 187, 050 178, 295 7,111 19,025 September 278,849 253,023 189,335 181,107 6,719 35,938 October 289,117 259, 039 187, 675 181,428 7,590 51,550 November. 301, 764 266, 076 191,059 181,370 9,711 57,683 December. 317, 287 270, 848 191, 956 180, 701 6,179 45, 540 NOTE.—Figures are for about 36 banks in Atlanta, Birmingham, Jacksonville, Nashville, New Orleans, Chattanooga, Knoxville, and Savannah, which submit weekly reports to the Federal reserve bank. No. 10.—DEBITS TO INDIVIDUAL ACCOUNTS [In thousands of dollars. For explanatory note see p. 154] Total for 15 centers * Albany, Ga." Month 1924 1923 1922 1924 1923 1922 January 1, 047,405 1, 005, 714 774,821 4,744 4,990 February __. 947, 847 827,440 676,960 3,602 4,299 3,734 March 987, 094 991, 806 781,076 3,854 5,606 3,909 April 970,084 886,328 710, 303 3,708 4,110 3,611 May 916, 882 922, 450 764,397 3,957 4,330 3,716 June 872,788 902, 403 785, 260 3,485 4,130 3,681 July 914, 053 837,023 743, 297 3,305 3,568 3,386 August 848,971 790, 799 739, 642 4,226 2,872 3,928 September- 959, 071 835, 330 800,649 5,217 4,440 4,790 October 1,129, 584 1, 020,357 901, 535 5,694 5,373 5,041 November. 973,154 991,989 911,367 5,121 5,407 4,907 December.. 1,154,408 1,124,910 989, 297 6,322 5,843 5,774 Total 11, 721, 341 11,136, 549 9, 578, 604 53,235 54,968 46,477 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. 6—ATLANTA 377 No. 10.—DEBITS TO INDIVIDUAL AccouNTs^-Continued fin thousands of dollars.] Atlanta, Ga. Augusta, Ga. Month 1924 1923 1922 1924 1923 1922 January 147, 837 135, 236 104,413 30, 883 32,714 26, 835 February-. 129,368 119, 234 88,157 27,950 20,126 March 141,169 146, 675 111, 020 25, 438 40, 692 24,179 April.. 141,164 127,305 98, 210 26,202 29,572 22, 039 May 135,168 136, 068 115,450 24,806 27,374 25, 796 June 127,947 138, 249 109, 070 21,946 25, 332 25, 553 July 125,452 121,402 106, 592 22,854 22,781 21, 616 August 122, 785 115, 754 105, 893 19, 799 19, 550 21, 358 September- 132, 683 121,497 111,530 29,649 30,224 27, 538 October 157, 521 149, 831 125, 714 35, 574 37, 790 33,446 November- 140, 872 144, 066 120,795 30,963 32, 083 December.. 167,155 148, 091 134, 522 34, 090 35, 831 31,730 Total 1,669,121 1, 603,408 1, 331, 366 330,154 312, 299 Birmingham, Ala. Brunswick, Ga." Month 1924 1923 1924 1923 1922 January 115,510 114,378 61,710 3,383 2,871 February... 102, 699 99,365 61, 275 2,799 2,499 2,275 March 114, 734 106, 438 75, 894 2,700 2,857 2,245 April 118,457 102,313 65,743 2,751 2,632 2,184 May. 108, 813 108, 046 71, 728 2,640 2,777 2,378 June 105,158 106,472 72, 527 2,763 3,067 2,434 July 111, 042 103,708 71,548 2,704 2,702 2,642 August 104, 917 99, 004 73, 215 2,614 3,002 2,856 September- 114,356 100,167 83,066 2,638 2,981 2,867 October 143, 881 126, 990 99, 027 2,773 3,108 2,958 November. 128,721 105,137 103, 604 2,534 3,447 2,906 December. _ 141, 880 118, 073 103, 566 3,311 3,601 3,387 Total 1,410,168 1, 290, 091 942,903 33, 610 35,544 29,132 Chattanooga, Tenn. Columbus, Ga." Month 1924 1923 1922 1923 January 41, 726 39, 088 32,354 12,776 13, 587 February... 35, 335 31,958 26, 580 10,980 11,186 8,432 March 39, 591 40, 096 31, 073 11,254 13,956 10,022 April 36,112 36, 764 28,682 11,236 11, 035 9,794 May- 36,842 38,260 29,358 10,703 12, 079 10,339 June 35,542 38, 310 31, 594 10,142 11,179 10,301 July 36,186 35, 625 27, 761 10,960 10,422 9,594 August 35,108 37, 310 29, 807 11,384 10,401 9,199 September. 36, 028 35,485 32, 897 12,489 13,140 12, 582 October 40,176 39, 050 33, 809 13, 651 16,431 15, 214 November _ 36, 222 37,499 34, 516 13,373 16,312 14,381 December.. 41,494 39,155 38,324 15,833 15,260 14,646 Total 450, 362 448, 600 376, 755 144, 781 154,988 124, 504 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

378 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No. 10.—DEBITS TO INDIVIDUAL ACCOUNTS—Continued [In thousands of dollars.] Dothan, Ala.* Elberton, Ga.* Month 1924 1923 1922 1924 1923 1922 January 2,962 3,845 1,183 1,166 February 2,877 2,961 1,789 971 883 774 March 2,613 2,592 2,156 920 1,151 1,097 April 2,335 2,676 1,943 995 839 934 May- -. 2,359 2,468 1,954 964 772 1,064 June 1,824 2,375 1,836 765 685 773 July _. 1,884 1,823 1,962 733 593 706 August 2,744 1,805 2,602 680 761 593 September 5,363 3,108 4,058 1,003 906 790 October 4,710 3,901 4,053 1,562 1,679 1,102 November 3,701 4,110 4,430 1,376 1, 431 1,046 December 4,281 3,785 3,225 1,456 1,394 1,196 Total 37, 653 35, 449 30,008 12, 608 12, 260 10, 075 Jackson, Miss.* Jacksonville, Fla. Month 1924 1923 1922 1924 1923 1922 January . __ 17,116 13,778 61,396 54, 639 42, 681 February 14,992 13,137 56, 722 49, 781 39,833 March _ __._ 14,734 14,361 10,580 60, 757 59,922 51,345 April 16,706 12,201 8,328 65, 347 58, 384 47, 751 May - - 19,140 12,072 9,648 63,024 56, 718 51, 447 June 14,027 11, 767 11,057 58,315 55,015 47,310 July 15,722 12,387 9,623 56, 260 52, 201 43, 420 August _. 12,903 11, 210 9,640 55,775 48, 228 47,836 September 14, 531 12,459 11,675 55,308 46,465 41, 747 October . . . . .. . 21,994 15,891 11,939 64,258 54,643 46,017 November 16,196 14,983 13,025 60,003 51, 563 47, 387 December 17, 770 17, 230 13,418 72,697 64,697 56, 326 Total 195,831 161,476 108,933 729, 862 652, 256 563,100 Knoxville, Tenn. Macon, Ga. Month 1924 1923 1922 1924 1923 1922 J anuary 34,595 33,367 26,417 20,082 21,072 14,865 February .. 29,150 27,024 23,817 18,856 18,987 13,090 March - - _ 33,299 31, 782 26,392 19,584 22,187 15,133 April 33,109 29,018 25,458 20,036 19, 661 16,074 May - - --- - 30,435 31,452 24,135 19, 839 24,894 16,105 June _ _- _. 30,125 34, 516 26,215 19,570 20, 765 17,707 July 31,882 30, 770 25, 585 21, 746 21, 096 19,266 August . _ _ 29,565 30,004 24, 737 21, 658 18, 524 16,863 September 31,540 30,109 27, 251 21,858 19, 210 19,800 October _ - -. 33,918 33, 319 28,079 25, 881 22, 243 21, 677 November : 28,736 29,147 26,998 22, 227 22,141 20, 943 December 31, 678 36, 707 32, 628 25, 431 23, 522 23, 026 Total - - 378,032 377,215 317, 712 256, 768 254, 302 214, 549 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DISTRICT NO. 6-—ATLANTA 379 No. 10.—DEBITS TO INDIVIDUAL ACCOUNTS—Continued [In thousands of dollars.] Meridian, Miss.* Mobile, Ala. Month 1924 1923 1922 1924 1923 1922 January 11,820 31,154 32, 507 25,457 February.. 10,475 9,520 26, 703 26,453 23,907 March 10,164 11,461 8,161 27, 696 30,999 27,332 April....... 10,613 10,048 7,856 27,184 28, 705 22, 976 May.. 15,389 12,004 8,977 28, 217 30, 241 25, 006 June 12,118 18,844 26, 861 28,183 24,882 July 13, 580 14,290 7,548 25, 761 27,155 23,884 August 13,837 8,427 7,569 25, 421 27,471 23,620 September. 14, 033 9,057 9,749 29,462 25,166 26,293 October 16,167 9,989 10, 561 32, 663 30, 505 30, 419 November. 13, 668 10,322 9,452 27, 551 31, 973 27,952 December.. 14, 990 10,158 9,123 33,453 35, 710 31, 723 Total 156, 854 134, 014 87, 394 342,126 355,068 313,451 Montgomery, Ala. Nashville, Tenn. Month 1924 1923 1922 1924 1923 1922 January 24,464 22, 809 15,061 77, 246 78, 537 63,069 February._ 22,023 20,145 12,690 66, 630 64,052 56, 520 March 21,698 24, 749* 15, 619 77,086 76, 812 67,966 April. 21,942 21,137 14, 208 74,113 71, 790 64, 403 May 20,757 19, 674 15,423 72,321 79,091 63,035 June 19,368 18,760 15, 220 71,429 77, 272 68,037 July 18, 879 16, 639 13, 251 71,385 68, 253 64,146 August 17, 451 15,661 15,078 69,174 66,840 64, 762 September. 23,714 20,888 20,199 72,315 68,256 66,687 October 26, 732 28,350 23,106 82, 707 77, 968 72, 977 November. 21,391 25,340 21,165 71,973 70, 708 67,904 December.. 24,072 25,793 22, 672 79,158 75,178 Total 262,491 259,945 203, 692 885, 537 876,248 794,684 Newnan, Ga.* New Orleans, La. Month 1924 1923 1922 1924 1923 1922 January 2,500 2,038 364,63'4 j 347, 739 281,869 February. _ 1,617 1,996 1,149 341,696 I 261,634 238,366 March 1,614 2,306 1,351 318, 299 256, 963 April 1,560 1,725 1,195 319, 942 272,843 228, 924 May 1,550 1,662 1,313 286,623 280,069 245,622 June 1,397 1,494 1,462 268, 983 269, 692 269, 897 July 1,453 1,510 1,727 304, 881 255,382 253,803 August 1,622 1,388 1,256 267, 211 232,162 245, 957 September . 1,890 2,210 1,592 317, 679 251,071 265, 279 October 2,327 2,208 1,828 382,321 310, 267 301,922 November. 2,505 2,581 1,471 306, 585 338, 657 326, 627 December.. 2,964 2, 599 1,982 383, 219 414, 594 347,044 Total 22,999 23, 717 16, 326 3,881,804 3, 552, 409 3,262,273 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

380 ANNUAL EEPORT OF THE FEDERAL RESERVE BOARD No. 10.—DEBITS TO INDIVIDUAL ACCOUNTS—Continued [In thousands of dollars.] Pensacola, Fla. Savannah, Ga. Month 1924 1923 1922 1924 1923 1922 January 7,060 7,312 5,668 47,485 45, 770 40,232 February. _ 7,169 6,327 5, 683 40,847 38, 434 34, 266 March 7,652 7,223 6,055 37,625 43, 762 40,797 April 7,190 6,858 7,479 42, 243 38, 651 May 7,164 7,493 6,314 38, 760 41,184 41, 684 June 6,885 7,473 6,374 37, 679 43,389 42, 505 July 7,043 7,337 5,911 38,258 39,858 37,938 August 6,581 7,248 6,118 34, 668 36, 021 37, 248 September. 6,431 6,686 5,728 47,329 44, 654 October 7,000 7,230 6,094 48,183 63,025 46, 616 November. 6,565 6,436 5,812 42, 669 49, 472 41,039 December.. 8,948 8,730 7,426 49, 673 50, 465 44,126 Total. 85, 688 86,353 74, 662 499,242 540,316 489,756 Tampa, Fla. Valdosta, Ga.* Vicksburg, Miss. Month 1924 1923 1922 1924 1923 1922 1924 1923 1922 January 34,061 30, 735 26, 766 4,936 5,536 9,272 9,811 7,424 February... 34, 657 27,629 26,257 4,162 4,945 3,792 8,042 7, 458 6,393 March 35,959 34,600 25, 477 4,461 5,218 4,127 6,776 7,570 5,831 April.. 35, 713 33, 546 24, 532 4,574 4,483 3,599 7,507 6,189 5,173 May 37,100 35,300 27, 477 4,391 4,450 3,739 7,013 6,586 5,817 June.- 36,124 32,890 22, 789 3,954 4,490 3,922 6,856 6,085 5,580 July.. 35,194 28, 659 23,328 4,192 4,467 3,894 7,230 6,157 5,248 August 32,442 31,015 21, 901 5,649 4," 745 4,078 6,416 6,007 5,249 September. 32,065 26,393 21,384 5,718 4,711 4,384 8,654 7,020 6,596 October.. _ 37,655 29,953 23, 656 5,231 4,887 4,790 11,114 9,193 8,976 November- 38, 778 30,471 25, 255 4,759 4,682 5,213 9,898 10,390 9,287 December . 50, 607 36,162 30, 930 5,293 5,236 5,178 10,853 10, 711 10,076 Total 440,355 377,353 ! 299,752 57,320 57, 850 46, 716 3,177 81,650 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DISTRICT NO. 7—CHICAGO No. 1.—CONDITION OF FEDERAL RESERVE BANK [In thousands of dollars] Dec. 31, Dec. 31, Dec. 31, 1924 1923 1922 RESOURCES Gold with Federal reserve agent 165,909 384, 917 410,108 Gold redemption fund with United States Treasury 2,498 4,196 2,199 Gold held exclusively against Federal reserve notes 168,407 389,113 412,307 Gold settlement fund with Federal Keserve Board ... 110,989 106,900 77,261 Gold and gold certificates held by bank 87,980 49,091 50, 981 Total gold reserves 367,376 545,104 540, 549 Reserves other than gold _ 15, 576 8,286 21,704 Total reserves 382,952 553,390 562, 253 Nonreserve cash 9,266 7,500 Bills discounted: Secured by United States Government obligations 19,379 48,866 24,875 Other bills discounted 18,445 46,468 48,996 Total bills discounted .. .. . . .. - 37,824 95,334 73,871 Bills bought in open market _ 33,882 42,437 14,565 United States Government securities: Bonds -- - - 19,494 4,426 4,426 Treasury notes 46, 556 4,867 210,855 Certificates of indebtedness 14,320 1,464 47, 552 Total United States Government securities . __ .. 80,370 10, 757 62,833 Foreign loans on gold 894 Total earning assets „ 152,970 148, 528 151,269 5 per cent redemption fund—Federal reserve bank notes 665 Uncollected items. 81, 588 66,451 98, 525 Bank premises _ . .._. 8,099 8,264 8,288 All other resources.. 1,556 240 702 Total resources 636,431 784,373 821,702 LIABILITIES Federal reserve notes in actual circulation 196, 529 406,901 420,506 Deposits: Member bank—reserve account 312, 395 268, 212 282,901 Government 6,173 2,745 1,294 Other deposits 1,615 1, 052 2,659 Total deposits - 320,183 272,009 286,854 Deferred availability items _ 72, 786 58,611 68,248 Capital paid in 15,172 15,179 14, 772 Surplus . . . 30, 426 30,426 30, 398 All other liabilities 1,335 1,247 924 Total liabilities 636,431 784,373 821,702 Ratio of total reserves to deposit and Federal reserve note liabilities combined (per cent) 74 1 81 5 79 5 Contingent liability on "bills purchased for foreign correspondents... 6,360 2,640 4,093 i Not shown separately prior to 1923. * Including Victory notes. 381 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

382 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No. 2.—PRINCIPAL ASSETS AND LIABILITIES OP FEDERAL RESERVE BANKS BY WEEKS [Amounts in thousands of dollars] Bills discounted for member banks Date a T e s i s a o n e r t g n t a s - 1 : Total G s U e B o c b v . i u S y l e l r . r s e n d - c O b o d t i u i h l s n l - e s t r - m b o o B a p i u i r n e l g k l n h s e t t U s S e t n t c i a e i u t t s e e ri s d - re T c se o a r s t v a h e l s r b p M e a s o b d n e e e s e r k m i - r v t s s e - ' p T o d o e s t - i a ts l F c re i n e t r s i o d c i e o n t u e r e n r v l s a a e - l s c p e R e e r e n v r - t - e ment ed obligations 1924 Jan. 2 156,011 104,801 55,263 49, 538 40,896 10,314 560, 792276,354 291,118 404,255 80.6 9 121,652 68,309 24,982 43,327 41,505 11,838 568,251 286,107 289,197 387,053 84.0 16 118,607 63,011 25,152 37,859 40,196 15,400 546,772 269,479 275,272 376,136 83.9 23 114,299 62,119 23,903 38,216 38,221 13,959 553,604 277,908 283,419 371,667 84.5 30 108,493 59,449 24,196 35,253 34, 514 14,530 557,657 279,011 283,776 362.642 86.3 Feb. 6 104,837 56,635 21,710 34,925 32,734 15,468 570,733 268,514 280,648 361,884 13 103,552 55, 574 21,500 34,074 31,308 16,670 573,345! 277,951 283,341 362,097 88.8 20 106,287 55,813 19,831 35,982 31,892 18,582 563,404| 287,677 294,729 353.643 86.9 27 108,129 55,413 19,551 35,862 32,656 20,060 543,776 272,812 278,729 349,355 Mar. 5 127, 699 65,100 27,538 37,562 36, 583 26,016 547,766 292,795 314,925 343,030 83.3 12 123,618 58,894 21,640 37,254 34,620 30,104 534,126 286,396 299, 580336, 514 84.0 19 117,320 48,508 13,241 35,267 33,294 35,518 511,114 273,690 276,297 330,032 84.3 26 129,163 59,827 21,618 38,209 30,056 39,280 512,282 281,601 292,006 324,084 83.2 Apr. 2 140,516 69,187 26,802 42,385 31,259 40,070 503, 558280,822 309,043 319,450 80.1 9 138,402 67,160 21,444 45,716 30,465 40, 777510,298 280,799 312,863 312,358 81.6 16 122,224 55,885 19,045 36,840 26,776 39,563 496,209 282,226 293,165 302,803 83.3 23 120,940 55,495 18,090 37,405 25,171 40,274 482,694 275,154 286,912 294,041 83.1 3O._ 122,057 55,838 16,752 39,086 20,353 45,866 477.539 284, 713287,641 290,447 82.6 May 7 129,319 65,206 23,460 41,746 17,032 47,081 463,050 286,403 289,271 284,852 80.7 115,101 51,008 14,455 36,553 14, 771 49,322 480,656 295,157 280,327 83.5 21IIIIII! 110,714 51,461 13,707 37,754 9,777 49,476 477,071 288,034 289,957 275,478 84.4 28 115,199 54,642 17,570 37,072 9,185 51,372 465,169 279,635 284,430 271,198 83.7 June 4 119,353 49,874 13,605 36,269 6,551 62, 928 462,872 286,750 291,962 82.4 11 123,339 49,309 12,451 36,858 6,800 67,230 457,195 290,726 296,765 264,381 81.5 18 115,217 49,554 12,609 36,945 5,590 60,073 471,544 310,733 312,255 259,010 82.5 25_ 109,481 44,813 9,245 35,568 3,758 60,910 481,146 311,157 318,521 256,591 83.7 July 2 107,538 43,454 9,585 33,869 2,535 61,549 478,871 303,652 313,491 255,256 84.2 9 110,032 43, 760 10,620 33,140 3,052 63,220 455.540 289,875 291,685 253,178 83.6 16 108, 952 40,940 10,043 30,897 2,642 65,370 471,336 302,408 314,206 245,373 84.2 23 106,239 38,968 9,540 29,428 1,901 65,370 474,437 308,468 319,603 241,789 84.5 30 104,078 37,156 8,410 28,746 1,542 65,380 465,981 303,551 308,743 237,164 85.4 Aug. 6 110,809 36,857 8,780 28,077 1,498 72,454 466,666 315,536 322,600 234,835 83.7 13 109,867 34,021 7,r~- 26,133 1,260! 74,586 451,787 303,398 306,143 231,067 84.1 20 111,355 33, 781 26,527 2, 776! 74, 798458,234 318,838 321, 562229,129 83.2 27 110,879 31,811 7,254 23,310 4,182j 74,886 455,207 311,422 313,616 226,085 84.3 8,501 I Sept. 3 111,648 30,489 8,482 22,007 5,613| 75,546 456,700 313,700 324,156 225, 725 83.1 10 119,157 30,632 21,694 9,327 79,198 458,553 324,842 331.918 222,581 82.7 17 120,111 28,411 7,636 20,775 10,2111 81,489 435,184 320,134 322,100 219,460 80.4 24 118,343 28,897 8,657 20,240 80,557 441,623 313,005 318,369 216,692 82.5 Oct. 1 122, 795 29,529 19,931 11,718 81,548 437,958 303,403 319,304 215,109 82.0 8 124,843 27,478 7,794 19,684 14,848 82,517 437,391 324,862 211,845 81.5 15 126,232 27,103 7,036 20,067 15,496 83,633 434,561 315,328 321,503 211,918 81.5 22 132,554 27,957 8,309 19,648 20,125 84,472 407,827 305,224 306,923 209,662 78.9 29. 139,977 32,054 10,664 21,390 22,840 85,083 407, 705310,957 313,464 206,596 78.4 Nov. 5 141,173 30,946 9,703 21,243 24,508 85, 719 411,910 307,718!314,693 206,446 79.0 12 149,745 30, 587 8,868 21, 719 31,503 87,655 411,881 312,993 319,305 203,382 78.8 19 148,195 31,291 8,648 22,643 30,205 404,922 324,469 326.919 200,915 76.7 26 _. 144,614 32,019 10,600 21,419 26,602 85,993 393,224 305,783 309,454 199,673 77.2 Dec. 3 156,350 42,026 21,655 20,371 27,396 86,034 396,715 323,622 327,090 199,230 75.4 10 134, 716 30,548 10,454 20,094 28,427 74,847 409,320 316,660 321, 736 78.7 17 149,614 42,487 21,942 20,545 28,333 77,9001 376,596 309,164 311,843 198,526 73.8 24 161, 713 45,161 24,456 20,705 35,760 79,898i 364,879 315,207 321,746 201,598 69.7 31 , 152,970 37,824 19,379 18,445 33,882 80,370 i 382,952 312,395 320,183 196,529 74.1 I j Daily average, 124,234 46,795 20,291 57,077i 471,537 296,434! 304,854 269,237 82.1 Digitized for FiRncAlSudEeRs foreign loans on gold—$894,000, Dec. 3 to 31. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DISTRICT NO. 7 CHICAGO 383 No. 3,—DISCOUNTS AND PURCHASES OP BILLS AND SECURITIES OP FEDERAL RESERVE BANK: VOLUME, BY CLASSES [In thousands of dollars] Bills discounted for member banks Bills bought in open market Secured Com- Month Total b G o y m o b U v l e i e g n . r . a t S n - - . a c m n p u d a e l t r p u a c e g i r r a a r , l i l - B a a a c n n c k c e e p e s t r - s' a T c r c a e d p e t- Total B a a a c n n c c k e e p e s t r - s' ex D c o h l a l n ar ge tions n. e. s. 1924 January. 134,705 104,406 30,170 129 19,622 18,950 672 February 123, 712 98,412 25,199 101 21,885 20,671 1,214 March 145,040 100,867 44,097 76 18,479 17,552 927 April _._ 107,125 63,114 43,861 150 10,681 10, 516 165 May 129,838 90, 577 39,189 72 4,643 650 June _ 65,101 39,724 25,227 150 4,848 4,813 35 July 44, 554 27, 569 16,873 112 2,363 2,363 August 38, 921 27,171 11,644 106 5,296 5,296 September 38,130 26,595 11,452 83 7,995 7,885 110 October. 44,537 32,601 11.802 134 20,645 20, 359 286 November 50,243 35,407 14.803 33 20,370 20,170 200 December 113,355 102, 337 10,924 94 27,218 26,663 555 Total: 1924.. _ 1,035,261 748, 780 285,241 1,240 164,045 159, 231 4,814 1923.- 2,508,082 1,867, 787 638,159 2,086 265,360 254,590 10,770 1922._. 1,581,004 996, 767 582,841 1,321 253,464 249,637 3,827 U. S. securities pur- U. S. Bills chased in open securi- Total discounts and purchases bought market ties purfrom chased Foreign Month other from loans on F r b e e a s d e n e r k r v s a e l B n a o o n n t d e d s s c i C n a e d te r e t s i b f o t i - - f F re o e s t d e h e r e r v r a e l gold 1924 1923 1922 banks 1924 January 10,309 7,898 1,849 ! 174,383 408, 518 244,003 February... 10,938 3,054 159,589 208,453 195, 692 March 17,100 31,963 212,582 321,810 204,015 April 13, 707 7,187 138,700 244,291 166,841 May 9,419 4,382 148,282 242,409 146,747 June 18, 364 23,688 512 112,513 315,318 182,778 July 9,376 1,425 657 58,375 265,176 106,017 August.. 5,912 1,528 51, 657 232,019 September . 5,939 10, 729 62,793 261,404 181,859 October 4,052 786 70,020 274, 592 218,640 November. 3,210 4,163 77,986 267,419 214,084 December.. 10, 534 12,060 164,061 288,602 421,621 Total: 1924... 118, 860 108,863 3,018 1,430, 941 1923... 13,380 107,109 411,080 25,000 3,330, 011 1922... 158,198 430, 461 8,100 2,431,227 36569—25f 26 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

384 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No. 4.—BILLS DISCOUNTED BY FEDERAL RESERVE BANK: VOLUME, BY STATE [Amounts in thousands of dollars] Number Number Month Illinois i Indiana i Iowa M ga ic n h i i- Wi s s i c n o ^ n- Total b o e t i r f r n i m c b d t a e i a n s m - t k - sb m o e a d f r c o u c d b m r o i a a m n e t n m e g - k d - s end of month the month 1924 January 40,239 10,734 19,258 55,762 8,712 134,705 1,435 634 February 45,319 11,526 13,095 40,110 13,662 123,712 1,437 609 March _ 62,926 12,024 14,167 42,441 13,482 145,040 1,432 591 April __ 46,330 10, 454 13,680 23,055 13,606 107,125 1,432 639 May... 62,085 7,173 12,127 38,002 10,451 129,838 1,433 620 June 9,756 8,935 10,991 24, 856 10, 563 65,101 1,427 587 July 7,088 6,614 ! 7,732 17, 426 5,694 44, 554 1,428 553 August 9,593 5,854 I 6,114 13, 091 4, 269 38,921 1,427 471 September 5,549 6, 222 ! 6,771 16,871 2,717 38,130 1,426 491 October 4,090 6, 326 I 6,392 25,038 2,691 44, 537 1,424 514 November 18,487 3, 429 j 5,826 19, 358 3,143 50, 243 1,423 489 December 37, 235 4,755 6,407 61,362 3,596 113,355 1,419 525 Total: 1924... 348, 697 94,046( 122, 560 377,372 92, 586 1,035,261 1923... 1,232,182 172,030 S 181,396 781,268 141,206 2, 508,082 1922... 628,790 138,051 • 198, 467 532, 518 83,178 1, 581, 004 Number of member banks at end of year: 1924 398 207 446 | 237 131 1,419 1923 404 210 455 i 235 131 1,435 1922-__ 406 212 459 i 234 132 1,443 Number of member banks accommodated: 1924 242 139 303 164 922 1923 244 147 333 167 973 1922 282 155 400 194 1,129 i Figures relate only to that part of the State located in the Chicago district. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DISTRICT NO. 1 CHICAGO 385 No. 5.—EARNINGS AND EXPENSES OF FEDERAL RESERVE BANK 1924 1923 1922 Discounted bills. $2,044,407 $3,872,139 $3,862.291 Purchased bills 705, 723 1,420,395 547,339 United States securities 2,121,708 1,049,666 2,081,340 Deficient reserve penalties.. 39,910 37,573 49, 761 Miscellaneous ,.-__ 290,421 131,586 208,132 Total earnings.. 5,202,169 6,511, 359 6,748,863 CURRENT EXPENSES Salaries: Bank officers — 347,478 332,875 367,156 Clerical staff... -- L, 818,716 1,947,951 1,907,058 Special officers and watchmen _ 102,906 155,333 Allother 271,471 344,363 236,665 Governors' conferences 383 711 309 Federal reserve agents' conferences _ _ 302 363 348 Federal Advisory Council - 914 1,007 992 Directors' meetings 8,441 9,094 8,221 Traveling expenses l 26, 222 31, 780 42,083 Assessments for Federal Reserve Board expenses 91,183 97,426 98,307 Legal fees _ .. 4,711 1,387 Insurance (other than on currency and security shipments) . 39, 714 38, 601 67,400 Insurance on currency and security shipments. 58,859 56,083 48,424 Taxes on banking house . 230,166 230,455 Light, heat, and power 41, 240 49,602 Repairs and alterations, banking house 17,941 Rent. 48,142 42,176 205, 729 Office and other supplies _ 76,924 144,239 83,090 Printing and stationery _. 81,128 112,922 109,172 Telephone 26,675 30,164 31,328 Telegraph 59,305 62,125 62,168 Postage - 213,546 207,994 245,014 Expressage --- 50, 584 55,244 Federal reserve currency: Original cost, including shipping charges 225,985 210,993 95,378 Cost of redemption, including shipping charges. 36, 556 57,752 82,631 Taxes on Federal reserve bank-note circulation 2,006 33,425 All other expenses --. 66,944 110,094 Total current expenses \ 3,946,436 4,373,024 4,080,057 PROFIT AND LOSS ACCOUNT Earnings. 5, 202,169 6, 511,359 6,748,863 Current expenses. 3,946,436 4,373,024 4,080,057 Current net earnings ; 1,255,733 2,138,335 2,668,806 Additions to current net earnings: Withdrawn from reserve for— Depreciation on United States bonds. 29,946 57,641 Probable losses .. 427,465 Allother - 40,679 11,957 86,913 Total additions.. 40,679 41,903 572,019 Deductions from current net earnings: Depreciation allowances on bank premises.. 165,197 451,044 1,400,000 Reserve for probable losses „.. 181, 674 363, 586 Reserve for depreciation on United States bonds.. 12,822 Furniture and equipment.. 11,818 166,662 All other._. ..._ ... 15,778 20,591 196,687 Total deductions 1,001,883 1,835, 610 Net deductions from current net earnings 346,610 959,980 1,263, 591 = = = == Net earnings available for dividends, surplus, and franchise tax 909,123 1,178,355 1,405,215 Dividends paid _ 909,123 904,371 876, 203 Transferred to surplus account _ 27,398 2 -657,289 246, 586 21,186,301 Franchise tax paid United States Government 1 Other than those connected with governors' and agents' conferences and meetings of directors and of the advisory council. 2 After charging surplus and crediting franchise tax with $710,190 paid as an additional franchise tax for 1921. Amounts transferred to surplus and paid as a franchise tax out of earnings for 1922 were $52 901 and $476,111, respectively. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

386 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No. 6.—VOLUME OF OPERATIONS IN PRINCIPAL DEPARTMENTS OF FEDERAL RESERVE BANK 1924 NUMBER OF PIECES HANDLED Bills discounted: Applications 19, 391 21,196 29,3-49 Notes discounted 92,140 94,971 140, 994 Bills purchased in open market for own account 10,135 20, 241 20, 326 Currency received and counted 282, 779, 000 268,485,000 200, 648, 000 Coin received and counted _. 203, 091, 000 206, 613, 000 165, 914, 000 Checks handled 97, 084, 000 88, 649, 000 78, 509, 000 Collection items handled: United States Government coupons paid 8, 063, 000 10, 459, 000 13, VAD other...-. 489, 000 442, 000 378, 000 United States securities—issues, redemptions, and exchan ges by fiscal agency department 2, 634, 000 i 22, 041, 000 2 4, 054, 000 Transfers of funds 263, 000 246, 000 214, 000 Envelopes received and dispatched 5, 279,000 7, 460, 000 3 6,148, 000 AMOUNTS HANDLED Bills discounted $1, 035, 261, 000 $2, 508, 082, 000 $1, 581, 004, 000 Bills purchased in open market for own account 164, 045, 000 265, 360, 000 253, 464, 000 Currency received and counted 1, 564,021, 000 1, 501,901,000 1,172, 217, 000 Coin received and counted _ 29, 234, 000 28,843, 000 15, 694, 000 Checks handled _.. 23, 280, 863, 000 23, 074, 243, 000 14, 661, 227, 000 Collection items handled: United States Government coupons paid 82, 348,000 89,818,000 i 89, 443,000 Another 618,147, 000 763,273,000 j 605,026,000 United States securities—issues, redemptions, and exchanges by fiscal agency department __. 831,013, 000 1,116,402,000 ! 1,934, 493,000 Transfers of funds 18,833, 433,000 15,588,668,000 13, 904, 999,000 Large increase due to redemption of war savings securities which matured January 1, 1923. 2 In this figure, war savings and thrift stamps were counted according to the number of certificates to which attached, asjthe|number of stamps is not available. ajPartly estimated. No. 7.—OPERATIONS OF FEDERAL RESERVE CLEARING SYSTEM [Figures include cash items only. Numbers in thousands; amounts in thousands of dollars] It b e a m n d s k i s s d t r i r a n ic w o t n w o n n r I t e o t t s e h e m o e rv t i h s r e e b f b r o r a a r F w n n e k c a d s h r e d e a r e s a n d l d It U e T m n r i e s t a e s d d u r a r S e w t r a n t o e f o s n Total i 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 - 1924 January 6,790 1, 741, 883 34,815 323 49,940 7,601 1, 826, 638 February 6,191 1,584,012 432 34, 520 311 47,368 6,934 1, 665, 900 March 7,432 1,992, 731 538 39, 799 438 50,279 8,408 2,082, 809 April 7,215 1,833,073 478 40, 369 531 8,224 1,932, 248 May ..7,178 1, 880, 301 459 40, 334 | 415 54, 957 8,052 1, 975, 592 June 7,179 1, 903,103 483 43,890 ! 363 51,275 8,025 1,998, 268 July... __. 7,260 1, 764,127 448 37,607 i 343 45,946 8,051 1,847,680 August 6,897 1, 711, 753 404 37,087 369 44,486 7,670 1, 793, 326 September 7,223 1,908,905 481 45,165 626 49,083 8,330 2,003,153 October.. 7, 2, 021,490 493 45,976 624 59, 383 8,806 2,126,849 November 1, 761, 704 460 41, 722 424 54, 239 7,722 1,857,665 December.. 8,095 2,011,428 575 49,937 358 63,310 9,028 2,124,675 Total: 1924 85, 987 22,114, 510 5,739 491, 221 5,125 629,072 96,851 23, 234, 803 1923 78,186 21,819, 705 5, 250 526,884 5,016 674,650 88,452 23,021, 239 i Exclusive of duplications on account of items handled by both parent bank and branch. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DISTEICT NO. 1 CHICAGO 387 No. 8.—CLEARINGS AND TRANSFERS THROUGH GOLD SETTLEMENT FUND [In thousands of dollars] Payments to Receipts from Week endin -— oth r e e r s F er e v d e eral oth r e e r s e F rv e e deral Net loss Net gain banks banks 1924 Jan. 2 (1 day). . . 62,236 66,487 4,251 9 . 259,411 264,498 5,087 16 . . • 278,346 253,197 25,149 23. 276,305 282,310 6 005 30. . . 244,053 252, 212 8,159 Feb. 6- 228,489 241,110 12,621 13 242,116 244,591 2,475 20 296,021 287, 507 8,514 27 264,190 243,858 20,332 Mar 5- 260,814 270,856 10,042 12. ... ; _ 263,554 251, 209 12,345 19. 303,008 280,882 22,126 26 307,018 308, 662 1,644 \pr 2 264, 582 260,085 4 497 9. 244, 205 247,068 2,863 16 278,352 269,725 8 627 23. 292,432 278,210 14,222 30. . ... 275,954 263,979 11,975 May 7 282,934 267,283 15 651 14 244,523 256,653 12,130 21 292,051 293,271 1,220 28 264,275 260,143 4,132 June 4. 234,826 232,334 2,492 11 265,586 243,840 21 746 18 343,772 362,676 18,904 25 310,350 321,449 11,099 July 2. 300,968 315,418 14,450 9 257, 314 232,092 25 222 16 .- . 274,462 272,496 1,966 23 286,427 281,926 4,501 30 . 257,877 252,536 5,341 Aug. 6 _ _ 242,400 252,209 9,809 13. .. .^ . 247,064 233,161 13,903 20. . 257,429 269,091 11,662 27 _ . . 258,043 258,583 540 • Sept. 3. 211,370 218,439 7,069 10 259, 746 255,291 4 455 17_ . 318,118 293,103 25,015 24 289,447 298,191 8 744 Oct 1 265,150 257 729 7 421 8 266,267 264,036 2,231 15 241,228 239,419 1,809 22 346,642 316,807 29,835 29 283,921 279,325 4,596 Nov. 5. 256, 768 266,699 9,931 12 269,580 263 859 5 721 19. . 332,253 323,141 9,112 26 311,739 297,131 14 608 Dec. 3- 247,752 257,654 9,902 10 274,419 284,924 10,505 17 332,607 303 386 29 221 24 318,485 317, 398 1,087 31 278,169 281,078 2,909 Total: 1924 14, 365 048 14 189 217 175 831 1923 12,936,848 12 928 473 8 375 1922 11,279,632 11,346,028 66,396 Net gain in ownership of gold since establishment of fund in 1915, $95,748,000. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 9*—REPORTING MEMBEK BANKS IN LEADING CITIES: PRINCIPAL RESOURCES AND LIABILITIES Co oo REPORTING MEMBER BANKS IN ELEVEN CITIES 1 00 [In thousands of dollars] Loans and discounts Investments Last report date in Total t S h a e a c n n u d r U e b d n o i n t b e d y d s s o S to t t h a c e k te r s s Uni s t e e c d u r S it t i a e t s es All other Ne d t e p d o em sit a s nd Time deposits Ac F c e o d m e b r m a a n l o k r d e s a s t e io rv n e at bonds 1924 1923 1924 1923 1924 1923 1924 1923 1924 1923 1924 1923 1924 1923 January... 1, 748, 5071,661, 539 602,806 539,754 276,868 319,468 334,397 359,748 1,489, 784 1, 527,981 798,168 757,734 17, 754 19,177 February. 1, 768,842 1, 684, 768 601,251 542,358 275,954 300,189 337,566 362,354 1,492,479 1,517,589 808, 847 759,810 20, 338 44,108 March 1, 793,807 1, 736, 300 606, 612 548, 045 297,560 286,800 340,636 370,367 1, 520,130 1, 470, 340 810,001 771,486 25,714 63,952 April 1, 801,178 1, 755, 672 604,366 552,066 283,348 273,708 349,145 367,495 1, 534, 523 1, 487, 567 818, 079 773, 061 20,011 54,872 May 1, 794, 486 1, 782, 316 598,881 584,887 292,400 279,874 347, 236 358,607 1, 540,145 1,516,121 831,864 785,341 18,039 44,120 J J u un ly e 1 1 , , 8 7 3 92 5 , , 2 7 0 5 8 2 1 1 , , 7 7 4 7 9 6 , , 3 6 3 9 4 5 6 6 0 3 2 1 , , 0 2 1 0 2 6 5 5 8 8 4 5 , , 0 6 1 5 8 2 2 3 9 0 0 5 , , 5 2 8 1 8 6 2 28 8 0 9 , , 6 7 9 3 9 4 3 3 6 7 9 2 , , 5 2 3 9 4 5 3 3 4 5 8 4 , ,7 1 7 1 7 3 1 1 , , 6 5 4 7 4 6 , , 4 88 7 6 7 1 1, , 4 4 8 8 5 0 , , 7 3 2 0 5 2 8 8 3 4 9 1 , , 9 3 7 8 6 2 7 7 8 8 3 7 , , 6 17 8 1 3 3 8, , 2 8 4 7 1 3 4 6 1 3 , , 4 2 7 4 5 3 w August 1,913,976 1, 742, 505 677, 971 573,127 314,021 295, 508 372,441 342, 664 1, 737,203 1,495, 870 843, 559 779, 960 3,571 36,605 September 1, 924, 015 1, 759, 893 579, 630 343,907 273, 066 384,970 340,384 1, 748, 273 1,453, 740 857, 586 781,944 3,235 52,881 October. __ 1,945, 022 1, 780, 667 695,152 588,236 348, 551 264,946 400,920 337,456 1, 767,317 1,458, 622 872,960 790,046 5,313 77,065 November 1,901,427 1, 765,241 666,005 587,949 354, 704 255,052 417,724 342, 051 1, 710,409 1,436,241 910, 056 798,630 4,168 69,895 December. 1, 915,956 1, 757, 418 666,132 592,150 352,144 284,270 419,300 349,770 1, 744, 237 1,470,801 922,018 801,341 13,097 59,722 g REPORTING MEMBER BANKS IN CITY OF CHICAGO 2 January 1,117, 880 1,066, 883 449,355 407, 277 146,647 176,906 157,659 186,264 1,011,381 1, 036,336 371,815 367,254 3,950 8,047 February __ 1,113,173 1, 082, 872 438, 868 407,902 143,865 158, 554 160,247 186, 686 997,819 1, 030,135 372,318 367, 688 1,401 26.186 March 1,132, 587 1,126, 871 450,437 413, 570 164, 883 143, 282 161, 383 191,798 1, 023, 044 995,110 371,660 376,425 9,041 40,956 1 April 1,137, 339 1,140,475 448, 866 415,026 149,474 126,931 167,771 190,384 1, 028,866 1,002, 877 374, 058 370,831 5,929 34,232 May 1,138,032 1,166, 556 443,168 447, 605 158,230 127, 067 164,687 179,937 1,043,891 1,029, 031 383, 307 375,673 3,030 16,795 June 1,152, 946 1,156, 081 446,589 440, 276 154,926 138,011 173,036 171,844 1,078, 852 997,832 390,945 373,107 2,243 38,944 July 1,198, 026 1,124, 582 476,095 437, 250 168, 244 122, 531 180,882 177,649 1,132, 681 993, 046 391,982 369, 333 351 17,484 August 1, 206, 2831,119,407 517,189 423, 629 175, 261 143, 918 176, 380 163, 550 1, 204, 327 1, 000,820 394, 099 363, 946 395 17.187 September. 1, 270, 697 1,132,774 518,476 430,234 196,982 124, 991 181, 372 166, 339 1, 216, 386 971, 908 404,049 365, 201 160 29,483 October 1, 288, 695 1,154, 436 535,164 440, 545 198,796 121, 549 189,818 163,975 1, 231, 396 983,175 411,580 371,100 950 44,088 November. 1, 213, 2501,136, 472 503,977 439,416 204,994 114,088 200, 228 166, 786 1,172, 660 970,116 445, 237 372,891 943 31,626 December.. 1, 242, 581 1,129, 923 500,625 440,290 202, 313 146, 506 203, 985 171,468 1,180, 418 1, 003,369 452, 678 378,930 1,075 29,536 ^Figures are for about 100 banks in Chicago, Detroit, Cedar Rapids, Des Moines, Dubuque, Grand Rapids, Indianapolis, Joliet, Milwaukee, Peoria, and Sioux City, which submit weekly reports to the Federal reserve bank. ^Figures are for about 46 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

DISTBICT NO. 7—CHICAGO 389 No. 10.—DEBITS TO INDIVIDUAL ACCOUNTS [In thousands of dollars For explanatory note see page 154.] Total for 21 centers i Adrian, Mich.* Aurora, 111.* Month 1924 1923 1922 1924 1923 1922 1924 1923 1922 January 4,701,940 4,810,899 3,858, 652 3,591 4,067 13,473 13,749 February.. 4,178,246 4, 383,817 3,523,914 3,191 2,695 2,471 12,824 11,335 9,654 March 4,807,897 4,828,041 4,389,187 3,964 3,716 3,082 15,641 15,922 12,266 April 4, 643, 076 4, 737,859 3,945,171 3,901 3,546 3,076 14, 543 14, 557 11,898 May 4,746, 250 4,899, 390 4, 097, 957 4,072 3,693 2,998 15,189 15,049 11,391 June 4, 582, 549 4, 772,812 4, 326, 058 3,659 3,476 3,482 13,818 14,885 12,875 July 4, 654, 974 4, 509,455 3, 995, 629 3,461 3,373 2,904 14,476 14,879 11,827 August 4,469, 357 4,240, 633 3, 991, 612 3,370 3,557 2,982 13,941 15,004 11,930 September, 4,435, 346 4,208,411 4,070,134 3,472 3,057 2,977 14,073 14, 098 12, 545 October 4, 949, 211 4, 660, 972 4,438,210 3,742 2,943 3,133 14,940 15, 637 13,118 November- 4, 500, 225 4,428, 485 4,051,955 3,857 2,786 2,968 13, 607 13,402 11,309 December.. 5, 326, 0984,886,123 4, 615,171 4,236 3,508 3,700 14, 620 15, 783 14,190 Total. 55, 995,16955,366,897 49, 303,650 44, 516 40,417 33, 773 171,145 174,300 133,003 Bay City, Mich. Bloomington, 111. Cedar Rapids, Iowa Month 1924 1923 1922 1924 1923 1922 1924 1923 1922 January... 11,583 10, 303 10,843 11, 481 8,917 30,829 27,139 37,646 February.. 9,617 8,442 10, 791 10,397 8,849 27,028 21,693 29,794 March 10,832 9,876 10, 082 13,805 15, 970 13,409 32,120 31,246 27,799 April 10,007 9,180 9,713 11,870 11,997 10,617 32, 544 28,189 22,606 May 11, 274 10, 362 10, 449 10,507 11,233 9,200 32, 248 28,696 21,228 June. 11, 033 10, 591 10, 026 10, 739 11, 562 9,553 31,729 29,241 22,830 July 10, 695 10,043 9,804 11,127 10, 734 9,751 39,368 27,296 29,693 August 10,097 10, 797 10,019 10, 398 9, 538 36,801 25,862 21,342 September. 10, 303 10, 438 10.115 11, 629 10, 918 9,799 34,978 27,877 21,899 October 14, 031 12,848 10, 598 12,128 11, 204 9,953 38,969 31,626 23, 555 November- 13, 407 11,686 10,043 10, 368 9,564 9,442 32,406 25,306 20,814 December.. 13,078 13, 111 11,346 11,990 11,281 11, 702 41, 301 28,650 24,255 Total, 135,957 127,677 121,152 136,493 136, 739 120, 730 410,321 332,821 303,461 I Chicago, 111. Danville, 111.* Davenport, Iowa Month 1924 1923 1922 1924 1923 1922 1924 1923 1922 January 2,997,858 3,153,458 2, 628,922 14,703 12,460 31,848 37, 548 29,002 February 2,583,461 2,929,918 2,377,977 13,454 12,100 9,600 26,341 32, 348 30,170 March... 3,042,603 3,069,933 2.937,013 18,433 19,650 13, 684 31,044 36,377 34,649 April 2, 934,174 3, 054, 525 2.625,014 16,300 15,283 11,483 28,994 35,404 31,904 May 2,998, 663 3,100,634 14, 540 15,917 10, 550 33,770 38,235 35,194 June 2,927, 501 2, 941,388 2,866, 520 15,060 15, 530 10,640 28,483 34,292 33,817 July 2,976, 570 2,859,024 2, 526,494 15,050 15,403 11,960 30,307 31, 746 36,136 August.. 2,864, 692 2,644,705 2, 551, 243 13,300 13,497 9,560 26,079 30, 294 30,667 September 2,814,495 2, 631,379 2,630,976 13,623 13, 274 9,640 25,761 30,129 35, 576 October.. 3,151,693 2,929, 548 2,929,346 14,133 16,050 10,683 34,015 33,949 36,210 November 2,918, 432 2, 812,412 2, 618,619 12,264 13,100 10, 617 27, 370 31, 650 34,933 December 3, 512, 555 3,152,048 2,950, 223 14, 720 15,680 11,940 33,847 38, HI Total.... 35,722,697 35, 278,972 32,331,033 175, 580 177, 944 120, 357 353, 681 405,819 406,369 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

390 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No. 10.—DEBITS TO INDIVIDUAL ACCOUNTS—Continued [In thousands of dollars.] Deoatur, 111. Des Moines, Iowa Detroit, Mich. Month 1924 1923 1922 1924 I 1923 1922 1924 1923 1922 January 14, 632 14, 488 11, 831 74, 502 82,322 64, 246 696,434 623. 392 443,087 February... 13,643 12,611 11,245 65, 723 67, 298 56, 738 657,927 583; 430 403, 803 March 16,228 16,684 14, 610 77,883 95, 650 78, 201 731,878 684, 043 516, 859 April 16,376 15,478 12,664 71, 503 86,655 65,997 713,110 672, 530 490,190 May 15,949 15, 608 13, 290 88, 615 85,332 68,229 715,120 709,107 526,023 June.. 16, 095 16,423 13, 908 105, 676 103,416 71, 587 664,192 720, 921 542, 982 July 16,584 15, 754 14,310 104, 810 79, 815 67, 217 661, 579 638,497 574,030 AugustJ 16, 602 16,054 15,430 95,356 73,404 64, 690 653,192 630, 679 588,363 September. 16,104 15,076 13, 897 92, 966 72, 223 68, 510 646,974 628,324 548, 708 October 16,388 14,986 14,583 102, 780 83, 406 72,384 700,031 675, 990 554,040 November. 14,742 14,165 13, 525 69, 522 72,249 73,028 652,009 654,044 545, 937 December.. 17, 748 14,363 15, 520 76,127 74, 312 75,536 733,762 697,177 651,296 Total. 191,091 181, 690164, 8131,025,. 463 976,082 826,363 8,226, 2087,918,134 6,385,318 Dubuque, Iowa Flint, Mich. Fort Wayne, Ind. Month 1924 1923 1922 1924 1923 1922 1924 1923 1922 January 16,048 16, 806 11,935 32, 865 31,007 19, 558 39,006 35, 643 27,986 February... 13,300 12, 267 11, 660 30,175 27, 218 17,087 38,228 31, 500 26,261 March 14,447 15,807 13, 718 34,015 33, 655 22,787 39,179 38, 447 30,350 April . 13, 227 14, 391 12, 554 31, 862 34,149 32,369 44,670 35, 579 28,311 May 14, 685 14, 425 12,888 31,905 34, 619 28,074 40,582 48, 989 30, 213 June 15,018 15,174 12, 992 30, 643 35, 413 27, 278 38,914 46, 975 31, 941 July 15,151 14,423 12,241 31, 866 28, 412 22,286 40,802 41,142 31,357 August 13, 443 12,945 11,632 28,015 30,141 24,466 37,327 37, 442 28,072 September. 13, 613 13,162 12, 782 29,285 31,039 24, 781 36, 747 35,643 33,125 October 15, 838 14, 932 13,151 30, 513 34,057 26, 740 43, 630 39, 922 32, 832 November. 14,489 14, 306 12, 457 26,322 32,325 27, 099 39,610 39,441 32,305 December. 15, 223 15, 500 15,068 29,502 34, 610 28, 547 46, 556 40, 788 35, 246 Total 174,482 174,138 153,078 366, 968 386, 645 301,072 485, 251 471, 511 367,999 Gary, Ind.* Grand Rapids, Mich. Green Bay, Wis.* Month 1924 1923 1922 1924 I 1923 1922 I 1924 1923 1922 January.... 15, 538 14,160 65,784 65,334 11,382 10,192 February—. 14,876 13,079 58,237 57,098 50,124 10, 738 9,234 March .. 16,362 15,288 10,211 66, 771 69,493 60,011 11,848 11,573 April 18,107 15, 630 10,721 66,404 64,583 55,950 11,336 10,992 May 18,436 18,563 12,680 67, 915 69, 715 63,232 11,459 11,495 June 15,982 17,615 11,874 65,070 70,870 63,344 11,337 11,867 July 16,982 17,544 12,530 64,682 67,208 59,983 12,370 11,038 August 15, 752 17,210 12,333 63,673 67,594 62,156 12,344 12,172 September- 15,722 16,420 11,500 66, 961 69,300 59,104 12,169 11, 928 October 19,715 18, 538 12,542 72, 817 67, 279 64,155 13, 271 12,312 November. 20, 744 17,481 13,750 61,419 60,650 11,443 11, 729 December.. 18,869 16, 204 14,181 83,440 70,626 65,870 12,378 12,750 Total, 207,085 197, 732 130, 582 803,173 800,799 730,131 I 142,075 137, 282 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DISTRICT NO. 7 CHICAGO 391 No. 10.—DEBITS TO INDIVIDUAL ACCOUNTS—Continued [In thousands of dollars] Hammond, Ind.* Indianapolis, Ind. Jackson, Mich.' Month 1924 1923 1922 1924 1923 1922 1924 1923 1922 January 17,103 15,182 160,249 174,966 128,100 23,144 24.238 14,889 February. _. 14,280 12, 249 147, 372 145, 289 119,521 19,667 16.239 11,716 March 14,441 16,069 151,145 156,646 153,018 19,953 20,647 14,544 April. 16,155 16, 732 145,636 148,337 125,229 19,889 21,594 14, 919 May 15, 935 18,463 158,396 167, 536 139,871 19,240 22,646 17,873 June 14,851 18,533 148, 705 168,050 150, 564 18,040 23,697 19,999 July 18,600 19,106 13, 762 155,071 161,827 145, 641 17, 934 21,286 19,002 August 16,403 17, 523 12,497 143, 018 148,841 136,234 17,883 23.038 18,071 September., 15,410 16,177 12, 032 145,135 141,040 140, 381 17,987 23.039 16,837 October 17,390 18, 755 14, 052 158,033 155,313 147,215 20, 537 22, 289 18, 216 November.. 16,062 15,462 13, 703 140, 272 149, 060 144,353 16,938 18,879 16, 994 December.. 18,850 17, 620 15,108 157,683 162, 951 176,168 18,090 21,923 18,800 Total. 195,480 201,871 81,154 1,810,7151,879,856 1,706,295 229, 302 259,515 201,860 Kalamazoo, Mich. Lansing, Mich. Mason City, Iowa* Month 1924 1923 1922 1924 i 1923 1922 1924 1923 1922 January 20, 296 22, 643 17, 437 32, 942 30, 500 17,917 9,201 10,579 February.. 17,835 17,432 14, 710 30, 956 28, 500 16, 863 8,813 8,706 6,909 March 21,304 21,746 | 17,209 35, 236 40,450 21, 734 10,295 12,227 9,955 April 19, 977 20,699 17, 265 31,894 40,061 23,262 9,213 9,942 9,636 May 20,805 21,028 17, 079 31, 252 41, 092 26,078 9,143 10,924 10,271 June 20, 435 22, 676 18,038 25,893 41,613 28,986 9,432 10,834 11,193 July.. 19, 823 21, 207 17, 731 24,465 36,168 26,606 9,714 10,379 August 20,837 19, 715 19,090 24,430 36, 924 25, 727 8,187 9,885 9,273 September. 20,855 19, 795 19, 038 26,133 29,820 25,597 9,287 9,450 9,110 October 21, 777 21, 216 19, 877 30, 797 29, 700 27,210 10, 923 10, 275 9,656 November. 18,825 19, 785 18,886 27,646 27,626 25,254 8,588 8,920 8,475 December. 22, 385 21,103 21, 978 30,833 33,925 30,500 10, 713 10,193 11,611 Total 245,154 249, 045 218, 338 352,477 416,379 295, 734 113, 509 122,314 104, 782 Milwaukee, Wis. Moline, 111." Muscatine, Iowa * Month 1924 1923 1922 1924 1923 1924 1923 January 271, 600 279,922 217, 005 7,215 7,746 6,805 5,733 6, 711 February... 262, 734 242, 053 213,848 7,216 7,157 6,494 4,879 4,982 4,302 March 276, 082 279,199 263,205 7,851 8,556 8,087 7,094 8,218 6,773 April 259,937 269, 564 220, 409 9,231 9,894 9,874 6,435 6,901 5,440 May 262, 228 295,825 237, 263 7,632 9,315 9,472 5,336 6,048 5,182 June 248, 607 291, 793 244,219 7,533 9,193 8,526 5,139 6,036 4,631 July 253, 384 271,807 241,747 8,259 8,168 9,752 5,768 5,736 4,852 August 238,490 256, 490 226, 383 8,341 8,586 7,327 4,595 6,045 5,013 September.. 246, 306 259, 652 244,496 9,094 8,557 7,776 5,059 5,556 5,516 October 288, 660 293, 767 269, 351 9,351 8,815 7,619 6,132 6,295 6,477 November.. 247, 343 264, 781 240, 463 8,463 7,823 7,435 4,356 5,316 5,067 December.. 286, 677 278,626 267, 634 9,345 8,087 7,1521 5,580 6,887 6,474 Total. 3,142, 048 3, 283, 479 2,886, 023 j 99, 531101,897 96,319, 66,106 74, 731 59, 727 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

392 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No. 10.—DEDITS TO INDIVIDUAL ACCOUNTS—Continued [In thousands of dollars] Oshkosh, Wis.* Peoria, 111. Rockford, 111. Month 1924 1923 1922 1924 1923 1922 1924 1923 January 10,767 11, 640 41, 731 40,401 31,210 23, 297 24,662 18, 205 February.. 10,200 9,200 7,347 38, 359 32, 740 29, 854 22,182 16, 456 16,114 March 11, 266 11, 750 10, 000 42, 653 41,244 34,988 27, 058 28,042 20, 321 April 11,467 10, 750 8,911 39, 327 39,415 33, 090 27, 900 24, 688 20, 698 May 11, 540 12, 000 9,311 43,469 40, 995 36, 646 27, 238 25,862 19, 663 June 10, 227 11,640 9,920 37, 549 41,194 37,435 25,113 26, 625 20, 368 July 10, 683 10, 477 9,213 38, 857 39, 072 36,191 23, 805 24, 758 20, 015 August 10, 330 11,063 11, 967 36, 990 37, 895 35, 077 21, 385 22,178 19,408 September. 10,803 10,470 11,000 40, 039 37, 570 35, 265 21, 402 21,867 19, 745 October 12, 017 10, 950 9,950 43, 296 41, 553 38, 735 25,446 24, 702 22,044 November. 10, 620 10, 000 9,950 39, 543 39, 212 35, 706 22, 681 22, 656 19, 096 December. 12, 480 11,600 11, 560 45, 565 42, 315 45, 019 25, 908 25, 235 23, 224 Total 132,400 131, 540 109,129 487, 378 473, 606 429, 216 293, 415 287, 731 238, 901 Saginaw, Mich.* ' Sioux City, Iowa South Bend, Ind. Month 1924 1923 1922 1924 1923 1924 1922 January 27,467 24, 291 77,203 74, 770 35,498 35,959 34,904 22, 287 February... 22, 799 19, 661 74,143 63,914 46, 330 34, 547 29,067 22, 212 March. 23,130 22, 619 85, 325 86,044 76,068 39, 285 36, 006 26,821 April '22,079 23, 672 80, 560 76,100 65, 618 44, 970 38,121 26,194 May. 22, 443 23, 224 77, 967 76,441 70,037 45, 645 44,972 29, 829 June 22, 538 23, 034 72,403 78,035 71,959 41,477 47,867 32,806 July 21, 614 22, 719 79, 485 72, 023 66,856 38,109 40,741 33,148 August 21, 600 23, 348 19,511 75, 737 70, 584 64, 277 35, 593 40, 305 34,159 September- 21,825 19,157 79, 015 69, 781 67,146 38, 730 36,130 34, 207 October.... 22,854 25,120 20, 745 83, 417 80, 403 74, 294 45, 626 44,893 35, 340 November.. 22,288 24, 028 22, 367 66,007 71,166 61,945 41, 876 38,953 33,037 December.. 24,977 27, 284 22, 575 82, 910 78, 650 70, 660 44, 869 38,754 40,227 Total. 275, 614 282, 365 104, 355 934,172 897,911 770, 688 486,686 i 470,713 370, 267 Springfield, 111.* Terre Haute, Ind.* Waterloo, Iowa Month 1924 1923 1922 1924 1923 1922 1924 1923 1922 January 28, 521 28,121 23, 271 23, 514 26,601 16,431 18,161 12,531 February.. 26,994 24, 716 21,254 23,476 24,193 15,647 14,146 11,795 March 28, 949 29, 579 26, 558 24,020 25, 713 19,004 21,483 16,335 April 28, 720 27,893 25, 011 21, 763 24, 256 18,134 18, 214 15, 517 May 33, 322 26,905 22, 775 22,031 26, 596 18.017 18,684 14, 785 June . 35, 622 25, 382 21,802 26, 324 17, 274 18, 693 14,905 July _. 36,815 28, 917 25,415 22,809 26, 241 18,434 17, 758 14,392 August 34,107 26, 214 23,194 20,119 22, 785 16, 904 17,386 13,639 September. 31,080 24, 738 21, 830 21,078 23, 237 17, 915 17, 248 14, 987 October.... 34, 617 27,187 23, 64* 24,414 24,922 19, 326 19, 678 16,597 November . 28, 730 25, 085 22, 797 21, 633 23, 692 15,936 17,448 14,145 December.. 35,425 28,116 25, 652 24, 730 24, 743 18, 317 18, 251 17,041 Total 382, 902 326, 358 286,786 271,389 299, 303 211,339 217,150 176, 669 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DISTRICT NO. 8—ST. LOUIS No. 1.—CONDITION OF FEDERAL RESERVE BANK [In thousands of dollars] Dec. 31, Dec. 31, Dec. 31, 1924 1923 1922 RESOURCES Gold with Federal reserve agent- -- - -- -- -- 56,590 49,424 70,573 Gold redemption fund with United States Treasury 3,274 2,773 2,960 Gold held exclusively against Federal reserve notes 59,864 52,197 73,533 Gold settlement fund with Federal Reserve Board 23,834 35, 272 31,207 Gold and gold certificates held by bank 8,165 5,060 2,852 Total gold reserves __ _ ._ 91,863 92, 529 107,592 Reserves other than gold._. _ 11,700 9,802 10,295 Total reserves . _ 103,563 102,331 117,887 Nonreserve cash _ _ _ 3,387 3,321 C1) Bills discounted: Secured bv United States Government obligations 5,303 17, 292 14, 549 Other bills discounted 4,827 39,990 15, 533 Total bills discounted _ 10,130 57, 282 30,082 Bills bought in open market. _ _ 21,391 43 13,028 United States Government securities: Bonds 1,264 7,307 Treasury notes . _ . _ - _ -_ 11,171 9,464 Certificates of indebtedness __ 2,653 2,780 Total United States Government securities 15,088 19, 551 Foreign loans on gold 294 Total earning assets _ «, 46,903 57,325 62, 661 Uncollected items _ ___. . _ 35,994 30,139 42,862 Bank premises 3,176 1,346 912 All other resources 306 108 354 Total resources __ 193,329 194, 570 224,676 LIABILITIES Federal reserve notes in actual circulation 57,813 75,872 93,659 Deposits: Member bank—reserve account 80, 511 70,100 73,798 Government 2,468 3,042 1,211 Other deposits.. _ 671 466 1,927 Total deposits... __• 83,650 73,608 76,936 Deferred availabilitv items 36,377 29,490 38,993 Capital paid in 5,129 5,009 4,827 Surplus 9,971 10,072 9,665 All other liabilities _ 389 519 596 Total liabilities. _ _____ 193,329 194, 570 224, 676 Ratio of total reserves to deposit and Federal reserve note liabilities combined (per cent) . 73.2 68.5 69. 1 Contingent liability on bills purchased for foreign correspondents.._ 2,091 836 1,618 *Not shown separately prior to 1923. 393 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

394 ANNUAL REPORT OF THE FEDERAL RESERVE [BOARD No. 2.—PRINCIPAL ASSETS AND LIABILITIES OF FEDERAL RESERVE BANK, BY WEEKS [Amounts in thousands of dollars] Bills discounted for member banks Mem- Fed- Total ber eral Re- Date e i a n r g n- cu b r y ed r b e a s n er k v s e ' re n s o e t r e v s e s p e e r r v - e assets U.S. de- in cent- Gov- posits circu- ages ern- ! lation ment obliga tions 1924 Jan. 2 58,608 19,535 38,583 75, 606 9 1 46,381 17, 240 28,234 73,014 16 1 44,801 16,846 26, 316 72,286 23 J 43,511 14, 680 26,649 70,850 30 _ 41,592 13,949 25, 230 70,468 Feb. 6 38,1 24, 759 115, 208 73, 287 75, 618 69,484 13 I 37,150 23,063 116, 626 72,431 75,645 70, 059 20 I 43,387 27, 357 104, 476 69,815 72, 088 69, 223 27 j 45,169 27,528 109, 319 71, 323 75, 358 69, 413 Mar. 5 42,241 33, 574 9,334 24, 240 3,802 110,133 69, 249 73,050 69, 671 12 44,089 31, 808 ,817 21, 991 5,070 106,883 70, 74, 562 69,005 19 i 47,464| 34, 726 11,914 22,812 6,004 101, 500i 71, 959 73,508 69,003 26 j 46,881| 34, 025 11, 785 22,240 6,611 102,8011 ,858 72, 655 67, 789 Apr. 2. 48,931 36, 221. 25,285 5,806 6,904 103,445 71, 905 67,851 72.4 9_. 43,1611 30, 600 20,842 5,634 6,927 106,471 72, 469 66,881 74.7 16.. 44, 493 32, 344 21, 438 5,183 103, 616 71, 307 66, 896 73.5 23. 46, 653 34, 487 23, 074 5,200 6,9661 102,684 73, 565 65,493 72.4 30.. 42, 111 30,904 22,286 4, 241 6?966( 103,078 69, 331 65,582 75.0 May7_. 36,909 26,107 19, 427 3,836 74, 602 76,684 65,400 14.. 34,433 24,049 17,086 3,418 69, 283 71,713 65, 331 34, 795 25,106 18,459 2,723 70,159 73,026 64, 975 36, 433 26, 919 19,737 2,548 69,016 71,987 64,537 June 4.. 37,075 27, 909 7, 609 20,300 113,836 73, 475 64,085 11.. 31,762 23,053 5,533 17, 520 110, 976 68, 333 62, 627 18- 32,115 22,915 5,198 17,717 114,210 73,411 62, 225 25- 30,603 21,670 5,271 16,399 113,969 72, 340 61, 387 July 2_. 29, 657 21,100 16,720 72,012 62,183 9_. 27,867 19,315| 15, 783 74, 381 61,156 16.. 29, 707 19,164 15, 277 70, 741 60,430 23.. 28,606 18,163 14,204 59,183 30- 29,131 18,763 14,681 59,077 Aug. 6_. 31,760 18,039 3,264 14,775 114,565 74,354 77,085 58, 691 13- 32,368 17,475! 3,937 13, 538 102, 763 66,103 68,512 58,053 20.. 34,019 19,129 3,674 15,455 109,887 74,127 77,026 57,493 27.. 33,477 18, 596 3,896 14, 700 107, 600 70, 538 74,567 56,966 Sept. 3 j 35,600 20,077 3,877 16,200 14,874 110, 782 78,420 57, 404i 10. 9,176 20, 3,677 16, 583 16, 348 100, 555 74,044 56,400 17.. 44,034 23,142 4,819 18,323 17,134 95,113 72,481 56, 515 24.. 43, 705 23, 243 4,311 18,932 16, 769 99,413 76,496 55, 960 Oct. 1. 45, 374 24, 227 4,463 19, 764 16, 769 94, 693 73,488 56,915 72.6 8.. 46, 380 23, 760 4,413 19, 347 16, 769 102,145 80,908 56,166i 74.5 15.. 45, 461 22,248 4,939 17, 309 16, 769 96, 518 76, 392 56, 661 72.5 22. 44, 750 20,632 5,260 15,372 16,769 101,138 78, 573 56,031 75.1 45,405 19,599 4,816 14, 783 16, 769 102,834 79,549 56,307 75.7 Nov. 5 1 43,960 17,286 4,089 13,197 9,905 16, 769108,276 79, 523 56, 796! 79.4 12 ..! 42,918 15,315 4,318 10, 997 10,834 16, 769108,876 81,657 56,952 78.5 19 j 45,115 4,371 11,238 12, 737 16,7 101,197 80, 622 57,0541 73.5 26 i 42,998 3,771 9,993 12, 630 16, 604106, 704 81,175 57,133J 77.1 Dec. 3 -J 43,836 12,590! 4,114 8,476 14, 678 104, 611 75,403 78, 781 57,199i 76.9 10 ! 40,974 11,026! 4,223 6,803 15,769 105,001 78,782 81,783 56,950 75.7 17 -J 43,099 12, 4831 5,253 7,230 15,650 103,682 80,437 81,891 57,728 74.3 24 ..! 48,327 ll,867i 5,361 6,506 21,078 92,901 76,857 80,769 59,113 66.4 31... 46,903 10,130 5,303 4,827 21,391 103, 563 80,511 83,650 57,813 73.2 i Daily average \ 40,838 76.8 Digitized for 1F IRncAluSdEesR f oreign loans on gold, $294,000, Dec. 3 to 31. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DISTRICT NO. 8—-ST. LOUIS 395 No. 3.—DISCOUNTS AND PURCHASES OF BILLS AND SECURITIES BY FEDERAL RESERVE BANK: VOLUME, BY CLASSES [In thousano|s of dollars] Bills bought in open Bills discounted for member banks market Com- Month Total m l b G S ig y e e o a c n v U t u t i e o r . o r e n S n b d s - . - m a p t g a a u e r n p r r i c c a e d i u r l a , l l - a B a c e n a c r c n e 's e p k s t - - a T a c n r c a c e d e p s e t- m d s a D r i a g a n e n f h d t - d t s Ti ott al , I a B c a e c n a r e c n ' p s e k t s - - c D h e o a x l n l - g ar e n, e. s. 1924 January. 109,061 66,973 33, 220 705 8,159 1, 513 1,513 February. 85,059 41,364 37,985 482 5,228 3,650 3,430 220 March 80,905 44,496 33,110 296 3,003 3,890 3,840 50 April 71,556 42,265 27,364 428 1,499 1,842 1,732 110 May 58,554 37, 541 19,410 705 892 977 927 50 June 30, 634 18,495 11, 677 10 305 147 746 746 July— 27, 752 15,194 12,433 96 29 75 75 August. 24,190 11,128 12,909 87 567 567 September... 25,739 12,819 12,357 150 413 3,774 3,760 14 October,- 30,705 13,212 14,271 843 2,379 7,958 7,723 235 November. ! 26,263 12,450 11,112 246 2,455 9,773 9,553 220 December i 34,700 18,273 14,099 529 1,799 15,967 15, 617 350 Total: 1924 ___i 605,118 334,210 239,947 20 4,872 26,069 50,732 49,483 1,249 1923. 1,679,671 1,198,309 443,324 655 5,779 31,604 32, 580 30,854 1,726 1922 I 865,856 659,587 200, 628 1,459 4,182 33, 736 32,441 1,295 U.S. securities purbo B u il g ls ht chas m ed a r i k n e o t pen U c . u r S i . t i s e e s - Total p d u i r s c c h o a u s n e t s s and Month F r b e o f e a s r t d o e h n e r m e k v r r a s e l B n a o o n n te d d s s in c C d a n e e t e r e b t s s i t f s e i o d - f - p e F r d b u e o e r a s t d c f h e n r e h r e k o r v a r s m a s e l - l F o o a g n r o e s l i d g o n n 1924 1923 1922 January. _. 825 573 397 112,369 152,265 75,951 February. 1,258 ' 177 90,144 73,193 65,610 March 2,521 3,357 90,673 92,898 50,454 April 435 4 73,837 113,421 61,662 May.... 59, 531 163, 639 76,127 June 1,042 5,521 990 38, 933 215,778 132, 249 July 3,502 460 1,643 33,432 173,190 . 65,773 August.. 1,426 450 26,633 201,936 56,087 September. 1,359 1,638 32,510 192,231 70,073 October 139 38,802 154,798 80,220 November _ 405 273 36,714 134,165 116,022 December. _ 2,264 1,631 294 54,856 132,426 207,713 Total: 1924 15,037 14, 223 3,030 294 1923 2,432 1,535 79,322 4,400 1, 799,940 1922 13,105 21, 514 119,330 4,400 1,057, 941 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

396 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No. 4.—BILLS DISCOUNTED BY FEDERAL RESERVE BANK: VOLUME, BY STATES [Amounts in thousands of dollars] Month tu K c e k n y - T s n e e e e s n - 1 - M si i p s p s i i s i - no Il i l s i - * I a n n d a i 1 - s M ou i r s i - l Arkan- Total d b N m b i a b e s u e i r n e n t m m r r k o i s - - c f t a N b b m d c m a e b a c u e r n e t o o m m e r k - m o d s - - f at end during mo o n f th m t o h n e th 1924 January 32,675 15,430 2,270 8,251 3,489 38, 730 8,216 109, 061 264 February.. 20,336 13, 771 2,147 5,184 2,989 34,618 6,014 85,059 630 246 March _ 15,976 11,975 2,225 4,955 2,622 35, 316 7,836 80,905 631 | 261 April. 27,939 7,523 1,990 4,693 2,461 21, 353 5,597 71, 556 633 i 275 May. 18, 306 6,375 1,800 5,601 851 21,155 4,466 58, 554 633 ) June 6,543 2,420 999 4,167 1,234 10,192 5,079 30,634 631 ! 260 July 7,342 1,359 1,249 3,541 886 9,416 3,959 27, 752 629 i 244 August _ 3,755 4,435 1,163 2,794 561 6,017 5,465 24,190 629 ! 236 I September 2,657 5,244 1,562 738 2,431 10,281 25, 739 629 i 239 October _ 4,414 5,454 1,700 3,539 1,003 6,073 8,522 30,705 630 ! 236 November _. 5,104 5,298 1,865 4,260 875 3,964 4,897 26, 263 631 207 December 12,096 3,630 1,174 4,240 794 9,838 2,928 34,700 628 197 Total: 1924...157,143 82,914 20,144 54, 051 18, 503199,103 73,260 605,118 1923...705,175 122,951 17, 253 96,103 29,499 621,119 87,571 1,679,671 1922...405, 027 75,179 14, 725 65, 791 19,204 211, 480 74,450 865,856 Number of member banks at end of year: 1924 185 143 126 628 1923 187 141 126 630 1922 185 126 122 610 Number of member banks accommodated: 1924 100 391 1923. 91 362 1922 108 400 1 Figures relate only to that part of the State located in the St. Louis district. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DISTRICT NO. 8—ST. LOUIS 397 No. 5.—EARNINGS AND EXPENSES OF FEDERAL RESERVE BANK 1924 1923 1922 Discounted bills $1,140,622 $1,968,788 $1,303,808 Purchased bills 141,778 253,773 255,750 United States securities 352, 652 520, 780 832,169 Deficient reserve penalties. 27, 441 38,857 45, 915 Miscellaneous 25,650 i 28,763 18,805 Total earnings.. 1,688,143 2, 753,435 2,456,447 CURRENT EXPENSES Salaries: Bank officers _ _ 164, 320 160,116 155,877 Clerical staff _.- _. 716,421 749, 767 829,072 Special officers and watchmen _ 38,289 32.969 28,418 Allother _ 41,145 43.970 40, 750 Governors' conferences _ 472 523 456 Federal reserve agents' conferences _ _ 379 443 228 Federal Advisory Council _ 1,200 1,266 1,250 Directors' meetings _ 9,892 11,333 10,675 Traveling expenses 2 _ 31, 741 29,183 24,498 Assessments for Federal Reserve Board expenses 30, 213 31,300 31,820 Legalfees _ 1, 221 185 2,919 Insurance (other than on currency and security shipments). 18,178 20, 323 41,785 Insurance on currency and security shipments =. 17, 311 17,630 13,235 Taxes on banking house __ _. 2,112 7,397 3,076 Light, heat, and power... _ 3,182 3,097 3,014 Repairs and alterations, banking house - __ 7,562 382 Rent. 78,849 73,627 Office and other supplies _ 21,622 22,135 26, 098 Printing and stationery 30,310 37,157 37,977 Telephone _ _ 6,454 6,970 7,448 Telegraph . 43,409 44,223 42,841 Postage 118,221 123,986 124, 557 Expressage _ 12,328 13, 017 8,206 Federal reserve currency: Original cost, including shipping charges 5,295 7,287 52, 719 Cost of redemption, including shipping charges. 8,785 7,835 11, 586 Taxes on Federal reserve bank-note circulation 16,377 All other expenses __ 32,437 29,814 34,331 Total current expenses.. 1,441,348 1,472,675 1,623,222 PROFIT AND LOSS ACCOUNT Earnings 1,688,143 2,753,435 2,456,447 1,441,348 1,472,675 1,623,222 Current expenses. Current net earnings.. 246, 795 1,280,760 833,225 Additions to current net earnings: Withdrawn from reserve for depreciation on United States bonds _ 80,294 3,883 Allother... _ 16,264 564 2,257 Total additions. 16, 264 80,858 6,140 Deductions from current net earnings: Depreciation allowances on bank premises.. 4,400 2,200 2,000 Reserve for probable losses 123,687 125,000 Furniture and equipment... 25,927 29,971 44,755 Allother 28,795 23,597 20,038 Total deductions^ _ i9,122 179,455 101,793 Net deductions from current net earnings - 42,858 98,597 185,653 Net earnings available for dividends, surplus, and franchise tax 203,937 1,182,163 647,572 ===== D Tr i a v n id sf e e n r d re s d p t a o id surplus account 304,976 2 4 9 0 6 7 , , 8 0 1 7 0 0 2 2 8 7 3 6 , , 1 4 6 5 6 0 Franchise tax paid United States Government... 478,283 87,956 Deficit in earnings after payment of dividends, charged to surplus account _ 101,039 1 Debit. 2 Other than those connected with governors' and agents' conferences and meetings of directors and of the advisory council. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

398 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No. 6.—VOLUME OF OPERATIONS IN PRINCIPAL DEPARTMENTS OF FEDERAL RESERVE BANK 1924 1923 1922 NUMBER OF PIECES HANDLED Bills discounted: Applications 8,810 10, 618 9,802 Notes discounted. ___ _ 42, 628 57, 036 43, 624 Bills purchased in open market for own account 3,547 1,934 2,423 Currency received and counted 107, 280, 000 105, 278, 000 94, 931, 000 Coin received and counted 120,109, 000 121,128, 000 126,429, 000 Checks handled 45, 793, 000 43, 736, 000 38,476, 000 Collection items handled: . United States Government coupons paid 2, 829, 000 3, 470, 000 4, 222, 000 All other 265, 000 244, 000 197, 000 United States securities—issues, redemptions, and exchanges by fiscal agency department 678, 000 i 9, 645, 000 919, 000 Transfers of funds 130, 000 104, 000 83,000 Envelopes received and dispatched 2, 691, 000 2,965, 000 (2) AMOUNTS HANDLED Bills discounted $605,118, 000 $1,679, 671, 000 $865, 856, 000 Bills purchased in open market for own account. __ 50, 732, 000 32, 580, 000 33,736, 000 Currency received and counted 484,795, 000 520,881, 000 473, 065, 000 Coin received and counted 15, 502, 000 14, 705, 000 13, 631, 000 Checks handled 9,966, 285, 000 9, 547,434, 000 6,114,442, 000 Collection items handled: United States Government coupons paid 25, 400, 000 28,416, 000 27, 806, 000 Allother 318,103, 000 395,426, 000 267, 681, 000 United States securities—issues, redemptions, and exchanges by fiscal agency department 159, 086, 000 356,964, 000 494, 025, 000 Transfers of funds 4, 369, 086, 000 3, 582, 323, 000 3,779,461,000 1 Large increase due to redemption of war-savings securities which matured Jan. 1, 1923. 2 Data not available. No. 7.—OPERATIONS OF FEDERAL RESERVE CLEARING SYSTEM [Figures include cash items only. Numbers in thousands; amounts in thousands of dollars] Month It b em an s d k i s s d t r i r a n ic w o t n w n on a I t n t o r e d e m o s t t h e s h r e e v f i r o r e r F b b w r e a a a d n n r e d k c r e s h a d e l s o U I n n t e T i m te re d s a d s S u r t a r a e w t r e n o s f Total i Number Amount I NumberAmount Number AmountNumber Amount 1924 January- 3,430 794,793 ! 81 6,534 159 14,188 3,670 815, 515 February. 3,203 689, 560 j 77 7,277 155 12, 402 3,435 709, 239 March 3,569 760,448 ! 83 8,493 202 15,704 3,854 784,645 April 3,562 760,882 | 82 7,765 246 16,480 3,890 785,127 May _ _. 3,478 806,201 | 80 7,575 185 15,956 3,743 829,732 June __i. I 3,337 766,173 i 83 7,487 158 15, 573 3,578 789, 233 July. ____| 3,379 782,783 I 90 6,439 147 13,107 3,616 802,329 August _ 3,310 779,307 | 83 | 5,826 177 14,094 3,570 799,227 September. 3,533 825,972 85 ! 7,399 240 15, 767 3,858 849,138 October 3,897 967,970 86 | 7,348 240 16,723 4, 223 992, 041 November. 3,503 832,401 79 ! 7,174 182 14,936 3,764 854, 511 December.. 4,059 908, 003 97 I 8,646 17,749 4,325 934,398 Total: 1924.. 42,260 9, 674,493 1,006 87, 963 2,260 182,679 45,526 9,945,135 1923.. 40,287 9, 217, 215 809 82,148 2,362 220,776 43,458 9, 520,139 ^Exclusive of duplications on account of items handled by both parent bank and branch. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DISTRICT NO. 8 ST. LOUIS 399 No. 8.—CLEARINGS AND TRANSFERS THROUGH GOLD SETTLEMENT FUND [ID thousands of dollars] Payments Receipts to other from other Week ending- Federal Federal Net loss Net gain reserve reserve banks banks 1924 Jan. 2(oneday) 24,212 22, 624 9 113,497 117,853 4,356 16 116,682 118,077 1,395 23 1-18,272 116, 289 30 115,466 120, 657 5,191 Feb. 6 106, 265 107,916 1,651 13 99,294 99,126 168 20 124, 631 112,370 12,261 27 96, 779 100, 937 4,158 Mar. 5 107,762 109,456 1,694 12 _ 106,108 103,721 2,387 19 130,246 125,018 5,228 26 ,. 122,412 124,195 1,783 Apr. 2 105,133 105, 747 614 9 100,048 101,084 1,036 16... 121, 941 116,992 4,949 23 120,496 119, 097 1,399 30... - 118,368 18 May 7 102, 931 110,406 7,475 14 119,003 114,951 4,052 21 126,222 128, 023 28 112, 594 110,866 1,728 June 4 100,960 107,158 6,198 11 115, 907 111, 706 4,201 18.. 125,835 129, 960 ~4,~i25 25 116,296 114,661 1,635 July 2 125,551 129, 619 4,068 9 104,487 104,975 488 16__._ 120,934 115,133 5,801 23 116,609 116,039 570 30 110,642 113, 538 2,89& Aug. 6 105,641 104,316 1,325 13.. 128,054 113,510 14,544 2O._ 118,259 125,912 7,653 27... 107, 785 104,968 2,817 Sept. 3 97,154 101, 594 4,440 10 121,810 109,802 12,008 17.. 127,952 123,158 4,794 24. 126, 519 129, 779 3,260 Oct. 1 _ 125,878 123,368 2,510 8 123,188 130, 351 ~7,~l63 15 140,122 138,113 2,009 22 160,712 164,276 3,564 29 139, 970 143, 691 3,721 Nov. 5 126,411 133, 020 6,609 12. 138,043 138,162 119 19 168, 603 161,927 6,676 26 145, 644 151,126 5,482 Dec. 3 128, 385 126,365 2,020 10 ... 137,637 137,098 539 17 151,408 151,388 20 24 135,338 129,420 5,918 31 129,320 136, 578 7,258 Total: 1924 6,329,416 6,324, 502 4,914 1923 6,051,196 6,026,101 25,095 1922 5,371,660 5,355, 579 16,081 Net gain in ownership of gold since establishment of fund in 1915, $60,935,000. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

400 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No. 9.—REPORTING MEMBER BANKS IN LEADING CITIES: PRINCIPAL RESOURCES AND LIABILITIES [In thousands of dollars] Investments Loans and discounts Last report date in— United States securities All other 1924 1923 1924 1923 1924 1923 January... 469,462 450, 275 70,988 81,042 87,439 91,535 February.. 467,948 456,848 68,289 77,806 90,292 91,674 March 467,842 457,190 62,928 79,743 88,983 90, 505 April 463, 230 456,156 60,515 78, 380 90,448 85, 705 May 460,220 455,546 54, 566 77,259 110,793 89,284 June 455,692 449, 386 60,143 82,377 92,443 87,819 July 459,059 455,521 51,156 76,169 92,794 85,899 August 466,694 457, 904 52,406 76,133 90,933 85,116 September. 475,406 465,601 53,661 72,159 94, 230 84,498 October- .. 484,344 471, 259 53,445 96, 340 84,757 November. 492,818 470, 663 55,338 66,958 98,627 87,426 December. 499,713 473,216 60,320 71,009 103,409 87,658 Accommodation at Fed- Net demand deposits Time deposits eral reserve banks Last report date in— 1924 1923 1924 1923 1924 1923 January... 356,969 378,922 199,023 182,383 21,046 5,586 February.. 350,170 376,217 201,913 184,211 22,031 11,198 March 343,869 364,106 201,886 183,497 17,047 15,077 April 352,597 363,057 199,445 182,333 12,701 17,621 May 344,760 358,883 202,488 183,678 7,886 18,654 June 353,371 343,099 198,840 182,206 3,921 25,203 July 356, 514 342,855 201,398 190,328 1,940 27,897 August 356,848 335,069 203,918 191,179 1,144 38,116 September 365,323 325, 439 203,218 187,841 5,505 49,155 October... 370,906 328,896 212,154 192,478 4,662 47, 324 November. 385,163 334, 281 215, 798 194,522 2,868 44, 719 December. 414,041 342, 263 212,287 189, 793 1,716 43,588 NOTE .—Figures are for about 33 banks in St. Louis, Little Rock, Louisville, Memphis, and Evansville which submit weekly reports to the Federal reserve bank. No. 10.—DEBITS TO < INDIVIDUAL ACCOUNTS [In thousands of dollars. For explanatory note see p. 154] Total for 5 centers * East St. Louis and National Stock Yards, 111.* Month 1924 1923 1922 1924 1923 1922 January 1,130,859 1,178,722 858, 795 43,316 47,012 34, 515 February.. 981,669 *952,802 739,485 37,077 37, 243 33, 543 March 1,062,671 1,112,395 859, 417 35,624 41,188 35,885 April 1,033,484 1,039, 549 826, 599 37,988 42,025 37,197 May ._ 1,057, 603 1,076,560 911,346 44, 474 49, 938 42,549 June. 1,035,196 1.1G4,142 930, 887 37, 891 45,901 41,320 July 994, 401 ' 980,103 871,384 39,847 43,076 37, 851 August 959,857 930, 888 830,180 42, 503 48, 565 37,263 September. 1,003,066 945,160 908, 393 41,165 45, 699 39, 354 October 1,212,110 1,184,854 1,067,437 47, 830 50, 601 44, 614 November. 1, 081, 663 1,094,428 988, 780 41,141 47,786 43,070 December. 1,269, 637 1,194,752 1,145,954 44, 296 43,865 44,449 Total 12,812, 216 12, 794,355 10, 938,657 493,152 542,899 471, 610 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. 8 ST. , LOUIS 401 No. 10.—DEBITS TO INDIVIDUAL ACCOUNTS—Continued fin thousands of dollars.] Eldorado, Ark.* Evansville, Ind. Month 1924 1923 1922 1924 1923 1922 January 6,400 32, 661 35,715 23,887 February.. 6,811 27, 854 33, 640 21,271 March ~ 146 29,133 31,003 28,153 April 7,791 14,639 27, 661 30, 599 24,307 May... 8,343 14,122 31,037 33,968 29,824 June 7,905 12, 639 28,245 33, 282 31,135 July... 8,078 10, 597 30,177 31,916 31,297 August 7,661 8,931 27, 554 30,991 26,643 September. 7,423 8,068 27,305 29,219 29,651 October 7,052 8,121 30,404 32,398 30,843 November. 6,363 6,821 24,316 31, 618 29,062 December-_ 7,687 6,928 37, 715 32,615 35,128 Total 90,866 354,062 386, 964 341, 201 Fort Smith, Ark.* Greenville, Miss.* Month 1924 1923 1922 1924 1923 1922 January 12,998 12,276 5,053 6,122 February. . 11, 593 11,010 4,217 4,462 3,809 March 11,099 12, 375 3,492 4,293 3,672 April 11, 585 11, 921 3,213 3, 524 3,443 May 11,109 11,724 3,519 3,388 3,759 June 9,676 11, 741 3,277 3,183 3,623 July.. 9,820 10,059 9,*488 3,119 2,951 3,353 August 10, 713 9,884 8,853 2,927 2, 730 2,749 September . 12,066 11,460 12,484 3, 595 3,034 3,305 October 20, 536 16,018 15,088 5,885 3,854 4,055 November . 16, 720 15, 778 14, 632 5,783 4,700 4,509 December.. 16,227 14,975 13,221 5,666 4,934 5,327 Total 154,142 149, 221 73,766 49, 746 47,175 41,604 Helena, Ark.* Little Rock, Ark. Month 1924 1923 1922 1924 1923 1922 January 5,634 7,106 64,170 65,326 February.. 4,394 4,716 3,423 57,164 54,369 38,800 March 4,818 5,549 3,805 60,293 62, 728 40,690 April 4,693 4,360 3,574 59, 530 59, 543 37,479 May 3, 950 4,433 4,613 58,994 60,107 38,865 June 3,992 4,041 3,983 52, 750 49, 519 39,941 July 3,758 3,723 4,278 56,089 49, 722 33,866 August 3, 674 4,349 3,433 55,380 51,562 36,958 September. 4,604 4,015 5,927 67,840 53,330 52,609 October.... 8,750 6,470 8,976 76,882 66,117 November _ 8,430 7,988 7,847 85,214 75,052 61,916 December.. 9,954 9,194 6,739 89,390 73,751 65,544 Total 66,651 65,944 56,598 804,897 731,891 555,454 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

402 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No. 10,—DEBITS TO INDIVIDUAL ACCOUNTS—Continued [In thousands of dollars] Louisville, Ky. Memphis, Tenn. Month 1924 1923 1922 1924 1923 1922 January 173,909 ! 179,318 125, 911 168,708 176,959 109, 444 February.. 159,937 i 153,307 123,319 128,827 134,391 83,856 March 168,187 | 166,446 137,985 129,554 175,837 101,082 April. 166,914 ! 153,355 129,881 132,493 136,946 101,944 May. 167,191 i 159,006 147,613 121, 252 122,192 107,955 June 161,641 I 174, 205 143,172 112,298 127,928 105, 502 July.. 167,282 ! 155,176 134,931 109,010 106,390 94, 672 August 158,597 : 143,397 124,800 101,000 103,702 89,476 September. 162,444 ; 142,304 129,403 117,902 115,481 116,048 October 172,127 : 160,310 143,091 169,305 165,494 163,089 November. 159,145 ! 152, 224 139,758 167,226 180,435 175, 584 December.. 180,196 | 167, 244 165, 524 192,436 190,255 173,180 Total 1,997,570 I 1,906,292 1, 645, 388 1,650,011 1,736,010 1,421,832 Owensboro, Ky.* Quincy, 111.* Month 1924 1923 1922 1924 1923 1922 January 7,713 7,884 10,435 11,143 8, 578 February.. 6,268 6,867 6,236 9,608 10,141 7,467 March 6,174 7,518 6,136 ! 11,485 12,766 10,118 April 5,878 6,262 4,817 11,136 12,284 9,153 May 5,528 6,128 4,762 11,100 12,153 9,285 June.. 5,534 5,728 4,630 10,656 11,370 9,913 July... 5,647 5,677 5,459 10,413 11,064 8,970 August 5,549 5,369 4,976 8,979 10,820 9,794 September. 4,858 4,819 4,532 10,695 9,821 9,469 October 5,55S 6,209 4,906 12/092 10,898 10, 594 November. 4,812 5,571 5,442 10,650 10,587 9,774 December.. 6,582 8,057 8,737 11,649 10,937 11,705 Total 70,101 60,633 128, 898 133,984 114,820 St. Louis, Mo. Springfield, Mo.* Month 1924 1923 1922 1924 1923 1922 January 691,411 721,404 556,884 13,021 15,595 13,139 February.. 607,887 577,095 472, 239 11, 593 12,295 11,106 March 675,504 676,381 551, 507 14,384 14,171 12,605 April 646,886 659,106 532, 988 10, 761 13,787 12,281 May. 679,129 701,287 587,089 7,198 15,325 12,437 June. 680,262 719,208 611,137 8,914 15,225 13,736 July. 631,843 576,618 11,661 12, 593 11,892 August 617,326 601, 236 552,303 11,155 13,678 12,401 September. 627, 575 604,826 580, 682 12,104 14,124 12,250 October 742,191 749,770 664,297 13,343 15,455 12,752 November. 645,762 655,099 582,460 12,011 15,139 13, 647 December ~ 759,900 730,887 706,578 13, 295 15,683 15,717 Total 8,005, 676 8, 033,198 6, 974, 782 139,440 173,070 I 153,963 NOTE.—Centers which have not reported continuously for the 18 months ending^Dec. 1, 1924, are not included in the table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DISTRICT NO. 9— MINNEAPOLIS No. 1.—CONDITION OF FEDERAL RESERVE BANK [In thousands of dollars] Dec. 31, Dec. 31, Dec. 31, 1924 1923 1922 RESOURCES Gold with Federal reserve agent 73, 528 54,552 46,372 Gold redemption fund with United States Treasury 908 2,053 3,423 Gold held exclusively against Federal reserve notes. 74,436 56,605 49,795 Gold settlement fund with Federal Reserve Board _ 19, 569 23, 545 23,499 Gold and gold certificates held by bank 5,867 7,535 Total gold reserves.-. .._ 99,872 88,978 80,829 Reserves other than gold _ 1,608 955 1,190 Total reserves 101,480 89,933 82,019 Nonreserve cash._ _ _.. 1,027 943 0) Bills discounted: Secured by United States Government obligations.. 229 3,289 2, 539 Other bills discounted 4,223 15,368 19,377 Total bills discounted___ _... 4,452 18,657 21,916 Bills bought in open market _ 623 United States Government securities: Bonds _ 8,856 7,122 4, 523 Treasury notes _ 13,145 2,749 8,049 Certificates of indebtedness ._ _ 3,787 165 499 Total United States Government securities- 25, 788 10,036 13,071 Foreign loans on gold 216 All other earning assets .. 39 Total earning assets, 30,464 I 29,316 35,026 5 per cent redemption fund—Federal reserve bank notes. 196 Uncollected items. _ . . 13,942 14, 507 18,166 Bank premises.., _ ._ _ 2,901 2,103 942 AH other resources. _ _ _ 3,495 3, 526 1,809 Total resources _• 153, 309 140, 328 138,1.58 LIABILITIES F ederal reserve notes in actual circulation. 71, 761 64,952 58, 735 Deposits: Member bank—reserve account 55,967 46,904 49, 310 Government. 1,636 2,416 800 Other deposits 422 497 916 Total deposits. 58,025 49,817 51, 026 Deferred availability items. 11, 883 13,482 16, 588 Capital paid in 3,270 3,498 3,535 Surplus. 7,497 7,484 7,473 All other liabilities ZIIZIZ 873 1,095 Total liabilities. 153, 309 140, 328 138, 158 Ratio of total reserves to deposit and Federal reserve note liabilifies j& combined (per cent) „_. . 78.2 78.4 74.7 Contingent liability on bills purchased for foreign correspondents. _. 1,537 646 929 1 Not shown separately prior to 1923. 403 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

404 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No. 2.—PRINCIPAL ASSETS AND LIABILITIES OF FEDERAL RESERVE BANK, BY WEEKS [Amounts in thousands of dollars] Bills discounted for j member banks | Date a T e s i s a o n e r t g t n a s - l i Total c U G B u b s . i o e r y S l e - v l . s d - O b d t i i h l s l - e s r m bo o B a u p i r i n e g k ll n h e s t t c U S u n r ta i i t t t i e e e d s s re T c se o a r s t v a h e l s r b M p e a o b e s d n s e e e m i k r - r t - s v s e ' p T o d o s e t i - a ts l r F e c n e i s r o d i e c n t r e u e v r s - a e l i s°rve ern- counted ment lation 1 obligations 1924 Jan. 2 31,087 19,821 4, 740) 15,0811 10,377 48, 202 52,421 64,816! 75.8 9 33,143 19,685 4,463 15, 222: 1,917 11,541 86,013 49, 081 50, 592 63, 242! 75.6 16 .. 29,368 16, 964 2,586 14, 378 2,138 10, 266 86,233 45,092 48, 229 62,103 78.2 23 30, 283 17,319 2,411 14, 908 2,650 10, 314 87,026 46,972 50, 374 62, 053 77.4 30 27, 854 16, 213 1,372 14, 841 2,891 8,750 85,195 44, 759 46,681 61,920 78.4 Feb. 6 29, 915 17,438 2, 773! 14, 665 3,031 9,446 88, 067 48, 703 50, 496 63,193 77.5 13 25,900 13,971 912 13,059 3,059 8,870 88, 859 45, 585 47,047 65,989 78.6 20 28, 599 15,417 1,360 14, 057 3, 867J 9,315 91, 301 47, 377 48, 807 67, 581 78.4 27 29, 361 14, 771 1,355 13, 416 4,734 86, 726 43, 808 44, 981 67, 453 77.1 Mar. 5 31,936 15, 690 2,805 12, 885 5,147 11,099 91,138 50, 414 52, 111 67,936 75.9 12 30,304 13, 039 662 12, 377 11, 427 89,197 47,174 49,112 67.141 76.7 19 37, 347 15, 670 3,280 12, 390 8^802 12,875 83,436 49,063 50,410 66,972 71.1 26 '-_. 37,166 12,824 671 12,153 8,087 16, 255 82, 793 48,142 49,992 66, 729 70.9 Apr. 2 36, 559 13,698 2,005 11, 693 7,045 15,816 85, 246 49, 016 50, 916 67, 256 72.1 9___.___ 35,906 12, 549 834 11, 715 5,008 18, 349 83,187 46, 790 48, 873 67, 293 71.6 16 38, 061 14,913 2,805 12,108 4,053 19,095 83,950 49, 220 51,802 66, 615 70.9 23 41, 021 17, 290 4,947 12,343 3,981 19, 750 79,113 48, 795 51, 562 65,904 67.3 30— 38, 795 13,691 845 12,846 3,731 21, 373 78, 712 45,165 48, 750 65, 430 May 7 38,917 14, 569 1,202 13,367 3,399 20,949 85,365 47,447 49, 549 71, 263 70.7 14. 41, 678 16,899 2,422 14 477 2,920 21,859 80, 826 46,515 48,150 71,694 67.4 21 41, 777 16,917 2,021 14,896 1, 844i 23,016 77, 248 44, 038 45, 630 70, 304 66.6 28.. 39,389 16, 274 1,098 15,176 1,732 21,383 80,110 45,177 46, 740 69, 562 68.9 June 4. 40,443 15,847 1,040 14,807 1,444 23,152 82, 766 48, 440 50,185 69, 782 69.0 11 41,296 15,036 584 14,452 1, 305! 24,955 76,348 44,399 45,988 69, 222 66.3 18 40,189 14,263 482 13, 781 1,586 24, 340 75, 567 45,537 46, 278 68, 499 65.8 25. 40, 247 14, 317 695 13,622 1,187 24, 743 78,157 45, 388 47,461 67, 773 67.8 July 2 39 421 14,098 717 13,381 934 24,389 77, 260 43,609 45,042 68,490 68.1 9 ... 40,021 14,442 771 13,671 l,069j 24, 510 80,431 47,328 48, 830 69,129 68.2 16 40, 465 14,468 692 13, 776 846| 25,151 75,954 44, 552 46, 396 67,487 66.7 23 41,082 14, 746 731 14,015 7151 25, 621 75,482 44,404 46, 562 66, 504 66.8 30 41,329 15,333 911 14,422 345| 25, 651 74, 532 46,000 47, 917 65, 376 65.8 Aug. 6 42, 250 14, 440 349 14,091 27, 520 71, 661 45,047 46, 681 65, 028 64.1 13 41,181 14, 013 343 13,670 213| 26,955 75,181 48, 791 49,924 63, 736 66.1 20 41, 401 14, 054 356 158i 27,189 73, 592 46, 587 47,869 63, 972 65.8 27 41, 208 13, 884 376 13, 508 129j 27,195 73,299 46,976 48,358 63, 501 65.5 Sept. 3 40, 793 13, 563 373 13,190 2731 26,957 74,731 45,958 47, 465 64, 232 66.9 10 41,916 12, 747 323 12,424 908 28, 261 75,425 47, 647 49, 269 64,546 66.3 17 42,089 12,063 253 11,810 1,647 28, 379 73, 569 46, 268 47,194 64,828 65.7 24 41,375 11,154 303 10,851 1,674 28, 547 79, 796 50,130 52, 713 65,097 67.7 Oct. l._-__- 39, 642 9,608 178 9,430 2,254 27, 780 84, 202 49,469 52, 750 66,494 70.6 8 39, 569 8,562 114 8,448 2,781 28, 226 85,128 51, 213 53,482 68, 668 69.7 15 38, 291 8,087 129! 7,958 2,502 27, 695 93, 224 57, 012 60, 912 69,107 71.7 22 37, 263 7,545 2761 7,269 2,070 27, 641 93, 380 55,964 58,144 69,832 73.0 29 37, 053 6,868 176 6,692 28,318 90,998 52, 258 54, 267 70,389 73.0 Nov. 5 35,007 5,821 191 5,630 1,420 27, 759 99,929 56,994 59,683 72,277 75.7 12 35, 541 5,630 93 5,537 1,314 28, 590 96,637 56,119 57, 718 72, 420 74.3 19 34,332 5,400 1301 5,270 1,097 27,835 102, 340 59,849 61,680 72,408 76.3 26 33, 586 5,313 262 5,051 635 27,638 102,234 58,368 60, 510 71,824 77.3 Dec. 3 32, 575 4,693 122 4,571 368 27, 298 98, 567 53,179 55,106 72, 662 77.1 10 29, 350 4,607 93 4,514 124 24,403 106, 216 58,863 60, 769 72, 510 79.7 17 30, 309 4,564 198 4,366 16 25, 513 103,964 59,599 60,-'" 72.142 78.3 24 30, 505 4,375{ ' 2024,173 15 25,899 98,888 53, 591 55, 267 73, 574 76.8 31 30,464 4,452 2291 4,223 8 25, 788101,480 55,967 58,025 71, 761 78.2 Daily average 36,845 12,875'. 2,259 21,692 85,936 49,464 51,425 67, 659 72.2 1 Includes other earning assets as follows:. Municipal warrants $7,000, Oct. 15 to Nov. 12. Foreign loans on gold $216,000, Dec. 3 to 31. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

405 DISTRICT NO. 9 MINNEAPOLIS No. 3.—DISCOUNTS AND PURCHASES OF BILLS AND SECURITIES BY FEDERAL RESERVE BANK: VOLUME, BY CLASSES [In thousands of dollars] Bills discounted for member banks Bills bought in open market Com- Month Total m b G S y e e o c n v U u t e r . o r e S n b d - . - a c m n p u d a e lt p r a u c e g r i r a a r , i l l - a T a c n r c a c e e d p s e t- D d s e a r i m a n g f h d a t n t s d Total B a a a c n n c c k e e p e s t r - s' ex D c o h l a l n a g r e ligations n. e. s. 1924 January 18,382 10,392 | 7,947 2,305 2,269 36 February 11,686 7,285 I 4,352 3,092 2,947 145 March 11,872 8, 661 3,185 . 2,720 2,583 137 April 13,414 8, 642 4, 750 1,764 1,685 79 May _ 15, 294 7,233 8,006 828 30 June 6,492 1, 655 4,791 1,519 1,519 July 6,799 1,871 4,885 466 466 August... 3,720 857 2,853 164 164 September 2,605 621 1,929 1,884 1,884 October. 2,400 378 1,997 1,092 1,082 10 November 2,325 624 1,701 December 5,365 3,465 1,899 Total: 1924 100, 354 51,684 | 48,295 18 357 15,834 15, 397 437 1923 290, 054 184,906 I 104,320 69 759 6,064 6,029 35 1922 193,014 86,029 j 106,812 173 U. S. securities U.S. Total discounts and Bills p o u pe rc n h a m s a e r d k i e n t se t c ie u s ri- purchases bought pur- For- Mufrom chased eign nicipal Month re o F e s t e r e h a d r e l v - r e B a o n n d ds C i o c e f a r t i t e n if s - - o f F e r t e o r h a d m e l - r l g o o o a n l n d s c r h w p a a u n a s r r t e - s - d 1924 1923 1922 banks notes debt- reserve edness banks 1924 January 7,206 3,402 306 31,601 60,145 26,080 February- 4,052 854 19, 684 18,052 20,712 March 3,006 6,411 6,024 30,033 21,563 25,890 April 10,105 1, 947 2,602 29,832 25,109 20,477 May 10,722 3,400 30, 244 23,785 June 10,401 7,932 "~"I63~ 26,497 37,930 29, 459 July.... 11,396 1,529 20,190 28,742 16,177 August. 7,071 2,300 13, 255 29,452 18,760 September.. 4,064 14,841 33,164 22,685 October 13, 215 7,942 24,656 34,867 20, 626 November.. 5,498 710 8,533 25,818 14,866 December.. 8,795 2,854 216 17,230 33,771 i 33,996 Total: 1924. 3,006 101,160 42,958 3,061 216 266,596 1923. 32,673 57,920 386,711 1922. 42,372 38,061 | 273,513 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

406 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No. 4.—BILLS DISCOUNTED BY FEDERAL RESERVE BANK: VOLUME, BY STATES [Amounts in thousands of dollars] Number Number of of member member banks Month Michi- Wis- Minne- North South Mon- Total banks in accomgan1 consin l sota Dakota Dakota tana district modated at end of during month the month 1924 January 206 299 11,998 1,421 2,856 1,602 18,382 975 298 February 75 162 8,040 1,230 1,029 1,150 11,686 969 217 March 75 359 9,233 797 674 734 11,872 956 207 April 80 199 9,633 1,513 1,060 929 13,414 950 236 May 80 207 10,682 1,447 2,046 832 15, 294 945 268 June - -- - 166 237 2,431 1,395 1,493 770 6,492 940 265 July 87 3,487 1,405 1,267 553 6,799 930 254 August -. 55 1,417 1,175 638 435 3,720 928 197 September 70 75 945 897 425 193 2,605 921 123 October _ 81 79 1,240 413 531 56 2,400 915 94 November 135 99 1,165 129 733 64 2,325 907 95 December 261 221 3,824 208 696 155 5,365 906 100 Total: 1924 1,229 2,079 64,095 12,030 13,448 7,473 100,354 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 Number of member banks at end of year: 1924 49 56 364 174 133 130 906 1923 49 56 375 188 147 164 979 1922 49 58 377 188 153 189 1,014 Number of member banks accommodated: 1924 13 21 139 106 95 102 476 1923 18 25 161 118 105 132 559 1922 18 29 222 145 127 165 706 1 Figures relate only to that part of the State located in the Minneapolis district. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DISTRICT NO. 9—MINNEAPOLIS 407 No. 5.—EARNINGS AND EXPENSES OP FEDERAL RESERVE BANK 1924 1923 1922 Discounted bills $578,447 $1,088,899 $1,451,659 Purchased bills __. 84,269 31,414 United States securities 848,070 520,724 383,531 Deficient reserve penalties. 40,175 91,943 128,087 Miscellaneous 58,109 16,273 5,971 Total earnings.. 1,609,070 1,749,253 1,969,248 CURRENT EXPENSES Salaries: Bank officers __ _ 121,350 113,236 107,977 Clerical staff _ 429,493 460,128 463,390 Special officers and watchmen 25,576 24,041 22,281 Allother ______ _ 67,148 35.756 16,446 Governors' conferences 566 606 467 Federal reserve agents' conferences 246 90 267 Federal Advisory Council _ _ 1,087 1,195 1,140 Directors' meetings _ 9,052 9,507 11,407 Traveling expenses1 _ 52,454 32, 649 21,47 Assessments for Federal Reserve Board expenses 21,867 23,704 24,945 Legal fees _ 23,463 14,149 11,592 Insurance (other than on currency and security shipments) _ 29,600 30,474 25, 792 Insurance on currency and security shipments. __ 16,175 11,409 9,497 Taxes on banking house 1,580 1,593 1,578 Light, heat, and power 1,468 1,836 902 Repairs and alterations, banking house 426 196 1,667 Rent... _ 43,399 46,699 44,038 Office and other supplies 20,891 23,860 21,954 Printing and stationery _ _ 38,063 36.757 42,515 Telephone _ 7,310 6,988 7,090 Telegraph 23,998 25,757 21,697 E Po x s p t r a e g s e s age _ _ _ 1 7 0 4 , , 0 6 9 8 3 3 90 7 , , 3 9 0 5 3 5 95,002 Federal reserve currency: Original cost, including shipping charges 6,796 40,005 53,334 Cost of redemption, including shipping charges 1,738 10,622 16, 765 Taxes on Federal reserve bank-note circulation 14,260 All other expenses. 36,645 32,622 47,469 Total current expenses.. 1,065,167 1,082,137 1,084,942 PROFIT AND LOSS ACCOUNT Earnings 1,609,070 1,749,253 1,969,248 Current expenses. 1,065,167 1,082,137 1,084,942 Current net earnings. 543,903 667,116 884,306 Additions to current net earnings: Withdrawn from reserve for depreciation on United States bonds 143,469 Allother... 27,101 8,327 41,231 Total additions.. 170,570 8,327 41,231 Deductions from current net earnings: .Depreciation allowances on bank premises 310,862 40,405 14,913 Reserve for depreciation—United States bonds.. 53,856 78,058 Reserve for probable losses _ 200,000 Furniture and equipment 48,938 23,328 24,640 Allother 25,571 32,399 25,231 Total deductions ____ 385,371 349,988 142,842 Net deductions from current net earnings i 214,801 341,661 101,611 Net earnings available for dividends, surplus, and franchise tax 329,102 325,455 782,695 Dividends paid _ _ 202,828 213,774 Transferred to surplus account __ 1 1 1 2 3 , ,6 6 4 2 6 8 2 5 2 6 4 4 , , 4 4 5 6 2 9 Franchise tax paid United States Government... 1 Other than those connected with governors' and agents' conferences and meetings of the directors and of the Advisory Council. 2 After charging surplus and crediting franchise tax with $52,423 paid as an additional franchise tax for 1921. Amounts transferred to surplus and paid as a franchise tax out of earnings for 1922 were $56,892 and $512,029, respectively. 36569—25t 27 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

408 ANNUAL REPORT OF THE FEDERAL* KESERVE BOABD No. 6.—VOLUME OF OPERATIONS IN PRINCIPAL DEPARTMENTS OP FEDERAL RESERVE BANK 1924 1923 1922 NUMBER OF PIECES HANDLED Bills discounted: Applications 5,662 7,875 0) Notes discounted «, 27,527 35,533 47,933 Bills purchased in open market for own account _. 1,294 365 Currency received and counted.. 31,575,000 32,174,000 27,019,000 Coin received and counted _.. 8,833,000 9,906,000 9,397,000 Checks handled _ __. 26,219,000 27,433,000 25,148,000 Collection items handled: United States Government coupons paid 1,228,000 1,747,000 2,435,000 Allother _ 368,000 340,000 327,000 United States securities—issues, redemptions, and exchanges by fiscal agency department 247,000 2 5,072,000 1,277,000 Transfers of funds _ 67,000 70,000 3 28,000 Envelopes received and dispatched. _ 2,162,000 2, 775,000 0) AMOUNTS HANDLED Bills discounted _. $100,354,000 $290,054,000 $193,014,000 Bills purchased in open market for own account 15,834,000 6,064,000 Currency received and counted 172,154,000 179, 737,000 156,734,000 Coin received and counted 2, 709,000 2,203,000 2,157,000 Checked handled 3, 652,895,000 3,383,365,000 2,960, 234,000 Collection items handled: United States Government coupons paid 10,478,000 10,974,000 11,296,000 Allother 154,614,000 155, 783,000 137,087,000 United States securities—issues, redemptions, and exchanges by fiscal agency department 107,875,000 203, 764, 000 225, 517,000 Transfers of funds . 2,405,908,000 2,189,155,000 3 1,640, 524,000 1 Data not available. 2 Large increase due to redemption of war-savings securities which matured January 1, 1923. 8 Exclusive of transfers to the 5 per cent redemption fund of national banks. No. 7.—OPERATIONS OF FEDERAL RESERVE CLEARING SYSTEM [Figures include cash items only. Numbers in thousands; amounts in thousands of dollarsl Items forwarded Items drawn on to other Federal Items drawn on banks in own reserve banks Treasurer of Total i district and their United States Month branches Number Amount Number Amount Number Amount Number Amount 1924 January 1,982 222,828 113 25,903 63 8,674 2,158 257,405 February _ 1,842 202,579 93 23,526 69 8,744 2,004 234,849 March . 2,015 243,579 99 27,259 72 8,095 2,186 278,933 April 1,969 244,263 109 27,743 83 7,916 2,161 279,922 May 1,940 242,480 99 26,688 83 8,761 2,122 277,929 Tune....... ....... ... 1,941 246,963 102 25,267 72 7,524 2,115 279,754 1,939 254,314 \07 26,321 69 7,480 2,115 288,115 August 1,786 241,256 95 24,310 li 8,095 1,969 273,661 September 1,958 299,828 93 28,000 88 8,609 2,139 336,437 October 2,269 363,474 110 32, 320 97 9,870 2,476 405,664 November 2, 055 320,171 104 28,840 74 9,825 2,233 358,836 December.. . 2,311 323,861 124 30,956 79 10,377 2,514 365,194 Total: 1924 24,007 3, 205, 596 21, 248 2 327,133 937 103,970 26,192 3,636,699 1923 .... 25,436 2,959,553 2 1,199 2 314,674 770 93,684 27,405 3,367,911 1 Exclusive of duplications on account of items handled by both parent bank and branch. 2 Includes 60,000 items, aggregating $58,453,000, and 34,000 items, aggregating $24,829,000 forwarded direct to drawee banks in other districts during 1924 and 1923, respectively. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DISTRICT NO. 9 MINNEAPOLIS 409 No. 8.—CLEARINGS AND TRANSFERS THROUGH GOLD SETTLEMENT FUND [In thousands of dollars] Payments to other Week ending— Federal Net loss Net gain reserve banks 1924 Jan. 2 (one day) 8,435 6,996 1,439 9 36,881 34,205 2,676 16._ 36,069 36,465 396 23 32,046 33,316 1,270 30 30,963 29, 747 1,216 Feb. 6 31,492 32,900 1,408 13 30,606 31, 688 1,082 20 35,495 37,744 2,249 27 32, 755 28,253 4,502 Mar. 5... 36,857 40,709 3,852 12 _ 37, 264 35,159 2,105 19 45,865 40,477 5,388 26....._. 40,381 40,241 140 Apr. 2.. 36, 592 39,600 3,008 9 36,014 32,936 3,078 16.... 34,945 35,789 844 23 38,116 33, 522 4,594 30 35,104 35,103 1 May 7 34, 244 41,159 6,915 14 35.043 30,748 4,295 21 39, 219 35,979 3,240 28 33, 508 36,838 3,330 June 4 33,455 36,328 2,873 11.... 47, 673 41,420 6,253 18 49,690 49,192 25 35, 223 37,866 2,643 July 2 45, 532 45, 360 172 9 31,260 34,757 3,497 16____ 38, 636 33,938 23 35, 791 35,367 424 30 35,059 34, 355 704 Aug. 6 37,116 34, 758 2,358 13 33, 491 37,047 3,556 20 40, 958 39,409 1,549 27 33, 674 33,491 183 Sept. 3 26,363 28,223 1,860 10 . 42, 050 43,009 959 17. 40.044 38,744 1,300 24.. 41,046 47,705 6,659 Oct. 1 43,686 48, 685 4,999 8 _ 46, 762 48,192 1,430 15.... 47,482 55,973 8,491 22 55,901 56, 778 877 29 55,498 54,081 1,417 Nov. 5 42,171 52,172 10,001 12 45,088 42,177 19 49,638 55,490 5,852 26.. _. 49, 946 50.017 71 Dec. 3... 43, 209 39,608 3,601 10. 46,404 54,402 17 48,956 46,785 2,171 24 _ 44,126 39,493 4,633 31.... _ 36, 613 38,963 2,350 Total: 1924... 2, 060,435 2,083,359 22,924 1923.... 1, 754,260 1,764, 515 10,255 1922 1, 566,083 1, 587, 557 21,474 Net gain in ownership of gold since establishment of fund in 1915, $72,719,000. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

410 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No. 9.—REPORTING MEMBER BANKS IN LEADING CITIES: PRINCIPAL RESOURCES AND LIABILITIES [In thousands of dollars] Investments Loans and discounts Last report date in— United States securities All other 1924 1923 1924 1923 1924 1923 I January... 231,097 247, 447 54,567 51, 730 26, 547 30,806 February. 235,533 i 246,447 54, 564 52, 509 25, 445 30,486 March 242,235 249,373 58,902 52, 775 24,849 31, 064 April. 230, 525 249,412 54,100 50, 849 24,948 30, 434 May 223, 693 240, 097 54,479 54,072 23, 589 29, 219 June 226, 613 236, 407 56, 043 55, 205 23, 353 29, 671 July 220, 671 233, 441 54, 774 53, 686 24,917 29, 349 August 226, 397 234, 776 55, 975 52, 363 26, 430 29,137 September 241, 673 244,154 56, 056 55, 022 27,167 27, 620 October.._ 267, 779 249,354 63, 731 53, 366 31, 204 27, 388 November 272,110 247, 575 70, 668 52,671 35,931 26,781 December. 271, 914 240, 379 70, 922 53,840 37,163 28, 746 Accommodation at Net demand deposits Time deposits Federal reserve banks Last report date in— 1924 1923 1924 1923 1924 1923 January... 196,866 214,403 83,958 84,389 2,040 2,668 M Fe a b r r c u h ary. 2 2 0 0 8 2 , , 4 5 2 8 7 7 2 2 0 1 9 4 , , 7 6 3 4 5 7 8 8 3 4 , , 0 9 5 8 9 4 8 83 2, , 6 6 4 5 1 3 l 1,r 9 1 5 2 0 2 5 1 , ,3 9 6 0 0 7 April 193, 595 204, 427 82, 230 85,312 872 8,242 May 191,941 205,822 83,082 84,249 2,982 11,225 June 193,400 194, 525 85, 009 83,957 1,064 12,332 July.. 192, 261 192, 776 88, 536 85,531 1,554 10, 453 August... . 194,726 192,170 89,907 87,129 449 9,648 September 214,785 197,835 90,905 84, 452 293 13,828 N D O o e c c t v o e e b m m e b r b _ e e _ r r . . 2 2 26 4 6 0 8 8 , , , 0 8 6 3 9 1 5 6 8 2 2 1 0 9 0 8 7 6 , , , 1 4 0 0 1 9 4 9 6 1 9 9 0 7 5 1 , , , 0 4 6 5 7 1 7 7 4 8 8 85 2 3 , , , 6 8 3 8 0 0 5 2 9 5 1 5 6 4 0 3 0 1 9 2 7 , , , 6 7 5 3 7 3 1 6 6 NOTE.—Figures are for about 25 banks in Minneapolis, Helena, Duluth, Fargo, Great Falls, La Crosse, St. Paul, and Sioux Falls, which submit weekly reports to the Federal reserve bank. No. 10.—DEBITS TO INDIVIDUAL ACCOUNTS [In thousands of dollars. For explanatory note see p. 154] Total for 9 centers i Aberdeen, S. Dak. Month 1924 1923 1924 1923 1922 January 565, 332 647, 312 499, 020 5,455 5,345 5,081 February.. 523,317 510,811 455, 305 4,535 3,824 3,902 March 584, 754 600, 805 556, 282 5,005 5,065 4,822 April 552, 910 596,914 512,419 5,242 5,051 5,196 May 596,115 634, 217 546, 252 5,361 5,490 5,416 June 613, 515 652, 341 569, 323 5,223 5,938 6,000 July 634,515 593, 964 554, 605 5,873 5,653 5,782 August 596, 031 598, 206 580, 550 6,068 6,090 6,031 September . 773, 680 635, 309 654,491 7,551 6,049 6,286 October 1, 059, 292 700,333 698,732 8,102 6,586 5,919 November. 8 84 9 9 1 , , 1 6 7 2 1 2 6 66 6 0 4 , , 4 7 9 6 8 0 6 71 3 0 3 , , 6 6 6 3 5 1 6 7, , 1 9 9 0 5 8 5 6, , 2 9 5 0 8 2 6 5 , , 4 3 7 4 1 0 December- Total 8, 240, 254 7,495,470 6,971,275 72, 518 67,251 66,246 * 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 411 No. 10.—DEBITS TO INDIVIDUAL ACCOUNTS—Continued [In thousands of dollars] Billings, Mont. Dickinson, N. Dak.* Month 1923 1922 1924 1923 January 6,890 8,810 7,106 1,285 1,582 February. _ 6,798 6,593 5,592 1,103 1,080 758 March 5,434 8,525 6,381 1,161 1,430 1,153 April. 5,674 7,996 6,356 1,161 1,371 1,305 May 6,385 8,382 6, 576 1,172 1,559 1,051 June 6,888 7,741 7,419 1,036 M92 1,002 July. _. 6,565 8,244 7,353 1,457 1, 412 1, 222 August 6,308 7,879 7,303 1,170 1,305 1,330- September. 7,427 7,538 7,082 1,463 1,393 1,274 October liO, 352 9,020 8,418 2,350 1,668 1,645 November. 8, 732 8,146 9,028 2, 585 1, 783 1,6,68 December.. 8,497 8,495 10, 607 2,223 1, 680 1,793 Total 85, 950 97, 369 19, 221 18,166 17, 455 14, 201 Duluth, Minn. Fargo, N. Dak. Month 1924 1923 1922 1924 1923 1922 January 52.947 67,130 46,412 10, 726 11,697 9,030 February__ 54', 051 53, 627 42,490 9,387 8,415 7,433 March 57, 842 61,801 58, 386 11, 237 11, 729 9,745 April 54,692 69, 772 51,487 11,755 12, 009 10,284 May 65, 228 84,179 69,083 10,876 13, 045 11, 247 June 82.304 93, 739 77, 276 10,400 13,382 11,316 July 85, 733 77,715 65,445 10, 656 11,713 11,676 August 78,706 70,654 77,927 10, 727 12,109 12, 791 September. 142,975 87/962 105,005 12,148 12, 392 13,493 October 259, 097 90,441 105,449 14,951 15, 056 14, 280 November. 208, 521 94,115 96,423 13, 575 13,198 12,021 December.. 128,354 69,984 89,197 12,872 13,109 11, 597 Total 1, 270, 450 921,119 884, 580 139, 310 147,854 134,913 Grand Forks, N. Dak. Helena, Mont. Month 1924 1923 1922 1924 1923 ]P22 January 5,861 7,850 5,481 8,891 11,318 10, 660 February.. 5,681 5, 563 4,453 8,731 10,175 8,568 March 6,007 7,963 5,827 8,807 ' 9,369 8,415 April 5,648 7,936 6,275 8,149 7,718 8,571 May 5,437 7,758 6,174 8,261 8,976 8,870 June.. 5,746 7,768 5,699 8,650 9,087 9,094 July 5, 730 7,229 5,439 10, 213 9,173 9,639 August 5, 523 7,305 6,318 9,216 9,787 9,447 September . 7,845 8,293 7,781 10,496 8,008 9,336 October 10,451 10, 515 10, 622 11, 882 10. 323 10, 979 November. 10,425 8,916 8,387 10, 323 9,489 11,070 December.. 9,460 7,690 8,555 10,485 9,957 13, 698 Total 83, 814 94,78 81,011 114,104 113,380 | 118,347 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

412 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No. 10.—DEBITS TO INDIVIDUAL ACCOUNTS—Continued [In thousands of dollars ] Jamestown, N. Dak.* La Crosse, Wis.* Month 1924 1923 1922 1924 1923 1922 January 1,886 2,442 10,194 12, 610 February.. 1,830 1,566 1,385 9,163 10, 055 March 1,700 1,862 1,581 10,403 12, 399 April 2,408 2,352 1,893 9,743 11,606 May. 1,846 2,110 1,801 9,891 13, 530 June 1, 746 1,996 1,925 9,716 13, 414 July 2,010 1,992 1,869 10,622 12,961 August 1,841 2,179 1,981 9,576 12,138 September. 2, 020 2,211 2,144 9,941 9,871 October 2,786 I 2,515 2,342 10,434 10, 027 November. 2,319 2,367 2,155 9,043 10, 089 December.. 2,581 2,137 2,451 10,382 10,409 Total 24,973 25,729 21, 527 119,108 139,109 Minneapolis, Minn. Minot, N. Dak/ Month 1924 1923 1922 1924 1923 1922 January 306,897 348, 571 263, 320 3,483 4,821 February- _ 280, 623 261,922 250,487 3,450 3,088 2,549 March 315,675 306,702 299,324 3,859 3,912 3,587 April 296, 209 311, 353 275, 383 4,046 3,978 3,685 May 319,349 326,414 286,922 4,110 4,187 3,330 June.. 317, 005 317,838 280,435 4,088 3,868 3,329 July 336, 788 296,945 276, 775 4,495 4,842 3,687 August 322,496 300, 538 292, 781 4,707 4,521 3,939 September, 424, 818 336,186 336, 043 5,863 4,349 4,747 October 552, 809 377, 697 356, 016 8,905 5,178 6,323 November _ 467, 080 348,131 321, 796 7,196 4,662 4,942 December.. 468,262 352,648 369, 553 6,314 4,035 5,233 Total 4,408, 011 3, 884,945 3, 608, 835 60, 516 51,441 45,351 Red Wing, Minn." St. Paul, Minn. Month 1924 1923 1922 1924 1923 1922 January 2,072 2,241 159,878 179,114 145, 548 February... 1,861 1,650 1,689 146,131 153, 677 126,443 March 2,091 1,909 2,016 167,406 181, 252 155,934 April 2,081 2,137 1,925 157, 786 167, 046 142,235 May 2,339 2,245 1,915 167, 668 172,401 145, 052 June. 2,350 2,476 2,433 169, 501 189,128 164,894 July 2,322 1,974 2,082 165,646 169, 326 165,484 August 2,010 2,120 1,950 149,630 174,387 160,208 September- 2,316 2,185 2,029 153, 035 160, 408 161,486 October 2,861 2,548 2,302 181,950 171,910 178, 534 November. 2,661 2,242 2,267 158,450 168, 642 162, 266 December. . 2,660 2,717 2,639 196,810 184, 368 192,597 Total 27, 624 | 26,444 23, 247 1,973, 891 2, 071, 659 1,900, 681 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DISTRICT NO. 9—MINNEAPOLIS 413 No. 10.—DEBITS TO INDIVIDUAL ACCOUNTS—Continued [In thousands of dollars] Sioux Falls, S. Dak.* Superior, Wis. Winona, Minn.* Month 1924 1923 1922 1924 1923 1922 1924 1923 1922 January 14,932 17,803 16, 561 7,787 7,477 6,382 4,725 9,127 4,105 February... 10,104 13, 528 11,750 7,380 7,015 5,937 4,006 4,453 3,263 March 12,267 18,642 14,179 7,341 8,399 7,448 4,431 4,714 4,270 A M p a r y il 1 12 2 , , 6 2 5 8 3 5 1 1 5 5 , , 1 2 9 2 6 3 1 1 3 4 , , 1 3 5 4 7 2 7 7 , , 7 5 5 5 5 0 8 7, , 5 0 7 3 2 3 6 6, , 9 6 1 3 2 2 4 4, r1 72 5 3 7 4 4 , , 5 7 2 4 9 9 4,053 June 12,677 16,474 13, 843 7,798 7,720 7,190 4,515 5,218 5,184 July 15,463 14,255 15, 515 7,311 7,966 7,012 4,370 5,248 4,643 August 13,823 14,962 14,223 7,357 9,457 7,744 4,085 4,276 3,797 September.. 13,166 14, 693 13, 748 7,385 8,473 7,979 4,825 4,483 4,476 October 16,476 15,991 15,202 9,698 8,785 8,515 4,981 4,959 November.. 13, 744 16,165 14, 375 7,157 7,959 7,334 5,145 5,080 4,546 December. . 13,895 17, 353 16, 911 7,687 8,251 8,356 6,901 5,112 5,592 Total. 161,485 190, 285173, 806 92,206 97,107 87,441 56,864 61,948 52,710 NOTE.—Centers which have not reported continuously for the 18 months ending Dec. 31, 1924, are not Included in the table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DISTRICT NO. 10-KANSAS CITY No. 1.—CONDITION OF FEDERAL RESERVE BANK [In thousands of dollars] Dec. 31, Dec. 31, Dec. 31, 1924 1923 1922 EESOURCES Gold with Federal reserve agent 63, 475 41, 920 55, 031 Gold redemption fund with United States Treasury 2,626 3,390 2,354 Gold held exclusively against Federal reserve notes 66,101 45,310 57, 385 Gold settlement fund with Federal Reserve Board 40,920 47, 054 30, 768 Gold and gold certificates held by bank _ 2,898 3,142 2, 682 Total gold reserves . . 109,919 95, 506 90, 835 Reserves other than gold 3,964 3,241 3,902 Total reserves 113,883 98, 747 94, 737 Nonreserve cash _ 2,722 3,044 0) Bills discounted: Secured by United States Government obligations 727 11, 203 7,352 Other bills discounted _ _ 4,249 30, 664 19,192 Total bills discounted . 4,976 41,867 26, 544 Bills bought in open market 15, 661 545 402 United States Government securities: Bonds. _ __ . 8,911 6,332 4,091 Treasury notes 18,182 7,572 23,468- Certificates of indebtedness . . _. 6,288 514 11,630 Total United States Government securities 33, 381 14,418 39,189 Foreign loans on gold 276 All other earning assets 500 Total earning assets _ _ 54, 794 56,830 66,] 35 5 per cent redemption fund—Federal reserve bank notes _ 200 Uncollected items 42, 975 34, 346 47.968. Bank premises _ _ "_ _ ... 3,968 4,595 4,695 All other resources _ 733 570 665 Total resources _ 219, 075 198,132 214,400 LIABILITIES Federal reserve notes in actual circulation 72, 836 67,165 69, 887 Federal reserve bank notes in circulation—net 2, 066 Deposits: Member bank—reserve account 92, 692 74,923 82, 782 Government _ 2,291 2,138 1,283 Other deposits - 614 749 3,286 Total deposits 95, 597 77, 810 87,351 Deferred availability items .. . .. 36, 916 38, 493 40, 575 Capital paid in . . 4,338 4, 556' 4,623 Surplus 8,977 9,496 9,488 All other liabilities _ _ 411 612 410 Total liabilities 219,075 198,132 214,400 Ratio of total reserves to deposit and Federal reserve note liabilities combined (per cent) _- . 67.6 68.1 60.3 Contingent liability on bills purchased for foreign correspondents... 1,963 817 1,651 1 Not shown separately prior to 1923. 414 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DISTRICT NO. 10—KANSAS CITY 415 No. 2.—PRINCIPAL ASSETS AND LIABILITIES OF FEDERAL RESERVE BANK, BY WEEKS [Amounts in thousands of dollars] Bills discounted for member banks Date e a T a ss r o e n t t i a s n l * g Total O b d t i i h s ll - e s r b i m n o B a u o i r l g p k ls h e e n t t U s S e t n t c i a i e u t t s e r e i s d - re T c s o a e s r t v a h l es d r b M e e a p s b e n e e o m r k r s - v s it e ' s de T p o o t s a i l ts n r F l o c e e a t i s ( e t r e i . c ( 1 e * i r n v - i a n e l s c a p R e e e g r e n r e v - - t s e counted 1924 Jan. 2__. 59,919 44,512 30,062 545 14,862 95,856 72,620 77,34' 67,06£ 66.4 59,627 48,619 30,309 10 10, 998 77,678 80,159 65,2K 64.4 50,893 39,653 29,518 10 11,230 73,878 78,172 63,9r 70.3 23 _ 50,24' 38,401 28,775 85 11, 761 99,152 76,107 80,30: 63,33, 69.0 44,881 36,197 28.322 75 8,609 104,876 77,140 80,311 62,752 73.3 Feb. 6_. 42, 586 33,259 26,208 575 8,752 107,976 75, 610 78,896 64,613 75.2 13_ 45,469 33,436 25,330i 3,279 8,754 103, 994 75,878 78, 583 64,626 72.6 20_ 45,388 27,894 23,413 8,154 9,340 102,146 73, 620 76,293 64,499 72.6 27 _ 46,639 27,459 23, 851 9,326 9,854 104,804 78,500 81,206 64,082 72.1 Mar. 5_ 48,179 26,971 23,747| 10,527 10, 101,365 77,004 78,817 65,199 70.4 12_ 48,716 25,899 22.323 10,933 11,884 97, 975 73,401 76,039 64,434 69.7 19. 48,898 24,094 20,868 9,124 15,680 101,189 76, 766 78, 26" 64,408 70.9 26 _ 43, 661 20,900 18,422! 8,449 14,312 105, 760 75,196 78,038 63,872 74.5 Apr. 2- 44,056 21,106 18,846 8,331 14,619 108,426 75,236 82,105 63,812 74.3 9 48,041 23,649 20, 588 7,135 17,257 107,431 74,079 77,726 64, 525 75.5 49,442 25, 709 22,454 5,856 17,877 97,954 73,921 77,856 64,453 68.8 23 _ 49, 678 25, 591 22, 655 5,657 18,430 93,733 71,180 72,91" 63,880 68.5 30 _ 49, 573 25,394 22, 6171 4,887 19,292 94,327 71,142 73,359 63,386 69.0 May 7. 48,463 24,974 22,408| 4,104 19,385 97,698 75, 211 77,359 63,604 69.3 14 _ 47, 604 24,668 22,229 3,093 19,843 99,717 76,820 79,323 62,772 70.2 21 _ 45, 302 23, 724 21, 532 1,699 19,879 98,908 72,218 74,550 63,298 71.8 28_ 46,163 24,405 22,365| 1,461 20,297 101,830 75,949 78,718 63,096 71.8 I June 4_ 50,874 25,851 23,814 1,101 23,922 95,343 76,937 79, 685 63,818 66.4 11- 51,296 25, 237 23,499 1,240 24,819 91,198 73,963 76,337 63,879 65.0 18- 54, 231 24, 711 22,691 2,T 27,151 90,083 77,975 79, 111 63,432 63.2 25- 49,815 19,992 18, 261 2,036 27, 787 89,100 72,850 75,001 62,48' 64.8 July 46,113 17, 655 15,835 1,677 26, 781104, 766 84,452 86,394 64,47' 69.4 47,127 17,744 15,927! 1,720 27, 663 77,807 79, 333 64,027 67.6 46,261 16,294 15, 2191 1,558 28,409 95,494 74,096 76,450 64, 202 67.9 23 _ 45, 529 16,240 15, 236| 1,452 27,837 103,341 74,629 81,494 63, 594 71.2 30 - 43,685 14, 649 13, 698 1,186 27,850 104, 645 75, 647 83,313 62,782 71.6 Aug. 6. 45,245 13, 576 12,718 30, 707104, 735 77, 541 83,542 63, 504 71.2 13 _ 44,805 12,618 12,006 436 31, 751 105, 799 80,814 85, 719 63,670 70.8 20 _ 44,013 12,015 11,436 243 31, 755105,419 78.346 84,472 64,26" 70.9 27_ 43,683 11,436 10,7821 130 32,11 104,373 76,326 81, 754 64,34C 71.4 Sept. 3_ 43, 603 10,939 10,248 534 32,130 102,027 75,309 78, 625 64,679 71.2 10-. 46,211 10,660 9,914 2,138 33,413 102,411 79, 560 82, 679 64,744 69.5 17.. 48,802 10,199 9,619 3,676 34,927 100, 579 81.347 83,352 64,990 67.8 24.. 47, 578 9,615 8,990 3,626 103,093 80, 923 83,944 64,782 69.3 Oct. 1- 46,935 8,158 7,668 4,427 34,350 104,815 79,670 83,134 65,593 70.5 1 8 5- .. 4 48 8 , , 8 5 3 2 9 7 7 7 , , 5 7 5 6 1 3 67, ,86•"7 5 5 , , 8 6 5 0 3 5 3 35 5 , , 1 1 8 5 5 9 1 1 0 0 3 4 , , 9 1 8 1 6 2 8 8 0 0 , ,4 7 3 5 ' 2 8 83 4 , , 6 6 3 0 0 8 6 67 7 , , 9 51 2 8 2 6 68 8 . . 2 8 22_ 49, 710 7,409 919 6,490 6,830 35,221 105,048 81,605 84,268 69,131 68.5 29_ 50, 976 6,160 8,532 35,226 109,941 86,258 89,152 68,500 69.7 Nov. 5_ 51,896 6,637 5,945 9,272 35,737 106,030 88,191 91,443 71,009 65.3 12_ 53,161 6,998 5,796 10,150 35,763 103, 502 86, 659 88,477 71,958 64.5 19. 54,144 6,471 5,480 11, 589 35,834 110,997 90,800 72,107 68.1 26 _ 54,183 6,542 4,979 11, 542 35,849 110,200 87,976 90,143 71,847 68.0 Dec. 3_ 56,126 5,994 4,902 13, 734 35, 622108,988 88,085 90,390 72, 591 66.9 10_ 52,321 5,508 4,723 13, 956 32,081 110,606 84, 779 87,696 72,772 68.9 17_ 52,866 5,551 4,472 13, 797 32, 742109, 691 87,108 89,098 73,185 67.6 24 _ 55,817 5,504 4,623 16,165 33,372 104, 659 89,373 91,286 74*681 63.1 54,794 4,976 4,249 15,661 33,381 113,883 92,692 95, 597 72,836 67.6 Daily average 49,042 19,252 5,184 24,512 102,799 79,537 82,790 65,879 69.1 1 Includes other earning assets as follows: Federal intermediate credit bank debentures $250,000 Oct. 15 to Nov. 26; $500,000 Dec. 3 to 31; foreign loans on gold $276,000 Dec. 3 to 31. Digitized for FRASE36R5 69—25t 28 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

416 ANNUAL REPORT OF THE FEDERAL RESERVE (BOARD No. 3.—DISCOUNTS AND PURCHASES OF BILLS AND SECURITIES BY FEDERAL RESERVE BANK: VOLUME, BY CLASSES [In thousands of dollars] Bills discounted for member banks Bills bought in open market Secured Com- Month Total b G o y m t o b i v l o U e i e n g n . r s a t S n - . - a m p g t a a u e r n p i r r c c d a e u i l r a l , l - 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 a c e d e p s e t- d m s a D r i a n a g e n f h d - t d t s Total B a a a c n n c c e k e p e s t r - s' ex D c o h l a l n ar ge n.e. s. January 59,222 46,091 12,780 241 110 75 75 February 34, 604 25,376 9,125 17 86 7,412 6,837 575 March 36,850 23,557 13, 286 7 3,181 3,056 125 April. . . 26, 466 10, 629 15,824 5 8 1,991 1,936 55 May 19, 099 7,347 11, 743 9 1,075 1,075 June 13, 397 4,425 8,961 11 2,305 2,305 July 9,200 2,761 6,292 147 811 781 30 August . 4,203 1,471 2,701 31 402 402 September 4,337 1,796 2,538 3 3,915 3,915 October 5,637 2,844 2,793 9,044 8,769 275 November 4,931 3,052 1,879 9,838 9,706 132 December 9,798 7,863 1,935 10,576 10,446 130 Total: 1924... 227, 744 137, 212 89,857 263 412 50, 625 49, 303 1,322 1923... 901,126 733, 645 166, 266 75 467 673 2,016 2,016 1922... 328,019 206, 307 121, 624 88 1,849 1,849 Month F b r b e o e f B o a s r t d u o e i h n e l g m r e l k r v s h r a s e t l U B n p o a . o o u p n n t S r e d e d c . n s s h s e a m c s i C a u e n c d e r r d a k i r o e t t i t e f e i i n b e f t s t i s - - F r s c e o e U e f h p t s r t d c a i u o h e . e u e s S m r r e s e r r - v . r a i d e - l m F d c c i b t e h p e n e u r a d a b e u d t r n e s e d e e i r e r a r k - n i s a - d t t - e l F l o g o o r o a e n l n i d g s n c M r c h w p a i a u u p n a s r n a r t e - - s l i d - 19 T 24 otal p d u i r 1 s c 9 c h 2 o a 3 u s n e t s s a 1 n 9 d 22 edness banks 1924 January 2,412 788 386 62,883 111,383 46, 254 February 3,005 1,234 173 46,428 34,131 48,225 March - 2,498 12,320 54,849 53, 676 45,558 April 2,433 250 2,602 33,742 54,442 27,361 May 1,713 643 22,530 78,726 18,770 June 6,345 3,418 1,289 26,754 95,821 32,619 July 4,773 682 15,466 83,045 14, 641 August .-_ . . 2,332 499 7,436 61,011 9,550 September.. 1,495 2,901 12,648 77, 280 20,286 October 935 943 250 16,809 117, 264 32,618 "MovATnbp.r 887 471 16,127 124,042 37,443 December . - 8,866 2,426 250 276 32,192 122, 447 81,665 Total: 1924.. 3,005 35,923 25,514 4,277 500 276 347,864 1923.. 2,002 26, 652 78,806 2,400 """266" I,~6l3,~268" 1922.. 40,848 43,824 450 414,990 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DISTRICT NO. 10 KANSAS CITY 417 No. 4.—BILLS DISCOUNTED BY FEDERAL RESERVE BANK: VOLUME, BY STATES [Amounts in thousands of dollars] Num- Num- ber of ber of memmem- ber Month s M ou is r - i 1 W m y in o- g br N a e s - ka C ra o d lo o - Kansas h O om kl a a - i M N ic e o e w x i - Total i b n a b n d er k is s - a b c m a c n o o - k m s trict at dated end of during month the month 1924 January 30, 654 192 13,218 6,884 3,141 5,038 95 59,222 1,137 349. February 12, 762 660 9,179 5, 527 2,245 3,743 488 34,604 1,133 321 March 18, 740 720 8,541 i 2,383 2,336 4,093 37 36,850 1,126 307 April 7,302 655 6,680 2,971 3,891 4,850 117 26,466 1,115 347 May. _. 5,272 363 3,248 2,081 3,450 4,455 230 19,099 1,105 334 June.. 3,047 578 1,970 1,683 2,264 3,734 121 13,397 1,103 321 July 2,386 685 664 1,155 1,647 2,571 92 9,200 1,097 262 August 287 194 437 625 353 2,160 147 4,203 1,094 168 September 141 105 838 1,088 386 1,741 38 4,337 1,090 162 October _... 51 249 1,414 2,414 548 948 13 5,637 1,089 146 November 79 147 2,500 1,427 348 423 7 4,931 1,088 108 December 140 1,616 7,207 385 324 37 1,086 113 Total: 1924 80,861 4,637 50,305 35,445 20, 994 34, 080 1,422 227, 744 1923....497,404 5,092 173,407 139, 377 32, 926 51,452 1,468 901,126 1922.— 78, 528 8,955 85,134 77, 258 30,200 44,392 3,552 328,019 Number of member banks at end of year: 1924 __.. 187 144 265 390 12 1,C 1923 194 146 278 415 1,146 1922 148 274 412 1,152 Number of member banks accommodated: 1924 _ 133 118 197 586 1923 149 128 216 653 1922.. 146 138 267 733 i Figures in this column relate only to that part of the State located in the Kansas City district. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

418 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No. 5.—EARNINGS AND EXPENSES OF FEDERAL RESERVE BANK 1924 1923 1922 Discounted bills $859,534 $1,793,861 $1,492,657 Purchased bills _. 158, 580 29,361 8,828 United States securities 947, 929 971,271 1,408, 738 Deficient reserve penalties. 36, 380 37, 374 47,215 Miscellaneous 260,487 162,052 137, 222 Total earnings.. 2, 262, 910 2, 993,919 3,094,660 CURRENT EXPENSES Salaries: Bank officers 161,144 161, 747 161,530 Clerical staff 743,286 821, 310 957,883 Special officers and watchmen 75,182 76, 369 62,918 Allother 153, 548 148, 210 107, 316 Governors' conferences 613 589 512 Federal reserve agents' conferences 267 261 250 Federal Advisory Council 442 707 460 Directors' meetings 26, 276 25, 850 25,604 Traveling expenses l 14,473 14,999 17,941 Assessments for Federal Reserve Board expenses . 27,972 30, 296 32,230 9,348 6,040 6,911 Insurance (other than on currency and security shipments). 36, 655 36,202 31, 745 Insurance on currency and security shipments 17, 394 17, 057 16, 705 Taxes on banking house 73,662 76, 594 15, 495 Light, heat and power 42,093 44, 288 28, 253 Repairs and alterations, banking house 69, 300 55,007 25, 883 Rent. 22,986 24,143 18, 786 Office and other supplies 26, 305 37,490 32,408 Printing and stationery " 34, 867 45, 216 45,300 Telephone 7,760 7,850 9,127 Telegraph 67, 709 71, 530 73, 831 Postage ". 140, 975 142, 083 Expressage 9,531 9,468 156,451 Federal reserve currency: Original cost, including shipping charges 43, 596 9,075 64, 990 Cost of redemption, including shipping charges. 8,642 11, 749 28,077 Taxes on Federal reserve bank-note circulation 3,540 37, 713 All other expenses 52,060 50, 449 52, 501 Total current expenses. 1,866,087 1,928,119 2,010,820 PROFIT AND LOSS ACCOUNT Earnings 2,262,910 2,993,919 3,094,660 Current expenses I 1,866,087 1, 928,119 2,010,820 Current net earnings- 396,823 1,065,800 1,083,840 Additions to current net earnings: Withdrawn from reserve for depreciation on United States bonds 168 38,499 Allother 18, 019 4,547 63,460 Total additions 18,187 4,547 101,959 Deductions from current net earnings: Depreciation allowances on bank premises 628,468 393, 983 337, 810 Reserve for probable losses 128,086 Reserve for depreciation on United States bonds.. 12,178 Furniture and equipment _ _ 36,408 60, 379 60,128 Allother 3,316 128,010 4,825 Total deductions 668,192 722, 636 402, 763 Net deductions from current net earnings 650,005 718,089 300,804 Net earnings available for dividends, surplus, and franchise tax 2 253,182 347, 711 783,036 Dividends paid 265, 697 275,313 275,655 Transferred to surplus account 7,240 3 -157,432 Franchise tax paid United States Government ~.J__~_~~~~~~ 65,158 3 664, 813 Deficit in earnings after payment of dividends, charged to surplus account 518,879 1 Other than those connected with governors' and agents' conferences and meetings of directors and of the advisory council. 2 Deficit in earnings before payment of dividends. 3 After charging surplus and crediting franchise tax with $208,170 paid as an additional franchise tax for 1921. Amounts transferred to surplus and paid as a franchise tax out of earnings far 1922 were $50,738 and $456,643, respectively. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DISTRICT NO. 10 KANSAS CITY 419 No. 6.—VOLUME OF OPERATIONS IN PRINCIPAL DEPARTMENTS OF FEDERAL RESERVE BANK 1923 1922 NUMBER OF PIECES HANDLED Bills discounted: Applications _ 8,404 11,841 0) Notes discounted 55, 574 67, 667 70,249 Bills purchased in open market for own account 3, 574 150 54 Currency received and counted.. 48, 618,000 48, 265,000 41,488, 000 Coin received and counted 63, 203,000 66,188,000 71,080,000 Checks handled 61,976,000 58, 566,000 54, 520,000 Collection items handled: United States Government coupons paid 2,141,000 2, 863,000 3,360,000 Allother 281,000 238,000 215,000 United • States securities—issues, redemptions, and exchanges by fiscal agency department 894, 000 2 9,032,000 819,000 Transfers of funds 119,000 113,000 113,000 Envelopes received and dispatched 4, 028, 000 4,173,000 0) AMOUNTS HANDLED Bills discounted $227, 744,000 $901,126,000 $328,019,000 Bills purchased in open market for own account 50, 625,000 2,016,000 1,849,000 Currency received and counted 243, 905,000 256, 300,000 288,221,000 Coin received and counted 10,800,000 10, 257,000 11,010,000 Checks handled 9, 786,001,000 8,817,168,000 8,290,019,000 Collection items handled: United States Government coupons paid 18,060,000 20,684,000 20,362,000 Allother 230,103,000 193,652,000 166, 830,000 United States securities—issues, redemptions, and exchanges by fiscal agency department 161, 889,000 317,045,000 530, 649,000 Transfers of funds 4,358,822,000 3,189,812,000 3, 753,239,000 1 Data not available. 2 Large increase due to redemption of war-savings securities which matured Jan. 1, 1923. No. 7.—OPERATIONS OF FEDERAL RESERVE CLEARING SYSTEM [Figures include cash items only. Numbers in thousands; amounts in thousands of dollars] Items drawn on I Items forwarded Items drawn on ban d k i s s t i r n ic o t wn | re to s e o r t v h e e r b a F n e k d s e a ra n l d U T n r i e t a e s d u r S e t r a t o e f s Total * Month I their branches Number Amount !Number Amount Number Amount Number Amount T 1924 January 4,226 601,066 257 55,435 133 17,832 4,616 674,333 February 4,094 546,175 238 46,137 128 16,872 4,460 609,184 March _. 4,470 671,90S 245 54,140 175 20,290 4,890 746,338 April 4,416 632,283 239 53.497 223 21,981 4,878 707,761 May 4,448 655,696 232 44, 598 173 18, 720 4,853 719, 014 June 4,411 657,337 244 50.498 145 23,800 4,800 731,635 July 4,590 711,102 254 50, 594 137 23,936 4,981 785,632 August 4,553 696, 745 47, 508 153 17, 772 4,945 762,025 September 4,822 766, 527 245 58,320 215 24,859 5,282 849, 706 October 5,367 887,915 271 67, 644 242 24,931 5,880 980,490 November. 4,840 791,327 229 69, 218 170 22, 200 5,239 882, 745 December. 5,474 829,464 276 69,074 149 25,384 5,899 923,922 Total: 1924 55, 711 8,447,545 j 2,969 666,663 2 2,043 258, 577 60, 723 9,372, 785 1923 50,809 7,460,858 4,068 721, 760 2 2,007 227, 705 56,884 8,410,321 1 Exclusive of duplications on account of items being handled by both parent bank and branch. 2 Includes 5,000 items aggregating $3,132,000, and 12,000 items aggregating $4,024,000, forwarded direct to drawee banks in other districts during 1924 and 1923, respectively. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

420 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No. 8.—CLEARINGS AND TRANSFERS THROUGH GOLD SETTLEMENT FUND [In thousands of dollars] Payments to Receipts from other Fed- other Fed- Week ending— eral reserve eral reserve Net loss Net gain banks banks 1924 Jan. 2 (one day).. 19,114 15,993 3,121 9_ 82,123 79,133 2,990 16.. 79,091 83,928 4,837 23 81,827 80,997 830 30 80,874 86,911 6,037 Feb. 6_. 75,691 78f305 2,614 13._ 90,019 85,155 4,864 20._ 86,116 84,725 1,391 27.. 68,882 71,413 2,531 Mar. 5.. 82,925 79, 384 3,541 12.. 87, 276 82,268 5,008 19.. 96, 271 99, 927 3,656 26.. 90,642 95, 823 5,181 Apr. 2.. 75,447 78,662 3,215 9.. 69,284 68,680 604 16.. 98,309 89,246 9,063 23.. 87,800 83,492 4,308 30.. 87,689 86, 524 1,165 May 7.. 79,554 83,076 3,522 14.. 81,346 83,483 2,137 21.. 83,098 82,494 604 28.. 77,671 79, 212 1,541 June 4_. 74, 270 69,087 5,183 11.. 81, 790 76,979 4,811 18.. 94,089 92,658 1,431 25.. 90,229 85, 799 4,430 July 2_. 91, 599 106,001 14,402 9.. 82,528 74,096 8,432 16.. 91,056 89,968 1,088 23.. 87,158 92,205 5,047 30.. 84,672 86, 568 1,896 Aug. 6_. 88,151 89,585 1,434 13.. 92,278 91,376 902 20.. 92,052 90, 753 1,299 27.. 93,487 92,264 1,223 Sept. 3_. 77,775 76,542 1,233 10.. 99,690 97,853 1,837 17.. 101,692 100,318 1,374 24.. 90,350 92,860 2,510 Oct. 1. 90,706 91,806 1,100 8.. 98,871 97, 774 1,097 15.. 102,675 99,249 3,426 22.. 113,139 114,917 1,778 29.. 98,702 103,402 4,700 Nov. 5.. 98,717 95,901 2,816 12.. 99,944 97,686 2,258 19. 116,639 124,886 8,247 26. 114, 732 112,449 2,283 Dec. 3. 93,386 93,154 232 10. 100,070 102,368 2,298 17. 108,933 109,005 72 24. 107,369 103,292 4,077 31. 87,359 96,078 8,719 Total: 1924. 4, 705,157 4, 705, 710 553 1923. 4,367,576 4,329,327 38,249 1922. 4,063,822 4,052, 655 11,167 Net loss in ownership of gold since establishment of fund in 1915, $15,143,000. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DISTRICT NO. 10—KANSAS CITY 421 No. 9.—REPORTING MEMBER BANKS IN LEADING CITIES; PRINCIPAL RESOURCES AND LIABILITIES [In thousands of dollars] Investments Loans and discounts Last report date in— United States securities All other 1924 1923 1924 1923 1924 1923 January... 419,486 443,779 75,053 91,093 55,638 59,013 February.. 414,488 453,053 70,947 88,270 55,217 57,765 March 415, 597 449, 786 69,998 91,889 54,473 58,725 April 412, 780 446, 504 68, 565 93,674 55, 519 57,606 May 410,151 446,890 69,107 93,620 57,377 60,335 June 403, 511 449, 060 67,299 92,061 57,300 58,919 July 402, 361 446, 599 71,872 92,362 '58,388 59,587 August 402, 638 442,912 74, 611 91,333 59,905 59,934 September 406, 776 443,296 81,138 89,274 65,208 61,962 October... 417,924 444,923 86,192 67,802 61,251 November. 422, 364 433,542 87,288 82,436 71, 657 58,161 December. 436,365 428,175 82,041 80,164 72,945 59,413 Accommodation at Net demand deposits Time deposits Federal reserve banks Last report date in— 1924 1923 1924 1923 1924 1923 January... 397,178 460,828 130,472 124,775 19, 738 4,066 February.. 404,223 469,637 131,135 122,652 11, 753 5,690 March 408,461 460, 539 131,363 125, 587 6,191 11,649 April..... 395,853 443,341 126,767 10, 666 19,616 May 398,776 431,957 133,932 131,807 9,251 32,279 June 402, 591 427, 529 135, 571 132,421 4,772 33,660 July 414,930 433, 675 135,054 133, 514 1,277 28,768 August 423,073 436,266 135, 526 134,526 931 24,973 September 442,886 425,867 135,756 134,702 764 32,212 October. _j 465, 736 407,442 134,401 134,159 452 40,886 November. 473,927 394,263 135,428 133,824 627 41,772 December. 483,386 396,110 133,412 132,672 102 33,199 NOTE.—Figures are for about 71 banks in Kansas City, Mo., Denver, Oklahoma City, Omaha, Kansas City, Kans., Lincoln, Muskogee, Pueblo, St. Joseph, Topeka, Tulsa, and Wichita, which submit weekly reports to the Federal reserve bank. No, 10—DEBITS TO INDIVIDUAL ACCOUNTS [In thousands of dollars. For explanatory note see p. 154] Total for 14 centers ! Atchison, Kans.* Month 1924 1923 1922 1924 1923 1922 January 1,003,759 1, 202, 253 950,759 5,937 6,823 4,809 February 937, 931 996,426 872, 689 5,629 5,657 4,633 March 1,020,873, 1,199, 481 1,012, 278 6,155 6,090 5,697 April 1,012,890 1,130, 015 956, 757 5,831 6,208 5,079 May 1,000, 236 1,142,172 1,026,849 5,618 6,338 5,307 June 963,496 1,155,879 1,081,813 5,616 6,243 4,987 July -_ 1,070,984 1,081,943 1, 041, 778 6,720 5,863 5, 214 August 1,083,918 1,106,154 1,056,449 7,052 5,913 5,649 September 1,097,173 1,069,497 1, 058,493 6,203 5,509 5,411 October 1, 216,807 1,159, 741 1,155, 094 6,421 6,384 6,087 November . 1,062,890 1,053,147 1,050,896 . 6,054 6,353 5,810 December 1,189,358 1,082,885 1,181, 287 6,806 6,094 6,610 Total. 12,660,315 13,379, 593 12, 445,142 74, 042 73,475 65,293 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

422 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No. 10.—DEBITS TO INDIVIDUAL ACCOUNTS—Continued [In thousands of dollars] Bartlesville, Okla. Casper, Wye.*2 Month 1924 1923 1922 1924 1923 1922 January 17, 203 14,376 15,906 February. _ 9,623 10,486 8,002 11, 793 13, 677 9,780 March 12, 457 13, 748 9,787 11,840 16,182 12,332 April 10, 203 15, 229 10,197 12,040 16, 661 11,072 May 12,372 13,117 10,648 13, 752 17,610 12,47a June 14, 546 11, 892 12,002 13,269 20, 349 14,461 July 14, 565 11,412 10,887 14,960 20,195 13,206- August 15, 582 9,090 10,143 12, 550 20,387 14,026 September. 14, 395 8,422 9,486 14,150 16,171 13,952 October 10, 699 9,247 10,186 18,471 16, 538 16,02& November- 11,720 8,389 9,309 16,027 14,951 14,245 December.. 15,480 10,059 12, 724 14, 583 14, 052 16,808. Total 150,623 138, 294 122,459 167,811 202, 679 148,383, Cheyenne, Wyo.* Colorado Springs, Colo. Month 1924 1923 1922 1924 1923 1922 January 10, 633 13,933 | 12, 798 12, 504 11, 696 11,407 February._ 8,551 10.976 I 11,054 12,162 10, 797 9,288 March 9,481 8i893 8,247 13, 206 14,033 10,995< April 8,901 9,752 I 6,817 12,135 12, 207 10, 546 May 8,518 9,504 6,958 11, 777 12,859 11,079 June 9,137 10,012 I 7,817 11,708 13,022 12, 597 July 7,892 8,424 ! 8,918 13, 051 11,687 12,022 August 8,683 11,250 8,462 13, 749 13,452 13,347 September. 8,518 9,265 10,862 13,184 12,252 12, 658- October 9, 965 12,368 15, 347 13,859 12,145 11,881 November. 9, 223 12,063 12,721 12,945 12,159 10,663- December.. 9,076 11,334 13,076 14,397 13,637 12,698. Total 108, 578 127,774 123,077 154, 677 149,946 139,181 Denver, Colo. Enid, Okla.* Month 1924 1923 1922 1924 1923 1922 January 159,961 169,737 145,063 9,819 13,273 February. _ 146,341 140,669 123, 969 8,857 11,849 March 176, 780 169,830 147, 539 9,471 13, 792 April _ 168, 635 158,398 133,143 10, 722 13,066 May 154,249 166, 013 145, 505 10,344 12,854 June 153, 272 166,127 148,609 10, 531 12, 400 11, 789 July.. 162,820 152, 532 149,814 17,165 17,197 13,776 August 165, 612 163,029 147,947 15,837 15,180 13,877 September. 165,938 166, 607 156,454 13, 728 10, 639 12, 280 October 183, 552 175, 004 181, 510 14,305 10, 547 11,863 November.. 160,478 159,668 151,881 12, 742 10, 308 10,609 December.. 179,857 163,194 166, 625 13, 286 10,428 12,838 Total 1,977,495 1,950,808 146,807 151,533 87,032" 2 Figures for 1923 include debits to acco unts of banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DISTRICT NO. 10 KANSAS CITY 423 No. 10.—DEBITS TO INDIVIDUAL ACCOUNTS—Continued [In thousands of dollars] Fremont, Nebr.* Grand Junction, Colo.* Month 1924 1923 1922 1924 1923 1922 January 3,277 3,856 2,594 2,762 February... 2,901 3,908 2,302 2,184 2,150 March 3,446 5,357 2,891 3,039 2,761 April 3,511 3,919 3,380 2,635 2,661 2,632 May 3,526 3,625 3, 324 2,821 2,958 2,786 June 3,269 3,856 3,667 2,749 3,252 2,711 July 3,450 3,360 3,206 2,720 2,518 2,322 August 3,188 3,255 2,864 2,953 2,812 2,508 September. 3,321 3,346 3,217 3,645 2,999 2,893 October 3,730 3,696 3,231 4,211 3,433 3,062 November. 2,957 2,926 3,119 3,590 3,457 2,764 December.. 2,886 3,082 3,813 3,715 3,359 3,179 Total 39, 462 44,186 29, 821 36, 826 35,434 29,768 Guthrie, Okla.< Hutchinson, Kans.* Month 1924 1923 1922 1924 1923 1922 January 3,461 3,724 10,085 14,646 February... 3,016 2,926 2,186 9,235 11, 669 13,322 March 3,029 3,748 2,343 8,234 11,987 11,401 April 2,663 3,169 2,194 6,703 11, 584 10, 627 May 3,190 3,399 2,196 10,852 11,094 June _. 2,873 3,117 2,500 11,057 12,347 July 3,145 3,092 2,318 13, 345 14,962 August 2,456 3,046 2,425 17,689 12,975 14,601 September. 2,785 2,934 2,506 18, 557 10,056 13, 538 October 4,200 3,833 18,882 11,451 12,840 November. 3,497 3,542 3,571 14,845 10,087 11,314 December.. 3,679 4,310 4,220 16,068 10, 536 16,246 Total. 37,994 40,405 30, 292 120,298 140,245 142,292 Independence, Kans.* Joplin, Mo. Month 1924 1923 1922 1924 1923 1922 January 7,772 10, 294 13, 912 13, 854 9,758 February.. 7,721 7,796 14,164 13,177 8,301 March 8,797 12,064 15, 768 16,413 9,756 April 8,334 10,435 8,174 15, 890 15,215 10,004 May 8,804 11,026 9,100 13,964. 14,419 10,786 June 8,950 12, 987 9,862 12, 510 14, 320 12,034 July 9,361 10,965 8,960 12, 776 11,304 10, 567 August 6,975 8,573 9,609 13, 847 12, 717 10,631 September. 8,330 7,694 8,319 13,949 14,169 10,903 October 7,751 8,740 9,379 15, 941 14, 543 11, 579 November. 8,044 8,872 7,936 14, 376 13,060 11, 898 December.. 9,115 8,500 15, 882 14, 729 14,400 Total 99,954 117,946 80,419 172,979 167, 920 130, 617 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

424 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No. 10.—DEBITS TO INDIVIDUAL ACCOUNTS—Continued [In thousands of dollars] Kansas City, Kans. Kansas City, Mo. Month 1924 1293 1922 1924 1923 1922 January 19,425 22, 728 15,205 312, 956 365,511 254,819 February... 18,480 14, 774 12,410 292, 334 301,282 256,277 March 19,190 18, 671 15,847 302,200 359,268 289,130 April 19,043 19, 659 14,105 302,981 341,194 276,842 May 19,608 19,208 15,016 301, 202 344, 277 293, 519 June 19,425 21,214 16,488 285, 260 352, 628 317, 689 July 22,172 20,452 16,310 343,600 325, 668 295,825 August 19,152 21,096 15,600 370, 572 366, 570 328, 058 September. 18,419 19,414 16,987 376,348 351,015 333,290 October 20, 757 22,117 16,461 409,473 363,131 354,218 November . 17, 517 18, 540 16,347 355, 566 351, 725 330,124 December. _ 20,370 21,390 19,159 383, 256 353,419 348,865 Total 233, 558 I 239, 263 189,935 4,035, 748 4,175, 688 3, 678, 656 Lawrence, Kans.* McAlester, Okla.* Month 1924 1923 1922 1924 1923 1922 January 4,610 4,550 4,939 4,848 February.. 4,137 3,768 3,389 4, 553 3,444 3,601 March 4,502 4,460 4,254 4,027 4,085 4,053 April 4,354 4,453 4,083 4,431 3,761 4,036 May 4,578 4,362 3,989 4,169 4,347 3,617 June. 4,710 4,831 4,655 (3) 3,764 3,728 July 4,648 4,183 3,934 3,924 3,304 August •4,244 4,145 3,462 4,121 3,484 September. 4,484 3,753 4,438 4,094 4,134 October 5,569 5,158 4,281 () 4,493 5,559 November. 4,842 4,578 4,393 5,112 4,412 5,784 December.. 5,566 5,568 4,857 5,007 5,276 5,112 Total. 56,244 53,809 45,735 32,238 50,569 46,412 Muskogee, Okla.4 Oklahoma City, Okla. Month 1924 1923 1922 1924 1923 1922 January 13,929 30,742 15,627 69,709 83,282 78,901 February 11,417 22,408 21,472 64,596 71,419 69,139 March 11,700 27,344 27,381 66,895 91,356 86,579 April. 11,202 26,402 23,288 68,600 76,722 81,257 May _. 11,657 23, 767 24,425 72,991 80,969 83,445 June 10,569 25,167 25,212 70,084 85,200 90,830 July 11,533 23,553 24,592 73,976 78,507 83,833 August 9,807 21,340 24,346 70,161 74,843 74,257 September. 10,044 22,286 26.560 76,958 76,470 October 16,434 31,718 33,832 95,208 76,729 81,469 November. 15,080 27,062 30,432 85,497 77,890 80,147 December.. 17,329 15,845 32,377 98,579 73,783 86,454 Total 150,701 297,634 309,544 913,254 939,220 972,781 8 Comparable figures not available. 4 Figures for Muskogee prior to December, 1923, include debits to accounts of banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DISTKICT NO. 10 KANSAS CITY 425 No. 10.—DEBITS TO INDIVIDUAL ACCOUNTS—Continued [In thousands of dollars] Okmulgee, Okla.* Omaha, Nebr. Month 1924 1923 1922 1924 1923' 1922 January 7,281 10,513 174,277 216,862 158,262 February 6,578 8,588 7,618 163,578 181,285 162,265 March .„ 7,244 10, 793 8,607 188,711 226,919 199,605 April 8,021 10,354 7,629 182,605 210,511 178,609 May -- .- 8,194 9,433 8,904 178,799 211, 557 200,081 June 8,093 9,721 9,507 173,035 211, 572 201,650 July . . .. 7,929 8,293 7,880 180,648 200,199 192,971 August 7,240 7,911 4,393 189,407 202,406 197,637 September 7,294 6,026 7,496 198, 716 200,377 198,214 October 8,104 6,126 8,021 213,490 230, 670 216,034 November .. 7,674 5,607 8,422 172,474 178,139 190,507 December.. 9,582 7,643 9,799 191,062 185,236 216,110 Total 93,234 101,008 88,276 2,206,802 2,455,733 2,311, 945 Parsons, Kans.* Pittsburg, Kans.* Month 1924 1923 1922 1924 1923 1922 January 3,032 4,278 6,054 6,848 February 2,426 3,639 3,100 5,735 5,743 4,838 March 2,778 4,402 3,903 5,639 6,285 5,282 April 3,004 3,437 3,418 5,349 5,749 4,860 May . . 3,081 3,106 3,192 5,476 6,459 4,511 June 2,993 3,581 4,437 5,224 6,561 4,657 July 3,323 2,984 3,791 5,544 6,028 4,578 August .. _ 3,146 3,015 3,464 5,527 6,619 5,637 September 2,890 2,757 3,785 5,202 5,818 5,390 October _ 3,220 2,916 3,995 6,175 6,531 6,376 November 2,731 2,994 3,768 5,300 5,970 6,154 December 3,151 3,135 4,751 6,164 6,774 6,801 Total 35,775 40,244 41,604 67,389 75, 385 59,084 ]Pueblo, Colo. St. Joseph, Mo. Month 1924 1923 1922 1924 1923 1922 January 18,414 17,272 14,341 66, 409 69, 737 71, 577 February 19,104 11,983 13,400 55, 552 60,530 48,377 March 15, 477 16,939 18,425 59,997 66, 543 51, 796 April 19, 839 18,925 15, 754 59,134 63, 675 58, 638 May 17, 325 16,412 15,835 67,062 67, 616 59, 769 June 17, 773 17,126 15, 453 56,181 59, 687 51,258 July. . _ 19,621 15, 930 16, 374 55, 019 54, 627 58,860 August 15, 740 16, 502 15, 663 58, 553 56,686 57, 404 September 15,325 16,136 13,057 56, 718 59, 405 57, 915 October _ 21,691 18, 064 15,139 67, 252 62, 569 66,049 November _ .. 27, 581 20,848 23,077 58,119 59,377 54,184 December 24,347 24,150 19, 669 70,414 58,919 71, 205 Total 232, 237 210, 287 196,187 730,410 739,371 707,032 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

426 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No. 10.—DEBITS TO INDIVIDUAL ACCOUNTS—Continued [In thousands of dollars] Topeka, Kans. Tulsa, Okla. Wichita, Kans. Month 1924 1923 1922 1924 1923 1922 1924 1923 1922 January... 17,212 16,948 15,067 74,353 115,250 112,149 41, 717 51, 431 39,495. February.. 14,704 14, 287 13, 764 78,890 99,943 87,288 36,986 43,386 38, 737 March 14,892 17, 764 13, 671 87,180 114,205 36,420 46, 448 40,868 April 15, 912 16, 252 13, 217 88, 681 111,171 93,428 38,030 44, 455 37, 729 May 14,293 15,813 14, 258 90,905 112, 216 98,990 34,032 43,929 43, 493 June 14,834 16, 309 14,385 88,536 115,061 117,349 35, 763 46, 554 46,257 July 16, 517 15,909 14, 675 90,564 103,122 106,074 54,122 57,041 48,974 August 15,923 14,594 13, 610 78,039 86, 847 97, 475 47, 774 46, 982 50,331 September. 14,503 13,167 13, 210 74, 864 78, 213 87, 250 47, 812 39, 514 46,039 October 17,621 15, 660 15,035 81, 979 86,865 95,923 48,851 41, 279 45, 778 November. 13,342 15,056 13,853 78,109 70, 531 85, 965 40,086 40, 703 42, 509* December. 15, 347 17,364 16, 067 96,953 88, 528 113, 433 46,085 42, 632 51,501 Total. 185,100 189,123 170, 8121,009,053 1,181,952 1,186,223 507,678 :544,354 531, 711 NOTE.—Centers which have not reported continuously for the 18 months ending Dec. 31, 1924, are not ncluded in the table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DISTRICT NO. 11—DALLAS No, 1.— CONDITION OF FEDERAL RESERVE BANK [In thousands of dollars] Dec. 31, Dec. 31, Dec. 31, 1924 1923 1922 RESOURCES Gold with Federal reserve agent . . 37,186 25,814 22, 576 Gold redemption fund with United States Treasury --. 1,978 2,252 1,349 Gold held exclusively against Federal reserve notes 39,164 28,066 23,925 Gold settlement fund with Federal Reserve Board 18,033 12, 339 6,214 Gold and gold certificates held by bank _._ _ 9,065 11,904 10,121 Total gold reserves 66, 262 52,309 40, 260 Reserves other than gold 8,948 6,015 6,289 Total reserves 75, 210 58, 324 46, 549 Nonreserve cash _ 2, 508 2,866 0) Bills discounted: Secured by United States Government obligations'. 246 550 710 Other bills discounted ... 2,467 8,322 13,712 Total bills discounted _ 2,713 8,872 14,422 Bills bought in open market __ _ 26,197 49,438 26,827 United States Government securities: Bonds 3,273 1,780 2,630 Treasury notes 16,998 4,575 Certificates of indebtedness _ 5,226 325 8,678 Total United States Government securities . 25,497 6,680 11,308 Foreign loans on gold _ 228 Total earning assets .. _. . _. 54,635 64,990 52,557 5 per cent redemption fund—Federal reserve bank notes 28 146 Uncollected items 30,999 23,652 30,190 Bank premises _ . _ 1,833 1,911 1,937 All other resources _ 1,793 3,248 1,927 Total resources _ 166,978 155,019 133,306 LIABILITIES Federal reserve notes in actual circulation 55, 641 52,802 37,761 Federal reserve bank notes in circulation—net _ 471 704 Deposits: Member bank—reserve account 65,828 58,115 54,461 Government 1,665 2,679 641 Other deposits _ _ 224 541 537 Total deposits _ _ _ 67,717 61,335 55,639 Deferred availability items .. . _ 31,219 26,929 26,089 Capital paid in _ _. 4,131 4,192 4,195 Surplus .. 7 592 7 577 7 496 All other liabilities 678 1,713 1,422 Total liabilities 166,978 155,019 133,306 Ratio of total reserves to deposit and Federal reserve note liabilities combined (per cent) 61 0 51 1 49 8 Contingent liability on bills purchased for foreign correspondents._. 1,622 684 894 i Not shown separately prior to 1923. 427 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

428 ANNUAL REPORT OF THE FEDERAL, RESERVE (BOARD No. 2.—PRINCIPAL ASSETS AND LIABILITIES OF FEDERAL RESERVE BANK, BY WEEKS [Amounts in thousands of dollars] Bills discounted for member banks Date a T e s i s a o n e r t g n t a s - l i Total i b s y e B G c i U o u ll v r . s e - S d . b p il t ls h d e i r s- i m b n o B a o u i r l p g k ls e h e n t t U s S e n t t c i a i e u t t s e e ri d s - Ti ott a , l d r b M e e a p s b n e e o e r m k s r v i s t - e ' s de T p o o t s a i l ts r n F c e o i e s t r t i e d c e o r u e s n v r l i a e a n - l s c p e R e e r e n r v - t - e - 'ernment co»iunted obligations I 1924 Jan. 2.... 63, 342 618 47, 702 6,924 58,974 56, 886 61,207 52, 661 51.8 9 64, 317 639 8,354 48,054 7,270 52,426 60.701 62.885 49, 826 46.5 16.... 59,401 9,586 1,123 8,463 42,197 7, 618 52,168 55.702 57, 799 48,156 49.2 23.... 59,499; 9,007 1, • "" 7,409 42,534 7,958 52, 638 58,322 60,809 46, 623 49.0 30.... 59, 6941 9,343 1,708 7, 63; 42,427 7,924, 50,434 57,287 60, 016 46, 086 47.5 Feb. 6_. 59,141s 1,329 6,551 43,188 8,073 50, 902 57,401 58,905 46, 359 48.4 13.. 58,183i 9,030 1,310 7,720 41,080 8,073 53,870 55,821 57,933 44,926 52.4 20.. 57,347 8,966 999 7,967 39, r" 8, 572 i 51,289 54,253 56,091 44,477 51.0; 27.. 63, 041 1,058 8,768 42, 903 10,312 46,225 56,086 58,400 43,986 45.1 Mar. 5... 62, 094 10,329 1,303 9,026 38,764 13, 001 46, 258 54,963 56, 676 45, 365 45. 3 12... 62, 230 9,776 1,104 8, 672 35,406 17,048 42, 977 53,131 54, 921 44, 081 43.4 19... 59,286| 9,484 664 8,820 30,494 19, 308 46,363 53,489 54,333 44, 055 47.1 26... 56,696 8,854 572 8,282 28,077 19,765 49, 624 53,833 57,233 43,270 49.4 Apr. 2... 56,030 9,790 5! 9,273 26,130 20,110 49.274 53,989 56,249 43,860 49.2 9... 52, 011 10,742 976 9,766 20,992 20,2771 53, 685 53,143 55.886 43,780 53.9 16... 48,062 12,179 1,677 10, 502 15,437 20,446i 56,333 52, 706 55, 065 43, 501 57.2 23... 45,851 12,160 1,362 10,798 12,996 20, 695J 60,842 53,365 55,801 43, 758 61.1 30- 44,633 12,975 1,158 11, 817 10,178 21,480! 57,100 48, 622 50,643 43, 685 60.5 May 7... 39,931 12,812 1,285 11,527 5,303 21,816 62,454 49, 764 50, 773 50, 357 61.8 14.. 39, 558 13,429 1,247 12,182 3,960 22,169 60,336 49,072 50,704 44,167 63. & 21... 39,155 14,469 2,123 12,346 2,498 22,188 61,186 49,203 50, 610 43, 660 64.9 28.., 39, 748 14, 795 1,714 13,081 2,450 22, 503 61,157 49.421 52,420 42,532 64.4 June 4— 42,039 15,738 2,419 13, 319 1,909 24,392 62,036 48,520 50, 712 43,199 66.1 11... 42,120 15, 034 2,130 12, 904 2,009 25,0771 55,785 48,666 50,760 41,808 60.3 18.., 42, 732 15,563 1,758 13,805 6,726 20,443 56, 568 50,231 51,062 41, 221 61.3 25.. 44, 669 15,682 1,462 14,220 8,379 20, 608 54.275 48,479 51, 624 40,548 58.9 July 2.., 43,700 14,757 1,294 13,463 7,823 21,12o| 52,977 46,844 48,897 41,226 58.8 9.., 47,241 16, 770 1,713 15, 057 8,015 22,456 51,464 49, 685 51,108 41,025 55.9 16- 48, 941 18, 759 1,726 17,033 7,344 22,838 48,040 48, 034 49,839 40,239 53.3 23- 47,928 19,833 2,013 17,820 5,802 22,293 47, 616 46,277 48, 270 40,048 53.9 30- 48,269 20,990 2,137 18.853 4,987 22,292! 46,404 44,849 46, 930 39, 584 53. & Aug. 6— 52,776 22,456 2,602 19.854 4,653 25,667! 42, 501 46,372 48,134 40,328 48.0 13- 51,447 21,726 2,375 19,351 3,211 26, 5101 44,502 47,139 48,901 40, 312 49.9 20- 50, 708 21, 695 2,349 19,346 2,503 26, 5101 46,319 45,275 46,960 41,676 52.3 27- 51,391 2,718 20,178 1,985 26,510 51,031 47,860 50,049 43,139 54.8 Sept. 3- 50, 538 22,275 3,008 19,26: 1,753 26,510 55,398 49, 591 51,870 46,647 56.2 10- 51,878 21,225 2,648 18, 577 2,965 27, 788 57,294 51,058 52,891 49, 323 56.1 2 1 4 7 . - . 4 44 7 , , 4 8 4 8 4 0 1 1 5 2 , , 7 54 8 ' 7 1 1, , 3 8 3 0 6 0 1 1 3 1 , , 4 7 5 4 1 " 3 3 , , 8 8 6 8 2 9 2 2 8 7 , , 4 7 4 9 4 5 6 70 3 , , 8 7 3 5 5 1 5 5 1 1 , , 4 9 5 7 6 3 5 5 2 5 , , 1 9 5 3 6 0 5 5 0 1 , , 1 7 9 7 9 2 6 6 2 6. . 0 0 Oct. 1- 42,334 10,061 1,103 8,958 4,478 27, 795 75,157 53, 340 55, 600 53, 217 69.1 42, 239 8,410 901 7,509 6,034 27, 795 77,173 53,130 55, 283 56, 013 69.4 15- 41,844 6,701 821 5,880 6,848 28,295 88,317 58, 206 60,639 56,248 75.6 22.. 42, 544 6,212 Sfi3 5,349 8, 537 27, 795 82, 653 56, 809 59, 216 56, 905 71.2 29- 46, 576 7,572 761 6,811 11,209 27, 795 77, 580 55,827 58,427 56, 303 67.6 Nov. 5- 44, 095 4,282 772 3,510 12, 018 27, 795| 82,460 54, 695 56, 694 58, 330 71.7 12... 44,821 3,331 605 2,726 13,645 27,845 84, 772 57, 640 60,089 57, 835 71.9 2 19 6- .. 4 48 7 , , 0 7 7 4 5 4 3 3, , 3 9 4 5 4 4 5 64 6 6 5 3 2 , , 3 6 8 9 9 8 1 1 5 7 , , 9 1 4 3 5 3 2 2 7 7 , , 8 59 4 8 5 ^ : 8 8 3 0 , , 8 6 1 6 4 0 6 60 1 , . 4 7 2 3 2 0 6 62 3 , , 8 8 8 6 6 4 5 56 7 , , 3 7 3 1 8 5 6 6 9 7 . . 1 5 Dec. 3.. 50, 718 2,838 566 2,272 20,458 27,194 74,424 59,005 60, 739 57,661 62.» 10.. 49,158 3,869 498 3,371 21, 322 23739 79, 915 61,819 63,879 57,035 66.1 17.. 49, 702 4,218 562 3,656 20, 535 24721 77,876 61,417 62,825 56,682 65.2 24.. 55,632 3,94" 467 3,480 26,08r 25374 69,972 59, 795 62, 605 58,357 57.8 31- 54.635 2,713 246 2,46: 26,197 25,497 75,210 65,828 67, 717 55, 641 61.0 Daily average- 50.636 12,081 17,21 21320 59,800 54, 051 56, 232 47, 70' 57.5 i Includes foreign loans on gold $228,000, Dec. 3 to 31. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DISTRICT NO. 11 DALLAS 429 No. 3.—DISCOUNTS AND PURCHASES OF BILLS AND SECURITIES BY FEDERAL RESERVE BANK: VOLUME, BY CLASSES [In thousands cu dollar^] Bills discounted for member banks Bills bought in open market Month Total b S G o y m e b o c l e v U u ig n e r . a e t r S n - d . - m a p r C n t a i e u d c p o r r u c e m a a i l r l g a - , - l - B a a a c n n c k c e e e p s r t s - 1 a T a c n r c a c e e d p s e t- D d e s a r i m a g n f d h a t t s nd Total B a a a c n n c c k e e p e s r t- s' c D h o e a x l n l - g ar e tions n. e. s. 1924 anuary 21,439 11, 021 5,555 26 4,837 16,727 15, 937 790 February _.. 4,606 6,392 31 2,669 17,068 16, 612 456 VI arch 8,143 2,199 4,998 12 934 7,523 7,341 182 ^pril 13, 544 4,954 7,629 11 950 3,206 3,106 100 Vlay 14,174 4,634 9,272 30 57 181 2,020 2,020 une 12,409 5,176 7,002 121 110 6,804 6,604 200 illy 15, 949 4,191 11, 524 170 64 1,155 1,153 2 August 14,633 6,303 7,987 131 212 892 762 130 September 11, 502 4,465 5,338 16 1,683 3,206 3,167 39 October 9,692 1,877 5,534 74 2,207 11,462 11,167 295 November 5,110 1,406 2,570 11 1,123 14,380 14,187 193 December ___ 8,090 1,146 4,848 2,096 18,403 18,184 219 Total: 1924. 148, 383 51,978 78,649 30 660 17,066 102,846 100, 240 2,606 1923. 300, 694 145,193 122,488 749 32, 264 74,875 72,184 2,691 1922. 222, 557 141,062 107 694 33,153 31, 013 2,140 U. S. securities Month F r b b e o f o B e s r a t d u o e h i n l e g r m e l k v r s h r a s e t l p B u n a r o o c n n t h e d d a m s s se a d rk c e i i C e n n a t d e d t n e o r e t e s p i b s f e t o i s n - - f p s u F r e b e U o r f e c c s a r t d u o . e h h n S e r r m e a k i v r . t s r a s i e e e l d s l F o o a g n r o e s l i d g o n n To 1 t 9 a 2 l 4 discoun 1 t 9 s 2 a 3 nd purc 1 h 92 a 2 ses 1924 January 3,602 684 619 43,400 46,677 39,196 February 12,282 3,083 623 46, 754 28,855 23,661 VEarch 7,256 1,914 24,836 26,232 28,101 ^pril 1,320 375 18,445 26,263 19,180 Vlay 1,241 383 17,818 30,521 16,533 une 2,506 3,939 6, 267 36,620 39,159 21.811 ruly 5,462 901 23,467 34,190 18,312 \_ugust_. 1,770 934 18, 229 42, 516 19,827 September. 1,132 2,755 18, 595 62,653 22,818 October 200 2,308 23, 662 55,064 33, 738 November. 1,675 536 21, 701 43,613 22.812 December.. 4,148 3,133 228 34,002 41, 882 22,239 Total: 1924.. 18, 390 31, 910 20, 748 5,024 228 327,529 1923.. 57,923 5,275 36,858 2,000 477,625 1922.. 14,668 1,161 16, 689 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

430 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No. 4.—BILLS DISCOUNTED BY FEDERAL RESERVE BANK: VOLUME, BY STATES [Amounts in thousands of dollars] Number Number of mem- of mem- Month L a o n u a is 1 i- h O o k m la a - 1 M N c e o e 1 x w i- Texas z A on ri a - 1 Total be t i r r n i c b d t a i n s a - t ks b a «b c e c d r o a m b te a m d n o k - s end of during month the month 1924 January 124 276 19,989 21,439 863 112 February 296 393 754 12,253 859 128 March 264 442 410 6,993 8,143 848 154 April .._ 722 425 297 12,013 13, 544 849 196 May._ 904 378 444 12,407 14,174 846 264 June 986 362 400 10, 661 12,409 842 290 July 1,174 329 435 14, 006 5 15, 949 842 311 August 1,195 359 293 12, 746 40 14, 633 843 275 September __ 262 222 9,961 73 11, 502 842 146 October 532 180 200 8,644 136 9,692 842 83 November 662 83 65 4,259 41 5,110 840 52 December 623 52 43 7,358 14 8,090 838 37 Total: 1924. 8,466 3,541 4,529 131,290 557 148,383 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 Number of member banks at end of year: 1924 751 838 1923 754 863 1922 747 861 Number of member banks accommodated: 1924 415 492 1923 523 617 1922. 561 661 i Figures relate only to that part of the State located in the Dallas district. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DISTRICT NO. 11—DALLAS 431 No. 5.—EARNINGS AND EXPENSES OF FEDERAL RESERVE BANK 1924 1923 1922 Discounted bills $531,356 $1,170,022 $1,609,383 Purchased bills 630,682 826,172 197,994 United States securities 781,838 268,659 195,049 Deficient reserve penalties. 52, 548 62,361 50,432 Miscellaneous 161, 540 29,222 32,917 Total earnings. 2,157,964 2,356,436 2,085,775 CURRENT EXPENSES Salaries: Bank officers _ _ 142,120 135, 730 132,184 Clerical staff 580, 902 619, 370 680,629 Special officers and watchmen 36,817 37,365 37,134 All other 102, 323 111, 275 105,356 Governors' conferences _ 746 510 261 Federal reserve agents' conferences 345 361 297 Federal Advisory Council 1,047 1,278 250 Directors' meetings.. ...^ 5,607 6,064 6,003 Traveling expenses l _ 28,156 24, 976 30,383 Assessments for Federal Reserve Board expenses 23,485 25,034 26,189 Legal fees._ ._ 2,717 321 708 Insurance (other than on currency and security shipments). 25, 539 28, 073 26,001 Insurance on currency and security shipments.._ 22, 567 20, 918 14,857 Taxes on banking house 32,792 33,070 30,485 Light, heat, and power __ 24,892 25, 622 28,212 Repairs and alterations, banking house 9,765 6,738 3,215 Rent. 1,393 1,248 3,743 Office and other supplies 21,404 27,467 31, 793 Printing and stationery 23,049 35,067 54, 667 Telephone. __ ... 11,709 12,189 12, 213 Telegraph 50,062 50,988 58,383 Postage 88,134 95,409 \ 112,819 Expressage 21,171 22, 304 Federal reserve currency: Original cost, including shipping charges 34,215 27,435 44,262 Cost of redemption, including shipping char 5,769 6,437 12,336 Taxes on Federal reserve bank-note circulation. 815 2,482 12,639 All other expenses 34,121 33,497 50,372 Total current expenses.. 1,331,662 1,391,228 1,515,391 PROFIT AND LOSS ACCOUNT Earnings 2,157,964 2,356,436 2,085, 775 Current expenses. 1,331,662 1,391, 228 1, 515, 391 Current net earnings.. 826,302 965, 208 570, 384 Additions to current net earnings: Withdrawn from reserve for— Depreciation on United States bonds. 21,176 795 231, 523 Probable losses 80,984 All other _ "26,"063 ~2l~659 107,113 Total additions.. 47,239 22,454 419,620 Deductions from current net earnings: Depreciation allowances on bank premises. 79,119 42, 242 161,018 Reserve for probable losses 500,000 590,000 439,000 Furniture and equipment 9,385 12,062 32, 710 Allother.. , 20,013 11,076 3,151 Total deductions _ 18, 517 655,380 635,879 Net deductions from current net earnings 561,278 632,926 216,259 Net earnings available for dividends, surplus, and franchise tax 265,024 332, 282 354,125 Dividends paid _ 249, 789 251,429 251,915 15,235 80,853 102, 210 Transferred to surplus account , 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

432 ANNUAL REPORT OF THE FEDERAL. RESERVE BOARD No. 6.—VOLUME OF OPERATIONS IN PRINCIPAL DEPARTMENTS OF FEDERAL RESERVE BANK 1924 1923 1922 NUMBER OF PIECES HANDLED Bills discounted: Applications 6,666 10,123 13,075 Notes discounted 48,019 89,801 108,463 Bills purchased in open market for own account 6,492 4,681 2,202 Currency received and counted 42,358,000 37,912,000 30,924,000 Coin received and counted _ 31,075,000 34,815,000 122,745,000 Checks handled _ 33,293,000 31,449,000 27, 924,000 Collection items handled: United States Government coupons paid 770,000 1,011,000 1,268,000 Allother 136,000 128,000 126,000 United States securities—issues, redemptions, and exchanges by fiscal agency department - 189,000 2 2,883,000 484,000 Transfers of funds - _ 98,000 100,000 89,000 . Envelopes received and dispatched - 2,062,000 2, 515,000 AMOUNTS HANDLED Bills discounted _ $148,383,000 $300,694,000 $222,557,000 Bills purchased in open market for own account.- 102,846,000 74,875,000 33,153,000 Currency received and counted 208,129,000 185,914,000 162,973,000 Coin received and counted _ 10,513,000 20,920,000 13,647,000 Checks handled 6,686,719,000 6,329,983,000 4,835,568,000 Collection items handled: United States Government coupons paid 6,335,000 6,375,000 6,241,000 Allother - - 162,619,000 166,902,000 133,845,000 United States securities—issues, redemptions, and exchanges by fiscal agency department 113,985,000 169,280,000 142, 583,000 Transfers of funds 3,356,058,000 2,614,785,000 2, 538,172,000 i Estimated. J Large increase due to redemption of war-savings securities which matured Jan. 1,1923. 3 Data not available. No. 7.—OPERATIONS OF FEDERAL RESERVE CLEARING SYSTEM [Figures include cash items only. Numbers in thousands; amounts in thousands of dollars] Month It b e a m n d s k i s d s t r i r a n i w c o t n w o n n re I to t s t e h e o m r e v t i s h r e e b f b r o r a r a F n w n e k c a d s h r e d e a r e a s n d l d Tr I e te a m su s S r e d t r a r t o a e w f s U n n o i n ted Total i Number Amount Number Amount Number Amount Number Amount 1924 January 2,715 561, 540 100 12,055 7,687 2,877 581, 282 February 2,488 477,059 90 10,551 6,473 2,635 494,083 March 2,554 473, 620 93 11,891 7,088 2,707 492,599 April 2,449 466, 875 92 12,068 8,092 2,612 487,035 May 2,447 442, 215 12,051 7,190 2,597 461, 456 June 2,390 423, 621 82 11,917 6,910 2,528 442, 448 July 2,354 425,864 86 11, 575 6,756 2,496 444,195 August 2,207 450,656 79 11,608 7,029 2,364 469, 293 September 2,541 599,829 81 12,273 6,799 2,700 618,901 October 2,959 719, 210 89 13,342 7,439 3,117 739,991 November 2,604 637,477 85 13,843 8,244 2,751 659, 564 December 2,999 674,366 108 15, 264 9,573 3,170 699, 203 Total: 1924. 30,707 6,352,332 1,074 148,438 773 89,280 32,554 6,590,056 1923. 28,723 5,980, 252 1,199 157,356 785 92,368 30,707 6, 229,970 * Exclusive of duplications on account of items handled by both parent bank and branch. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DISTRICT NO. 11—DALLAS 433 No. 8,—CLEARINGS AND TRANSFERS THROUGH 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 1924 Jan 2 (1 day) 12,959 13,460 501 9 68,485 62,464 6,021 16 56,219 56,358 139 23 . . - - 60,436 60,631 195 30 -. 62,662 60,345 2,317 Feb. 6 60,430 61,182 752 13 46,695 49,882 3,187 20 69, 711 67,640 2,071 27 63,094 57, 976 5,118 Mar. 5 . .. 51,075 50,436 639 12 . 61,379 57,856 3,523 19 74,695 78,390 3,695 26 . 57,831 61,467 3,636 Apr. 2 47,143 47,656 513 9 48,636 52,264 3,628 16 50, 650 53,945 3,295 23 .. . 53, 613 58,397 4,784 30 57,925 54,772 3,153 May 7 46,015 51, 562 5,547 14 50,153 47,829 2,324 21 51,308 52, 588 1,280 28 . .. 45,808 45,987 179 June 4 34,951 36,793 1,842 11 50,993 45,109 5,884 18 _ . 76,551 77,722 1,171 25 51,012 48,654 2,358 July 2 49,551 48,598 953 9 _ 41,317 40, 501 816 16 50,143 46,849 3,294 23 _. . _ 45,893 45,971 78 30 40,366 39,314 1,052 Aug. 6. . . . . 49,783 45,205 4,578 13 45,458 47,048 1,590 20 _ 49,531 51,414 1,883 27 _. 46, 672 51,370 4,698 Sept. 3 44,135 48,707 4.572 10 62 008 64 011 2 003 72, 956 78,342 5,386 24 69,950 77,444 7,494 Oct. 1 _ _ 68,744 74,141 5,397 8 . 73, 213 75,709 2,496 15 69,940 81,099 11,159 22 89,743 84 386 5 357 29 . 86,884 81,954 4,930 Nov. 5 70, 748 75,971 5,223 12 77, 545 80,119 2,574 19 _ _ . . .. 93,348 93,085 263 26 86,609 83,758 2,851 Dec. 3 74,879 68 912 5 967 10 78,991 84,322 5,331 17 86,037 84,502 1,535 24 _ 81,198 74,131 7,067 31 66,929 71,760 4,831 Total: 1924 3,183,000 3,209,988 26,988 1923 _ 2,884,800 2,901,919 17,119 1922 2,315,160 2,321, 726 6,566 Net gain in ownership of gold since establishment of fund in 1915, $53,802,00C. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

434 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No. 9.—REPORTING MEMBER BANKS IN LEADING CITIES: PRINCIPAL RESOURCES AND LIABILITIES [In thousands of dollars] Investments Loans and discounts Last report date in— United States securities All other ^924 1923 1924 1923 1924 1923 January... 285,739 56,168 53,304 14,115 8,291 February.. 281,347 268,243 56, 583 54, 656 14,127 9,017 March 279, 061 269,109 53, 388 61,927 14,949 9,515 April 271,271 258,305 53, 252 64,328 13,247 9,054 May 265,907 248,147 48, 765 60, 582 13,114 9,036 June 262, 640 248,159 46, 952 62, 914 12,879 9,291 July 262, 708 250,885 44,598 54,849 13,152 10,443 August 267,141 257, 915 44, 066 52, 758 14, 609 10, 746 September 270,955 270, 534 45, 634 56,192 15.977 10, 940^ October.... 280, 579 287, 266 46, 088 53,113 17.978 12, 309 November. 291,738 296, 014 46,495 53,181 19, 651 13, 655 December. 305,101 293,868 46,394 59,462 20, 599 14,141 Accommodation at Net demand deposits Time deposits Federal reserve banks Last report date in— 1924 1923 1924 1923 1924 1923 January... 247,199 239, 686 87, 657 72, 638 4,367 4,371 February.. 238,368 247, 213 91, 719 74, 762 3,969 3,071 March 232, 061 236,134 87, 616 75, 666 2,432 2, 716 April 220,774 226,181 87,112 75, 764 4,987 7,158 May 215,236 220,570 85,451 73, 667 5,405 7,484 June 212,167 214,175 88,200 75,806 3,853 8,163 July 210,334 208, 505 87, 539 74, 783 13, 768 August 213,680 208,088 90, 888 74,415 7,738 16,412 September. 229,308 227, 821 90,405 75, 543 2,030 8, 292" October 241,838 251,102 91,600 76, 833 3,692 8, 617 November. 266, 082 260, 504 91,869 79,384 1,803 4,967 December. 288, 585 257, 638 89,330 83,038 2,067 5,491 NOTE.—Figures are for about 50 banks in Dallas, El Paso, Houston, Fort Worth, Galveston, San Antonio,. Shreveport, and Waco, which submit weekly reports to the Federal reserve bank. No. 10.—DEBITS TO INDIVIDUAL ACCOUNTS [In thousands of dollars. For explanatory note see p. 154.] Total for 11 centers l Albuquerque, N. Mex. Month 1924 1923 1922 1924 1923 1922 1924 January 567, 222 605, 258 526, 519 9,821 9,514 7, 683 February 493, 840 494, 600 460,149 9,518 8,389 7, 005 March 492, 894 547,188 524,469 9,808 8,232 April 483,944 488, 255 470, 827 9,002 8,779 7,944 May 466,066 486, 003 486,707 9,555 9,534 8,967 June 447, 735 465, 461 479, 097 10,304 10,403 9,684 July 455, 924 420, 874 432, 944 10,425 10, 262 9,389* August 449, 553 448,966 440,729 9,342 9,168 8,191 September 566,180 540, 722 541, 700 8,264 8,568 7,966 October.. 670, 360 629, 517 589,166 11, 844 8,979 9, 670 November 586,644 583, 636 556, 549 10, 884 10, 539 9,721 December 664, 938 620, 979 605, 692 10,396 9,975 10,377 Total 6, 345, 300 6,331, 459 6,114, 548 118, 339 113, 918 104,827 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. 11 DALLAS 435 No. 10,—DEBITS TO INDIVIDUAL ACCOUNTS—Continued [In thousands of dollars] Austin, Tex. Beaumont, Tex. Month 1924 1923 1922 1924 1923 1922 January 21,520 17,337 12,134 17,734 18,334 15, 085 February— 18,962 14,979 10, 550 15,913 15, 220 14,498 March 18, 087 16, 209 13, 280 16,707 16, 017 15,154 April 18,779 16, 556 12,981 17,442 16, 525 12, 851 May 14,754 13,967 13, 268 16,124 17,133 14, 211 June 12, 556 14,065 13, 274 18,462 17,401 14, 534 July ._ 13,400 11,956 11,758 17, 364 1€, 299 13, 538 August 13, 385 14, 649 11,711 15, 624 15, 660 13,425 September. 21, 020 18,291 19, 319 15, 050 14, 564 14,177 October 23, 365 20,239 19, 297 17, 329 16,495 15, 528 November. 19,979 22, 363 16, 405 14,988 15,915 14,170 December.. 22, 355 23, 766 18,329 16, 561 15, 634 17,195 Total 218,162 204, 377 172,306 199,298 195,197 174,366 Corsicana, Tex.* Dallas, Tex. Month 1924 1923 1922 1924 1923 1922 January 10,175 6,733 203, 546 193, 256 150,103 February- 7,942 4,978 4,847 168, 471 159, 058 131,028 March 8,417 5,525 4,708 165,481 167,932 148,763 April 8,020 5,619 4,654 163,104 145, 326 132, 670 May 7,713 5,560 3,975 156,441 149, 039 138,789 June 7,818 5,767 3,789 145, 519 146,415 144,514 July 7,158 6,504 3,333 147, 278 128,462 128, 096 August 6,111 8,115 3,523 145,100 139, 566 130,049 September- 8,242 10,207 5,813 190,790 184,133 179,770 October 9,653 11,164 5,769 236,115 218, 768 200,507 November. 8,181 11,068 5,057 208,127 217, 059 183,245 December.. 12,103 12, 639 6,266 248,773 226, 674 199, 070 Total. 101, 533 93, 879 51,734 2,178,745 2, 075,688 1,866, 604 El Paso, Tex. Fort Worth, Tex. Month 1924 1923 1922 1924 1923 1922 January 31,677 31,993 34,458 76, 410 122,250 137,684 February. _ 33,107 28, 543 27,061 63,745 105,992 125,653 March 34,481 36, 070 31,696 111, 870 142, 066 April 31, 250 32,125 28, 707 67, 689 95, 649 119,459 May 32,484 30, 723 33,779 63,183 88, 715 106, 776 June 36,325 33, 462 33,423 60,333 73, 591 101, 707 July. 33, 715 28, 252 30, 920 65,964 62,193 August 29,800 27,118 30,589 62, 595 62,983 87, 520 September. 29, 523 24,656 27, 860 75, 385 67, 012 86,428 October 35, 670 29,706 29,835 95, 657 83, 464 100, 674 November.. 32,856 28, 756 30,137 81, 292 73, 610 105, 617 December.. 38, 268 34,185 34, 532 85,410 86,041 120,962 Total. 399,156 365, 589 372,997 861, 661 1, 033, 370 1, 322,954 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

436 ANNUAL REPORT OF THE FEDERAL* RESERVE BOARD No. 10.—DEBITS TO INDIVIDUAL ACCOUNTS—Continued [In thousands of dollars] Galveston, Tex.** Houston, Tex. Month 1924 1923 1922 1924 1923 1922 January 51,953 96,206 66,708 129,103 133,571 110,108 February. _ 37,731 73,963 50,398 114,001 99,384 90,361 March 33,915 81,763 65,040 112,693 115,945 105,969 April 35,025 87,288 59,625 109,092 107,969 100,510 May 27,483 71,738 59,688 104,914 110,940 105,059 June 23,935 76,881 56,982 101,774 106, 479 99,630 July 26,451 71,838 61,498 104,677 104, 581 93,540 August 44,724 96,674 68,392 113,324 113,178 105,098 September. 54,929 128,501 109,533 153,080 146,282 138,645 October 70, 351 149,585 124,521 164,001 164,382 139,942 November- 64, 352 78, 301 93,268 145,980 136,063 123,952 December.. 63,061 57,409 83,601 156,713 141, 381 131,209 Total 533,910 1,070,147 899, 254 1,509,352 1,480,155 1,344,023 Roswell, N. Mex/ San Antonio, Tex/ Month 1924 1923 1922 1924 1923 1922 January 2,314 2,491 34, 513 31,287 27,179 February. _ 2,858 1,920 2,421 30, 684 26,826 22,824 March 2,448 2,847 2, 405 32,013 31,639 27, 271 April 2,021 2,292 2, 484 32,707 27,875 24,656 May 2,012 2,709 2,302 33,168 32,529 28,033 June 2,412 2,777 2, 304 33,990 31,502 27,348 July 2,838 2,180 2, 609 31,082 27,962 26,069 August 2,233 2,426 2,962 35,405 33,201 28,867 September. 2,246 2,273 2,192 36, 755 32,153 30,972 October 3,340 3,063 40,268 35,236 31,143 November.. 3,411 2,706 2, 566 37,195 33, 295 28,865 December.. 3,610 2,587 2,926 36,315 33,380 31,095 Total 31,743 28,234 414,095 376,885 334,322 Shreveport, La. Texarkana, Tex. Month 1923 1922 1923 1922 January 39,874 41,614 31, 441 8,422 9,073 5,888 February. _ 35, 789 29,428 28,036 7,984 10,948 6,451 March 35, 569 38,645 30,994 10,650 10, 586 6,849 April 36,762 34,640 29,673 7,401 8,727 6,103 May 35,666 34, 565 36, 504 8,500 7,831 June 33, 560 33,911 32,514 7,339 8,672 7,866 July 34, 431 31,047 30,151 6,802 8,445 6,821 August 30,281 31,842 27, 226 7,450 8,273 6,526 September, 32, 446 31,895 29,945 8,173 9,541 6,759 October 39, 274 39,080 34, 216 10,481 11,287 7,116 November _ 33,894 36,913 37,764 7,598 9,501 7,061 December.. 40,487 39, 352 36,108 11,872 10,218 9,882 Total 428,033 422,932 384, 572 102,672 114,233 85,153 2 Figures prior to November, 1923, not on comparable basis with subsequent figures on account of inclus ion of bills of exchange, bankers' acceptances, and cashiers' checks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DISTRICT NO. 11 DALLAS 437 No. 10.—DEBITS TO INDIVIDUAL ACCOUNTS—Continued [In thousands of dollars] Tucson, Ariz. Waco, Tex. Month 1924 1923 1922 1924 1923 1922 January 7,693 8,744 6,555 21,422 19,572 15,380 February. _ 7,941 6,475 18,409 16,184 12,649 March 8,361 7,843 6,666 17,883 16,263 14,800 April 8,408 7,505 6,851 15,015 14,454 13,078 May 9,975 8,647 7,426 14,470 13,778 14,097 June 8,380 7,438 7,743 13,183 13,624 14,208 July 7,596 6,605 7,248 14,272 12,772 13,075 August 6,992 6,439 6,181 15,660 20,090 14,213 September > 7,206 6,987 6,456 25, 243 24,375 October 9,414 7,791 7,358 27, 210 29,326 25,023 November. 9,519 9,174 8,473 21, 527 23,743 20,004 December.. 10,115 8,793 9,166 23,988 24,960 18,862 Total 101, 600 92, 441 86,982 228,282 233,559 199,764 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DISTRICT NO. 12-SAN FRANCISCO No. 1.—CONDITION OF FEDERAL RESERVE BANK [In thousands of dollars] Dec. 31, Dec. 31, Dec. 31, 1924 1923 1922 RESOURCES Gold with Federal reserve agent 200,753 225,808 202, 735 Gold redemption fund with United States Treasury __. 2,438 5,034 3,977 Gold held exclusively against Federal reserve notes 203,191 230,842 206, 712 Gold settlement fund with Federal Reserve Board 44,387 45,854 37,700 Gold and gold certificates held by bank 26,686 21,978 19,106 Total gold reserves 274, 264 298,674 263, 518 Reserves other than gold _ 3,782 2,328 4,286 Total reserves _ _ 278,046 301,002 267,804 Nonreserve cash _ _ 3,733 3,577 0) Bills discounted: Secured by United States Government obligations 7,058 11, 899 6,867 Other bills discounted _ _ 8,684 41, 215 30,437 Total bills discounted 15,742 53,114 37,304 Bills bought in open market 54, 068 38, 059 43, 486 United States Government securities: Bonds 3,180 92 Treasury notes 37,282 9,185 27,525 Certificates of indebtedness _ 14,681 7,149 Total United States Government securities 55,143 9,185 34,766 Foreign loans on gold 456 Total earning assets 125,409 100,358 115,556 TTrjpnllf>ctP.d it AIDS 35,841 42,135 45,438 Bank premises 3,275 2,770 1,744 All other resources. _ 4,142 4,102 4,656 Total resources __ 450,446 453,944 435,198 LIABILITIES Federal reserve notes in actual circulation 215,030 229,082 235,041 Deposits: Member bank—reserve account 167,192 152,488 137,801 Government - - - . 3,637 3,015 1,967 Other deposits 4,817 4,929 3,781 Total deposits 175, 646 160,432 143, 549 Deferred availability items - - - - - 35, 296 39,676 32,906 Capital paid in 8,113 7,862 7,565 Surplus i 15,071 15,301 15,263 All other liabilities - 1,290 1,591 874 Total liabilities 450,446 453,944 435,198 Ratio of total reserves to deposit and Federal reserve note liabilities combined (per cent) - . 71.2 77.3 70.7 Contingent liability on bills purchased for foreign correspondents... 3,244 1,349 1,582 i Not shown separately prior to 1923. 438 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DISTRICT NO. 12—SAN FBANCISCO 439 No. 2.—PRINCIPAL ASSETS AND LIABILITIES OF FEDERAL RESERVE BANK, BY WEEKS [Amounts in thousands of dollars] Bills discounted for member banks Fed- T ea o r t n a - l se B c i u l r ls ed b« B H il ? ls bt U St n a i t t e e s d T c o as ta h l b M a b n e e m k r s - ' Total re e s r e a rv l e s R er e v - e Date ing by Other re- reserve de- notes perassets i Total U G . o S v . - b d i is ll - s serves po de s - its posits cir in cu- c a e g n es tern- count- lation ment ed obligations 1924 Jan. 2 102,356 55,210 14,838 40, 372 10,348 295,830 147,071 156,806 227, 748 76.9 9 100,103 50,406 14,132 36, 274 11,433 293,287 154,390 161,777 219,546 76.9 16 91,972 45,296 15,125 30,171 12,542 290,732 152,658 161,410 212, 616 77.7 23 94,361 49,348 17,035 32, 313 13,1531 285,815 147,937 158,306 208,197 78.0 30 95,144 53, 676 19, 270 34,406 13,520 277,362 147,003 156,445 203,184 77.1 Feb. 6 86,180 46, 511 11,139 35, 372 25, 817 13,852 287,895 143,602 151,415 205, 261 80.7 13 78,545 40, 711 8,252 32,459 23,957 13,877 303,477 152,521 161,046 205,993 82.7 20 85,484 46,087 8,094 37, 993 23,955 15,442! 291,402 150,082 158,411 205,667 80.0 27 84,238 43,487 9,412 34,075 23,931 16,820; 289,533 145,792! 153,954 205, 563 80.5 Mar. 5 92,082 51,105 11,511 39, 594 21, 923 19,054; 282,608 144,050 152,473 209,931 78.0 12.. 86,218 42, 893 7,074 35,819 21, 021! 22,304: 291,006 149,312 158, 461 206, 479 79.7 19 92,455 48, 564! 13,503 35,061 19,192 24,699' 278,654 148,647 154, 587 204,653 77.6 26 91,256| 11,408 37,198 16,392 26,258 280,875 147,017 155, 329 202,709 78.4 Apr. 2 93,314| 50,829 12, 4601 38, 369 15, 476 27,009 277,464 145, 256 155,475 204,015 77.2 87,461 44,405 7,217 37,188 15,98" 27,069 281,368 143,660 150,695 204,433] 79.2 16 77,586 35, 738 11,006 24, 732 14, 471 27, 377293,081 148, 786 156, 553 203, 728| 81.3 23 87,901 45, 753 13,786 31,967 13, 991 28,157 290, 232151, 380 162, 202 202, 669 79.5 30 96,683 53, 231 14, 975 38, 256 12, 579 30,873 273, 699144, 514 152, 217 203, 210 77.0 May 7 84,805 42,847 7,598 35,249 9,918 32, 040293, 389J149,114 156, 703 207,937 80.5 14 82,136 40, 945 11,149 29, 796 7,929 33, 262'293, 240 147,976 155, 394 206, 657 i 81.0 21 78,498 39,191 7,713 31, 478 6,029 33,278 297,939 145,379 154, 486 207, 235 82.4 28. 78,715 8,005 30,892 5,448 34,370 295,339 144, 659 152, 945 206, 255 82.2 June 4 85,958 40,385 8,552 31, 833 4,656 40, 917294,233 148,133 156, 535 208,81l| 80.5 11_. 81,688 33, 683 5,868 27, 815 4,709 43,296 295, 791 148,339 155, 944 207,465 81.4 18... 81,003 32,739 8,174 24, 565 5,381 42.883 291, 809 147,318 153,007 205, 359 81.4 25 79,507 31,492 5,912 25, 580 4,373 43, 642298, 892 149, 411 157, 883 205, 2071 82.3 July 2. 81,388 33, 674 8,431 25, 243 3,496 44, 218302, 511 149, 575 156, 705213,816 81.6 9 78,655 29, 576 7,632 21, 944 3,358 45, 721302,991 148,654 155,178 212, 339 82.4 16 73,298 22, 408 4,114 18, 294 3,158 47, 732303,154 150, 318 158,446 205,848 83.2 23 72,989 22,434 4,113 18, 321 2,823 47, 732301, 654 147, 615 155, 767 204, 7171 83.7 *• 30.. 71,572 21, 991 3, "• 18, 295 1,849 47, 732 302, 725 149,822 158,052 201, 746 84.1 Aug. 6 75,660 20,178 2,585 17, 593 1,561 53,921 300,134 149,598 156, 566 205,422 82.9 13 76,477 19,093 2,193 16, 900 1,272 56.112 296,182| 149,096 156, 350203,051! 82.4 20 75,778 18, 514 2,115 16, 399 1,151 56.113 304,194! 155,991 163,137 203, 270, 83.0 27 75,906 17, 894 2,194 15, 700 1,"" 56.114 300,263! 150,292 157, 330 204,365 83.0 Sept. 3.... 76,233 16,925 2, 14, 856 3,194 56,114 304,050 152,707 160, 271 82.4 10. 82,235 16,056 1,866 14,190 6,625 59, 554311,506! 163,177 169, 333209, 7611 82.2 17 87,139 15,976 1,739 14, 237 9,772 61, 391 294,189! 154,373 159, 637209,4771 79.7 24 87,828 18,199 5,385 12,814 9,291 60, 338 302,339 160,441 169, 239 80.1 Oct. 1 88,691 16, 784 4, 507 12, 277 11, 567 60, 340 299, 340 156, 242 164, 315209,486 80.1 89,522; 14, 204 3,610 10, 594 14, 978 60, 340 297, 598 157,240 164, 439 209,174 79.7 2 2 1 2 9 5 9 8 9 9 2 3 , , , 1 5 2 4 9 3 4 6 7 1 ! 1 1 1 0 4 3 , , , 1 0 9 8 0 6 1 9 2 J 1 2 2, , , 5 0 5 6 7 1 1 2 5 1 1 1 9 1 , , , 4 1 4 4 0 4 ' 9 8 2 1 1 1 8 5 , , , 9 2 6 3 4 2 4 7 3 6 6 6 0 0 0 , , , 3 3 3 4 4 4 1 0 0 3 2 29 0 9 7 6 5 , , , 3 4 5 8 1 1 3 7 1 1 1 1 6 6 5 0 3 9 , , , 2 5 2 6 6 3 5 3 6 1 1 1 6 7 6 6 1 7 , , , 9 8 2 8 3 0 3 5 02 2 2 0 1 0 5 0 8 , , , 8 1 6 5 2 1 8 7 2 8 7 7 0 9 9 . . . 3 0 2 Nov. 5... 100,930 16. 505 7,211 9,294 24,084 60,341 298,066 163,168 170,243 212, 467 i77.9 12 100,781 12,194 4,810 7,384 28, 246 60, 341 297,073!161,090 169,468 211,837: 77.9 19. 101,048 6,652 711 5,941 34, 054 60, 342 300, 5871167,950 177, 329 210,355 77.5 102,958 7,447 856 6,591 35, 680 59,831 287, 953 158,252 165, 657209,433 76.8 Dec. 3 108,736! 8,762 2,934 5,828 40, 707 58,811 285,245 160,147 166, 617212, 841 75.2 10 _.| 105,706! 8,436 2,418 6,018 45, 395 51,419 297,119 165,829 175, 262212,902 76.5 17. 108,568! 9,397 3,562 5,835 44,862 53,853 287, 700| 159,838 165, 505216,452J 75.3 24. 124,851! 14, 909 7,715 7,194 54, 346 55,140 274,086' 159,096 166,450 222,038 70.6 31.. 125,409 15, 742 7,058 8,684 54,068 55,143 278,046 167,192 175,646 215,030 71.2 Daily average 1,964 30,060] 17,856 41,011 291,502 150,617 158,686 208,868 79.3 i Includes foreign loans on gold, $456,000, Dec. 3 to 31 Digitized for FRAS3E65R6 9—25f 29 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

440 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No. 3.—DISCOUNTS AND PURCHASES OF BILLS AND SECURITIES BY FEDERAL RESERVE BANK: VOLUME, BY CLASSES [In thousands of dollars] Bills discounted for member banks Bills bought in open market Secured Com' Month Total b G o y m t o b i o v l U e i n e g n . r a s t n S - - .m a p g t e a a u r r n p i r c c a d e u i r l a l , l -e B a c r n s a e ' c p n e a t k - c s - - a T a c n r c a c e d e p e s t- m d s a D r i a g n a e n f h d - t d t s Total e B a c rs n e a ' c p n e a t k - c s - - c D h e o a x l n l - g ar e T ac ra c d ep e tn. e. s. [1924 January Ill, 084 75,680 35, 000 306 76 17,676 17,391 285 February 122,607 72,080 50,304 121 96 18,375 17,949 426 March 127,316 76,490 50,041 707 78 13,303 12,963 340 April 124,660 70,579 53,376 633 12 10,558 10,323 235 May _ 90,649 44,722 45,691 176 23 3,984 3,884 100 June 74,954 36,424 38, 293 217 20 4,968 4,968 July 49,088 25,224 23,666 179 19 1,759 1,714 August 26,282 14,897 11,212 146 27 2,561 2,531 September 34,472 24,608 9,661 101 102 9,338 9,338 October 48,474 27,394 20,924 45 111 22,758 22,327 431 November 53, 573 35,758 17, 616 39 160 28,627 28,270 357 December 65,981 45,277 20,429 146 129 43,026 42,531 495 Total: 1924.... 929,140 549,133 1376,213 125 2,816 853 176,933 174,189 2,744 1923.—2,108,963 1,505,709 2594,755 1,692 5,943 864 225,162 220,096 5,015 51 1922....1, 535, 300 802,292 728,950 I 883 3,175 211,800 207,127 4,224 449 U. S. securities Total discounts and purchases b f o B r u o il g m ls ht p op u e r n c m ha a s rk e e d t in p U u c r u f . c r r o h S it m a . i s e s e s e d - Foreign Month other other loans on F re e s d e e r r v a e l B a o n n d ds c C a e te rt s if i o - f F re e s d e e r r v a e l gold 1924 1923 1922 banks notes indebted banks ness 1924 January .. 2,146 1,487 1,033 133,426 292,422 176,299 February. ... 3,270 462 144, 714 172,941 149,721 March . 6,469 3,494 150,582 184,901 236,799 April 4,171 667 140, 056 217,354 110,549 May 4,305 1,273 100,211 233, 519 121,517 June 9,817 11,498 461 101,698 229,194 124,419 July 8,326 1,295 658 61,126 215, 630 123,786 August 8,177 1,110 38,130 199,762 152,925 September. 3,176 9,392 56,378 231.295 159,901 October o 506 71, 740 18"4,141 167,962 November. 1,203 843 84,246 154,281 155,524 December.. 7,010 5,046 456 121,519 184.296 243,607 Total: 1924.. 58,072 j 37,073 2,152 456 1,203,826 1923.. 3,203 49 I 161,184 1,175 2,499,736 1922.. 5,272 18,181 1 95,690 56,766 1,923,009 1 Includes $850,000 discounted for the Federal Intermediate Credit Bank of Berkeley, Calif. 2 Includes $2,000,000 discounted for the Federal Intermediate Credit Bank of Berkeley, Calif. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DISTRICT NO. 12 SAN FRANCISCO 441 No. 4.—BILLS DISCOUNTED BY FEDERAL RESERVE BANK: VOLUME, BY STATES [Amounts in thousands of dollars] Month z A o r n i- a : Utah v N a e d - a f C o a rn li i - a Oregon Idaho i W ng a t s o h n - Total t m i e b N b m r n n i e a b u o d e c r e n m m n t r d k - - t i o a o s h s f - t f m a i e m n N b m b c d g o e c a u o b e r o d m e m d n n t r m a k u - h - t o h t s r e f - - - 1924 January 101 3,595 37 82, 936 5,870 8,041 10,504 111,084 806 264 February 122 1,837 97,865 6,428 7,450 8,905 122, 607 800 241 March.. 235 1,327 101,263 9,036 7,059 8,396 127, 316 796 247 April 233 2,448 2 92,125 12,049 7,271 10, 534 124, 660 791 263 May— 102 3,781 58, 363 13,190 7,091 8,122 90,649 788 250 June 67 53,168 5,853 7,271 6,213 74, 954 785 250 July 235 2,382 30, 669 2,722 7,087 6,536 49,088 785 256 August.. 197 13, 356 2,379 5,879 2,698 26,282 783 194 1^773 September- 206 25, 440 1,009 5, 487 1,379 34,472 783 150 October 66 951 39, 327 796 5,160 1,967 48,474 779 124 November- 75 1,158 3 45, 634 829 4,487 2,025 53, 573 778 108 December __ 523 53, 789 3,307 4,136 4,070 65,981 771 124 679 Total: 1924 1,639 22, 293 37 693,935 63,468 76,419 71, 349 929,140 1923 3,998 35, 792 283*1, 710, 698 107, 644 127, 964 122, 584 2,10"81;, 996633 1922 13,422 1,107, 212 59, 387 211,076 75, 27,41, 535», ,3~0"0 Number of member banks at end of year: 1924 300 137 101 158 771 1923 _..- 319 136 110 165 809 1922. _... 325 135 120 164 Number of member banks accommodated: 1924 159 66 87 420 1923 161 83 101 460 1922 186 102 104 531 1 Figures relate only to that part of the State located in the San Francisco district. 2 Includes $750,000 discounted for the Federal Intermediate Credit Bank of Berkeley, Calif. 3 Includes $100,000 discounted for the Federal Intermediate Credit Bank of Berkeley, Calif. * Includes $2,000,000 discounted for the Federal Intermediate Credit Bank of Berkeley, Calif. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

442 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No. 5—EARNINGS AND EXPENSES OF FEDERAL RESERVE BANK 1924 1923 1922 Discounted bills_ _ $1,302,272 $2, 786, 349 $2,126, 654 Purchased bills 582,182 1, 020,834 712, 385 United States securities 1,476, 506 836, 761 1,811,317 Deficient reserve penalties. 25, 361 25, 771 48,957 Miscellaneous 101,610 1 54,488 121,889 Total earnings.. 3,487, 931 4, 615, 227 4, 821, 202 CURRENT EXPENSES Salaries: Bank officers 256,013 262, 456 235, 695 Clerical staff _ 1, 458,193 1, 461,516 1,543,561 Special officers and watchmen _._ 82,825 77,260 81, 750 All other.- _ _ _ 147,200 134, 585 113, 764 Governors' conferences _ 1,028 1,148 1,221 Federal reserve agents' conferences. 778 704 1,116 Federal Advisory Council _ 2,600 2,665 1,483 D Tr i a re v c e t l o in rs g ' e m x e p e en ti s n e g s s 2 . . . 2 48 3 , , 6 6 8 8 1 9 3 1 6 0 , , 3 9 9 7 8 3 3 1 8 1 , , 3 3 1 8 9 6 Assessments for Federal Reserve Board expenses 46, 469 49, 448 51,003 Legal fees __ 10,614 1,914 3,974 Insurance (other than on currency and security shipments). 42, 505 38, 703 40,085 Insurance on currency and security shipments 29, 683 30,391 25,889 Taxes on banking house. 3,115 3,115 5,134 Light, heat, and power _ 13, 524 3,857 5,346 Repairs and alterations, banking house 1,575 294 947 Rent. 118,922 120, 629 97,465 Office and other supplies. ... 50, 820 48,835 44,103 Printing and stationery 70,875 64,941 85, 511 Telephone. _ "...' 19,281 16,091 15, 775 Telegraph... __ 81, 933 83, 664 88, 034 Postage 124, 494 126, 980 113, 792 Expressage _ _ 20, 359 25, 864 24,130 Federal reserve currency: Original cost, including shipping charges 125, 787 143,293 230,465 Cost of redemption, including shipping charges. 21, 920 24, 422 42, 696 Taxes on Federal reserve bank-note circulation 15,000 All other expenses 50, 501 47, 019 88, 743 Total current expenses.. 2, 853, 384 2,817,165 3, 006, 387 PROFIT AND LOSS ACCOUNT Earnings 3,487,931 4, 615, 227 4, 821, 202 Current expenses. 2,853, 384 2,817,165 3, 006,387 Current net earnings. 634, 547 1, 798,062 1,814,815 Additions to current net earnings: Withdrawn from reserve for depreciation on United States bonds. 1,729 4,395 All other. _ 536 13,113 1,814 Total additions.. 14,842 6,209 Deductions from current net earnings: Depreciation allowances on bank premises.. 127, 755 615,921 33,488 Reserve for probable losses. 325,000 77,958 Furniture and equipment 197, 776 324, 282 38,921 Allother 59, 036 42,275 10, 301 Total deductions 384, 567 1,307,478 160,668 Net deductions from current net earnings _ 384, 031 1,292, 636 154,459 Net earnings available for dividends, surplus, and franchise tax 250, 516 505,426 1, 660, 356 Dividends paid 480,561 467, 720 448,306 Transferred to surplus account _ 37, 706 3-185,721 Franchise tax paid United States Government. .___ 3 1, 397,771 Deficit in earnings after payment of dividends, charged to surplus account 230,045 1 Debit. 2 Other than those connected with governors' and agents' conferences and meetings of directors and of the advisory council. 3 After charging surplus and crediting franchise tax with $306,926 paid as an additional franchise tax for 1921. Amounts transferred to surplus and paid as a franchise tax out of earnings for 1922 were $121,205 and $1,090,845, respectively. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DISTRICT NO. 12 SAN FEANCISCO 443 No. 6—VOLUME OF OPERATIONS IN PRINCIPAL DEPARTMENTS OF FEDERAL RESERVE BANK 1924 1923 1922 NUMBER OF PIECES HANDLED Bills discounted: Applications 9,344 16, 565 C1) Notes discounted 37,212 57, 725 53,316 Bills purchased in open market for own account 18,433 21, 771 17,134 Currency received and counted.. 95,857,000 83, 236,000 56,866,000 Coin received and counted. 44, 298,000 32,070,000 16,811,000 Checks handled 74, 367,000 65,442,000 53,729,000 Collection items handled: United States Government coupons paid 3, 676,000 5, 389,000 6, 731,000 All other 351,000 313,000 226,000 United States securities—issues, redemptions, and exchanges by fiscal agency department.. 1, 518,000 2 10,827,000 2,151,000 Transfers of funds _ 130,000 131,000 114,000 E nvelopes received and dispatched — 3, 238,000 3,868, 000 0) AMOUNTS HANDLED Bills discounted _. $929,140,000 $2,108,963,000 $1,535,300,000 Bills purchased in open market for own account 176,933,000 225,162,000 211,800,000 Currency received and counted _ 753,896,000 707,765,000 602,138,000 Coin received and counted 23,425,000 24, 767,000 13,950,000 Checks handled 14,645, 586,000 14,066, 535,000 8, 777,048,000 Collection items handled: United States Government coupons paid 35, 743,000 41, 522,000 43,548,000 All other - 290,773,000 278, 560,000 200,419,000 United States securities—issues, redemptions, and exchanges by fiscal agency department 353,309,000 486,429, 000 763,488,000 Transfers of funds - 9, 568, 293, 000 8, 241,696,000 6, 579,750,000 1 Data not available. 2 Large increase due to redemption of war savings securities which matured Jan. 1, 1923. No. 7.—OPERATIONS OF FEDERAL RESERVE CLEARING SYSTEM [Figures include cash items only. Numbers in thousands; amounts in thousands of dollars] Items forwarded Month It b e a m n d k s i s s d t r i r n a ic w t o n w o n n r t e o t s h e e o r i v t r h e e b b r r a a F n n e k c d s h e e a r s n a d l It U T e r m n e i a s te s u d d r r e a S r w ta n t e o o s f n Total i Number Number Amount Number Amount Number Amount 1924 January 5,450 1,162,874 225 39,554 198 40, 260 5,873 1, 242,688 February 4,971 1,055, 043 176 30, 390 186 35, 592 5,333 1,121, 025 March 5,713 1,156,652 183 35,888 203 56, 224 6,099 1, 248, 764 April 5,504 1,116, 720 184 31, 993 220 39,698 5,908 1,188,411 May 5,362 , 142,444 145 28,073 211 38,066 5,718 1, 208, 583 June 5,504 :, 097,915 148 29,462 210 45,659 5,862 1,173,036 July 5,572 ., 147,911 176 32,350 208 38,692 5,956 1, 218,953 August 1 5,294 ., 013,122 154 27, 584 235 39, 593 5,683 1,080, 299 September 5,524 ., 073,801 149 31,064 331 50,889 6,004 1,155,754 October 6,077 ., 158, 566 125 332 46,074 6,534 1,237,339 November 5,709 ., 033,771 156 30, 252 248 39, 321 6,113 1,103,344 December 6,303 1, 239,892 201 33, 523 232 51,727 6,736 1,325,142 Total: 1924 66,983 13,398,711 2,022 382,832 2,814 521,795 71,819 14,303,338 1923 57,870 12,628,887 2,372 440, 538 2,648 639,064 62,890 13,708,489 i Exclusive of duplications on account of items handled by both parent bank and branch. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

444 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No. 8.—CLEARING AND TRANSFERS THROUGH GOLD SETTLEMENT FUND [In thousands of dollars] Week ending— 1924 Jan. 2 (one day) _ 9 16... 23 30 Feb. 6.. . . 13 20 27 _ Mar. 5 _ 12 19 26 Apr. 2 .. . 9 ' 16 23 .. 30 May 7 14 . _ 21 28 _._ June 4 _ _ 11 18 25 . . July 2 9 16 23 30__ _. Aug. 6 13 20 27 . Sept. 3 10 17 24 Oct. 1 8 15 _. 22 "29 Nov. 5 12 ... . 19 _ 26 Dec. 3 10 17 24 OG Payments to Receipts from other Federal other Federal Net loss Net gain reserve banks reserve banks 21,432 16,423 5,009 73,062 69,905 3,157 74,694 70,092 4,602 74, 758 66,423 8,335 69,006 61,196 7,810 56,927 63,901 6,974 50,648 64,099 13,451 79,032 64,909 14,123 63, 973 62,396 1,577 70,076 61,463 '8, 613 62, 257 70, 594 8,337 82,196 70,366 11, 830 74,263 76, 517 2,254 68, 701 65, 531 3,170 55, 459 57,167 1,708 57,463 67,042 9,579 73, 318 66,013 7,305 77,128 61, 268 15, 860 55,221 72,194 16, 973 66,687 65, 513 1,174 63,444 68, 934 5,490 73, 573 70, 696 2,877 59,039 58,079 960 59,383 61,160 1,777 87,316 78,829 8,487 63, 575 70, 594 7,019 63, 363 66,053 2,690 57, 610 56, 715 895 75,496 74,424 1,072 69, 330 67, 818 1,512 65, 720 63, 303 2,417 60, 556 55,123 5,433 63,401 54, 878 8,523 66, 775 72, 961 6,186 72, 520 67,347 5,173 58,691 61,823 3,132 65,487 73,301 7,814 93,325 77, 395 15, 930 80,136 88, 758 8,622 65, 237 61, 786 3,451 63,905 62, 408 1,497 66,056 72, 254 6,198 87,102 75, 580 11,522 77,087 73, 314 3,773 63, 994 67, 269 3,275 71, 203 70,185 1,018 87,866 93, 214 5,348 93, 739 82, 258 11,481 80,590 77, 712 2,878 81,948 91, 528 9,580 93,625 84,995 8,630 95,371 82,871 12, 500 75,883 80,603 4,720 Total: 1924 3, 708,647 3,637,180 71,467 1923 3,418,172 3,389,666 28,506 1922 2,985,482 2,885,596 99,886 Net gain in ownership of gold since establishment of fund in 1915, $224,593,000. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DISTBICT NO. 12—SAN PEANCISCO 445 No. 9—REPORTING MEMBER BANKS IN LEADING CITIES: PRINCIPAL RESOURCES AND LIABILITIES [In thousands of dollars] Investments Loans and discounts Last report date in— United States securities All other 1924 1923 1924 1923 1924 1923 January... 1, 002,486 913, 314 187,922 199, 070 159, 837 158, 985 February _ 1, 020, 283 938, 773 182, 284 201, 232 159, 673 157, 981 March 1, 013, 286 954,423 198, 747 216, 870 158, 983 154, 380 April 1, 028, 328 979,407 196, 283 215, 645. 165, 800 154,912 May 1, 014, 923 997, 822 185, 646 212, 690 162, 278 158, 663 June 1, 006, 214 1, 194,140 209, 628 163, 373 158, 531 July 1, 003, 652 992; 021 197, 088 197, 895 160,164 153,468 August 1, 005, 010 992, 954 202, 008 ! 198, 616 162,487 148, 600 September 1, 017, 594 1, 007,488 227, 461 197, 671 165, 650 154, 972 October... 1, 046, 725 992, 406 234,921 187,113 168,386 156, 732 November. 1, 038, 948 1, 000, 561 233,114 185, 079 185, 881 159,171 December. 1, 049, 618 1, 007, 606 243, 688 194, 283 191, 643 161, 595 Net demand deposits TII TimYIeP deproipsnintsd tq , ! Fe A d c e c r o al m r m es o e d rv a e t i b on a n a k t s Last report date in— 1924 1923 1924 1923 1924 1923 January... 729,471 670, 542 573, 036 590, 722 35,149 19, 674 February _ 734,157 669, 061 586, 895 598,156 27. 376 32, 068 March 713, 394 672, 293 593,155 607,489 31, 009 36, 687 April 720, 072 690, 500 608, 418 612, 522 31, 805 45, 241 May 721,475 723, 696 599, 577 586, 569 18, 898 42, 329 June 726, 767 715, 309. 614, 802 579, 048 12, 082 48, 032 July 742,460 731,410 623, 470 527, 822 3,767 53, 816 August 760,183 723, 097 625, 024 540, 909 2,003 59, 567 September 778, 600 726, 630 631, 933 549, 631 5, 740 57,168 October... 806, 580 753, 650 659, 275 540, 873 3, 043 41, 939 November. 800, 979 742, 732 655, 977 551,100 1,808 40, 014 December. 805,121 730, 864 681,132 565, 053 9,914 46, 208 NOTE.—Figures are for about 66 banks in San Francisco, Los Angeles, Portland, Salt Lake City, Seattle Spokane, Oakland, Ogden, and Tacoma, which submit weekly reports to the Federal reserve bank. No. 10—DEBITS TO INDIVIDUAL ACCOUNTS [In thousands of dollars. For explanatory note see p. 154] Total for 18 centers l Bakersfield, Calif.* Month 1924 1923 1922 1923 1922 January 2, 590,948 2, 374,873 1,979,295 11,275 12, 264 February.. 2,470, 230 2, 043,173 1,709, 434 9,360 9,781 March __ _. 2, 662,187 2, 581,355 2,061, 228 11,613 12,885 14, 555 April. 2, 456,815 2, 347,653 1,951,433 11,011 11, 829 11, 346 May 2,401, 209 2, 429,942 1,995, 215 10,111 10,924 11,428 June 2,319,693 2,453,134 2,047,485 9,071 10,807 11,110 July 2, 391,152 2,344,597 1,972,381 10,511 10,400 10,896 August 2, 335,307 2,295,578 1,999,425 9,161 9,933 10,630 September. 2, 335,245 2, 318,980 2,103,481 9,232 8,894 9,460 October 2, 578,750 2,633, 571 2,218,496 11,537 10,915 9,429 November _ 2, 359, 349 2,460,057 2,131,811 10,458 10,709 11,629 December.. 2,634, 300 2,652,946 2, 392,621 13,125 10,703 11, 753 Total 29, 535,185 28,935,859 24, 562,305 126,465 130,044 112, 236 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

446 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No. 10.—DEBITS TO INDIVIDUAL ACCOUNTS—Continued [In thousands of dollars] Bellingham, Wash.* Berkeley, Calif.* Month 1924 1923 1922 1924 1923 1922 " January. 8,954 7,559 20,090 21,211 15, 496 February . 6,775 6,000 4,958 18, 087 14, 882 15, 967 March 9,209 9,011 6,808 16, 671 18,046 19, 202 April 8,835 8,712 6,262 16,966 16,620 16,100 May -. 8,418 8,473 6,559 18,184 16, 578 20, 630 June 8,629 7,946 7,810 17,450 16, 269 17,006 July 8 376 S 987 6,887 17,096 16,804 15, 365 August... 8,404 ! 8,638 7,371 16, 537 16, 560 15, 374 September 8,762 1 8.632 7,353 16, 544 14, 386 17,848 October 8,850 9. 21fi 7,632 17,310 18,624 17, 899 November ... ... - 7, 595 8. 093 7,094 16,480 17, 787 16,193 December «. 8,193 8,886 6,997 17, 329 17,016 17, 334 Total 101,000 99, 453 75, 731 208,744 204, 783 204, 414 Boise, Idaho Eugene, Oreg.* Month 1924 1923 1922 1924 1923 1922 January 11,710 14, 454 - 13, 470 10,713 8, 322 February . . 10,104 10, 444 9,632 10, 502 8,207 5, 867 March 10,695 12, 364 10,355 10, 392 9,945 6,828 April 10, 888 11,834 10, 354 12,177 10, 358 7,746 May 10,568 12, 325 12,310 11,964 12,938 8,321 June 11, 436 13, 226 12,829 12, 314 10, 449 7,867 July . 13,191 12, 813 12,072 12,274 10,217 8,068 August 11,061 11,621 11, 279 11,922 11,185 8,576 September 11,869 11,971 12,172 11, 397 10, 863 8,705 October 13, 473 13,777 12,963 10, 519 13, 524 10, 345 November _ . 11, 269 11, 788 13,038 7,269 12,049 9,875 December 14, 216 13, 473 16,434 7,019 11,746 9,800 Total 140 480 150,090 146,908 128,462 129,803 91,998 Fresno, Calif. Long Beach, Calif. Month 1924 1923 1922 1924 1923 1922 January. . 35, 428 54,225 41,368 67,169 54, 402 28,249 February 31, 332 41,982 36,041 57,663 49,853 25, 419 March 28,782 51,074 43,232 59,599 63,496 31,236 April 29, 369 45,891 52,480 51,916 57, 224 29,039 May 28, 577 43,604 40, 351 54,143 60,248 30, 393 June 26,426 46,612 40,766 46,850 61,161 32, 547 July " 30,247 45,765 42, 212 47,479 58, 518 38,103 August 33,987 51,066 42,600 43,746 61,833 36,243 September 38,921 54,295 54,829 42,825 57,230 38,072 October 44,160 66,605 72,362 46,103 64,9S5 41,442 November 37,908 59,920 71,584 40,784 59,160 40,848 December 34, 521 52,290 70,079 48,520 62,345 51,536 Total 399,658 613, 329 607,904 606,797 710, 405 423,127 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DISTRICT NO. 12—SAN FRANCISCO 447 No. 10.—DEBITS TO INDIVIDUAL ACCOUNTS—Continued [In thousands of dollars] Los Angeles, Calif. Oakland, Calif. Month 1924 1923 1922 1924 1923 1922 January 798,822 659,256 511,034 135,931 116,062 80, 998 February.. 790,767 586.622 436,496 122,486 110,542 72,146 March 866,861 749,004 520,741 133,582 136,503 84,653 April 753,656 673,080 473,001 126, 637 125,121 85,684 May 732,207 713.892 526,172 1^-9, 643 121,007 86,939 June 700, 256 706,985 518,489 106, 514 117, 588 87,280 July 703,307 706.623 498,524 124,445 119,666 82,838 August 667,020 672,468 494,186 130,581 112,497 87, 621 September. 650,024 668,497 516,679 118,326 117,041 90,770 October 748, 230 770, 469 549,286 124,087 121,594 109, 244 November. 707,973 722,837 535,054 111,279 114,110 96,759 December.. 801,463 789, 512 632,291 127,422 139,125 123,158 Total I 8,920,586 8,419, 245 I, 211,953 1,480,933 1, 450,856 1,088,090 Ogden, Utah Pasadena, Calif. Month 1924 1923 1922 1924 1923 1922 January 29,640 32,195 20,722 40,819 32,811 26, 290 February.. 21,336 26, 272 16,093 36,151 27, 533 20,648 March 24,311 29,917 19, 740 38,604 37,154 27,301 April 21,164 31,225 17, 557 33,902 31,495 24,260 May 20, 521 29,2£2 21, 517 31,804 34,312 26,405 June 19,748 24,488 17,727 28,811 31, 623 25,878 July 21,640 24,657 16,483 29,559 29,846 24,891 August 23,419 25,879 18,867 27,296 28,065 22,945 September. 21,727 24,162 20,072 26,670 26,451 23,291 October 28,243 32,461 21,997 31,761 33,079 25,651 November. 25,957 34,405 32,403 28,519 31,188 25,987 December.. 28, 506 31,070 36,821 33,217 35,316 31,224 Total 286, 212 346,023 259, 999 387,113 378,873 304,771 Phoenix, Ariz." Portland, Oreg. Month 1924 1923 1924 1923 1922 January 22,590 20, 566 157,854 137,699 124,454 February. . 20,498 16,442 14,698 152, 737 124,494 113,711 March 20,627 19,328 14,807 164,305 149,822 142,945 April.. 19,925 17,269 15, 631 167, 935 157,439 136,292 May 21,818 19,274 20,507 159.458 151,119 127,805 June 21,063 20,760 20,140 149,470 150,081 141,368 July 18,864 15,873 16,661 153.459 152, 587 133,170 August 16,894 17,233 14,463 153,728 154,315 141,005 September. 18,497 17,118 14,793 167,746 160,280 147,297 October 23,876 22,229 18,497 195,393 196,793 161, 536 November. 24, 078 24,365 20,004 156, 501 162,622 136,941 December.. 27,023 25,065 21,239 163,451 169,701 145,142 Total 255, 753 235,522 j 191,440 1,942,037 1,866,952 1,651,666 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

448 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No. 10.—DEBITS TO INDIVIDUAL ACCOUNTS—Continued [In thousands of dollars] Reno, Nev. Ritzville, Wash.* Month 1924 1923 1922 1924 1923 1922 January 10,125 11,321 9,929 806 676 February . ... 7,960 7,869 7,933 624 545 571 March 7,320 9,314 9,862 725 691 732 April 7,176 9,323 9,100 849 539 712 Mav l' 7,888 10,042 10,006 723 567 763 June 8,058 11,654 11,906 744 612 688 July.._ . . 7,971 10, 739 11,207 632 532 562 August 7,564 9,935 10,115 711 594 532 September 7,655 10,121 10,973 1,006 905 789 October 8,035 11,203 11,537 1,282 1,073 792 November 8,057 11,527 11,065 814 1,079 647 December 8,470 12,018 11,837 659 956 812 Total. 96,279 125,066 125,470 9,575 8,769 7,600 Sacramento, Calif. Salt Lake City, 1Jtah Month 1924 1923 1922 1924 1923 1922 January. _ _ 61, 947 78,911 58,010 68,906 68,048 58, 771 February 57, 496 41,237 47,384 53, 885 54,478 44,625 March,__ . . . 38, 881 40, 232 62, 741 62,935 61,869 52,987 April.. 40,191 35, 536 63,149 64, 392 60,657 53,440 May.. . 44,523' 46, 282 58, 265 61,983 63,452 55, 788 June 36,027 35, 202 64, 036 62, 922 66,639 55,819 July 39, 949 35, 579 60, 099 60, 916 58,-850 55,670 August 47, 617 37, 831 66,031 60, 628 57, 613 57,331 September 38, 038 35, 749 70,147 61,492 58, 032 55,830 October. 39, 636 43,881 68, 088 70, 831 67,198 62,839 November _ 41,179 49, 826 54, 645 65, 314 66, 203 67,629 December 34,892 57,360 83,394 85, 561 S3,304 81,461 Total _ 520, 376 537,606 755, 989 779, 765 766, 343 702,190 San Bernardino, Calif.* San Diego, Calif. Month 1924 1923 1922 1924 1923 1922 January 8,955 7,476 54,670 51,463 38,167 February 7,220 6,432 5,350 49,170 42, 227 32,581 March 8,142 7,028 6,601 47,827 50, 641 39,403 April 7.906 6,780 6,335 47,112 43,022 41, 247 May 8,172 8,008 6,977 45,070 46, 011 39,370 June 8,323 7,775 6,740 48,194 47,899 40,296 July 8,071 8 249 6,419 53,207 48, 580 39,851 August 7,612 8,090 5,850 46, 082 42,490 36, 590 September _ 7,191 6,846 5,882 44,616 40,096 36,471 October 7,591 8,860 6,286 46, 989 43, 245 38,753 November ,. 7,306 7,682 6,051 43, 733 47,820 38, 698 December 8,332 8,066 7,431 52,957 49,883 47,758 Total 94, 821 91,292 69, 922 579, 627 553,377 469,185 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DISTRICT NO. 12—SAN FRANCISCO 449 No. 10.—DEBITS TO INDIVIDUAL ACCOUNTS—Continued [In thousands of dollars] SanFrancisco, Calif. San|Jose, Calif.* Month 1924 1923 1922 1924 1923 1922 January... ... 813,964 776, 762 725,176 24, 876 24,902 21, 606 February 814,165 680, 420 626, 032 19, 927 19,654 15, 475 March 846, 601 885,456 738,831 19, 968 22, 374 19, 554 April.. 799, 072 778, 350 698, 205 20, 326 23, 683 18,572 May 790, 811 809,640 705, 661 18,971 20, 745 18, 596 June . 777, 716 829, 547 730, 557 19, 256 20,764 19,937 July 808, 352 750, 868 708, 828 24,087 21, 842 20, 878 August. __ 786, 035 739, 784 708, 090 24, 526 22,041 23, 286 September 797, 842 760, 056 757,110 23,173 21,228 21, 937 October 857, 027 849, 907 751,195 30, 919 27,058 26, 948 November 790,866 785,434 723,098 25,390 23,474 26,235 December _ 885, 396 835, 640 765,177 24, 390 23,014 24,351 Total 9, 767, 847 9, 481, 864 8, 637, 960 275,809 270,779 257, 375 Seattle, Wash Spokane, Wash. Month 1924 1923 1922 1924 1923 1922 January 179,617 165, 674 137,260 47,549 51,515 40,312 February 154, 758 140,288 126, 991 44, 668 40,215 35,979 March 197,360 179,710 157,044 48,769 50,317 47,258 April 182,295 166,272 146, 820 48, 062 47, 301 42,206 May. 177,052 168, 652 139,118 45, 540 47,640 47, 838 June 179,757 178,691 149,944 47, 274 51,444 46,634 July.... 182, 323 166,824 138,580 46, 562 48, 612 41,645 August 178, 603 170, 001 155, 736 45, 718 48,645 41,572 September.. 182, 883 169,561 158,135 48,021 48,987 41,704 October _. 194,144 182, 264 163,193 52,348 57, 620 52,694 November . 171,275 174, 742 165,608 44,500 51, 628 43,159 December 186, 810 187,985 168,185 47,908 54,181 51,400 Total 2,166,877 2,050, 664 1,806, 614 566,919 598,105 532,401 Stockton, Calif. Tacoma, Wash. Yakima, Wash. Month 1924 1923 1922 1924 1923 1922 1924 1923 1922 January 26,994 23,492 21,232 39,795 36,925 33,740 10,008 9,658 10,113 February.. 21,598 18, 856 17, 895 34,812 31, 456 29, 801 9,142 8,385 10, 027 March 23,894 23, 443 21, 587 51, 516 40,758 39, 465 10,345 10, 281 11, 847 April 23,024 25, 531 40, 034 38,318 35,475 9,990 10,034 11, 036 May 21,791 24, 084 20, 692 40,248 38, 747 36,165 9,382 9,613 10,420 June 20, 638 25,581 21,782 40, 793 45, 294 39, 411 8,803 9,419 10,216 July 22,377 25, 625 21,027 38, 057 39, 555 37, 595 8,111 9,586 August 23, 763 24,728 21, 793 39,069 38, 013 9,390 8,794 9,193 September. 27, 789 26,363 22,228 37, 699 38, 795 36,873 11,102 11, 293 10,828 October 22, 889 26, 773 23, 706 40, 045 38, 869 40,311 15,356 12,898 11,699 November.. 24, 516 26,400 26,079 36, 678 37, 567 37, 668 13,041 12,880 11, 548 December.. 27,029 27,742 24, 941 41, 540 40, 587 40,951 12,421 11, 414 10,832 Total 286,302 298, 618 265,050 464, 884 445, 683 127,091 123, 559 127,345 NOTE.—Centers which have not reported continuously for the 18 months ending Dec. 31, 1924, are not included in the table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE DISTRICTS > w o H O H W o ^1 ——BOUNDARIES OF FEDERAL RESERVE DISTRICTS ...... BOUNDARIES OF FEDERAL RESERVE BBANCH 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 Banks granted authority to accept up to 100 per cent of capital and surplus 1 211-213 Discounted by Federal reserve banks 87 (See also Index to Part II.) Drawn by banks to finance export transactions, recommendation of advisory council 277 Foreign bankers', held by Federal reserve banks 62 Held by Federal reserve banks 5, 42, 48, 50, 55, 58, 61 Imports and exports, based on, discounted or purchased, and held by Federal reserve banks 58, 63, 89 Maturity of bills purchased and held by Federal reserve banks___ 64, 92, 93 Member bank, held by Federal reserve banks 62 National bank, held by Federal reserve banks 62 Nonmember bank, held by Federal reserve banks 62 Preference over Government issues urged by advisory council 278 Private bankers', held by Federal reserve banks 62 Purchased by Federal reserve banks 88-90, 98 (See also Index to Part II.) Purchases between Federal reserve banks 98 Rates—Discount and open-market— Average rates of earnings on bills bought by Federal reserve banks 1 38, 39 Average rates charged by Federal reserve banks 37 Changes in Federal reserve bank rates during 1923 and 1924 33, 36 Volume of acceptances purchased by Federal reserve banks at each rate _ _ 90, 91 Regulations— A. Rediscounts under section 13 242 B. Open-market purchases 247 Sales between Federal reserve banks 98 Accommodation at Federal reserve banks of reporting member banks 80, 81, 134 (See also Index to Part II.) Acts: Amending Clayton Act, proposed . _: 240 World War adjusted compensation act, extract from_ _ . 30, 240 Administrator, executor, etc. (See Fiduciary powers.) Advisory council, Federal. (See Federal advisory council.) Agencies of Federal reserve banks. (See Branches and agencies.) Agricultural conditions in 1924, discussion of 1 Agricultural movements, index of 163-165 Agricultural paper: Holdings of, by Federal reserve banks 58 Regulation A 244 Volume discounted by Federal reserve banks 76, 77 Amendment to Clayton Act, proposed 240 Amendment to World War adjusted compensation act 30, 240 Amendments to regulations of the Federal Reserve Board 31, 242-275 Area of Federal reserve districts 285 Assessment for expenses of Federal Reserve Board 32, 1.12, 117 Assets and liabilities. (See Resources and liabilities.) Atlanta par clearance case 25, 231 Balance sheets. (See Condition statements.) Bank failures 23 In Northwest, advisory council on 276 451 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

452 INDEX TO PART I Page Bank debits—debits to individual account 154-158 Index of 163-165 (See also Index to Part II.) Bank notes. (See Federal reserve bank notes; National bank notes.) Bank premises, Federal reserve: Book value 49, 52, 110 Cost of 110 Depreciation allowances 110, 113 Expense of maintaining 112 Bankers' balances of reporting member banks 143-146 Bankers' acceptances. (See Acceptances.) Bills bought. (See Acceptances.) Bills discounted. (See Discount and open-market operations.) Bonds, United States. (See United States securities.) Branch banking: Advisory council on McFadden bill 279 Federal Reserve Board policy regarding 19, 260 Branches and agencies of Federal reserve banks: Buildings, cost of 110 Clearing operations 109 Directors of 224-230 Number increased 19 Expenses of 19 Managers of 224-230 Volume of operations 19, 108 Branches of national and State banks, number operated 20 Building contracts awarded, index of 163-165 Building operations of Federal reserve banks and branches 18, 110 Book value of bank premises 49, 52, 110 Cost of bank premises 110 Depreciation allowances 110, 113 Expense of maintaining bank premises 112 Business indexes of the Federal Reserve Board 163-165 Capital: Federal reserve banks 17, 49, 52 Increase or decrease in—Regulation I 262 (See also Index to Part II.) Member banks 121-141 Classification according to capital stock 191, 192 Nonmember banks eligible for membership 136-140 State bank members 123, 132, 166 Cash reserves of Federal reserve banks. (See Reserves.) Certificates of indebtedness. (See United States securities.) Changes in membership in Federal reserve system 21, 147—153 Check clearing and collection: Atlanta par clearance case 24, 231 Cleveland par clearance case 27 Gold settlement, fund transactions 48, 50, 100, 101 (See also Index to Part II.) Operations, volume of— Federal reserve banks 103 Federal reserve branch banks 109 (See also Index to Part II.) Par list, number of banks on 22, 23, 105-107 Regulation J . 265 San Francisco par clearance case 27 Circulation, note. (See Federal reserve bank notes; Federal reserve notes; National bank notes.) Clayton Act: Administration of 29 Amendment to, proposed 240 Clearing-house bank debits 154-158 Index of 163-165 Clearing operations, volume of: Federal reserve banks_ 103 Federal reserve branch banks 19, 108 (See also Index to Part II.) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO PART I 453 Page Cleveland par clearance case 27 Collateral held as security against Federal reserve notes___: 68, 69, 71, 75 Collateral notes of member banks discounted by Federal reserve banks: Holdings of 58 Volume discounted 76, 77 Commercial paper: Discount rates 33 Holdings of paper discounted by Federal reserve banks 58 Condition statements: Abstract of condition reports of member banks 121-135 All banks in the United States 120 All Federal reserve banks combined 42-53 Each Federal reserve bank. (See Index to Part II.) Member banks 121-135 Conferences, Federal Reserve Board with advisory council, agents, and governors 31 Counties in Federal reserve districts 285-290 ; Court decisions: Par clearance cases 24, 26, 231 Trust powers of national banks 27, 234, 237 Credit, discussion of 2, 8 Crissinger, D. R., redesignated governor of Federal Reserve Board 32 Currency: Circulation 160 Receipts— Federal reserve banks 14 (See also Index to Part II.) Federal reserve branch banks 108 (See also Federal reserve bank notes; Federal reserve notes; National bank notes.) Customers' paper discounted by Federal reserve banks, holdings of 58 Dawes, Henry M., resignation as Comptroller of the Currency 32 Dawes report, advisory council on 280 Debits to individual account < 154-158 Index of 163-165 (See also Index to Part II.) Deferred availability items (checks, drafts, transit items, etc.) of Federal reserve banks 49, 52 Department store sales and stocks, index of 163-165 Deposits— Federal reserve banks— All banks combined 45-47, 49, 52, 54 Each Federal reserve bank. (See Index to Part II.) Reserve required against 54 Government, held by Federal reserve banks 45, 49, 52 Guarantee of, advisory council on 277 Member banks . 121-135 Interest on, advisory council on 279 Reserve deposits 45, 49, 52, 121-135 (See also Index to Part II.) Time deposits and savings accounts—Regulation D 249 Depreciation, amounts charged off by Federal reserve banks on account of 110, 113 (See also Index to Part II.) Directors of Federal reserve banks and branches: List of 224-230 Number increased at branches 19 Directory: Federal advisory council 223, 276 Federal reserve banks 224-230 Federal Reserve Board 223 Discount and open-market operations of Federal reserve banks (see also Index to Part II): Acceptances—• Average rates of earnings on bills bought by Federal reserve banks. 38, 39 Average rates charged by Federal reserve banks 34 Changes in Federal reserve bank rates during 1924 36 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

454 INDEX TO PART I Discount and open-market operations of Federal reserve banks—Contd. Acceptances—Continued. Page Discounted by Federal reserve banks 87 Foreign bankers7, held by Federal reserve banks 62 Held by Federal reserve banks , 5, 42, 48, 50, 55, 58, 61 Imports and exports, based on, discounted or purchased and held by Federal reserve banks 58, 63, 89 Maturity of bills purchased and held by Federal reserve banks _ 64, 92, 93 Member bank, held by Federal reserve banks 62 National bank, held by Federal reserve banks 62 Nonmember bank, held by Federal reserve banks 62 Private bankers', held by Federal reserve banks 62 Purchased by Federal reserve banks 88-90, 98 Regulations 242, 245, 247 Volume of, purchased by Federal reserve banks at each rate 90, 91 Advisory council, recommendations of, on policy 278, 279, 283 Branches of Federal reserve banks, bills discounted and bought by__ 108 Discounts—Bills discounted— Agricultural and livestock paper— Held by Federal reserve banks 58 Volume discounted 76, 77 Commercial paper held by Federal reserve banks 58 Customers' paper held by Federal reserve banks 58 Dollar exchange bills purchased or discounted 63, 89 Holdings of 42, 50, 57, 58 Maturity of 59, 83-85 Member banks accommodated, number of 80, 81 Member banks' collateral notes discounted and held by Federal reserve banks * 58, 76, 77 National banks, bills discounted for 82 Rates charged and rates of earnings on bills discounted-_ 33-35, 83, 84 State banks and trust companies, bills discounted for _ 82 United States securities, paper secured by, discounted and held by Federal reserve banks, *_ 44, 50, 58, 60, 86 Volume of bills discounted for member banks in each State 81 Volume (total) of bills discounted 79, 81-84 Open-market operations— Discussion of 10 Federal advisory council on 278, 279, 283 Regulation C 248 Par value of United States securities held by Federal reserve banks.- 66 Rates charged and rates of earnings. (See Discount and open-market rates.) United States securities purchased and held by Federal reserve banks. 5, 42, 43, 65, 66, 94-97 Volume of operations—total 76-78 Discount and open-market rates: Acceptances purchased, volume at each rate , 90, 91 Average rates* of earnings on— Acceptances purchased 38, 39 Bills discounted 35, 39 Municipal warrants purchased 41 Total earning assets 41 United States securities purchased 40 Average rates charged on acceptances purchased •_ 37 Average rates charged oh bills discounted 34 Bills discounted, volume, at each rate 46 Changes during 1923 and 1924 in Federal reserve bank rates 33, 36 Federal advisory council, recommendations of, on policy 278, 279, 283 (See also Money rates.) Districts, Federal reserve. (See Federal reserve districts.) Dividends: Member banks 141 Paid by Federal reserve banks 15, 16, 113, 114 Out of surplus, advisory council on - 282 (See also Index to Part II.) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO PART I 455 Dollar exchange bills purchased or discounted and held by Federal reserve banks . 63,89 Due to and from banks and bankers by reporting member banks 143-146 Earning assets of Federal reserve banks 3-6, 42, 50, 55, 56 Chart showing 4 Earnings, annual rates of 41 Earnings, ratio of, to capital and surplus 17 Holdings of 42, 50, 55, 56 (See also Index to Part II.) Earnings and expenses of Federal reserve banks 12-16, 112-116 (See also Index to Part II.) Earnings: Federal reserve banks, rates of. (See Discount and open-market rates.) Member banks 141 Edge Act corporations—Regulation K 267 Eligible nonmember banks 136-140 Eligible paper held as security for Federal reserve notes 71, 75 Employees: Federal reserve banks, number and salaries 216-220 Federal Reserve Board, salaries 214-216 Employment, index of 163-165 Examiners, national bank, salaries of 220-222 Exchange, foreign, index of 163-165 Executor, administrator, etc. (See Fiduciary powers.) Expenses: Federal reserve banks 112 (See also Index to Part II.) Federal Reserve Board 117-119 Fiscal agency departments of Federal reserve banks 113 Export transactions, bankers' acceptances drawn to finance, advisory council on 277 Exports and imports: Acceptances based on, purchased and held b}r Federal reserve banks _ 58, 63,89 Gold .9, 158, 159 Expressage, cost, of, Federal reserve banks 112 ^Failures, bank 23 In Northwest, advisory council on 276 Federal advisory council: Meetings of 31 Members of 223, 276 Recommendations of, to Federal Reserve Board 276-284 Federal intermediate credit banks, discounts for 76, 77 Federal reserve act: Amendments as contained in McFadden bill, advisory council on_^_ 279 Liberal interpretation of section 13 in regard to accepting banks urged by advisory council 282 Federal reserve agents: Conferences of 31 Federal reserve note accounts of 68, 69 Gold fund, summary of transactions during 1924 102 Gold held by 48, 50, 68, 70, 75 List of 224-230 Salaries of 216-220 Federal reserve bank credit, discussion of 3-6 Federal reserve bank notes: Circulation outside U. S. Treasury and Federal reserve banks 160 Circulation of all Federal reserve banks combined 45, 49, 52 Issued and redeemed by Comptroller of the Currency 74 Outstanding 72, 74 Redemption fund against 48, 50 Taxes paid on circulation 113 36569—25f 30 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

456 INDEX TO PART I Federal reserve banks: Acceptances purchased or discounted by. (See Acceptances.) Agricultural paper discounted or held by 58, 76, 77 Bank premises 49, 52, 110, 113 Branches of 19 Buildings 18, 110 Directors of 224-230 Number of, increased 19 Expenses of 19 Managers of 224-230 Operations, volume of 19, 108 Building operations 18, 110 Capital ._ 17, 49, 52 Clearing operations 103 (See also Index to Part II.) Commercial paper held by 58 Condition of all Federal reserve banks combined 42-53 Condition of each bank. (See Index to Part II.) Deferred availability items (checks, drafts, transit items, etc.) 49, 52 Deposits— Of all banks combined 45-47, 49, 52, 54 Of each reserve bank. (See Index to Part II.) Depreciation charges made by 110, 113 Directors and officers • 224-230 Discount rates. (See Discount and open-market rates.) Discounts. (See Discount and open-market operations.) Dividends paid 15, 16, 113, 114 Out of surplus, advisory council on 282 Earning assets. (See Earning assets.) Earnings— Ratio of, to capital and surplus 17 Transfers to surplus account 113, 114 Earnings and expenses 12-16, 112-117 (See also Index to Part II.) Employees, number and salaries 216-220 Excess reserves (free gold). (See Reserves.) Expenses of 112 Expressage, cost of 112 Federal reserve bank notes. (See Federal reserve bank notes.) Federal reserve notes. (See Federal reserve notes.) Fiscal agency operations 17, 113 Franchise tax paid by 15, 16, 113, 114 Furniture and equipment 112 Gold held by 45,48,50 Qold redemption fund 48, 50 Gold settlement fund 48, 50, 100, 101 Government deposits held by 45, 49, 52 Governors— Conferences of 31 List of 224-230 Salaries of 216-220 Investments of. (See Earning assets; Discount and open-market operations.) Member-bank reserve deposits held by 45, 49, 52 Municipal warrants— Purchases and holdings 45, 51, 76, 77 Rates of earnings on 41 Officers and directors, list of 224-230 Officers, salaries of 216-220 Postage, cost of 112 Profit and loss account 113 Rediscounts and sales of bills and securities between 98 Rent paid by 112 Reserve ratio. (See Reserve ratio.) Reserves. (See Reserves.) Resources and liabilities of all banks combined 42-53 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO PART I 457 Federal reserve banks—Continued. Salaries 216-220 Self insurance 112 Surplus account 15, 16, 17, 49, 52, 113, 114 Payment of dividends out of, advisory council on 282 Tax, franchise, paid to Government 15, 16, 113, 114 Telephone and telegraph expenses 112 Uncollected items (checks, drafts, transit items, etc.) 49, 52 United States securities purchased and held by. (See United States securities.) Volume of operations 14 (See also Index to Part II.) Federal Reserve Board: Assessment for expenses of 32, 112, 117 Conferences with advisory council, agents, and governors 31 Crissinger, D. R., redesignated governor _j 31 Directory 223 Employees, number and salaries 214-216 Expenses of 117-119 Freeman, Edgar, resignation as assistant counsel 32 Goldenweiser, E. A., appointed assistant director of division of research and statistics ; 32 Jacobson, Morris, resignation as statistician 32 Members of 223 Miller, A. C, reappointed member 32 Officers of, number and salaries 214-216 Organization 31 Platt, Edmund, redesignated vice governor 32 Receipts and disbursements 117-119 Regulations 241-275 Salaries of officers and employees 214-216 Federal reserve currency: Cost of • 112 Taxes paid on Federal reserve bank-note currency 113 (See also Federal reserve bank notes; Federal reserve notes.) Federal reserve districts: Area 285 Counties in divided States 285 Description 285 Map showing outline 450 Population 285 Federal reserve notes: Circulation— All Federal reserve banks combined 45, 49, 52, 54 Each Federal reserve bank i 70 (See also Index to Part II.) Outside the United States Treasury and Federal reserve banks__ 160 Collateral security held against 68, 69, 71, 75 Cost of preparing 117 Eligible paper held as collateral against 71, 75 Excess collateral pledged against '68 Gold and gold certificates held as collateral against 68, 71, 75 Held by Federal reserve agents 68 Held by Federal reserve banks 70 Issued by Federal reserve agents to Federal reserve banks 70 Outstanding 72, 74 Received by Federal reserve banks from Comptroller of the Currency. 69 Reserves required against 45 Retired (returned by Federal reserve banks to Federal reserve agents) _ 72 Fiduciary powers: Court decisions relating to 27, 234, 237 Permits issued to national banks 193-210 Regulation F 254 Fiscal agency operations of Federal reserve banks 17, 113 Foreign banking—Regulation K 267 Foreign banks, acceptances of, held by Federal reserve banks 62 Foreign bills, investment in, by Federal reserve banks, advisory council on_ 283 Foreign capital flotation in American market, effect of, advisory council on_ 284 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

458 INDEX TO PART I Page Foreign exchange, index of 163^-165 Franchise tax paid by Federal reserve banks to Government 15, 16, 113, 114 Freeman, Edgar W., resignation as assistant counsel 32 Furniture and equipment purchased by Federal reserve banks 112 German bills, purchase of, bv Federal reserve banks, advisorv council on. 280 Gold: Circulation 160 Federal reserve agents' gold fund 102 Held as security for Federal reserve notes 68, 71, 75 Held by Federal reserve agents 48, 50, 71 Held by Federal reserve banks 45, 48, 50 Imports as affecting reserve bank credit 7 Imports and exports 9, 158, 159 Reserves— Advisory cpuncil on publication of percentages 278 (See also Reserves.) Shipments, cost of 118 Gold redemption fund: Federal reserve agents _ 68, 75 Federal reserve banks 48, 50 Gold settlement fund: Balance of all Federal reserve banks combined 48, 50 Clearings and transfers 101 Summary of transactions 100 (See also Index to Part II.) Gold standard, advisory council on 281 Goldenweiser, E. A., appointed assistant director of division of research and statistics 32 Government bonds. {See United States securities.) Government deposits held by Federal reserve banks 45, 49, 52 Government, Federal reserve banks as fiscal agents of 113 Governors of Federal reserve banks: List of 224-230 Meetings of 31 Salaries of 216-220 Governor of Federal Reserve Board, Crissinger, D. R., redesignated 31 Guaranty of deposits, advisory council on 277 Imports and exports: Acceptances based on, purchased or discounted and' held by Federal reserve banks 58, 63, 89 Gold 9, 158/159 Indexes of production, employment, trade, wholesale prices, and foreign exchange 163-165 Industry and trade in 1924, discussion of 1 Inflation, means of averting, advisory council on 281, 2S3 Insurance, self, of Federal reserve banks 112 Interest on member bank balances, advisory council on 279 Interest rates. (See Discount and open-market rates; Money rates.) Interlocking bank directorates under the Clayton Act—Regulation L 272 Investments of Federal reserve banks. (See Earning assets; Discount and jr- jpen-market operations.) Jacobson, Morris, resignation as statistician of Federal Reserve Board 32 Kern amendment to Clayton Act, amendment to, proposed 240 Land area of Federal reserve districts 285 Leased-wire system, cost of 118 Loans, deposits, investments, etc., of member banks 121-135 Loans on farm land and other real estate—Regulation G 257 Managers of branches of Federal reserve banks 224-230 Manufacturing production, index of 163-165 Map outlining Federal reserve districts 450 Maturities: Acceptances purchased and held by Federal reserve banks 64, 92, 93 Bills discounted by Federal reserve banks 59, 83-85 McFadden bill, advisory council on 279 Mclntosh, J. W., appointed Comptroller of the Currency 32 Member bank credit, discussion of 3 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO PART I 459 Member banks: Acceptances of, held by Federal reserve banks 62 Accommodation at Federal reserve banks 80, 81, 134 {See also Index to Part II.) Capital 121-141, 166 Changes in membership 21, 147-153 Classification according to capital stock 191, 192 Collateral or promissor}^ notes of, discounted and held by Federal reserve banks 58, 76, 77 Condition reports, abstract of 121-135 Dividends declared 141 Dividends paid to, by Federal reserve banks 113, 114 Failures ___" 23, 24 Interest on balances, advisory council on 279 National banks— Loans and discounts 122 Membership, changes in 147-153 Paper discounted for 82 Number of 81, 147-153 Number accommodated through discount of paper 80, 81 Number in each district 105, 106, 136 Number in each State 81, 137 Number on par list 22, 23, 105-107 Reporting banks in leading cities, assets and liabilities of 134 Reserve deposits of 45, 49, 52 Resources and liabilities 121-135 (See also Index to Part II.) State banks and trust companies— Abstract of condition reports 123, 132 Bills discounted for 82 Capital 123, 132, 166 Membership in system 21, 147-153, 166-190 Number, capital, and total resources__' 123, 132, 166 Surplus _' 121-135 Membership in Federal reserve system 21, 22, 147-153, 166 Classification according to capital stock 191, 192 Regulation H 258 Miller, A. C, reappointed as member of Federal Reserve Board 32 Mining production, index of 163-165 Money in circulation 160 Money rates: In Federal reserve bank and branch cities 162 New York market- 11 Chart showing 11 {See also Discount and open-market rates.) Municipal warrants: Purchased and held by Federal reserve banks 42, 51, 76, 77 Rates of earnings on 41 National bank act, amendments to, recommendation of advisory council- 276, 279, 284 National bank note circulation: Liberty bonds refunded into bonds available for, advisory council on_ 284 Outside United States Treasury and Federal reserve banks 160 Redemption on February 1, 1925, approved by advisory council 283 National banks: Acceptances of, held by Federal reserve banks 62 Bills discounted for 82 Changes in membership 21, 147-153 Examiners, salaries of 220-222 Failures 23, 24 Fiduciary powers granted to 193-210 Loans, deposits, investments, etc 122, 130 Number in system 21, 149 Nonmember banks: Acceptances of, held by Federal reserve banks 62 Eligible for membership 136-140 Failures 23,24 Number on par list 22, 23, 105, 106 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

460 INDEX TO PART I Notes. (See Federal reserve bank notes; Federal reserve notes; Nationalbank notes.) Page Officers and directors of Federal reserve banks 224-230 Officers and employees: Federal reserve banks, number and salaries 216-220 Federal Reserve Board, salaries 214-216 One hundred per cent of capital and surplus, list of banks granted authority to accept up to_ 211-213 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 > 27, 234, 237 Par clearance cases 24, 26, 231 Par collections. (See Check clearing and collection.) Par list, number of banks on 22, 23, 105-107 Par value of United States securities held by Federal reserve banks 66 Percentage of reserves to deposit and note liabilities of Federal reserve banks. (See Reserve ratio.) Pascagoula National Bank, Moss Point, Miss., par clearance case of__ 25,231 Platt, Edmund, redesignated vice governor of Federal Reserve Board 32 Population of Federal reserve districts 285 Postage, cost of, Federal reserve banks 112 Private banks, acceptances of, held by Federal reserve banks 62 Production in basic industries, index of 163-165 Profit-and-loss account of Federal reserve banks 113, 114 Purchased paper. (See Acceptances.) Railroad car loadings, index of 163-165 Rates. (See Discount and open-market rates; Money rates.) Ratio of cash reserves to deposit and note liabilities of Federal reserve banks. (See Reserve ratio.) Real estate, loans on—Regulation G 257 Receipts and disbursements of the Federal Reserve Board 117-119 Recommendations of the Federal advisory council 276-284 Redemption fund against Federal reserve bank notes 49, 52 Rediscounts and sales of securities between Federal reserve banks 98 Regulations of the Federal Reserve Board 31, 241-275 A—Rediscounts under section 13 42 B—Open-market purchases under section 14 247 C—Acceptance b>y member banks of drafts and bills of exchange 248 D—Time deposits and savings accounts 249 E—Purchase of warrants 252 F—Trust powers of national banks 254 G—Loans on farm land and other real estate 257 H—Membership of State banks and trust companies 258 Advisory council on 280 I—Increase or decrease of capital stock of Federal reserve banks._ 262 J—Check clearing and collection 265 K—Banking corporations authorized to do foreign banking business under section 25a 267 L—Interlocking bank directorates under the Clayton Act 272 Rent paid by Federal reserve banks 112 Reporting member banks in leading cities: Assets and liabilities of 134 Bankers' balances of 143-146 Reserve balances of member banks: Held by all Federal reserve banks combined 45, 50 Held by each Federal reserve bank. (See Index to Part II.) Reserve ratio: All Federal reserve banks combined 45, 49, 54 Each Federal reserve bank. (See Index to Part II.) Reserves of Federal reserve banks: Advisory council on publication of percentages 278 Cash- All banks combined 45, 48, 54 Each Federal reserve bank. (See Index to Part II.) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO PART I 461 Reserves of Federal reserve banks—Continued. Page Excess reserves 45 Required against notes and desposits 45 Resources and liabilities: All banks in the United States 120 Federal reserve banks 42-53 (See also Index to Part II.) Member banks 121-135 Reporting member banks ^__ — 134 (See also Index to Part II.) Salaries: Federal reserve banks 216-220 Federal Reserve Board 214-216 National bank examiners 220-222 San Francisco par clearance case 27 Sayings accounts—Regulation D 249 Silver in circulation 160 Staff. (See Employees.) State banks and trust companies: Acceptances of, held by Federal reserve banks 62 Admitted to system 166-190 Membership in system—Regulation H 258 State bank and trust company members: Abstract of condition reports 123, 132 Bills discounted for 82 Capital, surplus, and total resources 123, 132, 166 Changes in membership 147-153 Number of . 21, 22, 148 Resources and liabilities 123, 132 Supreme Court of Rhode Island, decision of, on right of national banks to exercise fiduciary powers 237 Supreme Court of United States, opinion of, on right of national banks in Missouri to exercise fiduciary powers 234 Surplus account: Dividends paid out of, advisory council on 282 Federal reserve banks 15, 16, 17, 49, 52, 113 Member banks 121-135, 166 Tax, franchise, paid to Government by Federal reserve banks __ 15, 16, 113, 114 Telegraph, leased-wire system, cost of 118 Telephone and telegraph expense of Federal reserve banks 112 Time deposits—Regulation D , 249 Trade acceptances. (See Acceptances.) Trade and industry in 1924, discussion of 1 Trade, wholesale, index of 163-165 Treasury certificates of indebtedness: Issued to Federal reserve banks by Secretary of Treasury 98 Purchased by Federal reserve banks 97 Treasury notes: Circulation 160 Purchased by Federal reserve banks 96 Trust companies. (See State banks and trust companies.) Trust powers. (See Fiduciary powers.) Uncollected items (checks, drafts, transit items, etc.) of Federal reserve banks 49, 52 United States Government, franchise tax paid to, by Federal reserve banks 15, 16, 113 United States notes in circulation 160 United States securities: Bills discounted, secured by— Held by Federal reserve banks 42, 50, 58, 60, 86 Volume discounted by Federal reserve banks 86 Certificates of indebtedness— Issued to Federal reserve banks by Secretary of Treasury 98 Purchased by Federal reserve banlks .97 Depreciation on, charges made by Federal reserve banks on account of 113 Held by Federal reserve banks 5, 42, 50, 66 Par value of 66 Openj-market purchases by Federal reserve banks 94-9 7 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

462 IKDEX TO PART I United States securities—Continued. Owned by member banks 121-134 Rates of earnings on purchases by Federal reserve banks 40 Sales between Federal reserve banks 99 Treasury notes purchased by Federal reserve banks 96 Victory notes purchased by Federal reserve banks 95 Volume purchased by Federal reserve banks 5, 94 United States Supreme Court, opinion of, on right of national banks to exercise fiduciary powers 237 United States Treasurer, items drawn on, and handled by Federal reserve banks 103 Victory notes purchased by Federal reserve banks 95 Warrants, municipal: Purchased by Federal reserve banks 42, 51, 76, 77 Rates of earnings on 41 Regulation E .252 Weekly statement, publication of reserve percentages in, advisory council on 278 Wholesale prices, index of 163-165 Wholesale trade, index of 163-165 World War adjusted compensation act, extract from 30, 240 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO PART II DATA FOR EACH FEDERAL RESERVE DISTRICT Assets and liabilities of Federal reserve bank—holdings of bills discounted, acceptances, United States securities, and total earning assets; also cash reserves, members' reserve deposits, total deposits, Federal reserve note circulation, and reserve percentages, by weeks, during 1924: Pa^e District No. 1—Boston___ __ _ 313 District No. 2—New York 324 District No. 3—Philadelphia 335 District No. 4—Cleveland 346 District No. 5—Richmond _ 358 District No. 6—Atlanta 370 District No. 7—Chicago. _ 382 District No. 8—St. Louis 394 District No. 9—Minneapolis 404 District No. 10—Kansas City _ 415 District No. 11—Dallas 428 District No. 12—San Francisco 439 Assets and liabilities of reporting member banks—loans and discounts, investments, deposits, and accommodation at Federal reserve bank, by months, during 1923 and 1924: District No. 1—Boston.. __ ___ _ 319 District No. 2—New York _. 330 District No. 3—Philadelphia 341 District No. 4—Cleveland 352 District No. 5—Richmond _ _ 364 District No. 6—Atlanta 376 District No. 7—Chicago 388 District No. 8—St. Louis 400 District No. 9—Minneapolis 410 District No. 10—Kansas City ' 421 District No. 11—Dallas 434 District No. 12—San Francisco 445 Condition of Federal reserve bank—comparative statement of assets and liabilities on December 31, 1922-1924: District No. 1—Boston 312 District No. 2—New York 323 District No. 3—Philadelphia 334 District No. 4—Cleveland ^___ 345 District No. 5—Richmond 357 District No. 6—Atlanta 369 District No. 7—Chicago. 381 District No. 8—St. Louis 393 District No. 9—Minneapolis 403 District No. 10—Kansas City 414 District No. 11—Dallas 427 District No. 12—San Francisco 438 Debits to individual accounts (bank debits)—figures for each reporting center and summary for the district, by months, 1922-1924: District No. 1—Boston 319 District No. 2—New York 331 District No. 3—Philadelphia _ 341 District No. 4—Cleveland 352 District No. 5—Richmond 364 District No. 6—Atlanta 376 District No. 7—Chicago,. _ 389 District No. 8—St. Louis 400 District No. 9—Minneapolis 410 District No. 10—Kansas City 421 District No. 11—Dallas 434 District No. 12—San Francisco 445 36569—25f 31 463 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

464 INDEX TO PART II Discount and open-market operations of Federal reserve bank—volume of bills discounted and of acceptances and United States securities purchased, by months and classes: District No. 1—Boston * 314 District No. 2—New York 325 District No. 3—Philadelphia __•_ 336 District No. 4—Cleveland 347 District No. 5—Richmond 359 District No. 6—Atlanta 371 District No. 7—Chicago 383 District No. 8—St. Louis 395 District No. 9—Minneapolis 405 District No. 10—Kansas City 416 District No. 11—Dallas 429 District No. 12—San Francisco 440 Discounts—volume of bills discounted by Federal reserve bank for member banks in each State, and number of banks accommodated: District No. 1—Boston 315 District No.. 2—New York 326 District No. 3—Philadelphia 337 District No. 4—Cleveland 348 District No. 5—Richmond 360 District No. 6—Atlanta 372 District No. 7—Chicago 384 District No. 8—St. Louis 396 District No. 9—Minneapolis 406 District No. 10—Kansas City 417 District No. 11—Dallas 430 District No. 12—San Francisco 441 Earnings, expenses, and profit and loss account of Federal reserve bank, 1922-1924: District No. 1—Boston 316 District No. 2—New York 327 District No. 3—Philadelphia 338 District No. 4—Cleveland 349 District No. 5—Richmond 361 District No. 6—Atlanta 373 District No. 7—Chicago 385 District No. 8—St. Louis 397 District No. 9—Minneapolis 407 District No. 10—Kansas City 418 District No. 11—Dallas 431 T District No. 12—San Francisco 442 Federal reserve clearing system (checks handled): District No. 1—Boston 317 District No. 2—New York 328 District No. 3—Philadelphia 339 District No. 4—Cleveland 350 District No. 5—Richmond 362 District No. 6—Atlanta 374 District No. 7—Chicago 386 District No. 8—St. Louis 398 District No. 9—Minneapolis 408 District No. 10—Kansas City 419 District No. 11—Dallas 432 District No. 12—San Francisco 443 Gold settlement fund—clearings and transfers of Federal reserve bank, by weeks during 1924: "District No. 1—Boston 318 District No. 2—New York 329 District No. 3—Philadelphia 340 District No. 4—Cleveland 351 District No. 5—Richmond 363 District No. 6—Atlanta 375 District No. 7—Chicago 387 District No. 8—St. Louis 399 District No. 9—Minneapolis 409 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO PART II 465 Gold settlement fund—clearings and transfers of Federal reserve bank, by week during 1924—Continued. Page ~ District No. 10—Kansas City___ 420 District No. 11—Dallas 433 District No. 12—San Francisco 444 Volume of operations in principal departments of Federal reserve bank: District No. 1—Boston 317 District No. 2—New York 328 District No. 3—Philadelphia 339 District No. 4—Cleveland 350 District No. 5—Richmond 362 District No. 6—Atlanta 374 District No. 7—Chicago 386 District No. 8—St. Louis 398 District No. 9—Minneapolis 408 District No. 10—Kansas City 419 District No. 11—Dallas 432 District No. 12—San Francisco 443 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis