Annual Report of the Federal Reserve Board, 1925

TWELFTH ANNUAL REPORT OF THE FEDERAL RESERVE BOARD COVERING OPERATIONS FOR THE YEAR 1925 WASHINGTON GOVERNMENT PRINTING OFFICE 1926 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONTENTS Page PART I. Report of the Federal Reserve Board 1-298 PART II. Charts and tables, arranged by Federal reserve districts 299-509 PART I TEXT OF REPORT Federal reserve banks in 1925 1 Restoration of gold standard 1 Business conditions in 1925 2 Federal reserve credit policy 4 Federal reserve banks and the acceptance market 7 Relation between reserve banks and foreign central banks 11 Relation of Federal reserve system to the New York money market 14 Credit problems of reserve banks outside of financial centers 17 Condition of Federal reserve banks 19 Condition of member banks 21 Operating functions of the Federal reserve banks 22 Earnings, expenses, and volume of operations of Federal reserve banks 24 Building operations of Federal reserve banks 28 Branches and agencies of Federal reserve banks 28 Changes in membership in Federal reserve system 29 Banks on par list 31 Bank suspensions 31 Check clearing and collection . 33 Trust powers of national banks 36 Administration of Clayton Act 36 Use of words "Federal" and "Reserve" in the title of banks, corporations, or firms 36 Meetings of the Federal Advisory Council 37 Conferences held by the Federal Reserve Board 37 Board's organization, staff, and expenditures 37 TABLES DISCOUNT AND OPEN-MARKET RATES: No. 1. Discount rates—Changes during 1923, 1924, and 1925 in Federal reserve bank rates 38 No. 2. Average rates charged by Federal reserve banks on bills discounted 39 No. 3. Average rates of earnings on discounted bills held by the Federal reserve banks 40 No. 4. Open-market rates—Average rates charged by Federal reserve banks on bills bought in open market 41 No. 5. Average rates of earnings on bills bought in open market and from other Federal reserve banks 42 in Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

IV CONTENTS DISCOUNT AND OPEN-MARKET RATES—Continued. Page No. 6. Average rates of earnings on bills discounted and on bills purchased by each Federal reserve bank, 1916-1925 43 No. 7. Average rates of earnings on United States securities held by the Federal reserve banks 44 No. 8. Average rates of earnings on total bills and securities and on municipal warrants, Federal intermediate credit bank debentures, and foreign loans on gold held by the Federal reserve banks 45 CONDITION OP FEDERAL RESERVE BANKS: No. 9. Bills and securities held by all Federal reserve banks combined, 1914-1925 46 No. 10. Reserves, deposits, and note circulation of all Federal reserve banks combined, 1914-1925 49 No. 11. Resources and liabilities of all Federal reserve banks combined on the last day of each month, December, 1924- December, 1925 52 No. 12. Resources and liabilities of all Federal reserve banks combined, by weeks, during 1925 54 No. 13. Cash reserves, deposits, Federal reserve note circulation, and reserve percentages—Daily averages for all Federal reserve banks combined, by months, 1920-1925 58 No. 14. Bills and securities—Average daily holdings of all Federal reserve banks combined, by classes and months, 1920- 1925 58 No. 15. Bills and securities—Average daily holdings of all classes combined, by banks and months 59 Discounted bills— No. 16. Average daily holdings of each Federal reserve bank, by months 60 No. 17. Holdings of each Federal reserve bank on December 31, 1925, by classes 61 No. 18. Holdings of all Federal reserve banks combined at the end of each month, by classes 61 No. 19. Holdings of each Federal reserve bank on December 30, 1925, by maturities 62 No. 20. Holdings of all Federal reserve banks combined on the last report day of each month, by maturities 62 Bills bought in open market (bankers' and trade acceptances)— No. 21. Average daily holdings of each Federal reserve bank, by months 63 No. 22. Holdings of each Federal reserve bank on December 31, 1925, by classes 64 No. 23. Holdings of all Federal reserve banks combined at the end of each month during 1925, by classes 64 No. 24. Holdings of each Federal reserve bank on December 30, 1925, by maturities 65 No. 25. Holdings of all Federal reserve banks combined at the end of each month, by maturities 65 United States securities— No. 26. Average daily holdings of each Federal reserve bank, by months 66 No. 27. Holdings of each Federal reserve bank on December 31, 1925, by classes 67 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONTENTS V FEDERAL RESERVE NOTES: Page No. 28. Federal reserve agents' accounts at the end of 1924 and 1925- 68 No. 29. Issued to banks, and collateral (gold and eligible paper) pledged with Federal reserve agents as security for Federal reserve notes issued to Federal reserve banks—Weeklyfigures for all Federal reserve banks combined 69 No. 30. 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. 31. Issued and retired by each Federal reserve agent, by months. 72 No. 32. Issued and retired by all Federal reserve agents combined and amounts outstanding, 1914-1925, by denominations__ 74 DISCOUNT AND OPEN-MARKET OPERATIONS: Total volume—All classes— No. 33. For each Federal reserve bank during 1925, by classes._ 75 No. 34. For all Federal reserve banks combined, by months and classes 76 No. 35. For each Federal reserve bank, by months 77 Bills discounted— No. 36. Volume discounted by each Federal reserve bank, by months 78 No. 37. Number of banks in each district accommodated through discount operations, by months 79 No. 38. Volume, by States, also number of member banks in each State and number accommodated through discount operations 80 No. 39. Volume discounted for national banks and for State bank and trust company members 81 No. 40. Volume discounted by each Federal reserve bank, by maturities and rates of discount charged 82 No. 41. Volume discounted by all Federal reserve banks combined, by months and by maturities and rates of discount charged 83 No. 42. Average maturity of bills discounted 84 No. 43. Bills secured by United States Government obligations, discounted by Federal reserve banks 85 No. 44. Average rates charged by member banks on customers' paper rediscounted with Federal reserve banks 86 No. 45. Trade acceptances discounted 88 Bills bought in open market—Bankers' and trade acceptances— No. 46. Purchased by each Federal reserve bank, by months 89 No. 47. Purchased by each Federal reserve bank, by classes 90 No. 48. Purchased by all Federal reserve banks combined, by months and classes 90 No. 49. Purchased by each Federal reserve bank from member banks and from nonmember banks and dealers 91 No. 50. Purchased by each Federal reserve bank, by rates of discount charged 92 No. 51. Purchased by all Federal reserve banks combined, by •months and by rates of discount charged 93 No. 52. Average maturity of bills purchased 94 No. 53. Purchased by each Federal reserve bank, by maturities.. 95 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

VI CONTEXTS DISCOUNT AND OPEN-MARKET OPERATIONS—Continued. Bills bought in open market—Bankers' and trade acceptances—Con. Page No. 54. Purchased by all Federal reserve banks combined, by months and maturities 95 No. 55. Commodity classification of bills purchased 96 United States securities— No. 56. Total volume.of all classes purchased by each Federal reserve bank 102 No. 57. United States bonds purchased by Federal reserve banks. 103 No. 58. United States Treasury notes purchased by Federal reserve banks 104 No. 59. United States certificates of indebtedness purchased by Federal reserve banks 105 No. 60. Special temporary certificates of indebtedness issued to Federal reserve banks by the Secretary of the Treasury 106 GOLD SETTLEMENT FUND: No. 61. Summary of transactions of each Federal reserve bank 107 No. 62. Clearings and transfers of all Federal reserve banks combined, by weeks during 1925 108 FEDERAL RESERVE AGENTS' GOLD FUND: No. 63. Summary of transactions of each Federal reserve agent 109 CLEARING OPERATIONS: No. 64. Operations of the Federal reserve clearing system 110 No. 65. Number of member banks and of nonmember banks on par list and not on par list in each Federal reserve district 112 No. 66. Number of member banks and of nonmember banks on par list and not on par list in each State 114 EARNINGS AND EXPENSES: No. 67. Earnings and expenses of all Federal reserve banks combined, 1914-1925 115 No. 68. Earnings and expenses of each Federal reserve bank during 1925 118 OPERATIONS OF BRANCHES: No. 69. Volume of operations of each Federal reserve branch bank__ 120 BANK PREMISES: No. 70. Cost of bank premises of Federal reserve banks and branches. 122 RECEIPTS AND DISBURSEMENTS OF FEDERAL RESERVE BOARD: No. 71. Receipts and disbursements of the Federal Reserve Board for 1925 124 ASSETS AND LIABILITIES OF MEMBER AND NONMEMBER BANKS: No. 72. All banks in United States and island possessions: Classification of resources and liabilities at the end of June, 1914-1925 127 No. 73. All banks in the United States: Principal resources and liabilities on call dates, 1923-1925 128 No. 74. All member banks: Net demand and time deposits, by size of city and by months, 1923-1925 129 No. 75. All member banks: Principal resources and liabilities on call dates, 1914-1925 130 No. 76. National banks: Principal resources and liabilities, 1914-1925 132 No. 77. State bank and trust company members: Principal resources and liabilities, 1914-1925.1 _-. 134 No. 78. All member banks: Resources and liabilities, 1925 136 No. 79. National banks: Resources and liabilities, 1925 137 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONTENTS VII ASSETS AND LIABILITIES OF MEMBER AND NONMEMBER BANKS—Contd. Page No. 80. State bank and trust company members: Resources and liabilities, 1925 138 No. 81. Central reserve city member banks in New York City: Resources and liabilities, 1925 139 No. 82. Central reserve city member banks in Chicago: Resources and liabilities, 1925 140 No. 83. Reserve city member banks: Resources and liabilities, 1925__ 141 No. 84. All member banks outside of central reserve and reserve cities (country banks): Resources and liabilities, 1925 142 No. 85. All member banks: Classification of loans and investments _. 143 No. 86. Reporting member banks in leading cities: Principal reresources and liabilities, by weeks during 1925 ; 144 No. 87. Reporting member banks in leading cities: Principal resources and liabilities, by districts and by months, 1920- 1925 146 No. 88. Reporting member banks in Federal reserve bank cities: Selected resources and liabilities, by months 155 BANKERS' BALANCES: No. 89. Reporting member banks in Federal reserve bank cities: Amounts due to and due from other banks 164 EARNINGS AND DIVIDENDS OF MEMBER BANKS: No. 90. All member banks: Earnings and dividends, 1919-1925 169 No. 91. National banks: Earnings and dividends, 1919-1925 171 No. 92. State bank and trust company members: Earnings and dividends, 1919-1925 173 MEMBERSHIP IN THE FEDERAL RESERVE SYSTEM: No. 93. Changes in number of banks and total resources for all districts combined 175 No. 94. Changes in number of banks, by districts 177 BANK SUSPENSIONS: No. 95. Bank suspensions during 1925 and 1924: Number, capital, and deposits 184 No. 96. Bank suspensions during 1925 and 1924: Classified according to capital stock 186 No. 97. Bank suspensions during 1925: By size of city 188 No. 98. Bank suspensions during 1924: By size of city 189 No. 99. Bank suspensions in each district during 1925, by months._ 190 DEBITS TO INDIVIDUAL ACCOUNTS: No. 100. Debits to individual accounts as reported by banks in 141 principal cities—Summary by months and districts, 1919- 1925 \ 191 GOLD IMPORTS AND EXPORTS: No. 101. Gold imports into and exports from the United States, June 1, 1919-December 31, 1925, by periods and principal countries 196 No. 102. Total imports of gold into and exports of gold from the United States, by countries, 1922-1925 196 No. 103. Gold imports into and exports from the United States, by months, 1919-1925 197 MONEY IN CIRCULATION: No. 104. Money in circulation outside the United States Treasury and Federal reserve banks 198 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

VIII CONTENTS MONEY RATES: Page No. 105. Rates on prime commercial loans of 4 to 6 month.s maturity in principal cities, by months during 1925 200 No. 106. Open-market rates in New York City 202 FOREIGN EXCHANGE RATES: No. 107. Exchange rates on principal foreign countries _ 204 BUSINESS INDEXES OF THE FEDERAL RESERVE BOARD: No. 108. Indexes of production, employment, trade, and wholesale prices, 1919-1925 205 No. 109. Indexes of pay rolls in manufacturing industries, 1919-1925. 208 No. 110. Indexes of wholesale trade in the United States, 1919-1925- 209 LIST OF STATE MEMBERS State bank and trust company members 211 Summary classification according to capital stock 235 POWERS GRANTED TO MEMBER BANKS Fiduciary powers granted to national banks 237 Banks granted authority to accept drafts and bills of exchange up to 100 per cent of capital and surplus 256 PERSONNEL Salaries of officers and employees of Federal Reserve Board 259 Salaries of officers and employees of Federal reserve banks 261 Salaries of national-bank examiners 266 Members of the Federal Reserve Board 269 Members of the Federal Advisory Council 269 Officers and directors of Federal reserve banks and branches 270 COURT OPINIONS Opinion of United States Circuit Court of Appeals in Atlanta par clearance case 278 Recommendations of the Federal Advisory Council to the Federal Reserve Board 282 Description of Federal reserve districts 293 PART II LIST OF CHARTS AND TABLES INCLUDED IN PART II Federal reserve bank charts—All Federal reserve banks and each Federal reserve bank, 1917-1925 301 Reporting member bank charts—All Federal reserve districts and each Federal reserve district, 1919-1925 314 Statistical tables, arranged by Federal reserve districts: District No. 1—Boston 327 District No. 2—New York 341 District No. 3—Philadelphia 355 District No. 4—Cleveland 369 District No. 5—Richmond 384 District No. 6—Atlanta 399 District No. 7—Chicago 416 District No. 8—St. Louis 433 District No. 9—Minneapolis 448 District No. 10—Kansas City _ 462 District No. 11—Dallas. 478 District No. 12—San Francisco. 493 Map of Federal reserve districts. _ — 510 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FAKT 1 REPORT OF THE FEDERAL RESERVE BOARD 88169—26 2 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE FEDERAL RESERVE BOARD DECEMBER 31, 1925 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 J Division of Examination and Assistant Director, Division of Chief Federal Reserve Examiner. Research 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

ANiNUAL REPORT OF THE FEDERAL RESERVE BOARD WASHINGTON, March 22, 1926, SIR: In the year 1925 the outstanding financial developments were the large volume of production and trade financed by the banks of the country and the progress made in the restoration of monetary stability throughout the world. In no previous year has the course of events, both at home and abroad, afforded a broader scope for the operation of the reserve banks or shown more fully the strength and usefulness of the reserve system than during the year covered in this, the board's twelfth annual report. FEDERAL RESERVE BANKS IN 1925 Reserve bank credit outstanding increased in 1925 to meet an export demand for gold amounting to $135,000,000, a growth in the domestic currency requirements, and increased reserve re^ quirements of member banks. It is at times when demands of this character arising both at home and from abroad are made that the elasticity and the reserve strength of a banking system is tested. In the absence of provisions for an elastic currency or of ample gold reserves the combined demand during 1925 for currency and for gold would have imposed a serious strain on the credit structure of the country and would have made it necessary for banks to reduce their loans to borrowers. Under the Federal reserve system, however, the reserve banks in 1925 were able to make available to member banks the additional credit needed to meet domestic financial requirements, and at the same time to pay out reserves in meeting the demand for gold for export. Through borrowing at the reserve banks the member banks were able to meet the demand for currency, which at the end of the year brought the volume of money in circulation in this country to the largest total in more than four years, and also to meet the demand for gold from abroad without being under the necessity of restricting credits extended to customers and with a much more moderate increase in the cost of credit than would have occurred in the absence of the facilities furnished by the reserve banks. RESTORATION OF GOLD STANDARD In the international field the event of greatest importance during 1925 was the restoration of the gold standard by the chief trading countries of the world, and the most distinctive achievement of th e Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

2 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD year in Federal reserve policy was the arrangement of a credit by the Federal reserve banks for the Bank of England in connection with the reestablishment of a free gold market in London. In giving approval to this arrangement, the details of which are described later in this report, the Federal Reserve Board expressed the belief that such an arrangement would be an effective aid to the general resumption of gold payments. Later developments have justified this belief. The return of Great Britain to the gold standard was accompanied and followed by similar action in other countries, with the result that over a wide area gold once more has become the basis of values and the major part of the world's commerce and finance has been relieved of the risks and uncertainties that arise from widely fluctuating exchange rates. The countries that have resumed gold payments include the largest purchasers of our agricultural surplus, and international trade in these products can now be conducted and financed with greater confidence and on a more secure basis. From the viewpoint of the banking situation in the United States the restoration of the gold standard abroad has the additional significance that gold movements will become more normal and will respond more promptly to the forces which before the war related the movements of gold to changes in trade and credit conditions at home and abroad. The inflow of gold to this country during the period since the reserve system was organized has been on an unprecedented scale and has made the problem of credit administration unusually difficult. With the reestablishment of an effective international gold standard the movements of gold between countries will again exercise the corrective influences that experience has shown to be safeguards against unsound credit developments. BUSINESS CONDITIONS IN 1925 Business and credit conditions in the United States during 1925 are chiefly of interest in this report because of the bearing they have had upon the credit policies pursued by the Federal reserve system. In its official monthly publication the board has discussed currently the business developments of the year and has called attention to the increase in industrial activity, the full volume of employment, the large foreign demand for American products, and the relation of this demand to the absorption by American investors of a large volume of foreign securities. The board has also commented upon the growth in the buying power of industrial workers and farmers, the promptness with which the large volume of production during 1925 has moved through the channels of distribution without an excessive accumulation in the inventories of raw materials or finished products, and the relative stability of the price level. Banking developments Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE FEDERAL. RESERVE BOARD 3 and the movement of money rates have also been reviewed currently, with a discussion of the growth of member bank credit in relation to reserve bank credit, of changes during the year in the volume and character of reserve bank credit outstanding, and the employment by member banks of their surplus funds either by making loans in the New York money market or in the purchase of investments. No brief summary of the year's business developments in a country where economic conditions are so varied as in the United States can set forth in sufficient detail the particular conditions which have prevailed in different parts of the country and in various lines of industry and trade. For a fuller discussion of business trends in 1925, together with comprehensive business statistics for the year, reference is made to current issues of the Federal Eeserve Bulletin, the board's monthly medium of communication with member banks. Looking back upon the business developments in 1925, perhaps the most notable fact has been the conservative attitude generally maintained by the business community at a time when the activity of business was large and the volume of trade increasing. Seldom in the history of American business has so large a growth in industrial activity occurred without giving rise to marked speculative tendencies. During the year there was a growth of speculative activity in the security market and in some localities in real estate, but there was no evidence of speculation in the commodity markets. A sustained demand for commodities on a scale equal to that of 1925 has tended at other times to result in the development of sellers' markets, a growth of forward orders, a rise of commodity prices, and an accumulation of inventories. In 1925 earnings of business concerns have, in general, been satisfactory, but profits have usually resulted from a larger volume of business rather than from a wider margin between costs and selling prices. Proof of the efficiency of present-day production and transportation and of the character of business sentiment is that in those lines of industry where the growth of activity has been most marked, as in building and in automobiles, prices of materials and of products have either remained constant or declined during the year. A factor of increasing importance in its influence upon the course of business has been the greater efforts of business concerns to adjust their programs of production to the current changes in the demand for their products. The broader factual basis furnished by current statistics has made it possible for business men to take into account not merely the conditions in their own particular industries but also the general trend of business. This development of business policies on the basis of the broader information now being made available by governmental and other agencies carries with it a promise of narrowing the fluctuations in business activity. The number of unknown factors continues to be large and the changes from time to time in Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

4 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD the mood and temper of the business community are such that industrial activity can not be expected to pursue an entirely regular course, but to the extent that those engaged in various lines of industry undertake to adjust their own activities more closely to the general course of business, the alternating periods of boom and depression will become less pronounced. FEDERAL RESERVE CREDIT POLICl Federal reserve policies in 1925 were based both upon the statistical indications as to developments in business and credit and upon a judgment as to the prevailing attitude among business men and bankers—the borrowers and lenders of credit. The increase in the use of credit for commercial purposes, taking the }^ear as a whole, was moderate in extent, and the growth in the volume of reserve bank credit during the year reflects largely an increase in the demand for loans on securities. During the first half of the year this demand was met by the use of funds released through the decline of loans for commercial purposes, while in the latter half of the year, when the volume of commercial borrowing increased in response to seasonal demands for trade and crop-moving purposes, the continued growth in the demand for security loans was reflected in a rapid growth in the volume of bank credit and in a rising level of interest rates in the open market. These developments in the credit situation were followed currently by the board and were among the considerations which entered into their decisions with reference to discount and open-market policy. In the first part of the year member banks, particularly in New York, were under pressure as a result of the demands made upon them for gold for export, and in meeting this demand they increased their borrowings at reserve banks and reduced the volume of their own loans and investments. In the latter part of the year, with a large seasonal increase in the demand for credit at member banks for commercial purposes and with a continued demand for loans on securities, the volume of borrowing, particularly by member banks in the larger cities, increased rapidly at certain of the reserve banks. Problems of Federal reserve policy arising during the year, therefore, may be divided into these two periods, and the considerations which influenced the board in its action in the early part of the year and near the close will be discussed separately. Early in 1925 the two most important influences affecting the money market were the seasonal return flow of currency and the withdrawal of gold for export. The return of currency to the reserve banks is usually in large volume during the opening month of the year, and in January, 1925, it amounted to approximately $200,000,- 000 and was accompanied by the usual seasonal flow of funds from the interior to New York. The return of currencv from domestic Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD 5 circulation during January was in larger volume than gold exports and there was consequently a rapid decline in discounts at the reserve banks. In February, however, the volume of discounts, particularly at the New York Reserve Bank, increased sharply both because of further withdrawal of gold for export, which continued after the seasonal return of currency ceased, and because of a sale by reserve banks of about $200,000,000 of securities. The volume of discounts at the reserve banks at the end of February was larger than at any time since the middle of 1924. The larger demand for credit and the increased volume of indebtedness of member banks at reserve banks resulted in a somewhat higher level of money rates in the open market, and on February 27 the New York Federal Reserve Bank increased its discount rate from 3 per cent, the rate established during the exceptionally low level of money rates in the summer of 1924, to 3J^ per cent. Thus during the first two months of the year the system's credit policy was expressed both in an advance in the discount rate at the New York bank and in a reduction in its holdings of United States Government securities. During the remainder of the year the open-market policy of the reserve system was to maintain its holdings of Government securities at a practically constant level, with the consequence that the seasonal growth in the demand for reserve bank credit in the second half of the year was met through increased discounting and through larger sales of bankers7 acceptances to the reserve banks. The increase in the total volume of reserve bank credit between midsummer and the end of the year amounted to about $500,000,000, an amount that corresponded roughly to the increase during the same period in 1924, and reflected in large part the seasonal growth in the demand for currency. The growth of $175,000,000 in acceptance holdings of reserve banks during this period, which brought them to about the same level as at the close of 1924, was in accordance with the usual developments at that time of year when a large volume of acceptances is drawn to finance agricultural exports. The increase in the volume of acceptances outstanding, together with the rise in tne open-market rates for money, were factors influencing the volume of acceptances offered for sale to the reserve banks, and with the growth in the system's holdings of acceptances the buying rates on bills were advanced. The growth in the volume of borrowing by member banks at the reserve banks was larger, however, than the increase in acceptance holdings, and the growth of discounts was particularly rapid for member banks in the financial centers outside of New York. During this period the larger demand for credit to be used in carrying securities was reflected in an advance in the call-loan rate, and there was a large flow of out-of-town funds to the New York market to be employed in making loans on securities. The New York banks, how- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

6 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD ever, during this period were not increasing their loans of this character. The rapid growth in security loans by banks outside of New York City was accompanied, furthermore, by an increase in business activity more than seasonal in character, which resulted in a more rapid advance in the volume of commercial loans than had occurred during this period in either of the two preceding years, and was reflected in an increase in the rates for commercial paper in the open market. In view of this rise in money rates and of the growth both in member bank and in reserve bank credit, particularly outside of New York, a series of advances in discount rates was made in November. On November 10 the rate at the Boston bank was raised from 33^2 to 4 per cent, and this was followed by similar advances in the rates at Cleveland, Philadelphia, and San Francisco, so that by the end of the month discount rates at all the reserve banks, except that of New York, stood at 4 per cent. The rate of the New York bank, however, which had been advanced from 3 to ZXA per cent in February, remained at that level until after the close of the year. In the decision not to advance the rate at the New York bank at the time that the other rate advances were made the Federal Reserve Bank of New York and the Federal Reserve Board took into consideration the fact that member banks in New York City up to November had shown but little growth in their loans on securities and in their borrowings at the reserve bank. It was also recognized that the discount rate at the New York bank, because of its close relation to the central market, exercises a larger influence upon prevailing rates for commercial borrowing than do discount rates at other reserve banks. In the absence of evidence of a speculative attitude among the commercial users of credit, the reserve system was unwilling, for the purpose of exercising a measure of restraint upon those who were borrowing in order to carry or deal in securities, to raise the discount rate at New York and thus to exert its influence in the direction of a further increase in the cost of credit to commerce and industry at the time of the seasonal peak in the volume of commercial borrowing and in the demand for credit to finance the marketing and export of agricultural products. The New York money market, furthermore, is the point of contact with foreign central money markets, and changes in money rates in New York tend to influence the international movement of funds and of gold. In the autumn months, when seasonal trade movements tend to bring about gold imports, there was a net movement of gold to the United States, and, in view of the influence which gold imports have upon the banking situation in this country, the desirability of not adding further to the gold inflow was a factor in the decision not to advance the discount rate at the New York bank in November. On January 8, 1926, after the passing of the seasonal credit demands Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD 7 and of the period of the year when gold tends to flow to the United States, the rate at the New York bank was advanced from 3}/£ to 4 per cent, the level prevailing at the other reserve banks. In contrast to the operations in the open market during 1923-24, when open-market transactions were an important phase of Federal reserve credit policy, the year 1925 was one during which changes in the open-market holdings of the Federal reserve banks after the opening months of the year were relatively small. Purchases and sales in the open market during the past year were made chiefly in connection with developments in the money market at the time of the quarterly tax-payment periods and near the end of December when the holiday demand for currency was at a peak. At quarterly tax-payment periods the large operations of the United States Treasury, through the Federal reserve banks as fiscal agents, tend to have a temporary influence upon the money market, and it has been the policy pf the Federal reserve banks at those times to adjust their open-market holdings in such a way as to diminish the disturbances in the market which would otherwise result from the Treasury's operations. Also at the end of 1925 the Federal reserve banks, through the purchase of $50,000,000 of United States securities in the open market, exerted an influence toward reducing the temporary pressure on the money market at the time of the seasonal peak of the currency demand. The action of the reserve banks in buying or selling securities at these times tends to remove from the market short-time disturbances that would otherwise occur. The board, however, regards these minor operations in the open market as incidental to the general and primary purpose of open-market policy, and major changes in the reserve banks' holdings of Government securities are made with reference to general credit conditions and in accordance with the principles more fully described in the tenth annual report of the Federal Reserve Board. FEDERAL RESERVE BANKS AND THE ACCEPTANCE MARKET Purchases of acceptances by the reserve banks in the open market are essentially of a different character from dealings in Government securities, and in the influences that give rise to them they are in many respects similar to discount operations. In contrast to operations in Government securities, where the initiative of purchase or sale is taken by the reserve banks, sales of acceptances to the system are made largely on the initiative of member banks and dealers. Though of recent origin in this country, the acceptance has a long history abroad, where it is the primary instrument in the financing of foreign trade and, as an easily negotiable commercial instrument of prime security, furnishes employment for short-time banking funds. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

8 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD Prior to the establishment of the reserve system, the absence of such a market for bills in the United States was a factor in causing a large part of American foreign trade to be financed in London, where there was a well-organized bill market. In order to encourage the use of the acceptance in this country, provision was made in the reserve act giving member banks authority to accept bills of exchange and to deal in acceptances, and giving the reserve banks authority to discount and to purchase acceptances. It has been one of the functions of the reserve system, therefore, to assist in the development of a national discount market, to encourage the use of dollar credits in our foreign trade, and to promote the growth in the volume of shortterm paper based on commercial transactions available to banks for the employment of liquid funds. In pursuance of their policy of encouraging the acceptance market, the reserve banks have stood ready at all times to purchase such eligible bills as were offered to them at rates established by the reserve banks. It is because of this policy of the reserve banks to purchase, at their buying rates all offerings of eligible bills that reserve bank holdings of bills in their effect upon the credit situation are similar in character to discounts, since they represent for the most part the application of member banks for reserve bank funds. It is, furthermore, the practice of the reserve banks never to sell purchased acceptances, but to carry them, like rediscounted paper, to maturity. This is in contrast to purchases and sales of United States securities, which are undertaken at the initiative of the reserve banks in the light of the general credit situation at a rate fixed in the market. The extent of the development of the acceptance market since the establishment of the system is indicated by the fact that total acceptances outstanding at the end of 1925 were approximately $775,000,000. In general, the acceptance has found an increasing use in the financing of foreign trade, and the volume of bills outstanding generally fluctuates from season to season and from year to year with changes in the volume of foreign trade. Of the acceptances purchased by the reserve banks during 1925, 37 per cent represented imports, 31 per cent exports, and 20 per cent paper financing the domestic shipment or storage of goods. The extent to which the acceptance is now used in financing the foreign trade of the United States is brought out by the table, where several of the more important commodities underlying acceptances purchased by the reserve banks during 1925 are compared with the total movement of those commodities in our import and export trade during that year. The figures represent only such acceptances as were purchased outright by the reserve banks and constituted only a part of the total volume of acceptances drawn in the United States. Of the $527,000,000 of export bills purchased outright by the reserve Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE FEDERAL. RESERVE BOARD 9 banks during the year, 78 per cent, or $410,000,000, represented exports of cotton, grain, copper, and lard and meat. This sum was equal to 24 per cent of the total exports of these commodities during the year. Of the $631,000,000 of purchased bills based on imports, 60 per cent, or $376,000,000, covered imports of silk, coffee, sugar, and wool, a sum equal to 32 per cent of the total imports of those four commodities into the United States during the year. Detailed figures on commodities underlying bills purchased by the reserve banks are given on pages 96-101. The following table presents a summary of these figures and compares them with the export and import of certain commodities: ACCEPTANCES PURCHASED BY RESERVE BANKS BASED ON CERTAIN COMMODI- TIES AND FOREIGN TRADE IN THESE COMMODITIES IN 1925 Bills bought outright by Foreign trade Commodity re th se e r v F e e d b e a r n a k l s co i m n m ea o c d h ity based on each commodity Exports Cotton $299, 643, 000 il, 059, 751, 000 Grains 58, 215, 000 245, 456, 000 Copper 34, 669, 000 160, 933, 000 Lard and meat__- 17,164, 000 236, 351, COO Total for four export commodities- 409, 691, 000 1, 702, 491, 000 Imports Silk 136, 886, 000 445,105, 000 Coffee 115,100, 000 286, 212, 000 Sugar 84, 517, 000 246, 008, 000 Wool. - -.. 39, 563, 000 215, 886, 000 Total for four import commodities 376,066,000 1,193,211,000 Corresponding to our increased foreign trade, the total volume of acceptances drawn and outstanding during 1925 was larger than in 1924, and the proportion of the total offered to the reserve banks was also greater. Member banks in the financial centers, where the greater part of acceptances outstanding are carried, were continuously in need of a larger volume of reserve bank accommodation than during the preceding year and secured a portion of this by selling bills to the system in preference to direct borrowing. The level of money rates in the open market also tended to increase the volume of acceptances offered to the reserve banks, both because other forms of investment yielded more to the investors than in 1924, thus tending to increase the dealers7 portfolios, and because the carrying of acceptances on borrowed money at prevailing relative rates became less profitable than a year ago. Legal provisions and board regulations relating to the purchase of acceptances by the reserve banks are broad in character. The reserve banks have authority to buy indorsed bills arising out of import or export transactions, and out of the domestic shipment or Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

10 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD storage of readily marketable staple commodities, and also to buy bills created for the purpose of furnishing dollar exchange abroad. In maturity, bills to be eligible for purchase by the reserve banks must have not more than 90 days to run unless they arise out of the marketing of agricultural products or out of foreign trade, in which case the limit of maturity is six months. The total volume of acceptances purchased by the reserve system during 1925 was $2,961,000,000, as compared with $2,172,000,000 in 1924, and the daily average of acceptance holdings was $287,000,000, falling seasonally from $329,000,000 in January to $206,000,000 in August and rising to $368,000,000 in December. The large volume of acceptances bought during the year in comparison with the much smaller total of average holdings illustrates the highly liquid character of these bills and their rapid turnover. Of'the total bills purchased by the system during 1925, 28 per cent were bought outright from member banks, 29 per cent represented outright purchases from dealers and others, and 43 per cent purchases from dealers with agreement to resell at the expiration of not more than fifteen days. Reserve bank operations in acceptances, therefore, enable the system to maintain direct contact with portions of the market other than member banks. Through its readiness to take all bills offered at its buying rate, the system has given those who use acceptances to finance their operations and investors in these acceptances a steady market for their bills at a fairly constant rate in case they wish to dispose of them prior to maturity. The development of the bill market and the freedom of the market from rapid fluctuations in rates, to which the policy of the reserve banks in regard to the purchase of acceptances has contributed in an important way, have resulted in making funds for the financing of agricultural and other exports available at the lowest and steadiest rate in the market. During recent years, and particularly in 1925, many foreign countries in reestablishing a stable relationship between their currencies and gold have adopted the policy of holding a portion of their reserves as balances or in the form of short-term securities in the world7s central money markets. The central banks of those countries, which have correspondent relationships with the Federal Reserve Bank of New York, have held a part of their foreign funds on deposit with that bank and have from time to time instructed it to invest these funds on their account in prime commercial bills in the New York market. The volume of such purchases of acceptances by the New York Reserve Bank on account of foreign banks was much larger in 1925 than in previous years, owing to the growth in the number of countries maintaining exchange stability. Bills held by the reserve banks on account of foreign correspondents at the close of Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD H 1925 were $65,000,000, compared with $43,000,000 at the end of 1924 and $19,000,000 at the end of 1923. RELATION BETWEEN RESERVE BANKS AND FOREIGN CENTRAL BANKS In addition to purchasing acceptances for the account of foreign central banks, the Federal reserve banks have other transactions with these banks of a character that is customary between central banks of different countries. A considerable number of foreign central banks have established correspondent relationships with the Federal reserve banks, and among the various types of transactions which have been carried out by the reserve banks for account of their foreign correspondents have been the carrying of deposits, the earmarking, purchase, and sale of gold, and the making of loans upon gold as security. The Federal reserve act, in giving the Federal reserve banks power to deal with banks in foreign countries and to conduct banking operations abroad, provides that, with the consent and approval of the Federal Reserve Board, the reserve banks may buy or sell cable transfers, bankers7 acceptances, and bills of exchange, may deal in gold coin or bullion at home or abroad, make loans on gold, open and maintain accounts in foreign countries, appoint correspondents, and establish agencies in such countries for the purpose of buying and selling bills of exchange and open and maintain banking accounts for foreign correspondents. During the first 10 years of operation of the Federal reserve system its activities in the foreign field were in relatively small volume, largely because of the disturbed monetary conditions abroad. Correspondent relationships with certain of the principal foreign central banks, however, were established as early as 1916, and from year to year additional banks of issue were added to the list of the system's foreign correspondents. In the early years the transactions with these foreign correspondents "were largely for purposes related to the war, but more recently they have been chiefly the outcome of operations in connection with programs adopted by the various foreign countries in the reestablishment of gold as a basis of their monetary systems. In this connection, loans secured by gold were made by the Federal Reserve Bank of New York, with participation of all the other reserve banks, to the Bank of Poland and to the banking office of the ministry of finance of Czechoslovakia, and arrangements were made to buy prime 'Commercial bills from the Bank of Belgium, when and if desired. The most important arrangement entered into by the reserve banks with any foreign central bank, however, was that made with the Bank of England during 1925. _ On April 28, 1925, the British Chancellor of the Exchequer announced that the law of 1920 prohibiting gold exports for a period of five .years, except under special license, would be permitted to lapse Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

12 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD on December 31, 1925, and that for the remainder of the year the Bank of England would be given a general license to export gold. Control of gold exports in Great Britain, which from the outbreak of the war until the legal prohibition in 1920 had been by informal methods, applied after that time to exports of all gold with the exception of newly-mined gold produced in the British Dominions and imported into England. In removing restrictions upon gold exports the British Government considered it essential to obtain the assurance of foreign credits upon which England could draw during the transition period in case its ability to maintain a free gold market was threatened by heavy withdrawals of gold. In these circumstances the Bank of England applied to the Federal reserve system for the right to draw upon the reserve banks for gold up to an amount of $200,000,000, if required, over a period of two years. At the same time the British Government arranged for an additional credit of $100,000,000 with a private group of bankers in this country. In approving the arrangement entered into with the Bank of England, the board acted on the conviction that the reestablishment of the gold standard would be an important step in the direction of the restoration of monetary stability throughout the world, and that business and credit conditions in this country would greatly benefit by this increased stability. American exporters of agricultural and other products whose business had been exposed for a decade to the hazard and expense of dealing with countries having currencies with unstable values would, by the reestablishment of the'gold standard, be relieved of the risks arising from unstable exchanges. American credit conditions would no longer be disturbed by the continuous and uncontrollable inflow of gold which had been for more than four years the principal cause of a rapid growth in bank credit. With the principal money markets of the world once more free gold markets, and the exchanges between them stable, the flow of funds between markets would respond more freely to differences in money rates and credit conditions. Thus the resumption of gold payments by the chief trading countries of the world would furnish a basis for the functioning of those forces which before the war had operated to maintain a close contact between the money markets of the world. Moved by these considerations the Federal Keserve Board approved the arrangement entered into by the Federal Reserve Bank of New York, with the participation of the other reserve banks, with the Bank of England. Under this arrangement the Federal Reserve Bank of New York undertook to sell gold on credit to the Bank of England from time to time during the following two years, but not to exceed $200,000,000 outstanding at any one time. The credit was to bear interest to the extent that it was actually used at a rate of 1 per cent above the New York Reserve Bank's discount rate, with a Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD 13 minimum of 4 per cent and a maximum of 6 per cent, or, if the Federal reserve discount rate exceeds 6 per cent, then at the discount rate of the bank. The rate of interest to be paid by the British Government on the credit which it established with private bankers was to be determined in a similar manner. Upon the purchase of gold the Bank of England would place on its books to the credit of the Federal Reserve Bank of New York an equivalent deposit in pounds sterling. This deposit might be used from time to time by arrangement with the Bank of England in the purchase of eligible sterling commercial bills which will be guaranteed by the Bank of England, and in that case discount earned on the bills would be applied to the payment of interest. The repayment of any interest or principal of this credit outstanding at the end of two years was guaranteed by the British Treasury. The system's arrangement, however, was strictly a banking transaction with the Bank of England and not in any sense an agreement with the British Government. Since the restoration of the gold standard in Great Britain, banking developments in that country have been such that no necessity has arisen for making use of any part of the credit with the reserve banks. The arrangements entered into between the Bank of England and the Federal Reserve Bank of New York involved no commitment as to the policies to be pursued by either bank in dealing with domestic credit conditions or with changes in discount rates. The lower level of discount rates, which has prevailed in the United States compared with England throughout 1925, has reflected differences in the credit conditions in the two countries. In the United States bank funds have been abundant as the result both of the large growth in the country's gold reserves during the preceding four years and of the continuous creation of additional wealth arising out of the nation's savings under conditions of prosperity. England, on the other hand, has been obliged to adapt its credit policy to the protection of its gold reserves, exposed for the first time in a decade to withdrawal at the option of the public, and in addition to so manage the funds available in the market, which since the autumn of the year has been open to foreign as well as domestic borrowers, as not to encourage a rapid expansion of bank credit. It has been the policy of the Federal Reserve Board to make public full statements of any arrangements entered into with foreign banks. The character of these transactions, particularly as affecting the monetary and banking position of other countries, makes it impossible to issue statements in advance of the completion of the arrangements. Whenever arrangements have been completed, however, the board has presented detailed statements of all essential facts. This was done in regard to the arrangement with the Bank of England in the Federal Reserve Bulletin for June, immediately following the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

14 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD final completion of the arrangement and the approval by the Federal Ueserve Board. Full details concerning the current position of the foreign accounts of the Federal reserve banks are published in the regular weekly condition statement of these banks. This statement shows the amounts due to and due from foreign banks, the volume of outstanding foreign loans on gold, and the reserve banks' contingent liability on bills purchased for foreign correspondents. In this respect the system has pursued its general policy of full publicity for all its operations in so far as is consistent with the confidential relationship existing between any bank and its customers and correspondents. In the system's dealings with foreign central banks the immediate operating relations and the correspondence are conducted by the New York Reserve Bank, which is located in the country's central money market and at the point of contact with the central money markets of foreign countries. The other reserve banks, however, participate ratably in the system's foreign operations, and the conduct of these operations is under the general supervision of the Federal Reserve Board, which under the law has authority to approve or to require the establishment of foreign-correspondent relationships. Under these provisions of the law and through the actual practice in administration, the point of view of the reserve system as a whole is maintained in connection with policies pursued in the development and maintenance of relationships with foreign central banks. RELATION OF FEDERAL RESERVE SYSTEM TO THE NEW YORK MONEY MARKET In addition to the dealings with foreign central banks there are other operations of the reserve system that must be conducted with reference to credit conditions in the country as a whole rather than with reference to purely regional considerations. It was partly for this reason that the law created the Federal Reserve Board, with representatives of the various sections of the country, to deal with questions of system policy, to have general supervision over the reserve banks, and to establish rules and regulations for the conduct of their business. Among the operations of the reserve banks that have effects beyond the boundaries of a single district are the sales and purchases of United States securities and acceptances in the open market, and for this reason the banks' open-market operations are carried out by a committee of operating officers of the reserve banks, which makes recommendations to the Federal Reserve Board and to the directors of the reserve banks. While purchases and sales of securities in the open market are made largely in New York, the questions of policy involved are, under this arrangement, considered from a system point of view and with reference to business and credit conditions throughout the country. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD 15 The New York money market is national in scope, and the member banks in New York City, because of the system of correspondent relationship which characterizes American banking, carry balances for interior banks, both members of the Federal reserve system and nonmembers, and lend funds received from out-of-town banks in the money market. It is in the New York money market that sales and purchases of securities for account of persons in all parts of the United States are largely made, and that the large issues of domestic and foreign securities are floated. It is to New York houses that issue and distribute securities that investors in all parts of the country turn to purchase stocks and bonds. Thus the sources of the funds that flow into the New York money market are country wide, and the uses to which these funds are put also represent demands that arise in all parts of the country, particularly in connection with the purchase, sale, and carrying of securities. Changes in the condition of the New York money market, therefore, which are reflected in the changes in the volume of funds in New York and in changes in money rates in that market, are national in character and have a definite relationship to changes in credit and banking conditions in all parts of the country. In 1925, with a relatively small growth in the local demand for credit for financing current industrial and trade operations, there was a continued and large flow of funds from out-of-town banks to the New York money market. In the preceding year, with the exceptionally low level of call-loan rates, these out-of-town funds were maintained as bankers7 balances with the New York member banks, and were used by those banks in making loans on securities. During 1925, however, as call-loan rates advanced above the level of interest paid upon bankers7 balances, interior banks converted portions of their balances with New York banks into direct loans upon securities for their own account, with the consequence that without any resulting change in the volume of funds available in New York there was a large decrease in bankers' balances and a large growth in loans on stocks and bonds for account of banks outside New York City. The growth in loans on securities in 1925, particularly by member banks outside New York City, followed upon a rapid increase in the volume of these loans in 1924 and carried the total at the end of the year to a higher level than at any previous time. The larger use of bank credit in carrying securities during the past two years has reflected the demand for credit to finance the distribution of the exceptionally large volume of new issues that were placed upon the market, together with the increased credit requirements due to the rising level of security prices. Throughout the latter part of 1925 the level of call-loan rates was considerably above the discount rate of the New York Reserve Bank. Recent experience has shown that in general it is not necessary to Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

16 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD maintain a discount rate above the prevailing level of call-loan rates in order to prevent member banks from borrowing at the reserve banks for the purpose of increasing their loans on securities. Member banks generally recognize that the proper occasion for borrowing at the reserve bank is for the purpose of meeting temporary and seasonal needs of their customers in excess of funds available out of the member banks7 own resources; borrowing from the reserve bank for the purpose of enlarging their own operations is not considered a proper use of reserve bank credit either by the member banks or by the officers of the Federal reserve banks. In general it is not possible to determine to what use a member bank puts the credit obtained from the reserve bank. Member banks generally borrow to make up deficiencies in their reserve balances incurred as the net result of all of their operations, and it is seldom possible to trace the connection between borrowings of a member bank at the reserve bank and the specific transactions that gave rise to the necessity for borrowing. In the infrequent instances where there has been evidence that member banks have borrowed at the reserve banks and at the same time have been increasing their loans on securities, the officers of the reserve banks have pointed out to them that it was possible for them to adjust their reserve position through changes in their short-time loan accounts rather than by recourse to the reserve banks. While the uses to which individual banks put the credit obtained from the reserve banks are almost impossible of determination, the Federal reserve system is in a position to observe changes in the total volume of reserve bank credit and of member bank credit not only for the country as a whole but in each Federal reserve district. It can furthermore note the general character of the growth in member bank loans and the elements in the demand for reserve bank credit. Under circumstances such as prevailed in the autumn of 1925, when the growth in member bank credit was largely in loans on securities, and when the growth in reserve bank credit was larger than the seasonal demand for currency, it was evident that a part of the member banks' borrowings at the reserve banks was for the purpose of building up their reserve balances. These balances did in fact increase considerably in the later months of the year. The increase in reserve requirements which occasioned the additional borrowing was in turn due in part to the growth in deposit liabilities arising from the increased volume of security loans. Considerations of this character were among the factors taken into account in November, 1925, when the series of discount rate advances discussed in an earlier paragraph of this report were put into effect. In view of the importance and the magnitude of the market for call and time loans on the New York stock exchange, and of the position this market occupies in the financial organization of the country, and Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE FEDERAL. RESERVE BOARD 17 particularly in the relation between member banks in New York City and their out-of-town correspondents to the Federal Reserve Bank of New York, the board decided at the end of 1925 to extend its reporting system by undertaking to collect and publish current information on the volume of loans made by the weekly reporting member banks in New York City to brokers and dealers in securities. These figures give the amount of loans made to brokers and dealers by the reporting banks on their own account, on account of out-of-town banks, and on account of others. The publication of these figures, which will be given out currently as part of the weekly statement of condition of the reporting member banks, will be useful in following movements in the money market and will put the lending banks, the brokers, and the investing public in a better position to form a sound judgment of the credit situation. These reports will also furnish to the reserve system fuller information concerning the relation between changes in loans made by member banks to finance security transactions and the borrowings by these banks at the Federal reserve banks. CREDIT PROBLEMS OF RESERVE BANKS OUTSIDE OF FINANCIAL CENTERS The relationship between the reserve banks and member banks at financial centers, which has been briefly discussed, is different from the relationship in other parts of the country more distant from organized money markets and where rates charged to customers by member banks change but slowly and are at all times considerably above the reserve bank discount rate. At the reserve banks located in the larger money markets member banks use a relatively large proportion of their funds in loans on securities and in the purchase of commercial paper or acceptances, all of which carry rates fixed in the open market and subject to relatively wide and rapid changes. At reserve banks in such districts the discount rate is more effective in influencing the demand for reserve bank credit than at reserve banks in districts where the bulk of member bank funds is used in making loans to regular customers at rates that respond but slowly to changes in the general credit situation. In addition to changes in the discount rate as a means of influencing the volume of borrowing by member banks, the Federal reserve act and the rules and regulations of the board establish rules of eligibility for paper that member banks may rediscount or may use as collateral in borrowing at the reserve banks. These requirements as to eligibility were intended not only to safeguard the liquidity and soundness of the assets of the reserve banks, but also to act as limitations on the extent of borrowings by member banks. In view of the large volume of United States Government securities owned by member banks and available as collateral for advances at the reserve banks, however, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

18 ANNUAL REPORT OF THE FEDERAL. RESERVE BOARD the limitations on eligibility of paper for discount, though they may in some cases be an influence on the volume of borrowing by an individual member bank, are not a considerable factor limiting the borrowing capacity of member banks as a whole. The reserve banks in the districts outside of the financial centers, therefore, in passing upon the loan applications of member banks consider not only the legal eligibility and soundness from the credit point of view of the paper presented for rediscount or as collateral for an advance, but also the general position of the borrowing bank, the volume and character of its outstanding loans and investments, and to some extent the character of its management. In taking into account these factors, the reserve banks are influenced by the consideration that funds obtained from the reserve bank on the best possible security may be utilized by the borrowing member bank in granting loans of a less satisfactory character. While the reserve bank would have under these conditions ample protection for its funds in case of liquidation of the member bank, by being a preferred creditor it would reduce the ability of the borrowing member bank to repay its depositors. The reserve banks further realize that while protecting the depositors of a member bank by refusing to assist it in extending unsafe loans they are also protecting the bank's borrowers from incurring obligations which they may not be able to repay. A bank loan obtained under such circumstances is in most cases of no real assistance to the borrower, but on the contrary is likely to make it more difficult for him to regain a sound financial condition. The fundamental interests of depositors and borrowers of a bank and of the community, which suffers in case of the bank's failure, are all best served by the maintenance by the bank of a sound and cautious lending policy. In encouraging the borrowing member bank to pursue such a policy the reserve banks act in accordance with the law creating them, which had as one of its purposes the establishment of a more effective supervision of banking in the United States. OPERATIONS OF THE FEDERAL RESERVE SYSTEM In the preceding pages there has been presented, as a background for the discussion of the reserve system's activities, a brief survey of business and banking developments in 1925. The following sections of this report will present in more detail the changes during 1925 in the condition of the Federal reserve banks and of member banks, and will give an account of the operations of the Federal reserve banks and branches and of administrative matters with which the Federal Reserve Board has dealt during 1925. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD 19 CONDITION OF THE FEDERAL RESERVE BANKS During the year 1925 the volume of reserve bank credit outstanding increased by about $250,000,000 to the largest total since the close of 1921. This increase in the demand for reserve bank credit was due to the extent of about $135,000,000 to an export demand for gold, which member banks obtained from the reserve banks; to the extent of about $50,000,000 it was due to a growth in deposits, consisting chiefly of member bank balances and made necessary by an increase in the member banks' deposit liabilities, and to the extent of about $65,000,- 000 to an increase in the demand upon the reserve banks for currency. This growth in the currency demands upon the reserve system reflected only to a minor extent (about $15,000,000) a growth in the volume of 500 4500 4000 1922 1923 192^ 1925 money in circulation, while for the most part it was due to the withdrawal from circulation by the Treasury of about $50,000,000 of national-bank notes, with a consequent need by the public of a corresponding amount of other currency to be supplied by the reserve banks. In an analysis of the factors explaining the increase in the volume of reserve bank credit outstanding at the end of 1925 as compared with the end of the preceding year, it appears, therefore, that gold exports account for more than one-half of the total, and that changes in the amount of money in circulation were a relatively minor factor. In the fluctuations of the volume of reserve bank credit from month to month, however, changes in the volume of money in circulation were the principal influence. This is brought out by the chart, in which the volume of reserve bank credit, as measured by daily average Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

20 ANNUAL BEPOET OF THE FEDERAL. RESERVE BOARD holdings by the reserve banks of bills and securities during each month, is compared with money in circulation, the figure used being the average of the total at the beginning and at the end of the month. ! Seasonal peaks in the demand for currency are reached in December of each year, and it is at that time that the volume of reserve bank credit is also in the largest volume. After the turn of the year, with the return flow of currency from circulation, the demand for reserve bank credit declines, and both money in circulation and reserve bank credit generally reach a low point in mid year, when the currency demand for crop moving and autumn trade begins, followed by the Christmas holiday demand, which carries the volume of currency and of reserve bank credit to the highest level at the close of the year. The position of the reserve banks, as indicated by the principal items in the condition statement for December 31, 1924, and December 30, 1925, is shown below. FEDERAL RESERVE BANKS [Amounts in thousands of dollars] Dec. 31, Dec. 30, Increase or 1924 1925 decrease Total reserves _ _ 3,047,054 2,822,133 -224,921 Total bills and securities _ _ _. 1,249,438 1, 500,827 +251,389 Bills discounted 314,128 749,672 +435, 544 Bills bought in open market 387,100 362,818 -24,282 United States Government securities. _ 540,160 377,032 -163,128 Other securities 2,050 3,205 + 1,155 Foreign loans on gold _ _ 6,000 8,100 +2,100 Due from foreign banks.- _ _ 641 642 + 1 Federal reserve notes ._ 1,862,062 1,835,010 -27,052 Total deposits _ _ _ 2,310, 668 2,357,141 +46,473 Member-bank reserve account 2,220,436 2,308,614 +88,178 Ratio of reserves to deposits and notes (per cent) 73.0 67.3 Contingent liability on bills purchased for foreign correspondents... 42,683 65,049 ""+22," §66 In the composition of reserve bank credit during the year the important change was an increase from $314,000,000 to $750,000,000 in discounts for member banks, and a decrease from $540,000,000 to $377,000,000 in holdings of United States securities. Deposits of the reserve banks increased by about $46,000,000, while Federal reserve notes in circulation decreased by $27,000,000. Cash reserves of the reserve banks declined by $225,000,000, partly as the result of gold exports and partly in consequence of the continued policy of some of the reserve banks of paying gold certificates into circulation. The banks' reserve ratio at the end of the year was 67.3 per cent, the lowest ratio in nearly five years. Contingent liability of the reserve banks on bills purchased for foreign correspondents increased considerably during the year and amounted at the end of December to more than $65,000,000. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD 21 CONDITION OF MEMBER BANKS The large volume of business and financial activity during 1925 was reflected in a growth of member bank credit that carried loans and investments of member banks at the end of the year to over $31,OOOOOO,OOO a larger total than at any previous time. The in- ; 7 crease for the year was about $2,173,000,000, nearly all of which represented an increase in the member banks7 loans, as the volume of their investments remained relatively constant during the year. That the growth in loans by member banks was largely in the form of loans on securities is indicated by figures for reporting member banks in leading cities, which showed for the year 1925 an increase of nearly $1,200,000,000 in total loans and of about $1,100,000,000 in loans on securities. Among the factors accounting for the rapid growth in member bank loans on securities have been the exceptionally heavy volume of domestic and foreign securities floated during the year, and the rise in security values, which made necessary a larger volume of credit for financing transactions in securities. The relatively small growth of loans for commercial and industrial purposes during a year of active business was due in part to the cautious attitude of business in reference to inventories, to an increase in the rapidity of merchandise turnover, to a great improvement in the efficiency of the transportation system, to a continued repayment of frozen loans, and to the policy of many corporations to fund their bank loans through the issue of long-term securities. Demand deposits of member banks increased by $1,284,000,000 during the year and time deposits bV $848,000,000. The amount of bankers' balances, however, declined by $327,000,000, the decrease taking place in the early part of the year when banks in the interior converted part of their balances with city correspondents into loans on securities on their own account. Bankers' balances had increased very rapidly in 1924, when money rates were exceptionally low, and with the rise of rates in 1925 it became more profitable for country banks to employ them in making collateral loans rather than to keep them as balances with banks in financial centers. The increase for the year in total deposits of member banks was about $1,867,000,000, compared with a growth in loans and investments of $2,173,000,000. The excess of the growth in loans and investments over the increase in deposits has been accompanied by an increase of $355,000,000 in the member banks' borrowings. In the following table are shown the principal items in the condition statement of member banks at the end of 1924 and of 1925, together with changes for the year: Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

22 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD ALL MEMBER BANKS f Amounts in thousands of dollars] Dec. 31, 1924Dec. 31, 1925 Increase or decrease Number of banks . 9,587 9,489 Loans 20,181,309 22,275, 285 +2,093,976 Investments 8,845, 279 8,924,231 4-78,952 Loans and investments 29, 026, 588 31,199, 516 +2,172,928 Demand deposits 1 17, 766,469 19,050,460 +1, 283,991 Time deposits ... 9,804, 738 10, 653, 028 +848, 290 United States deposits - 242, 482 304,131 +61, 649 Due to banks _ 4, 547,963 4,220, 582 -327, 381 Total deposits 32,361,652 34,228, 201 +1,866, 549 Bills payable and rediscounts 656, 743 1, 011,812 +355,069 i Including certified and cashiers' checks. OPERATING FUNCTIONS OF THE FEDERAL RESERVE BANKS In considering the relations between member banks and the reserve banks, emphasis is generally placed on the amount of accommodation extended by these banks to individual member banks or to all member banks combined. From the point of view of the service rendered by the system to its members, however, interest attaches to the number of member banks that use the discount facilities of the reserve bank. During 1925 the number of member banks accommodated through the discount of paper was 5,183, indicating that in the course of the year more than one-half of the member banks received direct accommodation from the reserve banks. Changes from month to month and from year to year in the number of banks accommodated by the reserve banks are not closely related to changes in the amount of reserve bank credit required by the member banks. Thus in November, 1925, the total volume of paper discounted by the reserve banks was $2,538,000,000, compared with $3,331,000,000 in October, while the number of banks accommodated increased from 2,796 to 2,876; and for the year 1925 the number of member banks discounting one or more times at the reserve banks was 5,183, compared with 6,941 in 1920, when the demand for reserve bank credit was at the peak, and the volume of discounts for the entire year was $85,321,000,000, while in 1925 it was $32,563,000,000. Discounts of smaller amounts may be of as much assistance to member banks at certain times as larger discounts are at other times, and the extent to which member banks use the discounting facilities of the reserve banks is reflected in the number of banks that apply for accommodation, a number which even at times of a relatively small demand for reserve bank credit includes in the course of a year a majority of the member banks. In addition to discounting and open-market operations, which affect the total volume of reserve bank credit in use and are the principal channels through which the system expresses its credit Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD 23 policy, the Federal reserve banks continuously render a large number of other services to member and nonmember banks. These other services include the handling of member bank reserves, the supplying of currency, the collection and clearance of checks, the collection of noncash items (drafts, notes, and coupons), the transfer of funds by wire, and the safekeeping of securities for member banks. In addition to these services rendered directly to banks are those rendered by the reserve banks functioning as fiscal agents and depositaries of the Federal Government. During 1925 the total volume of checks cleared through the reserve system aggregated more than $250,000,000,000, and since the bulk of these checks were deposited by member banks this indicates that the members' balances with the reserve banks, which are about $2,200,000,000, in order to take care of this volume of clearings, would have to be turned over on the average about twice a week. In the ordinary course of their transactions from day to day member banks constantly make deposits to be credited to their reserve accounts and make payments to be charged against these accounts. It is far from true, therefore, that member banks' reserve balances with the reserve banks, on which no interest is paid, are idle assets available for no purpose other than to meet legal requirements. On the contrary, in addition to their use as reserves, member bank balances are available as clearing accounts through which member banks can make continuous settlements with other banks in the most expeditious and economical manner. In their clearing operations, the twelve reserve banks handled during the year a total of 779,000,000 items. In 1925 the reserve banks collected practically free of cost to member banks noncash items (drafts, notes, and coupons) aggregating nearly $7,000,000,000, including the payment of over 44,000,000 United States Government coupons in the aggregate amount of $681,000,000, and the handling of over 5,000,000 of other noncash items in the aggregate amount of $6,116,000,000. In this year, also, the banks made 1,566,000 transfers of funds by wire over the telegraph wires of the Federal reserve system for an aggregate amount of approximately $110,000,000,000. In supplying currency and coin to member banks and for their account also to nonmembers the reserve banks pay out, receive, count, and ship to and from out-of-town banks notes and coin, and also redeem and replace unfit notes turned in from circulation. Currency and coin received and counted during the past year exceeded $12,000,000,000, or more than double the total amount of money in circulation outside of the United States Treasury and of the Federal reserve banks. 88169—26 3 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

24 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD The fiscal agency operations of the reserve banks include the sale and delivery of Government securities newly issued, the redemption of securities called for payment or matured, denominational exchanges, interchanges of coupon and registered bonds, transfers of ownership, purchases of securities in the open market for Government account, maintenance of Government deposit accounts with designated depositaries, and the custody of Government securities. Acting as depositaries for the Treasury, the reserve banks pay Government checks, warrants, and coupons, collect checks and noncash items for the account of the Treasury, withdraw Government deposits from depositary banks, transfer funds by telegraph, and render services formerly rendered through the subtreasury offices, including the replacing, exchange, and redemption of United States paper currency and coin. Expenses incurred by the reserve banks directly in connection with the issue of new securities are reimbursed by the Treasury, but all other expenses incurred in the discharge of their fiscal agency functions are absorbed in the operating costs of the reserve banks. EARNINGS AND EXPENSES AND VOLUME OF WORK OF THE FEDERAL RESERVE BANKS Gross earnings of the Federal reserve banks during 1925 aggregated $41,800,000, an increase of $3,460,000 over the $38,340,000 reported for 1924, and comparable with gross earnings of about $50,000,000 in 1922 and 1923. The larger earnings during 1925, notwithstanding a lower average rate of return on earning assets, were due to an increase of about 20 per cent in average daily holdings of bills and securities. Holdings of both discounted and purchased bills were considerably larger and those of United States securities considerably less than in the preceding year, with the result that earnings on United States securities decreased by $1,930,000 to $12,783,000, while earnings on discounted bills increased by $1,737,000 to $17,680,000 and on bills bought in open market by $3,394,000 to $9,104,000. The average rate of return on total bill and security holdings of the Federal reserve banks in 1925 was 3.51 per cent compared with 3.83 per cent the }^ear before, and the average rate on discounted bills was 3.67 per cent as compared with 4.25 per cent in 1924. Slightly lower average rates of earnings prevailed also for the other classes of bills and securities. Average daily holdings of each class of bills and securities, earnings therefrom, and annual rates of earnings 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 25 HOLDINGS OF BILLS AND SECURITIES, AND EARNINGS THEREFROM [Amounts in thousands of dollars] United Bills States All other disc B o i u ll n s ted b t m o h u e a g o r h k p t e e i t n n m G cu e o r n v it t e i r e s n e s - - s b e i c l u ls r i a ti n e d s Total Daily average holdings: 1923 _. 738,114 226,548 185,823 85 1,150,570 1924 374,834 172,428 401,365 1,690 950,317 1925._. 481, 515 287,329 358, 962 11, 701 1,139,507 Average rates of earnings (per cent): 1923. _ 4.46 4.14 4.01 4.50 4.33 1924.__ 4.25 3.31 3.67 3.61 3.83 1925 3.67 3.17 3.56 3.59 3.51 Earnings: 1923..- 32, 956 9,371 7,444 4 49,775 1924 _ 15, 943 5, 710 14,712 61 36,426 1925._ 17, 680 9,104 12, 783 419 39,986 Current operating expenses of the Federal reserve banks, exclusive of the cost of Federal reserve currency and of fiscal agency expenses reimbursed by the United States Treasury, aggregated $25,725,000 during 1925, as compared with $26,998,000 during 1924, a decrease for the year of $1,273,000. This decrease was due principally to the reduction in the amount of salaries paid to the clerical staff of the banks, which totaled $12,090,000 in 1925 compared with $13,289,000 in 1924. Salaries paid to officers declined by $142,000, while salaries paid nonclerical employees, including special officers and watchmen, guards, janitors, cleaners, other building employees, etc., increased by $80,000. This increase resulted from the fact that more of the reserve banks were occupying their own buildings in 1925 than in 1924, thus necessitating a larger force of building employees than was the case when they were occupying,rented quarters. As a result of the completion of new buildings the taxes on bank premises increased from $841,000 in 1924 to $1,293,000 in 1925. The decrease noted above in salaries paid to the clerical staff was due in no small part to the fact that the reserve banks, after having been established in their own buildings, were able to operate under more favorable working conditions than when they were occupying rented quarters where their operations were, in some cases, carried on in more than one building. The reduction in salary payments is especially noteworthy in view of the fact that the volume of work in the principal departments of the banks shows a substantial increase over the volume handled during the preceding year, the number of pieces of currency received and counted having increased from 1,838,- 000,000 in 1924 to 1,947,000,000 in 1925, the number of coins received and counted from 2,187,000,000 to 2,329,000,000, and the number of checks handled from 743,000,000 in 1924 to about 779 r 000,000 in 1925. These are the departments in which the larger part of the personnel of the Federal reserve banks is employed. The volume of work in the discount and in the fiscal agency departments Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

26 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD showed some falling off during the year, while the number of bills purchased in the open market and the number of transfers made for the account of member banks increased. The total number of employees of the Federal reserve banks on December 31, 1925, excluding those of the fiscal agency departments, was 9,486 compared with 9,964 at the end of 1924. Owing to continuing decrease in the volume of new securities placed by the Treasury, the cost of such work at the Federal reserve banks for which they asked the Treasury for reimbursement was only $167,330 in 1925 compared with $444,067 in 1924. The number of employees in fiscal agency departments, including those whose salaries are absorbed by the Federal reserve banks as well as those engaged in work for which reimbursement is received from the Treasury, declined from 484 at the end of 1924 to 359 at the end of 1925. The volume of operations in the principal departments at the Federal reserve banks during the past three years is shown in the following table: VOLUME OF OPERATIONS IN PRINCIPAL DEPARTMENTS 1925 1924 1923 NUMBER OF PIECES HANDLED Bills discounted: Applications 116, 000 129, 000 168, 000 Notes discounted 475,000 583, 000 782,000 Bills purchased in open market for own account 201, 000 143, 000 179,000 Currency received and counted _ _ 1,947,419,000 1,838,279, 000 1, 722,877, 000 Coin received and counted 2,329, 014, 000 2,186, 737, 000 2,076, 075, 000 Checks handled 778, 686,000 742, 878, 000 697, 502,000 Collection items handled: United States Government coupons paid 44,174, 000 50,471, 000 64,662, 000 All other . 5,467, 000 6,113,000 5, 732, 000 United States securities—issues, redemptions, and exchanges by fiscal agency department •_ 7,116,000 16,097, 000 i 114,409, 000 Transfers of funds 1, 566, 000 1,503, 000 1,413,000 Envelopes received and dispatched 37,222, 000 40,050,000 44, 932, 000 AMOUNTS HANDLED Bills discounted $32,562,620,000 $15,419,155,000 $38,379,926,000 Bills purchased in open market for own account 2,961,170, 000 2,172,142,000 2, 547, 010, 000 Currency received and counted 11,556,980,000 10,777,306, 00010,306,411,000 Coin received and counted 467, 732, 000 293,924,000 308, 051, 000 Checks handled.- - 258,611,276,000 219,832,179,000 207,719,529,000 Collection items handled: United States Government coupons paid 680,921, 000 719, 784, 000 761, 731, 000 Allother __ 6,116,958, 000 5, 509, 093, 0005, 900, 520,000 United States securities—issues, redemptions, and exchanges by fiscal agency department- _ 5, 578,995,000 6, 708,272, 0008,433,891,000 Transfers of funds 109,430,683,000 98,359, 028, 00078,867,108, 000 1 Large total due to redemption of war savings securities which matured January 1, 1923. As a result of larger gross earnings and smaller current expenses, the current net earnings of the Federal reserve banks aggregated $14,273,000 in 1925, as compared with $9,909,000 in 1924. Charges against current net earnings, authorized by the board, included $2,297,000 for depreciation on bank premises, $706,000 for furniture and equipment purchased during the year, $1,750,000 for reserves for probable losses on paper of failed banks, and $307,000 for re- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPOET OF THE FEDERAL. RESERVE BOARD 27 serves for self-insurance. Other deductions amounting to $242,000 were more than offset by credits to current net earnings aggregating $479,000. After making these deductions, there remained $9,449,000 net earnings available for dividends, surplus, and franchise taxes. Earnings at the Federal Reserve Bank of St. Louis were $93,540 less than current expenses, depreciation, and other charges, with the result that that bank had to charge this deficit, together with dividends amounting to $306,753, to its surplus account. Net earnings of the Federal Reserve Bank of Atlanta amounted to $26,191 and dividend payments to $276,488, the part of the dividend payments not covered by net earnings, $250,297, being charged to the bank's surplus account. All the other Federal reserve banks had sufficient net earnings to pay all accrued dividends. Of the banks whose earnings were in excess of dividend requirements, Boston, New York, Philadelphia, Cleveland, Richmond, Chicago, and Dallas transferred to surplus account, as authorized by law, the entire balance of net earnings remaining after the payment of dividends, as their surplus accounts are less than their subscribed capital, while the Minneapolis and Kansas City banks, whose surplus accounts are in excess of subscribed capital, transferred 10 per cent of their net earnings remaining after the payment of dividends, or $6,589, to surplus account, and paid the balance, $59,300, to the United States Government as a franchise tax, the amount of the tax paid by Minneapolis being $37,255, and by Kansas City, $22,045. Total dividend payments by all Federal reserve banks during the year amounted to $6,916,000 and the net increase in their surplus accounts to $2,474,000. Gross and net earnings of each Federal reserve bank during the year, dividends paid to member banks, amounts transferred to or withdrawn from surplus account, and amounts paid to the Government as a franchise tax are shown in the following table: FINANCIAL RESULTS OF OPERATION OF THE FEDERAL RESERVE BANKS DURING 1925 Surplus account Net earnings available for Franchise Federal reserve bank Gro i s n s g e s arn- su d r iv p i l d u e s n , d a s n , d Div p i a d i e d nds Transfers With- ta U x n p it a e i d d franchise tax to dr f a ro w m als States Boston $3, 288, 546 $1,140,581 $502,648 $637,933 New York 10,217,174 3,103,298 1,215,102 Philadelphia.. 3,135, 550 1,078,120 673, 212 404, 908 Cleveland 4,013,456 1,210, 576 778,811 431,765 Richmond 2,182,460 576,110 358,162 217, 948 Atlanta 2,072,378 26,191 276,488 $250, 297 Chicago 5,424,663 1,121,273 934,016 187, 257 St. Louis 2,055, 637 1 93, 540 306, 753 400,293 Minneapolis.. 1,438,341 234, 954 193, 560 4,139 $37,255- Kansas City.. 2, 309, 985 282, 921 258,426 2,450 22,045. Dallas 1,813, 626 278,135 255,239 22,896 San Francisco. 3, 848, 890 490,447 490,447 Total... 41,800, 706 9,449,066 6, 915,958 3,124, 398 650, 590 59,300 Digitized for Fi RDAefSicEit Rin earnings before payment of dividends. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

28 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD BUILDING OPERATIONS OF FEDERAL RESERVE BANKS Completion of the bank building at St. Louis, which was occupied by the Federal reserve bank in June, brings to a close the construction of permanent quarters for the Federal reserve banks. Buildings to house the Little Rock, Denver, and Omaha branches were also completed in 1925, as well as an addition to the building occupied by the Louisville branch. Construction of an annex to the Philadelphia building was begun during the year, and remodeling of the annex building at New York, which was undertaken on completion of the bank's main building with a view to adapting it for rental purposes, was practically completed. Construction of buildings on the sites owned at Birmingham and Salt Lake City has been authorized, and arrangements have been made to provide space for the Cincinnati branch in the building to be constructed by the Chamber of Commerce on the site owned by the Federal Reserve Bank of Cleveland, which has been leased to the Chamber of Commerce for a period of 99 years with an option to purchase. All of the Federal reserve banks and thirteen of the Federal reserve branch banks are now housed in their own buildings. No buildings or building sites have been acquired for the branches at Buffalo, Memphis, Seattle, Spokane, Los Angeles, and Portland. Tables showing the cost of building operations at each Federal reserve bank and branch will be found on page 122. BRANCHES AND AGENCIES OF THE FEDERAL RESERVE BANKS No additional branches or agencies of Federal reserve banks were authorized during the year and no changes have been made in the character of business transacted by the existing branches and agencies. The directors of the Federal Keserve Bank of Richmond were given a hearing in the early part of 1925 on their request, submitted in the latter part of 1924, for authority to establish a branch of the Federal reserve bank to serve the southwestern portion of the fifth Federal reserve district. Upon the disapproval of the request by the Federal Reserve Board, formal application was made by the directors of the Richmond bank for a rehearing, which was granted by the board on January 15, 1926. 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, 1924, and 1925: Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD 29 1923 1924 1925 Checks handled: Number of items 207,187,000 222,622,000 230,685,000 Amount $53,197,150,000 $54, 763,840,000 $60,989,227,000 Currency received and counted: Number of pieces 397,973,000 433,582,000 451,132,000 Amount __ $2,415,356,000 $2,468,886,000 $2,621,983,000 Coin received and counted: Number of pieces 353,158,000 387,200,000 393,994,000 Amount $55,633,000 $60,199,000 $63,619,000 Current expenses of the 23 branches and 3 agencies during 1925 were $5,343,000, as compared with $5,747,000 in the preceding year. CHANGES IN MEMBERSHIP On December 31, 1925, 9,489 banks with resources of $41,425,295,- 000 were members of the Federal reserve system; of this number 8,048 with resources of $25,839,450,000 were national banks and 1,441 with resources of $15,585,845,000 were State banks and trust companies. During the year 1925 the number of national banks increased by 5 and the number of State-bank and trust-company members declined by 103, with a consequent net reduction of 98 in the number of member banks. Notwithstanding the decline in the number of member banks, total resources showed an increase during the year of $2,438,428,000, of which $1,470,459,000 was in the resources of national banks and $967,969,000 in the resources of State member banks. The decline in the number of member banks during the year is accounted for largely by decreases incidental to mergers, suspensions, and voluntary liquidations which terminated the existence of member banks, as is shown in the following table: CHANGES IN MEMBERSHIP IN THE FEDERAL RESERVE SYSTEM, DECEMBER 31, 1924, TO DECEMBER 31, 1925 Number of banks Active member banks, Dec. 31, 1924 _ _ _ 9,587 Banks joining the system _._ 236 Banks withdrawing from the system l _ _ 101 135 Net increase from banks joining and withdrawing _._ _ Banks lost to membership through mergers between member banks, suspensions, etc. Net decrease for the year Active member banks, Dec. 31, 1S25 1 Includes 42 withdrawals which were incidental to the absorption of member banks by nonmember banks. In 1925, 236 banks joined the Federal reserve system and 101 banks withdrew from membership. Thus there was a net addition of 135 to the membership of the system through the exercise of the banks7 option with regard to the assumption or relinquishment of Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

30 ANNUAL REPORT OF THE FEDERAL, RESERVE BOARD membership. Against this voluntary accession to membership there was a decrease of 233 in membership resulting from mergers between member banks, from bank suspensions, and from other causes not related to the banks' choice in the matter of membership. Of the 236 banks that joined the system, 120 were newly organized national banks, 69 were nonmember banks that were converted into national banks, 40 were nonmember banks that were admitted to membership as State institutions, and 7 were banks previously closed which resumed operations during the year. Of the banks that withdrew from the system, 37 were member State banks that withdrew as such after advance notice to the Federal Reserve Board, and 64 were member banks that dropped out of the system because they were absorbed or succeeded by nonmember banks; the latter include 42 withdrawals incidental to the absorption of member by nonmember banks, which in many instances did not represent the exercise of the banks' option regarding membership in the system. The other decreases in membership were the consequence of 71 mergers between member banks, 13 voluntary liquidations terminating the banks7 operations, 147 suspensions and insolvencies, and 2 compulsory withdrawals. In the following table changes in membership are shown in detail, by class of bank, for the year 1925: CHANGES IN MEMBERSHIP IN THE FEDERAL RESERVE SYSTEM DURING 1925, BY CLASS OF BANK Member banks Number Resources (in thousands of National State Total dollars) Active member banks, Dec. 31, 1924.. 8,043 1,544 9,587 38, 986,867 Additions to membership: Organization of national banks 120 120 17,844 Conversion of nonmember banks to national. 69 36, 029 Admission of State banks 40 139,865 Resum ption following suspension 5 7 2,785 Conversion within the system 145 2 (235,171) Total additions. 239 43 236 196, 523 Losses to membership: Merger of member banks— Intraclass 42 11 53 2 (360,159) Interclass 12 6 18 2 (115,255) Voluntary liquidation (terminal) 12 1 13 8,211 Suspension or insolvency 118 29 147 101, 209 Absorption of member by nonmember banks._ 28 14 42 37, 640 Conversions of member to nonmember banks. 21 1 22 12,411 Withdrawal of State banks 39 39 32,008 Conversion within the system 145 2 (235,171] Total losses. 234 146 191, 479 Net change.. +5 -103 -98 3+2,438,428 Active member banks, Dec. 31,1925.. 8,048 1,441 " '"" 41,425,295 1 Changes not affecting total number of member banks. 2 Changes not affecting total resources of member banks. 8 Includes changes in resources due to reorganization, growth, contraction, etc., in addition to changes enumerated. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD 31 BANKS ON PAR LIST The number of nonmember banks on the par list, i. e., nonmember banks which have agreed to pay without deductions for so-called exchange such checks drawn upon them as are presented for payment by the Federal reserve banks, decreased from 15,445 at the end of 1924 to 14,643 at the end of 1925, while the number of banks not on the par list increased from 3,647 at the end of 1924 to 3,970 at the end of 1925. The principal increases in the number of banks not on the par list took place in the Minneapolis, St. Louis, and Chicago districts. The following table shows the number of member banks at the end of 1925, all of which are on the par list, and the number of nonmember banks on the par list and not on the par list at the end of 1924 and 1925: NUMBER OF MEMBER BANKS AT THE END OF 1925 AND NUMBER OF NON- MEMBER BANKS ON PAR LIST AND NOT ON PAR LIST AT THE END OF 1925 AND 1924 Member banks Nonmember banks Federal reserve district Total ti N o a n - al State On par list Not l is o t n i par 1925 1925 1924 1925 1924 Boston 420 382 38 246 234 New York 880 734 146 391 381 Philadelphia . .. 753 671 82 513 519 Cleveland 863 - 747 116 1,073 1,075 10 10 Richmond- 604 548 56 712 743 687 715 Atlanta _ _. 495 379 116 366 383 1,102 1,105 Chicago 1,398 1,051 347 3,808 3,927 260 218 St. Louis __ 628 498 130 2, 111 2,225 401 332 Minneapolis 829 744 85 1,185 1,498 1,062 853 Kansas City ._ 1,027 994 33 2,667 2,747 205 204 Dallas . 852 725 127 768 862 182 153 San Francisco _ 740 575 165 803 851 61 57 System . 9,489 8,048 1,441 14, 643 15, 445 3,970 3,647 i Incorporated banks other than mutual savings banks. BANK SUSPENSIONS A survey of bank suspensions in 1924 and 1925, made during the past year, shows that in 1925, 612 banks with deposits of $172,900,000 suspended operations, as against 777 banks with deposits of $213,- 444,000 in 1924. Of the banks suspended in 1925, 146 with deposits of $67,264,000 were member banks and 466 with deposits of $105,- 636,000 were nonmember banks. The board's reports on bank suspensions cover all banks in the country, whether incorporated or unincorporated, which were declared insolvent or were closed to the public by order of supervisory authorities, and it is not known how many of the institutions thus reported may ultimately prove to be solvent or be restored to solvency. The record of suspensions during 88169—26 4 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

32 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD 1924 and 1925 is summarized, by class of banks, in the following table: BANK SUSPENSIONS DURING 1924 AND 1925 [Amounts in thousands of dollars] Number Capital Total deposits 1925 1924 1925 1924 1925 1924 All banks 612 777 24,441 28,373 172,900 213,444 Member banks, total 146 159 9,920 10,305 67,264 74,469 National .. 118 122 7,970 7,660 58, 537 60,889 State 28 37 1,950 2,645 8,727 13, 580 Nonmember banks 466 618 14, 521 18,068 105, 636 138,975 Most of the suspended banks in both years were small institutions and most of them were located in small centers. In both years about 40 per cent of the closed banks had capital of less than $25 000 7 and about 70 per cent had capital of less than $50,000. The average amount of deposits per bank for nonmember banks suspended in 1925 was about one-fourth the average amount of deposits per bank for all nonmember banks, and the average amount of deposits of suspended member banks was about one-seventh of the average amount of deposits for all member banks. A classification of the suspended banks, by size of the centers in which the banks were located, shows that, of the banks suspended in 1925, 37 per cent were located in towns with a population of less than 500; 78 per cent were in towns with a population of less than 2,500, and 96 per cent were in towns and cities of less than 25,000 population. In the following table bank suspensions for 1925 are classified for the major geographic divisions of the country, by size of the centers in which the banks were located. The distribution of suspensions, by size of towns in 1924, was similar to that in 1925. BANK SUSPENSIONS DURING 1925, BY SIZE OF TOWN OR CITY Number of suspended banks in towns or cities with popula- Total tion of— number of bank suspen- Less 500 1,000 1,500 2,500 5,000 10,000 25,000 sions than to to to to to to and 500 999 1,499 2,499 4,999 9,999 24,999 over New England States 2 1 1 Eastern States 10 1 1 2 6 Southern States 171 51 39 2l 16 23 9 11 1 Middle Western States 213 86 46 19 23 18 10 5 6 Western States 192 83 42 23 12 13 9 10 Pacific States 24 4 3 4 4 6 3 Total United States... 612 226 130 67 56 60 32 18 23 Percent of total number 100 36.9 21.2 11.0 9.2 9.8 5.2 2.9 3.8 Cumulative per cent of total number__. . 100 36.9 58.1 69.1 78.3 88.1 93.3 96.2 100.0 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL EBPOKT OF THE FEDERAL RESERVE BOARD 33 Both in 1924 and in 1925 bank suspensions were most numerous in the Minneapolis, Chicago, and Kansas City districts. Of the banks closed in 1925, 354 were in these districts, and these banks had deposits of $107,809,000, about 60 per cent of the total deposits of the banks suspended during the year. The following table shows the number, capital, and deposits of all suspended banks, by districts, for 1924 and 1925. BANK SUSPENSIONS DUEING 1924 AND 1925, BY DISTRICTS [Amounts in thousands of dollars] All banks (member and nonmember) Federal reserve district Number Capital Deposits 1925 1924 1925 1924 . 1925 1924 All districts 612 777 24,441 28,373 172, 900 213, 444 Boston _ _ _ 2 1 125 150 1,298 1,605 New York 6 85 1,746 Philadelphia _ _ 3 2 355 125 2,665 901 Cleveland 14 6 730 129 9,624 1,137 Richmond _ _. _. 68 43 2,615 1,654 13,182 5,822 Atlanta 44 48 2,104 1,974 6,079 5,002 Chicago 109 108 4,961 4,622 34,126 36,950 St Louis 53 53 1,761 1,903 11,942 13,674 Minneapolis 168 295 4,724 9,084 44, 985 85,539 Kansas City 77 133 3,433 4,142 28,698 34, 763 Dallas 50 53 2,498 3,108 11,830 19,612 San Francisco 24 29 1,135 1,397 8,471 6,693 CHECK CLEARING AND COLLECTION Atlanta par clearance case.—On February 11, 1926, the United States Circuit Court of Appeals for the Fifth Circuit rendered a decision affirming the decision of the United States District Court for the Northern District of Georgia in the case of PascagoulaNational Bank v. Federal Reserve Bank of Atlanta, 3 Fed. (2d) 465, which was published in full in the board's annual report for the year 1924, commencing on page 231. This suit differs from the former par clearance cases in 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. On August 9, 1924, 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 Eeserve 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: Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

34 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD (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 banks may be; (2) Permit the plaintiff to charge exchange on checks drawn upon it and presented for payment by or through the Federal reserve banks; and (3) Prohibit the Federal reserve bank from handling checks for any banks other than its own members and, for its own members, 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. At a hearing held on October 2 and 3 1924, the District Court ; denied a preliminary injunction and dismissed the Federal Reserve Board from the suit on the ground that under the terms of section 51 of the Judicial Code it could not be sued in the Northern District of Georgia without its consent. On December 15 the case was argued in the District Court on its merits and on December 29, 1924, the court rendered a decision dismissing the bill and holding 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 "Hardwiek 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 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE FEDERAL. RESERVE BOARD 35 (4) That the provision in the "Hardwick amendment/7 which has the effect of requiring member banks to pay, without deduction, checks drawn on them when presented by Federal reserve banks r 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. The plaintiffs immediately appealed the case direct to the Supreme Court of the United States on the ground that it involved a constitutional question; and on November 30, 1925, the Supreme Court issued an order transferring the case to the Circuit Court of Appeals for the Fifth Circuit, on the ground that the constitutional question raised by the plaintiff was not sufficiently substantial to support the court's jurisdiction on a direct appeal and, that, therefore, the case should have been appealed to the Circuit Court of Appeals instead of the Supreme Court. This was tantamount to a holding by the Supreme Court that the provision of section 13 of the Federal reserve act which forbids Federal reserve banks to pay exchange charges on checks and forbids member banks to impose such charges on checks collected through Federal reserve banks is constitutional. The case was argued before the Circuit Court of Appeals on January 20 and 21, 1926, and that court rendered a decision on February 11, 1926, affirming the decision of the District Court on all points. Judge Foster, however, rendered a dissenting opinion. The opinion of the Circuit Court of Appeals and also the dissenting opinion of Judge Foster will be found on pages 278-281. Cleveland and San Francisco par clearance cases.—In former annual reports the board has discussed the par clearance suits which have been pending for several years past against the Federal reserve banks of Cleveland and San Francisco. The Brookings State Bank, of Brookings, Oreg., which had originally brought an injunction suit against the Federal Reserve Bank of San Francisco, followed this with an action for damages to compensate it for losses alleged to have been caused by the collection methods employed by the reserve bank. This action for damages came to trial during the past year and on June 9 a verdict was returned by the jury awarding to the plaintiff $1 actual damages and $17,500 punitive damages. Judgment was rendered accordingly. An appeal was taken from this judgment to the Circuit Court of Appeals, but the case was settled out of court while the appeal was pending. The Farmers and Merchants Bank of Catlettsburg, Ky., also followed its injunction suit against the Federal Reserve Bank of Cleveland by bringing an action at law in the Federal district courts, both in Kentucky and in Ohio, for compensatory and punitive dam- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

36 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD ages. During 1925 these cases, together with the injunction suit, were settled out of court by the parties involved. TRUST POWERS OF NATIONAL BANKS During the year 1925 the board has granted 178 original and 13 supplemental applications by national banks for permission to exercise trust powers in accordance with the provisions of section 11 (k) of the Federal reserve act. On December 31, 1925, the total number of national banks holding permits from the board to exercise trust powers was 1,951, a list of which, with the powers granted, will be found on pages 237-255. ADMINISTRATION OF THE CLAYTON ACT In each of its annual reports beginning with 1921 the board has pointed out certain difficulties in administering the Kern amendment to the Clayton Act and certain illogical and inequitable situations created by the unscientific modus operandi of that provision and has recommended the enactment of an amendment to remedy the situation. Bills to this effect were introduced during the Sixty-eighth Congress, both in the Senate and in the House, but no action was taken with respect thereto. The board wishes again to renew its recommendation that an amendment to the Clayton Act in substantially the same form as that suggested in former annual reports be enacted for the reasons stated. In the year 1925 the board received and considered 295 applications for permission to serve in interlocking bank directorates. The Comptroller of the Currency reported 45 alleged violations of section 8 of the Clayton Act; these the board investigated and, where necessary, required the bank directors involved to comply with the law wherever it was being violated. BANKS, CORPORATIONS, OR FIRMS The board wishes to call attention to numerous complaints which it has received during a number of years past about the use of the words "Federal" or "Reserve" or a combination of the two as part of the title of banks, corporations, or firms other than Federal reserve banks. In most of the instances called to the board's attention' it is obvious that these words have been employed in an attempt to take advantage of the prestige enjoyed by the Federal reserve banks and to arrogate to the firms or corporations using such words a part of the benefits accruing from this prestige, and the board has felt not only that this purpose is in itself objectionable but also that such use of these words is likely to mislead the public and to cause confusion. Indeed, in several instances it has been found that the use of these Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD 37 words by firms or corporations, other than Federal reserve banks or other Federal corporations, actually has led to confusion. The board has always opposed such use of these words and feels that there is a necessity for legislation which would prevent abuses of this character. MEETINGS OF FEDERAL ADVISORY COUNCIL Four meetings of the Federal Advisory Council were held in Washington during 1925 on the following dates: February 16, May 22, September 21, and December 1. CONFERENCES HELD BY THE FEDERAL RESERVE BOARD The Federal Reserve Board, as usual, conferred with the Federal Advisorv Council on the occasion of each of its meetings during; the year. The governors of the Federal reserve banks met in Washington on April 6-8 and the governors of the Federal reserve banks and Federal reserve agents conferred, separately and jointly, on October 28- November 5. At both conferences special sessions were held at which the board was in attendance. ORGANIZATION, STAFF, AND EXPENDITURES Hon. D. R. Crissinger, whose term as governor of the Federal Reserve Board expired on April 30, 1925, and Hon. Edmund Platt, whose term as vice governor expired on August 10, 1925, were redesignated by the President. Mr. W. W. Stewart, who had been director of the Division of Research and Statistics since September 16, 1922, resigned at the end of the year, effective January 31, 1926. The total cost of conducting the work of the board during the year 1925 was $691,056.07. To meet these expenses the board levied two assessments against the^ Federal reserve banks aggregating $709,499.19, 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 CO 00 No. 1.—DISCOUNT RATES—CHANGES DURING 1923, 1924, AND 1925 ON ALL CLASSES AND MATURITIES OF DISCOUNTED BILLS [Per cent] Federal reserve bank 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 p in o n li e s a- K C an it s y as Dallas San ci s F c r o an- In effect Jan. 1, 1923 4 4 2 W% 4M 4H 4H 4H 4 s Changes effective— 1923—Feb 23 MM Mar 6 4H 1924—May 1 4 June2 - 4 June 10 _- 4 June 12 3M ! June 14 4 4 June 18 4 June 19 23H 4 June 26 . ._ _ - 3K July 1 4 July 16 4 Aug 8 - _ 3 Aug 15 3^ Aug 25 - 3H Oct. 15 4 1925—Feb. 27 3H Nov 10 4 Nov. 17 . 4 Nov. 20 4 Nov. 23. _ 4 o In effect Dec 31 1925 4 3H 4 4 4 4 4 4 4 4 4 4 1 5 per cent on 6-9 month agricultural and livestock paper from Apr. 7, 1923, to June 11, 1924, inclusive. 2 5 per cent on 6-9 month agricultural and livestock paper from Apr. 19,1923, to June 25,1924, inclusive; A.y per cent on 91-day to 6-month agricultural and livestock paper from 2 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 Mar. 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.?j5; Minneapolis, Apr. 11; Kansas City, Apr. 14; Dallas, Apr. 12; San Francisco, Mar. 21. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 2.—AVERAGE RATES CHARGED ON DISCOUNTED BILLS [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 1924 1923 1925 Boston... 3 50 3 50 3 50 3.50 3 50 3 50 3 50 3 50 3 50 3 50 3.83 4.00 3.59 4.10 4.42 a N C Ph e le i w l v a e d Y l e a o lp n rk h d i . a .. 3 3 3 . . 5 5 0 0 0 0 3 3 3 . . . 5 5 0 0 0 3 3 3 3 . . 5 5 5 0 0 0 3 3 3 . . . 5 5 5 0 0 0 3 3 3 . . 5 5 5 0 0 0 3 3 3 . . 5 5 5 0 0 0 3 3 3 . . . 5 5 5 0 0 0 3 3 3 . . 5 5 5 0 0 0 3 3 3 . . 5 5 5 0 0 0 3 3 3 . . 5 5 5 0 0 0 3 3 3 . . . 7 6 5 5 8 0 4 3 4 . . . 0 0 5 0 0 0 3 3 3 . . . 5 5 4 9 8 3 4 4 3 . . . 0 9 1 7 2 1 4 4 4 . . . 5 5 4 0 0 2 d o 3 Richmond 4 00 4.00 4 00 4 00 4 00 4 00 4.00 4 00 4 00 4.00 4.00 4.00 4.00 4.28 4.50 Atlanta 4 00 4 00 4 00 4 00 4 00 4 00 4 00 4 00 4 00 4 00 4 00 4 00 4 00 4.32 4.50 Chicago-. .. 4 00 4.00 4 00 4 00 4 00 4 00 4 00 4 00 4 00 4 00 4.00 4.00 4.00 4.33 4.50 > St. Louis 4.00 4.00 4.00 4.00 4.00 4.00 4.00 4.00 4.00 4.00 4.00 4.00 4.00 4.34 4.50 O Minneapolis 4.00 4.00 4.00 4.00 4.00 4.00 4.00 4.00 4.00 4.00 4.00 4.00 4.00 4.45 4.50 o Kansas City _ 4 00 4.00 4 00 4.00 4 00 4 00 4.00 4 00 4 00 4.00 4.00 4.00 4.00 4.40 4.50 Dallas 4 00 4 00 4 00 4 00 4 00 4 00 4 00 4 00 4 00 4 00 4.00 4.00 4.00 4.34 4.50 3 San Francisco _ 3.50 3.50 3.50 3.50 3.50 3.50 3.50 3.50 3.50 3.50 3.67 4.00 3.58 4.30 4.44 All banks: 1925 3.53 3.44 3.68 3.73 3.71 3.69 3.68 3.70 3.70 3.69 3.77 3.86 3.70 3 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 6.45 6.49 6.02 1919 4.18 4.14 4.15 4.18 4.16 4.19 4.14 4.12 4.18 4.19 4.53 4.67 4.26 1918 4.02 4.02 4.08 4.23 4.35 4.42 4.37 4.25 4.24 4.21 4.20 4.18 4.26 IS CO 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 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 1924 1923 1925 Boston. 3.50 3.50 3.50 3.50 3.50 3.50 3.50 3.50 3.50 3.50 3.68 3.99 3.58 4.18 4.41 New York 3.00 3.01 3.41 3.47 3.49 3.50 3. 50 3.50 3.50 3.50 3.50 3.50 3.43 3.97 4.41 Philadelphia 3.50 3.50 3.50 3.50 3.50 3.50 3.50 3.50 3.50 3.50 3.58 3.94 3.56 4.12 4.50 Cleveland 3.50 3. oO 3.50 3.50 3.50 3.50 3.50 3.50 3.50 3.50 3.63 3.94 3.58 4.17 4.50 o w Richmond _ _ _- 4.00 4.00 4.00 4.00 4.00 4.00 4.00 4.00 4.00 4.00 4.00 4.00 4.00 4.32 4.50 Atlanta - 4.00 4.00 4.00 4.00 4.00 4.00 4.00 4.00 4.00 4.00 4.00 4.00 4.00 4.36 4.50 H Chicaco 4.00 4.00 4.00 4.00 4.00 4.00 4.00 4.00 4.00 4.00 4.00 4.00 4.00 4.37 4. 50 St Louis . - 4.00 4.00 4.00 4.00 4.00 4.00 4.00 4.00 4.00 4.00 4.00 4.00 4.00 4.39 4. 50 Minneapolis 4.08 4.01 4.02 4.03 4.00 4.00 4.00 4.00 4.00 4.00 4.00 4.00 4.00 4.49 4.52 Kansas City . -- 4.00 4.00 4.00 4.00 4.00 4.00 4.00 4.00 4.00 4.00 4.00 4.00 4.00 4.46 4.50 Hi Dallas 4.00 4.00 4.00 4.00 4.00 4.00 4.00 4.00 4.00 4.00 4.00 4.00 4.00 4.40 4.50 S<in Francisco 3.50 3.50 3.50 3.50 3.50 3.50 3.50 3.50 3.50 3.50 3.59 3.97 3.57 4.33 4.42 All banks: 1925.... 3.55 3.42 3.60 3.66 3.69 3.69 3.68 3.68 3.66 3.66 3.71 3.84 3.67 1924. 4.50 4.50 4.50 4.50 4.45 4.35 4.11 3.99 3.85 3.75 3.69 3.59 4.25 1923.-.- 4.26 4.24 4.45 4.49 4.50 4.50 4.50 4.50 4.50 4.50 4.50 4.50 4.46 1922... 4.99 4.90 4.83 4.75 4.68 4.61 4.50 4.47 4.42 4.36 4.29 4.29 4.63 1921 6.30 6.37 6.36 6.32 6.29 6.20 6.09 5.91 5.85 5.69 5.39 5.11 6.07 r 1920 4.71 5.20 5.47 5.58 5.66 5.89 6.13 6.19 6.22 6.35 6.41 6.42 5.88 1919 4.21 4.18 4.16 4.16 4.15 4.20 4.15 4.13 4.17 4.15 4.40 4.55 4.23 1918-... 3.94 4.02 3.94 4.14 4.38 4.31 4.40 4.35 4.27 4.22 4.27 4.29 4.24 CO 1917 4.01 4.02 4.14 3.92 3.82 3.49 3.82 3.77 3.79 3.47 3.42 3.75 3.61 1916 4.18 4.15 4.21 4.17 4.24 4.36 4.24 4.31 4.43 4.35 4.08 3.81 4.20 £ § Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 4.—AVERAGE RATES CHARGED ON BILLS BOUGHT IN OPEN MARKET [Per cent] 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- Year 1924 1923 1925 Boston 3.00 3.05 3.19 3.17 3.17 3 21 3.27 3.29 3.45 3.46 3.46 3.43 3.32 2.90 4.14 New York. _. 3.00 3.10 3.15 3.10 3.10 3 13 3.08 3.09 3.31 3.30 3.31 3.31 3.16 2.93 4.11 w Philadelphia 3.04 3.06 3.19 3.17 3.25 3.24 3.25 3.26 3.41 3.41 3.40 3.42 3.24 3.40 4.15 O Cleveland 3.02 3.07 3.18 3.19 3.16 3.19 3.24 3.25 3.43 3.45 3.47 3.48 3.20 3.09 4.17 Richmond 3.04 3.10 3.19 3.19 3.17 3 21 3.24 3.27 3.51 3.56 3.54 3.56 3.25 4.01 4.29 Atlanta 3.44 3.22 3.24 3.26 3.23 3.25 3.28 3.47 3.45 3.48 3.46 3.43 3.41 3.74 4.21 Chicago 3.01 3.09 3.22 3.22 3.19 3 23 3.30 3.26 3.43 3.44 3.48 3.51 3.28 3.31 4.21 St. Louis. . _ 2.95 3.07 3.17 3.16 3.15 3.18 3.26 3.25 3.45 3.39 3.42 3.28 2.86 4.09 Minneapolis 3.09 3.15 3.17 3.15 3.17 3.29 3.23 3.42 3.42 3.38 3.41 3.24 3.66 4.07 Kansas City 2.96 3.09 3.15 3.18 3.13 3.18 3.26 3.25 3.43 3.43 3.43 3.28 2.90 4.37 o Dallas.. 3.01 3.02 3.16 3.18 3.16 3.22 3.25 3.24 3.44 3.43 3.43 3.42 3.32 3.26 4.16 San Francisco 3.00 3.05 3.19 3.17 3.18 3.20 3.24 3.24 3.43 3.43 3.41 3.42 3.25 2.95 4.17 All banks: 1925 . . 3.01 3.08 3.18 3.16 3.16 3.19 3.24 3.26 3.42 3.43 3.43 3.42 3.26 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 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 H w. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 5.—AVERAGE RATES EARNED ON BILLS BOUGHT IN OPEN MARKET AND FROM OTHER FEDERAL RESERVE BANKS to [Per cent] 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- Year 1924 1923 1925 Boston 2.57 2.82 3.05 3.11 3.16 3.18 3.21 3.23 3.31 3.39 3.43 3.47 3 19 3.18 4.13 New York 2.67 2.87 3.06 3.11 3.13 3.16 3.15 3.19 3.33 3.32 3.32 3.34 3.08 3.01 4.11 Philadelphia 2.67 2.98 3.07 3.13 3.17 3.19 3.23 3.26 3.29 3.34 3.40 3.43 3.17 I 3.58 4.13 Cleveland 2.92 2.87 3.05 3.13 3.17 3.18 3.20 3.23 3.28 3.37 3.43 3.47 3 12 3.52 4.15 Richmond 3.04 3.05 3.11 3.16 3.18 3.18 3.20 3.24 3.32 3.44 3.51 3.56 3.23 4.18 4.27 Atlanta. _ _ 2.95 3.20 3.20 3.21 3.21 3.18 3.20 3.24 3.34 3.40 3.41 3.43 3.33 3.77 4.19 Chicago.. 2.70 2.89 3.08 3.13 3.15 3.17 3.19 3.22 3.29 3.36 3.40 3.43 3.16 3.48 4.15 St. Louis 2.72 2.88 3.05 3.13 3.15 3.16 3.17 3.22 3.24 3.39 3.41 3.42 3.16 2.91 4.07 Minneapolis 2.32 3.04 3.10 3.13 3.15 3.15 3.20 3.23 3.29 3.35 3.41 3.34 3.24 3.73 4.13 Kansas City . .. 2.66 2.89 3.07 3.13 3.13 3.14 3.18 3.23 3.29 3.37 3.40 3.44 3.20 3.06 4.26 Dallas 2.68 2.86 3.02 3.13 3.16 3.16 3.17 3.21 3.32 3.39 3.41 3.41 3.18 3.66 4.13 San Francisco 2.69 2.87 3.03 3.13 3.24 3.18 3.19 3.23 3.28 3.37 3.40 3.44 3.12 3.26 4.14 All banks: 1925 2.70 2.88 3.06 3.13 3.16 3.17 3.19 3.24 3.32 3.37 3.40 3.43 3.17 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 1918 3.64 3.79 3.92 4.18 4.36 4.25 4.24 4.38 4.19 4.25 4.36 4.33 4.14 1917 2.80 3.02 3.19 3.10 3.15 3.16 3.23 3.19 3.35 3.40 3.53 3.43 3.26 1916 2.09 2.07 2.04 2.04 2.07 2.14 2.21 2.31 2.46 2. 12 2.52 2.71 2.36 w o Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 6.—AVERAGE RATES EARNED ON DISCOUNTED AND ON PURCHASED BILLS [Per cent] ]Discounted bills Purchased bills Federal reserve bank 1916 1917 1918 1919 1920 1921 1922 1923 1924 1925 1916 1917 1918 1919 1920 1921 1922 1923 1924 1925 Boston. _ 3.52 3.66 4.01 4.21 5.91 6.03 4.24 4.41 4.18 3.58 2.22 3.25 4.19 4.25 5.81 5.61 3.52 4.13 3.18 3.19 New York. _ . „ 3.69 3.12 4.04 4.12 c OQ 6.13 4.25 4.41 3.97 3.43 2.38 3.33 4.07 4.25 5.69 5.59 3.54 4.11 3.01 3.08 Philadelphia 3.75 3.73 4.29 4.13 5.48 5.49 4.50 4.50 4.12 3.56 2.31 3.18 4.12 4.24 5.85 5.61 3.50 4.13 3.58 3.17 O Cleveland 4.25 3.94 4.28 4.22 5.88 5.85 4.64 4.50 4.17 3.58 2.29 3.24 4.20 4.27 5.67 5.90 3.48 4.15 3.52 3.12 o Richmond 4.00 3.91 4.40 4.34 5.69 5.92 4.78 4.50 4.32 4.00 3.09 3.22 4.27 4.57 5.74 6.03 4.83 4.27 4.18 3.23 Atlanta. . . 3.77 3.99 4.27 4.25 5.77 6.12 4.76 4.50 4.36 4.00 2.71 3.34 4.20 4.57 5.55 6.28 4.15 4.19 3.77 3.33 Chicago 4.60 3.85 4.30 4.26 6.17 6.40 4.76 4.50 4.37 4.00 2.28 3.11 4.24 4.33 5.64 5.67 3.50 4.15 3.48 3.16 St. Louis 4 04 3.85 4.29 4.25 5.83 5.97 4.71 4. 50 4.39 4.00 2.34 3.16 4.18 4.36 5.30 5.68 3.36 4.07 2.91 3.16 Minneapolis 4.80 4.22 4.63 4.33 6.22 6.48 5.12 4.52 4.49 4.00 2.32 3.16 4.36 4.27 5.26 4.13 3.73 3.24 Kansas City._ 4.77 4.14 4.74 4.68 6.05 6.06 4.95 4.50 4.46 4.00 2.39 3.20 4.26 4.36 5.45 6.40 4.96 4.26 3.06 3.20 Dallas 4.49 4.48 4 67 4 64 5.67 6.25 5 08 4 50 4.40 4.00 3.36 3.40 4.10 4.79 5.49 6.10 3.67 4.13 3.66 3.18 San Francisco . 5.01 4.53 4.65 4.51 5.79 5.82 4.42 4.42 4.33 3.57 2.39 3.25 4.20 4.29 5.61 5.70 3.47 4.14 3.26 3.12 All banks 4.20 3.61 4.24 4.23 5.88 6.07 4.63 4.46 4.25 3.67 2.36 3.26 4.14 4.30 5.66 5.70 3.54 4.14 3.31 3.17 > w CO Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No, 7.—AVERAGE RATES EARNED ON UNITED STATES SECURITIES [Per cent] 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- Year 1924 1923 1925 Boston 3.38 3.41 3.39 3.41 3.18 2.94 3.10 3.13 3.08 3.26 3.32 3.38 3.31 3.71 3.93 New York _ _ _ 3.41 3.52 3.34 3.50 3.54 3.45 3.55 3.56 3.34 3. 58 3. 58 3. 52 3.48 3 50 3 94 Philadelphia 4.05 4.08 3.79 3.89 3.92 4.01 4.00 4.00 4.00 3.98 3.91 3.82 3.95 4.09 4.25 Cleveland 3.43 3.56 3.45 3.51 3.48 3.43 3.39 3.39 3.65 3.65 3.68 3.68 3.52 3.64 3.96 o Richmond 3.27 3.08 3.04 3.03 3.14 3.19 3.17 3.17 3.19 3.20 3.20 3.29 3.18 3.47 2.36 Atlanta _ 3.39 3.53 3.53 3.55 3.58 3.40 3.38 3.39 3.42 3.45 3.46 3.66 3.47 3.69 3.71 Chicago 3.65 3.67 3.64 3.69 3.68 3.69 3.72 3.73 3.74 3.76 3.76 3.76 3.70 3.72 3.68 St. Louis 3.34 3.52 3.57 3.55 3.45 3.43 3.43 3.44 3.46 3.49 3.52 3.56 3.47 3.54 4.21 Minneapolis 3.76 3.82 3.85 3.86 3.84 3.76 3.86 3.87 3.88 3.88 3.89 3.88 3.84 3.91 4.25 Kansas City 3.59 3.70 3.70 3.72 3.70 3.58 3.56 3.56 3.60 3.62 3.63 3.68 3.63 3.87 4.16 Dallas 3.57 3.49 3.55 3.65 3.59 3.55 3.54 3.56 3. 57 3.69 3. 53 3.65 3.58 3 67 3 72 San Francisco 3.33 3.38 3.41 3.37 3.37 3.39 3.37 3.37 3.43 3.46 3.49 3.54 3.41 3.60 4.19 All banks: 1925 3.51 3.59 3.50 3.58 3.57 3.53 3.54 3.54 3.55 3.62 3.62 3.63 3.56 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 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 8.—AVERAGE RATES EARNED ON TOTAL BILLS AND SECURITIES [Per cent] 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- Year 1924 1923 1925 B N o ew st o Y n ork . 2 3. . 1 9 2 9 3 3 . .1 1 6 3 3 3 . . 2 3 8 2 3 3. . 3 3 9 3 3 3 . . 4 3 1 0 3 3 . . 3 4 2 2 3 3. . 4 3 6 3 3 3 . .3 4 6 8 3 3 . . 3 4 7 5 3 3. . 5 4 0 3 3 3 . . 5 5 0 0 3 3 . . 4 6 9 6 3 3. . 3 3 9 5 3 3 . . 6 5 9 3 4 4 . . 3 2 0 8 03 Philadelphia _ . 3.50 3.55 3.47 3.51 3.51 3.53 3.56 3.56 3.56 3.57 3.64 3.85 3.58 4.02 4.37 o Cleveland 3.29 3.32 3.36 3.41 3.41 3.40 3.41 3.42 3.51 3.52 3.63 3.86 3.47 3.79 4.29 d Richmond 3.86 3.80 3.73 3.77 3.80 3.80 3.82 3.85 3.88 3.88 3.87 3.90 3.83 4.24 4.44 Atlanta 3.62 3.72 3.65 3.67 3.69 3.60 3.60 3.68 3.70 3.65 3.57 3.61 3.63 4.24 4.41 Chicago 3.52 3.52 3.57 3.65 3.65 3.66 3.71 3.73 3.74 3.78 3.79 3.84 3.69 3.92 4.26 St. Louis 3.17 3.31 3.48 3.61 3.58 3.56 3.58 3.62 3.75 3.72 3.68 3.66 3.59 4.01 4.40 Minneapolis 3.80 3.80 3.67 3.64 3.62 3.51 3.59 3.61 3.60 3.65 3.77 3.66 3.65 4.10 4.42 U Kansas City.- 3.35 3.49 3.52 3.60 3.60 3.52 3.52 3.52 3.55 3.59 3.65 3.71 3.56 4.02 4.37 O Dallas 3.16 3.21 3.39 3.53 3.55 3.51 3.52 3.59 3.59 3.63 3.55 3.60 3.50 3.84 4.26 San Francisco 3.05 3.16 3.31 3.35 3.39 3.38 3.39 3.40 3.44 3.46 3.51 3.70 3.39 3.78 4.32 All banks: 1925. _ 3.27 3.32 3.41 3.49 3.50 3.50 3.52 3.55 3.56 3.59 3.61 3.68 3.51 k 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 1925 on municipal warrants: Minneapolis, 4; System, 4; on Federal intermediate credit bank debentures: Philadelphia, 3.58; Kansas City, 3.53; System, 3.58; on foreign loans on gold: 3.58 for all banks, except Boston whose average rate was 3.81. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

46 ANNUAL, REPORT OF THE FEDERAL EESERVE BOARD CONDITION OF FEDERAL RESERVE BANKS No. 9.—BILLS AND SECUKITIES HELD BY THE FEDERAL RESERVE BANKS, 1914- 1925 [In thousands of dollars] Bills discounted Bills Secured by bought United Muni- | Total Date U. S. Gov- in open States cipal bills and ernment Other Total market securities | warrants securities 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 25,469 62,055 J M un ay e 2 28 5 . . . . 3 2 3 5, , 9 9 9 5 6 1 3 2 3 5 , , 9 9 5 9 1 6 10,379 6 7 , , 9 6 4 01 7 2 1 3 1 , , 0 5 9 0 4 9 6 5 3 5 v , , 4 9 8 9 5 2 July 30.. 29,102 29,102 11,625 7,923 16,107 64, 757 Aug. 27.. 29, 275 29,275 13,564 25,808 77,483 Sept. 24... 31,373 31,373 13,058 9,328 24,945 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, 797 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 44,946 173,801 June 30— 21,188 21,188 71,095 57,129 22,671 172,083 July 28.. 27,594 27, 594 83, 454 56, 581 27,220 194,849 Aug. 25- 27,032 27, 032 82,146 55, 001 27,863 192,042 Sept. 29.. 25,953 25,953 i 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 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 34,902 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. ' Includes bill of lading drafts as follows: Jan. 25,1918, $2,765,000; Feb. 21, $2,824,000; Mar. 29, $2,994,000; Apr. 26, $2,168,000; May 31, $235,000; June 28, $12,000; July 26, $37,000. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONDITION OF FEDERAL. RESERVE BANKS 47 No. 9.—BILLS AND SECURITIES HELD BY THE FEDERAL RESERVE BANKS, 1914- 1925—Continued [In thousands of dollars] Bills discounted Bills Date S U e e . r c n S u . m re G e d o n b v t y - Other Total i m b n o a u o 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 r p a n a n i l - ts s b e i T c ll u o s r t i a a t n i l e d s obligations 1918 Sept. 27. 1,221, 533 491, 897 1,713,430 288, 391 78,643 1102 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, 950,412 185,822 218,636 2, 354,870 May 29.. 1,802, 893 186,499 1,989, 392 183, 650 229,014 2,402, 056 June 27 _. 1, 573,483 244,557 1,818, 040 304,558 231, 569 2, .354,167 July 25.. 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.. 1,457,892 716,465 2,174, 357 561, 313 303, 521 3, 039,191 Feb. 27.. 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-. 1,465, 320 1, 069, 751 2, 535, 071 407,247 293, 514 3,235,832 May 28.. 1,447,962 1, 071,469 2, 519,431 418,600 306, 394 3,244,425 June25_. 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 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.. 1, 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 1, 751, 350 40,223 259,184 2, 050, 757 July 31.. 577, 774 1, 063,838 1,641,612 17, 977 244, 365 1,903, 954 Aug. 31__ 545,176 946,759 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.. 462,436 850, 591 1, 313,027 86,110 192,521 1, 591,668 Nov. 30.. 476, 360 705, 941 1,182, 301 72,954 204, 544 1,459,866 Dec. 31.. 485,233 659,113 1,144,346 145, 263 233, 528 1, 523,516 1922 Jan. 31.. 363, 586 475,299 838, 885 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, 096i Includes $31,000 of bill of lading drafts. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

48 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No. 9.—BILLS AND SECURITIES HELD BY THE FEDERAL RESERVE BANKS, 1914- 1925—Continued [In thousands of dollars] Bills discounted Date S U e . e c r S u n . r m e G d e o n b v t y - Other Total i m b n o B a u o 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 s d - s O t e i c t e h u s e r ^ i r - l F o o a g r n o e s l i d g o n n s b e i T c ll u o s r t i a a t l n ie d s 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, 768 326,146 263, 358 250, 360 41 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, 463 100 962,406 Mar. 31.-. 228,949 288,936 517,885 228, 247 262,867 51 1, 009, 050 Apr. 30 161,164 286, 021 447,185 124,485 301, 660 51 873,381 May 31-... 164,149 277, 217 441, 366 79,549 352, 857 551 874, 323 June 30 115, 580 218, 374 333, 954 36, 524 431,085 1,301 802,864 July 31 89, 424 203, 623 293, 047 23, 469 522,897 1,250 840, 663 Aug. 30.... 191,188 274, 668 58,103 542, 211 1,750 876, 732 Sept. 30—. 111,591 164, 608 276,199 131, 821 576,108 1,750 985,878 Oct. 31 118, 592 145, 549 264,141 200,114 584, 205 3,557 1, 052, 017 Nov. 29.... 112, 694 129,330 242, 024 313, 572 583, 738 2,550 1,141, 884 Dec. 31 186,840 127, 288 314,128 387,100 540,160 2,050 6,000 1, 249, 438 1925 Jan. 31 169, 539 142, 346 311,885 313, 006 390, 953 2,559 10,500 1, 028,903 Feb. 28 263,107 152,777 415, 884 315, 300 379, 226 3,452 10, 500 1,124,362 Mar. 31.... 207,594 190, 216 397,810 312,947 360,144 1,902 10, 500 1, 083, 303 Apr. 30 233, 921 195, 519 429, 440 261, 623 348, 318 1,400 10, 500 1, 051, 281 May 30.... 228, 244 223, 029 451, 273 287,960 348,115 2,250 10, 500 1,100, 098 June 30 245,321 235,147 480, 468 253, 507 353, 273 2,250 10,500 1,099,998 July 31 272, 258 234, 061 506, 319 207, 299 328, 612 1,850 10, 500 1, 054, 580 Aug. 31.... 308,990 268, 211 577, 201 212, 040 330, 246 2,320 7,500 1,129, 307 Sept. 30—_. 316, 794 316, 394 633,188 268, 310 342, 906 2,420 10, 200 1, 257, 024 Oct. 31 299,431 316,751 616,182 346, 894 326, 892 3,220 3,240 1, 296, 428 Nov. 30.... 364, 373 315, 027 679, 400 358, 635 341, 818 3,150 8,147 1,391,150 Dec. 31 382,151 253, 042 635,193 374, 356 374, 568 3,205 7,800 1,395,122 Represents municipal warrants and Federal intermediate credit bank debentures. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONDITION OP FEDERAL, RESERVE BANKS 49 No. 10.—RESERVES, DEPOSITS, AND NOTE CIRCULATION OF FEDERAL RESERVE BANKS, 1914-1925 [Amounts in thousands of dollars] Reserves Deposits F. R. F. R. Re- bank notes Re- Excess serve note Date Gold Total b s M e e r r e s v ' m e r - e l - m G er e o n n v - t - Total2 ci t r i c i o n u n la- re q s u e i r r v e e d 3 reserve c p a e e g n r e t - - n c t b i e i i r t l c o i u l n t i l - y 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... 269,753 298,838 282,248 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 May28-_ 298,331 330,320 284, 615 57,847 122, 754 207, 566 96.5 June25._ 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 15,000 165, 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, 241 570, 737 27, 760 441, 663 179, 224 226, 272 344,465 91.! Feb.25— 526, 213 543,891 32,501 435, 793 171, 368 221,075 322,816 89.1 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 May26_. 515,255 537,227 44,131 504, 299 159,389 240, 260 296,967 80.5 1,732 June 30-. 542, 744 570,192 101,152 538,241 152, 244 249,282 320,910 82.6 1,721 July 28— 527, 536 544,125 56, 542 535, 548 152, 590 248,478 295, 647 79,1 1,692 Aug25-. 536, 221 548,486 50,099 530,866 156,345 248,341 300,145 1,690 Sept. 29- 584,767 592, 578 529,360 196, 538 263,891 328,687 81.6 3,033 Oct. 27-.. 617,481 627, 457 29, 982 548,703 214, 622 277, -"' 349,563 82.2 1,031 Nov. 24.. 701, 501 719,475 26,319 620,128 240,448 313, 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, 245 808,824 687,841 25, 607 688, 508 259, 768 344,885 463,939 85.3 Feb 23 803,324 818, 573 629,475 13,407 677,036 303,171 358, 231 460, 342 83.5 Mar. 30... 938,046 947,328 711,117 20, 567 706,905 357,610 390,461 556,867 89.0 Apr. 27.... 945,141 975,481 719,785 99,689 743, 532 420, 509 428,441 547,040 83.8 May 25..- 977,371 1, 014, 263 813,326 76,114 796,171 454,402 434,170 580,093 81.1 June 29.... 1, 294, 5121,334,3521,033,460 300, 9661, 261,800 508,753 645,131 689, 221 75.4 934 July 27.... 1,362, 263 1,414, 0521,135,456 1433,, 0321, 232, 200 534,015 644,876 769,176 80.1 2,459 Aug. 31— 1, 353, 4981, 406,108% 1 069,804 15A4,, 358 1,133,926 587,915 632,040 774,068 81.7 6,023 Sept. 28 — 408,470 1,457, 559 1L,, 136, 930 71,2891,193,886 700, 212 697, 945 759, 614 77.0 8,000 Oct. 26--. 503, 436 1, 552, 942L 1,, 264,323 132,2211,318,798 847, 506 800, 581 752,361 71.7 8,000 Nov. 30... 621, 725 1,676,211 1,489,370 220,962 1, 595, 5121,056,983 981, 222 694,989 63.2 8,000 Dec. 28.... 671,133 1,720, 7681,453,166 108, 2131,457, 9941, 246,4881,008,893 711,875 63.6 8,000 1918 Jan. 25.... , 726, 5071,782,759 1.,480,743135,691 1,492,878 234,934 1,016,481 766, 278 65.4 8,000 Feb. 21.... ., 772,3951,832,524 1., 459, 720| 56,1615,462, 627 314, 581 1, 037, 751 794,773 66.0 7,999 Mar. 28-29. 1,815,704 1,874, 063 1,499,400104,086 1, 535,367 452,838 1,118, 513 755, 550 62.7 7,978 Apr. 26—. 1,827,000 1,890,945'1,497,416 130, 6681, 556,303 526, 232 1,155,199 735, 746 61.3 7,895 May 31..- 1, 917, 8261, 975,709 .1, 440,413 166,1911, 586, 608., 600,9681,195,700 780,009 62.0 8,324 June 28 1,949,021 2,006,199 1,557,587 8844,, "53"5 1,529,819 , 722,2161, 224,323 781,876 61.7 10,390 July 26 1,974, 200 2, 029, 329", 435,196" 213,30!40 1, 622,870 , 870,8351, 316,339 712, 990 58.1 11,084 Aug. 30 2,013, 794 2, 066, 9621, 478, 639 10t4,! 7291, 572,8982,092,708 1,387, 597 679,365 56.4 20,687 •Sept. 27 —2, 020,813 2,072,1761,535,490191,623 1,667,109 2,349,326 1, 523,218 548,958 51.6 35,819 Oct. 25.._. 2,045,132 2,098,169 1,683,499 278, 2181, 723, 9022, 507, 9121,606, 531 491, 638 49.6 58,859 Nov. 29... 2,065, 213 2,120,3711,488,893 207,157 1,668, 2832, 568, 6761,611,369 509,002 50.0 86,003 Dec. 27.... 2, 090,274 2,146, 219 1, 587,31863,367 1,552,892 2,685,244 1,617,610 528,609 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. * 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

50 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No. 10.—RESERVES, DEPOSITS, AND NOTE CIRCULATION OF FEDERAL RESERVE BANKS, 1914-1925—Continued [Amounts in thousands of dollars] Reserves Deposits F. R. F. R. Re- bank serve note Date Gold Total b M er e s m ' r - e- G er o n v - - Total i n c o i t t r i c e o u s l n a i - n Required Excess c p a e e g n r t e - - n c t e i i r t o c l u n i l a - a - serve ment bility 1919 Jan. 31..-. 2,112,106 2,179, 646 1,693,132 64,928 1,659,457! 2,450,729 1, 561,102j 618, 5441 53.0 129,445 Feb. 20— 2,122, 998 2,188, 723 1,620, 972!10, 547 1,796, 739 i 2,472,3071,617,7811 570,942 51.3 134, 042 Mar. 28... 2,142,305 2, 210, 524 1, 631,167 .68,147 1,741,425, 2,521,776 1,618, 2091 592,315! 51. 145,540 Apr. 25_... 2,169, 216 2, 240,152 1, 664,320 91, 726 1,752,094; 2,549,552 1, 633,054J 607,098 52.1 158,84& May 29-_. 2,187, 743 2, 255,1061, 656,118 .41,479 1,830,920 2,519,292 1,648, 539 606,567 51.8 168,427 June 27— 2,147, 784 2, 216, 25611,713, 030 73,614 1,750,694; 2,499,180 1, 612, 415 603,841 52. lj 177,185 July 25. - . 2, 095,151 2,161, 023;l, 718,396 .16,038 1,796, 5611 2,504,4971, 630, 595; 530,428 50.2! 193,849 Aug. 29_ __ 2, 066, 788 2,135,976:1,729,950 54,494 1,629,797 2,580,629 1, 602, 681 533,295 50.7; 219,815 Sept. 26— 2,177,854 2,187, 505! 1,731,413 61, 276 1,634, 0742, 655,3541,634, 068 553,437 51.0 :239,451 Oct. 31 2,138,000 2,205,592|l,833,481 L00, 465 1, 850, 5182, 752,8761, 748, 831 456,761 47.9 :254, 93a Nov. 28... 2,093,641 2,159,66611,844,434 98,157 1,889,399 2,852, 2771, 802, 200 357,466 45. 5| 256,793 Dec. 26— 2,078,432 2,135, 536j 1,786,874 72,357 1,704,470 3, 057, 6461,819, 623 315,913 44.8 261,039 1920 Jan. 30 2,012,656 2,073,933 1,850,712 72,974 1,806, 4962, 850, 9441, 772, 650 301,283 44.5 250,530 Feb. 27.... 1,966,836 2,083,2151,871,96113.33;3,913 1,884, 5763, 019, 984>, 867, 594 215,621 42.5 237,131 Mar. 26... 1,934,755 2,057,15511,867,125 27, 711 1, 772,9043,048,039 1,839, 731 217,424 42.7 201,392 Apr. 30— 1,936,720 2,070,76511,859,844 37, 592 1,812, 7323, 074, 5551,864, 278 206,487 42.4 177,881 May 28.-. 1,953,103 2,092,496 1,852, 916 36,433 1, 794,4403,107,021 1,870,862 221,634 42.7 179,185 June 25 1,969,375 2,108,6051,831,916 14,189 1, 722, 2233,116, 7181,849,465 259,140 43.6 185,604 July 30 1,977,704 2,128,640:1,808,156 12,167 1,697,245 3,120,138 1,842,091 286, 549 __._ 192,168 Aug. 27... 1, 971,825 2,127,827)1,818, 502 43, 510 1,717,867 3, 203, 6371,882,708| 245,119 43.2 200,793 Sept. 24... 1, 989,835 2,151, 594 1.,, 800, 677 46,493 1, 658,4643, 279,9961,892, 460 259,134 43.6 214,180 Oct. 29..-. 2, 003,320 2,168, 038 1.,, 805, 661 18, 754 1,674,553 3,351, 3031,926, 615 241,423 43.1 214,961 Nov. 26... 2, 023, 946 2,195,310 1,,711,574 15,909 1, 623,6413, 325, 5381, 898,489 296, 821 44.4 214,610 Dec. 30—. 2,059,333 2, 249,163 1.,, 748,979 27,639 1,604,190 3,344,686 1,899,341 349, 822 45.4 216, 960 1921 Jan. 31.-. 2,103, 660 2, 319I,, 755 1,.721,895 28,627 1,650,663 3,083,155 1,810,994 508, 761 49.0 200,159 Feb. 28.... 2,148, 085 2,363,475 1., 705, 253 50,828 1,670,010 3,048, 5541, 803,925 559, 550 50.1 187, 633 Mar. 31... 2, 221, 569 2,436,7411,658,625 91, 617 1,784, 3942, 904, 9481,786, 517 650, 224 52.0 169,885 Apr. 30—. 2,322,683 2,505,612 1,,666,509 31,664 1, 732, 2142, 844, 0111, 743,879 761, 733 54.8 154,944 May 31... 2,408,058 2,571,579 11,601,634 39,080 1,670, 6242,751,869 1,685,466 886,113 58.1 143, 706 June 30 2,467,659 2,627,494 LL, 603,845 43,446 1, 675, 2172, 648,0861,645, 560 981, 934 60.8 132,568 July 31.._. 2,543, 039 2,697,032 IL], 625,123 32, 680 1, 683, 0482, 549, 6261, 608,9171,088,115 63.7 125,046 Aug. 31... 2,641,061 2, 787,9201,L, 618,901 46,809 1, 690, 7542,481,466 1, 584, 3481,203,572 109,864 Sept. 30... 2,728,372 2,8791,,3311, 581,03: 98, 540 1, 704, 8072,482,427 1, 589, 6531, 289, 678 100,378 Oct. 31—. 2, 791, 272 2,934,,960 1, 658, 62' 43, 086 1,732, 8982,421,426 1, 575, 0851, 359,875 70.6 85,515 Nov. 30... 2,849,44" 2,989,142 1L, 670, 36: 45,913 1, 742,8302,366, 0061, 556, 3921,432, 750 72.7 75,862 Dec. 31.... 2,874,995 3,010, 252 1, 753, 21' 95, 951 1, 876, 0822,409, 3921, 620,3851,389,867 70.2 83,690 1922 Jan. 31.... 2,908,958 3, 062, 705 1L,, 677,837 82,810 1, 790, 6852,179, 0521,498,361 1, 564,344 77.2 82,811 Feb. 28.... 2,946, 739 3, 079, 784 1L,, 710, 24953, 7591, 799,4012,196, 0581,508, 2141, 571, 570 77.1 80,717 Mar. 31.. 2,974, 784 3,105, 039 1L, 708, 76187, 588 1,834,811 2,194, 7431, 520,0811, 584,958 77.1 80, 575 Apr. 29— 2, 996,425 3,128, 306 1I, 754,844 51,981 1,849,442 2,169,42G 1, 515, 0731, 613, 233 77.8 77,135 May 31... 3, 007, 621 3,130,497 1, 782, 004 54, 295 1,870,153 2,141,184 1, 511, 0271, 619,470 78.0 70, 55a June 30— 3, 021, 767 3,144, 542 1, 820,377 33,093 1,883,329 2,152,962 1, 520,3501, 624,192 7 67,351 July 31—. 3,047, 949 3,178I,, 652 1., 760,824 58, 583 1,846, 5822,132,145 1, 499,1621, 679,490 79.9 61, 052 Aug. 31__. 3, 061, 049 3,195i,, 558 1, 803,622 48,446 1,874, 6882,155, 5151, 518,3471, 677, 211 79.3 53,636 Sept. 30— 3, 077, 210 3, 207',, 494 1:,, 857, 260 14,511 1,897,18: 2,268, 6521, 571, 4751, 636, 019 77.0 44, 005 Oct. 31— 3, 079, 966 3, 217',, 882 1L, 812, 57034, 355 1,875,436 2, 301, 77"1, 577,1131, 640, 769 77.0 34, 961 Nov. 29.. 3, 072,858 3, 202!,, 810 1L,807, 63133, 4491, 860, 2232, 329, 8141, 583, 0041, 619, 806 76.4 20,868 Dec. 30—. 3,047,393 3,176, 872 iL;, 933, 888 10, 7561, 973, 5322, 395, 7891, 649, 0521, 527, 820 72.7 2,770 1923 Jan. 31 — 3,075, 810 3, 227,132 1, 913,465 46, 0141, 991, 0622, 203, 7011, 578, 3541,648, 778 76.9 3,105 Feb. 28— 3, 072,813 3, 201,6001., 887, 552 43,401 1, 952, 3172, 246, 9431, 582, 0861, 619, 514 76.2 2,645 Mar. 31... 3, 059, 592 3,167,4461., 862, 676 79,354 1,961, 6512, 247, 25"1,585,480 1,581,966 75.3 2,431 Apr. 30— 3,082,282 3,179,6661., 864, 756 40, 2901, 926,1092, 235,4351,568,311 1,611,355 76.4 2,286i Figures shown in this column represent net deposits up to and including Feb. 28, 1921, and total deposits thereafter. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONDITION OF FEDERAL RESERVE BANKS 51 No. 10,—RESERVES, DEPOSITS, AND NOTE CIRCULATION OF FEDERAL RESERVE BANKS, 1914-1925—Continued [Amounts in thousands of dollars] Reserves Deposits F. R. F. R. Re- bank Date Mem- Gov- n c o i t rc e u s l i a n - R r e e q s u e i r r v e e d r E e x s c e e r s v s e s p e e r r v - e ci n r o c t u e la- Gold Total bers' re- ern- Total tion cent- tionserve ment net liability 1923 May 31-_ 3,112,106 3,201.,, 333, 1 ,899,81028,130 1, 964,1282, 245,829 1,585, 7751,615, 558 76.0 1,724 June 30._ 3,095,217 3,194, 665 1.., 851,93833, 544 1,914,043 2, 253,033 1, 571,1281, 623, 537 76.7 1,425 July 31.- 3,100,814 3,190,932 I.',, 878,36735,811 1,936,938 2,177, 7431, 549, 0261,641,906 77.6 1,570 Aug. 31... 3,105, 9033,188,541 1',844,718 46, 5511,911, 730 1, 559, 9051, 628, 636 77.0 520 Sept. 30.. 3,112,717 3,189,, 598 1, 839,14250,304 1,912,460 2, 267, 6201, 576, 4091, 613,189 76.3 485 Oct. 31.- 3, 111, 0783,191,, 145 1,, 895, 26540,334 1,958,660 2, 224,865 1, 575,4751, 615, 670 76.3 523 Nov. 30_. 3,101,158 3,185i,, 277 ,1 864, 79432, 5011, 919, 2142, 252,492 1, 572, 7221, 612, 555 76.4 498 Dec. 31... 3, 080, 0323,168, 934 ,1 898, 31538, 0741,959, 5792, 246, 6731, 584, 5221, 584,412 75.3 471 1924 Jan. 31-.. 3.142, 5753, 261,161 .1,, 950, 70237, 5822,010,322 2, 026,469 1, 514, 2011, 746,960 435 Feb. 29. _. 3,119,652 3, 220,8041, 900,14943, 0951,964,451 2,042, 6651, 504,6241,716,180 80.4 402 Mar. 31-. 3,094,988 3,193, 887 .i;, 885, 23799, 5812, 006,3722, 002, 7851, 503,3441, 690, 543 79.7 Apr. 30... 3,120,389 3, 222, 609 L1, 944,95232, 5032, 005, 3811,926,013 1,472,289 1,750,320 82.0 343 May 31... 3,112, 6293, 205, 5131,906,093 47,477 1, 974,8071, 911,4401,455, 7591, 749, 754 82.5 319 June 30... 3,128,176 3, 238, 8031, 944, 09543, 2512,010,317 1,860,923 1,447,980 1,790,823 83.7 July 31... 3.143, 0653, 247,1132,090,821 45,464 2,168,124 1, 763,9471,464,420 1, 782,693 82.6 Aug. 30... 3, 089,1273,168, 5362, 059, 51736,135 2,128, 2201,763,659 1,450, 341 1, 718,195 81.4 Sept. 30- 3, 046, 7233,133,210 2,110,949 56, 2542,197,101 1,745,395 1,467,142 1,666, 068 79.5 Oct. 31... 3, 036, 7053,117,825 2,"" •" 26, 9762,194,827 1, 799,1041,487,833 1,629, 992 78.1 Nov. 29.. 3, 025,3163,110, 009 2, 36, 6932, 208, 7281, 874,8331, 522,9881, 587, 021 76.2 Dec. 31... 2, 936, 5333, 047, 054 2, 220,43651,197 2, 310, 6681,862, 0621, 553, 5601,493,494 73.0 1925 Jan. 31... 2, 909,8863, 054,, 745 2,158,90157,661 2, 257,7641, 705, 6831,472,490 1, 582, 255 77.1 Feb. 28... 2,878, 0783, 011,, 586 2,174,87538, 3792, 246,8851,748, 0761,485, 641 1, 525, 945 75.4 Mar. 31.. 2, 847, 7082, 986,' 0 "677 2,113, 60242, 0262,183, 9381, 713, 9001,449, 9381, 536,129 76.6 Apr. 30... 2, 848,3852, 989,819 2,135, 05930, 529 2,195, 5371, 690, 2591,444, 5411, 545, 278 76.9 May 30_- 2,816, 5232,953,066 2,124, 57239,929 2,195,041 1,691, 6641,444, 931 1, 508,135 76.0 June 30.. 2, 790,1232, 933,236 2,171, 97825,462 2, 224,4721, 650,8261,438, •" 1,494,340 75.7 July 31... 2, 782, 6822, 917, 303 2,144, 53522, 2022, 191,8071,615,487 1,413,327 1, 503, 976 76.6 Aug. 31_. 2, 767, 2672,883,364 2,136,626 29, 6902,189,778 1, 645,1381, 424,4791,458,885 75.2 Sept. 30.. 2, 759,9672,865, 534 2, 209,93731,302 2,267,979 1,685,114 1,467,841 1, 397, 693 72. Oct. 31... 2, 763, 3112,867, 205 2, 213, 67139,311 2, 284, 7871, 722, 5581,488, 6981,378, 507 71. Nov. 30.. 2, 715,1292,823.!, 668 21,97, 29838,687 2, 269, 3621, 757, 0871, 497,1121, 326, 556 70.1 Dec. 31... 2, 701,315 371 2,212, 09816,432 2, 257,3881,838,164 1, 525,3521, 299, 019 69.0 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, 11.—RESOURCES AND LIABILITIES ON THE LAST DAY OF THE MONTH [In thousands of dollars] 1925 December, 1924 Febru- Septem- Novem- Decem- January ary March April May June July August ber October ber ber RESOURCES Gold with Federal reserve agents 1,702,306 1, 719,778 1,614,063 1, 587,176 1, 546,480 1, 516,216 1,483, 610 1,442,890 1,443,470 1,381,941 1,345, 767 1, 352,057 1,372, 281 s Gold redemption fund with United States Treasury - 41,245 62,145 45,808 55, 025 55, 237 60,427 56,805 53,189 54,519 54,197 51, 297 53,606 54,091 Gold held exclusively against Federal reserve notes lf 743, 551 1, 781,923 1, 659,871 1, 642, 201 1, 601, 717 1, 576, 643 1, 540,415 1,496,079 1,497,989 1,436,138 1, 397,064 1, 405, 663 1, 426,372 Gold settlement fund with Federal Reserve Board 679, 464 561, 201 647, 461 619, 632 627, 322 656, 568 661, 300 694, 403 671, 561 736, 603 738,837 727, 002 689,156 Gold and gold certificates held by banks __ 513, 518 566,762 570, 746 585, 875 619, 346 583,312 588,408 592, 200 597, 717 587, 226 627, 410 582, 464 585, 787 w Total gold reserves. _ 2, 936, 533 2, 909, 886 2,878,078 2, 847, 708 2, 848, 385 2,816, 523 2, 790,123 2, 782,682 2, 767, 267 2, 759, 967 2,763,311 2, 715,129 2, 701, 315 Reserves other than gold 110, 521 144,859 133, 508 138,359 141, 434 136, 543 143,113 134, 621 116,097 105, 567 103, 894 108, 539 123, 056 Total reserves 3, 047, 054 3, 054, 745 3, 011, 586 2, 986, 067 2,989,819 2, 953,066 2, 933, 236 2, 917,303 2, 883, 364 2,865, 534 2,867, 205 2,823, 668 2, 824,371 Nonreserve cash _ 62, 567 62, 583 51,394 50,157 51,581 44,349 48,070 47, 459 42,300 48,189 43, 695 39, 901 63,137 Bills discounted: Secured by United States Government obligations _ 186f 840 169, 539 263,107 207,594 233,921 228, 244 245, 321 272, 258 308, 990 316, 794 299,431 364,373 382,151 Other bills discounted _ 127, 288 142,346 152,777 190,216 195, 519 223,029 235,147 234,061 268,211 316,394 316, 751 315,027 253,042 Total bills discounted 314,128 311,885 415,884 397,810 429, 440l 451, 273 480, 468 506, 319 577, 201 i 633,188 616,182 679,400 635,193 Bills bought in open market 387,100 313,006 315,300 312,947 261, 623 287,960 253, 5071 207, 299 212, 040 268, 310 346,894 358,635 374,356 United States Government securities: Bonds ___ - 75, 265 75,537 76, 741 81,938 85,037 85,073 69,187 69, 845 55, 658 56,022 56,267 60,825 T C r e e r a ti s f u ic r a y t e n s o o te f s indebtedness. 3 1 4 15 9 , , 3 5 5 4 4 1 2 4 7 1 3 , , 4 9 2 9 1 5 27 2 4 7 , , 7 7 2 5 9 6 24 30 7 , , 5 6 6 4 3 3 2 2 41 1 , , 4 8 6 1 3 8 24 2 1 1 , , 2 7 4 9 5 7 24 3 8 6 , , 2 7 1 7 6 22 3 4 4 , , 8 5 8 3 8 7 2 3 3 0 0 , , 1 2 6 3 4 7 26 1 8 9 , , 1 0 5 9 5 3 24 2 4 6 , , 6 2 5 1 1 9 2 3 54 0 , , 7 7 6 9 1 0 1 12 8 6 7 , , 0 6 6 7 5 8 W o Total United States Government securities _ 540,160 390,953 379, 226 360,144 348, 318 348,115 353, 273 328, 612 330, 246 342, 906 326,892 341, 818 374,568 Other securities _ _ 2,050 2,559 3,452 1,902 1,400 2, 250 2, 250 1,850 2,320 2,420 3,220 3,150 3,205 Foreign loans on gold _. 6,000 10,500 10, 500 10, 500 10, 500 10, 500 10, 500 10, 500 7,500 10, 200 3,240 8,147 7,800 Total bills and securities 1, 249, 438 1, 028, 903 1,124,362 1,083,303) 1,051,281 1,100,098) 1,099,998 1, 054, 580 1,129,307 1, 257, 024 1, 296, 428J 1, 391,150 1,395,122 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Due from foreign banks.. 641 642 642 639 640 6421 685 637 652 639 640 644 641 Uncollected items 656,197 520, 218 611,369 576,299 596, 678 580,163 622,195 569,410 513,051 655,053 636,815 650,005 750,187 Bank premises 57, 598 57, 943 58,338 58,864 59, 267 59,869 60,181 60, 941 61,213 61, 401 61, 569 61,688 59,176 All other resources 22, 885 23,811 23,472 20, 258 21,760 22, 738 19,979 20, 797 21,238 17, 700 17, 682 18,178 16, 770 Total resources. 5,096,380 4, 748,845 4,881,163 4, 775,587 4, 771,026 4, 760, 925 4, 784,344 4, 671,127 4, 651,125 4,905,540 4,924,034 4, 985,234 5,109,404 LIABILITIES Federal reserve notes in actual circulation. 1,862, 062 1, 705, 683 1, 748, 0761, 713, 900 1, 690,259 1, 691,664 1, 650, 826 1, 615,487 1, 645,138 1, 685,114 1, 722, 558 1, 757,087 1,838,164 Deposits: Member bank—reserve account _ 2, 220,436 2,158, 901 2,174,875 2,113, 602 2,135, 059 2,124, 572 2,171,978 2,144, 535 2,136, 626 2, 209, 937 2, 213, 671 2,197,298 2,212,098 O F G o o r v e e ig rn n m b e a n n t k 5 1 1 8, ,1 7 9 3 7 3 5 2 7 2 , , 4 6 5 6 8 1 3 1 8 6 , , 3 4 7 2 9 2 4 8 2 , , 1 0 6 2 8 6 30 5 , , 6 5 9 2 9 9 3 6 9 , , 1 92 5 9 3 25 5 , , 3 4 1 6 2 2 2 4 2, , 3 2 2 0 3 2 29 5 , , 4 6 7 9 7 0 3 7 1 , , 5 3 2 02 9 3 11 9 , , 3 8 1 5 1 3 3 1 8 2 , , 6 3 8 9 7 5 1 8 6 , , 2 4 4 3 7 2 O Other deposits 20, 302 18, 744 17, 209 20,142 24, 250 24, 387 21, 720 20, 747 17,985 19, 211 19, 952 20, 982 20,611 d M Total deposits 2,310, 668 2,257, 764 2,246,885 2,183, 938 2,195, 537 2,195,041 2,224,472 2,191, 807 2,189, 77 2, 267, 979 2, 284, 787 2, 269,362 2,257,388 H Deferred availability items.. 584, 716 445, 599 544, 208 533,907 539, 934 527, 688 565, 035 518,837 469, 268 603, 977 566, 035 606,332 665,847 Capital paid in 112,038 112, 261 113, 657 114,484 115,214 115, 549j 115, 601 115,711 116,348 116, 440 116,660 116,870 117,237 Surplus 217, 837 217, 837 217, 837 217, 837 217,837 217, 837 217, 837 217, 837 217, 837 217, 837 217, 837 217,837 220,310 All other liabilities 9,059 9,701 10, 500 11,520 12, 245 13,146 10, 573 11,448 12, 756 14,193 16,157 17, 746 10,458 Total liabilities., 5, 096, 3804, 748,845 4,881,163 4, 775, 586 4, 771, 026 4,760,925 4,784,344 4, 671,127 4, 651,125 4,905, 540 4,924, 034 4,985, 234 5,109,404 Ratio of total reserves to deposit and Federal reserve note liabilities combined (per cent) 73.0 77.1 75.4 76.6 76. 76.0 75.7 76.6 75.2 72.5 71.5 70.1 69.0 Contingent liability on bills purchased for foreign correspondents 42,683 47,149 47,439 50,455 47,68 35, 368 37,121 31, 859 31,132 ;3, 581 36, 713 19,882 70,344 W Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

to No. 12.—RESOURCES AND LIABILITIES, BY WEEKS [In thousands of dollars] Cash reserves Bills and securities United States Government Gold Bills discounted securities Non- Date G F w . o i t l R h d . re w G f d t u i e o i o n t m l n h d d p- s m f G e u t e o n tl n l d e d t - c G e g a r o n o t l i d l f d d i- T go o l t d al s o t e g h R t r o h a v e l e n e d - r s re T se o r t v a e l s re c s a e s r h ve b G S y m e o c v U e u e n r . r e t n S d - . O b d t i i h l s l e - s r Total b m o o B a p u i i r n l e g k l n s h e t tBonds T u re ry as- C o c e a f r t t i e i n f s i - - Total s O e t t c i h u e r e s i r - l g F e o o o o i a n l r g n d - n s Total agents T U u re . r y a S s . - B F w . o i a t R h rd . h b e c a l a d n te k b s s y reserves o t b io li n g s a- counted notes de n b e t s e s d- 1925 Jan. 7. 1,729,267 45,854 637,330 538,493 2,950, 944124,397 31,,075,341 73,479 117,710 264,408 340,978 75, 505342, 533 77,991 496,029 2,550 6,000 1,109,965 1, 744, 250 45,703 603,544 559,538 2,953,035 138,664 3;,, 091,69978,642 141,281 120,478 261,759 323,901 78, 540332,168 76,214 486,922 2,559 6,000 1,081,141 1,744,722 50, 590 592,394 557,014 2,944, 720138,7715 3;,, 083,43577,322 101,946 100,811 202, 757 306,176 74,947 292,307 56,210 423,464 2,559 10, 500 945,456 28- 1,730, 679 53, 660 590, 815 564, 232 2,939,386 143,160 3:,, 082, 54674,371 164, T 108,800 273,692 307,767 76,174 279,665 38,225 394,064 2,559 10,500 Feb. 4. 1, 726, 231 51, 637 570, 035 572,987 2,920, 890143, 704 3,064, 59462,930 207, 325 115,042 322, 367 308, 004 75, 216 273, 252 40,360 388,828 2,559 10,500 1,032,258 1,712,410 576,593 559,039 2,896,340 144,693 3,041,033 58,045 190,515 141,291 331,806 324, 647 74,965 274, 539 40, 592390,096 2,559 10,500 1,059,608 181 1, 701,939 50,139 578, 550 574, 647 2, 905, 275139,929 3,045,204 60,160 196,460 146,Oil 342,471 311, 74774, 945273, 082 30,178 378,205 3,458 10, 5001,046,381 25. 1,603,443 44,486 668,619 577,029 2,893,577 135.968 3,029, 54555, 533 283,332 150,473 433,805 317,246 75,780 263,445 25,469 364,694 3,452 10,500 1,129,697 Mar. 4__ 1, 597,655 51,397 658,315 553, 523 2, 860,890135, 095 2,995, 98555, 567 237,403 163,463 400, 866 303, 641 77,365 277,744 27,626 382,735 3,452 10,500 1,101,194 1, 612, 227 57,195 625,399 579,921 2, 874,742135.969 3,010, 71156,150 246, 598 163,824 410,422 301,354 77.941 283,360 27,031 388,332 3,452 10,500 1,114,060 18l 1,623,978 48,005 624.265 577, 598 2,873,846 136, 748 3,010, 59456, 031 181, 615 157,869 339,484 276,711 79,260 222,171 126,819 428,250 1,902 10,500 1,056,847 25. 1,600,051 54,811 619,409 593,059 2,867,330 140,822 3,008,152 56, 501 214, 570 163, 071 377,641 306, 905 81,696 233, 728 28,327 343,751 1,902 10,500 i,c Apr. 1__ 1, 588,385 51,957 615,292 590,300 2,845,934 136i,, 747 !2,, 982,68151,673 204,186 195,739 399,925 316,378 81.942 245,970 29,922 357,834 1,902 10,500 1, 513,503 50,428 692,776 582,675 2,839,382 137',, 226! ,2, 976, 60584,215 192,600 198,689 391, 289 310,685 82, 631 250,177 29,432 362,240 1,902 10,500 1,076,616 w 1, 554,000 54,419 637,009 599,055 2,844,483 141.,, 044! 2,, 985, 52756,630 206,132 189,170 395,302 274,058 84,896 244,780 28,156 357,832 1,652 10,500 1,039,344 o 22. 1,563,377 50, 639 632,337 597,910 2,844,263 141,491 2,9"815,;754 55,757 219,920 192,455 412,375 275, 50184,930 244,202 23,949 353,081 1,400 10,500 1,052,857 29. 1, 547,198 51,345 636,928 615,631 2,851,102 142,009 2,993,,111 54,536 215, 871 184,114 399,985 266,828 85,138 241,980 21,921 349,039 1,400 10,500 1,027,752 > May 6. 1, 564,821 49,114 611,846 619, 750 2,845, 531 691 2,987,222 53, 388 208, 269 202,333 410, 602 278,466 85,227 265, 527 24,960 375,714 1,400 10,500 1,076,682 13. 1, 581,014 47,968 614.266 610,267 2,853,515 !, 994,23656,366 161,263 177,459 338,722 85,377 270,988 23,612 379,977 1,400 10,500 1,013,585 20. 1, 531,216 50,679 654,157 598, 569 2, 834,621 !, 980, 59556,665 160, 854 177,548 338,402 276, 026 85,529 251,108 21,745 358,382 2,250 10,500 985, 560 27- 1,521,237 62,460 651,885 602,429 2,838, Oil 814 2,981,825 52,450 216, 007 197,992 413,999 278,413 85,012 241,904 22,298 349,214 2,250 10,500 1,054,376 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

June 3_ 1,504,694, 62,312[ 657,496i 593, 6382,818,140 139,39712,957,537! 48,557 207, 758 204,584 412,342] 284,954 84,338 248,200 21, 567354,105 2,250 10, 5001,064,151 10- 1,516, 627! 65,861 637,8991 600,706 2,821, 093144,15912,965,252 54,963 222,808 194,326 417,134| 274,952 83,900 254,030 21.918 359,848 2,250 10,500 1,064,684 17- 1,500,333 38,062 678,1571 604,515 2,821,067 146, 659i2, 967, 726 54, 613 248,122 193,842 441,964! 246,083 83,366 191,151 31,882 306,399 2,250 10,500 1,007,196 24_ 1,473,117 53,819 674,499 609,329 2,810,764 148,049 2,958,813 55,739 249,914 205, 531455,445 241,666 72,297 226,083 26, 229324,609 2,250 10,500 1,034,470 r j» July 8 i _ _ 1 1 , , 4 4 6 5 1 9 , , 0 1 2 2 8 7 4 5 7 8 , , 7 1 0 4 6 1 6 68 7 0 8 , ,3 5 2 0 7 3 5 5 8 9 7 7 , , 7 2 9 0 1 0 2 2 , , 7 7 8 8 4 5 , , 2 5 6 6 1 21 1 4 3 1 9 ,., , 4 3 9 0 3 6 2 25 •, , 9 , " 9 2" 2 3, 6 ;7 , 8 75 6 54 8 41 4 4 9 7 , , 6 4 9 2 9 9 2 23 6 0 8 , , 9 2 3 7 7 0 2 2 4 20 2 , , 0 6 6 8 1 8 4 5 5 1 0 1 , , 3 6 3 2 1 5 2 2 4 4 9 0 , , 7 0 1 9 1 06 6 8 8 , , 5 2 5 4 6 72 2 4 4 9 1 , , 6 5 8 5 3 1 3 28 5 , , 7 7 7 2 7 2 3 3 5 38 3 , , 9 5 6 7 1 5 2 2 , , 2 2 5 5 0 0 1 1 0 0 , , 5 5 0 0 0 0 1 1, , 0 1 4 2 2 7 , , 7 0 5 4 3 0 r 15_ 1,472,241 51,3841 675,710 591,266 2, 790,601144,769 2,935.,, 3^70 56, 209 237, 540 217,199 454,739 231,329 68,777 242, 365 33,335 344,477 2,250 10,500 1,043,295 22_ 1,456,802 52,4731 688,785 592,790 2,790,850 143," • 1,•9"3•4,846 56,932 230,032 212,490 442,522| 224,525 68,905 231,290 35,109 335,304 1,850 10, 5001, 014,701 29. 1,447,958 50,682 687,023! 605,421 2,791,084 145, 549 2,9"3"61i,633 55,917 248,235 220,121 468,356 210,476 69,406 225,787 34,967 330,160 1,850 10,500 1,021,342 Aug. 5_ 1,436,480 57,715 686,989! 596,830 2, 778,014136, 289 2,914,303 49,756 303,260 240, 577543,837 211,972 69,441 229,071 34,982 333,494 1,850 10, 5001,101,653 Q 12. 1,447,740 55,694 675,046 599,130 2,777,610 133,082 2,910,692 50, 557 289, 251 248,933 538,184 211,659 69,047 226,374 33,159 328, 580 1,850 10, 5001,090,773 O 1,437,985 64,433 663,307 609,481 2,775,206 130,218 2,905,424 50,3C9 290,432 269,051 559,483 195,309 69,188 224,699 29,373 323,260 2,350 10, 5001,090,902 26-_ 1,444,444 54,343 665,8421 597,524 2, 762,153125,374 2,887, 527 51,416 310,690 268,985 579,675 201,519 230, 255 32,306 332,249 2,350 10, 5001,126,293 I Sept. 2__ 1,441,993 42,787 689,685 602,230 2,776,695 121,205)2,897,900 46,237 320, 527 256,363 576,890 213,167 69,942 25,274 326,212 2,320 7,500 1,126,089 9 1,451,175 44,340 679,480 595,696 2, 770,691110,230 2,880,921 43,614 364, 841 274,351 639,192 214,143 70,403 236,801 19,910 327,114 2,320 7,500 1,190,269 16-- 1,489,568 48,019 636,567 598,530 2,772,684 109,020 2,881,704 51, 520| 228,594 259,346 487, 940211,962 55,418 245,751 108,080 409,249 2,420 7,500 1,119,071 23._ 1,405,694 48,726 719,341 591, 7842, 765,545105,394 2,870,939 51,872 337,649 303,078 640, 727238,493 55,610 251, 603 15.919 323,132 2,420 8,100 1,212,872 30-_ 1,381,941 54,197 736,603 587,226 2,759,967 105, 567 2,865, 534 48,189: 316,794 316,394 633,188 268,310 55,658 268,155 19,093 342,906 2,420 10,200 1,257,024 I Oct. 7__ 1,365,341 58, 906 748,208 588,933 2,761,3 101,093,2,862,481 320, 381 323,648 644,029 283,944! 55,618 249,811 18,695 324,124 2,420 10,604 1,265,121 1,372,943 57,112 733,661 602,348 2,766, 064 103,723 2,869,787 48,045 308,213 335, 335643, 548287,0141 55, 638 261,122 19,473 336,233 2,420 6,400 1,275,615 1,399,178 54,143 701,960 623,103 2, 778,384 110,912 2,889, 296 53,734 293,172 309,789 602,961 293,259! 55,907 248,366 19, 532323,805 3,220 6,300 1,229,545 1,377,127 47,770 716,589 641,063 2,782,549 110,511 2,893,060 52,932 293,285 296, 709589,994 328,717 56,020 248,477 20,260 324,757 3,220 3,399 1,250,087 Nov. 4_1,332,277 49,994 753, 252 637,040 2,772,563 107,718 2,880,281 46,901 330,229 306,109 636,338 342,453 57,632 243,740 28,853 330,225 3,220 3,800 1,316,036 10- 1,356,016 50,732 737,838 634,530 2,779,116 111, 386 2,890, 502 47,167 276,229 288,431 564,660 352,687i 57,632 243,122 33,254 334,008 3,720 4,799 1,259,874 18- 1,355,579 62,443 724,982! 639,2451 2,782,249 122,836(2,905,085 49, 546 280,534 285,832 566,366 354,980 56,352 244,272 32,655 333,279 3,150 5,701 1,263,476 25- 1,355,463 50,004 724,029i 616,397 2,745,893 114,642|2,860, 535 43,948 346,326 278,388 624,714 359,4581 56,285 244,439 3i; 575 332,299 3,150 6,500 1,326,121 Dec. 2_ 1,343,424 54,162 729,0021 616,023 2,742,611 114,938 2,857,549 45,268 314, 582 329, 293643, 875357, 72356,269 254,858 28,302 339,429 3,150 8,300 1,352,477 9_ 1.307, 572 57,705 753,172 603,836i 2,722,285 107, 616|2,829,901 44,389 378,272 301,102 679,374 369, 55056, 276266,080 29, 517351, 873 3,195 8,300 1,412,292 16_ 1, 394, 759 54,570 664,899 587,358 2,701,586 108,358 j 2,809,944 45, 663 343,121 275,946 619,067 352,692 73,451 153,740 171, 280398,471 3,195 8,798 1,382,223 < 23- 1,327,438 49,343 729,256 559,259! 2,665,296 91,98312,757,279 42, 783 441,479 322, 644764,123 369,951 65,839 190,037 103,631 359, 507 3,205 8,300 1, 505, 086 30- 1", 356,607 52,699 701,455 593,520] 2,704,281 117,852 2,822,133 62,053 466,014 283,658 749,672 362,818 58,854 192,077 126,101 377,032 3,205 8,100 1, 500,827 w Ox Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No, 12.—RESOURCES AND LIABILITIES, by WEEKS—Continued Ox [In thousands of dollars] Deposits Date f b o f D r a r o e n u i m k g e s n co i l t U l e e m n c - t s ed Bank o A th l e l r r li e a T s b a o o n i u l t i d r a t c i l e e s s F c i i . n r I c t a u . c l n a tu o ti a t o e l n s M r b e e s a m e n r k b v , e e r G m ov e e n r t n- F b o a re n i k gn Other Total D a a i e b t v f e i e a m l r i i r t l e s y - d C pa a i p d i t i a n l Surplus o ab th A il e i l r t l i l e i s account 1925 Jan. 7. 641 702,909 57, 595 23,408 5,043,338 1,805,383 2,247, 745 26,040 19,899 22,849 2,316,533 581,799 112,228 217,837 9,558 14.. 641 697,611 57,669 24,369 5,031,772 1,737,977 2,256,491 30,563 .22,416 20,870 2,330,340 623,681 112,193 217,837 9,744 21.. 641 626,914 57, 902 23,963 4,815,633 1,698, C28 2,140,611 31,146 24,362 19,977 2,216, 096 561,045 112,187 217,837 9,840 28.. 642 572,000 57, 939 24,189 4,800,269 1,684,311 2,171,723 52,114 22, 513 18,866 2,265, 216 510, 336 112,246 217,837 10,323 Feb. 4.. 642 567,815 58,004 23, 675 4,809,918 1,690,385 2,193, 624 29,049 24,882 20,014 2,267,569 511,833 112,316 217,837 9,978 11.. 642 589,040 58,057 23,757 4,830,182 1,713,662 2,174, 546 27,601 21,473 18,835 2,242,455 533,398 112,328 217,837 10,502 18.. 642 682,314 58,323 23,858 4,916,882 1,698,890 2,190,651 26,129 22,105 18,236 2,257,121 619,074 113,466 217,837 10,494 25-. 642 644,454 58,332 23,808 4,942,011 1,728,752 2,208,405 26,673 15,759 18,799 2,269,636 601,041 113,596 217,837 11,149 Mar. 4.. 656 659,805 58,363 23, 726 4,895,296 1,727,383 2,165,995 39,465 6,753 25,526 2, 237,739 587, 762 113, 738 217,837 10,837 11-. 836 627,874 58,751 23,981 4, 892,363 1, 730,684 2,201,277 26,332 7,894 20,035 2,255,538 562, 750 114, 254 217,837 11,300 18.. 796 756,592 58, 775 19,695 4,959,330 1, 720,369 2,175,515 6,126 8,365 20,999 2,211,005 684,375 114,450 217,837 11,294 25.. 602,247 58,816 20,024 4,787,125 1,709,146 2,118,581 29,379 10,611 25,698 2,184,269 549,438 114,492 217,837 11,943 Apr. 607,198 58,863 20,014 4,807,607 1,709,670 2,132, 779 34,377 7,619 20,882 2,195,657 558,250 114,492 217,837 11,701 639 602,618 58,967 20,359 4,790,022 1,714,161 2,140,760 21,878 6,306 18,034 2,186,978 544,276 114,481 217,837 12,289 15.. 639 786,206 59,241 21,618 4,949,205 1,698,090 2,141,443 37, 027 5,905 23,571 2,207,946 698,694 114,586 217,837 12,052 22-. 640 671,528 59,263 22, 738 4,848, 537 1,687,690 2,163,116 30,454 6,830 17,354 2,217,754 598,159 114,693 217,837 12,404 29-. 640 592, 804 59,266 21,646 4, 749,755 1,683,880 2,134,562 27,059 7,652 18,112 2,187,385 532,714 115,207 217,837 12,732 May 6-. 640 601,598 59,283 22,075 1,682,971 2,180,024 23,980 6,523 21,810 2,232,337 539,846 115,226 217,837 12,671 13,. 640 690,032 59,498 22,581 4,836,938 1,676,204 2,153,999 19,532 6,479 20,020 2,200,030 614,531 115,270 217,837 13,066 20.. 641 674,761 59,701 22,558 4,780,481 1,656,474 2,118,163 32, 732 6,459 19,068 2,176,422 601,151 115,448 217,837 13,149 27.. 642 584,282 59,867 23,150 4,756,592 1,670,635 2,138,174 38, 624 6,805 18,271 2,201,874 537,025 115,525 217,837 13,696 June 3. 671 683, 820 59,874 22,847 4,837,457 1,674,686 2,146,921 39,032 5,834 30,358 2,222,145 593,749 115,539 217,837 13,501 10- 838 618,656 59,976 23, 111 4, 787,480 1,659,673 2,156,090 44,404 7,961 17,151 2,225,606 554,517 115,527 217,837 14,320 17- 734 811,856 60,162 20,402 4,922,689 1,643,047 2,212, 772 5,364 6,456 20,010 2,244,602 687,156 115,543 217,837 14,504 24. 685 619,112 60,173 20,467 4,749,459 1,634,235 2,139,779 46,207 6,161 18,267 2,210,414 557,073 115,561 217,837 14,339 July 1. 636 670,084 60,180 20,809 4,853,046 1,653,006 2,198,629 23,330 6,197 24,229 2,252,385 603,527 115,693 217,837 10,598 8- 637 683,492 60,326 20,981 4, 781,642 1,652,290 2,147,100 13,282 5,756 21,610 2,187, 748 596,963 115,617 217,837 11,187 15- 637 746, 725 60,383 20, 788 4,863,407 1,626,971 2,195,601 10,907 4,240 20,954 2,231,702 660,047 115,601 217,837 11,249 22. 637 644,018 60,397 20,954 4, 732,485 1,605,214 2,160, 748 13,963 5,339 19, 669 2,199,719 582,450 115,715 217,837 11,550 29. 637 583,542 60,562 21,180 4,679,813 1,598,397 2,152,867 21,110 6,709 19,894 2,200,580 535,323 115, 706 217,837 11,970 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Aug. 5. 637 592,665 60, 975 21,127 14,741,116 1, 605,557 2,211,753 1 28,201 5,461 20, o52 2,265,967 524,173 115,677 217,837 11,905 12. 637 647, 738 61,114 21,177 4,782,688 1,617,678 2,179,668 31,191 5,502 19,878 2,236,239 582,794 115,816 217,837 12,324 19. 638 664,573 61,180 21,211 4,794, 237 1, 616,189 2,183,668 28,667 5,953 18,905 2, 237,193 594,188 116,313 217,837 12,517 26. 638 579,518 61,210 21,345 4, 727,947 1,615,887 2,183, 487 28, 688 5,488 18,875 2,236,538 528,297 116,324 217,837 13,064 Sept. 2. 673 628, 059 61,245 21,424 4,781,627 1,637,725 2,186, 593 25,321 5,081 18, 733 2, 235,728 561,085 116,363 217,837 12,889 9. 810 658, 563 61,333 22,450 4,857,960 1,680,115 2,195, 648 22, 786 5,570 20,502 2,244,506 585,596 116,380 217,837 13,526 16. 707 928,961 61,370 19,598 5,062,931 1,677,299 2,197,663 3,528 6,152 22,855 2, 230,198 807,583 116,423 217,837 13,591 23. 707 685,239 61,399 18,044 4,901, 072 1, 670,348 2, 207,090 32,169 7,464 20,731 2,267,454 614,787 116,433 217,837 14,213 30. 639 655,053 61,401 17,700 4,905,540 1,685,114 2, 209,937 31,302 7,530 19,210 2,267,979 603,977 116,440 217,837 14,193 Oct. 7. 639 713,311 61,475 18,062 4,969,498 1, 701,128 2,238,154 16,732 8,306 19,865 2,283,057 636,162 116,461 217,837 14,853 14. 639 920,079 61, 535 18, 583 5,194,283 1,715, 532 2,229,825 32,643 7,091 18,622 2,288,181 840,828 116,487 217,837 15,418 21. 640 782, 668 61,«652 17, 751 5, 035,186 1, 694, 948 2, 206, 347 46,132 11,424 20,043 2,283,946 705,954 116,629 217,837 15,872 28. 640 684, 027 61,557 18,120 4,960,423 1,694, 771 2, 227, 212 38,670 12,071 19, 311 2, 297,264 617, 350 116,602 217,837 16,599 Nov. 4. 640 687, 010 61, 593 18, 282 5,010, 743 1, 713,422 2, 245, 629 30, 383 11,473 27, 515 2, 315, 000 631,239 116,653 217,837 16, 592 10 640 702,177 61, 632 18,089 4,980,081 1, 711,275 2, 232,173 22,294 11,988 22, 288 2, 288, 743 628,462 116,659 217,837 17,105 18. 671 816,673 61,809 18,108 5,115,368 1, 708, 050 2, 260,822 24,975 12,999 23,103 2,321,899 733,512 116,813 217,837 17.257 25 658 686,348 61,817 18,454 4,997,881 1, 731, 510 2, 219, 813 36,853 12, 937 21,181 2, 290, 784 622,853 116,844 217,837 18,053 Dec. 2 771 742, 551 62, 021 18,166 5,078, 803 1, 742, 706 2, 235, 787 44,136 13,002 20,074 2,312,999 670,132 116,871 217,837 18.258 9 861 692,811 61, 552 19,362 5,061,168 1, 765, 627 2, 246,386 35,840 11,884 20,420 2, 314, 530 626, 937 116,863 217,837 19,374 16 710 952,147 61, 607 17, 632 5,269,926 1, 788,230 2, 264, 797 5,954 8,398 21,356 2, 300, 505 827,072 116,964 217,837 19,318 23 642 766,088 61, 629 18,006 5,151, 513 1,895, 663 2, 219,373 29,120 7,956 19,166 2,275,615 625,263 116,978 217,837 20,157 30 642 717, 599 61, 632 18,272 5,183,158 1,835,010 2, 308,614 15,067 12,014 21,446 2,357,141 635, 681 117,042 217,837 20,447 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 13.—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 * 3. Federal reserve notes in circulation 4. Reserve percentages 1-H2+3) Month 1925 1924 1923 1922 1921 1920 1925 1924 1923 1922 1921 1920 1925 1924 1923 1922 1921 1920 1925 1924 1923 1922 1921 1920 January 3 073 3,242 3,202 3,044 2,287 2,098 2,277 1,980 1,982 1,801 1,634 1,790 1,754 2,113 2,289 2,272 3,178 2,888 76.2 79.2 75.0 74.7 47.5 44 9 February 3,042 3,239 3,209 3,070 2,344 2,053 2,234 1,954 1,970 1,814 1,660 1,797 1,715 2,035 2,245 2,177 3,069 2,947 77.0 81.2 76.1 76.9 49.6 43 3 March 3,000 3,222 3,191 3,096 2,403 2,058 2,193 1,991 1,961 1,795 1,809 1,783 1,731 2,014 2,253 2,195 2,979 3,040 76.4 80.5 75.7 77.6 50.2 4? 7 April 2,979 3,202 3,177 3,115 2,485 2,084 2,181 2,004 1,945 1,823 1,750 1,770 1,709 1,971 2,236 2,190 2,871 3,072 76.6 80.5 76.0 77.6 53.8 43.0 May 2,977 3,222 3,180 3,127 2,542 2,079 2,191 1,980 1,949 1,877 1,717 1, 811 1, 685 1,915 2,243 2,153 2,787 3,090 76.8 82.7 75.9 77.6 56.4 4? 4 o June _ _-. 2,953 3, 247 3,204 3,136 2,606 3,103 2,209 2,065 1,931 1,893 1,723 1,748 1,660 1,871 2,247 2,138 2,683 3,114 76.3 82.5 76.7 77.8 59.1 43 3 July 2, 922 3, 249 3,181 3,158 2, 655 2,119 2,204 2,110 1, 920 1,882 1, 696 1, 706 1,636 1,825 2,242 2,157 2,605 3, 143 76.1 82.6 76.4 78.2 61.7 43.7 H August 2,897 3,211 3,194 3,196 2,740 2,127 2,209 2,140 1,890 1,860 1,691 1, 699 1,626 1,757 2, 229 2,151 2,512 3,165 75.5 82.4 77.6 79.7 65.2 43 7 O September 2,873 3,157 ' 3,187 3,*192 2,836 2,139 2,214 2,188 1,908 1, 866 1,716 1,665 1,680 1,750 2, 264 2,225 2,494 3,276 73.8 80.1 76.4 78.0 67.4 43.3 October _ 2,867 3,124 3,194 3,212 2,906 2,162 2,266 2,208 1,919 1,876 1,728 1,681 1,714 1,769 2,276 2,309 2, 456 3,337 72.0 78.5 76.1 76.7 69.4 43.1 November 2,878 3,131 3,200 3, 209 2, 964 2,183 2,294 2,223 1,939 1,890 1,733 1,668 1,724 1,836 2,257 2,325 2,402 3,328 71.6 77.1 76.3 76.1 71.7 43.7 December •_ 2,806 3,057 3,169 3,166 2,995 2,222 2,281 2,255 1,931 1,891 1,755 1,622 1,817 1,884 2,292 2,416 2,416 3,343 68.5 73.8 75.0 73.5 71.8 44.7 Year _ 2,938 3,192 3,191 3,144 2,649 2,119 2,230 2,092 1,937 1,856 1,745 1,728 1,704 1,895 2,256 2,226 2,702 3,146 74.7 80.1 76.1 77.0 59.6 43.5 Net deposits are shown up to and including February, 1921, and total deposits after that month. No. 14.—BILLS AND SECURITIES: AVERAGE DAILY HOLDINGS, BY CLASSES [Amounts in millions of dollars] Total bills and securities J Discounted bills Purchased bills United States securities Month a 1925 1924 1923 1922 1921 1920 1925 1924 1923 1922 1921 1920 1925 1924 1923 1922 1921 1920 1925 1924 1923 1922 1921 1920 W o J F a e n b u r a u r a y ry.. 1 1 , , 0 0 5 7 0 2 1,0 9 0 2 1 2 1 1 , , 1 1 5 9 3 1 1 1 , , 2 3 1 0 5 4 3 2, , 8 0 6 3 9 5 3 3 , , 1 0 5 4 4 4 3 2 3 6 8 7 5 5 8 1 0 6 5 6 4 1 9 1 7 96 73 9 2 2 , , 4 53 0 6 9 2 2 , , 2 1 9 4 9 3 3 3 2 1 9 4 2 3 7 0 2 3 2 18 2 7 1 8 9 7 9 2 1 0 7 1 3 5 5 4 7 6 6 3 4 8 6 5 5 1 1 3 1 4 8 4 35 2 5 1 3 2 5 3 5 6 2 2 8 9 7 8 3 3 0 2 9 5 w March 1,079 952 1,179 1,191 2,736 3,212 392 479 629 640 2,302 2,387 298 230 232 93 138 481 376 243 318 458 296 344 April -_ - - 1,060 940 1,165 1,190 2,527 3,192 404 495 660 577 2,140 2,440 289 173 275 93 110 420 355 272 230 520 277 332 May 1,049 840 1,173 1,189 2,354 3,256 398 435 708 482 1,967 2,537 278 81 271 103 84 417 361 323 194 604 303 302 June 1,061 843 1,125 1,167 2,175 3,210 438 375 744 439 1,818 2,461 265 51 225 135 55 401 346 416 155 593 302 348 July 1,065 826 1,120 1,128 2,013 3,201 482 318 837 428 1,725 2,519 233 44 186 154 27 364 338 462 97 546 261 318 August.. ___ 1,092 837 1,078 1,053 1,842 3,234 545 270 811 396 1,555 2,605 206 28 177 159 38 326 329 537 90 498 249 303 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

September _ 1,164 931 1,123 1,113 1,740 3,329 594 263 848 416 1,445 2,677 224 90! 173 210 40 314 335 575 102 487 255 33S October . 1,256 1,006 1,151 1,185 1,641 3,390 622 241 875 484 1 377 2,782 296 178 184 252 56 304 328 585 92 449 208 304 November _. 1, 289 1,085 1,148 1,210 1,520 3,375 596 229 802 624 1,233 2,776 352 266; 262 260 79 279 332 587 84 326 208 3?,0 December 1,429 1,221 1,200 1,304 1,517 3,314 691 302 775 663 1,185 2,731 368 357 322 261 106 244 358 555 103 380 226 339 Year. 1,140 950 1,151 1,187 2,160 3,243 482 375 738 573 1,804 2,530 287 172 227 159 *92 389 359 401 186 455 264 324 i 1 Includes municipal warrants, Federal intermediate credit bank debenture bonds, and foreign loans on gold. No. 15.—BILLS AND SECURITIES: AVERAGE DAILY HOLDINGS OF ALL CLASSES COMBINED O O [In thousands of dollars] Prior years o Febru- Septem- Novem- Decem- Federal reserve bank January ary March April May June July August ber October ber ber Year 1924 1923 1925 Boston 101,042 89,073 93,490 92,616 75,011 76,129 77,310 74,428 75,716 108,050 125,445 143,170 94,353 65,874 81,267 New York 294, 557 330, 670 335,758 292,980 271,401 249,493 253,385 253, 267 294,676 287,292 260,159 326, 247 287, 280233,309 262,812 Philadelphia- 74,027 78, 606 91,424 88,762 85, 655 81,137 79,301 84, 396 90, 061 95,387 91, 532 97,197 86, 506 71, i 104, 363 Cleveland 124,709 115, 022 114,105 109,223 98, 638 95,165 97,636 106,083 113,033 122, 905 118,632 127, 804 111,919 95, 286 106.765 Richmond.. 32, 680 32, 504 47, 943 56, 932 63, 563 65, 637i 65, 698 62,394 64,527 59,073 52,( 55, 660^ 55,095 49,976 62,736 Atlanta 25, 322 20,965 31, 587 36,349| 41,951 53. 7791 54,42" 59, 457 59,75f! 67,925 99,329 114, 634! 55, 679 43,705 59, 596 Chicago I 138,645 130, 557 131,154 142, 385 137, 716 122,922| 123,332 120, f" 123,384 150,990 151, 220 173,177| 137,259 124,234 148.766 St. Louis... 42,430 38, 950 33,855 36,085 52, 072 64, 482, 62,717 70,913 64,141 64,210 71,874 72,3411 56, 281 40,838 62,368 Minneapolis 28,183 25,634 30,230 34,025 37,135 41, 2361 39, 755 45,203 47,045 43, 581 31,708 42, 714J 37, 285 36,845 37,120 Kansas City_ 49,737 43,003 43,725 45,837 54,125 55,893 54,373 56,! 61,038 73,097J 79, 357 69, 576; 57, 239 49,042 63,943 tei Dallas. f 49,431 40, 555 32,894 31,370 38, 673 48, 665 49,840 49, 004 50,193 59,135 69, 351 72, 014 49,325 50,636 53,218 San Francisco I 111,314 104, 784 92,747 93,502 93, 292 106,129 107,478 110, 288 120,329 123,986 137,141 134,198 111, 286 107, 616 Total: 1925. 1,072,077 1,050, 3231,078,912 1,060,066 1, 049. 2321, 060, 6671, 065, 2521,092, 2641,163,898 1,255, 6311, 288,7311,428,732 1,139, 507 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.. 1,191,1911,152,862 1,178,919 1,164,606 1,173,194 1,124, 8911,119,787 1, 078, 2041,123,472 1,150, 5931,147, 7651, 200,3511,150,570 1922. 1, 304,1631, 215,2201,191,013 1,190,004 1,188, 8491,166, 6171,127,:"" 1,053,098 1,113,343 1,184, 7001, 210,1261,304,433 1,187, 270 1921.. 3, 034,6552, 869, 2332, 735,7842, 527, 2532,353,794 2,175,175 2,012, 1,841, 5961, 740,4741,640,740 1, 520,2831, 517,1942,160,179 1920. 3,043,952 3,153,994 3,211,936 3,191,945 3,255,859 3, 209, 6503, 200,9733,233,862 3,329,481 3,390,089 3,375,395 3,313,502 3,242, 679 1919. 2,213,511 2,225,686 2,318,422 2,341,724 2, 391, 7742,323,992 2, 478, 8632,442, 6272,471, 5152, 709, 3302, 907,8033, 034, 2242,487,483 1918. 1,026,365 1,001,9541 1,122,693 1, 237,3681, 265,7481, 274,8981,439, 2861, 607,7091,920,057 2,194,707 2, 273, 5992, 298,3131, 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, 50f 103, 619 126,142 149,306 168, 538 164,893 189,824 193,458 188,510 188,358 188,414 221,301 164, 583 CO Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 16.—DISCOUNTED BILLS: AVERAGE DAILY HOLDINGS [In thousands of dollars] Prior years Federal reserve bank 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 1924 1923 1925 Boston 19,657 19, 723 30,313 34,214 28,703 35, 544 33,582 36,493 29,331 42,547 37,976 51, 599 33,408 18, 760 52,633 New York... _ 76,094 147,396 153, 332 119, 270 105,318 125, 552 144,493 167,977 204,356 195, 543 167,989 206,999 151,190 65,808 187,282 Philadelphia 26,100 30, 352 37,122 38,170 37, 625 40,646 45, 861 49,433 49,068 53,380 53, 397 59,411 43,466 31,315 59,846 Cleveland 34,819 33,126 40,167 40,344 39,619 42,858 46,064 56,612 62,888 74, 071 76, 010 88,113 53,024 32,679 51, 717 o Richmond 26,888 25,426 33, 342 41,423 47, 695 49,116 50, 796 50, 532 53,611 48, 242 42,321 45,674 43,025 44,070 59, 590 Atlanta 14, 719 12,389 16,179 19, 361 20, 538 23,670 31,198 30, 833 26, 788 24, 513 30,270 22,812 35,152 44,283 Chicago 35,953 31,959 34,950 50,045 49, 590 45,478 52, 111 52,034 50,224 68, 754 70,189 93,390 53,050 46, 795 86,046 St. Louis... 8,790 9,314 10,202 15,257 18,500 20,031 21,061 27,614 34,947 31,119 29,174 24,710 20,945 25, 987 43, 754 Minneapolis 4,715 4,306 4,093 5,185 6,167 5,078 6,064 8,788 i 6,899 6,248 5,747 5,770 5,767 12,875 24,103 Kansas City 5,032 4,981 4,492 6,945 7,740 7,418 7,205 7,556 I 8,499 11, 788 18, 524 18,226 9,053 19,252 39,861 Dallas 2,976 2,283 2,082 2,274 4,298 6,122 8,469 10,390 I 9,165 8,039 9,624 9,729 6,315 12, 081 25, 993 San Francisco 11, 681 17, 238 25, 380 31, 552 32, 620 36,910 42,945 46,290 I 54,262 55, 770 60, 533 57, 005 39,460 30, 060 63, 006 Total: 1925. 267,424 338,493 391, 654 404,040 398, 413 437, 621 482, 321 544, 917 594, 083 622,289 595,997 690,896 481, 515 1924. 580, 371 516,171 479,369 494, 537 435,429 374, 592 318, 252 269, 665 262, 755 240, 907 229, 039 301, 716 374, 834 1923. 548,969 610, 755 628,519 659,932 708,394 744,306 837,039 811,251 847,885 875,158 801,388 774, 733 738,114 1922. 968, 971 772, 417 640, 303 576, 631 481, 626 438, 789 428,327 396, 242 416,612 484,443 623,825 663, 562 573,247 1921. 2, 536,1052,408, 7922,301,628 2,139,982 1,966, 6461, 817, 7491,725,162 1, 554, 7021,445, 6901,376, 9141,232, 5761,185,432 1,804,305 1920. 2,142, 7882,298,917 2, 386, 5372,440,376 2,537,551 2,461,022 2, 519,0442,605,113 2, 677,0522, 782, 0552, 776,4572, 730,3602, 530,379 S 1919. 1, 734, 6551, 763, 2261, 861, 5321,919,461 1,973,926 1, 842,1121,867, 9201,801,887 1, 777,3342, 073,4162,145,631 2,157,021 1,908,198 1918. 611, 235 531, 541 567, 475 769,259 902,102 938,442 1,165, 6491,337, 7011, 603,1531, 709, 7661, 768, 7461, 749,1561,140,053 1917. 20,877 17,900 18,191 24,903 42,710 151,234 147, 797 134,988 182, 439 313, 771 568, 352 664,154 193, 082 1916. 29,078 24,134 21,609 21,956 20,184 20, 514 25,421 28,058 27,320 22,154 19,923 32, 645 24,416 w o Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONDITION OP FEDERAL, RESERVE BANKS 61 No. 17.—DISCOUNTED BILLS: HOLDINGS ON DECEMBER 31, 1925, BY CLASSES [In thousands of dollars] Member bank col- Rediscounted bills • lateral notes Federal reserve bank T c o la ta ss l e ( s a ) ll C c o ia m l m an e d r- Domestic P cu a r p e e d r b se y - Secured by agricul- trade ac- U. S. Gov- U. S. Gov- Otherwise tural paper, ceptances ernment ernment secured n. e. s. obligations obligations Boston 53,114 31,498 75 183 21,358 New York.... 232,944 17,744 274 197,709 17,217 Philadelphia.. 53,257 11,918 146 83 34,367 6,743 Cleveland 66,128 21,788 920 460 31,808 11,152 Richmond 44,003 20,423 184 15,068 7,842 Atlanta 27,428 15, 754 180 218 3,489 7,787 Chicago 87,960 25,594 731 43 55,462 6,130 St. Louis 22,868 10,778 399 556 8,952 2,183 Minneapolis.. 3,421 2,685 1 550 184 Kansas City.. 15, 579 8,775 10 4,006 2,788 Dallas.. 4,007 2,065 131 1,793 18 San Francisco. 24,484 145 3 5,717 10,330 Total. _. 635,193 177,311 3,357 1,872 380,279 72,374 No. 18.—DISCOUNTED BILLS: HOLDINGS ON THE LAST DAY OF EACH MONTH, BY CLASSES [In thousands of dollars] Rediscounted bills Member bank collateral notes Total Bankers' accept- Trade acceptances Secured Date (all Commer- ances based on— based on— by U.S. Secured classes) c a n p i g t a . a u r l p e i r c . a e a u n l r s l , . d - I e m x a p p n o o d r r t t s s D tr o t a i m n o s n e a s s c ti - c I e m x a p p n o o d r r t t s s D tr o a ti m n o s n e a s s c ti - c o t m G b e io l r o e i n n g v n - s a - t - b G o y m t o b i v o U l e i e n g n . r s t a n S - - . s O e w c th i u s e r e e r- d 1925 Jan. 31 311,885 94,063 2,749 1,035 168,415 45,623 Feb. 28 415,884 109,583 2,743 953 262,153 40,452 Mar. 3-1 397,810 139,655 2,992 1,077 206,518 47,568 Apr. 30 429,440 146,494 57 3,537 1,257 232,664 45,431 May 31 451,273 162,612 3,067 1,087 227,157 57,350 June 30 480,468 180,901 2,496 1,095 244,226 51. 750 July 31 506,319 175,366 2,105 1,085 271,173 56,590 Aug. 31 577,201 186,407 2,232 1,084 307,906 79, 572 Sept. 30 633,188 205,736 2,290 992 315,802 108,368 Oct. 31 616,182 193,435 3,385 1,253 298,178 119,931 Nov. 30 679,400 190,751 2,888 1,778 362,595 121,388 Dec. 31 635,193 177,311 3,357 1,872 380,279 72,374 Dec. 31, 1924.. 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 1 Included with "Commercial and agricultural paper n. e. s." Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

62 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No. 19,—DISCOUNTED BILLS: HOLDINGS ON DECEMBER 30, 1925, BY MATURITIES [In thousands of dollars] Maturity Federal reserve bank Total 91 days W 15 i t d h a i y n s 16 d a to y s 30 31 d t a o y s 60 61 d a to y s 90 m t o o n 6 ths m O o v n er th '6 s Boston 55, 595 52, 783 988 1,304 485 35 New York ._ . 294, 975 279, 933 3,821 6,736 4,485 Philadelphia 58,112 48, 838 2,509 4,141 2,596 28 Cleveland.. - . 68, 940 48, 672 7,184 8,762 4,051 255 16 Richmond 49, 517 35, 365 4,312 6,341 3,325 174 Atlanta 29,126 15, 919 3,829 5,484 3,538 346 10 Chicago _ - . . 119, 777 86, 060 7,832 12, 900 8,795 3,996 194 St. Louis 20, 321 12,443 2,008 3,095 2,446 317 12 Minneapolis 3,545 2,293 103 187 464 413 85 Kansas City 15, 939 7,829 1,295 2,134 1,825 2,797 59 Dallas 3,861 2,395 317 283 428 424 14 San Francisco 29, 964 23, 795 1,618 1,785 990 1,682 94 Total - 749,672 616, 325 35, 816 53,152 33, 428 10, 467 484 No. 20.—DISCOUNTED BILLS: HOLDINGS ON THE LAST REPORT DATE OF 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 1925 Jan. 28 273, 692 202, 035 17,691 28, 531 15,069 9,031 1,335 Feb. 25 - . 433, 805 353, 789 17,440 31, 629 20, 620 8,378 1,949 Mar. 25 __ 377, 641 288, 426 21, 070 36,922 18, 674 9,131 3,418 Apr. 29 . .. 399, 985 294, 009 23, 587 38, 079 24, 087 15, 802 4,421 May 27 413, 999 302, 955 22, 653 37,938 23, 386 24, 523 2,544 June 24 __ _ 455, 445 330, 416 28, 148 39, 742 26, 696 29, 890 553 July 29 468, 356 338, 833 25, 586 42, 796 39, 758 21,143 240 Aug 26 579, 675 438, 256 27,961 62, 041 39, 568 11,625 224 Sept. 3O._ 633,188 488,986 36, 430 59, 502 41, 776 5,886 608 Oct. 28 589,994 451,142 37, 471 62, 859 30, 389 7,675 458 Nov. 25 624, 714 494, 404 35,177 56, 761 28, 518 9,513 341 Dec. 30 749, 672 616, 325 35, 816 53,152 33, 428 10, 467 484 Dec. 31, 1924 314,128 241, 603 18, 335 26, 413 17, 343 9,541 893 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 26, 939 De*J. 28, 1917 680, 706 355, 373 57, 367 175, 006 83, 974 8,986 Dec 29, 1916 30,196 i 9,927 2 11,794 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 4,1)32 3,531 1,746 i Within 10 days. 2 From 11 to 30 days. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 21.—BILLS BOUGHT IN OPEN MARKET AND FROM OTHER FEDERAL RESERVE BANKS: AVERAGE DAILY HOLDINGS [In thousands of dollars] r Prior years Federal reserve bank Ja a n ry u- 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- Decem- Year 1924 1923 O 1925 O Boston 50,841 44,993 41,200 36,661 32,124 35,125 35,150 28,771 39,203 56,845 78,797 81,148 46,745 18,853 17,966 New York 73,129 68, 218 62, 768 73,982 49,927 37,735 24,156 18,867 29,418 29,170 38,181 47,749 48,084 47,970 Philadelphia 17,386 19,272 23,627 23,801 24,028 19,364 12, 546 14,001 19,459 19, 515 15,486 13,811 18, 508 11,404 23, 067 Cleveland _. 36, 696 36, 241 31,370 28,006 24,182 23,047 19,973 17,697 18,436 17, 084 11,137 7,111 22,496 19, 055 36, 380 o Kichmond 1,265 3,034 10,807 11, 680 10, 578 10, 076 8,776 5,757 5,002 4,993 4,942 3,526 6,720 1,142 1,469 Atlanta 6,822 4,680 11,375 12,614 10,977 15,354 15,955 13,452 14,382 26,266 59,498 21, 796 6,215 13,145 o Chicago 31,407 37,455 37, 660 38,481 33,741 28, 203 25,374 29, 207 36,350 34,843 29, 681 33,356 20, 291 34,228 St. Louis 20,748 19,110 13,985 11,192 10, 727 11,397 10,434 11,939 2,667 12, 515 21,969 25,948 14,375 4,868 6,239 Minneapolis 6 1,191 7,810 11,118 13,275 18,744 17,316 20, 082 23, 533 20, 509 9,211 19,296 13,585 2,259 762 Kansas City 14,300 12,144 14,088 12, 544 13, 556 14, 380 14, 063 15,998 19,770 27,805 26,181 16, 731 16,820 5,184 689 Dallas 24,191 19, 798 11, 630 8,484 7,724 11,356 12, 635 8,966 11, 726 20, 502 28, 722 31,813 16,450 17, 217 19,995 San Francisco. __ 51,853 47,711 31,121 17,889 22, 078 19,948 19,412 21,883 23,747 32, 273 31, 683 28,729 17, 856 24,638 Total: 1925 328, 644 313, 847 298,113 277, 523 264, 589 232, 734 205,605 224,135 295, 549 352, 229 367,864 287,329 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 1 1922 98, 742 87, 398 92,965 93, 086 103, 072 135,181 154,010 159,020 209,793 251, 618 259,980 261, 077 159,207 1921 200, 913 173,082 138,397 110,372 84,395 54,716 26,395 38,124 40,020 56,196 78,867 105,499 91,817 1920 575,667 546,458 481,238 419,746 416, 520 401,184 363,621 325,461 313,864 303,981 278,521 244,001 388, 746 1919 280, 732 276,087 262, 787 208,905 189, 768 246,158 i362,298 371,091 353,936 340,189 455,057 549,959 325,232 1918 265, 590 289,072 318, 778 311,984 278,464 238,507 i209,174 217,109 249, 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

64 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No. 22.—BILLS BOUGHT IN OPEN MARKET AND FROM OTHER FEDERAL RESERVE BANKS: HOLDINGS ON DECEMBER 31, 1925, BY CLASSES [In thousands of dollars] Bankers' acceptances Trade acceptances Bills Based on— Based on— p ab ay le - Federal reserve bank Total in Total p I o m rt - s p E o x rt - s t m r D a ti e n o c s - s - - c D h o e a x l n l - a g r e c U l f a ie s n s d - i- Total p I o m rt - s t m r D a ti e n o c s - s - - re e c f n i o u g c r r i n - - es actions actions 1925 Boston. _ . _ 84, 714 84, 714 43,187 25, 799 14,426 1,302 New York 42, 020 40, 652 12, 474 20,060 7,149 749 220 I, III 1. 04fi 65 257 Philadelphia 16, 923 16, 923 5,935 6,686 4,143 159 Cleveland _ 4,990 4,227 1,606 1,800 821 106 106 657 Richmond 2,696 2,696 60 19 2,617 Atlanta 76, 732 76, 732 31, 888 35,137 8, 735 972 Chicago 27, 711 27, 711 9,790 9,625 6,753 687 856 St. Louis . 22,181 22,181 8,882 8,416 3,951 932 Minneapolis 18, 741 18, 741 6,622 8,055 3,791 273 Kansas City 17, 006 17, 006 6,764 8,385 1,634 223. .. Dallas •__ 28, 871 28,871 12, 624 11, 986 3,912' 349 San Francisco 31, 771 31. 771 13,980 11.411 5,914 466 Total . . 374, 356372. 22s'l53. 812!l47. 379 63,846 6,112 1,076^ 1.217 1,152 65 914 1 No. 23.—BILLS BOUGHT IN OPEN MARKET: HOLDINGS AT THE END OF EACH MONTH, BY CLASSES [In thousands of dollars] Bankers' acceptances Trade acceptances Bills Based on— Based on— payable Month Total in Dollar Un- foreign Total Do- ex- classi-Total Do- cur- Im- Ex- mesticchange fied Im- Ex- mestic rencies * ports ports trans- ports ports transactions actions 1925 January 313,006 312,734 119, 538 111, 751 75,605 5,229 611 272 272 February 315,300 314,921 122, 761 114,130 72, 888 4,551 591 379 379 March 312,947 312,369 126,339 114,946 65, 761 4,039 1,284 578 578 April 261,623 260,851 111, 568 96,089 49,490 2,550 1,154 772 772 May 287,960 287, 265 128, 672 109, 028 43,127 3,205 3,233 695 695 June 253, 507 252, 657 119, 641 87,230 41, 990 2,203 1,593 850 835 15 July 207,299 206,464 109,202 65,391 27,878 2,584 1,409 835 820 15 August __. 212,040 211,199 118,194 58,558 31,049 2,953 445 841 841 September 268, 310 266,317 139, 246 85,519 37, 633 3,394 525 723 678 45 1,270 October 346, 894 345, 503 153,886 129,423 56,452 5,388 354 480 397 83 911 November 358,635 356,959 155, 519 136,389 59,298 5,024 729 1,034 951 83 642 December 374,356 372,225 153,812 147,379 63,846 6,112 1,076 1,217 1,152 65 914 Dec. 31, 1924.. 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 i Not reported separately prior to September, 1925 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONDITION OF FEDERAL RESERVE BANKS 65 No. 24.—BILLS BOUGHT IN THE OPEN MARKET AND FROM OTHER FEDERAL RESERVE BANKS: HOLDINGS ON DECEMBER 30, 1925, BY MATURITIES [In thousands of dollars] Maturity Federal reserve bank Total Over 90 Within 16 to 30 31 to 60 61 to 90 days but 15 days days days within 6 months 1925 Boston _ 81, 381 14, 081 14,424 19,902 4,293 New York 37, 090 35, 527 353 792 413 5 Philadelphia 15,345 3,787 1,911 3,410 6,235 2 Cleveland 4,999 2,379 794 1,271 555 Richmond 2,716 555 743 820 Atlanta 76, 045 18,346 24, 761 15,926 14, 003 3,009 Chicago 27, 420 6,901 6,831 7,697 5,595 396 St. Louis.___ 22,186 7,025 5,096 5,496 3,041 1,528 Minneapolis 18, 763 12, 398 3,522 2,395 253 195 Kansas City __ 16, 816 6,394 4,045 1,959 3,508 910 Dallas... 28,617 3,392 7,939 9,908 6,538 840 San Francisco 31, 440 12, 836 7,570 6,816 3,708 510 Total 362,818 123, 664 77,801 85,094 64,571 11,688 No. 25.—BILLS BOUGHT IN THE OPEN MARKET: HOLDINGS ON THE LAST REPORT DATE IN EACH MONTH, BY MATURITIES [In thousands of dollars] Maturity Date Total Over 90 Within 16 to 30 31 to 60 61 to 90 days but 15 days days days days within 6 months Jan. 28... 307, 767 90,251 78, 374 96, 502 34,973 7,667 Feb. 25... 317,246 133,777 55, 785 74,827 48, 277 4,580 Mar. 25.. 306,905 86,669 54,769 92, 773 64,381 8,313 Apr. 29... 266,828 92,293 61, 997 74,789 32,681 5,068 May 27_. 278, 413 105,406 56,877 64,199 48,181 3,750 June 24... 241,666 86,317 47, 746 72,665 29,858 5,080 July 29.._ 210,476 81,065 45,793 44,508 29, 720 9,390 Aug. 26.. 201, 519 37,205 53,601 36,469 12,160 Sept. 30.. 268, 310 85,686 49,306 65,989 55,955 11,374 Oct. 28__. 328, 717 95,272 58, 526 88, 301 70,404 16,214 Nov. 25.. 359,458 104,633 65, 345 107,422 63,917 18,141 Dec. 30... 362,818 123,664 77,801 85, 094 64,571 11,688 Dec. 31, 1924. 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, (373 104,435 73, 914 104,880 20,444 Dec. 28, 1917. 275,366 40, 321 61,177 105,132 68,736 Dec. 29, 1916. 127,497 1 20,329 2 29,720 42, 766 34,682 Dec. 30,1915. 23, 013 i 1,236 2 5, 266 7,508 9,003 i Within 10 days. 2 From 11 to 30 days. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

o: No. 26.—UNITED STATES SECURITIES: AVERAGE DAILY HOLDINGS o: [In thousands of dollars] Prior years Federal reserve bank 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 1924 1923 1925 Boston 30,544 24, 357 21,977 21,378 13, 407 4,683 7,801 8,387 6,600 8,107 8,295 9,807 13,730 28, 261 10, 668 New York 142,955 112,001 116,603 102,131 89,266 71,179 68,3£2 58/299 69,309 60,3(20 61, 591 78, 805 85, 792 119,175 27, 560 Philadelphia 27,693 25, 482 27,476 24, 503 21,273 17, 901 17, 874 17, 872 18,467 19, 063 19, 063 20,147 21,383 27, 811 21,430 Cleveland 52,225 44, 435 41,360 39, 708 33, 713 28,136 30,475 30, 661 30, 850 30, 976 30, 907 31, 685 35,387 43,494 18, 668 Richmond 4,059 3,441 3,185 3, 245 4,733 5,888 5,569 5,548 5,493 5,443 5,443 6,016 4, 848 4,737 1,677 Atlanta 3,421 3,434 3,571 3,927 10,006 15,127 14, 372 14, 377 14,214 14, 566 15,104 15, 086 10, 684 2,315 2,150 Chicago 70,067 59, 579 56,308 53,170 48,196 42, 254 41, 569 41, 823 42, 865 44, 856 45, 469 48, 950 49, 550 57,077 28,492 St. Louis 12,489 10, 007 9,143 9,132 22,362 32, 571 30, 739 30, 882 26,158 20, 243 20, 484 21, 298 20,527 9,960 12,375 Minneapolis 23,160 19, 758 17,959 17,364 17,346 17,068 16, 029 15, 987 16,351 16, 578 16, 578 17,329 17, 617 21, 692 12, 254 Kansas City 29,533 24, 904 24,182 25, 531 32. 288 33,675 32, 685 32,177 32,405 33,106 34,226 34,184 30, 781 24, 512 23,347 Dallas 21,953 18, 075 18, 783 20,228 26, 284 30, 819 28, 368 29, 280 29,025 30,334 30, 826 30,180 26,229 21,320 7,230 San Francisco 47,147 39, 037 35, 448 34, 580 42, 048 46,406 43,850 43,858 43,622 43,964 43,957 44,925 42, 434 41,011 19,972 Total: 1925. 465, 246 384, 510 375, 995 354,897 360, 922 345, 707 337, 653 329,151 335,359 327, 556 331,943 358, 412 358,962 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 t-1 1920. 325,497 308, 619 344,161 331,824 301, 789 347, 445 318, 309 303, 288 338, 565 304, 053 320, 417 339,140 323, 554 1919. 198,123 186, 372 194,103 213, 358 228,080 235, 722 248, 645 269, 648 340, 246 295, 725 307,115 327, 244 254,053 1918. 148,256 180, 516 235,961 155, 588 97, 696 64,402 52,165 67, 085 124,443 126, 789 204, 807 128,232 I i 1917. 55,093 48, 273 49, 247 111,029 118,387 112, 036 73, 529 73,866 110,808 117, 941 100, 683 88,353 . 1916. 18, 504 26, 576 36, 756 47,497 54,959 56,759 57,377 55,297 55,410 53, 270 50, 504 53, 649 47,072 I. w o Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 27.—UNITED STATES SECURITIES: HOLDINGS (PAR VALUE) AT END OF YEAR, BY CLASSES All classes of securities Bonds s F e e r d v e e r a b l a r n e k - Total U r a c m e g h n p e r a d u e n s e e r e t - r - o c P v t o p u e h k m e r s r e n c t o t m m h u m i a i n g e t s a - t n h e e r t d - e All other Total c o 2 o c f n e p 1 s n 9 e o t 3 r ls 0 P 1 2 m c 1 a 9 e 9 a p n 3 3 n s e 6 a , 8 t r - - ce o 4 n f t 1 p 9 l e o 2 r a 5 n 3 l c 1 o e 9 o p a 6 n f n e 1 t r b c o o s 3 1 c 1 i 9 n n e o 9 p 4 v d 4 n n 6 e s e 7 t - r r o - f Li l c b o e e a n p n r t ty Li l c b o e e a n n r t ty b T 1 1 u o 9 r 9 o 4 n r e 5 f y 7 a d 2 - s s - T b 1 1 u o r 9 9 o e n r 4 5 f y a d 4 4 s s - - Tr n e o a t s e u s ry in c C d a n e e t e r e b t s s i t s f e o i d - f - 1925 Boston $12,740,000 $537,000 $6,985,000 $5, 218,000 $553,000 $529,000 $24, 000 $1,845, 500 $10,341, 500 New York.___ 57,199,050 4,450,000 51,427,000 1,322, 050 1,934,050 1, 879,150 $54,900 43,125,000 12,140,000 Philadelphia._ 24, 062, 600 6, 565, 000 17,497, 600 603,600 $100 549, 200 19, 000 35,300 4,016,000 19,443,000 Cleveland 36,409,400 17, 651, 500 18,757,900 8,103,200 414, 800 7,493,400 $45,200 149, 800, 19,615,200 8, 691,000 Richmond 8,943,400 7, 602, 500 1,340, 900 1,239,900 $915,100 237,000 87,800 L 3, 511, 000 4,192,500 Atlanta 19, 764,400 1,900, 00015,097,000 2,767,400 2,986, 500 10,300 $47, 500 2,903, 000 i 2,700 23, ooo; 9,772,900 7,005,000 Chicago 52,802,300 1, 605, 00031, 010, 500 20,186,800 20'1,,189, 800 $400 427,400 19,762,000. 18,955,000 13, 657, 500 St. Louis 24,347, 000 21,872, 500 2,474, 500 1, 746, 500 l,746,500|. 14, 715, 500 7,885, 000 Minneapolis.. 19,077,710 11, 520,000 7,557,710 7,665,210 260 500 114,800 7,383,750. 165,900! 7,093, 500 4,319,000 Kansas City.. 37, 459, 700 24, 844, 000 12,615,700 8,387,300 46,200 2, 731,900 100,800 5,, 508,400; 18,415,400 10,657, 000 Dallas 31,829,400 25,143, 500 6,685,900! 6,949,400 | 6,783,400 21,000 145,000 17,236,000 7, 644, 000 San Francisco. 49,938,000 40, 281, 500 9, 656,500! 468, 000 2, 500j i 463, 500 2, 000 28,761, 500| 20,708,500 Total: 1925.. 374, 572,960 8,492, 000 260,000,000 106i,,080,960 60,826,460 915,100 237, 360! 900 2, 045, 500 96, 200 l 51,277,400 171, 700 6,082,300 187,062,500il26,684,000 1924..540,159, 560 4,034,6001449,035,000 ~87", 089,960 75, 265,960 915,100 237,360| 900 2, 045, 500 •8,600 100 152) 500 5, 746,900 349,354,600ill5, 539, 000 1923.. 133, 569, 010 54, 000),,700 79, 568,310 29, 508, 0103,323,500 604, 660i $1,768,000 900 3, 526,600 28, 600 20,153,950 101, 800 J 86,951,5001 17,109,500 1922..436,165, 860 j'28,881,710 6,728, 600 624, 660 1, 768, 000 900 5, 270, 900 134,100 13, 729, 250 625,300 !2180,393,150)226,891,000 1921..234,089,110 .-33,033,610 .1,328,600 624,660 2,593,000 900 5,270,900 229,200 , i, 350 2 17,565,0001183,490,500 1920..287, 026, 610 ...26,309,310 L4, 267,350 906,160 2,593,000 900 6,526,300 197,050 1 1,818, 550| 372,800!260,644,500 1919..300,106, 685 ...26,836,110 .5,053, 700 927,160 2,593,000| 900 6,526,300 114,900 1 1, 620,150 3 67, 575J 273, 203, 000 1918..238, 562, 510 j 27, 859, 010 .5,053, 700 927,160, 2,593,000 900 6,526,300 503,600 4 2, 254,350 9,301, 000 201,402, 500 1917. 121, 689,682 .51, 847,182 5,784, 050 1,412,600 512,741, 290 900 6, 526,400 3, 612,650411,769, 292 26,792,000 43,050, 500 1916. 55,414, 650 .44,247, 6"5"0 24,331,150 5,149,800 512,589, 500! 900 2,176, 300 11,167,000 1915.. 15,918,470 .15,918,470 11,951,350 5 3,967,120 J Includes 4 per cent Liberty loan bonds, * 4 per cent Liberty loan bonds of 1942-1947. 2 Includes Victory notes. s Includes 3 per cent bonds of 1918. 3_Victory notes. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE NOTES <3> FEDERAL RESERVE NOTES: FEDERAL RESERVE AGENTS' ACCOUNTS ON DECEMBER 31, 1925 AND 1924 [In thousands of dollars] Total Boston New York Philadelphia Cleveland Richmond Atlanta 1925 1924 1925 1924 1925 1924 1925 L924 1925 1924 1925 1924 1925 1924 Federal reserve notes received from comp- ! s troller. _ _ _ 2, 977,588 3,181,478 256,192 286,252 746, 955 860,058 223,801 247,664 301,857 279,779 | 132,922 127,102 233,433 223,425 Federal reserve notes held by Federal reserve agent. 772,028 936,517 44,350 45,150 226,360 331,940 28,000 32,000 39,020 49,170 23,289 25,884 42,135 56,595 Federal reserve notes issued to Federal reserve bank 2,205,560 2,244,961 211,842 241,102 520,595 528,118 195,801 215, 664 262,837 230,609 109, 633 101,218 191,298 166,830 Collateral held as security for Federal reserve notes issued to Federal reserve bank: Gold and gold certificates 302,231 279,494 35,300 35,300 186,698 188,531 2,000 6.000 8 780 8,780 21,1(50 10,370 3,500 Gold redemption fund 109, 817 114,918 18,205 11,005 27,298 29,776 11,784 14,848 13 11,686 2,524 4,389 6,094 8,306 Gold fund, Federal Reserve Board 960,233 1,307,894 25,000 118,000 116,000 166,000 127,389 147,389 170,000 145,000 44,500 74,795 70,900 131,500 Eligible paper _ 948,803 668, 793 137,828 92,883 231,454 | 159,851 56,640 52, 898 71,102 80, 906 43,924 31, 722 104,088 25,105 Total collateral _ 2,321,084 2,371,099 216,333 257,248 561,450 544,158 197,813 221,135 263 706 246,372 112,108 110,906 191,452 168,411 Chicago St. Louis Minneapolis Kansas City Dallas San Francisco 1925 1924 1925 1924 1925 1924 1925 1924 1925 1924 1925 1924 1 Federal reserve notes received from comptroller 432,676 466,707 69,160 90,260 88,941 89,829 121,087 108,392 66,268 78,874 304,296 323,136 Federal reserve notes held by Federal reserve agent.. 232,457 253,020 22,580 25, 660 15, 695 14, 993 36,530 26, 753 11,512 15,152 50,100 60 200 w Federal reserve notes issued to Federal reserve bank. 200,219 213,687 46,580 64,600 73,246 74,836 84,557 81,639 54,756 63,722 254,196 262,936 o Collateral held as security for Federal reserve notes issued to Federal reserve bank: Gold and gold certificates 9,945 9.775 13,052 13,052 14,926 14,556 Gold redemption fund . __ 4,038 5,265 1,675 2,815 2,368 976 4,211 5,115 3,343 4,130 14,453 16,547 Gold fund, Federal Reserve Board 110,645 160,644 4,200 44,000 42,000 59, 500 50,360 58,360 6,000 18,500 193,239 184 206 Eligible paper _ 115,484 71,435 45,025 31,494 21,719 3,650 32,526 20,576 32,863 28, 718 56,150 69,555 Total collateral _ 230,167 237,344 60,845 88,084 79,139 77,178 87,097 84,051 57,132 65,904 263,842 270 308 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL, RESERVE NOTES 69 No. 29.—FEDERAL RESERVE NOTES: NOTES ISSUED TO FEDERAL RESERVE BANKS, BY FEDERAL RESERVE AGENTS AND COLLATERAL PLEDGED WITH AGENTS AS SECURITY FOR NOTES ISSUED, BY WEEKS [In thousands of dollars] Collateral security pledged with agents I Federal reserve Gold and gold certificates Collateral notes pledged Date i F s e s d u e e r d a t l o Total El p i a g p i e b r le de I m n p t r i e o - n In fu g n o d l , d i o n f e n x o c t e e s s s reserve Total In vault fund— Federal issued banks U.S. reserve Treasury board 1925 Jan. 7 2,202,002 2, 313,486 584, 219 1, 729,267 280,494 117,533 1,331, 240 111,484 14 2,144, 712 2, 310, 986 566, 736 1,744, 250 281,449 107,875 1,354,926 166,274 21 2,099, 962 2, 230, 210 485,488 1, 744, 722 281, 449 107,196 1, 356,077 130,248 28 2,073,168 2, 287, 989 557, 310 1, 730,679 281,849 107,412 1, 341, 418 214,821 Feb. 4 2,055, 967 2, 322, 259 596, 028 1,726, 231 281, 564 102,970 1, 341, 697 266,2§! 11.. 2,055, 638 2,333, 783 621,373 1, 712,410 281, 516 108, 767 1, 322,127 278,145 18 2,057, 731 2, 327,132 625,193 1, 701,939 282, 516 105,841 1,313,582 269,401 25__ 2, 052, 673 2,320,146 716, 703 1,603,443 278, 016 101, 566 1, 223,861 267,473 Mar. 4 2, 050,319 2, 268, 638 670,983 1, 597, 655 277, 516 104,131 1,216, 008 218, 319 11 ___ 2,040, 508 2, 291, 265 679, 038 1, 612,227 277, 916 105. 587 1,228, 724 250, 757 18— 2,031,838 2, 208, 740 584, 762 1, 623, 978 275, 416 110, 794 1, 237, 768 176,902 25—~ — 2, 018, 223 2, 248, 615 648, 564 1, 600, 051 275,416 110, 274 1, 214, 361 230,392 Apr. 1 2,019,963 2, 265, 947 677, 562 1, 588, 385 274, 916 109, 526 1, 203,943 245, 984 8 2,020,173 2.188, 543 675,040 1, 513, 503 274, 916 107,181 1,131, 406 168,370 15 2, 025, 361 2,195, 013 641, 013 1, 554, 000 277, 316 117, 518 1,159,166 169, 652 22 2,017,175 2, 221, 938 658. 561 1, 563, 377 277, 316 108, 898 1,177,163 204, 763 29._ 2, 000, 685 2,186, 442 639, 244 1, 547,198 275, 816 115,266 1,156,116 185, 757 May 6 2. 000,009 2,224, 711 659,890 1, 564,821 276,316 102, 622 1,185, 883 224, 702 13 1, 986, 0762,170, 482 589, 468 1, 581, 014 282,316 108. 400 I, 190, 298 184,406 20 1, 985, 0112,110, 414 579,198 1, 531, 216 289, 011 110, 224 1,131, 981 125,403 27 1, 973, 0932.189, 587 668, 350 1, 521, 237 288, 566 105,154 1,127, 517 210,494 June 3 1, 963, 6382,180,466 675, 772 1, 504, 694 287, 666 98,032 1,118, 996 216,828 10 1, 969, 8082,188, 265 671, 638 1, 516, 627 287, 666 110, 983 1,117,978 218,457 17 1, 955, 3082,159, 728 659, 395 1, 500, 333 286, 016 104, 643 1,109, 674 204,420 24. 1, 941, 5112,140, 319 667, 202 1,473,117 286, 016 106,255 1, 080, 846 198,808 July 1 1,935,111 2,176,179 717, 052 1, 459,127 287, 591 102,093 1,069, 443 241,068 8 1, 936, 3392,117, 238 656, 210 1, 461, 028 287,191 100, 560 1, 073, 277 180,899 15.. 1, 932, 0802,122, 376 650,135 1,472, 241 307,151 111, 784" 1, 053, 306 190, 296 22 1, 921, 9422, 090,151 633, 349 1, 456, 802 307,151 102, 653 1, 046, 998 168,209 29_. 1, 916, 6482,085, 095 637,137 1,447, 958 306, 551 105,103 1, 036,304 168,447 Aug. 5 1, 913, 244 2,157, 508 721, 028 308,028 108, 506 1,019, 946 244, 264 12 1, 909,114 2,160,779 713,039 1, 447, 740 306, 901 106, 702 1.034,137 251, 665 19 1, 906,941 2,157, 922 719, 937 1,437, 985 307, 501 105,034 1,025,450 250, 981 26 1, 915, 6072,192, 255 747,811 1,444, 444 309, 098 101, 659 1,033, 687 276, 648 Sept. 2_. 1, 925, 5892,187,190 745,197 1,441, 993 309,098 113, 963 1,018,932 261,601 9 1, 953, 5432,260,023 808,848 1, 451,175 310, 698 112, 018 1, 028,459 306,480 16 1, 975, 6282,159,087 669, 519 1,489, 568 308, 701 110,150 1, 070, 717 183,459 23 1, 987,160 2, 244,632 1, 405, 694 307, 901 105, 346 992,447 257, 472 30- 1, 980, 2932, 242, 005 860,064 1, 381, 941 307, 731 115,490 958, 720 261, 712 Oct. 7 1, 994, 9412, 250, 720 885,379 1,365, 341 307, 731 110, 905 946, 705 255,779 14 2, 010,748 2, 258, 545 885, 602 1, 372, 943 307, 731 102, 930 962, 282 247, 797 21 2,012, 504 2, 246, 685 847, 507 1, 399,178 307, 731 100, 639 234,181 28 2, 007,072 2, 247,810 870, 683 1,377,127 305, 731 110, 614 960, 782 240, 738 Nov. 4 2,012,311 2, 261,875 929. 598 1, 332, 277 303,331 106,401 922, 545 249, 564 10 2, 026,888 2, 220, 923 864, 907 1, 356,016 303, 330 101,276 951,410 194,035 18 2, 026,853 2, 233, 705 878,126 1, 355, 579 305, 301 111,014 939,264 206, 852 25 2,037, 920 2, 286, 016 930, 553 1,355,463 305, 300 106, 481 943, 682 248,096 Dec. 2 2,052, 837 2, 292,834 949, 410 1, 343,424 304, 901 102,828 935, 695 239, 997 9 2, 086, 647 2, 306, 601 999,029 1, 307, 572 304, 501 108, 645 894,426 219, 954 16 2,114,164 2, 313, 939 019,180 1,394, 759 303, 851 108,101 982,807 199, 775 23 2,199,767 2,400, 223 1, 072, 7851, 327,438 302, 046 101,359 924,033 200,456 30 2, 203,380 2,417, 315 1, 060, 70S1, 356,607 302, 231 112, 443 941, 933 213,938 Dec. 31,1924... 2,244,961 2, 371,099 668, 793 1, 702,306 279,494 114,918 1,307,894 126,135 Dec. 26,1923... 2,838, 398 3, 246, 5221,136, 70S 2,109, 814 326, 584 114, 480 1, 668,750 408,124 Dec. 27,1922... 2, 835,0y2 3,035, 779 836, 933 2,198,846 353, 657 133, 090 1, 712,099 200, 687 Dec. 28,1921... 2, 796, 5403, 092,876 1,246, 507 1, 846, 369 349,013 115,832 1,381, 524 296,336 Dec. 30,1920. __ 3, 738,880 4,169, 219 2,893, 005 1, 276,214 264, 926 118, 596 892,692 430,339 Dec. 26,1919... 3, 292, 0983,951,930 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, 7521,388, 556 606, 705 781,851 250,423 41,479 489, 949 46,80 Dec. 29,1916... 300, 5.11 300, 925 18,402 282, 523 164, 567 15,376 102, 580 414 Deo. 30,1915... 214,125 214,190 16, 740 197,450 139, 940 650 65 Dec. 31,1914... 17,199 17, 205 4,953 12, 252 12, 252 6 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 30.—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 Ne o w rk - d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta c C a h g i o - L S o t u . is M ap in o n li e s - K C a i n ty sas Dallas F c S i r s a a c n n o - 1925 Federal reserve notes: Issued to Federal reserve banks, net- Jan. 31 2,065,360 202, 513 507,859 191, 635 198, 261 95,063 160,721 196,453 62, 037 69,878 74,365 55,648 250,927 Feb. 28 _. 2, 055,193 221,399 494,090 189,441 208, 593 91,713 160, 696 188,362 59,929 69,648 74,191 52,058 245,073 Mar. 31 _ 2,020,434 226,142 483,143 184,622 208,613 89,969 161,913 179,363 57,201 68,707 72,508 48,746 239,507 Apr. 30 2,006, 601 242,198 466,152 185,150 215,874 88,181 160, 602 169,964 54,381 66,446 72,049 47,605 237,999 May 31 1,979,380 239, 624 455,943 189,945 221,334 85,661 149,992 168,173 52,102 £5,195 71,462 45,955 233,994 June 30 _.. 1,942,239 208,556 453,486 188, 257 225,900 82, 475 148,226 166,412 49,639 66,747 70, 549 44,008 237,984 July 31 _ 1,910,261 190, 701 455,090 183, 3€9 225,239 80,121 148,074 159,193 47, 558 67,041 69,883 43,549 240,173 Aug. 31 1,922,015 179,300 453,420 183,332 231,767 85, 583 158,133 156, 554 45, 542 66,274 70,912 48, 571 242, 627 Sept. 30 _ 1,980,293 173,188 467,769 183,182 241,132 91,885 173,795 162,210 46,375 70,787 73,420 51,720 244,830 Oct. 31 2,004,314 184,611 465,737 179,206 240, 824 101, 286 179,159 161,996 46,856 69,708 73,140 52, 637 249,154 Nov. 30 2,043,940 189, 909 475, 269 181,067 245,304 105,308 177,384 171,697 45,452 71,790 74,986 52,968 252,806 Dec. 31 2,205,560 211,842 520,595 195,801 262,837 109, 633 191, 298 200,219 46,580 73,246 84,557 54,756 254,196 Held by Federal reserve banks— Jan. 31 _. 359,677 12,700 158, 559 37,396 16,891 17,335 20,993 14,834 7,491 3,250 7,327 7,938 54,963 Feb. 28 307,117 20, 290 130,327 25,717 16,173 14,236 18,747 11, 571 6,898 2,676 7,161 5,784 47,537 Mar. 31 306,534 21,024 125,448 27,053 17,357 14,511 20,436 11,937 7,611 2,557 7,506 4,732 46,362 Apr. 30 _ 316,342 30,974 123,453 32,794 18,239 14,952 20,356 8,531 6,117 3,146 8,671 5,405 43,704 May 31 287,716 35,992 116,707 28,840 14,171 12,643 12, 647 9,038 5,414 3,374 8,876 5,093 34,921 June 30.-.,. 291,413 24, 014 118,205 32,753 20, 628 12, 851 13, 015 10,679 5,206 3,727 7,848 5,496 36,991 July 31 294,774 21, 205 113,848 34,475 20,075 10,134 15,424 12,284 4,363 5,578 7,564 5,459 44,365 Aug. 31- 276,877 17,513 106,461 34,312 13,003 12,828 19,106 11,284 4,807 3,749 7,017 5,886 40,911 Sept. 30 _ 295,179 15,509 112,085 37,069 17,203 13,096 21,140 16,377 5,980 3,612 6,876 5,672 40,560 Oct. 31. -. 281,756 16,109 103,447 29,506 15,363 13,834 21, 663 15,817 6,109 2,354 6,971 5,014 45,569 Nov. 30...- — 286,853 18,518 101,198 31, 215 15,742 15,000 18, 520 19, 583 6,049 2,505 6,966 5,137 46,420 Dec. 31 367,396 37,283 127,558 39,868 30,222 16,521 22,332 20,101 6,275 3,085 10,762 7,319 46,070 In actual circulation— Jan. 31 -— 1,705,683 189, 813 349,300 154,239 181,370 77,728 139,728 181,619 54,546 66,628 67,038 47,710 195,964 Feb. 28 - 1, 748,076 201,109 363, 763 163,724 192,420 77, 477 141, 949 176, 791 53,031 66,972 67,030 46,274 197,536 Mar. 31 _„. 1, 713,900 205,118 357, 695 157, 569 191, 256 75,458 141,477 167,426 49, 590 66,150 65,002 44,014 193,145 Apr. 30 _ _ _.-. 1, 690,259 211,224 342, 699 152,356 197,635 73,229 140,246 161,433 48,264 63,300 63,378 42,200 194,295 May 31 _ 1, 691, 664203,632 339,236 161,105 207.163 73,018 137,345 159,135 61,821 62, 586 40,862 199,073 June 30 _ 1,650,826 184, 542 335,281 155, 504 205, 272 69, 624 135, 211 155,733 44,433 63,020 62,701 38, 512 200,993 July 31 _.._ 1, 615,487 169,496 341,242 149,164 205.164 69,987 132,650 146,909 43,195 61,463 62,319 38,090 195,808 Aug. 31..... 1, 645,138 161,787 346,959 149,020 218,764 72, 755 139,027 145,270 40,735 62,525 63,895 42,685 201,716 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Sept. 30.. 1,685,114 157,679 355,684 146,113 223,929 78,789 152,655 145,833 40,395 67,175 66,544 46,048 204,270 Oct. 31.. 1, 722, 558 168, 502 362, 290 149, 700 225,461 87,452 157,496 146,179 40,747 67,354 66,169 47,623 203,585 Nov. 30.. 1, 757,087 171,391 374,071 149,852 229, 562 90,308 158,864 152,114 39,403 69,285 68,020 47,831 206,386 Dec. 31 _. 1,838,164 174,559 393,037 155,933 232,615 93,112 168, 966 180,118 40,305 70,161 73,795 47,437 208,126 Collateral pledged with agents as security for Federal reserve notes issued to banks: Gold and gold certificates— Jan. 31 - 1,719, 778 148,076 442, 234 157, 207 168,498 77, 589 144,452 165,780 53,427 67,945 61,121 33,186 200,263 Feb. 28. —~ "., 614,063 161,062 341, 969 145,013 169, 580 68,000 144,612 165,653 50.819 67,077 36,411 203,969 Mar. 31 ., 587,176 157, 205 361, 704 133, 245 169,001 49,205 135,431 165, 581 4% 992 67,056 57, 964 38, 289 204, 503 Apr. 30.. . ., 546,480 179, 561 356,496 133, 772 169, 562 41, 797 132,533 135, 518 45, 571 54,657 56, 555 39, 763 200,695 May 31 ., 516,216 191,787 356,243 135,218 170,121 36,937 x20, 587 135,44i 24,493 54,375 52,368 33, 213 205,430 June 30 _ ., 483,610 175, 789 356,159 137, 730 181, 588 30, 511 109, 781 135,385 23, 929 53,252 52,605 26,641 200,240 July 31.._. _ ,442,890 147, 514 355,956 136, 111 181, 576 33, 557 111,994 135,273 20,248 47, 251 51,379 26,082 195,949 Aug. 31 ., 443,470 152, 693 355,808 132,804 182,634 38,904 111, 143 135,139 14, 732 45,800 49,928 30,641 193,244 Sept. 30.. 1,381,941 121, 931 300,609 127,854 181, 750 50, 687 128,710 135,003 15,925 44,416 49, 527 32,783 192, 746 N D O e o c c t v . . . 3 3 3 1 1 0 . . . . . 1 1 1 , , , 3 3 3 4 5 7 5 2 2 , , , 0 2 7 5 8 6 7 1 7 1 8 7 0 8 3 9 , , , 1 4 5 0 2 0 4 2 5 3 3 3 7 4 2 0 5 9 , , , 4 9 2 3 9 2 1 6 7 1 1 1 2 4 2 4 1 3 , , , 6 1 1 4 7 7 0 3 8 1 1 1 9 8 8 2 2 1 , , , 6 6 9 0 9 7 4 2 1 7 6 5 8 0 8 , , , 1 1 1 8 8 6 4 7 9 1 8 8 0 7 5 8 , , , 3 9 1 6 0 6 4 4 9 1 1 1 1 1 1 4 4 4 , , , 8 7 6 9 8 8 7 7 3 1 1 1 5 5 5 , , . 8 2 5 2 4 4 0 6 2 6 5 5 7 7 7 , , , 9 7 4 0 4 2 9 7 0 3 3 54 4 7 , , , 8 4 5 1 8 7 6 2 1 2 1 1 4 9 8 , , , 2 1 7 6 3 6 9 0 2 2 1 1 7 0 7 8 9 7 , , , 6 8 5 9 7 4 2 0 2 Eligible paper- Jan. 31. 602,356 69, 543 165,300 45,479 68,520 27,857 17, 771 69, 556 29.017 3,607 18,012 25,354 62,340 Feb. 28 702,202 71, 296 233,151 60, 577 69, 625 38, 849 22, 238 73,057 25, 372 8,908 18,379 17, 725 63,025 Mar. 31 673,661 89, 581 165, 810 56,423 67,417 48,035 31,175 95,492 24,151 12,176 17,612 11,461 54,328 Apr. 30 659, 585 62,001 148,921 53,625 63,431 60,066 30, 738 103,725 25, 730 24,020 19,698 10,652 56, 978 May 31 704,348 79, 500 164,053 58,007 69,420 60, 287 34, 505 96,024 34,437 15,943 24,364 13,907 53,901 w June 30. 687, 862 86,704 153,162 51, 278 59,206 58,003 39,318 93,059 30, 303 22, 368 20,446 19,070 54,945 July 31 670,411 68,347 140, 672 49,462 65, 232 56, 987 37,049 84,373 36, 537 22, 526 18,709 64,049 Aug. 31 751,050 71,963 168,439 58, 522 69,686 61, 682 50, 929 77,989 42,659 28,448 25,387 19,468 75, 878 Sept. 30.. 860,064 99,262 227, 745 56,027 77,347 51, 803 98,344 36,905 30,654 34,773 23, 582 75,134 o Oct. 31.. 929,371 109,245 157,403 76, 286 88, 557 52,071 73,476 112, 711 52.018 19, 816 47,619 41,934 98,235 Nov. 30.. 984, 741 125,258 223, 322 57, 643 82, 202 42,627 93,476 120,649 52, 645 11,994 40,007 37, 811 97,107 H Dec. 31. _ 948,803 137,828 231,454 56,640 71,102 43,924 104,088 115,484 45,025 21, 719 32, 526 32,863 56,150 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No, 31.—FEDEBAL RESEBVE NOTES: ISSUED AND RETIRED BY EACH FEDEBAL RESERVE AGENT, BY MONTHS [In thousands of dollars] Outstand- Total Boston New York Philadelphia Cleveland Richmond ing at be- Month ginning of each month in 1925 Issued Retired Issued Retired Issued Retired Issued Retired Issued Retired Issued i Retired d tr1 January _.. 2, 244,961 47, 035 226, 636 8,100 46, 689 13, 680 33, 939 2,000 26, 030 3,620 35,968 5,340 11,494 I February.. 2,065, 360 94,865 105, 032 30,900 12,014 10,300 24, 069 10, 000 12, 194 22,000 11, 668 1,240 4,590 M Ap a r r i c l h 2 2 , , 0 0 2 5 0 5, , 1 4 9 3 3 4 1 8 0 8 4 , ,7 0 7 2 5 0 1 1 2 1 2 8 , , 6 77 0 9 8 2 3 0 1 , , 1 7 0 0 0 0 1 1 5 5 , , 6 3 4 5 4 7 1 1 0 8 , , 1 4 4 2 0 0 2 29 2 , , 4 0 1 8 1 8 10 8 , , 9 0 5 0 0 0 13 9 , , 4 7 7 6 3 8 1 11 8 , , 7 6 0 0 0 0 1 11 1 , , 4 5 3 7 9 9 4 6 , , 5 37 50 0 8 6 , , 1 2 5 9 8 4 g May 2,006,601 101,115 128, 337 16,000 18, 574 13, 620 23, 830 19, 850 15, 054 17, 900 12, 441 4,340 6,860 H—I J J A u u u l n y g e ust 1 1 1 , , , 9 9 9 4 1 7 2 0 9, , , 3 2 7 2 3 6 9 9 1 1 1 9 0 1 0 1 6 , , , 3 7 7 6 5 9 5 4 5 j 1 1 1 2 0 3 3 5 7 , , , 3 0 9 4 0 3 3 0 5 8 5 5 , , , 4 9 6 7 0 5 0 0 0 2 3 1 3 9 6 , , , 7 8 7 5 7 1 5 1 8 2 2 1 5 0 8 . , ; 2 3 1 2 6 0 0 0 0 2 2 1 3 2 9 , , , 8 8 4 9 1 9 0 7 5 1 9 5 6 , , , 0 6 4 0 0 0 0 0 0 1 1 3 6 7 , , , 9 0 6 0 8 1 7 8 8 1 1 1 9 3 8 , , , 1 4 3 0 7 5 0 0 0 1 1 1 2 3 4 , , , 0 9 5 1 4 3 1 2 3 1 3 3 0 , , , 7 7 2 6 6 4 0 0 0 6 6 5 , , , 1 4 2 1 2 9 4 6 8 O H September.. 1,922,015 157,050 98, 772 8,700 14,812 35, 040 20, 691 9,400 9,550 24, 250 14,885 11,020 4,717 October 1,980, 293 130,965 106,944 24, 250 12,827 21, 500 23, 532 8,800 12, 776 14, 750 15, 058 14,700 5,299 November.. 2,004,314 152, 740 113,114 15,980 10, 682 27, 200 17, 668 14,000 12,139 17, 200 12, 721 8, 540 4,518 December.. 2, 043,940 276,278 114, 658 36,850 14,917 64, 700 19, 373 29,200 14, 466 31,700 14,167 9,310 4,986 Total: 1925.. 1, 461, 757 1, 501,158 212, 600 241,860 278, 280 285,803 143, 200 163, 063 212, 640 180,412 83,170 74, 754 > 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 t-1 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 1 Outstanding: Jan. 11928.. 2,205, 560 211,842 520,595 195,801 262,837 109,633 Jan. 1 1925.. 2,244,961 241,102 528,118 215, 664 230, 609 101, 217 Jan. 1924.. 2,822, 327 255,108 712, 413 255,837 281, 713 117,875 Jan. I,1923.. 2,817,191 226,800 774,934 243, 718 274,900 112,064 Jan. 1 1922.. 2,781, 791 220,157 816,748 222, 870 239, 864 117,457 Jan. 1 1921.. 3, 735,731 301, 554 1,036, 354 291, 299 378, 693 161, 034 Jan. 1 1920.. 3,295, 789 254, 718 939,716 247, 896 283,802 151, 705 Jan. 1 1919.. 2,859,844 819,016 241,871 266, 520 150,998 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Atlanta Chicago St. Louis Minneapolis Kansas City- Dallas San Francisco Month Issued Ketired Issued Retired Issued Retired Issued Retired Issued Retired Issued Retired Issued Retired January... 6,420 12,530 2,000 19,233 2,563 1,765 6,723 200 7,474 430 8,504 3,480 15,489 February. 5,165 5,190 3,400 11,491 2,108 3,335 3,565 3, 050 3.224 1,035 4,625 4,440 10,294 March 8,205 3,300 12,300 2,728 2,415 3,356 2,250 3,933 1,610 4,922 6,900 12,466 April...... 5,360 I 6,671 5,200 14,598 2,821 1,690 3,950 2,950 3,409 2,085 3,226 10,300 11,808 May 2,270 12,879 8,900 10,691 500 2,778 2,175 3,427 2,600 3,188 1,700 3,350 11,260 15,265 June 2,890 4,656 9,700 11,461 400 2,863 4,175 2,623 2,850 3,763 1,850 3,797 16,180 12,190 July 5,085 5,237 5,000 12,219 600 2,681 3,320 3,026 3,520 4,186 3, 250 3,709 13,480 11,292 August... 15,909 5,851 8,500 11,139 2,016 3,225 3,992 4,480 3,451 7,960 2,938 13,160 10, 705 September 22,125 6,463 13,430 7,775 3,440 2,607 7,625 3,111 5,910 3,402 5,410 2,261 10,700 8,498 October 11,355 5,991 10,000 10,214 2,3f>0 1,879 3,750 4,829 3,430 3,710 3,870 2,953 12,200 7,876 November 7,980 9,755 19,790 10, 089 400 1,803 4,790 2,708 5,180 3,334 2,700 2,369 28,980 25,328 December | 22,840 8,925 40,980 12,458 2,720 1,593 6,065 4,610 15,103 5,531 4,570 2,782 12, 240 10,850 Total: 1925... 115,604 91,136 130,200 143, 668 10,420 28,440 44,330 45,920 51,523 48,605 36,470 45,436 143,320 152,061 1924... 98, 525 89, 787 84,880 333,821 13, 540 41,198 52,030 46,362 48,080 46,985 55,437 50,374 135,400 150,495 1 1 9 9 2 2 3 2 . . . . . 1 9 2 8 9 , , 7 46 8 4 0 10 9 6 2 , , 2 5 8 1 1 5 3 3 0 2 6 9 , , 8 1 4 4 0 0 3 3 1 0 4 5 , , 8 7 1 5 5 5 3 6 3 3 , , 2 4 2 3 0 0 5 64 4 , , 4 0 9 0 5 0 4 4 0 3 , ,3 2 6 0 1 5 3 41 3 , , 2 6 0 7 5 0 3 4 9 5 , , 1 8 8 3 0 0 41, 010 3 5 3 2 , , 6 2 8 4 4 0 3 2 7 9 , , 4 3 2 8 1 2 1 19 4 3 8 , , 9 1 0 6 5 4 2 1 1 5 3 0 , , 2 0 3 8 3 1 I 1921.. 148,940 200,056 480,999 74,960 116,248 39,265 60,174 36,730 79,417 25, 762 70,978 241,620 255,487 1920.. 196,035 176,383 345,330 246, 552 I106. 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. 1926... 191,298 200,219 46,580 73,246 84,557 54,756 254,196 Jan. 1925... 166,830 213,687 64,000 74,836 81,639 63,722 262,937 S Jan. 1924.. 158,092 462, 628 92,258 69,168 80, 544 58, 659 278,032 Jan. 1923.. 135,143 470,603 113,038 62,633 79,608 43,801 279,949 Jan. 1922.. 128,644 447,218 114,103 60,477 75,438 39,538 299,277 Jan. 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 Jan. 1919. . 123,620 450,938 129,120 98, 725 120,317 60,495 229,238 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 32.—FEDERAL RESERVE NOTES: ISSUED, RETIRED, AND OUTSTANDING, BY DENOMINATIONS [In thousand of dollars] Total Fives Tens Twenties Fifties Hundreds hu F nd iv 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 2,049,637 473,930 654,842 661.4N5 103,0o9 90,113 15, 791 31,807 8,200 10,400 1922 1,949, 595 507,890 583,7S0 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 2,0 0 1,950 1924 1,276,592 567,940 248,140 329,0)7 62, 282 37, 690 5,693 13,990 2,230 9 590 1925 — 1, 461, 757 533,192 362, 695 381, 964 79,770 52, 030 9,801 26,065 5,240 11,000 Total 17, 024,137 4, 257,663 4,940, 015 5,415, 768 1,080,105 797, 744 111,687 303,665 44,810 72,680 w 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 1925 -~ - -- 1,501,158 514,023 342,534 423,493 92, 916 67,598 12,608 28,021 5,485 14,480 Total 14,818,577 3,714,690 4,442,088 4,763,919 903, 246 609,817 76, 779 211,013 38,505 58,520 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 1925 2,205,560 542,973 497,927 651,849 176,859 187,927 34,908 92,652 6,305 14,160 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. 33.—DISCOUNT AND OPEN-MARKET OPERATIONS: VOLUME, BY CLASSES [In thousands of dollars] Acceptances purchased in United States securities purchased Bills discounted for member banks* open market in open market Federal inter- For- aUi Federal reserve bank c T la ( o s a s t l e a l s l ) Total c M o n b l e l o a m a t n t e e b k s r e a r l C c a p i o g t a a u m r l p i r c a m e a u n l r e l , d - r- D d e s a r i m a g n f h d a t t s nd 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 - i c C n a e d t r e e t s i b f o t i - - f m d t c b u e e r a b r e d e n e d i s a k n i t t 2 - e l g e o o i o a g n l n d n s o 3 n. e. s 1925 Boston ... 2, 542, 755 2,065,956 2,000,485 64,072 1,399 396,319 396,319 77, 949 276 20, 534 57,139 3 2, 531 New York 19,899,126 17,067, 799 16, 931,399 134,040 2,360 1,160, 605 1,156,258 4,347 1,658,433 21,327 400,430 1, 236, 676 12, 289 Philadelphia.. 2, 252, 907 2,014, 776 1, 946,180 67,633 963 129,441 129,441 96, 764 19 5,254 91,491 8,300 3,626 Cleveland 3,327, 942 3,158,818 3,014,704 136,177 107 7,825 115, 583 115, 222 361 49,370 •191 14,356 34,823 4,171 Richmond 2,321, 909 2,265,229 2,075, 787 185, 681 15 3,746! 49,035 49,035 5,529 49 1,195 4,285 2,116 Atlanta 723,023 527, 946 299,995 223, 706 1,695 2,550! 172,856 172,856 20, 625 8,055 3,221 9,349 1,596 Chicago 2, 553,343 2,075, 378 1, 731,401 342,253 1, 724 247, 786 247, 786 223,895 5,073 43,453 175,369 6,284 w St. Louis 718, 720 437,852 270,37 7,930 2, 560 102,221 102,221 15,549 1,747 5,373 8,429 1,799 Minneapolis _. 208, 598 92,374 71,757 20,591 13 13 84, 712 84, 712 29,951 11,127 5,868 12,956 64 1,497 o Kansas City.. 454, 592 298, 936 249,511 49,312 113 111, 110 111,110 42,376 15,408 7,018 19,950 600 1,570 Dallas 296,186 123, 701 80,319 30,196 13,133 53 110, 508 110, 508 60,608 10,507 23,021 27,080 1,369 San Francisco. 2,472, 751 2,152, 987 2,089,074 62,523 844 495 280,994 280,937 57 36, 033 443 10,363 25,227 2,737 Total... 37,891,421 32, 562, 62030,928,464 1,586,562 23, 850 56 23, 688 2,961,170 2,956,405 4,765 2,317,082 74,222 8,964 41,585 £ O 1 Includes agricultural paper discounted for Federal intermediate credit banks. For amounts see note below Table 38. 2 The figure for Minneapolis represents municipal warrants. U2 3 Exclusive of $444,000 purchased from other Federal reserve banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 34.—DISCOUNT AND OPEN-MARKET OPERATIONS: MONTHLY VOLUME, BY CLASSES [In thousands of dollars] Bills discounted for member banks 1 Accept o a p n e c n es m p a u r r k c e h t ased in United St i a n t e o s p s e e n c u m ri a t r ie k s e t p * urchased For- Month Total (all Total b M a l n n a e k t o m e t c r e b a o s e l l- r a c m n p u C d a e l o t p r u a c m e g r i r a a - r , l i l - D d e s a r i m a g n f h d a t n t s d e B a r c s n e a ' c p n e t k a - s c - - 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 a y e s s - c i C e n a d e d t n e r e t e s i b f s t i o s - - f s O e ti c t e h u s e r '* i r - l e g o o i o a g n l n d n s n. e. s. 1925 January- 1, 735, i 1,488,088 1,406,157 77,287 2,803 1,841 182,897 182,774 123 59,094 10, 258 18,332 30, 504 509 4,500 February.. 2, 622, 500 2, 313,147 2, 218, 586 91, 589 1,391 1,581 246,475 246, 220 255 61,978 5,024 26,628 30,326 900 March 3, 711, 694 2,870,496 2,760,379 106,361 1,444 2,312 259,331 258, 966 365 575,867 7,818 54, 556 513,493 6,000 April 2, 572,047 2,302,621 2,163,604 135, 507 885 56 2,569 219,287 218,874 413 45,389 5,861 26,401 13,127 250 4,500 J M un ay e 2 2 , , 3 9 4 6 8 7 , , 8 6 3 7 6 6 2 1 , , 4 9 5 8 4 0 , , 7 7 1 2 3 5 2 1 , ,8 3 5 2 7 9 , , 6 1 2 8 0 9 1 1 2 2 3 0 , , 4 6 1 9 0 0 6 38 3 6 3 1 1 , , 7 7 8 2 2 8 2 2 9 4 6 5 , , 9 2 9 3 5 7 2 24 9 5 5 , , 6 7 8 6 3 9 4 3 6 1 8 2 26 70 0 , , 9 2 6 7 8 4 2 5 , , 7 4 7 7 6 7 6 54 9 , , 9 8 1 6 8 5 188 9 , , 9 2 3 7 2 4 1,600 6,000 O July.. - 3,117, 593 2,831, 228 2, 705, 501 124,412 250 1,065 201, 663 201,300 363 80, 202 3,239 49,746 27,117 4,500 August 3,433,052 3,199,367 3,052,084 145,164 462 1,657 188, 214 187, 555 659 40,471 1,814 23, 017 15,640 2,000 3,000 H S O e c p to te b m er ber. 4 3, , 1 73 6 8 8 , ,6 5 3 6 1 2 3 3, , 3 52 3 6 1 , ,1 5 1 1 0 3 3 , , 3 1 3 6 8 6 , , 9 6 2 9 0 3 1 15 8 7 2 , , 3 3 2 5 4 3 4 3 , , 1 6 93 90 2 1 , , 9 5 0 5 0 4 3 21 2 4 6 , , 2 5 1 7 9 0 2 3 1 2 4 5 , , 3 8 7 7 5 8 3 1 4 9 1 5 42 7 4 6 , , 8 7 8 4 3 4 1, • 6 6 1 5 6 3 4 59 0 , , 8 5 8 3 6 0 36 3 3 5 , , 3 5 4 9 4 8 3, 1 0 0 5 0 0! 2 1 , , 7 30 0 0 0 w November. 2, 878, 84' 2, 537, 966 2,388, 098 144, 369 3,856 1, 643 244,944 244,211 733 87,005 2,783 52,256 31,966 500! 8,432 December.. 4, 596, 895 3,726, 642 3, 541, 633 178,096 3,857 3,056 335,338 334, 800 538 534,207 26, 803 63,951 443, 453 55j 653 Total: 1925 37, 891,421 32, 562, 620 30,928,464 1,586, 562 23,8501 56 23, 688 2,961,170 2,956,405 4,765 2,317,082 74, 222 540,086 1, 702, 774 41,585 1924 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 9,158 6,000 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 « 77,487 671,379 2,752,037 536 W 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, 505,80i '350,196 818,972 3,336,633 176 1921 63,141,608 57, 759,128 31, 229,142 261,,343,947 57,095 128,944 1, 534,4011, 527, 235 7,166 3,847, 094 * 38, 532 65,898 3, 742,664 985 1920 96, 527, 548 85,320,874 55, 565,447 29»,, 376,'"~ 187,162 192,157 3,218,364 3,143,737 74,627 7,988,310 * 332 7,987,978 1 1 9 9 1 1 9 8 8 4 6 7 , , 4 7 1 3 4 7 , , 5 0 3 6 1 7 7 39 9 , ,1 75 7 2 3 , ,9 9 7 3 0 4 3 72 3 , ,0 5 0 4 7 8 , , 0 78 0 8 8 6 6, ,4 5 1 3 5 7 , , 8 8 9 3 9 3 7 19 1 , ,6 9 4 4 3 0 1 1 3 8 8 7 , , 4 3 2 7 0 3 2 1 , , 8 80 2 9 5 , , 1 5 7 3 7 9| 2 1 , , 7 74 8 8 8 , ,61 50 9 3 6 36 1 , , 5 r 5 - 8 4 5, , 7 8 3 5 7 0 , , 9 3 2 4 0 8 * 7 3 1 , , 9 7 9 5 6 7 520 4 5 , , 7 7 7 3 5 6 , , 8 1 3 6 2 3 1,710 i 1917 510,152,126 8,968,991 7,742, 806 1,188,414 (6) 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,.75O 56,450 300 90,686 1915 307, 771 161,353 159,394 1,959 64,845 64,814 31 15,714 15, 714 65,859 1914 22,293 21,411 21,411 205 205 677 w 1 Includes agricultural paper discounted for Federal intermediate credit banks. For amounts see note below Table 38. 2 Includes special temporary certificates issued to Federal reserve banks by the Secretary of the Treasury; also prior to 1922 figures include securities, if any, purchased from § other Federal reserve banks in addition to purchases in open market, separate figures not being available. 3 Figures for 1925 represent Federal intermediate credit bank debentures, with the exception of $9,000 of municipal warrants in January and $55,000 in December; those for 1924 represent $9,100,000 of Federal intermediate credit bank debentures and $58,000 of municipal warrants; those for prior years represent municipal warrants. * Includes Victory notes. For amounts see note below Table 57. 8 Exclusive of certificates of indebtedness. • Included with "Commercial and agricultural paper, n. e. s." ' Includes $170,072,483 of acceptances purchased from the Federal reserve banks of Boston and New York by other Federal reserve banks. «Figures not available. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 35.—DISCOUNT AND OPEN-MARKET OPERATIONS: VOLUME BY MONTHS1 [In thousands of dollars! Prior years Federal reserve Septem- Novem- Decembank January February March April May June July August ber October ber ber Year 1924 1923 & 1925 a Boston 88,184 108,042 218,109 169,058 159,772 257,987 265,078 223,886 212, 567 275, 744 203, 775 360, 553 2, 542,755 1,225,078 4,161,284 o New York 1,002, 918 1, 783, 899 2,267,802 1,314,968 1,190,642 1,547,0631 1,495,896 1,834, 279 2,429,163 1, 738, 770 1,159, 511 2,134,215 19\ ;899.126 9,419,441188 20,807, 603 Philadelphia 94, 649 99,972 242,120 181,927 140, 651 160,379, 192, 722 190, 746 211,652 243, 762 203, 400 290, 927 2,252, 907 1,417,682 3,169,277 Cleveland 182, 027 228,443 339,185 206,988 159,423 231,004 336, 729 353,381 334,216 307, 794 270,170 378, 582 3,327,942 1,577,400 2,979,171 Eichmond 61,265 67, 770 172,488 204,435 184.955 214,478j 238,431 175,135 229, 522 271, 231 201,867 300, 332 2,321,909 1,373,844 3,021,880 Atlanta 28,846 23,880 45, 791 40,060 43, 728 39, 782 42, 555 68,485 69, 846 105,286 106, 500 108, 264 723,023 629, 824 895, 784 Chicago. . 128,120 138, 278 193, 796 195,356 201,030 203, 786 196,393 173, 405 220, 931 245, 499 245, 724 411,025 2, 553,343 1,427,923 3,291,631 St. Louis 33,890 40,859 44,393 52, 760 59,939 59,130 50, 912! 101,199 107, 874 97,133 77,474 112, 726 838,289 685,404 1, 793,108 o Minneapolis 10,935 13,410 10,466 21, 789 9,993 19, 904 19,1 28,469 29,048 16, 275 12,893 16,318 260, 529 386,711 3 Kansas City 12,801 12,057 18,906 26,496 30,018 17, 568 26,277 26,480 43,412 71,74 60,016 108,814 454, 592 340, 582 1,008,866 Dallas 17,902 10,976 14,142 7, 722 13,339 16,214 21, 843 25, 381 27,195 50, 638 36,067 54, 767 296,186 304,115 417, 702 San Francisco 73. 551 94,914 144,496 150,488 155, 346 200,381 231, 659j 232, 206 253, 205 314, 683 301,450 320,372 2,472, 751 1,201, 674 2,495,358 Total: 1925 1, 735,088 2, 622, 500 3, 711, 694 2,572,0*7 2, 348,836 2,967, 676 3,117,5931 3,433,0521 4,168,631 3, 738, 562 2,878,847 4, 596, 895 37,891,421 1924 2, 612, 539 2,811,485 2,491,195 2,164,953 1. 559, 961 1,034, 596 901,940 543,599 ' 1,1"3"8" ,1'3""3 1,180,438 1,089,168 2, 335,466 19,863,473 W 1923 5, 612,099 4,024,196 3, 970, 254 3, 543,495 3, 876,835 3, 575,386 3, 765,9513,296,502 2,980,549 3,096,430 3,111,979 3, 574,699 44,428,375 1922 2, 646, 595 2, 522,410 2, 597,127 1,382,349 2,101,432 1, 586, 399l,469,069j 1,915,587 2,812, 551 3,397, 691 4,465, 374 28, 543, 552 1921 8, 654,134 8, 309,185 7, 967, 010 5, 084,648 5,040,858 4, 799, 534 3,847,005 3,663,1631 3,650,263 3, 729, 581 3, 525, 792 4, 870,435 63S,, 141, 1920 7,186,317 7,122,048 8, 770,100 7,474,478 6,452,944 7,800,839 7, 518,9078,366, 5711 8,447,267 8,013, 276 8, 715,06110, 659, 740 96\,, 527, 548 1919 7, 025, 336 5, 454, 819 5, 706,085 6,125,884 7,620,107 6, 771,913 7, 692,8256,808,747) 8,801,292 8,468,032 7,812,081 8,449,946 86",i, 737,067 1918 1, 525, 985 1,443, 795 l,993,r 2,605, 720 3,309,207 3,655, 664 3,490,037 3,955,612| 4,953,969 6, 793, 019 5, 569, 709 8,118, 734 47r,, 414, 531 1 1 9 9 1 1 6 7 4 3 9 7 , , 1 1 0 5 5 1 9 40 9 , , 0 5 2 0 9 3 6 5 6 0 , , 4 9 9 8 5 1 9 5 5 0 , , 8 7 6 3 1 9 1 4 7 8 4 , , 2 1 0 2 0 9 88 6 7 0 , , 5 7 0 8 2 5 5 6 47 4 , , 4 3 3 5 4 5 2 4 9 7 7 , , 0 9 2 0 4 2 67 58 8 , , 0 6 6 8 3 0 2, 77 6 0 3 . , 2 8 8 0 2 6 3,39 7 4 9, , 4 6 1 4 7 5 1,0 1 9 39 1 , , 9 5 0 3 9 1 210, 7 1 4 5 1 2 , , 4 1 0 2 2 6 o 1 19 9 1 1 4 5 23,450 20,346 26,835 17,839 20,243 23,179 27,048 29,375j 23, 556 23, 961 3 9 8 , , 9 17 4 9 9 3 1 3 2 , , 3 7 4 6 4 0 3 2 0 2 7 , , 2 7 9 7 3 1 m 1 Prior to 1922, figures include securities, if any, purchased from other Federal reserve banks in addition to purchases in open market. Separate figures not available. 2 Includes $170,072,483 of acceptances purchased from the Federal reserve banks of Boston and New York by other Federal reserve banks. Excludes purchases of United States certificates of indebtedness, figures of which are not available. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 36.—BILLS DISCOUNTED: VOLUME, BY MONTHS r [In thousands of dollars] oo Total reduced to a common maturity basis (exclusive of demand and sight Federal reserve bank January February March April May June July August te S m ep b - er October No b v e e r m- De b c e e r m- Total drafts) i I Per cent Amount of total 3 1925 n Boston 73, 039 74, 780 184,931 141,920 122. 516 223,271 233,935 187,139 161,057 225,675 150,081 287,612 2,065, 956 2,073,938 6.4 New York 894,803 1,651,377 1,711,872 1,181,903 1,002,188 1,230,162 1,364,886 1,770, 897 2, 015,926 1, 585, 782 1,007, 694 1, 650,306 17,067, 799 100,,094,362 31.0 Philadelphia 81,715 88, 750 159,181 165,527 128,755 151,643 182,914 174,444 196,940 228,964 193,237 262, 706 2,014,776 "2,468,046 7.6 Cleveland 166,232 213,361 308,947 198,319 142,225 214,284 327, 368 340,962 307,202 302, 919 267,909 369, 090 3,158,818 2,893, 778 8.9 Richmond - 60,400 60, 549 163,055 200,212 177,578 208, 111 234,008 171,882 226,771 268, 874 199,937 293, 852 2, 265,229 2,098,683 6.4 Atlanta - 23,921 15,862 35,363 34,590 36,397 32,664 34,205 59,370 57, 736 66,288 64,900 66,650 527,946 1,876,230 5.8 Chicago 108,927 91,601 132,271 171,244 164,614 153,143 169,347 147,871 180,395 210, 860 217, 903 327, 202 2,075,378 4,957,356 15.2 St. Louis 23,273 34,398 36,265 48,665 50,863 50, 547 43,171 93,313 106,105 73,640 69,456 89, 024 718,720 2,267,518 7.0 Minneapolis 2,485 2,511 1,665 7,881 4,811 4,387 6,238 16,485 11,628 13, 615 11,278 92,374 333,781 1.0 Kansas City 4,708 4,299 7,546 18,665 12,009 7,154 13,742 14,423 25, 593 52,192 56,806 81,799 298,936 653,912 2.0 Dallas * 5,633 4,302 4,306 6,485 7,419 12,120 12,808 12,666 17, 726 19,361 16,087 123,701 384,825 1.2 San Francisco 42,949 70[871 125,098 129,389 132,284 171,928 209,294 209,773 224,498 284,575 279,404 272,924 2,152,987 2,436,341 7.5 Total: 1925 1,488,1 2,313,147 2,870,496 2,302,621 1,980,725 2,454, 713 2,831, 228 3,199,367j 3, 526, 517 3,331,110 2, 537,966 3, 726,642 32, 562,620 32,538, 770 100.0 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 1923 3,691,259 3, 720, 5473, 519, 700 3, 291,071 3,532, 513 3,098,131 3,487,407 3,052,050 2,621,961 2, 794,852 2,676, 799 2,893,636 38,379,926 1922 2,345, 365 2,080,372 1, 753,098 1,308,055 1,113,930 1,159,318 1,317,602 1,094,307 1,267,358 2,172,114 3,155, 775 3,315, 593 22,082,887 1921 8,258,163 8,120,849 7,368,268 4,912,652 4,253,864 3,674,977 3,735, 078 3, 513, 063 3, 033,109 3,489,268 3,231,271 4,168, 566 57',, 759,128 1920 6, 241, 271 6, 517,439 6,970,331 6,229,740 6,135,984 6,336,642 6, 714,924 7,982, 524 7, 298, 972 7, 548,456 7,882, 933 9, 461, 658 85i,, 320,874 1919 5,994,382 4,980,936 5,473, 564 5,901,402 7,385,833 6, 328,912 7,183,435 6,433,662 6, 726,155 8, 060,318 7,414,498 7, 290,873 791,,173,970 1918 868,230 762,445 754,934 2,172,580 2,993,019 3,137,226 3,343,458 3,762,259 4,685,140 5, 903,963 5,154, 597 6, 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 8,968,991 1916 11,115 7,665 9,387 11, 522 11,195 11, 660 20,183 17,352 14,309 11, 863 17,904 63, 716 207,871 1915 10, 713 12,530 13,400 10,549 12,145 13,406 13,238 12,234 14,405 15,051 18,270 15,412 161,353 1914 11,462 21,411 1 Total discounts multiplied by ratio of average maturity of bills discounted by each bank to average maturity (7.99 days) for system. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 37.—MEMBER BANKS ACCOMMODATED THROUGH DISCOUNT OPERATIONS: NUMBER, BY MONTHS 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 1924 1923 1925 N Bo ew st o Y n ork 3 1 1 6 2 1 3 1 1 6 8 4 3 1 6 9 5 4 3 1 6 9 6 4 3 1 8 8 7 9 3 2 9 0 9 1 3 1 5 6 7 9 3 1 1 6 3 3 3 1 0 7 9 4 3 1 4 6 3 9 3 1 6 7 2 6 2 42 0 2 0 6 2 0 9 0 7 3 5 1 9 7 3 3 59 1 0 3 w a Philadelphia 329 327 335 357 378 372 401 347 348 351 363 411 450 525 532 o Cleveland 284 264 278 316 313 318 293 309 301 314 325 321 483 485 470 d Richmond 243 238 273 306 325 331 327 313 274 251 256 265 428 463 453 Atlanta . 182 169 179 216 237 242 213 199 128 126 128 188 320 390 351 Chicago 472 408 489 471 497 474 490 484 487 476 547 568 825 922 973 St. Louis 175 172 186 193 204 228 222 220 226 219 201 195 339 391 362 Minneapolis 86 60 79 122 145 135 144 124 75 110 117 100 290 476 559 Kansas City 111 84 90 142 155 169 153 135 143 207 204 163 410 586 653 o S D a a n l l F as r . ancisco _ 1 3 6 9 0 1 4 6 7 4 1 6 9 8 5 2 9 3 9 4 2 1 3 4 0 9 2 1 4 8 0 0 2 2 3 0 8 0 2 1 0 7 0 2 1 16 0 4 0 1 7 5 3 7 1 5 4 5 2 1 4 4 8 0 3 38 6 0 1 4 4 9 2 2 0 4 6 6 1 0 7 3 All banks: 1925 2,554 2,415 2,731 3,016 3,209 3,289 3,207 2,979 2,729 2,796 2,876 3,021 5,183 3k 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 w 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 1 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 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

80 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No. 38.—DISCOUNT OPERATIONS, BY STATES: VOLUME OP DISCOUNTS, NUMBER OP MEMBER BANKS, AND NUMBER ACCOMMODATED [Amounts in thousands of dollars] Number of membe D r e b c a . n 3 k 1 s i on Nu d m at b ed e r d a u c r c i o n m g— mo- Total amount of paper discounted * Division and State 1925 1924 1923 1925 1924 1923 1925 1924 1923 United States.. 9,4 682 9,896 5,1836,060 6,333 32, 562, 620 15, 419,155 38, 379,926 New England: Maine _ 62 64 37 42 40 42, 347 42, 267 49,002 New Hampshire 54 55 39 42 42 42, 577 42,453 60, 722 Vermont 46 47 28 36 29 18,158 18, 024 27,118 Massachusetts 182 183 146 148 153 1,872, 751 645,969 3, 395, 562 Rhode Island 21 20 14 13 13 26,606 16,117 30, 023 Connecticut 67 41 45 46 71,710 63,955 102, 832 Middle Atlantic: New York 632 620 438 436 433 16, 522,907 6, 653,107 17, 408, 097 New Jersey 313 299 235 221 220 699, 684 528,775 738, 692 Pennsylvania _ 953 939 509 592 587 3, 843, 936 1, 888,144 4,118, 888 East North Central: Ohio.. _ 456 285 281 282 1, 083, 257 489,691 933, 910 Indiana 272 149 169 176 108, 387 112,549 201, 529 Illinois -. 583 591 311 342 335 888, 176 402, 748 1,328, 285 Michigan _ 286 284 161 177 185 945, 034 378, 601 783, 676 Wisconsin _ __ 187 187 73 95 107 114, 791 94, 665 144, 786 West North Central: Minnesota _ 364 375 139 161 73, 903 64,095 232,199 Iowa _ 446 455 265 303 333 83, 057 122, 560 181, 396 Missouri t 192 192 110 123 121 426, 014 279, 964 1,118, 523 North Dakota 174 188 52 106 118 3,430 12, 030 14, 276 South Dakota 133 147 52 95 105 8,319 13, 448 19, 594 Nebraska 187 194 108 133 149 69,966 50, 305 173,458 Kansas 265 278 74 118 128 15, 378 20,994 32,926 South Atlantic: Delaware 22 22 15 15 17 8,078 5,976 11,578 Maryland 91 94 54 58 62 410, 487 160,308 485,142 District of Columbia 15 15 9 11 12 126, 566 105,456 613,041 Virginia 196 195 146 155 146 785, 602 507,935 1,235, 751 West Virginia.._ ..- 142 142 82 92 75 201, 272 260,940 206, 836 North Carolina 95 97 78 80 87 733,970 308,177 358,458 South Carolina 100 103 69 78 81 57, 007 55,981 46.491 Georgia 172 184 131 156 143 192, 591 161. 060 210, 443 Florida 71 17 42 48 2,941 28, 218 70, 065 East South Central: Kentucky 147 149 67 75 71 250,809 186,961 746,537 Tennessee 120 122 63 80 62 114,938 200,045 229. 722 Alabama | 124 126 132 90 75 47,733 48,689 65,377 Mississippi 45 44 39 32 30 14,451 28,966 25,760 West South Central: Arkansas i 122 126 126 77 81 69,635 73,260 87, 571 Louisiana 46 47 50 35 41 40 228,025 194,608 275, 523 Oklahoma 382 430 465 146 237 259 17,349 37,621 60,393 Texas | 779 751 754 309 415 523 114,191 131,290 267,971 Mountain: Montana 130 164 60 102 132 1,792 7,473 17,997 Idaho 101 110 56 66 35,689 76,419 127,964 Wyoming 39 49 11 27 484 4,637 5,041 Colorado 144 146 72 76 68,720 35,445 139,377 New Mexico 36 46 21 27 2,497 5,951 15.056 Arizona- 23 25 8 19 2,309 2,196 5,337 Utah... 49 52 36 34 52,091 22,293 35,792 Nevada 11 11 1 1 80 37 283 Pacific: j Washington | 156 158 165 82 87 101 151,109 71,349 122,584 Oregon 134 137 136 60 61 63 84,381 63,468 107,644 California 300 300 319 138 159 161 1, 827,435 693,935 1,710,698 1 The figures for 1925 represent the number of member banks in actual operation; those for 1924 and 1923 the number shown by the capital stock records of the Federal reserve banks. 2 Includes agricultural paper discounted for Federal intermediate credit banks, as follows: By Federal Reserve Bank of Atlanta for Federal Intermediate Credit Bank of Columbia, S. C, $250,000 in November, 1923, $250,000 in January, 1924, $555,000 in April, 1925, $250,000 in May, 1925, $850,000 in September, 1925, and $1,100,000 in October, 1925; by Federal Reserve Bank of San Francisco for Federal Intermediate Credit Bank of Berkeley, Calif., $2,000,000 in December, 1923, $750,000 in April, 1924, $100,000 in November, 1924, and $900,000 in December, 1925; and for Federal Intermediate Credit Bank of Spokane. $229,000 in August, 1925, and $522,000 in December, 1925. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 39.—BILLS DISCOUNTED: VOLUME DISCOUNTED FOR NATIONAL BANKS AND FOR STATE BANK AND TRUST COMPANY MEMBERS [In thousands of dollars] Total Discounted for national banks Discounted for Sta m te e b m a b n e k r s and trust company Federal reserve bank 1925 1924 1923 1922 1925 1924 1923 1922 1925 1924 1923 1922 Ul Q Boston... 2, 065, 956 822,170 3, 652, 775 2,262,087 1, 575,194 579, 535 2,981,222 1,732, 039 490,762 242,635 671,553 530,048 O New York.... 17, 067, 799 7, 030, 842 17,951,843 9, 206,364 12,268, 367 5, 631,414 14,015, 575 7, 231,941 4, 799,432 1,399,428 3,936,268 1,974, 423 Philadelphia.. 2, 014, 776 1, 264,030 2,911,142 2, 450,843 1, 486, 206 887,361 2, 275, 513 1,940, 277 528, 570 376, 669 635, 629 510, 566 3 Cleveland 3,158, 818 1, 348, 025 2,436, 808 1, 523,346 1, 583, 854 990, 530 1,402,831 940, 014 1, 574,964 357, 495 1, 033,977 583,332 Richmond. 2, 265, 229 1, 357,776 2,910, 687 1,424, 567 1,472, 233 1, 002, 550 2, 485, 609 1,272,000 792,996 355, 226 425,078 152, 567 Atlanta i 527,946 2 550, 312 2 728, 081 489,930 296, 039 305, 503 410, 837 229,152 244, 559 316,994 199,122 Chicago 2, 075,378 1, 035, 261 2, 508, 082 1, 581,004 1,191, 577 671,972 1, 794, 681 979, 373 883,801 363, 289 713,401 601, 631 St. Louis... 718, 720 605,118 1, 679,671 865,856 410, 667 369,946 1,183,856 632,877 308,053 235,172 495,815 232,979 Minneapolis... S2,374 100,354 290,054 193, 014 88, 211 92, 564 274, 791 162,458 4,163 7,790 15,263 30,556 Kansas City _ 227, 744 901,126 328, 019 186,121 172,812 446, 854 280, 273 112,815 54,932 454,272 47,746 Dallas. 123, 701 148,383 300,694 222, 557 113, 859 129, 502 274, 271 189,187 9,842 18,881 26,423 33,370 San Francisco.. 3 2,152,987 * 929,140 « 2,108,963 1, 535, 300 634,848 492, 566 1,138, 509 971, 337 1, 516,488 435, 724 968,454 563,963 Total 32,562,620 15, 419,155 18, 379, c 22,082, 887 21,307,176 11,326, 255 28, 684, 549 16, 622, 584 11,251,038 4,091,800 9, 693,127 5,460,303 J_ 1 Includes $2,755,000 discounted for the Federal Intermediate Credit Bank of Columbia, S. C. 2 Includes $250,000 discounted for the Federal Intermediate Credit Bank of Columbia, S. C. 3 Includes $751,000 discounted for the Federal Intermediate Credit Bank of Spokane, Wash., and $900,000 discounted for the Federal Intermediate Credit Bank of Berkeley, Calif. 4 Includes $850,000 discounted for the Federal Intermediate Credit Bank of Berkeley, Calif. »Includes $2,000,000 discounted for the Federal Intermediate Credit Bank of Berkeley, Calif. o CD OO Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 40.—BILLS DISCOUNTED: VOLUME, BY MATURITIES AND BY RATES OF DISCOUNT CHARGED to [Amounts in thousands of dollars] Total Maturity Rates charged Federal reserve bank Amount ( m i A n a v d t e u a ra r y i g s t ) y e l a D n d d e r m a s f i a t g s n h d t Wi d th ay in s 15 16 d a to y s 30 31 d a to y s 60 61 d a to y s 90 9 6 1 m da o y n s t t h o s b 9 u O t m v w e o r i n 6 t t h h i s n 3 per cent 3^ per cent 4 per cent > 1925 w Boston 2, 065, 956 8.02 2,008,450 14.142 21,044 21, 654 666 1,684,893 381,063 s N Ph e i w la d Y e o l r p k hia 1 2 7 , , 0 0 1 6 4 7 , , 7 7 7 9 6 9 4 9 . .7 7 9 3 1 1 6 , , 9 94 5 5 1 , , 1 2 3 7 0 2 1 9 6 , , 8 3 4 43 9 4 2 2 3 , , 7 3 9 3 9 6 2 6 9 3, , 7 6 0 3 6 1 2 2 8 2 3 5 1 2,451,556 14 1 , , 6 6 8 1 7 6 , , 1 2 0 4 6 3 327,670 n Cleveland - 3,158, 818 7.32 107 3,039,009 27, 838 38, 469 51, 201 2,122 72 2, 669,133 489,685 A Ri t c la h n m ta ond 2, 5 2 2 6 7 5 , , 9 2 4 2 6 9 2 7 8 . . 4 4 0 9 1,69 1 5 5 2,0 3 9 2 0 6, , 9 7 0 9 8 7 3 40 2 , , 8 6 9 0 6 9 G 70 8 , , 1 8 0 9 8 9 6 77 5 , , 6 6 4 3 2 5 6 8, , 1 2 7 1 4 5 2,6 9 4 4 1 1 2, 5 2 2 6 7 5 , , 9 2 4 2 6 9 § Chicago. _ _ 2,075, 378 19.08 1, 759,890 65,139 115,473 110,973 22,615 1,288 2,075,378 St. Louis 718,720 25.50 7,930 469, 555 44,851 98,376 88, 267 6,677 3,064 718, 720 Minneapolis 92,374 28.87 13 72, 496 2,070 4,625 7,061 5,360 749 92,374 Kansas City . 298, 936 17.82 113 251,299 6,581 12, 984 14,435 12, 950 574 298 936 Dallas 123, 701 27.81 13,133 81, 384 4,160 9,115 10,086 5,318 505 123, 701 San Francisco _ _ 2,152, 987 9.04 844 2,093, 359 7,325 16, 626 21, 683 11,358 1,792 1,781, 688 371,299 Total _- 32, 562, 620 7.99 23, 850 31, 089, 549 271,803 521, 854 561, 974 81, 963 11,627 2,451, 556 22,439,063 7, 672,001 i Based on time bills only. 8 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 41.—BILLS DISCOUNTED: MONTHLY VOLUME, BY MATURITIES AND RATES OF DISCOUNT CHARGED [Amounts in thousands of dollars] Total Maturity Rates charged Month Amount m ( A in a v t e d u r a r a y i g t s y e ) a D n d e d r m a s f a i t g n s h d t 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 to y s 90 9 6 1 m da o y n s t h to s O w m v i e o t r h n 6 i t n h b s 9 ut 3 per cent 3M per cent4 per cent 2 w o o 1925 January.. 1, 8.37 2,803 1,413,796] 13,365 26,649 26,296 4,269 910 894,806 363,935 229,347 February 2,313,147 6.53 1,391 2,227,454 15, 611 33,195 30, 931 3,404 1,161 1,556, 750 542,389 214,008 March 2, 870, 496 6.12 1,444 2, 771, 794 19,579 35, 929 33,233 5,819 2,490, 029 380,467 April . 2,302, 621 8.36 2,178, 796 24,228 40,073 46,315 8,719 3,605 1, 817,058 485,563 May 1,980, 725 9.77 633 1,873, 675 17,628 40,299 35,666 11,425 1,527,968 452, 757 June.. 2,454, 713 8.56 386 2,342,450 18,410 38,832 42,492 11, 848 295 1, 991,288 463,425 July 2,831,228 7.69 250 2, 718, 279 21,471 39, 206 44, 095 7,768 159 2,318,398 512,830 o August 3,199,367 7.28 463 3,062,441 21,277 48,682 62,187 4,167 150 2, 683,215 516,152 3 September 3,526,517 7.57 I 3,686 3,357, 661 33, 805 57, 961 68,782 4,194 428 2,905,623 620,894 October 3,331,110 8.10 4,193 3,181, 240 26, 993 52,171 59, 754 6,536 223 2,627, 915 703,195 k November. 2,537, 966 9.79 3,857 2,401,445 26, 577 48, 515 50, 462 261 1,520, 939 1,017,027 December 3, 726, 642 8.54 3,859 3,560, 518 32, 859 60,342 61, 761 6,965 338 1, 650,306 2,076,336 w Total: 1925 32,562,620 7.99 23,850 31,089,549 271,803 521,854 561,974 81,963 11, 627 2,451,556 22, 439,063 7,672,001 1924. 15,419,155 12.39 46,621 13,848,056 265,842 511, 694 607, 781 122,558 16,603 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, 887 12.14 19,931,136 377,738 714,398 829, 626 O 1921. 57, 759,128 13.63 51,248,594 1,062,513 2, 025,513 3,049,336 373,172 1920. 85,320,874 13.29 75,914, 215 1,327,285 2, 774,388 4, 953, 099 ' 351,887 1919. 79,173, 970 10.13 76,131, 886 387,563 791,316 1, 737, 920 125, 285 1918. 39,752, 934 11.81 36,906, 711 383,901 754,479 1, 551, 597 156,246 o 1917. 8, 968, 991 8,129, 286 181,029 272, 499 357, 046 29,131 1916. 207, 871 115,053 34, 423 41, 577 16,818 1915. 161,353 26, 509 57, 838 57,322 19, 684 1914. 21,411 12,381 5,180 3,206 644 i Figures not available. 00 00 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 42.—BILLS DISCOUNTED: AVERAGE MATURITY, BY MONTHS [Days] 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 1924 1923 1925 Boston _ 11.28 9.60 7.20 9.61 9.23 6.91 6.33 8.71 7.57 7.78 9.43 7.49 8.02 10.17 7.61 New York 4 42 4.20 3 16 3.95 5.76 5.29 5.11 3.92 4.48 4.81 7.18 5.80 4.73 5.34 5.22 P C h le i v la e d la e n lp d hia 1 8 2 .1 1 4 2 1 5 1 . . 0 4 2 9 9 4 . . 3 8 5 2 8 7 . . 9 8 3 2 1 1 1 0 . . 1 0 6 9 1 7 0 . . 6 1 0 7 9 5 . . 9 2 4 9 9 5 . . 8 8 2 2 8 7 . . 1 9 2 2'* 9 9 . . 4 6 4 8 1 9 0 . . 5 2 3 9 8 8 . . 8 6 5 5 9 7 . . 7 3 9 2 1 1 0 0 . . 6 6 0 0 8 9. . 2 7 2 1 3 Richmond 14 04 13.76 8 21 8.54 8.79 7.59 6.89 9.48 6.78 5.11 5.97 5.28 7.40 12.66 7.76 Atlanta 39.59 37.71 27.35 42.00 30.86 31.70 30.95 24.95 27.25 25.22 23.55 24.09 28.49 37.45 34.11 Chicago 15.58 15.46 20 95 20.00 18.12 21.03 21.00 20.29 21.79 19.33 16.54 18.12 19.08 26.63 23.77 St Louis 30.60 41.36 27.30 25.61 33.49 26.75 23.84 23.25 26.87 21.91 21.64 19. 55 25.50 27.99 17.41 Minneapolis 68.81 40 68 66 91 31.86 54.46 43.22 34.63 21.25 19.22 21.27 23.49 25.09 28 87 51.62 37 75 Kansas City 38.72 32.21 19.69 24.44 29.10 42.19 18.43 22.35 16.33 16.48 19.28 9.80 17.82 38.43 22.32 Dallas 30.71 28.17 39.29 48.34 41.96 48.00 24.53 25.20 18.33 20.08 26.17 23.45 27.81 42.27 40.78 San Francisco 15.32 10.61 11.11 11. 48 10.1C 10.29 8.68 8.29 7.98 8.18 7.19 8.76 9.04 17.17 15.19 All banks: 1925 8 37 6.53 6.12 8.36 9.77 8.56 7.69 7.28 7.57 8.10 9.79 8.54 7.99 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 1922 13. 75 11.94 15.39 15.86 17.44 15.61 11.97 13.48 13.43 9.99 8.43 9.00 12.14 1921 10.19 9.61 12.38 15.66 16.76 19.29 16.18 15.76 17.22 14.78 14.42 11.67 13.63 1920.. 13.21 12.26 13.77 15.08 14.74 14. 48 13. 63 12.38 14.27 13.26 12.17 11.55 13.29 1919 10.34 10.74 10.15 11.07 9.13 9.79 9.41 9.33 9.44 9.54 11.36 11.52 10.13 1918 18.90 27.73 22.25 11.25 12.59 10.09 12.85 12.70 10.38 11.17 12.37 8.54 11.81 3 w o > Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 43.—BILLS DISCOUNTED, SECURED BY UNITED STATES GOVERNMENT OBLIGATIONS: VOLUME, BY MONTHS [In thousands of dollars) Year Septem- Novem- Decem- Federal reserve bank M b e a m nk b s e ' r Redis- January February- March April May June July August ber October ber ber Total collateral counted notes paper m o o d 1925 Boston 800,875 799,586 1,289 45,252 47,956 . , 56,126 49,795 81,668 58,993 62,295 75,307 55,428 137,248 t New York.... 14,529,589,14,529,532 57 709,629 1,330,525 1,530, 005| 1,019,202 775,104 1,054, 297 1,201,995 1,588,949 1,780,421 1,348,120 793,504 1,397,838 Philadelphia.. 1,352,970 1,352,476 494 64, 541 59, 759 110,7351 131,214 92,728 105,314 122,215 121,389 116,761 127,140 122,775 178,399 Cleveland 2,426,271 2,424,431 1,840 123, 674 188,951 281, 811 153,296 109,672 169,600 273,392 261,146 207,243 192,209 192,916 272,361 Richmond 1,446,066 1,443,956 2,110 41, 703 42,041 115, 689 131,929 120,194 145, 289 178, 236 119,731 143,400 124,225 116,092 167,537 Atlanta 209, 057 208,075 982 3, 601 1,279 14,8211 8,843 16,669 16,003 11,936 31,532 22,716 30,328 24,931 26,398 Chicago 1,691,932 1,691,592 340 83,900 106, 2111 133, 792 142,929 122,773 129,283 119,313 136,583 173, 755 187,435 257, 079 St. Louis 374,514 373,315 1,199 12,007 9,713 20,190 31,933 24,011 29,285 24,283 55, 750 46, 737 33, 710 35,243 51, 652 Minneapolis._ 64,255 64,250 5 1,029 1,481 611 5,601 2,116 2,839 3,669 11,539 9,655 10,974 8,601 6,140 Kansas City.. 228,430 228,258 172 3,331 3,251 5,836| 13, 613 8,880 4,533 10,887 9,887 19,912 39,880 41,945 66,475 k Dallas 51,349 51,108 241 790 725 1,""' 1,361 1,845 2,075 6,623 6,708 8,565 7,824 6,617 San Francisco 1, 535, 900 1,535,698! 202 31,077 44,871 78,021 84,103 83,811 124, 299 145,576 164,693 168,414 202,490 221,300 187,245 w Total: 1925. 24, 711, 208 24, 702, 277 8,931 1,135, 513 1,814,452 2,332,156 1,771,013 1,427,754 1,840,176 2,190,068 2,549,545 2,720,845 2,366, 703 1,807,994! 2,754,989 1924. 11,767,222:11,753,153 14,069 1,850, 782 2,086,018 1,304, 091 1,406,726' 1,063,721 467, 948 554,508 293, 929 536, 619 651,030 475,253| 1,076,597 1923. 29,778,01429,732,151 45,863 3,154,444 3,132,070 2,836, 721 2, 650, 3072, 857,257 2,323, 668 2,651,436 2,336,000 1,879,469 2,006, 708 1,930,519; 2,019,415 1922. 15,464,64215,379,463 85,179; 1,678,537 1,284,698 1,032,402 883,804 736, 259 797,893 932,038 729,487 804,932 1,499,040 2,411,323 2,674,229 1921. 31,925,457 30,870,988 1,054,469 4,141,487 3,856,232 3, 549,862 3,265,958 2, 708, 619 2,058,159 2,184,275 2, 070,133 1, 610,696 1,871, 588 1,930,649 2,677,799 1920. 57,440, 018 55,410.876 2,029,142 5,456,344 5, 544,280 5, 298,884 4,771,072 4,508,466 4, 544, 836 4, 533,506 4,933,983 4,164,032 4,305,269 4,349,723 5,029,593 1919. 74,187, 280 72, 289,835 1,897,445 5,713,903 4, 755,629 5, 271,540 5,693,8111 7,169,367 6, 036, 278 6,824,988 6,170,782 6,238,301 7,348,942 6,761,542 6,202,197 l 1918. 33,390, 080,32,142,406 1,247, 674 378, 507 400,037 315,116 1,806,669 2,523,506 2, 621,132 2,469,385 3,127,333 4,077,897 5,308,281 4,601,248 5,760,969 a 1917. 5,884,161 5, 884,161 5,184 354,016 192,916 30,478j 215, 6512,262,475 2,586, 064 237, 377 o 03 00 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 44.—AVERAGE RATES CHARGED BY MEMBER BANKS ON CUSTOMERS1 PAPER REDISCOUNTED WITH FEDERAL RESERVE BANKS 00 Member banks in Federal reserve district of— All districts 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 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- BANKS IN SMALL CITIES AND TOWNS (POPULATION UNDER 15,000) Average rate charged on paper rediscounted in— December, 1921 8.0 6.2 6.1 6.0 6.3 6.9 7.9 7.5 8.0 8.7 8.9 9.7 8.2 December, 1922 _ _ 7.7 5.8 5.7 5.9 6.2 6.7 7.9 7.5 7.8 9.0 8.8 9.8 8.0 March, 1923 7.7 5.9 6.0 5.9 6.0 6.4 8.0 7.3 7.6 9.0 9.0 9.7 8.1 June, 1923 _ 7.9 6.0 6.0 6.0 6.2 6.4 7.8 7.3 8.0 9.0 8.7 9.6 8.2 September, 1923 7.5 6.0 6.0 5.9 6.1 6.3 7.8 7.3 7.9 8.6 8.6 9.4 8.1 December, 1923 7.5 6.0 5.9 6.0 6.1 6.3 7.7 7.4 7.7 8.9 8.6 9.7 8.0 March, 1924 _ 7.5 6.0 6.0 5.9 6.1 6.5 7.7 7.4 7.8 8.8 8.7 9.4 7.9 June, 1924 _._ 7.6 6.1 6.0 6.0 6.2 6.4 7.8 7.3 8.0 8.8 8.9 9.6 7.9 September, 1924. _ _ _ 7.3 6.2 5.9 5.9 6.3 6.3 7.6 7.3 7.9 8.7 9.0 9.4 8.2 December, 1924 7.1 6.0 5.6 5.9 6.2 6.3 7.7 7.4 7.4 8.6 8.6 9.8 8.0 March, 1925 _.._ 7.1 5.9 5.9 6.0 6.2 6.4 7.7 7.3 7.6 8.8 8.9 9.5 8.0 June, 1925 _ _ 7.3 6.0 5.8 6.0 6.2 6.3 7.7 7.2 8.0 S.6 9.0 9.4 8.0 September, 1925 _ 7.0 5.8 6.0 5.8 6.4 6.2 7.4 7.3 7.7 8.3 8.6 9.3 7.1 December, 1925 _ 6.9 5.8 6.0 6.0 6.3 6.3 7.5 7.3 7.7 8.2 8.3 8.3 7.6 BANKS IN MEDIUM-SIZE CITIES (POPULATION OF 15,000 TO 99,999) Average rate charged on paper rediscounted in— December, 1921 __ . 7.2 6.1 6.0 6.0 6.4 6.8 7.5 7.1 7.6 8.9 7.3 8.3 7.3 December, 1922 6.4 5.5 6.0 6.0 6.1 6.2 7.0 6.3 6.6 7.4 6.4 8.6 7.2 March, 1923 6.4 5.5 5.8 6.0 6.2 6.1 7.2 6.2 5.8 6.8 6.5 8.2 7.5 June, 1923 6.4 5.4 6.0 6.0 6.1 6.1 7.1 5.9 5.6 7.0 6.8 8.1 7.6 September, 1923 _ _ 6.4 5.6 5.9 5.9 6.2 6.2 7.0 6.0 6.1 6.8 8.1 7.1 December, 1923 6.3 5.6 5.9 6.0 6.1 6.1 6.8 6.2 6.5 7.1 6.9 8.3 6.2 March, 1924 •_ 6.4 5.6 6.0 6.0 6.1 6.3 7.1 6.3 6.4 7.0 8.4 6.8 June, 1924 6.3 5.7 5.8 6.0 6.0 6.1 6.9 6.2 6.4 7.3 7.0 7.5 7.3 September, 1924 6.4 5.8 5.6 6.0 6.1 6.1 7.1 6.5 6.4 7.2 7.1 7.3 7.8 December, 1924 6.2 5.1 5.7 6.0 6.1 6.1 6.6 I 6.2 7.1 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

March, 1925 6.1 5.4 5.7 6.0 6.0 6.1 6.9 6.0 7.1 8.0 8.0 June, 1925 6 1 5 0 5 6 6 0 6 1 6. 1 6 6 5.9 7.1 8.0 7.8 7.3 September, 1925 6.0 5.0 5.8 6.0 5.9 6.2 6. 1 6.1 6.4 7.6 7.8 7.1 December, 1925. 6.0 5.2 5.8 6.0 6.1 6.2 6.6 5.8 6.0 8.6 BANKS IN LARGE CITIES (POPULATION OF 100,000 AND OVER) Average rate charged on paper rediscounted in— December, 1921 6.1 6.1 6.0 6.0 6.3 6.1 7.1 6.4 6.4 6.8 7.2 7.6 6.1 Ul December, 1922 5.1 4.8 4.9 5.0 5.6 5.9 5.8 5.0 5.3 5.7 6.3 6.3 5.2 o M Ju a n r e c , h 1 , 9 2 19 3 2 3 __ _ 5 5 . . 1 3 4 5 . . 9 0 5 5 . . 0 3 5 5 . . 2 2 5 5 . . 4 6 5 5 . . 7 8 5 5 . . 6 7 5 5 . . 1 3 5 5 . . 2 2 5 5 . . 6 9 6 6 . . 3 6 6 6 . . 5 6 5 5 . . 3 7 9 September, 1923 5.4 5.2 5.3 5.5 5.6 5.9 5.9 5.5 5.4 5.7 6.3 6.4 5.6 December, 1923 5.4 5.3 5.4 5.5 5.7 6.0 5.8 5.6 5.6 5.7 6.3 6.4 5.7 March, 1924.. _ 5.5 5.2 5.2 5.4 5.6 5.9 5.8 5.5 5.6 5.9 6.5 6.5 5.6 June, 1924 5.6 5.3 5.7 5.4 5.4 6.0 5.8 5.5 5.3 6.0 6.7 6.5 5.7 September 1924 5 6 4 9 5 6 5 7 6.0 6 0 6.0 5.3 5.4 5.5 5.9 December, 1924 4.9 5.3 5.3 5.7 6.0 5.7 4.9 4.9 6.0 6.2 6.6 March, 1925 5 1 4 8 5 5 5.4 5.2 6.0 5.7 4.9 4.3 6.0 5.7 5.8 June, 1925 5.2 4.9 5.2 5.6 5.5 6.0 5. 2 4.5 5.0 6.0 6.6 5.5 6.1 September 1925 5 1 4 9 4 5 5.3 5.4 5.9 6.3 4.7 5.0 5.6 5.6 6.4 December, 1925 5.1 4.9 5.3 6.0 5.5 5.9 5.6 4.7 5.0 5.5 5.9 5.5 5.5 o w o GO 00 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 45.—TRADE ACCEPTANCES DISCOUNTED: VOLUME, BY MONTHS 00 00 [In thousands of dollars] 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- Year 1924 1923 1925 Boston 194 217 271 39 175 211 27 13 56 50 48 98 1,399 918 2,161 New York -. 122 240 125 115 117 134 148 339 155 385 151 329 2,360 4,484 6,575 Philadelphia 44 37 132 148 66 111 87 24 55 96 50 113 963 671 753 Cleveland _- - . 645 279 912 1,116 568 475 249 819 420 650 388 1,304 7,825 8,409 14,110 d Richmond 414 391 378 465 370 261 237 165 214 244 189 418 3,746 9,039 7,768 Atlanta . 137 71 183 299 227 238 199 167 102 620 121 186 2,550 4,935 4,933 Chicago 118 119 236 292 154 208 64 81 123 84 54 191 1,724 1,240 2,086 St. Louis 121 192 42 72 70 69 32 45 381 713 552 271 2,560 4,872 5,779 Minneapolis 10 2 1 13 18 69 Kansas City 263 467 Dallas... 2 4 1 21 9 16 53 660 749 San Francisco 36 35 33 21 35 17 19 4 27 49 74 145 495 2,816 5,943 Total: 1925 1,841 1,581 2,312 2,569 1,782 1,728 1,065 1,657 1, 554 2,900 1,643 3,056 23, 688 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 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 w Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 46.—BILLS BOUGHT IN OPEN MARKET: VOLUME, BY MONTHS [In thousands of dollars] Total reduced to a common maturi- Feder b a a l n r k eserve January February March April May June July August Septem- October No b v e e r m- December Total ty basis » Per cent Amount of total CO O § 1925 3 Boston 14,052 32,356 30,945 22,946 33,745 28,314 22,956 29,133 35,169 47,025 50,009 49,639 396,319 508,811 17.2 New York 69,327 97,435 108,935 108,352 147,106 110,382 72,085 41,701 72, 012 108, 292 92,083 132,895 1,160, 605 564,432 19.1 Philadelphia.. 11,721 10,322 13,377 15,267 9,719 8,153 9,386 14, 022 9,240 8,627 5,679 13,928 129,441 211,609 7.1 Cleveland 14,102 15,082 15,833 7,254 15,182 11,186 7,826 12, 061 9,877 4,731 1,705 744 115,583 170,810 5.8 Richmond.. 7,221 9, 038 3,746 7,214 5,765 4,145 3,080 2,375 2,288 1,617 2,012 49,035 2.1 Atlanta 2,180 7,361 9,290 4,023 6,618 4,835 7,490 8,604 10,349 37,879 40,745 33,482 172,856 243,418 8.2 Chicago 14, 507 29,330 26, 558 13,941 25,278 21,308 20, 051 20, 679 20,173 20, 742 15,428 19,791 247,786 375,806 12.7 St. Louis._. 10,082 6,163 7,325 3,380 8,335 6,313 6,780 7,558 23,208 7,679 15,398 102,221 144, 947 4.9 Minneapolis 6,529 13,551 4,399 14,751 12, 633 11,857 2,617 1,229 2,287 84,712 114,065 3.9 k Kansas City 5,995 7,533 8,712 4,158 12,120 6,541 10, 718 11,515 15.123 19,377 9,318 111.110 154,401 5.2 S D a a n l la F s rancisco 2 1 9 1 , ,1 2 0 9 1 6 2 4 4 , , 6 0 3 4 4 1 1 5 7 , , 0 7 3 5 9 0 1 2 9 , , 7 8 8 8 3 6 21 5 , , 5 0 0 1 6 5 2 4 3 , ,7 7 1 3 5 2 2 6 1 , , 1 4 1 8 3 0 22 5 , , 1 89 05 9 21 8 . ,6 e 8 7 7 3 2 2 4 7 , , 1 3 2 0 9 4 21 7 , , 6 0 8 6 0 0 3 2 1 4 , , 0 7 4 9 9 5 2 1 8 1 0 0 , , 9 5 9 0 4 8 2 1 5 5 2 6 , . 3 88 2 5 4 5 8 . . 3 5 > Total: 1925.... 182,897 246,475 259,331 219,287 !296,237 245,995 201,663 188, 214 214,570 326,219 244, 944 335,338 2,961,170 2,961,170 100.0 w 1924.... 231,941 289,138 197,714 148,458 j 83,492 52, 017 60,136 57,354 113,773 275,469 301,671 3C0,979 2,172,142 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 3 1922.... 103, 910 139, 022 144,352 95,724 I 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 j 138, 601 64,673 46, 670 107,303 81.883 139,081 161,699 230,101 1,534,401 1920.... 302,452 300,307 303,359 247,594 ! 274,237 285,753 219,464 2£9, 708 257,989 281,833 231,840 253,828 3,218,364 i 1919.... 201,492 147,410 143,6G2 140,639 147,650 291,915 276,485 194,211 205,048 335,262 340, 695 400, 708 2, 825,177 H 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 o 1916.... 9,603 12,416 22,918 18,499 i 21,912 42,325 36, 575 28,447 37,087 40.895 48,547 66,871 386,095 1915.... 2,666 8,356 4,018 2,865 4,701 5,986 4,656 4,548 6,340 7,919 12,790 64,845 1914.... 1 Total pui chases multiplied by ratio of average maturity of bills purchased by each bank to average maturity (39.41) for system. ^Includes $170,072,483 01 acceptances purchased from the Federal reserve banks of Boston and New York by other Fedeial reserve banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

90 ANNUAL, REPORT OF THE FEDERAL RESERVE BOARD No. 47.—BILLS BOUGHT IN OPEN MARKET: VOLUME, BY CLASSES [In thousands of dollars] • Bankers' acceptances Trade acceptances Bills Total Based on— Based on— pay- Federal reserve (all able in bank classes) Total I a m n p d o p r o e ts r x t - s a m t c r D t a e i o n s o t - s n i - c s D ch o e a l x n l - a g r e N s o if t ie c d l a i s- Total a p p n I o o d m r r e t t - s s x' a m t c r D a t e i o n o s - t s n i - c s c fo u c r r i e r e i e g s n n - 1925 Boston 396,319 396, 319 199,152 59,033 2,574 135,560 New York 1,160,605 1,155, 245 137, 093 39, 526 3,763 974, 863 4,347 4,194 153 1,013 Philadelphia 129, 441 129, 441 94, 280 33, 313 1,848 Cleveland 115, 583 111, 753 88, 504 21, 579 1,670 361 361 3,469 Richmond 49, 035 49, 035 29, 098 19, 695 242 Atlanta 172, 856 172,856 148, 923 21,915 2,018 Chicago 247, 786 247, 786 138,106 58, 424 3,916 47, 340 St. Louis _ 102, 221 102, 221 83, 925 15, 507 2,789 Minneapolis 84,712 84, 712 70, 764 12, 581 1.367 Kansas City 111, 110 111,110 97, 808 11,512 1,790 Dallas 110,508 110, 508 95, 811 13, 381 1,316 San Francisco. _. 280, 994 280, 937 138, 715 29, 010 2, 352 110,860 57 57 Total 2, 961,170 2, 951,923 1, 322,179 335, 476 25, 645 1, 268, 623 4,765 4,612 153 4,482 1 Bills taken under resale agreement. No. 48.—BILLS BOUGHT IN OPEN MARKET: MONTHLY VOLUME, BY CLASSES [In thousands of dollars] Bankers' acceptances Trade acceptances Bills Total Based on— Based on— pay- Month (all able in Total I a m n p d o p r o t e r s x t - s a m t c r D t e a i o s n o t - s n ic - s D ch o e a l x n l - a g r e N s o if t ie c d l a i s- Total a p p n I o o d m r r e t t - s x s - a m t c r D t a e i o n o st s - n i - c s c fo u c r r i e r e i e s g n n - 1925 January 182, 897 182, 653 89,9061 31, 081 2,345 59,321 123 123 121 February 246, 475 245, 742 113,452 39, 505 2,850 89, 935 255 255 478 March 259,331 258, 482 116, 363 39, 855 1,846 100, 418 365 365 484 April 219, 287 218, 517 72, 067 19, 432 887 126,131 413 413 357 May.__ 296, 237 295, 769 127, 918 25, 708 1,742 140, 401 468 468 June 245,995 244, 996 97, 540 28, 081 1,495 117,880 312 312J 687 July 201, 663 201,130 89, 637 14, 783 1,629 95, 081 363 363! 170 August 188, 214 187,195! 105,710 23,803 2,494 55,188 659 360 September 214, 570 213, 4651 103,906 21,977 1,819 85, 763 195 142 910 October 326, 219 325, 878! 158, 427 33, 377 3,080 130, 994 341 241 November 244,944 243,911 112, 864 24, 871 1, 565 104, 611 733 733 300 December 335, 338 334,185 134,389 33, 003 3,r" 162,900 538 538 615 Total: 1925.... 2, 961,170 2,951,923 1,322,1791 335,476i 25,645 1, 268, 6234,765 4,612 153 4,482 1924.... 2,172,14.r 2,159,862 1,599,479 499,273 61,110 8,452 8,452 3,828 1923.... 2, 547, 010 2,533,4701 1,757,339 667,175 108,956 13, 54012, 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,.- 3_68,,_ 9.7_2 138, 574 7,166 7,081 85 1920..-. 3, 218, 364 3,143, 737| 2, 367, 881 711,311 64,545 74,627 68, 876 fi, 751 1919 2, 825,177 2, 788, 619J 2,020,888! 756,425 11, 306 36, 5i 27, 289 1 Bills taken under resale agreement. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DISCOUNT AND OPEN-MAKKKT OPERATIONS 91 No. 49.—BILLS BOUGHT IN OPEN MARKET: VOLUME PURCHASED FROM MEMBER BANKS AND FROM NONMEMBER BANKS AND DEALERS [In thousands of dollars] From nonmember banks and dealers From Federal reserve bank Total member banks With resale Total agreement All other 1925 Boston.. 396,319 127,336 268,983 135, 560 133,42a New York 1,160,605 101,163 1,059,442 974,863 84,579< Philadelphia 129,441 36,234 93,207 93,207 Cleveland 115,583 46,596 46,596 Richmond 49,035 15,151 33,884 33,884 Altanta 172,856 83,625 89,231 89,231 Chicago. 247,786 112,177 135,609 47,340 88,2691 St. Louis 102,221 45,880 56,341 56,341 Minneapolis 84,712 38, 623 46,089 46.089 Kansas City... 111,110 48,455 62,655 62,655 Dallas 110,508 52,049 58,459 58,459. San Francisco 280,994 92,460 188, 534 110,860 77,674 Total 2,961,170 822,140 2,139,030 1,268,623 870,407 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 50.—BILLS BOUGHT IN OPEN MARKET: VOLUME, BY RATES^CHARGED [In thousands of dollars] Rates (per cent) Total Boston Y N o ew rk * 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 ap in o n li e s - K C an it s y as Dallas San c is F c r o an- 1925 2% 56,028 1,494 15, 744 43 5,750 869 6,311 4,409 3,257 5,685 12,466 38, 995 4,330 5,704 599 4,572 514 8,179 3,765 1,417 2,546 7,369 3 .. 1,051,826 60, 340 669,422 26,952 38, 672 16, 566 19,868 57,076 22, 573 33, 206 30,134 18,963 58,054 420,484 82, 779 43, 743 47,437 36,499 14, 578 15,925 59, 779 15, 935 21, 873 21, 276 12, 281 48, 379 I 876, 551 92,875 416, 718 25, 645 17,875 9,843 60,301 56,336 29, 615 21,237 28, 575 31, 777 85, 754 3% 375, 573 104,827 2,237 25, 757 8,594 2,493 53, 320 41, 800 22, 907 6,443 22, 098 32, 693 52,404 104,129 44, 266 4,213 3,008 3,274 4,692 9,394 6,952 1,763 1, 783 3,541 5,665 15, 578 3% 14, 211 2,152 753 105 763 93 9,880 12 126 125 202 3H 187 187 33/ 11,098 2,851 1,128 242 100 9ft 1,884 1,436 1,254 158 486 771 788 3f| 40 40 119 119 334 297 37 3^ 4 4 416 10,998 108 10, 688 200 2 4W 17 17 4& 235 235 411 93 93 43/ 66 66 4H- - 94 94 87 87 4x5. 1 1 Total 2,961 170 396,319 1,160, 605 129,441 115, 583 49,035 172,856 247, 786 102, 221 84, 712 111,110 110, 508 280,994 w o Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 51.—BILLS BOUGHT IN OPEN MARKET: MONTHLY VOLUME, BY RATES CHARGED [In thousands of dollars] Rates (per cent) Total January February March April May June July August September October November December 1925 2% 56,028 45,941 10,087 3 2 . p 8 .. . "" " 1,05 3 1 8 , , 8 9 2 9 6 5 9 2 9 9 , , 9 2 6 2 9 4 18 8 8, , 9 5 2 8 4 1 122,523 131,3 1 3 0 5 2 175, 660 149,213 104, 546 80, 518 126 100 O 03 3H - - - 420,484 2,689 25, 961 103,475 69,956 94,871 45,941 25,261 36,418 15,899 13 o 354 876, 551 4,008 10, 282 25,939 13, 976 23, 258 45,340 62,154 62,841 107, 527 179,072 141,929 200,225 0 375, 573 213 593 4,410 1,999 1,149 3,771 6,647 4,198 69, 948 117, 445 74,846 90,354 3^___. _ 104,129 56 547 1,716 1,350 766 1,091 2,444 3,142 16, 765 21, 074 20,045 35,133 3^1 14 211 141 157 115 43 285 742 2,400 3,868 6,460 3^ 187 187 3*1 ;::.-:::::/: 11,098 22 58 1,992 4,596 2,286 2,144 40 31 9 ail: ""• 119 119 w% 334 47 244 7 36 4 4 k 4 10, 998 797 1,359 865 569 533 320 450 754 1,140 1,512 1,939 760 4^. - 17 17 235 186 49 411 93 48 45 66 17 49 m 94 94 47. 87 87 4M" 1 1 Total . 2, 961,170 182,897 246,475 259,331 219,287 296, 237 245, 995 201, 663 188,214 214, 570 326,219 244,944 335,338 o a 02 CO Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 52.—BILLS BOUGHT IN OPEN MARKET: AVERAGE MATURITY, BY MONTHS CO [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- Year 1924 1923 1925 Boston _ -. .. 38.89 49.18 46.39 29.54 43.50 36.33 41.85 53.10 58.17 60.04 69.12 49.73 50.59 35.57 27.28 New York 21.90 26.77 25.33 19.30 21.73 20.56 15.64 16.37 15.04 14.67 14.98 14.60 19.16 22.90 22.13 Philadelphia. 76.90 73.31 66.76 63.16 58.95 54.75 55.43 65.05 59.24 59.48 61.11 69.23 64.42 53.97 74.37 Cleveland 55.87 66.42 59.41 54.11 52.60 53.14 55.42 60.24 53.60 72.08 78.63 67.88 58.24 58.86 67.59 o Richmond - 41.03 58.54 49.16 47.17 48.52 43.62 53.41 49.67 65.52 54 55 49.66 52.95 51.16 43. 81- 52.66 Atlanta - 29.26 60.14 51.44 51.95 47.96 52.04 57.66 49.64 44.43 62.04 55.96 56.18 55.49 45.52 57.89 Chicago 53.81 65.47 72.82 53.12 55.35 51.49 61.25 54.74 58.74 56.97 58.95 65.77 59.77 58.11 69.48 St. Louis 48.12 62.08 55.33 54.30 49.52 47.46 62.45 59.77 63.77 47.09 53.65 55.88 52.26 57.70 Minneapolis- 59.44 46.04 45.00 47.59 51.50 68.20 54.87 48.06 55.70 49.85 54.84 53.06 47.25 54.03 Kansas City 47.35 59.85 51.81 53.03 40.81 47.14 65.21 58.77 51.80 61.21 56.86 54.76 46.95 76.78 Dallas 50. 04 57.05 53.10 56.59 52.37 47.24 59.90 50.62 63.36 60.55 53.88 55.15 55.94 49.21 65.81 San Francisco 41.76 38.97 36.66 26.88 34.63 27.66 33.96 36.88 35.25 41.43 36.47 31.67 35.39 43.57 40.83 System: 1925 39.19 44.93 42.26 31.72 34.55 33.28 39.69 45.02 39.99 43.92 41.57 37.41 39.41 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 w o Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DISCOUNT AND OPEN-MABKET OPERATIONS 95 No. 53.—BILLS BOUGHT IN OPEN MAEKET: 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 Wi d th ay in s 15 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 1925 Boston... 396,319 50.59 144,672 31,122 48,121 147,757 24,647 New York 1,160,605 19.16 1,033,824 40,876 28,870 44,430 12,605 Philadelphia 129,441 64.42 4,580 13,386 33,690 75,911 1,874 Cleveland 115,583 58.24 3,739 32,149 24,341 44,721 10,633 Richmond- 49,035 51.16 2,599 14,911 13,329 16,286 1,910 Atlanta 172,856 55.49 9,283 45,573 43,808 59,601 14,591 Chicago . 247, 786 59.77 13,654 58, 260 57,006 104,567 14,299 St. Louis 102,221 55.88 1,011 31,970 25,519 36,869 6,852 Minneapolis .. 84,712 53.06 5,588 30,843 14,521 23,945 9,815 Kansas City 111,110 54.76 6,533 33,508 22 992 38,290 9,787 Dallas 110,508 55.94 6,401 28,553 25,692 41,131 8,731 San Francisco 280,994 35.39 127,747 50,835 42,554 49,360 10,498 Total 2, 961,170 39.41 1,359,631 411, 986 380,443 682,868 126,242 No. 54.—BILLS BOUGHT IN OPEN MARKET: MONTHLY VOLUME, BY MATURITIES [In thousands of dollars] Total Maturity Month Average Within 15 16 to 30 31 to 60 61 to 90 Over 90 Amount maturity days days days days days (days) 1925 January 182,897 39.19 71,899 32,381 32,412 42,605 3,600 February 246,475 44.93 89,430 29,689 40,203 79,484 7,669 March 259,331 42.26 109,086 38,636 29,256 72,463 9,890 April 219,287 31.72 133,095 26, 673 15,829 37,999 5,691 May__ 296,237 34.55 155,338 47,179 29,459 59,278 4,983 June 245,995 33.28 127,057 49,223 21,238 37, 971 10,506 July 201,663 39.69 98,004 29,291 22, 595 34,496 17,277 August 188,214 45.02 63,685 33,266 37,048 38,293 15,922 September 214,570 39.99 96,034 32,423 25,201 50,084 10,828 October 326,219 43.92 137,810 32,190 47, 694 91,834 16,691 November 244,944 41.57 111,199 27,080 32,849 59,516 14,300 December 335,338 37.41 166,994 33,955 46, 659 78,845 8,885 Total: 1925 2,961,170 39.41 1,359, 631 411,986 380,443 682,868 126,242 1924 2,172,142 35.33 1,109,907 323,640 244, 666 430,230 63,699 1923 2,547,010 39.42 1,270,162 275,703 287,344 585,860 127, 941 1922 1, 954, 688 39.91 939,086 207,194 270,126 429,425 108,857 1921 1,534,401 28.53 937,607 215,338 224,037 153,945 3,474 1920 3,218,364 43.83 If060,151 449,424 848, 860 1919 2,825,177 50.45 578,751 455,789 807,326 982,877 434 1918 1,809,539 0) 161,964 276,656 466,589 876,539 27,791 1917 1,077,713 0) 32,048 128,893 267,035 613,296 36,441 1916 386,095 0) 38,442 63, 651 284,002 1915 64,845 (0 2,980 9,057 52,808 i Figures not available. 88169—26 8 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

96 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No, 55.—BILLS BOUGHT IN OPEN MARKET DURING 1925: CLASSIFIED ACCORD- ING TO UNDERLYING COMMODITIES [In thousands of dollars] January July to October Commodity Total to Sep- to De- March June tember cember ACCEPTANCES BASED ON IMPORTS Total 631, 264 145,919 136,106 163,960 185,279 Animals and animal products, except wool and hair (total) 54,171 10, 663 15, 898 16, 887 10, 723 Egg albumen _ . 1,928 43 405 1,131 349 Egg yolk _ 882 71 123 583 105 Casings 1,980 336 649 412 583 Hides and skins 36, 285 7,533 11, 559 10, 755 6,438 Leather and leather goods 1,417 227 364 ' 440 386 Furs _ 6,788 1,608 1,886 2,024 1,270 Fish 560 97 38 184 241 Animal and fish oils, fats and greases .- 636 134 52 70 380 Casein 569 143 332 168 126 Feathers _. __ 756 208 230 173 145 Allother 2,370 263 460 947 700 Vegetable food products, oilseeds, expressed oils, and beverages (total) __ 244, 111 61,270 54, 341 59,223 69,277 Coffee 115,100 27, 469 15, 848 26, 355 45, 428 Cocoa 3,225 779 345 975 1,126 Cocoa beans 1,593 395 154 309 735 Fruits- Figs 1,172 116 18 10 1,028 All other and not specified 1,496 320 126 430 620 Grains 1,860 235 604 826 195 Nuts- Peanuts 2,952 537 1,905 412 98 Walnuts 1,169 479 341 102 247 Almonds 522 194 16 63 249 Coconuts 478 39 55 198 186 All other and not specified 685 74 182 302 127 Tea 5,590 701 268 3,019 1,602 Oilseeds- Copra _ 5,064 1,131 795 1,502 1,636 Flax . 1,881 1,031 741 67 42 All other and not specified 230 30 39 82 79 Sugar 84,517 23,113 29,398 19, 726 12, 280 Spices— Pepper 596 195 123 95 183 All other and not specified 963 155 201 332 275 Tapioca 568 113 146 168 141 Vegetables— Beans _- - -- -- 991 369 214 236 172 All other and not specified 492 92 49 99 252 Vegetable oils— Coconut 3,004 1,353 510 650 491 Olive -. 1,486 117 519 472 378 Wood 4,842 1,353 567 1,694 1,228 All other and not specified 1,126 427 363 148 188 Allother 2,509 453 814 951 291 Other vegetable products, except fibers and wood (total) _ 39, 714 5,680 10,496 9,106 14,432 Rubber ,_ _. 26,466 3,034 6,874 5,582 10,976 Tobacco 8,947 1,827 2,534 2,519 2,067 Essential oils 573 193 160 118 102 Varnish gums- Shellac - - 748 108 228 218 194 Copal on o 24 70 154 144 Damar 259 17 91 63 88 Allother 2,329 477 539 452 861 Textiles (total) 213, 379 54, 035 41,488 52,308 65,548 Braid- Straw 809 233 118 279 179 Hemp _ _ . 372 102 33 72 165 All other and not specified 266 39 9 82 136 Cotton 14, 055 5,641 2,570 1, 205 4,639 Cotton manufactures 1,851 514 572 309 456 Carpets 2,363 688 524 455 696 Hair .. - 1,670 207 401 539 523 Hemp 3,357 744 9 SO 684 949 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DISCOUNT AND OPEN-MARKET OPERATIONS 97 No. 55.—BILLS BOUGHT IN OPEN MARKET DURING 1925: CLASSIFIED ACCORD- ING TO UNDERLYING COMMODITIES—Continued [In thousands of dollars] January April July to October Commodity Total to to Sep- to De- March June tember cember ACCEPTANCES BASED ON IMPORTS— Continued Textiles—Continued. Hats . - 1,899 356 395 566 582 Kapok._ 1,992 345 408 565 674 Silk . .. 136, 886 25, 611 24, 894 38, 404 47,977 Rugs _ _ 2,516 353 621 776 766 Wool 39, 563 17,917 8,828 6,649 6,169 Burlap 679 111 237 230 101 Linen _ 627 159 192 68 208 Rope 505 115 134 166 90 Allother __ 3,969 900 572 1,259 1,238 Wood and paper (total) _ _ _ 27,971 5,725 4,767 8,898 8,581 Logs 1,434 24 489 921 Lumber _ . 1,887 391 224 808 464 Woodpulp _ 14, 740 2,890 2,877 4,512 4,461 Paper 2,607 1,027 477 412 691 Rags _. _ 4,389 1,004 693 1,363 1,329 Pulpwood 600 130 224 40 206 All other _ 2,314 259 272 1,274 509 Nonmetallic minerals (total) _ _._ 5,551 944 1,012 1,610 1,985 Cement 1,892 356 435 634 467 Crude oil 926 255 120 195 35& Diamonds 325 50 82 112 81 Glass and glassware 326 42 71 53 160 Refined mineral oils 309 4 58 5 242 Pyrites 315 165 150 All other 1,458 237 246 446 529 Ores, metals and manufactures, except machinery and vehicles (total) _ _ 17, 732 2,878 3,392 6,332 5,130 Antimony 1,004 98 142 281 483 Copper 6,721 1,086 1,035 2,274 2,326 Iron and steel 4,424 441 599 1,822 1,562 Tin 4,485 1,083 1,210 1 770 422 Allother 1,098 170 406 185 337 Machinery and vehicles (total) 1,019 57 52 396 514 Chemicals and allied products (total) _„ 6,833 1,131 1,334 1,817 2,551 Creosote oil 1, 305 493 401 411 Potash _. 813 128 2 327 356 Cellulose, 707 5 268 434 Fertilizer, except potash 904 128 229 118 429 Menthol 776 270 194 69 243 Fireworks - .. _ 467 176 65 99 127 All other 1,861 424 351 535 551 Miscellaneous (total) _ 20, 783 3,536 3,326 7,383 6,538 Brushes - 327 70 59 55 143 Bristles - - 3,821 487 666 1,528 1,140 Films 688 146 140 297 105 Matches 1,028 110 147 463 308 Toys 193 12 23 49 109 Optical goods 120 14 3 46 57 Allother 14, 606 2, 697 2,288 4,945 4,676 ACCEPTANCES BASED ON EXPORTS Total..- - - - --- 527,057 140, 885 114, 042 94, 726 177,404 Animals and animal products, except wool and hair (total) 21, 543 6,242 4,420 3,584 7,297 Leather - 1,186 382 226 404 174 Lard and meats _ 17,164 5,128 3,427 2, 526 6,083 Hides and skins -- 1,579 344 412 238 585 Furs 533 160 211 77 85 Allother - 1,081 228 144 339 370 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

98 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No. 55.- -BILLS BOUGHT IN OPEN MARKET DURING 1925: CLASSIFIED ACCORD- ING TO UNDERLYING COMMODITIES—Continued [In thousands of dollars] January April July to October Commodity Total to to Sep- to De- March June tember cember ACCEPTANCES BASED ON EXPORTS— Continued Vegetable food products, oilseeds, expressed oils, and beverages (total) 80,367 31, 781 18, 016 12, 703 17, 867 Coffee 2,975 848 1,048 696 383 Cottonseed cake and meal ... 4,386 1,643 749 450 1,544 Flour 7,987 4,989 1,290 1,123 585 Fruits. 1,888 534 141 175 1,038 Grains- Wheat 20, 289 8,130 3,920 4,363 3,876 Rye. ... 5,054 2,842 1,390 722 100 Barley 1,330 297 178 446 409 All other and not specified . 31, 542 10, 999 8,882 3,171 8,490 Sugar 3,086 942 273 877 994 Linseed-oil cake and meal _ _ _ 681 325 151 205 All other. __ 1,149 232 145 529 243 Other vegetable products, except fibers and wood (total) _ 3,575 341 876 741 1,617 Tobacco 987 87 209 224 467 Naval stores- Rosin 1,353 56 152 427 718 Turpentine . .._ 143 34 34 16 59 All other and not specified 469 131 329 9 Rubber and rubber products 475 14 84 41 336 All other 148 19 68 24 37 Textiles (total). 303, 580 76, 018 62, 618 45,122 119,822 Cotton ___ _ .. 299, 643 75,170 61, 646 44, 204 118,623 Cotton manufactures 1,688 415 357 439 477 Silk 571 15 236 221 99 Wool 415 45 80 40 250 All other 1,263 373 299 218 373 WTood and paper (total).. _ 9,164 1,888 2,513 2,541 2,222 Lumber . 7,201 1,699 1,905 2,228 1,369 Cooperage stock _ 500 108 167 91 134 Woodpulp 805 50 26 98 631 All other. .- 658 31 415 124 88 Nonmetallic minerals (total) 6,322 1,692 1,847 1,980 803 Coal 2,302 520 616 854 312 Refined mineral oils 3,037 825 1,047 909 256 Crude oil 714 316 100 175 123 All other 269 31 84 42 112 Ores, metals and manufactures, except machinery and vehicles (total) 43, 989 10, 927 10, 507 12, 337 10, 218 Copper _ . .. 34, 669 8,317 8,957 9,392 8,003 Gold .. _.• - 976 120 338 322 196 Iron and steel 2,694 887 383 706 718 Iron ore 485 300 50 50 85 Zinc . -. 873 174 27 436 236 All other 4,292 1,129 752 1,431 980 Machinery and vehicles (total) _ _. 14,916 3,673 3,951 3,167 4,125 Automobiles - 6,407 1,323 1,476 947 2,661 Auto parts and accessories 1,753 507 251 446 549 Farm implements 2,397 1,114 550 728 5 Motors and motor parts.- - -- 1,685 225 833 402 225 All other 2,674 504 841 644 685 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DISCOUNT AND OPEN-MARKET OPERATIONS 99 No. 55.—BILLS BOUGHT IN OPEN MARKET DURING 1925: CLASSIFIED ACCORD- ING TO UNDERLYING COMMODITIES—Continued [In thousands of dollars] January April July to October Commodity Total to to Sep- to De- March June tember cember ACCEPTANCES BASED ON EXPORTS- Continued Chemicals and allied products (total) 2,262 604 498 519 641 Paints and varnishes ._ 729 97 184 267 181 Fertilizers . 700 34 189 167 310 Benzene 309 309 Borax 344 77 114 48 105 Allother_ 180 87 11 37 45 Miscellaneous (total) __ 41, 339 7,719 8,796 12, 032 12, 792 Oil 3 234 646 861 1,152 575 Building supplies _ 661 100 311 50 200 Films 447 41 56 79 271 Matches 450 200 250 All other __ 36, 547 6,732 7,568 10, 501 11, 746 ACCEPTANCES BASED ON DOMESTIC TRANSACTIONS Total _ _. 335,476 110, 441 73,221 60, 563 91, 251 Animals and animal products, except wool and hair (total) 18, 875 5,095 4,651 5,716 3,413 Lard and meats 7,099 2,409 2,304 2,050 336 Eggs 1 016 20 214 507 275 Hides and skins . . 7,703 2,261 1,527 2,048 1,867 Casings.-- 822 92 263 209 258 Furs 834 44 178 380 232 Fish- Herring 467 34 13 248 172 Salmon 232 42 117 73 All other and not specified 64 7 9 24 24 All other 638 186 143 133 176 Vegetable food products, oil-seeds, expressed oils and beverages (total) 77,227 30, 681 18,811 13,104 14, 631 Coffee _ 2,031 603 855 497 76 Raisins .. 1 823 460 364 999 Peaches _ ._ 434 252 182 All other and not specified 1,969 411 139 710 709 Grains — 58,281 26, 479 14, 612 8,067 9,103 Nuts- Peanuts 862 155 226 301 180 Walnuts 330 87 79 164 All other and not specified 279 22 35 140 82 Sugar 2,740 278 702 1,320 440 Vegetable oils— Cottonseed oil _ 1,122 400 550 172 Chinese wood oil._ _ _ 362 86 225 7 44 All other and not specified 191 22 58 46 65 Flour 820 333 1 55 431 Tea 722 180 155 174 213 Vegetables- Beans __ 2,477 448 667 900 462 All other and not specified 1,052 156 57 155 . 684 All other 1,732 648 78 209 797 Other vegetable products, except fibers and wood (total) 36, 015 4,639 8,701 11, 734 10,941 Rubber 1,321 25 290 617 389' Tobacco 33,851 4,504 8,267 10,968 10,112 Naval stores 433 31 100 302 Allother 410 79 44 149 138 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

100 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD 55.—BILLS BOUGHT IN OPEN MARKET DURING 1925: CLASSIFIED ACCORD- ING TO UNDERLYING COMMODITIES—Continued [In thousands of dollars] January April July to October Commodity Total to to Sep- to De- March June tember cember ACCEPTANCES BASED ON DOMESTIC TRANSACTIONS—Continued Textiles (total) _. 163,070 63,100 30,108 17,731 52,131 Cotton 136,945 57,967 24,177 10,100 44, 701 Cotton manufactures 1,937 1,134 293 500 10 Mohair 1,278 ' 3 155 91 1,029 Silk _ I 2,275 606 527 688 454 Wool 17, 320 2,801 4,167 5,591 4,761 Kapok _ 467 92 212 136 27 Allother _. 2,848 497 577 625 1,149 Wood and paper (total) _ 3,145 486 664 885 1,110 Lumber 2,437 430 432 665 910 Hags 248 67 91 90 Allother 460 56 165 129 110 Nonmetallic minerals (total) 12,735 1,752 4,662 3,613 2,708 Coal _ 2,632 302 702 923 705 Glass 1,691 582 929 134 46 Crude oil _ 5,402 726 2,275 1,582 819 Refined oil 2,021 204 846 971 Petroleum products _ __ .. 111 11 100 Allother 878 131 452 128 167 Ores, metals and manufactures, except machinery and vehicles (total) 7,158 1,559 2,191 1,840 1,568 Copper _ 3,099 642 983 876 598 Iron and steel 1,473 295 262 356 560 Allother 2,586 622 946 608 410 Machinery and vehicles (total) 253 8 2 77 166 Chemical and allied products (total) 1,498 124 285 497 L92 Fertilizers 1,104 118 230 367 389 Allother _ 394 6 55 130 203 Miscellaneous (total) 15, 500 2,997 3,146 5,366 3,991 Canned goods 3,913 336 599 1,517 1,461 Oil 1,361 437 90 503 331 Provisions 2,844 150 955 1,710 29 Allother 7,382 2,074 1,502 1,636 2,170 GOODS STORED IN OR SHIPPED BE- TWEEN FOREIGN COUNTRIES Total 154,220 29, 693 46,477 39,892 38,158 Lard and meats..... 1,493 370 234 467 422 Hides and skins . 1,107 178 216 297 416 Leather and leather goods 3,907 806 937 651 1,513 Coll'ee - . . . 14,328 4,553 5,540 2,398 1,837 Flour . 8,063 116 3,520 2,552 1,875 Grain 7,442 1,318 1,946 1,843 2,335 Sugar 18,906 1,974 5,892 7,307 3,733 Vegetable oils . _..__ 971 31 262 668 10 3,005 168 586 820 1,431 Cotton 23,114 5,876 9,907 4,152 3,179 Wool 1,989 347 506 816 320 Lumber . _ _ . 4,733 883 1,060 1,914 876 Pulpwood 925 625 210 90 Timber . . 750 750 Wood and wood products 1,089 200 300 229 360 Wood pulp 1,658 71 441 604 542 Copper . .. 8,264 1,103 2,563 1,948 2,650 Iron ore 11,905 1,600 5,293 2,021 2,991 Iron and steel products . .. 5,513 1,571 1,352 1,128 1,462 Potash 731 1 730 Electrical material 1,104 239 206 445 214 Matches .. . 5,488 1,900 606 1,805 1,177 Films 942 33 909 All other and unclassified 26,793 5,763 4,900 7,704 8,426 Digitized for FRASER -;.. , , http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DISCOUNT AND OPEN-MAEKET OPERATIONS 101 No. 55.—BILLS BOUGHT IN OPEN MARKET DURING 1925: CLASSIFIED ACCORD- ING TO UNDERLYING COMMODITIES—Continued [In thousands of dollars] January April July to October Commodity Total to to Sep- to De- March June tember cember TRADE ACCEPTANCES Total 4,765 743 1,193 1,217 1,612 Coffee „ 1,154 100 79 320 655 Sugar _ _ 666 362 304 Hemp 1,158 504 157 71 426 Silk 719 50 480 21 168 Copper . _ 136 136 All other and unclassified 932 89 115 365 363 DOLLAR EXCHANGE BILLS Total 25,645 7,041 4,124 5,942 8,538 STERLING BILLS Total 4,482 1,083 1,044 1,440 915 UNCLASSIFIED Total 9,638 3,224 900 675 4,839 Total purchased outright .. . 1, 692, 547 439,029 377,107 368,415 507,996 Taken under repurchase agreement 1,268, 623 249, 674 384,412 236,032 398,505 Grand total 2,961,170 688,703 761,519 604,447 906,501 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 56.—UNITED STATES SECURITIES: TOTAL 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] Prior years Federal reserve bank January Fe a b ry ru- March April May June July August Se b pt e e r m- October No b v e e r m- De b c e e r m- Year 1924 1923 1925 Boston 1,093 906 2,233 3,859 3,511 5,958 7,854 7,392 7,611 2,948 2,923 10,661 56,949 84,410 51,426 New York 37,476 35,087 51, 249 23,498 41,348 63,899 57, 710 20,871 62,496 44,345 56, 575 103,879 598,433 426,131 920,113 Philadelphia... 263 3,962 464 577 25 4 1 221 3,000 4,000 12, 747 25,264 40, 079 4,831 Cleveland 1,175 715 934 2,016 4,892 1,053 37 5 29,370 101,603 20,589 Richmond. 70 47 238 163 284 39 14 233 4,441 5,529 6,327 50 Atlanta 2,547 657 874 1,263 713 2,037 676 388 1, 650 1,066 642 8,112 20,625 19, 627 18,431 Chicago 4,016 17,347 6,073 9,550 11,138 11,007 6,374 4,441 12,990 13, 718 10, 778 37,963 145,395 194,723 St. Louis. _. 310 298 503 508 741 1,994 754 190 1,645 225 100 8,281 15, 549 22, 260 10,357 Minneapolis... 8,283 5,902 2,062 208 783 568 79 28 469 4,569 22,951 142,118 43,593 ft Kansas City... 1,900 225 2,384 3,493 3,633 1,637 422 2,488 126 2,502 9,677 34,376 51, 437 31,958 Dallas 997 1,554 4,573 476 1,348 3,853 3,452 6,569 5,748 8,737 9,483 13,818 60,608 52, 658 18,133 San Francisco. 964 2 1,192 2,047 4,318 570 118 6,845 2,713 2 13,864 33, 533 95,145 233 Total: 1925. 59,094 61,978 75,867 45,389 70, 274 102,468 80,202 40,471 112, 244 76, 883 87,005 236, 707 1, 048, 582 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 1 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 <! ft w o Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 57.-^-UNITED STATES BONDS: VOLUME PURCHASED IN OPEN MARKET1 [In thousands of dollars] Distribution by classes 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 Liberty All bonds2 other o o 1925 d Boston. _ _ __ 2 250 24 276 276 New York 21,327 21,327 21,327 Philadelphia 19 19 19 Cleveland 52 139 191 139 52 Richmond 49 49 49 Atlanta—_ 1,367 445 396 809 444 695 317 255 431 186 303 2,407 8,055 6,469 1,586 o Chicago. 2,000 1,174 487 529 309 574 5,073 5,073 St. Louis 298 280 50 479 90 225 100 225 1,747 1,747 3 Minneapolis.. 7,002 2,536 1,481 108 11,127 6,330 4,797 D K a a l n l s a a s s City 1,3 5 8 0 2 0 1,5 1 5 8 4 9 4 1 , ,3 2 8 2 4 4 2,996 4,7 2 4 8 1 7 7 1 0 9 2 9 1,4 4 0 0 4 1 2 6 5 8 5 4 4 4 0 7 5 0 23 2 7 1,7 6 0 7 0 8 1,2 2 7 4 3 8 1 10 5 , , 5 4 0 0 7 8 1 8 5 , , 2 0 1 4 9 3 2,2 3 8 6 8 5 k San Francisco 5 2 1 6 5 6 1 1 1 3 2 410 443 442 1 Total: 1925 10,258 5,024 7,818 5,861 5,477 2,776 3,339 1,814 1,616 653 2,783 26, 803 74,222 65,133 9,089 w 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 76,362 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 6,474 350,196 333,564 16,632 O 1921 11 520 8,362 1,640 240 50 6,856 5 20,848 38, 532 38,502 30 1920 218 5 21 1 19 61 6 1 332 332 1919 1,014 146 166 1 86 278 60 1 1 4 1,757 1,757 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 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, £37 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 1 Prior to 1922 includes securities, if any, purchased from other Federal reserve banks, in addition to purchases in open ma'rket, separate figures not being available. > Includes Victory notes as follows: 1923, $41,454,000; 1922, $294,729,000; 1921, $20,800,000; 1920, $9,000; 1919, $428,000. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 58,—UNITED STATES TREASURY NOTES: VOLUME PURCHASED IN OPEN MARKET X [In thousands of dollars] Pur- Taken chased under through Federal reserve bank Ja a n ry u- Fe a b ry ru- March April May June July August t S b e 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 - - Total2 r a c e g h p r a e u s e r e - - m i o n a p v r e e k n s e t - - t o A th l e l r ment ment committee 1925 Boston 410 791 1,627 2,453 3,426 2,950 3,191 1,598 1,694 1,011 150 1,233 20,534 17,782 2,752 New York . __ _. 16,139 20,985 42, 779 18,269 40,216 52,867 42,634 15,845 36,232 28, 985 41,452 44,027 400, 430 378, 226 19, 204 3,000 Philadelphia 3,878 464 577 25 4 21 285 5, 254 1,523 3,731 Cleveland 53 540 934 2,016 750 103 9,618 342 14, 356 5,293 9,063 Richmond _ _ 38 238 163 284 39 233 200 1,195 1,195 Atlanta 913 49 52 264 89 817 127 4 704 24 5 173 3,221 2,070 1,151 Chicago - 200 2,000 3, 750 1,290 2,804 1,395 507 1,152 8,346 7,412 14, 597 43, 453 29,857 8,096 5,500 St. Louis 182 416 690 1,994 275 1,645 171 5,373 5,373 Minneapolis 560 2,767 292 208 783 568 79 469 142 5,868 2,464 3,404 Kansas City. _. 57 36 586 497 998 2,342 187 100 1,185 802 228 7,018 500 4,608 1,910 Dallas 284 476 1,061 1,614 2,281 5,470 4,669 2,520 2,435 2,211 23, 021 18,096 4,925 San Francisco 548 892 2,042 4,312 319 1,908 342 10,363 8,363 2,000 Total: 1925 . 18,332 26, 628 54, 556 26,401 54,865 69,918 49, 746 23,017 59, 530 40,886 52,256 63, 951 540,086 444,461 65,866 29, 759 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 1920 -. 1919, 1918 3 _.. 520 520 1917 3 456 1,882 1,220 756 1,370 1,369 10 7,063 1916 3 _. .. 50 250 300 Treasury notes purchased during 1925: Under repurchase agreement 16, 749 21, 776 39,038 17,141 34,848 52,408 47,728 22, 913 38,450 40,862 51,949 60, 599 444,461 Through open-market investment committee 5,350 9,200 19,999 14, 501 2,000 11, 966 2,850 65,866 All other 1,583 4,852 10,168 60 18 3,009 18 104 9,114 24 307 502 29, 759 1 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. 3 Exclusive of securities sold by the Federal reserve banks under repurchase agreement and subsequently repurchased as follows: Boston, $3,456,000; New York, $37,762,500; Philadelphia, $1,540,000; Cleveland, $9,098,500; Richmond, $2,035,500; Atlanta, $5,090,500; Chicago, $14,896,000; St. Louis, $12,162,000; Minneapolis, $5,323,000; Kansas City, $10,508- 500; Dallas, $11,478,000; San Francisco, $18,649,500; total, $132,000,000. Total for 1924, $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 than five years Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 59.—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] 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 O b c e t r o- No b v e e r m- De b c e e r m- Year C r u t a c m c e a e g n h a p k r e r d a t t u e e e n i s e e f n r s e t r i - - - t m i c h m o n m c h P r a p v o i o a u e r t e e m s u t k n r n s e e g - e t - t d - e h - t o A th l e l r 1925 Boston. ... 681 115 606 1,406 85 3,008 4,413 5,794 5,917 1,937 2.773 9,404 36,139 23,044 5,901 7,194 New York 21,337 14 102 8,470 5,229 1,132 11,032 15, 076 5,026 26,264 15,360 15,123 38, 525 176, 676 118,339 15,312 43,025 Philadelphia _ _ 263 84 1 200 3,000 4,000 12,443 19, 991 5,353 14,638 Cleveland.. _____ 1 122 I 123 4,142 950 37 230 5 8, 214 14,823 9,293 5,530 Kichmond 70 9 14 4,192 4,285 4,285 Atlanta 267 163 426 190 180 525 232 129 515 856 334 5,532 9,349 5,529 3,820 Chicago _ 3,816 15, 347 2,323 6,260 8,334 8,438 5,380 3,912 11, 529 5,372 3,366 22,792 96,869 62, 718 14,837 19, 314 St. Louis 310 41 42 51 100 7,885 8,429 ' 7,383 1,046 Minneapolis 721 599 289 28 4,319 5,956 4,776 1,180 Kansas City 461 414 150 589 46 67 898 124 9,201 11,950 8,891 3,059 Dallas _ 497 65 2,040 770 415 609 5,980 6,370 10,334 27,080 18, 799 8,281 San Francisco. ._ _ 959 643 250 117 4.936 2,710 13,112 22,727 14,313 8,414 Total: 1925 . 30, 504 30, 326 13,493 13,127 9,932 29, 774 27,117 15, 640 51,098 35, 344 31,966 145,953 434,274 222,900 104,154 107, 220 1924 29, 494 9,150 52,990 17,870 18,483 82, 060 15,661 12, 348 2 65,680 41,498 28,448 88,901 2 462, 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 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 1920 43, 376 25, 296 14, 387 15,143 42, 723 85,445 51, 519 63, 321 164, 306 47,927 45, 282 127, 253 725,978 312, 581 413, 397 Certificates purchased during 1925: Under repurchase agreement 17, 342 4,564 10,174 12,395 9,551 23, 029 25,639 14, 826 15, 290 28, 649 27, 632 33,809 222, 900 Through open-market investment • committee 9 400 1 218 726 92,810 104,154 All other 3,762 25,762 2,101 732 381 6,745 1,478 88 35,808 6,695 4,334 19, 334 107,220 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 $10,000,000 of certificates sold by the Federal reserve banks under repurchase agreement and subsequently repurchased. O Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 60.—UNITED STATES CERTIFICATES OF INDEBTEDNESS: VOLUME OF SPECIAL TEMPORARY CERTIFICATES ISSUED TO FEDERAL RESERVE BANKS BY THE SECRETARY OF THE TREASURY [In thousands of dollars] Year Federal reserve bank March June September December 1925 1924 1923 1922 1921 1920 Boston 8,500 12,500 21,000 59,000 155, 000 56,500 156, 000 471, 000 New York 394,000 141,000 278, 000 247,000 1,060,000 878, 000 758,000 1,403.500 2,077, 000 3,836, 000 Philadelphia ... _ 65,000 5,000 1,500 71,500 20, 500 94,000 104,000 141, 000 311, 000 Cleveland 13,000 7,000 20,000 11,000 325,000 122, 000 343, 000 831,000 i Richmond - - - - 100,500 32,000 37,000 84,000 Atlanta 54.500 7,000 17,000 Chicago - 28,000 17,500 7,666 26,000 78,500 33,000 311,500 189,000 138. 000 800,000 St. Louis . _ 7,000 70, 500 98,000 36, 000 59,000 Minneapolis 7,000 7,000 2,000 47, 000 15,500 140,000 Kansas City __ _ 8,000 8,000 10, 000 73,500 27,000 4,000 112,000 Dallas _ . 24,000 6,000 3,000 176,000 San Francisco.. 2,500 2,500 161, 000 95, 000 51,100 425,000 Total 500,000 158,500 312,500 297, 500 1,268, 500 1,020,500 2,174, 500 2,148, 500 2,993,100 7,262,000 i W o Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOLD SETTLEMENT FUND No. 61.—GOLD SETTLEMENT FUND: SUMMARY OF TRANSACTIONS THROUGH THE FUND [In thousands of dollars] Net changes in ownership of gold Federal reserve bank B J a a l n an . c 1 e d W raw ith al - s Deposits t T o r f a a u n g n s e f d e n r t s 's T a ra g fr n e o s n m f t e 's rs Interbank transfers Settlements from J in an cl . u 1 si ,1 v 9 e 25, to Dec. 31,1925, in b B c u l a f o s u l s i a n n e n d e c o s e f s at t b a h n a r n d o k u se g t h t t l r e a m n i e n s n f t t e e s r r - s fund Dec. 31 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 e i t ts Loss Gain 1925 Boston 32,276 44,700 65,000 75,000 151,500 5,400 9,857,902 9, 949,835 91,933 32,809 54,167 New York.... 286,476 521,877 220,500 265,000 315,000 91,151 629, 800 319, 521 33, 075,793 32, 756,272 254,227 219,128 Philadelphia.. 31,137 299 139,180 138,000 8,000 84,800 18, 500 9,118, 096 9,193, 262 "75,~l66~ 48,884 Cleveland.. 40,158 65,000 32, 500 35,000 10,000 87, 000 12, 500 8, 229,788 8,384,546 154, 758 62, 916 80,258 Richmond . 18,723 64, 753 65, 500 34,500 57, 500 41, 500 12,524 6, 790, 893 6, 778,369 23, 952 28,524 Atlanta 12,964 34,348 119,500 123,600 78, 000 13,500 4,266,340 4,299, 668 33,328 20,240 31,172 Chicago 110,989 56, 000 67, 500 20,000 70,000 226,000 25, 000 15, 218, 254 15,375,734 157,480 128, 969 43,520 St. Louis 23,834 4,800 28, 500 17,200 37,000 32, 500 45, 651 60,087 6, 964, 664 6, 904, 577 20, 398 46,936 Minneapolis. 19,569 9,000 7,600 26,000 35,000 19,500 9,900 2,206, 666 2,207,857 18, 760 8,409 Kansas City... 40, 919 57,500 32, 000 17,000 8,500 48,500 90, 690 5,161, 981 5, 071,291 32, 729 50,690 Dallas 18, 033 13, 000 25, 000 25, 500 20,500 14, 500 16, 200 14, 632 3,470, 609 3,455, 977 12,101 12,932 San Francisco,. 44, 387 47, 282 91, 000 253, 000 229,987 58, 000 42, 500 16,402 3, 928, 480 3, 912, 078 33,170 31, 902 Year: 1925.. 679, 465 717, 258 813,081 1, 061, 700 975, 567 908, 951 908, 951 513,856 108, 289,466 108, 289, 466 513,856 689,155 308,252 308,252 1924.. 571, 088 763, 532 1,007,409 1,158,250 1, 022, 750 919,570 919, 570 505,468 97, 698,325 97, 698,325 506,468 679, 465 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 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 1,651, 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 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 85, 697 1,052,649 1,052,649 85,697 77, 760 i Established May 20,1915. J Included in settlements. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

108 ANNUAL, REPORT OF THE FEDERAL RESERVE BOARD No. 62.—CLEARINGS AND TRANSFERS THROUGH THE GOLD SETTLEMENT FUND, BY WEEKS [In thousands of dollars] Total clear- Total trans- Total clear- Week ending— ings fers ings and transfers 1925 Jan. 7_ 2,063,131 16, 500 2,079,631 14. 2, 111, 581 4,500 2,116,081 21. 2, 221, 424 16,000 2, 237,424 28-. 1,957,093 3,000 1,960,093 Feb. 4_ 2,008, 923 2, 008,923 1,916,993 4,000 1,920,993 1, 943, 253 1,500 1,944, 753 25. 1,858,192 3,000 1, 861,192 Mar. 4. 2,176,900 3,500 2,180,400 2, 008, 686 6,500 2,015,186 18 2, 329,157 67,100 2, 396, 257 25 2,124,882 68,200 2,193, 082 Apr. 1 1,981, 253 7,000 1, 988, 253 8 1, 980, 610 12, 500 1,993,110 1,902,648 28,000 1,930, 648 22 2,151, 692 6,000 2,157, 692 29 1,955,386 1,955,386 May 6 2, 077, 702 7,000 2,084, 702 13 1,840,008 4,000 1, 844,008 20 2,128, 633 15, 000 2,143, 633 27 2,010,155 2, 010,155 June 3 1,818,585 13,000 1, 831, 585 10 1,914, 944 7,000 1,921,944 17 2, 270,978 113, 900 2, 384,878 24 2,123, 442 47,000 2,170,442 July 1 2,120,374 15, 500 2,135, 874 8 1, 843, 863 22,000 1, 865,863 2,054,808 15, 300 2,070,108 22 2,173, 675 9,500 2,183,175 29 1, 896, 672 11,000 1,907, 672 Aug. 5 1,975,344 7,000 1,982, 344 12 1, 764,089 11,000 1, 775,089 1,982,227 4,000 1,986,227 26_ 1,850, 684 5,000 1,855,684 Sept. 2_ 1,806, 527 3,000 1, 809, 527 9_ 1, 520, 659 10, 500 1, 531,159 16. 2,131, 407 28, 600 2,160,007 23- 2,349, 240 91, 900 2,441,140 30. 2,192,830 4,000 2,196,830 Oct. 7_ 2,198,885 4,000 2,202,885 4 1, 882, 241 . 3,000 1,885, 241 2,619,923 36, 500 2, 656, 423 28. 2, 293,310 3,000 2, 296,310 Nov. 4_ 2,116, 647 2,116, 647 11.. 1,858, 342 6,500 1, 864, 842 2, 638, 994 16,000 2, 654,994 25- 2, 358, 789 3,000 2, 361, 789 Dec. 2. 2, 070, 625 4,000 2,074,625 2, 221, 784 7,000 2, 228, 784 16. 2, 510,977 30, 200 2, 541,177 23_ .... 2, 493, 465 92, 251 2, 585, 716 30 2, 004, 729 10, 500 2,015, 229 31 (lday)__. 482,105 500 482, 605 Total: 1925. 108, 289, 466 908, 951 109,198, 417 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

ANNUAL REPORT OF THE FEDERAL RESERVE BGARL 109 FEDERAL RESERVE AGENTS' GOLD FUND No. 63.—SUMMARY OP TRANSACTIONS THROUGH THE FUND [In thousands of dollars] Balance at Federal reserve agent at— B J a a l n a . n 1 ce d W raw ith a - ls Deposits T to ra n b s a f n e k rs f T ro r m an s b f a e n rs k b c u lo s s in e e o s f s Dec. 31 Boston 118,000 179,000 96,000 75,000 65,000 25,000 New York 166,000 315,000 265,000 116,000 Philadelphia.... 147,389 " 150," 666" 8,000 138,000 127,389 Cleveland 145,000 10,000 35,000 170,000 Richmond 74, 795 66,295 5,000 34, 500 65, 500 44,500 Atlanta 131, 500 58, 500 2,000 123, 600 119, 500 70,900 Chicago. 160,644 70,000 20,000 110, 644 St. Louis 44,000 23, 000 3,000 37,000 17,200 4,200 Minneapolis 59, 500 8,500 35,000 26,000 42,000 Kansas City 58,360 42,000 19,000 17,000 32,000 50,360 Dallas 18, 500 18, 500 1,000 20, 500 25, 500 6,000 San Francisco—. 184,206 14,000 229, 967 253, 000 193,239 Year: 1925. 1,307, 894 559, 795 126,000 975, 567 1,061, 700 960,232 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 8,820 411,087 852,881 496,604 1916. 56,860 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, 64.—OPEKATIONS OF THE FEDERAL RESERVE CLEARING SYSTEM [Numbers in thousands. Amounts in thousands of dollars] Items drawn on banks in— Total items handled, exclusive of duplications Feder b a a l n r k eserve O se w rv n e F b e a d n e k r a c l i t r y e - - re O s w er c n v it e i F e b e s d r i a e n ra c l h b D F an e is d k t e r a i r c c a n it t l d i e r o e s b u s r t e a s r i n v d c e e h r r e ( O e f s o c e th r t r w b v e t a r e o a n r F d d d k e e i r ) s a d d t w e r i r d e c a i e t l - s It U em n T i r s t e e d a d s r a u S w r t e a n r te o s n Number Amount i Num- Num- Num- Num- Number Amount ber Amount ber Amount ber Amount ber Amount 1925 1924 1923 1925 1924 1923 1925 Boston _. 9,258 10, 826,174 56, 599 6, 515, 433 1,696 196,170 67, 553 65,417 60, 385 17, 537, 777 15, 989, 699 14, 529,543 New York. _. 39, 885 72,043, 279 2,914 2, 004, 013 76, 965 10, 821 5,616 1,186, 596125,380 118,614 111,142 86,055, 076 66, 352, 898 63,375,384 Philadelphia 18, 234 19, 205, 287 37,466 4, 838, 341 1,' " 295,573 57,499 51, 588 45, 498 24,339, 201 19, 575, 285 14, 559, 748 Cleveland. _ 8,553 6, 787, 053 8, 837 13, 764, 885 45, 585 4, 815, 710 140 22,87< 2,265 253, 585 65,380 64,487 64,049 25,644,109 23,367,865 Richmond 1,791 4,166, 227 3,629 3,147, 58' 35,430 4, 912,022 1,371 156,658 42, 221 41, 607 41, 934 12,382, 494 11, 778, 420 11,584,372 Atlanta 1,690 2, 708, 009 3,987 5, 880,079 18,301 2, 308, 484 1,545 159,803 25, 523 22, 617 21, 233 11,056,375 7, 501, 506 7,138,692 Chicago. 14,314 13,022,161 5,408 5,102, 209 73,122 5, 970,620 4,826 648,207 97, 670 91,112 83, 202 24, 743,197 22, 743, 582 22,494,355 St. Louis ---. 5,732 5, 065, 545 3,483 3, 409,228 33, 539 1,999,391 2,295 187, 945 45,049 44, 520 42, 649 10,662,109 9, 857,172 9,437,991 Minneapolis 3,872 2,144, 545 273 215,196 20,068 1,164, 723 56, 745 914 99, 852 25,175 25,004 26, 3, 681, 061 3,368,019 3,114,967 Kansas City 4,347 3,380, 972 4,516 2, 452, 297 53,156 3, 918,673 2,560 2,060 243, 852 64, 083 57, 759 52,828 9, 998, 354 8, 709, 254 7,692,585 D Sa a n l la F s rancisco 4 1 , ,8 0 0 3 7 0 2 5 , , 4 5 2 3 3 8 , , 8 2 4 7 7 9 12 1, , 6 1 5 8 8 7 5 1 , , 0 2 3 4 6 3 , , 0 6 7 0 5 6 4 28 9 , , 6 2 1 3 3 63 3, , 1 0 9 6 4 7 , , 3 8 8 0 3 7 2,6 7 9 7 1 9 4 9 9 0 0 , , 4 2 9 6 3 2 6 3 8 2 , , 4 5 8 2 0 1 3 6 1 9 , , 4 7 8 9 0 7 | 2 6 9 0 , , 5 0 5 8 18 14 6 , , 2 8 5 2 9 5 , , 0 6 9 5 8 4 13 6 , , 4 9 4 2 1 0 , , 6 5 1 0 2 6 1 6 3 , , 0 28 7 7 2 , , 9 6 5 2 1 0 G te O l Total: 1925.. 113,5131147, 311, 378 46,892 42, 255,175 528,080 53I,, 526, 775 192 82,181 27,857 4, 008, 996716, 534 247,184, 505 1 19 9 2 2 3 4 . . . . 10 9 6 4 , , 6 2 4 8 3 3 1 10 1 8 9 , , 4 5 7 0 9 1 , , 6 4 0 6 4 9 4 4 2 4 , , 8 5 4 0 2 1 3 3 7 5 , , 1 4 8 1 7 1 , , 2 9 9 4 3 9 4 46 9 5 8 , ,733 48\ $ , , 1 19 4 4 6 , , 7 8 " 13 1 1 9 9 6 0 8 8 1 5 , , 0 9 9 9 0 6 3 34 5 , , 8 2 0 8 3 9 4 4 , , 1 5 6 1 0 1 , , 2 7 8 3 6 5 684,002 639,214. 209,124,951 196,636,073 o w Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Items forwarded to— Total items handled, including duplications Branches in own Other Federal re- Federal reserve bank distric o t f , f i b ce y head Hea b d r a o n f c fi h c e e s , by s t e h rv e e ir b b a r n a k n s c h a e n s d Number Amount Number Amount Number Amount Number Amount 1925 1923 1925 1924 1923 1925 Boston 2,981 671,212 70, 534 63,158 18,208,989 16, 559, 713 15,169, 483 New York 95,428 287 132,429 17,142 1, 958, 284 143,175 136, 853 129,130 88, 241, 217 68,678,871 65,805, 632 Philadelphia. 1, 403, 835 66,164 59,010 51,325 25, 743,036 20,795, 229 15,808,129 Cleveland 546 146, 968 635 142,190 2,327 719,145 68,888 68,039 67,433 26, 652,412 23, 874,73" 24,354,352 Richmond. 711 136,822 1,125 122,969 4,115 1,396, 259 48,172 46, 779 47, 225 14,038, 544 13, 254, 632 13, 111, 824 Atlanta 1,049 229,: 353 181,814 2,167 29, 092 25, 299 23, 956 12,436,129 8,650,648 8, 251, 381 Chicago 226 27,674 19, 586 6,078 566,012 104, 023 97, 084 88, 649 25, 356,469 23, 280, 863 23,074, 243 St. Louis... 145 16, 501 7,632 1,043 84,429 46,316 45, 793 43, 736 10,770, 671 9, 966,285 9, 547,434 3 Minneapolis._. 12 2,950 24 19,480 1,352 308, 666 26, 563 26, 219 27, 433 4,012,157 3,652, 895 3,383,365 Kansas City.. 769 160, 747 414 212,549 3,036 690, 296 68, 302 61, 976 58, 566 11,061,946 9,786,001 8,817,168 Dallas.. __, 549 63,804 174 27,431 1,193 170, 562 34, 396 33, 293 31,449 7, 086, 895 6,686,719 6,329,983 San Francisco. 2,019 252,153 584 92,145 1,937 73,061 74, 367 65,442 15, 002, 811 14, 645, 586 14,066, 535 Total: 1925.. 6,392 1,132,925 3,724 958, 225 52,036 9,335,621! 778,686 258, 611,276 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 1 For list of Federal reserve branch cities, see p. 120. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 65.—MEMBER BANKS AND NONMEMBER BANKS ON PAR LIST AND NOT ON PAR LIST: NUMBER IN EACH FEDERAL RESERVE DISTRICT AT END OF MONTH [The figures for member banks beginning with March, 1925, represent the number of banks in actual operation; prior to that time the figures represent the number of banks shown by the capital stock records of the Federal reserve banks] Total Boston New York Philadelphia Cleveland Richmond AtlantEi Nonmember Nonmember Nonmember Nonmember Nonmember Nonmember Nonmember Month 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 parNot on banks On parNot on banks On parNot on banks On par Not on banks On par Not on banks On par Not on list par list list par list list par list list par list list par list list par list list par list 1925 January 9,674 15,361 3,679 421 236 859 383 744 520 870 1,076 9 625 741 706 516 386 1.099 February 9,662 15,268 3,733 422 237 858 383 744 520 870 1,076 9 623 734 711 516 386 1,099 March 19,535 15,193 3,757 420 243 854 381 741 519 870 1,077 10 610 729 709 505 387 1,100 April 9,540 15,079 3,824 420 243 862 385 742 520 869 1,077 11 609 722 708 501 367 1,107 May 9,550 14, 970 3,869 420 244 866 385 746 515 866 1.080 11 607 714 704 501 370 1,106 June 9,546 14, 932 3,880 420 244 869 388 747 514 866 ,079 10 607 717 703 501 364 1,104 July 9,544 14, 888 3,906 420 245 868 389 751 513 863 1,073 11 606 718 702 502 365 1,101 August - - - 9,540 14,857 3,940 421 245 869 389 751 512 864 1,075 11 606 717 702 501 366 1,100 September 9,545 14, 786 3,963 419 244 874 389 752 511 864 ,074 11 606 716 705 500 367 1,101 October 9,532 14, 742 3,968 419 246 877 387 752 511 863 ,076 11 605 718 696 502 367 1,101 November 9,521 14, 701 3,968 419 246 880 390 753 512 863 ,075 11 604 717 686 498 366 1,104 December 9,489 14,643 3,970 420 246 880 391 753 513 863 ,073 10 604 712 687 495 366 1,102 December, 1924 9,682 15,445 3,647 420 234 859 381 743 519 872 ,075 10 624 743 715 516 383 1,105 December, 1923 9,896 16, 725 2,896 424 228 839 360 725 514 880 ,071 5 631 865 637 535 380 1,127 December, 1922 9,916 17,822 2,288 427 259 808 343 717 486 881 ,085 1 634 962 568 543 380 1,129 December, 1921 9,841 18,102 2,263 436 257 800 334 704 473 884 ,085 1 626 990 577 515 390 1,156 December, 1920 9,629 19,139 1,755 436 255 783 329 698 439 871 n7Q 610 1,266 334 462 408 1,233 December, 1919 9,066 16,499 3,996 432 245 753 322 678 415 843 1,085 585 485 995 426 355 1,219 December, 1918 8,692 10,305 210,247 423 246 723 339 661 329 2 102 814 728 2 411 565 351 426 209 21,345 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Chicago St. LouijJ Minneapolis Kansas City Dallas San Francisco Nonmember Nonmember Nonmember Nonmember Nonmember Nonmember Month banks banks banks banks banks banks Mem- Mem- Mem- Mem- Mem- Member ber ber ber ber ber banks On par Not on banks On par Not on banks On par Not on banks On par Not on banks On par Not on banks On par Not on list par list list par list list par list list par list list par list list par list 1925 January. 1,418 3,909 221 629 2,209 333 908 1,455 891 1,080 2,738 206 837 857 155 767 851 59 February 1,419 3,898 224 627 2,204 334 904 1,406 936 1,077 2,731 206 833 846 155 769 847 59 March 1,411 3,891 225 624 2,187 346 870 1,385 940 1,056 2,730 204 825 829 164 749 835 59 April 1,408 3,880 235 625 2,168 359 868 1,349 969 1,054 2,727 205 834 810 170 748 831 60 May 1,406 3,877 235 626 2,154 370 862 1,311 997 1,050 2,712 208 848 780 178 752 828 60 June 1,405 3,868 239 622 2,149 376 859 1,300 999 1,049 2,707 207 850 774 182 751 828 60 July _ 1,407 3,861 240 624 2,136 389 853 1,286 1,014 1,046 2,702 207 853 770 182 751 830 60 August 1,407 3,858 246 627 2,126 401 851 1,274 1,031 1,040 2,692 208 854 771 182 749 832 59 September 1,410 3,836 247 629 2,124 400 849 1,247 1,053 1,040 2,681 203 854 772 183 748 825 60 October _____ 1,407 3,828 248 628 2,116 402 841 1,229 1 063 2 678 204 857 771 183 744 815 60 November 1,402 3,822 255 628 2,116 403 835 1,209 1,063 L, 034 2,669 205 858 771 180 747 808 61 December 1,398 3,808 260 628 2,111 401 829 1, 185 1,062 1,027 2,667 205 852 768 182 740 803 61 December, 1924-_ ._ 1,419 3,927 218 628 2,225 332 906 1,498 853 I 086 2 747 204 838 862 153 771 851 57 D D e e c c e e m m b b e e r r , , 1 1 9 9 2 2 3 2 1 1 , , 4 4 4 3 3 5 4 4 , , 1 2 0 4 5 6 114 6 6 3 1 0 0 2 2, , 4 3 6 7 7 3 2 1 3 5 3 9 1,0 9 1 7 4 9 2 2 , , 0 5 8 9 5 6 4 1 4 8 5 8 L L , 1 1 4 5 6 2 3 2 ,8 0 5 0 8 7 1 16 9 5 6 8 8 6 6 3 1 1 9 0 5 4 8 5 9 5 5 2 8 8 0 2 9 6 9 94 2 6 8 4 2 4 6 H December, 1921 1,443 4,235 588 2,489 167 1,024 2,635 154 L, 103 3,091 185 861 1,151 23 857 972 o December, 1920 _ _ 1,421 4,266 571 2,514 188 1,009 2,891 ns7 3,391 850 1,274 • 831 1,027 December, 1919 1,374 3,896 293 538 2,309 355 920 1,879 1,025 1,038 3,346 756 1,220 723 942 109 December, 1918 _ 1,334 2,392 21,805 514 1,046 2 1,600 867 1,169 2 1, 743 994 2,200 2 979 727 247 2 947 644 1,049 2 159 1 In addition there were 108 banks shown by the capital stock records of the Federal reserve banks which were not in actual operation. See note below the title. 2 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 to the Federal reserve banks for checks drawn on them. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

114 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No. 66.—MEMBER BANKS AND NONMEMBER BANKS ON PAR LIST AND NONMEM- BER BANKS NOT ON PAR LIST: NUMBER IN EACH STATE ON DECEMBER 31 Nonmember banks Member State banks, On par list Not on par list * 1925 1925 1924 1925 1924 New England States: Maine 62 50 49 New Hampshire __ __ _ 55 14 15 Vermont 46 39 35 Massachusetts _ _ __ 181 70 71 Rhode Island 21 8 8 Connecticut _ _ _ __ _ _ 66 84 74 Eastern States: New York 636 275 276 New Jersey _ _ _ 333 153 141 Pennsylvania _ _ _ 958 658 659 Delaware 22 32 35 Maryland.. _ _ 89 166 170 District of Columbia _ _ 13 34 33 Southern States: Virginia. _ 193 227 240 101 89 West Virginia 141 196 198 9 10 North Carolina _ _ 91 89 100 339 349 South Carolina 92 25 29 238 267 Georgia __ _ ______ _ 153 75 75 375 387 Florida 70 87 77 159 159 Kentucky _ __ _ _ _ 146 432 442 22 17 Tennessee 118 222 268 235 206 Alabama. 124 27 35 199 195 Mississippi 45 25 25 275 274 Arkansas _ _ 122 256 280 112 77 Louisiana 46 35 44 171 171 Texas _ 779 713 807 98 68 Middle Western States: Ohio 441 658 661 Indiana 264 826 832 8 g Illinois _ 589 1,293 1,300 20 18 Michigan 290 513 526 92 83 Wisconsin 185 618 645 188 162 Minnesota 331 515 654 519 403 Iowa 417 1,207 1,289 51 33 Missouri 198 1,311 1,363 35 32 Western States: North Dakota .63 203 285 282 224 South Dakota _ 122 208 279 163 144 Nebraska 181 740 766 176 171 Kansas 266 1,006 1,032 3 5 Montana 111 106 111 11 9 Wyoming 34 54 60 11 11 Colorado 134 181 188 6 7 New Mexico __ 33 29 35 3 3 Oklahoma __ 382 371 373 4 5 Pacific States: Washington 156 171 177 32 29 Oregon _ __ _ _ 134 110 114 29 27 California 300 329 375 1 Idaho 80 80 72 Utah 46 68 66 Arizona 20 30 33 4 3 Nevada 10 24 23 Total 9,489 14, 643 15,445 3,970 3,647 1 Incorporated banks other than mutual savings banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EARNINGS AND EXPENSES OF FEDERAL RESERVE BANKS No. 67.—EARNINGS AND EXPENSES OF ALL FEDERAL RESERVE BANKS COMBINED, 1914^-1925 EARNINGS [Figures originally published have been regrouped where necessary in order that data for all years may be on a comparable basis] 3 1914-15 1916 1917 1918 1919 1920 1921 1922 1923 1924 1925 Total O Discounted bills _ $1, 218, 516 $1,025,675 $6, 971, 479 $48,348,007 $80, 768,144 $149,059,825 $109, 598, 675 $26, 523,123 $32, 956. 293 $15, 942,845 $17, 679, 549$490,092,131 Purchased bills 244, 664 1,560,918 4,951,729 11,939,808 13, 994,544 22, 020, 158 5. 234, 141 5,628,956 9,371,288 5, 709,809 9,103,915 89, 759,930 United States securities 171,831 1,106, 860 2,367,989 3,828,782 5,761,300 7,140, 615 6, 253, 854 16, 682, 463 7,444,089 14,712. 593 12, 783,001 78,253,377 Municipal warrants 490,689 708,867 215,119 14,222 85 2,305 3,565 3,812 850 181 1,439,695 Deficient reserve penalties 1,157 194,526 698,991 727,844 1, 573, 335 1,177, 562 602,951 521,061 381,619 310,406 6,189,452 Net service charges received... 244, 395 704, 670 421,332 1,370,397 Miscellaneous 47," 552 570,126 722,827 2,333, 275 1,128, 666 1, 502, 778 599, 329 1,057,641 412,023 1, 592, 733 1,923, 654 11,890,604 Total earnings 2,173,252 5,217,998 16,128,339 67, 584,417 102,380, 583 181,296,711 122,865,866 50,498,699 50, 708, 566 38,340, 449 41,800,706 678,995,586 02 CURRENT EXPENSES [Exclusive of reimbursable fiscal agency expenses] Salaries: I I Bank officers $630,318 $989,280 $1, 425,379 $1,872,963 $2,383,994 $2,461,323 $2,471,411 $2, 524, 709 $2, 382,951 $18,138,205 > Clerical staff _ 1,161,723 3,609,117 7, 676,128 12, 229,403 15,201,393 14,222,021 14, 025,794 13,288, 720 12,089,624 94,486,526 Special officers and watch-j men 47,243 128.280 295, 483 531, 050 789,879 818, 772 812, 283 800,150 744, 753 5.025.030 All other 51,605 57,5 500, 012 750, 119 1,102,984 1,310, 524 1,625,025 1,671, 718 1,807,086 8,909, 516 Governors' conferences 5,928 2,103 7,041 5,751. 7,751 5,515 6,923 5,882 5,442 82,924 Federal reserve agents' conferences 3,491 2,908 4,280 4,443 4,029 3,450 3,474 3,332 40,175 Federal advisory council 5,061 11,702 11,398 9,957 10,522 9,063 12,358 10, 550 11,048 105,476 Directors' meetings 81, 369 106,316 118,029 144, 026 168, 556 146, 084 147,287 158, 709 156, 534 1,396, 535 Traveling expenses x 16,: 68,057 179,127 270, 419 357, 962 293, 236 281, 469 313, 625 277,974 2, 081,826 Assessments for Federal Reserve Board expenses 237, 795 382,641 594, 818 709, 525 741, 436 722, 545 702,634 663,240 709,499 5,958, 714 Legal fees 17,268 25,745 41,438 48,530 48,166 63,322 44, 768 90, 798 84,687 505,783 Insurance (other than on currency and security shipments) 52, 242 166,850 311,954 397, 365 569,870 453,612 378,427 400,199 410,884 3,198,872 Taxes on banking house. 2,333 31,321 37,958 56,582 178,178 270, 915 625,109 840, 761 1,293,059 3,336,216 Light, heat, and power 14,674 39,670 73,960 106,302 119,408 175,908 246, 381 277,826 338,474| 1,408,130 1 Other than those connected with governors' and agents' conferences and meetings of directors and of the advisory council. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 67.—EARNINGS AND EXPENSES OF ALL FEDERAL RESERVE BANKS COMBINED, 1914-1925—Continued CURRENT EXPENSES—Continued 1914-15 1916 1917 1918 1919 •1920 1921 1922 1923 1924 1925 Total Repairs and alterations, banking house -.. $228 $2,525 $9,352 $29,683 $78, 567 $71,970 $89,638 $255,979 $157,464 $148,762 Rent _ -.. 190, 545 175,189 249,987 546,273 850,654 1,122, 042 1,323,117 1,010,949 830.238 657,624 319,962 7,309,580 Telephone 9,934 11,223 25,108 55, 983 98,047 124, 949 201, 997 203,023 200,151 200,436 192, 706 1,323, 557 Telegraph _ 4,765 4,553 13,302 87,442 202,724 462,707 610, 763 573,858 590,287 574,120 525,054 3,649,575 E I P n o x s s p u t r a r e a g s n e s c a e g e o . n _ - curren _ cy and 5 18 0 , , 2 5 6 7 6 6 1 3 0 1 2 , , 2 4 5 2 6 1 2 12 4 9 2 , ,9 3 0 8 2 0 2 59 4 2 8 , , 5 6 3 4 2 2 ) I 2 ,452,446 2 1,972, 511 2,154,095 1,929,828 1,7 3 2 6 3 7 , , 7 56 5 5 8 1, 3 7 7 27 9 , ,4 5 3 8 5 1 1, 3 7 9 5 8 2 , , 9 0 0 9 7 8 17,344,058 security shipments J 384,932 545,985 561,971 576,971 Printing and stationery I 1, 022, 540 739, 715 696,934 585, 506 455, 204 Office and other supplies 323,983 186,644 481,190 1,365,698 , 511,978 2, 358,484 607,669 464,352 594,440 492,952 421,461 15,951,939 Miscellaneous expenses 964,247 859,147 590,200 610,822 618,773 Total, exclusive of cost of currency 2,058,150 1,975,992 3,469,347 8,528,093 15,421,165 23,255, 532 28, 643,940 27,242,311 27, 778,856 26,998,272 25, 725, 245191,096,903 Federal reserve currency (including shipping charges): Oiiginal cost 262,436 272, 350 1, 632,927 2,267,363 2,624,567 3,170,416 4, 208, 211 1,578,592 1,651,134 1,180,952 1,606,453 20,455,401 Cost of redemption 19,907 40,342 103,062 381,145 780, 998 924, 286 434,179 332, 390 251,899 196,465 3,464,673 Taxes on Federal reserve bank note circulation... 5,750 17,111 61,015 912,756 1, 051, 084 687,408 303,967 1,793 3,040,887 Total current expenses . 2,320, 586 5,159, 727 10,959,533 19,339,633 28,258,030 34,463,845 29,559,049 29, 764,173 28,431,126 27, 528,163218,057,864 W PROFIT AND LOSS ACCOUNT Earnings $2,173,252 $5,217,998 $16,128,339 $67,584,417 $102,380,583 $181, 296, 711 $122, 865, 866 $50, 498, 699 $50,708,566 $38,340,449 $41, 800,706 $678,995, 586 Current expenses 2, 320, 586 2,273, 999 5,159, 727 10,959, 533 19,339, 633 28, 258, 030 34,463,845 29,559,049 29, 764,173 28,431,126 27, 528,163 218,057,864 Current net earnings. -_ * 147,334 2, 943, 999 10, 968, 612 56, 624,884 83,040,950 153, 038, 681 88,402, 021 20, 939, 650 20,944,393 9,909,323 14,272, 543 460,937,722 fel w Additions to current net earn- o ings: Withdrawn from reserve for— Federal Reserve Board expenses 523,277 37,209 560,486 Probable losses 200,000 508 449 708, 449 Depreciation on United States bonds 219,548 359,299 572, 622 141,857 246,165 1,539,491 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

All other 20,503 12, 781 132,059 39,448 147,583 94,221 258,579 88,527 308,904 479,331 lf 581,936 Total additions. _ 20,503 12, 781 132,059 258, 996 870,860 490, 729 1,339, 650 230,384 555,069 479,331 4,390,362 Deductions from current net earnings: Bank premises—depreciation _ 7,500 44, 679 1,828,954 2, 742,512 2,124,075 1,574, 801 3,112,127 4,022,246 4,034,782 2,297,445 «21,789,121 Furniture and equipment 14, 628 185,440 305,421 1,006,888 938,791 1, 603, 537 1,385,295 788, 612 1, 202, 808 1,074,591 706,141 9,212,152 Reserve for probable losses 200,000 130, 963 3,122, 312 891, 958 2, 448, 775 1,067,259 1,750,257 9,611, 524 Reserve for self insurance 200,000 250,000 400,000 444,072 202,756 105,197 307,320 1,909,345 Reserve for Federal Reserve Board expenses 493,928 66,558 560,486 Reserve for depreciation United States bonds . 756,174 848,129 34,156 268, 642 49, 295 78,058 66,034 2,100,488 All other 61 295,512 156, 662 523,055 170,992 273,822 466,737 520,872 464,383 241,645 3,113, 741 Total deductions 14, 628 193,001 1, 401, 786 4,040, 633 4, 932,442 4, 614, 767 6, 805, 525 5, 781, 564 8, 463,491 6, 746, 212 5, 302, 808 48,296,857 Net deductions from current net earnings. __ e 5, 875 193,001 1, 389,005 3, 908,574 4,673,446 j 3,743,907 6,314, 796 4,441, 914 8, 233,107 6,191,143 4, 823,477 43,906,495 3 Net earnings .._ 4 Ul, 459 2, 750, 998 9, 579, 607 52, 716,310 78, 367,504 149, 294, 774 82, 087,225 16,497, 736 12,711,286 3, 718,180 9,449,066 417,031, 227 ui tel Distribution of net earnings: m Dividends paid. 217,463 1, 742,774 6,801, 726 5, 540, 684 5,011, 832 5, 654,018 6,119, 673 6,307,035 6, 552,717 6, 682,496 6,915, 958 57, 546, 376 Transferred to surplus account 1,134,234 48,334,341 70, 651, 778 82, 916,014 15, 993,086 i -659,904 2, 545, 513 *-8,077,962 2,473,808 220,310,908 Franchise tax paid United States Government 1 134 234 2, 703, 894 60,724, 742 59,974,466 710, 850, 605 3, 613,056 113,646 59,300 139,173,943 Balance to profit and loss -S58,922 1,008,224 509,413 -1,158,715 REIMBURSABLE EXPENDITURES OF FISCAL .AGENCY DEPARTMENT B Salaries: Officers $15, 927 $70,735 $103,188 $117,873 $30, 700 $14,148 $14,267 $5,649 $5, 704 $378,191 Employees 906, 854 5,544,128 7,101,016 4,024, 769 1, 810,190 684, 996 1,306,233 371,093 124,231 21, 873, 510 I ui All other 2,171, 969 10, 641,826 9,421, 812 2,072, 714 768, 864 484, 671 591, 983 67,325 37,395 26,258, 559 Total 3,094, 750 16, 256,689 16, 626,016 6,215,356 2, 609, 754 1,183,815 1,912,483 444,067 167,330 48,510,260 1 Includes cost of coin bags, etc. W ' Included with "Miscellaneous expenses." W * Excess expenses. ui 8 Net charge-off after deduction of salvage receipts and other credits was $21,786,889. ft Net additions. 7 After charging surplus and crediting franchise tax with $270,389 paid as an additional franchise tax for 1920 and $3,129,673 for 1921. Amounts transferred to surplus and paid as a franchise tax out of earnings for 1922 were $2,740,158 and $7,450,543, respectively, s Deficit in earnings after payment of dividends, charged to surplus account. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 68.—EARNINGS AND EXPENSES OF FEDERAL RESERVE BANKS DURING 1925 EARNINGS 00 New Phila- Cleve- Rich- St. Minne- Kansas San Total Boston York delphia land mond Atlanta Chicago Louis apolis City Dallas Francisco Discounted bills $17,679,549 $], 197, 662 $5,188, 506 $1,548,003 $1I, , 898977,, 730 $1,720,967 $912,491 $2,121,97S $837,819 $231,342 $362,177 $252, 520 $1,408,353 Purchased bills 9,103,915 1,493,284 1,469, 858 587,126 702,881 217,0"5 726,707 1,055,291 454,428 440,784 538,179 522, 599~ 895,703 United States securities... 12, 783,001 455,055 2,984,698 845,499 1, 245, 563 154,068 370, 529 1,834,450 712,085 676, 696 1,117,964 939,627 1,446,767 Deficient reserve penalties. 310,406 6,240 33,422 7,119 15,502 55,380 32,481 43,069 24,475 17,414 24,544 27,830 22,930 Miscellaneous 1, 923, 835 136,305 540,690 147,803 151,780 34,970 30,170 369,874 26,830 72,105 267,121 71,050 75,137 Total earnings. 41,800,706| | 3,288,54610,217,174 3,135,550 4,013,456 2,182,460 2,072,378 5,424,663 2,055,637 1,438,341 2,309,985 1,813,626 3,848,890 CURRENT EXPENSES Salaries: Bank officers $2, 382, 951 $114,209 $455,150 $122, 583 $227, 500 $152,441 $172,092 $321, 901 $158,465 $125, 55S $154,927 $133,54, $244, 586 Clerical staff... 12,089, 624 878,434 3,103, 706 910, 544 1,041,093 642,857 385, 367 1,663,194 657,663 375,112 654,134 527,160 1, 250, 360 Special officers and watchmen 744, 753 32,156 147,654 52,911 98, 767 44,392 30,073 95, 633 40,916 25, 568 63,050 34,849 78, 784 All other _ _ 1, 807,086 475,405 95.903 219,093 64, 881 35, 769 282, 265 60,951 93,344 164,167 101,083 131,427 Governors' conferences 5,442 288 403 '259 304 25^ 358 360 398 645 519 647 1,004 Federal reserve agents' conferences... 3, 332 186 126 143 127 198 272 346 251 300 279 388 716 Federal Advisory Council __ 11,048. 517 479 324 562 506 666 992 1,200 991 780 831 3,200 Directors' meetings 156,534 5,843 17,992 7,176 7,585 7,421 23,200 8,147 11,781 8,256 24, 520 5,521 29,092 Traveling expenses l 277,974 6,921 28,143 10, 598 19,409 19,657 18,848 25,879 27,498 45, 723 13,915 24,763 36,620 Assessments for Federal Reserve Board expenses 709,499| 52,641 191,729 66,139 75, 588 37, 770 28,954 97, 955 32,281 23,006 28,484 25,268 49,684 Legal fees _. 84,6871 358 10,125 2,847 10,949 9,405 2,000 116 29,884 7,881 1,582 Insurance (other than on currency and 258 security shipments) _ 410,8841 27,347 66,081 33, 501 40,035 18, 525 46,069 21, 967 31,793 35,057 25,105 42,123 Insurance on currency and security ship- 23,281 ments. 576,971 78,371 118,199 84, 604 68,346 33,204 64,870 16, 768 14,424 15,090 21,113 31, 567 Taxes on banking house ___ 1,293,059! 110,040 418,128 29, 681 131, 963 30,415 58,082 242,374 24, 702 80,031 70,501 32,236 54.477 Light, heat, and power _. 338,474 18,430 95, 679 20, 263 39, 206 40, 844 12, 986 33, 906 15, 550 19, 757 37,012 23, 767 lb. 296 Repairs and alterations, banking house 148, 762 853 25, 513 7,809 19,398 8,622 4, 714 34,353 10,408 7,931 31,759 2,424 2,031 Rent __ _ 319,962i 1,688 26,918 2,974 33, 307 1,569 9,475 38,364 49,404 7,889 26, 798 1,448 111,366 Office and other supplies. 42l,46lj 20, 868 101,810 34,400 35, 180 10, 331 17, 137| 66,379 25, 233 22, 891 25, 872 15,980 38,183 Printing and stationery 455, 204: 36, 466 74, 747 30, f" 52, 874 17, 528 29,9051 71,329 21,557 22,035 26, 335 17,018 46, 046 Telephone- 192,706: 20,040 51,071 25, 624 13, 621 26,003 5, lfio! 21,878 9,929 5,769 7,281 8,419 17,863 Telegraph _ 525, 054 7,995 64, 277 17,034 36, 336 6,051 68,859 49,570 42,484 21,975 60, 678 47,950 78,547 Postage 1, 752, 098 191,447 286, 454 154,186 151,115 29,349 104,093 237,061 98,009 61, 597 134,981 88, 573 123, 235 Expressage j 398, 907 38, 587 95,095 56,862 25,647 121, 34' 26, 534 51, 588 14, 217 9, 553 11,174 16,846 24,802 Miscellaneous expenses j 618,773. 38,090 151,687 44,296 53,604 28,002 25,495| 77,862 41,600 32,094 52, 911 32,326 40,663 28,14? Total exclusive of cost of currency... 25,725,24-5 I 1,764,573' 6,006,571 l,811,55o! 2,401,609! ],342,i25l 1,119,173.! 3,534,2751 1,383,3481 1,066,120 1,648,1051 1,188,842 2,458,954 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Federal reserve currency: Original cost, including shipping charges ], 606,453 232,357 280,276 202,661 172,893 97,110! 102,863 189,089; 704 28, 255 70, 202 28/529 201, 514 Cost of redemption, including shipoo ping charges.-- 196,465 28,925 38,355 22,057 25,127 12,379 3,697 20,675J 6,047 3,454 9,136 5,973 20, 640 oo rg Total current expenses. 27, 528,163 2,025,855 6,325,202 2,036,268 2, 599,6291,451,614 1,225, 7333,744,039 1,390,099 1,097,829! 1,727,443 1,223,344 2,681,108 CD PROFIT AND LOSS ACCOUNT a Earnings $41,800,706 $3,288, 546$10,217,174 $3,135, 550$4,013,456$2,182,460$2, 072, 378$5,424,663$2,055, 637$1,438,341$2, 309, 985$1, 813, 626$3,848, 890 Current expenses 27, 528,163 2,025, 855 6,325,202 2,036,268 2, 599.629 1,451, 614 1, 225, 733 3, 744,039 1, 390,099 1,097, 829 1,727,443 1,223,344 2, 681,108 Current net earnings 14, 272, 543 1, 262,691 3, 891,972 1,099, 282 1,413,827 730, 846 846, 645 1, 680, 624 665, 538 340, 512 582, 542 590,282 1,167, 782 Additions to current net earnings 479, 331 3,207 4,976 566 333, 802 712 6,803 12,646 59, 748 39,367 13, 232 3,451 821 X Deductions from current net earnings: Bank premises—depreciation. . 2, 297,445 122,048 522,269 271,978 81,671 75, 836 165,197 489,462 126,411 262, 887 41, 296 138,390 Furniture and equipment 706,141 2,179 199, 261 16, 887 34,960 18,357 18,468 32, 718 257,373 10, 347 38, 569 15,450 61, 572 Reserve for probable losses.. 1, 750, 257 724,359 323,097 250,000 452,801 Reserve for self-insurance 307,320 57, 320" "" 200,000 50 000 Allother 241, 645 1,090 14,800 4,841 30,115 5,420 8,594 50, 985 71,991 8,167 11, 397 8,852 25,393 Total deductions 5,302, 808 125, 317 793,650 21, 728 537,053 155,448 827, 257 571, 997 818,826 144,925 312, 853 315, 598 678,156 Net deductions from current net earnings„ 4,823,477 122,110 788,674 21,162 203, 251 154,736 820, 454 559,351 759,078 105, 558 299,621 312,147 677,335 Net earnings available for dividends, surplus, and franchise tax 9,449,066 1,140, 581 3,103, 298 1,078,120 1, 210, 576 576,110 26,191 1,121, 273 2 93,540 234,954 282,921 278,135 490,447 Dividends paid. 6,915, 958 502,648 1,888,196 673, 212 778, 811 358,162 276,488 934,016 306, 753 193, 560 258,426 255,239 490,447 Transferred to surplus account _ 2,473, 808 637,933 1, 215,102 404,908 431, 765 217, 948 H50,297 187, 257 3 400,293 4,139 2,450 22, 896 Franchise tax paid United States Govern- w ment 59,300 37, 255 22,045 1 w. REIMBURSABLE EXPENDITURES OF FISCAL AGENCY DEPARTMENT 1 Salaries $129,935 $6,392 $14, 935! $9,027 $13,920 $6,386 $10, 687 $9,9631 $11,609 $15, 290 $15, 340 $9, 752 $6,634 All other 37,395 1,272 3,609 1,445 4,632 1,674 1,602 7,762 2, 591 6,123 2,231 1,728 2,726 Total 167,330 7,664 18, 544J 10,472 18,552 8,060 12, 289 17, 725 14,200 21,413 17, 571 11,480 9,360 1 CO 1 Other than those connected with governors' and agents' conferences and meetings of the advisory council. 2 Deficit in earnings before payments of dividends. 3 Deficit in earnings after payment of dividends, charged to surplus account. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OPERATIONS OF BRANCHES to No, 69.—BRANCHES OF FEDERAL RESERVE BANKS: VOLUME OF OPERATTO*TS o NUMBER OF PIECES HANDLED Noncash collection items Fiscal agenhandled cy—issues, Federal reserve branch and district number disc B o i u ll n s ted C c u e c r i o v re u e n n d c te y a d n r d e- ce C c i o v o u e in d n t r e a e d n - d h C a h n e d c l k ed s Government re c d h a e a n m n d g p e e ti s x o - o n f s, T o r f a n fu sf n e d r s s re d E c i n s e p v iv a e e t l d c o h p a e e n d s d coupons All other United States securities 2 No. 2—Buffalo. 3,658 39,481,000 18,554,000 11,471,000 266,000 I 158,000 14,000 14,000 486,000 No. 4—Cincinnati 32,165,000 56,310,000 16,788,000 1,470,000 17,000 374,000 22,000 597,000 Pittsburgh 54,571,000 33,023,000 21,699,000 1,282,000 | 28,000 162,000 16,000 577,000 No. 5—Baltimore "~6,~935 45,392,000 121,631,000 17,604,000 767,000 68,000 37,000 30,000 687,000 No. 6—Birmingham 13,916,000 8,980,000 4,894,000 65,000 13,000 45,000 6,000 244,000 Jacksonville 21,037,000 28,012,000 6,351,000 71,000 ! 37,000 40,000 10,000 341,000 Nashville.- 12,535,000 2,581,000 5,305,000 94,000 24,000 34,000 5,000 247,000 New Orleans 11,516 24,511,000 19,781,000 3,570, COO 380,000 22,000 47,000 10,000 397,000 No. 7—Detroit. 6,469 58,624,000 12,148,000 17,308,000 641,000 89,000 93,000 31,000 629,000 No. 8—Little Rock 5,487 9,045,000 5,208,000 5,011,000 69,000 20,000 22,000 15,000 267,000 Louis ville 4,412 21,473,000 14,567,000 8,453,000 469,000 28,000 48,000 12,000 413,000 Memphis. 6,802 18,486,000 9,532,000 3,613,000 125,000 40,000 1,000 13,000 274,000 No. 9—Helena 1,605 2,372,000 578,000 2,053,000 88,000 21,000 17,000 8,000 239,000 No. 10—Denver 6,732 6,882,000 7,707,000 8,582,000 374,000 40,000 76,000 13,000 427,000 Oklahoma City. 4,971,000 5,013,000 17,846,000 85,000 55,000 59,000 8,000 659,000 Omaha 7,022 4,760,000 2,552,000 11,207,000 333,000 36,000 63,000 35,000 757,000 No. 11—El Paso.. 1,920 4,487,000 4,141,000 2,790,000 46,000 16,000 1,000 11,000 193,000 No. 12— H Lo o s u s A to n n geles 3 1, , 9 2 9 2 8 5 4 9 0, , 6 7 4 9 8 9 , , 0 0 0 0 0 0 1 9 6 , , 7 8 6 7 1 7, , 0 0 0 0 0 0 3 7 4 , , 0 1 2 11 2 , , 0 0 0 0 0 0 1 7 6 2 1 9 , , 0 0 0 0 0 0 1 3 2 0 1 , , 0 0 0 0 0 0 5 1 0 , , 0 0 0 0 0 0 3 2 3 2 , , 0 0 0 0 0 0 3 5 6 9 0 0 , , 0 0 0 0 0 0 8 Portland 4,080 5,388,000 4,376,000 6,059,000 357,000 17,000 65,000 13,000 335,000 I Salt Lake City.. 7,255 3,345,000 1,679,000 8,206,000 165,000 77,000 13,000 17,000 308,000 Seattle 929 9,048,000 9,365,000 6,472,000 365,000 32,000 151,000 13,000 201,000 5,485 1,602,000 1,012,000 4,270,000 175,000 18,000 18,000 10,000 275,000 w o Total: 1925.. 85,530 444,538,000 393,388,000 230,685,000 8,577,000 1,007,000 1,431,000 | 367,000 9,503,000 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 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 Bills discounted C c u e r i r v e e n d c y a n r d e- C a o n i d n c r o e u ce n i t v e e d d checks handled ex ti c o h n a s n , g a e n s d of T o r f a n fu sf n e d r s s counted Government United States coupons All other securities No. 2—Buffalo___ $1,084,277,000 $217,822,000 $3,146,000 $3,118,678,000 $2,683,000 $98,995,000 $1,848,000 $921,427,000 No. 4—Cincinnati 135,381,000 6,591,000 6,132, 524,000 16,482,000 44,849,000 25,089,000 581,275,000 Pittsburgh 390,355,000 3,769,000 11,091,229,000 20,053,000 41,542,000 65,168, COO 913,172,000 No. 5—Baltimore 430,597,000 252,066,000 10,924,000 4,879, 869,000 8,832,000 90,007,000 12,436,000 1,220,995,000 No. 6—Birmingham 58,951,000 1,106,000 1,815,055,000 417,000 41,548,000 178,000 143,756,000 Jacksonville 122,502,000 2,190,000 3,158,627,000 418,000 30,966,000 166,000 289,456,000 IIO Nashville 42,893,000 357,000 1,739,659,000 635,000 31,966,000 135,000 127,277,000 New Orleans 230,594,000 110,022,000 2,997,000 1,842,989,000 3,678,000 34,336,000 22,258,000 468,607,000 No. 7—Detroit 908,657,000 462,966,000 2,435,000 6,334,756,000 10, 736,000 122,713,000 36,430,000 3,325,788,000 No. 8—Little Rock 59,777,000 36,446,000 858,000 958,709,000 401,000 21,780,000 762,000 396,284,000 Louisville 226,205,000 122,255,000 1,795,000 2,428,012,000 4,428,000 30,917,000 3,191,000 678,476,000 Memphis 74,355,000 68,019,000 2,088,000 918,093,000 1,046,000 63,230,000 1,470,000 585,070,000 o No. 9—Helena 1,792,000 21,305,000 259,000 398, 882,000 624,000 8,915,000 57,000 125,964,000 No. 10—Denver 69,500,000 47,869,000 2,686,000 1,727,999,000 3,808,000 37,284,000 2,199,000 566,586,000 £72 Oklahoma City.. 23,871,000 1,357,000 2,377,307,000 880,000 38, 796,000 768,000 224,755,000 o Omaha 70,451,000 25,348,000 1,227,000 1,428,690,000 2,047,000 38,591,000 1,378,000 1,114,067,000 No. 11—El Paso 28,717,000 30,496,000 3,001,000 388, 746,000 303,000 10,504,000 11,000 202,632,000 Houston 16,240,000 44,621,000 1,376,000 1,679,894,000 1,138,000 71,206, GOO 145,000 1,177,385,000 No. 12—Los Angeles 57,961,000 216,746,000 9,588,000 4,711,383,000 8,211,000 63,431,000 7,663,000 3,528,960,000 Portland 84,647,000 42,482,000 1,399,000 1,222,390,000 3,095,000 21,424,000 4,994,000 533,028,000 S S a e l a t tt L le a — ke City_. 1 8 1 7 7 , , 4 4 5 9 3 3 , , 0 0 0 0 0 0 2 7 8 1 , , 7 8 3 0 2 2 , , 0 0 0 0 0 0 2 1 , , 6 0 5 8 2 8 , , 0 0 0 0 0 0 1,1 9 0 93 0 , ,0 5 9 1 5 9 , , 0 0 0 0 0 0 2 1 , , 7 1 7 4 1 7 , , 0 0 0 0 0 0 3 3 4 5 , , 3 6 1 7 3 4 , , 0 0 0 0 0 0 7, 4 7 8 6 3 8 , , 0 0 0 0 0 0 4 7 4 7 1 0 , , 1 5 0 8 5 1 , , 0 0 0 0 0 0 o Spokane 33,396,000 12,665,000 632,000 542,122,000 921,000 10, 276,000 652,000 173,905,000 •W Total: 1925 _ 3,582,112,000 2,585,615,000 63,521,000 60,989,227,000 94,754,000 1,023,263,000 195,249,000 18,510,551,000 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 1925 by agencies of the Federal Reserve Bank of Atlanta: Habana, Cuba, agency, 2,503,000 pieces, amount $26,114,000; Savannah Gte., agency, 4,093,000 pieces, amount $10,253,000. fcO Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BANK PREMISES to No. 70.—COST OF BANK PREMISES OF FEDERAL RESERVE BANKS TO DECEMBER 31, 1925 NEW BUILDINGS CONSTRUCTED BY FEDERAL RESERVE BANKS Cost of buildings Cost of land, in- Buildings, Feder o al r r b e r s a e n rv c e h bank c u b l t u u i d l i i l i z d n e i g d n o g o l s d r o f e i x f x c e v l d u a u s m i l v t a s e - , e l M x a p n i e s e n c o s e u e l s - s, Vault con- Vault F c ix h e i d n e m ry a- Total cost o T b f o u la t i a l n d l d i c n a o g n s s t d D c e h p t a i r o r e g n c e i s a- Book n e v t alue, Remarks demolished, chinery, including struction equipment and equip- of buildings C net and mis- architect's ment cellaneous fees H expenses O ft Boston -- _ $1, 246, 726 $2, 561, 954 $220, 062 $760, 587 0) $662,157 $4,204, 760 $5, 451, 486 $1, 383,358 $4,068,128 Occupied March, 1922. H Sew York: A M n a n in e x b b u u il i d ld in in g g 4, 5 8 9 5 2 0 , , 2 6 1 7 0 9 8 1 , , 2 58 8 9 3 , , 7 8 9 2 2 7 1, 1 8 9 9 7 1 , , 7 0 7 8 9 8 32 3 0 , , 7 3 1 2 5 0 $778,1 3 3 1 8 5 3,0 1 9 4 0 1 , , 9 9 4 5 8 0 14 1 , , 6 6 7 2 0 7 , , 3 5 2 5 1 1 1 2 9 , , 2 5 2 2 0 0 , , 2 5 3 3 0 1 4, 5 6 4 2 9 3 , , 7 9 2 8 0 1 14 1 , , 8 6 9 7 6 0 , , 5 5 5 1 0 0 R O e c m cu o p d i e ed le d O c in to 1 b 9 e 2 r, 5 1 f 9 o 2 r 4 t . en- ft ant occupancy. Cleveland _ .. .. 1, 295, 490 4, 591, 964 910, 669 538, 827 593, 980 1, 423, 366 8, 058, 806 9, 354, 296 2, 817,901 6, 536, 395 Occupied August, 1923. Richmond 202, 025 1, 603,064 128, 861 17,126 282, 393 410,409 2, 441, 853 2, 643, 878 647, 697 1, 996,181 Occupied October, 1921. Atlanta - 283, 000 1, 023, 279 95,062 63,108 174, 037 175, 279 1, 530, 765 1, 813, 765 469,324 1, 344, 441 Occupied October, 1918. Jacksonville 45, 842 162, 335 13, 748 10, 791 24,104 25, 956 236, 934 282, 776 61, 269 221, 507 Occupied June, 1924. New Orleans 201, 250 565, 551 70, 095 49, 347 53, 410 157, 580 895, 983 1, 097, 233 286, 451 810, 782 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 3,173, 837 7, 283, 395 Occupied July, 1922. St. Louis 1, 354,874 1,722,345 243,826 138,374 74,822 1,058,979 3, 238, 346 4, 593,220 1,142, 843 3,450, 377 Occupied June, 1925. Little Rock .. 85, 007 165, 529 23, 736 31, 931 14,348 101,143 336, 687 421, 694 45, 214 376, 480 Occupied March, 1925. Minneapolis 600, 521 1, 730,065 362, 930 323, 750 0) 523, 966 2, 940, 711 3, 541, 232 680,051 2, 861,181 Occupied February, 1925. Kansas City 495, 300 2, 815, 078 243, 947 96, 381 235, 695 777, 940 4,169, 041 4, 664. 341 1, 515,438 3,148, 903 Occupied November, 1921. Denver _._ - 101, 512 302, 051 19,155 46, 067 67,235 50, 461 2 484, 969 586,481 85, 662 500, 819 Occupied November, 1925. Oklahoma City 65, 021 304,095 29,395 32, 900 43, 500 67, 866 477, 756 542, 777 120, 510 422, 267 Occupied April, 1923. Omaha ... _. _ 176, 427 236, 328 18,415 45,480 65,023 65, 287 3 430, 533 606,9 i/ 58, 765 548,195 Occupied December, 1925. Dallas 181,120 909, 564 94, 874 32, 532 132,280 325, 457 1, 494, 707 1,675,82' 356, 750 1, 319, 077 Occupied March, 1921. El Paso 39, 003 73, 618 4,867 3,410 29, 924 10, 374 122,193 161,196 30, 928 130, 268 Occupied August, 1920. o Houston -.- . _. . 66, 312 234,751 16, 807 15, 065 18, 810 59, 554 344, 988 411, 300 o7, 237 344,063 Occupied February, 1922. > San Francisco 412, 996 2, 631, 987 335, 942 114, 590 136,135 700, 661 3, 919, 315 4, 332, 311 1,2If), i 37 3,117, 274 Occupied December, 1923. Total 15, 258, 863 36, 296, 706 5, 278, 098 3,081,122 3, 358, 065 11,105, 912 59,119, 903 74, 378, 766 19, 331, -f, 3 55, 046, 793 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

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. 10 Gold $91, 715 $8,172 $671 $3,004 $11, 847 $103, 562 $53, 562 $50,000 Occupied November, 1921. Street). Philadelphia 1,007,153 518, 828 101,119 5962,912 0) 227, 846 1, 810, 705 2, 817, 858 1, 433,006 1, 384, 852Occupied December, 1917 Pittsburgh 515, 000 165, 712 33, 657 94, 765 $175, 950 11, 370 481, 454 996, 454 123, 850 872, 604 Occupied February, 1920. Baltimore 5 201, 023 201, 023 21, 023 180, 000 Occupied March, 1918. Nashville 83, 704 124, 953 11, 664 11, 988 28, 055 24, 353 201, 013 284, 717 82, 766 201, 951 Occupied December, 1922. Louisville 202, 877 100, 847 12, 236 26, 399 16, 487 33, 650 189, 619 392, 498 107, 230 285, 266 Occupied June, 1919. Helena 14, 925 57. 643 12, 876 9,266 66, 580 16,109 162, 474 177, 399 95, 483 81,916 Occupied February, 1921. Total. 2,116,397 976,155 I 172,223 1,105,330 287,072 316,332 2,857,112 | 4,973,509; 1,916,920 3,056,589 BUILDING SITES Baltimore $251, 343 $251, 343 $63, 343 $188, 000 Construction not authorized. Birmingham . 125, 554 $10, 934 $10. 934 136, 488 136, 488 Estimated cost of proposed building, $340,000. Detroit 650, 000 650,000 650,000 Construction not authorized. i Salt Lake City. 114, 075 114, 075 14, 075 100, 000 Estimated cost of proposed building, $450,000. Total 1,140, 972 10, 934 10, 934 1,151, 906 77, 418 1, 074, 488 Grand total for all 18, 516, 232 $37, 272, 861 5, 461, 255 $4,186, 452 $3, 645,137 $11,422,244 61, 987, 949 80, 504,181 21, 326, 311 59,177, 870 banks a n,d branches. 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). The site purchased in 1920 for a proposed building for the Cincinnati branch has been leased to the Cincinnati Chamber of Commerce for 99 years, with an option to purchase. The chamber of commerce will provide space in its propced building for the use of the Cincinnrti branch. 1 Included in cost of vault construction. 2 Estimated cost to complete, $15,368. 3 Estimated cost to complete, $31,690. 4 Estimated cost to complete addition, $235,615. Will be sold if new building is erected. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RECEIPTS AND DISBURSEMENTS OF THE FEDERAL RESERVE BOARD £ No. 71.—RECEIPTS AND DISBURSEMENTS OF THE FEDERAL RESERVE BOARD FOR THE YEAR 1925 oalance January 1, 1925: Available for general expenses of the board $34, 519. 56 ^ Available for expenses chargeable to the Federal reserve banks 134, 210. 20 ^ 3 Total _-_... ..--„__ _ _ _ _. $168, 729. 76 cj RECEIPTS fH Available for general expenses of the board: ^ Assessments on Federal reserve banks for estimated general expenses of the board $709, 499. 19 & Reimbursements of expenditures during 1924 522. 16 g Subscriptions to Federal Reserve Bulletin 3, 705. 13 td Reimbursements by Treasury Department of salaries of laborers 1, 530. 00 H Miscellaneous receipts and reimbursements 7, 505. 84 o Reimbursements on account of cost of bank examinations 2, 646. 18 ^ H Total receipts available for general expenses of the board 725, 408. 50 |ij ts Available for expenses chargeable to Federal reserve banks: ^ Assessments on Federal reserve banks—• & For cost of preparing Federal reserve notes 1, 500, 747. 25 a For expenses of gold shipments between Treasury offices and Federal reserve banks g under the provisions of section 16, Federal reserve act 1. 26 ^ For expenses of leased wire system 227, 369. 44 For miscellaneous expenses 9,436. 72 gg QQQQ Total'receipts available for expenses chargeable to Federal reserve banks 1, 737, 554. 67 Total receipts 2,462,963. 17 m W Total available for disbursements 2, 631, 692. 93 ^ DISBURSEMENTS O For general expenses of the board: Expenses for 1924 paid in 1925 $20, 812. 08 Expenses for 1925 (per detailed statement) $675, 238. 39 Less accounts unpaid Dec. 31, 1925 9, 896. 16 665, 342. 23 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Salaries of laborers reimbursable by Treasury Department 2, 040. 00 Cost of bank examinations reimbursable 2, 646. 18 Miscellaneous expenses reimbursable 197. 75 Refunds account of subscriptions to Federal Reserve Bulletin 17. 83 Total disbursements for general expenses of the board 691, 056. 07 For expenses chargeable to Federal reserve banks: Cost of preparing Federal reserve notes 1, 275, 346. 25 Expenses of leased wire system 228, 427. 63 Miscellaneous expenses 9,370.33 Total disbursements for expenses chargeable to Federal reserve banks 1, 513, 144. 21 Total disbursements 2, 204, 200. 28 Balance Dec. 31, 1925: Available for accounts unpaid, Dec. 31, 1925 9, 896. 16 Available for general expenses of the board, 1926 _. 58, 975. 83 Available for expenses chargeable to Federal reserve banks unpaid, Dec. 31, 1925 ._ 358, 620. 66 Total balance 427,492. 65 to C7I Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DETAILED STATEMENT OF EXPENSES OF THE FEDERAL RESERVE BOARD IN 1925 fcO January February March April May June July August Se b p e te r m- October No b v e e r m- De b c e e r m- Total PERSONAL SERVICES Board members and their staff $8,812. 47$8,812. 50 $8,812. 53 $8,812. 47 $8,812. 50 $8,829.20 $8,845. 80 $8, 845. 84 $8,745. 86 $8,415.25 $8,470. 84 $8, 629.19 $104,844. 45 Office of secretary 2, 499. 99 2, 425. 00 2,425. 01 2, 424. 99 2, 425. 00 2,425.011 2, 424. 99 2, 425. 00 2, 425. 01 2,424. 99 2, 425. 00 2,425. 01 175. 00 Office of general counsel 2,104.15 1, 991. 66 1,991.69' 1, 991. 65 1, 991. 66 1, 991. 69 1, 991. 65 1, 991. 66 1, 991. 69 1, 991. 65 1, 991. 66 1,991. 69 012. 50 Office of fiscal agent 1, 021. 64 1, 021. 68 919.011 874." 999. 67 875.011 999. 98 1, 000. 01 1,000. 01 999. 98 1,000. 01 1, 000.01 711.99 Division of examination 8, 763. 27 7, 804. 83 8, 065. 04 7, 660. 80 7, 324. 50 7, 958.15i 7, 389. 96 7, 350. 00 5, 953. 09 7, 329. 67 7,420. 00 7, 423. 37 442. 68 Division of bank operations 4, 820. 33 4, 820. 41 4, 687.17j 4, 687. 00 4, 687. 08 4, 687.17| 4, 687. 00 4, 687. 08 4, 687.17 4, 595. 34 4, 503. 75 4, 512. 43 061. 93 Division of chief clerk 2, 811. 20 2, 861. 24 2, 822. 98i 2, 727. 88 2, 745. 90 2, 727. 97! 2, 727. 88 2, 727. 90 2, 719. 2, 735. 38 2, 747. 2, 747. 97 103. 84 Pi Division of gold settlement 1, 453. 47 1, 414. 51 1, 453. 52 1, 453. 47 1, 443. 76 1, 477. 52| 1, 457. 97 1, 462. 51 1, 452. 77 1, 453. 47 1, 424. 26| 1, 465. 52 412.75 Division of currency 779.15 779.17 779.18| 779.15 779.17 779.18j 779.15 779.17 779.18 699. 99 620. 84 620. 84 954.17 Division of research and statistics. 6, 831. 55 6, 880. 58 6,885. 09| 7, 481. 44 7, 805. 86 8, 385. 09 7, 909. 90 8, 076. 8, 007. 30 7,182.13 7, 243. 34 7, 066. 76 755. 71 O M Di e v s i s s e i n o g n e o rs f issue and redemption.. 4 1 , , 4 5 3 8 2 2 . . 5 4 0 8 4 1 , ,6 4 7 52 1 . . 1 7 2 7 4 1 , , 6 4 7 4 4 9 . . 1 1 8 8 ; 4 1 , , 3 6 9 7 1 4 . .14 4 1 , , 2 5 9 8 1. 4 .1 " 8 " 4 1 , , 1 5 6 8 1 4 . . 6 1 8 8 4 1 , , 2 5 2 8 2. 4 .1 3 4 3 4 1 , , 2 6 1 6 6 7 . . 5 49 1 4 1 , , 2 5 1 8 2. 4 .1 0 8 2 4 1, , 1 5 9 7 3 2 . . 6 4 6 7 4 1, , 1 6 8 58 8 . .1 6 7 2 4 1, , 1 6 0 6 7 4 . . 8 1 4 9 3 5 1 0 9 1 . . 9 3 6 9 p H i Charwomen ^ __ 9JL20 82.80 90. 00? 93.60 90.00 93. 60[ 93.60 _ 93- 60 90.00 97.20 86.40 92J0 094. 40 Total 46, 003. 40 45, 018. 27 45, 054. 58:45, 053. 23 44, 980. 94 45, 975. 45;45,114735 45, 323744 43, 647. 92 43, 691.18 43, 780. 79 43, 747. 22 j 537,39077 NONPERSONAL SERVICES Transportation and subsistence: I Board members and their staff 159.21 27.78 212. 22i 537. 90 673. 23 707.561. 146.80 247. 84 652.84 321.16 71.931 3,758.47 Office of secretary 36.03! 11.14 10.02 57.19 Office of general counsel r7 30.78 100. 66 Division of examination 4, 253.41 3, 789. 24 3,143. 42 5, 806. 29! 6,030.14 1, 242. 38 3,354. 70 4,098. 85 3,401. 74 2, 677. 70 44,904. 70 Division of research and statistics 59. 52 31.28 43. 931 107. 91 138. 76 889. 34 387. 50 470. 57 31.29 152.12 123. 42 234. 75 2, 670. 39 Total all other divisions, including local car fare 83.76 27.78| 28.03 35.00 174. 57 Communication service: Telephone 653.05 619. 61 623. 75 695. 51 • 625.47 638. 67 626. 78 620. 28 626. 81 657. 27 637. 99 637.99! 7,663.18 Telegraph 684.19 534. 89 1,176.36 585. 73 352.16 948. 46 357.10 239. 68 665. 50 299. 78 284. 90 300. 001 6,428.75 Postage... 80.00 70.00 56.00 61.00 74.00 1.00 66.00 53.00 50. 001 579. 00 Printing, binding, etc 3,040.12 2, 798. 24 3, 539. 732, 614.18 7, 527. 65 2, 868. 18 2,811.21 2, 506. 13 2, 676. 06 2, 391. 99 2, 388. 94 3, 018. 29 38,180. 72 Repairs 67.82 2.96 34.27 12.08 27.47 40.22 30.97 6.48 55. 87 27.95 31.78 8~. 4•4"!' 346.31 Electricity (light and power) 52.82 52.82 52.82 52.82 52. 81 52.81 52.81 52.82 52.82 52.82 52.82 52.82 633.81 Steam (heat) 42.06 42.06 42.06 42.06 21. 08 42.06 42.06 42.06 42. 06! 357. 56 Miscellaneous, unclassified 77.92 73.03 266. 56 105. 39 65.7' 150. 57 148. 92 79.16 66.63 308. 36 1, 922. 35 557.161 3,821. 82 Equipment rental 6.75 6.75 6.75 18. 00 38.25 W Supplies: O Stationery and office 553. 79 356. 96 836.16 1,054. 57 1, 303. 50 248. 27 218. 26 223. 89 544. 00 230. 86 254. 94 229.73; 6, 054. 93 Periodicals 765.18 7.13 4.32 147. 00 20.20 81.25 13.00 100. 00 1,138. 08 Equipment: Furniture and office__ 273. 05 59.48 30.30 94.00 164. 34 310. 00 16.75 3.30 151. 67 130. 57 6. 54 1, 240. 00 Books 6.00 59.47 57.00 26.87 12.96 14.05 5.68 61.11 3.00 23.37 157. 40 100. 00 526. 91 Rent 1,876.42 1, 876. 42 1,876. 42 1,876. 42 1, 458. 33 1, 458^33_k4_58i33' 1, 458. 33 1,458. 33 1, 458. 33 1,458. 33 1,458.33' 19,172.32 Total. ._.. 12, 644. 5610,478.00 12, 774.11 11,063.43 15, 632. 27 147388. 53 12,179. 45 7,196. 83 9, 834. 9610,706.66 11, 354. 30 9,594.52 137,847.62 Grand total. 58, 647. 96 55,496.271 57,828.69 56,116. 66 60, 613. 21 i 60,363.98 57,293.80 52,520.27 53,482. 88 54,397. 84 55,135. 09 53,341.74 675,238.39 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONDITION OF MEMBER AND NONMEMBER BANKS No. 72.—ALL BANKS1 IN THE UNITED STATES AND ISLAND POSSESSIONS: RESOURCES AND LIABILITIES OF BANKS FOR WHICH REPORTS ARE AVAILABLE r [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, June 30, O 19 b 14 a ( n 2 k 0 s ,7 ) 65 19 b 15 a n (2 k 7 s , ) 0 62 191 b 6 a n (2 k 7 s , ) 513 191 b 7 a n (2 k 7 s , ) 923 19 b 18 a n (2 k 8 s , ) 880 19 b 19 a n (2 k 9 s , ) 123 19 b 2 a 0( n 3 k 0 s , ) 139 19 b 21 a n (3 k 0 s , ) 812 192 b 2 a n ( k 30 s) ,389 19 b 23 a n (3 k 0 s , ) 17* 192 b 4 a n (2 k 9 s , ) 348 19 b 25 a n (2 k 8 s , ) 841 o 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 33, 707,150 Overdrafts 51,121 36, 232 | 38,211 47,199 60, 335 94, 293 109,186 81,849 74,600 57, 982 56, 334 50, 259 Investments 5, 584, 925 5,881,931 i 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 15,400,113 Total loans and investments 20,924,403 21,640,603 24,730,147 28,669,759 32,332,874 37,318,506 42,288,436 40,157,496 40,306,372 43,959,975 45,576,967 49,157,523 Banking house, furniture, and fixtures 609, 697 610,046 709,065 737,148 775,112 863,191 1,078,174 1,176,098 1,295,831 1,401,099 E O D x u th c e h e r a fr n o r g e m a e l s b e f a o s n t r a k t c s e l e 2 o a w rin n g ed ho : u __ s _ e. . 2, 8 1 7 2 (3 9 2 ) , , 6 9 9 8 7 3 3, 3 1 2 0 5 3 7 6 3 , , , 4,0 2 4 3 1 8 6 2 8 , , , 1 8 5 2 4 9 5 9 6 4, 4 1 7 8 5 9 6 3 3 , , , 0 9 1 8 0 6 3 2 7 5,1 3 1 3 5 7 6 9 2 , , , 8 0 6 3 3 0 4 5 4 5, 8 1 8 6 3 6 1 1 5 , , , 7 4 5 1 1 9 3 4 5 5,8 8 1 3 4 3 9 3 7 , , , 2 9 7 4 1 8 1 0 5 4 1 , , 0 7 1 4 9 5 4 9 3 , , , 5 2 6 0 2 0 7 3 5 5,4 9 1 1 3 9 4 0 8 , , , 4 2 5 5 9 4 7 4 1 5, 2 6 5 4 5 9 6 6 7 , , , 1 1 5 1 5 9 9 0 0 6 1 , , 1 1 2 2 1 9 1 7 4 , , , 0 3 4 9 2 6 3 8 1 6 1 , , 2 3 7 2 3 7 6 5 4 , , , 4 3 9 8 9 6 6 0 2 B w Checks and other cash items - 520, 995 69, 281, 576 272, 609 323, 245 589,096 607, 868 241,160 644,014 549,485 875,009 954,177 Cash on hand 1, 639, 219 1, 457, 1, 486,118 1, 502, 502 896, 570 997, 353 1,076,378 946, 567 829,892 797,101 911, 500 951,286 Other resources 274,404 301, 425, 781 539, 676 768,129 1,076, 658 1,422, 299 1, 334, 934 1,023, 623 1,052, 393 952, 501 1,256,115 Total. 26,971,398 I 27,804,130 i 32,271,238 | 37,126, 763 40, 726,439 | 47, 615,447 53,079,108 49,671,390 I 50,425,367 54,034,911 57,144, 690 I 62,057,037 LIABILITIES Capital stock paid in 2,132,074 2,162,842 i 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 3,169,711 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 3,173,334 Undivided profits, less expenses and taxes paid 562,031 639, 778 564, 338 674,191 684,260 825, 889 976, 261 910, 743 933, 843 954,145 971, 730 1,067, 517 National-bank notes out- g standing 722, 555 722, 704 676,116 660, 431 681,631 677,162 688,178 704,147 725, 748 720, 001 729, 686 648, 494 I D n u d e iv t i o d u b a a l n k d s eposits 4 18 2 , , 5 7 8 0 8 5 , ,0 1 7 1 5 2 1 2 9 , , 1 7 9 8 9 3, , 3 3 9 1 3 2 22 3 , , 4 8 6 7 3 3 , , 4 6 9 0 3 9 26 3 , , 3 9 9 1 6 3 , , 1 9 6 4 7 4 27 3 , , 9 5 5 9 6 5 , ,0 3 6 7 2 8 3 3 3 , , 8 2 9 1 0 1 , , 6 4 3 8 1 7 37 3 , , 8 7 2 0 9 8 , , 9 3 8 0 5 2 35 2 , , 8 4 0 5 9 9 , , 1 41 5 4 5 37 3 , , 2 7 4 4 4 6 , ,8 3 2 8 3 6 40 3 , , 6 3 1 92 0 , , 2 3 1 0 1 5 43 3 , , 6 9 1 2 8 8 , , 9 2 7 9 8 2 4 4 7 , , 4 3 6 70 4 , , 8 9 0 0 3 9 w B U To n t it a e l d d S e t p a o te s s i t d s eposits 21,3 s 5 6 9 6 , , 8 6 4 5 2 5 22,031,669 26, s 3 7 3 6 9 , , 5 4 5 5 9 7 30 s , 4 1 4 32 3 , , 0 9 7 6 6 5 s 3 2 1 , , 5 0 8 3 9 7 , , 2 7 2 8 7 7 37 5 , 6 5 6 66 8 , ,9 7 1 93 1 41 5 , 1 7 7 1 5 4 , ,0 7 7 8 5 8 38,6 3 5 90 8 , , 7 2 9 3 9 0 41,1 1 2 2 0 8 , , 0 8 9 8 6 7 44,2 2 4 38 0 , , 9 4 5 3 5 9 47,6 1 9 5 9 2 , , 5 3 7 0 2 2 51,9 1 8 4 2 7 , , 9 22 32 0 Notes and 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, 280 327,899 Bills payable (including certificates of deposit repre- l senting 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, 699 597, 377 Other liabilities 247,848 288,005 442, 712 643,997 j 996,114 1, 523, 635 1, 302, 749 1, 304, 433 933,046 952, 482 864,161 1,089, 773 W Total j 26,971,398 I 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 62,057,037 CO 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 437 in June, 1925, with estimates as follows: Capital paid in, $9,000,000; surplus and profits, $8,700,000; deposits, $105,600,000. 2 Includes lawful reserve with Federal reserve banks and other reserve agents. * Includes certified and cashiers' checks, to s Included in " Checks and other cash items." « For national banks only. 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No. 73.—ALL BANKS IN THE UNITED STATES: l PRINCIPAL RESOURCES AND LIABILITIES OF MEMBER AND NONMEMBER BANKS ON ^ CALL DATES, JUNE, 1923-DECEMBER, 1925 00 fin millions of dollars] Loans and investments Loans and discounts Investments Deposits d ex e c p l o u s s i i t v s e of bank Rediscounts and bills payable M Date* d Total M b e a m nk b s er m b N e a m o n n b k - e s r Total M b e a m nk b s er m b N e a m o n n b k - e s r Total Member m b N e a m o n n b k - e s r Total M b e a m nk b s er m b N e a m o n n b k - e s r Total M b e a m nk b s er m b N e a m o n n b k - e s r > 1923 3 June 30. 43, 783 26,675 17,108 30,087 18,880 11,207 13, 696 7,795 5,901 40, 648 23,837 16, 811 1,308 1,073 235 Sept. 14 43, 784 26,497 17, 287 30, 260 18,857 11,403 13, 524 7,640 5,884 40, 678 23,712 16, 966 1,389 1,121 268 Dec. 31 44, 076 26, 738 17, 338 30, 510 19,052 11,458 13. 566 7,686 5, 880 42, 204 24, 974 17, 230 1,226 1,018 1924 Mar. 31 44, 597 26, 832 17, 765 30, 836 19,176 11, 660 13, 761 7,656 6,105 42, 082 24, 768 17. 314 965 745 220 June 30 45, 257 27,262 17,995 30, 927 19, 264 11,663 14,330 7,998 6; 332 43, 389 25,675 17, 714 780 503 277 Oct. 10 46,474 28,451 18,023 31, 696 19,820 11,876 14,778 8,631 6,147 44, 160 26, 282 17, 878 663 433 230 Dec 31 47, 233 29,027 18,206 32,112 20,182 11,930 15,121 8,845 6,276 45, 796 27, 814 17, 982 726 657 1925 Apr. 6 47, 980 29,285 18,695 32, 722 20,390 12, 332 15, 258 8,895 6,363 45, 954 27,145 | 18, 809 811 700 111 June 30 48, 947 29, 702 19,245 33, 571 20, 814 12, 757 15,376 8,888 6,488 47, 587 28, 403 19,184 921 718 203 Sept. 28 49, 873 30, 369 19. 504 34, 455 21,450 13,005 15,418 8,919 6,499 48, 052 28,172 19, 880 1,072 877 195 Dec. 31 50, 684 31,199 19, 485 35, 307 22, 275 13, 032 15, 377 8,924 6, 453 49, 257 30, 007 19, 250 1,103 1,011 92 i Includes all national, State, and private banks in the United States except a certain number of nonreporting private banks not under State supervision. Figures for nonmember banks derived from reports received from State banking authorities. ^Figures are for dates specified or dates nearest thereto for which figures are available. i pi fed oW Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 74.—ALL MEMBER BANKS—NET DEMAND AND TIME DEPOSITS, BY SIZE OF CITY Net demand deposits Time deposits Last report date in— Banks in cities and towns having a population of— Banks in cities and towns having a population of— O O Total Less than 5,000 to 15,000 to 100,000 5,000 14,999 and over i o 1923 April $15, 800, 089 $1, 600, 260 $1, 064,974 $2, 083, 927 $11,050,928 $8, 251, 449 $1,471,697 $912, 597 $1, 703, 235 $4,163, 920 May 15, 892, 721 1, 600,150 1, 071,369 2,060.199 I 11,161,003 8, 291, 044 1, 479, 695 918, 983 1, 705, 538 4,186, 828 June 15, 756, 419 1, 584, 610 1, 064, 716 2,054,058 j 11,053,035 8,388,238 1, 525, 672 928, 862 1, 716, 627 4, 217, 077 July.- 15,708,401 1, 576, 283 1,057, 790 2.042,429 I 11,031,899 8,342,526 1, 529, 470 942, 937 1, 743, 416 4,126, 703 August 15, 528. 823 1,597,831 1, 059,082 2,009,748 ! 10, 862,162 8,435, 984 1, 538, 023 951, 382 1, 760,116 4,186, 463 September. 15, 626, 715 1, 651, 3G6 1,078,381 2,020,329 ' 10, 876, 639 8, 472, 9G3 1, 545, 446 953, 605 1, 765, 350 4, 208, 562 October 15, 905, 528 1, 685, 758 1, 087,187 2, 036, 259 11, 096, 324 8, 525, 549 1, 548, 543 959,151 1, 782, 775 4, 235,080 g November- 15, 896, 997 1, 686, 630 1, 085, 991 2, 022, 888 11,101,488 8, 567, 762 1, 556, 064 969, 545 1, 789. 448 4, 252, 705 w December. _ 15, 830, 303 1, 666, 021 1, 090,301 2, 054,471 11,019,510 8, 585, 2C3 1, 553,144 963,170 1, 784; 735 4, 284, 214 1924 January.. 15, 942, 846 1, 626, 219 1,073,144 2, 046, 474 11,197,009 8, 693, 793 1, 569, 463 981, 949 1,807,711 j 4, 334, 670 February 15, 846, 284 1, 600, 616 1,055,673 2, 036, 800 11,153,195 8, 805, 200 1, 574, 568 992, 694 1,829,464 4,408, 474 March _._ 15, 814, 628 1, 581, 537 1,048,119 2, 030, 409 11,154, 563 8, 896,163 1, 581, 069 1, 001,166 1, 846, 822 4, 467,106 A pril 15, 943, 607 1, 554, 996 1, 048, 671 2, 040, 730 11,299,210 8, 974, 591 1, 582, 582 1, 008, 034 1, 863, 827 4, 520,148 May... 15, 980, 053 1, 523, 980 1, 018,428 2, 021, 309 11,416,336 9,041, 246 1, 584, 618 1,011,065 1, 877, 262 4, 568, 301 June... 16, 394, 382 1, 512, 480 1, 021, 564 2, 004, 410 11, 855, 928 9,148, 320 1, 588, 443 1, 016, 429 1, 890, 041 4, 653,407 o July... 16, 709, 765 1, 513,044 1, 012,351 2, 016, 896 12,167, 474 9, 268, 975 1, 602, 515 1, 018, 929 1,911,831 4, 735, 700 August 17,040,218 1, 550, 338 1,023, 543 2, 034,430 12, 431, 907 9, 368,116 1, 616, 638 1, 025, 816 1, 935, 459 4, 790, 203 tzj September 17,360,107 1, 615, 347 1, 044, 404 2, 052, 893 12, 647, 463 9, 516, 948 1, 623, 732 1, 032, 321 1, 940, 792 4, 920,103 g October j 17,764,499 1, 678, 287 1, 066,959 2, 093, 059 12, 926,194 9,674,581 | 1, 633, 480 1,039,513 i 1, 958,130 5,043,458 November ! 17,946,742 i, 698, 676 1, 076, 740 2,132, 304 13, 039, 022 9, 795, 879 I 1, 640, 059 1,045,668 i 1, 967, 007 5,143,145 g December 17,956,995 1,689,928 1,080, 944 2,144,113 13, 042, 010 9,727,132 | 1, 636, 887 1,042,716 1, 957, 014 5,090, 515 w 1925 January 17,927,179 1, 673,199 1, 081,342 2,170,162 13, 002,476 9,878,624 ! 1, 668, 381 1,062,598 | 1, 990, 335 5,157,310 February.- 17,887,660 1, 681, 531 ], 087, 366 2,211,432 12, 907, 331 10,005,660 ! 1, 678, 232 1,072,914 ! 2,021,190 5, 233,324 March 17, 503,151 I 1, 663, 485 1.086,008 2, 225, 264 12, 528, 394 10,094,153 I 1, 684, 816 1,079,743 ! 2, 048, 373 5, 281, 221 April ! 17,715,080 1, 637, 884 1,088,048 2, 239, 760 12, 749,388 10,186, 622 ! 1, 691, 055 1, 081, 730 | 2, 044, 266 5, 369, 571 May , 17,571,185 1, 613, 945 1,078,411 2, 266, 800 12, 612, 029 10,335,240 | 1, 692, 920 1,082,783 | 2, 086, 284 5, 473,253 June ! 17,670,740 1, 614, 416 1, 077, 714 2, 265,177 12, 713,433 10,420, 784 ; 1, 715, 247 1,091,481 I 2, 081, 760 5, 532, 296 July ! 17,817,468 1, 624, 359 1,085,632 2, 295, 050 12, 812, 427 10,413,112 1, 721, 922 1,096,064 ' 2,103, 663 5,491,463 August ; 17,906,629 1, 669,015 1,101, 824 2, 388,499 12, 747, 291 10,489, 702 1, 727, 734 1,105, 035 2,142,079 5, 514, 854 September. 18,005,279 1, 741, 700 1,135, 747 2, 376, 042 12, 751, 790 10, 502, 981 1, 736,100 1.112, 762 2,126, 395 5, 527, 724 October i 18,432,402 1, 779,096 1,159, 461 2, 392, 981 13,100, 864 10, 628, 522 1, 738, 310 1,116, 348 2,143,150 5,630, 714 November. ! 18,362,766 1, 773, 720 1,158,411 2, 407, 394 13,023, 241 10, 692, 045 1, 734, 527 1,118, 658 2,149, 836 5,689,024 December 18,500,007 1,813,189 1,160,017 2, 419, 650 13,107,151 10, 653, 414 1, 750,155 1.113, 508 2,136,370 5,653, 381 to CO Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 75.—ALL MEMBEE BANKS: PRINCIPAL RESOURCES AND LIABILITIES ON CALL DATES, 1914-1925 CO [In thousands of dollars] O Loans and investments Deposits Num- Bills pay- Date b b a e n r k o s f Total I I L c o o a d u n i n s s t - s a 1 nd S e t U a rn t n e m s it e e G n d o t v -i { st b o O o c t n k h d s e , s r , and Capital Total Time 3 a c b r o e le u d n i a s t n - s d securities ! securities Dec. 31 7,582 8, 559, 875 6,419,071 794,239 ! 1,346,565 1,074,757 '34, 527 8,305,440 5,124, 745 1,233,280 70, 776 1, 876, 639 132,902 T3 C 1915 w M Ma a y r .4 1 .. 7 7, , 6 6 1 0 4 7 8 8 , , 6 7 1 4 5 8 , , 1 3 1 5 7 0 6 6 , , 7 5 0 63 5 , , 3 14 2 6 6 7 7 8 8 0 3 , , 1 3 5 5 7 5 1 1, , 2 2 7 6 1 0 , , 4 3 0 6 47 1 1 , , 0 0 7 7 5 5 , , 8 2 0 5 5 8 7 7 2 3 7 1 , , 0 9 3 7 9 8 5 5 , , 3 0 6 91 6 , ,9 7 1 2 1 8 1 1, , 3 2 1 6 9 4 , , 9 0 2 0 1 6 4 58 5 , , 9 7 6 1 0 9 2 2, , 2 2 3 5 4 1 , , 9 5 6 2 9 9 9 90 5 , , 9 6 4 9 3 8 H June 23. _ 7,615 8, 808, 015 6,719,715 782, 619 1,303,681 1,077,885 729,799 5,277,748 1,351,699 48,261 2,216,247 98,487 Sept. 2 . .. .. 7,630 9, 087, 981 6, 904, 705 780, 895 1, 342,381 1, 087, 289 738, 276 5,490, 974 1, 416, 641 43,951 2,485, 644 106,083 Nov. 10 ... 7,640 9, 730, 073 7,482, 687 776, 932 1,470,454 1,087,549 738, 663 6,152, 226 1,463,258 40,300 2, 733,483 104,018 H Dec. 31 7,631 9, 898, 575 7, 622,474 773, 807 1, 502, 294 1,087,150 741, 529 6,333, 596 1, 505, 018 34,866 2,761,126 99,109 ft 1916 m Mar. 7-. 7,612 10,119,693 7, 777, 301 753,049 1, 589,343 1, 086,590 740, 669 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 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 6, 581,382 1, 774, 839 38,607 2,738,465 69,067 Sept. 12 7,618 10,763, 079 8, 263, 282 728,948 1, 770, 849 1,090,891 754,202 6, 891, 676 1, 852, 761 33,943 2,958,607 95,080 Nov. 17-- . 7,614 11,289,957 8,712,262 723, 643 1, 854,052 1,094,542 762,134 7, 522,254 1,939,488 34,408 3,396,472 79, 618 Dec. 27 7,614 11,306,806 8, 713, 686 716,129 1, 876,991 1,095,719 767,450 7,340,515 1, 983,202 34, 543 3,303,027 94,670 r 1917 w Mar. 5-. 7, 614 11, 733, 023 9, 096,145 713, 713 1, 923,165 1,100,126 13.395, 876 7, 503, 543 2,125, 049 33, 717 3, 733, 567 75,341 May 1 7,629 12, 017,969 9, 207, 646 776,189 2, 034,134 1,111,345 13,651,006 7,915,697 2,262,897 34,675 3,437,737 95,440 CD June 20 7,653 | 12,560,918 9, 425, 506 1, 098, 036 2, 037,376 1,123, 205 13.396, 922 7,856,476 2,303, 732 140, 584 3,096,130 381,996 Dec.31 7,907 i417,132,205412,419, 748 1,858,093 2,854,364 1,311,150 18, 828, 027 11,179, 676 3,156, 241 649,413 3, 642, 697 886,773 1918 May 10 8,132 i418, 874,889 412, 758, 572 3, 281,120 2, 835,197 1,367,060 1,143,321 19,209,959 11,050,610 3, 346, 828 1, 459, 274 3,353, 247 1,134,959 June 29 8,213 j418, 723, 500 413, 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, 233, 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 8,6^2 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 1919 I Mar.4 8,725 i 21,760,989 13, 975, 744 4, 823,001 2,962, 244 1,466,268 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 1, 292, 71622, 807, 520 13, 899,421 4,343,382 902,339 3, 662,378 2, 047, 550 Nov. 17 8,995 ! 24,527,853 17,589,828 3, 660,943 3, 277,082 1, 565, 871 1,343, 684 25,168, 890 15, 638, 038 5,049,493 386,309 4,095,050 2,423,886 Dec.31 9,066 I 25,181,511 18,363, 644 3,506,426 3,311,441 1, 593,833 1,375, 727 26,121,621 16, 062, 684 5,304, 793 648, 555 4,105,589 2, 561,607 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1920 May 4.. >,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 June 30-. ),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.. >,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 Dec. 29.. 1,606 25,887,729 19,767,353 2, 759,428 3,360,948 1,799,061 1,526,901 24,201,659 14, 613, 290 6,187,921 316,191 3,084,257 3,247,849 1921 Apr. 28. 24, 644,961 18, 606,924 2,627,073 3,410,964 850,074 1,552,418 22,812, 216 13, 509,483 6,343,443 272, 561 2, 686, 729 2,432,386 June 30.. 24,310,666 18, 206, Oil 2,661, 078 3,443, 577 858,710 1, 557, 719 23,324,851 13, 855,620 6,366, 632 389,910 2,712,689 2,108,879 o Dec. 31.. i,779 23, 644, 202 17,483, 518 2, 647,793 3,512,891 867,821 1,557,475 23,231,356 13,614,458 6,450, 629 306,103 2,860,166 1,452,962 1922 Mar. 10- 1,816 23,418, 982 17,161,135 2,754,846 3, 503,001 886,172 1, 561,043 23,641,418 13,484,054 6,662,398 329,503 3,165,463 June 30.. 1,892 24,358,014 17,295,943 3,246,824 3,815, 247 912, 227 1, 584,092 25,516, 687 15,035,179 7,175, 005 156,118 3,150,385 722,744 o Dec. 29.. 1,859 25, 768, 503 18,080,787 3, 788,377 3,899,339 940,916 1,625,765 27,271,804 15,672, 741 7,644,881 461,799 3,492,383 877,527 1923 o 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 June 30.. 9,856 26,675,005 18, 880,058 3,870,232 3,924,715 1,998, 295 1,631, 702 27,053,202 15,161, 059 8,378,211 296,482 3, 217,450 1,073,211 Sept. 14.. 9,843 26, 497, 552 18,857,100 3, 722,441 3, 918, Oil 2,004,140 1,626,922 26, 914, 718 15,100, 551 8,466,416 144,478 3, 203, 273 1,121,362 Dec. 31.. 9,774 26, 738,130 19,051, 686 3, 641,132 4, 045, 312 2, 003, 054 1, 641, 319 28,486,613 16,086, 731 8,650, 610 236,942 3, 512,330 1,017,644 g 1924 Mar. 31. 9,681 26, 832, 034 19,175, 713 ! 3, 569, 653 I 4, 2, 022,169 649,880 28, 248,081 15, 586, 676 8,889,923 291, 767 3,479,715 ; 744,515 td June 30.. 9,650 27, 261, 559 19,264,019 3,607,797 I 4,389,743 2, 030, 336 669, 592 29, 529, 561 16,292, 969 9, 203,545 178,946 3,854,101 ! 502,907 Oct. 10.. 9,635 28, 450, 644 19, 819, 898 3,894, 620 4, 736,126 2, 034, 943 682,646 30, 772, 057 16, 382,939 9, 597, 395 301, 803 4,489,920 432,747 Dec. 31.. 9,587 29,026, 588 20,181, 309 3,902, 793 4, 942, 486 2,037,481 707,486 32, 361, 652 17, 766, 469 9, 804, 738 242,482 4,547,963 656, 743 1925 Apr. 6. 9,531 29, 284, 939 20,389,702 | 3,915, 997 4, 979, 240 2,077, 502 ,732,076 31,226, 527 16, 608, 548 10,126,980 411,619 4,081,380 700,196 June 30,. 9,538 29, 702, 525 20, 814,180 j 3, 802,370 5, 085,975 2, 085, 732 ,750,815 32,420,480 17, 844, 555 10,381,486 176,653 4, 017,786 717,701 Sept. 28_ 9,539 30, 369,058 21,450,373 3, 785, 412 5,133, 273 2,092,909 1, 760,076 32, 049,168 17,426,212 10,467, 237 278, 211 3, 877, 508 876, 662 o Dec. 31.. 9,489 31,199, 516 22,275,285 3,761,065 5,163,166 2,105, 308 1, 832,691 34, 228, 201 19,050,460 10,653,028 304,131 4, 220, 582 1,011,812 g 1 Including rediscounts, overdrafts, and customers' liability on letters of credit. 2 Including certified and cashiers' or treasurers' checks outstanding. g * Including postal savings deposits. Postal savings deposits of State bank members ar° included with demand deposits for dates prior to June 20, 1917 w 4 Exclusive o Icustomers' liability on letters of credit by State ba^k members. W Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 76.—NATIONAL BANKS: 1 PRINCIPAL RESOURCES AND LIABILITIES ON CALL DATES, 1914—1§25 CO [In thousands of dollars] to Loans and investments Deposits Num- Bills pay- Date b be a r n k o s f Total L c o o a d u n i n s s - t a s n 3 d S s e t e U a r c t n n u e m s i r t i G e e ti n d e o t s v- s s to e b O c c o k u t n s r h d i , e t s a i r , e n s d Capital Surplus Bank a c b r o l e e u d n i a s t n - s d 1914 s Dec. 31 7,581 8,490,351 6, 363, 435 795,078 1,331, 838 1,065, 952 726, 938 8, 236,468 5,088,189 1, 206, 810 71, 698 1, 869, 771 132,442 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 7,604 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 June 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, 326, 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, G49 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 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, 669 761, 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, 968, 630 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 9, 599, 370 2,126,605 1,910,772 1,094,338 801,165 14,438, 769 8,084,146 2,370, 679 682, 712 3, 301, 232 May 10 7,688 14, 285, 954 9, 766, 235 2, 662, 963 1, 856,756 1,096,932 803,143 14, 385,120 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 7, 838,150 2, 343, 589 1, 037, 787 2, 802, 083 883, 274 Aug. 31 7,728 14, 387, 738 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 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 9,460, 577 2,473, 868 313, 381 3,175, 255 1, 380, 835 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

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 8,858,395 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 , 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 , 118, 603 872,226 15, 924, 865 9, 588,144 2, 784, 940 566, 793 2, 984,988 1,484,769 Sept. 12 7,821 16, 761, 904 11,546,095 3,296, 593 1,919, 216 ., 137, 970 16,681,607 10,174, 670 2, 921,034 518, 903 3,067,000 1, 505,516 Nov. 17 7,865 17,134,040 12, 268, 757 2,881,881 1, 983, 402 , 153, 752 902,905 17,467,853 10, 773,058 3,053, 685 270, 390 3, 370,720 1,742, 631 Dec. 31 7,890 17,493,171 12,784,460 2,723,493 1,985,218 ., 158,259 921,335 17,866,413 10,928,635 3,139,542 448,863 3,349,373 1,911,810 O 1920 O Feb. 28 7,933 17, 548,033 13,117,765 2,459,424 1,970,844 , 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 , 214,769 960,598 16,924,543 10,459,284 3, 410,480 115,200 2,939,579 2,265,079 June 30 8,030 17, 823, 580 13, 637,115 2,269,575 1,916,890 1,224,166 986,384 17,155,421 10, 650,112 3,485, 501 175,788 2,844,020 2,206,068 Sept. 8 8,093 17, 831,501 13, 732,321 2,175, 019 1,924,161 1,248,271 996,928 16,751,956 10,346,539 3,560,298 53,453 2,791, 666 2,299, 640 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 Apr. 28 8,152 16, 360,181 12,367, 400 2,001,811 1,990, 970 1, 271, 383 1,024, 761 14, 851, 859 8,872,860 3, 698, 518 175,149 2,105,332 1,711, 502 June 30 8,154 16,039,566 12, 014, 485 2, 019, 497 2,005, 584 1,273, 880 1,026,256 15,142,331 9,046,475 3, 695, 806 249,039 2,151,011 1,471, 979 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 Dec. 31 8,169 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 2,265,886 i 1,019,929 td 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 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 ., 319,144 1.067, 652 17,036, 281 9, 505, 256 4,580,216 264,279 2, 686,530 660, 632 o J S u e n p e t. 3 1 0 4 8 8, , 2 2 4 3 1 9 1 1 6 6 , , 8 94 9 8 7 , , 8 5 0 7 4 2 1 1 1 1 , , 8 94 2 7 8 , , 1 5 0 0 1 6 2 2 , , 6 6 0 9 2 3 , , 7 8 6 4 2 6 2 2 , , 3 3 9 7 8 5 , , 3 8 0 5 4 7 . ., , 3 3 3 2 2 8 , , 3 8 9 9 4 11 1 , . 0 06 7 8 0 , , 6 3 1 2 6 0 1 1 6 7 , , 0 8 4 9 0 7 , , 5 98 3 0 0 9 9 , , 6 54 2 1 9 , , 0 4 7 8 2 5 4 4 , , 7 86 5 4 5 , , 1 3 6 6 2 9 1 10 9 1 2 , , 1 6 3 4 5 9 2 2 , , 4 4 0 4 9 5 , , 1 4 9 4 8 0 7 7 2 5 3 3 , , 7 7 9 2 4 2 fczS Dec. 31 8,184 16,931, 726 11, 887,032 2, 566,851 2,477,843 , 325, 825 1,068,359 17,828, 861 10,127,182 4,948,019 157, 849 2, 595,811 658,062 K 1924 Mar. 31 8,115 16,969,052 11, 963,102 2,494,313 2,511, 637 , 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 ., 334, Oil1,080,578 18, 347, 837 10,143, 585 5, 259, 933 123, 318 2,821,001 340, 625 B Oct. 10 8,074 17, 698, 620 12, 222, 390 2, 579,190 2,897,040 ,332,527 1,074,268 19,108, 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 ., 334, 8361, 20,000,208 10,962, 873 5, 581, 287 153,266 3, 302,782 398,700 1925 J A u p n r e . 6 30 8 8 , , 0 0 1 7 6 2 1 1 8 8 , , 2 4 3 1 3 3 , , 6 8 8 6 6 3 1 12 2 , , 4 6 8 8 0 3 , , 2 4 4 1 6 9 2 2 , , 6 53 1 6 4 , ,1 7 8 6 5 7 3 3, , 1 1 9 3 3 9 , , 2 6 5 7 5 7 1 1 , , 3 3 6 6 9 1 , , 4 4 3 4 5 4 1 1, , 1 1 1 0 8 6 , , 9 5 2 4 8 4 1 1 9 9 , , 3 9 8 0 2 9 , , 9 66 4 9 7 1 1 0 0 , , 3 99 2 0 5 , , 1 5 9 1 8 0 5 5 , , 9 78 2 5 4 , , 2 6 1 5 1 8 2 1 5 0 5 8 , , 1 6 0 5 1 2 3 2, , 0 8 1 8 6 6 , , 8 4 8 0 6 0 4 4 7 4 8 5 , , 9 7 8 9 1 5 W Sept. 28 8,085 18, 904,006 13,149, 361 2, 512,025 3,242, 620 1,375,009 1,125, 495 19, 930, 062 10, 893, 643 5, 994, 374 175,097 2, 866,948 562,164 Dec. 31 8,054 19, 320, 658 13,545, 832 2, 522,810 3,252,016 1,379,101 1,166, 601 21,080, 660 11, 827,795 6,047,370 193, 222 3,012,273 1 Including nonmember national banks in Alaska and Hawaii. On Dec. 31, 1925, there were 6 with total resources of $12,962,000. 2 Including rediscounts, overdrafts and customers' liability on account of drafts paid under letters of credit. 3 Including certified and cashiers' checks outstanding. * Including postal savings deposits. CO 00 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 77.—STATE BANK AND TRUST COMPANY MEMBERS: PRINCIPAL RESOURCES AND LIABILITIES ON CALL DATES, 1914-1925 [In thousands of dollars] Loans and investments Deposits Bills pay- Num- able and Date ber of Loans and United Other Capital Surplus redisbanks Total co d u i n s- ts 1 S e ta r t n e m s G en o t v- sto b c o k n s d , s a , nd Total Demand 2 Time U S n t i a t te e s d Bank counts securities securities 1914 Dec. 31 73,057 57,782 15,249 9,541 7,918 73,066 39,471 26,600 6,995 459 o 1915 w Mar. 4 73, 587 58, 476 15,085 9,951 7,996 76,251 41, 595 26, 286 8,370 283 H May 1 74,383 57, 533 16,823 10,101 8,046 79,148 44,622 26,421 8,105 264 O June 23 76, 085 56, 638 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 W, 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 H Dec. 31 208,160 174,135 33,992 19, 836 16,334 238, 062 174,815 40,474 22, 773 694 w 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 AAQ 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 24,044 443, 344 338, 573 54,456 50, 315 5,614 I May I.. 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 Dec. 31 250 3,637,334 1 2, 516, 366 234, 592 886, 376 219, 294 301, 471 4,189, 398 2,746,899 | 858, 460 135,014 449, 025 145, 225 3 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 June 29 513 4, 594, 276 8 3,156,400 439, 246 998, 630 283, 414 349, 080 4, 938, 636 2, 918, 617 1, 052, 290 485, 639 482,090 222, 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 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 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 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 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 td 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 25S, 043 1925 Apr. 6__ 1,521 11,059,836 7, 913,107 1, 305, 219 1,841, 510 716, 858 626, 242 11, 853, 699 6, 286,110 4, 343, 643 158,858 1,065,088 254, 401 June 30 1,472 11,297,437 8,134, 714 1, 268, 604 1,894,119 717,097 632, 597 12, 520, 647 6, 859,162 4, 458, 510 70,396 i 1,132, 579 238, 720 Sept. 28 1,460 11, 473, 694 8, 304, 809 1, 276, 207 1,892, 678 718, 700 635, 301 12,128, 852 6, 537,489 4, 474, 455 105,636 | 1, Oil, 272 314, 498 Dec. 31 1,441 11, 887, 535 8, 733, 482 1, 241, 015 1, 913, 038 727,007 666, 812 13,158, 239 7, 228, 777 4, 607, 266 113,183 ! 1, 209,013 362, 930 K 1 Including rediscounts, overdrafts, and customers' liability on letters of credit. tel 2 Including certified and cashiers' or treasurers' checks outstanding. K 3 Including postal savings deposits beginning June 20, 1917, prior to which postal savings deposits were included in demand deposits. td 4 Included with other bonds, stocks, and securities. fi Exclusive of customers' liability on letters of credit. W W W CO Ox Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

136 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No. 78.—ALL MEMBER BANKS: RESOURCES AND LIABILITIES [In thousands of dollars] Dec. 31, Apr. 6, June 30, Sept. 28, Dec. 31, 1924 1925 1925 1925 1925 (9,587 (9,531 (9,538 (9,539 (9,489 banks) banks) banks) banks) banks) RESOURCES Loans and discounts _ 20,165, 601 20, 372, 688 20,798,714 21,427, 247 22, 257, 763 Overdrafts _ _ 15, 708 17, 014 15,466 23,126 17, 522 United States Government securities 3, 902, 793 3, 915, 997 3, 802, 370 3, 785, 412 3, 761, 065 Other bonds, stocks, and securities 4, 942, 486 4, 979, 240 5, 085, 975 5,133, 273 5,163,166 Total loans and investments 29,036,588 39,284,939 29,702,525 30,369,058 31,199,516 Customers' liability on account of acceptances _ 461, 736 477, 098 375,163 383, 873 498,143 Banking house, furniture, and fixtures 860, 614 879, 401 904, 755 919, 046 927, 357 Other real estate owned 161,133 166, 828 167,140 171, 741 170, 763 Cash in vault 597, 472 523, 297 524, 343 524, 592 574, 532 Reserve with Federal reserve banks 2, 227, 569 2,190, 991 2,147, 111 2, 238, 233 Items with Federal reserve banks in pro- 2, 091, 545 cess of collection 724,926 675, 356 647, 432 825, 543 Due from banks, bankers, and trust com- 588, 823 panies. _ 2, 339,488 2,017,454 2,031,130 2,155, 306 Exchanges for clearing house, also checks 2, 090, 754 on other banks in same place. 1, 935,114 1,211,094 1,882, 318 1, 268, 087 2,195, 466 Outside checks and other cash items. 133, 666 108, 256 137,148 103, 369 159, 060 Redemption fund and due from United States Treasurer 36, 284 33, 094 33, 013 32,850 32,982 United States securities borrowed1 19, 087 12, 661 11, 636 11, 429 11,152 Other securities borrowed1 2,541 2,660 1,925 3,112 2,160 Other assets 460, 649 478, 815 481, 258 440, 524 435, 082 Total. 38, 986, 867 37,949, 265 39,105, 025 39,053,354 41, 425, 295 LIABILITIES Capital stock paid in... 2, 037, 481 2, 077, 502 2, 085, 732 2, 092,909 2,105, 308 Surplus fund 1, 707,486 1, 732, 076 1,750,815 1, 760,*076 1,832, 691 Un p d a i id vided profits, less expenses and taxes 786, 759 859,461 853,433 f 834,802 739,934 Reserved for taxes, interest, etc., accrued.. I 133,387 108, 903 Due to Federal reserve banks 43, 648 40,124 39, 758 49, 933 51,112 Due to banks, bankers, and trust companies 4, 504, 315 4, 041, 256 3,978, 028 3, 827, 575 4,169, 470 Certified and cashiers' or treasurers' checks outstanding _ 1, 082, 431 756, 757 1, 032, 804 808, 756 1, 225, 758 Demand deposits 16, 684, 038 15, 849, 791 16, 811, 751 16, 617, 456 17,824,702 Time deposits 9,804, 738 10,126,980 10, 381, 486 10, 467, 237 10, 653, 028 United States deposits— 242,482 411,619 176, 653 278, 211 304,131 Total deposits. _ 32,361,653 31,226,527 32,420,480 32,049,168 34,328,301 Agreements to repurchase United States Government or other securities sold 6,450 5,081 7,081 Bills payable (including all obligations representing money borrowed, other than rediscounts) ___ _. 289, 253 311,183 360, 767 489, 449 527, 898 Notes and bills rediscounted (including acceptances of other banks and foreign bills of exchange or drafts sold with indorsement) ___ __ 367, 490 389, 013 356, 934 387, 213 483,914 Letters of credit and travelers' checks sold for cash and outstanding 21, 709 22,158 37, 403 25, 643 21, 965 Acceptances executed for customers 460, 383 474, 500 365, 671 384, 993 486, 548 Acceptances executed by other banks for account of reporting banks 37, 322 43, 087 42,144 40, 334 53, 608 National-bank notes outstanding 714, 333 647, 994 648, 719 647, 951 United States securities borrowed 48, 017 34, 408 33, 320 35,908 43, 858 Other securities borrowed 5,946 6,481 5,455 7,038 5,785 Other liabilities— 149, 036 123, 910 138, 427 158, 634 131, 650 Total.. 37,949, 265 39,105, 025 39, 053, 354 41, 425, 295 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 137 No. 79.—NATIONAL BANKS: 1 RESOURCES AND LIABILITIES [In thousands of dollars] Dec. 31, Apr. 6, June 30, Sept. 28, Dec. 31, 1924 1925 1925 1925 1925 (8,049 (8,016 (8,072 (87085 (8,054 banks) banks) banks) banks) banks) RESOURCES Loans and discounts 12, 319, 680 12,468, 836 12, 674, 067 13,134, 4G1 13, 535, 278 Overdrafts 9,802 11, 410 9,352 14, 900 10, 554 United States Government securities owned 2, 586, 697 2, 614,185 2, 536, 767 2, 512, 025 2, 522, 810 Other bonds, stocks, securities, etc 3, 075, 999 3,139, 255 3,193, 677 3, 242, 620 3, 252, 016 Total loans and investments. 17,992,178 18,233,686 18,413,863 18,904,006 19,320,658 Customers' liability account of acceptances- 244, 728 240, 962 176, 583 201, 083 277, 513 Banking house, furniture, and fixtures 551, 371 564,103 585, 267 593,176 606, 474 Other real estate owned 108, 966 112, 481 111, 191 114, 677 113, 741 Lawful reserve with Federal reserve banks. 1, 394, 386 1, 273, 274 1, 326, 864 1, 324, 326 1, 376,992 Items with Federal reserve banks in process of collection 486, 933 411, 539 466, 787 456, 666 572, 090 Cash in vault 409, 566 361, 671 359, 605 362, 341 390,116 Amount due from national banks._ ._ 1, 349, 859 1,192, 049 1,096, 768 1, 120, 925 1,192, 948 Amount due from other banks, bankers, and trust companies 431, 043 395, 655 403, 366 393, 869 425, 518 Exchanges for clearing house—_ __ 996, 615 665, 288 733, 816 1,127, 241 Checks on other banks in the same place-_ 85, 225 67, 708 80, 727 58', 326 109, 679 Outside checks and other cash items 70, 635 54, 541 69, 517 54, 094 71, 320 Redemption fund and due from U. S. Treasurer 36, 310 33,120 33, 038 32,876 33, 008 Other assets __ 223,466 238, 993 219, 346 235,114 Total. 24, 381, 281 23,832, 463 24, 350,863 24, 569, 527 25, 852,412 LIABILITIES Capital stock paid in 1, 334, 836 1, 361, 444 1, 369, 435 1, 375, 009 1, 379,101 Surplus fund 1,106, 544 1,118, 928 1,125, 495 1,166, 601 Undivided profits, less expenses and taxes paid 442, 484 490, 457 481, 711 543, 564 476, 207 Reserved for taxes, interest, etc., accrued.. 60, 784 60, 224 60, 078 69, 792 59,170 National bank notes outstanding.- 714, 844 649,447 648, 494 649, 221 648, 461 Due to Federal reserve banks 33,188 29, 323 30, 740 31,820 38, 321 Amount due to national banks 1, 239, 923 1,147, 628 1, 028,168 1, 068, 420 1, 076, 397 Amount due to other banks, bankers, and trust companies _ 2, 029, 671 1, 839, 935 1, 827,492 1, 766, 708 1, 897, 555 Certified checks outstanding... 184, 363 197, 508 224, 089 251, 505 261, 813 Cashier's checks outstanding,- 415, 260 204, 447 336,167 214, 594 414, 856 Demand deposits 10, 363, 250 9, 923, 243 10, 430, 254 10, 427, 544 11,151,126 Time deposits (including postal savings)... 5, 581, 287 5, 785, 211 5, 924, 658 5, 994, 374 6, 047, 370 United States deposits. 153, 266 255, 652 108,101 175, 097 193, 222 Total deposits _ _ 20,000,208 United States Government securities bor- 19,382,947 19,909,669 19,930,062 21,080,660 rowed 28,930 Bonds and securities (other than United 21, 747 21, 684 24, 479 32, 718 States) borrowed 3,405 Agreements to repurchase United States 3,821 3,530 3,976 3,625 Government or other securities sold Bills payable (including all obligations 3,413 4,057 1,984 representing borrowed money other than rediscounts) 202, 304 219,198 245,107 316, 627 384, 377 Notes and bills rediscounted (including acceptances of other banks and foreign bills of exchange or drafts sold with indorsement).. _ 196, 396 226, 597 233,874 245, 537 264, 505 Letters of credit and travelers' checks outstanding 6,124 6,537 12,127 9,065 7,525 Acceptances executed for customers and to furnish dollar exchange less those purchased or discounted 235, 232 232, 761 164, 569 191, 873 257, 929 Acceptances executed by other banks 26, 564 29, 502 28, 773 28, 542 39, 595 Other liabilities 40, 290 41, 237 49, 471 52, 228 49, 954 Total., 24,381,281 23,832, 463 24, 350, 863 24, 569, 527 25, 852,412 i Includes nonmember national banks in Alaska and Hawaii—six on Dec. 31, 1925, with total resources of $12,962,000. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

138 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No. 80.—STATE BANK AND TRUST COMPANY MEMBERS: RESOURCES ANI> LIABILITIES [In thousands of dollars] Dec. 31, Apr. 6, June 30, Sept. 28, Dec. 31, 1924 (1,544 1925 (1,521 1925 (1,472 1925 (1,460 1925 (1,441 banks) banks) banks) banks) banks) RESOURCES Loans and discounts 7,849, 546 7,907,500 8,128,596 8, 296, 573 8, 726, 510 O verdrafts - 1, 319 5 , ,9 2 1 9 5 1 1, 305 5 , , 6 2 0 1 7 9 1,26 6 8 , , 1 6 1 0 8 4 1,276 8 , , 2 2 3 0 6 7 1,24 6 1, , 0 9 1 7 5 2 United States Government securities 1, 867, 721 1,841,510 1,894,119 1,892, 678 1,913,038 Other bonds, stocks, and securities 11,042,473 11,059,836 11,297,437 11,473,694 11,887,535 Total loans and investments _ Customers' liability on account of accept- 217,008 236,136 198, 580 182, 790 220,630 ances - - 309, 439 315, 545 319,833 326, 315 321,422 Banking house, furniture, and fixtures 52,177 54,372 55, 957 57, 071 57,040 Other real estate owned 18, 420 15, 975 17, 207 17,315 18, 436 Gold and gold certificates 170, 785 146, 317 148,438 145,866 167, 240 All other cash in vault Reserve with Federal reserve banks 833,183 818, 271 864,127 822, 785 861, 241 Items with Federal reserve banks in process of collection 237, 993 177, 284 208,569 190, 766 253, 453 Due from banks, bankers, and trust companies.-. _ 560, 983 505, 642 519,003 518, 238 538, 772 Exchanges for clearing house, also checks 478,198 476,001 on other banks in same place 853, 521 53, 728 813, 528 49, 280 959,027 Outside checks and other cash items . 63,055 12, 661 67, 656 11,429 87, 749 United States securities borrowed 19,087 2,660 11,636 3,112 11,152 Other securities borrowed 2,541 252,448 1,925 221,192 2,160 Other assets 237,211 242, 298 Total.. 14, 617, 876 14,129,073 14, 766,194 14,495, 854 15,585,845 LIABILITIES Capital stock paid in 703,445 716, 858 717,097 718, 700 727,007 Surplus fund 619, 266 626, 242 632, 597 635, 301 666,812 Undivided profits, less expenses and taxes paid 283, 695 308, 931 311,823 ' 291,433 263,933 Reserved for taxes, interest, etc., accrued.. L 63,600 49, 742 Due to Federal reserve banks 10,460 10, 801 9,018 12, 791 Due to banks, bankers, and trust corn- 18,113 1, 235, 623 1,054,287 1,123, 561 1,196, 222 Certified and cashiers' or treasurers' checks 993,159 outstanding 483, 202 354, 925 472, 683 549,880 D Ti e m m e a n de d p d o e s p it o s sits . 6 4, , 3 2 2 2 5 4 , , 8 9 6 6 3 6 4 5 , , 3 9 4 3 3 1 , , 6 1 4 8 3 5 4 6, , 4 3 5 8 8 6 , ,4 51 7 0 9 6,1 3 9 4 4 2, , 7 7 8 0 7 2 4 6 , , 6 6 0 7 7 8 , , 8 2 9 6 7 6 United States deposits 91,441 158,858 70, 396 4, 474, 455 113,183 Total deposits 12,371,555 11,853,699 12,520,647 * 105, 636 13,158,239 Agreements to repurchase United States 12,128,852 Government or other securities sold 1,024 5,097 Bills payable (including all obligations 3,037 representing money borrowed, other than rediscounts) 86, 949 91, 985 172,822 43, 521 Notes and bills rediseounted (including 115, 660 acceptances of other banks and foreign bills of exchange or drafts sold with indorsement). 171,094 162,416 123,060 141, 676 219,409 Letters of credit and travelers' checks sold for cash and outstanding 15, 589 15, 624 25, 281 16, 587 14, 442 Acceptances executed for customers 225,151 241, 739 201,102 193,120 228, 619 Acceptances executed by other banks for account of reporting banks 10, 758 13, 585 13, 371 11, 792 14,013 United States securities borrowed._ _. 19,087 12, 686 11, 636 11, 429 11,152 Other securities borrowed _. 2,541 2,635 1,925 3,112 2,160 Other liabilities... _. 108,746 82, 673 88, 958 106, 406 81, 699 Total.. 14,617,876 14,129,073 14, 766,194 14, 495, 854 15, 585, 845 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONDITION OF MEMBER AND NONMEMBEE BANKS 139 No. 81.—CENTRAL RESERVE CITY MEMBER BANKS IN NEW YORK CITY: RE- SOURCES AND LIABILITIES [In thousands of dollars] Dec. 31,1924Apr. 6,1925 June 30,1925 Sept.28,1925 Dec. 31,1925 (66 banks) (65 banks) (63 banks) (62 banks) (63 banks) RESOURCES Loans and discounts 4, 381, 023 4,196, 436 4, 310, 312 4, 400, 254 4,943, 477 Overdrafts 1,104 1,619 2,017 2, 075 2,207 United States Government securities 974, 021 903, 788 911, 604 865, 220 875, 223 Other bonds, stocks, and securities 797, 537 772, 578 794, 797 764, 206 713, 332 Total loans and investments 6,153,685 5,87*, 421 6,018,730 6,031,755 6,534,239 Customers' liability on account of acceptances _ 294, 680 313, 453 262, 284 266,138 346, 086 Banking house, furniture, and fixtures 89, 521 91, 862 96, 569 97,185 101, 701 Other real estate owned. ___ _. 2,866 2,665 3,184 2,890 2,838 Cash in vault 72, 627 62, 268 57, 823 56, 332 65, 437 Reserve with Federal reserve banks 738, 911 713, 300 Items with Federal reserve banks in process 630, 785 694, 231 648, 904 of collection 159, 458 188, 759 Due from banks, bankers, and trust com- j 120, 227 144, 217 123, 400 panies. 73, 644 95, 905 Exchanges for clearing house, also checks 71, 036 102, 750 80, 770 on other banks in same place 1, 390, 441 828, 996 1, 395, 424 895, 208 1, 583, 837 Outside checks and other cash items 24,163 18, 826 22, 454 15, 385 24, 500 Redemption fund and due from United States Treasurer 2,034 1,385 1,445 1,450 1,487 United States securities borrowed 1 Other securities borrowed * Other assets _ 285, 272 283, 038 275?132 j 254, 696 260, 348 Total. 9, 287, 302 !, 298, 962 9,074,243 8,474,113 9, 918, 437 LIABILITIES Capital stock paid in 336, 300 357, 800 358, 200 360, 700 369, 750 Surplus fund 379, 205 391, 339 392, 893 396, 451 431, 376 R U e n p s d a e i i r d v v i e d d e d f o p r r t o a f x it e s s , , l i e n s t s e e re x s p t e , n e s t e c s . , a a n c d c r t u ax ed es . _ 200, 093 206,195 219,173 20 3 6 0 , , 7 4 9 56 2 1 2 8 3 9 , , 8 5 7 8 7 9 Due to Federal reserve banks 265 231 116 83 Due to banks, bankers, and trust companies 1, 547,432 1, 307, 565 1, 448, 958 1, 231, 538 1, 471, 856 Certified and cashiers' or treasurers' checks outstanding 759, 540 519, 298 771, 491 581, 246 855, 726 Demand deposits 4, 616, 670 3, 995, 964 4, 517, 617 4,196, 530 4, 882, 887 Time deposits 775, 270 787, 997 768, 157 743, 946 782, 700 United States deposits 28, 591 56, 451 17, 296 47. 013 58, 823 Total deposits 7, 727, 768 6,667,506 7,523,635 6,800,372 8.052.075 Agreements to repurchase United States Government or other securities sold 259 150 ! 3,368 Bills payable (including all obligations representing money borrowed, other tnan rediscounts) 43, 651 94, 493 76, 822 146, 675 164, 975 Notes and bills rediscounted (including acceptances of other banks and foreign bills of exchange or drafts sold with indorsement) 180, 259 168, 480 123, 943 142,081 220,981 Letters of credit and travelers' checks sold for cash and outstanding 16,964 17, 076 28, 084 18, 820 16, 226 Acceptances executed for customers 290,128 305, 455 251, 441 262, 612 337,170 Acceptances executed by other banks for account of reporting banks.. 24, 294 31,012 33, 044 29, 664 41, 778 National-bank notes outstanding 39, 884 26,902 28,180 28, 570 29,175 United States securities borrowed.. 995 970 970 1,535 4,710 Other securities borrowed 192 Other liabilities 47, 761 31, 734 37, £ 49, 235 33,195 Total ..._ _.. 9. 287, 302 i, 298, 962 1,074,243 j 8,474,113 j 9,918,437 I 1 Exclusive of securities borrowed by national banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

140 ANNUAL. REPORT OF THE FEDERAL RESERVE BOARD No. 82.—CENTRAL RESERVE CITY MEMBER BANKS IN THE CITY OF CHICAGO: RESOURCES AND LIABILITIES [In thousands of dollars] Dec. 31, Apr. June 30, Sept. 28, Dec. 31, 1924 1925 1925 1925 1925 (24 banks) (23 banks) (23 banks) (25 banks) (20 banks) RESOURCES Loans and discounts 1,163, 949 1,147,093 1,198,405 1, 247,361 1, 257, 705 Overdrafts 378 203 258 323 342 United States Government securities 180,131 174, 851 155, 834 152,162 154, 962 Other bonds, stocks, and securities 162,115 152, 602 151, 623 148, 396 154, 599 Total loans and investments 1,506,573 1,474,749 1,506,120 1,548,242 1,567,608 Customers' liability on account of acceptances 32, 833 37, 423 20, 937 18,117 21,151 Banking house, furniture, and fixtures 26, 926 27,116 31, 240 32,688 25, 903 Other real estate owned 74 101 130 159 255 Cash in vault 25, 520 20, 986 19, 996 17, 660 16, 561 Reserve with Federal reserve banks 162, 709 152, 498 161, 965 149, 669 Items with Federal reserve banks in proc- 152, 315 ess of collection _ 40,935 | 29,453 29, 527 | 40, 948 Due from banks, bankers, and trust com- 35, 292 panies _. 129,600 | 134, 442 135,519 | 117, 280 Exchanges for clearing house, also checks 164,114 on other banks in same place 88, 531 58, 875 101,809 63,328 I 92, 803 Outside checks and other cash items 6,547 4,909 6,605 4,177 ! 25, 380 Redemption fund and due from United States Treasurer.. 142 47 47 59 United States securities borrowed * Other securities borrowed ! _ 1 Other assets __ 23, 898 42, 317 39,163 41,134 33, 393 Total. 2,044, 289 1, 982, 916 2,077,768 2,052,563 2,091,010 LIABILITIES Capital stock paid in _ 89, 400 91,000 91,000 91,900 i 90, 900 U Su n r d p i l v u i s d e fu d n p d r . o . fits, less expenses and taxes 88, 077 89, 260 89,255 89,330 I 8 3 9 8 , , 1 7 3 0 3 0 paid 50,163 52, 412 if 44,475 i 14, 245 D Re u s e e r t v o e F d e f d o e r r a ta l x r e e s se , r i v n e te b re a s n t k , s etc., accrued.. 52,975 ij 15)460 | Due to banks, bankers, and trust companies _ 399, 643 389,870 392,774 j 358,542 [ 376,603 Certified and cashiers' or treasurers' checks outstanding.. 23, 784 26, 534 23,110 28,007 j 29, 785 Demand deposits 953, 740 854, 709 969,087 968,508 ' 975,152 Time deposits 342, 099 351, 708 372, 372 371, 677 387,155 United States deposits. 17, 724 26, 578 11,713 9,775 14, 822 Total deposits 1,736,990 1,649,399 1,769,056 1,736,509 1,783,517 Agreements to repurchase United States Government or other securities sold 367 Bills payable (including all obligations representing money borrowed, other than rediscounts) 225 4,300 7,378 9,940 I 20, 357 Notes and bills rediscounted (including acceptances of other banks and foreign bihVof exchange or drafts sold with indorsement) 7,125 33, 497 11,011 7,303 ! 8,805 Letters of credit and travelers' checks sold for cash and outstanding 1,897 1, 610 3,747 2,821 ! 2,569" Acceptances executed for customers 34,472 38,470 21, 036 18, 657 19,199 Acceptances executed by other banks for account of reporting banks. 1,638 1,197 636 1, 665 3,072 National-bank notes outstanding 2,843 942 944 935 1,181 United States securities borrowed 1,375 1,375 1,375 Other securities borrowed 1 150 Other liabilities _ 31, 458 20,829 29,355 j 32,193 17,440 Total. 2,044, 289 1, 982,916 2,077, 768 i 2,052, 563 ! 2,091,010 i Exclusive of securities borrowed by national banks Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONDITION OF MEMBER AND NONMEMBEK BANKS 141 No. 83.—RESERVE CITY MEMBER BANKS: RESOURCES AND LIABILITIES [In thousands of dollars] Dec. 31, Apr. 6, • June 30, Sept. 28, Dec. 31, 1924 1925 1925 1925 1925 (549 banks) (551 banks) (553 banks) (550 banks) (549 banks) EESOURCES Loans and discounts _. 7,161,802 7,404,999 7, 465, 741 7, 745, 508 7,891,883 Overdrafts 4,421 5,563 5,093 5,845 5,588 United States Government securities 1, 353, 239 1, 399,450 1, 341,016 1, 354, 047 1, 333, 589 Other bonds, stocks, and securities 1, 463, 637 1, 484, 982 1, 525, 370 1, 535, 745 1, 567, 801 Total loans and investments 9, 983, 099 10, 294, 994 10.. 337, 220 10, 641,145 10, 798, 861 Customers' liability on account of ac- | ceptances I 119,628 112,078 82, 608 88, 583 113,053 Banking house, furniture, and fixtures 339, 382 346,413 355,169 358, 724 362,241 Other real estate owned 52, 648 54, 337 50, 256 51,182 50, 793 Cash in vault 178, 538 155, 753 155, 879 156, 269 175, 965 Reserve with Federal reserve banks 726, 462 720, 552 739, 990 719, 582 746, 303 Items with Federal reserve banks in process of collection 419, 234 346,249 391,427 394, 741 470,180 •Due from banks, bankers, and trust companies 968,035 841, 583 809, 623 802, 829 886, 207 Exchanges for clearing house, also checks on other banks in same place 367, 398 251,846 304,026 245, 384' 415,116 Outside checks and other cash items 71, 330 60, 297 80, 335 59,023 77, 888 Redemption fund and due from United States Treasurer 8,610 7,295 7, 341 7,354 7,383 United States securities borrowed l. 11, 796 6,423 6,575 5,912 5,832 Other securities borrowed * 412 476 580 771 832 Other assets. 113, 617 119,071 128,144 105, 648 101,130 Total. 13, 360,189 i 13, 317, 367 13, 449,17 13, 637,147 14, 211, 784 LIABILITIES Capital stock paid in. 685,541 698, 903 702,067 702, 388 704,438 Surplus fund 584,878 591,465 598, 424 599, 551 618,939 Undivided profits, less expenses and taxes Re p s a e i r d ved for taxes, interest, etc., accrued._ 239,631 ! 262,386 260, 799 f I 2 5 4 3 4 , , 1 7 5 5 0 1 1 | 2 4 1 2 4 , ,9 2 0 5 3 3 Due to Federal reserve banks 10, 232 I 10,140 10,471 16,280 | 13,820 Due to banks, bankers, and trust companies 2,041, 306 1,852, 720 1, 698,062 1, 749, 993 1, 814, 594 Certified and cashiers' or treasurers' checks outstanding 204,887 132, 567 152,180 121,886 231, 957 Demand deposits 5,440, 203 5,410, 669 5, 656, 931 5, 595, 991 5,880,410 Time deposits 3, 435,102 3, 590, 512 3, 729, 678 3, 758, 800 3, 836, 548 United States deposits 146, 219 251, 968 110,604 165,269 177,493 Total deposits 11,277, 949 11, 248, 576 11, 357, 926 11, 408,219 11, 954, 822 Agreements to repurchase United States Government or other securities sold 2,476 Bills payable (including all obligations 3,278 2,471 representing money borrowed, other than rediscounts) 104, 971 84, 043 174, 871 Notes and bills rediscounted (including 128, 584 179,921 acceptances of other banks and foreign bills of exchange or drafts sold with indorsement) 85, 482 88, 688 86, 736 122, 355 146, 501 Letters of credit and travelers' checks sold for cash and outstanding 2,627 3,074 5,188 3,645 2,928 Acceptances executed for customers 122, 771 117,407 84, 666 93, 728 116, 086 Acceptances executed by other banks for account of reporting banks 9,384 9,233 7,579 7,669 6,743 National-bank notes outstanding 168, 637 143, 753 143, 938 145,176 144,869 United States securities borrowed._ ._ 26, 072 17, 637 16, 614 17, 566 20, 397 Other securities borrowed 1,331 1, 294 1,436 1,516 1,567 Other liabilities 50, 915 50,908 51,938 55, 041 59,991 Total _. _ 13,360,189 13,317,367 13,449,173 13, 637,147 14, 211, 784 1 Exclusive of securities borrowed by national banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

142 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No. 84.—ALL MEMBER BANKS OUTSIDE CENTRAL RESERVE AND RESERVE CITIES l (SO-CALLED COUNTRY BANKS) : RESOURCES AND LIABILITIES [In thousands of dollars] Dec. 31, Apr. 6, I June 30, Sept. 28, Dec. 31, 1924 (8,948 1925 (8,892 1925 (8,899 1925 (8,902 1925 (8,857 banks) banks) banks) banks) banks) RESOURCES Loans and discounts _. 7, 458, 827 7,624,160 7,824, 256 8,034,124 8,164, 698 Overdrafts 9,805 9,629 8,098 14,883 9,385 United States Government securities 1, 395,402 1, 437, 908 1, 393, 916 1, 413, 983 1, 397, 291 Other bonds, stocks, and securities 2, 519,197 2, 569,078 2, 614,185 2, 684, 926 2, 727, 434 Total loans and investments 11,383,231 11,640,775 11,840,455 12, H7,916 12,298,808 Customers' liability on account of acceptances 14, 595 14,144 9,334 11,035 17,853 Banking house, furniture, and fixtures 404, 785 414,010 421, 777 430,449 437, 512 Other real estate owned 105, 545 109, 725 113, 570 117,510 116,877 Cash in vault 320, 787 284, 290 290, 645 294,331 316, 569 Reserve with Federal reserve banks 599, 487 587, 710 604, 455 616, 660 628, 961 Items with Federal reserve banks in process of collection 105, 299 92, 894 104, 420 99, 764 125, 656 Due from banks, bankers, and trust companies 1,168, 209 1,043, 693 940, 967 1,012,012 1,055, 914 Exchanges for clearing house, also checks on other banks in same place 88, 744 71, 377 81,059 64,167 103, 710 Outside checks and other cash items 31, 626 24, 224 27, 754 24, 784 31,292 Redemption fund and due from United States Treasurer. 25,498 24, 367 24,180 23,999 24,053 United States securities borrowed 2 7,291 6, 238 5,061 5,517 5,320 Other securities borrowed2 _ 2,128 2,184 1,345 2,341 1,328 Other assets 37, 862 34, 389 38,819 39,046 40, 211 Total. 14, 295,087 14, 350,020 14, 503,841 14, 889, 531 15,204,064 LIABILITIES Capital stock paid in. 926,240 929,799 I 934, 465 937, 921 940, 220 Surplus fund.. 655, 326 660,012 | 670, 243 674, 744 692,676 Undivided profits, less expenses and taxes Re p s a e id rved for taxes, interest, etc., accrued..1 296, 872 338, 468 320,486 3 3 3 3 9 , , 1 9 2 8 0 5 29 28 7 , , 3 5 0 28 9 Due to Federal reserve banks. 33,151 29, 753 29,171 33, 554 37, 209 Due to banks, bankers, and trust companies' 515, 934 491,101 438, 234 487, 502 506,417 Certified and cashiers' or treasurers' checks outstanding. 94, 220 78, 358 86, 023 77, 617 108,290 Demand deposits 5, 673, 425 5, 588,449 5,668,116 5,856, 427 6,086,253 Time deposits >, 252, 267 5, 396, 763 5, 511, 279 5, 592,814 5, 646, 625 United States deposits 49, 948 76, 622 37,040 56,154 52, 993 Total deposits L, 618,945 11,661,046, 11,769,863 12,104,068 12,437,787 Agreements to repurchase United States Government or other securities sold I 2,913 2,460 870 Bills payable (including all obligations representing money borrowed, other than rediscounts).. __ 140, 406 128, 347 147, 983 152, 913 167, 695 Notes and bills rediscounted (including acceptances of other banks and foreign bills of exchange or drafts sold with indorsement) 94, 624 135, 244 115, 474 107, 627 Letters of credit and travelers' checks sold for cash and outstanding 221 384 357 242 Acceptances executed for customers 13,012 13,168 8,528 1 I 14,093 Acceptances executed by other banks for account of reporting banks 2,006 1,645 885 1,336 2,015 National-bank notes outstanding 502, 969 477, 362 474, 932 474,038 472, 726 United States securities borrowed 20,950 15, 801 14, 361 15, 432 17,376 Other securities borrowed 4,614 5,187 4,019 5,522 3,876 O ther liabilities, 18, 902 20, 439 19, 535 22,165 21,024 Total I 14,295,087 14, 350,020 14, 503, 841 14,889, 531 15,204,064 1 Includes also banks in outlying sections of reserve cities which have been authorized to carry country bank reserves. 2 Exclusive of securities borrowed by national banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 85.—ALL MEMBER BANKS—CLASSIFICATION OF LOANS AND INVESTMENTS ON JUNE 30, 1925 LOANS AND DISCOUNTS [In thousands of dollars] O Class of banks G S o o b e v c l U i u e g . r r a e n S t d m i . o b e n y n s t o S a t e n h c d e u r r s e b to d o c n k b d s y s m S r o o e e t r a c h t l u g e r a e r e g s d r t e e a s a b t e l y or Al l l o a o n t s her Total loans o estate liens o Central reserve city banks: New York City 57,759 2,192,034 83, 501 1, 977,018 4,310,312 Chicago 22,387 584,973 34,393 556, 652 1,198, 405 Other reserve city banks... 87, 719 2,186, 950 1,184,175 4, 006,897 7,465, 741 Country banks 75,478 1,510,211 1, 036, 253 5, 202, 314 7,824, 256 Total 243, 343 6, 474,168 2, 338, 322 11, 742,881 20, 798, 714 g W STOCKS, BONDS, AND OTHER SECURITIES [In thousands of dollars] Domestic securities Foreign securities o Other g foreign Class of banks U s e . e r c S n u . m r G i e ti o n e v t s - m c u b S o n a o t u a n i n n c t d d t e i y p s , , al A b ll o o n t d h s er S F re t b e o s a d c e n e k r k r v a o e l f c S o t o t o r i t p o c h o k n e r s r o a- f s d e o O c m u t r h e i e s ti r t e ic s B g f m o o o r n v e e d e n ig s r t n s n o - f b s in e o t m h c c n o u l u d u s r n s i d e i t a i c i o n e n - f s g d , se T cu o r t i a ti l es g f w cd ipalities 3 Central reserve citv banks: W New York City 911,604 191, 537 409,460 22,883 65,859 31,706 40,428 32,924 1,706,401 Chicago 155, 834 40, 888 66,893 5,228 8,013 4,655 22, 486 3,460 307,457 Other reserve city banks 1,341,016 342, 996 702, 863 134, 077 165,992 92, 663 47, 781 2,866, 386 Country banks 1,393, 916 453,485 1, 605, 546 47,858 67,385 179,146 171, 726 89,039 4,008,101 Total 3,802,370 1, 028, 906 | 2, 784, 762 114,967 275, 334 381,499 327, 303 173, 204 8, 888, 345 CO Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 86.—REPORTING MEMBER BANKS IN LEADING CITIES: PRINCIPAL RESOURCES AND LIABILITIES OF ABOUT 719 BANKS, BY WEEKS [In millions of dollars] Loans and discounts and investments Borrowings from ]Deposits Federal reserve banks Investments Reserve United States securities w Fe it d h - Cash Secu b r y ed cu S r e e - d b O on th d e s r , e r r e a - l va in ult cu b r y ed O w th is e e r- U.S. by stocks, serve Net Gov- U.S. se- i Total o m G b er l e o i n g n v - a t - -s b o t a o o t n h n c d e d k r s s Total Total b P w o r n a e d - r s b L e o r i n b ty d - s I b T u o r r e n y a d s s - c i T c u e r a r r e t t y a i e f s s - - s i e a t c n ie u d s r- banks m d a e n - d Time m er e n n - t Total o m G b er l e o i n g n v - a t - - c c u a u u n n r r s d e e e d d tions tions Yearly average (based on weekly figures): 1921 _. 15,346 11,980 3,030 8,283 3,366 1,317 236 202 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 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 99 907 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 2,427 269 I 1,236 87 680 155 2,515 1,544 289 12,063 4,453 153 167 83 84 1925 18, 905 13, 436 182 5,040 8,214 5,469 2,562 223 1,377 426 420 116 2,907 1,645 288 12,949 5,140 137 302 181 121 1925 Jan. 7. 18, 661 13,106 186 4,715 8,205 5,555 2, 693 261 1,403 373 514 142 1,702 327 13, 280 4,849 160 115 76 39 14 18, 680 13,123 176 4,702 8,245 5, 557 2,709 260 1,404 378 529 138 2,848 1,720 306 13,355 4,853 136 123 73 50 ft! 21 18, 635 13, 087 192 4,702 8,193 5,548 2,710 261 1,403 375 520 151 2,838 1,602 286 13,143 4,869 135 65 40 25 28 .._ 18,540 13,052 182 4,707 8,163 2,656 261 1,394 366 510 125 2,832 1,640 279 13, 014 4,876 136 129 97 32 Feb. 4 18, 567 13.114 185 4,745 8,184 5,453 2,611 232 1,389 360 510 120 2,842 1,655 278 13,040 4,900 134 183 153 30 11 18, 547 13.115 191 4,742 8,182 5,432 2,591 225 1,382 349 517 118 2,841 1,651 295 13,093 4,925 113 193 130 63 18 18, 575 13,171 198 4,732 8,241 5,404 2,574 219 1,385 355 117 2,830 1,647 281 12,995 4,936 121 205 133 72 w 25 18, 538 13,143 203 4,747 8,193 5,395 2,575 219 1,376 351 2,820 1,682 295 12, 932 4,951 113 289 217 72 o m Mar. 4 18, 579 13,243 206 4,794 8,243 5,336 2,531 219 1,363 349 516 84 2,805 1,627 282 12, 924 4,945 113 255 171 # 11 18, 620 13,246 195 4,786 8,265 5,374 2,557 219 1,358 354 514 112 2,817 1,666 289 13, 058 4,954 113 269 184 8854 18 18, 729 13,211 203 4,826 8,182 5,518 2,695 ' 220 1,358 490 482 145 2,823 1.638 277 12, 879 4,973 318 196 117 79 25 18,618 13,140 203 4,797 8,140 5,478 2,642 219 1,351 464 139 2,836 1,588 281 12, 588 5,034 318 218 138 80 Apr. 1 18, 703 13,205 | 198 4,779 8,228 5,498 2,623 221 1,350 464 457 131 2,875 1,605 268 12, 756 5, 053 318 237 127 110 8 18,621 13,137 197 4,725 8,215 5,484 2,606 220 1,341 458 455 132 2,878 1,609 289 12, 635 5,055 301 215 116 99 15 18,610 13,128 i 200 4,708 8,220 5,482 2,599 220 1,348 457 445 129 I 2,883 1,599 277 12, 722 5,052 246 235 134 101 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

22 13,130 198 4,807 8,125 5,506 2,616 220 I1,345 464 119 2,890 1,632 282 12,765 5,064 207 248 149 29 18,716 13,232 201 4,878 8,153 5,484 2,576 220 j1,339 453 448 116 2,908 1,608 283 12,814 5,063 209 211 127 May 6. 18, 668 13,185 193 4,876 8,116 5,483 2,540 220 1,346 456 406 112 2,943 1,646 279 12, 794 5,098 192 233 132 101 13. 18, 614 13,167 192 4,828 8,147 5,447 2,546 221 1, 355 453 407 110 2,901 1,616 286 12,816 5,134 185 160 87 73 20 18, 583 13,097 183 4,847 8, 067 5,486 2,579 220 1,379 446 425 109 2,907 1,591 276 12, 694 5,158 138 153 85 27. 18, 593 13.108 178 4 895 8; 035 5,485 2,554 219 1,353 450 426 106 2,931 1,608 12, 645 5,169 140 218 129 June 3 18,683 13,180 176I 4,965 8,039 5, 503 2, 576 219 1,366 445 433 113 2,927 1,611 278 12,791 5,153 138 215 124 91 10. 18,711 13,190 179! 4,956 8,055 5, 521 2,591 218 1,379 442 439 113 2,930 1,619 286 12, 818 5,162 125 229 151 78 17. 18, 740 13,201 173! 5,020 8,008 5,539 2,595 218 1,368 453 411 145 2,944 1,667 275 12, 865 5,188 114 251 174 77 24. 18, 710 13, 205 172 5,034 7,999 5,505 2,554 219 1,375 440 383 137 2,951 1,604 278 12, 725 5,188 117 255 169 July 1. 18,892 13, 375 178 5,168 8,029 5,517 2, 549 219 1,380 439 387 124 2,968 1,662 278 13,054 5,172 113 307 186 121 8. 18, 778 13, 280 173 5,092 8,015 5, 498 2,544 220 1,380 437 387 120 2,954 1,616 290 12,890 5,164 89 248 152 96 v 15. 18, 769 13, 286 165 | 5,0648,057 5,483 2,557 220 1,380 440 398 119 2,926 1,647 277 12, 987 5,164 76 261 159 102 22. 18, 747 13, 240 170 5,032 8,038 5, 507 2,559 222 1, 383 440 405 109 2,948 1,618 275 12,833 5,164 76 243 156 87 29. 18, 723 13,217 159 5,045 8,013 5,506 2,555 219 1,289 435 406 106 2,951 1,606 273 12,818 5,174 72 260 172 Aug. 5. 18, 792 13,309 165 5,073 8,071 5,483 2, 548 220 1,383 439 401 05 2, 935 1,665 271 12, 834 5,178 71 337 230 107 12. 18,853 13,371 173 5,085 8,113 5,482 2,544 219 1,388 435 400 102 2,938 1,635 281 12, 903 5,183 52 340 218 122 19. 18,851 13, 373 173 5,090 8,110 5,478 2,534 219 1,388 432 396 99 2,944 1,636 267 12,811 5,195 52 357 219 138 26. 18,846 13,375 173 5,094 8,108 5,471 2,528 219 1,380 434 396 99 2,943 1,638 12, 755 5,204 52 370 232 138 Sept. 2. 18,918 13,475 190 5,111 8,174 5,443 2,516 220 1,378 433 387 98 2,927 1,635 267 12,848 5,199 51 373 248 125 9. 18, 899 13,442 172 5,063 8,207 5,457 2,514 218 1,378 434 386 98 2,943 1,651 288 12, 813 5,203 34 442 290 152 16. 19,061 13, 598 177 5,124 8,297 5,463 2,527 218 1,369 437 385 118 2,936 1,628 277 12, 965 5,185 143 303 158 145 23. 19,048 13, 632 181 5,133 8,318 5,416 2,505 219 1,366 436 374 110 2,911 1,648 283 12, 760 5,189 144 455 261 194 30. 19, 272 13,832 5,271 8,361 5,440 2,499 220 1,367 431 383 98 2,941 1,649 284 13, 046 5,234 142 444 236 208 Oct. 7. 19,265 13,817 193 5,448 2,504 219 1,389 ' 429 369 98 2,944 1,662 292 12, 973 5,248 196 455 245 210 14. 19,327 13, 865 185 5,192 8,488 5,462 2,503 220 1,391 | 423 372 97 2,959 1,652 301 13,178 5,248 173 468 234 234 21. 19, 338 13,879 191 5,263 8,425 5,459 2,508 219 1,395 i 425 373 94 2,953 1,643 289 13,087 5,290 87 422 222 200 28. 19, 345 13,902 5,301 8,430 5,443 2,498 220 1,388 j 428 370 92 2,945 1,665 285 1133,008822 5,296 86 403 209 194 Nov. 4. 19, 489 14, 027 5,392 8,471 5,462 2,508 221 1,399 431 363 94 2,954 1,673 298 13, 220 5,348 86 452 244 208 11. 19,472 14,022 182 5,392 8,468 5,450 I 2,497 221 1,399 429 360 88 2,953 1,659 290 13,249 5,344 78 378 187 191 18. 19,425 14, 015 166 5,420 8,429 5,410 2,472 221 1,387 428 350 86 2,938 1,694 289 13,227 5,321 50 388 202 186 25. 19, 364 13, 959 163 5,418 8,378 5,405 2,477 221 1,387 429 355 85 2,928 1,656 299 13,025 5,360 45 427 253 174 Dec. 2. 19,399 14,006 167 5,416 8,423 5,393 2,484 221 1,397 431 351 84 2,909 1,668 294 13,100 5,348 45 451 224 227 9. 19,469 14,052 176 5,440 8,438 5,417 2,493 222 1,404 436 345 86 2,924 1,683 313 13,154 5,343 39 483 284 199 16. 19,581 14,069 168 5,512 8,389 5,512 2,621 223 1,387 441 372 198 2,891 1,690 327 13,261 5,285 258 419 247 172 23. 19, 589 14,117 174 5,602 8, 341 5,472 2,560 224 1,389 443 324 180 2,912 1,663 361 13,063 5,308 257 547 325 222 30. 19, 697 14,235 170 5, 760 8,305 5,462 2,516 222 1,368 430 333 163 2,946 1,734 338 13, 261 5,348 226 555 371 184 NOTE.—The cities to which these figures relate include the 35 Federal reserve bank and branch cities, and 66 other cities, as follows: Albany, Bridgeport, Camden, Canton, Cedar Rapids, Charleston (S. C), Charleston (W. Va.), Charlotte, Chattanooga, Columbia, Columbus (Ohio), Dayton, Des Moines, Dubuque, Duluth, Eiie, Evansville, Fargo, Fort Worth, Galveston, Grand Rapids, Great Falls, Hartford, Huntington, Indianapolis, Jersey City, Joliet, Kansas City (Kans.), Knoxville, La Crosse, Lexington (Ky.), Lincoln, Lynchburg, Milwaukee, Muskogee, Newark, New Haven, Norfolk, Oakland, Ogden, Peoria, Providence, Pueblo, Raleigh, Roanoke, Rochester, San Antonio, Savannah, Scranton, Shreveport, Sioux City, Sioux Falls, Springfield (Mass.), St. Joseph, St. Paul, Syracuse, Tacoma, Toledo, Topeka, Tulsa, Waco, Washington (D. C), Wichita, Wilmington (Del.), Wilmington (N. C), Youngstown. For cities listed, by Federal reserve districts, see Part II, Table 9. Ox Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 87.—REPORTING MEMBER BANKS IN LEADING CITIES: PRINCIPAL RESOURCES AND LIABILITIES, BY DISTRICTS I In thousands of dollars] Last report date in- All districts d B i o st s r t i o c n t N d ew ist r Y ic o t rk P ph h t i i r l a i a c d d t i e s l - - C d le is v t e r l i a c n t d d m R is o i t c r n h i d c - t A di t s l t a r n ic ta t C di h s i t c r a ic g t o S d t. i s L tr o ic u t is M d a i p s in o tr n l i i c e s t - d K i C a st n i r t s i y a c s t d D is a t l r l i a c s t Sa d n c is i s t F r c i r o c a t nd LOANS AND INVESTMENTS 1920 January.. 16,631, 686 1,074, 952 6,361, 902 967,967 1, 478, 244 616, 056 562, 618 2,372,877 624, 797 372, 994 670, 342 343,129 1.185, 808 S February. 16,671,312 1, 093, 605 6, 284, 557 979, 814 1, 495,830 610, 607 559,345 2, 423, 039 626, 992 378, 963 684,193 347, 470 1.186, 897 March.... 16, 819, 270 1,083,123 6,320, 984 977, 213 1, 475,112 617,165 558, 048 2, 520,078 638, 793 376, 735 694, 540 352,118 1, 205, 361 w April 16,930, 335 1, 077, 615 6, 365, 587 953,439 1,469, 708 621, 702 573, 926 2, 546, 645 644, 974 379, 978 698, 807 357, 907 1,240,047 H May 16,945,832, 1,108,393 6, 385,049 956,079 1,478, 767 615, 208 563, 367 2, 536, 564 634,819 375,664 676,180 358, 784 1, 256,958 June 16,932,448 1,105,397 6,413, 606 945,182 1,488, 983 615, 724 557, 543 2, 538, 959 615, 408 366, 757 665,471 338, 349 1, 281, 069 July 16, 859, 973 1, 086, 987 6, 383, 663 939, 948 1,487, 919 614,190 565, 502 2, 508, 063 609, 394 354,191 670, 784 351, 244 1, 288,088 August 16, 930, 418 1, 085, 915 6, 405, 863 961, 062 1, 507, 739 617, 528 565, 267 2, 501,182 611,396 355, 796 673, 519 358,140 1, 287, 011 September ! 17,140,246 1,114,126 6, 477, 226 960, 812 1,506,115 623, 728 580,078 2, 540,589 602,043 353, 827 707, 640 364,914 1,309,148 October i 17,017,416 1,114, 786 6, 410, 823 942,431 1, 517,108 618, 430 568, 840 2, 507,929 603, 622 366, 733 690,119 368, 758 1, 307, 837 November ! 16, 732,012 1,102, 265 6, 255, 065 934, 891 1,512,422 608,152 557, 992 2, 467,897 584, 738 366, 866 668, 671 357, 584 1,315,469 December ! 16,750,488 1,110,511 6,340, 035 913, 785 1, 547, 840 614,060 552, 573 2, 449,980 576, 532 350, 925 647, 443 343, 949 1, 302,855 1921 w J F a e n b u r a u r a y ry . _ . 1 1 6 6 , ,0 25 9 3 9 , ,0 7 1 7 9 5 1 1, , 0 0 7 8 3 4 , , 0 6 0 5 0 5 6 6, , 1 0 1 2 4 2 , , 1 0 7 3 6 7 9 9 1 0 0 6 , , 8 4 5 3 0 7 1 1 , , 5 5 3 3 9 7 , , 8 85 1 6 3 5 5 9 9 3 6 , , 9 9 8 0 8 8 5 50 0 2 9 , , 1 2 6 2 5 3 2 2 , , 3 35 6 7 8 , , 3 2 4 7 2 4 6 59 0 3 4 , , 4 4 7 9 0 5 3 3 2 3 1 1 , , 2 5 6 6 1 2 6 61 0 2 4 , , 1 4 9 3 4 4 3 3 2 3 5 1 , , 8 52 9 4 0 1 1 , , 2 2 5 5 5 6 , , 1 1 1 3 0 0 r > 1 A M p a r r i c l h 1 1 5 5 , , 9 6 3 0 2, 3 ,0 6 8 0 6 0 1 1 , , 0 0 7 3 0 2 , , 1 9 3 0 4 6 5 5 , , 7 91 5 1 4 , , 4 3 7 2 1 7 8 9 9 18 4 , , 3 3 9 5 5 0 1 1 , , 5 5 0 4 8 0 , , 0 7 8 9 4 2 6 5 0 9 3 7 , , 9 59 5 1 9 4 4 8 6 4 9 , , 2 3 4 0 4 9 2 2 , , 3 3 6 1 7 3 , , 4 2 1 7 7 0 5 5 7 6 8 5 , , 3 5 0 2 6 0 3 32 1 4 3 , , 8 0 7 5 7 6 5 5 7 9 4 0 , , 8 3 0 4 5 5 3 31 2 2 0 , , 0 3 6 5 5 7 1 1 , , 2 2 6 6 6 7 , , 3 7 4 6 1 5 w May.... 15,345, 265 1,031,716 5, 618,033 884, 246 1,487, 663 591,890 465, 529 2, 267, 244 554, 581 314, 597 568, 599 310,164 1, 251, 003 June 15,331,143 1,021,317 5, 636, 648 881,132 1, 492, 238 595, 287 454,394 2, 262,177 563,046 319,127 563,428 302,457 1, 239, 892 w July.... 14, 888, 709 1,003,151 5, 393, 871 849,154 1,469, 280 589, 585 446, 841 2, 204, 793 544, 715 313,499 558, 734 301, 080 1, 214, 006 j August . 14, 759, 210 1,000,676 5, 369, 526 830,060 1, 458, 894 580,399 448,197 2,148, 829 536, 600 319, 705 542, 953 298, 654 1, 224, 717 September.. I 14, 957, 256 1,016,457 5,439, 669 844, 955 1,476,023 594,472 461,628 2,178, 663 545, 297 328,614 543,453 301, 480 1, 226, 545 o w October 14, 729, 250 1, 014, 884 5, 355,481 830,966 1,454,167 580, 757 455, 586 2,120,829 536, 911 316,150 543,302 300,455 1, 219, 762 November.. 14,764,514 1,009, 944 5, 465, 634 816, 975 1,426,048 I 569, 245 447, 598 2,107, 046 539, 728 310, 488 554, 755 293, 987 1, 223, 068 December. . 14, 779, 582 1,011,569 5,463, 307 815, 752 1, 412, 520 573, 007 445,093 2,116,076 549, 548 302, 717 545, 551 294, 014 1, 250,428 1922 January-.. 14, 533, 744 1,011,009 5, 417, 687 812,064 1, 397,471 561,112 424, 395 2,071,677 538, 992 291, 668 522, 273 283, 213 1,202,183 February- 14,542,162 1,023,923 5,380, 644 815,429 1, 443, 386 555,860 419,109 2,102, 786 546, 594 295,542 526,698 285, 653 1,146, 538 March.. 14, 544,249 1, 006, 769 5, 447, 509 806, 775 1,436, 246 552, 696 420, 612 2,077, 664 534, 689 291, 459 524, 458 286, 888 1,158,484 April i 14,710,669 1,019, 271 5, 555, 419 812, 663 1,436,438 552, 739 415, 593 2, 093, 778 533,020 294,054 533, 568 286, 384 1,177, 742 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

May__- 15,028,711 1,049, 510 5, 730,005 821, 981 1,436, 437 544, 287 I 418, 479 2,175, 844 549,091 292, 559 542, 245 292,024 1,176,24\> June 15,188, 441 1,075, 282 5, 807, 247 835, 270 1, 455, 614 550,109 425, 761 2,164,188 537, 648 299,162 5G0, 434 294, 593 1,183,133 July...- 15,188, 954 1,079, 352 5, 761, 906 839, 575 1, 471, 204 546,406 424,531 2,174,481 546,144 297, 233 568, 389 289, 031 1,190, 702 August. 15, 293, 544 1,084, 955 5, 735, 822 847, 298 1, 493, 980 551,773 434,701 2,227,740 545, 324 304,909 570,162 295,818 1,201,062 September.. 15,453, 643 1,109,666 5,760,119 865, 557 1, 518, 290 554, 763 444, 261 2, 224, 974 563, 466 311,686 578,586 312,008 1, 210, 267 October 15,789,711 1,141, 242 5, 854,369 880, 823 1, 537, 729 569, 545 464, 694 2, 284,855 595, 957 312,415 584, 735 330,853 1, 232,494 November.. 15,761,337 1,131,649 5, 789, 699 879, 543 1, 534,310 575,146 480, 214 2, 274,397 602, 715 321, 542 593, 397 329,639 1,249,086 December.. 16,151, 821 1,134, 885 5, 986, 280 886, 557 1, 588,466 591, 264 481, 487 2, 337,178 622,149 323, 588 599, 615 334,650 1, 265,702 1923 January... 16,288,606 1.174, 247 6, 072, 501 895, 808 1, 597, 949 583, 883 481,391 2, 340, 755 622, 852 329,983 593, 885 323.983 1, 271, 369 H February.. 16, 329, 788 1,162,155 6, 078, 265 898,352 1, 593,177 582, 015 483, 753 2, 347, 311 626, 328 329, 442 599, 088 331,916 1, 297, 986 o A M p a r r i c l h 1 16 6 . , 4 4 7 9 2 7 , , 6 8 1 8 1 6 1 1 , , 1 1 6 6 0 9 , , 8 0 0 8 1 2 6 6 , , 0 0 8 17 6 , , 0 7 6 2 3 8 9 93 2 2 2 , , 3 5 9 6 4 5 1 1 , , 6 62 4 5 6 , , 3 5 2 3 8 4 5 5 9 9 1 1 , . 4 7 3 2 7 1 4 4 9 8 0 8 , , 1 6 8 7 1 6 2 2 , , 3 3 9 9 6 3 , , 8 4 7 6 5 7 6 6 2 2 7 0 , , 4 24 3 1 8 3 33 3 0 3 , , 2 6 1 9 2 5 6 59 0 7 0 , , 4 7 0 8 0 4 3 33 4 1 0 , , 6 55 8 1 7 1 1 , , 3 3 2 4 5 9 , , 9 6 6 7 4 3 h ^ > May.-. 16,489, 741 1,167, 929 6, 007, 444 928, 408 1, 653, 825 591,168 486, 908 2, 420, 797 622, 089 323, 388 600, 845 317, 765 1, 369,175 hrj June 16, 542, 781 1,189,180 6, 016, 372 938, 941 1,662,496 590,177 492,981 2,414, 507 619, 582 321,283 600, 040 320, 364 1, 376, 858 July—. 16,344,032 1,181,032 5,920, 768 938,162 1,656,119 587, 657 483, 275 2, 384,845 617, 589 316,476 598, 548 316,177 1, 343, 384 W August. 16,244, 339 1.175, 330 5, 833,508 927,282 1,661,472 588, 614 486,259 2, 380, 677 6 J 9,153 316,276 594,179 321,419 1,340,170 ^ September. 16,421,866 1,195, 355 5,908,891 935,116 1, 663, 930 601, 070 502, 772 2, 373, 343 622. 258 326,796 594, 532 337,666 1, 360,131 2 October 16.473, 697 1,190, 557 5, 962,495 923, 639 1, 659, 799 594, 085 523, 716 2, 383, 069 624, 924 330,108 592, 366 352,688 1,336,251 2 November.. 16, 367, 573 1,179,474 5,892,406 915,226 1,660,665 588, 867 534, 717 2, 362, 344 625, 047 327, 027 574,139 362,850 1, 344,811 H December.. 16,489, 665 1,171,478 5, 981, 730 916, 061 1,645,803 593, 957 535,623 2, 391,458 631,883 322, 965 567, 752 367,471 1,363,484 fej January.. 16,363,505 1,151,919 6, 001,470 908, 111 1,645, 573 589, 990 510,126 2, 359, 772 627, 889 312,211 550,177 i 356, 022 1,350,245 February. 16, 374, 403 1,149,574 5,982, 985 914, 027 1,651,464 590, 580 500, 391 2. 382, 362 626, 529 315,542 540,652 | 352,057 1, 362,240 March 16, 579, 757 1,148, 658 6,103, 743 930,424 1,667, 328 5S0, 715 £02, 665 2, 432, 003 619, 753 325, 986 540,068 I 347, 398 1, 371, 016 April 16, 656,138 1,148, 760 6,158,809 941,45o 1,683, 505 597, 229 503, 898 i,, 433, 671 6,4,193 309,573 536.864 j337, 770 1,390,411 1 May_ 16, 610,180 1.143, 325 6,163,536 945, 977 1, 689, 965 580, 070 498, 577 2.434,1^2 6^5. 579 301, 761 536, 635 327,786 1, 362,847 June.. 16, 968, 760 i; 174, 685 6,491,610 958,110 1,701,276 583. 385 488, 464 2,442,635 608, 278 306, 009 5% 110 322, 471 1, 363,727 July. 17, 252, 015 1,225,290 6, 613. 270 975,435 1, 755, 332 576,403 475,973 2,512,958 603, 009 300, 362 532, 621 320,458 1,360,904 August | 17, 514, 790 1,213,682 6, 709,207 990,082 1, 782,161 585,137 482, 773 2,600,438 610, 033 308,802 537,154 3L5,816 1,369,505 September... 18, 007, 555 1, 253, 051 6, 934,825 1, 018, 375 1,809,426 599,362 495, 038 2, 652,892 623. 297 324,896 553,122 332, 566 1,410, 705 October 18, 314, 900 1, 285, 919 6, 975,174 1. 050, 776 1,832, 220 607, 342 506, 044 2,694, 493 634.129 362, 714 571,412 344,645 1,450, 032 November... 18,486,904 i, 246,816 7,113,812 1, 060, 703 1, 839, 006 608,782 521,302 2,673, 855 646, 7&3 378, 709 581, 309 357,884 1,457,943 December... 18,599,274 1,262,639 7,187,635 1,048,413 1,795,421 611,472 534,459 2,687,400 663,442 379, 999 591, 351 372, 094 1,484,949 1925 January... IS, 539, 865 1,277, 459 7, 017,522 1. 053, 592 1,827, 388 612, 204 520,259 2,711,255 680, 720 374,512 602,679 375,234 1, 483k 041 February.. 18, 538, 365 1,273,406 6, 981,130 1,049,684 1, 826,881 614,435 533, 956 2, 696, 571 673, 474 373,223 616,412 385, 307 1, 513,886 March 18, 617, 956 1, 276, 350 6, 919, 099 1, 078, 011 1, 856, 689 621,200 546,724 2, 708, 650 682, 927 3G8, 636 628, 430 390,407 1,540,833 April 18, 716, 036 1, 253, 651 7,122, 090 1,073,202 1, 852, 520 625, 257 549,505 2,703, 342 659, 372 343, 610 602,178 373,697 1,557,612 May 18, 593, 275 1,267,084 6, 959,495 1, 072, 941 1,858,277 620, 059 558, 789 2,754,919 667, 078 335, 341 595, 379 363,891 1,540, 022 June 18, 710, 230 1, 289, 896 7, 010, 225 1, 069, 056 1,877, 012 628,156 551,456 2, 769, 698 648, 297 348,471 597, 760 S62, 691 1, 557, 512 Juiy 18,723,210 1, 313, 642 6, 932,274 1, 067,101 1, 904, 933 631,857 556,422 2, 778, 190 652, 481 337,152 625, 680 361,040 1, 562,438 August - 18,846, 320 1, 296,432 6,986,150 1,079,468 1,913,972 638, 026 578, 918 2, 794,455 651, 314 342, 757 632, 042 366, 565 1,566,221 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 87.—REPORTING MEMBER BANKS IN LEADING CITIES: PRINCIPAL RESOURCES AND LIABILITIES, BY DISTRICTS—Continued [In thousands of dollars] Last report date in All districts d B i o st s r t i o ct n Ne di w st ri Y ct ork P ph h t i i r l a i a c d d t e is l- - C d le is v t e ri l c a t nd d m R is o t i r c n i h c d t - A di t s l t a r n ic ta t C d h is i t c r a i g ct o S d t i . s t L ri o c u t is M d a i p s i t n o ri l n c i e s t - K di C s a t n i r t i s c y a t s d D is a tr l i l c a t s Sa d n i c s i t s r F c ic r o a t n- LOANS AND INVESTMENTS—Continued 1925 September 19,272,041 1, 335, 466 7,163,827 1,093,461 1,930,463 648, 700 620,098 2,850, 238 673,809 356, 009 617, 089 377,704 1,605,177 October-_ 19, 344,535 i, 367,603 7,157,112 1,101,418 1,931,980 652,160 6^2, 75o L, 844, 388 677, 752 355, 837 602, 999 391,444 1,639,087 S November 19, 363, 941 1,330, 936 7,190,250 1,103, 689 1, 910, 592 606,125 625,400 2,815,739 680,569 359,801 614,163 397, 785 1,678,892 December 19,697,025 1, 379,738 7,448,597 1,109,716 1, 894,927 662, 299 628,678 2, 864, 680 695,494 359, 717 604,284 391, 268 1,667,627 LOANS AND DISCOUNTS 1921 January 12,907,792 909,051 4,862,744 677,607 1,124,726 475, 764 426, 535 1,885,110 504, 751 293,297 512, 090 278, 658 957,459 February 12,760,483 897, 048 4,785,711 684,301 1,120,867 475,148 419,879 1,869, 490 494,313 282, 662 502,175 271,842 957, 047 March 12,590,581 891,181 4, 649, 240 685,033 1,118,029 474,584 405,934 1,877,103 478,563 283,402 497,387 268,244 961,881 fe j d April 12,248,492 856,157 4,497,142 1,091,690 474, 503 387, 831 1,828, 310 465,839 273,965 486,395 265, 705 955,047 o May 12,027,993 855,431 4,399,819 654, 975 1,070,369 469,240 1, 781, 607 455,823 274,581 477,759 264,402 940,000 June 11,883,717 841,265 4,299,481 642,097 1,072, 032 468,953 382,491 1,777, 614 464, 604 279,139 472, 765 253, 846 929,430 July 11, 660,047 818, 667 4,206, 798 624,913 1,059,747 464,872 376,227 1, 742,107 449, 342 276,443 470,491 253,011 917,429 August 11,491,244 812, 613 4,160,016 603,885 1,050,113 458,894 376,425 1, 683,092 439,565 281, 628 455,200 250, 686 919,127 September 11,572,893 813, 668 4,197,594 609,915 1,057,528 465,157 389, 575 1, 691,725 441,728 285, 307 453, 773 250,768 916,155 October 11,422,176 822,083 4,123, 415 607,823 1,043,808 459, 889 388, 761 1, 645, 861 438,022 275,897 453, 702 251, 099 911,816 November 11,334,959 809,422 4,142,066 589,305 1, 015,704 450, 567 380,148 1, 614, 276 439,424 269,398 463,973 244,040 916, 636 December 11,220,234 809, 361 4,070,266 577,679 999,641 450, 575 378, 920 1, 597,690 446, 650 259,916 454, 531 245, 271 929,734 1922 w January.- 10,918,529 803,405 3,960,418 571,726 981,397 442, 625 359,818 1, 565, 270 434,036 246,148 432,403 235,051 886,232 o February 10,850,514 808, 588 3,928,747 570,161 1,004,649 437,016 350,132 1,573,108 436,854 242, 369 425,953 233, 676 839,261 March 10,842,098 791, 753 3,982,333 562,456 435, 607 358,443 1, 546, 502 423,146 235,159 424, 626 237,071 846, 502 April 10,846,109 785,435 4,006,942 560,101 994,945 437, 535 351, 251 1,534, 654 416,762 235,950 423,895 236,133 862, 506 May 10,906,217 788, 624 • 4,026,235 554,873 429,237 354,445 1, 586, 510 414, 495 235,346 428,026 237, 786 860,559 June 10,783,121 788,363 3,960,876 555, 696 987,778 430,203 354,126 1,550, 619 404, 628 232, 500 425, 061 236,679 856, 592 July 10,739,146 791,571 3,876,786 557,803 997,813 426,063 353, 882 1, 562,886 412, 721 233,064 428, 666 233,949 863,942 Aueust 10,761,195 782,557 3,868,631 563,521 1,003,425 427,988 357, 735 1, 576,323 407,824 239,447 426,234 1 239,069 868,441 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

September.. 10,987,527 809,927 3,965,246 583,931 1,027,074 431,229 370, 506 1,573,982 419,859 243,783 431,210 254,071 876,709 October 11,248,908 838,014 4,032,937 599,951 1,035, 535 439,279 390,270 1, 624,909 437, 700 243,443 440,338 274,805 891,727 November.. 11,218,731 831,339 3,982,271 603,564 1, 034, 111 445,182 404,027 1, 599,000 443,875 251,555 446, 538 272,972 904,297 December-. 11,328,977 830,233 4,050,699 592,418 1,055,974 459,380 399,831 1,609, 200 458,001 247,387 449, 299 267,865 1923 January... 11,439,998 861,214 4,107,518 583,151 1,058,142 447,948 403,283 1, 661, 539 450,275 247,447 443,779 262,388 913,314 February... 11,639,373 4,219,198 594.187 1,061,997 449, 291 405, 999 1,684,768 456,848 246,447 453,053 268,243 938,773 March 11,783,480 863,964 4,239,359 614,654 1, 083,459 457,985 407,878 1, 736,300 457,190 249,373 449, 786 269,109 954,423 April 11,839,195 869,575 4,219,907 625,442 1,112,537 461,448 404,830 1, 755,672 456,156 249,412 446, 504 258,305 979,407 May 11,839,835 861,392 4,197,061 615,274 1,129,730 459, 330 406,230 1,782,316 455,546 240,097 446,890 248,147 997,822 June 11,850,417 875,430 4,180,451 628, 772 1,134,428 457, 690 405, 240 1, 776,695 449,386 236,407 449,060 248,159 1,008,699 July 11,715, 726 882, 655 4,095,341 633,199 1,122,324 454,384 400, 022 1, 749, 334 455, 521 233,441 446, 599 250,885 992,021 August 11,707, 551 879,359 4,077,640 632,933 1,129,492 458,172 400,989 1,742, 505 457,904 234,776 442,912 257,915 992,954 September.. 11,877, 005 885, 595 4,147,477 642, 599 1,127, 997 467,306 415, 065 1, 759, 893 465,601 244,154 443,286 270, 534 1,007,488 October 11,943,434 882, 635 4,163, 202 634, 509 1,131,116 467,417 438,680 1,780,667 471, 259 249,354 444,923 287,266 992,406 November- 11,903, 987 877,157 4,138,229 627,785 1,134,303 462, 519 450,398 1, 765,241 470, 663 247, 575 433,542 296,014 1,000, 561 December. . 11,934,334 879,457 4,199,134 621, 768 1,121, 598 465,120 446, 595 1, 757,418 473,216 240, 379 428,175 293,868 1,007,606 ft 1924 § January, _ 11,883,589 856,546 4,230,439 622,977 1,122,108 464, 200 430, 542 1, 748, 507 469,462 231,097 419,486 285,739 1,002,486 February... 11,877, 529 856,630 4,199,101 624,243 1,117,160 464, 500 427,454 1, 768,842 467,948 235, 533 414,488 281,347 1, 020, 283 March 12,065,055 855, 796 4,329,874 638,557 1,135,801 469,151 424,048 1,793,807 467,842 242,235 415, 597 279, 061 1, 013,286 April 12,121, 261 852,032 4,358,628 644,756 1,156,224 477,501 424,808 1,801,178 463, 230 230, 525 412, 780 271,271 1,028,328 May 11,951,171 834,856 4,254,158 642,432 1,161,921 465, 517 422,907 1, 794,486 460,220 223,693 410,151 265,907 1,014,923 w June 12,142,104 849,342 4,472,503 644,970 1,145,199 468,334 414,334 1, 792, 752 455,692 226,613 403, 511 262,640 1,006, 214 July 12,264,945 895,005 4,533,140 653,461 1,134,321 459,810 405,549 1,835,208 459,059 220,671 402,361 262,708 1, 003,652 August 12,423,878 888,145 4,573,650 658, 701 1,145,937 464,238 411,351 1,913,976 466,694 226,397 402,638 267,141 1,005,010 September... 12,676,739 917,472 4,710,676 1,149,026 471,783 421,473 1,924,015 475,406 241,673 406, 776 270,955 1,017,594 October 12,763,668 947,017 4,621,725 689,582 1,156,747 473,409 432,815 1,945,022 484,344 267, 779 417,924 280,579 1,046,725 November.. 12,870,026 926,301 4,741,321 701,674 1,161,888 473,962 445,475 1, 901,427 492,818 272,110 422,364 291, 738 1,038,948 December.. 13,068,418 941,337 4,891,857 673,245 1,148,289 475,889 459,134 1,915,956 499, 713 271,914 436,365 305,101 1,049,618 1925 January. _. 13, 051,420 961,052 4,804,961 675,574 1,164,422 477,134 446,730 1,937,474 513,345 269, 060 440,650 303,580 1,057,438 February... 13,142,831 961, 608 4,807,919 685,199 1,182,633 481, 673 460,511 1,926, 706 512, 777 268, 089 452, 429 315,397 1,087,890 March 13,139, 635 959,654 4,750,985 702,019 1,208,619 484,062 466,747 1,935, 991 504, 913 259,362 462,171 312,084 1,093,028 April 13,232, 292 942,725 4,909,182 711,407 1,214,790 487, 753 466, 921 1, 937,822 487, 582 238,835 432,668 297,101 1,105,506 Q o May 13,107,930 948,612 4, 767,399 705,455 1,225,128 485,839 474, 583 478,938 229, 535 425,831 287,263 1,092,619 June 13,204,831 965,664 4, 787,245 708,123 1,239,268 493,453 467,526 2,003, 520 476,984 239,850 427, 570 288,480 1,107,148 July 13,217,150 984,026 4, 701,480 713,267 1,261,040 498,947 472, 503 2, 017,837 486, 748 228,313 453,154 288,253 1, 111, 582 August 13,375,186 972,894 4, 767,675 1,273,331 509, 272 489,758 2,047,641 486,804 233,090 456,499 291, 716 1,117,518 September.. 13,832,114 1,012, 085 4,999,066 750,674 1,293,764 520,198 524,898 2, 094,498 506, 532 247,871 436,418 302, 794 1,143,316 October 13, 901,411 1, 030,332 4,987,184 762,030 1,296,619 523, 390 529, 637 2,100. 907 511, 868 246,997 430, 758 311,862 1,169,827 November.. 13,959,212 1,000,443 5,037,955 767, 514 1,286, 722 526, 900 532, 569 2, 076,089 514,096 250,543 444,798 320,194 1,201,389 December.. 14,235,389 1,025,503 5,312,611 766,216 1,277,280 530.177 530,735 2, 083,919 524,412 244,158 429,176 316,451 1,194, 751 CO Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 87.—REPORTING MEMBER BANKS IN LEADING CITIES: PRINCIPAL RESOURCES AND LIABILITIES, BY DISTRICTS—Continued [In thousands of dollars] Last report date in- All districts B di o s s tr to ic n t N d ew ist r Y ic o t rk P ph h t i i r a l i a c d d t i e s l - - C d le is v t e r l i a c n t d d m R is i o t c r n h i d c - t A di t s l t a r n ic ta t C di h s i t c r a i g ct o S d t i . s L tr o ic u t is M d a i p s i o n tr l n i i c e s t - d K i C a s n t i r t s i y a c s t d D is a t l r l i a c s t Sa d n i c s i s t F r c i r o c a t n- NET DEMAND DEPOSITS 1920 January 11,481,050 786,060 5,118,606 654,286 855,135 362,001 311, 624 1,461, 700 368,850 224,463 464,821 250, 688 622,816 February 11,463,252 809, 809 5,076,104 651,309 850,503 362, 219 303, 715 1, 475, 704 360, 597 228, 376 485, 817 255, 252 603, 847 March_ 11,495,549 780,143 5,146,672 657, 111 847,452 353,126 298,124 1, 482,861 356, 631 237,286 462,165 254, 789 619,189 April 11,463,745 799,364 5,243,462 659,140 864,415 350, 211 285, 741 1,447,102 334,290 209,317 427, 953 235,431 607, 319 May 11,561,381 816,881 5,360,664 673,682 873,743 342, 064 280,902 1, 430,138 311,391 210, 730 424, 738 230,948 605, 500 June 11,347,041 818,241 5, 219,623 662, 888 867,816 335,181 269, 859 1, 391, 245 320, 436 200, 273 410, 020 223, 285 628,174 July 11,401,052 832,429 5,170,254 666,861 918,246 342, 066 263,534 1, 423, 736 318,248 201,327 412,461 219,866 632,024 August 11,252,428 807,473 5,016,107 939,331 342,195 260, 890 1, 403, 078 321,455 196,732 417, 301 224,602 632,417 September 11,160,537 806,492 5, 010, 977 690,209 928,816 338,851 258,455 1,363, 590 307,995 186,971 412,468 224,373 631,340 October 11,172, 001 832,298 4, 993, 980 684, 743 950,397 339,698 246,026 1, 370, 489 298,192 196, 702 391, 723 224,172 643,581 November 10, 892,122 782, 234 4, 883, 600 679,899 921,620 330,956 240, 582 1,309, 283 303, 632 194,807 394, 911 217,448 633,150 December 10,941,847 782, 719 4,995,337 661,765 891,407 331, 750 246,999 1,309,934 310, 887 185, 745 393,621 215,259 616,424 1921 January 10, 642, 599 768, 866 4, 704,026 652, 317 897,769 331,243 237,302 1,323, 597 329,282 184,405 398,423 210, 912 604, 457 February 10, 494,629 743, 774 4, 623,462 638, 028 889,822 324, 365 240,051 1,317,378 325, 242 186,142 405, 915 209, 337 591,113 March 10,185,727 705, 606 4, 545,463 623, 764 854,366 317,251 229, 905 1, 257, 524 308, 782 185, 240 384, 085 202, 611 571,130 April 10,138, 258 719, 774 4, 556,482 630,885 820,858 306, 752 224, 323 1,264,907 309,099 169,907 373,081 197,846 564,344 May 10,153,356 730, 446 4, 570,871 627, 875 828,443 302,150 219, 224 1, 287,108 299,108 165,443 370,941 197, 744 554, 033 June 10,046, 398 702, 384 4, 635,931 604, 716 779,440 299, 560 218,148 1,239,107 285,818 171, 720 367,988 188,267 553,319 J A u u ly gust 1 9 0, , 0 9 0 6 2 7 , , 0 5 6 4 1 7 7 72 0 6 0 , ,1 2 2 5 9 0 4 4 , , 4 5 6 0 5 4 , , 2 5 7 8 95 6 6 0 2 8 1 , , 1 7 2 9 4 0 8 8 0 0 6 0 , ,2 7 5 1 5 5 2 3 9 0 5 1 , , 8 7 6 1 7 5 2 2 0 1 9 2 , , 4 2 6 0 6 9 1 1 , , 2 2 9 6 9 7 , , 1 2 4 8 05 2 2 8 8 3 6 , , 3 9 4 1 3 5 1 1 7 7 2 2 , , 7 7 7 8 7 6 3 3 7 6 3 5 , , 6 99 8 4 0 1 1 8 8 4 1 , , 0 1 5 2 3 8 5 5 7 5 1 8 , ,4 4 0 1 8 8 September 9, 865, 599 697,313 4,477,486 599,735 792,700 288,181 208, 776 1,254,017 279,108 168,823 354,240 182,808 562,412 October 10,192,114 751,160 4, 636,456 619,213 801,129 297, 648 215, 245 1, 279, 535 295, 661 171, 733 352, 503 189,989 581,842 November.. 10, 269, 971 742, 270 4,707,914 629,938 786,349 294,953 213,630 1, 262, 766 291,895 179, 833 363,223 187,934 609,266 December 10,174,437 731, 989 4, 679,857 612,797 754,192 296,832 213, 528 1, 246, 541 300,497 172,473 371,784 192,069 601,878 1922 January — 10, 270, 792 756, 517 4, 682, 791 622,056 770,217 304,679 i 222,953 1,260,480 309, 318 175, 030 372,034 190,998 603, 719 February 10, 244, 738 740, 521 4, 612,235 616,302 779,381 301,479 ! 229,394 1,320,730 320, 376 177,989 382,424 198,312 565, 595 March 10, 308, 949 718, 550 4, 699, 764 628,919 793,801 298, 257 "I 229, 326 1, 288, 998 315, 073 174, 230 389, 659 197,130 575,242 April 10, 676, 347 763,155 4,881,158 649,894 801,881 311,896 | 237,040 1, 336, 576 314, 652 179.432 400. 618 203, 908 596,137 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

May.... 11,049,461 782,250 5,091,125 662,943 812,106 312,067 238, 750 1,422,458 313, 504 184,126 418, 750 209, 587 601, 795 June 11,123,877 786,609 5,107,474 667,252 844,801 327,080 244, 819 1,400,916 307,995 186, 643 433,281 208,737 608,270 July—. 11, 043,393 798, 522 4, 911,693 677,264 859, 807 334, 715 244,202 1,440,402 313,315 186,478 444, 067 204,553 628,375 August. 10, 942, 232 782, 660 4,799,790 677,443 865, 298 327,243 250,856 1,440,503 319, 741 190,986 446, 858 206, 793 634, 061 0 o 0 o September.. 11,085,421 4,847,523 695,195 875, 704 326, 791 260,425 1,437,964 323,167 198,286 448, 209 223, 564 639,987 tj October 11,161, 802 832,019 4,859,303 690,083 872,391 332,088 264,894 1,439,081 328,872 199,449 447, 825 239,796 656,001 & November.. 11,094, 036 798, 593 4,831,684 692,601 861, 747 332,001 271, 688 1,434,443 337,315 203,471 437,060 240,187 653,246 f December.. 11,255,425 813,832 4,904,010 858,189 335,679 271,316 1,467,033 365,572 207,652 445, 741 235,044 653,268 1923 January.., 11, 536, 958 839, 642 4, 925,632 703,453 943, 270 343,285 289, 314 1, 527,981 378, 922 214,403 460,828 239,686 670, 542 February.. 11,524,612 804,063 4,967,431 700,795 932,774 337, 358 287, 739 1, 517, 589 376,217 214,735 469, 637 247,213 669, 061 March 11,082,059 780, 632 4,680, 719 684, 876 915,114 330, 768 276, 891 1,470,340 364,106 209, 647 460, 539 236,134 672,293 April 11,156, 317 810,006 4, 687,197 707, 984 939,497 324, 714 271, 846 1,487, 567 363,057 204,427 443, 341 226,181 690,500 May 11,172, 706 804, 688 4,688, 737 692,381 926, 211 327,578 276,062 1, 516,121 358, 883 205, 822 431, 957 220, 570 723, 696 June 11,104,201 799, 808 4, 727, 030 680,115 927,090 321,775 273,444 1, 480, 302 343, 099 194, 525 427, 529 214,175 715,309 July.... 11,077,870 814,181 4, 647, 935 692,859 936, 276 323,361 268,312 1, 485, 725 342, 855 192, 776 433,675 208, 505 731,410 August - 10, 880,405 786,114 4, 509, 994 684,238 923,308 323,443 262, 748 1,495, 870 335, 069 192,170 436,266 723,097 September 10,891,330 797,135 4, 578,654 681,066 902, 981 321,139 253, 023 1,453, 740 325,439 197,835 425, 867 227, 821 726,630 October 11,158,316 846,974 4,733,254 681,025 333,182 259, 039 1,458,622 328, 896 208,496 407,442 251,102 753, 650 November I 11,106,667 802, 468 4, 741, 783 679, 521 343, 742 266,076 1,436, 241 334,281 206,104 394,263 260, 504 742,732 December 11,034,063 788,151 4, 701,075 671,953 339,153 270, 848 1, 470, 801 342, 263 197,019 396,110 257,638 730,864 1924 January 11,239,097 808, 545 4,827,708 660, 956 898, 343 350, 071 276, 007 1, 489, 784 356, 969 196, 866 397,178 247,199 729,471 February I 11,167,428 795, 516 4, 794, 581 659, 672 884,297 331,186 280,192 1, 492, 479 350,170 202, 587 404,223 238,368 734,157 March i 11,170,968 780, 076 4, 823, 924 659, 528 883,296 328,330 269, 472 1, 520,130 343. 869 208,427 408,461 232,061 713, 394 April 11,438,934 810, 208 5, 036,492 668,126 902, 358 330, 057 274,279 1, 534, 523 352, 597 193, 595 395, 853 220, 774 720, 072 May 11,403,193 800, 224 5,012, 914 684, 521 902, 050 325, 640 265, 511 1, 540,145 344,760 191, 941 398, 776 215, 236 721,475 June 11, 837,140 820, 076 5,360, 056 692, 973 910, 549 324,890 263, 414 1, 576, 886 353,371 193,400 402, 591 212,167 726, 767 July.... 12,232, 751 861, 077 5,531, 578 718, 471 964, 563 330, 534 265, 552 1, 644, 477 356, 514 192,261 414, 930 210, 334 742,460 August . 12,423, 570 849,527 5, 569, 575 723,605 975, 954 333,089 286,107 1, 737, 203 356, 848 194,726 423, 073 213, 680 760,183 September.. 12, 630,089 862, 942 5, 654, 005 732, 828 983, 738 338, 552 278, 849 1, 748,273 365. 323 214,785 442, 886 229,308 778, 600 October 12, 922, 096 922,818 5, 696,000 753,351 1, 010, 591 349,224 289,117 1, 767, 317 370,906 248,618 465, 736 241,838 806, 580 November.. 13,065,182 877, 722 5, 839,852 762,257 1,019,485 359, 507 301, 764 1, 710,409 385,163 268, 035 473.927 266; 082 800,979 December.. 13,254, 328 891,936 5,957,157 753,070 972,457 366,155 317, 287 1, 744, 237 414,041 260,896 483, 386 288, 585 805,121 1925 January... 13,013, 949 887, 543 5, 717, 692 759, 514 1, 014, 240 366, 837 309, 558 1, 732, 588 421,495 252,176 488, 875 279,282 784,149 February.. 12, 932,093 866, 723 5, 629,006 748, 831 1,006,191 366, 303 321, 888 1, 741, 839 420, 569 250, 879 494,044 290,296 795, 524 March 12. 588,309 843,118 5,456,669 742,181 350, 227 319,336 1, 694, 312 416, 663 243,335 500,321 286,197 757,086 April 12, 813, 923 850,134 5, 751, 616 758,050 990, 866 348, 554 319,462 214,011 472, 642 269,262 756,258 May.... 12, 644, 776 856, 881 5,549, 665 763,425 346,496 331, 216 1, 721, 958 383, 504 217,112 468,175 258,407 754,038 June 12, 724, 742 877, 537 5,579, 887 759, 319 1,003, 679 346,074 322,198 1, 738, 904 384, 394 226,200 478, 510 254, 423 753, 617 July.... 12, 818,121 898, 826 5,577,389 753,385 1,021, 800 355,468 328,625 1, 764, 999 385,133 219,183 502. 850 250, 611 759,852 August- 12, 754, 531 872,626 5,495, 751 760,404 1,014,303 354, 781 341, 615 1,780, 967 376,225 222,809 514,072 255,082 765, 896 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 87.—REPORTING MEMBER BANKS IN LEADING CITIES: PRINCIPAL RESOURCES AND LIABILITIES, BY DISTRICTS—Continued to [In thousands of dollars] Last report date in— All districts B di o s s tr to ic n t N d ew ist r Y ic o t rk P ph h t i i r l a i a c d d t i e s l - - C d le is v t e r l i a c n t d d m R is i o t c r n h i d c - t A di t s l t a r n ic ta t C d h is i t c r a i g ct o S d t i . s L tr o ic u t is M d a i p s in o tr l n i i c e s t - d K i C a st n i r t s i y a c s t d D is a t l r l i a c s t Sa d n c is i s t F r c i r o c a t n- NET DEMAND DEPOSITS—Continued 1925 September 13,046,369 907, 939 5, 661,419 770, 677 1,015,487 371, 378 360, 632 1,798, 854 384,846 229,129 503, 720 270, 318 771,970 October 13, 081, 954 937, 361 5, 715, 305 766,495 1,015,321 376,400 367,980 1,776,065 388,781 225, 893 459,137 280,453 772,763 November. _ _ 13,025,048 904, 285 5, 670,209 764, 939 997,720 382,728 366, 868 1,755, 518 401,284 233,124 476, 054 282, 264 790,055 December 13, 260, 670 911,320 5, 874, 892 773, 484 983,870 377,400 358, 878 1,748, 473 431,178 230, 281 483, 953 281, 326 805, 615 BORROWINGS FROM FEDERAL RESERVE BANKS 1920 January... 1,834,180 127,101 758, 720 181,222 105,682 68,746 69,817 225, 089 75, 291 53, 087 68, 653 31, 615 69,157 February.. 2,142,857 151, 049 851, 650 205,840 147,333 74,398 77,108 298, 559 92,340 51, 263 75,815 31, 774 85, 728 A M p a r r i c l h 2 2 , , 1 1 3 1 6 4 , , 3 2 4 7 7 3 1 1 1 4 0 4 , , 3 6 9 3 7 1 8 72 0 3 0 , ,3 0 7 2 7 2 1 1 8 9 4 6, , 8 8 7 5 2 1 1 1 1 2 1 2 , , 8 7 6 0 4 0 8 8 2 6 , , 4 7 8 3 9 3 9 7 0 7 , , 6 6 1 2 3 3 3 38 4 8 5 , , 3 40 5 3 2 1 9 16 9, , 6 3 7 3 5 9 4 6 2 6 , , 9 56 7 3 8 1 8 05 6 , , 8 0 9 3 5 4 3 5 2 0 , , 6 7 2 3 8 9 1 8 0 2 1 , , 2 5 4 9 3 9 May 2, 060,138 121, 574 671, 709 166, 901 106,641 85,984 94,099 364, 739 121,303 70, 512 51,341 107, 036 June 1,945,977 106, 718 674,144 147,432 104,380 82,446 88,978 97,329 63, 242 91, 070 31, 757 89,845 July___. 1,973, 034 80,667 746,121 140, 054 81,896 78,428 96,294 360,197 103, 525 56,228 94,836 41,992 92, 796 August. 2,128, 399 97, 264 876, 573 135,359 79, 598 76, 824 104,487 357,458 107, 500 58, 930 94, 745 43, 563 96, 098 September.. 2,150,910 101,830 806,915 121,028 69, 566 82, 750 118, 556 406,941 103, 636 68,180 112, 224 47, 667 111,617 October 2,244,262 88, 454 946,248 114, 046 68,150 76, 714 120, 357 367, 775 114, 539 74, 563 116, 515 50, 476 106,425 November- 2,174,026 120,906 874,332 121,595 81,276 77,177 116, 686 367,808 93,850 69, 697 99,959 44,861 105,879 December.. 2,098,053 129, 535 831,782 121,943 105, 509 75,472 103, 693 357, 276 77,643 56, 062 94, 760 34, 631 109, 747 1921 January... 1,907, 992 98, 235 873,478 111, 353 97,722 66,162 83, 774 280,149 70, 014 39,018 66,352 33,401 88, 334 February.. 1,890, 695 113, 936 848,613 124, 526 97,103 66, 520 78,855 285, 620 62,126 33,194 60,926 29,163 90,113 March 1, 764,186 124,060 658,141 123,395 106,652 69,372 314, 056 65, 671 32,272 67,829 27, 571 106, 230 April 1, 522,975 74,147 557,851 106, 769 116,155 78, 301 61, 463 260, 986 50, 863 34,767 59,014 22,485 100,174 May 1,329, 301 69,865 453, 528 105,686 102,882 76,141 56,974 210, 688 49, 659 35,980 49,264 19, 515 99,119 June 1,215, 336 64,447 338,457 97,539 124,727 73,991 50, 626 218, 954 55, 778 38, 785 47,401 18,962 85,669 July.— 1,112, 515 42,844 333,415 79,827 112,986 72,328 52,828 185,412 53, 354* 37, 692 43, 087 24,353 74,389 August. 955,952 54, 693 289,799 69,328 90,960 71,290 55,109 121, 249 44,882 37,105 36, 324 22, 070 63,143 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

September 875, 271 43, 771 196,225 63,772 89,119 71, 578 64,338 131,800 45,153 36, 225 43,612 22,736 66,942 October 806, 559 31,462 202, 314 64,051 95.613 62,933 56, 523 100,711 37, 307 34, 361 43, 741 22, 579 54, 964 November _. 683,461 42, 534 172, 569 46,706 74,462 56, 705 47, 682 85,803 41, 065 21,319 45,907 16, 705 32,004 December 698,221 4G, 347 178,430 50,024 78,924 56, 524 45, 664 104, 890 40,933 13, 775 35, 794 12, 687 34, 229 1922 January 409, 293 19,731 88,991 34,205 55, 562 44, 620 25, 393 56,804 23, 228 6,179 23,771 7,740 23,069 February 321,187 30, 311 74,221 37,865 42,817 38, 568 12, 501 27, 290 14, 377 3,874 13,148 6,072 20,143 March 267, 570 24,820 48,883 27,839 33,010 36, 027 11, 308 33, 677 9,332 2,304 9,666 4,680 26, 024 April 159,443 6,470 23,465 13,895 27,009 25, 054 6,407 17, 991 7,372 2,507 9,142 4,085 16, 046 May 156, 782 12,298 20, 795 18,213 28,927 16, 282 2,959 15, 877 15, 569 2,849 4,570 2,931 15, 512 June 164, 573 12,723 65, 008 17,760 17, 515 11,098 3,158 10, 020 5,827 2,850 3,157 3,599 11,858 July . 97,832 16,513 15, 469 15, 737 7,700 8,064 4,123 7,196 2,495 2,732 2,254 3,943 11, 606 August 127,437 14,363 31, 636 13,927 10,426 10,445 3,548 19, 665 1,940 2,879 3,538 4,222 10,848 September 159,146 15, 527 33,462 16, 365 16, 937 14, 508 8,177 17, 443 10,465 3,306 7,596 5,747 9,61$ October__ _. 226, 569 19,946 70,793 18, 669 21, 111 17, 671 9,029 25, 669 13,339 3,838 9,291 5,033 12,180 November 381,893 53,929 110, 556 30,939 34, 880 25, 738 17,134 40, 360 15,953 3,520 14, 506 3,666 30, 712 December 369, 575 47,432 115, 915 26, 918 31,718 34, 982 10, 850 38,244 18, 703 3,719 17, 034 2,690 21,370 1923 January 379,394 32,685 227,078 28,336 8,031 20,164 7,558 19,177 5, 586 2,668 4,066 4,371 19,674 February 385, 514 30,643 184, 867 30,940 10, 943 25,802 4,824 44,108 11,198 1,360 5,690 3,071 32,068 March 474,953 37,682 201,683 39,759 24,126 31, 200 4, 515 63,952 15,077 5,907 11,649 2,716 36,687 April 402,476 17, 801 126,676 26,493 31,302 36, 845 10, 609 54, 872 17, 621 8,242 19,616 7,158 45, 241 May.. 459,131 35,379 140, 813 40,342 38,469 35, 575 12,462 44,120 18,654 11,225 32,279 7,484 42, 329 June _ 491,061 27,757 129, 236 43,475 48,980 37,099 13,881 63,243 25, 203 12,332 33,660 8,163 48,032 July 472,138 26,884 138,632 35, 557 40,317 38,078 16,493 41,475 27,897 10,453 28,768 13,768 53,816 August 521,253 48,102 154,607 37, 227 38,187 38, 784 19,025 36,605 38,116 9,648 24,973 16,412 59, 567 September _. 573,304 33,626 172,095 34,451 39,089 44, 569 35,938 52, 881 49,155 13, 828 32,212 8,292 57,168 October _. 592,882 21,931 168, 974 34,903 43,614 43, 543 51, 550 77,065 47,324 12, 536 40,886 8,617 41, 939 November 508,244 47,483 97,337 25,442 39,130 32,026 57, 683 69,895 44,719 7,776 41, 772 4,967 40,014 December 574,698 55,067 165,822 29,214 46,177 35, 039 45, 540 59,722 43,588 9,631 33,199 5,491 46,208 1924 January.._ 273,114 17,660 76, 920 14,013 13, 753 26,471 24,203 17, 754 21,046 2,040 19,738 4,367 35,149 February 297,452 13,279 96,477 18,026 22, 784 32,437 27,032 20,338 22,031 1,950 11,753 3,969 27,376 March 253,286 6,978 69, 595 13,412 22,098 32,743 24,945 25, 714 17,047 1,122 6,191 2,432 31,009 April 204,253 8,323 22,818 12,027 24, 581 31,488 23, 974 20, 011 12, 701 872 10,666 4,987 31,805 May ....__ 181,461 4,299 34,081 10,494 30,430 20, 730 18, 966 18,039 7,886 2,982 9,251 5,405 18,898 June _ 106,144 1,991 18,969 7,519 11,022 20,651 12,059 8,241 3,921 1,064 4,772 3,853 12,082 July... 72,387 1,025 20, 511 5,874 5,740 13,418 6,424 3,873 1,940 1,554 1,277 6,984 3,767 August 58,825 1,292 18,907 4,466 2,279 8,934 7,111 3,571 1,144 449 931 7,738 2,003 September 74,641 1,273 20,764 3,761 13,118 11,439 6,719 3,235 5,505 293 764 2,030 5,740 October ._ 65, 077 621 18,144 4,895 4,571 11,531 7,590 5,313 4,662 563 452 3,692 3,043 November 66, 219 3,519 20,175 3,819 9,245 8,336 9,711 4,168 2,868 140 627 1,803 1,808 December 154,485 11,236 58,400 13,090 23, 790 14,844 6,179 13,097 1,716 £0 102 2,067 9,914 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 87.—REPORTING MEMBER BANKS IN LEADING CITIES: PRINCIPAL RESOURCES AND LIABILITIES, BY DISTRICTS—Continued [In thousands of dollars] Last report date in- All districts B di o s s tr to ic n t N d e i w st r Y ic o t rk P ph h t i i r a l i a c d d t i e s l - - C d le is v t e r l i a c n t d d m R is i o t c r n h i d c - t A di t s l t a r n ic ta t C d h is i t c r a i g ct o | S d t i . s L tr o ic u t is M d a i p s i o n tr l n i i c s e t - d K i C a st n i r t s i y c a t s d D is a t l r l i a c s t | | S d a i n c s i s t F r c i r o c a t n- BORROWINGS FROM FEDERAL RESERVE BANKS—Continued s 1925 January 129,311 5,124 63,290 3,310 17,138 9,431 4,996 16, 328 406 46 132 2,311 6,799 February _. 288, 769 10,431 204,632 6,455 26,411 10,922 3,25i 6, 661 3, 447 876 658 1,642 13,383 g March..... 218,689 10, 919 108, 294 16, 898 20,659 15,122 6, 580 23, 758 1, 756 351 439 257 13, 656 April 211,094 13, 752 62,157 12, 689 25,442 22,481 10,370 25,246 5, 771 2, 237 2,744 1,080 27,125 May. 218,059 16, 550 84,075 14,264 27, 552 16, 919 4,217 23, 270 8,262 731 1,781 1,098 19,340 June 254,749 16,424 93, 879 11,098 35,376 17,564 9,116 32,096 5,889 371 905 1,599 30,432 July 259, 871 10, 225 85,360 22, 892 36,533 18,456 5,411 38,330 8, 694 1,376 1,257 1,915 29,422 August 370,075 19, 953 163, 599 22,330 34,264 21, 578 19,426 36,139 14,148 2,169 1,317 3,677 31,475 September 443, 529 30,999 196,942 20, 213 39,418 23,077 19, 078 42, 957 20, 576 2, 152 3,168 3,176 41, 773 October 403,493 18, 238 122,178 32,158 59,332 22,962 15,194 45, 911 18,560 1,967 7,849 5,851 53, 293 November 427, 594 11, 988 161,322 23,948 55,398 16, 723 17,336 44, 760 19,171 ! 1,926 13,396 7,790 53, 836 December 555, 081 33,098 261,063 21, 701 45,991 32,436 23, 360 91, 330 11,116 755 8,218 2,679 23,334 g Pi W O Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 88.—REPORTING MEMBER BANKS IN FEDERAL RESERVE BANK CITIES: SELECTED RESOURCES AND LIABILITIES [In thousands of dollars] § Federal reserve bank city All Federal Last report date in- reserve bank cities Boston New York 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 San ci s F c r o an- o LOANS AND INVESTMENTS 1920 January 10,924,120 760,227 5, 738,086 858, 929 435,449 107, 792 87,299 1,439,205 419,822 177, 626 242,107 557,679 February 10,858,203 787,083 5,581,340 869,031 443,417 108, 949 84,258 1,479,034 424,080 178, 377 244, 787 95,485 562,362 March.. 10,971,583 775, 447 5,605, 569 867,572 443,071 108, 284 83, 071 1,562, 241 430,962 178,083 251, 414 95,120 570, 749 April 11,017,492 767,364 5,653,310 844,093 442,675 109,677 81,877 1,559, 488 436,492 180,421 259,193 587,043 May 11,000,691 797,251 5,662,449 846,155 435,357 104, 484 79,774 1,540,279 424,453 176, 697 245,474 93,122 595,196 Q June 11,048,829 795,010 5, 693, 637 835, 288 443, 346 107, 953 87,457 1, 549,094 413,155 171,675 241, 714 81,300 629, 200 July 10, 980,676 778, 036 5, 653,298 829, 872 452, 730 109,001 88, 935 1, 526, 769 410, 856 165,365 245, 581 85,736 634,497 August 11, 015,694 773, 372 5,673, 831 853,023 462, 741 109,705 92, 593 1, 508,092 410,025 245, 764 90,531 627, 337 W September 11,172, 833 801, 331 5,749,347 849, 911 457, 272 112,279 95,521 1, 536,940 397,515 173, 674 260, 741 93,312 644, 990 October 11, 037,191 794,795 5,680, 503 833,403 455, 501 109, 807 93,023 1, 508,859 396,461 179,016 248,242 97,299 640, 282 November 10, 828, 672 788,393 5, 528, 888 825, 956 458,260 104,487 91, 972 1,490,293 381, 528 176,209 239,830 91,994 650,862 December 10, 900, 111 801,250 5,614,773 805,155 480,264 106,997 87,119 1, 489, 697 378,223 169,122 236,206 86,801 644, 504 1921 January 10, 538,408 777, 526 5,376, 817 801,064 504,134 106, 525 81,297 1,423, 514 388, 897 157, 739 215,499 89,183 616, 213 February 10,438, 791 770, 481 5,288,679 805,316 512,080 104,232 78, 275 1,425, 997 382, 710 151, 634 212,766 88,054 618, 567 M Ap a r r i c l h --. 1 10 0 , , 0 3 3 2 8 7 , , 6 7 3 4 3 8 7 7 6 3 6 2 , , 8 5 3 8 4 5 5 5, , 1 0 7 1 6 9 , , 4 5 4 7 1 4 8 79 1 0 2 , , 0 6 1 1 0 6 5 50 1 4 1 , ,9 2 4 7 8 3 1 1 0 0 4 3 , , 1 2 9 8 8 4 7 78 4 , , 1 5 3 1 2 7 1 1 , ,4 4 0 3 0 6, , 8 9 0 0 7 5 3 3 7 6 1 1 , , 2 8 2 6 4 9 152, 243 2 1 0 9 7 5 , , 1 8 9 8 9 9 8 80 3 , , 5 2 1 9 3 6 627,829 147,510 May 9,856,103 728,490 4, 890, 923 780, 935 505,189 103,076 73,323 1, 376, 656 355,647 146, 506 194,735 620, 557 June 9, 864,385 715, 414 4, 909, 576 776, 644 510, 588 104, 684 74, 444 1,377, 710 362,149 149, 216 196, 428 77,611 609,921 July 9, 521,423 701, 714 4, 677, 738 745,906 505,477 104,399 71, 581 1,336,098 348,154 146, 056 198,024 76,487 609,789 August 9,423, 585 700,465 4, 655,016 727, 025 506, 864 101,718 72,375 1, 288,204 342, 700 147, 599 189,005 74, 828 617,786 September 9, 554,230 714,139 4, 719, 669 740, 652 508,926 98, 878 73, 581 1,318, 502 345, 063 153,110 185,292 76, 673 619,745 October 9,392, 862 712,336 4, 640,177 727,130 508,332 71,750 1,279, 285 335,145 145, 903 185, 716 75, 607 616,415 November 9,455,128 708,040 4, 749,430 713, 223 486,410 92,346 72,756 1,274,673 336,765 139, 666 190,057 73, 978 617,784 December 9,463, 879 709, 592 4, 746,425 710, 712 477,209 93, 817 72,625 1, 287,414 344, 332 135, 655 185,711 72, 901 627,486 Or Or Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 88.—REPORTING MEMBER BANKS IN FEDERAL RESERVE BANK CITIES: SELECTED RESOURCES AND LIABILITIES—Continued [In thousands of dollars] Federal reserve bank city All Federal Last report date in- reserve bank cities Philadel- Rich- Boston New York phia Cleveland mond Atlanta Chicago St. Louis LOANS AND INVESTMENTS—Continued January.. 9, 320,412 707, 055 4, 704, 064 706, 734 475, 299 90,901 j 69, 787 1,259. 828 340, 376 127, 616 174,215 69,443 595,094 February.. 9,258, 535 713,186 4,648/445 708,910 509. 213 92,839 j 71, 961 1, 294, 071 347, 592 129,103 177,469 71287 494,459 March 9, 276, 801 698,127 4,718,817 701, 590 508, 231 91,479 j 72,212 1, 271, 549 343, 992 127, 289 173,673 73,196 496, 646 H April 9,415,607 m 708. 084 4, 820, 698 708, 287 506, 245 90,037 71, 270 1, 284,039 344, 255 130, 351 181,562 73,826 496,953 O May 9,700,122 717, 490 4, 999, 701 716,187 502, 823 86,299 ! 75, 452 1,361,272 355,407 131,069 i on 494,829 June 9, 799, 289 741, 747 5,073,118 730, 290 502, 385 89,383 j 74.766 1, 342, 995 342. 734 130,694 190,825 i 78,138 502,214 July 9,777,136 743, 352 5,017,876 736, 008 518, 775 91, 224 ! 76,156 1,336,785 i 355,233 129,438 192, 730 i 73, 922 505,637 August J 9,825,405 743, 967 4, 986, 631 743, 567 535, 597 92,411 | 79, 770 1,375,069 355,896 138,935 185,403 j 77,197 510,962 September 9,901.439 ! 763, 613 5,003,447 762, 637 552,202 97,132 | 71, 756 1,367, 399 364, 872 141, 952 184,216 I 80, 275 511,938 October 10,087,382 ! 790, 454 5, 077, 848 773, 848 551, 578 75,030 1,404,015 377,794 144,179 184,785 90, 409 518, 478 N o vember 10, 009, 627 782,179 5,011,301 770, 893 544, 404 100, 236 79, 968 1,385,979 I 380,835 147, 899 186.203 88, 530 531,200 o December 10,270,645 i 783, 766 5,190,107 776, 605 550,154 104, 292 76, 381 1,431,038 391,538 149,345 187,471 91,610 538,338 so 1923 January... 10,398, 639 813,077 5,271,837 785, 279 555,053 103,198 75,184 1,430,053 396, 243 158, 509 187,744 86,032 536,430 February.. 10,392,432 799,831 5, 262, 752 788,102 559,481 100,956 78, 572 1, 428,112 398,770 155,536 184, 876 89,374 546,070 A M p a r r i c l h 1 1 0 0 , , 4 4 7 1 9 6 , , 3 8 1 4 0 0 8 80 0 2 0 , , 3 7 5 5 5 0 5 5, , 2 1 5 8 5 5 , , 4 5 3 6 2 0 8 8 1 0 9 9, , 3 3 6 4 9 4 5 5 7 7 3 1 , , 1 1 1 4 4 2 1 1 0 0 1 2 , , 7 7 9 2 1 5 8 8 3 0 , , 5 4 6 6 2 0 I 1 1 , , 4 4 6 5 1 7 , , 9 7 5 9 1 0 3 38 9 9 8 , , 3 1 3 5 1 3 1 15 5 5 7 , , 5 9 7 3 8 8 1 18 8 2 4 , , 4 1 7 0 7 4 9 94 2 , , 1 2 9 9 8 5 5 5 6 74 1 , , 7 9 5 8 1 0 s May 10,434,096 803,970 5,179,723 811,830 586,351 101,832 80,067 I 1,473,560 387,355 152,264 184,814 83,800 588,530 June 10,453,346 823, 013 5,180,102 820,191 590,821 99,411 80,979 I 1,465,936 387, 859 152,932 183,156 82, 558 586,388 July.._. 10, 257, 765 815,794 5, 086,797 818,310 592,652 98, 646 81,084 1,424,762 385,396 154,056 182,535 80, 068 537,665 August. 10,172,247 808,755 5,009, 652 805,106 599,190 101,304 80,209 1, 426,875 385,916 154,313 181,055 81,299 538,573 w o September . 10, 285, 841 825,518 5, 075,049 810,421 601,127 103,358 81,195 1,424,104 j 388,936 159,292 178,091 88,188 550,562 October 10,319, 530 816, 262 5,127,951 801,286 598,784 103,687 83,896 1, 439,960 381, 521 160,902 177,384 91, 538 536,356 November.. 10,204,882 807, 285 5,058,282 794,245 599,865 101, 459 83,536 1,417,346 379,111 158, 367 172,429 94,074 538, 903 December.. 10,323,509 801,744 5,139,326 794,562 588,580 102,250 83,216 1,447, 897 389,472 160,759 170,896 98,157 546,650 1924 January... 10,261,372 781,114 5,165, 512 785,946 592,482 101,351 81, 299 1,422,186 387, 629 154,381 161,698 97,305 530,469 February.. 10, 229,937 774,244 5,139,226 792,571 594, C37 102, 610 75,177 1,417,285 388,536 158,037 156,162 95,227 536,225 March 10,398,640 772,645 5, 256,806 808,357 592, 249 101,947 73,534 1,458,853 387,141 158,128 156,524 96,192 536,264 April 10,437,489 766,989 5,289,687 818,497 599,965 103,265 74,217 1, 454, 584 382,666 149,004 155,481 90,342 552,792 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

May 10,462,674 763,887 (5,308,358 822,774 611,233 97,688 73,813 1,460,949 395,390 145,478 155,026 86,462 541,616 Tune 10,865,761 793,642 5, 640,810 834,083 621,831 99,002 73,213 1,480,908 382,433 143,731 154,484 87,207 554,417 July 11,124, 607 838,879 5,756,435 850,500 640, 835 95,482 70,469 1, 547,152 385, 787 142,963 160,277 85,207 550, 621 August 11,349,661 826,006 5,844,408 865,870 668,059 98,952 70, 205 1, 617,924 395,984 147,754 162,990 89,210 562,299 September 11,706, 276 858,167 6,048, 609 889,944 672,282 103, 523 72,256 1, 649,051 403,691 160, 570 172, 036 94,238 581,909 ^ October 11,892,368 883,000 6,084,945 923,373 676,008 I 102,663 73,478 1, 677,309 406, 099 185,047 176,363 97,675 606,408 S November 11,991,172 854,911 6,217, 613 934,058 672,234 j 103,539 72,840 1,648,472 418,032 192,995 178, 668 99,286 598,524 pj December 11,993,892 871,847 6,232,299 920,651 i 637,706 100,071 75,373 1, 648,879 426,845 190,079 176,398 103,293 610,451 S 1925 January 11,902,538 880,508 6,089,228 924, 266 652,774 104,780 74,011 1, 656,605 446, 009 188,946 182,202 105,974 597,235 February 11,841,868 875,177 6,047,561 919,986 656,114 107,191 81,363 1, 625,241 438,317 188,627 188,996 108,578 604,717 March 11,800,349 880,716 5,960,969 943, 587 667,289 108,430 80,060 1, 622,387 436, 619 183,168 190,569 111,855 614,700 April _. 11,911,214 856,261 6,151,057 940,652 671, 724 108,896 83,858 1, 607,516 422, 660 165,848 171,664 103,776 627,302 May 11,800, 776 865,611 5,990,143 940,891 677,645 107,051 85,554 1, 646,955 429,425 161, 280 169,379 101,545 625,297 June _ 11,874, 687 886,206 6,029,792 936,791 688,161 105,080 84,368 1, 651, 535 414,182 170,116 171,619 99,459 637,378 July_._ 11,850,099 904,468 5,952,610 939,191 697,832 104,632 86,154 1,662,141 419,422 161,553 183,540 99,086 639,470 August 11,934, 560 885,059 6,001, 590 946, 541 708,455 114,922 87,981 1,673, 284 416,552 166,478 184,572 100,509 648, 617 September 12,261,312 918,846 6,176,796 961,924 708,002 119,096 97,612 1,715, 987 421,341 173,152 188, 539 111,114 October 12, 273,690 942,319 6,160,703 967,002 695,962 117,954 95,227 1,709,765 425,311 170,028 176,149 115,949 697,321 z; November 12,271, 633 907, 662 6,193,615 969,362 688,453 116, 892 95, 206 1, 683, 357 429,680 169,392 178,087 121,164 718,763 Q December 12,552,813 953, 567 6,424,476 973, 243 670, 282 116,776 91,147 1,721, 294 443,821 174,967 180,378 114,040 688,822 w LOANS AND DISCOUNTS W 1921 January 8, 707,932 709, 856 4, 359, 472 618, 583 422, 275 94, 862 72,969 1, 245, 813 330,150 144,143 183,132 75,085 451, 592 February 8, 616,090 705,165 4, 284, 798 625, 258 431,164 92, 527 70,135 1, 239,197 325, 568 137, 745 177, 805 72,927 453, 801 March_ _.. 8, 467, 944 699, 846 4,149, 568 626, 004 431, 516 91, 450 70, 610 1,245, 366 313,129 137,168 174, 569 69, 779 458,939 a April 8,199, 384 667, 701 3,995, 010 608,490 424,923 92, 207 66, 235 1,211, 367 304, 702 132, 309 171, 878 70, 027 454, 535 I May_ 8, 044, 508 662, 314 3, 905, 537 598, 459 422, 873 90, 920 65, 466 1,183, 085 298, 580 131, 282 170, 394 69, 518 446,080 June__ 7, 926, 885 645, 403 3, 810,101 585, 037 427,956 92, 261 66, 692 1,186, 876 304, 801 135, 262 169, 399 65, 335 437, 762 July... 7, 767, 428 627,160 3, 725, 617 j 568, 336 424,154 89, 595 63, 683 1,163, 200 293, 343 132, 523 170, 872 64, 768 444,177 August _.. 7, 634, 993 623, 556 3,683,949 ! 547, 647 423,983 87, 223 63, 767 1,116, 833 285, 670 134, 016 162,978 63, 214 442,157 | September 7, 692, 805 626,058 3, 714, 648 I 553, 061 425, 801 87,194 64, 743 1,130,102 283, 571 138, 286 160, 031 64, 537 444, 773 3 October 7, 570, 040 633,794 3, 645, 424 | 550,105 425,078 83, 720 63, 506 1,094, 039 276,135 132,496 158,988 64, 816 441,939 W November 7, 524,164 622, 562 3, 665,046 I 532, 821 412,905 81, 249 64, 525 1,071,319 277, 021 126, 306 163, 261 62, 825 444,324 December 7, 427,118 622, 497 3, 597,130 ! 520, 560 404,197 82,138 63,913 1, 062, 079 284,192 121, 505 159, 967 61, 581 447, 359 o 1922 January 7, 228, 500 615, 888 3,488, 810 516, 355 402, 526 80, 033 61, 514 1, 046,182 277, 396 114,446 149, 524 58,494 417, 332 February _. 7,147,110 617,994 3, 448,955 514,197 427, 203 81, 572 62, 406 1, 056,963 281, 360 112, 692 146,199 57, 329 340, 245 March 7,160,083 604, 247 3, 510, 442 | 507, 658 427, 791 81,892 62, 819 1, 037, 515 275, 932 108,901 143, 625 58, 646 340, 610 April 7,166, 650 600, 459 3,530,950 i 505, 729 429,073 80,173 62,038 1, 026, 633 273,459 109, 667 146,239 58,011 344, 219 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 88.—REPORTING MEMBER BANKS IN FEDERAL RESERVE BANK CITIES: SELECTED RESOURCES AND LIABILITIES—Continued [In thousands of dollars] 00 Federal reserve bank city All Federal Last report date in- reserve bank cities Boston New York 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 San ci s F c r o and > LOANS AND DISCOUNTS—Continued tr1 1922 May 7, 238, 800 596, 451 3, 558, 758 499,311 76, 796 1,082, 025 272, 421 111,979 147, 430 60, 865 340, 293 o June 7,138, 678 598, 581 3, 502,925 502, 394 421, 744 78, 720 61.980 1,049, 000 263, 849 108, 707 145,900 59, 697 345,181 w J A u u l g y u .. s . t . . 7 7 , , 1 0 0 8 5 2 , , 1 2 5 5 03 6 59 0 1 2 , , 1 6 4 5 4 9 3 3 , , 4 4 0 1 9 3 , , 4 7 5 8 90 5 5 0 11 5 , , 8 6 9 5 4 2 4 4 2 34 8 , , 8 6 2 1 9 2 7 79 9 , , 2 3 9 4 9 8 6 6 4 5 , . 9 4 8 8 1 0 1 1 , , 0 0 6 5 6 2 , , 0 0 1 4 3 9 2 27 7 3 0 , , 1 5 8 3 7 6 1 1 0 1 9 9 , , 6 7 7 2 3 1 1 13 4 9 5 ' , , 9 3 0 8 8 0 6 5 0 7 , , 0 6 4 3 7 2 3 35 4 3 9 , , 8 6 5 6 4 2 H September.. 7, 255, 440 615, 788 3,496,074 532,147 450, 980 83,619 59, 544 1,063, 343 273, 857 121, 024 138, 641 63, 690 356, 733 October 7,412,896 640,940 3, 555, 410 546,952 450,126 84, 208 61,055 1,101, 574 277, 073 123, 030 140, 733 73,012 358, 783 November.. 7, 350, 469 634, 338 3, 515, 661 550, 033 440,319 86, 034 67, 416 1,068, 641 279, 872 126,942 141,946 70,830 368,437 December. _ 7, 421, 618 634, 817 3, 579, 220 538,175 442,892 89, 652 63,954 1,075, 246 287, 454 124,190 142, 838 68,911 374, 269 1923 January... 7,489,169 664,624 3,633,027 528,858 449,209 88,633 64,918 1,066,883 288, 274 127, 739 142,803 65,650 368,551 February.. 7,623, 807 661,011 3,729,581 539,488 451,993 86,486 70,356 1,082,872 288, 533 121,814 142, 595 68,900 380,178 March 7,717,595 663,050 3, 734,697 558,257 459,601 87, 779 74,252 1,126,871 286, 539 122,987 140,966 72,597 389,999 April 7,731,457 662,668 3,712,451 569,358 467,143 88,757 71,178 1,140,475 284, 785 122,127 139,771 67, 522 405,222 > May 7,732,270 658,786 3,692,789 556,851 479,917 88,363 70,801 1,166, 556 281, 425 116,401 140, 245 60, 899 419,237 7,725, 717 669,495 3, 676,272 567,792 481,902 85,864 71,984 1,156, 081 277, 840 114,859 140, 635 59,966 423,027 June 7,585,056 676,228 3, 593,167 570,728 476,454 85,440 71,979 1,124, 582 281,919 115,359 138, 563 60,184 390,453 J A u u ly gu .— st. 7,576,380 672, 285 3, 582,558 566, 869 483,375 87,939 71,198 1,119,407 283,058 116,721 136, 789 62, 742 393,439 September.. 7,692,360 676,872 3,647,060 574,957 486,659 71,672 1,132, 774 287, 357 121,062 133,462 67,295 403, 204 October 7,702,815 671,368 3, 658, 524 568,829 484,983 90,150 74,302 1,154,436 278,015 123,878 134,966 71,893 391,471 November. . 7,639, 753 669,238 3,627,241 562, 537 485,387 88,062 75,310 1,136,472 274, 068 122,103 130,873 74,026 394,436 December.. 7,691,198 673,147 3,683,968 557,480 476,493 88,447 73, 775 1,129,923 281,159 122,321 130,412 74,816 399, 257 w o 1924 January. _. 7, 673,663 653,484 3, 717,878 556,704 479,597 87, 592 73,150 1,117,880 279,863 116,777 126,678 74,965 389,095 February.. 7, 644,271 651, 390 3,685,315 559,104 475,848 89,460 69,625 1,113,173 279,419 121, 010 125,138 72,919 401,870 March 7,800,627 650,190 3,811,928 572, 611 475,720 90,057 67,915 1,132,587 283,621 119, 504 125, 786 75,365 395, 343 April 7, 822, 656 644,315 3,818,115 577,251 486,324 92,513 69,187 1,137,339 281,153 114,335 125,647 70,971 405,506 May_ 7, 707,327 630,683 3, 726,689 574,764 494,135 88,270 68,702 1,138, 032 280, 617 110,213 123, 206 68,715 403,301 June.. 7,975,326 643,352 3,962,873 577,205 491,877 68,275 1.152,946 280,313 107,863 122,026 68,046 411,687 July.. 8,159,395 687,007 4,036,212 587,174 503,099 85,972 64,497 1,198, 026 290,475 107,006 126,432 66,865 406,630 August I 8,305,604 679,495 4, 069,051 595,658 519,033 88,852 64,808 1,266,283 301,187 110,908 126,975 70,812 412,542 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

September _. 8,516,173 703,889 4,205,674 606,776 515,214 93,160 66, 791 1,270,697 306,755 122,968 128,474 74,629 421,146 October 8,530, 625 727,934 4,112,297 628,426 518,897 92, 062 68,019 1,288,695 308,243 141,651 130,654 77,903 435,844 November _. 8,593,436 712,942 4,234, 580 640, 560 515,420 92, 051 66, 592 1, 243, 250 316,178 145,716 130,159 79,129 416,859 December 8, 703,872 732,976 4,361,756 610,331 496, 597 88,004 68, 711 1,242, 581 318,339 143,528 136,176 85,363 419,510 1925 January.. 8, 681,155 747, 508 4,287,904 612,966 506,357 92,733 67,163 1, 255, 558 333,255 144, 609 136,453 85,324 411,325 February 8,694,148 746,329 4, 284, 254 618,783 513,809 95,759 74,317 1,228,370 330, 584 144,509 142,614 87,830 426,990 March 8,620,966 745,332 4,207,311 633, 872 524,383 97,563 70,615 1,230, 510 317, 288 136,310 144,310 86,339 427,133 April 8, 738,039 726, 506 4,357, 602 641, 870 533,171 98,076 71,691 1,232, 867 305,885 124, 016 123,743 80,014 442,598 May 8, 627,563 731,424 4,219,658 636, 281 536,461 96,305 72, 505 1,275,807 297,518 118, 067 122, 524 77,910 443,103 June__ 8, 680,934 746,601 4, 230, 518 637, 765 546,732 94,626 70,310 1,276, 636 299,358 125,307 122,151 77,300 453,630 July 8, 656,369 760,783 4,145,084 645,354 555,263 93,876 71,585 1,288,773 311,251 116,819 131,369 77,309 458,903 August 8,770,449 748,259 4,211,577 656,092 562, 5£3 103,913 73,405 1,309,705 310,140 121,950 131,716 77,891 463,278 September 9,149,548 782,418 4,444,968 679, 987 567, 987 108,293 81,383 1,343,487 313,106 127,647 131,352 86,959 481,961 October 9,154,831 794,610 4,419,221 688, 612 556, 796 106,777 79,089 1,351, 533 317,588 124,469 125, 700 91,051 499,385 November 9,174, 662 767,067 4,465,460 693,192 549,507 105,927 79,227 1,324,794 322,181 124,220 130,065 98,004 515,018 December 9,451,680 796,113 4,728,139 690, 529 541,071 105,327 73,719 1,330,909 332,630 128,034 129,821 94,258 501,130 NET DEMAND DEPOSITS 1920 January.. 8, 024, 722 601, 635 4, 665, 394 566, 919 217, 288 62,925 50, 017 987, 676 254, 243 103, 353 163, 559 74, 685 277,028 February 7,934, 509 626,469 4, 567, 219 563,101 214, 687 61,336 49, 766 994, 088 247,483 104, 726 168, 477 72, 735 264,422 March._ _. 7,991, 061 596, 724 4, 643, 557 568, 232 216, 816 57, 063 51, 354 993, 001 251,102 111, 785 153, 704 73, 401 274,322 April 8,007,150 610, 795 4, 726,805 571, 378 217, 420 54,912 47, 376 976,485 236, 695 97, 293 137, 587 64,298 266,106 May 8,114, 779 630, 001 4,836, 774 583, 211 218, 248 52, 398 45,155 973,969 215,935 90, 265 138,128 62, 513 268,182 June 7,974, 509 633,149 4, 705,010 575,476 213, 026 47,980 43,124 951,116 226, 349 88,681 133, 700 62, 434 294, 464 July 8, 006, 287 644, 430 4,664, 731 577, 891 229, 968 53, 308 42,194 972, 089 225, 307 91, 234 140, 940 62, 370 301, 825 August 7, 865, 850 622, 561 4, 521,495 602, 550 235, 686 54, 079 41, 649 956, 278 224, 222 90, 652 144, 629 63, 299 308, 750 September 7, 813, 064 623,242 4, 528, 310 602, 048 230,660 53, 446 41,150 930,933 215, 330 85, 620 139,148 61, 681 301, 496 October 7, 823, 307 639, 395 4, 506,067 596, 568 239, 475 55, 681 39, 454 942,140 207,945 84, 679 134, 257 63,687 313, 959 November. 7, 621,141 600,297 4, 399,615 593, 214 229,442 52, 480 37, 709 909,917 214, 508 83, 408 134, 764 61, 757 304, 030 December 7, 602,809 4, 505,054 573,490 213, 295 51, 290 36, 641 916,187 220,095 86,181 136, 668 59,153 287, 517 1921 January 7, 414, 067 594,110 4,209,715 568,318 216, 575 58, 236 37, 979 930,616 227, 642 86, 337 143, 416 57,194 283,929 February 7, 302, 255 577,649 4,139,351 553, 762 215, 530 54, 388 37, 351 931, 481 223,903 86, 760 148,379 57,137 276, 564 March — 7, 082, 263 547,168 4,063,690 541, 548 205, 377 50,130 35, 477 885,903 213,362 85,234 139, 732 55,424 259,218 April... 7, 080,147 559,854 4,062,354 549, 608 199, 351 43,918 35, 665 891,116 214, 797 78,884 135,034 53, 521 256,045 May 7,117, 434 4,086, 781 547, 530 205,065 45, 247 34,889 905,302 205, 225 75,410 134, 764 53, 741 253,654 June 7,079, 294 548, 244 4,159, 849 525, 560 195, 005 42, 648 34, 852 864,895 194,862 76, 868 134,906 51,142 250,463 July 7,017, 314 566, 006 4,033, 505 540, 526 199,772 43, 318 34, 507 874,403 196, 251 78, 552 136,608 48,917 264,949 August 7,008, 810 542, 035 4, 007,827 527, 722 211, 785 42, 762 33, 726 901, 761 196,849 81,904 142, 569 48, 566 271,304 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 88.—REPOBTING MEMBER BANKS IN FEDERAL RESERVE BANK CITIES: SELECTED RESOURCES AND LIABILITIES—Continued [In thousands of dollars] Federal reserve bank city All Federal Last report date in- reserve bank cities Boston New York 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 San c is F c r o an- NET DEMAND DEPOSITS—Continued 1921 September... 6, 954,938 541, 041 4,018, 072 520, 025 43, 004 35, 562 874, 529 194, 588 77,488 132,967 48, 406 260, 876 O October 7, 223,050 587 519 4,172, 464 539, 494 210, 669 45, 310 37, 792 892, 790 205, 311 77,071 130, 333 52, 008 272, 289 November 7, 302, 431 584, 309 4, 248, 487 549, 042 199, 950 47,912 36, 634 875, 611 202, 844 80, 851 131, 308 51, 817 293, 666 w December.. 7, 208, 658 572, 791 4, 216, 994 532,819 186, 586 47, 403 33, 306 863, 050 207, 331 78, 568 136, 654 50,033 283,123 1922 January 7, 258, 008 594, 300 4, 212,339 542, 408 193,934 48, 567 35, 894 870, 020 216, 516 81, 464 136, 554 50,184 275,828 February 7,176, 445 576, 347 4,139,191 536, 473 194,319 35,906 921,926 223, 465 83, 209 138, 674 53, 317 226, 734 March 7, 205,907 562, 955 4, 223, 976 549, 775 200,787 45,117 37, 864 878, 356 216, 923 80,780 140, 790 54,912 213, 672 April 7, 494, 066 599, 817 4, 383, 286 570,164 204,063 47, 234 38, 723 916, 070 218, 945 82, 767 152,137 57,939 222,921 May 7, 818, 935 610, 490 4, 600,115 582, 370 214,186 44,683 42, 280 212,092 86, 889 154, 266 62, 371 222,624 June 7,842, 533 612, 026 4, 623, 864 587,009 224,729 47, 347 40, 518 959, 519 211, 509 85, 691 161,143 61, 541 227,637 July 7, 697, 750 619, 772 4, 414, 272 598,661 229,324 50, 768 42, 689 981, 590 217, 589 84, 403 165,199 58, 586 234, 897 August 7, 623, 462 606, 686 4, 316,409 600,761 234,773 52, 630 44, 435 997, 652 222, 024 91, 440 156, 383 57, 031 243, 238 September 7, 704,196 623, 545 4, 357, 471 616, 350 238,484 52,874 41,179 990,053 222,103 94, 470 156, 567 62, 451 248,649 October 7, 733, 755 644, 312 4 361, 082 610,399 233,138 53, 483 43, 683 995, 441 225, 698 95, 753 154, 537 67, 398 248, 831 November 7, 680, 078 618, 041 4, 346, 583 612,413 225,920 56, 653 45, 523 990, 967 226, 500 96, 736 153, 556 65, 791 241, 395 December 7, 787,181 631, 877 4, 402, 658 615,127 221,641 56,128 45, 722 1, 008, 717 239, 326 100,126 160, 215 63,115 242, 529 1923 January 7,930, 887 652, 659 4,438,679 620,230 235,040 61, 830 46, 756 1, 036, 336 253, 496 106, 646 164,164 65, 683 249,368 February _. 7, 908, 653 618, 589 4,469, 536 618,130 237,603 56, 449 47, 704 1, 030,135 251,516 100, 682 165,917 70, 249 242,143 March 7, 523, 552 601,647 4,185, 561 602, 004 235, 530 53, 895 45,626 995,110 242, 232 98, 593 160, 836 63, 462 239,056 April 7, 565,101 624,920 4,181,968 624,668 238,539 50,185 45,204 1, 002,877 238, 369 95, 653 153,409 63,411 245, 898 W O May 7, 575,287 619,907 4,185,627 609,976 255,135 51,211 41, 804 1, 029, 031 235, 658 93,384 147, 721 61, 367 244,466 June _ 7, 557,194 622,189 4, 226, 796 594, 922 .256,683 51, 111 43,489 997,832 227, 537 89,744 145, 736 59, 286 241,869 July 7, 518, 880 629,401 4,153, 730 607, 220 257, 704 49,353 44,452 993, 046 226, 804 92,153 151, 979 57, 651 255,387 August 7,376,127 603, 753 4, 036, 891 596,656 253,267 53,073 44,063 1,000, 820 223,103 90, 819 155,518 56,157 262,007 September 7, 413,691 612, 713 4,103, 787 593,440 250,536 52, 869 44, 705 971,908 220,527 94,288 148, 680 61, 683 258, 555 October 7, 637,085 655,172 4, 258, 555 595,764 240,554 53,607 45, 718 983,175 221, 819 96,395 138, 780 67, 688 279,858 November __. 7, 578, 564 614,486 4,263,447 592, 508 241,019 57,470 45,352 970,116 222, 593 95, 687 138, 091 70,491 267,304 December 7,502,887 4, 212,831 587,564 220,249 53,821 46,852 1,003,369 224,457 94,980 135,854 66,653 258,013 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1924 January 7,674,478 620,928 4,337, 217 586,069 228, 767 58,023 43, 758 1,011,381 236, 800 95, 370 138,185 63,883 254,097 February 7, 590, 712 601, 500 4, 300, 319 585,177 227,812 55,127 43, 755 997,819 230, 689 98, 761 137,315 59, 082 253, 356 March 7,626, 569 593,150 4,328, 564 586,231 226,683 54,890 42, 026 1,023,044 226,493 98,893 137, 686 62,971 245,938 April 7, 854,456 618, 722 4, 513, 869 594,495 236, 587 52, 620 42, 764 1, 028, 866 234, 698 91,911 132, 560 59,522 247,842 O O May 7, 865, 758 611, 920 4,499, 507 611,041 240, 592 53,451 41, 345 1,043,891 226, 584 91, 443 133, 592 57,994 254,398 June . 8,299, 313 631, 640 4, 852,870 617,304 242,930 53, 007 41,145 1, 078, 852 237, 764 86,186 135,805 59,829 261,981 tzj J A u u l g y ust 8 8 , , 6 7 2 6 7 4 , , 6 2 8 8 7 0 6 65 6 4 5 , , 2 3 7 0 8 0 5 5, , 0 0 5 1 5 6 , , 0 4 1 2 7 4 6 6 4 4 2 7 , , 4 8 6 2 6 8 2 26 5 5 6 , , 4 3 9 7 6 5 5 5 1 6 , , 3 8 0 0 5 8 4 4 4 4 , , 2 6 7 1 1 9 1 1, , 2 1 0 3 4 2, , 6 3 8 2 1 7 2 2 4 4 7 8 , , 6 4 7 3 8 2 8 87 4 , , 6 82 2 9 7 1 1 4 4 8 8 , , 1 6 6 5 0 1 5 5 8 9 , , 6 98 7 4 0 2 2 9 7 2 8, , 6 0 5 8 9 2 H September 8,924,623 662, 753 5,136, 326 656,155 266, 074 56, 947 46,176 1, 216, 386 255,513 j101, 729 158, 897 64,153 303, 514 o October 9,124, 648 712, 792 5,177, 529 680,242 271, 984 56, 302 49, 280 1,231, 396 256,678 I 127, 042 168, 251 68, 557 324,595 November 9,171,040 673,194 5, 314,168 687, 347 269, 670 59, 997 50, 303 1,172, 660 265,120 I 134, 580 168, 518 74, 229 301, 254 December 9, 254, 226 681, 740 5,401,345 675, 597 239,670 57,983 49, 701 1,180,418 280,204 128, 094 168,467 81, 739 309,268 1925 s January 9,056,099 683,846 5,185, 734 683, 354 250,170 63, 590 49, 788 1,171,409 294, 766 127,686 171, 708 79,137 294, 911 February 8,906, 440 661,874 5, 092,499 672, 086 252, 633 6S, 999 52,137 1,146, 309 286,482 128,273 174,993 78, 659 291,496 March 8,648, 664 647,739 4, 916,055 666, 784 250,407 61, 232 51, 018 1,115, 616 276, 874 120, 090 171, 800 78,843 292, 206 April 8,920,599 j 651,894 5,203, 690 683,147 266,359 58, 645 51,031 | 1,120,632 269,122 103, 048 153, 548 74,186 285, 297 May 8,725,453 | 659, 688 4,986, 571 687,975 270, 705 57, 722 51,604 I 1,134,008 257,124 106, 235 151,116 ! 72,363 290, 342 June 679, 924 5,021, 755 684, 051 277, 562 57, 506 50,175 I 1,150,582 260, 096 113, 525 155,708 i 71, 023 286, 729 July 8,870,230 j 690, 718 5, 028, 084 681,647 277,892 58,922 50,199 1,177,918 258,439 104,981 174,483 ; 72,209 294,738 August 8,824,413 667, 034 4, 963,880 685, 591 275, 789 65, 926 53, 054 1,191, 568 251, 586 111,327 173,772 | 73,172 311,714 September. 9, 037, 682 697, 399 5,110, 543 693, 919 274, 920 70, 519 56, 315 1, 208, 293 256,751 113,422 168,446 ! 80, 535 306,620 M October 9,075,221 7?0,076 5,167,470 692, 272 267, 392 68,131 56,837 1 1,199,419 260,392 110,155 141,411 ' 308,667 & November 9, 006, 808 687,009 5,131, 229 687, 067 262, 525 71, 664 56,489 | 1,271,443 271, 443 113,409 154,608 83,346 316, 275 December 9, 216,627 700,673 5,309,917 696, 707 247, 765 69, 784 55,146 1,290, 356 290, 356 115, 088 156,443 80,853 325,560 tj I BORROWINGS FROM FEDERAL RESERVE BANKS 1920 January. . 1,382,052 114, 735 704, 573 175, 689 I 45,155 10, 523 6,583 144, 596 52, 903 37, 318 29, 855 17,435 I 42, 687 February. 1, 587, 489 139,131 784, 403 197,111 ! 57,109 12, 411 5,007 185, 932 68, 558 34, 726 * 34, 834 17,131 ' 51,136 March 1, 579, 738 135, 049 732, 768 189,643 i 46, 221 16, 843 4,325 244, 843 70, 725 29, 928 43,492 15,516 50, 385 April 1, 539, 679 102,925 663, 390 177, 380 I 50, 238 16,182 6,462 256, 730 80, 394 44, 861 58,184 20, 664 62, 269 May 1, 436,191 113, 322 609, 590 160,948 ! 42, 669 15,121 6,972 224,486 84, 240 48, 012 51, 289 22,325 57, 217 June 1, 367, 999 100, 306 611, 843 141,449 i 44, 930 19, 268 10, 626 238,576 65, 440 39, 515 46, 944 4,099 45, 003 July.__. 1,402,496 77,356 683, 814 132,935 | 43,474 16,141 14,108 219, 696 74, 221 34, 621 47, 678 9,714 48, 738 August. 1, 545,461 93,116 814, 059 128,977 39, 403 16, 001 16,214 216, 300 80,191 35, 694 45, 323 12,076 48,107 September.. 1, 537, 418 96,197 749, 027 115,243 34, 365 20, 087 18, 907 256, 795 70, 488 45,142 53, 835 14, 258 63,074 U2 October 1, 619,809 84,467 881, 607 108,876 33,179 15,883 18, 619 224, 303 77, 448 50, 250 55, 691 15,123 54, 363 November.. 1, 545, 299 113,412 803, 266 115, 627 36, 380 13, 911 17, 320 218, 571 58, 234 47, 563 48, 794 11,777 60,444 -t December,. 1, 500, 435 122,009 765,922 115,113 45,036 15,409 14, 260 219, 323 48, 496 34,138 46, 979 945 65,805 5^ Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 88.—REPORTING MEMBER BANKS IN FEDERAL RESERVE BANK CITIES: SELECTED RESOURCES AND LIABILITIES—Continued [In thousands of dollars] Federal reserve bank city All Federal Last report date in— reserve bank cities Boston New York Ph p il h a i d a el- Cleveland I | m Ri o c n h d - Atlanta Chicago St. Louis | Minn ™ e- Dallas San ci s F c r o an- BORROWINGS FROM FEDERAL RESERVE BANKS—Continued s i 1921 January 1, 409, 575 94, 386 825, 610 106,319 48,892 11,593 7,623 152, 725 41, 324 25,189 31, 528 10, 818 53, 568 February 1,408, 505 111,086 799, 558 119, 558 54, 079 11, 741 5,159 | 156, 391 37, 597 19, 995 29, 033 9,389 54, 919 March _ _ 1, 270, 810 119,116 605, 390 116,982 56, 388 13, 794 6,100 182, 000 40,881 21, 563 32, 646 6,991 68,959 April 1,058,180 69,450 507, 840 102, 527 62, 069 17,051 5,455 ! 139,048 29, 550 22, 774 29, 564 6,705 66,141 May 906, 999 64,410 405, 338 101, 078 55, 830 17, 211 5,696 ! 108, 785 29, 652 23, 022 23, 583 5,308 67, 086 June ... 789, 367 58, 021 283,174 93,185 65, 922 20,138 5,057 122, 684 32, 772 25, 980 21,450 3,561 57,423 July....] 721, 782 37,874 284, 545 75, 239 64, 368 18, 277 5,145 103, 519 29, 709 24,121 22, 919 5,426 50, 640 August 590, 469 49, 315 241, 710 65,891 52,839 16, 296 5,603 51,133 21, 804 23,428 16,855 4,078 41, 517 September 486, 747 38, 517 150, 424 59, 609 53,825 13, 782 5,256 57, 785 18, 474 23, 364 17, 727 4,277 43, 707 i October 450,832 27, 049 155, 876 59, 478 58,143 11, 283 3,443 40, 395 12, 587 22, 373 17,154 6,447 36, 604 November 360, 593 36, 955 124, 992 42, 985 43,124 6,062 3,314 32, 631 14, 069 12, 981 21,175 3,227 19,078 December _. 391, 284 40, 670 131,279 46,191 46, 747 7,033 2,867 49,838 15,499 8,892 17, 517 1,631 23,120 1922 January 198, 233 16, 825 61,851 30, 937 33,689 5,134 2,397 15, 817 2,024 2,748 11, 009 854 14, 948 February _. 168, 249 27,203 43,472 34,329 26,922 6,390 1,802 6,307 725 821 5,436 133 14, 709 March... 141, 111 21,622 22, 529 25, 677 18,042 7,448 1,306 19, 720 1,652 113 3,327 91 19, 584 April 4,186 8,058 12,405 17,858 3,831 1,021 3,460 I 1,148 280 3,523 85 10,933 May 75, 089 10,195 5,783 16,515 6,185 2,719 55 9,274 9,023 767 1,893 73 12, 607 June 103, 900 9,849 52, 579 16, 585 3,110 2,568 111 5,979 1,500 811 1,443 85 9,280 July 55, 870 15,143 9,728 15, 099 860 1,673 344 2,442 385 588 1,223 8,385 August 65,084 12, 864 21, 082 13,125 1,500 846 474 6,225 185 985 805 6,993 September 79,079 15,102 23, 781 15,115 3,421 2,919 465 8,500 1,286 778 1,560 1,288 4,864 October 126, 280 18, 903 57,150 16,843 4,538 3, 787 547 8,648 862 2,069 1,980 1,748 9,205 November 219,155 48,877 81, 234 28,219 5,870 4,137 2,463 11,081 6,079 829 3,215 1,634 25, 517 December 212,182 43, 630 81, 964 24, 993 6,997 7,354 911 14, 763 8,120 1,223 2,346 881 19, 000 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1923 January 293,574 29,730 197,747 27,711 937 3,442 1,100 8,047 3,856 575 215 1,996 18,218 February 281,034 28,385 150,631 29, 640 1,008 6,957 779 26.186 7,597 431 1,666 1,221 26, 533 March 344,030 34,376 165,552 37, 759 6,483 8,653 808 40,956 11,025 2,847 3,006 479 32,086 April 260,763 15,171 97,301 25, 068 10, 799 12,310 2,077 34, 232 7,094 4,515 8,753 2,332 41,111 O O May 282, 644 27,282 106,734 37,087 5,688 10,878 4,789 16, 795 7,707 6,620 17,877 1,964 39,223 June 290,143 21,443 92,133 41,046 8,067 6,342 3, 516 38, 944 9,141 8,000 16,953 2,086 42,472 July 278, 263 22,868 102,440 32,807 4,628 7,534 4,004 17,484 14, 706 7,139 13, 640 3,206 47,807 August 315,347 43,371 118,152 33,825 3,370 8,313 2,249 17.187 17, 204 6,587 8,036 6,504 50, 549 O September 333, 670 29, 251 132,939 31,051 5,235 9,885 4,131 29,483 21,554 9,338 12, 252 2,024 46, 527 October 324,078 17, 925 129, 753 29, 618 7,048 10, 270 6,265 44,088 14, 575 8,996 18,936 3,402 33, 202 November 237, 509 40,882 56, 282 22, 687 4,901 5,400 31, 626 11,487 6,569 17,865 2,413 30, 708 December 330, 703 49, 541 123, 251 24,554 5,006 3,803 29, 536 19, 558 8,827 15,341 2,517 38,961 1924 January 141,582 14,150 58, 571 11,913 2,521 3,384 4,508 3,950 6,133 765 5,836 2,131 27,720 February 151,033 11,343 71,327 15, 974 1,556 6,047 4,018 1,401 9,572 1,209 3,728 2,164 22, 694 March ..:__ 121, 453 5,488 50,014 10, 512 4,086 5,772 2,538 9,041 6,154 494 1,343 1,003 25,008 April 67, 623 4,927 4,333 9,152 500 7,504 3,102 5,929 1,686 100 3,382 1,834 25,174 H J M un ay e 3 5 0 6 , , 6 2 4 8 3 5 2, 2 2 2 4 5 4 1 8 8 , , 0 4 4 93 7 5 7 , , 4 7 1 6 9 9 9 31 5 0 0 2 1 , , 4 2 2 8 2 4 2 1, , 4 4 9 2 6 0 3 2, , 2 0 4 3 3 0 2, 7 6 8 0 3 8 4 20 1 4 0 4 1 , , 3 4 1 7 1 0 1 1 , , 1 3 0 6 3 7 1 6 1 , , 9 3 2 9 1 9 O July 17, 465 825 5,714 4,949 1,031 630 351 231 382 1,345 2,007 W August *_ 20,070 992 8,980 4,466 1,126 1,190 395 353 1,857 711 September 23,801 433 9,600 3,761 3,015 1,110 160 293 208 5,221 October 24,125 146 11,861 3,670 2,235 1,106 950 157 2,287 1,713 November 16, 696 2,896 5,056 3,094 750 1,101 1,007 943 861 988 December 67, 651 8,733 30, 975 12,465 2,046 1,613 904 1,075 50 1,095 8,695 1925 January 63, 244 2,624 45,378 1,525 2,198 1,066 683 2,965 46 1,234 5, 525 W F M e a b r r c u h ary 2 1 1 3 8 8 , , 8 7 2 3 7 2 8 8 , , 2 3 7 7 1 9 1 9 8 0 2 , , 4 3 0 3 6 9 1 4 2 , , 7 8 1 9 0 3 2 2, , 1 4 3 1 5 8 3,6 7 6 3 1 0 8 98 0 3 9 2 7, , 7 6 9 6 6 8 3 1, , 0 3 7 5 6 3 7 3 0 5 6 2 53 0 1 7 1 1 2 1 , , 1 2 6 9 1 2 CO April 106,199 11,452 46, 653 10,784 1,480 6,325 1,272 1,945 2,806 932 46 22,504 May 124, 693 14,320 71, 228 11,989 1,200 2,608 292 5,445 2,798 301 250 14, 262 June 138,026 12, 671 72,870 10, 273 4,340 1,819 1,014 5,321 3,158 334 101 26,125 July 136,113 8,160 57, 728 21,412 1,548 3,319 2,058 11,518 4,470 376 253 25, 271 August 239, 761 17,012 135, 254 19,965 9,602 2,960 3,472 14, 840 7,311 1,319 114 900 27,012 September 289,766 29, 269 165, 625 18, 743 8,821 5,592 1,414 13, 677 5,335 1,997 207 606 October 220,157 16, 293 84, 942 27,845 14, 685 7,584 2,000 9,762 4,010 764 1,062 3,161 48,049 November 248, 577 9,335 116,361 20,198 15, 679 2,081 5, 551 18,090 4,460 500 3,191 5,336 47, 795 December 375, 259 29,253 218,012 18, 356 17, 931 5,632 4,854 54,879 3,670 580 2,774 510 18,808 CO Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BANKERS' BALANCES OF REPORTING MEMBER BANKS a No. 89.—AMOUNTS DUE TO AND FROM OTHER BANKS BY REPORTING MEMBER BANKS IN FEDERAL RRESERVE BANK CITIES (Last report date of each month) DUE TO BANKS AND BANKERS [In thousands of dollars] Federal reserve bank city Total 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 St. Louis M ap in o n li e s - Ka C n it s y as Dallas Fra S n a c n isco I H 1920 Apr. 30.. 2, 080, 847 117,810 1, 053,044 141,713 57,133 35,142 15,887 325,564 85,073 48,144 87,138 24, 035 90,164 O May28_. 2,039,155 110,647 994,301 157,397 53, 259 32,174 13,004 318, 279 83, 599 42,888 123, 215 21,941 88,451 J J u u n ly e 3 2 0 5 _ .. _ 2 2 , , 0 0 1 0 6 8 , , 8 8 8 1 3 2 1 1 1 1 1 7, , 2 9 6 3 9 4 9 9 8 5 5 9 , , 9 6 6 7 6 0 1 1 5 5 8 1 , , 1 6 9 1 4 5 4 5 9 4 , , 8 3 4 8 4 3 3 3 1 2 , , 3 10 8 4 1 1 9 1 , , 6 5 4 76 6 3 31 2 7 0 , , 8 5 2 5 1 3 8 82 0 , ,3 6 3 7 9 2 3 3 0 9 , , 8 8 7 6 3 7 1 1 2 3 4 5 , , 8 7 5 7 1 4 1 1 8 8 , , 8 5 4 0 2 4 9 8 2 9 , , 6 3 4 7 6 1 H Aug. 27.. 1,950, 236 112,140 919,903 151,032 57,872 32,600 9,957 321,131 79,449 37,023 124,608 17, 536 86,985 Sept. 24.. 1,991,312 114,382 942,412 160, 596 54, 898 33, 585 9,941 323,989 69, 682 42,509 122,499 19, 584 97,235 Oct. 29__ 1,909,975 111,695 901,815 163,719 57,033 22,285 9,889 304,890 71,138 36,446 109,337 20,100 101,628 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 Dec. 31.. 1,974,432 109, 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 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 90, 230 794,501 133,770 39,966 23,970 8,031 297,874 65,309 35,134 95,216 15,639 82,109 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 93, 493 801, 506 125,831 36,798 21,506 7,388 292,223 65, 512 28,783 94,472 12, 871 76,490 w June 29 _. 1, 632, 492 91, 503 809,388 123, 270 34,159 18,076 7,435 273, 084 58,578 30, 553 94,755 11,616 80, 075 July 27.. 1,656,164 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 88,211 824,208 123,961 37, 521 18, 608 6,512 278,421 60,751 31, 263 102,498 10, 549 76,873 o Sept. 28.. 1, 643, 295 91,973 809, 547 127,796 34,654 19, 651 271,331 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 98,016 888,388 133,582 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 1922 Jan. 25._. 1,775, 579 104,637 870,278 134,919 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.. 1,885,940 113,333 926,106 143,147 33, 938 23,316 323, 216 75,416 39,426 98,517 17,310 82,546 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

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.. 1,910,673 104,962 941,083 145,332 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 88,483 Sept. 27. 1, 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_. 1,93< 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 26,887 13,108 332,712 73,062 44,000 100,641 17,405 79,269 May 29-30.. 1,862,252 103, 576 864,289 156,224 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 July 25 1,808,257 103,742 864,879 154,218 43,294 25,141 11,483 319,569 68,704 35, 521 89,244 11,752 80,710 Aug. 29 1,807,068 98,160 833, 246 150,401 43,053 24,355 11,011 337,942 68,965 37,852 98,686 16,384 87,013 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, 529 41,964 31,982 13,835 320, 224 78,298 41,716 94,413 30, 574 lTeb.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 48,412 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 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, 011 1,304,858 192,884 61,798 33, 643 17,980 407,915 98,409 69,183 132,811 52,340 124,536 1925 Jan. 28.. 2, 435,488 134, 660 1,130, 659 191,209 51,400 37,305 20,102 412,414 108,112 68, 914 128, 940 44,231 107, 542 Feb. 25.. 2, 391, 659 124, 935 1,096, 767 192,038 50,452 35, 619 20, 653 418,127 101, 328 66, 530 126,054 47,876 111, 280 Mar. 25.. 2,234, 834 120, 648 1,038, 390 177, 529 46, 675 33,064 19, 528 402,240 89, 092 62, 379 110, 788 37, 773 96, 728 Apr. 29.. 2,214,240 126, 410 1, 090, 652 175,168 49,202 29, 579 18,403 376, 692 81,225 50,157 97,900 28,852 90,000 May 27.. 2,132, 885 119,974 1,003, 927 173,112 50,046 28, 417 17, 095 385, 726 85, 521 49,309 100,445 26,123 93,190 June 24.. 2,218,066 118,358 1,094, 082 173, 654 50,192 28,152 18,221 380, 657 84, 813 48, 390 102, 039 26, 396 93,112 July 29. 2,123, 890 123, 571 1,005, 781 165,469 52, 346 29,225 19, 878 371,370 81,849 45, 302 111,564 24, 556 92, 979 Aug. 26 I 2,109,259 114,933 991,957 169,264 47,737 29,244 24,247 367,478 78,070 51,013 106, 516 23, 340 105,460 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 89.—AMOUNTS DUE TO AND FROM OTHER BANKS BY REPORTING MEMBER BANKS IN FEDERAL RESERVE BANK CITIES—Contd. DUE TO BANKS AND BANKERS—Continued [In thousands of dollars] Federal reserve bank city Date Total (12 cities) Boston New York Ph p il 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 Sept. 30 \ 330,021 127,189 1,137,278 186,514 47,536 33, 985 25,888 378, 690 85,165 56,206 106,483 40, 753 104,334 Oct 28 2,181,456 123, 500 1,048,181 173,727 43,311 35,498 26,417 348,123 81,727 52,369 100,541 43,970 104,092 Nov. 25 2,132,809 120,230 1,018,778 170,527 42,294 37,172 26, 395 337, 316 81,157 55, 704 95,849 40, 111 107,276 o Dec. 20. - 2,311,204 135,598 1,126, 518 175,010 44, 203 35, 636 23, 601 381,306 82, 277 56, 540 101, 651 36,806 112,058 w H DUE FROM BANKS AND BANKERS 1920 Apr.3O 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 May 28 673, 279 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 49,907 113, 237 70, 736 28, 605 10,080 7,944 159, 739 32, 685 25, 466 61, 940 16,961 72, 276 July30 649,108 48,439 118,742 68,913 30, 367 7,795 7,243 154,912 32, 959 23, 303 65, 516 12,150 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 44,086 128, 703 74, 433 27,336 8,483 7,353 161, 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 7,891 156, 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 6,402 6,591 158,404 28,681 19, 263 50,013 16, 465 55,187 I 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 Mar. 25 466, 454 33, 429 90, 046 53, 538 19, 549 5, 119 5,092 121, 892 23, 826 17, 609 34,280 12, 569 49, 505 Apr. 27 479,514 34,397 94,887 52, 564 19,466 5,097 6,006 128, 684 22, 543 17, 856 39, 330 11, 741 46,943 W 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 o June 29 501,191 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-.. 492, 646 37,367 99, 254 53, 674 12, 647 4,496 6,583 127,124 24, 831 18, 876 40,430 16, 723 50, 641 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1922 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 June 28.. 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 July 26.. 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 1923 Jan. 31 520, 338 36, 551 75,106 51,965 18,400 12, 439 7,186 138, 875 26, 083 18,163 49, 810 22, 035 63, 725 Feb. 28 528, 691 42,106 76, 859 57, 525 20,749 13, 767 7,962 149, 815 24, 087 19, 537 45,931 21, 357 48,996 Mar. 28 480, 842 33, 253 79, 257 51, 320 16,321 11, 540 8,925 142,120 19,983 13,130 41, 250 19, 303 44,440 Apr. 25 483, 756 35, 231 74, 797 51,028 19,477 11,813 5,991 150, 242 21, 508 16,042 39,934 16, 423 41, 270 May 29-30.. 500,062 34, 547 80, 335 51,662 20,768 11,495 6,669 158, 531 22, 698 15, 495 38, 812 13, 217 45, 833 June 27 472, 777 32,516 73, 733 52, 993 16, 786 12, 389 5,718 145, 310 21, 507 18, 503 36,948 14,985 41,389 July25 . 460, 846 31,126 72,055 51,168 21,915 11, 784 6,048 137, 820 21, 638 13, 376 35,614 12, 725 45, 577 Aug. 29 452,129 28,755 69,405 48,152 19, 015 11, 321 5,444 133, 799 21, 262 13, 582 37, 847 16,084 47,463 Sept. 26.... 495,451 31, 072 70,218 53,219 21,719 13, 614 5,782 138,384 22,115 16, 514 39, 428 29, 857 53, 529 Oct. 31 542,131 55,895 78, 569 56,376 24, 850 14, 597 7,438 142, 826 23,937 20,179 39,464 28,170 49,830 Nov. 28 503,352 30,179 74, 285 52, 834 18, 963 14, 558 7,124 142, 629 24,058 19, 428 37, 630 30, 760 50,904 Dec. 26 513, 934 29,935 75,742 56,986 19,985 14, 871 7,234 144,990 24,967 18, 637 41, 557 26,404 52, 626 1924 Jan. 30— 473,389 28,982 73, 750 54,196 17, 681 12, 502 8,142 137,488 21,581 17,078 36, 227 21, 013 44, 749 Feb. 27.. 475,552 28,922 68,991 50,186 19,916 13, 350 9,244 141,856 23,320 21,004 36,728 20,084 41,951 Mar. 26.. 478,819 38,619 68,324 50,499 24,337 12, 806 8,360 132,972 I 23, 857 19, 780 33, 690 20,405 45,170 Apr. 30.- 516, 825 44,125 75, 644 58, 679 25,712 11, 869 11, 557 151, 075 28,093 17, 371 33,193 17,883 41, 624 May 28. . 504,218 30, 861 78,524 54, 646 25,113 13,190 8,233 158,183 23, 807 16, 280 33, 692 16, 479 45, 210 June 25._ 668, 636 51,298 83,048 80, 794 37, 776 15,335 9,433 194, 456 42,150 30, 805 53,017 19, 431 51,093 July30._ 716, 201 51,153 93, 339 85,130 36,092 16,187 13, 641 195, 337 43, 723 33, 564 53, 654 21, 680 72, 701 Aug. 27_. 713,907 45, 724 83, 471 97, 602 35,032 16, 790 15,941 176, 245 46, 625 23, 619 74,184 21,956 76, 718 Sept. 24.. 735,282 46, 558 88,942 120,747 30,480 14,908 13, 618 176, 361 42,327 30, 690 72, 030 31,995 66, 626 Oct. 29.. 708, 710 40,023 87,357 79,507 30,047 16,393 16,884 169, 057 53, 572 33, 297 66, 508 34, 826 81, 239 Nov. 26.. 703,856 34, 252 91, 582 68, 510 27,331 21, 323 20, 256 169,391 49,621 25, 876 70,285 33, 811 91,618 Dec. 31- 661,794 45, 494 91,943 69, 793 24,676 17, 358 16, 752 169, 274 40, 326 22,987 61, 098 33, 236 68, 857 O Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 89.—AMOUNTS DUE TO AND FROM OTHER BANKS BY REPORTING MEMBER BANKS IN FEDERAL RESERVE BANK CITIES—Contd DUE FROM BANKS AND BANKEKS—Continued OP [In thousands of dollars] Federal reserve bank city Total 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 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 1925 Jan. 28 627,682 35,065 96, 733 64, 573 27, 208 14,995 20,975 152,192 36, 374 16, 850 54,389 34, 794 73, 534 d Feb. 25 649,499 36, 569 110,917 59, 412 28, 215 18,917 15, 272 167,994 33, 238 17, 701 55, 695 33,766 71, 803 o Mar. 25 _ _.. 584, 031 33, 455 109, 327 54,342 22,957 15,605 15, 738 157, 459 29, 018 19, 639 45, 677 27, 435 53, 379 w Apr. 29 597, 606 50,461 101, 827 57, 517 26, 780 13, 752 14, 270 167, 484 29, 398 19, 284 41,161 21, 808 53, 864 May 27... 611,652 43, 900 106, 747 59, 007 25,270 12, 753 13, 632 188, 548 31, 618 17, 466 45, 805 23, 384 43, 522 June 24... 601,483 39, 515 111,431 65,131 23, 488 13, 671 12, 796 174, 464 29,415 21,818 42,193 22, 005 45, 556 J A u u l g y . 2 2 9 6 5 54 6 4 9 , , 9 2 3 5 3 0 3 36 6 , ,4 6 4 3 5 0 1 9 1 0 1 , , 2 51 8 3 0 5 5 9 6 , , 4 0 1 7 1 5 2 2 5 3 , , 6 7 9 8 4 9 1 14 1 , , 3 33 7 9 8 1 12 2 , ,1 4 8 1 2 9 1 15 5 5 6 , ,9 4 2 8 0 2 2 26 6 , ,0 2 2 6 0 0 2 1 0 9 , , 7 25 4 8 1 4 4 7 1 , ,9 3 7 8 4 0 1 18 9 , , 9 5 5 1 0 0 4 45 6 , , 2 3 2 0 5 8 Sept. 30 620,187 41, 225 112, 342 66, 587 22, 445 19,320 13,178 165, 336 31, 834 24, 248 44,192 31, 513 47, 967 Oct. 28 609,721 36, 284 100, 546 60, 553 21, 580 17, 501 14,157 157, 448 32, 223 28, 097 62, 840 31,136 47, 356 Nov. 25 40,076 101, 840 59,655 27,106 21, 695 13, 379 151,168 37, 635 25,407 49, 581 29, 264 52,173 Dec. 30 623, 812 35,006 105,927 71, 429 30, 849 18, 782 14, 223 166,109 29, 296 21, 329 48, 444 25,150 57, 268 w o Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD 169 EARNINGS AND DIVIDENDS OF MEMBER BANKS No. 90.—ALL MEMBER BANKS: ABSTRACT OF EARNINGS AND DIVIDENDS REPORTS BY FEDERAL RESERVE DISTRICTS, FOR THE YEARS ENDING JUNE 30, 1919 TO 1925 [Amounts in thousands of dollars] Ratio District J C s u u ( a a n a r p n e s p i d l 3 t o u a f 0 s l ) ea G rn ro in ss gs 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 c l h o N a o s r f e s g f e t e s d d N i p t e r i o o t f n a i t d t s o - d d D e e c i n l v a d i r - s ed t t t p o o a i a r o l f d o c n d a n f a i i n p e t t - o s t d isurplus All member banks: Per cent 1919.. 2,776,490 1,291,001 876,613 414,388 80,056 334,332 191,297 12.04 1920....4 3,193,337 1,636,141 1, 097,471 538,670 129,062 409,608 218,353 12.83 1921 3,415,722 1,829,671 1,267,705 561,966 216,309 345,657 238,667 10.12 1922 3,496, 689 1, 669,429 1,156,417 513,012 213,863 299,149 246, 050 8.56 1923.. 3,629,468 1,683, 512 1,189, 732 493,780 148,643 345,137 270,862 9.51 1924 3,699, 928 1,742,332 1,253,983 488,349 151,234 337,115 256,273 9.11 1925 3,836, 547 1,843,908 1,320,965 522,943 144, 539 378,404 260,677 9.86 Boston: 1919 229,922 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 269,961 115,159 80,700 34,459 19, 200 15, 259 18.604 5.65 1923 270,377 114,908 83,740 31,168 8,828 22,340 18, 299 8.26 1924 266,801 120,742 87,914 32,828 12, 618 20,210 16,651 7.57 1925 286, 263 131,456 93,492 37,964 14,704 23,260 17, 258 8.13 New York: 1919... 715,511 394,506 261, 038 133,468 24,847 108,621 49,356 15.18 1920 835,536 485,096 315,082 170,014 54, 554 115,460 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 959,646 460,979 306,033 154,946 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 1925 1,042,914 514,053 348, 252 165,801 31,275 134,526 81, 526 12.90 Philadelphia: 1919. 256,677 88,783 56,957 31,826 7,012 24,814 13,703 9.67 1920 278,085 105,929 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.. 301,890 111,213 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 1925.. 379,987 134, 631 87,878 46,753 3,672 43,081 23, 004 11.34 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 371,803 166,663 115,582 51,081 15, 221 35,860 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 1925. 434,551 199,114 142,792 56,322 10,956 45,366 26,715 10.44 Richmond: 1919 140,864 56,683 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 186, 248 73,491 51, 504 21,987 5,631 16,356 11,597 8.78 1923.. 190,718 73,824 51,463 22,361 5,610 16,751 13,671 8.78 1924 194,888 77,-685 55,103 22, 582 5,649 16,933 13,151 8,69 1925 198,913 79,311 57, 659 21,652 5,804 15,848 12,709 7.97 Atlanta: 1919 109,147 33, 705 15,181 3,254 11,927 7,392 10.93 1920- 128,471 66,189 44,123 22,066 3,150 18,916 10,834 14.72 1921 * 136,757 75, 656 55, 730 19,926 7,478 12,448 10,817 9.10 1922 142,231 65,044 47,589 17,455 6,541 10,914 9,276 7.67 1923 146,262 66, 093 47,087 19,006 5,278 13,728 13,291 9.39 1924 151,173 70,187 51,305 6,349 12, 533 11,760 8.29 • 1925 152,590 75, 091 53,255 21,836 7,894 13,942 10,746 9 13 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 20,027 45, 763 34, 546 9.22 1924 503,721 253,480 188,434 65,046 21,678 43,368 33,954 8.61 1925 516,836 262,486 196,220 66,266 20,641 45, 625 33,380 8.83 St. Louis: 1919 127, 288 51,746 35,290 16,456 2,503 13,953 9,164 10.96 1920 143,408 68,352 46,396 21,956 3,286 18, 670 11,298 13.02 1921 150,096 74,980 52,355 22, 625 7,890 14,735 11,046 9.82 1922 158,428 71,305 50,298 21,007 7,766 13,241 11,128 8.36 1923 165, 642 75,343 53,727 21,616 6,258 15,358 13,402 9.27 1924 169,278 77,699 56,477 21,222 8,119 13,103 13,732 7.74 Digitized for FR19A25SER 168,815 79,986 58,090 21,896 9,707 12,189 11,722 7.22 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

170 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No. 90.—ALL MEMBER BANKS: ABSTRACT OF EARNINGS AND DIVIDENDS REPORTS BY FEDERAL RESERVE DISTRICTS, FOR THE YEARS ENDING JUNE 30, 1919 TO 1925—Continued [Amounts in thousands of dollars] Ratio of net District J s C u u ( a n a a r p n e s p i d l o t 3 u a f 0 s l ) ea G rn ro i s n s g * s ex T p o e t n a s l es T e i n a n o r e g t n t a s - l c l h o N a o s r f s e g f e t e s d d N p it r e i o o t f n i a t s d to - d d e D e c i n l v a d i r - s ed t t t p o a i a r o l d o c n f d a a i t n i p t s - o d isurplus 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 6,693 3,303 8,893 2.83 1924 107,588 58,610 49,044 9,566 7,719 1,847 5,560 1.72 1925 104,227 58,236 47,000 11,236 7,443 3,793 5,302 3.64 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 1922 151,169 83,585 65,201 18,384 12,993 5,391 10,299 3.57 1923 151,551 8£, 167 65, 701 19,466 13,430 6,036 11,511 3 98 1924 __. 143,306 82,132 63,913 18,219 15, 653 2,566 8,738 1.79 1925 139,833 80,048 62,103 17,945 12,322 5,623 8,157 4.02 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 1925 138,871 59,362 42,131 17,231 7,939 9,292 10,318 6.69 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 1925 272,747 170,134 132,093 38,041 12,182 25,859 19,840 9.43 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EARNINGS AND DIVIDENDS OF MEMBER BANKS 171 ~So. 91.—NATIONAL BANKS: ABSTRACT OF EARNINGS AND DIVIDENDS RE- PORTS, BY FEDERAL RESERVE DISTRICTS, FOR THE YEARS ENDING JUNE 30, 1919 TO 1925 [Amounts in thousands of dollars] Ratio of net District J C s 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 a t s - l c l h o N a o s r f s e g f e t e s d N d p i r e t o i t t o f o i n a ts d s - d d e D c e l i n a v r d i e - s d t t t p o a i a r o l o d c n f a d a i t n i p t s - o d isurplus All national banks Per cent 1919 1,984,964 910,760 j 610, 780 299,980 59, 614 240,366 135,588 12.11 1920 - 2,206,430 1,109,116 j 736,390 372,726 90,643 282,083 147, 793 12.78 1921 2,299, 507 1,201,919 829,906 372,013 155,907 216,106 158,158 9.40 1922 2,356,427 1,067,268 732,990 334,278 150, 608 183,670 165, 884 7.79 1923 2,399,391 1,049,408 736,582 312,826 109,338 203,488 179,176 8.48 1924 2,414,589 1,074,559 766,044 308,515 112,809 195, 706 163, 683 8.11 1925 2,488,338 1,124, 097 798,714 325,383 101,448 223, 935 165, 033 9.00 Boston: 1919- 169,014 60.525 39,543 3,844 17,138 9,557 10.14 1920 185,429 72, 018 46, 272 25, 746 6,402 19,344 10,384 10.43 1921 188,150 82,390 52,867 29,523 13,717 15.806 11,269 8.40 1922 .... 190,295 73,536 49,889 23,647 10,982 12,665 13,913 6.66 1923 197,997 74,105 53,144 20,961 5,037 15,924 13, 803 8.04 1924 193,918 57,827 23, 010 9,650 13,360 12,073 6.89 1925 209,120 61,839 27,144 11, 297 15, 847 12,472 7.58 New York: 1919 417, 512 231,531 149,985 81,546 14,040 67,506 I25,595 16.17 1920 481, 912 279,118 177,491 101,627 34,096 67,531 21,590 14.01 1921 519, 658 302,403 200,885 101,518 48,450 53,068 37,745 10.21 1922 546,097 258,578 164, 560 94, 018 41,207 52,811 43,904 9.67 1923 544,158 245,531 159,671 85,860 23,439 62,421 43, 038 11.47 1924 559,199 246,192 164,308 81,884 23,059 58,825 41,871 10.52 1925 593,877 269, 596 180, 239 89,357 18,647 70, 710 43,280 11.90 Philadelphia: 1919 69,152 44,932 24,220 5,246 18, 974 10.08 1920 . 206,988 83,036 53,140 29,896 10,317 19, 579 10,954 9.46 1921 214,322 88,360 55,835 32,525 15,149 17,376 11, 776 8.11 1922 223,392 86,681 53,379 33,302 10,789 22, 513 13,970 10.08 1923 236,020 87,458 55,036 32,422 4,615 27.807 15,940 11.78 1924 244,499 91,267 59,041 32,226 5,554 26, 672 14,188 10.91 1925... 260, 616 97,425 63,771 33,654 3,684 29,970 15, 629 11.50 Cleveland: 1919..__ 216,096 86, 592 57,881 28, 711 4,685 24, 026 12,449 11.12 1920 232, 671 100,504 65,669 34,835 6,027 28.808 14,055 12.38 1921.__ _-.. 228, 010 107,222 71,999 35,223 12,850 22,373 14,149 9.81 1922.. 234,167 97,335 65,792 31, 543 9,310 22,233 15,682 9.49 1923 241, 734 100,283 68,546 31,737 6,930 24,807 16,834 10.26 1924 243, 065 102,867 72,805 30,062 6,306 23,756 15,861 9.77 1925. 246,345 109,002 76, 661 32,341 6,697 25,644 15, 705 10.41 Kichmond: 1919 123, 963 50, 327 34,979 15, 348 2,147 13, 201 8,705 10.65 1920 __.. 141, 917 63,146 42, 393 20, 753 3,481 17, 272 9,492 12.17 1921__ 154, 685 64, 991 46, 383 18, 608 5,974 12, 634 9,861 8.17 1922 158, 851 63, 242 44, 392 18, 850 4,913 13, 937 9,999 8.77 1923 161, 652 43, 582 19,106 4,821 14, 285 11, 291 8.84 1924 162,123 65, 358 46, 200 19,158 4,841 14, 317 11, 388 8.83 1925 165, 619 47, 869 18, 028 5,295 12, 733 10, 816 Atlanta: 1919 81, 751 36, 238 24, 686 11, 552 2,782 8,770 5,573 10.70 1920 88, 544 44, 081 28,914 15,167 1,975 13,192 7,213 14.90 1921 92, 460 49, 578 36, 766 12, 812 4,255 8,557 7,820 9.25 1922 94, 539 41, 971 30, 383 11, 588 4,139 7,449 6,253 7.88 1923 94,982 42, 328 29, 621 12, 707 3,895 8,812 9,390 9.28 1924... _. 100,925 44, 581 32, 363 12, 218 3,847 8,371 8,041 8.29 1925. 102, 865 48, 757 34, 693 14, 064 4,684 9,380 7,110 9.12 Chicago: 1919 246, 473 112,979 76, 541 36, 438 8,154 18, 708 11. 48 1920 268,991 138, 267 94, 779 43, 488 9,018 34, 470 21, 459 12.81 1921 _... 289, 233 156, 402 107, 736 14, 230 34, 436 21,117 11.91 1922.._ 286,121 137, 764 95,159 42, 605 20, 057 22, 548 20, 228 7.88 1923 294, 576 130, 790 96, 026 34, 764 14,952 19, 812 20,965 6.73 1 1 9 9 2 2 4 5 3 2 0 9 1 4 , , 9 83 7 9 5 1 1 3 3 7 6 , , 7 2 7 4 6 3 1 10 0 1 1 , , 9 6 5 9 8 2 3 3 5 4 , , 8 5 1 5 8 1 1 14 4 , , 5 34 4 2 5 2 2 1 0 , , 2 2 0 7 9 3 2 1 0 8 , , 0 7 1 3 9 1 7 6. . 8 0 8 2 St. Louis: 1919 85, 670 33, 973 23,192 10, 781 1,745 9,036 10.55 1920_._ 95, 767 43, 737 29, 518 14, 219 1,924 12, 295 7,662 12.84 1921 . 97, 808 47, 250 32, 303 14, 947 4,820 10,127 7,582 10.35 1922 101, 336 42, 628 30, 012 12, 616 4,188 8,428 7,272 8.32 1923_ 104, 579 44, 658 31, 862 12,796 3,962 8,834 7,728 8.45 1924 104, 660 45, 870 33, 069 12, 801 4,358 8,443 8,955 8.07 1925 105, 001 46, 783 33, 408 13, 375 3,547 7,835 9.36 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

172 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No. 91.—NATIONAL BANKS: ABSTRACT OF EARNINGS AND DIVIDENDS RE- PORTS, BY FEDERAL RESERVE DISTRICTS, FOR THE YEARS ENDING JUNE 30 r 1919 TO 1925—Continued [Amounts in thousands of dollars] Ratio of net District J s C u u ( a n a a r p e n s p i d l t 3 o u a 0 f s l ) ea G r r n o i s n s gs ex T p o e t n a s l es T e m n a o r e g t n s t a - l j ! c l h N o a o s r f e s g e t f e s d N d p i r e t o Li t i n f o O i a n t d s s - d d e D e c i n l v a d i r - s ed t t t p o a i a r o l d o c n a d a f i n p i t t - o d s isurplus Minneapolis: Per cent 1919 91, 2G1 50, 304 37, 080 13, 224 2,296 10,928 8,280 11.96 1920. 97, 989 59, 235 45, 499 13, 736 2,369 11, 367 7,779 11.60 1 1 1 9 9 9 2 2 2 1 2 3 .... ..;. 1 1 1 0 0 0 2 4 4 , , , 6 6 0 2 8 4 7 0 2 6 5 5 5 4 7 , , , 7 6 4 4 6 5 7 4 8 5 4 4 1 5 5 , , , 7 9 8 7 8 1 5 6 7 1 1 8 3 1 , , , 9 4 8 8 7 3 9 2 0 4 6 5 , , , 3 3 7 1 6 8 9 0 5 Qy 5 3 , , , 0 f 1 ot 4 5 9/Qy 5 3 8 6 6 , , , 1 3 6 3 9 8 6 3 0 9 4 2 . . . 3 9 9 8 1 5 1924 97, 933 52, 751 44,117 8, 634 6,964 1,670 5,151 1.71 1925-... 95, 471 42, 645 10, 353 6,844 3,509 4,915 3.68 Kansas City: 1919. 120, 335 68, 602 48, 508 20, 094 3, 814 |16, 280 11,617 13.53 1920. 135, 993 83, 270 60,124 23,146 3,916 19, 230 13,126 14.14 1921 132, 717 84, 984 63, 853 21,131 9,499 11, 632 10, 358 8.76 1922 137, 739 74, 056 57, 551 16, 505 11, 896 4,609 9,259 3.35 1923 137, 333 74, 889 58,180 16, 709 12, 383 4,326 10, 468 3.15 1924 131, 356 73, 769 57, 407 16, 362 14, 761 1,601 7,768 1.22 1925... 127, 750 72, 047 55, 805 16, 242 11,465 4,777 7,212 3.74 Dallas: 1919... 99,981 42, 705 14, 497 3,637 10, 860 8,423 10.86 1920 113, 603 57, 727 36, 847 20, 880 3,180 17, 700 10, 675 15.58 1921 - 117, 322 59, 763 43, 701 16, 062 10, 124 5,938 7,792 5.6 1922 119, 202 50,173 36, 608 13, 565 11,994 1, 571 8,699 1.32 1923 119,977 50, 855 36, 837 14, 018 10, 495 3,523 9,142 2.94 1924 120, 303 52, 849 37, 724 15,125 8,407 6,718 7,325 5.58 1925.-. 128, 516 53, 663 38, 062 15, 601 6,614 8,987 9,815 6.99 San Francisco: 1919 143, 378 67, 427 44, 991 22, 436 7,193 15, 243 11, 043 10.63 1920 155, 336 84, 530 55, 446 29, 084 7,915 21,169 13, 323 13.63 1921 161, 307 92, 320 65, 496 26, 824 12, 462 14, 362 11,921 8.90 1922 159, 376 83, 420 58, 991 24, 429 14, 785 9,644 10, 506 6.05 1923 160, 416 80, 667 57,932 22, 735 13, 006 9,729 12, 078 6.06 1924 .- 153, 228 80, 429 59,143 21, 286 10, 705 10, 581 10, 947 6.91 1925 156, 809 81, 556 61, 371 20,185 8,085 12,100 11, 399 7.72 Alaska and Hawaii (nonmember banks): 1919 405 151 120 56 9.74 1920 447 149 126 81 9.77 1921- 492 307 185 168 88 14.55 1922 426 288 138 109 63 8.58 1923 _ 509 328 181 163 106 12.16 1924. 546 348 198 183 96 13.02 1925.-- -. 614 393 221 177 114 11.72 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EARNINGS AND DIVIDENDS OF MEMBER BANKS 173 No. 92.—STATE BANK AND TRUST COMPANY MEMBERS: ABSTRACT OF EARNINGS AND DIVIDENDS REPORTS, BY FEDERAL RESERVE DISTRICTS, FOR THE YEARS ENDING JUNE 30, 1919 TO 1925 [Amounts in thousands of dollars] Ratio of net District J C s u u ( a a a n r p p s n 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 a t s - l c l h o N a o s r f s e f g e t e s d d N i p t r e i o o t f n i a ts d to - d d e D c e l i n a v r d i e - s d t t t p o a i a r o l o d c n f a d i a t n i p t s - o d isurplus All State bank and trust company members: Per cent 1919 792,758 380,646 266,087 114,559 20,473 94,086 55, 765 11.87 1920 988,197 527,472 361,379 166,093 38,442 127,651 70,641 12.92 1921 1,117, 370 628, 244 438,106 190,138 60,419 129,719 80, 597 11.61 1922 1,141, 532 602,587 423,715 178,872 63,284 115,588 80, 229 10.13 1923 1, 231,417 634,613 453,478 181,135 39,323 141,812 91, 792 11.52 1924 1, 286,744 668,319 488,287 180,032 38,440 141,592 11.00 1925 1,349,414 720,425 52,2,644 197,781 43,135 154,646 95,758 11.46 Boston: 1919 60, 908 30, 723 21,902 8,821 1,476 7,345 3,612 12.06 1920 68,950 37,176 26, 698 10,478 2,199 8,279 4,219 12.01 1921 75, 362 44,770 30, 674 14,096 3,803 10,293 4,779 13.66 1922 79,666 41, 623 30,811 10,812 8,218 2,594 4,691 3.26 1923 72,380 40,803 30, 596 10, 207 3,791 6,416 4,496 8.86 1924 72,883 39,905 30,087 9,818 2,968 6,850 4,578 9.40 1925 77,143 42,473 31, 653 10,820 3,407 7,413 4,786 9.61 New York: 1919 297,999 162,975 111,053 51,922 10,807 41,115 23,761 13.80 1920 353,624 205,978 137,591 68,387 20,458 47,929 27,450 13.55 1921 377,816 236.405 156,484 79, 921 29,447 50,474 32,884 13.36 1922 368,796 206,679 136,909 69,770 28,138 41,632 31,014 11.29 1923 415,488 215,448 146,362 69,086 11, 566 57,520 35,859 13.84 1924 425,795 227,141 160, 289 66,852 9,243 57,609 36,327 13.53 1925 449,057 244,457 168,013 76,444 12,628 63,816 38,246 14.21 Philadelphia: 1919 68,379 19,631 12,025 7,606 1,766 5,840 4,220 8.54 1920 71,097 22,893 13, 608 9,285 2,864 6,421 4,435 9.03 1921 74, 569 25,355 15,491 9,864 2,020 7,844 4,801 10.52 1922 78,498 24,532 15,012 9,520 818 8,702 4,995 11.09 1923 91,026 28,853 17,929 10,924 1,152 9,772 5,521 10.74 1924 108,691 33,457 21,016 12,441 381 12,060 6,639 11.10 1925 119,371 37, 206 24,107 13,099 -12 13, 111 7,375 10.98 Cleveland: 1919 93,168 33, 654 23,390 10,264 —44 10,308 5,667 11.06 1920 108,402 47,320 32, 579 14,741 1,209 13, 532 6,617 12.48 1921 143,793 59,441 43, 583 15, 858 2,371 13,487 8,324 9.38 1922 154,250 67,913 48, 530 19, 383 2,186 17,197 9,341 11.15 1923 164,012 73,619 51,437 22,182 3,830 18,352 10,084 11.19 1924 179,634 80, 993 59,739 21, 254 4,269 16,985 10,668 9.46 1925 188,206 90,112 66,131 23, 981 4,259 19,722 11.010 10.48 Richmond: 1919 16,901 6,356 4,233 2,123 231 1,892 1,209 11.19 1920 22, 359 9,386 6,313 3,073 456 2,617 1,272 11.70 1921 24, 959 10,165 7,844 2,321 460 1,861 1,522 7.46 1922 ._. 27,397 10,249 7,112 3,137 718 2,419 1,598 1923 29,066 11,136 7,881 3,255 2,466 2,380 1924 32,765 12,327 8,903 3,424 2,616 1,763 7.98 1925- 33,293 13,414 9,790 3,624 509 3,115 1,893 9.36 Atlanta: 1919- 27,396 12, 648 9,019 3,629 472 3,157 1,819 11.52 1920 39,927 22,108 15, 209 6,899 1,175 5,724 3,621 14.34 1921 - 44,297 26,078 18,964 7,114 3,223 3,891 2,997 8.78 1922— 47,692 23,073 17, 206 5,867 2,402 3,465 3,023 7.27 1923— 51,280 23, 765 17,466 6,299 1,383 4,916 3,901 9.59 1924... 50,248 25, 606 18,942 2,502 4,162 3,719 8.28 1925— 49, 695 26,334 18, 562 7,772 3,210 4,562 3,636 9.18 Chicago: 1919. 142,896 72, 608 54,869 17, 739 3,359 14,380 9,228 10.06 1920 175,094 96,498 67,227 29,271 4,732 24, 539 11, 559 14.01 1921.. 186,077 114, 763 81,289 33,474 7,467 26,007 12, 245 13.97 1922 195, 295 113.406 79, 683 33,723 8,854 24,869 12,939 12.73 1923 201,693 114,852 83,826 31,026 5,075 25,951 13,581 12.87 1924- 201, 746 116,237 86, 742 29,495 7,336 22,159 13,935 10.98 1925 221,957 125, 710 94,262 31,448 6,096 25,352 14,649 11.42 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

174 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No, 92.—STATE BANK AND TRUST COMPANY MEMBERS: ABSTRACT OF EARNINGS AND DIVIDENDS REPORTS, BY FEDERAL RESERVE DISTRICTS, FOR THE YEARS ENDING JUNE 30, 1919 TO 1925—Continued [Amounts in thousands of dollars] Ratio District J s C u u ( a a a n r s n p p e i d l o t u 3 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 n a o r e t n t a - 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 o t f n a it d t s o - d d D e e c i n l v a d i r - s ed t t p o o i a o r f d o c n d n a f i p i e t t - o s i t tal and surplus St. Louis: Per cent 1919 41, 618 17, 773 12, 098 5,675 758 4,917 3,065 11.81 1920 - 47,641 24,615 16,878 7,737 1,362 6,375 3,636 13.38 1921 52,288 27,730 20,052 7,678 3,070 4,608 3,464 8.81 1922 57,092 28,677 20, 286 8,391 3,578 4,813 3,856 8.43 1923 61,063 30,685 21,865 8,820 2,296 6,524 5,674 10.68 1924 64, 618 31,829 23,408 8,421 3, 761 4,660 4,777 7.21 1925 63,818 33, 203 24,682 8,521 6,160 2,361 3,887 3.70 Minneapolis: 1919 9,112 4,994 3,936 1,058 138 920 610 10.10 1920 12,112 6,922 5,492 1,430 275 1,155 749 9.54 1921 14,741 9,172 7,513 1,659 661 998 721 6.77 1922 14,690 8,820 7,479 1,341 903 438 567 2.98 1923 11,886 7,347 6,181 1,166 908 258 500 2.17 1924 - 9,655 5,859 4,927 932 755 177 409 1.83 1925 _. 8,586 5,238 4,355 599 284 387 3.31 Kansas City: 1919 6,883 5,234 3,790 1,444 371 1,073 679 15.59 1920 9,533 7,244 5,633 1,611 183 1,428 1,129 14.98 1921 17,607 9,365 7,262 2,103 783 1,320 1,204 7.50 1922. 13,430 9,529 7,650 1,879 1,097 782 1,040 5.82 1923 14,218 10,278 7,521 2,757 1,047 1,710 1,043 12.03 1924 11,950 8,363 6,506 1,857 892 965 970 8.08 1925 12,058 8,001 1,703 857 846 945 7.02 Dallas: 1919 10, 538 4,213 2,803 1,410 256 1,154 661 10.95 1920 16,430 6,916 4,316 2,600 265 2,335 956 14.21 1921 22,998 10,738 7,727 3,011 1,488 1,523 1,218 6.62 1922 19, 556 8,801 6,558 2,243 2,260 117 692 1923 ._ 18, 697 7,775 5,703 2,072 2,230 1158 728 1924 16,038 7,395 5,221 2,174 1,512 662 823 4.13 1925 10,292 5,699 4,069 1,630 1,325 305 503 2.96 San Francisco: 1919 16,960 9,837 2,868 883 1,985 1,234 11.70 1920 63, 028 40,416 29,835 10,581 3,264 7,317 4,998 11.61 1921 82,863 54, 262 41, 223 13,039 5,626 7,413 6,438 8.95 1922 85,170 59, 285 46,479 12,806 4,112 6,473 10.21 1923 70,052 56,711 13, 341 5,256 8,085 8,025 8.04 1924 112,721 79, 207 62, 507 16, 700 4,013 12, 687 8,078 11.26 1925 -. 115,938 88, 578 70, 722 17,856 4,097 13, 759 8,441 11.87 I i Net withdrawal. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CHANGES IN MEMBERSHIP No. 93.—ANNUAL CHANGES IN NUMBER (1915-1925) AND IN RESOURCES (1919-1925) OF MEMBER BANKS, BY CLASS OF BANK Number of banks Total resources (in thousands of dollars) 1915 1916 1917 1918 1919 1920 1921 1922 1923 1924 1925 1919 1920 1921 1922 1923 1924 1925 ALL MEMBER BANKS Membership, first of year 7,5827,6317,6147,9108,6929,0669,6069,7799,8599,7749,587 27, 515,659 32, 616, 256 31,184,198 29,316,478 33,882, 571 35, 238,606 38,986, 867 Total additions 162 129 394 845 518 680 384 301 228 169 236 O Co rg n a v n e i r z s a io ti n o n o f o n f o n n a m ti e o m na b l e r b a to n k national.. 8 5 0 5 4 7 9 0 1 4 2 9 6 6 9 1 8 1 6 7 2 1 2 1 3 0 6 3 1 5 1 8 1 1 7 1 6 0 9 5 3 6 8 1 9 9 1 6 2 9 0 9 47 0 , , 8 2 7 5 8 9 9 62 3 , , 4 8 8 5 2 1 4 7 8 1 , , 3 8 4 0 8 8 3 60 8 , , 6 3 0 5 0 1 12 5 4 8 , , 0 8 7 6 3 5 2 1 1 9 , , 2 5 0 4 8 5 3 17 6 , , 0 8 2 4 9 4 > Admission of State bank 22 7 218 683 284 336 204 95 66 41 40 994,171 1, 037, 827 224,958 201, 758 137,830 60, 771 139, 865 R O e th s e u r mption following suspension 5 1 1 f 11 20 13 1 1 9 7 473 1,232 5,497 9,388 6,809 10,863 2,785 Q Total losses 113 146 98 63 144 211 221 313 356 334 Merger between member banks 35 36 21 22 56 83 106 85 83 71 Voluntary liquidation 1. _ . 17 18 14 9 14 12 23 24 32 13 53, 745 17, 216 25,967 28, 304 17,149 49,394 8,211 Suspension and insolvency 20 9 3 3 21 70 48 125 165 147 2,188 11,829 69,834 36,199 74, 712 148,296 101, 209 Absorption, member by nonmenber,.. 20 20 14 14 22 25 21 19 35 35 42 97,413 51, 784 106, 647 26,010 41,423 23, 016 37, 640 C W o i n th v d e r rs a i w on a , l , n S a t t a io te n a m l e t m o b n e o r n m 2 ember_ _ ._ _ 21 62 1 40 12 3 9 8 1 1 6 2 1 6 9 1 9 3 3 1 0 3 2 1 7 4 2 4 1 0 1 3 9 , , 5 2 2 8 3 1 8 18 3 , , 3 5 8 9 3 7 2 3 5 , , 9 3 0 7 0 0 2 9 4 , , 1 8 0 4 5 2 13 4 9 , , 6 2 5 2 5 2 1 6 5 7 , , 3 0 2 8 5 1 3 1 2 2 , , 0 3 7 4 9 0 g Other 6 3 7 3 1 Net change. +49 -17 +296+782+374+540+173 +80 -85 -187 -98 +5,100, 597-1,432,058 -1,867,720+4,566,093 +1,356,035+3, 748, 261+2,438,428 w ui Membership, end of year _ _7,6317,6147,9108,6929,0669,6069,7799,8599,7749,5879,489 32,616, 256 31,184,198 29,316,478 33,882, 571 35, 238, 606 38,986,867| 41,425,295 w NATIONAL BANKS Membership, first of year 7,5747,6007,5777,6577,7627,8858,1258,1658,2208,1798,043 20, 033, 546 22, 702, 549 21,357,404 19,411,618 21,965,554 22,395,303 24,368,991 Total additions 140 122 177 163 245 354 197 225 190 131 239 Primary organization . _ _ 55 70 126 98 171 236 111 76 93 89 120 90,878 93,851 71,808 38, 600 124,865 19,208 17,844 Conversion of State member 1 1 3 11 Ml 17 20 4 30 6 45 Conversion of nonmember 80 49 49 61 62 103 58 110 56 19 69 • 47,259 62,482 48,348 60,351 58,073 21, 545 36,029 Resumption following suspension. 5 3 1 1 4 11 19 11 17 5 473 1,232 5,497 8,940 6,016 9,896 2,317 Other increase _ Total losses _ __114 145 97 58 122 114 157 170 231 ' 267 234 1 Merger between national banks 35 36 20 16 36 29 38 48 41 44 42 "I Absorption by States member 1 4 13 12 28 39 23 22 12 86,007 191,918 300,496 99,193 140, 845 199,883 83,837 Conversion to State member 1 1 6 3 1 2 1 11,037 2,708 131, 023 72, 731 499, 090 2,476 61,935 NOTE.—Footnotes will be found^onlp. 176. Or Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 93.—ANNUAL CHANGES IN NUMBER (1915-1925) AND IN RESOURCES (1919-1925) OF MEMBER BANKS, BY CLASS OF BANK—Contd. Number of banks Total resources (in thousands of dollars) 1915 1916 1917 1918 1919 1920 1921 1922 1923 1924 1925 1919 1920 1921 1922 1923 1924 1925 NATIONAL BANKS—continued Voluntary liquidation * 17 18 14 9 5 11 9 15 27 12 17,136 7,582 17,268 7,017 15, 263 46,338 6,651 Suspension and insolvency 20 9 3 3 3 18 54 38 92 128 118 2,188 9,703 41,445 33,355 54, 306 123, 758 85,054 Absorption by nonmember 20 20 14 14 20 22 19 18 35 30 89,956 43,347 102,824 22, 407 41,423 20,610 23,872 Conversion to nonmember 21 62 40 12 38 16 6 9 13 14 21 19, 281 83, 383 3,900 9,105 4,655 15,325 12,079 Other decrease _ 4 3 1 2 3 Net change +26 -23 +80+105+123+240 +40 +55 -41 -136 +5+2, 669, 003—1, 345,145-1,945,786 +2, 553, 936 +429, 749+1,973,688+1,470,459 Membership, end of year 7,6007, 5777,6577,7627,8858,1258,1658,220 8,1798,0438, 048 22, 702, 549 21,357,404 19,411,618 21, 965, 554 22,395,303 24,368,991 25, 839, 450 STATE MEMBER BANKS Membership, first of year 8 31 37 253 9301,1811,4811,6141,6391,5951,544 7,482,113 9, 913, 707 9, 826, 794 9,904,860 11, 917,017 12, 843, 303 14, 617, 876 Total additions 23 7 219 683 289 342 207 97 74 46 43 Admission of State bank 22 7 218 683 284 336 204 95 66 41 40 994,171 1, 037, 827 224,958 201, 758 137, 830 60, 771 139,865 Conversion of national bank 1 1 5 5 6 3 1 6 4 3 1 Absorption of nonmember (6) (7) 29, 618 2,470 Resumption following suspension lj 2 2 2 448 793 967 468 Total losses o 1 3 6 4? 74 72 IIS 97 146 Merger between State members 1 9 10 12 16 9 11 Absorption of national bank 1 2 7 7 5 8 6 16,310 3,500 10,442 15,215 7,035 8,508 31,418 Conversion to national bank 1 13.4 12 10 17 6 45 92,475 122,648 93, 556 94,144 155,420 44, 892 173,236 Voluntary liquidation l _ 4 3 3 8 4 5 1 36,609 9, 634 8,699 21, 287 1,886 3,056 1, 560 Suspension and insolvency 3| 16 10 33 37 29 2,126 28,389 2,844 20,406 24, 538 16,155 I Absorption by nonmember . 2 3i 2 1 5 14 7,457 8,437 3,823 3,603 2,406 13,768 Conversion to nonmember 1 1 1 6,813 202 332 Withdrawal i 9 12 a 19 13 6 39 3, 523 18, 597 25,370 24,842 132,409 66, 879 32,008 Other decrease 72 7 3 74 6, 245 Net change +23 +6+216+677+251+300 +133 +25 -44 -51 -103 +2,431, 594 -86, 913 +78, 066+2, 012,157 +926, 286+1, 774,573 +967,969 w o Membership, end of year _ .. 31 37 253 930.1,1811,4811,6141,6391,5951,5441,441 9,913,707 9, 826, 794 9, 904, 860 11, 917,017 12, 843, 303 14,617,876 15, 585,845 1 Excludes voluntary liquidations intermediate in some further change in the status of banks; such instances are classified according to the ultimate status of the banks. 2 Includes successions of State member banks by nonmember banks. 3 One national bank succeeded a State member and a national bank. * Member bank of one class succeeded by one of the other class, the latter not reporting until the next year. « Two national banks succeeded by a single State member bank. «Includes compulsory withdrawal of five banks in 1921, one bank in 1924, and two banks in 1925 with aggregate resources of $2,027,000. i Nonpayment on Federal reserve bank stock. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 94.—ANNUAL CHANGES IN NUMBER OF NATIONAL AND STATE MEMBER BANKS, BY FEDERAL RESERVE DISTRICTS: 1915-1925 District 1—Boston 1915 1916 1917 1918 1919 1920 1921 1922 National banks, first of year 441 432 397 389 392 396 398 396 Total additions 1 2 5 3 8 4 2 0 Primary organization 1 1 5 3 8 4 2 Conversion of State member. _ Conversion of nonmember Resumption following suspension 1 Other increase Total losses 10 37 13 0 4 2 4 6 Merger between national banks 3 6 1 1 1 Absorption by State member 2 Conversion to State member 1 Voluntary liquidation 2 1 2 4 1 Suspension and insolvency 1 Absorption by nonmember 3 1 1 Conversion to nonmember 3 13 4 2 2 Other decrease 115 2 Net change _ __ -9 -35 +3 +4 +2 2 National banks, end of year 432 397 389 392 396 398 396 State banks, first of year. _ 0 1 1 13 31 36 39 Total additions 1 o 12 18 3 2 Admission of State bank 1 11 18 5 3 2 Conversion of national bank I Absorption of nonmember Resumption following suspension Total losses. _ 0 0 0 0 0 0 1 Merger between State members 1 Absorption by national bank Conversion to national bank. Voluntary liquidation 2 Suspension and insolvency Absorption by nonmember Conversion to nonrnp/mhfT Withdrawal .__ Other decrease Net change +1 0 +12 +18 +5 +3 +1 State banks, end of year 1 1 13 31 36 39 40 coco District 2—New York 1923 1924 1925 1915 1916 1917 19] 8 1919 1920 1921 1922 1923 1924 390 388 383 479 612 620 624 622 631 650 662 667 692 7 2 3 140 24 12 2 19 35 25 21 33 29 2 2 6 9 10 2 19 29 21 17 27 25 4 1 1 2 3 1 1 3 2 2 5 1 3 2 1 1 1 2 1 U31 i 15 9 7 4 7 16 8 4 10 16 13 16 8 10 6 3 3 2 1 1 1 8 9 7 2 3 3 2 3 2 3 1 2 1 1 1 4 1 1 1 3 2 1 1 1 1 1 1 1 2 2 3 1 2 1 1 1 1 1 8 6 1 2 2 -6 -2 -5 -1 +133 +8 +4 -2 +9 +19 +12 +5 +25 390 388 383 382 612 620 624 622 631 650 662 667 692 40 39 36 36 0 1 2 46 101 122 134 133 136 1 1 1 3 1 1 44 56 22 19 4 9 13 1 1 1 3 1 44 56 18 3 8 9 1 1 1 1 4 2 4 1 1 0 0 0 1 1 7 5 6 6 2 1 3 1 3 5 4 1 1 2 3 1 1 1 3 2 -1 Q 0 +2 +1 +1 +44 +55 +21 +12 —1 +3 +7 39 36 36 38 1 2 46 101 122 134 133 136 143 ot ot 1925 711 34 31 2 1 11 7 2 1 2 2 2 1 +19 +23 711 734 143 144 5 9 5 8 1 4 7 3 1 2 1 2 2 +1 +2 144 146 NOTE.—Footnotes will be found on p. 183. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 94.—ANNUAL CHANGES IN NUMBER OF NATIONAL AND STATE MEMBER BANKS, BY FEDERAL RESERVE DISTRICTS: 1915-1925—Con. District 3—Philadelphia ]District 4—Cleveland 1915 1916 1917 1918 1919 1920 1921 1922 1923 1924 1925 1915 1916 1917 1918 1919 1920 1921 1922 1923 1924 1925 t National banks, first of year .... 758 628 631 631 632 640 652 653 658 656 666 762 759 752 750 | 748 746 762 768 764 759 | 752 Total additions 3 6 6 8 10 17 5 9 10 13 11 9 1 2 3 i 8 20 18 3 12 1 4 Primary organizati on 2 4 6 8 7 14 5 7 10 11 10 2 1 2 3 7 13 15 3 9 1 1 Conversion of State member 2 1 I 1 Conversion of nonmember_ 1 2 1 2 1 2 1 I I 6 1 2 3 2 Resumption following suspension 1 1 1 Other increase * 5 Total losses . _ . 133 3 6 7 2 5 4 4 12 3 6 12 8 4 5 10 4 12 7 17 8 9 IVlerger between national banks 2 1 2 1 2 4 1 4 1 1 3 4 1 3 2 6 2 3 Absorption by State menber 1 1 3 2 3 2 3 3 Conversion to State member 1 1 Voluntary liquidation 2 1 1 1 1 2 1 1 1 Suspension and insolvency 1 1 I 2 1 3 3 Absorption by nonmember 1 1 4 1 3 3 1 4 3 2 j 2 2 2 5 2 Conversion to nonmember 3 1 1 1 1 1 1 5 2 1 2 Other decrease i 131 0 Net change -130 +3 0 +1 +8 +12 +1 +5 -2 +10 +5 -3 -2 "" -2 +16 +6 -4 c -7 -5 National banks, end of year. 628 631 631 632 640 652 653 658 656 666 671 759 752 750 748 746 762 768 764 759 752 747 State banks, first of year 0 0 0 7 29 38 46 51 58 66 72 0 1 1 15 66 97 111 115 116 118 119 Total additions 0 0 7 22 11 9 6 8 9 6 10 1 0 15 51 33 16 7 4 4 o 1 Admission of State bank 7 22 11 9 6 8 8 5 10 1 15 51 33 16 6 4 4 5 1 Conversion of national bank 1 1 1 Absorption of nonmember (1) Resumption following suspension Total losses 0 0 0 0 2 1 1 1 1 0 0 0 0 1 0 2 2 3 3 2 4 4 Merger between State members 1 1 1 1 1 Absorption by national bank _ _ 2 Conversion to national bank 2 1 1 1 Voluntary liquidation 2 Suspension and insolvency. __ 1 Absorption by nonmember 1 Conversion to nonmember _ _ Withdrawal.. 1 1 3 1 1 1 4 3 Other decrease. 4 1 1 Net change _ 0 0 +7 +22 +9 +8 +5 +7 +8 +6 + 10 +1 0 +14 +51 +31 +14 +4 +1 +2 +1 -3 State banks, end of year _ ._ 0 0 7 29 38 46 51 58 66 72 82 1 1 15 66 97 111 115 116 118 119 116 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

District 5—Richmond District 6—Atlanta 1915 1916 1917 1918 1919 1920 1921 1922 1923 1924 1925 1915 1916 1917 1918 1919 1920 1921 1922 1923 1924 1925 National banks, first of year 502 501 513 518 528 539 553 559 562 561 555 380 381 379 372 372 362 376 385 393 385 382 Total additions . .. 15 18 10 13 19 14 19 8 4 11 10 22 8 7 12 16 16 12 8 8 9 Primary organization 2 10 5 7 10 10 6 4 4 3 6 4 3 5 6 8 9 8 7 4 4 6 Conversion of State member 1 1 3 1 1 2 2 2 Conversion of nonmember 13 8 5 6 9 9 6 12 4 4 5 3 2 1 4 6 5 5 2 4 Resumption following suspension 1 1 1 1 1 1 Other increase i 16 Total losses 16 6 5 3 8 6 8 16 9 10 18 9 24 15 7 22 2 7 4 16 11 12 Merger between national banks 5 1 3 1 3 1 2 7 1 1 5 2 7 2 1 1 1 2 4 2 1 AbsorDtion bv Stats member 1 1 2 1 5 1 1 2 Conversion to State member Voluntary liquidation 2 1 1 1 2 1 2 1 4 2 1 1 Suspension and insolvency 1 1 I 2 4 2 4 16 4 3 I 1 2 •2 4 10 Absorption by nonmember 3 2 1 3 1 3 3 2 3 1 3 3 1 3 2 4 3 1 Conversion to nonmember 1 1 1 3 1 1 1 3 1 7 8 3 13 1 1 4 1 Other decrease... 15 Net change _2 +12 +5 +10 +11 +14 +6 +3 — 6 -7 + 1 -2 -7 0 -10 + 14 +9 +8 -8 -3 —3 National banks, end of year 501 513 518 528 539 553 559 562 561 555 548 381 379 372 372 362 376 385 393 385 382 379 State banks, first of year.. 3 4 6 14 37 46 56 66 68 66 62 1 2 4 20 54 64 84 127 143 140 128 Total additions 1 2 8 23 9 13 14 8 2 1 2 16 34 16 24 49 22 6 1 2 Admission of State bank 1 2 8 23 9 13 14 8 2 1 2 16 34 16 24 49 22 6 1 Conversion of national bank Absorption of nonmember j (1) (1) Resumption following suspension 1 1 Total losses.. 0 0 d 0 0 3 4 6 4 4 6 0 0 0 0 6 4 6 9 13 14 ^^erger between State members 2 1 1 1 1 1 1 1 Absorption by national bank 2 1 1 1 Conversion to national bank 1 3 1 1 2 2 2 Voluntary liquidation 2 1 1 2 Suspension and insolvency 1 1 ... _ 2 1 3 9 5 Absorption by nonmembers 2 1 2 2 1 Conversion to nonmeinbcr Withdrawal ... . 1 2 3 2 2 3 2 3 1 4 Other decrease _ 4 \ --r-" Net change _ . +1 +2 +8 +23 +9 +10 +10 +2 —4 — 6 +1 +2 +16 +34 + 10 +20 +43 +16 —3 — 12 State banks, end of year 4 6 14 37 46 56 66 68 66~ 62 56 2 4 20 54 64~ 84 127 143 140 128 116 NOTE.—Footnotes will be found on p. 183. CD Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No, 94.—ANNUAL CHANGES IN NUMBER OI1 NATIONAL AND STATE MEMBER BANKS, BY 1915 1916 1917 1918 National banks, first of year 970 983 983 1,042 Total additions .. 16 7 65 12 Primary organization 8 5 12 5 Conversion of State member Conversion of nonmember 8 2 1 7 Resumption following suspension Other increase 152 Total losses _. ._ 3 7 6 Merger between national banks 1 2 Absorption by State member Conversion to State member Voluntary liquidation 2 I I Suspension and insolvency Absorption by nonmember 2 3 Conversion to nonmember. 3 3 Other decrease Net change -_ -_ - +13 0 +59 National banks, end of year. 983 983 1,042 State banks, first of year __ 2 7 8 Total additions 5 1 64 Admission of State bank 5 1 64 Conversion of national bank Absorption of nonmember Resumption following suspension.._ Total losses 0 0 0 ]VTpri?pr between State members Absorption by national bank Conversion to national bank "Voluntarv liouidation ^ Suspensions and insolvency._ Absorption by nonmember Conversion to nonmember... Withdrawal Other decrease Net change +5 +1 +64 State banks, end of year T 8 72 ooco 2 1 2 +4 1,046 72 CM CM OOOO District 7—Chicago 1919 1920 1,046 1,048 18 22 10 17 « 3 5 5 16 9 5 3 «3 2 2 3 1 4 1 •1 +2 +13 1,048 1,061 288 326 44 42 42 40 «2 2 2 6 3 3 4 2 +216 +38 288 326 oot 1921 1922 1,061 1,065 12 6 6 2 1 5 1 1 2 8 10 1 6 1 1 4 2 2 1 +4 -4 1,065 1,061 358 377 24 24 5 2 2 1 1 7 +32 +19 358 377 CO CO FEDERAL RESERVE DISTRICTS District 8—St. LouL 1923 1924 1925 1915 1916 1917 1918 1919 1920 1921 1,061 1,058 1,055 458 469 467 466 470 470 480 9 13 15 17 5 6 11 12 17 9 5 11 12 6 2 5 5 7 12 7 1 1 1 1 3 3 9 3 1 6 4 4 2 1 2 12 16 19 6 7 7 12 7 5 5 1 2 2 7 2 2 1 1 1 1 3 1 3 2 6 16 2 1 1 3 3 1 1 2 1 1 1 1 6 4 2 2 -3 -3 -4 +11 -2 +4 0 +10 1,058 1,055 1,051 469 467 466 470 470 480 379 369 353 1 1 1 13 44 68 5 5 6 0 0 12 31 27 24 4 5 5 12 31 27 24 (1) (3) 1 1 4 15 21 12 0 0 0 0 3 1 1 2 1 1 2 1 1 1 1 1 1 2 5 10 8 3 7 4 3 1 +2 -10 -16 -6 0 0 +12 +31 +24 +23 379 369 353 347 1 1 13 44 68 91 OS CO CM J: 1915-1925— Con. o 5 1922 1923 1924 1925 480 487 497 492 11 16 5 9 7 7 4 5 4 3 5 1 4 1 4 6 10 3 2 1 1 3 1 1 1 3 1 1 1 1 1 3 2 1 1 1 1 0 +7 +10 -5 +6 480 487 497 492 498 91 105 121 127 132 14 17 16 10 5 13 17 16 10 5 1 (2) 0 1 10 5 7 1 2 1 1 4 1 2 1 1 1 3 1 4 +14 +16 +6 +5 -2 105 121 127 132 130 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

District 9—Minneapolis District 10—Kansas City 1915 1916 1917 1918 1919 1920 1921 1922 1923 1924 1925 1915 1916 1917 1918 1919 1920 1921 1922 1923 1924 1925 National banks, first of year 709 732 763 764 797 834 883 882 870 831 785 836 943 940 948 967 991 1,023 1,048 1,099 1,086 1,033 Total additions 28 34 56 34 44 57 13 12 11 12 17 134 15 21 24 36 54 44 71 28 12 8 Primary organization 5 15 36 13 26 26 7 3 3 4 14 9 8 19 21 28 34 12 8 7 5 Conversion of State member 1 1 1 2 1 1 7 2 6 1 2 Conversion of nonmember 23 18 19 19 17 28 4 3 4 3 1 4 7 2 3 7 18 25 57 18 3 Resumption following suspension __ 1 1 2 6 3 5 2 1 5 2 3 Other increase 1 i 121 Total losses 5 3 55 1 7 8 14 24 50 58 58 27 18 13 5 12 22 19 20 41 65 47 Merger between national banks 2 2 1 1 5 1 3 6 7 1 5 3 2 5 4 5 11 10 Absorption by State member 1 1 1 1 Conversion to State member 3 1 Voluntary liquidation 2 1 1 2 3 4 1 5 1 2 1 8 9 5 Suspension and insolvency 2 1 5 11 13 42 48 44 2 I 1 2 9 17 34 16 Absorption by nonmember 1 1 3 4 2 4 1 4 1 3 6 2 3 6 8 7 Conversion to nonmember 1 2 2 I 4 1 1 3 12 12 5 1 6 4 3 3 2 9 Other decrease.__ 152 Net change +23 +31 +1 +33 +37 ~+49~~ _x -12 -39 -41 +107 -3 +8 +19 +24 +32 +25 +51 -13 -53 -39 National banks, end of year 732 763 764 797 834 883 882 870 831 785 744 943 940 948 967 991 1,023 1,048 1,099 1,086 1,033 994 State banks, first of year 0 1 1 16 70 86 116 135 130 109 100 0 3 3 9 27 47 63 44 43 36 33 Total additions 1 0 16 55 21 34 22 5 2 3 1 3 0 6 19 23 17 1 2 4 2 1 Admission of State bank 1 16 55 21 34 22 5 1 3 1 3 6 19 23 14 1 2 4 1 1 Conversion of national bank 3 1 Absorption of nonmember 2 1 Resumption following suspension 1 Total losses 0 0 1 1 5 4 3 10 23 12 16 0 0 0 1 3 1 20 3 11 5 1 Merger between State members 1 2 Absorption by national bank 2 1 1 1 1 1 1 Conversion to national bank 1 1 1 2 1 72 1 6 1 4 2 Voluntary liquidation 2 2 1 2 Suspension and insolvency 1 4 14 9 5 2 2 Absorption by nonmember 1 2 Conversion to nonmember 1 Withdrawal 2 1 3 5 9 8 11 1 4 1 Other decrease ___ *2 * 1 * 1 Net change +1 0 +15 +54 +16 +30 +19 -5 -21 -9 -15 +3 0 +6 Tl8~ +20 +16 -19 -1 -7 -3 0 State banks, end of year _ 1 1 16 70 86 116 135 130 109 100 85 3 3 9 27 47 63 44 43 36 33 • 33 OO NOTE.—Footnotes will be found on p. 183. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 94.—ANNUAL CHANGES IN NUMBER OF NATIONAL AND STATE MEMBER BANKS, BY FEDERAL RESERVE DISTRICTS: 1915-1925—Con. 1915 1916 1917 National banks, first of year. 758 634 609 Total additions 12 8 17 Primary organization._ _ ___ 4 4 10 Conversion of State member C on version of nonmenber 8 3 7 Resumption following suspension 1 Other increase _ Total losses _ . 136 33 7 Merger between national banks 1 9 Absorption by State member Conversion to State member Voluntary liquidation 2 5 4 3 Suspension and insolvency 4 Absorption by nonmember 3 2 3 Conversion to nonmember 2 2 1 Other decrease.. _ i 121 i 16 Net change.. -124 -25 +10 National banks, end of year 634 609 619 State banks, first of year 1 10 10 Total additions _. 9 1 Admission of State bank 9 1 Conversion of national bank _ Absorption of nonmember Resumption following suspension Total losses 0 1 Merger between State members Absorption by national bank Conversion to national bank Voluntary liquidation 2 Suspension and insolvency Absorption by nonmember Conversion to nonmember ot ot OO to District 11—Dallas District 12—San Francisco 1918 1919 1920 1921 1922 1923 1924 1925 1915 1916 1917 1918 1919 1920 1921 1922 1923 1924 1925 619 630 642 655 649 656 659 645 521 526 523 534 558 586 632 618 613 607 584 17 26 31 16 26 25 20 93 12 11 21 29 33 61 23 35 23 12 25 13 19 24 9 2 4 11 12 6 8 11 12 22 44 13 16 16 6 16 2 6 7 11 1 38 3 2 3 5 2 2 4 6 5 2 17 8 4 43 6 3 10 15 8 15 6 11 3 3 7 1 2 3 1 2 4 1 3 2 3 2 6 14 18 22 19 22 34 13 7 14 10 5 5 15 37 40 29 35 34 7 2 7 4 2 10 1 5 7 4 1 3 4 6 5 2 4 7 2 4 1 1 4 15 24 12 12 4 1 7 2 3 1 2 2 6 1 5 I 1 1 1 2 4 3 3 1 6 10 2 14 17 10 1 3 13 5 8 10 9 1 2 2 3 1 4 1 1 1 3 3 3 1 4 2 3 4 7 2 2 4 1 1 3 1 1 1 2 4 1 2 +11 +12 +13 -6 +7 +3 14 +80 +5 -3 +11 +24 +28 +46 -14 -5 —6 -23 q 630 642 655 649 656 659 645 725 526 523 534 558 586 632 618 613 607 584 575 11 97 114 185 202 199 190 183 0 0 0 17 86 137 198 219 207 195 182 87 22 74 26 7 7 6 4 0 0 17 69 56 67 38 8 5 2 1 87 21 74 26 7 7 5 4 17 69 56 67 38 4 1 1 1 1 (1) 1 1 T 1 1 5 3 9 10 16 13 60 0 0 0 0 5 20 17 15 18 1 2 . 5 5 4 2 1 3 1 1 2 2 1 1 1 1 2 2 2 77 10 1 38 3 2 3 5 2 2 1 1 2 2 4 3 1 1 2 6 4 3 6 6 5 4 1 3 1 7 1 1 2 1 1 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Withdrawal 1 1 { •6 2 06 Q Other decrease ." 41 6 | .... Net change +9 0 +1 +86 +17 +71 +17 -3 -9 -7 -56 0 0 +17 +51 +61 +21 -12 -13 -17 oo oo State banks, end of year 10 10 11 97 114 185 202 199 183 127 0 0 17 86 137 198 219 207 195 182 165 OS 1 Represents the transfer of banks between districts. 2 Excludes voluntary liquidations intermediate in some further change in the status of banks; such instances are classified according to the ultimate status of the banks. 3 Compulsory withdrawal. 4 Nonpayment on Federal reserve bank stock. 8 One national bank succeeded a State member and a national bank. 6 Two national banks succeeded by a single State member bank. 7 Member bank of one class succeeded by one of the other class, the latter not reporting until the next year. 8 Includes compulsory withdrawal of 4 banks. 9 1 0 I n In c c lu lu d d e e s s c o on m e p c u o ls m or p y u l w so i r th y d w ra i w th a d l r a o w f t a w l. o banks. a M Q GO 3 00 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BANK SUSPENSIONS GO No. 95.—BANK SUSPENSIONS DUKING 1925 AND 1924: NUMBER, CAPITAL, AND DEPOSITS, BY CLASSES OP BANKS All banks Nonmember banks Federal reserve district Number Capital Deposits Number Capital Deposits 1925 1924 1925 1924 1925 1924 1925 1924 1925 1924 1925 1924 Boston. 2 1 $125,000 $150, 000 $1,298,000 $1, 605, 000 2 $125,000 $1,298,000 New York 6 85,000 1, 746, 000 5 $60,000 $981,000 Philadelphia 3 2 355,000 125, 000 2,665, 000 901, 000 3 1 355,666 75,000 2,665,000 654,000 Cleveland- 14 6 730, 000 129, 000 9,624, 000 1,137,000 11 6 505, 000 129,000 6, 003,000 1,137, 000 Kichmond 68 43 2, 615,000 1, 654,000 13,182,000 5,822,000 57 39 2,040,000 1,354,000 9,547,000 4, 280,000 Atlanta 44 48 2,104, 000 1, 974, 000 6, 079, 000 5, 002, 000 29 35 899, 000 984,000 2,179,000 3,134, 000 Chicago 109 108 4,961,000 4,622,000 34,126,000 36,950,000 85 92 2,911,000 3, 697,000 21,724,000 28,718,000 St. Louis.. . _ ._ 53 53 1, 761, 000 1, 903, 000 11,942, 000 13, 674, 000 52 50 1, 736, 000 1, 503,000 11, 916,000 12,305, U00 Minneapolis 168 295 4, 724,000 9,084,000 44,985, 000 85,539, 000 119 237 2, 559,000 5,934,000 26,443,000 59,588,000 Kansas City 77 133 3,433, 000 4,142,000 28,698, 000 34, 763, 000 61 101 1,833, 000 2,362,000 12, 288, 000 18,207,000 Dallas 50 53 2,498,000 3,108, 000 11,830,000 19,612, 000 35 34 1,028,000 1,063,000 6,189,000 5,905,000 San Francisco _ 24 29 1,135, 000 1, 397,000 8,471, 000 6, 693, 000 12 18 530, 000 907,000 5, 384,000 4, 066,000 Total „ 612 777 24,441, 000 28,373,000 172,900,000 213,444, 000 466 618 14, 521, 000 18, 068,000 105, 636, 000 138, 975,000 Ratio to total for all suspended banks (per cent) 100 100 100 100 100 100 76 79 59 64 61 65 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

National banks State member banks Federal reserve district Number Capital | Deposits Number Capital Deposits 1 1925 1924 1925 1924 1925 1924 1925 1924 1925 1924 1925 1924 Boston 1 $150, 000 $1,605,000 New York 1 25, 000 765, 000 Philadelphia 1 50,000 247,000 Cleveland 3 $225,000 $3, 621, 666 Richmond 10 3 550,000 200, 000 3,528,000 1,243, 000 i 1 $25,666 $166,666 $107,000 $299,000 A M D C S K Sa t h t a a . i l n i n l n a c L l n s a n a F o a e s g t r u s a a o a i p n C s o c i l i t i s _ y s c _ o , _ _ 4 1 1 1 1 4 6 9 0 6 0 4 3 1 1 4 6 9 0 1 6 0 1 2 1 1 , , , , 0 6 1 9 4 0 1 0 5 3 8 1 5 0 0 0 5 5 , , , , , , 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 2 1 1 , , , 3 6 8 3 3 2 4 5 5 8 1 6 0 6 5 5 5 5 0 0 5 , , , , , , , 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 2 7 4 2 7 6 , , , , , , 7 6 0 4 8 7 8 5 1 1 0 2 2 0 8 1 6 1 , , , , , , 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 4 1 5 2 9 2 , , , , , , 8 4 7 3 6 0 9 6 3 6 2 1 3 8 8 7 4 5 6 4 5 , , , , , , , 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 5 8 5 3 1 5 1 9 2 9 2 3 0 1 1,0 2 1 3 1 3 2 7 5 2 1 5 0 5 5 5 5 , , , , , , 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 6 2 7 5 2 1 2 2 0 9 2 4 3 5 5 5 0 5 0 5 , , , , , , , 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 4 1 1 , , , 7 1 6 7 3 4 1 3 2 6 3 4 8 6 0 6 6 , , , , , , 0 0 6 0 0 0 0 0 0 6 0 0 0 0 0 0 6 0 3 6 1 , , , 3 1 3 8 7 5 1 6 8 8 3 5 7 9 4 3 7 2 3 2 0 , , , , , , , 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Total ___ . 118 122 7,970,000 7,660, 000 58,537, 000 60,889,000 28 37 1,950,000 2, 645, 000 8, 727,000 13,580,000 Ratio to total for all suspended banks d (per cent)— _ 19 16 33 27 34 29 5 5 8 9 5 6 Xfl 3 NOTE.—Figures of capital and deposits taken from latest available records, Figures include 3 private banks in 1925 and 5 in 1924 for which no capital is available and 8 private a banks in 1925 and 7 in 1924 for which no deposits are available. o t oo C Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 96.—BANK SUSPENSIONS DURING 1925: CLASSIFIED ACCORDING TO CAPITAL STOCK Federal reserve district Total number Total capital Capital stock Boston Y Ne o w rk d P e h lp il h a i - a C la le n v d e- m Ri o c n h d - AtlantaChicago L S o t u . is M ap in o n li e s -K C an it s y as Dallas F S r a a n n- 1925 1924 1925 1924 cisco ALL BANKS Less than $25,000 5 26 11 29 37 72 30 21 3 234 320 $3,112, 000 $4,241, 000 $25,000 5 9 13 27 5 49 16 3 8 135 191 3, 375, 000 4, 775,000 $25,001 to $49,999 10 2 14 2 10 4 3 1 46 55 1, 559, 000 1, 847,000 $50,000 to $99,999 2 1 16 13 24 4 35 16 14 8 133 130 7, 515, 000 7,113,000 $100,000 to $199,999 1 3 6 4 9 3 1 6 6 4 43 61 4, 650, 000 6, 647, 000 $200,C03 to $500,000. 1 1 1 4 2 1 5 3 18 15 4, 230, 000 3, 750, 000 Not available 1 2 3 5 Total _. 2 3 14 68 44 109 53 168 77 50 24 612 777 24,441, 000 28,373,000 NATIONAL BANKS $25,000 1 2 1 6 21 5 1 $25 001 to $49,999 2 1 2 $50,000 to $99,999 5 7 5 19 4 $100,000 to $199,999 _ 2 1 1 3 1 2 $200,000 to $500,000 ___ 1 1 1 5 Total 3 10 10 16 44 16 OC OC OC 00 O 4 41 44 $1,025,000 $1,100, 000 5 9 185,000 310,000 > 3 46 42 2,635, 000 2, 300,000 2 15 19 1,675,000 2, 000,000 11 8 2,450,000 1,950,000 10 9 118 122 7, 970, 000 7,660, 000 STATE MEMBER BANKS W Less than $25,000 _ . 1 1 $15, 000 O $25,000 1 3 1 1 4 1 11 9 275, 000 $225, 000 > $25,001 to $49,999 ' 1 4 35,000 150,000 $50,000 to $99,999 1 ? 2 8 10 475, 000 510, 000 $100,000 to $199,999 2 2 5 12 500,000 1,360,000 $200,000 to $500,000 I 2 2 650, 000 400,000 Total 1 5 8 1 5 5 3 28 37 1, 950, 000 2, 645,000 ........ Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NONMEMBER BANKS Less than $25,000 5 26 11 29 37 72 30 20 3 233 320 $3,097,000 $4,241, 000 $25,000 4 6 9 20 4 24 11 2 3 83 138 2, 075, 000 3,450,000 $25,001 to $49,999 8 2 12 2 8 4 3 1 40 42 1,339, 000 1, 387, 000 $50,000 to $99,999 . 2 1 11 6 17 4 15 12 8 3 79 78 4,405, 000 4, 303, 000 $100,000 to $199,999 1 1 5 1 4 3 4 2 2 23 30 2, 475, 000 3, 287,000 $200,000 to $500,000 1 1 1 2 5 5 1,130, 000 1,400,000 Not available 1 2 3 5 Total. _ 2 3 11 57 29 85 52 119 61 35 12 466 618 14, 521,000 18, 068,000 W W d o CO 00 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

188 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No. 97.—BANK SUSPENSIONS DURING 1925: BY SIZE OF TOWN OR CITY Number of suspensions in towns and cities with population of— Total State num- Capital Deposits ber Less 500 1,000 1,500 2,500 S,000 10,00025,000 than to to to to to to and 500 999 1,499 2,499 4,999 9,999 24, 999 over New England States: New Hampshire.. 1 $50,000 $1,203,000 1 Rhode Island 1 75,000 95, 000 1 Total 2 125,000 1,298, 000 1 1 Eastern States: Pennsylvania 8 905,000 11, 293, 000 1 1 2 4 Maryland 2 100,000 552,000 2 Total 10 j 1, 005, 000 11, 845, 000 1 1 2 6 Southern States: Virginia 3 50,000 338,000 2 1 West Virginia 4 200,000 975, 000 2 1 1 North Carolina... 18 527, 000 3, 061, 000 5 4 I 4 2 2 South Carolina._. 43 1, 788, 000 8, 489, 000 14 7 7 6 4 2 3 Georgia 31 1, 635, 000 4, 032, 000 7 8 3 5 5 1 2 Florida 1 100,000 346,000 1 Kentucky 7 120, 000 733, 000 4i " 2 I Tennessee 8 365, 000 3, 583, 000 3 2 2 1 Alabama.. 5 124, 000 366, 000 3 1 1 Mississippi.. _ _ 1 25,000 104, 000 1 Arkansas 8 535,000 3, 015, 000 1 2 2 1 1 1 Louisiana 3 110, 000 476, 000 1 2 Texas 39 1, 883, 000 8, 877, 000 12 9 5 5 3 4 1 Total 171 7,462, 000 34,395,000 51 39 21 16 23 9 11 1 Middle Western States: Ohio 1 25,000 180, 000 1 Indiana 10 323, 000 1, 680,000 4 3 1 1 Illinois 8 370, 000 2, 575, 000 2 1 2 1 1 1 Michigan 5 64,000 398, 000 3 1 1 Wisconsin 10 205, 000 2,428, 000 4 3 1 2 Minnesota 50 1, 554,000 17,850,000 21 12 6 5 5 1 Iowa 84 4,144, 000 28,122, 000 27 19 8 7 10 5 4 4 Missouri. _ . 45 1,181, 000 7,160, 000 24 8 2 8 1 2 Total 213 7,866,000 60, 393, 000 86 46 19 23 18 10 5 6 Western States: North Dakota 32 570, 000 4, 530, 000 21 9 1 1 South Dakota 64 1, 895, 000 18,908, 000 30 11 13 5 3 1 1 Nebraska 12 400, 000 3,102, 000 3 1 2 1 Kansas 19 303, 000 3, 234, 000 ij! 7" 1 1 Montana 16 585, 000 2, 761, 000 6 4 3 3 Wyoming 3 45, 000 182, 000 1 1 1 Colorado.. 15 1,280, 000 13,406,000 1 3 7 New Mexico 10 675, 000 2, 566, 000 2 1 5 Oklahoma 21 1, 095, 000 7, 809, 000 • 4 2 2 3 4 2 Total 192 6,848, 000 56, 498, 000 83 42 23 12 13 9 10 Pacific States: Washington 6 260, 000 1. 788. 000 1 1 1 1 2 Oregon 3 85, 000 434. 000 2 1 California 3 75,000 614, 000 1 1 1 Idaho 8 455, 000 2,469,000 1 1 3 2 1 Utah 1 30,000 164, 000 1 Arizona 3 230, 000 3, 002, 000 1 2 Total 24 1,135,000 8,471,000 4 3 4 4 6 3 Grand total 612 24,441,000 172,900,000 226 130 67 56 60 32 18 23 Per cent of total 36.9 21.2 11.0 9.2 9.8 5.2 2.9 3.8 Cumulative per cent 36.9 58.1 69.1 78.3 88.1 93.3 96.2 100 NOTE.—Figures of capital and deposits taken from latest available records. Figures include 3 private banks for which no capital is available and 8 private banks for which no deposits are available. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BANK SUSPENSIONS 189 No. 98.—BANK SUSPENSIONS DURING 1924: BY SIZE OF TOWN OR CITY Number of suspensions in towns and cities with population of— Total State num- Capital Deposits ber Less 500 1,000 1.500 2,500 5,000 10,00025,000 than to to to to to to and 500 999 1,499 2,499 4,999 9,999 24,999 over New England States: Connecticut 1 $150,000 $1,605,000 1 Total 1 150,000 1, 605,000 1 Eastern States: New York 6 85,000 1, 746, 000 1 1 4 Pennsylvania 2 125, 000 901, 000 1 1 Total 8 210, 000 2, 647,000 1 1 1 5 Southern States: Virginia... 4 189,000 1,195,000 1 1 2 West Virginia 2 65,000 259, 000 1 1 North Carolina—. 13 473, 000 1, 305, 000 7 1 2 1 2 South Carolina__- 24 927,000 3, 063, 000 10 5 1 5 3 Georgia - 29 1,428, COO 2, 514,000 10 8 3 3 2 1 2 Florida 3 45, 000 310, 000 2 1 Kentucky 6 105, 000 1, 017, 000 5 1 Tennessee 6 238, 000 1, 980, 000 2 2 1 1 Alabama 10 311, 000 802, 000 3 4 1 1 1 Mississippi-- 1 25, 000 176,000 1 Arkansas 11 370, 000 1 622,000 3 4 3 1 Louisiana 2 40, 000 138, 000 1 1 Texas - 30 1, 753, 000 10, 954, 000 8 10 2 4 1 I 1 3 Total 141 5, 969, 000 25, 335, 000 52 40 12 16 8 3 3 7 Middle Western States: Ohio 4 84, 000 687, 000 3 1 Indiana 4 125, 000 824, 000 2 2 Illinois 14 849, 000 4, 378, 000 5 2 2 1 1 1 2 Michigan 7 77, 000 625,000 4 2 1 Wisconsin 10 185, 000 1,892, 000 4 3 2 1 Minnesota 55 1, 952, 000 23,815,000 23 14 2 4 7 3 1 1 Iowa 83 3, 761, 000 31, 259, 000 32 18 4 9 9 4 1 6 Missouri 43 1,462, 000 11,876,000 21 6 7 3 2 1 3 Total 220 8,495, 000 75, 356, 000 91 48 17 18 19 9 5 13 Western States: North Dakota 76 1, 520, 000 11,647,000 56 8 8 1 1 1 1 South Dakota 111 3, 262, 000 36, 623,000 54 27 10 6 3 7 4 Nebraska — 17 500, 000 3,149,000 11 3 1 1 1 Kansas 16 700, 000 4, 880, 000 4 2 5 2 2 1 Montana - 46 2, 210, 000 12,185, 000 18 12 7 2 4 2 1 Wyoming 32 1, 200, 000 12, 663, 000 14 1 6 6 1 1 3~ Colorado 9 283, 000 1, 649, 000 4 2 1 1 1 New Mexico 22 1, 345, 000 8, 442, 000 2 4 2 5 6 3 Oklahoma 49 1,132, 000 10, 570, 000 21 5 6 10 4 3 Total 378 12,152, 000 101, 808,000 184 64 40 36 19 15 14 6 Pacific States: Washington 12 490, 000 2,174, 000 3 2 2 5 3 37,000 466, 000 2 1 California 2 242, 000 561, 000 1 1 Idaho 7 328, 000 1, 724, 000 2 5 Utah 2 75, 000 388, 000 2 Arizona 3 225, 000 1, 380,000 1 1 1 Total . 29 1, 397, 000 6, 693, 000 8 | 5 2 5 8 1 Grand total 777 28, 373, 000 213,444,000 1 335 158 71 75 55 29 22 32 Per cent of total 43.1 20.3 9.2 9.7 7.1 3.7 2.8 4.1 Cumulative percent 43.1 63.4 72.6 82.3 89.4 93.1 95.9 100 NOTE.—Figures of capital and deposits taken from latest available records. Figures include 5 private banks for which no capital Is available and 7 private banks for which no deposits are available. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

190 ANNUAL, REPORT OF THE FEDERAL RESERVE BOARD No. 99.—BANK SUSPENSIONS IN EACH DISTRICT DURING 1925, BY MONTHS tr A d i i c l s l t - s B to o n s- N Y e o w rk P a p d h h e i i l l a - - C la le n v d e- m R o ic n h d - la A n t t - a c C a h g i o - L S o t u . is M n o e l i a i n s p - - K C s a i a t n s y - D la a s l- F c S i r s a a c n n o - Total number of failures 612 2 3 14 68 44 109 53 168 77 50 24 MONTHS January 103 1 2 9 16 27 7 16 13 8 4 February 60 1 2 6 5 10 5 13 4 11 3 March _ __ 43 1 5 6 9 10 6 3 3 April 48 2 11 6 2 4 14 3 4 2 May 54 1 1 8 2 6 3 13 6 12 2 June 34 2 3 3 6 5 9 3 3 July 29 3 2 1 5 2 8 6 2 August 14 1 3 4 5 1 September 30 1 1 8 2 6 10 2 October - 53 9 3 6 6 20 5 1 3 November 74 1 11 17 2 31 7 2 3 December 70 1 3 7 16 5 24 9 3 2 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEBITS TO INDIVIDUAL ACCOUNTS No. 100.—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 1925 1924 1923 1922 * 1921 * 19201 1919 1 January... 49,959,035 41,498,264 41,752,913 34,943,664 38,028,836 45,367,303 34,929,044 February 41,495,772 37,397, 792 35,925, 212 30, 585,310 29,728,424 35,787,840 28,162,959 March. 47,601,032 40,739,481 42,185,143 36,932, 274 33,903, 259 43,431,173 32,170,533 April 44,537, 384 39, 518,668 39,294,408 36,388,040 32,235,079 41,643,736 32,686,088 May__ 46,576,267 40,044,354 40,071,906 37,976,008 32,512,426 39,256, 598 37,026,671 June 48,611,133 40,229,841 40,573,595 39, 236,177 33,606,456 40,346,912 39,211,257 July.. 47,016,264 40,131,073 36, 504,275 36,055,788 31,514,619 39,868, 249 41,055,948 August 43,113,197 38,691,819 33,495,567 34,136,129 30,097,035 36,274,676 37,943,950 September 45,241,613 38,971,985 34, 060,234 35,768,453 31,625,162 37,378,270 38,531,953 October.. 52,929,830 43,417, 983 2 38,911,123 40,745,186 34,323,441 41,027,647 44,474,469 November 48,343,797 41,892,997 38,503,870 36,159,896 33,441,136 39,696,095 42,536,207 December 54,371,372 49,157,166 42, 448,051 40,436,981 38,020,458 42,947,842 46, 564,679 Total 569,796,696 491,691,423 2463,726,297 J439,363,906 399,036,331 483,026,341 455,293,758 District No. 1—Boston (11 cities) Month 1925 1924 1923 1922 1921 1920 i 19191 January 2,685,491 2,189,052 2,197,997 1,928,021 2,058,410 2,675,255 2,009,761 February 2,157,347 1,973,432 1,889,899 1, 611,605 1,611,603 2,070,598 1,594,925 March 2,279,817 2,147,057 2, 222,086 1,857,809 1,821,196 2,441,399 1,849,181 April 2,326,857 2,118,054 2,119,787 1,760,157 1,796,118 2,463,338 1,771,883 May 2,273,167 2,052,772 2,139,645 1,837,939 1,788, 548 2,388,706 2,020,963 June _ _ 2, 374,832 2,040,544 2,172,872 1,992,898 1,826,530 2,395,135 2, 273,765 July 2,364,323 2, 111, 283 1,983,223 1,899,373 1,734,824 2,426,337 2,365,624 August 2,137,700 1,989,773 1,771,572 1,586,094 1,588,542 2,050,980 2,057,147 September __ 2,155,120 1,974,984 1,760,956 1,717,635 1,630,299 2,177,650 2,043,246 October 2,903,991 2,357,435 2,154,617 2,087,622 1,947,992 2,401,160 2,592,489 November 2,644, 630 2,252,717 2,150,666 1,986,523 1,925,753 2,278,756 2,484,021 December 2,711,056 2,467,796 2, 287,912 2,126,314 2,005,698 2,367,205 2,835,467 Total 29,014,331 25,674,899 24,851,232 22,391,990 21,735,513 28,136,519 25,898,472 1 Revised. Figures for following cities partly estimated for periods specified: Boston, to end of 1920; St* Louis and Louisville, to January, 1921, inclusive; and St. Paul, to January, 1922, inclusive* 1 Revised figures. 88169—26 14 191 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

192 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No. 100.—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. 2—New York (7 cities) Month 1925 1924 1923 1922 1921 1920 1919 January. __ 28, 500,616 22,814, 899 22, 763, 018 19,644,551 20,666,732 24,320,682 18,683,156 February.. 23, 574,730 20,511,857 19, 595,761 17,029,426 15,645,827 18, 606, 208 14,926,776 March 27,165,007 22,227,152 23, 231, 535 20,977,917 17,940,133 22,919,446 17,189,069 April 24, 721,153 21,356,913 21,180, 741 21, 326,277 16,950,772 21,990,708 17,859,002 May 26,976, 549 22,124,834 21,399,850 22,268,911 17,774,980 20,254,578 20,904,781 June 27,764,381 22,639, 521 21,789,805 22,693, 592 18,355, 750 20,496,326 22,168,368 July 26, 277, 206 22,184,731 19,008,372 20,328, 510 16,907,780 19,791,364 23,012,206 August 24,018, 796 21, 556,426 16, 829,386 18, 854,442 15,683,072 18,006,812 20,825,951 September- 25,113,684 21,387, 861 17,414,976 19,793,005 16, 617,939 18,236,870 21, 011,144 October 29, 811,977 23, 242,131 19, 846, 052 22,967,053 18,170,740 20,817, 207 24, 846, 202 November. 27,771,583 23,708, 849 20,632,112 19,637,137 18,018,315 20,817,136 23, 921, 299 December. 31,147,498 28,106,044 22, 801, 386 21,546,408 21,178, 533 23,117,836 25, 532,024 Total 322,843,180 271,861, 218 246,492,994 247,067,229 ,213,910,573 249,375,173 250,879,978 District No. 3—Philadelphia (10 cities) Month 1925 1924 1923 1922 1921 1920 1919 January 2,173, 091 1,925,455 1,914, 857 1,583,008 1,679,283 1,978,267 1,581,693 February... 1,780,071 1, 723,139 1,648,925 1,431, 593 1,391, 392 1, 585, 698 1,272,808 March 2,105,710 1,873, 812 1,926,493 1,628,117 1,615,908 1,891, S03 1,514,704 April 2,024,253 1,942,356 1,863,477 1, 569,312 1, 582,299 1,874,066 1,449,060 May _. 2,071,159 1,894,928 1,973,625 1,634,314 1, 503,607 1,788,088 1,562,861 June 2, 296, 834 1,936,205 2,083,113 1,720, 649 1,622,499 1,908, 508 1,661,131 July 2,138,248 1,902,728 1,826,560 1,668,316 1,523,296 1,857,001 1,719,920 August 1,926,109 1,748, 702 1, 733,171 1, 589, 819 1,407,355 1,773,422 1,597,915 September- 2,025,711 1,794,021 1,670,226 1, 646,539 1, 500, 586 1,746,073 1,697,789 October 2, 298,660 1,968,134 1, 922, 569 1,891,067 1,581,867 1,874,281 1,800,612 November- 2,007,971 1,820, 722 1, 738,336 1, 682,845 1, 515,206 1,818,682 1,680,381 December.. 2,405,369 2, 242,478 1,999, 728 1,939,197 1,766,389 1,995,716 1,957,058 Total 25, 253,186 22, 772,680 22,301, 080 19,984, 776 18,689,687 22,091,705 I 19,495,932 District No. 4—Cleveland (13 cities) Month 1925 1924 1923 1922 1921 1920 1919 January... 2,511,678 2, 227,515 2,305,963 1,709,252 2,236,485 2,335,154 1,866,735 February.. 2, 048,430 2,006,249 1,949,930 1, 538,886 1,754,568 1,942, 268 1, 533,594 March 2, 284,925 2,173, 881 2, 206,665 1, 665,926 1,869,444 2,329,618 1,795,187 April 2,407, 075 2, 275, 246 2,227, 570 1, 744,376 1,841,155 2,331,924 lf 812,344 May 2,240, 047 2,122,402 2, 266,888 1,741,268 1,716,241 2,166,964 1,838,213 June 2, 459, 218 2,105, 227 2,278,941 1,927,948 1,751,903 2,412,086 2,081,885 July-- 2,564,444 2,139,964 2,237,042 1,911,065 1,620,986 2,458,275 2,146,230 August- 2, 246,826 1,979, 554 2,081,604 1,850,667 1,521, 031 2,162, 713 1,948,043 September.. 2,308, 524 1,996,688 2,005, 409 1,877,032 1, 585,995 2,261,299 2, 044,338 October 2, 661,005 2,300,487 2 2,252,036 2,025,319 1,689,784 2,449,572 2,147,235 November.. 2,341,146 1,980,486 1,996,108 1,867,671 1,643,919 2,291,823 1,981,154 December.. 2,652, 829 2,466,903 2,331, 503 2,430,467 1,873,095 2, 535, 569 2,363,702 Total 28,726,147 25,774,602 2 26,139,659 22,289,877 21,104,606 27,677,265 23, 558,660 » Revised figures. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEBITS TO INDIVIDUAL, ACCOUNTS 193 No. 100.—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 5—Richmond (7 cities) Month 1925 1924 1923 1922 1921 1920 1919 January 767,253 733,878 746, 047 630,971 737,917 913,182 664,034 February 675,206 650, 035 631,628 535,864 600,411 729,147 549, 272 March. 739,378 699, 209 737,293 618,568 677, 832 827,966 573,898 April 747, 785 672,896 676,260 614,409 645,676 815,659 594,749 May 718, 890 665,057 701,164 664,853 633,007 794,726 638,199 June 774,907 673,372 742, 692 681,167 677,168 816,522 736, 281 July 795,146 676,364 681,119 636, 506 660, 222 823,137 778,461 August.. ._ 724,344 674,370 668,610 616, 520 674,846 742, 740 744, 693 September.. 757, 569 648,670 655, 258 596,901 666, 886 742,456 736,604 October 844,702 733,682 746, 504 705,455 743,458 805,251 862,098 November 769, 680 675,127 710,408 660,697 724,232 783,394 829, 047 December 878,411 795, 584 804,167 753,942 793,239 841,217 903,315 Total 9,193, 271 8,298,244 8, 501,150 7,715,853 8,234,894 9, 635,397 8,610,651 District No. 6—Atlanta (15 cities) Month 1925 1924 1923 1922 1921 1920 1919 January 1,201,107 1,047,405 1,005, 714 774, 821 895,433 1, 299,305 909,836 February.. 976, 073 947,847 827,440 676,960 741,122 1,018,724 735,579 March 1,120,908 987,094 991,806 781,076 811,214 1,174,029 781, 069 April 1,060,994 970, 084 886,328 710, 303 770, 072 1,142, 763 772, 570 May 1,096,908 916,882 922,450 764,397 725,043 1,072, 048 866,105 June . _ _ 1,059,350 872,788 902,403 785,260 728,734 1, 050,795 891,195 July_ 1,092,009 914, 053 837,023 743,297 735,144 1, 053,476 896,644 August 1,052,912 848, 971 790, 799 739, 642 704,823 969,926 855,820 September. 1, 250, 762 959,071 835,330 800, 649 796,832 1,009,492 900,815 October __ __ 1,429,618 1,129, 584 1,020,357 901, 535 858, 216 1, 046, 469 1,169, 851 November 1, 206,911 973,154 991,989 911,367 785, 252 984,850 1,114,521 December 1,365, 832 1,154,408 1,124,910 989, 297 831,379 990,040 1, 244, 769 Total. 13,913,384 11, 721,341 11,136, 549 9, 578, 604 9,383, 264 12,811,917 11,138,774 District No. 7—Chicago (21 cities) 1925 1924 1923 1922 1921 1920 1919 January. 5,490,747 4,701,940 4,810,899 3,858,652 4,321,991 5,161,983 4,003,943 February 4,479,475 4,178,246 4,383,817 3, 523,914 3, 512,764 4,300,416 3,302,169 March 5,451,905 4,807, 897 4,828,041 4,389,187 3,992,927 5,359,715 3,688,857 April 5,131,967 4, 643, 076 4,737,859 3,945,171 3,819, 083 4,910, 702 3,705, 095 May 5, 248,800 4, 746, 250 4,899, 390 4, 097,957 3,765,913 4, 791,361 4, 049,043 June 5, 523, 074 4, 582, 549 4,772,812 4,326,058 3,827,910 5,072,942 4, 271, 775 July 5,470, 821 4,654,974 4, 509,455 3,995,629 3, 781,428 5, 235,135 4, 517,819 August 4,946,030 4,469, 357 4, 240, 633 3,991,612 3,874,899 4,733,163 4,370,996 September 5,118,833 4,435,346 4,208,411 4,070,134 3,848,068 4,969,417 4,424,744 October 5,775, 228 4, 949,211 4,660,972 4,438, 210 4,068,910 5,086, 228 4,736,840 November. 5,087,127 4, 500,225 4,428,485 4,051,955 3,827,166 4,559,162 4,557,526 December 5,850,726 5,326,098 4,886,123 4,615,171 4,195,461 4,885,453 5, 039,794 Total 63,574,733 55,995,169 55,366,897 49,303,650 46,836,520 59,065,677 50,668,601 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

194 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No, 100.—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. 8—St. Louis (5 cities) Month 1925 1924 1923 1922 19211 1920 J 19191 January 1,306,725 1,130,859 1,178, 722 858,795 970,864 1,357,873 1,148,738 February 1,074, 542 981, 669 952,802 739,485 813,884 1,120,338 941, 763 March 1,160,242 1,062, 671 1,112,395 859,417 875,995 1,240, 210 983, 228 April 1,177,677 1,033, 484 1,039,549 $26, 599 836,575 1,172,378 969,924 May 1,141,405 1, 057, 603 1,076,560 911,346 830,702 1,114,713 1,005,643 June 1,170,648 1, 035,196 1,104,142 930, 887 859, 644 1,128,191 1,065,597 July . , 1,138,480 994,401 980,103 871,384 813,249 1,099,834 1,152,719 August. 1,042,537 959,857 930,888 830,180 780, 771 1,020,674 1,042, 670 September 1,191,608 1,003,066 945,160 908,393 837, 548 1,061,524 1,033,641 October 1,371,371 1,212,110 1,184,854 1,067,437 945,072 1,113,685 1,189,215 November 1,223,510 1,081,663 1,094,428 988,780 879,322 1,026, 267 1,128,298 December.. 1,386,724 1,259, 637 1,194,752 1,145,954 957, 258 1,086,735 1, 258,763 Total 14,385,469 12,812, 216 12,794,355 10,938, 657 10,400,884 13, 542,422 12,920,199 District No. 9—Minneapolis (9 cities) Month 1925 1924 1923 1922 1 1921 i 1920 i 1919 1 January.- 731,307 565,332 647,312 499,020 601,067 750,746 728,915 February _. 637,553 523,317 510,811 455,305 483,142 611, 657 488,311 March 748,603 584,754 600,805 556,282 537,329 718,468 594,533 April 697, 614 552,910 596,914 512,419 544, 592 711,106 639,321 May - 694,973 596,115 634,217 546,252 524,966 700,431 654, 522 June 762,780 613, 515 652,341 569,323 574,885 707, 687 637,133 July 706,012 634, 515 593,964 554, 605 522, 223 720,311 658,607 August 701,678 596,031 598,206 580,550 558, 524 665,479 657,784 September 848,355 773, 680 635,309 654,491 635,091 811,189 793,158 October 877,313 1,059,292 700,333 698, 732 645,937 901, 540 832, 602 November. 783,325 891,171 664,498 633, 665 563,390 843,455 736,082 December 849, 658 849,622 660,760 710,631 597,233 759, 651 818,955 Total 9,039,171 8,240, 254 7, 495,470 6,971,275 6,788,379 8,901,720 8, 239,923 District No. 10—Kansas City (14 cities) Month 1925 1924 1923 1922 1921 1920 1919 January. 1,211,359 1,003,759 1, 202,253 950,759 1,152,595 1, 480, 682 1,155,377 February 1,024, 111 937,931 996,426 872, 689 942,309 1,230,956 998,141 March __. 1,169,701 1,020,873 1,199,481 1,012,278 1,067,066 1, 451,230 1,130,898 April _ 1,110,810 1,012,890 1,130,015 956,757 1,006,119 1,313,463 1,095,116 May _- . 1,089,204 1,000,236 1,142,172 1,026, 849 953,761 1,335,707 1,210,025 June 1,210,741 963,496 1,155,879 1,081,813 992,057 1,351, 458 1,147,584 July 1,241,009 1,070,984 1,081,943 1,041,778 994,617 1,323,317 1,317,537 August 1,173,827 1,083,918 1,106,154 1,056,449 1,025,141 1,327,488 1, 343,784 September _.. 1,154,720 1,097,173 1,069,497 1,058,493 1,022,182 1,389,286 1,246,189 October 1,266,353 1,216,807 1,159,741 1,155,094 1,006,694 1,418,334 1,345,289 November 1,128,082 1,062,890 1,053,147 1,050,896 966,224 1,334,809 1,311,747 December.-. 1,291,733 1,189,358 1,082,885 1,181,287 992, 594 1,266,168 1,429,571 Total 14,071,650 12, 660,315 13,379,593 12,445,142 12,121,359 16, 222,898 14,731,258 1 Revised. Figures for following cities partly estimated for periods specified: Boston, to end of 1920; St. Louis and Louisville, to January, 1921, inclusive; and St. Paul, to January, 1922, inclusive. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEBITS TO INDIVIDUAL ACCOUNTS 195 No. 100.—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. 11—Dallas (11 cities) Month 1925 1924 1923 1922 1921 1920 1919 January 658,963 567, 222 605, 258 526, 519 551,763 698,650 467,745 February 572,869 493,840 494,600 460,149 466,274 548,921 374,247 March... 612,140 492,894 547,188 524,469 496,774 627,458 404,913 April 527,025 483,944 488,255 470,827 443,091 595,160 414,998 May 506,060 466,066 486, 003 486,707 437,088 584,042 479,8ia June 524,937 447,735 465,461 479,097 453,385 582,581 514,313 July 528,809 455,924 420,874 432,944 424,419 579,773 525,261 August... 510,924 449, 553 448,966 440,729 435, 510 566,814 498,790 September 602,466 566,180 540, 722 541,700 512,987 630,664 527, 419 October 696,715 670,360 629,517 589,166 567, 447 689,884 654,777 November 629,002 586, 644 583,636 556, 549 527, 296 615, 626 659,791 December 680,992 664,938 620,979 605, 692 577,461 619,756 726,060 Total 7,050,902 6,345,300 6,331,459 6,114,548 5,893,495 7,339,329 6,248,127 District No. 12—San Francisco (18 cities) Month 1925 1924 1923 1922 1921 1920 1919 January 2, 720,698 2, 590,948 2, 374,873 1,979, 295 2,156, 296 2, 395, 524 1, 709, 111 February 2, 495, 365 2, 470, 230 2,043,173 1, 709, 434 1, 765,128 2,022,909 1,445,374 March _ 2, 762,696 2, 662,187 2, 581,355 2,061, 228 2,197, 441 2,449, 731 1,664,996 April 2, 604,174 2,456, 815 2, 347, 653 1, 951, 433 1,999, 527 2,322,469 1,602,026 May 2, 519,105 2,401, 209 2, 429,942 1,995, 215 1,858, 570 2, 265, 234 1, 796, 503 June. 2, 689,431 2,319, 693 2,453,134 2,047, 485 1, 935,991 2,424, 681 1,762, 230 July 2, 699, 757 2, 391,152 2,344, 597 1,972, 381 1, 796, 431 2,500, 289 1,964,920 August . 2, 631, 514 2, 335, 307 2, 295, 578 1, 999, 425 1, 842, 521 2, 254, 465 2, 000,357 September. 2,714, 261 2,335, 245 2,318,980 2,103, 481 1,970, 749 2,342,350 2, 072,866 October. 2,992,897 2, 578,750 2, 633, 571 2, 218, 496 2, 097,324 2,424,036 2, 297,259 November 2,750,830 2, 359, 349 2,460,057 2,131,811 2,065, 061 2,342,135 2,132,340 December 3,150, 544 2,634, 300 2,652, 946 2,392,621 2, 252,118 2,482,496 2, 455,201 Total 32, 731, 272 29,535,185 28,935,859 24, 562,305 23, 937,157 28, 226, 319 22,903,183 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOLD IMPORTS AND EXPORTS No. 101.—GOLD IMPORTS INTO AND EXPORTS FROM THE UNITED STATES, BY PERIODS [In thousands of dollars] Total since lifting of embargo, June Period of net loss, Period of net gain, Latest period, Dec. 1, 1919—Dec. 31, June 1, 1919— Sept. 1, 1920— 1, 1924—Dec. 31, 1925 Aug. 31, 1920 Nov. 30, 1924 1925 Net Net Net Net Net Net Net Net imports exports imports exports imports exports imports exports France.. 290, 760 2,409 284,899 8,270 Germany 13,929 10 74, 344 88, 263 Great Britain 917, 975 82, 514 802, 579 32, 882 Netherlands 100, 544 1, 147 94, 955 4,442 Sweden 102, 080 1 104, 085 2,004 Canada 156,917 59,315 107, 595 9,993 Argentina.. 123,803 146, 375 27, 525 4,953 China 31, 477 59,395 29, 001 1,083 India.-- 99,105 40, 804 6,149 64,450 Japan 182,191 132, 856 60,343 11,008 All other 2,215 146,452 193, 861 49, 624 Total . 1,115,556 385, 326 1, 664, 650 163, 768 No. 102.—GOLD IMPORTS INTO AND EXPORTS FROM THE UNITED STATES, BY COUNTRIES, 1922-1925 fin thousands of dollars] 1922 1923 1924 1925 1922 1923 1924 1925 IMPORTS EXPORTS Denmark 17, 770 3,562 France 2,660 114 1,339 France 27,043 19,036 24,459 6,606 Germany... 20,000 68,270 Germany 35 49,552 4,829 2 Great Britain 138 12,264 6,160 Great Britain 121,883 149,672 130,909 49,295 Italy 1,050 Greece 4,798 Netherlands "96" 1,324 4,318 Italy 34 78 2,737 7 Poland and Netherlands 9,958 13, 292 50,965 10,085 Danzig 1,104 Norway 8,424 Spain 727 365 392 Spain... .. 71 87 Sweden 78 2,000 1,003 Sweden 32,886 5 6,523 Switzerland 30 1,380 43 Canada ... 10,372 49,374 41,496 33,123 Canada 22,162 1,705 3,102 45,658 Central America._ 4,373 2,444 2,131 2,324 Central America.. 12 1,503 Mexico ._ 5,913 6,581 5,458 5,097 Mexico 4,304 4,706 4,029 8,810 West Indies 1,780 548 372 611 West Indies 10 214 Argentina .. 27 5,338 22,305 2 Argentina 49 176 7,573 Chile 395 245 431 447 Colombia 500 700 5 3,004 Colombia 6,848 4,452 2,289 1,611 Uruguay... 130 802 Ecuador 443 706 897 896 Venzuela 1,102 2,660 Peru. 1,619 2,070 2,710 1,728 British India 4,445 14,637 11,025 58,775 Venezuela 915 686 317 393 Straits Settle- China 8,938 5,588 5,022 120 ments 130 4 31 7,378 Hongkong ._ 15 319 2,500 China 350 110 1,203 Dutch East Hongkong 3,582 2,378 ~4,"383" 12,276 Indies 1,627 2,330 2,356 2,108 Dutch East Japan 11,008 Indies 435 60 323 1,313 Philippine Is- Phili p p i n e * lands 853 1,572 4,814 1,833 Islands 65 800 30 British Oceania... 4,231 1,656 2,870 243 British Oceania. _. 1 26,925 Egypt 1,737 1,455 15 Allother 15 421 Fort u g u e s e Africa 492 932 610 552 Total.. 36,875 28,643 61,648 262,640 Allother 858 1,200 Total 275,170 322,716 |319,721 128,273 196 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOLD IMPORTS AND EXPOKTS 197 No. 103.—GOLD IMPORTS INTO AND EXPORTS FROM THE UNITED STATES, BY MONTHS, JULY, 1919-DECEMBER, 1925 [In thousands of dollars] Net im- Net imports or ports or Imports Exports exports Imports Exports exports () () 1919 1923 July... _. 1,846 54, 673 -52,827 January 32, 820 8,472 24,348 August 2,490 45,189 -42, 699 February 8,383 1,399 September 1,472 29, 051 -27, 579 March. 15,951 10, 392 5,559 October 4,970 44,149 -39,179 April.. 9,188 655 8,533 November 2,397 51,858 -49,461 May 46,156 824 45,332 December 12,914 46, 257 -33, 343 June 19,433 548 18,885 July... 27,930 523 27, 407 Total... 26,089 271,177 -245,088 August 32,856 2,201 30, 655 September 27, 804 863 26,941 1920 October 29, 795 1,307 24,488 January 12,018 47, 817 -35, 799 November 39,758 747 39, 011 February 4,473 42, 873 -38, 400 December 32, 641 711 31,930 March 16,985 47,050 -30, 065 April 48, 522 44, 622 3,890 Total. 322, 715 28, 643 294, 072 May 15, 688 7,562 8,126 June.. _. 26, 765 5,320 21, 445 1924 July 19,818 21, 873 -2,055 January 45,136 281 44,855 August 15, 378 24,986 -9, 608 February 35, 111 505 34, 606 September 39,110 17,129 21,981 March__ 34,322 817 33, 505 October 116, 762 25,931 90, 831 April.... 45,418 1,391 44,027 November 56, 889 19,870 37, 019 May 41,074 593 40,481 December 44, 660 17,058 27,602 June 25,181 268 24,913 July 18, 835 327 18, 508 Total . 417,068 I 322,091 94,977 August 18,150 2,397 15, 753 September 6,656 4,580 2,076 1921 October 19, 702 4,125 15, 577 January.^. _ 33,634 2,725 30,909 November 19,862 6,689 13,173 February-_ 42, 627 1,036 41, 591 December 10, 274 39, 675 -29,401 March 87,272 710 86, 562 April 384 80,278 Total. _. 319, 721 61, 648 258,073 May 58,171 1,062 57,109 June 43, 576 773 42,803 1925 July.. 64,248 3,735 60, 513 January 5,038 73,526 August 84,902 672 84, 230 February 3,602 50,600 -46,998 September. 66, 085 2,449 63, 636 March 7,337 25, 105 -17, 768 October 47,107 7,576 39, 531 April 8,870 21,604 -12, 734 November.. 51, 298 607 50, 691 May___ 11, 393 13,390 -1,997 December.. 31, 685 2,162 29, 523 June 4,426 6,712 -2,286 July 10, 204 4,416 5,788 Total.-. 691, 267 23,891 667, 376 August 4,862 2,136 2,726 September 4,128 6,784 -2,656 1922 October 50, 741 28,039 22, 702 January 26, 571 25, 708 September 10,456 24,360 -13,904 February 28, 739 1,732 27,007 December 7,216 5,968 1,248 March 33,488 963 32, 525 April 12, 244 1,579 10, 665 Total. 128, 273 262, 640 -134, 367 May 8,994 3,407 5,587 June 12,977 1,601 11,376 July. 42, 987 644 42,343 August 19,092 956 18,136 September 24,464 1,398 23,066 October 20,866 17, 591 3,275 November 18,308 3,431 14,877 December 26, 440 2,710 23, 730 Total. 275,170 36,875 238,295 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MONEY IN CIRCULATION CO 00 No. 104.—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 l l d i d o b n c u o l i - n G ti o fi l c d a t c e e s r- S d t s a o i n l l v l d a e a r r r s d S t i i l f v i e ca r t c e e s r- T n r o e 1 t a 8 e 9 s s 0 u o ry f Su s b i s lv id e i r ary U S n n t o a i t t t e e e s s d F re n e s o d e t e r e v r s a e l ba F r n e e k s d e e n rv r 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 n e r r T c d u o c o l a t a l a l p t a l i i o r t s a n ) 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 o 1 1 9 9 2 1 0 7 — — N A o p v r. . 1 1 . i i 4 5 , , 1 6 0 2 0 8 , , 5 4 9 2 1 8 6 49 4 5 1 , , 7 3 9 5 4 3 1,3 2 4 3 8 1 , , 8 40 1 4 8 8 7 9 0 , , 7 8 2 6 5 3 45 6 9 0 , ,3 6 8 8 5 0 1 1 , , 9 6 9 2 7 8 2 1 6 9 1 1 , , 3 5 5 5 1 6 3 27 3 7 0 , , 3 7 5 3 3 6 3,3 3 1 5 0 6 , , 4 2 4 2 8 5 209 3 , ,1 8 7 7 0 7 6 71 9 5 7 , , 1 0 6 2 0 3 3 5 9 2. . 3 5 6 4 H 19222—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 Aug. 1. 4,337,418 416,282 171,985 58,378 268,802 1,508 229, 956 284, 343 2,115, 350 65,032 725, 782 39.47 Sept. 1 4, 393, 507 416, 387 193,988 59,034 271,672 1,501 232, 748 285, 001 2,141, 306 60,159 731, 711 39.93 Oct. 1. 4, 520,895 412, 894 214,957 60,582 277, 778 1,501 236,357 281,493 2, 249, 856 55, 526 729,951 41.04 Nov. 1 4, 570,281 428, 376 233,741 60,675 277, 043 1,492 239, 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 1.489 242, 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 1,484 245,978 286,206 2, 372, 865 36, 728 707, 647 42.81 Feb. 1. 4, 509,128 401,112 301,370 59, 560 294.336 1,479 240, 942 278,864 2,184,452 32,867 714,146 40.74 A M p a r r . . 1 1 . 4 4 , , 6 6 5 1 5 0 , , 6 6 7 3 6 7 4 41 1 0 0 , , 1 9 0 5 2 8 3 3 1 1 4 9 , , 5 0 9 6 3 8 5 5 9 9 , , 5 0 6 6 7 3 3 3 1 3 7 8 , , 2 9 6 1 8 5 1 1 , , 4 4 7 7 6 1 2 2 4 4 1 1 , , 9 0 8 8 0 7 2 2 9 8 4 3 , , 3 49 0 1 8 2 2 , , 2 22 3 6 2 , , 4 6 4 9 8 4 2 2 5 9 , , 8 9 7 8 0 1 7 73 2 2 5 , , 4 5 5 2 1 2 4 4 1 1 . . 6 9 1 8 May 1. 4, 668, 041 408,971 328,900 58,497 352,878 1,469 242, 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 1,463 245,493 306,003 2, 228,123 21,584 734,011 42.34 July 1. 4, 729,379 404,181 386,456 57,262 364,258 1,460 247, 308 302,750 2, 234, 659 19,969' 711, 076 42.50 Aug. 1. 4, 695, 769 403,218 411,938 56,999 368,938 1,458 247,870 300,011 2,160,449 18,901 725,987 42.16 Sept. 1 4, 777,907 397, 342 441,155 57,615 374,877 1,456 249, 498 304, 577 2, 204, 824 17,613 728,950 42.85 Oct. 1. 4, 849, 921 397, 981 465,279 57, 942 375, 688 1,451 252, 499 306, 291 2,245, 541 16,501 730, 748 43,45 Nov. 1 4, 835, 253 396, 737 500,862 58,127 370, 787 1,449 254, 791 302,976 2, 207, 230 15,312 726, 982 43.27 Dec. 1. 4,923,158 399, 849 533,461 57, 908 381,499 1,445 257, 694 306,376 2, 236,637 14,249 734,040 44.01 1924—Jan. 1. 4, 951,085 415, 319 582, 029 58,704 375,365 1,443 260, 627 306,823 2, 223, 674 13,611 713,490 44.22 Feb. 1. 4, 681, 708 405, 573 571,381 56,496 357,177 1,440 252, 511 294,470 2,008, 877 12, 729 721,054 41.77 Mar. 1 4,807, 778 416, 047 633,253 55,910 368,750 1,437 251, 537 302,404 2,030,818 12,091 735, 531 42.85 Apr. 1. 4, 812,861 408,062 687,252 55,202 367,113 1,433 251,639 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, 754,773 395,747 801, 381 54,015 364,414 1,423 252, 995 297, 791 1, 843,106 10, 066 733, 835 42.19 Aug. 1. 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. l. 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. l. 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 1925—Jan. 1. 4, 992, 931 458,206 970, 564 57,384 388, 540 1,405 295, 233 1, 841,621 705,442 44.03 Feb. 1. 4, 751, 538 455,169 929, 650 55, 533 360, 808 1,401 256, 898 283, 598 1, 688, 662 7,987 711, 832 41.86 Mar. 1 4, 804, 209 462, 925 913,900 55,264 366, 024 1,398 256, 509 288, b68 1, 734, 606 7,756 717,159 42.28 Apr. 1. 4, 776,167 469,448 914,968 54,666 371, 229 1,396 257, 559 285, 780 1, 702, 212 7,506 711,403 41.99 May 1. 4, 725,191 453,211 918,862 54,398 376, 442 392 258, 446 281, 043 1, 676, 078 7,299 41.50 June 1. 4, 774, 313 437, 612 972,438 53,908 380,681 390 259,894 284, 799 1, 679, 833 7,109 41.89 J A u u l g. y 1 1 . . 4 4 , ,7 7 1 3 9 6 , , 4 5 6 1 4 9 4 4 2 2 3 8 , , 8 2 6 4 0 8 1 1 , , 0 0 0 1 4 4 , , 8 3 2 1 3 1 5 5 4 4 , , 2 1 8 6 9 5 3 3 8 8 2 8 , , 0 7 1 8 6 0 3 3 8 8 7 4 2 26 6 1 2 , , 7 0 5 09 0 2 2 8 8 2 4 , , 5 80 7 6 8 1 1 , , 6 60 3 1 6 , , 8 1 8 0 4 8 6 6 , , 9 7 2 7 1 7 6 6 8 7 1 8 , , 1 7 7 0 8 9 4 4 1 1 . . 5 3 1 1 O Sept. 1 4, 784, 025 416,348 1,036,243 54,173 396,700 ,381 264,450 298,493 1,629,927 5,580 680, 730 41.84 Oct. 1. 4, 827, 005 413,973 1,050,057 54,693 394, 069 ,379 267, 768 303, 597 1, 670, 658 6,460 664, 351 42.17 Nov. 1 4,900,839 429,985 1,067,963 54,769 390, 089 ,376 269,439 306, 575 1, 706, 622 6,314 667, 707 42.77 Dec. 1. 4, 971, 765 425,853 1,108, 743 54,685 388, 012 i,375 272, 217 305, 986 1, 741, 965 6,185 666, 744 43.35 1926—Jan. 1. 5,008,121 424, 037 1,114,331 54,860 387,495 1,373 274, 860 292, 998 1,815,687 6,058 636,422 43.62 O 1 The figures for the several classes of money include mutilated currency forwarded to the Treasury for redemption and unassorted currency held by the Federal reserve banks, wM and consequently do not add to the total which is exclusive of such currency. o 2 For the first six months of 1922, total money in circulation was as follows: Jan. 1, $4,605,256,000; Feb. 1, $4,352,538,000; Mar. 1, $4,401,985,000; Apr. 1, $4,413,131,000; May h d F $4,384,849,000; June 1, $4,370,470,000, > H I—< o 3 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MONEY RATES1 IN FEDERAL RESERVE BANK AND BRANCH CITIES fcO o o No. 105.—RATES ON PRIME COMMERCIAL LOANS OF 4 TO 6 MONTHS MATURITY Week ending— Boston Buffalo d P e h lp il h a i - a C la le n v d e- b P u it r t g s h - C n in a c ti in- 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 - c C a h g i o - Detroit L S ou t. is 1924 Jan. 15.. 6 6 -8 7 Feb. 15.. 5 5 -6 5 -6 6 -7 6 -7 5 -6 5 -5*A Mar. 15.. 5 -5*4 5 -6 6 6 5 -6 6 -7 7 5 -Y 5 -53^ Apr. 15.. 6 5K-6 5 -6 6 -7 7 5 -5H 5 -b1/: 5 O May 15_. 5H-6 5 -6 5 -6 6 -7 5H6 5 -53^ W June 15.. 5 5 -6 6 5 -5 5 -6 5H-6 5 -6 5 -53^ H July 15.. 6 5 -6 5 -55H 5 -6 5 -6 5^6 4 -by. Aug. 15.. 4 2-5 5 -6 5K-6 5M 5 -6 5 -6 53^-6 4 -4?/ 5 -5*y 4 -5 Sept. 15. 5 -6 5 -5*4 5 -6 5 -6 J48 5 -7 4 -5 4 -5 H N O o ct v . . 1 1 5 5 . . . 5 5 - - 6 6 5 5 - - 6 6 5 -e 5 - - 5 5 H 5 -6 6 5 - - 7 7 3 3 H ^8 -7 5 5 - - 6 6 43^-6 w Dec. 15_. 5 -6 5 -6 5H-6 5 -5 5 -6 5 -7 4 -8 5 -6 5 -6 1925 teJ Jan. 15... 5 -6 5 -6 5H-6 5 -6 5 -5 5 -6 5 -6 4 -8 5 -6 4K-5 43^-6 o Feb. 15.. 4 -6 5 -6 51/2-6 5 -6 5 -6 5 -6 4 -8 5 -6 4M-5 5 -6 Mar. 15.. 5 -6 5 -6 5 -6 5 -6 5 -7 4 -7 5 -6 4 -5 5 -6 4 -5M Apr. 15.. 4K2 5 -6 5 -6 5 -6 5 -6 4 -7 5 -6 5 -6 5 May 15.. 5 -6 5 -6 5 5 -6 ?4 5 -7 5 -6 4 -5 June 15.. 5M-6 5 -6 5 -6 5 -6 3^-8 5 -6 5 -6 4 -5H July 15.. 5K6 5 -6 5 -6 5 -6 5 -6 5 -6 4 -8 5 -6 4 -5 Aug. 15.. 5 -6 5 -6 5 -6 5 -6 4 -6 5 -7 Sept. 15. 4K-5 5 -6 5 -6 5 -5H 4H-5H 5 -6 5 -7 Oct. 15.. 5 6 5 -6 4H5J' 5 -6 4 -S 5 -7 43-2-53-2- 4H-6 Nov. 15. 5 53/2-6 5 5 -6 5 -8 5 -7 4H-5M 5 -6 w Dec. 15.. 5 5 -6 5 5 -6 5 -8 5 -7 4^-53/2 434-6 o Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Week ending— L v o i u ll i e s- L R i o tt c l k e M ap i o n l n is e- Helena K C a i n ty sas Omaha Denver O h C o k i m l t a y a -% Dallas El Paso n t o o u n s- F c S r is a a c n n o - P la o n r d t- Seattle k S a p n o e - L C S a a i k t l y t e An L g o e s les 1924 Jan.15 6 534 8 6 6 6 fi -8 6 8 6 7 7 6 6 6^ Feb. 15 6 6 534 8 6 6 6 6 6 8 6 534-6 6 6 6 6 /21v Mar. 15 6 534 8 6 534-6 6 6 -7 5 8 6 -7 534-6 6 6 6 6 6 Apr. 15 6 6 8 6 6 6 -7 5 -6 8 5>£-7 6 6 -7 6 6 7 6 -D72 May 15 6 6 8 fi 6 6 6 5 -6 8 5 -6 534 6 6 -8 6 6 June 15 6 6 8 6 5 -6 6 6 8 5 -6 434-6 6 6 6 6 6 July 15 6 6 5 -5H 8 6 43^-6 6 5 -6 8 5 -6 5 ^ 6 -7 6 6 -7 434-6 6 -7 Aug. 15 6 6 5 ~~^>}^2 8 5 -6 43/3-6 334-5 6 4-6 6 -8 5 -6 6 6 6 -7 6 6 -7 S O e c p t. t . 1 1 5 5 .. _ 6 6 6 6 434-5i 8 8 5 5 - - 6 6 4 4 3 3 4 4 - - 6 6 6 6 -7 4 5 - - 6 6 8 8 5 5 - - 6 6 4 43 3 / 4 2 - - 5 5 J4 6 6 6 — 6 6 J4 6 -7 6 4 6 - - 6 7 6 6 - - 7 7 Nov. 15 6 6 4W. 8 5 5 6 -7 5 -6 6 -8 5 -6 5 -534 6 6 -6J/.S 6 6 6 -7 Dec. 15 6 6 434 8 5 -6 4>2-6 5 6 7 4 -6 6 -8 5 -6 5 -5k 6 6 -634 6 6 6 -7 1925 Jan. 15 6 6 434-534 8 5 6 -7 4 7 6 -8 5 -6 5 -534 6 6 4 -6 6 6 -7 Feb.15 __ 6 6 4 -534 8 5 -fi 41/-6 3s/-5 5 -7 4 -7 8 5 -6 5 -534 6 6 4 -6 5 -6 fi 7 Mar. 15 6 -6 8 5 -6 4J/-6 5 f, -7 4 -7 8 5 -6 5 -6 6 6 4 -6 6 6 -7 Apr. 15... 6 5 -6 434-5K 8 5 -6 434-6 4 -5 6 -7 4 -6 8 5 -6 5 -534 6 4 -6 5 -6 6 -7 May 15 6 5 -6 434-5M 8 5 -6 4 -6 534 5 7 5 -6 8 5 -6 5 -534 6 6 4 -7 5 -6 6 -7 June 15. . 6 -6 8 5 -fi 434-6 4 -6 5 -7 -6 6 -8 5 -fi 5 534 6 6 3^-7 6 6 -7 H Julv 15 6 6 43^-5 8 -6 4 -6 4 -534 -7 -6 6 -8 5 -6 5 -6 fi -7 6 6 ft -7 Aug. 15 _ 6 r> 434-5 , 8 -6 4 -6 f> -7 4 -fi 8 5 -6 5 -534 6 6 4 -7 6 6 -7 Sept. 15 „ 6 fi 8 5 4 -6 6 5 _j 5 -6 5 -53^2 6 6 6 6 Oct. 15 6 6 As 8 i-6 6 6 f) -7 43'0-6 434-8 f> 6 6 6 6 Nov. 15 6 6 4H-5 8 5 6 6 6 -7 434-6 6 -8 5 -6 434-53/0 6 6 6 6 Dec. 15 6 6 8 5 -6 6 5 -7 4H-6 5 -8 5 -6 5 -6 6 6 4M-7 6 6 1 The table shows the prevailing rates charged on loans and discouLts in the various cities in which the tetieral reserve backs and their branches are located, as reported by representative banks. These rates are not averages but are those rates at which the tu-k of paper of each ch-ss is handled by iepoitirjg banks. Where :t appears from the reports that no one rate clearly covers the bulk of the paper handled, a range of the rates most commonly charged is given. See Part II for tables showing other rates for these cities. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 106.—OPEN-MARKET MONEY RATES IN NEW YORK CITY to Week ending- c m o p P o m a c r 4 n i p i - m m a t 6 e h l r e e s , r - * b 9 a 0 a P a c n n r d c i k c e a m e e p y s r e t s , - s ' 1 m Y t U s i S i o e e e n t s n c a l , i u d t t t h e r 4 e o i s s d - - 6 n 2 y A L b 4 i o e v M i c b l n e e d e r d n p a r s t t g o y 2 n e R r l a e o c n t a e a e n l w l o s2 n al R r l a o e ti n t a m e n e w o s e n 2 al Week ending— m co p P o m a c 4 r n p i i - m a m t 6 e h l r e e s , r - * 9 b a 0 a P a c n n r d c c i k e a m e e p y s r e t s , - s 1 ' m Y t U s i S i e o e e n t s c n a l , i u d t t t 4 e r e h o i s - d - s 6 n 2 y A L b 4 ie ^^ o v i c b p l n e e d e r d n a r s t o g t y n e 2 R r l a e o c n t a e a e n l o w s l n 2 al R r l a o e ti t a n m e n e o s w e n 2 al 1924 1924 Jan. 5. 3.89 4.40 5.44 5.13 July 5. 1.98 3.95 2.25 3.06 12. 3.80 4.35 4.50 4.83 12. 1.96 3.95 2.20 3.10 19. 3.75 4.32 4.25 4.88 19. 1.97 3.96 2.00 3.00 26. 3.73 4.29 4.00 4.70 26. 1.88 3.92 2.00 2.60 o Feb. 3.58 4.28 4.30 4.63 Aug. 2. 1.83 3.90 2.00 2.88 w 3.45 4.28 4.35 4.63 9. 1.86 3.90 2.00 2.75 4% 3.52 4.30 4.44 4.69 16. 3.90 2.00 2.65 H AH 3.64 4.30 4.19 4.88 2 30 3 . . 3 3 . . 9 9 2 9 2 2 . . 0 0 0 0 3 2 . . 2 6 3 5 O Mar. 1. 3.59 4.30 4.30 4.78 8. 3.61 4.32 4.35 4.85 Sept. 6. 1.92 3.98 2.25 3. 28 15. 3.62 4.31 4.20 4.75 13. 1.95 3.92 2.00 3.25 22 3 3.55 4.27 3.45 4.60 20. S2.32 3.95 2.00 3.08 29. 3.48 4.27 3.95 4.43 27. 2.29 3.92 2.00 2.93 Apr. 5. 4H 3.50 4.25 4.55 4.55 Oct. 4. 2.31 3.94 2.40 I 2.98 1 19 2. 4 4 1 ^ /2 3 3 . .4 5 7 0 4 4. . 2 2 4 5 4 4 . . 4 2 5 5 4 4 . . 5 5 0 0 18~ 2 2 . . 4 3 3 6 3 3. . 9 9 4 6 2 2 . . 5 5 0 0 i 3 3 . . 1 1 3 3 26. 3.22 4.22 3.95 4.45 25. 2.46 3.91 2.00 3.13 May 3. 3.03 4.20 3.90 4.35 Nov. 1. 2.45 3.90 2.20 2.98 10. 2.99 4.18 3.50 4.23 8. 2.51 3.92 2.75 3.03 17 _ 3.00 4.15 3.45 3.95 15. 2M 2.61 3.98 2.20 3.40 24. 2.96 4.13 3.00 3.88 22. 2H 2.65 4.02 2.30 3.38 31. 3.01 4.15 3.38 4.00 29. 2H 2.76 4.01 2.50 3.38 June 2 1 7 1 4 . . . 3^-4 4 2 2 2 . . . 3 3 6 7 0 0 4 4 3 . . . 9 0 1 9 1 0 2 2 2 . . . 1 0 9 0 0 5 3 3 3 . . . 8 6 4 8 5 0 Dec. 2 1 6 0 3 . . . s 3 y M2 3 2 2 2 . . . 7 5 4 0 0 4 4 4 4 . . . 0 0 0 4 2 5 3 3 3 . . . 1 0 3 0 0 5 3 3 3 . . . 5 5 4 8 8 5 o w 28. 2 -2> 2.24 3.96 2.00 3.13 27 2.55 4.08 3.88 3.78 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Week ending- c m o p P o m a c r 4 n p i i - m a m 6 t e l h r e e , s r - l 9 b a 0 P a a c n n r d c i c k e a m e e p y s r e t s , - s ' * m Y t U s i S e i o e e n t s c n a l , i u d t t t 4 e r h e o i - s d s - 6 n 2 y A L b 4 i 3 e o v i c b 4 l n e e d e r d n p a r s t e g t o y 2 r e n | R r l e a o c n t a e a e n l w s o l 2 n al R r l a e o t n i t a e m e n w o e s n 2 al Week ending— c m o p P o m a c 4 r n p i i - m a m t 6 e h l r e e s , r J - 9 b a 0 a a P c n n r d c c i k e a m e e p y s r t e s , - s ' 1 m Y t U s i S e i e o e n t s c n a l , i u d t t t 4 h e r e i - o s s d - 6 n 2 y A L b 4 ie o JJ v i c b 4 l 4 n e e d e p r n d a r t s t g o y 2 e n R r l a e o c t n a e a n e l o s l w n 2 al R r l a o t e i t a n e m n e o e s w 2 n al 1925 1925 Jan. 3 2.72 4.07 4.75 3.97 July 4 3 3.06 3.91 4.85 4.00 10 _. 2.66 4.05 3.20 3.75 11 3.04 3.92 3.94 4.05 17 2.59 4.05 3.20 3.60 18 3.09 3.95 4.00 4.13 24 2.59 4.03 3.05 3.75 25 3.06 3." 98 3.95 4.16 31 2.57 4.01 3.50 3.75 Aug. 1 3^-4 3.03 3.98 4.00 4.22 Feb. 7 2.61 4.01 3.30 3.75 8 3.06 4.00 4.25 4.45 14 3 -3K 2.61 4.02 3.63 3.75 15 4 3.02 4.00 4.15 4.50 21. 33^ 2.59 4.02 3.50 3.75 22 4 -4 2.96 3.97 4.00 4.50 28 2.66 4.03 4.06 3.97 29 2.99 3.96 4.35 4.49 Mar. 7 4 2.73 4.05 4.10 4.22 Sept. 5 3.01 3.97 4.15 4.50 14 4 2.78 4.03 4.20 4.23 12 3 3.27 3.99 4.50 4.59 21 4 2.82 4.02 3.70 4.23 19 3.32 3.98 3.95 4.50 28 4 2.81 4.00 3.60 4.08 26 3.33 3.98 4.70 4.63 Apr. 4 4 3 2.80 3.96 4.40 4.13 Oct. 3 3.43 4.00 5.10 4.68 11 4 2.84 3.97 3.94 4.00 10 3.56 4.00 5.05 4.75 18 4 2.79 3.95 3.60 3.95 17 3.55 4.02 5.06 4.83 i 25 4 2.75 3.95 3.80 3.88 24 33^ 3.54 4.02 4.50 4.88 H May 2 4 2.74 3.93 3.90 3.88 31 33^ 3.52 4.05 4.75 4.90 W 9 3^-4 2.73 3.94 3.85 3.88 Nov. 7 3.48 4.04 4.88 4.95 16 3M-4 2.73 3.94 3.70 3.88 14 3.49 4.03 4.70 4.89 23 3M-4 3M 2.73 3.93 3.75 3.88 21 33^ 3.54 4.04 4.75 4.94 30 3M 2.73 3.92 3.95 3.88 28 3.65 4.04 4.63 4.95 June 6 2.72 3.92 3.90 3.88 Dec. 5 3.65 4.02 5.00 4.96 13 2.70 3.90 3.90 3.88 12 33^ 3.65 4.02 5.00 4.99 20. 3^-4 2.70 3.90 3.75 3.88 19 _. 33.44 4.05 4.90 4.96 27.. M4 2.84 3.90 4.10 3.99 26 3.54 4.06 5.88 4.97 i Prevailing rate for the week. 2 Average of daily rates for the week. 3 Change of issues on which yield is computed. to 8 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

204 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD FOREIGN EXCHANGE RATES No. 107.—EXCHANGE RATES ON PRINCIPAL FOREIGN COUNTRIES [In cents per unit of foreign currency. Yearly averages, 1919-1925] Yearly average i Par Country Monetary unit of ex' change 1919 1920 1921 1922- 1924 1925 Austria _ Schilling 14.07 14. 0612 Belgium Franc 19.30 12. 7670 7.3800 7. 4461 7.6S29J 5.2190 4. 6438 4. 7580 Bulgaria Lev 19.30 . 6883! . 8837 .7281 .7317 Czechoslovakia Crown. 2.41511 2.9550 2.9542 2. 9656 Denmark Krone.. 26. 23. 2850 15. 7750 17. 7965 20.9470 18.3643 16. 7228 21. 1310 Finland __ Markka.. 19.30 2. 1634 2. 6831 2. 5076 2. 5218 France Franc 19.30 13. 6820 7.0400 7.4554 8.2013 6.0811 5. 2368 4. 7671 Germany Reichsmark. 23.82 3.0440 1. 7510! 1. 2045! . 2323 . 0020 23. 8013 Great Britain _ Pound 486. 65 442. 5800 366. 4270!384. 9056,442,9165 457. 4825,441. 7064 48\22.. 8944 Greece Drachma 19.30 3. 3059 1. 7141 1. 7900 1. 5614 Hungary Krone.... 20.26 . 0906 .0164 .0017 .0014 Italy Lira 19.30 11. 3690 4. 9700 4. 2936 4. 7559! 4. 6016 4. 3580 3. 9776 Netherlands.. Florin.. 40.20 39. 417034. 419033. 6470 38. 4975 39. 100538. 210940.1601 Norway Krone.. 26.80 24. 576016. 530014.9071 17.5016. 16.6710 13. 9403 17. 8836 Poland Zloty.. 19.30 17. 7432 Portugal Escudo.. 108. 05 6. 6700 i 4. 25273. 3850 5. 0397 Rumania..- __ Leu 19. 30| .6969! .4937 .4982 .4832 Spain Peseta... 19.30 19. 8230 15.93801 13.5314 15.4828' 14.4529 13. 337514. 3443 Sweden Krona— 28.80 25. 5420 20.49401 22.5397 26.1661 26.5548 26. 522326. 8479 Switzerland _ Franc..- 19.30 18. 9830 16.90301 17.3539 19.0652 18.0600 18. 222819. 3268 Yugoslavia Dinar... 19.30 1. 3524 1. 0722 1. 2818 1. 7054 Canada Dollar... 100. 00 95. 5970 89. 2760 89. 5549 98. 4783 98. 035298. 7322 99. 9615 Cuba.. Peso- 100. 00 ! i 99.8516 99.950899.9783 99.9359 Mexico Peso. 49. | ! 48. 715O: 48.546548. 514349. 3926 A Br r a g z e i n l tina M Pe i s l o re i ( s gold) 32 i. . 4 4 4 8 9 2 9 6 . . 7 0 3 1 5 8 0 0 9 2 0 2 . . 5 7 1 0 3 4 0 0 ! i 1 7 3 2 . . 1 9 1 9 5 9 3 9 1 8 2 1 . . 9 4 8 8 1 6 6 6; 1 0 7 . 8 2 . 2 5 8 7 5 277 1 8 0 . . 9 1 4 3 0 0 3 8 , 9 1 1 2 . . 1 3 9 8 6 2 2 2 Peso (paper) 2 19. 53 22. 5550 18.4540! 12.0574 12.2159 12.2423 10. 5448!11. 6031 Uruguay Peso 103. 42 79. 3966 79. 061582. 2695 98. 4009 China Mexican dollar. . 2 4S. 11 |__ 54.6337 52. 015352. 364255. 5471 China Shanghai tael 2 66. 85129. 8350 118. 5990! 70. 7787: 74. 928172. 024872. 681475. 7738 Hongkong Dollar * 47. 77 .__ I 55.712652. 898552.4691 56. 5199 India Rupee 48.66 40.2950 38.8790 26.2198 28.7409 31. 110331. 783536. 2642 Japan Yen 49.85 51.1840 50.3680 48.2485 47.8037 48. 584541. 185741. 0362 Straits Settlements. Singapore dollar. 56. 78 ! 50.775353. 4984 51. 2523 56.1546 1 Based on noon buying rates for cable transfers in New York as published by United States Treasury. * 1913 average. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BUSINESS INDEXES OF THE FEDERAL RESERVE BOARD No. 108.—INDEXES OF PRODUCTION, EMPLOYMENT, TRADE, AND WHOLESALE PRICES, 1919-1925 W Indexes of production, employment, trade, etc.1 (average for 1919=100) Ind (a e v x e e r s a g o e f w fo h r o 1 le 9 s 1 a 3 l = e 1 p 00 ri ) c 2 es cj GO M Industrial activity Department- Department- Building constore sales store stocks tracts awarded Year and month i b n t d P t r i a d u i r i o n s o c u e n i - - s s c - M fa d p c i a u n r tu n o c g r u - - - - M d p i u r n i o c g n - - - m A t c u o u g r v l r 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 l r c l y y - s W tr s h a a o l d e l e e- j U u n st a e d d - ju A s d te - d j U u n st a e d d - ju A s d t - ed j U u n st a e d d - ju A s d t - ed l R r i o c o n a a a a g i d r d l s - - d B Y N C o s e a i o u b e i d n t r w t i e y - k k ts U S n ta i t t e e s d E la n n g d - France C a a u n a - Ja- M tei tion tion ments CO 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 99 108 114 239 310 512 250 240 W 1 1 9 9 2 2 2 1 a av v e e r r a a g g e e . . . . 8 9 0 8 1 8 0 0 4 9 9 2 5 1 1 0 1 5 0 8 9 2 0 8 8 9 4 7 7 3 4 1 1 1 1 1 2 1 1 1 1 5 6 1 9 2 0 3 1 9 0 4 3 9 9 1 4 1 1 4 5 9 8 1 1 6 9 5 8 3 31 4 9 4 1 14 6 9 7 1 1 8 8 1 2 tei 1923 average.. 120 124 132 108 104 113 124 129 133 119 107 165 170 394 150 188 1924 average.. 108 115 122 117 95 104 125 133 150 117 108 159 176 446 147 200 1925 average.. 116 129 127 111 95 107 131 135 193 123 121 165 165 479 151 195 1919 January 107 100 108 108 97 79 81 93 84 95 25 35 201 227 196 209 February 100 88 85 72 95 91 71 72 94 86 91 43 60 95 194 222 191 208 A M p a r r i c l h 9 9 6 9 9 9 5 6 9 8 0 9 7 7 7 1 9 9 5 6 9 9 2 2 8 8 0 8 1 9 0 0 2 9 9 0 9 9 9 2 7 9 9 0 4 8 5 4 7 5 6 2 5 8 9 8 7 2 1 0 9 0 5 2 21 1 4 0 1 1 9 9 3 8 1 19 9 7 8 I May. 93 96 97 82 96 | 92 95 98 95 92 92 109 84 99 97 206 224 202 210 June , 93 96 97 87 98 ! 95 103 95 95 88 92 132 106 92 99 207 234 204 225 ui J A S u e u l p g y t u e .. s m t ber. _. 1 1 1 0 0 0 4 3 2 1 1 1 0 0 0 6 8 1 1 1 1 1 1 0 4 0 8 1 9 9 1 4 9 5 1 1 1 0 0 0 4 2 0 1 1 9 0 0 8 3 8 1 1 1 1 1 1 1 4 2 9 7 7 5 8 9 1 1 1 0 0 0 5 1 4 1 1 9 1 0 1 4 2 1 1 9 0 0 7 6 2 1 1 1 3 4 0 9 7 9 1 1 1 1 3 3 7 1 2 1 1 1 0 0 0 6 8 2 1 1 1 0 0 0 7 7 7 2 2 2 2 1 1 3 6 7 2 2 2 4 5 4 9 1 2 2 2 21 1 0 6 8 7 2 2 2 4 4 4 1 1 8 t i el October 102 107 127 142 103 104 121 118 103 122 109 143 146 106 108 218 261 214 262 November... 98 104 75 128 105 110 111 119 106 125 111 105 131 96 110 225 272 217 283 December.. _. 102 103 100 123 108 119 123 173 108 108 116 106 143 110 112 233 283 223 294 W 1 The indexes of production in basic industries, freight-car loadings, and bank debits are adjusted to allow for seasonal variations. Indexes of department-store sales and stocks o and building contracts awarded 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 and pay rolls indexes, May, 1925; wholesale trade index, April, 1923; department-store sales index, adjusted, January, 1924; department-store stocks index, unadjusted, February, 1923; adjusted, March 1924building contracts index, November, 1924; bank debits index, July, 1924. to 2 The materials and methods used by the Federal Reserve Board in constructing these indexes of wholesale prices were fully described in a publication of the Board issued in 1924, entitled "Prices in the United States and Abroad, 1919-1923." 8 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 10$.—INDEXES OF PRODUCTION, EMPLOYMENT, TRADE, AND WHOLESALE PRICES, 1919-1925—Continued o O Indexes of production, employment, trade, etc. (average for 1919=100) Indexes of wholesale prices (average for 1913=100) Department- Department- Building con- Industrial activity store sales store stocks tracts awarded Pro- Bank Year and month duc- Fac- Rail- debits i b n t t r i a d i i o n s u e n i s s c - M fa d t p i c i a u n r o t n o g c u n - u - r- - M d p t i i u n r o i o g c n n - - - m m A t c u o e g u r v n r l a - i e t l - s - m p t e o l m e o r n y y - t - F to a r c y - W t s r h a a o l d e l e e- j U u n st a e d d - ju A st d e - d j U u n st a e d d - ju A st d e - d j U u n st a e d d - ju A st d e - d l r i o c o n a a a g d r d s - Y N C o si o u e i d t r w t e y - k France Ja- 1920 January 116 112 118 105 110 124 120 106 122 112 126 108 149 110 116 248 301 February. _. 115 106 104 83 109 122 105 90 117 122 130 93 129 107 113 248 316 March 115 118 119 81 111 130 126 122 121 134 133 144 131 111 118 253 325 April 108 109 102 61 109 127 119 121 118 139 135 141 109 102 118 267 330 May 106 110 108 71 107 130 118 127 123 135 135 116 90 104 114 269 336 June 107 108 117 82 106 131 124 122 122 131 137 122 98 110 116 262 334 July 105 101 117 81 103 125 126 94 127 130 139 94 84 112 120 254 322 August 102 104 123 82 103 128 117 94 120 139 139 91 87 110 114 240 317 September.. 102 101 115 103 1.01 126 117 109 121 148 138 78 S4 108 117 232 311 October 99 97 128 118 99 122 101 132 116 152 136 84 86 106 111 214 293 November.. 95 85 124 124 94 113 91 137 122 144 128 56 71 109 111 196 277 December... 90 75 125 104 87 104 75 184 115 113 121 46 63 110 106 179 257 450 1921 January 106 105 103 118 101 114 51 70 168 240 February... 91 88 90 118 106 113 46 64 157 2£3 March 93 91 117 117 113 112 77 70 152 210 370 April 85 77 115 112 116 113 100 77 146 203 357 May 92 89 113 109 114 114 109 84 145 198 346 June 92 97 111 111 111 116 103 82 143 195 333 July 85 101 80 108 109 117 95 85 146 193 334 August 92 117 85 109 117 117 100 95 147 193 323 September _. 90 127 95 104 126 118 112 121 147 191 322 October 102 146 124 109 131 117 101 103 146 185 316 November.. 93 111 120 107 132 117 88 110 145 174 313 December... 78 87 108 174 108 109 117 91 123 143 170 307 1922 January 90 103 103 117 74 102 142 167 144 February... 91 I 101 81 106 111 118 80 110 105 146 165 303 149 March 95 I 123 102 102 120 119 131 119 107 147 166 307 150 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

April 95 61 73 86 81 66 114 111 121 117 159 123 99 91 149 165 I 320 152 180 May 92 109 70 101 88 85 72 116 11.2 116 117 160 123 95 95 158 169 324 154 183 June 94 109 73 98 90 88 76 110 110 111 116 154 123 101 97 161 167 325 153 187 July 95 103 67 94 87 85 71 80 108 108 115 150 134 98 94 165 169 328 154 195 August 95 110 79 108 90 90 79 88 113 114 114 143 136 102 96 166 166 320 149 187 September... 100 106 103 137 93 94 83 107 118 123 114 121 130 104 98 164 163 315 144 179 October 107 118 122 160 96 98 88 131 115 128 115 110 113 103 98 165 160 315 145 174 November... 116 120 122 139 99 102 80 132 117 131 116 108 136 116 98 164 162 329 147 172 December 116 113 126 131 100 105 72 189 118 110 118 95 128 114 101 165 164 337 147 173 1923 January 121 121 134 114 101 104 78 102 116 107 121 98 135 117 1.Q.5 166 165 346 148 176 February 120 116 117 81 103 107 76 90 117 119 126 112 155 117 108 166 168 380 152 183 March 125 134 135 89 105 113 86 124 124 129 127 149 135 120 110 169 173 398 155 185 April 124 131 128 78 105 113 79 120 117 133 129 161 124 124 109 170 175 390 156 185 May 127 138 137 86 105 117 80 129 124 130 130 173 133 127 112 167 173 386 155 187 June 122 129 136 86 105 117 83 126 126 123 129 149 119 121 110 164 171 394 153 186 July 121 119 137 92 104 113 79 89 120 119 128 127 113 119 105 159 168 391 151 183 August 120 127 143 110 104 113 88 101 128 130 130 120 115 123 105 159 164 391 150 179 September... 114 118 126 128 104 114 91 113 125 140 130 116 125 112 102 163 165 404 149 191 October 118 129 143 158 104 117 96 149 131 147 132 145 149 118 105 163 166 404 147 196 November... 116 119 130 144 103 115 85 142 127 150 133 128 161 120 106 163 171 416 145 199 December 110 109 123 130 101 113 72 202 127 124 133 122 166 113 105 163 177 427 144 205 1924 January 121 123 138 105 100 108 80 110 126 116 132 122 167 118 104 163 178 445 146 205 February 121 124 130 96 101 114 78 102 128 127 135 120 166 125 107 163 180 469 148 200 March 117 128 128 86 101 113 80 115 115 139 137 174 158 115 107 160 180 483 147 200 ApriL._ 114 123 110 77 99 111 78 133 131 141 136 193 149 121 109 158 181 428 143 201 May 104 113 114 87 96 105 77 127 123 136 136 172 133 117 108 156 177 428 143 200 June 94 98 110 87 93 100 76 120 120 j 127 134 160 128 103 103 154 174 442 145 189 July. 94 97 113 100 89 92 78 91 123 123 131 138 123 111 107 156 174 440 147 191 August 94 105 116 120 89 96 83 93 118 126 126 142 135 111 108 158 173 442 149 196 September. . 103 113 124 152 91 99 92 119 131 137 128 138 148 117 108 156 172 436 146 198 October 110 124 134 193 93 103 95 141 124 148 132 163 167 120 111 159 175 442 148 206 November. _, 108 113 122 160 92 101 84 141 126 148 132 150 188 116 108 160 176 449 148 210 December... 117 117 130 143 94 106 79 210 131 124 133 131 177 124 112 165 177 451 149 209 1925 January 127 128 141 118 94 103 79 108 124 119 134 119 164 123 119 168 178 456 156 February 124 120 I 119 88 96 108 76 101 131 127 135 120 166 125 118 167 178 457 158 204 March 120 135 123 86 96 110 83 121 121 139 137 189 172 117 118 168 175 463 153 197 April 119 133 117 72 96 107 79 136 133 141 136 219 169 129 120 163 171 460 148 191 May 111 130 124 79 95 107 79 128 124 136 137 196 151 123 118 162 166 467 149 189 June 110 126 124 83 94 105 83 126 126 129 135 216 173 117 122 163 164 483 147 195 July 113 126 129 88 93 102 83 95 128 125 133 211 188 122 124 165 163 490 148 195 August 109 122 136 104 94 105 87 98 125 131 131 236 225 123 120 164 161 491 15Q 197 September.. 111 126 121 152 95 104 94 121 134 143 133 218 235 121 123 165 158 480 146 197 October 116 141 130 166 97 111 101 165 145 149 134 205 210 121 128 164 157 482 145 194 November.. 115 129 125 149 97 112 86 145 129 154 137 183 229 121 122 166 156 498 152 187 December.._ 121 128 ;29 148 97 112 80 226 141 129 139 204 276 130 124 164 155 518 154 183 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

208 ANNUAL. REPORT OF THE FEDERAL RESERVE BOARD No. 109.—INDEXES OF PAY ROLLS IN MANUFACTURING INDUSTRIES 1 [Monthly average, 1919== 100] Y m ea o r n a th nd i G n e d r e a e n l x - s I a t r n e o e d n l p T t u a i r e c l n o e x t d d s s - - L p u a b r u c n o e m t d d r s - - v R r c o e a l a h e i d s l i - - A b m u il o t e o - s - P p a i a r n n i p n g d e t r - F p u a o r c n o o t d d d s - s L p e u a r a c n o t t d h d s - er S c g a t l l o n a a n y s d e s , , b p u T a r c o c o t c d - s o - C p i u a c r h c n o a e t d l d s m s - - 1920 average... 123.5 126.5 121.4 125.2 123.2 120.0 135.3 112.8 106.0 129.3 116.4 124.6 1921 average... 83.6 60.0 102.6 79.3 83.1 64.0 114.5 96.4 87.8 93.8 98.3 84.9 1922 average.__ 89.2 68.4 102.5 93.3 81.4 88.0 118.5 93.0 94.5 103.0 92.1 81.7 1923 average... 113.2 101.9 117.5 112.8 111.7 134.6 131.3 104.2 104.5 142.0 96.0 101.4 1924 average... 104.1 89.9 102.5 109.9 94.9 124.1 134.6 103.2 91.9 148.0 93.0 96.7 1925 average... 107.2 93.1 106.5 110.3 91.7 151.5 138.7 100.0 92.9 148.7 90.7 98.6 1919 January.. 97.3 109.4 81.9 84.5 125.1 79.8 94.0 97.5 95.8 76.9 102.9 111.4 February 91.3 103.7 72.3 84.0 102.2 85.6 93.6 97.6 92.4 72.8 98.3 104.8 March, 91.8 100.0 77.8 85.7 102.4 87.2 94.5 98.5 90.9 80.8 102.3 97.1 April... 91.5 94.7 83.6 89.6 99.1 90.5 94.2 93.9 87.8 89.4 95.8 92.9 May 92.4 89.5 89.6 94.5 98.2 95.2 93.2 95.0 91.5 95.3 100.2 90.1 June. 94.8 88.0 99.0 101.3 92 7 92.3 98.8 97.8 94.8 110.3 90.8 91.0 July 97.7 89.8 107.5 104.2 92.5 97.5 101.0 97.7 98.3 105.3 83.9 92. 1 August. 102.8 102.3 112.3 107.8 87.6 100.0 104.6 99.2 104.7 109.8 79.1 90.9 September 108.3 106.6 115.9 112.1 95.3 111.7 110.6 103.0 106.1 113.4 95.0 99.2 October . 103.5 94.4 113.4 105.8 94.9 123.6 93.4 101.7 108.1 114.3 98.8 105.3 November 109.7 105.1 115.6 112.8 103.6 120.9 98.0 107.2 110.6 116.9 124.8 111.7 December 119.1 116.9 130.8 118.6 106.6 115.6 124.4 111.3 119.2 110.9 128.3 114.0 1920 January . 123.7 123.8 136.1 128.9 103.8 128.9 128.1 110.2 122.2 110.3 117.7 116.0 February 121.8 123.4 134.7 128.4 102.2 126.2 126.5 106.5 115.8 102.3 107.3 113.6 March.. _ 130.4 133.9 142.2 137.0 110.2 134.8 134.1 112.3 121.9 110.0 120.2 120.7 April 127.3 129.4 139.3 130.9 111. 1 129.5 130.8 104.5 120.3 124.0 117.8 122.2 May 129.5 128.1 136.4 130.1 123.1 136.8 135.1 115.9 118.0 137.6 120.2 122.4 June. 131.1 133.1 134.2 130.1 127.6 129.7 135.6 119.5 118.5 142.0 121.2 126.2 July... 125.4 130.1 120.8 125.1 116.6 129.0 135.7 118.6 110.1 138.8 HO. 7 128.2 August... . 127.8 130.1 118.8 130.6 140.2 128.5 138.8 117.3 106.9 137.9 109.9 132.5 September 125.8 130.7 116.1 126.5 136.3 122.7 139.7 115.4 92.7 137.3 116.0 128.6 October 122.3 127.5 106.2 122.2 138.2 116.6 143.3 113.9 85.5 138.9 117.4 136. 0 November 113.2 120.3 91.0 110.3 136.2 82.2 141.5 112.6 81.0 140.4 120.8 132.0 December 104.3 108.1 81.4 102.1 132.7 74.6 134.9 107.0 79.4 132.6 117.8 116.9 1921 January.. 88.8 90.3 77.5 79.8 110.7 32.2 127.5 99.0 73.6 100.7 102.4 107.8 February 87.8 80.7 94.9 82.4 95.9 36.6 121.6 99.7 87.4 81.3 95.5 94.7 March 88 7 75.6 104.2 84.6 88.3 50.4 120.8 100.6 86.5 87.0 95.3 94.0 April 86.1 66.4 106.4 82.3 77.6 75.8 114.0 93.2 83.1 96.7 96.7 88.6 May- 84.4 62.4 104.5 80.1 75.1 81.4 105.6 95.9 84.3 102.2 104.0 85.9 June 82 9 54 3 105 8 83 0 73 6 79. 6 108.3 94.4 90.2 101.4 105.7 83.4 July.... 78.9 46.3 104.9 73.7 70.7 79.6 108.9 95.4 90.2 93.5 98.6 81.2 August 81.3 47.7 107.8 79.8 77.4 76.5 109.7 94.4 95.2 95.7 98.2 75.5 September 81.2 46.6 111.1 76.9 76.6 72.9 111.6 96.4 93.3 93.5 101.8 74.2 October 80.8 48.0 105.1 75.3 83.8 65.8 113.3 99.9 89.2 92.4 97.4 78.7 November 79.7 49.7 101.2 75.5 84.1 60.6 114.1 96.5 85.9 90.7 89.9 79.2 December 81.9 52.1 107.3 78.6 83.6 56.1 118.1 92.0 95.6 91.0 93.9 75.6 1922 January 77.6 50.1 103.0 80.4 72.4 40.8 115.1 88.7 96.8 78.5 81.7 74.8 February 80.6 53.8 107.4 85.3 73.1 61.5 111.3 87.7 97.5 73.3 80.3 73.9 March 82.9 57.1 103.2 90.2 79.9 66.2 116.7 89.4 92.0 80.2 86.3 75.6 April. 81.5 59.7 95.0 88.8 75.4 79.5 114.0 83.6 86.0 90.0 75.3 76.1 May 85 2 63.7 94.2 92.0 80.1 90.5 116.5 88.8 85.3 105.8 87. 1 76.8 June. 88.4 67.4 95.7 94.8 86.2 97.4 116.5 92.2 88.2 111.3 91.9 76.6 July 85.1 65.9 98.4 92.2 50.9 97.3 115.2 93.8 91.0 113.1 96.9 80.8 August 89.9 70.6 101.2 96.8 65.7 104.9 117.8 93.0 96.6 114.3 96.5 84.3 September 94.3 74.9 105.3 96.7 83.0 101.3 121.8 96.9 9s. 2 116. 9 99.7 85.6 October 97.7 80.8 105.1 99.0 96.9 102.8 123.5 98.1 97.0 lxo.7 99.7 89.4 November 102.0 85.8 109.3 101.5 105.0 105.4 125.2 103.2 100.5 118.2 105.1 92.2 December . 104.8 90.7 112.3 101.5 108.2 108.1 129.0 100.9 105.5 119.1 104.4 94.9 1923 January 103.8 89.8 115.6 99.6 104.1 102.9 127.7 96.4 107.9 114.1 98.0 95.2 February 107.4 94.7 119.2 102.8 103.5 122.5 128.3 96.7 110.2 115.1 94.6 95.8 March. . 112.7 99.4 123.8 107.4 110.2 133.4 131.7 100.6 111.8 128.2 98.1 98.8 April 113.5 101.5 120. 6 111.3 109.8 140.2 132.4 97.6 106.9 141.6 94.2 99.6 May. 117.4 107.7 123.7 114.8 113.8 143.2 133.5 103.3 106.4 151. 7 93.3 102.0 June 117.4 108.7 120.9 117.2 117.7 137.9 132.7 106.6 100.7 152.2 96.0 101.9 July 113.1 102.3 115.1 115.6 113.4 133.3 130.7 107.2 98.0 147.3 92.8 102.0 i This table contains monthly index numbers of factory pay rolls, together with group indexes for important industrial components. The general index is a weighted average of relatives for 34 individual industries. The method of construction was described in detail in the Federal Reserve Bulletin for May, 1925. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BUSINESS INDEXES OF THE FEDERAL RESERVE BOARD 209 No. 109.—INDEXES OF PAY ROLLS IN MANUFACTURING INDUSTRIES—Contd. [Monthly average, 1919=100] Y m ea o r n a th nd i G n e d r e a e n l x - s I a t r n e o d e n l p T u t a r i c n l e o e t x d d s s - - L p u a b r u c n o e m t d d r s - - v R r c o e l a a e h i d s i l - - P p a r i a n n i p g n d e t r - F p u a o r n c o o d t d d s - s L p e u a r a n c o t d t d h s - er S c g a t l l o n a a d n y ss e , , b p u T a r c o c o t c d - s o - C p i u a r c h n c o a e t d d l m s s - - 1923 August... 113.4 104.6 114.0 114.4 115.8 136.5 125.8 104.0 104.9 151.6 84.6 100.8 September 113.9 104.2 114.8 116.2 112:7 134.3 129.9 108.5 104.5 151.5 94.2 101.2 October _ 116.9 106.2 116.7 118.3 118.3 145.7 132.5 109.9 104.1 154.9 101.1 107.6 November 114.6 102.9 111.6 119.1 114.8 145.8 133.5 111.3 98.8 152.1 101.1 106.0 December 113.1 101.1 113.9 116.8 105.8 139. 7 136.5 108.1 99.7 146.6 103.5 105.6 1924 January.. 108.1 97.0 114.1 106.9 93.5 125.3 136.1 103.0 99.9 137.6 96.8 102.3 February 113.7 102.5 118.0 113.9 96.3 156.6 136.1 105.2 101.0 142.9 95.8 103.8 March 113.3 104.0 113.7 114.3 96.1 154. 3 136.9 103.8 100.0 149.0 95.2 104.6 April ._.. 110.6 102.0 105.8 114.4 99.1 149.2 136.7 100.4 90.9 156.3 87.5 102.8 May 105.4 94.7 98.7 112.1 97.1 132.5 135.2 101.3 86.1 158.3 89.8 98.6 June 99.8 84.9 94.0 109.6 97.1 109.3 133.3 103.7 81.7 157.1 92.8 90.6 July 92.2 75.0 85.8 102.1 88.6 99.9 128.2 103.7 80.7 142.0 90.4 87.9 August 96.0 78.3 92.3 105.0 91.6 107.6 128.0 101.5 91.0 148.4 90.2 89.9 September 99.1 80.1 98.3 107.8 90.3 111.8 133.4 106.1 95.9 146.0 93.9 91.1 October 102.6 84.7 103.0 111.2 97.6 116.8 135. 6 103.2 96.2 149.6 85.5 95.4 November 100.8 84.5 99.1. 110.2 94.6 111.4 136.0 102.5 87.9 145.1 97.9 95.5 December 105.6 91.1 107.5 111.9 97.4 114.5 139.9 104.5 91.5 143.6 100.0 98.2 1925 January 102.9 92.6 108.6 103.1 91.5 99.9 138.2 100.4 95.3 128.8 93.5 97.0 February 108.5 95.8 113.4 108.5 100.0 132.1 137.5 99.8 99.7 136.4 87.0 99.7 March 110.1 96.5 114.4 109.7 100.2 142.9 139.4 98.8 100.0 143.4 88.3 101.6 April 107.3 93.9 108.0 107.9 95.4 156.2 137.1 94.0 91.5 149.9 74.2 97.6 May 107.4 94.0 105. 0 108.6 91.6 163.9 136. 7 97.2 90.3 154.6 90.9 98.4 June 104.8 90.4 101.6 109.7 90.4 151.2 135.5 100.0 85.1 154.3 90.3 95.7 July 102.4 86.1 101.2 105.9 86.7 150.0 133.8 98.9 89.0 145.9 89.0 95.6 August 104.5 88.8 103.8 108.0 88.0 146.1 133.7 99.1 98.9 155. 7 90.0 93.1 September 103.9 87.7 99.1 111.8 84.9 155.3 135.8 100.0 94.8 151.6 90.0 94.9 October 111.3 95.1 107.5 117.2 89.2 178.0 142.3 104.5 95.8 156.8 97.1 101.1 November 111.7 96.3 107.0 116.7 91.4 178.9 145.4 103. 6 87.9 155.4 98.7 103.6 December 112.1 100.6 107.9 116.4 91.7 163.5 148.7 103.2 86.5 151.3 99.3 104.9 No. 110.—INDEXES OF WHOLESALE TRADE IN THE UNITED STATES, BY LINES1 [Average monthly sales 1919=100] G in en d e e r x al Groceries Meat g D oo ry ds Shoes H w a a r r d e - Drugs 1920 average. 112 113 115 116 112 1921 average. 73 77 83 82 97 1922 average. 74 76 83 65 86 100 1923 average. 83 83 95 104 111 1924 average. 82 84 90 99 113 1925 average. 84 84 92 103 114 1919 January 79 83 73 52 81 February __. 71 71 66 60 79 95 March 80 83 64 77 96 April 88 87 78 109 101 May _. 95 99 84 102 95 June 103 106 103 106 94 July. 112 112 124 106 100 97 August 111 100 134 133 103 97 September. 114 108 121 152 103 110 October 121 117 126 145 111 123 November.. 111 116 110 93 108 100 December.. 123 119 119 87 112 97 1920 January... 120 112 150 97 113 115 February.. 105 96 125 105 101 117 March 126 118 138 136 129 133 April 119 121 121 107 126 109 May 118 128 103 125 107 i For description of the wholesale trade index, see Federal Reserve Bulletin for April, 1923. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

210 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No. 110.—INDEXES OF WHOLESALE TRADE IN THE UNITED STATES, BY LINES—• Continued [Average monthly sales 1919=100] G i e n n d e e r x al Groceries Meat g D o r o y ds Shoes H w a a r r d e - Drugs 1920 June.. 124 135 114 77 129 115 July 126 130 140 72 118 109 August 117 107 145 96 125 113 September. 117 118 123 91 125 116 October 101 106 86 75 112 123 November.. 91 100 77 60 101 December.. 75 85 58 43 84 1921 January 65 i 95 February... 76 I 89 March 97 ! 106 April 84 I 98 May 75 i 93 June 79 ! 95 July 74 | 91 August 98 ! 100 September. 108 i 104 October 99 ! 108 November.. 78 ! 95 December.. 59 i 1922 January 75 ; 59 94 February... 74 I 60 94 March 83 i 85 108 April 72 91 92 May 75 | 98 96 June. 77 j 93 100 July 74 j 82 94 August 102 | 91 102 September. 105 i 97 104 October 102 I 100 111 November.. 91 ! 94 103 December.. 71 ! 84 1923 January 101 61 89 113 February... 95 60 83 107 March 108 86 109 121 April 86 67 112 106 May 83 73 118 107 June 88 68 114 107 July 88 56 100 106 August 115 74 106 111 September. 112 76 106 115 October 112 81 117 129 November- 90 63 102 111 December.. 66 51 90 99 1924 January 80 97 49 91 116 February... 77 98 49 90 109 March 80 90 65 104 118 April 79 81 69 108 114 May 81 72 56 104 110 June 83 70 52 96 105 July. 83 79 44 93 110 August 83 102 56 93 107 September. 93 116 69 106 117 October 100 104 67 110 128 November.. 88 57 98 109 December.. 77 57 109 1925 January 79 71 82 43 116 February... 76 69 46 90 109 March 83 73 63 107 121 April 79 68 85 65 107 115 May 79 75 77 54 101 106 June. 83 79 82 54 105 110 July... 83 79 85 47 99 111 August 87 78 106 65 98 108 September- 94 82 112 72 109 120 October 101 87 118 77 122 134 November. 86 72 92 59 103 110 December.. 80 72 75 54 101 111 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATE BANK AND TRUST COMPANY MEMBERS The following is a list of 1,441 State bank and trust company active members of the Federal Reserve System on December 31, 1925, showing the capital, surplus, and total resources, as compiled from the latest available figures: Total resources DISTRICT NO. 1 CONNECTICUT New Britain—New Britain Trust Co.. $600,000 $400, 000 $6,982, 763 200, 000 100, 000 2, 421, 778 South Manchester—Manchester Trust Co 500, 000 1,000,000 9, 977, 703 Waterbury— Colonial Trust Co MAINE 500,000 400, 000 13,157, 349 Bangor—Merrill Trust Co... 4 1 0 0 0 0 , , 0 0 0 0 0 0 4 1 0 0 0 0 , , 0 0 0 0 0 0 16 3 , , 2 0 3 2 1 7 , , 6 4 8 9 0 5 Ellsworth—Union Trust Co _. 100, 000 50,000 1, 920,980 Portland—Fidelity Trust Co Sanford—Sanford Trust Co ._ MASSACHUSETTS Arlington—Menotomy Trust Co : 200, 000 100, 000 4, 064, 901 Boston- American Trust Co _. 1, 500, 000 2, 000, 000 30, 767,919 Bank of Commerce & Trust Co __ 600, 000 150, 000 6, 500, 728 Beacon Trust Co 1, 000, 000 1, 800, 000 31, 881, 898 Exchange Trust Co _ 1, 000, 000 1,139, 000 19, 737, 826 Liberty Trust Co 750, 000 750, 000 14, 598, 604 New England Trust Co 1, 000, 000 2, 000, 000 29, 726,120 Old Colony Trust Co 10, 000, 000 9, 000, 000 210, 741, 341 State Street Trust Co 3, 000, 000 3, 500, 000 74, 032, 001 United States Trust Co. _ 1, 000, 000 1, 000, 000 21, 715,994 Cambridge— Harvard Trust Co 500, 000 650, 000 17, 473, 899 Inman Trust Co 200, 000 100, 000 3, 408, 309 Fall River—B. M. C. Durfee Trust Co 800, 000 400, 000 8, 874,194 Fitchburg—Fitchburg Bank & Trust Co _. 500, 000 500, 000 5, 912, 931 Gloucester—Gloucester Safe Deposit & Trust Co 200, 000 200, 000 5, 386, 944 Greenfield—Franklin County Trust Co 200, 000 100, 000 3,948, 246 Hoi yoke—Hadley Falls Trust Co 500, 000 250, 000 11,014,816 Lawrence—Merchants Trust Co.. _ _. 300, 000 150, 000 8,904,870 Lynn—Security Trust Co 200, 000 300, 000 9,840,657 Newton—Newton Trust Co _ _. 600, 000 600, 000 16,986, 975 Norwood—Norwood Trust Co 200, 000 100, 000 5,195, 833 Quincy—Quincy Trust Co 200, 000 126, 000 4, 952, 036 Salem—Naumkeag Trust Co 250, 000 250, 000 7, 664,105 Waltham—Waltham Trust Co. 300, 000 300, 000 7, 531, 763 Winchester—Winchester Trust Co 100, 000 50, 000 2,119, 655 Worcester—Worcester Bank & Trust Co... 1, 500, 000 1, 500, 000 38, 470,784 NEW HAMPSHIRE Conway—Carroll County Trust Co 75,000 20,000 1, 277,520 RHODE ISLAND Providence- Columbus Exchange Bank 200, 000 80, 000 3, 000, 543 Industrial Trust Co __ 4, 000, 000 6, 000, 000 133, 507,170 Rhode Island Hospital Trust Co. 3, 000, 000 5,000,000 104, 409,780' Union Trust Co. 1,000,000 500, 000 23,168, 508 211 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

212 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD Total resources DISTRICT NO. 2 NEW JERSEY (See also District No. 3) Asbury Park—Seacoast Trust Co $175,000 $350, 000 $6, 208,130 Bayonne—Bayonne Trust Co , 300,000 400, 000 8, 802, 527 Bloomfield— Bloomfield Trust Co 300,000 300, 000 6, 887, 644 Community Trust Co , 100, 000 50, 000 635, 662 Watsessing Bank 100, 000 100, 000 2, 944, 731 Bogota—Bank of Bogota 75, 000 60, 000 1, 295, 719 Boonton—Boonton Trust Co _. 100, 000 50, 000 1, 632,196 Carteret—Carteret Trust Co 100, 000 25, 000 923,154 Cranford—Cranford Trust Co 200, 000 150, 000 3, 328, 997 East Orange- East Orange Bank 250, 000 150, 000 4, 312, 272 Savings Investment & Trust Co 750, 000 600, 000 17, 425, 509 Elizabeth- Central Home Trust Co_ 200, 000 90, 000 3, 561, 381 Elizabethport Banking Co....._ 250, 000 300, 000 6, 576, 544 Fort Lee—Fort Lee Trust Co 100,000 20,000 694, 235 Franklin—Sussex County Trust Co 100, 000 100,000 2,417,033 Glen Ridge—Glen Ridge Trust Co 100,000 50,000 2,463,951 Hackensack—Peoples Trust & Guaranty Co 600,000 400,000 14, 276,418 Hasbrouck Heights—Bank of Hasbrouck Heights. 50,000 50,000 925,132 Hoboken—Jefferson Trust Co 400,000 100,000 8, 095, 502 Jersey City— Claremont Bank of Jersey City. _ _. 200,000 300,000 10,236, 076 Commercial Trust Co. of New Jersey __. 2,000,000 1, 500,000 50, 636,084 New Jersey Title Guarantee & Trust Co. 1,300,000 1,000, 000 30, 524,375 Montclair— Bank of Montclair _. __. 250,000 100,000 6, 547, 989 Montclair Trust Co 1,000,000 750,000 13,348, 576 Morristown—Morristown Trust Co 600,000 400,000 | 10,890, 823 Newark- I City Trust Co _ _.. 300,000 300,000 6,144,434 Clinton Trust Co 400,000 200,000 9, 841, 681 Federal Trust Co _ 2, 500,000 1, 000,000 30,860,087 Fidelity Union Trust Co _ 5, 250, 000 3, 750,000 85, 346, 231 Ironbound Trust Co 500,000 500,000 16, 591,304 Mutual Bank of Roseville 200,000 160,000 3,201,008 Springfield Avenue Trust Co 200,000 100, 000 8, 732,906 Nutley—Bank of Nutley .-. 100,000 100,000 3,020, 286 Passaic—Peoples Bank & Trust Co __. 400,000 600,000 10, 929,095 Paterson—Hamilton Trust Co 600,000 500,000 14, 523,529 Perth Amboy— Perth Amboy Trust Co. 300,000 400,000 9, 743,687 Raritan Trust Co 100,000 50,000 2,049,766 Plainfield— Plainfield Trust Co 609,300 500,000 15,310,496 Title Guaranty & Trust Co _ 250,000 50,000 1,017,733 Rahway—Rahway Trust Co 100,000 100,000 1,694,110 Ridgefield Park— Overpeck Trust Co 150,000 36,473 1,343,471 Ridgefield Park Trust Co 100,000 100,000 2,881,793 Ridge wood—Ridgewood Trust Co 150,000 50,000 3,171,765 Rutherford—Rutherford Trust Co _. 100,000 200,000 2,935, 888 Union City—Hudson Trust Co 1,000,000 2,000,000 36,112,455 Westfield— Peoples Bank & Trust Co.. 200,000 100,000 4,378,385 Westfield Trust Co... 300,000 100,000 4, 851, 537 West wood—West wood Trust Co 100,000 30,000 1,083, 684 NEW YORK Adams—Citizens Trust Co _. 150,000 75,000 1,865, 635 Albion—Orleans County Trust Co 100,000 36, 944 1, 020,028 Amsterdam—Montgomery County Trust Co.. 200,000 400, 000 4, 969, 256 Batavia—Bank of Genesee... 100, 000 100, 000 2, 331,157 Belmont—-State Bank of Belmont 50,000 50, 000 588, 581 Binghamton—Peoples Trust Co 500,000 100,000 9,041,341 Blasdell—Bank of Blasdell 30,000 5,500 377,682 Brooklyn- Brooklyn Trust Co 1, 500,000 3, 000,000 57,427,781 Globe Exchange Bank 400,000 120,000 4, 781,216 Mechanics Bank 2,000,000 2, 700,000 56, 775, 779 Midwood Trust Co 700,000 300,000 10,053,901 Peoples Trust Co.. 1,600,000 2,400,000 75,715,227 Buffalo- Liberty Bank of Buffalo 2, 750,000 3,000,000 67,668, 514 Manufacturers & Traders Trust Co 3,000,000 3,000,000 98,236,110 Marine Trust Co 1 10,000,000 10,000,000 251,611, 535 Peoples Bank of Buffalo 1,000,000 600,000 30,718,447 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATE BANK MEMBERSHIP 213 Total DISTRICT NO. 2—Continued NEW YORK—continued Canisteo—First State Bank __ $50,000 $35,000 $646,120 Chatham—State Bank _ 100,000 100,000 2, 530,692 Coney Island, New York City—Bank of Coney Island. 200,000 100,000 6, 258,074 Depew—Bank of Depew ___ _ 100,000 30,000 1,374,564 Dunkirk—Dunkirk Trust Co 250,000 125,000 2,541,289 East Aurora—Bank of East Aurora 150,000 40,000 2, 973, 967 Elmira—Chemung Canal Trust Co 600,000 400,000 11, 697, 261 Endicott—State Bank of Endicott 100,000 75,000 3, 706,819 Floral Park—Floral Park Bank _.. 100,000 50,000 2, 252,122 Fredonia—Citizens Trust Co.__ 100,000 100, 000 2,409,862 Geneva—Geneva Trust Co 250, 000 200,000 5,156,020 Gloversville—Trust Co. of Fulton County 350, 000 250,000 2,181,645 Hamburg—Peoples Bank 60,000 90,000 2, 533, 749 Hammondsport—Bank of Hammondsport _._ 50,000 50,000 1,309,888 Hicksville—Bank of Hicksville _ -_ . 100,000 150,000 2,997,834 Ithaca—Ithaca Trust Co 250,000 250,000 6,617,809 Johnson City—Workers Trust Co_. ._ 200,000 200, 000 4,995, 090 Katonah—Northern Westchester Bank 50,000 25, 000 1,102,024 Kingston—Kingston Trust Co "_ 250. 000 325, 000 5,783,833 Lackawanna—American Bank of Lackawanna_ 100, 000 30, 000 1, 294,633 Little Falls—Herkimer County Trust Co 350, 000 350,000 6,130,972 Lowville—Lewis County Trust Co._ 200, 000 100, 000 2,332,970 Malone—Peoples Trust Co 300,000 100, 000 4.379,138 Middleport—Community Tjust Co 100,000 25,000 528,209 Millbrook—Bank of Millbrook 50, 000 50,000 1, 733,396 Mineola—Nassau County Trust Co 150, 000 100, 000 4,351, 086 New York- Amalgamated Bank _ 300,000 150, 000 6,429,437 American Trust Co _._ 4, 000, 000 2,250, 000 56, 790,936 American Union Bank__ _ _ 1,500, 000 571,109 10, 648,119 Bankers Trust Co 20, 000, 000 20, 000, 000 504, 653,369 Bank of America 6, 500,000 5, 000, 000 236, 785,925 Bank of Europe 1, 000, 000 350, 000 12,928,275 Bank of the Manhattan Co. (Manhattan Co.) 10, 000, 000 10,000, 000 297,153, 543 Bank of New York & Trust Co 4, 000, 000 8, 000, 000 167,187,584 Bank of United States 4, 000, 000 2, 000, 000 75, 791,60& Central Mercantile Bank 1, 500, 000 810, 000 25,274,536 Central Union Trust Co 12,500, 000 25, 000,000 393,408,034 Commonwealth Bank of the City of New York 600,000 700, 000 21, 010,66a Continental Bank 1, 000, 000 500, 000 24,806,436 Corn Exchange Bank... 10, 000, 000 10, 000, 000 286,009,569 Equitable Trust Co 23, 000, 000 9, 000, 000 458, 015,259 Farmers Loan & Trust Co 10,000, 000 10, 000, 000 187,588,621 Federation Bank of New York. 750, 000 750, 000 15,461,716 Fidelity-International Trust Co 2,000, 000 1,500, 000 30,894,886 Fifth Avenue Bank__ 500,000 2,000, 000 37,005,681 Fulton Trust Co _ _. 1, 000,000 500, 000 17, 663,866 Guaranty Trust Co 25, 000, 000 15, 000, 000 635,385,098 International Union Bank 250, 000 205, 279 4,046,988 Irving Bank-Columbia Trust Co .-. 17, 500, 000 7, 500, 000 454,172,041 Longacre Bank 500, 000 250, 000 5,987,222 Manufacturers Trust Co 10, 000, 000 8,000, 000 237,071,290 Mutual Bank _ _ 500, 000 400,000 19,544,336 New Netherland Bank 600, 000 300, 000 15,266,510* New York Trust Co.. 10,000, 000 10, 000, 000 364,391,976 United States Mortgage & Trust Co___ 3, 000, 000 4, 000,000 84,830,767 United States Trust Co. of New York- 2, 000, 000 12,000, 000 78,801,982 Niagara Falls—Power City Bank 1, 000, 000 500, 000 19,417,220. Nyack—Rockland County Trust Co 100,000 100, 000 3,758,824 Olean—Olean Trust Co 100, 000 50, 000 1,490,837 Oneida—Madison County Trust & Deposit Co 200, 000 120, 000 3,928,370, Orchard Park—Bank of Orchard Park 60, 000 45,000 1,239,169 Pearl River—State Bank of Pearl River 50, 000 8,616 323,004 Perry—Citizens Bank _ _ 50,000 90,000 1, 496, 68& Pleasantville—Mount Pleasant Bank 100, 000 100, 000 3,165,277 Port Chester—Mutual Trust Co. of Westchester County 300,000 150, 000 5,101,363 Rochester—Lincoln-Alliance Bank 2, 000,000 2, 000, 000 55,354,547 Rome—Rome Trust Co__ 300,000 100, 000 5,510,220 Schenectady—Schenectady Trust Co 500, 000 500, 000 17, 669, 034 Smithtown Branch—Bank of Smithtown 50, 000 25, 000 1,206, 058 Spring Valley—Ramapo Trust Co 100, 000 35,000 1,213,686 Stony Brook—Bank of Suffolk County.. 50, 000 25,000 831,19? Syracuse- City Bank Trust Co 2, 500,000 1, 000, 000 35,157,102 First Trust & Deposit Co 2,500, 000 1, 500, 000 51,470,903 Syracuse Trust Co.._ 1, 500, 000 750, 000 38, 717, 099 Utica— Citizens Trust Co 1, 000, 000 1, 000, 000 20,422, 590 Oneida County Trust Co 250, 000 250, 000 4.605,139 Utica Trust & Deposit Co 1, 000, 000 700, 000 16,954,997 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

214 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD Total Capital Surplus resources DISTRICT NO. 2—Continued NEW YORK—continued Warsaw—Trust Co. of Wyoming County $100, 000 $20, 000 $1,135, 259 Watertown—Northern New York Trust Co 400, 000 400, 000 12,680, 262 Westbury—Bank of Westbury 50, 000 50,000 1, 618, 275 White Plains—County Trust Co 300, 000 575, 000 10, 238, 014 Williamsville—Amherst Bank 100, 000 30, 000 1, 584,376 DISTRICT NO. 3 DELAWARE Milford—Milford Trust Co 100, 000 200,000 1, 722, 792 Wilmington- Equitable Trust Co 1, 000, 000 1,000, 000 7,962, 580 Security Trust & Safe Deposit Co 600,000 700, 000 9, 508,443 Wilmington Trust Co _ _ 2, 000, 000 1,100, 000 20,405,953 NEW JERSEY (See also District No. 2) Atlantic City— Atlantic Saft Deposit & Trust Co. 300, 000 450, 000 8, 616, 538 Bankers Trust Co _ 100, 000 150,000 4, 028,830 Equitable Trust Co 200, 000 300,000 5, 607, 214 Burlington—Burlington City Loan & Trust Co 100, 000 200, 000 2, 649, 367 Camden—Camden Safe Deposit & Trust Co 500, 000 1, 000, 000 15, 390, 504 Gloucester City—Gloucester City Trust Co 100, 000 65, 000 1, 439,927 Hightstown—Hightstown Trust Co 100, 000 30,000 898, 473 Princeton—Princeton Bank & Trust Co 250,000 250, 000 4, 327, 263 Riverside—Riverside Trust Co 100, 000 140, 000 2, 799, 752 -Swedesboro—Swedesboro Trust Co 100, 000 20, 000 979, 040 PENNSYLVANIA (See also District No. 4) Allentown—• Liberty Trust Co _._ 300, 000 200, 000 1, 728, 058 Penn Trust Co 300, 000 175, 000 3, 221, 729 Bloomsburg—Columbia County Trust Co 125, 000 25, 000 1, 250, 973 Carlisle—Carlisle Trust Co ._ _.. 200, 000 225, 000 2,498, 286 Chester—Cambridge Trust Co.. 500, 000 700, 000 7, 458, 698 Du Bois—Union Banking & Trust Co 250, 000 500,000 2,967, 434 East Petersburg—East Petersburg State Bank.. 50, 000 15, 000 213, 639 Easton—Easton Trust Co-.. 250,000 750, 000 8, 733, 686 Egypt—Farmers Bank of Egypt 60, 000 53, 000 837, 280 F rack ville—Peoples Trust Co 125, 000 65, 000 867, 865 Glenside—Glenside Bank & Trust Co 300, 000 100,000 3, 815, 077 Harrisburg— Central Trust Co 400,000 600, 000 4, 476, 808 Dauphin Deposit Trust Co 300, 000 500, 000 5,905,136 Hazleton— American Bank & Trust Co 400, 000 300,000 6,064,101 eki Markle Banking & Trust Co _ 600,000 1,100,000 8,036, 704 Peoples Savings & Trust Co... 250,000 300, 000 5, 209, 057 Honesdale—Wayne County Savings Bank 200, 000 500, 000 4,938, 776 Huntingdon—Grange Trust Co 125, 000 55, 000 1,071, 745 Jenkintown—Jenkintown Bank & Trust Co 250,000 800,000 8, 856, 530 Kingston—West Side Trust Co 434,400 189, 355 2, 518, 402 Kulpmont—Dime Deposit Bank... 50, 000 75, 000 644, 766 Lemoyne—Lemoyne Trust Co.. _ 200, 000 200,000 1, 492, 489 Lewistown—Lewistown Trust Co. 125,000 25,000 865, 826 Lock Haven—Lock Haven Trust Co 250, 000 350,000 3, 468, 559 Luzerne—Merchants & Miners State Bank 50,000 5,000 365, 385 Lykens—Miners Deposit Bank.. 50, 000 160, 000 1,354,036 Mahanoy City—Merchants Banking Trust Co. 200, 000 250,000 2,128, 488 Mechanicsburg—First Bank & Trust Co 250,000 150,000 2, 201, 768 Middletown—Citizens Bank & Trust Co 125,000 75, 000 1, 003,186 Mill Hall—Mill Hall State Bank 35,000 10, 000 322,056 Nanticoke—Miners Trust Co __ 125,000 150,000 2, 627, 431 New Oxford—Farmers & Merchants Bank 50,000 75,000 858, 287 Norristown—Montgomery Trust Co 500,000 350,000 6, 799,778 Olyphant—The Olyphant Bank 100, 000 200, 000 3,180, 603 Orrstown—Orrstown Bank 25, 000 18, 500 241,302 Philadelphia— Aldine Trust Co 1,000,000 1,000,000 5, 533,982 Bank of North America & Trust Co 5,000, 000 5, 000,000 67, 472,131 Colonial Trust Co. 1,000, 000 1, 000,000 15, 238,087 Excelsior Trust Co 300, 000 500,000 5, 640, 871 Federal Trust Co 200,000 300,000 6, 214,165 Fidelity Trust Co 5, 200,000 16,000, 000 78,022, 540 Girard Trust Co 2, 500,000 7, 500, 000 75, 514,437 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATE BANK MEMBEBSHIP 215 Surplus Total DISTRICT NO. 3—Continued PENNSYLVANIA—continued Philadelphia—Continued. Ninth Bank & Trust Co $750,000 $l,.500, 000 $19, 620, 477 Northeast-Tacony Bank & Trust Co 250,000 100, 000 1, 858,035 Oxford Bank & Trust Co ..-. 500, 000 350,000 7,064, 756 Pennsylvania Co. for Insurance on Lives and Granting Annuities 4,000,000 14, 540, 000 82, 676, 666 Peoples Bank & Trust Co 1,000, 000 300,000 18, 636,341 Philadelphia Trust Co _ 1, 000, 000 5,000,000 35, 216, 287 Provident Trust Co .. _ 2,000, 000 5, 000,000 I 29, 598, 530 West Philadelphia Title & Trust Co 500, 000 850,000 10, 336,165 Port Carbon—Port Carbon State Bank 50,000 10, 000 453, 319 Reading— Berks County Trust Co 750,000 750,000 9, 665, 596 Northeastern Trust Co 482, 620 203,158 4, 064, 249 Schnecksville—Schnecksville State Bank 25, 000 2, 500 151, 598 Schuylkill—Schuylkill Haven Trust Co 125, 000 200, 000 2,098,397 Scranton—Peoples Savings & Dime Bank & Trust Co 1,000, 000 1, 000,000 17, 682, 564 Shamokin—Dime Trust & Safe Deposit Co 125, 000 225, 000 2, 242, 551 Tamaqua—Peoples Trust Co 125, 000 125, 000 1,489, 487 Wilkes-Barre— Dime Bank Title & Trust Co _ 200,000 250, 000 4, 727, 882 Union Savings Bank & Trust Co 250, 000 75, 000 2, 242,087 Williamsport— Northern Ceotral Trust Co 500,000 400,000 5, 578,114 Susquehanna Trust Co _ _. 500, 000 600, 000 5,126, 544 Williamstown—Williams Valley Bank _ 50,000 75, 000 1, 050, 254 Wyomissing—Peoples Trust Co 500, 000 300,000 3, 546, 866 York- Citizens Savings & Trust Co 500,000 100, 000 3, 256, 308 Guardian Trust Co 425, 000 425,000 4, 337, 974 North York State Bank... 40,000 7,000 287, 439 York Trust Co ._ 300,000 400,000 4,383, 012 DISTRICT NO. 4 KENTUCKY (See also District No. 8) Lexington—Security Trust Co 500,000 150,000 3,293,136 Richmond—State Bank & Trust Co.. 150, 000 55,000 1, 548,633 OHTO Adena—Adena Commercial & Savings Bank... 60,000 6,500 363,434 Akron— Central Savings & Trust Co 1,000,000 500, 000 16, 461, 780 Depositors Savings & Trust Co 500,000 512, 500 10,167,729 Firestone Park Trust & Savings Bank. 200, 000 125,000 5,096, 527 First Trust & Savings Bank 1, 500, 000 1, 500,000 32,024,335 Alliance—City Savings Bank & Trust Co 250, 000 125,000 4,444, 696 Antwerp—Antwerp Exchange Bank Co 25, 000 7, 500 360,671 Apple Creek—Apple Creek Banking Co 25,000 25,000 245,307 Atwater—Atwater Savings Bank Co 25,000 12, 500 395, 236 Barberton—Peoples Savings & Banking Co 100,000 42, 500 2, 286,122 Bellefontaine—Peoples-Commercial Bank 125,000 26, 000 1, 348, 487 Bowling Green—State Bank of Bowling Green.. 100,000 22,000 716,708 Bridgeport—Bridgeport Bank Co 75,000 40,000 704,034 Canton—Dime Savings Bank Co 500,000 235,000 5,870, 737 Chagrin Falls—Chagrin Falls Banking Co 100,000 100,000 2,470,889 Cincinnati- Brighton Bank & Trust Co 500,000 250,000 15,356,904 Fourth & Central Trust Co,. 2,00C, 000 2,000,000 27.955,418 Pearl Market Bank._ 400,000 400,000 9,546,963 U Pr n o i v on id e T n r t u s S t a v C i o ngs Bank & Trust Co 1 1 , , 0 5 0 0 0 0r , 0 0 0 0 0 0 4 1, , 0 5 0 0 0 0 , , 0 0 0 0 0 0 3 39 0 , , 8 5 3 0 3 8 , , 9 8 2 1 3 7 Western Bank & Trust Co 1,000,000 1, 000,000 20,481,168 Cleveland- Cleveland Trust Co. 8,600.000 4,300,000 216,156,632 Guardian Trust Co 4,000, 000 4, 000,000 122,361,853 Lake Erie Trust Co 1,000,000 250,000 5, 878. 777 Midland Bank __ ._ 2,000,000 800, 000 29,060,173 Ohio Trust Co._ 300,000 22,697 3, 723,632 -Pearl Street Savings & Trust Co.__ 1, 500,000 900,000 31,126,886 State Banking & Trust Co 750,000 315,000 15,803,076 Union Trust Co. 22,250, 000 11,125.000 300,939,231 United Banking & Trust Co.. 1,500,000 7f.O; 000 27,926,868 Columbiana—Union Banking Co 50,000 60,000 757,153 Columbus—Citizens Trust & Savings Bank 1, 500,000 625, 000 28,534,726 88169—26 15 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

216 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD Total Capital Surplus resources DISTRICT NO. 4—Continued OHIO—continued Conneaut— Citizens Banking & Trust Co__ $125,000 $30,000 $1.179,693 Conneaut Mutual Loan & Trust Co 125,000 125, 000 2,816, 284 Danville—Commercial & Savings Bank Co 25, 000 20, 000 337, 500 Delphos—Peoples Bank of Delphos _ 50, 000 20, 500 505, 488 Delta—Peoples Savings Bank Co.. __. 25,000 35,000 802,816 Eldorado—Farmers State Bank _ 35, 000 P,500 441,981 Frazeysburg—Peoples Bank Co__ _ 25, 000 50, 000 618. 888 Geneva—Geneva Savings Bank Co _ __- 100, 000 100, 000 1,429, 2G1 Gibsonburg— Gibsonburg Banking Co. _ _ 50,000 29.000 866,407 Home Banking Co 25,000 25, 000 691,585 nillsboro—Hillsboro Bank & Savings Co 50, 000 30, 000 609, 270 Hubbard—Hubbard Banking Co.- 50, 000 50, 000 989, 589 Lima—First American Bank & Trust Co 400,000 I 109,000 3, 888, 886 Lodi—Lodi State Bank 40,000 | 60, 000 698, 274 Lyons—Farmers State Bank 25,000 | 2,700 242,104 McCutchenville—Farmers Bank 30,000 i 3,000 135,189 Mansfield—Farmers Savings & Trust Co 200,000 i 200, 000 2, 625, 063 Massillon—Ohio Merchants Trust Co 1,000, 000 258, 000 8,677,430 Metamora—Farmers & Merchants Bank Co 25, 000 11, 000 400, 706 Middlefield-Middlefield Banking Co 25, 000 30, 000 593, 288 Middletown—American Trust & Savings Bank 150, 000 41, 000 2, 572, 232 Milan—Farmers & Citizens Banking Co.- _ _. 25,000 15, 000 608, 249 Minerva- Minerva Banking Co 50, 000 11, 500 609,888 Minerva Savings & Trust Co 125, 000 36, 000 1, 725, 238 Minster—Minster State Bank 25, 000 40,000 471, 685 Napoleon—Napoleon State Bank 50,000 50,000 1, 621,189 Newark—Newark Trust Co 200, 000 200, 000 3,600, 040 New Philadelphia- Merchants State Bank__ ___ 150,000 70, 000 1,173,426 Ohio Savings & Trust Co 150,000 100, 000 2,134, 929 Newton Falls—First State Bank 125, 000 30,000 1, 748,646 Orryille—Orrville Savings Bank. __. 50,000 52, 000 913,250 'Peninsula—Peninsula Banking Co__ __. 25,000 12, 500 285,603 Portsmouth—Security Bank __ 300, 000 200, 000 3, 501,135 Rittman—Rittman Savings Bank 60,000 21,000 672, 730 St. Clairsville—Dollar Savings Bank Co 50,000 60, 000 St. Marys- American State Bank__ 50, 000 25, 000 570, 288 Home Banking Co.. _ 100, 000 33, 500 1,160, 356 Shadyside—Shadyside Bank _ 50, 000 13, 550 455,494 Shelby—Citizens Bank 100, 000 50, 000 1, 526, 961 Shiloh—Shiloh Savings Bank Co 25, 000 40, 000 398,199 Steubenville— Steubenville Bank & Trust Co 650,000 317,000 5, 652, 837 Union Savings Bank & Trust Co 350, 000 350, 000 5, 813, 436 Sylvania—Farmers & Merchants Bank Co 50,000 30, 000 1,069, 781 Toledo- Commerce Guardian Trust & Savings Bank 1,400,000 700,000 30, 702, 049 Commercial Savings Bank & Trust Co. 200, 000 500, 000 14,147, 627 Toledo Trust Co 5, 000, 000 3, 000, 000 48, 341, 062 Upper Sandusky—Citizens Sayings Bank 50, 000 50, 000 803,153 Vermilion—Erie County Banking Co 50,000 19, 500 832. 036 Wakeman—Wakeman Bank Co.__ 25,000 15,000 368,406 Warren—Union Savings & Trust Co 600, 000 600, 000 6, 587, 694 Wellington—First Wellington Bank 85, 000 100, 000 1, 232, 551 West Lafayette—West Lafayette Bank Co 100,000 50, 000 1, 069, 637 West Milton—Citizens State Bank Co 30,000 17,000 306, 473 Wooster—Commercial Banking & Trust Co 150, 000 55, 500 1, 286,827 Y oungstown— City Trust & Savings Bank 1, 000, 000 1,150, 000 12, 574, 517 Dollar Savings & Trust Co 2, 500, 000 1, 250, 000 22, 431, 080 PENNSYLVANIA (See also District No. 3) Ambridge—Ambridge Savings & Trust Co 125, 000 125,000 4,056,066 Beaver—Beaver Trust Co 300, 000 100, 000 2, 248,126 Beaver Falls—Federal Title & Trust Co. 200, 000 40, 000 1, 679, 667 Bellevue—Bellevue Savings & Trust Co 125, 000 125, 000 2, 292, 767 Butler—Guaranty Trust Co 500,000 600, 000 6, 523, 489 East Pittsburgh—East Pittsburgh Savings & Trust Co.. 200, 000 300, 000 5,169, 659 Erie—Security Savings & Trust Co 200, 000 600, 000 6, 609, 961 Greensburg— Merchants Trust Co 300, 000 325, 000 4, 514, 805 Union Trust Co _ 400, 000 80, 000 2, 302, 244 Meadville—Crawford County Trust Co 200, 000 100, 000 2, 954, 839 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATE BANK MEMBERSHIP 217 Total resources DISTRICT NO. 4—Continued PENNSYLVANIA—continued New Brighton—Beaver County Trust Co__ $400, 000 $200,000 $1, 708, 374 New Castle—Lawrence Savings & Trust Co 300, 000 400, 000 6,133, 662 Pittsburgh- Allegheny Trust Co --. 700,000 900, 000 7, 687,382 City Deposit Bank... 500, 000 1, 000, 000 18,346,889* Colonial Trust Co __-. 2, 600,000 3, 000, 000 27, 528, 636 Commonwealth Trust Co 1, 500,000 1, 500, 000 16, 791,343 Oakland Savings & Trust Co 300, 000 300, 000 6, 269, 053 Pittsburgh Trust Co 2,000,000 2,000,000 21,151,813 Potter Title & Trust Co _. 500,000 450, 000 9, 353, 326 Union Trust Co -._. 1, 500, 000 47, 000,000 181,941,213 Washington—Real Estate Trust Co. of Washington.. 200,000 500,000 3, 380,490 Woodlawn—Woodlawn Trust Co 125,000 50, 000 2, 356, 228. WEST VIRGINIA (See also District No. 5) Moundsville—Marshall County Bank 150,000 50,000 1, 543, 361 Sistersville—First-Tyler Bank & Trust Co.. 200, 000 100, 000 2,414,469 Wheeling- Security Trust Co 300,000 300, 000 4, 818, 397 Wheeling Bank & Trust Co_ 500,000 500, 000 9, 333, 705. DISTRICT NO. 5 MARYLAND Baltimore- Baltimore Commercial Bank 750, 000 250, 000 12,884, 476 Baltimore Trust Co 3, 500,000 3, 500, 000 67, 779, 676 Maryland Trust Co 1, 000,000 500, 000 11, 849,449' Forest Hill—Forest Hill State Bank 25,000 25, 000 291, 727 Salisbury—Farmers & Merchants Bank. 100,000 100, 000 1,211,166. NORTH CAROLINA Belhaven—Farmers Bank __ 25,000 7,500 199,827 Charlotte- American Trust Co 1,200,000 600, 000 19, 526,35'* Independence Trust Co 1,000. 000 500, 000 7,115,556- Edenton—Bank of Edenton 100,000 100,000 1,242,616 Elizabeth City—Carolina Banking & Trust Co.. 250,000 5,100 1, 535,671 Forest City—Farmers Bank & Trust Co 200,000 200, 000 2, 690,850' Tarboro—Farmers Banking & Trust Co 100,000 75, 000 1,195,864 Washington—Bank of Washington 100,000 91,275 1,182, G28- Winston-Salem—Wachovia Bank & Trust Co._. 2,175,000 1,000,000 41, 295, 271 SOUTH CAROLINA Bishopville—Peoples Bank 25,000 75, 000 419, 780 Charleston—Carolina Savings Bank 200,000 150, 000 3, 694, 558 Cheraw— Bank of Cheraw 110,000 50, 000 1,125,311 Merchants & Farmers Bank 100,000 25, 000 633,837 Chester—Commercial Bank 100, 000 100, 000 1,196,962 Darlington—Bank of Darlington 100,000 100,000 1, 205, 073 Florence— Commercial & Savings Bank 250, 000 100, 000 2, 564, 363 Palmetto Bank & Trust Co 100, 000 23.000 994, 268 Georgetown—Bank of Georgetown.. 100, 000 100, 000 1,294, 812 Hartsville—Bank of Hartsville 75, 000 42, 500 . 858,459 Rock Hill—Citizens Bank & Trust Co 140,000 25, 000 1, 368,282 St. Matthews—Home Bank 70,000 20, 000 546,011 Sumter—Peoples Bank 100,000 16, 500 612, 224 Union—Nicholson Bank & Trust Co 200,000 200, 000 1, 834, 559 Walterboro—Farmers & Merchants Bank- 100,000 30,000 737, 021 Westminster—Westminster Bank 100, 000 25, 000 751, 417 Woodruff—Bank of Woodruff 77, 800 40,000 503,455. VIRGINIA Blackstone— Citizens Bank & Trust Co 100,000 70, 000 983,198^ Chase City—Peoples Bank & Trust Co 100, 000 30, 000 596, 791 Galax—Peoples State Bank (Inc.) __. 50,000 35,800 516,718 Kenbridge—Bank of Lunenburg (Inc.) 50, 000 85, 000 586, 218 Norfolk—Citizens Bank of Norfolk 1, 000, 000 500,000 8.570,673 Petersburg—Petersburg Savings & Trust Co.. 500, 000 500, 000 4,900,206- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

218 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD Total resources DISTRICT NO. 5-Continued VIRGINIA—continued Richmond— Bank of Commerce & Trusts $500, 000 $500.000 $6,429, 071 Savings Bank of Richmond 200, 000 400,000 2, 786,829 State & City Bank & Trust Co 1,350,000 1,350,000 28, 509,807 Union Bank & Federal Trust Co 750, 000 500,000 5,114, 752 Rural Retreat—Peoples Bank 35, 000 4,000 208,114 Victoria—Bank of Victoria (Inc.)- 30,000 8,000 373, 593 WEST VIRGINIA (See also District No. 4) Berwind—Berwind Bank 50, 000 100,000 1,386, 736 Charleston—Kanawha Valley Bank ., 000,000 1,100,000 13,153, 759 Franklin— Farmers Bank of Pendleton 50,000 50,000 679, 051 Franklin Bank 40, 000 20, 000 352, 792 Grafton—Grafton Banking & Trust Co 100,000 50,000 1,293, 454 Harpers Ferry—Bank of Harpers Ferry 25, 000 6,000 216, 619 Hurricane—Putnam County Bank 50,000 50,000 547,170 Martinsburg— Peoples Trust Co 200,000 102, 500 1,646,460 Shenandoah Valley Bank & Trust Co 100, 000 25,000 779,351 Moorefield—Hardy County Bank _ 50,000 2, 250 157, 354 Petersburg—Potomac Valley Bank 50, 000 5,000 290, 637 St. Marys—Pleasants County Bank 75,000 30, 000 548, 386 Salem—Merchants & Producers Bank 50, 000 4,194 654, 042 DISTRICT NO. 6 ALABAMA Birmingham— American Trust & Savings Bank 1,000, 000 500,000 16, 858, 850 Birmingham Trust & Savings Co 1, 000,000 900,000 23, 245, 491 Clayton—Bank of Commerce 50,000 20,000 305, 221 Guin—Marion County Banking Co 25,000 42, 500 502,979 Hartselle— Farmers & Merchants Bank 50, 000 6,500 503, 761 Hurtsboro—Farmers & Merchants Bank 31,400 18, 000 152,815 Jasper—Central Bank & Trust Co 50,000 10, 000 567, 538 Marion—Marion Central Bank 50, 000 100, 000 707,366 Mobile- Merchants Bank___ 500,000 500, 000 13,895,089 Peoples Bank _ 300,000 200,000 4, 776,921 Monroeville—Monroe County Bank 100, 000 30,000 1,062,643 Montgomery—Alabama Bank & Trust Co 300,000 50, 000 2,461,147 Orrville—Orrville Bank & Trust Co 35, 000 7,000 117,357 Pitlsview—Bank of Pittsview 25,000 5,000 72,520 Roanoke— Merchants & Farmers Bank 75, 000 15,000 474,588 Roanoke Banking Co 200,000 200, 000 1,381, 704 Selma—Peoples Bauk & Trust Co 100,000 75,000 1,259.619 Talladega—Bank & Trust Co 100,000 27,000 716,045 Tuskegee—Macon County Bank 50,000 75,000 703,399 Union Springs—American Bank 50. 000 10,000 354,185 Wetumpka—Bank of Wetumpka 25,000 15,000 205,510 FLORIDA Jacksonville—American Trust Co 200,000 61,510 1,532, 644 Lakeland—Central Bank & Trust Co 100, 000 40,000 3,410, 797 Lake Wales—Citizens Bank of Lake Wales 75,000 17,500 949,368 Leesburg—Leesburg State Bank 50,000 25,000 2,278,408 Marianna—Citizens State Bank 30,000 364,830 Miami- Commercial Bank & Trust Co 200,000 100,000 12,717,337 Southern Bank & Trust Co 100, 000 50,000 14,951,909 Orlando—Bank of Orange & Trust Co 200,000 50,000 4,111,260 Tallahassee—Exchange Bank 50,000 25,000 586,831 Tain pa—Citizens Bank & Trust Co 1,000,000 1,000,000 36,093,045 Winter Park—Bank of Winter Park 40,000 10,000 1,635, 659 GEORGIA Atlanta- Atlanta Trust Co 1,500,000 300,000 9,438,256 Georgia Savings Bank & Trust Co 500,000 300,000 4,650,547 Trust Company of Georgia 2,000,000 1,000,000 10,936,484 Baiubridge—Citizens Bank & Trust Co 100,000 20,000 1,057,784 Barnesville—Barnesville Bank _ 50,000 10,000 191,731 Bartow—Bartow Bank 25,000 15,000 253,202 Boston—Bank of Boston 25,000 5,000 134,068 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATE BAKK MEMBERSHIP 219 Capital Surplus re T so o u t r a c l es DISTRICT NO. 6—Continued GEORGIA—continued Bowman—Bank of Bowman $35,000 $10,000 $254,783 Brunswick—Brunswick Bank & Trust Co 230,000 101,000 2,200,981 Calhoun—Peoples Bank 50,000 326, 701 Camilla—Bank of Camilla 100,000 389, 111 Carrollton—Peoples Bank 60,000 30,000 543,167 Claxton—Citizens Bank of CIaxton.__ 30, 000 6,000 210,550 Commerce— Commerce Bank & Trust Co 50,000 12, 518 167,874 Northestern Banking Co 100,000 60,000 611,018 Cordelle—Exchange Bank. 100, 000 100, 000 972,041 Dacula—Dacula Banking Co 25,000 5,000 72,623 Dawson—Bank of Dawson 100,000 44,000 513, 587 Douglasville—Douglasville Banking Co 75,000 35, 500 605,185 Eastman- Bank of Eastman 60,000 11,200 351, 558 Citizen Banking Co 100,000 20,000 693,945 Eatonton— Farmers & Merchants Bank 25,000 71,413 Middle Georgia Bank 50,000 326,016 Elberton—Bank of Elberton 100,000 20,000 463,668 Forsyth—Monroe County Bank 25,000 30,000 304,114 Girard—farmers & Merchants Bank 25, 000 5,000 212,812 Graymont—Bank of Graymont 25,000 6,000 119,847 Greenville— Greenville Banking Co. .._ _.. 65,000 100,000 536,618 Peoples Bank. _ 30,000 27,606 197,630 Hartwell—Hartwell Bank 60, 000 30,000 436,273 Hoschton—Bank of Hoschton__ _._. 30, 000 12, 000 65, 413 Jackson—Jackson Banking Co 100, 000 20,000 325, 639 Jefferson—Citizens Bank & Trust Co 94,170 12, 500 324, 792 La Grange—La Grange Banking & Trust Co.. 250, 000 450, 000 2, 746,998 Lavonia—Bank of Lavonia . 40, 000 17, 000 228, 577 Lawrenceville—Brand Banking Co _. 50, 000 50, 000 759.459 Lincolnton—Farmers State Bank 25, 000 10, 000 234, 565 Locust Grove—Bank of Locust Grove 25, 000 5, 000 128,288 Louisville—Bank of Louisville _ 25,000 55, 000 453.460 Madison—Bank of Madison _ 100, 000 75, 000 483, 517 McDonough— Bank of Henry County _- 50,000 30,000 294, 701 Farmers & Merchants Bank 50, 000 25,000 265,694 Metter— Bank of Candler County 25, 000 2,000 137,430 Citizens Bank __ _ 30,000 20,000 217, 623 Millen—Bank of Millen... 50,000 50, 000 582,422 Monroe— Bank of Monroe _ _ 150, 000 75, 000 600, 298 Farmers Bank 150,000 30,000 421,341 Union Banking Co 60,000 138,816 Pelham—Farmers Bank __ 100,000 50,000 657, 588 Pendergrass—Pendergrass Banking Co 25, 000 57, 707 Plains—Plains Bank 50, 000 12,000 342, 304 Portal—Bank of Portal 25, 000 3,000 131,172 Rhine—Rhine Banking Co 25, 000 4,500 100,288 Royston—Royston Bank 60,000 30,000 397,245 Sardis —Peoples Bank 25, 000 6,000 103, 876 Sasser—Bank of Sasser ._ 25,000 32, 500 158, 520 Savannah- Citizens & Southern Bank 3,000, 000 2, 500, 000 72, 553, 570 Citizens Trust Co _.. 300,000 75, 000 1,920,399 Liberty Bank & Trust Co.. 300, 000 350, 000 5, 843,878 Savannah Bank & Trust Co.._ _ 700, 000 700,000 7,922, 583 Soperton—Bank of Soperton __ 25, 000 25, 000 394,404 Statesboro—Bank of Statesboro 100, 000 75, 000 969, 533 Swainsboro—Central Bank 25, 000 10, 000 228, 238 Toccoa— Bank of Toccoa - 50,000 10,000 247,917 Wadley—Bank of Wadley 25,000 25, 000 193,284 West Point—Citizens Bank.. 100,000 20,000 544, 095 Winterville—Pittard Banking Co_.._ 25,000 5,000 72, 741 Zebulon—Bank of Zebulon _ 25, 000 12, 500 175, 707 LOUISIANA (See also District No. 11) Baton Rouge—Union Bank & Trust Co 150,000 75,000 3,482,076 Gretna—Jefferson Trust & Savings Bank 80,000 21,000 1,436,004 New Orleans— Algiers Trust & Savings Bank 200, 000 50,000 1, 505,346 American Bank & Trust Co 500,000 250,000 8,738,407 Canal-Commercial Trust & Savings Bank. 4,750,000 2,250,000 96,884,426 Hibernia Bank & Trust Co 2,000,000 2, 500, 000 70,880,689 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

220 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD Total Surplus resources DISTRICT NO. 6—Continued LOUISIANA—continued New Orleans—Continued. Interstate Trust & Banking Co $750,000 $1, 050, 000 $18,301,108 Marine Bank & Trust Co 1, 500,000 800,000 33,179,442 New Orleans Bank & Trust Co _ 1,200, 000 300, 000 11, 911, 897 New Roads—Pointe Coupee Trust & Savings Bank. 60, 000 6,600 339, 000 Opelousas—Parish Bank & Trust Co __. 50, 000 10,000 772,037 Vitle Platte—Evangeline Bank & Trust Co 75, 000 37, 500 865,423 MISSISSIPPI (See also District No. 8) Crystal Springs—Peoples Bank 25,000 2,900 186, 994 TENNESSEE (See also District No. 8) Bellbuckle—Peoples Bank & Trust Co 15, 000 101, 923 Chattanooga—Chattanooga Savings Bank & Trust Co. 1, 000, 000 500, 000 8, 034, 301 Wartrace—Wartrace Bank & Trust Co 25, 000 1,500 89,807 DISTRICT NO. 7 (See also District No. 8) Argenta—The Gerber State Bank 25, 000 7,500 238, 867 Auburn—Auburn State Bank _ 50, 000 10, 000 738, 474 Barrington—First State Bank... 50, 000 35, 000 744, 712 Blandinsville—Huston Banking Co 60,000 40, 000 1, 269, 538 Chicago- Adams State Bank 200, 000 40, 000 2, 697,199 Auburn Park Trust & Savings Bank.. 300, 000 90, 000 1, 494, 950 Austin State Bank _ 300,000 200, 000 6, 882,170 •Capital State Savings Bank.. _. 300, 000 100, 000 5, 218, 299 Central Trust Co. of Illinois 6, 000, 000 3, 000, 000 101, 696, 209 Chicago Trust Co...^ 2, 000, 000 1, 000, 000 30, 623, 267 Columbia State Savings Bank 200, 000 50, 000 2, 731, 846 Depositors State Bank 350, 000 200, 000 6,457,836 Drexel State Bank 350, 000 150, 000 9, 599,166 First Trust & Savings Bank 6, 250,000 6, 250, 000 146, 476, 057 Harris Trust & Savings Bank 3, 000, 000 4, 000, 000 80, 407, 588 Home Bank & Trust Co 1, 000, 000 500, 000 11.170, 885 Hyde Park State Bank 300, 000 300, 000 5,926, 781 Illinois Merchants Trust Co 15, 000, 000 30, 000, 000 436, 641,197 Independence State Bank 400, 00 100, 000 6, 321,305 Kasper-American State Bank 1, 600, 000 400, 000 19, 677, 599 Madison & Kedzie State Bank 1, 000, 000 250, 000 13, 737, 413 Mercantile Trust & Savings Bank 400, 000 125,000 10, 931, 281 Noel State Bank 1, 000, 000 250, 000 10, 264, 210 Northern Trust Co 2, 000, 000 3, 000, 000 68,359, 793 Northwestern Trust & Savings Bank.. 1, 000, 000 500, 000 22, 623, 068 Second Security Bank 350, 000 200, 000 6, 292, 849 Security Bank of Chicago 700, 000 350, 000 9, 837,812 South Side Trust & Savings Bank 750, 000 250, 000 13, 049, 773 Standard Trust & Savings Bank. 1, 000, 000 500, 000 20,177, 698 State Bank of Chicago 2, 500, 000 5, 000, 000 66, 037, 285 Twenty-sixth Street State Bank 200, 000 40, 000 2, 346, 069 Union Trust Co 3, 000, 000 3, 000, 000 84, G63, 391 United State Bank of Chicago 200, 000 100, 000 3, 620,968 Woodlawn Trust & Savings Bank 500, 000 200, 000 10.171, 986 Cicero- Cicero Trust & Savings Bank... 100, 000 100, 000 2, 091,158 Western State Bank 250, 000 50, 000 3,741,449 Cowden—State Bank of Cowden _ 25, 000 10, 000 262,193 Des Plaines—Des Plaines State Bank 150, 000 75, 000 1, 917, 740 Divernon—First State Bank 50, 000 10, 000 531, 389 Eureka—Farmers State Bank 100, 000 20, 000 651, 890 Evanston— Evanston Trust & Savings Bank 200, 000 100, 000 2, 924, 020 State Bank & Trust Co 300, 000 500, 000 9, 932, 905 Fulton—Whiteside County State Bank 50, 000 8,000 579, 934 Geneva—State Bank of Geneva _ 100, 000 50, 000 1, 564, 720 Hinckl >y—Hinckley State Bank 50, 000 25,000 608, 483 Hinsdale—Hinsdale State Bank 100, 000 25, 000 1, 268, 730 Joliet- Commercial Trust & Savings Bank 100, 000 15, 000 1, 709,320 Joliet Trust & Savings Bank— 100, 000 50, 000 2, 599,190 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATE BANK MEMBERSHIP 221 Total DISTRICT NO. 7—Continued ILLINOIS—continued Kewanee—Union State Savings Bank & Trust Co. $150, 000 $25, 000 $1, 579,880 La Grange- La Grange State Bank 100,000 100, 000 2,368, 818 La Grange Trust & Savings Bank__ 100,000 50, 000 1,941,450 Magnolia—First State Bank _._ 25, 000 6,000 193, 892 Marshall—Marshall State Bank 60, 000 12, 000 471, 336 Martinsville—Martinsville State Bank 50, 000 20, 000 506, 807 Matteson—First State Bank 25, 000 25, 000 253, 451 Mattoon—Central Illinois Trust & Savings Bank. 100, 000 100, 000 1,198, 890 Mount Carroll- Carroll County State Bank 100, 000 25, 000 1,460, 559 First State Bank 100, 000 20, 000 1,351, 554 Oak Park- Oak Park Trust & Savings Bank 400, 000 200, 000 7,965,903 Suburban Trust & Savings Bank __ 200, 000 150, 000 2,991, 473 Oswego—Oswego State Bank 50,000 10,000 377,207 Polo—Polo State Bank 60, 000 30, 000 574,634 Rock Island—First Trust & Savings Bank 200, 000 50, 000 1, 685,331 St. Charles—Stewart State Bank _ _. 100, 000 50,000 1,462, 259 Seneca— Farmers Trust & Savings Bank 25,000 8,500 151,284 State Bank of Seneca 50,000 25,000 478,142 Shannon—State Bank of Shannon 50,000 5,000 339,585 Springfield—Ridgely Farmers State Bank 600,000 150,000 8,053,313 Stockland—Summer State Bank _. 50, 000 10,000 263,087 Wenona—First State Bank. _. 50,000 50,000 805,715 (See also District No. 8) Bargersville—Farmers State Bank 25, 000 25,000 265,343 Connersville—Fayette Bank & Trust Co _ 400, 000 36,000 2,534,205 Cromwell—Sparta State Bank 27, 500 1,500 211,378 Elkhart—St. Joseph Valley Bank 250, 000 150,000 5,193, 615 Hammond—First Trust & Savings Bank 125, 000 90,000 3, 671,788 Indianapolis—Fletcher Savings & Trust Co ., 500,000 1,000,000 23,101,512 Jamestown—Citizens State Bank _ 30, 000 20,000 469,000 Kentland—Kent State Bank 50,000 50,000 509,818 Marion—Grant Trust & Savings Co 176,100 142, 650 2,737,184 North Liberty—North Liberty State Bank__ __. 50,000 12, 500 407,345 Richmond—Dickinson Trust Co 200, 000 50,000 3,737,694 Rochester—United States Bank & Trust Co _.. 75,000 25,000 878,852 South Bend- American Trust Co 500,000 160,000 6,135, 710 St. Joseph Loan & Trust Co _ 800,000 200,000 5, 464, 696 South Whitley—Mayer State Bank.__ 25,000 20, 500 324, 552 Terre Haute—Terre Haute Trust Co 500, 000 500, 000 9,147,599 Tipton—Farmers Loan & Trust Co 50, 000 50, 000 933,665 IOWA Algona— County Savings Bank 100,000 60,000 2,508,571 Alta Vista—Alta Vista Savings Bank _. 30,000 20, 000 580,857 Ames—Story County Trust & Savings Bank 50,000 19,000 1,027,067 Barnes City—Farmers Savings Bank . 50,000 15,000 563,819 Bellevue—Bellevue State Bank _.. 60,000 15,000 1,066,151 Bennett—Bennett Savings Bank __ 50, 000 5,000 434,799 Blairsburg—State Bank of Blairsburg 25,000 10,500 322, 223 Burlington—First Iowa State Trust & Savings Bank 600,000 450,000 10,775,521 Cedar Falls—Security Trust & Savings Bank 50,000 10,000 522,801 Cedar Rapids—Iowa State Savings Bank 200,000 50,000 3,136,653 Chariton—State Savings Bank 50,000 50,000 1,011,172 Charter Oak—Farmers State Bank 40,000 10, 000 433,167 Cherokee—Cherokee State Bank 75,000 75, 000 1, 655,925 Clearfield—Taylor County State Bank 25,000 174, 734 Clinton—Peoples Trust & Savings Bank 300,000 300, 000 6,115,168 Corydon—Wayne County State Bank 75,000 5,000 449,711 Davenport—American Commercial & Savings Bank. 000, 000 500, 000 24,467,097 Decorah—Winneshiek County State Bank 150, 000 75,000 2,770,706 Des Moines— Bankers Trust Co _ 000,000 200,000 6,169,257 Central State Bank 250,000 250,000 8,704,889 Iowa Loan & Trust Co 500,000 250,000 9,209,977 Dexter—Iowa State Bank _ 25,000 15,000 251,581 Early- State Bank of Early 50,000 10,000 649,416 Elberon—Farmers State Bank 50,000 25,000 893,618 Eldora—Citizens Savings Bank _ 50,000 25,000 285,253 Elkader—Elkader State Bank 50,000 25,000 1,091,605 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

222 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD Total Capital Surplus resources DISTRICT NO 7—Continued IOWA—continued Ellsworth- Farmers State Bank $25,000 $10,000 $212,549 State Bank of Ellsworth 35,000 3,000 298,090 Fairbank—Fairbank State Bank___ 26,000 24,000 663.697 Fairfield— Iowa Loan & Trust Co___ _ _ _. 50,000 12,500 496, 229 Iowa State Savings Bank _ 200,000 75,000 2,050,027 Farragut—Commercial Savings Bank _ 40,000 4,000 181,132 Fort Madison- American State Bank__ 100,000 22,000 1,490,230 Fort Madison Savings Bank 100,000 80,000 2,366,021 Fostoria—Citizens Savings Bank 25,000 180,827 Fremont—State Bank of Fremont 40, 000 30,000 413,408 Garwin—Garwin State Bank 50,000 5,967 434,739 Gilbert—Gilbert Savings Bank - 50,000 244,396 Gilman—Citizens Savings Bank__ 50,000 10, 000 390,466 Grand River—Farmers State Bank 25,000 15,000 333,142 Grant—Farmers Savings Bank 25,000 5,000 149,898 Greenfield—Greenfield Savings Bank 30,000 10,000 352,184 Hudson—Hudson Savings Bank 50,000 20,000 543,606 Humboldt—Peoples State Bank 100,000 753,329 Jefferson—Jefferson Savings Bank 50,000 3,000 606,028 Knoxville—Guaranty State Bank 50,000 15,000 450, 698 Lake View—Lake View State Bank 25,000 25,000 258, 588 Lakota—Farmers & Drovers State Bank 30,000 10,000 298,223 Lowden—Lowden Savings Bank 25,000 15,000 377,774 Lytton—Farmers Savings Bank 30, 000 17,500 392,247 Malcom—Malcom Savings Bank 25,000 2,319 239,482 Mapleton—Mapleton Trust & Savings Bank 75,000 15,000 907, 286 Marshalltown—Marshalltown State Bank _. 100,000 50,000 2, 616,954 Mechanicsville—Mechanicsville Trust & Savings Bank. 50,000 25,000 566,342 Mediapolis—Commercial State Bank 100,000 35,000 508,244 Missouri Valley—State Savings Bank.. 50,000 10,000 403,906 Mondamin—Mondamin Savings Bank 35,000 15,000 332,106 Montieello— Lovell State Bank 200,000 100,000 1,574, 509 Monticello State Bank... 200,000 200,000 2,943, 593 Moorhead—Moorhead State Bank 30,000 30, 000 436.698 Moville—Moville State Bank 35,000 25,000 481,036 Newton—Jasper County Savings Bank 100,000 50,000 1,880,385 Osage—Home Trust & Savings Bank 50,000 25,000 830,810 Osceola—Iowa State Bank 50, 000 261,496 Ottumwa—Ottumwa Savings Bank 100, 000 30, 000 1, 777,792 Palmer—Farmers Savings Bank 35, 000 8,000 423,969 Remsen—Farmers Savings Bank 50,000 30,000 558,103 Riceville—Riceville State Bank 25,000 15, 000 280,199 Royal—Home State Bank 25,000 202,224 Sac City- Farmers Savings Bank... 100, 000 865,586 Schaller—Schaller Savings Bank. _ 25, 000 15, 000 358,012 Shenandoah—Security Trust & Savings Bank 60,000 12, 000 529,042 Sibley—Sibley State Bank 50, 000 15, 000 679,621 Sioux Center—Sioux Center State Bank 25,000 20, 000 368,084 Solon—Ulch Bros. State Bank. 50,000 15,000 771,240 Storm Lake—Security Trust & Savings Bank 75,000 6,850 510,608 Strawberry Point—Strawberry Point State Bank 50,000 10,000 868,790 Terril—Terril Savings Bank _ 25,000 302,237 Thompson—State Bank of Thompson 30, 000 8,000 306,841 Tipton—Farmers & Merchants Savings Bank 50,000 6,000 531,639 Ute— Farmers Savings Bank 25,000 2,500 160,102 State Savings Bank 50,000 15,000 377,319 Vail—Farmers State Bank. _ 50,000 208,234 Van Wert—Van Wert State Bank 25,000 15,000 272,032 Victor—Victor Savings Bank 50,000 30,000 614,511 Wapello—Wapello State Savings Bank.. 30, 000 6,000 731,615 Webster City—Hamilton County State Bank 100,000 20, 000 1, 269,505 Winterset—Madison County State Bank 125,000 125,000 1,660,444 MICHIGAN (See also District No. 9) Adrian- Adrian State Savings Bank 150,000 90,000 2,200,023 Commercial Savings Bank 110, 000 30,000 1,788,823 Lenawee County Savings Bank 150,000 50,000 2,413,165 Albion- Albion State Bank 50,000 5,500 1,141,895 Commercial & Savings Bank 100,000 55,000 1,299,156 Alpena—Alpena County Savings Bank 100,000 200, 000 4,108,491 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATE BANK MEMBERSHIP 223 Total DISTRICT NO. 7—Continued MICHIGAN—continued Ann Arbor- Farmers & Mechanics Bank $200,000 $100,000 $3,905, 258 State Savings Bank 300,000 300,000 Armada- Armada State Bank 25,000 25,000 608,947 Farmers State Bank 25,000 12, 500 387,639 Bay City- Bay City Bank 350,000 200,000 5,406,248 Farmers State Savings Bank 100,000 50,000 1,592,670 Peoples Commercial & Savings Bank_ 400,000 600,000 11,885,963 Bellevue—Farmers State Bank 25,000 5,000 154,088 Benton Harbor—Benton Harbor State Bank 100,000 75,000 1,611,985 Big Rapids- Big Rapids Savings Bank 50,000 25,000 1,055,046 Citizens State Bank 50,000 25,000 1,780,900 Birmingham—First State Savings Bank 100,000 80,000 2,481,000 Blanchard—Blanchard State Bank 25,000 5,000 309,156 Blissfield—Blissfield State Bank 50,000 25,000 937,356 Britton—Peoples State Savings Bank 25,000 5,000 395,207 Brown City—Brown City Savings Bank 40,000 8,000 598,924 Caledonia—State Bank of Caledonia 50,000 10, 000 611,604 Caro—State Savings Bank 75,000 25,000 1,177,361 Carson City—Farmers & Merchants State Bank.. 25,000 5,000 335, 716 Carsonyi lie—First State Bank 25, 000 5,000 382, 752 Cass City—Pinney State Bank , 50, 000 8,000 835,340 Cassapolis—Cass County State Bank , 40,000 8,000 430,825 Charlotte—Eaton County Savings Bank 100,000 20, 000 1, 315,084 Chelsea- Farmers & Merchants Bank. _ 50,000 50,000 922,489 Kempf Commercial & Savings Bank CO, 000 40,000 783,167 Coloma—State Bank of Coloma 50,000 20,000 563, 573 Constantino—First Commerrial Savings Bank 60, 000 1,422,894 Coopersville—Peoples Savings Bank 25, 000 5,000 565,222 Croswell— First State Savings Bank _ , 30,000 6,000 720,899 State Bank of Croswell 60,000 12,000 1,324,592 Davison—Davison State Bank 50,000 10, 000 581,355 Dearborn—Dearborn State Bank 100,000 150, 000 4,214,124 Detroit- American State Bank 2, 000, 000 750, 000 34,867,751 Bank of Detroit 2,000,000 500,000 49, 673, 542 Central Savings Bank _ , 1,000, 000 900, 000 39, 111, 993 Commercial State Savings Bank 1,000, 000 200,000 9, 289, 240 Detroit Savings Bank 1, 500,000 2,000,000 42,334, 000 Dime Savings Bank _ 1, 500, 000 3, 000,000 67,895, 307 First State Bank _ 2, 500, 000 700, 000 25, 008, 703 Peninsular State Bank _ 2, 500,000 1, 700, 000 51,157,624 Peoples State Bank 5,000,000 10, 000,000 165, 516, 527 United Savings Bank 1, 000, 000 200, 000 14, 675,746 Wayne County & Home Savings Bank 4,000, 000 8,000, 000 122,887, 741 Eaton Rapids—Michigan State Bank 75,000 15,000 727,317 Edmore— Edmore State Bank 30,000 10, 000 510, 745 Elk Rapids—Elk Rapids State Bank 35,000 13, 500 389, 502 Farmington—Farmington State Savings Bank 40, 000 30,000 1,325,273 Fennville—Old State Bank 50, 000 15,000 561,086 Fenton— Commercial State Savings Bank 50,000 30,000 720,036 Fenton State Savings Bank 25, 000 25,000 988, 339 Flint- Citizens Commercial & Savings Bank 450,000 375,000 6,363,851 Genesee County Savings Bank 500, 000 500, 000 10,687,334 Industrial Savings Bank 1,000, 000 300,000 13,907, 682 Union Trust & Savings Bank 400,000 340,000 6,783, 524 Flushing—Peoples State Bank 25,000 15,000 409,178 Frankenmuth—Frankenmuth State Bank 50,000 70, 000 1, 522,212 Fremont- Fremont State Bank... 50,000 40,000 Old State Bank 100, 000 50,000 Grand Haven- Grand Haven State Bank 100,000 100,000 2,361,049 Peoples Savings Bank _ 50,000 50,000 1,250,900 Grand Rapids- Grand Rapids Savings Bank 500,000 600,000 24,331,738 Home State Bank for Savings 250,000 62, 500 4, 557,879 Kent State Bank 1, 000,000 750, 000 22,904,214 Greenville—Commercial State Savings Bank 50,000 40,000 1, 560, 647 Hart—Oceana County Savings Bank 40,000 20,000 720,094 Highland Park- American State Bank 200,000 70,000 4,614,131 Highland Park State Bank 1,000,000 1,500,000 29, 720, 553 Hillsdale—Hillsdale Savings Bank 100,000 25,000 1,679,860 Digitized for FRAS8E8R16 9—26 16 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

224 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD Total resources DISTRICT NO. 7—Continued MICHIGAN—continued Holland- First State Bank $100, GOO $100,000 $3,444, 370 Holland City State Bank 100,000 100,000 3,492,197 Holly—First State & Savings Bank.. 100,000 50,000 1, 802,867 Hopkins—Hopkins State Savings Bank 25,000 5,000 536,010 Howell—First State & Savings Bank ._ 75, 000 23, 000 1, 091, 271 Imlay City— Lapeer County Bank _ 50, 000 10,000 1,130, 488 Peoples State Bank 50, 000 10, 000 886, 204 Ionia—State Savings Bank. _ _ 100,000 100, 000 1,861, 594 Jackson- Central State Bank 100,000 26,000 1, 752,929 Jackson State Savings Bank _ 300,000 70, 000 2, 507, 477 Jonesville—Grosvenor Savings Bank 50, 000 25, 000 691,228 Lake Odessa—Lake Odessa State Savings Bank 25. 000 25, 000 512, 766 Lakeview— Commercial State Savings Bank _ 25,000 7,000 407, 060 Farmers & Merchants State Bank _ 40,000 8,000 377, 472 Lansing—American State Savings Bank 750, 000 250, 000 10, 946, 631 Lapeer—Lapeer Savings Bank 75, 000 15, 000 1, 007, 582 Lenox—Macomb County Savings Bank 50, 000 25, 000 1, 286,123 Lowell—City State Bank 25, 000 25, 000 692, 324 Ludington—Ludington State Bank 100, 000 25, 000 2,183,164 Manchester— Peoples Bank 25, 000 25, 000 557, 432 Union Savings Bank 25, 000 50, 000 714, 638 Manistee—Manistee County Savings Bank 100, 000 100, 000 3, 632, 076 Marcellus—G. W. Jones Exchange Bank 40, 000 35, 000 850, 089 Marlette—State Savings Bank _. 25, 000 5, 000 549, 868 Marshall—Commercial Savings Bank_ 100, 000 20, 000 1, 327, 560 Marysville—Marysville Savings Bank 50,000 25, 000 304,386 Mason- Farmers Bank 50, 000 10, 000 675, 524 First State & Savings Bank 25, 000 15, 000 757, 271 Midland—Chemical State Savings Bank 50, 000 15, 000 1,135, 282 Milan—Milan State Savings Bank 25, 000 20, 000 502, 015 Milford— Farmers State Savings Bank 25,000 10, 000 400, 724 First State Bank 25, 000 12, 500 944, 074 Monroe—Dansard State Bank 200, 000 40, 000 2, 821, 803 Montague—Farmers State Bank 25, 000 10, 000 432, 648 Morenci—Wakefield State Bank ._ 50, 000 30, 000 841, 368 Mount Clemens— Citizens Savings Bank 150, 000 125, 000 3, 798, 638 Ulrich Savings Bank 100, 000 100, 000 2, 449, 753 Mount Pleasant— Exchange Savings Bank 50, 000 32, 500 1, 060, 237 Isabella County State Bank 60, 000 30, 000 1, 827, 097 Nashville— Farmers & Merchants Bank __ 35, 000 50, 000 889, 084 State Savings Bank 30, 000 15, COO 527, 231 New Baltimore—Citizens State Savings Bank 25,000 10,000 510,973 New Haven—New Haven Savings Bank 25, 000 25, COO 569, 422 Niles City—Niles City Bank 100, 000 25, 000 1, 692, 797 Northville—Lapbam State Savings Bank 50, 000 50, 000 1,346,819 Onsted—Onsted State Bank 25, 000 10, 000 370, 739 Petersburg—The H. C. McLachlin & Co. State Bank 40, 000 20, 000 638, 751 Petoskey—First State Bank 60, 000 20, 000 1, 208,928 Pincqnning—Pinconning State Bank 30, 000 6,000 560, 826 Pontiac—Pontiac Commercial & Savings Bank 800, 000 200, 000 17,162,116 Port Huron—Federal Commercial & Savings Bank... 400, 000 210, 000 7,433,830 Redford—Redford State Savings Bank 100, 000 42, 000 1, 824, 719 Rochester—Rochester Savings Bank 50, 000 10, 000 802, 425 Rogers City—Presque Isle County Savings Bank 35, 000 15, 000 1,426, 217 Romeo—Romeo Savings Bank 100, 000 25, 000 1, 795, 534 Royal Oak- First State Bank 200, 000 100, 000 4, 081, 735 Royal Oak Savings Bank 100, 000 100, 000 3, 520, 746 Saginaw— American State Bank 200, 000 100, 000 5, 033, 727 Bank of Saginaw 1, 000, 000 1, 000, 000 20,152, 566 St. Charles—St. Charles State Bank _. 25, 000 15, 000 900, 071 St. Clair—Commercial & Savings Bank _ 75, 000 20, 000 1, 299, 595 Saline—Saline Savings Bank 25, 000 25, 000 674, 547 Saugatuck—Fruit Growers State Bank 100, 000 35, 000 1,016,828 Sebewaing—Farmers & Merchants State Bank 25, 000 6,250 622, 316 South Haven—Citizens State Bank 100,000 100, 000 1, 702,922 Sparta—Sparta State Bank __ _ 30, 000 8,000 645, 397 Spring Lake—Spring Lake State Bank 25, 000 35, 000 533, 702 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATE BANK MEMBERSHIP 225 Total resources DISTRICT NO. 7—Continued MICHIGAN—continued Tecumseh— Lillcy State Bank $40, 000 $20, 000 $712,875 Tecumseh State Savings Bank 50, 000 30, 000 939, 595 Traverse City—Traverse City State Bank ._. 200, 000 150, 000 4,178,972 Utica—Utica State Savings Bank 25, 000 24, 500 708, 914 Vicksburg— Farmers State Bank 25, 000 5,000 490, 509 First State Bank 30, 000 7,200 472,426 Warren—State Savings Bank _. 25, 000 75, 000 945, 282 Washington—Washington Savings Bank 25, 000 15, 000 325,907 Wayne—Wayne Savings Bank 50, 000 70, 000 1, 877, 219 Williamston— Crossman & Williams State Bank 40, 000 20, 000 583, 323 Williamston State Bank 50, 000 10, 000 703, 554 WISCONSIN (See also District No. 9) Baraboo—Bank of Baraboo 100,000 50,000 2,434, 739 Burlington—Bank of Burlington 125,000 25,000 1, 706, 554 Clinton—Citizens Bank 50,000 10,000 551,096 Green Lake—Green Lake State Bank __ 40,000 20,000 506,388 Kewaunee—State Bank of Kewaunee 80,000 25,000 1, 288, 856 Madison—Bank of Wisconsin 500,000 160,000 5, 601, 890 Milwaukee- Badger State Bank 200,000 150,000 7,053,181 Marshall & Ilsley Bank ._ I, 000,000 1,500,000 29, 367,993 Second Ward Savings Bank 1,000, 000 2, 000, 000 40, 505, 706 Mineral Point—Iowa County Bank 100,000 50,000 1,341,235 Oakfleld—Bank of Oakfield 50,000 10,000 300, 627 Platteville—State Bank of Platteville 50,000 50,000 1,132,989 Plymouth- Plymouth Exchange Bank 100, 000 50,000 1, 293,317 State Bank of Plymouth 125,000 32, 500 1,192,072 Seneca—Farmers & Merchants State Bank 35,000 17, 500 491,279 Sheboygan—Citizens State Bank 200,000 300, 000 5,147, 648 Sturgeon Bay—Bank of Sturgeon Bay 100,000 20,000 i 2, 620,945 Waupun—State Bank of Waupun. 50,000 40,000 ' 954, 739 Wausau—Marathon County Bank 150,000 60,000 2, 550, 875 Winneconne—Union Bank 25,000 14,000 543,335 DISTRICT NO. 8 ARKANSAS Arkansas City— Desha Bank & Trust Co... 104,000 16,000 993, 972 Bates ville— Citizens Bank & Trust Co 50, 000 20, 000 895,956 Union Bank & Trust Co 100,000 27, 500 1,126, 878 Blytheville—Farmers Bank & Trust Co 100,000 30,000 1, 057, 7','8 Brinkley—Monroe County Bank 35,000 14,000 412,140 Conway—Farmers State Bank 60,000 20,000 1,022,544 Dardanelle—Dardanelle Bank & Trust Co_ 50, 000 10, 000 421, 263 Dumas—Merchants & Farmers Bank 50,000 10,000 450, 587 E E a n r g l l e a — nd B — an C k i ti o z f e E ns a r B le a nk & Trust Co T__ 1 2 0 5 0 , , 0 0 0 0 0 0 40 2 , , 5 0 0 0 0 0 2 63 1 0 0 , , 4 3 0 6 6 9 Forrest City—Bank of Eastern Arkansas... 50,000 50,000 1,020,412 Fort Smith—Arkansas Valley Bank_ _. 100,000 20,000 1,237,715 Gillett—Citizens Bank 25,000 2,500 114, 361 Jonesboro— Bank of Jonesboro 200,000 100, 000 2, 020, 57a Jonesboro Trust Co 100,000 30,000 1, 025, 451 Lake Village—Chi cot Bank & Trust Co 150, 000 20, 000 520,241 Little Rock- American Southern Trust Co [, 000,000 200,000 17,904,148 Bankers Trust Co _. 300,000 110,000 8, 552,045 Federal Bank & Trust Co 200,000 20,000 1, 571, 646 Union Trust Co 500,000 250, 000 10,188, 612 W. B. Worthen Co., Bankers 200,000 300, 000 3,616,213 Marion—Crittenden County Bank 200,000 1,498, 576 Marvell—Bank of Marvell 50,000 10,000 520,951 Newport—Arkansas Bank & Trust Co 100,000 10,000 1,186,019 North Little Rock—Twin City Bank 100,000 22, 500 961,588 Paris—American Bank & Trust Co 50,000 10,000 841,050 Pine Bluff— Cotton Belt Savings & Trust Co__ 100,000 60,000 1,357,932 Peoples Savings Bank & Trust Co 100,00 50,000 967,488 Russell ville— Bank of Russellville _ 75,000 37, 750 752, 686 Peoples Exchange Bank 100,000 60,000 1,023,359 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

226 ANNUAL. REPORT OF THE FEDERAL RESERVE BOARD Total Surplus resources DISTRICT NO. 8-Continued • ARKANSAS—continued Siloam Springs—Producers State Bank $25,000 $3, 500 $148,023 Texarkana—Merchants & Planters Bank 200,000 27, 500 1,160, 233 Waldron—Bank of Waldron 60,000 20,000 504,647 Walnut Ridge—Lawrence County Bank 125,000 31, 250 870,149 Warren—Warren Bank _ 75, 000 48,000 702,468 ILLINOIS (See also District No. 7) Belleville—Belleville Savings Bank 300,000 250,000 4,366, 233 East St. Louis—Union Trust Co.__ 600,000 200,000 6, 221,315 Edwardsville—Citizens State & Trust Bank 300,000 50,000 1,313, 709 Effingham—Effingham State Bank 110,000 25,000 1, 015, 600 Granite City—Granite City Trust & Savings Bank. 100,000 25, 000 1,348,496 Greenville—State Bank of Hoiles & Sons 120,000 40,000 1, 567, 730 Harrisburg—First Trust & Savings Bank 150,000 75,000 2, 070,129 Hillsboro—Montgomery County Loan & Trust Co. 100, 000 50, 000 780,304 Litchfield—Litchfield Bank & Trust Co 100,000 33,000 911,679 Madison—Union Trust Co 500,00 15,000 360, 235 Mount Olive—Mount Olive State Bank 50,000 10,000 486,527 New Athens—Farmers State Bank 25, 000 5,000 203, 087 O'Fallon—First State Bank _ 25, 000 5,000 254,321 Palmyra—First State Bank 25,000 25,000 204,683 Quincy—State Savings, Loan & Trust Co 000, 000 200,000 11,254,427 INDIANA (See also District No. 7) Evansville—Mercantile Commercial Bank 200,000 50,000 2,304,815 40,000 10,000 425,800 Paoli—Paoli State Bank. KENTUCKY (See also District No. 4) Louisville- Kentucky Title Savings Bank & Trust Co__ 350,000 400,000 15,915,346 Liberty Insurance Bank 500,000 1, 000,000 24,941,162 Lincoln Bank & Trust Co 750,000 250,000 8,431,381 Louisville Trust Co 806,100 400,000 6,879,980 Owensboro—Central Trust Co - 200,000 110,000 3,112,351 MISSISSIPPI (See also District No. 6) Baldwyn—Merchants & Farmers Bank__ 15,000 5,000 87,666 Greenwood—Greenwood Bank & Trust Co 200,000 50, 000 1,947,070 Grenada—Grenada Bank _ 250,000 300,000 8,951,339 Pontotoc—Bank of Pontotoc. _ 100,000 25,000 709,122 Rosedale—Bolivar County Bank. 25,000 15,000 272,880 Rule ville—Planters Bank & Trust Co 50,000 25,000 321,417 Tunica—Citizens Bank of Tunica. 75,000 15,000 726,306 MISSOURI (See also District No. 10) Bowling Green—Pike County Bank 25,000 10,000 265,061 Cabool—Citizens Savings Bank___ 25,000 5,000 310,75c Festus—Citizens Bank _ - 35, 000 25,000 581,909 Iberia—Farmers & Traders Bank 25,000 9,000 208,287 Jefferson City—Exchange Bank of Jefferson City 100,000 25,000 2,004,363 Lexington—Lafayette County Trust Co 75, 000 15,000 475,202 Linn Creek—Camden County Bank 25,000 35,000 264,374 Luxemburg—Lemay Ferry Bank 50,000 25,000 1,579,377 Macon—State Exchange Bank of Macon._ 100,000 40,000 1,427,445 Maplewood— Bank of Maplewood.._ 50,000 25,000 1,633,994 Citizens Bank of Maplewood 100,000 18, 000 1,184,030 Peoples State Bank 60,000 12,382- 299,138 Marshall—Wood & Huston Bank. 100,000 200,000 1,869, 630 Pine Lawn—Pine Lawn Bank 30, 000 7,000 317,370 St. Louis- American Trust Co ., 000,000 500,000 17,942,725 Baden Bank _ 200,000 100,000 2,489,961 Bremen Bank 200,000 500,000 7,223,794 Broadway Savings Trust Co 200,000 80,000 2,634,420 Cass Avenue Bank 200,000 200,000 5,415,420 Chippewa Trust Co. 200,000 50,000 1,886,737 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATE BANK MEMBBESHIP 227 Totals resources DISTRICT NO. 8—Continued MISSO URI—continued St. Louis—Continued. City Trust Co $200,000 $50,000 $2, 562, 843 Easton-Taylor Trust Co _ 200,000 20,000 2,058,520 Farmers & Merchants Trust Co 400,000 200,000 6, 280,303 Franklin Bank 1,200,000 300,000 14, 516,187 Grant State Bank 200, 000 50,000 1,793,596 Gravois Bank of St. Louis County 50,000 25,000 910,020 Insurance Bank __ 200,000 50, 000 1,199,092 International Bank of St. Louis 1,000,000 200,000 10,099,616 Jefferson Bank__ _ 200,000 200,000 5,432,737 Jefferson Gravois Bank of St. Louis 200,000 150,000 4,621,759 Laclede Trust Co 200,000 50,000 2,393,136 Lafayette South Side Bank 1,000,000 1,000,000 29, 208,086 Liberty Central Trust Co 3,000,000 500,000 38,125,529 Lindell Trust Co 200, 000 40, 000 1, 641,839 Lowell Bank 200, 000 100,000 4,108,807 Manchester Bank 500, 000 100,000 6,442,810 Mercantile Trust Co _. 3,000, 000 7,000,000 76,324,341 Mississippi Valley Tr ust Co r 3,000, 000 3, 500, 000 48,414, 576 Mound City Trust Co 200, 000 40, 000 3,010,032 Natural Bridge Bank _ 200,000 50,000 2,044,142 North St. Louis Trust Co 200,000 75,000 3,141, 587 Northwestern Trust Co _ 500,000 500, 000 9,972,807 Park Savings Trust Co. (Richmond Heights).. 50, 000 10, 000 457,492 Savings Trust Co _ .. 200, 000 50,000 3, 231, 297 Scruggs Vandervoort & Barney Bank 200, 000 40,000 2,803,675 Shaw State Bank 120, 000 13,000 851,715 South Side Trust Co __ 200, 000 50, 000 3,782, 564 Southern Commercial & Savings Bank 200,000 50, 000 3,853,506 Southwest Bank of St. Louis -. 125,000 25, 000 1,946,812 Tower Grove Bank... _ 400,000 100, 000 9, 215, 717 United States Bank _ 1, 000, 000 500,000 10,219,040 Water Tower Bank _ 200,000 75,000 1,799,012 West St. Louis Trust Co 200,000 100,000 3,448,119 St. Louis County—North Side Bank. 25, 000 6,250 158,928 Versailles—Bank of Versailles.._ 40, 000 15,000 406,125 Washington—Franklin County Bank 50,000 20,000 503, 767 Webster Groves—Webster Groves Trust Co 100, 000 50,000 1,490,465 TENNESSEE (See also District No. 6) Bells—Bank of Crockett 25,000 5,000 418,878 Brownsville—First State Bank 200, 000 40,000 1, 632,157 Dyer—Farmers & Merchants Bank. 40,000 28,100 321,397 Greenfield—Greenfield Bank.. 30, 000 25,000 313, 793 Halls—Peoples Savings Bank & Trust Co... 25, 000 10, 000 273,486 Henning—Bank of Henning 50,000 350,707 Memphis- Bank of Commerce & Trust Co 3,000,000 1, 500,000 40,706,321 Fidelity Bank & Trust Co 1,000,000 110,000 6, 573, 040 Union & Planters Bank & Trust Co 2,500, 000 200, 000 36,948,114 DISTRICT NO. 9 MICHIGAN (See also District No. 7) Ewen—State Bank of Ewen 25, 000 20,000 488,263 Gladstone—Gladstone State Savings Bank 50, 000 25, 000 1, 210,114 Gwinn—Gwinn State Savings Bank 25, 000 25,000 431,123 Iron Mountain—Commercial Bank 100,000 100,000 3, 208,388 Laurium—State Savings Bank 100,000 100, 000 1,017,633 Menominee—Commercial Bank 100, 000 25, 000 1,377,632 Sault Ste. Marie- Central Savings Bank 100,000 40, 000 1,505, 712 Sault Savings Bank 100, 000 60,000 1,922,126 South Range—South Range State Bank 30,000 30,000 859,188 Trout Creek—Trout Creek State Bank 25, 000 7,000 205,720^ MINNESOTA Anoka—State Bank of Anoka 50,000 25,000 905,697 Benson—Swift County Bank (Inc.) '.. 50, 000 50, 000 1,418,415 Clinton—Clinton State Bank 25, 000 6,000 384,983. Columbia Heights—Columbia State Bank 25, 000 5,000 315,046 Excelsior—Minnetonka State Bank 25, 000 15, 000 553, 215 Hayfield—Farmers State Bank 25, 000 18,000 474,082 Hutchinson—Farmers & Merchants State Bank (Inc.) 50, 000 12,500 478,122" Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

228 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD ipital Surplus Total resources DISTRICT NO. 9—Continued MINNESOTA—continued lhlen—Ihlen State Bank $25, 000 $4, 000 $210,076 Lake City—Lake City Bank of Minnesota 50, 000 50, 000 1,159, 624 Lewiston—Security State Bank _ 40, 000 10, 000 483,158 Luverne—Rock County Bank.. 50,000 25,000 777,913 Madelia—State Bank of Madelia.. 50, 000 10,000 721, 827 Minneapolis- Mercantile State Bank 250, 000 50, 000 2,161, 725 New Riehland—State Bank of New Richland. 50, 000 25, 000 707,852 New Ulm—Citizens State Bank... 100,000 100,000 3, 095, 036 Bed Wing—Security Bank & Trust Co 200, 000 50,000 1,664, 501 Bevere—btate Bank of Revere.__ 30, 000 30, 000 317,816 South St. Paul—Drovers State Bank 100, 000 10, 000 2, 097, 786 Spring Valley—First State Bank 30,000 40,000 604,643 West brook—Citizens State Bank 25,000 10,000 312,731 Willmar—Kandiyobi County Bank.... 100, 000 40, 000 1,824,129 Winona— Deposit Bank & Trust Co. of Winona 300, 000 200,000 4,082, 834 Merchants Bank of Winona 200,000 50,000 4,128, 705 MONTANA Anaconda—Daly Bank & Trust Co 100,000 100,000 4,191, 096 Belgraue—Belgrade State Bank— 50,000 25,000 420, 815 Belt—Farmers & Miners State Bank 50, 000 10, 000 306,917 Billings—becurity Trust & Savings Bank 100,000 17, 000 2, 272, 780 Boulder—Bank of Boulder 75,000 25, 000 442, 897 Bozeman— Gallatin Trust & Savings Bank 100,000 25,000 921,298 Security Bank & Trust Co— 100, 000 10, 000 476, 689 Broadus—Powder River County Bank 25, 000 2,500 214,525 Butte— Metals Bank & Trust Co. 400,000 300,000 14,670,483 Miners Savings Bank & Trust Co. 200,000 50, 000 1,621,645 East lielena—East Helena State Bank 50,000 12, 500 250,677 Edgar—Edgar State Bank 30,000 116,415 Ennis—Southern Montana Bank 25,000 25,000 260,429 From berg—Clarks Fork Valley Bank 25,000 2,500 137,764 Hamilton—Ravalli County Bank.. 50,000 12,500 593, 040 Helena— Montana Trust & Savings Bank 150,000 75,000 2,370,313 Union Bank & Trust Co 250,000 150,000 4, 233,754 Joilet—Joilet btate Bank 25, 000 227,027 Kalis pell—Bank of Commerce 100,000 25,000 766,520 Moccasin—Moccasin State Bank 25,000 177, 222 Opheim— First State Bank of Opheim 25,000 114,806 Park City—Park City State Bank 40,000 3,000 471,340 Philipsburg—First State Bank 50, 000 10,000 351,461 Reed Point—Reed Point State Bank 25,000 1,000 118,566 Richey—First State Bank 25,000 5,000 164, 622 Saco—Farmers & Merchants State Bank 25,000 1,000 241,955 Stevensville—First State Bank 40,000 10, 000 279,744 Townsend—State Bank of Townsend 100, 000 12,000 747,674 White Sulphur Springs—Central State Bank. 30,000 152,156 Wolf Point—First State Bank 30,000 15,000 680,660 Worden—Framers State Bank. 25, 000 4,500 185,075 NORTH DAKOTA Enderlin—Enderlin State Bank 50,000 3,500 455, 210 Fullerton—Farmers State Bank 25,000 1,000 136,272 Jamestown—Security Savings Bank. 50,000 10,000 468,845 SOUTH DAKOTA Bellefourche—Butte County Bank 75,000 25,000 1,217,930 Buffalo—First State Bank 25,000 5,000 172,490 Camp Crook—Little Missouri Bank 25,000 10,000 352, 575 Gregory—Commercial State Bank 50,000 7,500 642,457 Orotcn—Brown County Banking Co 25,000 10,000 648,286 Mitchell—Commercial Trust & Savings Bank. 100,000 20,000 2,193,638 Newell—Reclamation State Bank.... 25,000 5,000 398,547 Philip—Bank of Philip 40,000 10,000 515,006 South Shore—South Shore Bank. 25,000 5,000 299,763 Stratford—First State Bank 30, 000 317,141 Webster—Security Bank & Trust Co 60,000 30,000 929,325 White River—Mellette County State Bank... 25,000 2,500 139, 515 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATE BANK MEMBERSHIP 229 Total resources DISTRICT NO. 9—Continued WISCONSIN (See also District No 7) Boyceville—Bank of Boyeeville _ $30, 000 $6,000 $530, 226 Ellsworth—Bank of Ellsworth _ , 50, 000 25, 000 1, 250, 674 Glenwood City—First State Bank _ 42, 000 5,500 438,919 Grantsburg—First Bank of Grartsburg.. 50, 000 7,700 713, 399 New Richmond—Bank of New Richmond 75, 000 37, 500 1,184, 415 Tomahawk—Bradley Bank... 60, 000 14, 000 890,184 DISTRICT NO. 10 COLORADO Denver—International Trust Co 500, 000 500, 000 18, 670, 560 Fort Lupton—Fort Lupton State Bank._ 7 2 5 5 , , 0 0 0 0 0 0 4 1 0 5 , , 0 0 0 0 0 0 5 5 3 1 2 5 , , 4 7 6 5 6 4 La Junta—Colorado Savings & Trust Co KANSAS Anthony—Home State Bank 25, 000 6,000 286, 760 Hiawatha—Morri 11 & Janes Bank 100, 000 50, 000 959,112 Jamestown—Jamestown State Bank 25, 000 25, 000 421, 375 Liberal—Citizens State Bank 50,000 25, 000 477, 457 St. Marys— Farmers Reserve State Bark. 25, 000 5,000 228, 647 Sedan—Sedan State Bank _ 30, 000 50, 000 563, 820 Winfield—State Bank of Winfleld... 125, 000 62, 500 2, 219, 648 MISSOURI (See also District No. I Joplin—Conqueror Trust Co__ , 250, 000 100, 000 6, 265,178 Kansas City- Commerce Trust Co 6, 000, 000 2, 000, 000 117, 257, 392 Federal Trust Co _ 200, 000 40, 000 2, 572, 628 King City—First Trust Co 50, 000 269, 638 St. Joseph—Empire Trust Co 200, 000 50, 000 2, 569, 130 South St. Joseph—St. Joseph Stock Yards Bank.. 350, 000 150, 000 4, 565, 890 NEBRASKA Aurora—Fidelity State Bank _ 50, 000 15, 000 890, 720 Broken Bow—Custtr State Bank.. 35, 000 15,000 475, 722 C happell—Chap pell State Bank... 50, 000 25, 000 681, 374 Elgin—Elgin State Bai k 100, 000 20, 000 896, 714 Genoa—Farmers State Bank__ 25, 000 1,250 222,817 Lewellen—Bank of Lewellen__ 50, 000 7,900 379, 051 Meadow Grcve— Meadow Grove State Bank... 25, 000 4,559 273,154 Security Bank. 25, 000 2,500 352,001 Oakland—Oakland State Bank 25, 000 10, 000 513, 702 Ord—Nebraska State Bank.. 35, 000 12, 000 562,196 St. Edward—Farmers State Bank. 25, 000 4,500 288, 448 Western—Saline County Bank 30, 000 30, 000 314, 369 NEW MEXICO (See also District No. 11) Aztec -Citizens Bank 30, 000 15, 000 225, 495 OKLAHOMA (See also District No. 11) Chelsea—Bark of Chelsea. 50, 000 5,000 485,908 Okarche—First Bank of Okarche. 50, 000 15, 000 369, 392 Evanston—The Stockgrowers Bank 50, 000 35,000 503, 505 40, 000 4,000 113, 370 Mountain View—Uirta County State Bank. DISTRICT NO. 11 ARIZONA (See also District No. 12) 30,000 5,000 310,173 Tombstone—Cochise County State Bank Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

230 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD Total resources DISTRICT NO. 11—Continued LOUISIANA (See also District No. 6) Shreveport—Continental Bank & Trust Co $300,000 $100,000 $5,815, 654 NEW MEXICO (See also District No. 10) Estancia—First State Bank 25,000 1,812 108,879 OKLAHOMA (See also District No. 10) Valliant—Farmers State Guaranty Bank 315,404 TEXAS Abernathy— First State Bank._ 25,000 5,000 283, 874 Anson—Anson State Bank 50, 000 30, 000 722,161 Austwell—Austwell State Bank_ 25,000 2,000 77, 393 A very—A very State Bank 25,000 82 107, 446 Ballinger—Ballinger State Bank 40, 000 539, 707 Bay City—Bay City Bank & Trust Co _. 65,000 709,962 Bedias—First State Bank 25, 000 7,500 136, 842 Beeville—Beeville Bank & Trust Co__ 50,000 32, 500 486, 707 Bishop—First State Bank 25,000 25, 000 169, 659 Blooming Grove—Blooming Grove State Bank. 50,000 5,000 200, 547 Bomarton—First State Bank 32,000 6,000 193,119 Brady—Farmers Guaranty State Bank 50, 000 5,000 224, 348 Bremond—First State Bank 50, 000 13, 250 500, 675 Brownfield—Brownfield State Bank 25,000 25,000 516, 516 Bryan—First State Bank & Trust Co_ 100,000 50,000 1,132, 994 Caddo Mills—Caddo Mills State Bank 30,000 5, 518 229, 764 Canton—Texas State Bank 50, 000 5,000 170,515 Canyon—First State Bank 40,000 8,000 330, 077 Clarendon—Farmers State Bank.. 50,000 3,194 264, 460 Clifton—Farmers State Bank _ 30,000 30,000 495, 778 Coahoma— First State Bank 25, 000 1,800 180, 862 Commerce—State Bank of Commerce 50,000 10, 500 367,801 Copperas Cove—First State Bank 35,000 7,000 160, 500 Corsicana—First State Bank. 200,000 43, 000 1, 794, 460 Cross Plains—First State Bank 30, 000 4,000 687,889 Crowell—First State Bank _ 30,000 30,000 438, 649 Cuero—First State Bank & Trust Co 100,000 50,000 674, 937 Del Rio—Del Rio Bank & Trust Co 100,000 20,000 455,030 Denton—First State Bank _._ 50, 000 3,000 546,989 East Bernard—Union State Bank._ 50, 000 12,500 352, 835 Edgewood—Farmers & Merchants State Bank. 35,000 2,500 154, 071 El Paso—American Trust & Savings Bank 350, 000 30,000 4,309, 713 Emory—Guaranty State Bank _. 17, 500 67, 399 Ferris—Farmers & Merchants State Bank 50, 000 30, 000 453, 473 Forney—Forney State Bank. _ 25, 000 50, 000 283, 876 Franklin—First State Bank 30,000 15, 000 387, 630 Frost—Citizens State Bank 25,000 50, 000 284,085 Gatesville—Guaranty Bond Bank & Trust Co. 50, 000 21, 000 551,392 Georgetown—Farmers State Bank _. 50, 000 50, 000 674, 289 George West—First State Bank 50, 000 1,000 305, 756 Gilmer—Gilmer State Bank 50, 000 7,000 338, 792 Goldthwaite—Trent State Bank 100, 000 50, 000 917,275 Gonzales—Gonzales State Bank & Trust Co 75, 000 25, 000 674, 574 Grand Prairie—Guaranty State Bank 25, 000 90, 897 Greenville—Citizens State Bank 100, 000 7,000 809, 891 Hallsville—Farmers State Bank 25, 000 4,000 156,676 Hamilton—Hamilton Bank & Trust Co 50, 000 40, 000 321, 719 Hedley—Guaranty State Bank 25, 000 8,700 245,390 Hereford—First State Bank & Trust Co 50, 000 25, 000 587, 706 Hillsboro—First State Bank 150,000 21, 000 998,348 Idalou—First State Bank 25, 000 8,000 256, 793 Iola—Iola State Bank 25, 000 12, 500 128,180 Jacksonville—First State Bank 62, 500 35, 000 1,143, 334 Junction—Junction State Bank __ 100, 000 100, 000 623,508 Kerens—First State Bank 50, 000 30, 000 379,693 Killeen—First State Bank 35, 000 17,500 360,490 Kirkland—First State Bank... •_- 50, 000 4,500 230,483 Kosse—Guaranty State Bank 25,000 2,000 189, 270 Leakey—First State Bank 25, 000 89,498 Longview—Commercial Guaranty State Bank. 50, 000 10, 000 674,426 Loraine—First State Bank _ _ 30, 000 30, 000 544,20O Lorenzo—First State Bank 25, 000 25, 000 355, 660 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATE BANK MEMBERSHIP 231 Capital Surplus Total DISTRICT NO. 11—Continued TEXAS—continued Luling— Citizens State Bank _ __ $25,000 $10, 000 $421,420' Lipscomb Bank & Trust Co 75,000 58, 000 836,456 McGregor—First State Bank... _ 50,000 10,000 296,488- McKinney—Central State Bank. 75,000 7,000 835,331 Madisonville—Farmers State Bank... 25,000 25,000 390,302 Matador—First State Bank _ 37,500 12,500 478,434 Mathis—First State Bank 30, 000 20,000 157,515= Maypearl—Citizens State Bank 25,000 2,500 231,132- Memphis—Citizens State Bank 75,000 25,000 885,254 Mertens—First State Bank 25,000 10,500 136,552 Mount Pleasant—Guaranty State Bank 60, 000 30,000 700,179 Munday—First State Bank 35,000 3,500 326,986 Murchison—First State Bank _ 25, 000 5,000 153,999 Nacogdoches—Commercial State Bank 100, 000 50,000 1,254,808 Normangee—First State Bank 25, 000 25, 000 155,345 North Zulch—Guaranty Bond State Bank 25, 000 10, 000 314,619 Palmer—First State Bank 25, 000 17, 500 231,151 Pampa—Gray County State Bank __ 25,000 3,000 217,888- Paris- First State Bank _ 150, 000 50,000 1,334,83a Lamar State Bank & Trust Co _. 150, 000 31,500 1, 779,174 Post City—First State Bank __, 25,000 5,000 225,223 Rails- First State Bank _ 25,000 15,000 180,162 Security State Bank & Trust Co__ _.. 60,000 10,000 431,156- Rice—First State Bank... _ 50,000 1,000 194,142 Richardson—Citizens State Bank _ 35, 000 5,000 238,787 Richland—First State Bank , 25,000 25,000 275,927 Roaring Springs—First State Bank 25, 000 5,000 156,174 Roby—First State Bank _ 40, 000 11,000 330,874 Rochester—First State Bank 25,000 6,000 342,481 Rockwall—Security State Bank _ 50, 000 16,100 369.204 Royse—First State Bank __ 50,000 25, 000 372,959 Rusk—Farmers & Merchants State Bank & Trust Co. 50, 000 7,825 531,911 San Antonio- Central Trust Co _ 200, 000 35,000 3, 661, 589 Texas State Bank & Trust Co 300, 000 36,000 3, 018,956 Savoy—First State Bank_ _ 25, 000 9,000 178,817 Seminole—First State Bank _ 40, 000 5,000 188,276 Seymour—First State Bank _ _. 35,000 5,500 267,896 Sherman—Central State Bank 100, 000 10,000 640,100= Shiro—Farmers State Bank__ 25, 000 15,000 193.205 Sinton—Commercial State Bank_ _ 50,000 50,000 429,165 Slaton— First State Bank _ 40,000 1,500 388,679 Slaton State Bank 25,000 16, 500 475,32fr Snyder—First State Bank & Trust Co 50, 000 12, 500 403,413 Spearman—Guaranty State Bank 25, 000 5,000 97, 761 Stamford—First State Bank __ 100, 000 5,000 758, 615 Sweetwater—Texas Bank & Trust Co... 100,000 100, 000 1,166, 31& Taft—First State Bank _ 50, 000 5,000 177, 645 Tahoka—Security State Bank _,. 25,000 198, 537 Teague—Teague State Bank _ 60,000 12,000 563,941 Tioga—First Guaranty State Bank 30,000 5,000 174, 883 Trenton—Guaranty State Bank 25, 000 91, 669 Tyler—Peoples State Bank... 100, 000 40,000 1, 575, 515 Waco—First State Bank & Trust Co 200, 000 50,000 2, 012,187 Waxahachie—First State Bank & Trust Co 200,000 23,500 1,495,112 Wellington—Wellington State Bank _ 50,000 447,938 Wharton— Security Bank & Trust Co 50, 000 18, 000 546, 000 Wharton Bank & Trust Co _ 50, 000 150, 000 901,983 White Deer—First State Bank 25, 000 5,000 152,710 Wolfe City—First State Bank _ 50, 000 15, 000 322,619 Wortham—First State Bank 50, 000 25,000 655, 998 Wylie—First State Bank 75,000 25, 000 564, 656. DISTRICT NO. 12 ARIZONA (See also District No. 11) Buckeye—Buckeye Valley Bank__ 25,000 6,000 189, 629 750,000 250,000 13,207, 524, Phoenix—Valley Bank. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

232 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD Total Capital Surplus resources DISTRICT NO. 12—Continued CALIFORNIA Alameda—Bank of Alameda _ $500, 000 $250, 000 $7,926, 804 Bakersfield—Security Trust Co 650,000 450,000 12,476,127 Chico—Peoples Savings & Commercial Bank 100, 000 11,000 1, 046, 473 Downey—Los Nietos Valley Bank_ 50, 000 57, 000 1, 320,452 Hpltville—Holtville Bank.... 75, 000 2,500 432,191 Kingsburg—Kingsburg Bank _ 110, 000 60, 000 1,153, 872 Long Beach—Farmers & Merchants Bank 500, 000 500,000 11,850, 506 Los Angeles- Pacific Southwest Trust & Savings Bank 6,900,000 4, 250,000 204, 301,926 Security Trust & Savings Bank 10, 000, 000 3, 000,000 238, 802, 348 Union Bank & Trust Co. of Los Angeles 1, 500, 000 350, 000 17, 450,864 Norwalk—Bank of Norwalk 50, 000 40, 000 912, 033 Pasadena—Citizens Savings Bank of Pasadena 300, 000 75, 000 4, 241, 000 Porterville—The Home Bank 100, 000 13,000 452, 029 Quincy—Plumas County Bank 100, 000 30, 000 1,226,142 Sacramento—Peoples Bank 800, 000 179, 000 9,150, 077 Salinas—Monterey County Bank 275, 800 100, 000 4, 318, 164 San Francisco- American Bank ^ 5, 000, 000 1,155, 000 74, 533, 238 Anglo-California Trust Co 1, 500, 000 1, 500, 000 66, 007, 935 Bank of Italy 17, 500, 000 9, 000, 000 414,102, 773 British-American Bank 1, 000, 000 55, 800 6, 079, 859 French-American Bank 1, 250,000 600, 000 22, 509, 847 Italian-American Bank 1, 500. 000 500, 000 23, 875, 237 Mercantile Trust Co. of California 5, 500, 000 4, 000, 000 169, 5i>9, 518 Mission Bank 200, 000 150, 000 2,976, 306 Mission Savings Bank... 500, 000 125, 000 9, 749, 867 United Bank & Trust Co. of California 4, 500, 000 661, 500 52, 261, 968 Wells Fargo Bank & Union Trust Co 9, 000, 000 5, 000, 000 144, 970, 827 San Jose—Growers Bank 300,000 35,000 1, 824, 722 San Luis Obispo—Citizens State Bank 150, 000 23,300 998, 792 Santa Ana—Orange County Trust & Savings Bank 300, 000 150,000 2, 745,333 Sausalito—Bank of Sausalito 100, 000 25, 000 1,135, 611 Sawtelle—Citizens State Bank 200, 000 50, 000 2, 522,100 Turlock—Commercial Bank of Turlock.. 75,000 69, 500 1, 766, 246 IDAHO Arco—Butte County Bank 35, 000 7,000 387,203 Ashton—Security State Bank 50,000 339, 673 Blackfoot—Blackfoot City Bank 50, 000 10,000 664,113 C am bridge— Peoples B ank 25, 000 2, 500 ' 176, 967 Eagle—Bank of Eagle 25,000 4,200 170, 999 Genesee—Genesee Exchange Bank 25,000 12,500 601, 659 Grangeville—Bank of Camas Prairie 50, 000 25,000 678, 079 Hazelton—Hazelton State Bank _ 25,000 2,000 178, 266 Idaho Falls—Anderson Bros. Bank.. 100, 000 100,000 2,593,105 Kimberly—Bank of Kimberly 35,000 296, 509 Mackay—W. G. Jenkins & Co 25,000 5,000 255, 663 Malad City—J. N. Ireland & Co., Bankers 40, 000 13, 700 633, 829 Meridian—Meridian State Bank 25,000 3,500 302, 327 New Plymouth—Farmers State Bank 25, 000 243, 790 Oakley—Farmers Commercial & Savings Bank 25,000 7,012 161,848 Orofino—Bank of Orofino 25, 000 6,000 357,496 Pocatello—Citizens Bank & Trust Co 200, 000 60,000 1,312,109 Richfield—First State Bank ... 25,000 5,000 158,263 Soda Springs—Largilliere Co., Bankers 25, 000 12,500 659,955 Sugar City—Fremont County Bank , 25,000 5,000 329,939 Teton City—First State Bank... 30,000 134, 012 Tetonia—Farmers State Bank 25, 000 1,000 113,948 Twin Falls—Twin Falls Bank & Trust Co -. 100, 000 20,000 2,025, 347 Victor—Victor State Bank 25, 000 10, 750 198,124 OREGON Albany—Albany State Bank 50,000 10, 000 1, 021,445 Athena—Athena State Bank 45,000 152, 647 Aurora—Aurora State Bank __. 25, 000 13, 000 294, 609 Beaverton—Bank of Beaverton 25, 000 10, 000 533, C62 Central Point—Central Point State Bank 25,000 5,000 331, 870 Dallas—Dallas City Bank 50, 000 19, 000 506, 073 Enterprise—Enterprise State Bank 50,000 10,000 401,344 Fossil—Steiwer & Carpenter Bank 100, 000 7,000 506, 537 Grants Pass—Grants Pass & Josephine Bank 75,000 30,000 1,141,121 Gresham—First State Bank 30,000 25,000 682,846 Haines—Bank of Haines 25, 000 5,5C0 183, 678 Helix—Bank of Helix 50,000 12,000 220,408 Hood River—Butler Banking Co 125,000 50,000 1,470, 226 Joseph—First Bank of Joseph 50,000 13, 500 289,278 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

•STATE BANK MEMBERSHIP 233 Capital <*nrnln<s Total Surplus resources DISTRICT NO. 12—Continued OREGON—continued Lake view—Lake County Loan & Savings Bank $40,000 $10,000 I $310,349 Madras—Madras State Bank.. 25,000 25,000 210,492 Marshfield—Bank of Southwestern Oregon 100,000 20,000 980,639 Medford—Jackson County Bank 100,000 20,000 1, 530,624 Moro—Farmers State Bank. 45,000 5,000 175,849 Multnomah—Multnomah Commercial & Savings Bank_. 25,000 5,000 193,020 Myrtle Point—Bank of Myrtle Point 25,000 7,500 268,568 North Portland—Live Stock State Bank 50,000 4,000 634,303 •Oakland—E. G. Young & Co. Bank 50,000 15,000 ' 568, 524 Oregon City- Bank of Commerce 200,000 40,000 1,741,363 Bank of Oregon City 150,000 30,000 2,210,307 Pendleton—Inland-Empire Bank 250, 000 35,000 1, 280,724 Pilot Rock—First Bank of Pilot Rock 40,000 25,000 284,641 Portland- Citizens Bank 200,000 15,000 4,683,358 Hibernia Commercial & Savings Bank 200,000 100,000 7, 580,532 Reedsport—First Bank of Reedsport 25,000 3,500 308, 585 Shaniko—Eastern Oregon Banking Co 25, 000 10,000 268,588 Stanfield—Bank of Stanfield.._ 25,000 5,000 119,907 The Dalles—Wasco County Bank 100,000 5,000 720,243 Tillamook—Tillamook County Bank 40,000 10,000 498, 506 Wasco—Bank of Wasco 25,000 10,000 231,885 Woodburn—Bank of Woodburn 50,000 10,000 814,191 Bingham Canyon—Bingham State Bank 26,000 16,300 679,631 Cedar City—Bank of Southern Utah 100,000 100,000 1, 085,833 Delta—Delta State Bank __ 25,000 25,000 419,321 Ephraim—Bank of Ephraim 50,000 42, 500 551,071 Fillmore—Fillmore Commercial & Savings Bank. 50,000 12,000 264,194 Fountain Green—Bank of Fountain Green 25,000 25,000 356,292 Gunnison—Gunnison Valley Bank 50,000 20,000 384,089 Helper—Helper State Bank 50,000 50,000 861,339 Kaysville—Barnes Banking Co 50, 000 80,000 608,835 Logan- Cache Valley Banking Co _ 100, 000 50,000 1,648, 250 Thatcher Bros. Banking Co 100,000 100,000 2,226,660 Parowan—Bank of Iron County _. 35,000 21,000 324,406 Payson—State Bank of Payson 50,000 10,000 510,391 Price- Carbon County Bank 100,000 10,000 621,799 Price Commercial & Savings Bank 50,000 70,000 1,076, 695 Provo— Farmers & Merchants Bank 100,000 25,000 925,054 Knight Trust & Savings Bank 300,000 55,000 1,821,384 Richfield—James M. Peterson Bank 50,000 50,000 682,161 Salina— First State Bank of Salina 25,000 85,000 7t>0,828 Salt Lake City- Columbia Trust Co _ 200,000 25,000 1, 583,456 Deseret Savings Bank... 500,000 250,000 6,894,193 Tracy Loan & Trust Co 249,500 177,300 1, 547,272 Utah Savings & Trust Co 300, 000 96,000 2,225,811 Walker Bros., Bankers 1,000,000 450,000 23,504,126 Spanish Fork—Commercial Bank 50,000 25,000 360,962 Vernal—Bank of Vernal _ 60,000 408,968 15,000 WASHINGTON Almira— Almira State Bank 50,000 13,000 307,114 Farmers State Bank ?__ 25,000 6,500 143,777 Buena—Buena State Bank. 25,000 1,500 152,652 Centralia—Centralia State Bank. 100, 000 13,000 716,853 Chehalis—Coifman-Dobson Bank & Trust Co 150,000 100,000 2,478,530 Colfax—First Savings & Trust Bank of Whitman County. 75,000 10,000 547,685 Coulee—Security State Bank : 25,000 72,994 Davenport—Lincoln County State Bank ___ 50,000 20,000 424,559 Ellens burg—Farmers Bank 100,000 50,000 1,327,852 Everett—Bank of Commerce 100,000 25,000 2,152,761 Farmington—Bank of Farmington 25,000 10,000 322,147 Goldendale—State Bank of Goldendale __. 75,000 8, 500 393,616 Hoquiam—Lumberman's Bank & Trust Co 100,000 50,000 1,745,766 Kelso—Cowlitz Valley Bank 30,000 20,000 540,779 La Crosse— First State Bank 60,000 40,000 551,373 Security State Bank _ , 30,000 7,500 119,718 Odessa—Farmers & Merchants Bank _ _. 25,000 15,000 413,242 Okanogan—Commercial Bank 50,000 10,000 403,449 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

234 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD Capital Total resources DISTRICT NO. 12—Continued WASHINGTON—continued Pine City—Pine City State Bank $25,000 $3,800 $133,666- Pomeroy—Pomeroy State Bank 50,000 150,000 1, 111, 321 Pullman—Pullman State Bank 37,500 10,000 720,862 Puyallup— Citizens State Bank 50,000 10,000 791,363 Puyallup State Bank 50,000 2,500 676,532 Reardan—Farmers State Bank 50,000 20,000 410,119 Ritzville—Ritzville State Bank 25,000 6,250 371,654 Rockford—Farmers & Merchants Bank 25,000 2,800 183,842 Rosalia—Bank of Rosalia 25,000 5,000 321,415 St. John—Farmers State Bank 40,000 10,000 421,978 Selah—Selah State Bank 30,000 6,000 483, 205 South Bend—Pacific State Bank 100,000 11,100 1,163,808 Spokane- Spokane & Eastern Trust Co , 000,000 250, 000 12,393,926 Washington Trust Co_ 200,000 100,000 1,963,929 Stanwood—Bank of Stanwood 25,000 25,000 693,159 Tekoa— Citizens State Bank 25,000 7,000 285,163 Tekoa State Bank 30,000 15, 000 478,93& Toppenish— Central Bank of Toppenish 50,000 35,000 373,400 Traders Bank 25,000 15,000 461, 617 Uniontown—Farmers State Bank___ 25, 000 2,000 205,900 Walla Walla- Farmers & Merchants Bank 200,000 40,000 1,268,329 Peoples State Bank 100, 000 50,00 1,749,317 Wenatchee— Columbia Valley Bank 100,000 25, 000 1,959,12S Commercial Bank & Trust Co 100,000 40,000 1, 711,059 Wilbur—State Bank of Wilbur 50,000 10,000 567,438 Yakima—Yakima Valley Bank 275,000 55,000 2,760,215 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATE BANK MEMBERSHIP 235 SUMMARY CLASSIFICATION ACCORDING TO CAPITAL STOCK [Amounts in thousands of dollars] Banks having a capital stock of— Total $25,001 to $50,001 to $25,000 i $50,000 $100,000 State New England: Maine 1,100 34,337 200 4,948 New Hampshire 75 1,277 75 1,277 Massachusetts 26,600 601,453 100 2,120 Rhode Island 8,200 264,086 Connecticut 1,300 19,382 Middle Atlantic: New York 98 226, 800 5,844, 296 530 11,233 1,720 36,567 New Jersey. 25,359 538,093 50 925 1,975 39,467 East P N en o n r s t y h l v C a e n n ia tral: 51,877 980,255 50 393 j 425 5,549 160 4,018 Ohio 88 70,965 1, 217, 310 375 6,820 835 13,068 1,080 14,806 Indiana '. 5,024 68,454 50 590 248 2,957 75i 879 Illinois 59, 5101,317, 743 200 1,762 650 6,821 1,780! 26,338 Michigan _ 162 41,910 996,490 900 19, 320 2,175 42, 873 3,675 76,368 Wisconsin 26 4,387 111, 594 25 543 447 6,870 615| 11,054 West North Central: Minnesota.. 1,850 28,879 150 2,250 450 7,575 300 7,016 Iowa 8,466 127, 819 425 4,443 1,896 22, 643 161,420 21,155 Missouri.. 29,010 501,983 125 1,207 405 6,659 635 8,750 North Dakota 125 1,060 25 136 100 924 South Dakota 505 7,827 150 2,011 120 1,475 235 4,341 Nebraska 475 5,850 125 1,650 250 3,303 100 897 Kansas _ 380 5,157 75 937 80 1,041 100 South Atlantic: Delaware _ 3,700 39,600 100 1,723 Maryland 5,375 94,017 25 292 100 1,211 Virginia 4,665 59, 575 165 200 1,580 West Virginia 2,990 39, 816 25 217 340 275 2,621 North Carolina 5,150 75,985 25 200 300 3,621 F S G l o e o u o r r t i g h d i C a a arolina 1 2 1 2 , , , 9 0 0 4 4 3 8 5 4 1 2 7 3 0 8 8 , , , 6 6 3 6 3 4 7 2 0 5 2 2 5 5 3, 4 7 2 3 0 8 6 1 9 7 5 0 44,T6"79 1. 1 , , ,0 2 7 2 3 7 v«3 4 5 , 1 1 9 1 9 , , , 3 0 3 1 1 3 2 5 3 East South Central: Kentucky 3,256 64,122 Tennessee 7,910 95, 763 884 120 986 Alabama 4,116 70,324 780 366 3,412 375 3,513 Mississippi 740 13, 203 548 50 322 175 1,435 West South Central: Arkansas 3« 4,859 67,489 473 335 4,562 14 1,270 13, 557 Louisiana 13| 11,615 254,112 50 772 3 215 2,641 Oklahoma 3 125 1,170 25 315 100 855 Texas. __ 123 7,021! 67, 277 8,441 2,370 21,078 21 1,783 17, 354 Mountain: Montana 31 2,345 38,180 250 1,842 420 3,623 675 9,819 Idaho 24 1,040 12,973 350 3,909 290 3,134 200 4,618 Wyoming _ i 90 617 90 617 Colorado 600 19, 718 25 515 75 533 New Mexico 55 334 25 109 30 225 Arizona 805 13, 707 25 189 30 310 Utah 26 3,696 52,333 75 1,536 511 6,304 6 560 6,917 Pacific: Washington 44 3,808 46, 475 325 3,761 648 7,830 11 1,010 14,019 Oregon 36 2,515 33,350 275 2,944 640 6,560 5 475 4,879 California. 33 70, 5861, 514, 721 100 2,232 6 550 6,059 Total 1,441727,00715,585,845 239 5,948 73,175 362 16,181212,035 280 25,615 396,720 i I i 1 Includes 3 banks with capital under $25,000 as follows: Mississippi, 1 with capital of $15,000 and total resources of $87,666; Tennessee, 1 with capital of $15,000 and total resources of $101,923; Texas, 1 with capital of $17,500 and total resources of $67,399. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

236 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD SUMMARY CLASSIFICATION ACCORDING TO CAPITAL STOCK—Continued Banks having a capital stock of— $100,001 to $200,000 State 1 a New England: Maine New Hampshire Massachusetts 7 Rhode Island i Connecticut i Middle Atlantic: New York 8 New Jersey 10 Pennsylvania 23 East North Central: Ohio 1? Indiana 4 Illinois. _ 12 Michigan 10 Wisconsin 5 West North Central: Minnesota Iowa 6 Missouri 27 North Dakota South Dakota Nebraska Kansas 1 South Atlantic: Delaware Maryland Virginia 1 West Virginia 3 North Carolina 1 South Carolina Georgia.. 2 Florida East South Central: Kentucky 2 Tennessee Alabama Mississippi West South Central: Arkansas 8 Louisiana 2 Oklahoma Texas 7 Mountain: Montana 2 Idaho 1 Wyoming Colorado New Mexico Arizona Utah Pacific: Washington 3 Oregon 5 California _ 4 Total 181 latipaC 1,400 200 200 1,450 1,875 3,700 1, 925 701 2,080 1,760 800 400 l,,075 5,245 125 200 550 200 650 300 600 350 200 200 200 1,379 350 1,250 350 200 200 550 875 660 32, 200 -er latoT secruos $200,001 to $500,000 36, 797 3,001 2,422 31, 674 49, 769 64, 019 40, 282 12, 451 27,148 34,836 17, 651 5,793 14,136 80, 517 2 220 2, 787 5 604 2,691 8,023 1,022 18 361 4,66] 1,632 1,382 1,947 12, 252 4,987 13, 076 3,992 1 312 1 584 5,711 17, 686 7,651 539, 077 rebmuN 2 6 1 20 16 36 9 4 14 10 1 a e 2 o 1 1 5 3 3 1 2 2 2 2 1 A 1 1 170 latipaC |i 900 29, 389 2,350 58, 502 500 9, 977 7,000 175,431 5,250 128, 677 13, 442 188,260 3,500 62,314 1,650 23, 011 4,800 95, 302 3,850 85, 881 500 5, 602 550 6, 245 1,050 24, 030 2,400 42, 743 1,000 11, 329 800 14 ]52 250 250 2, ->64 1,580 17, ;i63 1,350 44, ] 50 1,100 21,133 250 8,951 800 18, 741 800 14, 554 650 7,328 650 18,904 •500 18 670 1 350 12 488 275 2,760 250 1,281 2,676 42, 656 62, 2731,193,924 rebmuN $500,001 to $1,000,000 8 1 U7 9 9 1 10 9 9 8 4 9 2 1 1 1 1 2 2 1 1 1 1 1 3 100 latipaC 6, 750 1,000 600 10, 250 5,159 7,800 8,000 800 8, 650 8,550 2,000 2,600 4,000 1,600 1,750 1,750 1 000 1,000 700 1 000 1,556 2,000 2,000 1,000 750 750 1 000 1,000 2,450 87, 465 -er latoT secruos * Over $1,000,001 2 150, 022 23,168 6,983 216, 401 121, 888 137, 318 131, 626 5,465 126,390 177, 871 69, 874 41,412 67,469 17,471 24, 734 13, 685 13 154 7,115 7,922 36 093 15,311 14, 607 40, 104 17, 904 18,301 13, 208 23 504 12, 394 27, 706 1, 579,100 rebmuN 4 2 29 4 9 13 1 9 8 5 1 1 1 2 3 2 A 11 109 latipaC 16,666 7,000 ' 205, 850 11,050 26, 300 55, 250 1,500 41,350 21, 000 16, 200 2,000 3,500 1,350 -er latoT secruos 354, 012 237, 917 5, 372, 990 197, 367 580, 698 948, 394 23,101 1, 033,982 559, 341 294,638 20, 406 67, 780 28. 510 3,375 60, 822 6,500 92, 928 5, 500 77,654 9,450 212,857 64,150 1,428,417 497,325 11,591,814 2 Includes 8 banks with capital in excess of $10,000,000 as follows: New York, 5 with capital of $98,000,000 and total resources of $2,445,633,801; Ohio, I with capital of $22,250,000 and toal resources of $300,939,231; Illinois, 1 with capital of $15,000,000 and total resources of $436,641,197; California, 1 with capital of $17,500,00ft and total resources of $414,102,773. 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 1 to 9. Augusta—First National Granite 1 to 9. Bristol—Bristol National Bank. 1 to 8. Bank. Derby—Birmingham National Bank 1 to 9. Bangor— Hartford- First National Bank 1, 2, and 4. First National Bank... ._ ._ _. 1 to 9. Merchants National Bank __ l to 9. Hartford-Aetna National Bank... 1 to 4, and 9. Bar Harbor—First National Bank 1 to 4. Phoenix National Bank 1 to 9. Bath- Meriden—Home National Bank 1 to 9. Bath National Bank Ito8. Middletown—Middletown National 1 to 9. First National Bank 1 to 8. Bank. Belfast—City National Bank __ 1 to 8. Naugatuck—Naugatuck National 1 to 4. Biddeford—First National Bank of 1 to 9. Ne B w a n B k r . itain—New Britain National Ito9. Da "JDR m iirQ a lr r Ql i o s ef c ino o rrrc t ? t i a . —First National Bank 1, 2,3,5, and Bank. of Damariscotta. 6. New Haven- Houlton—First National Bank 1 to 5, and 9. First National Bank. Ito8. Le wist on- Merchants National Bank 1 to 8. First National Bank 1 to 9. National Tradesmens Bank & Ito4. Manufacturers National Bank 1 to 5, and 9. Trust Co. Norway—Norway National Bank 1 to 8. New Haven Bank, N. B. A 1 to 9. Portland— Second National Bank _ Ito9. Canal National Bank__ 1 to 9. New London— First National Bank.... 1, 2, and 4. National Bank of Commerce 1 to 5. Portland National Bank 1,2,4, and 9. New London City National Bank 1, 2, 3, 5, 7, Rockland—Rockland National Bank. 1 to 9. 8, and 9. Rumford—Rumford National Bank.. 1 to 9. Norwich—Thames National Bank 1 to 9. Skowhegan—First National Bank 1 to 9. Rockville— Springvale—Springvale National 1 to 9. First National Bank 1 to 9. Bank. Rockville National Bank 1 to 9. Thomaston—Georges National Bank. 1 to 3,5, and Torrington—Torrington National Ito7. 8. Bank. Waterville— Wallingford—First National Bank... Ito9. Peoples National Bank Ito9. Waterbury— Ticonic National Bank Ito4. Ci t t i i o z n e a n l s B an a d n k M . anufacturers Na- Ito9. MASSACHUSETTS Waterbury National Bank 1 to 9. Adams— Willimantic—Windham National Ito9. First National Bank 1 to 8. Bank. Graylock National Bank 1 to 7, and 9. Winsted—Hurlbut National Bank... 1 to 9. Amherst—First National Bank 1 to 9. 237 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

238 ANNUAL. REPORT OF THE FEDERAL RESERVE BOARD Powers Powers granted granted DISTRICT NO. 1—Continued DISTRICT NO. 1—Continued MASSACHUSETTS—continued MASSACHUSETTS—continued Attleboro— First National Bank Ito9. Salem—Merchants National Bank... Ito9. Beverly—Beverly National Bank 1 to 4. Shelburne Falls—Shelburne Falls 1 to 7 and 9. Boston- National Bank. Atlantic National Bank Ito9. Southbridge—Southbridge National Ito9. Citizens National Bank Ito9. Bank. Federal National Bank Ito9. Springfield— First National Bank Ito9. Chapin National Bank .__ 1 to 9. Merchants National Bank 1 to 9. Chicopee National Bank Ito9. National Rockland Bank 1 to 9. Springfield National Bank 1 to 8. National Shawmut Bank Ito9. Third National Bank Ito9. Second National Bank Ito9. Tisbury—Martha's Vineyard Na- Ito8. Webster & Atlas National Bank_. Ito9. tional Bank. Brockton— Turners Falls—Crocker National 1 to 7 and 9. Brockton National Bank Ito9. Bank. Home National Bank 1 to 4. Uxbridge—Blackstone National Bank Ito4. Dedham—Dedham National Bank... Ito9. Wareham—National Bank of Ware- Ito9. Edgartown—Edgartown National Ito3. ham. Bank. Watertown—Union Market National 1 to 4. Fall River- Bank. Fall River National Bank Ito9. Webster—First National Bank Ito4. Massasoit Pocasset National 1 to 9. Wellesley—Wellesley National Bank. Ito9. Bank. West Newton—First National Bank.. Ito9. Metacomet National Bank Ito9. Woburn—Woburn National Bank 1, 2, 3, 6, 7, Fitchburg—Safety Fund National Ito9. and 9. Bank. Worcester— Foxboro—Foxboro National Bank Ito9. Mechanics National Bank Ito4. Gardner—First National Bank Ito9. Merchants National Bank Ito9. ^Gloucester— Cape Ann National Ito9. Yarmouthport—First National Bank. Ito9. Gr " e R a a t n B t arrington—National Mahai- Ito9. NEW HAMPSHIRE •Greenfield—First National Bank Ito9. Berlin—City National Bank _. 1. Haverhill— Charleston—Connecticut River Na- 1 and 4. Essex National Bank— 4. tional Bank. First National Bank Ito4. Claremont— Merrimack National Bank 1 to-4. Claremont National Bank Ito4. Holyoke— Peoples National Bank 1. City National Bank Ito4. Concord- Hoi yoke National Bank Ito9. First National Bank Ito9. Hudson—Hudson National Bank 1 to 9. Mechanics National Bank 1 and 4. Lawrence—Bay State National Bank. Ito9. National State CapitaLBank 1 and 4. Leominster National Bank Ito4. Merchants National Bank Ito3. Merchants National Bank 1 to 7 and 9. Stafford National Bank Ito4. Lowell— Franklin—Franklin National Bank.. 1. Appleton National Bank 1 to 9. Hanover—Dartmouth National Bank 1 to 4 and 9. Old Lowell National Bank._ 1. Keene— Union National Bank Ito9. Ashuelot National Bank 1 and 4. Lynn— Keene National Bank.. Ito4. Central National Bank 1 to 8. Laconia— Manufacturers National Bank... 1 to 9. Laconia National Bank 1 and 4. National City Bank 1 to 5 and 7. Peoples National Bank 1 and 4. Maiden—First National Bank Ito9. Manchester— Marlboro- Amoskeag National Bank 1 and 4. First National Bank Ito4. First National Bank 1 and 4. Peoples National Bank Ito9. Manchester National Bank 1. Milford—Home National Bank Ito4. Merchants National Bank 1,4, and 9. Nantucket—Pacific National Bank.. 1 to 9. Milford—Souhegan National Bank... 1 and 4. New Bedford- Nashua— First National Bank 1 to 9. Indian Head National Bank Ito3. Merchants National Bank Ito9. Second National Bank __ 1 and 4. Safe Deposit National Bank Ito9. Newport—Citizens National Bank... 1 and 4. Newburyport—Merchants National Ito8. Plymouth—Pemigewasset National 1 and 4. North Adams—North Adams Na- Ito9. Po " r R ts a m nlr outh—New Hampshire Na- 1 and 9. tional Bank. tional Bank. North Attleboro—Manufacturers Na- 1 to 9. Wolfeboro—Wolfeboro National Bank 1 and 4. tional Bank. Northampton— RHODE ISLAND Palm N F e i o r r — s rt t h P N a a m a lm t p io t e o n r n a N l N B at a a i t o n io n k n a l a l B B an a _ k nk I I I t t t o o o 9 9 9 . . . N Pr e m o w v e p i r d c o e e r n t . — ce A — q N ui a d ti n o e n c a k l N B a a t n io k n a o l f B C a o n m k. - I I t t o o 9 9 . . Pittsfield— Agricultural National Bank Ito9. VERMONT Pittsfield National Bank 1 to 7 and 9. Barre—Peoples National Bank. Ito9. Plymouth— Bellows Falls—National Bank of Bel- Ito9. Old Colony National Bank Ito5. lows Falls. Plymouth National Bank Ito4. Bennington— Provincetown—First National Bank. Ito9. County National Bank Ito9. Reading—First National Bank 1 to 4. First National Bank.__ Ito9. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FIDUCIARY POWEKS 239 Powers Powers granted granted DISTRICT NO. 1—Continued DISTRICT NO. 2—Continued VERMONT—continued NEW JERSEY—continued Bethel—National White River Bank. Ito9. Hillside—Hillside National Bank Ito9. Brandon—First National Bank 1 to 4. Hoboken— Brattleboro—Vermont Peoples Na- Ito9. First National Bank Ito4. tional Bank. Second National Bank Ito9. Chelsea—National Bank of Orange 1 to 8. Jersey City— County. Bergen National Bank Ito9. Danville—Caledonia National Bank_ Ito9. First National Bank Ito9. Enosburg Falls—First National Bank. Ito9. Franklin National Bank _. 1 to 7 and 9. Manchester Center—Factory Point 1 to 9. Merchants National Bank Ito9. i National Bank. Union Trust & Hudson County 1 to 9. Montpelier— National Bank. First National Bank 1 to 4. Kearny—First National Bank & Ito9. Montpelier National Bank Ito9. Trust Co. Newport—National Bank of Newport. 1 to 7 and 9. Lambertville—Lambertville National Ito9. Northfield—Northfield National 1 to 9. Bank. Bank. Long Branch—Citizens National Ito9. Poultney—Citizens National Bank... Ito4. Bank. Rutland- Lyndhurst—First National Bank Ito9. Baxter National Bank. 1 to 7 and 9. Metuchen—Metuchen National Bank 1 to 9. Clement National Bank 1 to 3, 5 to 7. Milburn—First National Bank 1 to 9. St. Albans—Welden National Bank.. 1 to 4. Montclair—First National Bank & Ito9. St. Johnsbury—First National Bank. 1 to 6 and 9. Trust Co. Springfield—First National Bank 1 to 4. Morristown— Windsor—State National Bank Ito3. First National Bank Ito9. National Iron Bank __ ._ Ito9. DISTRICT NO. 2 Newark- Citizens National Bank & Trust Ito9. CONNECTICUT Co. Forest Hill National Bank 1 to 9. (See also District No. 1) Ito4. Merchants & Manufacturers National Bank Bridgeport— National Newark & Essex Bank- Ito9. City National Bank Ito9. ing Co. First National Bank. _ _ 1 to 9. National State Bank Ito9. Danbury— North Ward National Bank Ito4. City National Bank _._ Ito9. South Side National Bank & 1 to 9. Danbury National Bank Ito9. Trust Co New Canaan—First National Bank.. Ito9. New Brunswick— Norwalk—National Bank of Nor- Ito9. National Bank of New Jersey Ito9. Ri w dg a e lk fi . eld—First National Bank & Ito9. New P to e n o — ples National Bank 1 to 9. Trust Co. Sussex National Bank Ito9. South Norwalk—City National Bank Ito4. Nutley—First National Bank Ito9. Stam F fo ir r s d t — Stamford National Bank.. Ito9. Oc B e a a n n k G . rove—Ocean Grove National 1 to 9. Peoples National Bank Ito9. Orange— Orange National Bank 1 to 8. NEW JERSEY Second National Bank Ito9. (See also District No. 3) Passaic—Passaic National Bank & Ito9. Trust Co. Allentown—Farmers National Bank. Ito9. Paterson— Asbury Park—Merchants National 1 to 9. First National Bank Ito9. Bank. Labor Cooperative National Bank Ito9. Atlantic Highlands—Atlantic High- Ito8. National Bank of America Ito9. lands National Bank. Paterson National Bank 1 to 9. Belleville—Peoples National Bank & Ito9. Second National Bank Ito9. Trust Co. Totowa National Bank Ito5, 7to9t Belvidere—Belvidere National Bank. 1 to 8. Perth Amboy— Bloomfield—Bloomfield National Ito4. First National Bank Ito9. Bank. Perth Amboy National Bank Ito9. Boonton—Boonton National Bank... Ito9. Phillipsburg— Bound Brook—First National Bank_ Ito9. Phillipsburg National Bank & Ito8. Butler—First National Bank Ito9. Trust Co. Caldwell—Citizens National Bank... Ito8. Second National Bank Ito9. Carlstadt—Carlstadt National Bank. Ito9. Plainfield— Carteret—First National Bank Ito9. City National Bank Ito4. Clifton—First National Bank.. Ito9. First National Bank_ Ito9. Closter—Closter National Bank Ito9. Rahway—Rahway National Bank... 1 to 9. Cranbury—First National Bank Ito4. Ramsey—First National Bank Ito9. Dover—National Union Bank. Ito9. Red Bank- East Orange—First National Bank.. Ito9. Broad Street National Bank 1 to 9. Elizabeth- Second National Bank & Trust 1 to 9. National State Bank 1 to 7 and 9. Co. Peoples National Bank.., Ito9. Ridgewood— Freehold—National Freehold Bank- Ito9. Citizens National Bank Ito9. ing Co. First National Bank__ Ito9. Frenchtown—Union National Bank.. 1 and 4. Roselle—First National Bank Ito9. Garfield—First National Bank Ito9. Rutherford—Rutherford National Ito4. Hackettstown—Hackettstown Na- Ito9. Bank. tional Bank. Somerville—Second National Bank._. Ito4. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

240 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD Powers Powers granted granted DISTRICT NO. 2—Continued DISTRICT NO. 2—Continued NEW JERSEY—continued NEW YORK—continued South Amboy—First National Bank. Ito9. Glens Falls- South River—First National Bank... Ito9. First National Bank._. 1 to 9. Summit—First National Bank Ito9. National Bank of Glens Falls Ito9. Sussex—Farmers National Bank 1 to 4. Gloversville— Tenafly—First National Bank. Ito9. City National Bank. 1 to 9. Washington—First National Bank... Ito9. Fulton County National Bank... 1 to 9. West Orange—First National Bank__ 1 to 9. Goshen—National Bank of Orange Ito9. Woodbridge—First National Bank... Ito9. County. Granville— NEW YORK Farmers National Bank 4. Adams—Farmers National Bank 1 to 9. Washington County National 4. Alb F a i n rs y t - National Bank__ 4. "CRdpDnKlr. 1 to 9. National Commercial Bank & Ito8. HHaenmcposctke—ad—FirFsti rsNt aNtioatniaoln aBl aBnkank Ito9. Trust Co. Herkimer—Herkimer National Bank. Ito8. New York State National Bank. _ Ito9. Highland Falls—First National Bank Ito9. Ams A F te a m r r d m s a t m e e r r — d s a N m a t C io i n ty a l N B a a t n io k n _ al Bank_ 1 1 t t o o 9 3 . , 5 to 8.' TriOTnOnS FP cliC ei r r ' o Kl s r p t T l r e N Pa s al a lli N S t c i — oantiaoln aBla Bnkank 1 I t t o o 9 8 . . First National Bank .__ Ito9. Hornell—Citizens National Bank Ito9. Auburn— Hudson- Cayuga County National Bank... Ito8. Farmers National Bank 1 to 9. National Bank of Auburn _. 1 to 9. First National Bank Ito9. Ballston Spa— Hudson Falls— Ballston Spa National Bank 1 to 9. Peoples National Bank... _ Ito9. First National Bank _. 1 to 9. Sandy Hill National Bank Ito9. Bath—Bath National Bank Ito9. Ilion— Binghampton— Ilion National Bank Ito9. City National Bank __ 1 to 9. Manufacturers National Bank 1 to 9. First National Bank _ Ito9. Ithaca—First National Bank 1 to 9. Brooklyn- Jamestown- First National Bank. 1 to 9. American National Bank Ito9. Nassau National Bank 1 to 9. National Chautauqua County 1 to 8. Buffalo—Community-South Side 1 to 9. Bank. National Bank. Kingston- Canandaigua— Canandaigua Na- 1 to 9. First National Bank of Rondout. Ito9. tional Bank. Rondout National Bank Ito9. Canton- State of New York National 1 to 9. First National Bank 1 to 9. Bank. St. Lawrence County National 1 to 3, 5 to 8. Lackawanna—Lackawanna National Ito9. Bank Bank. Larch mont—Larchmont National 1 to 9. Carthage- Carthage National Bank 1 to 9. Bank & Trust Co. National Exchange Bank. 1 to 9. Liberty—Sullivan County National 1 to 9. Catskill—Catskill National Bank.... 1 to 8. Bank. Cedar hurst—Peninsula National 1 to 9. Little Falls—Little Falls National Ito9. Bank. Bank. Clayton—National Exchange Bank.. 4. Lockport— Cohoes—National Bank of Cohoes.__ Ito8. National Exchange Bank 1 to 9. Cooperstown— Niagara County National Bank. 1 to 9. First National Bank 1 to 9. Long Beach—National Bank of Long- Ito8. Second National Bank . Ito8. Beach. Corning—First National Bank & Ito8. Lowville—Black River National Ito9. i rust bo. Cuba- Lynbrook—Peoples National Bank & 1 to 9. Cuba National Bank 1 to 9 Trust Co. First National Bank 1 to 9 Malone—Farmers National Bank 1 to 9. Delhi—Delaware National Bank Ito9. Middletown— Dolgeville—First National Bank 1 to 9. First National Bank 1 to 9. Dover Plains—Dover Plains Nationa _ 1 to 9. Merchants National Bank Ito9 Bank. Mineola—First National Bank 1 to 9. Dunkirk— Monticello—National Union Bank of. Ito9. Lake Shore National Bank 1 to 9. Monticello. Merchants National Bank Ito8. Morristown—Frontier National Bank 4. Edwards—Edwards National Bank. 4. Mount Kisco—Mount Kisco Na- 1 to 9. Elmira— tional Bank. Merchants National Bank 1 to 7. Mount Vernon—First National Bank Ito8. Second National Bank Ito9. Newark—Arcadia National Bank & 1 to 9. Fairport—Fairport National Bank & 1 to 9. Trust Co. Trust Co. Newburgh— Far Rockaway—National Bank of 4. Highland National Bank Ito9. Far Rockaway. National Bank of Newburgh Ito9. Fonda—National Mohawk River Ito8. Quassaick National Bank.. Ito9. Bank. New Rochelle—National City Bank.. 1 to 9. Fredonia—National Bank of Fre- Ito9. New Yorkdonia. American Exchange Pacific Na- Ito9. Freeport—Citizens National Bank... Ito9. tional Bank. Fulton—Citizens National Bank Ito9. Bowery & East River National 1 to 9. Geneseo—Genesee Valley National 1 to 9. Bank. Bank. Bronx National Bank 4. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FLDTTCIAKY POWEES 241 Powers Powers granted granted DISTRICT NO. 2—Continued DISTRICT NO. 2—Continued NEW YORK—continued NEW YORK—continued New Fork— Continued. Saranac Lake—Adirondack National 1 to 9. Chase National Bank 1 to 9. Bank. Chatham & Phenix National Ito9. Saratoga Springs—Saratoga National 4. Bank & Trust Co. Bank. Chemical National Bank 1 to 9. Sayville—Oystermens National Bank 1 to 9. Coal & Iron National Bank 1 to 9. Scarsdale—Scarsdale National Bank 1 to 9. First National Bank 1 to 9. & Trust Co. Garfield National Bank 1 to 9. Schenectady— Gotham National Bank. 1 to 9. Mohawk National Bank 1 to 9. Grace National Bank Ito9. Union National Bank 1 to 9. Hamilton National Bank 1 to 9. Southampton—First National Bank. 1 to 8. Hanover National Bank 1 to 8. Spring Valley—First National Bank. 1 to 9. Harriman National Bank Ito9. Stamford—National Bank of Stam- 1 to 9. Liberty National Bank 1 to 9. ford. Mechanics & Metals National Ito9. Stapleton—Richmond Borough Na- 4. Bank. tional Bank. National American Bank of New 1 to 9. Suffern—Suftern National Bank & 1 to 9 York. Trust Co. National Bank of Commerce 1 to 9. Syracuse- National City Bank 1 to 9. Liberty National Bank 1 to 9. National Park Bank 1 to 9. Salt Springs National Bank 1 to 9. Public National Bank 1 to 9. Tarrytown—Tarrytown National 1 to 3, 5 to 9. Seaboard National Bank 1 to 9. Bank. Niagara Falls—Cataract National 1 to 8. Troy- Bank. Manufacturers National Bank 1 to 9. North Tonawanda—State National Ito9. National City Bank 1 to 9. Bank. National State Bank 1 to 9. Norwich— Union National Bank 1 to 9. Chenango National Bank 1 to 8. United National Bank 1 to 9. National Bank & Trust Co 1 to 9. Tuckahoe—First National Bank. 1 to 9. Nyack—Nyack National Bank 1 to 9. Utica— Ogdensburg—National Bank of Og- 1 to 8. First National Bank & Trust Co.1 to 9. densburg. Oneida National Bank 1 to 9. Glean—Exchange National Bank 1 to 9. Utica National Bank & Trust 1 to 9. Oneida—Oneida Valley National 1 to 9. Co. Bank. Walton—First National Bank 1 to 9. Oneonta— Warrensburg — Emerson National Ito9. Citizens National Bank 1 to 9. Bank. Wilber National Bank Ito9. Warsaw—Wyoming County Na- 1 to 9. Ossining— tional Bank. First National Bank Ito9. Watertown— Ossining National Bank 1 to 9. Jefferson County National Bank. 1 to 9. Oswego—Second National Bank & 1 to 9. Watertown National Bank 1 to 8. Trust Co. Waverly—First National Bank 1 to 9. Ovid—First National Bank Wellsville—Citizens National Bank.. 1 to 9. Owego— Wrestfield—National Bank of West- 4. First National Bank 1 to 9. field. Owego National Bank 1 to 9. Whitehall—Merchants National 1 to 9. Pearl River—First National Bank & 1 to 9. Bank. Trust Co. Yonkers— Peekskill— First National Bank 1 to 9 Peekskill National Bank 1 to 9. Yonkers National Bank & Trust 1 to 9 Westchester County National 1 to 9. Co. Bank. Perry—First National Bank 1 to 9. DISTRICT NO. 3 Plattsburg— Merchants National Bank 1 to 9. DELAWARE Plattsburg National Bank & Trust Co. 1 to 5, 7 to 9.Delmar—First National Bank 1 to 8. Port Chester—First National Bank Dover—First National Bank... _ 1 to 9. & Trust Co. 1 to 9. Laurel—Peoples National Bank _ 1 to 8. Port Henry—Citizens National Bank Milford—First National Bank 1 to 9. Port Jervis— 1 to9. Seaford—First National Bank 1 to 8, First National Bank 1 to 9. Smyrna- National Bank of Port Jervis 1 to 9. Fruit Growers National Bank & 1 to 4, 6 to 9. Potsdam—Citizens National Bank... ltoO. Trust Co. Poughkeepsie— National Bank of Smyrna 1 to 9. Fallkill National Bank 1 to 9. Wilmington— Farmers & Manufacturers Na- 1 to 9. Central National Bank 1 to 9. tional Bank. National Bank of Delaware 1 to 9. Richfield Springs—First National Ito9. Union National Bank ...I Ito9. Bank. Riverhead—Suffolk County National Ito9. NEW JERSEY Bank. Rockville Center—Nassau County ltoO. (See also District No. 2) National Bank. Rome—Farmers National Bank & 1 to 9. Atlantic City- Trust Co. Atlantic City National Bank 1 to 4. Roscoe—First National Bank . 1 to 9. Chelsea National Bank 1 to 9. Rye—Rye National Bank . 1 to 9. Union National Bank. Ito3. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

242 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD Powers Powers granted granted DISTRICT NO. 3—Continued DISTRICT NO. 3—Continued NEW JERSEY—continued PENNSYLVANIA—continued Bordentown—First National Bank.. Ito9. Chambersburg— Bridgeton—Bridgeton National Bank. 1 to 9. National Bank of Chambersburg. Ito9. Burlington—Mechanics National 1 to 9. Valley National Bank 1 to 9. Camden—First National State Bank. Ito9. First National Bank 1 to 9. Cape May—Merchants National 4. Pennsylvania National Bank Ito9. Bank. fL^. 1i er\a nr tn* -efti sQ\ 1 —A Collingswood — Collingswood Na- 1 to 9. Clearfield National Bank 1 to 9.. tional Bank. County National Bank.... 1 to 9. Elmer—First National Bank Ito9. Columbia— Glassboro—First National Bank Ito9. Central National Bank Ito9. Haddonfield—Haddonfield National 1 to 9. First Columbia National Bank__ 1 to 9. Bank. Dallastown—First National Bank 1 to 9.. Medford—Burlington County Na- 1 to 9. Danville— tional Bank. Danville National Bank _ Ito9. Merchantville—First National Bank Ito9 First National Bank 1 to 9. & Trust Co. Darby—First National Bank. Ito9. Millville— Du Bois— Mechanics National Bank Ito9. Deposit National Bank. Ito9. Millville National Bank 1 to 9. Du Bois National Bank 1 to 9. Mount Holly—Mount Holly Na- 1 to 8. East Stroudsburg—Monroe County 1 to 9. tional Bank. National Bank. Ocean City- Emaus—Emaus National Bank 1 to 9. First National Bank 1 to 7 and 9. Emporium—First National Bank Ito9. Ocean City National Bank 1 to 9. Ephrata— Paulsboro—First National Bank & Ito9. Ephrata National Bank... 1 to 9. Trust Co. Farmers National Bank... 1 to 9. Point Pleasant Beach—Ocean Coun- Ito8. Fleetwood—First National Bank Ito9. ty National Bank. Frackville—First National Bank & 1 to 9. Princeton—First National Bank Ito4. Trust Co. Salem— Gettysburg- City National Bank & Trust Co. Ito9. First National Bank 1 to 9. Salem National Banking & 1 to 9. Gettysburg National Bank Ito9. Trust Co. Greencastle—First National Bank— 1 to 9. Swedesboro—Swedesboro National Ito9. Hamburg—First National Bank ... 1 to 9. Bank. Harrisburg—Harrisburg National Ito9. Toms River—First National Bank... 1 to 9. Bank. Trenton— Hazleton—• Broad Street National Bank Ito4. First National Bank Ito9. First National Bank 1 to 9. Hazleton National Bank 1 to 9. Mechanics National Bank 1 to 9. Honesdale — Honesdale National 1 to 9. Ventnor City—Ventnor City Na- Ito9. Bank. tional Bank. Honeybrook—First National Bank... 1 to 9. Vineland—Vineland National Bank.. 1 to 9. Houtzdale—First National Bank Ito9. Woodbury—First National Bank & Ito9. Huntingdon- Trust Co. First National Bank 1 to 9. Woodstown—Woodstown National 1 to 9. Union National Bank 1 to 8. Bank & Trust Co. Jenkintown —Citizens National 1 to 7 and 9» Bank. PENNSYLVANIA Johnstown—First National Bank 1 to 8. Kutztown—Kutztown National Bank 1 to 9. (See also District No. 4) Lancaster— Conestoga National Bank ._ 1 to9. Allentown— Fulton National Bank Ito9. Allentown National Bank Ito9. Lancaster County National Bank Ito9. Merchants National Bank 1 to 8. Langhorne—Peoples National Bank 1 to 9. Second National Bank 1 to 9. & Trust Co. Ambler—First National Bank Ito9. Lansdale—First National Bank Ito9. Annville—Annville National Bank... 1 to 9. Lebanon- Ardmore—Ardmore National Bank Ito9. First National Bank _ 1 to 9. & Trust Co. Lebanon National Bank. Ito9. Ashland—The Ashland National 1 to 9. Peoples National Bank 1 to 9. Bank. Lehighton—Citizens National Bank_. Ito9. Atglen—Atglen National Bank Ito3. Lewisburg—Union National Bank... 1 to 9. Bellefonte—First National Bank Ito9. Lewistown—Russell National Bank.. 1 to 9, Belleville—Belleville National Bank. Ito3. Lititz—Farmers National Bank Ito4. Bethlehem— Lock Haven—First National Bank... 1 to 9. Bethlehem Nationa IBank.. 1 to 9. Mahanoy City- First National Bank 1 to 9. First National Bank 1 to 9. Lehigh Valley National Bank.. Ito8. Union National Bank Ito8. Bloomsburg—Bloomsburg National Ito9. Manheim—• Bank. Keystone National Bank Ito9. Blossburg—Miners National Bank... 1 to 4. Manheim National Bank... Ito9. Boyertown— Marietta—Exchange National Bank. 1 to 4. Farmers National Bank I to 9. Mauch Chunk—Mauch Chunk Na- 1 to 9. National Bank of Boyertown 1 to 9. tional Bank. Bradford—Commercial National Ito9. Maytown—Maytown National Bank. Ito4. Bank. Mechanicsburg — Second National 1 to 9. Catasauqua—National Bank of Ca- Ito9. Bank. tasauqua. Media—First National Bank. 1 to 9. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FIDUCIARY POWERS 243 Powers Powers granted granted DISTRICT NO. 3—Continued DISTRICT NO. 3—Continued PENNSYLVANIA—continued PENNSYLVANIA—continued Milton—First National Bank Ito9. Shamokin—Market Street National Ito9. Montrose—First and Farmers Na- 1 to 9. Bank. tional Bank & Trust Co. Shickshinny—First National Bank...1 to 3, 5 to 8. Mount Carmel— Shi ppens burg— First National Bank _. 1 to 9. First National Bank. 1 to 9. Union National Bank Ito9. Peoples National Bank.._ 1 to 9. Mount Joy- Smethport—Grange National Bank 1 to 9. First National Bank Ito9. of McKean County. UnionNational Mount JoyBank . 1 to 9. Souderton—Union National Bank 1 to 9. Mountville — Mountville National Ito4. Spring City—National Bank of Spring Ito9. Bank. City. Myerstown — Myerstown National Ito4. State College—First National Bank.. 1 to 9. fI N x a "s n Ra t on i n c Kl o r. ke—First National Bank 1 to 4. Stro F ud ir s s t b u N r a g ti - onal Bank 1 to 9. Nazareth—Nazareth National Bank.. 1 to 9. Stroudsburg National Bank 1 to 9. New Holland—New Holland Na- 1 to 5 and 9. Sunbury—First National Bank 1 to 9. > tional Bank. Tamaqua— Newtown—First National Bank 1 to 7 and 9. First National Bank _ _ 1 to 9. Newville—First National Bank 1 to 4. Tamaqua National Bank l.to 9. Norristown—Peoples National Bank- 1 to 9. Tioga—Grange National Bank.. 1 to 4. Northampton—Cement National Ito8. Topton—National Bank of Topton... 1 to 4. I Bank of Siegfried. Towanda—Citizens National Bank.. 1 to 9. Northumberland—Northumberland 1 to 9. Tyrone- National Bank. Blair County National Bank 1 to 9. Oxford—National Bank of Oxford Ito9. Farmers & Merchants National 1 to 9. Patton—First National Bank 1 to 4. Bank. Pen Argyl—First National Bank Ito9. Waynesboro—Citizens National Bank 1 to 9. Philadelphia- West Chester— Broad Street National Bank Ito7. First National Bank 1 to 9. Central National Bank 4. National Bank of Chester County 1 to 9. Corn Exchange National Bank... 1 to 9. West Grove—National Bank of West 1 to 9. Drovers and Merchants National 1 to 9. Grove. Bank. Wilkes-Barre— Eighth National Bank 1 to 9. Second National Bank.. 1 to 9. Fourth Street National Bank Ito9. Wyoming National Bank 1 to 9. Kensington National Bank 1 to 3, 5 to 9. Williamsport— Manayunk National Bank 1 to 9. First National Bank 1 to 9. Market Street National Bank 1 to 7 and 9. Lycoming National Bank 1 to 9. National Bank of Commerce 1 to 9. West Branch National Bank 1 to 4. National Bank of Germantown__ 1 to 8. Williamsport National Bank 1 to 9. National Bank of North Phila- 1 to 9. WTrightsville—First National Bank—. 1 to 9. No u r e t i h p e m rn a . National Bank. 1 to 9. Yx norrK C t.— entral National Bank 1 to 9. Over brook National Bank 1 to 9. First National Bank 1 to 9. Penn National Bank... 1 to 9. Industrial National Bank of West 1 to 4. Philadelphia National Bank 1 to 9. York. Quaker City National Bank 1 to 9. Western National Bank 1 to 9. Second National Bank Ito9. Southwark National Bank 1 to 8. DISTRICT NO. 4 Southwestern National Bank 1 to 8. Tenth National Bank Ito9. Textile National Bank 1 to 9. KENTUCKY Third National Bank _ 1 to 9. Tradesmen's National Bank Ito9. (See also District No. 8) Union National Bank Ito9. Philipsburg— Ashland— First National Bank Ito9. Ashland National Bank 1 to 5,7 to 9. Moshannon National Bank Ito9. Second National Bank 1 to 5, 7 to 9. Phoenixville— Third National Bank 1 to 5, 7 to 9 Farmers and Mechanics Na- Ito9. Brooksville— First National Bank 1 to 4. tional Bank. Covington—First National Bank 1 to 5, 7 to 9. National Bank of Phoenixville Ito9. Cynthiana—The National Bank 1 to 5, 7 to y Pittston—First National Bank 1 to 9. Georgetown—Georgetown National 1 to 5, 7 to 9 Plymouth—First National Bank 1 to 9. Bank. Port Allegany—First National Bank. Ito9. Harlan—Harlan National Bank 1 to 5, 7 to 9 Pottstown— Lexington—Phoenix National Bank 1 to 9. National Bank of Pottstown Ito9. & Trust Co. National Iron Bank Ito9. Middlesboro—The National Bank... 1 to 5, 7 to 9. Pottsville—Miners National Bank__ Ito9. Mount Sterling- Reading— National Bank of Mount Sterling. Ito4. Farmers National Bank Ito9. Traders National Bank 1 to 5, 7 to 9. Penn National Bank Ito4. Newport- Reading National Bank 1 to 9. American National Bank 1 to 5, 7 to 9. Red Lion—Red Lion First National Ito9. Newport National Bank 1 to 5, 7 to 9. Bank. Paintsville—Paintsville National 1 to 5, rto 9. Schuylkill Haven—First National Ito9. Bank. Bank. Paris—First National Bank 1 to 5, 7 to 9. Scranton— Pineville—Bell National Bank 1 to 5, 7 to 9. First National Bank Ito9 Richmond—Madison National Bank 1 to 5, 7 to 9. Third National Bank Ito9. & Trust Co. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

244 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD Powers Powers granted granted DISTRICT NO. 4—Continued DISTRICT NO. 4—Continued KENTUCKY—continued OHIO—continued Somerset— Piqua— Farmers National Bank 1 to 5, 7 to 9. Citizens National Bank & Trust 1 to 9. First National Bank 1 to 9. Co. Williamsburg—First National Bank.. 1 to 4. Piqua National Bank & Trust 1 to 7 and 9. Winchester—Clark County National 1 to 5, 7 to 9. Co. Bank. Ravenna—Second National Bank 1, 4, and 9. OHIO St. Clairsville—First National Bank_. 1 to 7 and 9. Sandusky—Third National Exchange 1 to 9. Akron—National City Bank 1, 4, and 9. Bank. Alliance—Alliance First National 1 to 9. Springfield—Mad River National 1 to 7 and 9. Ashtabula—National Bank of Ashta- 1 to 7 and 9. Bank. bula. Steubenville— Athens— National Exchange Bank & Trust 1 to 7 and 9. Athens Nationsl Bank 1 to 7 and 9. Co. Bank of Athens, N. B. A 1 to 7 and 9. Peoples National Bank 1 to 7 and 9. Bellaire—First National Bank 1, 4, and 9. Tiffin- Bradford—First National Bank 1 to 7 and 9. Commercial National Bank _ __1 to 7 and 9. Cadiz—Fourth National Bank 1 to 7 and 9. Tifbn National Bank. 1 to 7 and 9. Canton—First National Bank 1 to 7 and 9. Toledo—First National Bank. .__ 1 to 7 and 9. Cincinnati- Troy—First Troy National Bank & 1 to 7 and 9. Atlas National Bank 1, 4, and 9. Trust Co. Citizens National Bank & Trust 1 to 7 and 9. Urbana—Champaign National Bank. 1 to 7 and 9. Co. Warren- Fifth-Third National Bank 1, 4, and 9. Second National Bank 1 to 7 and 9. First National Bank 1 to 7 and 9. Western Reserve National Bank. 1 to 7 and 9. Lincoln National Bank 1 to 9. Wilmington—Clinton County Na- 1 to 7 and 9. Second National Bank 1 to 7 and 9. tional Bank & Trust Co. Cleveland- Youngstown— Brotherhood of Locomotive En- 1 to 9. Commerical National Bank 1 to 7 and 9. gineers Cooperative National First National Bank 4. Bank of Cleveland. Mahoniug National Bank 4 and 9. Central National Bank, Savings 1 to 7 and 9. Zanesville— & Trust Co. First National Bank 1, 4, and 9. National City Bank 1 to 7 and 9. Old Citizens National Bank 1 to 7 and 9. Columbus- City National Bank 1 to 7 and 9. PENNSYLVANIA Commercial National Bank 1 to 7 and 9. First National Bank 1 to 7 and 9. (See also District No. 3) Huntington National Bank 1 to 7. Ohio National Bank 1 to 7 and 9. Blairsville—First National Bank 1 to 9. Coshocton—Commercial National 1, 4, and 9. Brookville—Jefferson County Na- 1 to 9. Bank. tional Bank. Dayton- Brownsville—Second National Bank. 1 to 9. Th C i o rd . National Bank & Trust 1 to 7 and 9. But F le a r r - mers National Bank _ 1 to 9. Merchants National Bank & 1, 4, and 9. Merchants National Bank 1 to 9. Trust Co. Canonsburg—First National Bank... 1 to 9. Winters National Bank & Trust j1, 4, and 9. Ellwood City—First National Bank.. 1 to 9. Co. | Erie- East Liverpool—First National Bank.I 1 to 7 and 9. First National Bank Ito9. Findlay—American-First National 1 to 7 and 9. Second National Bank 1 to 9. Bank. Ford City—First National Bank & 1 to 9. Fostoria—Union National Bank 1 to 7 and 9. Trust Co. Greenville—Second National Bank-_!1 to 7 and 9. Franklin—Lamberton National Bank Ito9. Hamilton— j Greensburg—First National Bank 1 to 9. First National Bank & Trust |1,4. and 9. Greenville- Sec C o O n . d National Bank ! \ 1 to 9. G Fi r r e s e t n N vi a ll t e io N na a l t i B on a a n l k Bank 1 It o to 9 . 9. Hillsboro—Merchants National Bank j1 to 7 and 9. Grove City— i Lancaster—Fairfield National Bank..| 1 to 7 and 9. First National Bank Ito9. Lebanon—Lebanon Citizens National i1 to 7 and 9. Grove City National Bank ' 1 to 9. Bank & Trust Co. ' Knox—Clarion County National Ito9. Lima—Old National City Bank j1 to 9. Bank. Lorain—National Bank of Commerce-'1 to 7 and 9. McKeesport—First National Bank.. Ito9. Mansfield—Citizens National Bank..|4. Meadville—New First National Bank. 1 to 5, 7 co 9. Marietta— ! Myersdale—Citizens National Bank.i 1 to 9. Central National Bank j1,4, and 9. Monessen—Peoples National Bank...!1 to 8 Citizens National Bank I 1 to 7 and 9. \Tew Brighton—Union National Bank, jIto9. First National Bank I 1, 4, and 9. New Castle— Marion—National City Bank & 1 to 7 and 9. Citizens National Bank 1 to 9. Trust Co. | First National Bank Ito9. Mount Vernon—The Knox National 1 to 7 and 9. New Kensington—First National Ito8. Bank. I Bank. Newark—Franklin National Bank_._j1 to 7 and 9. Oakmont—First National Bank 1. New Philadelphia—Citizens National I1 to 7 and 9. Oil City—Oil City National Bank 1 to 9. Bank. j Pittsburgh- Painesville—Painesville National ; 1 to 7 and 9. Bank of Pittsburgh, N. A 1 to 9. Bank. ! Columbia National Bank Ito9. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FIDUCIARY POWEES 245 Powers Powers granted granted DISTRICT NO. 4—Continued DISTRICT NO. 5—Continued PENNSYLVANIA—continued MARYLAND—continued Frederick- Pitts D bu ia r m gh o — nd C N o a n t t i i o n n u a e l d B . ank Ito9. Fa B rm an e k rs . & Mechanics National Ito4. D Fa u r q m u e e r s s n ' e D N ep a o ti s o i n t a N l a B ti a o n n k al Bank. 4 It a o n 9 d . 9. Hage F r r s e to d w er n ic — k County National Bank Ito9. First National Bank Ito9. First National Bank 1 to 9. Highland National Bank Ito9. Second National Bank 1 to 9. N M M a o e t l n i l o o o n n n a g N l a h a B e ti l a o a n n N k a l a t B o io f a n n a A k l m B e a r n ic k a at 4 I I . t t o o 9 9 . . H N Po e y e w a o t m ts W v o i k i l n l e e d — s C or F i — ty ir — s F t i r C s N i t t a i N z ti e a o n t n i s o a l n N a B l a t a B io n a n k n a . k l . . . 1 1 1 t t t o o o 9 4 4 . . . Pittsburgh. Bank. Second National Bank of Alle- Ito9. Rising Sun—National Bank of Rising Ito4. Punx T U s h n g u i i h t r o a d e n w n N y n N . e a a y t t i — i o o n n P a a l u l n B B x a a s n n u k t k awney Na- I I I t t t o o o 9 9 9 . . . R Sa o t S l i c i o u s k n b n v a u . i l r l l y B e — — an S M k a . l o is n b tg u o ry m e N r a y t i C o o n u al n t B y a N n a k - . I 1 t t o o 3 9 . . tional Bank. Shar F on ir — st National Bank Ito9. NORTH CAROLINA McDowell National Bank 1 to 4. Asheville— Titusville—Second National Bank... Ito9. American National Bank _ Ito9. Uniontown— National Bank of Commerce Ito9. National Bank of Fayette Ito9. Charlotte- U Se n C c i o o o n n u d t n o t N w y a . n t io N na a l t i B on a a n l k Bank & 1 It t o o 9 9 . . M C Co h e m a rc r m l h o a e tt n r e c t i s a N l & a N t i F o a n t a i r a o m l n a B e l r a s B n k N an a k tional I I 1 t t t o o o 9 9 9 . . . Trust Co. Bank. Vandergrift—Citizens National Bank. Ito9. Union National Bank 1 to 9. Warren- Concord—Concord National Bank.. Ito9. Citizens National Bank Ito9. Durham—First National Bank 1 to 9. Warren National Bank Ito9. Elizabeth City—First & Citizens 1 to 9. Was C h i i ti n z g e t n o s n N - ational Bank 1, 7 2 , , a 3 n , d 5 9 , . e Ga N s a to ti n o i n a— al F B ir a s n t k N . ational Bank 1 to 9. First National Bank Ito9. Goldsboro—Wayne National Bank.. 1 to 9. Waynesburg — Citizens National Ito9. Graham—National Bank of Ala- 1 to 9. Bank. mance. Zelienople—Peoples National Bank.. Ito4. High Point—Commercial National 1 to 4. Bank. Mooresville—First National Bank... 1 to 9. WEST VIRGINIA New Bern—National Bank of New Ito4. Bern. (See also District No. 5) Oxford—First National Bank Ito4. Raleigh- Elm Grove—First National Bank 1 to 9. Citizens National Bank 1 to 9. New Cumberland—First National 1. Commercial National Bank 1 to 9. Bank. Rocky Mount—Planters National 1 to 9. Sistersyille—Union National Bank... 1 to 9. Bank. Wheeling— Salisbury—First National Bank 1 to 9. N Na a t t i i o o n n a a l l B Ex a c n h k a o ng f e W B e a st n k Virginia.. I I t t o o 9 9 . . Sn H ow ill . Hill—National Bank of Snow 7. Wadesboro—First National Bank 1 to 9 DISTRICT NO. 5 Wilmington—Murchison National 1 to 9. Bank. DISTRICT OF COLUMBIA Winston-Salem—Farmers National 1 to 9. Bank & Trust Co. Washington- Commercial National Bank 1 to 8. SOUTH CAROLINA District National Bank 1 to 8. Farmers & Mechanics National Ito8. Charleston- Bank. Atlantic National Bank__ Ito9. Federal-American National Bank 1 to 8. Bank of Charleston, N. B. A Ito9. Lincoln National Bank _ 1 to 8. Peoples National Bank Ito4. National Bank of Washington Ito8. Columbia- National Metropolitan Bank 1 to8. Columbia National Bank Ito9. Riggs National Bank 1 to 8. I National Loan & Exchange Bank.Ito9. Second National Bank Ito8. j Elloree—First National Bank Ito9. Gaffney—Merchants & Planters Na- 1 to 9. MARYLAND tional Bank. Greenville- Baltimore- First National Bank Ito9. Citizens National Bank Ito9. Norwood National Bank 1 to 9. Drovers & Mechanics National 1 to 9. Peoples National Bank__ .___ 1 to 4. Bank. Woodside National Bank. Ito9. Farmers & Merchants National 1 to 9. Holly Hill—First National Bank 1 to 3, 5 to 9. Bank. Lake City—Farmers & Merchants 1 to 4. Merchants National Bank 1 to 9. National Bank. National Bank of Baltimore _ 1 to 9. Orangeburg— Western National Bank _. 1 to 9. Edisto National Bank Ito9. Cumberland—Second National Bank. 1 to 9. Orangeburg National Bank 1 to 3 and 5. Easton—Easton National Bank 1 to 9. Rock Hill—National Union Bank Ito9. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

246 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD Powers Powers granted granted DISTRICT NO. 5—Continued DISTRICT NO. 5—Continued SOUTH CAROLINA—continued VIRGINIA— continued Spartanburg— Strasburg — Massanutten National Ito9. Central National Bank.. Ito4. Bank. First National Bank Ito9. Warrenton—Farquier National Bank Ito9. Waynesboro—First National Bank... Ito9. VIRGINIA Winchester- Farmers & Merchants National Ito9. Abingdon—First National Bank Ito9. Bank. Alexandria- Shenandoah Valley National 1 to 4. Alexandria National Bank Ito9. Bank. Citizens National Bank Ito4. First National Bank Ito4. WEST VIRGINIA Appalachia—First National Bank 1. Blackstone—First National Bank Ito9. (See also District No. 4) C B h ri a s r to lo l— ttes D v o il m le i — nion National Bank... Ito9. Beckley—Beckley National Bank Ito9. National Bank of Charlottesville. Ito4. Bluefield— Peoples National Bank.. 1 to 9. First National Bank Ito9. Chase City—First National Bank Ito9. Flat Top National Bank Ito9. C C h li a ft t o h n a m F — or F g i e rs - t National Bank 1 to 3. Char C le h s a to rl n e — ston National Bank Ito9. Clifton Forge National Bank Ito4. Citizens National Bank 1 to 9. First National Bank 1 to 6 and 9. Kanawha National Bank Ito9. Covington— Clarksburg- Citizens National Bank . Ito9. Empire National Bank Ito4. Covington National Bank Ito4. Merchants National Bank 1 to 9. Danville— Union National Bank Ito4. American National Bank.. Ito9. Fairmont—National Bank of Fair- Ito9. First National Bank Ito9. mont. Emporia—Citizens National Bank... Ito9. Fair view—First National Bank Ito4. Farmville—Peoples National Bank.. Ito9. Graf ton—First National Bank _ Ito9. Fredericksburg—Planters National 1 to 9. Huntington—First National Bank... 1 to 9. Bank Madison—Madison National Bank... Ito4. Hampton—Merchants National Bank Ito9. Martinsburg—Old National Bank 1 to 9. Harrisonburg— Parkersburg— First National Bank 1 to 9. First National Bank 1 to 9. National Bank of Harrisonburg.. Ito9. Parkersburg National Bank 1 to 9. Leesburg— Second National Bank 1 to 9. Loudon National Bank 1 to 9. St. Marys—First National Bank 1 to 9. Peoples National Bank Ito9. Welch—First National Bank... 1 to 9. Lexington— Williamson—National Bank of Com- 1 to 9. First National Bank 1 to 9. merce. Rockbridge National Bank 1 to 9. DISTRICT NO. 6 Lovingston—First National Bank of 1 to 9. Nelson County. ALABAMA Lynch burg—Lynchburg National 1 and 4. Anniston— Bank. Anniston National Bank... 1 to 7 and 9. Martinsville—Peoples National Bank. Ito4. Commercial National Bank 1 to 5, 7, Newport News—First National Bank. Ito9. and 9. Norfolk- First National Bank 1 to 8. National Bank of Commerce Ito4. Athens—First National Bank 1. Seaboard National Bank 1 to 9. Bessemer—First National Bank in 1 to 8. Norton—First National Bank 1 to 9. Bessemer. Petersburg—Virginia National Bank. Ito3. Birmingham—First National Bank... Ito9. Portsmouth- Cullman—Leeth National Bank Ito4. American National Bank.. 1. Florence—First National Bank _. Ito8. First National Bank Ito9. Gadsden— Pulaski- First National Bank Ito3. Peoples National Bank. Ito9. Gadsden National Bank Ito8. Pulaski National Bank Ito9. Greenville—First National Bank 1 to 3 and 5. Richmond- Mobile—First National Bank Ito8. American National Bank Ito4. Montgomery—First National Bank.. Ito9. Central National Bank Ito9. Oneonto—First National Bank Ito3,5to9. First National Bank Ito9. Oxford—First National Bank Ito8. Merchants National Bank Ito9. Piedmont—First National Bank Ito3. Planters National Bank Ito9. Selma—City National Bank Ito8. Roanoke— Talladega—Talladega National Bank. Ito9. American National Bank. 1 to 4. Troy—First National Bank 1. Colonial National Bank Ito9. Tuscaloosa— First National Exchange Bank... Ito9. City National Bank Ito8. Rocky Mount—Peoples National Ito4. First National Bank Ito8. Bank. Wetumpka—First National Bank Ito9. Salem—Farmers National Bank Ito9. South Boston- FLORIDA Boston National Bank Ito9. Planters & Merchants National Ito9. Bartow—Polk County National BankIto9. Bank. Bradentown—First National Bank... Ito4. Staunton— Brooksville—First National Bank Ito8. Augusta National Bank Ito9. De Funiak Springs—First National Ito8. National Valley Bank Ito9. Bank. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FIDUCIARY POWEKS 247 Powers Powers granted granted DISTRICT NO. 6—Continued DISTRICT NO. 6—Continued FLORIDA—continued MISSISSIPPI—continued Jacksonville- Laurel- Atlantic National Bank _ Ito9. Commercial National Bank & Ito9. Barnett National Bank. Ito9. Trust Co. Florida National Bank Ito9. First National Bonk ._ _ 1 to 9. Lake City—First National Bank Ito9. Meridian—First National Bank 1 to 8. Miami—First National Bank 1 to 9. Vicksburg— Miami Beach—Miami Beach First I to 9. National City Savings Bank & 1 to 9. National Bank Trust Co. Orlando—First National Bank Ito9. National Peoples Savings Bank 1 to 9. Panama City—First National Bank. 4. Trust Co. Pensacola—Citizens & Peoples Na- Ito9. tional Bank. TENNESSEE St. Augustine- First National Bank Ito9. (See also District No. 8) St. Augustine National Bank Ito9. St. Petersburg- Chattanooga—First National Bank__ Ito9. Alexander National Bank Ito9. Clarksville—First National Bank 1. Central National Bank & Trust Ito9. Copperhill—First National Bank of 1 to 3,5 to 8. Polk County. L/O. Ito4. Dickinson—Citizens National Bank.. Ito8. First National Bank Seabreeze—First National Bank Ito9. Fayetteville— Tampa— Elk National Bank... 1 to 3 and 5 Exchange National Bank __ Ito9. First National Bank 1 to 3, 5 to 9 First National Bank Ito8. Gallatin—First and Peoples National Ito9. Winter Haven—Snell National Bank. 1 to 3, 5 to 7. Bank. Greenville—First National Bank Ito9. GEORGIA Harriman—Harriman National Bank 1 to 9. Johnson City—Tennessee National Ito9. Athens—National Bank of Athens... Ito4. Bank. Atlanta— Kingsport—First National Bank 1 to 7 and 9 Atlanta and Lowry National Ito8. Knoxville— Bank. City National Bank... 1. Fourth National Bank Ito9. Holston National Bank... Ito9. Fulton National Bank _ Ito9. Union National Bank 1 to 7 and 9 Barnesville—First National Bank Ito8. McMinnville—Peoples National 1 to 3, 5 to 8 Brunswick—National Bank of Bruns- Ito9. Bank. wick. Nashville- Carrollton—First National Bank Ito9. American National Bank Ito9. Dalton—First National Bank 1 to 5. Broadway National Bank 1 to 7 and 9 Dawson—Dawson National Bank 1 to 3, 5 to 9. Fourth & First National Bank... Ito8. Elberton—First National Bank Ito9. Tennessee-Hermitage National Ito4. E nzg E e x r c a h iQ an — ge National Bank Ito4. "xR>oannlrK. First National Bank 1 to 4, 6, 7, DISTRICT NO. 7 annnral Qy. La B a G nk ra . nge—La Grange National Ito8. ILLINOIS Louisville—First National Bank Ito9. (See also District No. 8) Macon—Fourth National Bank Ito4. Quitman—First National Bank Ito8. Amboy—First National Bank Ito9. Winder—Winder National Bank 1 to 9 Aurora- American National Bank__ _ Ito9. LOUISIANA Aurora National Bank 1 to 9. First National Bank Ito9. (See also District No. 11) Merchants National Bank.. Ito9. Old Second National Bank Ito9. Hammond—Citizens National Bank. 1 to 9. Bat a via— La Fayette—First National Bank Ito9. B atavia National B ank Ito9. Lake Charles— First National Bank Ito8. Calcasieu National Bank of Ito9. Belvidere— Southwest Louisiana. First National Bank Ito8. First National Bank Ito9. Second National Bank 1 to 4. New Orleans—Whitney-Central Na- Ito9. Bushnell—First National Bank 1 to 9. tional Bank. Cambridge—Farmers National Bank. 1 to 9. MISSISSIPPI oani C on an — ton National Bank Ito9. First National Bank _. 1 to 8. (See also District No. 8) Casey—First National Bank 1 to 4. Charleston—National Trust Bank 1 to 9. Biloxi—First National Bank Ito4. Chicago- Canton—First National Bank Ito4. Austin National B ank. _ 1 to 9. Gulfport—First National Bank_ Ito8. Calumet National B ank 1 to 9. Hattiesburg—Commercial National Ito9. First National Bank of Englewood Ito4. Bank. Guardian National Bank 1 to 9. Jackson- Irving Park National Bank 1 to 9. Capital National Bank Ito9. Lawndale National Bank.. _. Ito9. First National Bank Ito9. National Bank of the Republic- 1 to 9. Jackson State National Bank 1 to 7 and 9 Washington Park National Bank Ito9. 88169—26 17 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

248 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD Powers Powers granted granted DISTRICT NO. 7—Continued DISTRICT NO. 7—Continued ILLINOIS—continued IN DIANA—continued Chillicothe—First Natioual Bank Ito9, Columbus—First National Bank 1 to 9. Danville- Connersville—First National Bank Ito9. First National Bank Ito9. Crawfordsville— Palmer National Bank 1 to 9. Citizens National Bank _ Ito4. Second National Bank Ito8. First National Bank 1 to 9. Decatur— Dana—First National Bank 1 to 3. Citizens National Bank Ito9. Delphi—Citizens National Bank Ito9. Milliken National Bank__ Ito4. Dublin—First National Bank Ito3. National Bank of Decatur 1 to 4. Dyer—First National Bank Ito4. Dixon—Dixon National Bank Ito9. Edinburg—Farmers National Bank.. 1 to 4. Elmhurst—First National Bank Ito9. Elkhart—First National Bank 1 to 9. El Paso— Elwood—First National Bank 1 to 8. First National Bank Ito9. Fort Wayne- Woodford County National Bank Ito9. First National Bank __ Ito8. Evanston—City National Bank Ito9. Lincoln National Bank 1 to 8. Freeport— Old National Bank Ito9. First National Bank 1 to 9. Frankfort—American National Bank. 1 to 8. Second National Bank _ 1 to 9. Franklin— Galesburg— Citizens National Bank 1 to 8. First National Bank _ Ito9. Franklin National Bank Ito4. Galesburg National Bank.. 1 to 9. Gary—National Bank of America Ito9. Henry—First National Bank Ito7. Goshen—City National Bank __ 1 to 9. Joliet— Greencastle—First National Bank 1 to 9. First National Bank 1 to 4. Hammond —First National Bank 1 to 4. Joliet National Bank 1 to 9. Indiana Harbor- Will County National Bank Ito9. Indiana Harbor National Bank Ito9. Kankakee—City National Bank 1 to 4. of East Chicago. Kewanee—First National Bank Ito9. United States National Bank, 1 to 9. La Salle—La Salle National Bank 1 to 4. East Chicago. Lincoln—Lincoln National Bank 1 to 9. Indianapolis- Macomb—Union National Bank 1 to 9. Fletcher American National Bank 1 to 7 and 9. Marenejo— First National Bank Ito9. Indiana National Bank of In- Ito9. Marseilles—First National Bank 1 to 4. dianapolis. Mattoon—National Bank of Mattoon. 1 to 3. Kokomo— Monticello—First National Bank Ito9. Citizens National Bank Ito4. Moweaqua—First National Bank 1 to 3. Howard National Bank 1 to 9. Ottawa—National City Bank 1 to 9. La Fayette— Peoria— First-Merchants National Bank. 1 to 8. Central National Bank 1 to 9. National Fowler Bank 1 to 8. Commercial National Bank Ito8. La Porte—First National Bank 1 to 4. Merchants & Illinois. National Liberty—Union County National Ito3. • Princeton—Citizens National Bank.. 1 to 3, 5 to 8. Lin ton—First National Bank Ito7. Riverside—First National Bank 1 to 9. Logansport— Rockford— City National Bank 1 to 8. Forest City National Bank Ito9. First National Bank _ Ito8. Manufacturers National Bank... Ito9. Lowell- Rockford National Bank 1 to 4. First National Bank in Lowell-._ 1 to 7. Security National Bank Ito9. Lowell National Bank Ito8. Swedish-American National Bank Ito9. Marion- Third National Bank 1 to 8. First National Bank Ito9. Savanna—First National Bank Ito8. Marion National Bank Ito9. Springfield—Illinois National Bank.. Ito9. Martinsville—First National Bank... Ito7. Sycamore— Michigan City—Merchants National 1 to 9. Citizens National Bank . Ito9. Bank. Sycamore National Bank.. Ito9. Mishawaka—First National Bank... 1 to 4. Waukegan— Monrovia—First National Bank Ito4. First National Bank Ito9. Monterey—First National Bank 1 to 3, 5 to 9. Waukegan National Bank _ 1 to 9. Montezuma—First National Bank... Ito8. Montpelier—First National Bank 1 to 9. INDIANA Mulberry—Citizens National Bank.. Ito9. Muncie—Delaware County National Ito9. (See also District No. 8) Bank. New Carlisle—First National Bank.. Ito3. Attica—Central National Bank Ito9. Noblesville—First National Bank 1 to 8. Auburn—City National Bank 1 to 9. Peru—First National Bank Ito9. Batesville—First National Bank Ito4. Remington—Farmers National Bank. 1 to 3, 5 to 8 Bloomington—First National Bank... 1 to 7 and 9. Richmond- Brazil- First National Bank Ito9. Citizens National Bank Ito7. Second National Bank Ito4. First National Bank Ito4. Union National Bank 1 to 9. Riddell National Bank.. Ito9. Rising Sun—The National Bank of... Ito9. Brookville— Rochester—First National Bank 1 to 5,7, and Franklin County National Bank. Ito4. 9. National Brookville Bank _ 1 to 4. Rockville—Rockville National Bank. Ito4. Cambridge City—First National Bank Ito8. Rushville— Clay City—First National Bank 1 to 9. American National Bank Ito9. Cloverdale—First National Bank 1 to 9. Rush County National Bank 1 to 4. Columbia City—First National Bank. 1 to 9. Rushville National Bank Ito4. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FIDUCIARY POWEKS 249 Powers Powers granted granted DISTRICT NO. 7—Continued DISTRICT NO. 7—Continued INDIANA—continued IOWA—continued Russiaville—First National Bank 1 to 3. Jewell Junction—First National Bank 1 to 9. Shelbyville— Kanawha— First National Bank Ito3. Farmers National Bank Ito9. Keokuk—Keokuk National Bank 1 to 9. First National Bank 1 to 9. LeMars—First National Bank .. 1 to 3, 5 to 9. Sheridan- Linn Grove—First National Bank... Ito9. Farmers National Bank Ito8. Manchester—First National Bank Ito4. First National Bank Ito4. Marengo—First National Bank Ito4. South Bend- Marshalltown—First National Bank. 1 to 3. First National Bank _. 1 to 4. Mason City—First National Bank... Ito9. Merchants National Bank Ito9. Milford—First National Bank Ito3. Swayzee—First National Bank Ito9. Montezuma—First National Bank... Ito4. Terre Haute— Muscatme—First National Bank 1 to 9. First National Bank Ito9. Newell—First National Bank 1 to 9. McKeen National Bank _.. 1 to 9. New Sharon—First National Bank... 1 to 7. Terre Haute National Bank Ito9. Newton—Clark National Bank 1 to 9. Thorntown—Home National Bank... 1 to 8. Odebolt—First National Bank _. 1 to 4. Tipton—Citizens National Bank Ito4. Oelwein—First National Bank.. 1 to 7. Wabash—Farmers & Merchants Ito4. Oskaloosa— Oskaloosa National Bank 1 to 3. National Bank. Paullina—First National Bank 1 to 7 and 9 Westport—First National Bank Ito9. Peterson—First National Bank 1 to 4. Whiteland—Whit eland National 1 to 4. Red Oak—First National Bank 1 to 4. Bank. Remsen—First National Bank. 1 to 8. Whiting—First National Bank Ito7. Rippey— First National Bank 1,2,3,5 to 8. Wilkinson—Farmers National Bank. 1 to 3. Rockwell City—Rockwell City Na- 1 to 9. Winamac—First National Bank Ito8. tional Bank. Royal—Citizens National Bank 1 to 3. IOWA Ruthven—First National Bank 1 to 8. Sheffield—First National Bank 1 to 9. Arlington—American National Bank. 1 to 3. Sibley—First National Bank 1 to 3. Aurelia—First National Bank Ito9. Sidney—National Bank of Sidney 1 to 9. Bancroft—First National Bank 2,3,5 to 7. Sioux City- Boone—First National Bank Ito4. First National Bank. 1 to 9. Buffalo Center—First National Bank. Ito9. Security National Bank 1 to 9. Burlington—Merchants National 1 to 9. Sioux National Bank Ito9. Bank Cedar Falls—Cedar Falls National 1 to 7 and 9. Sioux Rapids—First National Bank.. 1 1 t t o o 3 9 . . Bank. Spencer—First National Bank 1 to 9. Cedar Rapids- Stanton—First National Bank 1 to 4. Cedar Rapids National Bank 1 to 9. Storm Lake—Citizens National Bank. 1 to 9. Merchants National Bank 1 to 4. 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 to8. Charter Oak—First National Bank.. 1,2,3, and 5. Washington—Washington National Ito8. Cherokee— First National Bank 1 to 9. Bank. Clarence—First National Bank Ito4. Waterloo- Clinton- Commercial National Bank 1 to 4. City National Bank Ito4. First National Bank.. 1 to 7 Merchants National Bank 1 to 5. Leavitt & Johnson National Bank 1 to 4. Colfax—First National Bank 1 to 3, 5 to 9.Waverly—First National Bank.. 1 to 4 Coon Rapids—First National Bank.. Ito3. Webster City— Council Bluffs- Farmers National Bank 1 to 4. City National Bank 1 to 8. . First National Bank . 1 to 9. First National Bank __ 1 to 9. Davenport—First National Bank Ito9. MICHIGAN Decorah—National Bank of Decorah. Ito9. Des Moines—Des Moines National 1 to 8. (See also District No. 9) Bank Dubuque— Ann Arbor—First National Bank 1 to 9* Consolidated National Bank 1 to 9. Battle Creek- First National Bank Ito9. Central National Bank 1 to 4. Eldon—First National Bank.. 1 to 9. 1 City National Bank 1 to 8 Eldora— First National Bank 1 to 9. Old National Bank 1 to 9 Elkader—First National Bank Ito9. Bay City—First National Bank-. . 1 to 4* Everly—First National Bank Ito7. Benton Harbor— Fairfield—First National Bank Ito8. American National Bank 1 to 9 Fonda—First National Bank Ito4. Farmers and Merchants Na- 1 to 9 Fontanelle—First National Bank 1 to 9. tional Bank. Fort Dodge—Fort Dodge National Ito8. Birmingham—First National Bank.. 1 to 4. Bank. Boyne City—First National Bank... 1 to 3. Gladbrook—First National Bank Ito3. Detroit—National Bank of Com- 1 to 8. Graettinger—First National Bank... 1 to 9. merce. Greenfield—First National Bank 1 to 5, 7 to 9. Flint—First National Bank 1 to 4. Grinnell—Citizens National Bank Ito9. Grand Rapids— Griswold—Griswold National Bank.. 1 to 7 and 9. Grand Rapids National Bank 1 to 9. Hampton—Citizens National Bank.. Ito9. Old National Bank 1 and 4 Harlan—Harlan National Bank. Ito8. Hillsdale—First National Bank 1 to 4. Hawarden—First National Bank 1,2,3,5 to 8. Ionia—National Bank of Ionia 1 to 9 Humboldt—First National Bank 1 to 4. Jackson- Independence—First National Bank. Ito4. National Union Bank 1 to 9. Indianola—First National Bank Ito3. Peoples National Bank Ito9. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

250 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD Powers Powers granted granted DISTRICT NO. 7—Continued DISTRICT NO. 8—Continued MICHI GAN—continued ARKANSAS—continued Kalamazoo— Fort Smith- First National Bank 1 to 9. City National Bank 1 to 9. Kalamazoo National Bank 1 to 9. First National Bank Ito9. Lansing- Merchants National Bank 1 to 9. Capital National Bank 1 to 4. Hot Springs- City National Bank 1 to 9. Arkansas National Bank 1 to 9. Monroe—First National Bank ... 1 to 9. Citizens National Bank 1 to 3, 5 to 9. Muskegon— Jonesboro—First National Bank 1 to 9. Hackley National Bank _ 1 to 7 and 9. Lake Village—First National Bank__ 1 to 9. Union National Bank 1 to 9. Little Rock- Petoskey—First National Bank 1 to. 4. England National Bank 1 to 9. Pontiac—First National Bank . 1 to 9. Exchange National Bank Ito9. Port Huron—First National Bank in 1 to 4. Marianna—Lee County National 1 to 4. Port Huron. Bank. Quincy—First National Bank 2,3,5 and 8. Mena—First National Bank. 1. Rochester—First National Bank 1 to 4. Newport—First National Bank 1 to 8. Saginaw—Second National Bank Ito8. North Little Rock—First National Traverse City—First National Bank. 1 to 3. Bank. 1 to 9. Paragould—First National Bank 1 to 9. WISCONSIN Paris—First National Bank 1 to 9. Pine Bluff- (See also District No. 9) National Bank of Arkansas 1 to 9. Simmons National Bank _ Ito9. Antigo— Texarkana—State National Bank 1 to 9. First National Bank 1 to 8. Van Buren—First National Bank Ito9. Langlade National Bank 1 to 3, 5 to 8 Appleton—Citizens National Bank .. 1 to 9. ILLINOIS Beaver Dam—Old National Bank 1 to 4. Clintonville—First National Bank... Ito4. (See also District No. 7) Darlington—First National Bank 1 to 8. Edgerton—First National Bank 1 to 8. Alton—Citizens National Bank 1 to 9. Fond du Lac- Anna—First National Bank Ito9. Commercial National Bank Ito8. Belleville- First-Fond du Lac National Bank Ito8. First National Bank Ito8. Hartford—First National Bank 1 to 7 and 9. St. Clair National Bank _ Ito9. Janesville—First National Bank Ito4. Benld—First National Bank of Benld. 1 to 3,5 to 8. Manitowoc— First National Bank in Breese—First National Bank 1 to 9. Manitowoc. Ito9. Cairo—Cairo National Bank 1 to 9. Marinette—First National Bank 1 to 9. Milwaukee- Carlinville—Carlinville National Ito9. Marine National Bank Ito9. Bank. National Bank of Commerce 1 to 9. Carlyle—First National Bank __ 1 to 9. National Exchange Bank __ Ito9. Carmi—National Bank of Carmi 1 to 9. Monroe—First National Bank _. Ito9. E dwar ds ville—Edwardsville Na- 1,2,3, 5,6,7, Neenah — National Manufacturers 1 to 3. tional Bank. and 9. Bank. Highland—First National Bank 1 to 9. Oshkosh—City National Bank Ito4. Jacksonville—Ayers National Bank.. Ito4. Racine— Lawrenceville—First National Bank- 1 to 9. First National Bank 1 to 9. Lebanon—First National Bank 1 to 9. Manufacturers National Bank... 1 to 9. Marion—First National Bank., 1 to 9. Ripon— Mascoutah—First National Bank 1 to 9. American National Bank Ito9. Metropolis—City National Bank Ito4. First National Bank Ito9. Mount Carmel—American National Ito9. Shawano—Wisconsin National Bank. 1 to 8. Bank. Sheboygan—Security National Bank. Ito9. Mount Sterling—First National Bank Ito4. Sparta—Farmers National Bank Ito9. Murphysboro—First National Bank. Ito8. Citizens National Bank. Ito9. Farmers & Merchants National Ito9. First National Bank 1 to 8. Bank. Viroqua—First National Bank Ito9. First National Bank. Ito9. Waukesha— Nokomis—Nokomis National Bank.. 1 to 3. National Exchange Bank Ito4. O'Fallon—First National Bank. 1 to 9. Waukesha National Bank _ Ito8. Pittsfield—First National Bank Ito9. Wausau— Quincy—Quincy-Ricker National 1 to 9. American National Bank... 1 to 9. Bank & Trust Co. First National Bank 1. Sparta—First National Bank 1 to 3,5 to 7. West Bend—First National Bank 1 to 9. Vandalia—First National Bank 1 to 8. Wisconsin Rapids—First National 1 to 9. Bank. INDIANA DISTRICT NO. 8 (See also District No. 7) ARKANSAS Bedford—Bedford National Bank 1 to 3,5 to 9. Bicknell—First National Bank Ito9. Batesville—First National Bank 1 to 7 and 9. Evans ville— Bentonville—First National Bank 1 to 9. National City Bank Ito9. Corning—First National Bank Ito9. Old National Bank _. Ito9. El Dorado—First National Bank 1 to 9. Jefferson ville—First National Bank.. Ito9. Fordyce—First National Bank.. 1 to 9. Linton—First National Bank.. _ 1 to 7. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FIDUCIARY POWERS 251 i Powers Powers granted granted DISTRICT NO. 8—Continued DISTRICT NO. 8—Continued INDIANA—continued MISSOURI Mitchell—First National Bank '1 to 4. (See also District No. 10) Mount Vernon— Mount Vernon National Bank & 1 to 9. Boonville—Boonville National Bank. Ito9. Trust Co. Carrollton—First National Bank 1 to 8. Old First National Bank _ 1 to 8. Chillicothe—First National Bank Ito9. New Albany—New Albany National Ito9. Columbia— Bank. Boone County National Bank.__ 1 to 4. Orleans—National Bank of Orleans... 1. Exchange National Bank 1 to 4. Poseyville—Bozeman Waters Na- 1, 3, 5, 6, 8, Hannibal—Hannibal National Bank. 1 to 9. tional Bank. and 9. Jefferson City—First National Bank. Ito9. Princeton— Kirksville—Citizens National Bank.. 1 to 8. Farmers National Bank 1, 2,3, 5, 6, 7, Pierce City—First National Bank.... Ito9. and 9. Ridgeway—First National Bank 1 to 9. Peoples American National Bank. 1 to 8. St. Louis— Rockport—First National Bank ,. Ito9. First National Bank 1 to 4. Seymour- Merchants-Laclede National 1 to 4. First National Bank Ito9. Bank. Seymour National Bank.. 1 to 9. National Bank of Commerce.. .. 1 to 9. Sullivan—National Bank of Sullivan. 1 to 7 and 9. Security National Bank, Savings 1 to 9. Tell City—Citizens National Bank... 1 to 4. & Trust Co. Vevay—First National Bank Ito9. State National Bank 1 to 9. Vincennes—First National Bank 1 to 9. Sedalia— Wadesville—Farmers National Bank. 1 to 9. Citizens National Bank.. 1 to 4. Third National Bank 1 to 3, 5 to,7. KENTUCKY Springfield—Union National Bank... 1 to 4. Unionville—Marshall National Bank. 1 to 3, 5 to 7 (See also District No. 4) Versailles—First National Bank Ito3. Bowling Green—American National 1 and 4. Bank. TENNESSEE Clay—Farmers National Bank 1 to 9. (See also District No. 6) Columbia—First National Bank 1 to 3, 5 to 8. Dan C v i i t l i l z e e - ns National Bank 1 to 9. Dy B e a r n sb k u . rg—First-Citizens National 1 to 9. Farmers National Bank Ito8. Memphis—Central State National 1 to 4. Elizabethtown—First-Hardin Na- 1 to 9. Bank. tional Bank. Frankfort—State National Bank 1 to 9. nTQT"RTrirr "MO Q Glasgow—Farmers National Bank... Ito4. Harrodsburg—First National Bank.. 1 to 9. Henderson—Henderson National Ito9. MICHIGAN Ho B p a k n in k s . ville—First National Bank. _ 1 to 9. (See also District No. 7) Lawrenceburg— Anderson National Bank 1 to 3, 5 to 9. Manistique—First National Bank 1 to 4. Lawrenceburg National Bank 1 to 8. Marquette— Lebanon— First National Bank & Trust Co. Ito9. Citizens National Bank 1 to 4. Union National Bank 1 to 9. Marion National Bank 1 to 4. Menominee—First National Bank... 1 to 9. Louisville- Negaunee—Negaunee National Bank. 1 to 3. Citizens Union National Bank... 1 to 9. First National Bank 1 to 9. MINNESOTA Louisville National Bank Ito9. National Bank of Kentucky 1 to 9. Albert Lea—First National Bank.... 1 to 8. Mayfield—First National Bank 1 to 8. Argyle—First National Bank ... _ _. 1, 2, 3, 5, 6 Morganfield—Morganfield National Ito4. 7, and 9. Bank. Austin- Murray—First National Bank 1 to 9. Austin National Bank 1 to 9. Owensboro—First National Bank 1 to 9. First National Bank 1 to 8. Paducah— Bemidji—First National Bank 1 to 9. City National Bank 1 to 9. Blooming Prairie—First National 1, 2, 3, and 5 First National Bank 1 to 3. Bank. Princeton— Chatfield—First National Bank 1 to 5. Farmers National Bank Ito9. Duluth— First National Bank 1 to 3, 5 to 7 American Exchange National Ito8. and 9. Bank. MISSISSIPPI City National Bank 1 to 9. First National Bank Ito8. (See also District No. 6) Minnesota National Bank 1 to 9. Northern National Bank 1 to 9. Columbus—First National Bank 1 to 9. Eveleth— First National Bank 1 to 3, 5 to 9 Greenville—First National Bank 1 to 4. Fairmont—Martin County National 1 to 9. Greenwood— The First National 1. Bank. Bank. J Faribault—Security National Bank.. 1 to 9. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

252 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD Powers Powers granted granted DISTRICT NO. 9—Continued DISTRICT NO. 9—Continued MINNESOTA—continued SOUTH DAKOTA—continued Fergus Falls- Sioux Falls— Fergus Falls National Bank Ito8. Minnehaha National Bank Ito8. First National Bank Ito9. Security National Bank.. 1 to 4. Hutchinson—Farmers National Bank Ito9. Spearfish—American National Bank. Ito3. Lanesboro—First National Bank Ito3. Vermilion—First National Bank 2 to 9. Little Falls- Watertown—First National Bank Ito9. American National Bank__ Ito9. First National Bank 1, 2, 3, 5, 6, 8, and 9. WISCONSIN Minneapolis— (See also District No. 7) Metropolitan National Bank Ito9. Midland National Bank & Ito8. Ashland— Trust Co. Ashland National Bank Ito9. Northwestern National Bank 4. Northern National Bank 1 to 7 and 9. Northfield—Northfield National Ito9. Barron—First National Bank Ito3. P O a w rk a N F t o i a R r n t s a n i t o p a n N i — d a a s l t — i F o a F n r a i m r l s e t B r N s a n a B k ti a o n n k a . l . . Bank.. I 1 I t t t o o o 9 9 3 . . , 5 to 9. M Ch e i n p L F o p u i m e r m s w o t b n a N e i e r F a — m t a i e o F l n l n i s s r a s - l t N B N a a t a i n o t k i n o a n l a B l a B n a k nk... I I I t t t o o o 9 9 9 . . . Red F G W i o rs o i t d n h N g u a - e t i C on o a u l n B ty a n N k ational Bank I lt t o o Q 9. . Supe U F r i i n o rs i r t t — e d N a S t t i a o t n e a s l N B a a t n io k nal Bank I I t t o o 7 9 . . Rochester—First National Bank Ito9. St. Cloud—Merchants National Bank Ito9. DISTRICT NO. 10 St. Paul—Twin Cities National Bank Ito9. St. Peter—First National Bank 1 to 8. COLORADO Sauk Center—First National Bank... Ito9. Stewartsville—First National Bank.. 1. Akron—First National Bank _. Ito4. Stillwater— First National Bank Ito9. Boulder— Truman—Truman National Bank 1 to 9. Boulder National Bank... Ito4. Virginia—American Exchange Na- 1 to 3, 5 to 8. Citizens National Bank __ Ito7. tional Bank. Brighton—First National Bank Ito4. Waseca—Farmers National Bank Ito9. Brush—First National Bank 1 to 3,5 to 8 Welcome—Welcome National Bank.. Ito8. Canon City—Fremont County Na- Ito4. Windom—First National Bank Ito9. tional Bank. Winona—Winona National Bank Ito9. Center—First National Bank __ Ito4. Colorado Springs- MONTANA Colorado Springs National Bank. Ito9. Billings— Exchange National Bank. Ito9. Midland National Bank Ito9. First National Bank Ito9. Montana National Bank Ito9. Craig—Craig National Bank Ito9. Bozeman—Commercial National Ito4. Denver— Bank. American National Bank.. Ito7. Dillon—First National Bank 1 to 7 and 9. Broadway National Bank Ito9. Great Falls- Colorado National Bank 1 to 9. First National Bank _ Ito9. Denver National Bank Ito9. Great Falls National Bank 1 to 4. First National Bank Ito9. Kalispell—First National Bank Ito4. Stock Yards National Bank 1 to 9. Missoula— United States National Bank Ito9. First National Bank 1 to 7 and 9. Durango—Burns National Bank Ito7. Western Montana National Bank 1 to 8. Eagle—First National Bank of Eagle Ito4. NORTH DAKOTA Englewood—First National Bank Ito4. Bismarck—First National Bank 1 and 9. First National Bank Ito4. Ellendale—First National Bank Ito4. Fort Collins National Bank 1 to 9. Fargo— Poudre Valley National Bank 1 to 7 and 9 First National Bank Ito9. Fort Morgan- Merchants National Bank Ito9. First National Bank Ito4. Security National Bank Ito9. Morgan County National Bank.. Ito9. Forman—First National Bank Ito3. Glenwood Springs—First National 1 to 3, 5 to 7 Grand Forks—First National Bank.. Ito9. Bank. Jamestown—James River National 1 to 3, 5 to 7, Grand Junction—Grand Valley Na- ltoQ. Bank. and 9. tional Bank. Minot— Greeley— Second National Bank Ito9. First National Bank Ito9. Union National Bank 1 to 7 and 9. Greeley National Bank 1 to 9.- Union National Bank Ito4. SOUTH DAKOTA Gunnison—First National Bank Ito9. Hugo—First National Bank 1 to 3. Aberdeen—Aberdeen National Bank Ito4. Idaho Springs—First National Bank. Ito4. Arlington—First National Bank Ito4. Lamar—Lamar National Bank Ito9. Canton—First National Bank Ito9. Las Animas—First National Bank.. Ito9. Colman—First National Bank Ito4. Longmont—American National 1 to 9. Deadwood—First National Bank.... 1 to 9. Bank. Flandreau—First National Bank Ito3. Loveland—Loveland National Bank 1 to 4,6,7. Lead—First National Bank 1 to 9. Mancos—First National Bank Ito9. Miller—First National Bank Ito9. Montrose—Montrose National Bank Ito9. Rapid City—First National Bank.. 1 to 7 and 9. Ordway—First National Bank 1. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

253 FIDUCIARY POWEBS Powers Powers granted granted DISTRICT NO. 10—Continued DISTRICT NO. 10—Continued co LOB ADO—continued NEBRASKA Trinidad— Belden—First National Bank 1 to 3, 5 to 9. First National Bank Ito3. Butte—First National Bank 1 to 3. Trinidad National Bank Ito9. Columbus—First National Bank Ito9. Walsenburg—First National Bank... Ito9. Decatur—First National Bank Ito3. Emerson—First National Bank Ito8. KANSAS Lincoln- Anthony- First National Bank Ito9. Citizens National Bank Ito8. Lincoln State National Bank Ito9. First National Bank Ito4. Lyons—First National Bank Ito3. Atchison—City National Bank 1 to 9. Madison—Madison National Bank.. 1 to 7 and 9. Coffeyville— Nebraska City—Nebraska City Na- Ito9. Condon National Bank 1 to 3, 5 to 9. tional Bank. First National Bank 1 to 3 and 5. Norfolk—Norfolk National Bank Ito3. Emporia— Omaha- Citizens National Bank Ito9. First National Bank Ito4. Commercial National Bank & Ito9. Merchants National Bank Ito4. Trust Co. Omaha National Bank Ito9. Fort Scott—Citizens National Bank_. 1 to 7 and 9. United States National Bank 4. Goodland—Farmers National Bank_. Ito4. Ord—First National Bank 1 to 4. Great Bend—First National Bank... Ito9. Pender—First National Bank 1, and 3 to 7. Horton—First National Bank Ito4. Randolph—First National Bank Ito9. Hutchinson— South Omaha—Stock Yards National 4. American National Bank. 1 to 9. Bank. First National Bank Ito4. Utica—First National Bank 2 and 3. Independence—Commercial Na- Ito9. tional Bank. NEW MEXICO Jewel City—First National Bank Ito3. Kansas City—Peoples National Ito9. (See also District No. 11) "Rcmlr Lawrence— Gallup—First National Bank in Gal- 2 and 3. Lawrence National Bank Ito8. lup. Merchants National Bank Ito8. Raton- Watkins National Bank 1 to 9. First National Bank 1 to 7 and 9. Luray—First National Bank Ito3. National Bank of New Mexico... 2 and 3. Ottawa—Peoples National Bank Ito4. Santa Fe—First National Bank Ito9. Paola—Miami County National 1 to 9. Bank. OKLAHOMA Pittsburg—National Bank of Com- Ito9. merce. Bartles ville— Pratt—First National Bank Ito9. First National Bank Ito8. Sabetha—National Bank of Sabetha. Ito4. Union National Bank 4. Salina— « Cleveland—First National Bank 1 to 9. Farmers National Bank 1 to 5 and 8. Enid—American National Bank 1 to 9. National Bank of America Ito9. Guthrie—First National Bank Ito8. ToDFokaram —er-s National Bank 1 to4. First National Bank.. 1 to 3, 5 to 9. National Bank of Topeka Ito9. National Bank of Commerce Ito9. Troy—First National Bank 1 to 3. Hooker—First National Bank 1 to 3 and 5 Wellington—First National Bank 1 to 9. Lawton—City National Bank 1 to 3, 5 to 7, Wichita First National Bank Ito9. McAlester— and 9. Fourth National Bank Ito9. American National Bank 1. Winfield— First National Bank 1 to 3, 5 to 7. First National Bank Ito9. Miami—Ottawa County National 1 to 9. Winfield National Bank.. .. 1 to 9. Bank. Muskogee—First National Ito9. MISSOURI Oklahoma City- (See also District No. 8) American National Bank 1 to 3, 5, 7 to Cameron—First National Bank 1 to 3. Farmers National Bank 1 to 4. Carthage—Central National Bank... Ito3. First National Bank 1 to 9. Joplin—Joplin National Bank 1 to 9. Liberty National Bank Ito9. Kansas City- Security National Bank Ito8. Columbia National Bank 1 to 4 and 9. Tradesmens National Bank 1 to 7 and 9 Fidelity National Bank & Trust 1 to 9. Pond Creek—First National Bank... Ito4. Co. Sallisaw—First National Bank 1 to 3, 5 to 7. First National Bank Ito9. Shawnee—Shawnee National Bank.. Ito9. Gate City National Bank Ito9. Tulsa— Interstate National Bank Ito9. Central National Bank Ito9. Liberty National Bank 1 to 7 and 9. Exchange National Bank 1 and 4. New England National Bank & Ito9. First National Bank 1, 2, and 4. Trust Co. Woodward—First National Bank 2 and 3. Stockyards National Bank Ito9. Traders National Bank 1 to 7 and 9. WYOMING Maryville—First National Bank Ito5. Neosho— First National Bank Ito9. Buffalo—First National Bank Ito4. St JoseDh Casper- American National Bank Ito4. Casper National Bank Ito4. Burns National Bank Ito4. Citizens National Bank 1 to 7 Tootle-Lacey National Bank 1 to 8. 1 Wyoming National Bank Ito4. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

254 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD Powers Powers granted granted DISTRICT NO. 10—Continued DISTRICT NO. 11—Continued WYOMING—continued TEXAS—continued Cheyenne— Fort Worth- American National Bank Ito9. Continental National Bank 1 to 9. First National Bank 1 to 9. Farmers & Mechanics National 2 to 9. Stock Growers National Bank Ito9. Bank. Cody—Shoshone National Bank 1 and 4. First National Bank 1, 2, and 4 Evanston—First National Bank Ito3. Fort Worth National Bank 1 to 8. Kemmerer—First National Bank Ito4. Stockyards National Bank Ito4. Laramie—First National Bank Ito3. Galveston— Powell—First National Bank Ito8. City National Bank Ito9. Rawlins— First National Bank 1 to 9. First National Bank. Ito9. South Texas Commercial National 1, 2, and 3. Rawlins National Bank. Ito3. Bank. Rock Springs- United States National Bank 1 to 9. First National Bank.. Ito8. Granger—First National Bank 1 and 2. Rock Springs National Bank 1 to 9. Greenville—Greenville National Ex- 1 to 4. change Bank. First National Bank 1 to 9. Haskell—Haskell National Bank 1 to 3, 5 to 8. Sheridan National Bank. 1 to 3, 5 to 9. Houston- National Bank of Commerce 1 to 7 and 9. DISTRICT NO. 11 Second National Bank 1 to 7 and 9. South Texas Commercial National 1 to 9. ARIZONA Bank. State National Bank _. 1 to 9. (See also District No. 12) Union National Bank... _ Ito9. Italy—First National Bank 1 to 9. Nogales—First National Bank Ito8. Longview—First National Bank 1 to 3, 5, Arizona National Bank 1 to 9. McKinney—First National Bank 1, 2, and 4. Consolidated National Bank Ito4. Marshall- First National Bank Ito3. LOUISIANA Marshall National Bank 1 to 4. (See also District No. 6) First National Bank 1 to 9. Orange National Bank Ito9. Shreveport— Palestine—Royal National Bank Ito4. Commercial National Bank 1 to 4. Port Arthur—First National Bank... Ito4. First National Bank. 1 to 4. San Angelo— Central National Bank.... 1 to 4. First National Bank 1 to 9. (See also District No. 10) San Angelo National Bank. Ito3. Albuquerque—First National Bank.. 1 to 7 and 9. Alamo National Bank "... 1 to 9. Roswell—First National Bank 1 to 3. Frost National Bank 1 to 9. Silver City—American National Bank 2 and 3. Lockwood National Bank Ito9. National Bank of Commerce 1 to 9. TEXAS Sealy—Sealy National Bank Ito4. Sherman- Abilene—Citizens National Bank 1 and 2. Commercial National Bank 1 to 3, 5 to 8. Albany—Albany National Bank 4. Merchants & Planters National Ito9. Amarillo—First National Bank Ito4. Bank. Austin—American National Bank 1 to 3. Stanton—First National Bank" 1 to 3. Beaumont- Texarkana—Texarkana National Ito9. First National Bank _ Ito4. Bank. Texas National Bank... Ito9. Troup—First National Bank 1. Bonham—First National Bank Ito3. i Tyler—Citizens National Bank 1 to 3. Brady—Brady National Bank 1 to 3 and 5. Victoria—Victoria National Bank Ito4. Brenham—First National Bank 1 to 7 and 9.1 Waco—First National Bank 1 to 9. Brownsville—Merchants National 1. Waxahachie—Citizens National Bank 1 to 8. Bank. 1 Wichita Falls- Brownwood—Citizens National Bank Ito9. City National Bank. 1 to 9. Cameron—Citizens National Bank... Ito9. First National Bank 1 to 9. Clarksville—First National Bank Ito3,5to8. Colorado— DISTRICT NO. 12 City National Bank 1 to 4. Colorado National Bank 1 to 3, 5 to 7. ALASKA Corpus Christi—Corpus Christi Na- 1 to 7. tional Bank. Fairbanks—First National Bank 1 to 9. Corsicana—Corsicana National Bank. Ito4. Dallas— ARIZONA American Exchange National 1 to 9. Bank. i Winslow—First National Bank 1. City National Bank 1 to 9. Dallas National Bank 1 to 9. CALIFORNIA Mercantile National Bank Ito9. National Bank of Commerce. ... 1 to 4. i Anaheim—First National Bank Ito9. Republic National Bank 1 to 9. i Berkeley—First National Bank 1 to 3, 5 to 7, Denison—State National Bank. 1 to 9. and 9. El Paso— ! Calexico—First National Bank.. 4. First National Bank 1 to 7 and 9.S Chico—First National Bank Ito8. State National Bank 1 to 9. ] Lodi—Lodi National Bank Ito9. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FIDUCIARY POWEBS 255 Powers Powers granted granted DISTRICT NO. 12—Continued DISTRICT NO. 12—Continued CALIFORNIA—continued OREGON—continued Long Beach- Pendleton— California National Bank Ito9. American National Bank Ito4. First National Bank Ito9. First National Bank. _. 1 to 4. Los Angeles- Portland- Commercial National Trust & 1 to 9. First National Bank Ito4. Savings Bank. Peninsula National Bank 1 to 9. Continental National Bank 4. United States National Bank Ito9. Farmers & Merchants National Ito9. West Coast National Bank. _ Ito9. Bank. Salem—First National Bank in Salem. Ito9. Pacific National Bank Ito9. Mountain View— First National Bank 4. UTAH Oakland- Central National Bank Ito9. Salt Lake City- New First National Bank Ito9. Continental National Bank Ito4. Ontario—Ontario National Bank Ito8. Deseret National Bank Ito4. Orland—First National Bank 4. Pleasanton—First National Bank 4. WASHINGTON Redwood City—First National Bank 1 to 3, 5, 7 of Mateo County. to 9. Aberdeen—Grays Harbor National Ito9. SOOdPl/Vi Qd lTXYlIB £I1TlLI ^O"/*\ 1 to 9. Be B lli a n n g k h . am—• Capital National Bank National Bank of D. 0. Mills & 1 to 7 and 9. American National Bank 1 to 3 and 9. Co. Bellingham National Bank 1 to 9. San Bernardino—American National Ito9. First National Bank 1 to 5 and 9. Bank. Colfax—Farmers National Bank 1 to 4. San Francisco- Dayton—Columbia National Bank__ 1 to 3. Anglo & London Paris National 1 to 9. Ellensburg—Washington National 1 to 3. Bank Bank. Bank of California, N. A Ito9. Everett- Crocker First National Bank. __ 1 to 9. First National Bank 1 to 9. Pacific National Bank... Ito8. Security National Bank 1 to 9. Santa Ana—First National Bank 1 to 9. Hoquiam—First National Bank Ito9. Santa Barbara- Mount Vernon— County National Bank & Trust 1 to 9. First National Bank_ 1 to 3. Co. Skagit National Tank 1 to 4. First National Bank Ito9. Okanogan—First National Bank Ito9. Stockton—First National Bank 1 to 3, 5 to 7. Olympia—Olympia National Bank__ 1 to 9. Oroville—First National Bank 1 to 9. IDAHO Port Angeles—First National Bank.. 1 to 9. Boise- Pullman—-First National Bank 1 to 7. Boise City National Bank. 1 to 3, 5 to 9. Rosalia—Whitman County National 1 to 9. First National Bank of Idaho 1 to 5. Bank. Pacific National Bank Ito9. Seattle- Hagerman—First National Bank 1. Dexter Horton National Bank 1 to 9. Hailey—Hailey National Bank Ito3. First National Bank _ 1 to 9. Lewiston—Lewiston National Bank.. Ito9. Marine National Bank Ito9. Moscow—First National Bank __ 1 to 4. Metropolitan National Bank 1 to 7 and 9. Pocatello—First National Bank Ito9. National Bank of Commerce . 1 to 9. National City Bank Ito9. NEVADA Seattle National Bank _ 1 to 4, 6, and Reno—Farmers & Merchants Na- 1 and 4. University National Bank _ 1 to 9. tional Bank. Spokane— Tonopah—Nevada First National 4. Exchange National Bank.. Ito9. Bank Fidelity National Bank 1 to 9. OREGON Old National Bank 1 to 9. Tacoma— Ashland—First National Bank 1 to 9. National Bank of Tacoma ! .. Ito9. Corvallis—First National Bank. 1 to 9. Puget Sound National Bank 1 to 9. Eugene—First National Bank Ito4. Toppenish—First National Bank Ito9. Grants Pass—First National Bank of 1, 2, 3, 5, 6, Vancouver—Vancouver National Ito4. Southern Oregon. 7, and 9. Bank. Harrisburg—First National Bank Ito3. Walla Walla— Hood River—First National Bank... Ito9. Baker-Boyer National Bank Ito9. Junction City—First National Bank. 1, 2, 3, 5, 6, First National Bank Ito9. 7, and 9. Third National Bank 1, 3, and 4. McMinnville—United States Na- Ito9. Wenatchee—First National Bank Ito9. tional Bank. Yakima—Yakima National Bank Ito9. Marshfield—First National Bank of 1 to 3, 5 to 9. Coos Bay. HAWAIIAN ISLANDS Medford—Medford National Bank... Ito9. Milton—First National Bank 1 to 4. Honolulu—First National Bank of Ito8. Ontario—First National Bank 2 and 3. Hawaii. 88169—26 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—C ontinued. Hartford— B oston—C onti nued. 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. Old Colony Trust Co. Providence National Bank. 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 First National Bank. Co. Garfield National Bank. New Brunswick—National Bank of New Jer- Gi;ace National Bank. sey. Guaranty Trust Co. Paterson— Harriman National Bank. Hamilton Trust Co. Irving Bank-Columbia Trust Co. Paterson National Bank. Mechanics & Metals National Bank. New York: National Bank of Commerce. New York City- National City Bank. American Exchange-Pacific National Bank. National Park Bank. Bank of America. New Netherland Bank. Bank of Manhattan Co. (Manhattan Co.). New York Trust Co. 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 Co- Pittsburghoperative 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 Trust Co. Union National Bank. Union Trust Co. Union Trust Co. Columbus- West Virginia: City National Bank. Wheeling—Wheeling Bank & Trust Co. 256 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ACCEPTANCES TO 100 PER CENT 257 DISTRICT NO. 5 Maryland: South Carolina—Continued. Baltimore— Orangeburg—Edisto National Bank. Baltimore Commercial Bank. Eock Hill—Peoples National Bank. Baltimore Trust Co. Virginia: Citizens National Bank. Danville—First National Bank. Drovers & Mechanics National Bank. Hampton—Merchants National Bank. Farmers & Merchants National Bank. Norfolk- Maryland Trust Co. Citizens Bank. Merchants National Bank. National Bank of Commerce. National Bank of Baltimore. Norfolk National Bank. National Marine Bank. Seaboard National Bank. National Union Bank of Maryland. Virginia National Bank. Western National Bank. Richmond— North Carolina: American National Bank. Wilmington—Murchison National Bank. Bank of Commerce & Trusts. South Carolina: Central National Bank. Charleston- First National Bank. Bank of Charleston, N. B. A. Merchants National Bank. Peoples National Bank. Planters 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 Commerical 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—Pointe Coup6e Trust & Savings Albany—Albany Exchange National Bank. Bank. Atlanta- Mississippi: Atlanta & Lowry 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: Indiana: Chicago- Brazil—Riddell National Bank. Chicago Trust Co. Indianapolis—Fletcher-American National Continental & Commercial National Bank. Bank. Drovers National Bank. Michigan: First National Bank. Detroit- Foreman National Bank. First National Bank in Detroit. Harris Trust & Savings Bank. National Bank of Commerce. Illinois Merchants Trust Co. Wisconsin: National Bank of the Republic. Milwaukee—First Wisconsin National Bank, Union Trust Co. Peoria—Merchants & Illinois National Bank. DISTRICT NO. 8 Arkansas: Missouri—Continued. 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: Minnesota—Continued. 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

258 ANNUAL REPORT OF THE FEDERAL RESERVE BOARIT 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- Oklahoma City—Security National Bank. Commerce Trust Co. DISTRICT NO. 11 Arizona: Texas—Continued. Nogales—First National Bank. Hillsboro—Citizens National Bank. Texas: Honey Grove—State National Bank. Austin—American National Bank. Houston— Brown wood—First National Bank in Brown- First National Bank. wood. Houston National Bank. Corpus Christi—State National Bank. National Bank of Commerce. Dallas- Second National Bank. American Exchange National Bank. South Texas Commercial National Bank. City National Bank. Union National Bank. Dallas National Bank. Navasota—First National Bank. Republic National Bank. Paris—Lamar State Bank & Trust Co. 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. Galveston—South Texas National Bank. DISTRICT NO. 12 California: Oregon—Continued. Los Angeles- Portland—Continued. First National Bank. Northwestern National Bank. Merchants National Bank. United States National Bank. San Francisco- Washington: American Bank. Seattle- Anglo & London-Paris National Bank. Dexter Horton National Bank. Bank of California, N. A. First National Bank. Crocker-First National Bank. National Bank of Commerce. Mercantile Trust Co. Seattle National Bank. Pacific National Bank. Spokane- Wells Fargo Bank & Union Trust Co. Exchange National Bank. Santa Barbara—First National Bank. Old National Bank. Oregon: Spokane & Eastern Trust Co. Portland- Tacoma—National Bank of Tacoma. First National Bank. 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, 1925 OFFICE OF SECRETARY Walter L. Eddy, secretary $11, 000. 00 J. C. Noell, assistant secretary 6, 000. 00 Staff: 2 at $4,500 9, 000. 00 1 at $4,000 4, 000. 00 1 at $3,500 3, 500. 00 2 at $3,000 6, 000. 00 1 at $2,700 2, 700. 00 1 at $2,650 2, 650. 00 1 at $2,500 2, 500. 00 1 at $2,200 2, 200. 00 1 at $2,150 2, 150. 00 2 at $2,000 4, 000. 00 1 at $1,905 1, 905. 00 3 at $1,900 5, 700. 00 4 at $1,800 7, 200. 00 4 at $1,700 6, 800. 00 2 at $1,500 3, 000. 00 1 at $1,200 1, 200. 00 1 at $1,000 1,000.00 1 at $820 820. 00 1 at $700 600. 00 Total 83, 925. 00 OFFICE OF GENERAL COUNSEL Walter Wyatt, general counsel $10, 000. 00 George B. Vest, assistant counsel : 5, 000. 00 Staff: 1 at $2,500 2, 500. 00 1 at $2,400 _ 2,400.00 1 at $2,200 2, 200. 00 1 at $1,800 1, 800. 00 Total . 23, 900. 00 OFFICE OF FISCAL AGENT Wm. M. Imlay, fiscal agent $4, 550. 00 Oliver E. Fouik, deputy fiscal agent 3, 950. 00 Staff: 1 at $2,000 2, 000. 00 1 at $1,760 1, 760. 00 Total 12, 260. 00 OFFICES OF MEMBERS OF THE BOARD Staff: 3 at $3,000 $9, 000. 00 1 at $2,950 •_ 2, 950. 00 1 at $2,700 2, 700. 00 1 at $2,600 2, 600. 00 1 at $2,000 2, 000. 00 2 at $1,800 3, 600. 00 1 at $1,700 1, 700. 00 Total 24, 550. 00 2 59 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

260 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD DIVISION OF BANK OPERATIONS Edward L. Smead, chief of division $8, 000. 00 John R. Van Fossen, assistant chief 4, 700. 00 Staff: 1 at $3,700 3, 700. 00 2 at $2,700 5, 400. 00 1 at $2,600 2, 600. 00 3 at $2,200 6, 600. 00 1 at $2,000 2, 000. 00 1 at $1,905 1, 905. 00 4 at $1,700 6, 800. 00 3 at $1,600 4, 800. 00 3 at $1,500 4, 500. 00 1 at $1,440 1, 440. 00 Total 52, 445. 00 DIVISION OF EXAMINATION James F. Herson, chief of division and chief Federal reserve examiner $13, 000. 00 Examiners: James Buchanan 8, 500. 00 Frank J. Drinnen 5, 000. 00 P. A. Gordon 5, 000. 00 John F. Prahl 4, 500. 00 R. B. Wiltse 4, 500. 00 Assistant examiners: 2 at $4,200 8, 400. 00 1 at $3,900 3, 900. 00 1 at $3,600 3, 600. 00 2 at $3,500 7, 000. 00 3 at $3,300 9, 900. 00 2 at $2,700 5, 400. 00 1 at $2,500 2, 500. 00 2 at $2,100 4, 200. 00 1 at $2,000 2, 000. 00 1 at $1,680 1, 680. 00 Total 89, 080. 00 DIVISION OF RESEARCH AND STATISTICS Walter W. Stewart, director of division $11, 000. 00 E. A. Goldenweiser, assistant director 6, 500. 00 Staff: 1 at $5,000 5, 000. 00 1 at $4,000 4, 000. 00 2 at $3,400 6, 800. 00 4 at $3,000 12, 000. 00 1 at $2,800 2, 800. 00 3 at $2,000__ 6, 000. 00 1 at $1,900 1, 900. 00 3 at $1,800 5, 400. 00 3 at $1,700 5, 100. 00 1 at $1,680 1,680.00 3 at $1,600 4,800. 00 1 at $1,500 L 1, 500. 00 2 at $1,440 2, 880. 00 1 at $1,300 1, 300. 00 1 at $1,200 1,200. 00 1 at $900 900. 00 Total 80, 760. 00 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PERSONNEL AND SALARIES 261 DIVISION OF FEDERAL RESERVE ISSUE AND REDEMPTION L. G. Copeland, chief of division $4, 300. 00 W. J. Tucker, assistant chief 2, 760. 00 Staff: 1 at $2,280 2, 280. 00 1 at $2,040 2, 040. 00 1 at $1,860 1, 860. 00 1 at $1,800 .__ 1, 800. 00 2 at $1,620 3,240. 00 1 at $1,560 1, 560. 00 8 at $1,500 12,000.00 5 at $1,440 7,200.00 3 at $1,380 4, 140. 00 2 at $1,320 2, 640. 00 3 at $1,200 3,600. 00 2 at $1,140 2, 280. 00 Total 51, 700. 00 EMPLOYEES DETAILED Redemption Division, office of the Comptroller of the Currency: 2 at $1,020 (laborers) $2, 040. 00 MESSENGERS 4 at $1,440 $5, 760. 00 1 at $1,400 1,400.00 1 at $1,250 1,250. 00 7 at $1,200 8,400. 00 2 at $1,100 2, 200. 00 1 at $1,000 1,000. 00 Total 20, 010. 00 CHARWOMEN 3 at $375.60 $1,126.80 Total 441, 796. 80 SALARIES OF OFFICERS AND EMPLOYEES OF FEDERAL RESERVE BANKS AS OF DECEMBER 31, 1925 AND 1924 [Exclusive of temporary employees] ALL FEDERAL RESERVE BANES AND BRANCHES COMBINED Number Annual salaries Officers and employees 1925 1924 1925 1924 Officers: Chairman and Federal reserve agent Ul 12 1 $204,000 $232,000 Governor __ _ _ 12 12 310,000 313,000 Other officers _ 256.62 2 292. 62 1,807,820 2 1,984,180 Employees by departments: Banking department 8, 789.22 2 9,198 12,296, 920 » 12,953,437 Federal reserve agent's department 279.88 311 642,484 706,724 Auditing department 217 260. 50 464,304 540, 722 Fiscal agency department 301.83 538,012 695,038 Total _ 9,867.55 210,485.95 16,263,540 2 17,425,101 Fiscal agency department officers and employees whose salaries are reimbursed by the Treasury Department: Officers 1.38 1.38 5,500 5,500 Employees 57.07 2 83. 67 101,892 2150, 630 Other employees whose salaries are reimbursed to bank 200 2 194 207,295 2 202,472 Grand total 10,126 210,765 16,578,227 217,783,703 i Vacancy at Federal Reserve Bank of Cleveland. > Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

262 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD FEDERAL RESERVE BANK OF BOSTON (INCLUDING HABANA AGENCY) Number Annual salaries Officers and employees 1925 1924 1925 1924 Officers: Chairman and Federal reserve agent . _. 1 $18,000 $18,000 Governor _ 1 25, 000 25,000 Other officers _, 11 68, 500 77,040 Employees by departments: Banking department.._ 617 1601 836, 555 i 818,040 Federal reserve agent's department ... 30 32 68,040 70,440- Auditing department 10 8 23,640 17,040 Fiscal agency department 27 29 50, 700 53,280 Total 694 1683 1, 090,435 i 1, 078, 840 Fiscal agency department employees whose salaries are reimbursed by the Treasury Department _ _. 6,360 6,300 Other employees whose salaries are reimbursed to bank 9,165 i 10,110 Grand total 708 1,105,960 1, 095,250 FEDERAL RESERVE BANK OF NEW YORK (INCLUDING BUFFALO BRANCH) Officers: Chairman and Federal reserve agent 1 1 $30, 000 $30,000 Governor _. _ __. 1 1 50, 000 50,000 Other officers _ 32 35 376, 600 392,100 Employees by departments: Banking department _ 2,183 2,327 3,153, 699 3,353, 051 Federal reserve agent's department 56 65 127, 950 148,460 Auditing department _ 49 64 113,420 147,010 Fiscal agency department _ 128, 680 186, 940 Total.... 2,591 3, 980, 349 4, 307, 561 Fiscal agency department employees whose salaries are reimbursed by the Treasury Department 7 12, 070 15, 770 Other employees whose salaries are reimbursed to bank 55 53, 500 57,380 Grand total _ 2, 447 2,653 4,045, 919 4,380,711 FEDERAL RESERVE BANK OF PHILADELPHIA Officers: Chairman and Federal reserve agent 1 $15, 000 $15, 000 Governor 1 25, 000 25, 000 Other officers 11 78, 000 93, 000 Employees by departments: Banking department 635 1 653 849,480 i 874,230 Federal reserve agent's department._ 33 45 69, 576 90,478 Auditing department 25 32 52,310 64,430 Fiscal agency department 19 27 28,580 38, 800 Total 723 1770 1,117, 946 i 1,200, £ Fiscal agency department employees whose salaries are reimbursed by the Treasury Department 4 4 8,480 8,480 Other employees whose salaries are reimbursed to bank... 1 10 7,980 i 8, 710 Grand total 736 784 1,134,406 1,218,128 i Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PERSONNEL AND SALARIES 263 FEDERAL RESERVE BANK OF CLEVELAND (INCLUDING CINCINNATI AND PITTSBURGH BRANCHES) Number Annual salaries Officers and employees 1925 1924 1925 1924 Officers: Chairman and Federal reserve agent 0) 1 0) $25,000 Governor _ 1 1 $30,000 30,000 Other officers 25 25 179,800 176,980 Employees by departments: Banking department 815 823 1,157, 984 1,177,261 Federal reserve agent's department 27 22 65, 546 53,914 Auditing department 24 26 58, 744 61,452 Fiscal agency department 22 28 37, 037 52,188 Total 914 926 1, 529, 111 1,576,795 Fiscal agency department employees whose salaries are reimbursed by the Treasury Department 7 13,420 13,800 Other employees whose salaries are reimbursed to bank 23 28,428 28.277 Grand total 941 956 1, 570,959 1,618,872 FEDERAL RESERVE BANK OF RICHMOND (INCLUDING BALTIMORE BRANCH) Officers: Chairman and Federal reserve agent 1 1 $15,000 $15,000 Governor 1 1 20, 000 20,000 Other officers 16 19 114,100 125, 500 Employees by departments: Banking department 513 578 645, 632 701,380 Federal reserve agent's department 9 11 17, 850 24,«80 Auditing depaitment 9 18 16,860 33, 720 Fiscal agency department 14 16 19, 500 22,020 Total 563 644 848,942 942,300 Fiscal agency department employees whose salaries an reimbursed by the Treasury Department 6 11 8,310 16, 650 Other employees whose salaries are reimbursed to bank.. 7 8 5,400 5,460 Grand total 576 663 862, 652 964,410 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 $15,000 Governor. 1 1 20, 000 20, 000 Other officers 26 32 127, 540 170,120 Employees by departments: I Banking department | 364. 79 329 415, 237 400,690 Federal reserve agent's department ! 8. 88 11 21,370 25,100 Auditing department 10 13.50 19,940 25, 500 Fiscal agency department . 11.33 11, 735 19, 700 Total 418. 50 398. 83 630, 822 676,110 Fiscal agency department employees whose salaries are reimbursed by the Treasury Department 4.50 2 9.17 5,220 2 13,320 Other employees whose salaries are reimbursed to bank 4 24 4,620 2 4,380 Grand total. 427 2 412 640, 662 2 693,810 1 Vacant. 2 Revised Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

264 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD FEDERAL RESERVE BANK OF CHICAGO (INCLUDING DETROIT BRANCH) Number Annual salaries Officers and employees 1925 1924 1925 1924 Officers: Chairman and Federal reserve agent _. 1 $24,000 $24, 000 Governor _ 1 35, 000 35, 000 Other officers. _ 32 243,600 286,600 Employees by departments: Banking department 1,224 1,230 1, 764,865 1,806,351 Federal reserve agent's department 42 50 94,840 113, 070 Auditing department-. _ __ 24 27 53,080 58, 780 Fiscal agency department _ ._ _. 51 59 94,720 103,960 Total 1,375 1,407 2,310,105 2,427,761 Fiscal agency department employees whose salaries are reimbursed by the Treasury Department _. 0) 5 0) 10, 520 Other employees whose salaries are reimbursed to bank 33 31 34,420 34,380 Grand total _ 1,408 1,443 2,344, 525 2,472, 661 FEDERAL RESERVE BANE OF ST. LOUIS (INCLUDING LOUISVILLE, MEMPHIS, AND n LITTLE ROCK BRANCHES) Officers: Chairman and Federal reserve agent 1 1 $18, 000 $18, 000 Governor ... 1 1 20, 000 25, 000 Other officers _ 25 25 133, 870 133,520 Employees by departments: . Banking department.. 492 488 643,316 659, 300 Federal reserve agent's department 10 11 27,200 28, 060 Auditing department 12 15 18, 620 21, 780 Fiscal agency department 27 31 45,120 48, 760 Total. 568 572 906,126 934,420 Fiscal agency department employees whose salaries are reimbursed by the Treasury Department 6 6 11,320 11, 260 Other employees whose salaries are reimbursed to bank 7,080 Grand total 583 578 924, 526 945, 680 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 15.62 16.62 89,400 91,500 Employees by departments: Banking department 329.43 315 427,664 423,169 Federal reserve agent's department... 10 10 18, 680 20,700 Auditing department 10 11 18,820 20, 860 Fiscal agency department- 18 12,640 23,900 Total 376. 05 372. 62 602,204 615,129 Fiscal agency department officers and employees whose salaries are reimbursed by the Treasury Department: Officers. _ -. 1.38 1.38 5,500 5,500 Employees.. 6.57 8.0 10,092 11, 700 Grand total. 384 382 617, 796 632,329 i Reimbursement received for part time of 5 employees. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PERSONNEL AND SALARIES 265 FEDERAL RESERVE BANK OF KANSAS CITY (INCLUDING DENVER, OKLAHOMA CITY, AND OMAHA BRANCHES) Number . Annual salaries Officers and employees 1925 1924 1925 1924 Officers: Chair man and Federal reserve agent _ 1 1 $15, 000 $15,000 Governor _ 1 1 20,000 20,000 Other officers _ _ 20 25 114,980 133,240 Employees by departments: Banking department... _. 462 507 682, 766 743, 045 Federal reserve agent's department 13 15 29,852 32,702 Auditing department _ 20 18 39,420 32,640 Fiscal agency department... _ 21 29 37,320 52,460 Total 538 939,338 1,029,087 Fiscal agency department employees whose salaries are reimbursed by the Treasury Department 7 12,670 21,300 Other employees whose salaries are reimbursed to bank 49,874 52,275 Grand total ._ 658 1, 001,882 1,102, 662 FEDERAL RESERVE BANK OF DALLAS (INCLUDING EL PASO AND HOUSTON BRANCHES) Officers: Chairman and Federal reserve agent _ 1. 1 $15,000 $18,000 Governor 1 1 20,000 18,000 Other officers _ 17 20 92, 050 99,700 Employees by departments: Banking department. 368 408 516,050 568,260 Federal reserve agent's department 16 16 37,820 39,500 Auditing department 15 16 30, 610 32,190 Fiscal agency department. 16 17.5 28,360 28,830 Total 434 47J9.5 739,890 804,480 Fiscal agency department employees whose salaries are reimbursed by the Treasury Department 5 6.5 9,270 11,330 Grand total 439 486 749,160 815,810 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 31 134 189,380 i 204,880 ^Employees by departments: Banking department 786 1939 1,203,672 11,428,660 Federal reserve agent's department 25 23 63,760 59,620 Auditing department 9 12 18,840 25,320 Fiscal agency department 23 36 43,620 64,200 Total 876 1,046 1,568,272 1,831,680 fiscal agency department employees whose salaries are reimbursed by the Treasury Department -,._. 5 4,680 10,200 Other employees whose salaries are reimbursed to bank 1 1,500 Grand total 884 1,052 1, 579,780 1,843,380 i Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

266 ANNUAL REPORT OF THE FEDERAL RESERVE BOARk SALARIES OF NATIONAL BANK EXAMINERS AS OF DECEMBER 31, 1925 DISTRICT NO. 1—BOSTON Norwin S. Bean, chief examiner $8, 500 1 examiner, at $6,000; 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; 2 examiners, at $2,700. Total, 12 examiners 44, 400 52, 900 DISTRICT NO. 2—NEW YORK Owen T. Reeves, jr., chief examiner $20, 000* 3 examiners, at $6,000; 1 examiner, at $5,500; 2 examiners, at $4,200; 2 examiners, at $3,900; 3 examiners, at $3,600; 1 examiner, at $3,300; 6 examiners, at $3,000; 1 examiner, at $2,400. Total, 19 examiners. _ 74, 200 94, 200 DISTRICT NO. 3—PHILADELPHIA Stephen L. Newnham, chief examiner $13, 000 2 examiners, at $5,500; 2 examiners, at $5,000; 1 examiner, at $4,800; 1 examiner, at $4,500; 2 examiners, at $4,200; 2 examiners, at $3,600; 2 examiners, at $3,300; 1 examiner, at $2,800; 1 examiner, at $2,400. Total, 14 examiners 57, 700 70, 700 DISTRICT NO. 4—CLEVELAND Thomas C. Thomas, chief examiner $9, 000 3 examiners, at $4,500; 1 examiner, at $4,200; 2 examiners, at $4,000; 2 examiners, at $3,900; 1 examiner, at $3,600; 3 examiners, at $3,300; 3 examiners, at $3,000. Total, 15 examiners 56, 000 65, 000 DISTRICT NO. 5—RICHMOND William P. Folger, chief examiner $7, 500 2 examiners, at $4,500; 3 examiners, at $4,200; 2 examiners, at $3,900; 3 examiners, at $3,600; 1 examiner, at $3,300; 1 examiner, at $3,000. Total, 12 examiners 46, 500 54, 000 DISTRICT NO. 6—ATLANTA Ellis D. Robb, chief examiner $9, 500 1 examiner, at $5,500; 1 examiner, at $5,000; 4 examiners, at $4,200; 2 examiners, at $3,900; 1 examiner, at $3,000; 1 examiner, at $2,700. Total, 10 examiners 40, 800 50, 300 DISTRICT NO. 7—CHICAGO Howard M. Sims, chief examiner $13, 000 1 examiner, at $7,000; 2 examiners, at $5,100; 1 examiner, at $5,000; 2 examiners, at $4,800; 5 examiners, at $4,500; 1 examiner, at $4,200; 1 examiner, at $4,000; 2 examiners, at $3,900; 1 examiner, at $3,800; 1 examiner, at $3,300; 4 examiners, at $3,000; 1 examiner, at $2,500. Total, 22 examiners 91, 900 104,900 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PERSONNEL AND SALARIES 267 DISTRICT NO. 8—ST. LOUIS John S. Wood, chief examiner $13,000 2 examiners, at $5,500; 2 examiners, at $4,500; 1 examiner, at $3,900; 1 examiner, at $3,600; 1 examiner, at $3,300; 3 examiners, at $3,000. Total, 10 examiners 39, 800 52, 800 DISTRICT NO. 9—MINNEAPOLIS B. K. Patterson, chief examiner $10,000 1 examiner, at $5,500; 3 examiners, at $5,000; 1 examiner, at $4,500; 3 examiners, at $3,300; 5 examiners, at $3,000; 2 examiners, at $2,700. Total, 15 examiners 55, 300 65, 300 DISTRICT NO. 10—KANSAS CITY L. K. Roberts, chief examiner $13, 000 1 examiner, at $6,000; 1 examiner, at $4,000; 2 examiners, at $3,900; 5 examiners, at $3,600; 4 examiners, at $3,300; 2 examiners, at $3,000; 1 examiner, at $2,400. Total, 16 examiners 57, 400 70, 400 DISTRICT NO. 11—DALLAS Richard H. Collier, chief examiner $12, 000 1 examiner, at $5,500; 1 examiner, at $5,100; 1 examiner, at $5,000; 3 examiners at $4,800; 1 examiner, at $4,200; 2 examiners, at $3,600; 4 examiners, at $3,300; 1 examiner, at $2,500. Total, 14 examiners- 57, 100 69, 100 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; 1 examiner, at $4,800; 2 examiners, at 4,300; 1 examiner, at $4,000; 1 examiner, at $3,900; 1 examiner, at $3,800; 1 examiner, at $3,600; 1 examiner, at $3,300; 1 examiner, at $3,000; 3 examiners, at $2,700; 1 examiner, at $2,400. Total, 18 examiners. _ 74, 000 86, 000 RECAPITULATION Examining staff: Chief examiner, at $15,000 per annum 1 Assistant chief examiners— At $8,500 per annum 1 At $7,000 per annum *____ 1 At $6,500 per annum 1 At $6,000 per annum 1 Office of Comptroller, at $3,600 per annum 3 Total 8 $53, 800 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 $9,500 per annum 1 At $9,000 per annum 1 At $8,500 per annum 1 At $7,500 per annum 1 Total 12 140, 500 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

268 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD Examining staff—Continued. Other examiners— At $7,000 per annum 2 At $6,000 per annum 6 At $5,500 per annum 9 At $5,100 per annum 3 At $5,000 per annum 10 At $4,800 per annum 7 At $4,500 per annum 15 At $4,300 per annum 2 At $4,200 per annum 15 At $4,000 per annum 5 At $3,900 per annum 17 At $3,800 per annum 2 At $3,600 per annum 19 At $3,300 per annum 21 At $3,000 per annum 29 At $2,800 per annum 1 At $2,700 per annum 8 At $2,500 per annum 2 At $2,400 per annum 4 Total 177 695, 100* Total examining staff 1197 Total salaries $889, 400 i In addition, there are 24 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, J. C. NOELL, Assistant Secretary. Directory 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. FEDERAL ADVISORY COUNCIL [Elected for the year 1926] District No. 1 —Charles A. Morss, vice president Simplex Wire & Cable Co., Boston, Mass. District No. 2 -James S. Alexander, chairman National Bank of Commerce, 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 F. Bruton, president First Nationa.1 Bank, Wilson, N. C. District No. 6 -P. D. Houston, president American National Bank, Nashville, Tenn. District No. 7 -Frank 0. Wetmore, president First National Bank, Chicago, District No. 8 -Breckinridge Jones, chairman Mississippi Valley Trust Co., St. Louis, Mo. District No. 9 -Theodore Wold, vice president Northwestern National Bank, Minneapolis, Minn. District No. 10 -P. W. Goebel, president Liberty National Bank, Kansas City, Mo. District No. 11 -B. A. McKinney, vice president American Exchange National Bank, Dallas, Tex. District No. 12 -Henry S. McKee, president Barker Bros., Los Angeles, Calif. 269 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

270 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD OFFICERS AND DIRECTORS OF FEDERAL RESERVE BANKS1 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 ex- Director Residence pires Dec. 31— Class A: Alfred L. Ripley Boston, Mass 1926 Edward S. Kennard Rumford, Me 1927. Fredericks. Chamberlain. New Britain, Conn_ _ _ 1928. Class B: Philip R. Allen East Walpole, Mass 1926. Charles G. Washburn.- Worcester, Mass.. _ . _ 1927. Albert C. Bowman Springfield, Vt 1928. Class C: Frederic H. Curtiss _ . . . _ _ Boston, Mass 1926. Allen Hollis Concord, N. H 1927. Charles H. Manchester _ - Providence, R. I 1928. HAVANA (CUBA) AGENCY HORACE E. SNOW, Manager DISTRICT NO. 2—FEDERAL RESERVE BANK OF NEW YORK PIERRE JAY, Chairman and Federal Reserve Agent. WILLIAM L. SAUNDERS, Deputy Chairman. BEN- JAMIN STRONG, Governor Class A: R. H. Treman_ Ithaca, N. Y 1926. Delmar Runkle. _ Hoosick Falls, N. Y_ 1927. Jackson E. Reynolds.- _ New York, N. Y 1928. Class B: Theodore F. Whitmarsh... _do_ 1926. Samuel W. Reyburn ..do. 1927. Owen D. Young .do. 1928. Class C: William L. Saunders _ ..do 1926. Clarence M. Woolley -do. 1927. Pierre Jay.. .do_ 1928. BUFFALO BRANCH W. W. SCHNECKENBURGER, Managing Director W. W. Schneckenburger. Buffalo, N. Y. Harry T. Ramsdell .do 1926. J. H. McNulty__ ..do_ 1926. Elliott C. McDougal .do- 1927. Arthur Hough._ Batavia, N. Y__ 1927. John A. Kloepfer Buffalo, N.Y_._ 1928. Frank Crandall Westfield, N. Y. 1928. DISTRICT NO. 3—FEDERAL RESERVE BANK OF PHILADELPHIA RICHARD L. AUSTIN, Chairman and Federal Reserve Agent. CHARLES C. HARRISON, Deputy Chairman. GEORGE W. NORRIS, Governor Class A: Jos. Wayne, Jr Philadelphia, Pa 1926. Francis Douglas Wilkes-Barre, Pa. 1927. John C. Cosgrove Johnstown, Pa.. _ 1928. Class B: Edwin S. Stuart.- Philadelphia, Pa 1926 Charles K. Haddon . . .. _. _. _ .do 1927 Alba B. Johnson _ . do__ 1928. Class C: R. L. Austin . . . . .do. 1926. Charles C Harrison do . .. 1927 H. L. Cannon _ Bridgeville, Del 1928 1 Includes directors elected in December, 1925, for the 3-year term beginning January 1, 1926. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DIRECTORY 271 DISTRICT NO. 4-—FEDERAL RESERVE BANK OF CLEVELAND GEORGE DECAMP, Chairman and Federal Reserve Agent. LEWIS BLAIR WILLIAMS, Deputy Chairman. E. R. FANCHER, Governor Term ex- Director Residence pires Dec. 31— Class A: Robert Wardrop Pittsburgh, Pa 1926; 0. N. Sams... Hillsboro, Ohio.. 1927. Chess Lamberton _ Franklin, Pa 1928. Class B: George D. Crabbs Cincinnati, Ohio _ . 1926. John Stambaugh. Youngstown, Ohio 1927. R. P. Wright. Erie, Pa _ 1928. Class C: George DeCamp Cleveland, Ohio. _ 1926. W. W. Knight. Toledo, Ohio.. 1927. L B Williams Cleveland, Ohio 1928. CINCINNATI BRANCH L. W. MANNING, Managing Director L. W. Manning Cincinnati, Ohio . . . _ __ 1926! Charles W. DuPuis do 1926.' John Omwake do 1926. A Clifford Shinkle do 1927. George M. Verity Middletown, Ohio . . . 1927. E. S. Lee Covington, Ky 1928. A. E. Anderson Cincinnati, Ohio 1928. PITTSBURGH BRANCH J. C. NEVIN, Managing Director J. C. Nevin.... Pittsburgh, Pa... 1926. Joseph R. Eisaman. Greensburg, Pa- 1926. James D. Callery... Pittsburgh, Pa... 1926. R. B. Mellon do.. 1927. Joseph R. Naylor... Wheeling, W. Va. 1927. A. E. Braun. Pittsburgh, Pa 1928. Charles W. Brown.. do 1928. DISTRICT NO. 5—FEDERAL RESERVE BANK OF RICHMOND WM. W. HOXTON, Chairman and Federal Reserve Agent. FREDERIC A. DELANO, Deputy Chairman. GEORGE J. SEAY, Governor Class A: L. E. Johnson Alderson, W. Va . 1926. Charles E. Rieman Baltimore, Md 1927. ClasJsa mB:es C Braswell Rocky Mount., N. C 1928. D. R. Coker Hartsville, S. C 1926. Edmund Strudwick Richmond, Va - . _. 1927. Edwin C. Graham Washington, D C 1928. Class C: Wm. W. Hoxton Richmond, Va 1926 Frederic A. Delano Washington, D. C 1927. Robert Lassiter.. _ ... _ . Charlotte, N. C 1928. BALTIMORE BRANCH ALBERT H. DUDLEY, Managing Director Albert H. Dudley Baltimore, Md . .. 1926. Carter G Osburn do 1926. Edmund P. Cohill Hancock, Md 1926 Henry B. Wilcox ._ _ Baltimore, Md ... 1927. John G. Rouse do 1927 Levi B. Phillips Cambridge, Md 1928. Wm. H. Matthai Baltimore, Md 1928. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

272 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-ex- Director Residence pires Dec. 31— Glass A: P. R, Kittles Sylvania, Ga 1926. Eugene R. Black Atlanta, Ga 1927. E. C. Melvin Selma, Ala 1928. Class B: Leon C. Simon New Orleans, La 1926. J. A. McCrary Decatur, Ga 1927. W. H. Hartford Nashville, Tenn 1928. Class C.- Oscar Newton Atlanta, Ga 1926. Lindsey Hopkins __.._do 1927. W. H. Kettig Birmingham, Ala 1928. NEW ORLEANS BRANCH MARCUS WALKER, Managing Director Marcus Walker. .. . New Orleans, La 1926. F. W. Foote Hattiesburg, Miss 1926. TJ. CJ. Rrrrmn.. ._.._, New Orleans, La -- - .. - 1926. R. S. Hecht do 1927. Albert P. Bush Mobile, Ala _...__ _ . 1927. J. P. Butler, jr New Orleans, La 1928. P. H. Saunders do 1928. BIRMINGHAM BRANCH A. E. WALKER, Managing Director A.E.Walker Birmingham, Ala. W. W. Crawford... do 1926. Oscar Wells do 1926. Walter E. Henley- do 1927. John P. Kohn Montgomery, Ala... 1927. JohnH. Frye Birmingham, Ala__ 1928. W. H. Kettig do 1928. JACKSONVILLE BRANCH GEORGE R. DESAUSSURE, Managing Director George R. DeSaussure. Jacksonville, Fla.. 1926. Edward W. Lane do 1926. Fulton Saussy.,. do 1926. O. P. Kendall do 1927. L. C. Edwards Tampa, Fla 1927. Q. G. Ware Leesburg, Fla 1928. J. C. Cooper Jacksonville, Fla-. 1928. NASHVILLE BRANCH JOEL B. FORT, Jr., Managing Director Joel B. Fort, jr.. Nashville, Tenn. 1926. E. A. Lindsey.-. do._. 1926. P.M.Davis.... 1926. J.E. Caldwell.. do.__ 1927. Wm. P. Ridley. . Columbia, Tenn... 1927. T. A. Embry Winchester, Tenn.. 1928. W. H. Hartford. Nashville, Tenn._. 1928. SAVANNAH AGENCY ROBERT N. GROOVER, Manager HABANA (CUBA) AGENCY Digitized for FRASER L. L. MAGRUDER, Manager http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DIRECTORY 273 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 ex- Director Residence pires Dec. 31— Class A: E. L. Johnson... Waterloo, Iowa__ 1926. George M. Reynolds Chicago, 111 1927. Charles H. McNider Mason City, Iowa__ 1928. Class B: Robert Mueller Decatur, 111 1926. A. H. Vogel Milwaukee, Wis 1927. S. T. Crapo Detroit, Mich 1928. Class C: • James Simpson Chicago, 111 1926. Wm. A. Heath do 1927. F. C. Ball - Muncie, Ind 1928. DETROIT BRANCH WM. R. CATION, Managing Director Wm. R. Cation Detroit, Mich., 1926. John W. Staley .do- 1926. N.P.Hull Lansing, Mich... 1926. George B. Morley.. Saginaw, Mich... 1927. Harry H. Bassett.- Flint, Mich 1927. James Inglis.- Detroit, Mich.... 1928. William J. Gray... .....do 1928. DISTRICT NO 8—FEDERAL RESERVE BANK OF ST. LOUIS WILLIAM MCC. MARTIN, Chairman and Federal Reserve Agent. JOHN W. BOEHNE, Deputy Chairman. DAVID C. BIGGS, Governor Class A: John G. Lonsdale . . . St. Louis, Mo 1926. J. C. Utterback Paducah, Ky 1927. John C. Martin Salem, 111 1928. Class B: LeRoy Percy. _ Greenville, Miss 1926. Rolla Wells St. Louis, Mo 1927. W. B. Plunkett Little Rock, Ark ___ 1928. Class C.- John W. Boehne Evansville, Ind 1926. Wm. McC. Martin.. St. Louis, Mo 1927. C. P. J. Mooney Memphis, Tenn 1928. LOUISVILLE BRANCH W. P. KINCHELOE, Managing Director W. P. Kincheloe _. Louisville, Ky 1926. Eugene E. Hoge Frankfort, Ky 1926. Wm. Black._ Louisville, Ky 1926. Max B. Nahm __ _ Bowling Green, Ky. 1927. E. H. Wood Lucas, Ky_. 1927. Attilla Cox _ Louisville, Ky.. 1928. E. L. Swearingen _ do - 1928. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

274 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD DISTRICT NO. 8—FEDERAL RESERVE BANK OF ST. LOUIS—Continued MEMPHIS BRANCH V. S. FUQUA, Managing Director Term ex- Director Residence pires Dec. 31— V. S. Fuqua Memphis, Tenn. 1926. John D. McDowell do.__ _. 1926. S. E. Ragland 1926. R. Brinkley Snowden. do 1927. E. M. Allen Helena, Ark 1927. J. W. Vanden Jackson, Tenn___ 1928. T. K. Riddick._ Memphis, Tenn. 1928. LITTLE ROCK BRANCH A. F. BAILEY, Managing Director A. F. Bailey Little Rock, Ark.. 1926. Stuart Wilson Texarkana, Ark.. 1926. G. H. Campbell.-- Little Rock, Ark.. 1926. John M. Davis do 1927. Hamp Williams.... Hot Springs, Ark_ 1927. W. A. Hicks Little Rock, Ark.. 1928. Moorhead Wright- do.__ 1928. 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: J. C. Bassett _ . Aberdeen, S. Dak 1926. Wesley C. McDowell Marion, N. Dak 1927. Clas P s a B u : l J. Leeman Minneapolis, Minn 1928. N. B. Holter Helena, Mont - ._ 1926. John S. Owen Eau Claire, Wis 1027. St. Paul, Minn 1928. ClasPs aCu:l N. Myers . ._- John R. Mitchell Minneapolis, Minn 1926. Homer P Clark St. Paul, Minn ._ _ _ 1927. George W. McCormick Menominee, Mich __. 1928. HELENA BRANCH R. E. TOWLE, Managing Director R E Towle Helena, Mont 1926. R 0 Kaufman __ _ . do 1926. C J Kelly Butte, Mont 1926. T A. Marlow - - Helena, Mont _ 1927. Henry Sieben . _. - _ _ do 1927. Lee M Ford Great Falls, Mont 1928. 1928. 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: E. E. Mullaney Hill City, Kans 1926. C. C. Parks Denver, Colo __ . 1927. Frank W. Sponable Paola, Kans 1928. Class B: Harry W. Gibson Muskogee, Okla 1926. Thomas C. Byrne_. ... ._. _ _ Omaha, Nebr ___ _ ._ 1927. J. M. Bernardin Kansas City, Mo _ 1928. Class C: M. L. McClure _ ..do 1926. Heber Hord _._ Central City, Nebr 1927. W. S. Bulkley Oklahoma City, Okla 1928. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DIRECTORY 275 DISTRICT NO. 10—FEDERAL RESERVE BANK OF KANSAS CITY—Continued DENVER BRANCH J. E. OLSON, Managing Director Term ex- Director Residence pires Dec. 31— J E Olson Denver, Colo 1926. A. C. Foster ._ do .- 1926. R H Davis do 1926. William L. Petriken _ do 1927. Harold Kountze do 1927. Harry W. Farr Greeley, Colo. ___ 1928. Murdo MacKenzie Denver, Colo 1928. OMAHA BRANCH L. H. EARHART, Managing Director L. H. Earhart.. 1926. T. L. Davis. 1926. J. E. Miller Lincoln, Nebr 1926. R. O. Marnell.... Nebraska City, Nebr. 1927. A. J. Weaver Falls City, Nebr 1927. A. H. Marble Cheyenne, Wyo 1928. William Diesing. Omaha, Nebr OKLAHOMA CITY BRANCH C. E. DANIEL, Managing Director €. E. Daniel Oklahoma City, Okla.. 1926. Walter Ferguson. do 1926. Frank Buttram.. .do — 1926. William Mee .do... - 1927. E. J. Murphy Clinton, Okla... 1927. Ned Holman Guthrie, Okla 1928. W. F. Nichols.... Tulsa, Okla 1928. DISTRICT NO. 11—FEDERAL RESERVE BANK OF DALLAS C. C. WALSH, Chairman and Federal Reserve Agent. CLARENCE E. LINZ, Deputy Chairman. LYNN P. TALLE?, Governor Class A: HowellE. Smith McKinney, Tex 1926 J. H. Frost San Antonio, Tex 1927. W. H. Patrick Clarendon, Tex 1928. Class B: J. J. Culbertson __ Paris, Tex. _ 1926. Frank Kell . Wichita Falls, Tex 1927. J. H. Nail _ Fort Worth, Tex _ 1928. Class C: Clarence E. Linz Dallas, Tex 1926. S. B. Perkins do __ 1927. C. C. Walsh _ ._ do . . 1928. EL PASO BRANCH M. CRUMP, Managing Director M. Crump El Paso, Tex 1926. E. A. Cahoon Roswell, N. Mex_. 1926. A. P. Coles El Paso, Tex 1926. George D. Flory .do. 1927. H. L. Kokernot Alpine, Tex... 1927. E. M. Hurd-__ El Paso, Tex. I 1928. C. M. Newman.. do ! 1928. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

276 ANNUAL, REPORT OF THE FEDERAL RESERVE BOARD DISTRICT NO. 11—FEDERAL RESERVE BANK OF DALLAS—Continued HOUSTON BRANCH D. P. REORDAN, Managing Director Term ex- Director Residence pires Dec. 31— D. P. Reordan Houston, Tex 1926. E. F. Gossett do 1926. J. Cooke Wilson Beaumont, Tex 1926 Fred W. Catterall Galveston, Tex 1927. E. A. Peden - Houston, Tex _ - 1927. Guy M. Bryan do 1928. R. M. Farrar__ . ... .do 1928. 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 Class A: J. S. Macdonnell _ Pasadena, Calif __ 1926. Howard Whipple _ _ _ Turlock, Calif 1927. C. K. Mclntosh San Francisco, Calif 1928. Class B: A. B. C. Dohrmann do . _ 1926. William T. Sesnon .do 1927. E. H. Cox.__ _ _ Madera, Calif 1928. Class C: John Perrin San Francisco, Calif 1926. Walton N. Moore _ __ _ do - . _ 1927. William Sproule _ do 1928. PORTLAND BRANCH R. B. WEST, Managing Director R. B. West Portland, Oreg.- 1926. J. C. Ainsworth... do 1926. Nathan Strauss... do._ 1926. William P oilman. Baker, Oreg 1927. A. C. Dixon Eugene, Oreg 1927. John F. Daly Portland, Oreg 1928. Edward C. Pease. The Dalles, Oreg-. 1928. SEATTLE BRANCH C. R. SHAW, Managing Director C. R Shaw Seattle, Wash 1926. M. A. Arnold do 1926. Charles H. Clarke do _ 1926. E. W. Purdy__ Bellingham, Wash . 1927, Charles E. Gaches Mount. Vernon, Wash 1927. Henry A. Rhodes _ Tacoma, Wash... 1928. M. F Backus Seattle, Wash 1928. SPOKANE BRANCH D. L. DAVIS, Managing Director D. L. Davis Spokane, Wash _ 1926. C. E. McBroom _ _. > do - 1926. G. I. Toevs.__ _ ._ do. _ 1926. Charles L. McKenzie Colfax, Wash__ _ 1927. E. H. Van Ostrand- Coeur d'Alene, Idaho 1927. William Duling Garfield, Wash 1928. R. L. E,utter Spokane, Wash 1928. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DIBECTORY 277 DISTRICT NO. 12—FEDERAL RESERVE BANK OF SAN FRANCISCO—Continued SALT LAKE CITY BRANCH W. L. PARTNER, Managing Director Term ex- Director Residence pires Dec. 31— W. L. Partner. _ _ Salt Lake City, Utah.__ 1926. 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. L. H. Farnsworth Salt Lake City, Utah 1928. F. J. Hagenbarth__ Spencer, Idaho _. 1928. LOS ANGELES BRANCH R. B. MOTHERWELL, Managing Director R. B. Motherwell Los Angeles, Calif. 1926. J. F. Sartori .do -_ . . _ 1926. W. L. Valentine Fullerton, Calif 1926. F. J. Belcher, jr _ San Diego, Calif _ 1927. E. M. Lyon Redlands, Calif 1927. Henry M. Robinson _ Los Angeles, Calif 1928. Q. B. Harrison Upland, Calif 1928. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COURT OPINION IN ATLANTA PAR CLEARANCE CASE In the United States Circuit Court of Appeals for the Fifth Circuit. No. 4721 Pascagoula National Bank of Moss Point and Pascagoula, Miss., appellant, v. Federal Reserve Bank of Atlanta and Oscar Newton as Federal Reserve Agent, etc., appellees. Appeal from the District Court of the United States for the Northern District of Georgia. Alex. W. Smith, jr. (Alex. W. Smith, jr., Smith, Hammond & Smith, and Denny & Heidelberg on the brief), for appellant. Newton D. Baker, Hollins N. Randolph, and Robert S. Parker (Hollins N. Randolph, Robert S. Parker, Newton D. Baker, Walter Wyatt, and Montgomery B. Angell on the brief), for appellees. Before WALKER, BRYAN and FOSTER, circuit judges. WALKER, circuit judge: This is an appeal from a decree dismissing a bill filed by the appellant, a national bank located m Mississippi. The questions raised are well stated as follows in the opinion rendered by the district judge: "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 Act (Comp. St. sees. 9796, 9799), 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 each reserve bank will receive at par, checks which can be collected at par, and only such, whether they be sent it 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 (sec. 4, c. 32, 40 Stat. 234,) (Comp. St. Ann. Supp. 1919, sec. 9796) 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." Pascagoula National Bank v. Federal Reserve Bank of Atlanta, 3 F. (2d) 465. The claim that for checks drawn upon any of the depositors of the Federal Reserve Bank of Atlanta (herein referred to as appellee), sent or delivered by appellant to appellee for deposit, appellant was entitled to immediate credit at par as deposits subject to be checked or drawn on is based upon the provision of section 16 of the Federal Reserve Act (38 Stat. 26, U. S. Comp. St. 1918, sec. 9799, par. 12) that "Every Federal reserve bank shall receive on deposit at par from member banks * * * checks and drafts drawn upon any of its depositors." That provision is explicit in imposing on a Federal reserve bank the duty of receiving on deposit from member banks checks and drafts drawn upon any of its depositors, and in requiring that such checks be so received at par. The amount 278 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COURT OPINION 279 of the credit to be given the depositor is prescribed, but not the time of giving it, unless the language used means that the amount called for by such a check, upon the receipt of it by the reserve bank, at once becomes subject to be withdrawn on the depositor's checks. In the absence of a statute otherwise providing, the express or implied agreement or understanding of the parties determines whether a bank accepting from a depositor a check on another bank is required to give credit therefor at the time of the acceptance or at a subsequent time, the bank not being required to give immediate credit for the check as for cash if it clearly manifests its intention not to do so. National Bank v. Burkhardt, 100 U. S. 686; Burton w. United States, 196 U. S. 283; St. Louis & S. F. Ry. Co., 27 Fed. 243. The opinion in the first cited case shows that it was distinctly recognized that where a bank takes from a depositor a check on another bank the depositor is not entitled to credit for the check at the time of its delivery if at that time he has notice that the giving of credit therefor would be deferred to a time in the future. The following is from the opinion in the last cited case: "It is quite certain that bankers do not invariably credit their customers for sight paper as for cash,-but are generally influenced by the financial responsibility of the customer, or the drawee of the paper, or both. If a bank does not wish to assume the relation of debtor for the paper to the depositor, this intention may be manifested in a very explicit manner by crediting the paper as paper/' The relation between a bank and a customer having a checking account with it does not necessarily imply that for checks on other banks sent or delivered for deposit the customer is entitled to be credited as for cash prior to the presentation and collection of such checks. The receipt by a bank of checks on other banks for collection and credit and making the amount to be credited therefor subject to withdrawal by the depositor only after collection are ordinary incidents of such a relation. It could not well be said that banks so receiving checks on other banks do not thereby engage in receiving on deposit checks. Appellee's above mentioned regulation disclosed its intention as to the time the amount of a check required to be received by it on deposit would become a part of the customer's checking deposit. That regulation is not inconsistent with the requirement that appellee "shall receive on deposit at par" such a check unless that requirement gave appellant the right to be credited for such sight paper as for cash. As above indicated, the duty of a bank, whether imposed by statute or by agreement, to receive on deposit checks on other banks does not necessarily imply that the amount to be credited for a check becomes, immediately upon the bank's receipt of it, part of the depositor's balance subject to be checked against and withdrawn. Uncontroverted evidence in this case showed that there is a general custom among banks to refuse to pay checks drawn against uncollected funds. The provision in question is to be construed in the light of customs affecting the relations of banks and their customers. Furthermore, if that provision has the meaning attributed to it in behalf of the appellant, practically it has the effect of requiring a reserve bank to buy from member banks checks on its depositors and to pay in cash therefor the amount they call for, or to lend without interest that amount on such checks for whatever time may elapse between the bank's receipt of them and the presentation of them to the drawees for payment, the obligation incurred by the member bank in such a transaction being to repay to the reserve bank the amount of checks not paid by the drawees. That the lawmakers did not intend the provision in question to have that effect is persuasively indicated by other provisions of the Federal reserve act. A member bank's checking deposit in a reserve bank constitutes also its reserve balance provided for by section 19 of the act. That reserve balance is required to be "an actual net balance" equal to not less than a prescribed percentum of the aggregate amount of its demand deposits and a prescribed percentum of its time deposits. So far as a balance is represented by uncollected checks on other banks received from a depositor it could not well be considered to be either actual or net. The value of such paper may consist wholly in the depositor's obligation to repay the amount credited therefor or advanced thereon. Evidently it was not intended to permit the depositor's promises to make good to be counted in determining the amount of its "actual net balance." Section 13 of the act prescribes the character of paper which a reserve bank may discount for, or make advances on to, its member banks. Neither the provision of that section nor any other provision of the act indicates an intention to authorize a reserve bank to invest its funds in uncollected checks on other banks presented by a member bank. If under the provision in question a reserve bank is required, upon the receipt by it for deposit from a member bank of checks drawn on any of its depositors located where there is no office of a reserve 8816a—26 19 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

280 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD bank, to credit the amount thereof in the reserve account of such member bank, it is apparent that the reserve banks would constantly have many millions of dollars of their resources invested in noninterest bearing paper in transit. That result is not consistent with due effect being given to the provision as to what a member bank may obtain advances on from a reserve bank. For reasons above indicated, we conclude that the provision in question does not require the appellee, upon its receipt from appellant for deposit of checks drawn upon any of the appellee's depositors and prior to the payment of such checks, to credit the amount thereof as for cash, thereby making such amount at once subject to be withdrawn by appellant. In view of the unequivocal language of paragraph 1 of amended section 13 of the Federal reserve act as to collection charges against Federal reserve banks and of the decisions in the cases of American Bank v. Federal Reserve Bank, 262 U. S. 643, and Farmers Bank v. Federal Reserve Bank, 262 U. S. 649, we think it would be superfluous to add anything to what was said in the opinion rendered by the district judge in support of the conclusion that appellant was not entitled to make exchange or remitting charges on checks on itself received from appellee, whether appellee was the owner of those checks or held them for collection pursuant to authority conferred by the Federal reserve act. The decree is affirmed. DISSENTING OPINION FOSTER, CIRCUIT JUDGE, dissenting. Section 16 of the Federal reserve act provides that every Federal reserve bank shall receive on deposit at par from member banks checks and drafts drawn upon any of its depositors. Section 13 of the act provides that any Federal reserve bank may receive such deposits from member banks but does not specify at par, and further provides that both member and nonmember banks may make reasonable charges, for collection or payment of checks and drafts and remission thereof by exchange or otherwise, provided no such charges shall be made against the Federal reserve banks. In this case it appears that the appellee does not give immediate credit for checks deposited by member banks, drawn on other member banks. Regulation J provides for holding such checks in suspense for a period sufficiently long to allow for collection in the ordinary course of events before credit is given. This is a plain violation of section 16 of the act. Receiving checks for collection is not receiving them on deposit. It is idle to say that to give immediate credit to checks deposited would require the reserve bank to lend millions of its money without interest. In nearly all cases a crediting of the check and subsequent collection would be a mere matter of bookkeeping. If the reserve bank applied clearing house methods as they are authorized to do, probably most of the items could be handled in the bank. The danger of loss to the reserve bank is also infinitesimal. The member banks are stockholders of the reserve bank in proportion to their own capital and surplus. In the event of the failure of a member bank the reserve bank has a first lien on its stock. The member bank is also required to keep a certain percentage of its total deposits on deposit with the reserve bank, in this instance 3 per cent of time deposits and 7 per cent of its general deposits. If the check deposited were not in fact paid, the reserve bank could immediately charge it against the deposit. If that reduced the deposit below the legal requirement, the penalty provided by the act could be applied. The penalty usually enforced for a reduction of the required deposit below the minimum is to charge the discount rate and 2 per cent additional on the deficit until repaid. The reserve bank has the right to make frequent examinations of the member banks and to call for statements of their affairs whenever thought necessary. So they have ample opportunity to judge of the solvency of the member banks. The mini mum deposit required by the act is subject to check so no violation of the law would occur if occasionally these deposits were reduced below the minimum. Of course, the statute should not be construed to require the reserve bank to give immediate credit regardless of the solvency of the depositor and the payee of the check, nor to give credit if there be cause to suspect that the check is not genuine or for any other reason will not be paid when presented. If it be conceded arguendo that by construing the two sections together discretion is vested in the appellee to take checks from member banks drawn on other member banks in the same reserve district merely for collection, then it seems to me the appellee is on the other horn of the dilemma. It can hardly be said the charge made for payment or collection of such checks is a charge made against the Federal reserve bank. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COURT OPINION 281 It is contended that although the Federal reserve bank receives checks in the manner above indicated, that is to say, for collection, they receive them on deposit for collection, and must credit them at par when collected; consequently, a collection charge would still be made against the reserve bank, which would be illegal. The Supreme Court, in Farmers Bank v. Federal Reserve Bank, 262 U. S. at page 653, said this: "Par clearance does not mean that the payee of a check who deposits it with his bank for collection will be credited in his account with the face of the check if it is collected. His bank may, despite par clearance, make a charge to him for its service in collecting the check from the drawee bank. It may make such3 a charge although both it and the drawee bank are members of the Federal reserve system; and some third bank which aids in the process of collection may likewise make a charge for the service it renders." The argument that the reserve bank must inevitably credit the face of the check when collected is not sound. Section 13 does not require it nor does a reasonable construction of section 16. It seems to me to be clearly the intention of Congress that the Federal reserve banks shall give to its member banks immediate credit for checks drawn on other member banks in the same district. If I am wrong in this conclusion, then it inevitably follows that the member banks have the right to make collection and exchange charges on such checks as. the charge can not be said to be made against the reserve bank when the check is merely held for collection. For these reasons I respectfully dissent. 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 1925 OFFICERS President, P. M. WARBURG Vice President, E. F. SWINNEY Secretary, C. B. GEORGEN EXECUTIVE COMMITTEE P. M. WARBURG, Chairman L. L. RUE C. A. MORSS, Vice Chairman E. F. SWINNEY J. M. MILLER, Jr. F. O. WETMORE 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 G. A. COULTON, Federal Reserve District No. 4 J. M. MILLER, JR., Federal Reserve District No. 5 OSCAR WELLS, Federal Reserve District No. 6 FRANK O. WETMORE, Federal Reserve District No. 7 BRECKINRIDGE JONES, 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 H. S. MCKEE, Federal Reserve District No. 12 RECOMMENDATIONS OF THE FEDERAL ADVISORY COUNCIL TO THE FEDERAL RESERVE BOARD FEBRUARY 16, 1925 TOPIC NO. 1.—Review of the open market operations of the Federal reserve banks since December 1. What effect has the sale of Government securities had on the central money markets ? Recommendation.—In its recommendation to the Federal Reserve Board on November 24, 1924 (No. 1), on the topic of open market operations, the council expressed its views as follows: "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. 282 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RECOMMENDATIONS OF ADVISORY COUNCIL 283 " 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 as if the time had now come for the Federal reserve system to adopt a policy of reducing, as 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." A review of the actual operations of the Federal reserve banks since that date warrants the statement that the policy then recommended by the council has been carried into effect with great skill and that it has accomplished the aims then formulated as desirable to be obtained. As a net result of the operations of the Federal Reserve System's Open Market Investment Committee, the special investment account, which on December 1 held about $490,000,000 in United States securities, was reduced in December by about $40,000,000 and in January by about $150,000,000, reducing the account to $300,000,000, at which it now stands—a reduction of $190,000,000 since December 1. A study of the graphs of the call-money rate in New York shows that the liquidation of the holdings in Government securities was carried out in periods when there were temporary slumps in the rates for money and that through the adoption of this policy the Federal reserve system succeeded in reducing its holdings of Government securities without unduly disturbing the money market. The graph shows moreover that as the amount of the Federal reserve system's holdings in Government securities decreased, there was an increase in rediscounts by member banks in the second district, where the bulk of these operations was carried on. The aggregate holdings of the Federal reserve system of acceptances bought in the open market on December 3, the nearest statement day to December 1, were $354,000,000 and reached their peak at Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

284 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD $389,000,000 on December 24, showing the usual seasonal increase. From that date there was a gradual and almost constant decrease throughout the month of January to $307,000,000, on January 28, a reduction of $47,000,000 from December 3 and of $82,000,000 from the peak of December 24, notwithstanding the decrease during the same period of $190,000,000 in the special account of Government securities, giving a total decrease in items purchased in the open market of $237,000,000 for the two months of December and January and $229,000,000 in the month of January alone, which coincided with the usual seasonal return of currency in the post-holiday period. The bills discounted account for the system, which was $248,000,000 on December 3, advanced to $396,000,000 on December 24, from which point it receded to $202,000,000 on January 21, since which date it has increased to $331,000,000 on February 11, a point $83,000,000 above December 3, $65,000,000 below the peak of December 24, and $129,000,000 above the low point of January 21, the largest increase being in the second district. A study of the chart of that district indicates that the adjustments between the Federal reserve bank and the member banks there since January 21 have been almost entirely through rediscounts, which totaled $39,000,000 on January 21, $84,000,000 on January 28, $133,000,000 on February 4, and $149,- 000,000 on February 11. In other words, as a result of the open market policies pursued, the discount rate in that district became effective coincidentally with the practical completion of liquidation of important amounts of Government securities, whereas at the end of November it was not effective. TOPIC NO. 2. (a).—Gold exports. How long are they likely to continue? Has the tide definitely turned? Does the export of gold suggest any change in the gold policy of the Federal reserve system ? (6) Probable resumption of a free gold market in England. Is there solid ground under the present rate of sterling exchange ? Can the pound sterling be maintained at par? Recommendation.—From a balance of less than $400,000,000 of exports over our imports of merchandise in 1923, last year this balance rose to nearly $1,000,000,000. In spite of this gigantic balance in our favor (a figure unheard of before the war), the outward flow of gold has reached considerable proportions during the last three months. The explanation is that we have granted foreign loans not only to the amount required by foreign countries in order to balance their net debts incurred in buying our goods, but have made foreign loans in advance even of our international trade balance. No doubt our granting foreign loans in an aggregate in excess of $1,250,000,000 proved an invaluable stimulant to our export trade. Tndeed, without these loans it is certain that a vast portion of our goods could not have found their foreign buyers. How far similar conditions will prevail in 1925, it is of course entirely impossible to predict with any degree of confidence. In venturing to formulate a reply to the board's questions, one might say that the future course of gold movements will largely depend on the foreign loan policy of the United States. The scope of these foreign credit operations will in turn largely depend upon Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

KECOMMENDATIONS OF ADVISORY COUNCIL 285 the volume of funds seeking investment and the relative advantages foreign securities may offer as compared with our own. Progress in stabilizing exchanges, along with a continued strengthening of the fiscal and commercial situation in many a foreign country, are likely to widen the avenue for American investments in foreign fields. How long the plethora of American investment funds will continue, how long the attraction of a substantial margin in the returns of domestic and foreign investments will last, nobody may safely venture to predict. It is safe, however, to assume that before the tide turns our country will be called upon further to provide huge amounts in foreign loans. It is to be assumed that, as in the past year, there will be all kinds of promiscuous borrowing, short or long term—commercial borrowing or issue of securities, private, corporate, or governmental. In the last year several foreign loans were placed here for the purpose of currency stabilization—some in the form of bank overdrafts, others in the form of issues of Government bonds. In some cases, the proceeds were used as exchange reserves, in others they were withdrawn through actual shipments of gold to be impounded in the vaults of foreign central banks. It is generally expected that in 1925 we may witness a development along similar lines and while the council can not undertake to offer any specific prognostications, it does not hesitate to state that it would view with favor such a development involving as it would further progress in world stabilization and a healthy redistribution of the world7s gold. The council believes that it is not necessary at this time to take any steps toward arresting the outflow of gold, nor to make efforts in the direction of strengthening the Federal reserve banks' gold holdings by beginning to substitute Federal reserve currency for the gold certificates w^hich were placed in circulation during the past years for the purpose of creating a secondary gold reserve. While, as long as the outflow of gold lasts, it would seem advisable not to increase the volume of gold certificates in circulation at this time, it would on the other hand not seem warranted for the present to make any effort toward reducing such volume. Regarding the future course of sterling exchange the council can not undertake to express any definite opinion. British governmental and banking circles seem to be fairly well agreed that now that the sterling has returned to a level so near the old gold par, sooner or later, England will grasp the opportunity of reestablishing exchange stability on the pre-war basis. It is generally assumed that England would not be likely to undertake such a step without providing some sort of an emergency reserve in the United States. Whether or not such assumption is correct, the council has no means to judge; but it does not hesitate to express the view that if such occasion arises the United States should give every aid that consistently can be granted. TOPIC NO. 3.—Does the business revival give promise of continuing through most of the year, and if so, does it point to money rates materially higher? Are there present indications of inflation? If so, what should be the policy of Federal reserve banks in meeting it? Recommendation,—Almost all districts report good business and there seems to be a fair prospect for its continuation along satisfac- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

286 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD tory lines, with the expectation of some hardening of money rates during the spring months. The general opinion prevailed that there was no indication of an imminent price inflation, so long as the present stocks of merchandise in various branches of business are low and there is a continuation of the very strong degree of conservatism among manufacturers and business men. No recommendations with regard to increases in discount rates were made except that it was thought that the Federal discount rate in New York, now being below the open market rate, might be brought into line by an increase of one-half per cent from 3 per cent to 3>£ per cent, in the near future. TOPIC NO. 4.*—Advisability and propriety of Federal reserve banks continuing their memberships in the American Acceptance Council and the American Bankers Association. Recommendation,—The council believes it desirable for the Federal reserve banks to retain their memberships in the American Acceptance Council and the American Bankers Association but that it should be optional with each Federal reserve bank. TOPIC NO. 5.—Should public announcement by the Federal Reserve Board be made of changes which are made from time to time in the minimum open market buying rates authorized by it for the Federal reserve banks, in the same manner in which discount rate changes are announced? Recommendation.—The council believes that the methods at present applied have brought very satisfactory results and does not believe that in developing the discount market a change is advisable in the methods prevailing. Additional recommendation No. 6.— Topic No. 2, Federal Advisory Council meeting, November 2%, 1924: 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 at meeting, November 24, 1924: 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. At the request of the Federal Reserve Board, the acting executive committee met on January 21, 1925, and reported to the board about the McFadden-Pepper bill then before the Senate. The council at its first session to-day ratified the action of the executive committee as submitted to the board. Since the January meeting the bill has again been amended and will doubtless shortly come before the Senate for action. The council is glad to report that some of the recommendations and criticisms contained in the report of the executive committee have been taken into favorable consideration by the Senate committee. It is not practicable for the council in the fluctuating condition in which the bill finds itself to make definite recommendations at this time. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RECOMMENDATIONS OF ADVISORY COUNCIL 287 RECOMMENDATION OF THE EXECUTIVE COMMITTEE OF THE FEDERAL ADVISORY COUNCIL TO THE FEDERAL RESERVE BOARD (SUBSE- QUENTLY APPROVED BY THE COUNCIL) JANUARY 21, 1925 At the request of the Federal Reserve Board the executive committee of the Federal Advisory Council has reviewed the terms of the McFadden bill (H. R. 8887). While it is not practicable for the committee to review the more technical aspects of the bill or to give its opinion upon the more detailed amencfments of the various sections of the national bank act or other Federal statutes, nevertheless, as previously reported to the Federal Reserve Board, it is in favor of its main purpose. For some time it has been apparent that more liberal provision must be made by Congress for national-banking associations, because of the fact that in certain sections of the country national banks are considerably handicapped in competing with State institutions. This is more particularly true now that section 9 of the Federal reserve act provides that a State institution may become a member bank and " retain its full charter and statutory rights as a State bank and trust company and may continue to exercise all corporate powers granted it by the State in which it was created, and shall be entitled to all privileges of member banks." The executive committee of the Federal Advisory Council therefore, believes that so far as the McFadden bill is designed to protect the national-banking system and to safeguard Federal reserve membership, it is desirable legislation and should be enacted into law. There is one feature of the bill, however, which the executive committee of the Federal Advisory Council does not believe it should let pass without explicit comment and which in its opinion may ultimately work a gross hardship on some national banks and perhaps seriously affect both State and national membership in the Federal reserve system. It is the so-called Hull amendment. Without discussing the details of those sections of the bill designed to authorize the establishment of branch banks, the Hull amendment makes it impossible in the future for any national bank located in a State which does not now authorize branch banking to open branch banks even if at a later date the State legislature should decide to permit State institutions to do a branch bank business. Furthermore, that amendment also provides that any State bank or trust company in such a State which is now a member of the Federal reserve system must withdraw from the system if it should decide to do a branch banking business under the terms of a subsequent State law permitting branch banking after the enactment of the McFadden bill. In the opinion of the council, there is no reason in fairness or in logic for the Federal Congress to authorize national banks to open branches in those States which now authorize State institutions to do a branch banking business and to deny that same right in the future to national banks which may happen to be located in a State which now prohibits branch banking but which may subsequently authorize it. The committee notes that section 17 (g) of the Pepper Senate bill has been eliminated from the McFadden bill as that bill passed the 88169—26 20 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

288 ANNUAL, REPORT OF THE FEDERAL RESERVE BOARD House and it desires to state that it believes that it should also be eliminated from the Senate bill. MAY 22, 1925 TOPIC NO. 1.—The propriety of a member bank borrowing from a Federal reserve bank for the purpose of investing in Government securities for profit. Recommendation.—It is obvious that wittingly Federal reserve banks should not employ their funds in direct aid of any speculation. On the other hand, it is clear that it is impossible to follow the proceeds of Federal reserve banks' investments once they become intermingled with the sellers' general assets. The proceeds of the rediscount of a thoroughly eligible bill conceivably may indirectly be used for speculative purposes. It would seem, therefore, that this is a problem to be dealt with without endeavoring to control it by a rigid regulation and that it must be left to the discretion and tact of the officers of Federal reserve banks; all the more so as, speaking by and large, it is very desirable that member banks should hold a liberal amount of United States Government securities; as such holdings tend to strengthen their safety and liquidity. TOPIC NO. 2.—Discount rates. Recommendation.—-It was the unanimous opinion of the council that no changes in discount rates at the present time are warranted. Upon the suggestion of the council the governor of the board presented a report covering the agreement made by the Federal reserve banks with the Bank of England regarding a revolving credit of $200,- 000,000, and after full discussion, on motion, duly seconded, the council concluded to make the following statement to the board, authorizing the president of the council to give it publicity: Since the last meeting of the advisory council, Great Britain has taken the long-expected step of removing the embargo on the exportation of gold, and by reestablishing a free gold market in London, has once more anchored herself unreservedly to the gold standard. This event marks an epoch in the financial history of the postwar period. It means that the time has definitely come to an end when the world seemed to waver between monetary systems frankly bottomed upon gold on the one hand, and fluctuating exchanges and so-called "managed currencies" on the other. With the United States, England, the Dominions, Sweden, Holland, Germany, Austria, Hungary, and other countries now returned to a gold basis, or to gold exchange bases, the sway of gold over the world's leading financial systems once more has become an unchallenged fact. For the United States this development is of the vastest importance: First, because we own approximately one-half of the world's monetary gold; second, because in order to preserve for ourselves conditions of a well-balanced prosperity, foreign markets absorbing our surplus production are an imperative necessity and it is idle to expect that without exchange stability the purchasing power of foreign countries may regain its full capacity; third, in present world conditions the sale of our vast excess production to foreign buyers can only be maintained on anything like the present scale as long as we continue freely to absorb foreign securities. Our ability to do so, however, will depend upon the degree of credit these foreign countries will command here. We have, therefore, a vital interest in seeing the credit of our customers placed on the strongest possible basis. ^ While it would seem unnecessary to add to the weight of these three points, a true picture of the outlook is gained only if one considers what might have Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RECOMMENDATIONS OF ADVISORY COUNCIL 289 happened had England decided to continue the embargo on gold exports instead of restoring a free gold rdarket. It would not seem an overstatement to assume that in such a case the world might have suffered another exchange collapse with all the uncertainty to trade which that implies; that private and public credit in foreign lands would have been impaired and that instead of making efforts to balance budgets by taxation, the temptation for debasement of currencies in many countries would have continued indefinitely. In such circumstances true wages, and with that, living standards, in competing countries would have been further reduced. We are familiar with the social consequences that would result from such conditions, and it is safe to conclude that we ourselves could not have escaped the effects of such a development which, among other things, would have involved a further great addition to our gold holdings. The advisory council, with these thoughts in mind, has over and again expressed the view that America should take every opportunity that consistently and safely could be grasped to aid foreign countries in their struggles toward regaining exchange stability and that when the time came to do so with confidence and safety the Federal reserve system should do its part. It is with the deepest satisfaction, therefore, that the council has noted the arrangements now made, with the approval of the Federal Reserve Board, between the Bank of England on the one hand and the several Federal reserve banks under the auspices of the Federal Reserve Bank of New York on the other. These arrangements, in the view of the council, will benefit not only the two countries directly involved, but they will inure to the advantage of the entire world. The council feels confident that in the annals of the Federal reserve system these arrangements will be written down as one of its proudest and most constructive achievements. It is an impressive demonstration of the efficiency of the Federal reserve act, as at present constituted, that we are able to render assistance on a liberal scale without fear of adverse effect upon our own financial conditions. Concentration of reserves and an elastic note issue planned on broad lines enabled us during these last years to absorb a flood of gold in such a manner as to deprive it of the inflationary effects which some of our European friends had expected it inevitably to produce. Conversely, we may now envisage with equanimity the possibility of an outgo of hundreds of millions of dollars of our surplus gold. The same process that enabled us to deprive the inflow of gold of its potential ill effects places us now in a position to lose vast amounts of it without entailing the necessity of a marked contraction of circulation or of forced deflation. SEPTEMBER 21, 1925 TOPIC NO. 1.—The board requests that the council come prepared to present a careful survey of business, credit, and other related developments since the May meeting of the council. It desires a thorough-going discussion of all factors bearing upon the discount and open market policies of the Federal reserve banks and recommendations with respect to these matters covering the remaining months of the year. Recommendation.—With regard to discount rates and conditions prevailing in the country, each member of the council made a verbal presentation of the situation in his respective district. No recommendations for changes in discount rates ware made but the council suggests that the board watch with particular care whether anything might occur in the near future which might render immediate action advisable in order to bring the discount rates of 3 K VeT cen^ governing in five districts into nearer relationship with the rates at present prevailing in the open market, giving due consideration to the farreaching effect that a raise in discount rates might have in present circumstances, not only on conditions in the United States, but also in other countries and particularly in those recently returned to the gold standard. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

290 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD TOPIC NO. 2.—The board would like to have the council give consideration to the cause and probable effect of the present trend toward lower ratios of capital assets to current liabilities in the banking institutions of the country. In recent years there has been a great increase in bank deposits, and it appears to the board that the capitaization of banking institutions has not kept pace with this growth, with the result that the ratios formerly considered proper are no longer maintained. Recommendation.—The members of the council felt that they had not sufficient information to pass upon this question at this meeting and upon motion, duly seconded, agreed to take it up at the next conference. TOPIC NO. 3.—Future policy of the Federal reserve banks toward unremunerative services in connection with the collection of noncash items. Recommendation.—The council gave careful consideration to the reports of the standing committee on collections and of the committee of governors on the question as to whether or not the system of collection of noncash items as now in practice should be discontinued. Some of the council felt that when the plan was originally adopted by the Federal reserve banks it would perhaps have been wise to put in some limits or restrictions to the items that should be collected, but now that the practice is in operation, and has been so for a number of years, it would cause too much disturbance to change it at this time. The council therefore approves of the reports of the two committees and believes that their recommendations should be followed. Recommendation No. 4.—Referring to Governor Crissinger's suggestion at the last meeting that consideration be given to the Mc- Fadden bill, we believe that the first McFadden bill (H. R. 8887) should be redrawn into two or more bills separating the questions of definition, etc., from those involving controversial subjects. If the Federal Reserve Board is called upon for its views on the question of branch banking the council believes that the best policy for it to pursue is to express that if a bill is to be passed authorizing national banks to engage in branch banking, such privilege be restricted to national banks located in cities where the State laws now or in the future permit their State banks to engage in branch banking in such cities. As to the second McFadden bill (H. R. 12453) the council is unanimously opposed to it. DECEMBER • 1, 1925 TOPIC NO. 1.—The board would like to have the council give consideration to the cause and probable effect of the present trend toward lower ratios of capital assets to current liabilities in the banking institutions of the country. In recent years there has been a great increase in bank deposits and it appears to the board that the capitalization of banking institutions has not kept pace with this growth, with the result that the ratios formerly considered proper are no longer maintained. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RECOMMENDATIONS OF ADVISORY COUNCIL 291 Recommendation.—From the memorandum and chart furnished by the Federal Reserve Board it is evident that there has been a downward tendency in the proportion of capital funds of national banks to liabilities, and the chart would indicate that the ratio has reached its lowest point since 1865. It would seem, therefore, proper for the Federal Reserve Board to draw attention of the Federal reserve banks to this trend, and through them, the attention of the clearing houses and member banks with a view to encouraging a close study of the question on their part. Doctor Stewards memorandum furnishes also very interesting data concerning the trend of the different classes of banks in several districts. If such a study were completed it would indicate for every district and for every class what would constitute the approximate normal for it, and it would enable the Federal reserve banks and the clearing houses to ascertain which of the banks are found to be in a subnormal condition of strength and liquidity. The council is unanimous in the view that no general rule can be applied and that each case must be studied on its own merit. However, a communication of the board along the lines indicated would five wholesome food for thought to the officers of the Federal reserve anks, and through them, to the member banks; it thus may lead to the elimination of an unsound relationship between capital funds and liabilities where such is found to exist in individual banks. TOPIC NO. 2.—Discount rates. Recommendation.—The council recommends that no changes in discount rates be made at this time. TOPIC NO. 3.—Memorandum of legislative proposals dated November 21, 1925, prepared by Prof. O. M. W. Sprague, and based upon action taken thus far by the advisory committee appointed by the Federal Reserve Board to study banking legislation. Recommendation.—At the request of the Federal Reserve Board the Federal Advisory Council has reviewed, so far as practicable at this time, Professor Sprague's memorandum and has arrived at the following conclusions: Referring to section 5200, Revised Statutes, as set forth in Me- Fadden bill (H. R. 8887), the suggested changes in brackets on pages 1-6, inclusive, of the memorandum, are approved as to principle. The advisory council, however, makes the following additional recommendations : On pages 4 and 5 with reference to loans on nonperishable staples^ " when such property is fully covered by insurance/' proper provision should be made so as to permit the inclusion as such nonperishable staples, viz, pig iron, lead, zinc, etc., for which there is no necessity for insurance and which is usually not insured. On page 5 under (c) referring to the words, ''when such livestock are being prepared for market during the period of the loan and provided no part of the total accommodation granted the borrower is unsecured/' we believe that the words " prepared for market" are very indefinite and should be more specifically expressed; and that the words "six months'7 in the last line of this section (c) should be changed to "nine months." The council realizes that the words "six months'" are not in brackets and are not among the changes sug- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

292 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD gested in the report of the advisory committee, yet it is the opinion of this council that the period of six months is not long enough to adequately meet the demands of the class of business under consideration. It is our understanding that the principal need in connection with section 5200 is a classification and simplification of the language and the conditions imposed therein, and in this connection we recommend that Professor Sprague's suggestion be compared with the confidential committee print prepared by the comptroller's office dated February 11, 1924, to see whether this has been accomplished, and if not, to adopt the language and arrangement of the confident ail committee print or such other changes as may be recommended by the comptroller's office to do this. The other proposed amendments to the national-banking law designed to furnish more adequate data regarding the conditions of the banks through examinations as set forth in Sections I and II on pages 7-8 are approved as to principle with the following words stricken out in the thirteenth, fourteenth, and fifteenth lines of Section II on page 7: "and upon failure so to do the officer or director may be disqualified by the Comptroller of the Currency from further acting in such capacity." The council entered into a discussion of the purposes of the proposed amendment to section 5146 set forth under Section III on page 8 and found itself in sympathy with its aims but realized the difficulty of adequately drafting legislation which will provide a remedy in this direction and at the same time make it applicable to the practices now; employed in the administration of well-managed banks. The council recognizes the importance of this question, but in the short time left at its disposal was not able to formulate suggestions as to the manner in which such legislation might be drawn. It will, however, hold itself ready to further consider the questions involved in this section. The council approves as to principle the proposed amendment to section 5205 in pages 8-9. The council recommends the following additional amendment to the proposed amendment to section 5146 on page 9: That the words " or who becomes in any other manner disqualified, shall be declared by the Comptroller of the Currency to have vacated his place" be stricken out and the complete amendment read "(or who pledges or hypothecates the same thereby shall become disqualified)." 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, 1926 miles) (estimated) No. 1—Boston 61,345 7, 670, 028 No. 2—New York 51,890 14, 430, 577 No. 3—Philadelphia.... 36, 842 7,428, 571 No. 4—Cleveland 73,424 11,027,086 No. 5—Richmond 152, 316 10, 704, 671 No. 6—Atlanta 248, 226 10,833,817 No. 7—Chicago 190, 513 16,895,117 No. 8—St. Louis 194, 810 9, 602, 920 No. 9—Minneapolis 414, 004 5, 621,933 No. 10—Kansas City.... 473, 565 7, 567,363 No. 11—Dallas 392,989 6,450,414 No. 12—San Francisco. 683, 852 8, 024,458 Total 2, 973, 776 116,256,955 FEDERAL RESERVE DISTRICTS DISTRICT NO. 1—BOSTON 61, 345 7, 670,028 Connecticut (excluding Fairfield Countv) . 4,189 1, 219, 626 Maine 29,895 788, 383 Massachusetts 8,039 4,170, 747 New Hampshire- 9,031 452, 817 Rhode Island.- . 1,067 686, 027 Vermont -- 9,124 352,428 DISTRICT NO. 2—NE^NT YORK 51,890 14,430, 577 Connecticut (Fairfleld Coimtv) 631 369 463 New Jersey 3,605 2, 828,390 Counties of— Bergen. Hunterdon. Morris. Sussex. Essex. Middlesex. Passaic. Union. Hudson. Monmouth. Somerset. Warren. New York 47, 654 11, 232, 724 DISTRICT NO. 3—PHILADELPHIA 36,842 7,428, 571 Delaware 1,965 238 955 New Jersey 3 909 811 752 Counties of— Atlantic. Cap May. Gloucester. Ocean. Burlington. Cumberland. Mercer. Salem. Pennsylvania. 30 968 6 377,864 Counties of— Adams. Clinton. Lebanon. Philadelphia. Bedford. Columbia. Lehigh. Pike. Berks. Cumberland. Luzerne. Potter. Blair. Dauphin. Lycoming. 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. 293 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

294 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD FEDERAL RESERVE DISTRICTS—Continued Land area Population Federal reserve district (square Jan. 1, 1926 miles) estimated) DISTRICT NO. 4—CLEVELAND 73,424 11,027,086 Kentucky (eastern part1) _ 17,614 1,132,177 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, 535,462 Pennsylvania (western r>art) 13,864 3,166,979 Counties of— Allegheny. Crawford. Indinaa. Venango. Armstrong. Erie. Jefferson. Warren. Beaver. Fayette. Lawrence. Washington. Butler. Forest. Mercer. Westmoreland. Clarion. Greene. Somerset. West Virginia (northern part) 1,206 192,468 Counties of— Brooke. Marshall. Tyler. Hancock. Ohio. Wetzel. DISTRICT NO. 5—RICHMOND. 152,316 10, 704,671 District of Columbia 62 520,937 Maryland 9,941 1, 570,249 North Carolina 48, 740 2,834,908 South Carolina 30,495 1, 815,035 Virginia 40, 262 2, 502, 506 ^^est Virginia (southern part) 22,816 1,461,036 Counties of— B arbour. Hardy. Mingo. Roane. Berkeley. Harrison. Monongalia. Summers Boone. Jackson. Monroe. Taylor. Braxton. Jefferson. Morgan. Tucker. Cabell.; Kanawha. Nicholas. Upshur. Calhoun. Lewis. Pendleton. Wayne. Clay. Lincoln. Pleasants. Webster. Doddridge. Logan. Pocahontas. Wirt. Fayette. McDowell. Preston. Wood. Gilmer. Marion. Putnam. Wyoming. Grant. Mason. Raleigh. Greenbrier. Mercer. Randolph. Hampshire. Mineral. Ritchie. DISTRICT NO. 6—ATLANTA... 248, 226 10, 833, 817 Alabama 51,279 2, 512, 291 Florida 54,861 1, 290, 355 Georgia 58, 725 3,120, 243 Louisiana (southern Dart) 26,891 1,330,635 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 Orelans. St. Martin. Rouge. Plaquemines. St. Mary. East Feliciana. Pointe Coupee. St. Tammany. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DESCRIPTION OF FEDERAL, RESERVE DISTRICTS 295 FEDERAL RESERVE DISTRICTS—Continued Land area Population Federal reserve district (square Jan. 1, 1926 miles) (estimated) DISTRICT NO. 6—ATLANTA—Continued. Mississippi (southern part), 25,519 853,050 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. Hancock. Lauderdale. Rankin. Tennessee (eastern parti 30,951 1,727,243 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 16,895,117 Illinois (northern part1) 35,448 5,777, 559 Counties of— Boone. Ford. Livingston. Rock Island. Bureau. Fulton. Logan. Sangamon. Carroll. Grundy. McDonough. Schuyler. Cass. Hancock. McHenry. Shelby. Champaign. Henderson. McLean. Stark. Christian. Henry. Macon. Stephenson. Clark. Iroquois. Marshall. Tazewell. Coles. Jo Daviess. Mason. Vermilion. Cook. Kane. Menard. Warren. Cumberland. Kankakee. Mercer. Whiteside. De Kalb. Kendall. Moultrie. Will. De Witt. Knox. Ogle. Winnebago. Douglas. Lake. Peoria. Woodford. Du Page. La Salle. Piatt. Edgar. Lee. Putnam. Indiana (northern part) 26,707 2,471,788 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. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

296 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD FEDERAL RESERVE DISTRICTS—Continued Land area Population Federal reserve district (square Jan. 1, 1926 miles) (estimated) DISTRICT NO. 7—CHICAGO—Continued. Iowa _ _ 55,586 2,421,421 Michigan (southern part} 40, 789 3,946,140 Counties of— Alcona. Eaton. Lapeer. 0 gem aw. Allegan. Emmet. Leelanau. Osceola. Alpena. Genesee. Lenawee. Oscoda. Antrim. Glad win. 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. Wavne. Crawford. Lake. Ocean a. Wexford. Wisconsin (southern part,} 31,983 2, 278, 209 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, 602,920 Arkansas _ 52, 525 1,891,447 Illinois (southern part). 20,595 1,370,232 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. W abash. Crawford. Jefferson. Perry. Washington. Edwards. Jersey. Pike. Wayne. Efflngham. Johnson. Pope. White. Fayette. Lawrence. Pulaski. Williamson. Indiana (southern part) _ 9,338 637, 770 Counties of— Clark. Greene. Martin. Spencer. Crawford. Harrison. Orange. Sullivan. Daviess. Jackson. Perry. Switzerland. Dubois. Jefferson. Pike. Vanderburg. Floyd. Knox. Posey. Warrick. Gibson. Lawrence. Scott. Washington. Kentucky (western parti 22, 567 1,383, 771 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. Green. 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. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DESCRIPTION OF FEDERAL, RESERVE DISTRICTS 297 FEDERAL RESERVE DISTRICTS—Continued Land area Population Federal reserve district (square Jan. 1, 1926 miles) (estimated) DISTRICT NO. 8—ST. LOUIS—Continued Mississippi (northern part) 20,843 937,568 Counties of— Alcorn. De Soto. Monroe. Tate. Attala. Grenada. Montgomery. Tippah. Benton. Holmes. Noxubee. Tishomingo. Bolivar. Humphreys. Oktibbeha. Tunica. Calhoun. Itawamba. Panola. Union. Carroll. Lafayette. Pontotoc. Washington. Chickasaw. Lee. Prentiss. Webster. Choctaw. Leflore. Quitman. Winston. Clay. Lowndes. Sunflower. Yalobusha. Coahoma. Marshall. Tallahatchie. Missouri (eastern part."* 58,206 2,651,715 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. Ho well. 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 parti 10,736 730,417 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 5,621,933 Michigan (northern parti 16,691 393,616 Counties of— Alger. Dickinson. Keweenaw. Menominee. Baraga. Gogebic. Luce. Ontonagon. Chippewa. Houghton. Mackinac. Schooler aft. Delta. Iron. Marquette. Minnesota - 80,858 2,631,005 Montana - 146,131 683,715 North Dakota 70,183 641,192 South Dakota 76,868 685,303 Wisconsin (northern parti 23,273 587,102 Counties of— Ashland. Dunn. Oneida. Sawyer. Barron. Eau Claire. Pepin. Taylor. Bay field. Florence. Pierce. Trempealeau. Buffalo. Forest. Polk. Vilas. Burnett. Irtn. Price. Washburn. Chippewa. La Crosse. Rusk. Douglas. Lincoln. St. Croix. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

298 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD FEDEKAL RESERVE DISTRICTS—Continued Land area Population Federal reserve district (square Jan. 1, 1926 miles) (estimated) DISTRICT NO. 10—KANSAS CITY . 473,565 7,567,36a Colorado. 103,658 1,049,582 Kansas _. 81^ 774 1*816 941 Missouri (western part) 10, 521 839, 221 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 1 377,936 New Mexico (northern part) 41,486 164, 220 Counties of— Colfax. Rio Arriba. San Miguel. Union. McKinley. Sandoval. Santa Fe. Mora. San Juan. Taos. Oklahoma (northwesitern part) 61,770 2, 086,938 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, 548 232, 525 DISTRICT NO. 11—DALLAS 392,989 6, 450,414 Arizona (southeastern Dart) 23, 412 155, 761 Counties of— Cochise. Greenlee. Pima. Santa Cruz. Graham. Louisiana (northern part) 18, 518 578, 72$ Parishes of— Bienville. De Soto. Madison. Tensas. Bossier. East Carroll. Morehouse. Union. Caddo. Franklin. Natchitoches. Webster. Caldwell. Grant. Ouachita. West Carroll. Catahoula. Jackson. Red River. Winn. Claiborne. La Salle. Richland. Concordia. Lincoln. Sabine. New Mexico (southern Dart) 81,017 221, 816 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 nart) 7,644 231, 367 Counties of— Atoka. Choctaw. Johnston. Marshall. Bryan. Coal. McCurtain. Pushmataha. Texas 262, 398 5, 262, 742 DISTRICT NO. 12—SAN FRANCISCO ... 683,852 8, 024, 458 Arizona (northwestern Dart) 90, 398 280, 422 Counties of— Apache. Maricopa. Navajo. Yavapai. Coconino. Mohave. Pinal. Yuma. California 155, 652 4,248,084 Idaho... 83,354 515, 232 Nevada 109,821 77,407 Oregon 95, 607 870, 270 Utah 82,184 508, 789 Washington 66,836 1,524,254 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PART II CHARTS 1. Federal Reserve Bank Charts, 1917-1925—All Federal reserve banks combined and each Federal reserve bank separately: Holdings of bills discounted for member banks, of bills bought, and of United States securities; also deposits, Federal reserve note circulation, and cash reserves. 2. Reporting Member Bank Charts, 1919-1925—All Federal reserve districts combined and each Federal reserve district separately: Total loans and investments, total loans, loans on securities, all other loans, investments, time deposits, and net demand deposits. TABLES (Arranged by Federal Reserve Districts) 1. Federal Reserve Banks (Tables 1-8)—Each Federal reserve bank: Condition, volume of operations, and earnings and expenses. 2. All Member Banks (Table 10)—Each Federal reserve district: Net demand and time deposits, by size of city, by months, April, 1923- December, 1925. 3. Reporting Member Banks in Leading Cities (Table 9)—Each Federal reserve district: Principal resources and liabilities, by months, 1924-1925. 4. Reporting Member Banks in Federal Reserve Bank Cities (Table 9)—Each Federal reserve bank city: Principal resources and liabilities, by months, 1924-1925. 5. Debits to Individual Accounts (Table 11)—Each Federal reserve district and each reporting city: By months, 1923-1925. 6. Money Rates (Table 12)—Each Federal reserve bank city and each Federal reserve branch city: Prevailing rates charged on different classes of loans, by months, 1924- 1925. 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. 299 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANK CHARTS ALL FEDERAL RESERVE BANKS MILLIONS OF DOLLARS MILLIONS OF DOLLARS 35001 13500 3000 2500 2000 1500 1000 500 500 1917 1918 1919 1920 1921 1922 1923 1924- 1925 1926 Figures for 1917-1918 are for last report date of each month,beginning with 19/9 they are daily averages. Deposits are net through February, 1921, total after that month. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANK OF BOSTON MILLIONS OF DOLLARS MILLIONS OF DOLLARS 350 1350 300 250 200 150 1917 1918 1919 1920 1921 1922 1923 1924- 1925 1926 /"/pares for 1917-1921 ore for last report date of each month, beginning with 1922 they ore daily averages. Deposits are net through February, 1921, total after that month. 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 12001 11200 Cash Heserves 1100 - 1000 900 - 800 700 - 600 500 - 4-00 300 - 200 100 -0 1917 1918 1919 1920 1921 1922 1923 1924- 1925 1926 Figures fort917-1921 are for last report date of each month, teg inning with 1922 they are daily averages. Deposits are net through February, 1921, total after that month. "" CO O CO 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 300 250 200 150 100 1917 1318 1913 1920 1921 1922 1923 1924- 1325 1926 Figures for 1317-1321 are for lost report date of each month, beginning with 1922 they are daily averages. Deposits are net through February, 192t, tot of after that month Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANK OF CLEVELAND MILLIONS OF DOLLARS MILLIONS OF DO 1 LL A 3 R 5 S 0 3501 300 250 250 200 200 150 150 100 100 1917 1918 1919 1920 1921 1922 1923 1924- 1925 1926 Figures -for 1917-/921 are for last report date of each month, beginning with 1922 they are da/'/y averages, deposits are net through February. 1921. total after that month. 00 O O 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 1 180 160 160 120 80 1917 1918 1919 1920 1921 1922 1923 1924- 1925 1926 Figures for 1917-1921 are for last report date of each month, beginning with 1922 they are daily overages. Deposits are net through February, 1921, total after that month* 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 1180 160 14-0 120 120 100 80 40 20 1917 1918 1919 1920 1921 1922 1923 1924- 1925 1926 Figures for 1917-1921 are for last report date of each month, beginning with 1922 they are daily overages. Deposits are net through February, 1921, total after that month. CO o 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 55CT 550 - 500 450 - 400 350 - 300 250 - 200 150 - 100 50 . O 1917 1918 1919 1920 1921 1922 1923 1925 1926 Figures for f9171921 ore for last report date of each month, beginning with 1922 they ore daily averages n^nnsifz ore net through February, 1921, total after that months 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 160 120 120 100 60 60 40 20 1917 1918 1919 1920 1921 1922 1923 1924- 1925 1926 figures for 1917-1321 are for last report date of each month, beginning with 1922 they are daily averages. Deposits ore net through February, 1921, total after^that month. 00 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 I 120 80 60 40 20 20 1917 1918 1919 1920 1921 1922 1923 1924- 1925 1926 Figures for 1317-1921 are for last report date of each month, beginning with 1922 they ore daily overages Deposits are net through February, 1921, total after that" month. 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 18Q 166 160 140 140 120 120 80 80 40 20 20 1917 1918 1919 1920 1921 1922 1923 1924 1925 1926 Figures far 1917 -192] are for last report date of each month, beginning with 1922 fhey are doily averages. Deposits are net through February, 1921, total after that month. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANK OF DALLAS MILLIONS OF DOLLARS MILLIONS OF DOLLARS 1201 120 100 100 60 20 20 1917 1918 1919 1920 1921 1922 1923 1924- 1925 1926 Figures for 1317-1921 ore for last report dofe of each month, beginning with 1922 they are daily averages. Deposits ore net through February, 1921, total after that month. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANK OF SAN FRANCISCO MILLIONS OF DOLLARS MILLIONS OF DO 1 L 3 L 5 A 0 RS 350 300 250 250 _A 200 200 150 50 1917 1918 1919 1920 1921 1922 1923 1924 1925 1926 figures for 13/7-/32/ are for lasf report date of each month, beginning with 1322 they are cfai/y averages, Deposits ore net through February, /92/, total after that month. 00 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REPORTING MEMBER BANK CHARTS CO ALL REPORTING MEMBER BANKS BILLIONS Of DOLLARS ( END OF MONTH FIGURES ) B1LLI6NS0F DC 22 I 22 20 20 18 18 16 16 s 12 12 Net Demand Deposits 10 10 All Other Loans I Investments "Time Deposits w 1919 \920 1921 1922 1923 1924 1925 1926 NOTE -"Jnvestmenis", "AH Other Loans" and'Total Loans? estimated prior to 1921 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REPORTING MEMBER BANKS IN BOSTON DISTRICT 1 M 4 IL 0 L 0 IONS or DOLLARS £*& or MONTH r/sv/res ) MILLIONS OF DOL 1 L 4 A 0 R 0 S 1200 1200 o 1000 1000 g Q g 800 800 Net Demand Deposits K w All Other Loans 6 600 600 3 W o 400 400 W 200 20a CO 1920 1921 1922 1923 1924- 1925 1926 I—k Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CO REPORTING^ MEMBER BANKS IN NEW YORK DISTRICT MILLIONS OF DOLLARS ( END OF MONTH FiGURCS ) MILLIONS OF DOLLARS 9OOOI 19000 8000 8000 7000 7000 S 6000 6000 5000 5000 4000 4000 3000 3000 is All Other Loans^ i **••«*»•••••-•. *• 2000 ••_ Investments 2000 W Loans on Secur/tiec O 1000 Time Deposits - 1000 ^ >' 1919 1920 1921 1922 1923 1924 1925 1926 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REPORTING MEMBER BANKS IN PHILADELPHIA DISTRICT MILLIONS OF DOLLARS ( END OF MONTH FIGURES ) MILLIONS OF DOLLARS ) 00 1200 1200 1000 1000 3 800 800 600 600 W o W 400 400 200 200 Time Deposits _ >*--—- CO 1919 1920 1921 1922 1923 1924 1925 1926 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CO REPORTING MEMBER BANKS IN CLEVELAND DISTRICT 2 M 2 ILL 0 IO 0 N r S OF DOLLARS ( END OF MONTH FIGURES ) MILLIONS OF 2200 00 2000 2000 1800 1800 tr1 1600 1600 I 1400 1200- 1200 1000- 1000 800 800 600 600 400 400 200 200 1919 1920 1921 1922 1923 1924 1925 1926 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REPORTING MEMBER BANKS IN RICHMOND DISTRICT M 8 I 0 LL 0 IO .] NS OF DOLLARS ( END br MONTH F/GURES ) MILLIONS OF DO 1 L 8 L 0 A 0 RS 700 700 Loans &. Investments 600 600 aO 500 500 o K 400 400 300 300 All Other Loans W o W 200 200 Time Deposits Loans on Securities 100 tttroents 100 CO 1919 1920 1921 1922 1923 1925 1926 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CO REPORTING MEMBER BANKS IN ATLANTA DISTRICT to o MILLIONS OF DOLLARS ( END OF MONTH FIGURES ) MILLIONS OF DOLLARS 800 " 1800 700 600 600 s 500 500 § 400 400 300 300 200 Time Deposits 100 100 I o vest rnents on Securities 1919 1920 1921 1922 1923 1925 1926 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REPORTING MEMBER BANKS IN CHICAGO DISTRICT MILLIONS OF DOLLARS / END OF MONTH FIGURES ) MILLIONS OF DOLLARS 32001 [3200 2800 2800 2400 2400 o S 3 2000 2000 Q K t600 1600 1200 w o W 800 800 OP 400 400 00 191? 1920 1921 1922 1923 1925 1926 to Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CO REPORTING MEMBER BANKS IN ST. LOUIS DISTRICT to 6 M 0 IL 0 LIONS OF DOLLARS ( END OF MONTH FIGURES 1 MILLIONS OF DOL 8 L 0 AR 0 S t3 700 700 3 £ 600 600 o w H 500 500 400 400 I 300 300 r 1 200 200 w o 100 100 1919 1920 1921 1922 1923 1925 1926 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REPORTING MEMBER BANKS IN MINNEAPOLIS DISTRICT MILLIONS OF DOLLARS ( END OF MONTH FIGURES) MILLIONS OF DOLLARS 500 {500 450 450 400 400 I 350 350 Q 300 300 250 250 200 200 W o W 150 150 100 100 Time Deposits ^.->. 50 50 CO 1919 1920 1921 1922 1923 1924- 1925 1926 e to Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CO REPORTING MEMBER BANKS IN KANSAS CITY DISTRICT to MILLIONS OF DOLLARS ( END OF MONTH FIGURES ) MILLIONS QF DOi-LARS 800 1800 700 700 d w 600 600 500 500 400 400 300 300 200 200 Investments —.A. '""""Time Deposits 100 Loans on Securities 1919 1920 1921 1922 1923 1924 1925 1926 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REPORTING MEMBER BANKS IN DALLAS DISTRICT ( END OF MONTH FIGURES ) MILLIONS OF DOLLARS J5Q0 450 450 400 400 350 350 300 300 w 250 200 200 All Other Loans Q 150 150 w 100 CO 1919 1920 1921 1922 1923 1924- 1925 1926 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

00 REPORTING MEMBER BANKS IN SAN FRANCISCO DISTRICT to MILLIONS OF DOLLARS ( END OF MONTH FIGURES ) MILLIONS OF DOLLARS 18001 11800 1600 1400 3 1200 1200 1000 1000 800 800 600 600 400 w 200 200 1919 •1920 1921 1922 1923 1924- 1925 1926 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DISTRICT NO. 1—BOSTON No. 1.—CONDITION OF FEDERAL RESERVE BANK [In thousands^of dollars] Dec. 31, Dec. 31, Dec. 31, 1925 1924 1923 RESOURCES Gold with Federal reserve agent 78, 505 164,365 168,271 Gold redemption tund with United States Treasury 6,289 5,038 13,527 Gold held exclusively against Federal reserve notes 84,794 169,403 181,798 Gold settlement fund with Federal Reserve Board 32,809 32, 275 32,882 Gold and gold certificates held by bank 40, 402 18, 422 20,078 Total gold reserves _ 158, 005 220,100 234,758 Reserves other than gold _ 20, 698 13,740 8.266 Total reserves 178, 703 233,840 243,024 Nonreserve cash _ _ _ _ 6,733 5,543 3,520 Bills discounted: Secured by United States Government obligations 21, 541 15, 217 21,744 Other bills discounted 31,573 13,777 45,957 Total bills discounted 53,114 28,994 67, 701 Bills bought in open market _ 84, 714 63,889 38,802 United States Government securities: Bonds 553 2,472 529 Treasury notes . .. _ ._ 1,846 23, 727 6, 697 Certificates of indebtedness _ _ 10, 336 10,461 2,636 Total United States Government securities _ 12, 735 36,660 9,862 Foreign loans on gold—_ _ _ _ .. 577 Total bills and securities _ 151,140 129,543 116,365 Uncollected items ._ 71, 770 60, 635 55,034 Bank premises 4,068 4,190 4 312 All other resources _. 102 180 131 Total resources _ 412,516 433,931 422,386 LIABILITIES Federal reserve notes in actual circulation.. _ _ 174, 559 207,389 220,115 Deposits: Member bank—reserve account. .. _ ._ 141,802 140,102 123,637 Government 895 3,856 2,356 Foreign bank 611 Other deposits _ _.. 198 84 117 Total deposits... _ 143,506 144,042 126,110 Deferred availability items 68, 373 57, 905 51,609 Capital paid in 8,611 7,980 7,890 Surplus 17,020 16, 382 16,390 All other liabilities 447 233 272 Total liabilities 412,516 433, 931 422,386 Ratio of total reserves to deposit and Federal reserve note liabilities combined (per cent) 56.2 66.5 70 2 Contingent liability on bills purchased for foreign correspondents 5,205 327 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

328 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 s T e b a t o c i i n e l u t d l s a s r l i- Total c u G u S b . o r e y e - v s d - . c O b o d t i i u s h l - l n e s t r - b o m o B k p u i i a e n e l g r t l n s h - t U s S e n t t c i a i e u t t s e r e i s d - l e g F o o i o a o g n l n r n d - s s T c e r o a r e v s t - a h e l s r b M p e a s o b d n e e e s e - r m k i r v t s s - e ' p T o d o e s t - i a ts l n F r c o e i e t r s t i d e c e o s e u r n v r l i a a e n l - s c p R e e e r e n v - r t - e ern- ed ment obligations 1925 Jan. 7 107,950 19,635 12,172 7,463 55,976 32, 339 239,950 139,462 141, 271 197, 298 70.9 14 100,047 18, 60611,471 7,135 49,095 32,346 239,372 138, 669140, 489 186,437 73.2 21 87, 001 15,789 10,829 4.960 44, 031 27,181 1247,926) 136,636 137, 565 183,898 77.1 28 91, 339 20, 586 14,673 5,913 45, 406 25, 347 1253,019; 140,331 144,170 185, 549 76.7 Feb. 4 185,444 17, 35212,109 5,243 43,178 24,914 1256,150 134,393 136,553 190,893 78.2 11 94, 03520,967 13,179 7,78847, 744 25,324 'J2"54',9 0'3" 140,248 143,500 192,516 75.9 18 91,125 17, 72411,120 6,604 49, 369 24, 032 260, 343 142, 674145,048 193,690 76.9 25 91,199 26,678 15,983 10,695 41, 961 22, 560 257,912 132, 277135,167 199,079 77.2 Mar. 4.... 89,429 25,147 14, 21610, 93141, 392 22, 890 1262, 324 133,385 137,619 200, 657 77.5 11 91, 73026, 68514,482 12, 20341, 338 23, 707 J261, 786 137,334 139,950 199,442 77.1 18.... 87, 77327,956 13, 03514,921 39, 724 20, 093 1264,850 135,553 136,022 199, 912 78.8 25 90,123 27.883 14, 59213, 29141, 092 21,148! J259, 251 130,727 133,386 201, 408 77.4 Apr. 1 103, 32741,111 18, 24322.868 41, 261 20, 955 251,621 131,527 135,109 206,102 73.7 8 96, 98836, 69116,477 20, 21439, 316 20,981 259,552 130,150 131, 802209, 539 76.0 15 89,604 32.884 17,140 15, 74435, 303 21, 417 270,980 138,715 140,804 207, 690 77.8 22 91, 25633,860 14, 33919, 52135, c00 21, 319 777 273.018 133,857 136, 307211, 076 78.6 29 84, 77229,277 14,854 14,423 32, 993 21, 725 777:271.985 130,357 131,817 210,820 79.4 May 6 75, 96324,050 11,287 12, 76329.981 21,155 777 286,340 134,175 135,312 212, 657 82.3 13 69, 93823,872 13,103 10, 76929,365 15,924 777 290,041! 140,528 141,401 205,619j 83.6 20 69, 75929,663 12,881 16,782 28, 071 11, 248 777 282,544 134,8731 137,059 201,901 83.4 27 76, 23733,702 14,863 18,839 37,422 4,336 777 276,081 131, 790! 134,073203, 609 81.8 June 3 81,196 39,117 16,586 22, 53137,127 4,175 777 274,876 136, 626139, 250202, 271 80.5 10 70,850 31,506 11,753 19, 75334, 087 4,480 777 280,866 138,723 143, 267194, 620 83.1 17 67, 550| 27, 625 12, 57415, 05134, 685 4,463 777 263, 996150,627 151,105 189,4931 77.5 24 72,759 33,770 14,656 19,114 32, 605 5,607 777:273, 897142,299 145,461 186,180 82.6 July 1 86,721 44,085 16,894 27,191 34.982 6,877 7771252, 299139,432! 141,394 184,432 77.4 8 83,054 37,769 15,007 22, 76236, 886 7,622 777:255, 438142,070! 143,408 181, 522 78.6 15 80,390 35,120 17,577 17,543 36,199 8, 294 777i254, 000145,1841 145,714 175, 393 79.1 22 66,462 24,003 9,976 14, 02733,903 7,779 777 263,182 142,3181 143,502 171, 358 8?. 6 29 67,004 26,609 12,775 13,834 31,513 8,105 777J260, 515142,458 144,109 169,024 83.2 Aug. 5 80,571 41,051 12,817 28,234 29,424 9,319 777 245, 200143,262 144,904 167, 061 78.6 12 82.780 43,446 14,316! 29.130 29, 781 8,776 777 241, 028142,415 144,005 164,272 78.2 19 67, 508, 32, 517 11,145 21, 37225, 378 8,836 777 251,161 138,586 140,438 163,907 82.5 26 72,4311 35,507 13,673 21,83427,600 8,547 777 245, 303141,187 142,779 160, 033 81.0 Sept. 2 67,961, 27,722! 14,775 12.94734, 343 5,341 555,251.603 142,428 143,910 160, 735 82.6 9 66,963! 25,103; 13, 542 11, 56136, 057 5,248 555 252, 015139,217 141,041 162, 330 83.1 16 67, 2721 21,475 12,013 9,46238,981 6, 261 555 250, 577143, 728144,207 158,469 82.8 23 87,429 37,868 13,071 24,797 41, 626 7,336 599 227,865 142,834 144, 005156, 010 76.0 30 L07,781 50,016 20,532 29,484 49,246 7,764 755 213,032 143,620 147, 015157,679 69.9 Oct. 7 97,884 37,662 14,509 23,153 51, 759 7,671 792 217,659 142,818 144, 248158,333 71.9 14 .15,428 52,593! 17,991 34,002 54,445 7,916 474 211.667 144, 586147,819 163,475 68.0 21 98,199 29,773; 12,758 17. 01559, 563 8,397 466 233, 337147,472 152,114 164,246 73.8 ^08,963 34,871 12,197 22, 67464, 769 9,071 252J222, 049145,124 150, 056 164,806 70.5 Nov. 4.... 17.461 41,027 10.563 30,464 67, 691 8,462 281 219, 901152, 526157. 001168, 290 67.6 10 .30,064 44.646 12,860 31, 78676,581 8,482 355 203,227 146, 578149, 532169, 034 63.8 .31,329 41,672| 14,143 27, 52981, 261 7,974 422 197,491 143. 223146,112 168,351 62.8 25.. ,26, 47732.070 15,724 16, 34685, 992 7,934 481 206, 205142, 555145. 573171, 279 65.1 Dec. 2_. .28. 06938,961 15,406 23, 55579, 718 8,776 614 204. 324142,810! 147,379 171,143 64.1 9.. .35,934 47,114 18,187 28,927 79, 530 8,676 614 200,191 143,078! 146,935 173,179 62.5 16.. 28,489 34,642 18,841 15,801 82,047 11,149 651198, 209143,492| 144,066 176,824 61.8 23.. .50,906 61,700 27,314 34,386 79, 378 9,214 614 190,143 142, 2611 145,325182,883 57.9 30.. .50, 39555, 59524, 32631, 26981, 381 12, 820 599 185,173 144, 0701 146,095175,990 57.5 Daily average 94, 35333,408 46, 745 13, 730 470 245, 374139,8331 142,430 184, 016 75.2 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DISTRICT NO. 1 BOSTON 329 No. 3.—DISCOUNTS AND PURCHASES OF BILLS AND SECURITIES BY FEDERAL RESERVE BANK: VOLUME, BY CLASSES [In thausands-otdollarsl Bills discounted for member banks Bills bought in open market Secured Commer- Month Total b m G y e S o n U t v a t n t e o e r i b s t n e l - i d - a a g c l i r a i p c l a u a p l n t e u d r r , - a T c r c a e d p e t- Total B a a a c n n c c e k e p e s t r - s' c D h e o a x n ll - g ar e a T a c n r c a c e d e p s e tgations -n. e.g. 1925 January 73,039 45, 252 27, 593 194 14,052 14,042 10 February 74,780 47, 956 26,607 217 32,356 32,132 224 March 184, 931 117, 722 271 30.945 30.815 130 April 141, 920 56,126 85,755 22.946 22.816 130 May 122, 516 49, 795 72, 546 175 33,745 33,710 35 June 223, 271 63, 869 159,191 211 28,314 28, 294 20 July 233,935 81, 668 152,240 27 22, 956 22,931 25 August . 187,139 58, 993 128,133 13 29,133 253 September. 161,057 62, 295 98,706 56 35,199 34,714 485 October 225, 675 75,307 150,318 50 47, 025 46, 503 522 November _ 150, 081 55, 428 94,605 48 50,009 49,311 698 December.. 287,612 137, 248 150, 266 98 49, 639 49,076 563 Total: 1925.. 2,065, 956 800, 875 1, 263, 682 1, 399 396,319 393,224 3,095 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 United States se- United Bills ch c a u s r e i d ti e i s n p o u p r e - n s S e t c a u te ri s - Total discounts and purchases b f o r u o g m ht market ti c e h s a p s u ed r- Foreign Month other from loans on F r b e e s a d e n e r k r v s a e l B a o n n d ds c i C n a e d t r e 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 1925 1924 1923 notes edness banks 1925 January 412 681 88,184 164,042 412, 511 February 791 115 108,042 166,892 421, 270 March ... 1,627 606 218,109 179, 778 381,325 April 2,453 1,406 123 169,625 117,495 262, 317 May 3,426 85 159, 772 65,393 269, 050 June 2,950 3,008 444 257, 987 71, 490 299, 379 July 3,441 4,413 333 265,078 43, 680 321, 388 August. 1,598 5,794 222 223,886 41, 959 377,473 September. 1,694 14,417 1,700 200 214, 267 60, 784 321,062 October 1,011 1,937 96 275, 744 47, 605 259, 512 November _ 150 2,773 762 203, 775 106,304 358,302 December. _ 1,257 21, 904 141 360, 553 160, 916 487, 785 Total: 1925 20, 810 57,139 1,823 2,975 2, 545,022 1924. 52, 961 90,449 1, 200 1, 226,338 1923 10,090 29, 450 176, 976 4,171, 374 1 Includes $444,000 purchased from other Federal reserve banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

330 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 Maine H s N a h e m i w re p- m V o e n r- t Ma s s e s t a t c s hu- R Is h l o a d n e d n C c e u o c t n t ^ i - - Total be t i e r r n n i c b d d t a i o a n s f - t ks b ac e d r c d u o a b r m t i a e n n m d g k o s - month 2 the month 1925 January 3,207 2,990 1,152 61,197 1,702 2.791 73,039 421 161 February. 2,482 2,557 1,052 64,304 371 4,014 74, 780 422 164 March 3,984 4,616 1,490 169,986 792 4,063 184,931 420 194 April 3,836 4,170 2,105 124,631 3,465 3,713 141,920 420 194 May 4,718 3,937 1,852 104, 561 2,782 4,666 122, 516 420 189 June 4,573 3,206 1,611 205,307 3,424 5,150 223, 271 420 201 July 4,487 2,480 1,726 218, 570 1,460 5,212 233,935 420 169 August 3,415 2,566 1,203 172, 772 854 6,329 187,139 421 163 September 3,178 3,911 1,484 142,471 2,493 7,520 161, 057 419 174 October 2,757 3,936 1,480 209, 556 2,312 5,634 225, 675 419 169 November _ 1,702 3,894 1,533 136, 604 1,566 4,782 150, 081 419 176 December 4,008 4,314 1,470 262, 792 5,385 9,643 287, 612 420 200 Total: 1925. 42,347 i 42, 577 18,158 1, 872, 75126,606 63,517 2, 065, 956 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 Number of member banks at end of year: 1925. 181 420 1924 182 420 1923 183 424 Number of member banks accommodated: 1925.. 146 297 1924 - 148 317 1923 153 313 * Figures relate only to that part of the State located in the Boston district. * Banks in actual operation. Figures prior to March, 1925, represent number of banks as shown by the capital stock records. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 5.—EARNINGS AND EXPENSES OF FEDERAL RESERVE BANK LFigures originally published have been regrouped where necessary in order that data for all years may be on a comparable basis] 1914-15 1916 1917 1918 1919 1920 1921 1922 1923 1924 1925 Total EARNINGS I I Dfccounted bills $10,687 $43,303 $571,117 $3,068,028 $6,003,252 i$10, 031,301 $6,007,117 $1, 543, 539 $2, 320, 839 $783, 450 $1,197,662 $31, 580,295 Purchased bills 49, 038 236, 857 502,397 931, 701 1,077, 691 1, 613,012 | 515,192 591, 647 741,384 599,172 1,493,284 8,351,375 United States securities 6,351 57,194 94, 785 107, 719 369,457 554,172 i 415,931 1, 391, 691 419, 739 1, 049,841 455,055 4,921,935 Municipal warrants 57, 916 78, 578 5,203 141, 697 Deficient reserve penalties 6,105 18, 426 27,836 41, 783 13, 778 9,777 9,172 4,576 6,240 137,693 Net service charges received-. 40, 674 87,876 59, 695 188, 245 Miscellaneous 1,467 34,282 18, 401 19, 347 32, 985 16, 644 "4," 659" l5," 549" ~121,~977" " 136," 305' 691, 242 Total earnings . 125, 459 490,888 1,285,884 4,475,195 7,497, 583 12, 273, 253 6,968, 662 3, 541, 313 3, 506,683 2, 559,016 3,288,546 46,012,482 CURRENT EXPENSES [Exclusive of reimbursable fiscal agency expenses.] Salaries: Bank officers $35,267 $33,916 $43, 550 $75,975 $105,097 $116, 600 $135, 500 $141,000 $137, 500 $122,000 $114,209 $1,060,614 Clerical staff 21,777 43,169 100,893 264,942 606, 345 781,904 905, 811 925,072 895,768 894,000 878,434 6,318,115 Special officers and watchmen 322 604 9,115 12,278 i 20,988 31, 648 34,430 33,323 31, 504 32,156 206,368 Allother _ 4,639 15,826 12, 111 I 7,207 35,233 100, 932 103,019 90,512 82,798 452, 277 Governors' conferences 543 915 539 70 244 I 315 461 411 378 288 288 4,452 Federal reserve agents' conferences 283 332 8 199 109 ! 400 118 426 176 276 186 2,513 Federal Advisory Council 410 401 445 475 500 408 200 250 478 452 517 4,536 Directors' meetings 11,927 5,712 5,781 7,351 9,529 9,263 7,367 6,173 6,235 5,843 81,489 Traveling expenses 1 __. 1,195 1,993 921 4,5 8,708 9,046 8,436 9,820 10,022 6,416 6,921 67,815 Assessments for Federal Reserve Board expenses _ 26,876 17, 704 21,226 32,190 45, 619 52, 584 57,218 55,241 52,474 48, 634 52,641 462,407 Legal fees _. 1,200 2,225 2,400 2,600 3,817 3,723 1,200 775 1,978 2,014 358 22,290 Insurance (other than on currency and security shipments) 1,345 1,701 3,971 11,554 22,658 24, 667 25,220 31, 534 26,967 26, 590 27,347 203,554 Taxes on banking house _ 65 24,380 47, 336 90,900 108,063 105, 593 110,040 486,377 Light, heat, and power 971 1,490 3,236 5,116 16, 771 14,443 3,110 25,489 25, 532 20,489 18,430 135,077 Repairs and alterations, banking house 1,767 7,258 2,492 853 12,370 Rent _ 14,458 15,870 34,133 97, 910 75,089 64,132 95, 637 52, 772 29, 640 3,913 1,688 485, 242 Telephone __. 1,088 1,492 4,505 6,759 11,855 12, 292 16,365 21,169 20,427 19,609 20,040 135, 601 Telegraph 135 • 186 3,970 7,958 10, 314 10, 960 7,977 8,233 8,086 7,995 66,440 1 Other than those connected with governors' and agents' conferences and meetings of directors and of the advisory council. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 5.—EARNINGS AND EXPENSES OF FEDERAL RESERVE BANK—Continued 1914-15 1916 1917 1918 1919 1920 1921 1922 1923 1924 1925 Total CURRENT EXPENSES-Continued Postage $2,334 $10,081 $24,664 $52, 954 $116,166 $125,013 $129,004 $152,667 $167,097 $172, 851 $191, 447 $1,144, 278 Expressage 2,217 2,839 11,063 25,070 24,104 23,600 26,406 34, 323 33, 827 37,005 38, 587 259,041 Insurance on currency and security shipments () () () 8,100 18,091 36, 591 30, 536 49, 271 71, 248 72, 749 78, 371 364, 957 O M Pr f i f i s i n c c t e e i n l a l g a n n d a e n o o d u th s s e t e a r x t s i p u o e p n n p e s l r e i y e s s 17 5 1 , , , 5 2 2 4 8 3 2 7 1 8 2 6 , , , 1 4 6 2 8 5 1 0 8 13 5 7 , , , 4 5 3 7 7 5 0 0 4 3 5 1 9 3 1 , , , 3 8 9 4 5 5 8 9 0 4 2 6 1 2 1 , , , 4 8 7 7 4 7 8 0 5 2 6 70 3 6 , , , 1 8 6 5 1 6 8 1 7 2 4 7 2 8 7 , , , 1 1 8 4 2 5 1 3 0 2 4 7 9 6 4 , , , 5 5 5 8 1 3 8 6 9 2 3 6 8 6 1 , , , 4 2 7 6 9 8 2 4 4 4 2 3 7 1 9 , , , 8 4 7 8 2 1 5 8 6 3 2 3 0 6 8 , , , 0 8 4 9 6 6 0 8 6 4 4 1 3 6 88 9 1 , , , 4 4 4 2 7 5 1 0 8 Total, exclusive of cost of currency.. 146, 408 157, 285 753,007 1, 220, 964 1, 474, 392 1, 717, 7761, 894, 236 1,866,121 1, 780, 737 1, 764, 57313,065,162 Federal reserve currency (including shipping charges): Original cost 11,902 15,141 102, 621 167, 828 285, 917 345,151 302, 264 65, 501 236, 694 164, 946 232, 357 1, 930,322 Cost of redemption 675 7,558 38, 646 112,162 88, 526 38, 792 31, 439 27, 818 28, 925 374, 541 Taxes on Federal reserve bank-note circulation 82, 550 79,373 56, 749 23, 577 242,249 Total current expenses _ 158, 310 173,101 392,284I 928,393 1, 628,077 2, 011, 078 2,165, 315 2,022,106 2,134, 254 1, 973, 501 2, 025, 855 15, 612, 274 PROFIT AND LOSS ACCOUNT Earnings _- 125,459 490,888 1,285,884 4,475,195 7,497,583 12, 273,253 6,968,662 3,541,313 3,506,683 2,559,016 3, 288,546 46,012,482 Current expenses 158,310 173,101 392,284 928,393 1, 628,077 2,011,078 2,165,315 2, 022,106 2,134, 254 1,973,501 2,025, 855 15, 612,274 Current net earnings 3 82,851 317,787 893,600 3,546,802 5,869,506 10,262,175 4,803,347 1,519,207 1,372,429 585,515 1, 262,691 30,400,208 Additions to current net earnings: Withdrawn from reserve for— Federal Reserve Board expenses 38, 666 38,666 Depreciation on United States bonds 43,681 32.100 5,290 15, 870 96,941 All other 26,621 3,894 9', 200 20. 559 4,686 3,207 68,167 Total additions 65, 287 47,575 41,300 25, 849 20,556 3,207 203,774 Deductions from current net earnings: Bank premises—depreciation 200,000 489,000 328, 215 122,048 122,048 122, 048 1,383,359 Furniture and equipment 1,752 21,852 14,974 41, 622 43,748 24, 585 73, 692 133,106 20,309 11,650 2,179 389,469 Reserve for Federal Reserve Board expenses 38, 666 38,666 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Reserve for depreciation, United States bonds 138, 267 28,162 166,429 All other 9, 711 2,151 6,877 1,784 3,786 1,951 1,090 27,350 Total deductions 1,752 21,852 153,241 241, 622 92,125 54,898 569, 569 463,105 146,143 135, 649 125,317 2,005,273 Net deductions from current net earnings 1,752 21,852 153, 241 241, 622 92,125 U 0,389 521,994 421,805 120,294 115,093 122,110 1,801,499 Net earnings 3 34,60S 295,935 740,359 3,305,180 5,777, 381 10,272, 564 4, 281,353 1,097, 402 1,252,135 470,422 1,140,581 1 28,598,709 Distribution of net earnings: Dividends paid 249,735 601,756 384,180 414,447 447,266 473,109 481,951 480,267 477, 798 502, 648 4,513,157 Transferred to surplus account 75,100 2,921,000 5,362,934 7, 351,799 772,324 s-170,782 77,187 • 7,376 637,933 17,020,119 Franchise tax paid United States I Government 75,100 2, 473, 499 3, 035,920 s 786,233 694, 681 7, 065, 433 Balance to profit and loss _ -34,603 46,200 -11,597 REIMBURSABLE EXPENDITURES OF FISCAL AGENCY DEPARTMENT h1 Salaries: Q Officers H Employees $104,547 $220, 775 $274,766 $322,229 $140,834 $40,037 $65,953 $16,543 $6,392 $1,192, 076 Allother 189,952 922,858 891,997 125,014 63, 705 23, 709 12,788 2,775 1,272 2, 234,070 Total 294,499 1,143, 633 1,166,763 447,243 204, 539 63, 746 78,741 19,318 7,664 3, 426,146 2 Included with "Miscellaneous expenses." w 3 Excess of current expenses. o * Net additions. 5 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. 6 Deficit in earnings after payment of dividends, charged to surplus account. CO CO Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

334 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No. 6.—VOLUME OF OPERATIONS IN PRINCIPAL DEPARTMENTS 1925 1924 1923 NUMBER OF PIECES HANDLED Bills discounted: Applications _ 8,038 6,881 11, 363 Notes discounted .._ 46,961 30,829 55, 601 Bills purchased in open market for own account 27, 772 16, 542 19,165 Currency received and counted __ _ 228,605,000 216, 741,000 206,664,000 Coin received and counted _ _ _. 182,778, 000 180,439, 000 196,501,000 Checks handled _ 70, 534, 000 68,166, 000 63,158,000 Collection items handled: United States Government coupons paid 3, 906,000 4,456, 000 5,478,000 Allother _. 428, 000 542,000 727,000 United States securities—issues, redemptions, and exchanges by fiscal agency department 561,000 1,201,000 1 7,594,000 Transfers of funds 53,000 51,000 50, 000 Envelopes received and dispatched 2f 397, 000 2,369, 000 2,011,000 AMOUNTS HANDLED Bills discounted $2, 065,956, 000 $822,170, 000 $3, 652, 775,000 Bills purchased in open market for own account 396,319,000 259,498,000 302,083,000 Currency received and counted 1,404,472, 000 1,322,986, 000 1, 259, 323,000 Coin received and counted _. 20,945,000 20, 413,000 20,170,000 Checks handled 18,208, 989, 000 16, 559, 713, 000 15,169,483, 000 Collection items handled: United States Government coupons paid 59, 024, 000 63,151,000 69,761,000 All other.. _ 705, 261,000 592, 437,000 722,651,000 United States securities—issues, redemptions, and exchanges by fiscal agency department 318, 786, 000 488, 513, 000 797,105,000 Transfers of funds _ 6,329, 210, 000 5, 606, 721, 000 4,186,430,000 i Large total 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] b I a te n m ks s in d r o aw wn n d o is n - I o s t e t e h r m v e e r s f F b or e a w d n e k a r s r a d l e a d r n e d t - o T I r t e e a m su s r e d r r o a f w U n ni o t n ed Total Month trict their banches States I Number Amount Number Amount Number Amount Number Amount 1925 January 5,477 1,393,624 236 133 5,846 1,459,168 February 4,697 1, 243, 782 214 42, 769 120 16, 305 5,081 1, 302,856 March 5,287 1,383,827 244 55, 611 142 16, 277 5,673 1,455,715 April 5,422 1, 402,535 234 52, 795 158 17,287 5,814 1,472, 617 May 5,246 1,338,175 227 49,722 150 15, 266 5,623 1,403,163 June -.- 5,531 1,402,985 243 55, 705 140 15,972 5,914 1,474, 662 July 5,644 1,519,362 241 54,846 132 15, 574 6,017 1, 589,782 August 5,197 1,349,793 236 49, 244 122 14, 671 5,555 1, 413, 708 September 5,171 1,413, 902 245 59, 572 145 16,332 5,561 1,489,806 October 1, 685, 675 282 68,402 163 19,105 6,535 1, 773,182 November __ 5,736 1, 555,158 266 63,474 150 16,062 6,152 1,634, 694 December 6,359 1, 652, 789 313 70,426 141 16,421 6,813 1, 739, 636 Total: 1925.— 65,857 17,341, 607 2,981 671, 212 1,696 196,170 70,534 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

DISTRICT NO. 1—BOSTON 335 No. 8.—CLEARINGS AND TRANSFERS THROUGH THE GOLD SETTLEMENT FUND [In thousands of dollars] Payments to Receipts from Week ending— other Federalother Federal Net loss Net gain reserve banksreserve banks 1925 Jan. 7 218, 375 223,410 5,035 14 .. 199,095 199, 572 477 21 205, 827 216,939 11,112 28 159,350 162,004 2,654 Feb. 4 178, 615 180, 553 1,938 11 179,831 176, 788 3,043 18 _ 186,398 191,428 5,030 25 188,259 191,077 2,818 Mar. 4. 190,739 193, 522 2,783 11 166,964 166, 576 18. 211, 211 217,118 ~5~907 25 206,491 200,346 6,145 Apr. 1 170,176 164, 042 6,134 8 _ 192,947 200,041 7,094 15 169,139 179, 566 10,427 22.... 179, 504 182,604 3,100 29 _ 189,196 189,830 634 May 6 206,190 219,274 13,084 13 _ 161,756 171,991 10,235 20 201,623 196,037 5,586 27 170,478 161,403 9,075 June 3 163,904 166,146 2,242 10 147,384 153, 553 17 197,942 179,174 18,768 24.... 189, 713 197,964 8,251 July 1 188,477 168, 496 19,981 8 160,689 164, 284 3,595 15 192,819 189, 039 "3,780 22 196, 337 204, 204 ~7,~867 29.. 158,020 156, 219 1,801 Aug. 5 198,369 182,669 15,700 12.. 161,227 156, 563 4,664 19 184,909 193,129 8,220 26 157,349 154,329 3,020 Sept. 2 142, 710 151,136 8,426 9 120,810 124,094 3,284 16. 189,039 187,643 1,396 23 214,070 191,481 22, 589 30 189,028 174,343 14, 685 Oct. 7 209,850 213, 611 3,761 14. 175,731 167,224 8,507 21 _. _ 253, 586 268,422 14, 836 28 223,397 207,075 16,322 Nov. 4__ 208,619 206,129 2,490 11 . 210, 252 191,086 19,166 18 281,493 274, 316 7,177 25 232,196 243,171 10,975 Dec. 2 215,387 209, 617 5,770 9.. 245,426 244,950 476 16.. 222,689 222, 674 15 23 214,919 212, 320 2,599 30..._ _ 177,142 167, 280 9,862 31 (one day) 53, 755 48, 773 4,982 Total: 1925 10,009,402 9,955, 235 54,167 1924 9,107,300 9,123, 544 16,244 1923 8,008, C83 8,052, 933 44,845 Net gain in ownership of gold since establishment of fund in 1915, $155,414,000. 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 CO [In thousands of dollars] G REPORTING MEMBER BANKS IN FIVE CITIES 1 Investments Borrowings from Last report date in— Loans and discounts Un s i e t c e u d r i S ti t e a s tes All other Net demand deposits Time deposits Federal reserve bank 1925 1924 1925 1924 1925 1924 1925 1924 1925 1924 1925 1924 o January 961, 052 856, 546 122,310 125,615 194, 097 169, 758 887,543 808, 545 326,364 273,126 5,124 17, 660 February. _ 961, 608 856, 630 118,057 123, 063 193, 741 169, 881 866, 723 795, 516 337,825 282,199 10,431 13,279 March 959, 654 855, 796 122,842 123, 271 193,854 169, 591 843,118 780, 076 352,461 289,517 10, 919 6,978 April 942, 725 852, 032 114,977 120, 604 195, 949 176,124 850,134 810, 208 342,196 286,334 13, 752 8,323 May 948, 612 834,856 118,307 121,867 200,165 186, 602 856,881 800, 224 354,474 290, 735 16, 550 4,299 June 965, 664 849,342 122, 064 133,810 202,168 191, 533 877, 537 820, 076 369,897 297, 397 16,424 1,991 July 984, 026 895, 005 121,147 132.021 208,469 198, 264 898,826 861, 077 373,407 315, 014 10, 225 1,025 August 972,894 888,145 117,546 123,585 205,992 201,952 872, 626 849,527 370,454 325,322 19,953 1,292 September . 1,012,085 917,472 120,957 129,872 202,424 205, 707 907,939 862,942 362,298 330, 881 30,999 1,273 October 1, 030,332 947, 017 131, 785 128,806 205,486 210, 096 937,361 922,818 373,387 330,182 18, 238 621 November.. 1, 000,443 926,301 125,320 120,108 205,173 200,407 904,285 877, 722 387,332 319,966 11, 988 3,519 December.. 1,025,503 941,337 137, 744 126.022 216,491 195,280 911,320 891,936 394,731 316, 587 33, 098 11, 236 REPORTING MEMBER BANKS IN CITY OF BOSTON 2 January... 747, 508 653,484 51,149 56, 592 81,851 71, 038 683,846 620,928 155,427 115,921 2,624 14,150 February. 746,329 651, 390 47,603 53,856 81, 245 68,998 661,874 601,500 165,418 122, 556 8,271 11,343 March 745,332 650,190 53, 773 54, 068 81,611 68, 387 647, 739 593,150 177, 742 125,512 8,379 5,488 5 April 726, 506 644, 315 46 352 50,174 83,403 72, 500 651,894 618, 722 167, 541 122, 707 11,452 4,927 May 731,424 630, 683 49, 208 51, 667 84, 979 81,537 659,688 611, 920 178, 943 126, 424 14, 320 2,244 J J A u u u n ly g e ust 7 7 7 6 4 4 0 6 8 , , , 2 6 7 5 0 8 9 1 3 6 6 6 7 8 4 9 7 3 , , , 3 0 4 5 9 0 2 5 7 5 5 48 1 2 , , 4 8 4 4 7 1 3 7 8 5 6 6 3 2 4 , , , 0 3 7 9 2 0 9 1 0 8 9 88 7 1 , , , 8 1 3 0 6 8 8 2 2 8 8 9 9 3 6 , , , 1 2 1 5 1 9 1 1 1 6 6 6 9 7 6 0 9 7 , , , 0 9 7 3 1 2 4 8 4 6 6 65 6 3 4 5 1 , , , 3 6 2 0 4 7 0 0 8 1 1 18 9 9 7 0 2 , , , 4 3 2 1 2 5 1 6 0 1 1 1 3 5 4 0 1 5 , , , 6 6 9 6 6 6 0 2 5 1 1 8 2 7 , , , 1 0 6 6 7 1 0 1 2 8 9 2 2 9 2 5 2 5 o w > September 782,418 703, 889 51,894 58,936 84, 534 95,342 697,399 662, 753 176,095 156, 620 29,269 433 October. __ 794,610 727, 934 62,836 58, 024 84, 873 97, 042 720. 076 712, 792 185,410 157,256 16, 293 146 November. 767, 067 712, 942 56, 873 50, 495 83, 722 91, 474 687,009 673,194 199,000 151, 402 9,335 2,896 December . 796,113 732, 976 69, 022 55, 073 88, 432 700, 673 681, 740 197, 580 147, 578 29, 253 8,733 1 Figures are for about 41 banks in Boston, Hartford, New Haven, Providence, and Springfield which submit weekly reports to the Federal reserve bank. 2 Figures are for about 19 banks in Boston which submit weekly reports to the Federal reserve bank. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DISTRICT NO. 1 BOSTON 337 No. 10.—ALL MEMBER BANKS—NET DEMAND AND TIME DEPOSITS, BY SIZE OF CITY [In thousands of dollars] Net demand deposits Time deposits Banks in cities and towns having a Banks in cities and towns having Date population of— a population of— Total Total t 5 L h ,0 e a 0 s n s 0 1 5 4 , , t 0 9 o 0 99 0 9 1 9 5 t , , o 9 0 9 0 9 0 an 10 d 0 , o 0 v 0 e 0 r 5 t L h ,0 e a 0 s n s 0 1 5 4 , , t 0 9 o 0 99 0 9 1 9 5 t , , o 9 0 9 0 9 0 10 o a 0 v n , e 0 d r 00 1923 Apr. 25 1, 238, 619 39,313 66, 277 194,020 939,009 557, 250 45,918 60, 840 133,342 317,150 May 23 1,253,416 40,332 67,108 196,329 949,647 570,005 45,882 61,491 142,479 320,153 June 27 1,232,669 40,568 66, 219 196,764 929,118 573, 576 45,845 62,691 138,084 326,956 July 25 1, 253,798 43,342 68, 097 200,662 941,697 584,887 46,552 62,944 139,394 335,997 Aug. 29 1, 219, 551 45,987 67,856 194,743 910,965 592,992 47,105 64,076 141, 787 340,024 Sept. 26 1,235,190 46,653 69, 323 198,343 920,871 597,798 47,401 64,280 143,441 342,676 Oct. 24 1, 289,844 46,931 70,873 202, 500 969,540 600, 215 47,760 64,889 145,989 341, 577 Nov. 28___. 1, 235, 543 43,774 68,460 198,063 . 925,246 601,031 48,406 65,213 146,664 340,748 Dec. 26 1,221, 773 42, 585 67,347 198,952 912, 889 594,898 48,752 64,894 144, 342 336,910 1924 Jan.23 1,233, 878 41,373 66, 090 194,962 931,453 606,068 49,661 66,144 147,608 342,655 Feb. 27 1,212, 245 39,985 64,183 190,729 917,348 624,184 50,414 67,466 151,120 355,184 Mar. 26..-- 1,198,151 39,286 63,970 190,403 904,492 637,392 50,776 68,429 154,409 363,778 Apr.23 1, 223,749 39, 773 65,670 193,410 924,896 1 636, 067 51,157 68,814 155, 585 360, 511 May 28 1,228,359 39,361 64, 708 196,489 927,801 646,626 51, 247 69,272 159,320 366,787 June 25 1, 249, 512 39,265 65,898 196,198 948,151 656,959 51,399 69,933 160,898 374,729 July 23 1, 295,088 42,909 67,290 199,913 984,976 679,410 51,471 70,701 162,333 394,905 Aug. 27 1, 286,094 45, 083 66,443 197,730 976,838 693,671 51,781 70,906 163,942 407,042 Sept. 24.... 1,312,039 46,677 68,918 202,828 993,616 702, 771 51, 873 71,196 165,348 414,354 Oct. 29 1,385, 832 45, 381 70,740 209,294 1,060,417 704,918 52,711 72,204 166,976 413,027 Nov. 26.... 1,327,141 43,964 69,709 204,896 1, 008, 572 694,406 53, 031 72,333 167,496 401, 546 Dec. 24 1, 299, 657 41, 755 66,981 201,485 989,436 685,226 53,007 71, 747 164,896 395, 576 1925 Jan. 28 1,330, 862 41,314 67,301 202,295 1,019,952 702,350 53,807 73,124 167,258 408,161 Feb. 25 1,311,144 41,450 66,471 202,740 1, 000,483 718,442 54,995 74,273 168,903 420,271 Mar. 25.,.- 1,270,144 39,686 65,494 198,975 965,989 721,631 55,546 74,906 171,837 419,342 Apr. 22 1,298,704 41,374 67,939 204,606 984,785 729, 635 55, 535 75,575 173,235 425, 290 May 27 1,313, 510 41,237 68,219 207,510 996, 544 745,103 55, 376 76,473 174,075 439,179 June 24 1,337,475 41,647 68, 537 207,283 1,020,008 762,492 55,443 76,808 174,854 455,387 July 29 1, 368,029 45,107 72,314 210,694 1, 039,914 768,278 56,100 77,343 176,173 458.662 Aug. 26 1,349,913 47,997 73,251 211,457 1,017,208 771, 237 56,461 78,141 178,414 458, 221 Sept. 23.,.. 1,370,418 50,349 74,441 215,285 1, 030, 343 764, 554 56,914 78, 632 178,237 450, 771 Oct. 28 1,445, 553 50, 893 77,351 225,399 1,091,910 778,410 57,362 78,988 181,911 460,149 Nov. 25 1, 395, 241 48, 536 75,469 221,162 1,050,074 794, 772 58, 051 79,169 184, 250 473,302 Dec. 23 1, 390, 238 45, 700 73,034 216, 652 1,054,852 795, 819 58, 511 78,373 181, 401 477, 534 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

338 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No. 11.—DEBITS TO INDIVIDUAL ACCOUNTS [In thousands of dollars. For explanatory note, see p. 191] Total for 11 centers i Bangor, Me. Month 1925 1924 1923 1925 1924 1923 January 2,685,491 2, 189,052 2,197,997 14,148 14, 054 15,053 February.. 2,157,347 1,973,432 12, 013 12,312 12, 574 March 2, 279, 817 2,147,057 2, 222,086 14,002 14, 553 April 2,326, 857 2,118,054 2,119,787 13,604 13,074 13,463 May 2, 273,167 2,052,772 2,139, 645 13,485 14, 217 14, 223 June 2, 374, 832 2, 040, 544 2,172,872 14, 728 14,967 16,121 July 2, 364, 323 2,111,283 1,983, 223 14, 360 14, 346 15,311 August 2,137, 700 1,989, 773 1, 771, 572 12, 741 13, 722 14,919 September. 2,155,120 1,974,984 1, 760,956 14, 569 14,817 15,015 October 2,903,991 2,357,435 2,154,617 16, 484 17, 324 18,446 November. 2, 644, 630 2,252, 717 2,150, 666 13,550 12,691 14,352 2,711,056 2,467, 796 2,287,912 14, 547 13,363 15,838 December- Total 29,014,331 25, 674,899 24,851, 232 166,925 179,868 Boston, Mass. Brockton, Mass.* Fall River, Mass. Month 1925 1924 1923 1925 1924 1923 1925 1924 1923 January 2,020, 582 1, 570, 205 1, 610,748 21,638 20, 736 21, 274 35, 599 33, 574 36, 650 February.. 1,604,003 1,442, 657 1,386,926 20, 688 18,931 31,974 30,364 30,385 March 1, 665, 560 1,566,322 1,660,192 20,138 20,909 22,148 33,979 27,680 32, 461 April _. 1,711,106 1, 536, 266 1,544, 708 21, 519 21,224 22,272 32, 572 29,625 33, 734 May 1, 671,678 1,476,231 1,543,890 20,834 21, 477 21,200 30,327 27,724 33,385 June 1, 738,169 1,479,960 1, 555,083 21, 587 19, 653 21, 626 29, 590 25,296 32,264 July 1, 723,030 1,540, 541 1,417,938 20, 215 17,973 34,142 25,972 29,164 August 1, 569, 771 1, 476, 277 1, 241, 475 19,741 19, 513 19,810 26, 532 28, 522 September. 1,593,918 1, 450,972 1, 252,337 21, 354 19, 317 21, 063 28,286 24,893 31, 742 October 2, 206, 407 1, 710, 365 1, 525, 206 26,157 24, 248 25,075 41,189 33, 296 41, 453 November. 1,991,964 1,688, 539 1, 547, 452 24, 778 22, 761 23,883 40, 571 38, 268 46,201 December. 2,004,167 1, 830, 484 1, 662, 042 22, 278 21, 548 22, 469 36, 436 35,174 37, 537 Total. 21, 500, 355 18, 768,819 17, 947,997 258,808 250,943 257,724 ,401,197 358,802 413,498 Hartford, Conn. Holyoke, Mass. Lowell, Mass. Month 1925 1924 1923 1925 1924 1923 1925 1924 1923 January 133,122 136, 347 111,977 18,101 17, 066 17, 716 19, 295 21, 470 21,819 February... 111,992 109,098 99, 351 14, 719 13,960 14, 656 17,024 19,006 18, 590 March 123, 751 122,997 106,384 16, 272 14,366 17, 799 19,371 19,910 22,764 April 124,202 127,133 113,103 16,023 15, 636 18, 210 21,475 18, 585 22,915 May 122,985 119, 506 113, 296 16.014 15, 474 18, 657 19,899 17,376 25,334 June 137,210 119,408 113,833 16, 708 14,903 20,307 21, 332 18,053 25, 502 July 140, 401 130, 662 111,869 17,048 16, 391 17, 086 20,152 18, 073 21, 768 August 120,969 104, 584 99,915 15,422 14, 382 15, 567 19, 341 15, 618 21,467 September. 118, 759 110,365 16, 003 11, 766 15,410 18,852 14,317 20, 597 October 138, 866 130,965 111, 759 18.015 17,005 19, 402 23,858 22,429 24, 230 November- 135, 724 110, 806 110, 831 17, 617 14,898 18,222 24, 762 23, 374 25, 365 December. . 156,913 126,683 123,902 17,247 16,417 17, 514 23,782 22,731 21,140 Total 1, 564,894 1, 448, 554 1, 314,454199,189 182, 264210, 546249,143 |230,942 271,491 1 Figures for cities marked with an asterisk (*) are not included in the district summary or in the national summary of 141 centers. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DISTRICT NO. 1 BOSTON 339 No. 11.—DEBITS TO INDIVIDUAL ACCOUNTS—Continued [In thousands of dollars] Lynn, Mass.* Manchester, Nr.H.* New Bedford, Mass. Month 1925 1924 1923 1925 1924 1923 1925 1924 1923 January.— 29,774 25, 705 22,224 18,384 18,492 19, 472 34,491 31,810 31,146 February . 24,889 21,657 19,210 15,225 16, 785 17, 240 31,391 30,165 30,184 March 27, 714 23,170 27,845 16, 219 18, 707 20,681 35,186 29,826 33,544 April 28,493 26, 720 28,652 16, 744 21,305 21,103 35,959 28,405 31, 731 May 26,816 27,006 28,882 18,394 18,799 21,430 31,919 29,444 32, 241 June . - 30, 596 25,088 26, 774 18,285 16,842 22,410 31,275 26,195 34,105 July 31, 265 28,859 22, 582 21,944 17,533 21, 098 31,695 27, 081 31,115 A ugust 28, 821 25,909 28,116 17, 586 15, 538 19,626 28,889 27,515 28, 742 September 29,397 26,496 25,569 16,344 15, 654 18, 827 28, 631 27,869 26, 547 October 36,130 33,256 31,136 20,427 16, 761 20, 570 39, 733 35, 404 32,132 November _ . 31,201 28, 538 28,897 18,041 16,475 18,257 38, 714 35, 491 36,550 December 33, 965 28,377 27,387 29,454 20,629 22, 786 35,638 36,513 34, 635 Total 359,061 320,781 317, 274 227, 047 213, 520 243, 500 403, 521 365, 718 382, 672 New Haven, Conn. Portland, Me.* Providence, R. I. Month 1925 1924 1923 1925 1924 1923 1925 1924 1923 January... 93,435 43,373 41,185 37,180 185, 807 160,149 159, 503 February.. 85,317 82, 096 74,098 36,307 36,404 35,255 152, 566 142,806 136,280 March 99,132 94, 771 82,608 41,487 40,452 39, 140 162,370 150,369 151, 269 April 92, 688 87, 256 81,257 41,618 38, 700 36,812 163,297 150, 774 152, 709 May 93, 231 93,292 92,439 43,108 39,290 42,854 161, 732 155, M9 154,009 June 100.397 88, 674 94, 274 45,843 38, 316 44, 666 164,822 144,311 162,329 July 104,024 95,856 90, 544 44,925 41,306 42, 627 161,861 137,780 143,654 August 93, 229 82, 840 87, 533 46, 753 39,198 38, 783 147,586 133,453 134, 111 September. 92, 281 89,847 81,603 45,418 40, 036 38, 730 145, 597 132,823 127,659 October... 107, 449 98, 771 95, 787 52, 344 45,304 46, 195 181,957 174, 661 176, 754 November. 96,983 83, 322 87, 582 45,958 40,401 43,438 172,673 146,825 158,803 December. 100,974 96, 867 93,901 48,018 45,134 42, 735 183,667 174,966 169,304 Total 1,164,391 1,087,027 1,050,074 535,152 J485,726 488,415 1,983,935 1,804, 466 1,826,384 Springfield, Mass.* Water bury, Conn. Worcester, Mass. Month 1925 1924 1923 1925 1924 1923 1925 1924 1923 January 85,716 73, 450 72,904 45,601 36,300 32, 306 80,059 74, 642 72,631 February... 66,532 68,276 61,613 31,322 26,281 28,325 65,026 64, 687 58, 530 March 74,930 71,889 74,143 37,150 36,043 30,491 74,350 70, 771 70,021 April 82,431 78, 702 72,611 38,157 37, 586 37,239 77, 774 73, 714 70,718 May 79,189 73,946 77,899 37,182 33,193 35, 527 74, 715 70,766 76,644 June 82,438 74,941 80, 530 41, 278 35,997 38, 785 79,323 72, 780 80, 269 July 78,448 70, 562 38,223 33,453 32, 640 79, 387 71,128 72,134 August 71,678 66,271 65,460 32,871 28, 740 31,082 70.349 65,706 68, 239 September. 74,952 63,632 61,471 27,869 31, 036 29,046 70,355 6fi, 279 62, 766 October 97,621 83, 763 76,602 38,909 35, 653 33, 373 91,124 81, 562 76,075 November. 89, 555 80, 341 69,012 38,213 29,772 30, 213 73, 859 68, 731 75,095 December.. 85, 785 82, 474 71,100 47, 755 38, 505 35,806 89,930 76,093 76,293 Total 977,655 16,133 853,907 454,530 402, 559 394,833 926, 251 856,859 859,415 Figures for cities marked with an asterisk (*) are not included in the district summary or in the national summary of 141 cities. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

340 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No. 12.—MONEY RATES l IN BOSTON [Rates prevailing during week ending with 15th day of the month] Customers' prime Loans secured by Year and month commercial paper I l b n o a t a n e n k r s - L c L u o b i r a o b e n n d e s d r t s b s y e y - o b t o h n e d r s stocks and b s y L e h c o o w u u a r a s n e r e s d e- C lo a a t n tl s e 3 d 0 a - y 9 s 0 mo 4 n -6 ths Demand Time receipts 1924—January February March April May June July August 4 -AM September October November 5 December 4 1925—January 434 4% February 4 -43- 4 -4V 5 March 4 -5 4 -5' April 4 -4\ 4 -43^ May 4 -5 4 -5 June 4 -5 4 -5 4 -5 July 4 -4} 4 -5 434-5 August 4 -5 4 -5 September October November -5 December 5 1 Prevailing rates charged, as reported by representative member banks. The rates are not averages but are those rates at which the bulk of the loans of the designated class are handled by reporting banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DISTRICT NO. 2—NEW YORK 9 No. 1.—CONDITION OF FEDERAL RESERVE BANK [In thousands of dollars] Dec. 31, Dec. 31, Dec. 31, 1925 1924 1923 RESOURCES Gold with Federal reserve agent 329,996 384, 307 583, 625 Gold redemption fund with United States Treasury 13, 516 11, 557 9,441 Gold held exclusively against Federal reserve notes 343, 512 395,864 593,066 Gold settlement fund with Federal Reserve Board 254, 227 286,475 109, 814 Gold and gold certificates held by bank 331, 226 277, 263 168, 61& Total gold reserves 928,965 959, 602 871,495 Reserves other than gold.. 27, 256 21,868 24,437 Total reserves 956, 221 981,470 895, 932 Nonreserve cash 16,967 18, 517 11, 846» Bills discounted: Secured by United States Government obligations 197, 709 68, 745 136,175 Other bills discounted 35, 235 12,577 28,360 Total bills discounted 232, 944 81,322 164, 535 Bills bought in open market 42,020 101,823 93,151 United States Government securities: Bonds 1,934 12,440 6,202 Treasury notes 43,125 120,495 29,972 Certificates of indebtedness .. - 12,140 36,963 10, 582 Total United States Government securities 57,199 169,898 46, 756 Foreign loans on gold 2,106 1,746 Total bills and securities 334, 269 354, 789 304,442 Due from foreign banks 641 641 702 Uncollected items .. 170,993 156, 377 115,065 Bank premises __ _ 16,617 16,243 13, 298 All other resources 3,521 8,016 365 Total resources 1,499,229 1, 536,053 1,341, 650 LIABILITIES Federal reserve notes in actual circulation _ _ _ . 393,037 387,353 420,371 Deposits: Member bank—reserve account 847, 249 883, 861 712,858. Government 3,183 16,904 9,562 Foreign bank ... . 2,221 17,425 2,964 Other deposits 9,061 10, 770 9,442 Total deposits 861, 714 928, 960 734, 826 Deferred availability items. 150, 263 129,055 95, 342 Capital paid in __ 32,395 30,167 29,439 Surplus 59, 964 58, 749 59,929 All other liabilities 1,856 1,769 1, 743 Total liabilities 1,499, 229 1,536, 053 1, 341,650 Ratio of total reserves to deposit and Federal reserve note liabilities combined (per cent) _ 76.2 74.6 77.6 Contingent liability on bills purchased for foreign correspondents. _ 19,000 12,421 6,572- 341 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

342 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 s T b e a t n o i c i e l d u t l s a s r l i- Total ! I ! I I c G U e u S b r o . r e n y e S v - - d - . O c b o d t i i u h l s l - n e s r t- b o m B o k p u i a i e n r l e t g - 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 - l e g F o o i o o a g n r l n - n d s re T c se o a r s t v a h e l s r b M p e a o b s d e n e m e e s r - k r i - t v s s e 1 p T o d o e s t - i a ts l .r i e n n c F t e s o i e u r e o d c t l a r - e a n i v l r s - - e c s p R e e e e r n r - - v t- e j ment ed | obliga- I tions 1925 Jan. 7 275,015 53,357 44,442 8,915 66,567 153,345 1,746 , 011,231 878,284 918,304 374,478 78.2 14 311,445 87,707 63,299 24,408! 71,848 150,144 1,746 999,660 909,271 950,266 350,073 76.9 21 231,102 39,679 30,039 9,640 62,279 126,089 3,055 977,684 807,726 852,608 342,054 81.8 28 269,259 84,501 69,2911 15,210 67,191 114, 512 3,055 983,803 845,739 895,037 338,531 79.8 Feb. 4 316,952133,246 111,733' 21,513 67,731 112,920 3,055 950,369 857,509 896,685 346, 783 76. 4 342,200149,071 108,916! 40,1551 75,884 114,190 3,055 921,278 850,215 885, 512 348, 623 74.6 18~IIII! 324,713 148,346 104,388! 43,958 64,114 109,198 3,055 921,757 843,450 879,213 346,316 75.2 25 416,409 226,927 184,206! 42,721 80,070 106,357 3,055 885,962884,895 914, 259 357,857 69.6 Mar. 4 367,550 177,357 133,117 44,240 67,285 119,853 3,055 874,117 839,647 860,916 359,297 71.6 11 384,709 189,279 142,168 47,111 75,009 117,366 3,055 887,565 871,062 891,286 359,401 71.0 18 328,492103,164 71,810 31,354 52,620 169,653 3,055 902,692 832,092 848,362 362, 608 74.5 25 296,354 136,821 96,536 40, 285 62,209 94,269 3,055 927,410,809,136 835,848 357, 293, 77.7 Apr. 1 284,298 99,077 58,891 40,186 73,197 108,969 3,055 941,181 807,154 827,228 357, 560 79.4 8. __>_._327,087 1~2\8 ;954 75,917 53,037 83,534 111, 544 3,055 908,119 835, 784 853,387348,102 75.6 15 279,563 115i,,795 7nA< 7w9o2 1 A4t 1,0n0no3 57,504 103,209 3,055 922,406 812,900 836,993 342, 070 78.2 22 274,002 1091,,252 73,944! 35,308 64,250 97,665 2,835 969,148 851,754 873, 529J340, 130 79.9 29 241,744 87,698 65,8931 21,805 57,590 93,621 2,835 989, 546 840,804 8*61,223 340,293 82.4 May 6___ 334,0091291,,767 87,505' 42,172! 83,186 118,221 2,835 899, 559 839,67777 88662,,848 2 3388,326 74.9 13... 277,313 72, 509 44, 744 27,765 9, 572112, 397 2,835 926,391 836, 224422 885566,,2824 488 ,333304464! 77.8 20... 217,869 59,781 40,796 18,985 75,080 80,173 2,835 966,319 816,072 836,,446611 333311,457, 82.7 27. _ 241,731110,446 76,443 34,003 66,675 61,775 2,835 987,360 842, 707 863,335533 333322,023 82.6 June 3. 240,138 104,506 74,225 30,281 64, 522 68, 275 2,£ 966,055 832, 881857, 729 334,243 81.0 10. 261, 596123,682 96,222 27,460 64,881 70,198 2,835 948,005 830, 593 853', 208 32^7,;287, 80.3 17. 110,220118,257 89,035 29,222 30,858 58, 270 2,835 989,788 851,090 865, 201 327',,2211 83.0 24. 217, 101120,885 93,672 27,213 35, 587 57, 794 2,835 972,985 808,187 834,705 327,030 83.8 July 1 287,163 151, 111 109,440 41,671 46,99: 86,226 2,83, 952,318 843,935 870, 670 337,789! 78.8 8 236,293:123,783 91,634 32,149 38,453 71,222 2,835 9~5"9", 367 826,458 846,118 332,978 81.4 15 237,229| 121,742 81,515 40,227 37,394 75,258 2,835 977,739 851,004499 886688,;217 330,1471 81.6 22 223,410 120,890 89, 295 31, 595 33,91i 65, 769 2,835 982,735 828,216 846,196 330, 7051 83.5 29 204, 111 110,630 81,230 29,400 30,962 59,684 2,8351,003,495 821,922 840,480 333, 533, 85.5 Aug. 5 276,634180,670 149,893 30, 777 31,88C 61, 249 2,835 962,225 852,183 872,640 337, 752: 79.5 12 266,423173,259 131,963 41,296 32,263 58, 066 2,835 948,085 827,274 848,141 337,418! 80.0 238,181164,315 122,736 41,579 17,796 53, 235 2,835 985,204 833,726 853,582 339, 565; 82.6 276,926192,834 135,152 57, 682 21,03: 60, 226 2,835 954.128 837, 535 857,408 338,702; 79.8 Sept. 2 279,403 195,492 153,435 42,057 25, 035 56,851 2,025 955,543 840,294 854, 79.7 336,006 254,334 185,108 69,226 22,146 57, 501 2,025 909,641 846,377 862,044 349; 75.1 IQ'.'.'.II. 266,205110,361 70,200! 40,161 11,960 141,859 2,025 945,151 833,865 850, 606 *"" 78.7 3 322,607 232,765 159,791! 72,974 27,151 60,504 2,187 950,753 859,457 890,287 76.7 30 339,860 229,060 148,922! 80,138 28,753 79, 293 2,754 939.129 863,184 886,129 355,684 75.6 Oct. 7 323,669 231, 856 144,058 87,798 31,055 57,869 932, 569 854,193 872, 837 353, 669 76 0 14 317,560 214,880 125, 834 89,046 30,624 70,328 1,72? 914,088 838,394 856,120 355,695 75.4 21 242,183 161,966 101,664 60,302 23,016 55,500 1,701 988,440 824, 281 856,885 349, 515 81.9 28 248,686 156,255 92,559 63,696 36,394 55,119 9111,033,806 868,831 900,248 354,789 82.4 Nov. 4 286,104 191,273127,955 63,318 32,391 61,414 1,026 1,015,083 858, 537 889,394 361,153 81.2 249,195 153,136 90,582 62,554 32,309 62,454 1,296 1,021,192 857,179 885,993 353,995 82.4 18ZIIII 239,482 147,977 89,476 58,501 26,252 63,714 1,539 1,034,165 864, 565 891,675 356,779 82.8 25 291,230192,683 129,493 63,190 35,408 61,384 1,755 993,258 850,396 886,087 362,455 79.6 Dec. 2 295,919187,759 96,727 91,032! 34,838 71,08: 2,241 996,823 868,834 900,323 361,533 79.0 9 331,453 211,193144,189 67, 004| 35,570 82,441 2,241 969,618 870,779 902,125 362,979 76.6 16 306,838 146,667103,177 43,490! 17,908 139,88' 2,376 939,839 852,827 869,138 369, 551 75.9 23 342,002 228,186 185,265 42,921! 42,958 68, 61' 2,241 961,142 866, 607 889,671 391,203 75.0 30 395,186,294,975 254,469 40,505 37,090 60,93- 2,187 968,813 932, 274 948,442 384,682 72.7 Daily average'287,280 151,190'. 47, 749 85, 792 2,549 949,646!828,768 855,329 351,207 78.7 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DISTRICT NO. 2—NEW YORK 343 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 Total b G y S m o U t v a e n t e n e i r t t s n e - d c a i p g a tu a r l i p r c a a e u n l r l d - 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' 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 tobliga- n. e. s. tions 1925 January... 894,806 709,629 185, 055 122 69,327 67,493 1,711 123 February.. 1,651,377 1,330, 525 320,612 240 97,435 95,678 1,502 255 March 1,711,872 1, 530,005 181, 742 125 308,935 106, 254 2,316 365 April 1,181,903 1,019,202 162, 586 115 308,352 104,820 3,139 413 May.... 1,002,188 775,104 226,967 117 147,106 143, 689 2,949 468 June 1, 230,162 1,054,297 175, 731 134 110,382 108,593 1,495 294 July.... 1,364,886 1,201, 995 162, 743 148 72,085 70, 635 1,116 334 August. 1, 770, 897 1, 588,949 181, 609 339 41,701 40,317 981 403 September 2, 015,926 1, 780,421 . 235,350 155 72, 012 71,082 735 195 October 1, 585, 782 1,348,120 237,277 385 108,292 105,395 2,566 331 November 1, 007, 694 793, 504 214, 039 151 92, 083 89, 573 1,882 628 December 1, 650,306 1,397,838 252,139 329 132,895 128,427 3,930 538 Total: 1925... 17,067,799 14, 529, 589 2, 535,850 2,360 1,360,605 1,131,956 24,302 4,347 1924... 7,030,842 6, 214, 270 812, 041 47 4,484 1, 077,399 1,038,340 30, 607 8,452 1923...17,951, 843 15,961, 946 1, 982, 852 470 6,575 1,177, 647 1,108,895 55,482 13,270 United States se- United curities purchas- States Federal Total discounts and purchases Bills ed in open mar- securi- inter- Month F b r b e o e f o r a s t d u o e h n e g m r e k r v h r a s e t l B n a k o o n e n t d e t d s s in c C d a n e e t e e r b t s s i t s f e i o d - f - F r c b e o f e h p t s a r t d i a u o e h n e e s m r r s e k e - r v r s d a e l m d c c b t e h e p r u a d a e b u r n s i d e e r a k e - i n s t t d - e F l o g o r o o a e n l n i d g s n 1925 1924 1923 1925 January.. 16,139 21,337 1,309 1,002,939 1,280, 279 3,174,494 February . 20,985 14,102 1, 783, 899 1, 567,249 2, 512,946 March 42, 779 402,470 1,746 2, 267, 802 1,374,424 2,185, 951 April 18,269 5,229 439 1,215 1, 315,407 1,050,169 1,917, 015 May 40,216 1,132 1,190, 648 694,177 1, 997, 541 June 52,867 152,032 1,620 1, 547,063 283,227 1,378,937 July.... 130 42, 634 15,076 1,215 1,496, 026 384,472 1,655,296 August. 1 15,845 5,026 810 1, 834, 280 167, 954 1,2 September.. 36,232 304,264 600 729 2,429, 807 589, 381 1, 019,432 October 28, 985 15,360 351 1, 738, 770 604, 626 1,105,859 November,. 41, 452 15,123 3,159 1,159, 511 453,436 1, 219,361 December.. 5,169 65, 354 285, 525 135 2,139,384 1, 200,430 1,396,403 Total: 1925.. 5,371 421, 757 1, 236, 676 1,039 12, 289 19,905, 536 1924.. 2,785 252,486 1, 051, 645 27, 621 5,300 1,746 9, 449,824 3923.. 9,008 533,003 3,145,109 12, 674 20,829,284 88169—2 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

344 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 nec C ti o c n u - t ! Y N o e r w k Je N rs e e w y * Total b m a e n m ks b e i r n a b c a c n o k m s district modated at end of during month 2 the month 1925 January ._ 350 871,143 23,313 894,806 859 312 February 708 1,626,853 23,816 1,651,377 858 318 March _ _ __ . 495 1, 680,478 30, 899 1,711,872 854 365 April 755 1,149,154 31,994 1,181,903 862 366 May 350 967,150 34, 688 1,002,188 866 387 June _ _ _ 505 1,197,118 32, 539 1,230,162 869 399 July 610 1,308,010 56, 266 1,364, 886 868 357 August _ 875 1, 727, 303 42, 719 1, 770, 897 869 September 200 1,959, 930 55, 796 2,015, 926 874 October 500 1, 523,686 61, 596 1, 585,782 877 November 880 946, 600 60, 214 1,007, 694 880 December ,. 1,965 1, 565,482 82, 859 1, 650, 306 880 Total: 1925 8,193 16, 522,907 536, 699 17,067,799 * 1924 6,615 6, 653,107 371,120 7,030,842 1923 12, 484 17, 408, 097 531, 262 17,951, 843 Number of member banks at end of year:2 1925 11 636 233 880 1924 11 632 216 859 1923 . _ 12 620 207 839 Number of member banks accommodated: 1925 8 438 154 600 1924 9 436 148 593 _. 1923 . . 10 433 147 590 CO COW 362 422 1 1 Figures relate only to that part of the State located in the New York district. 2 Banks in actual operation. Figures prior to March, 1925, represent number of banks shown by the capital stock records. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 5.—EARNINGS AND EXPANSES OF FEDERAL RESERVE BANK [Figures originally published have been regrouped where necessary in order that data for all years may be on a comparable basis] 1914-15 1916 1917 1918 1919 1920 1921 1922 1923 1924 1925 Total EARNINGS i Discounted bills $36, 782 $37, 368 $2, 455, 533 $17, 736, 261 $29,935,911 $49, 839,183 $30, 762, 021 $3, 970, 210 j $8, 255, 646 $2, 613, 566 i $5,188, 506 $150, 830, 987 Purchased bills 97, 135 530, 484 1, 843, 325 5, 411, 821 3, 334, 605 8, 323, 050 1, 829, 665 1, 619, 512 1, 9u9, 837 1, 446, 693 1, 469, 858 ! 27, 875, 985 United States securities 81, 645 378, 668 1, 561,839 1, 888, 497 1, 975, 649 1, 955, 970 5, 227, 488 1, 087, 251 4,165, 856 2, 934, 698 I 21, 307, 561 Municipal warrants 192, 520 214,122 66, 470 2,621 1 475,733 Deficient reserve penalties.... 18, 565 27,192 36, 405 141, 664 63, 804 9, 738 40, 800 24, 974 33, 422 ! 436, 564 Net service charges received.. 20, 377 80, 923 50,167 151,467 Miscellaneous 18, 598 87, 030 85, 730 524, 835 136, 994 245, 775 98,814 482, 331 59, 649 318, 261 540, 690 2, 598, 707 Total earnings. 345, 035 971, 026 4, 929, 214 25, 314, 736 35, 332, 412 10, 525, 321 34, 710. 274 11,349,279 11, 413, 183 8, 569, 350 10,217,174 203,677,004 o CURRENT EXPENSES [Exclusive of reimbursable fiscal agency expensi I Salaries: Bank officers $78, 400 $92, 650 $129, 247 $189, 901 $$3,02, 030 j $$33,8 3,6 760 $498,114 $494, 844 $469, 328 $479, 542 $455, 150 $3, 572, 966 Clerical staff 70, 344 103, 699 287, 356 1, 082, 719 2, 555, 388 3, 479, 270 3, 928, 025 3, 602, 883 3, 873, 284 3, 412,141 3,103, 706 25, 498, 815 Special officers and watchmen 2,950 7,248 11,017 25, 854 82,110 166, 449 208,144 188, 207 193, 627 166, 462 147, 654 1, 199, 722 3 All other 11, 737 29,534 180, 579 199, 213 303, 314 280, 085 312, 456 371, 699 475, 405 2, 164, 022 Governors' conferences "1,440 2,885 552 28 316 I 270 448 490 758 504 403 Federal reserve agents' confer- ! ences _ 648 110 113 139 I 680 156 247 332 12G 2,916 Federal advisory council 1,000 1,163 650 1,650 1,150 i 1.200 1,200 845 657 550 479 10, 544 A D Tr s i a r s e v e c s e t s l o i m n rs g e ' n e m ts x e p f e o e t n r i s n F e g s e s d . L eral R _ eserve 14 1 , , 2 5 1 1 5 0 6,2 6 1 5 5 9 14 3 , , 2 3 3 8 6 4 20 4 , , 5 8 1 2 9 7 2 2 7 9 , , 0 7 1 3 5 0 ; 2 32 3 ' , , 1 5 1 1 75 3 3 2 7 , , 1 8 0 9 1 1 2 2 3 8 , , 0 9 7 2 5 3 2 28 1 , , 6 3 6 2 4 0 2 27 1 , , 4 6 6 6 0 0 2 1 8 7 , , 9 1 9 4 2 3 2 21 3 2 2 , , 1 7 3 3 3 2 Board expenses 63, 209 39, 029 50,252 100, 876 181, 875 I 221, 868 202,802 I 197, 882 190. 846 179, 201 191, 729 1, 619, 569 Legal fees 2,250 3,017 11,250 I 9,324 2. 275 I 3,932 586 7, 115 10,125 49, 924 Insurance (other than on currency and security shipments). 1,603 3,125 | 5, 874 35, 294 98,817 ' 48, 907 84,058 I 65, 144 05, 411 58, 602 66,081 532, 916 Taxes on banking house. 8,036 ! 29, 184 31, 882 116, 643 418,128 603, 873 Light, heat, and power 6,997' 2,859 3,077 9,678 I 16, 569 20, 131 47,284 I 95, 679 202, 274 Repairs and alterations, banking house _ 9,279 ! 2, 581 1,700 4,640 i 25,513 43,713 Rent 46, 240 I 46, 070 63,180 181, 154 " 420," 961 ~' 357,~ 420~ i 422, 660 ! 350, 284 341, 786 268, 687 26. 918 2, 525, 360 00 1 Other than those connected with governors' and agents' conferences and meetings of directors and of the advisory council. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 5.—EARNINGS AND EXPENSES OF FEDERAL RESERVE BANK—Continued 1916 1917 1918 1919 1920 1921 1922 1923 1924 1925 Total CURRENT EXPENSES—Continued Telephone $1, 692 $1, 985 $6, 521 $13, 540 $32,490 $32, 934 $47, 388 $48, 983 $46, 837 $51, 346 $51, 071 $334,787 C| Telegraph. 423 766 3,561 19, 514 33, 235 49, 045 65,191 63, 943 65,172 65, 413 64, 277 430,540 > Postage _. 4,426 12, 946 39, 668 99, 440 223, 671 232,660 248, 052 270,178 286, 454 I E n x s p u r r e a s n s c a e g o e n .. . currency and secur- 834 1,648 41, 757 47, 204 274. 372 318, 213 60, 676 76, 553 85,492 91, 464 95, G95 2, 983, 030 w ity shipments (2) • 58, 848 81, 429 98,065 115,656 118,1S9 P O r ff i i n c t e i n a g n d a n o d t h s e t r a t s i u o p n p er li y es 11, 468 20, 067 46, 009 137,960 236, 653 270, 383 1 1 3 2 6 3 , , 3 4 1 3 9 8 9 7 0 1 , , 9 2 5 7 1 6 8 8 8 6 , , 3 5 0 2 8 3 1 7 1 8 1 , , 2 2 2 5 7 8 1 7 0 4 1 , , 8 7 1 4 0 7 1, 685, 397 o TJ Miscellaneous expenses 52, 851 25, 537 118,576 176,198 142, 251 184, 865 173, 461 132, 807 110,942 156,113 151, 687 1, 425, 288 H Total, exclusive of cost of O currency _. 355,122 378, 077 851, 484 2,146, 805 4, 613, 220 5, 782, 204 6, 637, 173 6, 083, 857 6,382,1£9 6,101, 943 6, 006, 571 45, 338, 615 *J Federal reserve currency (including shipping charges): H W Original cost 113,800 95, 240 789, 013 335, 044 642, 430 648, 392 1, 091, 592 553,125 421, 229 195, 550 280, 276 5,165, 691 Cost of redemption 12,938 15, 010 27,921 105,167 159, 767 213, 287 70, 174 76, 748 53,328 38, 355 772, 695 Taxes on Federal reserve bank-note circulation.. 200, 269 207, 401 136, 310 69, 374 613, 354 Total current expenses 468,922 486, 255 1, 655, 507 2, 509, 770 5, 561,086 6, 797, 764 8, 078, 362 6, 776, 530 6, 880,136 6, 350, 821 6, 325, 202 51, 890, 355 PROFIT AND LOSS ACCOUNT Earnings $345,035 $971, 026 $4, 929, 214 $25, 314, 736 $35, 332,412 $60, 525, 321 $34, 710, 274 $11, 349, 279 $11, 413,183 $8, 569, 350 $10, 217,174 $203, 677,004 02 Current expenses 468,922 486, 255 1, 655, 507 2, 509, 770 5,561,086 6, 797, 764 8, 078, 362 6, 776, 530 6, 880,136 6, 350, 821 6, 325, 202 51, 890, 355 Current net earnings 3128, 887 484, 771 3, 273, 707 22,804, 966 29, 771,326 53, 727, 557 26, 631, 912 4, 572, 749 4, 533, 047 2, 218, 529 3, 891, 972 151, 786, 649 Additions to current net earn- w ings: o Withdrawn from reserve for— Federal Reserve Board expenses 168, 682 168, 682 Probable losses * 200,000 ••» 200,000 Allother 10,654 132,059 31,096 6,050 3,654 2,743 1,697 176, 240 4,976 369,169 Total additions 10, 654 132,059 31,096 374, 732 3,654 2,743 1,697 176,240 4,976 737, 851 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Deductions from current net earnings: Bank premises—depreciation 803, 800 900,032 385, 677 104,054 365,053 1, 235, 937 910,440 522, 269 5,227,262 Furniture and equipment 70, 707 170, 933 204,014 201, 491 156,149 50,172 58,021 536, 776 199, 261 1, 647,524 Reserve for probable losses 200,000 200,000 Reserve for self insurance 200,000 250,000 250,000 294,072 52, 756 55,197 57, 320 1,159,345 Reserve for Federal Reserve Board expenses 168 682 168,682 Reserve for depreciation, United States bonds 205, 880 25,299 231,179 Allother 99,375 370,075 111, 692 31, 531 144, 602 144,351 275, 504 14, 800 1,191,930 Total deductions 70, 707 205, 880 1, 274,108 1, 842, 803 974,159 541, 734 853, 899 1, 491, 065 1, 777, 917 793, 650 9, 825,922 Net deductions from current net earnings 70, 707 195, 226 1,142,049 1,811,707 599,427 538,080 851,156 1, 489, 368 1, 601, 677 788, 674 9,088,071 Net earnings _.. 3 123, 887 414,064 3,078,481 21, 662, 917 27, 959, 619 53,128,130 26,093, 832 3, 721, 593 3, 043, 679 616,852 3,103, 298 142, 698,578 Distribution of net earnings: Dividends paid 127,113 1, 942, 819 1,195,026 1, 291, 047 1,477, 096 1, 608, 721 1, 652,138 1,749,239 1, 796, 530 1, 888,196 14, 727,925 Transferred to surplus ac- Q count 649, 363 20,467, 891 23, 964, 678 12, 332, 523 3, 782, 671 —< 1,397,60S 129, 444 5 1,179,678 1,215,102 59,964,391 H Franchise tax paid United States Government 649, 363 2, 703, 894 39, 318, 511 20, 702, 440 * 3, 467,058 1,164,996 68,006, 262 Balance to profit and loss _.—123,887 286, 951 —163,064 T REIMBURSABLE EXPENDITURES OF FISCAL AGENCY DEPARTMENT Salaries: Officers $17,083 $22,000 $36,089 $3,000 $78,172 Employees _._ $228,157 1, 859, 362 2, 507,179 1,087, 059 375,143 $42,093 $128,106 $38,424 $14, 935 6, 280,458 Allother 671,883 2, 944, 864 2,434, 463 393, 307 103, 644 167,196 293, 985 10, 045 3,609 7,022, 996 Total 900, 040 4, 821, 309 4, 963, 642 1,516, 455 481, 787 209, 289 422,091 48, 469 18, 544 13, 381, 626 2 Included with "Miscellaneous expenses." 3 Excess of current expenses. « 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, 3 Deficit in earnings after payment of dividends, charged to surplus account. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

348 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No. 6.—VOLUME OF OPERATIONS IN PRINCIPAL DEPARTMENTS 1924 1923 NUMBER OF PIECES HANDLED Bills discounted: Applications 15, 528 12, 452 17,418 Notes discounted 36,272 39, 622 72,177 Bills purchased in open market for own account 63, 037 61,453 75, 701 Currency received and counted 554,123,000 512, 097, 000 477, 257, 000 Coin received and counted 981, 654,000 917,181, 000 816,128, 000 Checks handled 143,175, 000 136,853, 000 129,130, 000 Collection items handled: United States Government coupons paid 12,156, 000 14, 055, 000 17, 684,000 All other 2, 040, 000 2, 429, 000 2,177, 000 United States securities—issues, redemptions, and exchanges by fiscal agency department. __ 2, 048,000 4, 009, 000 i 13, 541,000 Transfers of funds _ 294,000 293, 000 284,000 Envelopes received and dispatched 7,170,000 7, 337, 000 7, 673, 000 AMOUNTS HANDLED Bills discounted _ $17, 067, 799,000 $7, 030,842, 000 $17, 951, 843, 000 Bills purchased in open market for own account 1,160, 605, 000 1,077, 399, 000 1,177, 647, 000 Currency received and counted 3, 539, 722,000 3,177,027,000 3, 006,283, 000 Coin received and counted 268,129, 000 114, 281, 000 125, 506, 000 Checks handled _ _ 88, 241, 217, 000 68, 678, 871,000 65,805, 632, 000 Collection items handled: United States Government coupons paid 311, 647, 000 332,369, 000 337, 344, 000 All other 2,085, 032, 000 1,873, 743, 000 1,920, 719,000 United States securities—issues, redemptions, and exchanges by fiscal agency department _ 2,960, 523,000 3, 526, 342,000 3,168,654, 000 Transfers of funds 38,821,282, 000 35,182, 641,000 28,031, 500, 000 L Large total 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] Ite ba m n s k s d in ra o w w n n o di n s- Ite s o m e t r h s y e e f r o F r b w a e n d ar k e d r s e a a d l n r t e d o - Ite T m re s as d u ra r w er n o o n f Total i trict their branches United States Month Number Amount Number Amount Number Amount Number Amount 1925 January 9,605 7, 654, 383 1,508 171, 544 427 88, 419 11,540 7,914, 346 February 8,026 6,218,436 1,323 136,371 405 106, 221 9,754 6,461, 028 March 10, 017 6, 777,486 1,475 163, 234 496 111, 004 11,988 7, 051, 724 April 10, 061 6,947, 709 1,464 168, 678 543 97, 826 12, 068 7, 214,213 May ..- 9,624 8, 361, 608 1,351 153, 488 487 93,495 11,462 8,608,591 June 10/696 7, 233, 668 1,399 161, 589 444 112,005 12, 539 7, 507, 262 July 10, 743 6,611, 525 1,388 163, 054 430 91, 590 12, 561 6, 866,169 August 9,842 6,046, 749 1,282 147,477 404 73, 830 11, 528 6,268, 056 September 9,868 6,396,473 1,341 151,482 481 115, 520 11,690 6,663,475 October._ 10, 652 8, 018, 586 1,552 187,876 554 99, 293 12, 758 8,305, 755 November 9,471 7,412,831 1,418 174,139 488 82, 559 11, 377 7, 669, 529 December 11,159 7,189, 026 1,641 179,352 457 114, 834 13, 257 7,483,212 Total: 1925.... 119, 764 84, 868,480 17,142 1,958,284 I 5,616 1,186, 596 142, 522 88, 013, 360 1924.... 107,278 64,987,977 17, 551 2,044,836 I 11, 336 1,364,921 136,165 68,397, 734 1923..._ 98, 017 61,983,112 17, 254 2,142, 648 I13,125 1, 392, 272128,396 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

349 DISTRICT NO. 2—NEW YORK No. 8—CLEARINGS AND TRANSFERS THROUGH THE GOLD SETTLEMENT FUND [In thousands of dollars] Payments to Receipts from Week ending— other Federalother Federal Net loss Net gain reserve banksreserve banks 1925 Jan 7 653,989 675,486 21, 497 14 647,379 651, 746 4,367 21 678, 329 673,126 5,203 28 572,167 587, 053 14,886 Feb 4 631, 282 614, 471 16,811 11 587, 314 570, 207 17,107 18 579,121 579,495 374 25 595,152 555,103 40,049 Mar 4 654, 687 675,189 20, 502 11 . .. 601, 670 608,958 7,288 18 756, 910 764,453 7,543 25 .. . 671,431 695,249 23,818 Apr 1 574, 976 608,930 33,954 8 636,825 606,430 30,395 15 582, 209 596, 515 14,306 22 626,138 669, 373 43, 235 29 570,845 592, 351 21, 506 May 6 709, 359 628, 521 80,838 13 546,195 571, 755 25,560 20 627,444 672, 278 44,834 27 597,770 624, 790 27, 020 June 3 584, 360 572,783 11,477 10 580,826 558,720 22,106 17 735, 548 771, 638 36,090 24 663, 540 650, 516 13, 024 July 1 674, 314 661, 449 12,865 8 _ * . .. . 568, 456 573, 591 5,135 15 611, 518 627, 310 15, 792 22 652, 351 658, 545 6,194 29 538,998 562,072 23,074 Aug. 5__ 632,411 596,108 36,303 12 _._ 531, 735 517, 661 14,074 19 ._ _ 566,074 611, 089 45,015 26 554,034 529, 738 24,296 Sept. 2 . 530, 085 517,098 12,987 9 _ 486,253 436,038 50,215 16 645, 591 678, 656 33,065 23 742, 704 762, 303 19, 599 30 664,028 666, 595 2,567 Oct. 7 677, 313 673,130 4,183 14___ . .. 559,989 548, 067 11,922 21 . 773, 712 841, 006 67, 294 28 676, 293 726, 480 50,187 Nov. 4 _ 630, 358 626,995 3,363 11 578, 492 578, 234 258 18 807,485 818, 288 10,803 25 _ 707, 298 705, 685 1,613 Dec. 2 613, 499 627, 534 14,035 9 688, 522 671, 770 16, 752 16 825,174 806, 719 18,455 23 __ . _ . . 776, 613 823,088 46,475 30 627, 761 612 492 15 269 31 (1 day) _ 160, 517 153,195 7,322 Total 1925 33,166 944 33 386 072 219 128 1924 29, 786, 380 29,956, 252 169,872 1923 26, 368, 705 26, 309, 641 59,064 Net loss in ownership of gold since establishment of fund in 1915, $1,261,102,000. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CO No. 9.—REPORTING MEMBER BANKS IN LEADING CITIES: PRINCIPAL RESOURCES AND LIABILITIES Or [In thousands of dollars] O REPORTING MEMBER BANKS IN EIGHT CITIES * Loans and discounts Investments Borrowings from Net demand deposits Time deposits Federal reserve Last report date Secured by stocks United States bank d in— Total and bonds other than securities All other U. S. bonds F w 1925 1924 1925 1924 1925 1924 1925 1924 1925 1924 1925 1924 1925 1924 fa O January... 4, 804, 961 4, 230, 439 2,166, 620 1, 646, 7761,131,460 1,003,097 1,081,101 767, 934 5, 717, 692 4, 827, 708 1,140,890 878, 020 63,290 76,920 February.. 4, 807, 919 4,199,101 2,184, 240 1, 579, 2141,106, 824 1, 002,258 1, 066, 387 781, 626 5, 629, 006 4, 794, 581 1,145, 316 902, 744 204, 632 96, 477 March 4, 750, 985 4, 329, 874 2,179, 941 1, 636, 2961, 080, 440 1,087, 674 787, 889 5, 456, 669 4, 823, 924 1,166,611 942,163 108, 294 69, 595 April 4, 909,182 4,358, 628 2, 250,149 1, 708,410 1,072,931 944, 729 1,139,977 855, 452 5, 751, 616 5,036,492 1,193, 493 962,162 62,157 22, 818 J M un ay e 4 4 , , 7 7 6 8 7 7 , , 3 2 9 4 9 5 4 4 , , 4 2 7 5 2 4 , ,1 5 5 0 8 3 2 2 , , 1 2 9 8 6 3 , , 2 8 7 5 8 2 1 1 , , 6 8 2 3 3 3 , , 0 87 2 8 2 1 1, , 0 0 6 6 0 6 , , 9 5 1 8 3 8 1 1 , , 0 0 02 34 , , 9 8 8 7 7 4 1 1 , , 1 1 3 5 1 6 , , 1 3 8 9 3 2 9 98 0 4 6 , , 2 39 3 1 3 5 5 , , 5 54 7 9 9 , , 8 6 8 6 7 5 5 5, , 3 0 6 1 0 2 , , 0 5 9 6 14 1 1 , , 1 2 9 1 6 2 , , 7 3 1 3 3 3 9 9 8 6 8 1 , , 0 3 5 2 0 7 8 93 4, , 0 8 7 7 5 9 3 1 4 8 , , 0 9 8 6 1 9 w July 4, 701, 480 4, 533,140 2,217,575 1, 958, 0011,080, 271 1, 067, 2671,150, 523 1, 012, 8635, 577,389 5, 531, 578 1,161, 289 1, 010,120 85, 360 20,511 A Se u p g t u em st ber. 4 4 , , 9 7 9 6 9 7 , , 0 6 6 7 6 5 4 4 , , 7 5 1 7 0 3 , , 6 6 7 5 6 0 2 2 , , 3 2 4 3 7 8 , , 1 8 2 4 4 7 2 1 , , 0 9 3 4 3 4 , , 4 5 3 0 2 4 1 1 , , 0 0 2 7 2 2 , , 6 4 3 8 8 6 1 1, , 1 1 8 0 4 3 , , 5 9 3 0 6 8 1 1 , , 1 1 4 4 5 2 , , 1 9 2 8 3 9 1 1, , 0 0 3 3 9 1 , , 6 6 1 4 3 95 5, , 4 6 9 6 5 1, , 4 75 19 1 5 5 , , 6 5 5 6 4 9 , , 0 5 0 7 5 5 1 1 , ,1 18 8 8 2 , , 4 2 8 2 1 5 1 1 , , 1 0 0 2 1 8, , 5 7 8 0 7 5 1 1 9 6 6 3 , , 9 59 4 9 2 2 1 0 8 , , 7 9 6 0 4 7 fa October... 4,987,184 4, 621, 725 2, 321, 605 1, 932,309 1, 026, 8051, 213, 6721,143,123 1,139, 777 5, 715, 305 5, 696, 000 1,166, 650 1,150, 377 122,178 18,144 fa N D o ec v e e m m b b e e r r . 5 5 , , 3 0 1 3 2 7 , ,9 6 5 1 5 1 4 4 , , 7 8 4 9 1 1 , ,8 3 5 2 7 1 2 2 , , 6 39 8 4 8 , , 1 7 3 2 2 8 2 2 , , 0 2 6 0 1 0 , , 8 3 0 8 9 2 1 1, , 0 0 1 2 9 4 , ,9 8 6 3 6 9 1 1 , , 1 2 3 2 9 8 , , 6 1 2 4 5 2 1 1, , 1 1 3 1 2 1 , , 0 4 2 5 0 6 1 1, , 1 1 4 3 4 6 , , 1 3 5 4 3 9 5 5 , , 8 6 7 7 4 0 , , 8 2 9 0 2 9 5 5 , , 8 9 3 5 9 7 , ,1 8 5 5 7 2 1 1 , , 1 1 9 8 5 4 , , 2 8 5 9 3 0 1 1 , , 1 18 5 1 6 , , 2 5 4 3 2 7 2 1 6 6 1 1 , , 0 3 6 2 3 2 5 2 8 0 , ,1 4 7 0 5 0 f o f a a w > REPORTING MEMBER BANKS IN NEW YORK CITY 2 F w January... 4, 287,904 3, 717, 878 1, 951,085 1, 453, 883 987, 303 893, 255 814,021 554,379 5,185, 734 4,337, 217 793, 810 583, 428 45, 378 58, 571 February. 4, 284, 254 3, 685, 315 1, 964, 734 1,384, 954 965,404 797, 903 565,105 5,092, 499 4, 300, 319 794, 442 604, 789 182, 339 71,327 fa March 4,207,311 3, 811, 928 1, 943, 464 1, 441,106 936, 751 872, 609 816, 907 572, 269 4,916,055 4,328, 564 807, 350 643,372 90, 406 50, 014 April 4, 357, 602 3,818,115 2, 010,156 1, 493, 351 932, 590 860, 865 632, 893 5, 203, 690 4, 513,869 821,365 659,426 46, 653 4,333 3 May 4, 219, 658 3, 726, 689 1, 955, 583 1, 420, 376 924,124 896, 584 846, 361 685, 085 4, 986, 571 4, 499, 507 846,184 658,241 71, 228 18,493 J J u u n ly e 4 4, , 1 2 4 30 5 , ,0 5 8 1 4 8 4 3 , , 0 9 3 6 6 2 , , 2 8 1 7 2 3 2 1 , , 0 97 3 8 6 , , 2 0 7 6 4 1 1 1 , , 7 6 6 3 4 7 , , 4 6 8 0 7 5 9 9 4 3 2 2 , , 5 95 0 1 7 9 9 5 24 3 , , 0 9 1 1 8 3 865. 019 7 7 6 5 7 3 , , 2 0 0 2 5 4 5 5 , , 0 0 2 2 8 1 , , 0 7 8 5 4 5 4 5 , , 8 0 5 1 2 6 , , 8 4 7 2 0 4 8 77 1 6 9 , , 9 0 8 8 4 6 6 67 9 9 9 , , 9 9 5 1 4 3 5 7 7 2 , , 8 7 7 2 0 8 8 5, , 7 0 1 4 4 7 o w August 4, 211, 577 4,069, 051 1,994, 738 1, 753,159 934, 289 977, 362 855, 724 797, 995 4, 963, 880 5, 055, 017 795, 408 711, 521 135, 254 8,980 September 4,444, 968 4, 205, 674 2,108, 688 1,834,071 887, 306 1, 053, 825 844, 522 789,110 5,110, 543 5,136, 326 795, 406 775, 021 165, 625 9,600 October... 4,419, 221 4,112, 297 2,074, 259 1, 722, 713 891, 272 1,090,399 850, 210 882, 249 5,167,470 5,177, 529 771, 854 813, 312 84, 942 11, 861 November. 4,465, 460 4, 234, 580 2,146, 548 1. 854, 699 892, 265 1, 096,200 835, 890 886,833 5,131,229 5,314,168 796,192 847, 211 116, 361 5,056 December. 4, 728,139 4, 361, 756 2, 430, 601 1, 973, 919 897,492 999, 408 798,845 871,135 5, 309, 917 5, 401,345 809, 564 817,004 218,012 30,975 1 Figures are for about 101 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 61 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 351 No. 10.—ALL MEMBER BANKS—NET DEMAND AND TIME DEPOSITS, BY SIZE OF CITY [In thousands of dollars] Net demand deposits Time deposits Banks in cities and towns having a Banks in cities and towns having a population of— population of— Date Total Total Less 5,000 15,000 100,000 Less 5,000 15,000 100,000 than to to and than to to and 5,000 14,999 99,999 over 5,000 14,999 99,999 over 1923 Apr. 25—. 5, 274,464157, 590100, 551281,382 4,734, 1,627, 805216,146!125,837 333,747 952,075 May 23—. 5,316,076 159,192 104,082 271,770 4,781, 1, 620,868208,657'129,772 326,691 955,748 June 27-.. 5,331,349 162, 698103,843 278,675 4, 786, 1, 646,399233, 571!130,553 323,893 958,382 July 25—. 5,264, 514170,648 106,733 280,011 4,707, 1,636,235 226, 515132, 229337,239 940, 252 Aug. 29... 5,130,367 173,765 110,161 278,437 4,568, 1,654, 771226, 785131, 950340, 591 955,445 Sept. 26... 5,192,001 171,604 106,899 273,583 4,639, 1,662, 566230, 550134,001 340,058 957,957 Oct. 24-__. 5,310, 236172, 711106,914 273,019 4, 757, 233,539 134,127 347,327 965,993 Nov. 28... 5,339, 505164, 056105,453 267,373 4, 802, ., 662, 051235,986 134, 536349,638 941,891 Dec. 26.-. 5,302, 558160,805 105, 687273,410 4,762 " 18, 52,"236,243 134,748 348,905 948,629 1924 Jan. 23.... 5,383, 722163,465 103,548 273,240 4,843,469 ., 699, 871240,005 137,878 356, 247 965, 741 Feb. 27— 5,390,662 157, 552103,342 272,809 4,856,959 , 700,446242, 727139,809 360, 667 957,243 Mar. 28._ 5,406,973 155,771 101,020 269,000 4,881,182 ., 750, 663245,246 141,127 362,825 1,001,465 Apr. 23— 5, 545, 860156,538 105, 225277,007 5, 007,090 ., 779, 565245, 588143, 517367.316 1,023,144 May 28— 5,623,334 156, 761106, 688282, 6175,077,268 1,781,915 245,494 144,328 372,914 1,019,179 June 25— 5,982,997 161,863 106,083 288,15115,426,900 1,812,215 247,027 145,994 373,741 1,045,453 July 23.... 6,127,421 170,632 108,834 292,688 5, 555,2671,842,634 250,700 142,212 377,672 1,072,050 Aug. 27— 6,219,902 179,208 113,878 291,272 5,635,544 1,882,782 257,642 145,608 384,385 1,095,147 Sept. 24... 6,306,369 177,208 112,077 293,532 5,723, 5521,965,839 261,106 146,977 388.317 1,169,439 Oct. 29... 6,348,865 175,452 112,263 296,176 5,764,974 2, 026,426 263,461 148,045 395,698 1,219,222 Nov. 26... 6,496,559 175,288 112,049 301,183 5, 908,0392,066,104 265,306 147,685 397,655 1,255,458 Dec. 24— 6, 527,806170,410 109, 822299, 654!5, 947,9202,018,700 265,979 147,137 398,396 1,207,188 1925 Jan. 28... 6,383,028 171,936 111,518 301, 777 5,797,797 2,041,042 271,334|151,107 406,067 1, 212,534 Feb. 25— 6,289,886 170, 752109,401 299,290| 5,710,443 2,063,112 276,212 153,946 413,399 1,219, 555 Mar. 25.. 6,109,736 169, 035108,957 292,762^ 5, 538,9822,063,332 276,283 154, 543424,942 1,207, 564 Apr. 22— 6,334,929 173,101 113, 017299,692 5, 749,1192,121, 020277,429 154,138 418,885 1,270, 568 May 27... 6,236,627 179,967 114,232 302, 426 5, 640, 0022,154,206 280,378 154, 082432,070 1,287,676 June 24— 6, 276,324183, 233115,109 303,477 5,674,505 2.141,081 284,507 156,780 427,916 1,271,878 July 29... 6,302,126 192,214 118,732 314,280 5,676,900 2,122,663 291,741 157,107 432,316 1,241,499 Aug. 26— 6,234,042 200,096 122,357 314,254 5, 597,3352,158, 054291, 506160,880 437,038 1,268,630 Sept. 23.. 6, 222,943200,168 121,870 317,818 5,583,087 2,161,364 297,656 161,889 439,402 1,262,417 Oct. 28— 6,464,101 198,275 121, 651313,743 5,830,432 2.164,082 300,549 163, 081443,308 1,257,144 Nov. 25.. 6,408, 228196,326 119,663 314,247 5, 777,9922,183,450 302, 698161,597 442,859 1,276,296 Dec. 23— 6,496,179 193, 228118,190 318, 221 5,866,540 2,180,939 302,442 161,228 441,606 1,275,663 8816&—26 24 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

352 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No. 11.—DEBITS TO INDIVIDUAL ACCOUNTS [In thousands of dollars. For explanatory note see page 191] Total for 7 centers l Albany, N. Y. Binghampton, N. Y. Month 1925 1924 1923 1925 1924 1923 1925 1924 1923 January 28,500,616 22,814,899 22,763, 018 118,313 95,786 96,488 22,478 20,616 20,899 February 23,574,730 20, 511, 85719,595.761 97,325 108,023 99,302 18,655 18,466 17,353 March 27,165,007 22,227,152 23,231, 535 176, 635 117,452 115,288 20,495 18,673 19,944 April... 24,721,153 21,356, 91321,180, 741 142,297 130,184 124,851 22,227 20,286 21,164 May 26, 976, 54622,124,834 21,399,850 141,679 129,640 111,455 21,835 19, 600 21,204 June 27,764,381 22, 639,52121,789, 805 143, 041 117,293 126,000 23,317 19,662 21,813 July... 26, 277,20622,184, 731 19, 008,372 124,115 119,183 101,948 23,159 20,146 20,540 August 24,018,796 21,556,426 16,829,386, 116,634 109,237 93,063 22,156 18, 292 20,873 September 25,113, 68421,387,861 17,414,976! 111,284 110,099 85,949 20,985 18, 709 18,143 October 29,811,977 23,242,131 19,846, 052| 129, 639 130,482 93, 625 23,855 20,995 20,610 November 27,771,583 23, 708,84920, 632,112 103,270 109,444 92,195 21,236 18,773 18,962 December 31,147, 49828,106,044 22,801,3861 139,476 133,409 98,825 22,419 20, 740 20,821 Total.._322,843,180 271,861,218 246,492, £94 1,543,708 1,410,232 1,238, 989 262,817 234,958 242,326 Buffalo, N. Y. Elmira, N. Y* Jamestown, N. Y.* 1925 1924 1923 1925 1924 1923 1925 1924 1923 January 362, 514 325, 276 309, 057 18, 448 17, 010 15, 531 20, 414 18,354 17,053 February... 281,130 273, 827 254, 456 15, 701 16, 578 14,354 18,277 16,442 14, 530 March 315, 440 293, 111 294, 347 17,684 17,100 16, 533 20, 076 18, 695 17,981 April 339, 876 300, 427 303,951 18,831 17, 815 17, 261 18,316 18, 345 May 354, 750 311, 380 305, 735 18, 477 19,291 17, 695 19, 656 18, 868 18,447 June 351, 598 302, 529 318,927 21,064 17. 305 18, 981 20, 950 17, 884 19, 395 July 369,988 311, 743 315, 071 21, 203 19, 839 18,106 22, 644 18, 547 18, 430 August 350, 087 275, 722 294. 753 17,995 16, 812 17, 325 22, 556 17, 823 18, 245 September, 336, 633 279, 808 282,954 17, 881 16, 834 17,939 20, 587 17, 382 16, 708 October 417,485 326, 222 323,020 19, 544 18, 509 16, 252 25, 610 18, 797 18, 882 November.. 361, 446 301, 806 299, 217 16, 923 15, 346 17,113 19,994 17, 547 17,956 December.. 367,222 328,115 323, 095 17, 822 19,300 18, 080 21, 581 20, 899! 18, 713 Total 4,208,169 3,629,9661 3,624,583 221, 573 211, 739| 205,170 252, 234 219, 5541 214, 685 Montclair, N. J.* Newark, N. J.* New York, N. Y. Month 1925 1924 1923 1924 1923 1925 1924 1923 January 17,928 15, 754 13, 917 331,790 300,607 277,975 27, 681,89422,113,958 22, 087,156 February 13,954 12,038 10,176 268, 676 246,199 222,213 22,924, 386 19,886,015 19,019,491 March 17,468 15,212 12, 342 301,410 275,008 278, 53526, 382, 21321, 546,48222, 541,298 April 16, 320 14, 591 12, 820| 302,182 281,195 266,328 23,944, 58020,653,978 20,478, 562 May 17,862 16, 246 14. 654J 309, 691 292,074 275,852 26,179,393 21,405, 56020, 703,871 June 20,543 16, 572 15,826 352,315 298, 590 296, 55326, 929, 55921, 925, 65921,041,296 July... 19, 553 15,107 12,906 337, 484 290,065 264, 99025,457, 69221,468,874 18, 320,626 August 16,158 13, 756 11,881 317,: " 266, 790 240,512 23,265,280 20,915,784 16,188, 613 September 16,960 14, 693 11, 524 320, 244 287, 507 242,744 24, 369,45720,734,467 16, 799,454 October 19,889 16,191 14, 085 372, 594 302,670 277,612 28, 916,17522, 505, 69319,151, 902 November 19,471 15, 937 13,366 342, 816 270, 355 257,057 27, 009,43323, 046,934 19, 982,927 December 23,474 19,548 16,180 400, 785 344, 413 305, 58830, 313, 35827,327,223 22,081,149 Total.. . 219, 580 185, 645 159,677 3,957,283 3,455,473 3,205,959 313,373, 420 263, 530, 627 238, 396.345 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. 2 NEW YORK 353 No. 11.—DEBITS TO INDIVIDUAL ACCOUNTS—Continued [In thousands of dollars) Northern New Jersey Clear- Passaic, N. J. Poughkeepsie, N. Y.* ing House Association * Month 1925 1924 1923 1925 i 1924 1923 1925 1924 1923 January 231, 561 204,194 200,171 39,149! 34,142 31,074 17,305 14, 543 February .. 175, 904 171, 097 133, 591 31,871j 30,044 22, 634 13, 940 14, 526 March 200,129 186, 764 173, 782 35,811; 32, 716 29,751 14,891 April 208,827 193, 357 157, 625 38,150; 34, 626 32,460 14, 627 14] 170 May 195, 926 210,983 158,910 40, 374; 34, 269 35, 047 14, 972 14, 383 June 223, 966 202,052 183, 334 42, 394 33, 453 35,120 15, 351 13, 781 July 222,309 209, 713 170, 362 43,31l! 33, 732 32, 548 18,480 15,474 August 183, 538 174, 956 150, 729 38,161! 29,992 33,120 15,488 13.196 September- 198,445 183, 837 152, 771 40,446: 32,047 31,258 14,939 14,016 October 230, 616 210, 298 190, 038 49, 781! 31, 581 34, 475 16, 795 15, 538 November. 200, 032 181. 741 179, 600 42, 898 \31, 569 32, 775 14, 659 13.197 December. 230, 309 238, 872 243,447 48, 520: 39,100 36, 637 16,920 15,240 Total 2,501,562 2,367,864 2,094,360 490,866 397,271 386,899 188, 367 172,153 Rochester, N. Y. Stamford, Conn.* Syracuse, N. Y. Month 1924 1923 1925 1924 1923 I 1925 - 1924 1923 ! January... 200, 782 157, 817 151,864 13,448 12, 549 14, 547! 75,486 67,304 66,480 February.. 162, 255 133,526 126,157 11,456 11, 673 9, 618| 59,108 61, 956 56,368 March 166, 688 151,996 157, 989 12, 568 12,103 11,621 67,725 66, 722 72.938 April 162,112 150, 678 150, 969 13,595 13,319 12, 846 71,911 66,734 68,784 May 166, 609 154,776 151,8751 15,094 15, 629 14,160 71, 909 69, 609 70, 663 June 197, 082 171, 608 174, 062! 20, 502 14, 808 14,896 77,390 69, 317 72,587 July 175,232 163,181 146,8021 15, 743 13, 546 13,964 83, 709 67,872 70,837 August 150,496 144, 425 135,1271 15,117 12,102 12,567 75,982 62,974 63,837 September. 164,678 144, 296 133, 279i 16,178 12,877 13,097 70, 201 68,435 63.939 October 187, 513 157, 6051 147,872! 19,331! 15, 445 14, 708 87, 529 69, 553 74, 548 November. 161, 000j 138, 038 138,358i 15, 0631 12, 063 12,446| 72,300 62, 285 67, 678 December. 181, 6301 188,544 175, 7161 15,085! 13,458 13,264; 74, r~ 68,913 65,143 Total 2,076,077J 1,856,490! 1,790,050 184,18o| 159,572 157,734! 888,1231 801,674| 813,802 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

354 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No. 12.—MONEY RATES l IN NEW YOBK CITY AND BUFFALO [Rates prevailing during week ending with 15th day of the month] NEW YORK CITY Customers' prime Loans secured by Year and month co 3 d 0 m a - y 9 m s 0 ercia m l p o 4 a n - p 6 th er s I l b o n a a t n e n r k s - L c L u o b i r a o b e n n e d s d r t b s s y e y - De o b m t o h a n e n d r d s s tock T s i m an e d b r s y e L h e c c o o w e u u a i r a s n p e e r s t d e s - { I I ! | C lo a a t n tl s e I 1924— A F M J e a p a b n r r i u r c l u a h a ry ry 4 5 ^- - 5 5 5 % 4 5 5 M - 5 - h 5 M ] H /2 5 5 5 - - - 5 h 5 5 3 Y H ^ 2 5 5 5 - - - 5 5 5 5 1 M y 4 2 5 5 5 - - - 5 5 b 3 3 y ^ 4 2 May 434-5^ I 5 4^-5 33^-5 5 -53/2 J J u un ly e f1 4 4 ^- - 5 5 ! 4 4 ^- - 5 434 4 4 ^ - - 4 5 3^ 2 2 - - 4 5 M 4 5 - - 5 5y2 August 4 -4H ! 43^ 4 2 -4H 4 -434 September 334-5 334-5 4 -4K 2 -434 4 -4^ October 3M5 43^-434 23^-434 4 -5 November 3H-5 4H 2 "-434 434-5 December 4 -4H 4 -iy2 ! 4 -5 1925—January 4 4 4 -5 3 -5 4^-5 February 4 -5 4 -5 3M-5 H5 4 -6 March--. 4 -5 4^-5 4^-5 4 -4M 334-534 43^-5 April 4 -5 4^-5 4 -5 4 -4M 43^-5 4H5M May 4 -4^ 4 -5 4 4M June 4 -AH 4 -5 4 -5 -4M 334-434 4H-5 July 4 -5 4 -5 4^-5 -4M 4 -4M 4 -5 43/2-5H August. 4 -m 4 -4H 43^-5 -4H 4^-5 434-6 September 4^-5 414-5 4 -5 4 -4 434-5 4^-5 O No ct v o e b m e b r. e . r 4M5 434-5 4 4 ^ ^ - - 5 5 4^-5 4 4 M H- - 5 5 4^-5 4 43 ^ 4 -5 5 December 43^-5 434-5 5 -5 5 BUFFALO 1924—January. 6 -6 6 6 February 5 -6 -6 6 5 -6 5 -6 March 53i,-6 6 5 -6 5M-6 April 5}*-6 6 5 2 5 -6 5 -6 May 5J4-6 5 5 -6 June 5 -6 5 5 -6 July 5 -6 -6 5 -6 August 5 -6 5 5H-6 September 5^-6 5 5 -6 October 5 -6 5 November 5 -6 5 2 6 December 5H-6 5 5^-6 1925—January 5 -6 5 February 5 -6 5 March 5 -6 5 5 2-6 April 5 -6 5 May 6 5 53^-6 June 6 5 5^-6 July 6 5 6 August 5 -6 5 September 5 -6 5 5 -6 October 5 -6 5 5 -6 November 5 -6 -6 534-6 December 5 -6 -6 5^-6 nC nC nC nC 6 6 5K-6 5 2-6 6 5 -6 6 5 -6 5 -6 5 -6 6 5 -6 5 -6 5 -6 5 -6 5 -6 6 5 -6 6 5 -6 5 -6 5 -6 6 5 -6 5 -6 5 -6 5 -6 5 -6 5 -6 5 -6 5 -6 5 -6 5 -6 6 5 -6 5 -6 5 -6 5 -6 5 -6 5 -6 1 Prevailing 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. 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, 1925 1924 1923 EESOURCES Gold with Federal reserve agent _ 141,173 168, 237 181, 069' Gold redemption fund with United States Treasury _ 7,348 4,480 4,659 Gold held exclusively against Federal reserve notes 148, 521 172, 717 185, 728 Gold settlement fund with Federal Reserve Board 48, 884 31,137 29,939 Gold and gold certificates held by bank 19, 407 27, 713 33, 367 Total gold reserves 216, 812 231, 567 249,034 Reserves other than gold. __ 4,910 4,994 10,747 Total reserves _ 221, 722 236, 561 259, 781 Nonreserve cash _ 1,716 1,731 1, 345^ Bills discounted: Secured by United States Government obligations 34, 450 27, 411 42, 814i Other bills discounted __ 18,807 8,873 16,11O< Total bills discounted _ _ 53, 257 36, 284 58,924 Bills bought in open market 16,923 18, 276 33, 261 United States Government securities: I Bonds 604 1,345 747 Treasury notes _ 4,016 24,127 12, 05& Certificates of indebtedness 19,443 4, 417 147 Total United States Government se curities ___ 24, 063 29,889 12,952 Other securities 3,050 1,550 Foreign loans on gold.. _ 725 582 Total bills and securities— _ _. 98,018 86,581 105,137 Uncollected items _ _ 65, 526 59, 473 53, 356> Bank premises _ _ 1,385 1,114 1,111 All other resources . _ _ 133 203 184 Total resources ___ 388, 500 385, 663 420,914* LIABILITIES Federal reserve notes in actual circulation 155,933 168, 737 221, 038* Deposits: Member bank—reserve account 139, 272 129, 677 119,129' Government _ 1,256 2,152 2, 437 Foreign bank 768 179 140? Other deposits .__ 443 627 197 Total deposits _ 141, 739 132,635 121,90$> deferred availability items 58, 539 53, 591 47, 805 > Capital paid in _ 11, 623 10, 518 9,941 Surplus 20,464 20, 059 19, 927/ All other liabilities 202 123 300 Total liabilities 388, 500 385,663 420,9141 Ratio of total reserves to deposit and Federal reserve note liabilities combined percent. 74.5 78.5 75. Si Contingent liability on bills purchased for foreign correspondents 6,541 4,140 1,683* 355> Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

356 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 s T e b a t o c i i n e l u t d l s a s r l i i - Total c u G u b . o r y e v s d - . c O b o d t i i u x h s n - l e s t r - b o m o B k p u i i a e n e l g r t l n s - ht U s S e n t t c i a i e u t t s e r e i s d - l e g F o o i o a o g n l n r n d - s s T c e o r a r t e s v a - e h l s r b M p e a o s b d n e e s e e m r - k i r t v s s - e ' p T o d o s e t i - a t l s n r F c o e i e t r s t i d e c e o s e u r n v r l i a a e n l - s c a p R e e g e r n e e r v - t - s e ern- ed ment obligations 1925 Jan. 7,__. 73,130' 23, 622: 17, 816! 5,776 18,130 28,746 582 234,887 129,598 131,107 159, 267 80.9 70,904! 23,614! 18,153: 5,461 16,468 28,190 582 234,429 127,416 130, 324155,883 81.9 21 69,381i 22,692 17,465^ 5,227! 16,887 26,720 1,032 230,878 128,183 130, 609148,427 82.7 70,980 25, 357j 18,572; 6, 785j 16,689 25, 8521,032|230,196 127,155 130,196 149,462 82.3 Feb. 4_ 76,055 29,459 19,413 10,046 17,781 25,733 1,032 224,066 128, 372 130,503 150,183 79.8 11. 76.638 28.734 18,717 10,017 19,088 25,734|1,032 230, 574120,989 122,868 161, 771 81.0 18 76,345 27,520 18,687: 8,833 19,386 25,457 1, 032 233,498129, 771 132,131 156,101 81.0 25 76,961 27,843 18,271! 9,572 20,231 24,905 1,032 233,464 121.952 126,573 160, 281 81.4 Mar. 4 '82,071 29,330 20,368 8,962 23,836 24,905 1,050228,551 128,854 133,871 157,067 78.6 11 __i 87,649 31,592 20,46511,127 23,273 28, 7841,050 220,957 125,495 127,310 159,312 77.1 18-. i 96,489! 31,896 19,37212,524 23,6591 38,484!1,050 212, 572129, 500 129,953 156, 646 74.2 25 92,108:41,108 27,141!13,967 24, 279! 24, 2711,050 213, 523126, 044 128,389 154, 768 75.4 Apr. 1 93,964! 41,876 26,858 15, 018 25,367 24, 2711,050220,432 134,297 137, 281155, 655 75.2 8 I 83, 675': 32, 852 20,10012, 752 24,102 24,271 1,050 221,439 126, 274 126,958 156,578 78.1 15. ! 89,125; 37,772 22,37215,400 24,197 24,706 1, 050 220, 380132,475 137, 251153,327 75.8 22 ! 86,954! 36,031 23,48312, 548 24,091 24, 706 976 212, 067127,911 130,464 148,116 76.1 29 88,181! 37,108 22,143 14,965. 24, 241 24, 706 976 215,313 129.183 130,486 149, 633 76.9 May 6 83,570 32,094 20,059 12,035 24, 644 24, 706 976 223, 072133,488 136,746 149,001 78.1 13 I 83,280 33,455 21,786 11,069 25, 273! 22,426 976 223,389 127,779 129, 845153,809 78.8 20 I 82,767| 34,734 22,961' 11,773 24,6621 20,145 976 223, 586131,088 134,086 150,040 78.7 27 84,402; 41,633, 28,107113, 526, 21,610 17,933 976 224,197 125, 978 128,376 156,923 78.6 June 3- ! 78,745' 35,80s1 20, 720! 15, 085' 21,7811 17,933 976 230,395 130, 342 133,323 156,370 79.5 10 ! 76,915; 35,819 23,006 12,813 19,929; 17,941 976 230, 831127,913 129, 991156, 249 80.6 17 ! 79,064! 39,14l| 26,543 12, 598 17, 848 976 227,906 131,465 132,641 155,323 79.1 24-_ 76,379j 37,736; 23,749! 13,987 j17, 533 17, 884 976225, 564123,531 126, 784153,061 80.6 July 1 81,472; 45,273' 26,464! 18,809! 15,099 17, 874 976'229,695 132.953 133,956 155,870 79.3 8 73,479 39,3771 22,838 16,539 13,002 17, 874 976 230, 567129,007 130,026 153, 208 81.4 15 ! 80,362 46,533; 26,105 20,428 12, 729 17, 874 976 224,496 130,756 131, 540152, 287 79.1 22 ! 74.934 42,346 23,164' 19,182 11, 888 17,874 976 225, 286132.184 133,058!144, 885 81.1 29 : 83, 201j 51,262! 27,130 24,132 11,239 17, 874 976 218,031 129, 007 131,499 146,178 78.5 Aug. 5 ! 77,160 44,840 25,978 18.862'11,620 17,874 976 225,316 133, 264 136,209 144,831 80.2 12 ! 80.656 45,857! 25,845 20,012 14,102 17, 871 976 223,059 127,944 131,130 151,385 79.0 19 ! 87,056 51,428 28,803 22,625 14,431 17, 871 976 222,057 131, 652 137,832 147,707 77.8 26 i 84,882! 48,506 28,226 20,280 15,178 17, 872 976217,717 129,928 132, 783145,603 78.2 Sept. 2 -J 86,794J 47,867' 27,794 20,073 18,038 17, 872J 6971216, 225131,841 134,821 145,170 77.2 9 I 86,758 47,293; 24, 111 23,182 18, 578 17,872 697 215,198 127, 763 131, 239151, 518 76.1 16 I 89,392; 48,551)23,236 25,315 19, 961 17, 863! 697 216,476 134,767 135, 543150,142 75.8 23 1 91,102i 48,488 26,977 21,511: 20,478 19,063| 753 206,965127,733 129, 563146, 569 75.0 330-0. 8 6 0866,70 6743439,49s418! 25,442 18,506 19, 787 19,063 949 217,489 131,997 134, 482146,113 77.5 Oct. 7- 87,119 45,285 22,9171 22,368! 19,456 19,063 995 218,194! 136,286 137,932 145,925 76.9 14_ 92,, 230 51,0,9j3j 24,563 26,530! 19,159 19, 063 595 209,817! 131,919 134, 564148,255 74.2 101,376! 5588,44600 ;30,833 27,627j 20,147 19,063 586 202,381 133,284 135,354 144, 387 72.3 28. 100,013 59,688j 32,923: 26, 765117, 826 19, 063 316 204,851 133,695 137, 295143, 723 72.9 Nov. 4. 88,899 49,947| 28,741121, 206| 16, 416 19, 063 353 220, 456!133,377 135, 753145, 741 78.3 84,428145, 708!27,912 17, 7961 16, 091 19, 063 446 217,429! 131, 556 133,302 144,973 78.1 181 91, 741 53, 940!31, 904 22, 0361 15,158 19, 063 530 211,047| 135, 689 137, 760142, 744 75.2 25. 92,348 55,060 33,113, 21,947 14,570 19, 063 605,212,5421 130, 585 131, 986148,167 75.9 Dec. 2_ 96, 613 59,108 35, 399: 23, 709 14,620 19,063 772211.654! 131, 254 133, 400149, 597 74.8 92,766; 57,138) 33,388 23, 750 12, 743 19, 063 772 221, 025!130,899 132,195|156, 730 76.5 16 91, 712!56,2561 34,056 22, 200 12, 749 18, 839 818 227,516! 136,281 137,265'158, 573 76.9 23 104, 461 66, 542' 40, 718 25, 824 15,034 19, 063 772 215,168: 127,426 129, 789168, 708 72.1 30 101,323 58,112 37, 386 20, 726 15,345 24,063 753 217,298!135, 545 138, 227156, 439 73.7 Daily average 86,506 43,466 18, 508 21, 383 874222,325; 129,376 132, 086154, 215 77.7 1 Includes Federal intermediate credit bank debentures as follows: $2,050,000, Jan. 7 to Feb. 11; $2,950,000. Feb. 18 to Mar. 11; $1,400,000, Mar. 18 to Apr. 15; $1,150,000, Apr. 22 to May 13; $2,250,000, May 20 to July 15; $1,850,000, July 22 to Aug. 12; $2,350,000, Aug. 19 and 26; $2,320,000, Sept. 2 to Oct. 14; $3,120,000, Oct. 21 to Nov. 10; $3,050,000, Nov. 18 to Dec. 30. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DISTRICT NO. 3—PHILADELPHIA 357 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 by- Com- Month Total m G U e S o n n t v a t i t e t o e e r b n d s l - i- a c m n p u d e a lt r p u a c e g r ia r a r l i l - 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' ex D c o h l a l n a g r e a T a c n c ra c e d e p s e tgations n. e. s. 1925 January 81, 715 64, 541 17,130 11, 721 11, 591 130 February 88, 750 59, 759 28, 954 10,322 10, 227 95 March 159,181 110, 735 48,314 13, 377 13, 377 April .. 165, 527 131, 214 34,165 15, 267 14,952 315 May 128,755 92, 728 35,961 9,719 9,644 75 June 151, 643 105, 314 46, 218 8,153 8,153 July - -. 182,914 122, 215 60, 612 9,386 9,250 136 August.., 174, 444 121, 389 53, 031 14, 022 13, 501 521 September 196,940 116, 761 80,124 9,240 9,184 56 October _ 228,964 127,140 101, 728 8,627 8,561 66 November _ 193, 237 122, 775 70,412 5,679 5,629 50 December 262, 706 178, 399 84,194 13,928 13, 524 404 Total: 1925.... 2, 014, 776 1,352,970 660,843 129,441 127, 593 1,848 1924 1, 264, 030 980, 759 282, 600 89,140 85,353 3,787 1923.... 2,911,142 2,062, 723 847, 666 159,105 147,220 11,846 United States securities pur- United Federal Month c B n h a o o a n n t s e d m d e s d s a r i k i c C n e n e a d e d o t t n r e e p t e s i b e f s i t n o s - - f p s u F e r b S e o c r f e c a r s t u t d o a e h h n r e t m r a i e k e v r t s r i a s s e e e l d s c M r c w h p a i a u u p n a s n r a r t e - s - i l d - m c d c i b t h p e n e u r a a b e d u t r n e s d e e i r e r a k - n i s - d t t - e l g F e o o i o o a g n l n r n d - s To 1 t 9 a 2 l 5 discoun 1 t 9 s 2 a 4 nd pur 1 c 9 h 2 a 3 ses 1925 January 263 500 450 94,649 201,425 288,147 February 900 99, 972 187, 556 243,434 March.. 3,878 65,084 600 242,120 169, 777 250,613 April 464 140 250 419 182,067 140,148 230, 206 May 577 1,600 140, 651 102, 230 255, 528 June 25 558 160, 379 99,825 313, 255 July.... 4 418 192, 722 75,422 286,838 August. 2,000 279 190, 746 57, 756 294,635 September.. 5,200 1,200 j 251 212, 852 56, 744 241,134 October 3,000 "3,~65O" 121 243, 762 73,216 257,002 November.. 4,000 I 484 203,400 82, 236 233, 577 December.. 304 13,943 46 290,927 172,913 274,908 Total: 1925 __ 5, 273 91, 491 1,340 ! 8,300 2, 254, 247 1924__ 26, 380 34,199 1,566 ! 51 3,300 582 1,419, 248 1923__ 2,572 96, 259 199 3,169, 277 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

358 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 Je N rs e e w y 1 Delaware P v e a n n n i s a y 1 l- Total i b n e a r d t i b e s a n tr n d i k c s t b m a e o c r c d b o a a m t n e k - d s of during month 2 the month 1925 January 12,978 265 68,472 81,715 744 329 February _ 11,502 372 76,876 88,750 740 327 March 16, 935 667 141,579 159,181 741 335 April 16, 974 147,910 165, 527 742 357 May _ 16,764 821 111,170 128, 755 746 378 June _ _ 12,604 1,137 137,902 151, 643 747 372 July 12,044 859 170, 011 182,914 751 401 August 10, 500 529 163,415 174,444 751 347 September 9,276 712 186, 952 196,940 752 348 October _. 13,647 395 214,922 228,964 752 351 November _._ _• 12,963 598 179, 676 193,237 753 363 December _. 16, 798 1,080 244,828 262, 706 753 411 Total: 1925 162,985 8,078 1,843, 713 2, 014, 776 1924... 157,655 5,976 1,100,399 1,264,030 1923 207,430 11, 578 2,692,134 2,911,142 Number of member banks at end of year:2 1925 100 631 753 1924 97 624 743 1923 - 92 611 725 Number of member banks accommo-. dated: 1925 - 354 450 1924 437 525 1923 442 532 1 Figures relate only to that part of the State located in the Philadelphia district. 2 Banks in actual operation. Figures prior to March, 1925, represent number of banks as shown by the capital stock records. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 5.—EARNINGS AND EXPENSES OF FEDERAL RESERVE BANK [Figures originally published have been regrouped where necessary in order that data for all years may be on a comparable basis] 1914-15 1916 1917 1921 1922 1923 1924 1925 Total EARNINGS Discounted bills $20,174 $28, 391 $370, 359 $3, 241,105 $7, 987, 864 !$10, 420,161 $6, 849,905 $2, 393, 673 $2, 693, 392 $1, 290,080 $1, 548,003 $36,843,107 Purchased bills 29, 605 198,243 474, 653 756, 313 67,Q19 I 574,074 513, 710 712, 383 952, 999 408,409 587,126 5, 274, 534 United States securities 8,288 81,081 123, 875 233, 489 495,768 742,235 597, 553 1,119, 457 910, 010 1,136, 303 845,499 6,293, 558 2 Municipal warrants 54,156 69,183 18,170 49 414 2,604 884 707 146,167 Deficient reserve penalties. _. 6,878 29, 784 25,673 I 69,150 34, 442 14, 409 21, 754 7,839 7,119 217, 048 Zfl Net service charges received.. 30,241 79,581 47, 714 157,536 Miscellaneous... 1,749 41, 041 22,024 49, 286 ~33~556 | ~42,"93l" 12, 071 9,424 13, 732 72, 508 '" 147," 803' 446,125 Total earnings. 113, 972 448,180 1, 095, 540 4,357, 740 8, 609, 880 11, 848, 551 1, 008,095 4, 251, 950 4, 592, 771 2, 915, 846 3,135, 550 49, 378,075 p CURRENT EXPENSES CO [Exclusive of reimbursable fiscal agency expenses] 3 Salaries: Bank officers $36, 041 $39,100 $46,206 $96, 929 $123, 338 $124, 020 $129, 499 $131,499 $129, 833 $122, 583 $1,043, 336 Clerical staff 34, 086 52,398 97, 749 283, 624 577,104 799, 385 999,460 982, 600 994, 796 980, 591 910, 544 6, 712,337 Special officers and watchmen 6,051 6,012 8,311 14, 976 44, 688 70, 921 69, 934 57, 952 59, 811 59, 595 52, 911 451,162 All other 59, 228 80, 412 84, 970 83,477 103,077 91,117 95, 903 598,184 Governors' conferences 912 749 174 210 272 343 206 312 267 259 3,704 Federal reserve agents' conferences 218 280 140 64 137 181 138 123 143 1,424 Federal Advisory Council 374 306 350 372 381 378 382 461 540 343 324 4,211 Directors' meetings 5,769 4,935 6,031 5,950 5,987 6,569 6,509 6,407 6,223 7,565 7,176 69,121 Traveling expenses * 243 558 376 2,463 5,421 9,885 17, 839 16, 378 13, 965 12, 875 10, 598 90, 601 Assessments for Federal Reserve Board expenses 28, 919 18.362 22,057 33, 929 49,059 56, 804 62, 008 60, 625 60, 883 59, 978 66,139 518, 763 Legal fees . 1,969 2,000 1,700 1,570 1,941 2,530 5,745 4,370 2,588 5,462 2,847 32, 722 Insurance (other than on currency and security shipments) . 3, 521 3,415 6,139 16, 599 45,848 45, 466 42, 939 44, 439 24,089 35, 062 33, 501 301,018 Taxes on banking house 15, 775 19, 201 22, 820 21, 276 21, 614 22, 538 29,681 152,905 Light, heat, and power "I," 225" 1,147 1,661 '" 4,861 17, 616 22, 651 34, 794 39,085 29, 565 21, 922 20,263 194,730 Repairs and alterations, banking house 20, 396 76,737 15,167 7,809 120,109 Rent 9,528 10,237 10, 807 5,050 1,500 18,020 10,621 1,675 2,903 2,774 2,974 76,089 1 Other than those con.necte<J with governors' and. agents' conferences and meetings of directors and of the advisory council, C O O Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 5.—EARNINGS AND EXPENSES OF FEDERAL RESERVE BANK—Continued CO 1914-15 1916 1917 1918 1919 1920 1921 1922 1923 1924 1925 Total CURRENT EXPENSES—Continued Telephone. $1, 231 $2, 803 $6, 779 $14,423 $15, 492 $28, 558 $23, 431 $26, 679 $25, 741 $25, 624 $171, 756 Telegraph. 97 12 325 3,170 7,578 10, 565 20, 385 18, 745 23,146 20,087 17,034 121,144 I E n x s p u r r e a s n s c ag e e on currency and securi- 3 1 , ,5 0 7 4 6 4 8 3 , , 1 3 7 7 4 8 1 11 9 , , 4 5 0 7 9 0 4 26 0 , , 9 2 5 8 1 3 2 103, 938 2 159, 510 186,112 167, 973 1 4 4 7 1 , , 1 3 4 6 8 3 1 5 5 1 3 , , 8 5 3 1 6 7 1 5 5 6 4 , , 1 8 8 6 6 2 1,643,337 ty shipments () () () () 46,025 87, 077 84, 604 P O M r f i f i s i n c c t e e in ll a g a n n d a e n o o d u t h s s e t e a r x t p s io u e n p n e s p e r li y s es 1 4 4, , 0 8 2 0 1 3 6 6, , 0 6 4 4 1 8 1 1 1 3 , , 0 8 9 3 1 5 3 45 4 , , 5 3 8 6 8 6 1 7 02 8 , , 4 5 7 5 7 9 1 3 1 8 3 , , 0 64 5 4 9 6 3 5 4 4 8 , , , 1 9 5 0 9 0 3 6 8 3 5 5 1 1 9 , , , 1 4 9 7 5 7 0 7 3 5 5 35 3 7 , , , 9 4 6 5 7 4 7 9 5 4 5 4 1 1 4 , , , 1 4 0 2 4 7 7 6 7 3 4 3 4 0 4 , , , 4 8 2 0 8 9 0 9 6 5 65 0 8 4 , , 3 2 7 8 3 2 o w H Total, exclusive of cost of currency 153,392 164, 983 260, 594 590, 899 1, 228, 662 1, 593,166 1, 875,183 1, 867,801 2,002, 958 1,920,120 1,811,550 13, 469, 308 Federal reserve currency (including shipping charges): Original cost 12,600 16, 600 70, 340 243, 857 209,419 292, 540 320,923 118, 014 252,141 196,149 202, 661 1, 935,244 Cost of redemption 1,003 1,887 3,081 45,411 77, 508 113, 211 43, 381 40, 627 37, 567 22,057 385, 733 Taxes on Federal reserve bank-note circulation 98,132 110,904 58, 313 24, 723 292,072 Total current expenses 165, 992 182, 586 332, 821 837,837 1, 581, 624 2, 074,118 2, 367, 630 2,053, 919 2,295, 726 2,153,836 2, 036, 268 16, 082, 357 PROFIT AND LOSS ACCOUNT E C u am rre in n e t s expenses.. . $1 1 1 6 3 5 , , 9 9 7 9 2 2 $ 1 4 8 4 2 8 , , 5 1 8 8 6 0 $1, 0 3 9 3 5 2 , , 5 8 4 2 0 1 $4, 8 3 3 5 7 7 , , 8 7 3 4 7 0 $8 1 , , 6 58 0 1 9 , , 6 8 2 8 4 0 $1 2 1 , , 8 0 4 7 8 4 , , 5 1 5 1 1 8 $ 2 8 , , 3 0 6 0 7 8 , , 6 0 3 9 0 5 $ 2 4 , , 0 2 5 5 3 1 , , 9 9 1 5 9 0 $ 2 4 , , 5 2 9 95 2 , , 7 7 7 2 1 6 $2 2 , , 1 9 5 1 3 5 , , 8 8 4 3 6 6 $3 2 , ,0 1 3 3 6 5 , , 2 5 6 5 8 0 $4 1 9 6 , ,0 3 8 7 2 8 , , 3 0 5 7 7 5 CO Current net earnings * 52,020 265, 594 762,719 3,519,903 7,028, 256 9,774,433 5, 640,465 2,198, 031 2, 297,045 762,010 1, 099, 282 33, 295, 718 Additions to current net earnings: Withdrawn from reserve for— Federal Reserve Board expenses 41,828 41,828 Depreciation on United States bonds 127,192 67, 732 18,807 20,433 234,164 Allother _ 20, 503 3,697 104,366 8,188 14,946 810 1,698 566 154, 774 Total additions 20,503 3,697 146,194 135,380 82,678 19,617 22,131 566 430, 766 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Deductions from current net earnings: Bank premises—depreciation 244 324, 570 92,693 673, 711 318, 054 23,733 1,433,005 Furniture and equipment . 15,653 8,600 107,113 100, 868 75, 065 110, 759 42,931 70,648 23,307 16,887 571,831 Reserve for Federal Reserve Board expenses 41,828 41,828 Reserve for depreciation, United States bonds 116,131 29,112 105,396 250,639 All other 108, 283 1,339 7,578 902 44,444 13, 742 4,841 181,129 Total deductions 15,653 8,844 547, 814 372,784 855, 511 436,391 43,833 138, 825 37,049 21, 728 2,478,432 Net deductions from current net earnings s 80,60S 15, 653 8,844 547, 814 369,087 709,317 301, 011 6 38,8+5 119,208 14,918 21,162 2,047,666 Net earnings 4 31,517 249,941 753, 875 2,972,089 6,659,169 9,065,116 5,339,454 2, 236,876 2,177, 837 747, 092 1,078,120 31,248,052 Distribution of net earnings: Dividends paid 128,458 623,603 583, 983 462, 380 496, 679 517,663 541, 552 582, 292 615,135 673,212 5,224,957 Transferred to surplus ac- O count 2,608,344 6,196,789 8, 204,775 935, 239 6 803, 594 1,178, 588 131,957 404,908 20,464,194 Franchise tax paid United States Government 363, 662 3, 886, 552 6 891,730 416,957 5, 558,901 Balance to profit and loss -31,517 121,483 130, 272 -220,288 I REIMBURSABLE EXPENDITURES OF FISCAL AGENCY DEPARTMENT Salaries: W Officers Employees $29, 782 $350, 504 $392,122 $242,994 $102,322 $27,470 $76, 813 $19,439 $9,027 $1,250,473 All other __ ._ 156, 226 723, 642 612,928 131,169 20,113 26,199 24,150 1,712 1,445 1,697, 584 Total .. 186, 008 1, 074,146 1,005,050 374,163 122,435 53,669 100,963 21,151 10, 472 2,948,057 2 Includes cost of coin bags, etc. 3 Included with "Miscellaneous expenses." * Excess of current expenses. 8 Net additions. 6 After charging surplus and crediting franchise tax with $35,366 paid as an additional franchise tax for 1921. Amounts transferred to surplus and paid as a franchise tax out of earnings for 1922 were $339,960 and $855,364, respectively. cc 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 1925 1924 1923 NUMBER OF PIECES HANDLED Bills discounted: Applications 15,978 14, 029 17, 583 Notes discounted 36,921 35, 579 53, 614 Bills purchased in open market for own account 9,044 6,630 11,367 Currency received and counted 174, 790, 000 164, 432, 000 156, 722,000 Coin received and counted 265, 610,000 216, 525, 000 194,118, 000 Checks handled 66,164, 000 59, 010,000 51, 325,000 Collection items handled; United States Government coupons paid 4,292,000 4, 952, 000 6,355,000 Allother 485, 000 458, 000 382, 000 United States securities—issues, redemptions, and ex> changes by fiscal agency department 597, 000 1, 211, 000 1 6, 754,000 Transfers of funds 96,000 93,000 74, 000 Envelopes received and dispatched 2, 466, 000 2, 489, 000 2, 420,000 AMOUNTS HANDLED Bills discounted $2, 014, 776, 000$1, 264, 030, 000 $2,911,142, 000 Bills purchased in open market for own account 129,441,000 89,140, 000 159,105,000 Currency received and counted 1,117, 470, 000 1, 084, 405, 000 1,011, 761, 000 Coin received and counted _. 35,901,000 30, 353, 000 27, 062, 000 Checks handled 25, 743,036, 000 20, 795, 229, 000 15, 808,129, 000 Collection items handled: United States Government coupons paid 50, 890,000 55, 876, 000 63, 054,000 Allother 529, 267, 000 462,479,000 432,479,000 United States securities—issues, redemptions, and exchanges by fiscal agency department 361,969, 000 456,097, 000 578,493, 000 Transfers of funds 5, 079, 024, 000 4, 899, 506,000 3, 379, 281, 000 i Large total due to redemption of war savings securities which matured Jan. 1, 1923. No. 7.—OPERATIONS OP FEDERAL RESERVE CLEARING SYSTEM [Figures include cash items only. Numbers in thousands; amounts in thousands of dollars] Month b I a te n m ks s i t n d r i r c o a t w w n n d o i n s- I o s t e t e h r t m v h e e r e s i f r F b o b a e rw a d n n e k a c r s r a h d l e e a s d n r e d t - o T I r t e e a m su s S re d t r a r t o a e f w s U n n o it n ed Total Number Amount Number Amount Number Amount Number Amount 1925 I January 4,488 1, 906, 761 108, 474 142 21, 502 5,335 2,036, 737 February 3,996 1, 610, 605 101,176 131 22, 678 4,816 1, 734, 459 March... 4,764 2, 030,189 867 130, 610 148 24,120 5,779 2,184,919 April 4,657 2, 047,958 742 118,088 169 25, 245 5,568 2,191, 289 May 4,537 1, 890, 603 647 129, 495 152 27, 264 5,336 2,047, 362 June 4,847 2,165, 779 724 120, 531 143 26, 780 5,714 2, 313, 090 July 4,796 2,170, 455 672 110, 787 140 22, 024 5,608 2, 303, 266 August 4,439 1,931, 666 637 102, 840 136 21, 305 5,212 2,055, 811 September 4,505 2, 217,134 657 117,366 153 25, 337 5,315 2,359, 837 October 4,894 2,108,084 742 122, 892 176 29, 296 5,812 2, 260, 272 November 4,563 1, 862, 732 112, 562 157 24, 575 5, 413 1,999, 869 December. 5,214 2, 101, 662 129, 016 152 25, 447 6,256 2, 256,125 Total: 1925 55. 700 j24,043, 628 8,665 1, 403, 835 1,799 295, 573 66,164 25, 743,036 1924.... 49; 656 19, 304, 568 7,422 1,219,944 i 1,932 270, 717 59, 010 20, 795, 229 1923-... 43, 546 I 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

DISTRICT NO. 3 PHILADELPHIA 363 No. 8.—CLEARINGS AND TRANSFERS THROUGH THE GOLD SETTLEMENT FUND [In thousands of dollars] Payments to Receipts from Week ending— other Federal other Federal Net loss Net gain reserve banks reserve banks 1925 Jan 7 180, 287 178,211 2,076 14 189,809 189,422 387 21 196, 579 193, 293 3,286 28 169, 995 170, 371 376 Feb. 4 . - - 174, 613 170, 525 4,088 11 157, 582 165.915 8,333 18 _ 169, 507 172,191 2,684 25 156, 085 157, 660 1, 575 Mar 4 194,712 191, 832 2,880 11 _ . .... _ . ... . .. . 168,941 161,108 7,833 18 194,264 187, G17 6,647 25 . .. .... 178,025 179, 673 1,648 Apr. 1 .. - _._ - . . 167, 891 177,221 9,330 8 199,420 201, 817 2,397 15 174,389 172, 994 1,395 22 208,454 200.377 8,077 29 174, 075 177,990 3,915 May 6 - 167,402 171, 525 4,123 13 158, 346 159, 839 1,493 20 188, 794 189, 629 835 27 , 3 75,478 176,501 1,023 June 3 156, 502 162. 247 5,745 10 . 158, 768 159, 894 1,126 17 199, 455 194,721 4,734 24 . . . 196, 503 195,032 1,471 July 1 179, 595 187,005 7,410 8 158, 916 160, 890 1, 974 15 173, 111 . 169,324 3,787 2? 179, 236 181,170 1,934 29 166, 792 159, 738 7,054 Aug. 5 152, 715 160,111 7,396 12 151,875 150, 658 1,217 19 _ 171, 644 167,496 4,148 26 157, 341 155, 294 2,047 Sept. 2 - _ 161,493 161, 725 232 9 129,882 130, 986 1,104 16 181,025 183,679 2, 654 23 193,427 182,256 11,171 30. 183, 940 192, 679 8,739 Oct. 7 187, 586 186, 285 1,301 14 149,848 140, 648 9,200 21 214, 508 206, 662 7,846 28 181,126 181,805 679 Nov. 4 . 156, 770 175, 731 18, 961 11 152,600 151, 466 1,134 18 . . .. 228, 482 221, 256 7,226 25 192,487 193,244 757 Dec. 2 169,061 168,476 585 9 . . . . 170,911 182, 799 11,888 16 199,049 206,830 7, 781 23 214, 285 205, 542 8,743 30 . . . .. 154,845 152, 683 2,162 31 (one day) 34, 470 37, 719 3,249 Total: 1925 9,202,896 9, 211, 762 8,866 1924 8,670,202 8,663, 355 6,847 1923 8,049,170 8, 034, 560 14,610 Net gain in ownership of gold since establishment of fund in 1915, $131,299,000. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

00 No. 9.—REPORTING MEMBER BANKS IN LEADING CITIES: PRINCIPAL RESOURCES AND LIABILITIES [In thousands of dollars] REPORTING MEMBER BANKS IN FOUR CITIES i Investments .a Loans and discounts Net demand deposits Time deposits Fe B de o r r a ro l w re in se g r s v e fr o b m ank > Last report date in— United States securities All other 1925 1924 1925 1924 1925 1924 1925 1924 1925 1925 1924 s January.._ 675, 574 622,977 118, 516 104,284 259, 502 180, 850 759,514 660,956 178, 470 127,951 3,310 14,013 February.. 685,199 624, 243 103, 765 104,711 260, 720 185,073 748, 831 659, 672 185,074 130, 708 6,455 18, 026 March 702,019 638, 557 114,716 103,371 261, 276 188, 496 742,181 659,528 175, 643 129,130 16, 898 13,412 April 711,407 644, 756 103, 458 96, 647 258,337 200, 052 758, 050 668,126 173, 893 133,978 12, 689 12, 027 May 705, 455 642, 432 105, 515 97,328 261,971 206, 217 763, 425 684, 521 173, 705 131, 232 14, 264 10, 494 June 708,123 644,970 98, 259 99,191 262, 674 213,949 759, 319 692, 973 177, 081 133, 741 11,098 7,519 July 713, 267 653, 461 93, 752 93,756 260,082 228, 218 753, 385 718,471 177, 566 141,046 22, 892 5,874 August 658, 701 91,945 94,094 258, 535 237, 287 760,404 723, 605 181, 329 149, 706 22. 330 4,466 September. 750, 674 669, 890 88, 214 103,706 254, 573 244, 779 770, 677 732, 828 188, 238 155,049 20, 213 3,761 October... 762, 030 689,582 87, 732 106,291 251, 656 254,903 766,495 753, 351 194, 356 166,255 32,158 4,895 November. 767, 514 701, 674 87, 024 106, 069 249,151 252,960 764,939 762, 257 199,936 177, 501 23,948 I 3,819 December- 766, 216 673, 245 92, 787 118, 448 250, 713 256, 720 773, 484 753,070 206,179 182, 331 21, 701 13,090 REPORTING MEMBER BANKS IN CITY OF PHILADELPHIA2 January. _. 612,966 556, 704 97, 530 84,150 213, 770 145, 092 683, 354 136,908 94, 628 1,525 11,913 February. 618, 783 559, 104 86,922 84, 700 214, 281 148, 767 672,086 585, 177 143, 778 96, 608 4,710 15,974 March 633, 872 572, 611 94,174 83, 898 215, 541 151, 848 666, 784 586, 231 134,022 94, 832 12, 893 10, 512 April 641, 870 577, 251 85, 824 77, 625 212,958 163, 621 683, 147 594,495 132, 735 99, 704 10, 784 9,152 May 636, 281 574, 764 88, 205 78, 451 216,405 169, 559 687,975 611,041 131, 020 96,192 11,989 7,769 w June 637, 765 577, 205 82,043 80, 559 216,983 176, 319 684,051 617, 304 133, 591 97, 921 10, 273 5,419 o July 645,354 587,174 78, 716 75, 351 215,121 187,975 681, 647 642, 466 134, 387 103, 262' 21, 412 4,949 > August 656, 092 595, 658 76,806 74,184 213, 643 196, 028 685, 591 647, 828 137,989 111,818 19, 965 4,466 September 679,987 606, 776 71, 767 81, 087 210,170 202,081 693,919 656,155 144, 805 116, 523 18, 743 3,761 October. _. 688, 612 628, 426 71, 287 83, 639 207,103 211, 308 692,272 i 680, 242 150, 503 125, 830 27,845 3,670 November. 693,192 640. 560 70,960 83, 855 205, 210 209, 643 687, 067 j 687, 347 156, 097 137, 424 20,198 3,094 December. 690, 529 610, 331 75,490 97, 633 207,224 212, 687 696,707 I 675, 597 161,181 139, 596 18, 356 12,465 1 Figures are for about 54 banks in Philadelphia, Camden, Scranton, and Wilmington, which submit weekly reports to the Federal reserve bank. 2 Figures are for about 41 banks in Philadelphia, which submit weekly reports to the Federal reserve bank. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DISTRICT NO. 3 PHILADELPHIA 365 No. 10.—ALL MEMBER BANKS—-NET DEMAND AND TIME DEPOSITS, BY SIZE OF CITY [In thousands of dollars] Net demand deposits Time deposits Banks in cities and towns having Banks in cities and towns having Date ii population of— a population of— Total Total Less 5,000 15,000 100,000 Less 5,000 15,000 100,000 than to to and than to to and 5,000 14,999 99,999 over 5,000 14,999 99,999 over 1923 Apr. 25.... 1,088,181 125, 879 72, 979 128,194 761,129 572,760 190,453 95,950 167,132 119,225 May 23... 1,077,817 126, 631 74,550 129, 647 746, 989 589,401 193, 214 97,057 169,396 129, 734 June 27... 1,060, 842 127,322 74, 577 128,486 730, 457 604,822 195,583 98,415 174,377 136,447 July 25 1,078,901 129,950 74,030 130,630 744, 291 612,245 198, 768 100,181 175, 111 138,185 Aug. 29... 1,074,993 131, 250 75,189 130,732 737, 822 618,148 201,367 100,907 177, 819 138,055 Sept. 26-.- 1,075,367 131,647 76, 397 135, 814 731, 509 622,325 202,745 101,358 181,650 136,572 Oct. 24.... 1,082,963 131, 951 75,171 136,028 739,813 627,826 205,132 100,691 182,301 139,702 Nov. 28... 1,066,168 128,871 76, 804 131,745 728,748 635, 591 204,111 104,457 182,052 144,971 Dec. 26.... 1,060,282 127,470 76,532 133,026 723, 254 637,018 203,468 104,648 182,704 146,198 1924 Jan. 24.... 1,037,462 123, 388 72,082 127,351 714,641 664,436 208,113 109,546 187,768 159,009 Feb. 27.... 1,031, 623 122,906 71,229 125,909 711, 579 676, 562 210,090 111,725 189,676 165,071 Mar. 26... 1,035,633 129, 204 70, 516 126,547 709,366 676,705 210,733 112,488 189,436 164,048 Apr. 23.... 1,034,840 123, 670 71,410 129,028 710, 732 686,969 212,420 113, 350 194,127 167,072 May28.._ 1,053,662 121, 225 70,174 126,420 735,843 688, 508 213,161 113,909 195,275 166,163 June 25. _ . 1,067,178 122, 034 70,387 129,508 745, 249 695,498 214,560 114, 214 196,907 169,817 July 23.-. 1,095,670 123, 825 70, 681 131,116 770,048 708,003 217, 213 116,034 199,432 175,324 Aug. 27... 1,107,114 126,890 71,329 132,921 775,974 725,033 219,499 116,954 202,048 186,532 Sept. 24... 1,124,642 130, 730 72,075 137,050 784,787 736,982 220,971 117,782 203,078 195,151 Oct. 29____ 1,144,321 131,094 74, 308 134,786 804,133 753,331 223, 252 118, 753 205,427 205,899 Nov. 26... 1,151,727 130,161 73,969 134,448 813,149 765,488 223,663 119,119 205,509 217,197 Dec. 24.... 1,129, 471 125,743 73, 516 136, 038 794,174 759, 663 223, 250 120,171 203, 238 212,959 1925 Jan. 28— 1,139, 390 124,323 71,665 130,009 813,393 777, 518 227, 815 121,784 207, 055 220, S64 Feb. 25.... 1,134,689 124, 686 72,823 133,416 803,764 789,945 230,078 122, 295 209, 739 227,833 Mar. 25... 1,127,880 127,979 71,654 133, 018 795, 229 783, 880 230, 572 122,906 211,366 219,036 Apr. 22.... 1,155,613 127,922 73,136 137,845 816, 710 786, 676 230, 514 122,643 213,658 219,861 May 27... 1.159,071 128, 680 72,452 139,307 818,632 796,502 232,366 123,867 221,042 219,227 June 24... 1,159,036 130, 880 72, 444 140,723 814,989 808,481 234,246 124,909 222,168 227,158 July 29.... 1,154,112 134, 407 72, 276 140, 026 807, 403 813,352 238,702 125,680 223, 703 225, 267 Aug. 26... 1,170,496 140,014 71,909 143,863 814, 710 824,826 241, 765 127,814 225,417 229, 830 Sept. 23... 1,175,162 142, 912 73,056 146,909 812,285 825,637 241,598 128,098 227, 382 228, 559 Oct. 28.... 1,185,676 143, 281 76,343 147, 650 818,402 841,149 243,477 126,845 227,993 242,834 Nov. 25... 1,181,937 143,089 75,285 147, 518 816,045 843,884 243,817 127,198 224, 866 248,003 Dec. 23.... 1,183,178 142, 089 74, 509 152,083 814,497 843,836 241,890 125,188 223,740 253,018 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

366 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No. 11.—DEBITS TO INDIVIDUAL ACCOUNTS [In thousands of dollars. For explanatory note see p. 191] Total for 10 centers * Allentown, Pa." Month 1925 1924 1923 1925 1924 1923 January 2,173,091 1, 925,455 1, 914, 857 32, 909 29, 778 28, 446 February.. 1, 780,071 1, 723,139 1, 648,925 28, 815 27,413 j 23, 033 March 2,105, 710 1,873, 812 1, 926,493 34, 313 30,969 I 30,188 April 2,024, 253 1, 942, 356 1, 863,477 36,007 32,390 | 31, 476 May 2,071,159 1, 894. 928 1, 973, 625 35, 963 30,558 i 32,445 June 2, 296, 834 1, 936, 205 2, 083,113 36, 515 32, 218 33,292 July 2,138, 248 1, 902, 728 1, 826, 560 37, 679 32, 651 29, 735 August 1, 926,109 1, 748, 702 1, 733,171 35, 796 29, 832 27,827 September. 2, 025, 711 1. 794,021 1, 670, 226 35,060 31,495 28,882 October 2, 298, 660 1, 968,134 1, 922, 569 41, 540 35,148 33, 615 November. 2, 007, 971 1, 820, 722 1, 738, 336 35, 767 30, 451 27,921 December.. 2,405,369 2, 242, 478 1, 999, 728 42,139 35,319 31,392 Total 25, 253,186 22, 772, 680 22, 301, 080 432, 503 378, 222 358,252 Altoona, Pa. Camden, N. J.* Chester, Pa. Month 1925 1924 1923 1925 1924 1923 1925 1924 1923 January 15, 858 14, 210 16,176 59, 515 54, 553 48,832 24,045 25,444 22, 849 February... 13, 832 13, 586 14, 658 46, 547 45, 224 39, 346 21,047 23,045 20,229 March 14, 836 14, 785 17,335 55,162 48, 894 47, 378 24,179 25, 930 22, 264 April 15, 303 15, 310 17,340 56, 680 51,807 45, 375 24, 410 22, 555 22, 300 May 15, 220 14, 512 19, 296 55,907 48, 808 49, 639 24,387 23, 633 June _. 16,496 15, 471 18,860 65, 867 52,807 53,274 25, 686 21, 856 25, 321 July 17,098 15, 533 18,096 59,418 58,026 4#tS12 27, 861 22, 964 24,704 August 14,181 16, 305 17, 605 52,182 48, 675 47,104 25,401 20,997 24, 307 September- 15, 784 13, 501 16,291 63, 660 50, 721 46,869 25, 584 21, 610 23,081 October 17,468 14, 318 19, 248 72,877 58,151 52, 784 29, 283 24, 714 28, 224 November. 15, 761 15, 236 14, 781 64, 296 50, 916 49, 023 24, 246 21,036 24,141 December.. 17,102 17, 572 16, 487 76, 039 67, 628 57,462 28,164 24,012 25, 699 Total 188,939 180,339 206,173 728,150 636, 210 304, 293 277,796 287,108 Harrisburg, Pa.* Hazelton, Pa.* Johnstown, Pa.* Month 1925 1924 1923 1925 1924 1923 1925 1924 1923 January 46,381 40, 067 31, 610 14,084 12, 248 10, 399 22, 571 21, 795 23,305 February... 38,209 35,989 28,194 13,064 11, 560 9,903 20,129 21, 525 20, 332 March 45, 436 39, 515 37, 599 14,485 11,883 11, 221 22,136 21, 687 23,124 April. 42, 987 39,144 36, 661 14, 341 12, 717 12,054 24, 557 23, 999 24, 359 May 42, 298 39, 888 38, 819 14,466 13, 527 12, 317 23, 606 22, 499 26, 325 June 47,016 37,311 40, 781 16, 447 14, 073 12, 755 24,305 22,098 27, 631 July 44,199 39, 437 38, 941 15,539 14, 653 12,119 23, 828 21, 778 25,458 August 42, 870 36,334 37,261 14, 589 13,094 12, 008 22, 941 21, 697 25, 207 September. 38,067 39, 309 35, 769 14,469 14,147 10, 841 23, 353 21, 368 23,360 October 46, 451 43,491 40, 301 15, 713 15, 507 14, 370 26, 730 24,690 25, 451 November. 42,369 38, 863 36,299 13, 670 13, 719 12, 611 24, 411 21,900 23,358 December . 50,484 43, 980 43,676 13, 704 14,600 13, 260 28,180 24,611 23,038 Total 526,767 473,328 445, 911 174, 571 161, 728 143, 858 286, 747 269,647 | 290,948 1 Figures for cities marked with an asterisk (*) are not included in the district summary or in the national summary for 141 centers. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

367 DISTRICT NO. 3 PHILADELPHIA No. 11.—DEBITS TO INDIVIDUAL ACCOUNTS—Continued [In thousands of dollars] Lancaster, Pa. Lebanon, Pa.* Norristown, Pa.* Month 1925 1924 1923 1925 1924 1923 1925 1924 1923 January 30, 239 27, 955 27, 235 7,397 7,032 6, 425 4,100 4,562 3,709 February... 24, 945 24, 370 22,165 6,212 6,307 5,181 3,279 3,390 3,092 March. 35, 262 32,853 31, 535 7,977 7,416 6,773 4,090 4,092 April 37,110 32,901 32,026 9,174 8,577 7,386 4,495 3,849 3,766 May ._ 28,184 26, 808 26, 808 7,943 7,041 7,597 4,765 3,773 4,356 June 30,047 26, 659 25,495 8,117 7,068 7,648 6,010 3,688 4,966 July 30,354 26, 035 24,626 8,747 6,920 7,250 5,041 3,618 4,057 August 27, 782 24,052 23,317 7,554 6,799 7,344 4,939 3,366 3,942 September. 28,196 27,146 24,099 7,553 6,669 6,769 4,363 3,482 3,965 October 34, 572 31, 642 28, 900 8,868 8,246 8,160 5,096 4,146 4,393 November.. 28, 317 25, 785 24,898 7,271 6,642 6,744 4,387 3,883 3,949 December.. 30, 557 28,881 26,751 8,196 7,703 7,639 4,294 4,513 4,245 Total. 365, 565 j 335,087 317, 855 95, 009 86,420 84,916 54,859 45,939 48, 532 Philadelphia, Pa. Beading, Pa.* Scranton, Pa. Month 1925 1924 1923 1925 1924 1923 1925 1924 1923 January 1,816,753 1, 602,165 1, 596, 994 39, 692 45,358 41,362 83,700 75,807 78, 563 February... 1, 483, 478 1,408, 212 1, 375,159 29, 872 38,945 34,487 67,350 77,166 65,845 March 1,766, 532 1, 540. 381 1, 606, 54034,307 39, 252 42, 343 78,167 75, 667 77, 037 April 1, 677,101 1, 602,872 1, 541,444 41, 221 36,056 44, 087 75, 643 75, 200 71, 788- May 1, 733, 358 1, 571, 816 1,642, 579 41,150 40, 244 46, 713 73, 563 74, 980 77, 376 June 1, 932, 621 1, 610,962 1, 752,826 37, 969 37, 622 45, 254 82, 720 74, 487 78,170 July 1, 768, 980 1, 570,638 1,495,459 42, 528 38,937 41, 813 77, 833 77, 833 82,843 August 1, 589,080 1,448,325 1,392, 251 44, 652 35,941 43, 651 73,900 68,300 71,357 September. 1.689,145 1,478,165 1, 379, 516 44,269 35,496 37,677 71,867 75,333 63, 060 October 1.922,146 1, 623,087 1, 583, 917 48, 682 37, 081 43, 607 73,480 80, 587 75,821 November. 1,686, 345 1, 513,365 1,428,416 44,842 34, 226 40,100 58, 860 69, 740 71,120 December. 2,043,834 1, 871, 374 1,647, 903 50,184 43,028 44,856 65,320 80, 440 80,140 Total 21,109,373 18, 841, 36218,443, 004 462,186 505, 950882,403 905, 540 893,120 Trenton, N. J. Wilkes-Barre, Pa. Williamsport, Pa. Month 1925 1924 1923 1925 1924 1923 1925 1924 1923 January 63, 907 53, 759 47,817 41,953 18,350 17,896 19,806 February 56, 645 46. 046 46, 573 34,138 15,177 15,164 17,282 March 59, 778 48,222 46,533 42, 721 17,436 17, 652 18,845 April 64. 634 51,309 50, 641 41, 839 17, 714 18,482 18,033 May 68', 189 50,392 47, 810 43,700 17, 099 18,213 19,296 June. 71,759 53, 548 51,889 45,500 18,262 16, 744 18, 619 July 75,701 52,856 49, 081 44,393 18,553 15,579 19,058 August 64,600 49, 601 44,269 42, 803 17,451 15,391 17,153 September. 68,611 46,109 45,984 39,126 18, 940 16,127 17,143 October 74, 732 49,417 51,557 47,075 20,906 17, 602 17, 754 November, 69,149 41,347 46,451 48, 649 16,438 14,353 15, 747 December. 82, 602 46,708 57,012 52,060 18, 643 16,825 17, 997 Total 820,307 755,483 711,767 589,314 585, 617 523, 957 214,969 200,028 216, 733 Figures for cities marked with an asterisk (*) are not included in the district summary or in the national summary for 141 centers. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

368 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No. 11.—DEBITS TO INDIVIDUAL ACCOUNTS—Continued. Wilmington, Del. York, Pa. Month 1925 1924 1923 1925 1924 1923 January 43,754 35,476 35,828 22, 726 20,287 19,952 February... 33,200 28, 873 17,571 17,760 16,328 March 38, 785 36,761 35, 093 22,513 21,647 19,268 April 37,407 36,977 37,652 23, 622 22,764 19,657 May 38, 276 35, 585 36,358 22,491 20,477 21,213 June.. 42,166 35,608 35,922 23,529 21, 577 21,110 July 45,496 41,285 35, 617 23, 516 19,123 19,411 August 39,869 36, 540 69,403 24, 244 18,299 20,194 September. 39, 721 32,715 34, 010 21,754 18,872 18,712 October 51,306 39,580 38, 742 25,350 21,818 21,654 November _ 46,302 34,395 35,082 21,206 21, 082 19, 073 December.. 47,365 41,422 40, 661 25, 074 28,178 21,550 Total. 504,427 439, 544 463,241 273,596 251,884 238,122 No. 12.—MONEY RATES1 IN PHILADELPHIA mates Drevailing during week ending with 15th day of the month] Customers' prime commercial paper Cattle Year and month loans 1924—January __ _ February- March April May June _ July August September October November December 1925—January. _. February. March April May _ June July August September October November December 1 Prevailing 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. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DISTRICT NO. 4—CLEVELAND No. 1.—CONDITION OF FEDERAL RESERVE BANK fin thousands of dollars] Dec. 31, Dec. 31, Dec. 31, 1925 1924 1923 RESOURCES Gold with Federal reserve agent | 119922,,6 06404 165,466 225,020 Gold redemption fund with United States Treasury 995 1,849 3,427 Gold held exclusively against Federal reserve notes, 193, 599 167, 315 228,447 Gold settlement fund with Federal Reserve Board 62,916 40,158 68, 752 Gold and gold certificates held by bank 47,340 21,407 12,177 Total gold reserves 303,855 228,880 309,376 Reserves other than gold 9, 551 9,365 5,561 Total reserves _.. 313,406 238,245 314, 937 Nonreserve cash_. 5,069 5,934 5,184 Bills discounted: Secured by United States Government obligations - 32, 268 29,248 25,833 Other bills discounted 33,860 12,825 23,185 Total bills discounted _ 66,128 42,073 49,018 Bills bought in open market '4,990 41,217 44,046 United States Government securities: Bonds _ 8,103 11,126 918 Treasury notes 19,615 33,858 9,030 Certificates of indebtedness._ 8,691 15,066 1,247 Total United States Government securities-. 36,409 60,050 11,195 Foreign loans on gold 835 702 Total bills and securities. 108,362 144,042 104,259 Uncollected items _._ 6688,,5 55544 56,127 53,180 Bank premises "7 ,4"0~9 7,573 9,097 All other resources 1,030 333 207 Total resources 503,830 452,254 486,864 LIABILITIES Federal reserve notes in actual circulation.. 232, 615 198, 515 243,323 Deposits: Member bank—reserve account. 171, 928 163,019 151,670 Government 983 4,203 3,322 Foreign bank... 883 216 176 Other deposits _ 1,359 907 1,407 Total deposits . 175,153 168, 345 156, 575 Deferred availability items. 59,105 49,460 49,897 Capital paid in 13,176 12, 756 12, 333 Surplus , 22,894 22,462 23, 691 All other liabilities 887 716 1,045 Total liabilities — - 503,830 452,254 486,864 Ratio of total reserves to deposit and Federal reserve note liabilities combined _ .- ..per cent-. 76.9 64.9 78.8 Contingent liability on bills purchased for foreign correspondents. 7,526 4,994 2,051 369 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

370 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No. 2.—PBINCIPAL ASSETS AND LIABILITIES OF FEDERAL RESERVE BANK, BY WEEKS [Amounts in thousands of dollars] Bills discounted for member banks Date s T e b a t o c i i n e l u t d l a s r s l i- Total c u G u S b . o r e y e v - s d - . O c b o d t i i u h l s l n - e s r t- b o m o B k p u i i a e n e l g t r l n - s ht U s S e n t t c i a i e u t t s e r e i s d - l e g F o o i o a o g n l n r n d - s s T c e o r a r t e s v - a e h l s r b M p e a o s b d n e e s e e m k r i - r t v s s - e ' p T o d o s e t i - a ts l n F c e o i e t r s t i d c e e o e u s r n y r l i a a e n l - s c a p e R e g e r n e e v r - t - s e ern- ed ment obligations 1925 Jan. 7... 143,735 45,765 31,001 14,764 41,314 55,954 702 241,126 176,633 179,211 193,460 64.7 14- 123,874 29,422 16,962 12, 46039, 750 54,000 r02 258,895 173, 740 177,158 189,398 70.6 21.. 114,1891 24, 942 13,137 11,805 39,313 48,714 1, 220 255i.,926 170, 215 172,064 180,497 72.6 28- 117,771 32,809 22,643 10,166 37,963 45, 7791, 220 264,;502 179,858 183,102 182,839 72.3 Feb. 4... 120,200 36,077 26,209 37,553 45,350 220 261,915 183,683 187,337 176, 557 72.0 11- 116,575 32,683 21, 216 11,467 37,322 45,350 220 268,918 175,466 178, 552188,264 73.3 18- 123,971 44, 203 30,916 13, 28734,206 44,342 220 259,738 182,760 184,758 180,856 71.0 25- 120,304 42, 654 32,714 9,940 34,105 42, 325 220 271,797 174,531 176,311 191, 600 73.9 Mar. 4__ 121,32945,830 35,370 10,460 31,966 42,325 1,208 263, 584172,577 178, 061 187,616 72.1 11- 125, 29450,617 37,083 13, 53430,604 42,865 1, 208 2700,,669966178, 278 181,501 194,174 72.1 18.. 118, 83249,027 36,869 12,158 30, 249 38,348 1,208 2733,,216 184,900 186,603 188,459 72.8 25.. 108, 57737, 007 25,038 11,969 30,913 39,449 1, 208 257,5 080163,306 167,413 193,442 76.2 Apr. 1 117,918 45,386 32,309 13, 07731, 875 39,449 ., 208 274,269179,646 182,091 189,426 73.8 8 106,992 36, 993 22, 234 14,759 29, 342 39,449 , 208 283,301168,791 172,482 196,473 76.8 15 120,918 51, 271 34,034 17, 23728, 507 39, 932 ., 208 275,035178, 873 183,180 196, 552 72.4 22 108,136 42,001 27, 21114,790 25,079 39,932 ,124 280,048 174, 961 177, 262195, 602 75.1 29- 110,036 44,380 30,062 14,318 24, 590 39,942 173, f " 176, 519198,400 76.4 May 6 107,360 43,135 28, 065 15, 070| 23,159 39,942 16, 111174.520 178, 677194,754 76.6 13 98, 98439,750 27,169 12,5811 22,306 35,804 1,124 29199,,089 173,805 176,439 200,981 79.2 20 93,142 36, 492 23,470 13,0221 23,861 31, 665 1,124 30111,800 173, 888 179,184 196,103 80.4 27 101, 21747, 568 33, 382 14,1861 24,872 27,653 1,124 305,405 174, 651 178, 805204,923 79.6 June 3 98,845 44, 304 29, 203 15,101 25,764 27, 653 124 313,389 182, 056 189,926 202,998 79.8 10 97, 20943, 967 28,336 15,631 24.207 27, 911 !,476 175, 091 182,701 206, 938 80.2 17 98,451 49,709 32, 583 17,126 22,072 25, 546 124 297,689 176, 532 178, 274201,069 78.5 24 105,117 54, 587 39,486 15,101 20, 526 28, 880 124 304,147 182,820 185, 716203, 425 78.2 July 1 100, 29648,671 32, 234 16,437 20, 737 29,764 1,124 308,110 183,133 185,021 203,718 79.3 8 94,922 42, 2r 27, 755 14,462 21, 717 29, 864 1,124 3001,,456 168.521 170, 858208,432 79.2 15 99, 85247, 015 34, 530 12, 485 20,999 30, 714 1,12'!4 308, 234183, 552 185, 05" 206, 229 78.8 22 46,852 30,433 16, 419 18, 218 30, 714 1,124 "3"018,,069 182, 631 184, 233203,029 79.6 29 102, 501 53,515 37, 940 15, 575 17,148 30, 714 1, 124 305,140 181, 774 184,190 204, 214 78.6 Aug. 5 101, 322 52,089 34, 73.*17.354 17, 395J 30, 7141,124 301,569 177, 273 179,975 203, 743 78.6 120,956 72,619 46, 89125,728 16,602i 30,611 1,124 304,248 189,506 193,880 211,196 75.1 105, 225 55, 865 31,387 24,478 17, 608 30,6281,124 306,676 181,034 185,183 210, 236 77.6 26- 103,293 53,161 32, 64220, 519 18,360 30, 6481,124(313,981 176,586 179, 665216,525 79.3 Sept. 2 104,672 55,213 32,889 22, 324 18,008 30,648 803 312,993 179,019 182,123 216,305 78.6 9.. 116,026 67,273 45,677 21,596 17, 302 30,648 803 312, 261 183,609 186,776 225, 252 75.8 16- 119,277 69,451 38 89630,555 18,077 30,946 803 297,636 177,654 179,082 224,968 73.7 23.. 110,250 60,060 32,851 27, 209 18,348' 30,9' 867 309,663 175,651 178, 605224,452 76.8 30.. 110,365 59,616 33,794 25,822 18, 682 30,976 1,091 314, 216 177,157 180, 388223,929 77.7 Oct. 7. 126, 353 74,043 41,175 32,868 j 20, 243 30,975 1,092 297,,517 176,748 179, 245225, 076 73.6 14. 126,662 77,845 43, 451 34,394 17,156 30,976 685 313,119 186,759 193,853 229,540 74.0 21. 128,820 81, 519 45,698 35,8211 15,651 30,976; 674295,942 180,087 186,228 222,611 72.4 28. 122, 538 77, 565 47,959 29,606| 13,629 30,980| 364 301,844 178,235 180,748 224,713 74.4 Nov. 4 118,012 73,338 39,201 34,137 13,287i 30,980 407 299,874 171,912 175,349 223,445 75.2 10 121,088 77,650 42,034 35,616| 11,944; 30,980 514 301,702 172,692 175, 51" 225.180 75.3 18 124,738 82,536 43,113 39,423 10,612: 30,980 610 301,714 184,778 188, 626222,410 73.4 25 119,284 77,963 44,090 33,873 9,645! 30,980 696 306,695 176,101 179, 231227,863 75.3 Dec. 2 116,451 75,923 37,842 38,081! 9, 210' 30,430 888 310,944 175,358 180,054 227,904 76.2 9—— !l26,822 87, 261 50,380 36,881 8,243! 30,430 888 304,099 173, 288178,750 231,549 74.1 16 139,065 102,141 58, 291 43,850 7, 260 28,7221 296,773 186,482 189,002 232,510 70.4 23 137,144 95,457 49,158 46, 299 5,640: 35,1591 888 302,284 175,146 179,249 248, 869 70.6 111,215 68,940 33, 556 35, 384 4,999' 36, 409 867 305,163 165, 200168,99: 234,403 75.6 Daily average 111, 919 53,024 22,496! 35,387 1,012294,410 174,737 178,206 208.181 76.2 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DISTRICT NO. 4 CLEVELAND 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 Secured Com- Month Un b i y ted m a e n rc d ial B e a r n s' k- Trade m D a e n - d B e a r n s' k- Dollar Trade Total m G e S o n t v t a e t o e r b n s l - i- a p g t a u r p i r c a e u l r l- a a c n c c e e p s t-accept- d s a r ig a n f d h t t s Total a a c n c c e e p s t- ch e a x n - ge a a c n c c e e p s tgations n. e. s. 1925 January ..- 166, 232 123,674 41,911 645 14,102 13,687 415 February 213, 361 188,951 24,109 279 15,082 14, 912 170 March 308,947 281,811 26, 223 912 15,833 15, 793 40 April 198, 319 153,296 43,902 1,118 7,254 7,109 145 May 142, 225 109, 672 31,985 568 15,182 15, 014 168 June 214, 284 169,600 44, 209 475 11,186 10,975 211 July 327, 368 273, 392 53, 727 249 7,826 7,776 50 August --. 340, 962 261,146 819 12,061 11,479 256 September 307,202 207, 243 99,469 420 9,877 9,832 45 October 302, 919 192,209 110,057 650 4,731 4,631 100 November 267, 909 192, 916 74,605 388 1, 705 1,600 105 December 369, C90 272,361 95, 425 1, 304 744 744 Total: 1925. 3,158,818 2,426,271 724, 610 7,825 107 115,583 113,552 1, 670 361 1924. 1, 348,025 1,021, 567 317, 742 8,409 307 116,070 113,555 2,515 1923- 2,436,808 1,820, 900 601, 798 14,110 196, 774 192, 518 4,152 104 United States se- United curities purchased States Total discounts and purchases Bills in open market securities bought pur- Foreign from chased loans Month other from on F re b e s a 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 in c C a d n e t e r e e b t s s i t s f o e i- f d- F re o e s t d e h e r e r v r a e l gold 1925 1924 1923 banks 1925 January 53 1,122 518 182,027 151,077 395,543 February__ 228,443 175, 212 148,011 March 592 13,123 690 • 339,185 139,849 172, 259 ApriL. 934 176 481 207,164 186,164 155,055 May 2,016 159,423 147,483 251,583 June 750 4,142 642 231,004 130,402 299,161 July 103 950 482 336, 729 67,645 338,846 August _ 37 321 353, 381 46, 588 246,517 September 9,618 7,230 800 289 335,016 101,666 192, 539 October 5 139 307, 794 82, 506 269.697 November 556 270,170 108,088 247, 572 December 481 8,214 53 378, 582 243,822 269,184 Total* 1925 14,547 34,823 976 4,171 3, 328, 918 1924 63,422 49,181 3,102 702 1, 580, 502 1923.. 6.796 1,813 34.3, 776 2,985,967 " 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] Month P v e a n n n i s a y ] l- Ohio tu K c e k n y - * Vi W rg e in st ia; Total b N o e t i e f r r n u n i c m b d m t d a b i e o n a s m e - f t k r - sb m N o e a d f r c o u u c m d m b r o i a a n e m b t n m e g e k - d r - s month 2 the month 1925 January 106,458 54,344 2,090 3,340 166,232 870 284 February 176, 857 32,148 1,929 2,427 213,361 870 264 March _ 265,827 37,314 2,312 3,494 308,947 870 278 April 131,983 60,7S7 2,250 3,289 198,319 316 May 86, 014 50, 707 2,2f6 3,238 142,225 313 June - 142,121 66,170 2,079 3,914 214,284 318 July 250, 921 70, 546 1,938 3,963 327,368 863 293 August 217, 042 117,303 2,367 4,250 340,962 309 September _ 162,799 137, 593 2,780 4,030 307,202 864 301 October 131,937 162,635 3,609 4,738 302,919 314 November 135, 083 125,466 2,721 4,639 267, 909 863 325 December — 193,181 168,234 2,077 5,598 369, 090 863 321 Total: 1925 2, 000,223 1, 083,257 28,418 46,920 3,158,818 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 Number of member banks at end of year:2 1925 327 441 | 863 1924 329 447 ! 872 1923-. -. 328 456 I 880 Number of member banks accommodated: 1925.- 155 285 1924... 155 281 485 1923 145 282 470 Figures relate only to that part of the State located in the Cleveland district. Banks in actual operation. Figures prior to March, 1925, represent number of banks as shown by the capital stock records. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 5.—EARNINGS AND EXPENSES OP FEDERAL RESERVE BANK [Figures originally published have been regrouped where necessary in order that data for all years may be on a comparable basis) 1914-15 1916 1917 1918 1919 1920 1921 1922 1923 1924 1925 Total EARNINGS Discounted bills. $31, 632 $18,064 $375,169 $3,124, 696 $5, 341, 785 $10, 570,827 $8,041, 788 $2, 247, 667 $2, 326, 579 $1, 361, 771 $1, 897,730 $35, 337, 708 Purchased bills 11,281 106, 993 496, 711 1,141,585 1, 882, 985 3, 064, 409 737, 533 743, 759 1, 511, 554 670, 338 702, 881 11, 070, 029 United States securities 15, 516 144, 844 317,924 611,895 450, 308 602, 939 479, 840 1, 946, 915 739, 935 1, 581, 943 1, 245, 563 8,137, 622 Municipal warrants. 55, 972 116, 925 48,132 221, 029 Deficient reserve penalties.... 17, 844 66, 462 66, 442 102, 804 57, 017 27, 223 29, 564 16, 669 15, 502 399, 527 Net service charges received- 22, 973 69, 972 41, 029 133, 974 Miscellaneous i 586 42, 330 41,464 241,197 59, 309 117, 640 74, 685 28, 718 47, 458 139, 968 151, 780 943,963 Total earnings.. 113,815 452,129 1,367,216 5,226,864 7,800,829 14,458,619 j 9,390,863 4,994,282 4,655,090 3,770,689 4,013,456 56, 243, 852 O CURRENT EXPENSES [Exclusive of reimbursable fiscal agency expenses] T Salaries: Bank officers $33, 833 $39, 767 $50, 241 $81, 307 $99, 815 $143,171 $194, 464 $220,100 $223, 067 $225, 000 $227, 500 $1, 538,265 Q Clerical staff 40, 532 39,044 84, 811 297, 579 494, 639 872, 339 1,166,854 1,081, 239 1, 045, 915 1,105, 384 1, 041,093 7, 269, 429 Special officers and watchmen 2,050 716 4,489 16, 901 17, 444 35,149 82, 332 93, 785 97, 326 100,178 98, 767 549,137 § All other _. 200 176 2,637 9,049 71, 687 112, 492 136,031 108, 236 178, 431 231, 662 219,093 1, 069, 694 Governors' conferences 911 1,586 251 145 499 237 329 360 492 425 304 5,539 Federal reserve agents' conferences.. 244 519 167 191 255 100 133 260 211 189 127 2,396 Federal advisory council 574 555 653 781 1,035 1,047 859 613 050 745 562 8,374 Directors' meetings 7,196 4,188 5,011 5,829 5,519 6,702 7,133 8,386 7,812 7,669 7,585 73,030 Traveling expenses 2 1,298 913 1,155 15, 513 16, 304 15,046 17, 600 21,036 19,218 22,434 19,409 149, 926 Assessments for Federal Reserve Board expenses 33, 412 20, 825 25, 783 43,073 58, 676 63,246 77,182 76, 737 76,158 72, 332 75, 588 623,012 Legal fees _ 2,525 2,500 2,000 2,000 3,000 2,000 2,000 5,538 7,059 13, 526 10, 949 53, 097 Insurance (other than on currency and security shipments). 3,545 2,393 8,108 22, 064 33, 621 41,160 57, 723 26, 600 28, 300 44, 345 40,035 307, 894 Taxes on banking house... 7,216 28, 826 23, 493 27, 528 163,226 131, 963 382,252 Light, heat, and power 31 863 2,551 3,937 5,376 11, 556 7,494 21,019 38, 536 39,206 130, 569 Repairs and alterations, banking house 14, 797 4,120 6,845 5,830 14, 657 19, 398 65, 647 Rent 6,976 7,310 28,105 52,895 63,085 102, 069 148, 511 162, 648 129, 650 47,064 33, 307 781, 620 Telephone 1,109 1,017 1,749 5,489 6,445 8,503 14, 901 15, 969 14, 929 14,126 13, 621 97, 858 Telegraph 312 296 849 6,680 15,084 27,153 I 38,018 36, 516 37, 614 35,802 36,336 234, 660 00 1 Debit. 2 Other than those connected with governor's and agents' conferences and meetings of directors and of the advisory council. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 5.—EARNINGS AND EXPENSES OF FEDERAL RESERVE BANK—Continued Co 3 1914-15 1916 1917 1918 1919 1920 1921 1922 1923 1924 1925 Total CURRENT EXPENSES-Continued tz! I P E n o x s s u p ta r r a e g s n e s c a e g e on currency and secur- $3,8 6 4 5 5 0 $2 4 0 , , 7 5 5 66 8 $54 5 , , 6 3 4 4 6 6 3 $106,729 3 $153, 861 $151, 764 $1 2 56 1 , , 1 6 4 7 7 7 $15 2 1 5 , , 6 9 7 9 4 2 $1 2 5 5 1 , , 1 6 1 4 5 7 $1,471,967 ity shipments <) () () () 42,564 72, 779 66,154 68, 346 Printing and stationery 1,547 12, 246 13,334 46, 566 46, 952 120, 652 107, 494 66,080 68, 753 63,870 52, 874 600,368 M Of i f s ic c e e l a la n n d e o o u th s e e r x p su en p s p e li s es 19, 816 3,334 8,223 49,135 31,552 105, 841 16 5 6 1 , , 1 9 1 5 9 0 8 37 3 , , 4 9 0 6 7 5 4 5 8 7 , , 4 8 1 3 9 3 4 4 5 8 , , 0 8 4 4 7 4 3 53 5 , , 1 6 8 0 0 4 Total, exclusive of cost of currency 160,575 144, 354 263, 753 717, 740 1,076, 278 1,838,157 2, 494, 904 2,277, 635 2, 347,117 2,538,881 2,401, 609 16,261,003 Federal reserve currency (including shipping charges): Original cost 9,014 3,738 91, 256 182,092 168, 867 334, 679 209, 295 124,508 182, 662 99, 618 172, 893 1, 578, 622 w Cost of redemption 2,132 3,069 6,569 16, 981 63, 519 90, 999 37, 788 20, 880 26,351 25,127 293,415 Taxes on Federal reserve bank-note circulation 80,491 92,800 75, 814 21,335 270,440 Total current expenses 169, 589 150,224 358, 078 906,401 1,342, 617 2, 329,155 2, 871,012 2,461, 266 2, 550, 659 2, 664,850 2, 599, 629 18, 403,480 PROFIT AND LOSS ACCOUNT Earnings $113,815 $452,129 $1,367,216 $5,226,864 $7, 800,829 $14,458,619 $9,390,863 $4,994,282 $4, 655,090 $3,770, 689 $4, 013,456 $56,243,852 Current expenses 169,589 150, 224 358, 078 906,401 1,342, 617 2,329,155 2, 871, 012 2,461,266 2, 550,659 2, 664, 850 2, 599,629 18, 403, 480 ui Current net earnings s 55,774 301,905 1, 009,138 4,320,463 6,458, 212 12,129,464 6, 519,851 2, 533,016 2,104,431 1,105,839 1,413, 827 37, 840, 372 Additions to current net earnings: Withdrawn from reserve for— w Federal Reserve Board o expenses 63,246 37,209 100,455 > Depreciation on United States bonds 55,739 43,728 4,148 21,612 125,227 All other 32 128 5,161 7,803 18,385 333,802 397,274 Total additions 63,246 125,071 48,889 11,951 39,997 333,802 622,956 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Deductions from current net earnings: Bank premises—depreciation- 254,684 129, 5;51 64,759 12&428 699,651 1,509,445 271,978 3,056,496 Furniture and equipment 8,097 46,986 86, 784 53,414 141,008 85,684 42,779 336,702 102,466 34,960 936,880 oo Reserve for probable losses 100,000 100,000 oo Reserve for self insurance. .. 100,000 100,000 100,000 200,000 500,000 55 Reserve for Federal Reserve sp Board expenses 46,555 53,900 100,455 f Reserve for depreciation, to United States bonds 84,406 5,044 48,220 137,670 Q* All other. 209, 470 14,477 4,730 10,096 45,010 58,808 7,078 30,115 379, 784 Total deductions 8,097 255,456 184,667 364, 427 372, 679 360, 539 313, 217 1,195,161 1,618,989 537,053 5,210,285 o\ Net deductions from current net earnings - 8,097 255, 456 184,667 364, 427 309, 433 235,468 264,328 1,183, 210 1,578,992 203, 251 4, 587,329 Net earnings 155,774 293,808 753,682 4,135,796 6,093, 785 11,820,031 6, 284,383 2,268,688 921, 221 6 478,153 1,210,576 33,253,043 Distribution of net earnings: T D r i a v n id sf e e n r d re s d p a t i o d surplus ac- 143, 237 716,168 716,107 556, 785 604,194 660, 228 692, 436 725,626 756,152 778,811 6,349,744 Q hl count 3,552,000 5,537,000 11,215, 837 2,329,442 861, 264 195, 595 T-1,229,805 431,765 22,893,598 H Franchise tax paid United M States Government 3, 294, 713 714,988 4,009,701 o Balance to profit and loss -55,774 150, 571 37, 514 -132,811 •I REIMBURSABLE EXPENDITURES OF FISCAL AGENCY DEPARTMENT Salaries: Officers $1,564 $5, 500 $10,650 $13,825 $3,151 $34,690 Employees. _ _ 54,237 476,220 549,010 276,118 183, 331 $68, 725 $227,947 $48,121 $13,920 1,897,629 All other.. 181,780 965,872 934, 503 175, 719 106,487 31, 622 80,314 11,848 4,632 2,492,777 Total 237, 581 1,447, 592 1,494,163 465,662 292,969 100,347 308, 261 59,969 18, 552 4,425,096 3 Includes cost of coin bags, etc. 4 Included with "Miscellaneous expenses." 5 Excess of current expenses. 6 Deficit in earnings before payment of dividends. 7 Deficit in earnings after payment of dividends, charged to surplus account. CO Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

376 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No. 6.—VOLUME OF OPERATIONS IN PRINCIPAL DEPARTMENTS 1923 NUMBER OF PIECES HANDLED Bills discounted: Applications 13,177 11,036 12,092 Notes discounted _ 29, 668 28,427 34,932 Bills purchased in open market for own account 8, 672 10,059 16,021 Currency received and counted 145,093,000 135, 693, 000 128,085,000 Coin received and counted _ 183, 291, 000 176,965, 000 161, 788, 000 Checks handled _ 68,888,000 68, 039, 000 67,433, 000 Collection items handled: United States Government coupons paid _ 5, 066, 000 5, 475, 000 6, 434, 000 All other i 381, 000 442, 000 390,000 United States securities—issues, redemptions, and ex- I changes by fiscal agency department ! 819, 000 2, 483, 000 1 17, 228, 000 Transfers of funds _ j 95,000 90, 000 88, 000 Envelopes received and dispatched ; 3, 355,000 3, 530, 000 3, 611, 000 AMOUNTS HANDLED j Bills discounted _ ! $3,158,818,000 $1, 348, 025, 000 $2, 436, 808, 000 Bills purchased in open market for own account 115, 583, 000 116,070,000 196, 774,000 Currency received and counted 874, 797, 000 833,126, 000 821, 051, 000 Coin received and counted _ 16, 519, 000 14, 419, 000 12, 499, 000 Checks handled _._ __ 26, 652, 412, 000 23, 874, 737, 000 24, 354, 352, 000 Collection items handled: United States Government coupons paid _ 64, 834, 000 64, 778, 000 63, 857, 000 Allother _ 476,805,000 427, 264, 000 469,979,000 United States securities—issues, redemptions, and exchanges by fiscal agency department _ 324, 788,000 348, 600, 000 900, 529, 000 Transfers of funds 5,333,830,000 4, 752, 346, 000 3, 649, 583, 000 i Large total 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] Ite b t m r a ic n s t k s d in ra o w w n n d o is n - Ite s o th m e th r e v s i e r e r f o b F b r a w e a n d n a c e k r h d r s e a e s l a d r n e t d o - Ite T U m r n e s i a t s e u d d r r e a S r w t a o n te f s o th n e Total i Month Number Amount i Number Amount Number Amount Number Amount 1925 January. , 5,225 2,079,935 I 205 55,176 162 22,099 5,592 2,157, 210 February __. 4,649 1,877,693 j 184 49,087 149 21, 808 4,982 1,948, 588 March 5,576 2,244,528 ! 230 60, 385 207 20, 621 6,013 2, 325, 534 April 5,303 2,037,895 j 214 61, 872 249 23,440 5,766 2,123, 207 May 5,008 1,937,330 191 58, 216 196 20, 276 5,395 2, 015, 822 June 5,408 2,170, 662 215 63, 741 170 20, 073 5,793 2,254, 476 July 5,292 2,236,987 198 62,948 153 18, 669 5,643 2, 318, 604 August 4,909 2, 033,967 181 64,998 144 18,121 5,234 2,117,086 September 4,957 2,108, 705 189 63,117 196 22,871 5,342 2,194, 693 October 5,610 2, 263, 067 217 68,297 259 23,847 2, 355, 211 November 5,175 2, 044, 817 196 63, 116 199 20, 464 5,570 2,128, 397 December 5,863 2, 332, 062 247 71,068 181 21, 296 6,291 2, 424, 426 Total: 1925 62,975 25, 367, 648 2 2, 467 2 742, 021 2,265 253, 585 67, 707 26, 363, 254 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 2 698, 255 2,536 254, 317 66, 313 24,045,878 i Exclusive of duplications on account of items handled by both the parent bank and one of its branches, or by both of its branches. * Includes items forwarded direct to drawee banks in other districts as follows: 1925—140,000 items, $22,876,000; 1924—131,000 items, $19,505,000; 1923—116 items, $20,242,000. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DISTRICT NO. 4—CLEVELAND 377 No. 8.—CLEARINGS AND TRANSFERS THROUGH THE GOLD SETTLEMENT FUND [In thousands of dollars] Payments to Receipts from Week ending— other Federal other Federal Net loss Net gain reserve banks reserve banks 1925 Jan 7 149,340 150,433 1,093 14 153,652 171,192 17,540 21 . 176,492 172,672 3,820 28 155,687 164,312 8,625 Feb. 4 157, 948 154,164 3,784 11 143,820 153,123 9,303 18 158,939 150, 005 8,934 25 131,283 144,447 13,164 Mar. 4 . 186,378 177,660 8,718 11 153,107 160,082 6,975 18 179,037 180,981 1,944 25 169, 944 172,351 2,407 Apr. 1 152, 066 151, 507 559 8 139, 570 148,679 9,109 15 154,679 146,164 8,515 22 . . 176,183 180,470 4,287 29 156,087 159,848 3,761 May 6 142,803 142,115 688 13 . 131, 992 145, 971 13,979 20 169, 777 171, 780 2,003 27 . 168,410 173,189 4,779 June 3 137,884 146,318 8,434 10 149,008 149,172 164 17 203, 731 187,730 16,001 24 168, 313 176, 489 8,176 July 1 163, 768 167,125 3,357 8" " " * 145, 629 138, 768 6,861 15 154, 222 161, 732 7,510 22 177,564 177,897 333 29 155,147 150,923 4,224 Aug. 5 144, 016 141, 378 2,638 12 133,101 138,834 5,733 19 158, 723 160,528 1,805 26 150,435 160,148 9,713 Sept. 2 144,487 141,863 2,624 9 118,140 120,030 1,890 16 162,243 146,334 15,909 23 . .. 177,165 186,060 8,895 30 . 161, 984 165,989 4,005 Oct. 7 165,675 150, 549 15,126 14 . 123,909 137,080 13,171 21 223,604 206,492 17,112 28 . 173,794 182,833 9,039 Nov. 4 155, 677 152,275 3,402 11 133,302 140,424 7,122 18 202,825 199, 573 3,252 25 178,385 185,767 7,382 Dec. 2 146,378 148,488 2,110 9 .. 153,469 152,133 1,336 16 175,084 167,279 7,805 23 186, 031 194, 646 8,615 30 153,844 152, 037 1,807 31 (one day).. _ _ 32,057 39,007 6,950 Total: 1925. . 8, 316, 788 8, 397,046 80,258 1924 7, 576, 542 7, 551,353 25,189 1923 7,314,202 7,410,226 96, 024 Net gain in ownership of gold since establishment of fund in 1915, $570,339,000. 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 [In thousands of dollars] 00 REPORTING MEMBER BANKS IN TEN CITIES 1 Investments Borrowings from Loans and discounts Net demand deposits Time deposits Federal reserve bank Last report date in— United States securities All other Cj 1925 1924 1925 1924 1925 1924 1925 1924 1925 1924 1925 1924 January... 1,164, 422 1, 122,108 314,046 221, 228 348,920 302, 237 1, 014, 240 898, 343 698, 843 617, 343 17,138 13, 753 February.. 1,182, 633 1,117,160 296, 817 224, 919 347, 431 309, 385 1, 006, 191 884, 297 715, 157 627, 521 26, 411 22, 784 March 1, 208, 619 1,135, 801 301, 564 224, 518 346, 506 307, 009 978, 864 883, 296 719, 888 627, 651 20, 659 22, 098 April 1, 214, 790 1,156, 224 283, 501 216,107 354, 229 311,174 990, 866 902, 358 721, 398 631.194 25, 442 24, 581 May 1, 225,128 1,161,921 274, 327 214, 726 358, 822 313,318 993, 899 902,050 735, 503 650, 801 27, 552 30, 430 Tune 1, 239, 268 1,145,199 285, 681 234, 251 352, 063 321, 826 1, 003, 679 910, 549 734, 925 673,924 35, 376 11,022 July 1, 261, 040 1,134, 321 292, 727 292, 549 351.166 328, 462 1, 021, 800 964, 563 754, 267 687, 988 36, 533 5,740 August 1, 273, 331 1,145,937 286,065 303,044 354,576 333,180 1, 014. 303 975, 954 756, 848 698,135 34, 264 2,279 September. 1, 293, 764 1,149, 026 289, 673 321, 888 347, 026 338, 512 1, 015,487 983, 738 760, 204 697, 851 39, 418 13, 118 Dctober-.- 1, 296, 619 1,156, 747 287, 711 330,901 347, 650 344, 572 1,015,321 1, 010, 591 755, 374 701, 278 59, 332 4,571 Nfovember. 1, 286, 722 1,161, 888 280,164 330, 504 343, 706 346, 614 997, 720 1, 019, 485 755, 510 701.195 55, 398 9,245 December. 1, 277, 280 1,148, 289 264, 480 303,140 353.167 343,992 983, 870 972, 457 742, 990 680, 065 45,991 23, 790 REPORTING MEMBER BANKS IN CITY OF CLEVELAND 2 January... 506, 357 479, 597 59, 368 40, 613 87,049 72, 272 250,170 228, 767 396,973 355, 625 2,198 2,521 w February.. 513, 809 475, 848 58, 813 43, 075 83, 492 75, 714 252, 633 227,812 400, 708 362, 316 2,418 1,556 W March 524, 383 475, 720 62, 454 42, 710 80, 452 73, 819 250, 407 226, 683 403,173 356,143 2,135 4,086 £ April 533,171 486,324 58, 367 40, 702 80,186 72, 939 266, 359 236, 587 397, 310 359,155 1,480 500 S May 536, 461 494,135 54, 819 41,809 86,365 75, 289 270, 705 240, 592 406, 685 370,990 1,200 950 § June 546, 732 491, 877 59, 475 46,909 81,954 83, 045 277, 562 242,930 400, 635 376, 206 4,340 310 < July 555, 263 503, 099 64, 018 53, 967 78, 551 83, 769 277, 892 256, 496 418, 074 384,025 1,548 August 562, 523 519,033 66, 670 63,353 79, 262 85, 673 275, 789 265, 375 419, 824 397, 784 9,602 W S D D N e e o c p c v t t o e e e m b m m e b b b r e e e .. r r r . . . . 5 5 5 5 4 5 4 6 9 6 1 7 , , , , 9 0 5 7 8 7 0 9 7 1 7 6 4 5 5 5 9 1 1 1 6 8 5 5 , , , , 8 2 4 5 9 1 2 9 7 4 0 7 6 6 6 5 7 5 6 3 , , , , 9 4 6 9 5 2 6 9 1 1 5 8 6 6 6 5 7 7 6 5 , , , , 1 8 5 0 6 5 9 1 5 1 7 5 7 7 7 7 2 2 5 2 , , , , 9 3 2 7 4 5 1 9 8 0 5 0 9 8 8 8 1 9 8 5 , , , , 0 4 9 9 9 7 6 4 6 1 3 4 2 2 2 2 6 4 6 7 2 7 7 4 , , , , 9 5 3 7 2 2 6 9 0 5 5 2 2 2 2 2 3 6 6 7 9 6 9 1 , , , , 6 9 0 6 8 7 7 7 4 0 0 4 4 4 4 4 0 1 1 1 2 4 7 1 , , , , 7 8 0 6 1 2 4 4 1 3 0 8 3 3 3 3 9 8 9 9 7 3 0 3 , , , , 1 2 4 5 8 8 2 0 3 9 7 0 1 1 1 8 5 4 7 , , , , 8 9 6 6 2 3 8 7 1 1 5 9 2, 7 0 5 4 0 6 O > W O 1 Figures are for about 75 banks in Cleveland, Cincinnati, Pittsburgh, Canton, Columbus, Dayton, Erie, Lexington, Toledo, and Youngstown, which submit weekly reports to the Federal reserve bank. 2 Figures are for about 8 banks in Cleveland, which submit weekly reports to the Federal reserve bank. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DISTRICT NO. 4 CLEVELAND 379 No. 10.—ALL MEMBER BANKS—NET DEMAND AND TIME DEPOSITS, BY SIZE OF CITY [In thousands of dollars] Net demand deposits Time deposits Banks in cities and towns having Banks in cities and towns having Date a population of— a population of— Total Total 5 t L h ,0 e a 0 s n s 0 1 5 4 , t 0 , o 9 0 9 0 9 9 1 9 5 t , , o 9 0 9 0 9 0 a 1 n 0 d 0 , o 0 v 0 e 0 r 5 t L h ,0 e a 0 s n s 0 1 5 4 , t 0 , o 9 0 9 0 9 9 1 9 5 t , , o 9 0 9 0 9 0 10 o a 0 v n ,0 e d 0 r 0* 1923 Apr. 25 1,412,448 154,935 122, 515 194,705 940,293 1, 031,556 164,604 116,736 160, 294 589,922 May 23 1, 407,879 156,960 126,148 195,903 928, 868 1,044,132 167,135 119,879 163,107 594,011 June 27 1, 414,338 157,934 128,157 195, 539 932,708 1,058,044 169, 214 121,767 166,728 600,335 July 25 1, 436, 209 161,324 132,529 199, 438 942,918 1,080,108 172,198 123,717 169,990 614, 203 Aug. 29 1, 425, 406 162,110 132,780 197,755 932, 761 1,099, 214 174,504 124,710 172,892 627,108 Sept. 26 1, 398, 289 161,092 129, 265 194,457 913,475 1,104,900 176, 044 125, 524 173,463 629,869^ Oct. 24 1, 394,498 160, 353 125, 997 195, 802 912,346 1,118,124 177, 544 126,746 174,586 639, 248- Nov. 28 1, 380,954 155,129 123, 468 192,945 909,412 1,126,611 179, 291 128,330 175,066 643,924 Dec. 26 1, 353, 828 154,152 125,726 195, 904 878,046 1,129, 520 180, 552 128, 494 174, 271 646, 20$ 1924 Jan.23 1,382,490 154,877 127, 575 195, 768 904,270 1,142,992 182,780 130, 228 177, 507 652,477' Feb. 27 _.. 1, 371, 541 154, 833 127, 455 194,614 894, 639 1,166,985 184,326 131,726 180,981 669 '952 Mar. 26 1,373,024 153,499 123,815 193, 249 902, 461 1,169,002 185,182 132,620 183,975 667, 225 Apr. 23 1, 372,134 150,947 122, 464 194, 773 903, 950 1,173, 887 184,774 132,774 184,337 672,002 May 28 1, 371, 543 147,114 119, 923 191,153 913, 353 1, 200, 514 185,975 133,850 186,110 694,579 June 25. 1, 385, 052 147,123 122, 303 191, 895 923, 731 1, 226, 845 186, 277 134, 093 188,256 718, 219 July 23 1, 438, 359 149,066 124, 996 197, 743 966, 554 1, 239,961 186, 845 135, 016 189, 637 728,463- Aug. 27 1,467, 908 149,490 125,447 200,456 992, 515 1, 256,184 187,099 135, 259 191,090 742,736 Sept. 24 1, 469, 391 150,046 122, 297 196,325 1,000,723 1, 255, 257 187, 211 135,703 189,784 742, 559* Oct. 29 1, 483,196 147,978 119,763 194,084 1,021, 3711, 263, 367 188, 087 134, 435 192, 216 748,629 Nov. 26. 1,486,119 144, 787 117,506 194,483 1,029,343 1, 269,256 189,484 136, 497 193,548 749,727 Dec. 24 1,468, 404 140,185 117,721 196,902 1,013, 596 1, 245,613 188,713 136,125 190, 802 729,973- 1925 Jan.28 1, 486, 655 144, 270 121,198 196,496 1, 024, 691 1, 272, 991 192, 948 138,531 192,705 748,807 Feb. 25. 1,482,289 144,929 122, 824 197,140 1, 017, 396 1, 292, 515 192, 390 139, 301 195,035 765,7895 Mar. 25 1,456,781 144,472 119, 977 195, 280 997, 052 1, 299,175 193,336 140, 060 195,606 770,173^ Apr. 22 1,469, 584143,421 117,915 196,866 1,011,382 1, 300, 882 193,134 139, 996 196,468 771, 284 May 27 1, 463, 643 139,921 116, 592 196, 392 1,010,738 1, 314,938 192,342 139,407 197, 234 785,955 June 24 1, 482, 254 141,963 120,103 198, 933 1, 021, 255 1, 344, 751 193,017 139,715 198,054 813,965 July 29 1, 517, 902 144, 398 125, 385 203,165 1, 044,954 1, 338,749 194,419 139, 544 201,100 803,686 Aug. 26 1, 510, 469 146,135 126, 399 201,440 1, 036,495 1, 342,131 194,169 139,166 201,198 807, 598 Sept. 23 1, 499, 245 146, 602 124, 322 199,089 1, 029, 232 1,341, 591 194, 016 139,351 201,409 806,815 Oct. 28 1,498, 226 145, 204 121,316 197, 420 1, 034, 286 1, 341,980 193,678 140,152 202, 386 805, 764 Nov. 25 1, 475,121 143,151 119, 676 195, 665 1, 016,629 1, 342,997 193,182 140,767 203, 261 805, 787 Dec. 23... 1,467,169 142,187 120,054 197,894 1,007,034 1, 326,753 194,867 140, 653 202,556 788,677 No. 11.—DEBITS TO INDIVIDUAL ACCOUNTS [In thousands of dollars. For explanatory note see page 191] Total for 13 centers * Akron, Ohio Month 1925 1924 1923 1925 1924 1923 January 2,511,678 2,227,515 2, 305, 963 85,168 77, 388 70, 891 February._ 2, 048,430 2, 006, 249 1, 949, 930 66, 009 63, 027 60,012 March 2, 284. 925 2,173, 881 2, 206, 665 78, 333 70, 378 75,165 April 2, 407, 075 2, 275, 246 2, 227, 570 91,415 78, 539 75, 372 May 2, 240, 047 2,122, 402 2, 266, 888 84, 230 72, 646 77, 528 June 2, 459, 218 2,105, 227 2, 278, 941 89, 777 72, 020 79, 646 July 2, 564, 444 2,139, 964 2, 237, 042 98, 955 76, 093 77,040" August 2, 246, 826 1,979,554 2, 081, 604 89. 410 65, 725 70,121 September- 2, 308, 524 1, 996, 688 2, 005,409 106. 816 72, 962 74,125 October 2, 661, 005 2, 300, 487 2, 252,036 104, 631 76, 839 70, 847 November _ 2, 341,146 1, 980, 486 1,996,108 87, 889 67, 994 64, 848 December.. 2, 652, 829 2, 466,903 2, 331, 503 98, 292 84, 884 72, 586 Total. 28, 726,147 25,774,602 26,139,659 1,080,925 878,495 868,181 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

380 ANNUAL REPORT OF THE FEDERAL, RESERVE BOARD No. 11.—DEBITS TO INDIVIDUAL ACCOUNTS—Continued [In thousands of dollars] Butler, Pa.* Canton, Ohio * Cincinnati, Ohio * Month 1925 1924 1923 1925 1924 1923 1925 1924 1923 January 10, 887 10, 428 11,245 53,462 47,294 46, 336 383, 860 341, 469 357, 392 February... 9,292 9,097 9,696 38,324 40, 787 36,019 301,084 288,178 288,000 March..... 11, 466 10, 500 11, 533 48, 512 49, 063 47,910 356,290 317, 364 367, 067 April 11, 409 11, 789 11,594 48, 438 50, 653 45, 836 368, 489 328, 538 358, 462 May _.. 11,347 11, 070 11, 832 51,100 41, 763 44, 869 327, 849 303,195 351, 875 June... 11, 026 10, 278 13, 042 51,139 43, 003 50, 669 360, 216 298, 662 344,432 July 11, 376 10, 647 11,151 49, 442 43, 070 45, 444 355, 092 316, 567 326, 414 August 10, 703 10,213 10, 774 43, 769 39, 775 41, 660 315, 381 282, 723 282,836 September. 10, 266 11,910 12,172 45, 862 43,044 40, 736 338, 437 288,611 300, 788 October 13, 336 13, 030 13, 398 48,141 44, 460 43, 761 378, 513 332, 316 327,438 November. 10, 568 10, 945 11, 787 42,445 37, 667 37, 729 347, 303 297, 707 290,932 December. 11, 742 11,477 12, 683 51, 891 47, 320 44, 474 397, 209 397, 257 365, 752 Total 133, 418 131,384 140, 907 572, 525. 527, 899 525,443 4, 229, 723 3, 792, 587 3,961, 388 Cleveland, Ohio Columbus, Ohio Connellsville, Pa.* Month 1925 1924 1923 1925 1924 1923 1925 1924 1923 January 720, 949 642, 928 146, 595 133, 552 163,204 4,796 4,856 6,138 February 565, 054 583, 611 542, 818 120, 629 120,940 118, 679 4,140 4,494 5,374 March 628,415 626, 227 629, 468 134, 579 136,497 146,337 4,728 4,847 April.. 737, 333 719, 936 676, 374 146, 236 138, 867 165, 708 4,542 4,764 5,762 May 676,272 609, 831 136, 891 133, 501 169, 640 4,783 4,990 6,096 June 739,121 618, 520 692, 395 152, 334 132, 722 158, 244 4,943 4,883 6,230 July 759, 252 624, 357 662,147 157, 767 132,134 151, 254 4,516 4,753 5,455 August 571,311 626, 360 144, 410 123, 729 150,908 4,546 4,608 5,483 September 672, 717 597,176 612, 713 153, 390 132, 737 148, 042 4,460 4,471 5,527 October 761, 578 660, 497 678, 058 163, 375 144, 868 148.122 5,216 5,080 5,787 November 670, 474 582,193 592, 533 141, 721 134, 226 128, 749 4,410 4,291 4,984 December 767, 004 751, 111 703,121 167,980 150, 472 153, 662 5,521 5,058 5,366 Total 8, 359,1587, 587, 6987, 774,4611, 765,9071, 614, 2451, 802, 549 56, 601 57, 095 Dayton, Ohio Erie, Pa. Greensburg, Pa. Month 1925 1924 1923 1925 1924 1923 1925 1924 1923 January 81,289 73,969 69, 936 33, 262 32,400 33, 694 22, 793 25, 519 21,620 February... 62.802 63,443 59, 756 29, 243 28,286 26, 545 18, 602 21,979 18,667 March 74, 525 71,123 78, 642 32, 655 31,128 31, 687 19, 539 22,198 23,384 April. 76,661 70, 587 70, 944 33, 824 31,267 30,820 19, 608 20, 561 20, 735 May 72, 945 71, 572 34,431 32, 064 32,417 19, 590 21,611 24,152 June 82,187 70,120 73, 842 36, 364 31, 835 34,402 19,950 21, 545 23, 522 July 94,096 70,172 74, 611 36, 393 30,960 32,263 20, 415 23, 515 19, 367 August 77,403 60, 573 63,768 34, 312 30, 531 32, 755 19, 774 21, 719 18, 567 September- 78,093 65, 757 66,845 34,805 31, 418 31,932 21,137 21,165 21, 299 October 80. 638 70,152 69, 861 37,139 34,630 35, 388 23,806 23,165 23,190 November. 70.803 60, 978 60,102 33,183 29, 345 31,045 22,197 19, 430 20, 003 December. 84,110 70, 506 73,632 36, 238 33, 771 32,916 22, 891 23, 666 22, 947 Total 935, 552 815, 713 833,511 411,849 377,635 385, 864 250, 302 266, 073 257,453 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. 4—CLEVELAND 381 No. 11.—DEBITS TO INDIVIDUAL ACCOUNTS—Continued [In thousands of dollars] Homestead, Pa. * Lexington, Ky. Lima, Ohio * Month 1925 1924 1923 1925 1924 1923 1925 1924 1923 January 4,083 4,158 3,433 35,895 31,171 33,576 19,029 18,025 17,156 February. _ 3,778 3,756 2,935 30,456 29,937 34,795 16, 795 18, 774 14,766 March 4,557 3,905 3,350 24, 532 27, 795 35,938 19, 790 18,257 19,047 April 4,780 4,164 3,481 18,744 20,115 24,374 19, 990 18,695 17,547 May 4,948 4,892 4,125 17,949 20,824 21,837 18, 575 19,143 17,217 June 5,209 4,515 4,283 21,191 18,271 22,891 17,303 18,598 17,778 July 5,059 4,476 4,201 25,622 18,966 20,126 19,074 18,132 17,671 August „-.. 4,637 4,246 3,975 18,266 16,957 17,030 18,588 17, 385 17,133 September. 4,628 4,172 3,797 18,095 16,205 16,359 16,623 18,402 16,075 October 5,393 4,824 4,406 19,800 18,886 19,291 16, 541 19,091 18,223 November. 4,128 4,093 4,216 19,298 17,615 17,467 13, 525 16,670 16,321 December . 4,733 4,766 4,502 27,591 25,232 24,906 15,266 22,070 20,449 Total 55, 933 51,967 46, 704 277,439 261,974 288, 590 211,099 223,242 209,383 Lorain, Ohio* Oil City, Pa. Pittsburgh, Pa. Month 1925 1924 1923 1925 1924 1923 1925 1924 1923 January 7,326 5,995 5,598 14, 569 15, 819 14, 359 ], 007, 568 874,126 879, 244 February.. 5,550 5,092 4,292 13,101 14, 044 12, 216 855, 614 787, 711 834, 618 March 6,907 6,046 5,393 14, 587 13, 253 13, 846 955, 248 864, 439 859, 486 April 7,411 6,365 6,016 13, 816 14, 603 14,154 924, 729 856, 714 818, 876 May 6,628 6,460 6,198 14, 733 12, 769 14, 676 846, 704 848,972 873, 416 June 7,161 6,540 6,960 15, 332•11, 753 13, 806 940, 561 821, 604 853,957 July 7,041 16, 877 13, 329 13, 374 990, 396 852, 303 877, 750 August 5,927 6, 451 17, 500 11, 433 12, 819 855, 089 800,991 794,903 September. 7,518 6,864 7,364 14, 701 12,991 11, 042 874, 746 754, 368 741, 682 October 6,625 7,259 7,249 15, 687 12, 853 13, 057 1, 068, 360 901, 034 873,986 November. 5,692 6,485 6,019 14,127 11, 344 11,611 784, 292 789, 506 December. 6,464 7,303 6,522 13, 892 13, 512 12,923 1, 040, 654 993, 052 899, 255 Total 80, 250 77, 886 74, 856 178,922 157, 703 157,883 11, 315, 514 10,139, 606 10, 096, 679 Springfield, Ohio Toledo, Ohio Warren, Ohio* Month 1925 1924 1923 1925 1924 1923 1925 1924 1923 January 23,842 21, 413 24, 253 209, 307 181, 389 186,451 15,164 14, 111 13, 358 February... 18,190 17, 535 18, 533 169, 537 171, 815 138, 615 10, 469 14, 850 10, 625 March 21, 080 21,940 22, 730 194, 399 181, 532 183, 290 13, 008 14,940 14, 787 April _. 21, 045 20,192 20, 254 205, 645 188,933 192, 377 14, 246 14, 821 13, 620 May 22,114 19, 454 20, 266 208,913 177, 382 187, 049 13, 769 12, 702 13, 736 June 22, 224 18, 018 22,950 189, 022 13, 394 11, 232 13,919 July 23,785 20, 749 22,065 223, 442 169, 229 173, 592 13, 251 12,997 13,427 August 21, 017 18, 700 20, 022 200,918 164, 348 172, 289 13, 074 12, 226 12,975 September. 21, 625 17,980 20,198 197, 668 171, 079 158,769 15, 456 14, 056 13, 751 October 23, 480 19,910 20,381 223, 774 228,902 189, 401 15,151 13, 675 13, 457 JNTovember. 21, 265 17,189 18,181 189, 858 162, 760 164, 259 11, 788 11, 346 11,809 December. 25, 368 21,284 20,117 241, 483 181,975 196, 797 13, 629 13, 761 13, 365 Total 265, 035 234, 364 249,950 2,493,929 2,168, 366 2,131, 875 162, 399 160, 717 158, 829 Figures for cities marked with an asterisk (*) are not included in the district summary or in the national summary of 141 centers. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

382 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No. 11.—DEBITS TO INDIVIDUAL ACCOUNTS—Continued [In thousands of dollars] Wheeling, W. Va. Youngstown, Ohio Zanesville, Ohio* Month 1925 1924 1923 1925 1924 1923 1925 1924 1923 January 49,940 50,640 ; 53,952 80, 501 67, 201 64, 803 12, 717 12, 774 12,983 February 41, 216 47,110 i 36, 550 57,977 56, 811 48,126 9,959 11, 763 10, 797 March 44, 464 46,718 46,454 62, 569 60, 653 60, 238 12, 497 14,011 13, 445 April _ 46, 278 46,335 50,898 71, 741 68, 597 66, 684 13,189 15, 063 13, 556 May 42,962 43,961 i 46,370 62, 313 61, 054 59, 471 12,140 13, 274 13, 344 June 45, 212 43,286 i 47,298 65,980 56, 511 67, 002 12,930 13, 023 14,005 July 44,987 45, 246 ! 45, 836 72, 457 62,911 67, 617 12, 887 13, 252 12, 766 August 41, 708 41,447 | 42,766 66, 030 52, 090 59, 296 11,939 12, 513 12, 458 September 40, 762 42,159 ! 41, 465 73,969 60, 691 60,938 12, 164 12, 873 11,907 October 50, 125 45, 484 ! 44, 758 88, 612 63, 267 65, 696 13, 340 13,711 12, 896 November 47,108 41, 164 ! 43, 549 67, 378 51,956 54, 255 10, 869 11, 802 12, 631 December _ 54, 850 48,993 53,086 72, 476 68, 445 65, 555 13, 381 12,917 13, 217 Total 549, 612 542,543 I 552,982 842, 003 730,187 739, 681 148, 012 156,976 154, 005 Figures for cities marked with an asterisk (*) are not included in the district summary or in the national summary of 141 centers. No. 12.—MONEY RATES J IN CLEVELAND, CINCINNATI, AND PITTSBURGH [Rates prevailing during week ending with 15th day of the month] CLEVELAND Customers' prime commercial paper Year and month 30-90 days 1924—January February March April May June July August. September October November December 1925—January.. February March April ._ May June July August September October November December..-.. COCOC! 4-6 months 534-6 5 -6 534-6 5 2-6 5 -6 5 -6 5 -6 5 -6 5 -6 5 -6 5 -6 5^-6 5^-6 5 -6 5^-6 534-6 534-6 5 -6 CO CO Ci Loans secured by other stocks and Loans I Loans se- bonds secured ll h oo a aa n ™n k s ! I < L ™ b i o b e n d e d r b s ty y b r y e h c o w e u i a s p r e t e s - C lo a a t n tl s e Demand Time 5-6 5^-6 5-6 534-6 -6 5-6 6 5 % 6 5 5 5 5 - - 6 6 5^-6 5 5 1 ^ 4 - - 6 6 534-6 5 5-6 53^-6 5 5-6 5J4-6 5 -6 5 5-6 5^-6 5 -6 5 5-6 53^-6 5H-6 5 -6 5 -6 5 5-6 5^6 5 -6 5-6 5 -6 4 -6 4 -6 5-6 5 -6 5 -6 5 -6 5 5-6 534-6 5 -6 5 -6 5 5-6 5H6 5 -6 5 -6 5-6 5 -6 5 5-6 5 -6 534-6 5 5-6 5 -6 5 -6 5 5-6 6 5^-6 5 5-6 5^-6 5 5-6 5 ^-6 5 2-6 5 2-6 5 5-6 5 -6 1 Prevailing 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. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DISTRICT NO. 4 CLEVELAND 383 No. 12.—MONEY RATES IN CLEVELAND, CINCINNATI, AND PITTSBURGH—Con. CINCINNATI Loans secured by Year and month C co 3 u 0 m s - t 9 m o 0 m er e c r i s a ' l p p 4 a r - i p 6 m er e I l b n o a t a n e n k r s - L c L u o b i r a o b e n n e d s d r t s b s y e y - De o b m t o h n a e d n r s d stock T s i m an e d b s r y L e e h c c o o w e u u a i a r n s p e r e s t d e s - C lo a a t n tl s e days months 1924—January 5^-6 534-6 5 -5H 5 -534 534-6 534-6 6 M Fe a b r r c u h ary, 5^-6 6 5^-6 6 5 -5y 2 5 53 4 - - 5 6 34 534- 6 6 5H-6 6 6 6 April 53^-6 6 534 534 5^-6 534-6 6 J M un ay e 6 5^-6 6 5 - 6 by 2 5 -5 5 3 3 4 4 6 6 6 6 6 6 July 6 6 534-6 534-6 5H-6 6 August 5^-6 5K-6 534 5H-6 5 -6 5 -6 5^-7 5 -6 September. ... 53^-6 5^-6 5 -5H 534-6 5 -534 534-6 534-7 October "534-6 534-6 5 -534 5 -534 534 5^-6 6 -7 D N e o c v e e m m b b e e r r 5 5 3 ^ - - 6 6 5 5 H - - 6 6 5 5 - - 6 5J4 5 5 - - 5 sy y 2 2 5 -6 534 5 -6 5H 6 6 - - 7 7 1925—January 5*4-6 5^-6 5 -534 5 -6 5 -6 5 -6 6 -7 M Fe a b r r c u h ary 5 5 3 ^ 4 - - 6 6 5 5 3 3 4 4 - - 6 6 5 5 - - 5 5 H H 5 5 - - 5 b 3 y 4 2 5 5 - - 5 5 3 3 4 4 5 5 3 4 - - 5 6 34 6 -7 6 April 534-6 534-6 5 -6 5 -534 5 -6 5 -6 6 May 5 -6 534-6 5 -534 5 -534 434-5H 434-5H 534-7 J A J u u u n ly g e ust 5 5 5 - - - 6 6 6 5 5 5 3 4 - - - 6 6 6 5 5 - - 5 5 3 y 4 2 5 5 5 - - - h 5 5 V M 34 2 5 5 - - 5 6 5 H M ' 5 -6 5 5 3 34 4 6 6 5 ^- - - 7 7 7 5 -534 September 5 -6 5 -6 5 -534 5 -534 5 -534 5 -7 October 6 6 5 -534 534 534 6 N D o ec v e e m m b b e e r r 6 6 6 6 5 5 - - 5 5 3 M 4 5 5 3 3 4 4 6 6 6 6 6 -7 6 PITTSBURGH 1924—January... 6 6 6 6 6 6 6 February. 5 -6 5 -6 6 6 5 -6 6 6 March 6 6 6 6 6 6 6 April 6 6 6 6 6 6 6 May 6 6 6 6 6 6 June 6 6 6 6 6 6 July 6 6 6 6 6 6 August | 5 -6 5 -6 5 -6 5 -6 6 6 6 September i 5 -6 5 -6 6 6 5 -6 6 6 October 5 -6 5 -6 6 5 -6 5 -6 5 -6 6 November | 5 -6 5 -6 5 -6 5 -6 5 -6 5 -6 6 December | 5 -6 5 -6 5 -6 5 -6 5 -6 5 -6 5 -6 1925—January... 5 -6 5 -6 5 -6 5 -6 5 -6 5 -6 6 February. 5 -6 5 -6 5 -6 5 -6 5 -6 5 -6 6 March 5 -6 5 -6 5 -6 5 -6 5 -6 5 -6 6 April 5 -6 5 -6 5 -6 5 -6 5 -6 5 -6 6 May 5 -6 5 -6 5 -6 5 -6 5 -6 5 -6 6 June 5 -6 5 -6 5 -6 5 -6 5 -6 5 -6 6 July..... 5 -6 5 -6 5 -6 5 -6 5 -6 434-6 6 August.. 5 -6 5 -6 5 -6 5 -6 5 -6 6 September.. 5 -6 5 -6 5 -6 5 -6 5 -6 5 -6 6 October 6 6 6 6 6 6 November.. 6 6 6 6 6 6 December. _. 6 6 6 6 6 6 88169—26 26 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, 1925 1924 1923 Gold with Federal reserve agent 68,184 79,184 70,146 Gold redemption fund with United States Treasury 2,495 2,107 2,818 Gold held exclusively against Federal reserve notes, 70,679 81,291 72,964 Gold settlement fund with Federal Reserve Board 23,952 18,724 40,963 Gold and gold certificates held by bank 6,944 19,662 5,236 Total gold reserves _ 101,575 119,677 119,163 Reserves other than gold _ 6,685 5,809 4,284 Total reserves 108,260 125,486 123,447 Nonreserve cash 5,261 3.498 3,045 Bills discounted: Secured by United States Government obligations.. 15,252 11.948 23,052 Other bills discounted 28,751 21,600 28,970 Total bills discounted.. 44,003 33,548 52,022 Bills bought in open market. 2,696 1,486 2,078 United States Government securities: Bonds 1,240 1,340 1,191 Treasury notes 3,511 2,464 150 Certificates of indebtedness 4,193 807 Total United States Government securities- 8,944 4,611 1,341 Foreign loans on gold 413 342 Total bills and securities.. 56, 056 55,441 Uncollected items.. 67,064 54,296 54,338 Bank premises 2,364 2,446 2,528 All other resources.. 353 410 Total resources. 239,394 226,066 239,209 LIABILITIES Federal reserve notes in actual circulation.. 93,112 87,579 104,158 Deposits: Member bank—reserve account.. 68,037 66,295 65,582 Government _ 1,675 2,455 1,801 Foreign bank 437 105 85 Other deposits .' 179 235 115 Total deposits. 70,328 69,090 67,583 Deferred availability items 57,399 51,205 49,352 Capital paid in 5,993 5,900 5,816 Surplus __- _ __ _.. 11,919 11,701 11,672 All other liabilities. _ 591 628 Total liabilities _ 239,394 226,066 239,209 Ratio of total reserves to deposit and Federal reserve note liabilities combined _ per cent. 66.2 80.1 71.9 Contingent liability on bills purchased for foreign correspondents 3,728 2,433 384 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DISTRICT NO. 5 RICHMOND 385 No. 2.—PRINCIPAL ASSETS AND LIABILITIES OF FEDERAL RESERVE BANK, BY WEEKS [Amounts in thousands of dollars] Bills discounted for member banks Date s T b e a t o c i i n e l u t l d s a r s i l - Total c U G e u S b r o r . e y n e S v - - d . - O c b o d t i u i h l s l n e - s t r - b o o m B k p u i i e a n e l g l r t n h s - t U s S e n t t c i a i e u t t s e e ri s d - l e g F o o i o a o g n n l r n d - s s T c e r o a r e v s t - a h e l s r b M p e a o s b d n e e s e e m k r i r - t v s s - e ' p T o d o s e t i - a t l s n F r c o e i e t s r t i d e c e o e s u r n r v l i a a e n l - s c p R e e e r n e v r - t - e ment obligations 1925 Jan. 7... 35,929 29,985 8,149 21,836 1,297 4,305 342 21, 550 67, 749 83, 721 80.2 14... 31, 551 25, 740 6,464 19,276 1,313 4,156 342 24,966 67,430 70,158 79,924 83.3 21... 29,192 23,802 5,256 18, 546 1,025 3,762 603 22,092 65, 645 66,950 78, 272 84.1 31, 030 25, 639 6,436 19,203 1,258 3,530 .20, 798 67, 564 70,167 76, 297 82.5 Feb. 4. 29, 957 24, 509 5,595 18,914 1,347 3,498 .25,000 68,349 69, 510 75,893 86.0 11 28,476 22, 475 4,952 17, 523 1,900 3,498 603 .24, 463 66, 230 68,960 75,426J 86.2 2 1 5 8 . . 3 3 6 7 , , 2 5 3 4 7 8 27,606 8 7 , , 1 9 5 0 6 5 2 1 0 9 , , 5 7 3 0 2 1 4 4 , , 6 9 0 7 2 5 3 3 , , 4 28 2 2 6 6 6 0 0 3 3 1 1 1 1 9 4 , , 7 4 5 5 5 7 6 6 8 6 , , 7 7 9 5 9 5 7 6 0 9 , , 3 5 1 1 9 0 7 75 5 , , 4 2 0 7 3 5 8 7 2 9 . . 0 3 Mar. 4. 42,707 30,104 9,335 20, 769 8,712 3,282 609110, 702 65,125 67,905 76,043! 76.9 11 44,466 30,421 9,223 21,198 10,115 3,321 609107, 816 65,856 75,857 75.7 18. 50, 350 35, 344 9,147 26,197 11,368 3,029 609101,453 65, 672 66, 472 76,131| 71.1 25_ 50, 919 34, 372 25, 283 12,834 3,104 609100,255 63,850 67,001 75,166 70.5 Apr. 1 56, 502 39, 735 12, 24027, 495 13, 054 3,104 609 96,082 65,489 67, 266 75,344 67.4 8. 55, 058 39,121 11,442 27, 679 12, 224 3,104 609 95,093 65, 871 66,846 75,401 66.9 15. 56, 671 40, 652 12,066 28, 586 12, 024 3,386 609 94,039 66, 266 69, 535 75,357 64.9 22 57, 663 43, 087 11,542 31, 545 10, 634 '3, 385 55' 89, 431 62, 378 63,826 74,459 64.7 63, 780 49, 463 14, 09635,367 10, 375 3,385 55: 83, 970 64, 258 66, 852 72, 520| 60.2 May 6 59, 798 45, 662 11,819 33,843 10,194 3,385 64,907 66, 540 73,005 64.3 13 62,445 47, 949 13, 98333,966 9,597 4,342 82,981 62, 575 64, 510 72, 307 60.7 20 62,342 45, 998 13, 36732, 631 10, 488 5,299 55783,939 64,248 66,161 71, 547 61.0 27 63,931 46, 354 12, 88833,466 10, 794 6,226 82, 550 63, 290 66, 209 70,693 60.3 June 66, 596 48,909 13,910 34,999 10,905 6,225 77,981 61,995 65, 880 71, 111 56.9 10 62, 998 46,185 12,171 34,014 9,933 6,323 557 86, 754 64, 768 69, 589 70, 814! 61.8 17 68,221 52,485 16,101 36.384 9,903 5,276 557 75, 771 64,496 65,008 70,461! 55.9 24 64,128 48,483 15, 08733,396 9,421 5,667 83,283 64, 744 68,042 69, 715 60.5 July 1 70, 618 54, 568 16,209 38, 359 9,924 5,569 76,005 65, 003 66,872 69,441 55.8 8. 66,176 50,300 16, 80333, 497 9,750 5,569 80, 576 65, 578 66, 706 70,150 58.9 15. 62,439 47,439 16,81030,629 8,874 5,569 55783,383 66,150 67,115 69,636 61.0 22. 65,845 51, 509 19,13532,374 8,210 5,569 80,890 67,102 68,133 68, 759 59.1 29. 62,255 49,282 15,89733.385 6,847 5,569 84,177 66,131 68,130 61.4 Aug. 5 59,523 46,492 12, 90833, 584 6,905 5,569 557 86,969 66,856 67,928 68, 508 63.7 58,772 46,600 10,816 35,784 6,085 5,530 557 86,867 64,506 66, 806 68803' 64.1 19]; 61, 592 50,308 11,947 38,361 5,190 5,53" 557 83,862 64,240 66,231 69,494 61.8 26.. 62,655 51,696 14,348 37,348 4,858 5,544 86, 504 65,454 69,107 62.4 Sept. 2.. 65,678 54, 588 13,259 41,329 5,148 5,544 86,908 69, 623 70,620 72, 014 60.9 9.. 62,601 51,656 13,351 38, 305 5,003 5,544 398 82,224 62,608 64,924 74,465 59.0 16.. 65,307 54,323 15,099 39,224 5,142 5,444 398 85, 081 66,458 67,281 75, 666 59.5 23.. 62,118 51, 526 15,651 35, 875 4,719 5,444 429 92, 060 65,888 68, 504 76,700 63.4 30.. 59,215 48,627 12, 67135,956 4,604 5,444 99, 211 65, 34" 69, 025 78, 789 67.1 Oct. 7_. 57,299 46,348 10,226 36,122 4, 5,443 541104,852 68,819 70, 058 82, 572 68.7 14.. 59,186 48, 270 13, 91934,351 5,13 5,44' 339104,993 68,758 71, 939 84, 311 67.2 2 21 8 .. . 5 6 5 0 , , 4 5 5 6 3 8 4 4 5 9, , 1 7 0 5 5 2 1 14 2 , , 9 7 6 3 3 3 3 3 5 2 , , 1 0 4 1 2 9 5 4, , 7 0 2 3 4 8 5 5, , 4 4 4 4 ' 4 3 18 3 0 4 1 1 0 0 8 3 , ; 3 4 2 8 6 4 6 6 7 8 , , 4 4 5 8 ' 8 7 7 0 0 , , 1 5 6 2 3 2 8 8 4 5 , , 5 1 3 8 4 0 66.6 Nov. 4.. 53,897 43,209 13, 26929,940 5,043 5,443 202114,438 70, 267 71,212 72.4 10.. 53, 541 42,696 14,816 27,880 5,14" 5,444 25'107,654 67,069 68,331 88, 007 68.9 18.. 50,586 39, 729 13, 43326,296 5,11 5,444 302114,853 69,19" 70,471 88,456 72.3 25.. 48,305 37, 949 14,190 23,759 4,568 5,44' 344 121, S 69,583 73,032 89,261 75.2 Dec. 2 47,432 37,586 12, 05825,528 3,962 5,444 44C118,635 69,823 70,722 89,761 73.9 47,835 38,319 11,604 26,715 3,632 5,44 440123,410 69, 723 71,912 90,778 75.9 iel! 53,537 44,863 14, 68230,181 3,35<~ 4,858 466116, 231 69, 268 69,559 92,563 71.7 23.. 63, 624 54,296 20, 68833,608 3,44£ 5,443 440106,693 66,51- 69,384 97,009 64.1 30.. 61,606 49,517 16, 89332,624 2,7H 8,944 106,077 68, 38£ 70,469 93,482 64.7 Daily average 55,095 43,025 6,72C 50298,570 65,45C 67, 878 78, 026 67.6 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

386 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD o. 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 b m ou a g rk ht e t in open Month Total Se G o c b m o b u t l v a r e i e g t e n d e r a t s n # b - yj I i r a n p g r t a r u n i p r c r e a u n r l l p , . r B a a a c n n c k c e e p e s t r - 's a T a c n r c a c e d p e e s t- D d e s a r i m a g n f h d a ts t nd Total B a a a c n n c k e c p e e s r t- s' c D h e a o x n l - l g a e r tions n. e. s. 1925 January 60,400 41, 703 18, 283 414 534 534 February 60, 549 42, 041 18,117 391 7,221 7,126 95 March... 163,055 115,689 46, 973 378 9,038 9,038 April 200, 212 131, 929 67,818 465 3,746 3,735 il May 177, 578 120,194 | 57, 014 370 7,214 7,144 70 .June 208, 111 145,289 i 62, 5()1 261 5,765 5,700 65 July 234, 008 178,236 I 55, 535 237 4,145 4,144 1 August ] 71,882 119,731 51, 986 165 3,080 3,080 t September 226, 771 143,400 | 83,157 214 2,375 2, 375 October 268,874 124,225 I 144,405 244 2,288 2,288 November 199,937 116,092 83,656 189 1,617 1,617 December 293,852 167, 537 125,897 418 2,012 2,012 Total: 1925... 2, 265, 229 1, 446,066 815,402 3,746 49,035 48. 793 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 7,768 361 10, 643 10, 643 United States securities purchased United Total discounts and purchases in open market States securities Foreign purchased loans Month from on Bonds Certifl- other gold and cates of Federal 1925 1923' notes | indebted- reserve ness banks 1925 January . 261 61, 265 175,083 204,061 February.. 67, 770 148, 013 144,805 March 38 348 172, 488 182, 921 226, 496 April 238 239 204, 523 171,431 246,578 May 163 2,840 187, 795 114, 722 265,132 June 284 318 214,478 96, 595 328,181 July.... 39 239 238,431 98,650 311,072 August - 159 175,135 49,185 290, 829 .September.. 233 143 229, 522 102, 303 272,848 October 69 271, 231 83,160 275,929 November.. 313 201,867 57,836 209, 214 December.. 249 4,192 I 27 300, 332 94,410 246, 735 Total: 1925. 1,244 4,285 ! 2,928 2,116 2,324,837 1924. 3,770 2,557 i 465 342 1, 374, 309 1923. 50 100,500 • 3, 021, 880 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DISTRICT NO. 5 EICHMOND 387 No. 4.—BILLS DISCOUNTED BY FEDERAL RESERVE BANK: VOLUME, BY STATES [Amounts in thousands of dollars] Month g W i V n i e i r a s - t l D l o u i f m s t C b ri o i c a - t M la a n r d y- g V in ir i - a N C o ar r o th - S C l o i a n u r a o th - Total a b N m d t a i u e n e s m m o n t k r f d s b b i c e e i t o n r r f b m N o e a d f r o c u u c m d m r b o i a a e n b m t m n g e e - k d r - s month 2 the month* 1925 January 15,969 1, 863 11,903 14,257 11,102 5,306 60,400 625 243 February 7,612 889 9,949 19,995 18,236 3,868 60,549 623 238 March _ 9,454 2, 6921 22, 076 57,811 65,927 5,095 163,055 610 273 April 14, 099 9, 932 24, 944 73,138 73,296 A," 200,212 j 609 30$ May 16,883 4,190 13,165 55,186 83, 701 4,453 177, 578 607 325 June 14,392 20,595 33,9201 64, 513 70,725 3, 208, 111 607 331 July 13.979 64, 770| 42,353 102,9811 3,527 234,008 606 327 August 11,484 4,485 40,243! 40,208 70,800 4, 662 171,882 313 September 11,278 20,335 32,525 85, 898 72,625 4,110 226, 771 606 274 October 13,353 12, 654 39,033 142, 713 57, 291 3,830 268,874 605 251 November. 11,430 11, 627 41,248 81, 889 49, 560 4,183 199,937 604 256 December 14,419 30,906 76, 711 107, 641 57, 726 6,449 293,852 604 265 Total: 1925 154,352 126, 566410,487 785, 602 733, 970 54,252 265,229 1924 220,169 105.456 160,308 507,935 308,177 55, 7311,357, 776 1923 172, 054613, 041485,142 1., 235, 751 358,458 46,241~ 910,687 Number of member banks at end of year:2 1925 126 193 92 604 1924 127 196 100 624 1923 127 195 103 631 Number of member banks accommodated: 1925 146 428 1924 155' 463 1923 146 453 1 Figures relate only to that part of the State located in the Richmond district. 2 Banks in actual operation. Figures prior to March, 1925, represent number of banks as shown by the capital stock records. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 5.—EARNINGS AND EXPENSES OF FEDERAL RESERVE BANK [Figures originally published have been regrouped where necessary in order that data for all years may be on a comparable basis] 1914-15 1916 1917 1918 1919 1920 1921 1922 1923 1924 1925 EARNINGS • Discounted bills . $317, 637 $214,857 $418, 629 $2,390,422 $4,099,953 $5,920, 893 $6,166, 477 $2, 569, 887 $2, 681, 590 $1, 905,118 $1, 720, 967 Purchased bills 858 29,171 201,008 273, 634 351, 418 477, 557 184, 592 74, 655 62, 795 47, 787 217,075 United States securities 39,175 96,143 83,437 185, 293 276, 991 196,299 95,378 39, 541 164, 559 154,068 Municipal warrants 601 3,495 560 Deficient reserve penalties 31,362 122, 654 125,192 216, 559 175, 797 87,080 83, 614 65,026 55, 380 Net service charges received 22, 344 55,573 . 49,065 Miscellaneous. 484 25,060 17,920 59, 836 13, 468 10, 643 6,514 5,944 11,356 27, 750 34,970 Total earnings 319, 580 334,102 821,195 2, 979,048 4, 775, 324 6, 902, 643 6, 729, 679 2, 832, 944 2, 878, 896 2, 210, 240 2,182, 460 388 Total <"1 $28,406,430 f 1, 920, 550 _ 1, 330, 884 g 4,656 S 962,664 JS 126,982 ft 213,945 ^ 32, 966, 111 O i CURRENT EXPENSES (Exclusive of reimbursable fiscal agency expenses) Salaries: Bank officers ..- $30, 761 $31,428 $36,200 $48, 455 $74, 796 $105, 945 $149, 702 $155, 467 $166, 792 $169,190 $152, 441 $1,121,177 Clerical staff 27, 328 64,557 173,118 326, 746 617, 525 858, 861 760,883 729,497 718,163 642. 857 4, 957, 923 Special officers and watchmen 1,046 648 700 4,868 7,497 15,066 29,941 33,189 38, 587 43, 628 44,392 219,562 All other 1,570 1,774 1,882 5,008 16,283 34, 749 62,102 78, 739 70, 547 68, 987 64,881 406,522 Governors' conferences 878 1,445 337 210 254 401 550 166 345 310 257 5,153 Federal reserve agents' conferences _ 202 321 321 43 125 123 132 198 1,551 Federal Advisory Council 135 150 432 150 736 546 493 629 663 322 506 4,762 Directors' meetings 9,423 8,105 6,056 5,218 6,219 6,318 7,021 5,795 6,515 7,541 7,421 75, 632 Traveling expenses 1 525 407 3,015 33, 931 23,101 19, 618 21, 684 19, 657 157, 544 Assessments for Federal Reserve Board expenses 18,266 11, 743 14,256 19,814 29,535 34,555 38, 723 37, 402 36,449 35, 009 37, 770 313,522 Legal fees _ 1,003 1,425 500 1,122 570 1,070 4,292 12,218 3,207 1,588 258 27,253 i Insurance (other than on currency and security shipments). 1,965 1,641 3,951 9,585 10,726 16, 515 22, 090 24,928 22,289 23, 667 23, 281 160, 638 Taxes on banking house 880 702 10,444 8,916 7,873 40, 901 41, 831 41, 667 40, 844 194,058 Light, heat, and power 744" "I,~266" 1,567 5,093 7,460 4,093 10,989 10,724 9,794 8,622 67,000 Repairs and alterations, banking house _-_ _ 3,516 7,367 3,390 3,590 24,854 7,883 4,869 1,569 57,038 Rent 8,781 6,275 18,303 13,965 11,967 19,144 4,341 1,186 6,800 10,331 129, 991 Telephone _ 348 391 685 2,110 2,447 3,415 4,910 5,944 6,057 5,380 6,051 37,738 Telegraph - 343 226 658 2,960 10,032 27,604 34,210 34, 934 40, 489 29,349 219,694 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

I E P n o x s s p u t r a r e a g s n e s c a e g e o . n curr _ ency and secur- 2 3 , , 9 2 2 7 1 8 7 1 , ,2 4 5 0 5 4 1 4 5 , , 5 8 9 6 6 9 4 9 5 , , 7 5 6 1 7 9 2 92, 575 2 107,469 139,055 134,456 { 1 2 2 4 6 , , 0 8 6 2 3 3 1 2 2 7 0 , , 3 9 8 0 4 3 121,347 1,125, 767 ity shipments () () () 19,783 32, 996 29,887 30,415 Printing and stationery 4,351 6,852 11, 994 36,516 39,083 84, 345 52,037 48, 431 43,926 36, 663 26,003 390,201 M Of i f s ic c e e ll a a n n d eo o u th s e e r x p su en p s p e l s i . e _ s _ 14,010 3,625 5,569 15, 680 21,008 23, 688 f 4 332 2 2, , , 1 66 2 99 9 00 2 3 8 9 , , 1 6 7 3 5 2 3 21 1 , , 4 8 8 8 9 0 2 2 6 5 , , 2 0 5 5 2 3 2 17 8 , , 1 5 4 2 5 8 | 376,553 Total, exclusive of cost of currency.. __ 127,878 124,769 189, 593 408,267 682,110 1,144, 494 1, 557, 279 1, 525,080 1,483,988 1, 463, 696 1, 342,125 10,049,279 Federal reserve currency (including shipping charges): Original cost 14,398 18,248 58,903 118,822 119, 347 170,101 262, 614 68, 358 41,328 54, 606 97,110 1,023,835 Cost of redemption 6,700 28, 582 45, 749 77, 712 24, 734 25, 840 19, 532 12,379 244,854 Taxes on Federal reserve bank-note circulation 32, 468 52, 605 32, 240 13,184 130,497 S Total current expenses 142,276 143,017 252,122 533,789 862, 507 1,412, 949 1, 929,845 1, 631,356 1, 551,156 1, 537, 834 1,451,614 11,448,465 in PROFIT AND LOSS ACCOUNT a Earnings $319,580 $334,102 $821,195 $2,979,048 $4,775,324 $6,902,643 $6,729,679 $2,832,944 $2,878,896 $2,210,240 $2,182,460 $32,966,111 Current expenses... 142,276 143,017 252,122 533, 789 862, 507 1,412,949 1,929,845 1,631,356 1,551,156 1,537,834 1,451,614 11,448,465 Current net earnings 177,304 191,085 569,073 2,445, 259 3,912, 817 5,489,694 4, 799,834 1,201,588 1,327,740 672,406 730,846 21,517,64£ I Additions to current net earnings: Withdrawn from reserve for— Federal Reserve Board expenses. 25,531 25,531 o Depreciation on United States bonds 58,606 6,827 3,618 69,051 o W All other 940 6,486 4,202 8,831 1,888 2,006 712 25,065 Total additions _ . 59,546 32, 017 11,029 12,449 1,888 2,006 712 119,647 Deductions from current net earnings: Bank premises—depreciation. 28,435 28,245 20,000 170,000 54,069 178,358 89,671 82,114 81,671 « 732,563 Furniture and equipment 2,349 4,514 28,414 91,786 49,420 103,126 197,329 64,710 43,216 52,819 18,357 656,040 Reserve for probable losses 100,000 50,000 50,000 100,000 300,000 Reserve for self insurance 50,000 50,000 50,000 50,000 5O»"oo6 250,000 1 Other than those connected with governor's and agents' conferences and meetings of directors and of the advisory council. 2 Includes cost of coin bags, etc. 3 Includes with "Miscellaneous expenses." * Net charge off, after deduction in 1917 of $500 received from salvaged material, was $732,063. CO oo CO Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CO No. 5.—EARNINGS AND EXPENSES OF FEDERAL RESERVE BANK—Continued 1914-15 1916 1917 1918 1919 1920 1921 1922 1923 1924 Total PROFIT AND LOSS ACCOUNT—Continued Deductions from current net earnings—Continued. Reserve for Federal Reserve Board expenses $25, 531 $25,531 Reserve for depreciation, United States bonds $50,000 $13,198 $5, 865 69,063 All other 146 4,214 $15, 838 $3,521 $3, 898 $9,688 $5, 420 42, 725 Total deductions $2,349 $4, 514 106,849 133, 229 95,097 283, 205 417, 236 346, 589 236, 785 294,621 155,448 2,075,922 ===== Net deductions from current net earnings 2,349 4,514 106,849 133,229 35,551 251,188 406, 207 334,140 234, 897 292, 615 154, 736 1,956, 275 a Net earnings 174,955 186, 571 462, 224 2,312, 030 3, 877,266 5, 238, 506 4,393,627 867,448 1, 092, 843 379, 791 576,110 19, 561,371 Distribution of net earnings: Dividends paid . 151, 940 197,922 240,944 232,432 252,872 293,052 322,203 333, 321 342, 295 351, 251 358,162 3, 076,394 H Transferred to surplus account. 116,472 2, 079, 598 3,624,394 4, 740, 869 693, 792 5 32,954 384, 404 28,540 217,948 11,918,971 Franchise tax paid United States Government 116,472 204, 585 3, 377,632 s 501,173 366,144 4,566,006 Balance to profit and loss 23,015 -11,351 -11,664 REIMBURSABLE EXPENDITURES OF FISCAL AGENCY DEPARTMENT Salaries: Officers $1,263 $9,890 $9,337 $2, 500 $5,000 $27,990 Employees $8,644 53,668 70,543 62,464 30, 415 20,450 $31, 524 $22,854 $6,386 306,948 All other . . 58, 277 391,839 496,666 273,740 47, 778 15,454 14, 527 3,100 1,674 1,303,055 w o Total 66,921 446, 770 577,099 345,541 80,693 40,904 46, 051 25, 954 8,060 1,637,993 s 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

DISTRICT NO. 5 RICHMOND 391 No. 6.—VOLUME OF OPERATIONS IN PRINCIPAL DEPARTMENTS 1923 NUMBER OF PIECES HANDLED Bills discounted: A pplications ._ 14, 521 15, 550 17, 804 Notes discounted 72, 348 76, 508 77,959 Bills purchased in open market for own account 3,367 511 565 Currency received and counted 93,233, 000 94,155,000 80,985,000 Coin received and counted 147,919, 000 161, 693,000 186, 736,000 Checks handled __ 48,172,000 46, 779, 000 47, 225,000 Collection items handled: United States Government coupons paid 1, 392, 000 1, 624, 000 2,083,000 Allother 201,000 205,000 204, 000 United States securities—issues, redemptions, and exchanges by fiscal agency department 148,000 341, 000 i 5, 811,000 Transfers of funds 106, 000 96, 000 85,000 Envelopes received and dispatched 2, 411, 000 2, 777, 000 3,132,000 AMOUNTS HANDLED Bills discounted j $2,265,229,000 $1, 357, 776, 000 $2,910, 687,000 Bills purchased in open market for own account j 49,035,000 9,399, 000 10, 643,000 Currency received and counted j 482, 560, 000 482,854,000 440, 247,000 Coin received and counted i 14,910,000 14, 585, 000 14,000,000 Checks handled | 14,038,544,000 13, 254, 632,000 13, 111, 824, 000 Collection items handled: i United States Government coupons paid j 14,012,000 15, 422,000 17, 732, 000 Allother 236,343,000 213,053, 000 235, 548,000 United States securities—issues, redemptions, and ex- i changes by fiscal agency department I 82,079,000 104, 832, 000 187, 687, 000 Transfers of funds _._ ! 3,975,050,000 3, 287, 812, 000 2, 747, 662,000 1 Large total 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 b I a te n m ks s i t n r d i r c a o t w w n n d o i n s- I o s t e t e t h r m h v e e e r s i r f F o b b r e a r w d n a e k n a r r c s a d h a l e e r n d s e d t - o T I r t e e a m su s S re t d r a r t o a e w f s U n n o it n ed Total i j Number Amount Number Amount Number Amount Number Amount 1925 January. : 3,355 974, 348 365 102, 663 101 13,108 3,821 1,090,119 February I 3,012 849, 826 302 88,108 96 11, 765 3,410 949, 699 March 3,565 1,014, 866 359 114, 251 118 11,861 4,042 1,140,978 April .___! 3,436 974, 719 342 109, 778 129 13, 044 3,907 1,097, 541 May . I 3,240 938,063 319 104, 670 111 11, 479 3,670 1,054, 212 June 3,468 1, 005,037 334 115, 655 105 11, 850 3,907 1,132, 542 July 3,399 1,018, 034 319 113, 418 103 13,960 3,821 1,145, 412 August ! 3,123 973,917 104, 716 107 12, 420 3,536 1,091,053 September I 3,290 1, 058, 515 334 145, 263 121 13, 821 3, 745 1, 217, 599 October ..I 3,607 1, 204, 729 354 141, 255 141 15,050 4,102 1, 361,034 November | 3,422 1, 075, 855 332 126, 528 122 14, 376 3,876 1, 216, 759 December i 3,933 1,137,927 449 129,954 117 13,924 4,499 1, 281, 805 Total: 1925. ...I 40,850 12, 225, 836 4,115 1, 396, 259 1,371 156, 658 13, 778, 753 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 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

392 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No. 8.—CLEARINGS AND TRANSFERS THROUGH THE GOLD SETTLEMENT FUND [In thousands of dollars] Payments to Receipts from Week ending— other Federalother Federal Net loss Net gain reserve banksreserve banks 1925 Jan. 7 124,783 120, 235 4,548 14 116,478 118, 616 2,138 21 114, 239 111, 181 3,058 28 _— 108,921 107, 599 1,322 Veb. 4 _ 99, 303 102, 668 3,365 11 100 048 98 340 1 708 18 109, 678 105, 526 4,152 25 103, 641 98, 833 4,808 Mar. 4 121, 266 116, 638 4,628 11 _ 118, 676 113,984 4,692 18 140, 682 133, 756 6,926 25 121,114 120, 072 1,042 Apr. 1 133, 525 131,891 1,634 8 118, 516 117,151 1,365 15 . 123, 679 122, 762 917 22 144, 044 138, 645 5,399 29 .. ... 121, 228 114, 888 6,340 May 6 119, 701 125, 481 5,780 13 110, 329 103, 220 7,109 20 129, 365 130, 468 1,103 27 118,954 117,922 1,032 June 3 96,915 92, 403 4,512 10 119, 301 128, 264 8,963 17 167, 089 156, 703 10,386 24 . - . - 134, 231 141, 845 7,614 July 1 136, 024 129,992 6,032 8 138, 805 144, 353 5,548 15 130,834 134,156 3,322 22 144, 411 141, 866 2,545 29 137, 637 141, 350 3,713 Aug 5 138, 366 142, 077 3,711 12 117,891 118, 478 587 19 . _ . .. 130, 032 127, 604 2,428 26 120, 211 122,969 2,758 Sept. 2 123, 501 124, 412 911 9 . . . 96, 402 92, 445 3,957 16 141, 383 143, 409 2,026 23 152 194 159, 517 7,323 30 133, 646 141, 888 8,242 Oct. 7 136, 623 138,882 2,259 14. . 125, 401 125, 224 177 21 164, 313 161, 757 2,556 28 142,909 147,916 5,007 Nov. 4 136, 890 141, 590 4,700 11 122, 646 114, 347 8,299 18 167, 524 172,180 4,656 25 156, 798 163, 376 6,578 Dec. 2 144,110 140, 834 3,276 9 - ._ . . . .. 160, 381 164, 424 4,043 16 182, 073 175, 305 6,768 23 183, 419 175, 216 8,203 30 -. - 133, 347 129, 259 4,088 31 (one day) _ _. 34,916 35,952 1,036 Total: 1925 6, 848, 393 6, 819, 869 28, 524 1924 5, 786, 775 5, 777, 567 9,208 1923 6, 415, 899 6, 417, 897 1,998 Net loss in ownership of gold since establishment of fund in 1915, $52,458,000. 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 [In thousands of dollars] REPORTING MEMBER BANKS IN THIRTEEN CITIES 1 Investments Borrowings from Loans and discounts Net demand deposits Time deposits Federal reserve bank Last report date in — Un se it c e u d r i S tie ta s tes All other 1925 1924 1925 1924 1925 1924 1925 1924 1925 1924 1925 1924 1 January.,. 477,134 464,200 71,425 74, 639 63, 645 51,151 366, 837 350, 071 183, 234 151, 997 9,431 26, 471 February. 481,673 464, 500 70,851 73,458 61,911 52, 622 366, 303 331,186 187, 653 159, 420 10,922 32, 437 March 484, 062 469,151 75, 617 68, 637 61, 521 52,927 350, 227 328, 330 187, 007 160, 631 15,122 32, 743 April 487, 753 477,501 74,371 67,079 63,133 52,649 348, 554 330, 057 195,180 165, 703 22,481 31, 488 May 485, 839 465, 517 72, 333 61, 736 61,887 52, 817 346, 496 325, 640 197,988 166,198 16,919 20, 730 June 493, 453 468, 334 71,220 62, 522 63, 483 52, 529 346, 074 324, 890 204, 017 169, 475 17.564 20, 651 July 498, 947 459, 810 70,653 62,391 62, 257 54, 202 355, 468 330, 534 202, 315 174,482 18,456 13,418 August 509, 272 464, 238 63,973 62,406 56, 926 354, 781 333, 089 201,426 179, 382 21, 578 8,934 September 520,198 471, 783 66,984 68,074 61, 518 59, 505 371, 378 338, 552 198, 718 179, 704 23,077 11, 439 I October... 523, 390 473,409 66, 261 69, 899 62, 509 64, 034 376,400 349, 224 201, 727 180, 629 22, 962 11,531 November. 526,900 473,962 70, 228 62, 827 64, 592 382, 728 359, 507 205,353 179, 421 16, 723 8,336 December. 530,177 475, 889 69, 257 70, 709 62, 865 64, 874 377, 400 366,155 202, 044 181, 577 32, 436 14,844 a W REPORTING MEMBER BANKS IN CITY OF RICHMOND 2 g o January... 92,733 87,592 4,605 7,978 7,442 5,781 63, 590 58, 023 26,945 25,760 1,066 3,384 February. 95, 759 89,460 4,065 7,427 7,367 5,723 55,127 29, 906 26,049 730 6,047 March 97, 563 90, 057 3,882 6,210 5,680 61, 232 54, 890 30,292 26, 222 3,661 5,772 April 98, 076 92, 513 3,829 5,141 6,991 5,611 58, 645 52, 620 30, 337 26, 382 6,325 7,504 May 96, 305 88, 270 3,818 3,876 5,542 57,722 53,451 30, 576 26,656 2,608 1,284 June 94, 626 88,863 3,421 4,401 7,033 5,738 57, 506 53,007 30, 535 26,916 1,819 2,422 July 93, 876 85,972 3,494 3,487 7,262 6,023 58,922 51, 808 30, 734 27, 261 3,319 1,031 August 103,913 88, 852 3,649 3,748 7,360 6,352 56,305 30, 733 27,116 2,960 1,126 September 108,293 93,160 3,558 3,927 7,245 6,436 70, 519 56,947 30,434 27.108 5,592 3,015 October... 106, 777 92,062 3,572 3,976 7,605 6,625 68,131 56, 302 30,371 27.109 7,584 2,235 November. 105,927 92, 051 3,580 4,374 7,385 7,114 71, 664 59,997 29, 865 26, 566 2,081 1,101 December. 105, 327 88,004 3,774 4,747 7,675 7,320 69, 784 57,983 29,173 26, 234 5,632 1, 613 1 Figures are for about 72 banks in Richmond, Baltimore, Charleston, S. C, Charleston, W. Va., Charlotte, Columbia, Huntington, Lynchburg, Norfolk, Raleigh, Roanoke, 00 Washington, and Wilmington, which submit weekly reports fo the Federal reserve bank. 2 Figures are for about 10 banks in Richmond, which submit weekly reports to Federal reserve bank. CO Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

394 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No. 10.—ALL MEMBER BANKS—NET DEMAND AND TIME DEPOSITS, BY SIZE OF CITY [In thousands of dollars] Net demand deposits Time deposits Banks in cities and towns having Banks in cities and towns having a population of— a population of— Date Total Total Less 5,000 15,000 100,000 Less 5,000 15,000 100,000 than to to and than to to and 5,000 14,999 99,999 over 5,000 14,999 99,999 over 1923 Apr. 25 555,831 99, 559 64, 519 159, 216 232, 537 430, 286 122,986 76, 790 125, 581 104,929 May 23 550, 022 96, 462 63,328 152, 755 237, 477 433, 821 123, 612 77,139 124,959 108, 111 June 27 542, 505 94, 753 62, 204 152, 457 233,091 430, 426 125,196 76, 968 122, 958 105, 304 July 25 542, 443 94, 670 61, 243 150, 509 236, 021 431, 766 124,041 78,181 125, 482 104, 062 Aug. 29 537,103 93, 782 60, 111 146, 935 236, 275 432, 366 125,177 77, 529 125,032 104. 628 Sept. 26 552, 044101,968 63,045 150,622 236, 409 433, 997 125, 423 78,089 124, 604 105, 881 Oct. 24 571, 263104,043 67, 061 158, 572 241, 587 433, 531 126, 291 78,887 123,952 104, 401 Nov. 28 587,186 106, 210 69, 565 164, 299 247,112" 436,939 128,160 80, 630 124, 326 103, 823 Dec. 26 581, 215104, 471 70, 034 166, 998 239,712 449, 549 130, 492 81, 455 124, 432 113,170 1924 Jan. 23 589,933 103, 628 68,729 166,147 251,429 443, 304 131, 421 83,107 124, 663 104,113 Feb. 27 563, 760 98, 568 66, 248 155, 734 243, 210 452, 378 132,250 83, 624 129,187 107, 317 Mar. 26 550,456 99,447 64,926 157,119 228,964 454, 463 132, 491 84, 347 127,952 109, 673 Apr.23 553,192 96, 415 63,491 151, 452 241, 834 459, 306 132, 691 83,845 131, 243 111,527 May 28 544,002 91, 537 59, 663 150,402 242,400 459, 585 132, 392 83, 634 129, 615 113, 944 June 25 ... 531,197 90, 563 58, 682 137, 227 244, 725 461, 243 132,101 83, 890 130. 487 114, 765 July 23 531,936 88, 573 57, 896 141, 790 243, 677 471, 670 132, 838 84, 657 134, 582 119, 593 Aug. 27 547,400 89,886 58, 445 146,172 252, 897 477,894 131, 558 84, 671 138, 221 123,444 Sept. 24 555,070 91, 762 60, 758 145,040 257, 510 480, 381 133,118 85, 643 137, 804 123, 816 Oct. 29 570, 215 93,487 62,070 149, 558 265,100 482,159 132, 811 86, 556 138, 286 124, 506 Nov. 26 585, 396 95, 582 64, 614 154,168 271,032 483, 033 133,277 87,412 139, 261 123, 083 Dec. 24 581,375 95, 673 64, 435 153, 974 267, 293 478, 845 131, 663 87, 318 139,172 120, 692 1925 Jan. 28 594, 503 94, 728 62,960 160, 738 276, 077 486,866 134,363 90, 096 139,447 122, 960 Feb. 25 588, 437 94,475 61,445 158,694 273,823 494,941 134, 792 89, 554 139, 724 130, 871 Mar. 25 569, 755 92,877 62,497 156, 289 258, 092 492,908 135,391 87,903 139,197 130, 417 Apr. 22 565, 450 90, 776 62, 036 151, 260 261, 378 501,893 135, 572 88,199 138, 795 139, 327 May 27.. 560,248 87, 731 60, 361 148, 506 263,650 501,137 132,010 86, 944 139, 738 142, 445 June 24 558, 817 88,045 58, 779 151, 669 260,324 508,488 133, 477 87,324 140,920 146, 767 July 29 566,353 89, 239 57, 376 151, 554 268,184 510,498 134, 694 87,934 143, 243 144, 627 Aug. 26 571,001 91, 494 59, 509 148,887 271, 111 509, 526 135, 694 87, 213 144, 532 142,087 Sept. 23 591, 505 97, 336 65, 430 156, 639 272,100 512, 045 137, 548 88,333 145, 001 141,163 Oct.28 611, 548 97, 923 69,126 158, 019 286, 480 515, 563 137, 572 90,153 145,039 142, 799 Nov. 25 626,963 99, 286 69,931 163, 678 294, 068 516, 547 134,827 90,007 144, 592 147,121 Dec. 23 610, 641 98, 303 69,811 161, 296 281, 231 509, 524 135, 664 89,807 140, 759 143, 294 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DISTRICT NO. 5 RICHMOND 395 No. 11.—DEBITS TO INDIVIDUAL ACCOUNTS [In thousands of dollars. For explanatory note see page 191] Total for 7 centers i Asheville, N. C* Baltimore, Md. Month 1925 1924 1923 1925 1924 1923 1925 1924 1923 January 767,253 733,878 746,047 23,793 22, 638 20,282 410,418 388,917 387,836 February _. 675, 206 650, 035 631,628 18,709 19,893 19,317 342, 731 339,941 327,800 March 739,378 699,209 737,293 23,139 21, 762 20, 583 395,868 387,337 392,850 April 747, 785 672,896 676,260 26.598 23,893 19,915 426,961 357,222 372,373 May. _. 718,860 665,057 701,164 26,312 25,284 20,986 408,301 364,928 387,050 June 774,907 673.372 742,692 31,635 23,322 21,051 452,449 377*505 411,764 July. 795.146 676,364 681,119 28,981 26,956 22,583 456,468 372,039 387,263 August 724,344 674,370 668,610 28,682 25,041 25,080 420,254 389,570 367,717 September 757,569 648,670 655,258 28,370 24,376 21, 887 420,082 363,960 345,300 October 844, 702 733, 682 746,504 31,672 24,915 23,318 450,402 401,009 395,600 November 769,680 675,127 710,408 27,690 20,444 21,649 412,165 361,620 348,020 December 878,411 795,584 804,167 31,272 23,660 24,224 476,249 422,600 400,315 Total 9,193,271 8,298,244 8,501,150 326,853 282,184 260,875 5,072,348 4, 526,648 4, 523,888 Charleston, S. C. Charleston, W. Va.* Charlotte, N. C. Month 1925 1924 1923 1925 1924 1923 1925 1924 1923 January 32,162 27,266 34,647 41,873 41, 087 48,657 44,869 39,094 February.. 25,431 24,498 41,311 30,953 31,690 33,423 42,69/ 34,688 March 28,550 23,222 31,215 39,225 37,615 37,453 51,514 45,931 43,740 April 28,181 31,040 26,828 32,715 35,101 42.410 53, 627 43,301 40,362 May _ 22,570 24,802 26,456 33,233 34,829 40,284 49,085 42,358 42,815 June 21,444 28,109 32,436 37,008 34,433 39,280 46,609 40,216 42,368 July 22,433 23, 051 28,101 35,947 34,603 35,886 45,933 40,386 36,244 August 23,859 21,172 26,257 35,386 32,650 35,561 42,373 37,875 34,455 September. 25,043 22,168 20,390 34,562 33, 681 35,729 47,621 43,236 39,448 October.... 31,374 28,055 23,849 37,314 35,189 40,047 57,374 48,426 44,849 November.. 24,965 24,759 27,645 36,459 32, 873 35,677 48,256 44,843 45,924 December . 27,809 31,438 34,580 44,435 43,882 39, 870 55,503 53,071 51,110 Total 313,821 309,580 353,715 439,110 423,535 456,707 590,421 527,206 495,097 Columbia, S. C. Cumberland, Md.* Danville, Va.* Month 1925 1924 1923 1925 1924 1923 1925 1924 1923 January 21,680 26, 786 26,687 8,402 8,648 8,055 12, 790 12, 520 12,853 February 19,401 23,367 22,900 7,747 7,618 6,899 10,152 9,191 March 22,229 22, 216 28,982 8,460 9,160 9,872 9,240 9,073 April 22,137 21, 875 22,965 8,800 9,447 9,889 7,966 7,887 8,562 May 20,933 19,182 24, 726 9,400 9,023 9,464 7,923 8,219 8,264 June... 16,752 19, 811 24.432 9,474 9,445 9,385 10,144 7,250 8, 628 July 16,786 19, 241 18.433 10,921 10,300 10,120 11,867 8,655 9,072 August 16,307 15, 724 21,874 8,695 9,161 8,662 8,807 7,862 7,940 September 20,849 16, 545 22, 566 8,601 8,638 8,008 9,134 8,208 October 22,464 24, 745 26, 741 10,141 9,574 9,827 11,760 11, 583 11,157 November .1 18,444 20, 990 25,129 8,728 8,532 8,916 11,711 13, 514 13,469 December I 18,762 21,241 30, 248 10,044 9,381 9,738 13,038 13,874 14,115 Total.. 236,744 251, 723 295, 683 109, 680 108, 890 109, 465 122,351 i 119,890 120, 532 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

396 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No. 11.—DEBITS TO INDIVIDUAL ACCOUNTS—Continued [In thousands of dollars]* Durham, N. C* Greensboro, N. C* Greenville, S. C* Month 1925 1924 1923 1925 1924 1923 1925 1924 1923 January 22,968 20,941 19,886 23,805 23, 999 23,834 27, 778 27, 906 22,460 February... 21, 253 18,028 16, 756 21, 762 22,155 20, 655 24,227 25,424 23,500 March 21,911 20,498 19,602 23,168 23,357 22, 742 23,488 24,177 23,340 April.. 22,434 18,542 17,280 23, 525 22, 711 20,631 21, 596 20,477 20,055 May 23,630 18, 719 19,606 22,881 22, 591 20,928 23,149 19,912 21, 245 June 23, 519 19,378 17,411 22,343 19,977 21,188 21, 506 18, 042 20, 799 July 25, 698 18,969 18,175 20,041 20, 751 21,487 23,641 17,047 19,711 August 24,763 20,247 18,340 18,063 21,021 19, 292 19, 064 18, 770 21,717 September. 28, 094 19,962 19,074 21, 718 20, 528 19,470 20,474 21,091 23,93£ October 27, 573 22,897 23, 405 25,337 25,076 26, 717 27,023 24,822 30,920 November- 31,148 22,000 22,029 19,029 25,129 26,328 25,477 23,813 27,726 December.. 33, 731 24,448 24, 657 27, 803 28,145 25,656 27,491 31,192 Total. 306, 722 244,629 236,221 269,475 275,440 268,928 284,914 267,880 Hagerstown, Md.* Huntington, W. Va.* Lynchburg, Va.* Month 1925 1924 1923 1925 1924 1923 1925 1924 1923 January 10,498 10, 346 9,356 30,907 27,853 23,820 20,716 23,494 February... 8,780 9,550 7,882 24,079 23,592 25,186 17, 507 18,174 18,845- March 9,774 10, 241 10,752 27,718 26, 277 27, 259 19,436 19,330 21,027 April 11,987 11,377 11,503 26, 210 27,098 26,174 18,831 18,762 18,755 May 9,917 9,747 10,914 25,434 24,994 27,852 18,943 18,922 20,318 June 11,070 10,089 11,924 27,312 25,265 28,226 20, 236 18,646 21,930 July 11, 567 10,723 10,648 26,826 25,874 25,237 21,706 19,380 20,88a August 10, 531 10,377 10,102 25,689 23,848 26,406 18,946 18,694 18,410 September. 10,416 9,513 9,661 25, 268 24,917 24, 229 19,474 18, 564. 18,783 October 11,743 10,921 11,086 28,349 27,748 26,272 22, 393 19,806 22,426 November- 9,940 9,228 9,600 26,740 25,195 24, 294 19,501 18,429 19,257 December.. 11,795 10,078 11,500 30,238 32,181 28,904 23, 554 22,738 22,445 Total. 128,018 122,190 124,928 324,770 313,988 317,892 244,347 232,161 246,578 Newport News, Va.* Norfolk, Va. Raleigh, N. C. Month 1925 1924 1923 1925 1924 1923 1925 1924 1923 January 7,916 7,205 8,078 75, 762 77,135 72,992 31,801 33,380 36,45a February-.. 7,023 6,273 6,527 66, 809 65, 660 64,184 50,305 28, 662 24,000 March 6,724 8,462 71,157 66, 850 78, 241 35,378 29,766 31,300 April 8,030 6,601 7,708 68,502 67,545 68,959 26,198 33,616 28,117 May 8,438 6,350 7,090 68,928 67,859 69, 525 28,825 28,385 30,700 June 9,047 6,777 7,471 68,342 62,588 69,754 33,381 27,261 30,935 July 8,743 7,809 7,788 67,700 71,971 65, 629 56,509 26,936 29,69ft August 7,951 6,688 7,434 61, 259 60,450 64,370 25,413 26,214 31,620 September. 9,124 6,835 6,708 63,602 56, 264 69,842 29,061 24,658 26,73$ October 10,377 7,337 7,366 81,932 68,692 83,587 28, 517 26,364 31,070 November.. 9,798 7,348 7,147 78,396 70,828 87,642 26,639 24,105 29,35a December.. 11,418 9,206 9,069 92,223 91,926 96,691 33,878 27,628 33,876 Total. 105,948 85,153 I 90,848 864,612 827,768 891,416 405,905 336,975 363,861 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 397 No. 11.—DEBITS TO INDIVIDUAL ACCOUNTS—Continued [In thousands of dollars] Richmond, Va. Roanoke, Va.* Spartanburg, S. C* Month 1925 1924 1923 1925 1924 1923 1925 1924 1923 January 146,773 135, 525 148,341 27, 345 24,147 25,295 17,201 13,583 11,712 February-_. 126,660 125, 213 116,745 22,651 22,193 20,053 14,950 11,705 9,621 March 134,682 123,887 130,965 25,169 24,073 23,948 19,135 12,237 14,075- April 122,179 118, 297 116,656 25,107 23,482 23,735 15,666 13,783 10,472 May 120, 248 117,543 119,892 26, 620 24,658 25, 243 14,538 14,771 11,077 June 135,930 117,882 131,003 26,074 24, 790 25,366 13,315 13,653 10,831 July 129,317 122,740 115,753 27,034 24, 581 23,966 14,597 11,783 9,587 August 134,879 123,365 122,317 25, 276 23,477 23,910 13,035 12,852 9,499* September- 151,311 121,839 130,973 24,850 22,471 15,850 13,481 9,957 October 172,639 136,391 140,808 30,293 29,079 25,266 18,842 18,694 18,352 November- 160,815 127,982 146,690 25, 707 24,753 24,061 15,864 17,806 14,386 December.. 173,987 147,680 157,347 31,276 31,551 28,090 18,799 17,858 13,489- Total. 1,709,420 1,518,344 1,577,490 317,402 300,092 291,404 191,792 172,206 143,05* Washington, D. C* Wilmington, N. C* Winston-Salem, N. C* Month 1925 1924 1923 1925 1924 1923 1925 1924 1923 January 231,193 200,939 197,842 21, 719 21,441 21,142 35,933 32,420 32,985 February... 198,298 182,073 168,733 20,306 20,075 20, 211 30,560 29,161 29,581 March. 230,186 195,472 202,135 23,329 21,973 23,933 33,005 31,329 34,598 April 227,887 203,690 192, 636 22,232 21,687 19,783 33,737 31,224 32,007 May 230,350 200,285 217, 940 19,021 19,633 18,219 32,731 30,856 30,721 June 265, 546 217,866 215,672 17,629 19, 580 20,577 34,060 30,924 32,35a July 242,045 201,803 188,418 17,387 16, 796 17,400 33,634 35,598 33,863 August 207,684 176,159 172,211 16,965 15,795 34,280 29,368 28,33a September- 209,941 180,496 172,543 21,143 16,648 18,254 34,342 34,748 28,654 October 244,674 205,057 200,156 26, 547 22, 576 26,741 40,846 35,610 34,294 November.. 234,142 195, 291 188,996 20,962 21,265 24,932 36,426 31,249 32,614 December.. 259,274 234, 543 205,872 24,593 24,286 42,273 34,114 31,878- Total. 2,781,220 2,393, 674 2,323,154 251,833 241,755 253,447 421,827 386,601 381,886 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

398 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No. 12.—MONEY RATES J IN RICHMOND AND BALTIMORE [Rates prevailing during week ending with 15th day of the month] RICHMOND Year and month C co u m st m om er e c r ia s' l p p a ri p m er e I l b n o a a t n e n k r s - L c L u b o i r o a b e n n e d s d r t s s b y e y - Lo o b a t o n h n s e d r s s s e t c o u c r k e s d an b d y b s y L e h c o o w u u a r a n s e r e s d e- C lo a a tt n l s e 3 d 0 a - y 9 s 0 mo 4 n -6 ths Demand Time receipts 1924—January... 6 6 A M Fe p a b r r i r c l u h ary.. 53 1/ 4-6 534-6 5 5 5 ^- - - 5 5 5 3 3 3 4 4 4 5 5 5 3 H 4 - - - 6 6 6 5 b 53 V ^ 4 - Q - 6 6 5 53 > 4 2 - 6 6 5 ~5 May _ 5 -534 5 -6 5 5 -5> 534-6 534-6 June 5 -hYi 53^-6 5 b1/ 5^-6 534-6 July. 5 -5H 5 -6 5 434~6 53^-6 534-6 August 53^-6 5 -6 5M-6 534 534 September. 5 5 434~6 5 -6 5 -6 5 October 5 -534 434-5 5 -6 5 -6 5 -6 November. 5 -534 5 -534 5 5 -b 53^-6 534-6 December. 5 5 -534 43^-6 5 -6 5 -6 1925—January... 5 5 -6 5 4J4-5 5 -6 5 -6 February.. 434-5 5 -6 4^-5 5 -6 434-6 March 434-5 5 -6 434-5 5 -6 4^6 5 -6 April 5 5^-6 5 -6 5 -6 5 -6 May 4 -5 5 434-5 43^-6 5 5 June 5 5 -6 434-5 5 5 -6 5 -6 July 5 5 -6 434-5 5 5 -6 5 -6 August 5 -6 534-6 5 5 -6 5 -534 5H-6 534-6 September 534-6 5 -534 5 -6 534-6 b\ October... 5*4-6 5 -6 434-534 534-6 534-6 534-6 5^-6 November. 5 -6 5 4H-5 i 5 -6 5 -6 5 -6 December. 5 -6 5 434-5 5 -6 5 -6 5 -6 534-6 BALTIMORE 1924—January. _ 534 534 534 y 534-6 M Fe a b r r c u h ary 5 5 3 3 4 4 5 5 ^- - 5 5 ; i 534-5 b 3 \ 4 ' blArb% 2 5 5 3 3 4 4 - - 6 6 April 5 -6 534-6 May -if 534 5H 5 -6 534-5; 534-6 June 5 -534 534-534 5 -534 534-6 July US 5 -534 iH-bH 4H5 534-6 August 5 -5H 534-534 September 4^5M 534-534 October 5 -5X 434-534 5 -534 November. 4^-534 434-5 434-534 5; December 4^-534! 434-5 4345K 5; 1925—January 5 -5H 5 -534| 434-5 434-534 534 F M e a b r r c u h ary i 4 H ^ - - 5 5 V 3 2 4 4^-534 4 4 3 3 4 4 - - 5 5 4 4 3 3 4 4 - - 5 5 4M5 5 -5 5 3 " 4 April 4%-5M 434-6 4M5 5M May._ 4^-534 434-6 434-5 5 -534 534 J J A u u u n ly g e ust.. 4 ^ 4 3 V 3 V 4 4 52 - - y 5 5 y 3 3 4 4 2 i 4 4 A 3 H 4 - - y 5 5 3 3 2 4 4 \ J ; 4 4 4 3 3 3 4 4 4 - - - 5 5 6 3 3 4 4 4 4 5 ^ 34 4 4 - - 5 b 5 3 y 4 2 5 5 5 M - - - 5 5 5 3 3 3 4 4 4 5 5 ? 3 4 4 September 4^-534 434-5KJ 5 5 -534 N O o ct v o e b m er ber 4 4 3 3 ^ 4 2 - - 5 5 3 3 4 4 4 4H 1/2 - - 5 5 3 H 4! i 4 4 3 3 4 4 - - 5 5 3 3 4 4 5 5 5 5 - - 5 53 3 4 4 b'A-bH December 4^5%! 434-534 5 5 -534 534-534 1 Prevailing rates charged, as reported by representative membejr banks. The rates are those at which the bulk of the loans of the designated class are handled by reporting banks. 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, 1925 1924 1923 Gold with Federal reserve agent 87, 364 143, 306 93,689 Gold redemption fund with United States Treasury 5,302 2,492 5,178 Gold held exclusively against Federal reserve notes.. 92,666 145, 798 Gold settlement fund with Federal Reserve Board ... 20, 240 12,963 17, 773 Gold and gold certificates held by bank _ 3,488 8,390 6, 466 Total gold reserves Reserves other than gold Bills discounted: Secured by United States Government obligations.. 1,329 10, 968 Other bills discounted 14, 741 44, 774 Total bills discounted .27, 428 16, 070 55, 742 Bills bought in open market 76, 732 9,202 12,154 United States Government securities: Bonds. ._ 2,986 1,564 261 Treasury notes 9,773 1,349 92 Certificates of indebtedness 7,005 872 31 Total United States Government securities. 19, 764 3,785 384 Other securities 51 Foreign loans on gold """"326" ""264 Total bills and securities 124,244 ,29,321 68, 331 Uncollected items.. 40,982 27,950 23,411 Bank premises 2,715 2,780 2,664 All other resources.. 1,444 1,775 38$ Total resources 296, 528 242, 845 229,006. LIABILITIES Federal reserve notes in actual circulation... 168,966 142, 879 140, 894 Deposits: Member bank—r< ve account. 78,276 62, 897 54,697 Government 846 3.757 2, 561 Foreign bank 339 81 67 Other deposits 136 43 246- Total deposits 79, 597 66, 778 57, 571 Deferred availability items. 34, 232 I 19, 023 16,117 Capital paid in.. _ 4, 656 4, 564 4, 430 Surplus _ 8, 700 8,950 8,950 All other liabilities 377 651 1,044 Total liabilities 296,528 I 242,845 229,006 Ratio of total reserves to deposit and Federal reserve note liabilities combined _ ...percent. 49.7 84.1 64. & Contingent liability on bills purchased for foreign correspondents __. 2,884 1,878 779- 399 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

400 ANNUAL REPORT OF THE FEDERAL. RESERVE BOARD No. 2.—PEINCIPAL ASSETS AND LIABILITIES OF FEDERAL RESERVE BANK, BY WEEKS [Amounts in thousands of dollars] I Bills discounted for member banksl Date s T b e a t o i c i n e l t u l d s a s r l i- Total c U G e u S b r . o r e n y S e v - - . d - c O b d o t i i u h l s l n - e s t r - b o m B o k p u i i a e n e l g r l t n h s - t U s S e t t n c i a e i u t t s e e ri s d - l e g F o o i o a o g n l n r n d - s s T c e r a o r e v s t - a h e 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 n F r c o e i e t s r t i d e c e o e u s r n v r l i a a e n l - s c p e R e e r n e v r - t - e ment ed obligations 1925 Jan. 7 29,239 18,474 2,490 15,984 8,306 2,195 264172,916 67,683 69,436 140,314 82.4 14 26,488 15,308 2,476 12,832 7,184 3,732 264174,191 68,704 137,912 84.3 21 22,776 13,335 1,124 12,211) 5,476 3,503 462177,828 69, 259138, 887 85.4 28 23,253 14,266 784 13,482| 4,901 3,624 462176,609 64,604 66, 987138,471 86.0 Feb. 4 20,233 12,336 671 11, 665 4,051 3,384 462 182,074 63,295 65.608 139,168 88.9 11 19,260 11,974 627 11,347 3,404 3,420 462 184,176 64,169 66,546 139, 753 89.3 18 21,067 11,688 505 11,183 5,514 3,403 462 184,959 66,897 69,651 140,458 88.0 25 21,218 11,745 525 11, 220 5,550 3,461 462 189, 233 71,490 73,371 140,647 88.4 Mar. 4 31,189 18,048 411 17,637 9,170 3,509 462 177, 283 71,811 141,005 83.3 11 29, 50114, 569 1,067 13,502 10,950 3,520 462 177, 808 66,071 69,154 142,318 84.1 18 33,151 16,811 4,764 12,047 12,294 3,584 462 179,457 72,140 73, 508142, 507 83.1 25 32, 89015,396 3,653 11,743 13,302 3,730 462 176,141 70,765 141,107 83.1 Apr. 1 37,344 19, 831 5,157 14,674 13,284 3,767 462177,207 70, 598 75,188 141, 572 81.8 8 33,823 16,699 3,228 13,4711 12,830 3,832 462 174,322 67,429 69, 555143,676 81.8 15 36,812 18,897 3,078 15,819i 13,074 4,379 462169,465 67,606 69, 715 142,011 80.0 22 37,650 21,260 3,— 17,571 11,934 4,026 430 167,688 68, 277 71,494 140,162 79.2 29 38, 84522.495 2,336 20,159 11,993 3,927 430 168,616 67,089 71,170 139,953 79.9 May 6 34,681 19, 545 2,331 17,214 10,: 3,857 430 174,203 68,928 71,642 139,447 82.5 13 38, 751 19.496 2,874 16,622; 10,603 8,222 430 166, 314 66,842 69,625 139,473 79.5 20 46,708 22,697 3,944 18,75s1 10,981 12,600 430 158,981 67, 583 70,678 138, 272 76.1 27 45,745 18,332 1,758 16,574 10,172 16, 811 430 159,924 68, 325 72, 794 136,452 76.4 June 3 49,945 22, 255 3,467 18, 788!10,453 16,807 430158,904 71,831 74,463 136,425 75.3 10 51,125 19,834 1,345 18,489;13,833 17,028 430 155,074 70,003 74,017 136,702 73.6 17 56,854 23,894 4,634 19,260,18, 654 13,876 430148,987 69, 296 70,431 135,970 72.2 24 57, 56624, 617 3,401 21, 216118,156 14,363 430148,918 68, 749 74,053 135,127 71.2 July 1 57,639 25,101 3,672 21,429 17,935 14,173 430 145,064 66,351 68,197 134,898 71.4 8 53,735 22,215 828 21,387116,693 14.397 430147,086 68,138 69,148 134,912 72.1 52,996 22,142 1, 20,649j 16,007 14,417 430 143, 567 67,499 68,047 131,813 71.8 22. 54,885 24,408 2,164 22,244115,644 14,403 430145,696 67,939 69,969 131,602 72.3 29. 51,064 22,674 2,741 19,933i 13,522 14,438 430 149,463 67, 775 69, 732131,082 74.4 Aug. 5 56, 57827,332 2,987 24,345 14,418 14.398 430152,698 75,272 76,545 133,229 72.8 12. 56,443 28,127 4,495 23,632' 13,561 14,325 430 149, 872 69,795 72,484 134,484 72.4 19. 62,689 34,800 5,780 29,020 13,110 14,349 430144,743 74,136 76,966 133,923 68.6 26. 64,203 36,877 8,878 27,999 12,515 14,381 430147,482 75, 597 78,481 135,068 69.1 Sept. 2 63,482 35,943 7,256 28,687: 12,831 14,401 30^155,435 79,176 81,438 138, 713 70.6 9. 56,644 30,193 6,150 24,043i 11,742 14,402 164, 597 77, 939 78,756 144,824 73.6 16 55,140 28,885 6,494 22,391! 12,088 13, 860 168,937 80,153 81,152 147, 631 73.8 23. 60,618 29, 543 3,380 26,163! 16,623 14,120 332167, 510 78,499 80, 675 150,277 72.5 30. 63,207 28,960 3,056 25,904! 19,657 14,17r 418 169, 691 78, 744 81,065 152,655 72.6 Oct. 7. 60,026 24,721 5,635 19,086 20,587] 14,279 439172,792 80,286 80.609 156,854 72.8 14. 66,588 30,075 6,397 23,678' 21,92l' 14,330 173,690 81,436 84,042 157,598 71.9 21. 71,783 29,885 9,160 20,725i 26,717 14,923 258 163,621 79, 616 84,416 156,298 68.0 28. 78,179 23,274 5,301 17,973; 39,848 14,918 139 160,413 78,827 83,734 155,734 67.0 Nov. 4. 91,465 25,797 6,189 19,608^ 50,533 14,979 156148,919 83,336 87,103 156,222 61.2 10. 93,678 22,661 4,696 17,965! 55,806 15,014 197 147,912 84,158 86,083 156,695 60.9 18 109,408 28,324 6,985 21,339 65,667 15,183 234 131,922 84,070 86,429 155,818 54.5 25. 108,540 27,027 6,825 20,2021 65,986 15,261 266 134,049 82,039 85,256 157,233 55.3 Dec. 2 113,282 31,154 6,682 24; 472] 66,551 15,23^ 340132,778 81,429 85,020 159,995 54.2 9. 108,225 25,038 3,810 21,228 67,556 15,290 341136,082 80,348 82,236 161,173 55.9 16. 107,200 27,791 5,715 22,0761 66,038 13,011 360 140,966 83,714 84,569 163,085 56.9 23. 123,309 33,300 8,100 25,200 73,776 15,893 340 125,199 73,501 76,338 174,641 49.9 123,360 29,126 4,754 24,372- 76,045 17,857 332126,771 82,476 83,772 169,982 50.0 Daily average 55,679 22,812 21,796 10,684 387 161,138 71,305 73,937 144,846 73.7 Digitized for F* RInAcSluEdiRng bills discounted for Federal intermediate credit banks. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DISTRICT NO. 6 ATLANTA 401 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 i Bills bought in open market Secured Commer- Month Total m G U S e o n t b n v a i y t e t t e e o rn d s b - - c a p i g t a a u r l p i r c a a e u n l r l , d - a T a c n r c a c e d e p s e t- D d s e a r i m g a n f h d a t t s nd Total B a a a c n n c c k e e p e s t r - s' Dollar ligations n e. s. 1925 January. _. 23,921 3,601 19,960 137 223 2,180 2,180 February. 15, 862 1,279 14,336 71 176 7,361 7,336 25 March 35,363 14,821 20, 215 183 144 9,290 9,279 11 April 34,590 8,843 25,342 299 106 4,023 4,023 May 36,397 16,669 19,417 227 6,618 6,578 40 June 32, 664 16,003 16,311 238 112 4,835 4,835 July 34,205 11,936 21,925 199 145 7,490 7,395 95 August- 59,370 31, 532 27,461 167 210 8,604 8,504 100 September. 57,736 22, 716 34,759 102 159 10,349 10,124 225 October 30, 328 35, 243 620 97 37,879 36,977 902 November. 64,900 24,931 39,734 121 114 40,745 40, 611 134 December.. 66, 650 26,398 39,941 186 125 33,482 32,996 486 Total: 1925 527, 946 209, 057 314,644 2,550 1,695 172,856 170,838 2,018 1924 550,312 184,989 358,831 4,935 1,557 59,621 59,518 103 1923 728,081 282,954 439, 262 4,933 932 94, 701 93,762 United States United Month F r b e o f e o B s r t d u o e h i e l g m r e l r v h s r a e t l B c s h o e a c n s u d m e r s d i a t i r e i k n C s e o t e p p r u t e i r f n - i- ti c s S e o f e h s r t t c a o a h u s p t m e e e r u r i s d r - - w M c a h p u p r a u n r a s a r i e l c - n d i t - s F o l o n o r a g e n o ig s ld n Total disc c o h u a n se ts s and purbanks n a o n te d s i c n a d te e s b t o - f F re e s d e e r r v a e l 1925 1924 1923 edness banks 1925 January 2,280 267 198 28,846 95,123 97,750 February 494 163 23,880 74, 590 39,201 March 448 426 264 45,791 86, 545 58,963 April 1,073 190 88 184 40,148 70,163 51,444 May.— 533 180 12,903 56,631 57,340 55,689 June— 10,034 1,512 525 246 49,816 48,316 53, 282 July.... 444 232 184 42, 555 25,602 61,617 August. 259 129 123 68,485 24,817 55,328 September.. 3,149 1,135 515 400 111 73,395 29,490 93, 731 October 3,056 210 856 53 108,342 43,636 119,823 November.. 308 334 213 106,500 35,961 114, 582 December.. 12,158 2,580 5,532 20 120,422 39,115 101, 265 Total: 1925.... 28, 397 11,276 9,349 13,391 1,596 764,811 1924. 13,954 5,673 874 630,698 1923.... 391 8,685 64, 246 6,500 71 902,675 1 Includes agricultural paper discounted for the Federal Intermediate Credit Bank of Columbia, S. C. For amounts see notes below Table 4. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

402 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD JVo. 4.—BILLS DISCOUNTED BY FEDERAL RESERVE BANK: VOLUME, BY STATES [Amounts in thousands of dollars] Number Number Of of member Month Te s n e n e e l s- 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 i s » i- Total b m d a i e n s m k tr s b ic e i t n r m a b c o a c d n o a m k te s - d at end of during month 2 the month i 1925 J F a e n b u r a u r a y r y _ . 3,4 8 3 0 5 8 6 7, , 9 0 8 0 1 2 5 61 9 4 7 1 1 , , 4 20 3 2 3 4 1 4 0 2 3 1 7 0 , , 1 0 3 3 3 3 2 1 3 5 , , 9 8 2 6 1 2 5 5 1 1 6 6 ! 1 1 8 6 2 9 March 3,140 5,735 58 3,099 379 22,952 35, 363 505 179 April 3,397 7,430 165 5,035 462 17, 546 3 34, 590 501 216 May . .. 4,901 7,865 113 3,157 582 19, 529 « 36, 397 501 237 June 6,096 10,445 77 3,204 400 12,442 32, 664 501 242 July._. . 5,627 10,013 96 5,097 596 12, 776 34,205 502 213 August 7,057 21,401 281 5,901 895 23, 835 59, 370 502 199 September 4,569 15, 805 225 8,347 205 27, 735 s 57, 736 500 128 October 4,251 35, 504 635 3,977 40 20, 781 6 66, 288 502 12(5 November 4,599 35,042 24 2,363 415 22,457 64,900 498 128 December 5,787 29,368 56 4,918 242 26, 279 66,650 495 188- Total: 1925 .. 53, 667 192, 591 2,941 47, 733 4.761 223,498 527,946 1924.._. 117,131 161,060 28, 218 48,689 8,822 186,142 « 550,312 1923.. 106, 771 210,443 70,065 65,377 8,507 266,668 < 728,081 Number of member banks at end of year:2 1925- 93 153 70 124 24 31 495 1924, 93 172 69 126 24 32 516 1923 _ 95 184 71 132 20 33 535 Number of member banks accommodated: 1925 47 131 17 88 10 27 320 1924 58 156 42 90 15 29 390 1923 41 143 48 75 14 30 351 1 Figures relate only to that part of the State located in the Atlanta district. 2 Banks in actual operation. Figures prior to March, 1925, represent number of banks as shown by the :apital stock records. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 5.—EARNINGS AND EXPENSES OF FEDERAL RESERVE BANK [Figures originally published have been regrouped where necessary in order that data for all years may be on a comparable basis] 1914-15 1916 1917 1918 1919 1920 1921 1922 1923 1924 1925 Total EARNINGS Discounted bills $230,020 $141,774 $231,636 $1, 758, 075 $3, 735, 033 $6, 688, 342 $6, 624,052 $1,951, 695 $1, 998, 189 $1, 532, 222 $912,491 $25, 803,529 Purchased bills. 89 52,474 102,311 302, 231 367 338 337 991 154 440 164 704 550, 770 234,196 726,707 2,993,251 United States securities ... .. ._ 40, 725 140,820 114,451 228,958 320, 451 533,022 189,390 79, 752 85,388 370, 529 2,103,486 Municipal warrants 1,541 5,102 3,629 2,889 85 796 112 14,161 Deficient reserve penalties _. 13,527 35,240 68,313 102, 846 90, 825 44,357 42, 278 40, 720 32,481 470, 587 Net service charges received 17, 576 47,967 21, 752 87,295 Miscellaneous 4,810 21,869 49,899 58, 420 16,274 26, 801 4,313 2,583 10,529 14,483 30,170 240,151 Total earnings 236,460 279, 520 589,789 2, 293, 058 4,416,001 7,476,431 7,406,652 2,352, 736 2, 682, 314 1,907,121 2,072,378 31, 712,460 CURRENT EXPENSES [Exclusive of reimbursable fiscal agency expenses] Salaries: Bank officers $29,107 $31,867 $36,940 $70, 643 $116,952 $156,996 $163, 432 $159,994 $177,065 $206, 719 $172,092 $1,321,807 Clerical staff 26, 546 39, 738 58,172 124,938 289, 855 433,196 530,325 487, 751 426,492 431,430 385,367 3, 233,810 Special officers and watchmen 2,654 3,258 3,424 5,280 10,037 15,631 22, 653 23, 375 32,909 37,188 30,073 186,482 Allother 3,060 12,934 24, 502 40, 751 38, 758 39,336 34,906 35,769 230,016 Governors' conferences 958 1,096 300 70 575 504 819 656 551 280 358 6,167 Federal reserve agents' conferences 224 183 142 133 175 442 286 239 405 272 2,501 Federal Advisory Council 403 358 479 455 470 1,092 1,259 690 952 848 666 7,672 Directors' meetings 11,970 7,079 7,199 7,532 10,123 17,427 25,708 21, 758 26, 079 25,290 23,200 183,365 Traveling expenses l 1,463 1,846 1,067 3,007 9,113 15,495 26, 251 19, 284 20, 341 20,821 18,848 137,536 Assessments for Federal Reserve Board expenses 13,174 8,547 10,154 15,369 22,391 27, 882 30, 242 30,164 28, 616 26,897 28,954 242,390 Legal fees 1,304 1,400 785 3,495 4,495 7,538 6,741 9,019 9,405 61,198 Insurance (other than on currency and security shipments) 1,852 1,192 2,069 2,664 10,806 16,779 28,401 28,159 18,995 19,742 18,525 149,184 Taxes on banking house.._ 1,174 2,653 6,343 10,134 8,789 9,393 41,967 47,667 58,082 186,202 Light, heat, and power 160" 323 762 3,889 6,095 8,536 10, 555 11,108 13,402 12,986 67,907 Repairs and alterations, banking house 1,836 6,203 2,609 1,101 5,668 9,070 4,714 31,201 Rent 8,772 13, 051 14,931 18,855 14,801 22, 570 25, 999 25, 841 19, 789 14, 695 9,475 188,779 Telephone 314 362 571 766 2,988 3,589 4,987 4,546 4,970 5,045 5,160 33,298 Telegraph 548 573 858 5,030 24,326 50, 746 57,223 64,789 77,346 79,427 68,859 429,725 1 Other than those connected with governors' and agents' conferences and meeting of directors and of the advisory council. O CO Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 5.—EARNINGS AND EXPENSES OF FEDERAL RESERVE BANK—Continued 1914-15 1916 1917 1918 1919 1920 1921 1922 1923 1924 1925 Total CURRENT EXPENSES—Continued I E P n o x s s p u t r a r e a g s n s e c ag e e on currency and security ship- $3,705 8 $7,9 6 3 6 4 4 $1 2 5 , , 4 1 9 0 4 4 $2 5 8 , , 1 9 4 9 0 8 ' $90, 719 ! $115,094 $127,661 $99,431 $96,991 $ 2 9 1 8 , , 1 9 6 2 9 4 I $1 2 0 6 4 , , 5 0 3 9 4 3 $974,223 ments _ () () () (3) 17,253 28,608 28,459 33,204 Printing and stationery 4,803 5,473 9,357 23, 782 46, 294 80, 240 58,406 33, 225 46,209 29,518 29,905 367,212 M Of i f s ic c e e ll a a n n d e o o u th s e e r x p su en p s p e li s e s _ 19,141 8,823 20,845 56,282 44,461 34,191 / \ 2 2 6 5 , , 7 9 8 3 3 3 3 1 3 7 , ,8 7 1 6 9 0 3 3 3 0 , , 7 3 2 6 5 5 2 2 9 3 , , 9 8 4 4 2 8 2 1 5 7 , , 4 13 9 7 5 448,550 Total, exclusive of cost of currency 127,037 133,604 186,246 378,923 723,541 1,046,609 1,224,747 1,137,536 1,197,098 1,214,711 | 1,119,173 8,489,225 Federal reserve currency (including shipping Original cost 24,574 12,167 69,128 143,545 148,735 126,009 203,504 107,938 78,992 28,409 102,863 1,045,864 Cost of redemption. _ (3) 9,314 11,536 72,808 66,972 25, 219 18,039 3,892 3,697 211,477 Taxes on Federal reserve bank-note circulation 5,845 41,561 63,958 51,963 22,360 103 185,790 Total current expenses. 151,611 145,771 255,374 537, 627 925,373 1,309,384 1, 547,186 1, 293, 053 1,294, 232 1, 247, 012 1,225, 733 9,932,356 PROFIT AND LOSS ACCOUNT 1 Earnings __ _ _ $236,460 $279, 520 $589, 789 $2,293,058 $4, 416,001 $7,476,431 $7,406, 652 $2, 352, 736 $2, 682,314 $1, 907,121 $2,072,378 $31, 712,460 Current expenses _. 151, 611 145, 771 255,374 537, 627 925, 373 1,309, 384 1,547,186 1, 293,053 1, 294,232 1,247, 012 1,225,733 9,9,32,356 Current net earnings _. 84, 849 133, 749 334,415 1, 755, 431 3, 490, 628 6,167,047 5, 859, 466 1, 059, 683 1, 388,082 660,109 846, 645 21, 780,104 Additions to current net earnings: Withdrawn from reserve for— i Federal Reserve Board expenses 20,302 20, 302 Depreciation on United States bonds 13,096 8,379 2,590 848 2,067 26,980 Allother .._ 3,584 17 622 1,823 1,941 12,231 6,803. 27,021 Total additions _ 16, 680 20,319 9,001 4,413 2,789 14,298 6,803 74,303 Deductions from current net earnings: Bank premises—depreciation 2,500 72,003 51, 478 87, 267 47, 088 163, 294 305,411 94,934 75,836 899, 811 Furniture and equipment _ 2,317 4,442 18,923 30,640 46, 844 76,057 33,399 17, 387 57, 228 17,321 18,468 323,026 Reserve for probable losses 250,000 200,000 668, 416 285, 585 724,359 2,128, 360 Reserve for F. R. Board expenses _ L~ 20,302 20,302 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Reserve for depreciation, United States, bonds 24, 909 9 506 34,415 All other 315 6,287 4,212 41, 761 10, 685 7,637 3,911 8,594 83,402 Total deductions. . 2,317 4,442 46,332 102, 958 124, 911 177,042 372,248 391,366 1,038, 692 401, 751 827,257 3,489,316 Net deductions from current net earnings 2,317 4, 442 46, 332 102,958 108, 231 156, 723 363, 247 386,953 1,035, 903 387, 453 820,454 3,415,013 Net earnings.. 82,532 129, 307 288, 083 1, 652, 473 3, 382, 397 6, 010, 324 5, 496, 219 672,730 352,179 272, 656 26,191 18,365,091 Distribution of net earnings: Dividends paid 201, 719 218, 203 182, 473 197, 397 225, 571 245, 862 256, 618 264, 622 272, 656 276,488 2,341, 609 Transferred to surplus account 40,000 1, 470,000 3,185, 000 3, 648, 465 770,106 * -172,018 8,756 5 -250,297 8,700,012 Franchise tax paid United States Government 40,000 2,136, 288 4,480, 251 * 588 130 78,801 7, 323,470 Balance to profit and loss 82, 532 -72,412 -10,120 2 REIMBURSABLE EXPENDITURES OF FISCAL AGENCY DEPARTMENT Salaries: Officers $2, 985 $4,938 $7,923 Employees --.-__ 17, 758 272, 777 $338, 255 $159, 515 $70, 693 $29, 603 $56, 322 $24,175 $10, 687 979,785 All other 49, 637 496,482 374,401 74, 470 28,420 17, 445 11, 223 3,630 1,602 1,057,310 T Total 70,380 774,197 712, 656 233, 985 99,113 47, 048 67, 545 27, 805 12,289 2,045,018 2 Includes cost of coin bags, etc. 3 Included with "Miscellaneous expenses." * After charging surplus and crediting franchise tax with $213,629 paid as an additional franchise tax for 1921. Amounts transferred to surplus and paid as a franchise tax out of earnings for 1922 were $41,611 and $374,501, respectively. 5 Deficit in earnings after payment of dividends, charged to surplus account. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

406 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No, 6.—VOLUME OF OPERATIONS IN PRINCIPAL DEPARTMENTS 1925 1923 NUMBER OF PIECES HANDLED Bills discounted: Applications __ _ _ 7,325 10,492 13, 240 Notes discounted ._. 43,025 68,912 85, 479 Bills purchased in open market for own account __ 13, 602 4,426 6,673 Currency received and counted 116,202,000 106, 694,000 97, 814,000 Coin received and counted 75, 915, 000 58,325,000 50,084,000 Checks handled 29,092,000 25, 299,000 23, 956, 000 Collection items handled: United States Government coupons paid 997,000 1, 202, 000 1, 689, 000 Allother 142, 000 147, 000 147,000 United States securities—issues, redemptions, and exchanges by fiscal agency department 243,000 692,000 i 3, 981, 000 Transfers of funds 67,000 73,000 68, 000 Envelopes received and dispatched _. 2,139, 000 2, 088, 000 2, 329,000 AMOUNTS HANDLED Bills discounted $527, 946, 000 $550,312,000 $728,081, 000 Bills purchased in open market for own account 172, 856, 000 59,621.000 94,701,000 Currency received and counted 529, 979,000 450,008,000 415, 248, 000 Coin received and counted 8,659,000 7, 690,000 7,119,000 Checks handled 12,436,129,000 8, 650, 648,000 8, 251,381,000 Collection items handled: United States Government coupons paid 8, 680,000 9, 824,000 12,194,000 All other 184, 290,000 165,758,000 165, 548, 000 United States securities—issues, redemptions, and exchanges by fiscal agency department 69, 689, 000 56, 731, 000 151, 539, COO Transfers of funds 2,134, 535, 000 1, 738,402,000 1, 466, 213,000 1 Large total 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] Ite b m an s k s dra i w n n o w o n n Ite s o m e f- r h v s e e f r o b F rw a e n d a k r e d r s a e l d a n r t e o d - Ite T m r s e as d u ra r w e n r o o n f Total i Month district their branches United States Number Amount Number Amount Number Amount Number Amount 1925 January 1,869 711, 290 123 52, 586 120 | 13, 634 2,112 777, 510 February 1,727 651,125 104 48,469 117 I 13,181 1,948 712, 775 March 2,106 809, 336 150 61, 456 133 13,471 2,389 884, 263 April 1,988 757, 463 107 52, 859 136 j 13,325 2,231 823,647 I May 1,928 743, 203 139 66, 620 124 : 11,818 2,191 821, 641 June 1,905 750,055 181 81, 709 118 | 13,134 2,204 844,898 July 1,903 775, 960 188 88, 207 120; 14,404 2,211 878, 571 August 1,945 949, 621 203 90, 970 122 I 13,139 2,270 1,053, 730 September 1,954 1,104, 054 221 105,430 138 ! 13, 695 2,313 1,223,179 October 2,210 1,264,865 241 116,118 150 | 14,192 2,601 1,395,175 November 2,106 1,135,650 238 100, 363 133 ! 12, 644 2,477 1, 248,657 December 2,337 1, 243, 950 272 103, 275 134 ! 13,166 2,743 1, 360,391 Total: 1925.... 23, 978 10,896,572 2,167 968,062 1,545 I 159, 803 27,690 12,024,437 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 1 Exclusive of duplications on account of items handled by both the parent bank and one of its branches, or by two of its branches. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DISTRICT NO. 6—ATLANTA 407 No. 8.—CLEARINGS AND TRANSFERS THROUGH THE GOLD SETTLEMENT FUND fin thousands of dollars] Payments to Receipts from Week ending— other Federal other Federal Net loss Net gain reserve banks reserve bank 1925 Jan. 7 71 697 67 661 4 036 14 ... . 76,894 75,667 1,227 21 80,038 83,326 3,288 28— 75,455 74,862 593 Feb. 4. 72,149 77,582 5,433 11.. .. 70,865 73,554 2 689 18 73,654 75,020 1,366 25_. 68, 018 72,737 4,719 Mar. 4 89,563 77,900 11,663 11 74,427 76,002 1,575 18 96, 074 96,706 632 25 . 90,887 87,184 3,703 Apr. 1 80,892 81,284 392 8... . . . 70,514 68,691 1,823 15 75,689 70,638 5,051 22_. 84,864 83,139 1,725 29 67,802 69,219 1,417 May 6 75,902 82,571 6,669 13 77,093 69,833 7,260 20 86, 681 79,827 6,854 27 75,273 77,158 1,885 June 3 64,793 65,999 1,206 10. 82,643 77,993 4,650 17 86,233 80 976 5 257 24 - 76,355 76,160 195 July 1. 77,358 75,596 1,762 8 62,672 66,291 3,619 15 74,412 70,869 3,543 22 80,317 81,952 1,635 29 70,974 75,213 4,239 Aug. 5 69,684 74,198 4,514 12.. . 66,472 64,296 2,176 19 77,360 74,118 3,242 26 71,730 76,400 4,670 6ept. 2 71,275 81,065 9,790 9_. 61,477 72,442 10,965 16 89,953 S3,770 3,817 23 104,609 103, 257 1,352 30 . 89, 735 92,261 2,526 Oct. 7 85,908 91, 076 5,168 14 90,934 90,571 363 21 113,361 102,578 10,783 28 107, 798 104,417 3,381 Nov. 4 102,556 92,071 10 485 11 79,733 79,259 474 18 120,398 104,778 15,620 25.. 105,714 108,410 2,696 Dec. 2 - ,. . .. 94,985 94,579 406 9 90,042 94,020 3,978 16 108,758 113,706 4,948 23 . . 122,133 108,788 13,345 30 86,188 86,672 484 31 (one day) 23,349 18,826 4,523 Total: 1925 . 4,344,340 4,313,168 31,172 1924 3,338,993 3,395,868 56,875 1923 3,084,967 3,088,625 3,658 Net gain in ownership of gold since establishment of fund in 1915, $158,243,000. 88169—26 27 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 9.—REPOBTING MEMBER BANKS IN LEADING CITIES: PRINCIPAL RESOURCES AND LIABILITIES 00 [In thousands of dollars] REPORTING MEMBER BANKS IN EIGHT CITIES 1 Investments Borrowings from Loans and dis- Net demand decounts posits Time deposits Federal reserve Last report date in— Unite c d u r S iti t e at s es se- All other bank 1925 1924 1925 1924 1925 1924 1925 1924 1925 1924 1925 1924 d i January. _. 446,730 430,542 31,701 38, 586 41, 828 309,558 276,007 189,460 176, 556 4,996 24,203 February. 460,511 427,454 31,487 39, 361 41,958 39,576 321,888 280,192 193,049 176,520 3,251 27,032 March 466, 747 424,048 37,887 39,932 42,090 38, 685 319, 33G 269,472 195,119 178,300 6,580 24,945 April 466,921 424,808 37,994 37,182 44, 590 41,908 319,462 274, 279 197,163 182, 861 10,370 23,974 May 474,583 422, 907 39, 785 34, 328 44, 421 41, 342 331, 216 265, 511 204,808 185,943 4,217 18,966 June 467,526 414,334 40, 467 33, 061 43, 463 41, 069 322,198 263, 414 200,199 187, 321 9,116 12,059 July 472,503 405,549 37,941 29, 397 45,978 41, 027 328, 625 265,552 202, 759 187,927 5,411 6,424 W August 489,758 411,351 38,877 28,733 50,283 42,689 341,615 286,107 209,900 187,050 19,426 7,111 September 524,898 421, 473 42,354 30,872 52, 846 42, 693 360, 632 278, 849 207,109 189,335 19,078 6,719 October... 529, 637 432,815 41,599 30,558 51,519 42, 671 367, 980 289,117 213, 896 187, 675 15,194 7,590 November. 532,569 445,475 41,973 30,893 50,858 44,934 366, 868 301, 764 217, 504 191,059 17,336 9,711 December. 530, 735 459,134 44,068 31,862 53, 875 43,463 358,878 317, 287 223,817 191,956 23,360 6,179 REPORTING MEMBER BANKS IN CITY OF ATLANTA ' January 67,163 73,150 4,777 5,061 2,071 3,088 49, 788 43, 758 25,359 23,349 683 4,508 February.. 74,317 69, 625 4,753 4,096 2,293 1,456 52,137 43, 755 26, 036 23,979 809 4,018 March 70,615 67, 915 6,915 4,047 2,530 1,572 51, 018 42, 026 26,461 23,726 983 2,538 to April . 71,691 69,187 9,290 3,442 2,877 1,588 51, 031 42, 764 26, 533 24,118 1,272 3,102 May 72, 505 68, 702 10,037 3,462 3,012 1,649 51, 604 41, 345 27, 029 24,558 292 2,420 June. 70,310 68,275 10, 520 3,463 3,538 1,475 50,175 41,145 27,067 24,805 1, 014 1,496 W July 71,585 64,497 10,491 4,420 4,078 1,552 50,199 44,271 26, 971 24,742 2,058 630 O August 73,405 64,808 10,491 3,820 4,085 1,577 53,054 44, 619 26,687 24, 740 3,472 1,190 i September. 81,383 66, 791 12,424 3,814 3,805 1,651 56, 315 46,176 26, 834 24, 729 1,414 1,110 October.... 79,089 68,019 12,336 3,803 3,802 1,656 56,837 49, 280 26,966 24,735 2,000 1,106 November. 79,227 66, 592 12,137 4,263 3,842 1,985 56, 489 50,303 27, 205 25,176 5,551 1,007 December.. 73, 719 68, 711 12,513 4,718 4,915 1,944 55,146 49, 701 28, 200 25, 747 4,854 904 1 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. 2 Figures are for about 5 banks in Atlanta, which submit weekly reports to the Federal reserve bank. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DISTRICT HO. 6—ATLANTA 409 tfo. 10.—ALL MEMBER BANKS—NET DEMAND AND TIME DEPOSITS, BY^SIZE OF CITY [In thousands of dollars] Net demand deposits Time deposits Banks in cities and towns having Banks in cities and towns having a population of— a population of— Date Total Total Less 5,000 15,000 100,000 Less 5,000 15,000 100,000 than to to and than to to and 5,000 14,999 99,999 over 5,000 14,999 99,999 over 1923 Apr. 25 502,839 74,549 63,675 162, 266 202,349 305,813 46,932 43,090 115, 841 99,950* May 23 502,391 75,660 62, 541 160,764 203,426 308, 513 49,118 43,503 111, 763 104,129 June 27 — 488, 298 69, 321 60,942 155,463 202,572 318,831 48, 271 44,517 117,494 108,549- July 25... 479, 761 67,972 58,796 153,561 199,432 321,102 48,575 45,844 118, 756 107,927 Aug. 29 464, 608 64,426 56, 295 149, 248 194,639 319,075 48,162 44,451 119, 091 107,371 Sept. 26. 463,873 67,838 57, 227 147, 857 190,951 320,703 48,301 45, 111 119, 058 108,233 Oct. 24 - 473,419 69,739 59, 220 150,349 194,111 322, 869 47,803 46,171 121, 525 107,370- Nov. 28 493,789 78,011 62,823 152,801 200,154 323, 247 49,468 46, 747 119,400 107,632 Dec. 26 508,481 79, 598 64,743 160, 589 203, 551 323, 279 49, 682 44, 061 122,098 107,43& 1924 Jan. 23 519, 276 76,392 69, 071 164,467 209,346 318, 538 50,480 44,690 118,189 105,179- Feb. 27 517, 520 74, 732 67, 481 166, 203 209,104 324, 089 51,922 45,444 119,765 106,95a Mar. 26 503,475 72,440 65,977 166, 265 198,793 335,050 51,815 46,101 128,770 108,364 Apr. 23.. 507,849 70,452 65,142 168,654 203, 601 342,430 52, 511 46,607 130, 230 113,0821 May 28 486,031 67,013 62, 530 160,800 195,688 346,620 53,082 47,748 129,714 116,076 June 25 477, 319 63,999 59,322 159,119 194,879 347,419 52, 214 47, 839 131,791 115, 575 July 23 472, 523 61, 211 57,435 159,133 194,744 350, 271 53,373 47,924 133,772 115, 202 Aug. 27 483, 981 62,714 58,295 163,074 199,898 352,396 54, 239 48,046 136,794 113,317 Sept. 24 496,371 68,164 61,439 158,756 208,012 351,089 53,906 49,468 132,973 114,742 Oct. 29 516,106 71,743 64,696 160, 229 219,438 350,041 54,188 50,622 129,239 115,992 Nov. 26. 540, 472 73, 867 68,664 166,987 230,954 350,961 53,760 51,442 129, 210 116,549 Dec. 24 561, 575 77,488 72, 826 174, 597 236,664 348, 636 53,740 51,075 128,876 114,945 1925 Jan. 28. 585, 609 81,038 77,465 194, 089 233, 017 356, 070 55,571 53,976 131,915 114,608 Feb. 25. 613,945 83,146 79,545 208,181 243,073 374,021 55,881 55, 381 143,369 119,390 Mar. 25 616, 226 87, 270 81,539 215,769 231,648 386,835 56,765 58,454 150,167 121,449 Apr. 22 620,420 84,902 79,149 229,410 226, 959 388,125 57,476 58,845 148,823 122,981 May 27 646,362 80,389 76,621 256, 582 232, 770 407, 256 56,492 59, 449 162,822 128,493 June 24 621,453 79,123 75,614 242,952 223,764 407,643 69,670 60,181 154,088 123,704 July 29 __. 635,930 80,797 75,875 261,396 217, 862 403,184 57,398 60,379 165,443 119,964 Aug. 26. 728,625 89,934 79,492 339,888 219,311 416, 629 57,466 60,862 188,081 110, 220 Sept. 23.. 734,046 106, 817 87,698 302, 614 236,917 414, 260 58,240 62,871 168,149 125,000 Oct. 28 762, 792 112,588 95, 903 310, 064 244, 237 428,449 59,217 63,673 175,954 129,605 Nov. 25 769, 608 110, 597 101, 945 311, 026 246,040 431, 355 59,379 64, 540 177,579 129,857 Dec. 23 825, 332 168,518 105,128 309,403 242, 283 460,317 75,496 64, 580 178,412 141,829 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

410 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No. 11.—DEBITS TO INDIVIDUAL ACCOUNTS [In thousands of dollars. For explanatory note see page 191] Total for 15 centers * Albany, Ga.' Month 1925 1924 1923 1925 1924 1923 January 1,201,107 1,047,405 1,005, 714 4,886 4,744 4,990 February.. 976,073 947,847 827,440 4,448 3,602 4,299 March 1,120,908 987,094 991,806 5,299 3,854 5,606 April 1,060,994 970, 084 886, 328 4,685 3,708 4,110 May 1,096,908 916,882 922,450 4,459 3,957 4,330 June 1,059,350 872,788 902,403 4,263 3,485 4,130 July 1,092,009 914,053 837, 023 4,018 3,305 3,568 August 1,052,912 848,971 790, 799 5,769 4,226 2,872 September _ 1,250,762 959, 071 835,330 7,707 5,217 4,440 October 1,429,618 1,129, 584 1,020, 357 6,159 5,694 5,373 November. 1,206,911 973,154 991,989 5,580 5,121 5,407 December.. 1,365,832 1,154,408 1,124,910 5,694 6,322 5,843 Total 13,913,384 11,721,341 11,136,549 62,967 53,235 54,968 Atlanta, Ga. Augusta, Ga. Month 1925 1924 1923 1925 1924 1923 January 160,295 147,837 135,236 29,455 30,883 32,714 February. _ 139,812 129,368 119,234 29,046 27,950 28,959 March 162,322 141,169 146,675 31,658 25,438 40,692 April 149,152 141,164 127,305 28,430 26,202 29,572 May 150,686 135,168 136,068 24,113 24,806 27,374 June 151,548 127,947 138,249 22, 233 21,946 25,332 July 145,622 125,452 121,402 23,287 22,854 22,781 August 147,381 122,785 115, 754 24,089 19,799 19, 550 September. 167,688 132,683 121,497 33,014 29,649 30,224 October 189,631 157, 521 149,831 40,081 35, 574 37, 790 November. 162,592 140,872 144,066 29,943 30,963 38,989 December.. 178,530 167,155 148,091 32,737 34,090 35,831 Total 1,905,259 1,669,121 1,603,408 330,154 369,808 Birmingham, Ala. Brunswick, Ga.* Chattanooga, Tenn. Month 1925 1924 1923 1925 1924 1923 1925 1924 1923 January 153,141 115,510 114,378 3,138 3,383 2,871 42,362 41,726 39,088 February... 116,543 102,699 99,365 2,578 2,799 2,499 37,006 35,335 31,958 March 127,813 114,734 106,438 2,732 2,700 2,857 41,736 39,591 40,096 April 127,551 118,457 102,313 2,705 |2,751 2,632 41,711 36,112 36,764 May 125,041 108,813 108,046 3,186 2,640 2,777 41,544 36,842 38,260 June 124, 751 105,158 106,472 3,162 2,763 3,067 40, 511 35,542 38, 310 July 129,802 111, 042 103,708 3,218 !2,704 2,702 42,920 36,186 35, 625 August. __.. 121,897 104,917 99,004 3,116 I 2,614 3,002 40,542 35,108 37,310 September- 145,910 114,356 100,167 3,135 I 2,638 2,981 42,418 36, 028 35,485 October 154, 749 143,881 126,990 3, 577 I2,773 3,108 50,344 40,176 39,050 November. 131,265 128, 721 105,137 3,308 2,534 3,447 44,995 36, 222 37,499 December.. 145,136 141,880 118, 073 3,465 !3,311 3,601 49,051 41,494 39,155 Total. 1,603,599 1,410,168 1,290, 091 37,320 j 33,61035,544 515,140 450,362 448,600 * 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 No. 11.—DEBITS TO INDIVIDUAL ACCOUNTS—Continued fin thousands of dollars] Columbus, Ga.* Dothan, Ala.* Elberton, Ga.* Month 1925 1924 1923 1925 1924 1923 1925 1924 1923 January 15,037 12, 776 13, 587 4,120 2,962 3,845 1,423 1,183 1,166 February... 13,729 10,980 11,186 3,533 2,877 2,961 1,009 971 883 March 14,069 11,254 13,956 3,697 2,613 2,592 1,164 920 1,151 April 13,654 11,236 11,035 3,532 2,335 2,676 1,059 995 839 May 14,166 10,703 12,079 3,697 2,359 2,468 867 964 772 June 13, 795 10,142 11,179 2,925 1,824 2,375 854 765 July 14,180 10,960 10,422 2,704 1,884 1,823 720 733 August 15, Oil 11,384 10,401 4,677 2,744 1,805 615 680 761 September. 16,688 12,489 13,140 7,104 5,363 3,108 1,115 1,003 906 October 18,176 13, 651 16,431 5,841 4,710 3,901 1,413 1,562 1,679 November. 15,128 13,373 16,312 4,668 3,701 4, HO 1,045 1,376 1,431 December.. 15, 600 15,833 15,260 4,221 4,281 3,785 1,095 1,456 1,394 Total. 179, 233 144,781 154,988 50, 719 37,653 | 35,449 12,379 12,608 12,260 Jackson, Miss.* Jacksonville, Fla. Knoxville, Tenn. Month 1925 1924 1923 1925 1924 1923 1925 1924 1923 January 18,810 17,116 13, 778 74,954 61,396 54,639 34,662 34,595 33,367 February... 18,050 14,992 13,137 71,489 56,722 49,781 28,930 29,150 27,024 March 19,967 14, 734 14,361 79,646 60,757 59,922 31,704 33,299 31,782 April 16,881 16,706 12,201 84,291 65,347 58,384 31,046 33,109 29,018 May 16,034 19,140 12,072 87,087 63,024 56,718 29,855 30,435 31,452 June 14,218 14,027 11,767 91,589 58, 315 55,015 31,143 30,125 34,516 July 16,337 15,722 12,387 95,638 56,260 52,201 31,920 31,882 30,770 August 15,036 12,903 11,210 95,130 55,775 48,228 30,109 29,565 30,<004 September.. 14,531 12,459 107,871 55,308 46,465 32,550 31,540 30,109 October 17,900 21,994 15,891 135, 040 64,258 54,643 35,520 33,918 33,319 November.. 16,196 14,983 120,079 60,003 51, 563 30,739 28,736 29,147 December.. 17, 770 17,230 144,950 72,697 64,697 34,955 31,678 36,707 Total.. 195,831 161,476 1,187,764 729,862 652,256 378,032 377,215 Macon, Ga. Meridian, Miss.* Mobile, Ala. Month 1925 1924 1923 1925 1924 1923 1925 1924 1923 January 22,410 20,082 21,072 15,309 11,820 9,894 37,562 31,154 32, 507 February... 19,453 18,856 18,987 15,222 10,475 9,520 29,134 26, 703 26,453 March 22,584 19,584 22,187 16,440 10,164 11,461 33,216 27, 696 30,999 April 22,905 20,036 19, 661 15,596 10, 613 10,048 32,104 27,184 28,705 May 22,310 19,839 24,894 15,407 15,389 12,004 30,576 28,217 30, 241 June 21,762 19,570 20,765 13,816 12,118 18,844 30,604 26,861 28,183 July 25,459 21,746 21,096 14,754 13,580 14, 290 31,999 25, 761 27,155 August 25,328 21, 658 18,524 14, 259 13,837 8,427 29,319 25,421 27,471 September. 27,335 21,858 19, 210 17,155 14,033 9,057 42,417 29,462 25,166 October 29,043 25,881 22,243 17,877 16,167 9,989 49,330 30, 505 November- 24,571 22, 227 22,141 14,778 13,668 10,322 33,946 27,551 31,973 December.. 27,843 25,431 23, 522 15,995 14,990 10,158 42,408 33,453 35,710 Total 291,003 256,768 I 254,302 186, 608156,854 134,014 422,615 342,126 355,068 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

412 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No. 11.—DEBITS TO INDIVIDUAL ACCOUNTS—Continued [In thousands of dollars] Montgomery, Ala. Nashville, Tenn. Newnan, Ga.* Month 1925 1924 1923 1925 1924 1923 1925 1924 1923 January... 24,776 24, 464 22,809 89,162 77, 246 78, 537 3,730 2,500 2,038 February._ 20, 414 22, 023 20,145 73, 596 66, 630 64, 052 2,602 1,617 1,996 March 27, 683 21, 698 24, 749 84, 203 77, 086 76, 812 2,351 1,614 2,306 April 24, 058 21,942 21, 137 82, 295 74, 113 71, 790 1,970 1,560 1,725 May 21, 403 20, 757 19, 674 78, 725 72, 321 79, 091 1,816 1,550 1,662 June 19, 679 19, 368 18, 760 80, 303 71,429 77, 272 1,617 1,397 1,494 July 20, 756 18, 879 16, 639 83, 887 71, 385 68, 253 2,063 1,453 1,510 August 21, 818 17, 451 15, 661 74, 590 69,174 1,837 1,622 1,388 September. 23, 714 20, 888 81, 631 72, 315 68, 256 2,492 1,890 2,210 October 30,978 26, 732 28,350 87,156 82, 707 77, 968 3,200 2,327 2,208 November. 23, 642 21, 391 25,340 76, 771 71.973 70, 708 2,231 2,505 2,581 December. 27,975 24, 072 25, 793 85, 469 79,158 76, 669 2,820 2,964 2,599 Total 291,874 262, 491 259,945 977, 788 885, 537 876, 248 28, 729 22,999 23, 717 New Orleans, La. Pensacola, Fla. Savannah, Ga. Month I 1925 1924 1923 1925 1924 1923 1925 1924 1923 January 419, 085 364, 634 347, 739 7,935 7,060 7,312 41,950 47, 485 45, 770 February... 305, 207 341, 696 261, 634 6,766 7,169 6,327 39, 864 40, 847 38, 434 March 361, 265 338, 030 318, 299 7,754 7,652 7,223 43, 687 37, 625 43, 762 April 323, 461 319,942 272, 843 7,841 7,190 6,858 38, 781 36, 066 42,243 May 366, 441 286, 623 280, 069 7,164 7,493 37,961 38, 760 41,184 June _. 318, 290 268,983 269, 692 6,885 7,473 38, 950 37, 679 43, 389 July.. 330, 636 304, 881 255, 382 9,717 7,043 7,337 39,228 38, 258 39,858 Au*gust 302, 357 267, 211 232,162 9,345 6,581 7,248 47, 580 34, 668 36, 021 September.. 377, 729 317, 679 251, 071 9.072 6,431 58, 312 47, 329 46, 693 October 436, 085 382, 321 310, 267 10,903 7,000 7,230 66, 535 48,183 63, 025 November.. 364,147 306, 585 338, 657 9,851 6,565 6,436 51, 465 42, 669 49, 472 December.. 409, 468 383, 219 414, 594 11, 259 8,948 8,730 55, 623 49, 673 50, 465 Total 4,314,171 3,881,804 3,552,409 106,779 85, 688 86, 353 559,936 499, 242 540, 316 I Tampa, Fla. Valdosta, Ga.* Vicksburg, Miss. Month 1925 1924 1923 1925 1924 1923 1925 1924 1923 January 52, 414 34,061 I 30, 735 5,805 4,936 5,536 10,944 9,272 9,811 February. _. 49, 716 34,657 ; 27,629 4,638 4,162 4,945 9,097 8,042 7,458 March 57, 641 35,959 ' 34,600 4,917 4,461 5,218 7,996 6,776 7,570 April 60, 312 35,713 : 33, 546 4,661 4,574 4,483 7,056 7,507 6,189 May 66, 568 37,100 j 35, 300 4,639 4,391 4,450 6,630 7,013 6,586 June __. 72,921 36,124 • 32, 890 4, 518 3,954 4,490 6,856 6, 085 July 74, 379 35,194 j 28,659 5,396 4,192 4,467 6,759 7,230 6,157 August 76, 695 32, 442 | 31, 015 8,852 5,649 4,745 6,732 6,416 6,007 September. 85, 339 32,065 I 26, 393 7,680 5,718 4,711 10, 784 8,654 7,020 October 103,139 37,655 i 29,953 6,954 5, 231 4,887 11, 084 11,114 9,193 November. 93,922 38,778 i 30, 471 5,996 4,759 4,682 9,898 10, 390 December.. 110, 759 50,607 j 36,162 7,539 5,293 5,236 10, 853 10, 711 Total 903, 805 440,355 ! 377,353 71, 595 57, 320 57, 850 102, 432 99, 631 93,177 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 413 No. 12.—MONEY RATES X IN ATLANTA, BIRMINGHAM, JACKSONVILLE, NASHVILLE, AND NEW ORLEANS [Rates prevailing during week ending with 15th day of the month] ATLANTA Loans secured by Year and month C co 3 d u 0 m a s - t y 9 m o s 0 m er e c r ia s m ' l p p o 4 a r n - i 6 p t m h e s r e I l b n o a t a n e n k r s - L c L u o b i r a o b e n n d e s d r s t b s y e y - De o b m t o h n a e d n r s d stock T s i m an e d b r s y e L e h c c o o w e u u a i r a n s p e r e s t d e s - C lo a a t n tl s e 1924— January 6 6 6 6 6 6 6 February 5 -6 5 -6 5 -6 5 -6 6 6 6 March 5 -6 5 -6 5 -6 5 -6 6 6 6 April 5 -6 5 -6 5 -6 5 -6 6 6 6 May 5 -6 5 -6 5 -6 5 -6 6 6 6 June 43^-6 4H-6 5 -6 5 -6 5 -7 5 -7 6 July 5 -6 5 -6 5 -6 5 -7 5 -7 5 -7 5 -7 August __ 5 -6 5 -6 5 -6 4H-6 2H-6 2H-7 5 -6 September 5 -6 5 -6 5 -6 4H-6 5 -6 5 -6 5 -6 October . _ 5 -6 5 -6 5 -6 4^-6 5 -6 5 -6 5 -6 November 4^-6 4^-6 5 -6 4H-6 5 -6 5 -6 5 -6 December 5 -6 5 -6 5 -6 4^-6 5 -6 5 -6 5 -6 1925—January _. 5 -6 5 -6 5 -6 414-6 5 -6 5 -6 5 -6 February 5 -6 5 -6 5 -6 4H-6 5 -6 5 -6 4^-ff March 5 -6 5 -6 5 4^-6 5 -6 5 -6 5 -6 April 5 -6 5 -6 5 -6 5 -6 5 -6 5 -6 5 -7 May 5 -6 5 -6 5 -6 5 -6 5 -6 5 -6 5 -6 June 5 -6 5 -6 5 -6 5 -8 5 -6 5 -6 5 July.__ 5 -6 5 -6 5 -6 4M-8 5 -6 5 -6 5 -6 August 5 -6 5 -6 5 -6 5 -6 5 -6 5 -6 5 -6 September •5 -6 5 -6 5 -6 4H-6 5 -6 5 -7 5 -6 October 5 -6 5 -6 5 -6 4^-6 5 -6 5 -7 5 -6 November 4H-6 5 -6 5 -6 4^-6 5 -6 5 -6 5 -6 December 5 -6 5 -6 5 -6 4H-6 5 -6 5 -6 5 -6 BIRMINGHAM 1924—January 6 -8 6 -8 5 -6 6 6 6 6 February 6 -7 6 -7 5 -6 6 6 -7 6 -7 6 -7 March 6 -7 6 -7 5 -6 6 6 -7 6 -7 6 -7 April. 6 -7 6 -7 5 -6 5 -6 6 -7 6 -7 6 -7 May 6 -7 6 -7 5 -6 6 6 -7 6 -7 6 -7 June 5 -6 5 -6 5 -6 6 6 6 6 July 5 -6 5 -6 5 -6 6 6 6 6 August _ _ 5 -6 5 -6 5 -6 6 6 6 6 September 5 -6 5 -6 5 -6 6 6 6 6 October 5 -6 6 -7 5 -6 6 6 6 -7 6 November 5 -6 5 7 5 -6 6 6 6 -7 6 December 5 -6 5 -7 5 -6 6 6 6 -7 6 -8 1925—January 5 -6 5 -6 5 -6 6 6 6 6 February 5 -6 5 -6 5 -6 6 6 6 6 March 5 -6 5 -7 5 -6 6 6 6 -7 6 April 5 -6 5 -6 5- 6 6 6 -7 6 May ._ 6 6 5 -6 6 6 6 6 June 6 6 5 -6 6 6 6 6 July 6 5 -6 5 -6 6 6 6 6 August 6 6 5 -6 6 6 -8 6 6 September 6 6 5 -6 6 6 6 6 October 6 6 5 -6 6 6 6 6 November 6 6 5 -6 6 6 6 6 December 6 6 5 -6 6 6 6 6 1 Prevailing 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. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

414 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No. 12.—MONEY RATES IN ATLANTA, BIRMINGHAM, JACKSONVILLE, NASHVILLE* AND NEW ORLEANS—Continued JACKSONVILLE Customers' prime Loans secured by Year and month c 3 o 0 m -9 m 0 ercial • p 4 a -6 per I l b o n a a t n e n k r s - L c L u b o i r o a b e n n e d s d r t b s s y e y - b o o th n e d r s stocks and b r s y e L e h c c o o w e u u a i r a s n p e r e s t e d s - C lo a a t n tl s e days months Demand Time 1924—January 7 7 6 7 7 7 7 February.. 7 6 -7 6 6 6 6 6 March 7 7 6 6 6 6 6 April 7 7 6 6 6 6 6 May 7 7 6 6 6 6 6 June 6 6 6 6 6 6 6 July. 6 6 6 6 6 6 6 August 6 6 6 6 6 6 6 September. • 8 4} 5 -6 4}i-8 5 -8 5 -8 5 -8 October 1\i-8 3} 6 5 -8 6 -7 6 -8 4j^-7 November. 4-8 3}4-8 5 -7 5 -8 5 -8 6 -8 6 -8 December.. 4 -8 -8 3 -6 5 -8 5 -8 5 -8 1925—January.... 4 -8 4 -8 5 -7 5 -8 5 -8 5 -8 4H-8 February.. 6 -8 4 -8 6 6 -8 5 -8 6 -8 6 -8 March 4 -7 4 -7 5 -6 5 -6 4^-8 5 -8 4M-6 April. 4 -7 4 -7 5 -6 5 -6 5 -8 5 -8 43^-6 May 3^^-7 3?£-7 5 -6 5 -6 5 -8 4>i-8 4M-6 June 3^^-8 32i-8 5 -6 5 -8 4 -8 43>i-8 4H-8 July 4 -8 4 -8 5 -6 4 -8 3^-8 4 -8 4^-8 August 4 -6 4 -6 5 -6 4 -8 4 -7 4 -7 4M-7 September. 5 -8 4^-8 5 -6 4 -8 5 -8 4H-8 4^-8 October.... 6 -8 4 -8 5 -6 4 -8 4^-8 4^-8 4j/£-8 November. 5 -8 5 -8 5 -6 4 -8 5 -8 5 -8 4^-8 December. 5 -8 5 -8 5 -6 4 -8 5 -8 5 -8 4M-8 NASHVILLE 1924—January.... February-. 5 -6 March 5 -6 April 5 -6 May June July August September. 5 -6 514-6 October 5 -6 5^6 November. 5 -6 December.. 1925—January 5 -6 February.. March 53^-6 April 5^6 May June July August September. October.... 3J6 November. 5M-6 December. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DISTEICT NO. 6—ATLANTA 415 No, 12.—MONEY RATES IN ATLANTA, BIRMINGHAM, JACKSONVILLE, NASHVILLE, AND NEW ORLEANS—Continued NEW ORLEANS Year and month C co u m st m om er e c r i s a ' l p p a ri p m er e I l b n o a a t n e n k r s - L c L u o i r a b e n e d s r t b s y e y - Lo o b a t o n h n s e d r s s s e t c o u c r k e s d a b n y d b s y L e h c o o w u u a a r s n e r e s d e- C lo a a t n tl s e 30-90 4-6 bonds receipts days months Demand Time 1924—January February 5 -6 March _. April 53^-6 53^-6 May 5 -6 6 June 5 -6 5 -6 5 -6 6 July 5 -6 5 -6 5 -6 5 -6 53^-7 August 5 -6 5 -6 September 4 -% 5 -7 5 -6 5 -6 5 -7 October , 5 -6 5 -6 5 -6 5 -6 5 -6 5 -7 November 5 -6 5 -6 5 -6 5 -6 5 -6J 5 -7 December 5 -6 5 -6 5 -6 5 -6 5 -6 5 -7 1925—January 5 -6 5 -6 5 -6 5 -6 5 -6 5 -6 5 -6 February 5 -6 5 -6 5 -6 5 -6 5 -6 5 -6 5 -4 March 5 -6 5 -6 5 -6 5 -6 5 -6 5 -6 5 -6 April 5 -6 5 -6 5 -6 5 -6 5 -6 5 -6 May , 5 -6 5 -7 5 -6 5 -6 5 -6 5 -6 5 -6 June 5 -5J. 5 -6 5 -6 5 -6 July..... 5 -5J, 5 -6 5 -6 5 -6 August 5 -5 5 -7 5 -6 5 -6 5 -7 5 -7 5 -7 September 5 -6 5 -7 5 -6 5 -6 5 -6 5 -6 5 -6 October 5 -6 5 -7 5 -6 5 -6 5 -6 5 -6 5 -6 November 5 -6 5 -7 5 -6 5 -6 5 -6 5 -6 5 -6 December 5 -6 5 -7 5 -6 5 -6 5 -6 5 -6 5 -6 88169—26 28 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, 1925 1924 1923 RESOURCES Gold with Federal reserve agent _ 114,683 165,909 384,917 Gold redemption fund with United States Treasury 5,612 2,498 4,196 Gold held exclusively against Federal reserve notes 120,295 168,407 389,113 Gold settlement fund with Federal Reserve Board 128,969 110,989 106,900 Gold and gold certificates held by bank _ 69,067 87,980 49,091 Total gold reserves _ _ _ 318,331 367,376 545,104 Reserves other than gold.- _ 17,494 15, 576 8,286 Total reserves. _ 335, 825 382, 952 553,390 Nonreserve cash _ _ 9,568 9,266 7,500 Bills discounted: Secured by United States Government obligations 55,505 19,379 Other bills discounted _ _ 32,455 18,445 46,468 Total bills discounted _ _ 87,960 37,824 95,334 Bills bought in open market 27, 711 33,882 42,437 United States Government securities: Bonds 20,190 19,494 4,426 Treasury notes 18,955 46,556 4,867 Certificates of indebtedness _ ___ 13, 657 14,320 1,464 Total United States Government securities. __ 52, 802 80,370 ] 0,757 1,077 894 Foreign loans on gold __. 169,550 152,970 148, 528 Total bills and securities _ 97,279 81, 588 66,451 Uncollected items. _ _ _ 7,933 8,099 8,264 Bank premises _ _ 1.928 1,556 240 All other resources __ _ __ 622, 083 16,431 784,373 Total resources LIABILITIES 180,118 196,529 406,901 Federal reserve notes in actual circulation. _ _ 306, 521 312,395 268, 212 Deposits: 434 6,173 2,745 Member bank—reserve account _ 1,139 275 226 Government 1,340 Foreign bank _ _ _ Other deposits,._ _ ___ 308,982 320,183 272,009 Total deposits _ 85,020 72,786 58,611 Deferred availability items _ _ 15,731 15,172 15,179 Capital paid in_ _ _ _ __ _ 30, 613 30,426 30,426 Surplus _ __ 1,619 1,335 1,247 All other liabilities ___ Total liabilities _ _ 622,083 636,431 784,373 Ratio of total reserves to deposit and Federal reserve note liabilities com bined _ _ _.per cent. 68.7 74.1 81.5 Contingent liability on bills purchased for foreign correspondents 9,706 6,360 2,640 416 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DISTRICT NO. 7 CHICAGO 417 No. 2.—PRINCIPAL ASSETS AND LIABILITIES OF FEDERAL RESERVE BANK, BY WEEKS [Amounts in thousands of dollars] Bills discounted for member banks Date ! ! s T e a b t c i o n i e u l d t l s a r s i l - Total c U G e u S b r o . r e y n S e v - - d . - O c b d o t i i u h l s l n e - s r t- ) o m B o k p i u i a e n l e g r t l n - s ht U s S e n t t c i a i e u t t s r e e i s d - l e F g o o i o o a g n l r n n d - s s T c e r o a r e v s t - a h e l s r b M e a s b d n e e e e m k r r - v s - ' e p T o d o s e t i a - t l s n F r c e o i e t s r t i d c e e o e u s r n v r l a i a e n - l s c p R e e e r n e r v - t e ment ed obliga-j tions l 1925 | Jan. 7. 143,909 35, 79516,156 19,639 32,662 74, 558 894 385, 290321, 704 326,128 192,163 74.3 14 il36,642 33, 59916, 071 17, 528 28,987 73,162 8941397,923 326,195 329, 217 188,750 76. 8> 21 129,865 32,333 15, 592 16, 741 31, 509 64,459 1, 564'393, 269316,088 319, 583 186,460 77.7 28 '129,753 37, 72121,130 16, 591 30,483 59, 9851,564 377,959 304,609 307,408 183,189 77.0 Feb. 4 128,719 36,410 20,767 15,643 31, 223 59,522 1, 564 382,858303, 714 310,146 180, 505 78.0 11 128,790 31, 24516,467 14,778 36, 627 59,354 1, 564 385, 817310, 210 312, 750 179, 716 78.3 18 122,364 23,635 8,948 14,687 39, 235 57, 9301, 564 387,054308,201 310,956 178,615 79.1 25 124,466 26, 28510,4741 15,811 40,492 56,125 l,564|388,210 308,336 310,800 177, 538 79.5 Mar. 4 131,685 31, 72613, 364 18,362 39,750 58,645 1, 5641380, 541309, 340 319,031 175,479 77.0 11 |121, 914 26,860 8,615 18, 245 34,095 59,395 1, 5641380,183305,050 308,924 173,536 78.8 18 116,049 27,441 9,740 17, 701 31, 840 55, 2041, 5641382,493306,367 308,432 171,211 79.7 25 1141,088 43, 59823,294 20,304 43, 282 52,644 1, 564 373, 89132,0,680 326,696 169,188 75.4 Apr. 1 154,229 57, 30,094j 27,799 42,831 51, 9411, 564 350,379308,566 314, 949 166, 675 72.7 8 144,124 49, 25,070 24,805 39,650 53,035 1, 564:351,1913Q5,269 307, 709 165,317 74.2 15 130.244 39,402 21,059 18,343 35, 910 53, 3681, 564 364,894308, 503 312,976 163,862 76.5 22 145, 77854, 90635, 294 19,612 35,026 54,397 1,449 352, 503312,485 162,784 73.8 29 150,035 57, 27536, 372 20,903 37,543 53,768 1,449:339, 972303, 241 305,629! 161,491 72.8 May 6 138,835 44,059 21,474 22,585 37,141 56,186 1,449*379,356 334, 646 337,119 161,146 76.1 13 126, 29238,112 18,498! 19,61^ 36, 969 49, 7621,449375, 25"315, 664318,065 159,860 78.5 20 126, 93142,35' 23,420! 18,93' 39,802 43,323 1,449 366, 891311,008 313, 504 158,936 77.7 27 128, 65245,103 25, 9911 19,112 39,095 43,005 1,449366, 784304,166 311, 696 158, 521 78.0 i June 3 125, 74943, 25- 24,209 19,045 38,99' 42.052 1,449 368,65' 305,000 317,492 158,511 77.4 10. 126,198 47, 28926,849 20,440 34, 53^ 42, 923 1, 449 378, 642316,469 323, 662 157,884 78.6 17 126, 52656, 58638.478 18,108 29, 84] 38,650 1,449 389,428 341,134 344,117 156,876 77.7 24 126,550 53,84 29,878! 23,966 29, 28' 41,970 1,449 385, 683327,805 334,087 155,794 78.7 July 1 144, 62970, 96842.580 28,388 30,022 42,190 1,449 378, 649346,690 349, 246 155, 273 75.1 8 -127,888 54,900 29,062 25,838 30,460 41, 0791,449 366,894 317,360 319,971 154,904 77.3 15 126,633 56,392 30,992 25,40C 27, 784 41,008 1,449 370,378 325, 609 327,513 152,956 77.1 22 116, 78448,112 24, 388 23, 72' 26.063 41,16C 1,449 373, 730319,1121 321,080 150,645 79.2 29 131,340 62, 84538,362j 24,483 25, 74: 41,30£ 1,449 365, 869321,690 325,602! 147,696 77.3 Aug. 5 120,650 51,990 27,8761 24.11 26.064 41,147 1,449 388,050 334, 958 344,852 146,175 79.0 12 107,072 38,798 18,893! 19,90i 25,122 41, 703 1, 449 393, 767329,365 335,078 146,465 81.8 19. 133,456 66,267 38,650| 27,61' 24,43C 1,449 364, 940329, 467 332, 794 146,040 76.2 26 126,400 57,896 35,080 22,8H 24, 07" 42', 97£1,449 367,569 326, 561 328,428 144, 774 77.7 i Sept. 2. 117,394 46, 25,622 20,965 26, 52O 43, 24, 1,035 374,144 320,184 331, 224 144,708 78.6 9_ 123,194 51,93C 30,972 20,95£ 27, 203 43, 02C 1,035 375,113 324,230 330,960 145, 950 78.7 16.. 114, 51243,57< 19, 395 24,184 28, 912 1,035 366, 906328, 374 330,433 144, 968 77.2 23. 133,536 58, 77! 33,374 25,405 29,900 43,73' 1,118 348,435 320,434 323,409 145,182 74.4 30. 143,172 63,16€ 32, 643 30, 52,:35,374 43,22< 1,408 347,439 318,310 320,964 145,833 74.4 Oct. 7. 162,139 76, 43,142 33, 54 38, 961 45, Oil 1,477 342,558 332,624 339,080 147,026 70.5 14. 150, 80167, 753 39, 505 28, 241 37, 514 44,65 883 360, 241329,501 335,446 147,051 74.7 21. 148,311 69,124 34,172 34, 95S 33, 652 44, 666 869 359,017 335,705 339,768 147,323 73.7 150, 561 70, 70: 38, 299 32, iOc 33, 836 45, 554 469 335, 903316,641 320,093 145,8"" 72.1 Nov. 4.. 154, 90775, 53' 43,457 32,077 35,074 43, 77, 524 342,076 325, 787 332,246 146,799 71.4 10.. 146, 937 36,948 29,133 34, 583 45,61 662 348, 789324,156 327,379 147,406 73.5 18.. 137, 68756, 608 29, 741 26,867 35,006 45, 28C 787355,493 322, 598 325, 553 148, 25 75.0* 25.. 155,316 72, 963 42, 252 30,71 34, 451 47, 00£ 897 341,488 321,969 325,499 150,062 71.8 Dec. 2 160,534 82,191 51,156 31,03' 31,712 45,48^ 1,145 344,357 318,186 331, 624 152, 71.1 1168, 284 90,14i 55, 767 34,37< 30,836 46,157 145 336,855 323, 530 328, 111 157,151 69.4 1179, 204 97, 5fr 55,089 42,49i 29, 721 50,68£ 214 331,373 336,499 338,491 161,112 66.3 23-. |l89, 962 107,61i 57, 647 49, 96< 27,469 53, 73. 145 317,221 317,863 320, 916 179,163 63.4 30.. 1201, 680119,77' 70, 763 49.01' 27,420 53,36J 118 321, 491324, 211 327,041 179,712 63.4 Daily average 137,259 53,05C 33,356 49, 55C 1,303 366,271 318, 255 323,405 160, mi 75.7 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

418 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No. 3.—DISCOUNTS AND PUKCHASES 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 Total b m G y S e o U t n v a n t t e e i o r t s n e b - d - c a t i p g a u a r l r i p a c a e u l n r l d - B a a a c n n c c k e e p e s t r - s' a T a c n r c 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' c D h e o a x l n - l g ar e ligations n. e. s. 1925 January 108,927 98,879 9,930 118 14, 507 14, 272 235 February _ 91, 601 83,900 7,582 119 29,330 28, 732 598 March _ 132, 271 106, 211 25, 824 236 26, 558 26, 213 345 April 171, 244 133, 792 37,160 292 13, 941 13,716 225 May 164, 614 142,929 21, 531 154 25, 278 24,993 285 June. 153,143 122, 773 30,162 208 21,308 21,101 207 July 169, 347 129, 283 40,000 64 20, 051 19, 790 261 August 147,871 119,313 28,477 81 20, 679 20,321 358 September 180,395 136, 583 43, 689 123 20,173 19, 753 420 October 210, 860 173,755 37, 021 84 20, 742 20, 670 72 November 217,903 187, 435 30,414 54 15,428 15,078 350 December.! 327,202 257, 079 69,932 191 19, 791 19,178 613 Total: 1925... 2, 075, 378 1, 691, 932 381,722 1,724 247, 786 243,817 3,969 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 50 2,086 265,360 254, 590 10, 770 United States se- United Bills curities purchased States se- Total discounts and purchases bought in open market curities Month F r b e o f e a r s t d o e h n e m r e k v r r a s e l B n a o o n n t d e d s s in c C d a n e t e e e r b t s s i t f s e i o d - f - p e F r u b d e o e r a s t d c h e f n r e h r e o k v r a r m a s s e l - F l o g o o r o a e n l n i d g s n 1925 1924 1923 1925 January 200 3,816 670 128,120 174,383 408, 518 February 2,000 15,347 138, 278 159, 589 208,453 March 3,750 30, 323 193, 796 212, 582 321,810 April 3,290 6,260 621 195, 356 138, 700 244, 291 May 2,804 8,334 201,030 148,282 242, 409 June 2,569 25, 938 203, 786 112, 513 315,318 July 994 5, 380 621 196,393 58, 375 265,176 August.. 529 3,912 414 173, 405 51, 657 232, 019 September. 1,461 18,529 1,800 373 222, 731 62, 793 261,404 October 8,346 5,372 179 245, 499 70, 020 274, 592 November. 7,412 3,366 1,615 245, 724 77,986 267,419 December.. 15,171 48, 792 411,025 164, 061 288,602 Total: 1925. 48, 526 175, 369 1,800 6,284 2, 555,143 1924. 118,860 108,863 3,018 1, 430,941 1923. 13,380 107,109 411,080 25,000 3,330,011 fftiitt Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

419 DISTRICT NO. 7—CHICAGO No. 4.—BILLS DISCOUNTED BY FEDERAL RESERVE BANK: VOLUME, BY STATES [Amounts in thousands of dollars] N of u m m e b m er - b N o e f u r m m ba e b n m e k r - s Month Illinois i I a n n d a i - i Iowa M ga ic n h ^ i- co W ns is i - n i Total b t e i e r n r n i c b d d t a i o n a s- f t ks m a d c o u t c d h r o i a e n m te g - d month * month 1925 January 25,289 5,270 5,057 69, 570 3,741 108,927 1,418 472 February _ 33,022 3,678 3,167 47, 763 3.971 91,601 1,419 408 March 53,003 11,486 4,774 54,725 8,283 132,271 1,411 489 April. 58, 975 10,142 6,472 86,282 9,373 171,244 1,408 471 May _ 66,027 6,366 7,463 79,297 5,461 164,614 1,406 497 June 53,214 8,390 6,919 75, 574 9,046 153,143 '., 405 474 July 59, 747 10, 589 8,747 80,475 9,789 169,347 ,407 490 August 52,837 7,296 6,057 71,980 9,701 147,871 ,407 484 September 75,911 10, 737 6,870 77, 269 180,395 ,410 487 October.. 94,474 10,190 8,404 82,920 14,872 210,860 ,407 476 November 99,091 6,264 10,731 91,070 10, 747 217, 903 ,402 547 December 167,533 7,895 8,396 125,393 17,985 327,202 1,398 Total: 1925 839,123 98,303 83,057 942,318 112, 577 2,075,378 1924 348,697 94,046 122, 560 377,372 92, 586 1,035,261 1923 1,232,182 172,030 181,396 781,268 141, 206 2, 508,082 Number of member banks at end of year:2 1925 403 205 417 241 132 1,398 1924. 398 207 446 237 131 1,419 1923 404 210 455 235 131 1,435 Number of member banks accommodated: 1925 224 129 265 148 825 1924. 242 139 303 164 922 1923 _ 244 147 333 167 973 1 Figures relate only to that part of the State located in the Chicago district. 2 Banks in actual operation. Figures prior to March, 1925, represent number of banks as shown by the capital stock records. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 5.—EARNINGS AND EXPENSES OF FEDERAL RESERVE BANK to [Figures originally published have been regrouped where necessary in order that data for all years may be on a comparable basis] o 1914-15 1916 1917 1918 1919 1920 1921 1922 1923 1924 1925 Total EARNINGS Discounted bills $94,120 $124, 452 $938, 543$6,447,466 $8,915,827!$25, 726, 750$18, 829, 302$3,862, 291$3,872,139 !$2,044,407 $2,121, 979 $72, 977, 276 Purchased bills __ __. 24,069 101,186 394, 340 1,253, 259 2,141, 789 2, 989, 035 374, 864 547, 339 1,420,395 | 705,723 1, 055, 291 11, 007, 290 United States securities 75,698 204,051 443,958 310, 616 736,241 995,377 858,205 2,081, 340 1,049, 666 2,121,708 1,834,450 10, 711, 310 Municipal warrants._. 62,431 90,700 30,880 662 184, 673 Deficient reserve penalties.... 12,223 65, 382 ""44," 569" 174,470 123,250 49, 761 37,573 39, 910 43,069 590,207 Net service charges received.. 18,954 62,450 26,570 107,974 Miscellaneous 12, 567 126, 594 200,770 377,792 173,652 ~417,~586" ~I96,~549~ "208," 132 131,586 290,421 369,874 2,505, 523 Total earnings. 268, 885 665,937 2,083,164 8,481, 747 12, 012,078 30, 303,218 20,382,170 6,748,863 6,511,359 5,202,169 5,424, 663 98,084,253 CURRENT EXPENSES [Exclusive of reimbursable fiscal agency expenses] Salaries: Bank officers $56,200 $52, 385 $63,761 $105,819 $158,083 $216, 541 $332, 652 $367,156 $332, 875 $347,478 $321, 901 $2,354, 851 Clerical staff..". _.. 47,252 65, 311 120,907 405, 610 881,142 1, 672, 550 1,888, 877 1, 907, 058 1, 947, 951 1,818, 716 1, 663,194 12, 418, 568 Special officers and watchmen 5,191 5,846 10,289 32, 550 64, 752 94, 494 138, 792 155,333 108, 696 102,906 95, 633 814,482 Allother 4,022 4,198 5,138 11,958 80, 785 123,324 156,492 236, 665 344, 363 271, 471 282, 265 1, 520, 681 Governors' conferences _ 948 930 432 91 523 474 615 309 711 383 360 5,776 Federal reserve agents' conferences 317 299 243 381 84 559 244 348 363 302 346 3, 486 Federal Advisory Council 1,153 793 827 996 816 1,046 1,099 992 1,007 914 992 10, 635 Directors' meetings 5,241 3,728 3,601 7,601 6,754 9,591 11, 731 8,221 9,094 8,441 8,147 82,150 Traveling expenses i... _ 927 595 1,227 5,536 28,147 39, 667 48,131 42,083 31, 780 26,222 25, 879 250,194 Assessments for Federal Reserve Board expenses 36, 565 23,329 30,021 49, 378 80,170 101, 568 105, 227 98,307 97,426 91,183 97, 955 811,129 Legal fees 5,500 2,521 3,850 5,500 7,500 1,387 4,711 2,000 35, 756 Insurance (other than on currency and 2,787 security shipments) 2,784 5,904 25, 670 50,041 76,128 67, 400 38, 601 39, 714 46, 069 367,306 Taxes on banking house 6,006 230, 455 230,166 242, 374 702, 995 Light, heat, and power 1,410 2,242 8,087 18,199 49, 602 41,240 33, 906 162, 582 Repairs and alterations, banking house. ~"2,~997" 88,308 17, 941 34, 353 140, 602 Rent 29, 303 27, 789 28,504 73, 339 137, 826 282, 043 274,376 205, 729 42,176 48,142 38, 364 1,187, 591 Telephone 1,312 1,382 2,194 6,781 9,793 19, 283 31, 872 31, 328 30,164 26, 675 21, 878 182, 662 Telegraph 543 398 12,311 24, 216 63, 875 71, 621 62,168 62,125 59, 305 49, 570 407, 025 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

E I P n x o s p s u t r a r e a g s n e s c a e g e o n cu _ rr _ e _ n . c _ y and _ _ s . _ e _ _ c _ urity ship- 2 5 , , 1 5 0 8 1 5 i 1, 5 3 8 1 2 5 2 9 2 , , 9 9 7 40 6 6 1 3 0 , , 7 2 7 3 4 1 2 171,260 240, 537 261,901 245,014 2 5 0 5 7 2 '9 U 94 2 5 1 0 3 , , 5 5 8 4 4 6 2 5 3 1 7 , ,0 5 6 8 1 8 2,089,469 ments () () () () 48,424 56,083 58,859 64,870 Printing and stationery 10,356 9,964 24,159 75,877 101,466 219, 420 128,770 109,172 112, 922 81,128 71, 329 944, 563 M Of i f s ic c e e l a la n n d e o o u th s e e r x s p u e p n p se li s es 23,545 12, 585 42,027 179, 972 84,905 176, 249 1 1 2 1 0 1 , , 7 8 9 4 0 7 19 8 8 3 , , 0 4 9 3 0 9 1 14 1 4 0 , ,0 2 9 3 4 9 7 6 6 6 , ,9 9 4 2 4 4 6 77 6 , , 8 3 6 7 2 9 1,575,S91 Total, exclusive of cost of currency _. 240,255 232,096 378, 929 1,076, 624 1, 853,298 3, 336,961 3, 761,165 3,868,623 4,102, 273 3, 683,895 3, 534,275 26,068,394 Federal reserve currency (including snipping charges): Original cost 5,329 5,113 202, 826 388, 682 400,418 550, 291 768,220 95, 378 210, 993 225, 985 189,089 3,042,324 Cost of redemption __ 2,314 13,004 44,558 102, 693 106, 811 82,631 57, 752 36, 556 20, 675 467, 516 Taxes on Federal reserve bank-note circulation 151, 970 174,231 97, 904 33,425 2,006 459,536 Total current ^expenses. 245, 584 237, 731 584,069 1, 478,310 2, 450, 244 4,164,176 4, 734,100 4, 080, 057 4, 373,024 3, 946, 436 3,744,039 30,037,770 x PROFIT AND LOSS ACCOUNT $268,885 $665,937 $2,083,164 $8, 481, 747 $12,012,078 $30, 303, 218 $20,382,170 $6, 748, 863 $6, 511,359 $5, 202,169 $5,424,663 $98,084,253 Current expenses __ 245,584 237, 731 584,069 1,478,310 2, 450, 244 4,164,176 4, 734,100 4,080,057 4,373,024 3, 946, 436 3, 744, 039 30, 037, 770 Current net earnings __. 23,301 428, 206 1, 499,095 7, 003,437 9, 561,834 26,139, 042 15, 648,070 2, 668,806 2,138, 335 1,255, 733 1, 680, 624 68,046,483 A Editions to current net earnings: Withdrawn from reserve for— Federal Reserve Board expenses. 66, 764 66,764 Probable losses _. 427, 465 427,465 Depreciation on United States bonds 144, 554 29,946 21,370 195,870 Allother _ 2,127 2,543 4,826 11, 957 6,487 12,646 40,586 Total additions 2,127 69,307 4,826 572, 019 41,903 27,857 12,646 730,685 Deductions from current net earnings: B ank premises—depreciation _ 820, 000 29, 062 145,000 1,400,000 451,044 165,197 165,197 4 3,175,500 Furniture and equipment 3,210 25,000 32, 225 172,365 98, 080 289, 064 118,158 238,923 166, 662 11,818 32, 718 1,188, 223 Reserve for probable losses 758,812 363, 586 181, 674 323,097 1,627,169 Reserve for Federal Reserve Board expenses 66, 764 66, 764 1 Other than those connected with governors' and agents' conferences and meetings of directors and of the advisory council. 2 Includes cost of coin bags, etc. 3 Included with "Miscellaneous expenses." 4 Net charge-off after deduction of receipts from salvaged material amounting to $1,035 in 1920 and $628 in 1921 was $3,173,837. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 5.—EARNINGS AND EXPENSES OF FEDERAL RESERVE BANK—Continued to to 1914-15 1916 1917 1918 1919 1920 1921 1922 1923] 1924 1925 Total PROFIT AND LOSS ACCOUNT—Continued Deductions from current net earnings- Continued Reserve for depreciation, United Al S lo ta t t h e e s r bonds . $237,118 $25,991 $786 $14,474 $125,809 $196, 687 $20, 591 $15, 778 $50,985 $ 4 2 5 3 1 7 , , 1 11 0 8 1 !I Total deductions _ $3,210 $25,000 269, 343 198,356 985,630 332, 600 1,147, 779 1,835, 610 1,001,883 374,467 571,997 6,745,875 Net deductions from current net earnings 3,210 25,000 267,216 198,356 985, 630 263,293 1,142,953 1, 263, 591 959, 980 346,610 559,351 6,015,190 Net earnings 20,091 403, 206 1, 231,879 6,805, 081 8, 576, 204 25,875, 749 14, 505,117 1,405, 215 1,178, 355 909,123 1,121,273 62,031,293 Distribution of net earnings: Dividends paid - - 361,319 862, 259 604,635 700,807 792, 769 853, 785 876, 203 904,371 909,123 934,016 7,799,287 Transferred to surplus account 215, 799 6, 200,446 7,875, 397 14, 688, 500 2, 075,323 5-657,289 27, 398 187,257 30,612,831 Franchise tax paid United States Government 215, 799 10, 394, 480 11, 576, 009 51,186,301 246, 586 23, 619,175 Balance to profit and loss 20,091 41, 887 —61,978 REIMBURSABLE EXPENDITURES OF FISCAL AGENCY DEPARTMENT Salaries: Officers $8,090 $19, 857 $20,807 $5, 792 $54,546 Allo E th m e p r l oyees _ - $ 2 2 5 0 5 2 , , 5 7 6 1 7 1 1,4 9 6 4 5 1 , , 8 0 9 2 9 2 1 1, , 1 5 4 5 0 0 , , 5 7 9 5 7 2 6 3 4 3 6 7 , , 9 6 6 0 7 3 2 1 3 4 9 7 , , 6 7 7 7 4 3 $8 7 9 2 , , 8 5 1 3 1 6 $23 5 9 0 , , 3 6 5 8 4 6- $5 7 4 , , 3 4 5 7 4 2 $ 7 9 , , 7 9 6 6 2 3 3 3, , 8 5 9 6 6 3 , , 7 7 8 1 8 5 1 Total 458, 278 2,415,011 2, 711, 206 1,005, 377 393, 239 162,347 290,040 61,826 17,725 7,515,049 I « 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

DISTRICT NO. 7 CHICAGO 423 No. 6.—VOLUME OF OPERATIONS IN PRINCIPAL DEPARTMENTS 1925 1924 1923 NUMBER OF PIECES HANDLED Bills discounted: Applications _ 16,509 19,391 21,196 Notes discounted 79,204 92,140 94,971 Bills purchased in open market for own account 17,316 10,135 20,241 Currency received and counted _ 303,159,000 282,779,000 268,485,000 Coin received and counted 207,945,000 208,091,000 206,613,000 Checks handled _ _ 104,023,000 97,084,000 88,649,000 Collection items handled: United States Government coupons paid 7,158,000 8,063,000 10,459,000 Allother _ 507,000 489,000 442,000 United States securities—issues, redemptions, and exchanges by fiscal agency department,.. 1,178,000 2, 634,000 i 22,041,000 Transfers of funds 271,000 263,000 246,000 Envelopes received and dispatched 4,810,000 5,279,000 7,460,000 AMOUNTS HANDLED Bills discounted.. _ $2,075,378,000 $1,035, 261,000 $2,508,082,000 Bills purchased in open market for own account. 247,786,000 164,045,000 265,360,000 Currency received and counted 1,669,703,000 1,564,021,000 1,501,901,000 Coin received and counted 31,540,000 29,234,000 28,843,000 Checks handled _ 25,356,469,000 23,280,863,000 23,074,243,000 Collection items handled: United States Government coupons paid 80, 233,000 82,348,000 89,818,000 Allother _ 832,836,000 618,147,000 763,273,000 United States securities—issues, redemptions, and exchanges by fiscal agency department. 699, 530,000 831,013,000 1,116,402,000 Transfers of funds _ 20,537,448,000 18,833,433,000 15,588,668,000 i Large total 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] b I a te n m ks s in d ra o w w n n d o i n s- I o s t e t e h r m v e e r s f F b o a e rw d n e k a r s r a d l e a d n r e d t - o T I r t e e a m su s re d r r o aw f U n n o it n ed Total * Month tiict their branches States Number Amount Number Amount Number Amount Number Amount 1925 January 7,366 1,879,379 533 42,286 324 49,315 8,223 1,970,980 February __ 6,532 1,614,010 474 38, 799 309 49,110 7,315 1,701,919 March 7,995 2, 081,317 582 48,724 421 55, 741 8,998 2,185,782 April 7,636 1,946,591 503 45,658 494 83,307 8,633 2,075, 556 May 7,301 1,897,357 468 49,415 409 48,233 8,178 1,995,005 June 8,000 2,107,370 521 52, 254 351 50,187 8,872 2,209,811 July —- 7,721 2,067,112 480 45, 724 332 46,744 8,533 2,159,580 August _ 7,411 1,944,461 442 43, 574 334 45, 583 8,187 2,033,618 September 7,723 2,045, 746 495 53,410 454 49,970 8,672 2,149,126 October 8,451 2,219,624 515 51,684 545 59,514 9,511 2,330,822 November 7,661 2,030,288 475 44,259 460 52, 557 2,127,104 December 9,047 2,261,735 590 50,225 57,946 10,030 2,369,906 Total: 1925 92,844 24,094,990 6,078 566,012 4,826 648,207 103,748 25,309,209 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

424 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD"* No. 8.—CLEARINGS AND TRANSFERS THROUGH THE GOLD SETTLEMENT FUNI> [In thousands of dollars] Payments to Receipts from Week ending- other Federalother Federal Net loss Net gain reserve banksreserve banks 1925 Jan. 7 276,240 270,258 5,982 14 286,355 282,326 4,029 21 318,264 310,955 7,309 28 .. ... 284,923 270,788 14,135 Feb. 4 . 282,405 289,324 6,919 11 269, 200 278,183 18 268,536 267,429 1,107 25 261,069 270, 540 9,471 Mar. 4-. 294, 504 288,175 6,329 11 292, 731 4,163 18 328,929 336,474 7,545 25 314,472 307,938 6,534 Apr. 1 305, 696 280,854 24, 842 8 271,347 277,185 5,838 15 264, 533 270,418 5,885 22 317,701 308, 294 9,407 29 294, 719 277, 536 17,183 May 6 293, 554 333,847 40, 293 13 277, 340 265,933 11,407 20 317,307 314, 583 2,724 27 304, 548 299,873 4,675 June 3 277,318 284.724 7,406 10 275, 871 285,188 9,317 17 321, 848 335,423 13, 575 24 - . _ 325,292 323,413 1,879 July 1 310,954 315, 413 4,459 285, 365 272, 323 13,042 15 311, 278 307, 248 4,030 22 333, 715 337,034 3,319 29 292,611 279,229 13,382 Aug. 5__ 278, 501 310, 570 32,069 12 _ _ 257,128 264, 260 7,132 19 311,786 281,237 30,549 26 278, 229 287,253 9,024 Sept. 2 260,734 263,907 3,173 9 223, 403 232,413 9,010 16 300,485 291,778 8,707 23 365,511 343.725 21,786 30 324,198 318,065 6,133 Oct. 7 . . 297,621 299,694 2,073 14 247,966 264,447 16,481 21 371,176 369,121 2,055 28 316,666 290,696 25,970 Nov 4 285,254 293,183 7,929 11 232,904 239,671 6,767 18 350,214 353,966 3,752 25 321,015 311, 074 9,941 Dec 2 268,945 269,801 856 9 . 270, 549 272,915 2,366 16 317,978 316,689 1,289 23 369, 562 360,329 9,233 30 278,848 268,135 10,713 56,956 68,329 11,373 31 (one day) - - Total: 1925. . 15,444,254 15,400,734 43, 520 1924 14,365,048 14,189, 217 175,831 1923.... 12,936,848 12,928,473 8,375 Net gain in ownership of gold since establishment of fund in 1915, $52,228,roo. 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 [In thousands of dollars] REPORTING MEMBER BANKS IN ELEVEN CITIES 1 Loans and discounts Investments Borrowings from Net demand deposits Time deposits Federal reserve Last report date in— Total S a e n c d ur e b d o n b d y s o st t o h c e k r s Unite c d u r S it t i a e t s es se- All other bank than U. S. bonds 1925 1924 1924 1925 1924 1925 1924 1925 1924 1925 1924 1925 1924 O CO January... 1,937, 474 1, 748, 507 602,806 353,805 276, 868 419,976 334, 397 1, 732, 588 1, 489, 784 92^,035 798,168 16,328 17, 754 February. 1,926, 706 1, 768,842 601, 251 345,018 275, 954 424, 847 337, 566 1, 741,839 1,492, 479 926,952 808, 847 6,661 20,338 March 1,935,991 1, 793,807 694,739 606, 612 352, 242 297, 560 420.417 340, 636 1, 694, 312 1, 520,130 940,142 810, 001 23, 758 25,714 Q April 1, 937, 822 1, 801,178 711,825 604, 366 344, 653 283, 348 420,867 349,145 1, 686, 204 1, 534, 523 945, 708 818, 079 25, 246 20, 011 May 1,986, 728 1, 794,486 755, 299 598,881 347,151 292,400 421, 040 347,236 1, 721,958 1, 540,145 986,104 831,864 23,270 18,039 June 2, 003, 520 1, 792, 752 761, 283 602, 012 339, 503 290, 588 426, 675 359, 295 1, 738, 904 1, 576,886 989, 662 841,976 32, 096 8,241 July __ 2, 017,837 1, 835, 208 780,815 631,206 333, 672 305, 216 426, 681 372, 534 1, 764,999 1, 644, 477 977, 683 839, 382 38,330 3,873 August 2, 047, 641 1,913,976 799,995 677,971 325, 881 314,021 420, 933 372,441 1,780,967 1,737,203 975,800 843, 559 36,139 3,571 September 2, 094, 498 1,924, 015 820,554 680,899 326, 322 343,907 429.418 384,970 1, 798,854 1, 748, 273 985,959 857, 586 42,957 3,235 October... 2,100, 907 1, 945, 022 845, 543 695,152 321, 878 348, 551 421, 603 400,920 1, 776, 065 1, 767,317 1, 006,125 872,960 45,911 5,313 November 2, 076, 089 1, 901,427 843, 296 666, 005 322, 508 354, 704 417,142 417, 724 1, 755, 518 1, 710,409 1, 020, 866 910, 056 44, 760 4,168 December. 2,083,919 1, 915,956 858,900 666,132 333,837 352,144 436,924 419,300 1, 748,473 1, 744, 237 1, 021, 275 922,018 91,330 13,097 o W REPORTING MEMBER BANKS IN CITY OF CHICAGO 2 M o I January. _. 1,255,558 ], 117, 880 528, 012 449,355 199, 071 146, 647 201, 976 157,659 1,171,409 1,011,381 454, 812 371,815 2,965 3,950 > February. 1,228,370 1,113,173 518, 604 438,868 188,649 143, 865 208,222 160,247 1,146,309 997,819 456, 469 372, 318 2,668 1,401 Q March 1,230, 510 1,132, 587 513, 867 450,437 189,471 164,883 202, 406 161,383 1,115,616 1, 023,044 463, 252 371, 660 7,796 9,041 O April 1,232,867 1,137, 339 528,804 448, 866 176, 020 149, 474 198,629 167, 771 1,120, 632 1,028, 866 462, 843 374, 058 1,945 5,929 May 1, 275,807 1,138, 032 569,954 443,168 174, 694 158, 230 196, 454 164, 687 1,134, 008 1,043,891 484, 541 383, 307 5,445 3,030 June. 1, 276,636 1,152, 946 569, 498 446, 589 175, 635 154,926 199, 264 173,036 1,150, 582 3,078,852 482, 655 390, 945 5,321 2,243 July 1, 288,773 1,198, 026 595, 008 476, 095 177,377 168,244 195,991 180,882 1,177, 918 1,132, 681 473,742 391,982 11,518 351 August 1,309, 705 1, 266, 283 604,911 517,189 175,160 175, 261 188, 419 176,380 1,191, 568 1, 204,327 468, 878 394, 099 14,840 395 September 1, 343,487 1, 270,697 623,400 518, 476 176, 878 196,982 195,622 181,372 1, 208, 293 1,216, 386 477,156 404, 049 13,677 160 October. __ 1, 351, 533 1, 288, 695 648, 437 535,164 172, 236 198, 796 185,996 189,818 1,199, 419 1, 231, 396 489, 789 411, 580 9,762 950 November. 1,324, 794 1, 243, 250 638, 251 503, 977 173, 290 204, 994 185, 273 200,228 1,171, 744 1,172, 660 499, 316 445, 237 18, 090 943 December. 1, 330,909 1, 242, 581 649, 528 500, 625 184, 317 202, 313 206, 068 203, 985 1,168, 335 1,180, 418 500, 590 452, 678 54, 879 1,075 1 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. to 2 Figures are for about 46 banks in Chicago which submit weekly reports to the Federal reserve bank. Ox Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

426 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No. 10.—ALL MEMBER BANKS—NET DEMAND AND TIME DEPOSITS, BY SIZE OF CITY [In thousands of dollars] Net demand deposits Time deposits Banks in cities and towns having Banks in cities and towns having a population of— a population of— Date Total Total t 5 L , h e 0 a s 0 n s 0 1 5 4 , t , 0 9 o 0 9 0 9 9 1 9 5 t , , 9 0 o 9 0 9 0 a 1 n 0 d 0 , o 0 v 0 e 0 r 5 t L , h e 0 a s 0 n s 0 1 5 4 , t , 0 9 o 0 9 0 9 9 1 9 5 t , , 9 0 o 9 0 9 0 a 1 n 0 d 0 , o 0 v 0 e 0 r 1923 Apr. 25 2,146,144 205,967 120,119 357, 9121,462,146 1, 486, 694228,128 133, 698337,966 786,902 May 23 2,184, 854204,180 122,236 360, 7481,497, 6901, 510, 730230,733 135,893 343,131 800,973 June 27 2,129, 969198, 363118, 786353,142 1,459, 6781, 523,014235, 515136, 826345, 945 804, 728 July 25 2,130, 485194, 245117, 736347,163 1, 471, 3411,493, 296237, 594138, 744346, 719 770, 239 Aug. 29 2,136, 550198, 371117,009 342, 893 1, 478, 2771, 532, 084239,038 141, 844352, 278 798,924 Sept. 26 2, 094,949196, 469118, 275345, 2891, 434, 9161, 534, 621239, 957140,984 352, 593 801, 087 Oct. 24 2, 093, 682192, 565115, 664339, 7581,445, 6951,549, 917240, 851141, 494359, 338 808, 234 Nov. 28 2, 055, 445186, 957111, 766330, 8471, 425, 8751, 566, 777242, 455143, 329362,174 818, 819 Dec. 26 2,091, 863186, 880112,124 333, 6191,459, 2401, 560, 338240, 978142, 754360, 589 816,017 1924 Jan. 23. 2,122, 350187, 663112,489 338,427 1, 483, 7711, 564, 897239, 907144, 709363,032 817, 249 Feb. 27 2,137, 427198, 798115, 236347, 929 1, 475,4641, 581,142239,141 145, 607365,053 831, 341 Mar. 25 2,172, 537198,195 119,006 354, 4951, 500, 8411, 589, 788240, 918147, 090368, 342 833, 438 Apr. 23 2,169, 812197,595 119,497 359, 2261, 493, 4941, 601,606240, 960147,006 369, 965 843, 675 May 28 2,192, 644193, 981118, 994353,161 1, 526, 5081, 619. 885241, 834147, 581372, 602 857,868 June 25 2, 216,745189, 634116, 056347, 3921, 563, 6631, 636, 533243, 032149, 510376,170 867, 821 July 23 2, 263, 296186, 690114, 660347,419 1, 614, 5271, 642,854245, 226150, 873377, 379 869, 376 Aug. 27 2, 378,145190, 912116, 891347, 6981, 722, 6441, 645, 640247, 353 151,855 378,453 867,979 Sept. 24 2, 394, 725194, 300118, 565351, 5421, 730,3181, 662,370247, 711 153,106 378, 652 882,901 Oct. 29 2,411, 790192,160 117, 664354, 456 1, 747, 5101, 682,211249, 581155,000 382, 941 894, 689 Nov. 26 2, 352, 603190,178 116, 205352, 5311, 693, 6891, 723,047250, 997155, 037385, 093 931,920 Dec. 24 2, 344, 909190,733 116,857 352, 984 1, 684, 3351, 729,770250, 807153, 493383, 685 941, 785 1925 Jan. 28 2, 380, 790197, 265115, 948354, 239 1, 713, 3381, 735, 739251, 417152, 920388, 228 943,174 Feb. 25 2, 414, 286205, 386119,429 369, 6621, 719, 8091, 743, 459250,383 153, 837390, 298 948, 941 Mar. 25 2,382,909 204, 800124,338 381,370 1, 672,4011, 762, 222251, 582155,034 392, 972 962, 634 Apr. 22 2, 384, 717201,836 123,927 384,988 1, 673,9661, 767, 731252, 824155,001 392,298 967,608 May 27 2, 391, 294199, 776128,218 384, 742 1, 678, 5581,814, 574255,158 155, 984394, 801 1,008, 631 June 24 2,425,469 197, 252124,152 382,062 1, 722,0031, 826, 655257,401 157, 776397, 8501,013, 628 July 29 2,448,515 194, 768125, 496377,128 1, 751,1231, 820, 550259, 702159,048 398, 8831,002, 917 Aug. 26 2, 469, 803197, 613126,757 380,128 1, 765, 3051,824, 630260, 565162,175 399, 6221,002,268 Sept. 23 2,465, 508198, 076127, 291382, 3631, 757, 7781, 835,341261, 543163,700 401, 334 1,008, 764 Oct. 28 2,471,086 196, 947125, 631382,339 1, 766,1691, 859, 829262, 726162,869 401, 957 1, 032, 277 Nov. 25 2, 449, 631193, 928124,402 382, 2321, 749,0691,877, 294260, 787164,013 404,410 1,048,084 Dec. 23 2, 429,093193,132 125,509 384, 3871, 726,0651,883,019 260, 532163, 702401, 6781,057,107 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DISTRICT NO. 7 CHICAGO 427 No. 11.—DEBITS TO INDIVIDUAL ACCOUNTS [In thousands of dollars. For explanatory note, see page 191] Total for 21 centers » Adrian, Mich.* Month 1925 1924 1923 1925 1924 1923 January 5,490,747 4,701,940 4,810,899 4,524 3,591 4,067 February.. 4,479,475 4,178,246 4,383,817 3,691 3,191 2,695 March 5, 451,905 4,807,897 4,828,041 4,292 3,964 3,716 April 5,131,967 4, 643,076 4,737,859 4,212 3,901 3,546 May 5,248,800 4, 746,250 4,899,390 4,387 4,072 3,693 June 5, 523,074 4, 582,549 4, 772,812 4,735 3,659 3,476 July 5,470,821 4, 654,974 4, 509,455 4,367 3,461 3,373 August 4,946,030 4,469,357 4, 240,633 4,091 3,370 3,557 September. 5,118,833 4,435,346 4,208,411 4,614 3,472 3,057 October 5, 775,228 4,949,211 4,660,972 4,792 3,742 2,943 November. 5,087,127 4, 500,225 4,428,485 4,341 3,857 2,786 December.. 5,850,726 5,326,098 4,886,123 4,948 4,236 3,508 Total 63, 574, 733 55,995,169 55,366,897 52,994 44,516 40,417 Aurora, 111.* Bay City, Mich. Bloomington, HI. Month 1925 1924 1923 1925 1924 1923 1925 1924 1923 January... 16,237 13,473 13,749 14, 593 11,583 10,303 12,993 10,843 11,481 February.. 13,116 12,824 11,335 10,413 9,617 8,442 11,878 10,791 10.397 March 16,300 15, 641 15,922 12,183 10,832 9,876 15,289 13,805 15,970 April 16,432 14, 543 14, 557 12,169 10,007 9,180 13,283 11, 870 11,997 May 16,176 15,189 15,049 12, 519 11, 274 10,362 12,253 10, 507 11,233 June 17, 044 13,818 14,885 13,146 11,033 10,591 12, 513 10, 739 11,562 July 17, 720 14,476 14, 879 13, 600 10,695 10,043 12,456 11.127 10, 734 August 17,096 13,941 15,004 12, 770 10,097 10,797 12,758 10,696 10.398 September. 16,393 14,073 14,098 12, 713 10,303 10, 438 12,894 11,629 10,918 October. _ . 18, 235 14, 940 15,637 15,096 14,031 12,848 13,273 12.128 11,204 November. 15,969 13, 607 13,402 12,857 13,407 11,686 11,355 10,368 9,564 December. 17,892 14, 620 15, 783 16,418 13,078 13, 111 13,639 11,990 11, 281 Total 198, 610 171,145 174,300 158,477 135,957 127, 677 154, 584 136,493 136, 739 Cedar Rapids, Iowa Champaign, 111.* Chicago, 111. Month 1925 1924 1923 1925 1924 1923 1925 1924 1923 January 50,032 30, 829 27,139 9,347 3, 568,980 2,997,858 3,153,458 February __ 35,795 27,028 21, 693 8,133 2,883,655 2,583,461 2,929, 918 March _ 48,291 32,120 31,246 10,292 3,568,904 3,042,603 3,069,933 April 44,230 32, 544 28,189 9,554 3,256,150 2,934,174 3,054,525 May 40,502 32,248 9,818 8,501 3,346,398 2,998,663 3,100,634 June 42,637 31,729 29,241 9,780 7,551 3,529,104 2,927, 501 2,941,388 July 38,922 39,368 27,296 9,610 8,760 3,466,390 2,976,570 2,859,024 August 40, 922 36,801 25, 862 8,403 7,892 3,098,281 2.864,692 2,644,705 September 34, 978 27,877 9,877 8,646 3,223,775 2,814,495 2,631,379 October 42,763 38,969 31,626 10,686 9,790 3,644,054 3.151,693 2,929,548 November 36,331 32, 406 25,306 8,061 3,165,672 2,918,432 2,812,412 December 40,644 41,301 28, 650 3,718,224 3,512,555 3,152,048 Total 499, 715 410,321 332,821 113,801 18,183 40,469, 587 35,722,697 35,278,972 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

428 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No. 11.—DEBITS TO INDIVIDUAL ACCOUNTS—Continued [In thousands of dollars] Danville, 111.* Davenport, Iowa Decatur, 111. Month 1925 1924 1923 1925 1924 1923 1925 1924 1923 January 15,187 14,703 12, 460 35, 592 31,848 37, 548 19,176 14, 632 14,488. February.. 11, 481 13, 454 12,100 26, 547 26, 341 32, 348 15, 880 13, 643 12, 611 March 17,169 18,433 19, 650 33, 322 31,044 36,377 20,839 16, 228 16, 684 April 14, 564 16,300 15,283 36,654 28,994 35,404 18, 521 16, 376 15,478 May_ _ 13, 013 14, 540 15,917 31,952 33, 770 38, 235 19, 030 15,949 15,608 June 12,946 15,060 15, 530 30, 955 28,483 34, 292 19,683 16, 095 16, 423 July....... 14,158 15, 050 15,403 31, 737 30, 307 31, 746 20, 606 16, 584 15,754 August 11,872 13,300 13. 497 28, 354 26, 079 30,294 19, 270 16,602 16, 054 September- 13, 342 13, 623 13, 274 29,229 25, 761 30,129 18, 489 16,104 15,076 October 12, 826 14,133 16,050 34, 015 33,949 20,837 16,388 14,986- November. 11,444 12,264 13,100 30, 015 27,370 31,650 18,906 14, 742 14,165 December. 12, 639 14, 720 15, 680 28,832 29,669 33, 847 21, 257 17, 748 14,363 Total 160, 641 175, 580 177, 944 382,175 353, 681 405,819 232, 494 191,091 181,690- Des Moines, Iowa Detroit, Mich, Dubuque, Iowa Month 1925 1924 1923 1925 1924 1923 1924 1923 January... 77,242 74, 502 82, 322 758, 243 696,434 623, 392 16, 325 16,80fr February.. 61, 250 65, 723 67,298 643, 323 657,927 583, 430 13,995 12, 267 March 77,346 77, 883 95,650 764,493 731, 878 684,043 15,496 15, 807 April 75, 580 71, 503 86, 655 805,952 713,110 672, 530 14, 770 14, 391 May _ 67,863 88, 615 85,332 831,403 715,120 709,107 14,349 14, 425 June 67, 230 105, 676 103, 416 893,931 664,192 720, 921 15, 644 15,174 July 30,254 104, 810 79,815 881, 077 661, 579 fc638,497 16, 201 14,423 August 66,646 95, 356 73, 404 799, 628 653,192 630,679 13, 731 12,945 September. 71,914 92, 966 72, 223 849, 567 646,974 628,324 14, 589 13,162- October 87,972 102, 780 83,406 937, 584 700, 031 675, 990 17, 017 14,932. November- 78, 073 69, 522 72, 249 861,179 652,009 654, 044 15, 015 14,306 December.. 82, 776 76,127 74,312 944, 763 733, 762 697,177 16, 252 15,500^ Total 894,146 1, 025, 463976, 082 9,871,143 8,226,208 7,918,134 183,384 174, 482 174,138 Flint, Mich. Fort Wayne, Ind. Gary, Ind.* Month 1925 1924 1923 1925 1924 1923 1925 1924 1923 January 29,816 32,865 31,007 43,757 39,006 35,643 19,626 15, 538 14,160 February... 24,135 30,175 27,218 36,634 38,228 31,500 17,997 14, 876 13,078 March 29,265 34,015 33,655 41,841 39,179 38,447 19,976 16,362 15,288 April 31,331 31,862 34,149 42,381 44,670 35,579 22,560 18,107 15,630 May 31,056 31,905 34,619 46,757 40,582 22,858 18,436 18,563 June 33,381 30,643 35,413 43, 586 38,914 46,975 22,509 15,982 17,615 July__ 33,868 31, 866 28,412 44,458 40,802 41,142 24,175 16,982 17,544 August 32, 451 28, 015 30,141 40,878 37,327 37,442 21, 024 15,752 17,210 September. 33, 537 29,285 31, 039 42,116 36,747 35,643 21,855 15,722 16,420' October 36,450 30, 513 34, 057 48,165 43,630 39,922 24,882 19,715 18,53a November- 32,497 26,322 32,325 41, 677 39,610 39,441 22,209 20,744 17,481 December.. 32, 515 29, 502 34, 610 49,511 46,556 40,788 26,177 18, 869 16,204 Total 380,302 366,968 i 386,645 521, 761 485, 251 471, 511 265,848 207,085 197,732 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

DISTEICT NO. 7—CHICAGO 429 No. 11.—DEBITS TO INDIVIDUAL ACCOUNTS—Continued [In thousands of dollars] Grand Rapids, Mich. Green Bay, Wis.* Hammond, Ind.* Month 1925 1924 1923 1925 1924 1923 1925 1924 1923 January 87,019 65,784 66,383 12,463 11,382 10,192 17,406 17,103 15,182 February... 67,599 58, 237 57,098 10,660 10,738 9,234 15,487 14,280 12,249 March 76,791 66,771 69,493 11,137 11,848 11,573 18,108 14,441 16,069 April 78,370 66,404 64, 583 12, 561 11,336 10,992 18,042 16,155 16,732 May __. 79,390 67,915 69, 715 11,612 11,459 11,495 18,633 15,935 18,463 June 85, 793 65, 070 70,870 12,271 11,337 11,867 18,470 14,851 18, 533 July 90,585 64,682 67,208 13, 554 12,370 11,038 20,089 18,600 19,106 August 95, 531 63, 673 67,594 14,048 12,344 12,172 17,107 16,403 17,523 September- 85,540 66,961 69,300 12,975 12,169 11,928 18,978 15,410 16,177 October __.. 94,427 72,817 67,279 14,825 13,271 12,312 20,753 17,390 18,755 November. 86,851 61,419 60,650 13,009 11,443 11,729 18,381 16, 062 15,462 December.. 97,845 83,440 70,626 12,823 12,378 12, 750 21,629 18,850 17,620 Total. 1,025, 741 803,173 800,799 151,938 142,075 137,282 223, 083 195,480 201,871 Indianaplis, Ind. Jackson, Mich.* Kalamazoo, Mich. Month 1925 1924 1923 1925 1923 1925 1924 1923 January.... 181,299 160,249 174,966 20,975 23,144 24,238 23,031 20,296 22,643 February... 135,332 147,372 145, 289 15,980 19,667 16,239 18,930 17,835 17,432 March 145,303 151,145 156,646 21,402 19,953 20,647 22,391 21,304 21, 746 April 143,348 145,636 148,337 22.629 19,889 21,594 22,918 19,977 20,699 May 152,697 158,396 167,536 21,373 19,240 22, 646 21,775 20,805 21, 028 June -... 161,380 148,705 168, 050 22,147 18,040 23,697 23, 045 20,435 22,676 July... 168,149 155, 071 161,827 20,804 17,934 21,286 23,937 19,823 21,207 August 147,224 143, 018 148,841 21,010 17,883 23.038 22, 202 20,837 19,715 September- 142,831 145,135 141,040 22.630 17,987 23.039 22, 529 20,855 19,795 October 165,608 158,033 155,313 24, 568 20,537 22,289 25,109 21,777 21,216 November- 152,198 140,272 149, 060 21,187 18,879 22,174 18, 825 19,785 December.. 189,096 157, 683 162,951 23,091 18,090 21,923 25, 010 22,385 21,103 Total. 1,884,465 il,810,715 1,879,856 257,796 229,302 1 259, 515 273, 051 245,154 249,045 Lansing, Mich. Mason City, Iowa* Milwaukee, Wis. Month 1925 1924 1923 1925 1924 1923 1925 1924 1923 January 33,143 32, 942 30, 500 11,183 9,201 10,579 297,865 271,600 279, 922 February... 27,866 30, 956 28,500 8,719 8,813 8,706 260, 647 262,734 242,053 March 31,120 35,236 40,450 10,344 10,295 12,227 306,192 276,082 279,199 April 31, 919 31, 894 40,061 10,935 9,213 9,942 269,155 259,937 269,564 May 33,235 31, 252 41,092 10, 678 9,143 10,924 274,249 262, 228 295,825 June 35,445 25,893 41,613 11,400 9,432 10,834 283,757 248,607 291,793 July 35, 739 24,465 36,168 10,659 9,714 10,379 281,477 253,384 271,807 August 31,171 24,430 36.924 11,205 8,187 9,885 268,124 238,490 256,490 September- 34,033 26,133 29,820 10,172 9,287 9,450 277, 949 246,306 259,652 October 38, 550 30,797 29, 700 11,073 10, 923 10,275 309,078 288,660 293,767 November. 34, 950 27, 646 27, 626 10,038 8,588 8,920 271,419 247,343 264,781 December.. 35,850 30,833 33.925 12,690 10, 713 10,193 298,275 286,677 278,626 Total. 403,021 352, 477 416,379 129,096 113,509 122,314 3,398,187 3,142,048 3,283,479 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

430 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No, 11.—DEBITS TO INDIVIDUAL ACCOUNTS—Continued [In thousands of dollars] Moline, 111.* Muscatine, Iowa * Oshkosh, Wis. * Month 1925 1924 1923 1925 1924 1923 1925 1924 1923 January 8,466 7,215 7,746 6,700 5,733 6,711 14,200 10, 767 11,640 February 7,971 7,216 7,157 4,899 4,879 4,982 10,750 10,200 9,200 March 9,376 7,851 8,556 8,033 7,094 8,218 11,983 11,266 11,750 April 10,982 9,231 9,894 6,550 6,435 6,901 12,067 11,467 10,750 May 10,277 7,632 9,315 5,028 5,336 6,048 11, 780 11, 540 12,000 June 9,528 7,533 9,193 5,770 5,139 6,036 11,687 10,227 11,640 July 9,886 8,259 8,168 6,530 5,768 5,736 11,866 10,683 10,477 August 8,472 8,341 8,586 5,167 4,595 6,045 10,367 10,330 11,063 September.. 9,408 9,094 8,557 6,005 5,059 5,556 11,800 10,803 10,470 October 10,995 9,351 8,815 6,494 6,132 6,295 13, 750 12,017 10,950 November.. 9,791 8,463 7,823 5,177 4,356 5,316 11,850 10,620 10,000 December.. 12,275 9,345 8,087 5,930 5,580 6,887 13, 960 12,480 11,600 Total. 117,427 99,531 101,897 72,283 66,106 74,731 146, 060 132,400 131,540 Peoria, 111. Rockford, 111. Saginaw, Mich.* Month 1925 1924 1123 1925 1924 1923 1925 1924 1923 January 50,029 41,731 40,401 29,346 23,297 24,662 28,747 27,467 24,291 February... 41,103 38,359 32,740 23,082 22,182 16,456 23,647 22,799 19,661 March 47,110 42,653 41,244 29,826 27,058 28,042 24,220 23,130 22,619 April 47,826 39,327 39,415 29,563 27,900 24,688 23,965 22,079 23,672 May 49,115 43,469 40,995 29,797 27,238 25,862 22,337 22,443 23,224 June 49,600 37,549 41,194 28,423 25,113 26,625 23,480 22,538 23,034 July 48,262 38,857 39,072 27,941 23,805 24,758 24,797 21,614 22,719 August 43,998 36,990 37,895 25,712 21,385 22,178 23,179 21,600 23,348 September. 42,457 40,039 37,570 26,593 21,402 21,867 23,480 21,825 23,365 October 45,890 43,296 41,553 30,469 25,446 24,702 24,923 22,854 25,120 November. 44,258 39,543 39,543 27,059 22, 681 22,656 25,161 22,288 24,028 December.. 44,757 45, 565 42,315 30,964 25,908 25,235 27,577 24,977 27,284 Total 554,405 487,378 473,606 338,775 293,415 287,731 295,513 275,614 282,365 Sheyboygan, Wis.* Sioux City, Iowa South Bend, Ind. Month 1925 1924 1923 1925 1924 1923 1915 1924 1923 January 15,515 100,940 77,203 74,770 42,045 35,959 34,904 February 13,185 85,206 74,143 63,914 40,090 34,547 29,067 March 14,952 101,321 85,325 86,044 45,173 39,285 36,006 April..... 14,878 88,911 80,560 76,100 50,550 44,970 38,121 May 15,375 81,627 77,967 76,441 54,165 45,645 44,972 June 16,760 84,550 72,403 78,035 51,080 41,477 47,867 July 18,674 83,524 79,485 72,023 53,025 38,109 40,741 August 16,483 80,926 75,737 70,584 49,040 35,593 40,305 September _ 17,187 73,952 79,015 69,781 47,151 38,730 36,130 October 18,877 87,642 83,417 80,403 54,964 45,626 44,893 November 17,033 75,721 66,007 71,166 51,224 41,876 38,953 December 18,794 88,979 82,910 78,650 56,309 44,869 38,754 Total 197,713 934,172 897,911 594,816 470,713 Figures for cities marked with an asterisk (*) are not included in the district summary or in the national summary of 141 centers. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DISTRICT NO. 7—CHICAGO 431 No. 11.—DEBITS TO INDIVIDUAL ACCOUNTS—Continued [In thousands of dollars] Springfield, J[11.* Terre Haute, ]tnd.* Waterloo, Iowa Month 1925 1924 1923 1925 1924 1923 1925 1924 1923 January 43,312 28,521 28,121 26,584 23,514 26,601 19,281 16,431 18,161 February... 35,257 26, 994 24,716 22,771 23,476 24,193 16,115 15,647 14,146- March 41,046 28,949 29,579 22,430 24,020 25,713 19,409 19,004 21,48a April 40,393 28,720 27,893 22,216 21,763 24,256 18,386 18,134 18,214 May. 36,114 33,322 26,905 23,019 22,031 26,596 18,668 18,017 18,684 June 42,372 35,622 28,887 22,227 21,802 26,324 18,191 17,274 18,693 July 40,854 36,815 28,917 24,627 22,809 26,241 18,613 18,434 17,758 August 36,356 34,107 26,214 21,345 20,119 22,785 16,413 16,904 17,386 September. 34,070 31,080 24,738 20,887 21,078 23,237 18,329 17,915 17,248 October 36,093 34,617 27,187 24,461 24,414 24,922 21,294 19,326 19,67& November. 33,476 28,730 25,085 21,840 21,633 23,692 17,696 15,936 17,448 December.. 39,196 35,425 28,116 26,485 24,730 24,743 18,810 18,317 18,251 Total 458,539 382,902 326,358 278,892 271,389 299,303 221,205 211,339 217,150 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

432 ANNUAL REPORT OF THE FEDERAL, RESERVE BOARD No. 12.—MONEY RATES J IN CHICAGO AND DETROIT [Rates prevailing during week ending with 15th day of the month] CHICAGO Customers' prime Loans secured by Year and month commercial paper L c L u b o i r a o b e n n e d s d r t b s s y e y - b o o th n e d r s stocks and b s y L e h c o o w u u a r a n s e r e s d e- C lo a a t n tl s e 30-90 4-6 receipts days months Demand Time 1924—January... 5 -6 5 -£ 5 -6 5 -6 53^*5 February.. 5 5 March 5 -5j| 5 5 *>7 April 5 -5H 5 5 5 -5 May. 5 -5H 5 -5 June 4H5H 4^-5 July 5 -53^ 4^-5 August 4 2-5 2 4 2-A% 4 -5 4 ^ S O e c p to te b m er ber. 4 4 - - 5 5 4 -5 4H-5H 4 4 - - 6 5 4 5 ^ -5 -6 5 5 - - 6 hy2 N D o ec v e e m m b b e e r r . . 4 4 - - 5 5 4 4 i ^ | - - 5 5 2 4 4 ^ ^ - - 5 5 4 4 - - 5 5 5 5 - - 5 h 3 y ^2 1925—January... 4 -5 4^-5 4 -5 4 -3^ 5 -53^ February. _ 4 -5 43^—5 4 -5 4 -5 4 -53^ 5 -534 March 4 -5 4 -5 4 -5 4 -5H 4^5H April. , 4^-5 4H5 5 % 2 May 4^-5 4^-5 4^-5 4^-5 5 -5H June 434-5 4^-5 4H-5 4^-5 5 -6 July 4H-5 4^5 5 -H August 4>|-5 4M-5 5 -5H 5 -5H S O e c p to te b m er ber 4 4 ^- - 5 5 4^-5i -53^ 43^-5 4 43 H ^ - - 5 5 5 -6 5 5 - - 5 6 3^ November. 4^-5 by 4H5 4H5 5 -5 December. 43^-5 5 -6 DETROIT 1924—January February 5 -6 5 -6 5 -6 5M-6 -6 March 6 6 6 6 April 5} 5H-6 534-6 5H-6 May 5H-6 4* 514-6 June . 5 -6 5 -6 5 -5 5 -6 434-6 5^6 July.... 5 -6 5 5 -6 43^-6 August. 5 -5> 5 -53, 5 -6 5 --66 5 -6 September 5 -6 43^-6 5 -6 J4 October _. 43/2-6 5 -6 5 -6 November 4H-6 5 5 -6 5H-6 53^-6 December 5 -6 5 -6 5 -5 5 -6 5 -53 53^-6 1925—January 4M-6 4M-6 5 -6 5 -6 February 4H-6 5 -6 5 -6 5 -6 March 5 -6 5 -6 5 -6 5 -6 5 -6 April... 5 -6 5 -6 5 -6 5H-6 5 -6 May 5 -6 5 -6 5 -53, 5 -6 5 -6 5 -6 June 4M-6 5 -6 5 5 -6 53^-6 5 -6 5 -6 July... 4H-6 5 5 -6 43^-6 5 -6 August . 4146 5 5 -6 5H-6 5 -6 5 -6 September 414-6 43^6 5 5 -6 5 -6 5 -6 5 -6 October. 5 -6 4^-6 5 5 -6 5 -6 5 -6 5 -6 November 5 -6 5 -6 5 -6 5 -6 5 -6 5 -6 December 5 -6 5 -6 5 -6 5H-6 1 Prevailing rates charged, as reported by representative member banks. The :ates are those at which the bulk of the loans of the designated class are handled by reporting banks. 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, 1925 1924 1923 Gold with Federal reserve agent 15,820 56,590 49,424 Gold redemption fund with United States Treasury 930 3,274 2,773 Gold held exclusively against Federal reserve notes. 16, 750 59,864 52,197 Gold settlement fund with Federal Reserve Board 20,398 23,834 35, 272 Gold and gold certificates held by bank... 11,142 8,165 5,060 Total gold reserves. 48,290 91,863 92,529 Reserves other than gold__ _ 10,692 11,700 9,802 Total reserves _ 58,982 103,563 102,331 Nonreserve cash _ 3,395 3,387 3,321 Bills discounted: Secured by United States Government obligations.. 9,508 5,303 17,292 Other bills discounted 13,360 4,827 39,990 Total bills discounted. 22,868 10,130 57,282 Bills bought in open market _ 22,181 21,391 43 United States Government securities: Bonds 1,746 1,264 Treasury notes 14, 716 11,171 Certificates of indebtedness _ 7,885 2,653 Total United States Government securitie; 24,347 15, 088 JForeign loans on gold 359 294 Total bills and securities.. 69,755 46,903 57,325 Uncollected items. _ 39,345 35,994 30,139 Bank premises 4,112 3,176 1,346 All other resources- 327 108 Total resources . 175,916 193,329 194, 570 LIABILITIES federal reserve notes in actual circulation.. 40,305 57, 813 75, 872 Deposits: Member bank—reserve account 81,447 80, 511 70,100 Government ____.. 1,468 2,468 3,042 Foreign bank _. 380 91 72 Other deposits 757 580 394 Total deposits . 84, 052 83,650 73,608 Deferred availability items _ 36, 278 36,377 29,490 Capital paid in _ 5,127 5,129 5,009 Surplus 9,570 9,971 10, 072 All other liabilities 584 389 519 Total liabilities _. 175,916 193,329 194,570 Ratio of total reserves to deposit and Federal reserve note liabilities combined percent. 47.4 73.2 68.5 Contingent liability on bills purchased for foreign correspondents 3,235 2,091 836 433 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

434 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 s T b e a t o c i i n e l u t l d a s r s i l - Total c U G e u S b r o . r e n y e S v - - d . - c O b o d t u i i h l s n l e - s t r - b o m o B k p u i i a e n e l g l r t n h s - t U s S e t t n c i a i e u t t e s e ri s d - l e g F o o i o a o g n l n r n d - s s T c e 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 - ts l n c F re o i e r t s t i c d e e o u e s r n v l r a i a e n - l s c p R e e e r n e v r t - - e ment ed obligations 1925 Jan. 7.. 44,076 8,924 4,565 4,359 21,124 13,734 294 104,802 83,659 87,052 56, 637 72.9 14- 41,436 7,970 4,011 3,959 20,095 13,077 294 104,423 81,106 84,142 55,624 74.7 21.. 40,624 8,259 4,293 3,966 20,509 11,337 519 104,186 80, 217 83,120 54,640 75.6 28.. 38,677 7,773 3,642 4,131 20,074 10,311 519 106,168 81,534 85,375 54,088 76.1 Feb. 4— 38,842 7,739 2,973 4,766 20,378 10,206 519 108,116 83, 673 86,796 53,858 76.9 11._ 38, 323 7,372 2,760 4,612 20,147 10,285 519 .02,867 78,870 82,165 53,067 76.1 18.. 41, 07812,322 3,798 8,524 18, 252 9,985 519.05,826 81, 539 84,477 53,174 76.9 25. _ 10, 758 2,978 7,780 17,450 9,409 519 .10,232 83,877 86,508 52,699 79.2 Mar. 4 34,296 9,006 2,988 6,018 15, 215 9,550 525 12, 645 81,814 86,385 52,384 81.2 11— 31,195 7,163 2,505 4,658 13, 675 9,832 52510,858 78,912 82,204 51,191 83.1 18.. 36, 620 14,350 4,392 9,958 13,258 8,487 525L04,084 82,239 84,157 50, 636 77.2 25.. 32,432 9,824 4,— 5,491 13,193 8,890 525L07,089 78,945 82, 070 49,648 81.3 Apr. 1 37,004 14,208 5,556 8,652 13,381 525101,371 78,764 81,643 49, 528 77.3 8 34,025 12,819 5,134 7,685 11, 741 8,940 525L06,212 79,988 82, 797 49,482 80.3 15 36,584 15,428 5,919 9,509 11,334 9,297 525 00,174 77,617 49,201 76.5 22 36, 275 17, 025 6,422 10,603 9,470 9,297 483 97,123 77, 056 81,040 48,639 74.9 29 35,925 16,130 6,752 9,378 10, 015 9,297 483 97.543 77,150 80, 570 48, 241 75.7 May 6 36,035 17,100 5,500 11,600 9,155 9,297 483 98,549 79,339 81, 731 47,291 76.4 13 42,359 14,611 4,623 9,988 9,297 17,968 483 90,674 77, 381 79, 387 46,929 71.8 20 57,022 18,588 4,942 13,646 11, 311 26,640 483 74,903 75,417 80,064 46, 833 59.0 27 20,615 8,327 12,288 12,136 35,099 483 69,657 79, 371 83,932 46,459 53.4 June 3 73,358 25,699 9,229 16.470 12,07' 35,099 58,875 76,115 80,348 46, 371 46.5 10 65,689 17.944 6,059 11,885 11,475 35,787 63,534 75,920 79,612 45,139 50.9 17 56,063 16,023 4,325 11,698 11,144 28,413 483 72,256 76,763 78,289 45,093 58.6 24 61,354 18,980 6,241 12,739 10,729 31.162 483 66,635 75, 395 77,987 44,455 54.4 July 1 62,704 20, 611 6,779 13, 83211,136 30,474 483 63,521 71,885 74,233 44,843 53.3 8 60, 71319,009 12, 31110, 64" 30, 574 483 70,549 78, 626 80,445 44, 222 56.6 15 61,341 19, 676 6,861 12, 81510,361 30,821 483 67,965 76,175 78,040 43,855 55.8 22 62,954 21,349 7,467 13,882 10,244 30,878 483 61, 376 73, 271 75, 531 43,029 51.8 29 64,925 23,527 9,130 14, 397 9,962 30,953 483 61,871 74,308 76,938 42, 613 51.8 Aug. 5 68,85' 25,971 7,871 18,100 11,360 31,043 483 60.544 77,070 80,002 42,393 49.5 12 65,381 22, 575 7,104 15.471 11, 555 30, 768 483 63,112 76,356 79,918 41,885 51.8 19 74.237 30,253 8,125i 22,128 12,685 30,816 483 50,292 73,983 76,993 41,453 42.5 26 74,557 31, 031 22,435 12,175 30,868 483 53, 225 75,660 80,630 40,762 Sept. 2 68,737 32,632 7,659 24,973J 4,892 30,868 345 54,094 74, 610 76,842 40, 521 46.1 9 65,063 30, 756 8,287 3,094 30,868 345 58, 310 73,894 76,176 40,541 50.0 16 72, 44539, 563 7,297 32,266 2,37^ 30.163 345 53,015 77,467 79,315 40,052 44.4 23 58,881 36,646 7,346, 29,300 1,699 20,163 373 64,033 74,306 76, 658 39, 567 55.1 57, 55035,959 6,815 29,144 959 20,163 469 72, 568 78,246 81,413 40,395 59.6 Oct. 7 52, 73329,408 5.370J 24,038 2,670 20,163 492 79,914 80,440 83,381 41,116 64.2 14 58.238 26, 753 6,125! 20,628 11,028 20,163 294 77,475 81,862 86, 310 41,164 60.8 21 77,065 34, 672 9,205 25,467 21, 20, 287 290 51,282 77, 315 80,298 40, 595 42.4 69,912 30,848 8,944 21,904 18, 52C 20, 388 156 59, 635 78,149 80,784 40, 377 49.2 Nov. 4 71,676 31,156 9,024 22,132 19,858 20,487 175 59,630 82, 597 85,927 40, 546 47.1 10 63,899 22, 606 6,611 15, 99520,585 20,487 221 64,653 79,808 82,120 40,040 52.9 18 75, 32130, 626 8,555 22,071 23,945 20, 488 262 57,940 83,323 86,92E 39, 586 45.8 25 75, 08030, 868 9,360 21,508 23,425 20,488 55,405 80, 838 83, 36£ 39,143 45.2 Dec. 2 67,118 24, 665 8,852;15, 81321, 583 20, 488 382 66, 433 82, 394 38,995 53.3 9 71, 05322,443 8,268 14,175 27, 741 20, 487 382 62, 322 83,162 86, 714 49.6 16 73,188 22, 584 9,766 12,818 32,408 17, 791 405 56, 363 81, 042 83,479 39,140 46.0 23 72, 04" 26,836 10,578 16,258 22, 357 22,472 382 55,703 81,873 84,409 40,992 44.4 30 67,227 20,32: 8,738 11,583 22, ISt 24,347 373 63,25, 81,166 84, 258 40,302 50.8 Daily averag< 56,281 20.945 14,37J 20,527 434 76,81' 78,117 81, 37! 45,671 60.5 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DISTRICT NO. 8—ST. LOUIS 435 No. 3.—DISCOUNTS AND PURCHASES OF BILLS AND SECURITIES BY FEDERAL RESERVE BANK: VOLUME, BY CLASSES [In thousands of dollars] Bills bought in open Bills discounted for member banks market Secured Com- Month by mercial United and Bankers1 Trade Demand Bankers1 Dollar Total m G S e o t n v a t e t e r o n s b - - a p g t a u r p i r c e a u r l l , - a a c n c c e e p s t- a a c n c c e e p s t- d s a r i a g n f d h t t s Total a a c n c c e e p s t- ch e a x n - ge ligations n. e. s. 1925 January 23,273 12,007 10,318 121 827 10,082 9,882 200 February 34,398 9,713 23,783 192 710 6,163 5,831 332 March 36, 265 20,190 15,469 42 564 7,325 7,195 130 April 31, 933 16, 249 72 411 3,380 3,380 May _ 50,863 24, 011 26,407 70 375 8,335 8,285 50 June 50,547 29,285 21,034 69 159 6,313 220 July 43,171 24,283 18,852 32 4 6,780 6,670 110 August 93,313 55, 750 37,412 45 106 7,558 7,273 285 September 106,105 46,737 57,839 381 1,148 October. 73,640 33,710 37,660 713 1,557 23,208 22,681 527 November 69, 456 35,243 32,681 552 980 7,679 7,589 90 December 89,024 51, 652 36,012 271 1,089 15,398 14,553 845 Total: 1925 718,720 374,514 333, 716 2,560 7,930 102,221 99,432 2,789 1924 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 c U ur n i i t t i e e d s p S u ta rc te h s a s s e e d - S U ta n t i e t s e d so? Total discounts and pur- Bills in open market curities Month F b r b e o e o f a r s t d u o e h n e g m r e k r v h r s a e t l an B d o n n d o s tes c i C e n a d e d t n e r e t e s i b s f o t l s - . f F r c e o e f h p r s d t a o u e h e s m r r e e r v - r a d e l l F o o a g r n o e s l i d g o n n 1925 1924 1923 banks 1925 January.. 310 225 33,890 112,369 152,265 February. 40,859 90,144 73,193 March 462 300 44,393 90,673 April 466 106 207 52,866 73,837 113,421 May.... 690 51 25,752 85,691 59,531 163, 639 June 1,994 276 59,130 38, 933 215,778 July 754 207 50,912 33,432 173,190 August- 90 100 138 101,199 26,633 201,936 September. 1,645 124 107,874 32,510 192,231 October 225 60 97,133 38,802 154, 798 November _ 100 239 77,474 36, 714 134,165 December., 396 7,885 23 112,726 54,856 132,426 Total: 1925.. 7,120 8,429 25,858 1,799 864,147 1924_. 15, 037 14,223 3,030 294 1923.. 2,432 1,535 79,322 4,400 1,799,940 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

436 ANNUAL EEPOET 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 tu K c e k n y - T ne e s n - - s M i s p i i p s s - i - n I o ll i i s - 1 dia In n - a s M ou i r s i - i Ark- Total b m d a i e n s m t k r s b ic e i t n r m a b o c a c d n o a k m te s - d at end of during month2 the month 1925 January.. 4,551 1,091 713 4,508 1,166 10, 266 978 23, 273 629 175 February. 2,395 1,023 850 2,528 633 26,253 716 34, 398 627i 172 March 9,300 909 1,096 4,218 1, 18,405 1,148 36, 265j 624J 186 April 18,301 996 1,492 5,177 1,324 20,043 1,332 48,665 625 193 May 17, 737 1,457 1,202 4,571 486 22, 024 3,386 50,863 626 204 June 11, 260 3,665 696 3,682 467 26,127 4,650 50, 547 622J 228 July.__. 11, 932 1,034 2,952 584 14, 901 9,800 43,171 624 222 August. 27,143 2^425 756 2,649 344 10, 010 93, 313 627 220 September.. 31,846 17, 228 1,032 3,354 815 39, 67112,159 106,105 6291 226 October 24, 08512,015 580 5,166 1,453 19, 73810,603 73,640 628 219 November.. 28, 290 7,r~ 80 4,887 719 20,613 6,987 69,456 628 201 December.. 35, 551 10,614 159 5,361 904 28, 569 7, r • • 89,024 195 Total: 1925 222,391 61, 271 9,690 49, 053 10, 084 296, 596 69, 635 718,720| 1924 157,143 82,914 20,144 54, 051 18, 503 199,103 73, 260 605,118 1923 705,175 122,951 17,253 96,103 29, 499 621,119 87, 5711, 679, 671 Number of member banks at end of year:; 1925... 186 149 122 1924 ._ 185 143 126 628 1923. 187 141 126 Number of member banks accommodated: 1925 339 1924 100 391 1923 91 81 362 1 Figures relate only to that part of the State located in the St. Louis district. 2 Banks in actual operation. Figures prior to March 1925, represent number of banks as shown by the capital stock records. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 5.—EARNINGS AND EXPENSES OF FEDERAL RESERVE BANK [Figures originally published have been regrouped where necessary in order that data for all years may be on a comparable basis] 1914-15 1916 1917 1918 1919 1920 1921 1922 1923 1924 1925 Total EARNINGS Discounted bills $54,299 $46,041 $358,239 $2, 218, 069 $2, 918,462 $6,382,357 $4, 739,032 $1,303, 808 $1, 968, 788 $1,140, 622 $837,819 $21, 967,536 Purchased bills.. _ 6,387 81,599 170,233 226,164 564, 495 273,425 41, 427 255, 750 253, 773 141, 778 454,428 2,469,459 United States securities 7,488 70,362 110,301 89,096 320, 412 391,611 284,151 832,169 520, 780 352, 652 712,085 3, 691,107 Municipal warrants 16,325 31,619 13, 691 61,635 Deficient reserve penalties. 14, 968 52,107 52,373 104,164 80, 640 45, 915 38,857 27,441 24,475 440,940 Net service charges received.. 11, 790 39,058 25, 943 76,791 Miscellaneous 2,334 56, 537 66, 616 65,449 28, 736 28, 560 21,065 18,805 i 28,763 25, 650 26,830 311,819 Total earnings. . 86, 833 297, 948 773,106 2, 670, 828 3,884,478 7,180,117 5,166,315 2, 456, 447 2, 753, 435 1,688,143 2,055,637 29,019,287 CURRENT EXPENSES [Exclusive of reimbursable fiscal agency expenses] Salaries: B ank officers $58,545 $46, 699 $49,413 $72, 573 $95,040 $126, 916 $151,043 $155,877 $160,116 $164,320 $158,465 $1,239,007 Clerical staff _ 39,220 37,264 71,104 206,763 400,860 747,312 931,15i 829, 072 749, 767 716, 421 657,663 5,386,604 Special officers and watchmen 1,798 1,620 2,127 7,218 13,408 22,984 28,418 32, 969 38,289 40,916 217,816 Allother.. 1,343 1,200 2,095 5,212 20, 289 30, 693 38, 763 40, 750 43, 970 41,145 60,951 286,411 Governors' conferences 931 1,208 711 269 553 277 675 456 523 472 398 6,473 Federal reserve agents' conferences 422 393 283 229 282 287 228 443 379 251 3,197 Federal Advisory Council 150 397 405 582 1,150 1,200 1,200 1,250 1,266 1,200 1,200 10,000 Directors' meetings 8,358 6,555 8,933 12,312 11,586 11,849 11, 948 10, 675 11,333 9,892 11,781 115,222 Traveling expenses 2 1,431 1,219 3,309 22, 933 25, 525 29,373 24,498 29,183 31, 741 27,498 197,308 Assessments for Federal Reserve Board expenses 15,426 9,750 12, 733 18,397 24, 981 26, 618 31,597 31,820 31,300 30,213 32,281 265,116 Legal fees 61 1,505 116 2,919 185 1,221 116 6,123 Insurance (other than on currency and security shipments) 1,984 2,199 2,341 6,116 19, 662 28,252 40,730 41, 785 20,323 18,178 21,967 203,537 Taxes on banking house 2,075 2,115 3,076 7,397 2,112 24, 702 41,477 Light, heat, and power 1,945 7,139 3,184 3,014 3,097 3,182 15,550 37, 111 Repairs and alterations, banking house 168 3, 516 296 382 360 7,562 10,408 22, 692 Rent __ 18, 645 15,247 14,927 I 30,831 41,166 83,389 63,897 73,627 70,389 78,849 49,404 540,371 Telephone-. 812 877 958 2,323 3,548 6,629 8,217 7,448 6,970 6,454 9,929 54,165 Telegraph 255 873 4,775 15,609 44, 800 43,262 42.841 44,223 43,409 42,484 283,224 i Debit. * Other than those connected with governors' and agents' conferences and meetings of directors and of the advisory council. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 5.—EARNINGS AND 'EXPANSES OF FEDERAL RESERVE BANK—Continued 00 1914-15 1916 1917 1918 1919 1920 1921 1922 1923 1924 1925 Total CURRENT EXPENSES—Continued Postage.. $5,540 $7,764 $17,276 $34,813 $124,557 $123, 986 $118,221 $98,009 E In x s p u r r e a s n s c ag e e on currency and security ship- 960 745 3,875 25,192 107, 228 '8139,221 $123,197 8,206 13,017 12,328 14,217 , 043,296 ments _._ () (0 () () 13,235 17, 630 17,311 16,768 M P O r f i f i s i n c c t e e i n ll a g a n n d a e n o o d u t h s s e t e a r x t s p io u e p n n p s e e r li y s es 8 7 , , 6 0 1 1 3 1 5 3, , 1 2 5 7 1 8 1 13 0 , , 5 0 9 4 6 4 2 15 5 , , 3 6 8 9 6 2 3 1 4 8 , , 6 6 7 7 3 6 3 76 2 , , 3 7 9 4 0 3 4 4 1 6 9 9 , , , 0 6 7 3 9 1 6 1 8 3 3 2 7 4 6 , , , 3 0 9 3 9 7 1 8 7 3 2 29 2 7 , , , 1 1 8 3 5 1 5 7 4 3 3 2 2 0 1 , , , 4 6 3 3 2 1 7 2 0 2 4 2 5 1 1 , , , 2 6 5 3 0 5 3 0 7 3 39 3 3 3 , , 1 8 3 3 7 2 Total, exclusive of cost of currency 171,882 141,200 212,630 472, 046 833, 765 1,419,315 1, 624,572 1, 542, 540 1,457,553 1,427,268 1,383,348 10,686,119 Federal reserve currency (including shipping charges): Original cost 12,120 10,720 49,363 147,171 188, 617 238, 051 236,047 52, 719 7,287 5,295 704 948,094 C ost of redemption _ 1,656 1,229 • 4,597 20,313 32, 988 20,049 11,586 7,835 8,785 6,047 115,085 Taxes on Federal reserve bank-note circulation.. _ __ _ _ 176 58,300 58,000 26,500 16,377 158,541 Total current expenses. 184,002 153,576 263,222 623, 990 1,100, 995 1,748,354 1, 907,168 1,623,222 1,472,675 1,440,536 1,390, 11,907,839 PROFIT AND LOSS ACCOUNT Earnings $86,833 $297,948 $773,106 $2,676,828 $3,884,478 $7,180,117 $5,166,315 $2,456,447 $2,753,435 $1,688,143 $2,055,637 $29, 019,287 Current expenses --. 184,002 153, 576 263,222 623, 990 1,100,995 1, 748,354 1,907,168 1, 623, 222 1,472,675 1,440,536 1,390, 099 11,907,839 Current net earnings 6 97,169 144,372 509,884 2, 052,838 2, 783, 483 5, 431, 763 3,259,147 833,225 1,280,760 247,607 665,538 17, 111, 448 Additions to current net earnings: Withdrawn from reserve for— Federal Reserve Board expenses 19,520 19 520 Depreciation on United States bonds 3,883 80,294 84,177 All other _ - 13,241 2,257 564 15,452 59,748 91,262 Total additions 19,520 13,241 6,140 80,853 15,452 59,748 194,959 Deductions from current net earnings: Bank premises—depreciation 335,000 350,000 112, 224 2,000 2,200 4,400 489,462 1,295,286 Furniture and equipment 3,355 7,728 102,031 73,798 176,102 54, 082 • 44,755 29,971 25,927 257,373 775,122 Reserve for probable losses 152,000 125,000 123,687 400,687 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Reserve for Federal Reserve Board i-- expenses 19,520 19,520 Reserve for depreciation, United States bonds 172,997 34,615 5,256 212,868 Allother 11 15,000 2,156 20, 038 23,597 28,795 66,735 156, 332 Total deductions... 3,355 7,728 275, 028 428, 329 575, 717 320,462 191,793 179,455 59,122 818,826 2,859,815 Net deductions from current net earnings _ 3,355 7,728 275,028 428,329 556,197 307,221 185,653 98,597 43,670 759,078 2,664,856 Net earnings 6 97,169 141,017 502,156 1,777,810 2,355,154 4,875, 566 2, 951,926 647, 572 1,182,163 203,937 7 98,540 14,446, 592 Distribution of net earnings: Dividends paid 31,100 284,566 404,838 234, 660 253, 711 270,253 283,166 296,810 304,976 306, 753 2, 670,833 Transferred to surplus account 1, 603, 310 2,120,494 4, 621,855 1,042,564 276,450 407,070 *-101, 039 9,570,411 Franchise tax paid to United States Government 1,639,109 87, 956 478,283 2,205,348 8 Balance to profit and loss -97,169 109,917 217,590 -230,338 REIMBURSABLE EXPENDITURES OF FISCAL AGENCY DEPARTMENT 521 Salaries: O Officers $3,942 $7,410 $9,350 $5,280 $3,169 $372 $761 $197 $30, 481 Employees 35,396 291,884 362,970 220,315 117,605 53,615 73, 625 28,151 $11,609 1,195,170 All other 152,178 747,003 549,499 92,801 29,701 21,812 17,879 4,531 2,591 1,617,995 Total 191,516 1, 046, 297 921,819 318, 396 150,475 75, 799 92,265 32,879 14,200 2,843,646 i 3 Includes cost of coin bags, etc. 4 Included with "Miscellaneous expenses." s Credit. 6 Excess of current expenses. " Deficit in earnings before payment of dividends. s Deficit in earnings after payment of dividends, charged to surplus account, CO CO Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

440 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No. 6.—VOLUME OP OPERATIONS IN PRINCIPAL DEPARTMENTS 1925 1924 1923 NUMBER OF PIECES HANDLED Bills discounted: Applications _ 6,782 8,810 10, 618 Notes discounted 31,954 42,628 57,036 Bills purchased in open market for own account 6,310 3,547 1,934 Currency received and counted 104,633,000 107,280,000 105, 278,000 Coin received and counted __. 122,353,000 120,109,000 121,128,000 Checks handled.- 46,316,000 45,793,000 43, 736,000 Collection items handled: United States Government coupons paid 2,488,000 2,829,000 3,470,000 All other 207,000 265,000 244,00G United States securities—issues, redemptions, and exchanges by fiscal agency department 330,000 678,000 19,645,000 Transfers of funds I 168,000 130,000 104,000 Envelopes received and dispatched 2,325,000 2, 691,000 2,965,000 AMOUNTS HANDLED Bills discounted $718,720,000 $605,118,000 $1,679,671,000 Bills purchased in open market for own account 102, 221,000 50,732,000 32, 580,000 Currency received and counted 498,449,000 484,795,000 520,881,000 Coin received and counted _ _. 15,354,000 15, 502,000 14, 705,000 Checks handled.. _ 10,770,671,000 9,966,285,000 9, 547,434,000 Collection items handled: United States Government coupons paid 24,052,000 25,400,000 28,416,000 All other. 255,426,000 318,103,000 395,426,000 United States securities—issues, redemptions, and exchanges by fiscal agency department 159,120,000 159,086,000 356,964,000 Transfers of funds.__ _ 5,016,700,000 4,369,086,000 3,582,323,000 i Large total 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 t b m r a ic n s t ks d i r n a o w w n n d o i n s- Ite s t o h m e t e h rv s i e r e f r o b b F r r w a e a n d n a k r e c d r s h a e e a l d s n r t e d o - Ite T U m n r s i e te a d d s r a u S w t r a e n te r s o o n f Total i Number Amount Number Amount Number Amount Number Amount 1925 January 3,604 887,366 6,779 155 14, 568 3,856 908,713 February 3,243 759,300 6,041 150 15, 289 3,477 780, 630 March 3,770 855,683 7,740 207 17,060 4,076 880,483 April 3,614 820, 278 7,720 238 16,407 3,938 844,405 May 3,350 794,968 79 6,632 191 14, 486 3,620 816,086 June 3,549 860, 245 7,126 172 16,402 3,809 883,773 July._ 3,455 831,131 6,539 15, 673 3,714 853,343 August 3,333 787, 249 6,714 14,395 3,579 808,358 September... 3,483 901,019 7,229 213 15,529 3,777 923, 777 October 3,839 1,036,704 7,433 251 17,730 4,178 1,061, 867 November 3,497 926,133 6,816 202 14, 639 3,778 947,588 December 4,017 1,014,088 7,660 182 15, 767 4,290 1,037,515 . Total: 1925... 42,754 10,474,164 1,043 84,429 2,295 187,945 46,092 10, 746, 538 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 82,148 2,362 220, 776 43, 458 9, 520,139 i Exclusive of duplications on account of items handled by both the parent bank and one of its branches, or by two of its branches. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DISTRICT NO. 8 ST. LOUIS 441 No. 8.—CLEARINGS AND TRANSFERS THROUGH THE GOLD SETTLEMENT FUND- [In thousands of dollars] P ayments Receipts to other Fed- from other Week ending— eral reserve Federal re- Net loss Net gain* banks serve banks 1925 Jan 7 134,984 131,672 3,312 14 153, 713 149, 369 4,344 21 163, 235 162, 510 725 28 142,039 143, 285 1,246 Feb 4 137,382 137, 735 353 11 136, 582 129,110 7,472 18 _ J 139, 274 142, 692 3,418 25 115, 711 120,197 4,486 Mar. 4 139, 696 142,125 2,429 11 139, 783 136, 709 3,074 18 155, 829 148,015 7,814 25 128, 817 131, 792 2, 975 Apr. 1 127, 335 121,915 5,420 8 119, 078 123,130 4,052 15 129, 324 123, 285 . 6,039 22 138, 853 135,101 3,752 29 . . . . ... 120, 992 120,986 6 May 6 _ 118, 652 120, 682 2,03C* 13 126,809 118,150 8,659 20 145, 581 129,384 16,197 27 134, 080 128, 771 5,309 June 3 110,027 102,142 7,885 10 127,934 130, 658 2,724 17 152, 706 160, 953 8,247 24 134, 333 128, 488 5,845 July 1 130,241 128, 750 1,491 8 111,084 118, 574 7,49© 15 134,963 133,173 1,790 22— - - 136, 500 128, 924 7,576 29 122,332 124,125 1,795 Aug. 5 114, 424 115,084 660 12 110, 568 113, 494 2,92& 19 124 996 113 903 11 093 26- - - 109, 629 111,876 2 247 Sept 2 113,275 118,153 4,878 9. .. 93,857 101, 287 7,430 16 137, 626 136, 065 1,561 23 152, 934 166, 271 13, 337 30 138, 568 147,070 8, 502 Oct. 7 139, 635 145, 719 6,084 14 139, 585 134 888 4 697 21-.. 180,445 153, 452 26, 993 28 . .. 138,445 146,123 7, 67$ Nov. 4 _ . _ _ . . .. 125, 915 125, 930 15 11 116, 250 119, 398 3,148- 18 166,967 159, 702 7, 265 25 148, 963 147, 289 1,674 Dec. 2_ 126, 519 138, 760 12, 241 9 _ . 148, 227 142, 485 5,742 16 161,010 157, 594 3 416 23 156, 767 159, 461 2, 694 30 . 119,090 123,130 4,040 31 (one day) _ 25,600 20, 692 4,908 Total* 1925 6,997,164 6,950, 228 46,936 1924 6, 329, 416 6, 324, 502 4,914 1923 6,051,196 6, 026,101 25, 095 Net gain in ownership of gold since establishment of fund in 1915, $13,999,000. 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 [In thousands of dollars] fcO REPORTING MEMBER BANES IN FIVE CITIES 1 Investments Loans and discounts Ne d t ep d o e s m it a s nd Time deposits Fe B d o er r a ro l w re i s n e g r s v e f r b om ank United States Last report date in— securities All other 1925 1924 1925 1924 1925 1924 1925 1924 1925 1924 1925 1924 January... 513,345 469, 462 62, 710 70,988 104,665 87, 439 421,495 356,969 214,156 199, 023 406 21,046 February. 512, 777 467,948 61,480 68, 289 99, 217 90, 292 420, 569 350,170 210,330 201,913 3,447 22,031 March 504,913 467,842 79, 299 62, 928 98,715 88,983 416, 663 343,869 202, 516 201,886 1,756 17,047 April 487, 582 463, 230 70, 703 60, 515 101,087 90,448 396,864 352, 597 203,351 199,445 5,771 12,701 May 478,938 460, 220 63, 302 54,566 124,838 110,793 383, 504 344, 760 205,468 202,488 8,262 7,886 s June 476,984 455, 692 57, 588 60,143 113,725 92,443 384, 394 353,371 205,740 198,840 5,889 3,921 July 486, 748 459,059 53,809 51,156 111,924 92,794 385,133 356, 514 208, 073 201,398 8,694 1,940 August 466, 694 53, 669 52,406 110,841 90,933 376, 225 356,848 209, 599 203,918 14,148 1,144 H September 506, 532 475,406 56,012 53,661 111, 265 94, 230 384, 846 365, 323 210,404 203, 218 20, 576 5,505 October... 511, 868 484,344 55,904 53,445 109,980 96,340 388, 781 370, 906 215, 296 212,154 18, 560 4,662 November. 514, 096 492, 818 55,415 55,338 111,058 98, 627 401, 284 385,163 213, 808 215, 798 19,171 December. 524,412 499, 713 59,761 60, 320 111,321 103, 409 431,178 414,041 206,497 212, 287 11,116 1,716 REPORTING MEMBER BANKS IN CITY OF ST. LOUIS » g January... 333,255 279,863 48,709 51,761 64,045 56,005 294, 766 236,800 122,464 111,482 I February. 330,584 279,419 47,334 49,981 60,399 59,136 286,482 230,689 121,645 113, 603 3,353 March 317, 288 283, 621 58, 334 45,452 60,997 58,068 276,874 226,493 115,313 114,144 1,076 6,154 April 305,885 281,153 55,634 43,113 61,141 58,400 269,122 234, 698 115,048 112,076 2,806 1,686 May 297, 518 280, 617 47,430 37, 359 84,477 77,414 257,124 226, 584 116, 781 113,102 2,798 2,608 June 299, 358 280,313 42,104 43,417 72,720 58, 703 260,096 237,764 116, 519 109,320 3,158 783 W July 311, 251 290,475 38,313 38,659 69,858 56, 653 258,439 247,432 122,805 113, 777 4,470 231 O August 310,140 301,187 38, 344 39, 556 68, 068 55, 241 251, 586 248,678 125,156 117,066 7,311 September 313,106 306, 755 40, 301 40,136 67,934 56, 800 256, 751 255, 513 125,483 116,448 5,335 October 317, 588 308, 243 40, 947 40,442 66, 776 57,414 260,392 256,678 128, 536 125,025 4,010 November. 322,181 316,178 40, 358 43,110 67,141 58, 744 271,443 265,120 126, 566 127,427 4,460 December. 332, 630 318,339 43, 903 46, 353 67,288 62,153 290,356 280, 204 120,855 123,314 3,670 i Figures are for about 33 banks in St. Louis, Little Rock, Louisville, Memphis, and Evansville which submit weekly reports to the Federal reserve bank. * Figures are for about 13 banks in St. Louis, which submit weekly reports to the Federal reserve bank. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DISTRICT NO. 8 ST. LOUIS 443 No. 10.—ALL MEMBER BANKS—NET DEMAND AND TIME DEPOSITS, BY SIZE OF CITY [In thousands of dollars] Net demand deposits Time deposits Banks in cities and towns having a Banks in cities and town s hav population of— ing a population of— Date Total Total Less 5,000 15,000 100,000 Less 5,000 15,000 100,000 than to to and than to to and 5,000 14,999 99,999 over 5,000 14,999 99,999 over 1923 Apr. 25 - 655,635 122,309 76,074 89,800 367,452 359,638 60,570 37,355 62, 761 198,952 May 23 664,250 126, 667 78, 645 87, 530 371,408 361, 382 62,168 37,485 61,271 200,458 June 27 651,351 125, 606 77,574 88,902 359,269 370, 379 65, 621 40,042 63,159 201,557 July 25 645,750 122, 518 74,971 89,101 359,160 381,839 66,317 40, 756 63,231 211,535 Aug. 29 629,861 118,832 72, 543 85,483 353,003 383,968 66,288 40,895 63, 645 213,140 Sept. 26 612, 672 113, 570 72,045 81,965 345,092 382,144 65,407 40,894 62,413 213, 430 Oct. 24 616, 743 114, 957 71,066 83,455 347,265 386,834 65,666 41,381 62,135 217,652 Nov. 28 629,013 117,048 72, 630 85, 339 353,996 391,830 66,188 41,991 62,098 221, 553 Dec. 26 642,151 116,066 76,295 86, 519 363,271 385,981 65,779 41,839 62,158 216,205 1924 Jan.23 655,261 114,718 72,387 90,018 378,138 398, 521 67, 606 42,430 63,547 224,938 Feb. 27 643,005 115,234 70, 752 85,485 371, 534 406,098 68,370 43,077 65, 026 229,625 Mar. 26 635, 996 113,636 70,147 84, 223 367, 990 407,875 68,972 43, 637 64, 717 230, 549 Apr. 23 638,408 113,367 70,486 85,740 368,815 406,682 69,024 43,934 64, 775 228, 949 May28__ 634,033 112,005 68, 788 86,231 367,009 411,730 69, 797 43, 875 66, 776 231,282 June 25 641,034 110,846 66, 973 85, 400 377,815 406,117 70,142 44,089 66, 705 225,181 July 23... 642,807 109,082 66,083 85,235 382,407 410,834 70,121 44,387 68,203 228,123 Aug. 27 637,219 106, 794 64,895 85, 521 380,009 417, 571 71,109 44, 591 68,659 233,212 Sept. 24 650,141 107, 822 66, 664 85, 634 390,021 417,352 71,081 44,423 68, 690 233,158 Oct. 29 668,086 113,798 70,098 88,133 396,057 431,116 71, 991 45,355 69,458 244,312 Nov. 26 690,224 116,392 70,935 93, 405 409,492 436,085 72, 798 45, 606 70, 471 247,210 Dec. 24 710,319 118,257 71,914 94, 264 425,884 429,809 72,404 45, 622 70, 991 240, 792 1925 Jan. 28 732,021 116, 682 71, 563 97, 636 446,140 438, 340 74, 573 46,992 72,001 244, 774 Feb. 25 729,176 115, 538 71,472 96, 509 445, 657 438, 871 76,493 47, 375 73,153 241,850 Mar. 25 722, 922 113,825 71,193 94, 443 443,461 432, 651 76, 499 47, 888 73,490 234, 774 Apr. 22 708,335 112,892 72, 731 95,038 427, 674 435,041 77,853 48, 082 73,494 235,612 May 27 700, 591 113,916 72, 516 96,063 418,096 437,801 78, 624 47, 563 73, 089 238, 525 June 24 _. 693,028 112, 794 71, 339 96,121 412, 774 441, 929 78, 734 49,024 73, 559 240, 612 July 29 693,094 111,319 69,095 96,341 416, 339 446,439 79,863 49,360 73,033 244,183 Aug. 26 684, 599 112, 530 68,264 94,336 409,469 450,158 80, 955 49,456 73,170 246, 577 Sept. 23 704, 765 118, 785 73,215 97, 642 415,123 451,391 81,406 50,042 72,198 247, 745 Oct. 28 717,386 118, 784 75, 234 99, 228 424,140 459,884 82,476 50, 541 72, 797 254,070 Nov. 25.. 728,045 117, 504 74,447 99,803 436, 291 459, 517 82, 908 50,836 73,028 252, 745 Dec. 23.... 757,463 117,494 75,090 101, 591 463,288 447,233 83,499 50,369 73,485 239,880 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

444 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No. 11.—DEBITS TO INDIVIDUAL ACCOUNTS [In thousands of dollars. For explanatory note see p. 191] Total for 5 centers 1 t E i a o s na t l S t S . t o L c o k u i Y s a r a d n s d , N 11 a 1. - * Eldorado, Ark.* Month 1925 1924 1923 1925 1924 1923 1925 1924 1923 January.... 1, 306, 725 1,130,859 1,178, 722 44, 779 43, 316 47, 012I 7,665 6,400 February... 1, 074, 542 981, 669 952, 802 36, 745 37, 077 37, 243 6,877 6,811 March 1,160, 242 1,062, 671 1,112, 395 40, 236 35,624 41,188 8,326 7,146 April 1,177, 677 1, 033,484 1, 039,549 41,109 37,988 42,025 9,249 7,791 14,639 May.. 1,141,405 1, 057,603 1, 076, 560 43, 558 44, 474 49,938 10, 954 8,343 14,122 June 1,170, 648 1, 035,196 1,104,142 44,480 37,891 45, 901 11, 970 7,905 12, 639 July 1,138, 480 994,401 980,103 48, 001 39, 847 43, 076 12, 691 8,078 10, 597 August 1,042, 537 959, 857 930, 888 46,367 42,503 48, 565 11,619 7,661 September,. 1,191, 608 1,003, 066 945,160 48,036 41,165 45, 699 11,179 7,423 October 1,371,371 1, 212,110 1,184,854 51, 008 47, 830 50,601 11, 825 7,052 8,121 November.. 1, 223, 510 1, 081, 663 1,094,428 43, 648 41,141 47, 786 10, 727 6,363 6,821 ' December _. 1,386, 724 1, 259,637 1,194, 752 48,375 44, 296 43,865 12,649 7,687 6,928 Total. 14,385,469 12, 812, 21612, 794,355536,342 493,152 542,899 1125,731 88, 660 Evansville, Ind. Fort Smith, Ark.* Greenville, Miss.* Month 1925 1924 1923 1925 1924 1923 1925 1924 1923 January 37, 815 32, 661 35, 715 14,851 12,998 12, 276 5,688 5,053 6,122 February... 32, 705 27,854 33, 640 12,391 11, 593 11, 010 5,128 4,217 4,462 March 38,876 29,133 31, 003 12, 616 11, 099 12,375 4,526 3,492 4,293 April _ 37, 565 27, 661 30, 599 12,876 11, 585 11,921 3,831 3,213 3,524 May __. 43,149 31,037 33, 968 12, 495 11,109 11,724 3,308 3,519 3,388 •Uune 40, 460 28, 245 33, 282 11,422 9,676 11,741 3,163 3,277 3,183 July 43, 499 30,177 31,916 11,599 9,820 10, 059 3,222 3,119 2, 951 August 39,098 27,554 30,991 10, 942 10, 713 9,884 2,912 2,927 2,730 •September.. 39, 442 27, 305 29, 219 15,582 12,066 11, 460 5,613 3,595 3,034 October 41, 500 30,404 21,129 20, 536 16, 018 6,599 5,885 3,854 November.. 36, 745 24, 316 31, 618 18, 087 16, 720 15, 778 5,532 5.783 4,700 [December.. 41, 038 37, 715 32, 615 18,934 16, 227 14, 975 5,950 5,666 4,934 Total. 471, 892 354, 062 386, 964 172, 924 154,142 149, 221 55, 472 49, 746 47,175 Helena, Ark.* Little Rock, Ark. Louisville, Ky. Month 1925 1924 1923 1925 1924 1923 1925 1924 1923 .'January 6,095 5,634 7,106 77, 265 64,170 65, 326 202, 451 173,909 179,318 February... 4,526 4,394 4,716 63, 050 57,164 54,369 177,588 159,937 153, 307 March 6,170 4,818 5,549 63,650 60, 293 62, 728 194,877 168,187 166,446 April 4,631 4,693 4,360 62, 492 59, 530 59, 543 187, 613 166,914 153, 355 May 3,864 3,950 4,433 60, 544 58,994 60,107 174,701 167,191 159,006 .June 3,713 3,992 4,041 60,747 52,750 49, 519 201,386 161,641 174, 205 July 3,831 3,758 3,723 60, 334 56,089 49, 722 202, 235 167, 282 155,176 August 3,578 3,674 4,349 64, 065 55, 380 51, 562 165, 460 158, 597 143,397 September. 7,705 4,604 4,015 84, 029 67, 840 53, 330 177,062 162,444 142,304 ^October 8,600 8,750 6,470 101,925 76,882 193,135 172,127 160,310 November- 7,598 8,430 7,988 86, 721 85, 214 75,052 178,647 159,145 152,224 December .. 6,273 9,954 9,194 99, 623 89,390 73* 751 206, 517 180,196 167,244 Total, 66,584 66,651 65,944 884,445 804,897 731,891 2, 261,672 1,997,570 1,906,292 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

DISTEICT NO. 8 ST. LOUIS 445 No. 11.—DEBITS TO INDIVIDUAL ACCOUNTS—Continued [In thousands of dollars] Memphis, Tenn. Owensburg, Ky.* Quincy, 111.* Month 1925 1924 1923 1925 1924 1923 1925 1924 1923 January 178,576 168,708 176,959 8,703 7,713 7,884 11, 529 10,435 11,143 February.. 138,674 128,827 134,391 6,377 6,867 10, 546 9,608 10,141 March 147,806 129, 554 175,837 6,546 6,174 7,518 13,901 11,485 12, 766 April__.___ 131,140 132,493 136,946 5,494 5,878 6,262 13,410 11,136 12, 284 May 124,601 121,252 122,192 4,881 5,528 6,128 12,099 11,100 12,153 June 122,382 112,298 127,928 5,086 5,534 5,728 12, 757 10,656 11,370 July._ 115,311 109,010 106,390 5,700 5,647 5,677 13,185 10,413 11, 064 August 107,381 101,000 103, 702 5,202 5,549 5,369 11,962 8,979 10,820 September. 175,442 117,902 115,481 5,204 4,858 4,819 11,903 10, 695 9,821 October 212,511 169, 305 165,494 4,996 5,558 6,209 13,220 12,092 10,898 November. 180,337 167,226 180,435 4,532 4,812 5,571 11,352 10, 650 10, 587 December.. 188,946 192,436 190,255 6,755 6,582 8,057 12,565 11,649 10, 937 Total 1,823,107 1,650,011 1,736,010 69,476 70,101 | 76,089 148, 429 133,984 St. Louis, Mo. Sedalia, Mo.* Springfield, Mo.* Month 1925 1924 1923 1925 1924 1923 1925 1924 1923 January 810,618 691,411 721,404 5,274 4,949 13,059 13,021 15, 595 February... 662,525 607,887 577,095 3,705 3,639 12,108 11, 593 12,295 March 715,033 675, 504 676,381 4,484 3,923 13,168 14,384 14,171 April 758,867 646,886 659,106 4,729 4,216 13,629 10,761 13,787 May 738,410 679,129 701, 287 4,401 4,719 14,034 7,198 15,325 June 745, 673 680,262 719, 208 4,660 4,273 14,467 8,914 15,225 July 717,101 631,843 636,899 4,866 4,048 15,373 11,661 12, 593 August 666, 533 617,326 601, 236 4,719 4,114 14,022 11,155 13,678 September. 715, 633 627, 575 604,826 4,590 4,094 15,315 12,104 14,124 October 822,300 742,191 749,770 4,498 4,716 15,850 13,343 15,455 November.. 741,060 645, 762 655,099 3,832 4,050 3,914 13,773 12,011 15,139 December.. 850, 600 759, 900 730,887 4,827 4,541 4,626 16,640 13, 295 15,683 Total. 8, 944,353 8,005,676 54, 585 51, 282 8,540 171,438 139,440 173,070 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. 12.—MONEY RATES * IN ST. LOUIS, LITTLE ROCK, AND LOUISVILLE [Rates prevailing during week ending with 15th day of the month] ST LOUIS Customers' prime Loans secured by Year and month commercial paper I l b n o a a t n e n k r s - L c L u o b i r a o b e n n e d s d r b s t s y e y - o b t o h n er d s stocks and b s y L e h c o o w u u a r a s n e r e s d e- C lo a a t n tl s e 3 d 0 a - y 9 s 0 mo 4 n -6 ths Demand Time receipts 1924— F J e a b nu ru ar a y ry 5 -534 5 -5 53 % 4 5 5 3 3 4 4 V 5M A 5^-5 5 3 y 4 2 5 5 3 H 4 534-6 6 6 6 A M p a r r i c l h _. 5 5 - - 5 5 V y 2 2 5 5 - - 5 5 3 H 4 5K-6 5M 5 5 - - 6 6 5 5 3 3 4 4 5 5 3 3 4 4 5 5 3 3 4 4 - - 6 6 6 6 J J A M u u u n a l g y y e u . s , t _ . _ _ _ 4 4 5 ~ - - 5 5 5 5 V V 2 2 4 5 5 4 - - - - 5 5 5 5 3 3 M 4 4 5 5 5 M - - - 6 5 5H ^ 5 5 5 5 - - - - 5 5 5 b 3 3 3 y 4 4 42 4 4 5 5 3 ^ 4 - - - - 5 5 6 5 3 3 ^ 4 4 4 4 5 3 3 4 4 - - - b 6 5 5 3 y H 4 2 5 5 5 5 3 H 4 - - - - 6 6 6 6 6 6 6 6 September 3^-5 4 -5 4M~5^ 5 -6 434-5H 5 -6 6 October. _ 3^-5 334-5 5 -534 5 -534 4 -534 4 -5K 434-534 6 N D o ec v e e m m b b e e r r 3 3 3 3 4 4 - - 5 5 3 3 H H - - 5 5 4 5 3 4 -5 -5 3 K ^ 5 5 - - 6 by2 IT 4 4 - - 5 5 34 4 5 3 4 - - 5 5 3 3 4 4 6 6 1925— A M F J e p a a b n r r i r u c l u a h a ry ry 3 3 4 H ^- - - 5 5 5 4 3 3 4 4 3 3 4 3 ^ 4 - - ~ 5 5 5 5 3 K 4 4 5 M - - 5 5 3 3 4 4 5 5 5 - - - 6 6 6 hy2 3 4 4 4 M - - - - 5 5 5 6 3 H 4 4 4 4 - - - 5 5 5 5 K 3 ^ 4 4 4 3 4 - - 5 5 5 3 % 4 6 6 6 6 J J M u un l a y y e 4 4 4 - - - 5 5 5 34 4 4 4 - - - 5 5 5 34 5 5 - - 5 5 5 3 3 ^ 4 5 5 5 4 4 - - 5 5 5 4 4 5 - - - 5 5 5 3 y 4 2 5 5 5 - - - 5 5 5 3 3 y 4 4 2 5 5 5 ~ - - 6 6 6 August 434-5 4^-5 5 -534 5 -5M 4 4 ^- - 5 5 5 -534 43/2-534 5 -6 September 4*4-5 4^-5 5 -534 5 -5J4 434-5^ 4H-534 4K-5H 5 -6 October _ 4H-5 4H-5 5 -5J4 5 -534 4 -6 434-5 434-534 5 -6 N D o ec v e e m m b b e e r r 4 4M ^- - 5 5M 4 43 3 4 4 - - 5 5 34 5 5 - - 5 5 3 3 4 4 5 5 - - 5 6 M 4 4 3 M 4- - 6 5H 4 5 H- - 6 5y2 4 43 3 4 4 - - 6 5^ 5 5 - - 6 6 1 Prevailing 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. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DISTRICT NO. 8 ST. LOUIS 447 No. 12.—MONEY RATES IN ST. LOUIS, LITTLE ROCK, AND LOUISVILLE—Con. LITTLE ROCK Customers' prime commercial paper Year and month 30-90 days 1924—January February _ March ___ April May June July.... August September October November December 1925—January February.. March. April. May June July August September October November December lO iO iO iO iOiO SOSOSOSO SOSOSOSO SOSOSOSO SOSOSOSO SOSOSOSO SOSOSOSO 4-6 months lOiO lO lO OSOSOSO SOSOSOSO SOSOSOSO SOSOSOSO sOSOSOsO SOSOSOSO Loans secured by I l b n o a t a n e n k r s - L c L u b o i r o a b e n n e d s d r b t s s y e y - o b t o h n e d r s stocks and b r s y e L h e c c o o w e u u a i a r s n p e r e s t e d s - C lo a a t n tl s e Demand Time 6 6 7 7 7 7 6 6 6 6 7 6 6 6 -7 7 6 -7 6 6 6 6 -7 6 -7 6 -7 6 -7 6 6 -7 6 -7 6 -7 6 -7 6 6 6 6 6 6 -7 7 6 5 -7 6 -7 6 -7 6 6 6 6 -7 6 6 -7 6 6 6 6 6 6 -7 6 -7 6 6 6 6 6 -7 6 -7 6 -7 6 6 6 6 -7 6 -7 6 6 6 6 6 6 6 6 5 -7 6 -7 6 -7 6 -7 6 6 6 6 6 6 -7 6 6 5 -6 6 6 5 -7 6 6 5 -6 6 6 6 -7 6 5 -6 6 6 6 6 -7 6 5 -6 5 -6 6 6 6 -7 6 6 5 -6 6 6 6 6 6 6 6 6 6 -7 6 5 -6 6 6 6 6 5jJ-6 5 -6 6 6 6 6 6 6 6 6 6 6 -7 6 5 -6 6 6 6 6 -7 LOUISVILLE 1924—January... 6 6 6 6 6 6 6 February.. 6 6 5 6 6 6 6 March 6 6 5 5 -6 6 6 6 April 6 6 5 6 6 6 6 May 6 6 5 6 6 6 6 June 6 6 5 6 6 6 6 July 6 6 5 5 6 6 6 August 6 6 5 6 6 6 6 September. 6 6 5 5 6 6 6 October 6 6 5 5 6 6 6 November. 6 6 5 5 6 6 6 December. 6 6 5 5 6 6 6 1925—January.,.. 6 6 5 &A 6 6 6 February.. 6 6 5 6 6 6 6, March 6 6 5 6 6 6 6 April 6 6 5 6 6 5 6 May _. 6 6 5 5 6 6 6 • June 6 6 5 6 6 6 6 July 6 6 5 6 6 6 August 6 6 5 5H hV% 6 6 S O e c p to te b m er ber. 6 6 6 6 5 5 h 6 Yi 5 & V A 2 5 6 lA 6 6 D N e o c v e e m m b b e e r r . . , 6 6 6 6 5 5 5 5H V 2 6 6 6 6 6 6 88169—26 30 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, 1925 1924 1923 RESOURCES Gold with Federal reserve agent 57,420 73, 528 54,552 Gold redemption fund with United States Treasury - 2,059 908 2,053 Gold held exclusively against Federal reserve notes 59,479 74,436 56,605 Gold settlement fund with Federal Reserve Board 18, 760 19,569 23,545 Gold and gold certificates held by bank 6,905 5,867 8,828 Total gold reserves 85,144 99,872 88,978 Reserves other than gold _ 2,200 1,608 955 Total reserves . 87,344 101,480 89,933 Nonreserve cash _ __. 1,145 1,027 943 Bills discounted: Secured by United States Government obligations . 551 229 3,289 Other bills discounted _ -- 2,870 4,223 15,368 Total bills discounted 3,421 4,452 18,657 Bills bought in open market 18, 741 8 623 United States Government securities: Bonds - 7,665 8,856 7,122 Treasury notes 7,094 13,145 2,749 Certificates of indebtedness. 4,319 3,787 165 Total United States Government securities -- 19, 078 25,788 10,036 Other securities 55 Foreign loans on gold _ - 257 216 Total bills and securities _ 41, 552 30,464 29,316 Uncollected items 14,199 13,942 14, 507 Bank premises 2,943 2,901 2,103 All other resources _ 2,670 3,495 3,526 Total resources 149, 853 153,309 140,328 LIABILITIES Federal reserve notes in actual circulation _. 70,161 71,761 64,952 Deposits: . Member bank—reserve account - - 53,071 55,967 46, 904 Government _ 1,263 1,636 2,416 Foreign bank 272 67 55 Other deposits 362 355 442 • Total deposits - 54,968 58,025 49,817 Deferred availability items -- -- 13,149 11, 883 13,482 Capital paid in .. 3,183 3,270 3,498 Surplus -- 7,501 7,497 7,484 All other liabilities 891 873 1,095 Total liabilities 149,853 153,309 140,328 Ratio of total reserves to deposit and Federal reserve note liabilities combined per cent__ 69.8 78.2 78.4 Contingent liability on bills purchased for foreign correspondents 2,321 1,537 646 448 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DISTRICT NO. 9—MINNEAPOLIS 449 No, 2.—PKINCIPAL ASSETS AND LIABILITIES OF FEDERAL RESERVE BANK* BY WEEKS [Amounts in thousands of dollars] Bills discounted for member banks Date s T t b e a i o e c i n l u s t l d a s r i l i' Total c U G u b . o r y S e v d . - O b d t i i h l s l - e s r b o m o B k p u i i a e n e l g r t l n s h - t U s S e t n t c i a e i u t t s e e ri s d - l g e F o o i o a o g n l n r n d - s s T c e r o a r e v s t - a h e 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 - ts l n F r c o e i e t s r t i d e c o e e u s r n v r l i a a e n l - s c p R e e e r n e v r t - - e ' ern- count ment obligations 1925 Jan. 7. 29,176 4,734 4,039 24,218 216 103,308 57,812 59, 522 70,622 79.4 14 30,003! 4,283 530 3,753 25,487 216 100,053 58, 538 68,625 78.7 21. 26,013 4', 196 110 4,""" 21, 426 374 103,075 56, 553 58,368 67,636 81.8 28 25, 613 4,051 120 3,931 21,179 374 101, 019 55.309 57,205 66,725 81.5 Ii Feb. 4 24,845 4,239 200 4,039 20,223 374 103,144 55, 552 57, 218 66,972 83.1 11 24, 266 4, 173 3,913 121 19, 676 374 103, 538 56,386 57, 505 66,865 83.2 18. 25, 609 3,892 168 3,724 2,124 19,211 374 100,336 53,952 55,295 67,921 81.4 25 25, 574 4,122 318 3,804 2,638 18,438 374 104,302 55,919 57,991 83.5 Mar. 4 28,654 3,983 253 3,730 5,798 18, 503 368 101,761 56, 750 58,487 67,331 80.9 11 30, 581 3,899 108 3,791 7,639 18, 673 336688 9999,440055 57,918 59,389 67,011 78.6 18 30,023 3,867 118 3,749 8,803 16,983 368 10000,331144 58,319 59,651 66,771 79.3 25 31,209 4,092 328 3,764 9,343 17,404 55,386 56, 713 66,367 78.1 Apr. 1 30, 509 4,028 243 3,785 8,728 17,383 93,310 51, 550 53,970 66, 251 77.6 8 30,105 4,123 238 3,885 8,229 17,383 36895,989 54,621 56, 551 66,153 78.2 15 32,403 6,429 2,268 4,161 8,258 17,346 90, 993 55,490 57,052 64,892 74.6 22 40, 520 5,839 1,275 4,564 16,989 17,346 80,174 53, 798 56, 021 63,829 66. 9 29 41, 727 6,727 2,223 4,504 17,308 17,346 346 78,137 51,131 53, 291 63,314 67.0 May 6 39, 760 6,597 1,190 5,407 15,472 17.345 346 78, 274 49,282 51,269 63,397 68.3 13 36,897 6,245 730 5,515 12,960 17.346 346 80, 779 51, 536 52, 553 62, 298 70.3 20. 35, 235 6,233 696 5,537 11,310 17,346 346 81, 345 50,182 51, 524 61, 754' 71.8 27 34, 057 5,692 588 5,104 10,674 17.345 346 84,284 52,313 53, 730 61, 607 73.1 June 3 42,013 5,414 685 4,729 18,907 17.346 346 76, 578 51, 797 53,497 62,056 66.3 10 43, 076 4,968 413 4,555 20,221 17, 541 346 77,422 53,395 54, 638 62, 271 66.2 17 40, 552 5,046 879 4,167 19, 718 15,442 346 78,177 52,661 53, 849 62, 287 67.3 24 39,644 4,691 317 4,374 18, 382 16,225 346 79,431 51,945 53,905 62,650 68.1 July 1 37, 507 5,366 4, 38615, 766 16, 029 84,137 53, 652 55, 387 62,978 71.1 8 36, 792 5,055 440 4,615 15, 362 16,029 346 83,474 53, 034 53, 798 63, 952 70.9 15 37,142 5,026 506 4,520 15, 741 16, 029 346 79,056 50, 013 51,435 62, 916 69.1 22 42, 239 6,819 2,145 4,674 19, 045 16, 029 346 73, 819 50,645 51, 962 62, 291 64.6 29 42, 479 6,755 2,304 4,451 19, 349 16, 029 71.471 48, 804 49, 990 61, 503 64.1 Aug. 5_ 44, 479 8,712 3,699 5,013 19, 392 16,029 346 71, 973 50, 771 51, 698 61, 825 63.4 12 43,314 7,331 2.280 5,051 19, 687 15,950 346 72, 632 50,493 51, 817 61, 221 64.3 2 1 6 9 4 44 8 , ,1 2 3 1 8 4 1 7 1 , , 4 4 3 1 3 7 < 2 ,3 38 8 3 0 5 7 , ,0 0 3 5 4 3 2 20 0 , , 4 41 5 1 7 1 1 5 5 , , 9 9 6 7 4 8 3 34 4 6 6 7 7 0 3 , , 5 5 7 9 3 6 5 53 0 , , 4 2 9 4 9 5 54, 201 6 61 1 , , 4 9 9 1 8 0 6 6 4 1 . . 5 0 52,127 Sept. 2 J 43, 808 6,807 1,409 5,398 20, 776 15, 978 247 75,436 51, 085 52, 328 62,832 j 65.5 47,493 8, 305 3,316 4,989 22, 963 15,978 247 78, 717 55, 259 57,101 64, 9981 64.5 16ZII 50,077 7,882 3, 064 4,818 23, 670 18, 278 247 68,985 51,834 52,457 65,340 58.6 23 45,836 5,332 803 4,529 23, 659 16, 578 267 79, 526 53, 501 54, 658 66,148 65.8 30 47, 878 5,944 1,466 4,478 25, 019 16, 578 337 76, 978 51, 218 67,175 64.0 Oct. 7 48, 092 6,520 2,952 3,568 24,641 16, 578 353 81,096 55, 672 56,862 68, 644 64.6 14 43, 271 4,585 1,178 3,407 21, 897 16, 578 84,646 55, 572 57,844 67,935 67.3 2 2 8 1 4 36 2 , , 7 2 0 5 6 3 8 5, , 8 0 1 9 7 8 4 2 , , 6 0 3 6 6 4 3 3 , , 4 7 6 5 2 3 1 1 7 4 , , 1 3 9 6 9 9 1 1 6 6 , , 5 5 7 7 8 8 1128 8 4 4 , , 8 4 7 1 0 8 4 5 9 3 , ,0 3 2 4 3 0 5 5 5 1 , , 4 6 5 9 6 1 6 6 7 6 , , 3 8 5 1 8 5 6 71 8 . .6 a Nov. 34, 531 6,377 2,890 3,487 11,451 16, 578 92,938 54, 310 56,270 67, 275 75.2 30,120 4, ~"~ 1,011 3,087 9,286 16, 578 158 94.472 51,726 52,811 67,353 78.6 31, 771 6,829 3,778 3,051 8,177 16, 577 188 96, 002 54, 792 56,626 67,990 77. 01 30,165 6,058 2,495 3,563 7,315 16, 578 214 96, 975 52, 954 54, 729 68,302 78.8- Dec. 2 6,065 2,451 3, 61416,980 16, 578 274 87,963 52,480 54,458 69, 221 71.1 9 44, 545 5,431 1,848 3,583 21, 718 17, 078 273 82,952 52, 002 54,392 69,219 67.1 16 42,414 6,299 2,610 3,r" 20,491 15, 289 290 86, 300 54, 698 56, 267 69,294 68. 7 23 43,176 5,524 1,648 3,876 19,808 17, 515 274 86,161 53,544 54,971 71,108 68. 3 30 41, 708 3,545 769 2,776 18, 763 19,078 267 86,853 54,213 55,891 70,067 69.0 Daily average 37,285 5,767 13, 585 17,617 311 87, 254 53.310 54,945 65,622 72.4 1 Includes municipal warrants as follows: $9,000 Jan. 14 to Feb. 11; $8,000 Feb. 18; $2,000 Feb. 25 to Apr. 1 Digitized fo$r4 F5,R00A0 SDEecR. 9 and Dec. 16; $55,000 Dec. 23 and Dec. 30. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

450 ANNUAL. REPORT OF THE FEDERAL. RESERVE ABOARD 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 by Commer- Month United cial and Demand Total G S m o t v a e t e n e r t s n- c p u a a l g t p u r e i r - r al a T a c n r c a c e d e p e s t- d s a r ig a n f h d t t s 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 obliga- n. e. s. tions 1925 January 2,485 1,029 1,446 10 February 2,511 1,481 1,030 4,997 4,772 225 March 1,665 611 1,054 6,529 6,489 40 April 7,881 5,601 2,280 13, 551 13, 526 25 May 4,811 2,116 2,695 4,399 4,399 June . 4,387 2,839 1,548 14, 751 14, 576 175 July 6,238 3,669 2,567 2 12, 633 12, 036 597 August 16,485 11, 539 4,946 11,857 11,700 157 September 11, 628 9,655 1,970 3 9,862 9,787 75 October 13, 615 10,974 2,641 2,617 2,617 November ... 11, 278 8,601 2,677 1,229 1,196 33 December 9,390 6,140 3,239 1 10 2,287 2, 247 40 Total: 1925 92, 374 64, 255 28, 093 13 13 84, 712 83, 345 1,367 1924 100, 354 51, 684 48, 295 18 357 15, 834 15, 397 437 1923 290, 054 184, 906 104, 320 69 759 6,064 6,029 35 United States United securities pur- States Total discounts and Bills chased in open securi- Muni- purchases bought market ties pur- cipal Foreign Month o fr t o h m er c f h r a o s m ed r w an ar t - s lo o a n ns 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 in c C d a e t e r e b t s i t f e o i- d f - F re o e s t d e h e r e r v r a e l ch p a u s r e - d gold 1925 1924 1923 ness banks 1925 January 7,562 721 9 158 10,935 31, 601 60,145 February 5,303 599 13,410 19, 684 18,052 March 1,773 289 210 10,466 30,033 21, 563 April 208 149 21,789 29, 832 25,109 May 783 9,993 30, 244 38, 098 June 568 198 19,904 26, 497 37, 930 July 79 148 19, 098 20,190 28, 742 August 28 99 28,469 13, 255 29,452 September 3,271 469 7,000 800 89 33,119 14, 841 33,164 October 43 16, 275 24, 656 34, 867 November ... 386 12, 893 8,533 25, 818 December 15, 005 250 4,319 55 17 31,323 17, 230 33, 771 Total: 1925... 18, 276 16, 995 12,956 800 64 1,497 227, 674 1924.... 3,006 101,160 42, 958 3,061 7 216 266, 596 1923 32, 673 57,920 386, 711 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DISTKICT NO. 8—MINNEAPOLIS 451 No. 4.—BILLS DISCOUNTED BY FEDERAL RESERVE BANK: VOLUME, BY STATES [Amounts in thousands of dollars] Month M ga ic n h i i - co W n i s s i - n M s i o n t n a e- D N a o k r o th ta D S a o k u o th ta M ta o n n a - Total N o t i e b r f u n n i a b m c m d n e d t e k r b i o a s m s e - f t r - N a o d c b d f u u c a b a m m o n r t e i e m k n e r b d s m g o e * r - month 2 the month 1925 January 158 200 1,388 211 459 69 2,485 908 February 130 227 1,720 46 317 71 2,511 904 60 March 130 192 762 78 368 135 1,665 870 79 April 170 152 6,415 267 472 405 7,881 122 May 350 172 2,675 677 661 276 4,811 145 June._ 238 28 2,754 422 702 243 4,387 135 July._ 434 35 3,987 546 1,007 229 6,238 853 144 August 25 14,997 566 785 112 16,485 851 124 September. _ 35 10, 741 181 546 39 11,628 75 October __, 242 336 11,874 169 898 96 13,615 841 110 November 379 528 8,918 124 1,256 73 11,278 835 117 December _. 425 258 7,672 143 44 9,390 829 100' Total: 1925 2,716 2,214 73,903 3,430 8,319 1,792 I 92,374 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 Number of member banks at end of year:2 1925 331 163 122 111 829 1924__ 364 174 133 130 906 1923. 375 147 164 979 Number of member banks accommodated: 1925 52 52 60 290 1924_ 139 106 95 102 476 1923. _ 161 118 105 132 559 i Figures relate only to that part of the State located in the Minneapolis district. Banks in actual operation. Figures prior to March, 1925, represent number of banks shown by theoapital stock records. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No* 5»—EARNINGS AND EXPENSES OF FEDERAL RESERVE BANK Ox [Figures originally published have been regrouped where necessary in order that data for all years may be on a comparable basis! to 1914-15 1916 1918 1919 1920 1921 1922 1923 1924 1925 Total EARNINGS Discounted bills.,. $51, 811 $60, 938 $311, 376 $1,547,842 $1,829, 461 $4, 649, 554 $1, 451, 659 $1, 088,899 $578,447 $231, 342 $16, 535, 588 Purchased bills 5,248 50, 099 148, 531 211, 602 13 31, 414 84, 269 440, 784 2,046,386 United States securities 18, 793 69, 266 97, 936 116, 370 142,001 383, 531 520, 724 848, 070 676, 696 3, 268, 878 Municipal warrants 20, 931 34, 267 4,479 6 415 625 66 31 181 61,001 Deficient reserve penalties 4,468 29,101 26, 382 92,744 ! 157,158 128, 087 91,943 40,175 17, 414 587, 472 Net service charges received. 17, 068 50, 590 27, 719 95,377 Miscellaneous 3,329 23, 539 55, 419 117,314 55,133 106, 526 17,170 5,346 16, 207 58,078 ! 71, 924 529,985 Total earnings _ 100,112 255,177 672, 799 2, 049,954 3, 007, 041 5, 307, 381 4,966,311 1,969,248 1, 749, 253 1, 609, 070 1, 438, 341 23,124, 687 CURRENT EXPENSES [Exclusive of reimbursable fiscal agency expenses] Salaries: Bank officers $30,961 $26, 625 $37,101 $49,125 $61, 014 $77, 637 $115,499 $107,977 $113,236 $121, 350 $125, 552 $866, 077 Clerical staff 21,927 29, 277 55, 725 123, 402 208,171 363, 724 517, 448 463, 390 460,128 429, 493 375,112 3, 047, 797 Special officers and watchmen 1,996 1,311 1,667 8,726 10, 766 23,618 22, 281 24, 041 25, 576 25, 568 145, 550 Allother 53 78 816 120 3,530 23, 686 18, 807 16, 446 35, 756 67,148 93, 344 259, 784 Governors' conferences 1,181 1,392 625 204 83 452 770 467 606 566 645 6,991 Federal reserve agents' conferences. 339 417 113 370 341 27 403 267 90 246 300 2,913 Federal Advisory Council 848 743 150 1, 034 1,274 893 908 1,140 1,195 1,087 991 10, 263 Directors' meetings 6,128 5,576 6,186 6,022 6,815 6,705 11,902 11, 407 9,507 9,052 8,256 87, 556 Traveling expenses * 674 1,145 361 1,982 5, 531 15, 227 35, 505 21, 470 32, 649 52, 454 45, 723 212, 721 Assessments for Federal Reserve Board expenses 13, 286 8,962 10,196 14,117 20, 209 22, 520 25, 554 24,945 23, 704 21, 867 23, 006 Legal fees 1,924 1,500 1,500 1,732 3,380 3,100 11, 628 11, 592 14,149 23, 463 29, 884 103, 852 Insurance (other than on currency and security shipments) 3,317 1,731 7,943 9,543 23, 439 30, 818 25, 792 30, 474 29, 600 31, 793 197,310 Taxes on banking house. 1,964 1, 578 1,593 1,580 80, 031 86, 746 Light, heat, and power 1,556 902 1,836 i,468 19, 757 25, 617 Repairs and alterations, banking house 1,015 1,667 196 426 7,931 11, 235 Rent 6,319 7,674 9,927 13, 314 20, 647 44, 283 44,128 44, 038 46,699 43, 399 7,889 288,317 Telephone 597 568 1,079 2,213 2,223 2,832 7,248 7,090 6,988 7,310 5,769 43,917 Telegraph 339 299 699 3,193 2, 752 13, 780 23, 494 21, 697 25, 757 23, 998 21, 975 137, 983 I E P n o x s s p u t r r a e a g s n e s c a e g e on currency and security ship- 2 1 , ,1 3 6 7 1 3 8,1 5 5 3 7 3 1 5 5, , 0 5 3 0 0 3 3 1 6 3, , 0 5 3 0 9 1 2 43, 656 2 102,156 103, 794 95, 002 90 7 , , 9 3 5 0 5 3 7 1 4 0 , , 6 0 8 9 3 3 6 9 1, , 5 5 5 9 3 7 732, 594 ments () () () () 9,497 11,409 16,175 14,424 Printing and stationery _.. 4,709 6,198 11,596 18,361 25, 228 62, 488 67,151 42, 515 36, 757 38, 063 22,035 335,101 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

TM O V f i f Ts ic ics e en pl a l.la n lnn d ne po o .nu t n h ss e ep r x in s pp u er p nis p sAe l Ss ie . s.._ \ I I , 0 , » . ° 9 ^ 0 3,169 5,313 16, 238 11, 255 25, 288 / \ 3 2 1 9 , , 2 9 5 2 2 1 4 2 7 1 , , 9 4 5 6 4 9 3 2 2 3 , , 8 6 6 2 0 2 3 2 6 0 , , 6 8 4 9 5 1 3 22 2 , , 0 8 9 9 4 1 376,384 Total, exclusive of cost of currency 113, 752 105, 355 166, 447 308,910 434, 378 799,003 1,104,383 1, 000, 583 1, 031, 510 1, 056, 633 1,066,120 7,187, 074 Federal reserve currency (including shipping charges): Original cost 18, 701 42, 381 114,287 56, 273 61, 813 124, 584 53, 334 40, 005 6,796 28, 255 556, 295 Cost of redemption 1, 355 7,897 17, 002 15, 959 16, 552 16, 765 10, 622 1,738 3,454 91,344 Taxes on Federal reserve bank-note circulation _ !, 837 24,912 37, 606 26,980 14, 260 106,595 Total current expenses. 132, 453 115,221 210,183 433, 931 532,565 914, 381 1, 272, 499 1, 084, 942 1,082,137 1, 065,167 1,097, 829 7,941, 308 PROFIT AND LOSS ACCOUNT Earnings $100,112 $255,177 $672, 799$2,049,954 $3,007,041 $5,307,381 $4,966,311 $1, 969,248 $1,749,253 $1,609,070 $1,438,341 $23,124,687 Current expenses .. _ 132,453 115,221 210,183 433, 931 532,565 914,381 1,272,499 1,084, 942 1,082,137 1, 065,167 1,097, 829 7,941,308 Current net earnings. * 82,841 139,956 462,616 1, 616,023 2,474,476 4,393,000 3,693,812 884,306 667,116 543,903 340,512 15,183,379 Additions to current net earnings: Withdrawn from reserve for— Federal Reserve Board expenses- 16,607 16,607 Depreciation on United States bonds 143,469 143, 469 All other 17,264 41, 231 8,327 27,101 39,367 133,290 Total additions. _ 16, 607 17,264 41, 231 8,327 170,570 39,367 293,366 Deductions from current net earnings: Bank premises—depreciation 100,000 177, 737 5,275 14, 913 40,405 310,862 126,411 « 775, 603 Furniture and equipment 5,353 44,464 59, 977 23, 926 100,817 53,368 24,640 23,328 48, 938 10,347 395,158 Reserve for probable losses 500,000 200,000 700, 000 Reserve for Federal Reserve Board expenses. - 16,607 16,607 Reserve for depreciation, United States bonds . 15,000 78,058 53,856 146,914 All other 8,799 10,199 1,279 25,231 32,399 25,571 8,167 111, 645 Total deductions 5,353 68,263 70,176 140,533 278,554 559, 922 142,842 349,988 385,371 144, 925 2,145,927 Net deductions from current net earnings _ 5,353 68,263 70,176 140,533 261,947 542, 658 101,611 341, 661 214, 801 105,558 1,852,561 Net earnings ^ 82,841 134, 603 394,353 1, 545, 847 2,333, 943 4,131, 053 3,151,154 782,695 325,455 329,102 234, 954 13,330,818 1 Other than those connected with governors' and agents' conferences and meetings of directors and of the advisory council. 2 Includes cost of coin bags, etc. 3 Included with "Miscellaneous expenses." * Excess of current expenses. S3 » Net charge-off after deducting $69 credited to reserve for depreciation on fixed machinery and equipment in 1923 was $775,534. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No.'5.—EARNINGS AND EXPENSES OF FEDERAL RESERVE BANK—Continued 1914-15 1916 1917 1918 1919 1920 1921 1922 1923 1924 1925 Total PROFIT AND LOSS ACCOUNT—Continued Distribution of net earnings: Dividends paid $57, 720 $363,895 $168,103 $180,186 $195,871 $211, 657 $213, 774 $212, 733 $202,828 $193,560 $2,000,327 Transferred to surplus account 37,500 1,377,744 2,153, 757 3,410, 948 488,530 6 4,469 11,272 12,628 4,139 7,500,987 Franchise tax paid United States Govern- Ba m la e n n c t. e _ t o prof _ it and loss_ _ -$82,841 76,883 37,500 524,234 2,450,967 6 564,452 101,450 113,646 37,255 3,829,5.04 i REIMBURSABLE EXPENDITURES OF FISCAL AGENCY DEPARTMENT Salaries: Officers $6,393 $1,396 $5,200 $9,329 $3,958 $5,500 $31, 776 Employees $34,087 $167,114 $255, 697 159, 816 88,838 99,167 131, 758 37,102 9,790 983,369 All other 72, 251 253, 929 350,837 85,510 41, 769 44, 662 33,360 10,171 6,123 898,612 Total 106,338 421,043 606,534 251, 719 132,003 149,029 174,447 51,231 21,413 1, 913, 757 • 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. I w Q Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DISTRICT NO. 9—MINNEAPOLIS 455 No. 6.—VOLUME OF OPERATIONS IN PRINCIPAL DEPARTMENTS 1925 1923 NUMBER OF PIECES HANDLED Bills discounted: Applications _- 2,869 5,662 7,875 Notes discounted _ _ 11, 524 27, 527 35,533 Bills purchased in open market for own account. 6,078 1,294 365 Currency received and counted 34,419,000 31,575, 000 32,174,000 Coin received and counted 9, 504,000 8,833,000 9,906,000 Checks handled 26, 563, 000 26, 219,000 27, 433,000 Collection items handled: United States Government coupons paid 1,094,000 1, 228,000 1,747,000 All other-_ ._ 343,000 368,000 340,000 United States securities—issues, redemptions, and ex changes by fiscal agency department 128, 000 247, 000 1 5,072,000 Transfers of funds _ 63, 000 67, 000 70,000 Envelopes received and dispatched 1, 691, 000 2,162,000 2,775,000 AMOUNTS HANDLED Bills discounted-- $92, 374,000 $100,354,000 $290,054,000 Bills purchased in open market for own account 84, 712, 000 15,834,000 6,064,000 Currency received and counted.-- 191, 744, 000 172,154,000 179, 737,000 Coin received and counted 3, 666,000 2, 709, 000 2,203,000 Checks handled 4, 012,157, 000 3, 652,895, 000 3,383,365,000 Collection items handled: United States Government coupons paid 11, 086, 000 10,478,000 10,974,000 Allother 151,044,000 154, 614, 000 155, 783,000 United States securities—issues, redemptions, and ex changes by fiscal agency department 82,403,000 107, 875, 000 203, 764,000 Transfers of funds 2,657,304,000 2, 405, 908, 000 2,189,155,000 1 Large total 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 to Items drawn on other Federal re- Items drawn on banks in own dis- serve banks and Treasurer of Total * Month trict their branches United States Number Amount Number Amount Number Amount Number Amount 1925 January 2,013 273,139 115 28, 556 7, 61*> 2,198 309,314 February. 1,786 230,300 98 24, 223 7,100 1,957 261,623 March 2,104 285,397 117 31,396 8,076 2,300 324,869 April 2,047 279,403 118 30,186 7,812 2,263 317,401 May 1,903 270, 090 114 28,344 8,053 2,099 306,487 June 2,070 297, 776 117 30,709 8,504 2, 245 336,989 July.__ 1,951 293,304 114 32,016 8,549 2,127 333,869 August 1,843 284,842 110 29,415 8,117 2,018 322,374 September 1,991 315,935 113 32, 542 8,644 2,188 357,121 October 2,251 350, 380 127 35, 779 9,874 2,469 396,033 November 1,996 316,935 121 29, 527 8,831 2,197 355,293 December 2,258 326,963 136 32, 718 8,673 2,466 368,354 Total: 1925.... 24, 213 3, 524, 464 2 1,400 2 365,411 914 99, 852 26, 527 3,989,727 1924.... 24, 007 3, 205, 596 2 1,248 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 items forwarded direct to drawee banks in other districts as follows: 1925—48,000 items $56,745,000; 1924—60,000 items, $58,453,000; 1923—34,000 items, $24,829,000. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

456 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No. 8.—CLEARINGS AND TRANSFERS THROUGH THE GOLD SETTLEMENT FUND [In thousands of dollars] Payments to Receipts from Week ending— other Federalother Federal Net loss Net gain reserve banksreserve banks 1925 Jan. 7... 33,920 35,865 1,945 14 40,406 36,457 3,949 21 38,461 41, 920 3,459 28— 39, 294 37, 433 1,861 Feb. 4 35,363 38,039 2,676 11 37,469 38,147 678 18 37,811 33, 920 3,891 25 31,095 34,445 3,350 Mar 4 40, 932 38, 927 2,005 11 43,007 40,858 2,149 18... 51, 546 52, 567 1,021 25 46,099 42,082 4,017 Apr 1 41, 249 38,155 3,094 8 35, 994 38, 656 2,662 15 38, 637 33, 841 4,796 22 51,233 40, 330 10,903 29 43,872 41, 901 1,971 May 6 39,656 40, 413 757 13 40,132 42,954 2,822 20 42,070 42, 907 837 27 39,195 42,159 2,964 Jane 3 43, 733 35, 883 7,850 10—,. - - 47, 070 48,157 1,087 17 45, 675 46, 714 1,039 24 43,130 44, 369 1,239 July 1 43, 250 48, 479 5,229 8 36, 417 36, 280 137 15 . .. 50, 491 44,864 5,627 22 48, 608 43, 739 4,869 29 44, 476 41, 941 2,535 Aug 5 41, 670 42, 875 1,205 12 37, 765 38,511 746 19 42,177 40, 402 1,775 26 - - - -- 41, 095 43, 498 2,403 Sept 2 37, 801 40,038 2,237 9 32,299 36,027 3,728 16 53,857 44,050 9,807 23 46, 982 57,923 10,941 30 46,537 43,214 3,323 Oct. 7 43, 335 47, 922 4,587 14 44,384 46,353 1,969 21 53,632 53, 886 254 28 43, 081 44,168 1,087 Nov 4 41,197 49, 684 8,487 11 33, 988 35,834 1,846 18 51, 568 53, 494 1,926 25 42, 931 44, 246 1,315 Dec 2 49,932 41,104 8,828 9 49, 511 45, 250 4,261 16 49,096 52, 618 3,522 23 42, 553 43,420 867 30 42,305 42, 788 483 31 (one day) _ 8,179 8,050 129 Total* 1925 - _ 2, 226,166 2, 217, 757 8,409 1924 2,060, 435 2,083,359 22,924 1923 1, 754, 260 1, 764, 515 10, 255 Net gain in ownership of gold since establishment of fund in 1915, $64,310,000. 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 [In thousands of dollars] REPORTING MEMBER BANKS IN EIGHT CITIES* Investments Borrowings'from Loans and discounts Net demand deposits Time deposits Federal Reserve bank report date in— United States securities All other 1925 1924 1925 1924 1925 1924 1925 1924 1925 1924 1925 192& Ul January... 269,060 231,097 68,801 54, 567 36, 651 26, 547 252,176 196, 866 103,612 83,958 46 2,040 February. 235, 533 67,905 54, 564 37, 229 25,445 250,879 202, 587 105,208 84,059 876 1,950 March 259,362 242,235 70, 520 58,902 38, 754 24,849 243, 335 208, 427 104, 793 351 1,122 O April 230, 525 65, 692 54,100 39,083 24,948 214,011 193, 595 103, 593 82, 230 2,237 872 H May 229, 535 223, 693 64, 733 54, 479 41, 073 23, 589 217,112 191, 941 103, 328 83,082 731 2 982 June 239, 850 226,613 66, 630 56, 043 41,991 23, 353 226, 200 193, 400 103, 237 85,009 371 l|064 July 228, 313 220, 671 66, 258 54, 774 42, 581 24,917 219,183 192, 261 101, 459 1,376 1,554 A Se u p g t u e s m t ber 2 2 3 4 3 7 , ,8 0 7 9 1 0 2 24 2 1 6 , , 3 6 9 7 7 3 6 6 6 5 , , 8 5 9 7 8 7 5 55 6 , , 0 9 5 7 6 5 4 4 2 2 , , 7 5 6 6 9 1 2 2 6 7 , , 4 1 3 6 0 7 2 2 2 2 2 9 , , 8 1 0 2 9 9 2 1 1 9 4 4 , , 7 7 8 2 5 6 1 1 0 0 0 7 , , 1 1 5 3 6 0 8 9 9 0 , , 9 9 0 0 7 5 2 2 , , 1 1 6 5 9 2 4 2 4 9 9 3 T October 246, 997 267, 779 65,641 63, 731 43,199 31,204 225, 893 248, 618 109, 789 95, 477 1,967 563 November 250, 543 272,110 66,010 70, 668 43, 248 35,931 233,124 268,035 109, 848 97,057 1,926 140 December- 244,158 271, 914 72, 554 70,922 43,005 37,163 230,281 108, 713 101, 614 755 50 REPORTING MEMBER BANKS IN CITY OF MINNEAPOLIS 2 January... 144,609 116,777 28, 743 25,432 15,594 12,172 127, 686 95, 370 49,181 41, 569 46 765 O February. 144,509 121,010 28,197 25,385 15,921 11, 642 128, 273 98, 761 48, 941 41, 774 706 1,209 E March 136, 310 119, 504 30, 604 27,023 16, 254 11, 601 120, 090 98, 893 49, 226 41, 842 35 494 April 124,016 114, 335 27, 310 23, 367 14, 522 11,302 103,048 91,911 47, 541 40, 730 932 100 GO May 118,067 110, 213 26, 628 24, 063 16, 585 11, 202 106,235 91,443 46, 760 40,394 301 410 June 125, 307 107, 863 27, 927 24, 996 16, 882 10, 872 113,525 86,186 46, 377 41, 267 334 204 July 116, 819 107, 006 27,636 24, 465 17, 098 11,492 104,981 84, 829 46,984 43, 650 376 382 August 121,950 110,908 27,491 24, 701 17, 037 12,145 111, 327 87, 627 44,874 45,145 1,319 353 September 127, 647 122,968 28, 662 25, 518 16,843 12,084 113, 422 101,729 47, 559 45, 669 1,997 293 October... 124, 469 141, 651 28, 721 30,141 16,838 13, 255 110,155 127,042 48,113 45, 243 764 157 November 124,220 145, 716 28,027 31, 999 17,145 15, 280 113,409 134, 580 45, 827 500 December. 128,034 143, 528 29, 804 30, 866 17,129 15, 685 115,088 128, 094 46, 748 47,905 580 50 1 Figures are for about 24 banks in Minneapolis, Helena, Duluth, Fargo, Great Falls, La Crosse, St. Paul, and Sioux Falls which submit weekly reports to the Federal reserve bank. 2 Figures are for about 5 banks in Minneapolis which submit weekly reports to the Federal reserve bank. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

458 ANNUAL REPORT OP THE FEDERAL RESERVE BOARD No. 10.—ALL MEMBER BANKS—NET DEMAND AND TIME DEPOSITS, BY SIZE:. OF CITY [In thousands of doliars] Net demand deposits Time deposits Banks in cities and towns having Banks in cities and towns having Date a population of— a population of— Total Total Less 5,000 15,000 100,000 Less 5,000 15,000 100,000 than to to and than to to and 5,000 14,999 99,999 over 5,000 14,999 99,999 over 1923 Apr. 25.. 416,133 111,061 78,411 67, 430 159, 231 409,345 193, 524 95, 602 56, 261 63,958 May 23 410,605 109,441 77, 233 70,640 153,291 407,415 195,051 95,103 57, 339 59,922 June 27 405,877 109,081 75,906 74, 621 146, 269 410,450 198,656 94, 794 58, 298 58, 702 July 25 399,606 103,175 73,930' 72, 263 150, 238 414, 565 198, 824 95, 858 58, 211 61, 672 Aug. 29 394,317 101,183 72, 781 70,091 150,262 416,914 197, 288 97, 405 58, 346 63, 875 Sept. 26 407,381 106, 437 74, 882 69,049 157,013 412,663 195,070 97, 563 58, 274 61, 756 Oct. 24. 411, 478 109, 858 76, 089 69,116 156,415 412,058 194, 519 98,127 58, 704 60, 708 Nov. 28 423,314 110,143 76,430 73.500 163, 241 411, 609 192,982 98,191 59, 275 61,161 Dec. 26 407, 224 107, 589 73, 256 70,130 156, 249 409,185 190, 073 97, 348 59, 497 62,267 1924 Jan. 23 _. 400,884 102,008 73, 630 67,005 158, 241 409,569 190,410 97, 231 58, 789 63,139 Feb. 27 403,030 101, 639 69, 682 68, 846 162,863 403,727 186, 830 96,147 57,461 63, 289 Mar. 26 413, 952 103,082 71,990 69,460 169,420 400,852 186,875 96, 212 56, 815 60,950 Apr. 23 406,431 101, 333 73,113 68,184 163, 801 399, 043 185, 708 96,163 57, 744 59,428 May 28 397,771 106,986 69,655 70,317 150, 813 395, 669 183, 805 94, 545 57,791 59,528 June 25._ 396,739 102,010 73,113 71, 541 150,075 398, 800 183, 843 95, 447 58. 251 61, 259 July 23 391,789 99, 788 71,399 71, 537 149,065 405,140 185,011 96,112 59,479 64, 538 Aug. 27 397,066 99, 630 71,441 69,853 156,142 408, 794 185,968 96, 578 59,819 66, 429 Sept. 24 424,319 109,196 73, 704 71, 212 170, 207 409,905 185, 573 96,835 61,101 66,396 Oct. 29 475, 674 121, 961 78, 013 74,175 201, 525 416,047 185, 632 97, 549 62, 241 70, 625 Nov. 26 503, 546 123, 578 81, 471 82, 756 215, 741 420,176 185,911 99,260 63,172 71,833 Dec. 24.. 493, 540 123,313 83,307 76, 735 210,185 425, 748 187,069 100,032 62, 801 75, 846 1925 Jan. 28 481, 231 118,039 81,300 76,969 204,923 434,954 190, 429 102, 768 64,383 77, 374 Feb. 25 482, 015 118,165 83,043 76,052 204, 755 436,459 189, 260 103,424 66,129 77, 646 Mar. 25 475, 267 118,685 83,564 77, 213 195,805 441, 252 191,571 104,650 67, 226 77, 805 Apr. 22 451,891 114, 626 81,165 75, 561 180, 539 439,950 191,005 104,824 66, 715 77,406 May 27_ 439, 619 112, 252 79,306 76,926 171,135 435,891 189,333 104, 744 66, 745 75, 069 June 24. 451,240 113, 504 81,649 77, 638 178,449 434,484 188, 376 104,854 65, 716 75, 538 July 29 435, 645 108,039 79,100 79,404 169,102 431,226 186,897 104, 683 64, 803 74,843 Aug. 26 441, 593 110,392 78,158 76,679 176,364 430,029 186, 286 105, 208 65,240 73,295 Sept. 23._ 458, 587 116, 388 80, 990 78, 610 182,599 433,357 185, 292 105,095 65,667 77,303 Oct. 28 455, 964 117, 624 81,681 80, 639 176,020 435,496 181,949 105,362 65,792 82,393 Nov. 25 466, 660 118,451 84,376 81,851 181,982 433, 519 180,429 105,952 66, 736 80,402. Dec. 23 466,046 117, 283 83,457 79,905 185,401 434,857 180,189 106,333 67,141 81,194 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

459 DISTEICT NO. 9 MINNEAPOLIS No. 11.—DEBITS TO INDIVIDUAL ACCOUNTS [In thousands of dollars. For explanatory note see p. 191] Total for 9 centers 1 Aberdeen, S. Dak. Billings, Mont. Month 1925 1924 1923 1925 1924 1923 1925 1924 1923 January 731, 307 565, 332 647,312 6,616 5,455 5,345 7,438 6,890 8,810 February... 637, 553 523, 317 510,811 5,026 4, 535 3,824 5,939 6,798 6,593 March 748. 603 584, 754 600, 805 6,992 5,005 5,065 6,784 5,434 8,525 April 697,' 614 552,910 596,914 5,915 5,242 5,051 7,085 5,674 7,996 May 694, 973 596,115 634,217 6,202 5,361 5,490 7,097 6,385 8,382 June 762, 780 613,515 652, 341 6,505 5,223 5,938 7,128 6,888 7,741 July 706, 012 634, 515 593,964 6,946 5,873 5,653 7,250 6,565 8,244 August 701,678 ) 596,031 598,206 7,559 6,068 6,090 6,841 7,879 September.. 848,355 I 773, 680 635,309 7,940 7,551 6,049 7,840 7,427 7,538 October 877,313 !1,059, 292 700,333 8,751 8,102 6,586 10, 937 10, 352 9,020 November.. 783,325 i 891,171 664,498 7,399 6,908 5,902 7,974 8,732 8,146 December.. 849,658 j 849, 622 660,760 8,506 7,195 6,258 8,837 8,497 8,495 Total.. 9, 039,171 j 8, 240, 254 7, 495,470 84, 357 72, 518 67,251 91,150 85,950 97,369 Dickinson, N. Dak.* Duluth, Minn. Fargo, N. Dak. Month 1925 1924 1923 1924 1923 1925 1924 1923 January... 1,684 1,285 | 1,582 79,918 52,947 67,130 11,368 10, 726 11,697 February.. 1,311 1,103 ! 1,080 70,155 54,051 53, 627 10,238 9,387 8,415 March 1,459 1,161 ; 1,430 86, 455 57, 842 61, 801 13,453 11, 237 11,729 April 1,547 1,161 I 1,371 85,016 54, 692 69, 772 13,780 11, 755 12,009 May 1,416 1,172 ! 1,559 101,071 65, 228 84,179 11, 624 10,876 13, 045 June 1,412 1,036 j 1,192 128,850 82, 304 93, 739 13, 591 10,400 13,382 July 1,432 1,457 | 1,412 101,541 85, 733 77, 715 15, 445 10, 656 11,713 August 1,503 1,170 | 1,305 93,937 78, 706 70, 654 15, 435 10, 727 12,109 September- 1,757 1,463 ! 1,393 150, 885 142, 975 87, 962 15,966 12,148 12, 392 October 2,506 2,350 • 1,668 136,968 259, 097 90,441 19, 062 14,951 15,056 November. 2,243 2,585 j 1,783 129, 281 208, 521 94,115 16,241 13,575 13,198 December. 2,249 2,223 ! 1,680 112, 858 128, 354 16, 334 12,872 13,109 Total 20, 519 18,166 : 17, 455 1, 276, 9315, 270,450 921,119 I 172,537 139,310 147,854 j Grand Forks, N. Dak. Helena, Mont. Jamestown, N. Dak.* Month i 1925 1924 I 1923 1925 1924 1923 1925 1924 1923 January... 5, 861 7,850 10,319 8,891 11,318 2,275 1,886 2,442 February.. 5,681 5,563 7,625 8,731 10,175 1,836 1,830 1,566 March 6,007 7, 963 7,407 8,807 9,369 1,907 1,700 1,862 April 5,648 7,936 7,831 8,149 7,718 2,037 2,408 2,352 May 5,437 7,758 8,865 8, 261 8,976 2,143 1,846 2,110 June 5,746 7,768 8,371 8,650 9,087 2,365 1,746 1,996 July. •5. 730 7,229 10,626 10,213 9,173 2,422 2,010 1,992 August. 6,922 5,523 7,305 9,400 9,216 9,787 2,350 1,841 2,179 September 10,795 7,815 8, 293 11,050 10,49G 8,008 2,547 2,020 2,211 October.. j 11,896 10,451 10,515 12,091 11,882 10,323 3,158 2,786 2,515 November.. | 11,519 10,425 8,916 9,309 10,323 9,489 2,881 2,319 2,367 December... 10,248 9,460 7,690 10,694 10,485 9,957 3,082 2,581 2,137 Total j 101,004 83,8 94,786 113,588 114,104 113,380 29,003 24,973 25, 729 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

460 ANNUAL REPORT OP THE FEDERAL RESERVE BOARD No. 11—DEBITS TO INDIVIDUAL ACCOUNTS—Continued [In thousands of dollars] La Crosse, Wis.* Minneapolis, Minn. Minot, N. Dak.* Month 1925 1924 1923 1925 1924 1923 1925 1924 1923; January 11,894 10,194 12,610 424,513 306,897 348, 571 5,257 3,483 4,821 February, _. 9,075 9,163 10,055 378,832 280,623 261,922 4,077 3,450 3,088 March 10,772 10,403 12,399 433,895 315,675 306,702 5,115 3,859 3,912 April. 10,499 9,743 11,606 397,452 296,209 311,353 5,396 4,046 3,978 May 10,084 9,891 13,530 388,658 319,349 326,414 5,696 4,110 4,187 June 10,761 9,716 13,414 409, 530 317,005 317,838 5,915 4,088 3, 868 July 11,675 10,622 12.961 373,014 336,788 296,945 5,448 4,495 4,842 August 10,228 9,576 12,138 391,414 322,496 300,538 6,073 4,707 4,521 September. 10,042 9,941 9,871 474,560 424,818 336,186 7,530 5,863 4,349> October 11,257 10,434 10,027 487,463 552,809 377,697 8,577 8,905 5,178 November. 9,963 9,043 10,089 427,730 467,080 348,131 6,994 7,196 4,662 December.. 10,806 10,382 10,409 482,306 468,262 352,648 6,967 6,314 4,035 Total 127,056 119,108 139,109 5,069,367 4,408,011 3,884,945 73,045 60,516 51,441 Red Wing, Minn.* St. Paul, Minn. Sioux Falls. S. Dak.* Month 1925 1924 1923 1925 1924 1923 1925 1924 1923 January 2,510 2,072 2,241 175, 725 159, 878 179,114 15, 076 14, 932 17,803 February... 2,067 1,861 1,650 146, 635 146,131 153, 677" 12,042 10,104 13, 528 March 2,360 2,091 1,909 179, 403 167,406 181, 252 15,803 12, 267 18,642 April 2,464 2,081 2,137 165,653 157, 786 167, 046 15,808 12,285 15, 223 May 2,632 2,339 2,245 157,431 167, 668 172,401 16,807 12, 653 15,196 June 2,727 2,350 2,476 174, 411 169, 501 189,128 17, 635 12, 677 16, 474 July 2,522 2,322 1,974 175, 373 165,646 169, 326 18, 372 15, 463 14, 255 August 2,468 2,010 2,120 161,914 149, 630 174, 387 16, 778 13,823 14,962 September. 2,568 2,316 2,185 161, 397 153,035 160,408 18,146 13,166 14, 693 October 2,885 2,861 2,548 181,876 181, 950 171,910 19,386 16, 476 15,991 November- 2,619 2,661 2,242 166, 211 158,450 168, 642 17, 261 13, 744 16,165 December.. 3,000 2,660 2,717 191, 298 196, 810 184, 368 18, 958 13, 895 17, 353 Total 30, 822 27, 624 26,444 |2,037,327 jl, 973,891 2,071, 659 202, 072 161, 485 190, 285 South St. Paul, Minn.* Superior, Wis. Winona, Minn.* Month 1925 1924 1923 1925 1924 1923 1925 1924 1923 January 40,774 30,084 7,399 7,787 7,477 5,179 4,725 9,127 February ... 30,742 24, 337 6,660 7,380 7,015 4,430 4,006 4,453 March 36,761 25,317 7,249 7,341 8,399 4,762 4,431 4,714 April 33, 758 24,434 7,679 7,755 8,033 4,719 4,157 4,529 May 32,261 25,130 7,657 7,550 7,572 5,124 4,723 4,749 June. 31,630 21,684 7,654 7,798 7,720 4,881 4,515 5,218 July.. 33,342 23, 766 7,923 7,311 7,966 5,641 4,370 5,248 August 30, 777 20,449 8,256 7,357 9,457 4,716 4,085 4,276 September. 29,087 21, 748 7,922 7,385 8,473 4,949 4,825 4,483 October 47, 846 31« 913 9,698 8,785 5,268 4,981 4,959 November. 44,472 33,312 31,312 7,661 7,157 7,959 5,921 5,145 5,080 December . 47,993 39, 896 32,804 8,577 7,687 8,251 5,432 6,901 5,112 Total 439,443 322,070 64,116 92,906 92,206 97,107 61, 022 56,864 61,948 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 461 No. 12.—MONEY RATES J IN MINNEAPOLIS AND HELENA [Rates prevailing during week ending with 15th day of the month] MINNEAPOLIS Year and month C c 3 o d u 0 m a s - y t 9 m o s 0 m er e c r ia s m ' l p p o 4 a r n - i 6 p t m h e s r e I l b n o a t a n e n k r s - L c L u b o i r o a b e n n e d d r s t b s s y e y - D L e o o b m a t o n h n a s e n d r d s s s e t c o u c r k T e s d i m an b e d y b s re y L e h c c o o w e u u a i r a n s p e r e s t d o s - C lo a a t n tl s e 1924—January 53^-6 5 -6 February 5^-6 March 53^-6 April 5H6 J M un ay e A &X-& V A 2 July 5 -K 5^-6 5 -5H 5 -5 August 5 -5H 5K6 5 - September 4^-5 5 October 43^-5 4H5 5^-6 N D o ec v e e m m b b e e r r 5 4 43 M ^ 1925—January February 43^-5 4 -g|j 4 March 4M5 43^-5 April 4M5 May.. 4^-5 June .- Ar 4K5 July 43^-5 August _ 43^-5 September 4^-4% October ._ 43^ 4^-5 November 4^-5 4^-5 December 4^-5 4^53 HELENA, MONT. 1924—January ___ 8 8 February,. March April May _ June July August September. 7 October 7 November. 7 -8 December. 7 -8 1925—January.,.. 6 -8 February.. 7 March 7 April. 6 -8 6 -8 May 6 -8 6 -8 June 6 -8 6 -8 July 6 -8 August 6 -8 6 -8 September. 6 -8 -8 October 6 -8 "V -8 November. 6 -8 December. 6 -8 _ 6 -8 1 Prevailing 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. 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, 1925 1924 1923 RESOURCES Oold with Federal reserve agent 54, 571 63,475 41,920 Gold redemption fund with United States Treasury 3,377 2,626 3,390 Gold held exclusively against Federal reserve notes 57,948 66,101 45,310 Gold settlement fund with Federal Reserve Board _ 32, 729 40,920 47,054 Gold and gold certificates held by bank 3,643 2,898 3,142 Total gold reserves.. __ 94,320 109,919 95,506 Reserves other than gold. 4,475 3,964 3,241 Total reserves _ 98, 795 113,883 98,747 Nonreserve cash 2,981 2,722 3,044 Bills discounted: Secured by United States Government obligations 4,016 727 11,203 Other bills discounted 11, 563 4,249 30,664 Total bills discounted 15,579 4,976 41,867 Bills bought in open market 17,006 15,661 545 United States Government securities: Bonds .-_ 8,387 8,911 6,332 Treasury notes 18,416 18,182 7,572 Certificates of indebtedness 10,657 6,288 514 Total United States Government securities 37,460 33,381 14,418 Other securities _ 100 500 Foreign loans on gold __ 312 276 Total bills and securities. _ 70,457 54,794 56,830 Uncollected items 46, 028 42,975 34,346 Bank premises _ _ 4,620 3,968 4,595 All other resources.. 504 733 570 Total resources 223, 385 219,075 198,132 LIABILITIES Federal reserve notes in actual circulation. 73,795 72, 836 67,165 Deposits: Member bank—reserve account 93, 382 92,692 74,923 Government _ 1,591 2,291 2,138 Foreign bank 330 85 70 Other deposits 1,156 529 679 Total deposits ". 96,459 95, 597 77,810 Deferred availability items 39,472 36,916 38,493 Capital paid in _ 4,237 4,338 4,556 Surplus _.. ." 8,979 8,977 9,496 All other liabilities 443 411 612 Total liabilities 223,385 219,075 198,132 Ratio of total reserves to deposit and Federal reserve note liabilities combined- _ percent. 58.0 67.6 68.1 Contingent liability on bills purchased for foreign correspondents 2,813 1,963 817 462 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DISTRICT NO. 10—KANSAS CITS 463 No. 2.—PRINCIPAL ASSETS AND LIABILITIES OF FEDERAL RESERVE BANK, BY WEEKS [Amounts in thousands of dollars] Bills discounted for member banks Date s T t b e a i o e c i n l u s t d l a r s i l i- Total c U G u S b o . r e y S e v - d . - O b d t i i h l s l e - s r b o m o B k p u i a : e n e g r t n - ht U s S e n t t c i a i e u t t s e e ri s d - l e g F o o i o a o g n l n r n d - s s T c e o r a r t e s v - a h e l s r b M p e a o s b d n e e s e e m k r i r - v t s s - ' e p T o d o s e t i - a t l s n F r c o e i e t s r t i d e c e o e s u r n v r l i a a e n l - s c p e R e e r n e r v - - t e ern- countment ed obligations 1925 Jan. 7 53,350 5,152 992 4,160 15, 448 31, 974 276 109, 611 90,120 92, 595 71, 536 66.8 14. 50,886 4,97" 839 4,138 14,081 31,052 276)110,359 86,785 89,882 69,344 69.3 46,254 5,167 968 4,199 13,243 26, 870 474 116, 278 88, 536 91,678 68, 281 72.7 28 _ 43,579 4,821 4,137 12,424 25,360 474 116,185 86,525 90,388 66,846 73.9 Feb. 4 42, 862 4,788 622 4,166 11, 944 25,156 474 120, 568 89,838 93,098 66,818 75.4 11 42,482 4,65" 601 4,056 11, 509 25,342 474 118, 099 88,524 91, 599 66, 508 74.7 18. 43, 520 5,278 1,248 4,030 12,416 24,852 474116,846 91, 281 66,289 74.2 25 41, 727 5,241 1,234 4,007 11, 635 23, 877 474118,952 87, 217 89,424 66, 551 76.3 Mar. 4 42,076 4,578 806 3,772 12, 576 23, 960 462117,236 87,785 91,261 67,048 74.1 11 43,490 4,128 551 3,577 13, 677 24, 723 462117, 062 88,250 90,866 66,804 74.2 18 43, 462 4,419 884 3,535 14,439 23,642 462117, 730 90, 660 91, 799 66,002 74.6 25 44,963 4,— 270 4,017 15, 304 24,410 462113, 459 86, 811 88, 208 65, 473 73.8 Apr. 1 45, 865 6,114 2,190 3,924 14,117 24, 672 462115, 927 92, 596 65,056 73.5 8 45, 077 6,ir 1,702 4,415 12, 730 25, 268 462111, 794 86, 644 65,344 72.5 15 45, 357 6,211 1,122 5,f~" 12, 741 25,693 462112, 598 87,145 90, 427 64,441 72.7 22. 45, 379 7,38" 1,843 5, 54411,414 25,908 420 109,915 87, 730 90,090 64, 403 71.1 29 46, 684 8,119 1, 6,187 11, 675 26,220 420 108,890 86,260 88, 603 63,385 71.6 May 6 45, 538 8,164 1,853 6,311 10,240 26, 464 420 108, 998 85, 973 88, 097 64,109 7L6 13 53, 280 7,027 908 6,119 14, 072 31,511 420 18,430 84,502 86,282 63,186 65.9 20 60,000 7,53" 1,572 5,965 15.451 36,592 420 91,446 82,553 85, 835 62,951 61.5 2<7 60, 808 7,506 1,406 6,100 15.452 37,430 420 89,985 82,761 85, 046 62,262 61.1 June 3 58,866 7,719 1,946 5, 77414, 097 36,630 420 92, 747 83, 637 87,181 63,211 61.7 10 55, 878 7,164 1,240 5,924 11,702 36,592 420 "'8,770 86,656 88, 772 63,136 65.0 2 1 4 7 5 5 3 3 , , 8 5 9 4 5 6 7 6, , 9 4 4 2 7 8 1, 9 29 38 1 6 6 , , 1 0 3 0 7 9 1 1 5 6 , , 1 1 1 7 7 8 2 3 9 1 , ,4 5 1 2 1 0 4 4 2 2 0 0 99,194 8 8 5 4 , , 4 8 2 1 6 5 8 8 6 7 , , 8 0 0 9 9 9 6 62 2 , , 8 3 5 1 0 1 6 66 5 . . 1 9 July 1 53, 020 7,009 1,009 6,000 12,943 32,6481 420 102,913 87,980 90,514 62,843 67.1 8. 52, 619 6,854 1,075 5,779 12, 650 32,695 420 83, 360 86, 030 63, 652 65.9 2 2 1 9 2 5 . 5 5 5 4 4 4 , , , 4 5 7 4 9 5 1 4 4 6 6 7, , , 4 5 7 0 4 0 9 3 5 1 1 1 , , , 4 0 0 2 3 1 0 5 1 5 5 5, , , 6 5 r 7 3 ~ 0 2 1 1 1 4 5 4 , , , 6 0 0 2 7 9 0 0 6 3 3 3 2 2 2 , . . 6 6 6 9 9 9 6 5 5 4 4 4 2 2 2 0 0 0 1 1 9 0 0 5 0 1 , , , 7 9 7 0 8 2 9 2 0 8 8 8 9 7 3 , , ,0 2 6 4 7 6 0 1 2 8 8 9 9 1 5 , , , 4 0 9 0 6 9 5 8 8 6 6 6 2 3 1 , , , 0 9 8 8 0 2 3 8 0 6 6 6 6 4 5 . . . 6 6 9 Aug. 5. 55,058 6,901 1,524 5, 37715,237 32,500 420 100, 417 87, 472 90, 228 63, 053 65.5 12.. 55, 8,047 2,642 5,405 15,373 31, 819 420 102, 253 89, 983 93, 015 63,381 65.4 19.. 56,198 7,672 1,780 5,892 16, 255 31,851 420 101, 011 89, 016 91,561 63,931 65.0 26.. 55,703 6,640 710 5,930 16, 506 32,137 420 102, 709 89, 274 91, 761 63,719 66.1 Sept. 2 59, 593 8,974 2,480 6,494 17,995 32,324 300 94,659 85,5481 88,181 64,020 62.2 58, 257 7,945 937 7,008 17,342 32, 670 300 99,794 87, 623 89,903: 65,846 64.1 16" 57,587 7,203 1,069 6,134 18,698 31, 286 300 96,835 87,252 88,450 65,749 62.8 23. 66, 851 12,151 5,262 6,889 21,499 32, 777 324 93,830 90,832 92,998' 65,816 59.1 68,385 8,750 1,210 7,540 26,135 32,992 408 90,825 87,348 90, 576 66,544 57.8 Oct. 7 72, 319 10,558 3,302 7,256 28,117 33.116 428 85,557 90,850 67,261 54.1 14 71,345 10,199 3,376 6,823 27, 674 33,115 257 82, 553 85,943 87,714! 66,716 53.5 21 73,318 13,963 5,457 8,506 25,886 33.117 252 79,435 84,592 86, 662 66,439 51.9 28 79,484 16, 258 5,358 10,900 29,873 33,117 136 76, 370 86, 273 89,413 65,914 49.2 Nov. 4... 83,048 17, 558 5,013 12, 54530,620 34, 618 152 68, 915 83,260 85,681 66, 502 45.3 10 80,419 16,141 3,;"" 12, 24228, 367 35,119 192 74,457 85,118 87,492 66, 290 48.4 18 77, 694 19,189 6,509 12,680 24, 558 33,619 228 81, 273 88,908 91,446 66,849 51.3 25 77, 75023, 329 9,877 13,452 20, 642 33,419 260 81,862 87,357 90,430 67,103 52.0 Dec. 2 73, 52921, 518 15, 209 18,160 33,419 332 86,369 87, 276 89, 647 68,197 54.7 9 68, 632 17,945 6,540 11,405 16, 836 33, 419 332 91,466 87, 954 90, 365 69,044 57.4 16 69,600 20, 543 8,853 11, 69015,635 32, 970 352 90, 824 89, 679 90,815 69, 764 56.6 23 69,921 17, 830 6,308 11,522 16, 712 34, 947 332 91,992 88, 708 91, 7D1 77,329 54.4 30 70,626 15, 939 4,042 16, 816 37, 447 324 98, 619 92,028 94,639 74,155 58.4 Daily average 57, 239 9,053 16,820 30, 781 382 101,508 88,449 91, 202 66,023 64.6 1 Includes Federal intermediate credit bank debentures as follows: $500,000 Jan. 7 to Apr. 8; $250,000 Digitized foAr pFrR. 1A5S toE RM ay 13; $100,000 Sept. 16 to Nov. 4; $600,000 Nov. 10 ; $100,000 Nov. 18 to Dec. 30. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

464 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 bought in open Bills discounted for member banks market • Secured Month by Commer- Total m G U e S o n n t v a t i t e t o e e r b n s d l - i- c a p i g t a a u r l p i r c e a a u l r n , l d - 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 d s e r a i m a g n f h d a ts t nd Total B a a a c n n c c k e e p e s t r - s' c D h o e a x l n l - g ar e gations n. e. s. 1925 January 4,708 3,331 1,377 5,995 5,875 120 February. _ 4,299 3,251 1,048 7,533 7,448 85 March.__ _ . 7,546 5,836 1,710 8,712 8,337 375 April 18,665 13, 613 5,052 4,158 4,103 55 May 12, 009 8,880 3,129 12,120 11, 955 165 June 7,154 4,533 2,580 41 6,541 6,440 10L July 13,742 10,887 2,854 1 10, 718 10,480 238 August.. 14,423 9,887 4,536 11,515 11,418 97 September. . 25, 593 19,912 5,677 4 15,123 14, 882 241 October 52,192 39,880 12, 292 20 19, 377 19, 227 150 November 56,806 41,945 14, 830 31 December 81, 799 66,475 15,308 16 9,318 9,156 162 Total: 1925 298, 936 228,430 70,393 113 111,110 109,321 1,789 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 1 s U e n cu it r e it d ie S s t p at u e r s - U S n ta i t t e e s d Federal Total discounts and pur- Bills chased in open securi- inter- chases bought market ties mediateMunicifrom pur- credit pal war- Foreign Month other chased bank rants 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 c i e a n d e t d r n e t e s e i b f s o i s t - f - F r b e o f e a r s t d o h e n e m r e k r v r s a e l d c t h p e u a b u r s e r e e - n s d - ch p a u s r e - d gold 1925 1924 1923 1925 January 1,439 461 198 12, 801 62,883 111,383 February 225 12, 057 46,428 34,131 March 1,970 414 264 18,906 54,849 53,676 April . . 3r493 105 180 26,601 33, 742 54,442 May 739 150 10,808 40,826 22, 530 78, 726 June. _ 5,021 3044 589 240 22, 589 26, 754 95,821 July 1591 46 180 26,277 15,466 83,045 August 355 67 120 26,480 7,436 61, 011 September. 1590 898 1,400 100 108 44,812 12,648 77,280 October 2 124 52 71, 747 16,809 117,264 November . 2502 1 500 208 60,016 16,127 124,042 December 476 | 17,201 20 108,814 32,192 122,447 Total: 1925.. 5,021 22,426 19,950 12, 313 600 1,570 471,926 1924.. 3,005 35,923 25,514 4,277 500 276 347,864 1923.. 2,002 26,652 78,806 2,400 266 1,013,268 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DISTRICT KO. 10 KANSAS CITY 465 No. 4.—BILLS DISCOUNTED BY FEDERAL RESERVE BANK: VOLUME, BY STATES [Amounts in thousands of dollars] Month s M ou is r - i W m y in o- g br N as e- ka C ra o d lo o - Kan- h O o k m la a - 1M N c e o e w xi- Total N b m b a e b u i e r n n e m m r k o s - - f a b N m b c m a e b c u e n r o e o m m - k r m o s - - f district dated at end during of month 2 the month 1925 January 461 28 1,040 2,406 220 529 24 4,708 1,080 111 February 205 111 1,917 1,499 145 373 49 4,299 1,077 84 March 3,909 44 818 1,736 458 526 55 7,546 1,056 90 April 2,790 180 4'"~ 1,590 44 18,665 1,054 142 May 1,000 30 6,341 1,023 1,505 212 12,009 ,050 155 June 316 37 I,1 2,877 882 1,156 188 7,154 .,049 169 July... 3,975 37 2,495 5,505 477 1,211 42 13, 742 ,046 153 August 411 14 6,306 6,165 379 1,124 24 14,423 ,040 135 September _. 8,076 7,313 8,003 622 1,538 38 25, 593 ,040 143 October 27,096 8,456 10,477 2,943 3,201 19 52,192 .,037 207 November 25, 753 12, 937 11, 857 5,158 1,054 47 56,806 ,034 204 December 55,426 16,395 7,366 2,191 383 38 81,799 ,027 163 Total: 1925 129,418 69, 96668, 72015, 37814,190 780 298,936 1924 80, 861 4,637 50, 30535,445 20,994 34, 0801,422 227,744 1923 497,404 5,092 173,407 139,37732, 92651,452 1,468 901,126 Number of member banks at end of year:2 1925...... 181 134 266 354 1,027 1924... 187 144 265 390 1,086 1923 194 146 278 415 1,146 Number of member banks accommodated: 1925.. 108 74 118 410 1924 133 118 197 586 1923 149 128 216 653 1 Figures relate only to that part of the State located in the Kansas City district. 1 Banks in actual operation. Figures prior to March, 1925, represent number of banks as shown by the •capital stock records. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 5,—EARNINGS AND EXPENSES OF FEDERAL RESERVE BANK [Figures originally published have been regrouped where necessary in order that data for all years may be on a comparable basis] 1914-15 1916 1917 1918 1919 1920 1921 1922 1923 1924 1925 Total EARNINGS Discounted bills $64,649 $84, 572 $438, 831 $2, 643,113 $3,888,839 $6,441,476 $5,134,004 $1,492, 657 $1, 793, 861 $859, 534 $362,177 $23,203,713 Purchased bills 7,832 29, 601 171,112 157,983 340,875 211,975 49,148 8,828 29,361 158, 580 538,179 1, 703,474 United States securities 20, 631 186,411 256, 792 312,443 405,400 505,539 382,855 1,408, 738 971,271 947,929 1,117,964 6, 515,973 Municipal warrants 9,575 14, 366 5,137 1,476 329 2,066 32,949 Deficient reserve penalties 37,396 99,929 106, 705 238,425 126,434 47,215 37,374 36,380 24, 544 754,402 Net service charges received 15, 241 46, 710 23,493 85,444 Miscellaneous _ i£13 50,017 46, 682 214, 975 219,663 12, 572 18, 941 136,893 159,986 260,487 267,121 1,387,124 Total earnings - 102,474 380, 208 1,002,660 3,451,936 4,961, 482 7, 409,987 5,712,858 3,094, 660 2,993,919 2,262,910 2,309,985 33,683,079 CURRENT EXPENSES [Exclusive of reimbursable fiscal agency expenses] Salaries: Bank officers $28,821 $25,973 $37,782 $68, 045 $91, 604 $116, 274 $160,543 $161, 530 $161,747 $161,144 $154,927 $1,168,390 Clerical staff.... 34,915 40, 223 67,404 453, 258 794, 286 1, 051,627 957,883 821,310 743,286 654,134 5,807,006 Special officers and watchmen 2,454 805 1,419 5,609 14,423 25,275 45, 976 62, 918 76,369 75,182 63,050 373,480 Allother 138 1,599 1,068 784 11, 698 35, 694 55,097 107,316 148,210 153, 548 164,167 679,319 Governors' conferences 924 1,245 665 430 498 626 620 512 589 613 519 7,241 Federal reserve agents' conferences 717 423 328 361 121 211 250 261 267 279 3,218 Federal Advisory Council 357 306 370 270 300 330 410 460 707 442 780 4,732 Directors' meetings 12,459 9,718 11,828 18, 488 18, 275 19, 532 25,823 25, 604 25,850 26, 276 24, 520 218,373 Traveling expenses 2. .- 515 633 1,203 2,426 13, 959 28,085 28, 705 17, 941 14,999 14,473 13,915 136,854 Assessments for Federal Reserve Board expenses --- 15,808 10, 575 13,118 17, 998 28,151 34, 221 32,749 32, 230 30,296 27,972 28,484 271,602 Legal fees. I 1,501 600 775 1,225 1,825 2,543 6,769 6,911 6,040 7,881 45,418 Insurance (other than on currency and j security shipments) - i 1,354 1,306 2,396 6,174 21, 452 32, 656 45,360 31, 745 36, 655 35,057 250,357 Taxes on banking house j -- 768 •13,654 15,495 76,594 ! 73, 662 70,501 250,674 Light, heat, and power ! 1,241 1,118 1,4 2,523 4, 546 i 5,720 7,781 28, 253 44,288 i 42,093 37,012 176,064 R Re e p n a t i .. r s and alterations, banking - house ' ! 9,626 8,801 'Yo',1 26,283 43,328 5 2 6 , , 7 6 7 9 7 6 6 7 3 , , 0 96 8 4 8 2 1 5 8 , , 8 7 8 8 3 6 2 5 4 5 , ,0 1 0 4 7 3 ! | 2 6 2 9 , , 9 3 8 0 6 0 2 31 6 , , 7 7 9 5 8 9 3 1 1 9 2 1 , , 3 81 0 4 0 Telephone j 607 506 836 2,481 3,734 5,627 10,984 9,127 7,850 i 7,760 7,281 56,793 Telegraph J 572 352 565 4,455 12,233 37,310 77, 611 73,831 71,53Q I 67,709 C(),678 4Q6,846, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

P E o x s p t r a e g s e s age .__, 10,3 1 4 0 7 3 10,8 8 5 2 1 5 26 1 , ,2 3 3 82 4 60,9 4 7 6 4 6 3 108,312 ! 175,076 184,179 156,451 14 9 2 , , 4 08 6 3 8 14 9 0 , , 5 9 3 7 1 5 1 U 3 ' 4 1 ,9 74 8 1 1 1 | 1,249,658 Insurance on currency and security shipments I 16,705 17,057 17,394 15,090 | Printing and stationery. 9,172 4,361 10,447 25,370 49,782 94, 787 65,507 45,300 45,216 34,867 26,335 411,144 M Of i f s ic c e e l a la n n d e o o u th s e e r x s p u e p n p se li s e s _ } 18,814 4,422 17,932 53,950 40,881 48,045 3 84 9 , , 2 4 4 7 0 5 | 5 3 2 2 , , 4 5 0 0 8 1 3 5 7 0 , ,4 4 4 9 9 0 2 5 6 2 , , 3 0 0 6 5 0 2 5 5 2 , , 8 9 7 1 2 1 j 1 \ / Total, exclusive of cost of currency... 150>445 124,642 207,802 486,959 918, 620 1, 516, 449 2,008,373 I 1,880,040 1,903, 755 1, 813,848 1, 648,105 12,659,038 federal reserve currency (including shipping charges): Original cost,. 13,805 21,072 91,187 104, 559 131,339 97, 477 124,491 64,990 9,075 43, 596 70,202 771,793 Cost of redemption __ 3, 775 6, 743 16, 510 34, 420 32,054 28,077 11, 749 8,643 9,136 151,107 Taxes on Federal reserve bank-note circulation 5,155 17,111 44,257 65,310 81, 526 62,938 37, 713 3,540 317,550 Total current expenses_ 164,250 150,869 319,875 642, 518 1,131,779 1,729, 872 2, 227,856 2,010, 820 1?928,119 1,866,087 1,727,443 13,899,488 PROFIT AND LOSS ACCOUNT O H Earnings ._ $102,474 $380,208 $1,002,660 $3,451,936 $4,961,482 $7,409,987 $5, 712,858 $3,094,660 $2,993,919 $2,262,910 $2,309,985 $33,683,079 Current expenses 164,250 150,869 319,875 642, 518 1,131, 779 1, 729, 872 2, 227,856 2,010, 820 1,928,119 1,866,087 1, 727,443 13,899,488 f Current net earnings « 61,776 229,339 682,785 2,809, 418 3,829, 703 5, 680,115 3, 485,002 1,083,840 1, 065,800 396, 823 582,542 19,783,591 Additions to current net earnings: > Withdrawn from reserve for depreciation on United States bonds 147, 846 38, 605 38,499 168 225,118 All other.... 103 1,040 3,826 63,460 4,547 18,019 13,232 104,227 Total additions 147,949 1,040 42,431 101,959 4,547 18,187 13,232 329,345 CO Deductions from current net earnings: o Bank premises—depreciation 100,000 87,576 337,810 393, 983 628,468 262,887 1,810,724 Furniture and equipment 5,000 4,350 40, 794 46, 710 54, 290 128,088 183, 761 60,128 60,379 36,408 38,569 658,477 H Reserve for probable losses 200,000 128,086 328,086 Reserve for depreciation, United States bonds ._ . 220,734 11,579 12,178 244,491 Allother 75,587 4,226 807 4,825 128,010 3,316 11,397 228,168 Total deductions 5,000 4,350 116,381 371, 670 54,290 140,474 471,337 402,763 722, 636 668,192 312,853 3,269,946 1 Debit. 2 Other than those connected with governors' and agents' conferences and meetings of directors and of the advisory council. 3 Includes cost of coin bags, etc. 1 Included with "Miscellaneous expenses." 6 Excess of expenses. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 5.—EARNINGS AND EXPENSES OF FEDERAL RESERVE BANK—Continued 00 1914-15 1916 1917 1918 1919 | 1920 1921 1922 1923 1924 1925 Total PROFIT AND LOSS ACCOUNT—Continued Deductions from current net earnings—Con. Net deductions from current net earnings __ $5,000 $4,350 $116, 381 $371,670 e $93, 659 $139,434 $428, 906 $300,804 $718,089 $650,005 $299, 621 $2,940,601 Net earnings... « 66, 776 224,989 566,404 2,437,748 3,923,362 5, 540,681 3,056, 096 783, 036 347, 711 ? 253,182 282,921 16,842,990 I Distribution of net earnings: Dividends paid _ . 66, 707 364, 503 309, 729 228, 755 257,672 268,620 275, 655 275,313 265, 697 258,426 2, 571,077 Transferred to surplus account 2,421,426 3,694, 607 3,042, 781 486,918 8 -157, 432 7,240 9-518,879 2,450 8,979,111 Franchise tax paid United States Government 2, 240, 228 2, 300, 558 s 664,813 65,158 22,045 5,292,802 Balance to profit and loss -66, 776 158,282 201, 901 -293, 407 REIMBURSABLE EXPENDITURES OF FISCAL AGENCY DEPARTMENT Salaries: Officers $7,750 $9, 750 $6,142 $23,642 Employees $33,006 $129, 561 390,052 326,062 183,372 $107, 952 $146,613 $37,430 $15, 340 1,369,388 All other 81,166 655,228 354, 242 136, 925 63,990 25,411 18, 744 2,498 2,231 1,340,435 Total 114,172 784, 789 752,044 472, 737 253,504 133,363 165,357 39,928 17,571 2,733,465 8 Excess of expenses. i 9 Net additions. 7 Deficit in earnings before payment of dividends. 5 * 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 for 1922 were $50,738 and $456,643, respectively. 9 Deficit in earnings after payment of dividends, charged to surplus account. w o Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DISTRICT NO. 10—KANSAS CITY 469 No. 6.—VOLUME OF OPERATIONS IN PRINCIPAL DEPARTMENTS 1925 1924 1923 NUMBER OF PIECES HANDLED Bills discounted: Applications 4,484 8,404 11,841 Notes discounted _ 28,883 55, 574 67, 667 Bills purchased in open market for own account .. 8,825 3,574 150 Currency received and counted _ 51, 355, 000 48, 618> 000 48, 265,000 Coin received and counted.. _ _._ 63, 559,000 63, 203,000 66,188,000 Checks handled _ ... 68,302,000 i 61, 976,000 58, 566,000 Collection items handled: United States Government coupons paid 1, 961,000 2,141,000 2,863,000 Allother. 265,000 281,000 238,000 United States securities—issues, redemptions, and exchanges by fiscal agency department 385, 000 894, 000 i 9,032,000 Transfers of funds.._ 122,000 119,000 113,000 Envelopes received and dispatched 3, 732,000 4,028,000 4,173,000 AMOUNTS HANDLED Bills discounted $298, 936, 000 $227, 744,000 $901,126,000 Bills purchased in open market for own account 111,110,000 50, 625, 000 2,016,000 Currency received and counted 256, 839, 000 243, 905,000 256,300,000 Coin received and counted 12,143,000 10,800, 000 10, 257,000 Checks handled 11,061, 946,000 9, 786,001,000 8,817,168,000 Collection items handled: United States Government coupons paid. 18, 658, 000 18, 060,000 20, 684,000 Allother 234, 036,000 230,103,000 193, 652,000 United States securities—issues, redemptions, and exchanges by fiscal agency department.... 146,543,000 161,889,000 317,045,000 Transfers of funds _ 5,075,401,000 4,358,822,000 3,189,812,000 1 Large total 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 It b t e r a m ic n t s k s i d n r a o w w n n d o i n s- Ite s o t m h e th r e s y i e r e f r o b F r b w r e a a d a n n r e k c d r h s e a e d l a s n r t e d o - Ite T U m r n e i s t a e s d d u ra S r w t e a r n t e o s o n f Total * Number Amount Number Amount Number Amount Number Amount 1925 January.. _ __ 4,947 793,003 257 64,206 142 18, 652 5,346 875,861 February ... 4,712 691, 344 227 54, 284 130 16, 317 5,069 761,945 March 5,353 844, 414 254 61, 928 187 22, 001 5,794 928,343 April 5,062 769, 765 245 55,108 227 19, 526 5,534 844,399 May 4,817 712, 491 229 48, 552 174 16, 738 5,220 777, 781 June 5,284 801, 797 253 56, 050 152 17, 938 5,689 875, 785 July. 5,174 832, 902 265 54, 971 144 23,814 5,583 911, 687 August 4,921 772,017 253 54, 584 143 17, 889 5,317 844,490 September 5,013 813, 923 57, 443 190 21, 574 5,467 892,940 October 5,532 942,485 265 65, 316 232 23, 897 6,029 1,031, 698 November 5,194 841,412 241 57, 715 181 20, 918 5,616 920,045 December •_. 6,012 936, 389 283 62, 699 160 24, 588 6,455 1,023,676 Total: 1925 62,021 9, 751, 942 2 3, 036 2 692, 856 2,062 243, 852 67,119 10, 688, 650 1924.... 55, 711 8,447, 545 2 2, 969 2 666, 663 2,043 258, 577 60, 723 9,372, 785 1923.... 50,809 7, 460,856 2 4, 068 2 721, 760 2,007 227, 705 56, 884 8,410,321 Exclusive of duplications on account of items being handled by both the parent bank and one of its branches, or by two of its branches. 2 Includes items forwarded direct to drawee banks in other districts as follows 1925—3,432 items $2,560,000; 1924—5,000 items, $3,132,000; 1923—12,000 items, $4,024,000. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

470 ANNUAL REPORT OF THE FEDERAL. RESERVE BOARD No. 8.—CLEARINGS AND TRANSFERS THROUGH THE GOLD SETTLEMENT FUND [In thousands of dollars] Payments to Receipts from Week ending— other Federal other Federal Net loss Net gain reserve banks reserve banks 1925 Jan. 7 96,207 91,058 5,149 14 95. 582 93 204 2 378 21 . 105,984 106,866 882 28 90,668 89,835 833 Feb 4 . . 95, 907 101, 212 5,305 11 98,132 92, 682 5,450 18 92,429 91, 401 1,028 25 79,829 81,447 1,618 Mar. 4 : 106,018 103, 599 2,419 11 100, 947 98,854 2,093 18 104,437 106,027 1,590 25 106,122 102, 234 3,888 Apr 1 97, 723 99, 384 1,661 8 89, 229 85,481 3,748 15 89,304 89, 577 273 22 93, 703 91,691 2,012 29 . 92, 552 89,726 2,826 May 6 88, 405 87, 436 969 13 . -. . 91,887 ,9,339 12,548 20 100, 934 93, 615 7,319 27 91, 292 89, 555 1,737 Jane 3 83, 537 86,436 2,899 10 . . _ 95,438 100, 396 4,958 17 111, 864 111,954 90 24 . _ 99,315 100, 392 1,077 July 1 - - 102,161 104, 645 2,484 89 682 86 766 2 916 15 104 942 100, 594 4,348 22 - . 99, 884 106,354 6,470 29 97,828 96, 775 1,053 Aug. 5 ..- . . 91,468 91, 465 3 12 96,126 97, 051 925 19 98,193 97, 207 986 26 * - - 90, 554 91,464 910 SeDt 2 97, 039 88,084 8,955 P 9 75, 905 81, 268 5,363 16 106, 757 102, 242 4,515 23 117,891 115,181 2,710 30 108, 553 102,924 5,629 Get. 7 107, 091 101,419 5,672 14 96,455 93,441 3,014 21 . _ . 123,189 119,474 3,715 28 112, 276 106, 356 5,920 Nov. 4 106,463 98,962 7, 501 11 85, 264 89,166 3,902 18 . . 110,952 117,071 6,119 25 104, 275 102, 776 1,499 Dec 2 88,810 93, 778 4,968 9 101, 282 105,144 3,862 16 _ 115,892 114,591 1.301 23 131, 802 134,140 2,338 30 93, 536 99,476 5.940 31 (one day) 18, 766 18,576 190 Total: 1925 5,170,481 5,119,791 50, 690 1924 4, 705,157 4, 705, 710 553 1923 4,367, 576 4, 329,327 38,249 Net loss in ownership of gold since establishment of fund in 1915, $65,833,000. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. §.—REPORTING MEMBER BANKS IN LEADING CITIES: PRINCIPAL RESOURCES AND [In thousands of dollars] 6b REPORTING MEMBER BANKS IN TWELVE CITIES 1 Investments Borrowings from Loans and discounts Net demand deposits Time deposits Federal reserve bank Last report date in— United States securities All other 1925 1924 1925 1924 1925 1924 1925 1924 1925 1924 1925 1924 2 January... 440,650 419, 486 75, 053 72,147 55, 638 488,875 397,178 135, 879 130,472 132 19, 738 February.. 452,429 414,488 92,137 70, 947 71, 846 55, 217 494, 044 404, 223 140, 751 131,135 658 11,753 March 462,171 415, 597 93,904 69,998 72, 355 54,473 500, 321 408, 461 136,991 131, 363 439 6,191 O April 432, 668 412,780 94,723 68, 565 74, 787 55, 519 472,642 395,853 138,146 130,808 2,744 10,666 J M u a n y e. 4 4 2 2 7 5 , , 5 83 7 1 0 4 4 1 0 0 3 , , 1 5 5 1 1 1 9 95 3 , , 4 3 4 4 9 0 6 67 9 , , 1 2 0 9 7 9 7 7 6 4, , 0 8 9 5 9 0 5 5 7 7 , , 3 30 7 0 7 4 47 6 8 8 , , 1 5 7 1 5 0 3 40 9 2 8 , , 5 7 9 7 1 6 1 1 3 3 8 8 , , 3 5 7 7 1 0 1 13 3 5 3 , , 9 5 3 7 2 1 1, 9 78 05 1 9 4 , , 2 7 5 7 1 2 p3 July 453,154 402, 361 95, 899 71, 872 76, 627 58,388 502, 850 414,930 140,104 135, 054 1,257 1,277 i August 456, 409 402, 638 96, 072 74, 611 79, 471 59,905 514, 072 423, 073 140, 753 135, 526 1,317 931 September 436, 418 406,776 100, 259 81, 138 80, 412 65, 208 503,720 442, 886 138, 028 135, 756 3,168 764 October. __ 430, 758 417,924 93, 061 79,180 67, 802 459,137 465, 736 156, 077 134, 401 7,849 452 November. 444, 798 422, 364 91, 529 87, 288 77, 836 71, 657 476, 054 473, 927 144, 200 135, 428 13,396 627 December. 429,176 436,365 97, 035 82, 041 78, 073 72, 945 483, 953 483, 386 141, 394 133, 412 8,218 102 REPORTING MEMBER BANKS IN KANSAS CITY « January. __ 136,453 126, 678 32,181 23, 796 13, 568 11,244 171, 708 138,185 13, 464 11, 942 5,836 Q February- 142, 614 125,138 32, 088 20, 337 14, 294 10, 687 174,993 137, 315 13, 583 12, 763 3,728 3 March 144, 310 125,786 32, 639 19, 674 13, 620 11,064 171, 800 137, 686 13, 733 12,874 1,343 April 123, 743 125, 647 32, 552 19, 257 15, 369 10, 577 153, 548 132, 560 14, 228 12,825 46 3,382 May 122, 524 123, 206 31,946 20, 018 14, 909 11, 802 151,116 133, 592 14, 221 13,176 250 4,311 J line 122,151 122, 026 33, 813 21,047 15, 655 11,411 155, 708 135,805 14,692 13,145 101 1,470 July 131, 369 126, 432 35,419 22, 068 16, 752 11, 777 174,483 148,651 14, 976 13, 047 253 August 131, 716 126, 975 35, 601 24, 206 17, 255 11, 809 173, 772 148,160 15, 058 13,115 114 September 131, 352 128,474 39, 674 30, 525 17, 513 13, 037 168, 446 158, 897 14,997 12, 894 207 October... 125, 700 130, 654 32, 929 31, 764 17, 520 13, 945 141, 411 168, 251 35, 087 13.149 1,062 November 130, 065 130,159 32, 237 34, 036 15, 785 14, 473 154, 608 168, 518 23,505 13.150 3,191 December. 129, 821 136,176 33, 767 26, 664 16, 790 13, 558 156, 443 168, 467 25, 269 13, 465 2,774 1 Figures are for about 67 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. 2 Figures are for about 14 banks in Kansas City which submit weekly reports to the Federal reserve bank. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

472 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No. 10.—ALL MEMBEE BANKS—NET DEMAND AND TIME DEPOSITS, BY SIZE OF CITY [In thousands of dollars] Net demand deposits Time deposits Banks in cities and towns having a Banks in cities and towns having Date population of— a population of— Total Total t 5 L h , e 0 a 0 s n s 0 5 1 ,0 4 0 ,9 0 9 t 9 o 15 9 , 9 0 , 0 9 0 9 9 to 10 o a 0 v n , e 0 d r 00 t 5 L h ,0 e a 0 s n s 0 5 1 ,0 4 0 ,9 0 9 t 9 o 1 9 5, 9 0 , 0 9 0 9 9 to 10 o a 0 v n , e 0 d 0 r 0 1923 Apr. 25 799,519 194,964 127,085 182, 263 295,207 291,868 91,539 57,876 60, 621 81,832 May 23 782,763 191,703 125, 237 178,983 286,840 295,432 91,394 57, 737 63,240 83,061 June 27 783,547 192,194 128,071 181, 747 281, 535 299, 657 93,661 58,110 62,857 85,029 July 25 772,340 189,070 122,497 172, 644 288,129 303, 778 96, 637 58, 640 65, 758 82, 74a Aug. 29 779, 087 188,318 124, 249 170, 854 295, 666 305,068 95,079 60, 476 65, 725 83,788 Sept. 26 769,068 188, 619 125, 264 169, 622 285,563 301, 271 94, 229 57,524 65,200 84,318 Oct. 24 752,307 190,143 123,416 164,625 274,123 300, 572 93, 313 57, 593 64,801 84,865 Nov. 28 740,856 191,071 119,187 159, 520 271, 078 297,996 91,196 56, 573 63, 552 86, 675 Dec. 26 747,800 194,430 121, 654 162,319 269,397 291,136 89,477 55, 345 59,860 86,454 1924 Jan. 23 739, 111 187,947 117,443 162, 524 271,197 293, 686 90, 502 56,402 62,146 84,636- Feb. 27 739,231 184, 518 115,273 164,015 275,425 292,437 89,062 56,998 61, 808 84, 569 Mar. 26 738,708 180, 311 115, 756 168,465 274,176 293,369 89, 224 57,347 62, 547 * 84, 251 Apr. 23 719, 296 175,935 114,371 166, 404 262, 586 293, 682 90,065 57,026 61,934 84,657 May 28 714,321 172,858 106, 633 163, 881 270,949 296, 659 89, 617 57, 630 63, 541 85, 871 June 25 727, 746 175,360 115,325 165,127 271,934 297, 679 89, 677 56, 683 63,898 87,421 July 23 729,803 177,389 109,621 160, 791 282, 002 298,465 91,447 55, 618 65,934 85,466 Aug. 27 756,814 186, 608 111, 858 169,191 289,157 299, 705 91, 734 56, 574 66,990 84,407 Sept. 24 786, 470 192,074 114,239 173, 574 306, 583 299, 667 92, 789 55,498 67, 313 84,067 Oct. 29 830,032 210, 385 116,497 181, 955 321,195 298,851 92,900 55, 578 67, 763 82,610 Nov. 26 848, 388 217,174 118,107 190, 514 322, 593 300,293 92,287 56,637 67,843 83,526 Dec. 24 858,629 219,141 119,434 197, 484 322, 570 296,288 90, 663 55,848 66,394 83,383 1925 Jan. 28 861,150 212,317 118,837 200,172 329,824 300,970 93,429 55, 749 67, 772 84,020 Feb. 25 871, 625 214,172 118, 389 205,325 333, 739 302, 798 94,056 56, 509 67,542 84,691 Mar. 25 872, 756 210, 564 119, 730 211,530 330,932 305, 752 94, 746 57,405 68,145 85,45& Apr. 22 838,824 200, 559 119,106 199, 460 319, 699 307,175 96,158 57,620 69,832 83,565 May 27 824, 391 195,890 119, 500 199,859 309,142 309,873 96, 302 57, 896 71, 714 83,961 June 24 836,559 197,033 119, 573 207,335 312, 618 309,948 96, 543 58,073 71, 308 84,024 July 29 — 864,546 199,050 121,504 207,217 336, 775 311,108 97, 757 58,757 68, 321 86,27a Aug. 26 884, 027 198, 600 124, 793 220, 748 339,886 315,444 97, 205 58, 535 72,513 87,191 Sept. 23 867,688 202, 207 123, 387 215, 236 326, 858 311, 337 96,343 58,125 71,092 85, 777 Oct. 28 837, 559 208,311 123,413 208,061 297,774 326,890 95,308 57, 255 70,309 104,018 Nov. 25.- 847,480 211,130 121,375 211,975 303,000 313,791 94,242 56,534 71,651 91,364 Dec. 23 870,557 214,183 123,779 220, 497 312,098 306,105 92,435 55,767 68,812 89,091 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DtSTKICT NO. 10—KANSAS CITY 473 No. 11.—DEBITS TO INDIVIDUAL ACCOUNTS [In thousands of dollars. For explanatory note see p. 191] Total for 14 centers * Atchison, Kans-* Bartlesville, Okla. Month 1925 1924 1923 1925 1924 1923 1925 1924 1923 January 1,211,359 1,003,759 1,202,253 7,266 5,937 6,823 12,782 17,203- February.., 1,024,111 937,931 996,426 6,076 5,629 5,657 12,079 9,623 10,486 March 1,169,701 1,020,873 1,199,481 6,943, 6,155 6,090 18, 951 12,457 13,748 April 1,110,810 1,012,890 1,130,015 6,210 5,831 6,208 13,109 10,203 15,229 May 1,089,204 1,000,236 1,142,172 5,720 5,618 6,338 13,918 12,372 13,117 June _ 1,210,741 963,496 1,155,879 6,471 5,616 6,243 19,818 14,546 11,892 July_ , 1,241,009 1,070,984 1,081,943 6,538 6,720 5,863 16,741 14,565 11,412' August 1,173,827 1,083,918 1,106,154 7,052 5,913 17,277 15,582 9,090 September- 1,154, 720 1,097,173 1,069,497 5,772 6,203 5,509 15,765 14,395 8,422 October 1,266,353 1,216,807 1,159,741 7,255 6,421 6,384 16,212 10,699 9,247 November. 1,128,082 1,062,890 1,053,147 P., 305 6,054 6,353 14,232 11,720 8,389" December _. 1,291,733 1,189,358 1,082,885 6,698 6,806 6,094 21, 743 15,480 10,059* Total 14,071,650 12,660,315 13,379,593 77,952 74,042 73,475 192,627 150,623 138,294 Casper, Wyo.* * Cheyenne, Wyo.* Colorado Springs, Colo. Month 1925 1924 1923 1925 1924 1923 1925 1924 1923 January 13,098 14,376 15,906 6,726 10,633 13,933 15,798 12,504 11,696 February.. 11,241 11,793 13,677 5,542 8,551 10,976 12,425 12,162 10, 797 March 11,673 11,840 16,182 7,316 9,481 8,893 14,368 13,206 14,033 April , 12,599 12,040 16,661 6,486 8,901 9,752 13,141 12,135 12,207 May 14,749 13,752 17,610 5,978 8,518 9,504 14,017 11,777 12,859 June 14,835 13,269 20,349 7,252 9,137 10,012 17,897 11,708 13,022 July 14, 671 14,960 20,195 8,054 7,892 8,424 16.879 13,051 11,687 August 13,900 12,550 20,387 7,128 11,250 16,675 13,749 13,452 September. 12, 631 14,150 16,171 7,141 8,518 9,265 15.880 13,184 12,252 October 13,126 18,471 16,538 9,736 9,965 12,368 16,390 13,859 12,145 November. 10,683 16,027 14,951 8,341 9,223 12,063 15,526 12,945 12,159 December.. 11,235 14,583 14,052 7,896 9,076 11,334 16,402 14,397 13,637 Total. 154,441 167,811 202,679 87,596 108,578 127,774 185,398 154,677 149,946 Denver, Colo. Enid, Okla.* Fremont, Nebr.* Month 1925 1924 • 1923 1925 1924 1923 1925 1924 1923 January 183,608 159,961 169,737 12,749 9,819 13,273 3,658 3,277 3,856 February... 153,429 146,341 140, 669 14,807 8,857 11,849 2,973 2,901 3,908 March. ___. 170, 415 176, 780 169,830 13,734 9,471 13,792 4,078 3,446 5,357 April 175,935 168,635 158,398 12,692 10,722 13,066 3,464 3,511 3,919 May__ 170,321 154,249 166,013 14,697 10,344 12,854 3,748 3,526 3,625 June 186,014 153,272 166,127 14,986 10,531 12,400 3,867 3,269 3,856 July... 173, 713 162,820 152, 532 19,850 17,165 17,197 4,250 3,450 3,360 August 174,362 165,612 163,029 14, 749 15,837 15,180 3,300 3,188 3,255 September . 178,132 165,938 166,607 13,818 13,728 10, 639 3,688 3,321 3,346 October 201,012 183,552 175,004 14,598 14,305 10,547 3,756 3,730 3,696 November. 173, 524 160,478 159,668 14, 095 12,742 10,308 3,190 2,957 2,926 December.. 189,065 179,857 163,194 17,093 13,286 10,428 3,586 3,082 Total 2,129,530 1,977,495 1,950,808 177,868 146,807 151,533 43,558 39,462 44, 1 Figures for cities marked with an asterisk (•) are not included in the district summary or in the national summary of 141 centers. * Figures for 1923 include debits to accounts of banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

474 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No. 11.—DEBITS TO INDIVIDUAL ACCOUNTS—Continued [In thousands of dollars] Grand Junction, Colo.* Guthrie, Okla.* Hutchinson, Kans.* Month 1925 1924 1923 1925 1924 1923 1925 1924 1923 January 3.250 2,594 2,762 3,313 3,461 3,724 16,407 10,085 14,646 February... 2,534 2,302 2,184 3,243 3,016 2,926 14,899 9,235 11,669 March 3,089 2,891 3,039 3,500 3,029 3,748 13.486 8,234 11,987 April 3,089 2,635 2,661 2,986 2,663 3,169 11,438 6,703 11,584 May 2,958 2,821 2,958 2,838 3,190 3,399 11,683 10,852 June 3,053 2,749 3,252 3,086 2,873 3,117 14,835 11,057 July 3,083 2,720 2,518 4,748 3,145 3,092 19,956 13,345 August 3,350 2,953 2,812 2,842 2,456 3,046 16,513 17,689 12,975 September _ 3,837 3,645 2,999 3,395 2,785 2,934 12, 588 18, 557 10,056 October 4,401 4,211 3,433 4,610 4,200 3,398 13, 689 18,882 11,451 November. 4,198 3,590 3,457 4,051 3,497 3,542 14,116 14,845 10,087 December.. 3,973 3,715 3,359 4,449 3,679 4,310 15,343 16,068 10, 536 Total 40,815 36,826 35,434 43,061 I 37,994 40,405 174,953 120,298 140,245 Independence, Kans.* Joplin, Mo. Kansas City, Kans. Month 1925 1924 1923 1925 1924 1923 1925 1924 1923 January 10,458 7,772 10, 294 18, 699 13,912 13,854 20.395 19,425 22,728 February... 9,213 7,721 7,796 15, 748 14,164 13,177 17, 642 18,480 14,774 March 9,764 8,797 12,064 16,864 15, 768 16, 413 19, 014 19,190 18, 671 April 10, 730 8,334 10, 435 16,804 15,890 15, 215 19, 558 19, 043 19, 659 May 9,592 8,804 11,026 15,173 13,964 14,419 19, 070 19, 608 19, 208 June —. 11,221 8,950 12,987 17, 319 12.510 14,320 20, 685 19,425 21, 214 July 11,804 9,361 10,965 16, 281 12,776 11.304 22,840 22,172 20,452 August 10,847 6.975 8, 573 16, 663 13,847 12,717 18, 674 19,152 21, 096 September. 10, 539 8,330 7,694 18,601 13,949 14,169 19,392 18,419 19,414 October 11, 347 7,751 8,740 18, 901 15,941 14, 543 20,142 20,757 22,117 November- 9,270 8,044 8,872 18,464 14,376 13,060 19,469 17, 517 18, 540 December.. 10, 702 9,115 8,500 20,869 15,882 14,729 20, 274 20,370 21,390 Total 125,487 99,954 j 117,946 210, 386 172,979 167,920 237,155 233, 558 239,263 Kansas City, Mo. Lawrence, Kans.* Lincoln Nebr.* Month 1925 1924 1923 1925 1924 1923 1925 1924 1923 January 369, 795 312,956 365,511 5,276 4,610 4,550 31,882 February... 319, 227 292,334 301,282 4,919 4,137 3,768 30,158 23,801 March 367, 593 302,200 359,268 5,461 4,502 4,460 34, 390 April 352,484 302,981 341,194 5,054 4,^54 4,453 30,996 26,125 May_ 336,553 301,202 344, 277 4,934 4,578 4,362 32,130 27, 241 June ._. 370, 746 285,260 352,628 5,645 4,710 4,831 32,419 26, 291 July 410,875 343,600 325,668 5,822 4,648 4,183 32, 397 29, 543 August 384,804 370,572 366,570 5,009 4,244 4,145 29,443 27, 734 September. 365,025 376,348 351,015 5,125 4.484 3,753 32, 573 28,606 October 410,806 409,473 363,131 5,968 5,569 5,158 32,909 30,863 November.. 370,126 355,566 351,725 5,138 4,842 4,578 30,326 25,606 December.. 406,634 383, 256 353,419 5,922 5,566 5,568 33, 563 29,497 Total 4,464,668 4,035, 748 4,175, 688 64, 273 56,244 53,809 383,186 303,989 McAlester, Okla.* Muskogee, Okla.1 Oklahoma City, Okla. Month 1925 1924 1923 1925 1924 1923 1925 1924 1923 January 5,359 4,939 4,848 17, 390 13,929 30, 742 69,709 83,282 February... 4,537 4,553 3,444 11,454 11,417 22,408 76,008 64, 596 71,419 March 4,020 4,027 4,085 12, 203 11, 700 27,344 89, 591 91, 356 April 3,769 4, 431 3,761 11,315 11, 202 26, 402 82,987 68, 600 76, 722 May 3,589 4,169 4,347 11, 279 11, 657 23, 767 85, 050 72,991 80, 969 June 4,054 (2) 3,764 11, 636 10, 569 25,167 85, 585 70,084 85, 200 July 3,708 3,924 11,640 11, 533 23, 553 87, 564 73,976 78, 507 August 3,552 4,121 10,174 9,807 21, 340 77, 728 70,161 74, 843 September. 4,977 4,094 12,329 10,044 22, 286 80, 566 76,958 68, 520 October 6,119 () 4,493 16,041 16, 434 31,718 92, 817 95, 208 76, 729 November.. 5,275 5,112 4,412 13, 481 15,080 27,062 88, 523 85, 497 77, 890 December.. 6,074 5,007 5,276 14, 675 17,329 15, 845 100, 707 98, 579 73, 783 Total. 55, 033 32,238 50, 569 153, 617 150,701 297,634 1,036, 215 913, 254 939, 220 1 Figures for Muskogee prior to December, 1923, include debits to accounts of banks. 2 Comparable figures not available. Figures for cities marked with an asterisk (*) are not included in the district summary or in the national Digitized fosru FmRmAaSryE oRf 141 centers. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DISTRICT NO. 10—KANSAS CITY 475 No. 11,—DEBITS TO INDIVIDUAL ACCOUNTS—Continued [In thousands of dollars] Okmulgee, Okla.* Omaha, Nebr. Parsons, Kans.* Month 1925 1924 1923 1924 1923 1925 1924 1923 January 10,971 7,281 10, 513 214,829 174, 277 216, 862 3, 252 3,032 4,278 February... 11,643 6,578 8, 588 185, 459 163, 578 181, 285 2,607 2,426 3,639 March 12,368 7,244 10, 793 209, 057 188, 711 226,919 3,160 2,778 4,402 April 11,971 8,021 10, 354 190, 357 182, 605 210, 511 2,985 3,004 3,437 May 10, 404 8,194 •• 9, 433 197,108 178, 799 211, 557 3,081 3 106 June 11, 655 8,093 9, 721 211, 739 173, 035 211, 572 3,412 2,993 3,581 July.. 10,099 7,929 8,293 210,835 180, 648 200,199 3,562 3,323 2,984 August 9,627 7,240 7,911 206,507 189, 407 202, 406 3,006 3,146 3,015 September. 10,101 7,294 6, 026 204,073 198, 716 200, 377 2,960 2,890 2, 757 October 12, 376 8,104 6,126 216,741 213,490 230, 670 3,392 3,220 2,916 November.. 10,178 7,674 5,607 184,315 172, 474 178,139 3,003 2,731 2,994 December.. 12,910 9,582 7, 643 206,048 191,062 185, 236 3,617 3,151 3,135 Total. 134, 303 93,234 101,008 2, 437,068 2, 206, 802 2, 455, 733 37, 854 35, 775 40,244 Pittsburg, Kans.* Pueblo, Colo. St. Joseph, Mo. Month 1925 1924 1923 1925 1924 1923 1925 1924 1923 January. 6,352 6,054 6,848 21; 332 18,414 17, 272 77, 324 66,409 69, 737 February. -. 6, 311 5,735 5,743 16, 392 19,104 11,983 58,205 55, 552 60, 530 March ! 6,217 5,639 6,285 2i;028 15, 477 16, 939 62, 287 •59,997 66, 543 April 1 5, 757 5, 349 5,749 21; 310 19, 839 18, 925 54, 737 59,134 63, 675 May • 5, 757 5,476 & 459 18, 343 17,325 16,412 55,105 67,062 67, 616 June 6,200 5, 224 6,561 20> 270 17, 773 17,126 64, 900 56,181 59,687 July 6, 422 5, 544 6; 028 20j 064 19, 621 15,930 63, 486 55, 019 54, 627 August ! 5, 815 5,527 6619 19,184 15, 740 16, 502 62, 734 58, 553 56, 686 September. 5,991 5,202 5,818 16, 924 15, 325 16,136 55, 514 56, 718 59,405 October 6, 336 6,175 6,531 20, 065 21, 691 18, 064 62, 873 67, 252 62, 569 November.. 6,320 5,300 5,970 23, 266 27, 581 20, 848 56,151 58,119 59,377 December.. 7, 662 6,164 6,774 27,999 24, 347 24,150 68, 522 70,414 58, 919 Total. 75,140 67,389 75, 385 246,177 232, 237 210, 287 741, 838 730,410 739,371 Topeka, Kans. Tulsa, Okla. Wichita, Kans. Month 1925 ! 1924 1923 1925 1924 1923 1925 1924 1923 January 22, 546 17, 212 16,948 89,010 74,353 115, 250 58, 762 41,717 51,431 February. . 17,426 14, 704 14, 287 86, 508 78, 890 99,943 42,109 36,986 43,386 March 17,384 14, 892 17, 764 108, 562 87,180 114, 205 42,384 36,420 46, 448 April 17, 024 15,912 16, 252 102,004 88, 681 111,171 40, 045 38,030 44, 455 May 15, 209 14, 293 15, 813 98,743 90,905 112, 216 39, 315 34, 032 43,929 June 17,423 14, 834 16; 309 116,000 88, 536 115, 061 50, 709 35, 763 46, 554 July .;.. 18,453 1:6, 517 15,909 114,987 90, 564 103,122 56, 651 54,122 57, 041 August |17, 375 l|5f 923 14, 594 106, 412 78,039 86, 847 45, 258 47, 774 46,982 September. 15, 754 14, 503 13,167 110, 579 74, 864 78, 213 46,186 47, 812 39, 514 October. __ 19,145 17, 621 15, 660 107, 266 81,979 86, 865 47,942 48, 851 41, 279 November. 15,409 13, 342 15,056 95, 759 78,109 70, 531 39, 837 40,086 40, 703 December. 18, 344 15, 347 17, 364 132,845 96,953 88, 528 47, 606 46,085 42, 632 Total 211,492 185,100 189,123 1,268, 6751,009,053 1,181,952 556, 804 507,678 544,354 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

476 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No. 12.—MONEY RATES l IN KANSAS CITY, DENVER, OKLAHOMA CITY, AND OMAHA [Rates prevailing during week ending with L5th day of the month] KANSAS CITY Loans secured by Year and month C c 3 o d u 0 m a s - y t 9 m o s 0 m er e c r i s a m ' l p p o 4 a r n - i 6 p t m h e s r e I l b o n a a t n e n k r s - L c L u b o i r o a b e n n e d s d r t b s s y e y - De o b m t o h n a e n d r d s stock T s i m an e d b r s y e L e h c c o o w e u u a i r a n s p e r e s t d e s - C lo a a t n tl s e 1924—January 6 6 6 6 6 6 6 6 -7 February 6 6 6 6 6 6 6 6 March 6 6 6 6 6 6 6 7 April__ 6 6 6 6 6 6 6 7 May 6 6 6 6 6 6 6 7 June 6 6 6 6 6 6 6 7 July__ 5 -6 6 6 5 -6 5 -6 5 -6 5 -6 6 -7 August 5 -6 5 -6 5^-6 5 5 -6 5M-6 5K-6 6 -7 September 5 -6 5 -6 5 -6 4^-5 5 -6 5 -6 5 -6 6 -7 October 5 -6 5 -6 5 -6 4^-6 5 -6 5 -6 5 -6 6 -7 November 5 5 6 4^-6 5 -6 6 5 -6 6 -7 December 5 -6 5 -6 5 -6 5 -6 5 -6 5 -6 5 -6 6 -7 192&— January. 5 -6 5 -5H 5 -6 4^-6 5 -6 5 -6 6H-6 6 -7 February, 5 -6 5 -6 5 -6 4^-6 5 -6 5 -6 5 -6 6 -7 March 5 -6 5 -6 5 -6 4^-6 5 -6 5 -6 5 -6 6 -7 April 5 -6 5 -6 5 -6 5 -6 6 6 5 -6 6 -7 May 5 -6 5 -6 5 -6 5 -6 5 -6 6 6 6 -7 June 5 -6 5 -6 6 4*^-6 6 6 5 -6 6 -7 J A u u ly g _ u _ st 5 5 - - 5 5 M V2 5 5 - - 6 6 5 -6 6 5 5 - - 6 6 5 5 - - 6 6 6 6 5 5 - - 6 6 6 6 - - 7 7 September 5 5 -5M 6 5 -6 5 -6 6 5 -6 6 -7 October.. _ 5 5H-6 6 5 -6 6 6 5 -6 6 -7 November 5 5 -6 6 5 -6 5 -6 5 -6 5 -6 6 -7 December 5 5 -6 -6 5 -6 5 -6 5 -6 5 -6 6 -7 DENVER 1924—January -7 6 6 6 5 -7 February 7 6 6 6 7 March 7 6 6 6 7 6 April -7 6 6 6 6 -7 6 -7 May -7 6 6 6 6 -7 6 -8 June -7 6 6 6 6 -7 6 -7 July... -8 6 51, 5K-6 6 -7 6 -8 August -7 6 5 2-6 5 -6 6 -7 6 -7 September.... -8 5>3-6 5 y 2 5^-6 6 -7 6 -7 October -7 6 &4-7 5^-6 6 -8 6 -8 November -7 6 5 -6 5 -6 6 -8 6 -7 December 6 6 5 5 7 1925—January -7 5H-6 5 -6 5 -6 6 -7 February -7 5^-6 5 -6 5 -6 6 -7 6 -7 March -7 5 -6 5 -6 5 -6 6 -8 6 -7 April -7 5 -6 5 -6 5 -6 6 -8 6 -8 May 6 6 5 y 2 5H 7 6 June -63-"2 5 -6 5 -6 53^ 6 -7 6 -7 July.. -03^> 5 -6 5 -6 5 -7 6 -8 6 -8 August -7 5 -6 5 -6 5 -6 6 6 -7 September 6 5 -6 5 -6 6 -7 6 -8 October 6 5 -6 5 -6 6 -7 6 -7 November -7 2 5 -6 5 -6 5 -6 6 6 -7 December -63^ 5 -6 5 -6 5 -6 6 6 -7 * Prevailng 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 reporti ng banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DISTRICT NO. 10—KANSAS CITY 477 No. 13.—MONEY RATES IN KANSAS CITY, DENVER, OKLAHOMA CITY, AND OMAHA—Continued [Rates prevailing during week ending with 15th day of the month] OKLAHOMA CITY Loans secured by Year and month C co u m st m om er e c r ia s' l p p r a i p m er e I l b n o a a t n e n r k s - L c L u b o i r o a b e n n e d s d r b t s s y y e- b o o th n e d r s stocks and b s L y h ec o o w u u a r a n s e r e s e d - C lo a a t n tl s e 30-90 4-6 Demand Time receipts days months 1924—January 6 -8 6 -8 6 6 6 -7 6 -8 6 -8 7 -8 February _ 6 6 6 6 6 6 6 6 March _.. 6 -7 6 -7 6 6 6 6 6 8 April 6 -7 6 -7 6 6 6 6 6 7 -8 May 6 -7 6 6 -7 6 6 6 -8 6 -8 7 -8 June 6 -7 6 6 -7 6 6 -7 6 -7 6 -8 7 -8 July 6 -7 6 6 -7 6 6 6 -7 6 -8 7 -8 August.. _. 6 -7 6 6 -7 6 6 -7 6 -7 6 -8 6 -8 September 6 -7 6 -7 6 -7 6 -7 6 -8 6 -7 6 -8 7 -8 October 6 -7 6 -7 6 -7 6 -7 6 -7 6 -7 6 -8 7 -8 November 6 -7 6 -7 6 -7 6 -7 6 6 -7 7 -8 7 -8 December 6 6 -7 6 6 6 6 -7 6 -8 8 1925—January 4 -6 6 -7 6 6 6 6 6 -7 8 February 5 -7 5 -7 5 -7 5 -6 5 -6 5 -7 5 -7 8 March 5 -7 5 -7 6 -7 5 -6 6 6 -7 6 -7 6 -8 April 6 -7 6 -7 6 -7 5 -6 6 6 -7 6 -7 6 -8 May 5 -7 5 -7 6 -7 5H-6 6 6 -7 6 -7 6 -8 June 5 -7 5 -7 6 -7 5^-6 6 6 -7 6 -7 6 -8 July 5 -7 5 -7 6 -7 534-6 6 6 -7 6 -7 6 -8 August 6 -7 6 -7 6 -7 6 6 6 -7 6 -7 6 -8 September 5 -7 5 -7 6 -7 6 -7 6 -7 .6 -8 6 -7 6 -8 October.. 5 -7 5 -7 6 -7 5 -6 6 6 -7 6 -7 6 -8 November 5 -7 6 -7 6 -7 6 6 6 -7 6 -7 6 -8 December 5 -7 5 -7 5 -7 6 6 6 6 -7 6 -8 OMAHA 1924—January.... 6 February.. 6 6 -7 March 5H-6 6 -7 6 -6H 7 -8 April 5H-6 6K7 8 May 5 -6 6 -7 6 -7 6 -7 6 -8 June 5 -6 5 -6 5 -6 6 6 6 6 -7 July 43^-6 434-6 5 -6 4 -6 6 7 -8 August 43^-6 4K-6 5 6 -7 7 September. 43^-6 53^-6 5 -6 6 -7 6 -8 October 4 -6 5^6 5 -6 6 -7 6 -7 N D o ec v e e m m b b e e r r . . . 4 4 - - 6 6 5 -6 5 33^-6 7 6 - - 8 8 1925—January 4 -6 5 -6 6 53^-8 February.. 4 -6 5 -6 4 -8 6 -7 March 5 4 -6 6 6 7 April 5 4 -6 6 7 May 4 -6 4-6 5 -6 6 June 434-6 5 -6 6 5H-8 July 4 -6 4 -6 5 6 53^-7 August 4 -6 4M-6 5 -6 4 -6 534-6 September. 4 -6 4 -6 5 -6 53^-7 October.... 5 6 5 November. 6 6 5 -6 6 -7 December.. 4M-6 5 -6 6 -7 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 1925 1924 1923 r RESOURCES Gold with Federal reserve agent 24,269 37,186 25,814, Gold redemption fund with United States Treasury 2,351 1,978 2,252? Gold held exclusively against Federal reserve notes _ 26,620 39,164 28,066 Gold settlement fund with Federal Reserve Board 12,102 18,033 12,339* Gold and gold certificates held by bank 11,398 9,065 11,904 Total goldreserves 50,120 66,262 52,309* Reserves other than gold 5,749 8,948 6,015 Total reserves ... 55, 869 75, 210 58,324 Nonreserve cash 2,593 2,508 2,866' Bills discounted: Secured by United States Government obligations.. 1,924 246 550 Other bills discounted 2,083 2,467 8,322 Total bills discounted ... 4,007 2,713 8,872 Bills bought in open market 28, 871 26,197 49, 438- United States Government securities: Bonds -. 3,273 1,7805 Treasury notes 17, 236 16,998 4, 575 Certificates of indebtedness 7,644 5,226 325 Total United States Government securities. 31, 829 25,497 6,680 Foreignloans on gold 273 228 Total bills and securities.. 64,980 54,635 64,990 5 per cent redemption fund—Federal reserve bank notes _ 28' Uncollected items - - 27, 906 30, 999 23,652 Bank premises.. _ 1,793 1,833 1,911 All other resources 1,192 1,793 3,248 Total resources.. 154,333 166,978 155,019- LIABILITIES Federal reserve notes in actual circulation 47,437 55, 641 52,802' 471 Federal reserve bank notes in circulation—net. .IL. Deposits: I Member bank—reserve account. 66, 203 65,828 58,115 Government... 776 1,665 2,679. Foreign bank 289 70 58- Other deposits 95 154 483. Total deposits. 67,363 67, 717 61, 335- Deferred availability items. 26, 616 31, 219 26,92* Capital paid in 4,267 4,131 4,192 Surplus 7,615 7,592 7,577 All other liabilities 1,035 678 1,71a Total liabilities . 154,333 166,978 155,01ft Ratio of total reserves to deposit and Federal reserve note liabilities combined. per cent- 48.7 61.0 Contingent liability on bills purchased for foreign correspondents 2,462 1,622 478 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DISTRICT NO. 11 DALLAS 479 No. 2.—PRINCIPAL ASSETS AND LIABILITIES OF FEDERAL RESERVE BANK, BY WEEKS [Amounts in thousands of dollars] Bills discounted for member banks Date s T e b a t o c i n i e l u t d l s a r s i l - Total c U G e u S b r o . r y e n S e v - - d . - c O b o d t i i u h l s l n e - s t r - b o m o B k p u i i a e n e l 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 - l e g F o i o o a g l r n - n d s s T c e o r a r e t s v a - e h l s r b M p e a o b s e d n s e e e m i k r - r t s - v s ' e p T o d o e s t - i a t l s n F r c o e i e t s r t i d e c e o e s u r n v r l i a a e n l - s c p R e e e r e n v r - t - e ment ed obligations 1925 Jan. 7 53,200 3,430 345 3,085 25, 838 23, 704 22872,646 65,222 66, 250 54, 020 60.4 14 50,121 2,919 218 2,701 24,324 22,650 22872,061 62,238 63, 871 51, 729 62.3 21..... 45, 568 2,995 198 2,797 22,313 19,861 39977,286 63,890 66, 058 50,181 66.5 28 43,496 2,874 200 2,674 22, 006 18,217 39975, 648 60,394 62,638 48,076 68.3 Feb. 4 42, 659 2,606 138 2,468 21, 663 17,991 39977,383 63, 066 64, 635 47, 266 69.2 11 41,318 1,897 176 1,721 21, 031 17,991 39979, 530 65,082 66, 692 46, 334 70.4 18 39,191 2,510 306 2,204 18, 822 17,460 39983,419 65, 666 67,913 45,899 73.3 25 35,912 2,287 351 1,936 16,132 17, 094 39983,841 64, 229 66,104 45, 586 75.1 Mar. 4 33,979 2 569 206 2,363 12, 559 18, 452 39987,736 65,183 67,188 45.909 77.6 11 32, 469 2^198 131 2,067 11,135 18, 737 39985,850 65, 027 66,389 45, 063 77.0 18 30, 022 1,520 351 1,169 10, 618 17,485 39988,144 62,661 63, 233 44, 967 81.5 25 33,108 1,551 224 1,327 11, 050 20,1081 39983,028 60,827 62,999 43,871 77.7 Apr. 1 32, 409 173 1,265 10, 463 20,109 39982, 661 60,886 62, 962 43.910 77.3 8 1,496 129 1,367 8,845 20,108 39983, 586 60, 541 61, 704 44,477 78.7 15 31, 212 1,799 152 1,647 20, 348 39983, 027 60, 010 61, 858 43, 410 78.9 22 31,179 3, 275 773 2,502 7,188 20, 348 36885,100 58, 632 61,168 43,207 81.5 29 31,241 3,431 348 3, "" 7,094 20,348 36881,495 59, 661 61, 741 42, 057 78.5 May 6 31, 533 4,124 590 3,534 6,640 20,401 36880, 898 59,381 60, 710 42, 801 78.2 13 35, 574 3,712 236 3,476 6,805 24, 689 36874,446 57, 668 59,006 41,825 73.8 20 42, 231 4,551 254 4,297 8,377 28, 935i 36868, 376 55,981 58, 745 41, 728 68.1 27 46, 649 5,060 310 4,750 8, 719j 32, 502| 36863,153 56, 848 59,803 40, 843 62.7 i June 3 47,354 5, 290i 435 4,855 8,885 32, 8111 36865, 079 61, 397 62, 819 40,975 62.7 10 47,932 5,920 542 5,378 8,416 33, 228! 36859, 954 57, 746 59, 504 39,988 60.3 17 47, 662 6,482 1,004 5,478 13, 063 27, 749 j 36859, 516 58, 201 59, 231 39,259 60.4 24 48,613 6,655 786 12, 482 29,108i 36856,969 54, 590 58, 229 38, 631 58.8 July 1 47, 623 6,726 717 6,009 12, 519 28, 010 36858, 008 56, 233 57,938 38,909 8 50,841 8,156 1,414 6,742 14, 022 28, 295 36855,176 57,263 58, 012 39,474 56.6 15 50, 347 1,149 7,157 13, 617 28, 056 36852, 092 56, 751 57, 664 37,611 54.7 22 51,140 9,481 1,914 7,567 12, 599 28, 692 36853, 062 56, 509 57, 572 38, 037 55.5 29 48, 503 9,143 1,470 7,673 10,191 28, 801 36853,170 54, 344 55, 648 37,490 57.1 Aug. 5 48,480 1,631 8,035 8, 787 29, 659! 36855, 241 56, 351 57,137 38,436 57.8 12 48,107 9,723 1,326 8,397 8, 529 29, 487! 36855, 660 55, 207 56,409 38,914 58.4 19 49, 359 10, 478 1,602 8,8761 9,381 29,1321 36856,151 55, 330 56, 451 39, 848 58.3 26 50,159 11,500 2,520 I 9,012 29,279 36856,817 56,009 57, 363 40,970 57.8 Sept. 2 10, 669 1,862 8,807 8,411 29,349; 26360, 355 56, 074 56, 613 43,216 60.5 9 50,456 9,848 1,923 7,92510, 779 29, 566 26363, 582 58, 331 59," 45, 755 60.2 16 49,184 8,495i 2,006 6,48911, 251 29,175 26364, 017 58, 096 58, 423 46,172 61.2 23 48, 942 8,135 2,084 6,051 12, 022 28, 501 28469, 838 59, 794 61,908 46,955 64.2 30 53, 388 7, 648' 1,502 6,146 16, 078 29, 305 35762,978 58, 717 60, 683 46, 048 59.0 Oct. 7 54,961 8,115 2,126 5,\ 16,472 30, 017 35764,150 61, 871 62, 568 47,997 58.0 14 57, 283 9,634 2,788 6,846 17, 691 29,734 22465,176 61,196 62, 265 47,""" 59.1 21 59, 698 8,251 3,353 20, 307 30,919 22163, 524 60,956 63, 782 47,178 57.2 69,736 9,118 2,876 6', 24229, 909 30, 590 11950, 048 60,921 63,116 46, 678 45.6 Nov. 4 73, 06211,305 4,771 6,534 31,132 30,492 13349, 810 63, 218 64, 996 47, 390 44.3 10 69, 576 9,341 3,283 6,058 29, 225 30, 842 16850, 903 63, 370 64, 865 47,141 45.4 18 67, 373 1, 618 7,010 27, 529 31,016 20055, 092 62, 467 64, 383 46, 640 49.6 25 67, 219 2,252 6,837 27, 095 30,807 22851, 270 59, 998 61, 498 46, 920 47.3 Dec. 2 70, 52010, 778 2,300 8,478 29,961 29, 490 29149,814 62,164 63,256 48, 029 44.8 9 74, 72611,148 2, 8,679 33, 843 29,444 29146, 677 62, 968 64,134 48,327 41.5 16 69,188 9,329 1,767 7,562 33,321 26,230 30851,055 61, 859 62, 242 47,931 46.3 23 70, 62210,160 3,442 6,718 28, 907 31, 264 29148,409 61, 888 63,084 49,95" 42.8 30 64, 592 3,861 1,724 2,137 28, 617 31,830 28457,470 63, 354 65, 273 47,462 51.0 Daily average 49,325 6,315 16, 450 26, 229 33165,954 60, 806 62,402 44, 698 61.6 Digitized for FRASE8R81 69—26 32 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

480 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No. 3.—DISCOUNTS AND PURCHASES OP BILLS AND SECURITIES BY FEDERAL RESERVE BANK: VOLUME, BY CLASSES [In thousands of dollars] Bills discounted for member banks Bills bought in open market Month Total G S U S m e o n t c b v a e u i y t e t n r e e r e t s n d d - c m p u C a a a e l g o t n p r u m r c d e i i r - r a a - , l l B a a a c n n c c k e e p e s t r - s' a T a c n r c a c e d e p s e t- D d e s a r i m g a n f h d a t t n s d Total Ac a c S e c p e t s '-8' Dollar obliga- n. e. s. tions 1925 January 5,633 790 3,195 1,648 11,101 10,886 215 February 4,788 725 3,589 474 4,634 4,620 14 March 4,302 1,288 2,348 666 5,039 4,954 85 April 4,306 1,361 2,630 313 2,783 2,767 16 May..... 6,485 1,845 4,545 95 5,506 5,485 21 June 7,419 2,075 5,311 29 4,732 4,720 12 July.—, 12,120 6,928 5,100 91 6,113 6,101 12 August.. 12,808 6,112 73 5,899 5,849 50 September.. 12,666 6,708 3,718 2,219 8,687 8,536 151 October 17, 726 8,565 6,752 2,400 24,129 23,802 327 November.. 19,361 7,824 8,930 2,591 7,090 7,040 50 • December.. 16,087 6,617 2,534 24,795 24,432 363 Total: 1925. 123,701 51,349 59,166 53 13,133 110,508 109,192 1,316 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 United States United Bills securities purchased States Total discounts and purchases bought in open market securities from purchased 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 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 r v r s a e l gold 1925 1924 1923 1925 January 500 497 171 17,902 43,400 46,677 February 1,554 10,976 46,754 28,856 March 4,508 65 228 14,142 24,836 26,232 April 476 157 7,810 18,445 26, 263 May.... 1,348 12,506 25,845 17,818 30,521 June 5,000 1,813 2,040 210 21, 214 36, 620 39,159 July 2,682 770 158 21,843 23,467 34,190 August- 6,154 415 105 25,381 18,229 42,516 September. 3,192 6,139 609 500 94 30,887 18,595 62,653 October 2,757 5,980 46 50, 638 23,662 55,064 November. 3,113 6,370 133 36,067 21,701 43, 613 December.. 3,484 10,334 67 54, 767 34,002 41,882 Total: 1925-.. 8,192 33,528 27,080 13,094 317,472 1924.... 18,390 31, 910 20,748 5,024 228 327,529 1923.... 57,923 5,275 36,858 2,000 477,625 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DISTRICT NO. 11—DALLAS 481 No. 4*—BILLS DISCOUNTED BY FEDERAL RESERVE BANK: VOLUME, BY STATES [Amounts in thousands of dollars] Number Number Month L a o n u a is 1 i- h O om kl a a - ! M N co e e x w i i- Texas z A on ri a - ! Total i b a n o e t f r d e m i b n s a d e tr n m i o k c - f s t d a b o c a e f c r t e o m d b m a e d m n m u k o r - s - • month 2 ing the month 1925 January... 408 47 31 5,137 5,633 837 39 February . 498 63 25 4,185 4,788 833 47 March 251 161 31 3,839 4,302 825 68 April 35 317 40 3,894 4,306 834 99 May 185 242 552 5,506 6,485 848 149 June 365 229 169 6,646 7,419 850 180 July.... 776 163 236 10,915 12,120 853 200 August.. 904 83 233 11, 588 12,808 854 172 September.. 735 488 162 11,281 12*666 854 100 October 631 233 16,862 17, 726 857 73 November.. 482 5 18, 874 19,36-1 858 55 December.. 370 2-53 15,464 16,087 852 48 Total: 1925 4,527 3,159 1,717 114,191 107 123,701 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 Number of member banks at end of year:2 1925 779 852 1924 751 838 1923 754 863 Number of member banks accommodated: 1925 309 361 1924 415 492 1923 523 617 1 Figures relate only to that part of the State located in the Dallas district. 2 Banks in actual operation. Figures prior to March, 1925, represent number of banks as shown by'the capital stock records. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No* 5.—EARNINGS AND EXPENSES OP FEDERAL HESERVE BANK to [Figures originally published have been regrouped where necessary in order that data for all years may be on a comparable basis] 1914-15 1916 1917 1918 1919 1920 1921 1922 1923 1924 1925 Total EARNINGS Discounted bills ._ __ $242, 237 $205,232 $209,065 $1,497,379 $2,443,806 $4,044,612 $3,829, 840 $1,609,383 $1,170,022 $531,356 $252, 520$16,035,452 Purchased bills 10,880 138, 512 175, 885 113,397 73,212 7,980 197, 994 826,172 630, 682 522 599 2, 697,313 United States securities _ _ _ __ 635 64, 576 159,432 152,159 229,080 270, 874 171,151 195,049 268,659 781, 838 939,627 3,233,080 Municipal warrants 289 737 6,833 7,995 15,854 Deficient reserve penalties 12,968 56,305 81, 984 158, 569 124,163 50,432 62, 361 52, 548 27,830 627,160 Net service charges received 19,497 52,923 28,323 100, 743 Miscellaneous _ __ 1,505 25,450 42,237 171,480 193,984 357,255 106,440 32, 917 29, 222 161, 540 71,050 1,193,080 Total earnings. 244, 666 326,372 621,970 2,089, 526 3,062,251 4,904,522 4,239,574 2,085,775 2,356,436 2,157,964 1, 813, 626 23,902,682 CURRENT EXPENSES [Exclusive of reimbursable fiscal agency expenses] Salaries: Bank officers ._ $36, 498 $33, 942 $43, 220 $68, 544 $87, 212 $117, 768 $133, 545 $132,184 $135, 730 $142,120 $133,545 $1,064,308 Clerical staff 29,152 37, 885 67, 232 170,134 390,993 649,100 735, 904 680,629 619,370 580, 902 527,160 4,488,461 Special officers and watchmen 1,147 1,771 2,762 4,314 6,363 20,177 34, 598 37,134 37, 365 36,817' 34,849 217,297 Allother 1,922 2,835 3,636 5,464 11,883 39,456 82,470 105,356 111,275 102, 323 101,083 567, 703 Governors' conferences 524 1,301 398 232 788 651 714 261 510 746 647 6.772 Federal reserve agents' conferences 169 614 208 422 109 64 295 297 361 345 388 3,272 Federal Advisory Council 1,387 753 150 1,894 992 400 200 250 1,278 1,047 831 9,182 Directors' meetings 5,046 4,259 3,522 4,442 4,447 6,530 7,004 6,003 6,064 5,607 5,521 58,445 Traveling expenses ! 1,022 1,234 1,139 7,757 14, 578 30, 851 39,185 30, 383 24, 976 28,156 24, 763 204,044 Assessments for Federal Reserve Board expenses.._ 15, 675 9,665 11,439 15, 223 20, 362 21,695 25, 759 26,189 25,034 23, 485 25, 268 219, 794 Legal fees 2,871 2,422 2,400 2,215 2,400 2,622 708 321 2,717 1,582 20,351 Insurance (other than on currency and security shipments) 7,305 599 5,664 11, 730 15,054 32, 775 47, 348 26,001 28,073 25, 539 25,105 225,193 Taxes on banking house 214 255 1,768 30,052 30,485 33,070 32, 792 32, 236 160, 872 Light, heat, and power 178 1,378 1,708 2,413 3,365 6,896 27, 632 28, 212 25, 622 24,892 23, 767 146,063 Repairs and alterations, banking house 98 228 2,525 4,806 13,194 13, 797 18,476 3,215 6,738 9,765 2,424 75,266 Rent.... 9,663 659 5,526 14, 904 9,660 3,743 1,248 1,393 1,448 48, 244 Telephone 620 946 894 1,883 3,189 3,938 9,652 12,213 12,189 11, 709 8,419 65, 652 Telegraph 404 683 712 9,668 21, 772 56,900 68,680 58,383 50, 988 50,062 47, 950 366, 202 P E o xp st r a e g ss e a . ge 3 5, , 7 8 2 7 9 2 1 6 1 , , 1 1 3 2 9 3 1 10 2 , , 7 5 2 1 5 9 2 24 8 , , 8 68 4 8 3 3 25 9 , , 8 5 8 5 3 6 2 65, 506 69, 946 112, 819 9 2 5 2 , , 4 3 0 0 9 4 8 2 8 1 , , 1 1 3 7 4 1 8 1 8 6 , , 5 84 7 6 3 I- 749,785 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

insurance on currency and security shipments (3) () () () 25, 519 79,352 76,473 14,857 20,918 22,567 21,113 260, 799 Printing and stationery. ___ _. 9,412 2,900 17,104 25, 072 41,009 67, 998 64, 587 54, 667 35,067 23,049 17,018 357,883 O M f i f s ic c e e l a la n n d e o o t u h s e e r x s p u e p n p s l e i s e s _\ / 17 ~ ' fi4 6,612 6,743 20, 278 41,348 78,080 \ f 6 4 1 9 , , 5 8 7 1 1 8 3 5 1 0 , , 7 37 9 2 3 2 33 7 , , 4 4 6 9 7 7 2 3 1 4 , , 1 4 2 0 1 4 3 15 2 , , 3 9 2 8 6 0 529,074 Total, exclusive of cost of currency 150,358 127, 289 194,914 410, 936 775, 542 1, 311, 228 1, 593, 662 1, 446,154 1,354,874 1, 290,863 1,188,842 9,844, 662 • Federal reserve currency (including shipping charges): Original cost-- 18,920 15,414 30,911 82, 730 85, 719 86, 514 65, 915 44, 262 27, 435 34,215 28,529 520, 564 Cost of redemption (3) 8,028 22, 825 23,150 12, 336 6,437 5,769 5,973 84, 518 Taxes on Federal reserve bank-note circulation _ 595 42,359 46, 397 18, 212 12,639 2,482 815 123,499 Total current expenses. 169, 278 143,298 225,825 493, 666 911,648 1, 466, 964 1, 700, 939 1, 515,391 1, 391, 228 1,331,662 1,223,344 10, 573, 243 PROFIT AND LOSS ACCOUNT Earnings _ $244,666 $326,372 $621,970 $2,089,526 $3,062,251 $4,904,522 $4, 239,574 $2,085, 775 $2,356,-436 $2,157,964 $1,813,626 $23,902,682 Current expenses•_•__ -...-_ ._.... ... 169,278 143,298 225,825 493,666 911,648 1,466,964 1,700,939 1, 515,391 1,391,228 1,331,662 1,223,344 10,573,243 Current net earnings.. _. 75,388 183,074 396,145 1,595,860 2,150,603 3,437, 558 2,538, 635 570,384 965,208 826,302 590,282 13;329,439 Additions to current net earnings: Withdrawn from reserve for— Federal Reserve Board expenses 16,167 16,167 Probable losses 80,984 80,984 Depreciation on United States bonds 231,523 795 21,176 253,494 All other 43 884 1 107,113 21, 659 26,063 3,451 159,213 Total additions. __ 16,210 884 419, 620 22,454 47,239 3,451 509,858 Deductions from current net earnings: Bank premises—depreciation 7,500 7,500 61,736 131,240 161,018 42,242 79,119 41,296 531,651 Furniture and equipment _ . 9,528 35,171 52, 758 70,718 82,883 163,833 32, 710 12,062 9,385 15,450 484,498 Reserve for probable losses 130,963 561,500 439,000 590,000 500,000 250,000 2,471,463 Reserve for Federal Reserve Board expenses 16,167 16,167 Reserve for depreciation, United States bonds . 240,663 49,295 289,958 Allother 1,407 528 21,854 11,691 20,087 3,151 11,076 20,013 8,852 98,659 Total deductions. 17,028 44,078 355,685 108, 739 225, 537 925,955 635,879 655.380 608, 517 315,598 3,892,396 • Other than those connected with governors' and agents' conferences and meetings of directors and of the advisory council. • Includes cost of coin bags, etc. • Included with " Miscellaneous expenses." «Includes $55,000, representing excess of sale price over net book value of old bank building sold during the year. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 5i—EARNINGS AND EXPENSES OP FEDERAL RESERVE BANK—Continued PROFIT AND LOSS ACCOUNT—Continued 1914-15 1916 1917 1918 1919 1920 1921 1922 1923 1924 1925 Total Deductions from current net earnings—Con. Net deductions from current net earnings $17,028 $44,078 $355,685 $108, 739 $209,327 $925,071 $216,259 $632, 926 $561,278 $312,147 $3,382,538 Net earnings $75,388 166,046 352,067 1,240,175 2,041,864 3,228,231 1,613,564 354,125 332,282 265,024 278,135 9,946,901 Distribution of net earnings: T D r i a v n id sf e e n r d re s d p t a o id surplus account 65,523 134,008 188,234 1,1 2 8 6 4 1 , , 4 5 0 0 8 3 1,8 1 4 9 5 6 , , 5 3 2 3 9 5 3,0 2 0 2 2 5 , , 8 4 0 2 7 4 1,3 2 6 5 1 2 , , 3 2 5 11 3 2 1 5 0 1 2 , , 9 21 1 0 5 2 8 5 0 1 , , 8 4 5 2 3 9 24 1 9 5 , , 2 7 3 8 5 9 2 2 5 2 5 , , 8 2 9 3 6 9 2 7 , , 3 6 3 1 1 5 , , 6 2 1 9 0 1 no Franchise tax paid United States Gov- Balance to profit and loss 9,865 32,038 163,833 —205,7S6 REIMBURSABLE EXPENDITURES OF FISCAL AGENCY DEPARTMENT w ft Salaries: Officers $2,250 $18,801 $14,077 $8, 967 $1, 650 $45,745 Employees 33,465 223,424 257,379 148,118 74, 678 $42,828 $46,011 $22, 674 $9, 752 858,329 All other 57,083 353, 883 281,602 81,944 62,423 12,162 14,270 3,516 1,728 868,611 Total 92,798 596,108 553,058 239,029 138, 751 54,990 60,281 26,190 11,480 1, 772,685 w %ft ft Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DISTRICT NO. 11 DALLAS 485 No. 6.—VOLUME OF OPERATIONS IN PRINCIPAL DEPARTMENTS 1925 1924 1923 NUMBER OF PIECES HANDLED Bills discounted: Applications 2,747 6,666 10,123 Notes discounted, _ . __ 27,619 48, 019 89,801 Bills purchased in open market for own account 9,517 6,492 4,681 Currency received and counted 43,233,000 42,358,000 37,912,000 Coin received and counted 34, 061,000 31, 075,000 34,815,000 Checks handled - 34,396,000 33,293,000 31,449,000 Collection items handled: United States Government coupons paid 671,000 770,000 1,011,000 All other 111,000 136,000 128,000 United States securities—issues, redemptions, and exchanges by fiscal agency department 66,000 189,000 12,883,000 Transfers of funds 103,000 98,000 100,000 Envelopes received and dispatched 1,867,000 2,062,000 2, 515,000 AMOUNTS HANDLED Bills discounted $123,701,000 $148,383,000 $300,694,000 Bills purchased in open market for own account _ 110, 508, 000 102,846,000 74,875,000 Currency received and counted 209,027,000 208,129, 000 185,914,000 Coin received and counted . 8,903,000 10,513,000 20,920,000 Checks handled 7,086,895,000 6,686,719,000 6,329,983,000 Collection items handled: United States Government coupons paid 5, 227, 000 6,335,000 6,375,000 All other 157,045,000 162,619, 000 166,902,000 United States securities—issues, redemptions, and exchanges by fiscal agency department. 113, 271, 000 113,985,000 169,280, 000 Transfers of funds 3, 798, 780,000 3,356,058,000 2,614,785,000 1 Large total 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 to Items drawn on Month b tr a ic n t ks in own dis- s o th e th r e v e ir e r b F b r e a a d n n e k c r h s a e l a s r n e d - T U r n e it a ed s u S r t e a r te s of Total i Number Amount Number Amount Number Amount Numbef Amount 1925 January.._ 2,759 626,300 104 14,542 7,738 2,924 648, 580 February _ 2,484 520, 551 93 12,883 7,524 2,636 540,958 March. 2,815 583,686 102 16,114 7,718 2,984 607, 518 April 2,555 507, 032 99 14,689 7,392 2,721 529,113 May 2,385 466,026 94 13,587 5,960 2,541 485, 573 June 2,581 490,171 100 14,431 7,725 2,740 512,327 July 2,468 488,083 97 12,911 8,049 2,625 509, 043 August 2,368 482, 547 92 12,215 7,358 2,521 502,120 September 2,588 602,372 14,591 7,304 2,757 624,267 October 2,973 703,127 102 15,071 8,639 3,151 726,837 November 2,717 615,881 97 13,578 7,153 2,883 636,612 December 3,008 649,060 115 15,950 7,702 3,190 672,712 Total: 1925.... 31,701 6,734,836 1,193 170,562 779 90,262 33,673 6,995,660 1924.... 30, 707 6,352,332 1,074 148,438 773 89, 280 32,554 6,590,050 1923.... 28, 723 5,980,252 1,199 157,356 785 92,368 30,707 6,229,976 * Exclusive of duplications on account of items handled by both the parent bank and one of its branches, or by both of its branches. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

486 ANNUAL REPORT OP THE FEDERAL RESERVE BOARD No. 8.—CLEARINGS AND TRANSFERS THROUGH THE GOLD SETTLEMENT FUND* [In thousands of dollars] Payments to Receipts from Week ending— other Federal other Federal Net loss Net gain reserve banks reserve banks 1925 Jan 7 70,503 67,869 2,634 14 70,879 69,721 1,158 21 74,659 78,782 4,12$ 28 70,823 68,336 2,487 Feb. 4 _ 68,474 69, 383 909 11 64,196 65,650 1,454 18 . 65,467 68,217 2,750 25 59,421 60, 251 830 Mar. 4 . .. 63, 684 67, 324 3,640* 11.. 76,157 74,041 2,116 18 78, 988 81,925 2,937 25 76,091 71, 091 5,000 Apr. 1 62, 972 63, 337 365< 8 58,333 58, 578 245 15 . . . . . 59,454 58,843 611 22 57,280 59, 845 2,565> 29 . . .. 59, 252 56,231 3,021 May 6 ._ _ 58, 655 58, 497 158 13 56, 992 50 295 6,697 20 . 62,897 56,863 6,034 27 57,309 52,417 4,892 June 3 46,142 49,169 3,027 10 66,493 61, 502 4,991 17 _ . 71, 808 72, 043 235- 24 59, 580 57, 850 1,730 July 1 57,990 59,986 in* 8 . . .. 44, 303 42,915 1,388 15 59,981 57, 563 2,418 22 _ _ 57, 248 58, 237 989' 29 . ... 52,423 52, 750 327 Aug 5 51, 666 53,886 2,220 12 52, 278 52,052 226 19 . 58,209 58,927 718 26 55,459 56, 255 Sept. 2 59, 776 63, 794 4,018 9 52, 584 55, 576 2,992 16 . 70, 352 71,427 1,075 23 85,309 92,815 7,506= 30 78,894 73,332 5,562 Oct. 7 . 78,088 79,743 1,655 14 71,450 71, 954 504 21 92,484 91,044 1,440 28 87,639 74 360 13 279 Nov. 4 78,114 77, 616 498 11 59, 438 60, 089 651 18 . . .. 86, 060 89, 630 3,570 25 81, 430 77,913 3,517 Dec 2 72,668 71, 810 858 9 73, 888 70,172 3,716 16 84,295 88, 265 3,970* 23 86. 511 84,679 1,832 30 64,334 73,456 9,122s 31 (one day) 15,729 13,871 1,858 Total* 1925 3,485,109 3,472,177 12,932 1924 3,183,000 3,209,988 26,988> 1923 2,884, 800 2,901,919 17,119* Net gain in ownership of gold since establishment of fund in 1915, $40,870,000. 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 [In thousands of dollars] REPORTING MEMBER BANKS IN EIGHT CITIES 1 Investments Borrowings from Loans and discounts Net demand deposits Time deposits Federal reserve bank Last report date in— United States securities All other 1925 1924 1925 1924 1925 1924 1925 1924 1925 1924 1925 1924 January. __ 303,580 285, 739 50,119 56,168 21, 535 14,115 279,282 247,199 92, 794 87,657 2,311 4,367 February.. 315,397 281,347 49,164 56, 583 20, 746 14,127 290,296 238, 368 95, 636 91,719 1,642 3,969 March 312, 084 279, 061 58,168 53, 388 20,155 14,949 286,197 232,061 94, 789 87, 616 257 2,432 April 297,101 271, 271 56,387 53, 252 20,209 13, 247 269, 262 220, 774 94,036 87,-14-2- 1,080 4,987 May 287, 263 265,907 56,854 48, 765 19, 774 13,114 258,407 215, 236 93, 292 85,451 1,098 5,405 June 288,480 262,640 55, 345 46,952 18, 866 12,879 254,423 212,167 94,932 88, 200 1, 599 3,853 July 288,253 262, 708 52,134 44, 598 20, 653 13,152 250,611 210,334 95,667 87,539 1,915 6,984 August-.-_ 291,716 267,141 52,862 44, 066 21,987 14, 609 255, 082 213,680 94,276 3,677 7,738 September 302, 794 270, 955 52, 978 45, 634 21,932 15.977 270,318 229, 308 95,281 90,405 3,176 2,030 October. _. 311,862 280, 579 54,381 46,088 25, 201 17.978 280,453 241,838 96,361 91, 600 5,851 3,692 November 320,194 291, 738 52,868 46,495 24, 723 19, 651 282,264 266, 082 91,869 7,790 1,803 December- 316,451 305,101 51,159 46, 394 23, 658 20,599 281,326 288, 585 95,287 89, 330 2,679 2,067 REPORTING MEMBER BANKS IN CITY OF DALLAS 2 January... 85,324 74,965 16,874 19, 285 3,776 3,055 79,137 63, 883 18, 768 20, 372 1,234 2,131 February. 87,830 72,919 17,111 19,329 3,637 2,979 78, 659 59, 082 20,680 23,098 531 2,164 March 86,339 75,365 21,646 16,877 3,870 3,950 78,843 62,971 18, 520 18, 516 207 1,003 April 80, 014 70,971 19,781 16,602 3,981 2,769 74,186 59, 522 18,100 17,299 1,834 May 77,910 68,715 19,935 14,910 3,700 2,837 72,363 57,994 16,728 16, 703 1,367 June 77,300 68,046 18,827 16,248 3,332 2,913 71,023 59,829 17,338 17,051 1,103 July 77,309 66,865 17,164 15, 542 4,613 2,800 72,209 58,670 17, 772 17,448 1,345 August 77,891 70,812 17,901 15, 551 4,717 2,847 73,172 59,984 17, 536 17,275 900 1,857 September 86,959 74,629 19,030 16,700 5,125 2,909 80,535 64,153 17,411 16,682 606 208 October.._ 91,051 77,903 19,801 16,341 5,097 3,431 82,999 68, 557 17,452 16,492 3,161 2,287 November 98, 004 79,129 18,551 15,909 4,609 4,248 83,346 74,229 17,715 16,754 5,336 861 December. 94,258 85, 363 15,224 13,865 4,558 4,065 80,853 81,739 17,120 16,310 510 1,095 1 Figures are for about 49 banks in Dallas, El Paso, Houston, Fort Worth, Galveston, San Antonio, Shreveport, and Waco, which submit weekly reports to the Federal Reserve bank. * Figures are for about 8 banks in D«llas which submit weekly reports to the Federal reserve bank, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

488 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No, 10.—ALL MEMBER BANKS—NET DEMAND AND TIME DEPOSITS, BY SIZE OP CITY [In thousands of dollars] Net demand deposits Time deposits Banks in cities and towns having a Banks in cities and towns having Date population of— a population of— Total Total Less 5,000 15,000 100,000 Less 5,000 15,000 100,000 than to to and than to to and 5,000 14,999 99,999 over 5,000 14,999 99,999 over 1923 Apr. 25 527,082 150,690 87,901 118, 429 170,062 138,213 18,021 20,885 51, 546 47,761 May 23. 514,274 145,741 86,847 113,985 167,701 139,612 17,902 21, 626 51, 278 48,806 June 27 496,227 139,013 84,832 109,330 163,052 141,251 18, 261 21,692 50,897 50,401 July 25 485,644 133,796 84,405 107,579 159,864 139,868 18,507 22,014 50,940 48,407 Aug. 29. 501,088 149, 580 87,772 103, 508 160,228 139,356 18, 516 22,989 49, 699 48,152 Sept. 26 574,421 186, 786 101,334 109,108 177,193 139,472 18,344 22,978 50,264 47,886 Oct. 24 629, 944 209,681 107,980 116,717 195, 566 139, 723 17,447 23,381 50,541 48,354 Nov. 28 654,398 220,297 111, 284 117, 596 205, 221 143,713 17, 111 23,479 52, 550 50, 573 Dec. 26 646,691 212,277 111, 802 121,106 201,506 144,711 16,096 22,669 51, 572 54,374 1924 Jan. 23 624,577 203,456 108,159 117,440 195,522 151,263 17,097 23,834 52,699 57,633 Feb. 27 594,482 190,629 103,777 118,698 181,378 157,225 17,848 24,253 53, 085 62,039 Mar. 26 568,800 176,712 99,307 112, 565 180, 216 155, 257 18, 740 24,690 54, 718 57,109 Apr. 23 549,067 169,198 96,425 111, 201 172, 243 156,696 18, 572 27,754 53,001 57,369 May 28 522,820 159,426 91,306 106,372 165, 716 154,085 18, 729 27,108 51,407 56,841 June 25 _. 512, 565 154,458 90,265 104,316 163, 526 157,153 18,554 27, 775 51,860 58,964 July 23._ 502,763 150,791 87,191 101,102 163,679 157,714 19,029 27,977 51,851 58,857 Aug. 27 510,092 155,872 87,123 100, 532 166,565 160, 201 18, 572 27,815 51, 614 62,200 Sept. 24 562,283 183,227 93,659 107,319 178,078 160,260 18, 085 27,944 52,767 61,464 Oct. 29 _. 609,594 204,281 99,200 115,997 190,116 159,889 17, 736 27,247 52, 355 62, 551 Nov. 26 641,603 214,656 101,130 119,943 205,874 158,722 17, 738 26, 229 51, 251 63,504 Dec. 24 _. 670,487 219,275 103,086 121,721 226,405 158,107 16,478 25,198 49,556 66,875 1925 Jan. 28 660,847 214,884 105,152 120,150 220,661 160,584 18,174 26,045 50, 748 65, 617 Feb. 25 680,428 214,880 106, 770 127,819 230,959 166,895 18,827 27,007 52,312 68, 749 Mar. 25 662,862 202,211 102,248 131,914 226,489 163,780 18.624 26, 508 51, 711 66,937 Apr. 22. 635, 576 191,259 101,126 129,457 213, 734 165, 531 20, 263 27,700 51,371 66,197 May 27 605, 626 182,362 94,783 125,295 203,186 166,006 20,674 28,097 51, 927 65.308 June24_ 588,601 173,569 93, 574 121,204 200,254 167, 218 20,3.54 27, 624 52,394 66,846 July 29 581,038 170,485 91,472 118,701 200, 380 168,600 20,397 27, 246 53,182 67,775 Aug. 26- _ 590, 664 175,416 92, 584 117,860 204,804 168,110 20,192 27,393 53,455 67,070 Sept. 23 632, 784 195,444 101,333 123,967 212,040 169,415 21, 321 27,072 53,146 67,876 Oct. 28 667,413 212,944 105, 358 128,034 221, 077 166,601 19,071 26,790 53,035 67,705 Nov. 25 674, 507 216, 501 105, 712 129,163 223,131 166,821 19,164 27,026 52,775 67,856 Dec. 23 668, 749 210, 225 106,418 130,758 221,348 163,290 18,302 26,144 51,308 67,536 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DISTBICT NO. 11 DALLAS 489 No. 11.—DEBITS TO INDIVIDUAL ACCOUNTS [In thousands of dollars. For explanatory note see p. 191.] Total for 11 centers i Albuquerque, N. Mex. Month 1925 1924 1923 1925 1924 1923 January 658,963 567,222 605,258 11,016 9,821 9,514 February... 572,869 493,840 494,600 8,395 9,518 8,389 March 612,140 492,894 547,188 8,416 9,808 April 527,025 483,944 488, 255 8,841 9,002 8,779 May 506,060 466,066 486,003 9,264 9, 555 9,534 June 524, 937 447,735 465,461 10,980 10,304 10,403 July 528,809 455,924 420,874 10, 658 10,425 10,262 August 510,924 449, 553 10,248 9,342 9,168 September. 602,466 566,180 540, 722 9,194 8,264 October 696,715 670,360 629, 517 11,949 11,844 8,979 November. 629,002 586, 644 583, 636 11,447 10,884 10,539 December.. 680,992 664,938 620, 979 11,074 10,396 9,975 Total 7,050,902 6,345,300 6,331,459 121,482 118,339 113,918 Austin, Tex. Beaumont, Tex. Corsicana, Tex.* Month 1925 1924 1923 1925 1924 1923 1925 1924 1923 January 25,851 21, 520 17,337 18,912 17,734 18,334 11,441 10,175 6, 733 February... 21,767 18,962 14, 979 17,685 15,913 15,220 10,265 7,942 4,978 March 32,880 18,087 16, 209 17, 269 16,707 16,017 9,199 8,417 5,525 April 23,762 18,779 16, 556 17,815 17,442 16, 525 9,001 8,020 5,619 May 19,148 14,754 13,967 18, 273 16,124 17,133 8,466 7,713 5,560 June 16,279 12, 556 14,065 18,187 18,462 17,401 7,585 7,818 5,767 July 14,874 13,400 11. 956 17,392 17,364 16,299 6,359 7,158 6,504 August 15,899 13,385 14,649 16,282 15,624 15,660 6,741 6,111 8,115 September. 19,082 21,020 18,291 17,208 15,050 14,564 7,391 8,242 10,207 October 20,986 23,365 20,239 18,600 17,329 16,495 8,094 9,653 11,164 November.. 19,032 19, 979 22,363 16,722 14,988 15,915 7,405 8,181 11,068 December.. 19, 252 22,355 23, 766 19,408 16, 561 15,634 9,370 12,103 12,639 Total, 248,812 218,162 204,377 213, 753 199,298 195,197 101,317 101, 533 93,879 Dallas, Tex. El Paso, Tex. Fort Worth, Tex. Month 1925 1924 1923 1925 1924 1923 1925 1924 1923 January 236,899 203,546 193,256 35,127 31,677 31, 993 91,940 76, 410. 122,250 February 203, 672 168, 471 159.058 31,514 33,107 28, 543 70,889 63, 745 105, 992 March 219, 568 165,481 167,932 34,667 34,481 36,070 74,672 63,998 111,870 April _ __ 184,462 163,104 145, 326 30,240 31,250 32,125 67,689 95,649 May 175,781 156,441 149,039 30,119 32,484 30,723 66,444 63,183 88,715 June 184,294 145, 519 146,415 31,980 36,325 33,462 68, 761 73,591 July 184,649 147,278 128,462 31, 525 33,715 28, 252 73, 692 65, 964 62,193 August 168, 769 145,100 139, 566 27,479 29,800 27,118 67,937 62,595 62, 983 September 211,992 190, 790 184,133 29,526 29, 523 24, 656 66, 536 75,385 67,012 October 265,837 236,115 218,768 36,805 35,670 29,706 89, 524 95,657 83,464 November 235,195 208,127 217.059 38,066 32, 856 28, 756 80,070 81, 292 73,610 December 255,396 248, 773 226,674 40,379 38, 268 34,185 90,102 85,410 86,041 Total 2,526,514 2,178,745 2,075,688 397,427 399,156 365, 589 908,663 861,661 1,033,370 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

490 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No. 11.—DEBITS TO INDIVIDUAL ACCOUNTS—Continued [In thousands of dollars] Galveston, Tex.* Houston, Tex. Roswell, N. Mex.* Month 1925 1925 1923 1925 ; 1924 1923 1925 1924 1923 January 58,018 51,953 151,414 129,103 133, 571 2, 994 2,314 2,491 February... 47,321 37, 731 144.491 114,001 99, 384 2,888 2,858 1,920 March 45,877 33,915 149.492 112, 693 115, 945 2,598 2,448 2,847 April 37,192 35,025 123,492 109,092 107,969 2,434 2,021 2,292 May 35, 729 27,483 118,450 104,914 110,940 2,767 2,012 2,709 June 32, 820 23, 935 123,945 101, 774 106,479 3,370 2,412 2,777 July 33, 994 26, 451 126,160 104, 677 104, 581 3,436 2,838 2,180 August 37,038 44, 724 136, 542 113,324 113,178 3,260 2,233 2,426 September.. 44, 659 54, 929 166, 381 153,080 146, 282 2,837 2,246 2,273 October 57,940 70, 351 165,009 164,001 164,382 4,083 3,340 2,688 November.. 58,890 64, 352 78,301 150, 561 145,980 136 063 3,775 3,411 2,706 December.. 53,479 63, 061 57,409 160,947 156, 713 141.381 4,181 3,610 2,587 Total. 542,957 533, 910 1, 716,8841,509. 3521,480,155 38,623 31, 743 29,896 San Antonio, Tex.* Shreveport, La. Texarkana, Tex. Month 1925 1924 1923 1925 1924 1923 1925 1924 1923 January 40, 528 34, 513 31,287 42,171 39,874 41, 614 10,904 8,422 9,073 February... 36, 707 30. 684 26,826 37,321 35, 789 29,428 9,231 7.984 10,948 March 35,866 32,013 31,639 38, 417 35, 569 38, 645 9,100 10,650 10, 586 April 36, 723 32, 707 27,875 36, 544 36, 762 34, 640 8,969 7,401 8,727 May 41,170 33,168 32,529 36,548 35, 666 34, 565 8.313 8,500 8,962 June 43, 498 33,990 31,502 35,412 33, 560 33,911 10,016 7,339 8,672 July. 37, 769 31,082 27,962 37, 550 34, 431 31,047 8,885 6,802 8,445 August 35, 684 35, 405 33,201 36, 590 30, £81 31,842 9,165 7,450 8,273 September. 36,091 36, 755 32,153 45, 227 32, 446 31. 895 9,726 8,173 9,541 ctober 41,215 40, 268 35, 236 46,097 39, 274 39. 080 10.054 10,481 11,287 November. 36,476 37,195 33, 295 39, 380 33,894 36, 913 8,844 7,598 9,501 December - 40,143. 36, 315 33,380 42, 908 40,487 39, 352 10,136 11, 872 10, 218 Total 461,870 414,095 376,885 474,165 428,033 422, 932 113,343 102,672 | 114,233 Tucson, Ariz. Waco, Tex. Wichita Falls, Tex.* Month 1925 1924 1923 ! 1925 1924 1923 1925 1924 1923 January .. 9,255 7,693 8,744 25,474 21,422 19, 572 31,649 February 8,107 7.941 6,475 19, 797 18,409 16,184 29, 771 March 8,746 8,361 7,843 18,913 17,883 16, 263 31, 680 April 8,739 8,408 7,505 16,065 15,015 14:454 30,384 May 8,844 9, 975 8,647 14,876 14,470 13, 778 33, 550 June 9,742 8,380 7,438 15,341 13,183 13, 624 32, 440 July 7,596 6,605 14,856 14,272 12, 772 31, 791 August 7,209 6,992 6,439 14,804 15, 660 20,090 25, 956 September.. 8,554 7,206 6 987 19,040 25,243 28,793 27, 550 October 9,971 9,414 7,791 21,883 27,210 29,326 32, 264 November.. 9,799 P, 5i9 9,174 19,886 21, 527 23j743 29,641 23,295 December... 11,356 10,115 8,793 20,034 23,988 24; 960 33,258 28, 558 Total. 108,890 101,600 92,441 220,969 228, 282 233, 559 369,934 51,853 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 491 No. 12.—MONEY RATES l IN DALLAS, EL PASO, AND HOUSTON [Rates prevailing during week ending with 15th day of the month] DALLAS Loans secured by Customers' prime other stocks and Loans Year and month c 3 o d 0 m a - y 9 m s 0 e ! rcia m l o p 4 a n - p 6 th e s r j ! j I l b n o a a t n e n k r s - L c L u b o i r o a b e n n d e s d r t s b s y e y - De b m on an d d s Time b r s y e e h c c o w e u u i r a s p e r e t d e s - C lo a a t n tl s e 1924—January J. 6i 6 5 -6 6 6 6 -7 6 -7 7 -8 February 6; 6i 6 6 7 7 -8 6 -7 7 -8 March .. 5i 5 -6 6 6 6 6 -7 7 April 5 ] 5 -6! 5 -6 6 6 6 8 7 -8 May 5 -6; 5 -6 i 5 -6 4^-6 6 6 -7 6 -8 7 -8 June 4M-6: 43^-6 ! 5 -6 5 -8 6 -7 6 -8 5^-7 7 July 4 -6! 5 -6 4H-6 5 -7 5 -7 6 -7 6 -8 August. 4 -6; 4^-6; 5 -6 4 -6 6 6 -7 $*! 7 -8 September..... 4 -6 5 -6! 4 -6 4 -6 6 6 -7 5 -8 7 -8 October •_ 4 -6 4 -6i 4 -6 4 -6 5 -7 5 -8 5 -7 7 -8 November '. 5 -6 5 -6 ! 4 -6 4 -6 5 -7 5 -8 5 -8 7 -8 December . 4 -6 4 -6 | 5 -6 5 -6 6 6 -8 5 -7 6 -7 1925—January 4 -6 = 4 -7 ' 5 -6 5 -6 6 6 -8 5 -6 6 -7 A M Fe p a b r r i r c l u h a ry .... . 4 4 4 - - -6 6 6 ; : 4 4 4 - - - 7 6 7 : 5 5 5 - - - 6 6 6 4 5 5 ^- - - 6 6 6 5 5 5 K- - - 6 7 7 6 5 5 - - - 8 7 8 4 5 5 ^- - - 7 8 8 6 7 7 - - - 8 7 8 May L 5 -6 ; 5 -6 5 -6 5 -6 6 -7 6 -7 5 -8 6 -8 June,. 5 -6 5 -6 5 -6 5 -6 5 -6 5 -7 5 -8 7 -8 July 5 -6 5 -6; 5 -6 5 -6 5 -6 5 -8 5 -8 7 -8 August 4 -6 : 4 -6 5 -6 5 -6 5 -6 5 -8 5 -8 7 -8 September 4J4-6. 4^-6 • 5 -6 5 -6 5 -6 5 -8 5 -8 6 -8 Oetober. 414-6 4^-6/ 5 -6 5 -6 5 -6 5 -6 5 -6 7 -8 November 4^-6 4^-6 5 -6 5 -6 6 6 -7 5 -6 6 -8 December 4^-6 4H-6; 4 -6 5 -6 5 -6 6 -8 43^-8 6 -8 EL PASO 1924—January February.. March 7 April May.... June 6 July 8 6 August.. 6 -8 6 -8 6 September. 8 6 October 8 6 November. 6 -8 6 -8 6 December.. 6 1915—January 6 -8 6 February. _ 6 -8 6 March 6 April 6 May 6 June J 6 -8 6 -8 6 July..... J 6 -8 6 -8 6 August.. J 6 -8 6 September. 6 October 4^-8 6 November.. 6 -8 6 -8 6 December.. 5 -8 5 -8 6 00 CO -8 8 8 -7 000 -10 -10 -10 -8 -10 -8 7 -8 -10 -7 6 -8 -8 6 -8 -8 -10 -7 -7 -8 -8 6 -8 8 -8 -10 -8 _7 7 -8 -7 7 -8 7 -8 H 5 -8 -7 6 -8 1 Prevailing rates charged, as reported by representative member banks. The rates are those at whic the bulk of the loans of the designated class are handled by reporting banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

492 ANNUAL REPORT OF THE FEDERAL. RESERVE BOARD No. 12.—MONEY RATES IN DALLAS, EL PASO, AND HOUSTON—Continued [Rates prevailing during week ending with 15th day of the month] HOUSTON Customers' prime Loans secured by Year and month commercial paper I l b n o a t a n e n k r s - L c L u b o i r o a b e n n e d s d r b t s s y e y - b o o th n e d r s stocks and b s y L e h c o o w u u a r a n s e r e s d e- C lo a a t n tl s e 30-90 4-6 receipts days months Demand Time 1924—January 5 -7 6 -7 5H-6 6 7 7 7 7 -8 February 6 6 6 7 7 6 -7 6 -8 March 6 6 -7 434-5K 6 -7 6 -7 6 -7 7 -8 April 5H-6 5^-7 43^-6 5V2-Q 5M-6 5^-7 6 6 -8 May 5 -6 5 -6 43^-5 5 -6 6 6 6 -7 6 -8 June 5 -6 5 -6 43^-5K 5 -6 5 -6 5 -6 6 7 -8 July 5 -6 •5 -6 434-5 5 -6 5 -6 5 -6 6 7 -8 August 5 -6 5 -6 43^-5 6 5 -6 5 -6 5 -6 6 -8 September 5 -6 5 -6 4^-5 5 -6 5 -6 5 -6 5 -5K 5 -8 October 5 -6 5 -6 4^-5 5 -6 5 -6 5 -6 5 -6 6 -8 November 5 -6 5 -6 4^-5 6 6 -7 6 -7 5 -7 7 -8 December 5 -6 5 -6 43^-5^ 5 -6 5 -6 5 -6 5 -6 6 -8 1925—January.. _ 5 -6 5 -6 4^-5 5 -6 5 -6 5 -6 5 -6 7 -8* February 5 -6 5 -6 4>H> 5 -6 4M-6 4M-6 5 -6 6 -8 March 5 -6 5 -6 43^-5 5 -6 5 -6 5 -6 5 -6 6 -8 April 5 -6 5 -6 5 -6 6 5 -7 5 -7 5 -8 7 -8 May 5 -6 5 -6 5 5 -8 5 -6 5 -6 5 -6 6 -8 June 5 -6 5 -6 5 5 -6 5 -6 5 -6 5 -6 July 5 -6 5 -6 4 -6 5 -6 5 -7 5 -6 5 -6 7 -8 August 5 -6 5 -6 4^-6 5 -6 5 -6 5 -6 5 -6 7 -8 September 5 -6 5 -6 4K-6 5 -6 5 -6 5 -6 5 -6 7 -8 October 5 -6 5 -6 5 6 4^-6 5 -6 5 -6 6 -8 November 5 -6 5 -6 5 -6 6 4M-6 5 -6 5 -6 8 December 5 -6 5 -6 4^-6 5 -6 5 -6 5 -6 5 -7 8 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, 1925 1924 1923 RESOURCES Gold with Federal reserve agent -^ 207,692 200, 753 225,808 Gold redemption fund with United States Treasury. 3,817 2,438 5,034 Gold held exclusively against Federal reserve notes 211, 509 203,191 230,842' Gold settlement fund with Federal Reserve Board _ 33,170 44,387 45, 854 Gold and gold certificates held by bank _ 34, 825 26, 686 21,978- Total gold reserves _ 279, 504 274,264 298, 674 Reserves other than gold 6,315 3,782 2,32& Total reserves - - 285, 819 278, 046 301,002 Nonreserve cash _ 3,991 3,733 3,577: Bills discounted: Secured by U. S. Government obligations 5,720 7,058 11,899' Other bills discounted 18, 764 8, 684 41, 215 Total bills discounted _ 24,484 15, 742 53,114 Bills bought in open market - 31, 771 54,068 38,059' United States Government securities: Bonds 468 3,180 Treasury notes 28, 762 37,282 9,185 Certificates of indebtedness.. 20, 708 14, 681 Total United States Government securities 49, 938 55,143 9,185 546 456 Foreign loans on gold __. 106,739 125,409 100,358 Total bills and securities 40, 541 35,841 42,135» Uncollected items- - - - 3,217 3,275 2, 770 Bank premises.__ _ 3,530 4,142 4,102 All other resources 443, 837 450,446 453,944 Total resources LIABILITIES 208,126 215, 030 229,082' Federal reserve notes in actual circulation 164,910 167,192 152,488 Deposits: 2,062 3,637 3,015 Member bank—reserve account 578 140 116 Government - 5,977 4,677 4,813 Foreign bank.. Other deposits 173, 527 175, 646 160, 432 Total deposits 37,401 35,296 39,676 Deferred availability items 8,238 8,113 7,862' Capital paid in 15, 071 15,071 15, 301 Surplus 1,474 1,290 1,591 All other liabilities Total liabilities 443,837 450,446 453,944 — Ratio of total reserves to deposit and Federal reserve note liabilities com bined__ ._ percent. 74.9 71.2 77.3 Contingent liability on bills purchased for foreign correspondents _.. 4,923 3,244 1,349* 493 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

494 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 banksi Date s T e b a t o c i i n e l u t d l s a r s l i- Total c U G e u S b . r o r e S y n - e . v - d - c O b o d t i i u s h l - l n e s t r - b o m o B k i p u a i e l g e r n l t h n - s t U s S e n t t c i a i u t t e r e s e i s d - l e g F o o i o o a n g l r n n d - s s T c e o r a r t e s v - a e h l s r b M p e a o s b d n e e e s e - m r k i r v t s s - e ' p T o d o e s t - i a t l s n r F c o e i e t r s t i d c e e o u e s r n v r l i a a e n - l s c a p R e e g e e r n e r - v t s - e ment ed obligations 1925 , Jan. 7...... 121, 256 15, 535 7,845 7,690 54, 308 50, 957 456 278,024 170, 708177,908 211, 867 71.3 14 107, 744 7,614 787 6,827 50, 748 48, 926 456 275, 367159,863 167, 591204, 278 74.0 2 21 8 ... 1 1 0 0 3 3 , , 8 4 3 9 2 1 1 9 3, , 5 2 6 9 8 4 6 2 , , 7 9 1 3 7 5 6 6 , , 5 6 7 3 7 3 4 49 9 , , 3 5 7 8 2 3 4 4 0 3, , 3 5 6 4 8 2 7 7 9 9 8 8 2 27 7 6 7 , , 0 6 0 4 7 01 1 5 6 8 0 , , 1 0 0 2 1 7 1 1 7 6 2 8 , , 5 2 4 3 3 4 1 1 9 99 4 , , 2 3 3 9 8 5 7 7 5 5 . . 4 3 Feb. 4...... 105,490 13,606 6,711 51,155 39,931 798 272, 951162,180 169,480 195,489 74.8 11-..— 107,245 16,645 2,731 13,914 49,870 39, 932 798 266,870 158,157 165,806 194,819 74.0 18...... 101,161 17, 747 8,471 9,276 43,707 38,909 798 271, 971158,183 166,079 194,169 75.5 25 100,243 20,577 8,122 12,455 42,007 36, 861 798 270, 885156,883 163,618 194, 673 75.6 Mar. 4 96, 229 23,188 16, 21935,382 36, 861 798 279, 505157,146 165, 204197, 547 77.1 11 91,062 23,011 10, 200 12,81129, 844 37,409 798 290, 725162,024 171, 972196,575 78.9 18 85, 584 23, 689 11,133 12, 55627,839 33, 258 798 283, 589155,412 162,813 194, 519 79.4 25 21, 702 10,072 11, 63030,104 34,324 798 282, 937156,043 164, 781 191, 415 79.4 Apr. 1 93,170 29, 228 12,232 16,996 34, 324 798 278,241 156,284 165, 374192, 591 77.7 1 OQ 5 8 9 8 0 , , 8 8 1 5 4 1 2 2 5 8 , , 7 54 6 9 2 1 1 0 2 , , 9 1 2 3 9 0 1 14 6 , , 6 6 2 3 0 2 2 26 8 , , 1 5 4 4 2 01 3 3 4 4 , , 3 7 2 5 5 1 7 7 9 9 8 8 2 28 8 1 6 , , 0 5 1 3 0 6 1 15 5 5 9 , , 3 8 9 4 8 31 1 6 6 6 8 , , 2 4 9 5 4 7 1 19 9 5 3 , , 6 2 1 7 9 7 7 7 9 7 . . 0 8 22. 98,065 38, 45220,105 18,347 24,126 34, 752 735 269, 539154, 277161,454 195, 283 75.6 29 94, 782 37, 882 18,860 19,022 21,411 34, 754 735 271,175 151, 569159,484 193, 773 76.8 May 6 89, 600 36, 305 16, 50619,7 17, 805 34, 755 735 282,169 155, 708162,012 197,037 78.6 13...... 88, 472 31, 984 12, 609 19, 37516,167 39, 586 735 286, 445159,477 166,669 195, 853 79.0 91, 554 29, 771 12, 551 17, 220 16, 632 44, 416 735 280, 465155, 270163,121 194, 952 78.3 27— — 102, 614 31, 988 11, 94420,044 20,792 49,099 735 272, 445 155, 974 164,057 196,320 75.6 June 3...... 101, 346 30, 070 13,144 16,926 21,442 49,099 735 274,001 153, 244160, 237200.144 76.0 10 105, 218 32, 856 14,872 17,"" 21, 731 49,896 735 272, 924158, 813 166, 645198,645 74.7 17. 102, 487 39, 28820,675 18,613 21,118 41,346 735J266,063 155,081 160, 357197.145 74.4 24 111,364 44, 25021,703 22,547 21, 841 44, 538 735 262,107 154, 899163, 636 195, 856 72.9 July 1 97, 648 32,136 11, 95920,177 21,036 43, 741 735 276,149 151, 382158, 957202,012 76.5 g 106,241 40, 696 16, 71623,980 21,069 43, 741 735 275, 552157, 685163, 228204, 884 74.9 15. 99, 970 37,939 18, 582 19, 35717, 554 43, 742 735 278, 751159, 823166, 292201,045 75.9 22 104,386 40, 210 18, 94021, 270 19, 699! 43, 742 735 265, 281153,159 158, 485198, 054 74.4 29. 109, 518 45,409 18, 221 27,188 19, 382 43, 992 735 262, 449155, 383 162, 001 195,026 73.5 Aug. 5 !112,341 48,123 21, 341 26, 78219, 490 43, 993 735 264,101 157, 021 163, 849 198, 551 72.9 12......105,210 41,802 22, 680 19,122 18, 999 43, 674 735 270,109 156, 824 163, 556198, 254 74.7 19— —107,263 44,163 24,< 20, 069 18, 634 43, 731 735 268, 754159, 253164, 963198, 587 73.9 26 110, 87046, 59428, 485 18,109 19, 750 43, 791 735 268, 496159,197 166, 006 198, 215 73.7 Sept. 2 119,875 54, 39832, 087 22, 311 21,161 43, 791 525 260, 505156, 711163, 094204, 408 70.9 9......120, 80854, 55631,467 23, 08r 21, 936 43, 791 525|269, 469158, 798165, 701209,108 71.9 16 112, 67348,172 29, 825 18, 34 20, 848 43,128 525 j 268,088158,015 163, 249207, 527 72.3 23 124, 70: 59, 43437, 059 22, 375 20, 769 43, 932 5671260, 461158,161 166, 184203,462 70.5 30 120,156 51, 49428, 741 22, 75324,016 43, 932 714i261, 978156, 049 163,150 204, 270 71.3 Oct. 7 122, 52752, 830 24,969 27,861 25, 016 43, 932 7491265, 623159,403 165, 387206, 655 71.4 117,023 49, 86823,086 26,782 22, 772 43, 935 4481272,322 163,899 170, 265205, 799 72.4 2 28 1 . — .. .. — .1 1 2 2 9 5 , , 8 9 5 7 6 1 6 5 0 7 , , 4 4 9 9 3 8 3 2 1 1, , 5 8 0 4 3 2 2 3 8 5 , , 6 9 5 9 1 5 2 2 4 5 , , 1 0 9 9 0 7 4 4 3 3 , , 9 9 3 3 5 5 4 23 4 8 1 1 1 2 2 5 6 4 4 , , 4 9 1 4 5 5 1 1 6 6 2 2 , , 6 56 8 5 8 1 1 7 6 2 9 , , 7 5 9 8 9 52 2 0 0 3 0 , , 8 8 1 1 8 5 6 7 8 0 . . 8 2 Nov. 4 142, 97469, 81739,156 30,661 28, 957 43, 934 266 248, 241166, 502 174,068 203, 231 65.8 10 136, 92959, 89631,577 28,319 32, 763 43, 934 336 258,112 168, 763 175, 318205,161 67.8 18 126, 34650, 30831,279 19,029 31, 704 43, 935 399! 268,093167, 212175, 893204,176 70.5 25 134,40' 59, 65536,655 23,000 30, 361 43, 936 455 258, 801 165, 438 174, 203, 722 68.5 Dec. 2 143,113 68,168 39, 40028, 76830, 428 43, 936 581 247, 455163, 779171, 429205,446 65.7 9 142,01' 66,198 41, 822 24, 376 31, 302 43, 936 581 255, 204168, 655176, 661206, 653 66.6 16 121, 78850, 36830, 274 20,094 31, 7" 39, 040 616 274, 495168, 956 175, 612207,883 71.6 23 137,912 56, 67630, 61326,063 34, 467 46,188 581 257,164 164, 042170, 688213, 801 66.9 30 111, 90929, 964 8,594 21, 37031, 440 49, 938 567 285,150 165, 692174, 042208,334 74.6 Daily average 111, 286 39,460 28,729 42, 434 663 268, 91 158, 635166,432 201,138 73.2 Digitized for FRI dAeSluEdiRn g bills discounted for Federal intermediate credit banks. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DISTRICT NO. 12—SAN FRANCISCO 495 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 i Bills bought in open market Secured Com' Month Total G U o S m b o n t b l a v e i i y t t g n e e e a r t s d n - -a m p g t a u a e r n p i r r c a c d e u i l r a l- l a B a c e n c a r c e n 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 a g n e n f h d - t d t s Total a B a c e n a c r c e n s e p k ' s t - - 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 ttions n. e. s. 1925 January 42,949 31,077 11,733 36 103 29, 296 28,932 364 February _. 70, 871 44, 871! 25,956 35 9 24,041 23,911 130 March.. 125,098 78,021 46,990 33 54 17, 750 17, 745 5 April _ 129,389 84,103 45,159 21 55 19, 886 19,811 75 May 132, 284 83,811 48, 359 35 79 21, 015 20, 791 224 June 171,928 124, 299 47, 567 17 45 23, 715 23, 602 95 July 209, 294 145, 576 63,690 19 9 21,480 21,394 57 29* August _ 209, 773 164, 693 45, 012 4 64 22,105 21,859 246 September 224> 498 168,414 55,970 27 87 21, 673 20, 873 800 October 284, 575 202,490 81,920 49 116 27,304 26,948 346 10* November 279, 404 221,300 57, 890 74 140 21, 680 21, 500 180 December 272,924 187,245 85, 451 145! 31, 049 30, 547 502 Total: 1925....2,152,987 1, 535,900615, 697 51 495i 844 280,994 277,913 3,024 57 1924.... 929,140 549,133 376, 213 125 2,816 853 176,933 174,189 2, 744 1923....2,108, 963 1505, 709594, 755 1,692 5,943 225,162 220, 096 5,015 51 United States se- United b f B o r u o il g m ls ht c c m h u a a r r s k e it e d i t e i s n p o u pe r- n ti c s S e h e s t c a a u s p t e e r u i d s r - - Foreign Total disc c o h u as n e ts s and pur- 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 a o n n d ds 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 1925 1924 1923 notes edness banks 1925 January.. 5 73, 551 133, 426 292,422 February. 2 94,914 144, 714 172,941 March 549 456 144, 496 150, 582 184,901 April...... 158 315 150, 646 140,056 217, 354 May 2,047 14, 340 169, 686 100, 211 233, 519 June 4,318 420 200, 381 101, 698 229,194 July 320 250 315 231, 659 61,126 215, 630 August.. 1 117 210 232, 206 38,130 199, 762 September. 1, S 4,936 254,005 56, 378 231, 295 October 2,710 91 314, 683 71, 740 184,141 November. 364 301,450 84, 246 154, 281 December.. 15, 612 35 320, 372 121, 519 184, 296 Total: 1925 10, 806 25, 227 15,298 2,737 2, 488,049 1924 58, 072 37, 073 2,152 456 1, 203, 826 1923 3, 203 49 161,184! 1,175 2,499, 736 1 Includes agricultural paper discounted for Federal intermediate credit banks. For amounts see notes below Table 4. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

496 ANNUAL REPORT OF THE FEDERAL. RESERVE BOARD No. 4.—BILLS DISCOUNTED BY FEDERAL RESERVE BANK: VOLUME, BY STATES [Amounts in thousands of dollars] Num- Num- ber of ber of memmem- ber ber banks Month z A o r n i a - 1 Utah v N a e d - a f C or a n l i i a - Oregon Idaho i W ng a t s o h n - Total i b n a n di k s s - ac m co o m - trict at dated end of during month2 the month 1925 January.- 10 775 31, 739 1,507 4,219 4,1 42,949 767 160 February 20 537 55,556 6,457 2,777 5,524 70,871 769 164 March 131 1,003 104,144 7,938 3,380 8,502 125, 098 749 195 April 122 5,519 101, 562 8,472 3,142 10,572 129,389 748 234 May 8,165 102,049 6,206 3,440 12,336 132,284 752 230 June 154 7,950 137,495 5,662 3,577 17,090 171,928 751 240 July 109 9,840 169, 692 4,488 3,580 21,585 209, 294 751 238 August 1,142 5,638 179, 723 5,323 3,327 3 14, 592 209, 773 749 200 September...___ 105 3,681 198,308 7,646 2,819 11,887 224,498 748 164 October_ 141 2,085 7,332 2,221 12,164 284, 575 744 157 November.. _ 112 2,765 254, 718 8,746 1,631 11,432 279, 404 747 142 December 4,133 * 231,817 14,604 1,576 5 20, 726 272,924 740 140 Total: 1925 2,202 52,091 1, 827,435 84,381 35,689 151,109 25,,152,987 1924 1,639 22, 293 37 «693,935 63,468 76,419 71,349 929,140 1923 35, 792 283 711,, 710,698 107,644 127,964 122,584 2,108,963 Number of member banks at end of year:2 1925 300 134 156 740 1924. 300 137 101 158 771 1923 319 136 165 Number of member banks accommodated: 1925 138 56 82 380 1924 159 87 420 1923 161 101 460 i Figures relate only to that part of the State located in the San Francisco district. 8 Banks in actual operation. Figures prior to March, 1925, represent number of banks as shown by -capital stock records. 3 Includes $229,000 discounted for the Federal Intermediate Credit Bank of Spokane, Wash. 4 Includes $900,000 discounted for the Federal Intermediate Credit Bank of Berkeley, Calif. »Includes $522,000 discounted for the Federal Intermediate Credit Bank of Spokane, Wash. • Includes $850,000 discounted for the Federal Intermediate Credit Bank of Berkeley, Calif. 7 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

No. 5.—EAENINGS AND EXPENSES OF FEDERAL RESERVE BANK [Figures originally published have been regrouped where necessary in order that data for all years may be on a comparable basis] 1914-15 1916 1917 1918 1919 1920 1921 1922 1923 1924 1925 Total EARNINGS Discounted bills _ $64,468 $20, 683 $292, 982 $2, 675, 551 $3, 667,951 $8, 259, 664 $7,965, 583 $2,126, 654 $2, 786,349 $1, 302, 272 $1, 408, 353 $30, 570, 510 Purchased bills 13,122 133, 331 308, 596 1,097, 630 2, 870,368 3, 890, 556 825, 577 712, 385 1, 020,834 582,182 895, 703 12, 350, 284 United States securities 18, 431 67, 530 147, 355 135, 268 238, 385 322,787 236,876 1,811,317 836, 761 1,476, 506 1,446, 767 6, 737,983 Municipal warrants 18, 432 49, 773 11,935 80,140 Deficient reserve penalties 1,157 18, 222 96, 409 65,970 130,157 130, 254 48, 957 25, 771 25,361 22,930 565,188 Net service charges received 7,660 31, 047 19, 862 58, 569 Miscellaneous 1,503 36, 377 75, 665 163, 065 178, 550 103, 504 26,123 121, 889 154,488 101, 610 75,137 828, 940 Total earnings T _. 115,961 316, 511 885, 802 4,187, 785 7, 021, 224 12, 706, 668 9,184, 413 4, 821, 202 4, 615, 227 3,487,931 3, 848, 890 51,191, 614 CURRENT EXPENSES [Exclusive of reimbursable fiscal agency expenses] Salaries: Bank officers _ $45,883 $41, 208 $56, 657 $94, 605 $136, 807 $188,017 $225, 480 $235, 695 $262, 456 $256, 013 $244, 586 $1, 787, 407 Clerical staff _ 29, 575 33, 553 85, 813 287, 608 491, 627 1,018, 812 1,687, 043 1, 543, 561 1, 461, 516 1,458,193 1, 250,360 9,347, 661 Special officers and watchmen ..*. 120 123 434 1,595 13, 757 33,150 74,174 81, 750 77, 260 82,825 78,784 443,972 Allother 160 1,117 19, 005 38, 691 88,954 113, 764 134, 585 147, 200 131, 427 674,903 Governors' conferences. _ 2,720 2,966 944 354 2,498 1,272 1,407 1,221 1,148 1,028 1,004 16, 562 Federal Reserve agents' conferences 897 1,044 215 601 1,105 1,683 1,929 1,116 704 778 716 10, 788 Federal Advisory Council 951 150 150 3,043 2,594 1,417 2,312 1,483 2,665 2,600 3,200 20,565 Directors' meetings _ 3,278 2,250 2,837 5,787 7,223 11,099 12,413 11, 386 10, 973 23, 681 29, 092 120,019 Traveling expenses 2_. 1,306 1,164 3,825 14,193 16, 729 32,193 35,115 38, 319 36, 398 36, 620 264,551 Assessments for Federal Reserve Board expenses. 21,688 13,786 16, 560 22, 277 33, 790 45, 964 52, 375 51, 003 49, 448 46, 469 49, 684 403,044 2,421 2,421 2,919 3,199 4,545 6,510 3,974 1,914 10, 614 47, 799 Insurance (other than on currency and security shipments) 766 922 2,863 11,457 14, 778 36, 708 69, 055 40, 085 38,703 42, 505 42,123 299, 965 Taxes on banking house _ 3,331 5,396 6,504 6,713 5,134 3,115 3,115 54, 477 87, 785 Light, heat, and power "305" 432 2,960 5,852 9,246 7, 488 5,346 3,857 13, 524 13, 296 63,136 Repairs and alterations, banking house 1, 030 7,118 34, 087 25, 497 947 294 1,575 2,031 72,579 Rent _ 22, 234 16,865 16, 281 32, 018 14, 758 57, 372 137, 766 97, 465 120, 629 118,922 111,366 745, 676 Telephone _ 440 466 2,313 4, 859 4,912 10, 415 16, 915 15, 775 16,091 19, 281 17,863 109,330 Telegraph _ 356 507 2,683 11,716 27,929 70, 615 100,108 88, 034 83, 664 81,933 78, 547 546, 092 1 Debit, a 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

CD No. 5.—EAKNINGS AND EXPENSES OF FEDERAL RESERVE BANK—Continued 00 1914-15 1916 1917 1918 1919 1920 1921 1922 1923 1924 Total CURRENT EXPENSES—Continued Postage. .-- - - $1,917 $4, 787 $13, 002 $50,352 $76, 684 $36, 246 $117,152 $113, 792 $126,980 $124, 494 $123, 235 $838, 641 Expressage _ _ 316 7,595 22,302 50, 983 14, 523 28, 249 24,132 24,130 25,864 20,359 24,802 243, 255 Insurance on currency and security shipments 225 305 1,570 13,131 16, 817 30,583 25, 889 30,391 29,683 31, 567 190,027 Printing and stationery 5,754 8,472 23, 484 50, 933 88, 080 178,489 154, 529 85,511 64,941 70, 875 46,046 777,114 Office and other supplies 124 916 402 2,334 6,380 12,945 53, 634 44,103 48,835 50,820 38,183 258, 676 Miscellaneous expenses 22,191 2,406 11, 546 111,039 52,912 69,018 113,439 88,743 47,019 50,501 40,663 609,477 Total, exclusive of cost of currency 161, 046 142, 338 267, 292 776,977 1, 060, 787 1,993, 554 3,044,723 2,718, 226 2, 649, 450 2, 705, 677 2, 458, 954 17, 979, 024 Federal reserve currency (including shipping charges): Original cost.-- 7,273 49, 031 34, 998 238, 746 187,486 219, 398 498,762 230, 465 143, 293 125, 787 201, 514 1,936, 753 Cost of redemption 8,077 9,678 28,411 40,600 74,963 42,696 24, 422 21,920 20,640 272,388 Taxes on Federal Reserve bank-note circulation 7,900 34,434 43, 485 15,000 s 6, SS8 140, 764 Total current expenses. 168, 319 192,350 310, 367 1,033, 301 1,311,118 2, 299, 835 3, 661,933 3, 006,387 2, 810, 827 2, 853, 384 2,681,108 20,328,929 PROFIT AND LOSS ACCOUNT E arning*? $115,961 $316,511 $885, 802 $4,187,785 $7,021,224 $12,706,668 $9,184,413 $4, 821,202 $4, 615,227 $3,487,931 $3,848,890 $51,191,614 Current expenses .- 168,319 192,350 310,367 1,033,301 1,311,118 2,299, 835 3, 661, 933 3,006,387 2,810,827 2,853,384 2,681,108 20,328,929 Current net earnings . * 52,858 124,161 575,435 3,154,484 5, 710,106 10,406, 833 5,522,480 1,814, 815 1,804,400 634,547 1,167, 782 30,862,685 Additions to current net earnings: Withdrawn from reserve for— Federal Reserve Board expenses _ 45, 964 45,964 Depreciation on United States bonds ::::::::: 78,876 4,395 1,729 85,000 All other. ._ _, 28 417 1,497 1,814 6,775 536 821 11,888 Total additions ,._ _- -.. 28 46,381 80,373 6,209 8,504 536 821 142,852 -r^rr—: : — 7. = Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Deductions from current met earnings: Bank premises—depreciation . 6,000 238, 600 168, 625 121, 070 16,462 36,038 615, 921 127, 755 138,390 1, 468,861 Furniture and equipment 12,589 28,142 45,169 119, 671 205,251 155,081 36,371 324,282 197, 776 61,572 1,185,904 Reserve for probable losses 500,000 77, 958 325,000 452,801 1,355,759 Reserve for Federal Reserve Board expenses _ 33,306 12,658 45,964 Reserve for depreciation, United States bonds 85,000 85,000 All other.. 61 249 1,551 1,172 5,412 10,810 10,301 42,275 59,036 25,393 156,260 Total deductions. _ _ . _ _ 12,650 119,391 285,320 322, 774 344,391 682.353 160,668 1,307,478 384, 567 678,156 4,297, 748 Net deductions from current net earnings 12,650 119,391 285,320 322, 746 298,010 601,980 154,459 1,298, 974 384,031 677,335 4,154, 896 2 Net earnings « 52,858 111,511 456? 044 2, 869,164 5,387,360 10 108 823 4 920 500 1,660,356 505,426 250,516 490, 447 26, 707, 789 H Distribution of net earnings: B Dividends paid __• 43, 736 394, 776 497,675 296,161 384, 713 435,361 448,306 467, 720 480,561 490,447 3,939,456 Transferred to surplus account 2,448,174 5, 091,199 6,654,855 1,254,824 &-185,721 37, 706 «-280,045 15,070,992 o Franchise tax paid United States Government 3,069,255 3,230,315 s 1,397, 771 7, 697,341 Balance to profit and loss.- -52,858 67,775 61,268 -76,685 p 1 REIMBURSABLE EXPENDITURES OF FISCAL AGENCY DEPARTMENT Salaries: Officers $5,186 $7, 650 $9, 614 $7,425 $3,900 $3,576 $4,177 $1,494 $204 $43,226 Employees. _ 125,208 557,817 562, 446 373,476 203,285 63,520 82,207 21, 708 6,430 1, 996,097 All other _ _ 245,825 720,327 589, 922 164,148 53,061 26,188 20,057 6,145 2,726 1,828,399 Total _ 376,219 1,285, 794 1,161, 982 545, 049 260,246 93, 284 106, 441 29,347 9,360 3,867,722 s Credit. 4 Excess of current expenses. « After charging surplus and crediting franchise tax with $306,926 paid as an additionalf ranchise 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. * Deficit in earnings after payment of dividends, charged to surplus account. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

500 ANNUAL REPORT OF THE FEDERAL. RESERVE BOARD No. 6.—VOLUME OF OPERATIONS IN PRINCIPAL DEPARTMENTS 1925 1924 1923 NUMBER OF PIECES HANDLED Bills discounted: Applications 7,708 9,344 16,565 Notes discounted _ _ 30,136 37,212 57,725 Bills purchased in open market for own account 26,983 18,433 21, 771 Currency received and counted 98,574,000 95,857,000 83,236,000 Coin received and counted 54,425,000 44, 298,000 32,070, 00O Checks handled 73,061,000 74,367,000 65,442,000 Collection items handled: United States Government coupons paid 2,993,000 3,676,000 5,389,00O Allother _. 357,000 351,000 313,000 United States securities—issues, redemptions, and exchanges by fiscal agency department 613, 000 1,518,000 U0,827,000 Transfers of funds _ 128,000 130,000 131,000 Envelopes received and dispatched 2,859,000 3,238,000 3,868,00O AMOUNTS HANDLED Bills discounted _ $2,152,987, 000 $929,140,000 $2,108,963,000 Bills purchased in open market for own account 280,994, 000 176,933,000 225,162,000 Currency received and counted 782, 218, 000 753,896,000 707, 765,000 Coin received and counted 31,063,000 23,425,000 24,767,000 Checks handled.. _ 15,002,811,000 14,645,586,000 14,066,535,000 Collection items handled: United States Government coupons paid 32,578,000 35, 743, 000 41,522, 000 Allother _ 269, 573,000 290, 773,000 278,560,000 United States securities—issues, redemptions, and exchanges by fiscal agency department 260,294, 000 353, 309,000 486,429,000 Transfers of funds 10,672,119, 000 9,568,293,000 8,241,696,000 i Large total 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 d m a is n s tr k i s c d t ra i w n n o w o n n Ite s t o h m e t r e h v s i e r e r f o b F r b r w e a a d n a n e c r k d r h s a e e l d a s r n t e d o - Ite T U m r n e s i a t s e d u d r r a e w S r t n a t o o e n s f Total i Number Amount Number Amount Number Amount Number Amount 1925 January 5,496 1,095,497 202 35,208 218 42,058 5,916 1,172,763 February 4,859 993, 690 157 30, 592 213 39, 740 5,229 1,064,022 March _- 5,778 1,162, 268 169 37,221 222 55, 887 1,255,376 April 5,354 1,053,381 173 35,194 231 43,280 5,758 1,131,855 May 5,228 1,043, 353 150 30,468 217 32,434 5,595 1,106,255 June 5,630 1,128,407 167 34,275 216 41, 086 6,013 1,203,768 July 5,371 1,139, 828 184 33, 750 214 36,223 5,769 1,209,801 August.. 5,194 1,098,966 153 31,565 221 33,396 5,568 1,163,927 September 5,443 1,143,543 141 26,962 231 39,737 5,815 1,210,242 October. 5,747 1,294,100 152 37, 561 248 42,320 6,147 1,373,981 November 5,484 1,216,850 127 31,405 233 42,360 5,844 1,290,615 December 6,246 1,399,278 162 34,658 227 41,972 6,635 1,475,908 Total: 1925.... 65,830 13,769,161 1,937 398,859 2,691 490,493 70,458 14,658,513 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 the parent bank and one of its branches, or by two of its branches. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DISTRICT NO. 12—SAN FRANCISCO 501 No. 8.—CLEARINGS AND TRANSFERS THROUGH THE GOLD SETTLEMENT FUND [In thousands of dollars] Payments toReceipts from Week ending— other Federalother Federal Net loss Net gain reserve banksreserve banks 1925 Jan 7 69,304 67,473 1.831 14 85,838 78,786 7,052 21 . .. 85,317 85,855 538 28 90,771 84,217 6,554 Feb 4 75,482 73,269 2,213 11 . . 75,954 79,295 3,341 18 63,939 67,431 3,492 25 . 71,629 74,454 2,825 Mar. 4 98,223 107, 511 9,288 11 78,779 89,448 10,669 18 98,352 90,619 7,733 25 83, 589 83,072 517 ADr 1 73,756 69,739 4,017 P 8 61,337 67,272 5,935 15 69, 615 66,049 3,566 22 79, 737 67,825 11,912 29 64, 766 64,879 113 May 6 64,426 74,341 9,915 13 65,133 64, 724 409 20 71,159 66,258 4,901 27 77,370 66,418 10,952 June 3 66, 572 67,339 767 10 ... * 71,209 68,450 2,759 17 90,979 86,848 4,131 24 80,138 77,924 2,214 July 1 71, 741 88,937 17,196 8 . 63,844 60,825 3,019 15 71, 536 74,235 2,699 22 „ . .. 77,005 63,254 13,751 29 70,432 67,336 3,096 Aug 5 69,055 71,922 2,867 12 58,923 63,231 4,308 19 62,122 60, 584 1,538 26 69,619 66,461 3,158 Sept. 2 67,350 58,249 9,101 9 40,147 48,552 8,405 16 81 698 80,955 743 23 88,343 80,351 7,992 30 . 77,721 78,471 750 Oct. 7 74,158 74,853 695 14 59,588 65,343 5,755 21 . . .. 92,412 82,527 9,885 28 92,886 84,082 8,804 Nov. 4 88,834 76,482 12,352 11 59,973 65,867 5,894 18 81,026 90,740 9,714 25 90,296 78,837 11,459 Dec. 2 84,328 69,842 14,486 9 . ... 76,574 82,720 6,146 16 100,078 118,907 18,829 23 101,120 84.086 17,034 30 83,988 107,820 23,832 31 (one day) 18,309 19,613 1,304 Total: 1925 . 3,986,480 3,954 578 31 902 1924 3,708,647 3,637,180 71 467 1923 3,418,172 3,389,666 28,506 Net gain in ownership of gold since establishment of fund in 1915, $192,691,000. 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 [In thousands of dollars] REPORTING MEMBER BANKS IN NINE CITIES 1 Investments Borrowings from Loans and discounts Net demand deposits Time deposits Federal reserve bank Last report date in— United States securities All other 1925 1924 1925 1924 1925 1924 1925 1924 1925 1924 1925 1924 O J F a e n b u r a u r a y r . y ._ .. 1 1 , , 0 0 5 8 7 7 , , 4 8 3 9 8 0 1 1 , , 0 0 0 20 2 , , 2 4 8 8 3 6 2 2 4 3 1 1 , , 2 2 4 7 3 8 1 1 8 8 7 2 , , 9 2 2 8 2 4 1 19 8 4 8 , , 3 7 6 1 0 8 1 15 5 9 9 , , 6 8 7 3 3 7 7 79 8 5 4 , , 1 5 4 2 9 4 7 7 2 3 9 4 , , 4 1 7 5 1 7 6 70 9 7 0 , , 8 8 9 7 1 8 5 5 7 8 3 6 , , 8 0 9 3 5 6 1 6 3 , , 7 3 9 8 9 3 3 2 5 7 , , 1 3 4 7 9 6 W March 1, 093,028 1, 013,286 255,288 198, 747 192,517 158, 983 757,086 713,394 757,548 593,155 13,656 31,009 April 1,105, 506 1,028,328 256,438 196,283 195,668 165, 800 756,258 720,072 755,182 27,125 31,805 May 1,092,619 1,014,923 257,178 185, 646 190,225 162,278 754,038 721,475 763, 488 i9, 577 19,340 18,898 J J u u n ly e 1 1 , , 1 1 0 1 7 1 , , 1 4 5 8 82 1 1, , 0 0 0 0 3 6 , , 2 6 1 5 4 2 2 25 5 7 5 , , 1 9 7 9 3 5 1 1 9 9 4 7, , 0 1 8 4 8 0 1 1 9 9 3 4 , , 6 3 8 6 3 9 1 1 6 6 3 0 , , 1 3 6 7 4 3 7 7 5 5 3 9 , , 8 6 5 1 2 7 7 7 2 4 6 2 , , 4 7 6 6 0 7 7 7 7 7 3 9 , , 5 5 3 5 4 2 6 6 1 2 4 3 , , 8 4 0 7 2 0 3 2 0 9 , , 4 4 3 2 2 2 1 3 2 , ,0 7 8 6 2 7 H August 1,117, 518 1, 005, 010 259, 496 202,008 189,207 162, 487 765,896 760,183 774, 980 625, 024 31,475 2,003 ffl September 1,143,316 1,017, 594 267,139 227,461 194,722 165, 650 771,970 778, 600 798,392 631, 933 41, 773 5,740 October. __ 1,169,827 1,046, 725 264,869 234, 921 204,391 168,386 772,763 806, 580 807,193 659,275 53, 293 3,043 November 1,201,389 1,038,948 267, 696 233,114 209,807 185,881 790,055 800,979 824,018 655,977 53,836 1,808 December- 1,194, 751 1,049, 618 243, 688 204,056 191, 643 805, 615 805,121 809,856 681,132 23,334 9,914 REPORTING MEMBER BANKS IN CITY OF SAN FRANCISCO 2 January... 411,325 389, 095 104,175 77,649 81,735 63, 725 294,911 254,097 266, 463 218, 234 5,525 27, 720 February.. 426,990 401,870 91,306 71, 580 86,421 62, 775 291,496 253,356 271, 712 227, 771 12, 292 22, 694 CO March 427,133 395,343 102,399 78, 707 85,168 62, 214 292,206 245, 938 277, 026 229, 434 11,161 25,008 April _ 442, 598 405, 506 100,450 80, 576 84,254 66, 710 285, 297 247,842 280,223 239,104 22,504 25,174 May 443,103 403,301 101.373 72, 704 80,821 65, 611 290, 342 254, 398 279,395 234,819 14,262 11,399 June 453,630 411,687 102,892 78,741 80,856 63, 989 286, 729 261, 981 284,116 243,870 26,125 6,921 July.. 458,903 406,630 100,627 80,064 79,940 63, 927 294, 738 278, 659 289, 380 242, 459 25,271 2,007 w August 463,278 412, 542 104,673 85, 245 80,666 64, 512 311,714 292, 082 283,352 245,473 27,012 711 o September 481, 961 421,146 107,126 95,036 79,816 65, 727 306,620 303, 514 300, 948 247, 705 38,480 5,221 > October. __ 499, 385 435,844 110, 220 102, 706 87, 716 67,858 308,667 324, 595 312, 267 271, 039 48,049 1,713 November. 515, 018 416,859 114,049 102,011 89,696 79, 654 316, 275 301, 254 324, 548 265,402 47, 795 988 December. 501,130 419, 510 104,172 107,814 83, 520 83,127 325, 560 309,268 287,426 266,825 18,808 8,695 1 Figures are for about 67 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. 2 Figures are for about 15 banks in San Francisco which submit weekly reports to the Federal reserve bank. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

503 DISTBICT NO. 12—SAN FKANCISCO No. 10.—ALL MEMBER BANKS—NET DEMAND AND TIME DEPOSITS, BY SIZE OF CITY [In thousands of dollars] Net demand deposits Time deposits Banks in cities and towns hav- Banks in cities and towns having Date ing a population of— a population of— Total Total t L h e a s n s 5, t 0 o 00 15 t , o 000 10 a 0 n ,0 d 00 t L h e a s n s 5, t 0 o 00 15 t , o 000 a 1 n 0 d 0 , o 0 v 0 e 0 r 5,000 14,999 99,999 over 5,000 14,999 99,999 1923 Apr. 25 1,183,194 163,444 84,868 148,310 786, 572 1,040,221 92,876 47,938 98,143 801,264 May 23 1,228,374 167,181 83,414 141,145 836,634 1,009, 733 94,829 42, 298 90,884 781, 722 June 27 1,219,447 167, 757 83, 605 138, 932 829,153 1,011,389 96, 278 42,487 91,937 780,687 July 25 _1,218,950 165,573 82,823 138,868 831,686 942,837 94, 942 43, 829 92, 585 711,481 Aug. 29 1,235,892 170, 227 82,336 139,069 844,260 942,028 98, 714 44,150 93,211 705, 953 Sept. 26 1,251,460 178,683 84,425 144,620 843,732 960, 503 101,975 45,299 94,332 718,897 Oct. 24 1,279,151 182,826 87,736 146,318 862,271 952,894 98,678 45,664 91, 576 716, 976 Nov. 28 1,290,826 185,063 88,121 148,860 868, 782 970,367 100, 710 46,069 92,653 730,935 Dec. 26 _1, 266,437 179,698 85,101 151,899 849, 739 991,123 101,552 44, 915 94,307 750,349 1924 Jan. 23 1,253,902 167,304 81, 941 149,125 855, 532 1,000,648 101,481 45,750 95,516 757,901 Feb. 27 1, 241, 758 161, 222 81,015 145,829 853, 692 1,019,927 101,588 46,818 95,635 775,886 Mar. 26 1,216,923 159, 954 81, 689 138,618 836, 662 1,025, 747 100,097 47,078 92,316 786,256 Apr. 23 1,222,969 159,773 81,377 135,651 846,168 1,038,658 99,112 47,244 93, 570 798, 732 May 28 1,211,533 155,713 79,366 133,466 842,988 1, 039,450 99,485 47,585 92,197 800,183 June 25 1,206,298 155,325 77,157 128, 536 845,280 1,051,859 99,617 46,962 91,077 814,203 July 23 1,218,310 153,088 76, 265 128,429 860, 528 1, 062,019 99,241 47,418 91, 557 823,803 Aug. 27 1,248,483 157,251 77,498 130, 010 883, 724 1,048,245 100,084 46, 959 93,444 807,758 Sept. 24 1,278,287 164,141 80,009 130,081 904,056 1,075,075 100,308 47, 746 94, 965 832,056 Oct. 29 1,320,788 170,567 81,647 134,216 934,358 1,106, 225 101,130 48,169 95,530 861,396 Nov. 26 1,322,964 173,049 82,381 136,990 930, 544 1,128,308 101,807 48,411 96,498 881, 592 Dec. 24 1,310,823 167,955 81,045 138,275 923, 548 1,150, 727 103,114 48,950 98,162 900, 501 1925 Jan. 28 1,291,093 156,403 76,435 135, 592 922,663 1,171,200 104, 521 49,506 102,756 914,417 Feb. 25 1, 289, 740153, 952 75, 754 136, 604 923,430 1,184, 202 104, 865 50,012 101, 587 927,738 Mar. 25 1,235,913 152,081 74,817 136, 701 872,314 1,240, 735103,901 49,486 101, 714 985,634 Apr. 22 1,251,037 155, 216 76,801 135,577 883,443 1,242,963 103,292 49,107 100,692 989,872 May 27 1,230,203 155,824 75,611 133,192 869,576 1,251,953 103,865 48,277 101,027 998, 784 June 24 1,240, 484 155,373 76,841 135, 780 872,490 1,267,614 103,479 48,413 102,933 1,012,789 July 29 1,250,178 154, 536 77,007 135,144 883,491 1, 278,465 104,252 48,983 103,463 1,021,767 Aug. 26 1,271,397 158, 794 78,351 138, 959 895,293 1, 278,928 105,470 48,192 103,399 1,021,867 Sept. 23 1, 282,628 166,616 82,714 139,870 893,428 1,282,689 104,223 49,554 103,378 1,025,534 Oct. 28 1,315,098 176,322 86,454 142,385 909,937 1,310,189 104, 925 50,639 102,669 1,051,956 Nov. 25 1,339,345 175,221 86,130 149,074 928,920 1,328,098 105,043 51,019 103,829 1,068,207 Dec. 23.. 1,335,362 170,847 85,038 146,963 932,514 1,301,722 106,328 51,364 105,472 1,038,558 88169—26 33 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

504 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No. 11.—DEBITS TO INDIVIDUAL ACCOUNTS [In thousands of dollars. For explanatory note see p. 191] ! Total for 18 centers i Bakersfield, Calif.* Month 1925 1924 1923 1925 1924 1923 January 2,720,698 2,590,948 2,374,873 12,714 11,275 j 12,264 February. _ 2,495, 365 2» 470, 230 2, 043,173 9,821 i 9,360 9,781 March 2,762, 696 2, 662,187 2,581,355 12,308 11,613 I 12,885 April.. 2, 604,174 2,456,815 2,347, 653 10,787 I 11,011 j 11,829 May 2,519,105 2,401,209 2,429,942 11,446 10, 111 10,924 June 2, 689,431 2,319,693 2,453,134 11,863 9,071 10, 807 July 2,699,757 2,391,152 2,344,597 11,927 j 10,511 10,400 August 2, 631, 514 2,335,307 2, 295, 578 10,095 9,161 ! 9,933 September. 2, 714, 261 2, 335, 245 2,318, 980 10,948 9, 232 ! October 2, 992,897 2,578,750 2,633, 571 12, 500 i 11,537 i 10,915 November. 2, 750,830 2,359,349 2,460, 057 12,382 | 10,458 j 10, 709 December.. 3,150,544 2,634,300 2, 652, 946 14,040 j 13,125 10,703 Total 32,731,272 29, 535,185 28,935,859 I 140,831 126,465 130,044 Bellingham, Wash.* Berkeley, Calif.* Boise, Idaho Month 1925 1924 1923 1925 I 1924 I 1923 1925 ! 1924 1923 January 8,698 8,954 7,559 20, 759 20,090 21,211 13, 906 11,710 14,454 February... 7,521 6,775 6,000 16, 392 18,087 14,882 9,259 10,104 10,444 March 9,546 9,209 9,011 18, 049 16, 671 18, 046 10, 227 10, 695 12,364 April ! 9,620 8,835 8,712 18,045 16, 966 16,620 10,419 10, 888 11,834 May 9,086 8,418 8,473 18, 880 18,184 16,578 10,082 10,568 12,325 June 9,811 8,629 7,946 16, 683 17,450 12, 613 11,436 13, 226 July 9,639 8,376 8,287 18, 537 17,096 16,804 13,949 13,191 12,813 August 9,162 8,404 8,638 17,574 16,537 16, 560 12, 660 11, 061 11, 621 September 9,360 8,762 8,632 17,340 16,544 14, 386 13, 797 11,869 11, 971 October 9,443 8,850 9,216 19, 648 17,310 18,624 14, 247 13,473 13, 777 November \ 8,710 7,595 8,093 16,809 16,480 17, 787 14, 213 11, 269 11, 788 December I 9,616 8,193 20, 220 17,329 17,016 15,516 14,216 13,473 Total I 110,212 | 101,000 99,453 j 218,936 208, 744 I 204,783 150,888140,480 150, 090 i I I Eugene, Oreg.* Everett, Wash.* Fresno, Calif. Month 1925 1924 1923 1925 1924 1923 1924 1923 January.... 6,227 10, 713 8,322 13,028 1 i 31,322 35, 428 54,225 February.-. 5,807 10, 502 8,207 10,419 | I 25,369 31,332 41,982 March 6,737 10,392 9,945 13,318 I. ! 28,073 28, 782 51, 074 April 7,782 12,177 10,358 12,981 I L.-J | 28,494 29,369 45,891 May 7,442 11, 964 12,938 13,204 26,920 28, 577 43, 604 June 7,592 12,314 10,449 13,761 12,491 ! I 28,479 46, 612 July.. 8,082 12, 274 10,217 13, 447 12,149 ! | 33,788 30,247 45,765 August 7,810 U, 922 11,185 12,194 11,803 j i 44,149 33, 987 51,066 September. 7,930 11,397 10,863 13, 764 12,530 _.._._.! 52,627 38,921 54, 295 October 8,416 10, 519 13, 524 13, 553 13,063 I ' 59,502 44,160 66, 605 November. 7,959 7,269 12,049 12, 444 12,961 I ! 51,465 37, 908 59,920 December.. 7,607 7,019 11, 746 13,746 12,750 ! 57,493 34, 521 52,290 Total 89,391 128,462 129,803 155,859 87,747 ...J 467,681 399, 658 613,329 i Figures for cities marked with an asterisk (*) are not included in the district summary or in the national ummary of 141 centers. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DISTRICT NO. 12—SAN FRANCISCO 505 No. 11.—DEBITS TO INDIVIDUAL ACCOUNTS—Continued [In thousands of dollars] Long Beach, Calif. Los Angeles, Calif. Oakland, Calif. Month 1925 1924 1923 1925 1924 1923 1925 1924 1923 January 54,332 67,169 54,402 818,585 798,822 659,256 146,962 135,931 116,062 February 42,132 57,663 49, 853 745, 254 790, 767 586,622 115,190 122,486 110,542 March.. 51, 276 59, 599 63,496 831, 967 866,861 749, 004 134,953 133,582 136, 503 April 48.429 51, 916 57, 224 778, 200 753,656 673,080 136, 691 126, 637 125,121 May 45,562 54,143 60, 248 758, 207 732, 207 713,892 148,077 119, 643 121,007 June. 43,813 46,850 61,161 787,260 700, 256 706,985 133,867 106, 514 117,588 July.— 47,265 47,479 58, 518 778, 672 703, 307 706, 623 135,421 124,445 119, 666 August 44,629 43, 746 61, 833 734, 485 667, 020 672,468 140,839 130, 581 112,497 September 42,304 42, 825 57,230 760, 085 650,024 143,489 118, 326 117,041 October. 49,916 46,103 64,935 803, 085 748, 230 770,469 158,485 124, 087 121,594 November 45.055 40, 784 59,160 781, 740 707,973 722,837 149, 807 111, 279 114,110 December.... 57,421 48, 520 62, 345 880,620 801,463 789,512 176,211 127,422 139,125 Total... 572,134 606, 797 710,405 458,160 8,920,586 8,419,245 1,719,992 1,480,933 1,450,856 Ogden, Utah Pasadena, Calif. Phoenix, Ariz.* Month 1925 1924 1923 1925 1924 1923 1924 1924 1923 January 28,269 29,640 32,195 38,377 40,819 32,811 27, 663 22,590 20,566 February... 22,436 21, 336 26, 272 34,425 36,151 27, 533 22,134 16,442 March 23, 559 24, 311 29, 917 40,112 38, 604 37,154 23,281 20, 627 19,328 April 20,863 21,164 31,225 36,494 33,902 31,495 22,138 19,925 17,269 May 20, 397 20,521 29, 292 34, 725 31,804 34,312 22, 659 21,818 19, 274 June 21, 699 19, 748 24,488 33,408 28,811 31,623 22,721 21, 063 20, 760 July 21,133 21,640 24, 657 35,927 29, 559 29,846 21,322 18, 864 15,873 August 24,063 23, 419 25, 879 30,343 27, 296 28, 065 18,197 16,894 17,233 September. 27, 751 21, 727 24,162 29, 346 26, 670 26,451 20, 708 18,497 17,118 October 33, 024 28, 243 32,461 33,455 31, 761 33, 079 26, 750 23, 876 22,229 November. 38, 641 25,957 34,405 32,767 28, 519 31,188 28, 362 24,078 24,365 December.. 38. 308 28, 506 31,070 37, 308 33, 217 35,316 30, 610 27,023 25,065 Total 320,143 286, 212 346,023 416,687 387,113 378,873 286,545 255,753 235,522 Portland, Oreg. Reno, Nev. Ritzville, Wash.* Month 1925 1924 1923 1924 1924 1923 1925 1924 1923 January 153, 573 157, 854 137, 699 8, 054 10,125 11, 321 728 676 February... 134, 296 152, 737 124,494 6,184 7,960 7,869 773 624 | 545 March 156,551 164,305 149,822 8, 563 7,320 9,314 664 725 I 691 April 167,684 167,935 157,439 7,656 7,176 9,323 680 849 539 May 153,874 159.458 151,119 8,840 7,888 10, 042 797 723 567 June 165, 202 149,470 150,081 9,568 8,058 11, 654 722 744 612 July. -. 173, 271 153.459 152, 587 9,320 7,971 10, 739 539 632 I 532 August 168,431 153, 728 154,315 9,220 7,564 9,935 730 711 594 September- 177,871 167, 746 160, 280 8,870 7,655 10,121 1,307 1,006 905 October 203,184 195,393 196, 793 9,609 8,035 11, 203 1,410 1,282 1,073 November- 165, 274 156, 501 162,622 8,497 8,057 11, 527 964 814 1,079 December.. 179, 552 163, 451 169, 701 9,544 8,470 12, 018 1,338 659 956 Total 1,998,793 I 1,942,037 1,866,952 103, 925 96, 279 125,066 10, 652 9,575 I 8,769 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

506 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No. 11.—DEBITS TO INDIVIDUAL ACCOUNTS—Continued [In thousands of dollars] Sacramento, Calif. Salt Lake City, Utah San Bernardino, Calif.* Month 1925 1924 1923 1925 1924 1923 1925 1924 1923 January 44,889 61,947 78,911 74, 567 68,906 68,048 8,920 8,955 7,476 February. _. 35,942 57,496 41, 237 55.994 53,885 54,478 6,880 7,220 6,432 March 36,301 40,232 67,382 62, 935 61,869 7,797 8,142 7,028 April 34, 806 40,191 35, 536 75,466 64,392 60,657 8,262 7,906 6,780 May 38,004 44,523 46, 262 64, 833 61,983 63,452 8,343 8,172 8,008 June 35,423 36,027 35, 202 65,989 62,922 8,400 8,323 7,775 July 34,178 39, 949 35, 579 64,375 60,916 58, 850 8,731 8, 071 8,249 August 32.299 47, 617 37, 831 66,703 60, 628 57,613 7,729 7,612 8,090 September. 33,138 38, 038 35, 749 70, 673 61,492 58,032 7,776 7,191 6,846 October 38.300 39, 636 43,881 83,979 70, 831 67,198 8,148 7,591 8,860 November.. 37, 215 41,179 49,826 79,336 65, 314 66, 203 7,573 7,306 7,682 December. 37,900 34,892 57,360 95.995 85, 561 83,304 9,064 8,332 8,066 Total 438, 395 520,376 537,606 865, 292 779, 765 766,343 j 97,623 94, 821 91, 292 I San Diego, Calif. San Francisco, Calif. San Jose, Calif.* Month 1925 1924 1923 1925 1924 1923 1925 1924 1923 January 52,903 54, 670 51, 463 919,229 813,964 776, 762 27, 889 24, 876 24,902 February 46, 573 49,170 42, 227 938,395 814,165 680, 420 20,431 19,927 19,654 March 56, 698 47, 827 50, 641 980, 291 846, 601 885,456 22,931 19,968 22, 374 April 54, 320 47,112 43, 022 880, 584 799,072 778, 350 23, 690 20, 326 23,683 May .„__ 52,406 45,070 46, 011 848, 497 790, 811 809,640 21,463 18, 971 20, 745 June 56, 018 48,194 47, 899 950, C43 777,716 829, 547 22, 468 19, 256 20,764 July 57, 446 53, 207 48, 580 966,942 808, 352 750, 868 27, 335 24,087 21,842 August 53, 027 46, 082 42, 490 932, 358 786,035 739, 784 26, 445 24, 526 22, 041 September 55,121 44, 616 40,096 939,603 797, 842 760, 056 26, 724 23,173 21, 228 October 59, 926 46,989 43, 245 1, 071, 723 857, 027 849,907 33,074 30,919 27,058 November 55,847 43, 733 47, 820 946, 872 790, 866 785,434 29, 527 25, 390 23,474 December 68, 704 52,957 49,883 1,121, 610 885,396 835, 640 29,200 24,390 23,014 Total 579, 627 553, 377 11,496,447 9, 767, 8479, 481, 864 311,177 275, 809 270,779 Santa Barbara, Calif.* Seattle, Wash. Spokane, Wash. Month 1925 1924 1923 1925 1924 1923 1925 1924 1923 January 13,984 196, 406 179, 617 165, 674 53, 996 47,549 51, 515 February 12, 390 12,138 171,188 154, 758 140,288 42, 840 44, 668 40,215 March 14,258 12, 533 202, 715 197,360 179, 710 49, 475 48, 769 50,317 April 13, 353 11,914 195, 786 182, 295 166, 272 50, 505 48,062 47,301 May _ 12, 685 12,823 184,127 177, 052 168, 652 47, 527 45, 540 47,640 June 11, 841 11, 542 207, 924 179, 757 178,691 53, 432 47, 274 51,444 July 13, 235 12, 317 198,474 182,323 166, 824 52, 479 46,562 48,612 August 14, 243 11, 074 204, 054 178, 603 170,001 50,927 45, 718 48,645 September.. 14,965 12,158 219, 834 182, 883 169, 561 54,015 48,021 48,987 October 17, 924 12, 011 218, 220 194,144 182, 264 60,215 52, 348 57,620 November.. 16, 087 11, 596 204, 235 171, 275 174, 742 52, 824 44, 500 51, 628 December.. 16,190 13,203 221,937 186, 810 187,985 58, 751 47,908 54,181 Total.... 171,155 133, 309 2,424,900 2,166, 877 2,050, 664 566, 919 598,105 Stockton, Calif. Tacoma, Wash. Yakima, Wash. Month 1925 1924 1923 1925 1924 1923 1925 1924 1923 January 27,921 26, 994 23,492 44, 713 39, 795 36, 925 12, 694 10,008 9,658 February... 21,824 21, 598 18, 856 38, 672 34,812 31,456 9,392 9,142 8,3& March 28,011 23, 894 23,443 44, 756 51, 516 40, 758 11, 786 10, 345 10,281 April 23,123 23,024 25, 531 43,051 40, 034 38, 318 11, 603 9,990 10,034 May 22,179 21, 791 24,084 43, 242 40,248 38, 747 11, 606 9,382 9,612 June 24, 443 20, 638 25, 581 48,005 40, 793 45, 294 12,245 9,41? July.. 24, 654 22, 377 25, 625 41,700 38,057 39, 555 10, 763 8,111 8,89( August 27,117 23, 763 24, 728 43, 555 39,069 38,013 12, 625 9,390 8,794 September- 27, 239 27, 789 26, 363 42, 976 37, 699 38, 795 15,222 11,102 11,295 October 31,134 22, 889 26, 773 45, 690 40,045 19, 203 15,356 12,89i November. 28, 807 24, 516 26,400 40, 375 36, 678 37, 567 17,860 13,041 12,88( December.. 30, 982 27,029 27, 742 47, 703 41, 540 40, 587 14,989 12,421 11,41' Total 317,434 286,302 298, 618 524, 438 480, 286 464,884 159,988 127,091 123, 551 Figures for cities marked with an asterisk (*) are not included in the district summary or in the nations Digitized fors uFmRmAaSrEy Rof 141 centers. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DISTRICT NO. 12 SAN FRANCISCO 507 No. 12.—MONEY RATES 1 IN SAN FRANCISCO, LOS ANGELES, PORTLAND, SALT LAKE CITY, SEATTLE, AND SPOKANE [Rates prevailing during week ending with 15th day of the month] ' SAN FRANCISCO Year and month C c 3 o u 0 m s - t 9 m o 0 m er e c r ia s' l p p 4 a r - i 6 p m er e I l b n o a t a n e n k r s - L c L u o b i r a o b e n n e d s d r t b s s y e y - Lo o b a t o n h n s e d r s s s e t c o u c r k e s d an b d y b r s e L y e h c c o o w e u u a i r a s n p e e r s t d e s - C lo a a t n tl s e days months Demand Time 1924—January 514-6 6 534-6 53^-6 6 February 534-6 6 534-6 6 6 March 5^-6 2 5^-6 5^-6 534-6 6 6 April 5^-6 6 5H6 6 May 534 534 6 534-6 6 6 June.. 4H-6 2 4^-6 5 -6 5 -6 534-6 5J4-6 6 July__. 5 -6 5 -6 5 -6 5 -6 5 -6 August. 434-534 5 -6 5 -6 5 -6 5 -6 6 September 434-5H 5 -6 5 -6 5 -6 5 -6 6 October 43/2-5 434-5 2 5 -6 5 -6 5 -6 5 -6 6 November 5 -5H 5 -534 5 -6 5 -6 5 -6 5 -6 6 December. 5 -5H 5 -53^ 5 -6 5 -6 5 -6 5 -6 6 1925—January 5 -534 5 -5H 5 -6 5 -6 5 -6 534-6 6 M Fe a b r r c u h ary 5 5 - - 5 5 3 3 4 4 5 5 - - 6 sy2 5 5 ^- - 6 6 5 5 - - 6 6 5 5 - - 6 6 5 5 H - - 6 6 5 -6 6 April _ 5 -534 5 -6 5 -6 5 -6 6 6 May 5 -534 5 -53^ 5 -6 5 -6 5 -6 6 6 Juue 5 -534 5 -53/2 434-6 5 -6 5 -6 6 6 July 5 -6 5 -6 534-6 5 -6 5 -6 6 August 5 -534 5 -534 5 -6 5 -6 5 -6 6 6 September 5 -6 534-6 5 -6 5 -6 6 October 414-6 5 -6 5 -6 6 6 November 5 2-5j| 43/2-53/2' 5 -6 5 -6 5 -6 5 -6 6 December 5 -5H 5 -6 5 -534 5 -6 534-6 5^-6 6 LOS ANGELES 1924—January... February. 634-7 March 6 -6 April 6 -634 May 6 June 6 July 6 -7 August- 6 -7 September 6 -7 October... 6 November 6 -7 December 6 -7 1925—January... 6 -7 February. 6 -7 March 6 -7 April 6 -7 May.... 6 -7 June 6 -7 July 6 -7 August.. 6 -7 September j 6 October I 6 November i 6 December ! 6 CO CO CO 6 6 6 6 6 6 6 6 SO 6% i-1 2 6H-7 634-7 4 6M-7 -W2 634-7 634-7 6H-7 6 -7 6 -7 6 -7 6 -7 6 6 -7 6 _JJ 6 -7 6 -7 6 6 -7 6 -7 6 -7 7 -7 6 -7 6 -7 6 -7 -7 6 -7 6 6 -7 6 -7 -7 6 -7 6 -7 6 -7 6 -7 -7 6 I 6-7 6 -7 7 7 -7 6 -7 6 -7 6 -7 7 -7 6 . 6 -7 6 -7 6 -7 7 -7 -7 -6-7 6 -7 6 -7 6 -7 -7 6 ! 6 -7 6 -7 6 -7 6 -7 -7 6 6-7 6 -7 6 -7 6 -7 6 -7 6 6-7 6 -7 6 -7 6 -7 6 -7 6 -7 6 -7 fi -7 6 -7 6 -7 6 -7 6 -7 6 -7 6 -7 6 -7 6 -7 6 -7 6 -7 6 -7 7 6 -7 6 -7 6 -7 6 -7 6 -7 6 6 -7 6 -7 6 -7 6 6 6 -7 6 -7 6 -7 6 6 -7 6 -7 6 -7 6 6 -7 6 6 -7 1 Prevailing 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. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

508 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No, 12.—MONEY RATES IN SAN FRANCISCO, LOS ANGELES, PORTLAND, SALT LAKE CITY, SEATTLE, AND SPOKANE—Continued [Rates prevailing during week ending with 15th day of the month] PORTLAND Year and month C co u m st m om er e c r i s a ' l p p r a i p m er e I l b n o a a t n e n r k s - L c L u o i r a b e n e d s r t b s y e y - I Lo o b a t o n h n s e d r s s s e t c o u c r k e s d a _ b n _ y d _ I b s L y e h c o w o u u a a r n s e r e s e d - C lo a a t n tl s e 3 d 0 a - y 9 s 0 mo 4- n 6 ths bonds Demand Time receiPts 1924—January... 7 7 February. 6 7 March 6 -6J< 6 -7 April 6 -6> 6 -7 6 -7 May. _.. 6 June 6 July— 6 -7 August— 6 6 September 6 6 October 6 6 November 6 6 December 6 6 1925—January 6 6 February 6 March.. April 6 t 6 May 6 6 June 6 6 July 6 -7 6 -7 August... 6 -7 6 September 6 -7 6 October.. 6 -7 6 November 6 -7 6 December 6 -7 6 SALT LAKE CITY 1924—January 6 February----- 6 6 March 6 April May 6 June July... i-% August %i-% September 6 -7 October 6 November 6 December 6 1925—January 6 February f> March 6 April.... 6 May 6 June July.__ 5 -6 August 5 -6 September 5 October 5 November 5 December 5 SOSO SOSO 6 -7 6 -6 0 -7 ~ 7 6 -7 6 6 6 -7 6 -7 6 -7 6 6 -7 6 _7 6 -7 6 6 —63^ 6 -7 6 -7 6 -7 6 -7 6 7 6 6 -7 6 6 -7 6 _7 6 -7 6 -7 6 6 -7 6 -7 6 -7 6 -7 6 6 -7 6 -7 6 -7 6 -8 6 -634 6 -7 6} 6 -7 6 -7 6 -6H 6 -7 6/i-7 6 -7 7 6 -63^ 6 -7 61, 6 -7 7 6 -634 6 6 -7 7 6 -634 6 -7 6 -7 6 -7 7 6 -7 6 6 -7 6 -7 7 6 —63^ 6 -7 6 -7 6 -7 7 6 -7 6 6 -7 6 -7 6 6 6 -7 6 -7 6 -7 6 -7 6 -6H 6 -7 6 -7 6 -7 6 -7 6 -6/^ 6 -7 6 -634 6 6 -7 6 sy> 6 -7 6 -7 6 -7 6 -7 6 -&A 6 6 6 6 6 6 6 6 6 7 6 6 6 6 6 6 6 6 4^-6 6 -7 5 -6 6 6 -7 6 -7 6 -7 6 -7 6 -7 4 -6 6 -7 6 6 6 -7 6 6 6 6 6 6 6 5 -6 6 -7 6 6 6 -7 6 -7 5 -% 6 -7 6 5 -6 6 -7 6 6 6 -7 6 6 6 -7 6 -7 6 6 -7 6 6 6 -7 6 6 6 -7 6 -8 6 6 -7 6 6 6 6 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DISTRICT NO. 12—SAN FRANCISCO 509 No. 12.—MONEY RATES IN SAN FRANCISCO, LOS ANGELES, PORTLAND, SALT LAKE CITY, SEATTLE, AND SPOKANE—Continued [Rates prevailing during week ending with 15th day of the month] SEATTLE Loans secured by Year and month C co u m st m om er e c r i s a ' l p p r a i p m er e I l b n o a t a n e n k r s - L c L u b o i r a o b e n n e d s d r b t s s y e y - b o o th n e d r s stocks and b r s y e L h e c c o o w e u u a i a r n s p e r e s t d e s - C lo a a t n tl s e Demand Time 1924—January... 7 6 February-. 6 7 March 6 7 April 6 7 May 6 7 6 Tune 6 6 -7 6 -7 6 July 6 6 -7 6 -7 6 August 6 6 -7 6 -7 September. 6 9 October... 6 -63' 6 -7 6 -7 November. 66 -6Q}4 6 6H 6 -7 6 -7 6 December. 6 -G1^! 6 -634 6 -7 6 1925 -January... 6 6 -7 February.. (5 7 March -7 6 -7 April 6 6 7 May 6 6 7 June 6 6 7 July. 6 6 6 -7 I 7 August 6 6 7 September. 6 0 7 October... 6 6 7 November. 6 6 7 December. 6 6 7 SPOKANE 1924—January.. 7 6 7 February. 7 6 7 7 7 -8 March... 6 -7 6 6 -7 7 7 -8 April 6 -7 6 6 -7 7 -8 7 -8 6 -7 May 6 -7 6 -8 6 -7 7 June..... 6 6 6 7 -8 July.—.. 6 -7 6 -7 6 -7 7 6 -8 7 -8 August... 6 -7 6 -7 6 7 63^-7 September 5 -6 6 _7 6 -7 6 -7 October 5 -7 6 -7 7 7 6 -7 November 5 -7 6 7 6 -7 6 -7 December. 5 -7 6 7 6 -7 6 -7 1925—January.. 5 _7 4 -f> 6 -7 7 7 February 5 -7 4 -6 6 -7 6 -7 6 -7 March 5 -7 4 -6 6 -7 6 -8 6 -8 April... 5 -7 4 -6 6 -7 6 -7 6 -8 May.T. 5 -7 4 -7 -7 i 6 -7 7 June. 5 -7 33,£-7 6 -7 6 -7 6 -7 July... 5 -7 i-6 6 -7 6 -7 6 -8 August... 5 -7 47 -7 6 -7 6 -7 6 -8 September 5 _7 4>i-7 6 -7 7 6 -7 6 -7 October 5 _7 6 -7 6 -8 7 -8 November 5 -7 431-7 " 6 -8 6 -7 6 -7 December 5 -7 6 -7 6 -7 7 -8 6 -8 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE DISTRICTS i r 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: Banks granted authority to accept up to 100 per cent of capital and surplus I 256-258 Commodity classification of open-market purchases 96 Discounted by Federal reserve banks 88 (See also Index to Part II.) Foreign trade financing through purchase of 8 Held by Federal reserve banks___ 5, 46, 52, 54, 58, 61, 64 Imports and exports, based on— Classification according to underlying commodities 96, 97 Discounted or purchased and held by Federal reserve banks__ 61, 64, 90 Maturity of bills purchased and held by Federal reserve banks__ 65, 94, 95 Member bank, purchased by Federal reserve banks 91 Nonmember bank, purchased by Federal reserve banks 91 Open-market purchases, recommendation of advisory council 282 Purchased by Federal reserve banks 7-10, 75, 76, 89-92 (See also Index to Part II.) Rates, discount and open-market— Average rates of earnings on bills bought by Federal reserve banks. 42, 43 Average rates charged by Federal reserve banks 39, 41 Changes in Federal reserve bank rates 38 Volume of acceptances purchased by Federal reserve banks at each rate 92, 93 Trade acceptances discounted by Federal reserve banks 88 Volume purchased from member banks and from nonmember banks and dealers 91 Accommodation at Federal reserve banks of reporting member banks 22, 79, 80, 144 (See also Index to Part II.) Act amending Clayton Act, proposed 36 Administrator, executor, e,tc, national banks authorized to act as__ 36, 237-255 Advisory council, Federal. (See Federal advisory council.) Agencies of Federal reserve banks. (See Branches and agencies.) Agricultural movements, index of _ _ 205 Agricultural paper: Holdings of, by Federal reserve banks 61 Volume discounted by Federal reserve banks 75, 76 Amendment to Clayton Act, proposed 36 Amendments to Federal reserve act and national bank act as contained in McFadden bill, advisory council on 286, 287, 290 American Acceptance Council and American Bankers Association, Federal reserve banks continuing membership in, advisory council on 286 Area of Federal reserve districts - 293-298 Assessment for expenses of Federal Reserve Board 37, 115, 118, 124 Assets and liabilities. (See Resources and liabilities.) Atlanta par clearance case 33, 278 Balance sheets. (See Condition statements.) Bank debits—debits to individual account 191-195 Index of 205 (See also Index to Part II.) Bank notes. (See Federal reserve bank notes; National bank notes.) Bank of Belgium, credit to 11 Bank of England, credit to 2, 12 Recommendation of advisory council 288 Bank of Poland, credit to 11 511 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

512 INDEX TO PART I Bank premises, Federal reserve: Page Book value 53, 56, 122 Cost of 122 Depreciation allowances 26, 116, 119, 122 ; Expense of maintaining 116, 118 Bank suspensions 31, 184-190 Bankers' balances of reporting member banks—-_ 164-168 Bankers' acceptances. (See Acceptances.) Banking legislation proposed by committee appointed by Federal Reserve Board, advisory council on _ I 291 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 286, 287, 290, 291 Branches and agencies of Federal reserve banks: Building operations 28, 122 Clearing operations 29, 120 Directors of 270-277 Expenses of 29 Managers of . 270-277 Volume of operations 29, 120 Brookings State Bank, Brookings, Oreg., par clearance case of 35 Building contracts awarded, index of 205 Building operations of Federal reserve banks and branches 28, 122 Book value of bank premises : 53, 56, 122 Cost of bank premises 122 Depreciation allowances 26, 116, 119, 122 Expense of maintaining bank premises 116, 118 Business conditions 2 Advisory council on 283 Business indexes of the Federal Reserve Board 205-209 Capital: Federal reserve banks . 53, 56 (See also Index to Part II.) Member banks 136-145, 211 Classification according to capital stock 235, 236 State bank members 134, 138, 211 Capitalization of banking institutions, trend toward lower ratios to current liabilities, advisory council on 290, 291 Cash reserves of Federal reserve banks. (See Reserves.) Central banks, foreign, relation between Federal reserve banks and 11 f^tificates of indebtedness: Held by Federal reserve banks 52, 54 Issued to Federal reserve banks by Secretary of Treasury 106 Purchased by Federal reserve banks 105 (See also United States securities.) Changes in membership in Federal reserve system 29, 175-183 Check clearing and collection: Atlanta par clearance case 33, 278 Cleveland par clearance case 35 Gold settlement fund transactions 52, 54, 107, 108 (See also Index to Part II.) Operations, volume of— Federal reserve banks 23, 26, 110 Federal reserve branch banks 29, 120 (See also Index to Part II.) Par list, number of banks on , 31, 11.2, 114 San Francisco par clearance case 35 Circulation, note. (See Federal reserve bank notes; Federal reserve notes; National bank notes.) Classification of bills bought in open market 96 Classification of loans and investments of all member banks 143 Clayton Act: Administration of 36 Amendment to, proposed 36 Clearing-house bank debits 191-195 Index of 205 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO PART I 513 Clearing operations, volume of: Federal reserve banks 23, 26, 110 Federal reserve branch banks 29, 120 (See also Index to Part II.) Cleveland par clearance case 35 Collateral held as security against Federal reserve notes 68, 69, 71 Collateral notes of member banks discounted by Federal reserve banks: Holdings of 61 Volume discounted 75, 76, 85 Collection, free, of noncash items 23 Advisory council on , 290 Collection of checks. (See Check clearing and collection.) Commercial paper: Discount rates 38 Holdings of paper discounted by Federal reserve banks 61 Commodity classification of bills bought in open market 96 Condition statements: All banks in the United States 127, 128 All banks in the United States and island possessions 127 All Federal reserve banks combined 19, 46-57 All member banks 130-142 Central reserve city member banks— In Chicago 140 In New York City 139 Country member banks 142 Each Federal reserve bank. (See Index to Part II.) Member banks 21, 130-142 Reserve city member banks 141 National banks 132 State bank and trust company members 134 Conferences of Federal Reserve Board with advisory council, agents, and governors 37 Correspondent relationship between Federal reserve banks and foreign central banks 11 Counties in Federal reserve districts 293-298 Court decision in Atlanta par clearance case 33, 278 Credit: Federal reserve bank— Chart showing 19 Discussion of 1, 4, 17, 19 Federal Reserve Bank of New York to— Bank of Belgium 11 Bank of England 2, 12 Bank of Poland . 11 Czechoslovakia 11 Policy of Federal reserve system 4, 17 Crissinger, D. R., redesignated governor of Federal Reserve Board 37 Currency: Circulation 4, 19, 198 As affecting the money market 4 Chart showing 19 Receipts— Federal reserve banks 23, 25 (See also Index to Part II.) Federal reserve branch banks 120 (See also Federal reserve bank notes; Federal reserve notes; National bank notes.) Customers' paper discounted by Federal reserve banks: Average rates charged 86 Holdings of 61 Czechoslovakia, loan to, by Federal reserve banks 11 Debits to individual account 191-195 Index of 205 (See also Index to Part II.) Deferred availability items (checks, drafts, transit items, etc., of Federal reserve banks) 53, 56 Demand deposits of all member banks 129 Department-store sales and stocks, index of 205 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

514 INDEX TO PART I Deposits: Page All banks in the United States 127, 128 Federal reserve banks— All banks combined 49-51, 53, 56, 58 Each Federal reserve bank. (See Index to Part II.) Reserve required against 49, 58 In banking institutions increased without increase of capitalization, advisory council on 290 Government, held by Federal reserve banks 49, 53, 56 Member banks 130-142 Reserve deposits 49, 53, 56, 130-142 Time arid demand 129 Depreciation charged off by Federal reserve banks 26, 116, 119, 122 (See also Index to Part II.) Directors of Federal reserve banks and branches, list of 270-277 Directory: Federal advisory council 269 Federal reserve banks 270-277 Federal Reserve Board 269 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 42, 43 Average rates charged by Federal reserve banks 39, 41 Commodity classification of open-market purchases 96 Discounted by Federal reserve banks 75, 76, 88 Held by Federal reserve banks 5, 46, 52, 54, 58, 61, 64 Imports and exports, based on— Classification according to underlying commodities 96, 97 Discounted or purchased and held by Federal reserve banks. 61, 64, 90 Maturity of bills purchased and held by Federal reserve banks-_ 65, 94,95 Member bank, purchased by Federal reserve banks 91 Nonmember bank, purchased by Federal reserve banks 91 Purchased by Federal reserve banks 7-10, 89-92 Volume of, purchased by Federal reserve banks at each rate 92, 93 Volume of, purchased from member banks and from nonmember banks and dealers 91 Branches of Federal reserve banks, bills discounted and bought by__ 120 Discounts—Bills discounted— Agricultural and livestock paper—• Held by Federal reserve banks 61 Volume discounted 75, 76 Commercial paper— Discounted by Federal reserve banks 75,76 Held by Federal reserve banks 61 Customers' paper— Average rates charged by member banks on paper rediscounted with Federal reserve banks — 86 Held by Federal reserve banks ___ 61 Dollar exchange bills purchased or discounted 64, 90, 101 Holdings of 46, 52, 54, 58-65 Maturity of 62, 82-84 Member banks accommodated, number of 22, 79, 80, 144 Member banks' collateral notes discounted and held by Federal reserve banks 61, 75, 76 National banks, bills discounted for 81 Rates charged and rates of earnings on bills discounted. _ 38-40, 82, 83 State banks and trust companies, bills discounted for 81 United States securities, paper secured by, discounted and held by Federal reserve banks 48, 54, 61, 85 Volume of bills discounted for member banks in each State 80 Volume (total) of bills discounted 78, 80-83 Open-market operations— Discussion of 5, 7 Federal advisory council on 282 Volume 75-78,89-95 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO PART I 515 Discount and open-market operations of Federal rererve banks—Con. Page Par value of United States securities held by Federal reserve banks._ 67 Rates charged and rates of earnings. (See Discount and open-market rates.) United States securities purchased and held by Federal reserve banks 5, 7, 46, 54, 66, 67, 75, 76, 102, 103 Volume of operations—total 26, 75-78, 89-95 Discount and open-market rates: Acceptances purchased, volume at each rate 92, 93 Average rates of earnings on— Acceptances purchased 42, 43 Bills discounted 40,43 Municipal warrants purchased 45 Total bills and securities 45 United States securities purchased 44 Average rates charged on acceptances purchased 41 Average rates charged on bills discounted 39, 82, 83 Average rates charged by member banks on customers' paper rediscounted with Federal reserve banks 86 Bills discounted, volume at each rate 82, 83, 92, 93 Changes in Federal reserve bank rates 5, 6, 38 (See also Money rates.) Districts, Federal reserve. (See Federal reserve districts.) Dividends: Member banks 169-174 National banks 171 Paid by Federal reserve banks 27, 116, 119 (See also Index to Part II.) State bank and trust company members 173 Dollar exchange bills purchased or discounted and held by Federal reserve banks 64,90, 101 Due to and from banks and bankers by reporting member banks 164—168 Earnings: Federal reserve banks, rates of. (See Discount and open-market rates.) Member banks 164 Earnings and dividends: All member banks 169-174 National banks 171 State bank and trust company members 173 Earnings and expenses of Federal reserve banks 24, 115-119 (See also Index to Part II.) Eligible paper held as security for Federal reserve notes 69, 71 Employees: Federal reserve banks, number and salaries 25, 261-265 Federal Reserve Board, salaries 259-261 Employment, index of 205, 208 Examiners: Federal reserve bank, salaries 260 National bank, salaries 266 Exchange rates, foreign 204 Executor, administrator, etc., national banks granted authority to act as 36,237-255 Expenses: Branches and agencies of Federal reserve banks 29 Federal reserve banks 24, 116, 119 (See also Index to Part II.) Federal Reserve Board 37, 124-126 Fiscal agency departments of Federal reserve banks 24, 117, 119 Exports and imports: Acceptances based on— Classification according to underlying commodities 96, 97 Purchased and held by Federal reserve banks 61, 64, 90 Gold . 196,197 Discussion of _. 4, 6 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

516 INDEX TO PART I Page Expressage, cost of, Federal reserve banks 116, 119 Failures, bank 31, 184-190 Farmers & Merchants Bank, Catlettsburg, Ky., par clearance case of 35 Federal advisory council: Meetings of 37 Members of 269 Recommendations of, to Federal Reserve Board 282-292 Federal intermediate credit banks, discounts for 75, 76, 80, 81 (See also Index to Part II.) Federal reserve act, amendments to, as contained in McFadden bill, advisory council on 286, 287, 290 Federal reserve agents: Conferences of 37 Federal reserve note accounts of 68 Gold fund, summary of transactions _ 109 Gold held by 52, 54, 68, 69, 70 List of 270-277 Salaries of 261-265 Federal reserve bank credit: Chart showing 19 Discussion of 1, 4, 17, 19 Federal reserve bank notes: Circulation outside United States Treasury and Federal reserve banks 198 Circulation of all Federal reserve banks combined 49, 50 Taxes paid on circulation 116 Federal reserve banks: Acceptances purchased or discounted by. (See Acceptances.) Agricultural paper discounted by 61, 75, 76 Bank premises. 53, 56, 116, 119, 122 Branches of— Buildings 28, 122 Directors of . 270-277 Expenses of 29 Managers of 270-277 Operations, volume of 29, 120 Building operations 28, 122 Capital 53, 56 Central banks, foreign, relations between 11 Clearing operations ... 23, 26, 110 (See also Index to Part II.) Commercial paper held by 61 Condition of all Federal reserve banks combined 19, 46-57 Condition of each bank. (See Index to Part II.) Deferred availability items (checks, drafts, transit items, etc.) 53, 56 Deposits— Of all banks combined 49-51, 53, 56, 58 Of each Federal reserve bank. (See Index to Part II.) Reserve required against 49, 58 Depreciation charges made by 26, 116, 119, 122 Directors and officers 1 270-277 Discount rates. (See Discount and open-market rates.) Discounts. (See Discount and open-market operations.) Dividends paid 27, 116, 119 Earnings, transfers to surplus account 27, 116, 119 Earnings and expenses 24-27, 115-119 (See also Index to Part II.) Employees, number and salaries 25, 261-265 Excess reserves. (See Reserves.) Expenses of 24-27, 115, 119 Expressage, cost of 115, 119 Federal reserve bank notes. (See Federal reserve bank notes.) Federal reserve notes. (See Federal reserve notes.) Fiscal agency operations 117, 119 Franchise tax paid by 27, 117, 119 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO PART I 517 Federal reserve banks—Continued. Furniture and equipment 115, 118 Gold held by 49, 52, 54 Gold redemption fund 52, 54 Gold settlement fund 52, 54, 107, 108 Government deposits held by 49, 53, 56 Governors—• Conferences of 37 List of . 270-277 Salaries of 261-265 Investments of. (See Discount and open-market operations.) Member-bank reserve deposits held by 49, 53, 56 Municipal warrants— Purchases and holdings 46, 76 Rates of earnings on 45 Officers and directors, list of 270-277 Officers, salaries of 261-265 Postage, cost of 115, 118 Profit and loss account 117, 119 Rent paid by 115, 118 Reserve ratio. (See Reserve ratio.) Reserves. (See Reserves.) Resources and liabilities of all banks combined 46-57 Salaries . 261-265 Self-insurance 116, 119 Surplus account 27, 53, 56, 116, 119 Tax, franchise, paid to Government 27, 117, 119 Telephone and telegraph expenses 115, 118 Uncollected items (checks, drafts, transit items, etc.) 53, 56 United States securities purchased and held by. (See United States securities.) Volume of operations 22, 26 (See also Index to Part II.) Federal Reserve Board: Assessment for expenses of 37, 115, 118, 124 Conferences with advisory council, agents, and governors 37 Crissinger, D. R., redesignated governor 37 Directory 269 Employees, number, and salaries 25, 261-265 Expenses of -__ 37, 124-126 Members of 269 Officers of, number and salaries 259-261 Organization 37 Platt, Edmund, redesignated vice governor 37 Receipts and disbursements 124-126 Salaries of officers and employees 259-261 Stewart, W. W., director of division of research and statistics, resignation of . 37 Federal reserve currency: Cost of 116, 119 Taxes paid on Federal reserve bank-note currency 116 (See also^ Federal reserve bank notes; Federal reserve notes.) Federal reserve districts: Area 293 Counties in divided States . 293 Description 293-297 Map showing outline 510 Population 293 Federal reserve notes: Circulation— All Federal reserve banks combined 49, 53, 56, 58 Each Federal reserve bank 70 (See also Index to Part II.) Outside the United States Treasury and Federal reserve banks.. 198 Collateral security held against • 68, 69, 71 Cost of preparing 124 Eligible paper held as collateral against 68, 69, 71 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

518 INDEX TO PART I Federal reserve notes—Continued. Page Excess collateral pledged against 68, 69 Gold and gold certificates held as collateral against 68, 69, 71 Held by Federal reserve agents 68 Held by Federal reserve banks 68, 70 Issued by Federal reserve agents to Federal reserve banks 68, 70, 74 Outstanding 72, 74 Received by Federal reserve banks from Comptroller of the Currency. 68 Reserves required against "__ 49 Retired (returned by Federal reserve banks to Federal reserve agents) 72, 74 "Federal," use of word, in title of banks, corporations, or firms 36 Fiduciary powers granted to national banks 36, 237-255 Fiscal agency operations of Federal reserve banks 24, 117, 119 Foreign exchange rates 204 Foreign trade, acceptances used in financing 8 Franchise tax paid by Federal reserve banks to Government 27, 117, 119 Furniture and equipment purchased by Federal reserve banks 116, 119 Gold: Circulation 198 Exports as affecting the money market 4, 6 Federal reserve agents' gold fund 109 Held as security for Federal reserve notes 68, 69, 71 Held by Federal reserve agents 52, 54, 68, 69, 70 Held by Federal reserve banks 49, 52, 54 Imports and exports 4, 6, ,196, 197 Advisory council on 284, 288 Reserves. (See Reserves.) Shipments, cost of 124 Gold redemption fund: Federal reserve agents 68, 69 Federal reserve banks 52, 54 Gold settlement fund: Balance of all Federal reserve banks combined 52, 54 Clearings and transfers 108 Summary of transactions 107 (See also Index to Part II.) Gold standard, restoration of, in principal countries 1,2 Government bonds. (See United States securities.) Government deposits held by Federal reserve banks 49, 53, 56 Government, Federal reserve banks as fiscal agents of 24, 117, 119 Governor of Federal Reserve Board, D. R. Crissinger redesignated 37 Governors of Federal reserve banks: List of 270-277 Meetings of 37 Salaries of 261-265 Great Britain: Credit to Bank of England by Federal reserve banks 2, 12 Gold standard, restoration of 2 Hull amendment to McFadden bill, advisory council on 287 Imports and exports: Acceptances based on— Classification according to underlying commodities 96, 97 Purchased or discounted by Federal reserve banks 61, 64, 90 Gold 4,6, 196, 197 Indexes of the Federal Reserve Board: Pay rolls in manufacturing industries 208 Production, employment, trade, and wholesale prices 205-207 Wholesale trade in the United States 205, 209 Inflation, advisory council on 283 Insurance, self, of Federal reserve banks 116, 119 Interest rates. (See Discount and open-market rates; Money rates.) Investments of Federal reserve banks. (See Earning assets; Discount and open-market operations.) Land area of Federal reserve districts 293 Leased-wire system, cost of 125 Liberty bonds purchased by Federal reserve banks 103 Loans and investments of all member banks, classification of 143 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO PART I 519 Loans, deposits, investments, etc.: All banks in the United States 127, 128 Member banks 130-163 Loans to brokers and dealers in securities made by member banks 17 Loans to foreign countries by Federal reserve banks 11, 12 Managers of branches of Federal reserve banks 270-277 Manufacturing production, index of 205 Map outlining Federal reserve districts 510 Maturities: Acceptances purchased and held by Federal reserve banks 65, 94, 95 Bills discounted by Federal reserve banks 62, 82-84 McFadden bill, advisory council on 286, 287, 290, 291 Member bank credit, discussion of 17 Member banks: Acceptances of, purchased by Federal reserve banks 91 Accommodation at Federal reserve banks 22, 79, 80, 144 (See also Index to Part II.) Capital 136-145,211 Changes in membership 29, 175-183 Classification according to capital stock 235, 236 Collateral notes of, discounted and held by Federal reserve banks. _ 61, 75, 76 Condition of ... 21, 130-145 Deposits, time and demand 129 Dividends declared 169, 174 Dividends paid to, by Federal reserve banks 117, 119 Earnings and dividends— All member banks 169 National banks 171 State bank and trust company members 173 Failures 31, 184, 185 Loans and investments, classification of 143 National banks— Earnings and dividends 171 Loans and discounts 137 Membership, changes in 29, 30, 175-183 Paper discounted for 81 Resources and liabilities 132 Number of 81, 130-135 Number accommodated through discount of paper 22, 79, 80, 144 Number in system 29, 112, 114, 175, 177 Number in each State 80 Number on par list 31, 113, 114 Reporting banks in Federal reserve bank cities, assets and liabilities of 155-163 Reporting banks in leading cities, assets and liabilities of 144-154 Reserve deposits of 49, 53, 56, 130-142 Resources and liabilities 130-145 (See also Index to Part II.) State banks and trust companies— Abstract of condition reports 134, 138 Bills discounted for 81 Capital 134, 138, 211 Earnings and dividends 168 Membership in system 30, 175, 183, 211 Number, capital, and total resources 134, 138, 211 Number on par list 31, 112, 114 Resources and liabilities 134, 138 Surplus 136-145,211 Membership in Federal reserve system 29, 30, 175-183 Classification according to capital stock 235, 236 Mining production, index of 205 Money in circulation 4, 19, 198 As affecting the money market 4 Chart showing 19 (See also Federal reserve bank notes; Federal reserve notes; National bank notes.) 88169—26 34 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

520 INDEX TO PART I Money rates: Page In Federal reserve bank and branch cities 200 (See also Index to Part II.) New York market 14, 202 Influences affecting 4, 6 Relation of Federal reserve system to 14 (See also Discount and open-market rates.) Municipal warrants: Purchased and held by Federal reserve banks 46, 76 Rates of earnings on 45 National bank act, amendments to, as contained in McFadden bill, advisory council on 286, 287, 290, 291 National bank note circulation outside United States Treasury and Federal reserve banks 198 National banks: Bills discounted for. 81 Changes in membership 29, 30, 175-183 Earnings and dividends 171 Examiners, salaries of 266 Failures 32, 185 Fiduciary powers granted to 36, 237-255 Loans, deposits, investments, etc 132, 137 Number in system 30, 112, 114, 175, 177 Number on par list 31, 112, 114 Resources and liabilities 132 New York money market, relation of Federal reserve system to 14 Noncash items collected through Federal reserve banks 23 Advisory council on 290 Nonmember banks: Acceptances of, purchased by Federal reserve banks 91 Failures I 32, 185 Number on par list 31, 112, 114 Resources and liabilities 128 Notes. (See Federal reserve bank notes; Federal reserve notes; National bank notes.) Officers and directors of Federal reserve banks 270-277 Officers and employees: Federal reserve banks, number and salaries 25, 261-265 Federal Reserve Board, salaries 259-261 One hundred per cent of capital and surplus, list of banks granted authority to accept up to 256-258 Open-market operations of Federal reserve banks. (See Discount and open-market operations.) Open-market policy of the Federal reserve system 5, 7 Open-market rates. (See Discount and open-market rates.) Opinion of court in Atlanta par clearance case 33, 278 Par collections. (See Check clearing and collection.) Par list, number of banks on 31, 112, 114 Par value of United States securities held by Federal reserve banks 67 Pay rolls in manufacturing industries, index of 208 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 33, 278 Platt, Edmund, redesignated vice governor of Federal Reserve Board. _ 37 Poland, Bank of, loan to, by Federal reserve banks 11 Population of Federal reserve districts 293-298 Postage, cost of, Federal reserve banks 116, 118 Production in basic industries, index of 205 Profit and loss account of Federal reserve banks 116, 119 Purchased paper. (See Acceptances.) Railroad car loadings, index of 205 Rates. (See Discount and open-market rates; Money rates.) Ratio of capitalization to deposits in banking institutions, advisory council on 290 Ratio of cash reserves to deposit and note liabilities of Federal reserve banks. (See Reserve ratio.) Receipts and disbursements of the Federal Reserve Board 124-126 Recommendations of the Federal advisory council 282-292 Digitized forR FeRnAt SpEaRid by Federal reserve banks 115, 118 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO PART I 521 Reporting member banks in Federal reserve bank cities: Pag® Assets and liabilities of 155-163 Bankers' balances of 164-168 (See also Index to Part II.) Reporting member banks in leading cities, assets and liabilties of 144-154 Reserve balances of member banks: Held by all Federal reserve banks combined 49, 54 Held by each Federal reserve bank. (See Index to Part II.) Reserve ratio: All Federal reserve banks combined 49, 53, 58 Each Federal reserve bank. (See Index to Part II.) "Reserve," use of word, in title of banks, corporations, or firms 36 Reserves of Federal reserve banks: Cash- All banks combined 49, 52, 54, 58 Each Federal reserve bank. (See Index to Part II.) Excess reserves 49 Required against notes and deposits 49, 58 Resources and liabilities: All banks in the United States 127, 128 Federal reserve banks 46-57 (See also Index to Part II.) Member banks 130-145 Reporting member banks in leading cities 144-154 (See also Index to Part II.) Salaries: Federal reserve banks 261-265 Federal Reserve Board 259-261 National bank examiners 266 San Francisco par clearance case 35 Silver in circulation 198 Speculative tendencies 3, 6 Sprague, Prof. O. M. W., memorandum of, on legislative proposals 291 Staff. (See Employees.) State bank and trust company members: Abstract of condition reports 134, 138 Admissions to system 211-234 Bills discounted for 81 Capital, surplus, and total resources 134, 138, 211 Changes in membership 29, 30, 175-183 Earnings and dividends 173 Failures 185 Number of 30, 175, 177 Number on par list 31, 112, 114 Resources and liabilities 134, 138 Sterling exchange, advisory council on 284, 288 Stewart, W. W., director of division of research and statistics, resignation of 37 Stocks and bonds, loans of member banks on security of 143 Surplus account: Federal reserve banks 27, 53, 56, 117, 119 Member banks 130-145 Tax, franchise, paid to Government by Federal reserve banks 27, 116, 119 Telegraph, leased-wire system, cost of 125 Telephone and telegraph expense of Federal reserve banks 116, 119 Time and demand deposits of all member banks 129 Trade acceptances: Classification of, according to underlying commodities 101 Discounted by Federal reserve banks 88 Held by Federal reserve banks 61, 64, 90 Purchased by Federal reserve banks in open market 75, 76 Trade, wholesale, index of 205, 209 Treasury certificates of indebtedness: Held by Federal reserve banks - 52, 54 Issued to Federal reserve banks by Secretary of Treasury 106 Purchased by Federal reserve banks 105 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

522 INDEX TO PART I Treasury notes: Circulation 198 Held by Federal reserve banks 52, 54, 67 Purchased by Federal reserve banks 104 Trust companies. (See State bank and trust company members.) Trust powers granted to national nanks 36, 237-255 Uncollected items (checks, drafts, transit items, etc.) of Federal reserve banks 53, 56 United States Circuit Court of Appeals, decision of, in Atlanta par clearance case 33, 278 United States Government, franchise tax paid to, by Federal reserve banks _. 27, 116, 119 United States notes in circulation 198 United States securities: Bills discounted, secured by— Held by Federal reserve banks 46, 52, 54, 61, 85 Volume discounted by Federal reserve banks 85 Certificates of indebtedness— Held by Federal reserve banks 52, 54, 67 Issued to Federal reserve banks by Secretary of Treasury 106 Purchased by Federal reserve banks 105 Depreciation on, charges made bv Federal reserve banks on account of 116 Held by Federal reserve banks. 1 5, 7, 46, 52, 54, 59, 66, 67 Par value of 67 Liberty bonds purchased by Federal reserve banks 103 Open-market purchases by Federal reserve banks 102-105 Owned by member banks 130-143 Rates of earnings on purchases by Federal reserve banks 44 Treasury notes— Held by Federal reserve banks .__ 52, 54, 67 Purchased by Federal reserve banks __ 104 Victory notes purchased by Federal reserve banks : 103 Volume purchased by Federal reserve banks 102 United States Treasurer, items drawn on, and handled by Federal reserve banks _____ 110 Victory notes purchased by Federal reserve banks . 103 Warrants, municipal: Purchased and held by Federal reserve banks _ _ _• > _' 46 Rates of earnings on 45 Wholesale prices, index of -_ 205 Wholesale trade, index of _. 205, 209 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 bills and securities; also cash reserves, members' reserve deposits, total deposits, Federal reserve note circulation, and reserve percentages, by weeks, during 1925: District No. 1—Boston 328 District No. 2—New York 342 District No. 3—Philadelphia. _ 356 District No. 4—Cleveland.,-^. 370 District No. 5—Richmond 385 District No. 6—Atlanta 400 District No. 7—Chicago 417 District No. 8—St. Louis 434 District No. 9—Minneapolis 449 District No. 10—Kansas City 463 District No. 11—Dallas 479 District No. 12—San Francisco 494 Assets and liabilities of reporting member banks—loans and discounts, investments, deposits, and accommodation at Federal reserve bank, by months, during 1924 and 1925: District No. 1—Boston 336 District No. 2—New York 350 District No. 3—Philadelphia 364 District No. 4—Cleveland 378 District No. 5—Richmond 393 District No. 6—Atlanta 408 District No. 7—Chicago. 425 District No. 8—St. Louis 442 District No. 9—Minneapolis 457 District No. 10—Kansas City 471 District No. 11—Dallas 487 District No. 12—San Francisco 502 Charts, Federal reserve banks 301-313 Charts, reporting member banks . 314-326 Condition of Federal reserve bank—comparative statement of assets and liabilities on December 31, 1923-1925: District No. 1—Boston. ______ 327 District No. 2—New York _ 341 District No. 3—Philadelphia 355 District No. 4—Cleveland. 369 District No. 5—Richmond 384 District No. 6—Atlanta 399 District No. 7—Chicago 416 District No. 8—St. Louis .. 433 District No. 9—Minneapolis _ 448 District No. 10—Kansas City 462 District No. 11—Dallas 478 District No. 12—San Francisco 493 Debits to individual accounts (bank debits)—figures for each reporting center and summary for the district, by months, 1923-1925: District No. 1—Boston 338 District No. 2—New York 352 District No. 3—Philadelphia 366 District No. 4— Cleveland . 379 District No. 5—Richmond.. 395 District No. 6—Atlanta 410 District No. 7—Chicago 427 District No. 8—St. Louis 444 District No. 9—Minneapolis 459 District No. 10— Kansas City 473 District No. 11—Dallas 489 District No. 12—San Francisco 504 523 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

524 INDEX TO PAKT II Deposits, time and demand, of all member banks: District No. 1—Boston 337 District No. 2—New York 351 District No. 3—Philadelphia 365 District No. 4—Cleveland 379 District No. 5—Richmond 394 District No. 6—Atlanta 409 District No. 7—Chicago 426 District No. 8—St. Louis 443 District No. 9—Minneapolis 458 District No. 10—Kansas City 472 District No. 11—Dallas____ 488 District No. 12—San Francisco 503 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 329 District No. 2—New York 343 District No. 3—Philadelphia 357 District No. 4—Cleveland 371 District No. 5—Richmond 386 District No. 6—Atlanta 401 District No. 7—Chicago 418 District No. 8—St. Louis 435 District No. 9—Minneapolis 450 District No. 10—Kansas City 464 District No. 11—Dallas _" 480 District No. 12—San Francisco 495 Discounts—volume of bills discounted by Federal reserve bank for member banks in each State, and number of banks accommodated: District No. 1—Boston 330 District No. 2—New York 344 District No. 3—Philadelphia 358 District No. 4—Cleveland 372 District No. 5—Richmond 387 District No. 6—Atlanta 402 District No. 7—Chicago 419 District No. 8—St. Louis 436 District No. 9—Minneapolis 451 District No. 10—Kansas City 465 District No. 11—Dallas 481 District No. 12—San Francisco 496 Earniugs, expenses,and profit and loss account of Federal reserve bank,1914-1925: District No. 1—Boston 331 District No. 2—New York 345 District No. 3—Philadelphia 359 District No. 4—Cleveland 373 District No. 5—Richmond 388 District No. 6—Atlanta 403 District No. 7—Chicago 420 District No. 8—St. Louis 437 District No. 9—Minneapolis ^_ 452 District No. 10— Kansas City 466 District No. 11—Dallas . 482 District No. 12—San Francisco 497 Federal reserve bank charts 301-313 Federal reserve clearing system (checks handled): District No. 1—Boston 334 District No. 2—New York 348 District No. 3—Philadelphia 362 District No. 4—Cleveland 376 District No. 5—Richmond 391 District No. 6—Altanta 406 District No. 7—Chicago 423 District No. 8—St. Louis__ 440 District No. 9—Minneapolis 455 District No. 10—Kansas City ___. 469 District No. 11—Dallas *485 Digitized for FRADSiEsRtr ict No. 12—San Francisco 500 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO PART II 525 Gold settlement fund—clearings and transfers of Federal reserve bank, by weeks during 1925: District No. 1—Boston 335 District No. 2—New York 349 District No. 3—Philadelphia 363 District No. 4—Cleveland 377 District No. 5—Richmond 392 District No. 6—Atlanta 407 District No. 7—Chicago 424 District No. 8—St. Louis 441 District No. 9—Minneapolis 456 District No. 10—Kansas City 470 District No. 11—Dallas 486 District No. 12—San Francisco 501 List of charts and tables included in Part II 299 Money rates in Federal reserve bank and branch cities: District No. 1—Boston 340 District No. 2—New York 354 District No. 3—Philadelphia 368 District No. 4—Cleveland 382 District No. 5—Richmond 398 District No. 6—Atlanta 413 District No. 7—Chicago 432 District No. 8—St. Louis 446 District No. 9—Minneapolis 461 District No. 10—Kansas City 476 District No. 11—Dallas 491 District No. 12—San Francisco 507 Reporting member bank charts 314-326 Volume of operations in principal departments of Federal reserve bank : District No. 1—Boston 334 District No. 2—New York 348 District No. 3—Philadelphia 362 District No. 4—Cleveland 376 District No. 5—Richmond 391 District No. 6—Atlanta 406 District No. 7—Chicago 423 District No. 8—St. Louis . 440 District No. 9—Minneapolis : 455 District No. 10—Kansas City 469 District No. 11—Dallas 485 District No. 12—-San Francisco 500 o Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis