Annual Report of the Federal Reserve Board, 1927

FOURTEENTH ANNUAL REPORT OF THE FEDERAL RESERVE BOARD COVERING OPERATIONS FOR THE YEAR 1927 UNITED STATES GOVERNMENT PRINTING OFFICE WASHINGTON 1928 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE FEDERAL RESERVE BOARD DECEMBER 31, 1927 EX OFFICIO MEMBERS ROY A. YOUNG, 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. E. A. GOLDENWEISER, J. C. NOELL, Assistant Secretary. Director, Division of Research and E. M. MCCLELLAND, Statistics. Assistant Secretary. CARL E. PARRY, J. F. HERSON, Assistant Director, Division of Re- Chief, Division of Examination and search and Statistics. Chief Federal Reserve Examiner. E. L. SMEAD, WALTER WYATT, General Counsel. Chief, Division of Bank Operations. W. M. IMLAY, Fiscal Agent. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONTENTS TEXT OF REPORT Page Business activity 1 Agricultural conditions 3 Geographical differences in business record 4 Industrial profits 4 Bank credit 4 Growth of security loans * 5 Increase in bank investments 6 Demand and time deposits 7 Federal reserve policy in 1927 9 Reversal of gold movement 11 Gold movements, 1914-1927 12 The reserve banks and the gold standard 14 Progress of gold standard during 1927 15 Federal reserve bank credit in 1927 17 Earnings, expenses, and volume of work of Federal reserve banks 21 Branches and agencies of Federal reserve banks 24 Building operations of Federal reserve banks 25 Changes in membership in Federal reserve system 25 Bank suspensions 27 Bank mergers 29 Chain banking 31 Branch banking 32 Banks on the par list 34 Trust activities of national banks 35 New edition of the Board's regulations 37 Amendments to the Federal Reserve Act 42 Administration of the Clayton Act 45 Constitutionality of section 9 of Federal Reserve Act 45 Legislation recommended 46 Conferences held by the Board 50 Organization, staff, and expenditures of the Board 50 TABLES FEDERAL RESERVE BANK CREDIT RESERVE BANK CREDIT: No. 1. Reserve bank credit outstanding, by months, 1914-1927 53 No. 2. Deposits, reserves, note circulation, and reserve percentages, of Federal reserve banks, by months, 1914-1927 56 No. 3. Reserve bank credit outstanding, by weeks 59 No. 4. Deposits, reserves, note circulation, and reserve percentages, of Federal reserve banks, by weeks 60 No. 5. Principal resources and liabilities of Federal reserve banks, by weeks 61 in Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

IV CONTENTS RESERVE BANK CREDIT—Continued. p age No. 6. Resources and liabilities of Federal reserve banks, in detail, December 31, 1927 62 No. 7. Resources and liabilities of Federal reserve banks at the end of each month 64 No. 8. Condition of each Federal reserve bank at end of 1926 and 1927 66 No. 9. Number of member banks discounting paper at Federal reserve banks, by months, 1914-1927 68 No. 10. Average maturity of bills discounted and bills bought by Federal reserve banks, by years, 1918-1927 68 No. 11. Bills discounted by Federal reserve banks—Holdings at the end of each month, by classes 69 No. 12. Bills bought by Federal reserve banks—Holdings at the end of each month, by classes 69 No. 13. Holdings of bills discounted and bills bought by Federal reserve banks, by maturities 70 No. 14. Holdings of United States securities by Federal reserve banks at the end of each year, 1924-1927, by classes 71 No. 15. Holdings by Federal reserve banks of United States securities in special investment account, 1923-1927 72 No. 16. Holdings by Federal reserve banks of temporary one-day certificates of indebtedness issued by the United States Treasury, 1923-1927 73 GOLD STOCK, GOLD MOVEMENTS, AND MONEY IN CIRCULATION GOLD: No. 17. Monetary gold stock of the United States, 1914-1927 77 No. 18. Gold earmarked by Federal reserve banks for foreign account, 1914-1927 78 No. 19. Gold imports and exports, by countries, 1924-1927 78 No. 20. Gold imports and exports, by months, 1914-1927 79 MONEY IN CIRCULATION: No. 21. United States money in circulation, by months, 1914-1927__ 80 No. 22. Kinds of money in circulation, by months, 1914-1927 82 DISCOUNT RATES AND MONEY RATES DISCOUNT RATES AND MONEY RATES: No. 23. Federal reserve bank discount rates on all classes and maturities of discounted bills—Changes from January 1, 1922, to December 31, 1927 89 No. 24. Federal reserve bank buying rates on acceptances—Changes from January 1, 1919, to December 31, 1927 90 No. 25. Average rates charged by Federal reserve banks on bills discounted and bills bought, 1918-1927 91 No. 26. Average rates earned by Federal reserve banks on bills and securities, 1916-1927 92 No. 27. Average rates charged by member banks on customers' paper rediscounted with Federal reserve banks, 1921-1927 93 No. 28. Open-market rates in New York City, by months, 1919-1927. 95 No. 29. Open-market rates in New York City, by weeks 97 No. 30. Money rates in New York City—Prevailing rates charged customers, 1919-1927 98 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONTENTS V FOREIGN RATES: Page No. 31. Open-market rates in foreign countries, by months, 1924- 1927 100 No. 32. Discount rates at central banks in foreign countries— Changes from January 1, 1922, to December 31, 1927 101 MEMBER AND NONMEMBER BANK CREDIT ALL BANKS IN THE UNITED STATES: No. 33. Loans and investments of member and nonmember banks, 1914-1927 105 No. 34. Deposits of member and nonmember banks (exclusive of interbank deposits), 1914-1927 105 ALL MEMBER BANKS: No. 35. Principal resources and liabilities, on call dates, 1914-1927-_ 106 No. 36. Net demand and time deposits, by size of city, 1923-1927. _ 108 No. 37. Reserve balances, by months, 1914-1927 109 No. 38. Borrowings at Federal reserve banks, by months, 1914-1927. 109 No. 39. Classification of loans on June 30, 1925, 1926, and 1927 110 No. 40. Classification of securities on June 30, 1925, 1926, and 1927__ 111 REPORTING MEMBER BANKS IN LEADING CITIES: No. 41. Loans and investments, deposits, reserve balances, and borrowings at Federal reserve banks, by months, 1919-1927. _ 112 No. 42. Loans and investments, by weeks 114 No. 43. Deposits, reserves, and borrowings at Federal reserve banks, by weeks 115 No. 44. Bankers' balances, by weeks 116 BROKERS' LOANS: No. 45. Street loans placed by New York City daily reporting banks, 1917-1926 117 No. 46. Loans to brokers and dealers, secured by stocks and bonds, made by reporting member banks in New York City, by weeks, 1926 and 1927 119 No. 47. Brokers' borrowings, 1918-1922, 1926, and 1927, as reported by NewYork Stock Exchange 121 BANKERS' ACCEPTANCES AND COMMERCIAL PAPER OUTSTANDING: No. 48. Bankers' acceptances and commercial paper outstanding, by months, 1922-1927 123 No. 49. Bankers' acceptances outstanding, by classes, 1922-1927 123 BANK DEBITS: No. 50. Debits to individual accounts by banks in 141 principal cities, by months, 1920-1927 124 INDUSTRIAL AND TRADE CONDITIONS INDEX NUMBERS OF PRODUCTION, EMPLOYMENT, TRADE, AND PRICES: No. 51. Production, employment, trade, and prices, 1919-1927 127 No. 52. Production of manufactures, by groups, 1919-1927 130 No. 53. Production of minerals, by products, 1919-1927 131 No. 54. Wholesale distribution, by individual lines of trade, 1919-1927. 132 DETAILED BANKING STATISTICS FOR THE UNITED STATES CONDITION OF FEDERAL RESERVE BANKS: No. 55. Bills discounted for member banks—Holdings of each Federal reserve bank, by months, 1914-1927 135 No. 56. Discounted bills—Holdings of each Federal reserve bank on December 31, 1927, by classes 138 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

VI CONTENTS CONDITION OF FEDEKAL RESERVE BANKS—Continued. Page No. 57. Discounted bills—Holdings of each Federal reserve bank on December 28, 1927, by maturities 138 No. 58. Principal resources and liabilities of each Federal reserve bank, by weeks 139 VOLUME OF OPERATIONS OF FEDERAL RESERVE BANKS: No. 59. In principal departments, 1924-1927 151 No. 60. In principal departments of each Federal reserve bank 152 No. 61. Volume of operations of branches of Federal reserve banks-. 153 No. 62. Discount and open-market operations, annual volume, by classes, 1924-1927 154 No. 63. Volume of discount and open-market operations of each Federal reserve bank 156 No. 64. Discount operations, by States, volume of discounts, number of member banks, and number accommodated 158 No. 65. Bills bought in open market, 1925-1927, classified according to underlying commodities 159 GOLD SETTLEMENT FUND: No. 66. Summary of transactions through the fund, 1923-1927 164 No. 67. Summary of transactions through the fund, by districts 164 FEDERAL RESERVE AGENTS' GOLD FUND: No. 68. Summary of transactions through the fund, 1923-1927 165 No. 69. Summary of transactions through the fund, by districts 165 MEMBERSHIP IN PAR COLLECTION SYSTEM: No. 70. Number of banks on par list and not on par list, 1920-1927. 166 No. 71. Number of banks on par list and not on par list, by districts.- 167 No. 72. Number of banks on par list and not on par list, by States, December 31, 1926 and 1927 168 BANK PREMISES: No. 73. Cost of bank premises of Federal reserve banks and branches. 169 EARNINGS AND EXPENSES OF FEDERAL RESERVE BANKS: No. 74. Gross and net earnings of each Federal reserve bank and disposition made of net earnings, 1914-1927 170 No. 75. Earnings and expenses of each Federal reserve bank 174 FEDERAL RESERVE NOTES: No. 76. Federal reserve agents' accounts at the end of each month__ 176 CONDITION OF ALL BANKS IN EACH DISTRICT, 1923-1927: . No. 77. Total loans and investments 177 No. 78. Totalloans 178 No. 79. Investments 179 No. 80. Deposits (exclusive of interbank deposits) 180 CONDITION OF ALL BANKS, BY STATES, 1923-1927: No. 81. Total loans and investments 181 No. 82. Totalloans 182 No. 83. Investments 183 CONDITION OF ALL MEMBER BANKS, BY CLASSES: No. 84. Resources and liabilities of national and State bank members, December 31, 1926 and 1927 184 No. 85. Resources and liabilities of reserve city and country banks. _ 185 CONDITION OF ALL MEMBER BANKS IN EACH DISTRICT: No. 86. Principal resources and liabilities, on call dates, 1914-1927. . 186 No. 87. Net demand and time deposits, by months, 1923-1927 210 No. 88. Net demand and time deposits, by size of city 214 No. 89. Reserve balances, by months, 1923-1927 216 No. 90. Borrowings at Federal reserve banks, by months, 1923-1927. 217 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONTENTS VII CONDITION OF ALL MEMBER BANKS, BY STATES, 1923-1927: p e ag No. 91. Total loans and investments 218 No. 92. Total loans 220 No. 93. Investments 222 CONDITION OF REPORTING MEMBER BANKS IN EACH DISTRICT, BY WEEKS: No. 94. Total loans and investments 224 No. 95. Total loans 225 No. 96. Loans on securities 226 No. 97. All other loans 227 No. 98. Investments 228 No. 99. Net demand plus time deposits 229 No. 100. Net demand deposits 230 No. 101. Time deposits 231 No. 102. Reserve balances 232 No. 103. Borrowings at Federal reserve banks 233 CONDITION OF REPORTING MEMBER BANKS IN NEW YORK CITY: No. 104. Total loans and investments, by weeks 234 No. 105. Deposits, reserve balances, and borrowings at Federal reserve bank, by weeks 235 CONDITION OF REPORTING MEMBER BANKS OUTSIDE NEW YORK CITY: No. 106. Total loans and investments, by weeks 236 No. 107. Deposits, reserve balances, and borrowings at Federal reserve bank, by weeks 237 BANKERS' BALANCES OF REPORTING MEMBER BANKS, BY DISTRICTS: No. 108. Amounts due from other banks, by weeks 238 No. 109. Amounts due to other banks, by weeks 239 BANK SUSPENSIONS: ^,H? H No. 110. Banks suspended and reopened, by classes, 1921-1927 240 No. 111. Banks suspended and reopened, by districts 241 No. 112. Banks suspended and reopened, by States 242 No. 113. Banks suspended, by size of town or city 243 No. 114. Banks suspended, by size of bank 243 CHANGES IN MEMBERSHIP OF THE FEDERAL RESERVE SYSTEM: No. 115. Summary of changes, 1926 and 1927 244 No. 116. Changes, by class of member, 1926 and 1927 244 No. 117. Changes, by districts 245 EARNINGS, EXPENSES, AND DIVIDENDS OF MEMBER BANKS: No. 118. All member banks, by districts, 1919-1927 247 No. 119. National banks, by districts, 1919-1927 249 No. 120. State bank members, by districts, 1919-1927 251 APPENDIX Recommendations of the Federal Advisory Council 255 Amendments to the Federal reserve act 258 Regulations of the Comptroller of the Currency denning " investment securities " as used in the McFadden Act 266 Letter of the Comptroller of the Currency relating to trust powers of national banks 267 Regulations of the Federal Reserve Board 272 Court opinion on constitutionality of section 9 of the Federal reserve act_ 311 Directory of the Federal Reserve Board 312 Salaries of officers and employees of the Federal Reserve Board 312 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

VIII CONTENTS Page Receipts and disbursements of the Federal Reserve Board 315 Salaries of national bank examiners 317 Directory of the Federal Advisory Council 319 Governors and directors of Federal reserve banks 319 Salaries of officers and employees of Federal reserve banks 327 State bank and trust company members 330 Fiduciary powers granted to national banks 351 Banks authorized to accept bills up to 100 per cent of capital and surplus. _ 373 Description of Federal reserve districts 376 Description of Federal reserve branch territories 382 Map of Federal reserve districts 384 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

TEXT OF REPORT IX Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL EEPOET OF THE FEDERAL RESERVE BOARD WASHINGTON, March 12, 1928. SIR: For the Federal reserve system the principal event of 1927, the year covered by this, the Fourteenth Annual Report of the Federal Reserve Board, was the granting by Congress of indeterminate charters to the Federal reserve banks. This action of Congress, which was incorporated in the McFadden-Pepper Act approved on February 25, 1927, affirms the confidence of Congress in the Federal reserve system and assures it and the country of continuance of the system's operations on a permanent basis. Since their establishment in 1914 the Federal reserve banks first assisted the United States Government in meeting the heavy financial requirements arising out of the war; later were an influence in moderating the economic effects on this country of a world-wide readjustment; more recently took part in the restoration of sound monetary conditions throughout the world, and are now in position to formulate long-term policies to be pursued under more normal conditions in a world that has made great progress toward economic and financial reconstruction. BUSINESS ACTIVITY Taken as a whole, the year 1927 may be characterized as one of large productivity, though with a gradual recession during the last six months. The output of mines and factories and the volume of building construction were somewhat smaller than in the year before, though larger than in preceding years. Factory employment also showed a decline for the year, and earnings of industrial workers were somewhat reduced. The income of farmers, however, according to the usual methods of estimating, was in the aggregate considerably larger than in 1926. Distribution of commodities to consumers was maintained on a high level, and there was no evidence of undue accumulation of inventories. The average level of commodity prices, which had been declining for about two years, turned upward in the early summer of 1927 and at the close of the year was only slightly lower than at the end of 1926. The supply of funds available for investment was large, and flotations of domestic and foreign securities were in record volume. The accompanying chart shows fluctuations in the daily average volume of industrial production for the corresponding months of the past three years as indicated by the Federal Reserve Board's index, which includes both manufactures and minerals. 1 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD The course of business during the year varied considerably from industry to industry, and in different sections of the country. In the first quarter of the year, which was characterized by active business following upon a recession in the last quarter of 1926, the output of minerals exceeded all previous records, reflecting the large production of bituminous coal, which was stimulated by the threatened strike. The output of manufactures increased during this period, and in the spring months was larger than for the corresponding period of any previous year. With the beginning of the coal strike in April, however, mineral production was sharply reduced, and later in the spring manufacturers also began to reduce operations. Except for PER CENT PERCENT 120 120 r 1927 \ y J 110 110 1926/ "\ *~* s— s 925 ^S \ 100 100 90 90 1NDIISTRJAL PRODUCTION WITHOUT SEASONAL ADJUSTMENT 1923-25 = 10o 80 80 Jan. Feb. Mar. Apr: May June July Aug. Sept. Oct. Nov. Dec. minor fluctuations, industrial production declined steadily for the remainder of the year, falling in July below the level of 1926 and after September below that of 1925. During the early months of the year there was a large advance in the output of the textile and leather industries, and also in iron and steel, automobiles, and rubber tires. Cotton and silk consumption was larger in 1927 than in any previous year, and the wool and leather industries, recovering somewhat from the depression of recent years, were more active than for any year since 1923. Toward the end of the year these industries showed some decline in output, but continued more active than a year earlier. During the recession in business in the last half of the year, the industries which were the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD O most affected were iron and steel and automobiles, which had had an unusually rapid advance earlier in the year. For 1927 as a whole automobile production was smaller than at any time since 1922, much of this decline being due to suspension of production at one of the largest plants. Curtailment of automobile production accounted in some measure for the decline of activity in the iron and steel industries. There were also decreases during the last half of the year in the production of nonferrous metals, building materials, rubber tires, and food products. Bituminous coal production fell off because of the miners' strike in the union fields, and was also curtailed because of the large stocks accumulated at the beginning of the year. In consequence of large production from new wells crude petroleum was in excess supply, although consumption of this product was the largest on record. Stocks accumulated and prices declined to the lowest level for the postwar period. Building construction continued in large volume during 1927, and the total value of building contracts awarded for the country as a whole during the year has been estimated by the F. W. Dodge Corporation as $6,800,000,000, showing a decline of about $100,- 000,000 from the total for 1926, but being nevertheless a higher figure than that for any earlier year. Decreases in construction were reported for residential and industrial buildings, while awards for public buildings and public utilities increased, and there were increases also in institutional, religious, and recreational buildings. AGRICULTURAL CONDITIONS Agriculture followed a course during the year quite dissimilar to that of industry. At the beginning of 1927 agricultural prospects were not as bright as those of industry, but they improved considerably in the latter part of the year. At the opening of the year the buying power of agricultural communities had been reduced, since returns from 1926 crops had been relatively small. Moreover, in the first half of 1927 cotton prices were low; there was a sharp break in hog prices, and a serious delay in the progress of the corn crop; also in this half of the year occurred the disastrous flood in the Mississippi Valley. Late in the spring prices of agricultural commodities began to rise, reflecting chiefly increases in the price of cotton, corn, and cattle. Subsequently prices of many other farm products also advanced, and the Department of Agriculture index of farm commodity prices, which was in April at the lowest point since 1922, rose by about 11 per cent during the next five months. This advance in agricultural prices, accompanying a constant level of industrial prices, resulted in increased purchasing power for agricultural producers. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

4 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD GEOGRAPHICAL DIFFERENCES Marked differences are found in the year's business record for the several geographical sections of the country. New England profited by improvement in the textile and leather industries, while the Philadelphia and Cleveland reserve districts were unfavorably affected, particularly in the last half of the year, by the recession in the automobile, iron and steel, and coal industries. In the South, conditions improved during the year, with the rise in the price of cotton, and total returns to producers were larger than in the year before, though not so large as in 1925. The Middle West profited by a good wheat crop and higher prices for cattle and dairy products, though some sections felt the decline in hog prices. The Northwest, particularly the Minneapolis district, reaped the benefit of larger returns from spring wheat, oats, cattle, and dairy products, and the region showed a definite recovery from a prolonged period of depression. In the Southwest, large petroleum production, even though at lower prices, and improved conditions in the cattle market, were favorable influences. On the Pacific coast agricultural conditions were better than in 1926, while industry was somewhat less active. INDUSTRIAL PROFITS For industrial enterprises in general the year marked a decline in profits below the high level of 1926. Profits reported by about 170 corporations were about the same in the first quarter of 1927 as the year before, but they declined during the remainder of the year and for the last half of the year were considerably lower than for the corresponding period of 1926. The decline in the general level of profits covered wide divergencies of profits earned by individual corporations. While some large corporations made larger profits during the year, a number of other companies made relatively low profits, or reported actual losses. In 1927, as in other recent years, increased efficiency in production was the principal factor affecting the movement of industrial prices and the volume and distribution of industrial profits. Business enterprises experienced increasing difficulty in making profits, and it was largely companies that were able to profit by the economies of large-scale production that showed satisfactory results for the year, while companies which were not able to organize their operations so as to effect large economies of cost were not able to withstand the pressure of intensified competition. It is partly for this reason that the number of failures of industrial and commercial enterprises during the year was exceptionally large. BANK CREDIT In consequence of the somewhat smaller volume of production and employment in 1927 compared with the previous year, the demand Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD 0 for bank credit to finance the current operations of trade and industry in 1927 was no larger than the year before. There was, nevertheless, a rapid growth of member bank credit, total Joans and investments of all member banks increasing by $2,783,000,000 during the year, and those of reporting member banks in leading cities by $1,673,000,000, or 8.4 per cent. This increase compares with one of 2.1 per cent in 1926 and 5.2 per cent in 1925. Thus the growth in the volume of member bank credit in leading cities has been larger during 1927 than in either of the two preceding years, though not so large as in 1924, when the growth was 13 per cent. That the growth of member bank credit during the year has not been due to a demand for loans from industry and trade, is indicated by the fact that "all other loans/' which comprise loans for commercial, agricultural, and industrial purposes, as well as real-estate loans, have actually decreased during the year, as is indicated by the following table: REPORTING MEMBER BANKS [Monthly averages of weekly figures. In millions of dollars] Increase or decrease (—) December, December, 1926 1927 Amount Per cent Loans and investments 20,055 21,728 1,673 8.4 Loans on securities 5,694 6,594 900 15.8 All other loans 8,776 8,739 -37 -.4 Investments _. . ._ 5, 585 6,396 811 14.5 GROWTH OF SECURITY LOANS That the decrease in other loans would have been much larger, were it not for the fact that they include real estate loans, is indicated by information available for all member banks for the year ending June 30,1927. During that year there was an increase of $276,000,000 in real estate loans and a decrease in commercial loans proper of $230,000,000. The decrease in commercial loans was due, in addition to the smaller volume of business activity, also to the fact that many corporations floated securities at the prevailing low rates and used the proceeds to reduce their bank loans. Another factor was the increase in the use of acceptance credit, by means of which funds for commercial operations were supplied by the short-term investment market. At the close of 1927 acceptances outstanding totaled more than $1,000,000,000, a larger amount than at any previous time, showing an increase of $325,000,000 for the year. Security loans of reporting member banks increased by about $900,000,000, or 16 per cent, during the year 1927, and their investments by $800,000,000, or about 14 per cent. That the increase in loans on Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

6 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD securities has largely reflected the increased use of credit by the security markets is indicated by the fact that loans to brokers and dealers in securities placed by the weekly reporting member banks in New York City increased by 33 per cent during the year ending in December, 1927. Of this growth in brokers' loans, $365,000,000 represented loans for account of the New York banks themselves, while $317,000,000 represented an increase in loans for account of their American banking correspondents. There was also a growth of $248,000,000 in loans for account of others, which showed an increase of 33 per cent during the year and reached a total of more than $1,000,000,000. A portion of the growth in brokers' loans by member banks in New York City for their own account also represents the use of out-of-town money, since balances held with these banks by their country correspondents showed an increase of $200,000,000 for the year. These figures indicate that bank funds have been abundant throughout the country and that, in the absence of local demand for additional banking accommodation, these funds have been flowing into the money market either in the form of bankers' balances or in the form of funds to be loaned on account of correspondents, some of which were bankers and some industrial and other corporations. Increased supply of funds in the hands of corporations, owing in part to the somewhat reduced volume of industrial and commercial activity, and in part to growth in the volume of funds which they have obtained through security issues, has been an important factor in increasing so-called brokers' loans on account of others. Other sources from which these funds have been received were foreign banks and other foreign interests which were building up dollar balances for various purposes. The demand for liquid funds at the central money market, as indicated by the growth in security loans and in new issues of securities, was large and absorbed the supply that came from the different sources already discussed, without any considerable lowering of interest rates. INCREASE IN BANK INVESTMENTS The abundance of funds has been reflected also in a growth of bank investments. Security holdings of all member banks increased by $1,371,000,000, or 15 per cent, between December, 1926, and December, 1927, the largest growth in investments of member banks since 1924. About two-fifths of this growth in bank investments was in Government securities, the larger increase being in bonds of corporations and of municipalities, both domestic and foreign. This growth of investments by banks has occurred during a period when the absorption of securities by all classes of investors in the United States has been in unusually large volume. Security flotations, domestic and foreign, during the year 1927, exclusive of refunding Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD 7 issues, were $7,533,000,000, a larger amount than in any previous year, excepting only the time of war financing. The continued abundance of funds available for investment in private enterprises during recent years has been due chiefly to the growing volume of national income and national savings, which arose in turn from the large volume of industrial production and the consequent increased earnings of individuals and corporations engaged in industrial enterprises. Another source of funds available for investment in corporate securities has been the retirement of debt by the United States Treasury, which amounted to more than $1,000,000,000 during 1927. DEMAND AND TIME DEPOSITS The growth of loans and investments of member banks during the past year has been accompanied by an increase of $2,506,000,000 in the banks7 combined net demand and time deposits, the growth in time deposits being $1,325,000,000 and the growth in net demand deposits $1,181,000,000. The increase in demand deposits during the current year has been in contrast to the movement of these deposits during the two preceding years, when demand deposits remained relatively constant, while time deposits increased steadily. The continuous growth of time deposits in recent years at a rate more rapid than the growth in demand deposits has resulted in an increase in the proportion of the banks7 deposit liabilities that is represented by time deposits. This more rapid growth of time deposits, which require only a 3 per cent reserve, has been an important factor in the past six years in enabling member banks to increase their loans and investments by $11,000,000,000 on the basis of $756,000,000 added to their reserve balances. This expansion during the past six years at the rate of about $15 of credit to $1 of reserves has reduced the average required reserves of member banks from 7.9 to 7.4 per cent of total deposits subject to reserve requirements. It is impossible to determine to what extent the growth of time deposits represents funds placed at the disposal of the banks by savings depositors, who use this channel of investment, and to what extent it is the consequence of an increase in the practice on the part of business men and corporations of carrying deposits, not immediately required for current operations, as time deposits rather than as demand deposits. Whatever the origin of the time deposits, however, the fact that the total of demand and time deposits has increased during the year indicates that member banks have had an increased volume of funds available for use in extending credit for long or short periods to the different enterprises of the country. Furthermore, the fact that time deposits have increased more rapidly during recent years than the investments of member banks indicates that a considerable proportion of funds representing time deposits has been used in the 110390—28 2 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

8 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD granting of loans and particularly of loans on securities. The following table shows for all member banks the growth of net demand and time deposits for the six years ending December, 1927: ALL MEMBER BANKS [In millions of dollars] Amount Increase or decrease (—) End of December Net demand Time Net demand Time deposits deposits deposits deposits 1922 16,187 7,645 1,754 1,194 1923 16,356 8,651 169 1,006 1924 18,446 9,805 2,090 1,154 1925 19, 238 10,653 792 848 1926 18,902 11,440 -336 787 1927 20, 083 12,765 1,181 1,325 Total for 6 years 5,650 6,314 BANKS IN FINANCIAL CENTERS AND ELSEWHERE The foregoing analysis of the growth of bank credit during the past year indicates that this growth has reflected largely a demand for investment funds and for funds to be employed in the securities market. The character of the demand was such that some concentration in the financial centers, New York and Chicago, was to be expected. This concentration is apparent in the following table showing changes for 1927 in the loans, investments, and deposits of reporting member banks in leading cities: REPORTING MEMBER BANKS—PRINCIPAL CHANGES FROM DECEMBER, 1926, TO DECEMBER, 1927 Increase or decrease (—), in Percentage increase or demillions of dollars crease (—) New Other New Other York Chicago leading York Chicago leading City cities City cities Loans and investments 816 117 740 12.9 6.3 6.2 Loans on securities 587 91 222 29.0 12.8 7.5 All other loans 66 -39 -63 2.6 -5.4 — 1.1 Investments 163 65 583 9.4 15.6 17.0 Net demand deposits... 476 60 298 9.4 4.8 4.4 Time deposits 132 55 464 14.6 9.4 10.6 Due to banks 204 18.9 6.0 i 10. 5 1 Figures for reporting member banks in 10 Federal reserve bank cities. Loans and investments of New York City banks increased by 12.9 per cent during the year, of Chicago banks by 6.3 per cent, arid of banks in other leading cities b}r 6.2 per cent. Concentration is more clearly in evidence in the figures for security loans, which increased by 29 per cent in New York City, by 12.8 per cent in Chicago, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD 9 and by 7.5 per cent in other leading cities. On the other hand, investments of banks in New York City increased by 9.4 per cent, of banks in Chicago by 15.6 per cent, and of banks in other leading cities by 17 per cent. Balances carried by banks in the financial centers for out-of-town correspondents showed considerable growth for the year, as is brought out by the table. These figures indicate that member banks having surplus funds have used a part of them in the purchase of investments and have transferred a part to New York, Chicago, or other financial centers to be there either directly or indirectly used in making loans on securities. In these respects the year 1927 has been different from the two preceding years and similar to 1924, which also was a year of easy money, showing a large growth of bankers' balances at New York banks, of security loans, and of member bank investments. FEDERAL RESERVE POLICY IN 1927 Changes in the position of the reserve banks during 1927 can best be discussed together with international gold movements, since these have materially affected the credit situation throughout the year. During the first four months of 1927 there were large increases in the stock of monetary gold arising from gold imports, which in January were larger than in any month for about three years. This inflow of gold, together with the usual seasonal return flow of currency, enabled member banks to liquidate their indebtedness at the reserve banks, with the result that the volume of reserve bank credit outstanding declined rapidly during January to the lowest level in about two years. Credit liquidation was reflected at this time also in a decline in member bank loans, both collateral and other. Thus the first month of the year was characterized by unusually rapid liquidation at the reserve banks, resulting from the coincidence of a large inflow of gold from abroad with the usual turn-of-the-year return flow of currency from circulation. Openmarket money rates declined in January. In February and March business throughout the country was active, and gold continued to flow in from abroad, but in much smaller volume than in January, and there was some seasonal increase in the demand for currency. The total volume of reserve bank credit, however, continued with little fluctuation near the $1,000,000,000 level, and money rates remained relatively constant. No changes in discount rates were made during this period and no open-market operations were undertaken. The somewhat uncertain situation which prevailed in business during the spring became in June a more clearly defined recession. At the same time the direction of gold movements began to change. The monetary gold stock of the country, which reached its high point for all time in May, declined continuously after that month. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

10 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD Net changes in gold stock between May and September, however, were relatively small, though large gold operations were consummated during the period. A slight decline of the gold stock in May was a net result of a withdrawal of $95,000,000 of gold to be earmarked for foreign account, offset by an importation of about $30,000,000 of gold, and a purchase by the reserve banks of $60,- 000,000 of gold abroad. Both the earmarking and the imports during May were largely consequent upon banking developments in France. In this month the Bank of France paid off a war debt to the Bank of England and thereby regained control of about $90,- 000,000 of gold which had been pledged as a partial security for the loan. The gold thus released was offered in the market and $30,- 000,000 of it was exported to the United States on private account, while $60,000,000 was purchased by the Federal reserve banks and temporarily held in London. Later in the month the Bank of France decided to convert a part of its rapidly growing foreign exchange holdings into gold, and for this purpose purchased large amounts of gold in New York to be earmarked for its account. The resulting withdrawals of gold from the market were offset by the reserve banks through the purchase of securities. In June and July the Federal reserve banks sold the gold held abroad and at first held the proceeds abroad, but later disposed of these foreign balances to American purchasers. During the period from June to September, while changes in gold stock were small, the reserve banks purchased about $80,000,000 of Government securities in furtherance of a policy of easing the credit situation. This policy was adopted by the system in consideration of the recession in business in the United States, of the relatively heavy indebtedness of member banks, and of the tendency toward firmer conditions in the money market. During this period it also became evident that there was a serious credit stringency in European countries generally, and it was felt that easy money in this country would help foreign countries to meet their autumn demand for credit and exchange without unduly depressing their exchanges or increasing the cost of credit to trade and industry. Easier credit conditions abroad would also facilitate the financing of our exports and would thus be of benefit to American producers. By purchasing securities at that time the Federal reserve banks were in fact successful in easing the condition of the money market and in exerting a favorable influence on the international financial situation. The purchase of securities in the open market during the summer months was accompanied by reduction of the discount rate at all of the Federal reserve banks from 4 to 33^ per cent. The changes in discount rates at the different reserve banks became effective on the following dates: Kansas City, July 29; St. Louis, August 4; Boston and New York, August 6; Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD 11 Cleveland, August 6; Dallas, August 12; Atlanta, August 13; Richmond, August 16; Chicago, September 7; Philadelphia, September 8; San Francisco, September 10; and Minneapolis, September 13. The decline of money rates to the low level which prevailed in this country beginning with August increased the differential between rates in this country and abroad, and led to a considerable outflow of funds from the United States, with a consequent rapid advance of sterling and other exchanges in the New York market. REVERSAL OF GOLD MOVEMENT The low level of money rates and the high level of the exchanges, in combination with other conditions, induced large exports of gold from the United States to South America. Argentina had resumed gold payments in August, and Brazil was carrying out a program of currency reform. Both of these countries had floated large loans in the United States and were in a position to increase their gold holdings by converting a part of their dollar balances into gold at the prevailing favorable rates. Thus one of the consequences of easy money in the United States was that a part of the demand for gold from South America was met by withdrawals from New York rather than from other financial centers. While the exports of gold in the latter part of the year were principally to Argentina and Brazil, Canada also obtained the usual seasonal volume of gold in November and December, and there were smaller exports to Poland, Netherlands, France, England, and Belgium. In addition to the exports of gold in the autumn months there were also gold withdrawals for earmarking, bringing the decrease between September 1 and January 1 in the country's total monetary stock of gold to $209,000,000. At first the reserve banks pursued the policy of offsetting the effects of these decreases on the money market through purchases of securities, but after the beginning of November such purchases were both absolutely and relatively in much smaller volume. The larger part of the gold withdrawal toward the end of the year, therefore, exerted its usual influence upon credit conditions in this country, contributing to an increase of member bank indebtedness at the reserve banks and to a somewhat firmer situation in the money market. The system's policy in not offsetting the gold exports in the last months of the year was formulated in consideration largely of the fact that in the absence of demand for additional credit from trade and industry there was a continued rapid growth, in the volume of member bank credit used in investments and in loans on securities. There was a corresponding growth in member bank deposit liabilities, and notwithstanding the drain on member bank reserves through Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

12 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD gold exports, reserve balances of member banks with the reserve banks increased in the autumn and early winter. For the year 1927 as a whole, reserve bank credit showed an increase of about $130,000,000, as measured by the average volume of bills and securities held by the reserve banks in December, 1926 and 1927. This increase in reserve bank credit was partially offset by a decrease of about $70,000,000 in the country's monetary gold stock, so that the reserve funds released through discounts and purchases by the reserve banks exceeded the loss of gold, which absorbs reserve funds, by about $60,000,000. Reserve funds were released also through the reduction of about $35,000,000 in deposits held by the reserve banks for the Treasury and for nonmember bank depositors. Finally, a reduction in the volume of currency in circulation, which reflected the somewhat less active condition of trade and industry, resulted in an equivalent increase in reserve funds at the disposal of member banks. These additions to the reserve funds of member banks were absorbed in the member banks' reserve balances, which increased by $180,000,000 during the year. This increase in member bank reserve balances, wThich constituted the basis of credit extension by member banks during the year, arose in part from an increase in the bills and securities held by the reserve banks in excess of withdrawals of gold and in larger part from other sources, particularly the decrease in the country's demand for hand-to-hand currency.1 To summarize, reserve bank policy in the early part of the year, when gold imports were exerting an influence toward easier money, was to refrain from taking an active position toward the market; in the spring and summer, in the absence of considerable net gold movements, the system's policy was expressed in easing the money market through the purchase of securities and the reduction of discount rates; in the early autumn, when an outward movement of gold began, the system offset in part the effect of gold withdrawals through purchases in the open market; and finally, in the closing months of the year, the system's policy, in view of the rapid expansion of member bank credit, was to permit the continued outflow of gold to exert its customary tightening influence on credit conditions. GOLD MOVEMENTS: 1914-1927 The gold flow into and out of the country, which was thus a major factor in the credit situation in 1927, has exerted an important influence on banking conditions in the United States since the beginning of the Federal reserve system. Between June 30, 1914, and December 31, 1927, the stock of monetary gold in the United States increased from $1,891,000,000 to $4,376,000,000, an increase of 1 A more detailed statement of the factors affecting the demand for and supply of reserve bank funds during 1927 appears on p. 17 of this report. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD 13 $2,485,000,000, of which $2,071,000,000 represented reported net imports less amounts earmarked for foreign account, and $414,000,000 additions to gold stock from other sources, chiefly excess of domestic production over consumption by industry and the arts. From the point of view of gold movements, which are reflected in the chart showing the stock of monetary gold in the United States from 1914 to 1927, the history of the Federal reserve system may be divided into five periods. (1) Between June, 1914, and April, 1917, when the United States joined the Allies in the war, there was a net import movement of gold amounting to $1,080,000,000. This gold came to the United States because European belligerents were in need of war supplies from America and sent gold to pay for them and MILLIONS OF DOLLARS MILLIONS OF DOLLARS 5000 r 5000 4000 — 4000 3000 3000 2000 2000 1000 1000 MONETARY GOLD STOCK OF THE UNITED STATES J_ 191k 1915 1916 1917 1918 1919 1920 192T 1922 1923 1924-1925.1926 1927 to support the exchanges. In the United States this gold became the basis for a considerable expansion of bank credit and gave rise to a condition of ease in the money market at a time when industrial activity was rapidly increasing to meet war demands. The Federal reserve banks at that time had just begun to function, and the inflow of gold from abroad, together with funds released through the reduction of reserve requirements, supplied commercial banks with ample reserves and kept the reserve banks out of touch with the market. (2) Between April, 1917, and June, 1919, gold movements in and out of the country were relatively small. During the greater part of the time an embargo on exportation of gold was in effect. In this period the gold of the country was mobilized by being concentrated at the Federal reserve banks, where it became the basis for a large Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

14 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD growth of bank credit used primarily to finance the war. (3) Between June, 1919, and September, 1920, there was an export of gold aggregating more than $380,000,000 to countries that had accumulated balances in the United States during the embargo and withdrew them when the embargo was lifted. (4) Between September, 1920, and December, 1924, gold flowed continuously into the United States, the net import movement for the period aggregating $1,660,000,000. This inflow of gold was due largely to the fact that Europe needed supplies of food and raw materials from this country for purposes of reconstruction and was obliged to export gold in order to balance its accounts. During this period Europe was off the gold standard; its currencies were not redeemable, and gold in effect ceased to be the basis of credit and currency. (5) Since December, 1924, gold movements have been on a much smaller scale. During this period of slightly over three years as a whole the United Sfeates has lost about $125,000,000 of gold. Gold movements during this period were in large measure in response to central bank policies. Toward the end of 1924 and in the early part of 1925 $ large amount of gold was exported to Germany out of the proceeds of an international loan floated in accordance with provisions of the Dawes plan for the restoration of German monetary stability. In 1926, also, gold movements were largely in response to credit policies, imports coming chiefly from Australia, Chile, Mexico, and Japan, and exports going largely to Germany, leaving out of account large seasonal gold movements to and from Canada. In 1927 withdrawals from our gold stock were made chiefly by France, Argentina, and Brazil; gold was exported also to Poland and Belgium and toward the end of the year to England and Netherlands. These exports occurred very largely either in connection with programs of monetary reform or as a consequence of central bank credit policies. THE RESERVE BANKS AND THE GOLD STANDARD During the greater part of the Federal reserve banks' existence gold movements have been abnormally large, owing to conditions arising out of the war and the subsequent monetary disorganization in Europe. As a result of these movements the United States at the present time holds about one-half of the world's total stock of monetary gold. The inflow of gold to this country has been reflected in the accumulation at the reserve banks, which hold a large part of the country's gold supply, of nearly $1,500,000,000 of gold in excess of legal reserve requirements. This amount can be increased further, at the discretion of the reserve banks, without in any way affecting the credit situation, by the exchange of Federal reserve notes for gold certificates in circulation. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD 15 The effect on the member banks of the gold flowing in from abroad was to enable them first to reduce their indebtedness at the reserve banks and later to enlarge their own operations without resorting to the reserve banks for additional accommodation. In these circumstances it was difficult for the reserve banks to maintain a continuous operating contact with the market—gold imports to the United States, which were caused in large part by the suspension of the gold standard in Europe, had the effect of making it more difficult for the reserve banks to make their credit policies effective. For this reason it has been a matter of great importance to the Federal reserve system to restore those influences upon international gold movements under which traditional central bank policies have been developed and tested by experience. Important among these influences are the relative levels of money rates in the different money markets and the exchange values of the currencies. The effectiveness of these factors in determining the flow of gold between countries depends primarily upon the existence of a fixed relationship between the value of currencies and gold. The year 1927 has witnessed important progress in reestablishing such relationship. PROGRESS OF THE GOLD STANDARD DURING 1927 At the opening of the year the obligation of the National Bank of Denmark to redeem its notes upon demand in gold bars at the old parity of 26.8 cents per krone became once more effective. This step was the culmination of an almost uninterrupted advance of the krone on the exchanges following the currency stabilization law of December, 1924. On April 1 the Government of India announced the legal convertibility of the rupee at 1 shilling 6 pence, thereby establishing formally a rate which had been maintained for nearly two preceding years. On March 4 the Government of Ecuador established a new sucre, with a gold content equivalent to 20 cents; it did not, however, remove the restrictions on the free importation and exportation of gold until August 11, and not until then did the sucre settle down to complete stability on the exchanges. Later in the month, on August 27, Argentina returned to the gold standard, reimposing upon the conversion office the obligation to redeem paper pesos at the legal rate of 44 centavos in gold for 1 paper peso, thus reestablishing the old par of 96.48 cents; the exchange value of the peso was already above this point. In the final quarter of the year two notable developments occurred, in which the Federal reserve banks cooperated with the central banks of Europe. On October 13 the Government of Poland announced the legal stabilization of its currency at 5,924.44 zlotys per kilogram of pure gold, or approximately at 11.22 cents per zloty. The actual exchange value of the zloty had been close to this level Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

16 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD for more than a year. Nevertheless, additional steps were taken to insure the success of the new program. A stabilization loan of $72,000,000 was floated simultaneously in the principal money markets of the world; an American financial adviser to the Polish Government and the Bank of Poland was appointed; and an international credit to the Bank of Poland was arranged with the banks of issue of 14 countries. Under the terms of this arrangement the Federal Reserve Bank of New York in association with the other Federal reserve banks agreed, if desired, to purchase from the Bank of Poland up to a total of $5,250,000 of prime commercial bills. On December 22 the Italian Government reestablished the lira on a gold basis. A decree issued on that date made it compulsory for the Bank of Italy to redeem its notes on demand in gold coin or foreign currencies on a gold basis at the rate of 3.67 lire in paper for 1 lira in gold. The new lira has a fine gold content of 0.0791911 gram, approximately equivalent to 5.26 cents. In connection with this return to the gold basis the Bank of Italy arranged for a $50,000,000 credit from a group of private banks headed by J. P. Morgan & Co., and for a $75,000,000 credit with the banks of issue of 17 countries. In this case, the Federal Reserve Bank of New York in association with the other Federal reserve banks agreed, if desired, to purchase from the Bank of Italy up to a total of $15,000,000 of prime commercial bills. The agreements with the Bank of Italy and the Bank of Poland were similar to an earlier agreement with the National Bank of Belgium. The Belgian agreement, as well as the somewhat different arrangement made with the Bank of England at the time when Great Britain returned to the gold standard, expired during 1927. Under none of these agreements has any actual draft been made on Federal reserve bank funds by the foreign central banks. In addition to the countries returning to a gold basis in 1927, the Government of Estonia announced in December that on January 1, 1928, a new currency unit, the kroon, would be introduced and would be maintained at a value of approximately 26.8 cents through the purchase and sale of foreign gold currencies by the Estonian Bank. The influence of the Federal reserve system during the year, in so far as this has been consistent with the requirements of the domestic situation, has been exerted toward conditions favorable to the maintenance and further progress of the gold standard. The policy of maintaining easy conditions in the money market, which was pursued by the system throughout a large part of 1927, has encouraged the flotation of foreign loans in the United States and facilitated the exportation of gold to countries undertaking monetary reforms. In adopting a policy of international cooperation in support of the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD 17 gold standard, the Federal reserve system has acted in recognition of the responsibility resting upon this country, as the holder of nearly one-half of the world's stock of monetary gold, and of the importance of sound monetary conditions throughout the world to the prosperity of industry and trade in the United States. OPERATIONS OF THE FEDERAL RESERVE SYSTEM In the preceding pages there has been presented a brief discussion of business and banking developments in 1927 and of the policies pursued by the Federal reserve system during the year. In the following sections of this report there is given a more detailed account of the operations of the Federal reserve banks and branches and of administrative matters with which the Federal Reserve Board has dealt during 1927. FEDERAL RESERVE BANK CREDIT IN 1927 Reserve bank credit outstanding as measured by total bills and securities of the reserve banks was in smaller volume during the first part of 1927 than in 1926, but increased rapidly in the closing CURVES 1 AND 4- MILLIONS OF DOLLARS CURVES 2,3 AND 5 3000 6000 Reserve Bank Credit plus Gold Stock 2500 5500 2000 5000 1500 4500 1000 4000 3500 1922 1923 1924- 1925 1926 1927 months to the highest level since December, 1921. The major factors accounting for these changes are shown on the chart, which illustrates the course of the principal elements affecting the volume of reserve bank credit in use since 1922. On this chart are shown the two main channels through which member banks make use of Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

18 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD reserve bank credit—namely, withdrawals of currency to meet the demand for money in circulation and the building up of reserve balances which member banks are required by law to hold against their deposits. The reserve funds required for these two uses are supplied chiefly through additions to the country's stock of gold or through increased use of reserve bank credit. These two factors of supply of reserve funds are also shown on the chart, both separately and combined. The principal factor accounting for the lower level of reserve bank credit during the first part of 1927 was the inward movement of gold during that period, which increased the gold stock of the country. During the latter part of the year, when there were withdrawals from the gold stock and increased demands for currency and reserve balances, the volume of reserve bank credit in use increased rapidly. Money rates were easy during the greater part of the year, member banks expanded their credit rapidly, and there was a corresponding increase in their reserve balances at the reserve banks. In the early part of the year these balances were obtained through gold imports, but later, when the gold stock of the country was decreasing, they were obtained through increased use of reserve bank credit. The increase in reserve bank credit during the latter part of the year to meet the seasonal increase in the demand for currency was smaller in volume than in any year since 1921. In addition to the major factors accounting for changes in reserve bank credit, there are various minor factors which also affect the demand for funds as they are felt at the reserve banks. An estimate of the relative importance of changes in all factors affecting reserve bank credit between December, 1926, and December, 1927, is given in the following table: FACTORS IN SUPPLY AND DEMAND FOR RESERVE BANK CREDIT, DECEMBER, 1926-DECEMBER, 1927 [Monthly averages of daily figures. In millions of dollars] December December Sources of funds Change Uses of funds Change 1926 1927 1926 1927 Gold stock l «. 4,484 4,416 -68 Currency in circulation *. 5,132 5,048 -84 Treasury credit i_ 1,785 1,805 +20 Member bank reserve Reserve bank credit 1,381 1,513 +132 balances „_ 2,218 2,399 +181 Reserve bank float 67 54 -13 U. S. Government, foreign bank, and other deposits at reserve banks 72 37 —35 Unexpended capital and other items of reserve banks * 295 304 +9 Total 7,717 7,788 +71 Total 7,717 7,788 +71 1 Averages based on estimated daily figures. 2 Estimated. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD 19 Sources of reserve funds for the year included an increase of $132,000,000 in reserve bank credit outstanding; there was also a decrease of $84,000,000 in currency in circulation, which released an equivalent amount of reserve funds for other uses. In addition to these two major sources of supply, the market gained $35,000,000 as a result of a decrease in the balances held by the reserve banks for the account of the United States Government and other depositors, and $20,000,000 because of an increase in the net volume of money other than Federal reserve notes and gold outside the Treasury. The latter item measures additions to circulation on account of changes in the issue of silver dollars, subsidiary silver, minor coin, and national bank notes, as well as the effect of changes in cash balances held by the Treasury. A net increase of about $20,000,000 occurred on account of these items during the year, which released currency to that amount for use in circulation and thus added to the supply of reserve funds available to the market. Of the increase of $272,000,000 in the supply of funds, $68,000,000 was absorbed by the decrease in the gold stock of the country and $181,000,000 by increased reserve balances to the credit of member banks. In addition, $13,000,000 was absorbed by a decrease in the float carried by the reserve banks and $9,000,000 by an increase in the liquid capital account of the reserve banks. A full explanation of the effect of these items on the money markets was published in the Federal Reserve Bulletin for September, 1927. A similar estimate of factors accounting for the increase in reserve bank credit during the life of the system appears in the following table: FACTORS IN SUPPLY AND DEMAND FOR RESERVE BANK CREDIT DURING THE LIFE OF THE FEDERAL RESERVE SYSTEM [In millions of dollars] Decem- December, ber, June 1927, June 1927, Sources of funds 30, aver- Change Uses of funds 30, aver- Change 1914 age of 1914 age of daily daily figures figures Gold stock 1,891 i 4,416 +2,525 Money in circulation Treasury credit 1,567 21,805 +238 with the public 1,819 14,048 +2,229 Reserve bank credit _ 1,513 +1, 513 Reserves and till money, Reserve bank float 54 +54 total 1,639 3,399 +1,760 Reserves (31,639) 0 2,399) Till money (31,000) U. S. Government and other deposits at reserve banks 37 +37 Unexpended capital and other items of reserve banks __ _. 304 +304 Total 3,458 7,788 +4,330 Total 3,458 7,788 +4,330 1 Averages based on estimated daily figures. 3 Money in banks, including till money. * Estimated. 4 Member bank reserve balances. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

20 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD The estimate for the life of the system must necessarily take somewhat different form because of the changes in the banking organization of the country introduced by the reserve system. In 1914 cash in the hands of all banks included reserves as well as till money, while at the present time the legal reserves of member banks are carried entirely as reserve balances at the reserve banks. To meet this difficulty, currency in circulation for both dates has been divided into that portion which was in the hands of the public and that portion which served as till money and vault cash in the hands of banks. The total amount of money in the hands of banks in December, 1927, is estimated at $1,000,000,000. On the basis of this estimate the total increase in the demand for reserve funds during the period amounted to $4,330,000,000, of which $2,229,000,000 consisted of an increased demand by the public for hand-to-hand money and $1,760,000,000 of an increase in the requirements of banks for till money and reserves against their deposit liabilities. In addition there was an increase of $37,000,000 on account of deposits built up at the reserve banks by the United States Government and other depositors, not including member banks, and of $304,000,000 representing the difference between the amounts paid into the reserve banks for capital, earnings, etc., and the amount returned to the market for expenses, buildings, dividends, franchise taxes, etc. Of this total increase in demand for reserve funds, amounting to $4,330,000,000, about 60 per cent, or $2,525,000,000, was supplied by increases in our gold stock through net imports and an excess of domestic production over domestic consumption of gold. Most of the remainder was supplied through the use of the credit of the reserve banks, the total volume of reserve bank credit outstanding in December, 1927, amounting to $1,513,000,000 as measured by their total bills and securities, to which should be added $54,000,000 on account of float. In addition there was an increase of $238,000,000 in the net total of currency outside the Treasury not otherwise accounted for in this estimate, made up partly by increased issues of subsidiary silver and minor coin to meet the demand for circulation of this character and partly by smaller cash balances in the Treasury. Many of the figures in the table are necessarily estimates, owing to the fact that complete statistics for 1914 are not available. The comparison is made throughout between conditions on June 30, 1914, the date for which the best pre-system figures are available, and the daily averages for December, 1927. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

21 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD EARNINGS AND EXPENSES AND VOLUME OF WORK OF THE FEDERAL RESERVE BANKS Total earnings of the reserve banks in 1927 were $43,024,000, compared with $47,600,000 in the preceding year. This reduction in earnings was due largely to a decline of $84,771,000 in the daily average of the banks' holdings of bills and securities and to the fact that the average rate of earnings on these holdings was reduced from 3.76 per cent in 1926 to 3.6 per cent in 1927. The decline in the average rate of return on earning assets reflected both the lower discount rates prevailing during the latter part of the year and the larger proportion of the earning assets represented by United States Government securities having yields lower than the discount rate* Holdings of discounted bills averaged $442,287,000 daily during 1927 as compared with $570,613,000 in 1926 and, owing to the lower average of discount rates, the average return on discounted bills was 3.83 per cent as compared with 3.95 per cent in 1926. The reduction in the amount of member bank borrowings from the Federal reserve banks, together with the lower rate of return, resulted in a decline in earnings on discounted bills from $22,552,(jO0 in 1926 to $17,011,000 in 1927. Average daily holdings of bills bought in open market were also less in 1927 than in 1926, while holdings of United States Government securities were about 20 per cent larger. The average rate of return on both purchased bills and United States securities was somewhat smaller than in 1926, as will be seen from the following table, which shows figures for the past five years: AVERAGE HOLDINGS OF BILLS AND SECURITIES AND EARNINGS THEREON [Amounts in thousands of dollars] Bills and securities held by all Federal reserve banks United Total B co il u ls n t d e i d s- bo m u o B a p g i r l e h k l t n s e t in s G e S m c o t u v a e r e t n i e t r t i n s e - s s A b e i l c l l l u s o r i t a t h n i e e d r s Daily average holdings: 1923 _ 1,150,570 738,114 226,548 185,823 85 1924 950, 317 374,834 172,428 401,365 1,690 1925 . . 1,139,507 481, 515 287,329 358,962 11,701 1926 1,209,309 570,613 281,386 349,790 7,520 1927 _ .._ 1,124, 538 442,287 263,093 417,480 1,678 Average rate of earnings (per cent): 1923 4.33 4.46 4.14 4.01 4.50 1924 3.83 4.25 3.31 3.67 3.61 1925 3.51 3.67 3.17 3.56 3.59 1926 _ . . . 3.76 3.95 3.55 3.60 4.21 1927 _ . 3.60 3.83 3.49 3.41 3.88 Earnings: 1923 - - 49, 775 32, 956 9,371 7,444 4 1924 36,426 15,943 5,710 14,712 61 1925 39,986 17,680 9,104 12, 783 419 1926 45,460 22, 552 10,003 12,589 316 1927 , .-. 40,482 17,011 9,207 14,206 58 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

22 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD Total operating expenses of the Federal reserve banks, exclusive of the cost of Federal reserve currency, aggregated $25,674,000 in 1927, as compared with $25,636,000 in 1926. Salary payments of Federal reserve banks during 1927 were only $40,000 larger than during 1926, notwithstanding the fact that there was a very substantial increase in the volume of work handled by the Federal reserve banks. This increase in volume of work is reflected somewhat in the increased cost of postage from $1,780,000 in 1926 to $1,833,000 in 1927. The cost of printing Federal reserve notes, including shipping charges from the Treasury to the Federal reserve banks and the cost of redeeming mutilated Federal reserve notes, amounted to $1,845,000 in 1927, compared with $1,714,000 in 1926, the number of Federal reserve notes printed in 1927 being 174,700,000 compared with 156,500,000 in 1926. In considering the trend in operating costs at the Federal reserve banks, it should be noted that while the average nu,mber of officers and employees was 10,132 in 1927 and 10,186 in 1926, there was a substantial growth in the volume of work handled by the principal departments of the banks, especially in the cash and collection departments, the departments whefe 40 per cent of the total personnel is employed. The volume of work handled during 1927 in the principal departments as compared with the previous three years is shown in the following table: VOLUME OF OPERATIONS IN PRINCIPAL DEPARTMENTS 1927 1926 1925 1924 NUMBER OF PIECES HANDLED Bills discounted: Applications 97,000 123,000 116,000 129,000 Notes discounted __. 371,000 506,000 475,000 583, 000 Bills purchased in open market for own account 254,000 232,000 201,000 143,000 Currency received and counted 2,202,438,000 2,099,605,000 1,947,419,000 1,838,279, 000 Coin received and counted 2,691,184,000 2,590,057,000 2,329, 014, 000 2,186,737,000 Checks handled _ 862,275,000 822,907,000 778,686,000 742,878,000 Collection items handled: United States Government coupons paid 37,045,000! 39,678,000 44,174.000 50,471,000 Allother — 5,909,000 5,595,000 5,467,000 6,113,000 United States securities—issues, redemptions, and exchanges by fiscal agency department 7,201,000 4,691,000 7,116,000 16,097,000 Transfers of funds _ 1,830,000 1,710,000 1,566,000 1,503,000 AMOUNTS HANDLED Bills discounted $31,934,607,000 $37,682,137,000 $32,562,620,000 $15,419,155,000 Bills purchased in open market for own account 4,050,867,000 3,353,326,000 2,961,170,000 2,172,142,000 Currency received and counted I 13,013,094,000 12,584,960,000 11,556,980,000 10, 777,306,000 Coin received and counted 791,049,000 609,359,000 467,732,000 293,924. 000 Checks handled 278,399,627,000 272,945,160,000 258,611,276,000 219,832,179,000 Collection items handled: United States Government coupons paid 553,703,000 644,273,000 680,921,000 719, 784,000 Allother. 6,710,317,000 6,219,361,000 6,116,958,000 5,509,093,000 United States securities—issues, redemptions, and exchanges by fiscal agency department ._„ 10,803,043,000 4,971,442,000 5,578,995, 000 6,708,272,000 Transfers of funds 136,383,899,000 120,909,439,000 109,430,683,000 98,359,028,000 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD 23 The number of items handled in the cash and check departments increased about 5 per cent in 1927 over 1926, while the amount of checks handled in 1927 aggregated $278,400,000,000 and the amount of currency and coin received and counted $13,800,000,000. In addit on to these operations, the Federal reserve banks discounted $31,900,- 000,000 of paper for member banks, purchased $4,100,000,000 of bills in the open market, paid $550,000,000 of Government coupons, collected $6,700,000,000 of noncash items for member banks, transferred $136,400,000,000 of funds for member banks, and handled new issues, redemptions, and exchanges of United States securities for the Treasury Department aggregating $10,800,000,000. As a result principally of the decline in gross earnings, current net earnings of the Federal reserve banks declined to $15,506,000, as compared with $20,249,000 in 1926. With the approval of the Federal Reserve Board the banks charged their current net earnings with $1,777,000 for depreciation on bank premises, with $800,000 for furniture and equipment purchased during the year, with $103,000 for reserves for probable losses on paper of failed banks, with $140,000 for reserves for undetermined liabilities, and with $100,000 for reserves for self-insurance. After making these charges and other minor adjustments there was a balance of $13,048,249 available for dividends, surplus, and franchise tax. Of this total, $7,754,539 was paid to member banks as a 6 per cent dividend on their paid-in subscription to the capital stock of the Federal reserve banks, $5,044,119 was transferred to surplus accounts in accordance with section 7 of the Federal reserve act, and $249,591 was paid to the United States Government as a franchise tax. Section 7 of the Federal reserve act provides that all net earnings of the Federal reserve banks shall be transferred to their surplus accounts until such accounts amount to 100 per cent of subscribed capital, and that thereafter 10 per cent of net earnings shall be paid into surplus account and 90 per cent to the Government as a franchise tax. At the end of 1927 the Federal Reserve Banks of Minneapolis and Kansas City were the only ones which had a surplus in excess of subscribed capital and the only ones to pay a franchise tax to the Government, the amount of franchise tax paid by the Minneapolis bank being $103,816 and by the Kansas City bank $145,775. All net earnings of the 10 other reserve banks, remaining after the payment of dividends, were transferred to their surplus accounts. The total subscribed capital of the Federal reserve banks on January 1, 1928, amounted to $264,962,000 and their surplus accounts to $233,319,000. Gross and net earnings of each bank during the year, dividends paid to member banks, amounts transferred to surplus account, and amounts paid to the Government as a franchise tax, are shown in the following table. Digitized for FRASE11R0 390—28 3 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

24 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD FINANCIAL RESULTS OF OPERATION OF THE FEDERAL RESERVE BANKS DURING 1927 Net earnings avail- Federal reserve bank ea G rn ro in s g s s su d f r a r iv a p b n i l l d u e c e s h f , n i o s a d r e n s d , Div p i a d i e d nds T t r o a a c n s c u s o f r e u p r n l r u t e s d F t U r a S a x n n t a i c p t t h e a e i i d s s d e tax Boston $2,975,357 $837,612 $550,446 $287,166 New York 10,647,759 3,720,601 2,327,355 1,393,246 Philadelphia.. 3,363,626 1,176,469 781,540 394,929 Cleveland 4,197,836 1,108,190 832,583 275,607 Richmond 2,086,303 497, 711 372,230 125,481 Atlanta 2,067,839 669,904 305,817 364,087 Chicago 6,167,352 1,927,645 1,029,990 897,655 St. Louis 2,228,079 775,681 317, 727 457,954 Minneapolis.. 1,390,031 296,077 180,726 11,535 $103,816 Kansas City- 2,304,938 414,726 252,753 16,198 145, 775 Dallas 1,741,922 568,209 256,310 311,899 San Francisco 3,853,442 1,055,424 547,062 508,362 Total... 43,024,484 13,048,249 7, 754,539 5,044,119 249,591 BRANCHES AND AGENCIES OF FEDERAL RESERVE BANKS During 1927 the Federal Reserve Board authorized the establishment of two additional branches, one of the Federal Reserve Bank of Dallas at San Antonio, Tex., and the other of the Federal Reserve Bank of Richmond at Charlotte, N. C. The branch at San Antonio was opened on July 5, 1927, with a territory comprising 55 counties in Texas, 19 of which had previously been served by the Houston branch, 3 by the El Paso branch, and 33 by the head office. The Charlotte branch was opened for business on December 1, 1927, with a territory comprising 34 counties in North Carolina and 21 in South Carolina, all of which territory had previously been served by the head office. The establishment of the new branches was authorized by the board after the enactment of the amendment to the Federal reserve act, incorporated in the McFadden Bank Act of February 25, 1927, which gave the board authority to require the Federal reserve banks to discontinue any branch established under section 3 of the act. The Federal reserve agency maintained by the Federal Reserve Bank of Boston at Habana, Cuba, was discontinued on December 31, 1926, and beginning with January 1, 1927, the functions theretofore performed by the Boston agency were taken over by the agency maintained in Habana by the Atlanta Federal Reserve Bank. The operations of the Atlanta agency now comprise the paying out in Cuba of currency for transfers sold by the Atlanta bank, the receipt of currency in Cuba for transfers on the United States sold by the Cuban agency, and exchanges of fit for unfit currency. All of the branches of the Federal reserve banks which were in operation at the end of 1926 continued to function throughout 1927. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD 25 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 1925, 1926, and 1927: VOLUME OF OPERATIONS OF FEDERAL RESERVE BANK BRANCHES AND AGENCIES 1927 1926 1925 Checks handled: Number of items 253,322,000 240,818,000 230, 685,000 Amount _ _ $64,724,395,000 $64,716,681,000 $60,989,227,000 Currency received and counted: Number of pieces 497,795,000 492,936,000 451,132,000 Amount $2,801,165,000 $2,893, 286,000 $2,621,983,000 Coin received and counted: Number of pieces 441,072,000 416,936,000 393,994,000 Amount _ _ _.| $63,450,000 $66, 361,000 $63,619,000 Current expenses in 1927 of the 25 branches and 2 agencies in operation at the end of the year were $5,387,000, as compared with $5,243,000 in 1926 for the 23 branches and 3 agencies then in operation. BUILDING OPERATIONS OF FEDERAL RESERVE BANKS Buildings for the use of the Birmingham and Salt Lake City branches, construction of which was begun in 1926, were completed early in 1927. The Birmingham branch moved into its new building on January 24 and the branch at Salt Lake City on February 11. At the beginning of the year contracts had been let for a building to house the Detroit branch and plans were in preparation for a building for the Baltimore branch. The Detroit building has been completed and was occupied by the Detroit branch on December 19, and it is expected that the Baltimore building will be completed some time during the latter part of 1928. A lot adjoining the building occupied by the Richmond Federal Reserve Bank was purchased during the year, on which it is proposed to erect an addition to the present building at some future time. A site was also purchased during the year in San Antonio, Tex., on which to construct a building for the use of the branch in that city. CHANGES IN MEMBERSHIP During 1927 there was a decline of 226 in the number of member banks in operation in the Federal reserve system, as indicated by the number of banks submitting the required reports of condition at the beginning and end of the year. The number of State bank members of the system, which was 1,275 on December 31, 1927, showed a decrease of 79 for the year, and the number of member national banks, 7,759, showed a decrease of 147. That the decline in total membership, from 9,260 at the end of 1926 to 9,034 at the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

26 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD end of 1927, was the result chiefly of mergers and suspensions rather than of withdrawals from the system is shown in the following table: CHANGES IN MEMBERSHIP DURING 1927 Number of banks Active member banks, Jan. 1,1927 9,260 Banks joining the system 154 Banks withdrawing from the system i 101 Net accessions to membership.. 53 Decrease in membership through mergers between member banks, suspensions, and voluntary liquidations 279 Net decrease for the year Active member banks, Dec. 31,1927 * Includes 55 withdrawals, which were incidental to the absorption of member banks by existing nonmember banks. During the year 154 banks joined the system and 101 banks withdrew, so that there was a net voluntary accession of 53 banks to the membership of the system. Of the banks that joined, 83 were newly organized national banks (including 1 bank organized to succeed a member bank that had previously suspended) and 61 were State banks entering the system, 32 becoming national banks and 29 being admitted as State institutions. Ten banks which had previously suspended resumed operations. Of the member banks that withdrew from the system, 24 were State banks that withdrew after advance notice to the Federal Reserve Board, 2 were dropped from membership in the system at the expiration of their State charters, 20 were banks succeeded by nonmember banks organized for the purpose, and 55 were absorbed by existing nonmember banks. The excess of banks joining the system over banks withdrawing was offset by losses incidental to mergers and suspensions. Mergers between member banks accounted for the loss of 146 banks (as against 107 in 1926), and suspensions for the loss of 124 (as against 160 in 1926). In addition there were 9 instances in which the existence of banks was terminated by voluntary liquidation. In the following table changes in membership are summarized, by class of member bank, for the year ending December 31, 1927: Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD 27 CHANGES IN THE NUMBER OF NATIONAL AND STATE BANK MEMBERS DURING 1927 Number of member banks Procedure effecting change Total National State Active member banks, Jan. 1,1927 9,260 7,906 1,354 Additions to membership: Organization of national bank Conversion of nonmember bank to national- Admission of State bank 29 Resumption following suspension 2 Conversion within the system 3 All other Total additions 154 131 34 Losses to membership: Merger between member banks— Intraclass 110 14 Interclass 36 17 Voluntary liquidation (terminal) 9 1 Suspension and insolvency 124 33 Absorption of member bank by nonmember bank. 55 6 Conversion of member bank to nonmember bank.. 20 8 Withdrawal of State bank 26 »26 Conversion within the system 0) 8 Total losses 380 278 113 Net change- -226 -147 -79 Active member banks, Dec. 31, 1927. 9,034 7,759 1,275 i Interclass conversions, e. g., of State member into National bank, are without effect on total membership. * National bank organized to succeed a national bank that had previously suspended. * Includes 2 banks which were dropped from membership in the system at the expiration of their State charters. BANK SUSPENSIONS The year 1927 showed considerable improvement over 1926 in the number of bank suspensions. There were, in all, 662 banks, with deposits of $194,000,000, that suspended in 1927 according to information obtained by the Federal Reserve Board through the reserve banks. These totals compare with 956 suspensions in 1926 involving deposits of $272,000,000, and represent declines of 294 in the number of suspensions and of about $78,000,000 in the volume of deposits. During 1927, 95 banks which had previously suspended resumed operations, as against 147 in 1926. Of the reopened banks, which had deposits of about $36,000,000 at the time of suspension, 11 with deposits of about $8,000,000 were members of the Federal reserve system, and 84 with deposits of $27,000,000 were nonmembers. The following table shows the number of suspended banka and the volume of their deposits, by class of bank, for the past seven years: BANK SUSPENSIONS: 1921-1927 Number of suspensions Deposits (in millions of dollars) Year Total M b e a m nk b s er m b N e a m o n n k b - s er Total M b e a m nk b s er m b N e a m o n n k b - s er 1921 502 70 432 198 43 156 1922 354 57 297 111 24 86 1923 650 124 526 189 51 138 1924 777 159 618 213 74 139 1925 612 146 466 173 67 106 1926 959 160 796 272 69 204 1927 662 124 538 194 66 128 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

28 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD Decline in the frequency of bank failures during 1927 reflected in part the previous elimination through failure of a large number of weak institutions and in part improvement of economic conditions. In certain of the important agricultural areas, and particularly in some of the Western, Northwestern, and Southern States, increased production and higher prices resulted in increased agricultural income and a consequent liquidation of indebtedness at the banks. It was, furthermore, in the regions that had a large number of banks in relation to population that earlier failures had chiefly occurred, and the remaining banks, which were stronger and better managed, also had the advantage of proportionately larger number of depositors. The following table shows, by Federal reserve districts, the number of banks that suspended during 1926 and 1927: NUMBER OP BANK SUSPENSIONS, BY FEDERAL RESERVE DISTRICTS, DURING 1926 AND 1927 Total Member banks Nonmember banks Federal reserve district 1927 1926 1927 1926 1927 1926 All districts 662 956 124 160 538 796 Boston. - 1 1 New York 2 2 Philadelphia 4 1 3 Cleveland 29 9 12 2 17 7 Richmond - 43 61 8 4 35 57 Atlanta - - . . 63 162 6 12 57 150 Chicago 124 182 34 52 90 130 St. Louis 82 77 7 12 75 65 Minneapolis ...... ... 142 283 21 41 121 242 Kansas City 100 112 12 14 88 98 Dallas 44 50 9 14 35 36 San Francisco _. .. 32 16 15 8 17 8 This table shows that the principal declines in bank failures were in the Minneapolis, Atlanta, and Chicago Federal reserve districts, and that there were decreases also in several other districts. As was the case the preceding year, more than two-thirds of the bank suspensions during 1927 were in 12 States, for the most part West Central States and certain of the Southern States. These States also accounted for about two-thirds of the decrease in the number of suspensions in 1927. The number of suspensions and the amounts of deposits involved are shown in the accompanying table for the 12 selected States: Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD 29 BANK SUSPENSIONS IN SELECTED STATES, 1926 AND 1927 Number of suspensions Deposits d o ( l i l n a r m s) illions of State Increase Increase 1927 1926 cre o a r s e d e (— - ) 1927 1926 cre o a r s e d e (— - ) in 1927 in 1927 Iowa 70 135 -65 20.6 49.4 -28.8 Minnesota 65 92 -27 13.8 25.0 -11.2 Missouri _ - _ _ _ - - _ ._ 48 58 -10 5.9 14.9 —9.0 Texas 38 38 7.1 7.7 -0.6 North Dakota 37 59 -22 5.5 8.9 -3.4 Kansas 36 46 -10 5.4 8.1 -2.7 Florida _ 31 43 —12 28.4 41.7 -13.3 Illinois 29 20 9 11.4 6.4 5.0 Oklahoma _ 28 21 7 5.9 2.9 3.0 South Dakota 27 115 —88 4.7 29.5 —24.8 Nebraska 25 18 7 8.4 3.3 5.1 Indiana - 25 7 18 11.2 1.3 9.9 Allother 203 304 -101 65.7 73.3 -7.6 Total 662 956 -294 193.9 272.5 -78.6 That in 1927, as in earlier years, suspensions were most numerous among small banks in relatively small centers is brought out in the following table: BANK SUSPENSIONS IN 1927, CLASSIFIED ACCORDING TO CAPITAL STOCK AND ACCORDING TO POPULATION OF PLACE IN WHICH LOCATED Banks with capital of— N pe u s n u m d s- b e e d r P p e a e r l n l c s e s io n u n t s - s of Banks p lo o c p a u te la d t i i o n n p o l f a — ces with N p u e s n m u d s b e - e d r o P p f e e a r n l s l c i e o su n n t s s - Less than $25,000 247 37.3 Less than 500 266 40.2 $25,000. - 165 24.9 500 to 999 142 21.5 $25,000 to $49,999 60 9.1 1,000 to 1,499 61 9.2 $50,000 to $99,999 122 18.4 1,500 to 2,499 65 9.8 $100,000 to 199,999 _. 47 7.1 2,500 and over.. 128 19.3 $200,000 to $600,000 13 2.0 Not available 8 1.2 Total 662 100.0 Total . 662 100.0 BANK MERGERS Increase for 1927 over other years may be noted in the number of consolidations and absorptions involving member banks, and in the volume of resources affected by merger procedures, the increase in so far as member banks were concerned being in part attributable to legislation amending the Federal banking laws. For several years past the number of banks in the country as a whole has fallen off as a net result of eliminations through failures, voluntary liquidations, and mergers, in excess of new incorporations, particularly in those sections of the country where the number of banks established has been in excess of the number that could be profitably maintained, and also in communities where the competitive Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

30 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD advantages of institutions of large resources have induced consolidations among large banks and absorptions of small institutions by larger, to provide more efficiently for the expanding requirements of business. Total resources of banks have increased from year to year, and, as a combined effect of elimination of weaker banks, growth in volume of banking resources, and merger procedures, the average size of the banking unit, measured in value of resources administered under single corporate control, has tended to increase. For the six years ended June 30, 1927, the decrease in the number of banks amounted to 3,754, and the increase in resources nearly to $18,500,000,000, the average resources per bank increasing in round numbers from $1,600,000 in 1921 to $2,500,000 in 1927. The decrease in number of banks during these six years was nearly equal to the increase recorded for the preceding seven years, 1914-1921, so that the total number of banks on June 30, 1927, was approximately the same as on June 30, 1914, the numbers being respectively 26,714 and 26,994. Total resources of banks and average value of resources per bank have increased each year since 1914, with the exception of 1921, the decrease for that year being from the exceptionally high level of 1920. The increase in average value of resources from year to year during the six years, 1914-1920, from approximately $1,000,000 to $1,750,000, occurred in a period when the general price level was advancing even more rapidly, and in terms of buying power these average values would show no increase for the six years. During the period since 1921 the value of the dollar has been more stable and the increase in average size of the banking unit in that period represented a genuine increase in resources. No complete account of consolidations and absorptions consummated under Federal and State banking codes since establishment of the Federal reserve system can be compiled from available records. As shown in the table giving number of mergers involving changes in the capital resources of member banks in the years from 1915 to 1927, the number did not in any year prior to 1921 exceed 80, and averaged about 57 per year for the six years, 1915-1920. In each of the seven years following the number reported was in excess of 100, rising to 154 for 1926 and to 259 for 1927. The increase last year over the preceding year is in part to be accounted for as an effect of the act of February 25, 1927, amending the Federal banking laws, with reference particularly to the charter powers of national banks and the authority for direct consolidations of State banks and trust companies with national banks. It may be noted further that the record for the earlier months of 1927 is largely affected by mergers consummated in these months by branch banking systems in California. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD 31 NUMBER OF MERGERS AFFECTING MEMBER BANKS, BY CLASS OF BANK, BY YEARS, 1915-1927 Number of mergers Of national bank Of State member bank Of nonmember bank Year Total With State bank With State bank na W b t a io i n t n k h al Member m N em on b - er na W b t a io n it n k h al Member m N em on b - er na W b t a io n it n k h al m W S b e a t m a i n t t h k b e er 1915 55 35 20 1916 . 56 36 20 1917 35 20 1 14 1918 36 16 4 14 1 1 1919 . . 80 36 14 20 5 3 2 1920 77 29 12 22 2 9 3 1921 104 38 28 19 7 10 2 1922 125 48 39 18 7 12 1 1$23 120 41 23 35 5 16 1924 . 124 44 22 30 8 9 5 6 1925 120 41 13 28 6 11 14 7 1926 154 68 20 40 7 12 4 2 11 1927 259 19 49 17 14 6 35 23 96 The amending act of February 25 authorizes direct consolidations of State banks and trust companies with national banks located in the same county, city, town, or village. This section amends the act of November 7, 1918, authorizing the consolidation of two or more national banks, and the procedure set up in the act of February 25 for consolidation of State with national banks is in general similar to that prescribed in the earlier act. Prior to 1927 consolidations of State with national banks had not been permitted, but had been effected by an indirect process involving as a first step conversion of the State bank into a national association. Under the amendment of last February the procedure was simplified and made less expensive and time-consuming, since the preliminary conversion is no longer required. CHAIN BANKING During the past few years the expanding operations of financial companies specializing in the purchase of bank stock have presented special problems to Federal and State officials charged with the responsibilities of bank supervision. Such companies have been organized in increasing numbers to operate extensively in the field of banking, not simply as investment agencies but specifically in individual instances to acquire control of corporately independent banking institutions, through stock ownership, and to exercise this centralized control in effecting bank mergers; in extending identical or virtually single corporate control over companies operated as Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

32 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD subsidiaries in special fields of banking; in building up branch systems in States which permit branch banking; and in building up in these and in other States—but particularly in States which do not permit branch banking—chain systems, embracing in individual instances banking institutions operating under national and State charters in several States. Since such companies are not directly engaged in the business of banking as defined in Federal or State statutes, they have not been subject to supervision or regular examination by banking authorities. In some respects the control exercised through stock ownership over a group of banks operated as a system is similar to that exercised by a parent bank over its branch offices. This character of the financial company brings it clearly within the field of banking activities, and banking officials have been urged to subject developments of this character to careful scrutiny. BRANCH BANKING During the past year the Federal Reserve Board has amended its regulations with respect to branch banking to conform to the provisions of the act of February 25. Since this act specifically defined and limited the branch banking powers of member banks, and prescribed the terms of admission of State banks operating branches, certain regulations of the board with reference to the establishment and retention of branches were superseded by statutory provisions. The revisions made by the Federal Reserve Board in its regulations relating to branch banks are discussed elsewhere in this report. Data covering branch banking developments under Federal and State banking codes have been compiled by the Federal Reserve Board for June 30, 1927, and for several earlier dates, including a special compilation for February 25, 1927, the date of the act amending the Federal banking laws. In the period immediately preceding this date the number of banks operating branches fell off from 794 at the beginning of the year to 777 on February 25, and the number of branch offices increased in the same period from 2,782 to 2,902. These changes resulted principally from mergers among banks operating branches, and from absorptions into branch systems of independent banks continued in operation as branches after merger. For the four months between February 25 and June 30 a slight increase from 777 to 788 is shown in the number of banks operating branches. The number of such banks on June 30, 1927, was approximately the same as a year and a half earlier, but the number of branches at 2,989 was 347 larger than in December, 1925. During the first half of 1927 the total number of banks in the country decreased by 596 and the number of branches increased by 207, giving a net decrease of 389 in the number of bank o ffices serving Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD 33 the public. The increase in branch offices in this period as in earlier periods, however, was largely concentrated in a few States, while the decrease in number of banks was much more widely distributed. More than one-half, 112 out of 207, of the increase in the number of branches during these six months was in one State, California, in which the number of banks decreased by 82, giving a net increase of 30 in the number of bank offices. Nearly two-thirds, 385 out of 596, of the decrease in the number of banks in the country during these six months was in States outside the branch banking territory, made up of the States which have prohibited the establishment of branches or in which no branches are in operation. In the branch banking territory as a whole, consisting of States which permit establishment of branches either freely or under restrictions and in which branches are in operation, the increase in the number of branches during the first half of 1927 was nearly equal to the decrease in the total number of banks. So that there was in this area as a whole no material decrease in the number of bank offices, although outside the branch banking area as defined above, the decrease in the number of bank offices was very considerable. As may be seen in the accompanying summary table, a considerable portion of the net increase shown for national-bank branches during the first half of 1927 was attributable to conversions of State institutions operating branches into national associations, although some additional extension of branch banking activities under national charters is also in evidence. The extension of branch banking activities under national charters by conversion and merger procedures has been facilitated by provisions in the McFadden Act. Totals for the country as a whole are, however, very largely affected by those for the State of California. The increase from December to June of 316 in the number of national-bank branches, for example, includes an increase of 258 branches of California banks. In the same period the number of State-bank branches in California decreased by 146, largely as a result of conversions, while the number of branches reported by State banks outside California showed a small net increase of 37. In 14 of the 28 States in which banks were operating branches, there was no change in the total number of branches during the half year ended June 30, and for the other States generally, with the exception of California, the changes recorded were relatively small, the more considerable increases being those shown for New York (34), New Jersey (17), Pennsylvania (10), Michigan (10), and Ohio (9). Some features of branch banking developments during the past three years are summarized in the accompanying table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

34 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD SUMMARY OF BRANCH BANKING DEVELOPMENTS: JUNE 30, 1924 TO JUNE 30, 1927 June 30, Feb. 25, Dec. 31, Dec. 31, June 30, 1927 1927 1926 1925 1924 Number of banks, total 26,781 i 26,973 27,377 28,257 28,996 Number operating branches, total 788 777 794 785 714 National 152 144 145 132 108 State member 186 189 194 196 191 Nonmember 450 444 455 457 415 Number operating branches: Only in the home city 481 471 476 466 391 Only outside the home city 262 262 271 264 283 In and outside the home city 45 44 47 55 40 Number operating— 1 branch 442 443 453 446 2 branches __ 136 128 129 135 3-5 branches 126 124 124 117 6-10 branches . _ 33 35 38 39 Over 10 branches 51 47 50 48 Number located in cities of— 100,000 or more population 375 374 50,000 to 100,000 population 69 69 25,000 to 50,000 population 55 54 Less than 25,000 population 289 297 Number of branches, total 2,989 2,902 2,782 2,642 2,293 Of national banks . _. - _ 721 389 405 332 248 Of State member banks 1,301 1,562 1,367 1,277 1,137 Of nonmember banks - 967 951 1,010 1,033 908 Number of branches located— In home city _ . _. 2,011 1,923 1,933 1,810 1,508 Outside the home city 978 979 849 832 785 i March, 1927. A majority, 442 of the 788 banks operating branches on June 30, were operating only one branch, 136 were operating two branches, and 210 three or more branches. Several relatively large systems have, however, been built up in California—including one system operating, on June 30, 284 branches—and in certain large cities in other States—including one system of 64 and one of 42 branches in New York City; one of 52 branches in Cleveland; one of 47, one of 46, and two of 30 branches in Detroit; and one of 32 branches in Buffalo. The development of home city branch systems in the larger urban communities, which has been in evidence for some years past, continued during 1927. Of the 2,989 branches reported on June 30, 1,507 were located in 13 large cities of the country, the number reported for New York City being 433, for Detroit 293, for Los Angeles 192, and for 10 other cities combined 589. BANKS ON PAR LIST At the end of 1927 there were 26,191 incorporated banks other than mutual savings banks in the United States. Of this number 22,281, or 85.1 per cent, were on the Federal reserve par list, which comprises all member banks and such nonmember banks as have agreed to pay, without deduction of exchange charges, such checks drawn upon them as are presented or forwarded for payment by the Federal reserve banks. During the year the number of nonmember banks Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD 35 on the par list declined by 664, owing in part to suspensions and consolidations. Of the 3,910 banks not on the par list at the end of 1927, 2,217 were located in the Southern and 1,355 in the West North Central States. As will be seen from the following table, all of the banks in Boston, New York, and Philadelphia districts and all but 10 in the Cleveland district were on the Federal reserve par list. NUMBER OF BANKS ON PAR LIST AND NOT ON PAR LIST AT THE END OP 1927 AND 1926 Member banks Nonmember banks Federal reserve district On par list Not on par list * 1927 1926 1927 1926 1927 1926 Boston _ - - 413 416 248 246 New York 937 913 411 411 Philadelphia - -- - 111 769 501 509 Cleveland 835 856 1,027 1,071 10 8 Richmond _ -- 564 583 657 686 587 625 Atlanta 464 475 312 333 1,016 1,057 Chicago 1,290 1,335 3,695 3,705 190 228 St. Louis 594 609 1,891 1,996 452 428 Minneapolis 735 764 761 923 1,137 1,093 Kansas City _ -. 968 992 2,369 2,537 256 212 Dallas - 799 827 667 711 204 197 San Francisco _ 658 721 708 783 58 65 Total 9,034 9,260 13,247 13, 911 3,910 3,913 1 Incorporated banks other than mutual savings banks. TRUST ACTIVITIES OF NATIONAL BANKS The Federal Reserve Board in 1927 approved 215 original and 74 supplementary applications by national banks for permission to exercise fiduciary powers under the provisions of section 11 (k) of the Federal reserve act, the largest number since 1919. Since the first fiduciary permit was issued by the board on February 25, 1915, there has been a continuous growth in the number of applications made for permission to engage in the exercise of trust powers, and at the end of 1927 there were 2,264 national banks, or 29 per cent of the total, that had authority to administer trusts. These banks had a combined capital of $914,619,000, representing 60 per cent of the total capital of all national banks in operation. National banks numbering 1,382, with a combined capital of $697,240,000, had established active trust departments on December 31, 1927, and, from the most recent reports on file for 1927, were administering 39,174 individual trusts, with assets of $2,079,858,237. Of these banks 544 were also handling 6,409 corporate trusts and acting as trustees for bond and note issues aggregating $6,354,713,735. This represents an increase of 278, or 25 per cent, in the number of national banks administering trusts over June, 1926; an increase of Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

36 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD 19,530, or 75 per cent, in the total number of trusts being administered; and an increase in individual trust assets of $1,157,529,560, or 125 per cent, over the same period. The amount of bond and note issues for which national banks were acting as trustees showed an increase of $3,891,160,419, or 158 per cent, over 1926. The earnings from trust department operations have kept pace with the steady growth of this activity, and amounted to $10,811,000 for the fiscal year ended June 30, 1927, against $8,255,000 for 1926, $5,951,000 for 1925, and $5,059,000 for 1924. While nearly a third of all national banks now hold permits to exercise fiduciary powers, 882 of the number having such authority, with a combined capital of $217,379,000 on December 31, 1927, had not started to administer trusts, but during the year 428 made provision through the adoption by their respective boards of directors of resolutions providing for the organization and operation of a trust department and placed themselves in a position to administer trusts. National banks during 1927 showed continued interest in the privilege afforded them to include the words " trust company" in their titles. At the beginning of the year 101 were operating with the words " trust company " in their names, and since that time 72 banks having authority to exercise trust powers obtained permission from the Comptroller of the Currency to amend their titles to include the words "trust company." The banks to which the board has issued new fiduciary certificates under the amended titles will be found, among the others having authority to exercise trust powers, on pages 351 to 372. The following statement shows in some detail the activities of the 1,382 national banks that were administering trusts in 1927: 1,136 banks were acting as trustees. 748 banks were acting as executors. 737 banks were acting as administrators. 169 banks were acting as registrars of stocks and bonds. 800 banks were acting as guardians of estates. 40 banks were acting as assignees. 68 banks were acting as receivers. 105 banks were acting as committees of estates of lunatics. 357 banks were acting in other capacities not mentioned above. A consolidated balance sheet of the trust departments of national banks in 1927 is given below: CONSOLIDATED BALANCE SHEET OF THE TRUST DEPARTMENTS IN NATIONAL BANKS HAVING AUTHORITY TO EXERCISE FIDUCIARY POWERS IN 1927 ASSETS LIABILITIES Investments $1,867,376,036 Private trust accounts $1,346,874,423 Deposits in savings banks 5,463,819 Private trust accounts income 16,898,477 Deposits in other banks.. 7,150,872 Court trusts (executor, etc.) 512,236,027 Deposits in own banks. 118,563,823 Court trusts (executor, etc.), income. 10,562,598 Advances to trusts 2,183,156 Profits due banks 605,620 Other assets 79,120,531 Other liabilities 192,681,092 Total 2, 079,858, 237 Total 2,079,858, 237 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD 37 Corresponding information, by Federal reserve districts, is given in the following table: FIDUCIARY ACTIVITIES OF NATIONAL BANKS, BY FEDERAL RESERVE DISTRICTS* FOR THE YEAR 1927 Num- F d re e i s s d e t e r r i r v c a e t l a p u t e D o i c b r 3 z t x t w i u h e 1 e o e s e , s c o e r e d r t . - r r s - p N c e D o 1 i b 3 x u s w 9 e 1 e e i 2 m n , r c e r 7 . - g r - s i N d t b o m s r i b u a e f t u u v e i e d i a s m i i n n r r l - n d t e - g s - - - d A t s r s u e s t t s s of b N t p d h r c a b o u l u a o o i n e r n s m n r f a k r t - g - t s s - e i p N t b s m r c o b t e a u u o e o r d i e i s m r n n a r f r - e t - t g - s e d - w o tr C u h u t t e r o a s s u r l t t c e l a s t a b t n b t e o a e d a e s n r i n s a n d k l g s s w O o a u h t t n h t e r a s d e u r t c r e a s t n t n b b e o a d o a e t s i e n n s n s d k g s s J e r f d o e u a T m e y p r r 1 n r p n e 9 o e f e u a 2 i i a r n s n s 3 r r 7 t t c t e g t 0 a - d s , l 1927 Boston 209 127 3,022 $187,036,385 30 339 $32,845,300 $324,639, 207$1,092,000 New York 331 235 5,796 346,025,416 91 1,223 1, 334,903,4673,021,899,688 4,606,000 Philadelphia. 261 197 6,213 77,610,687 74 265 1,765,800 30,411,600 494,000 Cleveland 161 123 4,513 136,824,657 61 642 12,375,050 80,305,202 705,000 Richmond 180 107 2,248 84, 554, 517 45 208 20,962,100 28,444,625 487,000 Atlanta _ 133 70 1,741 82, 304,004 35 699 31,086,115 88,032,884 402,000 Chicago 359 206 5,340 452,481,959 74 1,178 300, 570,899 584,414,483 690,000 St. Louis 146 79 1,726 33,174,769 19 261 17,166,036 21,174,964 243,000 Minneapolis.. 103 34 719 19, 563, 373 8 40 2,367, 320 6,145,915 106,000 Kansas City. - 178 88 2,481 151,036, 577 46 528 30,689,281 64,356,042 488,000 Dallas 87 40 375 33,697,654 12 62 16,955,150 9, 368,232 130,000 SanFrancisco. 116 76 5,000 475, 548,239 49 964 40,999, 543 252,834,832 1,368,000 Total... 2,264 1,382 39,174 2,079,858, 237 544 6,409 1,842,686,0614, 512,027,674 10,811,000 NEW EDITION OF BOARD'S REGULATIONS Under date of December 22, 1927, the board promulgated a new edition of all its regulations applicable to member banks and made them effective January 3, 1928. Since the issuance of the previous edition of the board's regulations under date of August 15, 1924, the Federal reserve act had been amended by the McFadden Act of Feburary 25, 1927, and it had become necessary to amend certain of the board's regulations to conform to the amendments contained in that act. The board also made a number of other amendments to its regulations which experience had proven to be necessary or desirable. The more important changes made in the regulations will be discussed briefly. Regulation A—Discounts under section 13 and 13 (a).—In promul gating the 1924 edition of its regulations, the board had inserted in Section IV of Regulation A a provision to the effect that whenever the borrower on notes offered for rediscount at a Federal reserve bank has closely affiliated or subsidiary corporations or firms, the financial statement filed by the borrower with the member bank shall be accompanied by separate financial statements of such affiliated or subsidiary corporations or firms, unless the statement of the borrower clearly indicates that such note is both eligible from a legal standpoint and acceptable from a credit standpoint. This provision was found to be somewhat burdensome, especially in the case of borrowers Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

38 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD who borrow from many different banks, and in some cases it was almost impossible to obtain strict compliance with the regulation. The board, therefore, amended this provision of the regulation so as not to require the separate financial statements of the affiliated or subsidiary corporations or firms to be filed with the member bank offering such paper for rediscount if such statements were filed with the Federal reserve bank. Such borrowers, therefore, who file separate financial statements of their affiliated or subsidiary corporations or firms with the Federal reserve banks will not be required to file such statements with the member banks from which they borrow unless the member banks desire it. The financial statement of the borrower himself, however, must be filed with the member banks. There was also inserted in the regulation the substance of rulings previously made by the board with reference to the rediscount by Federal reserve banks of paper acquired by the offering member banks from nonmember banks. Regulation D—Reserves oj member hanks.—The board adopted a number of amendments to Regulation D, which deals with member bank reserve balances. The most important changes made in Regulation D were in Section IV, which prescribes penalties for deficiencies in reserves. This section was amended so as to require member banks in cities where Federal reserve banks and branches thereof are located and in such other reserve cities as the board may designate from time to time to be computed on the basis of average daily net deposit balances covering semiweekly periods instead of weekly periods as heretofore. This will make it necessary for such member banks to adjust their reserve balances twice a week instead of once a week as heretofore, and will eliminate, or at least diminish, the wide fluctuations which heretofore have occurred in the reserve balances of some of the member banks of this class. There was also inserted in Section IV of the regulations a provision to the effect that whenever it shall appear that a bank is not paying due regard to the maintenance of its reserves the Federal reserve agent will address a letter to each director of such bank calling attention to the situation and advising him of the requirements of the law and the board's regulations regarding the maintenance of reserves and the personal liability of directors permitting violations of the law. It is believed that laxity in compliance with the reserve requirements is often due to indifference on the part of bank officers, and that if this matter is called to the attention of the directors such practices will be corrected. A provision was also inserted in the regulation requiring the Federal reserve agent to report to the Federal Reserve Board every member bank which has deficiencies in reserves for each reserve computation period during six consecutive months, with a recom- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD 39 mendation as to what corrective action the Federal Reserve Board should take. In the case of national banks the extreme penalty would be a suit by the Comptroller of the Currency to forfeit the charter of the delinquent national bank and in the case of State member banks it would be a proceeding by the Federal Reserve Board to require the delinquent bank to forfeit all rights and privileges of membership in the Federal reserve system. Other less drastic remedies may be adopted, however, if there are extenuating circumstances. Regulation F—Trust powers oj national banks.—Regulation F was amended so as to regulate more completely the exercise of trust powers by national banks. Provisions were inserted explaining the procedure for obtaining a permit from the Federal Reserve Board to act in fiduciary capacities pursuant to the provisions of section 11 (k) of the Federal reserve act where a new national bank is being organized or a State bank or trust company is being converted into a national bank; explaining the legal situation where two or more national banks, any one of which is exercising trust powers, are consolidated pursuant to the provisions of the act of November 7, 1918; stating the principles with regard to the proper compensation for acting in fiduciary capacities; and providing a procedure for winding up the affairs of the trust departments of national banks which are placed in voluntary liquidation or in the hands of receivers. The provisions of this regulation regarding funds received or held in the trust department of a national bank awaiting investment or distribution were amplified and made more specific. There was also inserted in this regulation a new section stating the legal situation where a State trust company or State bank exercising trust powers is consolidated with a national bank under the terms of section 3 of the act of November 7, 1918, as amended by section 1 of the McFadden Act of February 25, 1927. This section authorizes any bank, trust company, savings bank, or other banking institution incorporated under the laws of any State or of the District of Columbia to be consolidated directly with a national bank located in the same county, city, town, or village under the charter of such national bank. It also provides in part that when such consolidation is effected— * * * all the rights, franchises, and interests of such State or district bank so consolidated with a national banking association in and to every species of property, real, personal, and mixed, and choses in action thereto belonging, shall be deemed to be transferred to and vested in such national banking association into which it is consolidated without any deed or other transfer, and the said consolidated national banking association shall hold and enjoy the same and all rights of property, franchises, and interests including the right of succession as trustee, 110390—28 4 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

4U ANNUAL REPORT OF THE FEDERAL RESERVE BOARD executory or in any other fiduciary capacity in the same manner and to the same extent as was held and enjoyed by such State or district bank so consolidated with such national banking association, * * * * * ** The words "State bank," "State banks," "bank," or "banks," as used in this section, shall be held to include trust companies, savings banks, or other such corporations or institutions carrying on the banking business under the authority of State laws. A number of questions have been raised as to the exact legal effect of a consolidation under the provisions of this section, and it was important for an official administrative interpretation of this provision to be published for the guidance of national banks, State banks, trust companies, and savings banks contemplating consolidation under the terms of this section. A decision of the Supreme Judicial Court of Massachusetts in the case of Commonwealth Atlantic National Bank (144 N. E. 443) had raised doubts as to the right of a national bank to be appointed as executor under a will naming as executor a trust company which had been converted into a national bank and later consolidated with the petitioner under the provisions of the act of November 7, 1918; and the words italicized in the above quotation were inserted in the McFadden Act for the purpose of eliminating any such doubts as to the right of a national bank with which a State bank or trust company had been consolidated under the provisions thereof to act as trustee, executor, or in any other fiduciary capacity under wills or other documents executed prior to the consolidation and naming the trust company to act in such capacities. The board has endeavored to interpret this provision in such a manner as to carry out the purpose of Congress. A more complete discussion of this question is contained in a letter written by the Comptroller of the Currency under date of March 22, 1927, which is published on pages 267 to 271. Regulation G.—Regulation G, which formerly regulated the making of loans by national banks on the security of farm land and other real estate, was eliminated entirely from the board's regulations, in view of the provisions of the act of February 25, 1927, conferring regulatory powers upon the Comptroller of the Currency; and there axe inserted in lieu of the provisions of Regulation G the regulations promulgated by the board under date of December 9, 1926, covering the rediscounting of notes secured by adjusted service certificates, which was formerly designated as Regulation M, series of 1926. Regulation H—Membership of State banks and trust companies.— The principal changes in this regulation were made in order to conform the regulation to the amendments made to the existing law by the McFadden Act of February 25, 1927. Section 9 of the Federal reserve act makes the amount of capital which a State bank must have in order to be eligible for membership Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD 41 in the Federal reserve system dependent upon the amount required by the national bank act for the organization of a national bank in the place where such bank is located; and Section I of Regulation H contains a table showing the exact amount of capital which a State bank must have in order to be eligible for membership. This table was amended so as to conform to the provisions of section 5138 of the United States Revised Statutes, as amended by section 4 of the McFadden Act, which authorizes the organization of national banks in outlying districts of cities having a population exceeding 50,000 inhabitants with a capital of only $100,000 instead of $200,000 as previously required. Section IV of this regulation, which relates to conditions of membership prescribed by the board when it admits State banks and trust companies to the Federal reserve system, was amended so as to conform to the first paragraph of section 9 of the Federal reserve act, as amended by section 9 of the McFadden Act. Section V of this regulation, which relates to the establishment or maintenance of branches by member banks, was amended very materially in order to conform to the provisions of the Federal reserve act as amended by the McFadden Act relative to branches of State member banks. The provisions of the board's Regulation H, series of 1924, on this subject were eliminated entirely and there was inserted in lieu thereof a quotation of the law and the following statement of the board's interpretation of the law: 1. Any State member bank which, on February 25, 1927, had established and was actually operating a branch or branches in conformity with the State law is permitted to retain and operate the same while remaining a member of the Federal reserve system, regardless of the location of such branch or branches. 2. Any nonmember State bank, which, on February 25, 1927, had established and was actually operating a branch or branches in conformity with State law may, if otherwise eligible, become a member of the Federal reserve system and retain and operate such branches, regardless of their location. 3. In order to remain a member of the Federal reserve system, every State member bank must relinquish any branch or branches established after February 25, 1927, beyond the corporate limits of the city, town, or village in which the parent bank is situated. 4. Any State member bank which establishes any branch or branches after February 25, 1927, beyond the corporate limits of the city, town, or village in which the parent bank is situated must either (a) relinquish such branch or branches or (b) forfeit all rights and privileges of membership and surrender its stock in the Federal reserve bank. 5. No State bank which has established any branches subsequent to February 25, 1927, beyond the corporate limits of the city, town, or village in which the parent bank is situated may become a member of the Federal reserve system except upon relinquishment of every such branch. 6. State member banks may establish branches within the corporate limits of the city, town, or village in which the parent bank is situated without obtaining permission of the Federal Reserve Board. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

42 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD Regulation I—Increase or decrease of capital stock of Federal reserve hanks and cancellation of old and issue of new stock certificates.—This regulation was amended in a few minor particulars, and the provision regarding the surrender of Federal reserve bank stock by a member bank which is placed in voluntary liquidation was simplified. Regulation K—Corporations authorized to do foreign banking business under the terms of section 25 (a) of the Federal reserve act.—For the first time since the enactment of the act of December 24, 1919, popularly known as the Edge Act, which added to the Federal reserve act a new section designated as section 25 (a) authorizing the organization of corporations to engage in the business of international or foreign banking or other international foreign financial operations, an issue of debentures was made during the year 1927 by a corporation organized pursuant to the provisions of this act. When this issue was proposed the board reviewed the regulations on this subject which it had promulgated in 1920 and decided that such regulations should be materially amended. The board carefully studied this question, therefore, and, under date of June 8, 1927, issued a complete new regulation governing the organization and operation of corporations under the provisions of the Edge Act. This regulation was further amended in certain particulars on August 11 and October 31, 1927, and the entire regulation as thus amended was included in the new edition of the board's regulations. Other regulations.—No material changes were made in Regulation B, governing open-market purchases of bills of exchange, trade acceptances, and bankers' acceptances; Regulation C, governing acceptance by member banks of drafts and bills of exchange; Regulation J, governing check clearing and collection; or Regulation L, governing interlocking bank directorates under section 8 of the Clayton Antitrust Act. The complete text of the new edition of the board's regulations is published on pages 272 to 310. AMENDMENTS TO THE FEDERAL RESERVE ACT The Federal reserve act was amended in several important respects by the act of February 25, 1927, popularly known as the McFadden Act. Discontinuance of Federal reserve bank branches.—Section 3 of the Federal reserve act with regard to branch Federal reserve banks was amended by the McFadden Act so as to authorize the Federal Reserve Board to require any Federal reserve bank at any time to discontinue any of its branches; thereupon the Federal reserve bank must wind up the business of any such branch subject to regulations of the Federal Reserve Board. Indeterminate charters of Federal reserve banks.—Section 4 of the Federal reserve act was amended so as to provide for indeterminate Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD 43 charters of Federal reserve banks. The legal effect of this amendment is to prevent the charters of the Federal reserve banks from expiring automatically at the end of a period of 20 years from the date of their organization and to permit them to continue in business until dissolved by an act of Congress or until their franchises are forfeited for violation of law. It does not exempt the Federal reserve banks from the control of Congress or impair the right of Congress to amend or repeal the Federal reserve act at any time it desires to do so. It does, however, remove the necessity of renewing their charters every 20 years and gives the public an assurance of permanence of the Federal reserve system. Conditions of membership which may be imposed on State member banks.—The first paragraph of section 9 of the Federal reserve act was amended by the McFadden Act so as to require that the conditions imposed by the Federal Reserve Board upon State banks admitted to membership in the Federal reserve system shall be pursuant to the Federal reserve act. Branches of State member banks.—The second paragraph of section 9 of the Federal reserve act was amended so as to provide that no State bank may become a member of the Federal reserve system or may remain a member of the Federal reserve system except upon relinquishing any branch or branches established after February 25, 1927, beyond the limits of the city, town, or village in which the parent bank is located. In other words, no nonmember State bank may become a member of the Federal reserve system except upon relinquishing any branch or branches established after February 25, 1927, beyond the limits of the city, town, or village in which the parent bank is situated; and any State member bank which establishes a branch or branches beyond the limits of the city, town, or village in which the parent bank is located after February 25, 1927, must either relinquish such branch or branches or give up its membership in the Federal reserve system. On the other hand, this section also provides that any State bank which on February 25, 1927, had established and was operating a branch or branches in conformity with the State law may retain and operate such branch or branches while remaining or upon becoming a member of the Federal reserve system. In other words, any nonmember State bank which, on February 25, 1927, had established and was operating a branch or branches in conformity with the State law and which becomes a member of the Federal reserve system is entitled by law to retain such branch or branches, regardless of the number or location thereof; and any State member bank which, on February 25, 1927, had established and was operating a branch or branches in conformity with the State law is lawfully entitled to retain and operate such branches while remaining a member of the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

44 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD Federal reserve system, regardless of the location or number of such branches. The act prescribes no limitation upon the number of branches which State member banks may establish or maintain within the limits of the city, town, or village in which the parent bank is located, nor does it require any specified population of the cities, towns, and villages in which State member banks may establish or maintain branches. Limitation on total liabilities oj national banks,—That part of section 13 of the Federal reserve act which amends section 5202 of the Revised Statutes as to the total liabilities of national banks, was in effect amended by the McFadden Act so as to provide that liabilities incurred under the provisions of section 202 of Title II of the farm loan act as amended by the agricultural credits act of 1923 shall be exempt from the limitations on the total indebtedness of a national bank. National banks may thus rediscount with or sell to Federal intermediate credit banks without limit the classes of agricultural or livestock paper covered in the section referred to. This amendment was contained in the agricultural credits act of 1923 but was made inoperative through an error, and this section of the McFadden Act was merely intended to correct this mistake. Thefts by national bank examiners.—That part of section 22 of the Federal reserve act which makes it a crime against Federal law for bank examiners to accept loans or gratuities from banks examined by them was amended so as to make it cover assistant examiners as well, and also so as to make it a crime against Federal law for any examiner or any assistant examiner to steal or unlawfully take or conceal any property of value in the possession of any member bank or from any safe-deposit box in or adjacent to the premises of such bank. Real estate loans by national banks.—Section 24 of the Federal reserve act was amended so as to broaden materially the power of national banks to make loans on the security of real estate and farm lands. Amendments to national bank act.—In addition to the amendments to the Federal reserve act discussed above; the McFadden Act contained many amendments to the national bank act of material importance. One of the most important of these amendments wa& the provision which regulates in detail the conditions upon which national banks may establish or operate branches. Among the other important changes made by the McFadden Act in the national banking laws are those providing for direct consolidations of State and national banks under national charter; the granting of indeterminate charters to national banks; the recognition by Congress of the legality of buying and selling investment securities by national Digitized fobr FaRnAkSs,E Ra nd also of the right of national banks to engage in a safehttp://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD 45 deposit business; the authority for national banks in outlying districts of large cities to be organized with a capital of $100,000 or less where State banks may do this; the declaration of stock dividends by national banks; a complete revision of the statute regarding limitations on loans by national banks to single borrowers; permission for the capital stock of national banks to be divided into shares of less than $100 each; as well as sundry other provisions. The complete text of the McFadden Act is published on pages 258 to 265. ADMINISTRATION OF THE CLAYTON ACT During the year 1927, 418 applications for permission to serve on interlocking bank directorates were received and considered by the board. The Comptroller of the Currency reported 31 alleged violations of section 8 of the Clayton Act; these the board investigated and required the bank directors involved to comply with the law where it was being violated. CONSTITUTIONALITY OF SECTION 9 OF THE FEDERAL RESERVE ACT In May, 1927, the Supreme Court of the United States rendered a decision upholding the constitutionality of that provision of section 9 of the Federal reserve act which subjects State member banks and their officers, agents, and employees to the provisions of and the penalties prescribed by section 5209 of the Revised Statutes. In the case before the court the defendant had been convicted under two indictments, the first charging him with aiding and procuring the branch manager of a State member bank to misapply the funds of the bank and the second charging a conspiracy to misapply the funds. Both were based upon the issuing of a fraudulent certificate of deposit and the paying of the same from the funds of the bank. The Circuit Court of Appeals certified to the Supreme Court of the United States the question whether the provision of section 9 of the Federal reserve act is constitutional in so far as it provides that "such banks and the officers, agents, and employees thereof shall also be subject to the provisions of and the penalties prescribed by section 5209 of the Revised Statutes." It was contended among other things that the statute was so broad that it covered offenses when they could not result in any loss to the Federal reserve banks. On this point the Supreme Court said that every fraud like the one involved in this case weakens the member bank and therefore weakens the Federal reserve system and that, moreover, when it is necessary in order to prevent an evil to make the law embrace more than the precise thing to be prevented, it may do so. Accordingly, the Supreme Court answered the question certified by the Circuit Court of Appeals in the affirmative. The full text of the opinion is published on page 311. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

46 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD LEGISLATION RECOMMENDED The Federal Reserve Board has heretofore recommended the enactment of S. 1989, a bill pending in the present Congress, and desires to renew its recommendation that this bill be enacted into law. The third paragraph of section 13 of the Federal reserve act now authorizes Federal reserve banks to rediscount or purchase bills of exchange payable at sight or on demand which are drawn to finance the domestic shipment of nonperishable, readily marketable, staple agricultural products; and S. 1989 would amend this paragraph in two respects: (1) It would make the provisions thereof applicable to bills of exchange payable at sight or on demand covering not only nonperishable, readily marketable, staple agricultural products but also other nonperishable, readily marketable staples, whether agricultural or not; and (2) it would make such sight and demand drafts eligible for rediscount when drawn to finance the exportation as well as the domestic shipment of nonperishable, readily marketable staples. The board has had some difficulty in construing and applying the term "agricultural products"; and, due to certain court decisions defining similar terms, it has been constrained to rule that a number of products, such as cottonseed oil, flour, bran, and canned food products, are not "agricultural products" within the meaning of the statute. The board feels that these commodities and other nonperishable, readily marketable staples are equally as good security for sight and demand drafts as are products which are technically " agricultural products," and also that there is no good reason why this privilege should not be extended to bills drawn to finance the exportation as well as the domestic shipment of such products. The enactment of S. 1989, therefore, would broaden the scope of this particular rediscount facility of the Federal reserve banks in a manner beneficial both to the member banks of the Federal reserve system and to our domestic and foreign commerce in general. The board is of the opinion that no major amendments to the Federal reserve act are necessary or desirable, but desires to recommend the following amendments concerning matters of detail which have arisen in the administration of the Federal reserve system: (1) An amendment to section 9 of the Federal reserve act to permit State member banks of the Federal reserve system to have foreign branches. This section, as amended by the McFadden Act approved February 25, 1927, provides that no State bank may retain or acquire stock in a Federal reserve bank except upon relinquishment of any branch or branches established after February 25, 1927, beyond the limits of the city, town, or village in which the parent bank is situated. It is obvious that Congress intended to deal with domestic branches, but the language of the act is so broad that it could be eonstrued to Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD 47 apply to foreign branches and to forbid any State bank to acquire or retain stock in a Federal reserve bank if it has a foreign branch established subsequent to February 25, 1927. The McFadden Act expressly provides that the restrictions on the establishment of branches by national banks shall not be construed to affect the establishment by national banks of branches in foreign countries, dependencies, or insular possessions of the United States; but no express exception was made as to foreign branches of State member banks of the Federal reserve system. There is no justification for a discrimination against State member banks in this respect; and the board is of the opinion that the law should be amended as soon as possible so as to remove the possibility of it being construed so as to result in such discrimination. (2) An amendment to section 4 of the Federal reserve act to permit an officer, director, or employee of a mutual savings bank to serve as a class B director or class C director of a Federal reserve bank. Section 4 of the Federal reserve act provides that no class B director of a Federal reserve bank shall be an officer, director, or employee of any bank and no class C director shall be an officer, director, employee, or stockholder of any bank; and the Attorney General has ruled that mutual savings banks are "banks" within these provisions of law and that, accordingly, an officer, director, or employee of a mutual savings bank may not be a class B or class C director of a Federal reserve bank. The Federal Reserve Board is in accord with the principle that class B and class C directors should not be connected with commercial banking institutions; but there is no reason why this principle should apply to officers, directors, or employees of mutual savings banks, which are essentially different from ordinary commercial banking institutions and are not permitted to be members of the Federal reserve system. A number of cases have arisen in which persons eminently fitted to serve as directors of Federal reserve banks were ineligible to do so merely because of their connections with mutual savings banks, and the board feels that the law should be amended so as to exclude directors, officers, and employees of mutual savings banks from this prohibition. (3) An amendment permitting the cancellation of Federal reserve bank stock held by member banks which have gone out of business without a receiver or liquidating agent having been appointed therefor. The present law authorizes the surrender and cancellation of all of the stock held by a member bank only when such member bank (1) goes into voluntary liquidation, (2) is placed in the hands of a receiver, or (3) withdraws from the Federal reserve system either voluntarily or involuntarily; and, in a number of cases, Federal reserve banks have experienced great difficulty in securing the surrender of Federal reserve bank stock held by member banks which have ceased entirely to do business but which have not tech- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

48 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD nically gone into voluntary liquidation or into the hands of receivers. Under such circumstances, Federal reserve banks have sometimes been compelled to pay dividends in large amounts on stock held by banks which have ceased to do business and ceased to maintain reserve accounts with them. The board believes that this situation should be remedied by an appropriate amendment to the law providing means whereby Federal reserve bank stock held by such member banks may be canceled and the proceeds paid to them. (4) An amendment making it discretionary with the Federal Reserve Board to assess the costs of examining member banks against the banks examined. The Federal Reserve Board has been handicapped in its efforts "to establish a more effective supervision of banking" by the fact that the present law requires the expenses of all examinations of member banks made by the Federal Reserve Board or by the Federal reserve banks to be assessed against the banks examined. The State banks object to bearing the expenses of such examinations on the ground that it subjects them to the expenses of double examinations; since they are also required, either directly or indirectly, to bear the expenses of examinations made by the State authorities. Examinations made by State authorities frequently are inadequate for the board's purpose, since the State authorities are not charged with the duty of enforcing the provisions of the Federal reserve act and do not always consider it necessary to broaden the scope of their examinations so as to disclose violations of the Federal reserve act. The fear of having to bear the expenses of double examinations has been frequently given as one of the reasons why more State banks do not join the Federal reserve system. The board believes that an amendment granting it the discretionary authority to waive charges for such examinations, when deemed advisable, would be very beneficial. (5) An amendment exempting Federal reserve banks from attachment or garnishment proceedings before final judgment in any case or proceeding. Under the provisions of section 5242 of the Revised Statutes, national banks are exempted from attachment, injunction, or execution before final judgment in any case or proceeding; and the board feels that the law should be amended so as to give Federal reserve banks the same protection in this respect. It is conceivable that if large amounts of the funds or credits of the Federal reserve banks should be tied up through attachment or garnishment proceedings the ability of the reserve banks to meet the credit needs of the country might be seriously hampered. (6) An amendment to the Judicial Code restoring to the United States district courts jurisdiction of suits by and against Federal reserve banks. Formerly, the Federal courts had jurisdiction of such suits, because the Federal reserve banks were incorporated under Digitized fora nFR aAcStE Ro f Congress; but section 12 of the act of February 13, 1925, http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD 49 provides that no district court of the United States shall have jurisdiction of any action or suit by or against any corporation upon the ground that it was incorporated by or under an act of Congress, except corporations in which the Government of the United States is the owner of more than one-half of the capital stock. It is not believed that Congress had the Federal reserve banks in mind when it enacted this amendment, but the amendment deprives the United States district courts of jurisdiction of all suits by or against Federal reserve banks unless a question involving the interpretation of the Constitution of the United States or some Federal statute is raised by the original pleadings of the plaintiff. The Federal reserve banks frequently have to rely upon the provisions of the Federal reserve act or the regulations of the Federal Reserve Board in defending suits brought against them; but this is not a ground of original jurisdiction in the United States district courts. The Federal reserve banks are thus forced to defend in the State courts suits which turn upon essentially Federal questions. Not infrequently the judges and juries in the State courts are unreasonably prejudiced against or hostile to the Federal reserve banks, and it is sometimes difficult for them to get fair trials in the State courts. Unlike national banks, they can not remove suits brought against them by persons located in other States to the United States district courts on the ground of diversity of citizenship, because the Supreme Court has held that a Federal corporation is not a citizen of any State, and there is no provision in the Federal reserve act similar to that in the national bank act providing that they shall be deemed citizens of the States in which they are located. Section 12 of the act of February 13, 1925, makes an exception in the case of corporations in which the Government of the United States is the owner of more than one-half of the capital stock; and it would seem that the same exception should be extended to cover Federal reserve banks, since they act as fiscal agents and substreasuries and perform many other important functions for the Government. Moreover, the excess earnings of the Federal reserve banks are payable to the United States in the form of a franchise tax and, in the event of the liquidation of the Federal reserve banks, all of their surplus, which amounts to approximately twice their capital stock, would become the property of the United States. For the protection of the Federal reserve banks and for the protection of the interests of the Government in them, it is believed that the law should be amended so as to restore to the United States district courts jurisdiction over suits brought by and against Federal reserve banks; and the board strongly recommends the enactment of such an amendment. The Treasury Department has expressed the opinion that such an amendment should apply also to Federal land banks and joint-stock land banks. (7) An amendment to section 13 of the Federal reserve act increasing from 15 days to 90 days the maximum maturity of Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

50 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD advances made by Federal reserve banks to member banks on their promissory notes secured by paper eligible for rediscount by Federal reserve banks. Such an amendment was suggested to the board under date of October 31, 1925, by Hon. L. T. McFadden, chairman of the Banking and Currency Committee of the House of Representatives, and was favored by the board after consultation with the Federal reserve agents and the governors of the Federal reserve banks. It would save much trouble and expense to both the member banks and the Federal reserve banks, since it would eliminate the necessity of listing separately the various pieces of eligible paper offered as collateral and would at the same time eliminate the necessity of frequent renewals. It would be especially helpful to country banks which are now deterred by the necessity of frequent renewals from using this more convenient form of borrowing from the Federal reserve banks. MEETINGS OF FEDERAL ADVISORY COUNCIL Four meetings of the Federal Advisory Council were held in Washington during 1927 on the following dates: February 18, May 20, September 16, and November 18. CONFERENCES HELD BY THE FEDERAL RESERVE BOARD The Federal Reserve Board, as usual, conferred with the Federal Advisory Council on the occasion of its meetings during the year. The governors of the Federal reserve banks met in Washington on May 9-12, and the governors of the Federal reserve banks and Federal reserve agents conferred, separately and jointly, on October 31- November 3. At both conferences special sessions were held at which the board was in attendance. During the year officials of many foreign central banks visited the Federal Reserve Board and several Federal reserve banks to study their organization and methods of operation. ORGANIZATION, STAFF, AND EXPENDITURES Hon. D. R. Crissinger, of Ohio, who had held the office of governor of the Federal Reserve Board since May 1,1923, resigned on September 15, 1927. Gov. R. A. Young, of the Federal Reserve Bank of Minneapolis, was appointed by the President to fill the vacancy on the Federal Reserve Board caused by Governor Crissinger's resignation, and on October 4 Mr. Young was designated as governor of the board. The total cost of conducting the work of the board during the year 1927 was $744,233.36. To meet these expenses the board levied two assessments against the Federal reserve banks aggregating $779,116.28, 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. R. A. YOUNG, Governor. The SPEAKER OF THE HOUSE OF REPRESENTATIVES. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANK CREDIT 51 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RESERVE BANK CREDIT No. 1.—RESERVE BANK CREDIT OUTSTANDING, BY MONTHS, 1914-1927 [Monthly averages of daily figures. In thousands of dollars] Bills and securities held by Federal reserve banks Month Total Total f c o o r B d u b m i i n e s ll r - t e s e m d - bo B u il g ls ht s U e t c i . e u S s ri . - s O e t c t i h e u s e ri r - F o l n o o r a g e n o ig s ld n f b o f D a r r o e n u i m k e g s n R b f e l a s o e n a r k t ve banks 1914 November.- i 5,944 5,944 5,871 December.- 1 9, 627 9,627 9,525 3 39 1915 January i 19,942 19, 942 11, 743 1,020 7,179 February.. _ i 32,336 32,336 16, 634 4,310 11,091 March i 48, 750 48, 750 20,341 7,550 6,413 14,446 April i 58, 394 58,394 21,632 13, 222 6,801 16, 739 () May i 62, 772 62,772 23,132 10,994 6,845 21,801 8 June 1 54, 395 54, 395 24,695 9,840 7,246 12, 614 July i 58,873 58,873 27,136 9,666 7,855 14, 216 8 August 1 68, 777 68, 777 27, 860 12,328 19,961 September. _ i 75, 879 75, 879 29,674 12, 664 9,081 24,460 2 October i 78, 567 78, 567 28,355 13,958 10,106 26,148 () November- i 80,178 80,178 29, 237 14,030 11,939 24, 972 December. _ i 81,141 81,141 31,511 19, 883 14, 683 15,064 1916 January 1 92, 5021 92, 502 29,078 26,155 18, 504 18, 765 February... i 103, 619j 103, 619 24,134 28, 251 26, 576 24, 658 March i 126,143 126,143 21, 609 35, 292 36, 756 32, 486 April i 149, 306i 149, 306 21, 956 44,150 47, 497 35, 703 May 1 168, 538 168, 538 20,184 51,155 54, 960 42, 239 June 1 164, 893 164,893 20, 514 63, 403 56, 760 24, 216 July 1 189, 824 189, 824 25, 421 80, 264 57, 376 26, 763 August i 193,458 193,458 28, 058 82, 391 55, 298 27,711 September.. 1 188, 510 188, 510 27, 320 82, 807 55, 410 22, 973 October i 188, 358 188, 358 22,154 82, 601 53, 270 30, 333 November, _ i 188, 414 188, 414 19, 923 96, 494 50, 504 21, 493 December. _. i 221, 301 221, 301 32, 645 122, 315 53, 649 12, 692 1917 January 243, 6241 198, 234 20, 877 111,575 55,093' 10, 689 45, 390 February 242, 365 199, 860 17, 900 117, 865 48, 273 15, 822 42, 505 March 221, 060 182, 804 18,191 99, 026 49, 247 16, 340 38, 256 April 283, 266 229, 856 24, 903 78, 81f 111, 029 15,112 53, 410 May... 350, 950 275, 310 42, 710 99, 518 118, 387 i14, 695 75, 640 June 513, 965 432, 291 151, 234 164, 355 112,036 4,668 81, 674 July 508, 001 422, 269 147, 797 198, 704 73, 529 2,239 85, 732 August 456, 188 372, 358 134, 988 162, 252 73, 866 1, 252 _ 83,830 September... 519, 744 438, 753 182, 440 167, 403 88, 697 2131. 80,991 October 727, 552 603, 544 313, 771 178, — 110,808 285|. 124, 008 November... 1,015, 375 883, 252 568, 352 195, 635 117, 941 1,324. 132,123 December... 1,177, 251 1,034, 334 681, 549 250, 438 100, 683 142,917 1918 January 1,166, 207 1,026, 365 611, 235 265, 590 148, 256 139,842 February 1,122, 433 1,001, 954 531, 541 289,072 180, 5161 120,479 March 1, 288, 352 1,122,743 567,475 318, 778 235, 96li 165, 609 April 1, 365, 512 1, 237, 368 769, 259 311,984 155, 589 i 128,144 May 1,402, 678 1, 265, 748 902,102 278, 464 84, 646 136,930 June 1,480, 726 1, 274, 898 938,442 238, 507 97, 695 205,828 July 1, 592,184 1, 439, 286 1,165, 649 209,174 64,4021 152,898 August 1, 728, 336 1, 606,889 1, 337, 701 217,109 52,015| 121, 447 September... 2,072,982 1,920,057 1, 603,153 249, 751 67,0851 152, 925 October 2, 372, 519 2,194, 707 1, 709, 766 360, 451 124, 4431 339 177, 473 November. _. 2, 425, 278 2, 273, 599 1, 768, 746 378,036 126, 7881 1,598 150,081 December. _. 2, 467, 035 2, 298, 313! 1, 749,156 344, 329 204, 807) 4,420 164, 302 1 Exclusive of reserve bank float. 2 Figures not available. 3 First purchase of United States securities, Dec. 26, 1914. 4 First purchase of bankers' acceptances in open market, Feb. 19, 1915. 8 Initial deposit with a foreign bank, Sept. 6, 1918. 53 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

54 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No. 1.—RESERVE BANK CREDIT OUTSTANDING, BY MONTHS, 1914-1927—Con. [Monthly averages of daily figures. In thousands of dollars] Bills and securities held by Federal reserve banks Due Bills from Reserve Month Total Total f c o o r d u b m i e n s r - t e e m d - bo B u il g ls ht s U e t c i . e u s S ri . - s O e t c i t e h u s e ri r - F o l o n o r a g e n o ig s ld n f b o a re n i k g s n b fl a o n a k t banks 1919 January- -- 2,351, 530 2, 213, 520 1, 734, 655 280, 732 198,124 6,298 131,712 February.. 2,341, 553 2, 225, 690 1, 763, 226 276,088 186, 372 4,520 111,343 March 2,468,524 2, 318,426 1, 861, 532 262,787 194,103 3,843 146,255 April 2,451, 377 2, 341, 725 1,919,461 208,905 213,358 2,141 107, 511 May -- 2, 497, 520 2, 391, 774 1,973, 926 189, 768 228,080 2,011 103, 735 June 2,460,999 2, 323,992 1, 842,112 246,158 235, 722 2,499 134, 508 July 2, 603, 630 2,478,863 1,867,920 362, 298 248,645 2,499 122,268 August 2, 559, 660 2,442, 627 1, 801, 887 371,091 269, 649 2,500 114, 533 September- 2, 637,2941 2, 471, 515 1, 777, 334 353,935 340, 246 I,!™ 163, 786 October 2,849,277 2, 709,330 2,073,416 340,189 295,725 1,776 138,171 November- 3, 042, 932 2, 907, 803 2,145, 631 455,057 307,115 1,777 133, 352 December . 3, 246,427| 3,034, 224 2,157, 021 549,959 327, 244 1,403 210,800 1920 January..- 3, 216, 660 3,043,952i 2,142, 788 575, 667 325,497 815 171,893 J J D N F M A M A S O u u e e e o p u c a l n a p b y c t r g v y r e o i t r e u c e l e b u m h m s m e a t b r b r b - y e e e _ r r . r . . . - . 3 3 3 3 3 3 3 3 3 3 3 , , , , , , , , , , , 4 3 4 3 4 5 3 3 3 5 3 5 6 2 0 8 2 4 2 8 9 7 6 2 4 8 4 0 4 8 9 1 9 , , , , , , , , , , , 4 4 3 1 1 8 2 8 9 5 8 5 7 6 9 0 9 8 4 5 4 7 9 8 6 3 5 8 ; ! ! 9 3 7 3 2 ^ i ^ ! ; 3 3 3 3 3 3 3 3 3 3 3 , , , , , , , , , , , 3 1 2 1 2 3 3 2 2 2 3 9 2 1 5 0 1 0 5 3 7 9 1 9 1 3 0 5 3 9 3 5 0 , , , , , , , , , , , 4 9 9 9 0 9 8 5 6 8 8 3 3 9 4 8 7 1 5 0 9 6 5 6 4 5 9 3 0 2 5 2 9 2 2 2 2 2 2 2 2 2 2 2 , , , , , , , , , , , 4 6 3 7 2 7 5 6 4 5 7 6 8 8 3 3 7 4 9 1 0 7 1 2 0 6 7 0 7 8 9 5 6 , , , , , , , , , , , 0 0 0 1 9 0 5 3 2 5 3 4 4 1 5 1 5 6 3 5 7 1 5 3 3 2 7 5 1 7 1 5 7 4 4 3 2 4 4 3 3 3 2 5 1 0 8 7 6 2 1 1 4 4 0 9 3 8 3 5 3 1 6 6 4 1 . , , , , , , , , , , . 0 1 9 5 4 8 2 7 6 4 5 0 8 4 8 2 6 2 6 3 1 5 1 4 6 1 1 1 1 4 8 9 8 3 3 3 3 3 3 3 3 3 3 2 0 1 3 3 0 0 4 4 3 0 3 8 8 1 9 4 4 7 1 , , , , , , , , , , 0 1 1 4 8 4 3 2 5 7 5 6 4 4 2 1 0 6 8 8 3 1 0 5 4 7 9 5 9 8 7 7 7 7 8 7 7 7 7 8 9 8 9 8 0 8 8 8 9 4 7 2 8 9 7 7 7 2 1 1 1 1 1 1 1 1 1 1 7 0 6 4 1 7 2 4 3 3 8 8 5 7 8 8 7 5 1 2 3 7 , , , , , , , , , , , 6 8 1 1 3 3 8 0 2 7 2 7 9 9 1 1 0 0 0 6 1 7 1 5 3 5 3 2 6 1 2 2 7 J J J A N A D M F M S O u u a e e u p o e c n n a a l b p y c g r v t y r e u i r t o e u c e l e u a b h m s m m a r t e y r b 1 b b r y 9 e — . e e . . 2 r _ r r _ . 1 . . 3 2 2 2 2 2 2 1 1 1 1 1 , , , , , , , , , , , , 8 1 0 6 9 5 3 2 8 5 5 7 0 2 5 7 7 9 3 1 7 4 7 5 5 3 5 6 5 3 0 8 8 1 1 3 , , , , , , , , , , , , 4 0 2 7 8 1 1 3 5 2 4 3 0 7 9 7 3 9 0 9 6 6 0 2 3 7 5 1 1 3 2 1 1 0 1 1 4 ! ! 2 2 3 2 2 2 2 1 1 1 1 1 , , , , , , , , , , , , 6 1 7 0 5 8 7 0 8 5 5 3 4 7 4 1 2 3 3 6 4 2 1 5 0 5 0 2 7 5 4 9 1 0 3 7 , , , , , , , , , / , , 7 4 1 2 4 2 6 1 6 7 7 5 7 2 7 3 9 0 5 9 5 8 4 5 9 8 9 9 3 ! 3 4 5 4 6 3 4 , , i! 2 2 2 2 1 1 1 1 1 1 1 1 , , , , , , , , , , , , 1 1 4 5 3 5 2 9 7 4 3 8 8 3 0 0 3 5 3 6 4 1 7 2 5 8 1 9 4 2 6 6 5 7 6 5 , , , , , , , , , , , , 4 1 r 1 7 6 7 5 7 6 6 9 0 3 6 2 9 0 7 4 4 9 1 4 2 2 9 2 2 6 9 6 0 4 2 1 1 1 1 3 1 7 8 4 0 3 5 2 7 0 5 0 0 3 4 8 8 6 8 4 0 5 6 , , , , , , , , , , , , 3 1 9 4 1 7 0 8 3 3 0 3 9 1 2 9 9 1 2 6 7 9 8 9 5 3 4 9 6 6 0 7 2 6 2 7 3 3 2 2 2 2 2 2 2 2 2 2 0 0 2 9 8 4 9 5 7 0 0 6 2 2 6 4 7 7 8 5 6 7 8 1 , , , , , , , , , , , . 1 7 3 7 7 6 6 0 7 5 7 8 4 5 7 5 1 2 7 3 0 5 9 6 1 3 0 9 0 5 9 8 5 8 9 4 2 2 6 5 5 1 8 6 6 6 6 6 6 6 9 9 9 9 9 9 9 3 1 3 1 3 2 2 3 3 4 3 3 6 4 2 8 4 2 6 4 2 2 7 9 1 7 0 7 5 8 8 , , , , , , , , , , , , 1 1 6 0 7 2 9 9 0 3 4 7 4 5 6 0 9 7 7 2 7 5 9 5 3 4 4 6 1 9 8 2 7 8 8 0 J J J N D A A S F M O M a u u e e p u o e c n a n l a p b t y c r g v r y u e o t i r e c u e l e a b u m h s m m r e a t y r b 1 r b b 9 y e e e 2 . r r r 2 . . - . 1 1 1 1 1 l 1 1 1 1 1 1 , , , , , , , , , , , , 2 2 1 1 2 1 2 3 2 2 1 3 3 6 7 7 1 9 4 8 1 0 0 3 4 6 2 8 4 4 4 1 0 2 8 2 , , , , , , , , , , , 8 , 4 8 4 4 4 8 2 ; 6 9 1 4 2 2 3 3 1 4 6 3 9 5 8 6 4 4 7 7 9 6 9 5 8 i ! 1 1 1 1 1 1 1 1 1 1 1 1 , , , , , , , , , , , , 1 1 1 1 1 1 3 1 2 0 3 2 8 2 9 9 6 8 0 1 1 5 1 0 4 7 1 0 6 8 4 3 0 3 5 4 , , , , , , , , , , , , 4 3 1 0 0 7 8 6 8 1 3 4 2 0 2 0 1 8 0 1 4 6 3 3 6 9 2 0 3 8 9 4 7 ^ 3 8 0 i 1 ) ! ! ! , 9 4 6 5 4 4 4 3 4 6 7 6 8 2 3 2 4 9 1 8 7 6 6 7 3 4 8 8 0 3 6 6 1 6 2 8 , , , , , , , , , , , , 9 4 4 7 3 3 6 6 2 5 8 6 7 4 3 0 1 8 2 2 2 4 6 1 1 3 1 3 7 9 7 6 5 2 2 2 2 2 2 2 1 1 1 1 6 5 0 9 9 9 5 5 5 0 3 2 1 9 9 8 1 3 4 9 3 5 ^ , , , , , , , , , , 1 9 0 9 0 7 6 7 0 0 0 8 6 8 1 2 8 9 1 7 4 7 1 0 0 0 5 3 8 6 7 2 2 i J i ! 1 4 4 3 2 3 4 5 4 3 6 5 5 7 4 8 9 2 5 5 4 9 2 3 0 9 7 8 6 6 7 5 5 2 0 4 6 , , , , , , , , , , , , 1 1 1 6 6 2 9 7 8 2 5 6 5 9 4 1 4 6 2 9 2 4 4 1 1 7 8 7 3 3 0 4 7 6 7 0 3 1 1 2 3 0 2 0 9 1 7 2 2 1 2 5 8 , . . . . 7 7 6 7 7 7 7 6 7 0 0 0 0 0 0 9 0 9 1 1 1 1 1 1 1 9 4 2 4 5 5 7 2 2 2 4 6 1 1 9 7 6 5 9 1 3 4 7 4 8 6 , , , , , , , , , , , , 7 5 0 3 1 1 2 9 5 6 0 3 1 9 9 7 0 9 4 3 7 6 3 0 5 1 9 3 6 6 8 1 7 4 1 3 J J A J S N D A M F M O u u a e e u p e o c n n l a a p b y g c r t v y r e u o i t r e u c e l e a u b h m s m m r a e t y b 1 r r b b . y 9 e e e _ 2 . r r r . . . 3 . . . 1 1 1 1 1 1 1 1 1 1 1 1 , , , , , , , , , , , , 1 2 2 2 1 1 1 2 2 2 2 2 8 2 0 6 2 3 8 8 0 5 0 2 2 9 4 7 5 1 4 6 4 9 4 0 , , , , , , , , , , , , 8 1 2 3 9 6 1 5 7 9 0 8 9 5 3 6 3 8 2 3 9 4 1 6 1 1 1 9 3 4 0 9 5 4 3 ; 0 ; 1 1 1 1 1 1 1 1 1 1 1 1 , , , , , , , , , , , , 1 2 1 0 1 1 1 1 1 1 1 1 2 0 2 1 7 7 6 5 5 9 4 7 3 0 4 9 8 8 4 2 0 1 7 3 , , , , . , , , , , , , 4 3 2 5 1 7 1 7 8 9 8 6 7 5 0 9 9 6 9 2 1 9 0 6 8 1 4 1 3 5 4 9 ; 1 6 2 7 1 ; ! ) i ' i ! ; ; ii 8 6 7 7 8 5 6 6 8 8 8 7 4 3 4 2 0 7 4 1 1 0 5 7 7 4 8 7 8 4 8 0 1 1 9 5 , , , , , , , , , , , , 1 8 3 0 3 9 7 2 9 7 5 3 5 8 5 3 0 9 6 5 1 3 3 8 8 5 1 9 6 4 9 5 9 3 2 8 2 2 2 2 3 2 1 2 1 1 1 1 2 3 7 7 7 2 6 8 8 7 2 8 5 2 4 1 6 0 5 2 6 3 3 2 , , , , , , , , , , , , 4 4 3 2 3 5 6 9 8 7 6 6 3 8 6 9 3 4 1 0 3 0 5 7 1 8 6 3 6 3 9 4 3 7 0 1 ! j 3 4 2 3 1 1 1 1 1 2 9 5 9 0 8 9 3 5 0 8 7 1 1 6 3 5 9 1 0 3 3 5 , , , , , , , , , , , , 1 1 8 9 9 4 4 4 8 4 8 r 3 0 9 6 5 2 8 4 8 3 1 3 2 - 7 9 9 2 8 " 8 0 8 3 2 1 5 3 4 5 2 1 1 1 1 3 9 9 6 5 7 5 7 0 9 8 ; : ! ! ; ! . L . . . _ . . - . . . . . 7 7 7 7 7 7 7 7 7 7 7 7 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 1 1 1 1 1 1 1 1 | i 5 5 7 5 5 5 6 6 5 5 5 5 4 2 0 0 8 1 2 6 2 6 8 3 , , , , , , , , , , , , 6 6 2 1 1 1 6 1 8 0 5 4 2 5 8 1 2 7 5 0 9 4 8 2 1 9 6 8 4 5 8 7 3 1 0 7 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RESERVE BANK CREDIT 55 No. 1.—RESERVE BANK CREDIT OUTSTANDING, BY MONTHS, 1914-1927—Con. [Monthly averages of daily figures. In thousands of dollars] Bills and securities held by Federal reserve banks Month Total Total f c o o r B d u b m i i n e s l - r l t e s e m d - bo B u il g ls ht s U e t c i . e S u s . ri- s O e t t c i h u e r e s i r - F o l o n o r a g e n o ig s ld n f b o f D a r r o e n u m i k e g s n R b f e l a s o e n a r k t ve banks 1924 January 1,050,067 1,000,668 580,371 302, 509 117, 761 27 701 48,698 February... 955,587 921, 588 516,171 271,408 133,990 19 701 33,298 March 993,605 951, 774 479,369 229, 650242, 682 73 701 41,130 April 989,118 940, 493 494, 537 173, 666272, 238 52 701 47,924 May 882,306 839, 571 435,429 80, 814322,986 342 701 42,034 June 891,225 842,963 374, 592 51,125 415,970 1,276 701 47,561 July 877,498 825,999 318,252 44,132 462, 365 1,250 701 50,798 August - 878,473 836, 534 269, 665 28, 371536, 958 1,540 701 41,238 981,944 930.965 262, 755 89, 777575,470 2,963 596 50,383 October. 1,055,922 1, 005, 742 240, 907 177,949 584, 953 1,933 476 49,704 November. 1,132,742 1, 085, 027 229, 039 265, 926587, 075 2,987 477 47,238 December. 1,288,074 1, 220, 706 301, 716 356, 613554, 587 2,056 6 5,734 573 66,795 1925 January 1,126, 747 1, 072, 077 267, 424 328, 644465, 246 2,539 8,224 641 54,029 February... 1,093,435 1, 050, 323 338, 493 313, 847384, 510 2,973 10, 500 642 42,470 March 1, 124,357 1, 078,912 391, 654 298,113 375,995 2,650 10, 500 720 44, 725 April 1,112,517 1, 060, 076 404,040 354, 897 1,650 10, 500 639 51,802 May.. 1,099,171 1, 049, 232 398,413 277, 523360,922 1,874 10, 500 640 49.299 June 1,120,618 1, 060, 667 437, 621 264, 589345, 707 2,250 10, 500 730 59,221 July... 1,122,053 1, 065, 252 482, 321 232, 734337, 653 2,044 10, 500 636 56,165 August 1,142, 755 1,092, 264 544,917 205, 605329,151 2,122 10, 469 645 49,846 September... 1,224,933 1,163, 898 594,083 224,135 335, 359 2,367 7,954 735 60.300 October 1,321,466 1,255, 631 622, 289 295, 549327, 556 2,859 7,378 639 65,196 November. _ 1,350,915 1, 288, 731 595,997 352, 229331,943 3,302 5,260 652 61,532 December.. 1, 508,022 1,428, 732 367, 864358, 412 8,367 738 78, 552 1926 January 1,288,570 1, 231, 337 526, 042 327,179 368, 099 3.165 6,852 642 56,591 February 1,219,105 1,176, 328 525, 049 305, 631335, 367 3,150 7,131 709 42,068 March , 1,220,511 1,176, 439 558, 795 269, 634336,198 3,611 8,201 696 43,376 April 1,206,805 1,158, 891 539, 594 235,956 369, 779 4,875 8,687 6451 47,269 May ! 1,201,258 1,155,191 514, 559 230, 555398, 249 4,070 7,758 707 45,360 June..- -__j 1,190,416 1,139, 808 476, 044 244,038 408, 776 3,543 7,407 676i 49,932 July | 1,222,699 1,166, 564 548, 966 231,132 379, 745 3,200 3,521 681! 55,454 August | 1,203,890 1,158, 264 555, 799 245, 094353, 903 3,378 6 90 702 44, 924 September,.., _ _'. _ .1.279,472 1, 225, 236 641, 797 263,992 315, 747 3,700 659) 53, 577 October 1,323,148 1.269, 356 665, 566 294, 296306,413 3,081 6771 53,115 November 1,320,259 1.270, 057 618, 367 346, 859302, 309 2,522 650| 49,552 December 1,448,736 1, 380, 571 671, 722 321,446 2,577 650 67,515 1927 January 1,186,381 1,138,106 480, 622 343, 448310, 486 3,550 657 47,618 February ! 1,043,153 1, 005, 923 392, 996 304, 071306,606 2,250 658i 36,572 March.. 1,055,163 1, 024, 251 424, 543 252, 722344.922 2,064 658[ 30,254 April 1,087,141 1,038,857 447, 286 248,429 341, 081 2,061 659! 47,625 May 1,041,297 999, 504 472,984 233, 224291,495 1,801 660! 41,133 June 1,081,275 1, 033, 123 428, 563 205, 273397, 754 1,533 8,627 39, 525 July... 1,114,788 1,026,152 453, 997 189, 774381, 081 1,300 45, 370 43,266 August 1,093,486 1,021, 830 409, 439 173,122 438, 511 758 36,190 35,466 September- 1,187,227 1,139,342 422,192 215, 926500, 637 587 7,141 40,744 October 1,254,435 1, 213,191 424, 413 281,903 506,177 698 628 40,616 November.. 1, 377,135 1, 331, 008 415, 216| 335, 908579, 2381 646 5641 45,563 December.. 1, 567,814 1,513,119 528, 624 377, 712605, 841 j 942 566 54,129 6 Foreign loans on gold outstanding from Dec. 2, 1924, to Aug. 2, 1926, only. 110390—28 5 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

56 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No. 2.—DEPOSITS, RESERVES, NOTE CIRCULATION, AND RESERVE PERCENTAGES OF FEDERAL RESERVE BANKS, BY MONTHS, 1914-1927 [Monthly averages of daily figures. In thousands of dollars] Deposits Month Total M b e a m n b k er G er o n v - - F b o a a r n e n d i k gn Other c s a T e s o r h t v a r e l e s - F re e s d e e r r v a e l Reserve reserve ment Government November.. 231, 646 241,159 2,301 3 103. 1 December.. 247, 764 265, 900 7,658 3 104.1 1915 January. 264,533 269, 393 12, 396 3 97.3 February... 278, 5S3 ; 295, 312 19, 203 3 99.2 March 282,030 295, 983 30, 081 3 94.8 April 287,674 302, 713 41, 644 3 91.9 May 286,898 ! 323, 644 52, 771 3 95.3 June 294,810 [ 338, 984 69, 845 3 93.0 July 296,937 ! 368, 075 81, 880 3 97.2 August 305,932 377, 652 90, 856 3 95.2 September... 327,462 « 12,500 411, 339 107, 692 3 94.5 October 343,309 15, 000 451, 494 135, 739 3 94.2 November.. 379,386 15, 000 507,234 j 158, 312 3 94.3 December.. 398,582 I 15, 000 547, 594 179, 936 3 94.7 I 1916 January- 429, 759 26, 224 568, 642 184, 690 3 92.5 February-_- 436, 216 29, 545 555, 316 177, 823 3 90. 4 March 445, 857 34, 308 535,183 165, 096 3 87.6 April 441, 487 36, 868 511,865 165, 073 3 84.4 May 471, 870 41, 255 514, 267 159, 581 3 81. 4 June 512,190 59, 450 553, 407 154, 650 3 83.0 July 545, 849 83, 706 564, 343 154, 688 3 80. 6 August 532, 550 51,892 547, 223 154, 717 3 79.6 September.. 529, 748 42,119 578, 518 182, 834 3 81.2 October 538, 418 24, 424 601,157 207, 588 3 80.6 November.. 580, 655 24,989 679, 830 232, 970 3 83.6 December. . 622, 698 33, 618 719, 588 265, 002 3 81. I 1917 January 715,929 686, 327 26, 595 3,007 785, 112 266. 334 6 79.9 February 709,919 690, 950 14, 915 4, 054 802, 656 285, 531 80.6 March 740,059 718, 300 17, 814 3,945 904, 432 335, 435 84.1 April 803,879 743, 348 55, 451 972. 326 399,133 80.8 May 870,072 744, 352 99,162 ! 5 15,193 11, 365 1, 017, 794 442, 571 77.5 June 1 1,106,413 804, 135289, 166 1,000 12,112 1,133, 707 492, 299 70.9 July 1 1,329,802 1, 100, 951199. 921 2,290 26, 640 1, 399, 985 530, 383 75.3 August 1 1,263,924 1,141, 408 90, 921 2,419 29, 176 1, 423, 491 558, 867 78.1 S O e c p to te b m er b er ! i 1 f ,3 24 8 8 8 , ,4 3 9 0 9 6 1 1 , , 1 3 2 0 43 , , 2 3 6 6 5 68 6 9 2 , , 3 3 5 2 4 5 1 1 , , 0 4 0 8 0 3 5 5 4 4 , , 6 32 8 5 7 1 1 , , 4 5 3 1 8 6 , , 4 0 7 3 5 7 6 7 4 9 7 5 , , 9 4 0 8 1 1 7 6 5 9. . 4 9 N De o c v e e m m b b e e r r I i 1 ? ,6 61 2 2 1 , , 4 4 2 1 5 7 1 1 , , 4 4 2 4 0 3 , , 0 5 7 8 0 6 1 14 5 6 6 , , 6 2 6 9 5 5 4 2, , 5 7 1 5 1 9 2 33 6 , ,4 5 1 4 5 1 1 1 , , 6 6 3 9 7 5 , , 3 0 8 3 6 9 6 6 0 3. . 5 8 1918 January. 1, 624, 781 1, 466, 915122, 100 12, 974 22, 792 1, 760, 269 1, 242, 207 61.4 February. _. 1, 591, 298 1, 467, 50761,134 45, 850 16, 807 1, 819, 3941, 282, 961 63.3 March 1, 623, 985 1, 466, 29672, 783 70, 796 14,110 1. 854, 0121, 409,172 61.1 April 1, 678, 279 1, 503, 86679, 500 75, 407 19, 506 1, 890, 769 1, 503, 708 59.4 May 1, 675,121 1, 482, 39466, 876 95,189 30, 662 1, 944, 0891, 571, 450 59.9 June 1, 741, 360 1, 512, 35091, 128 99, 613 38, 269 1, 949,177 1, 661, 255 57.3 July 1, 712, 997 1, 447, 791140, 727 99,115 25, 364 2, 016, 536 1, 824,249 57.0 August 1, 699,170 1,459, 204114,374 105, 777 19,815 2, 049, 051 1, 988, 711 55.6 September.. 1, 778, 696 1, 506, 742151, 200 101, 215 19, 539 2, 072, 458 2, 251, 259 51.4 October 1, 814, 777 1, 538, 898145, 385 94, 597 35, 897 2, 086, 562 2, 481, 081 48.6 November.. 1, 812,124 1, 520, 163160, 575 93, 945 37,441 2,110, 245 2, 552,917 48.3 December.. 1,802, 337!i 1,585,612 99, 535 92, 276 24, 914 2,134,125 2,629,695 I 48.2 1 Figures for total deposits not available; figures given are for net deposits, i. e., gross deposits including deferred availability accounts less items in process of collection and other uncollected items. 2 Figures not available since deferred credits, which are not a part of legal reserves, are included in "Amounts due to member banks " as reported on current balance sheets. 3 Ratio of total cash reserves to Federal reserve note and net deposit liabilities combined. * Initial Government deposits were $5,000,000 on Sept. 4, 1915, with Federal Reserve Bank of Dallas, and $5,000,000 each on Sept. 7 with the Federal reserve banks of Richmond and Atlanta. 5 The initial foreign Government deposit was opened with the Federal Reserve Bank of New York on May 3, 1917. No foreign bank deposits were received prior to 1918. e Ratio of total cash reserves to total deposits and Federal reserve note liabilities combined is shown for January, 1917, and subsequent months. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RESERVE BANK CREDIT 57 No. 2.—DEPOSITS} RESERVES, NOTE CIRCULATION, AND RESERVE PERCENTAGES OF FEDERAL RESERVE BANKS, BY MONTHS, 1914-1927—Continued [Monthly averages of daily figures. In thousands of dollars] Deposits Month Total M b e a m n b k er G e o rn v - - F b o a a r n e n d i k gn Other c s T a e s o r h t v a r e l e s - n c F r u o e e l s t d a e e e t r c i r v o i a e r n l - R ce e p n s e e t r a r - v g e e reserve ment rovernment 1919 January - 1, 825,146 1, 635, 440 71,318 93,291 25, 097 2,164,167 2, 540, 642 49.6 February. _. 1, 855, 124 1,611,611 129, 576 93,488 20,449 2,183, 641 2,462, 941 50.6 March 1, 951, 753 1, 651, 764176,719 94, 784 28,486 2,202, 368 2, 503, 350 49.4 April 1, 878, 879 1, 655, 697 97,133 96, 634 29, 415 2, 224, 948 2, 547, 535 50.3 May 1, 944, 547 1, 685, 845123, 661 96, 693 38, 348 2, 246, 087 2, 534,112 50.2 June 1, 940, 647 1, 696, 286111,525 95,069 37,767 2, 248, 265 2, 500, 969 50.9 July 1, 959, 758 1, 719, 373119, 053 93, 383 27, 949 2,176, 779 2, 523, 960 48.5 August 1,911,769 1, 740, 241 67, 604 81,451 22,473 2,146, 003 2, 544, 357 48.2 September- 1, 930, 970 1, 769,146 53, 970 81, 755 26, 099 2,157, 932 2, 627, 295 47.3 October 1, 980, 676 1, 793, 32188, 300 73, 921 25,134 2, 207, 386 2,738, 394 46.8 November.. 2, 013, 944 1, 837, 047 79, 978 73, 393 23, 526 2,185,149 2,812, 247 45.3 December.. 1, 990, 221 1, 819, 639 70, 301 73,403 26, 878 2,149, 653 2, 955, 476 43.5 January 2, 027,861 1, 883, 086 46, 678 73, 297 24, 800 2,098, 498 2,887, 846 42.7 February. _. 2, 002, 503 1, 858, 33949, 749 73,442 20, 973 2,053, 422 2, 946, 863 41.5 March 2, 032, 787 1, 877, 761 56, 752 75, 522 22, 752 2, 058, 293 3,040,440 40.6 April 1, 998, 732 1, 870, 337 22, 219 77, 595 28, 581 2, 084, 077 3,071,754 41.1 May 1, 987, 323 1, 853,139 31, 257 76, 872 26, 055 2, 078, 822 3, 089, 737 40.9 June 1,974, 537 1, 852, 756 34, 066 59, 468 28, 247 2,102, 985 3,113, 949 41.3 July 1, 909, 221 1,840,195 14, 801 31, 464 22, 761 2,118, 899 3,143, 465 41.9 August 1, 885, 062 1, 807,447 32, 032 27, 994 17, 589 2,127, 305 3,165, 222 42.1 September-. 1, 912, 070 1, 817, 076 57, 341 19, 923 17, 730 2,139, 280 3, 275, 535 41.2 October 1, 867, 589 1, 814, 536 25, 946 8,371 18,736 2,162,178 3, 336, 768 41.5 November.. 1,830,011 1, 782,158 21, 062 7,713 19, 078 2,182, 795 3, 327, 632 42.3 December.. 1, 821, 746 1, 758,479 38, 661 5, 928 18, 678 2, 221, 573 3, 342, 520 43.0 1921 January. 1,822, 600 1, 772, 885 25, 301 5,659 18, 755 2, 287, 274 3,177, 656 45.7 February.-- 1, 804, 476 1, 728,141 50, 337 5,596 20, 402 2, 343, 537 3, 068, 578 48.1 March 1, 808, 529 1, 694, 073 81,151 9,171 24,134 2, 403, 470 2, 979,486 50.2 April 1, 749, 568 1, 664, 641 50, 627 11,561 22, 739 2, 485, 079 2, 870, 672 53.8 May 1, 717,423 1, 656, 585 28,487 10, 260 22, 091 2, 541, 647 2, 787, 379 56.4 June 1, 723, 271 1, 663, 568 28, 579 9,521 21, 603 2, 605, 779 2, 682, 560 59.1 July 1, 696, 481 1, 639, 493 29, 764 8,971 18, 253 2, 655,179 2, 604, 750 61.7 August 1, 691,137 1, 621, 292 43, 879 9,452 16, 514 2, 740,388 2, 512, 350 65.2 September.. 1, 716,162 1, 629, 372 59, 339 10,024 17,427 2, 836, 396 2, 493, 910 67.4 October 1, 728, 029 1, 651, 791 50, 234 9,035 16, 969 2, 905, 727 2, 456,121 69.4 November.. 1, 732, 504 1, 662, 68442, 242 9,960 17, 618 2, 964, 419 2, 402, 442 71.7 December. . 1, 755, 226 1, 673, 406 54, 364 11, 303 16,153 2, 994, 982 2, 416, 096 71.8 1922 I January 1, 800, 990 1, 707, 286 65,116 9,589 18, 999 3,043, 984 2, 272, 057 74.7 February 1, 814, 446 1, 688, 637 91,940 8,571 25, 298 3,070, 045 2,176, 529 76.9 March 1, 794, 895 1, 711, 366 44, 212 7,872 31,445 3, 095, 762 2,195,133 77.6 April 1, 822, 788 1, 733, 256 49,553 6,437 33, 542 3,114, 928 2,190,447 77.6 May 1, 877, 269 1, 782, 515 57, 588 5,234 31,932 3,126, 773 2,153, 053 77.6 June 1, 892, 591 1,820, 254 38, 537 4,729 29, 071 3,136, 308 2,138,430 77.8 July... 1, 882,118 1, 812, 022 41, 874 4,515 23, 707 3,158, 276 2,157, 405 78.2 August 1, 859, 524 1, 799,155 35, 648 4,580 20.141 3,195, 502 2,151,185 79.7 September 1, 866, 300 1,811,036 32,468 4,726 18; 070 3,192,420 2, 225, 457 78.0 October 1, 876, 362 1,835, 728 19,176 3,216 18, 247 3, 211, 513 2, 309, 013 76.7 November 1, 890, 022 1,825, 092 38,123 2,748 24, 059 3, 208, 752 2, 324,865 76.1 December 1,891, 457 1, 840, 300 23, 387 2,485 25, 285 3,166, 019 2,415, 515 73.5 1923 January. 1, 981, 717 1,918,353 17,176 2,822 43, 366 3, 201,969 2, 288, 527 75.0 February.-. 1, 969, 757 1, 900, 663 44, 017 2,933 22,144 3, 208, 682 2, 244, 733 76.1 March 1,960, 540 1, 873, 018 65,860 2,116 19, 546 3,190, 625 2, 253,189 75.7 April 1, 944,805 1, 868, 551 54,884 3,595 17, 775 3,176,630 2, 236,378 76.0 May 1, 948, 878 1,873, 901 38, 762 3,143 33,072 3,180,433 2, 243,189 75.9 June 1,931,212 1,866,929 35,902 2,794 25, 587 3, 204, 303 2, 246, 535 76.7 July 1,919, 779 1, 866, 761 28, 752 2,605 21, 661 3,181,220 2, 242,143 76.4 August 1, 890, 069 1, 834, 762 32,863 2,456 19, 988 3,194,364 2, 228,947 77.6 September.. 1,908,193 1, 847, 503 38, 234 3,121 19,335 3,187,000 2, 264,090 76.4 October 1,919,312 1,864,140 31,807 4,594 18,765 3,194,285 2,276,388 76.1 November.. 1,938, 964 1, 875, 291 32,422 4,184 27,067 3,199,810 2,256,777 76.3 December.. 1,931,408 1,881,913 27, 522 4,121 17, 852 3,168, 984 2, 292, 306 75.0 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

58 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No. 2.—DEPOSITS, RESERVES, NOTE CIRCULATION, AND RESERVE PERCENTAGES OF FEDERAL RESERVE BANKS, BY MONTHS, 1914-1927—Continued [Monthly averages of daily figures. In thousands of dollars] Deposits Foreign^ Total F re e s d e e r r v a e l Reserve Month Total M b e a m n b k er G er o n v - - b a a n n d k | j Other c s a e s r h v e re s - n cu o l t a e t c io ir n - perreserve ment Govern.! ment | 1924 January j 1,979,913 1, 910, 87744, 460 3,819 20, 757 3, 241, 596 2,112, 873 79.2 February 1,954,479 1, 892,160 40,182 3,279 18,858 3, 239,282 2,034, 540 81.2 March 1,991,066 1, 915, 42053,861 2,792 18, 993 3, 222, 877 2, 013, 515 80.5 April 2,004,391 1,905, 354 75, 951 3,008 20, 078 3, 201, 763 1, 971,184 80.5 May 1,980,210 1, 922, 01234, 340 2,864 20, 994 3, 221, 809 1,915, 449 82.7 June.. 2, 064, 532 2, 000, 505 42, 582 3,725 17, 720 3, 246, 997 1, 870, 823 82.5 July 2,109, 552 2,046, 240 35, 568 7,183 20, 561 3, 248,713 1,825, 260 82.6 August 2,139, 536 2, 071, 875 34. 668 13, 350 19,643 3, 211, 455 1, 757, 470 82.4 September.. 2,188, 401 2,120, 210 36,981 13,157 18, 053 3,156, 623 1, 750,498 80.1 October 2, 208, 309 2,140, 761 40, 833 8,755 17, 960 3,124,202 1, 769,354 78.5 November.. 2, 223, 364 2,164, 429 29,107 8,372 21, 456 3,131,153 1,836,189 77.1 December.. 2, 255,346 2,181, 761 41, 529 13, 798 18, 258 3,056, 709 1, 884, 318 73.8 1925 January. 2, 276, 911 2,194, 270 39, 930 21,853 20, 858 3, 072, 677 1,754,356 76.2 February... 2, 233, 531 2,158, 816 32,457 21, 689 20, 569 3, 041, 913 1, 714, 929 77.0 March 2,193,473 2,137,427 26,202 8,887 20,957 3,000,252 1, 731, 223 76.4 April 2,181, 000 2,123,131 30, 431 6,659 20, 779 2, 978, 628 1, 708, 529 76.6 May 2,191, 354 2,132, 087 31, 454 6,657 21,156 2, 977, 357 1, 684, 876 76.8 June 2, 208, 968 2,141, 271 42, 269 6,384 19, 044 2,953,024 1,660,130 76.3 July 2, 204, 389 2.160, 281 17, 576 5,722 20, 810 2, 921, 585 1, 635, 694 76.1 August 2, 209, 321 2,151,478 33,186 5,212 19, 445 2, 896, 876 1, 626,387 75.5 September.. 2, 214, 359 2.161, 329 26, 752 6,708 19, 570 2,872, 807 1, 679, 594 73.8 October 2, 266, 442 2,203,011 33, 689 8,922 20,820 2,867,444 1, 713, 723 72.0 November- 2, 294, 052 2, 221, 367 32, 054 12, 278 28,353 2,877, 578 1, 724, 362 71.6 December.. 2, 281, 484 2, 218, 552 31,105 10, 821 21, 006 2, 805, 791 1, 817, 473 68.5 1926 January. 2, 289, 298 2, 235, 986 23, 714 7,944 21, 654 2, 922, 466 1, 736, 653 72.5 February. _. 2, 274, 728 2, 208, 272 40, 736 5,999 19, 721 2,925, 529 1,675, 586 74.1 March 2, 276, 724 2,197, 682 52, 511 7,254 19, 277 2, 933,885 1,673, 416 74.3 April 2, 251,846 2,183,479 42,143 5,502 20, 722 2,932, 794 1, 675,195 74.7 May 2, 253, 294 2,199, 229 27, 671 5,248 21,146 2, 952, 013 1, 686, 721 74.9 June 2, 241, 415 2, 205, 974 12,193 5,738 17, 510 2, 975, 552 1, 703, 312 75.4 July.__ 2, 262,420 2,211,545 26,246 5,407 19, 222 2,969,505 1,714,636 74.7 August 2, 253, 350 2, 200, 909 25, 098 10,127 17, 216 2, 965, 896 1, 699, 212 75.0 September.. 2, 273, 205 2,211,367 31, 723 10, 856 19, 259 2, 950,380 1, 734, 479 73.6 October 2, 280,180 2, 219, 023 34, 264 7,271 19, 622 2, 934,877 1, 750, 326 72.8 November- 2, 279,135 2, 214, 441 28, 229 11,917 24, 548 2, 955,169 1, 767, 291 73.0 December.. 2, 289, 632 2, 218,186 39, 758 13, 843 17,845 2,929,074 1,856,436 70.6 1927 January . 2, 300, 204 2, 242, 854 24,132 11,316 21, 902 3, 064, 506 1, 753, 799 75.6 February.. . 2,266,460 2, 212, 206 28,132 4,924 21,198 3,137, 737 1, 704, 703 79.0 March 2, 284, 809 2, 239, 952 21, 823 6,021 17, 013 3,168,365 1, 721,876 79.1 April 2, 301,120 2, 248, 302 29, 622 5,521 17, 675 3,182, 325 1, 744, 530 78.7 May 2,326,816 2,262,397 25. 374 5,309 33,736 3,191,623 1,730, 655 78.7 June 2, 355, 428 2, 300, 897 20, 660 5,341 28, 530 3,170,162 1, 718, 203 77.8 July 2, 339, 478 2, 288,948 17, 420 5,233 27, 877 3,156, 204 1, 714, 666 77.9 August 2, 331, 452 2, 283,097 17, 890 5,100 25,365 3,145, 581 1, 681,059 78.4 September- 2, 350, 875 2, 300,450 20, 324 5,675 24, 426 3,117, 062 1, 721, 726 76.5 October 2,380,856 2,326,009 20,426 8,365 26, 056 3, 089, 483 1, 732,196 75.1 November.. 2, 429, 976 2, 372, 954 12, 812 6,227 37, 983 3, 011, 346 1, 729, 078 72.4 December. . 2, 435,984 2, 399,182 9,976 5,063 21, 763 2, 893, 417 1, 794, 917 68.4 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

59 EESEEVE BANK CREDIT No. 3.—RESERVE BANK CREDIT OUTSTANDING, BY WEEKS [Averages of daily figures. In thousands of dollars] Bills and securities held by Federal reserve banks Due Week en d d a in y g - (Satur- Total Total f B c o o i r l u l m s n d e te m i d s- - bo B u il g ls ht U S n ta it t e e d s s O ec th u e ri r - f b o f a r r o e n i m k g s n R b e fl a s o e n a r k v t e ber banks securities ties 1927 Jan. 1 1, 479, 285 1, 420, 768 718, 828 382, 544 316,793 2,603 651 57,866 8 1.378, 004 1,319,116 622, 276 377, 566 315, 795 3,478 657 58,231 15 1,198, 337 1,147, 994 484, 069 345, 987 313,171 4,767 657 49, 687 22 1,124,075 1, 074,119 420, 796 338,301 311,136 3,886 657 49, 299 29 1, 048,499 1, 012,178 392, 934 313, 663 303,080 2,500 657 35, 663 Feb. 5__- ._. 1,051,718 1, 017,454 387,909 323,154 303, 891 2,500 657 33, 607 12..«. .__ 1, 028, 277 991,191 379, 641 304,368 304, 682 2,500 658 36,429 19... .. 1, 037, 296 990,811 377,448 304, 067 307,153 2,143 658 45, 827 26 1,043, 763 1, 013,325 413, 089 290, 582 307, 655 2,000 659 29, 779 Mar. 5 1, 081, 904 1,046,182 441,034 290, 775 312, 372 2,000 659 35,064 2 19 6 IIIIIIIIIIIII 1 1 1 , , , 0 0 05 7 2 2 5 7 , , , 1 8 2 2 02 9 1 1 1 1 1 , , , 0 0 0 0 2 4 0 1 0 , , , 1 3 8 9 1 1 4 6 8 4 4 3 3 2 8 4, 9 7 , , 2 1 1 6 2 0 5 7 2 2 2 22 7 4 6 7 , , 0 , 3 5 9 6 7 0 6 9 4 4 3 3 1 1 3 2, 1 7 , . 4 3 1 6 2 9 6 9 0 2 2 2 , , , 0 0 0 0 0 0 0 0 0 6 6 6 6 5 5 0 9 8 2 3 3 6 0 3 , , , 8 2 5 7 4 4 5 5 8 Apr. 2 1,066, 935 1, 037,469 457, 656 239,107 338, 277 2,429 660 28, 806 9 1, 096,490 1, 056, 780 464, 689 242, 642 346, 949 2,500 659 39, 051 16 1,109, 528 1, 051, 607 435, 599 252, 932 360, 719 2,357 659 57, 262 23 1, 089,485 1, 029, 785 435,058 255,320 337, 906 500 659 59,041 30 1, 049,103 1, 011, 029 443,868 243,423 321, 975 763 660 37,414 May 7 1, 083,162 1, 035,104 488, 617 241, 500 303,180 660 47,399 14 1,004,071 963,310 472,820 231, 889 256, 802 800 660 40,101 21 1, 001, 690 956, 081 456, 322 224, 215 273,744 800 660 44,949 28 1, 056, 673 1, 020, 225 469, 735 234,124 314, 565 800 660 35, 789 June 4 1,126, 608 1,086, 089 485,399 236,173 362, 717 800 660 39, 859 11 1,100,493 1, 062,822 404, 352 223, 863 432, 807 800 661 37, 010 18 1, 059, 930 1, 007, 423 394, 086 188,514 423, 309 514 3, 935 48,572 25 1, 033, 638 982, 969 435, 025 185, 518 361,126 300 14,630 36, 038 July 2__. _. . 1,129, 753 1, 065, 222 483, 882 205, 801 374, 239 1,300 26, 576 37, 956 9 1,194, 065 1,102, 509 523, 217 202, 891 375,101 1,300 39, 514 52, 043 16.._ 1,107, 577 1, 010, 099 434, 582 196, 389 377,827 1,300 47, 794 49, 684 23 1, 076, 564 986, 239 415, 349 185,148 384,442 1,300 48, 730 41, 595 30 1, 052, 542 976, 355 415, 339 172, 406 387, 310 1,300 48, 728 27,460 Aug. 6 1.100, 890 1, 015, 949 440, 044 170, 491 404,113 1,300 48, 732 36, 209 13 1,087,611 1, 004,163 407, 878 174, 586 420, 399 1,300 48, 753 34, 695 2 2 7 0 1 1, . 1 0 0 8 1 6 , , 8 4 6 7 2 3 1 1 , , 0 0 1 31 9 , , 41 7 3 71 4 4 0 0 1 0 , , 8 59 3 6 0 1 17 7 3 0 , , 6 63 9 4 8 4 4 4 5 6 7 , , 2 4 2 4 3 2 4 3 4 1 3 7 4 2 0 2 , , 5 1 5 2 8 9 4 3 1 2 , , 8 5 9 7 1 4 Sept. 3 1,124,421 1, 079, 646 412, 910 192, 028 474,388 320 12, 308 32,467 10 1,193, 744 1,143, 591 445,490 204, 802 492, 978 320 12, 271 37,882 17 1, 203, 699 1,140, 594 400, 647 206, 328 533,085 534 10, 471 52, 634 24 1,163, 919 1,121,410 412, 394 218,411 489, 786 820 1,627 40, 882 Oct. 1 1, 203,189 1,169, 204 429, 694 241, 377 497,313 820 1,109 32, 876 8 1, 254, 221 1,211,930 444,656 260, 855 505, 598 820 729 41,562 15 1, 267,130 1, 224, 765 442,488 271, 922 509, 578 776 563 41,812 22 1, 237, 827 1,187, 083 404, 669 277, 217 504, 605 591 563 50,182 29 1, 249, 948 1,218,513 408, 582 305,959 503, 358 614 564 30,872 Nov. 5 1, 300, 607 1, 257, 263 337, 914 522, 850 600 564 42, 781 12 1, 369, 111 1, 304, 719 432, 772 339, 641 531, 704 602 564 63, 828 19 1,411,117 1, 357, 748 376,358 334, 675 646,100 615 564 52,805 26 1.379, 928 1, 348, 372 413, 276 326, 364 608, 094 638 565 30, 992 Dec. 3___ 1,436, 510 1,402, 727 481, 643 358,132 562, 074 878 565 33,218 10 1,488,348 1,449,124 468, 348 378, 565 601, 294 917 565 38,659 17 1, 546,395 1,497, 326 480, 749 373,429 642, 207 941 565 48, 504 24 1, 633, 698 1, 553,160 585,472 374, 526 592.191 971 567 79, 971 31 1,646, 663 1, 591, 631 599,488 385,865 605, 327 951 568 54,464 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

60 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No. 4.—DEPOSITS, RESERVES, NOTE CIRCULATION, AND RESERVE PERCENTAGES OF FEDERAL RESERVE BANKS, BY WEEKS [Averages of daily figures. In thousands of dollars] Deposits W (S e a e tu k r d e a n y d ) i — ng Total M re b e s a m e n r b k v e e r m G er e o n n v - t - F b o a re n i k gn Other re T c s o a e t s r a v h l es c n F r u o e e l s t d a e e e t r c i r v o i a e r n l - R c e e p s n e e t r r a - v g e e 1927 Jan. 2, 316, 099 2,230,711 35,845 32,000 17,543 2,926, 229 1,878,935 2.348,867 2,283, 553 13, 225 25, 328 26,761 2,989, 556 1,824,567 71.6 15.. 2,297,773 2,250,627 19,468 5,814 21,864 3,056,328 1, 766,429 75.2 22.. 2,297,028 2, 237,167 32,256 5,532 22,073 3,091,690 1,723,086 76.9 29.. 2,267, 045 2,213,391 29,791 5,105 18, 758 3,121,138 1, 701,239 78.7 Feb. 5. 2,270, 730 2,218,864 28,823 4,411 18, 632 3,123, 265 1, 697,221 78.7 12. 2,254, 522 2,203,611 22, 306 4,541 24, 064 3,136,115 1,703,113 79.2 19. 2,276,277 2, 219,044 26,373 5,215 25, 645 3,145,914 1,697,935 79.2 26. 2,258,476 2,203, 355 32,993 4,917 17,211 3,142,027 1, 713, 677 79.1 Mar. 5_. 2,277,802 2,218,434 37,140 5,116 17,112 3,137, 913 1,726,247 78.4 12_. 2,270,845 2, 222,188 23, 768 4, 805 20, 084 3,161, 226 1, 727,147 79.1 19.. 2,312,849 2,271,124 17,226 5,257 19, 242 3,173,618 1,720,643 78.7 26_. 2,276,401 2,245, 537 8,890 5,305 16, 669 3,183, 453 1, 716, 504 79.7 Apr. 2.. 2,291, 349 2, 239, 734 31,174 5,234 15,207 3,173, 204 1,727,813 I 79.0 2,295,871 2, 249, 457 24,677 5,066 16, 671 3,171,490 1,745,158 [ 78.5 16. 2.307,868 2, 250, 540 32,169 5,165 19,994 3,180,415 1,754,496 78.3 23. 2,311,974 2,251,210 35,223 6,812 18,729 3,188,895 1,744,549 78.6 30. 2,291,998 2, 245, 554 25,074 4,944 16, 426 3,194, 828 1,732,131 79.4 May 2,335,325 2,261,394 22,910 5,420 45,601 3,194,878 1,735,330 78.5 14.. 2, 323, 223 2,264,043 I 21,178 4,791 33,211 3,216,765 1,733,956 79.3 21. 2, 324, 914 2,262,316 27,636 5,635 29, 327 3,209, 778 1, 723, 780 79.3 28 2,331,365 2,270,492 27,430 5,392 28, 051 3,166, 728 1, 723, 398 78.1 June 4_. 2,353,475 2,289,047 27, 977 4,815 31,636 3,144, 395 1,744, 589 76.7 2,368,719 2,311,082 24,774 5,836 27,027 3,159,949 1,727,943 77.1 2,353,461 2,306,405 11,801 5,083 30,172 3,175, 584 1,713,192 78.1 25-. 2,324,001 2,275,493 18, 344 4,944 25,220 3,182, 615 1,704,298 79.0 July 2.. 2,367,915 2,305,039 25,191 5,159 32, 526 3,166,650 1,724,134 77.4 9_. 2,359,102 2,306,651 15,452 5,162 31,837 3,139,782 1,757,297 76. 3 16.. 2,334,091 2,286,622 14,355 5,590 27, 524 3,160,011 1, 720, 960 77.9 23.. 2,330,754 2,283,483 16, 310 5,091 25,870 3,163, 565 1,693,809 78.6 30.. 2,320,923 2,269, 542 21,115 5,001 25,265 3,167,297 1,677,733 79.2 Aug. 2,344, 833 2,291,473 23,076 4,756 25,528 3,153,687 1,681,964 77,4 13.. 2,328,315 2,286,309 12,464 4,630 24,912 3,146, 506 1,680,179 78.5 20.. 2,337, 890 2,287,285 19,163 5,098 26,344 3,140,663 1,679,015 78.2 27.. 2,321,957 2,271,895 19,663 5,190 25,209 3,145,777 1,682,224 78.6 Sept. 3_. 2,332,054 2,281,850 20,173 5,611 24,420 3,135,275 1,695,798 77.8 2 1 4 7 . " . 2 2 2 , , , 3 3 3 3 5 7 2 0 0 , , , 6 3 2 0 3 1 1 7 4 2 2 2, , , 2 3 2 9 2 8 9 3 3 , , , 9 0 8 4 1 3 4 7 2 2 2 1 0 0 4 , , , 1 6 1 1 4 4 1 7 5 5 5 5 , , , 5 5 5 6 1 5 7 7 3 2 2 2 4 7 3 , , , 4 1 1 9 4 7 9 1 9 3 3 3 , , , 1 1 1 1 1 1 8 7 7 , , , 4 5 4 5 8 3 1 9 4 1 1 1 , , , 7 7 7 2 1 2 9 7 3 , , , 1 9 4 9 1 6 6 8 4 7 7 7 6 7 6 . . . 4 0 2 Oct. 2,351,564 2,299,018 23,634 5,536 23,376 3,107,994 1,723,913 76.3 2, 376,663 2, 322,385 24,' 983 5,476 23,819 3,091,946 1, 733,649 75.2 15. 2,386, 025 2,332,235 17, 648 5,570 30.572 3, 093,646 1,741,599 74.9 22 _ 2, 386,830 2,323,969 15,763 11,436 35,662 3,096,977 1,731,321 75.2 29. 2,394,928 2,328,394 23,119 10,661 32,754 3,083,980 1,720,622 74.9 Nov. 5.. 2,394,928 2, 337,959 18,830 8,286 29,853 3,053,979 1,729,567 74.0 12_. 2,423,271 2,342,246 24,950 6,502 49.573 3,024,549 1,738,067 72.7 19. 2,474,114 2,415,635 10,480 5,921 42,078 3,011,151 1,721,419 71.8 26.. 2,414, 743 2, 372,091 3,691 5,458 33,503 2,993,128 1,728,848 72.2 Dec. 3_. 2,431,424 2, 395,490 3,428 5,021 27,485 2, 961, 788 1,736,786 71.1 10.. 2,429,563 2, 398,592 2,158 5,438 23,375 2,938, 009 1,761,340 70.1 17.. 2,436,535 2,405,366 4,042 5,067 22,060 2,906,494 1,781,694 68.9 24.. 2,418,255 2, 376, 681 16,680 4,685 20,209 2,852,470 1,834,238 67.1 31.. 2,460, 353 2,415,248 20,608 4,522 19, 975 2, 852, 320 1,822,257 66.6 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

61 RESERVE BANK CREDIT No. 5.—PRINCIPAL RESOURCES AND LIABILITIES OF FEDERAL RESERVE BANKS, BY WEEKS [In millions of dollars] Bills and securiti3S Deposits Federal Date Total1 e c B d d o i i u l s f l n - o s t r - Bil B ls o b u o g u h g t ht U de n r - U. S B . s o e u c g u h r t itie U d s e n r - s T c e o r a r e v t s - a h e l s Total | r M e b s b a e e e n m r r k v - e O p d t o e h s - e - r s n i c n e o u r r e l t c v - a e i e r - s mem- Total out- resaleTotal out- resale bal- its tion ber right agree- right agree- ances banks ment ment 1927 Jan.5 . 1,340 633 389 316 73 314 301 12.9 2,998 2,409 2,352 57 1,813 12 1,143 490 338 292 46 311 301 9.7 3,071 2, 324 2,274 50 1, 750 19 1,069 416 337 274 63 313 302 11.2 3,096 2,318 2,243 74 1,710 26 972 365 302 270 32 303 302 .9 3,133 2,245 2,192 53 1,688 Feb. 2 1,029 393 329 276 53 304 302 2.0 3,129 2,298 2, 242 56 1, 687 g 989 379 303 252 51 305 I 302 2.2 3,148 2,267 2,221 46 1,694 16 1,025 396 315 246 69 312 | 304 7.7 3,158 2,342 2,289 54 1,685 23 985 398 280 245 35 305 | 305 •4 3,141 2,215 2,166 49 1,708 Mar. 2 1,037 435 289 225 64 311 1 305 5.6 3,144 2,290 2,231 58 1,717 9 990 416 265 209 56 307 ' 306 1.0 3,173 2,261 2, 221 40 1,719 16.... 1,027 331 219 192 27 475 ' 473 2.6 3,185 2,323 2,295 28 1,706 23 1,033 457 231 186 45 342 321 20.8 3,193 2,329 2,300 29 1,702 30 1,049 456 237 184 53 353 312 41.5 3,183 2,328 2 274 53 1,711 Apr. 6 986 402 239 196 43 342 i 312 29.8 3,183 2,265 2,232 34 1,727 13 1,040 426 257 205 52 355 | 313 42.8 3,191 2,307 2,265 43 1,744 20 996 414 247 197 50 333 313 19.6 3,203 2,300 2,250 50 1,730 27 1,006 444 242 194 48 318 ; 314 4.0 3,207 2,314 2,270 44 1,718 May 4 1,070 508 244 203 41 316 ! 312 3.8 3,207 2,389 2, 326 63 1,721 11 931 442 233 193 40 254 249 5.0 3, 234 2, 326 2,271 54 1,718 18 955 458 225 170 55 269 j 265 3.7 3,223 2, 353 2,295 58 1,711 25 989 429 236 172 64 322 | 302 19.6 3,178 ?., 326 2, 268 58 1,706 June 1.:... 1,090 497 229 158 71 362 340 22.4 3,154 2,367 2,308 58 1,740 8 1,061 399 222 164 58 438 431 7.3 3,170 2,390 2,331 59 1,717 i5_v_~r 1,092 361 183 160 23 547 ! 545 2.6 3,185 2,474 2,421 53 1,698 22 993 439 183 172 11 369 366 3.5 3,194 2,365 2,307 58 1,689 29 1,071 477 216 183 33 376 367 9.3 3,184 2, 399 2,342 57 1,703 July 6—. 1,082 507 199 179 20 374 367 7.2 3,141 2,341 2,297 44 1,751 13 999 426 193 179 14 378 371 6.3 3,171 2,361 2,315 46 1,703 20 976 403 185 173 13 386 379 6.7 3,171 2,346 2,301 46 1,676 27 954 398 169 157 12 385 381 4.5 3,181 2,330 2,282 48 1,662 \ug 3 1,032 445 178 129 49 407 403 4 6 3,162 2,394 2,350 44 1,673 10 1,010 413 176 117 58 420 417 3.5 3,154 2,354 2,315 39 1,668 17.... 1, 003 390 171 107 64 442 434 7.5 3,149 2,347 2,295 52 1,665 24 1,038 414 179 110 69 445 442 2.6 3,158 2,354 2,306 48 1,671 31 1,059 401 185 118 67 473 470 2.9 3,146 2,341 2,299 42 1,676 Sept. 7 1,147 449 197 116 81 499 491 8.2 3,125 2,368 2,318 49 1,721 14 1,102 375 227 144 83 500 472 27.4 3,124 2,367 2,325 42 1,708 21 1,118 415 219 158 61 484 481 2.8 3,134 2,363 2,311 52 1,701 28.._- 1,168 430 242 171 71 494 484 10.3 3,126 2,390 2,337 53 1,706 Oct. 5__ 1,230 462 262 176 86 505 494 11.3 3,103 2,426 2, 360 66 1,717 12 1,216 430 274 193 81 510 494 16.1 3,104 2,405 2, 324 80 1,734 19 1,201 418 283 225 58 500 495 5.4 3,112 2,429 2, 384 45 1,717 26 1, 215 402 301 243 58 511 507 3.4 3,093 2,404 2,352 52 1,703 Nov. 2 1,241 379 335 275 60 526 523 3.0 3, 067 2,404 2,362 42 1,717 9 1, 328 461 336 290 46 530 530 .3 3,041 2,423 2,369 54 1,735 16 1,407 367 334 287 47 705 703 3.9 3,027 2,566 2,500 66 1,706 23.... 1,367 418 327 294 33 621 618 3.0 2,993 2,436 2,393 43 1,729 30..... 1,381 477 355 289 66 548 544 4.1 2,940 2,413 2,379 35 1,717 Dec. 7 1,429 444 380 299 81 604 593 11.1 2,953 2,427 2,397 30 1,750 14 1,475 495 381 319 62 598 590 7.8 2,918 2,448 2,419 29 1,767 21 1,533 578 366 315 51 588 563 ! 25.4 2, 858 2,434 2,394 40 1,821 28 1,599 609 386 316 70 603 559 44.4 2,862 2,473 2,432 41 1,813 1 Includes "other securities." Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

62 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No. 6.—RESOURCES AND LIABILITIES OF FEDERAL RESERVE BANKS IN DETAIL, DECEMBER 31, 1927 l [Amounts in the column to the right are those shown in the Board's weekly statement, their components being shown in the column to the left] [In thousands of dollars] RESOURCES Gold with Federal reserve agents 1,538,696 Gold redemption fund with United States Treasurer 57,024 Gold held exclusively against Federal reserve notes.. 1,595, 720 Gold settlement fund with Federal Reserve Board 528,177 Gold coin 111,019 Gold bullion and foreign gold coin 160,983 Gold certificates 337,288 Gold and gold certificates held by banks 609,290 Total gold reserves 2,733,187 Legal-tender notes 49,832 Silver certificates _ 72,260 Standard silver dollars 11,872 Reserves other than gold. _ 133,964 Total reserves 2,867,151 National bank notes 61,625 Federal reserve bank notes 34 Subsidiary silver, nickels, and cents 15,086 Nonreserve cash _. 76, 745 Bills discounted: Secured by United States Government obligations 417,729 Other bills discounted 163,774 Total bills discounted 581,503 Bills bought outright 310,415 Bills bought under resale agreement 81, 624 Total bills bought in open market 392,039 U. S. securities bought under resale agreement: Liberty bonds 15,114 Treasury notes _ 16,900 Certificates . 24,545 Total U. S. securities bought under resale agreement 56, 559 U. S. securities bought outright: Liberty bonds ... 263,594 Bonds issued since 1921 8, 798 Other U. S. bonds. 3,199 Total bonds. 275,591 Treasury notes... 52, 213 Certificates of indebtedness 232,153 Total U. S. securities bought outright 559,957 Total United States Government securities 616,516 Federal intermediate credit bank debentures 760 Municipal warrants 120 Other securities 880 Total bills and securities 1,590,938 Due from foreign banks - 566 Transit items ._ .. 656,973 Exchanges for clearinghouse 36,888 Other cash items 20,241 Federal reserve notes of other Federal reserve banks 23,504 Uncollected items 737,606 1 Before closing of books at end of year. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RESERVE BANK CREDIT 63 Bank premises _ _ 60,207 Claims account closed or suspended banks __ 3,665 Overdrafts—Me mber banks __. 16 Premium on securities _ 2,246 Interest accrued 5,487 Deferred charges 661 Suspense account and miscellaneous assets 3,000 All other resources. 15,075 Total resources _ 5,348,288 LIABILITIES F ederal reserve notes outstanding (issued to Federal reserve bank) _ _ _ 2,234,098 Less- Held by banks and branches 424,433 Forwarded for redemption 19,798 Federal reserve notes in actual circulation._. 1,789,867 Deposits: Members—reserve account. 2,485,957 Government 18,109 Foreign bank 4,649 Nonmembers' clearing account 17,250 Officers' checks 2,676 Federal reserve transfer and exchange drafts 468 All other 460 Other deposits __ _ 20,854 Total deposits 2,529,569 Government transit items 7, 695 All other transit items 643,335 Deferred availability items _ 651,030 Capital paid in _ _. 132,480 Surplus 228,775 Earnings: Gross earnings..- 43,024 Current expenses ___ 27,518 Current net earnings __ __ _ 15,506 Add— Profit and loss _. 85 Other real estate—net income 78 Deduct— Furniture and equipment .._ 799 Dividends accured since closing of books __ 7,755 Net earnings available for depreciation allowances, reserves, surplus, and franchise tax _ .__ 7,115 Reserve for self-insurance . _ _ 2,057 Reserves for losses account failed or suspended banks _ 3,458 Miscellaneous reserves. _. 220 Accrued dividends unpaid 855 Unearned discount - 1,421 Accrued taxes, other than franchise tax, unpaid 534 Discount on securities _ 46 Suspense account and miscellaneous liabilities - 861 All other liabilities ..._ 16,567 Total liabilities 5,348,288 Contingent liability on bills purchased for foreign correspondents__ 228,685 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No. 7.—RESOURCES AND LIABILITIES OF FEDERAL RESERVE BANKS AT THE END OF EACH MONTH [In millions of dollars] 1926 1927 Dec. 31 Jan.31 Feb. 28 Mar. 31Apr. 30 May 31 June 30 RESOURCES Gold with Federal reserve agents. ._ . 1,382 1,535 1,549 1,662 1,617 1,634 1,607 Gold redemption fund with U. S. Treasury... 67 49 45 52 43 50 45 Gold held exclusively against F. R. notes -__--_ 1,449 1,583 1,594 1,714 1,660 1,684 1,652 Gold settlement fund with F. R. Board 665 608 616 562 657 579 593 Gold and gold certificates held by banks: United States gold coin 116 163 171 172 169 175 174 Gold bullion and foreign coin 182 155 148 123 128 126 152 Gold certificates 407 449 447 440 414 418 427 Total gold reserves 2,819 2,957 2,976 3,010 3,029 2,982 2,998 Reserves other than gold 129 160 154 157 157 156 158 Total reserves. 2,948 3,117 3,130 3,168 3,187 3,138 3,156 Nonreserve cash 67 70 63 60 56 51 52 Gold held abroad 60 23 Bills discounted 637 425 470 451 477 459 443 Bills bought: Outright 0) 272 230 185 197 159 181 Under resale agreement 0) 49 67 54 41 69 30 Total bills bought 381 321 296 239 238 228 211 United States securities: Bought outright 312 303 305 317 322 336 367 Under resale agreement 3 1 11 31 5 8 3 Total United States securities 315 304 316 348 327 343 370 Other securities _ 3 3 2 3 2 2 1 Total bills and securities 1,335 1,053 1,084 1,040 1,044 1,032 1,025 Due from foreign banks . . 1 1 1 1 1 1 29 Reserve bank float2 45 17 23 32 40 14 28 Total reserve bank credit outstanding.. 1,381 1,071 1,108 1,072 1,085 1,046 1,082 Federal reserve notes of other F. R. banks 25 19 16 16 18 13 17 Other uncollected items not included in float. 660 496 557 567 560 533 603 Bank premises 58 58 58 58 59 59 59 All other resources.-. 11 12 14 13 13 14 14 Total resources. _ _ 5,150 4,842 4,946 4, 955 4,976 4,914 5,006 LIABILITIES Federal reserve notes: Held by other Federal reserve banks 25 19 16 16 18 13 17 Outside Federal reserve banks 1,826 1,685 1,711 1,708 1,726 1, 735 1,704 Total notes in circulation 1,851 1,704 1,727 1,724 1, 744 1,748 1,721 Deposits: Member bank—reserve account 2,194 2,218 2,229 2,237 2,257 2,197 2,249 Government .- 17 37 43 38 23 32 31 Foreign bank 46 4 5 5 5 4 6 Othp.r deposits 19 19 18 15 17 29 27 Total deposits 2,276 2,278 2,296 2,296 2,302 2,262 2,313 Deferred availability items 660 496 557 567 560 533 603 Capital paid in 125 126 127 128 129 129 129 Surplus . - - 229 229 229 229 229 229 229 All other liabilities 9 10 11 12 13 14 11 Total liabilities 5,150 4,842 4,946 4,955 4,976 4,914 5.00G Contingent liability on bills purchased for foreign correspondents 59 94 93 148 147 160 146 1 Not available. 2 Uncollected items (exclusive of Federal reserve notes of other Federal reserve banks) in excess of deferred availability items. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

65 EESERVE BANK CREDIT No. 7,—RESOURCES AND LIABILITIES OP FEDERAL RESERVE BANKS AT THE END OF EACH MONTH—Continued [In millions of dollars] 1927 ec.31 July 31 Aug. 31Sept. 30 Oct. 31 Nov. 30 D RESOURCES Gold with Federal reserve agents 1,651 1,640 1,620 1.606 1,476 1,539 Gold redemption fund with U. S. Treasury -. 46 37 51 47 49 57 Gold held exclusively against F. R. notes 1,696 1,677 1,670 1,653 1,525 1,596 Gold settlement fund with F. R. Board 600 632 651 623 632 528 Gold and gold certificates held by banks: United States gold coin 174 173 142 156 150 111 Gold bullion and foreign coin 152 153 149 140 180 161 Gold certificates 380 363 352 350 317 337 Total gold reserves. __ . 3,002 2,998 2,964 2,922 2,805 2,733 Reserves other than gold _ 149 148 131 131 135 134 Total reserves.. . 3,152 3,146 3,095 3,054 2,940 2,867 Nonreserve cash 51 48 42 52 58 77 Bills discounted 442 401 437 412 477 582 Bills bought: Outright 153 118 174 266 288 310 Under resale agreement ___ __. 19 67 76 76 66 82 Total bills bought . . 172 185 250 342 355 392 United States securities: Bought outright., 385 470 487 519 544 560 Under resale agreement 7 3 19 3 4 57 Total United States securities 392 473 506 522 548 617 Other securities 1 1 1 1 1 Total bills and securities 1,008 1, 059 1,194 1,276 1,381 1, 591 Due from foreign banks 49 12 1 1 1 1 Reserve bank float 36 31 36 19 34 63 Total reserve bank credit outstanding 1,093 1,102 1,231 1,296 1,415 1,655 Federal reserve notes of other Federal reserve banks.._ 19 17 18 22 20 24 Other uncollected items not included in float 514 555 605 576 638 651 Bank premises. . _ 59 60 60 60 60 58 All other resources. . ... . . _ __ 15 18 13 14 14 15 Total resources 4,903 4,945 5, 065 5,072 5,145 5,346 LIABILITIES Federal reserve notes: Held by other Federal reserve banks 19 17 18 22 20 24 Outside Federal reserve banks 1,669 1,659 1,718 1,713 1,696 1,766 Total notes in circulation 1,688 1, 676 1,736 1,734 1,717 1,790 Deposits: Member bank reserve account 2,277 2,299 2,293 2,324 2,379 2,487 Government ___ 25 13 27 21 2 18 Foreign bank . 5 6 5 9 5 5 Other deposits 23 24 24 31 28 21 Total deposits. _ ___ _ 2,330 2,341 2,349 2,386 2,413 2,531 Deferred availability items 514 555 605 576 638 651 Capital paid in ... 130 131 131 131 132 132 Surplus. 229 229 229 229 229 233 All other liabilities 12 13 15 16 18 8 Total liabilities 4,903 4,945 5, 065 5,072 5,145 5,346 Contingent liability on bills purchased for foreign correspondents 151 166 188 189 186 229 Back figures.—See Annual Reports for 1926 (p. 46), 1925 (p. 52), 1924 (p. 50), 1923 (p. 84), 1922 (p. 62), 1921 (p. 16). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

66 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No. 8.—CONDITION OF EACH FEDERAL RESERVE BANK AT THE END OF 1926 AND 1927 [In thousands of dollars] Boston New York Philadelphia 1926 1927 1926 1927 1926 1927 RESOURCES Total gold reserves 177, 912 194, 437 961, 552 868, 601 180, 057 143, 894 Reserves other than gold. _ ._ ... . 15, 326 14, 477 22, 524 24, 599 5,266 6,066 Total reserves 193. 238 208, 914 984, 076 893, 200 185, 323 149, 960 Nonreserve cash 7,902 9,860 15, 894 20, 924 1,611 1,490 Bills discounted-. 66,103 28, 598 184, 475 281, 338 67,841 67, 371 Bills bought 47, 200 48, 410 101, 443 97, 652 26, 839 44, 523 United States securities 10, 164 33, 358 58, 864 181, 480 20, 230 45, 664 Other securities _ _ 2,000 Total bills and securities 123, 467 110, 366 344, 782 560,470 116, 910 157, 558 Due from foreign banks , ._. 37 657 213 47 Uncollected items 65, 525 69,175 188, 450 193, 847 64, 554 63, 738 Bank premises. . 3,946 3,824 16, 276 15,882 1,704 1,749 All other resources 75 79 1,131 5,892 302 213 Total resources 394, 153 402 255 1.551 2fifi 1,690,428 370, 404 374, 755 LIABILITIES Federal reserve notes in circulation .. 154, 363 149, 631 416, 874 390, 343 134, 067 137, 552 Deposits: Member bank—reserve account 147, 016 158,024 835, 960 1,009,923 139, 247 143, 833 Government 1,951 1,642 498 1,565 1,019 1,242 Foreign bank 2.140 347 25,915 1,302 2,675 444 Other deposits.- . 128 305 8,929 11, 460 89 257 Total deposits 151, 235 160, 318 871, 302 1,024,250 143,030 145, 776 Deferred availability items 61, 867 64, 792 162, 885 170, 613 59, 202 56, 309 Capital paid in _ _. 8,800 9,412 36, 449 40, 310 12, 605 13, 237 Surplus 17, 606 17, 893 61, 614 63,007 21, 267 21, 662 All other liabilities.. 282 209 2,142 1,905 233 219 Total liabilities 394,153 402, 255 1,551,266 1,690,428 370, 404 374, 755 Cleveland Richmond Atlanta 1926 1927 1926 1927 1926 1927 RESOURCES Total gold reserves.. .._ 263, 647 265, 440 110, 933 65, 227 169, 257 167, 329 Reserves other than gold 11, 400 13, 013 7,022 7,945 9,370 11,946 Total reserves 275,047 278, 453 117, 955 73,172 178, 627 179, 275 Nonreserve cash. _ _. _ . 6,134 7,560 5,381 6,998 4,476 4,371 Bills discounted 79, 442 60, 845 23, 509 25,424 36, 676 28,203 Bills bought .-_ 33, 217 20,175 12,796 48, 837 23,172 2,238 United States securities 36,155 61, 510 7,417 12,452 1,890 13, 585 Other securities 260 Total bills and securities. 148, 814 142, 530 43, 722 86, 713 61, 738 44, 286 Due from foreign banks 52 25 20 Uncollected items 66, 324 67, 868 60, 401 54, 660 30, 385 26, 545 Bank premises 7,119 6,865 2,110 2,721 2,864 2,823 All other resources 887 1,265 294 367 1,021 1,341 Total resources 504, 325 504, 593 229, 863 224, 656 279, 111 258, 661 LIABILITIES Federal reserve notes in circulation 219, 961 216, 595 84, 320 77, 405 165, 827 144,097 Deposits: Member bank—reserve account 178, 472 182, 380 68, 973 73, 715 66, 742 73, 243 Government _ 1,260 1,340 734 1,022 2,613 1,532 Foreign bank 3,013 491 1,492 241 1,126 190 Other deposits 978 1,296 81 217 932 170 Total deposits -____ __ 183, 723 185, 507 71, 280 75,195 71, 413 75,135 Deferred availability items 62, 308 63, 509 55, 276 52, 728 26,847 23, 981 Capital paid in . . _.. 13, 618 13, 979 6,094 6,252 5,020 5,175 Surplus 23, 746 24,021 12,198 12,324 9,632 9,996 All other liabilities -. 969 982 695 752 372 277 Total liabilities _. - 504, 325 504, 593 229, 863 224, 656 279, 111 258, 661 Back figures.—See Annual Reports for 1920-1926 (Part II, Table 1). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RESERVE BANK CREDIT 67 No. 8,—CONDITION OF EACH FEDERAL RESERVE BANK AT THE END OF 1926 AND 1927—Continued Chicago St. Louis Minneapolis 1926 1927 1926 1927 1926 1927 RESOURCES Total gold reserves 368,161 411,186 66,431 73,452 73,034 Reserves other than gold_ 21, 856 16,831 13, 647 12,898 3,152 4,029 Total reserves.. 390,017 428,017 86, 350 93,121 77, 063 Nonreserve cash 10,958 9,362 4,199 4,251 1,223 Bills discounted 97,831 52, 670 31,129 19, 417 4,038 1,905 Bills bought... 50,116 62, 295 7,992 5,046 12, 615 18,319 United States securities. 48, 758 21, 072 38,163 17, 039 23,900 Other securities -i- 621 620 Total bills and securities. 196, 705 204,963 60,193 62,626 34, 313 44,744 Due from foreign banks 67 21 15 Uncollected items 89,874 88,620 33,419 40,038 13, 543 15,162 Bank premises 7,770 8,609 3,957 3,791 2,774 2,202 All other resources __ 2,591 1,308 805 723 2,159 1,776 Total resources . 697,915 740,946 182, 651 197,800 [ 146,813 142,185 LIABILITIES Federal reserve notes in circulation.. 249, 693 265, 293 48,396 56, 666 68,891 61,224 Deposits: Member bank—reserve account. 311, 664 345, 676 82,116 50,946 54,836 Government 2,582 2,518 1,000 1,062 1,567 1,874 Foreign bank _ 3,857 639 1,211 199 901 139 Other deposits 943 1,108 328 419 152 274 Total deposits 319, 046 349,941 84,655 91, 542 53, 566 57,123 Deferred availability items.. 78, 595 73,124 33,635 33, 286 12, 858 13,010 Capital paid in.. 16,716 17,965 5,293 5,341 3,064 3,009 Surplus 31,881 32, 778 9,939 10, 397 7,527 7,039 All other liabilities 1,984 1,845 733 568 907 780 Total liabilities.. 697,915 740,946 182, 651 197,800 146,813 142,185 Kansas City Dallas San Francisco 1926 1927 1926 1927 RESOURCES Total gold reserves 103,736 «, 033 68,635 59, 812 258, 249 312, 742 Reserves other than gold- 4,993 8,137 9,391 6,621 6,943 Total reserves.. 108, 729 103,859 76, 772 69, 203 264,870 319, 685 Nonreserve cash 2,822 3,060 2,548 3,189 3,761 4,457 Bills discounted 6,612 9,634 4,772 34,200 5,220 Bills bought 18,295 7,891 15,927 22,811 31,374 13,842 United States securities. 29, 225 38, 342 23,339 31,989 40,667 46,075 Other securities Total bills and securities_ 54,132 55,867 44,038 55,678 106, 241 65,137 Due from foreign banks 18 17 34 Uncollected items 44,003 46,471 28, 215 29,964 45, 767 41,484 Bank premises. 4,459 4,308 1, 755 1,785 3,397 3,374 All other resources 521 415 358 502 1,192 800 Total resources.. 214,666 213,998 153,686 160, 338 425, 228 434,971 LIABILITIES Federal reserve notes in circulation.. 72, 523 67,189 48,803 47,472 187,109 176,400 Deposits: Member bank—reserve account . 86,728 95,046 62,898 70,970 163,332 189, 269 Government 1,940 2,082 1,257 774 532 1,704 Foreign bank 1,098 171 985 162 1,943 324 Other deposits 100 570 61 104 5,855 4,677 Total deposits 89,866 97,869 65, 201 72,010 171, 662 195,974 Deferred availability items. 38,628 35,284 26, 781 27, 798 41,511 36, 598 Capital paid in 4,197 4,235 4,302 4,264 9,302 Surplus 9,029 9,046 8,215 8,527 16,121 16, 629 All other liabilities 423 375 384 267 169 68 Total liabilities.. 214, 666 213,998 153, 686 160,338 I 425,228 434,971 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

68 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No. 9.—NUMBER OF MEMBER BANKS DISCOUNTING PAPER AT FEDERAL RE- SERVE BANKS, BY MONTHS, 1914-1927 Month 1914 1915 1916 1917 1918 1919 1920 January... 398 614 309 1,432 3,316 3,461 February.. 469 451 262 1,353 3,091 3,338 March 570 535 315 1,568 3,575 3,670 April 606 606 384 2,100 3,875 4,175 May 655 590 2,793 4,035 4,642 June 813 678 900 3,021 4,047 4,948 July.._. 760 642 960 3,462 3,685 4,858 August . 711 483 990 3,671 3,460 4,780 September.. 761 448 953 3,464 3,722 4,758 October 794 383 1,140 3,610 3,839 4,952 November.. 132 J 835 336 1,574 3,667 3,649 5,275 December.. 339 I 754 314 1,701 3,288 3,659 5,551 Year.. 1,920 1,788 3,127 5,493 5,9 6,941 1921 1922 1923 1924 1925 1926 1927 January... 5,293 5,350 3,294 3,663 2,554 2,838 2,825 February.. 5,107 4,847 2,976 3,465 2,415 2,659 2,566 March 5, 320 4,701 3,282 3,516 2,731 3,045 2,717 April 5,568 4,738 3,507 3,744 3,016 3,155 2,707 May-... 5,632 4,636 3,942 3,795 3,209 3,282 2,858 June 5,745 4,436 3,999 3,706 3,289 3,458 2,834 July.... 5,607 4,167 4,110 3,432 3,207 3,190 2,669 August . 5,453 4,042 3,960 3,052 2,979 3,016 2,511 September.. 5,427 3,944 3,600 2,786 2,729 2,879 2,361 October 5,572 3,793 3,752 2,663 2,796 2,856 2,377 November.. 5,622 3,859 3,732 2,573 2,876 2,871 2,350 December.. 5,676 3,873 3,698 2,783 3,021 3,024 2,345 Year.. 7,415 6,956 6,333 6,060 5,183 5,343 4,873 No. 10.—AVERAGE MATURITY OF BILLS DISCOUNTED AND BILLS BOUGHT BY FEDERAL RESERVE BANKS, BY YEARS, 1918-1927 [Daysl Bills discounted Bills Year Member bought in bank Redis- open Total collateral counted market notes bills 1918 .. . 11.81 1919 10.13 50.45 1920 - 13.29 43.83 1921- 13.63 28.53 1922 12.14 39.91 1923 9.89 39.42 1924 12.39 35.33 1925 . 7.99 39.41 1926 8.04 5.48 54.28 1 51.17 1927 7.58 5.58 52.97 1 41. 51 1 Exclusive of bills purchased under resale agreement. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

KESERVE BANK CKEDIT 69 No, 11.—BILLS DISCOUNTED BY FEDERAL RESERVE BANKS—HOLDINGS AT THE END OF EACH MONTH, BY CLASSES [In thousands of dollars] Member bank Kediscounted bills collateral notes Total Commer- Secured Secured Month cla ( s a s l e l s) c a p i g t a a u r l p i r a c e a u n l r, l d - D d e s a r i m a g n f d h a t t n s 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 e s t- b G o y m o b U v l e i e g n . r t a S n - - . b G o y m o b U v l e i e g n . r t a S n - - . s O e w c th u is e r e e r d n. e. s. tions ! tions 1927 January 424,839 136,074 291 2,572 937 237,593 47,372 February 469,558 122,486 204 2 2,113 1,155 278,994 64,604 March 451,183 148,170 30 100 2,321 1,293 240,820 58,449 April 476,647 118,324 4 2,498 1,249 294,707 59,865 May 459,086 147,112 49 2,094 1,285 237,885 70,661 June 443,450 143,591 27 2,130 2,608 242,758 52,336 July 442,158 132,208 9 2,435 707 253,033 53,766 August 400,524 130,416 45 75 1,948 619 217,194 50,227 September. .- 437,425 115,304 314 76 1,852 766 229, 374 89,739 October 411,525 103,803 409 1,576 336 240,843 64,558 November... 477,025 94,954 391 28 1,539 237 345,558 34,318 December... 581,503 87,803 182 1,400 163 417,566 74,389 NOTE.—Figures for November and December include $1,123,000 and $2,273,000, respectively, of agricultural and livestock paper discounted for Federal intermediate credit banks. Figures also include notes secured by adjusted service certificates discounted for nonmember banks as follows: September, $81,000; October, $82,000; November, $20,000; December, $17,000. No. 13.—BILLS BOUGHT BY FEDERAL RESERVE BANKS—HOLDINGS AT THE END OF EACH MONTH, BY CLASSES [In thousands of dollars] Bills payable in dollars Bankers' acceptances Bills pay- Based on able Month Total goods in stored Trade foreign Total Import Export m D es o t - ic b sh e i t i n w p p o e e r e d n c la h D r a o n e l x g - - e o A th l e l r a a c n c c e e p s t- re c n u c r i - es foreign countries 1927 January 321,374 317,193 115,814 103,408 60,136 28, 463 8,094 1,278 2,130 2,051 February._. 293, 496 107,225 84, 779 57,460 36,432 5,751 1,849 705 1,897 March 238,816 236,084 85, 920 67,858 46,283 28, 260 4,644 3,119 697 2,035 April 238, 335 236, 504 82, 274 60, 308 50, 277 36, 906 5,137 1,602 497 1,334 May.. 227, 579 225, 843 68, 559 60,957 37,943 41,745 7,472 9,167 June. _. 210, 585 197,852 75,982 49,044 32, 494 32,336 5,744 2,252 244 July 172, 083 158,493 58,656 38,046 31,325 21, 602 5,430 3,434 191 13^ 399 August 185,128 170, 927 61, 936 39, 592 29,448 29,060 4,101 6,790 254 13, 947 September.. 249, 836 240, 542 66, 892 71,989 47, 213 42, 986 6,672 4,790 799 8,495 October 341, 620 338, 781 80, 230 105,485 71,968 66, 226 8,235 6,637 556 2,283 November.. 354, 740 353,061 84, 989 109,139 81, 880 64,185 8,188 4,680 512 1,167 December... 392,039 390, 500 84, 624 118, 210 95, 795 81, 242 6,195 4,434 702 837 Back figures.—See Annual Report for 1926, pp. 58-61. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

70 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No. 13.—HOLDINGS OF BILLS DISCOUNTED AND BILLS BOUGHT BY FEDERAL RESERVE BANKS, BY MATURITIES, 1926-1927 [In thousands of dollars] Maturity Date Total Within 16 to 30 31 to 60 61 to 90 91 days Over 6 15 days days days days to 6 months months Bills discounted: 1926—Jan. 27._ 448, 557 332, 309 31, 428 48, 595 26, 772 8,725 728 Feb. 24.. 540,083 440, 813 25,324 42,022 22, 463 7,461 2,000 Mar. 31 _ 632,391 473,606 37,181 65, 230 41,319 9,247 5,808 Apr. 28.. 513,668 381, 970 30,154 51, 743 28,445 17,280 4,076 May 26.. 473,943 323, 614 30, 644 62,144 27,698 27, 912 1,931 June 30— 515,031 364, 981 29,457 49,528 32,430 349 July 28.. 521,390 375, 540 29, 583 52, 261 43, 789 20,012 205 Aug. 25.. 570,638 410, 640 34,495 71,868 42,803 10,694 138 Sept. 29. 716,630 559.138 44,123 63, 744 43, 619 5,835 171 Oct. 27.. 631, 923 487.139 43, 079 61,099 33,131 7,156 319 Nov. 24. 627, 604 494,608 41,032 55, 231 27, 454 8,804 475 Dec. 29.. 710, 931 575, 544 38, 865 49, 876 37, 232 8,792 622 1927—Jan. 26.. 365,157 266, 642 25, 299 41,069 22, 479 8,479 1,189 Feb. 23.. 397,929 309, 200 26, 246 35,922 17,628 6,906 2,027 Mar. 30. 456, 023 364,820 22,153 21, 380 7,966 3,074 Apr. 27- 443, 553 351, 538 21, 037 36, 778 21, 561 10, 660 1,979 May 25.. 428,620 329,889 24, 429 36, 602 20, 797 15,840 1,063 June 29— 477,311 372,875 24, 913 23,502 18,916 256 July 27.. 297, 756 21, 223 37, 583 29, 753 11, 698 117 Aug. 31.. 400, 524 307,428 21,396 42, 029 23, 740 5,805 126 Sept. 28. 430,312 354, 775 22, 886 31, 560 17, 739 3,203 149 Oct. 26.. 402,398 330, 843 17,524 31,467 17, 276 5,044 244 Nov. 30. 477,025 412,153 19,893 27, 224 10, 912 5,839 1,004 Dec. 28.. 609, 209 537,482 18, 330 26, 892 18,617 6,423 1,465 Bills bought: 1926—Jan. 27— 295,417 86, 940 55, 640 90,439 52,939 9,459 Feb. 24.. 304,128 122, 574 59, 878 87,880 29,952 3,844 Mar. 31- 249, 633 117, 659 52, 635 52, 287 23, 327 3,725 Apr. 28.. 199,017 86,409 56, 093 38, 275 14,192 4,048 May 26 238,828 108, 875 49,157 60, 064 19,490 1,242 June 30. 249,394 113, 053 45, 322 51,826 36,326 2,867 July 28 ! 211,173 66, 796 41,517 57, 216 40, 799 4,845 Aug. 25... 254,616 72,070 52, 228 74, 669 47,931 7,718 Sept. 29.. 275, 623 88,824 55,497 73,136 50,171 7,995 Oct. 27.. 307, 541 80,100 62, 260 84,092 67, 887 13, 202 Nov. 24.. 340, 629 114, 422 59,899 101, 734 54,270 10, 304 Dec. 29.. 378, 798 155, 744 76, 818 90,963 49, 382 5,891 1927—Jan. 26.. 301, 827 123,999 72,313 ! 81, 778 17, 618 6,119 Feb. 23- 280,189 140, 345 61,531 i 51, 939 23, 234 3,140 Mar. 30.. 237, 409 115,041 53, 777 | 53,125 13, 242 2,224 Apr. 27.. 241,899 121,147 68,003 I 38, 412 10, 815 3,522 May 25.. 236,170 132, 322 58,539 I 32, 390 10,016 2,903 June 29. . 216,118 91,041 50, 539 46,176 22,064 6,298 July 27.. 169, 385 76,112 45,906 31, 743 12,697 2,927 Aug. 31- 185,128 107,871 29,169 27, 835 17, 486 2,767 Sept. 28. 242,148 111,362 46,948 60, 278 19,107 4,453 Oct. 26.. 301, 111 125, 700 66, 361 59,583 45, 566 3,901 Nov. 30. 354, 740 137, 746 71, 372 108,980 34, 501 2,141 Dec. 28.. 385, 527 172,348 110, 201 78,434 23, 207 1,337 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

71 RESERVE BANK CREDIT No. 14.—HOLDINGS OF UNITED STATES SECURITIES BY FEDERAL RESERVE BANKS, AT END OF EACH YEAR, 1924-1927, BY CLASSES [Par value. In thousands of dollars] 1924 1926 1927 TOTAL HOLDINGS Bonds: 2 per cent consols of 1930..- - 915 915 915 915 2 per cent Panamas, 1936-1938 237 237 237 237 3 per cent conversion bonds of 1946-47 * 2, 046 1 2, 046 12,046 12,046 ZVi per cent Liberty Loan 69 96 49 10 AH per cent Liberty Loan 66, 099 2 51,278 2 37,994 2 278, 698 Z% per cent Treasury bonds of 1947 2,622 AH per cent Treasury bonds of 1947-1952. 153 172 148 148 4 per cent Treasury bonds of 1944-1954... 5,747 6,082 6,278 6,019 3% per cent Treasury bonds of 1946-1956. 10 Total bonds _ 75, 266 60, 826 47,963 290,705 Treasury notes 349, 355 187, 063 87,360 69,113 Certificates of indebtedness. 115, 539 126, 684 179, 497 256,698 Total United States securities. 540,160 374,573 314,820 616, 516 BOUGHT OUTRIGHT Tn special investment account: AH per cent Liberty Loan... 30,100 2,500 30 188,181 Treasury notes 318, 501 164, 690 41, 297 30,300 Certificates of indebtedness. 100, 434 92, 810 170, 976 204, 678 Total in special investment account. 19, 035 260,000 212, 303 423,159 In other accounts: Bonds— 2 per cent consols of 1930 915 915 915 915 2 per cent Panamas of 1936-1938 237 237 237 237 3 per cent conversion bonds of 1946-47 1 2, 046 i 2, 046 12,046 12,046 3MJ per cent Liberty Loan 69 96 49 10 4J4 per cent Liberty Loan 34,999 2 46, 878 2 36,729 2 75,403 3H per cent Treasury bonds of 1947 2,622 AH per cent Treasury bonds of 1947-1952. 143 172 148 148 4 per cent Treasury bonds of 1944-1954... 5,702 6,278 6,019 3% per cent Treasury bonds of 1946-1956. 296 10 Total bonds 44, 111 56,426 46, 698 87, 410 Treasury notes 28,184 17,630 45, 211 21,913 Certificates of indebtedness. 14, 795 32, 025 7,446 27, 475 Total in other accounts 87,090 106, 081 99, 355 136, 798 Total bought outright. 536,125 366, 081 311, 658 559, 957 BOUGHT UNDER RESALE AGREEMENT Bonds: AH per cent Liberty Loan 1,000 1,900 1,235 15,114 AH per cent Treasury bonds of 1947-1952. 10 4 per cent Treasury bonds, 1944-1954 45 Total bonds 1,055 1,900 1,235 15,114 Treasury notes 2,670 4,743 852 16, 900 Certificates of indebtedness. 310 1,849 1,075 24,545 Total bought under resale agreement. 4,035 8,492 3,162 56, 559 1 Includes $900—3 per cent loan of 1961, 1924-1925, and $500, 1926-1927. 2 Includes 4 per cent Liberty bonds as follows: 1925, $50; 1926, $3,700; 1927, $2,650. Back figures.—See Annual Report for 1925 (p. 67). 110390—28 6 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

72 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No. 15.—HOLDINGS BY FEDERAL RESERVE BANKS OF UNITED STATES SECURITIES IN SPECIAL INVESTMENT ACCOUNT, 1923-1927 [In thousands of dollars. Monthly data are averages of daily figures] Month or date H in o g ld s - Month or date H in o g ld s - Month or date Hold- Month or date H in o g ld s - 1924 1925 I 1926 1927 January i 34, 664 January 370, 289 January 257, 524 January 202,147 February 59, 586 February 290,893 February 228,173 February 200, 036 March 148, 517 March 255,711 March 202, 846 March 195, 420 April 195,430 April.. 247,918 April 257, 773 April 200,911 May 247, 392 May 250,042 May 275,000 May 170, 821 June 340. 640 June., ; 231,654 June 277,474 June 263, 225 July .-- 400,196 July 216,409 July 265, 548 July _ 258,999 August 471, 528 August 215,296 August 255, 637 August _. 316, 882 September 495, 712 September : 212,396 September 204, 262 September 358. 637 October 500,000 October l 210,000 October 199, 758 October 376, 089 November 498, 550 November i 210,000 November 200,067 November 412,125 December 445, 515 December I 218,955 December 203. 367 December 421. 859 i Jan 2i 12, 773 Jan 7 ! 408,035 Jan. 6— 260,000 Jan. 5— 200,000 Jan. 9 24, 695 Jan. 14 ! 388,126 Jan.13. 260,000 Jan.12. 200,000 Jan. 16 36,886 Jan. 21 I 335,376 Jan. 20. 260,000 Jan.19. 200,000 Jan. 23 43,602 Jan. 28 ' 304,276 Jan.27. 255, 850 Jan. 26. 200,000 J F a e n b . . 3 6 0 4 5 7 1, , 5 6 4 3 7 5 I Feb. 3— 236, 850 Feb. 2 200,000 Feb. 13 51, 547 Feb. 4 ! 300,000 Feb. 10.. 221, 850 Feb. 9 200,000 Feb. 20 68, 757 Feb. 11 I 300,000 Feb. 17.. 220,000 Feb. 16 200,000 Feb. 27 83,891 Feb. 18 ! 290,000 Feb. 24.. 210,000 Feb. 23 200,000 Mar. 5 107,772 Feb. 25 270,000 Mar. 3.. 210,000 Mar. 2 I 200.000 Mar. 12 140,285 Mar. 4 270,000 Mar. 10. 244,906 Mar. 9. 200, 000 Mar. 19 164,215 Mar. 11 ! 275,350 Mar. 17. 138,089 Mar. 16. 176, 324 Mar. 26 179, 793 Mar. 18 234,804 Mar. 24. 189,339 Mar. 23. 201,179 Mar. 25 245,204 Mar. 31. 217,150 Mar. 30. 201,324 Apr. 2... 187, 293 Apr. 1... 245,204 Apr. 7— 230,000 Apr. 6— 201, 344 Apr. 9... 187,886 Apr. 8... 245,204 Apr. 14.. 263, 650 Apr. 13.. 201, 344 Apr. 16- 190,886 Apr. 15.. 250,042 Apr. 21.. 275,000 Apr. 20.. 201, 344 Apr. 23.. 198,386 Apr. 22_. 250,042 Apr. 28.. 275,000 Apr. 27 201,344 Apr. 30.. 224,487 Apr. 29.. 250,042 May7... 235,700 May6._ 250,042 May5_. 275,000 May 4 _. 199, 794 May 14.. 247,443 May 13. 250,042 May 12. 275,000 May 11 136,312 May 21-. 247, 593 May 20. 250,042 May 19. 275,000 May 18 152,112 May 28- 258,093 May 27. 250,042 May 26. 275,000 May 25 188, 477 June 4... 321,043 June 3-_. 250,042 June 2... 282,500 June 1 222, 447 June 11.. June10- 255,042 June 9... 295,000 June 8 316,050 June 18-. 359,414 June17- 201,409 June 16.. 238, 700 June 15 244, 256 June 25-. 362,831 June 24.. 221,409 June 23.. 275,000 June 22 250, 448 June 30. 275,000 June 29 250, 498 July 2... 370, 731 July l._. 216,409 July 7... 273, 250 July 6 250, 498 July 9._. 385, 931 July 8... 216,409 July 14.. 275,000 July 13.... 250,998 July 16.. 400,000 July 15.. 216,409 July 21.. 275,000 July 20 265, 214 July 23.. 400,000 July 22,. 216,409 July 28.. 275,000 July 27 265, 998 July 30.. 400,000 July 29.. 216, 409 Aug. 6_. 456,255 Aug. 5__ 216, 409 Aug. 4.. 275,000 Aug. 3... Aug. 13.. 473,105 Aug. 12 . 214,409 Aug. 11. 270, 200 Aug. 10.. 299, 393 Aug. 20. 473,105 Aug. 19. 214, 759 Aug. 18.. 262,863 Aug. 17.. 317, 956 Aug. 27. 473,105 Aug. 26 I 215,134 Aug. 25.. 223,438 Aug. 24.. 326,031 Aug. 31.. 353,467 Sept. 3 473,105 Sept. 2... ! 215,134 Sept. 1... 219, 975 Sept. 7.. 374,407 Sept. 10 497,670 Sept. 9 215,134 Sept. 8... 209, 975 Sept. 14. 355, 007 Sept. 17 510,768 Sept. 16 210,000 Sept. 15. 200, 000 Sept. 21. 362, 820 Sept. 24 500,000 Sept. 23 ' 210,000 Sept. 22. 200,000 Sept. 28. 362, 850 Sept. 30 ; 210,000 Sept. 29. 191,000 Oct. 1 500,000 Oct. 7 210,000 Oct. 6... 200,000 Oct. 5... 374,490 Oct. 8 500, 000 Oct. 14.... ! 210,000 Oct. 13.. 200,000 Oct. 12.. 374,890 Oct. 15 500, 000 Oct. 21 : 210,000 Oct. 20... 200,000 Oct. 19.. 374,890 Oct. 22 500,000 Oct. 28 ._ 210,000 Oct. 27.. 200, 000 Oct. 26.. 38fi,710 Oct. 29 500,000 Nov. 5 500,000 Nov. 4 210,000 Nov. 3_- 200,000 Nov. 2 402, 770 Nov. 12 500,000 Nov. 10 210,000 Nov. 10. 200,000 Nov. 9 409, 242 Nov. 19 ! 500,000 Nov. 18 210,000 Nov. 17 200,000 Nov. 16 415, 824 Nov. 26.... i 495,000 Nov. 25. 210,000 Nov. 24. 199,481 Nov. 23 415, 824 Nov. 30.. 419, 934 Dec. 3 485,000 Dec. 2 210,000 Dec. 1 199, 299 Dec. 7 419,934 Dec. 10 j 412,600 Dec. 9...- 210,000 Dec. 8 209,178 Dec. 14 426, 772 Dec. 17... | 436,440 Dec. 16 180,000 Dec. 15 190, 564 Dec. 21 423, 159 Dec. 24. _ I 449,035 Dec. 23 228,750 Dec. 22 206, 064 Dec. 28 423,159 Dec. 31 449,035 Dec. 30 259,700 Dec. 29 206,064 i Account dates from Dec. 15, 1923. Holdings on Dec. 19, $3,500,000; on Dec. 26, $6,800,000. Average daily holdings Dec. 15-31, $6,002,000. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RESERVE BANK CREDIT 73 No. 16.—HOLDINGS BY FEDERAL RESERVE BANKS OF TEMPORARY ONE-DAY CERTIFICATES OF INDEBTEDNESS ISSUED BY THE UNITED STATES TREASURY, 1923-1927 tin thousands of dollars] Month and day 1923 1924 1925 1926 1927 Jan. 2 57,000 Jan 3 88,000 Jan. 4 128,500 Jan. 5 91,500 Jan. 6 1 117,000 Jan. 7 1 117, 000 Jan. 8 156, 500 Jan. 9 100,000 Jan. 10 _ . . . 131, 500 Jan. 11 109, 500 Jan. 12 . .. 139,000 Jan. 13 1 150, 500 Jan. 14 _ . i 150,500 Jan. 15 _ 134,500 Jan. 16 69, 500 Jan. 17 . 73,000 Jan 18 14,000 Jan. 19 7,000 Jan. 20... 1 7,000 Jan. 21 i 7,000 Jan. 22 19,000 Mar. 15 86,000 i 184,000 209,000 251,500 Mar. 16 23,000 » 184,000 182, 666 157,000 177, 500 Mar. 17 108,500 122,500 99,000 176,000 Mar. 18 87,000 100,500 38,000 79,000 Mar. 19 _ 58,000 58,500 1 48,000 Mar. 20 14,000 34, 500 i 48,000 Mar. 21 i 2,000 16,000 Mar. 22 i 2,000 9,000 Mar. 23 3,000 May 23 5,000 May 24 31,000 May28 _ _ _ 7,000 June 8 4,000 June 9 4,000 June 10 4,000 June 15 . _ 115,500 , 108,000 246,000 185,000 June 16 i 29,000 66,000 42,500 141,500 44,500 June 17 1 29,000 20,000 8,000 77,000 15, 500 June 18 _ _ _ 23,000 1 6,500 June 19 1 6, 500 July 9 3,666 Sept. 15 _ . 1 90,500 118,000 177,500 192,000 196, 500 S S e e p pt t . . 1 1 6 7 . . i 9 6 0 , , 0 5 0 0 0 0 6 3 2 5 , , 0 0 0 0 0 0 9 41 4 , , 0 0 0 0 0 0 7 7 2 , , 0 5 0 0 0 0 1 9 5 1 4 , , 5 0 0 0 0 0 Sept 18 5,000 154,000 Nov. 15 89,500 Nov. 16 164,500 Nov. 17 214,£00 Nov 18 134,500 Nov. 19 1 156,500 Nov. 20 ___ 1 156,500 Nov. 21 _._ 45,500 Nov. 22 62,000 Nov. 23 1 80,500 Nov. 24 . 1 80,500 Nov. 25 20,500 Nov. 26 1 27,000 Nov. 27 - 1 27,000 Nov. 28 38,000 Nov. 30 2,000 Dec. 1 1 4,000 Dec. 2 15,000 Dec. 3 1 27,000 Dec. 4-_ _ 1 27,000 Dec. 5 38,000 Dec. 6 47,000 Dec. 7 _.- - -. 50,000 Dec. 8 54,000 Dec. 9 58,000 Dec 10 157,000 Dec. 11 - . 1 57,000 Dee 12 54,000 Dec. 13 50,000 Dec. 14 40,000 Dec 15 1 130,500 148,000 172,000 188,000 197,500 Dec 16 * 130 500 75,000 91,000 70,000 106,500 Dec 17 36,000 40,000 34,500 1 57,000 Dec. 18 _ 19,000 1 57,000 Dec. 19 10,000 1 Digitized for 1 F 2R-dAaSy EceRrt ificates, account Sunday or holiday. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOLD STOCK, GOLD MOVEMENTS, AND MONEY IN CIRCULATION 75 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOLD No. 17.—MONETARY GOLD STOCK 1 OF THE UNITED STATES, 1914-1927 [In thousands of dollars] End of month figures Month 1914 1915 1917 1919 1920 January... 1,922,502 1,821,943 2,325,198 2,921,617 3,160,062 3,162,269 2, 929, 548 February.. 1,918,972 1, 838,176 2,325,006 2,995,698 3,162,196 3,164, 873 2, 887,062 March 1, 930,975 1, 869,340 2,322,977 3,105,084 3,164,639 3,165,026 2, 850, 451 April 1,941,575 1, 892, 7522,317, 740 3,136, 892 3,165, 994 3,177,055 2,841,249 May _. 1,929,093 1,929,441 2,336,304 3,133,453 3,171,643 3,177,312 2, 855, 677 June 1, 890,657 1,985, 539 2,444, 636 3,220,242 3,162, 808 3,113,307 2, 865, 483 July 1, 858, 7082,006, 733 2,505, 732 3,190,084 3,162,404 3,064,104 2, 862,302 August 1, 852, 6792,076,303 2, 549, 435 3,164, 856 3,160, 693 3,124, 909 2, 850, 640 September. 1,843,823 2,123,509 2,630, 234 3,150, 660 3,153,168 3,146, 931 2, 872, 805 October. _. 1, 808,205 2,197,957 2, 713, 572 3,153, 250 3,156, 264 3,103,167 2, 867, 838 November. 1, 806, 6232,259, 823 2,736,133 3,153, 704 3,159,066 3,044,293 2, 897, 329 December. 1,813,005 2,312,061 2, 842, 8043,155, 009 3,159, 915 2, 994,127 2,925, 750 1921 1922 1923 1924 1926 1927 January 2, 966,142 3, 684,990 3,952, 533 4,289,342 4,422, 889 4,411,624 4, 564,328 February.. _ 2, 999, 771 3, 723,379 3,963,397 4,323,136 4,369,389 4, 423,164 4, 585, 641 March 3, 086, 0863,750,085 3,970,269 4,363, 632 4,346,144 4,441, 550 4, 596, 724 April 3,163, 637 3, 764, 2633,981, 650 4, 410, 959 4,349, 762 4,438,158 4, 609, 668 May 3, 231, 2403, 771,434 4,027, 835 4, 455,162 4,361,234 4, 433,389 4, 608,241 June 3, 274, 7303, 784, 6514,049, 554 4, 488,390 4,364, 632 4,447,397 4, 587,298 July.... ._ 3,347,010 3, 828, 6184,078, 804 4,511,352 4,370,119 4,471,115 4, 579, 833 August 3, 439, 4643, 854, 7144, 111, 443 4, 520, 963 4,382, 751 4,473,123 4, 588, 360 September 3, 519,165 3, 872, 801 4,136, 465 4,511,263 4,381, 538 4, 465, 760 4, 570, 840 October 3, 572, 2153, 887, 8734,167,065 4, 509, 2974,407, 476 4, 473,447 4, 540, 681 November 3, 626, 7653,906,015 4, 207, 0634, 526, 6594, 397,440 4, 476, 628 4, 450,958 December _ 3, 660, 3013, 928, 8164, 243, 8694, 499, 4814,399, 425 4,492,060 4,379,268 Averages 1914 1915 1916 1917 1918 1919 January... 1,917,876 1, 817, 4742, 318, 6302, 882,211 3,157, 536 3,161,092 2,961,838 February.. 1, 920, 7371,830,060 2, 325,102 2, 958, 6583,161,129 3.163, 571 2,908,305 March 1, 924,974 1,853, 758 2, 323, 9923, 050, 3913,163, 418 3.164, 950 2,868, 757 April 1, 936, 2751, 881,046 2,320, 359 3,120, 988 3,165, 317 3,171, 041 2,845, 850 May. 1, 935,334 1,911,097 2,327, 022 3,135,173 3,168, 819 3,177,184 2, 848, 463 June 1, 909, 8751,957,490 2, 390,470 3,176, 848 3,167, 226 3,145,310 2,860, 580 July 1, 874, 6831, 996,136 2, 475,184 3, 205,163 3,162, 606 3, 088, 706 2, 863, 893 August 1,855, 694 2, 041, 5182, 527, 584 3, 5 77,4703,161, 549 3, 094, 507 2, 856, 471 September. 1, 848, 2512, 099, 906 2, 589, 835 3, 157, 7583.156, 931 3,135, 920 2, 861, 723 October. _. 1, 826, 0142,160, 733 2, 671, 903 3, 151, 9553,154, 716 3,125, 049 2, 870, 322 November. 1, 807, 4142, 228, 890 2, 724, 853 3, 153, 4773.157, 665 3, 073, 730 2, 882, 584 December . 1,809, 814 2,285, 942 2, 789, 4693,154, 357 3,159, 491 3,019,210 2, 911, 540 1921 1922 1923 2 1924 2 1925 2 1926 2 1927 2 January _ _. 2, 945, 946 3, 672, 6463, 944, 6254,266,366 4,467,776 4,406,525 4,527,046 February.. 2, 982, 957 3, 704,185 3, 959, 6034,302,069 4,392,586 4,425,068 4,575,667 March 3, 042, 9293, 736, 7323, 965, 6194,340,144 4,347,038 4,443,721 4,594, 823 April 3, 124, 8623, 757,174 3, 975, 0644,382,695 4,346,014 4,448,050 4,601,256 May 3,197, 439 3, 767, 8493, 993, 0304,432,923 4,359,001 4,433,791 4,650,698 June 3, 252, 9853, 778, 0434, 039, 5654,471,057 4,364,012 4,438,249 4,606,350 July 3, 310, 8703, 806, 6354, 060, 8674,502, 621 4,365,248 4,460,151 4,575,095 August 3, 393, 2373, 841, 6664, 096, 6744,515,518 4,374,403 4,467,137 4,585,081 September. 3, 479, 3153, 863, 7584,122, 741 4,514,648 4,386,147 4,470,882 4,584,345 October 3, 545, 6903, 880, 3374,154, 556 4,506,326 4,390,815 4,471, 833 4,566,212 November. 3, 599,490 3, 896, 9444,182, 405 4,516,993 4,406,689 4,477,035 4,489, 500 December. 3, 643, 5333, 917,416 4, 226, 0334,506,582 4,397,494 4,481,381 4,415,742 1 Gold coin and bullion (including foreign coin) held by United States Treasury and Federal reserve banks (including gold held abroad) and United States gold coin in circulation. Amounts held abroad, (end of month figures) as follows: 1917, June-December, $52,500,000; 1918, January-May, $52,500,000; June, $16,271,000; July, $11,630,000; August-December, $5,829,000; 1919, January-March, $5,829,000; August, $107,119,000; September, $159,618,000; October, $149,166,000; November, $135,694,000; December, $131,320,- 000; 1920, January, $114,322,000; February, $112,822,000; March-April, $112, 780,000; May-July, $111,530,000; August-September, $111,458,000; October, $16,536,000; November-December, $3,300,000; 1921, January- February, $3,300,000; 1927, May, $59,548,000; June $23,300,000. 2 Monthly averages of daily figures; all other averages shown in table are based on end of month figures NOTE.—Revised series; for explanation see Federal Reserve Bulletin for December, 1927, p. 800. 77 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

78 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No. 18.—GOLD l EARMARKED BY FEDERAL RESERVE BANKS FOR FOREIGN ACCOUNT, BY MONTHS, 1914-1927 [In thousands of dollars] End of month 1914 1915 1916 1917 1918 1919 1920 January 6,097 6,942 6,942 6,000 February... 6,097 6,942 6,942 5,000 March 2,391 6,097 6,942 6,842 6,000 April 4,571 6,097 6,942 9,000 May 4,571 6,097 6,942 10,000 June 5,071 6,097 6,942 11,500 July 5,402 6,097 6,942 14,500 August 5,502 6,778 6,942 16,500 September.. 5,955 6,942 6,942 17,500 October 5,981 6,942 6,942 3,000 20,000 November.. 5,981 6,942 6,942 4,000 20,500 December.. 6,942 6,942 5,000 22,000 1921 1922 1923 1924 1925 1926 1927 January 18,010 5,329 3,000 46,023 19,012 19,779 February... 20,000 1,000 2,407 47,389 30,012 16, 599 March . 20,000 1,000 4,859 54, 214 53,000 18,101 April.. 20,000 5,417 39, 364 53,000 19,101 May 20,000 4,417 26,639 53, 000 114,101 June 23, 000 2,417 21, 564 53, 580 114, 601 July 18, 000 1,500 5,000 25,465 49, 580 114,417 August 18,000 1,500 12,984 16, 740 30, 380 116,918 September.. 8,000 1, 000 26, 213 15, 839 32, 780 125.918 October 1,500 3,000 43, 213 12,969 32, 776 150, 919 November.. 1,700 3,000 43, 713 10,969 40, 274 190.919 December.. 3,700 3,000 45, 213 12,969 39,266 199,419 * Gold bullion (bars) and United States gold coin. No. 19.—GOLD IMPORTS INTO AND EXPORTS FROM THE UNITED STATES, BY COUNTRIES [In thousands of dollars] Imports into United States Exports from United States From— To— 1924 1925 1926 1927 1924 1925 1926 1927 Belgium 3 1 1 Belgium.. 2,200 France 24,460 6,606 351 21,048 France 114 1, 18 10,000 Germany 4,829 2 1 1 Germany 20,000 68, 270 47, 550 13,994 Great Britain.. 130,909 49, 294 1,212 39, 396 Great Britain 12, 264 6,160 8,562 Greece Italy 1,050 Italy 2,737 7 Netherlands 1,324 4,318 8,055 Netherlands... 50,965 10,085 15,075 Poland and Danzig. 1,104 5,000 Spain 66 87 105 3 Spain 365 392 5 Sweden 6,523 32 Sweden 2,001 1,003 1,027 Canada 41,496 33,123 82,543 63,650 Switzerland 43 12 Central America 2,131 2,324 1,516 1,224 Canada 3,102 45, 658 42, 392 29,698 Mexico 5,459 5,097 23,913 6,001 Central America 1 1,503 3,855 253 West Indies 372 611 405 329 Mexico 4,029 8,810 6,202 Argentina _ . 22,305 2 8 23 West Indies 10 214 154 40 Chili.... 431 447 21,180 7,021 Argentina 176 7,573 438 61,499 Colombia 2,289 1,611 1,663 1,489 Brazil 46 281 369 34,351 Ecuador 897 896 1,307 2,247 Colombia.. 5 3,004 2,019 1,001 Peru 2,710 1,728 2,644 2,268 Uruguay 130 802 2,000 Venezuela 317 393 647 531 Venezuela 1,102 2,660 I, 700 1,530 Australia 1,712 2 51,119 21,920 Australia.. .- 26,925 China 5,C 120 5,032 1,674 British India 11,025 58, 775 578 2,974 Dutch East Indies... 2,356! 2,108 1,707 1,499 British Malaya 31 7,378 ' 3,332 3,064 H xju o .m ng ii K J o ii n aa g i j.j-iuit/0 2 .£ , , 5 o 0 o 0 ui 1,508 China -.. 1,203 454 878 Japan 11,008 14,000 20,000 Dutch East Indies.. 323 1,314 1 2,231 1,960 New Zealand 1,158 241 213 259 Hong Kong 4,383 12,276 4,041 Philippine Islands... 4,814 1,833 1,990 1,667 Philippine Islands.. 800 30 Egypt 1,455| 15 30 Allother.. 3751 599 370 83 Portuguese Africa 6 If 552 244 43 Total.. 61,648 262,640 115,708 201,455 Allother 1, 77 157 126 Total. 319,72l|l28,273 213,504J207, 535 * Kevised. Back figures.—See Annual Reports for 1926 (Table 102) and 1925 (Table 102). For figures by months Digitized fo(rb Fy RcoAuSntEriRes ) see Federal Reserve Bulletin. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOLD 79 No. 20.—GOLD IMPOSTS INTO AND EXPORTS FROM THE UNITED STATES, BY MONTHS, 1914-1927 [In thousands of dollars] Net im- Net im- Year and month Imports Exports p e o x r p t o s r o ts r Year and month Imports Exports p e o x r p t o s r o ts r () 1914 1919 June 3,817 48,107 -44, 290 January 2,113 -1,283 July 3,392 33,669 -30, 277 February 3,945 3,110 835 August 3,045 18,126 -15,081 March 10,481 3,803 6,678 September 2,762 21,887 -19,125 April. 6,692 1,770 4,922 October 5,945 50, 302 -44, 357 May 1,080 1,956 November. _. 7,392 14, 526 -7,134 June 26,134 82,973 -56, 838 December 4,109 131 3,978 July 1,846 54, 673 -52, 827 August 2,490 45,189 -42, 699 Total (12 September... 1,472 29,050 -27, 579 months) 57,388 222,616 -165, 228 October 4,970 44,149 -39,179 November... 2,397 51,858 -49, 461 1915 December 12,914 46, 257 -33, 343 J F a e n b u r a u r a y ry 1 6 2, , 8 7 9 2 6 6 1, 6 05 9 4 2 11 6 , , 2 6 0 7 5 3 Total-. 76, 534 368,185 -291, 651 J A J N M A M S D O u u e u o p e c a a l p n c y g r v t y r t i o e e u c e e l m b h . m s m . t e . b b b r e . e e . r r r 4 4 2 3 6 7 6 5 1 1 1 9 7 5 2 6 1 0 5 2 , , , , , , , , , , 4 1 0 9 6 3 6 6 2 2 1 3 6 8 4 2 4 6 6 0 3 6 2 2 2 0 1 9 3 3 1 2 2 2 2 3 1 1 1 , , , , , , , , 8 6 9 9 0 8 1 1 2 8 6 3 2 3 1 7 2 8 2 9 1 9 8 9 4 8 2 2 4 4 4 4 6 3 2 2 7 5 1 1 0 3 9 7 9 6 4 0 5 5 , , , , , , , , , , 0 0 6 5 3 5 8 5 7 3 7 2 1 2 9 2 5 3 2 8 1 8 3 3 7 0 9 1 0 9 J J A J M M A S F u a u e e p u n a n a l p b r y g y r e u i r t c u l e a u h s m r a t y r b y 19 e 2 r 0 ... 4 2 3 1 1 1 1 1 8 6 2 4 9 6 5 5 9 , , , , , , , , , 4 1 5 0 8 9 6 3 7 7 1 2 1 6 8 1 8 7 3 0 2 8 5 5 8 8 8 4 4 4 4 2 2 1 7 4 2 4 1 7 7 5 7 , , , , , , , , , 3 8 1 5 6 0 8 9 8 2 1 2 6 8 2 7 5 7 0 7 9 2 6 2 3 0 3 - - - - - 3 3 3 2 2 9 2 0 5 8 1 1 3 8 , . , , , , , , , 0 0 4 6 1 9 7 4 9 5 0 6 0 2 0 9 8 4 5 8 5 0 6 0 9 1 5 Total.. 451,955 31,426 420,529 N O o ct v o e b m er ber. _. 1 5 1 6 6 , , 8 7 8 6 9 2 2 1 5 9 , , 9 8 3 7 1 0 9 37 0 , , 0 83 1 1 9 =1= December 44,660 17, 058 27, 602 1916 January 15,008 10, 214 4,795 Total.. 417,068 I 322,091 94, 977 February 6,016 13, 685 -7, 669 March _. 9,776 10, 774 -998 1921 April 6,122 11, 503 -5, 381 January 33, 634 2,725 30, 909 May 27, 322 11,919 15,403 February 42. 627 1,036 41, 591 June 122, 735 8,312 114,423 March 87, 272 710 86, 562 July 62,108 9,395 52, 713 April 80, 662 384 80, 278 August 41, 239 11, 780 29, 459 May 58,171 1,063 57,109 September.._ 92, 562 6,849 85, 713 June 43, 576 774 42, 803 October 97, 509 7,054 90, 455 July 64, 247 3, 735 60, 513 November 46,973 26, 335 20, 638 August 84. 902 672 84, 230 December 158, 621 27, 974 130,647 September. _ 66, 085 2,448 63, 637 October 47,107 7,576 39, 531 Total..- 685,990 155,793 530,197 November... 51, 299 607 50, 691 December.. . 31, 666 2,162 29, 504 1917 Total.. 691, 248 23, 891 667, 357 J J A N D S J A M O M F u u a e e e u o c p n n l a a p b c t y g v r y r e u o i e t r u e c l b e a u m h m s e r m a t y b r b r b y e e r e r r.. __. 1 1 9 3 2 0 5 1 3 5 1 1 2 7 3 2 4 4 8 2 7 9 8 , , , , , , , , , , , , 1 1 9 0 4 9 3 3 3 2 6 7 5 0 7 6 9 2 3 0 7 6 9 6 0 6 2 6 9 6 9 4 2 2 2 6 4 6 6 3 2 2 5 1 1 1 1 0 4 6 7 7 9 2 7 1 6 7 , , , , , , , , , , , , 0 2 5 1 0 0 1 6 9 9 3 7 4 2 3 6 6 6 5 5 9 2 3 2 9 3 4 8 5 8 4 2 7 0 2 0 - - - 2 4 2 1 - - - 2 7 8 2 4 3 1 7 1 5 1 7 1 , , 8 1 , 4 2 5 , , , , , , 0 4 , , , 1 3 5 7 1 3 4 6 5 2 0 3 6 1 4 5 2 7 0 9 7 0 4 5 1 6 9 7 8 5 7 8 9 6 N J A J J S A M F M O u u a e e u o p c n n a a l p b t y g r v y r e u o i t r u c e l e b a u h s m m e r a t y r r b b 1 y e 9 e 2 r r . 2 . . . . . 3 4 2 2 2 1 1 1 1 2 3 4 8 6 8 2 9 2 8 , . , , , , , , , , 9 9 4 4 3 2 7 5 9 0 9 8 6 8 0 3 7 4 7 9 4 7 4 8 8 9 1 4 7 2 1 3 7 3 1 1 1 1 , , , , , , , 4 8 9 6 6 5 3 4 9 5 7 3 0 7 6 6 9 5 4 0 9 3 1 3 3 1 6 4 9 9 7 2 2 3 4 2 2 2 1 1 1 1 2 2 7 5 4 0 3 1 5 3 8 , , , , , , . , , , , 2 0 5 1 3 0 5 8 6 3 7 7 6 3 8 4 2 0 6 7 7 0 5 6 6 7 3 5 7 5 7 6 8 December 26,440 2,710 23, 730 Total 552,454 371, 884 180, 570 Total.. 275,170 | 36, 875 238, 295 J J J D A A N M S F M O a u u e e e o u p c n a n a l p b c v g r t y y e u r t e i o r e u e c l a m . u m b . . s m h r a t e y b . b r b r e y 1 e e . r 9 . r r . 18 _ 31 6 2 2 1 4 2 1 1 2 1 1 , , , , , , , , , , , , 7 4 9 5 9 6 6 5 7 4 5 8 6 7 2 5 1 2 1 9 4 0 4 9 6 0 0 5 2 1 1 7 6 4 9 2 3 3 3 2 2 3 2 1 3 5 2 7 , , , , , , , , , , , , 0 5 1 2 2 7 5 8 7 0 2 5 8 4 7 8 7 0 6 0 4 8 0 9 0 8 8 4 7 4 0 9 6 4 0 9 I ! - - - - 2 4 1 2 1 , , , 3 9 - - - , 7 , 1 8 , 8 7 0 6 5 1 3 1 6 0 1 2 9 2 0 3 2 8 2 8 5 8 4 8 7 2 3 5 2 8 7 6 8 J J J A A N M M S O D F u u a e e p u c e o n a n l a p b t c y r g v y r e u o i t r e u c l e b e a u m h s m e m r a t y b r r b b y 1 e e 9 e r 2 r r . 3 . . . . . 4 3 2 2 3 2 3 3 1 1 7 9 2 7 2 5 2 8 9 6 9 9 , , , , . , , , , . , , 1 8 3 4 7 1 8 9 6 8 7 9 8 5 8 3 5 5 0 4 2 9 2 5 8 6 4 7 3 6 4 1 9 5 0 1 1 2 0 8 1 1 , , , , , 2 8 8 5 6 7 3 3 . 4 7 3 5 0 6 2 2 5 9 4 0 7 1 9 4 3 1 3 4 5 7 9 7 2 2 2 8 2 4 2 3 2 3 2 1 3 6 8 0 7 4 5 8 9 8 6 5 1 , , , , , , , , , , , , 4 6 4 5 3 0 8 5 9 9 9 = 3 5 8 0 3 8 3 1 5 8 3 4 = 4 5 8 7 5 2 0 3 9 0 4 1 8 Total 62,043 I 41,070 | 20,973 Total 322,716 I 28,643 294,073 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

80 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No. 20.—GOLD IMPORTS INTO AND EXPORTS FROM THE UNITED STATES, BY MONTHS, 1914-1927—Continued [In thousands of dollars] Net im- Net im- Year and month Imports Exports p e o x r p t o s r o ts r Year and month Imports Exports p e o x r p t o s r o ts r () () 1924 1926 January 45,136 281 44, 855 January 19,351 3,087 16, 264 February.._ 35, 111 505 34, 606 February 25,416 3,851 21, 565 March 34, 322 817 33, 505 March 43, 413 4,225 39,188 April 45, 418 1,391 44, 027 April 13,116 17,884 -4, 768 May 41, 074 593 40, 481 May 2,935 9,343 -6, 408 June 25,181 268 24. 913 June 18,890 3,346 15, 544 July 18, 834 327 18, 507 July 19,820 5,069 14, 751 August 18,150 2, 398 15, 752 August 11,979 29, 743 -17, 764 September. _ 6,656 4,580 2,076 September.. 15, 987 23,081 -7, 094 October 19, 702 4,125 15, 577 October 8.857 1,156 7,701 November.. 19, 862 6,689 13, 173 November... 16, 738 7.727 9,011 December.. _ 10, 274 39, 675 -29,401 December 17,004 7,196 9,808 Total 319, 721 61,648 258,073 Total ! 213,504 115,708 97, 796 1925 1927 ! January 73, 526 -68,488 January ! 59,355 14, 890 44, 465 February 50,600 -46,997 February j 22,309 2, 414 19, 895 March 25,105 -17,768 March ! 16,382 5,625 10, 757 April 21, 604 -12.734 April 14, 503 2,592 11,911 May 13, 390 -1,997 May 34,232 2,510 31, 702 June 6, 713 -2,287 June 14, 611 1,840 12, 771 July 4,417 5,787 July 10, 738 1, 803 8, 935 August 2,136 2,726 , August.... 7,877 1,524 6,353 September 6. 784 —226,65566 :! September 12, 979 24,444 -11,465 October 28, 039 22,702 ij October.. __ 2,056 10, 698 -8, 642 November 24, 360 —13,901 jl November. 2,082 55, 266 -53,184 December 5,968 1,248 i| December. 10,431 77,849 -67,418 Total 128,273 262, 640 -134, 367 Total. 207, 535 201,455 6,080 MONEY IN CIRCULATION No. 21.—UNITED STATES MONEY IN CIRCULATION,1 1914—1927 [In thousands of dollars] End of month figures Month 1914 1915 1916 1917 1918 1919 January 3,501,763 3, 252,844 3, 592, 466 3,988,882 4,136, 044 4, 919,171 5,177, 275 February 3,502,963 3, 241, 725 3, 603, 464 4,119, 577 4, 314, 675 4, 921, 563 5, 360, 312 March 3,508,438 3, 263,846 3,612,911 4,172, 946 4,396, 289 4, 947, 979 5,390, 734 April - ... i 3,530,019 3, 621, 308 4,194,450 4,433,817 4, 942, 963 5,409,242 May.__ 3, 532, 861 3,316,956 3,585,421 4, 255, 855 4, 416, 409 4,917, 706 5,45.1, 646 June 3, 459, 434 3,319, 582 3, 649, 258 4, 066, 404 4,481, 698 4,876, 638 5, 467,588 July... 3, 393, 510 3,323,141 I 3,657,559 3,972,992 4, 563, 653 4,869,621 5,453,998 August _ 3, 541, 416 3,402,252 I 3,736,753 3, 980, 404 4, 776, 271 4,947, 630 5, 548, 268 September 3, 731, 997 3,455,320 ; 3, 821, 786 4, 051, 349 5,026,618 5,036, 501 5,616,174 October 3,743,682 3,518,919 | 3, 876, 301 4,106, 781 5,145,344 5,126,856 5, 698, 215 November 3,410, 339 3,544,335 I 3, 877, 061 4, 252,267 5,195,492 5, 269, 335 5, 643,187 December I 3,318,977 3,589,284 3, 966,198 4,372,668 5, 237, 706 5, 378, 470 5, 612,113 I I 1 Money outside Treasury and Federal reserve banks (prior to November, 1914, money outside Treasury), 2 Figures prior to June 21, 1917 (when legislation became effective changing reserve requirements of member banks), while comparable with one another, are not strictly comparable with those for succeeding dates; the transfer to the Federal reserve banks of that part of legal reserves of member banks formerly held in own vaults reduced the volume of money outside Treasury and Federal reserve banks (see note 1). The increasing membership of State banks in the Federal reserve system after June, 1917, had a similar effect upon the figures. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MONEY IN CIRCULATION 81 No. 21.—UNITED STATES MONEY IN CIRCULATION, 1914-1927—Continued [In thousands of dollars] End of month figures Month 1921 1922 1923 1924 1925 January... 5, 303,128 4,441,453 4, 614, 248 4, 777, 3684, 802, 358 4, 841, 088 4,845, 755 February- 5,272,679 4,490,831 4, 703, 366 4, 887, 2274, 853, 229 4, 903, 627 4, 884, 768 March 5,123, 759 4,496, 845 4, 746,834 4, 899, 3754,818, 339 4, 859,825 4, 861, 706 April 5, 079, 594 4, 468,354 4, 759, 236 4,853,195 4, 789, 486 4, 907, 096 4,890, 607 May 5, 015, 363 4, 454, 765 4, 797, 068 4, 904, 8424,841, 282 4,923,181 4,892, 667 June 4,910,993 '4, 463,172 *4, 823, 275 *4, 849, 307'4,815, 208 *4,885, 266 *4,851, 322 July._.. 4, 796, 956 4, 423, 728 4, 786, 907 4, 755, 5584,795, 304 4, 909,186 4, 845,782 August. 4, 740, 063 4, 479, 762 4, 876, 474 4, 858,907 4, 867, 068 4,930, 233 4, 853, 773 September 4, 744, 111 4, 607, 717 4,945,182 4, 863,185 4, 916.116 4, 978, 221 4, 948,462 October 4,694,606 4, 645, 957 *4, 928, 900 4,941, 514 4, 968, 536 5,021,411 4, 945, 772 November I 4, 651, 484 4, 703, 630 5, 017, 653 5,051,945 5,044, 345 5,036, 980 4, 951, 972 December 4,689,785 4, 817, 039 5, 043, 819 5,047,463 5,104,116 *5,095,155 5,002,956 Averages Month 1918 1919 January... 3, 496, 586 3, 285, 911 3, 590, 875 3,977, 540 4, 254, 356 5, 078, 439 5, 277, 873 February.. 3, 502, 363 3, 247, 285 3, 597,965 4,054,230 4, 225, 360 4, 920, 367 5, 268, 794 March 3, 505, 701 3, 252, 786 3, 608,188 4,146,262 4, 355, 482 4,934, 771 5, 375, 523 April 3, 519, 229 3, 273,843 3, 617,110 4, 4, 415, 053 4,945,471 5, 399, 988 May 3,531,440 3,300,398 3, 603,365 4,225,153 4, 425,113 4, 930, 335 5, 430, 444 June 3,496,148 3, 318,269 3,617,340 4,161,130 4,449,054 4,897,172 5,459, 617 July 3,426,472 3, 321, 362 3, 653,409 4,019,698 4, 522,676 4, 873,130 5, 460, 793 August 3,467,463 3, 362, 697 3, 697,156 3,976,698 4, 669,962 4, 5, 501,133 September. 3, 636,707 3,428, 786 3, 779, 270 4, 015,877 4, 901,445 4, 992, 066 5, 582, 221 October. _. 3, 737, 840 3,487,120 3,849,044 4, 079,065 5, 085, 981 5, 081, 679 5, 657,195 November. 3, 577, 011 3, 531, 627 3, 876, 681 4,179, 524 5,170, 418 5, 198, 096 5, 670, 701 December. 3,364,658 j 3,566,810 3,921, 630 4, 312,468 5, 216, 599 5, 323, 903 5, 627, 650 1922 1923 3 1924 3 1925 3 1926 3 1927 2 January... 5, 457, 621 4, 565, 619 4, 678, 839 4, 847, 097 4,863, 082 4, 890, 7 4, 903, 373 February.. 5, 287, 904 4, 466,142 4, 672,172 4, 831, 590 4, 807,120 4,854,080 ! 4,842,545 March 5,198, 219 4,493, 838 4, 713, 062 4, 870, 489 4, 821, 033 4,864,168 | 4,856,221 April 5,101, 677 4,482, 600 4, 730, 995 4, 886, 311 4, 809,246 4,881,896 I 4,880,008 May 5, 047, 479 4,461, 560 4, 764,007 4, 865,883 4, 797,177 4,871,035 4,859,532 June 4,963,178 4, 458,969 4, 778,732 4,830, 265 4, 794, 480 4,881,317 4,830,793 July 4, 853,975 4, 443, 450 4,811, 543 4, 809, 789 4, 797, 559 4,916,380 ! 4,851,410 August 4, 768, 510 4, 451, 745 4,833, 271 4, 799, 567 4, 819, 351 4,912,369 | 4,848,610 September. 4, 742, 087 4, 543, 740 4,900, 730 4, 852, 571 4, 907, 881 4,968, 626 4, 917,420 October 4, 719, 359 4, 626,837 4, 941, 474 4,891,317 4, 945,455 5,001,406 4,933,869 November. 4, 673, 045 4, 674, 794 4, 953, 008 4, 970, 056 4, 959, 729 5,008,378 ! 4,936,200 December. 4, 670, 635 4,760, 335 5,070, 774 5, 088,133 5,119,140 5,130,680 ! 5,048,451 * Revised. 3 Monthly averages of daily figures; all other averages shown in table are based on end of month figures. NOTE.—All figures in this table have been revised so as to be comparable (as nearly as possible, see note to Table 22), with those shown currently by the " Circulation Statement of United States Money"—issued monthly by the Treasury—as revised in January, 1927, and with those published currently in the Federal Reserve Bulletin; they include minor coin: For explanation of this and other revisions see Federal Reserve Bulletin for December, 1927, pp. 800-802. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 22.—KINDS OF MONEY IN CIRCULATION, 1914-1927 00 to [End of month figures. In thousands of dollars. Revised series; see note to preceding table] End of month Total G co o i l n d G ti o fi ld ca c te e s r- St d s o a i l n l l v d a e a r r r s d c S c e i a r l t t v i e f e s i r - T n r o e 1 t a 8 e 9 s s u 0 o r f y S s u i a b l r v s y i e d r i- M c i o n i o n r U S n n t o i a t t t e e e s s d F r n e e s o d e t e r e r v s a e l F re n b e s o d a e t e n r e r k v s a e l Na n b t o a i t n o e k n s al 1914—January 3, 501, 763 616,499 1,089,934 70,168 468,238 2,531 160,960 56,947 335,137 701,350 February... 3, 502, 963 610, 611 1, 094,487 69,676 461, 376 2,512 160,164 57,078 339, 210 707,851 March 3, 508, 438 609,438 1, 094, 543 69,114 460,804 2,492 159, 599 57, 293 341,467 713, 687 April 3, 530, 019 611, 784 1,120,424 68, 550 456, 703 2,472 159, 208 57,460 340, 409 713,008 May 3, 532, 861 613,182 1,105, 754 68, 220 466,402 2,451 159, 675 57,450 339, 992 719, 735 June 3,459,434 611,544 1,026,149 70, 300 478, 602 2,428 159, 966 57,419 337,846 715,180 July 3, 393, 510 603,770 974, 387 67, 549 474, 601 2,420 159,846 57,419 337,004 716, 514 August 3, 541, 416 635,180 944,623 68,404 481,405 2,402 160, 546 57,499 339, 254 852,102 September.. 3, 731, 997 639,929 931, 390 68, 330 482, 892 2,389 161, 505 57, 718 336, 974 1,050,869 October 3, 743, 6S2 638, 643 913, 348 67, 887 482, 776 2,377 162, 375 57,852 334,904 1,083, 519 November.. 3,410, 339 604, 356 739, 089 67, 203 446, 229 2,359 162,931 58, 212 298, 632 2,085 1, 029, 243 December.. 3, 318, 977 606, 519 702,185 66, 704 444,953 2,341 163, 699 58,606 294, 383 10, 607 1915—January 3, 252, 844 597,102 730, 369 64,971 440,709 2,322 160, 033 58, 222 310, 299 14, 828 873,989 February... 3, 241, 725 590, 469 721, 316 64,149 447, 052 2,306 158, 762 58,301 314, 298 22, 730 862, 343 March 3, 263, 846 591, 350 728, 718 65, 674 462, 227 2,286 158,155 58,093 321,785 34, 858 840, 700 April. 3, 283, 839 587,850 768, 600 65, 081 462, 605 2,278 158,128 58, 200 323,430 45, 849 811,817 May 3, 316, 956 593, 544 802, 252 64, 738 462, 380 2,259 158, 585 58, 217 320,182 56,248 798, 552 June... 3,319, 582 587, 537 821, 869 64,499 463,147 2,245 159,043 58,516 309,796 70, 810 782,120 July 3, 323,141 588, 206 816, 737 64, 251 462, 368 2,237 159,047 58, 496 323, 706 80, 232 767, 861 August 3, 402, 252 588,185 887, 248 64, 285 460,074 2,219 159, 668 58, 512 328,121 90, 037 763,903 September. 3, 455, 320 590, 580 909, 584 64,963 467, 800 2,210 161, 985 58,945 112, 627 759,738 October 3, 518, 919 590, 683 954,145 65, 634 471, 612 2,199 165, 036 59, 625 318, 050 136,590 755, 346 N D o ec v e e m m b b e e r r . . . . 3 3 , , 5 5 4 8 4 9 , , 3 2 3 8 5 4 6 59 0 6 5 , , 1 6 4 5 0 7 9 94 5 9 4 , , 1 5 7 3 5 1 4 48 7 3 7 , , 8 2 4 9 0 3 2 2 , , 1 1 8 6 4 8 1 1 6 6 7 9 , , 9 9 6 1 8 2 6 61 0 , y 6 3 3 2 5 6 3 33 1 0 2 , , 0 3 7 5 2 7 1 17 5 8 5 , , 4 6 1 4 4 7 7 74 5 2 1 , , 1 4 3 7 0 9 1916—January 3, 592, 466 606, 293 993,080 65, 703 473, 587 2,159 167, 541 60,909 328,807 165, 715 728, 673 February. _. 3,603,464 611,061 991,074 65, 383 477, 446 2,147 167,105 60, 981 329,151 164, 533 1,890 732, 693 March 3, 612, 911 609, 390 994, 933 65, 203 483, 664 2,135 167,456 61, 322 334, 280 160, 518 1,103 732, 906 April 3, 621, 308 616,248 1, 002,163 65, 591 481,203 2,122 168, 592 61,684 334,125 159, 548 1,787 728,245 May 3, 585, 421 621, 371 982, 746 65,874 481,197 2,112 169, 785 62, 231 322,014 155, 546 1,759 720,785 June 3, 649, 258 624, 939 1,050,266 I 66, 234 476, 279 2,098 171,178 328, 227 149,152 1,683 716,204 July 3, 657, 559 625,840 1,062,004 ! 66, 757 472, 083 2,046 171, 858 63,223 332, 655 148,839 1,665 710, 590 August 3, 736, 753 622, 512 1,119,452 i 66, 970 475, 557 2,080 174,874 63,731 337, 411 162, 066 1,628 710,472 September.. 3, 821, 786 631, 927 1,150,073 j 69,419 479, 656 2,058 177,140 64, 414 336, 677 195, 293 3,580 711,551 October 3, 876, 301 635, 726 1,184, 355 I 70, 383 476, 781 2,049 181,056 65, 455 337, 074 213, 736 3,519 706,166 November.. 3,877,061 653, 839 1,136,668 71, 274 474, 633 2,043 186, 062 66, 562 335, 232 242, 342 3,462 704,946 December.. 3, 966,198 640, 647 1,220,389 1 72, 201 470,352 | 2,035 187,030 67,487 326, 798 272, 535 3,755 702, 969 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1917—January 3, 649,004 1,285,808 71,087 460,904 2,022 187,557 67,226 328,940 254,656 3,506 678,171 February 4,119^ 577 645,330 1, 342, 712 71,138 470, 570 2,008 189,022 67,504 326,548 308,099 3,340 693,305 March 4,172,946 652,386 1, 344, 280 70,939 460,478 1,997 190,138 67,504 329,396 356,029 3,170 696,630 April 4,194,450 668,375 1, 291, 598 71,156 471,310 1,987 191,528 67,823 311,387 419,561 3,026 696,699 May ! 4,255,855 675,996 1, 302, 945 71,398 473,038 1,980 193,071 68,280 312,133 458,972 2,866 695,176 June ! 4,066,404 666,545 1,082,926 71,754 468,365 1,970 193,745 68,411 311,595 506,756 3,702 690,635 July j 3,972,992 647,307 1,012,753 71,689 458,930 1,959 194,851 68,914 299,231 532,220 5,230 679,907 August | 3,980,404 673,809 968,904 72,479 459,074 1,946 197,133 69,325 301,297 538,081 8,493 689,862 September I 4,051,349 650,516 931,348 73,971 463,734 1,936 201,728 70,118 305,164 647, 751 10,323 694,760 October I 4,106,781 645,099 834,437 75,952 461,208 1,921 207,254 70,913 302,652 802,407 10,156 694,782 November. I 4,252,267 640,253 748, 978 76,977 457,470 1,912 212, 290 72,320 301, 737 1,033,597 10,004 696,729 December I 4,372,668 631,925 688,823 77,688 457, 790 1,905 215,492 73,228 302,799 1,223, 744 9,782 689,491 1918—January ! 4,136,044 597,578 652, 728 76, 739 440,891 1,900 213,996 73,324 292,615 1,106,456 9,445 670,373 February ! 4,314,675 591,647 626,065 76,458 436,364 1,877 213,487 73,577 294,176 1,311,766 9,121 680,137 March j 4,396,289 582,381 597,648 76,927 432,139 1, 875 213,698 73,888 295,783 1,424,553 8,822 688, 577 April . 4,433,817 568,066 571,766 77,187 421,317 1,868 214,198 74,111 294,502 1,513,485 8,611 688,705 May 4,416,409 550,347 536,636 76,776 397,853 1,857 215,204 74,399 292,869 1,570,915 9,165 690,389 June 4,481,698 537,230 511,190 77,201 370,349 1,851 216,492 74,958 291,859 1,698,190 10,970 691,407 o July... 4,563,653 526,984 484,643 79,117 350,980 1,845 218,084 75,173 294,342 1,832,645 11,650 688,191 August 4,776,271 517,890 465,359 84,808 335,216 1,834 221,006 76,012 294,568 2,067,939 20,987 690,653 September. 5,026,618 513,859 447,720 84,324 322,240 1,831 223,995 76,918 294,159 2,335,402 37,502 688,668 October 5,145,344 508,420 434,341 83,153 305,645 1,811 230,252 77, 690 291,738 2,470,898 63,527 677,869 November, 5,195,492 506,431 420,843 82,339 285,677 1,809 233,294 78,407 292,948 2,533,820 86,200 673,725 December.. 5,237, 706 502,030 402,793 83,805 252,540 1,802 236,037 79,110 288,282 2,624,299 117,188 649,820 1919—January 4,919,171 499,778 381,822 81,924 219,412 1,785 231,467 78, 766 277, 505 2,373,246 126,100 647,366 a February _._ 4,921,563 496,704 370,364 80,670 205,688 1,779 229,268 78, 777 278,176 2,412,826 127,429 639,882 March 4,947,979 486,588 359,935 79, 898 196,825 1,772 228,482 79,080 274,106 2,467,752 132,692 640,848 April 4,942,963 490,211 347,230 79,577 185,764 1,766 228,820 79, 716 271,908 2,478,016 142,128 637,827 o May 4,917,706 490,468 335,277 79,203 173,150 1,755 228,593 80, 541 274,906 2,457,013 147,707 649,093 June 4,876,638 474,875 327,552 79,041 163,445 1,745 229,316 81, 780 274,119 2, 450,278 155,014 639,472 July.- | 4,869,621 480,627 321,509 78,942 156,963 1,729 229,507 82, 769 273,093 2,428,776 164,217 651,489 August ! 4,947,630 470,700 313,855 79, 235 153,965 1,724 230,640 83,586 273,084 2,510,462 175,035 655,346 a September 5,036,501 466,229 312,422 79,936 152,354 1,718 233,078 84,594 267, 993 2,600,992 188,421 648,763 October.. 5,126,856 464,572 300, 285 79,999 148,917 1,709 236,604 85, 817 270,315 2,683,969 193,168 661,502 November.. 5,269,335 476,430 296, 930 84,379 150,027 1,703 239,598 86,962 270,325 2,795,770 195,730 671,480 December.. 5,378,470 476,405 286,212 80,226 141,224 1,695 244,298 88,167 273,971 2,915,855 198,147 672,271 1920—January 5,177,275 462,278 284,587 79,160 130,340 1,694 241,756 87,687 268,219 2,785,106 190,506 645,943 February... 5,360,312 477,928 280,217 78, 782 121,470 1,686 243,178 88,117 270,262 2,953,540 192,246 652,887 March 5,390,734 471,773 271,170 78,078 111,434 1,681 245,165 88,686 269,372 2,988,722 186,200 678,453 April 5,409,242 468,300 274,765 77, 747 107,464 1,669 246,216 89,173 274,476 3,018,331 174,006 677,095 May. 5,451,646 470,294 264,196 77,111 103,869 1,660 247,130 89,951 276,345 3,054,890 175,794 690,404 June _. 5,467,588 474,822 259,007 76, 749 97, 606 1,656 90,958 278,144 3,064,742 185,431 689, 608 July 5, 453,998 475,080 252, 721 77,141 91,415 1,653 249,600 91,697 281,778 3,047,349 188,557 697,006 August 5,548,268 471,721 248, 760 75,483 87,101 1,652 251,398 92,536 280,359 3,137,095 201,852 700,312 September.. 5,616,174 465,193 236,057 74,875 82,427 1,643 255,157 93,601 277,673 3,216,923 208,732 703,893 October 5,698, 215 474,725 228,225 76,158 78,817 1,628 255,730 94,431 275,348 3,293,523 208,622 711,008 November.. 5,643,187 465,805 227,734 75,568 75,643 1,615 257,644 95,342 270,756 3,251,496 208,071 713,513 December.. 5,612,113 474,568 218, 527 75,457 69, 762 1,605 254, 529 95,371 261,315 3, 256,112 209,491 695,375 00 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 22.—KINDS OF MONEY IN CIRCULATION, 1914-1927—Continued 00 [In thousands of dollars] End of month Total G co o i l n d 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 c S c e i a r l t t v i e f e s i r - T n r o e 1 t a 8 e s s 9 u 0 o ry f S s u i a b lv r s y e id r i- F re n e s o d e t e r e r v s a e l F r n e b e s o d a e t e n r e r k v s a e l N n a b t o a i t n o e k n s al 1921—January 5, 303,128 476, 531 212,167 72, 649 66,481 1,604 245,554 93,630 249, 279 3,002,861 193,922 688,449 February... 5, 272,679 463,055 218,181 70, 056 68, 317 1,603 242,933 93,044 255,052 2,976, 725 180,580 702,532 March 5,123,759 459,212 214,233 69.835 70,007 1, 590 239,918 92,164 250,003 2, 856, 528 166,080 704,190 April 5,079,594 456,532 210,317 68,433 112,250 1,584 237,245 91,513 246,762 2,800,376 152,559 702,024 May 5,015,363 452,606 205,350 66,829 137,074 1,578 236,273 91,380 251,721 2,711,834 143,298 717,422 June 4,910,993 447,272 2C0, 582 65,883 158,843 1,576 235,295 91,409 259,170 2, 599, 598 129,942 721,421 July 4,796,956 444,234 193,807 63,948 172,460 1, 569 233,164 91,087 259,506 2,509,476 120,710 706,995 August 4,740,063 440,390 191,331 63,594 187,917 1, 563 231,379 90,763 262,848 2,451,075 109,380 709,823 September.. 4,744,111 436,868 186,405 63,322 190, 738 1,562 231, 866 90,694 263,235 2,456,599 106,135 716, 627 October 4,694,606 433,986 182, 833 59,515 212,468 1, 554 235,069 90, 650 264,721 2,395,355 101,247 717,209 November.. 4, 651, 484 432,258 182,160 59,163 233,908 1, 547 235,914 91,103 265,172 2,337, 634 96,640 715,987 December. _ 4,689,785 439,086 ] 176,957 *58,328 *236,016 1,546 *237,133 *91,072 *275,456 *2,371, 668 *97,111 *705,412 1922—January i__. 4, 441, 453 431,178 172, 401 58,124 233,237 1, 542 229, 221 89, 404 268, 777 2,157, 215 89,833 710, 520 February... 4, 490, 831 427, 932 169, 761 58,410 249,917 1, 533 227,519 88, 988 283, 460 2,179,154 84, 661 719,497 March 4, 496, 845 425, 610 172, 313 58, 788 252, 955 1, 529 227, 125 88, 787 285,161 2,180, 550 83, 010 721,018 April 4, 468, 354 422, 367 170, 474 58, 455 253,306 1,528 227, 059 88, 743 289, 583 2,154, 239 80, 982 721,617 May 4, 454, 765 418, 650 171,318 58, 129 259,805 1,527 228, 620 89, 022 294, 846 2,128, 662 79,114 725, 071 June *4, 463, 172 415, 937 173, 342 *57, 973 265, 335 1,510 229, 310 89,157 292, 343 2,138, 715 71, 868 727, 681 July 4, 423, 728 412, 957 171, 676 58, 058 269,419 I 1,508 229, 806 89,410 284, 860 2,115, 580 64, 827 725, 627 August 4, 479, 762 411, 668 194, 407 58,116 272, 036 1,501 232, 792 89, 760 285, 421 2,141, 312 60, 231 732, 516 September.. 4, 607, 717 410, 235 215, 333 59, 079 277, 616 1,501 236,350 90, 362 281,914 2, 249, 888 55, 314 730,124 October 4, 645, 957 409, 543 233,889 59, 338 279, 619 1,492 239, 723 91, 033 278, 893 2, 281, 630 48, 458 722, 335 November.. 4, 703, 630 411, 835 254, 325 59, 329 285, 088 1,489 242, 999 91,831 278, 047 2, 312, 521 42, 325 723, 841 December.. 4,817,039 423,265 " 302, 740 59.836 288, 209 1,483 246,091 92,649 284,901 2, 372, 721 36, 662 708, 481 1923—January 4, 614, 248 415,163 301, 494 58, 031 295, 623 1,479 240, 990 91, 888 278,845 2,184, 367 32, 662 713, 707 February... 4, 703, 366 412, 753 315, 022 57, 90S 317, 662 1, 475 241,166 92, 068 283,473 2, 226, 850 29, 809 725,180 March 4, 746,834 410,166 319,174 57, 555 338, 900 1,471 242, 054 92, 358 294,146 2, 232,994 25, 737 732, 280 April 4, 759, 236 408,082 328, 795 57, 369 353, 399 1, 469 242, 827 92, 857 299, 297 2, 218, 466 23, 859 732, 815 May __. 4, 797, 068 406,150 338, 880 57, 366 364, 902 1, 463 245, 757 93, 612 305, 392 2, 228, 029 21, 534 733,983 June *4, 823, 275 404,181 386, 456 *57, 262 364, 258 1,460 247, 307 93, 897 302,749 i 2, 234, 660 19, 969 711, 076 July 4, 786, 907 401, 651 411,801 56, 999 368, 615 1,458 247, 737 94,128 299,747 I 2,160, 431 18, 833 725, 507 August 4, 876, 474 398, 901 441, 877 57, 420 376, 005 1, 456 249, 618 94, 777 304, 554 2, 204, 931 17, 601 729, 336 September.. 4, 945,182 397,957 465,831 58, 009 374, 657 1,451 252, 424 95, 227 306, 528 2, 245, 551 16,458 731,089 October *4, 928, 900 394, 637 500, 667 58, 047 370, 322 1,448 254, 814 96, 257 302, 855 2, 207, 212 *15, 237 727,403 November.. 5, 017, 653 395, 281 534,413 58, 054 381, 788 1,445 258, 026 97,164 305, 874 2, 236, 671 14, 238 734, 700 December. . 5, 043,819 410,135 584,035 | 58, 261 374,450 1,443 260, 638 97, 655 306, 399 2, 223, 593 13,571 713,639 1924—January 4,777,368 401,106 574,410 j 56,397 357, 890 1,440 25.2, 325 96, 481 294,106 2, 008, 935 12, 718 721, 559 February - _- 4, 887, 227 399,139 633,434 I 55, 911 368, 228 1, 437 251,635 96, 473 302, 796 2, 030, 833 12,134 735, 207 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

March 4, 899, 375 398, 407 687, 478 55, 203 367, 509 1,433 251, 702 96, 386 304, 468 1,988, 539 11, 549 736, 702 April 4, 853,195 396, 373 730,149 54, 723 370,634 1,428 252,656 96,866 300, 802 1,909,159 10,992 729. 413 May 4, 904, 842 394, 809 779,178 54, 029 372, 635 1, 425 252, 598 96, 641 306, 276 1, 897, 682 10, 431 739,140 June *4,849, 307 393, 330 801, 381 *54, 015 364,414 1,423 252, 995 96, 952 297, 790 1, 843,106 10, 066 733, 835 July 4, 755, 558 391, 769 799,168 53, 644 373, 570 1,420 252, 351 96, 891 301, 572 1, 745, 873 9, 608 729, 693 August 4, 858, 907 390, 754 872, 203 53,830 385, 263 1,417 253, 509 97,116 307, 979 1, 746,181 9 226 741, 428 September.. 4, 863,185 389,986 898, 489 54, 554 387, 026 1, 412 256, 204 97, 647 302, 869 1, 729, 442 8^ 998 736, 558 October 4,941,514 390, 501 912, 699 55, 039 389, 601 1,410 259, 487 98, 279 307, 529 1, 784,145 8, 673 734.150 November.. 5, 051, 945 393, 570 934, 835 55, 432 390, 849 1, 406 262, 584 99, 316 305, 747 1, 862, 013 8,464 737, 730 December.. 5, 047, 463 409, 414 970, 303 57,171 390,131 1,405 265, 798 100, 460 296, 631 1,841,651 8, 224 706, 275 1925—January 4, 802, 358 402,606 930, 317 55, 320 363, 067 1,400 256,480 99, 000 285, 522 1, 688. 728 7,983 711, 935 February... 4,853,229 407, 876 916, 643 55, 264 366, 980 1,398 256, 036 98, 994 290, 503 1, 734, 567 7,729 717, 239 March 4, 818, 339 409, 705 915,113 54, 567 374.170 1,396 257, 084 98, 901 286, 715 1, 702,199 7,498 710, 990 April 4, 789, 486 408.451 926, 290 54, 298 377, 845 1,392 257, 837 99, 465 281, 957 1, 676, 284 7,283 698, 384 May 4,841, 282 402, 380 972, 830 53, 960 382, 439 1,390 259, 387 99, 632 285, 971 1, 679, 840 7,109 696, 345 June *4, 815, 208 402, 297 1, 004, 823 *54,289 382, 780 1,387 262, 009 100, 307 282, 578 1, 636,108 6,921 681, 709 July. 4, 795. 304 400.452 1, 016, 438 53, 776 389, 558 1,384 261, 298 100, 307 285, 347 1, 601, 881 6,776 678, 088 August 4,867,068 398,472 1,036,468 53, 904 396,912 1, 381 264, 001 100,945 299, 202 1,629,888 *6,612 *679, 284 September.. 4,916,116 396, 245 1, 052, 581 54, 719 395, 556 1.379 267,848 101, 350 305, 690 1, 670, 605 6, 455 663,689 October 4, 968, 536 394, 690 1, 067, 428 54, 595 391,126 1,377 2G9, 344 102, 084 307, 690 1, 706, 603 6,301 667, 319 November-. 5, 044, 345 396.367 1,108, 280 54, 736 388, 833 1, 375 272, 372 103,453 304, 927 1,741,902 6,171 665, 928 December.. 5,104,116 414, 026 1,112, 683 54,911 389,684 1,373 274, 854 104, 506 294, 907 1,815,625 6, 050 635, 498 1926—January 4, 841, 088 402, 687 1, 036, 902 52, 721 372, 345 1,371 265,959 102, 476 289,963 1, 672,195 5, 890 638, 578 February... 4, 903, 627 399, 862 1, 084.374 52, 218 371. 623 1,369 265,809 102, 677 295,109 1, 672, 022 5, 804 652, 761 March 4, 859, 825 396,929 1, 089, 573 51, 752 367^ 778 1,367 267, 270 103, 014 291, 658 1,039,225 5, 715 645, 542 April 4, 907, 096 395,032 1,102, 782 51,465 367, 891 1,364 267, 055 103, 323 294,915 1,662,507 5, 640 655, 023 May 4, 923,181 393, 323 1, 076, 242 51, 258 374, 470 1,359 268, 249 103, 694 294, 505 1, 693, 813 5, 549 660, 720 June *4, 885, 266 391, 703 1, 057, 371 *51, 577 377, 741 1, 356 270, 072 104,194 294,916 1, 679, 407 5, 453 651, 477 July 4, 909,186 390,915 1, 072, 374 51, 513 384,134 1, 354 269,868 104,442 295, 977 1,679, 381 5, 289 653,939 August 4, 930, 233 389,177 1, 086,132 51, 033 385. 598 1, 352 271, 641 104,971 300, 735 1,684,429 5,211 649, 353 S O e c p to te b m er ber- 5 4 , , 9 0 7 2 8 1 , , 2 4 2 1 1 1 3 3 8 8 8 9 , , 0 2 4 0 9 5 1 1 , , 1 1 0 0 0 1 r , 5 4 5 6 1 2 5 5 1 1 , , 8 62 4 3 7 3 3 9 9 3 1 , , 1 4 7 9 9 4 1 1, , 3 3 4 4 7 9 2 27 7 7 5 , , 5 02 0 1 4 1 10 0 6 5 , , 9 4 1 6 9 4 3 3 0 0 2 7 , , 1 2 9 7 9 7 1 1, , 7 7 0 3 9 7 , , 1 7 3 3 63 5 5 , , 1 1 2 2 4 7 6 65 4 1 6 , , 9 4 3 2 5 1 November.. 5, 036, 980 388, 831 1, 095, 622 51, 849 391,158 1, 344 279, 876 107, 913 303,172 1, 764, 053 5, 054 647, 509 December.. *5,095,155 408,681 1, 092, 039 51, 633 396, 752 1,340 281,398 108,179 296, 810 1, 824, 459 4,967 628,896 1927—January 4, 845, 755 396, 436 1, 037, 264 49, 678 374,836 1, 336 272,163 106, 880 287, 672 1.683,878 4,902 630, 710 February... 4, 884, 768 393,317 1, 034, 647 49,187 376, 839 1,335 271,251 106, 571 291,588 1,709,816 4,848 645, 369 March 4, 861. 706 389, 926 1. 019, 437 48, 726 372,854 1,333 271, 970 106,836 290, 761 1,706,684 4,781 648, 399 April 4, 890.607 388,742 1, 019, 372 48, 396 377,139 1,331 272, 804 107, 034 292,829 1. 724, 368 4,718 653,875 May 4,892, 667 386, 560 1. 003, 792 48, 707 379, 505 1,329 274, 527 107, 531 292, 888 1,733.647 4, 673 659, 507 June *4,851, 322 384, 957 1, 007, 075 *48, 717 375, 798 1, 327 275, 605 108,132 292, 205 1, 702, 843 4,606 650,057 July 4,845, 782 382, 674 1, 031,188 48, 626 377, 653 1,325 274,950 108,130 296, 625 1, 667, 777 4, 536 652, 300 August 4,853, 773 381, 551 1, 045, 241 48, 321 378, 913 1, 323 277,331 108,891 299, 268 1, 657, 305 4,477 651.151 September.. 4, 948, 462 380,476 1, 081, 478 48, 022 390, 335 1,321 280,128 109, 566 304, 294 1,715,073 4,420 653, 350 October 4, 945, 772 381, 045 1, 038. 301 48,642 392, 296 1, 319 281, 600 110,001 298, 493 1,711,227 4,358 648,492 November.. 4,951, 972 382, 647 1, 094, 767 48,812 392, 299 1,318 285, 058 111,249 298,116 1, 694, 354 4, 323 639, 029 December.. 5,002,956 402,087 1, 073, 735 48, 775 400, 269 1, 315 285, 602 111,771 292,889 1, 762, 794 4,282 619,439 1 Since January, 1922, the reserve banks have reported separately their holdings of each kind of money, currently apportioning unassorted currency on hand by estimate on the basis of recent experience; prior to that time they reported all unassorted paper currency in one total and all silver coin in one total. In deriving the circulation figures given in this OO table for 1914-1921 for the different kinds of paper money and of silver coin, these reported totals were distributed by estimate, * Revised, Qi Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DISCOUNT RATES AND MONEY RATES 110390—28 7 87 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DISCOUNT RATES AND MONEY RATES No. 23.—FEDERAL RESERVE BANK DISCOUNT RATES ON ALL CLASSES AND MATURITIES OF DISCOUNTED BILLS—CHANGES FROM JANUARY 1, 1922, TO DECEMBER 31, 1927 [Per cent] B to o n s- Y N o e r w k P p d h h e i i l l a - a C la le n v d e m R o ic n h c - la A n t t - a C a h g i o c- L S ou t. is' a M p ne o in - li - K C s a a it n s y - D la a s l- F c S i r s a a c n n o - In effect Jan. 1, 1922 4M 4^ 43/ 5 5 5 5 5 by 5 5 Changes effective: 1922—Jan. 9 5 Jan 11 5 Jan. 23 . 4K Feb 14 ±y Mar. 15 Iy 2 \ Mar 25 AlA Apr. 6 4^i-- Apr 14 4H 1 June 22 ... 4 June 23 4 July 8 4 July 12 W2 Aug. 12 .. > 4M Aug. 15 4M 1923—Feb. 23 Mar. 6 .... VA 1924—May 1 4 June 2 4 I June 10 1 4 J Ju u n n e e 1 1 2 4 V/2 v/ 2 4 4 . . L. June 18 4 June 19 23H 4 June 26 33^ July 1 4 July 16 4 Aug. 8 3 Aug. 15 zy\ Aug. 25 ._. 2 j v/ Oct. 15_ 4 2 1925—Feb 27 VA Nov 10 4 Nov. 17 . 4 Nov. 20 4 Nov. 23 1 4 1926—Jan. 8 4 A Au p g r. . 2 1 3 3 ... 4 V/2 1927—July 29 VA Aug 4 VA. A A u u g g . . 5 6 V/2 VA VA Aug. 12 VA Aug 13 VA. Aug. 16 VA Sept 7 VA Sept 8 1 VA Sept 10 VA Sept. 13 VA. In effect Dec. 31,1927 3H V/2 VA VA VA VA VA. VA VA VA VA 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; \¥i per cent on 91-day to 6-month agricultural and livestock paper from June 19 to June 25, 1924. NOTE.—Discount rates became 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. 5; Minneapolis, Apr. 11; Kansas City, Apr. 14; Dallas, Apr. 12; San Francisco, Mar. 21. Back figures.—For years previous to 1922, when different rates were generally in effect for different classes of bills, see annual reports, Federal Reserve Bulletin, and pamphlet issued by the board in 1922: " Discount Rates of the Federal Reserve Banks, 1914-1921." 89 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

90 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No. 24.—FEDERAL RESERVE BANK BUYING RATES ON ACCEPTANCES 1— CHANGES FROM JANUARY 1, 1919, TO DECEMBER 31, 1927 [Buying rates at the Federal Reserve Bank of New York. Per cent] 16 to 30 31 to 45 46 to 60 61 to 90 91 to 120121 to 180 days days days days days days days In effect Jan. 1, 1919. Changes effective: 1919—Nov. 5_ Nov. 26_ Dec. 4_ A Dec. 23_ 4% Dec. 30. 1920—Jan. 6_ Jan. 20. Jan. 23 _ Jan. 27_. Feb. 27_ May 5_ May 13.. June 1.. Sept. 1_ 1921—Jan. 3_ June 15. July 21 _ Aug. 8_ Sept. 26. Oct. 4_ 4% Oct. 13_ Nov. 3_ "in Nov. 16_ Nov. 28_ Dec. 8_ Dec. 27_ 1922—Feb. 6— Feb. 16.. Mar. 6... Mar. 13.. Mar. 21.. Mar. 27.. Apr. 10.. Apr. 14. _ May 5-__ May 18_. June 2... June 19.. June 26.. July 5__. July 15_. July 25 .. Sept. 21.. Sept. 25. Sept. 27.. Oct. 2... Oct. 6... "3M Oct. 13-_ Oct. 18.- Oct. 19., 3M Oct. 24.. Oct. 27.. "4 1923—Apr. 17.. 4 I May 23.. July7-_. 1924—Apr. 24.. May 1... 3% May 16.. 33/2! &A May 22.. 3K June2._. June 17.. June 26.. Aug. 8... Nov. 17.. Nov. 28.. Dec. 3... Dec. 5... Dec.8._. Dec. 22.. 1 Rates on prime bankers' acceptances. Higher rates may be charged for other classes of bills. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DISCOUNT RATES AND MONEY RATES 91 No. 24.—FEDERAL RESERVE BANK BUYING RATES ON ACCEPTANCES— CHANGES FROM JANUARY 1, 1919, TO DECEMBER 31, 1927—Continued [Buying rates at the Federal Reserve Bank of New York. Per cent] Itol5 16 to 30 31 to 45 46 to 60 61 to 90 days days days days days Changes effective—Continued. 1925—Feb. 6.. 3 3 3 3 Feb. 27 3H June 12 $ Aug. 31. 3H 3^ 3% 3M Sept. 22..._ 3M 1926—Jan. 8 3K- 3H Apr. 27 334 May 20 May 21 Aug. 16 - 3M Aug. 23 Sept. 1 1927—July 29._ 3M 3M fi Aug. 5 3 Aug. 22 3 3* In effect Dec. 31,1927 3 3 3 coco 91 to 120 121 to 180 days days 3M SK fi 4 35/ IP 4 4 3H 3H 3M 3^ 3M No. 25.—AVERAGE RATES CHARGED BY FEDERAL RESERVE BANKS ON BILLS DISCOUNTED AND BILLS BOUGHT, 1918-1927 [Per cent] 1 i I Month 1918 1919 1920 1921 1923 i 1924 | 1925 I 1926 1927 Bills discounted: January. 4.02 4.18 4.90 6.36 4.84 4.25 4.50 3.53 3.97 4.00 February 4.02 4.14 5.52 6.36 4.77 4.28 4.50 3.44 4.00 4.00 March 4.08 4.15 5.64 6.43 4.70 4.49 i 4.50 3.68 4.00 4.00 April-__ 4.23 4.18 5.67 6.33 4.60 4.50 | 4.50 3.73 3.96 4.00 May 4.35 4.16 5.74 6.20 4.59 4.50 4.42 3.71 3.87 4.00 June 4.42 4.19 6.20 6.14 4.54 4.50 4.16 3.69 3.89 4.00 July 4.37 4.14 6.21 6.02 4.39 4.50 3.89 3.68 3.84 4.00 August.. 4.25 4.12 6.19 5.76 4.34 4.50 3.78 3.70 3.94 3.72 September. 4.24 4.18 6.39 5.75 4.36 4.50 3.69 3.70 4.00 3.53 October 4.21 4.19 6.40 5.62 4.34 4.50 3.65 3.69 4.00 3.50 November. 4.20 4.53 6.45 5.03 4.29 4.50 3.63 3.77 4.00 3.50 December.. 4.18 4.67 6.49 4.91 4.30 4.50 3.56 3.86 4.00 3.50 Year, 4.26 4.26 6.02 6.01 4. 52 | 4. 47 4.20 3.70 3.96 3.81 Bills bought: January... 4.28 5.10 6.05 4.28 4.09 4.18 3.01 3.60 3.65 February. 4.24 5.53 6.01 4.21 4.08 4.16 3.08 3.64 3.64 March 4.24 5.80 6.01 3.92 4.09 4.16 3.18 3.61 3.63 April. 4.24 5.82 5.94 3.48 4.12 4.14 3.16 3.60 3.61 May 4.24 5.96 5.88 3.28 4.16 3.48 3.16 3.37 3.61 June 4.24 6.07 5.88 3.22 4.18 3.15 3.19 3.35 3.63 July.... 4.25 6.06 5.70 3.13 4.20 2.35 3.24 3.39 3.60 August. 4.25 6.04 5.31 3.10 4.20 2.25 3.26 3.47 3.22 September. 4.25 6.04 5.35 3.19 4.21 2.23 3.42 3.77 3.12 October 4.26 6.05 4.97 3.68 4.21 2.20 3.43 3.78 3.19 November. 4.47 6.45 4.60 4.10 4.19 2.32 3.43 3.76 3.18 December.. 4.84 6.08 4.41 4.11 4.18 2.79 3.42 3.75 3.16 Year. 4.36 5. 85 5.49 3. 59 j 4.16 3.08 3.26 3.60 3.40 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

92 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No. 26.—AVERAGE RATES EARNED BY FEDERAL RESERVE BANKS ON BILLS AND SECURITIES, 1916-1927 [Per cent] Month 1916 1917 1918 1919 1920 1921 1922 1923 1924 1925 1926 1927 Total bills and securities: January 2.85 2.90 3.75 4.04 4.46 5.88 4.62 4.03 4.39 3.27 3.73 3.80 February 2.70 3.03 3.81 4.03 4.88 5.92 4.47 4.13 4.36 3.32 3.80 3.76 March 2.26 3.14 3.86 4.02 5.12 5.90 4.34 4.26 4.30 3.41 3.80 3.75 April 2.50 2.83 4.07 4.01 5.23 5.85 4.25 4.32 4.34 3.49 3.81 3.75 May.. 2.47 2.93 4.29 3.99 5.36 5.79 4.08 4.35 4.26 3.50 3.72 3.78 June 2.53 3.08 4.20 4.01 5.51 5.67 3.98 4.36 4.03 3.50 3.66 3.72 July... 2.62 3.34 4.31 3.98 5.72 5.60 3.90 4.42 3.80 3.52 3.65 3.73 August 2.69 3.37 4.27 3.93 5.81 5.42 3.85 4.42 3.67 3.55 3.67 3.58 September 2.78 3.41 4.21 3.91 5.81 5.35 3.84 4.41 3.45 3.56 3.77 3.45 October 2.79 3.37 4.13 3.95 5.94 5.25 3.88 4.44 3.30 3.59 3.83 3.39 November._ 2.72 3.37 4.19 4.16 5.98 4.99 4.00 4.40 3.21 3.61 3.84 3.33 December 2.83 3.53 4.14 4.29 5.98 4.74 4.06 4.38 3.17 3.68 3.83 3.34 Year 2.67 3.29 4.12 4.04 5.50 5.61 4.11 4.33 3.83 3.51 3.76 3.60 Bills discounted: January 4.18 4.01 3.94 4.21 4.71 6.30 4.99 4.26 4.50 3.55 3.91 4.00 February . . 4.15 4.02 4.02 4.18 5.20 6.37 4.90 4.24 4.50 3.42 3.99 4.00 March 4.21 4.14 3.94 4.16 5.47 6.36 4.83 4.45 4.50 3.60 4.00 4.00 April 4.17 3.92 4.14 4.16 5.58 6.32 4.75 4.49 4.50 3.66 3.98 4.00 May 4.24 3.82 4.38 4.15 5.66 6.29 4.68 4.50 4.45 3.69 3.87 4.00 June._ . . 4.36 3.49 4.31 4.20 5.89 6.20 4.61 4.50 4.35 3.69 3.88 4.00 July 4.24 3.82 4.40 4.15 6.13 6.09 4.50 4.50 4.11 3.68 3.85 4.00 August 4.31 3.77 4.35 4.13 6.19 5.91 4.47 4.50 3.99 3.68 3.91 3.83 September 4.43 3.79 4.27 4.17 6.22 5.85 4.42 4.50 3.85 3.66 3.99 3.62 October 4.35 3.47 4.22 4.15 6.35 5.69 4.36 4.50 3.75 3.66 4.00 3.52 November 4.08 3.42 4.27 4.40 6 41 5.39 4.29 4 50 3 69 3.71 4.00 3.51 December 3.81 3.65 4.29 4.55 6.42 5.11 4.29 4.50 3.59 3.84 4.00 3.51 Year 4.20 3.61 4.24 4.23 5.88 6.07 4.63 4.46 4.25 3.67 3.95 3.83 Bills bought: January... . 2.09 2.80 3.64 4.29 4.79 6.14 4.44 4.01 4.20 2.70 3.46 3.73 February 2.07 3.02 3.79 4.25 5.06 5.99 4.25 4.09 4.18 2. 88 3.55 3.70 March 2.04 3 19 3 92 4 26 5 47 6 01 4 06 4 10 4 17 3 06 3 61 3 68 April... _ 2.04 3.10 4.18 4.23 5.70 5.97 3.83 4.08 4.17 3.13 3.63 3.67 May... 2.07 3.15 4.36 4.25 5.77 5.98 3.50 4.11 4.05 3.16 3.52 3.65 June 2.14 3.16 4.25 4.19 5.98 5.97 3.29 4.14 3.66 3.17 3.37 3.66 July 2.21 3.23 4.24 4.27 6.07 5.96 3.18 4.18 2.80 3.19 3.33 3.67 August 2.31 3.19 4.38 4.22 6.07 5.36 3.11 4.19 2.49 3.24 3.32 3.51 September.. . 2.46 3.35 4.19 4.27 6.06 5.33 3.11 4.19 2.22 3.32 3.50 3.31 October 2.12 3.40 4.25 4.22 6.07 5.04 3.24 4.19 2.20 3.37 3.67 3.19 November 2.52 3.53 4.36 4.33 6.03 4.91 3.59 4.18 2.23 3.40 3.75 3.19 December 2.71 3.43 4.33 4.54 6.05 4.50 3.84 4.20 2.46 3.43 3.76 3.20 Year.. 2.36 3.26 4.14 4.30 5.66 5.70 3.54 4.14 3.31 3.17 3.55 3.49 United States securities: January.. 2.14 2.64 3.27 2.26 2.18 2.13 3.16 3.74 4.26 3.51 3.69 3.55 February 2.33 2.67 3.25 2.31 2.17 2.11 3.58 3.96 4.17 3.59 3.71 3.53 March 2.14 2.66 3.59 2.41 2.10 2.24 3.72 3.99 4.04 3.50 3.60 3.49 April 2.34 2.36 3.56 2.43 2.10 2.15 3.77 4.11 4.14 3.58 3.65 3.48 May 2.26 2.41 3.06 2.42 2.22 2.49 3.70 4.17 4.05 3.57 3.61 3.54 June.. 2.29 2.39 3.00 2.33 2.24 2.40 3.67 4.02 3.79 3.53 3.56 3.46 July 2.38 2.67 2.76 2.24 2.15 2.31 3.63 4.17 3.68 3.54 3.55 3.43 August 2.36 2.71 2.87 2.21 2.22 2.33 3.60 4.15 3.57 3.54 3.52 3.37 September 2.38 2.75 2.73 2.17 2.27 2.49 3.65 4.07 3.46 3.55 3.53 3.37 October. 2.47 3.06 2.44 2.18 2.20 2.38 3.71 4.21 3.44 3.62 3.62 3.38 November.. 2.44 2.86 2.49 2.22 2.17 2.68 3.78 4.18 3.46 3.62 3.61 3.27 December 2.38 2.98 2.40 2.19 2.43 2.92 3.79 4.03 3.39 3.63 3.55 3.28 Year.... 2.35 2.68 2.99 2.26 2.21 2.37 3.67 4.01 3.67 3.56 3.60 3.41 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DISCOUNT RATES AND MONEY RATES 93 No. 27,—AVERAGE RATES CHARGED BY MEMBER BANKS ON CUSTOMERS' PAPER REDISCOUNTED WITH FEDERAL RESERVE BANKS, 1921-1927 [Per cent] Federal reserve district All Mo c n o th u n o ti f n r g edis- tr d i i c s- ts B to o n s- Y N o ew rk a P p d h h e i i l l a - - C la le n v d e-R m i o c n h d - la A n t t - a c C a h g i o - Lo S u t. 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 - BANKS IN SMALL CITIES AND TOWNS (UNDER 15,000) 1921—December 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 1922—December 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 1923—March . ... 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 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 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 7.5 6.0 5.9 6.0 6.1 6.3 8.9 8.6 9.7 8.0 1924—March 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 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 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 7.1 6.0 5.6 5.9 6.2 6.3 8.6 8.6 9.8 8.0 1925—March 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 7.3 6.0 5.8 6.0 6.2 6.3 7.7 7.2 8.0 8.6 9.0 9.4 8.0 September- 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 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 1926—March 7.2 5.9 6.0 6.0 6.1 6.4 7.8 7.3 8.0 8.6 8.5 9.6 7.8 June 7.2 5.9 5.9 5.9 6.2 6.2 7.8 7.1 7.8 8.7 8.7 9.3 7.8 September 7.1 6.0 5.8 6.0 6.2 6.1 7.7 7.1 7.9 7.8 8.6 8.6 7.8 December 7.0 5.9 5.8 6.0 6.0 6.4 7.7 7.1 7.9 8.2 8.1 9.1 7.6 1927—March 7.1 5.9 6.0 6.0 6.4 6.4 7.8 7.0 7.8 8.4 8.3 10.0 7.7 June 7.2 5.8 6.0 6.0 6.4 6.3 7.8 7.0 8.1 8.7 8.6 9.6 7.8 September 7.1 5.9 5.8 6.0 6.0 6.1 7.6 6.9 7.9 8.1 8.7 8.9 7.5 December 6.9 5.8 6.0 6.0 6.0 6.2 7.9 6.7 7.1 8.3 8.4 8.9 7.2 BANKS IN MEDIUM-SIZE CITIES (15,000 TO 100,000) 1921—December 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 1922—December 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 1923—March -. . 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 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 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 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 1924—March . . 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 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 6.4 5.8 5.6 6.0 6.1 6.1 7.1 6.5 6.4 7.2 7.1 7.3 7.6 December 6.2 5.1 5.7 6.0 6.1 6.1 6.6 6.2 7.1 1925—March 6.1 5.4 5.7 6.0 6.0 6.1 6.9 6.0 7.1 8.0 8.0 June 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 6.0 5.0 5.8 6.0 5.9 6.2 7.3 6.1 6.4 7.6 7.8 7.1 December 6.0 5.2 5.8 6.0 6.1 6.2 6.6 5.8 6.0 8.6 1926—March 6.1 5.3 5.7 6.0 6.0 6.2 6.8 5.9 6.4 6.3 7.7 6.4 June 6.2 5.6 5.9 6.0 6.1 6.0 7.0 6.0 6.4 6.7 6.6 7.1 September 6.2 5.5 5.6 5.9 6.1 6.0 6.9 6.1 6.5 6! 7 5.8 6.5 6.6 December 6.0 5.7 5.8 6.0 6.1 6.1 6.6 6.0 6.5 5.5 7.0 1927—March 6.1 5.3 5.9 6.0 6.0 6.3 6.9 5.9 7.0 6.2 6.0 7.0 June 6.1 5.6 5.8 6.0 6.0 6.2 6.7 5.8 7.7 ----- 6.1 7.2 7.2 September 6.3 5.4 5.9 5.9 6.1 6.0 7.3 6.0 6.1 6.0 7.2 7.9 December 5.8 5.6 5.8 6.0 6.0 6.0 6.7 5.0 6.2 8.8 7.4 7.8 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

94 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD Xo. 21.—AVERAGE RATES CHARGED BY MEMBER BANKS ON CUSTOMERS' PAPER REDISCOTJNTED WITH FEDERAL RESERVE BANKS, 1921-1927—Contd. [Per cent] Federal reserve district All Mo c n o th u n o t f i n r g edis- tr d i i c s t - s B to o n s- Y N o e r w k a P p d h h e i i l l a - - C la le n v d e- m Ri o c n h d - jla A n t t - a c C a h g i o - Lo S u t. is M n o e l i a i n s p - - K C s a a it n s y - Dal- F c S r is a a c n n o - BANKS IN LARGE CITIES (100,000 AND OVER) 1921—December-. 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 1922—December- _ 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 1923—March 5.1 4.9 5.0 5.2 5.4 5.7 5.6 5.1 5.2 5.6 6. 3 6.5 5.3 June 5.3 5.0 5.3 5.2 5.6 5.8 5.7 5.3 5.2 5.9 6.6 6.6 5.7 September.. 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.. 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 1924—March 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 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... 5.6 4.9 5.6 5.7 6.0 6.0 6.0 5.3 5.4 5.5 5.9 December... 4 9 5.3 5.3 5.7 6.0 5.7 4.9 4.9 6.0 6.2 1925—March 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 5.2 4.9 5.2 5.6 , 5.5 6.0 6.2 4.5 5.0 6.0 5.5 6.1 September.. 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.. 5.1 4.9 5.3 6.0 5.5 5.9 5.6 4. 7 5.0 5.5 5.9 ~~5.T 5.5 1926—March 5.1 5.6 5.9 5.4 5.6 6.0 5.8 4.7 4.8 5.6 6.4 5.9 5.6 June 5.3 5.1 5.9 5.5 5.3 6.0 6.0 4.9 4.9 5.6 6.9 6.2 5.5 September.. 5.2 5.6 4.8 5.2 5.3 6.0 5.9 4.9 5.0 5.4 6.4 5.5 5.6 December.. 5.2 5.2 5.8 5.5 5.6 6.0 5.9 4.9 4.9 5.5 7.2 6.0 6.2 1927—March 5.1 5.6 5.8 5.5 5.5 6.0 5.9 4.9 4.7 6.2 5.5 June 5.0 5.4 5.9 5.6 5.6 6.0 6.0 4.6 4.6 6.1 5.9 September.. 5.4 6.0 5.3 5.6 5.0 6.0 5.8 5.3 4.8 6.8 7.2 5.2 5.5 December.. 5.0 4.3 4.5 5.5 5.6 6.0 5.8 4.7 4.5 7.3 6.5 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DISCOUNT EATES AND MONEY BATES 95 No, 28.—OPEN MARKET RATES IN NEW YORK CITY, BY MONTHS, 1919-1927 [Per cent] Prevailing rate on- Average rate on*• Average yield on1— Call loans 3 U. S. Month m m p P c a o e r 4 o p i r n - m m c 6 e t i h r - a e , s l a b a n P a c d c n r c a e i k e m s y e p , s r e t 9 s - 0 ' 90 l T o d i a m a n y s e s , 2 New ne R w e- al 9 a P a b c 0 n a r e c i c d n r e m e s a k p ' s y e - t , - s T c c n e a u a r 3 o r e n t r - t t e y a 6 i d e f s s s i , - - L b ib d4 erty months 1919 January 4.79 4.35 4.25 4.67 February. 5.20 5.01 4.25 4.75 March 5.03 5.00 4.25 4.77 April... 5.38 5.36 4.25 4.78 May 5.24 5.31 4.25 4.72 June 7.06 6.57 4.25 4.74 July. 6.92 6.55 4.26 4.78 August. '5.22 5.25 4.28 4.83 September . 6.19 5.30 4.25 4.78 October 8.59 7.43 4.25 4.77 November 11.28 10.89 4.52 December 9.74 8.18 4.95 4.96 1920 January 8.71 8.10 5.37 4.50 4.98 February 9.94 9.61 5.50 4.50 5.09 March 8.65 8.17 6.00 4.75 5.14 April 8.20 7.23 6.00 5.25 5.35 May. 7.20 7.10 6.13 5.50 5.65 June 8.36 7.36 6.25 5.75 5.59 July.... 8.38 8.14 6.25 5.81 5.63 August.. 7.24 7.25 6.25 5.83 5.73 September 7.05 7.10 6.25 5.81 5.63 October 8.10 7.75 6.25 5.75 5.36 November 7.76 7.83 6.23 5.75 5.54 December 6.93 7.00 6.25 5.88 5.76 1921 January 6.72 6.72 5.94 5.67 5.48 February 7.20 7.27 5.97 5.30 5.55 March 6.70 6.83 5.98 5.38 5.52 April 6.49 6.54 5.67 5.20 5.48 May— 6.86 6.78 5.69 5.16 5.49 June— 5.98 5.98 5.59 4.99 5.49 July— 5.53 5.58 5.25 4.60 5.47 August 5.60 5.56 5.00 4.75 5.40 September 5.09 5.12 4.94 4.75 5.28 October 5.13 5.23 4.49 4.21 4.98 November 4.92 4.97 4.27 4.03 4.73 December 5.13 5.14 4.16 3.90 4.54 1922 January 4.50 4.52 3.95 3.90 4.54 February 4.96 4.90 4.00 3.81 4.58 March 4.29 4.22 3.73 3.55 4.44 April 4.02 3.97 3.32 3.21 4.30 May_ 3.94 3.90 3.18 3.25 4.27 June 3.73 3.72 3.07 3.25 4.25 July 3.90 3.86 3.00 3.20 4.18 August 3.83 3.75 3.00 3.13 4.18 September 4.52 4.34 3.12 3.34 4.22 October 4.83 4.73 3.72 3.71 4.33 November 4.94 4.89 4.00 3.66 4.43 December 4.82 4.65 4.00 3.65 4.42 1 These rates are monthly averages of daily quotations for the month, except that yield on Treasury notes and certificates during 1920 and 1921 is an average of daily quotations for the week nearest the 15th of the month. 2 Stock exchange 90-day time loans. 3 Stock exchange call loans; new and renewal rates. 4 Second, third, and fourth 4*4 per cent Liberty bonds. 6 Three issues—3%, 4, and Qi per cent; yields calculated on basis of last redemption dates—1956,1954, and 1952. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

96 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No. 28.—OPEN MARKET RATES IN NEW YORK CITY, BY MONTHS, 1919-1927— Continued [Per cent] Prevailing rate on- Average rate on1— Average yield on *— Call loans 3 U. S. Treas- Month m m p P c a e o r 4 o r p i n - m m c 6 e t i h - r a e , s l b a a n P a c d c n r c a e i k e m y s e p , s r e t 9 s - 0 ' 90 l T o d i a m a n y s e , s2 New ne R w e- al a b O D c n a e r c d c n r i e m s e a k p ' s y - e t , s - c n c e a u a o 3 r n r t t - t e y i d 6 e f s s i , - i o b n e d r s t 4 y T bo u re n ry a d s s - 6 months 1923 January 43^2 4 4.30 4.32 3.98 3.66 4.41 February. A% 4 4.94 4.82 3.99 3.65 4.41 March 5 4 5.24 5.14 4.00 4.12 4.49 April... 5 -5}4 43^8 4.98 4.87 4.14 4.13 4.51 May 5 43^8 4 68 4.70 4.13 3.95 4.48 June 5 5.06 5.00 4.13 3.84 4.44 July 5 ±v% 5.08 5.06 4.13 3.91 4.43 S A e u p g t u e s m t ber $M A A y y 8 $ 4 4 . . 9 9 3 2 4 4 . . 9 9 7 3 4 4 . . 1 1 3 3 3 4 . . 8 0 6 1 4 4 . . 4 4 3 5 October $M 41^ 4 69 4.75 4.13 4.22 4.50 November 5 43^ 4.77 4.80 4.13 3.94 4.44 December 4^-5 43^ 4.88 4.86 4.13 3.88 4.41 1924 January 4H 4 31 4.39 4.09 3.76 4.32 February $ 4 -43^ 4.37 4.33 4.07 3.54 4.29 March 4 -4H 4.12 4.04 4.04 3.57 4.29 April 4V£ 3^-4 4 22 4.21 3.95 3.38 4.24 May 4V-4V/ 3 -3H 3.33 3.38 3.29 2.99 4.15 June . 31/ 33/ 234-2^ 2.19 2.25 2.45 2.44 4.01 July 2 2 09 2.10 2.01 1.92 3.94 August 3 -3% 2 -234 2.00 2.00 2.10 1.90 3.92 Sentftmhp.r 3M 2}i-2}4 2 10 2 07 2.33 2.14 3.95 October 3 -3}| 2H 2 35 2.32 2.21 2.41 3.93 November 2\i-2lA 2.51 2.42 2.37 2.58 3.98 December 314-33^ 3.63 3.49 2.89 2.57 4.05 1925 January 3 3.21 3.32 3.00 2.61 4.04 February 3-3j^ 3.69 3.60 3.08 2.62 4.02 March 4 3M 4.01 3.97 3.25 2.78 4.02 April 4 3H 3.84 3.86 3.14 2.78 3.96 May 3U-3M 3.78 3.82 3.17 2.73 3.93 June 3<i/_4 3M 4.12 3.97 3.25 2.86 3.90 July.. 3V-4 334 4.09 4.09 3.25 3.06 3.95 August 4-4 V 3M 4.23 4.19 3.27 3.01 3.98 S O e c p to te b m er ber 4V/-4 A V * £ / %y 2 4 4. . 7 7 9 2 4 4. . 8 6 7 2 3 3 . . 5 5 0 0 3 3 . . 3 5 3 3 4 3 . . 0 9 2 8 November v/2 4 74 4 75 3.50 3.65 4.04 December 41/-4V %y 2 5.36 5.32 3.50 3.51 4.04 1926 January 4 46 4.33 3.67 3.49 4.04 February 41/ 36/ 41/-45/ 4.89 4.85 3.63 3.18 4.01 March 3^ 4}i-5 4.56 4.55 3.63 3.25 3.98 April 4V-4V^ %Ay 3.97 4.06 3.42 3.08 3.94 May 4 4 3.83 3.81 3.20 3.17 3.93 June__ 4 VAr&A 4J4 4.12 4.15 3.32 2.90 3.90 J A u u ly gust 4-434 3%i 4 4 ^ ^ - - 4 4 3 K / 4 4 . . 2 5 8 8 4 4 . . 2 5 7 2 3 3 . . 3 5 8 7 3 3. . 2 1 7 1 3 3 . . 9 9 5 3 3.75 September 4V£-4*M VA 4K-5 5.05 5.02 3.88 3.47 3.96 3.74 October VA 5 4.70 4.75 3.88 3.58 3.95 3.731 November &y tyi-VA 4.60 4.56 3.79 3.35 3.91 3.68 December WtrPA 5:16 5.16 3.83 3.11 3.84 3.64 1927 January A-AV Ay 4.27 4.32 3.69 3.23 3.80 3.6a February . 4-4^ ' m-4y 4.06 4.03 3.6£ 3.29 3.80 3.58 March 4-4^ ZbA; 4^-43/ 4.13 4.13 3.63 3.21 3.48 April A-AV &/j 4^-43/ 4.21 4.18 3.63 3.39 3.47 May 4-43/ Vyj 4V 4.27 4.26 3.63 3.33 3.44 June AV %*s/ 43/ 4.26 4.33 3.63 3.09 3.47 July %> Wg-tyj 4^-4^ 3.95 4.05 3.50 2.96 3.48 August 4 V/3 4-43/ 3.66 3.68 3.13 2.70 3.45 September 4 33/ 3.84 3.83 3.13 2.81 3.44 October 4 3>f-33^ 3.88 3.90 3.25 3.08 3.43 November 4 33^ 3.60 3.60 3.25 3.04 3.39 December 4 3^1 4-4^ 4.43 4.38 3.25 3.17 3.34 Digitized for FSReeA fSoEotRno tes, p. 95. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DISCOUNT RATES AND MONEY RATES 97 No. 29.—OPEN-MARKET RATES IN NEW YORK CITY, BY WEEKS [Per cent] Average yield on— 1927 Jan. 8 Jan. 15._. Jan. 22 Jan. 29... Feb. 5 Feb. 12 Feb. 19 Feb. 26 Mar. 5. Mar. 12 Mar. 19 Mar. 26 Apr. 2. Apr. 9_._ Apr. 16- Apr. 23 Apr. 30 May7 3.40 May 14 3.39 May 21 3.38 May 28 3.37 June 4 3.39 June 11 3.40 June 18 3.43 June 25 3.42 July 2 3.42 July 9 3.42 July 16—. 3.43 July 23 3.43 July 30 _. 3.42 Aug. 6 3.40 Aug. 13 3.40 Aug. 20 3.39 Aug. 27 3.39 Sept. 3... 3 38 Sept. 10-_ 3.39 Sept. 17-. 3.39 Sept. 24 3.38 Oct. 1- 3.40 Oct. 8_ 3.44 Oct. 15 3.44 Oct. 22. 3.44 Oct. 29 3.43 Nov. 5 3.41 Nov. 12 3.40 Nov. 19 3.38 Nov. 26 3.38 Dec. 3.— 3.36 Dec. 10 3.34 Dec. 17. 3.35 Dec. 24.— 3.34 Dec. 31 3.34 1 Stock exchange 90-day time loans. 2 Stock exchange call loans new and renewal rates. 3 Three issues, 3%, 4, and 4% per cent; yields calculated on basis of last redemption dates 1956, 1954, and 1952. * Change of issues on which yield is computed. Digitized for FBRacAk SfiEguRre s.—See annual reports for 1926 (Table 107) and 1925 (Table 106). http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

98 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No. 30.—MONEY RATES IN NEW YOKK CITY—PREVAILING RATES CHARGED CUSTOMERS, 1919-1927 [Rates prevailing during period ending with 15th of month. Per cent] Loans secured by stocks and Month I ! I I co P lo r c r a i a i m m a n l s e e r- I b l n o a a t n e n r k s - bonds 1919 J F a e n b u r a u r a y r . y _ . . 5 5 - -5 5 V )42\ March 5 -5H! 5 -5 April 5 -5^1 May 5 -5H! 5 June 5 -Wi\ 434-5 July 5 I 434-5 A D N S O e u e c o p t c g v o t e u e e b m s m m e t r b b b e e e r r r . . . . 5 5 3 H 4 - - 6 6^ 5 5 5 34 - - 5 5 5 5 5 3 H H 4 I ! ! 4 5 5 3 5 4 4 - - - 5 6 5 K K 2 5 -6 1920 January 6 5 -53^! 5 -6 February... 6 March 6 6 April. 6 5M-6 May 6 6 June _. 6 July 6 -7 6 -8 August 6 -7 6 September. 7 6 October 7 November.. 6 -9 -7 December.. 6 -7 6 -7 1921 January 7 I -7 6 -7 6 -7 February._ 6 7 6 -7 March 6 7 April 7 6 -7 6 -7 May i 6 -7 6H-7 6 -7 June 6«-7 6 6 -7 July 6 5 -7 August 6 -( 6 534-7 September. 6 5H6 October 6 5 -6 November. 6 December.. 5 -6 5 -6 5 -6 1922 January 5 -o\ 5 -6 February.. 5 -53> 5 -6 March 0Y2 5 -6 4 -51 53/2-6 April 53- 5 -6 0K2-6 M Jun ay e 5 5 - - 5 5 > > 5 4 -5 5 4 t July 4H-5 334-6 4)4-6 August 4)4-5 4^-5 434-5 4 -6 September. 434-5 434-5 4 4-5 434-5 N Oc o t v o e b m er ber. 4 4 3 H /2 - - 5 5 434-5 43/2- 5 5 December.. 5 5 1923 January 4M-5 4 -5 5 February_. 434-5 4M-5 March 5 434-5 5 5 -5 April 5 -6 5 5 -6 May 5 -5*/. 5 -53/ 434-5 June. 5 -5 5 -5V 5 434-514, -5H- J A u u ly gust 5 -53^ 434-5 5 5 -5W 5K2S- September. 5 -h 5 -5) 5 -5 5M-6 N O o ct v o e b m er ber. 5 5 - - 5 5 3 H ^ 5 5 - - 5 5 ) ) 5 -5 5M-6i December.. 5 -5H 5 -5) 5 -5^ Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DISCOUNT KATES AND MONEY RATES 99 No. 30.—MONEY RATES IN NEW YORK CITY—PREVAILING RATES CHARGED CUSTOMERS, 1919-1927—Continued fRates prevailing during period ending with 15th of month. Per cent] Loans secured by stocks and Month co P m c ri i m a m l e e r- I b l n o a t a n e n k r s - bonds b s y L e h c o o w u u a a r s n e r e s d eloans Time receipts 1924 January _ 5 ~hV2 February 5 -5H March 5 -5H April 5 May June 5 July. 4 -4% 2 -43, August.. 2 -4> September. 2 -4^ October November 2 December _ 3H-5' 1925 January 4 -5 3 -5 4 -5 February 33^-4% 4 -6 March 4^4% April. 4 -5 May. __ 4 -5 June. _ 4 -5 July 4 4 -5 August 4k . 43^-5 September 4 -5 4M-5 October. November December... 5 -52 1926 January 4^-5 5 -5^ February 43^-5 March 5 -5M April ._ 5 -5H May.. June. _ _ 5 -6 July. August September October.. November December 1927 January February.. 4 -5 March _ 4 -5 April. 43^-5 May.. 43^-5 June 4M5 July 4 -5 August September 33^-5 October. __ 4 -5 November _ December... 4 -5 NOTE.—For corresponding figures relating to cities other than New York, see the Federal Reserve Bulletin; also Annual Reports for 1926, Part II, Table 16, and 1925, Part II, Table 12. Quotations for 1919-1923 relate to 30-day period ending with 15th of month; thereafter to 7-day period. Certain other changes in the reporting service were made in January, 1924. For discussion of figures see Federal Reserve Bulletin for December, 1927, pp. 803-817: "Differentials in Rates Charged Customers." Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

100 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD FOREIGN RATES No. 31.—OPEN-MAKKET RATES IN FOREIGN COUNTRIES, BY MONTHS, 1924-1927l [Per cent] I Nether- ( E L n o g n l d an on d ) F (P r a a r n i c s e ) G (B e e r r m li a n n ) y (M It i a l l a y n) (T Ja o p k a y n o) (A l d a m a n s m d te s ) r- S (Z w l u a i r t n z i d c e h r ) - Month B a m a n a c o c n c n e k e s t p e h , t r 3 s - s' d P is r r c i a v o t a e u t n e t d P is r r c i a v o t a e u t n e t d P is r r c i a v o t a e u t n e t Disc b o il u ls nted d P is r r c i a v o t a e u t n e t d P is r r c i a v o t a e u t n e t 1924 3.29 8.03-10.22 4.88 3.58 February 3.54 8.40-10.22 5.19 3.57 March - 3.20 8.40-10.22 5.13 3.69 April.- 3.07 8.40-10.40 5.06 3.73 May 3.05 8.40-10.40 4.19 3.39 June - - 3.03 8.03-10.22 3.56 3.19 July 3.59 7.67-10.22 3.13 3.56 August 3.79 7.67- 9.86 2.88 3.70 September 3.74 7.67- 9.86 3.25 3.69 October 3.72 7.67- 9.86 4.63 3.59 November. . _ 3.72 7.67- 9.86 4.44 3.32 December 3.73 8.03-10.04 4.00 3.01 1925 January 3.80 6.40 8.38 5.37 7.30- 9.86 2.63 2.69 February . _ - 3.83 6.31 8.00 5.47 6.94- 9.13 2.14 2.25 March 4.48 6.31 8.00 6.00 7.30- 9.13 2.34 2.44 April - . - - 4.30 6.37 8.00 6.50 6.94- 9.13 3.23 2.50 May 4.59 6.30 8.00 6.50 6.21- 8.76 3.45 2.46 June 4.44 6.00 7.83 6.94 6.21- 8.76 3.08 2.29 July _ 4.35 5.47 7.88 7.50 6.21- 8.76 2.72 2.16 August 3.94 5.22 7.78 7.50 6.57- 8.76 3.72 2.02 September 3.68 5.37 7.27 8.50 6.75- 8.76 3.63 2.00 October __ 3.57 4.92 7.16 8.50 6.75- 8.76 3.47 2.00 November.. _ 3.92 4.78 6.78 8.50 6.94- 9.13 3.34 2.22 December 4.67 4.80 6.75 8.50 7.12- 9.13 3.43 2.29 1926 January - - - 4.76 4.57 6.28 8.18 6.75- 9.13 2.95 2.44 February 4.31 4.27 5.46 8.00 6.57- 8.76 2.19 2.22 March . . - - 4.37 4.25 5.00 8.00 6.57- 8.40 2.67 2.18 April 4.33 4.25 4.88 8.00 6.75- 8.76 2.90 2.30 May 4.37 5.15 4.69 8.00 6.75- 8.76 2.95 2.38 June - 4.27 5.73 4.53 8.17 7.12- 8.76 2.83 2.38 July _ 4.26 6.00 4.54 8.50 6.94- 8.76 2.74 2.37 August. 4.45 7.00 4.61 8.50 6.75- 8.40 2.63 2.34 September 4.54 6.98 4.88 8.50 6.39- 8.40 2.78 2.52 October 4.69 7.25 4.82 8.96 6.21- 8.40 2.83 2.80 November 4.57 6.69 4.63 9.25 6.39- 8.40 3.21 2.96 December 4.53 5.77 4.72 9.25 6.75- 8.76 3.39 3.35 1927 January 4.17 4.99 4.20 9.25 6.39- 8.76 2.97 3.16 February 4.19 4.45 4.23 9.25 6.21- 8.03 3.47 2.87 March 4.33 3.89 4.59 9.25 5.84 7.67 3.50 2.98 April- . . _ 4.04 3.17 4.61 9.25 5.84- 8.03 3.47 3.13 May 3.88 2.46 4.90 8.50 6.57- 7.67 3.46 3.19 June 4.34 2.25 5.39 7.60 6.57- 8.76 3.57 3.42 July . 4.33 2.13 5.90 7.00 6.21- 8.40 3.53 3.47 August 4.33 2.04 5.82 7.00 5.48- 8.03 3.45 3.44 September . . . 4.32 2.01 5.90 6.81 5.11- 7.67 3.56 3.39 October-- _ 4.32 1.82 6.69 6.50 4.75- 7.30 4.11 3.38 November 4.33 2.75 6.76 6.27 5.11- 7.30 4.50 3.39 December. _ _ 4.31 2.95 6.87 6.00 5.48- 7.67 4.49 3.40 i All figures are monthly averages. For sources used and detailed explanation of methods of quotation, see Federal Reserve Bulletin for November, 1926, and April, 1927. Rates for England, Germany, and Netherlands in 1927 are revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DISCOUNT RATES AND MONEY RATES 101 No. 32.—DISCOUNT RATES AT CENTRAL BANKS IN FOREIGN COUNTRIES— CHANGES FROM JANUARY 1, 1922, TO DECEMBER 31, 1927 [Per cent] Central bank of— England France m G a e n r- y Italy Japan N l e a t n h d e s r- Sweden Sw la i n tz d er- In'effect Jan. 1, 1922 5 5H 5 6 8.03 4H 4 Changes effective— 1922—Feb. 16 4H Mar. 2 &A Mar 10 5 Mar. 11 5 Apr. 13 4 June 15 3H July 1 &A July 11 &A July 13 3 July 18 4 July 28 6 Aug. 17 . . 3 Aug. 28 7 Sept 21 8 Nov. 13 10 1923—Jan 18 12 Apr 23 18 July 5 4 July 14 4 Aug. 2 30 Sept 15 90 Oct. 8 108 Nov 9 Dec 13 4H Dec. 23 UO 1924—Jan. 10 5H Jan 17 6 Jan. 24 5 Dec 11 7 Dec. 13 4H 1925—Jan 16 4 Feb. 26 9 Mar. 5 5 Mar. 9 6 Apr 15 7.30 June 2 &A June 18 Julv9 6 July 24 i 5 Aug. 6 4V£ Oct. 1 4 Oct. 2 3H Oct. 9 4M Oct 22 • 3H Dec. 3 5 1926—Jan. 12 8 Mar. 27 7 June 7__ . &A July 6 6 Aug. 2 W2 Oct. 4 6.57 Dec. 16 . .. VA 1927—Jan. 11 5 Feb. 3 . . &A Mar. 9 5.84 Apr. 14 . 5 Apr. 21 4K Apr. 22 4 June 10 6 Oct. 4 7 Oct. 10 5.48 Oct. 13 . . 4M Dec. 29 4 In effect Dec. 31, 1927 4H 4 7 7 5.48 4 33^ 1 Stable value credits. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER AND NONMEMBER BANK CREDIT 110390—28 8 103 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANKS IN THE UNITED STATES No. 33.—ALL BANKS IN THE UNITED STATES—LOANS AND INVESTMENTS OP MEMBER AND NONMEMBER BANKS, 1914-1927 [In millions of dollars] Loans and investments * Loans Investments Date* ba A n l k l s M ba b e n e m k r s - b m N a b e o n e m n k r - s - ba A n l k l s b M a b e n e m k r s - b m N a b e o n e m n k r - s - ba A n l k l s b M a b e n e m k r s - b m N b a e e o n m r n k - s - 1914—June 30 20,789 3 8,313 < 12,475 15,248 3 6,443 *8,804 5,541 31,870 * 3,671 1915—June 23 21,466 8,764 12, 702 15,643 6,720 8,923 5,823 2,044 3,779 1916—June 30 ___ 24,587 10, 315 14,271 17,961 7,964 9,996 6,626 2,351 4,274 1917—June 20 . 28,287 12,453 15,833 20, 510 9,370 11,140 7,777 3,083 4 693 1918—June 29_ 31,813 18, 507 13,306 22,392 13,233 9,158 9,421 5,274 4,147 1919—June 30 36, 570 22, 242 14, 330 24, 710 15, 414 9,297 11,860 6,827 5,033 1920—June 30 41,685 25, 559 16,125 30,824 19,533 11,290 10,861 6,026 4,835 1921—June 30 39,999 24,121 15,880 28,970 18,119 10,852 11, 029 6,002 5,028 1922—June 30-_ 39, 956 24,182 15, 774 27, 732 17,163 10,567 12, 224 7,017 5,207 1923—June 30_- 43, 738 26, 507 17,230 30,378 18, 750 11,627 13,360 7,757 5,603 Dec. 31 44,003 26,487 17, 516 30, 778 18,842 11,936 13,225 7,645 5,580 1924—June 30 45,180 27,167 18,013 31, 523 19,204 12,320 13, 657 7,963 5,693 Dec. 31- 47,182 28, 746 18, 437 32, 440 19,933 12, 507 14, 742 8,813 5,929 1925—June 30 48,830 29, 518 19,312 33, 865 20, 655 13, 210 14, 965 8,863 6,102 Dec. 31 50, 603 30,884 19, 720 35, 640 21,996 13, 644 14, 963 8,888 6,076 1926—June 30_ _ 51, 562 31,184 20,378 36,157 22, 060 14,097 15,404 9,123 6,281 Dec. 31 52,018 31, 642 20, 376 36, 759 22,652 14,106 15,260 8,990 6 269 1927—June 30 53, 723 32, 756 20,967 37,338 22,938 14,399 16,385 9,818 6,568 Dec. 31 55, 423 34,247 21,176 38,385 23,886 14,499 17,038 10,361 6,678 1 Dates of reports of member banks; figures for nonmember banks are from reports of nearest available date. 3 See notes 1, 2, 3, and 9, p. 107. 3 National banks. 4 Nonnational banks. No. 34.—ALL BANKS IN THE UNITED STATES—DEPOSITS OP MEMBER AND NONMEMBER BANKS (EXCLUSIVE OF INTERBANK DEPOSITS), 1914-1927 [In millions of dollars] Date* ba A n n ks M b e a m nk b s er m b N e a m o n n k b - s er Datei ba A n l k l s M b e a m nk b s er m b N e a m o n n k b - s er 1914—June 30 18,566 2 6,374 312,192 1923—June 30 40,653 23,836 16,817 1915—June 23 19,131 6,678 12,453 Dec. 31 42,143 24,976 17,167 1916—June 30 22,759 8,295 14,364 1924—June 30 43,369 25,675 17,694 1917—June 20 26,352 10,301 16,052 Dec. 31 45,813 27,814 17,99c 1918—June 29 . 28,765 15,670 13,095 1925—June 30 47, 575 28,403 19,172 Dec. 31 49, 202 30,007 19,195 1919—June 30 33, 578 19,146 14,433 1926—June 30 49,695 29, 743 19, 952 1920—June 30 37, 692 21,886 15,805 Dec. 31-..__. 50,009 30,454 19, 555 1921—June 30 35, 717 20, 612 15,104 1927—June 30 51,612 31, 227 20, 385 1922—June 30. 37, 585 22,367 15, 219 Dec. 31 52,879 32,041 20,838 1 Dates of reports of member banks; figures for nonmember banks are from reports of nearest available date. 2 National banks. 3 Nonnational banks. NOTE.—Nonmember banks covered by Tables 33 and 34 include private banks subject to State supervision. 105 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL MEMBER BANKS No, 35.—ALL MEMBER BANKS—PRINCIPAL RESOURCES AND LIABILITIES ON CALL DATES, 1914-1927 [In millions of dollars] Loans and investments Call date Total Loans 1 Tota I l nve s s U m G e e t c . m r o e S u n n . v r e - t - i n - ts a s b 3 O t n o o d t n c h d k e s s s r e , , - b f a D r n o u k m e s * t p a v u C p r a l i n , o l a d n u s d f p e d u i s i i d t , - r - s - de T p o o t s a i l ts d D e e p m os a i n ts d 5 p T o d i s e m i - ts e 6 U S p n o t d a e i s - t t i e e ts s d b D a u n e k s to ' d d e e p N m o e s a t i n ts d d d e e t p p N m i o m lu e s a t e i s n ts d fi F R r b e e w e a s d s e n i e e t r k r h r v v a s e l e co r B p a e a u a b d n i n l y i l d l t s e - s s - 2 b N be a u r n m k - o s f ties curities 1914 Dec. 31 6,419 2,079 760 1,319 1,163 2,093 8,305 5,125 1,233 71 1,876 6,235 7,468 266 133 7,582 1915 Mar. 4 8,570 6,563 2,007 747 1,260 1,353 2,098 5,092 1,264 58 2,252 6.622 7,886 295 7,607 May 1 8,707 6, 705 2,002 750 1,252 1,322 2,097 8,967 5,367 1,320 46 2,234 6,735 8,055 295 7,614 June 23 8,764 6,720 2,044 749 1,295 1,282 2,124 5,278 1,352 48 2,216 6,811 8,163 31J 7,615 Sept. 2 9,048 6,965 2,083 747 1,336 1,443 2,129 9,437 5,491 1,416 44 2,486 7,145 8,561 324 106 7,630 Nov. 10 9,693 7,483 2,210 745 1,465 1,637 2,146 10,389 6,152 1,463 40 2,734 7,879 9,342 376 104 7,640 Dec. 31 9,861 7,622 2,239 742 1,497 1,563 2,126 10, 636 6,334 1,506 35 2,761 7,971 9,477 414 7,631 1916 May 1 10, 252 7,898 2,354 710 1,644 1,767 2,148 11,404 6,661 1,686 34 3,022 8,336 10,022 438 64 7,605 June 30 10,315 7,964 2,351 703 1,648 1,564 2,143 11,133 6,581 1,775 39 2,738 8,226 10,001 490 69 7,606 Sept. 12 10, 732 8,263 2,469 703 1,766 1,748 2,184 11,737 6,892 1,853 34 2,958 8,804 10, 657 554 95 7,618 Nov. 17 11, 259 8,712 2,547 697 1,850 2,057 2,213 12,893 7,522 1,940 34 3,397 9,567 11, 750 674 80 7,614 Dec. 27 11, 275 8,714 2,561 690 1,871 1,874 2,231 12, 661 7,340 1,983 35 3,303 9,502 11,485 733 95 7,614 1917 Mar. 5 11, 701 9,096 2,605 687 1,918 2,056 2,218 13, 396 7,503 2,125 34 3,734 10, 044 12,169 778 75 7,614 May 1 11,985 9 9,208 2,777 748 2,029 1,897 2,258 13, 651 7,915 2,263 35 3,438 9,869 12,132 802 •95 7,629 June 20 12,453 • 9,370 3,083 1,065 2,018 1,695 2,307 13, 397 7,856 2,304 141 3,096 9,690 11, 993 862 »327 7,653 Dec. 31 16,896 .1012,316 4,580 1,759 2,820 2,129 2,807 18, 628 11,180 3,156 3,643 12,487 15, 643 1,497 7,907 1918 May 10 _ 18, 673 MO 12, 667 6,006 3,203 2,803 1,870 3,005 19. 210 11,051 3,347 1,459 3,353 12,451 15, 797 1,536 1,043 8,132 June 29 18, 507 '."> 13, 233 5,274 2,465 2,809 1,906 3,002 18, 954 10, 754 3,395 1,521 12,217 15,612 1,565 1,022 8,213 Nov. 1 _. 20,981 «14, 550 6,431 3,591 2,840 2,036 3,222 20,821 12,016 3,651 1,708 3,446 13, 279 16,930 1,520 1,912 8,596 Dec. 31 20, 593 »14, 224 3,472 2,896 2,194 3,220 21, 419 13,309 3,834 472 3,804 14, 525 18,359 1,655 1,876 1919 Mar. 4 21, 484 913,877 7,607 4,652 2,955 2,137 3,280 21,493 12, 709 4,092 884 3,808 14,142 18, 232 1,633 1,962 8,725 June 30 22, 242 9 15,414 6,827 3,803 3,024 2,125 3,350 22,808 13,900 4,344 902 3,662 14,700 19, 044 1,724 1,927 8,822 Nov. 17 24,187 9 17,423 6,765 3,494 3,271 2,575 3,587 25,169 15,638 5,050 4,095 16,247 21, 296 1,825 2,257 8,995 Dec. 31 24, 778 918,149 6,630 3,324 3,306 2,519 3,542 26,122 16,063 5,305 648 4,106 16, 559 21,864 1,904 2,347 9,066 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1920 May 4 25, 418 19,198 6,220 2,958 3, 262 1,874 3,833 24, 835 15, 352 5,747 190 3,546 16, 390 22,137 1,866 2,755 9.291 June 30 25, 559 19, 533 6,026 2,811 3,215 1,824 3,853 25, 372 15, 715 5,911 260 3,486 16, 393 22, 304 1,839 2,701 9,399 Nov. 15 25, 769 19, 852 5,917 2, 655 3,262 1,774 4,086 25, 088 15, 494 6,144 220 3,230 15, 906 22, 050 1,827 3,080 9,567 Dec. 29 25, 531 19, 555 5,976 2,619 3, 357 1,577 4,120 24, 202 14, 614 6,188 316 3,084 15, 327 21, 515 1,763 3,036 9,606 1921 Apr 28 24, 390 18,487 5,903 2,496 3,407 1,325 4,156 22, 812 13, 509 6,343 273 2,687 14,371 20, 714 1,654 2,313 9,698 June 30 24,121 18,119 6,002 2,561 3,441 1,354 4,133 23,325 13,856 6,367 390 2,713 14, 296 20, 663 1,625 2,022 9,745 Dec. 21.. 23,482 17, 394 6,088 2,581 3,507 1,450 4,093 23, 231 13, 614 6,451 306 2,860 14,433 20, 884 1,758 1,364 9,779 1922 Mar. 10 23,278 17, 080 6,198 2,701 3,497 1,614 4,185 23, 641 13,484 6,662 330 3,165 14, 479 21,141 1,723 758 9,816 June 30 24,182 17,165 7,017 3,205 3,812 1,647 4,214 25, 517 15,035 7,175 156 3,150 15, 509 22, 684 1,835 592 9,892 Dec. 29 25, 579 17,930 7,649 3,754 3,896 1,806 4,364 27, 272 15, 673 7,645 462 3,492 16,187 23, 832 1,939 727 9,859 1923 Apr. 3... 26,141 18, 419 7,722 3,849 3, 873 1, 774 4,356 27,182 15,127 8,143 404 3,508 16,068 24, 211 1,909 819 9,850 June 30 26, 507 18, 750 7, 757 3,835 3,922 1,596 I 4,367 27,053 15,161 8,378 297 3,217 16, 031 24,409 1,871 944 9,856 Sept. 14 26, 319 18, 719 7,600 3,685 3,915 1,640 j 4,436 26, 915 15,101 8,466 145 3,203 15,892 24, 358 1,869 983 9,843 Dec. 31 26, 487 18,842 7, 645 3,603 4,042 1,824 ! 4,378 28, 487 16, 087 8, 651 237 3,512 16, 356 25,007 1,900 808 9,774 1924 Mar. 31 28, 663 19, 045 7,618 3,534 4,084 1,644 4,468 28, 248 15, 587 8,890 292 3,480 16,090 24, 980 1,893 614 9,681 June 30 27,167 19, 204 7, 963 3,575 4,387 1,940 4,486 29, 530 16, 293 9,204 179 3,854 16, 802 26,006 1.965 443 9,650 Oct. 10 28,311 19, 713 8,599 3,866 4, 733 2,430 4,594 30, 772 16, 383 9, 597 302 4,490 17, 781 27, 378 2,121 325 9,635 Dec. 31. 28, 746 19,933 8,813 3,874 4,939 2,339 4, 532 32, 362 17,766 9,805 242 4,548 18,446 28, 251 2,228 408 9,587 1925 Apr. 6 29, 046 20,176 8, 869 3,894 4,975 2,091 4,669 31, 227 16, 607 10,127 412 4,081 17, 686 27, 813 2,092 486 9,531 tei June 30 29, 518 20, 655 8, 863 3,780 5,082 2,017 4,690 .32,420 17,845 10, 381 177 4,018 18, 240 28, 621 2,191 559 9,538 D Se e p c. t . 3 2 1 8 3 3 0 0 , , 1 8 7 8 6 4 2 2 1 1 , , 2 9 8 9 5 6 8 8 , , 8 8 9 8 0 8 3 3 , , 7 7 2 6 8 1 5 5 , , 1 1 6 2 0 9 2 2, , 1 0 5 3 5 1 4 4 , , 6 6 7 8 8 8 3 3 4 2 , , 0 2 4 2 9 8 1 17 9 , , 0 4 5 2 0 6 1 1 0 0 , , 4 6 6 5 7 3 3 2 0 7 4 8 4 3 , , 2 87 2 8 1 1 19 8 , , 2 2 3 3 3 8 2 28 9 , , 8 7 9 0 1 0 2 2 , , 2 1 3 4 8 7 7 7 3 1 3 2 9 9 , , 5 4 3 8 9 9 w 1926 Apr. 12 30, 819 21, 785 9,034 3,805 5, 229 1,934 4,826 32, 870 17,687 10, 955 379 3,849 18, 369 29, 324 2,136 620 9,412 June 30 81,184 22, 060 9,123 3,745 5,378 1,980 4,832 33, 724 18, 343 11,173 228 3,980 18, 766 29,939 2,236 612 9,375 Dec. 31 31,642 22, 652 8,990 3,389 5, 601 2,066 4,944 34, 508 18, 780 11, 440 234 4,054 18,902 30, 342 2,210 760 9,260 1927 Mar 23 31 949 22 327 9, 622 3, 835 5,787 5,086 33, 725 17, 619 11,818 407 3,881 18, 517 30, 335 2,321 548 9,144 June 30 32, 756 22, 938 9,818 3, 796 6.022 1,968 5,147 35, 351 18, 800 12, 210 218 4,124 19, 208 31,418 2,280 541 9,099 Oct. 10-. 33,186 23, 227 9, 959 3,856 6,103 2,077 5,295 35, 450 18, 352 12, 459 435 4,203 19,144 31, 603 2,320 528 9,087 Dec. 31 34, 247 23, 886 10, 361 3, 978 6,383 2,210 5,341 36, 635 19, 010 12, 765 267 4,594 20, 083 32, 848 2,514 663 9,034 1 Includes rediscounts and overdrafts. 2 Excludes acceptances of other banks and foreign bills of exchange sold with indorsement. 3 Excludes bonds borrowed. 4 Does not include items with Federal reserve banks in process of collection, or amounts due from foreign banks or own foreign branches. 5 Includes certified and cashiers' or treasurers' checks outstanding. 6 Includes postal-savings deposits, except that such deposits of State bank members prior to June 20, 1917, are included with demand deposits. 7 Includes amounts due to Federal reserve banks, foreign banks, and other banks, bankers, and trust companies; does not include due to own foreign branches. 8 Deposits subject to reserve requirements. 9 Includes small amounts of bills sold with indorsement. 10 Excludes customers' liability on letters of credit for State bank members. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

108 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No. 36.—ALL MEMBER BANKS—NET DEMAND AND TIME DEPOSITS, BY SIZE OF CITY, 1923-1927 [In millions of dollars] Net demand deposits Time deposits Banks in cities and towns hav- Banks in cities and towns having a 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 15,000 100,000 over 5,000 15,000 100,000 over 1923 Apr. 25 15,800 1,600 2,084 11, 051 8,251 1,472 913 1,703 4,164 May 23 15,893 1,600 2,060 11,161 8,291 1,480 919 1,706 4,187 June 27 15, 756 1,585 2,054 11,053 8,388 1,526 929 1,717 4,217 July 25 15, 708 1,576 2,042 11,032 8,343 1,529 943 1,743 4,127 Aug. 29 15, 529 1,598 2,010 10,862 8,436 1,538 •951 1,760 4,186 Sept. 26 15,627 1,651 2,020 10, 877 8,473 1,545 954 1,765 4,209 Oct. 24 15,906 1,686 2,036 11,096 8,526 1,549 959 1,783 4,235 Nov. 28 15,897 1,687 2,023 11,101 8,568 1,556 970 1,789 4,253 Dec. 26 15,830 1,666 2,054 11,020 8,576 1,553 964 1,785 4,274 1924 Jan. 23 15,943 1,626 2,046 11,197 8,694 1,569 1,808 4,335 Feb. 27 15,846 1,601 2,037 11,153 8,805 1,575 1,829 4,408 Mar. 26 15,815 1,582 2,030 11,155 8,896 1,581 1,001 1,847 4,467 Apr. 23 15,944 1,555 2,041 11, 299 8,975 1, 583 1,008 1,864 4,520 May 28 15, 987 1,524 2,021 11,416 9,041 1,585 1,011 1,877 4,568 June 25 16,397 1,512 2,007 11, 856 9,148 1,588 1,016 1,890 4,653 July 23 16,710 1,513 2,017 12,167 9,269 1,603 1,019 1,912 4,736 Aug. 27 17,040 1,550 2,034 12, 432 9,368 1,617 1,026 1,935 4,790 Sept. 24 17,360 1,615 2,053 12, 647 9,517 1,624 1,032 1,941 4,920 Oct. 29 17, 765 1,678 2,093 12, 926 9,675 1,633 1,040 1,958 5,043 Nov. 26 17,947 1,699 2,132 13, 039 9,796 1,640 1,046 1,967 5,143 Dec. 24 17, 957 1,690 2,144 13,042 9,727 1,637 1,043 1,957 5,091 1925 Jan. 28 17, 927 1,673 ,081 2,170 13, 002 1,668 1,063 1,997 5,157 Feb. 25 17, 888 1,682 ,087 2,211 12, 907 10, 006 1, 678 1,073 2,021 5,233 Mar. 25 17,503 1,663 2, 225 12, 528 10, 094 1,685 1,080 2,048 5,281 Apr. 22 17, 715 1,638 2,240 12, 749 10,187 1,691 1,082 2,044 5,370 May 27 17, 552 1,614 ,078 2,247 12, 612 10,325 1,693 1,083 2,076 5,473 June 24 17, 671 1,614 ,078 2,265 12, 713 10, 407 1,702 1,091 2,082 5,532 July 29 17, 817 1,624 ,086 2,295 12,812 10,406 1,722 1,096 2,097 5,491 Aug. 26 17, 840 1,669 1,102 2,322 12, 747 10, 475 1,728 1,105 2,117 5, 525 Sept. 23 18,005 1,742 1,136 2,376 12, 752 10, 503 1,736 1,113 2,126 5,528 Oct. 28 18, 432 1,779 1,159 2,393 13,101 10, 629 1,738 1,116 2,143 5,631 Nov. 25 18,371 1,774 1,158 2,407 13, 031 10, 692 1,735 1,119 2,150 5,689 Dec. 23 18, 443 1,756 1,160 2,420 13,107 10, 627 1,734 1,114 2,136 5,643 1926 Jan. 27 18,356 1,721 1,159 2,396 13, 080 10, 803 1,762 1,130 2,169 5,742 Feb. 24 18,261 1,724 1,158 2,399 12,980 10, 880 1,775 1,138 2,173 5,794 Mar. 24 18, 009 1,697 1,140 2, 367 12, 805 10, 970 1,782 1,147 2,192 5,849 Apr. 28 18,064 1, 663 1,128 2,355 12, 919 11, 048 1,783 1,151 2,202 5,912 May 26 18,138 1,648 1,130 2,348 13, 013 11,102 1,782 1,157 2,203 5,959 June 23 18,110 1,635 1,118 2,363 12, 994 11,177 1,789 1,158 2,217 6,014 July 28 18,112 1,653 1,125 2,370 12, 963 11, 281 1,803 1,164 2,225 6,088 Aug. 25 18,072 1,664 1, r2T 2,343 12, 943 11,313 1,807 1,175 2,225 6,106 Sept. 22 18, 234 1,702 1,144 2,365 13, 022 11, 352 1,802 1,180 2,244 6,125 Oct. 27 18, 280 1,710 1,143 2,357 13, 070 11, 402 1,809 1,181 2,261 6,151 Nov. 24 18,216 1,695 1,137 2,342 13, 042 11,438 1,803 1,185 2,263 6,187 Dec. 29 18,395 1,660 1,129 2,343 13, 263 11,430 1,802 1,182 2,238 1927 Jan. 26-..... 18,121 1,633 1,113 2,332 13,044 11,608 1,821 1,196 2,274 6,316 Feb. 23 18,105 1,644 1,117 2,346 12, 997 11, 795 1,823 1,202 2,295 6,475 Mar. 23 18,357 1,628 1,115 2,354 13, 260 11, 90Q 1,844 1,211 2,316 6,529 Apr. 27 18, 346 1, 614 1,114 2,358 13, 260 12, 002 1,840 1,220 2,338 6, 604 May 25 18, 471 1,609 1,105 2,353 13, 405 12,124 1,857 1,222 2,358 6,686 June 22 18, 534 1,597 1,112 2,335 13, 490 12,159 1,855 1,233 2,363 6,707 July 27 18, 555 1,611 1,112 2,340 13, 493 12, 261 1,875 1,243 2,390 6,753 Aug. 24 18, 493 1,632 1,114 2,336 13,411 12, 334 1,873 1,253 2,411 6,798 Sept. 28 18, 667 1,690 1,146 2,363 13, 468 12, 452 1,872 1,258 2,436 6,885 Oct. 26 18,960 1,726 1,162 2,388 13, 683 12, 527 1,887 1,266 2,450 6,925 Nov. 9 19,180 1,754 1,180 2,412 13,834 12, 579 1,894 1,272 2,453 6,960 Dec. 7 _. 19, 586 1,750 1,185 2,414 14,238 12, 677 1,901 1,282 2,456 7,038 NOTE —Certain of the figures for 1923-1926 have been revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

109 ALL MEMBER BANKS No. 37.—ALL MEMBER BANKS—RESERVE BALANCES, BY MONTHS, 1914-1927 [Monthly averages of daily figures. In millions of dollars] Month 1914 1 1915 1 1916 1 1917 1918 1919 1920 January . __ .. . 686 1,467 1,635 1,883 February 684 1,468 1,612 1,858 March _ .___ 718 1,466 1,652 1.87& April 743 1,504 1,656 ,870 May -. _ . 742 1,482 1,686 , 853 June _.__ ...... 804 1,512 1,696 , 85^ July 1,101 1,448 1,719 840 August _ 1,141 1,459 1,740 ,807 September 1,130 1,507 1,769 ,817 October 1,242 1,539 1,793 ,815 November 1,420 1,520 1,837 ,782 December 1,444 1,586 1,820 .75fr 1921 1922 1923 1924 1925 1926 1927 January . . 1,773 1,707 1,918 1,911 2,194 2,236 2,243 February __ 1,728 1,689 1,901 1,892 2,159 2,208 2,212 March 1,694 1,711 1,873 1,915 2,137 2,198 2,240- April 1,665 1,733 1,869 1,905 2,123 2,183 2,248 May 1,657 1,783 1,874 1,922 2,132 2,199 2,262 June 1,664 1,820 1,867 2,001 2,141 2,206 2,301 July 1,639 1,812 1,867 2,046 2,160 2,212 2,289 August - 1,621 1,799 1,835 2,072 2,151 2,201 2,283 September 1,629 1,811 1,848 2,120 2,161 2,211 2,300 October 1,652 1,836 1,864 2,141 2,203 2,219 2,326 November 1,663 1,825 1,875 2,164 2,221 2,214 2,373 December 1,673 1,840 1,882 2,182 2,219 2,218 2,399 i Figures prior to 1917 not available. No. 38.—ALL MEMBER BANKS—BORROWINGS AT FEDERAL RESERVE BANKS,. BY MONTHS, 1914-1927 [Monthly averages of daily figures. In millions of dollars] Month 1914 1915 1916 1917 1918 1919 1920 January 12 29 21 611 1,735 2,143 February.. 17 24 18 532 1,763 2,299 March 20 22 18 567 1,862 2,387 April 22 22 25 769 1,919 2,44a May _. . 23 20 43 902 1,974 2,538 June . - 25 21 151 938 1,842 2,461 July 27 25 148 1,166 1,868 2,519 August 28 28 135 1,338 1,802 2,605 September 30 27 182 1,603 1,777 2,677 October. __ . 28 22 314 1,710 2,073 2,782 November . 6 29 20 568 1,769 2,146 2,776 December _ _ 10 32 33 682 1,749 2,157 2,730 1921 1922 1923 1924 1925 1926 1927 January. _ _ 2,536 969 549 580 267 526 481 February _ . _ 2,409 772 611 516 338 525 395 March 2,302 640 629 479 392 559 425 April 2,140 577 660 495 404 540 447 May 1,967 482 708 435 398 515 473 June 1,818 439 744 375 438 476 429 July _ 1,725 428 837 318 482 549 454 August 1,555 396 811 270 545 556 409 September 1,446 417 848 263 594 642 422 October _ _ 1,377 484 875 241 622 666 424 November 1,233 624 801 229 596 618 415 December 1,185 664 775 302 691 672 529 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

110 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No. 39.—ALL MEMBER BANKS—CLASSIFICATION OF LOANS ON JUNE 30, 1925, 1926, AND 1927 [In millions of dollars] Loans on securities All other loans Se- Secured by real estate Total cu b r y ed cu S r e e - d O w th is e e r- N be u r m o - f loans U.S. by se- banks Total o m G b e l r o e 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 F la a n r d m s e O r s e t t h a a e t l e r c c u u a u n r n r e s e d d e d - 1 tions Total: 1925 20,655 6,718 243.3 6,474 | 13,937 2, 338. 3 11, 599 9,538 1926 22,060 7,321 206.7 7,114 14,740 2, 649. 5 488.9 2,160.6 12,090 9,375 1927 22, 938 8,156 180.8 7, 975 14, 782 2,926.4 477.8 2,448. 6 11, 856 9,099 Central reserve city banks— 1925 5,382 2,857 80.2 2,777 2,525 117.9 2,407 1926... 5,753 2,985 64.5 2,920 2,769 151.0 2.7 148.3 2,618 79 1927___ 6,267 3,398 56.5 3,342 2,868 180.1 2.6 177.5 84 Other reserve city banks— 1925_ 7,443 2,275 87.7 2,187 5,168 1,184. 2 3,984 553 1926 7,987 2,557 74.5 2,483 5,430 1, 323. 3 122.0 1, 201. 3 4,107 544 1927 8,291 2,824 61.4 2,763 5,467 1,475. 9 154.2 1, 321. 6 3,991 522 Country banks— 1925_ 7,831 1,586 75.5 1,510 6,245 1,036. 3 5,209 1926 8,320 1,779 67.8 1,711 6,540 1,175. 2 364.2 811.0 5,365 8,752 1927__ 1,934 62.9 1,871 6,446 1, 270. 4 321.0 949.4 5,176 8,493 National bank members: 1925 12, 592 3,659 159.2 3,500 8,934 636.5 255.9 380.7 8,297 8,066 1926 13, 322 4,034 130.7 3,904 9,287 725.0 252.1 472.9 8,562 7,972 1927 13, 849 4,436 109.7 4,326 9,413 1, 062. 0 305.0 757.0 8,351 7,790 Central reserve city banks— 1925 2,631 1,246 48.2 1,197 1,385 2.9 2.6 1,382 47 1926._ 2,844 1,348 32.2 1,316 1,496 4.4 4.1 1,492 36 1927__ 2,951 1,525 23.5 1,501 1,427 4.5 4.3 1,422 35 Other reserve city banks— 1925_ 3,975 1,259 52.9 1,206 2,716 94.9 23.4 71.5 2,621 369 1926. 4,157 1,391 44.5 1,347 2,766 111.0 19.9 91.2 2,655 365 1927. 4,618 1,539 35.8 1,504 3,079 387.0 77.8 309.2 2,692 Country banks— 1925 _. 5,986 1,154 58.1 1,096 4,832 538.7 232.1 306.6 4,293 7,650 1926 6,321 1,296 54.0 1,242 5,026 609.6 231.9 377.7 4,416 7,571 1927 6,279 1,372 50.3 1,321 4,908 670. 5 226.9 443.6 4,237 7,395 State bank members: 1925 8,063 3,058 84.2 2,974 5,005 1,701. 8 3,303 1,472 1926__ 8,738 3,286 75.9 3,211 5,452 1,924. 5 236.8 1, 687.7 3,527 1,403 1927 3,720 71.1 3,649 5,369 I) 864. 4 172.9 1,691.6 3,505 1,309 Central reserve city banks— 1925 2,751 1,611 31.1 1,580 1,139 I 115. 0 1,024 1926 2,909 1,637 32.2 1,604 1,273 j 146.7 2.4 144.3 1,126 43 1927 3,315 1,873 32.9 1,841 1,442 |i 175.6 2.3 173.3 1,266 49 Other reserve city banks— 1925 3,468 1,016 34.8 2, 452 1,089. 3 1,363 184 1926 3,830 1,166 30.0 1,136 2,664 1, 212. 2 102.1 1,110.1 1,452 179 1927 3,673 1,285 25.6 1,259 1, 088. 9 76.4 1, 012. 5 1,299 162 Country banks— 1925__ _. 1,845 432 17.4 414 \ 1,414 497.6 916 1,249 1926 1,999 484 13.8 470 • 1,516 565. 6 132.3 433.3 950 1,181 1927__ 2,101 562 12.6 550 i 1,539 599.9 94.1 505.8 939 1,098 ^Includes overdrafts; excludes acceptances of other banks and foreign bills of exchange sold with indorsement. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

111 MEMBER BANKS No. 40.—ALL MEMBER BANKS—CLASSIFICATION OF SECURITIES ON JUNE 30, 1925, 1926, AND 1927 [In millions of dollars] Domestic securities Foreign securities All U. S. other T r s i e o t c i t e u a s - l Total m s r G e i ( e t t r e o c o i n e n u v - - s t - - t m b S y c i o o u , t p a u n n a a t n d n i l e c - s d , - b o o A th n l e d l r s o e S s b r f a e t a F o l r n v c r e k e e k d - - r c S o a o t t t r o o i h p o f c e o n k r - s m o r s i A e d t e t h o c i s l - e u e l t s r i - c Total m B o g e e f o e i o r g f n n n v o n - d t - r s s - i r n s e i f i e c t i o n i c l g r e u g u n - s d - , tal) municipal Total: 1925 8,863 8,362 3,781 1,029 2,781 115.0 275.3 381.5 500.5 327.3 173.2 1926 9,123 8, 625 3, 744 1,149 2,948 122.5 327.2 334.7 498.1 300.6 197.5 1927 9,818 9,246 3,796 1,277 3,343 129.0 348.3 351.8 572.1 316.3 255.8 Central reserve city banks— 1925..._ 2,012 1,913 1,066 233 476 28.0 73.8 36.3 99.2 62.8 36.3 1926 2, 053 1,987 1,066 250 478 31.6 91.0 69.8 66.1 37.3 28.6 1927. 2,195 2,110 1,080 287 547 34.1 83.2 78.7 84.8 48.4 36.5 Other reserve city banks— 1925 2,855 2,715 1,331 343 702 38.9 134.0 165.9 140.4 92.6 I 47.7 1926 2,932 2,793 1,325 406 776 41.0 149.9 94.4 139.3 81.8 57.4 1927.. 3,191 3,050 1,408 461 885 43.3 163.1 89.3 141.7 71.4| 70.3 Country banks— 1925_ 3,996 3, 735 1,385 453 1,603 47.8 67.3 179.1 260.7 171.7 89.0 1926... 4,138 3, 845 1,353 493 1,693 49.7 86.2 170.3 292.5 181.3 111.2 1927 4,432 4,087 1,308 530 1,911 51.5 101.9 183. S 345.6 196.6 149.0 National bank members: 1925 5,700 5,338 2,513 594 1,863 74.4 78.7 215.3 362.8 240.7 122.1 1926 5,837 5,465 2,466 647 1,948 78.7 90.5 234.1 372.3 225.8 146. 5 1927... 6,388 5,961 2,593 743 2,215 81.9 92.5 236.0 426.7 237.8 188.9 Central reserve I city banks— i 1925-.. ! 1,057 994 587 107 239 15.0 23.0 22.8 62.6 40.5 22.1 1926 1,023 984 579 90 237 17.0 26.8 34.5 38.7 21.3 17.2 1927 — -11,075 1,027 596 105 246 17.5 19.4 42.5 48.0 27.9 20.1 Other reserve city banks— 1925. 1,485 1,406 770 157 353 21.2 34.3 70.2 78.6 54.8 23.8 1926 1,542 1,457 765 187 369 21.9 39.1 75.0 84.6 50. 3 34.3 1927 1,846 1,757 920 242 456 24.0 45.5 68.9 88.5 47.2 41.3 Country banks— 1925 3,158 2,937 1,156 329 1,270 38.2 21.3 122.1 221.4 145.3 76.1 1926 3,273 3,024 1,122 370 1,343 39.6 24.4 124.6 248.9 154.0 94.8 1927 3,468 3,178 1,077 395 1, 513 40.4 27.6 124.6 290.2 162.6 127.5 State bank members: 1925 3,163 3,025 1,269 435 918 40.4 196.5 166.1 137.6 86.5 51.0 1926 3,286 3,161 1,278 503 999 43.7 236.6 100.6 125.7 74.7 50.9 1927 3,430 3,285 1, 203 535 1,128 47.1 255.7 115.8 145.4 78.6 66. 9 Central reserve city banks— 1925 954 918 478 126 237 12.9 50.7 13.3 36.4 22.2 14.2 1926. 1,031 1,003 487 160 241 14.6 64.1 35.3 27.3 15.8 11.3 1927... 1,120 1,083 484 182 301 16.6 63.8 36.1 36.8 20.4 16.3 Other reserve city banks— 1925... 1,371 1,309 561 186 349 17.7 99.7 95.7 61.7 37.8 23. & 1926 1,391 1,336 560 219 408 19.0 110.7 19.4 54.7 31.5 23.1 1927 1,346 1,293 488 219 429 19.4 117.6 20.4 53.2 24.1 29.0 Country banks— 1925 799 230 124 332 9.6 46.0 57.0 39.2 26.3 12.9 1926 865 821 231 123 350 10.0 61.7 45.7 43.6 27.2 16.4 1927 964 909 231 135 398 11.1 74.3 59.2 55.4 33.9 21.5 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

112 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD REPORTING MEMBER BANKS IN LEADING CITIES No. 41.—REPORTING MEMBER BANKS—LOANS, INVESTMENTS, DEPOSITS, RESERVES, AND BORROWINGS AT FEDERAL RESERVE BANKS, 1919-1927 [Monthly averages of weekly figures. In millions of dollars] Month 1919 1920 1921 1922 1923 1924 1925 1927 Loans and investments: January 14,178 16,637 16,402 14,649 16, 291 16,430 18,629 19, 502 19,999 February 14, 257 16,607 16,131 14,643 16,284 16,408 18, 557 19,450 19, 853 March - 14, 578 16, 808 16,021 14, 572 16,427 16,513 18,636 19,529 20,267 April 14, 559 16,938 15, 733 14,643 16,506 16, 615 18, 657 19,491 20,340 May 14, 886 16,947 15,466 14,923 16,549 16, 645 18, 615 19,601 20, 549 June _ .- 14, 969 16,926 15,319 15,197 16,491 16, 825 18, 711 19, 692 20,784 July 14, 813 16, 876 15,020 15, 209 16,468 17,129 18, 782- 19,662 20,687 August 15,214 16,862 14, 876 15, 328 16, 271 17,450 18, 836 19, 703 20,646 September 15, 577 17,012 14,857 15,401 16, 378 17, 768 19,040 19, 892 20,951 October 15,961 17,147 14, 897 15,687 16,472 18, 242 19,319 *19, 964 21,227 November. 16,143 16,823 14, 792 15,771 16,395 18,426 19,437 *19,880 21,462 December 16, 337 16, 692 14, 797 15, 961 16,438 18, 577 19,547 *20,055 21, 728 Total loans: January 19,837 112, 642 13,046 11,061 11,495 11,923 13,092 14,052 14,423 February 19, 677 112, 786 12,806 10,883 11, 530 11,918 13,135 13,968 14, 213 March. 19, 736 113,140 12, 661 10,892 11, 723 12,028 13,210 13,973 14,388 April •_ 19, 757 113, 240 12, 379 10, 856 11, 841 12,079 13,167 13, 920 14,406 May -__ 19,935 U3,248 12,143 10,898 11,916 12,015 13,139 13, 934 14,508 June.. 110, 565 113,321 11,906 10,875 11,818 12,068 13,194 14,001 14,689 July 110, 713 113,400 11, 723 10,806 11,821 12,210 13,280 14,006 14,621 August 110, 880113, 410 11, 558 10, 787 11, 704 12,406 13,357 14,080 14,671 September 111, 247 113, 583 11, 540 10, 910 11,845 12, 543 13,596 14, 269 14,917 October- 111, 806 113, 786 11, 529 11,181 11,953 12, 781 13, 865 *14,377 15,112 November 112, 097 113,468 11,357 11, 236 11,913 12,834 14,006 *14,330 15,198 December ; 112, 316 113,317 11,281 11,279 11,934 12,993 14,096 * 14,470 15,332 Loans on securities: January (2) 4,629 3,928 3,603 4,085 4,140 4,890 5,747 5,839 February (2) 4,396 3,853 3,558 4,011 4,062 4,935 5,642 5,705 March (2) 4,346 3,813 3,533 4,006 4,070 5,002 5,528 5,790 April (2) 4,282 3,741 3,549 4,060 4,107 4,979 5,453 5,854 May (2) 4,195 3,734 3,717 4,106 4,110 5,048 5,468 5,941 June (2) 4,141 3,697 3,801 4,045 4,200 5,168 6,568 6,146 July (2) 4,073 3,632 3,787 4,038 4,368 5,249 5,617 6,117 August _ (2) 3,979 3,562 3,754 3,883 4,467 5,256 5,643 6,125 September (2) 4,003 3,559 3,800 3,915 4,558 5,325 5,717 6,221 October-. (2) 4,047 3,609 3,952 3,937 4,608 5,433 5,629 6,325 November __ (2) 3,964 3,613 3,995 3,944 4,623 5,569 5,521 6,410 December 4,594 4,003 3,657 4,015 4,030 4,800 5,717 * 5,694 6,594 All other loans: January (2) i 8,013 9,118 7,458 7,410 7,783 8,201 8,305 8,585 February (2) i 8,390 8,953 7,325 7,518 7,856 8,200 8,326 8,509 March (2) i 8, 794 8,848 7,359 7,717 7,957 8,208 8,446 8,598 April 8 i 8, 958 8,638 7,307 7,781 7,972 8,188 8,467 8,552 May - i 9, 054 8,409 7,181 7,809 7,905 8,091 8,466 8,567 J J A u u u n ly g e u st --- ( ( ( 2 2 2 ) ) ) i i i 9 9 9 , , , 1 4 3 8 3 2 0 1 7 8 8 7 , , , 0 2 9 9 1 9 1 0 5 7 7 7 , , , 0 0 0 1 3 7 9 3 4 7 7 7 , , , 8 7 7 2 7 8 1 3 2 7 7 7 , , , 8 9 8 6 3 4 8 9 2 8 8 8 , , , 0 1 0 3 0 2 0 1 5 8 8 8, , , 4 4 3 3 3 8 7 2 9 8 8 8 , , , 5 5 5 0 4 4 4 3 5 September..^ (2) i 9, 580 7,981 7,110 7,930 7,984 8,271 8,553 8,696 N O o ct v o e b m er ber ( ( 2 2 ) ) i i 9 9 , , 7 5 3 0 9 5 7 7 , , 9 7 2 4 0 4 7 7, , 2 2 4 2 1 9 8 7 , , 0 9 1 7 6 0 8 8 , , 1 2 7 1 3 1 8 8, , 4 4 3 3 7 3 * * 8 8 , , 8 7 0 4 9 8 8 8, , 7 7 8 8 7 7 December 17,723 i 9, 314 7,624 7,264 7,904 8,193 8,379 * 8, 776 8,739 Investments: January i 4, 341 i 3,995 3,356 3,588 4,796 4,507 5,537 5,450 5,576 February i 4, 580 i 3,821 3,324 3,760 4,754 4,490 5,421 5,481 5,639 March. i 4,842 i 3, 668 3,360 3,680 4,704 4,486 5,427 5,556 5,879 April i 4,802 i 3, 698 3,355 3,787 4,664 4,535 5,491 5,571 5,934 May__ 4,951 i 3, 699 3,322 4,025 4,633 4,630 5,476 5,667 6,041 June i 4, 404 i 3, 606 3,413 4,322 4,672 4,757 5,517 5,692 6,095 July 4,100 i 3,476 3,298 4,403 4,647 4,919 5,502 5,656 6,066 August 4,333 i 3,453 3,318 4,541 4,567 5,043 5,478 5,623 5,976 September i 4, 330 i 3, 429 3,316 4,490 4,533 5,225 5,444 5,623 6,033 October _ i 4,155 i 3,361 3,368 4,506 4,519 5,461 5,453 5,586 6,115 November. 1 4', 046i 3, 355 3,435 4,535 4,482 5,593 5,432 * 5, 550 6,265 December i 4, 021 i 3,374 3,515 4,682 4,504 5,584 5,451 * 5, 585 6,396 i Partly estimated. 2 Not available. " Revised^ Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

113 KEPORTING MEMBER BANKS IN LEADING CITIES No. 41.—REPORTING MEMBER BANKS—LOANS, INVESTMENTS, DEPOSITS, RE- SERVES, AND BORROWINGS AT FEDERAL RESERVE BANKS, 1919-1927—Con. [Monthly averages of weekly figures. In millions of dollars] Month 1919 1920 1921 1922 1923 1924 1925 19216927 Net demand plus time deposits: January 11, 632 14,008 13, 736 13,379 15, 284 15,407 18, 060 18, 561 19,032 February. 11, 538 13,991 13,496 13,309 15,267 15,422 17, 943 18,432 18, 884 March 11, 783 14,170 13,326 13,499 15,184 15,482 17, 839 18,378 19,136 April 11,841 14,153 13,131 13, 736 15,176 15, 550 17, 796 18, 356 19,167 May 12,164 14,153 13,191 14,140 15, 202 15, 731 17,877 18, 507 19,404 June 12,130 14,178 13,114 14,457 15,169 16,135 17, 973 18, 678 19, 687 July_._ .--. 12,373 14,170 12,946 14, 597 15,175 16, 573 18, 084 18, 638 19, 593 August. 12, 693 14,029 12, 827 14, 572 14, 947 16, 936 18, 015 18, 602 19, 616 September 12,940 14, 063 12, 871 14,649 15, 000 17, 231 18,088 18, 708 19, 723 October-_ 13, 226 14,070 13, 063 14,822 15,128 17, 657 18, 351 18, 740 19, 870 November 13, 582 13, 831 13,206 14, 766 15, 201 17,912 18, 523 18, 720 20,217 December 13, 532 13, 636 13, 226 14, 836 15,183 18,005 18,494 18, 910 20,395 Net demand deposits: January 10, 048 11, 576 10, 816 10,362 11, 556 11,296 13,198 13,190 13,104 February... 9,908 11, 482 10, 583 10,275 11,517 11,270 13,015 13, 015 12,919 March... 10,115 11, 600 10, 404 10,386 11, 279 11,278 12, 862 12,912 13,069 April 10,135 11, 546 10,201 10, 582 11,209 11,295 12, 738 12, 825 13,069 May... — 10,439 11, 506 10,194 10,914 11,218 11,420 12, 737 12,947 13,215 June 10,393 11,499 10,182 11,133 11,173 11, 768 12, 800 13,068 13,449 July... 10, 604 11,466 10,037 11,108 11,194 12,109 12,916 12,958 13,340 August 10, 800 11, 299 9,922 11,002 10, 965 12,390 12, 825 12, 893 13,309 September 10,984 11, 286 9,953 11, 071 10,989 12, 624 12, 886 13,020 13,374 October-- 11,140 11, 266 10,107 11, 223 11,105 12, 931 13, 080 13,024 13, 447 November 11, 330 11,025 10, 210 11,116 11,168 13,075 13,180 12, 950 13, 734 December 11, 244 10, 823 10,242 11,141 11,125 13,179 13,168 *13, 070 13,904 Time deposits: January 1,584 2,432 2,920 3,017 3,728 4,111 4,862 5,371 5,928 February 1,630 2,509 2,914 3,034 3,750 4,153 4,928 5,417 5,965 March 1,669 2,570 2,922 3,113 3,905 4,204 4,977 5,466 6,067 April 1,706 2,607 2,930 3,154 3,967 4,255 5,058 5,531 6,097 May 1,725 2,646 2,997 3,226 3,984 4,311 5,140 5,560 6,190 June... 1,737 2,679 2,932 3,324 3,996 4,367 5,173 5,610 6,239 July _. 1,769 2,704 2,909 3,489 3,981 4,464 5,168 5,680 6,253 August-. 1,893 2,730 2,905 3,570 3,981 4,546 5,190 5,709 6,307 September .' 1,956 2,777 2,918 3,579 4,011 4,607 5,202 5,688 6,349 October __ 2,086 2,804 2,956 3,599 4,023 4,726 5,271 5,717 6,424 November _. 2,252 2,806 2,996 3,650 4,033 4,837 5,343 5,770 6,483 December 2,288 2,813 2, 984 3,695 4,058 4,826 5,326 * 5,840 6,491 Reserve balances: January 1,295 1,431 1,330 1,289 1,450 1,436 1,666 1,675 1,678 February 1,240 1,406 1,305 1,299 1,437 1,410 1,659 1,655 1,645 March 1,260 1,411 1,273 1,318 1,407 1,438 1,630 1,652 1,671 April.. 1,271 1,420 1,254 1,324 1,400 1,442 1,611 1,642 1,659 May 1,295 1,402 1, 256 1,381 1,411 1,452 1,615 1,650 1,697 June 1,288 1,402 1,296 1,405 1,403 1,542 1,625 1,666 1,749 July 1,306 1,405 1,241 1, 414 1,405 1,561 1,630 1,651 1,696 A ugust 1,336 1,375 1,212 1,370 1,369 1,598 1,643 1,643 1,707 September 1,327 1,384 1,224 1,357 1,363 1,648 1,642 1,677 1,709 October--. 1,383 1,370 1,246 1,412 1,384 1,647 1,655 1,632 1,725 November 1,426 1,334 1,258 1,379 1,385 1,641 1,670 1, 636 1,767 December __. 1,368 1,330 1,266 1,383 1,385 1,694 1,688 1,686 1,787 Borrowings at Federal reserve banks: January. _ 1,306 1,803 1,947 514 343 347 108 318 299 February 1,400 2,019 1,878 374 402 285 218 351 233 March 1,449 2,053 1,792 264 417 245 234 372 268 April 1,443 2,069 1,601 215 420 258 229 329 270 May 1,497 2,085 1,421 161 455 185 191 290 302 June 1,361 1,981 1,267 130 466 131 238 252 271 July 1,454 2,005 1,167 151 552 89 264 315 273 August 1,393 2,072 996 115 516 61 351 335 256 September. _ _ 1,383 2,117 906 145 545 83 403 428 267 October 1,660 2,222 854 240 585 86 437 440 283 November 1,763 2,200 723 376 505 75 411 422 276 December _ 1,739 2,132 392 502 145 491 447 •Eevised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

114 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No. 42.—REPORTING MEMBER BANKS—LOANS AND INVESTMENTS, BY WEEKS [In millions of dollars] Loans Total loans and invest- Investments ments Total il On securities All other 1927 Jan. 5... 20,185 14, 643 6,010 8,633 5,542 Jan.12__ 20,069 14,475 5,856 5,594 Jan. 19__ 19,896 14, 323 5,765 8,559 5,572 Jan. 26_ 19, 846 14, 252 5,724 8,528 5,594 Feb.2 19, 891 14, 282 5,773 8,508 5,609 Feb. 9_. ._. 19, 823 14, 200 5,682 8,519 5,623 Feb. 16 19, 831 14,175 5,675 8,500 5,656 Feb. 23. 19, 867 14,197 5,688 8,509 5,669 Mar. 2 20, 066 14, 349 5,782 8,567 5,717 Mar. 9.... 20, 056 14,332 5,741 8,591 5,724 Mar. 16.... 20,450 14,436 5,811 8,625 6,013 Mar. 23 20, 387 14,413 5,784 8,629 5,974 Mar. 30 20, 377 14,411 5,833 8,577 5,966 Apr. 6. 385 14,451 5, 857 8,595 5,934 Apr. 13 307 14,398 5,815 8,583 5.908 Apr. 20. 289 14, 369 5,841 8,527 5,919 Apr. 27 379 14, 406 5,902 8,504 5,973 May 4 519 14, 537 5,968 8,569 5,982 May 11.— 509 14, 502 5,905 8,596 6,007 May 18 _. 592 14,512 5,963 8,549 6,080 May 25... 574 14,481 5,927 8,554 6,094 June l._ 707 14, 678 6,130 8,548 6,029 June 8 641 14, 632 6,105 8,527 6,010 June 15 920 14, 694 6.156 8,538 6,227 June 22 782 14, 670 6,136 8,535 6,111 June 29 869 14, 770 6,204 8,566 6,099 July6 20, 865 14, 762 6,216 8,545 6,103 July 13 20, 651 14, 580 6,077 8,503 6,072 July 20 20, 616 14, 574 6,073 8,501 6,042 July 27 20, 616 14, 568 6,100 8,468 6,048 Aug. 3. 20, 632 14, 637 6,136 8,501 5,995 Aug. 10 20,672 14, 680 6,125 8, 554 5,992 Aug. 17 20,636 j 14, 674 6,129 8,545 5,962 Aug. 24.... 20,562 | 14, 609 6,081 8,527 5,953 Aug. 31. 20,731 I 14, 753 6,153 8,600 5,978 Sept. 7_ 20, 722 14,752 6,133 8,620 5,970 Sept. 14 20,911 14, 923 6,239 8,684 5,988 Sept. 21 21, 059 14, 973 6,224 8,748 6,086 Sept. 28 21,111 15, 022 6,290 8,732 6,089 Oct. 5__ 21, 252 15,150 6,380 8,771 6,102 Oct. 12__ _. 21, 214 15,099 6,297 6,114 Oct. 19__ 21, 247 15,117 6,303 8,814 6,130 Oct. 26. 21,193 15,081 6,322 8,759 6,112 Nov. 2. 21, 218 15,107 6,339 8,768 6,111 Nov. 9. 21, 299 15,164 6,340 6,136 Nov. 16 21, 552 15,211 6,446 8,765 6,341 Nov. 23 _._ 21, 571 15, 210 6,425 8,785 6,361 Nov. 30 21,671 15, 296 6,503 8,794 6,375 Dec. 7 21,634 15,271 6,498 8,773 6,363 Dec. 14. 21, 664 15, 285 6,539 8,746 6,379 Dec. 21 21, 792 15, 348 6,622 8,726 6,444 Dec. 28 21, 824 15, 425 6,715 8,709 6,399 Monthly average: January 19, 999 14,423 5,839 8,585 5,576 February 19, 853 14, 213 5,705 8,509 5, 639 March 20, 267 14, 388 5,790 5,879 April. 20,340 14,406 5,854 8,552 5,934 May 20, 549 14, 508 5,941 8,567 6,041 June 20, 784 14, 689 6,146 8,543 6,095 July 20, 687 14, 621 6,117 8,504 6,066 August. 20, 646 14, 671 6,125 8,545 5,976 September 20, 951 14,917 6,221 6,033 October 21, 227 15,112 6,325 8,787 6,115 November 21, 462 15,198 6,410 8,787 6,265 December 21, 728 15,332 6,594 8,739 6,396 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REPORTING MEMBER BANKS IN LEADING CITIES 115 No. 43,—REPORTING MEMBER BANKS—DEPOSITS, RESERVES, AND BORROW- INGS AT FEDERAL RESERVE BANKS, BY WEEKS [In millions of dollars] Net demand plus time deposits Reserves Borrowings with Federal at Federal reserve bank reserve bank Total Net demand Time 1927 Jan. 5 19,166 13,248 5,919 1,750 447 Jan. 12 _ _ 19,151 13,213 5,938 1,683 305 Jan. 19... 18,975 13,051 5,924 1,672 248 Jan. 26 18,836 12,902 5,934 1,606 197 Feb.2 18,930 12,994 5,936 1,652 223 Feb. 9... 18,832 12,881 5,951 1,637 223 Feb. 16 18,921 12,961 5,960 1,701 242 Feb. 23 18,855 12,841 6,013 1,589 243 Mar. 2 19,073 12,999 6,073 1,641 279 Mar. 9 19,044 12, 958 6,087 1,635 266 Mar. 16 19,317 13,262 6,056 1,682 190 Mar. 23.... 19,153 13,096 6,057 1,711 309 Mar. 30 19,095 13,030 6,065 1,685 296 Apr. 6. 19,137 13, 070 6,068 1,629 252 Apr. 13 19,173 13,085 6,087 1,676 280 Apr. 20 19,148 13,057 6,091 1,652 263 Apr. 27 19,208 13,065 6,143 1,679 286 May 4 19,339 13,182 6,157 1,723 356 May 11 19, 399 13, 221 6,178 1,675 288 May 18 19,459 13, 239 6,220 1,701 305 May 25 19,420 13, 216 6,204 1,687 260 June 1 19, 651 13,441 6,210 1,725 330 June 8 19,620 13,371 6,249 1,736 243 June 15 19,977 13, 751 6,226 1,816 200 June 22 19,517 13,277 6,241 1,718 273 June 29 19, 671 13,404 6,267 1,751 309 July 6 19, 679 13,422 6,256 1,692 345 July 13 19, 624 13, 381 6,243 1,710 265 July 20 19, 544 13,299 6,245 1,704 247 July 27 19, 525 13,258 6,267 1,677 234 Aug. 3 19, 599 13,312 6,287 1,745 285 Aug. 10 19,675 13,365 6,310 1,714 261 Aug. 17 19, 612 13,304 1,668 236 Aug. 24 19,496 13,187 6,310 1,714 257 Aug. 31 19, 700 13, 381 6,320 1,697 240 Sept. 7. 19,689 13,362 6,327 1,704 295 Sept. 14 19,933 13, 591 6,343 1,705 224 Sept. 21.. 19, 614 13, 266 6,348 1,705 270 Sept. 28 19,656 13, 279 6,378 1,723 278 Oct. 5- 19,856 13,442 6,414 1,713 320 Oct. 12 19,869 13,437 6,433 1,705 286 Oct. 19 19,904 13,478 6,426 1,754 271 Oct. 26 19,851 13,430 6,422 1,729 254 Nov. 2 19,920 13, 508 6,412 1,733 232 Nov. 9_._ 20, 040 13, 577 6,463 1,756 310 Nov. 16 20, 293 13,810 6,482 1,826 233 Nov. 23 20, 300 13, 774 6,526 1,759 274 Nov. 30 20, 531 14,001 6,531 1,760 331 Dec. 7 20,431 13,959 6,472 1,769 304 Dec. 14 20, 503 14,031 6,471 1,786 353 Dec. 21 20,343 13,840 6,504 1,780 432 Dec. 28 20, 302 13, 786 6,516 1,813 463 Monthly average: January 19, 032 13,104 5,928 1,678 299 February 18,884 12,919 5,965 1,645 233 March 19,136 13,069 6,067 1,671 268 April 19,167 13,069 6,097 1,659 270 May... __ 19,404 13, 215 6,190 1,697 302 June 19, 687 13,449 6,239 1,749 271 July 19, 593 13, 340 6,253 1,696 273 August 19,616 13, 309 6,307 1,707 256 September 19, 723 13,374 6,349 1,709 267 October 19,870 13,447 6,424 1,725 283 November 20,217 13,734 6,483 1,767 276 December 20, 395 13,904 6,491 1,787 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

116 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No. 44.—REPORTING MEMBER BANKS—BANKERS' BALANCES, BY WEEKS [In millions of dollars] Total New York City Other leading cities Date Due to Due from Due to Due from Due to Due from banks banks banks banks banks banks 1927 Jan. 5. 0) (0 1,183 109 0) 0) Jan.12 C1) 0) 1,134 99 0) 0) Jan.19 0) 0) 1,072 99 0) 0) Jan. 26 0) 0) 1,041 94 0) 0) Feb. 2 1.... 3,333 1,203 1,100 97 2,233 1,106 Feb. 9 3,283 1,132 1,047 89 2,236 1,042 Feb. 16 3,337 1,196 1,108 100 2,229 1,097 Feb. 23... 3,255 1,177 1,106 88 2,149 1,089 Mar. 2 3,378 1,255 1,127 101 2,251 1,154 Mar. 9. 3,334 1,190 1,122 90 2,212 1,100 Mar. 16 3,384 1,257 1,153 116 2,231 1,141 Mar. 23 3,223 1,138 1,084 98 2,140 1,040 Mar. 30 3,200 1,131 1,106 96 2,094 1,035 Apr. 6 3,331 1,185 1,136 96 2,195 1,089 Apr. 13 3,249 1,208 1,073 110 2,176 1,097 Apr. 20. 3,209 1,163 1,098 110 2,111 1,053 Apr. 27 3,184 1,144 1,111 110 2,074 1,034 May 4 3,347 1,210 1,168 111 2,179 1,099 May 11 3,237 1,180 1,104 102 2,134 1,079 May 18 3,216 1,175 1,115 104 2,101 1,071 May 25 3,100 1,099 1,081 90 2,019 1,009 June 1 3,299 1,210 1,211 106 2,0,88 1,104 June 8. 3,170 1,129 1,100 93 2,070 1,036 June 15 3,358 1,221 1,272 98 2,086 1,123 June 22 A. 3,117 1,109 1,114 91 2,003 1,019 June 29 3,199 1,092 1,157 86 2,043 1,006 July 6 3,452 1,192 1,234 110 2,218 1,082 July 13 3,358 1,199 1,175 90 2,183 1,109 July 20 3,262 1,124 1,153 85 2,108 1,039 July 27 3,159 1,077 1,094 84 2,066 994 Aug. 3 3,330 1,139 1,164 87 2,166 1,052 Aug. 10 3,313 1,138 1,152 83 2,161 1,055 Aug. 17 3,324 1,149 1,165 91 2,159 1,058 Aug. 24 3,262 1,094 1,125 79 2,137 1,015 Aug. 31 3,337 1,126 1,191 86 2,146 1,039 Sept. 7. 3,423 1,163 1,174 84 2,249 1,079 Sept. 14. 3,416 1,252 1,182 87 2,234 1,165 Sept. 21. 3,344 1,189 1,181 109 2,163 1,080 Sept. 28 3,333 1,172 1,171 101 2,163 1,071 Oct. 5... 3,590 1,294 1,262 115 2,328 1,178 Oct. 12 3,450 1,285 1,168 118 2,282 1,167 Oct. 19.. 3,481 1,236 1,224 107 2,257 1,129 Oct. 26 3,378 1,197 1,182 103 2,196 1,094 Nov. 2. 3,612 1,260 1,328 112 2,285 1,148 Nov. 9 3,573 1,229 1,272 103 2,300 1,126 Nov. 16 3,717 1,352 1,325 106 2,392 1,246 Nov. 23 3,599 1,264 1,256 97 2,342 1,167 Nov. 30 3,765 1,269 1,437 102 2,328 1,168 Dec. 7 3,670 1,206 1,289 97 2,381 1,110 Dec. 14 3,584 1,237 1,291 97 2,293 1,140 Dec. 21 3,529 1,201 1,282 106 2,247 1,095 Dec. 28.. 3,567 1,217 1,266 110 2,301 1,107 Monthly average: January C1) (l) 1,107 100 (l) 0) February 3,302 1,177 1,090 93 2,212 1,083 March 3,304 1,194 1,118 100 2,186 1,094 April... 3,243 1,175 1,104 107 2,139 1,068 May 3,225 1,166 1,117 102 2,108 1,064 June 3,229 1,152 1,171 95 2,058 1,057 July... 3,308 1,148 1,164 92 2,144 1,056 August.. 3,313 1,129 1,160 85 2,154 1,044 September ... 3,379 1,194 1,177 95 2,202 1,099 October 3,475 1,253 1,209 111 2,266 1,142 November 3,653 1,275 1,324 104 2,330 1,171 December 3,587 1,215 1,282 103 2,306 1,113 * Figures not available. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

117 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD BROKERS' LOANS No. 45.—STREET LOANS PLACED BY NEW YORK CITY DAILY REPORTING BANKS, BY MONTHS, 1917-1926 [Monthly averages of weekly figures. In millions of dollars] Loans on call and on Call loans Time loans time Month Total ac o F c w o o u n r nt s c p e o F o n r o n r t r s e d - - Total ac o F c w o o u n r nt s c p e o F o n r o n r t r s e d - - Total ac o F c w o o u n r nt 1917 October 903 688 214 593 463 130 309 225 November 767 613 154 507 419 88 260 194 December . 685 556 128 498 414 84 186 142 1918 January 558 444 114 466 372 94 92 72 February 627 492 135 471 367 104 156 125 March 660 487 174 493 356 137 168 131 April.. __ 631 464 167 471 342 129 160 122 May. 671 492 180 514 369 145 158 123 June 700 519 181 541 389 152 159 130 July. 705 549 156 543 413 130 162 136 August 740 563 177 589 438 151 151 125 September 768 580 188 656 491 165 112 89 October.. 771 580 191 687 517 170 84 63 November 765 558 207 667 481 186 98 77 December . .. . 744 519 225 629 434 195 115 85 1919 January 781 544 237 640 449 191 141 95 February 778 528 250 628 427 201 150 101 March _ . 826 535 291 667 427 240 159 108 April 918 604 314 742 480 262 176 124 May. . . . 1,067 678 389 864 541 323 203 137 June 1,230 760 469 976 591 385 253 169 July 1,321 775 547 1,039 585 454 283 190 August. 1,328 744 584 1,028 551 477 300 September 1,299 715 584 960 509 451 339 October _ 1,422 782 641 1,064 569 495 359 November 1,417 682 735 1,077 494 583 340 December 1,305 633 673 1,005 477 528 301 1920 January 1,324 656 668 1,051 527 524 273 February._ 1,144 482 662 918 388 530 226 March 1,080 449 631 881 368 513 199 April . 1,099 476 622 913 401 512 185 May ],015 429 585 842 353 489 172 June _. 943 425 518 786 347 439 157 July 928 405 522 800 345 455 127 August 873 347 525 757 297 460 115 September. . 868 341 528 755 291 464 114 October 939 399 540 828 349 479 111 November. 906 344 561 797 298 499 108 December 835 358 477 728 309 419 107 1921 January 785 345 441 683 291 392 103 February 778 326 452 682 275 407 96 March 778 320 458 682 265 417 96 April 752 316 436 661 265 396 91 May 773 317 456 685 271 414 88 June 773 338 437 690 292 398 85 July 734 338 396 640 281 359 94 August 719 348 371 613 281 332 106 723 350 374 605 271 334 119 October 772 404 368 644 316 328 128 November. 831 434 398 695 338 357 137 December 879 483 396 727 377 350 152 CO CO M For corre- spond- ents 84 66 44 20 31 37 38 35 29 26 26 23 21 21 30 46 49 51 52 66 84 93 107 133 146 188 152 156 145 129 144 94 132 81 118 75 110 76 96 78 79 60 67 50 65 50 64 50 61 46 62 49 58 54 49 51 45 55 41 51 40 46 42 46 39 57 37 67 39 79 40 88 40 96 41 106 46 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

118 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No. 45.—STREET LOANS PLACED BY NEW YORK CITY DAILY REPORTING BANKS, BY MONTHS, 1917-1926—Continued [Monthly averages of weekly figure0. In millions of dollars] Loans on t im ca e ll <md on Call loans Time loans Month Total ac o F c w o o u n r nt s c p e o F o n r o n r t e s r d - - Total ac o F c w o o u n r nt s c p e F o o n r o n r t e r s d - - Total ac o F c w o o u r n nt s c p e o F o n r o n r t r e s d - - 1922 January 956 533 424 785 405 380 172 128 44 February 997 518 478 824 390 434 172 128 44 March 1,028 538 491 828 388 440 201 150 51 April .. 1,144 634 509 869 422 447 274 212 62 May 1,312 750 562 957 465 492 355 285 70 June _ 1,404 823 581 1,002 505 497 402 318 84 July 1,396 804 592 994 492 502 402 312 90 August 1,417 786 631 988 462 526 429 324 105 September 1,474 824 649 1,039 505 534 434 319 115 October 1,586 866 721 1,131 542 589 456 324 132 November 1,545 816 728 1,056 474 582 488 342 146 December 1,473 770 703 990 436 554 483 334 148 1923 January 1,572 827 745 1,079 495 584 493 332 161 February _ __ __1,616 817 800 1,168 516 652 449 301 148 March 1,636 816 819 1,200 521 679 435 295 140 April 1,636 803 833 1,207 519 688 429 284 145 May 1,603 806 799 1,163 512 651 441 294 147 June. 1,480 752 727 1,034 446 588 445 306 139 July 1,338 687 651 929 395 534 409 292 117 August . 1,226 565 659 872 315 557 354 250 104 September 1,213 560 652 904 360 544 308 200 108 October... _ 1,186 547 639 879 358 521 307 189 118 November 1,159 529 629 839 334 505 319 195 124 December _ .. ._ 1,203 571 632 882 367 515 321 204 117 1924 January 1,350 669 681 1,011 453 558 339 216 123 February 1,389 643 746 1,031 413 618 358 230 128 March 1,416 696 721 1,041 452 589 376 244 132 April 1,414 680 734 1,037 435 602 377 245 132 May _ 1,390 666 724 1,010 418 592 380 248 132 June 1,448 796 651 1,045 520 525 402 276 126 July 1,542 917 626 1,116 598 518 427 319 108 August 1,649 1,015 633 1,181 661 520 467 354 113 September 1,688 1,014 675 1,203 650 553 486 364 122 October 1,685 963 722 1,188 588 600 497 375 122 November 1,706 993 713 1,179 603 576 527 390 137 December 1,863 1,074 789 1,299 674 625 564 400 164 1925 January 2,022 1,086 935 1,400 654 746 621 432 189 February 2,086 1,047 1,039 1,423 597 826 663 450 213 March 2,119 1,005 1,113 1,449 560 889 669 445 224 April _. 2,071 998 1,073 1,392 565 827 679 433 246 May . . ... . 2,154 1,010 1,145 1,484 581 903 671 429 242 June 2,239 1,039 1,200 1,548 592 956 691 447 244 July 2,288 1,062 1,225 1,568 605 963 719 457 262 August _ . 2,304 993 1,311 1,535 526 1,009 769 467 302 September 2,370 987 1,382 1,605 555 1,050 764 432 332 October 2,550 1,006 1,544 1,769 592 1,177 781 414 367 November 2,717 1,064 1,653 1,872 640 1,232 845 424 421 December 2,800 1,152 1,648 1,908 722 1,186 892 431 462 1926 January 2,891 1,221 1,670 1,937 755 1,182 954 466 488 NOTE.—These figures, on a weekly basis, with explanations, were published in the Federal Reserve Bulletin for November, 1926. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BROKERS' LOANS 119 No. 46.—LOANS TO BROKERS AND DEALERS, SECURED BY STOCKS AND BONDS, MADE BY REPORTING MEMBER BANKS IN NEW YORK CITY, BY WEEKS, 1926 AND 1927 [In millions of dollars] Demand and time loans Demand loans Time loans For For For Total c o F o a w u o c- n n r t o c t u o o a t o w u - c o f - n n f t - o c t F o a h o u c o e f - n r r t s Total c o F o a w u o c- n r n t o c t u o o a t o w u - c o f - n n f t - o c t F o a h o u o c e f - r n rs t Total c o o F a w u o c- n r nt o c t u o o a t o w u - c o f - n n f t - o c t F o a h o u o c e f - r n rs t banks banks banks 1926 Jan 6 3,141 1,338 1,239 564 2,223 872 852 500 918 467 388 63.4 Jan 13 3,133 1,267 1,292 573 2,197 796 893 508 935 471 399 64.7 Jan 20 3,131 1,232 1,306 593 2,185 755 903 527 946 476 404 66.3 Jan. 27 3,098 1,201 1,287 610 2,135 706 887 542 963 495 400 68.0 Feb 3 3,092 1,222 1,280 590 2,139* 736 881 522 953 486 399 68.4 Feb 10 3,138 1,199 1,340 598 2,171 711 934 526 966 489 406 71.4 Feb.17 3,139 1,159 1,354 626 2,160 665 945 549 979 493 409 76.4 Feb 24 3,109 1,149 1,343 617 2,139 668 925 546 970 482 417 71.0 Mar. 3 3,048 1,125 1,321 602 2,068 642 896 531 980 483 426 71.5 Mar 10 2,886 1,021 1,266 598 1,932 550 854 529 953 472 412 69.4 Mar. 17 2,804 1,033 1,174 596 1,886 568 792 526 918 465 382 69.7 Mar 24 2,690 1,027 1,098 565 1,799 571 734 493 891 455 364 72.0 Mar. 31 2,573 1,048 1,006 519 1,704 605 651 449 869 443 356 70.2 Apr. 7 2,487 958 1,018 511 1,637 525 667 445 851 434 351 66.2 Apr 14 2,451 877 1,052 523 1,613 438 714 461 838 439 338 61.6 Apr. 21 2,465 886 1,044 535 1,656 458 721 477 809 427 324 57.9 Apr 28 2,464 898 1,024 542 1,673 466 717 489 791 432 307 52.7 May 5 2,489 975 1,008 507 1,722 554 710 458 767 421 298 49.1 May 12 2,480 888 1,056 536 1,738 487 769 481 743 401 287 54.3 May 19 2,409 894 964 551 1, 689 503 694 491 720 391 269 59.7 May 26 ._ 2,432 893 965 573 1,728 521 692 515 703 372 273 58.1 June 2 2,493 960 945 588 1,800 592 680 528 692 368 265 59.8 June 9 2,474 899 969 607 1,799 544 710 545 675 355 259 61.4 June 16 2,517 926 982 609 1,843 568 729 546 674 358 252 63.3 June 23 2,533 975 943 615 1,860 618 691 550 673 357 251 65.1 June 30 2,565 1,103 884 579 1,890 745 636 509 675 358 248 69.7 July 7 2,603 1,019 952 632 1,940 663 704 573 663 356 247 59.0 July 14 2,601 933 1,016 652 1,925 570 766 589 676 363 250 63.0 July 21 2,621 954 1,018 648 1, 941 601 754 586 680 354 264 62.4 July 28 2,602 934 1,015 653 1,938 588 761 589 664 346 254 64.1 Aug. 4 2,689 995 1,025 669 1,996 649 759 588 693 345 266 81.7 Aug. 11 2,720 937 1,089 694 2,031 590 820 621 689 347 269 73.8 Aug. 18 2,742 919 1,105 719 2,042 580 818 644 701 339 287 74.9 Aug 25 2,731 942 1,073 717 2,044 622 776 646 688 319 297 71.4 Sept. 1 -- 2,758 991 1,098 669 2,049 673 785 591 709 319 313 77.5 Sept. 8 2,763 964 1,134 665 2,064 652 818 594 699 312 317 70.6 Sept 15 2,820 972 1,163 685 2,117 653 846 618 703 319 318 66.8 Sept. 22 . .. 2,762 931 1,132 699 2,043 610 804 629 720 321 329 69.6 Sept. 29 2,813 1,010 1,112 691 2, 095 691 783 621 718 319 329 70.4 Oct. 6 2,809 954 1,144 711 2, 081 625 813 643 728 328 331 68.8 Oct. 13 2,727 891 1,121 715 1,998 569 785 645 729 322 336 70.6 Oct. 20 2,655 819 1,109 727 1, 940 509 775 657 715 310 334 70.3 Oct. 27 2,602 801 1,051 751 1,883 494 721 669 719 307 330 81.7 Nov. 3 2,640 840 1,047 753 1, 930 541 720 668 711 298 327 85.4 Nov. 10 . 2,603 798 1,060 746 1,894 497 737 660 709 300 323 85.1 Nov 17 2,609 799 1,056 754 1,907 501 737 669 702 298 319 84.9 Nov. 24 2,608 839 1,031 739 1,916 542 721 653 693 296 310 86.0 Dec. 1 2,647 883 1,026 737 1,960 586 721 653 686 297 305 84.4 Dec. 8 2,639 813 1,063 762 1,956 523 759 674 682 290 304 88.4 Dec. 15 2,692 825 1,075 792 1,997 533 762 702 696 293 313 90.4 Dec 22 2,723 907 1,037 779 2,038 618 728 692 686 289 309 87.1 Dec. 29 2,788 1,008 1,022 758 2,109 722 714 673 679 287 307 84.9 1927 Jan. 5 2,819 1,037 1,049 732 2,137 748 742 647 681 289 307 84.5 Jan. 12 2,791 948 1,100 743 2,106 653 794 659 685 295 307 83.7 Jan. 19 2,770 883 1,141 747 2,082 587 837 658 688 296 304 88.8 Jan 26 2,732 865 1,126 741 2 048 566 823 659 684 299 303 82.2 Feb. 2 2,730 885 1,124 721 2,050 581 832 637 680 304 291 84.4 Feb. 9 2,721 808 1,155 758 2,048 511 864 673 673 297 291 85.2 JFeb. 16 2,719 815 1,123 780 2,070 533 847 690 649 282 277 89.8 Feb. 23 2,762 856 ],107 799 2,109 567 831 711 653 289 276 88.9 Mar. 2 2,813 922 1,070 821 2,159 634 792 733 654 288 279 87.5 M M a a r r . . 1 9 6 . 2 2 , , 8 8 1 4 9 1 8 88 7 8 0 1 1, , 1 1 3 1 9 0 8 8 3 1 9 3 2 2 , , 1 1 5 7 6 2 6 5 0 8 6 5 8 8 4 2 4 3 7 7 4 2 7 2 6 6 6 6 9 4 2 28 8 2 5 2 2 8 9 7 5 Si'7 Mar. 23 2,802 881 1,088 833 2,142 596 805 742 660 286 283 91.8 Digitized fo M r F a R r. A 30 SER 2,803 942 1,046 816 2,144 656 760 728 659 286 285 87. A http://fraser.stlouisfe1d1.o0r3g9/ 0—28 Federal Reserve Bank of St. Louis

120 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No. 46.—LOANS TO BROKERS AND DEALERS, SECURED BY STOCKS AND BONDS' MADE BY REPORTING MEMBER BANKS IN NEW YORK CITY, BY WEEKS, 1926 AND 1927—Continued [In millions of dollars] Demand and time loans Demand loans Time loans For ! For For Total o F w o n r o c t u o o a o t c w u - - f o n n f t - ! | I I | c o F a o t o h c o u f - e r n r t s Total c o F o a w u o c n n r - t o c t u o a t o o u c - w f o n - n f t - o c t F o a h o u o c e f r n - r t s Tota' c o o F a w u o c n r n - t o c t u o a o t o u c - w f o n - n f t - o c t o F a h o c u o e f - n r rs t banks I banks banks 1927 Apr. 6 2,840 1,073 799 2,175 681 782 712 665 287 290 87.3 Apr. 13 2,863 1,157 806 2,198 616 863 720 664 283 295 86.2 Apr. 20 2,878 912 1,151 815 2,202 625 856 721 676 287 295 93.6 Apr. 29 2,883 936 1,143 804 2,182 645 819 718 701 291 324 86.5 May 4 2,920 979 1,182 759 2,204 683 850 672 716 296 333 86.8 May 11 2,915 910 1,217 789 2,195 613 882 700 720 297 334 88.4 May 18._ 2,931 924 1,192 814 2,219 626 863 730 712 298 330 84.2 May 25 2,965 932 1,173 860 2,256 635 848 774 708 297 325 86.2 June 1 3,062 1,076 1,134 852 2,349 779 814 757 713 297 320 95.0 June 8_ 3,118 1,035 1,217 867 2,396 731 897 769 722 304 320 97.9 June 15 3,160 1,071 1,234 855 2,435 765 906 764 725 306 327 91.4 June 22 3,116 1,074 1,170 872 2,377 766 835 776 738 308 335 95.7 June 29 3,118 1,132 1,144 842 2,369 819 806 744 749 313 338 98.8 July 6 3,126 1,106 1,156 865 2,378 780 832 766 749 326 324 98.4 July 13 3,059 991 1,204 863 2,300 660 879 761 760 332 325 102.8 July 20 3,059 982 1,203 875 2,294 656 770 764 325 335 104.7 July 27 3,141 1,048 1,187 906 2,375 724 800 766 324 337 105.7 Aug. 3 3,172 1,110 1,190 873 2,379 777 831 770 793 332 358 102.6 Aug. 10 3,190 1,064 1, 216 910 2,391 735 852 804 799 329 364 105.9 Aug. 17 3,189 1,022 1,248 919 2,372 701 872 799 817 321 376 119.5 Aug. 24 3,168 1,001 1,247 920 2,335 683 857 795 833 318 390 125.5 Aug. 31... 3,184 1,046 1,223 915 2,351 734 830 787 833 312 392 128.3 Sept. 7 3,206 1,046 1,238 922 2,402 744 850 808 804 302 388 114.0 Sept. 14 3,249 1,038 1,299 912 2,447 754 902 791 803 284 397 121.2 Sept. 21 3,284 1,068 1,306 910 2,478 789 907 783 806 279 399 127.3 Sept. 28 3,306 1,092 1,296 918 2,524 822 904 798 782 271 392 119.4 Oct. 5 3,395 1,175 1,297 923 2,594 888 900 806 802 288 397 116.8 Oct. 12 3,394 1,093 1,334 2,605 807 951 847 789 286 382 120.6 Oct. 19 3,434 1,096 1,350 2,651 818 968 865 783 278 382 122.9 Oct. 26 3,344 1,048 1,324 971 2,560 767 947 846 784 281 377 125.2 Nov. 2 3,372 1,083 1,279 1,009 2,579 799 901 879 284 378 130.2 Nov. 9 3,385 1,125 1,277 982 2,577 829 899 849 297 378 132.7 Nov. 16 3,456 1,203 1,260 993 2,642 906 852 814 297 376 141.6 Nov. 23 3,481 1,189 1,293 1,000 2,666 889 854 815 300 369 146.1 Nov. 30 3,511 1,277 1,270 964 2,696 974 821 815 302 370 142.9 Dec. 7 3,563 1,220 1,366 976 2,735 900 999 837 827 321 368 138.9 Dec. 14 3,558 1,230 1,374 954 2,729 901 1,005 824 829 329 370 130.0 Dec. 21 3,644 1,302 1,337 1,005 2,800 962 963 875 844 340 375 129.4 Dec. 28.... 3,718 1,374 1,338 1,006 2,864 1,029 875 854 344 379 130.8 AVERAGES 1926—January 3,126 1,259 1,281 585 2,185 782 519 941 477 398 65.6 February 3,119 1,182 1,329 608 2,153 695 922 536 967 487 408 71.8 March 2,800 1,051 1,173 576 1,878 587 785 506 922 464 388 70.6 April 2,467 905 1,035 528 1,645 472 705 468 822 433 330 59.6 May 2,452 913 998 541 1,719 516 717 486 733 396 282 55.3 June 2,517 973 944 600 1,838 613 689 536 678 359 255 63.8 July 2,607 960 1,000 646 1,935 605 746 584 671 355 254 62.1 August 2,720 948 1,073 699 2,027 610 793 624 693 337 280 75.4 September... 2,783 974 1,128 682 2,074 656 807 611 710 318 321 71.0 October 2,698 866 1,106 726 1,975 549 773 653 723 317 333 72.8 November.._ 2,615 819 1,048 748 1,911 520 728 663 704 298 320 85.4 December 2,698 887 1,045 766 2,012 596 737 679 686 291 308 87.0 1927—January 2,778 933 1,104 741 2,094 639 799 656 685 295 305 84.8 February 2,733 841 1,127 765 2,069 548 843 678 664 293 284 87.1 March 2,816 901 1,091 824 2,154 615 805 734 661 285 286 89.9 April 929 1,131 806 2,190 642 830 718 677 287 301 88.4 May 936 1,191 805 2,219 639 861 719 714 297 330 86.4 June 3,115 1,077 1,180 858 2,385 772 851 762 730 306 328 95.8 July 3,096 1,032 1,188 877 2,336 705 857 774 760 327 330 102.9 August 3,181 1,048 1,225 908 2,366 726 849 791 815 322 376 116.4 September... 3,261 1,061 1,285 916 2,463 777 891 795 799 284 394 120.5 October 3,392 1,103 1,326 962 2,603 820 942 841 789 283 385 121.4 November... 3,441 1,175 1,276 990 2,632 879 902 851 809 296 374 138.7 December 3,621 1,282 1,354 2,782 981 853 839 334 373 132.3 NOTE.—For explanation of figures see Federal Reserve Bulletin for February, 1926, pp. 97-99. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

121 BROKERS' LOANS No. 47.—BROKERS' BORROWINGS, 1918-1922 AND 1926-1927 [Net borrowings on collateral in New York City as reported by members of the New York Stock Exchange] [First of month figures. In millions of dollars] On demand and on On demand On time time From From From From From From New private New private New private Month York banks, York banks, York banks, Total b a a n n d ks b f r o o r k ei e g r n s, Total b a a n n d ks b f r o o r k ei e g r n s, Total | b tr a u n s k t s, b f a o n re k ig in n g trust banking trust banking com- agencom- agen- com- agen- panies, cies, panies cies, etc. panies cies, etc. etc. etc. 1918 October 1,009 811 198 879 697 182 130 114 16 November _. 1,072 871 201 924 740 184 148 131 17 December 1,026 814 212 854 658 196 172 156 16 1919 January __ __ 1,001 799 202 856 669 187 145 130 15 February 970 768 202 815 630 185 155 138 17 March__ 985 796 189. 821 650 171 164 146 18 April 1,058 872 186 886 719 167 172 153 19 May 1,174 997 177 979 820 159 195 177 18 June 1,367 1,162 205 1,132 944 188 235 218 17 July ___ 1,513 1,293 220 1,224 1,041 203 269 252 17 August- 1, 650 1,410 240 1,366 1,143 223 284 267 17 September 1,525 1,305 220 1,204 1,002 202 321 303 18 October 1,587 1,361 226 1,230 1,022 208 357 339 18 November __. 1,756 1,521 235 1,399 1,183 216 357 338 19 December 1,648 1,422 226 1,329 1,122 207 319 300 19 1920 January 1,613 1,397 216 1,357 1,158 199 256 | 239 17 February 1, 551 1,330 221 1,312 1,107 205 239 | 223 16 March 1,345 1,134 211 1,137 945 192 208 j 189 19 April. _ . 1,422 1,172 250 1,241 1,009 232 181 1 163 18 May 1,424 1,194 230 1,246 1,034 212 178 ! 160 18 June. 1,358 1,114 244 1,181 953 228 177 1 161 16 July 1,396 1,104 292 1,224 948 276 172 | 156 16 August 1,396 1,122 274 1,247 987 260 149 135 14 September 1,304 1,037 267 1,154 903 251 150 i 134 16 October 1,348 1,071 277 1,199 936 263 149 135 14 November 1,379 1,141 238 1,235 1,011 224 144 1 130 14 December __.... _ 1,202 984 218 1,053 849 204 149 135 14 1921 January 1,079 884 195 947 766 181 132 118 14 February ___ _ 1,030 852 178 915 748 167 115 104 11 March . 1,033 852 181 927 756 171 106 96 10 April 1,023 830 193 914 733 181 109 97 12 May 1,039 845 194 936 753 183 103 92 11 June _._ _ _ . -_ 1,082 894 188 980 802 1.78 102 92 10 July 999 820 179 898 728 170 101 92 9 August 977 822 155 872 723 149 105 99 6 September ... _ __ 948 793 155 828 ; 680 148 120 113 7 October 988 818 170 860 ' 698 162 128 120 8 November 1,035 855 180 904 731 173 131 124 7 December. . _ _ 1,101 905 196 958 | 770 188 143 135 8 1922 January 1,192 988 204 1,045 I 848 197 147 140 7 February 1,188 1,014 174 1,028 859 169 160 155 5 March 1,234 1,047 187 1,071 889 182 163 158 April 1,304 ! 1,091 213 1,078 878 200 226 213 13 May. . . _ . 1,483 1,271 212 1,188 i 986 202 295 285 10 June 1,646 1,411 235 1,302 1,078 224 344 333 11 July 1,666 1,400 266 1,270 i 1,022 248 396 378 18 August 1,706 i 1,465 241 1,289 1,069 220 417 396 21 September 1,731 1,476 255 1, 290 I 1,059 231 441 417 24 October _. __________ 1,816 1,578 238 1,381 1,165 216 435 413 22 November 1,927 1,678 249 1,474 1,241 233 453 437 16 December 1,805 1,572 233 1,337 i 1,122 215 468 450 IS Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

122 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No. 47.—BROKERS' BORROWINGS, 1918-1922 AND 1926-1927—Continued [Net borrowings on collateral in New York City as reported by members of the New York Stock Exchange] [First of month figures. In millions of dollars] On demand and on time On demand On time From From From From From From Month Y N o e r w k p b r a i n v k a s te , Y N o e r w k p b r a i n v k a s te , Y N o e r w k p b r a i n v k a s te , banks brokers, banks brokers, banks, foreign Total and foreign Total and foreign Total trust banking trust banking trust banking com- agencom- agen- com- agen- panies, cies, panies cies, etc. panies cies, etc. etc. etc. 1926 January.._ February __ 3,513 3,043 470 2,517 2,123 394 920 76 March 3,536 3,080 455 2,495 2,123 372 1,041 958 83 April 3,000 2,553 447 2,033 1,678 355 967 875 92 May 2,836 2,468 367 1,970 1,699 271 866 770 96 June 2,767 2 392 375 1,987 1.703 285 780 690 90 July 2,926 2,509 417 2,225 1,852 374 701 657 43 August 2,583 4?5 2,283 1,918 365 715 665 50 September. 3,142 2,698 444 2,364 1,984 379 778 713 65 October 3,219 2,745 474 2,419 2,021 398 800 724 76 November. 3.111 2,667 444 2,289 1,924 365 822 743 78 December.. 3,129 2,636 493 2,330 1,932 397 800 704 1927 January 3,293 2,804 2,542 2,128 414 751 676 76 February.. 3,139 2,670 469 2,328 1,964 365 810 707 104 March 3,256 2,757 499 2,475 2,085 391 781 673 108 April 3.290 2,790 500 2,505 2.112 393 785 679 107 May 3,341 2,865 476 2,541 2,146 395 800 719 81 June 3,458 2,968 490 2.674 2,254 420 784 713 70 July 3,569 3,065 504 2,757 2,316 441 812 749 63 August 3,642 3,145 497 2,765 2,343 421 877 802 76 September. 3.674 3,170 504 2,746 2,330 415 928 840 89 October 3.915 3,340 575 3,018 2,539 479 897 801 96 November. 3,946 3,363 583 3,023 2,549 475 814 108 December.. 4,092 3,519 573 3,134 2,675 459 844 113 NOTE.—Figures for Jan. l, 1923, to Jan. 1, 1926, inclusive, are not available; see Report of the President of the New York Stock Exchange, May 1, 1926, to May 1, 1927, pp. 23 and 69-72. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

123. ANNUAL REPORT OF THE FEDERAL RESERVE BOARD BANKERS' ACCEPTANCES AND COMMERCIAL PAPER OUTSTANDING No. 48.—BANKERS' ACCEPTANCES AND COMMERCIAL PAPER OUTSTANDING, BY MONTHS, 1922-1927 [End of month figures. In millions of dollars] Bankers' acceptances outstanding 1 Commercial paper outstanding 2 1922 1923 1924 1925 1926 1927 1922 1923 1924 1925 1926 1927 January 835 788 774 705 807 818 820 654 551 February. _ 808 767 785 718 838 867 820 655 577 March. _ __ _. 416 524 618 800 746 809 760 864 889 813 668 605 April _ 757 721 811 792 867 871 801 663 599 May- 680 685 775 791 888 852 776 668 582 June 608 622 751 795 885 864 759 652 579 July 569 600 741 805 854 879 727 655 569 August 555 583 782 807 831 911 722 638 591 September. _ 607 614 864 805 803 915 708 612 600 October. 674 682 975 775 815 925 684 593 611 November 690 726 1,029 748 799 888 666 566 603 December... 821 774 755 1,081 722 763 798 621 526 555 1 Figures collected and compiled by American Acceptance Council. 2 Paper maturing within 7 months. Figures reported by 26 dealers to the Federal Reserve Bank of New York. No. 49.—BANKERS' ACCEPTANCES OUTSTANDING, BY CLASSES,1 1922-1927 [End of month figures. In thousands of dollars] Imports and exports Based on goods Month Total Total Imports Exports D t o i m c es- c W h r a o e r d u i e s t - e s c D h e o a x l n l - g ar e b s s e h i t n o t i w p r o e p e r d e e d n foreign countries 1922—March 416, 422 () () () () () 1923—March 523, 708 393, 311 259,048 134, 263 107, 571 22,826 1924—March 617, 581 464, 729 250,882 213,847 28,028 99, 582 25, 241 December... 821,418 597, 710 292,252 305,458 37,887 162,419 23,402 1925—January.. _ 834,825 570,079 272,637 297,442 62, 054 175, 750 26, 941 February 808,359 605, 422 297,408 308,014 27, 731 146,875 15,150 13,181 March 800,137 599, 282 297,259 302,023 25,832 142, 548 18,666 13, 808 April 757,074 584, 783 296,413 288, 370 30,076 116,725 17,665 7,825 May 680,346 535, 789 274, 668 261,121 22,616 91,665 13, 388 June 607,942 474, 204 252,579 221, 625 24, 851 87, 201 14,137 7,548 July 569,386 445,051 253,846 191, 205 18, 858 78,926 13, 295 13, 257 August.- _- 555,167 435, 677 253,720 181,957 18, 713 75,021 13,431 12, 324 September j 607,025 487, 517 282, 739 204, 778 15, 232 74,444 15, 541 14, 292 October. I 674,168 536,125 290,022 246,103 23,044 86, 589 15,187 13, 223 November | 689,768 541, 674 285,432 256, 242 23, 794 95,046 15, 591 13,664 December I 773,736 608, 394 311,443 296,951 25, 606 103, 494 19, 249 16,993 1926—January. _ 788,254 607, 050 323,566 283,484 28,166 102,904 19,634 30, 500 February. 767,127 605, 374 325,839 279, 535 20, 519 90, 211 18, 743 32, 280 March 745,660 591,187 333,773 257, 414 19,176 80, 500 16,897 37, 900 April 720,611 565, 531 330,355 235,176 18, 782 83, 743 17, 755 34,801 May. 685,333 540, 358 316,203 224,155 16, 208 77, 327 16, 088 35, 352 June _. 621,949 490, 709 281,962 208, 747 15,074 68, 855 14, 546 32, 765 July 600,487 468,836 272,861 195,975 16,803 68, 207 15, 610 31,032 August... -. 582,635 448,481 262,040 186,441 16,851 69, 307 15, 242 32, 754 September... _. 614,151 466, 882 272,181 194, 701 14, 404 78, 862 18,402 35, 601 October ! 681,647 512, 017 276, 779 235, 238 20,144 90, 230 20, 785 38,472 November \ 726,395 540, 819 280,892 259,927 20, 261 104,860 20,954 39, 500 December _.| 755,360 544, 300 283, 587 260,713 28, 686 115,882 26,179 40, 313 1927—January j 773,604 565, 552 293, 058 272,494 32, 621 108,422 24,016 42, 994 February 785, 577, 592 302, 362 275, 230 24, 904 116, 481 22, 625 43, 886 March.._ 809, 446 605, 724 320, 322 285, 402 17, 926 108, 919 21,675 55, 202 April j 810,966 593,616 308, 603 285,013 21,161 108,181 23, 790 64, 217 May j 774,720 570,033 298, 686 271, 347 16,134 108, 407 19, 645 60, 502 June I 751,270 555, 314 293, 902 261, 412 19, 234 100,066 18, 685 57,972 July [ 741,258 542, 728 292, 823 249, 905 16, 581 99, 735 23, 477 58, 737 August I 782,055 546, 689 286,032 260, 657 16, 325 119, 356 27, 287 72, 397 September | 863,823 587, 256 290, 296 296, 960 20,611 146, 807 30, 525 78, 624 October 975,167 651, 652 308, 580 343, 072 22,120 172, 303 31,153 97,939 November .1,029,490 679,783 304,031 375, 752 21,991 186,048 30,819 110,849 December 1,080,581 703, 646 312, 717 390,929 20,959 196,784 28, 316 130,875 1 Figures collected and compiled by American Acceptance Council. 2 Figures not available. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

124 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD BANK DEBITS No. 50.—DEBITS TO INDIVIDUAL ACCOUNTS, BY BANKS IN 141 PRINCIPAL CITIES, BY MONTHS, 1920-1927 [In millions of dollars] Month 1921 1922 1923 1924 19251 19261 1927 TOTAL, 141 CITIES January 45,367 38,029 34,944 41, 753 41,498 49,982 54,145 54,714 February. _ 35,788 29,728 30, 585 35,925 37, 398 41, 517 44, 915 48, 220 March 43,431 33,903 36,932 42,185 40,739 47, 623 56,464 58, 518 April 41,644 32, 235 36,388 39,294 39, 517 44, 558 51,837 55, 583 May 39,257 32,512 37,976 40,072 40,044 46,596 48,020 54,143 June .- 40, 347 33, 606 39, 236 40, 574 40,230 48, 631 50, 662 2 56,820 July 39,868 31,515 36,056 36, 504 40,131 47, 037 50,959 2 53,682 August 36,275 30,097 34,136 33,496 38,692 43,134 47,011 2 53,702 September. 37, 378 31, 625 35,768 34,060 38,972 45,264 46,954 2 56,750 October 41,028 34,323 40, 745 38, 911 43,419 52, 955 52, 535 2 59,201 39, 696 33,441 36,160 38, 504 41,893 48,367 47,384 2 57,085 November. 42,948 38,020 40,437 42,448 49,157 54,399 57,070 2 65,441 December- 483,026 399,036 439,364 463,726 491,691 570,064 607,956 673, 861 Total 140 CITIES (EXCLUDING NEW YORK CITY) January 21,731 17,996 15, 879 19, 666 19,384 22,301 23, 607 23,456 February. _ 17,734 i 14,599 14,042 16, 906 17, 512 18,593 20,102 20, 781 March 21,146 i 16,550 16, 535 19,644 19,193 21,240 23,458 24,026 April 20,324 | 15,886 15, 671 18,816 18,865 20, 613 22, 537 23, 576 May 19,676 I 15,342 16, 322 19,368 18, 639 20,417 21,449 2 22, 873 June 20,541 i 15,852 17,173 19,532 18, 304 21, 702 22,466 2 23, 812 July 20,805 15,175 16, 343 18,184 18, 662 21, 580 23, 300 2 22, 932 August 18, 904 14, 911 15, 849 17, 307 17,776 19, 869 20, 778 2 22,048 September . 19, 779 15,523 16, 553 17, 261 18,238 20,895 21,336 2 23,381 October 20,891 16,713 18,423 19, 759 20, 912 24,039 23, 780 2 25,111 November. 19, 525 15,949 17,133 18, 521 18,846 21,357 21, 593 2 23, 803 December.. 20, 540 17,446 19, 586 20, 367 21, 830 24,085 24,493 2 26, 503 Total 241,596 191, 941 199, 509 225,330 228,161 256, 691 268,900 282,303 1 Revised to include 8 banks in Houston, Tex. figures for which did not become available until 1927. 2 Includes debits of 10 banks in Wichita, Kans.; not reporting prior to June 9, as follows: June, $6,040,000; July, $8,159,000; August, $8,131,000; September, $8,512,000; October, $10,350,000; November, $11,031,000; December, $12,027,000. NOTE.—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, payment 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. Back figures.—See annual report for 1925 (Table 100); series begins with 1919. For back figures by Federal reserve districts see annual reports for 1926 (Pt. II, Table 15) and 1925 (Table 100). For individual cities see annual reports for 1926 (Pt. II, Table 15), 1925 (Pt. II, Table 11), 1924 (Pt. II, Table 10), 1923 (Pt. II, Table 10), 1922 (Pt. II, Table 9), and 1921 (pp. 278-297). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL AND TRADE CONDITIONS 125 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL AND TRADE CONDITIONS No. 51.—INDEX NUMBERS OF PRODUCTION, EMPLOYMENT, TRADE, AND PRICES I 1 Year and month 1919 . 1920 1921 . 1922 1923 1924 1925 1926 1927 _ 1919 January... February. . March April May June July August September October.-. November. December. 1920 January February. . March April May June July August September October November. December. 1921 January... February.. March April May June July August September October. __ November- December. ] lairtsudL 83 87 67 85 101 95 104 108 106 82 79 76 78 78 83 87 89 87 86 85 85 94 94 93 87 90 90 88 89 86 83 76 71 67 66 64 64 66 65 65 67 67 71 71 70 -unam t "S © noitcudor itcaf -renim noitcudor la Building contracts awarded 1 1 < 1923-192^= 100 84 77 64 87 89 63 67 70 57 87 74 81 101 105 84 94 96 95 105 99 122 108 108 130 106 107 128 82 79 16 22 81 70 30 40 78 66 37 40 79 71 57 53 78 74 70 62 84 76 62 88 81 95 81 91 78 88 78 87 85 69 70 86 87 92 80 89 63 66 79 87 77 68 89 96 86 68 94 96 84 60 82 94 87 91 94 88 82 91 80 91 85 74 64 91 88 78 58 88 88 61 53 88 91 61 54 86 85 53 54 81 91 53 49 73 94 39 46 68 94 30 39 65 81 33 47 64 77 30 41 63 72 49 50 63 72 66 55 64 73 70 58 64 71 66 52 64 68 62 55 67 69 64 58 67 67 71 72 71 71 65 62 71 68 56 66 70 69 58 71 tnemp rft ne yrotca 2 PH 1919 100 103 82 90 104 95 95 96 92 98 95 95 96 96 98 100 102 104 103 105 108 110 109 111 109 107 106 103 103 101 99 94 87 80 82 82 82 82 81 80 81 83 84 85 84 ap yrotca a .a 1 = 100 100 124 84 89 113 104 107 109 105 97 91 92 92 92 95 98 103 108 104 110 119 124 122 130 127 130 131 125 128 126 122 113 104 89 88 89 86 84 83 79 81 81 81 80 82 rac-thgier Wholesale DepartmentDepartment dis ti t o ri n bu- store sales store stocks •s •i 1 1 If a B> < 0 < 1923-1925 =100 84 no 78 79 91 114 94 105 79 87 87 89 87 89 88 88 100 101 98 98 97 98 99 101 103 101 103 101 107 98 106 103 103 95 106 102 82 84 94 61 70 65 73 78 82 88 55 72 68 71 76 96 87 66 73 72 70 79 97 103 78 74 73 70 82 96 108 75 72 72 70 82 99 108 74 78 70 72 87 116 125 60 80 72 78 87 126 112 62 80 81 85 91 135 113 74 80 92 88 87 139 118 94 80 97 88 82 124 123 95 87 100 88 89 123 146 139 83 87 93 92 122 137 84 96 86 97 88 112 119 69 89 96 101 92 142 129 95 98 107 103 83 121 126 92 92 110 106 90 115 126 100 100 107 105 94 112 121 97 98 103 106 93 116 125 75 99 102 110 94 125 111 74 95 108 113 92 126 106 85 92 117 113 91 109 92 104 92 119 108 89 93 92 109 95 113 100 88 75 88 145 87 90 96 78 76 83 81 96 78 87 78 83 88 71 92 82 86 75 103 94 92 91 88 85 , 78 86 90 89 89 90 87 80 80 88 88 89 89 87 80 81 89 87 88 85 88 81 78 84 63 88 84 90 76 97 87 66 83 89 93 80 99 85 73 79 96 93 84 102 86 97 86 100 91 77 86 85 95 83 101 89 77 69 81 138 82 83 88 ytidom g« 8 ^ 1926= 100 139 154 98 97 101 98 104 100 95 134 13C 131 133 135 136 141 144 141 142 145 151 158 157 159 166 167 167 166 161 155 144 133 121 114 105 102 99 96 93 93 94 93 94 94 93 See footnotes, p. 129. 127 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

128 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No. 51.—INDEX NUMBERS OF PRODUCTION, EMPLOYMENT, TRADE, AND PRICES— Continued c B o u n i t l r d a i c n t g s t Department awarded store stocks Year and month 1923-1925 = 100 1919 = 100 1923-1925 = 100 19 1 2 0 6 0 = 1922 January-.. 73 73 77 48 84 i 81 79 71 91 February.. 76 75 85 52 86 I 81 65 93 March 80 78 92 85 87 85 81 93 April 77 81 53 102 86 83 89 93 May.. 81 86 54 105 88 89 90 96 June.. 86 90 59 100 90 91 87 96 J A N S D O u e u o c e l p t g v c y o t e u e e b . m m s m . e . t r b b b e e e r r r . - 1 8 0 8 8 9 9 6 0 4 8 4 7 1 9 0 8 8 9 9 1 0 7 9 4 8 10 5 9 6 8 9 0 7 4 2 1 0 10 9 7 7 7 6 2 3 9 3 1 2 8 7 8 7 1 1 2 7 i j 8 9 9 9 9 1 7 0 3 9 6 0 0 i 1 1 0 0 2 5 9 8 9 9 9 9 1 6 1 3 7 7 1 1 1 0 0 5 6 8 7 3 5 0 3 4 0 1 8 0 5 0 1 1 1 9 9 9 0 0 0 9 9 9 1 1 0 1923 January... 100 100 101 61 85 ; 101 ; 104 102 80 91 83 93 102 February.. 100 100 100 71 97 ! 103 l: 107 96 100 72 93 89 94 103 March 103 103 103 94 87 ! 105 ! 113 100 114 104 99 99 98 95 105 April _ 107 107 109 101 79 ! 105 I 113 105 97 100 94 97 100 97 104 May.. 107 106 108 109 89 | 105 i 117 105 94 103 102 98 99 97 102 June... 105 104 108 93 81 | 105 117 103 92 102 101 102 93 96 100 July... 103 102 111 79 76 ! 104 I 113 102 92 101 71 90 97 N A S D O e o u c e p t g c v o t e u e e b m m s m e t r b b b e e e r r r . . 1 10 0 9 9 9 0 2 9 7 6 1 1 0 0 9 9 9 1 0 8 6 6 1 1 10 0 1 9 9 5 4 0 8 9 8 9 7 7 7 0 1 5 3 6 7 8 9 9 7 2 6 8 0 0 \ I I j 1 1 1 1 1 0 0 0 0 0 4 4 3 4 1 ! 1 1 1 1 1 1 4 1 3 1 1 1 5 7 3 1 9 9 9 9 0 9 7 5 9 1 1 1 1 1 8 1 2 1 0 2 5 3 5 0 1 1 1 0 0 0 9 9 3 3 0 9 5 1 1 1 1 1 6 7 8 7 3 1 9 9 1 1 1 9 0 0 0 9 0 0 0 1 1 1 9 9 1 0 1 6 4 1 5 4 1 1 1 1 1 0 0 0 0 0 1 1 0 0 0 100 1924 January.._ 100 99 102 76 101 ! 100 108 94 103 87 99 90 101 100 February. _ 102 102 104 78 101 ! 101 i 114 103 102 82 101 97 102 100 March 100 101 99 109 99 ! 101 ! 113 94 91 105 102 99 April 95 95 92 121 99 i 111 99 104 107 103 97 May__ 89 88 93 108 95 96 i 105 97 87 95 100 97 104 102 96 June— 85 84 92 101 91 93 ! 100 92 82 91 94 100 97 100 95 July... 83 82 92 87 84 89 92 92 86 93 72 96 93 100 96 A Se u p g t u e s m t ber 8 9 9 4 8 9 8 3 9 9 2 7 8 8 9 7 8 9 5 0 8 9 9 1 9 9 9 6 9 9 9 5 1 1 0 1 5 8 10 9 1 5 7 9 4 3 1 9 0 5 0 1 9 0 6 5 1 10 0 1 0 9 9 7 7 October— 94 95 89 103 100 93 103 99 118 99 111 95 111 101 November. 97 97 96 95 103 92 101 99 97 99 111 101 113 100 December. 101 101 100 83 94 94 106 100 101 168 100 94 100 102 1925 January 105 106 104 75 101 94 ! 103 103 93 102 86 90 102 103 February- 105 106 100 76 104 96 i 109 103 97 101 80 103 96 101 104 March 104 106 96 120 107 96 I 110 100 109 100 95 103 104 101 104 April 103 103 98 138 112 96 | 107 104 98 100 106 102 106 101 102 J J M A S N D O u u e u o e c a n l p g v c t y y e t o e u e e . . _ b . m m . s m . . . t e b b b r e — e e r r r . . 1 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 3 2 3 3 5 6 2 8 1 1 1 1 1 1 1 1 0 0 0 0 0 0 0 1 3 3 2 9 4 7 2 0 1 1 1 1 0 0 0 0 9 9 9 9 4 1 4 8 0 1 4 3 1 1 1 1 1 1 1 1 2 3 3 3 1 4 2 2 4 3 7 8 6 9 9 9 1 1 1 1 1 1 1 1 1 2 2 3 3 2 2 3 5 5 8 5 5 9 7 8 9 9 9 9 9 9 9 9 5 4 3 4 5 7 7 7 I | 1 1 1 1 1 1 1 1 0 0 1 0 1 0 1 0 7 2 5 5 1 4 2 2 1 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 5 1 1 5 2 0 4 5 1 1 1 9 9 9 9 1 1 2 0 1 4 9 3 7 4 1 1 1 1 1 1 0 0 0 9 0 0 0 9 0 1 0 9 0 2 5 8 1 1 1 1 0 1 2 9 7 9 7 7 0 4 9 9 8 5 5 8 1 1 1 1 1 1 1 1 0 0 0 0 0 1 0 0 1 0 1 0 2 0 4 6 j 1 1 1 1 9 9 9 9 0 0 1 1 7 4 8 7 2 6 5 1 1 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 1 0 1 3 0 2 2 2 1 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 3 3 2 4 4 4 5 3 J J A J F M M A S N D O a u u e e p u o e c n a a n l b p r y c g v t y r e u 1 i t r o e c u e l 9 e u a b m h m 2 s m r a e t 6 y b r b b r y e . e e . r _ r r _ . 1 1 1 1 1 1 1 1 1 1 1 1 0 0 0 0 0 1 1 0 0 0 0 1 6 6 7 7 7 1 1 5 8 7 7 2 1 1 1 1 1 1 1 1 1 1 1 1 0 0 0 0 0 1 0 0 1 0 0 1 9 8 8 7 6 1 7 7 0 3 7 2 1 1 1 1 1 1 1 1 1 1 0 0 0 0 1 1 0 0 1 1 9 9 6 6 4 6 1 5 9 7 8 9 2 6 1 1 1 1 1 1 1 1 1 1 1 1 0 3 1 4 3 2 1 3 2 3 3 4 6 9 1 6 4 6 9 3 6 7 1 8 1 1 1 1 1 1 1 1 1 1 1 1 4 4 2 2 2 3 2 3 2 2 3 3 5 6 8 5 5 1 0 0 6 4 0 6 9 9 9 9 9 9 9 9 9 9 9 9 6 7 7 6 6 5 4 5 3 6 6 4 ! i i ! i | ! I 1 1 1 1 1 1 1 1 1 1 1 1 0 0 1 0 1 0 0 0 1 1 0 0 2 9 8 9 3 0 9 4 7 8 2 8 1 1 1 1 1 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 5 4 2 9 8 7 8 6 9 9 8 8 1 1 1 1 9 9 9 9 9 9 9 8 0 0 1 1 1 4 7 4 1 1 7 4 7 7 1 7 1 1 1 1 0 0 0 9 9 9 9 9 9 9 0 1 2 0 7 9 7 7 4 8 5 0 1 1 1 1 1 1 1 1 0 0 8 8 8 7 0 0 0 2 2 8 3 2 9 1 3 8 7 1 1 1 4 4 11 1 1 1 1 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 1 0 6 1 4 3 7 2 7 9 4 6 0 | 1 1 1 1 1 1 9 9 0 9 0 0 9 0 1 1 8 4 3 7 7 7 6 7 4 7 1 1 1 1 1 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 5 3 1 3 4 1 1 3 1 3 4 2 1 1 1 1 1 1 1 1 0 9 0 0 0 0 0 0 0 4 9 2 0 1 0 1 0 0 Digitized for FSReeA fSooEtnRo tes, p. 129. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

129 INDUSTRIAL AND TRADE CONDITIONS No. 91.—INDEX NUMBERS OF PRODUCTION, EMPLOYMENT, TRADE AND PRICES— ; Continued c B o u n i t l r d a i c n t g s W di h s o tr l i e b s u a - le Department Department awarded tion store sales store stocks Year and month 1926= 1923-1925=100 1919 = 100 1923-1925 = 100 100 1927 January 107 105 116 94 123 105 86 94 89 106 92 103 97 February,. 109 107 118 96 131 109 91 95 83 107 97 102 96 March 111 110 118 151 131 94 109 103 96 100 105 106 103 95 April _ 108 109 104 147 128 108 90 93 111 105 106 102 94 May 111 111 108 135 126 107 88 95 102 103 103 101 94 June 108 109 104 154 144 104 87 93 101 104 97 100 94 July 106 107 100 130 128 101 88 95 75 103 94 101 94 August 107 107 106 135 119 104 111 100 89 111 97 101 95 September- 105 106 105 127 121 104 112 96 100 109 107 103 97 October 103 102 105 137 137 101 106 91 119 105 113 103 97 November. 99 99 101 114 125 96 93 95 122 107 116 103 97 December. 99 99 103 116 121 94 82 93 186 111 96 102 97 1 Adjusted to allow for seasonal variations. 2 Index of the U. S. Bureau of Labor Statistics; monthly average, 1926=100, base adopted by bureau. A description of this index was given in the Bulletin of the U. S. Bureau of Labor Statistics, No. 453,'' Revised Index Numbers of Wholesale Prices, 1923-July, 1927," and in the Federal Reserve Bulletin for October, 1927. NOTE.—All of the indexes given in the table (except that for prices) are those of the Federal Reserve Board. Descriptions of these indexes have been published in the Federal Reserve Bulletin as follows: Indexes of industrial production, production of manufactures, production of minerals, February and March, 1927; indexes of factory employment and factory payrolls, May, 1925 (certain revisions, September, 1925); indexes of building contracts awarded and freight-car loadings, August, 1927; index of wholesale distribution, December, 1927; indexes of department-store sales and department-store stocks, February, 1928. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

130 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No. 52-—INDEX OF PRODUCTION OF MANUFACTURES, BY GROUPS [Adjusted for seasonal variations. 1923-1925 average = 100] Year and month p P a r a i i n n p n d g e t - r j ! I ;L b u e m r - m b g a r C l e i n a c e n d s k - t s , N m r f o a e o e l u r s n t - s - - P r l e e i e t f n u i r g n o m - - t R b i u e re b r - s m b T f a a a c o c n c - - u o - 1919,. 76 51 104 67 54 82 1920.. 87 56 97 78 64 87 1921.. 70 42 90 63 39 64 55 85 1922.. 85 66 102 80 69 74 77 1923, 95 102 110 95 94 86 86 1924.. 99 91 j 94 95 99 99 98 1925.. 106 105 107 I 96 110 107 115 116 105 1926.. 115 100 109 98 113 112 125 116 112 1927.. 114 94 103 109 109 136 121 118 1924 I January \ 99 120 100 95 92 97 102 February i 102 98 100 117 97 101 95 96 March . . __i 101 100 I 107 97 98 97 96 AApiril 95 102 ! 93 92 97 101 90 96 May 88 97 95 79 90 94 103 101 83 102 June 84 92 71 89 93 100 99 80 100 July 82 94 89 76 85 94 98 95 81 99 A Se u p g t u em st ber 9 8 3 8 9 9 9 6 9 9 5 5 87 9 8 3 9 9 9 1 0 1 9 0 7 1 9 QyO 9 o 1 Q» 1 OO 1 1 9 0 9 1 October 95 100 95 96 | 96 100 99 123 97 November 97 100 98 95 | 101 98 102 116 90 December 101 104 101 101 96 ; 102 100 104 112 104 1925 January 106 113 103 106 j 104 108 97 111 106 106 110 105 February I 106 113 104 ! 106 I 105 105 99 108 110 110 114 104 March | 106 111 107 95 | 106 104 101 95 109 112 110 109 102 AAiplril 103 102 106 94 106 102 107 98 110 108 112 110 103 May 103 100 104 93 105 101 110 96 110 104 115 117 104 June 102 96 103 96 103 103 111 91 109 105 121 118 105 July 103 95 105 ! 94 106 104 113 96 112 107 120 132 106 August 102 103 103 ! 95 107 106 78 ' 99 112 104 120 126 105 September 104 104 101 100 106 108 100 98 111 108 116 117 105 N O o ct v o e b m er ber 1 1 0 0 7 9 1 1 0 1 5 3 1 10 0 6 4 9 9 3 9 1 1 0 1 9 0 1 1 0 0 8 7 1 1 3 3 5 3 ! ! 1 n 1 o 1 1 1 0 0 8 6 1 1 1 1 7 7 1 1 0 1 9 3 1 1 0 0 5 6 December 110 116 107 103 111 108 123 ! no 109 116 118 110 1926 January 109 115 104 101 112 j 100 120 ! 117 108 116 116 108 February,.. 108 113 104 95 113 ; 107 121 j 95 112 109 117 114 110 March 108 114 104 95 114 I 105 116 95 108 108 119 108 115 April 107 116 100 94 113 107 113 93 107 115 123 109 112 May 107 114 98 94 115 101 113 I 93 112 115 125 108 111 June 107 112 101 98 114 112 ! 97 123 107 126 116 113 J A u u ly gust 1 11 0 1 7 1 1 1 2 3 0 1 9 0 9 5 1 9 0 8 2 1 1 1 1 3 5 19050 Ij 1 12 0 9 8 | ! 1 1 0 0 1 1 1 1 1 1 8 8 1 1 1 1 0 0 1 1 2 2 6 8 1 1 1 2 7 8 1 1 1 1 3 0 September.. 112 117 109 103 116 99 ! 125 105 117 112 128 132 113 October 110 115 110 102 117 97 i 107 106 114 112 129 126 116 November. _ 106 104 110 98 116 95 ! 90 99 107 119 133 108 115 December... 103 102 110 96 113 96 67 100 95 118 135 112 111 1927 January 105 106 108 ! 95 113 97 99 101 116 135 118 114 February 107 114 108 93 113 95 101 102 107 112 134 117 113 March 110 115 114 99 113 91 106 119 108 135 123 116 April 109 116 112 93 114 88 106 109 112 134 131 122 May 111 117 112 95 107 100 108 111 132 127 122 June 109 105 121 102 112 93 95 105 109 108 134 131 116 July 107 103 118 96 114 95 84 113 111 106 136 124 109 August 107 102 119 97 112 95 89 112 115 108 136 119 119 September. . 106 98 118 93 113 99 81 113 113 107 139 113 123 October 102 94 113 94 111 94 70 108 108 106 142 116 121 November.. 112 94 110 96 47 97 107 106 140 117 122 December.__ 105 95 112 93 53 96 105 111 137 110 113 Back figures.—See Federal Reserve Bulletin for February, 1927. Figures for about 50 individual lines of manufacture included in groups shown in this table have been published currently in the Bulletin s ince May, 1927. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

131 INDUSTRIAL AND TRADE CONDITIONS No. 53.—INDEX OF PRODUCTION OF MINERALS, BY PRODUCTS [Adjusted for seasonal variations. 1923-1925 average=100] All Bitu- Anthra- Crude Iron-ore Year and month miner- minous cite petro- ship- Copper Zinc Lead Silver als coal coal leum ments 1919 77 109 52 91 81 1920.... 89 109 110 61 113 85 1921 70 79 112 64 36 30 66 84 1922 74 78 65 75 82 62 77 87 1923 105 108 115 100 114 93 88 102 1924 96 92 108 97 82 100 97 102 100 1925 99 100 77 103 104 106 107 111 98 1926 108 110 105 104 113 110 116 114 95 1927.... 107 121 105 111 111 92 1924 January 102 108 115 87 February 104 108 115 101 94 94 109 March 96 114 94 96 96 98 April 80 103 99 96 96 90 May.... 80 108 101 103 105 June 80 109 100 105 92 July 82 108 99 98 105 August. 83 102 100 97 106 September 93 111 100 95 116 106 October.. 95 103 103 93 105 103 November 97 109 106 93 105 108 December 100 107 105 100 104 108 1925 January.. 104 104 110 100 111 100 106 103 February 100 93 116 110 103 103 97 March 104 108 104 111 87 April 112 101 106 104 110 105 May 104 92 116 108 129 105 105 110 97 June 101 92 106 108 95 105 105 111 103 July 104 97 117 106 94 105 109 110 104 August 108 103 128 106 100 102 111 110 108 September 90 103 1 106 88 106 110 110 93 October.. __ 91 105 1 104 95 106 111 117 85 November 94 112 3 103 109 105 110 111 December 93 112 4 102 108 112 118 1926 January 92 112 3 100 106 112 115 February 96 111 34 99 109 117 116 March 106 104 125 98 109 109 117 93 April 106 105 126 110 114 111 94 May 104 104 117 95 109 113 116 94 June 106 104 125 100 105 107 111 108 98 July 107 106 119 103 110 111 111 113 90 August 109 107 118 105 126 108 120 116 96 September 111 109 127 106 116 113 121 117 96 October 115 112 125 113 132 113 121 118 93 November 118 125 114 117 97 116 120 116 93 December 119 121 115 121 112 119 122 107 1927 January 116 119 101 120 114 113 113 97 February 118 125 95 123 111 113 112 95 March 118 131 88 122 100 114 115 90 April _ 104 94 108 119 106 110 120 90 May 108 94 117 120 120 107 108 113 90 June 104 91 102 120 101 105 114 112 93 July 100 87 75 124 99 101 109 116 94 August 106 92 107 123 99 101 114 112 94 September 105 92 100 124 87 104 111 111 90 October 105 90 107 124 95 102 110 105 91 November 101 85 106 124 49 106 107 110 100 December.. 103 87 92 124 105 109 109 95 Back figures.—See Federal Reserve Bulletin for February, 1927. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 54.—INDEX OF WHOLESALE DISTRIBUTION, BY INDIVIDUAL LINES OF TRADE 00 [1923-1925 average = 1001 to With seasonal adjustment Without seasonal adjustment Year and month W b d u s i h s a t o t l i r e o l i e n - - c G er r i o e - s Meats g D oo ry ds M cl i o e n t n g h 's - W c e l i o n n o t g m ' h s - - B s a h o n o o d e t s s Hard- Drugs F t u u r r n e i- W b d u s i h s a t o t i l r e o l i e n - - c G e r ri o e - s Meats g D o r o y ds M cl e i o n n t g ' h s W c e l i o n o n m ' t g h - s - B s a o h n o o d e t s s H w a a r r d e - Drugs F t u u r r n e i- 1919. 110 118 145 100 78 93 140 96 91 1920. 114 126 121 107 106 95 125 116 95 1921.. 87 93 80 91 72 84 99 80 86 73 1922 _ 89 93 83 89 80 90 97 86 87 85 1923.. 101 100 94 103 99 109 104 102 97 102 1924. 98 101 96 97 98 97 98 97 99 93 1925. 101 99 110 100 103 94 98 101 104 105 1926. 98 98 115 94 95 70 101 100 107 102 1927. 95 94 108 89 96 67 104 95 108 100 January 102 09 117 104 112 103 108 108 91 117 91 79 74 92 92 105 95 February... 101 98 115 | 105 111 105 105 101 97 85 109 99 132 99 88 92 97 101 March 100 90 114 102 94 102 110 99 107 97 109 100 138 131 108 106 121 112 April 97 99 117 89 94 98 109 98 94 94 110 80 89 68 99 100 111 May 99 97 118 91 99 100 105 101 91 94 118 85 57 43 100 103 98 June 99 99 117 93 96 98 106 100 91 102 120 81 47 34 91 102 99 July 97 98 110 88 118 100 105 106 91 99 112 83 75 28 95 98 100 87 August 97 97 114 101 108 99 106 102 107 98 116 117 163 62 119 100 103 104 September.. 100 100 117 97 103 101 109 104 117 109 125 122 148 101 126 109 116 117 October 94 95 110 83 90 97 108 101 111 107 123 104 105 111 113 109 125 121 November.. 98 96 116 82 99 102 111 107 97 102 112 98 61 45 104 100 112 112 December.. 95 96 | 113 87 94 100 107 101 84 94 106 71 44 42 76 93 100 95 1927 January 94 93 113 112 92 104 86 113 78 65 71 92 82 102 86 February. _. 95 93 112 97 108 93 103 98 91 81 107 88 123 95 87 82 95 98 March 96 96 108 101 97 98 106 101 103 94 104 95 138 108 111 102 117 114 April 93 95 111 87 94 94 106 96 90 90 104 76 85 64 100 96 108 97 May 95 97 109 87 110 91 104 98 88 95 109 76 52 39 111 93 98 93 June 93 98 104 90 90 92 106 102 87 101 .106 78 46 28 85 96 99 90 July 95 91 102 90 134 92 105 102 88 92 104 81 78 43 107 90 100 84 August 100 97 109 102 101 111 97 112 109 111 97 111 125 165 98 122 98 110 111 September.. 96 94 109 91 92 104 99 114 103 112 102 117 113 140 95 127 106 122 117 October 91 90 109 86 81 91 94 111 99 106 102 122 99 101 87 114 105 128 118 November.. 95 94 105 89 86 105 100 112 100 93 100 101 88 61 45 110 98 113 105 December.. 93 93 109 87 101 97 106 89 82 90 103 70 48 39 82 90 99 83 Back figures—See Federal Reserve Bulletin for December, 1927. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DETAILED BANKING STATISTICS FOR THE UNITED STATES 133 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONDITION OF FEDERAL RESERVE BANKS No. 55.—BILLS DISCOUNTED FOR MEMBER BANKS—HOLDINGS1 OF EACH FEDERAL RESERVE BANK, BY MONTHS, 1914-1927 [Monthly averages of daily figures. In millions of dollars] Federal Reserve Bank Month B to o n s- Y N o e r w k P p d h h e i i l l a - a- C la le n v d e- m Ri o c n h d - la A n t t - a c C a h g i o - L S ou t. is n M o e l a i i n p s - - K C s a a it s n y - D la a s l- F c S i r s a a c n n o - 1914 November 0.08 2.69 0.42 0.02 0.07 0.02 1.18 0.93 0.14 0.25 0.08 0.01 December .12 1.62 .49 .40 .90 .57 2.95 .98 .18 .27 .47 .56 1915 January .15 1.13 .43 .47 3.08 1.54 2.09 .48 .26 .08 1.21 .83 February .14 1.10 .41 .62 4.69 4.08 1.08 .60 .27 .18 2.33 1.12 March .19 .35 .89 .83 6.41 5.08 .91 .54 .38 .39 3.20 1.19 April .25 .34 .84 .76 6.86 4.73 .85 .51 .40 .46 4.31 1.32 May. . . _ .37 .40 .62 .72 7.04 4.01 .77 .56 .52 .62 5.80 1.71 June .35 .49 .69 .78 7.30 3.87 .98 .58 .89 .76 6.25 1 77 July .39 .58 .66 .70 7.90 4.16 1.24 .74 1.46 .89 6.51 1.91 August .24 .48 .55 .54 8.63 4.19 1.15 .90 1.84 1.13 6.68 1 54 September .18 .51 .54 .66 8.54 5.02 1.14 1.12 1.75 1.67 7.24 1.31 October .16 .41 .26 .60 7.25 5.48 1.74 1.32 1.59 2.21 6.40 .93 November .18 .31 .17 .56 6.65 6.60 2.47 1.66 1.50 3.05 5.45 .64 December. .22 .26 .15 .60 7.66 7.94 3.02 1.45 1.42 3.25 5.08 .46 1916 January .21 .21 .18 .42 7.05 6.97 3.75 1.17 1.13 3.18 4.39 .42 February .19 .18 .22 .27 6.75 4.95 2.22 .88 .99 2.41 4.66 .42 March. .13 .30 .24 .25 6.34 4.12 1.67 .67 .88 1.96 4.57 .49 April.. .30 .41 .48 .44 6.23 3.73 1.98 .57 .77 1.85 4.72 .48 May- .21 .34 .78 .28 5.51 3.10 1.75 .65 .70 1.73 4.70 .43 June .31 .41 .55 .28 5.29 2.79 1.97 .65 .88 1.84 5.13 .42 July 1.56 .34 .72 .42 5.60 2.86 3.47 .67 1.27 2.01 5.96 .54 August 2.16 .57 .39 .28 6.07 3.31 3.19 .91 1.90 1.99 6.79 .51 September .63 .89 .18 .60 5.83 3.87 2.97 1.31 1.87 1.73 7.04 .40 October. .62 .97 .18 .37 4.22 3.40 2.69 2.25 1.91 1.21 4.06 .27 November.. 2.02 1.07 .71 .27 2.96 3.10 3.24 2.14 1.42 .77 1.92 .30 December 6.44 6.45 4.44 1.21 2.58 2.85 3.57 1.82 1.51 .58 .91 .28 1917 January 1.6 3.8 .8 .6 3.9 2.9 3.2 .8 1.8 .5 .8 .2 February 1.8 1.7 .9 1.3 3.8 2.2 1.5 .6 2.2 .5 1.2 .2 March 2.3 1.0 1.4 1.8 3.7 2.1 1.7 .7 1.5 .5 1.3 .2 April 4.1 1.0 1.2 2.5 5.0 2.2 1.4 1.8 2.5 .6 2.1 .5 May 3.8 2.2 6.3 2.0 8.6 2.8 3.0 3.2 5.1 1.7 3.2 .8 June _ 13.3 74.5 12.4 5.2 10.2 3.5 7.7 4.1 6.7 6.1 3.2 4.3 July 16.0 31.2 13.9 7.8 13.1 4.5 19.5 9.0 10.3 8.6 4.7 9.1 August._ _. .. 16.5 14.9 10.5 8.2 14.2 5.3 17.2 9.0 12.3 11.8 6.5 8.5 September 16.9 42.3 12.7 8.7 15.7 6.7 22.8 13.4 12.4 14.3 7.9 8.7 October 12.4 148.4 10.0 11.0 12.5 9.7 42.2 18.7 8.3 20.3 8.0 12.3 November 24.9 310.0 15.8 21.2 13.1 12.6 79.7 19.2 12.7 33.0 9.3 16.9 December. 96.6 287. 3 33.3 43.1 24.3 15.3 93.0 28.1 8.2 26.3 4.5 21.7 1918 January 88.1 216.0 32.0 41.4 29.1 12.3 97.9 27.6 7.9 27.7 4.8 26.4 February. . 65.3 176.9 26.5 39.6 32.8 9.9 84.9 25.5 9.1 22.2 7.4 31.6 March 58.1 236.3 26.5 33.2 31.3 11.2 68.9 25.8 6.0 23.3 13.4 33.4 April ._ 55.9 357.1 29.4 50.4 40.1 17.0 75.5 38.7 10.2 38.7 24.0 32.3 May 43.9 413.6 39.0 55.7 54.0 23.7 88.0 35.8 21.4 60.4 27.8 38.9 June. _ 45.5 395.6 50.5 45.2 57.1 28.2 98.2 48.2 33.7 64.4 33.4 38.4 July. ... . . 71.7 384.4 68.5 66.3 67.2 33.7 175.5 71.8 52.3 75.7 39.0 59.5 August 68.6 449.3 82.7 74.8 67.0 44.9 215.8 61.1 72.4 68.5 53.2 77.6 September 75.7 615.9 88.4 79. l. 68.8 63.7 235.1 67.0 87.1 64.7 62.8 93.1 October 83.4 667.4 98.9 80.2 66.1 84.2 246.1 79.4 55.6 77.7 64.7 105.9 November 135.4 658.1 151.0 92.1 85.6 94.7 219.3 81.2 30.4 80.6 56.2 84.4 December 162.2 659.5 191.1 114.3 88.5 94.7 151.2 70.8 9.4 65.1 59.0 83.4 1 Adjusted to eliminate effect of interreserve bank rediscount transactions. Such rediscounts were outstanding during the period December, 1917, to December, 1921 (with the exception of March and April, 1918). 110390—28 10 135 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

136 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No. 55.—BILLS DISCOUNTED FOR MEMBER BANKS—HOLDINGS OF EACH FEDERAL RESERVE BANK, BY MONTHS, 1914-1927—Continued [Monthly averages of daily figures. In millions of dollars] Federal Reserve Bank Month B to o n s- Y N o e r w k P p d h h e i i l l a a - - C la le n v d e- m Ri o c n h d - la A n t t - a c C a h g i o - L S ou t. is n M o e l a i i n p s - - K C s a a it n s y - D la a s l- F c S i r s a a c n n o - 1919 January 145.8 684.7 191.4 94.3 91.2 89.9 144.0 64.6 9.2 66.6 64.6 89.0 February 146.7 734.5 194.6 97.4 101.8 76.1 127.8 51.1 8.0 68.7 68.7 87.7 March 145.1 745.5 206.2 104.1 113.7 77.8 148.1 65.9 9.0 78.1 73.5 94.5 April 157.1 683.1 224.6 106.9 119.2 81.2 168.7 79.5 29.8 95.5 78.8 94.7 May 152.2 752.9 221.1 109.4 128.8 84.2 164.6 65.3 35.6 87.5 81.6 90.8 June 147.2 652.9 234.1 102.6 141.1 84.6 164.1 56.1 22.7 86.6 75.9 74.3 July 144.8 739.8 224.1 112.2 138.1 83.3 158.2 53.7 13.0 84.4 59.3 56.9 August 125.6 685.5 216.9 118.2 138.1 90.2 161.4 52.0 16.7 71.7 | 59.1 66.4 September. _ 121.5 651.1 212.2 122.7 114.1 102.9 148.4 70.4 27.0 72.8 64.4 69.9 October 127.4 788.5 218.3 142.7 110.8 113.7 184.5 82.5 51.8 99.3 74.4 79.5 November. _ 147.3 829.8 224.8 150.2 98.8 107.0 224.5 68.1 55.0 100.8 49.7 89.7 December... 170.5 759.7 230.2 162.5 107.9 95.3 279.3 71.5 65.1 95.3 35.6 84.1 1920 January 158.9 225.0 140.2 110.8 82.9 252.0 82.7 67.1 40.1 84.8 February-_. 176.1 845.4 243.6 148.4 102.9 82.1 300.3 100.8 66.7 86.0 45.1 101.7 March 164.3 835.9 240.1 146.7 109.1 97.8 366.6 110.8 54.6 98.1 49.5 113. 0 April 145.4 752.0 229.9 140.0 115.8 104.5 442.6 135.7 72.6 114.4 66.4 122. 7 May 138.0 769. 5 215.7 134.0 120.7 120.4 443.4 154.7 89.7 122.9 81.3 147.2 June 140.8 727.9 205.2 121.0 123.5 121.9 441.6 140.6 91.8 120.8 78.9 144.5 July 120. 2 799.6 180.4 115.7 126.1 126.0 457.1 135.5 92.1 125.9 89.3 151.2 August 110.8 873. 6 175.5 106.1 128.7 146.3 436.8 139.4 96.4 129.0 103.4 159.1 September.. 117.1 885.7 162.3 92.7 131.3 159.0 457.1 145.9 104.4 138.7 113.6 169.4 October 115.6 957.3 144. 5 84.5 130.7 167.5 482.4 155.5 109.3 152.9 110.7 170.9 November. _ 129.5 963.7 150.2 89.4 124.3 181.9 467.3 140.8 110.4 150.1 104.9 164.1 December... ]52. 3 920.9 148.3 108.7 123.3 173.3 466.1 118.6 143.1 100.6 175.2 1921 January 133.8 872. 8 141.7 119.2 i117.3 153.5 421.3 103.4 90.2 123.1 95.1 164.6 February-_ 126.4 907.6 148.7 112.8 107.8 130.5 369.7 91.4 81.3 103.4 82.7 146.7 March 142.9 777.1 152.2 116.3 : 110.2 122.4 387.2 88.9 70.0 99.3 79.0 156.3 April 115. 3 633.8 140.1 134.7 119.0 117.4 387.7 81.9 73.2 97.3 74.7 165.0 May 96.2 547.9 145.2 138.9 121.8 108.7 330.5 75.8 76.9 85.1 70.7 168.8 June 91.9 425.7 141.5 146.4 122.3 103.5 312.1 82.1 82.7 80.6 69.5 159.3 July 66.1 393.5 121.8 147. 1 123.4 102.5 300.1 83.8 83.8 78.3 75.5 149.3 August 63.7 357.5 113. 7 129.0 121.8 106.8 227.0 73.1 84.9 67.1 75.4 134.8 September. 68.5 268. 8 104.2 121.7 123.5 115.1 216.3 74.4 81.3 69.2 77.5 125.2 October 57.2 252.8 101.0 125.2 113.6 114.2 209.5 70.1 74.0 74.1 68.7 116.5 Novernber. 57.4 212.6 90.6 121.5 104.2 104. 7 185.5 64.9 66.7 78.0 59.7 86.8 December.. 62.9 221.1 89.3 112.2 96.2 96.5 187.8 64.1 57.2 74.3 54.1 69.7 1922 January 42.2 160.8 75.9 95.4 87.3 79.7 156.9 51.1 45.1 61.3 48.1 65.4 February, _ 42.1 114. 5 75.2 69.6 78.4 62.0 107.0 37.9 38.6 46.5 41.6 59.0 March 40.9 77,5 65.1 58.0 72.9 47.8 86.0 30.5 30.8 35.1 36.0 59.8 April 32.9 69.8 55.1 56.5 64.1 42.7 86.5 25.8 26.8 32.5 j 34.5 49.4 May _ 22.1 51.2 49.5 46.3 53.8 35.2 70.2 23.2 27.0 25.6 31.7 45.9 June 21.8 51.1 46.2 39.2 42.2 30.9 61.0 20.8 26.2 22.6 31.9 44.9 July _._. 24.9 65.3 41.9 32.1 38.4 29.6 55.0 17.9 26.0 19.3 32.9 45.0 August 24.7 48.1 38.2 27.1 35.5 29.9 51.6 17.5 27.0 17.6 35.4 43.5 September. 25.4 53.2 40.1 26.9 38.2 33.5 54.1 22.2 26.4 19.4 33.8 43.4 October 30.0 96.2 42.7 33.0 42.0 34.6 71.6 26.9 24.2 23.0 23.1 37.2 November. 62.8 162.0 53.5 46.4 43.0 36.2 82.1 29.8 21.3 28.9 16.9 41.0 December. . 67.3 171.6 56.3 51.7 50.6 32.9 93.6 21.5 30.8 14.6 43.4 1923 January 45.2 188.1 43.6 28.9 42.3 23.5 65.3 17.6 19.4 23.0 16.1 35.9 February.. 57.6 242.5 56.7 27.0 40.8 18.6 58.0 15.8 18.1 17.7 16.3 41.8 March 50.6 204.5 57.2 34.6 46.2 19.2 86.2 22.8 17.9 22.1 18.2 49.0 April 47.6 185.4 56.7 44.0 55.9 22.7 91.0 27.7 20.2 27.3 21.5 60.0 May 42.6 177.2 62.6 54.7 62.5 29.4 89.8 32.6 24.8 39.3 26.8 66.2 June 50.6 163.9 70.5 57.3 65.2 34.2 88.2 42.3 27.0 47.2 31.9 65.9 July 52.5 207.6 71.2 67.6 66.8 39.7 85.6 46.8 29.3 48.2 40.0 81.7 August 56.8 197.8 64.6 57.8 68.9 44.2 75.6 51.3 28.4 40.9 47.3 77.8 September. 63.6 191.5 60.7 54.6 75.4 59.0. 81.2 65.9 29.3 41.6 38.7 86.3 October.... 47.2 192.0 59.0 61.8 72.9 79.2 108.9 72.3 29.1 52.9 24.1 75.8 November. 50.1 154.4 55.9 65.5 61.6 83.9 101.7 69.8 23.4 59.7 17.4 58.2 December.. 67.7 146.1 59.3 65.1 55.5 76.0 99.1 58.5 21.7 56.8 12.9 56.1 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANKS 137 No. 55.—BILLS DISCOUNTED FOR MEMBER BANKS—HOLDINGS OF EACH FEDERAL RESERVE BANK, BY MONTHS, 1914-1927—Continued [Monthly averages of daily figures. In millions of dollars] Federal Reserve Bank Month B to o n s- Y N o e r w k P p d h h e i i l l a - 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 ou t. is n M o e l a i i n p s - - K C s a a it n s y - D la al s - F c S i r a s a c n n o - - 1924 January 34.3 121.0 45.3 42.5 47.4 53.4 71.3 45.4 18.2 42.4 9.6 49.7 February._ 31.0 122.3 40.8 37.0 47.0 42.0 57.2 37.0 16.0 31.3 9.4 45.3 March 27.5 79.8 41.9 38.2 54.6 46.2 58.9 34.6 14.6 25.2 9.8 48.2 April 23.4 87.6 40.5 49.7 59.3 43.8 60.6 33.3 14.9 24.3 11.8 45.2 May 17.9 62.3 32.9 43.8 55.8 41.1 57.5 27.3 16.5 24.8 14.2 41.3 June 17.1 41.5 30.1 35.7 50.7 38.5 48.8 24.1 15.0 23.8 15.9 33.5 July 11.2 45.5 25.6 21.0 47.2 30.6 41.7 19.7 14.8 16.9 18.3 25.8 August 11.7 31.9 21.3 16.9 35.1 30.4 34.8 18.9 14.2 12.6 22.4 19.6 .September. 10.1 40.5 19.2 19.8 36.9 27.4 29.5 22.2 12.2 10.3 17.8 16.8 October 6.9 44.9 18.6 21.3 35.5 25.4 29.2 21.9 7.8 7.7 7.9 13.8 November.. 13.0 38.6 22.9 26.4 30.8 22.5 32.4 15.9 5.4 6.5 4.0 10.6 December. _ 21.4 75.5 36.8 40.3 28.8 20.9 39.9 12.0 5.1 5.7 3.6 11.7 1925 January 19.7 76.1 26.1 34.8 26.9 14.7 36.0 4.7 5.0 3.0 11.7 February._ 19.7 147.4 30.4 33.1 25.4 12.4 32.0 9.3 4.3 5.0 2.3 17.2 March 30.3 153.3 37.1 40.2 33,3 16.2 35.0 10.2 4.1 4.5 2.1 25.4 .April 34.2 119 3 38.2 40.3 41.4 19.4 50.0 15.3 5.2 6.9 2.3 31.6 May 28.7 105.3 37.6 39.6 47.7 20.5 49.6 18.5 6.2 7.7 4.3 32.6 June 35.5 125.6 40.6 42.9 49.1 22.9 45.5 20.0 5.1 7.4 6.1 36.9 July 33.6 144.5 45.9 46.1 50.8 23.7 52.1 21.1 6.1 7.2 8.5 42.9 August 36.5 168.0 49.4 56.6 50.5 31.2 62.0 27.6 8.8 7.6 10.4 46.3 S O e c p to te b m er ber 1 4 2 2 9 . . 5 3 2 1 0 9 4 5 . . 4 5 4 53 9 . . 4 1 6 7 2 4 . . 9 1 4 5 8 3 . . 2 6 3 26 0 . . 8 8 0 68 0 . . 8 2 3 3 4 1 . . 9 1 6 6 . . 2 9 1 8 1 . . 5 8 8 9 . . 0 2 5 55 4 . . 8 3 November. 38.0 168.0 53.4 76.0 42.3 24.5 70.2 29.2 5.7 18.5 9.6 60.5 "December.. 51.6 207.0 59.4 88.1 45.7 30.3 93.4 24.7 5.8 18.2 9.7 57.0 1926 January 31.9 163.2 48.2 59.2 38.0 27.0 80.1 19.7 4.7 15.5 7.5 31.1 February. . 38.8 180.2 56.2 42.7 38.3 26.6 66.9 20.8 6.4 17.1 5.8 25.3 March 35.2 140.8 59.9 56.6 43.6 40.0 75.5 26.1 6.7 17.5 6.6 50.3 April 28.5 129.2 53.3 56.2 45.1 44.4 75.3 28.2 6.4 19.0 7.4 46.7 May 27.1 136.8 49.7 52.1 46.6 35.2 56.3 26.7 6.9 20.1 9.8 47.2 June 24.8 117.8 49.2 44.0 47.4 38.4 52.5 28.5 5.3 18.5 11.9 37.7 July 34.5 166.0 48.1 37.2 41.8 42.0 60.9 30.6 7.6 16.2 16.1 48.0 August 36.7 163.3 45.9 33.7 44.9 47.6 54.6 35.2 13.1 12.7 20.1 48.2 September. 45.5 182.4 46.2 45.0 46.4 55. 3 67.7 43.5 11.2 13.5 25.0 60.0 October 42.2 164.6 49.9 70.4 45.7 55.7 89.2 42.2 11.1 12.5 19.5 62.7 November. 38.0 134.9 43.8 75.6 35.5 50.5 105.7 37.5 8.6 16.9 17.2 54.1 December.. 55.7 154.6 60.8 90.1 29.6 47.6 119.2 37.8 5.1 13.7 10.3 47.3 1927 January... 33.4 118.3 43.7 61.5 22.5 34.2 90.2 19.1 4.1 10.4 5.4 37.8 February.. 29.0 91.2 35.7 38.9 23.4 26.8 78.5 14.6 4.0 9.3 3.1 38.6 March 35.8 112.2 41.0 31.7 22.1 31.7 71.1 14.4 4.5 8.6 3.2 48.3 April 23.2 121.6 43.7 53.9 22.5 34.1 56.3 16.2 6.1 11.9 4.4 53.3 May 37.1 137.8 45.8 43.6 25.5 34.6 52.7 24.0 6.7 17.3 4.7 43.1 June 33.8 91.9 45.2 41.8 22.4 32.6 63.9 26.3 6.5 16.5 6.2 41.4 July 29.7 122.9 46.8 35.4 21.8 36.3 59.7 29.8 6.0 12.5 7.4 45.8 August.... 29.9 118.4 39.6 27.8 19.7 34.7 40.5 24.7 6.1 9.3 12.7 46.1 September 28.4 142.4 38.2 34.8 26.3 31.1 31.4 28.0 4.4 10.7 11.0 35.6 October... 33.3 123.9 38.4 43.7 28.9 26.0 36.5 21.5 2.7 15.7 7.2 43.7 November. 36.4 106. 5 38.1 46.8 21.5 32.7 46.9 18.1 2.6 18.1 8.4 39.1 December. 40.2 171.1 47.9 58. 6 24.4 36.1 65.0 19.3 3.0 15.2 5.4 42.4 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

138 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No. 56.—DISCOUNTED BILLS—HOLDINGS OF EACH FEDERAL RESERVE BANK ON DECEMBER 31, 1927, BY CLASSES fin thousands of dollars] Rediscounted bills Member banks Federal reserve bank c T la ( o s a s t l e a l s l ) C c a i p g o t a u a r m l i p r c a a m e u n l r l e d - r- a D n d e d r m a s f i a t g s n h d t a T a c n r c a c e d e p s e t- m b G s y P e e o c a n v U u p t e r e . o e r r n S d b - - . c b G s o y e m n l o c l o v U a u e t t e n r . e e e r t s r n S d a - . l C s o o e n w l c t o l h u i a t e s e r t e r e e s - d ral n. e. s. ligations obligations Boston 28, 598 9,461 19, 007 New York.... 281, 338 5,175 38 230,800 45,325 Philadelphia.. 67,371 7,529 39 2 50,040 9,761 Cleveland 60,845 6,439 464 7 51,991 1,944 Richmond 25,424 7,021 170 23 9,552 8,658 Atlanta 28,203 16,829 537 33 8,020 2,752 Chicago 52,670 19,060 20 10 30,966 2,614 St. Louis 19,417 4,522 7 30 12,040 2,676 Minneapolis. . 1,905 1,480 1 328 Kansas City.. 9,634 6,145 2 3,227 260- Dallas 878 192 1 610 67 San Francisco. 5,220 3,950 49 236 Total... 581, 503 87,803 182 1,400 163 417, 566 74,3 No. 57.—DISCOUNTED BILLS—HOLDINGS OP EACH FEDERAL RESERVE BANK ON DECEMBER 28, 1927, BY MATURITIES [In thousands of dollars] Maturity Federal reserve bank Total Within 16 to 30 31 to 60 61 to 90 91 days to Over 6 15 days days days days 6 months months Boston 40,963 38, 794 683 1,004 470 12 New York 263, 487 257,935 1,147 2,463 1,921 21 Philadelphia- 55,829 49,859 1,667 2,399 1,891 13 Cleveland 70, 572 62,951 2,043 3,128 2,331 110 Richmond. 28, 636 24,225 1,475 1,768 1,044 118 Atlanta 32, 685 19,132 3,538 5,604 3,892 483 36 Chicago 61, 759 43, 375 4,839 7,104 4,474 1,845 122 St. Louis... 19, 585 16,167 1,161 1,355 615 261 26 Minneapolis. _. 2,234 875 95 195 590 210 Kansas City... 15,920 10, 499 646 870 1,220 2,598 87 Dallas 2,581 2,271 96 104 56 14 40 San Francisco.. 14, 958 11, 399 940 434 358 929 Total 609,209 537, 482 18, 330 26, 892 18, 617 6,423 1,465 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

139 FEDERAL RESERVE BANKS No. 58.—PRINCIPAL RESOURCES AND LIABILITIES OF EACH FEDERAL RESERVE BANK, BY WEEKS BOSTON [In thousands of dollars] Bills bought in United States open market disco m u f e o n m r te - d I Bought M b b a e e n m r k reserve balances 35, 359 6,798 9,594 212, 985 142, 600 2,307 154,316 32, 216 6,485 9,595 213,430 144, 218 2,049 141,253 29,131 10, 592 9,595 219, 271 138, 668 3,261 135,172 30, 078 11, 398 9,618 217, 738 146, 469 2,662 129,866 Feb. 2.. 74,051 26, 288 31, 564 6,550 218, 338 151,019 148, 805 Feb. 71,965 23, 887 30, 8,380 215, 836 147,356 144, 360 Feb. 16 71,002 22,495 29, 535 9,213 213,041 144,945 142, 029 Feb. 23 91,141 35, 261 37, 794 8,244 195,073 142, 795 138,147 Mar. 2. 85, 350 34,484 30, 878 204, 700 148,390 141,010 7,380 127,950 Mar. 9. 78, 832 36,800 21, 543 10, 715 205, 215| 143, 717 142, 822 895 126,581 Mar. 16 69, 909 26, 717 19, 457 8,459 216, 784| 145,687 144,429 1,258 125,253 Mar. 23 70, 358 32, 704 18, 667 9,615 210,781; 142,140 141,177 963 125,248 Mar. 30 87, 589i 49, 887 21, 423 6,150 202, 7271 147,999 146,311 1,688 127,367 Apr. 6 23,57 20, 254 6,187 231, 097 149, 533|147, 718 1,815 Apr. 13.. 24,970 16, 202 6,256 234, 218 148,497 146,491 2,006 Apr. 20.. 22, 215 16, 841 7,139 241, 391 147, 217 144,455, 2,762 Apr. 27.. 14, 347 18, 937 6,177 242, 030 149, 311 147,048 2,263 May 4 27, 640 16, 209 9,305 233, 213 148,408' 1,499 130,170 May 11 _ 33, 432 14, 921 6,522 539 226,097 149, 282i 1,236 130, 370 May 18. 39, 266 13, 256 7,628! 248 221, 097 147, 028 1, 836133, 724 May 25_ 44, 822 16, 420 10,174' 217,430 152, 388 1,066 134,895 June 1 86, 858 49,925 12, 591 12, 569| 211, 284 149,025: 147,028! 1,997 139, 533 June 8 71,149 28, 653 15, 579 18, 267 225,106 147, 589:144,906! 2,683 139,473 June 15 67, 361 23, 302' 10, 846 25,407; 231, 456 149, 703 148,033! 1,670 140,085 June 22_ 60, 789 27,942 14,198 14,241! 241, 216 152, 0591 147,115, 4,944 138,122 June 29 81,170 49, 965 13, 700 11,285; 220, 541 150, 149, 591; 1,103 139, 369 July 6.. 62, 111 28, 662 15, 559 3,247 237, 240 143, 883 143,087 July 13. 53, 478 22, 414 12, 500 4,294 247, 714 151, 245! 138,096 July 20. 63, 358 31, 670! 12, 080 4,185 236, 904 151,109' 137,421 July 27 55,118 25, 863 9,160 4,625 240, 742 147,0311 136,894 Aug. 3_ 56,199 23, 873 8,951 6,265 17,110! 244,105 149,090 148,040 1,050 139, 226 Aug. 10. 63, 381 33,122 6,309 5,806 18,144! 234,264 148,994 148,297j 697 137, 543 Aug. 17_ 62, 405 27, 004 8,339 7,497 19,5651 236, 457 150, 609 147, 591 3,018 137,162 Aug. 24. 64, 294 26, 999 8,953 7,695 20,647! 239, 692 152, 3281150,189 2,139 138, 224 Aug. 31. 77, 768 36, 913 10, 512 7,934 22,409: 228, 374 151, 339 150, 537 802 139,005 Sept. 7. 68,123 25, 803 11, 070 7,554 23,696! 243, 706 153, 790 151,020 142,977 Sept. 14 74,366 27,097 17,183 7,582 22,504 235, 683 155, 394 154,617 140, 742 :Sept. 21 75, 587 30, 743 14,404 7,129 23,311! 229, 763 151, 502 149, 220 140, 543 Sept. 28 81, 783 33, 921 18,112 6,207 23, 3141 228, 700 153,008 151, 795 141, 359 Oct. 5.. 32, 062 18,923 8,544 24, 71l| 2,347 226, 897 154, 615 152, 2,276 142, 586 Oct. 12. 89, 854 33, 932 21,855 7,018 24, 757j 2,292 225, 758 156, 321 155, 1,207 143, 513 Oct. 19 85, 599 27, 641 23, 452 6,914 26, 557! 1, 035 229, 766 158, 349 156, 885 1,464 143, 290 Oct. 26. 100, 336 38, 382 27, 215 5,373 28, 0011 1,365 212,065 156, 397 155, 347 1,050 140, 224 Nov. 2. 99,127 27, 955 30, 10, 273 30, 018' 216, 602 162,436 161,485 951 139,832 Nov. 9. 104,151 32,116 33, 7,641 30,792 195,966 152,997 150, 666 2,331 138, 331 Nov. 16 107, 307 23, 708 31, 794 3,450 46,457' 200,060 163, 601 159,307 4,294 135,134 Nov. 23 109, 599 39, 723 35, 468 1,226 31,457| 194, 829 154, 153, 208 1,678 136, 029 Nov. 30 111,826 38, 570 34, 903 4,118 32, 510! 189, 152, 738 151,491 1,247 134, 781 Dec. 7 114,195 36,158 36, 098 33,110 196,143 154, 537 153, 289 1,248 141,968 Dec. 14_ 133, 556 46, 724 43, 222 33, 638 183, 674 159, 539 158,428! 1,111 145, 713 Dec. 21_ 122, 230 41,031 40, 625 33, 358, 193, 693 154, 976 153,060 1,916 150,681 Dec. 28. 124, 817 40, 963 42, 021 33, 359! 195, 887 156, 805 155,193! 1,612 151,697 Back figures.—See Annual Reports for 1920-1926 (Part II, Table 2). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

140 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No. 58.—PRINCIPAL RESOURCES AND LIABILITIES OF EACH FEDERAL RESERVE BANK, BY WEEKS—Continued NEW YORK [In thousands of dollars] Bills bought in ! United States open market i securities Deposits Bills Total dis- Federal Date r s b a i e t i n c i l d l e u s s - c b o m a u b f e o n n e m r r k te s - d B r o o i u g u g h t- h t t m b ent [B r o ig ug h h t t U a r m e g n s e r a d e n l e e t e - r re T c s o e a r s t v a h l es Total r M e b b s b a e e a e n m r l r k - v - e p O o d t e s h - i e ts r r n l n e a s c o t e i i t r o e r c v s n u e ances 1927 Jan.5 360,262 176, 059 59,819 60,031 54,118 10, 235 1, 044,003 978,118 956, 11122,007 405,808- Jan. 12... 264, 934 127, 219 50,249 27, 728 54,118 5,620 1, 070, 629 915,192 897, 221 17, 971 391,838 Jan. 19. _. 243, 288 89,020 47, 214 43, 3811 54,118 9,555 1,088, 736 910, 745 882,386 28, 359 394,145 Jan. 26._. 174,162 60,192 46, 956 12,8961 I 54,118 1,105, 743 847, 479|830, 699 16, 780 395, 571 Feb. 2—. 223, 667 76, 743 57, 586 35,120! 54,118 1, 092,338 870,423* 845, 227 25,196 406, 771 Feb. 9___. 222,466 96, 932 40, 628 30, 788 54,118 1, 092, 002 874,184 858,820 15, 364 402, 947 Feb. 16... 253, 515 101, 605 41, 933 48, 359 54,118 7,500 1,081,681 905, 871 18, 929 405, 474 Feb. 23— 89, 335 36, 003 17, 530j 54,118 1,102,055 838, 973 825,430 13, 543 412, 668 Mar. 2... 252,170 114,713 36,021 43,818' 54,118 3,500 1, 064, 596 862, 870 846,802 16,068 416, 331 Mar. 9__. 243,580 113,122 41,029 35,311! 54,118 1, 085, 561 874, 726! 849,194 25, 532 414, 408 Mar. 16.. 263,110 49,566 33, 935 8, 737i 170, 872 1,069, 718 877,369 865, 630 11, 739 413, 986 Mar. 28.. 273,499! 140,644 27.194 24, 939; 64, 522 16, 200 1,120, 986 i934,986 922, 319 12, 667 413, 842 Mar. 30.. 269,851 120,299 22, 727 34, 548 54,467 37, 810 1,147, 817 954,997| 927, 624 27,373 417,357 Apr. 6—. 237,624 103,218 30, 442 26,442! 54,472 23,050 1, 060,444 833,4io' 819.451 13, 959 421, 222 Apr. 13... 310,191 143,207 41,911 34,631! 54, 472i 35,9701,061, 613 915, 8371 901,495 14, 342 415, 353 Apr. 20... 210, 841 87,106 24, 296 31,452; 54,472j 13,515 1,112, 866 866, 951 851, 378 15, 573 415, 398 Apr. 27... 226,869 116,114 25, 965j 29,330! 55,460 1,141, 875 912, 827 12, 729 409, 752 May 4... 281,146 164,148 37, 991 24, 444 54, 563 1,120, 441 959, 546j 917, 971 41, 575 411,237 May 11.. 231, 024 139,381 29. 948 23,178! 37,317 1,200 1,119,467 916, 328! 887, 255 29, 073 403, 086 May 18... 219,158 118, 374 21, 934 37,741j 41,109 1,138, 822 934, 408! 903, 98030, 428 400, 476 May 25... 231, 799 93,165 25,135 49,188^ 49, 836 14, 475 1,112, 308 910,393 883, 030 27, 363 402,360 June 1 267, 202 117,127 22, 357! 52, 945l 57, 97316.800 1,147, 582 954, 933 931, 794 23,139 421,326 June 8 242, 084 88, 213 22, 910 41, 579; 83, 796 5,586 1,153, 600 961,211! 936. 807 24, 404 408, 274 J J J u u u n n n e e e 2 1 2 9 5 2 . . .. . . . . . 2 2 1 3 9 9 0 0 2 , , , 9 3 2 3 4 2 1 6 4 1 5 9 0 8 5 3 , , , 1 9 0 0 4 2 6 4 5 2 3 3 6 2 4 , , , 4 2 0 8 0 2 3 1 1 2 6 3, , 2 7 5 7 5 9 i 1 6 9 6 9 5 5 , , , 0 1 1 2 0 1 4 0 3 4,450 1 1 1 , . , 1 1 2 6 9 1 5 5 5 , , , 9 5 0 2 5 7 5 5 0 J 1, ,1 9 0 0. 3 5 0 2 1 , 6 , , 1 1 9 6 1 8 5 8 8! 9 9 9 9 2 8 7 5 0 , , , 3 9 0 8 3 5 8 2 8 3 2 2 4 5 6 , , , 1 7 7 3 3 5 7 0 6 4 4 40 0 0 2 3 1 , , , 8 7 2 0 8 2 7 0 6 July 6_-_. 253, 293 144, 838 33, 074 9,018' 66,363 1,101,346 921, 537J 895, 232 26, 305 405,194 July 13... 235, 498 134, 490 33, 691 3, 586 63, 731 1,112,068) 941, 843 918, 980 22, 863 383, 985 July 20-. 185, 725 87, 092 33,823 262 64,548 1,161, 3061 938,197 917, 055 21,142 380, 940 July 27. _. 188, 995 92, 534 30,337 -| 66,124 1,143, 887 923, 503 902, 581 20, 922 376, 676 Aug.3__. 254,320 123, 697! 23, 986 35,246J 71,391 1,105, 311 958,236 937,160 21, 076 378, 754 Aug. 10._ 274, 626 124, 834! 27, 681 45,030\ \ ~T-47 ,,"" 2,275 1, 077, 538 948, 9291 929, 622 19, 307 370, 099 Aug. 17. _ 262, 914 108, 016! 22,452 47, 565 78, 881 6,000 1, 032,173 904, 4991 882, 511 21, 988 368, 012 Aug. 24._ 283, 994 129, 906| 25, 005 50,217 76, 721 2,145 1, 045,246 920, 528! 900. 74 19, 784 370, 532 Aug. 31 — 272,139 106,1881 29, 616 48,191 87,144 1,000 1, 056, 831 913,440 892, 809 20, 631 374, 046 ] j Sept. 7... 355, 937 176,688! 17, 060 61, 784 92,295 8,110 923, 4251904,180 19,245 374, 708 Sept. 14.. 310, 032 111,360: 22, 817 64,311 87,493 24, 051 998, 923 922, 552 898,203 24,349 360, 768 Sept. 21.. 284, 575 123,162 s 27, 663 42, 872 90, 078 800 1, 037, 864 920,207 893,405 26, 802 360,130 Sept. 28.. 327, 258 148, 383| 32, 089 51, 922 90, 087 4,77' 1, 033,651 952,145 929, 666 22,479 363, 721 Oct. 5—. 379, 024 173, 4851 39.195 65, 333 94,162 6,849 987,749! 965,365 924, 828 40, 537 366, 536 Oct. 12... 336,128 119, 787 i49, 905 61, 220 94, 301 10, 915 971,1711 897,892 879,142 18, 750 365, 052 Oct. 19... 301, 742 .96, 873! 61,127 41, 716 98. 351 3,675 1, 055, 030 958, 937936, 769 22,168 363,236 Oct. 26... 311,124 110, 424| 57,123 42, 029 101J 548 1,049,169 957,303: 933, 776 23, 527 361, 972 Nov. 2... 283, 938 75, 885161, 843 39, 806 105,904 500 1,069,472 944,707 920,48i 24, 22 372,144 Nov. 9... 353,452 154, 569 61, 971 29, 262 107, 650 1,061,234 981,655 957,694 23, 961 373, 629 Nov. 16.. 377, 709 103, 2601 56,100 35, 984 182, 3651 1,024,875 1,006,058 987, 84" 18,211 366, 570 Nov. 23.. 325, 862 112, 852j 58, 973 25, 672128,3651 1,065, 9011 980,977 964, 97( 16, 001 369,132 Nov. 30.. 366,240 148,115j 49, 932 54,131 113,562 500 989, 732 953, 725 939, 795 23, 930 362, 735 Dec. 7..-. 424,310 132, 509! 51, 656 67,995 163,812 8,338 959,146 968, 216,955, 064 13,1521 366,496 Dec. 14... 393,193 128, 433! 58, 609 45,824j 156,027 4,300 970, 767! 964, 212 953, 24i 10,966 368,618 D D e e c c . . 2 2 1 8 . - . . . 4 5 2 2 3 8 , , 0 7 9 1 7 8 2 1 6 9 3 2 , , 4 7 8 9 7 4 ! ! 3 40 8 , , 1 8 2 8 7 8 3 5 8 5 T , 7 0 6 4 9 3 ! ; 1 1 3 2 2 8 . , 4 8 8 2 8 5 J ' 2 3 1 9 , , 5 8 4 5 0 4 9 88 6 4 6 , , 3 2 1 1 9 3 ; S 9 9 9 7 5 2 , , 0 6 6 5 0 2 9 9 5 8 5 3 , , 7 6 7 6 ! ! 1 1 6 1 , , 2 9 9 8 0 4 3 3 8 7 3 7 , , 6 2 8 0 4 4 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

141 FEDERAL RESERVE BANKS No. 58.—PRINCIPAL RESOURCES AND LIABILITIES OF EACH FEDERAL RESERVE BANK, BY WEEKS—Continued PHILADELPHIA [In thousands of dollars] Bills bought in United States open market securities Deposits Bills Total dis- Federal Date r s i b a t e n i i c e l d l u s s - i c b o m a u b e fo e m n n r r k - te s d a m gr e e n e t - B r o o i u u g t g - h h t t U a m g n r e e d n e e t - r re T c s o e a r s t v a h l es Total r M e b b s b e a a e e m l n r - r - k ve p O o d t e s h - i e ts r i r n l e n a c s o t e i i t r o r e c v n s u e ances 1927 Jan. 5 101, 235 53, 670 25, 637|. 19,928 190, 668 145, 796 142, 362 3,434 125,100 J J J a a a n n n . . . 1 1 2 2 9 6- . . _ . . _ . . 8 8 8 4 3 5 , , , 0 5 2 9 2 0 6 8 9 3 3 3 7 7 5 , , , 1 7 7 8 6 5 5 3 7 2 2 2 6 4 5 , , , 0 4 8 9 0 4 6 5 3 ; ; ; . . . 1 1 1 9 9 9 , , , 9 9 9 2 2 2 8 8 8 2 2 1 0 9 0 8 1 4 , , ,1 4 3 6 4 0 2 6 8 1 1 1 4 3 4 2 5 5 , , , 4 4 2 1 2 8 6 1 5 1 1 14 3 4 2 3 0 , , , 5 4 4 1 2 8 6 5 9 2 1 1 , , , 7 9 9 9 0 9 6 0 6 1 1 1 1 1 2 7 9 2 , , , 1 3 6 0 5 0 4 3 0 Feb. 2.... 82,123 36,199 23, 996L 19, 928 203, 620 142, 741 140, 291 2,450 117, 331 Feb. 9.... 79, 079 34, 418 22,733. 19, 928 203,136 136, 703 134, 548 2,155 119, 253 Feb. 16... 79.120 34, 329 22,863'L 19, 928 203, 331 138, 415 136, 041 2,374 119, 809 Feb. 23... 76.121 33, 833 20, 360|. 19, 928 212, 095 139, 043 136, 357 2,686 122, 273 Mar. 2... 73, 395 34, 329 17,138: 19,928 211, 084 139, 465 135, 971 3,494 118,936 Mar. 9... 69, 914 34, 005j 13,981! 19, 928 211, 053 137, 888 136, 906 982 116, 192 Mar. 16.. 66, 810 33, 613| 13,625 17, 572! 217, 974 143, 252 141, 997 1,255 114,145 Mar. 23.. 79, 752 45, 267 12,799! 19, — 197, 937 135, 895 135,159 736! 111,869 Mar. 30.. 85, 227 49, 961 13,080! 19, < 187, S42j 128, 875 127, 521 1,354 116,558 Apr. 6__._ 68, 905 35, 775 10,943 L 19, 687 218, 292! 144, 796 143, 611 1,185j 116, 395 Apr. 13... 70, 446 36, 887! 11,372], 19, 687 219, 426! 135, 490 132, 662 2,828 127, 642 Apr. 20... 72, 542 39, 700i 11,655. 19, 687 215, 317| 142, 685! 139, 258 3,432 119, 937 Apr. 27... 80,884 47, 247j 12,450'. 19, 687 204, 614 137, 501 133, 665 3,836 120, 263 May 4___ 74, 966 40, 268 13, 549J 19, 649 214, 336 142, 050 140, 194 1,856 120,769 May 11.. 72, 051 38,888 13, 576! 18, 087 207, 537 134, 405! 132, 406 1,999 124,763 May 18.. 82, 027 47, 329 13, 847 19, 351 202, 998| 139, 552| 137,101 2,451 124,066 May 25.. 80,455 43, 624 13, 071 22,260!. 202, 957j 136, 975 134, 840 2,135 124,821 June 1 93,127 54, 269 12, 343 25,015 191, 978J 136, 401 133, 720 2,681 129, 425 June 8 83,102 38, 1131 13, 009 30, 480J 207, 050l 144, 038 140, 415 3,623 125, 239 J J J u u u n n n e e e 2 2 1 2 9 5 . . . . . . . . . 8 8 9 3 7 9 , , , 9 7 5 8 1 6 1 8 3 3 4 5 9 6 7 , , , 8 2 5 2 0 9 6 8 6 J 1 1 1 3 3 4 , , , 1 3 6 4 6 2 8 4 5 2 2 2 6 9 6 , , ,7 7 9 6 6 7 0 2 3 2 1 1 8 9 0 8 2 1 , , , 5 1 0 1 9 5 2 5 2 i ; 1 1 1 3 3 3 9 6 5 , , , 5 9 0 2 7 3 4 1 1 1 1 1 3 3 3 9 3 4 , , ,1 3 0 0 6 2 4 0 0 2 1 , , 1 9 9 6 2 5 4 7 1 1 1 1 2 2 2 9 7 3 , , , 8 0 2 9 5 5 9 4 9 July 6.... 89, 907 i 47, 420! 14, 325 27,162 202, 330; 138, 361 ! 137,160 1,201 133, 060 July 13-. 87, 001 43, 995! 15, 221 26, 785 203, 488 138,423! 137,321 1,102 131, 308 July 20... 85, 559 41, 8581 14, 758 27, 943 202, 326; 140,141!! 138,628 1,513 126, 780 July27._. 84, 730 12, 846 27, < 201, 507) 134, 409' I 132,340 2,069 128, 491 Aug. 3... 83,312 42,916 9,770 29,626 206,801! 140,339'I 137,802 2,537 129,015 Aug. 10-_ 76, 573 37,402 ,| 30,660j__ 212, 210i 136,190jj 134,585 1,605 129, 700 Aug. 17- 75, 783 37,153 6,567j __ 32,0631 219,3651 140,083 138,180 3,903 130, 683 A A u u g g . . 2 3 4. 1 _ .- 7 74 5 , , 1 7 0 9 4 1 3 36 8 , ,0 8 5 0 8 3 3 3, , 0 8 7 9 9 6 1 3 34 3 , , 9 1 0 5 9 0 2 2 2 2 3 0 , , 9 0 2 9 3 7 ! ! 1 1 3 4 9 0 , , 4 1 1 5 5 4 1 1 3 3 7 9 , , 2 7 7 2 9 6 If1 8 "" 75 1 13 2 1 9 , , 9 9 2 1 7 5 Sept. 7— 81,144 38, 979 6,088 36, 077 221,905 142,078 138,7 3,312 135, 202 Sept. 14._ 81,464 38,027 8,443 34, 994 219,269 139, 537 138, 756 781 137.353 Sept. 21.. 81,091 35,002 10, 712! 35, 377 219, 768[ 141, 701 139,255 2,446 131,331 Sept. 28.. 82, 615 35,603 11, 633| 35, 379 219,472 139, 767 137, 724 2,043 134,487 Oct. 5 78,186 31,482 10, 510 36,194 223,998| 144, 397 142, 205 2,192 130,594 Oct. 12... 83, 566 35,404 11, 940 36,222 221, 681! 141,813 140,252 1,561 136,435 Oct. 19... 89,436 38, 563 12, 601 38,172 207,184! 139,319 137, 702 1,617 131,143 Oct. 26— 95, 668 40,286 15, 537 39, 745 203, 537 141,479 139,902 1,577 129,664 Nov. 2... 102, 391 38,137 22,202| 41,952 191,224J 138,803 137, 634 1,169 128,303 Nov. 9... 109,104 37, 982 28,2311 42, 791 194, 764! 134,892 132,140 2,752 137, 679 Nov. 16.. 123,891 34,567 30, 730 58,494 183,4641 151, 388 147, 958 3,430 131,473 Nov. 23.. 114,249 34,358 32,297 47, 494! 189,369! 138, 679 137,059 1,620 137,137 Nov. 30.. 117, 560 40, 682 32, 048 44,730 190,656| 142,811 141, 509 1,302 137,835 Dec. 7.— 111,413 33,329 32, 554 45,430 195,235! 135,862 135,047 815 142, 659 Dec. 14... 120,107 41,408 32, 677 45,922| 194, 511j 137,875 136,960 915 149,036 Dec. 21— 136, 554 49,129 41,661 45, 6641 174,116 135,118 133, 865 1,253 150.354 Dec. 28— 143,872 55, 829 42,279 45, 664! 172, 514; 143, 614 141,483 2,131 146,469 1 Includes "other securities, Jan. 5 to Aug. 10 and Oct. 19 to Dec. 28." Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

142 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No. 58.—PRINCIPAL RESOURCES AND LIABILITIES OF EACH FEDERAL RESERVE BANK, BY WEEKS—Continued CLEVELAND [In thousands of dollars] Bills bought in United States Deposits open market securities Bills Total dis- Federal bills counted Total Mem- reserve Date and for Under cash ber notes r s i e t c ie u s - m b e e m r - Bo o u u g t- h t £ ~ ™ "X e B | o o u u g t h - t a re g s r a e l e e - reserves Total re b s a e n r k ve O d t e h - er in l a c t i i r o c n ubanks ri^ht i ment ! right ment bal- posits ances 1927 Jan.5 142,136 74,195 32,598: 35,343 266,756 181, 921 176,638 5,283 213, 333 Jan. 12... 136, 554 70, 581 30,6311 35, 342 279, 000 184, 012 180,629 3,383 212,466 Jan. 19._. 122, 546 58, 631 28,572; 35, 343 277,438 182, 965 177, 983 4,982 200,401 Jan. 26... 114,431 51,185 27,903! 35,343 287, 952 180, 924 178,497 2,427 201,188 Feb. 2____ 117,937 53, 639 28, 465 500 35, 333 309,086 210,415 208, 527 1,: 195,959 Feb. 9.... 110, 719 48,630 26, 257 500 35, 332 297,438 186,796 184, 049 2,747 200, 044 F F e e b b . . 2 1 3 6 . . . . . . 1 11 0 0 8 , . 1 6 6 7 9 7 4 4 3 4, . 6 2 8 2 2 8 1 2 2 6 9 , , 4 9 0 5 8 6 1,0 5 3 4 3 3 3 3 6 6 , , 4 4 9 9 8 8 3 2 0 9 0 7 , , ! 788 1 18 8 2 9 , , 8 6 9 2 1 4 1 1 8 7 5 9 , , 6 3 6 6 5 1 4 3 , , 2 2 2 6 6 3 2 1 0 9 2 8 , , 0 4 2 9 8 4 Mar. 2... 100, 393 36, 572 27, 223 36, 598 331,156 207, 502 203,028 4,474 204,491 Mar. 9... 91,195 30, 977 23, 620 36, 598 323, 598 186, 302 184, 257 2,045 206,376 M M M a a a r r r . . . 2 1 3 3 6 0 . . . . . 1 9 9 0 4 1 4 , , , 1 3 8 6 5 8 3 1 6 3 3 7 7 , , 4 98 5 1 9 2 2 2 0 0 2 , , , 6 8 4 6 2 5 3 3 4 1 3 4 3 6 6 3 , , , 6 6 9 0 1 0 4 6 4 3 3 31 2 2 5 7 4 , , , 9 4 3 6 3 2 1 1 2 2 1 1 9 0 9 1 0 4 , , , 7 0 2 5 2 0 3 6 7 1 1 1 9 9 8 1 8 8 , , , 9 1 1 0 1 1 3 6 2 3 2 1 , , , 6 9 3 1 4 0 0 1 4 2 2 2 0 0 0 2 4 3 , , , 9 1 7 0 4 0 8 7 7 Apr. 6.... 102,150 44,811 20,7341 36, 605 i _ 316, 255 194,273 191, 576 2,697 204,162 A A A p p p r r r . . . 1 2 2 3 7 0 . . . . . . . . . 1 1 1 0 0 0 8 8 6 , , , 3 7 7 5 6 9 3 1 6 4 5 5 9 2 1 , , , 2 5 9 9 2 2 5 5 0 2 2 1 0 0 9 , , , 2 1 8 0 9 1 9 6 4 ; 3 3 3 6 6 6 , , , 6 6 6 5 7 2 2 5 4 1 : !. . 3 3 3 0 0 1 3 4 6 , , , 9 2 f 0 0 5 2 ' 1 1 1 7 8 8 7 7 4 , , , 5 2 5 8 4 5 1 1 7 1 1 1 7 8 8 5 4 1 , , , 0 5 4 9 3 3 1 9 4 2 3 3, , , 1 1 0 0 6 4 7 6 2 2 2 2 0 1 1 8 3 4 , , , 7 4 8 1 0 8 6 8 1 May 4... 104, 538 47, 538 20,420! 36,,580| 325, 634 198, 833 195, 709 3,124 210,456 May 11... 96, 627 43, 829 20,402! 32,396! 323,426 189, 861 187, 378 2,483 214, 300 May 18__ 103, 562 50,437 19,149 | 33,976! 313 ( 193, 071 190,147 2,924 209, 698 May 25__ 107, 580 52, 117 17,850 37, 613! 319^ 375 195, 591 192, 708 2,883 212, 673 June 1 109, 953 46,936 18,330 44,687!. 310, 696 189, 958 186, 428 3,530 213,576 June 8 124, 874 57, 894 17,721| 49,2591. 303,425 197,112 193, 754 3,358 214, 052 June 15... 123.170 59,118 17,701 46,3511. 302, 662 199, 797 197,152 2,645 211, 807 June 22... 93, 95^ 31,413 18,181 44,363i. 322, 333 190, 397 187, 487 2,910 210,110 June 29... 108,405 43,924 19,862 44, 622!_ 310, 982 187,159 184, 324 2,835 213, 535 I July 6 107, 495 43,136 18,966 45,393!. 324, 667 196,175 194,428 1,747 216,060 July 13. . 101, 729 37, 285 19,445-.. 44,999 319,366 191,615 189, 890 1,725 217, 758 July 20.._ 92, 929 28,282 18, 966! 45,681 320, 651 187, 256 185, 694 1,562 211,164 July 27-. 92, 441 30,162 16,536 45,743 193, 684 191, 240 2,444 213,094 Aug. 3__. 102,147 40, 047 14,667 47,433i. 322, 795 197, 111 194,907 2,204 209, 774 Aug. 10-_ 96,411 34,982 12,9641 48,465!. 329,111 191, 266 189,030 2,236 214,999 Aug. 17. _ 89,190 27, 882 11,2811 50,027!. 334, 346 190,661 3, 457 211, 644 Aug. 24. _ 90,824 28, 711 11,0231 51,090j. 340,076 193,3361 190,848 2,488 215, 399 Aug. 31. _ 92, 344 28,0401 11,436! 52,868|. 331,126 188, 290 186,367 1,923 212,822 Sept. 7... 96,049 28, 200 13,24ll 54,608|. 329,887 190, 329|187, 659 2,670 214,401 Sept. 14.. 108, 232 40, 368 14,547; I 53,317!. 318,874 192, 6571190, 228 2,429 216, 856 Sept. 21.. 112, 594 42, 898 15,4181 54,278! 316, 589 194, 779|191,850 2,929 211,852 Sept. 28.. 107, 768 36, 384 17,003. 54, 381i. 317,976 188, f" 185,061 3,519 213,028 Oct. 5 114, 366 42,7561 16,066! 55,544!. 310, 582 190,8 188, 49: 2,363 210, 829 O O c c t t . . 1 1 9 2 . . _ . . . 1 1 2 1 6 9 , , 2 7 6 9 6 5 5 4 C4 3 A, , 5z 3 n9 0 r0 6 \ t1 1 a6 8 , , c6 o2 7 n0 57 . 5 57 5 , , 2 5 0 8 3 5 ; 1 . . 3 2 0 9 6 8 , , 1 0 6 2 9 8 1 1 8 9 9 0 , ,0 2 9 0 5 6 ! j 1 18 8 6 7 , , 9 6 6 8 2 7 2 2 , ,5 1 1 3 9 3 2 2 1 1 6 0 , ,3 1 7 2 9 4 Oct. 26... 107, 442 29, S 19, 530! 58,023'. 308, 609 179,414| 176, 597 2,817 211,820 Nov. 2.. 122,509 43,419 19,966 59,1241. 294,094 184,402J 182, 551 1,851 208, 484 Nov. 9.. 134, 577 55,126 19,873 59,578|- 291, 007 185,968 182, 594 3,374 213, 357 Nov. 16. 142, 402 49, 671 17, 663 75,068| _ 301, 381 214, 610 206, 265 8,345 209,496 Nov. 23. 129,972 37,536 16, 268 76,168! _ 298, 200 188, 219 183, 712 4, 507 215,027 Nov. 30. 117,942 39,987 17,098 60,8571. 311, 565 193,290 190,168 3,122 211, 635 Dec. 7.... 122,820 44, 275 17, 324 61, 22lL 305, 073 186, 530 183, 874 2,656 217,099 Dec. 14... 137, 620 56,126 19,702 61, 792 302, 783 194,903 192, 513 2,390 221, 624 Dec. 21... 156,895 75, " 19,745 61,511 268,916 183,086 180, 852 2,234 227, 284 Dec. 28... 151, 877 70, 572 19,794 61,511 284, 902 188,0621 186,390 1,672 225, 939 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

143 FEDEKAL RESERVE BANKS No. 58.—PRINCIPAL RESOURCES AND LIABILITIES OF EACH FEDERAL RESERVE BANK, BY WEEKS—Continued RICHMOND [In thousands of dollars] Bills bought in United States open market securities Deposits Bills Total dis- Federal Date r s b a i e t i n c i l d e l u s s - c b o m a u b f e o n n e m r r k te s - d B r o o i u g u g h t- h t t U r m e n s e d a n l e e t r B r o o i u g u g h t- h t t U a r m e g n s e r a e d n l e e t e - r re T c s o a e t s r a h v l es Total r M e b b s b a e e a e n m r l r k - v - e p O o d t e s h - i e ts r i r n l e n a s c o t e i i t o r r e v c n s u e ances 1927 Jan. 5 44,685 24,006 13, 620 7,059 116,275 74,689 72, 885 1,804 81,845 J J J a a a n n n . . . 1 2 1 9 6 2 . . . ._ . . . . 4 4 4 0 1 0 , , , 8 2 6 3 1 3 2 9 5 2 2 21 0 1 , , , 0 2 6 9 5 3 6 6 2 1 1 1 2 1 3 , , , 9 9 6 2 2 7 7 0 6 7 7 7 , , , 0 0 0 6 6 5 0 0 9 1 1 11 0 1 3 8 3 , , , 7 4 3 7 2 8 7 9 9 7 7 7 0 3 1 , , , 2 4 7 8 4 1 0 9 7 6 6 6 7 9 9 , , , 1 3 3 3 0 5 0 9 4 4 2 3 , , , 1 3 1 5 6 4 0 3 0 7 7 7 8 5 6 , , , 9 8 2 5 0 4 1 8 2 - Feb. 2... 41,013 22, 805 11,149 7,059 113,212 73,356 71,122 2,234 75, 346- Feb. 9... 39,351 21, 660 10, 631 7,060 114,273 71, 382 69,974 1,408 74, 801 F F e e b b . . 1 2 6 3_ _ _ _ 4 40 2 , , 5 3 4 6 9 2 2 2 2 5 , , 1 8 2 7 1 9 1 1 0 0 , , 1 6 8 1 1 0 7 7 , , 0 0 6 6 0 0 1 10 1 9 3 , , 9 9 6 8 4 0 7 7 0 5 , , 8 4 7 5 4 0 7 67 2 , , 1 3 1 0 8 5 3 3 , , 3 5 3 6 2 9 7 74 3 , , 9 0 2 0 0 1 Mar. 2... 41, 320 23, 597 10,664 7,059 110,867 71,275 69,1 1,391 73,346 Mar. 9... 39,891 23,187 9,645 112, 759 71,026 70,312 714 73,376 Mar. 16.. 36, 205 19, 820 9,014 ',371 115,126 72,086 71,300 786 71, 858 Mar. 23.. 36, 424 20,101 9, 2251 7,098 112, 623 69,816 68,801 1,015 70,992 Mar. 30.. 35, 652 20,113 8,440 7,099 113, 436 70,801 69,096 1,705 69,944 Apr. 6... 36.882 20,162 9,622 7,098 113,611 73,450 71, 904 1,546 69, 449- Apr. 13__ 36,025 19, 580 9,346 7,099] 112,086 70,825 67, 937| 2,838 69, 335 Apr. 20. _ 43,958 26,376 10,483 7,099 102,030 72,066 70,185 1,881 69, 301 Apr. 27.. 38, 921 22, 313 9,509 7,099 104,035 67,434 1,605 68, 297 May 4 41,992 24, 621 10, 317 7,054 105, 7461 74,611 73,814 797 67,130 May 11.. 37,280 21,681 10,392 5,207 103,319 70, 800 67,850 2,950 66,199 May 18.. 40, 204| 25, 759 8,448 5,997 99,448 71, 395 69,478 1,917 65,346 May 25.. 40, 303 23,638 7,816 98,612 70,480 67, 552 2,928 64,109- June l... 39, 916 22, 248 8,139 9, 529 101, 023 73,238 68/ 4,260 64,054 June 8__. 41,277 19, 374 8,486 13,417 97,817 72, 765 69, 548 3,217 62,874 June 15. . 38, 261 19,590 8,329 10, 342 98, 738 71,353 70, r" 465 61,880 June 22.. 44,036 24, 637 8,825 10, 574 92, 513 71,437 69,445 1,992 60,749 June 29.- 42,076 22,121 9,379 10, 576 95,040 70,422 68,223 2,199 60,374 July 6-... 49, 504 24, 753 8,926 15, 825 87,189 73,156 71, 398 1,758 61, 017 July 13... 48,744 23,929 9,221 15, 594 88,416 72, 542 71, 715 827 59, 695 J J u u l l y y 2 20 7 . . _ .. . 4 4 5 6 , , 6 2 8 1 5 9 1 1 8 9 , ,4 9 2 8 9 2 1 9 0 , , 5 4 1 4 0 2 1 1 6 6 , , 7 7 9 4 5 6 9 91 0 , , 0 2 7 7 9 2 7 7 2 3 , , 8 2 4 5 2 9 7 71 0 , , 5 ~ 5 " 2 2 1 , , 2 37 9 6 0 5 57 9 , , 7 0 8 4 9 3 ' Aug. 3__. 46, 728 19,161 9,133 18,434 93,530 77, 372 75, 993 1,379 57, 774 Aug. 10 _. 45,464 17, 324 8,672 19,468 91,863 73,945 72, 511 1,434 58, 356 Aug. 17_ _ 51,381 21, 283 9,201 20,897 90,397 77,173' 75, 669 1,504 59,037 Aug. 24_. 53,381 20, 659 10, 034 22,688 74, f"" 72, 655 2,233 59,225 Aug. 31_. 59, 909 21,890 12, 492 25, 52' 81,819 73, 598 70, 721 2,877 59, 201 Sept. 7-.. 66, 593 24,120 15, 509 26, 964 77, 228 74, 374 72,087 2,287 62,157 Sept. 14.. 70,411 25,085 19,694 25, 632 74,082 74,130 72,890 1,240 63,120 Sept. 21.. 80, 671 29, 656 23,557 27,458 63, 235 71, 760 70, 576 1,184 63,338 Sept. 28.. 82, 783 28, 227 27,101 27, 455 66, 285 74, 749 70,880 3, 869 63, 676- Oct. 5_._. 87,456 29,749 30, 252 27,455 66,176 74,7 72,754 2,003 66,895 Oct. 12... 89,720 29, 014 33, 251 27,455 61, 997 72,193 69,992 2, 201 69,478 Oct. 19.. . 83.883 33, 37J~ 38,053 12, 455 68, 503 73, 340 72,555 785 70,800 Oct. 26... 83, 265 27, 579 43, 247 12,439 74,165 76, 505 73.010 3,495 71, 232 Nov, 83, 629i 23,959 47, 283 12.387 74, 915 76, 665 76.011 654 72, 752 Nov 9.... 83, 542J 23, 301 47,853 12.388 78, 558 77, 554 74,918 2,636 75, 517 Nov 82, 233 18, 702 48,114 15,417 83,675 82, 337 79,002 3,335 76, 602 Nov, 23... 85, 027 21,070 50, 041 13,916 78, 327 77,167 75, 397 1,770 77, 594 Nov, 30... 81, 396 18, 953 50,026 12,417 75,945 72,498 71,071 1,427 76,478- Dec. 7__. 81, 507 19, 809 49, 282 12,416 81, 767 74, 667 73, 648 1,019 78, 276 Dec. 14... 83,320 20, 840 49,881 12, 599 78, 586 74, 302 73, 511 791 77, 930 Dec. 21... 92,179 28, 751 50,976 12,452 70, 328 73, 621 72, 208 1,413 81,122 Dec. 28— 89, 440 28, 636 48,352 12, 452 71, 921 74, 347 73,190 1,157 80, 263 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

144 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No. 58.—PRINCIPAL RESOURCES AND LIABILITIES OF EACH FEDERAL RESERVE BANK, BY WEEKS—Continued ATLANTA [In thousands of dollars' B o il p l e s n b o m u a g r h k t et in Un s i e t c e u d r it S ie ta s tes Deposits Bills I Total dis- |- Federal Date r s i b a t e i i n c e l d l u s s - l c b o m u a b f e o n n e m r t k r e s - dj B r o o i u g u g h t- h t t U a r m e g n s r e d a e n l e e t e r - B r o o i u g u g h t- h t t U a r m e g n s e r a e d n l e e t e - r re T s c e o a r s t v a h e l s Total r M e b b s b a e e a e n m r l r k v - - e Ot de h - er r n l e n a s o c t e i i t o r r e v c n s u e ances 1927 Jan.5 63, 314 39, 625 21, 895 1,794 178, 472 74, 856 73, 554 1,302 163, 953 Jan. 12_._ 54, 329 33, 329 19,1931 1,8C7 179, 727 70,420 1,612 160,595 Jan. 19___ 51, 275 30, 885 18,565! 1,825 187, 339 74,160 71, 775 2,385 158, 650 Jan. 26... 46,485 28,071 16, 61' 1,797 188, 307 72,074 69, 194 2r~" 157,191 Feb. 2.... 45, 594 28,402 15, 380 1,812 188, 944 68, 879 2,775 157, 538 Feb. 9.... 41, 779 24, 832 14,932 2,015 194, 963 67, 678 160, 702 Feb. 16— 42,042 25,118 14, 715! 2,209 199, 365 73,183 2,114 160,904 Feb. 23— 41,079 25, 372 13, 474 2,233 202,050 69, 745 3,338 162,261 Mar. 2... 44, 338 29, 887 12,230. 2,221 200, 909 69,135 4,661 164, 986 Mar. 9... 41, 691 27, 980 11, 3911 2,320 203, 853 71, 909 382 168, 370 Mar. 16.. 44, 087 30.843 11,2841 1,960 203, 690 68, 604 662 171, 593 Mar. 23__ 45,656 32, 474 10, 877^ 2,305 203,101 69, 010 1,311 173, 496 Mar. 30_- 43, 484 30, 655J 10,397, 2, 432 205,101 2,248 172, 201 r Apr. 6 44,114 30, 093 11,152; 2,869. 204, 749 69, 493 533 173, 972 A A A p p p r r r . . . 1 2 2 0 3 7 _ — — _. 5 4 5 0 2 3 , , , 1 5 2 9 9 8 2 4 1 3 3 2 4 6 7 , , , 3 6 7 8 8 6 6 3 7 1 1 1 2 1 1 , , , 6 5 6 1 5 5 2 3 1 ! i 3 3 , . 2 8 8 7 3 2 !. !. 2 2 1 0 9 0 8 8 1 , , ,8 3 7 0 2 4 0 1 2 6 6 6 8 9 9 , , , 5 6 2 1 0 1 8 8 9 4 4 2 , , , 6 1 9 2 6 5 3 9 7 1 1 17 7 7 3 3 5 , , , 0 1 2 4 2 6 6 8 7 May 4___ 49, 227 33, 536 11, 336 4,055;. 67,114 1,163 172, 947 May 11 __ 50. 3771 34, 338 11,457 4,282. 193,624 69, 513 1,290 171, 268 May 18__ 49, 798 33, 964 10,162 5, 372 . 191, 475 69, 047 2,502 169, 264 May25__ 48,605 31,336 9,577 7,392. 187, 697 65,002 3,356 166, 644 June 1 49,130 30, 968: 8,655 9,2071. 186,020 69, 819! I67, 305 2,514 165,081 June8_._ 52, 023 30, 736 9,403 11, 584 _ 184,187 70, 376 67, 670 2,706 163, 830 June 15_ _ 51, 225 31,474 9,860 I 9,5911. 180,199 68, 616 67,137 1,479 161, 384 June 22 _ _ 52, 738 32, 636 10, 2201. 9, 582 . 178, 067 70,180] 67, 907 2,273 159, 549 June 29. _ 52,076 31, 917 10,1831. 9, 676J- 174, 575 67, 447 64, 725 2,722 157, 544 July 6— 52,840 32, 272 S 10, 43oL 9,838 177, 986 67, 823 66, 401 1,422 160,183 July 13.. . 55, 622 34,832 10, 895! 9,595 173, 927 71, 899: 69, 633 2,266 156, 964 J J u u l l y y 2 2 7 0 . . . . . . 5 5 7 6 , , 8 5 7 9 6 3 3 3 7 5 , , 3 8 4 6 6 1 1 99 0 ,, , 0 88 4 662 9 2: | 1 11 10 0 0 0 , , , 3 3 3 3 8 6 8 6 3 8 3 8 1 16 6 3 6 , ,0 7 3 2 2 1 6 6 7 4 , , 0 2 9 5 3 9| 6 63 6 , , 0 5 6 1 5 8 1, 5 1 7 9 5 4 1 1 5 5 4 2, , 4 4 5 2 0 4 Aug. 3___ 54,163 33,633 8,807 11,423? 169,710 68, 712 67, 373 1,339 152,881 Aug. 10.- 52,123 32,168 7,609 12,046| ! 169,029 64, 756 63,445 1,311 153,252 Aug. 17-. 53, 272 33,160 12,829j_ 172,983 67, 950 65, 708 2,242 153,697 Aug. 24 _ _ 54,660 33, 905 13,507L 169,231 64,974 62,861 2,113 154,006 Aug. 31_ _ 55,647 33,611 7,123 14,613;. 173, 281 66, 742 65,900 842 156,189 Sept. 7... 52,014 29,003 7,439 15,272:. 183,493 69, 711 68,270 1,441 160.913 Sept. 14_. 52.083 29, 938 7,138 14, 707L 182, 686 68, 321 67,692 629 160.914 Sept. 21.. 51,333 32,601 5,756 12,676). 186,421 69,958 68, 702 1,256 161, 540 Sept. 28.. 45, 898 28,145 4,596 12,857;. 190, 523 68, 795 67,057 1,738 162,126 Oct. 5.... 43, 230 26,818 3,165 12,947i. 197,046 71,478 69, 524 1,954 163,339 Oct. 12... 38,197 22, 505 2,404 12,988;. 204, 560 78,480 66, 595 11,885 162, 898 Oct. 19... 40, 913 25,129 2,414 13,3701. 194,076 68,361 66, 822 1,539 160,551 Oct. 26... 38,484 22,438 2,281 13,765';. 192,336 68,156 65, 926 2,230 156, 511 Nov. 2... 42, 601 26, 739 2,033 13,829!. 189,960 67,800 868 156,005 Nov. 9-_. 41, 391 25,689 1,849 13,853:. 185, 524 66,345 64, 334 2,011 154, 992 Nov. 16.. 47, 293 29,831 2,617 14,845j_ 181,281 71,053 69, 764 1,289 151,825 Nov. 23.. 54, 607 36,920 2,723 14,964!. 168,105 68,184 66,970 1,214 150,000 Nov. 30.. 57,618 39, T" 2,546 14,913!. 164,502 68, 333 67,634 699 148,067 Dec. 7.... 52,751 34, 732 2,541 15,218' 171, 69, 914 69,414 500 147,957 Dec. 14... 51, 366 33, 606 2,302 15,198| 169,209 67,485 66,930 555 146,122 Dec. 21... 52.084 35, 739 2,302| 13,783 170,351 69, 942 68, 207 1,735 149,379 Dec. 28... 48, 769 32, 685 2,251' 13,573 I 175,177 72, 903 69, 620 3,283 147,230 1 Includes "other securities," Apr. 27 to Oct. 12 and Nov. 3 to Dec. 28. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

145 FEDERAL RESERVE BANKS No. 58.—PRINCIPAL RESOURCES AND LIABILITIES OF EACH FEDERAL RESERVE BANK, BY WEEKS—Continued CHICAGO [In thousands of dollars] Bills bought in United States open market securities Deposits Bills Total dis- Federal Date r s b a i e t i n c i l e d l u s s - c b o m a u b f e o n n e m r r k te - s d B r o o i u g u g h t- h t t U a m g n e r d e n e e t - r B r o o i u g u g h t- h t t U a r m e g n s e r a e d n l e e t e - r re T c s o e a r s t v a h l es Total r M e b b s b a e e a e n m r l r k - v - e p O o d t e s h - i e ts r i r n l e n a s c o t e i i t r r o e c v n s u e ances 1927 Jan.5 215,001 119,961 47,531 46,161 1,348 385, 775 343,376 336,832 6,544 245,440 Jan. 12.._ 176,498 82,143 41,137 5,442 46,161 1,615 401,234 328,620 322,525 6,095 233,805 Jan.19... 178, 529 90, " 37, 621 3,533 46,161 1,045 396, 660 335, 038 323,973 11,065 225,295 Jan. 26.- 170,666 82,635 38, 326 2,669 46,161 875 395,840 327,059 319,403 7,656 216,873 Feb. 2____ 165,473 76,957 36,921 3,! 46,161 1.440 393,222 325,505 319,052 6,453 211,423 Feb. 9._._ 158, 775 69, 056 36, 548 4,815 46,161 2,195 401, 463 322,321 315, 590 6,731 213, 538 Feb. 16... 163, 251 78,871 33,484 4,705 46,161 30 415, 778 344,713 340. 667 4,046 210,803 Feb. 23... 149, 542 65,295 33, 506 4,380 46,161 200 396,943 300, 769 297,168 3,601 214, 843 Mar. 2... 155, 712 74,835 30,088 4,048 46,161 580 406,466 322,912 317,365 5,547 217, 752 Mar. 9-_. 159, 652 80, 528 28, 681 3,902 46,161 380 410,413 323,477 321,414 2,063 221,497 Mar. 16.- 167, 353 61,983 27, 505 3 630 73, 064 1,171 414, 782 338,514 336, 749 1,765 218, 984 Mar. 23.- 141,105 60, 521 27, 236 3,646 46, 342 3,360 421, 383 317, 280 315,133 2,147 220,352 Mar. 30.- 153, 693 74, 608 26, 384 4,210 46, 343 2,148 398, 703 306,327 302,689 3,638 221, 710 Apr. 6 143, 085 60, 729 26, 331 3,373 46, 346 6, 306 442, 741 338, 623 336, 038 2,585 227, 526 Apr. 13... 121,578 38, 579 27,060 4,118 46,345 5,476 459, 553 328,229 325,354 2,875 229,357 Apr. 20... 140,637 27, 924 3,987 46,345! 3,493 451, 903 342.179 338, 305 3,874 228, 755 Apr. 27... 144,173 62, 907 27, 278 4,344 46, 346 3,298 434,057 330.695 327,034 3,661 225,235 May 4__. 152, 290 72, 377 27, 584 3,617 46,142 2,570 436, 679 341,954 337,888 4,066 223, 662 May 11__ 118, 784 47,928 28,468 3,148 37,815 1,425 454,823 337,659 334,490 3,169 222,871 Mayl8_. 114,470 44,890 24,195 3,938 40,027 1,420 458,487 336, 646 333, 264 3,382 222,362 May25_. 131,203 54, 972 24, 049 3.524 45,118 3,540 445,380 338,417 334, 702 3,715 221,040 June1 157.396 78, 033 22,172 4,629 49,879 2,683 423, 280 335,880 333,425 2,455 226,153 June 8 137, 725 46,345 23,438 3,518 63, 679 745 438, 653 335,622 330, 071 5,551 224,852 June 15. _ 148, 972 44, 521 24, 77' 4,302 73,815 1,557 436, 842 351, 799 349, 072 2,727 221, 503 June 22. _ 159, 791 75, 732 26,357 1,995 53, 640 2,067 417,046 337, 695 334,347 3,348 225, 774 June 29. _ 159,615 72. 244 28, 212 2,400 53, 647 3,112 417,871 325, 926 319, 537 6,389 229,417 July 6 160, 559 75, 655 24,488 3,197 54, 397 2,822 438,484 337, 578 335, 715 1,863 244, 521 July 13.- 128,404 44,307 26. 735 2,301 53, 714 1,347 455, 500 331,109 327, 698 3.411 240,967 July 20. _. 141, 443 55, 208 26, 524 1,824 56,855 1.032 435, 663 322, 929 3,554 235,388 July 27... 136, 248 52, 357 25, 703 1,867 55, 964 357 450,154 337, 732 333,424 4,"- 230, 709 Aug. 3__. 144, 065 58, 323 20,425 1,503 59, 539 4,275 454, 005 344, 235 340, 960 3,275 236,160 Aug. 10_- 129,442 47, 407 16, 285 2,636 61,974 1,140 463,357 336,861 334, 623 2,238 237,617 Aug. 17. . 124, 976 39,131 16,135 4,469 63, 721 1,520 480, 622 348,199 344,128 4,071 236,834 Aug. 24.- 125,153 37, 019 18, 233 3, 723 65, 723 455 482,819 349, 063 344,638 4,425 236,030 Aug. 31_. 124,384 32, 762 17,098 3,615 69, 049 1, 486,217 350, 612 347,027 3,585 235,020 Sept. 7__. 124,656 30, 570 17,098 4,944 71,959 85 494,183 349,483 345, 399 4,084 245,866 Sept. 14.. 133, 947 37, 638 18,833 4,842 69, 264 3,370 480,135 348, 654 346,142 2, 512245,163 Sept. 21.. 129,458 32, 646 21,082 3,772 69,915 2,043 483,13" 343,793 340,335 3,458 245,449 Sept. 28.. 137,800 34, 589 20, 879 4,627 72,419 5,286 475, 489 347,396 341,880 5,516 241, 369 Oct. 5.... 134, 297 37,874 19,014 4,105 71, 314 485,884 353, 521 350,130 3,391 239,425 Oct. 12... 132, 284 33,043 19,380 5,634 71, 362 2,865 492,874 353, 814 351, 526 2,288 241,182 Oct. 19... 156, 245 51,129 26, 223 4,310 73,913 670 465, 671 363, 261 360, 274 2,987 239, 276 Oct. 26... 158, 363 44,174 31,425 4,810 75,934 2,020 446,101 340, 721 337,474 3,247 235,302 Nov 2 172, 907 53, 550 34, 910 3,283 78, 709 2,455 352,183 348,887 3,296 235, 654 Nov. 9.-.. 175, 258 52,164 39,075 4,122 79,807 90 422, 782i 333,854 329, 815 4,039 236,447 Nov 16... 185,440 38,186 42, 517 5,327 97,365 2,045 423, 780 351,100 345,116 5,984 232, 434 Nov. 23... 202,830 50, 521 44,112 3,007 104,865 325 399, 744 331, 700 329,434 2,266 241,814 Nov 30... 194, 858 60, 896 47,121 2,826 83, 295 720 423,376 344, 405 342,432 1,973 246, 426 Dec. 7.... 198, 797 59,473 50,623 3,120 84,646 935 421,505 341.788 340,012 1,776 249,877 Dec. 14... 230, 796 83, 934 56, 671 3,652 85, 699' 840 402,913 352, 570 350,130 2,440 253,911 Dec. 21... 220, 860 68,444 63,195 3,008 85,143; 1,070 415, 612 356,363| 354, 294 2,069 265,110 Dec. 28.. 213, 826 6.1,759 62,062 2, 04" 85,143! 2, 815 438, 551 351, 926j346, 855 5,071 271, 754 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

146 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No. 58.—PRINCIPAL RESOURCES AND LIABILITIES OF EACH FEDERAL RESERVE. BANK, BY WEEKS—Continued ST. LOUIS [In thousands of dollars] Bills bought in United States open market securities Deposits Bills Total dis- Federal Date r s b a i e t n i c i l d e l u s s - c b o m a u b e fo e n m n r r k t - e s d B r o o i u u g t g h - h t t U a m g n r e d e n e e t - r B r o o i u u g t g h - h t t a U r m e g n s r e a e d n l e e t e - r re T c s o e a r s t v a h l es Total r M e b b s b e a a e e m l n r - r - k ve O d t e h - er i r n l e n a c s o t e i i t r r o e c v s n u e ances 1927 Jan. 5_.__ 55, 617 26,314 9,025 20, 278 83,224 85, 694 83, 879 1,815 47, 719 Jan. 12... 51, 603 20, 750 10,479 20, 374 84, 111 83,361 81, 488 1,873 46, 794 Jan. 19... 46,974 16,491 9,968 20, 515 87, 774 83, 838 80,933 2,905 46,412 Jan. 26. .. 43, 446 12, 380 10,301 20, 765 91, 245 81,966 79,681 2,285 45,905 Feb. 2____ 45,175 13,104 11,306 20, 765 90,304 81,176 79, 424J 1,752 46, 028 Feb. 9— 44, 057 11, 678 11, 262 21,117 89, 750 82, 293 80, 536 1,757 45, 359 Feb. 16— 15,602 9,830 21,414 90, 621 84, 544 82, 786 1,758 45, 029 Feb. 23— 48, 251 16,390 9,857 22, 004 86, 327 84, 019 81, 598 2,421 44, 894 Mar. 2... *47, 699 16, 507 8,658 22, 534 87, 016 82, 701 79, 423 3,278 44, 749 Mar. 9_._ 42, 337 10, 784 8,723 22,830 91, 547 82, 266 81, 316| 950 44, 415 Mar. 16. _ 55, 860j 13,191 8, 843 33, 826 83, 938 88, 345 87, 252! 1,093 44, 244 Mar. 23.. 60, 0741 14, 998 17,419 27, 657 73,811 81, 505 597 43,435 Mar. 30.- 65, 569 17,968 19,944 27, 657 70, 554 83, 737 81, 706j 2,031 43,559 Apr. 6.... 59, 272 10, 834 20, 779 27, 659 73, 656 83, 038 81, 493; 1,545 42, 923 Apr. 13— 61, 543 12, 831 21, 053| 27, 659| . 73, 694 84, 248 82, 207 j 2,041 43, 324 A A p p r r . . 2 2 7 0 — — 6 6 2 3 , , 7 8 6 5 1 7 1 1 2 7 , , 1 7 9 8 9 3 2 1 2 8 , ,9 3 9 1 9 9 2 2 7 7 , , 6 6 5 5 9 9 . . 6 6 6 9 , , 8 20 8 6 3 81, 263 8 78 0 , , 8 5 0 6 9 7 ! 2 2 , , 4 2 5 5 4 9 4 42 3 , . 1 8 3 4 0 & May 4___ 61,308 17, 280 16, 475 27, 5531 71, 366 81, 798| 1,364 43,203 May 11__ 54, 785 17,389 14,200 23,196i. 75, 691 81, 401! 1,639 42, 654 May 18. _ 60, 311 24, 545 11, 780 23,986 68, 337 77, 764| 2,511 42,459 May 25. _ 62,659 24,191 12, 663 25, 805' 69, 057 82, 398 2,212 41, 675 June 1 72, 506 33,107 11,908 27,491!. 54,417 76,170 2,478 41,878 June 8 58, 578 20, 648 12, 695 25, 235 _ 71, 816 81,954| 1,907 41, 444 June 15. _ 57, 283 17, 026 11,427 28,830. 77, 585 88,194 1,022 40, 922 June 22. _ 66, 672 26, 219 11,123 29,330. 64, 652 81, 800) 2,398 40, 791 June 29. _ 75,101 33, 370 11, 898 29,833:. 55,912 84, 255 81, 849j2,406 40,456 July 6 64,858 33, 557 11, 468 19, 833 _ 64, 85, 502 84, 661| 841 40, 406 July 13— 64,120 23, 265 10, 991 29, 864^. 62, 833 82, 566 80, 655 1,911 39, 320 July 20._. 32,662 9,758 26,360:. 61,185 84, 073 82.179 39,112 July 27_._ 61, 662 26,867 8,229 26, 566 . 68, 470 84, 592 82, 755 l)837 38,961 Aug. 3__. 57,182 23,097 5, 28,3861. 72,181 82,757 81,898 859 39,531 Aug. 10__ 55,698 20,431 4,987 30,280. 71,711 80,777 79,507 1,270 39,606 Aug. 17— 60,918 25,430 3,913 31,575L 68,755 82,112 80,177 40,422 Aug. 24— 62,114 26,198 3,827 32,089. 66,752 80,964 78, 891 2^073 40,831 Aug. 31... 66,395 28, 701 4,577 33,1171. :i 61,478 77,i 76, 317 1,331 41,276 Sept. 7... 64,151 24,932 4,944 34,275'.... 69,875! 83,207 81, 755 1,452 42,855 Sept. 14.. 62,580 23, 993 5,385 33,202 70,5831 81,583 80,4001 1,183 43,197 Sept. 21.. 71,171 30,901 4,733 35,537 62,642 79,528 78, 744 784 43,705 Sept. 28.. 69,654 28,753 4,862 36,039: 66,155 80,798 79,216 1,582 44,917' Oct. 5 .... 62,077 21,073 4,416 36,588.. 80,155 84,359 82,193 2,166 47, 501 Oct. 12... 59,271 18,805 3,866 36,600. 87,369 96,033 79,816 16,217 49,624 Oct. 19... 68,860 28,260 3,700 36, 900 . 79,068! 86,182 84,092 2,090 51,225 Oct. 26... 64, 202 22,910 4,174 37,118. 85,578' 86,601 84,713 1,888 51, 537 Nov.2.... 62,837 20,582 4,874 37,381! 84, 509 83,138 1,371 53,016 Nov. 9... 60,003 17,536 4,955 37,512 87, 7481 85,186 83,082 2,104 53,200 Nov. 16.. 60,141 12,127 5,297 42,717.. 98,449 95,294| 90,474 4,820 53, 208 Nov. 23.. ",519 19,119 42,717 86,618 90,239, 87,570 2,669 53.131 Nov. 30.. 61,061 18, 723 4,439; 37,899; 89,321 86,025 84,210 1,815 53,420 Dec. 7—. 54,835 12,449 4,387 37,999 _ 97,746 89,360^ 88.180 1,180 54,409 D De e c c . . 1 2 4 1 . . . . . . 5 65 6 , , 5 6 6 4 3 0 2 1 2 3, , 9 8 0 3 6 1 4 4, , 3 5 8 6 7 9 ! J 3 3 8 8 , , 3 1 4 6 7 3 . . 9 8 2 2 , , 9 93 2 8 9 ' 8 8 5 5 , , 0 6 9 3 3 9 8 8 4 3 , , 3 5 5 4 6 6 ' 1 1 1 , , 0 73 9i 7 3d ] 5 5 05 7 0, , ,3 5 0 2 0 4 Dec. 28__. 62, 707! 19, 585 4,959i 38,163. 90, 111 88, 528 86,445! 2,083 57, 536 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

147 FEDERAL RESERVE BANKS No. 58.—PRINCIPAL RESOURCES AND LIABILITIES OF EACH FEDERAL RESERVE BANK, BY WEEKS—Continued MINNEAPOLIS [In thousands of dollars] Bills bought in United States I Deposits open market securities i Bills Total dis- Federal bills counted I Total Mem- reserve Date r s i a t e i n c e d u s - * b m a b f e o n e m r r ks - B r o o i u g u g h t- h t t U a m g n e r d e n e e t r - B rn o n tg u a n n g h t t - h t t I m r a J e g £ e s r ™ e a n e l t" J e er reserves Total r b e b b s a a e e n l r r - k ve p O o t d s e h i - e t r s in l n a c o t i i t r o e c n s uances 1927 J J J J a a a a n n n n . . . . 5 1 1 2 9 2 6 . . . . . . . . . 3 3 3 3 5 3 1 1 , , , ,7 3 3 8 5 0 1 7 4 1 9 3 1 ! i 4 3 4 4 , , , , 0 2 5 4 8 9 8 5 9 7 1 3 1 1 1 1 2 0 0 1 , , , , 8 6 6 5 7 1 7 8 5 1 1 5 1 1 1 1 6 6 6 6 , , , , 4 4 4 4 9 9 9 9 1 1 1 1 8 8 9 8 9 7 8 0 , , , , 4 1 3 2 3 8 9 6 9 9 6 4 5 5 5 5 2 1 1 2 , , , , 1 0 3 2 2 5 8 0 8 4 8 2 4 5 4 4 0 9 9 9 , , , , 4 4 7 5 3 8 3 9 5 4 7 6 2 1 1 1 , , , ,6 5 9 3 0 7 5 9 6 0 3 1 6 6 6 6 4 5 8 6 , , , , 3 5 7 6 4 2 5 8 4 7 3 5 Feb. 2_.._ 32, 017 3,926 11,110 16,481! I 83, 335 46,493 45, 077 1,416 63, 986 Feb. 9—_ 30,948 3,829 10,138 16,481| 1 88, 930 51,171 49, 684 1,487 64, 403 Feb. 16... 31, 013 4,432 10.100 16,4811 I 86, 705 49, 942 48, 314 1, I'- 63, 771 Feb. 23— 30, 4431 4,191 9,771 16,481!. 85, 227 51, 002 49, 609 ll; 63, 611 I Mar. 2... 29,409, 3,309 9,619 16, 4811. 89, 55' 50,401) 48,674 '1,727 64, 092 Mar. 9... 28, 610 3, 05l! 9,078 16,481!. 89, 048 47, 295! 46, 259 1,036 64, 536 Mar. 16.. 32,888 3, 512 7, 951 21,425|_ 87,469 51, 6631 50, 788 875 64,415 Mar. 23.. 28, 783: 5,966 6,276 16,5411. 92, 773 51,955 50, 676 1,279 64, 038 Mar. 30.. 28,938: 5,773 6,625 16,540|. 89, 241 49, 827 48, 521 1,306 63, 973 Apr. 6 29, 241 5,156 7, 54! 16,542|. 91, 879 51,853! 50, 711 1,142 64,931 Apr. 13... 29, 603 5, 381! 7,680 16,542!. 87, 239 48, 562 47,136 1,426 64, 357 Apr. 20... 35, 935 6, 805; 12, 588 16,542. 82, 671 50,736| 49, 340 1,396 64, 207 Apr. 27... 35, 255i 6, 748 j 11, 965 16, 542!. 81, 661 49, 796; 48, 304 1,492 63,182 May 4 35, 8131 7, 239: 12.101 16,473'. 82, 538 50, 245 49, 073 1,172 63, 397 May 11.. 32, 360 6, 298! 12, 422 13,640. 81, 515 49,113 47, 570 1,543 63, 000 M M a a y y 2 1 5 8 . . . . . . 3 3 0 2 , , 9 3 4 8 8 5 8 7, , 2 0 1 3 5 7 ! 1 8 9 , , 1 8 8 9 5 8 1 1 4 5 , , 7 2 2 7 6 2 ' L . 8 81 1 , , 3 5 3 4 8 0 4 4 9 9 , , 2 4 9 3 1 6! 4 4 7 8 , , 9 0 0 6 6 1 1 1, , 5 2 3 3 0 0 6 6 0 1, , 9 7 2 4 6 6 June I.... 32,146i 7, 5741 7,491 17, 081 78, 371 47, 060j 45, 995 1,065 60, 729 June 8.... 36, 608 7, 666 j 7,534 21, 4081 78, 753 53,418 51, 372 2,046 59, 981 June 15... 36,180 6,152 7,01! 23,015. 75,100| 49, 552! 965 59, 757 June 22... 32, 651! 6, 873| 7,498 18, 280:. 78, 254| 48, 863' 47, 726 1,137 59, 373 June 29... 30, 050 4, 274i 7,494 18,282!. 81, 760 49, 785! 47, 800 1,985 I July 6.... 34, 720 9,1781 7,060 18,482!. 81, 551 51, 576| 50,195 1, 381! 62, 052 July 13... 29, 300; 4, 465! 6,532 18,303'. 83, 491 49, 866! 48, 454 1,412 60, 605 J J u u l l y y 2 2 7 0 . . . . . . 3 29 0 , ,4 8 4 84 7 1 : 5 5 , , 8 4 0 4 7 8 ! ! 5 5 , ,9 6 1 8 9 4 1 18 8 , , 7 7 2 5 1 2 ! | . . 8 8 2 0 , , 0 5 2 4 5 6 4 5 8 0 , , 4 49 6 9 1 ! j 4 4 9 7 , , 1 0 2 3 1 7 1 1 , , 4 3 6 4 2 0 5 58 9 , , 4 7 1 5 9 4 Aug. 3_._ 29,676: 5, 4911 4,818 19,3671.. 82,302 50, 400 j 49, 287 1,113 58, 230 Aug. 10. _ 29,348 4, 942 4,653 19,753;. 80,490 49,712! 48, 705 1,007 57, 558 A A u u g g . . 2 1 4 7 . . _ _ 3 3 1 2 , ,3 5 8 8 8 3 ' ! 6 7, , 7 2 8 2 9 1 ! ! 4 4, , 4 4 1 5 7 3 2 2 0 0 , , 3 7 4 3 1 0 L . . 8 7 0 7 , , 0 2 3 8 6 4 5 48 0 , , 9 2 9 2 1 6 4 46 9 , , 6 2 2 4 1 1 1 1 , , 7 6 5 0 0 5 5 5 7 7 , , 3 06 8 5 8 Aug. 31. _ 33, 211j 7,324 4,462 21, 405 77, 679 50, 257 j 48, 579 1, 67: 56, 840 Sept. 7... 32,272J 4,982 5,045 22,225 81,106 49,994 48,418 1,576 58, 530 Sept. 14.. 31,913j 3,965 6,463 21, 465 82, 246 51, 885 50,448 1,437 58, 556 Sept. 21.. 34,925| 4,897 7,473 22, 035 80,283 52,256 50, 762 1,494 58,833 Sept. 28.. 34, 569; 3,376 8, 6361 22, 037 82,387 52, 828 50,787 2,041 59, 438 Oct. 5.... 35, 581! 2,794 9,415 22,852, 85,150 54,017 52, 547 1,470 62,992 Oct. 12... 40,0791 6,493 10,1861 22,880 86, 489 62,717 55, 559 7,158 62,175 Oct. 19... 38, 409 2,007 11,6521.. 24, 230 82, 584 55,096 53, 629 1,467 62,467 Oct. 26... 43, 343 2,153 15,352i 25, 318 79,145 56,078 54, 437 1,641 62, 250 Nov. 2... 48, 685 2,108 19, 235 26, 842 75, 560 55, 884 54,804. 1,080 63, 804 Nov. 9... 50, 437 2,156 20,359 27,422 73, 533 56, 997 55,707 1,290 62, 636 Nov. 16.. 53, 681 2,024 20,227 30, 915 74,329 62, 546 60,445 2,101 62, 681 Nov. 23.. 53, 625 2,364 19,811 30, 915 69, 515 56, 229 55, 007 1,222 61, 708 Nov. 30.. 48,144 3,723 20, 590 23, 276 75, 623 57,628! 56,511 1,117 61, 664 Dec. 7.... 47, 218 2,552 20,335i 23, 776 77, 823 60,168 59,391 777 61, 234 Dec. 14... 48,301 3,542 20,129 24, 040 76,166 58, 284 57, 046 1,238 61,264 Dec. 21... 47,125! 3,571 19, 034 23, 900 73,351 56, 397 54, 822 1,575 62, 072 Dec. 28... 44, 6261 2,234 17, 872. 23, 900 77, 985 57,228 55, 712 1,516 61, 526 1 Includes "other securities," Jan. 5 to Feb. 9 and Aug. 24 to Dec. 28. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

148 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No. 58.—PRINCIPAL RESOURCES AND LIABILITIES OF EACH FEDERAL RESERVE BANK, BY WEEKS—Continued KANSAS CITY [In thousands of dollars] Bills bought in j United States open market securities Deposits Bills Total dis- Federa Date r s b a i e t i n c i l d l e u s s - 3 b m o a b u f e o n e n m r r k te s - d B r o o i u g u g h t- h t t U a r m e g n s e r d a e n l e e e t r - B r o o i u g u g h t- h t t U a r m e g n s r e d a e n l e e e t - r ' 1 I I j rrees T esre o vr t ev a ses Total r M e b b b s a e a e e n m r l r k - v - e p O o d t e s h - i e ts r • r n l e n a s o c t e i i t o r r e v c n s u e ances i 1927 Jan.5 61,432 14,644 18,170 27,468] 1,150| 101,317 91,720 89,854 1,' 71,856 Jan. 12— 57,800 10,764 18,418 27,468 1,150 103,361 89,749 88,847 902 70,688 Jan. 19__. 55,859 10,854 17,537 27,468 102,933 89,007 87,350 1,657 69,491 Jan. 26.. _ 54,838 10,988 16,282 27,568 106,531 90,232 88,592 1,640 68,400 Feb. 2_._. 53,902 10,248 15,586 •• 27,568 500 108,942 92,028 90,865 1,163 68,345 Feb. 9___. 51,371 8,035 15,768 '. 27,568 104,405 85,933 84,612 1,321 68, 683 Feb. 16— 52.308 9,584 15,156 27,568 111,254 92,851 90,299 2,552 67,928 Feb. 23— 51,585 10,416 13,601 ! 27,568 116,375 92,7731 91,100 1,673 68,532 Mar. 2... 48,276 7,513 12,694 27,569 5001 111,181 89,428 87,136 2,292 68,327 Mar. 9... 47,188 7,051 12,068 27,569 500 111,966 88,5671 87,916 651 68,582 Mar. 16.- 51,554 9,429 11,527 29,848 750 110,518 91,985 91,003 982 67,841 Mar. 23 __ 49,013 10,178 10,991 27,594 250 111,162 89,334 88,094 1,240 67,530 Mar. 30.- 47,479 8,631 10,854 27.594 400 110,033 87,309 85,914 1, T 66,824 Apr. 6.... 50,113 10,508 12,009 27,596 107,989 88,971 87,753 1,218 67,155 Apr. 13... 50,222 10,599 12,028 27.595 105,843 87,856 86,509 1,347 66,368 Apr. 20... 52,001 11,932 12,473 27, 596 104,309 90,971 89,691 1,280 65,938 Apr. 27... 54,557 15,363 11,599 27,595 100,302 88,318 87,015 1,303 64,948 May 4 54,861 15,313 11,592 27,456 500 98,747 86,460 349 65,006 May ll.- 49.309 15,834 11,230 21,745 500 103, 288 89,094 87,166 1,928 64,734 May 18__ 52,084 19,124 9,784 22,926 250 99,952 90,267 89,222 1,045 64,323 May 25. _ 53.310 18,189 9,364 25, 507 250 96,568 84,339 2,049 63,511 June 1 53,599 16,813 8,761 27,525 500 86,995 86,148 847 63,319 June 8___. 63,115 18,038 9,244 35,333 5001 86,845 87,215 85,835 1,380 63,991 June 15__. 58,627 15,599 9,175 33,203 6501 91, 594 87,498 870 63,485 June 22... 56,731 17,864 9,330 29,187 350 94,857! .9,441 87,476 1,965 62,893 June 29... 52,902 13,215 10,146 29,191 350 97, 799! 1,007 62,061 July 6.... 56,023 14,438 9,744 29,491 2,350 99,501 91,638 91,135 503 64,177 July 13... 55,213 13, — 9,935 29, 231 2,350 96,837; 89,971 88,545 1,426 63,953 July 20... 52,158 10,926 \ 105 29,777 2,350 102, 860, 91, 566 88,436 3,130 63,867 July 27... 51,604 11,534 7,889 29, 831 2,350 101,1501 2,972 63,361 Aug. 3__. 47, 881 10, 362 30, 652 108, 528 92, 554 90, 297 2,257 63, 714 Aug. 10__ 44, 781 7,691 5,926 31,164 108, 843! 89,983 88, 887 1,096 63, 892 Aug. 17.. 48, 484 11,150 5,266 32, 068 107, 699! 92, 570 90, 825 1, 745| 63, 530 Aug. 24_. 47, 917 9,924 5,320 32, 673 106, 663' 90,902 89, 341 1, 561! 63,187 Aug. 31 __ 48,188 8,765 5,83^ 33,586. 106, 216! 90, 602 89, 145 1, 457! Sept. 7... 49, 521 8,352 6,171 34,' 105, 956^ 90, 741 89, 725 1, 016 64,187 Sept. 14.. 50,919 9,521 7,707 33, 691 102, 601; 89, 513 88, 406 1,107 64, 140 Sept. 21.. 56, 470 13.177 9,057 34, 236| 100, 325 90,927 90,008! 919 64, 268 Sept. 28.. 55, 521 11.178 10,104 34, 239 97,651 86, 951 85, 212 1, 739 63, 706 ! Oct. 5.... 57, 605 12,123 10, 428 35, 054! 95, 780! 88,159 87,392 767 64, 086 Oct. 12... 57, 420 12, 516 9,822 35, 082! 100, 583 87, 616' 10,714 64,985 Oct. 19... 68,195 21, 707 10, 656 35, 832 82, 401 85, 297 84, 126| 1, 171 64, 308 Oct. 26... 64, 530 17, 480 10, — 36, 413 91, 209; 89, 342 87, 928 1, 414 64, 247 Nov.2.... 65, 508 17,046 11,279 37, 183 89, 813] 88, 914 88, 051 64, 742 Nov 9 66, 216 17, 295 11, 213 37, 508 200 91, 5051 90, 940 3, 179! 1,761 65, 683 Nov. 74, 264 20, 546 10, 838 42,880 94, 603 103, 625 96, 0231 7,602 65, 796 Nov.23.- 69, 95" 16,917 10,160 42, 880 98, 001 99, 921 95, 961 3,960 66, 033 Nov.30.-. 66, 518 19, 439 8,926 38,153 94,845! 92, 950 90, 428 2,522 65, 582 Dec. 7... 61, 678 15, 066 8,309 38, 303 99, 275; 92, 447 90, 724 1, 723 66, 979 Dec. 14.. 63, 394 16, 005 8,622 38, 767 99, 289 92, 696 91, 207j 1, 48967, 135 Dec. 21.. 62, 916 16, 599 7,975 38, 342 97, 6941 94,989! 92, 860 2, 129 68, 447 Dec. 28.. 62, 334 15, 920 8,072 38,342!. _! 101,817! 93, 782; 91, 912! i ? 870 68, 045 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

149 FEDERAL RESERVE BANKS No. 58.—PRINCIPAL RESOURCES AND LIABILITIES OF EACH FEDERAL RESERVE BANK, BY WEEKS—Continued DALLAS [In thousands of dollars] Bills bought in United States Deposits open market securities Bills Total dis- Federal bills counted Total Mem- reserve Date r s a i e t n c i u d e - s b m a b f e o n e m r r ks - B r o o i u g u g h t- h t t U a r m e g n s e r d a e n l e e e t r - B r o o i u g u g h t- h t t U a r m e g n s r e a e d n l e e t e - r re c s a e s rv h es Total re b b s b a e a e n r l r k - ve O po t d s h e i - e t r s in l n a c o t i i t r o e c n s uances 1927 J J J J a a a a n n n n . . . . 1 1 2 5 2 9 6 . . - . . . . . . 4 4 4 41 6 6 3 , . . , 1 1 1 5 4 4 7 3 1 0 8 1 4 7 5 6 , , , , 1 1 3 1 3 1 2 4 8 3 5 0 1 1 1 1 3 3 6 4 , , , , 2 1 6 6 1 7 0 0 4 1 1 9 2 3 4 7 5 1 4 2 2 2 2 4 4 4 3 , , , , 1 1 1 8 6 3 9 4 1 0 4 4 6 7 7 9 2 3 , , , 4 1 0 0 1 2 3 0 8 6 5 6 5 1 9 1 8 , , , , 3 1 1 4 0 5 4 5 3 8 3 0 5 5 5 57 9 7 9 , , , , 0 2 9 7 4 2 2 4 9 3 2 4 2 1 1 1 , , , , 4 2 3 1 1 2 8 0 4 0 1 1 4 4 4 4 6 5 3 8 , . , , 1 4 2 4 9 5 6 9 3 9 7 1 Feb. 2—. 41, 538 3,954 13,392 24,192 71,342 59,520 58,276 1,244 43, 646 Feb. 9—. 39, 796 2,822 12, 759 24,215 74, 668 62,466 60,855 1, 611 43, 033 Feb. 16... 39, 586 2,829 12, 534 24,223 77,995 63,916 62, 570 1,346 41, 857 Feb. 23— 39,921 3,541 12,140 24,240 76, 973 61,222 1,674 42,165 Mar. 2... 36,928 2,804 9,853 24, 252 79,118 64,300 62,642 1,6 41, 887 Mar. 9... 36,330 2,709 9,189 24,335 76, 213 61,159 60, 791 41, 598 Mar. 16.. 35, 673 3,611 9,193 22,219 650 79, 071 62,691 61,760 40,793 Mar. 23.. 38,118 3,357 8,489 625 24, 697 950 75,264 62,779 62,282 497 40,202 Mar. 30.. 37, 746 3,537 8,371 714 24, 724 400 72, 566 60,984 59, 797 1,187 38, 960 Apr. 6—. 37, 577 3,870 8,852 75 24, 780 72,849 60,014 973 39, 592 Apr. 13... 38,196 3,963 9,182 24,783 200 70,968 61, 026 59, 562 1,464 38, 539 Apr. 20— 41,052 4,643 9,748 24,833! 1,200 68, 852 62, 580 60,227 2,353 38,237 Apr. 27— 40,134 5,145 9,513 612 24,864 66, 589 61,000 59,127 1,873 37,154 May 4__. 39,511 4,473 607 24, 782 66, 352 59, 383 58,230 1,153 37, 075 May 11-. 34, 612 3,901 10,044 224 19,143 69,131 59,903 58,141 1,762 36, 615 May 18.- 40,396 4,396 13, 734 623 19,818 64, 701 60,351 58,031 2,320 36,196 May 25_. 41,472 4,922 13,275 623 21,346 61,170 59,452 57,33" 2,115 35,352 June 1—. 42, 914 6,209 12,316 250 22, 703 60,105 59, 647 57, 764 1,883 35,395 June 8—. 47,275 6,149 10, 665 250 29, 856 56, 307 58,232 56, 576 1,656 35,994 J J J u u u n n n e e e 2 2 1 9 2 5 — — — 4 4 42 0 0 , , , 2 6 7 3 5 8 7 8 7 6 5 5 , , , 0 9 7 1 1 4 5 8 2 8 9 7 , , , 3 7 8 7 5 7 9 7 4 2 2 2 6 5 9 5 0 2 2 2 25 6 5 , , . 0 0 3 1 2 5 6 3 1 5 6 5 9 3 8 , , , 2 3 6 6 7 6 2 1 4 6 5 5 8 1 8 , , , 1 1 0 0 6 0 9 4 8 5 5 5 7 8 6 , , , 4 0 4 7 9 9 3 7 0 3 1 , , 0 6 5 3 6 18 6 7 3 3 3 4 5 4 , , . 1 9 0 9 5 9 4 9 7 July 6-._. 43,734 6,305 9,811 25, 618 58,364 58, 571 57, 600 971 35, 425 July 13... 43, 998 6, 9,120 421 25, 509 54, 641 59, 316 57, 851 1,465 34, 634 July 20... 46,147 7,537 518 25, 936 53, 928 58, 676 57,193 1,483 35, 050 July 27... 45, 746 8,737 8,958 118 26,183 53,258 57, 585 56,109 1,476 34, 931 Aug. 3__. 45, 439 11,690 6,537 60 26, 852 56, 823 58, 423 57, 452 971 36, 609 Aug. 10 _. 44,536 11,287 5, """ 25 27, 296 57, 299 58, 462 57, 086 1,376 37, 217 A A u u g g . . 2 1 4 7_ _ _ . 4 48 5 , , 6 5 6 5 7 5 1 3 4 1 , , 058 4 5 , , 9 04 33 8 1, 7 02 17 0 2 2 8 8 , , 0 4 1 2 8 9! 5577, ,•1""5 6• 5 5 9 9 , , 6 1 9 2 6 8 5 5 7 7 , , 8 7 2 1 3 4 1 1 , , 8 4 7 1 3 4 3 38 7 , , 4 63 9 5 7 Aug. 31 _. 49, 656 14, 0771 5,028 1,370 29,181I 59, 354 60, 241 59, 283 958| 40, 292 Sept. 7... 51, 868 14, 299! 5,794 1,175 30, 600 61,019 60, 475 59, 245 1,230 44, 043 Sept. 14_. 48,163 11, 0641 6,767 750 29, 582 64, 981 60,170 59, 562 608 44, 893 Sept. 21.. 48, 043 8, 2571 8,680 1,105 30, 001 71, 245 63,108 61, 336 1,772 47, 241 Sept. 28-. 47, 023 5, 586| 10, 294 1,091 30,052 72, 776 63,161 60,892 2,269 47, 296 Oct. 5 47, 762 5,113^ 11, 249 425 30,975 74, 882 64,317 63, 025 1,292 48, 507 Oct. 12... 47,492 4, 797i 11,395 277 31, 0231 75, 974 67,469 66, 226 1,243 48, 099 O O c c t t . . 1 2 9 0 . . . . . . 5 5 9 3 , , 4 6 8 4 7 2 7 9 , , 9 7 8 5 6 6^ ; 1 1 5 3 , , 0 3 4 1 2 2 1, 4 1 6 5 2 5 3 3 2 3 , , 1 2 8 2 9 7 1 j 6 67 9 , , 8 9 2 8 1 8 6 6 8 5 , , 0 3 6 4 6 9 6 6 3 6 , , 1 6 9 7 0 3 2 1 , , 1 3 5 9 9 3 4 4 9 9 , , 0 7 0 0 1 4 Nov. 2... 63,173 10, 6651 17,449 552 34, 507 63,131 67,130 66, 37' 753 50,837 Nov. 9... 61,!""" 8,719! 18, 205 25 35, 031 68, 493 70,149 67, 760 2,389 51, 242 Nov. 16.. 62, 378 5, 378J 17, 994 475 38, 531 66, 982 70,194 69, 067 1,127 50,274 Nov. 23.. 62, 336 7,120 18,097 475 35, 649 64, 595 68, 233 67,481 752 49,718 Nov. 30.. 62, 679 6,784 18, 269 145 36, 347 62, 605 68, 262 67, 882 380 48, 771 Dec. 7.— 59, 549 5,5211 21, 896 782 31, 350 68, 305 68, 933 68, 560 373 49, 245 Dec. 14... 59, 901 5, 939! 21, 859 377 31, 726! 64, 652 69, 024 68, 399 625 48, 055 Dec. 21__ 58, 272 4, 878! 21, 347 403 31,644 66, 634 67, 585 66, 807 778 49, 650 Dec. 28... 56, 959 2,581' 477 31,693; 68, 829 69,840 68, 312 1,528 48, 789 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

150 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD ^fo. 58.—PRINCIPAL RESOURCES AND LIABILITIES OF EACH FEDERAL RESERVE BANK, BY WEEKS—Continued SAN FRANCISCO [In thousands of dollars] I B o il p l e s n b o m u a g r h k t e t i n I I Un s i e t c e u d r i S ti t e a s tes Deposits Bills Total dis- Federal bills counted Total Mem- reserve Date r s a i e t n c ie d u s - b m a b f e o n e m r r ks - B r o o i u g u g h t- h t t U a r m e g n s r e d a e n l e e e t - r B r o o i u g u g h t- h t t a U m g n r e e d n e e t - r re c se a r s v h es Total re b b s b a a e e n l r - r k ve p O o d t e s h - i e ts r in l n a c o t i i t r o e c n s uances 1927 Jan. 5 119,926 51, 483 23,662 5,910 38, 871 257,117 174,935 166, 832 8,103 186, 308 J J J a a a n n n . . . 2 1 19 6 2 . . - . _ . . . 1 1 0 0 9 0 , , 7 7 6 2 6 9 4 3 3 2 0 1 , , , 4 5 7 6 8 3 0 2 5 2 2 2 4 1 3 , , , 4 0 4 6 7 9 0 5 4 5 5 5 , , , 9 6 4 1 6 3 8 2 0| 3 3 3 8 8 8 , , , 8 8 8 7 7 7 3 2 2 2 2 2 6 7 6 4 0 1 , , , 9 4 4 1 6 4 0 5 5 1 1 1 7 7 8 8 1 0 , , , 2 8 6 3 0 9 6 7 7 1 1 1 6 6 7 9 1 2 , , , 7 9 7 9 0 8 6 7 0 8 8 8 , , , 4 9 9 5 0 0 6 0 1 1 1 1 7 7 7 8 5 1 , , , 1 9 0 2 0 8 7 3 2 Feb. 2___. 106, 332 41,006 19, 969 6, 484! 38, 873 255, 966 173, 881 166, 401 7,480 171, 302 Feb. 9.... 98, 442 33, 286 19, 959 6,323 38, 874 271, 394 176, 764 170, 424 6,340 175, 486 Feb. 16... 96, 064 32, 802 18, 579 5,809 38, 874 266, 537 176, 508 167, 974 8,534 172, 287 Feb. 23... 109, 031 47,188 18, 401 4,567 38, 875 257,125 175, 831 168, 611 7, 220) 172, 473 I Mar. 2... 121, 651 56,094 19, 871 6,811 38, 875 247, 264 176, 541 170, 201 6,340 174,109 Mar. 9... 110, 333! 45, 745 19, 877 5,835 38, 876 252, 054 172, 041 168, 053 3,988 172, 962 Mar. 16.. 40, 256 16, 991 6, 265] 35, 420 270, 493 182,148 177, 67" 4,471 170, 408 Mar. 23.. 114, 975> 53, 468 16, 466 5, 972 39, 069 249, 028 179,119 174, 992 4, 127 167, 491 Mar. 30.. 102, 643] 40, 69," 15, 847 7, 032| 39, 069 256, 712 174,15," 168, 684 5,471 167, 976 Apr. 6__— 116, 7681 53, 213 17, 286 7, 197| 39, 072J 249, 874 176, 507 172, 189 4,318 171, 909 Apr. 13__. 113, 6321 50, 564 16, 922 7, 074 39, 072 253, 057 177, 965 171,750 6, 215 171, 348 Apr. 20— 117, 501 54, 933 16, 776 6, 720 39, 072 254, 367 184,146 176, 905 7,241 171, 795 Apr. 27-. 114, 308 51, 862 15, 943 7,431 39, 072 244,987 171, 618 165, 568 6,050 170, 513 May 4 114, 527 53, 209 16, 301 6,170 38, 847 254, 971 176, 018 171, 06: 4,956 175, 702 May ll-_ 89, 711 39, 078 16, 266 4, 7851 29, 582 276, 435 175, 481 170, 275 5,206 178, 485 May 18_ _ 91, 159 41, 936 14,103 4,274 30, 846 282, 309 179, 557 173, 755 5,802 181, 545 May 25__ 79, 3431 30, 607 13, 468 1,512 33, 756i 285, 933 173, 074 166, 626 6,448 177, 978 June1 85, 050j 33, 298 12, 647 2,676 36, 429 292, 040 184, 975 173, 385 11, 590179, 963 Junes 102,971i 37, 454 12, 554 4,563 48,400 266, 342 179, 028 172, 552 6,476 176, 775 J J J u u u n n n e e e 2 2 1 2 9 5 . . . _ - _ 10 9 9 4 6 6 , , , 4 6 3 2 1 1 5 7 3 J 1 ! 4 4 3 0 9 7 , , , 2 4 7 4 4 3 8 9 2 1 1 13 2 2 , , , 1 8 9 8 7 8 1 7 4 4 4 3 , , , 1 2 1 8 9 0 3 1 8! 3 3 3 9 9 9 , , , 0 8 7 5 0 9 0 1 4 J 2 2 2 5 6 6 3 7 4 , , , 9 3 3 7 4 7 5 5 4 1 1 1 7 7 7 2 5 4 , , , 6 3 5 1 2 9 5 5 1 1 1 6 6 7 7 7 0 , , , 2 8 1 2 3 6 3 8 0 4 5 7 , , , 4 3 4 3 8 9 5 7 4 1 1 1 7 7 7 1 1 4 , , , 7 8 6 3 5 5 5 0 1 July 6.-_. 106, 535 46, 554 14, 863 4,867 40, 251 267, 406 174, 407 169, 589 4,818 185, 868 July 13... 95, 405 37, 225 15, 088 3,231 39, 861 272, 557 179, 575 173, 016 6,559 176, 004 J J u u l l y y 2 2 0 7. . . . . . 1 1 0 0 5 4 , , 5 66 9 3 1| 4 45 6 , ,8 5 8 0 7 5 1 1 3 1 , , 4 6 5 8 8 4 5 5, , 4 7 8 9 4 5 4 4 0 0 , , 6 7 7 6 9 2 2 2 5 5 2 7 , , 6 8 1 1 0 7 1 1 7 7 7 4 , , 0 4 1 0 9 2 1 1 6 7 7 1 , , 4 3 6 7 3 7 6 6, , 5 0 5 2 6 5 1 1 6 7 9 3 , , 8 6 0 1 3 9 Aug. 3-_. 110, 723 53,083 9, 663 5,485 42,492 246,184 174,420 168, 729 5, 691 170, 862 Aug. 10_. 98,006 41, 515 9,281 4,449 42, 761 258,448 174, 259 168,843 5,416 168,649 Aug. 17.- 96, 680 41,496 7,513 3,648 44,023 267, 736 179, 53r 172,488 7,049 168, 596 Aug. 24.. 99, 723 41,499 6,73' 6,713 44, 774 264,350 179, 562 173, 390 6,172 167, 770 Aug. 31 - - 104,3.54 45,450! 6,929 5, 829 46,146 259, 438 178,360 172,916 5,444 167, 336 Sept. 7... 104,251 43, 556 6,919 5,47l| 48,305 268,252 180,152 171, 891 8, 261 174, 876 Sept. 14.. 77, 837 17, 278 8,279 5, 976! 46, 304 293, 978 183,090 177, 645 5, 445 171, 882 Sept. 21.. 91,670 30,625 9,051 6,196] 45, 798 282, 360 183,181 176, 877 6,304 172, 292 Sept. 28- 94, 960 36,167 6,059 6,933; 45, 801 275,140 181, 590 176,378 5,212 170, 642 Oct. 5..... 104,172 47,156 3,716 7,499, 45, 801 268, 259 180,482 174, 94' 5,528 173, 759 Oct. 12... 114,753 .59,363 2,453 7,135' 45, 802 269, 269 189, 810 184, 53.' 5,272 174, 264 Oct. 19... 95,078 41, 851 2,723 4, 700 45, 803 279, 681 186, 684 180, 497 6,187 171,109 Oct. 26... 88,360 36, 697 1,416 4,495 45, 752 283,110 183,606 176, 570 7,036 168, 536 Nov. 2... 93,468 39,176 2,545 6,162; 45, 585 277, 535 179, 993 175, 211 4,782 171, 543 Nov. 9... 87, 753 33. 988 3, 546 4,631 45, 588 290,377 186, 7951 181,016 5,779 171,983 Nov. 16.. 89, 913 29^ 436 2,455 2,225; 55, 797 293, 756 194,187 188, 710 5,477 170,943 Nov. 23.. 92, 289 39, 795 1,116 2,581 48, 797 279, 421 181,356 175, 745 5,611 171,340 Nov. 30.. 94, 673 41, 254 2,566 5,056 45, 797 271,871 180, 505 175,432 5,073 169,180 Dec. 7—. 99, 948 48,034 3, 745 2,371 45,798 279, 561 184, 831 179, 859 4,972 173, 596 Dec. 14... 96, 749i 44,510 1, 537 4,317 46,385 282,487 191,450 185, 656 5,794 171, 803 Dec. 21__. 94, 464 38, 750i 5,424 4, 215 46,075 277, 696 184,473 178, 234 6,239 176, 249 Dec. 28... 71,518 14, 958 4,894 5, 591 46,075 300,183 180, 589 173,065 7,524 176, 746 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANKS 151 VOLUME OF OPERATIONS OF FEDERAL RESERVE BANKS No. 59.—VOLUME OF OPERATIONS IN PRINCIPAL DEPARTMENTS, 1924-1927 1924 1925 1926 1927 NUMBER OF PIECES HANDLED Bills discounted: Applications _. 129,000 116,000 123,000 97,000 Notes discounted 583,000 475,000 506,000 371,000 Bills purchased in open market for own account 143, 000 201,000 232,000 254,000 Currency received and counted 1,838,279,000 1,947,419,000 2,099, 605,000 2,202,438,000 Coin received and counted 2,186, 737,000 2,329,014,000 2, 590, 057,000 2, 691,184,000 Checks handled _ 742,878,000 778, 686,000 822,907,000 862,275,000 Collection items handled: United States Government coupons paid —_ 50, 471,000 44,174,000 39,678,000 37,045,000 Allother 6,113,000 5,467,000 5,595,000 5,909,000 United States securities—issues, redemptions, and exchanges by fiscal agency department 16,097,000 7,116,000 4,691,000 7,201,000 Transfers of funds _ 1, 503,000 1,566,000 1,710,000 1, 830,000 AMOUNTS HANDLED Bills discounted— $15, 419,155,000 $32, 562, 620,000 $37, 682,137,000 $31,934,607,000 Bills purchased in open market for own account 2,172,142,000 2,961,170,000 3,353,326,000 4,050,867,000 Currency received and counted 10, 777, 306,000 11, 556, 980,000 12, 584, 960,000 13,013,094,000 Coin received and counted _ 293,924,000 467, 732,000 609,359,000 791,049,000 Checks handled 219, 832,179,000 258, 611,276,000 272,945,160,000 278,399,627,000 Collection items handled: United States Government coupons paid 719, 784,000 680,921,000 644,273,000 553,703,000 Allother _.. _-_ 5, 509,093,000 6,116, 958,000 6, 219, 361,000 6, 710,317,000 United States securities—issues, redemptions, and exchanges by fiscal agency department 6, 708,272,000 5, 578,995,000 4,971,442,000 10,803,043,000 Transfers of funds 98, 359,028,000 109,430,683,000 120,909,439,000 136, 383,899,000 Back figures—See Annual Keport for 1926 (p. 20), 1925 (p. 26), 1924 (p. 14), 1923 (p. 41). 110390—28 11 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 60,—VOLUME OF OPERATIONS IN PRINCIPAL DEPARTMENTS OF EACH FEDERAL RESERVE BANK, 1927 Or to Federal reserve bank Total Boston New York d P e h lp il h a i - a Cleveland m Ri o c n h d - Atlanta Chicago St. Louis M ap in o n li e s - K C an it s y as Dallas Fra S n a c n isco NUMBER OF PIECES HANDLED: 1927 Bills discounted: Applications 97,029 6,842 14,525 15,410 8,637 9,500 7,110 12, 811 6,196 2,201 4,934 2,5 5,974 Notes discounted 371,042 37,601 31,024 41,821 16,064 38,109 47,153 59,413 21,793 10,027 27,718 19,275 21,044 Bills purchased in open market for own account--. 253,920 37,161 99,238 8,845 12,103 11,322 5,828 24,318 3,547 6,514 7,4 7,945 29,601 Currency received and counted 202,438,000 240,778,000 640,967,000 207, '01,000149,466,000103!, 555,0001121,378,000 354,845,000 112,986,000 39,970,000 58,902,000 4[17,448,000 124,442,000 Coin received and counted.. , 691,184,000 181, 602,000 1, 189,801,000 303,,015,000172,398,000151:, 480,000 61,761,000 263,577,000 145,034,000 11,794,000166, 609.,000 34,856,000109,251,000 Checks handled 862,275,000 81,334,000 168,724,000 70,267,000 78,831,000 52,859,000 31,904,000 119,112,000 50,238,000 24,238,00070,387,000 36,986,000 77,395,000 Collection items handled: United States Government coupons paid 37,045,000 3,000,000 9,932,000 3,467,000 4,620,000 1,190,000 827,000 6,084,000 2,088,000 1,010,000 1,732,000 598,000 2,497,000 Allother 5,909,000 415,000 2,260,000 547,000 381,000 221,000 158,000 599,000 265,000 264,000 323,000 123,000 353,000 United States securities, issues, redemptions, and exchanges 7,201,000 569,000 2,196,000 566,000 711,000 187,000 138,000 1,493,000 364,000 182,000 322,000 111.000 362,000 Transfers of funds 1,830,000 57,000 355,000 109,000 101,000 115,000 76,000 299,000 271,000 62,000 130,000 110.0001 145,000 AMOUNTS HANDLED: 1927 (in millions of dollars) Bills discounted 31,934.6 2,119.3 13,854.2 1,990.1 3,872.4 1, 500.3 667.5 2, 778. 2 1,231.4 141.0 549.4 281.6 2,949.2 Bills purchased in open market for own account 4,050.9 548.6 1.958.7 150. 9 159. 5 140.5 63.3 370.4 64.4 75.2 74.3 101.5 343.6 CurreDcy received and counted 13,013.1 1,481.1 4.159.8 1,241.8 952.3 528.3 538.5 1,979.8 495.9 213.3 279.1 215.4 927. 8 C C C o o h i l e n l c e k c re s ti c o h e n a i v n i e t d d e l m e a d s n d h a c n o d u l n ed te : d. 278,3 7 9 9 9 1. . 0 6 20,93 21 1 . . 5 100,2 5 0 5 6 8 . . 6 3 25,0 5 8 0 5 . . 1 8 29,75 15 6 . .9 13,50 1 2 5 . . 1 1 12,36 8 0 . . 3 4 27,06 3 9 6 . . 1 5 11,48 1 7 6 . . 2 7 4,27 3 7 . . 9 2 11,55 1 9 2 . . 6 5 7,85 7 1 . . 1 5 14,3 4 1 6 0. . 9 5 United States Government coupons paid... 553.7 46.2 250.6 37.8 58.9 11.7 6.7 64.2 20.1 9.9 16.9 4.*8 25.8 Allother 6,710.3 636.4 2,384.7 594. 2 532.1 278.2 166.9 989. 185.7 127.5 276.1 194.9 343.8 United States securities, issues, redemptions, and exchanges 10,803.0 711.0 5,219.6 794.5 670.2 234.1 173.1 1,456.6 350. 5 170.7 261.4 200.6 560.8 Transfers of funds 136,383.9 7,637. 2 50,898.1 6,167.2 6,023.0 4,785. 5 2,281. 8 24,367.4 6,094.0 2, 735.0 6,164. 7 4,231.7 14,998.3 Back figures—See Annual Report for 1924-1926 (Part II, Table 6). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

153 FEDERAL RESERVE BANKS No. 61.—VOLUME OF OPERATIONS OF BRANCHES OF FEDERAL RESERVE BANKS Noncash collec- Fiscal tion items agency handled issues, redemp- Fe a d n e d r a d l i s r t e r s i e c r t v n e u b m ra b n e c r h c B o di i u s ll n - s t- C re u c a r e r n i e v d n e c d y re C c a e o n i i v d n ed h C a h n e d c l k ed s ti a o e n x n d - s, Tr f a u n n o s d f f s ers counted counted Govern- All changes co m u e p n o t ns other o s f e U cu . ri S - . ties NUMBER OF PIECES HANDLED: 1927 No. 2—Buffalo 3,709 43,266,000 22,091,000 12, 521, OOOi190,000 139, 000 15,000 16,000 No. 4—Cincinnati.... 30,327,000 47,078,000 18,256,0001, 323,000 28, 000i 125,000 21,000 Pittsburgh.... 53,378,000| 35,831,000 26, 529.000 1, 090,000 27, 000' 145,000 16,000 No. 5—Baltimore 4,852 48,144, 000 119, 089, 000 19, 264, OOOi652,000 91, 000| 48,000 33,000 Charlotte 623, 000 145, 000 604,000 2,000 2,000. 2,000 No. 6—Birmingham- 13, 365, 000 9, 037,000 4, 618,000 54,000 15,000 1,000 5,000 Jacksonville-. 21, 827, 000 11, 801, 000 6,181, 000 65,000 43, 000 2, OOOi 14,000 Nashville 12, 252,000 ,1, r9w.9o8 ,r ,0r0,0~ 5,862,000' 88,000 26,000 4, 000| 6,000 New Orleans.. 12, 646 2<T77 ,A 4in1 0,r \r0\n0<0 22,130,0004, 219, 000 304, 000 27, 000! 42, OOOi 12,000 No. 7—Detroit 8,291 65,720.000; 34,461,00022, 023,000 542, 000 94, OOOi 20,0001 37,000 No. 8—Little Rock... 2,918l 9,135, 000 4,553, OOOi 4, 860,0001 65, 000 30,000 6,000! 15,000 Louisville 2,406 21, 904, 00034, 745, 000 9, 339, 000 384, 000 25,000 23,0001 26,000 Memphis 3,672 21,452,000 12,332,000 3,660, 000! 109,000 40,000 6,000 28,000 No. 9—Helena 1, 554 1, 398, 000 840,000 2, 322,000! 87,000 18,000 3,000 8,000 No. 10—Denver 4,238 7, 512, 00011, 254,000 8, 715,000 320,000 46,000 12,000 17,000 Oklahoma City 7. 539,000 5, 759, 000 19, 221,000 86,000 79,000 8,OOo| 8,000 Omaha 7,547 6, 205,0003, 951, 000 ll,851,000| 288,000 45,000 10,000! 28,000 No. 11—El Paso 349 4,368, 000 3,475, 000 2, 642,000 40,000! 13,000 1,000! 9,000 Houston 771 11,158, 00011,320,000 6, 826,000 141,000 35,000 5,000! 25,000 San Antonio.. 313 4, 248,000 2,382,000 2, 518,000 32,000 8,000 3,000 6,000 No. 12—Los Angeles_- 4,141 57, 209, 00026, 787,000 33,955,000! 615,000 88,000 30,000i 39,000 Portland 2,218 6,812, 000 7,144,000 7,312,000| 297,000 29,000 16,000J 13,000 Salt Lake City.- 4,401 3, 543, 000 2,120,000| 8,131,000 144,000 98,000 8,000j 18, 000 Seattle 1,051 10,126, 000 9, 405,0001 7, 032, 000' 291,000 36,000 20, OOOl 17,000 Spokane 3,419 1, 909,000 1,138,000 4.861,000| 149,000 22,000 6,000! 10,000 TotaL_. 68,496!490, 828,000 440, 866,000 253, 322,000,7, 358,000 1,104,000 559,000 429,000 AMOUNTS HANDLED: 1927 (in thousands of dollars) No. 2—Buffalo..- 830, 765 250, 706 3,000 3,196, 493 1,710 74, 832 6, 3501,319,904 No. 4—Cincinnati 134, 702 6,354 6, 532, 231 14,918 60, 212 56,995 588,937 Pittsburgh 404,960 4,230 12, 010,181 16, 557 54,817 111,035 949, 262 No. 5—Baltimore 592, 393 267, 714 10,829 4, 464, 922 7,081 124,461 56,489 1, 397, 535 Charlotte 2,294 47 146, 604 9 3,569 89, 663 No. 6—Birmingham.._! 63,472 1,173 1, 882,195 325 20,211 1,270 136, 973 Jacksonville- __| 89, "" 1,595 2, 290,432 712 32,047 4 231,110 Nashville j 44,758 361 1,975, 523 514 37, 532 3 156, 741 New Orleans-_! 374, 003 109, 304 3,053 1, 845,170 2,554 36,416i 58, 505 522, 741 No. 7—Detroit • 993, 353 464,270 5,060 6, 893, 619 137,481 33, 281 3, 540, 559 No. 8—Little Rock j 43, 9831 35,158 729 939,949 348 22,099 1,222 382, 051 Louisville | 432, 925j 106, 808 2,199 2, 675, 280 3,733 34, 545 9,382 651,456 Memphis j 42, 367 76,177 2,029 1, 296, 707 890 49,039 3,580 755, 028 No. 9—Helena | 1, 903 14, 073 687 428, 660 583 7,909 4 144, 541 No. 10—Denver. _ | 130, 307 46, 882 2,38S 1,921, 628 3,393 43, 372 4,584 881, 289 Oklahoma I City !, 34,189 1,506 2,498, 455 960 46,014 1,232 265, 023 Omaha 98, 559 35, 514| 1, 958 1, 581, 343 1,841 63, 773 2,305 1,198, 579 No. 11—El Paso : 11, 071 27, 3771 1, 251 373, 854| 331 9,353 388 Houston j 23, 722 47,151 1,261 1, 732, 692 1,008 71, 779 1,772 1, 541, 488 San Antonio..! 7, 606! 19, 341 767 503, 271 272 8,036 802 190,880 No. 12—J_>os Angeles__ 150, 599 288, 453 7,135 5, 274, 772 6,588 69, 350 15, 002 4, 777, 763 Portland 51, 363| 59, 302 1,862 1, 405, 834 2,465 44, 648 6, 047 677, 544 Salt Lake City 84, 700i 28, 788 1,241 1, 063, 254 1,063 41, 764 6,679 509,091 Seattle 169, 713 79, 553 1,997 1,190,120 2,295 41,407 5,548 958, 745 Spokane 14, 217 15, 346 652 601, 206 851 15, 704 1,870 185, 397 Total 4,053,549 2,7- 63, 363 64,724,395 79,933|1,150,370 384, 349 22, 240,987 Back figures.—See Annual Reports for 1926 (Table 67), 1925 (Table 69), 1924 (Table 72), 1923 (Table 72), 1922 (Table 74), 1921 (p. 80), 1920 (p. 93), 1919 (p. 39). NOTES.—Currency received and counted during 1927 by agencies of the Federal Reserve Bank of Atlanta: Habana, Cuba, 4,590,000 pieces, amount $45,217,000; Savannah, Ga., 6,967,000 pieces, amount $55,188,000. Digitized foCr oFinR rAecSeEivRed and counted by Savannah, Ga., agency, 206,000 pieces, amount $87,000. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

154 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No. 62.—DISCOUNT AND OPEN-MARKET OPERATIONS OF FEDERAL RESERVE BANKS—ANNUAL VOLUME, BY CLASSES, 1924-1927 [Amounts in thousands of dollars] 1924 1925 1926 1927 Total volume of operations.. 19, 863,473 37,891, 421 43, 674, 574 42, 355, 330 Bills discounted, total- 15,419,155 32, 562, 620 37, 682,137 31,934,607 For member banks 15, 418, 055 32, 558, 214 37, 671, 636 31, 924, 781 For nonmember banks (secured by adjusted service certificates) 504 For Federal intermediate credit banks (agricultural paper) 1,100 4,406 10, 501 9,322 Bills bought in open market 2,172,142 2, 961,170 3, 353, 326 4,050, 868 United States securities bought in open market. 2, 257,018 2, 317, 082 2,608, 045 6, 356,134 Federal intermediate credit bank debentures 9,100 8,900 7,835 13,410 Federal land bank bonds 41 Municipal warrants 58 64 131 270 Foreign loans on gold 6,000 41, 585 23,100 BILLS DISCOUNTED Rediscounted bills: Commercial and agricultural paper, n. e. s. _ 2, 863, 058 1, 577, 631 1,938,435 1, 323, 977 Demand and sight drafts _ _. 46, 621 23, 850 12, 676 9,076 Bankers' acceptances _ _ 507 56 175 214 Trade acceptances—. _ 38, 325 23, 688 20, 316 15, 897 Secured by United States Government obligations. 14,069 8,931 13, 554 Member bank collateral notes: Secured by United States Government obligations.. 11, 753,153 24, 702, 277 28,178, 295 24,145, 934 Secured by eligible paper * _ 703,422 6, 226,187 7, 518, 686 8, 430, 523 Total- 15,419,155 32, 562, 620 37, 682,13' 31, 934, 607 Average rate (365-day basis), per cent 4.20 3.70 3.96 3.81 Average maturity (in days): Rediscounted bills 54.28 52.97 Member bank collateral notes 12.39 5:48 5.58 Number of member banks at end of year 9,682 9,489 9,260 9,040 Number of banks accommodated during year. 6,060 5,183 5,343 4,873 Per cent accommodated 54.6 57.7 53.9 BILLS BOUGHT IN OPEN MARKET From member banks 822,140 772, 512 707,683 From nonmember banks, banking corporations, etc.: Bought outright... 2,172,142 870, 407 933, 749 1, 092,024 Bought with resale agreement 1, 268, 623 1, 647, 065 2, 251,161 Total ....I 2,172,142 2,961,170 3, 353, 326 4, 050, 868 Rates charged: 2 per cent 355,319 2H per cent _ 119, 593 1\i per cent 253, 258 2% per cent 47,445 2lA per cent... 95, 362 iy% per cent 22, 472 2% per cent _ 162,172 56, 028 2Y% per cent.. 15,488 38,995 3 per cent 107, 781 1, 051, 826 577,710 3K per cent 80,771 419,885 209, 723 31, 403 Qzi percent 4,557 874,993 343,375 1, 273, 793 3H per cent 702 375,451 59, 346 88,722 3H per cent 4,682 102,938 1, 515,382 817,976 ZbA per cent 3,180 14, 211 210,315 21, 524 3% percent 12, 850 11, 029 953, 557 1,184, 857 V/% per cent __ 12,356 334 20,522 10, 513 4 per cent 565,307 10,998 33, 217 11,744 4Hper cent .._ 219,616 1,046 48 4^ per cent 60, 303 34 4;Hs percent.. _ 3,771 4V6per cent _ 21, 080 4% per cent... 149 4% percent 100 Average rate (365-day basis), per cent 3.08 3.26 3.60 3.45 Average maturity (in days): Including bills bought under resale agreement 35.33 39.41 34.42 27.50 Excluding bills bought under resale agreement 51.17 41.51 1 Includes bills taken under resale contract. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANKS 155 No. 62.—DISCOUNT AND OPEN-MARKET OPERATIONS OF FEDERAL RESERVE BANKS—ANNUAL VOLUME, BY CLASSES, 1924-1927—Continued [Amounts in thousands of dollars] 1924 1925 1926 1927 BILLS BOUGHT IN OPEN MARKET—continued Class of bills: 2 Bills payable in dollars— Bankers' acceptances based on— Imports _ _. 1, 599,479 631,264 604,532 476, 255 Exports.._ 527, 057 440, 577 517, 958 Domestic transactions.. __ 499, 273 335,476 306, 907 386, 068 Dollar exchange. __ 61,110 25, 645 34, 764 47, 734 Shipments between or storage of goods in foreign countries 154, 220 288,115 318,912 All other 9,638 18,966 15,391 Trade acceptances: Imports i 8,452 3 4,612 5,591 4,638 Domestic transactions.. 153 173 Bills payable in foreign currencies ~3,~828" 4,482 32, 578 Total. 2,172,142 1, 692, 547 1, 706, 261 1, 799,707 UNITED STATES SECURITIES BOUGHT IN OPEN MARKET Bought outright: United Staitteess bonds . 118,312 38,037 137,162 446,137 Treasury notes.. 533, 920 95, 625 200, 882 • 504,701 Certificates of indebtedness « 1,378,172 1,479, 874 1, 850,309 4, 664, 917 Bought with resale agreement 226, 614 703, 546 419,692 740,379 Total 2,257,018 2, 317, 082 2,608, 045 6, 356,134 2 Exclusive of bills bought under resale agreements. 3 Includes $15,000 of acceptances based on exports. 4 Includes special temporary certificates issued to Federal reserve banks by the Secretary of the Treasury as follows: 1927, $3,898,500,000; 1926, $1,532,000,000; 1925, $1,268,500,000: 1924, $1,020,500,000. Back figures—See Annual Reports for 1926 (pp. 86-116), 1925 (pp. 75-106), 1924 (pp.76-99), 1923 (pp. 133-157), 1922 (pp. 116-141), 1921 (pp. 180-220), 1920 (pp. 173-205), 1919 (pp. 157-211), 1918 (pp. 154-192) 1917 (pp. 96-131), 1916 (pp. 84-104). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 63.—VOLUME OF DISCOUNT AND OPEN-MARKET OPERATIONS OF EACH FEDERAL RESERVE BANK, 1927 [Amounts in thousands of dollars] I 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 R o ic n h d - Atlanta Chicago L S ou t. is a M p n o i e n l - i - s K C an it s y as Dallas F c S i r s a a c n n o - Total volume of operations.. 2,900, 879 19, 765, 354 2, 335, 720 4, 377, 792 1, 752, 279799, 795 3, 983, 008 1, 514,076 824,026; 555,007 3,496,328 B ills discounted—total 2,119, 260 13, 854, 248 1, 990,108 3, 872, 3711, 500, 330 667, 521 2, 778,197 231, 388 141,032 549, 406 281, 581 2, 949,165 For member banks 2,119, 260 13, 854, 248 1, 990,0943, 872, 3711, 500, 2 667,431 2, 777, 860 1.231, 254 141,031 549, 396 281, 580 2, For nonmember banks (secured by adjusted service certificates). 14 90 337 9 1 10 For Federal intermediate credit banks (agricultural paper) 125 9,197 Bills bought—totaL. 553, 042 1, 978, 782 156, 919 165, 466 161,018 66, 216 374, 759 83, 85- 98,140| 89, 541 j 120,786 343,586 In open market 548, 592 1, 958, 670 150, 918 159, 466 140, 517 63, 316 370, 354 64, 352 101, 539 343, 586 From other Federal reserve banks.. 4, 450, 20,112 6,001 6,000 20, 501 2,900 4,405 19, 505 22, 921 15, 202 19, 24" United States securities bought—total.. 228,577j 3,922,474 187, 052 339, 955 j 90,931 65, 498 830, 052 198, 831 139, 244 185, 079 152, 640 203, 577 In open market 219,236! 3,885,525 174, 869 316, 295 80, 779 62, 644 810, 243 173,312 133,1 176, 498 144, 632 179, 013 From other Federal reserve banks. 9, 3411 36,949 12,183 23, 660| 10,152 2,854 19, 809 25, 519 6,156 8,581 24, 564 Federal intermediate credit bank debentures. 9,850 1,500 560 1,500 Federal land bank bonds 41 Municipal warrants 100 ""170 BILLS DISCOUNTED Rediscounted bills: Commercial and agricultural paper, n. e. s_. 35, 762 76, 286 90,008 77,367 81, 438 239, 973 371,432 198, 572 10, 621 57,489 22, 861 62,188 Demand and sight drafts 1,303 14 5,577! 84 1,814 284 Bankers' acceptances.. 100 80 6 28 Trade acceptances 608 1,681 724 5,071 1,030 1,216 4 772 Secured by U. S. Government obligations- 675 114 503 631 692 722 729! 58 4,7 86 Member bank collateral notes: Secured by U. S. Government obligations.. 1,179, 25711, 013, 729 1,. 503,933 3,, 366, 032 680, 861 185, 754 2, 289, 700 874,555 110,302 439,114 197, 029 2, 3051,,668 Secured by eligible paper ' 902, 858 " 762,492 395, 329 423, 398 736, 370 235,411 115, 107 151, 577| 20,102 52, 629 55,083 5—80,167 Total 2,119, 260 13, 854, 248 1, 990,108 3, 872, 371 1, 500, 330 667, 521 2, 778,1971,231,3881 141,032 549, 406 281, 5812, 949,165 Average rate (365-day basis), per cent 3.78 3.78 3.84 3.S 3.81 3.81 3.86 3. 82 3.89 3.77 3.78 3. 86 Average maturity (in days): Rediscounted bills 46.96 53.32 49.60 49.90 55.58 53.79 49.20 43. 67j 111. 22 79.44 52.90 77.86 Member bank collateral notes 6.70 4.29 8.13 3.99 3.20 12.89 10.72 7. 29! 7. 95 5.35 7.29 6.31 Number of member banks at end of year 414 934 111 836 564 466 1,291 594| 739 799 658 Number of banks accommodated during year. 261 602 552 430 383 300 746 309 275 381 318 316 Per cent accommodated 63.0 64.5 71.0 51.4 67.9 64.4 57.8 52. 0 37. 2 39.4 39.8 48.0 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BILLS BOUGHT IN OPEN^MARKET From member banks 119, 989 132, 966 21, 306 80, 938 49, 942 37, 694 137, 470 18, 535 27,105 25, 581 26, 953 29, 204 From nonmember banks, banking corporations, etc: Bought outright __ 92,113 265,146 129, 612 76,052 90, 575 25, 622 130, 297 45,817 48,114 48, 758 51,160 88, 758 Bought with resale agreement 336,490 1, 560, 558 2,476 102, 587 23, 426 225, 624 Total . 548, 592 1,958,670 150, 918| 159,466 140, 517 63,316 370,354 4,352 75, 219 74,339 101, 539 343, 586 Rates charged: 3 percent 62, 547 147, 549 38, 713 45, 540 39, 282 3,112 114, 600 10, 513 33, 279 21, 656 29, 270 31, 649 3fi percent 3,362 4,211 1,115 2,449 5,438 1,499 6,709 1,041 844 1,207 584 2,944 3M percent 168, 752 845, 557 30, 674 9,470 35, 800 2,220 43, 592 2,462 8,197 4,076 23, 078 99, 915 3jH$ percent 7,227 44, 902 805 697 13, 489 85 17, 840 213 335 343 2, 642 144 V/2 percent 100, 785 188, 262 65, 985 75, 800 31, 587 39,158 115,913 42,878 26, 766 38, 83' 27, 314 64, 691 Vy% per cent 970 862 2,377 108 3,760 120 5,418 159 295 7,455 3M percent.. 202, 908 716,482 8, 736 14, 039 7,346 9,195 56, 087 6,235 5,092 6, 878 17, 434 134, 425 W/% per cent 290 126 278 1 2,555 129 6,554 96| 8 469 4 per cent 5 3,779 81 6,843 420 225 99 234 4K per cent 10 8 30 Average rate (365-day basis) per cent 3.44 3.47 3.39 3.43 3.36 3.64 3.45 3.34 3.45 3.43 3.50 Average maturity (in days): Including bills bought under resale agreement 24.50 18.19 45.86 41.40 53.83 43. 49.00 40.66 41.78 41.29 39.05 22.72 Excluding bills bought under resale agreement 44.18 32.51 45.86 41.84 53.83 43.89 41.61 40.66 41.78 41.29 46.58 41.77 Class of bills:* Bills payable in dollars- Bankers' acceptances based on— Imports 53, 086 88, 799 37,480 45, 029 41, 883 18,379 69, 857 20, 465 24, 323 26, 244 20, 681 30,029 Exports 43, 070 126,149 44, 302 40, 583 41, 376 21, 280 75, 067 15,97r 22, 886 21, 730 23, 720 41,822 Domestic transactions 59, 228 71, 265 37, 047 29, 577 28, 760 16, 534 67,032 9,190 10, 059 9,870 18, 057 29,449 Dollar exchange 5, 242 15, 085 5,897 2,784 2,312 247[ 6,690 3,086 2,028 1,788 1,278 1,297 Shipment between or storage of goods in foreign countries. 48, '" 80, 894 22, 309 27, 248 24,135 5, 7461 44, 566 13, 783 14, 658 13, 426 12, 461 10, 701 Allother 745 4,189 1,648 478 840 175 1, 342! 854 566 419 1,101 3,034 Trade acceptances: Imports 4,628 10 Domestic transactions 173 Bills payable in foreign currencies 1,746 6,930 . 2,235 11, 281 1,211 955 3, 213J 1,001 699 815 1,630 UNITED STATES SECURITIES BOUGHT IN OPEN MARKET Bought outright: United States bonds 21, 068 147, 701 19, 874 36, 16, 598 18, 264 54, 672! 25, 892 14,14' 24, 233 31, 877 35, 726 Treasury notes 33, 295 123,910 34, 434 44, 568 19, 962 14, 586 73, 435 30, 066 23,13' 32, 443 33, r- 41, 797 Special temporary certificates of indebtedness 88, 500 2, 908,000 71,000 171, 000 12,000 6,000 384, 000! 76, 500 67, 50C 62, 500 16, 500 35, 000 Other certificates of indebtedness 42, 899 234, 282 49, 561 64,642 32, 219 23,794 93,959| 40,854 28, 304 46,822 42, 591 66,490 Bought with resale agreement 33, 474 471, 632 204,177 10, 500 20, 596 Total 219, 236 3,885, 525 174,869 316,295 80,779 62,644 810,243 173,312 133,088 176,498 144,632 j 179,013 1 Bills discounted under a resale contract. 2 Exclusive of bills bought under resale agreements. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

158 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No. 64.—DISCOUNT OPERATIONS OF FEDERAL RESERVE BANKS, BY STATES— VOLUME OF PAPER DISCOUNTED, NUMBER OF MEMBER BANKS, AND NUMBER ACCOMMODATED, 1926-1927 [Amounts in thousands of dollars] Number of member Number accommo- Total amount of paper banks on Dec. 31— dated during— discounted 1 State 1926 1927 1926 1927 1926 1927 United States _ 9,260 9,034 5,343 4,873 37, 682,137 31, 934, 607 New England: Maine 61 60 33 31 33, 826 33, 903 New Hampshire _ 56 56 39 36 41, 450 28, 658 Vermont 46 46 30 28 19, 566 14, 537 Massachusetts 181 178 135 126 2, 557, 919 1, 915, 716 Rhode Island 17 17 12 6 21, 810 36, 278 Connecticut 67 69 46 44 108,059 114, 459 Middle Atlantic: New York 655 672 429 418 16, 288, 428 13, 035,021 New Jersey 354 362 247 261 1,099, 779 944, 487 Pennsylvania 970 966 613 596 4, 774, 943 4, 854, 527 East North Central: Ohio 430 419 276 251 1,099,125 823, 876 Indiana _ _ _ _. 257 247 141 135 148,441 90, 515 Illinois 577 569 321 286 1, 385,029 1,457, 284 Michigan 291 287 174 182 1,213,003 1, 041, 452 Wisconsin 179 175 68 71 225, 568 198, 716 West North Central: Minnesota 307 296 91 85 203, 957 124, 494 Iowa 371 345 230 190 68,190 45, 266 Missouri 199 197 108 124 1, 079, 595 934,194 North Dakota 148 143 53 66 4,915 6,004 South Dakota 109 106 59 52 6,412 4,726 Nebraska 167 163 112 110 122, 761 97, 866 Kansas 262 263 95 88 23, 072 23, 789 South Atlantic: Delaware 23 23 14 16 11, 550 11 509 Maryland . .. .. 89 89 54 53 517, 286 567, 082 District of Columbia 13 13 10 9 177,171 67, 324 Virginia 182 179 143 124 1, 079, 021 596, 760 West Virginia 141 137 83 74 207,127 157, 564 North Carolina 88 85 75 72 718, 093 81,115 South Carolina 84 74 74 59 72, 292 38. 589 Georgia . . -_ 138 134 121 104 241, 522 98, 951 Florida 73 70 41 35 45, 219 41, 290 East South Central: Kentucky ... 147 148 60 52 539,936 445,376 Tennessee - -- 112 112 65 56 231, 226 103,087 Alabama 123 121 88 79 76,144 90,894 Mississippi 41 40 31 32 24,094 22, 815 West South Central: Arkansas . _. 109 101 74 59 111,101 50,164 Louisiana 44 42 28 29 324, 753 356,926 Oklahoma -- 361 344 167 101 32,153 26, 260 Texas 763 737 ! 417 290 211,510 267,310 Mountain: Montana 102 95 48 45 2,107 1,903 Idaho . .. 74 68 38 38 12, 566 13, 250 Wyoming 34 32 9 11 787 693 Colorado 131 128 67 60 110, 579 129,651 New Mexico 32 31 14 10 1,619 2,030 Arizona.. 18 18 8 6 4,098 3,337 Utah 45 44 33 33 42, 763 71, 506 Nevada 10 10 Pacific: Washington 150 155 78 73 152,548 184,194 Oregon . . _ 130 124 57 56 109, 758 51,249 California 299 244 134 111 2,099, 266 2, 628,010 1 Includes $504,000 secured by adjusted service certificates discounted for nonmember banks in 1927, also agricultural paper discounted for Federal intermediate credit banks as follows: 1927, $9,322,000; 1926, $10,501,000. Back figures—See Annual Reports for 1925 (p. 80), 1923 (p. 138), 1919 (p. 166), 1918 (p. 162), 1917 (p. 104). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL KESERVE BANKS 159 No. 65.—BILLS BOUGHT IN OPEN MARKET BY FEDERAL RESERVE BANKS, 1925- 1927—CLASSIFIED ACCORDING TO UNDERLYING COMMODITIES [In thousands of dollars] Commodity 1925 1926 1927 ACCEPTANCES BASED ON IMPORTS Total.. 631,264 604, 532 476,255 Animals and animal products, except wool and hair, total. 57, 992 59,738 60,006 Egg albumen 1,928 1,371 801 Egg yolk 882 • 574 608 Casings _ 1,980 2,320 1,914 Bristles 3,821 3,700 2,402 Hides and skins _. 36,285 33,221 34, 955 Leather and leather goods - -. 1,417 1,715 2,530 Furs_._ _ _ 6,788 11,173 11,168 Fish 560 505 560 Animal and fish oils, fats, and greases.. 636 1,192 1,017 Casein. _ 569 1,209 1,182 Feathers 756 462 458 Allother 2,370 2,296 2,411 Vegetable food products and beverages, total. 227,964 216,977 181,467 Coffee _ 115,100 119,511 70, 744 Cocoa 3,225 6,176 9,236 Cocoa beans 1, 593 2,070 2,090 Fruits: Figs 1,172 1,065 442 All other and not specified.. 1,496 1,547 1,149 Grains _. 1,860 1,653 1,995 Nuts: Peanuts 2,952 1,462 1,106 Walnuts 1,169 875 1,615 Almonds 522 634 421 Coconuts 478 1,003 671 All other and not specified.. 685 1,164 698 Tea 5,590 5,446 3,349 Sugar _ 84, 517 69,173 80,330 Spices: Pepper 596 616 1,229 All other and not specified.. 963 871 975 Tapioca 568 404 Vegetables: Beans 991 740 1,163 All other and not specified.. 492 829 380 Olive oil 1,486 867 849 All other ' 2,509 2,621 Vegetable products, inedible, except fibers and wood, total. 55,861 81,702 58, 968 Rubber 26,466 53,406 35,850 Tobacco. 8,947 7,376 6,089 Essential oils 573 482 150 Varnish gums: Shellac 748 364 148 Copal _ 392 367 549 Damar 259 482 590 All other and not specified.. 507 504 Vegetable oils: Coconut 3,004 4,064 3,100 Wood... 4,842 4,637 5,740 All other 1,126 1,324 776 Oilseeds: Castor 74 Copra 5,064 5,942 3,110 Cotton 3 Hemp _ 74 9 Flax... 1,881 578 100 All other and not specified.. 230 98 524 All other 2,329 1,910 1,655 Textiles, total. 213,379 179,884 123, 794 Braids: Straw 809 1,057 493 Hemp 372 1 348 All other and not specified.. 266 465 352 Cotton 14,055 8,035 11,942 Cotton manufactures 1,851 1,672 715 Carpets 2,363 2,151 1,959 Hair 1,670 2,268 1,318 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

160 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No. 65.—BILLS BOUGHT IN OPEN MARKET BY FEDERAL RESERVE BANKS, 1925- 1927—CLASSIFIED ACCORDING TO UNDERLYING COMMODITIES—Continued [In thousands of dollars] Commodity 1925 1926 1927 ACCEPTANCES BASED ON IMPORTS—Continued Textiles—Continued. Hemp 3,357 3,700 1,708 Hats __. . 1,899 2,879 2,529 Kapok 1,992 2,311 2,186 Silk . . . ._ 136, 886 118,442 71,358 Rugs 2,516 3,312 2,057 Wool._ 39, 563 27,455 20,266 Burlap 679 996 962 Linen 627 1,035 1,184 Rope . _ .. . 505 196 171 All other 3,969 3,909 4,246 Wood and paper, total _ 28, 678 24,886 19, 033 Logs 1,434 1,878 2,010 Lumber _ . . .. 1,887 1,501 3,244 Wood pulp 14,740 11,905 9,067 Paper 2,607 2,908 942 Rags . ... 4, 389 3,396 1,711 Pulpwood 600 221 401 Allother 3,021 3,077 1,658 Nonmetallic minerals, total 5,551 6,519 4,314 Cement 1,892 1,361 641 Crude oil 926 Diamonds 325 480 805 Glass and glassware _ 326 542 384 Refined mineral oils 309 1,422 1,011 Pyrites 315 304 122 All other _ 1,458 2,410 1,351 Metals and manufactures, except machinery and vehicles, total... _ 17, 732 12, 601 6,385 Antimony 1,004 1,893 567 Copper 6,721 4,149 958 Iron and steel . .. 4,424 3,396 2,624 Tin 4,485 1,240 1,616 Allother 1,098 1,923 620 Machinery and vehicles, total 1,019 1,286 972 Chemicals and related products, tptal 6,126 5,537 7,619 Creosote oil 1,305 2,145 3,123 Potash 813 239 885 Fertilizers, except potash 904 501 445 Menthol 776 605 266 Fireworks 467 459 600 Another. _ _. 1,861 1,588 2,300 Miscellaneous, total. - 16, 962 15,402 13, 697 Brushes . . .. __ _ 327 425 254 Films 688 787 847 Matches . . 1,028 661 770 Toys 193 157 242 Optical goods 120 36 35 Allother 14,606 13, 336 11, 549 ACCEPTANCES BASED ON EXPORTS Total. 527,057 440,577 517, 958 Animals and animal products, except wool and hair, total 21, 543 14, 524 11, 826 Leather 1,186 749 847 Lard and meats - . _ . . . .- 17,164 12,670 9,101 Hides and skins __ _ 1,579 664 1,380 Furs 533 322 356 Allother 1,081 119 142 Vegetable food products and beverages, total _ _ 80, 367 60,087 97,057 Coffee 2,975 1,209 861 Cnt.tnnsp.prl oflkP- find mp.^,1 4,386 3,600 3,564 Flour - 7,987 3,514 3,060 Fruits: Raisins _. _. _ . 2,251 3,394 Digitized for FRASAEllR o ther and not specified 1,888 1,058 1,584 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANKS 161 No. 65.—BILLS BOUGHT IN OPEN MARKET BY FEDERAL RESERVE BANKS, 1925- 1927—CLASSIFIED ACCORDING TO UNDERLYING COMMODITIES—Continued [In thousands of dollars] 1 Commodity 1925 1926 1927 ACCEPTANCES BASED ON EXPORTS—Continued Vegetable food products and beverages—Continued. Grains: Wheat 20, 289 27, 244 42,018 Rye 5,054 648 1,163 Rice -. _ .- 2,134 Barley 1,330 1,241 3 122 All other and not specified 31, 542 17, 268 33,884 Sugar 3 086 1,144 974 Linseed oil cake and meal. _ _ _ _ __ 681 180 123 Another. _ 1,149 730 1,176 Vegetable products, inedible, except fibers and wood, total 3,575 6, 953 4,942 Tobacco - -- - 987 1,174 1,480 Naval stores: Rosin _- _ _ 1, 353 2,169 2,067 Turpentine 143 270 239 All other and not specified _ _ _ 469 29 18 Rubber and rubber products 475 3,132 455 Allother 148 179 683 Textiles, total _ __ 303, 580 235,443 286, 661 Cotton - _ __ 299, 643 229,267 284, 240 Cotton manufactures 1,688 5,158 1,089 Silk - - - 571 73 198 Wool 415 225 280 Allother___ _ - 1,263 720 854 Wood and paper, total 9,164 10, 041 12,637 Lumber _ _ - 7,201 8,344 10,429 Cooperage stock 500 334 815 Wood pulp _ _- 805 397 364 Another.- 658 966 1,029 Nonmetallic minerals, total 6,322 7,814 4,353 Coal 2,302 1,622 505 Refined mineral oils 3,037 4,842 3,340 Crude oil __ - _ 714 871 43 Allother _ 269 479 465 Metals and manufactures, except machinery and vehicles, total 43, 989 32,288 30,560 Copper 34, 669 25,064 24,053 Gold 976 591 150 Iron and steel 3,179 2,186 1,448 Zinc 873 1,098 370 Aiiother.-- 4,292 3,349 4,539 Machinery and vehicles, total 14,916 24, 337 29,037 Automobiles _ ._ _ 6,407 16,153 20, 594 Auto parts and accessories 1,753 2,283 2, 310 Farm implements 2,397 1,925 1,169 Motor and motor parts 1,685 1,576 2,306 Allother - _.._ _ __._ 2,674 2,400 2,658 Chemicals and related products, total 2,262 2,152 3,251 Paints and varnishes 729 677 899 Fertilizers- . _ _ . 700 788 1,118 Borax 344 382 386 Allother _ _ 489 305 848 Miscellaneous, total _ _ 41,339 46,938 37, 634 Oil 3,234 2,249 1,018 Building supplies _ 661 520 Films 447 572 38 Matches 450 250 All other 36, 547 43, 347 36, 578 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

162 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No. 65.—BILLS BOUGHT IN OPEN MARKET BY FEDERAL RESERVE BANKS, 1925- 1927—CLASSIFIED ACCORDING TO UNDERLYING COMMODITIES—Continued [In thousands of dollars] Commodity 1925 1926 1927 ACCEPTANCES BASED ON DOMESTIC TRANSACTIONS Total 335,476 306, 907 386, 068 Animals and animal products, except wool and hair, total.. _ 18,875 18, 873 21, 042 Lard and meats 7,099 , 6,479 4,629 Eggs 1,016 912 1,715 Hides and skins 7,703 7,017 9,578 Casings . __. 822 500 773 Furs 834 1,246 571 Fish: Herring 467 184 251 Salmon 232 869 674 All other and not specified 64 382 225 All other 638 1,284 2, 626 Vegetable food products and beverages, total 75, 552 64,120 74, 762 Coffee 2,031 1,623 2,623 Fruit: Raisins 1,823 5,450 9,568 Peaches _ - 434 159 111 All other and not specified 1,969 2,296 1,709 Grains: Wheat 9,457 11,127 All other and not specified 58, 281 24,102 20, 846 Nuts: Peanuts 862 625 496 Walnuts 330 368 154 All other and not specified 279 359 805 Sugar 2,740 10, 726 21, 483 Flour 820 1,678 343 Tea 722 1,385 1,016 Vegetables: Beans.. 2,477 591 960 All other and not specified 1,052 2,963 1,643 Oocoa 1,017 376 All other 1,732 1,321 1,502 Vegetable products, inedible, except fibers and wood, total ___ 37, 690 28, 653 50, 585 Rubber _ _ 1,321 2,597 26,117 Tobacco 33,851 22,802 20, 089 Naval stores 433 789 1,245 Vegetable oils: Cottonseed oil _ . .. ___ 1,122 350 987 Chinese wood oil _ . 362 170 73 All other and not specified 191 611 1,585 All other _ _ ... . . 410 1,334 489 Textiles, total _ 163,070 140,333 202,432 Cotton ___ 136,945 111, 240 182, 386 Cotton manufactures. _ ____ ... 1,937 449 249 Mohair 1,278 817 2,248 Silk -. 2,275 3,797 2,425 Wool 17,320 19, 766 11, 987 Kapok 467 420 263 Allother 2,848 3,844 2,874 Wood and paper, total - _ - 3,145 5, 401 3,073 Lumber 2,437 5,168 2,711 Rags 248 128 64 Allother _ 460 105 298 Nonmetallic minerals, total— 12,735 14,105 13, 371 Coal . 2,632 2,873 3,932 Glass -_ - 1,691 379 64 Crude oil 5,402 5,095 1,659 Refined oil _ 2,021 4,659 3,841 Allother _ 989 1,099 3,875 Metals and manufactures, except machinery and vehicles, total 7,158 5,512 1,168 Copper -.-_ 3,099 646 171 Iron and steel 1,473 3,500 606 Allother 2,586 1, 366 391 253 573 236 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANKS 163 No. 65.—BILLS BOUGHT IN OPEN MARKET BY FEDERAL RESERVE BANKS, 1925- 1927—CLASSIFIED ACCORDING TO UNDERLYING COMMODITIES—Continued [In thousands of dollars] Commodity 1925 1926 1927 ACCEPTANCES BASED ON DOMESTIC TRANSAC- TIONS—Continued Chemicals and related products, total 1,498 1,964 869 Fertilizers . . . _ .. 1,104 1,804 691 All other.__ 394 160 178 Miscellaneous, total _ 15, 500 27, 373 18, 530 Canned goods.. _ . .. 3,913 6,353 6,440 Oil 1,361 2,926 1,206 Provisions . 2,844 3,307 7,251 Allother _.__ ._. 7,382 14, 787 3,633 GOODS STORED IN OR SHIPPED BETWEEN FOREIGN COUNTRIES Total... 154, 220 288,115 318, 912 Lards and meats . . ._ _ . 1,493 6,813 7,656 Hides and skins 1,107 1,309 3 066 Leather and leather goods - . 3,907 3,261 705 Coffee 14,328 15, 235 15,144 Flour . 8,063 8,628 9,480 Grain 7,442 15, 035 22, 935 Sugar . 18, 906 128, 233 101, 777 Vegetable oils._. _ 971 1,590 301 Tobacco 3,005 19,422 15, 699 Rubber and rubber goods . 962 Cotton 23,114 19, 750 52,118 Wool , 1.989 1,210 4 425 Lumber 4,733 3,348 3,085 Pulp wood. __ 925 150 Timber 750 5,043 1,559 Wood pulp. . 1,658 2,065 5,866 Wood and wood products _. 1,089 Diamonds 725 Gasoline.._ 250 Copper 8,264 8,969 8,712 Iron ore . . . . _. 11, 905 1,325 2 084 Iron and steel products 5, 513 5,819 11, 392 Zinc. _ 1,925 Machinery and vehicles _ 2,741 9, 585 Fertilizers __. .. 1 390 Potash 731 550 Electrical material _ 1,104 Matches . 5,488 4,233 6 431 Films 942 2 712 All other and unclassified ___ 26, 793 30,424 31, 890 TRADE ACCEPTANCES Total 4,765 5,591 4,811 Coffee 1,154 1,262 475 Sugar 666 348 1,899 Hemp 1,158 1,053 700 Silk. .. . 719 559 773 Copper 136 331 All other and unclassified 932 2,038 964 DOLLAR EXCHANGE BILLS Total 25,645 34, 764 47, 734 STERLING BILLS Total 4,482 6,809 32, 578 UNCLASSIFIED Total.... 9,638 18, 966 15, 391 Total purchased outright 1, 692, 547 1, 706, 261 1, 799, 707 Taken under repurchase agreement (not classified)—. 1, 268,623 1,647,065 2,251,161 Grand total— 2, 961,170 3, 353, 326 4, 050,868 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

164 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD GOLD SETTLEMENT FUND No. 66.—GOLD SETTLEMENT FUND—SUMMARY OF TRANSACTIONS THROUGH THE FUND, 1923-1927 [In millions of dollars] Daily settlements between Federal reserve banks j Balance Interi at begin- reserve With- Balance j ning of bank drawals Deposits at end period Transit F re e s d e e r r v a e l transfers of period clearing note clearing 1923. 554. 4 89, 614. 7 0) 1, 039. 2 1, 764. 3 1, 781.1 571.1 1924. 571.1 97, 698. 3 0) 919.6 1, 921. 8 2,030.2 679.5 1925. 679.5 !108,289.5 C1) 909.0 1, 779. 0 1, 788. 6 689.2 1926. 689.2 1115, 455. 3 635.8 1,043. 4 3,029. 2 3,005. 3 665.3 1927. 665.3 123,031.5 673.2 1,436. 7 3, 797. 3 3, 660. 3 528. 2 1927 January.. 665.3 9,917.3 63.8 24.5 394.1 336.1 607.5 February.. 607.5 8, 856. 2 46.3 9.0 240.3 249. 4 616.5 March 616.5 10,611.0 ! 51.2 210.9 318.8 263.8 561.5 j April | 561. 5 ! 9, 797. 5 47.2 i 34.0 341.2 436.6 657.1 May I 657.1 ! 9,906.5 56.1 I 60.0 255.7 177.6 579.0 June } 579.0 j 10,653.2 53.9 ! 267.9 320.8 334.7 592. 9 July 592. 9 I 9, 743.1 57.0 j 33.8 173.8 180.3 599.6 August 599. 6 9, 689. 3 63.9 i 35.7 301.7 333.6 631.5 September. 631. 5 10,366. 4 62.7 | 178.4 278.2 298.2 650.8 October 650.8 10, 976. 9 57.0 65.3 299.8 272.1 623.3 November- 623.3 11,107. 6 58.8 328.9 416.0 424.7 631.9 December.. 631.9 11,406.7 55.4 188.3 456.7 353.1 528.2 1 Included in transit clearing. Back figures.—See Annual Report for 1926 (p. 117). No. 67.—GOLD SETTLEMENT FUND—SUMMARY OF TRANSACTIONS THROUGH THE FUND, BY DISTRICTS, 1927 [In millions of dollars] Daily settlements between Interreserve Federal reserve banks bank transfers Balance in Feder b a a l n r k eserve J a B a n n a c . l - e 1 Transit clearings re c s F l e e e r a v d r e e in r n a g o l s te Pay- Re- d W ra i w th a - ls p D os e i - ts f c u b l n o n u e s d s s e s i a - , o t f ments ceipts Dec. 31 m P e a n y t - s Receipts Pay- ce R i e p - ts 1927 Boston 39.3 11, 694. 9 11,937.5 61.8 50.4 218.7 15.5 155.0 107.7 19.9 New York 223. 5 39, 978. 3 39, 578. 8 130.7 188.9 374.0 950.7 2,283. 3 1,983. 7 159.3 Philadelphia 32.7 9, 915. 7 10,045. 0 71.3 65.2 172.0 24.8 161.6 190.1 37.2 Cleveland 56.3 9,261. 9 9, 328. 3 107.9 50.0 95.5 78.6 136.5 132.0 43.4 Richmond 27.2 7, 672. 3 7, 675. 2 34.0 45.9 111.5 35.4 24.5 79.4 20.8 Atlanta . . . 21.7 4, 014.1 4,127. 4 48.2 42.1 115.0 12.3 241.0 226.6 11.8 Chicago 131.5 16, 488. 0 16, 530. 8 89.0 91.8 114.5 72.3 187.0 155.1 103.2 St. Louis 33.2 7,215. 8 7,101.1 19.9 41.0 17.0 81.8 122.7 136.4 18.1 Minneapolis 20.5 2, 255. 0 2, 216. 5 21.8 19.9 9.5 29.2 29.0 46.1 16.8 Kansas City 30.5 5, 497. 2 5, 371. 2 30.0 28.7 132.0 78.9 48.0 125.4 27.5 Dallas 19.1 4,019. 8 4,045. 7 19.1 18.9 48.0 17.4 70.7 71.2 14.7 San Francisco 29.8 5,018. 6 5,074.1 39.4 30.2 129.0 39.8 338.1 406.6 55.3 Total 665.3 123, 031. 5 123,031. 5 673.2 673.2 1,436. 7 1,436. 7 3,797. 3 3,660. 3 528.2 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL KEPORT OF THE FEDERAL RESERVE BOARD 165 FEDERAL RESERVE AGENTS' GOLD FUND No. 68.—SUMMARY OF TRANSACTIONS THROUGH THE FEDERAL RESERVE AGENTS' FUND, 1923-1927 [In millions of dollars] b o B e f g a p i l n e a r n n i i c o n e d g With a d ls raw- 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 I 1923. 1,681.0 755.0 148.5 565.7 1,140. 0 1, 648.9 1924 1, 648. 9 626.0 149.5 1, 022. 8 1,158. 3 1, 307.9 1925. _. 1, 307. 9 559.8 126.0 975.6 1, 061. 7 960.2 1926. 960.2 568.2 112.3 1, 799. 4 2, 258. 5 963.4 1927__ 963.4 454.2 63.3 2, 458. 4 2, 914. 3 1,028. 3 1927 January 963. 4 33.0 9.5 213.0 360.0 1,086. 9 February 1,086. 9 39.0 1.0 150.0 185.0 1,083. 6 March 1,083. 6 35.0 1.0 162.6 267.8 1,154. 9 April 1,154. 9 25.0 5.0 334.2 308.4 1,109. 2 May 1,109. 2 44.0 85.8 164.5 1,143. 9 June 1,143. 9 33.9 ~6~6" 235.2 238.1 1,119.1 July 1,119.1 41.3 12.8 80.0 129.2 1,139. 7 August 1,139. 7 36.5 12.0 238.9 248.1 1,124.4 September 1,124. 4 31.0 1.0 199.1 226.9 1,122. 0 October 1,122. 0 66.8 2.0 164.2 206.1 1, 099. 0 November 1, 099. 0 38.0 7.0 326.1 219.1 961.0 December 961.0 30.8 6.0 269.0 361.1 1,028. 3 Back figures—See Annual Report for 1926 (p. 119). No. 69.—SUMMARY OF TRANSACTIONS THROUGH THE FEDERAL RESERVE AGENTS, FUND, BY DISTRICTS, 1927 [In millions of dollars] Balance at Federal reserve bank B J a a l n a . n 1 ce With a d ls raw- 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. 44.0 110.0 45.0 60.0 155.0 74.0 New York . 91.0 1, 576.0 1,580.0 95.0 Philadelphia 96.9 120.0 72.7 161.6 65.8 Cleveland 130.0 80.0 75.0 125.0 Richmond 35.0 40.8 3.8 11.0 13.0 Atlanta - _ 116.0 87.5 146.5 239.0 121.0 Chicago 160.6 2.0 55.6 142.0 245.0 St. Louis 10.3 23.0 1.0 72.5 115.7 31.5 Minneapolis 46.0 4.0 30.0 21.0 33.0 Kansas City _. 60.3 40.0 13.5 26.0 48.0 55.9 Dallas 16.0 13.0 39.5 50.0 13.5 San Francisco 157.3 14.0 288.6 314.0 168.7 Total 963.4 454.2 63.3 2,458.4 2,914. 3 1, 028.3 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

166 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD MEMBERSHIP IN PAR COLLECTION SYSTEM No. 70.—NUMBER OF BANKS ON PAR LIST AND NOT ON PAR LIST, 1920-1927 [The figures for member banks, beginning with March, 1925, represent the number of banks in actual operation; prior to that time the number of banks shown by capital-stock records of Federal reserve banks] 1920 i 1921 i 1922 1923 Nonmember Nonmember Nonmember Nonmember banks banks banks banks End of month Mem- Mem- Mem- Member ber ber banks On li s p t ar o N n li s o p t t ar 0 ]lst i ^ list banks On li s p t ar o N n li s o p t t ar banks On li s p t ar I | o N n li s o p t t ar January 9,089 16,985 9,637 19,101 i (2) 9,852 18,071 9,911 17, 777 2,289 February I 9,140 17,429 9,668 19,023 j (2) 9,856 18,019 9,917 17, 724 2,282 March 9,196 18, 308 9,696 18,804 i (2) 9,873 17,976 9,922 17, 692 2,285 April 9,246 18, 492 9, 726 18, 792 j (2) 9,904 :17, 943 9,923 17, 663 2,280 May 9,303 18, 502 9,747 18,781 (2) 9,909 j 17, 918 9,927 17, 643 2,279 June 9,366 18, 614 9,775 18,716 (2) 9,927 117,889 9,933 17, 589 2,310 July..... 9,421 18, 605 9,779 18,599 (2) 9,930 j 17, 884 9,916 17, 565 2,324 August.. 9,472 18, 605 9,792 18,550 | (2) 9,917 17,865 9,905 17, 381 2,489 September 9,506 18, 620 9,795 18,503 ! (2) 9,917 17, 863 17, 255 2,580 October 9,544 18, 675 9,803 18,388 j (2) 9,918 17, 851 17,114 2,672 November 9,574 19,188 9,805 18,319 ! (2) 9,916 17, 836 16, 919 2,791 December. | 9,612 19,172 9,827 IS, 217 ! (2) 9,916 17, 822 9,896 16, 725 2,896 1925 1926 1927 J Nonmember Nonmember Nonmember Nonmember i banks banks banks banks End of month I M b b a e e n m r ks - On li s p t ar o N n li s o p t t ar b M a b e n e m r ks - On li s p t ar o N n li s o p t t ar M ba b e n e m r ks - i O l n is t paro N n li s o p t t ar b M a b e n e m r ks - On li s p t ar on N li o s p t t ar January... 9,875 16,484 3,013 9,674 15,361 I 3,679 9,459 14, 540 3,986 9,206 13, 852 3,865 February. 9,856 16, 337 3,084 9,662 15,268 | 3,733 9,437 14,490 3,990 9,168 13, 781 3,833 March 9,820 16, 246 3,142 3 9,535 15,193 ! 3, 757 9,425 14,441 3,981 ; 9,143 13, 700 3,839 April 16,119 3,185 9,540 15,079 i 3,824 9,410 14, 382 3,963 i 9,13013, 643 3,858 May 9,785 15, 981 3,240 9,550 14,970 ! 3,869 9,400 14,325 3, 971 I 9,11013, 589 3,867 June.... I 9>763 15, 896 3,301 9,546 114, 932 j 3,880 9,384 14, 257 3,965 i 9,10613,556 3,863 J A u u ly g ust.... 9 9 , , 7 7 3 4 3 5 1 1 5 5 , , 8 73 2 6 0 3 3 , , 3 41 5 9 3 9 9 , . 5 5 4 4 0 4 1 1 1 4 4 , , 8 8 5 8 7 8 ; j 3 3 , , 9 9 4 0 0 6 9 9 , , 3 3 7 7 7 7 1 1 4 4 , , 1 2 6 0 4 7 3 3 , , 9 90 0 1 7 I ! 9 , 9 0 , 9 1 9 05 1 1 3 3 , , 4 5 8 2 6 8 3 3 , , 8 8 5 5 7 8 September 9,718 15, 662 3,496 9.545 14,786 j 3,963 9,360 14,130 3,924 13,430 3,877 October , 9,708 15, 601 3,550 9,532 14,742 j 3,968 9,336 14,073 .\ ,.9.35. .1,,0_8_1_ 13,358 3,890 November i 9,700 15, 524 3,612 9,521 (14,701 | 3,968 9,301 13, 991 3,925 ! 9,067 13,306 3,913 December 9,682 15,445 3,647 9,489 14,643 ; 3,970 9,260 13,911 3,913 '. 9,034 13,2473,910 1 Figures as of the 15th of the month. 2 Figures not available. 3 Reduction from preceding months due largely to exclusion of member banks carried on capital-stock records, but not in actual operation; on this date (March 31, 1925) the number of such banks was 108. NOTE.—Nonmember banks not on par list comprise all incorporated banks, other than mutual savings banks, that have not agreed to pay, without deductions for exchange, such checks drawn upon them as are presented for payment by the Federal reserve banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBERSHIP IN PAR COLLECTION SYSTEM 167 No. 71.—NUMBER OF BANKS ON PAR LIST AND NOT ON PAR LIST, BY DISTRICTS, 1927 Nonmember Nonmember Nonmember banksi banksi banks * Mem- Mem- Mem- End of month ber ber ber banks On par Not on banks On par Not on banks On par Not on list par list list par list list par list Boston district New York district Philadelphia district January 415 245 917 408 769 510 February... 416 245 921 408 771 510 March 416 244 926 ! 410 771 510 April 416 245 932 ! 411 770 515 May 416 244 928 414 770 515 June 415 245 928 412 775 502 July.. 414 245 927 411 774 503 August 414 245 929 410 774 503 September.. 414 246 930 408 773 503 October 414 247 935 i 409 777 500 November.. 413 248 935 1 411 779 497 December.. 413 248 937 ! 411 777 501 Cleveland district Richmond district Atlanta district January 853 1,066 679 614 475 335 1,058 February... 848 1,061 574 674 611 475 319 1,039 March 846 1,035 572 672 610 471 313 1,031 April 845 1,034 570 666 471 311 1,028 May 842 1,034 569 663 470 312 1,027 June 841 1,030 569 665 607 469 317 1,026 July 839 1,030 569 664 604 471 317 1,023 August 837 1,031 568 661 602 469 318 1, 018 September- 836 1,030 568 658 602 466 319 1,018 October 838 1,030 568 657 602 466 317 1,016 November- 837 1,029 568 659 601 464 313 1,019 December-. 835 1,027 564 657 587 464 312 1,016 Chicago district St. Louis district Minneapolis district January... 1,326 3,763 187 608 ],979 423 758 901 1,094 February.. 1,323 3,771 177 606 ,978 424 747 892 1,093 March 1,317 3,761 179 602 L, 963 431 744 877 1,101 April 1,312 3,752 179 602 ,953 433 742 868 1,108 May 1,312 3,738 181 601 L, 939 436 740 851 1,113 June 1,308 3,737 184 599 ,934 435 739 840 1,113 July 1,307 3,737 185 597 ,934 435 740 825 1,112 August 1,304 3,728 186 597 L,928 435 741 818 1,11C September. 1,301 3,717 187 597 ,913 442 741 809 1,12* October 1,294 3,706 183 596 1,904 448 742 789 1,13S November 1,291 3,701 188 596 1,893 454 741 771 1,144 December. 1,290 3,695 190 594 1,891 452 735 761 1,13^ Kansas City district Dallas district San Francisco district January.,. 2,512 216 817 692 200 700 762 February.. 2,498 213 817 683 204 686 742 March 980 2,493 213 818 681 204 680 741 April 976 2,474 226 818 679 205 676 735 May.. 972 2,468 229 817 681 201 673 730 June 972 2,461 229 815 682 198 676 731 July 975 2,448 231 817 682 197 675 732 August 975 2,433 233 818 682 198 673 729 September, 974 2,417 234 818 683 198 670 727 October 972 2,406 235 811 679 198 668 714 November. 971 2,395 239 805 675 200 667 714 December. 2,369 256 799 667 204 658 i Incorporated banks other than mutual savings banks. Back figures—See Annual Report for 1926 (p. 121), 1925 (p. 112), 1924 (p. 106), 1923 (p. 163), 1922 (p. 147) 1921 (p. 230), 1920 (p. 218), 1919 (p. 227), 1918 (p. 206). 110390—28- -12 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

168 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No. 12.—NUMBER OF BANKS ON PAR LIST AND NOT ON PAR LIST, IN EACH STATE, ON DECEMBER 31, 1926 AND 1927 1926 1927 State Nonmember banks Nonmember banks Member Member banks banks On par Not on On par Not on list par list l list par list i New England: Maine _ 61 48 60 49 New Hampshire 56 14 56 14 Vermont 46 39 46 39 Massachusetts - _ 181 71 178 72 Rhode Island . _ 17 8 17 8 Connecticut 67 86 69 86 Middle Atlantic: New York. .. _ 655 280 672 274 New Jersey 354 171 362 177 Pennsylvania 970 645 966 629 East North Central: Ohio 430 657 419 629 Indiana 257 812 10 247 795 8 Illinois _ __ . _ 577 1,275 23 569 1,247 23 Michigan 291 508 53 287 587 3 Wisconsin 179 589 211 175 578 218 West North Central: Minnesota 307 410 534 296 322 552 Iowa - _- 371 1,139 43 345 1,080 56 Missouri _ 199 1,240 33 197 1,176 38 North Dakota 148 123 292 143 72 306 South Dakota _ 109 153 157 106 143 165 Nebraska 167 712 188 163 638 235 Kansas 262 944 3 263 890 3 South Atlantic- Delaware 23 32 23 33 Maryland 89 167 89 165 District of Columbia _ _ 13 32 13 31 Virginia— 182 219 99 179 213 97 West Virginia 141 193 9 137 188 9 North Carolina 88 81 319 85 69 305 South Carolina _. 84 20 198 74 19 176 Georgia 138 64 313 134 52 290 Florida 73 92 163 70 87 155 East South Central: Kentucky 147 431 19 148 412 24 Tennessee „ .. 112 191 249 112 178 249 Alabama 123 23 206 121 21 210 Mississippi . 41 19 276 40 20 271 West South Central: Arkansas 109 231 127 101 209 138 Louisiana 44 29 175 42 25 167 Oklahoma 361 356 6 344 336 4 Texas 763 664 112 737 629 122 Mountain: Montana __ __ 102 101 11 95 99 12 Idaho 74 80 1 68 75 1 Wyoming 34 54 8 32 51 5 Colorado . _ ._ 131 169 5 128 162 6 New Mexico 32 28 2 31 27 1 Arizona 18 26 4 18 26 4 Utah 45 67 44 64 Nevada 10 24 10 25 Pacific: Washington _ 150 170 36 155 159 36 Oregon _ _ 130 105 28 124 100 21 C alifornia 299 319 244 267 Total 9,260 13,911 3,913 9,034 13, 247 3,910 i Incorporated banks other than mutual savings banks. Back figures.—See Annual Reports for 1925 (p. 114), 1924 (p. 105). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD 169 BANK PREMISES No. 73.—COST OF BANK PREMISES OF FEDERAL RESERVE BANKS AND BRANCHES TO DECEMBER 31, 1927 NEW BUILDINGS CONSTRUCTED BY FEDERAL RESERVE BANKS Cost of Cost of buildings land, including Total Book Federal reserve bank old Fixed cost of | value, Date occupied or branch bu d i e l m di o n l g - s m er a y c h a i n n d - All other Total b la u n i d ld i a n nd j net ished, equipnet ment Boston. ., 246, 726$662,157 $3,542,603 $4,204, 760 $5,451,486 $3,824,032March, 1922. New York: Main building ,4, 850,210 2, 819, 73311,885,837 14, 705, 570 19, 555,780 14,166, 224 October, 1924. Annex building 592,679 194,344 1,472,644 1,666,988 2,259,667! 1,644, 538 0). Cleveland. I 1,295,490 1,,42,31,3 66| 6,,6,46,784 8,070,150 9,365,640j 6,064,090 August, 1923. Richmond 352, 288 794,121 770,248 October, 1921. B A a tl l a ti n m ta ore | 2 25 8 0 3 , , 0 4 0 8 0 " 4 99 10 00 ,, ,$ 4 $0 0 0 9 ll!! 2,,,0 44 9 3 922 1 ; , 4 99 4 55 4 66 2 22 , 5 , 5 ,4 88 4 33 1 , , 7 8 755 5 77 3 1,8 8 1 3 3 4 , , 7 2 6 4 6 4 ' ,2 6 7 9 7 , 0 7 , 1 9 6 01 October, 1918. Birmingham 124,137 175,2791 1,355,4871 1,530,766 475,122 390,511 January, 1927. Jacksonville 45, 842: 46,788 J 304,1971 350,985 286,110 213,169 June, 1924. New Orleans 201, 250 25,956 214,312! 240,268 - 097,233 756,212 October, 1923. Chicago 963, 548 157, 580! 738, 403! 895, 983 457, 232 ., 953, 002July, 1922. Detroit 650,000 1,276,579! 6,217,1051 7,493,684 10,655, 868 , 655,868;December, 1927. St. Louis 355,374 102,790! 903,078| "1,005,868! 1,593,219 ;, 169,889J|une, 1925. Little Rock 85,007 1,058,979! 2,178,866; 3,237,845! 4,421,694 348,244 March, 1925. Minneapolis 600,521 101,143! 235,544 336,687 537,320 !, 128,418February, 1925. Kansas City 495, 300 520,054' 2,416,745 2,936,799; 3,664, 341 !, 893, 209 Niovember, 1921. Denver 101,512 77575,,944408! 3,349419,,18076111 4,156095,,302441 4,606,836 472,899 November, 1925. Oklahoma City 65,021 74,891 409,890| 484,781, 549,802 401,782 April, 1923. Omaha 176,427 70,487 397, 938 468, 425 644, 852 540,070 December, 1925. Dallas 181,120 325,002 1,169, 250 1,494,252s 1, ., 253,891March, 1921. El Paso 39,003 10,374 111,819 122,1931 16l| 196 122, 7251August, 1920. Houston 66,313 59, 5541 288,091] 347,645! 413,958 332,860j February, 1922. San Antonio 75,002 307; 307| 75,309 75,309 (5). San Francisco 412, 996 700,661 3,218,6541 3,919,315] 4,332, 311 !, 865, 766December, 1923. Salt Lake City 114, 075 71,873 351,322 423,1951 537,270 507,9951 February, 1927. Total.. 16,623, 308 11,212,188i50,424,253161,636,441178,259, 749 54,591, 568 ! I I - BUILDINGS PURCHASED BY FEDERAL RESERVE BANKS [Amounts shown under "Cost of land" represent appraised value of land—remainder of actual cost included in "Cost of buildings"] New York (No. 10 Gold $50,612 $3,004 $71,008 $74, 0121 $124,624 $71,061 Street). Buffalo.. 450,000 150,000 150,000 600,000 7 600,000 (). Philadelphia 799, 652 337, 477 \, 044, 817 2, 382, 294 3,181, 946 1, 748, 940 December, 1917. Pittsburgh _. 297, 000 138,994 560,460 699,454 996,454 800,965 February, 1920. Baltimore,. 120,000 81,023 81,023 201,023 180,000 March, 1918. Nashville 48,000 25,101 211,616 236, 717 284, 717 191,179 December, 1922. Louisville 131,177 33,650 227,f"" 261,319 392, 496 272,642 June, 1919. Helena 5,000 16,109 156,290 172, r 177,399 73,294 February, 1921. Total 1, 901, 441 554,335 3,502,883 4,057,218 5,958,659 3,938,081 Grand total.. 18, 524, 749 11, 766,523 53, 927,136 65, 693, 659 84, 218, 408|58, 529,649 1 Occupied by tenants. 2 Estimated cost to complete, $951,000. 3 Building under construction. 4 Estimated cost to complete, $211,000. 5 Building plans in preparation. 6 Being remodeled for tenant occupancy. 7 $50,000 only paid on purchase price pending actual possession. 8 Possession early in 1928. NOTE.—No bank buildings or sites therefor have been acquired for the following branches and agencies: Branches—Charlotte, Portland, Seattle, Spokane; agencies—Savannah, Habana. The Cincinnati branch on January 3, 1928, moved into its new quarters in the Chamber of Commerce building, erected on the site leased to the Cincinnati Chamber of Commerce by the Federal Reserve Bank of Cleveland under a 99-year lease, and sites for the construction of buildings for the Memphis and Los Angeles branches were purchased shortly after the close of the year. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

170 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD EARNINGS AND EXPENSES OF FEDERAL RESERVE BANKS No. 74.—GROSS AND NET EARNINGS OF EACH FEDERAL RESERVE BANK, AND DISPOSITION MADE OF NET EARNINGS, 1914-1927 Earnings Disposition of net earnings Federal reserve bank Franchise Profit (+) Gross Net Div p i a d i e d nds s fe u T r r r r p e a l d n u s s t - o * U t e a . x r n S p m . a e i G d n t o to v i - or f c o l a o r r w s r s i a e r ( d — d ) All Federal reserve banks: 1914-15 $2,173, 252 -$141,459 $217,463 -$358,922 1916 5, 217, 998 2, 750, 998 1, 742, 774 + 1,008,224 1917 - - 16,128, 339 9, 579, 607 6, 801, 726 $1,134,234 $1,134, 234 + 509,413 1918 _ 67, 584, 417 52, 716, 310 5, 540, 684 48, 334,341 -1,158,715 1919 102, 380, 583 78, 367, 504 5,011, 832 70, 651, 778 2, 703, 894 1920 181,296,711 149, 294, 774 5, 654, 018 82,916, 014 60, 724,742 1921 122, 865,866 82, 087, 225 6,119, 673 15, 993, 086 59, 974,466 1922 50,498, 699 16, 497, 736 6, 307, 035 -659, 904 10, 850, 605 1923 - - 50, 708, 566 12, 711, 286 6, 552, 747 2. 545, 513 3, 613, 056 1924 38, 340, 449 3, 718,180 6, 682, 496 -3, 077, 962 113, 646 1925 41,800, 706 9, 449, 066 6, 915, 958 2, 473, 808 59, 300 1926 47, 599, 595 16, 611, 745 7,329,169 8,464, 426 818,150 1927 43,024,484 13,048, 249 7, 754, 539 5, 044,119 249, 591 Total 769, 619, 665 446, 691, 221 72, 630, 084 233, 819,453 140,241,684 Boston: 1914-15 _ 125,459 -34, 603 -34, 603 1916 490,888 295, 935 249, 735 +46, 200 1917 1, 285, 884 740, 359 601, 756 75,100 75,100 -11,597 1918 _ 4, 475,195 3, 305,180 384,180 2,921, 000 1919 . 7,497, 583 5, 777, 381 414,447 5, 362, 934 1920 12, 273, 253 10,272, 564 447, 266 7, 351, 799 2, 473, 499 1921 _ 6,968, 662 4, 281, 353 473,109 772, 324 3, 035, 920 1922 3, 541,313 1,097, 402 481,951 -170,782 786, 233 1923 3, 506, 683 1, 252,135 480, 267 77,187 694,681 1924 - 2, 559, 016 470, 422 477, 798 -7, 376 1925 3, 288, 546 1,140, 581 502, 648 637, 933 1926 3, 319, 077 1,156, 873 525, 023 585, 888 45, 962 1927_ 2,975, 357 837,612 550, 446 287,166 Total 52, 306, 916 30, 593,194 5, 588, 626 17,893,173 7, 111, 395 New York: 1914-15 345,035 -123,887 -123,887 1916 _ 971,026 414,064 127,113 +286, 951 1917 4,929, 214 3,078,481 1, 942, 819 649, 363 649, 363 -163,064 3918 25, 314, 736 21, 662, 917 1,195, 026 20,467,891 1919 35, 332, 412 27,959,619 1, 291, 047 23, 964, 678 2, 703,894 1920 60, 525, 321 53,128,130 1,477, 096 12, 332, 523 39, 318, 511 1921 - - 34, 710, 274 26,093, 832 1, 608,721 3, 782, 671 20, 702,440 1922 11,349, 279 3, 721, 593 1, 652,138 -1,397,603 3,467, 058 1923 11, 413,183 3, 043, 679 1, 749, 239 129, 444 1,164,996 1924 8, 569, 350 616, 852 1, 796, 530 -1,179,678 1925 10,217,174 3,103, 298 1, 888,196 1, 215,102 1926 10, 600, 968 3, 749, 748 2,100,191 1, 649, 557 1927_ — 10, 647, 759 3, 720, 601 2, 327, 355 1, 393, 246 Total 224, 925, 731 150,168, 927 19,155,471 63,007,194 68,006, 262 Philadelphia: 1914-15 113,972 -31, 517 -31,517 1916 448,180 249,941 128, 458 +121,483 1917 . 1, 095, 540 753, 875 623, 603 +130, 272 1918 4,357, 740 2, 972,089 583,983 2, 608, 344 -220, 238 1919 _.. 8, 609,880 6,659,169 462, 380 6,196, 789 1920 11,848, 551 9,065,116 496, 679 8, 204, 775 363, 662 1921 8,008, 095 5, 339, 454 517, 663 935, 239 3, 886, 552 1922 . _ 4, 251,950 2, 236, 876 541, 552 803, 594 891, 730 1923 - . 4, 592, 771 2,177,837 582, 292 1,178, 588 416,957 1924 2, 915, 846 747, 092 615,135 131,957 1925. 3,135, 550 1,078,120 673, 212 404,908 1926 3, 626, 648 1, 533, 733 730, 598 803,135 1927_ 3, 363, 626 1,176, 469 781, 540 394, 929 Total 56, 368, 349 33, 958, 254 6, 737,095 21, 662, 258 5, 558, 901 i Amounts shown as transferred to surplus account for 1922 are net, i.e., after the deduction of amounts charged to surplus account on Dec. 31, 1922, and paid to the United States Government as franchise tax. For prior years as follows: For 1920—New York, $270,389; for 1921—Boston, $247,350; New York, $1,334,160; Philadelphia, $36,366; Richmond, $20,459; Atlanta, $213,629; Chicago, $710,190; Minneapolis, $52,423; Kansas City, $208,170; San Francisco, $306,926; total, $3,129,673. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EARNINGS AND EXPENSES OF FEDERAL RESERVE BANKS 171 IVo. 74.—GROSS AND NET EARNINGS OF EACH FEDERAL RESERVE BANK, AND DISPOSITION MADE OF NET EARNINGS, 1914-1927—Continued Earnings Disposition of net earnings Federal reserve bank Gross Net Div p i a d i e d nds fe T r r re a d n s t - o t U F ax . r a S p n . a c i h G d i o s t e o v- o P r r c o l a o f r i s r t s i e ( (— d +) ) surplus i ernment * forward 'Cleveland: 1914-15 $113,815 -$55, 774 -$55, 774 1916. 452,129 • 293,808 $143, 237 +150, 571 1917 1, 367, 216 753, 682 716,168 +37, 514 1918 _. 5, 226, 864 4,135, 796 716,107 $3, 552,000 -132,311 1919 . 7, 800,829 6,093, 785 556, 785 5, 537, 000 1920 14,458, 619 11,820,031 604,194 11, 215,837 1921 . 9, 390,863 6, 284, 383 660, 228 2, 329, 442 $3, 294, 713 1922 4, 994, 282 2, 268, 688 692,436 861,264 714, 988 1923 4, 655, 090 921, 221 725, 626 195, 595 1924... 3, 770, 689 -473,153 756,152 -1, 229, 305 1925 . 4,013,456 1, 210, 576 778, 811 431, 765 1926 4, 517,884 1, 660, 762 808, 505 852, 257 1927... 4,197,836 1,108,190 832, 583 275, 607 Total 64, 959, 572 36,021, 995 7, 990, 832 24, 021,462 4,009, 701 'Richmond: 1914-15 319, 580 174, 955 151, 940 +23,015 1916 334,102 186, 571 197,922 -11,351 1917 821,195 462, 224 240, 944 116,472 116,472 -11,664 1918 2, 979,048 2, 312,030 232, 432 2,079, 598 1919 4, 775, 324 3, 877, 266 252, 872 3, 624, 394 1920 6, 902, 643 5, 238, 506 293, 052 4, 740,869 204, 585 1921.. 6, 729, 679 4, 393, 627 322,203 693, 792 3, 377, 632 1922 2,832, 944 867,448 333,321 32, 954 501,173 1923 2, 878, 896 1, 092,843 342, 295 384, 404 366,144 1924 .. 2, 210, 240 379,791 351, 251 28, 540 1925.... 2,182, 460 576,110 358,162 217, 948 1926 2,429,017 727, 645 363,957 279, 216 84,472 1927 2,086, 303 497,711 372, 230 125,481 Total 37,481, 431 20, 786, 727 3, 812, 581 12,323, 668 4, 650,478 Atlanta: 1914-15. 236,460 82, 532 +82, 532 1916.. 279, 520 129, 307 201, 719 -72,412 1917 589,789 288, 083 218, 203 40,000 40,000 -10,120 1918 2, 293,058 1, 652,473 182,473 1,470, 000 1919 4,416,001 3,382, 397 197, 397 3,185, 000 1920 7,476, 431 6,010, 324 225, 571 3,648, 465 2,136, 288 1921 7,406, 652 5,496, 219 245, 862 770,106 4,480, 251 1922.. 2,352, 736 672, 730 256, 618 -172,018 588,130 1923 2, 682, 314 352,179 264, 622 8,756 78,801 1924 1, 907,121 272, 656 272, 656 1925 . . 2,072,378 26,191 276,488 -250, 297 1926 3,045,867 1, 228, 327 296, 573 931, 754 1927 2,067,839 669, 904 305, 817 364,087 Total 36,826,166 20, 263, 322 2,943, 999 9,995,853 7, 323,470 Chicago: 1914-15 268,885 20,091 +20,091 1916.... 665, 937 403, 206 361,319 +41,887 1917 2,083,164 1, 231, 879 862, 259 215, 799 215, 799 -61,978 1918 8,481, 747 6, 805, 081 604,635 6, 200,446 1919 12, 012.078 8, 576, 204 700,807 7, 875,397 1920 30, 303, 218 25,875, 749 792, 769 14, 688,500 10,394,480 1921.. 20, 382,170 14,505,117 853, 785 2,075, 323 11,576,009 1922 . . . 6, 748,863 1,405, 215 876,203 -657, 289 1,186,301 1923 6,511,359 1,178, 355 904,371 27, 398 246, 586 1924 5, 202,169 909,123 909,123 1925 5,424,663 1,121,273 934,016 187, 257 1926 6, 567, 043 2, 253, 923 985, 959 1,267,964 1927 6,167, 352 1, 927, 645 1,029, 990 897,655 Total. 110,818, 648 66, 212,861 9,815,236 32, 778,450 23, 619,175 Digitized for FRSeAe SnEotRe o n p. 170. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

172 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No. 74.—GROSS AND NET EARNINGS OF EACH FEDERAL RESERVE BANK, AND DISPOSITION MADE OF NET EARNINGS, 1914-1927—Continued Earnings Disposition of net earnings Federal reserve bank Gross Net \ Div p i a d i e d nds s fe u T r r r r p e a l d n u s t s - o i t U e a F x . r r n a S p m n . a c e G i h d n i o t s t v e o i - o P r f r c o o l a o r f r w s i r t s i a e r ( ( d — d +) ) St. Louis: 1914-15 ! $86,833 -$97,169 : ,.... -$97,169 1916 297,948 141,017 ! $31,100 +109,917 1917.... I 773,106 502,156 I 284,566 +217, 590 1918 _ 2,676,828 1,777,810 - 404,838 $1, 603,310 -230,338 1919 3,884,478 2,355,154 l 234, 660 2,120. 494 1920 7,180,117 4,875,566 : 253, 711 4, 621, 855 1921 j 5,166,315 2,951,926 270, 253 1, 042, 564 $1, 639,109 1922 I 2,456,447 647,572 ! 283,166 276,450 87, 956 1923. 2,753,435 1,182,163 I 296, 810 407, 070 478, 283 1924 1, 688,143 203,937 ! 304, 976 -101,039 1925 ; 2,055,637 -93,540 : 306, 753 -400, 293 1926 - ...I 2,511,509 683,022 314, 420 368, 602 1927. 2, 228, 079 775,681 317, 727 457, 954 Total . 33,758,875 15,905,295 3,302,980 10,396, 967 2, 205, 348 Minneapolis: 1914-15 100,112 -32, 341 -32, 341 1916 -. 255,177 134,603 57, 720 +76, 883 1917 I 672,799 394,353 363,895 37, 500 37, 500 -44, 542 1918 ! 2, 049, 954 1,545,847 168,103 1,377, 744 1919 ! 3,007,041 2,333,943 ' 180,186 2,153, 757 1920 I 5,307,381 4,131,053 i 195, 871 3, 410, 948 524, 234 1921 4,966,311 3,151,154 211,657 488, 530 2,450, 967 1922 1,969,248 782,695 : 213,774 4,469 564, 452 1923. 1, 749, 253 325,455 212, 733 11, 272 101, 450 1924. 1, 609, 070 329,102 I 202,828 12, 628 113,646 1925. 1, 438, 341 234,954 193, 560 4,139 37, 255 1926. 1, 622, 333 448,033 187,609 26, 043 234, 381 1927 _ 1, 390, 031 296,077 | 180, 726 11, 535 103,816 Total I 26,137,051 14,074,928 ! 2,368,662 7, 538, 565 4,167, 701 Kansas City: 1914-15 102,474 -66, 776 -66, 776 1916. ! 380,208 224,989 I 66, 707 +158, 282 1917 I 1,002,660 566,404 364, 503 +201,901 1918... I 3,451,936 2,437,748 I 309, 729 2, 421,425 -293, 407 1919 I 4,961,482 3,923,362 j 228, 755 3,694, 607 1920 7,409,987 5,540,681 257, 672 3,042,781 2,240, 228 1921 5,712,858 3,056, 096 268,620 486,918 2,300,558 1922 ! 3, 094, 660 783, 036 275, 655 -157,432 664,813 1923.. I 2,993,919 347,711 275,313 7,240 65,158 1924.. 2, 262,910 -253,182 265, 697 -518,879 1925.. 2,309, 985 282, 921 258,426 2,450 22, 045 1926.. 2,677,340 756,469 252,764 50,370 453,335 1927.. 2,304,938 414, 726 252, 753 16,198 145, 775 Total . 38,665,357 | 18,014,185 3,076, 594 9,045,679j 5,891,912 Dallas: 1914-15.. 244,666 75,388 65, 523 +9,865 1916 326,372 166,046 134,008 +32,038 1917 621,970 352,067 188, 234 +163,833 1918 2,089,526 1,240,175 261, 503 1,184, 408 -205,736 1919. 3, 062,251 2,041, 864 196, 335 1,845, 529 1920. 4,904, 522 3,228, 231 225,424 3,002,807 1921.. 4, 239, 574 1,613, 564 252, 211 1,361, 353 1922. 2, 085, 775 354,125 251, 915 102, 210 1923. 2,356,436 332,282 251,429 80,853 1924. 2,157,964 265,024 249, 789 15, 235 1925. 1, 813,626 278,135 255, 239 22,896 2,127,049 857, 211 257, 502 599, 709 1927. 1, 741,922 568, 209 256,310 311, 899 Total. 27,771,653 11,372,321 2,845,422 Digitized for F1 RSeAe SnoEteR o n p. 170. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EARNINGS AND EXPENSES OF FEDERAL RESERVE BANKS 173 No. 74.—GROSS AND NET EARNINGS OF EACH FEDERAL RESERVE BANK, AND DISPOSITION MADE OF NET EARNINGS, 1914-1927—Continued Earnings Disposition of net earnings Federal reserve bank Gross Net Div p i a d i e d nds s fe u T r r r r p e a l d n u s s t - o 1 t U F e a . x r r n a S p m n . a c e i G h d n i o t s t v e o ! - o P r f r c o o l a o r f r w s i r t s i a e ( ( r d — d +) ) San Francisco: 1914-15 115, 961 -52,358 -52,358 1916 316,511 111,511 43,736 +67,775 1917 885,802 456, 044 394, 776 +61, 268 1918 4,187,785 2,869,164 497, 675 2,448,174 -76, 685 1919 7, 021, 224 5, 387, 360 296,161 5, 091,199 1920 _ 12, 706, 668 10,108, 823 384, 713 6, 654, 855 3, 069, 255 1921 9,184,413 4,920,500 435,361 1, 254,824 3, 230,315 1922. 4,821, 202 1, 660, 356 448, 306 -185,721 1, 397, 771 1923 4,615, 227 505,426 467,720 37,706 1924 3,487,931 250, 516 480, 561 -230, 045 1925 3, 848, 890 490, 447 490, 447 1926 4, 554, 860 1, 555,999 506, 068 1,049,931 1927 3, 853, 442 1, 055, 424 547, 062 508, 362 Total 59, 599,916 29,319, 212 4,992, 586 16, 629, 285 7, 697,341 1 See note on p. 170. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 75.—EARNINGS AND EXPENSES OF EACH FEDERAL RESERVE BANK DURING 1927 EARNINGS Total Boston NewYork Ph p il h a i d a el- Cleveland m R o ic n h d - Atlanta Chicago St. Louis I M ap in o n li e s - K C an it s y as Dallas Sa c n i s F c r o an- Discounted bills _. $17,010, 778$1, 242,463 $,i4, ,614,110 $1,648, 548 $1.., 665,018 $897, 944 $1,254, 629$2, 247,451 $815,950 $192, 216 $500,769 $254,984 $1,, 676,696 Purchased bills 9, 206, 677 1,025,348 "2, 558,080 603, 587 705, 423 664, 528 332, 593 1,188, 54C 331, 303 360, 293 375, 716 430, 354 630,906 United States securities... 14, 206,174 607, 374 2,960, 563 970, 386 1, 583, 632 418,946 290, 218 2, 215, 536 999, 656 707, 599 1,106, 482 950, 1111, 395,671 Deficient reserve penalties. 273, 839 7,285 28, 680 6,516 18,883 41, 628 25,900 47, 971 16,189 13, 405 17, 748 20, 621 29,013 Miscellaneous... 2, 327,016 92, 887 486, 326 134, 589 224, 880 63, 257 164,499 467,848 64, 981 116,518 304, 223 85, 852 121,156 Total earnings 43, 024, 484 2,975,357 10, 647, 759 3, 363, 6264,197, 836 2, 086, 303 2,067, 839 ;, 167,352 2,228,079 1,390,031 2, 301, 938 1, 741,922 3,853,442 CURRENT EXPENSES Salaries: B C a le n r k ic a o l f f s ic ta e f r f s _ $ 1 2 1 , , 4 7 5 0 1 4 , , 2 5 9 0 8 4 $ 8 1 6 1 5 8 , , 0 0 0 0 8 0 3, $ 0 4 4 5 3 8 , , 4 9 9 0 2 0 $1 9 3 1 2 0, , 6 99 5 9 01 $ , 2 0 2 4 2 2 , , 0 5 2 4 5 0 $1 5 6 66 6 , , 610 $ 4 2 0 0 8 1 , , 9 5 9 3 1 31 $ , 2 7 9 3 6 0 , , 8 1 5 1 16 $ 5 1 7 6 J P ,f 3 6 0 4 0 7 $1 35 2 7 9 , , 8 3 4 6 9 1 $ 6 1 3 6 3 1, , 6 1 3 7 3 7 $ 4 1 9 5 7 0 , , 7 5 9 0 4 41 $ , 2 0 4 7 3 6 , , 9 0 3 6 64 Special officers and watchmen 824,117 35, 969 180,982 47, 265 104, 214 46, 016 35, 219 112,209 47,959 28, 6221 64, Ml 36, 090 84, 727 Allother -.. 1,803, 935 85, 259 481,04^ 93, 427 231, 479 71,019 39, 407 273, 340 76, 890 79, 064 165, 023 82, 075 125, 905 Governors' conferences 4,924 125 428 148 305 146 282 274 409 444 553 641 1,169 Federal reserve agents' conferences 3,081 136 173 21; 18' 188 136 168 434 210 205 252 775 Federal Advisory Council 13,146 531 613 45' 686 741 945 1,214 1,200 1,113 1,200 1,246 3,200 Directors' meetings 156,168 7,044 18, 955 7,174 7,041 7, 245 23, 243 8,969 12, 822 7,446 26, 433 6,928 22, 868 Traveling expenses ' 235, 680 5,165 23, 552 11,861 19, 673 13,607 17, 582 25, 262 26,968 28, 058 10, 501 24, 026 29,425 Assessments for Federal Reserve Board I expenses - 779,116 58,185 217,311 74, 621 82,080 40,173 32,177 106, 972 33, 335 23,137 27, 354 54, 789 Legal fees _ 71,122 1,380 70" 2,741 4,269 9,144 3,199 479 27, 494 10, 254 11, 243 117 Insurance (other than on currency and security shipments) 399,196 28, 223 59, 580 35,467 35, 300 21,843 21, 474 36, 773 22, 799 29,102 37, 521 26, 611 44, 503 Insurance on currency and security shipments 623, 953 86,832 123, 454 96, 793 72,876 37,' 33,167 68,179 14,130 13, 391 18,447 22,982 35,704 Taxes on banking house. 1, 402, 384 127,890 387, 573 37, 559 138, 791 38,412 57,429 276, 000 55, 722 85, 643 90, 968 33, 650 72, 747 Light, heat, and power 323,186 20, 534 78, 516 20, 314 34,904 8,664 13,949 26, 703 21,487 19, 562 43, 886 19,178 15,489 Repairs and alterations, banking house... 162, 276 20, 899 51,884 15, 669 1, 649 7,013 21, 224 10, 706 9,391 13, 754 1,567 5,521 Rent - 239,472 460 25,164 1,"" 31,475 13, 292 5, 626 38, 700 19, 474 6,943 96, 712 Office and other supplies 384,025 23, 303 89, 475 23,318 34, 037 20,131 20, 482 54,444 18, 019 19,901 24, 794 17, 558 38,563 Printing and stationery _ 471, 508 43,829 72,008 43, 229 42, 617 29, 930 29, 354 73, 073 21, 079 25, 323 28,144 25,034 37,888 Telephone - 199, 945 21,344 55,680 26, 290 13, 653 6,195 6,159 21, 646 12, 292 5,304 7,577 7, 245 16,560 Telegraph _ 473,139 6, 731 49,043 13,980 32,886 23, 981 63, 635 40, 929 39,821 19, 972 60,715 48, 254 73,192 Postage — 1,833, 358 210,045 296,972 178,167 164, 302 123, 347 99,785 243, 271 92,056 61, 876 137,995 93, 526 132,016 Expressage. --- - 437,692 41,066 111, 237 63,583 27, 577 32, 551 31, 693 55,411 13, 852 8,415 13, 017 17,511 21, 779 Miscellaneous expenses 676, 378 40,061 159, 270 46, 594 49, 845 29, 548 36,966 85,365 37,130 32,468 44, 816 45, 638 68,677 Total, exclusive of cost of currency..I 25,673,603 1,830,119 5,955,031 1,920,364 2,408,431 1,299,573 1,195,391 3,600,652 1,320,010 1,013,146 1,624,440 1,203,850 2,302,596 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Federal reserve currency, including shipping charges: Original cost.. 1,709,491 135, 224 484, 626 173,985 187, 316 73, 552 59,860 267,131| 44,6491 34,118 46, 858 59, 675 142,497 Cost of redemption 135,349 11, 592 32,514 12, 333 14, 727 6, 277 8,905 19, 2751 4, 005 j 1, 482 5,917 3,813 14, 509 Total current expenses _ 27,518,443 1,976,935 6,472,171 2,106,682 2,610,474 1,379,402 1,264,156 3,887, 058J 1,368,664! 1,048,746 1, 677, 215 1, 267, 338 2, 459, 602 PROFIT AND LOSS ACCOUNT 1 Earnings $43,024,484 $2,975,357$10,647,759$3,363, 626$4,197, 836$2,086,303$2067,839$6,167,352$2,228, 079$1, 390,031$2,304,938 $1,741,922,$3,853,442 Current expenses 27,518,443 1,976,935 6,472,171 2,106, 682 2, 610,474 1,379,402 1264,156 3,887,058 1,368, 664 1, 048, 746 1,677,215 1,267,338 2,459, 602 Current net earnings. 15,506,041 998,422 4,175,588 1, 256,944 1, 587,362 706,901 803, 683 2,280, 294 859,415 341,285 627, 7231 474, 584 1,393,840 Additions to current net earnings: Withdrawn from reserve for probable losses 313,343 148,400 164,943 Allother _ _ 210,657 3,708 126,074 2,646 2,138 1,884 957 13,061 4,034 48, 509 4,9ll 1,327 1,408 Total additions. 524,000 3,708 126,074 2,646 2,138 1, 884| 957 13,061 152,434 48,509 4,911 166, 270 1,408 Deductions from current net earnings: Bank premises—depreciation 1, 777,463 122,048 415,492 274, 823 122,042 85, 008 165,197 166, 745 2 71,982 168,188 44,984 140,954 Furniture and equipment 799, 602 41, 826 81,627 81,245 83,411 82,083 48,460 130, 720 28, 668 10, 784 48, 638 18,092 144,048 Reserve for probable losses 102,879 50,809 52, 070 Reserve for undetermined liabilities. _ 140,000 100, 000 40,000 Reserve for self-insurance - 100,012 78,303 21, 709 All other _ 61,836 644 5,639 1,876 1,367 6, 949 1,268 18, 984 755 10,951 1,082 9,569 2,752 Total deductions 2,981, 792 164, 518 581,061 83,121 481,310 211, 074 134, 736 365, 710 236,168 93, 717 217, 908 72, 645 339,824 Net deductions from current net earnings. 2,457, 792 160,810 454,987 80,475 479,172 209,190 133, 779 352, 649 83, 734 45, 208 212, 997 3 93, 625 338,416 Net earnings available for dividends, surplus, and franchise tax _ 13,048,249 837, 612 3,720,601 1,176,469 1,108,190 497, 711 669, 904 1, 927, 645 775, 681 296, 077 414, 726 568, 209 1,055,424 Dividends paid 7,754,539 550,446 2,327,355 781,540 832, 583 372 2301 305, 817 1, 029, 990 317, 7271 180, 726 252, 753 256, 310 547,062 Transferred to surplus account 5,044,119 287,166 1,393,246 394, 929 275, 607 125,481 364, 087 897, 655 457, 954 11,535 16,198 311,899 508,362 Franchise tax paid United States Government 249 591 103,816 145, 775 REIMBURSABLE EXPENDITURES OF ]FISCAL AGENCY DEPARTMENT Salaries, employees $190,526 $6,753 $12,765 $9,420 $16, 795 $11, 646 $5, 220 $66,161 $10, 305 *$13,038 $22, 767 $8,534 $7,122 All other _ _ 165,274 3,007 99,012 3,642 9, 872 3,201 2,886 23, 373 2,811 6,911 4,284 1,757 4,518 Total 355,800 9,760 111,777 13,062 26, 667 14, 847 8,106 89, 534 13,116 19,949 27, 051 10, 291 11, 640 1 Other than those connected with governors' and agents' conferences and meetings of directors and of the advisory council. 3 Net addition. * Exclusive of $500,000 charged directly against surplus to reduce book value of banking house at Minneapolis to approximate market value. 4 Includes $4,000 for official salaries. Back figures.—See Annual Report for 1925 (p. 115) and Part II (Table 5) and 1926 report (p. 126). C71 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE NOTES No. 76.—FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS' ACCOUNTS AT THE END OF EACH MONTH [In thousands of dollars] 1926 1927 Dec. 31 Jan. 31 Feb. 28 Mar. 31 Apr. 30 May 31 June 30 July 31 Aug. 31 Sept. 30 Oct. 31 I Nov. 30 Dec. 31 Federal reserve notes received from the comptroller _ __ ,030, 671 2, 955,853 2, 921,240 2, 926, 7602, 971,905 2, 946,897 2, 932,188 2, 927, 7712, 885,232 2, 918,290 2, 916, 728 2, 946, 574 3,030,152 d Federal reserve notes held by Federal O reserve agents, _ 769, 849 63,347 849,017 824, 754 867, 509 840,443 854, 715 868,190 845, 375 816,885 801, 335 819, 870 796,055 Federal reserve notes issued to Federal reserve banks: o Held by issuin Federal reserve bank.. 409, 993 388,436 345,081 377, 933 360, 451 358,858 356, 771 371, 469 363, 415 365,060 381, 217 410,127 444, 230 Held by other Federal reserve banks.. 24, 796 18, 771 16, 243 16.340 18, 231 12, 949 16, 899 19, 037 17,030 18, 228 21, 707 20, 380 23, 504 Held by United States Treasury 1,574 1,421 1,103 1,049 1, 346 1,000 960 1,298 2,107 3,044 1,242 1, 843 3, 569 In circulation 1 1,824,459 1, 683,878 1, 709,816 1, 706,684 1, 724, 3681, 733, 647 1, 702, 8431, 667, 7771, 657, 305 1, 715, 073 1,711,227 1, 694, 354 1, 762, 794 Total notes issued. 2, 260, 822 2,092, 5062,072, 223 12,102,006 2,104, 396 |2,106, 454 2,077,473 j2,059,581 12,039,857 12,101,405 2,115,393 12,126,704 2, 234,097 Collateral held as security for Federal reserve notes issued to Federal reserve banks: Gold and gold certificates— In vault- Gold bullion 92, 656 100,080 125,103 125,103 105,151 105,151 105,150 105,150 105,150 105,150 105,150 105,150 United States gold coin. 66,045 76,345 81,345 86,345 94, 345 96,345 96, 345 96, 545 97,045 97,045 97, 045 97,045 96,605 Gold certificates 181, 352 181, 502 181, 527 190,156 190,156 188,806 191,086 211,581 219, 681 209, 576 198, 798 203,273 205, 995 Total in vault. 306, 095 350, 503 362, 952 401, 604 409,604 390,302 392, 582 413, 276 421,876 411, 771 400, 993 405,468 407, 750 i In gold redemption fund 112,344 97,371 102,553 105,434 98,050 100,123 95,376 97, 669 94,010 85, 962 105, 971 109, 775 102,613 In gold fund, Federal Reserve Board.. 963,435 1,086,869 1,083,649 1,154,916 1,109,234 1,143,949 1,119,075 1,139, 734 1,124,374 1,122,035 1,099,007 961,010 1,028,333 Total gold and gold certificates. 1, 381,874 1, 534, 7431, 549,154 1, 661, 9541, 616,888 1, 634, 3741,607,033 1,650, 679 1, 640,260 1, 619, 768 1,605, 9711,476, 253 1, 538,696 Eligible paper _ 968, 904 719, 778 736, 599 658,806 689,045 652, 627 607,011 586, 275 553,416 652,088 718,114 801, 551 943, 553 W O Total collateral held 2, 350, 778 2,254, 521 2,285, 753 2, 320, 7602, 305,933 2,287,001 2, 214,044 2, 236, 954 2,193, 676 2, 271,856 2,324,085 2,277, 804 2,482,249 > Collateral required as security for Federal reserve notes. 2, 260,822 2,092,506 2,072,223 2,102,006 2,104, 396 2,106,454 2, 077,473 2,059, 5812,039, 857 2,101,405 2,115, 3932,126, 704 2, 234,097 Collateral pledged in excess of Federal reserve notes issued _. 89, 956 162,015 213, 530 218, 754 201, 537 180, 547 136, 571 177,373 153,819 170,451 08, 692 151,100 248,152 1 This figure corresponds with that given under same caption in Table 22. It differs from that given in Table 7, by the amount of Federal reserve notes held by other Federal rvp. hanks nnri hv thft United States Treasurv. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

177 CONDITION OF ALL BANKS CONDITION OF ALL BANKS IN EACH DISTRICT No. 77.—ALL BANKS—TOTAL LOANS AND INVESTMENTS1 OF MEMBER AND NONMEMBEK BANKS, 1923-1927 [In millions of dollars] Date2 ba A n l k l s b M a b e n e m r ks - b m N a b e o n e m n r k - s - ba A n ll ks b M a b e n e m r ks - b m N a b e o c e m n r k - s - ba A n l k l s b M a b e n e m r ks - b m N a b e o n e m n k r - s - Boston district New York district Philadelphia district [ 1923—June 30 4,948 2,032 2,916 12, 235 7, 497 4,738 3,195 1,963 1,232 Dec. 31 4,989 2,017 2,972 12, 280 7,494 4,786 3,224 1,969 1, 255 1924—June 30 5,139 2,052 3,087 13,187 8,071 5,116 3,334 2,031 1,303 Dec 31 5,285 2,134 3,151 14, 023 8, 667 5,356 3,506 2,163 1,343 1925—June 30 5,523 2,234 3,289 14, 398 8,746 5,652 3,652 2,249 1,403 Dec. 31 5,705 2,362 3,343 14,925 9,297 5,628 3,811 2,337 1,474 1926—June 30 5,891 2,409 3,482 15, 364 9,308 6,056 3,920 2,420 1,500 Dec. 31 5,940 2,428 3,512 15, 728 9,667 6,061 4,034 2,478 1,556 1927—June 30 6,199 2,536 3,663 16,693 10,126 6,567 4,115 2,531 1,584 Dec. 31— _ 6,367 2,583 3,784 17, 502 10, 947 6,555 4,241 2, 588 1, 653 Cleveland district Richmond district Atlanta district 1923—June 30- 3,898 2,735 1.163 2,200 1,182 1,018 1,410 920 490 Dec. 31 3,910 2,725 1,185 2,224 1,204 1,020 1,490 978 512 1924—June 30 4,050 2,827 1,223 2,237 1,193 1,044 1,454 934 520 Dec. 31 4,158 2,915 1,243 2,273 1,220 1,053 1,531 995 536 1925—June 30 4,310 3,021 1,289 2,333 1,252 1,081 1,696 1,081 615 Dec. 31 4,358 3,045 1,313 2,392 1,290 1,102 1,994 1,242 752 1926—June 30 4,487 3.161 1,326 2,401 1,281 1,120 1,849 1,172 677 Dec 31 4,481 3,133 1,348 2,395 1,275 1,120 1,787 1,158 629 1927—June 30.. 4,633 3,267 1,368 2,423 1,311 1,112 1,726 1,141 585 Dec. 31— 4,686 3,296 1,390 2, 517 1,362 1,155 1,754 1,165 589 Chicago district St. Louis district Minneapolis district 1923—June 30 6,174 3,906 2,268 1,883 : 1,155 728 1,665 896 769 Dec. 31 6,190 3,899 2,291 1,907 ! 1,182 725 1,604 863 741 1924—June 30 6,324 4,010 2,314 1,878 1 1,157 721 1,487 824 663 Dec. 31 6,562 4,210 2,352 1,937 1,223 714 1,564 907 657 1925—June 30 .. 6,834 4,370 2,464 1,984 1,228 756 1,571 888 683 Dec. 31 6,999 4,479 2,520 2,067 1,310 757 1,567 893 674 1926—June 30 . 7,186 4,579 2,607 2,086 1, 320 766 1,549 881 668 Dec. 31 7,174 4,543 2,631 2,059 1,313 746 1,495 862 633 1927—June 30... 7,407 4,712 2,695 2,071 1,337 734 1,485 851 634 Dec. 31 7,495 4,859 2,636 2,103 1,377 727 1,527 897 630 Kansas City district Dallas district San Francisco district 1923—June 30. . 1,880 1,145 735 953 745 208 3,296 2 331 965 Dec. 31 1,825 1,096 729 1,016 810 206 3,342 2,248 1,094 1924—June 30. 1,737 1,038 699 962 732 230 3,389 2,296 1,093 Dec. 31 1.781 1.079 702 1,016 789 227 3,546 2,444 1,102 1925—June 30. 1,823 1,115 708 1,015 791 224 3,693 2 545 1 148 Dec. 31 1,847 1,131 716 1,069 831 238 3,872 2,669 1,203 1926—June 30 1,848 1,157 691 1,044 808 236 3,937 2,688 1,249 Dec. 31 1,828 1,136 692 1,029 807 222 4,068 2,842 1,226 1927—June 30 1,832 1,154 678 1,064 831 233 4,077 2 961 1 116 Dec. 31 1,868 1,191 677 1,136 898 238 4,227 3,084 1,143 1 Includes rediscounts and overdrafts; excludes bonds borrowed and acceptances of other banks and foreign bills of exchange sold with indorsement. 2 Dates of reports of member banks; figures for nonmember banks are from reports of nearest available date. NOTE.-—Nonmember bank figures covered by Tables 77-80 include private banks subject to State supervision. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

178 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No. 78.—ALL BANKS—TOTAL LOANS l OF MEMBER AND NONMEMBER BANKS., 1923-1927 [In millions of dollars] Date 2 ba A n l k l s M ba b e n e m r ks - b m N a b o e n e m n k r - s - ; ba A n ll ks b M a b e n e m r ks - b m N a b o e n e m n r k - s - ba A n l k l s b M a b e n e m k r s - b m N a b e o n e m n r k - s - Boston district New York district Philadelphia district 1923—June 30 3,064 1,444 1,620 7, 777 5,017 2,760 1,806 1,174 632 Dec. 31 3,115 1,440 1,675 7,881 5,066 2,815 1,879 1,190 689 1924—June 30 3,220 1,443 8,492 5,404 3,088 1.939 1,240 699 Dec. 31 3,333 1,504 l' 829 8,938 5,720 3,218 2; 037 1,283 754 1925—June 30 3,530 1,602 1,928 9,357 5,848 3,509 2,158 1,381 777 Dec. 31 3,682 1,692 1,990 10, 036 ! 6,511 3,525 2,364 1,485 879 1926—June 30 3, 779 1,690 2,089 10,310 ! 6,399 3,911 2,434 1,574 860 Dec. 31 3,817 1,708 2.109 10,793 ! 6,861 3,932 2,547 1,616 931 1927—June 30 3,930 ], 744 2,186 11,388 7,026 4,362 2, 504 1,604 900 Dec. 31 4,021 1,765 2,256 12,166 7,789 4,377 2,592 1,616 976 Cleveland district Richmond district Atlanta district 1923—June 30 2,594 1,838 756 1,675 923 752 1,165 737 428 Dec. 31 _ - 2,621 1,842 779 1,713 948 765 1, 240 794 446 1924—June 30 2,680 1,877 bO3 1,740 952 788 1,221 764 457 Dec. 31 2,722 1,896 826 1. 745 957 788 1,281 813 468 1925—June 30 2,874 2,011 863 1,803 990 813 1,412 877 535 Dec. 31 2,959 2,060 899 1,863 1,030 833 1,647 995 652 1926—June 30 3,037 2,135 902 1,865 1,016 849 1,518 939 579 Dec. 31 3,067 2, 144 923 1,865 1,011 854 1,458 927 531 1927—June 30 3,097 2,179 918 1,841 1,014 827 1,373 885 488 Dec. 31.... 3,100 2,162 938 1,871 1,028 843 1,369 888 481 Chicago district St. Louis district Minneapolis district 1923—June 30 4,764 2,880 1,885 1,428 819 609 1,333 691 642 Dec. 31 4,798 2,870 1,928 1,463 853 610 1,265 656 609 1924—June 30 4,876 2,951 1,925 1,455 843 612 1,150 611 539 Dec. 31 4,935 3,031 1,904 1,475 884 591 1,139 630 508 1925—June 30 5,173 3,181 1,992 1,494 877 617 1,106 597 509 Dec 31 5,319 3,276 2,043 1,563 950 613 1,078 586 492 1926—June 30 5,452 3,374 2,077 1,575 952 623 1,039 568 471 Dec. 31 . 5,497 3,388 2,109 1,541 946 595 995 554 441 1927—June 30 5,575 3,461 2,114 1,516 930 586 956 531 425 Dec. 31 5,583 3,519 2,064 1,524 953 571 955 547 408 Kansas City district Dallas district San Francisco district 1923—June 30 . 1,547 886 661 792 601 191 2,431 1,740 691 Dec 31 1,496 849 647 830 649 181 2,478 1,686 792 1924—June 30 1,423 800 623 801 597 204 2,527 1,722 805 Dec. 31 1,421 801 620 846 645 201 2,567 1,767 800 1925—June 30 1,429 805 624 837 638 199 2,692 1,848 844 Dec. 31 1,432 805 627 875 668 207 2,821 1,937 884 1926—June 30 1,418 812 606 855 650 205 2,877 1,952 925 Dec. 31 1,374 777 597 841 652 189 2,962 2,067 895 1927—June 30 1,355 776 579 853 654 199 2,949 2,134 815 Dec. 31 1,353 783 570 891 694 197 2,959 2,141 818 1 Includes rediscounts and overdrafts; excludes acceptances of other banks and foreign bills of exchange sold with indorsement. 2 Dates of reports of member banks; figures for nonmember banks are from reports of nearest available date. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

179 CONDITION OF ALL BANKS No. 79.—ALL BANKS—TOTAL INVESTMENTS1 OF MEMBER AND NONMEMBER BANKS, 1923-1927 [In millions of dollars] Date 2 ba A n l k l s M ba b e n e m r ks - b m N a b e o n e m n k r - s - ba A n l k l s i M ba b e n e m k r s - b m N a b e o n e m n k r - s - ba A n l k l s M ba b e n e m k r s - b m N a b o e n e m n k r - s - Boston district New York district Philadelphia district 1923—June 30.. 1,884 588 1,296 4,458 2,480 1,978 Dec. 31.. 1,874 577 1,297 4,399 2,428 1,971 1924—June 30.. 1,920 610 1,310 4, 695 2,667 2,028 Dec. 31.. 1,952 630 1,322 5,084 2,946 2,138 1925—June 30.. 1,993 632 1,361 5,041 2,898 2,143 Dec. 31_. 2,023 670 1,353 4,888 2,785 2,103 1926—June 30.. 2,112 719 1,393 5,055 2,910 2,145 Dec. 31.. 2,123 720 1,403 4,935 2,806 2,129 1927—June 30.. 2,269 792 1,477 5,305 3,100 2,205 Dec. 31.. 2,345 817 1,528 5,336 3,158 2,178 Cleveland district Richmond district 1923—June 30.. 1,304 897 407 525 259 Dec. 31- 1,290 884 406 512 257 1924—June 30.. 1,370 950 420 496 240 Dec. 31.. 1,436 1,019 417 528 263 1925—June 30.. 1,436 1,010 426 530 Dec. 31.. 1,399 985 414 529 1926—June 30.. 1,449 1,025 424 536 Dec. 31.. 1,414 989 425 530 1927—June 30_. 1,537 1,089 448 582 Dec. 31.. 1,587 1,135 452 642 Chicago district 1923—June 30.. 1,409 1,026 383 Dec. 31_. 1,391 1,028 363 1924—June 30.. 1,448 1,059 389 Dec. 31.. 1,627 1,179 448 1925—June 30.. 1,661 1,189 472 Dec. 31.. 1,679 1,202 477 1926—June 30.. 1,735 1,205 530 Dec. 31.. 1,676 1,154 522 1927—June 30.. 1,832 1,251 581 Dec. 31_« 1,911 1,339 572 Kansas City district 1923—June 30.. 333 259 Dec. 31.. 329 247 1924—June 30.. 314 238 Dec. 31.. 361 278 1925—June 30.. 394 310 84 Dec. 31.. 416 327 1926—June 30.. 430 345 Dec. 31.. 454 359 1927—June 30.. 476 377 Dec. 31.. 515 408 107 ot ot ot o 266 255 256 265 268 265 271 264 266 297 285 334 St. Louis district 455 336 119 444 329 115 423 314 109 462 339 123 489 350 139 503 359 144 511 368 143 517 366 151 554 406 148 579 423 156 Dallas district 161 186 161 170 178 194 OO 00 OCOC 1,389 789 600 1,345 779 566 1,395 791 604 1,469 1,494 868 626 1,447 852 595 1,485 845 640 1,487 862 625 1,611 927 684 1,650 972 678 Atlanta district 244 182 62 251 185 66 233 170 63 250 182 284 204 347 247 100 331 233 329 231 353 256 97 384 276 108 Minneapolis district 333 206 340 208 337 213 424 276 465 291 489 307 509 499 528 571 144 161 135 144 153 163 158 156 211 177 245 204 ococ ocoo 127 132 124 148 174 182 197 192 320 209 350 222 San Francisco district 866 864 OOOC ococ 592 274 562 302 575 288 677 302 1,001 697 304 1,051 732 319 1,060 736 324 1,107 776 331 1,128 827 301 1,267 943 325 1 Excludes bonds borrowed. 2 Dates of reports of member banks; figures for nonmember banks are from reports of nearest available date. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

180 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No. 80.—ALL BANKS—DEPOSITS (EXCLUSIVE OF INTERBANK DEPOSITS) OF MEMBER AND NONMEMBER BANKS, 1923-1927 [In millions of dollars] All M b e e m r - m N em on b - e: M b e e m r - ! m N em on b - er M b e e m r - m N em on b - er banks banks banks banks banks banks banks banks Date i Boston district New York district Philadelphia district 1923—June 30. 4,581 1,830 I 2,751 11,393 6,778 I 4,6152,776 i 1, 657 1,119 Dec. 31.. 4,687 1,879 I 2,808 11,971 ; 7,418 4,553 2,898 I1'1, 727 1,171 1924—Jane 30. 4, 867 12.970 ! 7,925 5, 015 j 1, 757 1,214 Dec. 31 _ 5, 032 2,982 13,547 ! 8,800 4,747 2,971 !!1,894 1,272 3,166 I 1925—June 30. 5,218 |,2 112 3,106 14,334 ' 8,838 5,496 3,278 ''1,959 1,319 Dec. 31. 5,402 II I2 245 3,157 14, 398 9, 453 4,945 3,450 2, 076 1,374 1926—June 30. 5,579 2 296 3,283 14.971 9,177 5,794 | 3,479 i 2,094 1,385 Dec. 31. 5,593 2285 3,308 15,153 9,686 5,467 j 3,602 2,166 1,436 1927—June 30 5,810 2,358 3,452 16,233 9,971 6,262 | 3,645 I 2,186 1,459 Dec. 31 2,443 3,565 16, 297 10, 006 6,291 I 3,787 j 2,243 1, 543 Cleveland district Richmond district Atlanta district 1923—June 30. 3,596 2,447 1,149 1,927 988 939 1304 817 487 Dec. 31. 3,662 2,494 1,168 2,041 1,044 997 1410 879 531 1924—June 30 3,808 2,604 1,204 1,982 1,018 964 1363 850 513 Dec. 31 3,855 2, 637 1, 218 2,103 1,092 1,011 1553 953 600 I 1925—June 30 I 4,042 2,781 1,261 2,083 1,090 993 1,704 1,027 677 Dec. 31 I 4,078 2,804 1,274 2,217 1,157 1,060 2,107 1,220 887 1926—June 30 ! 4,226 2,929 1,297 2,170 1,138 1,032 1,805 1,108 697 Dec. 31 | 4,145 2,882 1,263 2,222 1,164 1,058 1,741 1,092 649 1927—June 30 I 4,325 3,031 1,294 2, 244 1,193 1,051 1,674 1,066 Dec. 31 j 4,349 3,026 1,324 2,378 1,242 1,136 1,736 1,104 632 Chicago district St. Louis district Minneapolis district 1923—June 30.. 5,S62 3,562 2,300 1, 727 j 747 1,570 816 754 Dec. 31.. 5,951 3,618 2,333 1,737 | 1,016 721 1,538 807 731 1924—June 30 6,119 3,762 2,357 1,720 I 1,014 706 1,481 805 676 Dec. 31 ! 6,446 4,004 j 2,442 1,873 I 1,121 752 1,596 876 720 1925—June 30 6,737 4,185 i 2,552 1,904 1,097 1,602 871 731 Dec. 31 _..J 6.855 j| 4,285 ! 2,570 2,031 1,182 1,622 880 742 II 1926—June 30 I 7,005 4,340 2, C65 1,985 1,171 814 1,576 11 861 715 Dec. 31 I 6,970 4,316 2,654 1,965 1,186 779 1, 526 j| 847 679 1927—June 30_. 7,167 4,462 2,705 1,970 1,187 783 1,507 !| 842 665 Dec. 31-. 7,325 4,647 2,679 2,047 1,250 797 1,560 i! 674 Kansas City district Dallas district San Francisco district 1923—June 30 .. 1,814 1,046 768 851 645 206 3, 252 2, 271 981 Dec. 31 1,765 1,021 744 1,059 779 280 3,424 2, 292 1,132 1924—June 30 1,732 1,013 719 917 670 211 3,439 i 2,313 1,126 Dec 31 1,901 1,082 819 1,075 795 280 3,666 i 2,510 1,156 1925—June 30 1,922 1,113 809 1,006 764 242 3,745 2, 566 1,179 Dec 31 1,950 1,140 810 1,099 822 277 3,993 2,743 1,250 1926—June 30 1,920 1,154 766 1,008 7G1 247 3,971 ! 2,714 1,257 Dec. 31— 1,924 1,148 776 1,053 800 253 4,115 i 2,882 1,233 1927—June 30 1,916 1 1,158 758 1,049 800 249 4,072 2,973 1,099 Dec. 31... 1,957 ! 1,185 773 1,182 897 285 4,252 3,113 1,139 i Digitized for iF DRaAtesS oEf Rre ports of member banks; figures for nonmember banks are from reports of nearest available date. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONDITION OF ALL BANKS 181 CONDITION OF ALL BANKS, BY STATES No. 81.—ALL BANKS—TOTAL LOANS AND INVESTMENTS,1 BY STATES, 1923-1927 [In millions of dollars] 1924 1925 1926 1927 State June 30 Dec. 31June 30 Dec. 31 June 30 Dec. 31 June 30 Dec. 311 June 30 Dec. 31 United States j43, 737. 8J44, 003. 4 45,179. 8 47,182. 3 48, 830. 2 50, 603. 3 51, 561. 9;52, 018. 2 53, 723. 3J55, 423. 0 New England: Maine 347. 8 348. 6 352. 4J 356. 0 363.8 371. 389.2 394. 61 410. 0 411.5 New Hampshire- 236. 3 236. 7 245. 3! 246. 8 255.7 258.5 269.9 270. 4 282. 5 283.6 Vermont 195.1 198.4 205. 31 208. 4 217 A 219.8 227. 2] 227. 9 235. 5 239.3 Massachusetts.. 3,071.2 3,087.5 3,174. 7| 3, 275.1 3, 443. 3 3, 569. 3 3, 683. 9 ). 7! 3,862.9 3, 959. 9 Rhode Island 407. 2 408. 3 426. 2 440. 2 456.2 468.5 479.1 495. 0 513. 5 525.1 Connecticut 905.8 938.1 970. 0 1, 009. 91, 052. 9 1, 088. 7 1,101.0 1,159.1 1, 224. 6 Middle Atlantic: |q New York 10, 799.110, 804. 6 11, 633. 8 12, 378. 5 12, 647. 13, 086. 113, 437. 5 13, 711. 614,581.115, 290. 4 £H New Jersey 1,538.8 1,586.0 1,652.61 1,756.7 1,867.0 1, 979. 8 2,073.11 2,175.5 2,255.4 2, 351. 5 East P N e o n r n t s h y C lv e a n n tr ia al . : .. 4, 347. l| 4, 365. 7 4, 551. l| 4, 764. 9 4, 916. 85, 052. 5 5,181. 4 I 5, 284.1 5, 406. 5 5, 557. 2 Ohio 2,126.6 2,123.8 2,190.2 2,225.5 2, 349. 22, 379.1 2, 466.01 2,451.9; 2,552.1 2, 562. 6 Indiana ^79. 5 773. 6 770. 81 780. 2 803.4 832.1 869.3 868. 7i 880. 9 875.9 Illinois 2, 977. 72, 976. 83, 079. 4 3, 261. 4 3, 348. 6 3, 444.1 3.515.1 3, 516.91 3,657.2 3, 710. 4 Michigan. 1, 302. 61,320. 0 1, 386.1 1,452.1 1, 599. 7 1, 659. 3 1.736.2 l,761.0| 1,835.2 1, 860. 9 Wisconsin 753.3 753.1 773.0 777.6 813.9 834.9 874. 71 876. 3 904.9 905.9 West North Central: Minnesota 919.1 910.9 875.3 943.9 934.2 940.1 923.1 902. 6| 896.1 922.4 Iowa. 956. 955.0 911.0 889.8 886.6 856.6 836.4 791.1 783. 3 786.8 Missouri 1,150.1 1,163. 0 1,131. 3 1, 214. 31, 217. 7 1, 272. 3 1, 254. 3 1,237.7! 1,242.3 1, 269. 8 North Dakota- 184.1 164.2 149.9 147.9 152.9 154.6 148. 0; 135. 01 129.1 128. 0 South Dakota.. . 227.6 217.7 163.8 164. 7 163.5 146.9 144.5 123. Oi 120. 3 126.8 Nebraska 423.2 422.3 398.6 414.5 424.3 430.8 419.1 412. 7j 404. 6 411.0 Kansas- _. 411.9 378.5 389.4 401.5 409.1 404. 5 400. 7 400.6 South Atlantic: Delaware 95.0 100.7 104.4 109.0 112.2 114. 119.0 123.8 136.3 Maryland 638.0 634. 650.2 680.2 719. 9 745.5 749.9 769.8 788. 5 837.6 District of Columbia. 197.3 199.2 195.4 209.7 218.8 230.8 232.2 232.8 241.5 236.5 Virginia 500.5 506.1 506. 507. 5 515.3 536.9 532.5 531. 3 536.5 560.0 West Virginia... 362.7 368.3 367. 367.0 360.7 366.3 366.2 364.0 365.4 364.5 North Carolina- 353.8 367.5 368. 5 368.0 380.0 383.9 397.4 392.9 387.8 408.0 South Carolina.. 221. 224.3 224. 218.7 215.4 205. 201.1 181.6 180. 8 190.2 Georgia 358.0 368.1 353.3 350.2 360.6 367.8 374.2 346.2 352. 2 360.6 Florida 219.3 231.2 252.3 296.3 435.5 652.1 501.7 460.6 401.9 376.6 East South Central: Kentucky 434.7 439.0 430.2 433.2 444.2 453.4 461.2 465.2 477.0 486.6 Tennessee 358.4 383. 370.5 364.2 372.1 390.6 391.3 393.7 383. 3l 400.5 Alabama _. 223.0 237.4 233. 5 242.5 248.8 261.9 269.2 267. 3 272. 0; 289.7 Mississippi 178.2 182.1 182.0 180.2 194.4 207.3 217.0 206.0 212. 6| 225.1 West South Central: Arkansas 190.4 191.3 192.5 189.7 201.3 207.9 213.8 198.6 198. 8 199. 4 Louisiana 351.8 382.3 348.8 375.3 371.8 422.3 405.6 417.4 397. 4 413.1 Oklahoma 352.6 323.9 310.0 308.5 335. 3 348.7 367.7 356.1 370. 7| 379. 6 Texas 805.5 876.7 833.5 894.8 891.3 935. 5 920.1 904. 6j 942.8J 1,008.0 Mountain: Montana 146.6 123.5 105. 113.2 118.2 122.4 123.9 129.3 130. 2: 140.9 Idaho 75.3 74.5 70.0 69.6 69.7 73.6 73.3 76.7 73.2 78.3 Wyoming. _ . 68.5 68.1 61.8 48.3 49.2 51.4 50.3 52.4; 51. 8! 54.6 Colorado 280.0 270.2 260.2 272.6 271. 21 258.7 256.6 262. 4 256.1 264.2 New Mexico 50.4 41.4 30.9 27. 27.2! 26.8 29.0 31.0 31.8 35.4 Arizona... 60.6 60.5 58.7 58.3 59.6j 56.7 57. 58.3 61.9J 66.4 Utah 118.2 120.5 122.3 128.4 129.2 137.5 135.5 143.4 140. 8 152. 2 Nevada.. 30. 29.9 30.4 30.6 32.2 34.0 34.8 35.2 35.7 35.9 Pacific- Washington 350.3 357. 3 357.1 360.7 379.51 388.6 398.4 401.1 406. 6 423.1 Oregon 236.4 241. 71 237. 5 238. 2 243. 4| 249. 5 253.1 254. 0 253. 0 260. 7 California 2, 445. 32,477.6| 2,533.5 2,681.2 2,799.5! 2,953.2 3,004.2 3,121.31 3,128.2 3,234.9 1 Includes rediscounts and overdrafts; excludes bonds borrowed and acceptances of other banks and foreign bills of exchange sold with indorsement. Figures for member banks are for dates specified; for nonmember banks, for nearest dates for which reports are available. Nonmember bank figures covered by Tables 81-83 include private banks subject to State supervision. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

182 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No. 82.—ALL BANKS—TOTAL LOANS,1 BY STATES, 1923-1927 [In millions of dollars] 1923 1925 1926 State June 30 Dec. 31 June 30 Dec. 31 June 30j Dec. 31 June 30 Dec. 31 June 30 Dec. 31 United States 30, 377. 8 30, 778. 4 31, 523.1 32,440. 5 33,865. 4 35, 640. 0 36,157.4 36, 758. 8 37,337. 8 38,384. 9 NewIEngland: Maine 155.3 159.1 167.4 168.7 176.1 179.8 183.8 187.6 196.2 194.5 New Hampshire 112.9 113. 5 120. 121.1 126. 4 127.9 131.1 131.5 140.0 140.0 Vermont 139.4 140.9 144.3 143.3 149.0 148.4 152.4 151.4 155.0 151.6 Massachusetts. . 2,082.8 2,108.4 2,168. 0 2, 254. 2 2,399. 2 2, 501. 7 2, 560. 6 2, 581. 2 2, 637. 3 2, 691. 0 Rhode Island.__ 205.9 208.4 216.7 221.9 233.0 246.7 258.8 265.8 274.3 276.5 Connecticut 460.0 479.0 502.0 526.1 557.9 595.5 615.5 620.1 658.1 702.5 Middle Atlantic: New York 7,004.4 7, 066. 4 7, 620. 6 8, 022. 2 8,345.3 8,942. 6 9,146.1 9, 549.2 10),, 081. 10, 787. 7 New Jersey 864.7 913." 970.1 1,018. 9 1,130. 7 1, 232.9 1,315.6 1,412.8 1, 464.8 1, 535.8 Pennsylvania. _. 2, 411. 3 2,471. 9 2, 549. 7 2, 661. 3 2, 785. 3 2, 994. 2 3, 068. 9 3,193. 8 3,136.4 3, 206. 7 East North Central: Ohio 1, 573. 2 1, 587. 7 1, 619. 7 1, 638. 5 1, 754.1 1,804. 9 1,857. 6 1, 857. 5 1,895. 8 1, 906. 2 Indiana 590.6 588.0 594.0 594.5 618.0 641.0 676.1 676.2 673.8 658. 7 Illinois __.. 2, 217.4 2, 232.0 2, 281. 0 2, 356. 8 2,479. 6 2, 560.1 2, 606. 8 2, 651. 4 2, 694. 2 2, 714.3 Michigan 930.5 948.0 1,001.0 1,023.1 1,115.3 1,177.3 1,248.0 1,279.7 1,328.4 1, 330.7 Wisconsin 584.6 579.7 591.8 573.7 602.5 606.1 625.8 625.2 633. • 618.3 West North Central: Minnesota 692.7 679.3 646.7 665.7 630.5 622.4 589.9 580.3 546.6 549.9 Iowa 867.0 871.9 832.6 800.2 784.3 761.8 733.9 695. 5 676.0 678.2 Missouri 879. 9j 884.1 870.9 924.1 901.3 949.2 921.4 906.5 891.1 902.9 North Dakota _. 164. 145.1 132.1 117.4 117.8 114.5 113.0 103.0 99.9 93.3 South Dakota... _ 213.0 202.8 148.8 143.2 137.0 123.1 114.7 94.3 91.0 93.3 Nebraska 377.1 382.4 358.8 366.7 367.6 371.7 360.5 351.0 338.7 335. 3 Kansas 354.5 340.3 325.0 321.2 325.9 328.8 331. 318.4 311.5 303.0 South Atlantic: Delaware __ 51.4 56.6 59.6 58.2 67.6 69.5 73.2 78.4 83.2 Maryland 369.2 375.3 394.7 397.3 429.3 462.3 465.3 488.6 476.4 493.0 District of Columbia 138.1 141.7 140.1 148.2 157.7 169.8 171.3 174.4 181.8 176.7 Virginia 422.2 428.9 435.9 435.8 446.1 465.6 457.9 455. 9 457.2 469. 8 West Virginia... 294.1 304.1 303.6 310.0 301.5 309.2 305.5 306. 51 299.9 299.9 North Carolina . 316. 0 330.9 331. 2 331.0 344.9 348.2 357.2 353.0 342.4 348.6 South Carolina.. 192.1 191.2 194.7 185.1 184.4 170.5 169. 148.5 144.1 144.4 Georgia 320.8 329.8 319.8 314.2 320.1 324.5 326.6 298.8 297.8 295.3 Florida 160.9 173.2 189.7 225. 335.2 509.8 379.8 343.3 278.4 252.0 East South Central: Kentucky 328.5 348. 343.5 346.2 356.1 364.1 371.1 371.8 370.0 373.3 Tennessee 304.7 330.3 322.5 319.5 327.5 344.1 344.2 345.6 334.2 344.7 Alabama 182.3 195.9 192.0 196.9 206.0 213.4 223. 5 219.2 221.7 231.7 Mississippi 141.3 144.7 147.8 143.6 154.6 163.4 173.3 160.9 163.1 172.3 West South Central: Arkansas 163.5 166.9 170.5 164.9 175.4 182.2 186.9 173.8 170.5 166.7 Louisiana 295.6 320.2 301.8 325.1 321.6 360.6 341.4 354.0 331.4 336.1 Oklahoma 282.2 250.1 243.3 230.1 247.4 244.9 255.7 236.5 245.4 246.0 Texas 665. 71 712.5 691.6 746.0 734.2 766.5 754.1 740.5 756.2 793.4 Mountain: Montana... | 96.0 78.5 75.4 78.8 78.3 80.6 81.3 83.8 88.1 Idaho _. 60.8 57.6 53.7 50.6 50.4 50.6 49.4 49.8 47.8 48.6 Wyoming 61.1 59.6 52.9 38.4 38.2 38.7 37.4 38.1 37.4 38.4 Colorado 194. 5; 189.1 178.8 181.8 178.3 169.4 162.9 166.1 159.4 164.3 New Mexico 44.7 36.2 26.1 22.6 21.4 19.5 20.4 20.7 20.3 22.8 Arizona 48.6! 48.5 46.8 46.1 45.6 43.2 42.9 40.2 42.5 44.2 Utah. 93. 5! 95.8 95.4 98.0 100.5 108.9 106.5 114.3 111.5 122.5 Nevada 24.6| 23.9 23.8 23.7 25.2 27.1 27.5 27.9 27.8 Pacific: Washington 244. 7! 245. 2 247.1 235.7 251.2 257. 264. 5 260. 0 261.1 262.5 Oregon 165. 9| 167.1 165.9 158.6 162.0 163.9 168.0 162.4 160.9 149.6 California 1,808.91 1,855.7 1,909. 1, 968. 9 2,071. 0 2,185. 6 2,232.51 2,321.7 2,312. 7 2,318. 6 I 1 Includes rediscounts and overdrafts; excludes acceptances of other banks and foreign bills of exchange sold with indorsement. Figures for member banks are for dates specified; for nonmember banks, for nearest dates for which reports are available. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

183 CONDITION OF ALL BANKS No. 83.—ALL BANKS—INVESTMENTS,1 BY STATES, 1923-1927 [In millions of dollars] 1923 1924 1925 1926 1927 State June 30 Dec. 31 June 30 Dec. 31 June 30 Dec. 31 June 30 Dec. 31 June 30 Dec. 31 United States 13,360.013,225.013,656.614,741.814,964.814,963.315,404. 515,259.516,385.517,038.1 New England: Maine 192.5 189. 5 185.0 187.3 187.7 192.0 205.4 207.0 213.8 217.0 New Hampshire 123.4 123.2 124.4 125.7 129.3 130.6 138.8 138. 9 142.5 143. 6 Vermont 55. 7 57.5 61.0 65.1 68.4 71.4 74.8 76.5 80.5 87.7 Massachusetts.. 988.4 979.1 1,006. 7 1,020.9 1,044.1 1,067. 6 1,123.3 1,118.5 1,225. 6 1,268.9 Rhode Island. .. 201.3 199.9 209.5 218.3 223.2 221.8 220.3 229.2 239.2 248.6 Connecticut 419.8 426.8 436.1 443.9 452.0 457.4 473.2 480.9 501.0 522.1 Middle Atlantic: New York 3,794. 7 3, 738. 2 4,013.2 4,356. 3 4,302. 5 4,143. 5 4,291. 4 4,162. 4 4,500.1 4, 502. 7 New Jersey 674.1 672.1 682.5 737.8 736.3 746.9 757.5 762.7 790.6 815.7 Pennsylvania... 1, 935. 8 1, 893. 8 2,001. 4 2,103. 6 2,131. 5 2,058.3 2,112. 5 2,090.3 2,270.1 2,350. 5 JEast North Central: Ohio 553. 4 536.1 570.5 587.0 595.1 574.2 608.4 594.4 656.3 656.4 Indiana. 188.9 185.6 176.8 185.7 185.4 191.1 193.2 192.5 207.1 217.2 Illinois 760.3 744.8 798.4 904.6 869.0 884.0 908.3 865.5 963.0 996.1 Michigan 372.0 372.0 385.1 429.0 484.4 481.9 488.2 481.3 506.9 530.2 Wisconsin 168.7 173.4 181.2 203.9 211.4 228.8 248.9 251.1 271.5 287. 6 West North Central: Minnesota.. 226.4 231.6 228.6 278.2 303.7 317.7 333.2 322.3 349.5 372.5 Iowa 89.8 83.1 78.4 89.6 102.3 94.8 102.5 95.6 107.3 108.6 Missouri 270.2 278.9 260.4 290.2 316.4 323.1 332.9 331.2 351. 2 366.9 North Dakota... 19.3 19.1 17.8 30.5 35.1 40.1 35.0 32.0 29; 2 34.7 South Dakota... 14.6 14.9 15.0 21.5 26.5 23.8 29.8 28.7 29.3 33.5 Nebraska 46.1 39.9 39.8 47.8 56.7 59.1 58.6 61.7 65.9 75.7 Kansas 57.4 59.5 53.5 68.2 75.6 80.3 76.8 86.1 89.2 97.6 South Atlantic- Delaware 43.6 44.1 44.8 50.8 48.4 47.2 49.5 50.6 53.2 53.1 Maryland 268.8 259.4 255.5 282.9 290.6 283.2 284.6 281.2 312.1 344.6 District of Columbia- 59.2 57.5 55.3 61.5 61.1 61.0 60.9 58.4 59.7 59.8 Virginia 78 3 77.2 70.7 71.7 69.2 71.3 74.6 75.4 79.3 90.2 West Virginia... 68.6 64.2 64.2 57.0 59.2 57.1 60.7 57.5 65.5 64.6 North Carolina. 37.8 36.6 37.3 37.0 35.1 35.7 40.2 39.9 45.4 59.4 South Carolina.. 29.7 33.1 30.2 33.6 31.0 35.2 31.4 33.1 36.7 45.8 Georgia 37.2 38.3 33.5 36.0 40.5 43.3 47.6 47.4 54.4 65.3 Florida 58.4 58.0 62.6 70.7 100.3 142.3 121.9 117.3 123.5 124.6 East South Central: Kentucky.. 106.2 90.4 86.7 87.0 88.1 89.3 90.1 93.4 107.0 113.2 Tennessee 53.7 53.3 48.0 44.7 44.6 46.5 47.1 48.1 49.1 56.0 Alabama 40.7 41.5 41.5 45.6 42.8 48.5 45.7 48.1 50.3 57.9 Mississippi 36.9 37.4 34.2 36.6 39.8 43.9 43.7 45.1 49.5 52.8 West South Central: Arkansas. __ 26.9 24.4 22.0 24.8 25.9 25.7 26.9 24.8 28.3 32.7 Louisiana 56.2 62.1 47.0 50.2 50.2 61.7 64.2 63.4 66.0 77.0 Oklahoma 70.4 73.8 66.7 78.4 87.9 103.8 112.0 119.6 125.3 133.6 Texas.,. . 139.8 164.2 141.9 148.8 157.1 169.0 166.0 164.1 186.6 214.6 Mountain: Montana 26 9 27.5 27.1 37.8 39.4 44.1 43.3 48.0 46.4 52.8 Idaho 14.5 16.9 16.3 19.0 19.3 23.0 23.9 26.9 25.4 29.7 Wyoming 7.4 8.5 8.9 9.9 11.0 12.7 12.9 14.3 14.4 16.2 Colorado 85.5 81.1 81.4 90.8 92.9 89.3 93.7 96.3 96.7 99.9 New Mexico 5.7 5.2 4.8 5.3 5.8 7.3 8.6 10.3 11.5 12.6 Arizona 12.0 12.0 11.9 12.2 14.0 13.5 14.7 18.1 19.4 22.2 Utah 24 7 24.7 26 9 30.4 28.7 28.6 29.0 29.1 29.3 29.7 Nevada. 5.8 6.0 6.6 6.9 7.0 7.1 7.7 7.7 7.8 8.1 Pacific: Washington 105.6 112.1 110.0 125.0 128.3 131.0 133.9 141.1 145.5 160.6 Oregon 70.5 74. 6 71.6 79.6 81.4 85.6 85.1 91.6 92.1 111.1 California 636.4 621.9 623.9 712.3 728.5 767.7 771.7 799.6 815.5 916.3 1 Excludes bonds borrowed. Figures for member banks are for dates specified; for nonmember banks, for nearest dates for which reports are available. 110390—28 13 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

184 ANNUAL KEPORT OF THE FEDERAL RESERVE BOARD CONDITION OF ALL MEMBER BANKS, BY CLASSES No. 84.—ALL MEMBER BANKS—RESOURCES AND LIABILITIES OF NATIONAL AND STATE BANK MEMBERS, DECEMBER 31, 1926 AND 1927 [In thousands of dollars} Total National banks l State bank members Dec. 31, Dec. 31, Dec. 31, Dec. 31, Dec. 31, Dec. 31, 1926 1927 1926 1927 1926 1927 RESOURCES Loans and discounts (including overdrafts) 2 ---- 22,652,044 123,886,393 13,481,965 14,641,073 9,170,079 9,245,320 United States Government securities. 3,388,963 3,977,557 2,279,427 2,744,827 1,109,536 1,232,730 Other bonds, stocks, and securities... 5, 600,708 6,382,962 3,505,850 4,149,498 2,094,858 2,233,464 Total loans and investments 3116,644117,71155 3442,244669,91122 19,267,242 51,535,398 12,374,473 12,711,514 Customers' liability on account of acceptances. 512,945 I 699,701 255,464 369, 855 257,481 329,846- Banking house, furniture, and fixtures 998,212 1,067,200 644,258 699, 725 353,954 367,475 Other real estate owned 173,727 177,229 114,100 122, 878 59,627 54,351 Cash in vault 522,596 523,370 351,420 360,071 | 171,176 163,299 Reserve with Federal reserve banks.. 2,514,465 850,662 Items with Federal reserve banks in 2,210,048 1,359,386 1,509,253 j 1,005,212 process of collection.. _ 784,391 266,982 Due from banks, bankers, and trust 810,250 543,268 520,399 | 263,992 companies 2,209,831 519,549 Exchanges for clearing house and 2,065,518 1,545,969 1,649,557 | 560,274 checks on other banks in same place- 2,077,090 1,508,418 1,086,474 781,537 990,616 726,881 Outside checks and other cash items. 181,593 ; 200,159 72, 897 106,321 108, 696 93,838 Redemption fund and due from United States Treasurer. 32,785 i 33,281 32,785 33,281 Acceptances of other banks and foreign bills of exchange sold with indorsement 254,506 j 431,968 95,349 194,530 159,157 237,438 Securities borrowed 44,345 I 35,212 26,986 24,193 17,359 11,019 Other assets 504,314 I 456,003 273,471 241,559 230,843 214,444 Total 42,029,644 |44,888,140 25,669,069 28,148,557 16,360,575 16, 739, 583 LIABILITIES Capital stock paid in 203,447 I 2,337,780 1,409,923 1,527, 709 793, 524 810,071 Surplus fund 955,349 2,124,020 1,216,141 1,313,483 739,208 810, 537 Undivided profits, less expenses and taxes paid 785,517 477,010 530,576 308, 507 348,904 Reserved for taxes, interest, etc., accrued 120,386 128, 757 61,297 76,440 59,089 52,317 Due to Federal reserve banks 51,445 52,073 38,179 39,381 13,266 12, 692 Due to banks, bankers, and trust companies 4,002,995 4,541,516 2,799,580 3,154,684 1,203,415 1,386, 832 Certified and cashiers' or treasurers' I checks outstanding | 1,141,102 839, 556 584,578 456,119 556,524 383,437 Demand deposits il7,638,648 18,170,140 10,762,262 1,223,602 6,876,386 6,946, 538 Time deposits ill, 439,859 J12,764, 6,531,355 7,805,787 4,908, 504 4,959,011 United States deposits . 234,116 i 266,981 135,713 167,314 98,403 99,667 Total deposits 34.508,165 136,635,064 20,851,667 22,846,887 13,656,498 .3, 788,177 Agreements to repurchase United ( States Government or other securi- I ties sold ! 32,537 32,785 18,485 12,843 14,052 19,942 Bills payable (including all obligations represent ing money borrowed, other than rediscounts) 556,301 562,095 391,593 410,149 164,708 151,946 Notes and bills rediscounted 203,565 101,380 138,716 71,233 64,849 30,147 Acceptances of other banks and foreign bills of exchange sold with indorsement 254,506 431,968 95,349 194,530 159,157 237,438 Letters of credit and travelers' checks sold for cash and outstanding 20,499 21, 641 7,778 9,218 12,721 12,423 Acceptances executed for customers. 515, 046 721, 473 250,361 374,852 264,685 346, 621 Acceptances executed by other banks for account of reporting bank 35, 917 22,318 23, 268 14,506 12,649 7,812 National bank notes outstanding 645,956 649,877 645,956 649,877 Securities borrowed 44,345 35,936 26,986 24,417 17,359 11,519 Other liabilities 148,108 203,566 54,539 91,837 93,569 111,729 Total |42,029,644 44, 888,140 25,669,069 28,148,557 16,360, 575 .6, 739, 583 1 Member banks only—i. e., exclusive of national banks in Alaska and Hawaii. 2 Excludes acceptances of other banks and foreign bills of exchange sold with indorsement, which are Digitized foshr oFwRn AseSpEaRra tely. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

185 CONDITION OF ALL MEMBEK BANKS No. 85.—ALL . MEMBER BANKS—RESOURCES AND LIABILITIES OF RESERVE CITY AND COUNTRY BANKS, DECEMBER 31, 1926 AND 1927 [In thousands of dollars] Central reserve city Other reserve city banks banks Country banks Dec. 31, Dec. 31, Dec. 31, Dec. 31, Dec. 31, Dec. 31, 1926 1927 1926 1927 1926 1927 RESOURCES Loans and discounts (including overdrafts) l... -,. 6,181, 296 7,014, 378 8,165, 367 8, 461, 824 8, 305, 381 8,410,191 United States Government securities. 918, 603 1,128, 979 1,182, 691 1, 546, 8691, 287, 669 1,301, 709 Other bonds, stocks, and securities... 1,000, 312 1,126, 574 1, 672,807 1, 895, 4872, 927, 589 3, 360, 901 Total loans and investments 8,100,211 9,269,931 11,020,865 11,904,180 12,520,639 13,072,801 Customers' liability on account of acceptances 370,150 510, 342 128, 998 171, 959 13, 797 17, 400 Banking house, furniture,and fixtures- 147, 072 163, 307 383, 856 405,151 467, 284 498, 742 Other real estate owned. 2,640 3,357 52, 487 57, 648 118, 6C0 116, 224 Cash in vault 72, 915 71, 917 156, 442 157, 666 293, 239 293, 787 Reserve with Federal reserve banks... 749, 305 814, 687 626, 013 663, 525 Items with Federal reserve banks in 834, 730 1, 036, 253 process of collection 439, 255 420, 231 123, 817 120, 467 Due from banks, bankers, and trust 247,178 243, 693 companies 845, 946 899, 057 981, 424 1, 069, 939 Exchanges for clearing house and 238,148 240, 835 checks on other banks in same place.1, 555, 995 1, 070, 489 412,154 339, 708 108, 941 98, 221 Outside checks and other cash items. _ 67, 323 62, 978 82, 223 104, 213 32, 047 32, 968 Redemption fund and due from United States Treasurer 1,723 1,881 7,460 7,969 23, 602 23, 431 Acceptances of other banks and foreign bills of exchange sold with indorsement.. 191, 444 359, 228 61, 272 70, 910 1,790 1,830 Securities borrowed 394 350 24, 714 21,524 19, 237 13,338 Other assets 324, 989 270, 411 135, 757 135, 207 43, 568 50, 385 Total- 12,154, 912 13, 304, 972 14, 500, 73415, 510,110 115, 373, 998 [16, 073, 058 LIABILITIES Capital stock paid in 501, 880 573, 500 745, 786 796, 530 955, 781 967, 750 Surplus fund 571, 290 654, 796 652,021 698,044 732, 038 771,180 Undivided profits, less expenses and taxes paid 240,191 270,103 229, 428 273,141 315, 898 336, 236 Reserved for taxes, interest, etc., accrued _ 45, 065 50, 265 44, 720 43, 831 30, 601 34, 661 Due to Federal reserve banks 40 14 11, 556 12, 822 39, 849 39, 237 Due to banks, bankers, and trust companies 1, 826, 349 2,141, 775 1, 728, 5911, 912, 488 448, 055 487, 253 Certified and cashiers' or treasurers' checks outstanding. 810, 797 503, 874 223,190 212, 824 107,115 122, 858 Demand deposits 5, 913, 009 6,148, 862 5, 772, 8575, 943,198 5, 952, 782 6, 078, 080 Time deposits 1, 325, 229 1, 600, 813 4,157, 526 4, 692, 468 5, 957, 104 6, 471, 517 United States deposits 59, 428 70, 302 132, 306 146, 518 42, 382 50,161 Total deposits 9,934,853 10,465,640 12,026,026 12,920,318 12,547,287 13,249,106 Agreements to repurchase United States Government or other securities sold 5,910 1,053 24, 467 29,428 2,160 2, 304 Bills payable (including all obligations representing money borrowed ot her than rediscounts) 149, 590 250, 531 242,178 180, 769 164, 533 130, 795 Notes and bills rediscounted 3,891 11, 702 100, 065 30, 066 99, 609 59, 612 Acceptances of other banks and foreign bills of exchange sold with indorsement 191, 444 359, 228 61, 272 70, 910 1,790 1.830 Letters of credit and travelers'checks sold for cash and outstanding 17, 045 16, 795 3,178 4,642 276 204 Acceptances executed for customers. _ 369, 357 525, 432 134, 442 180, 592 11, 247 15, 449 Acceptances executed byother banks for account of reporting banks 28, 578 15, 454 6,320 5,287 1,019 1,577 National-bank notes outstanding 33, 971 37,287 146, 679 155, 758 465, 306 456, 832 Securities borrowed 394 350 24, 714 21, 524 19,237 14,062 Other liabilities 61, 454 72,836 59, 438 99, 270 27, 216 31,460 Total. 12,154,912 13,304,972 .4,500,734 15,510,110 15, 373, 998 16,073,058 i Excludes acceptances of other banks and foreign bills of exchange sold with indorsement, which are shown separately. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONDITION OF ALL MEMBER BANKS IN EACH DISTRICT 00 No. 86.—ALL MEMBER BANKS—PRINCIPAL RESOURCES AND LIABILITIES ON CALL DATES, 1914-1927 BOSTON DISTRICT [In thousands of dollarsl Loans and investments Call date Total Loans 1.2 Total Inv G e U S m s o n t t v a m e i e t t n e e r e t n s d n - ts 3 s b O t o a o t n n c h d d k e s s r , , b f a D r n o u k m e s * C s p v u u a r a i r n p o d n p d f i e d l t i i u t d a - s s l , i j I de T p o o t s a i l ts D p e o d m s e i a - ts nd p T o d i s e m i - ts e 6 U S p n t o d a e i s t - t i e e ts s d b D a u n e k s t o 7 d p e N m o de s e - a i t t n s d d N e m t p p e i a o t l m u n s d e s i d e ts - 5 R F r b e w e e a s d s e n i e e t r k h r r v v s a e e l p c a o a n B d y u d i i s a n l - l b r t s s e l - e 2 b N b a e u r n m k o s - f securi- securities ties 1914 Dec. 31... 694,346 514, 767 179,579 63, 632 115,947 89,092 199, 795 622, 560 451,458 64,102 3,063 103, 937 13,917 4,738 441 1915 Mar. 4___ 695, 673 516,889 178, 784 63,199 115,585 86, 699 200,188 620,417 449, 084 68, 015 2,922 100, 396 16,404 4,048 439 May 1 723, 368 539, 447 183, 921 63, 507 120, 414 94, 977 198,887, 668, 295 478,864 76, 859 2,438 110,134 16, 612 3,970 438 June 23.. 722, 715 536,924 185, 791 63, 008 122, 783 97, 566 201, 510 663, 593 486, 613 74, 641 2,606 99, 733 17, 233 4,284 436 Sept. 2. - 819, 038 619. 064 199, 974 62, 902 137, 072 128, 903 214,"" 781, 262 564, 241 88, 487 2, 235j 126, 289 18, 402 3, 650 435 Nov. 10.. 889,413 676,113 213, 300 62, 412 150, 888 151, 643 212, 430 882,886 651,212 91, 513 2,173| 137, 988 21,199 3,061 434 Dec. 31... 895, 598 681, 551 214, 047 61, 906 152,141 118,100 211, 396 862,805 640,754 93, 537 1,717 126, 797 27, 860 5,918 433 1916 May 1 907, 317 699, 044 208, 273 54, 500 153, 773 134, 585 204,134 926, 769 671, 609 105. 068 1,811 148, 281 27, 299 7,410 408 June 30— 932, 791 725, 780 207,011 54, 415 152, 596 97, 287 895, 595 649, 984 119,029 1, 793 i124, 789 36, 000 7,65f 403 Sept. 12.. 942, 637 730,357 212, 280 54, 307 157, 973 100, 949 206, 069 904, 217 658, 019 118,182 1,719 126, 327 40, 639 12, 954 400 Nov. 17.. 975, 571 758,829 216, 742 53, 998 162, 744 98, 618 204, 966 959,446 693, 432 126, 211 1,774 138,029 54, 994 17, 715 398 Dec. 27. _ 968,902 747, 540 221,362 53, 797 167, 565 94, 557 206, 843 936,622 127, 700 1,754 117, 370 56, 380 23,198 398 1917 Mar. 5— 1, 014, 517 788,884 225, 633 53, 003 172, 630 109,194 207, 519 1,004, 288 705, 661 140, 997 1,746 155,884 01) 60, 293 23, 697 395 May 1.-.. 1,004, 886 »771,839 233, 047 56, 269 176, 778 112,313 213, 786 1,019,611 731, 018 143,863 142,864 () (») 58,897 9 18,851 391 June 20.. ,028,465 9 786, 235 242, 230 67,183 175, 047 99,464 220, 248 969, 279 695, 326 148, 267 4^720 120,966 768,167 916, 434 54, 030 9 35, 729 392 Dec. 31.. , 234,049 0.10947,544 286, 505 89,004 197,501 120, 387 237, 792 1,165, 062 803, 627 173, 062 55, 327 133, 046 828, 564 1, 001, 626 85, 707 9 116,423 403 1918 May 10- 418,044 9.101,047, 650 370,394 144,194 226, 200 132, 652 265, 841 1, 390,163 903, 050 207,806 146, 835 132,472 923, 245 1,131, 051 95, 349 9 56, 384 414 June 29.. 423, 6739.101,060,909 362, 764 138, 501 224, 263 157, 201 264,917 1, 412, 526 917, 514 201, 575 159,125 134,312 937,979 1,139, 554 84, 349 9 53,931 416 N De o c v . . 3 1 1 .. .. . 6 57 4 6 8 , , 4 5 9 8 9 3 " " 1 1 , , 1 1 8 36 3 , , 0 2 2 4 3 7 4 44 6 0 5 , , 3 4 3 7 6 6 2 2 3 1 9 1 , , 4 6 8 9 4 8 2 22 2 5 8 , , 8 7 5 7 2 8 1 1 3 2 4 6 , , 5 7 1 5 8 4 2 27 7 4 3 , , 3 5 8 2 4 2 1 1, , 4 5 8 9 0 0 , ,"3 9 ' 8 1 4 3 ' 1 1L L ,, , 0 0 9 2 2 4 , , 5 2 6 4 9 8 2 2 0 1 9 6 , , 9 0 6 7 5 8 2 3 1 2 8 , , 3 7 2 0 8 6 1 1 4 3 0 7 , ,3 00 9 8 5 1 1 : , , 0 1 5 0 2 3 , , 1 86 6 6 3 1 1 , , 2 31 6 9 2 , , 1 9 2 4 8 4 10 9 1 6 , , 9 6 3 12 4 9 9 1 1 6 0 7 6 , , 8 7 9 0 5 1 4 42 2 3 0 1919 Mar. 4... 1, 601, 770 9 1,071, 513 530, 257 298,034 232, 223 115, 385 278, 096 1, 46i8,, 053 ,1 020, 362 232, 915 80, 682 134,094 1, 041, 655 1, 274, 570 100, 981 9 150,479 423 June 30-. 1, 669, 322 91, 218, 541 450, 781 200,160 250, 621 116,026 285,098 1, 559, 742 ,1 1,04,262 247, 012 70, 743 137,725 1, 109,107 J, 356,119 109,541 9 157, 780 429 Nov. 17- 1, 737, 540 91, 297, 053 440, 487 182,133 258,354 121,730 293, 008 1,666, , 223, 751 269, 329 28, 539- 144,7101, 211,125 1. 480, 454 112, 546| 9 153, 072 430 Dec. 31.- 1, 779, 2161 «1, 337, 075 442,141 186, 308 255, 833 126, 340 290, 454 1, 689, 5121, 221, 564 276,175 42, 756! 149,017 1, 217,122 1, 493, 297 113, 837i 9 193, 936 432 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1920 May 4_._ 1, 782, 213 1,359, 758 422,455 169,217 253, 238101,312 310,302 1,701,8131,:, 225, 799314, 209 16,649 145,156 1,, 242, 7761, 556,985 120,039 132,108 431 June 30-. 1,816,066 1,404,568 411,498 161,359 250,139 97,099 312, 490 1, 734,4001L, 252,006 320, 556 21, 666 140,172 1, 259,8611, 580,417 117, 233 142, 246 432 Nov. 15— 1,847,968 1,437,863 410,105 159, 776 250, 329 89,872 321,339 1, 761,18011,241,732 360,032 22, 244 137,172 1,, 247, 7491,607, 781 121,133 133, 368 434 Dec. 29.. 1,828, 446 1,421,871 406, 575 156,204 250,371 82,938 328,820 1, 664,8671L, 143,190 365,108 28,423 128,146 1, 163,8831, 528, 991 116, 407 174, 317 437 1921 Apr. 28_ . 1, 747,870 1,349,499 398, 371 145,461 252, 910 69,371 334,051 1, 594,5851., 062, 790390,828 23,262 117,7051,,100,216 1,491,044 107,373 104, 739 438 June 30-_ 1, 737, 724 1, 330, 910 406,814 146,039 260, 775 72,345 332, 910 1,611,3681., 075, 452393,492 30,223 112, 2011,087,506 1,480,998 103,919 95,588 436 Dec. 31__ 1, 728,951 1, 292,866 436,085 159,646 276,439 90,049 328, 859 1, 667,0311 L, 093,405408,778 25,445 139,4031; ,120,589 1, 529,367 110,440 63,273 436 1922 J M u a n r e . 3 1 0 0 . — . 1 1, , 8 7 4 5 0 3 , , 3 6 7 3 0 4 1 1 , , 2 2 9 9 7 0 , , 1 8 5 1 4 9 4 5 6 4 6 9 , , 0 55 2 1 9 2 1 2 7 2 2 , , 5 2 6 3 6 1 3 2 2 8 7 3, , 4 3 6 2 3 0 8 8 1 8 , , 9 4 2 1 6 6 3 33 3 6 6 , , 8 6 8 7 0 6 1 1 , , 6 8 7 2 9 1 , ,5 1 2 1 3 1 1 1 .: L,, , 1 0 8 7 5 7 , , 1 9 3 5 9 74 4 2 8 9 0 , , 6 3 4 3 5 7 2 1 9 4 , , 1 3 9 6 9 3 1 1 4 4 2 1 ! . , , , , 3 68 1 4 0 , r 1 1 1, 1 1 9 8 7 , , 5 5 8 3 3 8 1 1 , , 5 6 4 7 8 7 , , 8 2 7 2 5 8 1 1 1 1 0 8 , , 8 2 2 4 9 4 3 3 3 7 , , 6 1 0 5 1 5 4 4 3 3 6 3 Dec. 29.. 1, 940,910 1,360, 707 580, 203 252, 241 327,962 85,972 341,189 1, 923,457 iL, 234, 538 510,961 25,124 152,834 1, 254,9741, 765,935 129,027 59, 859 429 1923 Apr. 3... 1, 969,736 1,395,154 574, 582 247, 503 327,079 83,864 341,830 1,929,611 551,328 153,3771, 223, 3941, 774, 722 123,011 63,903 427 June30._. 2,031, 548 1,443,972 587, 576 257,459 330,117 79,175 343, 218 1,962,0"5"5 1.,', 216, 567574, 781 38,182 132,525 1,233,447 1,808, 228 125, 773 71,377 427 Sept. 14.. 2,046,991 1,466,144 580,847 253,106 327, 741 79,873 340, 726 1,976,189 1L, 227, 593,934 20,803 133,643 1, 246,8481, 840, 782 122,910 80,249 424 Dec. 31.- 2,017,467 1,440,407 577,060 249, 397 327,663 92,943 335,621 2,022,3221L, 256,092 599.437 23, 552 143, 2411, 261,2581,860,695 124,243 74,200 424 1924 Mar. 31.. 2,008,342 1,441,409 566, 933 237, 550 329,383 73, 729 340,304 1,989,958 1,195, 338 633, 558 21, 555 139,5071, 212,1641,845, 722 121,920 40,896 421 June30... 2,052, 373 1,442,660 609, 713 249, 332| 360,381 102,631 341,710 2,101,6921, 255,367 657.438 25,119 163,7681,, 279,9461,937,384 130,161 20,886 421 Oct. 10... 2,159,930 1, 524,296 635,634 243, 543 392,091 102, 740 347, 779 2, 219, 5971, 296, 221 702, 701 41,814 178, 8611,339, 7682,042,469 136,458 9,842 419 Dec. 31... 2,133, 539 1, 503,933 629,606 243,009 386, 597 102, 551 338, 921 2, 225, 58"4 1:, 328, 286685,875 36,150 175, 27—3 1'., 348,4552,034, 330 140, 840 39, 777 419 1925 Apr. 6 2,174, 362 1, 547, 736 626,626 239, 983 386,643 84,469 361,307 2,192,140 1,253,968 733,041 35,902 169,229 1., 293, 8702,026,911 132, 902 41,082 420 June 30--. 2, 233, 551 1, 601, 878 631, 673 232, 736 398, 937 88, 607 363, 459 2, 270, 3311 ,' 340, 279 758, 742 12,913 158, 3971, 350,4562,108, 998 141,042 55,649 420 Sept. 28. . 2,304,449 1,670,070 634, 379 232, 530 401,849 87,157 359,046 2, 302, 544 ,1 364, 726 762, 858 19,656 155,304 1'.,, 381,9362,144, 794 141, 545 46, 249 420 Dec. 31... 2, 361, 779 1,692, 247 669,532 247,490 422,042 104,944 357, 9282,410,994 1, 433, 757 782, 875 27,916 166,446 1.., 426,8882, 209, 763 141,116 71,910 420 1926 Apr. 12._. 2, 373,498 1,668, 643 704, 855 274, 757 430,098 90,542 368, 659 2, 395, 852 .1, 361,446812,461 53, 727 168,218 1, 385,8052,198, 266 143, 796 31, 261 418 June 30... 2,409, 270 1,690,063 719,207 256,848 462, 359 93, 797 361, 503 2, 457, 656 •1, 421, 565844,070 30,211 161,810 1., 405,8252,249, 895 145,607 48, 321 416 Dec. 31... 2,428,155 1, 708, 281 719,874 237,182 482, 692 92,382 365,463 2,446, 968 :1, 404, 370858,168 22, 566 161, 8641,403, 7812, 261, 949 147, 755 83,467 416 1927 Mar. 23... 2,436, 708 1, 687,125 749, 583 255, 739 493,844 84,994 379,172 2,432, 204 1,330,364 890,963 39,132 171,745 1,360, 544 2, 251, 507 142, 872 37, 821 415 June 30._. 2, 535, 667 1, 743,948 791, 719 254,097 537, 622103,185 389,942 2, 552,834 1,402,311 932, 343 23,936 194,244 1,418,854 2, 351,197 149, 723 60,484 414 Oct. 10-.. 2, 597, Oil 1, 785,651 811, 360 250, 600 560, 760 94,307 397, 255 2,614,, 276 ,1420, 667 964,529 39, 269 189,811 1., 455,4532,419,982 148,087 37, 781 414 Dec. 31._. 2, 582, 622 1, 765,143 817,479 267,616 549, 863 119,993 394,661 2, 651.,, 019,1; 447,663 973, 967 21, 577 207,8121., 479, 6012,453, 568 155, 948 31,975 413 1 Includes rediscounts and overdrafts. 6 Includes postal-savings deposits, except that such deposits of State bank members 2 Excludes acceptances of other banks and foreign bills of exchange sold with prior to June 20, 1917, are included with demand deposits. indorsement. 7 Includes amounts due to Federal reserve banks, foreign banks, and other banks, 3 Excludes brads borrowed. bankers, and trust companies; does not include due to own foreign branches. 4 Does not include items with Federal reserve banks in process of collection, or 8 Deposits subject to reserve requirements. amounts due from foreign banks or own foreign branches. 9 Includes small amounts of bills sold with indorsement. 5 Includes certified and cashiers' or treasurers' checks outstanding. io Excludes customers' liability on letters of credit for State bank members. " Not available. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 86.—ALL MEMBER BANKS—PRINCIPAL RESOURCES AND LIABILITIES ON CALL DATES, 1914-1927—Continued 00 NEW YORK DISTRICT 00 [In thousands of dollars] Loans and investments Call date Total Loans1 -2 Inv G e U S s o n t t v a m i e t t e e r e n d s n - ts 3 b s O t o o t n c h d k e s s r , , b f a D r n o u k m e s4 C s p v u u a r a i r n o p d n p d f i e d l t i i u d t a - s l s , d T ep o o t s a i l ts D p e o d m s e i - a ts nd p T o d i s e m i - ts e 6 U S p n o t d a e i s t t - i e e ts s d b D a u n e k s to ? d p e o N m d s e e i a - t t s n d 8 d N m e t p e p i a m l t o u n d s e s d i e t - s . R F r b e w e e a s d s e n i e e t r k h r r v v s a e e l c p a o a n B d u y d i i n a s l - l b t r s s e l e - 2 b N b a e u n r m k o s - f Total ment and securi- securities ties 1914 Dec. 31 1, 777, 617 i, 384,058 393, 559 83, 502 310, 057 147, 073 401,000 1,984,987 1,227,260 76, 599 4,979 676,149 110,879 10,413 1915 Mar. 4 1,891,393 1,498, 931 392,462 79,779 312, 683 113,049 404,198 2,090,099 1.,156,798 93,058 3,961 836,282 01) 124,218 9,226 479 May 1 1, 959, 919 1, 564,213 395, 706 82,227 313,479 120,904 403,513 2,337,4591i, 359, 551 105, 888 3,484 868, 536 () 127, 601 7,441 479 June 23. _ 1,994,489 1, 580, 536 413,953 81,919 332,034 114,51l! 407,511 2,294,517 1[,266,279 115,428 3,800 909,010 143, 517 7,300 478 Sept. 2 2,293, 621 1, 806, 593 487, 028 94,462 392, 566 169,285! 450,399 2,729, I,478,451 158, 533 3,5661:, 088, 622 149,192 6,189 614 Nov. 10 2, 649, 966 2, 098, 731 551,235 93, 679 457, 556 193,407: 456, 8533,175,503 1.,801, 826 169,041 3,294 1, 201, 342 185,461 4,938 614 Dec. 31.... 2, 723,466 2,163, 527 559, 939 93, 379 466, 560 191,' 450, 5773,280,3191L, 904,153 179, 028 !, 007 L1,195,131 182, 265 6,234 613 1916 May 1 2, 814,874 2,185, 903 628, 971 89, 748 539, 223225,464; 465, 3503,471,018 2,024,223 208, 627 2,000 1,236,168 () 193,414 4,844: 629 June 30 2, 759,273 2,140,081 619,192 87, 030 532,162 191,355; 465,195 3,275,818 1, 962, 273 229,100 2,5551,081,890 01) 188, 800 4,909 623 Sept. 12.. 2, 918, 671 2,240, 813 677,858 86,180 591,678 200,988 486,736 3,388,144 2,035, 361 242, 935 1,852 1,107,996 (») 202,227 16, 585, 624 Nov. 17__ 3,040, 329 2, 353, 045 687,284 84,392 602,892 236,8041 496,994 3, 718, 932 2,247,435 252,581 1, 938 1,216,978 01) 225, 624 13,438 622 Dec. 27 2, 941, 985 2,262,313 679, 672 598,683 211,865 498, 2773,507,059 2,056,116 258,459 1, 913 1,190,571 () 229, 662 18,976 622 1917 Mar. 5_._. 3,120,573 2,439,129 681,444 81, 760 599, 684198,418 500, 5893,735, 836 2,133,063 275,136 1, 936 1,325,701 (») 253, 371 12,313 624 May 1 I 3,152,184 92,420,934 731,250 107, 819 623,431 223,835 504,278 3,906,222|2,343,227 295,057 2,1311,265,807 (") () 275,873 •17,7701 624 June 20 3,376,842 9 2,513,086 863,756 247, 631 616,125 192,579 509,173 3,794, 929 2, 294,352 289,216 89,055 1,122,306 2, 938,156 329,440 9 161, 255 625 Dec. 31 5,462,858 0 3,850,3901,612,468 593, 2641,019, 204303, 633 751, 5346,402,548 4,252,427 510,486 305,2241,334,4114,792,855 3, 227, 372 671, 961 9 256, 398i 5, 303, 341 1918 May 10 6,275,174 9.103,957,4912, 317, 6831,330,262 987,421 332,426 818,445 6,633,368 4,103, 965 537,066 655, 914 1,336,423 4>,., 817,1205, 354,186 688,276 9 459, 998 June 29 6,052,850 9.104, 281, 321 1, 771, 529 785,975 985,554 364,792 810,498 6,545, 1,882,•41-7 538, 818 701,245!l,422,915 :, 760, 702 5, 299, 520 757,199 9 280, 557 687 Nov. 1 6,667,311 9 4,674,8681,992,443 1,011,816 980, 6271 387,410 868, 3856,954, t., 33,1, 592560, 326 636,7371,425,425 :, 964, 615 5, 524, 941 645, 674 9 632, 520 718 Dec. 31 6,565,819 94,510,68112,055,138 1,035,305 1[,019,833; 403,009 863,231 7,285,723 5,0"4'51,,425 562,115 191,2061,486,9775, 544, 686 6,106,801 708, 505 723 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1919 Mar. 4 6,792,311 94,285,3142, 506, 9971,495,469 1,,011,528 319, 827 885,200; 6,839,027 4,501,001 592,897 367,2981,377,8315,111,004 5,703,9011 668,942 784, 607 724 June 30 7,039, 781 94,986,860 21,,052, 9211, 029, 346 1,, 023, 575391,016 912, 338 7, 825, 773 5,284, 706637, 772452,158 1,451,137 5, 501, 3906,139,162 747,185 612, 387 734 Nov. 17__- 7,488, 871 9 5,352,699 2,136,1721,042, 562 1.,, 093, 610436, 066 977,450 8,089,465|5, 621,884 816, 349 176,016 1,475,216 5, 746,3576, 562, 706 731,162 821, 530 746 Dec. 31 7, 491,026 »5, 554, 825 1,936, 201 868,158 1.,, 068,043458,293 963, 928 8,379,5455, 851, 734 804, 785 256, 828 1,466,198 5, 839,3156, 644,100 752,355 797, 232 753 1920 May 4 7, 377,565 5, 537\, 096 1L, 840,469 808, 684 1, 031, 785219, 072 057, 436 7, 520,417i, 263,463 861,105 99,821 1, 296,028 5;,, 771, 886 6,632,991726, 596 803, 689 769 June 30 7,491, 647 5, 704[,, 993 .1,, 786, 654 779,912 11,,006,742 229, 096 057,196 8,065,242 i, 653, 800881, 858 122, 8311,406, 7535 i,954,800 6,836,658 732, 871 738,047 771 Nov. 15_.__ 7,448,091 5,753, 710 1, 694, 381 701,396 992,985 174, 049 131, 245 7, 699,092i, 464, 241950, 050 85,0—58 1, 199, 7431,558,150 6,508,200 717, 955., 007, 782 780 Dec. 29.— 7,437,422 5, 691, 541 1', 745,881 702, 603 11,.043, 278181, 351 , 139, 7897,475, 971i, 208, 732965,107 143,5381, 158, 5945,476,621 6,441,728 916, 350 784 1921 Apr. 28.— 6,944, 263 5, 219, 600 1,, 724, 663 652, 055 L1,, 072, 608147,145 , 141,9866, 896,438 4, 759, 7919, 006, 696121,,168 1., 008, 775 5,138,686 6,145, 382 631, 856 598, 604 791 June 30 6, 857,163 5, 040, 264 t, 816, 899 747, 396 11,069, 503189, 756 , 136, 584"7, 465, 7255,194,670 981,168 196, 5911, 093, 296 5, 2699,,408 6, 250, 576 620, 510 358, 675 793 Dec. 31.... 6, 745, 932 4, 829, 296 li, 916, 636 811, 5631,105, 073153, 590 , 101,9147,163, 0"8"1'41,, 895, 2412, 047,905108, 464 "1.,111,470 5,3"5"2,129 6, 400, 034 724, 373 212, 069 795 1922 Mar. 10 6, 584, 737 4,648,8311, 935, 906 39, 643 1.,, 065, 263141, 435 140,107 7,141,3944, 779, 2871,108, 473112, 268 1,141, 366 5,179, 2016, 287, 674 683, 409 74,846 796 June 30.-- 7,126.832 4, 721, 868 2,, 440044, 9641,170, :, 234, 858162, 336 144, 6888, 241,894\ 685,1851, 343, 726 45, 018 1,167, 965 5, 685, 7147, 029, 440 732, 04r 70, 956 799 Dec. 29 4,932,80125,, 533, 8071,339,197 1:, 194,610169, 438 , 185, 2808, 580,449i, 709,3931,438, 246218,392 1, 214, 418 5, 670, 3657,108, 611 756, 020 167, 268 803 1923 Apr. 3 7, 454, 089 4, 980,882 2, 473I,, :201!1, 323, 622. 1, 149, 579155, 347 , 189, 3478, 010, 782 5, 066,4616, 578, 708163, 621 , 201.,, 987 54,18, 827 6, 997, 535 717, 53' 238, 334 813 June 30 7,497,451 5., 017,. 4442,480,007j1,314,4911,165, 516153,136 , 192, 4257,994,994 5,08.5,,9"0"51, 610, 560 81,806 ., 216, 723 5'", \ 1237,109, 683 700, 431 203, 963 821 Sept.14.._ 7, 293,253 4, 902,895 2, 390, 358S1, 219,196., 171,162141, 222266 1,, 217, 6947,748,4214C, 9"7'1, 995544 11,, 639, 550 31, 687:, 105, 230 5, 294, 2966, 933, 846 682,911 209, 207 827 Dec. 31 7, 494,010 5' , 0~6" 6,1"5'24,427,856 1, 228,164 .i,; 199, 692190, 096 , 208,1448, 732,857 5f, 689, 0411,666,420 62, 666:, 314, 730 5, 625, 3673, 291, 783 713,14" 166,190 835 1924 Mar. 31... 7, 590, 730 5,179,101 2,411,, 629 1,172. 822 :1,, 238, 807155, 082 1,234, 431 8, 793,375 5, 606, 670 1, 744, 61074, 2481,367, 847 5, 590, 7827,335,392 738, 616 107,153 843 June 30.. . 8,070,966 5, 404, 044 2, 6,6962,29212, 226,982 .1, 439,940189, 239, 667 9, 508,469 6,101,980 1, 786, 27436, 4721, 583, 74316,158, 0247,944, 298 756, 506 840 Oct. 10__ _ 8,471, 246 5, 544, 211 299272, 70 035351,366, 7911, 560, 244190, 055 l267,110 9, 437, 284 5, 777, 664 1, 978, 00692, 6151, 618, 996 6, 426, 8348,404,843 831, 948 471-157 845 Dec. 31.-- 8, 666, 683 5 5, ,7 7 2 2 0 0, , 3 12 2, 9 9 , 4 4, 6 6 , 3 3 7 7 1 1 1, 321, 606[ 1, 624, 762503,212 1,267, 1'2"3 10,464,541 6, 737, 861 2, Oil, 59950, 5381, 664, 543 6, 743, 9078, 755, 506 885, 556 100,152 855 1925 Apr. 6 8, 499, 410 5, 634, 028 2, 865, 3812, 252,9411, 612,441169,194 1,,322,771 9., 41.6,314 5, 827,960 2,082, 31584, 7991,421, 240 6,16,12,65 8, 243, 580 777,110 168, 78C 857 June 30 8, 745, 748 5, 848,148 2, 897, 6001,243,"" .1, 653, 643207',, 783, 1 339, 541 10, 3911,3143 64, 671,2,757 2,099,725 25, 8511, 552, 801 6, 6,0612,4 8, 701, 349 848, 817 138, 95C 866 Sept. 28.--. 8, 833,166 5, 982, 394 2,850, 7721, 202, 517I ,1 ,648,255178,141 1,343, 2499, 678,422 6,167, 795 2, 111, 81366,1151, 332, 699 6, 332, 3080, 444,113 801, 882 231,187 874 Dec. 31 9, 296, 598 6, 511,496 2, 785,1021,186, 237 L1,, 598, 865205>,, 724 ,13,67,649 111,, 036, 5^577,200,083 2,178,484 74, 3521, 583, 638 6, 943, 8393,122, 31" 258,133 1926 Apr. 12.-- 9, 039, 654 6,207,468 2,832,186 1,171,4141L, 660, 772187,7721, 431,45610, 046,1426, 306,968 2, 253,12871,03' 1,,415, 009 6, 427, 968 8,681,096 781, 876 156, 512 885 June 30 9, 308, 438 6,398,7752, 909, 6631,196, 774 L1,, 712, 889202,914 11,,443322,, 773388 1100,, 774433,,338877 6, 823,0921,312,027 42, 021 •1 — -" -07>434 9,119, 461 864, 614 110,458 896 Dec. 31.— 6,861.,, 3"1"8 \2 ,805, 6631, 060,404 L1,. 745, 259230,709 1,499, 73311, 248,839 7,179, 541 2,445,92J60,03*-1, 563,336 6,920,812 9, 366, 737 840, 895 211, 854 913 1927 Mar. 23— 9, 595,924 6, 601,146 2,994, 7781,183, 807 1,810, 971182,2401, 559, 062 10, 466,552 6, 411,148 2, 527,821012, 0721,415, 5126, 645,14'9,172,964 929, 202 161, 51 924 June 30 10,125, 804 7, 026, 078 3,099, 7261,176, 803 1, 922, 918227,7651, 602, 008 11, 686,863 7, 283,437 2, 654, 55372, 922 \l,j lib, 947", 204,96: 9, 859, 518 918,169 112, 56C 927 Oct. 10 10,135, 010 7, 111, 070 3,002233,,940,1,162,68311,861,257 198, 73"1, 652, 653 11,182, 245 6, 686, 640 2, 748, 213502,037 595; 338 6, 840,1319, 588, 369' 901, 892185,495 Dec. 31.— 10, 946,991 7,788,539 3, 1"5"8, 4521, 212, 650! 1, 945, 802248,8651, 702, 548 11, 916, 527 7, 093, 200 2, 837, 07855, 8081,9—1 0, 4"3147,614,51 10,451,5961,037,883 314,25S 937 00 For footnotes see p. 187. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 86.—ALL MEMBER BANKS—PRINCIPAL RESOURCES AND LIABILITIES ON CALL DATES, 1914-1927—Continued CO PHILADELPHIA DISTRICT O [In thousands of dollars] Loans and investments Call date Total Loansl2 Inv G e U S s o n t t v a m i e t t e e r e n d s n - ts 3 s b O t o o t n c h d k e s s r , , b f a D r n o u k m e s4 C s p v u u a r a i r n o p d n p d f i e d l t i i u t d a - s l s , d T ep o o t s a i l ts D p e o d m s e i a t - s n 5 d p T o d i s m e it - s e 6 U S p n o t d a s i e t t i - e e ts s d b D a u n e k s to 7 d p e N m o d s e e a i - t t n s d d N e m t p p e i a o m l t u n s d e s i d e ts - 8 R F r b e w e e a s d s e n i e e t r k h r r v v s a e e l p c a a o n B d y u d i i a n s l l b - r t s e s l - e 2 b N b a e u n r m k o s - f Total ment and securi- securities ties 1914 Dec. 31.... 931,919 630,321 301,598 75, 624 225,974 127,340 236,261 896, 795 609,417 147,026 2,711 137,641 18,512 7,464 758 1915 Mar. 4 942,696 630,720 311,976 75,029 236,947 134,491 235,795 909,869 616,620 147,095 2,748 143, 406 4,934 759 May 1 959,954 642,409 317,545 74,874 242,671 140,340 236,502 926,888 618, 901 153,980 2,355 151,652 20,459 5,281 759 June 23 964,741 638,557 326,184 74, 760 251,424 144,702 237,315 942,556 632,132 160,520 2,475 147,429 21,248 5,372 758 Sept. 12.... 802,394 532,961 269,433 61,345 208, 088128,284 196,498 790,570 501, 997 136, 293 2,676 149,604 19,443 3,526 627 Nov. 10... 841, 774 561,783 279,991 61, 214 218, 777130,888 197,905 834, 214 524,768 143,634 2,146 163,666 20, 238 2,175 628 Dec. 31 846,066 562,242 283,824 60,685 223,139 111,059 197,456 844,406 146, 715 162, 546 27, 267 3,055 1916 May 1 895,061 595,381 299, 680 58, 752 240,928 121,810 197,585 903,675 564,388 163,762 1,150 174,375 26,712 629 June 30 901,887 599,127 302, 760 58,135 244,625 107, 728 196,859 889, 560 552, 222 170, 262 1,650 165,426 () 34,108 2,638 629 Sept. 12.. _ 918,611 312,623 58, 788 253,835 118,795 199,429 926,907 575,849 182,925 1,207 166,926 41,294 2,585 631 Nov. 17 952,253 626,271 325,982 58, 510 267,472 124,336 200,837 979,440 608,335 190,801 179,006 (") 47,443 4,714 632 Dec. 27- 950,903 619,872 331,031 58,494 272,537 103,814 202,131 966,514 195,259 1^ 204 163,083 62,114 10,101 631 1917 Mar. 5 978,490 633, 764 344, 726 58,380 286,346 121, 573 202,189 1, Oil, 813609, 971 208, 582 1,1P4 192,066 59,877 6,212 631 May 1 1, 003,452 • 644, 589358,863 63,337 295,526 119,978 203,222 1,047,173 219,687 1, lbl 189,487 63,578 9 7,104 629 June 20. __ 1, 005, 854 9 635, 850 370,004 76,377 293,627 101,125 205, 0521,001,291 619,288 219, 268 1,213 161, 522 722,120 941, 388 64,553 9 21, 859 Dec. 31... 1, 251, 667 489,500 109,323 380,177 144,351 259,946 1,281,261 804,423 248, 727 31,306 196, 805 858, 3451,107, 072 85,046 » 41, 822 1918 May 10 1, 351,592 9,10768, 607 582,985 204,192 378, 793 109,359 267, 6301,322, 717 784,823 256,198 102, 848 178,848 851,351 1,107, 549 97,817 9 41,493 645 June 29 1,327, 221 9,1078O, 788 546,433 172,546 373,887 119,031 267,202 1,275,816 756, 766 256, 728 90,718 171, 604 814, 2711, 070, 999 84,107 »64, 231 647 Nov. 1 1, 585,827 9 912, 328 673,499 295,523 377,976 112,617 285,995 1,434, 749 836, 377 264, 275166, 970 167,127 903,124 1,167,399 88,483 » 128,927 654 Dec. 31.— 1,542,496 »882,082 660,414 281,302 379,112 114,334 289,723 1,399,502 901,715 285,171 25,644 186,972 958,692 1,243? 863 97,867»186,322 661 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1919 Mar. 4 1,647,659 9 876,921 770,738 382,212 388,526 97,450 295,452 1,450,491 900,639 305,533 58,634 185,685 990,351 1, 295,884 104,490 207,3031 June 30 1, 703, 868 6 981, 231 722,637 322,188 400,449 105,713 300, 285 1,456,415 921,689 308,174 56,708 169,844 967, 549 1, 275, 723 93,913 1 250, 706 668 Nov. 17—. 1,731,159 91, 049, 960 681,199 274,248 406,951 95,610 314,612 1, 516,163 991,575 330, 709 25,826 168,053 1, 023,5811,354,290 105,145 9 231,284 676 Dec. 31.... 1, 746, i 91,067, 528 678,561 273,243 405,318 108,689 311,032 1,568,350 1,, Oil, 291 337,223 39,934 179,902 l,i 025,5901,362,813 108,091 1 242,785 678 1920 May 4 1,758,602 1,097,605 660,997 260,381 400,616 89,411 325,050 1,540, 559 992, 606 366,208 9,583 172,162 1,037,729 1,403,937 105,637 227,748 687 June 30 1, 764,843 1,122,805 642,038 239,885 402,153 94,998 325,311 1,586,825 1,, 013,254 386,497 19,032 168,042 1,040,329 1,426,826 102, 596 202,725 688 Nov. 15—. 1,784, 911 1,147,158 637,753 224, 516 413,237 95,805 338,476 1,645, 515 1,. 034,308 422,389 18,054 170,764 1,074,690 1,497,079 108,938 151, 566 700 Dec. 29 1,763,811 1,123,114 640,697 227, 540 413,157 83,295 339,864 1,605,976 992,992 422,221 24,482 166,281 1,039,643 1,461,864 107,250 159,996 1921 Apr. 28.... 1,760,967 1,103, 360 657,607 231,045 426,562 62,781 346, 5961, 538,490 920,663 447,223 28,178 142,426 982,379 1,429, 602 101, 680 153,127 700 June 30..-. 1,743,982 1,076,218 667,764 235,302 432,462 82,496 343,454 1, 573, 206 919, 521 449, 637 41,043 163,005 960, 758 1,410,395 105, 724 145, 923 699 Dec. 31.... 1,691,345 1,026, 609 664,736 223,694 441,042 91,794 347, 8221, 567, 318902,160 466,531 29,405 169,222 941,317 1,407,848 104,413 93,971 704 1922 Mar. 10-.- 1,707,462 1,028,830 229,104 449,528 354,309 1, 586, 652 899,032 486, 240 23, 635 177, 745 963, 506 1,449,746 104,001 64,707 710 June 30_... 1,731,097 1,020,011 711, 231,886 479,200 93,557 359, 539 1,652,914 960,479 495,846 11,420 185,169 1, 020,8181, 516, 664 113,460 53,036 712 Dec. 29— 1,831, 634 1,075, 741 755,893 262, 794 493,099 109,103 383,421 1, 775,653 ,1. 019,458 521,677 30,622 203,896 1, 066,4681, 588,145 116,132 53, 701 716 1923 Apr. 3 1,913,640 1,134,757 778,883 279,312 499,571 108,467 387,467 1,841,452 1, 026,991 575,226 32, 597 206,638 1,070,969 1,646,195 116, 272 70, 502 717 June 30 1,963,141 1,173,858 789,283 281,681 507,602 97,850 390, 655 1,842,171 1, 018, 581 613,728 24, 776 185,086 1,056, 7471, 670,475 116,108 86,022 720 Sept. 14—. 1,968,196 1,193,908 774,288 269,162 505,126 97,357 398, 264 1,860,908 1, 026,217 628,441 14, 018 192, 2'32 1,072,7271,701,168 114,275 64,331 722 Dec. 31.__. 1,969,009 1,189,753 779,256 262,763 516,493 113,505 400, 928 1,940,1971, 063,082 645, 252 18, 769 213!,, 094, 1 0 : 75,4441,720,696 118,960 722 1924 Mar. 31—. 1, 1,214,437 773,647 251,066 522, 581 98,310 410,062 1,897,416 985,651 679, 593 33,448 1S8,724 1,033,494 1,713,087 114, 381 51,173 724 June 30 2,03i; 362 1,240,407 790,955 236,300 554,655 132,372 425, 265 1,986,912 1i, 030, 285705, 706 20,906 230,015 1,079, 7521,785,458 121,313 32,632 730 Oct. 10.... 2,137,583 1,285,853 851,730 244,084 607,646 160,512 443,186 2,110,127 11,063,316 742,770 42,937 261,104 1,134,922 1,877, 692 124, 297 23,099 736 Dec. 31-.. 2,162,974 1,283,288 879/686 257,384 622,302 119,997 441, 7382,137,074 11,,093,770 774,356 25, 549 243,399 1,153,978 1,928, 334 129,361 42, 386 738 1925 Apr. 6 2,229,641 1, 350,269 879,372 254,828 624,544 122,145 454, 2742,144[,, 862, 1082, 539 782, 709 49,749 229,8651,,143,462 1,926,171 119, 790 40,180 740 June 30-.. 2, 248,606 1, 380,644 867,962 233,020 634,9*42 108,951 460, 206 2,178, 111 1, 131,039 809, 256 18,917 218,8991,, 179, 6361,988,892 139, 752 54, 793 749 Sept. 28—. 2, 307,840 1,446,386 861,454 225, 886 635, 568109,112 463,378 2,192,458 1, 130, 778829,146 26, 712 205,8221., 180, 7882,009, 934 129, 518 54, 980 753 Dec. 31—. 2, 336,929 1,484, 944 851,985 224,877 627,108 126,891 467,109 2,299,978 1,197,807 849,918 28,906 223,347 l,i 220,5482,070,466 139, 801 61, 698 751 1926 Apr. 12—. 2,404,477 1, 545,600 858,877 244,189 614,688 118,656 486,082 2, 291,3911,152,189 880, 283 47,298 211,6211,, 191, 7852,072,068 131,910 65,059 756 June 30-._. 2,419,615 1,574,278 213,342 631,995 117,493 488,052 2,318,062 1l,i168,840 897, 745 27,070 224,4071, 210,0132,107, 758 135,378 760 Dec. 31—. 2,478,121 1,615, 701 862,420 205,786 656,634 122,531 507,067 2,385,463 1,193,841 942,801 29,388 219,4331, 219,1952,161,996 139,754 75,116 1927 Mar. 23—. 2, 518, 269 1, 593,840 924,429 247,173 677,256 105,424 516, 6262,369,165 1,, 141,447 975,913 45, 592 206,213 1,, 202,4072,178,320 138,391 52,640 770 June 30_... 2, 531,080 1,604,480 926,600 233, 691 112,284 520,155 2,395,378 1, 160,079L 1, 000,432 25, 778 209,089 1, 197,8052,198, 237 140,900 65, 731 773 Oct. 10-... 2, 589,323 1,619, 599 969,724 248,642 721,082 105,960 543,528 2,442, 727 1,, 162,715L 1, 025,994 41,613 212,405 1,, 224,4102, 250,404 141,789 39, 513 776 Dec. 31-... 2,588,373 1,616,325 972,048 233,553 738,495 130,785 542,259 2,468,564 l,j 167,660L 1, 054,625 21,013 225,266 1, 200,0872, 254, 712 142,118 72,839 777 For footnotes see p. 187. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 86.—ALL MEMBER BANKS—PRINCIPAL RESOURCES AND LIABILITIES ON CALL DATES, 1914-1927—Continued to CLEVELAND DISTRICT [In thousands of dollars] Loans and investments Investments3 Capital, Call date Loans»,2 Other b f a D r n o u k m e s4 s p v u u r a i r n o d n p d f e d l i i u d t - s s de T p o o t s a it l s D p e o m d s e i - a ts nd p T o d i s e m i - ts e 6 U S p n o t d a e s i t t - i e e ts s d D ba u n e k t s o 7 d p e N m o de s e a - i t t n s d d N e m t p p e i a o t l m u n s d e s i d e ts - 8 R F r b e w e e a s d s n e i e e t r k h r r v v s a e e l p c a o a n B d u y d i i s n a l - l r b t s s e l - e 2 b N b a e u n r m k o s - f 1914 Dec. 31 875, 802 621, 646 254, 156i 84, 695 169, 461104, 754 227, 832 789,323 492, 257 159,921 4,374 132, 771 (») 16,892 9,375 762 1915 Mar. 4 857, 946 613, 680 244, 266 83, 582 160, 684131, 825 226, 203 808, 350 491, 591 159, 053 4,401 153,305 (") 17,114 5,434 761 May 1 856,324 613, 928 242, 396 82, 792 159, 604129, 050 224,118 807, 097 492, 844 159, 236 3,413 151, 604 (») 17,087 4,555 760 June 23 861, 221 614, 875 246,346 83, 013 163, 333132, 428 225, 200 818, 629 505, 074 162, 473 3,384 147, 698 (") 17, 542 4,706 759 Sept. 12 879, 239 627, 525 251,714 83,370 168, 344 225. 877 850,401 511,959 168, 509 3,196 166, 737 (u) 17,970 4,567 763 Nov. 10 902, 495 638, 248 264, 247 83, 722 180, 525153, 575 226, 617 886,120 532, 502 176, 573 3,053 173, 992 (») 19,495 5,085 761 Dec. 31 916,418 646, 871 269, 547 82, 893 186, 654159, 615 226, 261 922, 235 553, 447 183, 592 2,659 182, 537 (») 26,074 3,942 760 1916 May 1 668, 757 298,151 81,336 216,815 191, 219 229, 0941,002, 666 584,421 204, 971 2, 673 210, 601 (») 28,072 3,179 758 June 30 991,289 689,116 302,173 80, 591 221, 582199,917 229,274 1, 050, 689 616, 466 212, 870 2,828 218, 525 C11) 37, 502 2,667 759 Sept. 12 1,045,110 724, 779 320,331 80, 877 239,454 193, 690 231, 8261,100, 256 639, 662 228, 287 2,545 229, 762 (") 42,917 3,317 757 Nov. 17 1,084,190 747,626 336, 564 80, 374 256,190 202, 695 233, 7781,166,085 682,479 240, 884 2,656 240,066 (»> 56,645 2,972 754 Dec. 27 1,113,368 770, 990 342,378 80, 654 261, 724189, 817 236, 0381,187, 632 703,052 246, 789 2,583 235, 208 (») 63,884 4,413 753 1917 Mar. 5 1,153, 541 798, 793 354, 748 79, 816 274,932 224, 386 235, 811 1, 268, 633 721, 588 263, 097 2,691 281, 257 (») 67,085 2,415 752 May 1 1, 234,145 8837, 270 396, 875 84, 583 312, 292 199, 294 242, 619 1, 324, 596 760, 565 304, 721 2,725 256, 585 (») 71, 686 95,923 753 June 20 1,266,360 9 844, 245 422,115 115, 266 306,849 177, 590 246,130 1, 325, 374 785, 570 313, 319 3,542 222, 943 936,410 1, 249, 729 77,560 912,825 753 Dec. 31 1, 633, 558•101,040, 563 592, 995 196, 334 396,661 212, 291 306,816 1, 944,141 443, 657 67, 699 243, 352 ., 033, 030 1,476, 687 116, 998 "53,845 763 191S May 10 1, 767,362 »1,095, 367 671, 995 266, 279 405, 716 175, 594 332,801 1,731,108 912, 647 472, 920114, 005 231, 536 013, 448 1, 486, 368 114,087 9 63,486 772 June 29 1, 764, 790io 1,128,946 635, 844 231,999 403, 845 198, 230 335,735 1,768,646 941, 251 473, 401 131,481 222, 513 015, 373 1, 488, 774 115, 634 9 51,952 776 Nov. 1 1, 950, 543 »1,197, 367 753,176 356, 397 396, 779 177,910 356,093 1,883,4871 510, 065149, 038 222, 021 108, 325 1,618,390 117,635 9101,064 807 Dec. 31 1, 953,010 U, 207, 616 745, 3941 340, 559 404,835 203,704| 358,3181 1,935,2141,090,512 552, 997 32,326 259,379 188, 324 1, 741,321 126,328 9121,357 814 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1919 Mar. 4—_. 2,071,817i U,197,160 874,657 456,968 417,689 217,140 365, 2802,046, 509 1,119,195 586,866 67,213 273,235 1L, 238,8591,825,725 132, 761 9115,845 820 June 30 2,103,651 91,294,491 809,160 381, 610 427, 550181,351 368.196 2,033,134 1,127,426 605,038 78, 889 221.,, 78.11, 212, 7061,817, 744 124,981 9112,0301 824 Nov. 17— 2,206,893; 91,415,700 791,193 338, 405 452, 788172,700 386,176 2,100,319 1,192,531 653, 510 27, 227 227r,, 051. 1, 256,3621,909, 872 129, 511»159,887j 840 Dec. 31.- 2, 246,169 91,474,748 771,421 311,113 460,308 182,284 383.197 2,167, 758 1, 202, 397677,381 48,379 239I,, 601L1,, 267,0171, 944, 398 134, 5919175,073; 843 1920 May 4 2,323,084 1, 586,318 736, 766 278,834 457,932 154,259 406,106 2, 213, 697 ,1 254,094 719, 234 8,795 231, 5741,337,924 2,057,158 142,329 144,826 857 June 30-. 2,359,097 1,625,211 733,886 276, 690 457,196 163,406 409, 2412, 298,149 ,1, 312, 635 736, 296 228, 252 1,376,9032,113,199 145, 367 124,072 860 Nov. 15— 2,432, 646 1, 699, 305 733, 341 271,198 462,143 194, 553 426,498 2, 431,, 620 1,, 361,126 785, 091 22, 583 262,820 1, 451,2772, 236, 368 155, 371 95, 740: 870 Dec. 29... 2,478, 904 1, 717,069 761,835 280, 028 481,807 177,122 430, 7962,413!,, 423. 1,, 307,584809, 628 40,396 255,815 1, 403,1902, 212, 818 150,899 133,1211 873 1921 O Apr. 28... 2,467,190 1, 699, 731 767,459 273, 828 493, 631130,246 443,912 2, 270, 857 .1,, 215,195 23,138 185,5441., 279, 3122,126, 292 139, 658 149,871! 877 June 30... 2,450,944 1, 680, 979 769, 965 272, 894 497,071 120,335 439, 9852, 232, 915 .1, 184,280846, 779 34, 357 167,4991., 227, 8942,074,673 135, 317 165,0211 879 O Dec. 31... 2, 323,519! 1, 601, 537 721,982 256,831 465,151 120,055 443, 5402,139, 429 1., 108,622829, 679 31, 965 169,1631., 152, 2491,981, 928 132,128 128, 557i O 1922 Mar. 10— 2, 361,397 1, 604,331 757,066 282,186 474,880 136,594 458, 2022, 237, 915 11,,135, 251 886,964 31,023 184, 677 1,, 197, 5382,084, 502 132, 516 65, 240 883 o June 30.. . 2,415, 212 1, 623,155 792,057 302, 612 489,445 143,735 464,965 2, 346, 559 L1, 221,410 915,898 15, 308 193, 943 1, 270, 6272,186, 525 141, 369 46,637 Dec. 29... 2, 566, 545 1, 674, 543 892,002 368, 591 523,411 159,714 479,440 2, 531,920 L1,, 265, 296L ,1 ,005, 547 35, 701 225, 376 i.;, 367,8972,373,444 153, 239 56,797 1923 Apr. 3 2, 635,721 1,735,661 900,060 389, 771 510, 289165,469 482,034 2, 628,107 1, 340, 592L ,1 .024, 774 28, 690 234,0511,406, 7922,431, 566 159, 367 41,373 878 J D S e e u p c n t . e . 3 3 1 0 1 . . 4 . . . — _ 2 2 2 , , , 7 7 7 2 3 3 5 7 5 , , ,1 4 0 0 6 2 1 8 2 1 1 1 , , , 8 8 8 2 4 3 9 1 8 , , , 4 5 2 7 8 6 9 6 6 9 8 8 0 8 9 7 3 6 , , , 5 8 8 4 8 3 3 2 5 3 3 3 7 7 3 8 4 7 , , , 2 8 9 1 0 3 9 0 7 5 5 5 1 3 4 8 2 5 , , , 6 7 9 1 4 4 6 3 5 1 1 1 5 4 5 3 7 3 , , , 4 0 0 8 8 3 4 8 2 4 4 4 8 9 9 4 2 3 , , , 4 3 5 5 8 6 1 6 02 2 2 , , , 6 6 6 9 9 5 3 7 5 ' ,, , , , ' 0 1 7 "0 5 4 0 1 ' 11 L L 8 , 1, , 3 13 3 5 3 5 9 I0 8 , ,, , 4 7 2 1 9 7 1 5 4 1 L 1 L 1 , , , 1 , 1 0 1 0 6 4 3 8 , 5 , , 3 7 2 4 5 6 8 2 8 2 1 7 8 7 , , , 6 2 9 0 0 1 8 5 9 2 2 2 2 0 0 2 3 8 ; , , 4 8 7 7 7 6 6 0 6 11 1 1 , , , 4 4 1 3 2 4 5 1 , 8 , , 8 1 0 6 1 6 8 5 12 2 2 , , , 4 4 5 9 8 2 3 3 5 , , , 1 8 3 4 1 6 6 3 ! 3 1 1 1 5 5 5 1 9 2 , , , 0 1 2 9 6 1 3 2 3 8 6 5 3 4 7 , , , 1 8 9 2 1 3 0 4 2 8 8 8 8 8 7 1 0 7 F F 1924 Mar. 31— 2, 785,473 1, 862, 522 922, 951 364, 992 557,959 159,580 501,837 2, 747,084 :1, 3)2, 99,67 :1,, 172,04334, 566 210,5081, 382,9542, 554,997 156,029 46,290 876 June 30 2, 827, 379 1, 877,061 950, 318 380, 895 569, 423178,200 504, 6022, 833,151 I1, 351,, 661 I1, 233, 441 19,129 228,9201, 410, 7042, 644,145 158,172 31, 671 873 Oct. 10. .. 2, 927, 572 1,896, 777 [1, 030, 795446,091 584, 704202,198 519.340 2,950I,, 941L ,1 37!3,, 851L1,, 252, 237 33,165 291, 66888811, 487, 7982, 740,035 168,858 28,647 872 Dec. 31... 2,915,147 1,896,063 1,019,084 426,795 592,289 169,935 513.341 2,917',, 538L ,1 366,691 L1, 246,764 22,816 281, 2671,453, 5782,700,342 163,593 55,626 871 1925 Apr. 6 2, 990, 768 1,969,, 494 ,1, 021, 274 423, 828 597,446 169,015 525, 2962,997,165 1L,, 382, 690;l, 298,97648, 567 1,479,488 2,778,464 177,348 40,069 J D S e e u p c n t . e . 3 3 1 0 2 . . . 8 - _ — . 3 3 3, , , 0 0 0 4 8 2 4 2 1 , , , 8 6 3 3 1 6 5 3 5 2 2 2 , , , 0 0 0 5 6 1 9 3 1 , , , 4 8 8 7 1 2 3 5 6 1 1, , 9 0 8 0 0 4 1 9 , 9 , , 8 7 0 9 8 2 2 7 0 4 4 3 0 1 7 7 5 7 , , , 9 1 4 2 7 4 9 4 4 6 6 60 0 0 7 3 1 , , , 8 9 3 4 6 4 6 3 3 1 1 1 7 6 5 0 1 8 , , , 7 9 8 6 7 4 4 1 7 5 5 5 2 1 2 0 6 3 , , , 1 6 3 8 1 3 6 2 33 3 3 , , , 0 0 0 5 5 3 1 2 3 , , , 0 7 5 0 9 9 1 3 4 1 1 L L L , 1 , , , , 4 4 4 3 2 2 7 8 8 , , , 4 6 7 6 6 3 9 8 3 1 1 1 1 , , , 3 3 3 2 4 3 8 2 8 , , , 0 0 0 6 4 0 5 5 6 3 2 2 5 7 4 , , , 6 3 7 9 5 9 6 1 3 2 2 24 4 5 7 5 2 ' 1 , , , , , 6 4 2 8 8 6 8 6 1' 3 1. . . ,, 1, , 5 4 5 0 7 0 2 2 3 , , , 6 6 3 5 6 6 6 9 9 2 2 2 , , , 8 8 8 3 4 1 1 4 1 , , , 6 4 3 6 1 1 9 4 2 1 1 1 7 7 7 6 2 5 , , , 2 5 3 2 3 4 4 5 0 4 6 7 5 6 7 , , , 9 7 7 9 6 2 7 1 2 865 > 1926 Apr. 12... 3,114,603 2,110, 503 :1, 004, loo404,163 599,93: 161,630 527,090 3, 096,088 1,,425i,, 482L 1,, 388,458 41, 796 240, 3521, 477, 2332,865, 691 177,825 65,634 860 June 30 3,160, 748 2,135, 311:, 025,437402, 385 623,052 177,936 526,168 3,168, 849 1,477',, 543L ,1 426, 613 25,181 239, 5121, 528, 7802, 955, 393 179, 455 58,821 860 Dec. 31.-_ 3,132, 525 2,143, 838 353,932 634, 755170,647 529, 7833,128, 389 l,j 438, 238L 1,, 423, 674 20,495 245,982 1., 470,0022, 893, 676 179, 490 91, 355 856 1927 Mar. 23— 3, 232, 279 2,159,7341., 072, 545411, 282 661, 263185,496 540, 2083, 267, 829 1,492, 825L 1,, 479, 320 30,294 265, 3901, 568,1023,047,422 194, 278 44,937 June 30.-- 3, 267,065 2,178, 52i1, 398, 760 689,780 168,759 539, 5653, 286,436 1,486,143 L1,, 523,854 21,243 255,196 :i;, 555,28i3,079,135 180,034 48, 511 841 Oct. 10.-. 3, 325, 300 2, 200,739 1., 124, 561425,148 699,413 185,855 551, 2943,331, , 455,074 L1, 568, 627 31, 243 276,927 1 3,114,457 193, 891 60,721 836 Dec. 31-.. 3, 296, 433 2,161,7651.,, 134, 668411, 708 722,960 184,196 549, 9213, 300, 7121, 457',, 304I ,1 544, 204 24,401 274,803 i.;, 545, 8330,064, 286 180, 917 68,372 835 , 520,082 CO For footnotes see p. 187. GO Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 86.—ALL MEMBER BANKS—PRINCIPAL RESOURCES AND LIABILITIES ON CALL DATES, 1914-1927—Continued RICHMOND DISTRICT [In thousands of dollars] Loans and investments Investments3 Capital, Net de- Reserve Bills Due surplus Demand Time United Net mand with payable Num- Call date United Other b f a r n o k m s4 u a n n d d i- d T ep o o t s a i l ts po d s e it - s po d s e i - ts8 St d a e t - es b D a u n e k s t o 7 dem de a - nd t p im lu e s F re e s d e e rv ra e l an d d is - re- b be a r n k o s f Total Loans1,2 States bonds, vided posits posits deposits8 banks counts2 Total Govern- stocks, profits ment and securi- securities 1914 Dec. 31.- 481,219 362,167 119,052 57, 842 61,210 58, 586 124,367 398,856 239,405 89,908 12,241 57,304 7,701 20,056 505 1915 Mar. 4 475,321' 366, 648 108,673 55, 448 53,225 60, 589 126, 251 401, 588 245, 612 87,035 9,294 59, 647 8,204 17,760 509 May 1_.__ 474, 877 371, 614 103,263 55, 963 47,300, 58, 214 128,041 398, 623 242,729 89,391 5,897 8,229 18, 759 508 June 23... 474,893 371,436 103,457, 56, 027 47,430 54, 289 129,421 392, 729 238,330 91,222 7,776 55,401 8,340 21,166 511 Sept. 12-. 472,240 369,013 103, 227 55, 247 47,980 57, 305 126,172 393,272 234, 864 92, 383 6,405 59, 620 22, 837 505 Nov. 10— 481,390 375, 208 106,182! 55, 375 50, 807 72, 083 128,254 427,968, 254,826 96, 241 5,733 71,168 9,403 16, 527 508 Dec. 31... 484, 700 378,162 106,538! 55,053 51,485 65,475 125,700 436,250 259,268 98,957 4,928 73,097 11,872 15,879 505 1916 May 1 499,395 392, 854 106, 541 53,082 53,459 71,036 128, 925 459,120 259, 965 114,424 4,282 80,449 12, 770 12, 541 511 June 30-__ 507, 550 399, 307 108, 243 53,011 55, 232 71, 553^ 127,850 471, 265 264,187 119,873 7,r~' 79,819 15,880 12, 993 517 Sept. 12— 519,475 406, 796 112,679, 52, 951 59, 728 76,146 128,941 488,383 270,940 124,913 5,748 86, 782 20,485 13,160 520 Nov. 17— 543, 625 426,090 117, 535 52, 929 64, 606 96, 674 130, 782 548,124 298, 627 131,199 5,091 113, 207 27, 756 6,956 520 Dec. 27... 556, 907 439,055 117, 852 51,184 88,957 131,877 555,330 304, 755 135,015 4,1" 110, 696 31,405 10, 923 519 1917 Mar. 5—. 569,130 447,366 121, 764 50,924 70,840 89,463 130,987 562, 790 299,480 146,594 4,278 112,438 30, 602 11, 772 518 J M D u e n a c y e . 2 1 0 3 . 1 - _ . - _ .. 5 5 7 8 9 3 3 3 6 , , , 3 2 3 4 4 7 6 7 1 9.1 • 0 9 4 5 4 5 5 6 6 0 1 , , , 1 0 6 8 6 3 8 3 1 1 1 13 8 2 2 5 7 , , , 6 1 3 1 5 0 6 8 8 9 5 5 1 7 7 , , , 8 6 7 8 2 9 2 0 0 ^ : | 8 7 74 7 5 , , , 7 3 6 3 6 8 6 8 6 1 8 8 1 1 2 2 , , , 0 3 1 7 1 2 9 3 4 1 1 1 4 3 3 0 2 3 , , , 9 4 6 3 7 2 5 6 8 5 5 7 6 6 6 7 4 6 , , , 1 6 7 7 1 7 4 1 6 3 3 4 1 1 0 0 5 9 , , , 6 2 3 7 3 1 3 3 2 1 1 1 8 4 4 5 8 9 , , , 7 8 5 0 5 9 6 7 9 24 4 , ,3 4 4 2 2 1 1 1 9 4 0 6 0 3 , . , 4 1 8 8 7 4 9 9 2 366 ( , ) 656 6 51 5 5 2 ( , ) , 4 3 2 6 7 2 3 3 52 1 0 , , , 4 9 4 6 8 7 1 4 3 9 9 9 1 2 3 6 3 9 , , , 1 6 7 0 6 7 9 4 4 5 5 5 2 2 3 0 0 2 1918 May 10-.. 800, 762 ».10 576,417 224, 345 136,385 87, 960 81,982 149,275 745, 059 408,843 185, 603 41,261 109,352 477, 677 633, 280 46,044 9 65,890 540 June 29-__ 800,395 " 10 592,472 207, 923 120,094 87,829 147, 656 721, 702 399,816 185, 948 37, 551 98, 387 426,120 612, 068 44, 792 9 85, 995 543 Nov. 1 937, 746 9655, 474 282,272 195, 388 101,703 158, 724 886,149 490,125 204, 879 69,900 121,245 518,282 723,161 51, 866 9 92,360 560 Dec. 31.... 946, 072 9 661,196 284, 876 196, 6641 88,212 101,840 156, 611 910,155J 535,182 216, 756 19, 528 138, 689 578, 587 795,343 56, 687 565 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1919 Mar. 4 986, 786 s 657, 742 329, 044 236,005 93,039 96, 776 160, 541 901,070 504, 720 241, 917 29,208 125,225 543,390 785,307 55, 5859122,376 568 June 30 1,041,697 9 713,976 327, 721 230, 211 97,510 98,674 162.807 931,254 525, 995 257,302 35,306 112, 651 540,800 798,102 55,654 9158,85C 572 Nov. 17— 1,115,657 »826, 427 289,230 187, 224 102,006 145, 563 174,493 1,120,692 613,223 291,462 18, 784 197,223 953, 791 65,357 9113,923 580 Dec. 31... 1,150,035 • 855,431 294,604 191,030 103, 574125,410 171,135 1,132,855 625,267 302, 567 22,344 182, 677 674, 775 977,342 66,988 9129,930 585 1920 May 4.... 1,160,442 894,274 266,168 166,725 99,443 102,801 190,023 1,056,092 583,610 324,227 7, 140,391 619,011 943,238 64,400 144,14J 594 June 30... 1,159,215 902, 721 256,494 159, 567 96,927 89,677 1,033,285 579, 531 326,160 6,967 120,627 595,396 921, 556 61,028 155,368 603 Nov. 15— 1,187, 505 933, 276 254,229 155,805 98, 424 97, 940 206, 7171, 062, 486585, 860 336, 631 6,459 133, 536 603, 587 940,218 57,992 159, 064 607 Dec. 29... 1,175,804 920,177 255,627 156,539 80,872 208, 0941,022,203 561,246 336,121 9,806 115,030 586,482 922, 603 59,888 157,621 609 1921 Apr. 28.._ 1,149, 202 891, 708 257,494 152, 797 104, 697 64, 292 212, 057 507,331 353, 222 9,316 91,060 528, 055 881,277 55,825 148, 746 614 June 30___ 1,136, 755 883,125 253,630 147, 642 105,988 62,107 208,965 954,354 501, 221 356, 258 10, 313 86, 562 511,467 867, 725 55, 571 150, 742 619 Dec. 31. „ 1, 111, 299 864, 938 246, 361 141,942 104,419 71,059 209, 590 978, 669 499,751 362,861 13, 235 102,822 518,048 880,909 58,024 114, 37b 625 1922 Mar. 10— 1,094,817 852,392 242,425 137,650 104,775 69,019 214,932 964, 733 479, 713 371,994 11,497 101, 529 502,065 874,059 54,126 June 30... 1,090,441 854,484 235,957 125, 241 110, 716 81, 798 218, 0771, 022, 874513,133 395, 235j 7,056 107,450 530, 531 925,766 59,714 53, 494 Dec. 29... 1,147, 755 893, 543 254, 212 142, 681 111, 531 86,156 223,193 1, 089,046 543,146 399,175' 13,095 133, 630 573, 208 972, 383 61,123 64, 328 1923 Apr. 3.___ 1,168,867 910, 300 258, 567 147, 561 111, 006 90,335 222, 8361,116,052 552, 277 422, 732 14, 702 126,341 576,158 998, 890 61,395 61,853 632 June 30. .. 1,181,802 922,863 258, 939 145, 510 113,429 80, 510 222, 3921,095,135 540,434 432,936 14,090 107, 675 553, 903 986,839 59,493 83, 340 629 Sept. 14... 1,194,326 932,180 262,146 147,139 115,007 80,302 226, 5921,101,044 546,463 432, 629 8,775 113,177 559, 904 992,533 60,94" 92,951 626 Dec. 31. - 1, 204,445 947, 604 256,841 141, 937 114,904 102,331 222,481 1,193,325 592,510 441, 388 10,494 148,933 617,481 1,058, 869 66, 378 63, 393 627 1924 Mar. 31— 1,212, 007 958,139 253,868 132,974 120,894 81,830 230, 2711,141,613 556,026 455, 391 14, 257 115, 939 571,642 1,027,033 61, 505 72,649 626 Jun 1,192, 837 952,353! 240,484 124, 328 116,156 87,187 229, 0011,141,557 541, 025 466,110 10, 635 123, 78" 552, 5041,018, 614 61,079 67,596 624 Oct. 10.. . 1, 215,112 957,002 258,110 132, 989 125,121 107,074 234,073 1,192,796 551,462 479,437 20, 641 141, 256 576,101 1,055, 538 64,699 51, 434 820 Dec. 31... 1, 220, 33r 957. 330 263,005 132, 612 130, 393109,057 229, 0141, 240,916 596, 554 483,072 12,472 148,818 614,090 1,097,162 69, 632 47, 745 617 1925 Apr. 6 1, 243,086 975, 772 267, 314 138, 297 129,017 235, 0341, 224,124 566, 244 494, 553 22,934 140, 393 592,413 1,086,966 65,060 48,083 June 30-.. 1, 251, 624 989, 566 262,058 131, 765 130, 293 91,496 234,199 1, 212,905 567, 304 510, 542 12,088 122,971 576, 6841, 087, 226 62, 745 66, 78S 607 Sept. 28... 1, 275,481 1,016,936 258, 545 129, 071 129,474 104,110 234,103 1, 248,326 582,968 507, 871 13,87" 143, 610 1,111,863 68, 41" 68, 642 606 Dec. 31-. 1, 289, 9551,030,047 259,908 126, 227 133, 681112,063 229, 6881, 316,122 630,877 510, 316 15, 543 159, 386 650, 2001,160, 516 70,031 55, 249 604 1926 Apr. 12... 1, 292,990 1,028,153 264,837 132, 506 132, 331 94,614 234,457 1, 274,914 597, 618 517, 887 21,124 138, 285 616,696 1,134, 583 66, 746 53, 065 592 June 30—. 1, 281, 0681,016, 044 265,024 126, 264 138, 760 99,617 232, 2551, 267, 673601, 370 522, 721 13, 775 129, 807 611,218 1,133,939 66, 977 58, 373 587 Dec. 31... 1, 274,867 1, Oil, 253 263, 614 120, 744 142, 870111,896 233, 2691, 313,424 625, 729 526, 267 12,489 •148,939 643, 6301,169, 897 71, 890 36,895 583 1927 Mar. 23— 1,288, 676 1,007,986 280, 690 131,424 149, 266102,055 238,412 1, 299, 590592, 852 538,140 21,906 146, 692 620, 3841,158, 524 70, 751 27, 45' 571 June 30.... 1,310,826 1,013,610 297, 216 132, 422 164, 794104,877 237, 3491,331,381 613,455 566, 449 12,922 138, 555 630, 7781,197, 227 73, 254 35,479 569 Oct. 10.... 1, 358,261 1,033,609 324, 652 143, 394 181, 258120,437 243, 6241, 396,243 627,853 580,490 24,059 163, 841 655,489 1, 235,979 74,167 34, 572 568 Dec. 31—. 1,362, 094 1,028, 354 333, 740 139,141 194, 599124, 077 239,425 1, 414,626 626, 648 599, 094 16,416 172,468 654,079 1,253,173 76,460 31, 55" 564 I For footnotes, see p. 187. Qjl Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 86.—ALL MEMBER BANKS—PRINCIPAL RESOURCES AND LIABILITIES ON CALL DATES, 1914-1927—Continued CO ATLANTA DISTRICT [In thousands of dollars] Loans and investments Investments3 Capital, Net de- Reserve Bills Call date Total Loans i,2 Total G U S o n t v a i e t t e e rn d s - b s O t o o t n c h d k e s s r , , b f a D r n o u k m e s4 s p v u u r a i r n o d n p d f e d l i i u d t - s s de T p o o t s a i l ts D p e o d m s e i a t - s nd p T o d i s e m i - ts e 6 U S p n t o d a i s e t t i - e e ts s d D ba u n e k t s o 7 d p e N o m de s e a - i t t n s d de m t p p i a m o lu n s e s i d ts8 F r b e w e a s d e n i e t r k h v r s a e l p c a o a n d y u d i a s n - b r t e s le - 2 b N b a e u n r m k o - s f ment and securi- securities ties 1914 Dec. 31 311, 231 226, 712 84,519 45,602 38,917 43, 729 88,476 237, 566 154, 701 47, 629 6,462 28, 774 4,609 20, 734 381 1915 Mar. 4. 296,855 226,420 70, 435 45,103 25,332 51,629 89,442 247,159 161, 672 47, 659 5,066 32,762 5,346 13, 858 May 1 297,665 231, 515 66,150 44, 991 21,159 51,652 91, 271 248,455 160, 794 51.877 3,295 32,489 5,506 12, 757 383 June 23 298,677 231,979 45,056 21,642 47,822 92,023 244,316 157,565 52,818 3,216 30,717 5,433 13,989 382 Sept. 12.._. 300, 736 234,648 45, 030 21,058 48,016 90, 909 246,453 159,348 54,435 2,800 29,870 5,634 16, 749 384 Nov. 10.... 314, 018 247,867 66,151 44, r 21, 216 53,182 90, 950 268,367 173,624 55,190 2,629 36,924 (")• 6,240 16,712 384 Dec. 31 319. 803 253, 510 66, 293 44,928 21,365 53, 369 89, 225 281,177 181. 470 55, 736 2,639 41, 332 8,327 15,676 383 1916 May 1 327, 970 259, 836 68,134 44,932 23, 202 73, 570 93, 857 313,528 194, 720 66, 290 2.081 50,437 8,966 8,147 391 June 30 330,011 259, 717 70,294 44,902 25,392 66, 748 93,231 310,799 192, 583 69, 522 2,174 46, 520 01) 11,133 8,443 391 Sept. 12.___ 345, 741 274,098 71,643 44,414 27, 229 64,880 94, 298 328,259 205,672 71,191 1,957 49,439 15, 781 9,949 Nov. 17.... 371,076 299,132 71,944 43,922 28,022 78,432 93, 604 372,903 224,458 76, 440 2,167 69,838 12,142 Dec. 27.... 373,976 301, 552 72,424 43,039 29,385 76,136 382,234 231, 796 76,970 2,150 71,318 21,839 7,438 383 1917 Mar. 5 366, 063 292, 430 73,633 42,768 30,865 87, 566 91,002 389,898 232, 569 83,955 2,024 71,350 21,198 4,315 380 May 1 376, 507 9 297,923 78, 584 44, 364 34, 220 76,652 92,016 385,522 228, 794 87,153 2,111 67,464 20, 321 9 5,378 380 June 20 382, 850 » 299, 942 82,908 49, 629 33,279 74, 261 93,181 387,963 232,219 2,638 64,226 260,017 348,897 21, 618 9 7, 574 37y Dec. 31.-.. 557, 9458.10 431,943 126,002 75,172 50,830 112, 683 108,025 622,023 361,272 124,600 4,958 131,193 396, 701 521,301 38,396 9 21, 474 1918 May 10 621, 544 ° 443, 57' 177, 967 128, 370 49, 597 97,317 115, 675 646,045 361,454 141, 605 47,934 95,052 378, 788 520, 393 40, 250 9 31, 658 399 June 29 601,935 161, 597 112,154 49,443 86,364 116, 385 599,027 342,964 142,873| 34,881 78,309 358, 263 501,136 38, 514 9 38,863 407 Nov. 1 751,169 9 514' 881 236, 289 186, 526 49, 763 92,136 123, 220 696,317 396, 208 148,869 60, 586 90, 654 411,968 560, 837 43, 5999110, 012 418 Dec. 31.... 743, 094 9 522, 020 221,074 171,189 49,885 111,923 120,678 730,040 446, 023 152, 915! 22, 941 108,1611 466, 577 619, 492 46, 8799 101, 512 426 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1919 Mar. 4 744,150 »504,102 240,048 190,012 50,036 103, 639 121,997 731,828 426,151 168,722 25,813 111, 142 448, 588 617, 310 45, 738 9 83, 971 420 June 30 789, 587 »537, 34f 252, 238 198,808 53,430 124,895 759,608 431,817 189,436 29,185 109,170 449,064 638, 500 48, 279 9 93, 655 422 Nov. 17-— 881,631 •663, 35: 218, 280 156,922 61,35S 151,824 133,894 902, 670 526,679 202,46" 7,963 165,561 547, 644 750, 111 51,378 9120, 817 427 Dec. 31 925, 060 • 690, 57( 234,484 167,787 149, 204 130, 264 571,277 211,327 28, 571 174,109 602,820 814,14" 60, 3429100,011 426 1920 May 4 . 953,161 745, 781 207,38C 139,266 68,11' 116, 577 146,075 911, 398 535,770 248,251 6,420 120,957 545,113 793,364 59,629 128,126 436 June 30 942,827 749, 8r 193,010 125,454 67,556 100, 479 147, 804 871,13' 504,013 258,167 6,48: 102,473 507, 746 765,913 53,848 140, 373 440 Nov. 15— 968,404 780,04' 188, 357 120, 790 67, 56" 95, 547 155,419 808,120 460, 798 254,038 3,830 89,454 459,983 714, 021 46,973 210,608 452 Dec. 29 960,822 775,707 185,115 116,393 68,722 87, 661 156,960 792, 546 450, 954 248,826 5,693 87,073 454,735 703, 561 51,706 208,916 460 1921 Apr. 28.— 876,074 699,699 176,375 110,458 65,917 75, 602 158,488 742, 689 407,486 248,424 4,380 82,399 420, 559 668,983 42,623 139, 391 487 g June 30 859,164 686, 678 172,486 106,466 66,020 70, 555 157, 358 728, 518 394, 633 257,001 4,788 72,096 398,403 655,404 42,654 134, 858 494 3 Dec. 31 847, 324 162, 630 96, 933 65,697 84, 367 157,632 754, 642 416,463 246,313 9,445 82,421 418,535 664, 848 44,357 121, 681 512 g i—i 1922 Mar. 10.. _. 807,198 656,420 150, 778 87,911 62, 867 91,17' 162,34' 775,910 417, 234 247, 524 10, 749 100,403 435,241 682,765 45, 210 59, 856 520 g June 30 807, 453 654, 288 153,165 90,877 62, 288 93,224 163, 580 802, 787 434,100 264,680 6,114 97,893 448,065 712,745 45,301 38,116 530 2 Dec. 29 882, 540 714,160 168,380 100, 228 68,152 115, 426 168,360 926,289 498, 754 281,241 13, 395 132,899 518,840 800,081 55, 669 39, 587 536 ^ 1923 Apr. 3 907,130 730, 565 176, 565 106,877 69,688 119,606 169, 795 963,247 505,001 306,252 14, 606 137,388 527, 268 833,520 57, 037 27,987 533 June 30 919,555 737, 488 182,067 106,432 75,635 96, 574 170,178 925,362 485, 236 317, 947 13,421 108, 758 503, 640 821, 587 53, 814 43, 721 530 Sept. 14.-.. 922,357 739,312 183,045 104,242 78,803 91,633 173, 278 901, Oil 476, 203 316,151 8,432 100,225 485,164 801, 315 51,438 69,232 528 Dec. 31 978, 266 793, 646 184,620 101,638 120,703 168,988 1,013,128 541,758 323,934 13,421 134,015 552, 594 876,528 55>029 64,44" 525 1924 Mar. 31_.._ 963, 919 784,499 179,420 94,421 84, 999106, 991 173,570 979, 399 512,007 334,010 8,964 124,418 529,693 863, 703 55,143 59, 592 519 June 30 934,134 764,146 169, 988 80,497 89,491 116,989 175,148 964,421 489,244 353, 746 7,113 114,318 500,164 853,910 56,482 46, 248 518 Oct. 10 950,287 778,419 171,868 78, 776 93,092 144,634 177,989 1,020,984 512,486 353,174 11,001 144, 323 530,406 883, 580 57, 512 38, 723 515 Dec. 31.— 995,156 813,079 182,077 80,359 101, 718161,860 172, 9721,125,138 585,643 359, 373 7,904 172,218 607,047 966,420 63,489 26,809 510 1925 Apr. 6 .. 1, 056, 772 860, 245 196, 527 91,181 105,346 186,971 178,380 1, 204, 775 603, 761 382,108 18,188 200,718 642,364 1,024,472 25, 254 505 June 30 1, 080, 744 877,181 203, 563 90,891 112, 672168,938 178,489 1, 207, 982617, 362 398,360 11, 584 180,676 649, 7491,048,109 70, 528 31,015 501 Sept. 28 1,196, 653 962, 891 233, 762 106,200 127, 562215,141 180, 7291, 371,128 700,947 407,425 18, 521 244, 235 755, 6311,163,056 77, 372 37, 247 500 Dec. 31 1, 241,844 995, 262 246, 582 106,137 140,445 210,957 177, 7181, 447,913 777, 877 425, 613 16,176 228, 247 1, 234, 510 79, 311 32,135 495 1926 Apr. 12 1, 235,196 989,474 245, 722 108,152 137, 570172, 755 188,245 1,356, 277 714,997 432,954 20, 542 187, 784 748, 509 1,181,463 77, 529 52,124 492 June 30_ __ 1,171, 995 938, 772 233, 223 95, 441 137, 782154, 822 188,184 1, 266, 375 651, 812 443,009 12, 751 158,803 667, 5971,110, 606 67,406 49, 667 488 Dec. 31 — _ 1,158,183 927,002 231,181 87,187 143, 994161, 285 187, 2121, 266, 209645,491 431,328 15, 471 173, 919 660,953 1,092, 281 68,292 52, 551 475 1927 Mar. 23— 1,154,415 902, 851 251, 564 113, 807 137, 757143, 649 191, 8311, 235, 719 601,411 447,148 25,170 161,990 629, 8731,077,021 69,360 47,029 471 June 30. _ _ 1,141, 096 885,482 255, 614 112,963 142, 651136, 702 192, 2371, 216, 888587, 606 461, 993 16,844 150,445 611, 7011,073, 694 65, 820 42, 495 469 Oct. 10--. 1,159,731, 899, 505 260, 226 118,192 142, 034160,498 195,180 1, 269, 237 596, 619 454,642 24, 357 193, 619 635,154 1, 089, 796 67, 307 36, 781 465 Dec. 31 — 1,164,625; 276, 419 124,664 151, 755158, 654 192, 703 1, 287, 926623,419 462, 740 17,330 184,437 650, 3461,113, 086 73, 215 34, 421 464 For footnotes see p. 187. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 86.—ALL MEMBER BANKS—PRINCIPAL RESOURCES AND LIABILITIES ON CALL DATES, 1914-1927—Continued CHICAGO DISTRICT 00 [In thousands of dollars] Loans and investments Call date Total Loans Inv G e U S s o n t t v a m i e t t r e e n e d s - nts3 b s O t o t o n h c d k e s s r , , b f a D r n o u k m e s« C s p v u u a r a i r n p o d n p d i f e d l t i i u d a t - s s l, D p e o m d s e i - a ts nd D b u a e n k t s o 7 d p e o m N d s e e a i - t t n s d d N e m t p p e i a m o l t u n s d e s i d e ts - 8 R F r b e e e w s a s d e e n i e r t r r v k h v a e s e l p c a a o n B d y u d i i s a n l - l b r t s e s l - e 2 b N b a e u n r m k o s - f Total ment and securi- securities ties 1914 Dec. 31-- 1,139,131 916,477 222, 654 93,026 129,628 186,727 249, 761 1,168,337 651,158 203,782 11,929 301,468 40,583 17,803 972 1915 Mar. 4____ 1,164,386 949, 441 214, 945 91, 693 123, 252259, 452 250, 2301, 293, 537 661, 820 208, 724 10, 288 412,705 46,871 12,195 975 May l..._ 1,188,055 968,715 219,340 92, 581 126,759 221,894 250,778 1, 296, 020694, 425 216, 665 9,137 375, 793 44,928 8,425 979 June 23... 1,182, 772 960, 666 222,106 92, 769 129, 337201, 030 253, 5461, 261,109 674, 3r 222, 448 8,989 355,355 48,715 8,025 981 Sept. 12... 1,192, 038 967,865 224,173 92, 234 131,939 244, 009 252, 0881, 324, 573 693, 73' 228, 997 • 8, 692393,150 49, 796 5,016 986 Nov. 10... 1, 238, 308 1, 005, 988 232, 320 92, 392 139, 928239,533I 253,390 1, 354, 991723, 606 235,167 7,516 388,702 54,325 9,660 990 Dec. 31..- 1, 259,360! 1,023,791 235, 569 92,216 143,353 229,167 252, 064 1,376,708 735, 055 241,330 392,989 57, 613 11, 654 990 1916 Mayl____ 1, 338,108 1, 099. 937 238,171 82, 848 155, 323261,782 254, 419 1, 534, 51 805, 211 261, 244 7,676 460,386 61, 239 5,653 991 June 30. __ 1,343,876 1,112,687 231,189 81,173 150, 016229,455 254,191 1, 483, 485792,990 270,844 7,298 412,353 67, 599 6,433 990 Sept. 12... 1, 379,163 1,141, 614 237, 549 81, 399 156,150 274,184 256, 938 1, 579, 590825, 323 7,004 463, 601 () 77,098 6,321 992 Nov. 17... 1,438,190 1,192, 554 245, 636 79, 348 166, 288283,400 259, 6061, 658,463 872, 758 294,260 7,215 484, 230 82,987 7,266 992 Dec. 27. _. 1, 442,957 1,198,166 244, 791 78, 385 166,406 278,377 264,702 1, 660, 47" 865,105 301,113 7,660 486,599 95, 852 8,496 991 1917 Mar. 5..._ 1, 580,330 1,316,926 263,404 82, 499 180, 905 372,278 271,818 1, 909, 237925, 840 349, 520 7,390 105, 837 4,271 1,045 May 1 1, 590, 289 9 1,319,330 270, 959 87, 434 183, 525 328,079 276,433 1, 875, 590960,438 364,153 7,465 543,534 () 100,790 9 4, 475 1,044 June 20.__ 1, 623, 062 9 1,314,316 308,746 124, 036 184,710 288,894 282,188 1,835,438 940,427 372,849 11,823 510,339 1,252,890 1,625,739 101,905 915,154 1,048 Dec. 31.-. 2, 284, 005.10 1,764,700 519,305 196, 834 322,471 317, 594 363,228 2,470, 4001, 237, 058665,816 487,563 1,415,735 2,081, 551 174,293 3120,270 1,113 1918 May 10.. _ 2, 433, 548MO 1,801,701'• 631, 847 319, 645 312, 202 298,942 383, 096 2,596,7r109L, 274,354 705, 658115,358 501,3391,482,995 2,188,653 185,885 9101, 255 1,158 June29__. 2, 503, 7949io 1,859, 577 644, 217 318, 661 325, 556 305, 072 384, 870 2, 623,5291,259, 750 738,392 170,208 455,179 1,437,250 2,175,642 181, 287| » 132,123 1,172 Nov. l____ 2, 965, 902 2,110,814 855, 088 495, 500 359, 588 315,343 442, 294 2, 913,2771, 432,107 867, 038150,109 464,023 1,595, 681 2, 462, 719 197, 709! 9 288, 693 1,313 Dec. 31--. 2, 906, 2601 2,067,378, 476,167 362, 715 364,812 445,302 3, 095,1221, 560,066 920,701 60,860 553,495 1,776,613 2, 697,314 224,878 9 160,61" 1,331 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Mar. 4. . 3, 098, 764 »2,055, 592 ., 043,172 644, 846 428,931 452,857 3,331, 718, 601,136 975,197 102, 793 652, 592 , 862,4172,837,614 231, 664 »147, 659 1,341 June 30.. 3, 262,303 9 2,257, 579., 004, 724 615,867 $,857399,673 459, 085 3, 430, 637., 708, 595043, 910 82,083 596, 0491,912, 2812,956,191 231,407 »194,090 1,351 Nov. 17.. 3,491, 611 8 2,563, 681 927, 930 501,791 426,139 400,561 494, 5103,654,3511,914,869 136, 803 42, 517 560,162" 049,858 3,186, 661 251,760 »251,412 1,369 Dec. 31.. 3, 592,355 » 2,676,931 915,424 479,178 436, 246 399,639 486, 936 3, 784,6901, 938,043, 179,58278,119 588,946 095, 609 3, 275,191 260,495 »286, 817 1,374 © 1920 g May 4..... 3, 919, 511 3,075, 782 843, 729 409,761 433,968 325,384 522, 547 3,785,200 , 961, 7251, 267,391 11, 097 544,987 152,795 3,420,186 264,709 485, 266 1,388 o June 30 3,916,986 3,109,605 807,381 381,951 425,430 329,417 528,727 3,781,1081, 962,8471, 295, 017 16, 260 506,984 105,177 3,400,194 258, 033 502, 008 1,395 I Nov. 15.... 3,878,890 3,086, 940 791,950 351,160 440, 790 299,023 563, 915 3, 662,4581, 875,1021, 309, 096 23,191 455, 069i; 983,9073,293,003 248,435 503,407 1,406 J~ Dec. 29 3,826, 070 3, 040,168 785,902 334,899 451, 003 267,696 568,312 3, 509, 5941, 723,895,310,866 25,890 448,9431,869,911 3,180,777 237,636 521,442 1,419 1921 Apr. 28.-- 3, 687, 789 2,923,186 764, 603 312,383 452,220 248,207 573,954 3,412, 5181, 681, 7121. 277, 50026, 219 427,' ,0 087, 1 ,839,0643,116, 564 234, 263 412, 633 1,423 June 30 3,631,402 2, 868, 308 763,094 306,314 456, 780231,480 575, 5183,402, 2501, 686, 8061, 281, 845 29, 688 403, 9111, 826,3973,108, 242 234,130 373,392 1,427 Dec. 31.... 3, 481,917 2, 713, 580 768,337 297, 435 470, 902 247,069 574, 5173,414,1251, 678,4101, 285, 59737, 466 412, 652 1,,815,004 3,10-j, 601 235, 593 228, 810 1,442 1922 Mnr. 10-... 3,481,108 2, 701, 518 779, 590 299,205 480,385 304,804 578, 532 3, 582,0521, 702, 8741, 297, 553 43, 887 537, 738 1, 938,3303, 235, 883 250,924 101, 633 1,440 June 30 3, 542,924 2, 671,998 870, 926 372,845 498, 081 290,833 583, 672 3, 718,3871,873,385 '1,336,364 18, 363 490, 275 2f, 042,941 3, 379,305 266, 273 79, 739 1,441 Dec. 29 3, 749,072 2,751,216 997,856 463,459 534,397 296, 525 608, 627 3,936,7791,947', ,' "1"56. ,1; 433,10049,121 507,4022,106,626 3, 539,726 277,731 106,724 1,440 1923 Apr. 3 3, 875,140 2, 857, 5461,017, 594 464, 811 552, 783 323,115 603, 5604,042,706 1, 954,2 129 1, 483, 743 39, 014 565, 730 156,223 3, 639,966 269, 689 123,996 1,437 June 30 2, 880, 0421,025,902 474,862 551,040 306,254 605, 630 4,083,367 11,993,197 1,530,721 37,941 521,5082,170,650 3,701,371 273,134 89,375 1,434 Sept. 14.... 3, 896,856 2, 885,9751,010,881 475, 597 535, 284 300,297 615, 238 4,071,375 "1 """,7171., 535,18817,458 535, 0122,170, 310 3, 705,498 282,042 92, 722 1,432 Dec. 31 3,898, 506 2,870,074 1'., 028,432 457, 545 570, 887 299,879 608, 381 4,121,180 f020,416 1,572,311 25,441 503,012 2,1501,,758 3, 723,069 270, 698 109, 317 1,427 1924 Mar. 31_... 3,935, 04' 2,919,5391,015,508 466, 741 548, 767 295.935 617, 270 4,114,009 1., 939,,513 1., 589. 79138, 552 546,1532,147,283 3, 737,074 261, 675 70,960 1,423 June 30 4, 009, 954 2. 950,8631,059,091 493,414 565, 67" 372,892 619, 066 4, 382, 5822 T, 093, 6231. 645, 284 22, 73P 620,9392, 284,334 3,929, 618 298, 035 51,190 1,422 Oct. 10 4, 220,466 3', 074,997788 11,145,488 522, 874 622, 614 400,150 633,161 4, 569,4332,166,414 1".; 678,43828, 753 695, 8282,441,182 4,119, 620 308, 679 35, 094 1,419 Dec. 31...- 4, 209, 72,f 3, 031,1201,17S, 605 523, 365 655, 240 365,987 617,03.F 4, 628, 3892, 236, 4471, 732, 371 35, 54r 624,0232,421,316 4,153,687 314, 698 44,245 1,408 1925 Apr. 6 4, 263, 294 3,058,062 1., 205, 232 532,802 672, 430 357,215 630, 730 4, 598, 5782,166,973 1, 761, 612 56,497 613,4962,387, 55' 4,149,169 312, 949 60, 618 1,407 June 30 4,370,44^ 3,181,236 ., 189, 211 509, 219 679, 992 375, 695 630, 078 4, 794, 5932, 320, 3151, 833, 638 29,852 610, 7882,476, 7444,310,382 322, 224 71, 238 1,404 Sept. 28 4,433, 495 3,245,9761,187, 519 496, 673 690, 846 334, 589 626,355 4, 739, 2212, 297, 3011, 837, 642 31,3K 572, 9592,489, 9294, 327, 571 319,513 66, 770 1,406 Dec.31 4,478, 729 3, 276, 2721,202,457 495, 286 707,171 341,102 617, 289 4,871,1702, 366, 954 .1, 881, 04237,068 586,106 2!,, 532, 9964,414,03S 305,336 93, 857 1,398 1926 Apr. 12 4,490,062 3,286,1951,203, 867 481, 67' 722,190 337,713 629, 089 4, 829, 502 2, 289, 619 ,1 .898, 341 35,324 606,218 2!,, 517,2454,415,586 321,071 80,919 1,379 June 30 _ 4, 579, 409 3, 374, 23n1, 205,177 496, 670 708, 507368,451 644, 8464, 953, 2512, 384,3741,935,044 20, 975 612,858 2!,, 554, 7249,489, 773 342,157 98, 965 1,366 Dec.31 4, 542, 539 3,388,4701,154,069 414, 941 739,128 333,944 653, 259 4, 884, 8352, 356,3411, 935, 865 23,380 569, 2492, 509, 7074,445, 5"~ 310, 644 108,289 1,335 1927 Mar. 23 4, 589, 907 3,328, 215 1, 261, 692 493,243 768,449 314,242 668, 841 4, 842, 222 !2,, 270,9315,932, 931 42,309 596, 04'2, 506,0764,439, 007 316, 516 71, 693 1,319 June 30 4, 711, 934 3,460, 588'., 251,316 497, 669 753, 677 336,691 679,468 5, 034, 6932 ,:408,37f 2, 029, 289 23,968 573,061 2, 584,0104, 613,299 310, 885 68,414 1,308 Oct. 10 4, 748, 809 3,486. 4171, 262,392 489, 950 772, 442 329,073 694, 979 5, 090, 62'2,407, 7552, 054, 586 42,100 5-8~6~, 1'81 "12, 610,3314, 664,917 339, 688 34,196 1,300 Dec.31 4,858, 646 3, 519,3731, 339,273 503,452 835,821 328, 559 709, 876 5,210,6422,481, 094 2,140,008 24,823 564,11"2,640,075 4,780,083 348, 638 67,714 1,290 CO For footnotes, see p. 187. O Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

to No. 80.—ALL MEMBER BANKS—PRINCIPAL RESOURCES AND LIABILITIES ON CALL DATES, 1914-1927—Continued o o ST. LOUIS DISTRICT [In thousands of dollars] Loans and investments Investments3 Capital, Call date Total Loans * Total G U S o n t v a i e t t e e rn s d - b s O t o o t n c h d k e s s r , , b f a D r n o u k m e s4 s p v u u r a i r n o d n p d f e d l i i u d t - s s l Total D p e o d m s e i - a ts nd p T o d i s e m i - ts e 6 U S p n o t d a i s e t t - i e e ts s d b D a u n e k s to 7 | I d p d e N o m e s e - i a t t n s d d N e m t p p e i a o t m l u n s d e s i d e ts - 8 R F r b e w e e a s d s e i n e e t r k h r r v v s a e e l p c a o a n B d u y d i i n s a l - r l t b s e s l - 2 e b N b a e u n r m k o s - f ment and securi- securities ties __ 1914 Dec. 31...- 385, 351 286, 235 99,116 49,000 50,116 58,352 101,832 348,361 66, 506 8,034 85,512 (ii) ("> 13,156 8,039 459 1915 Mar. 4 381,138 290, 523 90,615 48, 597 42,018 78,304 101,979 370,795 189,131 70,500 5,834 105,330 (u) 16,149 4,128 460 May«l 380, 056 288, 358 91, 698 48, 620 43,078 76, 629 102,452 370,938 196, 513 71,980 3,854 98, 591 (n) 14, 245 3,627 460 June 23 382,954 288, 372 94, 582 48, 858 45, 724 72,431 103,350 366,134 193, 631 70,251 3,647 (") 14, 522 3,809 461 Sept. 12.— 377, 652 286, 413 91, 239 48, 560 42,679 79,950 102,014 366,439 190, 208 72,459 3,255 100, 517 (u) 14, 223 4,542 463 Nov. 10—- 392,985 298, 754 94, 231 48, 586 45, 645 85, 761 102,883 386,856 205,802 72,172 2,898 105, 984 (n) 13,757 7,072 467 Dec. 31 394, 729 299, 533 95,196 48, 622 46,574 91,286 102, 553 403, 311 217, 738 72, 747 2,655 110,171 (») 14, 797 6,202 470 1916 May 1 413, 544 315, 981 97, 563 47, 579 49,984 94,866 102, 782 430,926 217,165 79, 388 2,57; 131, 798 (n) 16, 240 1,932 467 June 30 416,635 316, 362 100, 273 48, 598 51,675 84,506 102,503 424,957 215,636 82, 758 2,574 123,989 (") 18, 577 1,809 469 Sept. 12— 431, 615 329, 588 102, 027 48, 453 53,574 78,245 103,155 435, 205 223, 209 83,825 2,575 125, 596 (") 24, 024 3,719 469 Nov. 17— 464,300 362,231 102,069 48, 236 53, 833112, 570 104,419 506, 608 246,935 85,904 2,567 171,202 (") 30,127 3,642 469 Dec. 27-... 479, 605 376,108 103, 49" 48,148 55,349 97,089 104,852 512,945 253,396 86,451 2,576 170, 522 (u) 32, 662 2,909 468 1917 Mar. 5 490,434 385,161 105, 273 46,984 58,289 114,141 104,381 548,009 262, 768 91,100 2,611 191, 530 (u) 37, 236 1,278 466 May 1 517,827 o 404, 789 113, 038 46,862 66,176 95, 310 110, 582 551, 513 280,915 105, 597 2,592 162,409 () (») 35,176 »4, 280 467 June 20 562, 320 9 425,150 137,170 62,112 75, 058 93, 991 123, 313 579,060 296, 939 119, 668 2,654 159, 799 397,874 517,542 38, 460 9 5, 640 470 Dec. 31 694, 7169.10 528,054 166,662 79,600 87,062 114, 648 131,375 728,534 374,801 142,648 10,917 200,168 460,376 603,024 51, 467 » 39,930 479 1918 May 10 757, 3679.io 533,120 224, 247 138,129 86,118 101,909 136,461 754,135 385, 861 144,647 67, 280 156, 347 442,309 586,956 48, 631 9 46, 563 486 June 29 759,179Bio 550,825 208, 354 123, 343 85,011 84, 747 138, 020 714, 067 375, 04" 144,145 44, 432 150,443 441,298 585,443 51, 641 9 71, 714 487 Nov. 1 864, 487 9 595, 459 269, 028 179, 070 89,958 104,928 148, 349 806,332 424, 697 156, 842 73,443' 151,350 471,169 628, 011 53, 735 9 98, 789 512 Dec. 31.— 825,652 9 583, 7921 241,860 155,188 86,672 123,364 147, " 827,931 464,067 162, 227 15, 855i 185, 782 524,992 687, 219 53, 650 9 77,883 514 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1919 Mar. 4 868, 087 9 585,467 282, 620 191,354 91, 266118,397 147,156 875,100 469, 747 174,328 36,329 194, 696 544, 696 719,024 61,445 9 65,673 510 June 30 870,854 9 605, 684 265,170 165, 077 100,093 99,376 151,427 845, 211 469, 752 182,826 29,889 162,744 527,018 709,844 58,178 9 66,749 519 N De o c v . . 3 1 1 7—_ 1, 9 5 0 1 13 , , 8 6 4 4 7 7 9 9 7 7 1 6 5 9 , , 9 5 4 6 3 5 2 24 3 4 5 , , 0 9 8 0 2 4 1 1 2 3 6 2 , , 9 6 9 3 0 3 1 1 1 0 1 9 , , 0 2 9 7 2 11 1 3 1 1 9 , , 8 5 0 3 0 0 1 15 5 5 8 , , 8 51 0 9 31, 9 0 8 3 9 7 , , 7 9 9 4 1 55 5 8 5 2 6 , , 0 5 2 3 0 0 2 2 0 1 5 1 , , 1 2 7 9 7 6 27 8 , , 2 7 8 7 4 0 2 21 1 9 6 , , 9 6 7 8 8 1 6 6 1 5 8 0 , , 6 6 9 3 0 5 8 86 2 1 3 , , 9 8 3 6 1 7 6 7 9 1 , , 2 9 8 1 7 5 j 9 9 8 7 6 5 , > 6 4 6 0 6 9 5 5 3 3 4 8 1920 May 4 1, 081, 799 853, 028 228, 771 114, 523 114, 24889,258 165, 582 963, 851 567, 278 233, 774 4,989 157, 810 612, 305 848, 079 71, 609 172, 655 557 June 30 1, 049,188 834, 847 214, 341 104, 536 109, 80587,448 166, 975 938, 347 542, 442 240, 461 8,580 146, 864 580, 582 821, 043 64, 416 154,715 562 Nov. 15 1, 056, 498 844, 231 212, 267 105, 069 107,198 86,897 173, 996 939, 941 536, 561 252,874 7,689 142, 817 567, 063 819, 937 69,107 167, 896 Dec. 29 1, 030, 925 816, 310 214,615 103, 710 110, 90583, 514 174, 572 928, 613 525, 674 255, 017 8,417 139, 505 564, 024 819, 041 66, 505 137, 940 571 1921 Apr. 28..._ 998, 311 781,032 217, 279 99,990 117, 289 69,434 176, 970 903, 748 506, 028 269, 518 7,160 121, 042 549, 487 819, 005 64,122 96,122 575 June 30 989, 302 773,160 216,142 99, 064 117,078 67,482 175, 818 882, 056 484,897 271, 819 11, 524 113,816 525,124 796, 943 59, 377 101, 620 580 Dec. 31 983,886 764, 021 219, 865 97.610 122, 255 77,350 178,117 935, 635 515, 859 284,143 8,106 127, 527 548, 738 832,881 65,171 74, 385 585 1922 Mar. 10.... 978, 769 750, 634 228,135 102, 611 125, 524 90,208 180, 603 963, 037 508, 897 295, 259 11,306 147, 575 558,554 853, 813 61, 769 38, 469 589 June 30 999, 039 738, 395 260, 644 114, 597 146, 047 98,241 185,964 1, 005,428 535, 703 313, 782 6,232 149, 711 579, 533 893,315 63, 491 26, 301 605 Dec. 29 1,118, 350 802, 437 315,913 153,365 162, 548122,420 190,985 1,166,384 616, 616 340,447 14, 731 194, 590 675,159 1, 015, 606 69, 732 37, 073 1923 Apr. 3. 1,151,916 820,105 331,811 163, 357 168, 454110,407 192, 3751,182, 279 620, 355 362,186 13,977 185, 761 685, 6231, 047, 809 75, 621 34, 084 618 June 30.. 1,154,""" 818, 861 336,121 164, 800 171, 321 90,164 193, 7831,133, 366 597, 718 367,882 14,196 153, 570 652, 3671, 020, 249 68, 782 50, 220 621 Sept. 14.. 1,171, 327 843, 535 327, 792 157, 718 170, 074 86,638 197, 6121,123, 997 595, 695 381,404 3,823 143,075 640, 4101, 021, 814 65,053 70, 875 622 Dec. 31.. 1,182,166 852,844 329, 322 153,325 175,997 102,964 194,054 1,181, 212 622, 407 384, 646 9,028 165,131 663, 7001,048, 346 70,058 63,914 624 1924 Mar. 31.... 1,175, 542 855, 217 320, 325 139,818 180, 507 87,826 196,445 1,152,908 586, 781 408, 703 9,417 148, 007 638, 2021, 046, 905 68, 304 46, 967 628 June 30 1,157, 068 843, 421 313, 647 130, 447 183, 200117,085 197,101 1,175, 475 600, 670 407,587 5,945 161, 273 643, 8481, 051,435 63, 376 31,460 627 Oct. 10 1,182, 971 872, 907 310,064 121, 502 188, 562139,485 199, 5281, 243,044 618,097 423,605 8,208 193,134 664, 7791,088, 384 75, 346 36, 232 625 Dec. 31-... 1, 223, 248 884, 240 339, 008 133,431 205, 577153,630 196,176 1,343, 784 676,074 431, 261 13, 823 222, 626 733, 5231,164, 784 80, 758 13, 912 624 1925 Apr. 6 1, 246,141 890, 838 355, 303 148, 704 206, 599133,538 1, 319, 332660, 201 434, 778 26,881 197,472 720, 2811,155, 059 78, 523 17, 531 624 June 30 1, 227, 649 877, 430 350, 219 129, 769 220, 450117,784 198, 4541, 272, 089647,184 441,922 7,621 175, 362 697,990 1,139,912 73,343 24,160 621 Sept. 28.... 1, 280, 843 929, 520 351, 323 130,817 220, 506126,163 198, 0541, 303, 438650,849 452,819 10,168 189, 602 708, 0571,160,876 75,114 48, 272 629 Dec. 31.— 1, 309, 595 950, 498 359,097 136,193 222,904 127,239 197, 456 1, 387, 050717, 534 452,196 12, 590 204, 730 776, 8911, 229,087 81,912 28, 786 628 1926 Apr. 12..._ 1, 331, 924 971,770 360,154 139, 267 220, 887114,311 203, 5671,374, 691 700, 527 479,134 16,123 178,907 751, 2561, 230, 390 82, 611 30, 631 622 June 30 1, 320, 071 951, 830 368, 241 135,854 232, 387110,096 202,920 1, 343, 279684, 633 476, 569 9,865 172, 212 740, 4241, 216,993 76, 904 35,107 619 Dec. 31--. 1, 312, 593 946, 432 366,161 119, 929 246, 232116,093 205, 0571,358, 732 697, 505 479, 590 8,560 173,077 733, 9361, 213, 526 83,017 35,985 609 1927 Mar. 23—. 1, 331,123 932, 548 398, 575 146, 861 251, 714125,568 207, 0181, 381, 312668, 529 513,973 14, 205 184, 605 727, 3571, 241, 330 80,965 18, 809 602 June 30 1, 336, 751 930, 367 406, 384 148, 543 257,841 111,535 205, 4171, 358, 583670, 362 509, 282 6,981 171, 958 723, 7951, 233, 077 77, 050 38, 453 599 Oct. 10 1, 358, 406 948, 412 409, 994 146,142 263, 852121,761 210, 7691, 416, 371694, 001 521, 318 13, 980 187, 072 748,874 1, 270,192 81,813 20, 272 Dec. 31.— 1, 376, 531 953, 365 423,166 146, 241 276,925 129,113 209, 2061,451,036 715,853 525, 641 8,885 200, 657 775, 7731, 301,414 88, 517 20, 877 594 o For footnotes, see p. 187, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 86.—ALL MEMBER BANKS—PRINCIPAL RESOURCES AND LIABILITIES ON CALL DATES, 1914-1927—Continued fcO MINNEAPOLIS DISTRICT [In thousands of dollars] Loans and investments Investments 3 Capital, Call date Total Loans i G U S o n t v a i e t te e rn s d - b s O t o o t n c h d k e s s r , , b f a D r n o u k m e s '• s p v u u r a i r n o d n p d f e d l i i u d t - s s de T p o o t s a i l ts D p e o d m s e i a t - s nd p T o d i s m e it - s e 6 U S p n o t d a i s e t t i - e e ts s d b D a u n e k s t o i d p e N m o d s e e a i - t t n s d d N e m t p p e i a m o l t u n s d e s i d e ts - ! R F r b e w e e a s d s e i n e e t r k h r r v v a s e e l p c a o a n B d y u d i i a n l s l r b - t s e s l - e 2 b N b a e u n r m k o s - f Total ment and securi- securities ties 1914 Dec. 31 — 471,634 389,659 81,975 35,364 46,611 70,555 96,665 478, 560 240,181 171, 649 2,669 64,061 8,781 3,271 709 1915 Mar. 4____ 463,340 383, 613 79, 727 35,180 44, 547108,304 95,441 507, 377 248,340 174,304 2,664 82,069 C11) 8,780 2,616 715 May 1 462, 769 383, 296 79,473 34,368 45,105 103, 772 90,604 503,119 242,829 178,405 2,429 79,456 (") 8,874 2,602 719 June 23— 470,834 389,370 81,464 34,361 47,103 90,592 98, 232 492,896 243,066 178,846 2,462 68,522 8,823 4,100 723 Sept. 12... 476,032 394,935 81,097 34,355 46, 742 96,842 97, 741 504,020 251,320 183,821 2,201 66,678 8,751 6,506 728 Nov. 10— 492,579 404,462 88,117 34, 297 53,820 150, 733 99,975 579, 723 292,260 183,860 2,120 101,483 10,015 4,694 731 Dec. 31 — 511,203 422,179 89,024 34,245 54,779 145,809 100,775 600,511 293,797 189, 733 1,738 115, 243 13,832 3,595 733 1916 May 1 546, 327 454,201 92,126 34, 219 57,907 134,470 100,160 628, 567 295,284 209,822 1,692 121,769 15, 734 1,619 746 June 30 552,110 458,350 93,760 34, 211 59,549 110,562 100,131 610,638 292,766 214,""" 1,728 101, 249 19, 357 2,622 749 Sept. 12... 573,189 476,467 96,722 34,336 62,386 112,462 101,694 635,347 303,908 221, 625 1,588 108,226 21,047 3,865 757 Nov. 17— 602,028 501, 828 100, 200 34, 492 65, 708130, 650 104,326 690,193 334, 471 226, 594 1,697 127, 431 28,329 2,966 759 Dec. 27— 603,154 503, 337 99, 817 34, 560 65, 257120,269 106, 794 678, 754 320,015 234,061 1,728 122,950 29,088 3,405 764 1917 Mar. 5 557,084 471, 567 85,517 30, 369 55,148 125, 733 94,897 647,467 299,180 218,131 1,433 128, 723 00 () 28,849 3,393 721 May 1 572,152 9 486,125 86,027 31, 266 54, 761 114, 715 96,165 652,610 305, 506 223,862 1,776 121,466 28,956 9 5, 373 728 June 20— 582, 790 9 484,428 98,362 45, 203 53,159 106, 531 642, 492 310, 483 224, 891 2,328 104, 790 372,317 597,208 28,167 9 9, 852 736 Dec. 31 — 640,682 .» 531,137 109, 545 51,613 57,932 123,179 105, 220 717, 255 333, 578 239,498 19,336 124,843 367,075 606,573 39,518 913,338 780 1918 May 10— 693,172 .10 549,953 143,219 86,939 56,280 96, 519 108,979 722,849 325, 510 250,862 36,827 109,640 364,875 615,737 42, 278 8 25,943 814 June 29... •!0 572,761 135,307 55,321 93, 279 109,125 693, 301 321, 934 248, 509 29,345 93, 513 348,924 597,433 36, 510 9 55, 260 821 Nov. 1____ 776, 585 9 611,172 165, 413 108,821! 56, 592 139,887 115,324 831,386 387,963 259, 947 24, 764 158, 712 444,419 704,366 47,160 9 52, 7671 85S Dec. 31. -. 740,984 9 570,627 170,357 113,829! 56,528 160,246 118,097 862, 442 396,785 277, 460 13,061 175,136 453,136 730,596 49, 741 9 10,048i 867 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1919 Mar. 4 787, 702 »564, 938 222, 764 164,510 58,254 143,951 118,427 886,830 386,745 302,040 22,922 175,123 455,132 757,172 48,647 »8,794 872 June 30. __ 801,374 9 605, 791 195,583 133,157 62,426 143,050 119,928 893,063 403,940 319,167 9,804 160,152 452,773 771,940 50, 256 »21,427 Nov. 17._. 923,320 9728,685 194, 635 123, 556 71,079 133,156 128, 592 967,380 470, 960 338,246 9,582 148, 592 511, 258 849, 504 53,426 9 58,082 912 Dec. 31... 933,288 » 751,185 182,103 111,697 70,406 127,844 126, 537 955,367 449,362 349,144 10,338 146,523 483, 845 832,989 54,947 9 82,094 920 1920 May4 970,761 805,671 165,090 93,988 71,102 106,865 131, 083 942,357 433, 684 373,348 3,996 131,329 472,420 845,768 50,734 104,189 960 June 30 970, 026 811,108 158,918 88, 619 70,299 101,274 132, 575 917,043 428,493 378, 271 2,865 107, 414 449,904 828,175 49, 757 119,226 980 Nov. 15.__ 971,304 814, 747 156, 557 80,145 76,412 98,947 141, 202 899, 410 428, 748 371, 276 5,070 94,316 432, 797 804,073 48, 291 135,388 999 Dec. 29... 943,522 789,998 153, 524 77,007 76, 517 143, 946 851, 964 385, 798 371,802 5,650 88,714 400,198 772,000 44,185 126,801 999 1921 Apr. 28... 894,313 744, 744 149, 569 74,861 74, 708 73,477 139, 369 812,878 355,884 368,442 7,370 81,182 376, 218 744, 660 43,019 97,071 1,008 June 30 908, 927 757,642 151, 285 72, 817 78, 468 78,241 140, 254 821, 802 362,677 372,937 7,551 78, 637 376, 323 749, 260 43, 630 109, 903 1,014 Dec. 31.._ 862, 438 712, 371 150,067 74,171 75,896 87,079 140, 960 818, 641 358,440 363,010 10,321 86,870 376, 281 739, 291 43, 537 74, 017 1,017 1922 Mar. 10_._ 853, 404 694,202 159,202 81,000 78, 202109,693 139, 863 853,470 364,134 364,168 11,616 113, 552 389,363 753, 531 43,316 53, 658 1,015 June 30.. 859, 706 687,166 172, 540 92, 664 79,876 97,116 139, 416 856, 213 373, 341 373, 566 6,568 102, 738 397, 978 771, 544 45, 544 50,920 1,014 Dec. 29... 884,167 694,312 189,855 102, 217 87,638 113,987 140. 995 923, 044 400, 371 390, 583 9,002 123,088 427,395 817, 978 49,024 38, 226 1,000 1923 Apr. 3 899,193 696,161 203, 032 111, 028 92,004 108,539 135,421 944, 085 392, 969 408, 234 9,611 133, 271 440,497 848, 731 51, 805 31, 833 June 30... 896, 406 690, 681 205, 725 114, 761 90,964 97,236 134,341 916,071 392, 095 416,088 8,394 99,494 411, 586 827, 674 46, 937 43,100 Sept. 14... 888,949 684,105 204,844 112,993 91,851 97,195 134, 939 913,040 386,423 417,529 6,023 103,065 409,446 826, 975 48, 065 41,838 977 Dec. 31... 863,307 655, 670 207,637 113,498 94,139 105,461 132,022 914, 775 387, 695 413, 926 5,413 107, 741 410, 554 824,480 46, 652 26,978 940 1924 Mar. 31... 853,424 639,177 214, 247 120, 890 93,357 106,392 126, 691 913, 801 386, 065 404, 271 9,521 113, 944 418, 705 822, 976 46, 235 17, 702 903 June 30... 824, 333 610, 944 213,389 116, 699 96, 690123, 707 123, 376 908,946 395, 689 403, 578 5,692 103, 987 404,464 808, 042 47,410 18,984 895 Oct. 10... 867, 582 629.480 238,102 123,301 114,801 157,181 125, 202 1, 005, 053 422, 331 412, 826 6,903 162, 993 465, 631 878,457 53, 559 12,061 890 Dec. 31... 906, 616 630,474 276,142 143, 677 132,465 151,229 125,050 1,044, 716 439,006 430,315 6,321 169, 074 502, 703 933, 018 55, 513 6,384 885 1925 Apr. 6.-.. 906, 691 611,861 294,830 149, 018 145,812 122, 753 122,137 1,016,089 424,325 441, 834 8,562 141,3681 471,725 913, 559 54,172 5,526 872 June30._. 888, 227 596, 898 291,329 140, 961 150,368 110,190; 120,444 988, 414 430, 460 435, 281 5,188 117,485 463.152 898,433 54,175 7,260 859 Sept. 28... 895,430 599,474 295,956 140, 792 155,164 112,913 118,414 995, 694 426, 309 433,906 8,161 127,318 466,087 899, 993 53, 789 7,652 Dec. 31... 893,181 586,117 307, 064 146,370 160,694 127, 243 116,395 1, Oil, 532435,345 437, 717 7,429 131,041 467,828 905, 545 52,192 4,639 829 1926 Apr. 12. _. 889,722 575,372 314,350 147,729 166, 621104,869 115,870 983, 280 420,428 438,964 9,499 114,389 450,891 889,855 53, 592 5,670 817 June 30. _. 880, 562 567,763 312, 799 142,334 • 170,465101, 544 114, 627 965, 765 419, 796 435,449 6,009 104, 511 444, 379 879,828 48,457 5,226 804 Dec. 31... 861, 998 554,196 307,802 133,351 174,451 116,230 114, 625 962,614 406,016 435,897 4,667 116,034 432,062 867,959 50, 606 5,277 764 1927 Mar. 23.... 862,142 540,495 321,647 134,337 187,310 99,188 113, 260 938,016 389,355 430,377 7,272 111, 012 425,499 855,876 50, 717 743 June 30... 851,382 531,054 320,328 129,820 190, 508105, 616 112,367 940, 286 401,106 434,987 5,693 98,500 417, 566 852, 553 47, 781 5,066 740 Oct. 10.... 881,950 552,992 328,958 131, 275 197,683 140,198 115,882 1,016,477 444,367 435,139 5,421 131, 550 468,933 904,0*72 51, 261 3,428 742 Dec. 31..-. 896,998 547,075 349,923 137,006 212,917 127,025 115,323 1, Oil, 265 428,930 451, 607 5,743 124,985 460,025 911, 632 54, 217 2,654 735 For footnotes, see p. 187. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 86.—ALL MEMBER BANKS—PRINCIPAL RESOURCES AND LIABILITIES ON CALL DATES, 1914-1927—Continued KANSAS CITY DISTRICT [In thousands of dollars] Loans and investments Call date Total Loans u Inv G e U S s o n t t v a m i e t t e e r e n d s n - ts 3 s b O t o o t n c h d k e s s r , , b f a D r n o u k m e s * C s p v u u a r a i r n p o d n p d f i e d l t i i d u t a - s s l, de T p o o t s a i l ts D p e o d m s e i a - ts n 5 d p T o d i s e m i - ts e 6 U S p n o t d a i s e t t i - e e ts s d b D a u n e k s t o "> d p e N o m d s e e a i - t t n s d d N e m t p p e im o t a l u n s d e s i d e ts - 8 R F r b e w e e a s d s e i n e e t r k h r r v v s a e e l p c a o a n B d y u d i i a n s ll - b r t s e s l - e 2 b N b a e u n r m k o s - f Total ment and securi- securities 1914 Dec. 31.._ 481,512 386,746 94,766 52,519 42,247 122,647 106,241 526,677 291,566 82,477 6,985 145,649 (") (") 11,837 3,604 836 1915 Mar. 4.... 485,003 393,667 91,336 51,861 39,475 144,869 106,698 551,629 300,288 82,473 5,021 163,847 (») (») 11,960 3,325 May 1 484, 832 393, 831 91,001 51,325 39,676 136,123 107,229 541,315 298,735 85,867 4,511 152,202 (») 00 11,833 3,049 832 June 23___ 489,977 397,702 92,275 51,175 41,100 136,320 108,702 547,984 300,543 89,444 4,681 153,316 (u) (») 12,606 3,193 832 Sept. 12.- 528,738 428,907 99,831 54,324 45,507 137,808 115,648 581,525 333,084 95,641 4,276 148,524 (") (") 12,982 5,077 951 Nov. 10... 550,363 449,618 100,745 53,909 46, 836143,077 116,740 607,553 354,552 95,419 3,854 153,728 (") (») 13,546 9,943 951 Dec. 31... 558,544 455,586 102,958 53,645 49,313 148,857 114,002 629,708 368,639 95,173 3,693 162,203 <") 01) 16,494 9,129 1916 May 1--- 580,539 476,685 103,854 52,000 51,854 196,036 116,338 710,720 395, 725 107,536 4,134 203,325 (») C1) 18,966 3,329 937 June 30— 601,130 496,813 104,317 50,773 53,544 172,341 115, 553 710,619 399,436 115,087 4,292 191,804 (») (n) 24,568 4,474 939 Sept. 12... 618,102 511,570 106,532 50,719 55,813 246,248 117,265 812,253 433,390 119,289 3,876 255,698 (") (") 27,230 3,412 Nov. 17... 677,823 562,042 115, 781 50,858 64,923 298,641 121,790 932,542 480,411 125,815 3,863 322,453 (») (») 39,287 1,797 941 Dec. 27. .. 708,799 590,404 118,395 50,643 67,752 263,167 123,555 932,273 488,819 126,757 4,018 312,679 (") <") 44,102 1,778 943 1917 Mar. 5—_ 739,613 619,606 120,007 50,457 69,550 300,431 120,451 1,012,837 524,935 137,965 3,984 345,953 (") (») 50,701 1,184 938 May l-_- 766,514 9 638,527 127,987 53,564 74,423 260,513 123,804 997,833 528,152 152,086 4,144 313,451 (u) (u) 51,450 « 2,199 940 June20___ 820,949 9 668,287 152, 662 75,180 77,482 222,646 129,296 1,001,109 549,707 159,451 4,966 286,985 735,852 895,303 51,374 • 10,158 946 Dec. 31... 929,397 ".10758,293 171,104 92, 705 78,399 243,904 131,969 1,123,624 622,444 169,250 16,756 315,174 743,101 912,351 73,305 • 34,843 957 1918 May 10... 995,085 9-10768,175 226,910 150,221 197,965 140,127 1,098,296 607,032 176, 298 43,129 271,837 706,850 883,148 68,827 • 61,556 971 June 29—_ 973,706 9 774,641 199,065 122,097 76,968 172,692 137,577 1,029,375 578,844 179,996 45,519 225,016 659,589 839,585 66, 454 9 80,114 974 Nov. l.__. 1,046,241 9 795,685 250,556 174,281 76,275 200,135 144,369 1,109,158 619,949 178,741 65,441 245,027 689,547 868,288 64,368 9 104,470 Dec. 31... 1,015,860 »787,064 228, 796 151,442 77,354 208,302 141,933 1.137,070 646,691 179,813 23,550 287,016 751,749 931,562 70,080 9 68,847 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1919 Mar 4 1,057,984 9 802,441 255,543 179,661 75,882229,173 146,529 1,192,864 667,760 184,072 30,055 310,977 760,158 944,230 69,371 '77,481 996 June 30... 1,098,704 »860,714 237,990 161,357 76,633 188,128 147,534 1,165,407 695,918 202,697 21,613 245,179 765,397 968,094 75,6389 104,975 1,003 Nov. 17... 1,211,916 «972,168 239,748 155,085 84,663 296,232 162,393 1,401,616 830,511 219,643 11,660 333,802 891,019 1,110,662 81,1329112,575 1,029 Dec. 31... 1,248,418 8 999,474 248,944 161,381 87,563 260,446 158,128 1,416,112 846,351 221,979 18, 761 329,021 908,205 1,130,184 95,327" 128,624 1,038 1920 May 4 1, 277,734 1,061,707 216,027 130,503 85,524 226,415 171,260 1,345,020 813,495 243,853 5,712j 281,960 861,380 1,105,233 • 83,293 160,378 1,057 June 30___ 1, 259, 244 1,045,846 213,398 127,932 85,466 216,263 170,380 1,321,467 794,348 252,124 13,287 261,708 838,128 1,090,252 80,174 150,605 1,061 N De o c. v . 2 1 9 5 . . . . . . 1 1, , 2 2 1 6 5 7 , , 4 7 6 4 1 7 1 1, , 0 0 0 5 6 8 , , 5 1 2 2 2 5 2 2 0 0 9 9 , , 3 2 3 2 6 5 1 1 2 1 1 9 , , 4 1 0 9 3 7 8 9 7 0 , , 9 0 3 2 3 8 2 1 0 7 2 0 , , 7 9 4 4 7 0 1 1 7 7 7 9 , ,0 9 0 6 4 4 1 1 , , 2 1 6 9 6 3 r , 8 6 8 4 5 0 731,127 2 2 4 4 8 3 , ,2 4 0 3 3 4 6 7 , , 2 5 0 78 7 2 2 2 11 5 , , 9 7 7 1 7 0 8 7 0 6 7 4 , , 1 1 7 0 9 5 1 1 , , 0 0 5 0 5 7 , , 6 3 1 0 3 8 7 7 2 6 , , 9 4 8 7 7 7 1 1 9 7 6 5 , , 7 7 2 9 9 2 1 1, , 0 0 8 8 6 2 1921 Apr. 28... 1,114, 528 923, 503 191,025 110,381 80,644 144,758 179,486 1,106,004 664,605 242,756 7,156 191,487 707,707 950,463 73,854 119,617 1,087 June 30... 1,099,449 907,415 192,034 110,459 81, 575146,997 176,339 1,105,101 656,457 247,633 9,222 191, 789 700,947 948, 580 71, 781 110,043 1,087 Dec. 31.._ 1, 048,918 858, 205 190,713 103,419 87,294 156,266 170,917 1,092,154 649,615 242,616 8,834 191,089 687,219 929,835 72,322 94,963 1,092 1922 Mar. 10... 1,017,869 827,379 190,490 106,213 84,277 199,510 173,056 1,145,677 656,670 243,049 14,636 231,322 705,882 948,931 72,508 48, 722 1,112 June 30. __ 1,067,002 842,236 224,766 130,918 93,848 206,791 174,200 1,232, 560 727,987 262, 921 7,776 233,876 782,426 1,045,347 79, 765 31,238 1,147 Dec. 29... 1,115, 378 866,655 248, 723 148,269 100,454 206,544 179,437 1,288,665 751, 111 273,040 12, 542 251,972 803,024 1,076,064 81,143 35,840 1,142 1923 Apr. 3 1,133, 839 876, 757 257,082 158,559 98,523 202,278 174,377 1, 308,823 759,407 285, 648 12, 864 250,904 823, 7661,109,414 85,040 32, 564 1,145 June 30.._ 1,145,159 886,108 259,051 160,367 98,684 173,949 172,908 1, 258,935 735,871 300, 687 9,209 213,168 787, 5511,088, 238 81,198 58, 649 1,145 Sept. 14... 1,127, 800 872,614 255,186 157,510 97,676 172,014 173,860 1,256,028 734,720 299, 566 6,652 215,090 786,368 1,085, 934 82,152 48, 862 1,142 Dec. 31... 1,096,091 849,063 247,028 141,171 105,857 179,835 165, 7271,234,642 722,172 291,930 6,764 213, 776 759,360 1,051,290 76,579 53,396 1,122 1924 Mar. 31... 1,056, 702 822, 704 233,998 135,584 98,414 168,733 165,666 1,197, 626 694, 718 293,850 8,404 200, 654 745,621 1,039,471 74,998 24,914 1,098 June 30.._ 1,037, 719 799,805 237,914 133,799 104,115 201,079 162,393 1, 228, 859708, 271 298,607 6,504 215,477 747,710 1,046,317 78,241 22,815 1,087 Oct. 10__- 1,057,681 795,133 262, 548 147,575 114,973 306,566 163,859 1, 381,373 745,360 297, 288 7,665 331,060 812,230 1,109,518 10,232 1,082 Dec. 31... 1,078, 924 800, 838 278,086 149,747 128,339 313,260 158, 6571,441,368 779, 724 295,985 6,538 359,121 876,033 1,172,018 6,256 1,066 1925 Apr. 6 1,115,184 811, 588 303, 596 169,898 133,698 240,836 159,361 1,386, 978 772,401 305,237 13,561 295, 779 868,641 1,173,878 89,453 6,959 1,056 June 30 1,114,620 804,929 309,691 173,670 136,021 231,461 159,643 1,384, 582 793,815 312,102 7,120 271, 545 863,660 1,175, 762 91,446 8,753 1,048 Sept. 28... 1,135, 728 817, 277 318,451 177,337 141,114 197,240 158,118 1, 364, 292795, 267 309, 748 7,965 251,312 871,339 1,181,087 87, 775 10,896 1,038 Dec. 31... 1,131,484 804, 948 326,536 181,677 144,859 229,406 154,037 1,408,448 836,652 294,962 8,330 268, 504 1,186, 769 92,986 16,858 1,027 1926 Apr. 12... 1,137,826 794, 226 343,600 198,072 145,528 188,641 156,055 1,348,970 794, 508 315,68; 15,808 222,969 845,366 1,161,051 20,000 1,017 June 30... 1,157,139 811,649 345,490 187,698 157, 792199, 704 153, 7711, 391,499 818,273 323,494 11,509 238,223 871,088 1,194,582 88,973 16,503 1,011 Dec. 31 — 1,135,968 777,411 358,557 182,962 175,595 218,763 152,389 1,403,449 822,157 317, 771 7,856 255,665 874,816 1,192,587 86,102 7,387 992 1927 Mar. 23... 1,159,449 786,494 372,955 194,040 178,915 199,661 156,146 1, 387,835 800,663 330,719 10,033 246,420 872,883 1,203,602 89,173 11,579 984 June 30. __ 1,153, 509 776,100 377,409 183,255 194,154 200,021 155,302 1,393,873 819, 751 331,110 7,038 235, 974 868,511 1,199,621 90,771 11,892 972 Oct. 10--. 1,167,923 776,398 391, 525 183,435 208,090 206, 774 158,872 1,406,934 815,885 340,449 9,844 240, 756 869, 2161,209,665 86,813 14, 757 972 Dec. 31-.- 1,191,491 783,062 408,429 183,534 224,895 223, 608 156,841 1,456,288 837,061 338,815 8,718 271, 694 907,313 1,246,128 95,336 10,292 I k For footnotes see p. 187, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No, 86.—ALL MEMBER BANKS—PRINCIPAL RESOURCES AND LIABILITIES ON CALL DATES, 1914-1927—Continued to DALLAS DISTRICT o [In thousands of dollars] Loans and investments Call date Total Loans u Inve U S s n t t a m i t t e e e s d nts a b O o t n h d e s r , b f a D r n o u k m e s4 C s v u u a a i r n p d n p d i e d l t i d u a - l s , de T p o o t s a i l ts D p e o d m s e i - a ts n 5 d p T o d i s e m i - ts e 6 U S p n t o d a e i s t - t i e e ts s d b D a u n e k s t o 7 d p e N o m de s e - a i t t n s d d N e m t p p e i o a t l m u s n d e s i d e ts - 8 R F r b e w e e a s d s i e n e e t r k h r r v v s a e e l p c a o a n B d y u d i i s a n l - l b r t s e s l - e 2 b N b a e u n r m k o s - f Govern- stocks, profits Total ment and securi- securities ties 1914 Dec. 31. __ 350,328 262, 708 87,620 19,194 56,929 108,973 278,327 207, 651 26,874 3,149 40, 653 6,179 17, 293 759 1915 Mar. 4-__ 339,669 264,427 75, 242 48, 204 27, 038 75,885 111, 007 301,157 219,940 27, 550 2,615 51, 052 6,867 9,473 765 May l-_- 335,952 271,009 64, 943 49, 293 15,650 69, 581 112, 746 290,067 213,897 29, 448 1,612 45,110 7,126 12,109 769 June23.__ 333,775 268, 742 65,033 49,339 15,694 65,890 114,107 281,810 208, 346 30, 749 1,620 41,095 () 6,676 14,190 768 Sept. 12.. 315,392 254,972 60,420 46,188 14, 232 55,040 105,969 257,046 190,669 29,011 1,394 35,972 6,593 20,032 645 Nov. 10... 339,621 278,936 60,685 45, 518 15,167 74,141 107, 771 315, 369 226, 519 32,020 1,569 55, 261 (»)• 7,926 18, 759 645 Dec. 31,.. 342,977 281, 310 61, 667 45,800 15,867 68, 785 104,833 322, 291 233, 903 32,024 1,381 (") 10, 386 13,490 644 1916 May 1—. 328,088 272,097 55,991 43, 708 12, 283 83,429 103, 933 321, 298 229, 348 35, 878 1,342 54, 730 10, 320 9,925 617 June30__, 328, 711 272,920 55,791 43, 780 12,011 73,022 103, 737 311,247 223, 523 37,225 1,396 49,103 (JJ) 12,700 11,574 619 Sept. 12... 361,886 305, 264 56, 622 43, 661 12,961 89,154 105,043 363,684 257,865 37,439 1,387 66,993 15,145 17, 258 621 Nov. 17... 396,450 337, 638 58,812 43, 828 14, 984170,016 107, 688 502,453 329,129 39, 599 1,443 132, 282 25, 529 4,593 620 Dec. 27_._ 401, 008 341, 673 59, 335 44,184 15,151 153,200 108,879 490,929 323, 296 39,688 1,642 126, 303 C11) 28,156 2,009 619 1917 Mar. 5..._ 395, 562 336, 678 58,884 44, 582 14, 302130, 546 105, 912 460, 796 310, 895 44, 382 1,560 103,959 26, 313 3,238 J M u a n y e 2 1 0. __ 4 4 0 1 2 1 , , 8 88 9 8 0 » « 3 3 3 3 9 4 , , 1 7 4 9 3 7 6 7 3 7 , , 0 7 9 4 1 7 4 62 7 , , 4 4 5 6 4 7 1 14 6 , , 2 6 9 2 3 4 10 8 5 9 , , 0 0 2 7 6 0 1 1 0 0 8 9 , , 9 2 9 2 2 7 4 4 3 1 4 9 , , 4 3 2 9 4 1 3 2 0 9 2 4 , , 1 4 6 1 7 0 4 4 7 7 , ,1 1 4 1 9 8 3 1, , 4 0 4 7 4 4 8 7 3 4 , , 6 7 6 8 4 9 33 ( 4 ) ,853 3()81,971 2 2 3 4 , , 3 3 1 1 9 3 9 » 6 9 , , 0 5 98 4 7 6 6 2 2 7 8 Dec. 31... 533,900 0.10443, 243 90,057 73,924 16, 733129, 281 108, 350 613, 707 409, 637 47,467 10,136 146,467 465,539 513,006 43, 203 » 12, 515 630 1918 May 10... 556,151 8.10417,687 138,464 123,246 15, 218 83,445 117, 258 532, 772 362,777 54, 690 43,481 71, 824 374,550 429,020 38,430 • 41, 501 June 29 531, 788!9.10415, 318 116, 470 100, 270 16, 200 69, 254 117, 374 479, 496 340, 255 54,244 21,363 63,634 354,644 408,888 35,700 »49,297 Nov. 1 620,914 »484,341 136, 573 120, 319 16,254 84,000 124, 503 552,646 381,164 52,985 41,836 76, 661 396,231 449,216 35, 456 o 85,128 717 Dec. 31... 612,623 » 482,256 130,367 112, 718 17,649 77,981 121, 636 541, 535 396,377 54,298 10,551 80,309 412,600 36, 217 9 91,903 727 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1919 Mar. 4 630,607 » 480, 403 150,204 134,949 15, 255 91, 602 124, 270 572, 302 413, 667 57, 749 18, 511 82, 375 420,970 478, 719 37, 385 o 91, 245 736 June 30 645,533 » 493, 735 151, 798 132,767 19,031 104,206 128,921 616, 089 444,203 65,400 13,359 93>127 455,912 521, 312 43, 527 » 78,941 746 Nov. 17 785,454 9 624,120 161,334 143,065 18,269 189,273 136,948 907,107 635, 567 70,099 14,106 187, 335 658,453 728, 552 60,372 »58,943 752 Dec. 31 821, 552 » 635,826 185, 726 160,857 24,869 179, 015 133,056 960, 322 671, 228 73,278 39,328 176,488 694,077 767, 355 63, 611 9 34,024 756 1920 May 4 867, 270 706, 353 160,917 136,118 24, 799122,447 147, 083 860, 549 646,127 4,618 117,116 656, 003 748,691 57,861 91,832 781 June 30 854,839 710, 998 143,841 123, 591 20,250 102, 381 152, 032 803, 711 605,459 96,908 5,063 96,281 611, 794 708, 702 54, 249 105,059 811 Nov. 15 882, 848 739, 696 143,152 118,678 24,474 106, 235 163, 755 811,626 596, 504 105, 578 3,747 105, 797 599, 574 705,152 51, 524 134,162 844 Dec. 29 844, 323 709, 037 135,286 110,012 25, 274 87, 231 162,414 746,624 552,063 104,026 3,388 87,147 555,631 659,657 48,735 125, 691 840 1921 Apr. 28 765,095 650, 528 114, 567 92, 716 21,851 79,228 162,697 672,822 487,959 105,184 3,595 76,084 494,359 599, 543 45, 765 98,995 849 June 30 752,484 637,875 114,609 90,394 24, 215 72,391 162, 226 649,266 468,693 108,700 6,124 65,749 472,036 580,736 43,687 862 Dec. 31 711,182 593, 536 117, 646 87,667 29,979 84, 728 155,137 667, 669 476,653 104,835 8,325 77,856 474,493 579, 328 45, 305 851 1922 Mar. 10 700, 308 585, 235 115, 073 90,028 25,045 105,033 158,491 688,374 480,311 109,919 10,206 87,938 486,737 596,656 46,261 49,856 854 June 30 706,745 587,036 119, 709 94,918 24,791 99,262 157,974 692,932 488, 737 116,888 4,976 82, 331 495,025 611,913 46,605 45, 753 857 Dec. 29 749, 295 609, 481 139, 814 111, 502 28,312 130,690 161,749 816,180 553,184 120,460 14,648 127,888 573,315 693,77f 54,457 20,000 855 1923 Apr. 3 769,406 619,939 149,467 123,063 26,404 108,337 157,933 798,903 538, 587 133,776 20, 228 106, 312 557,621 691,397 51,077 26,335 855 June 30 745,119 601,128 143,991 117,288 26,703 81,491 158,084 719,861 500,217 136,750 8,278 74,616 505,836 642,586 48,288 47,065 857 Sept. 14 780, 557 636, 701 143, 856 112, 706 31,150 129,188 159, 606 818,813 550,383 137, 250 5,886 125,294 562,464 699, 714 52, 759 54, 754 858 Dec. 31 810,155 648, 797 161,358 126,154 35, 204162,898 155, 715 947,409 623,676 143, 250 12,182 168,301 659,065 802,315 60,602 12,121 849 1924 Mar. 31,___ 776, 846 628,944 147,902 114,436 33,466 119,535 157,950 835,935 555,598 149,971 13,192 117,174 577,910 727,881 52,319 16,782 835 June 30 732, 301 596, 881 135,420 103,975 31,445 105,145 156, 502 516,927 152,454 6,452 92,347 524,137 676, 591 49, 293 24, 316 837 Oct. 10 765,113 625,135 139, 978 101,834 38,144 198,361 159,418 931, 646 590, 368 154, 713 9,084 177,481 608,012 762, 725 55,895 15,168 838 Dec. 31 789, 329 645,115 144, 214 100,578 43,636 214,390 153,452 1,004, 225 637, 150, 856 6,382 209,179 683,020 833,876 65, 708 6,094 1925 Apr. 6 812, 534 650, 719 161, 815 120,284 41, 531179,811 160,130 966, 585 616, 746 163, 632 16, 230 169,977 658, 215 821,847 62,061 3,721 824 June 30 790,668 637,954 152, 714 112,608 40,106 133,823 159,968 882,959 587,970 167,305 119,086 601,022 768,327 57,174 12, 684 847 Sept. 28.— 821,844 664,145 157, 699 113,439 44,260 163,817 161, 567 951,362! 612,084 164, 640 13,91 160, 721 642,102 806, 742 59, 010 15,926 854 Dec. 31_._. 830, 918 667, 782 163,136 114,026 49,110 152,668 156, 760 980,486 649, 624 158, 382 14, 065 158,415 680,680 839,062 66,062 5,878 852 1926 Apr. 12 831,859 667, 758 164,101 119, 757 44,344 135,343 165,120 929, 064 623, 005 169,465 12,496 124,098 636, 389 805,854 58,172 12,220 850 June 30 807,697 649, 757 157,940 113,323 44,617 121,089 162, 495 871,272 5C0,128 163,897 7,372 109, 875 598,857 762,754 57,342 25,359 843 Dec. 31_.__ 807, 291 651, 583 155, 708 105,145 50,563 146,403 158, 562 940, 293 631,305 160, 377 8,571 140, 040 641,836 802,213 64,423 9,721 827 1927 Mar. 23.-. 841,697 668,338 173,359 123,319 50,040 143,791 162, 710 624,429 175, 663 15,049 133,167 647,850 823,513 62, 783 7,829 817 June 30 830,856 654, 072 176, 784 121, 634 55,150 130, 524 161,355 918, 067 608, 437 180, 830 10, 972 117,828 622,896 803, 726 62,028 11,513 815 Oct. 10 876, 888 688,449 188,439 126,439 62,000 168,244 165,245 1,024,423 663, 573 182,373 15, 823 162, 654 689,918 872, 291 65, 538 8,725 816 Dec. 31 898, 228 694,344 203,884 131,898 71, 986170, 732 160,040 1,067,995 699,140 184,032 13, 789 171,034 732,126 916,158 73,133 1,404 799 For footnotes see p. 187. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 86.—ALL MEMBER BANKS—PRINCIPAL RESOURCES AND LIABILITIES ON CALL DATES, 1914-1927—Continued SAN FRANCISCO DISTRICT [In thousands of dollars] Loans and investments Call date Total Loans *2 Inv G e U S s o t n t m v a i e t t e e e rn n s d - ts 3 s b O t o o t n c h d k e s s r , , b f a D r n o u k m e s 4 C s p v u u a r a i r n o p d n p d f i e d l i t i u t d a - s s l, de T p o o t s a i l ts D p e o d m s e i - t a s n 6 d p T o d s i e m it - s e 6 U S p n o t d a i s e t t i - e e ts d s b D a u n e k s t o 7 d p e N m o d s e e a i - t t n s d d N e m t p p e i a o l m t u n s d e s i d e ts8 R F r b e w e e a s s d e i n e e t r k h r r v v s a e e l c p a o a n B u d y d i i n a l s l b t r - s s e l e 2 - N b b a e u r n m k o s f - Total ment and securi- securities ties 1914 Dec. 31.... 598,118 437, 575 160,543 70,423 90,120 96,788 151,473 575,081 371,380 4,180 102,713 12,489 10,110 521 1915 Mar. 4__-_ 576, 228 428,367 147, 861 69,078 78,783 107,881 150,411 564,438 350,832 98,541 3,904 111,161 12,511 8,947 525 May 1 582,826 436, 811 146,015 69,077 76,938 119,033 151,312 579,040 366,830 100,325 3,535 108,350 12, 241 8,122 528 June 23 587,091 440, 555 146, 536 68,997 77, 539124,484 153,170 587,678 371, 850 102,857 3,605 109,366 12,342 8,351 526 Sept. 12— 590,953 441,806 149,147 69,056 80,091 150,571 151,340 612,486 381,101 108,072 3,255 120,058 12,504 7,392 529 Nov. 10—. 599,950 446,997 152,953 68, 741 84, 212188,556 152,340 669, 704 410, 727 112, 427 3,315 143, 235 14,148 5,393 527 Dec. 31-.- 609,125 454,211 154,914 86,254 179,482 151,156 675,885 411,413 117,447 2,929 144,096 17, 535 4,335 526 1916 Mayl 634,201 477,467 156,734 67,345 89,389 178,787 151,618 700,700 419,325 128,820 3,000 149,555 18,485 2,656 521 June 30..-. 650, 525 494,037 156,488 66, 702 89, 786159,176 151,362 698,621 419,316 133,374 2,933 142,998 () 23, 543 2,846 518 Sept. 12— 677,570 515,418 162,152 66,504 95,648 192,479 152, 561 774,712 462,478 138,488 2,485 171, 261 26,509 1,955 520 Nov. 17—. 713, 320 544,976 168,344 102,176 223,909 154,388 857,433 503, 784 149,200 2,699 201, 750 (ll) 35, 426 1,417 521 Dec. 27— 733,744 562,776 170,968 66,067 104,901 197,082 154,660 850,866 497,399 154,940 2,799 195,728 C11) 37, 730 1,124 523 1917 Mar. 5 735,281 565,433 169,848 65,285 104, 563 182,359 151,854 843,916 477,583 165, 590 2,524 198,219 37,337 1,253 521 Mayl 780,144 590,989 189,155 72,985 116,170 178,928 154,142 888,300 527,844 169, 712 2,918 187,826 () () 40,176 81,924 526 June 20 799,106 9 602,928 196,178 82,557 113,621 168,207 156,185 875,820 528,082 172,099 4,663 170,976 604,403 776,502 40, 289 "13,118 528 Dec. 31.--. 936,636 .10707,171 229,465 103,745 125,720 194,481 162,375 1,038,590 620,956 205,431 23,370 188,833 658,580 864,011 65,275 9 32, 228 551 1918 May 10..-. 1,003, 572M0706,869 296,703 175,495 121,208 161,598 169,014 1, 036,138 620,294 213,475 43,792 158,577 647,535 861,010 70,422 9 47,274 583 June 29--.. 1,059,388 '•"775, 382 284,006 158,898 125,108 174,305 173,165 1,091,428 637,169 230,752 55,535 167,972 662,197 892,949 68,960 9 58,012 599 Nov. 1 1,165, 514 9 814,206 351,308 228,001 123,307 185,077 181,818 1,162,920 689, 517 237,011 50,097 186, 295 723,732 960, 743 77,0329110,218 631 Dec. 31.--. 1,164,194 «813,472 350,722 226, 567 124,155 197,503 182,539 1,213,613 733,891 253,789 23,782 202,151 761, 759 1,015, 548 82, 288 »93, 583 644 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Mar. 4 1,196, 735 »795, 480 401,255 277,876 123,379 174,300 184,344 1,197, 496 697, 693 270, 241 44,822 184, 740 722, 679 992, 920 75,517| o 106,364 652 June 30 1, 214, 886 9 858,349 356,537 232, 713 123,824 198,872 189, 412 1,291,187 781,118 284, 648 22,602 202, 819 843,806 1,128,454 85,215! » 75,697 Nov. 17 _.. 1,661,445 1, 213,198 448, 256 262,091 186,1G5 300,841 226,733 1,853,007 1, 053, 958 515, 580 15,805 267,6641,, 070,3491,585, 929 114,076 9 100,098 700 Dec. 31.... 1,831,331 1,335, 398 495, 933 280,019 215, 914282,015 231, 607 2,043,881 1,, 092,150 660,175 35,427 256,129 1,, 104,3451, 764, 520 121.315 »89,333 723 1920 May 4 1, 946,174 1, 474, 663 471,511 250,013 221,498 220,372 260, 584 1, 993, 385 ,1 074, 081 703,244 10, 624 205,, 436 1,, 080,1321, 783, 376 118, 802 159, 570 774 June 30 1, 975, 226 1,511,090 464,136 241, 299 222,837 212,503 261,463 2,021, , 066, 705 738, 611 16,181 2001,,128 1,, 072, 7781,811,; 119,076 166,862 796 Nov. 15.... 2,042, 239 1,556,720 485, 519 244, 964 240, 555 232,711 284,348 2,100,189 1,, 122, 920 748, 575 15, 699 212,995 1, 120,1931, 868, 768 125, 254 184,478 825 Dec. 29.... 2,024,898 1, 543,632 481, 266 234,845 246,421 187,794 1,995i,," 882 ,1 030, 035 755, 996 12,930 196,921 1,048,436 1, 804, 432 119,418 197,818 830 1921 Apr. 28.... 1,984, 271 1, 500,01 484, 254 240,413 243, 841 160,445 286,095 1,900,258 940, 031 786, 670 11,619 161,938 954, 615 1, 741, 285 114,291 193,793 851 June 30.. _ 1,953,614 1,476,835 476, 779 225,967 250,812 159,429 283,094 1, 898, 290 926, 313 799, 363 8,486 164,128 939, 259 1, 738,622 108,362 177, r" 853 Dec. 31.... 1,945,470 1,452, 507 492,963 229,959 263, 004186, 231 284,002 2,032, 962 1, 019,838 808, 361 15,092 189,671 1,028,445 1,836,806 122, 678 87, 617 837 1922 Mar. 10... 1,937,309 1,432, 613 504,696 243,007 261,689 195,201 287,605 2, 023, 093 982, 694 821, 610 19,481 199,3081,, 004,4501, 826,060 118, 353 75,600 835 June 30 1,995,347 1, 474,013 521, 334 255,454 265,880 191,404 285,168 2,122,616 1, 036, 580 875, 762 12, 924 197,3501, 057,8751, 933, 637 122, 723 62,479 842 Dec. 29.... 2,127,852 1, 554, 357 573,495 309, 218 264,277 209,604 301,238 2,313,938 1,133, 718 930,404 25,426 224,390 1,,149,713 2,080,117 135, 731 47, 290 820 1923 Apr. 3 2, 262, 529 1, 661, 246 601,283 333,722 267,561 198,523 298, 607 2,416,412 1, 171, 7541 1,009,967 28, 214 206,477 1,181,035 2,191,002 140, 735 66,497 806 June 30 2, 331, 250 1, 739, 729 591, 521 319,410 272, 111186,813 299,104 2,466, 8111, 235, 827 L1,, 007, 863 27, 270 195,851 1, 240, 9952, 248,858 145, 844 82, 929 803 Sept. 14... 2, 291, 651 1, 731, 718 559,933 301, 289 258, 644 210, 971 304,972 2,450, 7921, 242, 693 980,426 13, 313 214, :, 243, 2142, 223, 640 147, 212 93, 687 804 Dec. 31.... 2,247,952 1,686,175 561, 777 289, 266 272,511 206,645 292,919 2,488!,, 048, 12.37',, 087L ,1 032,364 22,007 196, 590 i.;, 222, 7412, 255,105 145, 714 47, 395 802 1924 Mar. 31.... 2, 317, 292 1, 739, 615 577, 67' 302, 675 275, 002 189,796 313, 857 2,484, 957 1L., 238, 342 1, 024,13225, 643 196>,, 840 ,1 241,2252,265,35: 142,17i 59,027 785 June 30 2, 296,222 1, 721, 530 574, 692 298, 587 276,105 213,363 312, 644 2, 529I,, 317L I,208,227;l,093,320 12, 243 215i,, 527 ,1 ,216, 5902, 309, 910 145, 385 33, 220 776 Oct. 10 2,355,433 1, 728, 349 627, 084 336, 531 290, 553321, 506 323,460 2, 709, L, 265, 369 1,122,19729, 017 293,196 1,293, 726 2, 415, 923 158, 081 17, 700 774 Dec. 31.... 2, 444,038 1, 766, 978 677,060 361, 300 315, 760 274,380 318, 247 2,7881,,380 1L,, 288,605 1,202,911 18,441 278,423 1, 2, 511,380 164, 529 18, T" 766 1925 Apr. 6 2, 507, 7 1, 815, 310 692, 398 372,486 319, 912226, 571 320, 7892, 759,, 585 ,1248,, 740 L1,, 246,185 29, 749 234[,, 911,1 266, 3512, 512, 536 153,194 28, 613 749 June 30.... 2, 545,159 1,847,940 697, 219 374,161 323, 058 223,855 321, 813 2,803:,, 587, 216.7',, 599L ,1 286, 613 12, 225 237,, 150 1, 275, 5472, 562,160 154, 521 39, 511 751 Sept. 28... 2, 607, 781 1, 886,381 721,400 390,497 330,903 240, 799 324,441 2,850,I , 689 ,,1 ,26.8, 520L 1, 307, 324 26,407 248,438 1, 298,0142, 605, 338 156, 641 57, 972 749 Dec. 31.... 2, 668, 572 1, 936,858 731, 714 386,395 345,319 246, 305 319, 7923,005, 948 1,366, 217L 1,, 342,867 34,005 262,859 1, 364, 5032, 707, 370 168,461 740 1926 Apr. 12.... 2, 677, 238 1,939,856 737,382 383, 784 353, 598 226, 665 320,376 2,944,046 1,299,8271,L, 367, 987 34, 676 241,, 556 1, 319, 5392, 687, 526 156,830 46,473 724 June 30..-. 2,687, 583 1,951,713 735,870 377,996 357,874 232, 588 324,646 2,976,5041,,301,3101L, 392,225 20,908 262,0611, 326,0092,718,234 162,902 38,139 725 Dec. 31.... 2,842,494 2,066, 559 775,935 367,400 408,535 245,121 337,894 3»168,950 l,i379,2161L, 482,196 20,636 286, 902 1, 391,0992,873,295 167,180 41,969 721 1927 Mar. 23... 2,938,375 2,118,265 820,110 400,119 419,991 210, 075 352,694 3,156,438 1, 295, 273 :1,, 574,72743, 816 242, 622 1, 310,4302,885,157 176,406 58, 287 682 June 30.... 2, 960, 511 2,133,903 406,685 419,923 230, 367 352, 2333,235,676 1,,358, 787 L1, 584,708 29,325 262,856 11,,371,883 2,956,591 164,024 40, 650 672 Oct. 10.... 2,987,169 2,123,672 863,497 430, 249 433,248 245, 597 365,257 3,258,442 1,,377',," "3 2-1. I,, 582,87135,729 262,5211,400,158 2,983,029 167,490 51,974 669 Dec. 31.... 3,083,880 2,140,842 943,038 486,094 456,944 264,224 368,477 3,398,464 1,,443311,,124 1,652,980 28, 478 285,882 1,448,826 3,101,806 188,083 7,111 658 For footnotes see p. 187. fcO Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

210 ANNUAL KEPORT OF THE FEDERAL RESERVE BOARD No. 87.—ALL MEMBER BANKS—NET DEMAND AND TIME DEPOSITS, BY MONTHS,. 1923-1927 [In millions of dollars] Net de- Net de- Net de- Date d m t p e im a p lu n o s e s d - N d m e e i a p t t n s o d s d e - - T e i i p t m o s j e d m t p e i a p l m u n o s e d s- N d m e e t i a p t n s o d d s e - - d T e i i p m ts os e - m t p im a lu n e s d N d m e e i a p t t n s o d s d e - - d T e i i p t m s os e its its its Boston district New York district Philadelphia district 1923 Apr. 25 ,796 1,239 557 6,902 5,274 1,628 1,661 1,088 573 May 23 823 1,253 570 6,937 5,316 1,621 1,667 1,078 589 June 27 807 1,233 574 6,977 5,331 1,646 1,666 1,061 605 July 25 839 1,254 585 6,901 5,265 1,636 1,691 1,079 612 Aug. 29 813 1,220 593 6,785 5,130 1,655 1,693 1,075 618 Sept. 26._ 833 1,235 598 6,855 5,192 1,663 1,697 1, 075 622 Oct. 24.. 890 1,290 600 6,991 5,310 1,681 1,711 1,083 628 Nov. 28 837 1,236 601 7,002 5,340 1,662 1,702 1,066 636 Dec. 26 ,817 1.222 595 6,972 5, 303 1,669 1,697 1,060 637 1924 Jan. 23 ,840 1,234 7,084 5,384 1,700 1,701 1,037 664 Feb. 27.. ,836 1,212 624 7,091 5,391 1,700 1,709 1,032 677" Mar. 26-__. .,835 1,198 637 7,158 5,407 1,751 1,713 1,036 677 Apr. 23.. _ ,860 1,224 636 7,326 5,546 1,780 1,722 1,035 687 May 28--. _ ,875 1,228 647 7,405 5,623 1,782 1,743 1,054 689* June 25.__ ,907 1,250 657 7,795 5,983 1,812 1,762 1,067 695 July 23 ,974 1,295 679 7,970 6,127 1,843 1,8C4 1,096 708 Aug. 27 ,980 1,286 694 8,103 6,220 1,883 1,832 1,107 725 Sept. 24.... 2,015 1,312 703 8,272 6,306 1,966 1,862 1,125 737 Oct. 29. 2,091 1,386 705 8,375 6,349 2,026 1,897 1,144 753 Nov. 26 2,021 1,327 694 8,563 6,497 2,066 1,917 1,152 765 Dec. 24.... 1,985 1,300 685 8,547 6,528 2,019 1,889 1,129 760 1925 Jan. 28 2,033 1,331 702 8,424 6,383 2,041 1,917 1,139 778 Feb. 25 _____•_ 2,029 1,311 718 8,353 6,290 2,063 1,925 1,135 790 Mar. 25 1,992 1,270 722 8,173 6,110 2,063 1,912 1,128 784 Apr. 22 2,029 1,299 730 8,456 6.335 2,121 1,943 1,156 787 May 27 2,059 1,314 745 8,391 6,237 2,154 1,956 1,159 797 June 24.__ 2,099 1,337 762 8,417 6,276 2,141 1,967 1,159 808 July 29.. 2,136 1,368 768 8,425 6,302 2,123 1.967 1,154 8ia Aug. 26 2,121 1,350 771 8,392 6,234 2,158 1,995 1,170 825 Sept. 23... 2,135 1,370 765 8,384 6,223 2,161 2,001 1,175 826 Oct. 28.... 2,224 1,446 778 8,628 6,464 2,164 2,027 1,186 841 Nov. 25 2,190 1,395 795 8,591 6,408 2,183 2.026 1,182 844 Dec. 23 __ 2,186 1,390 796 8,677 6,496 2,181 2,027 1,183 844 1926 Jan. 27 2,175 1,374 801 8,686 6,456 2,230 2,060 1,191 Feb. 24 2,163 1,350 813 8,624 6,372 2,252 2,046 1,170 876 Mar. 24 2,158 1,337 821 8,654 6,370 2,284 2,046 1,170 876 Apr. 28 2,199 1,364 835 8,733 6,416 2,317 2,082 1,195 887 May 26. : 2,209 1,361 848 8,764 6,451 2,313 2,089 1,197 892 June 23-__ 2,228 1,376 852 8,793 6.443 2,350 2,082 1,188 894 July 28 2,236 1,381 855 8,730 6,346 2,384 2,098 1,188 910 Aug. 25 2,217 1,353 864 8,691 6,294 2,397 2,107 1,191 916 Sept. 22 2,271 1,399 872 8,711 6,341 2,370 2,137 1,209 928 Oct. 27 2,319 1,443 876 8,739 6,339 2,400 2,156 1,218 938 Nov. 24 _ 2,290 1,412 878 8,794 6,363 2,431 2,159 1,214 945 Dec. 29 2,240 1,374 9,090 6,634 2,456 2,148 1,211 937 1927 Jan. 26 _ 2,256 1,384 872 8,926 6,405 2,521 2,172 1,211 961 Feb. 23 2,235 1,359 876 8,835 6,281 2, 554 2,187 1, 215 972 Mar. 23 2,248 1,357 891 9,130 6,537 2,593 2.178 1,201 977 Apr. 27 2,284 1,389 895 9,209 6,593 2,616 2,181 1,195 May 25__ 2,301 1,395 906 9,341 6,712 2,629 2,179 1,191 June 22 2,312 1,397 915 9,454 6,772 2,682 2,167 1,177 990 July 27 2.358 1,416 942 9,493 6,776 2,717 2,180 1,173 1,007 Aug. 24__ 2,360 1,412 948 9,329 6,603 2,726 2,200 1,194 1,006 Sept. 28 - 2,397 1,425 972 9,441 6,686 2,755 2,243 1,220 1,023 Oct. 26 2,437 1,473 964 9,598 6,796 2.802 2,245 1,215 1,03a Nov. 9 _ 2,447 1,477 970 9,737 6,897 2,840 2,254 1.220 1,034 Dec. 7 2,441 1.468 973 9,954 7,126 2,828 2,260 1,225 1,035 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

211 CONDITION OF ALL MEMBER BANKS IVo. 87.—ALL MEMBER BANKS—NET DEMAND AND TIME DEPOSITS, BY MONTHS, 1923-1927—Continued [In millions of dollars] Net de- Net de- Net demand Net de- Time mand Net de- Time mand Net de- Time plus mand depos- plus mand depos- plus mand depos- Date d t e i p m o e s- de i p ts os- its d t e i p m o e s- de i p ts os- its d t e i p m o e s- de i p ts os- its its its its Cleveland district Richmond district Atlanta district 1923 Apr. 25.. 2,444 1,412 1,032 556 430 809 503 306 May 23. 2,452 1,408 1,044 984 550 434 811 502 309 June 27.. 2,472 1,414 1,058 973 543 430 807 488 319 July 25-. 2,516 1,436 1,080 974 542 432 801 480 321 Aug. 29.. 2,524 1,425 1,099 969 537 432 784 465 319 Sept. 26. 2,503 1,398 1,105 986 552 434 785 464 321 Oct. 24... 2,512 1,394 1,118 1,005 571 434 796 473 323 Nov. 28. 2,508 1,381 1,127 1,024 587 437 817 494 323 Dec. 26 2,484 1,354 1,130 1,021 581 440 831 508 323 1924 Jan. 23__ 2,525 1,382 1,143 1,033 590 443 838 519 319 Feb. 27 . 2,539 1,372 1,167 1,016 564 452 842 518 324 Mar. 26. 2,542 1,373 1,169 1,004 550 454 838 503 335 Apr. 23.. 2.546 1,372 1,174 1,012 553 459 850 508 342 May 28. 2,573 1,372 1,201 1,004 544 460 833 486 347 June 25.. 2,612 1,385 1,227 995 534 461 824 477 347 July 23- 2,678 1,438 1,240 1,004 532 472 823 473 350 Aug. 27.. 2,724 1468 1,256 1,025 547 478 836 484 352 ;Sept. 24. 2,724 1469 1,255 1,035 555 480 847 496 351 Oct. 29.. 2,746 1483 1,263 1,052 570 482 866 516 350 Nov. 26. 2,755 1486 1,269 1,068 585 483 891 540 351 Dec. 24.. 2,714 1468 1,246 1,060 581 479 911 562 349 1925 Jan. 28... 2,760 1487 1,273 1,082 595 487 949 586 363 Feb. 25... 2,775 1482 1,293 1,083 588 495 988 614 374 Mar. 25.. 2,756 1457 1,299 1,063 570 493 1,003 616 387 Apr. 22... 2,771 1470 1,301 1,067 565 502 1,008 620 388 May 27... 2,779 1464 1,315 1,061 560 501 1,024 627 397 June 24... 2,827 1482 1,345 1,067 559 508 1,015 621 394 July 29... 2,857 1518 1,339 1,076 566 510 1,032 636 396 Aug. 26._ 2,852 1510 1,342 1,081 571 510 1,064 662 402 Sept. 23.. 2,841 1499 1,342 1,104 592 512 1,148 734 414 Oct.28._. 2,840 1498 1,342 1,128 612 516 1,191 763 428 Nov. 25... 2,818 1475 1,343 1,144 627 517 1,201 770 431 X)ec. 23... 2,794 1467 1,327 1,121 611 510 1,202 768 434 1926 Jan. 27.. 2,840 1,485 1,355 1,127 613 514 1,199 760 439 Feb. 24 2,872 1,508 1,364 1,137 620 517 1,196 757 439 Mar. 24. 2,843 1,463 1,380 1,125 606 519 1,168 727 441 Apr. 28.. 2,882 1,482 1,400 1,108 592 516 1,143 697 446 May 26.. 2,902 1,495 1,407 1,110 596 514 1,114 668 446 June 23.. 2,932 1,521 1,411 1,105 586 519 1,094 650 444 July 28. _ 3,002 1,566 1,436 1,130 607 523 1,081 640 441 Aug. 25.. 2,987 1,562 1,425 1,129 603 526 1,077 633 444 •Sept. 22. 2,976 1,549 1,427 1,142 614 528 1,073 634 439 Oct. 27.. 2,961 1,533 1,428 1,146 619 527 1,077 635 442 Nov. 24. 2,933 1,504 1,429 1,148 621 527 1,057 619 438 Dec. 29.. 2,905 1,481 1,424 1,142 616 526 1,068 631 437 1927 Jan. 26 ! 2,942 1,500 1,442 1,167 630 537 1,079 636 443 Feb. 23.. 2,956 1,511 1,445 1,159 622 537 1,088 637 451 Mar. 23. 3,046 1,565 1,481 1,153 613 540 1,071 618 453 Apr. 27.. 3,050 1,515 1,535 1,157 608 549 1,071 615 456 May 25.. 3,075 1,521 1,554 1,161 608 553 1,064 601 463 June 22. . 3,085 1,577 1,508 1,168 612 556 1,047 587 460 July 27.. 3,106 1,574 1,532 1,206 634 572 1,036 575 461 Aug. 24.. 3,125 1,571 1,554 1,203 626 577 1,037 580 457 Sept.28. 3,108 1,536 1,572 1,211 636 575 1,058 600 458 Oct. 26.. 3,085 1,525 1,560 1,224 639 585 1,072 607 465 Nov. 9 3,066 1,528 1,538 1,243 655 588 1,077 611 466 Dec. 7... 3,114 1,568 1,546 1,255 592 1,087 622 465 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

212 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No. 87.—ALL MEMBER BANKS—NET DEMAND AND TIME DEPOSITS, BY MONTHS,, 1923-1927—Continued [In millions of dollars] Net de- Net de- Net demand Net de- Time mand Net de- Time mand Net de- Time plus mand depos- plus mand depos- plus mand depos- Date d t e im po e s- de i p ts os- its d t e im po e s- de i p ts os- its d t e im po e s- de i p ts os- its its its its Chicago District St. Louis District Minneapolis District 1923 Apr. 25.. 3,633 2,146 | 1,487 1,016 656 360 825 416 409 May 23.. 3,696 2,185 1,511 1,025 664 361 818 411 407 June 27_. 3,653 2,130 ! 1,523 1,021 651 370 816 406 410 July 25. _ 3,623 2,130 j 1,493 1,028 646 382 815 400 415 Aug. 29.. 3,669 2,137 l 1,532 1,014 630 384 811 394 417 Sept. 26- 3,630 2,095 j 1,535 995 613 382 820 407 41S Oct. 24.. 3,644 2,094 1,550 1,004 617 387 823 411 412 Nov. 28., 3,622 2,055 1,567 1,021 629 392 835 423 412 Dec. 26.. 3,652 2,092 1,560 1,028 642 386 816 407 409 1924 Jan. 23.. 3,687 2,122 1,565 1,054 655 811 401 410 Feb. 27.. 3,718 2,137 1,581 1,049 643 406 807 403 404 Mar. 26.. 3,763 2,173 1,590 1,044 636 408 815 414 401 Apr. 23.. 3,772 2,170 1,602 1,045 638 407 805 406 399 May 28.. 3,813 2,193 1,620 1,046 634 412 794 398 396 June 25.. 3,854 2,217 1,637 1,047 641 406 796 397 399 July 23.. 3,906 2,263 1,643 1,054 643 411 797 392 405 Aug. 27.. 4,024 2,378 1,646 1,055 637 418 806 397 409 Sept. 24. 4,057 2,395 1,662 1,067 650 417 834 424 410 Oct. 29_. 4,094 2,412 1,682 1,099 668 431 892 476 416 Nov. 26. 4,076 2,353 1,723 1,126 690 436 924 504 420 Dec. 24.. 4,075 2,345 1,730 1,140 710 430 920 494 426 1925 Jan. 28.. 4,117 2,381 1,736 1,170 732 438 916 481 435 Feb. 25.. 4,157 2,414 1,743 1,168 729 439 918 482 436 Mar. 25. 4,145 2,383 1,762 1,156 723 433 916 475 441 Apr. 22.. 4,153 2,385 1,768 1,143 708 435 892 452 440 May 27.. 4,206 2,391 1,815 1,138 700 438 876 440 436 June 24.. 4,252 2,425 1,827 1,135 693 442 885 451 434 July 29.. 4,270 2,449 1,821 1,139 693 446 867 436 431 Aug. 26. 4,295 2,470 1,825 1,135 685 450 872 442 430 Sept. 23. 4,301 2,466 1,835 1,156 705 451 892 459 433 Oct, 28_. 4,331 2,471 1,860 1,177 717 460 891 456 435 Nov. 25. 4,327 2,450 1,877 1,188 728 460 901 467 434 Dec. 23 _. 4,312 2,429 1,883 1,204 757 447 901 466 435 1926 Jan. 27.. 4,313 2,430 1,883 1,226 760 466 893 452 441 Feb. 24.. 4,352 2,469 1,883 1,214 746 468 898 457 441 Mar. 24. 4,304 2,412 1,892 1,206 733 473 891 452 439 Apr. 28.. 4,346 2,463 1,883 1,221 742 479 867 430 437 May 26.. 4,402 2,497 1,905 1,215 733 482 858 425 433 June 23.. 4,400 2,472 1,928 1,208 731 477 872 438 434 July 28.. 4,437 2,496 1,941 1,210 728 482 860 421 439 Aug. 25.. 4,485 2,538 1,947 1,205 716 489 850 410 440 Sept. 22. 4,486 2,543 1,943 1,206 719 487 858 421 437 Oct. 27_ . 4,452 2,505 1,947 1,222 732 490 868 433 435 Nov. 24. 4,425 2,474 1,951 1,216 726 490 874 441 433 Dec. 29.. 4,387 2,449 1,938 1,215 737 478 858 424 434 1927 Jan. 26... 4,342 2,416 1,926 1,228 729 499 851 419 432 Feb. 23.. 4,413 2,475 1,938 1,239 730 509 860 425 435 Mar. 23.. 4,435 2,493 1,942 1,241 727 514 855 425 430 Apr. 27.. 4,454 2,497 1,957 1,245 730 515 837 406 431 May 25.. 4,530 2,551 1,979 1,245 724 521 831 400 431 June 22.. 4,536 2,517 2,019 1,236 727 509 843 410 433 July 27.. 4,526 2,502 2,024 1,237 722 515 840 409 431 Aug. 24.. 4,614 2,573 2,041 1,233 713 520 840 406 434 Sept. 28., 4,584 2,538 2,046 1,236 717 519 879 446 433 Oct. 26... 4,640 2, 574 2,066 1,258 736 522 906 466 440 Nov. 9... 4,622 2,556 2,066 1,276 754 522 933 490 443 Dec. 7... 4,740 2,6r 2,132 1,301 781 520 930 481 449 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

213 CONDITION OF ALL MEMBER BANKS No. 87.—ALL MEMBER BANKS—NET DEMAND AND TIME DEPOSITS, BY MONTHS, 1923-1927—Continued [In millions of dollars] Net de- Net de- Net de- Date d m t p e i p a m lu n o s e s d - N d m e e i p a t t s n o d s d e - - d T e i i p t m o s s e - d m t p e im a p lu n o e s s d - N d m e e i p a t t s n o d s d e - - T e i i p t m o s : e m t p im a lu n e s d N d m e e i p a t t n o s d s d e - - d T e i i p t m s os e its its its Kansas City district Dallas district San Francisco district 1923 Apr. 25 __. 1,092 800 292 665 527 138 2,223 1,183 1,04a May 23 1, 078 783 295 654 514 140 2,238 1,228 1,010 June 27 1,084 784 300 637 496 141 2,230 1,219 1,011 July 25 1,076 772 304 626 486 140 2,162 1,219 943 Aug. 29 1,084 779 305 640 501 139 2,178 1,236 942 Sept. 26 1,070 769 301 713 574 139 2,212 1,251 961 Oct. 24 1,053 752 301 770 630 140 2,232 1,279 95a Nov. 28 1,039 741 298 798 654 144 2,261 1,291 970 Dec. 26 1,039 748 291 792 647 145 2,258 1,266 1924 Jan. 23 1,033 739 294 776 625 151 2,255 1,254 1,001 Feb. 27 1,031 739 292 751 594 157 2,262 1,242 1,020 Mar. 26 1,032 739 293 724 569 155 2,243 1,217 1,026 Apr. 23 1,013 719 294 706 54.9 157 2,262 1,223 1,039 May 28. 1,018 721 297 677 523 154 2,251 1,212 1,039 June 25 1,026 728 298 670 513 157 2,258 1,206 1,052 July 23. 1,028 730 298 661 503 158 2,280 1,218 1,062 Aug. 27.. 1,057 757 300 670 510 160 2,296 1,248 1,048 Sept. 24 1,086 786 300 722 562 160 2,353 1,278 1,075* Oct. 29 1,129 830 299 770 610 160 2,427 1,321 1,106 Nov. 26. 1,148 848 300 801 642 159 2,451 1,323 1,128 Dec. 24 1,155 859 296 828 670 158 2,462 1,311 1,151 1925 Jan. 28 1,162 861 301 822 661 161 2,462 1,291 1,171 Feb. 25 1,175 872 303 847 680 167 2,474 1,290 1,184 Mar. 25 1,179 873 306 827 663 164 2,477 1,236 1, 24,1 Apr. 22 _. 1,146 839 307 802 636 166 2,494 1,251 1, 243 May 27 1,134 824 310 772 606 166 2,482 1,230 1, 252 June 24.. 1,147 837 310 756 589 167 2,508 1,240 1,268 July 29. 1,176 865 311 750 581 169 2,528 1, 250 1,278 Aug. 26 1,199 884 315 759 591 168 2, 550 1,271 1,27& Sept. 23 1,179 868 311 802 633 169 2,566 1,283 1, 283 Oct. 28 1,165 838 327 834 667 167 2,625 1,315 1, 310 Nov. 25.. 1,170 856 314 842 675 167 2,667 1,339 1,328 Dec. 23. 1,177 871 306 832 669 163 2,637 1,335 1, 302 1926 Jan. 27 1,176 862 314 827 660 167 2,635 1,312 1, 323 Feb. 24 1,178 863 315 825 654 171 2,635 1,295 1,340 Mar. 24.... 1,161 842 319 806 637 169 2,616 1,259 1,357 Apr. 28 1,148 827 321 772 606 166 2,610 1,250 1, 3fi0 May 25 1,175 853 322 763 598 165 2,640 1,264 1,376 June 23 1,173 852 321 755 588 167 2,645 1,266 1, 379 July 28 1,212 890 322 755 590 165 2,642 1,259 1, 383 Aug. 25 1,215 891 324 749 584 165 2,673 1,297 1,376 Sept. 22 1,203 878 325 779 613 166 2,744 1,315 1,429 Oct. 27 1,202 875 327 792 627 165 2,750 1,322 1,428 Nov. 24. _. 1,187 864 323 802 636 166 2,769 1,343 1,426 Dec. 29 1,185 869 316 794 632 162 2,792 1,336 1,456 1927 Jan. 26. 1,184 861 323 800 633 167 2,783 1,298 1,485 Feb. 23 1,197 873 324 828 651 177 2,902 1,326 1,576 Mar. 23 1,202 875 327 821 645 176 2,875 1,299 1,576 Apr. 27 1,182 854 328 809 633 176 2,870 1,312 1,558 May 25 1,170 839 331 792 613 179 2,905 1,315 1,590 June 22 1,176 846 330 788 607 181 2,881 1,304 1,577 July 27 1,196 861 335 781 603 178 2,856 1,310 1, 546 Aug. 24 1,210 871 339 795 612 183 2,880 1,330 1,550 Sept. 28. 1,193 852 341 851 668 183 2,917 1,343 1,574 N D O e o c c t v . . . 2 7 9 6 . 1 1 1 , , , 2 2 2 3 0 1 6 6 5 8 8 89 7 6 1 3 5 3 3 3 4 4 4 2 5 1 0 99 0 01 4 75 fo 7 7 iQy 2 2 Qy 9 2 1 1 1 8 8 8 6 5 5 3 2 2 , , , 0 9 9 3 8 3 1 2 2 1 1 1 , , , 3 3 4 6 9 2 6 8 5 1 1 1 , , , 5 6 5 8 6 0 4 6 6 NOTE.—Certain of the figures for 1923-1926 have been revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

214 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No. 88.—ALL MEMBER BANKS—DEPOSITS, BY SIZE OF CITY, 1927 [In millions of dollars. For figures by States, see Bulletin for December, 1927] Net demand plus time deposits Net demand deposits Time deposits "Federal reserve district and date Un- 5,000 15,000 100,000 Un- 5,000 15,000 100,000 Un- 5,000 15,000 100,000 der to to and der to to and der to to and 5,000 15,000100,000 over 5,000 15,000 100,000 over 5,000 15,000100,000 over Boston: Jan. 26.._ 114 160 419 1,563 48 73 214 1,049 66 87 205 514 Feb. 23... 113 160 421 1,541 46 72 212 1,029 67 88 209 512 Mar. 23 _. 113 161 423 1,552 45 72 211 1,029 68 89 212 523 Apr. 27-. 115 164 432 1,574 47 74 218 1,051 68 90 214 523 May25_. 116 164 434 1,588 47 73 218 1,057 69 91 216 531 June 22... 116 164 432 1,599 47 73 218 1,059 69 91 214 540 July 27-. 120 168 436 1,634 50 76 216 1,074 70 92 220 560 Aug. 24.. 123 170 436 1,631 53 77 214 1,067 70 93 222 564 Sept. 28.. 125 177 442 1,658 54 80 217 1,075 71 94 225 583 Oct. 26— 125 176 449 1,688 54 82 226 1,112 71 94 223 576 Nov. 9... 125 178 439 1,706 53 83 221 1,120 72 95 218 586 Dec. 7.... 124 177 434 1,707 52 82 218 1,116 72 95 216 591 New York: Jan. 26... 549 301 782 7,295 201 120 310 5,774 348 181 472 1,521 Feb. 23... 547 301 787 7,200 198 119 309 5,655 349 182 478 1,545 Mar. 23.. 563 304 794 7,469 197 120 309 5,911 366 184 485 1,558 Apr. 27... 561 310 803 7,535 202 125 315 5,951 359 185 488 1,584 May25._ 574 304 811 7,651 208 122 318 6,064 366 182 493 1,587 June 22_.. 573 312 812 7,757 206 124 315 6,127 367 188 497 1,630 July 27... 591 320 823 7,759 216 128 320 6,111 375 192 503 1,648 Aug. 24.. 593 324 825 7,587 221 131 318 5,933 372 193 507 1,654 Sept. 28.. 587 324 836 7,694 214 129 323 6,020 373 195 513 1,674 Oct. 26__. 601 326 856 7,813 218 130 335 6,112 383 196 521 1,701 Nov. 9... 608 328 858 7,943 221 131 336 6,209 387 197 522 1,734 Dec. 7-_. 606 328 857 8,163 218 131 335 6,441 388 197 522 1,722 Philadelphia: Jan. 26... 410 212 402 1,147 139 73 154 845 271 139 248 302 Feb. 23._. 413 214 403 1,157 140 74 152 848 273 140 251 309 Mar. 23.. 416 214 406 1,141 141 73 154 833 275 141 252 308 Apr. 27... 418 214 409 1,140 140 72 154 828 278 142 255 312 May 25.. 418 214 412 1,133 140 72 155 823 278 142 257 310 June 22... 422 213 415 1,117 141 71 154 812 281 142 261 305 July 27... 424 214 419 1,123 140 71 154 808 284 143 265 315 Aug. 24.. 432 216 421 1,132 144 72 154 825 288 144 267 307 Sept. 28_. 434 218 430 1,161 148 74 159 839 286 144 271 322 Oct. 26— 435 220 429 1,161 147 75 156 837 288 145 273 324 Nov. 9... 440 222 433 1,158 148 76 160 835 292 146 273 323 Dec. 7—. 436 222 432 1,170 148 76 160 841 288 146 272 329 Cleveland: Jan. 26.-. 349 278 413 1,901 142 124 1,040 207 154 219 861 Feb. 23... 350 283 414 1,909 143 128 196 1,044 207 155 218 865 Mar. 23.. 354 283 416 1,994 142 126 192 1,105 212 157 224 889 Apr. 27— 353 281 422 1,994 141 124 197 1,053 212 157 225 941 May 25.. 359 283 423 2,010 140 125 196 1,060 219 158 227 950 June 22... 352 288 426 2,017 140 130 196 1,110 212 158 230 907 July 27... 357 292 429 2,028 145 134 203 1,092 212 158 226 936 Aug. 24.. 354 295 440 2,037 145 133 207 1,087 209 162 233 950 Sept. 28.. 353 296 437 2,022 145 133 202 1,055 208 163 235 967 Oct. 26... 351 292 438 2,004 143 129 202 1,051 208 163 236 953 Nov. 9... 353 287 438 1,988 143 125 201 1,059 210 162 237 929 Dec. 7— 354 293 439 2,026 141 128 201 1,097 213 165 238 929 Hichmond: Jan. 26— 239 157 321 451 95 66 173 297 144 91 148 154 Feb. 23... 238 156 317 446 95 65 169 291 143 91 148 155 Mar. 23.. 239 157 318 440 94 65 171 283 145 92 147 157 Apr. 27... 235 158 318 446 92 64 283 143 94 149 163 May 25-. 236 158 322 444 92 64 171 280 144 94 151 164 June 22.. 236 161 322 450 92 66 171 284 144 95 151 166 July 27... 240 160 332 474 93 64 172 305 147 96 160 169 Aug. 24. _ 241 159 330 472 93 63 169 300 148 96 161 172 Sept. 28.. 246 165 336 465 97 68 175 296 149 97 161 169 Oct. 26... 251 168 342 463 101 71 180 287 150 97 162 176 Nov. 9--. 254 173 346 470 104 75 183 294 150 98 163 176 Dec 7 255 175 351 474 103 75 185 300 152 100 166 174 Atlanta: Jan. 26... 145 153 405 376 84 85 226 241 61 68 179 135 Feb. 23... 147 155 405 382 85 86 225 241 62 69 180 141 Mar. 23.. 146 152 400 374 84 82 220 232 62 70 180 142 Apr. 27... 143 150 400 378 81 79 219 236 62 71 181 142 May 25.. 141 146 403 372 78 75 219 228 63 71 184 144 June 22. _ 138 146 395 370 75 73 211 228 63 71 184 142 July 27__. 137 141 387 371 73 72 202 228 64 69 185 143 Aug. 24.. 138 139 387 372 75 71 203 231 63 68 184 141 Sept. 28_. 148 140 390 379 83 73 206 237 65 67 184 142 Oct. 26-. 149 142 389 392 85 74 206 242 64 68 183 150 Nov. 9... 150 144 390 394 86 75 207 244 64 69 183 150 Dec. 7—. 148 143 394 402 85 75 211 251 63 68 183 151 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONDITION OF ALL MEMBEK BANKS 215 No. 88.—ALL MEMBER BANKS—DEPOSITS, BY SIZE OF CITY, 1927—Continued [In millions of dollars] Netdemand plus time Net demand deposits Time deposits deposits Federal reserve district and date Un- 5,000 15,000 100,00C Un- 5,000 15,000 100,00( Un- 5,000 15,000 100,000 der to to and der to to and der to to and 5,000 15,00C100,00 over 5,00015,00( 100,00C over 5,000 15,00(100,00() over Chicago: Jan. 26 435 299 798 2,810 184 125 384 1,723 251 174 414 1,087 Feb. 23. 439 301 814 2,859 191 127 397 1,761 248 174 417 1,098 Mar. 23 439 306 822 2,867 191 131 404 1,767 248 175 418 1.100 Apr. 27 439 311 834 2,871 191 135 409 1,763 248 176 425 1,108 May 25 440 311 832 2,947 191 133 406 1,821 249 178 426 1,126 June 22 442 313 834 2,947 191 133 406 1,787 251 180 428 1,160 July 27 440 314 829 2,943 187 132 399 1,784 253 182 430 1,159 Aug. 24 443 314 833 3,024 189 131 400 1,854 254 183 433 1,170 Sept. 28 442 316 838 2,987 188 133 399 1,818 254 183 439 1.169 Oct. 26. 439 316 844 3,042 184 131 402 1,858 255 185 442 1,184 Nov. 9 436 318 848 3,020 183 132 404 1,837 253 186 444 1,183 Dec. 7 438 320 844 3,139 181 132 399 1,896 257 188 445 1,243 St. Louis: Jan. 26 196 124 177 731 106 71 97 456 90 53 80 275 Feb. 23 197 128 177 739 106 73 95 457 91 55 82 282 Mar. 23 197 129 178 738 106 74 96 452 91 55 82 286 Apr. 27 198 131 177 738 107 75 95 453 91 56 82 285 May 25 200 131 182 733 108 75 99 443 92 56 83 290 June 22. . 192 129 182 732 102 73 98 453 90 56 84 279 July 27 190 127 185 735 100 70 100 452 90 57 85 283 Aug. 24 190 125 184 734 100 68 99 447 90 57 85 287 Sept. 28 193 127 181 735 103 69 97 448 90 58 84 287 Oct. 26 194 129 185 751 104 71 100 461 90 58 85 290 Nov. 9 195 132 186 763 105 74 101 474 90 58 85 289 Dec. 7 198 132 187 783 107 74 101 499 91 58 86 284 Minneapolis: Jan. 26 258 183 145 265 100 78 72 169 158 105 73 96 Feb. 23... 263 183 146 268 102 77 73 173 161 106 73 95 Mar. 23 257 183 147 267 101 78 74 172 156 105 73 95 Apr. 27 254 180 146 257 98 74 72 161 156 106 74 96 May 25 249 178 147 257 96 74 72 158 153 104 75 99 June 22. 250 182 153 258 97 76 78 159 153 106 75 99 July 27 248 182 154 256 95 77 79 159 153 105 75 97 Aug. 24_ .. 248 182 152 260 95 76 76 160 153 106 76 100 Sept. 28 257 186 155 281 106 80 78 182 151 106 77 99 Oct. 26 260 190 158 296 109 84 80 192 151 106 78 104 Nov. 9 262 195 165 311 111 88 86 204 151 107 79 107 Dec. 7 260 196 165 309 109 87 . 85 200 151 109 80 109 Kansas City: Jan. 26. . 294 181 311 398 200 121 230 310 94 60 81 88 Feb. 23 296 179 325 398 202 119 244 309 94 60 81 89 Mar. 23. . 295 179 329 399 201 119 246 309 94 60 83 90 Apr. 27 290 180 322 391 196 119 236 303 94 61 86 88 May 25 285 177 316 391 191 116 229 303 94 61 87 88 June 22 286 179 314 397 191 118 228 309 95 61 86 88 July 27 290 178 320 407 194 117 232 317 96 61 88 90 Aug. 24 291 180 322 417 195 118 233 325 96 62 89 92 Sept. 28 291 181 321 399 196 119 231 306 95 62 90 93 Oct. 26 302 186 319 399 207 124 228 306 95 62 91 93 Nov. 9. 307 186 321 402 212 123 229 309 95 63 92 93 Dec. 7 312 189 325 409 216 126 232 316 96 63 93 93 Dallas: Jan. 26 201 126 183 290 183 100 131 219 18 26 52 71 Feb. 23. 205 130 182 311 187 103 127 234 18 27 55 77 Mar. 23 198 127 188 308 179 100 131 235 19 27 57 73 Apr. 27.. _ 193 125 185 305 174 98 129 232 19 27 56 73 May 25 190 124 182 298 170 96 125 223 20 28 57 75 June 22 188 124 176 299 168 96 120 223 20 28 56 76 July 27 187 123 178 294 167 95 120 221 20 28 58 73 Aug. 24 190 126 177 302 170 97 120 225 20 29 57 77 Sept. 28 219 134 185 313 199 105 128 236 20 29 57 77 Oct. 26 234 139 188 324 214 109 130 246 20 30 58 78 Nov. 9 241 141 191 334 222 111 133 255 19 30 58 79 Dec. 7. 243 141 194 338 224 111 136 258 19 30 58 80 San Francisco: Jan. 26 266 137 248 2,132 152 79 147 920 114 58 101 1.212 Feb. 23 258 131 250 2,263 148 75 148 955 110 56 102 ,308 Mar. 23 255 131 248 2,240 146 75 145 932 109 56 103 ,308 Apr. 27 256 129 248 2,238 147 74 145 947 109 55 103 ,291 May 25. 256 135 248 2,266 147 78 145 945 109 57 103 ,321 June 22 .__ 259 136 236 2,251 149 78 140 938 110 58 96 313 July 27. 261 135 238 2,222 150 76 142 942 111 59 96 280 Aug. 24 263 137 239 2,241 153 77 143 957 110 60 96 1,284 Sept. 28 268 143 249 2,257 158 83 148 954 110 60 101 1,303 Oct. 26 273 144 241 2,275 161 83 144 979 112 61 97 1,296 Nov. 9__ 277 149 248 2,307 165 87 150 995 112 62 98 1.312 Dec. 7 278 149 246 2,357 166 87 149 1,023 112 62 97 1334 i Digitized for FRASER 110390—28 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

216 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No. 89.—ALL MEMBER BANKS—RESERVE BALANCES, BY MONTHS, 1923-1927 fMonthly averages of daily figures. In millions of dollars] Federal Reserve District Month Boston Y N o e r w k P p d h h e i i l l a a - - C la le n v d e- m Ri o c n h d - la A n t t - a C ca h g i o - L S ou t. is n M o e l a i i n p s - - K C s a a it n s y - Dallas F c S r is a a c n n o - 1923 January 128.3 718.5 114.0 158.3 63.4 57.4 276.4 74.3 50.3 83.6 54.2 139.5 February 124.5 714.4 111.8 155.9 61.2 56.6 277.6 72.6 49.1 84.0 54.2 139.0 March 122.0 691.2 112.7 156. 0 . 61.5 56.1 276.6 72.4 49.4 84.2 52.9 138.1 April... 124.3 686.3 114.5 158.5 59.9 55.4 276.3 71.7 48.9 82.9 50.5 139.5 May 125.4 685.5 114.2 159.1 60.1 55.5 281.3 71.5 47.1 80.7 49.2 144.2 June 125.5 112.9 159.2 58.6 54.9 277.0 70.2 47.0 80.2 47.3 145.2 July 126.9 114.4 160.2 59.7 53.9 277.3 69.1 46.5 80.2 45.3 143.4 August. 125.1 664.9 114.8 160.3 59.2 52.4 274.5 68.8 45.6 80.5 44.9 143.7 September 125.1 672. 6. 115.0 160.6 59.5 51.4 275.3 67.0 46.3 79.8 50.2 144.6 October.. 129.4 683.1 115.3 159.1 61.3 51.6 271.1 66.0 47.1 77.6 55.9 146.7 November 127.9 115.1 156.7 62.7 53.4 271.7 66.9 48.2 76.1 59.2 149.4 December 125.3 690.9 115.0 156.3 62.8 54.8 272.6 69.4 47.9 77.0 60.7 149.1 1924 January.. 127.7 707.3 115.1 159.7 65.0 57.1 275.9 70.7 47.4 76.8 59.1 148.9 February 125.0 701.4 114.1 158.9 62.7 56.3 276.7 70.6 46.8 76.2 57.7 145.9 March 123.8 725.3 113.1 160.0 61.1 56.6 280.5 70.1 48.4 77.3 54.7 144.4 April 125.9 717.9 113.8 157.6 61.0 56.7 280.1 70.5 47.7 75.9 52.6 145.4 May._ 127.4 730.7 115.3 159.9 59.9 55.6 286.9 70.2 45.7 75.1 50.4 145.0 June 130.6 789.1 118.2 162.8 60.8 55.3 295.7 71.0 47.4 75.2 49.4 145.0 July 136.3 810.6 121.0 168.1 61.4 54.9 300.5 71.8 46.5 77.9 48.1 149.1 August 135. 4 822.0 121.8 171.9 61.9 54.6 309.2 70.8 46.6 79.3 47.5 150.9 September 136.4 843.2 124.8 173.7 62.5 56.6 315.8 72.1 48.9 81.1 51.7 153.3 October 139.7 840.2 126.1 174.1 63.3 57.7 315.4 73.3 53.0 84.0 55.9 158.1 November 139.1 846.8 127.9 174.5 64.4 59.6 310.1 76.0 57.6 87.5 60.0 161.1 December 135.6 866.8 126.0 173.0 64.7 61.6 309.6 77.3 57.5 87.9 61.5 160.2 1925 January 138.8 855.4 128.5 174.9 64.9 314.3 80.3 56.5 89.4 64.3 160.2 February 135.5 828.7 126.2 175.2 66.0 64.9 313.2 80.6 55.4 89.5 65.2 158.3 March 133.9 816.3 126.1 173.3 64.4 66.5 311.3 79.4 55.9 90.2 64.4 155.9 April 133.9 816.7 127.3 172.6 63.7 67.2 307.9 77.0 53.2 87.4 61.3 155.0 May 136.1 822.2 128.4 171.9 63.7 67.4 316.8 76.6 50.9 85.5 58.6 153.9 June 138.7 822.3 128.9 174.8 62.8 68.0 317.7 76.4 52.7 86.7 57.6 154.7 July 141.7 825.8 129.6 178.1 64.7 68.3 322.0 76.0 51.7 89.3 56.3 156.8 August 141.1 816.0 129.2 177.1 64.3 71.7 323.3 75.2 50.8 90.3 55.6 157.0 September 141.6 814.1 130.4 175.7 65.5 76.0 322.8 76.1 52.6 88.7 59.0 158.7 October.. 146.5 833.4 132.7 176.4 67.4 79.6 324.6 78.7 52.5 87.6 61.7 162.0 November 146.5 845.4 132.2 174.7 68.4 81.1 324.0 79.6 53.8 87.5 62.9 165.4 December 143.4 848.2 132.8 172.2 67.8 79.7 320.6 81.5 53.9 89.4 63.2 165.7 1926 January.. 145.2 854.3 135.3 174.2 68.2 80.4 322.8 84.0 53.6 63.2 165.1 February 142.1 837.7 131.6 177.6 68.0 78.8 322.4 81.9 52.5 89.1 62.8 163.8 March 140.8 843.2 131.0 175.5 66.7 78.4 322.1 80.7 52.5 87.4 60.9 158.5 April 142.9 834.4 133.9 175.3 66.0 75.1 318.5 80.6 51.3 86.2 59.4 159.7 May.. _ 143.9 839.1 134.8 178.5 66.3 73.2 326.7 81.5 50.4 86.9 58.0 160.2 June... 144.4 848.6 134.3 179.2 65.5 71.7 326.7 80.3 50.7 87.4 56.6 160.7 July 146.2 841.2 135.0 182.1 67.8 70.9 330.3 81.1 49.9 90.7 56.2 160.3 August 143.6 830.4 133.8 184.9 67.0 70.1 334.5 79.7 48.1 91.7 55.9 161.2 September 145.1 835.9 134.7 184.3 67.0 68.9 334.3 79.4 48.8 90.8 56.5 165.5 October. __ 149.8 835.2 136.0 182.4 67.8 70.1 331.3 80.9 50.0 89.6 59.0 166.8 November 150.2 835.2 136.2 179.8 68.7 68.7 326.7 80.1 51.3 89.1 59.6 168.8 December 145.5 850.8 135.7 176.5 67.9 67.9 323.8 80.4 50.7 60.8 169.2 1927 January..... 146.1 864.3 139.0 178.6 70.1 70.5 324.6 81.4 50.6 88.9 60.7 168.1 February 144.5 838.3 136.7 179.9 69.3 69.8 324.6 81.2 49.2 89.1 62.4 167.1 March 144.1 856.6 136.9 185.7 68.8 69.5 325.1 81.4 50.3 89.6 62.2 169.7 April 145.6 863.3 137.4 184.7 68.3 69.4 328.0 81.6 48.9 89.0 60.9 171.3 May _. 146.2 I 875.3 136.1 185.2 68.8 68.4 335.1 81.1 47.7 87.4 59.7 171.3 June 147.9 913.3 135.8 187.2 69.5 67.1 334.5 80.8 48.5 87.2 58.5 170.5 July 151.1 894.8 136.4 187.1 71.6 66.7 333.9 81.0 49.1 88.8 58.8 169.6 August 150.2 136.8 189.3 72.0 65.6 341.2 80.0 48.3 89.9 58.3 170.5 September 151.0 138.6 187.4 72.1 67.6 339.7 80.1 51.0 88.9 61.7 173.8 October. _ 155.0 895.9 139.4 187.4 71.8 68.5 343.0 82.5 54.0 88.8 64.8 174.9 November 157.4 922.5 139.8 188.5 74.1 68.6 342.5 85.3 56.3 91. 0 67.7 179.3 December 155.1 944.9 138.7 186.3 73.5 69.3 347.2 86.3 55.2 91.3 69.0 182.3 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

217 CONDITION OF ALL MEMBER BANKS No. 90.—ALL MEMBER BANKS—BORROWINGS AT FEDERAL RESERVE BANKS, BY MONTHS, 1923-1927 [Monthly averages of daily figures. In millions of dollars] Federal Reserve District Month Boston Y N o e r w k P d h e il l- a- C l l a e n v d e- m Ri o c n h d - la A n t t - a c C a h g i o - L S o t u . is n M ea in p - - K s a as n- Dallas F S r a a n nphia olis City 1923 January 45.2 188.1 43.6 28.9 42.3 23.5 65.3 17.6 19.4 23.0 16.1 35.9 February. _. 57.6 242.5 56.7 27.0 40.8 18.6 58.0 15.8 18.1 17.7 16.3 41.8 March 50.6 204.5 57.2 34.6 46.2 19.2 86.2 22.8 17.9 22.1 18.2 49.0 April 47.6 185.4 56.7 44.0 55.9 22.7 91.0 27.7 20.2 27.3 21.5 60.0 May 42.6 177.2 62.6 54.7 62.5 29.4 89.8 32.6 24.8 39.3 26.8 66.2 June 50.6 163.9 70.5 57.3 65.2 34.2 88.2 42.3 27.0 47.2 31.9 65.9 July 52.5 207.6 71.2 67.6 66.8 39.7 85.6 46.8 29.3 48.2 40.0 81.7 August 56.8 197.8 64.6 57.8 68.9 44.2 75.6 51.3 28.4 40.9 47.3 77.8 September 63.6 191.5 60.7 54.6 75.4 59.0 81.2 65.9 29.3 41.6 38.7 86.3 October 47.2 192.0 59.0 61.8 72.9 79.2 108.9 72.3 29.1 52.9 24.1 75.8 November 50.1 154.4 55.9 65.5 61.6 83.9 101.7 69.8 23.4 59.7 17.4 58.2 December 67.7 146.1 59.3 65.1 55.5 76.0 99.1 58.5 21.7 56.8 12.9 56.1 1924 January 34.3 121.0 45.3 42.5 47.4 53.4 71.3 45.4 18.2 42.4 9.6 49.7 February 31.0 122.3 40.8 37.0 47.0 42.0 57.2 37.0 16.0 31.3 9.4 45.3 March 27.5 79.8 41.9 38.2 54.6 46.2 58.9 34.6 14.6 25.2 9.8 48.2 April -. 23.4 87.6 40.5 49.7 59.3 43.8 60.6 33.3 14.9 24.3 11.8 45.2 May __ 17.9 62.3 32.9 43.8 55.8 41.1 57.5 27.3 16.5 24.8 14.2 41.3 June 17.1 41.5 30.1 35.7 50.7 38.5 48.8 24.1 15.0 23.8 15.9 33.5 July 11.2 45.5 25.6 21.0 47.2 30.6 41.7 19.7 14.8 16.9 18.3 25.8 August 11.7 31.9 21.3 16.9 35.1 30.4 34.8 18.9 14.2 12.6 22.4 19.6 September 10.1 40.5 19.2 19.8 36.9 27.4 29.5 22.2 12.2 10.3 17.8 16.8 October 6.9 44.9 18.6 21.3 35.5 25.4 29.2 21.9 7.8 7.7 7.9 13.8 November 13.0 38.6 22.9 26.4 30.8 22.5 32.4 15.9 5.4 6.5 4.0 10.6 December 21.4 75.5 40.3 20.9 12.0 5.1 5.7 3.6 11.7 1925 January 19.7 76.1 26.1 34.8 26.9 14.7 36.0 8.8 4.7 5.0 3.0 11.7 February. _. 19.7 147.4 30.4 33.1 25.4 12.4 32.0 9.3 4.3 5.0 2.3 17.2 March 30.3 153.3 37.1 40.2 33.3 16.2 35.0 10.2 4.1 4.5 2.1 25.4 April 34.2 119.3 38. 2 40.3 41.4 19.4 50.0 15.3 5.2 6.9 2.3 31.6 May 28.7 105.3 37.6 39.6 47.7 20.5 49.6 18.5 6.2 7.7 4.3 32.6 June 35.5 125.6 40.6 42.9 49.1 22.9 45.5 20.0 5.1 7.4 6.1 36.9 July 33.6 144.5 45.9 46.1 50.8 23.7 52.1 21.1 6.1 7.2 8.5 42.9 August 36.5 168.0 49.4 56.6 50.5 31.2 52.0 27.6 8.8 7.6 10.4 46.3 September 29.3 204.4 49.1 62.9 53.6 30.8 50.2 34.9 6.9 8.5 9.2 54.3 October 42.5 195.5 53.4 74.1 48.2 26.8 68.8 31.1 6.2 11.8 8.0 55.8 November 38.0 168.0 53.4 76.0 42.3 24.5 70.2 29.2 5.7 18.5 9.6 60.5 December 51.6 207.0 59.4 88.1 45.7 30.3 93.4 24.7 5.8 18.2 9.7 57.0 1926 January 31.9 163.2 48.2 59.2 38.0 27.0 80.1 19.7 4.7 15.5 7.5 31.1 February. _. 38.8 180.2 56.2 42.7 38.3 26.6 66.9 20.8 6.4 17.1 5.8 25.3 March 35.2 140.8 59.9 56.6 43.6 40.0 75.5 26.1 6.7 17.5 6.6 50.3 April 28.5 129.2 53.3 56.2 45.1 44.4 75.3 28.2 6.4 19.0 7.4 46.7 May 27.1 136.8 49.7 52.1 46.6 35.2 56.3 26.7 6.9 20.1 9.8 47.2 June 24.8 117.8 49.2 44.0 47.4 38.4 52.5 28.5 5.3 18.5 11.9 37.7 July 34.5 166.0 48.1 37.2 41.8 42.0 60.9 30.6 7.6 16.2 16.1 48.0 August 36.7 163.3 45.9 33.7 44.9 47.6 54.6 35.2 13.1 12.7 20.1 48.2 September 45.5 182.4 46.2 45.0 46.4 55.3 67.7 43.5 11.2 13.5 25.0 60.0 October 42.2 164.6 49.9 70.4 45.7 55.7 89.2 42.2 11.1 12.5 19.5 62.7 N D o ec v e e m m b b e e r r 3 55 8 . . 7 0 1 1 3 5 4 4. . 6 9 4 6 3 0 . . 8 8 9 7 0 5. . 6 1 2 3 9 5 . . 6 5 4 5 7 0 . . 6 5 1 11 0 9 5 . . 2 7 3 37 7 . . 8 5 8 5 . . 6 1 1 1 6 3 . . 9 7 1 1 7 0 . . 2 3 5 47 4 . . 3 1 1927 January 33.4 118.3 43.7 61.5 22.5 34.2 90.2 19.1 4.1 10.4 5.4 37.8 February._. 29.0 91.2 35.7 38.9 23.4 26.8 78.5 14.6 4.0 9 3 3.1 38.6 March 35.8 112.2 41.0 31.7 22.1 31.7 71.1 14.4 4.5 S.6 3.2 48.3 April 23.2 121.6 43.7 53.9 22.5 34.1 56.3 16.2 6.1 11.9 4.4 53.3 May 37.1 137.8 45.8 43.6 25.5 34.6 52.7 24.0 6.7 17.3 4.7 43.1 June 33.8 91.9 45.2 41.8 22.4 32.6 63.9 26.3 6.5 16.5 6.2 41.4 July 29.7 122.9 46.8 35.4 21.8 36.3 59.7 29.8 6.0 12.5 7.4 45.8 August 29.9 118.4 39.6 27.8 19.7 34.7 40.5 24.7 6.1 9.3 12.7 46.1 September 28.4 142.4 38.2 34.8 26.3 31.1 31.4 28.0 4.4 10.7 11.0 35.6 October -33.3 126.9 38.4 43.7 28.9 26.0 36.5 21.5 2.7 15.7 7.2 43.7 November 36. 4 106.5 38.1 46.8 21.5 32.7 46.9 18.1 2.6 18.1 8.4 39.1 December 40.2 171.1 47.9 58.6 24.4 36.1 65.0 19.3 3.0 15.2 5.4 42.4 Back figures—See Table 55, p. 135. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

218 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD CONDITION OF ALL MEM No. 91.—ALL MEMBER BANKS—TOTAL LOANS [In millions 1923 1924 1925 State Apr. 3 June 30 Sept. 14 Dec. 31 Mar. 31 June 30 Oct. 10 Dec. 31 Apr. 6 June 3C United States 26,141.2 26, 507. 5 26,319. 3 ( 26,486. 9 26, 663.4 27,166. 1,311.0 28,745.729,045.6 29,518. New England: Maine 135.0 139.4 140. 140.4 141. 142. 144.9 146.3 150.1 150.6 New Hampshire 57.6 58.3 58.9 58.8 59.: 58. 59.1 59.9 61.3 63.2 Vermont 50.1 51.5 51.8 52.2 51.6 52. 53.6 53.7 54.1 55.4 Massachusetts.. 1, 309. 6 1, 356.4 1, 365.1 1,336. 5 1, 317.8 1,353. 1, 440. 5 1, 418. 61,445. 5 1, 494. 6 Rhode Island... 242. 9j 247.3 252.0 249 3 254.0 259. 271.9 273.4 279.0 284.3 Connecticut 223.5 230.2 228.7 231. 235.2 229. 235.2 227.2 231. 2 232.8 Middle Atlantic- New York 6, 686. 26,694.8 6,484.8 6,668.1 6,749.7 7, 209. 67, 584. 07, 744.1 7,563.8 7,762.7 New Jersey 896.6 931. 51 947.3 969.3 977.4 1,006.1 1,035. 6 1,077. " 1,099. 3i 1,150.5 Pennsylvania. _. 2,700. 2,790.4 2,766.5 2,769.9 2,825.1 2,897.1 3, 027. 7 3, 073. 0 3,138.5 3,156.4 East North Central: Ohio 1, 510. 2 1,560.21 1,577.7 1,556. 6 1, 586. 5 1, 601. 0 1. 667.1 1, 626.8 1, 1, 720. 9 Indiana 358.5 370. 9! 364.0 354.2 359. 9 354. £ 362.3 360.9 371.4 Illinois ..._ 2, 043. 5 2, 032. 2 2, 021. 5 2, 023.8 2,022. 5 2,094.9 2, 270.1 2, 233.0 2,211.3 2, 269. 0 Michigan 975.411, 009.1 1, 016. 51, 015. 4 1,055.9 i,or 1,102.1 1,124. 1,175.1 1, 232. 5 Wisconsin 406.2 403.1 398.0 398.6 415." 410.2 411.4 413.5 436.1 433.8 West North Central: Minnesota 512.8 510.2 515.0 506.0 517.3 491.4 533.2 560.2 546.6 533. Iowa 428.6 428.9 429.5 430.6 428.3 416.2 419. 415.3 427.8 413.6 Missouri 757.9 755.0 761. 752.4 749.4 739.2 781.8 821.5 838.5 815.1 North Dakota.. 80.3!! 80.4 79.2 75.9 74.3 71. £ 71.3 77.3 81.7 78.8 South Dakota.. 93. 2i 94.0 85,9) 83.3 70.0 69.1 69.4 72.1 72.9 71.5 Nebraska 198. 9| 201.1 199. 9| 196.9 184.4 17 180.9 182.5 190." 187.6 Kansas 171.7 176.3 175.2 168.8 162.3 161.8 159.2 168.9 174.5 180.6 South Atlantic: Delaware 41.7 43.9 47.9 46.9 48.2 49. 52.4 51.7 54. 52.9 Maryland 255. 6 258.6 262.0 259.7 263.3 260.9 281.0 275.5 283.3 296.8 Dist. of Col 102. 4 101. 9! 103.7 104.3 101.7 101.0 104.9 109.5 112.8 113.2 Virginia 350.4 354.91 358.0 360.4 358.8 356.3 352.1 356.6 366.1 363.3 West Virginia _ _ j 192.4 199.1 198.7 202. 204.0 199.9 197.3 198.4 194.6 194.7 North Carolina. | 184.1 184.3 188. 5 191.7 197.6 190.9 196.1 197.5 206.0 203.6 South Carolina.! 116.51 117.6 117.0 121.2 122. 117.9 117.9 118.0 115.4 115.3 Georgia 239. 91 243. 2 243.6 254. 9 238.9 237.7 234.9 237.7 243.3 242.4 Florida 135. 9! 133.6 131. 138.4 151.3 144.4 149.8 169.4 215.8 244.2 East South Central: Kentucky 263.4 270.9 267.9 272.1 266.8 263.6 260.9 270.0 274.0 273.1 Tennessee 226.5 225. 6 235.2 245.4 238.8 231.6 230.7 232.4 236. 7 235. 9 Alabama 166. 3i 164.9 166.1 176.1 174.1 170.6 174.1 180.3 181.4 180.2 Mississippi 57.8 58.3 58.5 60.5 67.1 68.5 67.9 72.1 73.1 West South Central: Arkansas.. 112.7 115.3 115.4 118.0 115.1 114. 121.6 119.7 121.0 122.0 Louisiana.. 223. 231.0 232.4 256.2 241.8 224. 234.5 244.9 248.9 241.1 Oklahoma 281.9 284.5 275.0 263.5 255.5 253. 254.7 254.4 269.7 273.8 Texas 677.0 653.5 689.2 724.7 702.6 656. 690.2 721.5 743. 7 723.0 Mountain: Montana. _ 104.4 103.7 102.1 90.7 77.0 78.1 80.5 83.9 86.1 86.9 Idaho 57. 58.9 57.9 57.7 54.3 53.7 51.1 53.4 48.1 49.9 Wyoming.. 47.9 48.9 50.0 47.9 45.7 43.6 34.0 30.9 31.2 31.9 Colorado.. 213.7 217.1 218.1 216.2 213.0 209.4 216.1 221.5 222.3 218. 6 New Mexico 35.3 35.3 34.7 30.5 21.1 21.8 20.9 19.9 20.7 20.2 Arizona 28.5 28.1 28.4 29.1 29.1 27.7 27.4 28.3 28.3 28.7 Utah 74.8 76.1 76.3 74.3 75.3 75.3 77.3 79.4 80.6 78.0 Nevada 12.6 12.6 12.8 12.8 12.8 12.8 13.1 13.1 13.5 14.0 Pacific: Washington 247.2 253.4 254.3 254.9 261.7 255. 9 252. 4 257. 6 272.4 271. 4 Oregon. 183.0 186.1 192. 0 190.3 189. 184.3 187.4 185.3 189. 5 188. 5 California 1, 668.1 1, 725. 0 1, 678. 91,638.0 1, 703. 7 1, 695.1 1, 755. 5 1, 835. 5 1,883.6 1,922.9 * See notes 1, 2, and 3, Table 86. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONDITION OF ALL MEMBER BANKS 219 BER BANKS, BY STATES AND INVESTMENTS,1 BY STATES, 1923-1927 of dollars] 1925 1926 1927 State Sept. 28Dec. 31 Apr. 12 June 30Dec. 31 Mar. 23 June 30 Oct. 10Dec. 31 30,175.530,884.230,819.031,183. 631,641. 731,949.032, 756. 533,185. 834,246. 9 United States. New England: 157. 2 155.5 162.8 164.1 169.8 174.7 180.2 184.7 168.2 Maine. 65.6 65.9 65.6 66.4 66.8 68.0 68.0 69.0 69.2 New Hampshire. 56.6 56.8 58.0 59.3 61.7 61.9 63.6 65.0 65.6 Vermont. 1, 538. 71, 582. 71, 579.9 1, 612. 31, 602. 81, 595. 01, 662. 41, 704.4 1, 700. 5 Massachusetts. 294.2 304.1 307.9 306.8 316.1 321.4 326.0 329.9 333.5 Rhode Island. 242.0 247.2 252.2 254.6 264.9 271.9 293.8 303.7 306.0 Connecticut. Middle Atlantic: 7,812. 7 8, 250. 57, 974. 78,220. 5 8, 512. 58,430.9 8,923.1 8,897.2 9,673.9 New York. 1,193. 4 1,228.1 1, 249. 81,277. 0 1, 347. 31, 356. 81, 392. 71,430. 8 1, 472.2 New Jersey. 3, 219. 63,235. 5 3, 318. 23, 342. 23,398. 9 3, 502. 43,486.1 3, 538.6 3, 554. 8 Pennsylvania. East North Central: 1, 771. 51, 735.1 1, 780. 71,813.3 1, 780.6 1,810.0 1,868.8 1,926. 5 1,872.1 Ohio. 375.7 381.1 379.1 399.3 394.4 385.2 400.5 401.1 409.3 Indiana. 2, 319. 92, 352.1 2, 317.3 2, 389. 92, 383. 92,421.1 2,493. 5 2, 535. 82, 630. 5 Illinois. 1, 235. 61,254.1 1,278. 8 1,302. 7 1,305. 0 1, 313. 61,358.4 1,348. 0 1,350. 7 Michigan. 437.4 441.7 463.8 459.8 456.1 466.6 466.1 462.6 468.8 Wisconsin. West North Central: 537.5 533.8 524.9 522.0 516.9 515.9 509.5 532.3 541.1 Minnesota. 414.9 399.9 408.7 387.9 359.0 362.7 357.8 362.4 361.0 Iowa. 841.7 870.5 888.9 890.3 871.8 893.2 898.0 899.0 917.8 Missouri. 80.2 82.7 83.7 80.7 75.0 74.9 72.6 74.6 74.9 North Dakota. 72.1 69.3 69.6 67.5 60.3 59.6 59.6 62.3 63.1 South Dakota. 185.8 188.2 189.9 178.9 172.0 173.1 167.2 173.3 176.4 Nebraska. 184.0 183.1 181.7 188.6 189.6 191.6 194.2 194.2 199.4 Kansas. South Atlantic: 51.6 52.4 55.1 54.1 56.9 61.0 62.7 64.2 64.5 Delaware. 294.4 304.4 305.9 300.7 303.2 311.3 313.4 333.6 328.5 Maryland. 111.7 115.8 118.0 117.5 117.3 122.4 125.3 126.2 122.1 Dist. of Columbia. 383.2 383.4 372.1 374.5 374.2 375.7 382.1 393.6 400.8 Virginia. 194.1 198.7 197.9 196.8 198.4 198.9 202.9 202.1 201.2 West Virginia. 210.3 205.5 216.9 211.5 202.2 203.1 208.7 220.4 222.7 North Carolina. 116.4 117.9 117.4 114.8 112.4 110.5 113.0 116.2 121.1 South Carolina. 265.3 252.1 258.0 251.3 244.6 249.2 252.4 266.8 257.1 Georgia. 301.3 336.9 320.1 275.8 258.2 255.9 238.3 228.7 222.5 Florida. 280.7 284.7 284.2 283.2 290.7 298.1 304.9 314.5 317.1 -EifclSu OOLlbll UcXltldil* Kentucky. 252.7 254.9 254.7 252.2 253.7 251.1 253.4 260.3 270.8 Tennessee. 188.3 191.1 195.6 194.4 196.3 194.8 197.1 207.6 212.7 Alabama. 80.8 79.5 83.8 82.0 79.1 82.4 75.0 77.8 77.9 Mississippi. West South Central: 131.4 128.2 127.8 127.9 118.3 114.3 116.5 120.5 120.5 Arkansas. 264.8 283.4 277.2 264.2 • 273. 4 264.5 260.7 262.8 273.2 Louisiana. 284.9 286.6 292.1 299.8 291.3 304.9 305.4 307.8 313.5 Oklahoma. 748.3 756.0 758.4 741.5 741.2 778.0 767.5 811.2 830.1 Texas. ]VT ountain: 88.3 90.8 90.0 90.9 94.1 93.5 93.6 98.2 102.5 Montana. 48.7 53.2 52.4 51.6 54.2 52.4 51.2 51.4 53.4 Idaho. 32.8 33.4 32.9 32.7 34.3 32.7 33.2 32.9 35.1 Wyoming. 222.0 213.5 218.4 216.6 222.7 226.4 215.8 225.1 224.0 Colorado. 20.4 20.2 21.3 21.8 23.4 23.5 23.7 24.0 27.2 New Mexico. 28.2 28.1 29.7 30.0 29.9 30.9 32.7 32.7 35.6 Arizona. 78.1 82.3 80.1 79.1 79.4 78.0 75.5 76.7 83.1 Utah. 14.1 14.7 14.1 15.0 15.4 14.9 15.3 15.6 15.2 Nevada. Pacific: 273.1 275.2 284.7 278.0 275.1 281.5 282.8 299.3 302.7 Washington. 194.2 194.9 197.4 198.0 198.3 194.2 196.1 202.0 205.8 Oregon. 1,979. 42,028. 2 2,026. 62, 043. 72,197. 7 2, 294. 02,315. 0 2, 317. 92, 397. 4 California. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

220 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD Table 92.—ALL MEMBER BANKS— [In millions 1923 1924 1925 State Apr. 3 June 30 Sept. 14 Dec. 31 Mar. 31 June 30 Oct. 10 Dec. 31 Apr. 6 June United States— 18,419.1 18, 750.4 18, 718. 6 18, 841. 8 19, 045. 3 19, 204.119, 712. 5 19, 932. 8 20,175. 9 20,655.3J New England: Maine 74.4 77.3 79.0 78.8 79.5 81.4 83.3 85.5 86. 3 New Hampshire 32.4 34.5 34.9 35.2 34.7 35.0 35.0 35.2 35.9 37.9' Vermont 29.4 30.8 30. 30.9 30.3 31.3 31.3 30.9 31.4 32. 7| Massachusetts.. 1,005. 5 1,038. 2 1, 053. 0 1, 027. 1, 023. 5 1,018. 6 1, 089. 0 1,076.4 1,108. 2 1,152. 6 Rhode Island... 133.3 139.7 144.4 142.8 143.2 146.0 154.5 152.7 156.9 160. 2 Connecticut 149.1 153.8 153.5 155.5 159.9 155.3 156.5 150.9 156.3 159. 6j Middle Atlantic: New York 4, 563. 3 4, 574.1 4,454.1 4,601. 8 4,69i 4,913.6 5, 049. 6 5, 203. 2 5,108. 2 5, 281. 9| New Jersey 491.5 519.7 531.6 551.2 568.1 584.7 586.8 612.8 630.5 676. 2| Pennsylvania.- 1, 552. 7 1,626. 8 1,617.1 1, 615. 2 1,653. 5 1, 683. 6 1, 721.1 1, 732. 7 1,811.8 1, 844. 3 East North Central: Ohio..- 1,101. 6 1,159. 4 1,169. 2 1,171. 1,180. 0 1,186. 1, 217. 3 1,196. 7 1, 248. 0 1, 281. 7j Indiana 244.6 254.2 252.4 252.2 249.5 253.4 245.' 249.' 250.9 261. 6 Illinois 1, 519. 4 1, 527. 6 1, 528. 2 1, 518. 0 1, 505. 5 1, 550. 6 1,683. 7 1, 623. 9 1,607. 4 1,694.1! Michigan 642.1 655.3 668.2 654." 709.8 707.6 712.8 733.9 756.9 801. 6' Wisconsin 307.7 306.0 301.4 298.6 314.5 306.5 298.3 295.0 315.9 312. 5| WestNorth Central : Minnesota 393.8 386.7 392.1 381.2 388.9 365.4 393.4 399.0 376.4 363. 6i Iowa... 357.2 353.9 350.9 359.5 358.2 348.2 344.0 334.6 337.1 324. 71 Missouri 546.3 540.2 549.2 541.0 547.8 538.3 574.0 597.3 594.1 572. 6| North Dakota.. 66.1 66.9 66.2 62.4 60.3 58.2 56.5 54.0 54.1 53. lj South Dakota.. 81.3 82.1 74.1 71.3 58.0 56.5 53.6 54.4 53.6 52.3 Nebraska.. 166.3 165.9 166.6 167.3 156.9 148.6 149.1 149. 5 152.4 150. 2> Kansas 137.3 141.0 137. 133.5 129.7 128.1 121.5 126.4 128.6 132.lj South Atlantic: Delaware 25.0 27.2 31.5 29.9 30.9 32.4 29.5 28.8 32.7 32.3! Maryland 175.9 178.4 179.4 179.1 186.3 188.9 191.0 182.4 188.6 199. 2, Dist. of Columbia 69.0 69.5 70.7 72.1 70.6 70.7 70.8 74.3 76.2 80. ll Virginia 287.3 291. 294.9 297.1 297.6 298.7 296.1 299.0 308.4 307. 6i West Virginia. _ 147.4 153.7 153.1 160.5 157.2 156.6 155.4 160.6 154.5 155. lj North Carolina- 158.2 159.3 162.8 167.6 172.1 165.4 171.9 172.2 179.0 179. 3 South Carolina . 95.6 95.4 95.4 97.7 99.9 96.7 96.8 95.4 94. 94.2! Georgia 210.1 213.5 214.0 224.2 212.4 211.4 207.9 209.4 213.4 209. 81 Florida 94.1 89.5 87. 94.2 106.0 99.4 100.1 117.7 152.1 172. 8 East South Central: Kentucky. 191.1 196.9 198.6 210.0 207. 203.2 202.2 209.1 213.0 211.3; Tennessee 188.6 187.6 196.5 206.2 202.6 198.0 197.8 200.2 204.0 203. 1 Alabama 132.6 131.2 132.6 141.2 140.1 135.3 138.3 142.1 144.1 145. 3' Mississippi 44.7 44.9 45.0 46.8 52.4 52.6 54.2 51.8 53.0 54.5 West South Central: Arkansas 93.1 94.6 95. 99.1 96.2 98.3 104.7 99.9 99.6 101.9 Louisiana 183.2 187.3 186.2 211.6 198.5 191.2 202.8 210.3 215.6 208.0 Oklahoma 217.7 224.1 217.0 200.0 196.5 196.7 196.1 188.3 194.3 199.8 Texas 542.4 523.8 560.2 578.8 567.5 534. 4 563.7 590.2 594.7 582.6 Mountain: Montana 83.0 82.4 80.7 69.4 56.7 57.0 56.2 55.2 56.1 57.2 Idaho 47.4 48.2 47.3 45.2 43.3 41.7 39. 39.4 36.2 37.3 Wyoming... 41.4 42.3 42.9 40.8 38.6 36.1 26. 22.8 23.0 23.0 Colorado 144.0 145. 149.4 145.9 142.8 137.4 140.7 141.4 141.3 136.3 New Mexico 30.6 30.8 30.3 26.2 17.7 17.9 17.3 15.7 16.0 15.5 Arizona 22.4 22.3 22.6 22.9 23.3 22.4 22.1 22.8 21.8 22.2 Utah 57.5 56.9 57.3 55.8 55.7 55.2 56.0 56.9 58.3 57.3 Nevada 9.1 9.0 9.2 9.1 9.0 8.7 8.8 9.5 Pacific: Washington 171.8 177. 179.8 176.0 181.0 178.3 171.1 170. 0 180. 2 180.0 Oregon... 127.4 129.4 134.8 130.5 131.1 127.4 124.7 121. 0 122.1 121.9 California 1, 233.0 1,303.0 1,287. 7 1,253. 7 1,303. 2 1,294. 5 1,312. 9 1,354.9 1,394.2 1,426.1 1 See notes 1 and 2, Table 86. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

221 CONDITION OF ALL MEMBER BANKS TOTAL LOANS,1 BY STATES, 1923-1927 of dollars] 1925 1926 1927 State Sept. 28Dec. 31 Apr. 12 June 30Dec. 31 Mar. 23 June 30 Oct. 10 Dec. W 21, 285. 321,996. 321,785.022,060.222, 652. 022, 327. 022, 938. 223, 226. 523,886. 4 United States. New England: 91.1 87.9 88.0 87.8 91.4 93.1 95.9 97.3 85.9 Maine. 38.5 39.4 38.3 39.4 39.8 40.6 40.7 41.2 40.8 New Hampshire. 33.0 33.1 33.6 34.6 35.8 35.6 37.4 37.7 37.7 Vermont. 1, 200. 0 1,215.0 1,187. 5 1, 202.4 1, 203.0 1,173. 5 1, 208. 9 1, 237. 9 1, 228. 6 Massachusetts. 170.4 174.8 176.5 181.2 183.5 185.6 185.8 188.2 187.6 Rhode Island. 166.3 171.7 176.0 176.6 185.4 190.4 208.4 216.5 218.6 Connecticut. Middle Atlantic: 5, 388. 6 5,885.8 5, 565. 5 5, 739. 0 6,137. 9 5, 881. 3 6, 277. 5 6, 342.4 6, 984. 6 New York. 708.1 751.1 772.7 795.9 864.5 860.0 888.6 905.4 947.3 New Jersey. 1,907.4 1,939. 3 2,023. 6 2,046.0 2,100.4 2,095. 0 2,083. 6 2,092.1 2,070. 0 Pennsylvania. 1, 331. 0 1,319. 9 1,338. 2 1, 363. 5 1, 351. 8 1, 348. 3 1,384. 8 1,416. 7 1, 386.9 Ohio. 262.5 267.5 267.7 284.9 279.3 270.6 278.4 273.4 277.9 Indiana. 1, 749.0 1,765.1 1, 722. 3 1, 773. 7 1,810. 6 1,770.6 1,847. 7 1,904. 6 1,918. 5 Illinois. 807.4 825.7 861.1 911.4 915.2 897.0 958.2 935.4 950.7 Michigan. 312.8 311.3 329.9 322.5 319.7 326.1 323.1 317.5 315.1 Wisconsin. West North Central: 367.0 358.1 346.9 341.2 341.4 329.4 322.6 341.6 337.4 Minnesota. 325.0 315.9 317.3 295.4 270.9 269.1 259.8 258.3 258.3 Iowa. 597.4 622.5 635.2 627.0 620.4 615.4 620.9 621.1 630. 5 Missouri. 54.3 53.5 54.2 54.1 49.9 50.1 49.3 50.1 47.6 North Dakota. 51.5 48.4 46.6 45.3 39.4 38.8 38.2 39.3 38.6 South Dakota. 149.0 148.8 148.4 144.3 135.3 130.9 128.3 132.2 131.2 Nebraska. 131.3 132.5 133.4 139.3 135.1 138.0 137.6 135.2 136.8 Kansas. South Atlantic- 32.0 32.3 33.7 33.5 36.5 39.6 40.7 41.8 42.5 Delaware. 204.9 211.0 214.2 208.6 209.8 209.4 206.6 214.0 206.2 Maryland. 79.2 83.4 85.2 85.3 86.6 91.9 92.9 94.3 90.1 Dist. of Columbia. 326. 2 325.7 314.3 314.2 313.0 314.3 317.4 322.6 328.4 Virginia. 154.7 160.8 157.4 156.7 160.6 156.6 158.9 157.6 158.4 West Virginia. 183.3 181.6 187.2 184.0 177.7 174.0 177.4 183.3 181.5 North Carolina. 93.9 94.5 95.6 92.6 88.0 85.7 85.2 85.7 88.2 South Carolina. 229.6 217.0 218.7 213.8 206.9 203.9 208.1 218.2 202.8 Georgia. 212.7 242.0 229.0 193.7 179.8 172.6 153.9 143.1 139.4 Florida. East South Central: 218.1 222.8 222.2 219.6 223.3 220.7 223.0 224.9 227.1 Kentucky. 218.6 220.0 218.1 217.5 218.8 215.4 216.1 222.4 229.4 Tennessee. 150.1 150.6 156.8 156.4 155.9 153.3 154.6 162.9 164.6 Alabama. 62.0 58.7 62.7 62.4 58.3 59.7 53.2 57.2 56.1 Mississippi. West South Central: 112.5 108.3 107.2 107.2 99.2 95.1 94.8 96.9 95.5 Arkansas. 225.3 240.6 235.8 222.6 233.6 220.9 214.9 218.3 218.9 Louisiana. 207.4 199.1 198.1 205.4 190.1 201.3 198.4 198.3 199.9 Oklahoma 603.7 608.4 609.9 596.4 599.0 618.4 604.1 637.8 643.8 Texas. Mountain: 58.1 57.7 57.3 58.6 58.3 57.1 58.1 61.3 62.8 Montana. 36.3 37.7 37.5 35.9 36.4 35.3 34.4 33.8 34.3 Idaho. 23.6 23.4 22.9 22.4 23.2 21.8 22.3 21.8 22.7 Wyoming. 139.9 133.8 135.6 131.8 135.8 137.7 128.4 136.0 134.3 Colorado. 15.4 14.3 14.7 14.8 15.1 15.0 14.6 15.6 17.2 New Mexico. 21.7 21.1 22.1 22.0 19.6 20.3 21.2 21.2 22.6 Arizona. 57.7 61.9 59.7 58.5 61.2 59.8 57.4 58.0 64.8 Utah. 9.5 10.1 9.5 10.3 10.7 10.2 10.5 10.8 10.3 Nevada. Pacific: 183.8 183.7 186.2 184.2 179.0 179.1 181.1 187.8 185.7 Washington. 126.2 124.2 127.4 127.1 122.3 118.6 120.5 121.2 112.1 Oregon. 1, 457.4 1, 504.1 1, 503.0 1, 519. 4 1, 642. 4 1,699. 7 1, 713. 6 1,695. 5 1, 716. 2 California. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

222 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No. 93.—ALL MEMBER BANKS—IN- [In millions 1923 1924 1925 State Apr. 3 June 30Sept. 14Dec. 31 Mar. 31 June 30 Oct. 10 Dec. 31 Apr. 6 June 30 United States.... 7, 722.1 7, 757.0 7,600.7 7,645.1 7,618.1 7,962.5 8, 598.4 8,812.9 8,869. 7 8,863.1 New England: Maine 60.6 62.1 61.7 61.6 61.7 60.8 61.3 63.0 64.6 64.3 New Hampshire 25.2 23.8 24.0 23.6 24.6 23.3 24.1 24.7 25.4 25.3 Vermont 20.7 20.7 21.0 21.3 21.3 21.6 22.3 22.8 22.7 22.7 Massachusetts., 304.1 318.2 312.1 308.9 294.3 334.6 351.5 342.2 337.3 342.0 Rhode Island... 109.6 107.6 107.6 106.5 110.8 113.2 117.4 120.7 122.1 124.1 Connecticut 74.4 76.4 75.2 76.3 75.3 74.4 78.7 76.3 74.9 73.2 Middle Atlantic- New York _ 2,122.9 2,120. 7 2,030. 7 2,066. 3 2,053.1 2,296.0 2, 534.4 2,541.1 2,455.6 2,480. 8 New Jersey 405.1 411.8 415.7 418.1 409.3 421.4 448.8 464.4 468.8 474.3 Pennsylvania... 1,148.2 1,163.6 1,149.4 1,154. 7 1,171.6 1,213.5 1,306.6 1, 340. 3 1, 326. 7 1,312.1 East North Central: Ohio 408.6 400.8 408.5 385.0 406.5 414.4 450.2 430.1 444.3 439.2 Indiana 113.9 116.7 114.4 111.8 104.7 106.5 108.7 113.0 110.0 109.8 Illinois 524.1 504.6 493.3 505.8 517.0 544.3 586.4 609.1 603.9 574.9 Michigan 333.3 353.8 348.3 360.5 346.1 358.8 389.3 390.6 418.2 430.9 Wisconsin 98.5 97.1 96.6 100.0 101.4 103.7 113.1 118.5 120.2 121.3 West North Central: Minnesota 119.0 123.5 122.9 124.8 128.4 126.0 139.8 161.2 170.2 169.6 Iowa 71.4 75.0 78.6 71.1 70.1 68.0 75.8 80.7 90.7 88.9 Missouri 211.6 214.8 212.4 211.4 201.6 200.9 207.8 224.2 244.4 242.5 North Dakota. _ 14.2 13.5 13.0 13.5 14.0 13.3 14.8 23.3 27.6 25.7 South Dakota.. 11.9 11.9 11.8 12.0 12.0 12.6 15.8 17.7 19.3 19.2 Nebraska 32.6 35.2 33.3 29.6 27.5 27.9 31.8 33.0 37.9 37.4 Kansas... 34.4 35.3 37.6 35.3 32.6 33.7 37.7 42.5 45.9 48.5 South Atlantic: Delaware. 16.7 16.7 16.4 17.0 17.3 17.3 22.9 22.9 21.5 20.6 Maryland 79.7 80.2 82.6 80.6 77.0 72.0 90.0 93.1 94.7 97.6 District of Co- 33.4 32.4 33.0 32.2 31.1 30.3 34.1 35.2 36.6 33.1 lumbia. Virginia 63.1 63.3 63.1 63.3 61.2 57.6 56.0 57.6 57.7 55.7 West Virginia. . 45.0 45.4 45.6 42.2 46.8 43.3 41.9 37.8 40.1 39.6 North Carolina- 25.9 25.0 25.7 24.1 25.5 25.5 24.2 25.3 27.0 24.3 South Carolina. 20.9 22.2 21.6 23.5 22.3 21.2 21.1 22.6 20.7 21.1 Georgia. 29.8 29.7 29.6 30.7 26.5 26.3 27.0 28.3 29.9 32.6 Florida 41.8 44.1 43.7 44.2 45.3 45.0 49.7 51.7 63.7 71.4 East South Central: Kentucky 72.3 74.0 69.3 62.1 59.2 60.4 58.7 60.9 61.0 61.8 Tennessee. 37.9 38.0 38.7 39.2 36.2 33.6 32.9 32.2 32.7 32.8 Alabama 33.7 33.7 33.5 34.9 34.0 35.3 35.8 38.2 37.3 34.9 Mississippi 13.1 13.4 13.5 13.7 14.7 15.2 14.3 16.1 19.1 18.6 West South Central: Arkansas._ 19.6 20.7 19.6 18.9 18.9 16.6 16.9 19.8 21.4 20.1 Louisiana 40.3 43.7 46.2 44.6 43.3 33.6 31.7 34.6 33.3 33.1 Oklahoma 64.2 60.4 58.0 63.5 59.0 56.9 58.6 66.1 75.4 74.0 Texas 134.6 129.7 129.0 145.9 135.1 122.5 126.5 131.3 149.0 140.4 Mountain: Montana. 21.4 21.3 21.4 21.2 20.3 21.1 24.3 28.7 30.0 29.7 Idaho 10.4 10.7 10.6 12.5 11.0 12.0 11.5 14.0 11.9 12.6 Wyoming 6.5 6.6 7.1 7.1 7.1 7.5 7.4 8.1 8.2 8.9 Colorado 69.7 71.5 68.7 70.2 70.2 72.0 75.4 80.1 81.0 82.3 New Mexico 4.7 4.5 4.4 4.3 3.4 3.9 3.6 4.2 4.7 4.7 Arizona 6.1 5.8 5.8 6.2 5.8 5.3 5.3 5.5 6.5 6.5 Utah 17.3 19.2 19.0 18.5 19.6 20.1 21.3 22.5 22.3 20.7 Nevada 3.5 3.6 3.6 3.7 3.8 4.0 4.3 4.4 4.7 4.5 Pacific: Washington 75.4 75.5 74.5 78.9 80.7 77.6 81.3 87.6 92.2 91.4 Oregon 55.6 56.7 57.2 59.8 58.5 56.9 62.7 64.3 67.4 66.6 California... 435.1 422.0 391.2 384.3 400.5 400.6 442.8 480.6 489.4 496.8 1 See note 3, Table 86. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONDITION OF ALL MEMBER BANKS 223 VESTMENTS,1 BY STATES, 1923-1927 of dollars] 1925 1926 1927 State Sept. 28Dec. 31 Apr. 12 June 30Dec. 31 Mar. 23 June 30 Oct. 10Dec. 31 8,890. 3 8, 887. 99, 034.0 9,123.4 8,989. 7 9, 621. 99,818.3 9,959. 310,360. 5 United States. New England: 66.1 67.6 74.8 76.3 78.4 81.6 84.3 87.4 82.3 Maine. 27.1 26.5 27.3 27.0 27.0 27.4 27.3 27.8 28.4 New Hampshire. 23.6 23.7 24.4 24.7 25.9 26.3 26.2 27.3 27.9 Vermont. 338.7 367.7 392.4 409.9 399.8 421.5 453.5 466.5 471.9 Massachusetts. 123.8 129.3 131.4 125.6 132.6 135.8 140.2 141.7 145.9 Rhode Island. 75.7 75.5 76.2 78.0 79.5 81.5 85.4 87.2 87.4 Connecticut. Middle Atlantic: 2, 424.1 2, 364. 72,409. 2 2, 481. 52, 374. 62, 549. 62, 645. 62, 554. 82, 689. 3 New York. 485.3 477.0 477.1 481.1 482.8 496.8 504.1 525.4 524.9 New Jersey. 1, 312. 21, 296. 21, 294. 61, 296. 21, 298. 51, 407.4 1,402. 5 1, 446. 51,484. 8 Pennsylvania. East North Central: 440.5 415.2 442.5 449.8 428.8 461.7 484.0 509.8 485.2 Ohio. 113.2 113.6 111.4 114.4 115.1 114.6 122.1 127.7 131.4 Indiana. 570.9 587.0 595.0 616.2 573.3 650.5 645.8 631.2 712.0 Illinois. 428.2 428.4 417.7 391.3 389.8 416.6 400.2 412.6 400.0 Michigan. 124.6 130.4 133.9 137.3 136.4 140.5 143.0 145.1 153.7 Wisconsin. West North Central: 170.5 175.7 178.0 180.8 175.5 186.5 186.9 190.7 203.7 Minnesota. 89.9 84.0 91.4 92.5 88.1 93.6 98.0 104.1 102.7 Iowa. 244.3 248.0 253.7 263.3 251.4 277.8 277.1 277.9 287.3 Missouri. 25.9 29.2 29.5 26.6 25.1 24.8 23.3 24.5 27.3 North Dakota. 20.6 20.9 23.0 22.2 20.9 20.8 21.4 23.0 24.5 South Dakota. 36.8 39.4 41.5 34.6 36.7 42.2 38.9 41.1 45.2 Nebraska. 52.7 50.6 48.3 49.3 54.5 53.6 56.6 59.0 62.6 Kansas. South Atlantic: 19.6 20.1 21.4 20.6 20.4 21.4 22.0 22.4 22.0 Delaware. 89.5 93.4 91.7 92.1 93.4 101.9 106.8 119.6 122.3 Maryland. 32.5 32.4 32.8 32.2 30.7 30.5 32.4 31.9 32.0 District of Columbia. 57.0 57.7 57.8 60.3 61.2 61.4 64.7 71.0 72.4 Virginia. 39.4 37.9 40.5 40.1 37.8 42.3 44.0 44.5 42.8 West Virginia. 27.0 23.9 29.7 27.5 24.5 29.1 31.3 37.1 41.2 North Carolina. 22.5 23.4 21.8 22.2 24.4 24.8 27.8 30.5 32.9 South Carolina. 35.7 35.1 39.3 37.5 37.7 45.3 44.3 48.6 54.3 Georgia. 88.6 94.9 91.1 82.1 78.4 83.3 84.4 85.6 83.1 Florida. East South Central: 62.6 61.9 62.0 63.6 67.4 77.4 81.9 89.6 90.0 Kentucky. 34.1 34.9 36.6 34.7 34.9 35.7 37.3 37.9 41.4 Tennessee. 38.2 40.5 38.8 38.0 40.4 41.5 42.5 44.7 48.1 Alabama. 18.8 20.8 21.1 19.6 20.8 22.7 21.8 20.6 21.8 Mississippi. West South Central: 18.9 19.9 20.6 20.7 19.1 19.2 21.7 23.6 25.0 Arkansas. 39.5 42.8 41.4 41.6 39.8 43.6 45.8 44.5 54.3 Louisiana. 77.5 87.5 94.0 94.4 101.2 103.6 107.0 109.5 113.6 Oklahoma. 144.6 147.6 148.5 145.1 142.2 159.6 163.4 173.4 186.3 Texas. Mountain: 30.2 33.1 32.7 32.3 35.8 36.4 35.5 36.9 39.7 Montana. 12.4 15.5 14.9 15.7 17.8 17.1 16.8 17.6 19.1 Idaho. 9.2 10.0 10.0 10.3 11.1 10.9 10.9 11.1 12.4 Wyoming. 82.1 79.7 82.8 84.8 86.9 88.7 87.4 89.1 89.7 Colorado. 5.0 5.9 6.6 7.0 8.3 8.5 9.1 8.4 10.0 New Mexico. 6.5 7.0 7.6 8.0 10.3 10.6 11.5 11.5 13.0 Arizona. 20.4 20.4 20.4 20.6 18.2 18.2 18.1 18.7 18.3 Utah. 4.6 4.6 4.6 4.7 4.7 4.7 4.8 4.8 4.9 Nevada. racinc. 89.3 91.5 98.5 93.8 96.1 102.4 101.7 111.5 117.0 Washington. 68.0 70.7 70.0 70.9 76.0 75.6 75.6 80.8 93.7 Oregon. 522. 0 524.1 523.6 524.3 555.3 594.3 601.4 622.4 681.2 California. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

224 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD CONDITION OF REPORTING MEMBER BANKS IN EACH DISTRICT No. 94.—REPORTING MEMBER BANKS—TOTAL LOANS AND INVESTMENTS, BY WEEKS, WITH MONTHLY AVERAGES OF WEEKLY FIGURES [In millions of dollars] Federal Reserve District B to o n s- Y N o e r w k 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 ou t. is n M o e l a i i n p s - - K C sa a it s n y - Dallas F c S i r s a a c n n o - 1927 Jan. 5 1,385 7,558 1,176 1,989 643 611 2,990 686 357 611 386 1,791 Jan. 12 1,370 7,454 1,191 1,983 652 612 2,984 695 356 613 387 1,773 Jan.19 1,374 7,315 1,179 1,981 652 601 2,977 692 355 616 389 1,765 Jan. 26 1,376 7,280 1,170 1,983 663 601 2,963 691 356 618 384 1,763 Feb. 2 1,380 7,330 1,166 1,963 656 598 2,997 358 615 390 1,748 Feb. 9 1,378 7,233 1,166 1,980 658 600 2,985 356 624 400 1,751 Feb.16. 1,375 7,225 1,160 1,974 657 604 2,988 358 627 407 1,760 Feb. 23__ 1,366 7,232 1,166 1,982 660 603 2,992 358 624 405 1,787 Mar. 2 1,379 7,363 1,162 2,004 659 609 2,996 697 363 630 402 1,803 Mar. 9 1,378 7,332 1,165 2,026 658 606 3,003 697 366 628 405 1,794 Mar. 16 1,413 7,518 1,194 2,061 666 623 3,031 699 365 638 416 1,825 Mar. 23 _ 1,407 7,495 1,194 2,063 661 616 3,022 697 363 638 416 1,814 Mar. 30 1,419 7,477 1,195 2.086 660 620 3,001 366 634 409 1,818 Apr. 6 1,403 7,546 1,194 2,086 664 622 2,991 361 624 408 1,790 Apr. 13 _ 1,399 7,477 1,193 2,038 663 621 3,012 697 362 633 407 1,805 Apr. 20 1,373 7,510 1,181 2,036 661 618 3,011 697 355 633 407 1,806 Apr. 27 1,386 7,551 1,183 2,071 661 614 3,022 696 352 632 404 1,807 May 4. 1,384 7,651 1,178 2,080 660 615 3,057 701 347 627 407 1,814 May 11__ 1,395 7,621 1,181 2,081 659 613 3,054 701 350 632 402 1,820 May 18. 1,401 7,672 1,178 2,090 663 615 3,059 712 350 630 402 1,819 May 25 1,417 7,652 1,177 2,090 660 607 3,073 711 348 627 402 1,810 June1__ 1,428 7,796 1,176 2,098 660 613 354 623 401 1,800 June8__ 1,418 7,751 1,173 2,089 662 600 3,075 353 628 399 1,805 June 15 1,446 7,r " 1,192 2,100 666 614 3,100 697 358 636 411 1,832 June 22 1,439 7,775 1,185 2,087 669 611 3,094 699 356 628 409 1,829 June 29 _. 1,468 7,r~ 1,195 2,061 670 615 3,113 702 354 630 406 1,817 July 6 1,473 7,1 1,195 2,050 668 610 3,125 699 356 629 403 1,788 July 13 1,463 7,685 1,182 2,063 677 603 3,100 703 353 638 405 1,781 July 20 1,471 7, i" • 1,189 2,079 676 600 3,102 701 353 630 405 1,773 July 27 1,463 7,657 1,183 2,092 680 597 349 635 403 1,771 Aug. 3__ 1,453 7,702 1,183 2,082 686 599 3,096 348 627 400 1,758 Aug. 10_ _ 1,458 7,668 1,200 2,086 690 600 3,122 700 352 638 400 1,758 Aug. 17_ 1,448 7,641 1,199 2,094 679 593 3,127 698 349 644 403 1,760 Aug. 24__ 1,437 7,596 1,184 2,091 685 594 3,121 700 349 640 405 1,760 Aug. 31 1,440 7,721 1,187 2,087 683 597 3,140 701 353 638 409 1,773 Sept. 7 1,440 7,725 1,194 2,082 686 599 3,131 700 353 638 409 1,765 Sept. 14. 1,462 7,807 1,201 2,091 692 603 3,152 703 360 642 414. 1,784 Sept. 21 1,484 7,849 1,224 2,116 700 615 3,137 707 366 634 421 1.806 Aug. 28 1,502 7,867 1,225 2,124 698 620 3,142 710 368 629 423 1,805 Oct. 5. 1,506 7,969 1,230 2,117 703 3,141 712 370 631 424 1,830 Oct. 12._ 1,503 7,891 1,232 2,123 707 3,151 716 373 634 423 1,836 Oct. 19 1,518 7,910 1,225 2,124 700 620 3,162 716] 376 638 431 1,828 Oct. 26 __. 1,521 7,908 1,220 2,099 695 616 3,165 713 381 631 432 1,811 Nov. 2 1,536 7,948 1,213 2,077 692 616 3,146 715 392 632 435 1,816 Nov. 9 1,533 8,014 1,202 2,083 695 615 3,157 718 394 635 438 1,814 Nov. 16 1,545 8,138 1,221 2,092 701 625 3,187 719 394 640 446 1,844 Nov. 23 1,536 8,131 1,214 2,100 703 623 3,197 727 394 642 440 1,865 Nov. 30 _ 1,532 8,265 1,220 2,095 700 622| 3.173 730 392 642 438 1,864 Dec. 7.___ 1,529 8,219 1,204 2.100 693 626! 3,173 732 392 643 438 1,885 Dec. 14__ 1.536 8,214 1,207 2,099 699 6301 3,175 7311 393 649 443 1,889 Dec. 21 1,526 8,332 1,207 2,113 704 633! 3,150 735! 387 649 448 1,907 Dec. 28 1,539 8,404 1,227 2,097 706 635 3,123 728) 383 646 444 1,891 Average: January. _. 1,376 7,402 1,179 1,984 653 6061 2,978 619911 356 614 386 1.773 February.. 1,375 7,255 1,165 1,975 658 601 2,991 6>92 358 623 400 1,762 March 1,399 7,437 1,182 2,048 661 615 3,011 6i9977l 364 633 410 1,811 April 1,390 7,521 1, " 2,058 662 619 3,009 357 630 406 1,802 May 1,399 7,649 1,178! 2,085 661 613 3,061 706 349 629 403 1,816 June 1,440 7,806 1,184 2,087 665 610 3,088 697 355 629 405 1,817 July 1,467 7,711 1,187 2,071 675 603 3,104 700 353 633 404 1,778 August 1,447 7,666 1,191 2.088 685 597 3,121 699 350 637 403 1, 762 September. 1.472 7,812 1, 211 2,103 694 609 3.140 705 362 636 417 1,790 October 1,512 7.920 1,227 2,116 701 620 3,155 715 375 634 428 1,826 November. 1,536 8,099 1,214 2,089 698 620 3; 172 722 393 638 440 1,841 December. 1,533 8,292 l 2,102 701 631 3,155 732 647 443 1,893 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONDITION OP REPOKTING MEMBER BANKS 225 No. 95,—REPORTING MEMBER BANKS—TOTAL LOANS, BY WEEKS, WITH MONTHLY AVERAGES OF WEEKLY FIGURES [In millions of "dollars] Federal Reserve District B to os n - C l l a e n v d e m Ri o c n h d - l A a t n - ta c C a h g i o - Lo S u t. is n M o e i l a i n p s - - K C s a i a t n s y - Dallas F c S i r s a a c n n o - 1927 Jan. 5 __ 1,001 5,415 820 1,372 510 515 2.226 502 246 418 313 1,306 Jan. 12 982 5,283 832 1,362 519 515 2,207 508 245 419 313 1,290 Jan. 19 985 5,172 817 1,361 519 505 2,196 505 243 422 316 1,283 Jan. 26 992 5,125 808 1,364 528 504 2,174 504 241 421 312 1,279 Feb. 2 993 5,165 804 1,342 521 501 2,199 503 242 418 319 1,274 Feb. 9 990 5,070 801 1,355 521 503 2,189 504 240 426 327 1,275 Feb. 16 ... 986 5,061 792 1.349 518 505 2,185 500 242 427 332 1,279 Feb. 23 975 5,055 797 1,356 523 501 2,186 496 240 424 330 1,315 Mar. 2 987 5,179 793 1,358 518 505 2,194 501 242 428 327 1,315 Mar. 9 983 5,150 795 1,373 517 505 2,194 502 243 427 327 1,317 Mar. 16 999 5,215 796 1,382 519 505 2.201 500 244 432 329 1,314 Mar. 23 992 5.236 794 1,381 518 499 2,192 498 240 432 326 1,305 Mar. 30 1,004 5,227 793 1,405 517 502 2,177 494 241 427 321 1.303 Apr. 6 989 5,292 798 1,416 519 506 2,168 498 240 417 322 1,285 Apr. 13 .- 987 5 225 801 1,385 520 509 2,185 497 241 426 323 1,300 Apr. 20 962 5,244 788 1,387 516 503 2,190 497 234 427 322 1,299 Apr. 27 967 5,258 790 1,419 515 501 2,187 493 231 425 318 1,303 May 4 964 5,346 787 1,426 514 503 2,227 495 227 418 321 1,309 May 11 967 5,298 790 1,427 513 503 2,228 494 228 425 315 1,312 May 18_ 968 5,317 790 1.433 516 500 2,222 490 228 421 316 1,312 May 25 981 5,299 788 1,431 514 496 2,222 484 226 418 316 1,306 June 1 5,483 792 1,430 516 496 2,222 480 232 414 312 1,306 June 8 5,392 803 1,431 521 492 2,246 483 233 421 312 1,305 June 15 5,416 802 1,422 520 493 2.259 494 236 429 316 1.310 June 22 993 5,433 793 1.415 522 493 2,249 496 234 423 314 1,305 June 29 1.013 5,515 802 1,386 520 495 2,262 500 235 424 314 1,303 July 6 1,022 5.524 806 1,377 517 491 2,275 499 236 423 311 1,278 July 13 1,011 5,349 794 1,392 524 488 2,263 502 234 432 312 1,278 July 20 1.008 5,339 796 1.407 522 484 2,272 500 233 425 313 1,275 July 27 1,005 5,356 791 1,405 525 482 2,260 499 231 429 312 1.273 Aug. 3__ 1,000 5,414 796 1.410 528 484 2,277 501 230 424 309 1,266 Aug. 10__ 1.000 5,392 815 1,406 532 488 2,303 503 231 433 310 1,267 Aug. 17. 997 5,381 814 1,414 522 483 2,312 504 229 439 312 1,267 Aug. 24_ 997 5,350 798 1,411 525 481 2,292 505 229 436 316 1,270 Aug. 31 997 5,464 802 1,406 522 485 2, 309 507 233 431 320 1,277 Sept. 7 995 5,487 813 1,406 524 488 2,294 508 233 431 322 1,251 Sept. 14 1,017 5,572 816 1,415 529 492 2,311 511 242 431 325 1,262 Sept. 21 1,027 5,601 817 1,427 532 495 2,306 509 246 422 326 1,266 Sept. 28 1,036 5,632 817 1,423 532 503 2,305 512 249 419 327 1,266 Oct. 5 1,044 5,747 814 1,413 533 502 2,302 513 251 418 328 1.285 Oct. 12 1,046 5,666 811 1,417 536 505 2,310 515 254 419 328 1,291 Oct. 19 1,051 5,678 809 1,417 530 501 2,319 514 256 423 336 1,281 Oct. 26 1,061 5,678 806 1,404 526 498 2,315 512 259 420 336 1,266 Nov. 2 1,059 5,716 803 1,375 524 501 2,310 516 269 422 339 1,272 Nov. 9 1,063 5,764 796 1,378 523 502 2,316 518 271 423 343 1,268 Nov. 16 1,054 5,832 795 1,372 524 500 2,314 516 267 423 343 1,271 Nov. 23 1,045 5,802 793 1,384 529 496 2,329 523 267 425 339 1,279 Nov. 30 1,045 5,923 800 1,378 530 496 2.297 525 264 423 338 1,277 Dec. 7 1, 048 5, 867 792 1,392 525 501 2,294 526 263 427 339 1,296 Dec. 14 1,054 5,861 789 1,394 527 506 2,290 524 263 430 343 1,303 Dec. 21 1,051 5,975 778 1,395 529 502 2,259 527 257 428 342 1,306 Dec. 28 1,058 6,061 798 1,380 532 504 2,260 523 252 422 340 1,296 Average: January 990 5,249 819 1,365 519 510 2,201 505 244 420 314 1,290 February.. 5,088 798 1,350 521 503 2,190 501 241 424 327 1,286 March 5.201 794 1,380 518 503 2,192 499 242 429 326 1,311 April 976 5,255 794 1,402 518 505 2,183 496 237 424 321 1,297 May 970 5,315 789 1,429 514 501 2,225 491 227 421 317 1,310 June 998 5.448 799 1,417 520 494 2,248 491 234 422 314 1,306 July 1,012 5'. 392 797 1,395 522 487 2,267 500 234 427 312 1,276 August 998 5,400 805 1,409 526 484 2,299 504 230 432 313 1,269 September. 1,019 5,573 815 1,418 529 494 2,304 510 243 426 325 1,261 October 1,050 5,692 810 1,413 531 502 2,312 514 255 420 332 1,281 November. 1.053 5,807 798 1,377 526 499 2,313 520 267 423 340 1,273 December.. 1,053 5,941 789 1,390 528 503 2,276 525 259 427 341 1,300 Back figures.—See Annual Report for 1926 (Part II, Table 13), for monthly averages corresponding to those in Tables 94-103. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

226 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No. 96.—REPORTING MEMBER BANKS—LOANS ON SECURITIES, BY WEEKS, WITH MONTHLY AVERAGES OF WEEKLY FIGURES [In millions of dollars] Federal Reserve District B to o n s- Y N o ew 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 ou t. is n M o e l a i i n p s - - K C s a a it n s y - Dallas F c S r is a a c n n o - 1927 Jan. 5 361 2,608 455 583 157 114 931 199 75.8 115 74.5 336 Jan. 12 345 2,488 452 573 159 116 926 200 79.3 116 74.0 330 Jan 19 353 2 411 440 575 156 114 922 195 80.0 119 75.6 323 Jan. 26 351 2,376 430 578 162 114 915 198 80.7 121 75.8 323 Feb. 2 351 2,419 428 572 160 114 938 193 84.3 116 76.8 321 Feb. 9 347 2,324 424 582 156 115 933 194 83.3 121 79.0 324 Feb. 16 341 2,340 422 562 157 116 931 191 84.4 119 82.6 329 Feb. 23 338 2,348 427 573 157 115 917 192 83.6 116 81.1 340 Mar. 2 344 2,419 421 579 157 115 932 195 82.4 120 77.6 340 Mar 9 342 2 390 416 592 156 116 926 195 82.6 120 76.7 328 Mar. 16 350 2,437 416 603 158 114 929 194 79.9 117 79.8 333 Mar. 23 348 2,420 410 598 158 115 927 196 79.2 120 81.3 332 Mar. 30 357 2,472 410 602 157 116 915 196 80.1 116 80.6 333 Apr. 6 349 2,521 412 604 158 117 901 197 78.2 112 81.3 328 Apr. 13 354 2,450 412 602 157 115 914 199 79.6 118 81.7 332 Apr. 20 337 2,481 404 608 162 111 927 199 78.0 119 82.2 334 Apr. 27 338 2,510 406 637 156 111 936 198 79.7 117 81.1 332 May 4 337 2 574 405 639 156 111 937 199 79.8 112 83.8 335 May 11 331 2,505 400 637 156 111 944 200 80.5 118 84.6 337 May 18 336 2 543 402 643 161 110 953 197 79.9 118 83.9 337 May 25 342 2,514 402 643 161 108 949 193 77.7 118 84.3 335 June 1 350 2,679 406 644 160 115 966 194 79.6 118 83.1 335 June 8 356 2,603 417 644 162 111 994 195 79.0 123 83.4 337 June 15 355 2,632 412 641 164 112 1,003 198 79.5 134 84.9 341 June 22 351 2,647 405 639 159 111 1,000 199 77.6 127 82.9 337 June 29 375 2, 707 414 609 158 112 1,001 204 79.3 128 81.5 336 July 6 383 2, 713 416 598 159 113 1,004 207 79.6 132 79.0 332 July 13 362 2,567 4C1 618 160 115 1,016 210 78.6 140 79.1 329 July 20 361 2,554 405 621 160 114 1,033 207 79.1 131 79.9 328 July 27 363 2,589 396 609 161 114 1,036 210 81.1 136 78.8 327 Aug. 3 358 2,629 399 607 166 117 1,042 211 81.0 126 78.5 323 Aug. 10 358 2,587 420 603 164 118 1,046 210 82.3 134 79.5 324 Aug. 17 361 2,575 414 610 159 115 1,071 207 77.5 137 77.5 325 Aug. 24 363 2,550 404 613 159 116 1,054 208 78.0 136 79.5 321 Aug. 31. 366 2,604 409 607 159 116 1,069 208 76.8 132 7St. 6 327 Sept. 7 - . 366 2,581 422 612 160 116 1,046 212 74.8 135 81.8 325 Sept. 14 386 2,649 423 616 159 119 1,046 212 75.7 138 82.0 332 Sept. 21 388 2,625 422 630 160 121 1.048 210 78.4 129 82.0 330 Sept. 28 394 2,667 428 626 162 125 1,055 209 80.6 128 83.6 332 Oct. 5 398 2,767 425 617 163 124 1,045 212 82.4 124 85.7 337 Oct 12 392 2 678 418 620 164 119 1,062 212 86.5 127 84.7 336 Oct. 19 395 2,671 415 617 163 122 1,076 212 85.3 128 83.7 335 Oct. 26 401 2,676 412 632 160 123 1,080 212 84.0 126 84.8 332 Nov. 2 __ 406 2,717 414 604 160 123 1,067 213 88.2 125 85.9 335 Nov. 9 398 2,738 411 608 161 119 1,057 214 89.5 123 87.2 335 Nov. 16 388 2,827 411 600 164 122 1,073 212 93.9 126 87.2 341 Nov 23 378 2,798 406 615 165 119 1,081 215 95.2 124 84.6 343 Nov. 30 378 2,913 417 609 166 118 1,043 215 93.2 124 85.7 340 Dec. 7 386 2,859 423 619 166 124 1,048 217 94.0 126 87.9 348 Dec. 14 386 2,887 422 624 167 124 1,046 218 95.2 128 89.7 352 Dec. 21 384 2,998 420 631 167 122 1,020 218 91.3 127 89.4 355 Dec 28 392 3,091 438 619 169 121 1,019 213 87.9 122 88.1 355 Average: January 352 2,471 444 577 158 115 924 198 78.9 118 75.0 328 February. _ 344 2,358 426 572 157 115 930 192 83.9 118 79.9 329 March 348 2.428 415 595 157 115 926 195 80.8 119 79.2 333 April 345 2 490 408 613 158 114 920 198 78.9' 116 81.6 332 May . 336 2,534 402 641 159 110 946 197 79.5 117 84.2 336 June_ 357 2,654 411 635 161 112 993 198 79.0 126 83.2 337 July 367 2,606 404 612 160 114 1,022 208 79.6 135 79.2 329 August 361 2,589 409 608 161 116 1,057 209 79.1 133 78.9 324 September- 384 2,631 424 621 160 120 1,049 211 77.4 133 82.4 330 October 396 2,698 417 622 162 122 1,066 212 84.6 126 84.7 335 November. 390 2,799 412 607 163 120 1,064 214 92.0 124 86.1 339 December.. 387 2,959 426 623 167 123 1,033 217 92.1 126 88.8 352 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONDITION OF REPORTING MEMBER BANKS 227 No. 97.—REPORTING MEMBER BANKS—"ALL OTHER" LOANS, BY WEEKS, WITH MONTHLY AVERAGES OF WEEKLY FIGURES [In millions of dollars] Federal Reserve District B to o n s- Y N o ew rk a P p d h h e i ia l l - - C la le n v d e m Ri o c n h d - la A n t t - a c C a h g i o - Lo S u t. is n M o e l i a i n s p - - K C s a a it n s y - Dallas F c S i r s a a c n n o - 1927 Jan. 5._ 640 2,806 365 789 353 401 1,294 302 170 303 239 971 Jan. 12 637 2,795 380 789 361 398 1,281 308 166 303 239 961 Jan.19. 632 2,762 377 786 363 391 1,274 309 163 303 241 959 Jan. 26 641 2,749 378 786 366 389 1,259 306 .160 300 236 957 Feb. 2 642 2,746 375 770 361 387 1,261 311 158 303 242 953 Feb. 9.___ ' 643 2,746 377 773 365 388 1,256 310 157 305 248 951 Feb. 16 645 2,721 370 787 361 389 1, 254 308 157 308 249 950 Feb. 23 638 2,708 370 782 366 386 1,269 304 156 308 249 974 Mar. 2__ 643 2,760 372 779 361 390 1,262 306 160 308 249 975 Mar. 9 641 2,760 379 780 361 389 1,267 307 161 308 250 989 Mar. 16 649 2,778 380 780 361 390 1,272 306 164 314 249 981 Mar 23 643 2,816 384 783 361 385 1,265 301 161 312 245 973 Mar. 30 647 2,756 383 803 361 386 1,262 298 161 311 241 970 Apr. 6 640 2,771 386 812 362 389 1,267 302 162 306 240 957 Apr. 13 633 2,775 389 783 363 394 1,271 298 161 308 241 968 Apr. 20 625 2,763 384 780 354 392 1,264 298 156 308 240 965 Apr. 27 630 2,748 384 782 359 389 1,251 296 151 308 237 971 May 4 627 2,772 382 787 358 392 1,290 296 147 306 237 974 May 11 636 2,793 390 790 357 392 1,284 294 148 306 231 976 May 18 632 2,774 388 791 355 391 1,269 293 148 303 232 974 May 25 639 2,784 385 788 354 388 1,273 291 148 300 231 971 June 1 645 2,804 387 786 356 381 1,256 285 153 296 229 970 June 8 637 2,789 386 787 359 381 1,252 288 154 297 228 967 June 15. 643 2,783 391 780 357 381 1,256 296 157 295 231 969 June 22 642 2,786 388 776 362 381 1,250 297 156 296 231 968 June 29. . 638 2,808 389 778 362 383 1,261 296 155 296 233 967 July 6 640 2,811 390 779 358 378 1,270 293 157 292 232 945 July 13 649 2,782 393 773 364 373 1,247 292 156 292 233 949 July 20_ 647 2,785 391 785 362 370 1,239 293 154 294 233 947 July 27 642 2,768 395 796 364 368 1,224 289 150 294 233 946 Aug. 3_ 642 2,785 397 803 362 367 1,235 291 149 298 230 942 Aug. 10 642 2,805 396 803 368 370 1,257 294 149 299 230 942 Aug. 17 636 2,805 400 804 364 368 1,241 296 151 302 235 942 Aug. 24 635 2,800 395 798 366 366 1,237 296 151 300 236 948 Aug. 31_ 631 2,860 393 799 364 369 1,240 299 156 299 240 950 Sept. 7. 629 2,906 390 795 364 372 1,248 296 159 296 240 926 Sept. 14 631 2,923 393 799 370 373 1,265 299 166 293 243 930 Sept. 21 _ 639 2,976 394 797 372 373 1,258 298 168 293 244 936 Sept. 28 642 2,965 388 797 370 378 1,250 303 169 292 244 934 Oct. 5 646 2,980 389 795 371 378 1,257 302 168 294 242 948 Oct. 12.. . . 654 2,989 394 797 373 386 1,249 303 168 292 243 955 Oct. 19. 656 3,007 394 800 367 379 1,244 302 170 296 252 946 Oct. 26 660 3,002 394 772 366 375 1,235 300 175 294 251 934 Nov. 2 654 2,999 389 771 364 378 1,243 303 181 297 253 937 Nov. 9_. 665 3,026 385 770 362 383 1,260 304 181 300 256 933 Nov. 16 666 3,005 384 772 359 378 1,241 303 173 297 256 930 Nov. 23 666 3,004 387 769 364 377 1,248 308 171 301 254 936 Nov. 30 666 3,010 383 770 364 378 1,253 310 170 299 252 937 Dec. 7 662 3,009 368 774 359 377 1,246 309 169 301 252 948 Dec. 14 669 2,974 367 771 360 382 1,243 306 168 301 254 951 Dec. 21 667 2,977 358 764 362 380 1,240 309 166 301 252 951 Dec. 28 666 2,971 360 761 363 382 1,240 309 164 300 252 940 Average: January 638 2,778 375 787 361 395 1,277 307 165 302 239 962 February-- 642 2,730 373 778 363 388 1,260 308 157 306 247 957 March 645 2,774 379 785 361 388 1, 266 304 161 311 247 978 April 632 2,764 386 789 359 391 1, 263 298 158 307 239 965 May 634 2,781 387 789 356 391 1,279 293 148 304 233 974 June 641 2,794 388 782 359 382 1,255 292 155 296 231 968 July 644 2, 787 392 784 362 372 1,245 292 154 293 233 947 August 637 2,811 396 801 365 368 1,242 295 151 299 234 945 September. 635 2,942 391 797 369 374 1,255 299 165 294 243 931 October 654 2,995 393 791 369 380 1,246 302 170 294 247 94(> November. 663 3,009 386 770 363 379 1,249 306 175 299 254 935 December.. 666 2,983 363 767 361 380 1,242 308 167 301 252 948 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

228 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No. 98.—REPORTING MEMBER BANKS—INVESTMENTS, BY WEEKS, WITH MONTHLY AVERAGES OF WEEKLY FIGURES [In millions of dollars] Federal Reserve District B to o n s- Y N o e r w k P a p d h h e i ia l l - - C la le n v d e- m Ri o c n h d - la A n t t - a c C a h g i o - L S ou t. is n M o e l a i i n p s - - K C s a a it n s y - Dallas F c S i r s a a c n n o - 1927 Jan. 5. _ 384 2,143 356 617 134 96.5 765 185 111 193 72.8 485 Jan. 12 388 2,170 359 621 133 97.6 777 187 112 194 73.8 482 Jan. 19 388 2,142 362 620 134 95.9 781 188 113 194 72.2 483 Jan. 26 384 2,155 362 619 135 96.7 789 187 115 197 72.0 484 Feb. 2 387 2,165 363 621 135 96.5 798 186 115 197 71.1 475 Feb. 9 388 2,163 365 625 138 96.7 796 189 116 198 73.1 476 Feb. 16 389 2,164 369 625 139 98.8 804 194 117 200 74.8 481 Feb. 23 391 2,177 369 627 138 101.9 806 194 119 200 75.7 472 Mar. 2 391 2,184 369 646 141 104.0 801 195 120 202 75.5 488 Mar. 9 395 2,183 370 653 141 100.5 809 195 122 201 77.7 477 Mar. 16... _ . 414 2,303 398 679 147 118.7 830 199 120 206 87.3 511 Mar. 23 415 2,259 401 682 143 116.7 831 200 122 206 89.9 508 Mar. 30 . 415 2,249 402 681 143 117.8 824 199 125 207 87.6 515 Apr. 6 414 2,254 396 670 145 115.6 823 198 120 207 85.8 504 Apr. 13 412 2,252 392 653 143 112.8 826 201 121 207 84.1 504 Apr. 20 411 2,267 393 649 145 114.6 821 200 121 206 85.3 507 Apr. 27 419 2,293 393 653 145 113.3 835 203 121 207 86.2 505 May 4 420 2,305 390 654 146 112.2 830 206 120 208 86.4 505 May 11 _ 428 2,323 391 654 146 109.7 826 207 121 207 86.2 508 May 18 433 2,356 388 657 147 114.9 837 222 122 209 86.4 507 May 25.. . . ' 436 2,354 389 659 146 110.8 851 227 122 209 86.5 504 June 1 433 2,313 384 668 144 116.8 837 220 122 210 89.0 494 June 8 424 2,359 370 657 141 107.8 829 206 120 207 87.6 500 June 15.. 448 2,453 390 678 146 121.0 841 203 122 207 95.1 523 June 22 446 2,342 392 672 147 118.1 844 203 122 205 95.1 524 June 29.. 455 2,323 392 674 150 119.7 851 202 120 206 91.9 514 July 6 451 2,344 389 673 151 118.6 850 199 120 206 91.8 510 July 13 452 2,335 388 672 153 114.9 836 201 119 206 92.6 503 July 20 463 2,297 394 672 154 116.2 830 201 120 205 92.2 499 July 27 458 2,301 392 687 155 114.8 829 200 118 206 90.7 498 Aug. 3.. . . 453 2,288 387 673 158 114.9 819 • 196 118 203 91.1 493 Aug. 10 458 2,276 385 680 158 111.9 818 197 120 205 90.4 492 ^ug. 17 451 2,260 385 681 157 110.0 815 195 120 206 90.5 492 Aug. 24 440 2,247 386 680 160 112.5 829 195 120 205 89.5 491 Aug. 31 443 2,257 385 681 160 112.2 831 195 120 206 89.5 496 Sept. 7 445 2,238 381 676 162 110.6 837 192 120 207 87.7 515 Sept. 14 445 2,235 386 676 163 111.5 841 192 119 211 88.8 522 Sept. 21 457 2,248 407 689 168 120.0 831 198 119 212 95.9 540 Sept. 28 466 2,235 408 701 166 116.8 837 198 119 209 95.4 539 Oct. 5 461 2,222 417 705 170 118.0 838 199 119 212 95.6 545 Oct. 12. 457 2,225 420 707 170 119.8 841 201 119 215 95.0 545 Oct. 19 467 2,232 415 706 170 118.4 843 202 121 215 95.3 547 Oct. 26. 461 2,230 414 695 169 118.2 850 201 122 211 96.4 545 Nov. 2 477 2,232 410 702 168 114.9 836 199 123 210 95.7 544 Nov. 9 470 2,250 407 704 173 113.1 841 200 124 213 95.1 546 Nov. 16. 492 2,306 425 720 177 125.5 872 203 127 216 103.1 573 Nov. 23 491 2,329 420 716 174 127.3 868 204 128 217 101.5 585 Nov. 30 487 2,342 419 716 170 125.6 876 205 128 218 99.9 587 Dec. 7 481 2,351 412 708 169 124.9 879 205 129 216 98.8 589 Dec. 14 482 2,353 418 704 172 123.6 886 207 129 219 99.4 586 Dec. 21^. 475 2,357 428 718 175 131.8 891 209 130 221 106.2 601 Dec. 28 482 2,343 429 717 175 131.0 863 206 131 224 104.7 596 Average: January 386 2,153 360 619 134 96.7 778 187 113 194 72.7 484 February._ 389 2,167 366 625 137 98.5 801 191 117 199 73.7 476 March 406 2,236 388 668 143 111.5 819 198 122 204 83.6 500 April 414 2,267 394 656 145 114.0 826 201 121 207 85.4 505 May.. 429 2,334 389 656 146 111.9 836 216 121 208 86.4 506 June 441 2,358 385 670 146 116.7 840 207 121 207 91.8 511 July 456 2,319 391 676 153 116.1 836 200 119 206 91.8 503 August 449 2,266 386 679 159 112.3 823 195 120 205 90.2 493 September. 453 2,239 395 686 165 114.7 836 195 119 210 92.0 529 October 461 2,227 417 703 170 118.6 843 201 120 213 95.6 545 November. 483 2,292 416 712 172 121.3 859 202 126 215 99.1 567 December. . 480 2,351 422 712 172 127.8 880 207 130 220 102.3 593 i Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONDITION OF REPORTING MEMBER BANKS 229 No. 99.—REPORTING MEMBER BANKS—NET DEMAND PLUS TIME DEPOSITS, BY WEEKS, WITH MONTHLY AVERAGES OF WEEKLY FIGURES [In millions of dollars] Federal Reserve District B to o n s- Y N o e r w k P a p d h h e i ia l l - - C l l a e n v d e- m Ri o c n h d - la A n t t - a c C a h g i o - L S ou t. is n M o e l a i i n p s - - K C s a a it n s y - Dallas F c S i r s a a c n n o - 1927 Jan. 5 1,338 7,217 1,031 1,836 594 562 2,898 627 339 634 373 1,717 Jan. 12... 1,328 7,137 1,059 1,831 605 570 2,907 634 340 638 373 1,728 Jan.19. 1,333 7,004 1,046 1,835 605 570 2,882 636 338 636 375 1,716 Jan. 26— 1,332 6,911 1,030 1,849 608 566 2,852 633 338 639 372 1,708 Feb.2 1,340 6,985 1,025 1,866 597 571 2,899 633 335 641 373 1,665 Feb. 9 1,329 6,881 1,022 1,854 604 567 2,897 639 337 641 388 1,673 Feb. 16 1,333 6,897 1,023 1,852 602 574 2,922 644 340 652 397 1,685 Feb. 23... 1,309 6,823 1,031 1,854 598 574 2,895 638 341 650 394 1,747 Mar. 2 1,327 6,974 1,023 1,912 600 575 2,906 640 347 651 388 1,729 Mar. 9... 1, 327 6,949 1,033 1,915 594 577 2,900 643 346 649 395 1,716 Mar. 16 1,338 7,124 1,035 1,932 599 573 2,926 644 345 657 398 1,745 Mar. 23 1,316 7,072 1,021 1,936 593 565 2,924 630 341 649 395 1,710 Mar. 30 1,313 7,083 1,015 1,955 593 568 2,845 630 339 647 389 1,718 Apr. 6—. 1,331 7,038 1,041 1,946 599 574 2,895 639 341 645 388 1,701 Apr. 13 1,336 7,050 1,038 1,891 598 579 2,934 639 339 646 393 1,729 Apr. 20... 1,322 7,081 1,034 1,893 596 569 2,919 638 333 647 391 1,726 Apr. 27— 1,332 7,125 1,029 1,934 595 571 2,921 635 331 639 389 1,707 May 4 1,335 7,178 1,031 1,959 598 567 2,966 639 325 635 388 1,718 May 11. 1,341 7,166 1,039 1,953 603 575 2,975 643 331 641 388 1,746 May 18 1,331 7,234 1,031 1,962 597 573 2,993 637 329 638 383 1,751 May 25._ 1,346 7,223 1,023 1,959 599 567 2,991 635 329 633 378 1,737 June 1.. . 1,358 7,456 1,018 1, 980 602 569 2,963 614 337 634 382 1,739 June 8 1,341 7,392 1,035 1, 956 610 570 2,996 633 337 635 381 1,735 June 15. 1, 365 7,622 1,029 1,978 612 567 3,036 654 338 646 387 1,742 June22._ 1,352 7, 359 1, 013 1,956 606 563 2,970 634 332 639 382 1,711 June 29.. 1,358 7,483 1,021 1,912 613 565 2,999 632 334 642 380 1,731 July 6 1,389 7,411 1,041 1,922 619 572 3,026 631 336 650 377 1,705 July 13. 1,405 7,284 1,031 1,941 623 571 3,035 641 338 655 382 1,718 July 20. 1,394 7,266 1,033 1, 953 625 568 3,012 632 336 648 380 1,697 July 27 1,385 7,269 1,017 1,965 634 557 3,013 637 331 649 377 1,690 Aug. 3 1,402 7,311 1,030 1,958 639 560 3,022 636 334 648 376 1,683 Aug. 10... 1,395 7,298 1,050 1, 965 638 568 3,048 639 337 660 379 1,698 Aug. 17.. 1,393 7,230 1,051 1,974 629 561 3,069 635 332 661 379 1,699 Aug. 24.. 1,382 7,161 1,031 1,971 631 560 3,059 635 332 660 378 1,697 Aug.f31 1,389 7,305 1,042 1,969 635 565 3,081 633 338 658 384 1,701 Sept. 7. . 1,396 7, 257 1,047 1,968 640 576 3,082 633 339 659 387 1,705 Sept. 14 . 1,413 7,384 1,055 1,979 634 577 3,104 644 350 661 395 1,738 Sept. 21 1,402 7, 230 1,046 1,964 627 564 3,038 630 352 647 392 1,723 Sept. 28. 1,405 7,254 1,056 1,965 630 567 3,042 632 356 643 397 1,711 Oct. 5.. 1,439 7,354 1,064 1,947 634 577 3,061 649 360 644 401 1,727 Oct. 12 . 1,420 7,309 1,057 1,960 637 584 3,087 653 367 650 406 1,739 Oct. 19 1,436 7,386 1,052 1,959 629 579 3,080 645 368 637 406 1,728 Oct. 26 1,428 7,361 1,056 1,947 630 575 3,078 647 370 641 408 1,710 Nov. 2 1,465 7,406 1,056 1,912 636 579 3,067 651 385 642 410 1,712 Nov. 9 . 1,450 7,479 1, 051 1,926 644 579 3,075 658 389 647 419 1,725 Nov. 16 1,463 7,624 1,079 1,947 643 583 3,091 669 386 657 422 1,730 Nov. 23 1,445 7,616 1,079 1,966 643 578 3,092 670 383 661 420 1,746 Nov. 30 1,462 7,780 1,089 1,972 648 579 3,099 673 383 654 419 1,771 Dec. 7... 1,454 7,695 1,062 1,965 645 589 3,088 681 385 658 423 1,785 Dec. 14 1,464 7,727 1,065 1,967 647 596 3,089 683 381 663 430 1,791 Dec. 21 .. 1,445 7,733 1,038 1,932 634 587 3,070 670 372 658 426 1,779 Dec. 28 1,452 7,708 1,060 1,922 631 588 3,045 667 369 656 424 1,781 Average: January 1,333 7,067 1,042 1,838 603 567 2,885 632 338 637 373 1,717 February __ 1,328 6,896 1,025 1,857 600 572 2,903 638 338 646 388 1,693 March 1,325 7,040 1,025 1,930 596 572 2,900 638 344 651 393 1,723 April 1,330 7,073 1, 035 1,916 597 573 2,917 638 336 644 390 1,716 May 1,338 7,200 1,031 1, 958 599 570 2,981 639 328 637 384 1,738 June. 1,355 7,463 1,023 1,956 609 567 2,993 633 336 639 382 1,731 July 1,393 7,308 1,030 1,945 625 567 3,022 635 335 650 379 1,703 August 1,392 7,261 1,041 1,967 634 563 3,056 636 335 657 379 1,696 September. 1,404 7,281 1,051 1,969 633 571 3,066 635 349 652 393 1,719 October i 1,431 7,352 1,057 1,953 632 579 3,076 648 366 643 405 1,726 November. 1,457 7,581 1,071 1,945 643 580 3,085 664 385 652 418 1,737 December.. 1,454 7,716 1,056 1,946 640 590 3,073 676 377 659 425 1,784 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

230 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No, 100.—REPORTING MEMBER BANKS—NET DEMAND DEPOSITS, BY WEEKS, WITH MONTHLY AVERAGES OF WEEKLY FIGURES [In millions of dollars] Federal Ressrve District B to o n s- Y N o ew rk P a p d h h e i i l a l - - C la le n v d e- m Ri o c n h d - la A n t t - a c C a h g i o - L S ou t. is n M o e l a i i n p s - - K C s a a it n s y - Dallas F c S r is a a c n n o - 1927 Jan. 5 914 5,856 779 1,011 384 342 1,784 406 215 490 271 795 Jan. 12. 905 5,764 807 1,009 393 347 1,794 409 215 492 271 807 Jan. 19 910 5,641 794 1,016 392 345 1,770 409 211 490 272 800 Jan. 26 907 5,545 779 1,025 393 341 1,747 406 212 492 270 786 Feb. 2 917 5,608 775 1,032 385 342 1,783 401 212 494 270 775 Feb. 9 . 907 5,497 774 1,024 385 339 1,776 407 214 494 279 785 Feb. 16 913 5,505 770 1,024 388 344 1,805 412 217 504 288 790 Feb. 23 888 5,435 778 1,029 384 342 1,782 404 217 502 285 797 Mar. 2 904 5,601 771 1,020 386 341 1,796 405 221 503 281 769 Mar. 9 901 5,570 780 1,016 380 344 1,794 408 221 500 288 755 Mar. 16 911 5,721 783 1,086 384 339 1,818 408 219 508 292 792 Mar. 23 885 5,681 766 1,088 378 329 1,807 394 216 500 287 765 Mar. 30 883 5,677 759 1,102 377 333 1,751 396 214 497 281 761 Apr. 6 902 5,641 777 1,093 382 339 1,779 406 216 498 281 757 Apr. 13 907 5,628 776 1,050 381 342 1,818 405 212 499 287 781 Apr. 20 892 5,664 772 1,047 376 335 1,798 402 207 498 283 783 Apr. 27. . 902 5,712 767 1,033 373 335 1,795 400 205 489 282 771 May 4 _ __ 900 5,775 767 1,052 377 329 1,833 404 200 484 281 779 May 11 906 5,765 774 1,050 381 337 1,840 407 204 490 280 786 May 18 896 5,814 768 1,051 374 334 1,851 399 203 486 275 788 May 25 910 5,812 763 1,048 375 327 1,851 395 202 481 270 781 June 1 921 6,032 758 1,066 377 332 1,819 380 210 483 273 789 June 8 904 5,897 775 1,090 384 328 1,843 402 210 483 272 782 June 15 923 6,155 769 1,110 386 328 1,880 423 211 495 278 793 June 22 907 5,882 752 1,089 379 325 1,809 403 205 487 272 767 June 29 907 6,011 758 1,040 383 325 1,839 402 205 490 270 773 July 6. 928 5,944 777 1,054 390 331 1,860 400 209 498 268 763 July 13 943 5,847 767 1,051 394 330 1,872 409 209 501 272 784 July 20 932 5,815 770 1,064 394 329 1,848 400 207 495 270 773 July 27. 922 5,804 753 1,068 401 317 1,848 403 206 495 268 773 Aug. 3 _ 936 5,828 765 1,057 404 320 1,860 402 209 496 266 769 Aug. 10 _. 930 5,807 786 1.062 402 325 1,879 403 211 505 269 785 Aug. 17 927 5,745 785 ,068 393 322 1,893 398 205 505 270 792 Aug. 24 _ 916 5,681 770 1,062 395 322 1,882 399 206 504 269 783 Aug. 31 920 5,827 779 1,059 396 331 1,900 396 214 502 273 785 Sept. 7_ 916 5,779 786 1,055 401 337 1,901 397 214 503 276 797 Sept. 14 932 5,907 790 1,053 398 339 1,930 409 225 504 284 819 Sept. 21 919 5,754 780 038 393 328 1,866 394 227 489 282 797 Sept. 28_ _ 921 5,764 785 L,040 395 329 1,869 395 231 484 287 779 Oct. 5 959 5,854 790 1,026 395 336 1,876 410 235 486 291 783 Oct. 12 941 5,790 784 ,043 395 343 1,903 415 241 492 296 793 Oct. 19 960 5,873 779 ,041 386 337 1,888 407 238 479 296 794 Oct. 26 953 5,838 783 1,035 387 332 1,886 409 240 483 296 787 Nov. 2.. 987 5,871 782 032 393 334 1,883 415 254 481 297 779 Nov. 9 963 5,923 779 1,037 395 336 1,885 421 256 488 306 789 Nov. 16 974 6,060 785 053 399 338 1,897 430 253 497 309 816 Nov 23 955 6,037 782 1,070 398 333 1,897 432 249 501 307 814 Nov. 30 . 968 6,206 794 1,078 404 334 1,905 434 249 493 306 830 Dec. 7 . 961 6,153 783 ,076 403 344 1,896 447 250 497 309 839 Dec 14 972 6,189 782 1,079 403 352 1,889 449 248 502 316 849 Dec. 21 953 6,173 753 , 051 391 342 1,860 430 237 496 311 840 Dec. 28 953 6,144 774 , 039 388 345 1,845 426 235 496 310 832 Average: January 909 5,702 790 1,015 391 344 1,774 407 213 491 271 797 February. _ 906 5,511 774 1,027 386 342 1,786 406 215 498 280 787 March 897 5,650 772 1,062 381 337 1,793 402 218 502 286 768 April 901 5,661 773 1,056 378 338 1,798 403 210 496 283 773 May 903 5,792 768 ,050 377 332 1,844 401 202 485 276 784 June 912 5,996 762 1,079 382 328 1,838 402 208 488 273 781 July „ 931 5,853 767 ,059 395 327 1,857 403 208 497 269 773 August 926 5,778 777 1,062 398 324 1,883 400 209 502 269 783 September. 922 5,801 785 1,046 397 333 1,891 399 224 495 282 798 October 953 5,839 784 1,036 391 337 1,888 410 238 485 295 789 November. 969 6,019 784 1,054 398 335 1,893 426 252 492 305 806 December.. 960 6,165 773 1,061 396 346 1,873 438 242 498 312 840 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONDITION OF KEPORTING MEMBER BANKS 231 No. 101.—REPORTING MEMBER BANKS—TIME DEPOSITS, BY WEEKS, WITH MONTHLY AVERAGES OF WEEKLY FIGURES [In millions of dollars] Federal Reserve District B to o n s- Y N o e r w k a P p d h h e i i l a l - - C la le n v d e- m Ri o c n h d - la A n t t - a c C a h g i o - L S ou t. is n M o e l a i i n p s - - K C s a a it n s y - Dallas F c S i r s a a c n n o - 1927 Jan. 5 424 1,361 252 825 210 220 1,114 221 124 145 101 922 Jan 12 422 1,373 253 822 212 223 1,113 225 125 145 103 921 Jan.19 423 1,362 252 819 212 226 1,112 226 126 146 103 916 Jan 26 425 1,366 251 823 215 225 1,105 227 125 147 102 923 Feb. 2 424 1,377 250 833 212 229 1,116 232 123 147 103 890 Feb. 9 422 1,384 248 830 219 228 1,121 232 123 147 109 888 Feb. 16 420 1,392 253 828 214 230 1,117 232 123 148 109 894 Feb. 23 421 1,3S8 253 825 214 232 1,113 234 125 148 108 951 Mar. 2 423 1,373 252 892 214 234 1,110 235 125 149 107 960 Mar. 9 426 1,379 252 899 214 234 1,106 235 126 149 106 961 Mar. 16 429 1,403 252 845 214 234 1,108 236 125 149 106 953 Mar. 23 431 1,391 255 849 215 236 1,117 236 125 149 107 945 Mar 30 430 1,406 257 852 216 235 1,094 234 125 150 108 957 Apr. 6 428 1,397 264 853 217 236 1,116 233 126 148 107 944 Apr. 13 429 1,422 262 841 217 237 1,116 234 127 148 106 948 Apr. 20 430 1,416 262 847 220 235 1,121 236 126 149 107 943 Apr. 27 430 1,413 262 901 222 236 1,126 235 126 150 107 936 May 4 435 1,402 264 907 221 238 1,133 235 125 151 107 939 May 11 434 1,401 265 903 222 237 1,135 236 126 151 108 959 May 18 . .. 436 1,420 262 911 223 238 1,142 238 126 151 108 963 May 25__ 437 1,410 261 910 224 240 1,140 240 127 152 108 956 June 1 436 1,424 260 914 225 237 1,145 234 127 151 108 950 June 8 437 1,495 260 866 225 242 1,152 231 127 152 109 953 June 15 442 1,468 261 868 226 239 1,155 231 127 152 109 949 June 22 445 1,476 261 867 227 239 1,161 231 127 152 110 944 June 29 452 1,472 263 872 230 240 1,160 231 129 152 110 957 July 6.. 461 1,466 264 868 229 241 1.166 232 127 152 109 941 July 13 462 1,437 264 890 229 241 163 232 128 -154 110 934 July 20 462 1,451 263 888 231 240 ,164 231 128 153 109 924 July 27 463 1,465 265 897 234 240 ,165 234 125 153 109 917 Aug. 3 466 1,484 265 901 235 240 L, 162 234 125 153 110 913 Aug. 10 464 1,491 264 903 235 243 ,169 236 126 155 110 913 Aug. 17 466 1,485 266 906 236 238 ,177 236 127 156 109 906 Aug. 24 466 1,480 261 909 236 238 ,177 237 126 156 110 914 Aug. 31 469 1,478 263 910 240 234 ,181 237 125 156 111 916 Sept. 7 ... 481 1,478 261 913 239 239 J81 236 125 156 111 908 Sept. 14 481 1,477 264 926 236 238 L, 174 235 125 157 110 919 Sept. 21 483 1,476 266 926 234 236 ,172 236 126 157 110 925 Sept. 28 484 1,490 271 925 235 237 .173 237 125 158 110 932 Oct. 5_. 480 1,500 273 920 239 240 1,185 239 125 158 110 944 Oct. 12 479 1,519 274 917 242 240 1,184 238 126 158 110 945 Oct. 19 476 1,513 273 918 242 242 1,192 238 130 158 111 933 Oct. 26. 475 1,522 273 911 242 243 1,192 238 131 158 111 924 Nov. 2 . ... 478 1,536 273 879 243 245 1,184 236 131 161 112 933 Nov. 9 487 1,556 272 888 249 243 1,190 238 133 159 113 936 Nov. 16 489 1,565 294 894 244 245 1,194 238 133 160 113 914 Nov. 23 490 1,580 297 897 245 245 1,196 238 135 160 113 931 Nov. 30 495 1,574 295 894 245 245 1,194 239 134 161 113 941 Dec. 7 493 1,542 279 889 242 245 1,192 235 135 161 113 946 Dec. 14 492 1,537 283 888 244 244 1,199 234 134 161 114 942 Dec. 21 492 1,560 285 881 243 244 1,210 240 136 161 114 939 Dec. 28 ... 499 1,564 286 882 243 243 1,200 241 134 160 114 949 Average: January 424 1,366 252 822 212 223 1,111 225 125 146 102 920 February. _ 422 1,385 251 829 215 230 1,117 232 123 147 107 906 March 428 1,390 254 867 215 235 1,107 235 125 149 107 955 April. 429 1,412 262 860 219 236 1,120 234 126 149 107 943 May 435 1,408 263 908 222 238 1,137 238 126 151 108 954 June 442 1,467 261 877 227 239 1,155 232 128 152 109 951 July 462 1,455 264 886 231 240 1,164 232 127 153 110 929 August 466 1,483 264 906 236 239 1,173 236 126 155 110 913 September. 482 1,480 266 922 236 238 1,175 236 125 157 110 921 October 478 1,513 273 917 241 241 1,188 238 128 158 110 937 November. 488 1,562 286 890 245 245 1,192 238 133 160 113 931 December.. 494 1,551 283 885 243 244 1,200 238 135 161 114 944 110390—28 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

232 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No. 102.—REPORTING MEMBER BANKS—RESERVE BALANCES, BY WEEKS, WITH MONTHLY AVERAGES OF WEEKLY FIGURES [In millions of dollars] Federal Reserve District B t o o s n - Y N o e r w k P a p d h h e i i l a l - - C la le n v d e- m Ri o c n h d - l A a t n - ta c C a hi g - o L S ou t. is n M o e i l n a i - p s - K C s a i a t n s y - Dallas F c S r is a a c n n o - 1927 Jan.5 92.9 840 85.9 120 43.9 44.0 255 49.4 24.6 55.4 29.9 108 Jan. 12 94.5 786 86.0 126 41.4 39.2 240 47.6 23.9 54.8 29.5 114 Jan.19 90.4 774 87.2 125 41.1 43.7 244 47.1 25.3 53.3 29.8 110 Jan. 26 98.8 718 78.9 126 42.0 40.4 238 46.4 23.9 55.1 27.9 111 Feb. 2 101.3 733 84.8 152 43.2 40.5 238 44.1 20.5 57.1 28.7 108 Feb. 9 97.0 748 81.3 131 39.4 38.4 235 47.5 24.7 51.6 30.9 111 Feb. 16 95.1 778 81.2 127 44.2 44.6 257 49.9 23.6 56.8 31.7 111 Feb. 23~- 90.6 720 82.9 126 42 2 41.5 216 48.5 25.1 58.5 31.4 106 Mar. 2 94.1 739 80.2 147 42.4 41.1 234 46.0 23.9 53.6 32.7 108 Mar. 9 97.2 742 82.6 129 41.8 42.8 238 48.2 21.4 54.3 30.9 106 Mar. 16... 94.7 755 83.0 140 42.4 40.2 251 51.9 24.9 56.5 31.9 110 Mar. 23... 95.6 814 80.2 137 41.7 39.9 234 47.5 26.3 54.4 32.9 108 Mar. 30... 99.4 816 72.6 133 41.5 38.4 222 47.2 23.6 52.9 31.3 108 Apr. 6 98.2 702 88.4 136 43.0 40.4 251 47.7 25.9 54.3 31.2 110 Apr. 13 98.8 789 82.3 120 40.5 39.1 244 48.0 22.1 52.0 30.5 109 Apr. 20 95.0 738 84.3 126 42.0 41.1 256 45.5 25.0 57.0 31.4 111 Apr. 27 99.2 783 78.8 130 40.5 40.9 245 47.2 23.4 53.9 30.6 106 May 4 97.5 803 85.5 140 45.1 39.7 248 47.9 24.2 53.7 29.9 109 May 11 98.2 771 78.6 132 40.8 40.7 251 47.7 22.9 54.0 29.2 110 May 18 96.7 793 82.4 133 41.5 40.1 250 44.2 23.5 56.0 29.6 111 May 25 102.0 768 81.4 138 39.7 37.5 253 48.4 23.9 51.8 29.3 114 June.l 99.7 819 78.6 131 41.8 40.0 252 42.6 21.6 53.8 30.1 115 June 8 96.4 823 86.1 138 41.7 39.7 247 47.8 26.3 53.6 29.1 107 June 15 100.1 881 84.7 141 42.5 37.9 262 52.0 24.3 53.9 29.1 108 June 22 98.4 810 79.2 133 41.7 40.2 252 47.5 22.8 55.0 30.4 108 June 29 98.9 865 80.9 129 40.9 37.5 235 48.6 23.1 53.9 28.9 109 July 6 94.2 776 82.9 137 44.4 40.2 252 48.8 24.6 58.0 29.9 105 July 13 101.8 801 82.5 133 42.5 41.6 243 46.7 23.5 55.7 29.6 110 July 20 102.0 802 83.8 127 43.5 39.1 240 48.3 23.8 55.5 29.9 109 July 27 95.9 784 78.1 128 43.3 37.0 250 48.6 22.0 54.0 29.0 107 Aug. 3_ 98.9 816 82.1 137 46.9 41.4 258 47.5 24.5 57.0 29.6 107 Aug. 10 97.4 811 80.6 131 44.6 36.6 252 45.1 23.6 55.9 28.6 108 Aug. 17 96.4 742 84.0 132 47.1 39.1 258 46.2 24.7 57.3 30.1 111 Aug. 24 100.4 784 83.7 133 44.4 37.0 263 46.9 22.0 56.5 30.2 112 Aug. 31 101.5 772 83.7 129 43.6 39.2 265 44.1 24.6 55.9 30.9 108 Sept. 7 99.7 786 84.5 120 45.4 41.6 263 48.6 23.5 56.5 30.3 | 105 Sept. 14 103.7 777 82.7 131 44.3 39.3 262 46.8 25.1 54.9 29.1 | 108 Sept. 21 98.8 776 84.0 134 43.0 40.9 256 46.7 24.8 56.8 30.8 112 Sept. 28 101.8 810 82.1 126 42.0 38.9 257 45.9 25.3 52.2 29.9 111 Oct. 5 101.0 778 84.3 130 43.3 40.8 267 48.1 26.2 53.7 31.8 107 Oct. 12. 103.9 757 85.5 132 42.2 39.1 266 46.7 28.9 53.8 34.2 116 Oct. 19 104.3 814 81.9 127 43.2 38.9 275 48.6 26.7 51.2 31.9 112 Oct. 26 104.3 811 83.9 119 42.6 37.8 254 51.3 27.7 53.5 33.9 110 Nov. 2 105.4 798 80.7 125 45.3 40.3 265 48.8 28.2 53.8 33.0 109 Nov. 9 100.7 839 78.8 127 44.2 37.3 248 50.1 28.3 54.7 33.9 114 Nov. 16 104.7 856 89.2 144 45.5 40.9 255 52.8 30.0 58.6 33.6 115 Nov. 23 101.6 839 82.1 125 43.9 40.1 244 51.8 27.4 60.2 33.3 111 Nov. 30 103.2 816 86.4 133 41.6 I 39.6 260 49.9 29.0 55.4 33.9 112 Dec. 7 103.0 821 79.5 138 44.3 41.1 255 52.1 31.1 55.5 33.3 115 Dec. 14. i 108.0 820 80.8 134 44.5 40.4 266 50.9 30.1 55.8 33.8 122 Dec. 21 102.7 836 80.4 124 41.5 40.9 271 49.3 27.8 57.6 33.4 115 Dec. 28. 103.9 856 84.9 129 44.3 42.6 265 50.7 29.2 56.6 34.0 117 Average: January 94.1 84.5 124 42.1 41.8 244 47.6 24.4 54.7 29.3 111 February. _ 96.0 745 82.6 134 42.2 41.2 237 47.5 23.5 56.0 30.7 109 March 96.2 773 79.7 137 ,42.0 40.5 236 48.2 24.0 54.3 31.9 108 April 97.8 753 83.5 128 41.5 40.4 249 47.1 24.1 54.3 30.9 109 May 98.6 784 82.0 135 !41.8 39.5 251 47.0 23.6 53.9 29.5 111 June 98.7 840 81.9 134 !41.7 39.1 250 47.7 23.6 54.0 29.5 109 July 98.5 791 81.8 131 43.4 39.5 246 48.1 23.5 55.8 29.6 108 August 98.9 785 82.8 132 45.3 38.7 259 45.9 23.9 56.5 29.9 109 September. 101.0 787 83.3 128 ! 43.7 40.2 260 47.0 24.7 55.1 30.1 109 October 103.3 790 83.9 127 42.8 39.2 266 48.7 27.4 53.1 33.0 111 November. 103.1 830 83.4 131 44.1 39.7 254 50.7 28.6 56.5 33.5 112 December.. 104.4 833 81.4 131 43.7 41.3 264 50.7 29.6 56.4 33.6 117 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONDITION OF REPORTING MEMBER BANKS 233 No. 103.—REPORTING MEMBER BANKS—BORROWINGS AT FEDERAL RESERVE BANKS, BY WEEKS, WITH MONTHLY AVERAGES OP WEEKLY FIGURES [In millions of dollars] Federal Reserve District B to o n s- Y N o e r w k P a p d h h e i i l a l - - C l l a e n v d e- m Ri o c n h d - la A n t t - a C ca h g i- o L S ou t. is n M o e l a i i n p s - K C s a a it n s y - Dallas F c S i r s a a c n n o - 1927 Jan. 5 24.3 148.2 24.9 52.6 10.3 23.3 88.6 14.6 1.7 8.8 4.0 45.3 Jan. 12 _.. 17.6 104.4 9.5 51.1 6.3 16.0 46.3 10.8 .5 4.7 4.6 33.4 Jan.19 5.9 69.0 10.4 40.6 6.2 14.3 61.5 6. 3 1.2 4.6 3.7 24.2 Jan. 26 9.2 37.1 7.9 34.7 8.1 11.6 54.9 2.6 1.3 4.6 2.3 22.7 Feb.?2 11.8 52.6 9.4 36.9 9.7 11.4 49.7 2.1 1.1 4.3 2.2 31.4 10.4 76.1 9.1 33.6 9.7 9.0 42.6 2.7 1.1 2.5 1.0 25.5 Feb.16 9.5 77.7 10.5 29.0 13.1 10.5 55.2 5.4 1.6 4.2 1.0 24.9 Feb.|23 19.0 64.0 8.4 29.9 10.7 10.7 45.5 7.7 1.2 4.7 1.7 39.5 Mar. 2. 19.1 88.3 9.2 22.7 11.9 14.9 51.0 8.4 .6 1.9 .9 49.8 Mar. 9 21.1 89.7 8.4 17.7 10.8 13.5 58.0 4.8 .4 1.6 .7 39.4 Mar. 16 12.6 25.8 9.8 25.4 8.0 17.6 43.1 6.6 .9 3.9 1.7 34.3 Mar. 23 17.4 115.2 19.6 24.6 8.5 17.5 41.6 8.6 3. 6 4.7 1.5 46.6 Mar. 3O._ 32.1 91.8 23.3 21.3 8.0 15.6 55.0 8.4 3.4 3.4 1.6 32.5 Apr. 6 _. 9.6 78.4 10.7 32.5 7.3 15.5 41.4 3.7 2.4 5.2 1.9 43.3 Apr. 13 12.4 120.8 11.0 37.9 7.3 14.0 20.5 5.8 2.3 5.1 1.9 41.5 Apr. 20 10.2 65.2 13.4 39.0 13.3 16.6 41.3 6.2 3.7 6.3 2.3 45.6 Apr. 27. 3.8 90.8 19.3 36.1 8.6 19.5 44.2 9.2 3.4 9.2 2.7 39.2 May 4 17.3 141.9 11.5 34.8 9.7 18.6 52.8 9.8 3.8 9.0 2.0 44.3 May 11 22.5 115.6 11.6 32.2 7.0 19.4 28.8 10.5 2. 9.6 1.3 26.5 May 18 28.2 94.0 20.9 38.5 10.2 19.1 27.1 15.2 4.5 13.0 1.6 32.6 May 25 30.4 63.1 17.0 40.7 6.1 15.6 36.1 13.4 2.9 11.7 2.0 20.7 June 1 33.6 89.0 27.8 36.7 7.3 15.6 57.8 22.0 3.6 10.3 2.8 23. < June 8 15.0 60.6 13.9 48.3 4.3 14.9 27.5 12.9 3.7 11.3 2.5 27.7 June 15 9.8 33.3 14.6 47.0 4.8 15.8 24.3 7.4 2.3 8.7 1.5 30.5 June 22 14.0 66.3 20.0 21.6 9.8 15.7 55.5 16.9 3.0 10.8 1.7 37.4 June 29 33.1 73.5 29.5 33.3 7.6 15.3 52.3 25.0 .5 6.4 2. 1 30.1 July 6 15.9 118.0 20.4 33.6 10.2 16.6 54.8 25.0 5.3 7.9 2.2 34.7 July 13 10.5 108.8 17.5 28.6 9,8 14.1 23.9 15.7 .3 7.5 1.9 26.1 July 20 21.7 64.1 15.7 20.0 5.9 20.3 35.6 22.2 1.3 4.3 2.5 33. 8 July 27 ._ 14.7 65.6 17.2 22.0 4.3 17.6 33.6 16.4 .7 4.7 3.1 33.9 Aug. 3 12.2 98.3 18.4 30.8 4.8 16.3 39.4 14.2 .8 3.9 6.1 39.8 Aug. 10 22.0 100.1 14.7 25.1 3.0 15.3 32.0 12.2 .3 1.4 5.5 29.0 Aug. 17 17.4 82.4 15.4 18.5 6.6 15.4 22.4 14.5 1.9 5.0 5.9 30. 5 Aug. 24 16.0 102.0 16.3 19.6 5.2 15.6 21.5 16.5 2.2 3.5 7.9 31.0 Aug. 31 24.7 76.1 14.7 19.4 5.7 14.3 18.8 18.5 2.6 2.4 7.8 35.6 Sept. 7_. 14.8 147.7 18.1 20.0 7.6 10.9 15.8 15.1 2.1 7.8 35.0 Sept. 14 17.2 81.5 17.4 30.8 9.0 13.6 23.5 12.8 3.6 5.6 9.1 Sept. 21 21.7 95.3 14.5 33.6 13.4 16.1 19.9 19.6 1.5 7.3 3.3 23.5 Sept. 28 23.0 114.8 14.8 26.3 12.3 11.6 21.2 18.5 .4 5.4 1.5 28.7 Oct. 5 20.3 143.1 12.2 32.8 15.6 11.5 24.7 11.9 .3 6.3 2.0 39.3 Oct. 12 21.0 88.7 15.2 43.5 15.7 9.5 18.3 10.0 4.2 6.3 1.9 52.1 Oct. 19 17.7 67.2 16.7 31.8 19.8 11.7 33.9 16.2 14.8 5.7 35.3 Oct. 26 29.2 77.8 16.9 18.9 14.7 9.4 27.1 13.1 9.7 7.6 30.0 Nov. 2 19.4 44.6 14.0 31.3 12.2 13.9 33.7 11.7 9^2 9.1 32.8 Nov. 9 20.1 123.1 13.4 42.8 13.2 13.0 31.6 9.0 8.8 7.5 27.9 Nov. 16 11.4 79.5 13.6 38.6 9.5 17.0 18.4 3.9 11.8 4.3 24.5 Nov. 23 24.5 85.2 12.2 25.9 11.3 23.1 31.6 10.6 9.1 6.2 34.4 Nov. 30 23.9 119.0 18.0 28.7 10.1 26.1 40.4 9.9 1.0 11.9 5.9 35.7 Dec. 7. 21.6 104.4 12.8 33.8 11.9 20.7 39.4 4.6 7.4 42.9 Dec. 14. 30.4 101.4 20.1 45.4 13.4 20.3 61.1 6.9 1.3 8.6 5.2 39.3 Dec. 21. 23.8 164.1 26.2 63.0 20.7 22.7 48.4 15.1 1.3 9.3 4.2 33.2 Dec. 28 23.8 233.9 31.8 58.0 20.5 21.2 41.7 12.1 9.1 1.9 9.0 Average: January... 14.3 89.7 13.2 44.8 7.7 16.3 62.8 8.6 1.2 5.7 3.6 31.4 February.. 12.7 67.6 9.4 32.3 10.8 10.4 48.3 4.5 1.2 3.9 1.5 30.3 March 20.5 82.1 14.1 22.4 9.4 15.8 49.7 7.4 1.8 3.1 1.3 40.5 April 9.0 88.8 13.6 36.4 9.1 16.4 36.8 6.2 2.9 6.4 2.2 42.4 May....... 24.6 103.6 15.3 36.6 8.3 18.2 36.2 12.2 3.5 10.8 1.7 31.0 June 21.1 64.5 21.2 37.4 15.5 43.5 16.8 2.6 9.5 2.1 29.9 July 15.7 89.1 17.7 26.1 17.2 37.0 19.8 1.9 6. 1 2.4 32.1 August 18.5 91.8 15.9 22.7 5.1 15.4 26.8 15.2 1.6 3.2 6.6 33.2 September. 19.2 109.8 16.2 27.7 10.6 13.1 20.1 16.5 .6 4.6 4.6 24.1 October 22.0 94.2 15.3 31.8 16.5 10.5 26.0 12.8 1.1 9.3 4.3 39.2 November. 19.9 90.3 14.2 33.5 11.2 18.6 31.2 9.0 .2 10.2 6.6 31.1 December.. 24.9 151.0 22.7 50.0 16.6 21.3 47.6 9.7 .6 8.6 4.0 31.1 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

234 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD CONDITION OF REPORTING MEMBER BANKS IN NEW YORK CITY No. 104.—REPORTING MEMBER BANKS IN NEW YORK CITY—TOTAL LOANS AND INVESTMENTS, BY WEEKS, WITH MONTHLY AVERAGES OP WEEKLY FIGURES [In millions of dollars] Total Loans loans and Investi m nv e e n s t t s - On All other ments jiai securities 1927 Jan. 5 6, 500 4,761 2,307 2,454 1,738 Jan.12._ 6,394 4,630 2,189 2,441 1,765 Jan.19.. 6,251 4,512 2,102 2,410 1,739 Jan.26.- 6,220 4,470 2,073 2,397 1,750 Feb. 2.. 6,270 4,515 2,113 2, 402 1,755 Feb. 9__ 6,172 4,422 2,015 2,407 1,750 Feb. 16. 6,152 4,405 2,026 2,380 1,746 Feb. 23. 6,163 4,404 2,036 2,369 1,758 Mar. 2 6,285 4,516 2,096 2,419 1,769 Mar. 9 6,248 4,478 2,061 2,417 1,769 Mar. 16. 6,418 4,526 2,095 2,430 1,892 Mar. 23. 6,406 4,556 2,087 2,468 1,850 Mar. 30. 6,393 4,554 2,146 2,408 1,839 Apr. 6 6,453 4,611 2,189 2,422 1,843 Apr. 13.. 6,379 4, 540 2,114 2,427 1,839 Apr. 20.. 6,410 4, 558 2,147 2,411 1.852 Apr. 27.. 6,443 4,571 2,176 2,396 1,871 May 4 6,543 4,662 2,244 2,418 1,881 May 11._ 6,517 4,616 2,176 2,440 1,901 May 18. _ 6,547 4,624 2,203 2,421 1,922 May 25.. 6, 533 4,612 2,178 2,433 1,921 June 1 6,692 4,808 2,356 2,452 1,884 June 8 6,643 4,714 2,274 2,440 1,928 June 15. _ 6,754 4,738 2,305 2,433 2,016 June 22.. 6,663 4,758 2,323 2,436 1,905 June 29. _ 6,710 4,817 2,371 2,446 1,892 July6_._ 6,747 4,843 2,382 2,461 1,904 July 13. _ 6,572 4, 673 2,249 2,424 1,900 July 20__ 6,531 4,671 2,228 2,443 1,860 July27.- 6,557 4,694 2,267 2,427 1,863 Aug. 3 6,613 4,761 2,314 2,447 1,852 Aug. 10.. 6,585 4,743 2,280 2,463 1,842 Aug. 17... 6, 551 4,725 2,260 2,465 1, 827 Aug. 24.. 6,510 4,696 2,228 2,468 1,814 Aug. 31.. 6,634 4,816 2,295 2,521 1,818 Sept. 7._ 6,634 4,835 2,270 2,565 1,799 Sept. 14. 6,702 4,908 2,330 2,578 1,794 Sept. 21. 6,735 4,936 2,306 1,798 Sept. 28. 6,750 4,965 2,348 2,616 1,785 Oct. 5 6,841 5,073 2,448 2,625 1,768 Oct. 12__ 6,759 4,9S5 2,352 2,634 1,774 Oct. 19-- 6,765 4,990 2, 338 2, 653 1,775 Oct. 26.. 6,765 4,990 2,342 2,648 1,775 Nov. 2. 6,810 5,028 2,386 2,642 1,782 Nov 6,876 5,078 2,409 2,670 1,797 Nov, 5,137 2,491 2,646 1,850 Nov, 6,981 5,108 2,463 2,645 1,873 Nov 7,113 5,224 2,574 2,651 1,889 Dec. 7 7,063 5,165 2, 518 2,648 1,897 Dec. 14 7,050 5,152 2,538 2,614 1,898 Dec. 21 7,161 5,258 2,642 2,616 1,903 Dec. 28 7,224 5,334 2,724 2,610 1,889 Average: January 6,341 4,593 2,168 2,426 1,748 February... 6,189 4,437 2,047 2,389 1, 752 March 6,350 4,526 2,097 2,429 1,824 April 6,421 4,570 2,156 2,414 1.851 May 6,535 4,629 2,201 2,428 1,906 June 6,692 4,767 2,326 2,441 1,925 July 6,602 4,720 2,281 2,439 1,882 August 6,579 4,748 2,275 2,473 1,831 September.. 6,705 4,911 2,313 2,598 1,794 October 6,783 5,010 2,370 2,640 1,773 November.. 6,954 5,115 2, 465 2, 651 1,838 December.. 7,124 5,228 2, 605 2,622 1,897 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONDITION OF REPORTING MEMBER BANKS 235 No. 105.—REPORTING MEMBER BANKS IN NEW YORK CITY—DEPOSITS' RESERVES, AND BORROWINGS AT FEDERAL RESERVE BANK, BY WEEKS, WITH MONTHLY AVERAGES OF WEEKLY FIGURES [In millions of dollars] Net demand plus time deposits Re w se it r h ves B at o r F ro e w de i r n a g l s Federal Total de N m e a t nd Time re b s a e n rv k e re b s a e n r k ve 1927 Jan.5 6,197 5,275 922 776 130.5 Jan.12.. 6,114 5,191 923 723 88.8 Jan.19.. 5,979 5,067 912 712 56.0 Jan.26.. 5,891 4,976 914 659 28.3 Feb. 2... 5,957 5,032 926 667 44.5 Feb. 9... 5,857 4,930 927 686 70.2 Feb. 16.. 5,855 4,920 935 716 70.9 Feb. 23.. 5,788 4,858 931 659 54.0 Mar. 2__ 5,934 5,019 915 672 73.8 Mar. 9__ 5,902 4,982 920 681 81.6 Mar. 16. 6,069 5,129 940 690 20.3 Mar. 23. 6,030 5,102 928 751 106.1 Mar. 30. 6,052 5,109 943 755 83.8 Apr. 6___ 5,996 5,060 936 643 71.8 Apr. 13.. 5,996 5,036 960 725 107.1 Apr. 20.. 6,017 5,062 954 675 57.8 Apr. 27.. 6,056 5,107 950 708 77.0 May 4... 6,123 5,172 951 741 125.6 May 11.. 6,104 5,154 950 708 103.7 May 18.. 6,165 5,197 968 730 77.9 May 25.. 6,150 5,193 957 702 53.2 June 1... 6,385 5,415 971 758 83.7 June 8... 6,333 5,292 1,040 761 52.2 June 15.. 6,545 5,535 1,010 815 24.5 June 22.. 6,306 5,288 1,018 745 50.2 June 29_. 6,430 5,419 1,011 800 46.8 July 6... 6,354 5,348 1,006 716 85.5 July 13.. 6,230 5,255 975 736 77.1 July 20.. 6,218 5,230 988 741 37.6 July 27.. 6,226 5,225 1,000 721 37.3 Aug. 3... 6,273 5,261 1,013 753 78.7 Aug. 10-. 6,264 5,246 1,018 752 81.7 Aug. 17.. 6,187 5,175 1,013 682 67.6 Aug. 24_. 6,129 5,122 1,007 726 86.7 Aug. 31.. 6,265 5,263 1,002 708 54.6 Sept. 7... 6,212 5,209 1,003 727 132.1 Sept. 14.. 6,327 5,325 1,002 714 59.4 Sept. 21-. 6,176 5,177 999 716 74.1 Sept. 28.. 6,196 5,185 1,011 748 96.1 Oct. 5_... 6,277 5,269 1,008 715 124.5 Oct. 12... 6,222 5,203 1,019 694 70.7 Oct. 19... 6,297 5,286 1,011 751 46.7 Oct. 26... 6,281 5,261 1,020 752 56.1 Nov. 2... 6,320 5,286 1,035 737 27.6 Nov. 9... 6,386 5,336 1,050 780 106.9 Nov 6,519 5,462 1.057 792 64.8 Nov 6,521 5,452 l,[069 777 68.1 Nov 6,679 5,614 1,065 755 97.2 Dec. 7 6,590 5,563 1,027 756 84.6 Dec. 14 6,618 5,596 1,022 757 79.2 Dec. 21 6,621 5,578 1,042 777 ' 140.3 Dec. 28 6,589 5,544 1,046 786 203.3 Average: January 6,045 5,127 918 717 75.9 February._ 5,865 4,935 929 682 59.9 March 5,997 5,068 929 710 73.1 April. 6,016 5,066 950 688 78.5 May 6,135 5,179 956 720 90.2 June 6,400 5,390 1,010 776 51.5 July.. 6,257 5,265 992 728 59.4 August 6,224 5,213 1,010 724 73.9 September . 6,228 5,224 1,004 726 90.4 October 6,269 5,255 1,015 728 74.5 November. 6,485 5,430 1,055 768 72.9 December.. 6,604 5,570 1,034 769 126.9 Back figures for Tables 104 and 105.—See Annual Report for 1926 (pp. 260-263). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

236 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD CONDITION OF REPORTING MEMBER BANKS OUTSIDE NEW YORK CITY No. 106.—REPORTING MEMBER BANKS OUTSIDE NEW YORK CITY—TOTAL LOANS AND INVESTMENTS, BY WEEKS, WITH MONTHLY AVERAGES OF WEEKLY FIGURES [In millions of dollars] Total Loans loans and Investinvest- ments ments Total On All other securities 1927 Jan. 5 13,685 9,881 3,703 6,178 3,804 Jan. 12— 13,675 9,846 3,667 6,178 3,829 Jan. 19... 13, 645 9,812 3,662 6,149 3,834 Jan. 26— 13, 626 9,781 3,651 6,130 3,845 Feb. 2... 13, 620 9,766 3,660 6,106 3,854 Feb. 9... 13, 651 9,779 3,667 6,112 3, 873 Feb. 16.. 13, 679 9,769 3,649 6,120 3, 910 Feb. 23.. 13,704 9, 793 3,653 6,140 3,911 Mar. 2... 13, 781 9,833 6,147 3,947 Mar. 9... 13,808 9,854 3,680 6,174 3,952 Mar. 16- 14, 032 9,911 3,716 6,195 4,124 Mar. 23.. 13,981 9,857 3,696 6,161 4,124 Mar. 30- 13,984 9,857 6,169 4,127 Apr. 6... 13, 932 9,841 3,668 6,173 4,091 Apr. 13-. 13, 928 9,858 3,702 6,156 4,070 Apr. 20-. 13,879 9,812 3,696 6,116 4,067 Apr. 27.. 13,936 9,834 3,726 6,109 4,102 May 4__. 13, 976 9,875 3,724 6,151 4,101 May 11— 13,991 9,885 3,729 6,157 4,106 May 18.. 14,046 9,888 3,760 6,128 4,158 May 25_. 14,042 9,869 3,749 6,120 4,173 June l._. 14,015 9,870 3,774 6,096 4,145 June8_._ 13, 999 9,918 3,830 6,087 4,081 June 15— 14,166 9,956 3,851 6,105 4,211 June 22.. 14,118 9,912 3,813 6,099 4,207 June 29— 14,159 9,952 3,833 6,119 4,207 July6__. 14,118 9,918 3,835 6,084 4,199 July 13 __ 14, 079 9,907 3,828 6,079 4,172 July 20— 14, 084 9,903 3,845 6,058 4,182 July 27_ . 14, 060 9,875 3,833 6,041 4,185 Aug. 3__. 14, 019 9,876 3,822 6,054 4,143 Aug. 10- 14, 087 9,937 3,845 6,092 4,150 Aug. 17_ _ 14,084 9,949 3,869 6,080 4,135 Aug. 24.. 14,052 9,913 3,854 6,059 4,140 Aug. 31.. 14, 097 9,937 3,858 6,079 4,160 Sept. 7___ 14, 088 9,917 3,863 6,054 4,171 Sept. 14.. 14, 210 10, 015 3,909 6,106 4,194 Sept. 21.. 14, 324 10, 036 3,918 6,118 4,288 Sept. 28.. 14, 361 10, 057 3,942 6,115 4,304 Oct. 5— 14,412 10, 077 3,932 6,145 4,334 Oct. 12— 14,455 10,114 3,945 6,169 4,340 Oct. 19... 14,482 10,127 3,965 6,162 4,355 Oct. 26... 14, 428 10, 091 3,981 6,111 4,336 Nov. 14,408 10, 078 3,952 6,126 4,329 Nov 9_.__ 14,423 ! 10, 085 3,932 6,154 4,338 Nov, 16... 14,564 10, 073 3,954 6,119 4,491 Nov 23— 14,590 ; 10,102 3,962 6,140 4,488 Nov. 30— 14,558 I 10,072 3,929 6,143 4,486 Dec. 7 14,572 i 10,106 3,981 6,125 4,466 Dec. 14... 14,614 | 10,133 4,001 6,131 4,481 Dec. 21 14, 631 10, 090 3,980 6,110 4,541 Dec. 28 14, 600 10, 090 3,992 6,099 4,510 Average: January 13, 658 9,830 3,671 6,159 3,828 February. _. 13,664 9,777 3,657 6,120 3,887 March 13,917 9,862 3,693 6,169 4,055 April 13, 919 9,836 3,698 6,138 4,082 May 14, 014 9,879 3,740 6,139 4,134 June 14, 092 9,922 3,820 6,101 4,170 July.. 14, 085 9,901 3,835 6,065 4,184 August 14,068 9,922 3,850 6,073 4,145 September.. 14,246 10,006 4,239 October 14,444: 10,102 3,956 6,147 4,342 November.. 14,509 10,082 3,946 6,136 4,427 December.. 14,604 10,105 3,988 6,116 4,500 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONDITION OF REPORTING MEMBER BANKS 237 No. 107.—REPORTING MEMBER BANKS OUTSIDE NEW YORK CITY—DEPOSITS, RESERVES, AND BORROWINGS AT FEDERAL RESERVE BANK, BY WEEKS, WITH MONTHLY AVERAGES OF WEEKLY FIGURES. [In millions of dollars] Net demand, plus time deposits Reserves Borrowings with at Federal Federal Total de N m e a t nd Time re b s a e n r k ve rrea b sc a eo n rr k vneo 1927 Jan. 5 12,970 7,973 4,997 974 316 Jan. 12 13,038 8,022 5,015 960 216 Jan. 19 _ 12,996 7,984 5,012 959 192 Jan. 26 12,945 7,926 5,019 947 169 Feb. 2 12,972 7,962 5,010 935 178 Feb. 9... 12, 975 7,951 5,024 950 153 Feb. 16 13,065 8,040 5,025 986 172 Feb. 23 13,066 7,984 5,083 930 189 Mar. 2 13,138 7,981 5,158 969 205 Mar. 9 13,142 7,975 5,167 954 185 Mar. 16 13,249 8,133 5,116 992 169 Mar. 23 13,123 7,994 5,129 960 203 Mar. 30 13, 043 7,921 5,122 930 213 Apr. 6 13,141 8,010 5,131 986 180 Apr. 13 13,177 8,050 5,127 950 173 Apr. 20 _. 13,132 7,995 5,137 978 205 Apr. 27 13,152 7,958 5,194 970 209 May 4 _ 13, 216 8,010 5,206 982 230 May 11 13, 295 8,067 5,229 967 184 May 18 _ 13, 295 8,043 5,252 972 227 May 25 13, 270 8,022 5,247 985 206 June 1 13, 266 8,026 5,239 967 246 June 8___ 13, 288 8,079 5,209 974 190 June 15 13,431 8,215 5,216 1,001 175 June 22 13, 212 7,989 5,223 973 222 June 29 13, 241 7,985 5,256 952 262 July 6 13,325 8,075 5,250 976 259 July 13 13,394 8,126 5,268 974 188 July 20 13,326 8,068 5,257 962 210 July 27 _. 13,300 8,033 5,266 956 197 Aug. 3 13,325 8,051 5,274 992 206 Aug. 10 13,411 8,119 5,292 962 179 Aug. 17. 13,424 8,129 5,295 986 168 Aug. 24 _ 13,368 8,065 5,303 988 171 Aug. 31 13.435 8,117 5,318 989 186 Sept. 7_._ 13,477 8,153 5,324 978 163 Sept. 14 13,606 8,266 5,340 991 165 Sept. 21.. 13,438 8,089 5,349 988 196 Sept. 28 _ 13,460 8,094 5,366 975 182 Oct. 5. _ 13, 579 8,173 5,406 997 195 Oct. 12 13, 648 8,234 5,414 1,011 216 Oct. 19 -. _. 13, 607 8,192 5,415 1,002 224 Oct. 26 13,571 8,169 5,402 977 198 Nov. 2 13, 600 8,222 5,378 996 204 Nov. 9 13, 654 8,241 5,413 976 204 Nov. 16 13, 774 8,349 5,425 1,034 168 Nov. 23 13, 779 8,321 5,457 983 206 Nov. 30 _. 13,852 8,387 5,465 1,005 233 Dec. 7 13,841 8,396 5,444 1,012 220 Dec. 14 13,885 8,435 5,450 1,030 274 Dec. 21 13, 723 8,261 5,462 1,002 292 Dec. 28.... _ 13, 713 8,242 5,470 1,027 260 Average: January 12,987 7,976 5,011 960 223 February 13,020 7,984 5,036 963 173 March 13,139 8,001 5,138 961 195 April ___. 13,150 8,003 5,147 971 192 May _._ 13, 269 8,036 5,233 976 212 June 13, 288 8,059 5,229 973 219 July 13,336 8,076 5,260 967 213 August 13, 393 8,096 5,296 983 182 September 13,495 8,150 5,345 983 177 October 13, 601 8,192 5,409 997 208 November _. 13, 732 8,304 5,428 999 203 December 13, 790 8,334 5,457 1,018 261 Bad figures for Tables 106 and 107.—See Annual Report for 1926 (p. 166) for monthly averages. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

238 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD BANKERS' BALANCES OF REPORTING MEMBER BANKS, BY DISTRICTS No. 108.—REPORTING MEMBER BANKS—DUE FROM BANKS, BY WEEKS, WITH MONTHLY AVERAGES OF WEEKLY FIGURES [In millions of dollars] Federal Reserve Disstrict B to o n s- Y N o ew rk P a p d h h e i ia l l - - C la le n v d e- m R o i n c d h- la A n t t - a c C a h g i o - L S ou t. is n M o e l a i i n p s - - K C s a a it n s y - Dallas F c S i r s a a c n n o - 1927 Feb. 2 60.5 142 68.5 109.2 60.4 77.9 229 65.6 53.2 135 73.4 127 Feb. 9 48.5 126 60.4 99.2 56.4 78.3 209 66.9 43.0 135 69.1 141 Feb. 16 50.6 140 65.9 108.9 54.6 82.1 239 61.9 46.9 139 68.4 140 Feb. 23 . 52.8 128 61.1 101.2 52.8 74.9 232 64.8 47.4 135 64.6 162 Mar. 2 54.8 149 69.1 115.0 56.1 78.7 250 63.6 52.4 146 71.6 148 Mar. 9 61.7 129 56.0 101.7 59.1 77.8 233 64.1 52.6 135 70.7 150 Mar. 16 54.1 160 62.0 115.3 56.5 74.9 251 64.6 44.1 135 70.9 170 Mar. 23 50.2 137 55.3 106.3 54.5 68.5 249 61.0 42.3 122 57.9 134 Mar. 30 46.8 138 60.6 107.3 54.3 69.5 223 55.2 44.2 129 59.0 144 Apr. 6 54.5 137 61.7 111.7 56.2 77.2 243 60.4 43.6 127 66.8 146 Apr. 13 62.5 152 62.4 99.4 53.8 72.0 247 61.5 49.1 129 65.8 153 Apr. 20 . 74.3 152 57.0 104.3 53.6 69.0 231 56.4 45.3 115 58.4 146 Apr. 27 59.1 149 58.4 111.6 54.0 65.0 233 53.4 46.1 109 64.9 140 May 4 69.2 154 61.5 106.2 53.8 69.8 266 54.7 45.8 114 67.8 147 May 11 50.5 142 60.6 108.8 54.0 71.8 261 53.9 49.6 111 63.4 153 May 18 58.2 143 60.0 107.9 56.8 69.5 261 59.7 44.5 104 60.7 149 May 25 48.7 127 53.4 102.6 57.7 66.6 252 52.5 42.0 105 54.2 137 June 1 58.1 147 68.2 108.2 60.0 72.7 259 53.8 52.9 112 60.3 157 June 8 50.9 133 60.6 99.5 56.9 73.5 224 62.3 46.4 113 60.7 149 June 15 70.7 142 63.9 131.1 59.3 76.6 253 53.0 48.9 114 60.7 147 June 22 58.2 129 60.4 107.8 51.5 68.1 220 53.4 48.8 112 55.8 145 June 29 58.5 125 59.0 90.8 54.4 65.4 235 47.9 45.8 112 54.6 144 July 6 67.1 150 61.0 104.8 61.0 76.3 235 55.0 51.9 122 60.5 148 July 13 59.2 130 60.7 106.5 58.9 82.2 250 55.6 57.3 122 58.3 158 July 20 57.1 128 56.3 100.2 51.9 75.1 239 52.2 49.1 114 53.6 148 July 27 . 57.1 121 51.5 99.6 55.5 70.4 219 43.6 49.9 114 55.2 141 Aug. 3 65.4 125 62.6 111.1 55.2 77.9 225 51.6 48.9 115 57.4 144 Aug. 10 . 56.2 123 56.0 104.5 54.8 79.1 233 53.6 48.4 117 55.7 157 Aug. 17 55.8 130 58.2 110.4 53.6 75.3 239 49.6 46.8 113 56.1 160 Aug. 24 _.. 51.3 118 52.6 107.1 53.0 75.7 225 47.2 46.2 112 54.4 151 Aug. 31 64.0 123 58.4 105.7 57.6 80.2 224 46.6 48.0 111 55.5 150 Sept. 7 . . .- 54.1 121 52.6 107.9 55.1 88.7 239 49.9 56.0 120 65.2 153 Sept. 14 61.7 127 61.7 123.7 58.7 92.2 268 48.2 61.5 115 69.7 165 Sept. 21 59.4 149 59.6 100.6 57.3 85.2 234 51.0 59.4 108 64.9 161 Sept. 28 53.7 138 58.7 98.2 58.9 82.7 227 50.9 59.8 115 70.3 159 Oct. 5 75.6 154 59.7 114.6 67.1 95.6 246 58.0 71.3 116 74.0 162 Oct. 12 73.3 161 58.0 105.1 61.2 99.4 242 57.2 73.2 122 68.8 164 Oct. 19 58.5 146 58.4 105.9 57.1 93.8 241 56.9 63.9 128 67.6 158 Oct. 26. 65.1 140 55.6 113.8 57.5 87.6 224 56.3 59.1 122 68.2 148 Nov. 2 _ 72.9 152 61.8 112.9 62.9 89.3 238 60.0 67.2 122 72.6 149 Nov. 9 57.1 140 55.8 100.7 58.3 91.2 243 58.4 65.2 119 68.4 172 Nov. 16 60.4 148 79.0 119.4 63.4 98.8 259 66.0 62.7 144 74.8 176 Nov. 23 56.3 135 69.4 105.2 63.0 89.0 239 63.6 61.4 130 74.2 179 Nov. 30 64.5 145 68.2 111.1 64.9 84.4 243 57.5 57.9 129 69.5 175 Dec. 7 58.9 135 58.1 99.5 59.2 88.1 225 58.1 53.1 126 74.1 172 Dec. 14 55.3 136 57.5 103.4 58.0 89.3 253 60.7 52.2 126 73.0 173 Dec. 21 62.5 144 56.4 98.6 55.4 85.8 230 59.1 52.3 125 63.7 168 Dec. 28 . 57.0 152 60.4 95.9 57.5 81.0 240 58.3 51.9 127 64.4 171 Average: February __ 53.1 134 64.0 104.6 56.1 78.3 227 64.8 47.6 136 68.9 142 March 53.5 143 60.6 109.1 56.1 73.9 241 61.7 47.1 133 66.0 149 April 62.6 147 59.9 106.8 54.4 70.8 239 57.9 46.0 120 64.0 147 May 56.6 142 58.8 106.4 55.6 69.4 260 55.2 45.5 108 61.5 147 June 59.3 135 62.4 107.5 56.4 71.3 238 54.1 48.6 113 58.4 148 July 60.1 132 57.4 102.8 56.8 76.0 236 51.6 52.0 118 56.9 149 August 58.5 124 57.6 107.8 54.8 77.6 229 49.7 47.7 114 55.8 152 September _ 57.2 134 58.2 107.6 57.5 87.2 242 50.0 59.2 115 67.5 160 October 68.1 150 57.9 109.9 60.7 94.1 238 57.1 66.9 122 69.6 158 November. 62.3 144 66.9 109.9 62.5 90.5 244 61.1 62.9 129 71.9 170 December. _ 58.4 142 58.1 99.4 57.5 86.1 237 59.0 52.4 126 68.8 171 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

239 BANKERS' BALANCES No. 109.—REPORTING MEMBER BANKS—DUE TO BANKS, BY WEEKS, WITH MONTHLY AVERAGES OF WEEKLY FIGURES [In millions of dollars] Federal Reserve District Bos- Y N o e r w k a P p d h h e i ia l l - - C la le n v d e- m Ri o c n h d - lanta c Ch a i g - o Lo S u t i . s n M e o a l i i p n s - - K C s a a it n s y - Dallas F c S r is a a c n n o - 1927 Feb. 2.— 155 1,157 188 249 115 119 510 153 94.8 232 110.7 249 Feb. 9_— 143 1,108 174 256 116 127 500 153 94.0 232 115.5 265 Feb. 16.... 145 1,173 181 260 114 118 510 146 94.9 232 114.6 249 Feb. 23.... 137 1,165 171 239 111 120 503 148 93.4 221 109.0 238 Mar. 2. 144 1,190 180 248 117 119 538 155 96.7 242 108.5 240 Mar. 9. 152 1,187 174 240 113 120 520 151 98.7 231 109.9 236 Mar. 16. 148 1,215 195 254 116 114 531 154 94.2 229 106.0 228 Mar. 23., 138 1,147 172 245 112 110 536 144 94.1 219 99.5 206 Mar. 30. 140 1,169 174 240 111 101 501 142 91.6 218 214 Apr. 6.. 155' 1,200 179 254 117 111 531 151 96.2 220 99.3 217 Apr. 13.. 152 1,135 180 251 114 114 521 147 91.7 218 98.0 226 Apr. 20.. 158 1,160 179 243 114 112 497 141 88.4 207 94.4 215 Apr. 27.. 147 1,179 171 244 109 107 496 137 85.7 202 94.6 211 May 4_. 157 1,234 181 252 117 110 529 144 207 101.8 227 May 11_. 148 1,165 173 247 115 115 523 141 83.5 204 98.6 224 May 18_. 145 1,175 178 240 113 113 516 137 81.2 197 94.1 226 May 25-. 137 1,141 172 235 110 105 501 133 78.4 190 90.0 208 June 1.. 151 1,275 179 244 115 105 499 137 82.8 201 91.8 219 June 8.. 142 1,164 171 237 116 112 499 128 86.2 204 95.3 213 June 15-. 169 1,337 174 245 113 103 492 138 85.3 202 90.8 208 June 22— 152 1,176 165 231 113 102 479 133 80.9 192 86.7 206 June 29.. 154 1,220 166 236 109 101 501 130 81.1 196 85.5 221 July 6.. 178 1,304 183 121 112 542 140 87.7 217 94.3 228 July 13... 173 1,242 175 254 118 113 518 139 83.8 217 89.4 236 July 20.. 172 1,220 178 246 118 107 488 133 79.8 209 83.8 227 July 27._ 159 1,158 168 249 113 101 132 77.4 214 81.1 218 Aug. 3_. 166 1,231 181 256 121 114 512 131 82.3 230 87.6 217 Aug. 10 _. 163 1,216 171 260 121 113 518 130 79.6 230 85.5 226 Aug. 17_. 164 1,228 175 262 119 109 515 134 77.9 225 85.3 230 Aug. 24 _. 157 1,187 174 256 118 110 511 130 77.3 224 88.4 230 Aug. 31 _. 157 1,255 172 259 119 116 514 124 82.8 222 92.5 225 Sept. 7.. 156 1,240 169 267 122 130 552 136 90.7 232 106.7 219 Sept. 14.. 159 1,248 186 268 126 128 519 131 93.8 219 110.7 226 Sept. 21.. 147 1,245 178 246 122 126 512 132 99.5 210 110.5 214 Sept. 28.. 143 1,231 171 244 123 128 509 135 103.9 202 122.1 222 Oct. 5... 159 1,332 190 266 129 142 542 144 112.7 216 126.9 230 Oct. 12. .. 155 1,230 180 261 127 141 533 143 108.9 214 124.8 233 Oct. 19... 161 1,288 180 256 126 136 512 143 108.4 212 130.0 230 Oct. 26... 154 1,245 175 247 122 133 141 108.0 209 129.1 219 Nov. 2.. 173 1,393 179 253 132 135 507 152 115.9 207 135.6 229 Nov. 9_. 164 1,339 175 245 134 138 505 153 112.5 210 136.3 261 Nov. 16.. 167 1,393 187 270 142 141 527 159 111.1 230 135.1 254 Nov. 23.. 164 1,322 179 272 135 131 516 156 107.2 221 133.5 260 Nov. 30.. 165 1,506 182 138 128 509 157 104.8 223 131.7 252 Dec. 7... 167 1,359 178 269 137 134 517 167 110.1 231 136.2 264 Dec. 14... 160 1,360 175 262 133 132 486 156 102.8 226 131.7 259 Dec. 21... 155 1,348 172 247 129 128 511 150 103.5 226 123.3 235 Dec. 28... 161 1,335 175 259 129 130 520 154 104.9 231 127.1 241 Average: February.. 145 1,151 179 251 114 121 506 150 94.3 229 112.5 250 March 144 1,181 179 246 114 113 525 149 95.1 228 104.1 225 April 153 1,169 177 248 114 111 511 144 90.5 212 96.6 217 May 147 1,179 176 243 114 111 517 139 82.4 200 96.1 221 June 154 1,234 171 239 113 104 494 133 83.3 199 90.0 214 July 171 1,231 176 249 117 108 509 136 82.2 214 87.2 227 August 161 1,223 175 259 120 112 514 130 80.0 226 87.9 226 September. 151 1,241 176 256 124 128 523 134 97.0 216 112.5 220 October 157 1,273 181 257 126 138 521 143 109.5 213 127.7 228 November. 167 1,391 181 136 135 513 155 110.3 218 134.5 251 December., 161 1,350 175 132 131 508 157 105.3 228 129.6 250 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

240 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD BANK SUSPENSIONS Figures for suspensions represent banks closed permanently or temporarily by order of supervisory authorities or by the directors of the banks on account of financial difficulties. No. 110.—BANKS SUSPENDED AND REOPENED, 1921-1927 Banks suspended Banks reopened Class of bank and year Number Capital Deposits Number Capital Deposits All banks: 1921 502 $22,902,000 $198, 354,000 $1,918,000 $17,493,000 1922.... 354 13, 743,000 110, 721,000 65 4,003, 000 35, 565,000 1923 650 21,978,000 188,805,000 36 1, 506, 000 11, 567,000 1924 777 28,373,000 213, 444,000 94 2,815,000 22, 462,000 1925... 612 24,441,000 172,900,000 62 1,994, 000 16,616,000 1926 956 32, 804,000 272,488,000 147 5, 099,000 60,180,000 1927_._ 662 24, 763,000 193,891,000 95 3,906,000 35,729,000 Member banks: 1921 70 5,369,000 42, 503,000 475, 000 3,132,000 1922 57 3,956,000 24, 243, 000 1, 580, 000 11, 618, 000 1923 124 6,845, 000 51,228,000 685, 000 5,068,000 1924 159 10,305,000 74,469, 000 860,000 7,190,000 1925 146 9, 920,000 67, 264,000 800,000 6, 779,000 1926 160 8, 569,000 68,812, 000 710,000 8,179,000 1927 124 8,034,000 66, 336,000 845,00Q 8, 311,000 National banks— 1921_. _.. 51 3, 060,000 21, 285, 000 325,000 2,499,000 1922 45 3, 335,000 19,092,000 1, 330, 000 8,076,000 1923- .-.- 90 4, 610,000 32, 904,000 570,000 3,973, 000 1924. 122 7, 660,000 60, 889, 000 785,000 6,895,000 1925 118 7,970,000 58, 537,000 700, 000 6, 300,000 1926 125 6,020,000 47, 866,000 490,000 4, 665,000 1927..-- 91 5,415, 000 46, 581,000 485,000 5,073, 000 State banks— 1921 2, 309,000 21, 218, 000 150,000 633, 000 1922... 621,000 5,151, 000 250,000 3, 542, 000 1923 2, 235,000 18, 324,000 115,000 1,095,000 1924 2, 645,000 13, 580, 000 75,000 295,000 1925 1, 950, 000 8, 727,000 100,000 479,000 1926 2, 549,000 20, 946, 000 220,000 3, 514,000 1927 2, 619, 000 19, 755, 000 360,000 3, 238,000 Nonmember banks: 1921 432 17, 533,000 155, 851,000 50 1,443, 000 14, 361, 000 1922 297 9, 787,000 86,478,000 41 2, 423, 000 23, 947,000 1923 526 15,133,000 137, 577,000 22 821,000 6,499,000 1924 _ 618 18,068,000 138,975,000 74 1, 955,000 15, 272,000 1925 466 14, 521,000 105, 636,000 48 1,194,000 9, 837,000 1926 796 24, 235,000 203,676,000 133 4,389,000 52,001,000 1927 538 16, 729,000 127, 555, 000 84 3,061,000 27,418,000 Back figures for Tables 110-114.—See Annual Reports for 1926 (pp. 190-196), 1925 (pp. 184-190). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BANK SUSPENSIONS 241 No. 111.—BANKS SUSPENDED AND REOPENED, BY DISTRICTS, 1927 Banks suspended Banks reopened Class of bank and Federal reserve district Number Capital Deposits Number Capital Deposits All banks, total 662 $24, 763,000 $193,891,000 95 $3,906, 000 $35,729,000 Boston 1 60,000 842,000 New York 2 30, 000 438, 000 Philadelphia Cleveland 29 1,839, 000 16, 923, 000 4 195,000 2,097,000 Richmond __ _ - . . 43 2, 589, 000 13, 220, 000 5 150,000 555,000 Atlanta 63 3,308,000 34, 265, 000 12 822,000 8,922,000 Chicago _ _ 124 5,679,000 44, 380,000 11 615, 000 5,870,000 St Louis 82 2,261,000 15, 214,000 6 150, 000 1,167,000 Minneapolis 142 3,357,000 26, 598,000 44 1, 379, 000 11,876, 000 Kansas City .._ 100 2, 497,000 20, 620,000 5 110,000 1,146, 000 Dallas 44 1, 678, 000 7,476, 000 5 375,000 3, 298, 000 San Francisco _ 32 1,465, 000 13,915, 000 3 110,000 798, 000 Member banks, total 124 8, 034, 000 66, 336, 000 11 845, 000 8, 311, 000 Boston New York Philadelphia Cleveland 12 1, 285,000 12, 726, 000 2 135, 000 1,914, 000 Richmond 8 669, 000 5, 629, 000 Atlanta 6 850,000 6, 906, 000 Chicago 34 2,125,000 15, 787,000 3 200,000 1,794, 000 St Louis 7 325,000 2, 023,000 Minneapolis _ 21 810,000 7, 750,000 2 90, 000 765, 000 Kansas City ._. 12 550,000 4, 656, 000 Dallas 9 720,000 4,201,000 335, 000 3,100,000 San Francisco 15 700,000 6, 658, 000 2 85,000 738, 000 National bank members, total 91 5,415,000 46, 581, 000 8 485,000 5,073, 000 Boston New York Philadelphia Cleveland. 9 1,125,000 11, 337, 000 1 100,000 1, 543,000 Richmond 4 225, 000 2,814, 000 Atlanta 2 200, 000 1,814, 000 Chicago 25 1,495,000 10, 463, 000 3 200,000 1, 794,000 St. Louis 5 180,000 1,123,000 Minneapolis 20 785, 000 7,641,000 2 90, 000 765,000 Kansas City 11 525,000 4,414, 000 Dallas 7 395,000 1, 504,000 1 35, 000 452, 000 San Francisco 8 485,000 5,471,000 1 60,000 519,000 State bank members, total.. 33 2, 619, 000 19, 755, 000 3 360,000 3,238,000 Boston _ _ _ _ New York 1 Philadelphia J Cleveland 3 160,000 1, 389, 000 1 35,000 371, 000 Richmond . 4 444,000 2,815, 000 Atlanta 4 650,000 5,092,000 Chicago 9 630, 000 5,324, 000 St. Louis... 2 145, 000 900, 000 Minneapolis 1 25, 000 109, 000 Kansas City 1 25,000 242, 000 Dallas 2 325,000 2, 697,000 i 300, 000 2,648,000 San Francisco _ 7 215,000 1,187,000 l 25, 000 219,000 Nonmember banks, total 538 16,729,000 127,555,000 84 3,061,000 27,418,000 Boston _ 1 60,000 842,000 New York 2 30,000 438,000 Philadelphia Cleveland 17 554,000 4,197,666 2 60,000 183,000 Richmond . . _ 35 1,920,000 7,591,000 5 150,000 555,000 Atlanta. 57 2,458,000 27,359,000 12 822,000 8,922,000 Chicago 90 3,554,000 28,593,000 8 415,000 4,076,000 St. Louis 75 1,936,000 13,191,000 6 150,000 1,167,000 Minneapolis. 121 2,547,000 18,848,000 42 1,289,000 11,111,000 Kansas City 88 1,947,000 15,964,000 5 110,000 1,146,000 Dallas 35 958,000 3,275,000 3 40,000 198,000 San Francisco 17 765,000 7,257,000 1 25,000 60,000 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

242 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No. 112.—BANKS SUSPENDED AND REOPENED, BY STATES, 1927 [Figures are for member and nonmember banks] Banks suspended Banks reopened State Number Capital Deposits Number Capital Deposits United States 662 $24,763,000 $193,891,000 95 $3,906,000 $35,729,000 New England: Maine 1 60,000 842,000 New Hampshire _ . _ Vermont Massachusetts Rhode Island Connecticut, ... Middle Atlantic- New York 2 30,000 438,000 New Jersey Pennsylvania 8 925, 000 9, 594,000 1 50,000 53,000 East North Central: Ohio 16 768,000 5,634,000 3 145,000 2,044, 000 Indiana.. 25 1,322,000 11,182,000 1 47,000 104,000 Illinois 29 1,653,000 11,403, 000 3 300,000 3,198, 000 Michigan _ . 7 340, 000 2,905, 000 3 350, 000 584,000 Wisconsin 14 273, 000 2,821, 000 2 50,000 774, 000 West North Central: Minnesota 65 1, 579, 000 13, 832, 000 9 205, 000 1, 921, 000 Iowa _ 70 2, 637, 000 20, 577,000 4 225, 000 2, 094, 000 Missouri 48 1,169,000 5,883,000 5 140,000 1,140, 000 North Dakota 37 850,000 5, 524,000 5 120, 000 986, 000 South Dakota 27 595,000 4,691, 000 27 632, 000 7, 598, 000 Nebraska 25 776,000 8,359,000 Kansas .._..._ 36 815,000 5,444,000 4 95,000 1,028,000 South Atlantic: Delaware Maryland District of Columbia Virginia 4 55,000 205,000 2 30,000 104,000 West Virginia 5 400,000 2,569,000 North Carolina. _ _ 14 796,000 4,924, 000 1 15,000 76,000 South Carolina _ 21 1,388, 000 6, 045, 000 2 105,000 375,000 Georgia 18 375, 000 949,000 1 25,000 84,000 Florida 31 2,231, 000 28,383, 000 11 797,000 8,838,000 East South Central: Kentucky 7 211,000 1,824,000 Tennessee 17 397,000 3, 272,000 Alabama 1 400,000 3, 589,000 Mississippi _ 5 73,000 1,164,000 West South Central: Arkansas 18 582,000 3, 659, 000 1 10,000 27,000 Louisiana _ _ 4 160,000 592, 000 1 15,000 63,000 Oklahoma 28 700,000 5,905, 000 1 15,000 118,000 Texas y 38 1, 553, 000 7, 056, 000 4 360,000 3,235,000 Mountain: Montana 2 50,000 171,000 1 65,000 487,000 Idaho - 7 200,000 1,932,000 1 25,000 219,000 Wvomincr 2 40,000 165,000 Colorado 4 70,000 316,000 New Mexico 1 25,000 59,000 Arizona 1 15,000 78,000 Utah 2 50,000 358, 000 Nevada Pacific- Washington 4 350,000 4,208, 000 1 25, 000 60,000 Oregon 12 • 450,000 3, 382, 000 1 60,000 519,000 California 6 400,000 3, 957, 000 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BANK SUSPENSIONS 243 No, 113.—BANKS SUSPENDED, BY SIZE OF TOWN OR CITY, 1927 [Figures are for member and nonmember banks] Number in places with a population of— Federal reserve district nu T m ot b a e l r Less 500 1,000 1,500 2,500 5,000 10,000 25,000 than to to to to to to and 500 1,000 1,500 2,500 5,000 10,000 25,000 over All banks—total 662 266 142 61 65 53 22 30 23 Boston 1 1 New York 2 1 1 Philadelphia Cleveland 29 8 6 5 3 3 1 1 2 Richmond _ 43 8 6 5 9 7 3 3 2 Atlanta 63 22 11 8 6 5 3 1 Chicago.. 124 46 34 10 11 11 1 4 7 St. Louis 82 40 16 5 8 6 2 1 4 Minneapolis 142 84 27 8 7 6 3 4 3 Kansas City 100 35 20 11 14 8 3 7 2 Dallas 44 12 11 6 4 2 2 2 San Francisco 32 11 10 3 3 1 3 1 No. 114.—BANKS SUSPENDED, BY SIZE OF BANK, 1927 [Figures are for member and nonmember banks] Number having capialstock of— Total Federal reserve district number Less $25,000 $50,000 $100,000 than $25,000 to to to $25,000 $50, 000$100, 000$200, 000 All banks—total 662 247 165 60 122 47 Boston -_ 1 1 New York 2 1 1 Philadelphia Cleveland 29 5 9 4 7 2 Richmond 43 10 3 6 12 11 Atlanta 63 29 10 3 7 10 Chicago 124 18 41 14 33 12 St. Louis... _ 82 43 12 8 15 3 Minneapolis _. . _ . 142 74 38 12 17 1 Kansas City 100 44 30 5 15 Dallas _ _ 44 16 8 "I 8 San Francisco . 32 7 13 1 7 ot ococ $200, 000 Not to avail- $600,000 able 13 8 2 1 4 4 2 1 4 1 1 1 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

244 ANNUAL EEPORT OF THE FEDERAL RESERVE BOARD CHANGES IN MEMBERSHIP IN THE FEDERAL RESERVE SYSTEM No. 115.—SUMMARY OP CHANGES IN MEMBERSHIP DURING 1926 AND 1927 Number of banks 1926 1927 Active member banks, first of year 9,489 9,260 Banks joining the system _ i 174 154 Banks withdrawing from the system., „. _ 2 125 3 101 Net accessions to membership 49 53 Banks lost to membership through mergers between member banks, suspensions, etc 278 279 Net decrease for the year 229 226 Active member banks, end of year _ 9,260 9,034 1 Does not include 2 banks which were temporarily lost to membership through liquidation toward the end of 1925, but regained through reorganization in 1926. 2 Includes 44 withdrawals which were incidental to the absorption of member banks by existing nonmember banks. 3 Includes 55 withdrawals which were incidental to the absorption of member banks by existing nonmember banks. No. 116.—CHANGES IN MEMBERSHIP DURING 1926 AND 1927, BY CLASS OF MEMBER BANK Number of member banks Procedure effecting change Total National State 1926 1927 1926 1927 1926 1927 Active member banks, first of year 9,489 9,260 8,048 7,906 1,441 1,354 Additions to membership: Organization of national bank 104 82 104 82 Conversion of nonmember bank to national 22 32 22 32 Admission of State bank_ 32 29 32 29 Resumption following suspension 13 10 9 8 4 2 C O o th n e v r e r a s d i d on it i w on it s hin the system _.i_ 5 I 1 2 8 4 1 3 1 8 17 1 3 Total additions _ 176 154 147 131 44 34 Losses to membership: Merger between member banks— Intraclass 80 110 5 68 96 12 14 Interclass 27 36 20 19 7 17 Voluntary liquidation (terminal) __ _ 10 9 7 8 3 1 Suspension and insolvency 160 124 124 91 36 33 Absorption of member bank by nonmember bank. 44 55 40 49 4 6 Conversion of member bank to nonmember bank.. 25 20 23 12 2 8 Withdrawal of State bank 59 26 6 59 7 26 Conversion within the system.. i 17 1 3 18 18 Total losses... 405 380 289 278 131 113 Net decrease - 229 226 142 147 87 79 Active member banks, end of year 9,260 9,034 7,906 7,759 1,354 1,275 1 Succession between members of 1 class and members of the other without effect on the number of banks in the system. 2 Includes 1 member bank succeeded by another of the same class prior to Dec. 31, 1925, the succeeding bank not reporting until after Dec. 31, 1925, and 3 banks organized to succeed banks that had previously suspended. 3 National bank organized to succeed a national bank that had previously suspended. * 1 member bank succeeded by another of the same class prior to Dec. 31, 1925, the succeeding bank not reporting until after Dec. 31, 1925. 6 Includes 2 instances in which 2 member banks were succeeded by a third organized for the purpose, e Includes 3 compulsory withdrawals. 7 Includes 2 banks which were dropped from membership in the system at the expiration of their State Digitized focrh FarRteArsS.ER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 117.—CHANGES IN MEMBERSHIP IN THE FEDERAL RESERVE SYSTEM DURING 1927, BY DISTRICTS All districts Procedure effecting change Total Na- State tional Active member banks, Jan. 1, 1927.. 9,260 7,906 1,354 Additions to membership: Organization of national bank... 82 82 Conversion of nonmember bank to national 32 32 Admission of State bank 29 Resumption following suspension 10 8 Conversion within the system 8 Other additions 1 1 Total additions 154 131 Losses to membership: Merger between members— Intraclass 110 Interclass . _ . 36 Voluntary liquidation (terminal) ..- 9 Suspension and insolvency 124 Absorption of member by nonmember_._ 55 Conversion of member to nonmember 20 Withdrawal of State bank__ 26 Conversion within the system Total losses 380 Net change -226 Active member banks, Dec. 31, 1927.9,034" OC OtOC Boston district New York district Phi d l i a s d tr e ic lp t hia T ta o l - t N io a a n l - - State T ta o l - t N io a a l n - - State T ta o l - t N io a a n l - - 416 377 39 913 750 163 769 684 2 2 28 28 14 14 4 4 1 1 9 9 7 I l 34 2 2 0 41 32 10 22 15 96 14 3 3 11 5 6 5 19 17 1 1 5 4 1 2 8 1 91 33 49 6 7 12 8 1 1 26 1 1 3 8 i j 278 113 5 3 2 17 11 7 14 -147 -79 -3 -1 -2 +24 +21 +3 +8 7,759 1,275 413 376 37 937 771 166 777 ocot Cleveland district To- State tal 85 856 7 I i 8 2 6 1 11 12 3 +3 +5 687 90 OC ot i- Na- tion- al 745 2 9 8 5 12 4 1 30 -21 835 OC OC Richmond district Atlanta district Na- State To- tion- State To- tal al tal 111 583 527 56 475 1 i 1 1 1 1 1 7 2 2 l 1 8 5 5 4 1 1 1 9 3 8 4 4 4 7 6 1 1 26 4 21 16 5 -19 o -19 -15 -4 726 109 564 512 52 OC OC 6 2 3 CO CO Na- tion- al 378 3 17 -11 464 CO CO 1 2 8 2 ot ot State 97 W s CO 3 4 1 3 12 6 13 +2 -13 380 84 1 Succession between members of one class and members of the other without effect on the number of banks in the system. 2 Two national banks which together with a State member bank were succeeded by a single State member bank organized for the purpose. Back figures.—SeeA nnual Reports for 1926 (p. 188) and 1925 (pp. 175-183). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 117.—CHANGES IN MEMBERSHIP IN THE FEDERAL RESERVE SYSTEM DURING 1927, BY DISTRICTS—Continued to Chicago district I St. Louis district 1 Procedure effecting change Total Na- tional Active member banks, Jan. 1, 1927 1,325 1,015 Additions to membership: Organization of national bank. . 9 9 Conversion of nonmember bank to national Admission of State bank 6 Resumption following suspension 3 3 Conversion within the svstem Other additions ... 1 « 1 Total additions 19 13 Losses to membership: Merger between members— Intraclass . . . 8 Interclass .. ... . 4 Voluntary liquidation (terminal) Suspension and insolvency.... 34 A bsorption of member by nonmember 9 Conversion of member to nonmember. 3 Withdrawal of State bank 6 Conversion within the system Total losses . . 64 Net change.. . -45 Active member banks, Dec. 31, 1927 1,290 OO OC Minneapolis district Kansas City district Dallas district San Francisco district State Total ti N on a a - l State Total ti N on a a - l State Total ti N on a a - l State Total ti N on a a - l State Total ti N on a a - l State 320 609 489 120 764 692 72 992 965 27 827 716 111 721 568 153 1 1 5 5 1 1 5 5 10 10 1 1 8 8 9 9 3 3 6 1 1 1 1 3 2 2 2 1 1 1 1 i 1 i] 11 12 1 9 6 2 3 15 16 11 10 2 8 g 2 17 16 2 2 3 3 11 11 11 11 41 4 35 1 3 2 1 4 1 3 8 2 3 3 2 2 3 2 1 1 1 25 9 7 5 2 20 19 1 12 11 1 10 8 2 15 8 8 1 2 1 i 7 7 2 2 1 1 13 12 2 1 3 1 2 7 7 4 4 1 6 3 3 8 8 1 1 3 1 i 1 i 1 12 46 18 17 9 9 44 34 11 35 34 2 36 23 - 15 80 58 -33 -12 -15 -6 —9 -29 -18 -11 -24 -24 0 -28 -15 -13 -63 -42 982 308 594 483 111 735 674 61 968 941 27 | 799 701 98 658 526 I MIL i «=23 3 6 6 7 1 1 1 12 24 -21 132 w 1 Succession between members of one class and members of the other without effect on the number of banks in the system. o 3 National bank organized to succeed a national bank that had previously suspended. 4 Includes 26 banks that were absorbed by nonmember banks which were in turn absorbed by a national bank. 5 Includes 2 banks which were dropped from membership in the system at the expiration of their State charters. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL EEPOKT OF THE FEDERAL RESERVE BOARD 247 EARNINGS, EXPENSES, AND DIVIDENDS OF MEMBER BANKS No. 118.—MEMBER BANKS—EARNINGS, EXPENSES, AND DIVIDENDS, BY FEDERAL RESERVE DISTRICTS, 1919-1927 [Amounts in thousands of dollars] Ratio of net Distri i c ng t a J n u d n y e e 3 a 0 r end- J C s u u ( a a a n r s p n e p i d l 3 o t 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 r e g t n t a s - l ch lo N a o s r f e s f g t e e s d d N p it e r i o t o f n a it d s t - o de d D c e i l n a v d r i e - s d t t p o i a r o d o c n d a f i p i t t - o s ital and surplus 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.. 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, 705561, 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, 983488, 349 151, 234 337,115 256, 273 9.11 1925. 3, 836, 242 1, 843,908 1, 320, 965 522,943 144, 539 378,404 260,677 9.86 1926 4, 069, 026 1, 983, 217 1, 409,106 574,111 139, 703 434,408 279, 358 10.68 1927 4, 304, 080 2,068,870 1, 475, 201593, 669 154, 252 439,417 292,066 10.21 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 1926 291, 389 138, 040 100, 017 38, 023 9,850 28,173 18, 641 9.67 1927 _. 313,112 148, 413 107, 527 40,886 15, 337 25, 549 20,145 8.16 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, 934 514, 053 348, 252 165, 801 31, 275 134, 526 81, 526 12.90 1926 1,167, 846 564, 605 380,170 184, 435 34, 914 149, 521 89,147 12.80 1927 607, 318 409, 335 197, 981 29, 600 168, 381 97, 859 12.97 Philadelphia: 1919 256,677 88, 783 56, 957 31, 826 7,012 24,814 13, 703 9.67 1920 278, 085 105, 929 66, 748 39,181 13,181 26, 000 15, 389 9.35 1921 288, 891 113, 715 71, 326 42, 389 17,169 25, 220 16, 577 8.73 1922 301, 890 111, 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 1926 409, 883 148, 480 196, 326 52, 154 6,519 45, 635 24, 533 11.13 1927 437, 827 155,340 102, 921 52, 419 6,702 45,717 26, 493 10.44 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 1926 451,011 204, 532 149, 059 55,473 12, 512 42, 981 28, 416 9.53 1927 460,062 213, 798 155, 507 58, 291 16,031 42, 260 27, 636 9.19 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, 912 79, 311 57, 659 21, 652 5,804 15, 848 12, 709 7.97 1928 201, 643 83, 082 59, 692 23, 390 16, 781 15, 618 8.32 1927 205, 243 84, 385 60, 973 23,412 7,216 16,196 13, 096 110390—28 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

248 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No. 118.—MEMBER BANKS—EARNINGS, EXPENSES, AND DIVIDENDS, BY FEDERAL RESERVE DISTRICTS, 1919-1927—Continued [Amounts in thousands of dollars] Ratio Capital of net D e is n t d r i i n c g t J a u n n d e y 3 e 0 ar J s u u ( n a a r e s n p d l o 3 u f 0 s ) 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 r e 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 p it r e i o t o f n a i t d s to - de d D c e i l n v a d r i- e s d t t p o i a r o d o c n d f a i t i p t - o s ital and surplus Atlanta: Per cent 1919 109,147 48, 886 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 18. 882 6,349 12, 533 11,760 8.29 1925 152, 560 75, 091 53, 255 21, 836 7,894 13, 942 10, 746 9.14 1926 164, 583 89,091 61, 743 27, 348 7,793 19, 555 11, 908 11.88 1927 168,191 83, 277 60,993 22, 284 9,225 13, 059 12, 208 7.76 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, 796 262,486 196, 220 66, 266 20,641 45, 625 33, 380 8.83 1926 551,989 284,142 209,295 74, 847 15, 684 59,163 35, 291 10.72 1927 572, 954 296,084 218,617 77,467 18, 282 59,185 36,317 10. 33 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 1925 168, 819 79, 986 58,090 21, 896 9,707 12,189 11, 722 7.22 1926 174,933 85,605 62,372 23, 233 6,165 17,068 11,685 9.76 1927 175,847 86, 541 64,488 22,053 6,842 15,211 13,746 8.65 Minneapolis: 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 104,057 58, 236 47,000 11,236 7,443 3,793 5,302 3.65 1926 100,699 56, 983 44,785 12,198 5,635 6,563 5,544 6.52 1927 97,280 55,750 43, 063 12, 687 6,506 6,181 5,699 6.35 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 85,167 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 - . -. 139,808 80,048 62,103 17,945 12, 322 5,623 8,157 4.02 1926 135, 886 81,780 62, 224 19. 556 11, 899 7,657 8,031 5.63 1927 136, 535 83,067 61,401 21,666 13,063 8,603 8,347 6.30 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 138,808 59,362 42,131 17,231 7,939 9, 292 10,318 6.69 1926 140,211 63,193 43, 215 19, 978 7,674 12,304 9,467 8.78 1927 138,814 61, 370 43, 872 17,498 8,480 9,018 8,289 6.50 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 7.5Q 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 9.48 1926 278,953 183, 684 140, 208 43,476 14,449 29,027 21,077 10.41 1927 300,007 193, 529 146,504 47,025 16,968 30,057 22,231 10.02 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EARNINGS, EXPENSES, AND DIVIDENDS OF MEMBER BANKS 249 No. 119.—NATIONAL BANKS 1—EARNINGS, EXPENSES, AND DIVIDENDS, BY FEDERAL RESERVE DISTRICTS, 1919-1927 I Amounts in thousands of dollars] Ratio of net D e is n t d ri i c n t g a J n u d n e y 3 e 0 ar C su ( a a a r p s n p i d l o t u a f 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 o n e r g t n t a s - l c l h o N a o s r f e s g f t e e s d d N p i r e ti o t o f n a it d s t - o d d D e e c i n l v a d i r - s ed t t p o i a r o d o c n d f a i i p t t - o s i- June 30) tal and surplus All national banks: Per cent 1919 1,983, 732 910, 355 610, 526 299,829 59, 583 240, 246 135, 532 12.11 1920 . 2, 205,140 1,108, 669 736, 092 372, 577 90.620 281,957 147, 712 12.79 1921 2, 298, 352 1, 201. 427 829, 599 371, 828 155, 890 215,938 158, 070 9.40 1922 2, 355,157 1,066, 842 732, 702 334,140 150, 579 183, 561 165, 821 7.79 1923 2, 398,051 1,048, 899 736, 254 312, 645 109, 320 203,325 179,070 8.48 1924 2 413,184 1,074, 013 765, 696 308,317 112, 794 195, 523 163, 587 8.10 1925 2,486, 828 1,123,483 798,321 325,162 101,404 223, 758 164, 919 9.00 1926 2 610,133 1,191, 527 841, 227 350, 300 101, 358 248, 942 173, 635 9.5^ 1927 2, 729. 463 1, 242, 262 881,872 360, 390 108, 314 252,076 180, 629 9.24 Boston: 1919 169,014 60, 525 39,543 20, 982 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 80,837 57,827 23,010 9,650 13, 360 12,073 6.89 1925 209,120 88, 983 61, 839 27,144 11, 297 15, 847 12,472 7.58 1926 209, 509 92, 214 65, 676 26, 538 6,897 19, 641 13, 642 9.37 1927 . . 223,421 98, 200 69,154 29,046 12, 716 16,330 14, 243 7.31 New York: 1919 417, 512 231, 531 149, 985 81, 546 14,040 67, 506 25, 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 1926 658,832 290,138 193, 722 96,416 24,860 71, 556 46,183 10. b(> 1927 . .. 688,192 302, 553 201, 892 100,661 16, 510 84,151 50, 438 12.23 Philadelphia: 1919 188, 298 69,152 44, 932 24, 220 5,246 18, 974 9,483 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 1926 280,518 105,882 68,117 37, 765 5,775 31,990 16,105 11.40 1927 295, 715 109,098 72, 713 36,385 5,403 30, 982 17,842 10.48 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 1926 256, 974 110, 461 79, 730 30, 731 6.953 23, 778 16, 744 9 25 1927 252, 009 112, 423 81,023 31,400 11,049 20, 351 15, 286 8.08 Richmond: 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 62,688 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 65, 897 47,869 18,028 5, 295 12, 733 10,816 7 69 1926 167, 278 68,353 48,801 19, 552 5,602 13, 950 13, 590 8.34 1927 169, 358 68,658 49, 559 19,099 6,077 13,022 10,956 7.69 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, 768 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 1926 113, 573 59, 757 41,152 18, 605 4,508 14,097 8,388 12.41 1927 123, 5681 58,473 42, 919 15, 554 6,077 9,477 8,819 7.67 1 Member banks only, i. e., exclusive of national banks in Alaska and Hawaii. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

250 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No. 119.—NATIONAL BANKS—EARNINGS, EXPENSES, AND DIVIDENDS, BY FEDERAL RESERVE DISTRICTS, 1919-1927—Continued [Amounts in thousands of dollars] Ratio of net D e is n t d ri i c n t g a J n u d n e y 3 e 0 ar J C s u u ( a a n a r p n e s p i d l 3 t o u a 0 f s l ) ea G rn ro in ss gs e T xp o e t n a s l es T e i n a o n e r g t n t a s - l c l h o N a o s r s f e g f e t e s d d N p i r t e o i t o f i n a ts d t - o 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 Chicago: Per cent 1919 246,473 112,979 76, 541 36,438 8,154 28, 284 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 48, 666 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 1924 301, 975 137, 243 101, 692 35, 551 14, 342 21, 209 20, 019 7.02 1925 294,839 136,776 101,958 34,818 14, 545 20,273 18, 731 6.88 1926 310, 497 143, 770 106, 111 37, 659 11,225 25,434 19, 653 8.51 1927 314, 959 149,420 109,604 39,816 11,003 28, 813 19,574 9.15 St. Louis: 1919 85,670 33,973 23,192 10,781 1, 745 9,036 6,099 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 9,828 7,835 9.36 1926 1G8, 994 49,459 35, 875 13, 584 3,900 9,684 7,537 8.88 1927 110,019 51,376 38, 863 12, 513 3,761 8,752 9,394 7.95 Minneapolis: 1919 91,261 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 1921 102,680 65, 764 51,775 13, 989 4,360 , 9,629 6,680 9.38 1922 104,042 57,458 45,986 11,472 6,319 I 5,153 6,136 4.95 1923.-. 104, 627 54,647 45, 817 8,830 5,785 3,045 8,393 2.91 1924 97, 933 52, 751 44,117 8, 634 6,964 1,670 5,151 1.71 1925 95,471 52, 998 42, 645 10,353 6,844 3,509 4,915 3.68 1926 93,171 52,128 40,961 11,167 4, 862 6,3C5 5,183 6. 77 1927 91,190 51,711 39, 915 11, 796 5,766 6,030 5,379 6.61 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 1926__. 123, 312 73,280 55, 459 17, 821 11,315 6,506 7,058 5.28 1927 124, 523 74, 233 54, 815 19,418 11, 822 7,596 7,397 6.10 Dallas: 1919 _. 99, 981 42, 705 28, 208 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 5.06 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 1926 131, 535 59,006 40,326 18, 680 6,799 11,881 9,123 9.03 1927 130,553 58,053 41,355 16, 698 7,863 8, 835 8,022 6.77 San Francisco: 1919 143, 378 67,427 44,991 22, 438 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 1926 155,940 87,079 65, 297 21, 782 8,662 13,120 10,429 8.41 1927 205, 956 108,064 80,060 28,004 10, 267 17, 737 13, 279 8.61 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EARNINGS, EXPENSES, AND DIVIDENDS OF MEMBER BANKS 251 No. 120.—STATE BANK MEMBERS—EARNINGS, EXPENSES, AND DIVIDENDS, BY FEDERAL RESERVE DISTRICTS, 1919-1927 [Amounts in thousands of dollars] Ratio Di e s n t d ri i c n t g a Ju n n d e 3 y 0 ear s C u ( a a a r p n s p i d l t o u a f s l ea G rn ro in ss gs ex T p o e t n a s l es earnings I d N p it r e i o t o f n i a t d s t - o de d D c e i l n a v d r i e - s d t t p o o i a r o f d o c n d f a n i p i t t e - o s i t - June 30) tal and surplus All State bank 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 92, 686 11.00 1925 1,349,414 720, 425 522, 644 197, 781 43,135 154, 646 95, 758 11.46 1926 . 1,458, 893 791, 690 567, 879 223, 811 38, 345 185, 466 105, 723 12.71 1927 1, 574, 617 593, 329 233, 279 45, 938 187,341 111,437 11.90 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 1926. 81,880 45, 826 34, 341 11,485 2,953 8, 532 4,999 10.42 1927 89, 691 50, 213 38,373 11,840 2,621 9,219 5,902 10.28 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, 8J 6 38, 246 14.21 1926 509,014 274,467 186,448 88,019 10, 054 77,965 42,964* 15.32 1927 610, 016 304, 763 207,443 97, 320 13,090 84, 230 47, 421 13.81 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 1926 129, 365 42, 598 28, 209 14, 389 744 13, 645 8,428 10.55 1927 142,112 46, 242 30, 208 16,034 1,299 14, 735 8,651 10.37 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 1 19 9 2 2 7 6 . . . . 2 1 0 9 8 4 , , 0 03 5 7 3 1 9 0 4 1 , , 0 3 7 7 1 5 6 7 9 4 , , 3 4 2 8 9 4 2 2 4 6 , , 7 8 4 9 2 1 4 5, , 9 5 8 5 2 9 2 1 1 9 , , 1 9 8 0 3 9 1 12 1 , , 6 3 7 5 2 0 10 9 . .8 5 9 3 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 l', 598 8.83 1923.. 29,066 11,136 7,881 3,255 789 2,466 2,380 8.48 1924 32, 765 12, 327 8,903 3,424 808 2,616 1,763 7.98 1925 33, 293 13,414 9,790 3,624 509 3,115 1,893 9.36 1926. 34, 365 14, 729 10,891 3,838 1,007 2,831 2,028 8.24 1927 35, 885 15, 727 11,414 4,313 1,139 3,174 2,140 8.84 Atlanta: 1919 27, 396 12, 648 9,019 3,629 472 3,157 1,819 11.52 1920... 39, 927 22,108 15, 209 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 6,664 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 1926 51,010 29, 334 20,591 8,743 3, 285 5, 458 3,520 10.70 1927... 44, 623 24, 804 18, 074 6,730 3,148 3,582 3,389 8.03 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

252 ANNUAL KEPORT OF THE FEDERAL RESERVE BOARD No. 120.—STATE BANK MEMBERS—EARNINGS, EXPENSES, AND DIVIDENDS, BY FEDERAL RESERVE DISTRICTS, 1919-1927—Continued [Amounts in thousands of dollars] Ratio Capital of net D e i n st d r i i n c g t J a u n n d e y 3 e 0 ar J s u u ( a n a r n e s p d l o 3 u 0 f s ) ea G rn ro in s g s s ex T p o e t n a s l es ea T r n n o e i t n t a g l s ch N a o r f e g f t ed d N p it r e i o o t f n a it d s to - de d D c e l i n a v d r i e - s d t t p o i a r o d o c n d a f i p i t t - o s ital and surplus Chicago: Per cent 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 1926 241,492 140,372 103,184 37,188 4,459 32,729 15,638 13. 55 1927 257,995 146, 664 109,013 37, 651 7,279 30,372 16, 743 11.77 St. Louis: 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 1926 65,939 36,146 26, 497 9,649 2,265 7,384 4,148 11.20 1927 65,828 35,165 25,625 9,540 3,081 6,459 4,352 9.81 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 4,355 883 599 284 387 3.31 1926 7,528 4,855 3,824 1,031 773 258 361 3.43 1927.A 6,090 4,039 3,148 891 740 151 320 2.48 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 6,298 1,703 857 846 945 7.02 1926.. 12, 574 8,500 6,765 1,735 584 1,151 973 9.15 1927... 12,012 8,834 6,586 2,248 1,241 1,007 950 8.38 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 i 17 692 1923.. _ 18, 697 7,775 5,703 2,072 2,230 i 158 728 1924 16,038 7,395 5,221 2,174 1,512 662 823 4.13 1925 10,292 4,069 1,630 1,325 305 503 2.96 1926 8,676 4,187 2,889 1,298 875 423 344 4.88 1927 8,261 3,317 2,517 800 617 183 267 2.22 San Francisco: 1919... 16,960 9,837 2,868 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 8,694 6,473 10.21 1923 100, 608 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 1926 _ 123, 013 96, 605 74, 911 21, 694 5,787 15,907 10, 648 12.93 1927... 94, 051 85,465 66,444 19,021 6,701 12,320 8,952 13.10 i Net deduction. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APPENDIX 253 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 1927 OFFICERS President, F. O. WETMORE Vice President, J. F. BRUTON Secretary, WALTER LICHTENSTEIN EXECUTIVE COMMITTEE F. O. WETMORE. HARRIS CREECH. J. F. BRUTON. BRECKINRIDGE JONES. J. S. ALEXANDER. L. L. RUE. MEMBERS A. M. HEARD, Federal Reserve District No. 1. J. S. ALEXANDER, Federal Reserve District No. 2. L. L. RUE, Federal Reserve District No. 3. HARRIS CREECH, Federal Reserve District No. 4. J. F. BRUTON, Federal Reserve District No. 5. P. D. HOUSTON, Federal Reserve District No. 6. F. O. WETMORE, Federal Reserve District No. 7. BRECKINRIDGE JONES, Federal Reserve District No. 8. THEODORE WOLD, Federal Reserve District No. 9. P. W. GOEBEL, Federal Reserve District No. 10. B. A. MCKINNEY, Federal Reserve District No. 11. H. S. MCKEE, Federal Reserve District No. 12. RECOMMENDATIONS OF THE FEDERAL ADVISORY COUNCIL FEBRUARY 18, 1927 TOPIC NO. 1.—What is the view of the Federal Advisory Council in respect to the future discount and open-market policies of the Federal reserve banks? Recommendation.—The Federal Advisory Council does not believe that there is anything in the present business situation which would warrant any reduction of existing discount rates or necessitating any change in present open-market policy. The council feels, however, that should interest rates continue to decline the Federal reserve banks should reduce their holdings of bills bought in the open market. TOPIC NO. 2.—What aid should be rendered by a Federal reserve bank to a member bank in weakened condition? Should consideration be given in the first place to the depositors of the bank or to the ability of the bank to make further loans? Recommendation.—The Federal Advisory Council believes that no general rule can be laid down in regard to the assistance to be ren- 255 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

256 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD dered by a Federal reserve bank to a member bank in weakened condition. The council is of the opinion that satisfactory management is of first importance in determining policy and that the ultimate end to be achieved should be the conservation of the interest of depositors. TOPIC NO. 3.—What action, if any, is advisable in view of the diminution of the number of par points? Recommendation.—While there has been some diminution in the number of par points, largely due to failures and mergers, there is nothing in the present situation to warrant any action at this time. MAY 20, 1927 TOPIC NO. 1.—The question of the Cuban agency. Recommendation.—The Federal Advisory Council recognizes that it is not advisable to discontinue the Cuban agency at this time. The council, however, wishes to reiterate the view to which it has given expression on several occasions in the past, to wit, that it does not believe it to be good policy for the Federal reserve banks to establish agencies of the character of the Cuban agency outside of the continental United States. The council, therefore, suggests to the Federal Keserve Board that it study the whole problem to the end that, if possible, some plan be devised which may be an effective substitute for the present arrangement. TOPIC NO. 2.—Open-market operations. Recommendation.—The Federal Advisory Council approves of the present policy of the Federal Reserve Board and the Open Market Investment Committee in aiming to acquire from time to time, as occasion requires, an amount of securities sufficient to enable the system to exercise some control over the market whenever this seems advisable. The council further approves the present method of conducting operations through a committee of the governors. SEPTEMBER 16,1927 TOPIC NO. 1.—Should Federal reserve banks require audited statements in connection with the paper which they discount for member banks? Recommendation.—The council would consider it impractical to make a rule requiring audited statements in connection with bills discounted for member banks. TOPIC NO. 2.—Question of eligibility of notes indorsed by officers of nonmember banks. Recommendation.—The council does not consider the mere fact that paper has been indorsed by an individual who happens to be an officer of a nonmember bank as making such paper ineligible for rediscount. NOVEMBER 18, 1927 TOPIC NO. 1.—At present a tax of 13^ per cent is imposed upon the discount received by any foreign corporation from American bankers' acceptances. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RECOMMENDATIONS OF ADVISORY COUNCIL 257 Recommendation.—On September 17, 1926, the council made the following recommendation: "The tax of 13^ per cent imposed upon the discount received by any foreign corporation from American bankers' acceptances restricts the market for American bankers' acceptances. The Federal Advisory Council requests the Federal Reserve Board to use its good offices to have the law and/or regulations of the present income-tax law amended, so that the income derived from American bankers' acceptances by foreign holders may not be subjected to an income tax. In view of the recommendation by the Secretary of the Treasury to the Congress that the discount received from American bankers7 acceptances by foreign banks of issue be exempted from, taxation by our Government the Federal Advisory Council wishes to reiterate the recommendation cited above. TOPIC NO. 2.—New ruling in reference to acceptances. Recommendation.—The Federal Advisory Council approves the proposed new rulings in reference to acceptances submitted by the Federal Reserve Board but suggests that the Federal Reserve Board either amend the ruling or advise the Acceptance Committee so to administer the ruling that due care be taken that no duplication of financing occur and that a second acceptance be in effect merely an extension of an alreadv existing: credit. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AMENDMENTS TO THE FEDERAL RESERVE ACT [PUBLIC—No. 639—69TH CONGRESS] [H. R. 2] AN ACT To further amend the national banking laws and the Federal Reserve Act, and for other purposes Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That the Act entitled "An Act to provide for the consolidation of national banking associations/' approved November 7, 1918, be amended by adding at the end thereof a new section to read as follows: "SEC. 3. That any bank incorporated under the laws of any State, or any bank incorporated in the District of Columbia, may be consolidated with a national banking association located in the same county, city, town, or village under the charter of such national banking association on such terms and conditions as may be lawfully agreed upon by a majority of the board of directors of each association or bank proposing to consolidate, and which agreement shall be ratified and confirmed by the affirmative vote of the shareholders of each such association or bank owning at least two-thirds of its capital stock outstanding, or by a greater proportion of such capital stock in the case of such State bank if the laws of the State where the same is organized so require, at a meeting to be held on the call of the directors after publishing notice of the time, place, and object of the meeting for four consecutive weeks in some newspaper of general circulation published in the place where the said association or bank is situated, and in the legal newspaper for the publication of legal notices or advertisements, if any such paper has been designated by the rules of a court in the county where such association or bank is situated, and if no newspaper is published in the place, then in a paper of general circulation published nearest thereto, unless such notice of meeting is waived in writing by all stockholders of any such association or bank, and after sending such notice to each shareholder of record by registered mail at least ten days prior to said meeting, but any additional notice shall be given to the shareholders of such State bank which may be required by the laws of the State where the same is organized. The capital stock of such consolidated association shall not be less than that required under existing law for the organization of a national banking association in the place in which such consolidated association is located; and all the rights, franchises, and interests of such State or District bank so consolidated with a national banking association in and to every species of property, real, personal, and mixed, and choses in action thereto belonging, shall be deemed to be transferred to and vested in such national banking association into which it is consolidated without any deed or other transfer, and the said consolidated national banking association shall hold and enjoy the same and all rights of property, franchises, and interests including the right of succession as trustee, executor, or in any other fiduciary capacity in the same manner and to the same extent as was held and enjoyed by such State or District bank so consolidated with such national banking association. When such consolidation shall have been effected and approved by the comptroller any shareholder of either the association or of the State or District bank so consolidated, who has not voted for such consolidation, may give notice to the directors of the consolidated association within twenty days from the date of the certificate of approval of the comptroller that he dissents from the plan of consolidation as adopted and approved, whereupon he shall be entitled to receive the value of the shares so held by him, to be ascertained by an appraisal made by a committee of three persons, one to be selected by the shareholder, one by the directors of the consolidated association, and the third by the two so chosen; and in case the value so fixed shall not be satisfactory to such shareholder he may within five days after being notified of the appraisal appeal to the Comptroller of the Currency, who shall cause a reappraisal to be made, which shall be final and binding; and the consolidated association shall pay the expenses of reappraisal, and the value as ascertained by such appraisal or reappraisal shall be deemed to be a debt due and shall be forthwith paid to said shareholder by said consolidated association, and the shares so paid for shall be surrendered and, after due notice, sold at public auction within thirty days after the final appraisement provided for in this Act; and if the shares so 258 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AMENDMENTS TO FEDERAL RESERVE ACT 259 sold at public auction shall be sold at a price greater than the final appraised value, the excess in such sale price shall be paid to the said shareholder; and the consolidated association shall have the right to purchase such shares at public auction, if it is the highest bidder therefor, for the purpose of reselling such shares within thirty days thereafter to such person or persons and at such price as its board of directors by resolution may determine. The liquidation of such shares of stock in any State bank shall be determined in the manner prescribed by the law of the State in such cases if such provision is made in the State law; otherwise as hereinbefore provided. No such consolidation shall be in contravention of the law of the State under which such bank is incorporated. "The words 'State bank,' 'State banks/ 'bank/ or 'banks/ as used in this section, shall be held to include trust companies, savings banks, or other such corporations or institutions carrying on the banking business under the authority of State laws." SEC. 2. (a) That section 5136 of the Revised Statutes of the United States, subsection "second" thereof as amended, be amended to read as follows: "Second. To have succession from the date of the approval of this Act, or from the date of its organization if organized after such date of approval until such time as it be dissolved by the act of its shareholders owning two-thirds of its stock, or until its franchise becomes forfeited by reason of violation of law, or until terminated by either a general or a special Act of Congress or until its affairs be placed in the hands of a receiver and finally wound up by him." (b) That section 5136 of the Revised Statutes of the United States, subsection "seventh" thereof, be further amended by adding at the end of the first paragraph thereof the following: "Provided, That the business of buying and selling investment securities shall hereafter be limited to buying and selling without recourse marketable obligations evidencing indebtedness of any person, copartnership, association, or corporation, in the form of bonds, notes and/or debentures, commonly known as investment securities, under such further definition of the term 'investment securities' as may by regulation be prescribed by the Comptroller of the Currency, and the total amount of such investment securities of any one obligor or maker held by such association shall at no time exceed 25 per centum of the amount of the capital stock of such association actually paid in and unimpaired and 25 per centum of its unimpaired surplus fund, but this limitation as to total amount shall not apply to obligations of the United States, or general obligations of any State or of any political subdivision thereof, or obligations issued under authority of the Federal Farm Loan Act: And provided further, That in carrying on the business commonly known as the safe-deposit business no such association shall invest in the capital stock of a corporation organized under the law of any State to conduct a safe-deposit business in an amount in excess of 15 per centum of the capital stock of such association actually paid in and unimpaired and 15 per centum of its unimpaired surplus," so that the subsection as amended shall read as follows: "Seventh. To exercise by its board of directors, or duly authorized officers or agents, subject to law, all such incidental powers as shall be necessary to carry on the business of banking; by discounting and negotiating promissory notes, drafts, bills of exchange, and other evidences of debt; by receiving deposits; by buying and selling exchange, coin, and bullion; by loaning money on personal security; and by obtaining, issuing, and circulating notes according to the provisions of this title: Provided, That the business of buying and selling investment securities shall hereafter be limited to buying and selling without recourse marketable obligations evidencing indebtedness of any person, copartnership, association, or corporation, in the form of bonds, notes and/or debentures, commonly known as investment securities, under such further definition of the term 'investment securities' as may by regulation be prescribed by the Comptroller of the Currency, and the total amount of such investment securities of any one obligor or maker held by such association shall at no time exceed 25 per centum of the amount of the capital stock of such association actually paid in and unimpaired and 25 per centum of its unimpaired surplus fund, but this limitation as to total amount shall not apply to obligations of the United States, or general obligations of any State or of any political subdivision thereof, or obligations issued under authority of the Federal Farm Loan Act: And provided further, That in carrying on the business commonly known as the safe deposit business no such association shall invest in the capital stock of a corporation organized under the law of any State to conduct a safe deposit business in an amount in excess of 15 per centum of the capital stock of such association actually paid in and unimpaired and 15 per centum of its unimpaired surplus. 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260 ANNUAL REPORTJOF THE FEDERAL RESERVE BOARD "But no association shall transact any business except such as is incidental and necessarily preliminary to its organization, until it has been authorized by the Comptroller of the Currency to commence the business of banking." SEC. 3. That section 5137 of the Revised Statutes of the United States, subsection "First" thereof, be amended to read as follows: "First. Such as shall be necessary for its accommodation in the transaction of its business." SEC. 4. That section 5138 of the Revised Statutes of the United States, as amended, be amended to read as follows: "SEC. 5138. No national banking association shall be organized with a less capital than $100,000, except that such associations with a capital of not less than $50,000 may, with the approval of the Secretary of the Treasury, be organized in any place the population of which does not exceed six thousand inhabitants, and except that such associations with a capital of not less than $25,000 may, with the sanction of the Secretary of the Treasury, be organized in any place the population of which does not exceed three thousand inhabitants. No such association shall be organized in a city the population of which exceeds fifty thousand persons with a capital of less than $200,000, except that in the outlying districts of such a city where the State laws permit the organization of State banks with a capital of $100,000 or less, national banking associations now organized or hereafter organized may, with the approval of the Comptroller of the Currency, have a capital of not less than $100,000." SEC. 5. That section 5142 of the Revised Statutes of the United States, as amended, be amended to read as follows: "SEC. 5142. Any national banking association may, with the approval of the Comptroller of the Currency, and by a vote of shareholders owning two-thirds of the stock of such associations, increase its capital stock to any sum approved by the said comptroller, but no increase in capital shall be valid until the whole amount of such increase is paid in and notice thereof, duly acknowledged before a notary public by the president, vice president, or cashier of said association, has been transmitted to the Comptroller of the Currency and his certificate obtained specifying the amount of such increase in capital stock and his approval thereof, and that it has been duly paid in as part of the capital of such association: Provided, however, That a national banking association may, with the approval of the Comptroller of the Currency, and by the vote of shareholders owning two-thirds of the stock of such association, increase its capital stock by the declaration of a stock dividend, provided that the surplus of said association, after the approval of the increase, shall be at least equal to 20 per centum of the capital stock as increased. Such increase shall not be effective until a certificate certifying to such declaration of dividend, signed by the president, vice president, or cashier of said association and duly acknowledged before a notary public, shall have been forwarded to the Comptroller of the Currency and his certificate obtained specifying the amount of such increase of capital stock by stock dividend, and his approval thereof." SEC. 6. That section 5150 of the Revised Statutes of the United States be amended to read as follows: "SEC. 5150. The president of the bank shall be a member of the board and shall be the chairman thereof, but the board may designate a director in lieu of the president to be chairman of the board, who shall perform such duties as may be designated b}r the board." SEC. 7. That section 5155 of the Revised Statutes of the United States be amended to read as follows: "SEC. 5155. The conditions upon which a national banking association may retain or establish and operate a branch or branches are the following: " (a) A national banking association may retain and operate such branch or branches as it may have in lawful operation at the date of the approval of this Act, and any national banking association which has continuously maintained and operated not more than one branch for a period of more than twenty-five years immediately preceding the approval of this Act may continue to maintain and operate such branch. " (b) If a State bank is hereafter converted into or consolidated with a national banking association, or if two or more national banking associations are consolidated, such converted or consolidated association may, with respect to any of such banks, retain and operate any of their branches which may have been in lawful operation by any bank at the date of the approval of the Act. " (c) A national banking association may, after the date of the approval of this Act, establish and operate new branches within the limits of the city, town, or Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AMENDMENTS TO FEDERAL RESERVE ACT village in which said association is situated if such establishment and operation are at the time permitted to State banks by the law of the State in question. " (d) No branch shall be established after the date of the approval of this Act within the limits of any city, town, or village of which the population by the last decennial census was less than twenty-five thousand. No more than one such branch may be thus established where the population, so determined, of such municipal unit does not exceed fifty thousand; and not more than two such branches where the population does not exceed one hundred thousand. In any such municipal unit where the population exceeds one hundred thousand the determination of the number of branches shall be within the discretion of the Comptroller of the Currency. " (e) No branch of any national banking association shall be established or moved from one location to another without first obtaining the consent and approval of the Comptroller of the Currency. "(f) The term 'branch7 as used in this section shall be held to include any branch bank, branch office, branch agency, additional office, or any branch place of business located in any State or Territory of the United States or in the District of Columbia at which deposits are received, or checks paid, or money lent. " (g) This section shall not be construed to amend or repeal section 25 of the Federal Reserve Act, as amended, authorizing the establishment by national banking associations of branches in foreign countries, or dependencies, or insular possessions of the United States. " (h) The words 'State bank/ 'State banks/ 'bank/ or 'banks/ as used in this section, shall be held to include trust companies, savings banks, or other such corporations or institutions carrying on the banking business under the authority of State laws." SEC. 8. That section 5190 of the Revised Statutes of the United States be amended to read as follows: "SEC. 5190. The general business of each national banking association shall be transacted in the place specified in its organization certificate and in the branch or branches, if any, established or maintained by it in accordance with the provisions of section 5155 of the Revised Statutes, as amended by this Act." SEC. 9. That the first paragraph of section 9 of the Federal Reserve Act, as amended, be amended so as to read as follows: "SEC. 9. Any bank incorporated by special law of any State, or organized under the general laws of any State or of the United States, desiring to become a member of the Federal reserve system, may make application to the Federal Reserve Board, under such rules and regulations as it may prescribe, for the right to subscribe to the stock of the Federal reserve bank organized within the district in which the applying bank is located. Such application shall be for the same amount of stock that the applying bank would be required to subscribe to as a national bank. The Federal Reserve Board, subject to the provisions of this Act and to such conditions as it may prescribe pursuant thereto may permit the applying bank to become a stockholder of such Federal reserve bank. "Any such State bank which, at the date of the approval of this Act, has established and is operating a branch or branches in conformity with the State law, may retain and operate the same while remaining or upon becoming a stockholder of such Federal reserve bank; but no such State bank may retain or acquire stock in a Federal reserve bank except upon relinquishment of any branch or branches established after the date of the approval of this Act beyond the limits of the city, town, or village in which the parent bank is situated." SEC. 10. That section 5200 of the Revised Statutes of the United States, as amended, be amended to read as follows: "SEC. 5200. The total obligations to any national banking association of any person, copartnership, association, or corporation shall at no time exceed 10 per centum of the amount of the capital stock of such association actually paid in and unimpaired and 10 per centum of its unimpaired surplus fund. The term 'obligations' shall mean the direct liability of the maker or acceptor of paper discounted with or sold to such association and the liability of the indorser, drawer, or guarantor who obtains a loan from or discounts paper with or sells paper under his guaranty to such association and shall include in the case of obligations of a copartnership or association the obligations of the several members thereof. Such limitation of 10 per centum shall be subject to the following exceptions: Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

262 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD " (1) Obligations in the form of drafts or bills of exchange drawn in good faith against actually existing values shall not be subject under this section to any limitation based upon such capital and surplus. " (2) Obligations arising out of the discount of commercial or business paper actually owned by the person, copartnership, association, or corporation negotiating the same shall not be subject under this section to any limitation based upon such capital and surplus. "(3) Obligations drawn in good faith against actually existing values and secured by goods or commodities in process of shipment shall not be subject under this section to any limitation based upon such capital and surplus. " (4) Obligations as indorser or guarantor of notes, other than commercial or business paper excepted under (2) hereof, having a maturity of not more than six months, and owned by the person, corporation, association, or copartnership indorsing and negotiating the same, shall be subject under this section to a limitation of 15 per centum of such capital and surplus in addition to such 10 per centum of such capital and surplus. "(5) Obligations in the form of banker's acceptances of other banks of the kind described in section 13 of the Federal Reserve Act shall not be subject under this section to any limitation based upon such capital and surplus. " (6) Obligations of any person, copartnership, association or corporation, in the form of notes or drafts secured by shipping documents, warehouse receipts or other such documents transferring or securing title covering readily marketable nonperishable staples when such property is fully covered by insurance, if it is customary to insure such staples, shall be subject under this section to a limitation of 15 per centum of such capital and surplus in addition to such 10 per centum of such capital and surplus when the market value of such staples securing such obligation is not at any time less than 115 per centum of the face amount of such obligation, and to an additional increase of limitation of 5 per centum of such capital and surplus in addition to such 25 per centum of such capital and surplus when the market value of such staples securing such additional obligation is not at any time less than 120 per centum of the face amount of such additional obligation, and to a further additional increase of limitation of 5 per centum of such capital and surplus in addition to such 30 per centum of such capital and surplus when the market value of such staples securing such additional obligation is not at any time less than 125 per centum of the face amount of such additional obligation, and to a further additional increase of limitation of 5 per centum of such capital and surplus in addition to such 35 per centum of such capital and surplus when the market value of such staples securing such additional obligation is not at any time less than 130 per centum of the face amount of such additional obligation, and to a further additional increase of limitation of 5 per centum of such capital and surplus in addition to such 40 per centum of such capital and surplus when the market value of such staples securing such additional obligation is not at any time less than 135 per centum of the face amount of such additional obligation, and to a further additional increase of limitation of 5 per centum of such capital and surplus in addition to such 45 per centum of such capital and surplus when the market value of such staples securing such additional obligation is not at any time less than 140 per centum of the face amount of such additional obligation, but this exception shall not apply to obligations of any one person, copartnership, association or corporation arising from the same transactions and/or secured upon the identical staples for more than ten months. "(7) Obligations of any person, copartnership, association, or corporation in the form of notes or drafts secured by shipping documents or instruments transferring or securing title covering livestock or giving a lien on livestock when the market value of the livestock securing the obligation is not at any time less than 115 per centum of the face amount of the notes covered by such documents shall be subject under this section to a limitation of 15 per centum of such capital and surplus in addition to such 10 per centum of such capital and surplus. "(8) Obligations of any person, copartnership, association, or corporation in the form of notes secured by not less than a like amount of bonds or notes of the United States issued since April 24, 1917, or certificates of indebtedness of the United States, shall (except to the extent permitted by rules and regulations prescribed by the Comptroller of the Currency, with the approval of the Secretary of the Treasury) be subject under this section to a limitation of 15 per centum of such capital and surplus in addition to such 10 per centum of such capital and surplus." SEC. 11. That section 5202 of the Revised Statutes of the United States as amended be amended by adding at the end thereof a new paragraph to read as follows: Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AMENDMENTS TO FEDERAL RESERVE ACT 263 " Eighth. Liabilities incurred under the provisions of section 202 of Title II of the Federal Farm Loan Act, approved July 17, 1916, as amended by the Agricultural Credits Act of 1923." SEC. 12. That section 5208 of the Revised Statutes of the United States as amended be amended by striking out the words "or who shall certify a check before the amount thereof shall have been regularly entered to the credit of the drawer upon the books of the bank," and in lieu thereof inserting the following: " or who shall certify a check before the amount thereof shall have been regularly deposited in the bank by the drawer thereof/7 so that the section as amended shall read as follows: "SEC. 5208. It shall be unlawful for any officer, director, agent, or employee of any Federal reserve bank, or any member bank as defined in the Act of December 23, 1913, known as the Federal Reserve Act, to certify any check drawn upon such Federal reserve bank or member bank unless the person, firm, or corporation drawing the check has on deposit with such Federal reserve bank or member bank, at the time such check is certified, an amount of money not less than the amount specified in such check. Any check so certified by a duly authorized officer, director, agent, or employee shall be a good and valid obligation against such Federal reserve bank or member bank; but the act of any officer, director, agent, or employee of any such Federal reserve bank or member bank in violation of this section shall, in the discretion of the Federal Reserve Board, subject such Federal reserve bank to the penalties imposed by section 11, subsection (h) of the Federal Reserve Act, and shall subject such member bank, if a national bank, to the liabilities and proceedings on the part of the Comptroller of the Currency provided for in section 5234, Revised Statutes, and shall, in the discretion of the Federal Reserve Board, subject any other member bank to the penalties imposed by section 9 of said Federal Reserve Act for the violation of any of the provisions of said Act. Any officer, director, agent, or employee of any Federal reserve bank or member bank who shall willfully violate the provisions of this section, or who shall resort to any device, or receive any fictitious obligation, directly or collaterally, in order to evade the provisions thereof, or who shall certify a check before the amount thereof shall have been regularly deposited in the bank by the drawer thereof, shall be deemed guilty of a misdemeanor and shall, on conviction thereof in any district court of the United States, be fined not not more than $5,000, or shall be imprisoned for not more than five years, or both, in the discretion of the court." SEC. 13. That section 5211 of the Revised Statutes of the United States as amended be amended to read as follows: "SEC. 5211. Every association shall make to the Comptroller of the Currency not less than three reports during each year, according to the form which may be prescribed by him, verified by the oath or affirmation of the president, or of the cashier, or of a vice president, or of an assistant cashier of the association designated by its board of directors to verify such reports in the absence of the president and cashier, taken before a notary public properly authorized and commissioned by the State in which such notary resides and the association is located, or any other officer having an official seal, authorized in such State to administer oaths, and attested by the signature of at least three of the directors. Each such report shall exhibit, in detail and under appropriate heads, the resources and liabilities of the association at the close of business on any past day by him specified, and shall be transmitted to the comptroller within five days after the receipt of a request or requisition therefor from him; and the statement of resources and liabilities, together with acknowledgment and attestation in the same form in which it is made to the comptroller, shall be published in a newspaper published in the place where such association is established, or if there is no newspaper in the place, then in the one published nearest thereto in the same county, at the expense of the association; and such proof of publication shall be furnished as may be required by the comptroller. The comptroller shall also have power to call for special reports from any particular association whenever in his judgment the same are necessary in order to obtain a full and complete knowledge of its condition." SEC. 15. That section 22 of the Federal Reserve Act, subsection (a), paragraph 2 thereof, be amended to read as follows: " (a) No member bank and no officer, director, or employee thereof shall hereafter make any loan or grant any gratuity to any bank examiner. Any bank officer, director, or employee violating this provision shall be deemed guilty of a misdemeanor and shall be imprisoned not exceeding one year, or fined 110390—28 18 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

264 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD not more than $5,000, or both, and may be fined a further sum equal to the money so loaned or gratuity given. "Any examiner or assistant examiner who shall accept a loan or gratuity from any bank examined by him, or from an officer, director, or employee thereof, or who shall steal, or unlawfully take, or unlawfully conceal any money, note, draft, bond, or security or any other property of value in the possession of any member bank or from any safe deposit box in or adjacent to the premises of such bank, shall be deemed guilty of a misdemeanor and shall, upon conviction thereof in any district court of the United States, be imprisoned for not exceeding one year, or fined not more than $5,000, or both, and may be fined a further sum equal to the money so loaned, gratuity given, or property stolen, and shall forever thereafter be disqualified from holding office as a national bank examiner." SEC. 16. That section 24 of the Federal Reserve Act be amended to read as follows: "SEC. 24. Any national banking association may make loans secured by first lien upon improved real estate, including improved farm land, situated within its Federal reserve district or within a radius of one hundred miles of the place in which such bank is located, irrespective of district lines. A loan secured by real estate within the meaning of this section shall be in the form of an obligation or obligations secured by mortgage, trust deed, or other such instrument upon real estate when the entire amount of such obligation or obligations is made or is sold to such association. The amount of any such loan shall not exceed 50 per centum of the actual value of the real estate offered for security, but no such loan upon such security shall be made for a longer term than five years. Any such bank may make such loans in an aggregate sum including in such aggregate any such loans on which it is liable as indorser or guarantor or otherwise equal to 25 per centum of the amount of the capital stock of such association actually paid in and unimpaired and 25 per centum of its unimpaired surplus fund, or to one-half of its savings deposits, at the election of the association, subject to the general limitation contained in section 5200 of the Revised Statutes of the United States. Such banks may continue hereafter as heretofore to receive time and savings deposits and to pay interest on the same, but the rate of interest which such banks may pay upon such time deposits or upon savings or other deposits shall not exceed the maximum rate authorized by law to be paid upon such deposits by State banks or trust companies organized under the laws of the State wherein such national banking association is located." SEC. 16. That section 5139 of the Revised Statutes of the United States be amended by inserting in the first sentence thereof the following words: "or into shares of such less amount as may be provided in the articles of association " so that the section as amended shall read as follows: "SEC. 5139. The capital stock of each association shall be divided into shares of $100 each, or into shares of such less amount as may be provided in the articles of association, and be deemed personal property, and transferable on the books of the association in such manner as may be prescribed in the by-laws or articles of association. Every person becoming a shareholder by such transfer shall, in proportion to his shares, succeed to all rights and liabilities of the prior holder of such shares; and no change shall be made in the articles of association by which the rights, remedies, or security of the existing creditors of the association shall be impaired." SEC. 17. That section 5146 of the Revised Statutes of the United States as amended be amended by inserting in lieu of the second sentence thereof the following: "Every director must own in his own right shares of the capital stock of the association of which he is a director the aggregate par value of which shall not be less than $1,000, unless the capital of the bank shall not exceed $25,000 in which case he must own in his own right shares of such capital stock the aggregate value of which shall not be less than $500," so that the section as amended shall read as follows: "SEC. 5146. Every director must during his whole term of service, be a citizen of the United States, and at least three-fourths of the directors must have resided in the State, Territory, or District in which the association is located, or within fifty miles of the location of the office of the association, for at least one year immediately preceding their election, and must be residents of such State or within a fifty-mile territory of the location of the association during their continuance in office. Every director must own in his own right shares of the capital stock of the association of which he is a director the aggregate par value of which shall not be less than $1,000, unless the capital of the bank shall not exceed $25,000 in which case he must own in his own right shares of such capital stock the aggregate par value of which shall not be less than $500. x\ny director who Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AMENDMENTS TO FEDERAL RESERVE ACT 265 ceases to be the owner of the required number of shares of the stock, or who becomes in any other manner disqualified, shall thereby vacate his place." SEC. 18. That the second subdivision of the fourth paragraph of section 4 of the Federal Reserve Act be amended to read as follows: " Second. To have succession after the approval of this Act until dissolved by Act of Congress or until forfeiture of franchise for violation of law." SEC. 19. That section 3 of the Federal Reserve Act, as amended, is further amended by adding at the end thereof the following: "The Federal Reserve Board may at any time require any Federal Reserve Bank to discontinue any branch of such Federal Reserve Bank established under this section. The Federal Reserve Bank shall thereupon proceed to wind up the business of such branch bank, subject to such rules and regulations as the Federal Reserve Board may prescribe." Approved, February 25, 1927. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REGULATIONS OF THE COMPTROLLER OF THE CURRENCY FURTHER DEFINING THE TERM " INVESTMENT SECURI- TIES " AS USED IN THE ACT APPROVED FEBRUARY 25, 1927 (McFADDEN ACT) By virtue of the authority vested in the Comptroller of the Currency by the terms of section 2 (b) of the act approved February 25, 1927, the following regulations further denning the term "investment securities" are prescribed: 1. The business of buying and selling investment securities by national banks is governed by section 5136 of the Revised Statutes of the United States as amended by an act to further amend the national banking laws and the Federal reserve act, and for other purposes, as approved February 25, 1927, as follows: (b) That section 5136 of the Revised Statutes of the United States, subsection "seventh" thereof, be further amended by adding at the end of the first paragraph thereof the following: " Provided, That the business of buying and selling investment securities shall hereafter be limited to buying and selling without recourse marketable obligations evidencing indebtedness of any person, copartnership, association, or corporation, in the form of bonds, notes, and/or debentures, commonly known as investment securities, under such further definition of the term 'investment securities' as may by regulation be prescribed by the Comptroller of the Currency, and the total amount of such investment securities of any one obligor or maker held by such association shall at no time exceed 25 per centum of the amount of the capital stock of such association actually paid in and unimpaired and 25 per centum of its unimpaired surplus fund, but this limitation as to total amount shall not apply to obligations of the United States, or general obligations of any State or of any political subdivision thereof, or obligations issued under authority of the Federal farm loan act." 2. An obligation of indebtedness which may be bought and sold by national banks, in order to come within the classification of "investment securities" within the meaning of the proviso of section 5136 above quoted, must be a marketable security as designated by the express language of said proviso. Under ordinary circumstances, the term "marketable" means that the security in question has such a market as to render sales at intrinsic values readily possible. 3. In classifying a given security as marketable, the Comptroller of the Currency may in specific cases give consideration to various facts and circumstances, but he will require in all cases the following: (a) That the issue be of a sufficiently large total to make marketability possible. (6) Such a public distribution of the securities must have been provided for or made in a manner to protect or insure the marketability of the issue. (c) That the trust agreement under which the security is issued provides for a trustee independent of the obligor and in the case of securities issued under a trust agreement executed and delivered after sixty days from the date of the promulgation of these regulations, such a trustee must be a bank or trust company. 4. This series of regulations may be modified, amended, or withdrawn at any time by the Comptroller of the Currency. Signed and promulgated this thirtieth day of June, 1927. J. W. MCINTOSH, Comptroller of the Currency. 266 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LETTER OF COMPTROLLER OF THE CURRENCY RELATING TO TRUST POWERS OF NATIONAL BANKS Following is a copy of a letter written by the Comptroller of the Currency discussing the question as to the right of a national bank with which a State bank or trust company had been consolidated under the provisions of the McFadden Act to exercise fiduciary powers under will or other documents executed prior to the consolidation and naming the trust company to act in such capacities: TREASURY DEPARTMENT, OFFICE OF THE COMPTROLLER OF THE CURRENCY, Washington, March 22, 1927. DEAR SIR: I understand that you desire an expression of my views on the question whether a national bank resulting from the consolidation of a State trust company with a national bank under the charter of the latter, pursuant to the provisions of section 1 of the McFadden Act, approved February 25, 1927, will have the legal right to continue to handle the fiduciary business previously handled by the trust company or which would come to the trust company under wills not yet admitted ito probate. In my opinion, there is no doubt that when a trust company consolidates with a national bank under the charter of the latter pursuant to the provisions of section 1 of the McFadden Act, the corporate existence of the trust company is not terminated but is continued and the consolidated bank is, in the eyes of the law, the same institution as the trust company, though existing under a changed jurisdiction. I am also of the opinion that, the consolidated national bank being the same institution, there is no doubt of its legal right to continue to handle the trust business already on the books of the trust company and to continue to serve as trustee, executor, etc., in all cases in which the trust company was acting at the time of the consolidation. Under the provisions of section 1 of the McFadden Act, I am also of the opinion that the national bank would be legally entitled to be appointed as executor, trustee, etc., under all wills executed prior to the consolidatign which named the trust company to act in such capacities, even though such wills are not probated until after the consolidation. The reasons for the above conclusions may best be set forth in a chronological discussion of the development of the law on this subject. In the case of Casey v. Calli (94 U. S. 673), decided in 1876, the Supreme Court of the United States held that no authority from the State is necessary to enable a State bank to become a national bank and that it is as competent for Congress to authorize the conversion of a State bank into a national bank as it is for Congress to authorize the creation of national banks originally. In Metropolitan National Bank v. Clagett (141 U. S. 520), the Supreme Court of the United States held that the conversion of a New York State bank into a national bank, "did not 'close its business of banking' nor destroy its identity or its corporate existence, but simply resulted in a continuation of the same body with the same officers and stockholders, the same property, assets, and banking business under a changed jurisdiction; that it remained one and the same bank, and went on doing business uninterruptedly;;; In Michigan Insurance Bank v. Eldred (143 U. S. 293), the Supreme Court of the United States held that the conversion of a State bank into a national bank, with a change of name, under the provisions of the national bank act, "does not affect its identity, or its right to sue upon obligations or liabilities incurred to it by its former name." In view of these decisions, there can be no doubt that if a State trust company converts into a national bank it does not lose its corporate identity, but remains the same corporation and may, therefore, continue to handle all of the business on the books of the trust company prior to the consolidation. The above-mentioned cases were decided prior to the enactment of the Federal reserve act, which gave to national banks obtaining a special permit from the Federal Reserve Board the right to transact a trust business. That right, however, was given to national banks to enable them to continue to exist in competi- 267 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

268 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD tion with State banks and trust companies exercising such powers; and the constitutionality of this grant of power to national banks was upheld by the Supreme Court of the United States in the case of First National Bank v. Fellows (265 U. S. 19), wherein the Supreme Court of the United States said: 11 * * * although a business was of a private nature and subject to State regulation, if it was of such a character as to cause it to be incidental to the successful discharge by a bank chartered by Congress of its public functions, it was competent for Congress to give the bank the power to exercise such private business in cooperation with or as part of its public authority. Manifestly this excluded the power of the State in such case, although it might possess in a general sense authority to regulate such business, to use that authority to prohibit such business from being united by Congress with the banking function since to do so would be but the exertion of State authority to prohibit Congress from exerting a power which under the Constitution it had a right to exercise. From this it must also follow that even although a business be of such a character that it is not inherently considered susceptible of being included by Congress in the powers conferred on national banks, that rule would cease to apply if by State law State banking corporations, trust companies, or others which by reason of their business are rivals or quasi rivals of national banks are permitted to carry on such business.'7 Subsequent to this decision, it was quite generally recognized by the State courts that national banks may lawfully transact a trust business and that the States can not directly or indirectly prevent them from doing so where they permit the exercise of such powers by corporations competing with national banks. In Hamilton v. State (110 Atl. 54), the Connecticut Supreme Court of Errors held that, regardless of State legislation forbidding the exercise of such powers by national banks or the absence of State legislation expressly sanctioning the exercise of such powers by them, national banks having the necessary permit from the Federal Reserve Board may act in any fiduciary capacities in which competing State corporations are authorized to act by State law. See also Carpenter v. Aquidneck Nat. Bk. (46 R. I. 152, 125 Atl. 358); In re Turners Estate (227 Pa. 110, 120 Atl. 701); Stanchfield's Estate (171 Wise. 553, 178 N. W. 310), Re MoUineaux (19 N. Y. Supp. 90); Fidelity Nat. Bk. & Tr. Co. v. Enright (264 Fed. 236). In the case of Stale of Missouri ex rel. Burnes Nat. Bk. v. Duncan (265 U. S. 17), the Burnes National Bank of St. Joseph, Mo., was appointed executor under the will of a citizen of Missouri. The bank applied to the probate court for letters testamentary, but was denied appointment on the ground that by the laws of Missouri national banks were not authorized to act as executors. Thereupon the national bank applied to the supreme court of the State for a writ of mandamus compelling the probate court to appoint the national bank as executor. The Supreme Court of Missouri ruled that the probate court could not be compelled to appoint the national bank executor. An appeal was taken to the Supreme Court of the United States, which reversed the judgment of the Supreme Court of Missouri and held that the national bank must be appointed executor, regardless of the provisions of the Missouri law. In so holding, the Supreme Court of the United States said: "By the act of September 26, 1918. c. 177, sec. 2. 40 Stat. 967, 968, amending sec. 11 (k) of the Federal reserve act, the Federal Reserve Board was empowered 'to grant by special permit to national banks applying therefor, when not in contravention of State or local law, the right to act as trustee, executor, administrator * * * or in any other fiduciary capacity in which State banks, trust companies, or other corporations which come into competition with national banks are permitted to act under the laws of the State in which the national bank is located.' If the section stopped there the decision of the State court might be final, but it adds the following paragraph, ' Whenever the laws of such State authorize or permit the exercise of any or all of the foregoing powers by State banks, trust companies, or other corporations which compete with national banks, the granting to and the exercise of such powers by national banks shall not be deemed to be in contravention of State or local law within the meaning of this act.' This says in a roundabout and polite but unmistakable way that whatever may be the State law, national banks having the permit of the Federal Reserve Board may act as executors if trust companies competing with them have that power. The relator has the permit, competing trust companies can act as executors in Missouri, the importance of the power to the sustaining of competition in the banking business is so well known and has been explained so fully heretofore that it does not need to be emphasized, and thus the naked question presented is whether Congress had the power to do what it tried to do. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

TRUST POWERS OF NATIONAL BANKS 269 "The question is pretty nearly answered by the decision and fully answered by the reasoning in First National Bank of Bay City v. Fellows (244 U. S. 416). That case was decided before the amendment of the Federal reserve act that we have quoted and came here on the single issue of the power of Congress when the State lawT was not contravened. It was held that the power ' was to be tested by the right to create the bank and the authority to attach to it that which was relevant in the judgment of Congress to make the business of the bank successful.' (244 U. S. 420.) The power was asserted and it was added that 'this excluded the power of the State in such case, although it might possess in a general sense authority to regulate such business, to use that authority to prohibit such business from being united by Congress with the banking function.' (244 U. S. 425.) Now that Congress has expressed its paramount will this language is more apposite than ever. The States can not use their most characteristic powers to reach unconstitutional results. Western Union Telegraph Co. v. Kansas, (216 U. S. 1). Pullman Co. v. Kansas, (216 II. S. 56). Western Union Telegraph Co. v. Foster (247 IT. S. 105, 114). There is nothing over which a State has more exclusive authority than the jurisdiction of its courts, but it can not escape its constitutional obligations by the device of denying jurisidiction to courts otherwise competent. Kennedy v. Supreme Lodge of the World (252 U. S. 411, 415). So here the State can not lay hold of its general control of administration to deprive national banks of their power to compete—that Congress is authorized to sustain. "The fact that Missouri has regulations to secure the safety of trust funds in the hands of its trust companies does not affect the case. The power given by the act of Congress purports to be general and independent of that circumstance and the act provides its own safeguards. The authority of Congress is equally independent, as otherwise the State could make it nugatory. Since the decision in First National Bank of Bay City v. Fellows (244 U. S. 416) it generally has been recognized that the law now is as the relator contends. In re Turner's Estate (277'Pa. 110, 116). Estate of Stanchfield (171 Wis. 553). Hamilton v. State (94 Conn. 648). People v. Russell (283 111. 520, 524). In re Mollineaux (179 N. Y. Supp. 90). Fidelity National Bank & Trust Co. v. Enright (264 Fed. Rep 236)." The case of In re Turner's Estate, supra, was a case involving the right of a trust company which had been converted into a national bank and consolidated with another national bank to act in a fiduciary capacity in which the trust company had been named to act. In that case the facts were as follows: In settling the account of executors of the estate of Edna F. Turner a fund was awarded to minor children, beneficiaries under the will of the decedent. The court appointed the Rittenhouse Trust Company of Philadelphia guardian of their estate and, before the account was called for audit, that bank was converted into a national bank and consolidated with the Corn Exchange National Bank, which had received a permit from the Federal Reserve Board to act in fiduciary capacities. The latter bank applied for and obtained a certificate from the State Banking Department authorizing it to do a fiduciary business in Pennsylvania and presented a petition asking that funds belonging to the minors be paid to it. This the court refused to do until the bank obtained the approval of the Orphans' Court of Philadelphia County. Accordingly, a petition was presented for that purpose setting forth the fact of beneficiary's incorporation under the national banking Laws and its subsequent consolidation with the Rittenhouse National Bank, formerly Rittenhouse Trust Company, stating that it was authorized by the Federal Reserve Board to transact a fiduciary business and had complied with the laws of Pennsylvania governing the transaction of such business, agreeing to be subject to supervision and examination by the State Banking Department of Pennsylvania in the same manner as corporations of Pennsylvania, and stipulating that securities and other property received by the corporation in fiduciary capacities would be kept separate and apart from all moneys of the bank and not taken out of the jurisdiction of the court and that trust funds received by said bank as fiduciary would be deposited in a separate account in another bank or trust company of good standing. This application was refused by the orphans' court, whereupon the bank filed a petition as guardian of the minors asking that, notwithstanding the refusal to approve its application to act as fiduciary, the funds in question be awarded to it as guardian. This petition was also dismissed and an appeal taken to the superior court, which reversed the court below. From that decree of the superior court an appeal was taken to the Supreme Court of Pennsylvania, which held that the national bank must be appointed guardian notwithstanding the provisions of the State law and notwithstanding the fact that the Federal law permitted the commingling of trust Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

270 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD funds with those of the bank, which was in direct conflict with certain provisions of the State law. Although the national bank had agreed to comply with the provisions of the State law, the Supreme Court of Pennsylvania held that such agreement was unnecessary and that the national bank would have been permitted to act even if it had not made such agreement. Since the decision of the Supreme Court of Pennsylvania in the Turner case and, in view of the decisions of the Supreme Court of the United States as to the effect of the conversion of a State bank into a national bank, there is no doubt as to the right of a national bank resulting from the conversion of a State trust company to continue to handle the trust business already on the books of the trust company at the time of the conversion and to act in all fiduciary capacities in which the trust company had been appointed to act prior to the conversion. Even prior to the enactment of the McFadden bill, therefore, the only possible doubt about the matter was with respect to the right of the national bank to be appointed as executor, trustee, etc., under wills naming the trust company to act in such capacities which were executed prior to the conversion and were not admitted to probate until after the conversion. The only doubt on this question was raised by the decision of the Supreme Court of Massachusetts, in the case of the Petition of the Commonwealth-Atlantic National Bank (144 N. E., 443), with which you are no doubt familiar. That case did not pass upon the right of a national bank to act in fiduciary capacities or its right to continue to handle trusts already vested in the trust company, but involved merely the right of a national bank to act as executor under a will executed prior to the conversion which named the trust company as executor. The Massachusetts court recognized the fact that, under the decisions of the Supreme Court of the United States, the national bank was the same institution as the trust company and that the corporate existence of the trust company was continued in the national bank; but avoided holding that the national bank must be appointed executor by making its decision turn upon a construction of the will. In construing the will, the court held that the testator intended to have a trust company, organized under State law and governed by the provisions of the State law, act as his executor, and that it would not be carrying out the intention of the testator to permit the national bank so to act. In order to eliminate the doubt raised by the decision of the Supreme Court of Massachusetts, there was inserted in section 1 of the McFadden bill a provision to the effect that, where a State bank or trust company consolidates with a national bank— " All the rights, franchises, and interests of such State or district bank so consolidated with a national banking association in and to every species of property, real, personal, and mixed, and choses in action thereto belonging, shall be deemed to be transferred to and vested in such national banking association into which it is consolidated without any deed or other transfer, and the said consolidated national banking association shall hold and enjoy the same and all rights of property, franchises, and interests, including the right of succession as trustee, executor, or in any other fiduciary capacity in the same manner and to the same extent as was held and enjoyed fc>y such State or district bank so consolidated with such national banking association.'7 This provision was entirely unnecessary as to business already on the books of the trust company; because under court decisions rendered prior to the enactment of the McFadden bill, it was held that the consolidated national bank could continue to handle all such business. I have no doubt, therefore, that the courts will take cognizance of this fact and will construe the above quoted provision of the McFadden bill to have the effect that it was intended to have, viz: To prevent the State courts from refusing to appoint national banks as executors, trustees, etc., under wills naming trust companies to act in such capacities, where such trust companies have been converted into or consolidated writh national banks before such wills are probated. Nor have I any doubt as to the constitutionality of this provision of the Mc- Fadden bill. National banks are instrumentalities of the Federal Government created by Congress to perform certain essential functions for the Federal Government, and the Supreme Court of the United States has repeatedly held that Congress may enact whatever legislation is necessary to preserve their existence. The decision of the Massachusetts court having raised doubts as to the rights of converted or consolidated national banks which might cause persons seeking to consolidate trust companies with national banks to prefer State charters, thereby depriving the Federal Government of its instrumentalities, there can be no doubt of the constitutional power of Congress to eliminate this doubt by enacting the above-quoted provision of the McFadden bill. As said by the Supreme Digitized forC FoRuArtS oEfR t he United States in First National Bank v. Fellows, supra: http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

TRUST POWERS OF NATIONAL BANKS 271 << * * * This must be since the State may not by legislation create a condition as to a particular business which would bring about actual or potential competition with the business of national banks and at the same time deny the power of Congress to meet such created condition by legislation appropriate to avoid the injury which otherwise would be suffered by the national agency." If anyone has any doubt of the power of Congress thus to interfere with the appointment of executors, trustees, etc., by the State courts, the answer is to be found in the following language of the Supreme Court of the United States in State of Missouri ex rel. Burnes National Bank v. Duncan, supra: "The State can not lay hold of its general control of administration to deprive national banks of their power to compete that Congress is authorized to sustain." As stated above, therefore, I am of the opinion that where a State trust company consolidates with a national bank, such national bank may not only continue to handle all the trust business actually on the books of the trust company at the time of the consolidation but is also legally entitled to be appointed to act as executor, trustee, etc., under wills executed prior to the consolidation naming the trust company to act in such capacities, even where such wills were not admitted to probate until after the consolidation. Very truly yours, J. W. MCINTOSH, omptroller of the Currency. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REGULATIONS OF THE FEDERAL RESERVE BOARD A new issue of the Board's regulations was published in December, 1927. The letter of transmittal is given herewith and the regulations appear on pages 273-310. WASHINGTON, December 22, 1927. To All Member Banks: The Federal Reserve Board transmits herewith a new issue of all of its regulations applicable to member banks. Since the issuance of the last edition of the board's regulations under date of August 15, 1924, the Federal reserve act has been amended by the act of February 25, 1927, and it has become necessary to amend certain of the board's regulations to conform to the amendments contained in that act. The board has also taken this occasion to make a number of other amendments to its regulations which experience has proven to be necessary or desirable. Regulation A has been amended in a number of minor details, and there has been inserted in the regulation the substance of the board's rulings with regard to the rediscount by Federal reserve banks of paper acquired from nonmenber banks. Regulation D has been amended in several particulars, the most important of which is Section IV dealing with penalties for deficiencies in reserves, which has been changed in such a way as to require member banks in cities where Federal reserve banks or branches thereof are located and member banks in such other cities as the Federal Reserve Board may designate from time to time to compute their reserves on the basis of average daily net deposit balances covering semiweekly periods instead of weekly periods as heretofore. Provision has also been made for the better enforcement of the provisions regarding the maintenance of reserves. Regulation F has been changed so as to regulate more completely the exercise of trust powers by national banks, and a provision has been inserted to cover the situation where a State bank, trust company, or savings bank having trust business consolidates with a national bank under the provisions of the act of November 7, 1918, as amended by the act of February 25, 1927. Regulation G, which formerly regulated the making of loans by national banks on farm land and other real estate, has been eliminated altogether in view of the provisions of the act of February 25, 1927, conferring regulatory powers upon the Comptroller of the Currency; and there has been inserted, in lieu of the previous Regulation G, the regulation promulgated by the board under date of December 9, 1926, governing the rediscount of notes secured by adjusted service certificates, which was formerly designated as Regulation M, Series of 1926. Regulation H has been amended so as to conform to the amendments made to section 9 of the Federal reserve act by the act of February 25, 1927. Regulation I has been amended in a few minor particulars, and the provision regarding the surrender of Federal reserve bank stock by a member bank which goes into voluntary liquidation has been simplified. Regulation K was not amended except by the incorporation therein of amendments adopted from time to time during the year 1927, which have previously been announced. No material changes have been made in Regulations B, C, J, and L. This issue of the board's regulations becomes effective on January 3, 1928. The Federal reserve banks are requested to see that each member bank in their respective districts receives at least one copy of this official edition of the board's regulations. Instructions which govern only Federal reserve agents or Federal reserve banks will be covered in separate letters or regulations, as in the past. By order of the Federal Reserve Board. WALTER L. EDDY, Secretary. 272 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REGULATIONS OF THE FEDERAL RESERVE BOARD 273 REGULATION A, SERIES OF 1928 (Superseding Regulation A of 1924) DISCOUNTS UNDER SECTIONS 13 AND 13a ARTICLE A—NOTES, DRAFTS, AND BILLS OF EXCHANGE SECTION I. GENERAL STATUTORY PROVISIONS Any Federal reserve bank may discount for any of its member banks any note, draft, or bill of exchange: Provided— (a) It has a definite maturity at the time of discount of not more than 90 days, exclusive of days of grace; except that (1) if drawn or issued for an agricultural purpose or based on livestock, it may have a maturity at the time of discount of not more than nine months, exclusive of days of grace, and (2) certain bills of exchange payable at sight or on demand are eligible even though they have no definite maturity (see Section VII, below); (b) It has been issued or drawn for an agricultural, industrial, or commercial purpose, or the proceeds have been used or are to be used for such a purpose, or it is a note, draft, or bill of exchange of a factor issued as such making advances exclusively to producers of staple agricultural products in their raw state; (c) It was not issued or drawn for the purpose of carrying or trading in stocks, bonds, or other investment securities, except bonds and notes of the Government of the United States; (d) The aggregate of notes, drafts, and bills bearing the signature or indorsement of any one borrower, whether a person, company, firm, or corporation, discounted for any one member bank, whether State or National, shall at no time exceed 10 per cent of the unimpaired capital and surplus of such bank; but this restriction shall not apply to the discount of bills of exchange drawn in good faith against actually existing values; (e) It is indorsed by a member bank; and (/) It conforms to all applicable provisions of this regulation. No Federal reserve bank may discount for any member State bank or trust company any of the notes, drafts, or bills of exchange of any one borrower who is liable for borrowed money to such State bank or trust company in an amount greater than that which could be borrowed lawfully from such State bank or trust company were it a national banking association. Any Federal reserve bank may make advances to its member banks on their promissory notes for a period not exceeding 15 days, provided that they are secured by notes, drafts, bills of exchange, or bankers' acceptances which are eligible for discount or for purchase by Federal reserve banks, or by the deposit or pledge of bonds or notes of the United States. SECTION II. GENERAL CHARACTER OF NOTES, DRAFTS, AND BILLS OF EXCHANGE ELIGIBLE The Federal Reserve Board, exercising its statutory right to define the character of a note, draft, or bill of exchange eligible for discount at a Federal reserve bank has determined that— (a) It must be a negotiable note, draft, or bill of exchange which has been issued or drawn, or the proceeds of which have been used or are to be used in the first instance, in producing, purchasing, carrying, or marketing goods 1 in one or more of the steps of the process of production, manufacture, or distribution, or for the purpose of carrying or trading in bonds or notes of the United States, and the name of a party to such transaction must appear upon it as maker, drawer, acceptor, or indorser. (b) It must not be a note, draft, or bill of exchange the proceeds of which have been or are to be advanced or loaned to some other borrower, except as to paper described below under Sections VI (b) and VIII. (c) It must not be a note, draft, or bill of exchange the proceeds of which have been used or are to be used for permanent or fixed investments of any kind, such as land, buildings, or machinery, or for any other capital purpose. (d) It must not be a note, draft, or bill of exchange the proceeds of which have been used or are to be used for investments of a purely speculative character. (e) It may be secured by the pledge of goods or collateral of any nature, including paper which is ineligible for discount, provided it (the note, draft, or bill of exchange) is otherwise eligible. 'When used in this regulation the word "goods " shall be construed to include goods, wares, merchandise, Digitized foro rF aRgrAicSuEltuRr al products, including livestock. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

274 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD SECTION III. APPLICATIONS FOR DISCOUNT Every application for the discount of notes, drafts, or bills of exchange must contain a certificate of the member bank, in form to be prescribed by the Federal reserve bank, that— (1) To the best of its knowledge and belief, such notes, drafts, or bills of exchange have been issued or drawn, or the proceeds thereof have been or are to be used, for such a purpose as to render them eligible for discount under the terms of this regulation, and (2) That such notes, drafts, or bills of exchange have not been acquired from a nonmember bank, or, if so acquired, that the applying member bank has received permission from the Federal Reserve Board to discount with the Federal reserve bank paper acquired from nonmember banks. In the case of a member State bank or trust company, every such application must contain a certificate or guaranty to the effect that the borrower is not liable, and will not be permitted to become liable during the time his paper is held by the Federal reserve bank, to such bank or trust company for borrowed money in an amount greater than that which could be borrowed lawfully from such State bank or trust company were it a national banking association. SECTION IV. PROMISSORY NOTES (a) Definition.—A promissory note, within the meaning of this regulation, is defined as an unconditional promise, in writing, signed by the maker, to pay, in the United States, at a fixed or determinable future time, a sum certain in dollars to order or to bearer. (5) Evidence of eligibility and requirement of statements.—A Federal reserve bank must be satisfied by reference to the note or otherwise that it is eligible for discount, and the member bank shall certify in its application whether a financial statement of the borrower is on file with it. A recent financial statement of the borrower must be on file with the member bank if it has discounted the note for a nondepositor or a nonmember bank, and in all other cases unless— (1) It is secured by a warehouse, terminal, or other similar receipt covering goods in storage, by a valid prior lien on livestock which is being marketed or fattened for market, or by bonds or notes of the United States; or (2) The aggregate of obligations of the borrower discounted and offered for discount at the Federal reserve bank by the member bank is less than a sum equal to 10 per cent of the paid-in capital of the member bank and is less than $5,000. Whenever the borrower has closely affiliated or subsidiary corporations or firms, the borrower's financial statement shall be accompanied by separate financial statements of such affiliated or subsidiary corporations or firms, unless the statement of the borrower clearly indicates that such note is both eligible from a legal standpoint and acceptable from a credit standpoint or unless financial statements of such affiliated or subsidiary corporations or firms are on file with the Federal reserve bank. A Federal reserve bank shall use its discretion in taking the steps necessary to satisfy itself as to eligibility. Compliance of a note with Section II (c) may be evidenced by a statement of the borrower showing a reasonable excess of quick assets over current liabilities. A Federal reserve bank may, in any case, require the financial statement of the borrower to be filed with it. SECTION V. DRAFTS, BILLS OF EXCHANGE, AND TRADE ACCEPTANCES (a) Definition.—A draft or bill of exchange, within the meaning of this regulation, is defined as an unconditional order in writing, addressed by one person to another, signed by the person giving it, requiring the person to whom it is addressed to pay in the United States, at a fixed or determinable future time, a sum certain in dollars to the order of a specified person; and a trade acceptance is defined as a draft or bill of exchange, drawn by the seller on the purchaser of goods sold,2 and accepted by such purchaser. (6) Evidence of eligibility and requirement of statements.—A Federal reserve bank shall take such steps as it deems necessary to satisfy itself as to the eligi- 2 A consignment of goods or a conditional sale of goods can not be considered "goods sold" within the meaning of this clause. The purchase price of goods plus the cost of labor in effecting their installation may be included in the amount for which the trade acceptance is drawn. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REGULATIONS OF THE FEDERAL RESERVE BOARD 275 bility of the draft, bill, or trade acceptance offered for discount and may require a recent financial statement of one or more parties to the instrument. The draft, bill, or trade acceptance should be drawn so as to evidence the character of the underlying transaction, but if it is not so drawn evidence of eligibility may consist of a stamp or certificate affixed by the acceptor or drawer in a form satisfactory to the Federal reserve bank. SECTION VI. AGRICULTURAL PAPER (a) Definition.—Agricultural paper, within the meaning of this regulation, is defined as a negotiable note, draft, or bill of exchange issued or drawn, or the proceeds of which have been or are to be used, for agricultural purposes, including the production of agricultural products, the marketing of agricultural products by the growers thereof, or the carrying of agricultural products by the growers thereof pending orderly marketing, and the breeding, raising, fattening, or marketing of livestock, and which has a maturity at the time of discount of not more than nine months, exclusive of days of grace. (b) Paper of cooperative marketing associations.—Under the express terms of section 13a, notes, drafts, bills of exchange, or acceptances issued or drawn by cooperative marketing associations composed of producers of agricultural products are deemed to have been issued or drawn for an agricultural purpose, if the proceeds thereof have been or are to be— (1) Advanced by such association to any members thereof for an agricultural purpose; or (2) Used by such association in making payments to any members thereof on account of agricultural products delivered by such members to the association; or (3) Used by such association to meet expenditures incurred or to be incurred by the association in connection with the grading, processing, packing, preparation for market, or marketing of any agricultural product handled by such association for any of its members. These are not the only classes of paper of such associations which are eligible for discount, however, and any other paper of such associations which complies with the applicable requirements of this regulation may be discounted on the same terms and conditions as the paper of any other person or corporation. Paper of cooperative marketing associations the proceeds of which have been or are to be used (1) to defray the expenses of organizing such associations, or (2) for the acquisition of warehouses, for the purchase or improvement of real estate, or for any other permanent or fixed investment of any kind, are not eligible for discount, even though such warehouses or other property are to be used exclusively in connection with the ordinary operations of the association. (c) Eligibility.—To be eligible for discount, agricultural paper, whether a note, draft, bill of exchange, or trade acceptance, must comply with the respective sections of this regulation which would apply to it if its maturity were 90 days or less. (d) Discounts for Federal intermediate credit banks.—Any Federal reserve bank may discount agricultural paper for any Federal intermediate credit bank; but no Federal reserve bank shall discount for any Federal intermediate credit bank any such paper which bears the indorsement of any nonmember State bank or trust company which is eligible for membership in the Federal reserve system under the terms of section 9 of the Federal reserve act as amended. In discounting such paper each Federal reserve bank shall give preference to the demands of its own member banks and shall have due regard to the probable future needs of its own member banks; and no Federal reserve bank shall discount paper for any Federal intermediate credit bank when its own reserves amount to less than 50 per cent of its own aggregate liabilities for deposits and Federal reserve notes in actual circulation. The aggregate amount of paper discounted by all Federal reserve banks for any one Federal intermediate credit bank shall at no time exceed an amount equal to the paid-up and unimpaired capital and surplus of such Federal intermediate credit bank. (e) Limitations.—The Federal Reserve Board prescribes no limitation on the aggregate amount of notes, drafts, bills of exchange, and acceptances with maturities in excess of three months, but not exceeding six months, exclusive of days of grace, which may be discounted by any Federal reserve bank; but the aggregate amount of notes, drafts, bills of exchange, and acceptances with maturities in excess of six months, but not exceeding nine months, which may be discounted by any Federal reserve bank shall not exceed 10 per cent of its total assets. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

276 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD SECTION VII. SIGHT DRAFTS SECURED BY BILLS OF LADING A Federal reserve bank may discount for any of its member banks bills of exchange payable at sight or on demand which— (a) Are drawn to finance the domestic shipment of nonperishable, readily marketable, staple agricultural products; and. (b) Are secured by bills of lading or other shipping documents conveying or securing title to such staples. All such bills of exchange shall be forwarded promptly for collection, and demand for payment shall be made promptly, unless the drawer instructs that they be held until arrival of car, in which event they must be presented for payment within a reasonable time after notice of arrival of such staples at their destination has been received. In no event shall any such bill be held by or for the account of a Federal reserve bank for a period in excess of 90 days. In discounting such bills Federal reserve banks may compute the interest to be deducted on the basis of the estimated life of each bill and adjust the amount thus deducted after payment of such bills to conform to the actual life thereof. SECTION VIII. FACTORS' PAPER Notes, drafts, and bills of exchange of factors issued as such for the purpose of making advances exclusively to producers of staple agricultural products in their raw state are eligible for discount with maturities not in excess of 90 days, exclusive of days of grace, irrespective of the requirements of Sections II (a) and II (6). SECTION IX. PAPER ACQUIRED FROM NONMEMBER BANKS (a) Except with the permission of the Federal Reserve Board, no Federal rserve bank shall discount any paper acquired by a member bank from a nonmember bank or bearing the signature or indorsement of a nonmember bank; except that Federal reserve banks may discount bankers' acceptances and other eligible paper bearing the signature or indorsement of a nonmember bank, if such paper was bought by the offering bank in good faith on the open market from some party other than the nonmember bank. (b) Applications for permission to rediscount paper acquired from nonmember banks shall be made in writing by the member banks which desire to offer such paper for rediscount and shall state fully the facts which gave rise to each application and the reasons why the applying member banks feel justified in seeking such permission. Such applications shall be addressed to the Federal Reserve Board, but shall be filed with the Federal reserve agent, who shall forward them promptly to the Federal Reserve Board with his recommendations. (c) The Federal Reserve Board hereby grants its permission for Federal reserve banks to discount for member banks paper bearing the signature or indorsement of Federal intermediate credit banks, if such paper is otherwise eligible under the law and this regulation. ARTICLE B—BANKERS' ACCEPTANCES 3 SECTION X. DEFINITION A banker's acceptance within the meaning of this regulation is defined as a draft or bill of exchange, whether payable in the United States or abroad and whether payable in dollars or some other money, of which the acceptor is a bank or trust company, or a firm, person, company, or corporation engaged generally in the business of granting bankers' acceptance credits. SECTION XI. ELIGIBILITY A Federal reserve bank may discount any such bill bearing the indorsement of a member bank and having a maturity at the time of discount not greater than that prescribed by Section XII (a), which has been drawn under a credit opened for the purpose of conducting or settling accounts resulting from a transaction or transactions involving any one of the following: • For regulations governing the acceptance by member banks of drafts and bills of exchange drawn on them, see Regulation C, p. 279. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REGULATIONS OF THE FEDERAL RESERVE BOARD 277 (1) The shipment of goods between the United States and any foreign country, or between the United States and any of its dependencies or insular possessions, or between foreign countries, or between dependencies or insular possessions and foreign countries; (2) The shipment of goods within the United States, provided shipping documents conveying security title are attached at the time of acceptance; or (3) The storage in the United States or in any foreign country of readily marketable staples,4 provided that the bill is secured at the time of acceptance by a warehouse, terminal, or other similar receipt, conveying security title to such staples, issued by a party independent of the customer, and provided further that the acceptor remains secured throughout the life of the acceptance. In the event that the goods must be withdrawn from storage prior to the maturity of the acceptance or the retirement of the credit, a trust receipt or other similar document covering the goods may be substituted in lieu of the original document, provided that such substitution is conditioned upon a reasonably prompt liquidation of the credit. In order to insure compliance with this condition it should be required, when the original document is released, either (a) that the proceeds of the goods will be applied within a specified time toward a liquidation of the acceptance credit or (b) that a new document, similar to the original one, will be resubstituted within a specified time. Provided, That acceptances for any one customer in excess of 10 per cent of the capital and surplus of the accepting bank must remain actually secured throughout the life of the acceptance, and in the case of the acceptances of member banks this security must consist of shipping documents, warehouse receipts, or other such documents, or some other actual security growing out of the same transaction as the acceptance, such as documentary drafts, trade acceptances, terminal receipts, or trust receipts which have been issued under such circumstances, and which cover goods of such a character, as to insure at all times a continuance of an effective and lawful lien in favor of the accepting bank, other trust receipts not being considered such actual security if they permit the customer to have access to or control over the goods. A Federal reserve bank may also discount any bill drawn by a bank or banker in a foriegn country or dependency or insular possession of the United States for the purpose of furnishing dollar exchange as provided in Regulation C, provided that it has a maturity at the time of discount of not more than three months, exclusive of days of grace. SECTION XII. MATURITIES (a) Legal requirements.—No such acceptance is eligible for discount which has a maturity at the time of discount in excess of 90 days' sight, exclusive of days of grace, except that acceptances drawn for agricultural purposes and secured at the time of acceptance by warehouse receipts or other such documents conveying or securing title covering readily marketable staples may be discounted with maturities at the time of discount of not more than six months' sight, exclusive of days of grace. (6) General conditions as to maturity of domestic acceptances.—Although a Federal reserve bank may legally discount an acceptance having a maturity at the time of discount not greater than that prescribed under (a), it may decline to discount any acceptance the maturity of which is in excess of the usual or customary period of credit required to finance the underlying transaction or which is in excess of that period reasonably necessary to finance such transaction. Since the purpose of permitting the acceptance of drafts secured by warehouse receipts or other such documents is to permit of the temporary holding of readily marketable staples in storage pending a reasonably prompt sale, shipment, or distribution, no such acceptance should have a maturity in excess of the ime ordinarily necessary to effect a reasonably prompt sale, shipment, or distribution into the process of manufacture or consumption. SECTION XIII. EVIDENCE OF ELIGIBILITY A Federal reserve bank must be satisfied, either by reference to the acceptance itself or otherwise, that the acceptance is eligible for discount under the terms of the law and the provisions of this regulation. The bill itself should be drawn 4 A readily marketable staple within the meaning of these regulations may be defined as an article of commerce, agriculture, or industry of such uses as to make it the subject of constant dealings in ready markets with such frequent quotations of price as to make (a) the price easily and definitely ascertainable Digitized foar nFd R(6A) SthEeR s taple itself easy to realize upon by sale at any time. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

278 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD so as to evidence the character of the underlying transaction, but if it is not so drawn evidence of eligibility may consist of a stamp or certificate affixed by the acceptor in form satisfactory to the Federal reserve bank. REGULATION B, SERIES OF 1928 (Superseding Regulation B of 1924) OPEN MARKET PURCHASES OF BILLS OF EXCHANGE, TRADE AC- CEPTANCES, AND BANKERS' ACCEPTANCES UNDER SECTION 14 SECTION I. GENERAL STATUORY PROVISIONS Section 14 of the Federal reserve act provides that, under rules and regulations to be prescribed by the Federal Reserve Board, Federal reserve banks may purchase and sell in the open market, at home or abroad, from or to domestic or foreign banks, firms, corporations, or individuals, bills of exchange of the kinds and maturities made eligible by the act for discount and bankers' acceptances, with or without the indorsement of a member bank. SECTION II. GENERAL CHARACTER OF BILLS AND ACCEPTANCES ELIGIBLE The Federal Reserve Board, exercising its statutory right to regulate the purchase of bills of exchange and acceptances, prescribes that— (a) Any banker's acceptance or bill of exchange which is eligible for discount under the terms of Regulation A is eligible for purchase by Federal reserve banks in the open market, with or without the indorsement of a member bank, if— (1) It has been accepted by the drawee prior to purchase; or (2) It is accompanied or secured by shipping documents or by warehouse, terminal, or other similar receipts conveying security title; or (3) It bears a satisfactory bank indorsement; (6) A banker's acceptance growing out of a transaction involving the importation or exportation of goods may be purchased if it has a maturity not in excess of six months, exclusive of days of grace, provided that it conforms in other respects to the applicable requirements of Regulation A; and (c) A banker's acceptance growing out of a transaction involving the storage within the United States of goods actually under contract for sale and not yet delivered or paid for may be purchased, provided that the acceptor is secured by the pledge of such goods, and provided further that the acceptance conforms in other respects to the applicable requirements of Regulation A. SECTION III. STATEMENTS A bill of exchange, unless indorsed by a member bank, is not eligible for purchase until a satisfactory statement has been furnished of the financial condition of one or more of the parties thereto. A banker's acceptance, unless accepted or indorsed by a member bank, is not eligible for purchase until the acceptor has furnished a satisfactory statement of its financial condition in form to be approved by the Federal reserve bank and has agreed in writing with a Federal reserve bank to inform it upon request concerning the transaction underlying the acceptance. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REGULATIONS OF THE FEDERAL RESERVE BOARD 279 REGULATION C, SERIES OF 1928 (Superseding Regulation C of 1924) ACCEPTANCE BY MEMBER BANKS OF DRAFTS AND BILLS OF EXCHANGE5 ARTICLE A—ACCEPTANCE OF DRAFTS OR BILLS OF EXCHANGE DRAWN AGAINST DOMESTIC OR FOREIGN SHIPMENTS OF GOODS OR SECURED BY WAREHOUSE RECEIPTS COVERING READILY MARKETABLE STAPLES SECTION I. STATUTORY PROVISIONS Under the provisions of the sixth paragraph of section 13 of the Federal reserve act, as amended, any member bank may accept drafts or bills of exchange drawn upon it, having not more than six months' sight to run, exclusive of days of grace, which grow out of transactions involving the importation or exportation of goods; or which grow out of transactions involving the domestic shipment of goods, provided shipping documents conveying or securing title are attached at the time of acceptance; or which are secured at the time of acceptance by a warehouse receipt or other such document conveying or securing title covering readily marketable staples.6 This paragraph limits the amount which any bank shall accept for any one person, company, firm, or corporation, whether in a foreign or domestic transaction, to an amount not exceeding at any time, in the aggregate, more than 10 per cent of its paid-up and unimpaired capital stock and surplus. This limit, however, does not apply in any case where the accepting bank remains secured either by attached documents or by some other actual security growing out of the same transaction as the acceptance. A trust receipt which permits the customer to have access to or control over the goods will not be considered by Federal reserve banks to be "actual security" within the meaning of section 13. A bill of lading draft, however, is "actual security" even after the documents have been released, provided that the draft is accepted by the drawee upon or before the surrender of the documents. The law also provides that any bank may accept such bills up to an amount not exceeding at any time, in the aggregate, more than one-half of its paid-up and unimpaired capital stock and surplus; or, with the approval of the Federal Reserve Board, up to an amount not exceeding at any time, in the aggregate, more than 100 per cent of its paid-up and unimpaired capital stock and surplus. In no event, however, shall the aggregate amount of acceptances growing out of domestic transactions exceed 50 per cent of such capital stock and surplus. SECTION II. REGULATIONS (1) Under the provisions of the law referred to above the Federal Reserve Board has determined that any member bank, having an unimpaired surplus equal to at least 20 per cent of its paid-up capital, which desires to accept drafts or bills of exchange drawn for the purposes described above, up to an amount not exceeding at any time, in the aggregate, 100 per cent of its paid-up and unimpaired capital stock and surplus, may file an application for that purpose with the Federal Reserve Board. Such application must be forwarded through the Federal reserve bank of the district in which the applying bank is located. (2) The Federal reserve bank shall report to the Federal Reserve Board upon the standing of the applying bank, stating whether the business and banking conditions prevailing in its district warrant the granting of such application. (3) The approval of any such application may be rescinded upon 90 days' notice to the bank affected. ARTICLE B—ACCEPTANCE OF DRAFTS OR BILLS OF EXCHANGE DRAWN FOR THE PURPOSE OF CREATING DOLLAR EXCHANGE SECTION III. STATUTORY PROVISIONS Section 13 of the Federal reserve act also provides that any member bank may accept drafts or bills of exchange drawn upon it having not more than three months' sight to run, exclusive of days of grace, drawn, under regulations to be 5 For regulations governing the rediscount of bankers' acceptances by Federal reserve banks, see Regulation A, page 276. 6 A readily marketable staple within the meaning of these regulations may be denned as an article of commerce, agriculture, or industry of such uses as to make it the subject of constant dealings in ready markets with such frequent quotations of price as to make (a) the price easily and definitely ascertainable and (6) the staple itself easy to realize upon by sale at any time. 110390—2 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

280 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD prescribed by the Federal Reserve Board, by banks or bankers in foreign countries or dependencies or insular possessions of the United States for the purpose of furnishing dollar exchange as required by the usages of trade in the respective countries, dependencies, or insular possessions. No member bank shall accept such drafts or bills of exchange for any one bank to an amount exceeding in the aggregate 10 per cent of the paid-up and unimpaired capital and surplus of the accepting bank unless the draft or bill of exchange is accompanies by documents conveying or securing title or by some other adequate security. No member bank shall accept such drafts or bills in an amount exceeding at any time in the aggregate one-half of its paid-up and unimpaired capital and surplus. This 50 per cent limit is separate and distinct from and not included in the limits placed upon the acceptance of drafts and bills of exchange as described under Article A of this regulation. SECTION IV. REGULATIONS Any member bank desiring to accept drafts drawn by banks or banker in foreign countries or dependencies or insular possessions of the United States for the purpose of furnishing dollar exchange shall first make an application to the federal Reserve Board setting forth the usages of trade in the respective countries, dependencies, or insular possessions in which such banks or bankers are located. If the Federal Reserve Board should determine that the usages of trade in such countries, dependencies, or possessions require the granting of the acceptance facilities applied for, it will notify the applying bank of its approval and will also publish in the Federal Reserve Bulletin the name or names of those countries, dependencies, or possessions in which banks or bankers are authorized to draw on member banks whose applications have been approved for the purpose of furnishing dollar exchange. The Federal Reserve Board reserves the right to modify or on 90 days' notice to revoke its approval either as to any particular member bank or as to any foreign country or dependency or insular possession of the United States in which it has authorized banks or bankers to draw on member banks for the purpose of furnishing dollar exchange. REGULATION D, SERIES OF 1928 (Superseding Regulation D of 1924) RESERVES OF MEMBER BANKS SECTION I. STATUTORY PROVISIONS Section 19 of the Federal reserve act provides, in part as follows: BANK RESERVES SEC. 19. Demand deposits within the meaning of this act shall comprise all deposits payable within thirty days, and time deposits shall comprise all deposits payable after thirty days, all savings accounts and certificates of deposit which are subject to not less than thirty days' notice before payment, and all postal savings deposits. Every bank, banking association, or trust company which is or which becomes a member of any Federal reserve bank shall establish and maintain reserve balances with its Federal reserve bank as follows: (a) If not in a reserve or central reserve city, as now or hereafter denned, it shall hold and maintain with the Federal reserve bank of its district an actual net balance equal to not less than seven per centum of the aggregate amount of its demand deposits and three per centum of its time deposits. (&) If in a reserve city, as now or hereafter denned, it shall hold and maintain with the Federal reserve bank of its district an actual net balance equal to not less than ten per centum of the aggregate amount of its demand deposits and three per centum of its time deposits: Provided, however, That if located in the outlying districts of a reserve city or in territory added to such a city by the extension of its corporate charter, it may, upon the affirmative vote of five members of the Federal Reserve Board, hold and maintain the reserve balances specified in paragraph (a) hereof. (c) If in a central reserve city, as now or hereafter denned, it shall hold and maintain with the Federal reserve bank of its district an actual net balance equal to not less than thirteen per centum of the aggregate amount of its demand deposits and three per centum of its time deposits: Provided, however, That if located in the outlying districts of a central reserve city or in territory added to such city by the extension of its corporate charter, it may, upon the affirmative vote of five members of the Federal Reserve Board, hold and maintain the reserve balances specified in paragraphs (a) or (6) thereof. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REGULATIONS OF THE FEDERAL RESERVE BOARD 281 The required balance carried by a member bank with a Federal reserve bank may, under the regulations and subject to such penalties as may be prescribed by the Federal Reserve Board, be checked against, and withdrawn by such member bank for the purpose of meeting existing liabilities: Provided, however, That no bank shall at any time make new loans or shall pay any dividends unless and until the total balance required by law is fully restored. In estimating the balances required by this act, the net difference of amounts due to and from other banks shall be taken as the basis for ascertaining the deposits against which required balances with Federal reserve banks shall be determined. The various Liberty bond acts (act of April 24, 1917, sec. 7; act of September 24, 1917, sec. 8; act of April 4, 1918, sec. 8) provide, in part, as follows: That the provisions * * * with reference to the reserves required to be kept by national banking associations and other member banks of the Federal reserve system, shall not apply to deposits of public moneys by the United States in designated depositaries. SECTION II. DEFINITIONS (a) Demand deposits.—The term " demand deposits " shall include all deposits which are payable within 30 days except "savings accounts," "time certificates of deposit," and "postal savings deposits," as defined below. (6) Time deposits.—The term "time deposits" shall include all "time dedeposits, open accounts," all "savings accounts," all "time certificates of deposit," and all "postal savings deposits," as defined below. (c) Time deposits, open accounts.—The term "time deposits, open accounts" shall mean deposits not evidenced by certificates of deposit or savings pass books, in respect to which a written contract is entered into with the depositor at the time the deposit is made that neither the whole nor any part of such deposit may be withdrawn, by check or otherwise, except on a given date, not less than 30 days after the date of the deposit, or on written notice which must be given by the depositor a certain specified number of days in advance, in no case less than 30 days. (d) Savings accounts.—The term "savings accounts" shall mean those deposits in respect to which— (1) The pass book, certificate, or other similar form of receipt must be presented to the bank whenever a withdrawal is made, (2) The depositor may at any time be required by the bank to give notice of an intended withdrawal not less than 30 days before a withdrawal is made, and (3) The bank's printed regulations, accepted by the depositor at the time the account is opened, include the above requirements. (e) Time certificates of deposit.—A "time certificate of deposit" is defined as an instrument evidencing the deposit with a bank, either with or without interest, of a certain sum specified on the face of the certificate payable in whole or in part to the depositor or on his order— (1) On a certain date, specified on the certificate, not less than 30 days after the date of the deposit, or (2) After the lapse of a certain specified time subsequent to the date of the certificate, in no case less than 30 days, or (3) Upon written notice, which the bank may at its option require to be given a certain specified number of days, not less than 30 days, before the date of repayment, and (4) In all cases only upon presentation of the certificate at each withdrawal for proper indorsement or surrender. (/) Postal savings deposits.—The term "postal savings deposits" shall mean deposits of postal savings funds in banks under the terms of the postal savings act, approved June 25, 1910, as amended. (g) Government deposits.—The term "Government deposits" shall mean deposits of public moneys by the United States in designated depositaries.7 7 Deposits made by United States postmasters of Government funds, other than postal savings deposits, received by them in their official capacity, constitute " Government deposits" within the meaning of this regulation and, when made in designated depositaries, are exempt from the reserve requirements of section 19. The following classes of deposits, however, are not " Government deposits" within such meaning and are not exempt from reserve requirements: (1) Deposits of Philippine funds made by the Philippine Government and carried under the title, "Treasurer of the Philippine Islands currency reserve fund account." (2) Deposits of Porto Rican funds made by the Porto Rican Government. (3) Deposits of Indian funds under the control of the Department of the Interior. (4) Deposits of States, counties, or municipalities. (5) Deposits of the United States Shipping Board and the Emergency Fleet Corporation. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

282 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD SECTION III. COMPUTATION OF RESERVES (a) Amounts of reserves to be maintained.—Every member bank of the Federal reserve system is required by law to maintain on deposit with the Federal reserve bank of its district an actual net balance equal to 3 per cent of its time deposits plus— Seven per cent of its demand deposits if not in a reserve or central reserve city. Ten per cent of its demand deposits if in a reserve city, except that if located in an outlying district 8 of a reserve city or in territory added to such city by the extension of the city's corporate limits such bank may, upon the affirmative vote of five members of the Federal Reserve Board, be permitted to maintain 7 per cent reserves against its demand deposits. Thirteen per cent of its demand deposits if located in a central reserve city, except that if located in an outlying district 8 of a central reserve city or in territory added to such city by the extension of the city's corporate limits, such bank may, upon the affirmative vote of five members of the Federal Reserve Board, be permitted to maintain 7 per cent or 10 per cent reserves against its demand deposits. No reserves are required to be maintained against Government deposits as defined above. A member bank exercising trust powers need not maintain reserves against trust funds which it keeps segregated and apart from its general assets or which it deposits in another institution to the credit of itself as trustee or other fiduciary. If, however, such funds are mingled with the general assets of the bank, as ^ permitted to national banks under authority of section 11 (k) of the Federal reserve act, a deposit liability thereby arises against which reserves must be maintained. In computing reserve requirements, trust funds deposited in a member bank by another bank to the credit of such other bank as trustee or other fiduciary must be classified by the member bank as individual deposits rather than bank deposits. (6) Deductions allowed in computing reserves.—Member banks in determining the amount against which reserves must be carried may deduct: (1) From gross demand deposits, all Government deposits as defined above. (2) From the amount of balances due to other banks, the amount of balances due from other banks (except Federal reserve banks and foreign banks), including in the amount due to other banks certified, cashiers', and treasurers' checks outstanding, and including in the amount due from other banks out of town items placed in the mail and charged to the account of correspondent banks, items with a Federal reserve bank in process of collection, checks drawn on banks located in the same city, and exchanges for clearing houses. (c) Availability of checks as reserve.—Checks forwarded to a Federal reserve bank for collection or credit can not be counted as part of the minimum reserve balance to be carried by a member bank with its Federal reserve bank until such time as may be specified in the appropriate time schedule referred to in Section IV of Regulation J. If a member bank draw against checks before such time, the draft will be charged against its reserve balance if such balance be sufficient in amount to pay it; but any resulting impairment of reserve balances will be subject to all the penalties provided by the act and by this regulation. SECTION IV. PENALTIES FOR DEFICIENCIES IN RESERVES Inasmuch as it is essential that the law with respect to the maintenance by member banks of the required minimum reserve balances be strictly complied with, the Federal Reserve Board, under authority vested in it by section 19 of the Federal reserve act, hereby prescribes the following rules governing penalties for deficiencies in reserves: (a) Basic penalty. (1) Deficiencies in reserve balances of member banks in cities where Federal reserve banks or branches thereof are located and in such other reserve cities as the Federal Reserve Board may designate from time to time will be computed on the basis of average daily net deposit balances covering semiweekly periods. Deficiencies in reserve balances of member banks in all other reserve cities will s The term "outlying district" is construed to mean that portion of a city which is located outside of, and at a considerable distance from, the recognized business and financial center of such city, and includes Digitized fora lFl RsuAbSurEbRan districts within the corporate limits of such city. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REGULATIONS OF THE FEDERAL RESERVE BOARD 283 be computed on the basis of average daily net deposit balances covering weekly periods. Deficiencies in reserve balances of other member banks will be computed on the basis of average daily net deposit balances covering semimonthly periods. (2) Such computations shall be made as at the close of business on days to befixed by the Federal reserve banks with the approval of the Federal Reserve Board. (3) Penalties for such deficiencies will be assessed monthly on the basis of average daily deficiencies during each of the reserve computation periods ending in the preceding calendar month. (4) Such penalties shall be assessed at a basic rate of 2 per cent per annum above the Federal reserve bank discount rate on 90-day commercial paper, in effect on the first day of the calendar month in which the deficiencies occurred. (b) Notice to directors of banks deficient in reserves.—Whenever it shall appear that a bank is not paying due regard to the maintenance of its reserves, the Federal reserve agent will address a letter to each director of such bank calling attention to the situation and advising him of the requirements of the law and of this regulation regarding the maintenance of reserves and the personal liability of the directors permitting violations of the law. (c) Progressive penalty.—The Federal Reserve Board will also prescribe for any Federal reserve district, upon the application of the Federal reserve bank of that district, an additional progressive penalty for continued deficiencies in reserves, in accordance with the following rules: (1) When a member bank which is required to compute its reserves on a semiweekly basis has an average deficiency in reserves for twelve consecutive semiweekly periods, there shall be assessed, in addition to the penalty at the basic rate, a progressive penalty on semi weekly deficiencies occurring thereafter until such member bank has maintained the required average reserve for eight consecutive semiweekly periods. (2) When a member bank which is required to compute its reserves on a weekly basis has an average deficiency in reserves for six consecutive weekly periods, there shall be assessed, in addition to the penalty at the basic rate, a progressive penalty on weekly deficiencies occurring thereafter until such member bank has maintained the required average reserve for four consecutive weekly periods. (3) When any other member bank has an average deficiency in reserves for three consecutive semimonthly periods, there shall be assessed, in addition to the penalty at the basic rate, a progressive penalty on semimonthly deficiencies occurring thereafter until such member bank has maintained the required average reserve for two consecutive semimonthly periods. (4) Such progressive penalty shall be at the rate of 1 per cent per annum for the first calendar month in which same is effective and shall increase at the rate of 1 per cent per annum for each consecutive calendar month thereafter in which the bank's reserve deficiencies are subject to the progressive penalty; provided that the maximum penalty charged shall not exceed 10 per cent per annum. (d) Continued deficiencies.—Whenever any member bank has an average deficiency in reserves for each reserve computation period during six consecutive months, the Federal reserve agent shall promptly report the fact to the Federal Reserve Board with a recommendation as to whether or not the board should: (1) In the case of a national bank direct the Comptroller of the Currency to bring suit to forfeit the charter of such national bank pursuant to section 2 of the Federal reserve act; or (2) In the case of a State member bank institute proceedings to require such bank to surrender its stock in the Federal reserve bank and to forfeit all rights and privileges of membership pursuant to section 9 of the Federal reserve act; or (3) In either case take such other action as the Federal reserve agent may recommend or the Federal Reserve Board may consider advisable. SECTION V. LOANS AND DIVIDENDS WHILE RESERVES ARE DEFICIENT It is unlawful for any member bank the reserves of which are at any time deficient to make any new loans or pay any dividends unless and until the total reserves required by law are fully restored, and the payment of penalties for deficiencies in reserves does not exempt member banks from this prohibition of law. As provided above, penalties for deficiencies in reserves are computed on the basis of the average reserve balances for semiweekly, weekly, or semimonthly periods; but this prohibition of law applies whenever the reserves are deficient for one day or more, regardless of whether or not the average reserve balances Digitized fofr oFrR tAhSe EsRem iweekly, weekly, or semimonthly period are deficient. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

284 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD REGULATION E, SERIES OF 1928 (Superseding Regulation E of 1924) PURCHASE OF WARRANTS SECTION I. STATUTORY REQUIREMENTS Section 14 of the Federal reserve act reads in part as follows: Every Federal reserve bank shall have power— (6) To buy and sell, at home or abroad, bonds and notes of the United States and bills, notes, revenue bonds, and warrants with a maturity from date of purchase of not exceeding six months, issued in anticipation of the collection of taxes or in anticipation of the receipt of assured revenues by any State, county, district, political subdivision, or municipality in the continental United States, including irrigation, drainage and reclamation districts, such purchases to be made in accordance with rules and regulations prescribed by the Federal Reserve Board. SECTION II. DEFINITIONS Within the meaning of this regulation— The term "warrant" shall be construed to mean "bills, notes, revenue bonds, and warrants with a maturity from date of purchase of not exceeding six months." The term "municipality" shall be construed to mean "State, county, district, political subdivision, or municipality in the continental United States, including irrigation, drainage, and reclamation districts." The term "net funded indebtedness" shall be construed to mean the legal gross indebtedness of the municipality (including the amount of any school district or other bonds which depend for their redemption upon taxes levied upon property within the municipality) less the aggregate of the following items: (1) The amount of outstanding bonds or other debt obligations made payable from current revenues; (2) The amount of outstanding bonds issued for the purpose of providing the inhabitants of a municipality with public utilities, such as waterworks, docks, electric plants, transportation facilities, etc.: Provided, That evidence is submitted snowing that the income from such utilities is sufficient for maintenance, for payment of interest on such bonds, and for the accumulation of a sinking fund sufficient for their redemption at maturity; (3) The amount of outstanding improvement bonds issued under laws which provide for the levying of special assessments against abutting property in amounts sufficient to insure the payment of interest on the bonds and the redemption thereof at maturity: Provided, That such bonds are direct obligations of the municipality and included in the gross indebtedness of the municipality; and (4) The total of all sinking funds accumulated for the redemption of the gross indebtedness of the municipality, except sinking funds applicable to bonds described in (1), (2), and (3) above. SECTION III. CLASS OF WARRANTS ELIGIBLE FOR PURCHASE Any Federal reserve bank may purchase warrants issued by a municipality in anticipation of the collection of taxes or in anticipation of the receipt of assured revenues, provided— (a) They are the general obligations of the entire municipality, it being intended to exclude as ineligible for purchase all such obligations as are payable from "local benefit" and "special assessment" taxes when the municipality at large is not directly or ultimately liable; (b) They are issued in anticipation of taxes or revenues which are due and payable on or before the date of maturity of such warrants; but the Federal Reserve Board may waive this condition in specific cases. For the purposes of this regulation taxes shall be considered as due and payable on the last day on which they may be paid without penalty; (c) They are issued by a municipality— (1) Which has been in existence for a period of 10 years; (2) Which for a period of 10 years previous to the purchase has not defaulted for longer than 15 days in the payment of any part of either principal or interest of any funded debt authorized to be contracted by it; (3) Whose net funded indebtedness does not exceed 10 per centum of the valuation of its taxable property, to be ascertained by the last preceding valuation of property for the assessment of taxes. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REGULATIONS OF THE FEDERAL RESERVE BOARD 285 SECTION IV. " EXISTENCE" AND "NONDEFAULT" Warrants will be construed to comply with that part of Section III (c) relative to term of existence and nondefault, under the following conditions: (1) Warrants issued by or in behalf of any municipality which was, subsequent to the issuance of such warrants, consolidated with or merged into an existing political division which meets the requirements of these regulations, will be deemed to be the warrants of such political division: Provided, That such warrants were assumed by such political division under statutes and appropriate proceedings the effect of which is to make such warrants general obligations of such assuming political division and payable, either directly or ultimately, without limitation to a special fund from the proceeds of taxes levied upon all the taxable real and personal property within its territorial limits. (2) Warrants issued by or in behalf of any municipality which was, subsequent to the issuance of such warrants, wholly succeeded by a newly organized political division whose term of existence, added to that of such original political division or of any other political division so succeeded, is equal to a period of 10 years will be deemed to be warrants of such succeeding political division: Provided, That during such period none of such political divisions shall have defaulted for a period exceeding 15 days in the payment of any part of either principal or interest of any funded debt authorized to be contracted by it: And -provided further, That such warrants were assumed by such new political division under statutes and appropriate proceedings the effect of which is to make such warrants general obligations of such assuming political division and payable, either directly or ultimately, without limitation to a special fund from the proceeds of taxes levied upon all the taxable real and personal property within its territorial limits. (3) Warrants issued by or in behalf of any municipality which, prior to such issuance, became the successor of one or more, or was formed by the consolidation or merger of two or more, preexisting political divisions, the term of existence of one or more of which, added to that of such succeeding or consolidated political division, is equal to a period of 10 years, will be deemed to be warrants of a political division which has been in existence for a period of 10 years: Provided, That during such period none of such original, succeeding, or consolidated political divisions shall have defaulted for a period exceeding 15 days in the payment of any part of either principal or interest of any funded debt authorized to be contracted by it. SECTION V. LIMITATIONS (a) Except with the approval of the Federal Reserve Board, no Federal reserve bank shall purchase and hold an amount in excess of 25 per cent of the total amount of warrants outstanding at any time and issued in conformity with provisions of section 14(6), above quoted, and actually sold by a municipality. (6) Except with the approval of the Federal Reserve Board, the aggregate amount invested by any Federal reserve bank in warrants of all kinds shall not exceed at the time of purchase a sum equal to 10 per cent of the deposits kept by its member banks with such Federal reserve bank. (c) Except with the approval of the Federal Reserve Board, the maximum amount which may be invested at the time of purchase by any Federal reserve bank in warrants of any single municipality shall be limited to the following percentages of the deposits kept in such Federal reserve bank by its member banks : Five per cent of such deposits in warrants of a municipality of 50,000 population or over; Three per cent of such deposits in warrants of a municipality of over 30,000 population, but less than 50,000; One per cent of such deposits in warrants of a municipality of over 10,000 population, but less than 30,000. (d) Any Federal reserve bank may purchase from any of its member banks warrants of any municipality, indorsed by such member bank, with waiver of demand, notice, and protest if such warrants comply with Sections III and V (6) of these regulations, except that where a period of 10 years is mentioned in III (c) hereof a period of 5 years shall be substituted for the purposes of this clause. SECTION VI. WAKRANTS OF SMALL MUNICIPALITIES Warrants of a municipality of 10,000 population or less shall be purchased only with the special approval of the Federal Reserve Board. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

286 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD The population of a municipality shall be determined by the last Federal or State census. Where it can not be exactly determined the Federal Reserve Board will make special rulings. SECTION VII. OPINION OF COUNSEL Opinion of recognized counsel on municipal issues or of the regularly appointed counsel of the municipality as to the legality of the issue shall be secured and approved in each case by counsel for the Federal reserve bank. REGULATION F, SERIES OF 1928 (Superseding Regulation F of 1924) TRUST POWERS OF NATIONAL BANKS SECTION I. STATUTORY PROVISIONS The Federal reserve act as amended by the act of September 26, 1918, provides in part: SEC. 11. The Federal Reserve Board shall be authorized and empowered: (k) To grant by special permit to national banks applying therefor, when not in contravention of State or local law, the right to act as trustee, executor, administrator, registrar of stocks and bonds, guardian of estates, assignee, receiver, committee of estates of lunatics, or in any other fiduciary capacity in which State banks, trust companies, or other corporations which come into competition with national banks are permitted to act under the laws of the State in which the national bank is located. Whenever the laws of such State authorize or permit the exercise of any or all of the foregoing powers by State banks, trust companies, or other corporations which compete with national banks, the granting to and the exercise of such powers by national banks shall not be deemed to be in contravention of State or local law within the meaning of this act. National banks exercising any or all of the powers enumerated in this subsection shall segregate all assets held in any fiduciary capacity from the general assets of the bank and shall keep a separate set of books and records showing in proper detail all transactions engaged in under authority of this subsection. Such books and records shall be open to inspection by the State authorities to the same extent as the books and records of corporations organized under State law which exercise fiduciary powers, but nothing in this act shall be construed as authorizing the State authorities to examine the books, records, and assets of the national bank which are not held in trust under authority of this subsection. No national bank shall receive in its trust department deposits of current funds subject to check or the deposit of checks, drafts, bills of exchange, or other items for collection or exchange purposes. Funds deposited or held in trust by the bank awaiting investment shall be carried in a separate account and shall not be used by the bank in the conduct of its business unless it shall first set aside in the trust department United States bonds or other securities approved by the Federal Reserve Board. In the event of the failure of such bank the owners of the funds held in trust for investment shall have a lien on the bonds or other securities so set apart in addition to their claim against the estate of the bank. Whenever the laws of a State require corporations acting in a fiduciary capacity, to deposit securities with the State authorities for the protection of private or court trusts, national banks so acting shall be required to make similar deposits and securities so deposited shall be held for the protection of private or court trusts, as provided by the State law. National banks in such cases shall not be required to execute the bond usually required of individuals if State corporations under similar circumstances are exempt from this requirement. National banks shall have power to execute such bond when so required by the laws of the State. In any case in which the laws of a State require that a corporation acting as trustee, executor, administrator, or in any capacity specified in this section, shall take an oath or make an affidavit, the president, vice president, cashier, or trust officer of such national bank may take the necessary oath or execute the necessary affidavit. It shall be unlawful for any national banking association to lend any officer, director, or employee any funds held in trust under the powers conferred by this section. Any officer, director, or employee making such loan, or to whom such loan is made, may be fined not more than $5,000, or imprisoned not more than five years, or may be both fined and imprisoned, in the discretion of the court. In passing upon applications for permission to exercise the power enumerated in this subsection, the Federal Reserve Board may take into consideration the amount of capital and surplus of the applying bank, whether or not such capital and surplus is sufficient under the circumstances of the case, the needs of the community to be served, and any other facts and circumstances that seem to it proper, and may grant or refuse the application accordingly: Provided, That no permit shall be issued to any national banking association having a capital and surplus less than the capital and surplus required by State law of State banks, trust companies, and corporations exercising such powers. SECTION II. APPLICATIONS A national bank desiring to exercise any or all of the powers authorized by section 11 (A;) of the Federal reserve act, as amended by the act of September 26, 1918, shall make application to the Federal Reserve Board, on a form approved by said board, for a special permit authorizing it to exercise such powers. In the case of an original application—that is, where the applying bank has never been granted the right to exercise any of the powers authorized by section 11 (ft)— the application should be made on F. R. B. Form 61. In the case of a supplemental application—that is, where the applying bank has already been granted Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REGULATIONS OF THE FEDERAL RESERVE BOARD 287 the right to exercise one or more of the powers authorized by section ll(k)— the application should be made on F. R. B. Form 61-6. Both forms are made a part of this regulation and may be obtained from the Federal Reserve Board or any Federal reserve bank. In the case of the organization of a new national bank, the conversion of a State bank or trust company into a national bank, the consolidation of two national banks, or the consolidation of a State bank or trust company with a national bank under the charter of the latter, application for such a permit may be made in advance on behalf of the new, converted, or consolidated national bank, and the permit may be issued simultaneously with the consummation of such organization, conversion, or consolidation. In the case of the organization of a new national bank, the application may be made on behalf of the new national bank by the organizers thereof. In the case of the conversion of a State bank or trust company into a national bank, the application may be made by the State bank or trust company on behalf of the national bank into which it is to be converted. In the case of the consolidation of two or more national banks or the consolidation of a State bank or trust company with a national bank under the charter of the latter, the application may be made by the national bank the charter of which is to be retained. SECTION III. CONSOLIDATION OF TWO OR MORE NATIONAL BANKS Where two or more national banks consolidate under the provisions of the act of November 7, 1918, and any one of such banks has, prior to such consolidation, received a permit from the Federal Reserve Board to act in fiduciary capacities, the rights existing under such permit pass by operation of law to the consolidated bank, and the consolidated bank may exercise such fiduciary powers in the same manner and to the same extent as the bank to which such permit was originally issued. In order that the consolidated bank's records may be complete and its right to exercise such fiduciary powers may not be questioned, however, it is advisable for the consolidated bank to obtain from the Federal Reserve Board a permit to exercise fiduciary powers in its own name. Such a permit may be applied for in advance of the consolidation and may be issued in the name of the consolidated bank, effective when the consolidation is consummated. SECTION IV. CONSOLIDATION OF STATE BANK WITH NATIONAL BANK Section 3 of the act of November 7, 1918, as amended by section 1 of the act of February 25, 1927, which authorizes any bank, trust company, savings bank, or other banking institution incorporated under the laws of any State or of the District of Columbia to be consolidated directly with a national bank located in the same county, city, town, or village under the charter of such national bank, provides in part that when such consolidation is effected— * * * all the rights, franchises, and interests of such State or District bank so consolidated with a national-banking association in and to every species of property, real, personal, and mixed, and choses in action thereto belonging, shall be deemed to be transferred to and vested in such national-banking association into which it is consolidated without any deed or other transfer, and the said consolidated national banking assoication shall hold and enjoy the same and all rights of property, franchises, and interests, including the right of succession as trustee, executor, or in any other fiduciary capacity in the same manner and to the same extent as was held and enjoyed by such State or District bank so consolidated with such national-banking association. * * * * * ** The words "State bank," "State banks," "bank," or "banks," as used in this section, shall be held to include trust companies, savings banks, or other such corporations or institutions carrying on the banking business under the authority of State laws. The purpose of this provision is to make clear the right of such a consolidated national bank to succeed to the specific trusteeships, executorships, and other fiduciary appointments under which the State institution was acting prior to the consolidation or in which it had been appointed or designated to act under wills or other instruments which had not become effective at the time of consolidation through the death of a testator, the probate of a will, or otherwise; but it does not confer upon such national banks the right to act generally in fiduciary capacities 3r to undertake any new trust business. It is necessary for the consolidated national bank to have a permit from the Federal Reserve Board to act in fiduciary capacities, therefore, before undertaking to act generally in fiduciary sapacities or to accept any new trust business. If the national bank does not desire to act generally in fiduciary capacities or to accept any new trust business, but desires merely to continue to execute the specific trusteeships, executorships, and other fiduciary affairs which were actually being executed by the State insti- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

288 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD tution at the time of the consolidation or which the State institution had been designated to execute under wills or other instruments which had not yet become effective through the death of the testator, the probate of the will, or otherwise, it is not technically necessary for the national bank to have a permit from the Federal Reserve Board in order to execute such specific trusts; but it is advisable for the national bank to have such a permit, in order that its right to continue to execute these trusts may not be questioned. In all cases involving the consolidation of a State institution having a trust business with a national bank under the provisions of the above-mentioned act, therefore, the national bank should obtain from the Federal Reserve Board a permit to act in fiduciary capacities before the consolidation becomes effective, unless such national bank already has such a permit. SECTION V. SEPARATE TRUST DEPARTMENTS Every national bank which obtains from the Federal Reserve Board a permit to act in fiduciary capacities shall establish a separate trust department. Such department shall be established before such bank undertakes to act in any fiduciary capacity and shall be placed under the management of an officer or officers whose duties shall be prescribed by the board of directors of the bank, either by an amendment to the by-laws of the bank or by a resolution duly entered in the minutes of the board of directors. SECTION VI. DEPOSIT OF SECURITIES WITH STATE AUTHORITIES Whenever the laws of a State require corporations acting in a fiduciary capacity to deposit securities with the State authorities for the protection of private or court trusts, every national bank in such State which obtains a permit from the Federal Reserve Board to act in fiduciary capacities shall, before undertaking to act in such capacities, make a similar deposit of securities. Such securities shall be deposited with the State authorities, unless the State authorities refuse to accept them. If the State authorities refuse to accept such securities, they shall be deposited with the Federal-reserve agent of the district in which such national bank is located. Securities so deposited shall be held for the protection of private or court trusts, as provided by the State law. SECTION VII. CUSTODY OF TRUST SECURITIES AND INVESTMENTS The securities and investments held in each trust shall be kept separate and distinct from the securities owned by the bank and separate and distinct one from another. Trust securities and investments shall be placed in the joint custody of two or more officers or other employees designated by the board of directors of the bank, and all such officers and employees shall be bonded. SECTION VIII. FUNDS AWAITING INVESTMENT OR DISTRIBUTION (a) In general.—Funds received or held in the trust department of a national bank awaiting investment or distribution shall be invested or distributed as soon as practicable and shall not be held uninvested by the bank any longer than is reasonably necessary. (b) Deposits in commercial or savings department of trustee bank.—Funds received or held in the trust department of a national bank awaiting investment or distribution may be deposited in the commercial department or savings department of the bank to the credit of the trust department; provided that the bank first delivers to the trust department, as collateral security— (1) Bonds, notes or certificates of indebtedness of the United States; or (2) Other readily marketable securities of the classes in which State trust companies or State banks exercising trust powers are authorized or permitted to invest trust funds under the laws of the State in which such bank is located; or (3) Other readily marketable securities of the classes defined as " investment securities" pursuant to section 5136 of the Revised Statutes of the United States as amended by the act of February 25,. 192 7. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REGULATIONS OF THE FEDERAL RESERVE BOARD 289 The United States bonds or other securities so deposited as collateral shall be* owned by the bank and shall at all times be at least equal in market value to the amount of trust funds so deposited in the commercial department.9 SECTION IX. INVESTMENT OF TRUST FUNDS (a) Private trusts.—Funds held in trust must be invested as soon as practicable in strict accordance with the terms of the will, deed, or other instrument creating the trust. Where the instrument creating the trust contains provisions authorizing the bank, its officers, or its directors to exercise their discretion in the matter of investments, funds held in trust may be invested only in those classes of securities which are approved by the directors of the bank or a committee of directors appointed for that purpose. Where the instrument creating the trust does not specify the character or class of investments to be made and does not expressly vest in the bank, its officers, or its directors a discretion in the matter of investments, funds held in trust shall be invested in any securities in which corporate or individual fiduciaries in the State in which the bank is located may lawfully invest. (6) Court trusts.—Except as hereinafter provided, a national bank acting as executor, administrator, or in any other fiduciary capacity, under appointment by a court of competent jurisdiction, shall make all investments under an order of that court, and copies of all such orders shall be filed and preserved with the records of the trust department of the bank. If the court by general order vests a discretion in the national bank to invest funds held in trust, or if under the laws of the State in which the bank is located corporate fiduciaries appointed by the court are permitted to exercise such discretion, the national bank so appointed may invest such funds in any securities in which corporate or individual fiduciaries in the State in which the bank is located may lawfully invest. SECTION X. COMPENSATION OF BANK A national bank acting in a fiduciary capacity is entitled to receive for its services such fee or compensation as may be allowed by State law or provided for in the will, deed, court order, or other instrument creating the trust. If the amount of such fee or compensation is not regulated by State law or stipulated or provided for in the instrument creating the trust, the national bank may charge or deduct not more than a reasonable fee or compensation. Where the bank is acting in a fiduciary capacity under appointment by a court, it may receive such fee or compensation as shall be allowed or approved by that court. After the deduction of a proper fee or compensation, determined in the manner prescribed above, all income derived from the investment of the funds of a trust shall be paid over to, or credited to the account of, such trust. SECTION XI. BOOKS AND ACCOUNTS All books and records of the trust department shall be kept separate and distinct from other books and records of the bank. All accounts opened shall be so kept as to enable the national bank at any time to furnish information or reports required by the Federal or State authorities, and such books and records shall be open to the inspection of such authorities. SECTION XII. EXAMINATIONS Examiners appointed by the Comptroller of the Currency or designated by the Federal Reserve Board will be instructed to make thorough and complete examinations of the cash, securities, accounts, and investments of the trust department of the bank at the same time that examination is made of the banking department, and may make such examinations at any other time. 9 The act requires that the bank shall set aside in the trust department "United States bonds or other securities approved by the Federal Reserve Board." This provision of the regulations is intended as a general approval by the Federal Reserve Board of all securities which comply with the requirements thereof, and specific approval by the Federal Reserve Board is unnecessary as to such securities. The board will not approve any securities which do not comply with these requirements. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

290 ANNUAL REPORT OF THE FEDERA L RESERVE BOARD SECTION XIII. INSOLVENCY OR VOLUNTARY LIQUIDATION OF BANK (a) Insolvency.—Whenever a national bank exercising fiduciary powers becomes insolvent and a receiver is appointed therefor by the Comptroller of the Currency, such receiver will, pursuant to the instructions of the Comptroller of the Currency and to the orders of the court or courts of appropriate jurisdiction, proceed to close such trusts and estates as can be closed promptly and transfer to substitute fiduciaries all trusts and estates which can not be closed promptly. (b) Voluntary liquidation.—Whenever a national bank exercising fiduciary powers is placed in voluntary liquidation, the liquidating agent shall, in accordance with the laws of the State in which such national bank is located, proceed at once to liquidate the affairs of the trust department as follows: 1. All voluntary trusts which can be canceled shall be canceled as soon as possible and all assets and papers thereof shall be delivered to the rightful owner or owners. 2. All court trusts and estates under the jurisdiction of a court shall be closed or disposed of as soon as possible in accordance with the orders or instructions of the court having jurisdiction. 3. All other trusts which can be closed promptly shall be closed as soon as possible and final accounting made therefor. 4. All other trusts which can not be closed promptly shall be transferred by appropriate legal proceedings to substitute trustees or other fiduciaries. SECTION XIV. CONFORMITY WITH STATE LAWS Nothing in these regulations shall be construed to give a national bank exercising the powers permitted under the provisions of section 11 (k) of the Federal reserve act, as amended, any rights or privileges in contravention of the laws of the State in which the bank is located within the meaning of that act. SECTION XV. CHANGES IN REGULATIONS These regulations are subject to change by the Federal Reserve Board; provided, however, that no such change shall prejudice any obligation undertaken in good faith under regulations in effect at the time the obligation was assumed. REGULATION G, SERIES OF 1928 (Superseding Regulation M of 1926) REDISCOUNT OF NOTES SECURED BY ADJUSTED SERVICE CERTIFICATES SECTION I. STATUTORY PROVISIONS Under the terms of the World War adjusted compensation act as amended, loans may lawfully be made to veterans upon their adjusted service certificates only in accordance with the provisions of section 502 thereof. Any national bank, or any bank or trust company incorporated under the laws of any State, Territory, possession, or the District of Columbia, is authorized after the expiration of two years after the date of the certificate, to loan to any veteran upon his promissory note secured by his adjusted service certificate any amount not in excess of the loan value of the certificate, which is stated on the face of the certificate. The law provides that the rate of interest charged upon the loan by the lending bank shall not exceed by more than 2 per cent per annum the rate charged at the date of the loan for the discount of 90-day commercial paper by the Federal reserve bank of the Federal reserve district in which the lending bank is located. Upon the indorsement of any bank, which shall be deemed a waiver of demand, notice and protest by such bank as to its own indorsement exclusively, and subject to regulations to be prescribed by the Federal Reserve Board, any such note secured by an adjusted service certificate and held by a bank is made eligible for rediscount with the Federal reserve bank of the Federal reserve district in which such bank is located, whether or not the bank offering the note for rediscount is a member of the Federal reserve system and whether or not it acquired the note Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REGULATIONS OF THE FEDERAL RESERVE BOARD 291 in the first instance from the veteran or acquired it by transfer upon the indorsement of any other bank; provided that at the time of rediscount such note has a maturity not in excess of nine months, exclusive of days of grace, and complies in all other respects with the provisions of the law, the regulations of the United States Veterans' Bureau, and the regulations of the Federal Reserve Board. SECTION II. DEFINITIONS Within the meaning of this regulation— (a) The term "the act" shall mean the World War adjusted compensation act as amended; (b) The term "director" shall mean the Director of the United States Veterans' Bureau; (c) The term "certificate" shall mean an adjusted service certificate issued under the provisions of section 501 of the World War adjusted compensation act as amended; (d) The term "veteran" shall mean any person to whom an adjusted service certificate has been issued by the director under the provisions of the World War adjusted compensation act as amended; (e) The term "bank" shall mean any national bank or any bank or trust company incorporated under the laws of any State, Territory, possession, or the District of Columbia; (/) The term "note" shall mean a promissory note, negotiable in form, secured by an adjusted service certificate, and evidencing a loan made by a bank on the security of such certificate in full compliance with the provisions of the World War adjusted compensation act as amended and the regulations of the United States Veterans' Bureau. SECTION III. ELIGIBILITY In order to be eligible for rediscount at a Federal reserve bank, any such note must— (a) Arise out of a loan made by a bank to a veteran in full compliance with the provisions of the act and of any regulation which the director may prescribe; (6) Be secured by the certificate issued to the maker, which certificate must accompany the note; (c) Be held by the offering bank in its own right at the time it is offered for rediscount; (d) Be negotiable in form and otherwise in the form approved by the director; (e) Have a maturity at the time of rediscount not in excess of nine months, exclusive of days of grace; (/) Evidence a loan the amount of which does not exceed the loan value of the certificate for the year in which such loan was made; (g) Be payable with interest accruing after the date of the note at a rate stated in the face of the note, which rate must not exceed by more than 2 per cent per annum the rate charged at the date of the loan for the discount of 90-day commercial paper by the Federal reserve bank of the Federal reserve district in which the lending bank is located; (h) Bear the indorsement of the bank offering it for rediscount, which indorsement shall be deemed a waiver of demand, notice, and protest b}r such bank as to its own indorsement exclusively; (i) Be accompanied by the evidence of eligibility required by this regulation and such other evidence of eligibility as may be required by the Federal reserve bank to which it is offered for rediscount; and (j) Comply in all other respects with the requirements of the law and of this regulation. SECTION IV. EVIDENCE OP ELIGIBILITY (a) General.—The Federal reserve bank to which a note is offered for rediscount must be satisfied either by reference to the note itself or otherwise that the loan evidenced by the note or any sale, discount, or rediscount thereof complies in all respects with the provisions of section 502 of the act and that the note is eligible for rediscount by a Federal reserve bank under the terms of the law and the provisions of this regulation. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

292 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD (b) Affidavit of lending bank.—Any note offered to a Federal reserve bank for rediscount must be accompanied by the affidavit required by section 502(h) of the act and the regulations of the director, in form approved by the director, made by an officer of the bank which made the loan, before a notary public or other officer designated for the purpose by regulation of the director, stating that— (1) Such bank has not charged or collected, or attempted to charge or collect, directly or indirectly, any fee or other compensation in respect of any loan, made by such bank to any veteran under section 502 of the act, except the interest authorized by such section; (2) The person who obtained the loan evidenced by such note is known to be the veteran named in the certificate securing such note; (3) Such bank has notified the director that it has made a loan to the veteran named in the certificate, as required by the regulations of the director; and (4) Such bank has notified the veteran by mail at his last known postoffice address of any sale, discount, or rediscount of such note by such bank, as required by section 502 (b) of the act. (c) Affidavit of other banks.—If such note is offered for rediscount by a bank other than the bank which made the loan thereon, it must also be accompanied by an affidavit of an officer of the offering bank and an affidavit of an officer of each other bank which has sold, discounted, or rediscounted such note, which affidavit shall be in form approved by the director and shall state that the bank of which the affiant is an officer has promptly notified the veteran by mail at his last known post-office address of the sale, discount, or rediscount of such note by such bank, as required by section 502 (b) of the act. SECTION V. APPLICATION FOR REDISCOUNT Every application for the rediscount of such notes shall be made on a form approved by the Federal reserve bank to which such note is offered and shall contain a certificate of the offering bank to the effect that, to the best of its knowledge and belief, such note arose out of a loan made in full compliance with the provisions of the act and the regulations of the director and is eligible for rediscount under the provisions of section 502 of the act and of this regulation. SECTION VI. PROPER BANK FOR REDISCOUNT No such note shall be rediscounted by any Federal reserve bank for any bank not located in its own Federal reserve district, except that such notes may be rediscounted by any Federal reserve bank for any other Federal reserve bank. SECTION VII. RATE OF REDISCOUNT The rate of interest charged by any Federal reserve bank on any such note rediscounted by it shall be the same as that charged by it for the rediscount of 90-day notes drawn for a commercial purpose, except that when such notes are rediscounted for another Federal reserve bank the rate shall be that fixed by the Federal Reserve Board. SECTION VIII. REDISCOUNTS FOR NONMEMBER BANKS No Federal reserve bank shall rediscount such notes for any nonmember bank until such bank has furnished to the Federal reserve bank such information as it may request in order to satisfy itself as to the condition of such bank and the advisability of making the rediscount for it. REGULATION H, SERIES OF 1928 (Superseding Regulation H of 1924) MEMBERSHIP OF STATE BANKS AND TRUST COMPANIES SECTION I. BANKS ELIGIBLE FOR MEMBERSHIP 1. Incorporation.—In order to be eligible for membership in a Federal reserve bank, a State bank or trust company must have been incorporated under a special Digitized foro Fr RgAeSneErRal law of the State or district in which it is located. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REGULATIONS OP THE FEDERAL RESERVE BOARD 293 2. Capital stock.—Under the terms of section 9 of the Federal reserve act as amended, no applying bank can be admitted to membership in a Federal reserve bank unless— (a) It possesses a paid-up, unimpaired capital sufficient to entitle it to become a national banking association in the place where it is situated, under the provisions of the national bank act; or (b) It possesses a paid-up, unimpaired capital of at least 60 per cent of such amount, and, under penalty of loss of membership, complies with the rules and regulations herein prescribed by the Federal Reserve Board fixing the time within which and the method by which the unimpaired capital of such bank shall be increased out of net income to equal the capital required under (a). In order to become a member of the Federal reserve system, therefore, any State bank or trust company must have a minimum paid-up capital stock at the time it becomes a member, as follows: Minimum Minimum capital if capital if If located in a city or town with a population- admitted admitted under under clause (a) clause (6) Not exceeding 3,000 inhabitants $25,000 $15,000 Exceeding 3,000 but not exceeding 6,000 inhabitants-__ _.. 50,000 30,000 Exceeding 6,000 but not exceeding 50,000 inhabitants. _ 100,000 60,000 Exceeding 50,000 inhabitants (except as stated below) 200,000 120,000 In an outlying district10 of a city with a population exceeding 50,000 inhabitants; provided State law permits organization of State banks in such location with a capital of $100,000 or less - 100,000 60,000 io The term "outlying district" is construed to mean that portion of a city which is located outside of and at a considerable distance from, the recognized business and financial center of such city, and includes all suburban districts within the corporate limits of such city. Any bank admitted to membership under clause (b) must also, as a condition of membership—the violation of which will subject it to expulsion from the Federal reserve system—increase its paid-up and unimpaired capital within five years after the approval of its application by the Federal Reserve Board to the amount required under (a). For the purpose of providing for such increase, every such bank shall set aside each year in a fund exclusively applicable to such capital increase not less than 50 per cent of its net earnings for the preceding year prior to the payment of dividends, and if such net earnings exceed 12 per cent of the paid-up capital of such bank, then all net earnings in excess of 6 per cent of the paid-up capital shall be carried to such fund, until such fund is large enough to provide for the necessary increase in capital. Whenever such fund shall be large enough to provide for the necessary increase in capital, or at such other time as the Federal Reserve Board may require, such fund or as much thereof as may be necessary shall be converted into capital by a stock dividend or used in any other manner permitted by State law to increase the capital of such bank to the amount required under (a): Provided, however, That such bank may be excused in whole or in part from compliance with the terms of this paragraph if it increases its capital through the sale of additional stock: Provided further, That nothing herein contained shall be construed as requiring any such bank to violate any provision of State law, and in any case in which the requirements of this paragraph are inconsistent with the requirements of State law the requirements of this paragraph may be waived and the subject covered by a special condition of membership to be prescribed by the Federal Reserve Board. 2. Branches.—In order to be eligible for membership in a Federal reserve bank, a State bank or trust company must relinquish any branch or branches established by it after February 25, 1927, beyond the corporate limits of the city, town, or village in which the parent bank is situated. SECTION II. APPLICATION FOR MEMBERSHIP Any eligible State bank or trust company may make application on F. R. B. Form 83a, made a part of this regulation, to the Federal Reserve Board for an amount of capital stock in the Federal reserve bank of its district equal, to 6 per cent of the paid-up capital stock and surplus of such State bank or trust company. This application must be forwarded direct to the Federal reserve agent of the district in which the applying bank or trust company is located and must be accompanied by Exhibits I, II, and III, referred to on page 1 of Digitized fotrh FeR aApSpEliRc ation blank. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

294 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD SECTION III. APPROVAL OF APPLICATION In passing upon an application the Federal Reserve Board will consider especially— (1) The financial condition of the applying bank or trust company and the general character of its management; (2) Whether the corporate powers exercised by the applying bank or trust company are consistent with the purposes of the Federal reserve act; and (3) Whether the laws of the State or district in which the applying bank or trust company is located contain provisions likely to prevent proper compliance with the provisions of the Federal reserve act and the regulations of the Federal Reserve Board made in conformity therewith. If, in the judgment of the Federal Reserve Board, an applying bank or trust company conforms to all the requirements of the Federal reserve act and these regulations, and is otherwise qualified for membership, the board will approve the application subject to such conditions as it may prescribe pursuant to the provisions of the Federal reserve act. When the conditions imposed by the board have been accepted by the applying bank or trust company and the applying bank or trust company has made a payment to the Federal reserve bank of its district of one-half of the amount of its subscription, i. e., 3 per cent of the amount of its paid-up capital and surplus, the appropriate certificate of stock will be issued by the Federal reserve bank and a certificate of membership will be issued by the Federal Reserve Board. The remaining half of its subscription shall be subject to call when deemed necessary by the Federal Reserve Board. SECTION IV. CONDITIONS OF MEMBERSHIP Pursuant to the authority contained in the first paragraph of section 9 of the Federal reserve act, which provides that the Federal Reserve Board may permit applying banks to become members of the Federal reserve system ''subject to the provisions of this act and to such conditions as it may prescribe pursuant thereto," the Federal Reserve Board will prescribe the following conditions of membership for each bank or trust company hereafter applying for admission to the Federal reserve system, in addition to such other conditions as the board may consider necessary or advisable in the particular case— (1) Except with the permission of the Federal Reserve Board, such bank or trust company shall not cause or permit any change to be made in the general character of its business or in the scope of the corporate powers exercised by it at the time of admission to membership. (2) Such bank or trust company shall at all times conduct its business and exercise its powers with due regard to the safety of its depositors. (3) Except after applying for and receiving the permission of the Federal Reserve Board, such bank or trust company shall not acquire an interest in any other bank or trust company, through the purchase of stock in such other bank or trust company. (4) Such bank or trust company shall maintain its loans within the limits prescribed by the laws of the State in which it is located. (5) Such bank or trust company shall reduce to an amount equal to 10 per cent of its capital and surplus all balances in excess thereof, if any, which are carried with banks or trust companies which are not members of the Federal reserve system, and shall at all times maintain such balances within such limits. (6) Such bank or trust company may accept drafts and bills of exchange drawn upon it of any character permitted by the laws of the State of its incorporation; but the aggregate amount of all acceptances outstanding at any one time shall not exceed the limitations imposed by section 13 of the Federal reserve act, that is, the aggregate amount of acceptances outstanding at any one time which are drawn for the purpose of furnishing dollar exchange in countries specified by the Federal Reserve Board shall not exceed 50 per cent of its capital and surplus, and the aggregate amount of all other acceptances, whether domestic or foreign, outstanding at any one time shall not exceed 50 per cent of its capital and surplus, except that the Federal Reserve Board, upon the application of such bank or trust company, may increase this limit from 50 per cent to 100 per cent of its capital and surplus: Provided, however, That in no event shall the aggregate amount of domestic acceptances outstanding at any one time exceed 50 percent of the capital and surplus of such bank or trust company. (7) The board of directors of said bank or trust company shall adopt a resolution authorizing the interchange of reports and information between the Federal reserve bank of the district in which such bank or trust company is locate.d Digitized foarn FdR tAhSe EbRa nking authorities of the State in which such bank is located. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REGULATIONS OF THE FEDERAL RESERVE BOARD 295 SECTION V. ESTABLISHMENT OR MAINTENANCE OF BRANCHES Every State bank which is, or hereafter becomes, a member of the Federal reserve system will be required to comply strictly with the following provision of section 9 of the Federal reserve act as amended by the act of February 25, 1927: Any such State bank which, at the date of the approval of this act, has established and is operating a branch or branches in conformity with the State law, may retain and operate the same while remaining or upon becoming a stockholder of such Federal reserve bank; but no such State bank may retain or acquire stock in a Federal reserve bank except upon relinquishment of any branch or branches established after the date of the approval of this act beyond the limits of the city, town, or village in which the parent bank is situated. This has been interpreted to mean that— 1. Any State member bank which, on February 25, 1927, had established and was actually operating a branch or branches in conformity with the State law is permitted to retain and operate the same while remaining a member of the Federal reserve system, regardless of the location of such branch or branches. 2. Any nonmember State bank which, on February 25, 1927, had established and was actually operating a branch or branches in conformity with State law may, if otherwise eligible, become a member of the Federal reserve system and retain and operate such branches, regardless of their location. 3. In order to remain a member of the Federal reserve system, every State member bank must relinquish any branch or branches established after February 25, 1927, beyond the corporate limits of the city, town, or village in which the parent bank is situated. 4. Any State member bank which establishes any branch or branches after February 25, 1927, beyond the corporate limits of the city, town, or village in which the parent bank is situated must either (a) relinquish such branch or branches or (b) forfeit all rights and privileges of membership and surrender its stock in the Federal reserve bank. 5. No State bank which has established any branches subsequent to February 25, 1927, beyond the corporate limits of the city, town, or village in which the parent bank is situated may become a member of the Federal reserve system except upon relinquishment of every such branch. 6. State member banks may establish branches within the corporate limits of the city, town, or village in which the parent bank is situated without obtaining permission of the Federal Reserve Board. SECTION VI. POWERS AND RESTRICTIONS Every State bank or trust company while a member of the Federal reserve system— (1) Shall retain its full charter and statutory rights as a State bank or trust company, subject to the provisions of the Federal reserve act, to the regulations of the Federal Reserve Board, and to the conditions prescribed by the Federal Reserve Board and agreed to by such State bank or trust company prior to its admission; (2) Shall enjoy all the privileges and observe all those requirements of the Federal reserve act and of the regulations of the Federal Reserve Board made in conformity therewith which are applicable to State banks and trust companies which have become member banks; and (3) Shall comply at all times with any and all conditions of membership prescribed by the Federal Reserve Board at the time of the admission of such member bank to the Federal reserve system. SECTION VII. EXAMINATIONS AND REPORTS Every State bank or trust company, while a member of the Federal reserve system, shall be subject to examinations made by direction of the Federal Reserve Board or of the Federal reserve bank by examiners selected or approved by the Federal Reserve Board. In order to avoid duplication, examinations of State banks and trust companies made by State authorities will be accepted in lieu of examinations by examiners selected or approved by the board wherever these are satisfactory to the directors of the Federal reserve bank, and examiners from the staff of the board or of the Federal reserve banks will, whenever desirable, be designated by the board to act with the examination staff of the State in order that uniformity in the standard of examination may be assured. Digitized for FRASE1R1 0390—28 20 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

296 ANNUAL KEPORT OF THE FEDERAL RESERVE BOARD Every State bank or trust company, while a member of the Federal reserve system, shall be required to make in each year not less than three reports of condition on F. R. B. Form 105. Such reports shall be made to the Federal reserve bank of its district on call of such bank, on dates to be fixed by the Federal Reserve Board. They shall also make semiannual reports of earnings and dividends on F. R. B. Form 107. F. R. B. Forms 105 and 107 are made a part of this regulation. REGULATION I, SERIES OF 1928 (Superseding Regulation T of 1924) INCREASE OR DECREASE OF CAPITAL STOCK OF FEDERAL RESERVE BANKS AND CANCELLATION OF OLD AND ISSUE OF NEW STOCK CERTIFICATES SECTION I. INCREASE OF CAPITAL STOCK (a) New national banks.—Each new national bank, while in process of organization (including each nonmember State bank) converting into a national bank,11 while in process of such conversion) shall file with the Federal reserve bank of its district an application to the Federal Reserve Board on F. R. B. Form 30 (or as to a nonmember State bank converting into a national bank, on F. R. B. Form 30a), made a part of this regulation, for an amount of capital stock of the Federal reserve bank of its district equal to 6 per cent of the paid-up capital stock and surplus of such new national bank. Such application shall be forwarded promptly to the Federal Reserve Board, and if it is found to be in proper form the Federal Reserve Board will grant its approval effective if and when the Comptroller of the Currency issues to such bank his certificate of authority to commence business. If its application is approved, the applying bank shall thereupon make a payment to the Federal reserve bank of its district of one-half of the amount of its subscription, i. e., 3 per cent of the amount of its paid-up capital and surplus; and upon receipt of this payment the Federal reserve bank will issue a receipt therefor, place the amount in a suspense account, and notify the Federal Reserve Board that it has been received. When the Comptroller of the Currency issues to such applying bank his certificate of authority to commence business the Federal reserve bank shall issue a stock certificate to the applying bank, arid the capital stock of the Federal reserve bank represented by such certificate shall be considered as issued as of the date upon which the Comptroller of the Currency issues his certificate of authority to commence business. The remaining half of the subscription of the applying bank shall be subject to call when deemed necessary by the Federal Reserve Board. (b) State banks becoming members.—Any State bank or trust company desiring to become a member of the Federal reserve system shall make application as provided in Regulation H, and when such application has been approved by the Federal Reserve Board and all requirements of Regulation H have been complied with the Federal reserve bank shall issue an appropriate certificate of stock as provided in Regulation H. (c) Increase of capital or surplus by member banks.—Whenever any member bank shall increase the aggregate amount of its paid-up capital stock and surplus it shall file with the Federal reserve bank of which it is a member an application on F. R. B. Form 56, made a part of this regulation, for an additional amount of the capital stock of the Federal reserve bank of its district equal to 6 per cent of such increase. After such application has been approved by the Federal reserve agent and by the Federal Reserve Board, the applying member bank shall pay to the Federal reserve bank of its district one-half of the amount of its additional subscription, and when this amount has been paid the appropriate certificate of stock shall be issued by the Federal reserve bank. The remaining half of such additional subscription shall be subject to call when deemed necessary by the Federal Reserve Board. " Whenever any State member bank is converted into a national bank under sec. 5154 of the Revised Statutes, as amended by sec. 8 of the Federal reserve act, it may continue to hold as a national bank its shares of Federal reserve bank stock previously held as a State bank, and need not file any application for Federal reserve bank stock, unless the aggregate amount of its capital and surplus is increased, in which event it should file an application for additional stock, as provided in Section I (c). The certificate of stock issued in the old name of the member bank, however, should be surrendered and canceled, and a new certificate should be issued in lieu thereof, in the new name of the member bank, as provided in Section III. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REGULATIONS OF THE FEDERAL RESERVE BOARD 297 {d) Consolidation of member banks.—Whenever two or more member banks consolidate and such consolidation results in the consolidated bank acquiring by operation of law 12 the Federal reserve bank stock owned by the other consolidating bank or banks, and which also results in the consolidated bank having an aggregate capital and surplus in excess of the aggregate capital and surplus of the consolidating member banks, such consolidated bank shall file an application for additional stock, as provided in Section I (c). (e) Certifying increases of Federal reserve bank stock.—Whenever the capital stock of any Federal reserve bank shall be increased, the board of directors of such Federal reserve bank shall certify such increase to the Comptroller of the Currency on F. R. B. Form 58, which is made a part of this regulation. Such certifications shall be made as of the last days of June and December of each year. A duplicate copy of each certificate shall be forwarded to the Federal Reserve Board. SECTION II. DECREASE OF CAPITAL STOCK (a) Reduction of capital or surplus by member bank.—Whenever a member bank reduces the amount of its paid-up capital stock and, in the case of reduction of the paid-up capital of a national bank, such reduction has been approved by the Comptroller of the Currency and by the Federal Reserve Board in accordance with the provisions of section 28 of the Federal reserve act, it shall file with the Federal reserve bank of which it is a member an application for the surrender and cancellation of stock on F. R. B. Form 60, which is made a part of this regulation. When a member bank reduces the amount of its surplus, it is not required to, but may at its option, file with the Federal reserve bank of which it is a member an application for the surrender and cancellation of stock on said F. R. B. Form 60. When an application so filed as the result of a reduction in a member bank's paid-up capital stock or surplus has been approved by the Federal reserve agent and the Federal Reserve Board, the Federal reserve bank shall accept and cancel the stock which the applying bank is entitled to surrender and shall refund to the member bank the proportionate amount due such bank on account of the stock canceled. (b) Insolvency of member bank.—Whenever a member bank shall be declared insolvent and a receiver appointed by the proper authorities, such receiver shall, within six months from the date of his appointment, file with the Federal reserve bank of which the insolvent bank is a member an application on F. R. B. Form 87, which is made a part of this regulation, for the surrender and cancellation of the stock held by such insolvent member bank, and for the refund of all balances due to it. If the receiver shall fail to make such application within the time specified, the Federal reserve agent shall report the facts to the Federal Reserve Board with a recommendation as to the action to be taken, whereupon the Federal Reserve Board will either issue an order to cancel such stock or, if the circumstances warrant it, grant the receiver additional time in which to file such an application. Upon approval of such an application by the Federal reserve agent and the Federal Reserve Board, or upon the issuance of such an order by the Federal Reserve Board, the Federal reserve bank shall cancel such stock and shall adjust accounts between the member bank and the Federal reserve bank by applying to any indebtedness of the insolvent member bank to such Federal reserve bank all cash-paid subscriptions made by it on the stock canceled with one-half of 1 per cent per month from the period of last dividend, not to exceed the book value thereof, and the balance, if any, shall be paid to the duly authorized receiver of such insolvent member bank. (c) Voluntary liquidation of member bank.—Whenever a member bank goes into voluntary liquidation, the liquidating agent or some other person duly 12 Sec. 5 of the Federal reserve act provides that "Shares of the capital stock of Federal reserve banks owned by member banks shall not be transferred or hypothecated." This provision prevents a transfer of Federal reserve bank stock by purchase, but does not prevent a transfer by operation of law. When there is a merger of member banks involving the liquidation of one of such banks and the purchasing of the assets of the liquidating bank by the continuing in existence, it is necessary for the liquidating bank to surrender its Federal reserve bank stock and for the purchasing bank to apply for new stock. On the other hand, if member banks consolidate, under a statute which does not require the liquidation of any of the consolidating banks, and the assets and obligations of the consolidating banks are transferred to the consolidated bank by operation of law, the consolidated bank becomes the owner of the Federal reserve bank stock of the consolidating banks as soon as the consolidation takes effect and such stock technically need not be surrendered. The certificates of stock issued in the names of the consolidating banks, however, should be surrendered and canceled, and a new certificate should be issued in lieu thereof, in the new name of the consolidated bank, as provided in Sec. III. A consolidation of national banks under the act of Congress entitled "An act to provide for the consolidation of national banking associations," approved Nov. 7, 1918, meets all of these conditions. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

298 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD authorized by the stockholders or board of directors to act on behalf of such bank shall, within six months from the date of the vote to place such bank in voluntary liquidation, file with the Federal reserve bank of which the liquidating bank is a member an application on F. R. B. Form 86, if a national bank, and on F. R. B. Form 143, if a State bank, which forms are made a part of this regulation, for the surrender and cancellation of the stock held by it and for the refund of all balances due to such liquidating member bank. If such application is not filed within the time specified, the Federal reserve agent shall report the facts to the Federal Reserve Board with a recommendation as to the action to be taken, whereupon the Federal Reserve Board will either issue an order to cancel such stock, or, if the circumstances warrant it, grant additional time in which to file such an application. Upon approval of such an application by the Federal reserve agent and the Federal Reserve Board, or upon the issuance of such an order by the Federal Reserve Board, the Federal reserve bank shall cancel such stock and shall adjust accounts between the liquidating member bank and the Federal reserve bank by applying to the indebtedness of the liquidating member bank to such Federal reserve bank all cash-paid subscriptions made by it on the stock canceled with one-half of 1 per cent per month from the period of last dividend, not to exceed the book value thereof, and the balance, if any, shall be paid to the duly authorized liquidating agent of such liquidating member bank. (d) Consolidation of member banks.—Whenever there is a consolidation of two or more member banks which results in the consolidated bank acquiring by operation of law (see note 12 on p. 45) the Federal reserve bank stock owned by the other consolidating banks, and which also results in the consolidated bank having a paid-up capital less than the aggregate paid-up capital of the consolidating member banks, the consolidated bank shall file with the Federal reserve bank of which it is a member an application for the surrender and cancellation of stock on F. R. B. Form 60a, which is made a part of this regulation. Upon the approval of this application by the Federal reserve agent and the Federal Reserve Board, the Federal reserve bank shall accept and cancel the stock which the applying bank is entitled to surrender, and shall refund to the applying bank the proportionate amount due such bank on account of the stock canceled. (e) Certifying reductions of Federal reserve bank stock.—All reductions of the capital stock of a Federal reserve bank shall, in accordance with the provisions of section 6 of the Federal reserve act, be certified to the Comptroller of the Currency by the board of directors of such Federal reserve bank on F. R. B. Form 59, which is made a part of this regulation. Such certifications shall be made as of the last days of June and December of each year. A duplicate copy of each certificate shall be forwarded to the Federal Reserve Board. SECTION III. CANCELLATION OF OLD AND ISSUE OF NEW STOCK CERTIFICATES Whenever a member bank changes its name or, by consolidation with another member bank, acquires by operation of law (see note 12 on p. 45) the Federal reserve bank stock previously held by such other member bank, it shall surrender to the Federal reserve bank the certificate of Federal reserve bank stock which was issued to it under its old name, or which was issued to such other member bank. The certificate so surrendered shall be indorsed by the member bank surrendering it or by the member bank to which it was originally issued and shall be accompanied by proper proof of the change of name or consolidation. Upon receipt of such certificate of stock so indorsed, together with such proof, the Federal reserve bank shall cancel the certificate so surrendered and shall issue in lieu thereof to and in the name of the member bank surrendering it a new certificate for the number of shares represented by the certificate so surrendered, or if the member bank is entitled to surrender some of the stock which is represented by the surrendered certificate, and an application for the surrender and cancellation of such stock is at the same time made in accordance with this regulation, the new certificate shall be for the number of shares represented by the surrendered certificate less the number of shares canceled pursuant to such application. All cases where certificates of stock are surrendered and new certificates issued in lieu thereof and in a different name shall be reported to the Federal Reserve Board by the Federal reserve agent. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REGULATIONS OF THE FEDERAL RESERVE BOARD 299 REGULATION J, SERIES OF 1928 (Superseding Regulation J of 1924) CHECK CLEARING AND COLLECTION SECTION I. STATUTORY PROVISIONS Section 16 of the Federal reserve act authorizes the Federal Reserve Board to require each Federal reserve bank to exercise the function of a clearing house for its member banks, and section 13 of the Federal reserve act, as amended by the act approved June 21, 1917, authorizes each Federal reserve bank to receive from any nonmember bank or trust company, solely for the purposes of exchange or of collection, deposits of current funds in lawful money, national-bank notes, Federal reserve notes, checks and drafts payable upon presentation, or maturing notes and bills, provided such nonmember bank or trust company maintains with its Federal reserve bank a balance sufficient to offset the items in transit held for its account by the Federal reserve bank. SECTION II. GENERAL REQUIREMENTS In pursuance of the authority vested in it under these provisions of law, the Federal Reserve Board, desiring to afford both to the public and to the various banks of the country a direct, expeditious, and economical system of check collection and settlement of balances, has arranged to have each Federal reserve bank exercise the functions of a clearing house and collect checks for such of its member banks as desire to avail themselves of its privileges and for such nonmember State banks and trust companies as may maintain with the Federal reserve bank balances sufficient to qualify them under the provisions of section 13 to send items to Federal reserve banks for purposes of exchange or of collection. Such nonmember State banks and trust companies will hereinafter be referred to as nonmember clearing banks. Each Federal reserve bank shall exercise the functions of a clearing house and collect checks under the general terms and conditions hereinafter set forth, and each member bank and nonmember clearing banks shall cooperate fully in the system of check clearance and collection for which provision is herein made. SECTION III. CHECKS RECEIVED FOR COLLECTION (1) Each Federal reserve bank will receive at par from its member banks and from nonmember clearing banks in its district, checks 13 drawn on all member and nonmember clearing banks, and checks drawn on all other nonmember banks which are collectible at par in funds acceptable to the Federal reserve bank of the district in which such nonmember banks are located. (2) Each Federal reserve bank will receive at par from other Federal reserve banks, and from all member and nonmember clearing banks in other Federal reserve districts which are authorized to route direct for the credit of their respective Federal reserve banks, checks drawn on all member and nonmember clearing banks of its district, and checks drawn on all other nonmember banks of its district which are collectible at par in funds acceptable to the collecting Federal reserve bank. (3) No Federal reserve bank shall receive on deposit or for collection any check drawn on any nonmember bank which can not be collected at par in funds acceptable to the Federal reserve bank of the district in which such nonmember bank is located. SECTION IV. TIME SCHEDULE AND AVAILABILITY OF CREDITS (1) Each Federal reserve bank will publish a time schedule showing the time at which any item sent to it will be counted as reserve and become available for withdrawal or other use by the sending bank. For all checks received, the sending bank will be given immediate credit, or deferred credit, in accordance with such time schedule, and as provided below. (2) For all such checks as are received for immediate credit in accordance with such time schedule, immediate credit, subject to final payment, will be given 13 A check is generally defined as a draft or order upon a bank or banking house, purporting to be drawn upon a deposit of funds, for the payment at all events of a certain sum of money to the order of a certain person therein named, or to him or his order, or to bearer, and payable on demand. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

300 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD upon the books of the Federal reserve bank at full face value in the reserve account or clearing account upon day of receipt, and the proceeds will at once be counted as reserve and become available for withdrawal or other use by the sending bank. (3) For all such checks as are received for deferred credit in accordance with such time schedule, deferred credit, subject to final payment, will be entered upon the books of the Federal reserve bank at full face value, but the proceedswill not be counted as reserve nor become available for withdrawal or other use by the sending bank until such time as may be specified in such time schedule,14 at which time credit will be transferred from the deferred account to the reserve account or clearing account subject to final payment and will then be counted as reserve and become available for withdrawal or other use by the sending bank. SECTION V. TERMS OF COLLECTION The Federal Reserve Board hereby authorizes the Federal reserve banks to handle such checks subject to the following terms and conditions; and each member and nonmember clearing bank which sends checks to any Federal reserve bank for deposit or collection shall by such action be deemed (a) to authorize the Federal reserve banks to handle such checks subject to the following terms and conditions, (6) to warrant its own authority to give the Federal reserve banks; such authority, and (c) to agree to indemnify any Federal reserve bank for any loss resulting from the failure of such sending bank to have such authority. (1) A Federal reserve bank will act only as agent of the bank from which it receives such checks and will assume no liability except for its own negligence and its guaranty of prior indorsements. (2) A Federal reserve bank may present such checks for payment or send such checks for collection direct to the bank on which they are drawn or at which they are payable, or in its discretion may forward them to another agent with authority to present them for payment or send them for collection direct to the bank on which they are drawn or at which they are payable. (3) A Federal reserve bank may in its discretion and at its option, either directly or through an agent, accept either cash or bank drafts in payment of or in remittance for such checks and shall not be held liable for any loss resulting from the acceptance of bank drafts in lieu of cash, nor for the failure of the drawee bank or any agent to remit for such checks, nor for the nonpayment of any bank draft accepted in payment or as a remittance from the drawee bank or any agent. (4) Checks received by a Federal reserve bank on its member or nonmember clearing banks will ordinarily be forwarded or presented direct to such banks,, and such banks will be required to remit or pay therefor at par in cash or bank draft acceptable to the collecting Federal reserve bank, or at the option of such Federal reserve bank to authorize such Federal reserve bank to charge their reserve accounts or clearing accounts; provided, however, that any Federal reserve bank may reserve the right in its check-collection circular to charge such items to the reserve account or clearing account of any such bank at any time when in any particular case the Federal reserve bank deems it necessary to do so. (5) Checks received by a Federal reserve bank payable in other districts will be forwarded for collection upon the terms and conditions herein provided to the Federal reserve bank of the district in which such checks are payable. (6) The amount of any check for which payment in actually and finally collected funds is not received shall be charged back to the forwarding bank, regardless of whether or not the check itself can be returned. SECTION VI. OTHER RULES AND REGULATIONS Each Federal reserve bank shall also promulgate rules and regulations not inconsistent with the terms of the law or of this regulation, governing the details; of its check clearing and collection operations. Such rules and regulations shall be set forth by the Federal reserve banks in their letters of instruction to their member and nonmember clearing banks and shall be binding upon any member or nonmember clearing bank which sends any check to such Federal reserve bank for collection or to any other Federal reserve bank for the account of such Federal reserve bank for collection. " For rules for computation of reserves and penalties for deficiencies in reserves, see Regulation D, Sees. Ill and IV, pp. 282-283. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REGULATIONS OF THE FEDERAL RESERVE BOARD 301 REGULATION K, SERIES OF 1928 (Superseding Regulation K of 1927) BANKING CORPORATIONS AUTHORIZED TO DO FOREIGN BANKING BUSINESS UNDER THE TERMS OF SECTION 25 (a) OF THE FEDERAL RESERVE ACT SECTION I. ORGANIZATION Any number of natural persons, not less in any case than five, may form a Corporation 15 under the provisions of section 25 (a) for the purpose of engaging in international or foreign banking or other international or foreign financial operations or in banking or other financial operations in a dependency or insular possession of the United States either directly or through the agency, ownership, or control of local institutions in foreign countries or in such dependencies or insular possessions. SECTION II. ARTICLES OF ASSOCIATION Any persons desiring to organize a corporation for any of the purposes defined in section 25(a) shall enter into articles of association (see F. R. B. Form 151, which is suggested as a satisfactory form of articles of association) which shall specify in general terms the objects for which the Corporation is formed, and may contain any other provisions not inconsistent with law which the Corporation may see fit to adopt for the regulation of its business and the conduct of its affairs. The articles of association shall be signed by each person intending to participate in the organization of the Corporation and when signed shall be forwarded to the Federal Reserve Board in whose office they shall be filed. SECTION III. ORGANIZATION CERTIFICATE All of the persons signing the articles of association shall under their hands make an organization certificate on F. R. B. Form 152, which is made a part of this regulation, and which shall state specifically: First. The name assumed by the Corporation. Second. The place or places where its operations are to be carried on. Thiud. The place in the United States where its home office is to be located. Fourth. The amount of its capital stock and the number of shares into which it shall be divided. Fifth. The names and places of business or residences of persons executing the organization certificate and the number of shares to which each has subscribed. Sixth. The fact that the certificate is made to enable the persons subscribing the same and all other persons, firms, companies, and corporations who or which may thereafter subscribe to or purchase shares of the capital stock of such Corporation to avail themselves of the advantages of this section. The persons signing the organization certificate shall acknowledge the execution thereof before a judge of some court of record or notary public who shall certify thereto under the seal of such court or notary. Thereafter the certificate shall be forwarded to the Federal Reserve Board to be filed in its office. SECTION IV. TITLE Inasmuch as the name of the Corporation is subject to the approval of the Federal Reserve Board, a preliminary application for that approval should be filed with the Federal Reserve Board on F. R. B. Form 150, which is made a part of this regulation. This application should state merely that the organization of a Corporation under the proposed name is contemplated and may request the approval of that name and its reservation for a period of 30 days. No Corporation which issues its own bonds, debentures, or other such obligations will be permitted to have the word "bank" as a part of its title. No Corporation which has the word "Federal" in its title will be permitted also to have the word "bank" as a part of its title. So far as possible the title of the Corporation should indicate the nature or reason of the business contemplated and should in no case resemble the name of any other corporation to the extent that it might result in misleading or deceiving the public as to its identity, purpose, connections, or affiliations. 15 Whenever these regulations refer to a corporation spelled with a capital C, they relate to a corporation Digitized foro FrgRanAizSeEd Run der section 25(a) of the Federal reserve act. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

302 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD SECTION V. AUTHORITY TO COMMENCE BUSINESS After the articles of association and organization certificate have been made and filed with the Federal Reserve Board, and after they have been approved by the Federal Reserve Board and a preliminary permit to begin business has been issued by the Federal Reserve Board, the association shall be come and be a body corporate, but none of its powers except such as are incidental and preliminary to its organization shall be exercised until it has been formally authorized by the Federal Reserve Board by a final permit generally to commence business. Before the Federal Reserve Board will issue its final permit to commence business, the president or cashier, together with at least three of the directors, must certify (a) that each director elected is a citizen of the United States; (b) that a majority of the shares of stock is owned by citizens of the United States, by corporations the controlling interest in which is owned by citizens of the United States, chartered under the laws of the United States, or by firms or companies the controlling interest in which is owned by citizens of the United States; and (c) that of the authorized capital stock specified in the articles of association at least 25 per cent has been paid in in cash and that each shareholder has individually paid in in cash at least 25 per cent of his stock subscription. Thereafter the cashier shall certify to the payment of the remaining installments as and when each is paid in, in accordance with law. SECTION VI. CAPITAL STOCK No Corporation may be organized under the terms of section 25 (a) with a capital stock of less than $2,000,000. The par value of each share of stock shall be specified in the articles of association, and no Corporation will be permitted to issue stock of no par value. If there is more than one class of stock, the name and amount of each class and the obligations, rights, and privileges attaching thereto shall be set forth fully in the articles of association. Each class of stock shall be so named as to indicate to the investor as nearly as possible what is its character and to put him on notice of any unusual attributes. SECTION VII. TRANSFERS OF STOCK Section 25 (a) provides in part that— A majority of the shares of the capital stock of any such corporation shall at all times be held and owned by the citizens of the United States, by corporations the controlling interest in which is owned by citizens of the United States, chartered under the laws of the United States or of a State of the United States, or by firms or companies the controlling interest in which is owned by citizens of the United States. In order to insure compliance at all times with the requirements of this provision after the organization of the Corporation, shares of stock shall be issuable and transferable only on the books of the Corporation. Every application for the issue or transfer of stock shall be accompanied by an affidavit of the party to whom it is desired to issue or transfer stock, or by his or its duly authorized agent, stating— In the case of an individual.—(a) Whether he is or is not a citizen of the United States and, if a citizen of the United States, whether he is a naturalborn citizen or a citizen by naturalization, and if naturalized, whether he remains for any purpose in the allegiance of any foreign sovereign or State; (6) whether there is or is not any arrangement under which he is to hold the shares or any of the shares which he desires to have issued or transferred to him, in trust for or in any way under the control of any foreign State or any foreigner, foreign corporation, or any corporation under foreign control; and if so, the nature thereof. In the case of a corporation.—(a) Whether such corporation is or is not chartered under the laws of the United States or of a State of the United States. If it is not, no further declaration is necessary, but if it is, it must also be stated (6) whether the controlling interest in such corporation is or is not owned by citizens of the United States, and (c) whether there is or is not any arrangement under which such corporation will hold the shares or any of the shares if issued or transferred to such corporation in trust for or in any way under the control of any foreign State or any foreigner, or foreign corporation, or any corporation under foreign control; and if so, the nature thereof. In the case of a firm or company.—(a) Whether the controlling interest in such firm or company is or is not owned by citizens of the United States; and, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REGULATIONS OF THE FEDERAL RESERVE BOARD 303 if so, (b) whether there is or is not any arrangement under which such firm or company will hold the shares or any of the shares if issued or transferred to such firm or company in trust for or in any way under the control of any foreign State or any foreigner, or foreign corporation, or any corporation under foreign control; and, if so, the nature thereof. The board of directors of the Corporation, whether acting directly or through an agent, may, before making any issue or transfer of stock, require such further evidence as in their discretion they may think necessary in order to determine whether or not the issue or transfer of the stock would result in a violation of the law. No issue or transfer of stock which would cause 50 per cent or more of the total amount of stock issued or outstanding to be held contrary to the provisions of the law or these regulations shall be made upon the books of the Corporation. The decision of the board of directors in each case shall be final and conclusive and not subject to any question by any person, firm, or corporation on any ground whatsoever. If at any time by reason of the fact that the holder of any shares of the Corporation ceases to be a citizen of the United States, or, in the opinion of the board of directors, becomes subject to the control of any foreign State or foreigner or foreign corporation or corporation under foreign control, 50 per cent or more of the total amount of capital stock issued or outstanding is held contrary to the provisions of the law or these regulations, the board of directors may, when apprised of that fact, forthwith serve on the holder of the shares in question a notice in writing requiring such holder within two months to transfer such shares to a citizen of the United States, or to a firm, company, or corporation approved by the board of directors as an eligible stockholder. When such notice has been given by the board of directors the shares of stock so held shall cease to confer any vote until they have been transferred as required above and if on the expiration of two months after such notice the shares shall not have been so transferred, the shares shall be forfeited-to the Corporation. The board of directors shall prescribe in the by-laws of the Corporation appropriate regulations for the registration of the shares of stock in accordance with the terms of the law and these regulations. The by-laws must also provide that the certificates of stock issued by the Corporation shall contain provisions sufficient to put the holder on notice of the terms of the law and the regulations of the Federal Reserve Board defining the limitations upon the rights of transfer. SECTION VIII. OPERATIONS IN THE UNITED STATES No Corporation shall carry on any part of its business in the United States except such as shall be incidental to its international or foreign business. Agencies may be established in the United States with the approval of the Federal Reserve Board for specific purposes, but not generally to carry on the business of the Corporation. SECTION IX. INVESTMENTS IN THE STOCK OF OTHER CORPORATIONS It is contemplated by the law that a Corporation shall conduct its business abroad either directly or indirectly through the ownership or control of corporations, and accordingly the Federal Reserve Board hereby consents that a Corporation may invest in the stock, or certificates of ownership, of any other corporation organized— (a) Under the provisions of section 25(a) of the Federal reserve act; (b) Under the laws of any foreign country or a colony or dependency thereof; (c) Under the laws of any State, dependency, or insular possession of the United States; Provided, first, That such other corporation is not engaged in the general business of buying or selling goods, wares, merchandise, or commodities in the United States; and second, that it is not transacting any business in the United States except such as is incidental to its international or foreign business. Except with the approval of the Federal Reserve Board, no Corporation shall invest an amount in excess of 15 per cent of its capital and surplus in the stock of any corporation engaged in the business of banking, or an amount in excess of 10 per cent of its capital and surplus in the stock of any other kind of corporation. No Corporation shall purchase any stock in any other corporation organized under the terms of section 25 (a) or under the laws of any State, which is in sub- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

304 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD stantial competition therewith, or which holds stock or certificates of ownership in corporations which are in substantial competition with the purchasing Corporation. This restriction, however, does not apply to corporations organized under foreign laws. SECTION X. BRANCHES No Corporation shall establish any branches except with the approval of the Federal Reserve Board, and in no case shall any branch be established in the United States SECTION XI. ISSUE OF DEBENTURES, BONDS, AND PROMISSORY NOTES A Corporation is not required by law or by this regulation to make application to or obtain the approval of the Federal Reserve Board before making an issue of its debentures, bonds, notes, dr other obligations, but Corporations issuing their debentures, bonds, notes, or other obligations must comply with the rules, regulations, and conditions hereinafter set forth. (a) General conditions.—All debentures, bonds, notes, or other such obligations issued by a Corporation (except notes payable to banks or bankers within one year) shall— (1) Be payable only in gold coin of the United States of the standard of weight and fineness existing at the time of issue; (2) Be payable not more than 20 years after the date of issue; (3) Be secured by collateral which shall— (i) Consist of lawful money of the United States and/or securities, notes, drafts, bills of exchange, acceptances, including bankers' acceptances, and other evidences of indebtedness and/or shares of stock in which the Corporation is authorized by law to invest its funds; (ii) Have an aggregate market value equal at all times to not less than 110 per cent of the aggregate principal amount of the obligations issued or to be issued against such securities; and (Hi) Be transferred and delivered free of any prior lien, charge, or encumbrance thereon of any kind whatsoever, to a financially responsible bank or trust company, which is a member of the Federal reserve system, as trustee under a trust indenture executed by the Corporation as security for the obligations of the Corporation issued or to be issued thereunder, which trust indenture shall prescribe the general form of such obligations and shall require that every such obligation shall be authenticated by the certificate of the trustee noted thereon. (b) Requirements after issuance.—Within 10 days after the issuance of any such debentures, bonds, notes, or other obligations (other than promissory notes payable to banks or bankers within one year) the Corporation issuing the same shall file with the Federal Reserve Board— (1) A statement verified by the affidavit of its president or a vice president and its treasurer, cashier, or comptroller setting forth—• (i) That the requirements of this regulation in respect of the issue of debentures, bonds, notes, or other obligations have been complied with in all respects; (ii) The aggregate amount of the debentures, bonds, notes, or obligations issued under the trust indenture and the net price received by the Corporation therefor; " (in) The various items of the collateral security pledged under the trust indenture and the market value, at the time of the issue of such obligations, of each and every item thereof; and (iv) The financial condition of the Corporation and, in detail, all its assets and liabilities (fixed and contingent) as of the day immediately following such issue. (2) A copy of the trust indenture pursuant to which such obligations of the Corporation were issued, certified as correct by the trustee therein named. (3) A certificate of the trustee under such trust indenture setting forth— (i) That it has accepted the trust created by such trust indenture and is acting as trustee thereunder; (ii) The securities and/or cash which have been delivered to it and which it holds as trustee under the trust indenture; and (Hi) The name and address of the counsel for the trustee. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REGULATIONS OF THE FEDERAL RESERVE BOARD 305 (4) The latest published balance sheet of the Corporation, certified as correct by the president or a vice president and by the treasurer, an assistant treasurer, the cashier or assistant cashier, or the comptroller of the Corporation. (5) An opinion of the counsel for the trustee under the trust indenture to the effect that— (i) The trust indenture has been validly executed in pursuauce of due corporate action; (ii) That all necessary legal formalities have been complied with to make such obligations, when executed by the Corporation and authenticated by the trustee, valid and enforcible obligations of the Corporation entitled to the benefits afforded by the trust indenture; and (Hi) That the transfers executed to the trustee of the collateral security held by it under the trust indenture are in appropriate and sufficient form. (6) Copies of all prospectuses and other literature issued by the Corporation or its officers or bankers describing or affecting such issue. In case there shall be any substitution of or change in the securities at any time lield under any such trust indenture securing an issue of debentures, bonds, notes, or other obligations the Corporation, each time it makes a report to the Federal Reserve Board pursuant to the provisions of Section XVI, shall file with the Federal Reserve Board a statement, verified by the affidavit of the president or a vice president, and the treasurer, cashier, or comptroller of the Corporation— (1) Giving the details of such substitution or change; and (2) Certifying that such substitution or change has not resulted in-a reduction of the aggregate market value of the collateral to an amount below 110 per cent of the aggregate principal amount of the obligations issued or to be issued against such securities. Such statement shall be accompanied by an acknowledgment by the trustee "under the trust indenture that there has been delivered to it and that it holds as such trustee the additional collateral specified in such statement. The Federal Reserve Board reserves the right to make public whenever it believes it to be necessary in the public interest any documents filed with it under this subsection. (c) Advertisements.—No circular, prospectus, letter, advertisement, or other statement published or issued in any form or manner by a Corporation shall contain any matter to indicate that any issue of debentures, bonds, notes, or other obligations by such Corporation or the collateral securing same has in any way received the approval of the Federal Reserve Board or that the collateral securing same has been appraised or approved in any way by the Federal Reserve Board. This requirement will be strictly enforced in order that there may be no possibility of the public obtaining the impression that the Federal Reserve Board has approved in any way any such issue of debentures, bonds, notes, or other such obligations or the collateral securing same. SECTION XII. SALE OF SECURITIES WITH GUARANTY OR INDORSEMENT Whenever a Corporation sells, discounts, or negotiates with its indorsement or guaranty any securities, notes, drafts, bills of exchange, acceptances, bankers' acceptances, or other evidence of indebtedness, it shall enter on its books a proper record thereof, describing in detail each such evidence of indebtedness so sold, discounted, or negotiated, the amount thereof, the parties thereto, the maturity thereof, and the nature of the Corporation's liability thereon. Every financial statement of the Corporation submitted to the Federal Reserve Board or made public in any way shall show the aggregate amount of all such liabilities outstanding as of the date on which such statement purports to show the financial condition of the Corporation. SECTION XIII. ACCEPTANCES Kinds.—Any Corporation may accept (1) drafts and bills of exchange drawn upon it which grow out of transactions involving the importation or exportation of goods, and (2) drafts and bills of exchange which are drawn by banks or bankers located in foreign countries or dependencies or insular possessions of the United States for the purpose of furnishing dollar exchange as required by the usages of trade in such countries, dependencies, and possessions, provided, however, that no Corporation shall exercise its power to accept drafts or bills of exchange if at the time such drafts or bills are presented for acceptance it has outstanding any Digitized ford FeRbeAnStEuRre s, bonds, notes, or other such obligations issued by it. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

306 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD Maturity.—No Corporation shall accept any draft or bill of exchange which grows out of a transaction involving the importation or exportation of goods with a maturity in excess of six months, or shall accept any draft or bill of exchange drawn for the purpose of furnishing dollar exchange with a maturity in excess of three months. Limitations.—(1) Individual drawers: No acceptances shall be made for the account of any one drawer in an amount aggregating at any time in excess of 10 per cent of the subscribed capital and surplus of the Corporation, unless the transaction be fully secured or represents an exportation or importation of commodities and is guaranteed by a bank or banker of undoubted solvency. (2) Aggregates: Whenever the aggregate of acceptances outstanding at any time (a) exceeds the amount of the subscribed capital and surplus, 50 per cent of all the acceptances in excess of the amount shall be fully secured; or (6) exceeds twice the amount of the subscribed capital and surplus, all the acceptances outstanding in excess of such amount shall be fully secured. (The Corporation shall elect whichever requirement (a) or (b) calls for the smaller amount of secured acceptances.) In no event shall any Corporation have outstanding at any one time acceptances drawn for the purpose of furnishing dollar exchange in an amount aggregating more than 50 per cent of its subscribed capital and surplus. Reserves.—Against all acceptances outstanding which mature in 30 days or less a reserve of at least 15 per cent shall be maintained, and against all acceptances outstanding which mature in more than 30 days a reserve of at least 3 per cent shall be maintained. Reserves against acceptances must be in liquid assets of any or all of the following kinds: (1) Cash; (2) balances with other banks; (3) acceptances of other banks or bankers; and (4) obligations of the Government of the United States. SECTION XIV. DEPOSITS In the United States.—No Corporation shall receive in the United States any deposits except such as are incidental to or for the purpose of carrying out transactions in foreign countries or dependencies of the United States where the Corporation has established agencies, branches, correspondents, or where it operates through the ownership or control of subsidiary corporations. Deposits of this character may be made by individuals, firms, banks, or other corporations, whether foreign or domestic, and may be time deposits or on demand. Outside the United States.—Outside the United States a Corporation may receive deposits of any kind from individuals, firms, banks, or other corporations: Provided, however^ That if such Corporation has any of its bonds, debentures, or other such obligations outstanding it may receive abroad only such deposits: as are incidental to the conduct of its exchange, discount, or loan operations. Reserves.—Against all deposits received in the United States a reserve of not less than 13 per cent must be maintained. This reserve may consist of cash in vault, a balance with the Federal reserve bank of the district in which the head office of the Corporation is located, or a balance with any member bank. Against all deposits received abroad the Corporation shall maintain such reserves as may be required by local laws and by the dictates of sound business judgment and banking principles. SECTION XV. GENERAL LIMITATIONS AND RESTRICTIONS Liabilities of one borrower.—The total liabilities to a Corporation of any person,, company, firm, or corporation for money borrowed, including in the liabilities: of a company or firm the liabilities of the several members thereof, shall at no time exceed 10 per cent of the amount of its subscribed capital and surplus: Provided, however, That the discount of bills of exchange drawn in good faith against actually existing values, the discount of commercial or business paper actually owned by the person negotiating the same, and the purchase of readily marketable bonds, notes, and other investment securities offered for sale in the open market, shall not be considered as money borrowed within the meaning of this paragraph. The liability of a, customer on account of an acceptance made by the Corporation for his account is not a liability for money borrowed within the meaning of this paragraph unless and until he fails to place the Corporation in funds to cover the payment of the acceptance at maturity or unless the Corporation itself holds the acceptance. Aggregate liabilities of the Corporation.—The aggregate of the Corporation's liabilities outstanding on account of acceptances, average domestic and foreign deposits, debentures, bonds, notes, guaranties, indorsements, and other such Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REGULATIONS OF THE FEDERAL RESERVE BOARD 307 obligations shall not exceed at any one time ten times the amount of the Corporation's subscribed capital and surplus. In determining the amount of the liabilities within the meaning of this paragraph, indorsements of bills of exchange having not more than six months to run, drawn and accepted by others than the Corporation, shall not be included. Operations abroad.—Except as otherwise provided in the law and these regulations, a Corporation may exercise abroad not only the powers specifically set forth in the law but also such incidental powers as may be usual in the determination of the Federal Reserve Board in connection with the transaction of the business of banking or other financial operations in the countries in which it shall transact business. In the exercise of any of these powers abroad a Corporation must be guided by the laws of the country in which it is operating and by sound business judgment and banking principles. SECTION XVI. REPORTS AND EXAMINATIONS Reports.—Each Corporation shall make at least two reports annually to the Federal Reserve Board at such times and in such form as it may require. Examinations.—Each Corporation shall be examined at least once a year by examiners appointed by the Federal Reserve Board. The cost of examinations shall be paid by the Corporation examined. SECTION XVII. AMENDMENTS TO REGULATIONS These regulations are subject to amendment by the Federal Reserve Board from time to time: Provided, however, That no such amendment shall prejudice obligations undertaken in good faith under regulations in effect at the time they were assumed. REGULATION L, SERIES OF 1928 (Superseding Regulation L of 1924) INTERLOCKING BANK DIRECTORATES UNDER THE CLAYTON ACT SECTION I. DEFINITIONS Within the meaning of this regulation— The term "member bank" shall apply to any national bank and any State bank or trust company which is a member of the Federal reserve system. The term "national bank" shall be construed to apply not only to national banking associations but also to banks, banking associations, and trust companies organized or operating under the laws of the United States, including all banks and trust companies doing business in the District of Columbia, regardless of the sources of their charters. The term "resources" shall be construed to mean an amount equal to the sum of the deposits, capital, surplus, and undivided profits. The term "State bank" shall include any bank, banking asssociation, or trust company incorporated under State law. The term "private banker" shall apply to any unincorporated individual engaging in one or more phases of the banking business as that term is generally understood, and to any member of an unincorporated firm engaging in such business. The term "Edge Act" shall mean section 25 (a) of the Federal reserve act, as amended December 24, 1919. The term "Edge corporation" shall mean any corporation organized under the provisions of the Edge Act. The term "city of over 200,000 inhabitants" includes any city, incorporated town, or village of more than 200,000 inhabitants, as shown by the last preceding decennial census of the United States. Any bank located anywhere within the corporate limits of such city is located in a city of over 200,000 inhabitants within the meaning of the Clayton Act, even though it is located in a suburb or an outlying district at some distance from the principal part of the city. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

308 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD SECTION II. PROHIBITIONS OF CLAYTON ACT Under section 8 of the Clayton Antitrust Act— (1) No person who is a director or other officer or employee of a national bank having resources aggregating more than $5,000,000 can legally serve at the same time as director, officer, or employee of any other national bank, regardless of its location. (2) No person who is a director in a State bank or trust company having resources aggregating more than $5,000,000 or who is a private banker having resources aggregating more than $5,000,000 can legally serve at the^ same time as director of any national bank, regardless of its location. (3) No person can legally be a director, officer, or employee of a national bank located in a city of more than 200,000 inhabitants who is at the same time a private banker in the same city or a director, officer, or employee of any other bank (State or national) located in the same city, regardless of the size of such bank. The eligibility of a director, officer, or employee under the foregoing provisions is determined by the average amount of deposits, capital, surplus, and undivided profits as shown in the official statements of such bank, banking association, or trust company filed as provided by law during the fiscal year next preceding the date set for the annual election of directors, and when a director, officer, or employee has been elected or selected in accordance with the provisions of the Clayton Act it is lawful for him to continue as such for one year thereafter under said election or employment. When any person elected or chosen as a director, officer, or employee of any bank is eligible at the time of his election or selection to act for such bank in such capacity his eligibility to act in such capacity is not affected by reason of any change in the affairs of such bank from whatsoever cause until the expiration of one year from the date of his election or employment. SECTION III. EXCEPTIONS The provisions of section 8 of the Clayton Act— (1) Do not apply to mutual savings banks not having a capital stock represented by shares. (2) Do not prohibit a person from being at the same time a director,, officer, or employee of a national bank and not more than one other national bank, State bank, or trust company, where the entire capital stock of one is owned by the stockholders of the other. (3) Do not prohibit a person from being at the same time a class A director of a Federal reserve bank and also an officer or director, or both an officer and a director, in one member bank. (4) Do not prohibit a person who is serving as director, officer, or employee of a national bank, even though it has resources aggregating over $5,000,000, from serving at the same time as director, officer, or employee of any number of State banks and trust companies, provided such State institutions are not located in the same city of over 200,000 inhabitants as the national bank and do not have resources aggregating in the case of any one bank more than $5,000,000. (5) Do not prohibit a person from serving at the same time as director, officer, or employee of any number of national banks, provided no two of them are located in the same city of over 200,000 inhabitants and no one of them has resources aggregating over $5,000,000. (6) Do not prohibit a person who is not a director, officer, or employee of any national bank from serving at the same time as officer, director, or employee of any number of State banks or trust companies, regardless of their locations and resources. (7) Do not prohibit a person who is an officer or employee but not a director of a State bank from serving as director, officer, or employee of a national bank, even though either or both of such banks have resources aggregating over $5,000,000, provided both banks are not located in the same city of over 200,000 inhabitants. (8) Do not prohibit a person who is an officer or employee but not a director of a national bank from serving at the same time as director, officer, or employee of a State bank, even though either or both of such banks have resources aggregating over $5,000,000, provided both banks are not located in the same city of over 200,000 inhabitants. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REGULATIONS OF THE FEDERAL RESERVE BOARD 309 (9) Do not apply to persons who have obtained the consent or approval of the Federal Reserve Board under the provisions of the Kern amendment, section 25 of the Federal reserve act, or the Edge Act, as hereinafter provided. Exceptions cumulative.—The above exceptions are cumulative. SECTION IV. PERMISSION OF THE FEDERAL RESERVE BOARD UNDER KERN AMEND- MENT By the Kern amendment, approved May 15, 1916, as amended May 26, 1920, the Clayton Act was amended so as to authorize the Federal Reserve Board to permit any private banker or any officer, director, or employee of any member bank or class A director of a Federal reserve bank to serve as director, officer, or employee of not more than two other banks, banking associations, or trust companies coming within the prohibitions of the Clayton Act, provided such other banks are not in substantial competition with such private banker or member bank. Substantial competition.—If the institutions involved are not in substantial competition, the board is authorized, in its discretion, to grant, withhold, or revoke such consent; but if they are in substantial competition, the board has no discretion in the matter and must refuse such consent. The board has adopted the following statement of general principles for its guidance in determining whether banks are in substantial competition within the meaning of the Kern amendment to the Clayton Act: In general, two banks will be deemed to be in substantial competition if they actually compete for a considerable amount of business, i. e., if a considerable portion of the business of each is of the same character and in doing or seeking such business they actually compete for the same customers or prospective customers, regardless of whether or not it is probable or possible that an interlocking directorate between them would result in injury to the public by making credit less available. If the statements of two banks show that each has a considerable amount of the same class of deposits or loans and it appears from the evidence submitted that they are so located as to be in a position to serve the same customers conveniently, the board will presume, in the absence of evidence to the contrary, that they are in substantial competition. This presumption may be rebutted, however, by any evidence showing that they are not actually competing for such business, e. g., that they actually serve different classes of customers, that the business in question is not actually sought by one bank but is merely incidental to its other business, or that competition has already been eliminated through common stock ownership. The existence of substantial competition however, may be shown by evidence other than that described above. This is not intended as a precise definition of the term " substantial competition," but merely as a broad statement of the general principles which will be observed by the Federal Reserve Board in determining whether banks are in substantial competition. Whether or not substantial competition exists in any particular case is a question of fact which must be determined in the light of all the facts and circumstances involved in such case. Burden of proof.—Inasmuch as the Federal Reserve Board has no power to permit a person to serve two or more banks coming within the prohibitions of the Clayton Act unless the institutions involved are not in substantial competition, the applicant for such permission has the burden of proving to the board that such institutions are not in substantial competition. When obtained.—Inasmuch as the Kern amendment excepts from the prohibitions of the Clayton Act only those "who shall first procure the consent of the Federal Reserve Board," it is a violation of the law to serve two or more institutions in the prohibited classes before such consent has been obtained. Such consent should be obtained, therefore, before becoming an officer, director, or employee of more than one bank in the prohibited classes. Such consent may be procured before the person applying therefor has been elected as a class A director of a Federal reserve bank or as a director of any member bank. Applications for permission.—A person wishing to obtain the permission of the Federal Reserve Board to serve banks coming within the prohibitions of the Clayton Act should— (1) Make formal application on F. R. B. Form 94, or, if a private banker, on F. R. B. Form 94d. Each of these forms is made a part of this regulation. (2) Obtain from each of the banks involved a statement on F. R. B. Form 94a, which is made a part of this regulation, showing the character of its business, together with a copy of its last published statement of condition, and, if a private banker, make a statement on F. R. B. Form 94e showing the character of his or his firm's business. (3) Forward all these papers to the Federal reserve agent of his district, who will attach his recommendation on F. R. B. Form 94b, which is made a part of this regulation, and forward them in due course to the Federal Reserve Board. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

310 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD Approval or disapproval.—As soon as an application is acted upon by the board, the applicant will be advised of the action taken. If the board approves the application, a formal certificate of permission to serve on the banks involved will be issued to the applicant. Rehearing.—If the board decides that the banks are in substantial competition and that it can not approve the application, it will, upon petition of the applicant, reconsider its decision and afford him every opportunity to present any additional facts or arguments bearing on the subject. Effect of permits.—Permission once granted is continuing until revoked, and need not be renewed. Revocation.—All permits, however, are subject to revocation at any time in the discretion of the Federal Reserve Board. The issuance of a permit to any person shall have the effect of revoking any or all permits which may have been issued previously to that person. SECTION V. PERMITS UNDER SECTION 25 OF THE FEDERAL RESERVE ACT With the approval of the Federal Reserve Board, any director, officer, or employee of a member bank which has invested in the stock of any corporation principally engaged in international or foreign banking or financial operations or banking in a dependency or insular possession of the United States, under the provisions of section 25 of the Federal reserve act, may serve as director, officer, or employee of any such foreign bank or financial corporation. Applications for approval.—The approval of the Federal Reserve Board for such interlocking directorates may be obtained through an informal application in the form of a letter addressed to the Federal Reserve Board either by the officer, director, or employee involved, or in his behalf by one of the banks which he is serving. Such application should be sent directly to the Federal Reserve Board. SECTION VI. PERMITS TO SERVE EDGE CORPORATIONS With the approval of the Federal Reserve Board— (1) Any officer, director, or employee of any member bank may serve at the same time as director, officer, or employee of any Edge corporation in whose capital stock the member bank shall have invested. (2) Any officer, director, or employee of any Edge corporation may serve at the same time as officer, director, or employee of any other corporation in whose capital stock such Edge corporation shall have invested under the provisions of the Edge Act. Applications for approval.—Such approval may be obtained through an informal application in the form of a letter addressed to the Federal Reserve Board either by the director, officer, or employee involved, or in his behalf by one of the banks or corporations involved. Such applications should be sent directly to the Federal Reserve Board. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COURT OPINION ON CONSTITUTIONALITY OF SECTION 9 OF THE FEDERAL RESERVE ACT Following is the text of the decision of the Supreme Court of the United States, rendered in May, 1927, pholding the constitutionality of that provision of section 9 of the Federal reserve act which subjects State member banks and their officers, agents, and employees to the provisions of and the penalties prescribed by section 5209 of the Revised Statutes: SUPREME COURT OF THE UNITED STATES No. 766—OCTOBER TERM, 1926 C. O. Westfall | United States Circuit On certificate from the The United States of America} Court of APPeals for the Sixth Circuit [May 16, 1927] Mr. Justice HOLMES delivered the opinion of the court Westfall was convicted under two indictments, the first of which charged him with aiding and procuring the branch manager of a State bank which was a member of the Federal reserve system to misapply the funds of the bank. The second indictment charged a conspiracy to misapply the funds of the bank between the same and other parties. Both were based upon the issuing a fraudulent certificate of deposit for ten thousand dollars and the paying the same from the funds of the bank. The Circuit Court of Appeals for the Sixth Circuit certifies this question: "Is the provision of section 9, chapter 6, of the Federal reserve act of December 23, 1913 [38 Stat. 259, 260], as amended June 21, 1917 [c. 32, § 3; 40 Stat. 232], and July 1, 1922, constitutional in so far as it provides that 'such banks and the officers, agents, and employees thereof shall also be subject to the provisions of and the penalties prescribed by section 5209 of the Revised Statutes?' " The amendment of July 1, 1922, referred to is, we presume, c. 274; 42 Stat. 821. It has no immediate bearing upon the question propounded and as it is not relied upon in argument we shall leave it on one side. It is not disputed that Rev. Stat. § 5209, if applicable, punishes the bank manager, and those who aided and abetted him in his crime. Co fin v. United States, 156 U. S. 432, 447. The argument is that Congress has no power to punish offenses against the property rights of State banks. It is said that the statute is so broad that it covers such offenses when they could not result in any loss to the Federal reserve banks, and it is suggested that if upheld the act will invalidate similar statutes of the States. This argument is well answered bv Hiatt v. United States, 4 F. (2d) 374, 377. Certiorari denied^ 268 U. S. 704. Of course an act may be criminal under the laws of both jurisdictions. United States v. Lanza, 260 U. S. 377, 382. And if a State bank chooses to come into the system created by the United States, the United States may punish acts injurious to the system, although done to a corporation that the State also is entitled to protect. The general proposition is too plain to need more than statement. That there is such a system and that the reserve banks are interested in the solvency, and financial condition of the members also is too obvious to require a repetition of the careful analysis presented by the Solicitor General. The only suggestion that may deserve a word is that the statute applies indifferently whether there is a loss to the reserve banks or not. But every fraud like the one before us weakens the member bank and therefore weakens the system. Moreover, when it is necessary in order to prevent an evil to make the law embrace more than the precise thing to be prevented it may do so. It may punish the forgery and utterance of spurious interstate bills of lading in order to protect the genuine commerce. United States v. Ferger, 250 U. S. 199. See further Southern Ry. Co. v. United States, 222 U. S. 20, 26. That principle is settled. Finally Congress may employ State corporations with their consent as instrumentalities of the United States, Clallam County v. United States, 263 U. S. 341, and may make frauds that impair their efficiency crimes. United States v. Walter, 263 U. S. 15. We answer the question: A Yes- Digitized for FAR AtrSuEeR c opy. http://fraser.stlouisfed.org/ Test: Clerk, Supreme Court, U. S. Federal Reserve B1a1n0k3 o9f0 S—t. 2L8o uis 21 311

DIRECTORY OF THE FEDERAL RESERVE BOARD [December 31, 1927] EX OFFICIO MEMBERS ROY A. YOUNG, 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 PL CUNNINGHAM. WALTER L. EDDY, Secretary. E. A. GOLDENWEISER, J. C. NOELL, Assistant Secretary. Director, Division of Research and E. M. MCCLELLAND, Statistics. Assistant Secretary. CARL E. PARRY, J. F. HERSON, Assistant Director, Division of Re- Chief, Division of Examination and search and Statistics. Chief Federal Reserve Examiner. WALTER WYATT, General Counsel. E. L. SMEAD, W. M. IMLAY, Fiscal Agent. Chief, Division of Bank Operations. SALARIES OF OFFICERS AND EMPLOYEES OF THE FEDERAL RESERVE BOARD [December 31, 1927] OFFICE OF SECRETARY Walter L. Eddy, secretary _• $12, 000. 00 J. C. Noell, assistant secretary 6, 000. 00 E. M. McClelland, assistant secretary 5, 000. 00 Staff: 1 at $4,800 4, 800. 00 2 at $3,600 7, 200. 00 2 at $3,200 6, 400. 00 1 at $3,000 3, 000. 00 2 at $2,800 5, 600. 00 2 at $2,400 4,800.00 2 at $2,300 4, 600. 00 1 at $2,200 2, 200. 00 5 at $2,000 10, 000. 00 5 at $1,900 9, 500. 00 1 at $1,680 1, 680. 00 2 at $1,500 3, 000. 00 2 at $1,400 2, 800. 00 1 at $1,300 1, 300. 00 1 at $1,200 1, 200. 00 1 at $900 900. 00 1 at $700 700. 00 8 part-time employees 3, 000. 00 Total 95, 680. 00 312 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BOARD SALARIES 313 OFFICE OF GENERAL COUNSEL Walter Wyatt, general counsel $10, 000. 00 George B. Vest, assistant counsel 6, 000. 00 B. M. Wingfield, assistant counsel 4, 000. 00 Staff: 1 at $2,500 2,500.00 2 at $2,400 4, 800. 00 1 at $1,800 _ _ _ _ _ _ __ ___ _ _ __ 1,800.00 1 at $1,500 1, 500. 00 Total 30, 600. 00 OFFICE OF FISCAL AGENT William M. Imlay, fiscal agent 4, 800. 00 Oliver E. Foulk, deputy fiscal agent 3, 950. 00 Staff: 1 at $1,900 1, 900. 00 Total 10, 650. 00 OFFICES OF MEMBERS OF THE BOARD Staff: 2 at $3,000 6, 000. 00 1 at $2,900 2,900. 00 1 at $2,800 2, 800. 00 2 at $2,600 5, 200. 00 1 at $2,000 2,000.00 1 at $1,500 1, 500. 00 Total 20, 400. 00 DIVISION OF BANK OPERATIONS Edward L. Smead, chief of division 10, 000. 00 John R. Van Fossen, assistant chief 5, 300. 00 Staff: 1 at $4,200 4, 200. 00 3 at $2,700 8, 100. 00 3 at $2,500 7,500. 00 1 at $2,100 2, 100. 00 1 at $2,000 2, 000. 00 1 at $1,800 1,800. 00 7 at $1,700 11, 900. 00 1 at $1,600 1, 600. 00 1 at $1,500 1, 500. 00 2 at $1,400 2, 800. 00 1 at $1,320 1,320. 00 2 at $1,300 2, 600. 00 Total 62, 720. 00 DIVISION OF EXAMINATION James F. Herson, chief of division and chief Federal reserve examiner 13, 000. 00 Examiners: Frank J. Drinnen 6, 000. 00 R. B. Wiltse 5, 100. 00 Assistant examiners: 1 at $4,800 __ 4, 800. 00 1 at $4,700 4, 700. 00 1 at $4,500 4, 500. 00 5 at $4,000 20, 000. 00 1 at $3,900 3, 900. 00 2 at $3,800 _ ___ 7,600 00 1 at $3,200 __ 3,200. 00 2 at $3,000 6, 000. 00 1 at $2,600 2, 600. 00 Staff: 1 at $2,700 __ 2, 700. 00 2 at $2,100 4,200. 00 1 at $1,900 1, 900. 00 Total 90, 200. 00 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

314 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD DIVISION OF RESEARCH AND STATISTICS E. A. Goldenweiser, director of division $10, 000. 00 Carl E. Parry, assistant director 7,000.00 Staff: 2 at $4,500 9, 000. 00 4 at $4,000 16,000.00 1 at $3,300 3,300.00 1 at $3,060 3,060.00 2 at $2,400 4, 800. 00 2 at $2,100 _ _ _ 4,200.00 3 at $l,900__ 5, 700. 00 6at$l,800__ _ 10,800.00 1 at $1,680 _ _ _ _ 1,680.00 2 at $1,600 3,200. 00 5 at $1,560 7, 800. 00 1 at $1,300 _ 1,300.00 1 at $960 _ _ 960.00 1 at $900 900. 00 Total_._ 89,700. 00 DIVISION OF FEDERAL RESERVE ISSUE AND REDEMPTION L. G. Copeland, chief of division 4, 500. 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 2 at $1,800 3, 600. 00 1 at $1,620 1, 620. 00 17 at $1,500 25, 500. 00 2 at $1,440 2, 880. 00 3 at $1,380 4, 140. 00 1 at $1,200 1, 200. 00 Total 52,380. 00 MESSENGERS 1 at $1,600 1, 600. 00 3 at $l,500___ 4,500.00 6 at $1,250 7, 500. 00 1 at $1,200 1, 200. 00 lat$l,150___ __ _ _ 1,150.00 1 at $1,100 1, 100. 00 1 at $1,000 1,000. 00 2 at $900 1, 800. 00 Total 19, 850. 00 CHARWOMEN 5 at 40 cents per hour 2, 044. 80 GENERAL Claude Gilbert, supervisor of examinations 10, 000. 00 H. W. Black, examiner 7, 500. 00 Staff: 1 at $4,800_ _ _ _ _ 4, 800. 00 1 at $1,600 1,600.00 1 at $1,500 1, 500. 00 Total 25, 400. 00 Grand total 499, 624. 80 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD 315 RECEIPTS AND DISBURSEMENTS OF THE FEDERAL RESERVE BOARD RECEIPTS AND DISBURSEMENTS OF THE FEDERAL RESERVE BOARD FOR THE YEAR 1927 Balance Jan. 1, 1927: Available for general expenses of the board _ $93,046.42 Available for expenses chargeable to the Federal reserve banks._ __ 270,931.45 Total ._ $363,977.87 RECEIPTS Available for general expenses of the board: Assessments on Federal reserve banks for estimated general expenses of the board $779,116.28 Reimbursement of expenditures during 1926 and prior years.- 138. 67 Subscriptions to Federal Reserve Bulletin 3,843.38 Reimbursement by Treasury Department of salaries of laborers. 1,530.00 Miscellaneous receipts and reimbursements 404.24 Reimbursement on account of cost of bank examinations 6,837. 58 Total receipts available for general expenses of the board $791,870.15 Available for expenses chargeable to Federal reserve banks: Assessments on Federal reserve banks— For cost of preparing Federal reserve notes $1, 565,508.20 For expenses of leased-wire system _. __. 202,141.73 For expenses of private telephone lines 27,582. 72 For miscellaneous expenses. 5, 511.06 Total receipts available for expenses chargeable to Federal reserve banks 1,800,743.71 Total receipts _ _ _ ._ 2,592,613.8 Total available for disbursement.. 2,956,591.73 DISBURSEMENTS For general expenses of the board: Expenses for 1926 paid in 1927... _ $13,856.36 Expenses for 1927 (per detailed statement) $744,233.36 Less accounts unpaid Dec. 31, 1927 (estimated)... 13, 517.86 730,715. 50 Salaries of laborers reimbursable by Treasury Department 1,020. 00 Miscellaneous expenses reimbursable 108.81 Refunds on account of subscriptions to Federal Reserve Bulletin 14.18 Total 745, 714. 85 Less refunds and disallowances.__ _ _ _ 22.51 Total net disbursements for general expenses of the board __ $745,692.34 For expenses chargeable to Federal reserve banks: Cost of preparing Federal reserve notes $1,603, 561. 70 Expenses of leased wire system _ 205,219.82 Expenses of private telephone lines 27,474.37 Miscellaneous expenses 7,956.60 Total disbursements for expenses chargeable to Federal reserve banks _ 1,844,212.49 Total disbursements 2,589,904.83 Balance Dec. 31, 1927: Available for accounts unpaid Dec. 31, 1927. _. $13, 517.86 Available for general expenses of the board, 1928 125,706.37 Available for expenses chargeable to Federal reserve banks, unpaid Dec. 31, 1927 ...- 227,462.67 Total balance. 366,686.90 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DETAILED STATEMENT OF EXPENSES OF THE FEDERAL RESERVE BOARD IN 1927 Total January February! March April May June July August Septem- October No b v e e r m- De b c e e r m- PERSONAL SERVICES Board members and their staff $99, 010. 56 $8,308.31 $8, 308. 32 $8, 308. 37 $8, 308. 31 $8,308.32 $8, 308. 3' $8,333.31 $8, 341. 66 $7, 818. 92 $8,099.97 $8, 283. 34 $8, 283. 36 Office of secretary 36, 745.84 2,983.31 2,983.341 2,983. 35 2,983.31 2,983.34| 2, 983.35 3,108.31 3,108. 34 3, 204.19 3,141.64| 3,141.67 3,141. 69 Office of general counsel 30, 600. 00 2, 549.99i 2, 549. 99| 2, 550. 02 2, 549. 99 2, 549. 99! 2, 550. 02 2, 549. 99 2, 549. 99 2, 550. 02 2, 549. 99 2, 549. 99| 2, 550. 02 Office of fiscal agent 10, 650. 00 887.49! 887. 50 887. 51 887.49 887. 50! 887. 51 887. 49 887. 50 887. 51 887. 49 887. 50! 887. 51 Division of examination 92, 009. 72 8, 054. lOi 7, 700. 001 7, 7C0.06 7,488.84 7, 549. 99| 7, 716. 73 7, 716. 61 7, 716. 66 7, 716. 73 7, 616. 61 7, 516. 66! 7, 516. 73 Division of bank operations. 62, 251. 73' 5,116. 57| 5,173. 35! 5, 216. 75 5, 216. 57 5,210.01! 5, 216. 75 5, 213. 24 5,101. 68 5,058.98 5, 274.40 5, 226. 68! 5, 226. 75 Division of chief clerk_ 35, 585. 83 3,066. 60 3, 081. 66| 3, 081. 74 3, 081. 60 3, 081. 66 3, 081. 74 3, 081. 60 3, 081. 66 2, 923. 40 2, 744.11 2, 640. 00[ 2, 640. 06 Division of gold settlement 18,184. 69 1, 552. 06! 1, 521. 33 1, 571. 61 1, 561. 81 1, 552. 08 1, 567. 86 1,497.62 1,413.25 1, 496. 77 1, 493. 73 1, 484. 00! 1, 472. 57 Division of currency. 8, 300. 00 691. 66! 691. 67j 691. 67 691. 66 691. 67) 691. 67 691. 66 691. 6r 691. 67 691. 66! 691. 67 691.67 Division of research and statistics. 96, 512. 78j 8, 289.95: 8, 289. 95 8, 394.10! 8,486. 40 8, 306. 29| 8,056. 76 8, 290. 24i 8,189. 96 7, 642. 25 7, 499. 62i 7, 533. 29 7, 533.97 Division of issue and redemption.. 51,111. 4, 265. 00 4, 265. 00; 4, 265. 00 4, 265. 00 4, 265. 00J 4, 265. 00 4, 265. 00 4, 265. 00 4, 265. 00 4, 241. 331 4, 246. 33 4, 239. 00 Messengers 19, 837. 02 1,604. Hi 1, 604.18; 1, 645. 88 1, 687. 44 1,687. 51 i 1, 687. 55 1, 631. 33 1, 664. 26 1, 635. 46 1, 681. 53| 1, 655.15 1, 652. 62 Charwomen 2, 036. 80 120. 00: 110.40 129. 60 124. 80 120. 00i 208. 00 200. 00 216. 00 200. 00 208. 00 200. 00 200.00 General 25,445. 581 1,458. 33 1, 502. 77 1, 591. 68! 4,091. 66 2, 450. 36' 1,791.68 2,591.66 1, 591. 66 1, 654. 18 1, 854.16! 2,116.66 2,750. 78 Total. 588. 282. 21 48,947.48' 48,669.46 49,017.34 51,424.88 49,643.72! 49,022.99 50, 058. 0648, 819. 29 47,745.08 47,984.24 48,172.94 48, 786. 73 NONPERSONAL SERVICES Transportation and subsistence: Board members and their staff 2, 556. 77 222. C6 295. 84 253. 06 47.96 130. 39 266. 31 200. 93 114. 00 1C4. 93 160. 25 155. 25 Office of secretary 437. 94 91.27 258.13 88. 54 O ffice of general counsel 427. 24 45. 72 52.01 59.03 236. 45 34. 03 Division of examination 54,474. 96 5,199. 55 3, 733.10 4,067. 49 4,027.78 4,702. 71 8, 703.11 6, 313. 86 2, 402. 44 2, 886. 25 4, 734. 81 4, 239. 33 3, 464. 53 Division of research and statistics 1, 214. 54 133. 84 135. 75 277. 96 186. 00 39.29 58.08 65.14 55.04 74.25 139. 86 49.33 Total all other divisions including local car fare... 1,165. 57 127.13 401.97 35.00 183. 3? 198.28 53.76 131. 08 35. 00 Communication service: Telephone 6, 702. 61 605. 55 540. 95 553. 00 529. 05 523. 25 537. 01 557. 00 594. 60 560. 50 565. 40 568.1 568.15 Telegraph 4, 575. 541 315. 50 365. 39 559.11 291. 79 247. 34 594. 87 384. 60 278. 54 384. 60 384. 60 384. 60 384. 60 Postage 627. 00 81.00J 73.00 52. 00i 38.00 114. 00 76.00 58.00 56.00 79.00 Printing, binding, etc 51, 343. 63 3,025. 47j 4, 525. 28 12, 813. 23 2, 686. 74 3,170. 76 3,147. 22 3, 312. 62 3, 452. 01 2,110. 95 4,280. 95 5,484. 37 3, 334.03 Repairs 534. 25 26. 90; 19.69 86.33 27. 67 24.41 45.67 26.16 56.83 24.69 57.20 88.02 50. 68 Heat, light, and power ._. 999. 89 104. 98 104. 104. 97 104. 97 76.39 47.79 47.79 47.79 47.79 104.14 104.14 104.16 Miscellaneous, unclassified 1, 663.40 79.171 92. 28| 101.31 108.17 89.06 137. 36 464.36 58.81 133. 22 133. 22 133. 22 133. 22 Equipment rental 3tt. 03 3. 00; 3.00 3.00 3.00 3.00 3.00 3.00 3.00 3.00 3.00 3.00 3.00 Supplies, stationery and office 5,170. 38 1,320. 43| 290. 01 345. 94 365. 78 236.16 247. 73 516. 67 416. 21 182.82 416. 21 416. 21 416.21 Equipment, furniture and office 4, 672. 14 1, 236. 32 728.15 271.19 413. 63 25.40 290. 00 19.00 21.97 140. 39 316. 43 655. 48 554.18 Books and periodicals. 1, 849. 29 970. 96 147.12| 78.10 92.5. 369. 06 25. 01 57. 12.52 .70 40.13 46. 9.fiO Rent 17, 500. 00 1,458.33 1,458. 33! 1,458. 33 1,458. 33 1,458. 33 1,458. 33 1,458. 33 1,458.33 1,458.33 1,458. 33 1,458. 33 1,458. 37 Total 155, 951.15 15,002.06 12,964L.2222 20, 949. 53110,487.38 11,782.07 15, 763.16 14,008. 51 9,198. 88 8,233. 36 12,860.63 13,937.04 10, 764.31 Grand total. 744, 233. 36 63, 949. 54| 61, 633. 68| 69,9G6. 87 61, 912. 26[ 61,425. 79 64, 776.15 64,066. 57 58, 018.17 55,978. 44 60, 844. 87| 62,109. 98 59,551.04 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OP THE FEDERAL RESERVE BOARD 317 SALARIES OF NATIONAL BANK EXAMINERS [As of December 31, 1927] DISTRICT NO. 1—BOSTON F. D. Williams, chief examiner $10, 000 1 examiner, at $6,000; 2 examiners, at $4,500; 2 examiners at $4,200; 3 examiners, at $3,600; 1 examiner, at $3,300. Total, 9 examiners. _ 37, 500 DISTRICT NO. 2—NEW YORK Owen T. Reeves, jr., chief examiner 20, 000 1 examiner, at $6,500; 2 examiners, at $6,000; 1 examiner, at $5,500; 3 examiners, at $4,200; 1 examiner, at $4,000; 4 examiners, at $3,600; 5 examiners, at $3,300; 6 examiners, at $3,000; 1 examiner, at $2,400. Total, 24 examiners 91, 900 DISTRICT NO. 3—PHILADELPHIA Stephen L. Newnham, chief examiner 14, 000 1 examiner, at $6,000; 1 examiner, at $5,500; 2 examiners, at $5,000; 2 examiners, at $4,800; 1 examiner, at $4,500; 1 examiner, at $4,200; 2 examiners, at $3,600; 1 examiner, at $3,300; 1 examiner, at $3,000; 1 examiner, at $2,700; 1 examiner, at $2,500. Total, 14 examiners. _ 58, 500 DISTRICT NO. 4—CLEVELAND A. P. Leyburn, chief examiner 8, 000 3 examiners, at $5,000; 2 examiners, at $4,500; 2 examiners, at $4,200; 2 examiners, at $3,900; 1 examiner, at $3,300; 4 examiners, at $3,000; 2 examiners, at $2,700. Total, 16 examiners 60, 900 DISTRICT NO. 5—RICHMOND W. P. Folger, chief examiner 9, 500 1 examiner, at $5,200; 2 examiners, at $4,500; 2 examiners, at $4,200; 3 examiners, at $3,900; 1 examiner, at $3,600; 3 examiners, at $3,000; 1 examiner, at $2,700. Total, 13 examiners 49, 600 DISTRICT NO. 6—ATLANTA Ellis D. Robb, chief examiner 10, 000 1 examiner, at $6,500; 3 examiners, at $4,500; 1 examiner, at $4,200; 3 examiners, at $3,900; 1 examiner at, $2,700. Total, 9 examiners. _ 38, 600 DISTRICT NO. 7—CHICAGO H. M. Sims, chief examiner 15, 000 1 examiner, at $6,000; 1 examiner, at $5,600; 1 examiner, at $5,400; 1 examiner, at $5,100; 1 examiner, at $5,000; 1 examiner, at $4,800; 1 examiner, at $4,300; 1 examiner, at $4,200; 1 examiner, at $4,100; 1 examiner, at $4,000; 3 examiners, at $3,600; 1 examiner, at $3,500; 4 examiners, at $3,300; 2 examiners, at $3,000; 1 examiner, at $2,800; 1 examiner, at $2,500. Total, 22 examiners 87, 300 DISTRICT NO. 8—ST. LOUIS J. S. Wood, chief examiner 14, 000 2 examiners, at $5,500; 1 examiner, at $4,800; 1 examiner, at $4,500; 1 examiner, at $4,200; 1 examiner, at $4,000; 2 examiners, at $3,600; 2 examiners, at $3,300. Total, 10 examiners 42, 300 DISTRICT NO. 9—MINNEAPOLIS B. K. Patterson, chief examiner 11, 000 1 examiner, at $3,900; 4 examiners, at $3,600; 3 examiners, at $3,300; 3 examiners, at $3,000; 1 examiner, at $2,700. Total, 12 examiners. _ 39, 900 DISTRICT NO. 10—KANSAS CITY Luther K. Roberts, chief examiner 15, 000 1 examiner, at $5,000; 1 examiner, at $4,500; 1 examiner, at $4,000; 5 examiners, at $3,900; 1 examiner, at $3,600; 4 examiners, at $3,000; Digitized for F3R AexSaEmRi ners, at $2,700. Total, 16 examiners 56, 700 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

318 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD DISTRICT NO. 11—DALLAS R. H. Collier, chief examiner $12, 000 1 examiner, at $5,500; 1 examiner, at $5,400; 1 examiner, at $5, 100; 1 examiner, at $5,000; 1 examiner, at $4,800; 1 examiner, at $4,200; 1 examiner, at $4,000; 2 examiners, at $3,900; 1 examiner, at $3,600; 3 examiners, at $3,000; 1 examiner, at $2,700. Total, 14 examiners.. 57, 100 DISTRICT NO. 12—SAN FRANCISCO T. E. Harris, chief examiner 13, 000 1 examiner, at $7,000; 1 examiner, at $5,500: 1 examiner, at $5,000; 1 examiner, at $4,800; 1 examiner, at $4,300; 3 examiners, at $4,200; 2 examiners, at $3,600; 1 examiner, at $3,300; 3 examiners, at $3,000; 5 examiners, at $2,700; 2 examiners, at $2,500; 1 examiner, at $2,400. Total, 22 examiners 79, 600 RECAPITULATION Examining staff: Chief examiner, at $17,000 1 Assistant chief examiners— At $8,500 2 At $7,500 Q Office of Comptroller, at $4,200 2 Total 7 $57, 400 Chief examiners of districts— At $20,000 1 At $15,000 2 At $14,000 2 At $13,000 1 At $12,000 1 At $11,000 1 At $10,000 2 At $9,500 1 At $8,000 1 Total 12 151, 500 Other examiners— At $7,000 1 At $6,500 2 At $6,000 5 At $5,600 1 At $5,500 6 At $5,400 2 At $5,200 1 At $5,100 2 At $5,000 9 At $4,800 ___ __ ___ _ ___ ___ 6 At $4,500 _ _ _ _ 12 At $4,300 2 At $4,200 17 At $4,100 1 At $4,000 5 At $3,900 16 At $3,600 23 At $3,500 1 At $3,300 18 At $3,000 _ _ 29 At $2,800 1 At $2,700 15 At $2,500 4 At $2,400 2 Total 181 699,900 Total examining staff 1 200 Total salaries 908, 800 1 la addition there are 27 national bank examiners not receiving salaries, who are acting as receivers or Digitized fora rFeR uAnaSsEsiRgn ed. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DIRECTORY OF THE FEDERAL ADVISORY COUNCIL [Elected for the year 1928] District No. 1.—ARTHUR M. HEARD, president Amoskeag National Bank, Manchester, N. II. District No. 2.—JAMES S. ALEXANDER, chairman National Bank of Commerce, New York, N. Y. District No. 3.—LEVI L. RUE, president Philadelphia-Girard National Bank, Philadelphia, Pa District No. 4.—HARRIS CREECH, president Cleveland Trust Co., Cleveland, Ohio. District No. 5.—JOHN F. BRUTON, president First National Bank, Wilson, N. C. District No. 6.—P. D. HOUSTON, president American National Bank, Nashville, Tenn. District No. 7.—FRANK O. WETMORE, chairman First National Bank, Chicago, 111. District No. 8.—W. W. SMITH, president First National Bank, 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.—F. L. LIPMAN, president Wells Fargo Bank & Union Trust Co., San Francisco, Calif. GOVERNORS 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 Director Residence expires Dec. 31 Class A: Frederick S. Chamberlain New Britain, Conn 1928 Alfred L. Ripley Boston, Mass 1929 Edward S. Kennard Rumford, Me 1930 Class B: Albert C. Bowman Springfield, Vt 1928 Philip R. Allen East Walpole, Mass 1929 Chas. G. Washburn Worcester, Mass .__ 1930 Class C: Chas. H. Manchester Providence, R. I 1928 Frederic H. Curtiss Boston, Mass 1929 Allen Hollis Concord, N. H 1930 DISTRICT NO. 2—FEDERAL RESERVE BANK OF NEW YORK GAT^S W. MCGARRAH, Chairman and Federal Reserve Agent. OWEN D. YOUNG, Deputy Chairman BENJAMIN STRONG, Governor Class A: Jackson E. Reynolds New York, N. Y 1928 R. H. Treman ... Ithaca, N. Y 1929 Delmar Runkle. Hoosick Falls, N. Y .. 1930 Class B: Wm. H. Woodin New York, N. Y . 1928 Theodore F. Whitmarsh do 1929 Samuel W. Reyburn ...do. 1930 Class C: Gates W. McGarrah do 1928 Owen D. Young .do. 1929 Clarence M. Woolley do 1930 1 Includes directors elected in December, 1927, for the 3-year term beginning January 1, 1928. 319 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

320 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD DISTRICT NO. 2—FEDERAL RESERVE BANK OF NEW YORK—Continued BUFFALO BRANCH W. W. SCHNECKENBURGER, Managing Director Term Director Residence expires Dec. 31 W. W. Schneckenburger. Buffalo, N. Y. 1928 Edward A. Duerr .do. 1928 Frank W. Crandall Westfield, N. Y. 1928 F. B. Cooley Buffalo, N. Y.._ 1929 Harry T. Ramsdell do.... 1929 Arthur G. Hough Batavia, N. Y__. 1930 Elliott C.McDougal Buffalo, N. Y._. 1930 DISTRICT NO. 3—FEDERAL RESERVE BANK OF PHILADELPHIA RICHARD L. AUSTIN, Chairman and Federal Reserve Agent. ALBA B. JOHNSON, Deputy Chairman. GEO. W. NORRIS, Governor Class A: John C. Cosgrove.. Johnstown, Pa_. 1928 Jos. Wayne, jr . Philadelphia, Pa_. 1929 Geo. W. Reily Harrisburg, Pa 1930 Class B: C. F.C. Stout Philadelphia, Pa_, 1928 Arthur W. Seawall .do. 1929 A. C. Dorrance Camden, N. J_ 1930 Class C: H. L. Cannon Bridgeville, Del. 1928 R. L. Austin Philadelphia, Pa. 1929 Alba B. Johnson .do 1930 DISTRICT NO. 4—FEDERAL RESERVE BANK OF CLEVELAND GEO. DECAMP, Chairman and Federal Reserve Agent. LEWIS BLAIR WILLIAMS, Deputy Chairman. E. R. FANCHER, Governor Class A: Chess Lamberton. Franklin, Pa 1928 Robert Wardrop.. Pittsburgh, Pa.. 1929 O. N. Sams Hillsboro, Ohio. 1930 Class B: R. P.Wright Erie, Pa 1928 Geo. D. Crabbs... Cincinnati, Ohio. 1929 S. P. Bush Columbus, Ohio.. 1930 Class C: L. B. Williams Cleveland, Ohio. 1928 George DeCamp.. do 1929 W. W. Knight..__ Toledo, Ohio 1930 CINCINNATI BRANCH C. F. MCCOMBS, Managing Director C. F. McCombs Cincinnati, Ohio 1928 Fred A. Geier do 1928 E. S. Lee Covington, Ky 1928 John Omwake .. . .__ Cincinnati, Ohio 1929 Charles W. DePuis do 1929 Geo. M. Veritv Middle town, Ohio 1930 B. H. Kroger Cincinnati, Ohio 1930 PITTSBURGH BRANCH J. C. NEVIN, Managing Director J. C. Nevin Pittsburgh, Pa.. 1928 Chas. W. Brown.. do 1928 A. E. Braun do 1928 A. L. Humphrey.. do 1929 Jos. R. Eisaman.. Greensburg, Pa 1929 Jos. R. Naylor Wheeling, W. Va. 1930 R. B.Mellon Pittsburgh, Pa..._ 1930 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

321 GOVERNORS AND DIRECTORS DISTRICT NO. 5—FEDERAL RESERVE BANK OF RICHMOND WILLIAM W. HOXTON, Chairman and Federal Reserve Agent. FREDERIC A. DELANO, Deputy Chairman, GEORGE J. SEAY, Governor Term Director Residence expires Dec. 31 Class A: Jas. C. Braswell Rocky Mount, N. C 1928 L. E. Johnson.__ Alderson, W. Va 1929 Chas. E. Rieman _ . __ _ _ .__ Baltimore, Md 1930 Class B: Edwin C. Graham Washington, D. C..--' ... 1928 D. R. Coker . _ Hartsville, S. C 1929 Edmund Strudwick Richmond, Va 1930 Class C: Robert Lassiter Charlotte, N C 1928 Wm. W. Hoxton __. ._ Richmond, Va 1929 Frederic A. Delano Washington, D. C 1930 BALTIMORE BRANCH ALBERT H. DUDLEY, Managing Director Albert H. Dudley Baltimore, Md 1928 Wm. H. Mat thai do 1928 Levi B. Phillips Cambridge, Md 1928 Edmund P. Cohill Hancock, Md 1929 Carter G. Osburn Baltimore, Md _. _ _ 1929 Norman James do . . .... 1930 Henry B. Wilcox do 1930 CHARLOTTE BRANCH HUGH LEACH, Managing Director Hugh Leach Charlotte, N. C 1928 W. H. Wood do 1928 Jno. L.Morehead. do 1928 W. J. Roddey, sr_ Columbia, S. C 1929 Chas. A. Cannon Concord, N. C__ 1929 Robert Gage Chester, S. C 1930 John A. Law Spartanburg, S. C .. _. _ 1930 DISTRICT NO. 6—FEDERAL RESERVE BANK OF ATLANTA OSCAR NEWTON, Chairman and Federal Reserve Agent. W. H. KETTIG, Deputy Chairman. E. R. BLACK, Governor. Class A: E. C. Melvin _ Selma, Ala 1928 G. G. Ware """""I Leesburg, Fla_ 1929 • H. Lane Young __ Atlanta, Ga 1930- Class B: Luke Lea Nashville, Tenn 1928 Leon C. Simon New Orleans, La 1929 J. A. McCrary Decatur, Ga 1930 Class C: W. H. Kettig Birmingham, Ala 1928 Oscar Newton Atlanta, Ga 1929 Geo. S. Harris "" ....do "" 1930 NEW ORLEANS BRANCH MARCUS WALKER, Managing Director Marcus Walker New Orleans, La.. 1928 J. P. Butler, jr | do 1928 P. H. Saunders I. do~_ 1928 J A F L a . . l m b W C e e r . s . t S E F P i o m . . o B B o t o e n u u s d h en, jr. ]"~"_"L N H M " e a " o w t b d ti i e o l O e s I b , r l u A e r a " g l n a , s , M L is a s _ _ _ 1 1 1 1 9 9 9 9 2 3 3 2 9 0 0 9 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

322 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD DISTRICT NO. 6—FEDERAL RESERVE BANK OF ATLANTA—Continued BIRMINGHAM BRANCH A. E. WALKER, Managing Director Term Director Residence expires Dec. 31 A. E. Walker Birmingham, Ala 1928 W. H. Kettig ' 1928 John H. Frye do 1928 Oscar Wells do 1929 W. W. Crawford I.'... 1929 E.F.Allison ._ | 1930 Walter E. Henley Bellamy, Ala | 1930 Birmingham, Ala I JACKSONVILLE BRANCH GEO. R. DE SAUSSURE, Managing Director Geo. R. De Saussure Jacksonville, Fla 1928 J. C. Cooper do 1928 O. G. Ware Leesburp", Fla 1928 Fulton Saussy __ . Jacksonville, Fla 1929 Edward W. Lane do 1929 S. 0. Chase . Sanford, Fla 1930 C. P. Kendall Jacksonville, Fla 1930 NASHVILLE BRANCH JOEL B. FORT, Jr., Managing Director Joel B. Fort, jr Nashville, Tenn 1928 Luke Lea ________ - do 1928 T. A. Embrey Winchester, Tenn__ __ _ 1928 P. M. Davis Nashville, Tenn 1929 E. A. Lindsey do _ 1929 Wm. P. Ridley. Columbia, Tenn 1930 J. E. Caldwell Nashville, Tenn _ 1930 DISTRICT NO. 7—FEDERAL RESERVE BANK OF CHICAGO WILLIAM A. HEATH, Chairman and Federal Reserve Agent. JAMES SIMPSON, Deputy Chairman.JAMES B. MCDOUGAL, Governor Class A: Chas. H. McNider Mason City, Iowa_ _ _ _ 1928 E.L.Johnson __ Waterloo, Iowa . _ __ ___ __ 1929 George M. Reynolds. - . . .. Chicago, 111 1930 Class B: S. T. Crapo Detroit, Mich_ ... ' 1928 Robert Mueller Decatur, 111. 1929 A. H. Vogel Milwaukee, Wis 1930 Class C: F. C. Ball Muncie, Ind . ._ 1928 James Simpson Chicago, 111 1929 W. A. Heath do 1930 DETROIT BRANCH WM. R. CATION, Managing Director Wm. R. Cation Detroit, Mich. James Inglis do 1928 Wm. J. Gray _do_ 1928 N. P. Hull Lansing, Mich 1929 John W. Staley- — Detroit, Mich 1929 David McMorran.. Port Huron, Mich. 1930 Geo. B. Morley- — Saginaw, Mich 1930 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOVERNORS AND DIRECTORS 323 DISTRICT NO. 3—FEDERAL RESERVE BANK OF ST. LOUIS WILLIAM MCC. MARTIN, Chairman and Federal Reserve Agent. JOHN W. BOEHNE, Deputy Chairman. DAVID C. BIGGS, Governor. Term Director Residence expires Dec. 31 Class A: John C. Martin Salem, 111 1928 John G. Lonsdale St. Louis, Mo 1929 Max B. Nahm Bowling Green, Ky_ . 1930 Class B: W. B. Plunkett Little Rock, Ark 1928 LeRoy Percy Greenville, Miss. . _ . __ _ 1929 Rolla Wells St. Louis, Mo 1930 Class C: Paul Dillard Memphis, Tenn 1928 John W Boehne Evansville, Ind _ ______ 1929 Wm. McC. Martin St. Louis, Mo 1930 LOUISVILLE BRANCH W. P. KINCHELOE, Managing Director W. P. Kincheloe_. Louisville, Ky_ 1928 E. L. Swearingen. .do_. 1928 Jno. T. Reynolds. Greenville, Ky 1928 Wm. Black Louisville, Ky 1929 Eugene E. Hoge._ Frankfort, Ky 1929 E. H. Woods Lucas, Ky 1930 H. E. Jewett New Albany, Ind. 1930 MEMPHIS BRANCH W. H. GLASGOW, Managing Director Wr. H. Glasgow Memphis, Tenn.. 1928 T. K. Riddick .do_. 1928 Jno. W. Alderson Forrest City, Ark- 1928 Wm. Orgill Memphis, Tenn__. 1929 Jno. D. McDowell do 1929 E. L. Anderson Clarksdale, Miss__ 1930 R. Brinkley Snowden.. Memphis, Tenn... 1930 LITTLE ROCK BRANCH A. F. BAILEY, Managing Director A. F. Bailey Little Rock, Ark 1928 Moorhead Wright _ ._ _ _ __ do_. 1928 W. A. Hicks. _ _ _ _ __ do _ _ 1928 G. H. Campbell do 1929 Stuart Wilson Texarkana, Ark __ _ _ 1929 Hamp Williams Hot Springs, Ark 1930 John M. Davis Little Rock, Ark 1930 DISTRICT NO. 9—FEDERAt RESERVE BANK OF MINNEAPOLIS JOHN R. MITCHELL, Chairman and Federal Reserve Agent. HOMER P. CLARK, Deputy Chairman. W. B. GEERY, Governor. Class A: Paul J. Leeman Minneapolis, Minn 1928 J. C. Bassett Aberdeen, S. Dak 1929 Karl J. Farup Park River, N. Dak 1930 Class B: Paul N. Myers St. Paul, Minn 1928 N. B. Holter Helena, Mont___ ___ 1929 John S. Owen Eau Claire, Wis 1930 Class C: Geo. W. McCormick Menominee, Mich 1928 John R. Mitchell Minneapolis, Minn _ 1929 Homer P. Clark St. Paul, Minn 1930 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

324 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD DISTRICT NO. 9—FEDERAL RESERVE BANK OF MINNEAPOLIS—Continued HELENA BRANCH R. E. TOWLE, Managing Director Term Director Residence expires Dec. 31 R. E. Towle Helena, Mont 1928 C. J. Kelly Butte, Mont 1928 R. 0. Kaufman._. Helena, Mont 1928 Henry Sieben do 1929 T. A. Marlow do 1929 DISTRICT NO. 10—FEDERAL RESERVE BANK OF KANSAS CITY M. L. MCCLURE, Chairman and Federal Reserve Agent. WM. L. PETRIKIN, Deputy Chairman. W. J. BAILEY, Governor Class A: Frank W. Sponable. Paola, Kans 1928 E. E. Mullaney Hill City, Kans 1929 C. C. Parks... Denver, Colo 1930 Class B: J. M. Bernardin Kansas City, Mo 1928 L. E. Phillips Bartlesville, Okla 1929 Thos. C. Byrne Omaha, Nebr 1930 Class C: Wm. L. Petrikin Denver, Colo 1928 M. L. McClure Kansas City, Mo 1929 E. M. Brass Grand Island, Nebr.. 1930 DENVER BRANCH J. E. OLSON, Managing Director J. E. Olson .. _ Denver, Colo __ __ _ 1928 Murdo MacKenzie _ . _ . . do 1928 Harry W Farr Greeley, Colo 1928 R H Davis Denver, Colo 1929 Henry Swan . _ do i 1929 Merritt W. Gano do 1930 Harold Kountze do 1930 OMAHA BRANCH L. H. EARHART, Managing Director L. H. Earhart... Omaha, Nebr. 1928 Wm. Diesing.._. .do_. 1928 A. H. Marble— Cheyenne, Wyo 1928 Wm. E. Hardy . Lincoln, Nebr 1929 T. L. Davis Omaha, Nebr 1929 W. W. Magee— Bennington, Nebr 1930 R. O. Marnell— Nebraska City, Nebr. 1930 OKLAHOMA CITY BRANCH C. E. DANIEL, Managing Director C. E. Daniel Oklahoma City, Okla. 1928 W. F. Nichols.... Tulsa, Okla 1928 Ned Holman Guthrie, Okla.. 1928 Austin Miller Oklahoma City, Okla,. 1929 Walter Ferguson.. do 1929 E. J. Murphy Clinton, Okla 1930 William Mee Oklahoma City, Okla_. 1930 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

325 GOVERNORS AND DIRECTORS DISTRICT NO. 11-FEDERAL RESERVE BANK OF DALLAS C. C. WALSH, Chairman and Federal Reserve Agent. CLARENCE E. LINZ, Deputy Chairman. LYNN P. TALLEY, Governor Term Director Residence expires Dec. 31 Class A: W. H. Patrick.. Clarendon, Tex 1928 Howell E. Smith McKinney, Tex .__ 1929 J. H. Frost San Antonio, Tex 1930 Class B: J. H. Nail Fort Worth, Tex 1928 J. J. Culbertson... Paris, Tex 1929 J R. Milan Waco, Tex _ _ _ 1930 Class C: C. C. Walsh Dallas, Tex 1928 Clarence E. Linz do 1929 S B Perkins do 1930 EL PASO BRANCH W. O. FORD, Managing Director W 0 Ford El Paso, Tex. 1928 CM. Newman. .do 1928 E M Hurd do 1928 A. P. Coles. .. .do _ _ _. 1929 E A Cahoon Roswell, N. Mex 1929 A. J. Crawford.. Carlsbad, N. Mex 1930 Oeo. D. Flory El Paso, Tex.. .. 1930 HOUSTON BRANCH D. P. REORDAN, Managing Director D. P. Reordan Houston, Tex 1928 R. M. Farrar _ _ do 1928 Guv M. Bryan ...do.. 1928 J Cooke Wilson Beaumont, Tex.. 1929 E. F. Gossett... Houston, Tex .. _ _ _ _ 1929 E A Peden do.... 1930 Fred W. Catterall Galveston, Tex 1930 SAN ANTONIO BRANCH M. CRUMP, Managing Director M. Crump San Antonio, Tex. 1928 Reagan Houston. do 1928 Ernest Steves .do.. 1928 H. H. Rogers .do.. 1929 Franz C. Groos.. .do.. 1929 F. E. Scobey.. .do.. 1930 R. T. Hunnicutt _. J Del Rio, Tex.. 1930 DISTRICT NO. 12—FEDERAL RESERVE BANK OF SAN FRANCISCO ISAAC B. NEWTON, Chairman and Federal Reserve Agent. WALTON N. MOORE, Deputy Chairman. J. U. CALKINS, Governor Class A: C K. Mclntosh San Francisco, Calif 1928 T. H. Ramsay.. Red Bluff, Calif... 1929 Turlock, Calif... 1930 Class B: E H. Cox ... Madera, Calif 1928 A. B. C. Dohrmann San Francisco, Calif... 1929 Wm. T. Sesnon Soquel, Calif 1930 Class C: Wm. Sproule. San Francisco, Calif... 1928 Isaac B. Newton _ do 1929 Walton N. Moore.. do 1930 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

326 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD DISTRICT NO. 12—FEDERAL RESERVE BANK OF SAN FRANCISCO—Continued PORTLAND BRANCH R. B. WEST, Managing Director ' Term Director Residence I expires I Dec. 31 R. B. West Portland, Oreg 1928 Edward C. Pease. The Dalles, Oreg.. 1928 John F. Daly Portland, Oreg 1928 Nathan Strauss .do., 1929 J. C. Ainsworth.... .do.. 1929 SEATTLE BRANCH C. R. SHAW, Managing Director C R Shaw Seattle, Wash 1923 Henry A. Rhodes. Tacoma, Wash.. 1928 M F. Backus Seattle, Wash 1928 Chas. H. Clarke do—. 1929 M. A. Arnold do 1929 SPOKANE BRANCH D. L. DAVIS, Managing Director D. L. Davis... Spokane, Wash .. 1928 Peter McGregor ... Hooper, Wash 1928 R. L. Rutter.. Spokane, Wash 1928 G. I. Toevs.._ do 1929 C. E. McBroom .do.... 1929 SALT LAKE CITY BRANCH W. L. PARTNER, Managing Director W. L. Partner Salt Lake City, Utah. 1928 F. J. Hagenbarth... Spencer, Idaho 1928 L. H. Farnsworth... Salt Lake City, Utah. 1928 Lafayette Hanchett. do 1929 Charles H. Barton.. Ogden, Utah 1929 LOS ANGELES BRANCH W. M. HALE, Managing Director W. M. Hale Los Angeles, Calif.. 1928 J. B. Alexander do 1928 Henry M. Robinson. .do.. 192S W. L. Valentine Fullerton, Calif 1929 J. F. Sartori Los Angeles, Calif.. 1929 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SALARIES OF OFFICERS AND EMPLOYEES OF FEDERAL RESERVE BANKS ALL FEDERAL RESERVE BANKS AND BRANCHES COMBINED Number ; Annual salaries Officers and employees 1927 1926 I 1927 I 1926 Officers: Chairman and Federal reserve agent 12 12 $276,000 $266,000 Governor ._ 12 12 332, 500 339,000 Other officers 241 243 1,854,850 1,817,870 Employees by departments: Banking department 8,991. 08 9, 027. 74 12,839, 794 12,660,404 Federal reserve agent's department„ 291. 88 279. 88 693, 962 638, 405 Auditing department 197 193 439, 298 417,114 Fiscal agency department 363.04 309.38 622,061 568, 815 Total 10,108 10, 077 17, 058, 465 16, 707,6 FEDERAL RESERVE BANK OF BOSTON Officers: Chairman and Federal reserve agent $20,000 $20,000 Governor 25,000 25,000 Other officers 73,000 71,500 Employees by departments: Banking department 636 639 846, 232 863,182 Federal reserve agent's department.. 29 29 68,450 67, 070 Auditing department 10 23,380 20,880 Fiscal agency department 23 22 45,120 43, 560 Total. 708 1,101,182 1, 111, 192 FEDERAL RESERVE BANK OF NEW YORK (INCLUDING BUFFALO BRANCH) Officers: Chairman and Federal reserve agent 1 1 $50,000 $40, 000 Governor 1 1 50,000 50,000 Other officers 28 28 381, 700 378,400 Employees by departments: Banking department 2,244 2,247 3,389,916 3,313,504 Federal reserve agent's department.. 67 58 154,490 132,810 Auditing department 41 43 99,590 99,880 Fiscal agency department 47 91, 320 136,610 Total 2,429 2,446 4,217,016 4,151, 204 FEDERAL RESERVE BANK OF PHILADELPHIA Officers: Chairman and Federal reserve agent. 1 1 $20,000 $20,000 Governor.. _ 1 1 25,000 25, 000 Other officers 10 10 88, 500 86, 500 Employees by departments: Banking department 635 673 878,316 895,470 Federal reserve agent's department.. 30 30 69, 774 64, 232 Auditing department 25 25 52,710 52, 534 Fiscal agency department 27 18 39, 290 29, 770 Total 729 758 1,173, 590 1,173,506 110390—28 327 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

328 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD FEDERAL RESERVE BANK OF CLEVELAND (INCLUDING CINCINNATI AND PITTSBURGH BRANCHES) Number Annual salaries Officers and employees 1927 1926 1927 1926 Officers: Chairman and Federal reserve agent 1 1 $18,000 $18, 000 Governor 1 1 30,000 30,000 Other officers _ 21 24 173,100 173,400 Employees by departments: Banking department. 838 857 1,216,313 1, 216,831 Federal reserve agent's department.. 28 26 66, 768 61,382 Auditing department 22 20 57, 238 49,380 Fiscal agency department. 45 25 76, 359 47, 293 Total 956 954 1, 637, 778 1,596,286 FEDERAL RESERVE BANK OF RICHMOND (INCLUDING BALTIMORE AND CHARLOTTE BRANCHES) Officers: Chairman and Federal reserve agent 1 1 $20. 000 $20, 000 Governor. 1 1 25. 000 25,000 Other officers... - 17 16 125, 900 121, 800 Employees by departments: Banking department 505 490 657,980 635,956 Federal reserve agent's department- 9 9 23, 640 22, 290 Auditing department _ _ 7 7 15, 780 14, 820 Fiscal agency department 14 17 18, 210 24, 870 Total 554 541 6, 510 864, 736 FEDERAL RESERVE BANK OF ATLANTA (INCLUDING BIRMINGHAM, JACKSONVILLE, NASHVILLE, NEW ORLEANS BRANCHES AND SAVANNAH AGENCY) Officers: Chairman and Federal reserve agent 1 1 $20, 000 $20, 000 Governor 1 1 25, 000 25, 000 Other offi cers 27 25 153, 700 130, 780 Employees by departments: Banking department 366. 61 376. 29 448, 598 445, 564 Federal reserve agent's department.. 6.88 8.88 17, 990 21, 670 Auditing department 9 9 21, 000 20,440 Fiscal agency department 9.51 8.83 16, 740 14. 990 Total. -. 421 703, 028 678, 444 FEDERAL RESERVE BANK OF CHICAGO (INCLUDING DETROIT BRANCH) Officers: Chairman and Federal reserve agent 1 1 $24, 000 $24, 000 Governor 1 1 35, 000 35, 000 Other officers _ 30 31 241, 050 240, 850 Employees by departments: | Banking department _ I 1, 348 1,330 1, 977, 340 1, 889, 845 Federal reserve agent's department 39 42 93, 970 94, 400 Auditing department . 21 20 47,240 42, 560 Fiscal agency department.. 74 46 124,190 86, 880 Total j 1,514 1,471 2, 542, 790 2, 413, 535 FEDERAL RESERVE BANK OF ST. LOUIS (INCLUDING MEMPHIS, LOUISVILLE, AND LITTLE ROCK BRANCHES) Officers: Chairman and Federal reserve agent. 1 1 $20, 000 $20, 000 Governor __ 1 1 25, 000 25, 000 Other officers ._ 20 21 126, 600 126, 900 Employees by departments: Banking department _ 468 486 599, 755 624, 748 Federal reserve agent's department.. 14 14 35, 220 38,400 Auditing department 12 10 19,260 16,140 Fiscal agency department 25 25 43,300 44, 400 Total. 541 558 869,135 895, 588 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANK SALARIES 329 FEDERAL RESERVE BANK OF MINNEAPOLIS (INCLUDING HELENA BRANCH) Number Annual salaries Officers and employees 1927 1926 1927 1926 Officers: Chairman and Federal reserve agent 1 1 $20,000 $20,000 Governor _ „ 1 1 17, 500 25, 000 Other officers _ 13 15 74, 000 92, 000 Employees by departments: Banking department.. _ _ _ _ 286.47 293.45 391, 204 396, 618 Federal reserve agent's department 11 11 21, 060 21,200 Auditing department 11 9 22, 900 17, 600 Fiscal agency department- .>•.. 16.53 15.55 26,492 22,652 Total 340 346 573,156 595, 070 FEDERAL RESERVE BANK OF KANSAS CITY (INCLUDING DENVER, OKLAHOMA CITY, AND OMAHA BRANCHES) Officers: Chairman and Federal reserve agent - 1 1 $20,000 $20,000 Governor 1 1 25,000 25,000 Other officers 18 19 116,300 111, 380 Employees by departments: Banking department 514 506 744,920 733, 316 Federal reserve agent's department _ . 13 12 30, 500 25, 471 Auditing department 18 18 36,820 35,380 Fiscal agency department 41 23 66,400 42,190 Total 606 580 1,039, 940 992, 737 FEDERAL RESERVE BANK OF DALLAS (INCLUDING EL PASO, HOUSTON, AND SAN ANTONIO BRANCHES) Officers: Chairman and Federal reserve agent 1 1 $20,000 $20,000 Governor _ . . .. . . 1 1 25,000 24,000 Other officers. 18 16 106,200 93,460 Employees by departments: Banking department . 370 356 535, 720 499, 370 Federal reserve agent's department 16 16 38, 660 37, 280 Auditing department 14 15 28, 980 30, 640 Fiscal agency department... _ 18 18 35,700 34,620 Total 438 423 790 260 739,370 FEDERAL RESERVE BANK OF SAN FRANCISCO (INCLUDING LOS ANGELES, PORTLAND, SALT LAKE CITY, SEATTLE, AND SPOKANE BRANCHES) Officers: Chairman and Federal reserve agent._ _.u. 1 1 $24,000 $24,000 Governor 1 1 25,000 25,000 Other officers 31 30 194,800 190,900 Employees by departments: Banking department 780 774 1,153, 500 1146,000 Federal reserve agent's department - . 29 24 73,440 52, 200 Auditing department 7 8 14,400 . 16,860 Fiscal agency department 23 23 38, 940 40, 980 Total 872 861 1,524, 080 1495, 940 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 1,275 State bank and trust company active members of the Federal reserve system on December 31, 1927, with their loans, investments, deposits, capital, and surplus: [Figures of "loans" include overdrafts and rediscounts, also acceptances of other banks and foreign bills of exchange sold with indorsement] [In thousands of dollars] Loans Invest- Total Capital ! Surplus ments deposits DISTRICT NO. 1 CONNECTICUT Hartford—Phoenix State Bank & Trust Co. 25,968 1,320 30,314 1,600 1,600 New Britain—New Britain Trust Co 4,273 1,577 5, 364 700 500 South Manchester—Manchester Trust Co... 1,653 66 1, 862 200 100 Waterbury—Colonial Trust Co 6,878 1, 931 7,680 500 1,500 MAINE Ellsworth—Union Trust Co._ 1, OSS 1,373 3,165 100 100 Portland—Fidelity Trust Co. 10, 479 7, 570 19, 714 400 400 Sanford—.Sanford Trust Co... i, 296 900 2,145 100 50 MASSACHUSETTS Arlington—Menotomy Trust Co 3,316 446 3,870 200 | 200 Boston— American Trust Co 24, 236 3,692 32, 754 1, 500 | 2,000 Bank of Commerce & Trust Co G, 147 982 6,816 750 ! 233 Beacon Trust Co 25,467 539 28,139 1,500 2,000 Exchange Trust Co 12,969 5,431 17,866 1,250 1,250 Liberty Trust Co 10, 458 1,447 12,047 750 750 New England Trust Co 19,197 3,159 30, 324 1,000 2,000 Old Colony Trust Co 145, 508 45, 617 190, 284 15, 000 11,000 State Street Trust Co 52, 972 4,664 62, 290 3,000 3,500 United States Trust Co 9,912 11,257 20, 265 2,000 1,500 Cambridge- Harvard Trust Co 14,715 3,609 18,929 750 550 Inman Trust Co 2,863 907 3,668 200 150 Fall River—B. M. C. Durfee Trust Co 5,652 1,795 5,067 800 400 Gloucester—Gloucester Safe Deposit & Trust Co 4,319 850 5,413 200 200 Greenfield—Franklin County Trust Co 3,923 715 4,322 200 100 Holyoke—Hadley Falls Trust Co 8,426 2,827 11,671 500 250 Lawrence—Merchants Trust Co 5,822 1,592 8,441 300 300 Lynn—Security Trust Co 6,873 1,302 8,326 200 300 Newton—Newton Trust Co 10, 586 5,733 15,101 750 750 Norwood—Norwood Trust Co 3,061 2,166 5,269 200 150 Quincy—Quincy Trust Co 4,041 1,151 5,010 200 100 Salem—Naumkeag Trust Co 3,723 2,359 6,488 250 250 Waltham—Waltham Trust Co 5,941 2,026 7, 552 300 300 Winchester—Winchester Trust Co 1,019 1,150 2,204 100 100 Worcester—Worcester Bank & Trust Co 21, 725 11, 509 36, 708 1,500 1,500 NEW HAMPSHIRE Conway—Carroll County Trust Co__ 793 367 1,120 75 24 RHODE INLAND Providence- Columbus Exchange Bank 1,855 1,186 3,038 200 80 Industrial Trust Co 76,611 69, 046 147, 392 4,000 7,500 Rhode Island Hospital Trust Co_ 58, 024 44,997 103, 386 3,000 5,000 Union Trust Co 17, 553 7,153 25, 753 1,000 750 330 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

331 STATE BANK MEMBERSHIP [In thousands of dollars] DISTRICT NO. 2 NEW JERSEY (See also District No. 3) Asbury Park—Seacoast Co Bayonne—Bayonne Trust Co Bloomfield— Bloomfield Trust Co Community Trust Co Watsessing Bank Bogota—Bank of Bogota. Boonton—Boonton Trust Co Carteret—Carteret Trust Co Cranford—Cranford Trust Co Dunellen—People's Trust Co. East Orange- East Orange Bank. East Orange Trust Co. Savings Investment & Trust Co. Elizabeth- Central Home Trust Co Elizabethport Banking Co Fort Lee—Fort Lee Trust Co. Franklin—Sussex County Trust Co Glen Ridge—Glen Ridge Trust Co Hackensack—Peoples Trust & Guaranty Co. Hasbrouck Heights—Bank of Hasbrouck Heights. Hoboken—Jefferson Trust Co Jersey City— Claremont Bank Commercial Trust Co. of New Jersey New Jersey Title Guarantee & Trust Co Linden—Linden Trust Co. Montclair— Bank of Montclair.. Montclair Trust Co Morristown—Morristown Trust Co Newark- Clinton Trust Co 6,520 Columbus Trust Co 917 Federal Trust Co 27, 456 Fidelity Union Trust Co 77, 729 Guardian Trust Co. of New Jersey 20,085 i Merchants & Newark Trust Co 20, 212 Mutual Bank of Roseville 3,038 United States Trust Co. of Newark 4,225 | Weequahic Trust Co 2,398 Nutley—Bank of Nutley 2,222 Orange—Trust Co; of Orange. 2,122 Palisades Park—Morsemere Trust Co 308 Passaic—Peoples Bank & Trust Co. 6,672 Paterson—Hamilton Trust Co. ,612 Perth Amboy— Perth Amboy Trust Co. Raritan Trust Co... Plainfield— Mid-City Trust Co. Plainfield Trust Co. Title Guaranty & Trust Co. Rahway—Rahway Trust Co Ridgefield Park— Overpeck Trust Co. Ridgefield Park Trust Co Ridgewood—Ridgewood Trust Co. Rutherford—Rutherford Trust Co. Union City and Hoboken—Hudson Trust Co Westfield— Peoples Bank & Trust Co. Westfield Trust Co West Orange—West Orange Trust Co Westwood—Westwood Trust Co NEW YORK Adams—Citizens Trust Co Albany—First Trust Co. Albion—Orleans County Trust Co Amsterdam—Montgomery County Trust Co Arona—Bank of Arona Batavia—Bank of Genesee. Belmont—State Bank of Belmont Binghamton—Peoples Trust Co Digitized forB FlaRsdAelSl—EBRa nk of Blasdell http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

332 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD [In thousands of dollars] Loans I m nv e e n s t t s - de T p o o t s a i l ts Capital Surplus. DISTRICT NO. 2—Continued NEW YORK—continued Brooklyn- Bank of Coney Island 1,768 2,278 4,411 200 10O Brooklyn Trust Co ... _... 39, 420 23, 005 66, 694 2,000 3,500 Erasmus State Bank 1,220 176 1,504 200 50 Globe Exchange Bank 3,506 447 4,327 400 120 Mechanics Bank _ .. .. 38, 958 14, 684 55, 224 3,000 4,700 Midwood Trust Co 8,751 1,446 11, 323 1,000 450 Municipal Bank 29, 739 9,099 39, 805 2,590 1, 240 Buffalo- Liberty Bank 55,041 27, 374 73, 588 3,500 5,000 Manufacturers & Traders-Peoples Trust Co 84,120 26, 263 123, 071 4,000 4,000 Marine Trust Co 151,194 63, 487 212, 897 10,000 10, 000 Canisteo—First State Bank 408 150 533 50 39 Chatham—State Bank 762 1,745 2,361 100 100 Cohocton—Cohocton State Bank 361 122 557 50 25 Depew—Bank of Depew 765 824 1,440 100 50 Dunkirk—Dunkirk Trust Co . . _ 1,357 956 2,068 250 125 East Aurora—Bank of East Aurora 2,341 613 2,790 150 60 Elmira—Chemung Canal Trust Co 5,202 4,939 9, 545 600 600 Endicott—State Bank of Endicott 2,306 1,701 4,209 100 100 Farmingdale—Bank of Farmingdale 573 490 1,073 50 40 Floral Park—Floral Park Bank _ 1,228 1,758 3,016 100 50 Fredonia—Citizens Trust Co 1,101 1,112 1, 988 200 100 Geneva—Geneva Trust Co _ .._ 2,876 1,820 4,913 250 200 Gloversville—Trust Co. of Fulton Countv 1,631 341 1,852 350 250 Hamburg—Peoples Bank of Hamburg 1,786 738 2,417 100 170 Hammondsport—-Bank of Hammondsport - 745 487 1,158 50 50 Hicks ville—Bank of Hicksville . 1,884 1,510 3,285 100 200 Ithaca—Ithaca Trust Co 3,707 3,115 6,953 300 300 Johnson City—Workers Trust Co 2,152 2,810 4, 7G1 200 200 Katonah—Northern Westchester Bank.. 164 1,040 1, 203 50 25 Kingston—Kingston Trust Co 2,749 3,857 6, 362 250 450 Lackawanna—American Bank. 748 772 1,497 100 50 Little Falls—Herkimer County Trust Co 2,773 3,294 5,343 350 350 Lowville—Lewis Countv Trust Co 1, 363 891 2,380 200 100 Malone—Peoples Trust Co 3,018 1, 339 4, 128 300 100 Middleport—Community Trust Co 498 209 605 100 25 Millbrook—Bank of Millbrook __ 479 1, 517 1,995 50 50 Mineola—Nassau County Trust Co 1,558 3,121 4,625 150 150 Mount Kisco—Trust Co. of Northern Westchester-_ 510 148 621 100 15 New York— Amalgamated Bank 4,257 3,708 8,295 500 250 American Exchange Irving Trust Co .._ 407, 261 104, 925 619,673 32, 000 20, 000 American Trust Co 41,147 11,913 55, 307 4,000 2, 250 American Union Bank 12, 270 816 13, 236 2,0C0 1,000 Bankers Trust Co 327, 571 120,349 509,794 20, 000 20, 000 Bank of America 88, 847 5, 963 167,119 6,500 5,000 Bank of Europe Trust Co 8,501 7,247 15, 075 1,000 500 Bank of Manhattan Co __ __. . ._ 152, 837 34, 702 216, 577 12. 500 12, 500 Bank of New York & Trust Co 50, 996 33,410 91,088 6, 000 8,000 Bank of United States . ._ ._ ... __ 65, 053 17,413 94,710 5, 000 3.000 Bank of Yorktown 4,040 619 3, 984 1,000 250 Central Mercantile Bank & Trust Co 38, 798 7,804 54,111 3, 500 2, 500 Central Union Trust Co 238, 544 60, 079 311,403 12, 500 30,000 Continental Bank 6,550 1,747 8,335 1,000 1,000 Corn Exchange Bank . . 98,825 90, 267 223,379 11,000 11,000 Equitable Trust Co 313 523 54,109 372, 635 30, 000 20, 000 Farmers' Loan & Trust Co _. _. . 100, 880 41,984 151, 068 10. 000 10, 000 Federation Bank & Trust Co 13,106 4,817 18, 746 750 750 Fidelity Trust Co ... •_ 31,326 16, 455 52, 575 4,000 2,500 Fifth Avenue Bank 19, 925 7,062 28, 524 500 2,000 Fulton Trust Co _. . . 12,514 3,179 17, 005 1,000 500 Guaranty Trust Co 465, 487 65,933 631,998 30,000 30,000 International Acceptance Securities & Trust Co. 3,748 7,072 11,061 500 500 International Union Bank 2,943 591 3,777 250 236 Interstate Trust Co 18, 325 7,169 26,915 3,800 1,200 Longacre Bank 6,871 1,072 7,853 1,000 600 Manufacturers Trust Co 173, 420 69,322 244, 030 15, 250 20, 000 Murray Hill Trust Co __ 6, 055 1,666 6,730 1,000 1,000 New Netherland Bank 11, 469 1,749 14, 373 600 600 New York Trust Co 187, 607 32, 829 255, 822 10,000 10, 000 Pacific Coast Trust Co 5,843 1,419 13,058 1,000 250 Times Square Trust Co 5, 685 2,214 5,785 2,000 500 Trade Bank of New York 4,179 1,341 5,753 500 250 United States Mortgage & Trust Co _ ._ 53, 870 15,093 81,182 3,000 4,500 United States Trust Co 62, 844 16, 700 66, 648 2,000 20, 000 Niagara Falls—Power City Bank _. 11,863 7,316 19,956 1,000 750 Nyack—Rockland County Trust Co 2,386 1,597 3,928 100 100 Olean—Olean Trust Co 1,009 391 1,305 100 50 Digitized forO FneRidAaS—EMRa dison County Trust & Deposit Co 2,157 1,193 3,577 200 120 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATE BANK MEMBERSHIP 333 [In thousands of dollars] Loans I m nv e e n s ts t- de T p o o t s a i l ts Surplus DISTRICT NO. 2—Continued NEW YORK—continued Orchard Park—Bank of Orchard Park 670 513 1,147 60 60 Oriskany Falls—First Trust & Deposit Co 407 621 924 100 20 Pearl River—State Bank of Pearl River 151 223 338 50 14 Perry—Citizens Bank of Perry 916 363 1,342 50 100 Pleasantville—Mount Pleasant Bank & Trust Co... 2,889 510 3,434 200 100 Port Chester—Mutual Trust Co. of Westchester County 3,544 662 4,341 300 200 Rochester—Lincoln Alliance B ank 41, 232 6,808 57, 630 2,000 2,000 Rome—Rome Trust Co... _ 3,357 2,106 5,685 300 150 Schenectady—Schenectady Trust Co 13,174 5,249 18, 607 500 500 Smithtown Branch—Bank of Smithtown 718 545 1,239 50 25 Spring Valley—Ramapo Trust Co 845 496 1,234 100 35 Stony Brook—Bank of Suffolk County 564 223 769 50 25 Syracuse- City Bank Trust Co 27,121 3,109 31, 886 2,500 1,000 First Trust & Deposit Co 30,134 23,133 54, 239 2,500 2,000 Syracuse Trust Co 22,805 16, 629 40,176 1,500 750 Utica— Citizens Trust Co. of Utica 13,577 4,078 18, 062 1,000 1, 000 First Bank and Trust Co. of Utica 15, 034 7,661 21, 738 1,500 1,500 Utica Trust & Deposit Co 9,177 5,534 15,359 1,000 700 Warsaw—Trust Co. of Wyoming County 728 349 1,040 100 50 Watertown—Northern New York Trust Co 7,711 2,400 10, 042 400 400 Westbury—Bank of Westbury 905 816 1,857 100 50 White Plains—County Trust Co 8,281 1,339 10, 354 300 700 Williams ville—Amherst Bank 973 809 1,402 100 30 DISTRICT NO. 3 DELAWARE Milford—Milford Trust Co 1,154 447 1,463 100 200 Wilmington— Equitable Trust Co 6,277 3,440 7,103 1,500 2,100 Security Trust Co 4,566 5,078 8,227 1,000 1,100 Wilmington Trust Co 18, 030 2, 697 19, 457 2,000 1,500 NEW JERSEY (See also District No. 2) Atlantic City- Atlantic Safe Deposit & Trust Co 5,039 1,617 6, 669 300 600 Bankers Trust Co 2,731 664 4,040 100 150 Equitable Trust Co 2,990 1,101 4,159 200 300 Burlington—Burlington City Loan & Trust Co 960 1,505 2,084 100 250 Camden—Camden Safe Deposit & Trust Co 11,259 9,694 20, 093 850 2,000 Gloucester City—Gloucester City Trust Co 693 398 1,122 100 65 Hightstown—Hightstown Trust Co 846 191 944 100 50 Princeton—Princeton Bank & Trust Co 3,173 869 4, 173 300 250 Riverside—Riverside Trust Co 1,718 288 2, 588 100 175 Swedesboro—Swedesboro Trust Co 604 371 894 100 40 PENNSYLVANIA (See also District No. 4) Allentown— Dime Savings & Trust Co 1,647 513 1,544 431 346 Liberty Trust Co 1,427 946 1, 596 500 500 Penn Trust Co 2,276 1,038 3,028 394 435 Bloomsburg—Bloomsburg Bank-Columbia Trust Co 1,892 1,011 2,880 375 125 Carlisle—Carlisle Trust Co 1,719 876 2,322 200 250 Chester—Cambridge Trust Co 4,801 2,851 6,649 500 1,000 Danville—Montour County Trust Co 302 280 590 125 25 Du Bois—Union Banking & Trust Co 1,169 1,378 2,049 250 600 Easton—Easton Trust Co 5,034 2,895 7,734 250 1,000 East Petersburg—East Petersburg State Bank 153 59 151 50 25 Egypt—Farmers Bank of Egypt 403 371 732 60 60 Frackville—Peoples Trust Co. of Frackville 394 186 544 125 65 Glenside—Glenside Bank & Trust Co 2,633 548 2,833 300 150 Harrisburg— Central Trust Co... 2,815 1,459 3,734 400 600 Dauphin Deposit Trust Co 2,630 1,958 4,784 300 600 Hazleton— American Bank & Trust Co 3, 583 1,487 5,091 400 500 Markle Banking & Trust Co 2,923 4,142 6,587 600 1,200 Peoples Savings & Trust Co 2,067 4,543 250 400 Honesdale—Wayne County Savings Bank __ 1,637 3,967 200 800 Houtzdale—Houtzdale Trust Co , _._ 380 737 985 125 80 Huntingdon—Grange Trust Co 762 390 1,186 125 75 Digitized forJ eFnRkiAnStoEwRn— Jenkintown Bank & Trust Co 4,989 4,824 8,730 250 1,000 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

334 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD [In thousands of dollars] Loans I m nv e e n s t t s - de T p o o t s a i l ts j Capital Surplus DISTRICT NO. 3—Continued PENNSYLVANIA—continued Kulpmont—Dime Deposit Bank & Trust Co 518 306 662 125 115 Lemoyne—Lemoyne Trust Co___ _ 987 443 1,085 200 200 Lewistown—Lewistown Trust Co 807 199 706 125 75 Lock Haven—Lock Haven Trust Co... ... 1,803 1,189 2,828 250 400 Luzerne—Merchants & Miners State Bank 320 74 449 50 5 Lykens—Miners Deposit Bank & Trust Co 857 581 1,266 135 115 Mahanoy City—Merchants Banking Trust Co 1,194 417 1,364 200 250 Mechanicsburg—First Bank & Trust Co 1,150 1,175 1,448 250 250 Middletown—Citizens Bank & Trust Co. of Middletown 640 ! 163 I 632 125 75 Mill Hall—Mill Hall State Bank 137 j 152 i 308 35 10 Myerstown—Myerstown Trust Co 605 I 422 827 125 125 Nanticoke— Miners Trust Co 1,500 1,066 I 2,646 i 125 175 Peoples Savings & Trust Co 363 529 ! 814 | 180 20 New Oxford—Farmers & Merchants Bank 413 411 744 ! 50 100 Norristown— Montgomery Trust Co 3,417 3, 254 5.589 | 1,000 1,000 Norristown-Penn Trust Co 6, 5-6 3,386 8,869 1,000 1,000 Olyphant—Olyphant Bank 1, 675J 1,467 3,029 100 300 Orrstown— Orrstown Bank 170 63 223 25 25 Paoli—Paoli Bank & Trust Co 292 289 408 ! 125 Philadelphia— Aldine Trust Co 4,769 927 3,939 ' 1,000 1,000 Bank of North America & Trust Co 36, 208 19, 576 51, 356 5, 000 5,000 Colonial Trust Co 24, 019 9,278 34, 992 1,875 1,400 Federal Trust Co 2,816 3,379 5,940 200 400 Fidelity-Philadelphia Trust Co. 59,243 54, 554 91,741 6,700 21, 000 Girard Trust Co __. 24, 035 48, 527 62,911 3, 000 10, 000 Ninth Bank & Trust Co 10, 723 7,415 17,149 1,000 1,750 Northeast-Tacony Bank & Trust Co 1,177 698 1,585 250 150 Oxford Bank & Trust Co. 4,181 3,228 7,475 500 500 Pennsylvania Co. for Insurances on Lives and Granting Annuities 54, 838 30, 869 93, 877 4,000 15, 000 Provident Trust Co. of Philadelphia 14,777 21,121 17,413 3,193 5, 000 West Philadelphia Title & Trust Co 4, 956 4,220 9,308 500 900 Port Carbon—Port Carbon State Bank 190 287 491 50 19 Quakertown—Quakertown Trust Co 581 627 1,049 125 250 Reading- Berks County Trust Co.. 5,884 1, 852 6,637 1,000 1, 250 Northeastern Trust Co 2,368 959 2,909 571 400 Schnecksville—Schnecksville State Bank 40 118 157 25 Schuylkill Haven—Schuylkill Haven Trust Co 1,259 845 1, 902 125 Scranton— j Dollar State Bank & Trust Co 592 | 577 904 200 110 Peoples Savings & Dime Bank & Trust Co 11,942 i 2.848 15, 182 1,000 1,000 Shamokin— Dime Trust & Safe Deposit Co 1,367 I 644 1,966 125 275 Shamokin Banking & Trust Co 557 I 595 1,012 125 125 Tamaqua—Peoples Trust Co. of Tamaqua 798 387 1,149 125 125 Temple—Temple State Bank 49 242 230 75 15 Wilkes-Barre— I Dime Bank Title & Trust Co 4 581 4,028 I 400 600 Union Savings Bank & Trust Co 1,371 1,173 2,059 I 500 375 Wilkes-Barre Deposit & Savings Bank 2,672 2,716 5,204 j 300 700 Williamspqrt— I Lycoming Trust Co 8,816 4,447 13,224 ! 2,000 500 Susquehanna Trust Co 4,246 1,405 5,020 500 700 Williamstown—Williams Valley Bank 615 370 864 50 75 Wyomissing—Peoples Trust Co 1,843 1,216 2,489 500 350 York- Citizens' Savings & Trust Co 2,151 907 2,678 500 275 Guardian Trust Co 2,583 1, 477 3,514 500 600 North York'State Bank 111 206 338 40 15 York Trust Co 3,339 1,062 3, 819 500 700 DISTRICT NO. 4 KENTUCKY (See also District No. i Lexington—Security Trust Co 1,619 933 2,816 500 150 Richmond—State Bank & Trust Co. 1,115 53 1,081 150 55 OHIO Akron- Central Savings & Trust Co 13, 592 1,549 17, 618 1,000 500 Depositors Savings & Trust Co 6,765 1,468 9,436 500 513 Firestone Park Trust & Savings Bank- 3,334 1,759 5,701 200 200 Digitized for FRFAirSstE TRru st & Savings Bank 22,187 8,211 30,513 | 1,500 1,500 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

335 STATE BANK MEMBERSHIP [In thousands of dollars] Invest- Total Loans ments •sits Capital Surplus DISTRICT NO. 4—Continued OHIO—continued Alliance—City Savings Bank & Trust Co 2, 594 1,051 4,297 250 125 Antwerp—Antwerp Exchange Bank Co 293 135 493 25 9 Apple Creek—Apple Creek Banking Co 162 20 157 25 17 Atwater—At water Savings Bank 202 92 348 25 13 Barberton—Peoples Savings & Banking Co 1,628 311 2,482 100 75 Bellefontaine—Peoples-Commercial Bank 1,079 182 1,317 125 31 Belleyue—Wright Banking Co _ _. 749 363 1,224 50 50 Bowling Green—State Bank 580 99 592 100 21 Canton—Dime Savings Bank Co 4,234 2,788 7,355 500 250 Chagrin Falls—Chagrin Falls Banking Co 2,054 2,848 100 100 Cincinnati— Brighton Bank & Trust Co 9,830 4,418 16,195 500 250 Central Trust Co 28, 538 9,317 41, 044 4,000 3, 650 Fifth Third Union Trust Co 61,842 23, 236 83, 040 5,000 5,000 Pearl Market Bank & Trust Co 8,111 2,497 10, 731 500 500 Provident Savings Bank & Trust Co 20, 604 7, 587 34, 878 1,620 1,620 Western Bank & Trust Co 12, 939 3,285 10,926 1,000 1,000 Cleveland- Cleveland Trust Co 171,170 28, 540 217, 661 10, 000 5,140 Guardian Trust Co 95, 648 33, 462 135, 306 4,000 6,000 Lake Erie Trust Co 5,602 1, 414 6,777 1,000 250 Midland Bank 20, 775 5,181 26, 223 2,000 1,000 Pearl Street Savings & Trust Co 22, 326 6,622 28, 989 1,500 1,100 Union Trust Co 219,577 55,808 i293, 544 22, 850 12,150 United Banking & Trust Co 19, 797 3,445 ! 24, 508 1,500 800 Columbiana—Union Banking Co .. 429 130 676 50 60 Columbus—Citizens Trust & Savings Bank 16, 375 5,937 26, 423 1,500 675 Conneaut— Citizens Banking & Trust Co 879 250 1, 117 125 18 Conneaut Mutual Loan & Trust Co 1, 909 1.000 2,983 125 125 Danville—Commercial & Savings Bank Co 309 19 341 25 29 Delphos—Peoples Bank 398 71 480 50 25 Delta—Peoples Savings Bank Co 468 198 623 25 39 Eldorado—Farmers State Bank 288 42 296 35 0 Geneva—Geneva Savings Bank Co 980 310 1, 334 100 100 Gibsonburg— Gibsonburg Banking Co 678 120 738 50 29 Home Banking Co 530 133 719 25 25 Hillsboro—Hillsboro Bank & Savings Co 405 160 553 ! 50 35 Hubbard—Hubbard Banking Co 712 178 951 I 50 50 Lima—First American Bank & Trust Co 2,501 284 3,069 i 400 114 Lodi—Lodi State Bank . 506 98 602 I 40 60 Lyons—Farmers State Bank of Lyons 184 19 213 25 4 Mansfield—Farmers Savings & Trust Co 1,859 521 2,316 200 250 Massillon—Ohio Merchants Trust Co 4,029 1, 345 5,284 1,000 277 McCutchenville—Farmers Bank 124 8 128 30 3 Metamora—Farmers & Merchants Bank Co 294 1 264 25 11 Middlefield—Middlefield Banking Co 437 75 585 25 30 Middletown—American Trust & Savings Bank 1,601 714 2,546 150 53 Milan—Farmers & Citizens Banking Co 326 263 690 25 15 Minerva— Minerva Banking Co 479 142 602 50 20 Minerva Savings & Trust Co 927 334 1,349 125 42 Minster—Minster State Bank 405 14 439 25 45 Napoleon—Napoleon State Bank 1,331 290 1,633 100 50 Newark—Newark Trust Co 3,443 227 3,985 200 200 New Philadelphia— Merchants State Bank 113 760 j 150 75 Ohio Savings & Trust Co 1,276 563 1.876 150 125 Newton Falls—First State Bank 1, 348 145 1,714 ! 125 50 Orryille—Orrville Savings Bank 570 213 726 50 52 Peninsula—Peninsula Banking Co 223 97 275 50 10 Portsmouth—Security Bank.. 2,378 328 2, 547 300 200 Rittman—Rittman Savings Bank 504 96 599 60 23 St. Clairsville—Dollar Savings Bank Co 514 188 629 50 45 St. Marys— American State Bank 383 62 494 50 25 Home Banking Co 705 357 1,244 100 37 Shelby—Citizens Bank 824 544 1,277 100 50 Shiloli—Shiloh Savings Bank Co 322 56 336 25 40 Steubenville— Steubenville Bank & Trust Co 3,656 761 4,258 650 Union Savings Bank & Trust Co _ 3,596 770 3,798 350 350 Toledo- Commerce Guardian Trust & Savings Bank 22, 429 2,690 27, 281 1,400 700 Commercial Savings Bank & Trust Co 9,869 3,620 14,866 200 600 Toledo Trust Co___ 34, 420 6,904 42, 568 5,000 ?, 000 Upper Sandusky—The Citizens Savings Bank 551 179 754 50 50 Vermilion—Erie County Banking Co_._ 474 163 726 50 22 Wakeman—Wakeman Bank Co 261 47 349 25 15 Digitized forW FaRrreAnS—EURn ion Savings & Trust Co 4,150 672 5,279 600 300 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

336 ANNUAL REPORT OF THE FEDERAL RESERVE BOx\RD [In thousands of dollars] Invest- Total ments deposits Capital j Surplus DISTRICT NO. 4—Continued OHIO—continued Wellington—First Wellington Bank 140 1,055 85 100 West Lafayette—West Lafayette Bank Co 657 120 816 100 Wooster—Commercial Banking & Trust Co 624 246 1,079 150 60 Youngstown— City Trust & Savings Bank 12, 464 1,605 13,174 1,000 1,150 Dollar Savings & Trust Co 19,333 608 19, 931 2,500 1,250 PENNSYLVANIA (See also District No. 3) Ambridge—Ambridge Savings & Trust Co 1,779 2,549 3,966 I 125 250 Beaver—Beaver Trust Co 1,409 405 1,454 300 175 Beaver Falls—Federal Title & Trust Co. of Beaver Falls 1,112 170 1,301 200 50 Bellevue—Bellevue Savings & Trust Co 1,267 1,256 2,429 125 235 Butler—Guaranty Trust Co. of Butler 3,424 1,805 4,649 500 600 East Pittsburgh—East Pittsburgh Savings & Trust Co . 1, 622 2,960 5,037 200 400 Erie—Security Savings & Trust Co 4,607 1,872 200 600 Greensburg— Merchants Trust Co. of Greensburg 2,697 1,019 3,372 300 325 Union Trust Co. of Greensburg 1,980 321 2,165 400 100 Meadville—Crawford County Trust Co 1,392 1,055 2,557 200 100 New Brighton—Beaver County Trust Co 1,124 348 1,083 400 250 New Castle—Lawrence Savings & Trust Co 2,253 2,588 4,784 300 500 Pittsburgh- Allegheny Trust Co 3,494 3,936 6,559 700 1, 000 City Deposit Bank 11,015 6,083 17, 416 500 1, 000 Colonial Trust Co 18, 061 10,476 26, 959 2,600 3,000 Commonwealth Trust Co. of Pittsburgh 9,540 6,022 13, 232 1,500 1, 500 Oakland Savings & Trust Co 3,241 3,312 6,066 300 400 Pittsburgh Trust Co 11,101 5,960 16, 276 2,000 2,000 Potter Title & Trust Co 6,046 2,617 500 700 The Union Trust Co. of Pittsburgh 92, 780 90, 993 129, 057 1,500 52,000 Washington—First Bank & Trust Co 4,725 1, 607 6,213 600 600 Windber—Windber Trust Co 1,906 1,899 3,286 250 500 Woodlawn—Woodlawn Trust Co 1,640 586 2,082 125 175 WEST VIRGINIA (See also District No. 5) Sistersville—First-Tyler Bank & Trust Co 1,757 1,929 200 100 Wheeling- Security Trust Co 2,893 1,256 3,638 300 300 Wheeling Bank & Trust Co 6,344 1,196 7,297 500 500 DISTRICT NO. 5 MARYLAND Baltimore— Baltimore Commercial Bank 6,933 3,478 12,185 1,000 350 Baltimore Trust Co 36, 779 14,186 53, 826 3,500 3,500 Maryland Trust Co 7,696 3,129 13, 080 1,000 750 Forest Hill—Forest Hill State Bank 176 105 292 25 25 Salisbury—Farmers & Merchants Bank 1,111 123 1,103 100 100 NORTH CAROLINA Belhaven—Farmers Bank 199 241 25 Charlotte- American Trust Co 12, 891 1,804 21, 246 1,200 800 Independence Trust Co 5,953 610 7, 160 1,000 500 Edenton—Bank of Edenton 938 58 962 100 100 Elizabeth City—Carolina Banking & Trust Co 905 24 1,004 125 5 Forest City—Farmers Bank & Trust Co 2,112 140 1,937 250 250 Tarboro—Farmers Banking & Trust Co 774 256 1,242 100 75 Washington—Bank of Washington 1,069 126 1,243 100 91 Winston-Salem—Wachovia Bank & Trust Co 29, 803 7,989 45, 618 2,500 2,000 SOUTH CAROLINA Bishopville—Peoples Bank 200 44 270 25 75 Charleston—Carolina Savings Bank 1,507 1,786 3,207 200 150 Cheraw—Bank of Cheraw 598 237 782 150 75 Chester—Commercial Bank 756 104 1,071 100 100 Darlington—Bank of Darlington. _. 490 118 678 100 Florence— Commercial & Savings Bank 1,222 372 2,107 125 50 Digitized for FRPAalSmEetRto Bank & Trust Co 422 131 614 100 23 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATE BANK MEMBERSHIP 337 [In thousands of dollars] Loans I m nv e e n s ts t- de T p o o t s a i l ts Capital Surplus DISTRICT NO. 5—Continued SOUTH CAROLINA—continued Hartsville—Bank of Hartsville 801 1, 045 75 43 Union—Nicholson Bank & Trust Co 955 803 1,821 200 200 Walterboro—Farmers & Merchants Bank 404 79 536 100 30 Westminster—Westminster Bank 413 58 536 100 25 'Woodruff—Bank of Woodruff 293 4 401 78 38 VIRGINIA I Blackstone—Citizens Bank & Trust Co 664 52 734 100 70 Chase City—Peoples Bank & Trust Co 781 45 823 100 40 Galax—Peoples State Bank (Inc.) 500 3 50 36 Kenbridge—Bank of Lunenburg (Inc.) 580 51 65 110 Norfolk —Citizens Bank of Norfolk 6, 723 564 5,918 1,000 500 Petersburg—Petersburg Savings & American Trust Co 4,436 750 250 Richmond— Bank of Commerce & Trusts 5,197 153 4,917 500 500 Savings Bank of Richmond 2,130 85 1, 868 200 400 State-Planters Bank & Trust Co 29,087 9,195 38,115 2,500 1,500 Union Bank & Federal Trust Co 4,206 629 4,141 750 500 Rural Retreat—Peoples Bank 168 2 143 35 4 Victoria—Bank of Victoria (Inc.) 289 20 364 30 WEST VIRGINIA (See also District No. 4) Berwind—Berwind Bank 1,051 247 100 100 Charleston— Kanawha Banking & Trust Co 3,014 1,072 3,214 500 250 Kanawha Valley Bank 8,010 2,355 10,138 1,000 1,200 Franklin— Farmers Bank of Pendleton 604 3 645 50 50 Franklin Bank 299 3 302 40 20 Grafton—Graf ton Banking & Trust Co 831 145 1,155 100 35 Harpers Ferry—Bank of Harpers Ferry 155 36 222 25 6 Hurricane—Putnam County Bank 542 29 518 50 50 Martinsburg— Peoples Trust Co 1, 385 144 1,532 200 103 Shenandoah Valley Bank & Trust Co 497 8 597 100 25 Moorefield—Hardy County Bank 134 2 119 50 3 Petersburg—Potomac Valley Bank 236 10 227 50 6 St. Marys—Pleasants County Bank 367 30 336 75 30 Salem—Merchants & Producers Bank 483 3 511 50 4 DISTRICT NO. 6 ALABAMA Birmingham- Birmingham Trust & Savings Co .. 16,852 1,656 22, 664 1,000 1,200 Southern Bank & Trust Co 1,973 55 1,607 500 55 Clayton—Bank of Commerce 219 20 266 50 28 Guin—Marion County Banking Co 307 14 447 25 Hartselle—Farmers & Merchants Bank 379 2 518 50 Hurtsboro—Farmers & Merchants Bank 126 6 157 31 30 Marion—Marion Central Bank 445 171 599 50 100 Monroeville—Monroe County Bank 568 323 797 100 50 Orrville—Orrville Bank & Trust Co 73 11 77 35 7 Roanoke— Merchants & Farmers Bank 382 13 418 75 15 Roanoke Banking Co 920 12 884 200 200 Samson—Farmers & Merchants Bank 289 30 251 60 20 Selma—Peoples Bank & Trust Co 941 37 932 100 100 Tuskegee—Macon County Bank 405 28 483 50 75 Wetumpka—Bank of Wetumpka 91 32 341 25 15 FLORIDA Lakeland—Central Bank & Trust Co 1,071 102 1,055 150 75 Lake Wales—Citizens Bank of Lake Wales 246 137 459 75 18 Leesburg—Leesburg State Bank 716 553 1,619 100 50 Marianna—Citizens State Bank 195 38 265 30 Miami—Southern Bank & Trust Co 3,139 1,347 5,138 100 ""166 Tallahassee—Exchange Bank 315 74 474 50 35 Tampa—Citizens Bank & Trust Co 12,484 3,393 18,885 1,000 1,000 Winter Park—Bank of Winter Park 516 205 940 60 20 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

338 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD [In thousands of dollars] Loans Invest- de T p o o t s a i l ts Capital Surplus DISTRICT NO. 6—Continued GEORGIA Atlanta— Atlanta Trust Co 4,230 733 6,199 1,500 300 Georgia Savings Bank & Trust Co 3,571 1,152 4,119 500 400 Trust Company of Georgia 7,746 2,938 7,063 2,000 1,000 Bainbridge—Citizens Bank & Trust Co 756 76 819 100 20 Brunswick—Brunswick Bank & Trust Co 1,101 385 1,902 230 101 Camilla—Bank of Camilla _ 177 13 246 50 Carrollton—The Peoples Bank 286 5 516 60 30 Claxton—Citizens Bank of Claxton 126 1 129 30 6 Commerce—Northeastern Banking Co 216 110 566 100 65 Cordele—Exchange Bank 745 6 643 100 100 Dawson—Bank of Dawson _. 450 30 395 1"00I 50 Douglasville—Douglasville Banking Co 414 4 420 25- Eastman- Bank of Eastman _. 195 55 227 11 Citizens Banking Co 532 522 60 20 Eatonton— loo j Farmers & Merchants Bank... 47 52 25 Middle Georgia Bank _ 164 213 50 Forsyth—Monroe County Bank 202 218 25 25 Graymont—Bank of Graymont. 52 54 25 _ Greenville— Greenville Banking Co _ 353 325 65 58 Peoples Bank 159 118 30 28 Hoschton—Bank of Hoschton 33 1 54 30 12 Jackson—Jackson Banking Co 199 70 189 100 20 Jefferson—Citizens Bank & Trust Co 197 53 277 94 15 La Grange—La Grange Banking & Trust Co. 1,831 139 1,644 250 i 400 Lawrenceville—Brand Banking Co 350 163 815 50 | 50 Lincolnton—Farmers State Bank 152 10 182 25 15 Madison—Bank of Madison 170 155 257 100 I 75 McDonough— Bank of Henry County 253 152 50 I 30 Farmers & Merchants Bank 158 171 50 J 25 Metter— Bank of Candler County 123 136 25 | 4 Citizens Bank 183 194 30 20 Millen—Bank of Millen 367 503 50 I 50' Monroe— Bank of Monroe 396 525 150 I The Farmers Bank 289 443 150 I Pelham—Farmers Bank of Pelham 406 411 ioo ! Pendergrass—Pendergrass Banking Co 26 17 25 Portal—Bank of Portal •__ 96 56 25 5 Reynolds—Citizens State Bank 51 63 25 5 Rhine—Rhine Banking Co 38 60 5 Sardis—Peoples Bank 109 36 6 Sasser—Bank of Sasser 96 70 33 Savannah— Citizens Bank & Trust Co 1,394 23 1,232 300 75 Liberty Bank & Trust Co 3,254 803 5,082 300 350 Savannah Bank & Trust Co 3,873 46 4,175 700 200 Soperton—Bank of Soperton 216 2 278 25 25 Statesboro—Bank of Statesboro 543 92 755 100 75- Swainsboro—Central Bank 112 1 312 25 15 Toccoa—Bank of Toccoa 129 22 189 50 10 Wadley—Bank of Wadley _' 92 2 141 25 Winterville—Pittard Banking Co 29 1 1 Zebulon—Bank of Zebulon 141 13 LOUISIANA (See also District No. 11) Gretna—Jefferson Trust & Savings Bank 969 185 1,094 80 j 21 New Orleans— Algiers Trust & Savings Bank 620 1,273 200 | 55 American Bank & Trust Co 6,365 1,684 8,663 500 I 250 Canal Bank & Trust Co 57,167 12,931 77, 692 4, 750 2,250 Hibernia Bank & Trust Co 32, 540 12,454 56, 095 2,000 2,500 Interstate Trust & Banking Co 10,002 2,381 13,123 750 1,100 Marine Bank & Trust Co 20, 324 4,952 27, 701 2,000 1,125 New Orleans Bank & Trust Co 7,767 2,599 8,511 1,200 300* Opelousas—Parish Bank & Trust Co 474 11 455 50 13. TENNESSEE (See also District No. 8) Chattanooga—Chattanooga Savings Bank & Trust Co 5,866 211 7,450 1, 000 I 50O Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATE BANK MEMBERSHIP 339 [In thousands of dollars] Investments Capital Surplus DISTRICT NO. 7 (See also District No. I Argenta—The Gerber State Bank 176 48 247 25 9 Auburn—Auburn State Bank 479 44 541 50 21 Barrington—First State Bank 622 75 671 50 50 Blandinsville—Huston Banking Co _" 765 32 797 60 40 Chicago- Adams State Bank 1,061 1,127 2,428 200 50 Austin State Bank 3, 646 1,722 6,731 300 200 Capital State Savings Bank 2,661 1,847 4,236 300 100 Central Trust Co. of Illinois 69, 391 25, 071 108, 449 6,000 4,000 Chicago Trust Co 26, 989 4,435 37, 237 2,400 1,600 Depositors State Bank 2, 863 1,996 5,145 350 250 Drexel State Bank of Chicago 5, 548 1,732 8,183 350 250 First Trust & Savings Bank 80,458 47,405 116, 510 7,500 7,500 Harris Trust & Savings Bank _ 42,075 32, 321 80, 546 4,000 5,000 Home Bank & Trust Co 6,925 2,510 9,254 1,000 500 Hyde Park State Bank ... 4,153 1, 341 6,001 300 300 Illinois Merchants Trust Co 265, 987 91, 226 377,402 15, 000 30,000 Independence State Bank 4,251 715 5,104 400 125 Kaspar American State Bank... 5,917 9,740 14, 935 1,600 400 Madison & Kedzie State Bank 11, 100 508 12, 299 1,350 250 Mercantile Trust & Savings Bank 7,762 1,688 11, 209 600 300 Noel State Bank 8,277 565 9,473 1,000 350 Northern Trust Co 38, 746 13,911 58,283 2,000 3,000 North-Western Trust & Savings Bank 10,944 6,350 19, 542 1,250 500 Second Security Bank of Chicago •_. 3,837 1,856 5,994 350 200 Security Bank of Chicago. _ 6,322 2,626 8,975 700 350 South Side Trust & Savings Bank 6,788 1,361 8,872 750 250 Standard Trust & Savings Bank 13,086 1,257 18,856 1,000 500 State Bank of Chicago 50,811 3,840 60, 603 5,000 5,000 Twenty-sixth Street State Bank 655 1,414 2,232 200 50 Union Trust Co 67,979 12,059 92, 447 3,000 4,000 United State Bank of Chicago.._ 1,994 1,313 3,224 200 200 Woodlawn Trust & Savings Bank 6,275 2,714 9,120 600 200 Cicero—Western State Bank of Cicero 2,252 835 3,374 350 150 Cowden—State Bank of Cowden 275 1 298 25 10 Des Plaines—Des Plaines State Bank 1,452 126 1,733 ! 200 125 Divernon—First State Bank 291 24 272 50 10 Eureka—Farmers State Bank 416 96 530 50 30 Evanston— Evanston Trust & Savings Bank 2,073 846 3,142 200 100 State Bank & Trust Co 8, 575 1,044 10, 764 500 500 Fulton—Whiteside County State Bank 488 12 519 50 8 Geneva—State Bank of Geneva 1,060 394 1,470 100 50 Hinckley—Hinckley State Bank ._ 464 12 365 50 25 Hinsdale—Hinsdale State Bank. 675 370 1, 131 100 25 Joliet— Commercial Trust & Savings Bank 1,148 364 1,801 100 20 Joliet Trust & Savings Bank 1, 366 590 2,350 100 100 Kewanee—Union State Savings Bank & Trust Co_. 906 246 1,242 150 25 La Grange- La Grange Trust & Savings Bank 1,311 385 1,869 200 137 The La Grange State Bank 1,251 742 2,003 200 100 Marshall—Marshall State Bank 333 65 415 60 15 Martinsville—Martinsville State Bank 326 35 367 50 10 Matteson—First State Bank of Matteson 150 13 148 , 25 25 Mattoon—Central Illinois Trust & Savings Bank—. 868 120 915 100 100 Mount Carroll— Carroll County State Bank 1,256 185 1,365 ! 100 50 First State Bank of Mount Carroll 1,012 256 1,365 I 100 25 Oak Park- Oak Park Trust & Savings Bank 4,731 2,070 7, 558 500 250 Suburban Trust & Savings Bank 1,316 1, 699 2,978 200 200 Oswego—Oswego State Bank 291 225 50 10 Polo—Polo State Bank 468 522 60 30 Seneca- Farmers Trust & Savings Bank 39 106 25 10 State Bank of Seneca 336 17 321 50 25 Shannon— Peoples' State Bank of Shannon... ._ 138 100 238 40 10 The State Bank of Shannon 219 92 312 50 10 Springfield—Ridgely Farmers' State Bank 5,267 1,668 8,508 600 150 Stockland—Sumner State Bank 140 87 190 ! 50 10 Wenona— First State Bank of Wenona 494 415 896 [ 50 50 Wheaton—Wheaton Trust & Savings Bank 374 302 641 ; 100 40 Wilmette—Wilmette State Bank 1,720 1,208 3,183 ! 100 100 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

340 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD [In thousands of dollars] Invest- Loans ments DISTRICT NO. 7—Continued (See also district No. 8) Connersville—Fayette Bank & Trust Co 1, 805 421 1,927 400 36 Elkhart—St. Joseph Valley Bank 2, 825 1,010 4,522 250 150 Hammond—First Trust & Savings Bank 4, 419 1,414 6, 636 500 300 Indianapolis—Fletcher Savings & Trust Co 11,034 8,673 21, 208 1,500 1,500 Jamestown—Citizens State Bank 298 23 354 30 '20 Kentland—Kent State Bank 372 24 390 50 . 50 Ladoga—Ladoga State Bank 47 140 256 25 5 Marion—Grant Trust & Savings Co 2,759 107 2,772 241 120 Richmond—Dickinson Trust Co 1,431 635 2,436 200 60 Rochester—United States Bank & Trust Co 527 160 773 75 25 South Bend- American Trust Co 4,117 504 4, 901 500 160 St. Joseph Loan & Trust Co | 3, 028 1,209 4,232 800 200 South Vv hitley—Mayer State Bank | 152 62 261 25 18 Terre Haute—Terre Haute Trust Co 6, 035 1,748 7,946 500 500 Tipton— Farmers Loan & Trust Co ! 582 6 652 50 50 Alta Vista—Alta Vista Savings Bank 314 324 30 20 Ames—Story County Trust & Savings Bank 508 653 50 20 Barnes City—Farmers Savings Bank 398 2 396 50 10 Bellevue—Bellevue State Bank 537 2 616 60 15 Bennett—Bennett Savings Bank 281 89 405 50 5 Blairsburg—State Bank of Blairsburg 239 1 237 25 8 Burlineton—First Iowa State Trust & Savings Bank. 6, 830 2,646 10, 211 600 450 Cedar Falls—Security Trust & Savings Bank 332 28 419 50 10 Cedar Rapids—Iowa State Savings Bank 2,240 374 2,840 200 50 Chariton—State Savings Bank 631 134 890 50 50 Charter Oak—Farmers State Bank 335 23 365 40 10 Cherokee—Cherokee State Bank 947 414 1,556 75 75 Clinton—Peoples Trust & Savings Bank 3,172 1,662 5,240 300 300 Davenport—American Commercial & Savings Bank. 24, 007 2,721 29, 081 1,500 1,000 Decorah—Winneshiek County State Bank 2,111 470 2,759 150 75 Des Moines— Bankers Trust Co 3,038 1,642 4,426 1,000 200 Central State Bank 4,203 2,497 8,554 250 250 Dexter—Iowa State Bank 147 1 183 25 15 Elberon—Farmers State Bank 421 142 624 50 20 Eldora—Citizens Savings Bank 177 15 185 50 25 Elkader—Elkader State Bank 628 136 915 50 25 Ellsworth- Farmers State Bank 149 1 118 25 10 State Bank of Ellsworth 179 2 170 35 3 Fairbank—Fairbank State Bank 430 156 26 24 Fairfield— Iowa Loan & Trust Co 378 112 532 50 12 Iowa State Savings Bank 1,313 286 1,696 200 75 Farragut—Commercial Savings Bank 91 2 117 40 Fort Madison- American State Bank 858 35 1,100 100 22 Fort Madison Savings Bank 1,382 599 2,651 100 80 Gilbert—Gilbert Savings Bank 170 6 149 25 20 Gilman—Citizens Savings Bank 212 2 200 50 10 Grand River—Farmers State Bank 241 1 255 25 15 Grant—Farmers Savings Bank 96 3 119 25 5 Greenfield—Greenfield Savings Bank 181 110 371 30 10 Knoxville—Guaranty State Bank 352 37 391 50 15 Lake View—Lake View State Bank 188 5 180 25 25 Lakota—Farmers & Drovers State Bank 212 1 245 30 10 Lowden—Lowden Savings Bank 199 143 374 25 15 Lytton—Farmers Savings Bank 192 1 205 30 9 Mechanicsville—Mechanicsville Trust & Savings Bank 353 67 521 50 25 Mediapqlis—Commercial State Bank 404 5 315 100 25 Missouri Valley—State Savings Bank 226 22 307 50 10 Mondamin—Mondamin Savings Bank 257 7 271 35 15 Monticello—Monticello State Bank 2,410 492 2,873 200 200 Moorhead—Moorhead State Bank 282 66 366 30 30 Moville—Moville State Bank 304 286 35 26 Newton—Jasper County Savings Bank 1,607 534 2,728 100 50 Osage—Home Trust & Savings Bank 438 390 855 50 25 Osceola—Iowa State Bank 171 2 191 50 0 Ottumwa—Ottumwa Savings Bank 1,013 510 1,617 100 100 Palmer—Farmers Savings Bank 209 1 200 35 8 Riceville—Riceville State Bank 156 1 117 25 15 Royal—Home State Bank 172 23 181 25 0 Sac City—Farmers Savings Bank 472 44 480 100 0 Digitized foSr cFhRallAerS—ESRch aller Savings Bank 1S5 78 295 25 10 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

341 STATE BANK MEMBERSHIP [In thousands of dollars] Loans capita! | Surplus . DISTRICT NO. 7—Continued IOWA—continued Shenandoah—Security Trust & Savings Bank 450 261 794 60 i 15 Sibley—Sibley State Bank 455 9 486 50 | 15 Sioux Center—Sioux Center State Bank 194 4 214 25 I 20 Solon—Ulch Bros. State Bank 472 123 659 50 15 m "S S t t r o a r w m b e L r a ry k e P — o S in e t c — ur S it t y r a T w r b u e s r t r y & P S o a i y n i t n g S s t a B te a n B k ank 3 6 4 1 4 3 3 5 4 6 4 7 3 4 5 5 5 7 0 5 ! 1 8 0 Lite—State Savings Bank 300 2 192 50 15 Van Wert—Van Wert State Bank 198 2 183 25 15 Winterset—Madison County State Bank 978 291 1,269 125 125 MICHIGAN (See also District No. 9) Adrian— Adrian State Savings Bank 470 1,456 2,039 150 100 Commercial Savings Bank 505 1,155 1,737 110 30 Lenawee County Savings Bank 714 1,375 2,248 150 50 Albion— Albion State Bank 478 342 806 50 11 Commercial & Savings Bank 658 467 1,155 100 55 Alpena—Alpena County Savings Bank 1,306 2,574 3,808 100 200 Ann Arbor- Farmers & Mechanics Bank 3,244 489 4,354 200 200 State Savings Bank 3,225 1,637 4,473 400 300 Armada— Armada State Bank 641 2 636 25 25 Farmers State Bank 305 46 335 25 13 Bay City- Bay City Bank 2,885 2,788 6,067 350 200 Peoples Commercial & Savings Bank__ 4,886 4,176 8,269 400 800 Bellevue—Farmers State Bank __ 61 63 125 25 5 Benton Harbor—Benton Harbor State Bank 1,089 466 1,586 100 75 Big Rapids- Big Rapids Savings Bank 789 275 1,082 50 25 Citizens State Bank 675 1,048 1,797 50 50 Birmingham—First State Savings Bank 2,071 706 2,758 200 150 Blanchard—Blanchard State Bank 105 219 343 25 5 Blissfield—Blissfield State Bank 307 530 922 50 25 Britton—Peoples State Savings Bank __ 178 148 354 25 5 Brown City—Brown City Savings Bank 332 55 485 40 8 Caledonia—Seare Bank 396 220 602 50 13 Caro—State Savings Bank __. 645 146 902 75 25 Carson City—Farmers & Merchants State Bank 193 96 273 25 10 Cass City—Pinney State Bank 436 332 779 50 10 Cassopolis—Cass County State Bank __ 304 123 443 40 10 Charlotte—Eaton County Savings Bank 586 615 1,253 100 20 Chelsea- Farmers & Merchants Bank ___ 562 317 862 50 50 Kemp Commercial & Savings Bank.. 481 209 633 60 40 Coloma—State Bank of Coloma 362 438 50 20 Coopersville—Peoples Savings Bank 437 597 25 5 Croswell— First State Savings Bank of Croswell _„ 315 277 593 30 State Bank 488 593 1,110 60 12 Davison—Davison State Bank 448 80 508 50 10 Dearborn—Dearborn State Bank 2,405 1,354 3,976 100 200 Detroit— American State Bank 25, 731 4,349 32, 615 2,000 750 Bank of Detroit 29, 628 11, 049 44,178 4,000 1,000 Central Savings Bank 30,384 8,777 39,131 2,000 2,000 Detroit Savings Bank 28, 653 9,982 40, 750 1,500 2,500 Dime Savings Bank 39,493 19,105 60, 639 1,500 3,000 Griswqld-First State Bank 34, 933 3,942 39,180 5,000 2,500 Guardian Detroit Bank 21,171 11, 592 30, 382 5,000 3,000 Peninsular State Bank 35, 420 6,704 46,149 2, 500 1,800 Peoples State Bank 107, 066 26,169 136, 309 6,000 12, 000 United Savings Bank 11,918 3,758 15, 562 1,000 400 Wayne County & Home Savings Bank 77, 662 34, 013 110, 615 5,000 10, 000 Eaton Rapids—Michigan State Bank 343 197 574 75 15 Edmore— Edmore State Bank 130 265 421 30 10 Elk Rapids—Elk Rapids State Bank 168 181 360 35 14 Farmington—Farrnington State Savings Bank . 387 701 1,079 40 30 Fennville—Old State Bank 259 280 534 50 15 Fenton— Commercial State Savings Bank 561 83 679 50 25 Fenton State Savings Bank 629 133 853 25 25 Flint- I Citizens Commercial & Savings Bank 6,249 1,642 j 7,325 500 500 Genesee County Savings Bank 5,966 6,624 j 11, 662 1,000 400 Industrial Savings Bank 7,262 10,729 i 17,454 1,000 300 Digitized for FRUAnSioEnR T rust & Savings Bank 1,969 ! 7,692 i 400 400 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

342 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD [In thousands of dollars] Surplus DISTRICT NO. 7—Continued MICHIG AN—continued Flushing—Peoples State Bank 339 130 472 25 15 Fordson—Fordson State Bank 318 959 1,346 200 40 Frankenmuth—Frankenmuth State Bank 1,213 347 1,674 50 70 Fremont- Fremont State Bank 145 409 ! 550 50 40 Old State Bank 521 1,120 100 50 Grand Haven- Grand Haven State Bank 1,378 779 2,159 100 100 Peoples Savings Bank 500 670 1,133 50 50 Grand Rapids- Grand Rapids Savings Bank 16, 652 1,573 21,815 500 1,000 Home State Bank for Savings 4, 235 1,266 5,972 400 125 Kent State Bank 16, 777 2,141 21, 757 1,000 1,000 Greenville—Commercial State Savings Bank 76S 533 1,400 50 50 Hart—Oceana County Savings Bank 271 346 40 20 Highland Park- American State Bank 2.984 840 4,231 200 80 Highland Park State Bank 15, 297 9,223 25, 853 1,000 1,800 Hillsdale—Hillsdale Savings Bank 526 903 1,607 100 25 Holland- First State Bank 2. 657 657 3,571 100 100 Holland City State Bank 2, 542 727 3,575 100 100 Holly—First State & Savings Bank 442 1,387 1,752 100 50 Hopkin—Hopkin State Savings Bank 220 250 478 25 5 Howell—First State & Savings Bank 425 461 1,019 75 29 Imlay City— Lapeer County Bank 328 721 1,118 50 10 Peoples State Bank "567 212 877 50 10 Ionia—State Savings Bank 1. 588 68 1, 513 100 100 Jackson—Central State Bank 1 059 . 183 1,333 100 26 Jonesville—Grosvenor Savings Bank 528 188 741 50 25 Lake Odessa—Lake Odessa State Savings Bank 390 91 25 25 Lake view— Commercial State Savings Bank 229 j 150 380 25 Farmers & Merchants State Bank 157 ! 246 368 40 8 Lansing—American State Savings Bank 6, 530 I 2, 446 9,377 750 350 Lapeer—Lapeer Savings Bank 760 269 990 75 15 l^enox—MacoTib County Savings Bank.. 325 790 1,214 50 Lowell—City State Bank 217 418 661 25 Ludington—Ludington State Bank 1,267 I 593 2, 213 100 Manchester— Peoples' Bank 364 ; 131 520 25 25 The Union Savings Bank 236 '. 405 640 25 50 Manistee—Manistee County Savings Bank 1, 182 ! 1,909 3,117 100 100 Marcellus—G. W. Jones Exchange Bank 320 I 372 704 40 40 Marshall—C ommercial Savings Bank 393 | 713 1,107 100 20 Mason- I Farmers' Bank _. 4n! 86 ! 586 50 10 M M Mi i i l d l f a o l F n a r i n — d r d — st — M S i C t l a a h t n e e m S an i t c a d a te l S S S a a v ta v in t i e n g g s S s a B v B a i a n n n g k k s Bank 4 5 7 2 2 7 6 4 2 ! j ! 2 1 7 0 5 7 3 3 i I ! | 1, 4 6 3 5 9 1 0 1 9 5 2 2 0 5 5 2 1 1 5 5 5 Farmers State Savings Bank 165 I 180 357 25 13 First State Bank 858 24 923 25 12 Monroe—Dansard State Bank 1,519 1,009 2,613 200 40 Montague—Farmers' State Bank 348 54 420 25 10 Mount Clemens- Citizens' Savings Bank 3,594 i 1,176 4, 875 150 200 Ullrich Savings Bank 1,856 i 602 2,498 100 100 Mount Pleasant- Exchange Savings Bank 601 | 329 1,090 50 33 Nas I h s v ab il e l l e la - County State Bank 868 | 476 1,563 60 30 Farmers & Merchants Bank • 536! 83 669 35 35 State Savings Bank 400 | 69 539 30 20 New Baltimore—Citizens State Savings Bank 368 232 618 25 25 New Haven—New Haven Savings Bank 321 ! 201 527 25 25 Niles—The Niles City Bank 565 I 971 1, 673 100 25 Northville—Lapham State Savings Bank 369 ; 832 1, 234 50 55 Onsted—Onsted State Bank 293 i 43 340 25 10 Petoskey—First State Bank of Petoskey 617 j 526 1,232 60 35 Pigeon—Pigeon State Bank 423 | 115 603 25 6 Pinconning—Pincorming State Bank 308 I 111 43S 30 6 Pontiac—Pontiac Commercial & Savings Bank 13,657 j 1,442 17, 520 800 300 Port Huron—Federal Commercial & Savings Bank. 3,077 3,483 6,962 400 210- Redford—Redford State Savings Bank 1, 505 155 1,850 100 58 Rochester—Rochester Savings Bank ._. 289 440 821 50 25 Rogers City—Presque Isle County Savings Bank_- 228 1, 267 1, 704 35 15 Romeo—Romeo Savings Bank 1,241 525 1,713 100 j 100 Royal Oak- First State Bank 3,354 766 4,334 200 ! 175 Digitized for FRRAoySaEl ROa k Savings Bank 1,636 1. 939 I 3, 674 250 I 250 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATE BANK MEMBERSHIP 343 [In thousands of dollars] Loans I m nv e e n s t t s - de T p o o t s a i l ts Capital Surplus DISTRICT NO. 7—Continued MICHIGAN—continued Saginaw— American State Bank. 2,984 1,477 4,685 300 150 Bank of Saginaw . 10,465 6,134 17, 548 1,000 1,000 St. Charles—St. Charles State Bank 286 580 930 25 17 St. Clair—Commercial & Savings Bank 632 637 1,268 75 25 Saugatuck—Fruit Growers State Bank 785 218 919 100 50 Sebewaing—Farmers & Merchants State Bank. 266 299 625 25 6 South Haven—Citizens State Bank 1,047 685 1,512 100 175 Sparta—Sparta State Bank .._ 332 257 640 30 15 Spring Lake—Spring Lake State Bank 117 25 45 Tecumseh— Lilley State Bank 431 210 763 40 20 Tecumseh State Savings Bank 583 241 881 50 30 Traverse City—Traverse City State Bank 2,178 1,500 3,834 200 200 Utica—Utica State Savings Bank. .._ 531 226 774 25 25 Vicksburg— Farmers State Bank 104 307 445 25 5 First State Bank 273 75 381 30 4 Warren—State Savings Bank _ 820 75 961 50 50 Washington—Washington Savings Bank 203 51 277 25 15 Wayne—Wayne Savings Bank 773 915 1,640 50 100 Williamston— Grossman & Williams Saving Bank 377 178 502 40 20 Williamston State Bank . 320 366 674 50 10 WISCONSIN (See also District No. 9) Baraboo—Bank of Baraboo 851 1,381 2,495 100 50 Burlington—Bank of Burlington 1,188 248 1,392 125 25 Clinton—Citizens Bank of Clinton 357 59 417 50 10 Kewaunee—State Bank of Kewaunee 789 492 1,305 80 30 Madison—Bank of Wisconsin 4,253 1,055 5,417 500 160 Milwaukee— Badger State Bank _ 5,124 1,689 7,157 200 200 Marshall & Ilsley Bank 18,981 7,491 28,466 1,250 1,500 Second Ward Savings Bank 24, 220 10, 787 37,398 1,000 3,000 Mineral Point—Iowa County Bank 1,010 116 1,192 100 50 Oakfield—Bank of Oakfield 157 113 258 50 10 Platteville—State Bank of Platteville 615 485 1,135 50 50 Plymouth- Plymouth Exchange Bank 90 1,074 | 100 50 State Bank of Plymouth 762 296 1,210 j 125 33 Seneca—Farmers & Merchants State Bank 412 56 488 ! 35 18 Sheboygan—Citizens State Bank 3,345 1,477 5,045 | 200 400 Sturgeon Bay—Bank of Sturgeon Bay 1,643 1,025 3,004 I 100 25 Waupun—State Bank of Waupun 327 511 908 | 50 50 DISTRICT NO. 8 ARKANSAS Batesville—Citizens Bank & Trust Co... 362 198 954 50 20 Blytheville—Farn.ers Bank & Trust Co 594 60 1,015 200 :->o Brinkley—Monroe County Bank 265 2 425 35 Conway—Farmers State Bank 792 982 60 18 Earle—Bank of Earle 132 308 25 20 England—Citizens Bank & Trust Co 315 15 427 100 5 Forrest City—Bank of Eastern Arkansas 567 155 915 50 40 Gillett—Citizens Bank 61 4 86 25 50 Jonesboro—Bank of Jonesboro 1,449 140 1,910 200 3 Little Rock— 100 American Southern Trust Co 10, 969 1,450 16, 792 1,000 220 Bankers Trust Co 6,817 554 10, 287 300 110 Federal Bank & Trust Co 1,578 69 2,302 200 20 Union Trust Co 7,102 1,360 10,154 500 250 W. B. Worthen Co., Bankers 2,735 662 4,543 200 300 Marvell—Bank of Marvell 253 48 464 50 10 North Little Rock—Twin City Bank. 754 14 1,120 100 33 Paris—American Bank & Trust Co 459 29 449 50 25 Pine Bluff—Peoples Savings Bank & Trust Co 691 176 673 100 50 Russellville— Bank of Russellville 444 70 597 75 38 Peoples Exchange Bank 573 22 597 100 75 Siloam Springs—Producers State Bank 136 4 129 25 5 Waldron—Bank of Waldron 295 37 342 60 20 Walnut Ridge—Lawrence County Bank 618 36 701 125 31 110390—28 23 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

344 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD [In thousands of dollars] Invest- Total Loans ments deposits Capital Surplus DISTRICT NO. 8—Continued (See also District No. 7) Belleville—Belleville Savings Bank 2,579 1,332 4,088 300 300 East St. Louis—Union Trust Co 2,575 1,656 4,522 600 200 Edwardsville—Citizens State & Trust Bank 637 427 1,096 100 70 Effingham—Effingham State Bank 667 181 891 110 25 Granite City—Granite City Trust & Savings Bank 937 418 1,451 100 38 Greenville—State Bank of Hoiles & Sons 1,139 198 1,492 120 40 Harrisburg—First Trust & Savings Bank 1,146 573 1,908 150 75 Hillsboro—Montgomery County Loan & Trust Co 460 145 534 100 50 Litchfield—Litchfield Bank & Trust Co 553 172 827 100 33 Madison—Union Trust Co 158 134 294 50 20 Mount Olive—Mount Olive State Bank 214 177 383 50 10 New Athens—Farmers State Bank 102 98 201 25 5 O'Fallon—First State Bank 173 37 216 25 5 Palmyra—First State Bank 203 2 219 25 20 Quincy—State Savings Loan & Trust Co 6,752 1,327 7,784 1,000 200 (See also District No. 7) Evansville—Mercantile Commercial Bank. 1,412 284 2,100 200 50 Paoli—Paoli State Bank 400 5 419 40 10 KENTUCKY (See also District No. 4) Louisville— Kentucky Title Trust Co 13,830 5,142 5,021 1,000 500 Liberty Insurance Bank.__ _. 16,278 3,136 21,263 500 1,250 Lincoln Bank & Trust Co _. 6,578 1,243 8,451 750 250 Louisville Trust Co 5,497 3,107 6,747 1,000 600 ensboro—Central Trust Co 2,426 2,837 200 110 MISSISSIPPI Greenwood—Greenwood Bank & Trust Co.. 1,230 22 1,391 200 50 Pontotoc—Bank of Pontotoc 449 257 843 100 15 Rosedale—Bolivar County Bank.__ 155 114 310 25 15 MISSOURI (See also District No. 10) Bowling Green—Pike County Bank 129 35 216 25 10 Festus—Citizens Bank of Festus 365 122 449 35 25 Iberia—Farmers and Traders Bank 176 3 169 25 6 La Plata—The Bank of La Plata 239 89 360 50 5 Lexington—Lafayette County Trust Co 269 43 328 75 15 Linn Creek—Camden County Bank.. 135 81 236 25 25 Luxemburg—Lemay Ferry Bank... 875 605 1,557 50 30 Macon—State Exchange Bank of Macon 824 389 1,367 100 40 Maplewood— Bank of Maplewood & Trust Co 798 609 1,518 100 25 Peoples State Bank of Maplewood _. 201 73 293 60 12 Marshall—Wood & Huston Bank 1,439 40 1,507 100 200 Pine Lawn—Pine Lawn Bank 181 65 306 30 12 Richmond Heights—Park Savings Trust Co 404 196 548 50 10 St. Louis- American Trust Co 8,178 5,170 12,878 1,000 500 Baden Bank __. 1,359 1,197 2,619 200 125 Bremen Bank _ _. 2,697 4,190 6,894 200 500 Broadway Trust Co 1,139 59 1,292 200 20 Cass Avenue Bank _ _. 2,297 3,366 5,400 200 200 Chippewa Trust Co 1,318 305 1,574 200 50 Easton-Taylor Trust Co 1,193 604 1,897 200 75 Farmers & Merchants Trust Co 2,858 2,941 5,413 400 200 Fidelity Bank & Trust Co.. •_ 1,280 468 2,195 200 50 Franklin Bank 13,145 487 14, 727 1,200 300 Grant State Bank 739 997 1,735 200 95 International Bank of St. Louis 6,870 907 8,024 1,000 200 Insurance Bank. 677 398 1,639 200 60 Jefferson Bank 1,889 2,500 4,278 200 200 Jefferson-Gravois Bank 2,946 1,386 4,426 200 200 Laclede Trust Co _ 1,424 966 2,209 300 100 Lafayette-South Side Bank & Trust Co. 14, 620 11,424 25, 592 2,000 1,000 Liberty Central Trust Co 16, 794 10, 645 33,958 3,000 500 Lindell Trust Co 1,155 670 1,814 200 40 Lowell Bank _ 1,644 2,689 4,371 200 100 Digitized for FRMAaSncEhRes ter Bank _ 3,604 1,688 5,566 500 100 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATE BANK MEMBERSHIP 345 [In thousands of dollars] Loans I m nv e e n s ts t- de T p o o t s a i l ts Capital Surplus DISTRICT NO. 8—Continued MISSO UR i—cont inued St. Louis—Continued. Mercantile Trust Co __ 33,781 25,700 61, 692 3,000 7,000 Mississippi Valley Trust Co 27,187 12,311 41,125 3,000 3,500 Mound City Trust Co. 1,403 590 2,228 200 25 Natural Bridge Bank___ 1, 265 659 1,908 200 80 North St. Louis Trust Co 1,767 924 2,865 200 100 Northwestern Trust Co 5,047 4,1 8,999 500 800 Savings Trust Co 1,924 850 3,285 200 50 Scruggs Vandervoort & Barney Bank__. 1,772 1,595 3,874 200 40 Shaw Bank 332 685 1,033 120 16 U S T W W S S o o o o n e a u u u w i s t t t t t e t e e h h h r r d e w S S r T G t e n S . i o s d r t L t w o a e C o t v B e o e T u e r s m a r i s n u B B B m k s T a a a t e n n r n r C k k u c k i s o a o t o l f f C & S S o t t . S . L a L v o o i u u n i i g s s s Bank , . . . . 2 6 6 1 1 , , , , , 9 ' 3 8 8 7 0 3 8 5 2 5 4 9 3 5 5 3 0 1 1 1 1 1 , , , , , 5 7 4 8 4 0 6 3 8 2 1 9 1 1 9 1 6 2 4 0 8 3 8 7 3 2 2 1 , , , , , , , 4 7 2 2 5 5 9 4 2 8 2 4 0 7 1 7 3 5 0 3 3 1, 2 2 2 2 5 0 1 0 0 0 0 0 0 2 0 0 0 0 0 5 0 3 1 5 1 1 3 5 0 0 0 0 0 0 0 0 0 0 0 0 St. Louis County— 1 Gravois Bank of St. Louis County 337 472 50 North Side Bank 17 142 159 25 Sedalia—Sedalia Trust Co __. 164 335 510 100 Versailles—Bank of Versailles 172 2 309 40 5 Washington—Franklin County Bank 378 107 435 50 25 Webster Groves—Webster Groves Trust Co. 431 1,092 1,597 100 15 25 TENNESSEE 100 (See also District No. 6) Brownville—First State Bank 867 141 1,187 200 23 Greenfield—Greenfield Bank 174 28 223 30 29 Halls—Peoples Savings Bank & Trust Co... 174 23 233 25 10 Henning—Bank of Henning .. 212 7 288 100 Memphis- Bank of Commerce & Trust 25, 091 3,300 32, 286 3,000 1,500 Fidelity Bank & Trust Co. 3,979 175 4,566 500 610 Union & Planters Bank & Trust Co 20,966 3,045 30, 947 2,500 200 DISTRICT NO. 9 MICHIGAN (See also District No. 7) Ewen—State Bank of Ewen 239 97 395 25 25 Gladstone—Gladstone State Savings Bank__ 640 555 1,208 50 25 Gwinn—The Gwinn State Savings Bank.... 146 188 345 25 25 Iron Mountain—Commercial Bank 1,493 765 2,597 100 100 Laurium—State Savings Bank 577 117 862 100 50 Menominee—Commercial Bank 741 472 1,289 100 30 Sault Ste. Marie- Central Savings Bank 562 777 1,465 100 40 Sault Savings Bank 741 940 1,788 100 60 South Range—South Range State Bank 131 594 810 30 30 MINNESOTA Anoka—State Bank of Anoka __ 458 93 591 50 15 Benson—Swift County Bank, (Inc.) 737 118 953 50 50 Clinton—Clinton State Bank 265 51 349 25 Excelsior—Minnetonka State Bank 331 131 25 Hutchinson—Farmers & Merchants State Bank (Inc.) - 314 37 321 50 13 Ihlen—Ihlen State Bank 154 3 171 25 4 Luverne—Rock County Bank 175 235 441 50 10 Madelia—State Bank of Madelia 682 12 691 50 10 Plainview—Peoples State Bank 155 179 368 20 4 Red Wing—Security Bank & Trust Co 1,012 318 1,349 200 50 Revere—State Bank of Revere 174 25 150 30 30 South St. Paul—Drovers State Bank 974 372 1, 664 100 10 Spring Valley—First State Bank 386 15 435 30 40 Westbrook—Citizens State Bank__ 178 39 244 25 10 Winona—Merchants Bank 2,082 1,368 4,062 200 100 MONTANA Anaconda—Daly Bank & Trust Co__ 2,309 1,527 4,878 100 100 Belgrade—Belgrade State Bank 312 65 455 50 10 Billings—Security Trust & Savings Bank.. 1,298 979 2,960 100 50 Bozeman— Gallatin Trust & Savings Bank 266 1,026 100 25 Digitized for FR Se A c S ur E it R y Bank & Trust Co 373 110 522 100 20 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

346 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD [In thousands of dollars] Loans I m nv e e n s t t s - Total Capital Surplus DISTRICT NO. 9—Continued MONTANA—continued Broadus—Powder River County Bank 193 82 327 25 Butte— Metals Bank & Trust Co 5,512 6,196 15,019 400 300 Miners Savings Bank & Trust Co 726 472 1,492 200 50 East Helena—East Helena State Bank 148 50 195 50 13 Ennis—Southern Montana Bank 204 2 260 25 25 Fromberg— Clarks Fork Valley Bank 82 9 131 25 3 Hamilton—Ravalli County Bank 298 162 500 50 13 Helena— Montana Trust & Savings Bank 442 1,195 2,248 150 75 Union Bank & Trust Co_ 1,769 839 3,382 250 150 Joliet—Joliet State Bank 87 31 235 25 0 Opheim—First State Bank of Opheim 85 8 135 25 0 Park City—Park City State Bank.... 66 255 366 25 6 Philipsburg—First State Bank 233 78 357 50 10 Reed Point—Reed Point State Bank 42 45 89 25 1 Richey—First State Bank 90 27 155 25 5 Townsend—State Bank of Townsend 361 326 747 100 15 White Sulphur Springs—The Central State Bank 63 42 155 30 0 Wolf Point—First State Bank 265 313 745 30 17 Worden—Farmers State Bank of Worden 62 79 200 25 4 NORTH DAKOTA Enderlin—Enderlin State Bank 154 288 Fullerton—Farmers State Bank of Fullerton 71 72 SOUTH DAKOTA 851 70 1,298 75 25 Belle Fourche—Butte County Bank 144 3 195 25 5 Buffalo—First State Bank 323 1 378 25 10 Camp Crook—The Little Missouri Bank. _._ 286 81 370 50 8 Gregory—Commercial State Bank.. 268 96 486 25 10 Groton—Brown County Banking Co 806 657 1,870 100 20 Mitchell—Commercial Trust & Savings Bank 327 16 465 25 5 Newell—Reclamation State Bank _ _... . 325 105 461 40 10 Philip—Bank of Philip 104 19 115 30 0 Stratford—First State Bank of Stratford WISCONSIN (See also District No. 7) 288 152 474 Boyceville—Bank of Boyceville 272 59 360 Glenwood City—First State Bank DISTRICT NO. 10 COLORADO Denver- Central Savings Bank & Trust Co... 2,455 677 3,903 500 50 International Trust Co 6,590 ',107 15,140 500 j 500 Fort Lupton—Fort Lupton State Bank.. 203 91 526 25 | 15 La Junta—Colorado Savings & Trust Co 333 75 40 KANSAS Hiawatha—Morrill & Janes Bank 397 17 586 100 10 Jamestown—Jamestown State Bank 227 44 312 25 25 Liberal—Citizens State Bank 410 95 536 50 25 Sedan—Sedan State Bank 312 43 454 30 50 Topeka—Fidelity Savings State Bank___ 799 418 1,634 200 40 Winfield—State Bank 510 2,179 125 63 MISSOURI (See also District No. 9) Joplin—Conqueror Trust Co_ 2,567 1,992 4,897 250 100 Kansas City—Commerce Trust Co 34,186 35, 609 96, 542 i, 000 2,000 King City—First Trust Co 186 17 214 50 St. Joseph- Empire Trust Co 1,368 762 2,354 200 70 St. Joseph Stock Yards Bank 2,089 427 3,428 350 150 NEBRASKA Aurora—Fidelity State Bank. 642 850 15 Broken Bow—Custer State Bank 227 222 13 Genoa—Farmers State Bank 142 157 1 Oakland—Oakland State Bank 361 415 10 St. Edward—Farmers State Bank 246 226 5 Western—Saline County Bank__ 259 276 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATE BANK MEMBERSHIP 347 [In thousands of dollars] Invest- Surplus >ans ments DISTRICT NO. 10—Continued NEW MEXICO 3ee also District No. 11) Aztec—Citizens Bank 112 45 231 30 15 OKLAHOMA (See also District No. 11) Chelsea—Bank of Chelsea 304 59 404 50 5 Okarche—First Bank of Okarche 261 101 498 50 15 WYOMING £vanston—Stock-Growers Bank 348 79 495 50 40 Mountainview—Uinta County State Bank 64 7 109 40 4 Rock Springs—First Security Bank 1,246 525 1,914 100 100 DISTRICT NO. 11 (See also District No. 12) Tombstone—Cochise County State Bank.. 196 80 409 30 LOUISIANA (See also District No. 6) Shreveport—Continental Bank & Trust Co.. 3,080 901 4,338 300 175 NEW MEXICO (See also District No. 10) Deming—Mimbres Valley Bank 219 239 511 50 OKLAHOMA (See also District No. 10) Valliant—Farmers State Guaranty Bank, 124 63 202 25 Abernathy—First State Bank 236 17 297 25 11 Anson—Anson State Bank _ 221 6 523 50 15 Ballinger—Ballinger State Bank... 301 2 433 40 15 Bedias—First State Bank 53 26 113 25 5 Beeville—Beeville Bank & Trust Co 316 42 405 50 33 Bishop—First State Bank 135 1G4 25 25 Bomarton—First State Bank _ 96 46 225 32 3 Brady—Farmers & Merchants State Bank 214 2 292 50 5 Bremond—First State Bank 156 88 450 50 20 Brownfield—Brownfield State Bank 218 3 521 25 25 Bryan—First State Bank & Trust Co 1,008 13 1,167 100 50 Canyon—First State Bank__ 255 20 347 40 10 Celina—First State Bank 144 9 179 25 Clarendon—Farmers State Bank 157 2 248 50 ~~4 Clifton—Farmers State Bank.. 273 60 340 30 30 Coahoma—First State Bank _ 105 1 176 25 2 Commerce—State Bank of Commerce _ 206 11 284 50 10 Copperas Cove—First State Bank 94 3 122 35 7 Corsicana—First State Bank 893 231 1,337 200 50 Cross Plains—First State Bank 263 52 457 30 10 Crowell—First State Bank 346 9 530 30 30 Del Rio—Del Rio Bank and Trust Co 327 13 314 100 28 East Bernard—Union State Bank 217 4 257 50 13 Edgewood—Farmers & Merchants State Bank 78 3 95 35 3 El Paso—American Trust & Savings Bank 1,104 269 1,661 300 30 Ferris—Farmers & Merchants State Bank 290 3 314 50 40 Forney—Forney State Bank... 207 2 131 25 50 Franklin—First State Bank 164 38 310 30 15 Frost—Citizens State Bank 188 3 186 25 50 Gatesville—Guaranty Bond Bank & Trust Co _ 325 84 520 50 I 26 Georgetown—Farmers State Bank 322 57 492 50 50 Gonzales—Gonzales State Bank & Trust Co 260 4 287 75 0 Greenville—Citizens State Bank __ 244 377 685 100 10 Hallsville—Farmers State Bank 104 1 152 25 1 Hamilton—Hamilton Bank & Trust Co 115 3 293 50 j 40 Digitized forH FeRdlAeyS—ESRec urity State Bank 123 1 205 25 ] 10 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

348 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD [In thousands of dollars] Invest- Total Loans ments deposits Capital Surplus DISTRICT NO. 11—Continued TEXAS—continued Hillsboro—First State Bank 524 705 150 19 Idalou—First State Bank 142 278 25 5 Iola—Iola State Bank 104 1 115 25 13 Jacksonville—First State Bank 845 57 1,024 63 50 Junction—Junction State Bank. 583 120 665 100 100 Kerens—First State Bank __ 206 2 250 50 25 Killeen—First State Bank 201 2 297 35 14 Kirkland—First State Bank 92 44 278 50 5 Kosse—First State Bank 106 27 178 25 3 Leakey—First State Bank 59 7 92 25 1 Loraine— First State Bank 371 32 406 30 30 Lorenzo—First State Bank 292 19 473 25 25 Luling—Lipscomb Bank & Trust Co 520 10 540 75 75 Madisonville—Farmers State Bank of Madison ville . 246 5 300 25 15 Matador—First State Bank 370 2 598 38 15 Mathis—First State Bank of Mathis 102 2 137 30 20 May pearl—Citizens State Bank... 181 2 194 25 3 McGregor—First State Bank 185 3 331 50 12 McKinney—Central State Bank 342 30 552 75 7 Memphis—Citizens State Bank 524 4 717 75 28 Mertens—First State Bank 85 1 96 25 : 11 Mount Pleasant—Guaranty Bond State Bank 266 25 497 60 I 4 Munday—First State Bank 234 1 335 35 11 Murchison—First State Bank.... 83 1 88 25 5 Nacogdoches—Commercial State Bank 843 99 1,237 100 50 Palmer—First State Bank 56 65 205 25 18 Pampa—Gray County State Bank 538 24 852 25 5 Paris—Lamar State Bank & Trust Co 697 159 1,048 150 28 Rails—Security State Bank & Trust Co 253 28 519 60 10 Rice—First State Bank 120 2 188 50 1 Richardson—Citizens State Bank 128 1 103 35 5 Roaring Springs—First State Bank 152 6 328 25 Roby—First State Bank 176 13 280 40 12 Rochester—First State Bank 175 1 288 25 8 Rockwall—Security State Bank 139 4 179 50 10 Royse City—First'State Bank 204 24 226 50 25 Rusk—Farmers & Merchants State Bank & Trust Co 184 439 50 3 San Antonio— Guaranty State Bank _. 4, 399 244 5,714 300 300 Texas State Bank & Trust Co 1,899 134 2,540 300 36 Savoy—First State Bank 96 1 89 25 1 Seymour—First State Bank 231 8 321 35 6 Sherman—Central State Bank 270 12 351 100 11 Shiro—Farmers State Bank 120 1 118 25 15 Sinton—Commercial State Bank 405 35 455 50 50 Slaton— First State Bank 233 11 364 40 1 Slaton State Bank 310 24 521 25 2 Snyder—First State Bank & Trust Co . 284 5 456 50 15 Spearman—Fidelity Bank of Commerce 54 8 112 25 5 Stamford—First State Bank 331 64 735 100 5 Sweetwater—Texas Bank & Trust Co 611 312 1,110 100 100 Taft—First State Bank 152 2 130 50 13 Tahoka—Security State Bank 50 6 158 25 ! Waxahachie—First State Bank & Trust Co 810 11 1,054 200 24 Wellington—Wellington State Bank 316 3 410 50 Wharton— Security Bank & Trust Co 383 116 904 50 25 Wharton Bank & Trust Co 643 600 1,603 50 150 White Deer—First State Bank 145 1 203 25 8 Wortham— First State Bank 236 77 341 50 25 DISTRICT NO. 12 ARIZONA (See also District No. 11) Buckeye—Buckeye Valley Bank 87 75 155 25 7 9,008 4770 15, 653 1,050 250 Phoenix—Valley Bank CALIFORNIA 434 646 1,080 100 15 Chico—Peoples Savings & Commercial Bank... 774 334 1,217 50 72 Downey—Los Nietos Valley Bank - 265 59 286 75 3 Holtville—Holtville Bank. 598 179 1,004 110 60 Kingsburg—Kingsburg Bank... 6,649 1,837 11, 021 500 500 Digitized foLr oFnRgA BSeaEcRh— Farmers & Merchants Bank http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

349 STATE BANK MEMBERSHIP [In thousands of dollars] Invest- Total Capital Surplus ments deposits DISTRICT NO. 12—Continued CALIFORNIA—continued Los Angeles- Security Trust & Savings Bank 162,675 60,098 248,873 12,000 3,000 Union Bank & Trust Co 14,014 5,108 20,384 3,000 800 Norwalk—Bank of Norwalk _. 423 338 806 50 40 Pasadena—Citizens Savings Bank 2,033 1,314 3,652 300 75 Quincy—Plumas County Bank _ 663 506 1,282 110 40 Salinas—Monterey County Bank _... 3,233 1,150 4,507 276 110 San Francisco- American Trust Co.... 172,017 54,077 240,868 10,000 10,000 Anglo-California Trust Co 44, 809 11, 501 64, 664 1,500 1,500 Bank of Montreal _ 5,733 32 4,760 1,000 69 United Bank & Trust Co. of California.. 51, 703 9,632 64, 332 6,000 1,500 Wells Fargo Bank & Union Trust Co... 84, 956 32,014 129, 948 9,000 5,000 San Jose—Growers Bank _ 1,101 411 1,735 300 35 IDAHO Arco—Butte County Bank 95 167 316 35 7 Ashton—Security State Bank 159 9 170 25 10 Eagle—The Bank of Eagle 120 34 133 25 5 Grangeville—Bank of Camas Prairie 351 103 654 50 25 Hazelton—Hazelton State Bank 86 78 190 25 2 Idaho Falls—Anderson Bros. Bank... 1,619 1,115 3,316 150 75 Kimberly—Bank of Kimberly 167 68 280 35 0 Mackay—W. G. Jenkins Co. Bank 84 59 199 25 5 Malad City—J. N. Ireland & Co., bankers 225 533 40 19 Oakley—Farmers Commercial & Savings Bank.. 19 139 25 2 Orofino—Bank of Orofino 172 156 371 25 6 Pocatello—Citizens Bank & Trust Co 570 572 1,209 200 60 Richfield—First State Bank 79 23 150 25 5 Soda Springs—Largilliere Co., bankers 294 159 864 25 13 Sugar City—Fremont County Bank.... .__. 122 62 250 25 5 Twin Falls—Twin Falls Bank & Trust Co 1,099 406 2,207 100 20 Albany—Albany State Bank 590 367 1,057 50 25 Aurora—Aurora State Bank 172 106 282 25 13 Beaver ton—Bank of Beaverton 425 137 583 25 20 Central Point—Central Point State Bank 201 71 328 25 5 Dallas—Dallas City Bank 320 106 557 50 19 Enterprise—Enterprise State Bank 192 62 286 50 10 Fossil—Steiner & Carpenter Bank 381 85 449 100 8 Grants Pass—Grants Pass & Josephine Bank 662 350 1,122 75 30 Gresham—First State Bank 186 522 726 30 25 Haines—Bank of Haines 151 16 170 25 2 Helix—Bank of Helix 195 21 158 50 6 Hood River—Butler Banking Co 864 79 1,065 125 50 Marshfield—Bank of Southwestern Oregon 447 325 769 100 20 Medford—Jackson County Bank 941 362 1,632 100 20 Moro—Farmers State Bank 136 7 129 45 7 Multnomah—Multnomah Commercial & Savings Bank... ._ 171 45 195 25 5 Myrtle Point—Bank of Myrtle Point 144 64 227 25 8 North Portland—Live Stock State Bank.. _.. 393 123 634 50 5 Oakland—E. G. Young & Co. Bank 472 315 908 50 15 Oregon City- Bank of Commerce _ 714 909 1,696 200 40 Bank of Oregon City 605 1,053 2,018 150 30 Pendleton—Inland Empire Bank 1,016 298 1,415 250 43 Portland- American Exchange Bank 1,562 1,193 3,551 200 50 Citizens Bank 2,237 1,118 4,622 200 25 Hibernia Commercial <fe Savings Bank 4,174 2,555 7,930 200 100 Reedsport—First Bank of Reedsport 110 116 241 25 5 Shaniko—Eastern Oregon Banking Co 216 23 246 25 10 Wasco—Bank of Wasco 145 9 207 25 5 Woodburn—Bank of Woodburn... 307 388 771 50 10 Bingham—Bingham State Bank... ._ 311 226 615 26 23 Cedar City—Bank of Southern Utah 795 10 901 100 75 Ephraim—Bank of Ephraim ._ _.. 539 5 453 50 48 Fillmore—Fillmore Commercial & Savings Bank 248 2 216 50 12 Fountain Green—Bank of Fountain Green 269 48 422 25 30 Gunnison—Gunnison Valley Bank 211 6 205 50 1 Helper—Helper State Bank 500 162 933 50 50 Kaysville—Barnes Banking Co 485 16 407 50 90 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

350 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD [In thousands of dollars] Loans I m nv e e n s t t s - de T p o o t s a i l ts Capital Surplus DISTRICT NO. 12—Continued UTAH—continued Logan- Cache Valley Banking Co 1,171 422 1,717 100 50 Thatcher Bros Banking Co 1,548 308 1,942 100 100 Parowan—Bank of Iron County .... 238 4 294 35 21 Payson—State Bank of Payson 348 3 341 50 0 Price- Carbon County Bank 395 28 448 100 10 Price Commercial & Savings Bank 657 186 864 50 70 Provo— Farmers & Merchants Bank 725 82 1,126 100 30 Knight Trust & Savings Bank 1,000 297 1,208 300 65 Richfield--James M. Peterson Bank 662 5 772 50 50 Saliria—First State Bank of Salina 753 4 797 25 94 Salt Lake City- Columbia Trust Co 940 57 1,219 200 30 Tracy Loan & Trust Co 935 172 733 250 200 Utah Savings & Trust Co . .. 1,432 595 2,156 300 150 Walker Brothers Bankers 15,433 3,455 23, 757 1,000 500 Spanish Fork—Commercial Bank - 331 15 377 50 25 Vernal—Bank of Vernal 259 2 293 60 17 WASHINGTON Almira— Almira State Bank 223 24 266 50 13 Farmers State Bank 98 18 153 25 7 Buena—Buena State Bank __ 68 16 74 25 2 Chehalis—Coffman-Dobson Bank & Trust Co 1,149 899 2,232 150 100 Colfax—First Savings & Trust Bank of Whitman County ._ 456 58 556 75 15 Coulee—Securitv State Bank 39 38 112 25 Davenport—Lincoln County State Bank 346 82 472 50 20 Ellensburg—Farmers Bank.. 470 724 1,198 100 50 Everett—Bank of Commerce 745 1,139 1,947 150 30 Farmington—Bank of Farmington _ 236 18 290 25 10 Hoquiam— Bank of Hoquiam . 914 610 1,880 100 50 Lumbermens Bank & Trust Co. 682 619 1,275 100 75 Kelso—Cowlitz Valley Bank 199 271 538 30 25 La Crosse— First State Bank 414 78 458 60 22 Security State Bank - - ._ 87 4 110 30 4 Odessa—Farmers & Merchants Bank 363 85 483 25 15 Okanogan—Commercial Bank 210 86 316 50 10 Pine City—Pine City State Bank 104 2 97 25 4 Pomeroy—Pomeroy State Bank 706 252 1,011 50 150 Pullman—Pullman State Bank _._ 626 148 821 38 10 Puyallup— Citizens State Bank - - 434 229 722 50 15 Puyallup State Bank 248 316 635 50 7 Reardan—Farmers State Bank . 366 89 431 50 20 Ritzville—Ritzville State Bank _ 228 198 480 25 13 Rockford—Farmers & Merchants Bank 132 42 181 25 3 Rosalia—Bank of Rosalia . 223 50 286 25 10 St John Farmers State Bank 398 72 439 40 10 Seattle—Peoples Bank & Trust Co . 3,892 3,563 8,612 500 100 Selah—Selah State Bank 270 94 428 30 6 South Bend—Pacific State Bank - . 295 519 932 100 11 Spokane- Spokane & Eastern Trust Co 7,790 1,264 11,058 1,000 250 Washington Trust Co . 1,627 349 1,932 200 100 Stanwood—Bank of Stanwood 280 310 673 25 25 Tekoa— Citizens Bank 188 76 300 25 7 Tekoa State Bank 266 157 464 30 16 Toppenish— Central Bank of Toppenish 195 102 295 50 10 Traders Bank 170 181 397 25 15 Uniontown—Farmers State Bank .. 207 25 234 25 6 Walla Walla- Farmers & Merchants Bank 650 224 1,107 200 40 Peoples State Bank 1,044 431 1,651 100 50 Wenatchee— Columbia Valley Bank - 1,267 271 1,960 100 25 Commercial Bank & Trust Co 1, 125 286 1,556 100 I 40 Wilbur State Bank of Wilbur . 401 103 543 50 1 10 Yakima—Yakima Valley Bank & Trust Co 1,631 517 2,415 275 55 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—continued CONNECTICUT Willimantic—Windham National Ito9. (See also District No. 2) Bank. Winsted—Hurlbut National Bank... Ito9. Ansonia—Ansonia National Bank Ito9. Bristol—Bristol National Bank 1 to 8. MAINE Derby—Birmingham National Bank. I to 9. Auburn—National Shoe & Leather Ito7. rtari C io a r p a i — tol National Bank & Trust 1 to 9. Au J•Rj g da u lln s Kk ta .. —First National Granite Ito9. FirstNational Bank 1 to 9. Ba x •nR > gn a on n rl K r— . Hartford National Bank & Trust Ito9. First National Bank. 1, 2, and 4. Co. Merchants National Bank Ito9. Meriden—Home National Bank Ito9. Bar Harbor—First National Bank... 1 to 4. Middletown— Bath- Central National Bank 1 to 9. Bath National Bank Ito8. Middletown National Bank 1 to 9. First National Bank Ito8. Naugatuck—Naugatuck National 1 to 4. Belfast—City National Bank 1 to 8. Bank. Biddeford—First National Bank of Ito9. New Britain— Biddeford. City National Bank Ito8. Boothbay Harbor—First National 1, 2, 4, and New Britain National Bank 1 to 9. Bank. 6. New Haven- Damariscotta—First National Bank 1,2,3, 5, and First National Bank _ 1 to 8. of Damariscotta. 6. Morchants National Bank 1 to 8. Ellsworth—Liberty National Bank.. Ito9. National Tradesmens Bank & 1 to 9. Fort Kent—First National Bank 1 to 3, 5 to 9. Trust Co. Houlton—First National Bank 1 to 5, and 9. New Haven Bank, N. B. A Ito9. Lewist on- Second National Bank 1 to 9. First National Bank _ Ito9. New London— Manufacturers National Bank 1 to 5, and 9. National Bank of Commerce..... Ito5. Norway—Norway National Bank Ito8. New London City National Bank 1, 2, 3, 5, 7, Pittsfield—Pittsfield National Bank . 1 to 9. 8. and 9. x. onianQ —~ Norwich—Thames National Bank 1 to 9. Canal National Bank Ito9. Putnam—Citizens National Bank Ito9. First National Bank 1, 2, and 4. Rockville— Portland National Bank... _ 1,2,4, and 9. First National Bank Ito9. Rockland— Rockviile National Bank.. 1 to 9. North National Bank Ito9. Torrington—Torrington National ltoT. Rockland National Bank... Ito9. Bank. Rumford—Rumford National Bank.. 1 to 9. Wallingiord—First National Bank Ito9. Saco—York National Bank Ito9. Waterbury— Sanford—Sanford National Bank Ito9. Citizens and Manufacturers Na- 1 to 9. Skowhegan—First National Bank 1 to 9. tional Bank. Springvale—Springvale National 1 to 9. Waterbury National Bank 1 to 9. Bank. 351 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

352 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD Powers Powers granted granted DISTRICT NO. 1—Continued DISTRICT NO. 1—Continued MAINE—continued MASSACHUSETTS—continued Thomaston—Georges National Bank. 1 to 3, 5, and New Bedford- 8. First National Bank _ 1 to 9. Van Buren—First National Bank 1 to 3, 5 to 7, Merchants National Bank 1 to 9. and 9. Safe Deposit National Bank 1 to 9. Waldoboro—Medomak National 1 to 3, 5 to 7, Newburyport—Merchants National 1 to 8. Bank. and 9. Bank. Waterville— North Adams—North Adams Na- 1 to 9. Peoples National Bank 1 to 9. tional Bank. Ticonic National Bank.. 1 to 4. North Attleboro—Manufacturers Na- 1 to 9. tional Bank. Northampton- MASSACHUSETTS First National Bank.. 1 to 9. Northampton National Bank to 9. Ada F m ir s s - t National Bank 1 to 8. P P i a t l t m sfi e e r l — d— Palmer National Bank to 9. Graylock National Bank 1 to 7 and 9. Agricultural National Bank to 9. A A t m tl h e e b r o s r t o — — F F ir i s r t s t N N a a ti t o io n n a a l l B B a a n n k k 1 1 t t o o 9 9. . Plym Pi o tt u sf t i h e - ld National Bank to 7 and 9. Beverly—Beverly National Bank.-.. 1 to 4. Old Colony National Bank... to 5. Boston— **Twr$g| Plymouth National Bank to 4. Atlantic National Bank to 9. Provincetown—First National Bank. to 9. Commercial Security National to 9. Reading—First National Bank to 4. Bank. Salem—Merchants National Bank 1 to 9. Federal National Bank to 9. Shelburne Falls—Shelburne Falls 1 to 7tandI9. First National Bank.. to 9. National Bank. M Na e t r i c o h n a a n l t R s o N c a k t l i a o n n d a l B B an a k nk.. t t o o 9 9 . . So B u a th n b k r . idge—Southbridge National 1 to 9. National Shawmut Bank to 9. Springfield— Second National Bank __. 1 to 9. Chapin National Bank 1 to 9. Webster & Atlas National Bank. 1 to 9. Springfield National Bank 1 to 8. Brockton- Third National Bank & Trust Co. 1 to 9. H Br o o m c e k t N on a t N io a n ti a o l n B a a l n B k ank 1 1 t t o o 9 5 . . Ti t s i b o u n r a y l — Ba M n a k r . tha's Vineyard Na- 1 to 8. Dedham—Dedham National Bank... 1 to 9. Turners Falls—Crocker National 1 to 7 and 9. Edgartown—Edgartown National 1 to 3. Bank. Bank. Uxbridge—Blackstone National Bank 1 to 4. Fall M F R a a l i l s v s R a e s i r v o - i e t r N P at o i c o a n s a s l e B t an N k ational 1 1 t t o o 9 9 . . W W h a a a r l e t m h h . a a m m — — W Na a t l i t o h n a a m l B N a a n ti k o n o a f l W B a a r n e k - . 1 1 t t o o 7 9. and 9. F Fi a t l c m h M b o B e u u t r a t a g h n c — — k o . m S F a e a t f l e m N ty o a u ti t F o h n u N a n l a d B t io a N n n a k a t l i B o a n n a k l 1 1 1 t t t o o o 9 9 9 . . . W W W B e e a l b t a l e s e n r t s t k e l o e r . w — y— n F — W ir U s e t l n l N e io s a l n e t i y M o n N a a r a l k t B i e o t a n n N a k l a t B io a n n a k l . 1 1 1 t t t o o o 4 9 4 . . . F F r o a B x m b an i o n r k g o . h — am Fo — xb F o r r a o m N in a g ti h o a n m a l N B a a t n io k n ._ al _ 1 1 t t o o 9 9 . . W W e o s b t u N rn e — w W ton o — bu F rn ir s N t a N ti a o t n io a n l a B l a B nk ank. 1 1 , a to 2 n , d 9 3 . 9 , . 6, 7, G Gl a B o r u a d c n n e k e s . r t — er— Fir C s a t p N e atio A n n a n l Ba N nk ational 1 1 t t o o 9 9 . . Wor W M ce e o s c r t c h e e a r s n - t i e c r s C N o a u t n io ty n a N l a B ti a o n n k al Bank 1 1 t t o o 9 4. . Gr B e a at n k. Barrington—National Ma- 1 to 9. Yarmouthport—First National Bank. 1 to 9. haiwe Bank. NEW HAMPSHIRE Greenfield—First National Bank 1 to 9. Berlin— Haverhill— Berlin National Bank 1, 2, 4, [6, Essex National Bank. 4. and 7. ^ A First National Bank _ 1 to 4. City National Bank 1. Merrimack National Bank 1 to 4. Charleston—Connecticut River Na- 1 and 4. Holyoke—Holyoke National Bank... 1 to 9. tional Bank. Hudson—Hudson National Bank 1 to 9. Claremont— Lawrence—Bay State National Bank. 1 to 9. Claremont National Bank 1 to 4. Leominster— Peoples National Bank _ 1. Leominster National Bank 1 to 4. Concord- Merchants National Bank 1 to 7 and 9. First National Bank 1 to 9. Lowell— Mechanicks National Bank 1, 2, and 4. Apple ton National Bank Ito9. National State Capital Bank 1 and 4. Old Lowell National Bank 1. Deny— Derry National Bank 1. Union National Bank Ito9. Dover— Lynn- Merchants National Bank 1 to 3. Central National Bank Ito8. Strafford National Bank 1 to 4. Manufacturers National Bank... 1 to 9. Franklin—Franklin National Bank.. 1. National City Bank.... 1 to 5 and 7. Hanover—Dartmouth National Bank 1, 4, and 9. State National Bank Ito9. Keene— Maiden—First National Bank 1 to 9. A shuelot National B ank 1 and 4. Marblehead—National Grand Bank. 1 to 9. Keene National Bank... _ 1 to 4. Marlboro— Laconia— First National Bank 1 to 4. Laconia National Bank 1 and 4. Peoples National Bank 1 to 9. Peoples National Bank 1 and 4. Methuen—Methuen National Bank. 1 to 8. Manchester— Milford— Amoskeag National Bank 1 and 4. Home National Bank 1 to 4. First National Bank 1 and 4. Milford National Bank 1 to 9. Manchester National Bank 1. Nan tucket—Pacific National Bank... 1 to 9. Merchants National Bank 1, 4, and 9. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FIDUCIARY POWERS 353 Powers Powers granted granted DISTRICT NO. 1—Continued DISTRICT NO. 2—Continued NEW HAMPSHIRE—continued NEW JERSEY Milford—Souhegan National Bank... 1 and 4. (See also District No. 3) Nashua— Indian Head National Bank 1 to 3. Allentown—Farmers National Bank. 1 to 9. Second National Bank 1, 2, and 4. Asbury Park—Merchants National 1 to 9. Newport—Citizens National Bank... 1 and 4. Bank. Peterboro—First National Bank 1, 4, and 9. Atlantic Highlands—Atlantic High- Ito8. Plymouth—Pemigewasset National 1 and 4. lands National Bank. Bank. Bayonne— Portsmouth—New Hampshire Na- 1 and 9. Bayonne National Bank 1 to 9. tional Bank. Mechanics' National Bank . Ito9. Tilton—Citizen's National Bank 1 and 2. Belleville—Peoples National Bank & Ito9. Wolfeboro—Wolfeboro National Bank 1 and 4. Trust Co. Belvidere—Belvidere National Bank. Ito8. RHODE ISLAND Bergenfield—Bergenfield National 1 to 9. Newport—A quidneck National Ex- 1 to 9. Bank & Trust Co. change Bank & Savings Co. Bloomfield—Bloomfield National 1 to 9. Providence— Bank. Blackstone Canal National Bank. 1. Boonton—Boonton National Bank... 1 to 9. National Bank of Commerce 1 to 9. Boundbrook—First National Bank... 1 to 9. Providence National Bank Ito9. Butler— First National Bank Ito9. Caldwell— VERMONT Caldwell National Bank 1 to 9. Barre—Peoples National Bank Ito9. Citizens National Bank & Trust Ito8. Bellows Falls—National Bank of Bel- 1 to 9. Co. lows Falls. Carlstadt—Carlstadt National Bank. Ito9. Bennington— Carteret—First National Bank Ito9. County National Bank . 1 to 9. Clifton—First National Bank 1 to 9. First National Bank 1 to 9. Closter— Bethel—National White River Bank. 1 to 9. Closter National Bank & Trust 1 to 9. Brandon—First National Bank. 1 to 4. Co. Brattleboro—Vermont Peoples Na- 1 to 9. Cranbury—First National Bank Ito9. tional Bank. Dover—National Union Bank. 1 to 9. Burlington—Howard National Bank. 1 to 8. Dunellen—First National Bank Ito9. Chelsea—National Bank of Orange 1 to 8. East Orange—First National Bank... 1 to 9. County. Elizabeth- Danville—Caledonia National Bank.. 1 to 9. National State Bank 1 to 7 and 9. Derby Line—National Bank of Derby 1 to 3,5 and 9. Peoples National Bank. Ito9. Line. Englewood—Citizens National Bank 1 to 9. Enosburg Falls—First National Bank 1 to 9. & Trust Co. Manchester Center—Factory Point Ito9. Flemington—Flemington National 1 to 9. National Bank. Bank Middlebury—National Bank of Mid- Ito9. Freehold—National Freehold Bank- Ito9. dlebury. ing Co. Montpelier— Frenchtown—Union National Bank.. 1 and 4. First National Bank 1 to 4. Garfield—First National Bank 1 to 9. Montpelier National Bank 1 to 9. Hackettstown— Newport—National Bank of Newport 1 to 7 and 9. Hackettstown National Bank 1 to 9. Northfield—Northfield National 1 to 9. Peoples National Bank . 1 to 9. Bank. Highland Park—First National Bank Ito9. Poultney—Citizens National Bank_._ 1 to 4. Hillside—Hillside National Bank 1 to 9. Rutland- Hoboken—First National Bank Ito4. Baxter National Bank 1 to 7 and 9. Irvington— Clement National Bank. 1 to 3, 5 to 7. Irvington National Bank 1 to 9. Rutland County National Bank. 1 to 9. Peoples National Bank Ito9. St. Albans—Welden National Bank.. 1 to 4. Jersey City- St. Johnsbury—First National Bank- 1 to 6 and 9. First National Bank 1 to 9. Springfield—First National Bank 1 to 4 and 5. Franklin National Bank ._ .. 1 to 7 and 9. Windsor—State National Bank 1 to 3, 5, 6, Journal Square National Bank Ito9. and 7. Union Trust & Hudson County 1 to 9. DISTRICT NO. 2 National Bank. Kearny—First National Bank & 1 to 9. CONNECTICUT Trust Co. (See also District No. 1) La B m a b n e k r . tville—Lambertville National 1 to 9. Bridgeport- Linden—Linden National Bank & Ito9. City National Bank 1 to 9. Trust Co. First National Bank.. Ito9. Little Falls—Little Falls National Ito9. D anbury- Bank. City National Bank. 1 to 9. Long Branch—Citizens National 1 to 9. Danbury National Bank Ito9. Bank. Greenwich—First National Bank in.. 1 to 9. Lyndhurst—First National Bank 1 to 9. New Canaan—First National Bank... 1 to 9. Madison—First National Bank. ... 1 to 9. Norwalk—National Bank of Norwalk 1 to 9. Metuchen—Metuchen National Bank 1 to 9. Ridgefield—First National Bank & 1 to 9. Milburn—First National Bank Ito9. Trust Co. Milltown—First National Bank I to 9. South Norwalk—City National Bank 1 to 4. Montclair— Stamford— First National Bank & Trust 1 to 9. First Stamford National Bank... 1 to 9. Co. Peoples National Bank Ito9. Montclair National Bank Ito9. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

354 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD Powers granted DISTRICT NO. 2—Continued NEW JERSEY—continued Morristown— First National Bank 1 to 9. National Iron Bank Ito9. Newark— Broad and Market National Bank Ito9. & Trust Co. Haves Circle National Bank & 1 to 9. Trust Co. Labor National Bank ._ 1 to 9. Lincoln National Bank. 1 to 9. Mount Prospect National Bank.. Ito9. National Newark & Essex Bank- 1 to 9. ing Co. National State Bank.. ... Ito9. North Ward National Bank 1 to 9. South Side National Bank & 1 to 9. Trust Co. New Brunswick— National Bank of New Jersey._ . 1 to 9. Peoples National Bank. ... 1 to 9. Newton—Sussex & Merchants Na- 1 to 9. tional Bank. Nutley— First National Bank Ito9. Franklin National Bank 1 to 9. Ocean Grove—Ocean Grove National 1 to 9. Bank. Orange— Orange National Bank. _. Ito8. Second National Bank 1 to 9. Passaic— American National Bank ... 1 to 9. Passaic National Bank & Trust 1 to 9. Co. Pater son- Broadway National Bank 1 to 9. Columbus National Bank 1 to 9. First National Bank... 1 to 9. Labor Cooperative National Bank 1 to 9. National Bank of America 1 to 9. Paterson National Bank 1 to 9. Second National Bank 1 to 9. Perth Amboy— First National Bank.. .. 1 to 9. Perth Amboy National Bank ... 1 to 9. Phillipsburg— Phillipsburg National Bank & 1 to 8. Trust Co. Second National Bank 1 to 9. Plainfield—First National Bank 1 to 9. Pompton Lakes—First National 1 to 8. Bank & Trust Co. Rah way- Citizens National Bank . Rahway National Bank Ramsey—First National Bank & Trust Co. Red Bank— Broad Street National Bank Second National Bank & Trust Co. Ridgewood— Citizens National Bank & Trust Co. First National Bank ... Roselle—First National Bank Rutherford—Rutherford National Bank. Somerville—Second National Bank.. South Amboy—First National Bank. South River—First National Bank... Summit—First National Bank & Trust Co. Sussex—Farmers National Bank Tenafly—Northern Valley National Bank. Union City—First National Bank Washington—First National Bank... West New York—First National Bank. West Orange—First National Bank.. Woodbridge—First National Bank... BBB Powers granted DISTRICT NO. 2—Continued NEW YORK Adams—Farmers National Bank 1 to 9. Albany- National Commercial Bank & 1 to 8. Trust Co. New York State National Bank.. 1 to 9. Amityville—First National Bank & 1 to 9. Trust Co. Amsterdam- Amsterdam City National Bank. 1 to 3,5 to 8. Farmers National Bank 1 to 9. First National Bank 1 to 9. Auburn— Cayuga County National Bank.. 1 to 9. 1 National Bank of Auburn 1 to 9. Babylon—Babylon National Bank 1 to 9. & Trust Co. Ballston Spa— Ballston Spa National Bank 1 to 9. 1 First National Bank 1 to 9. Batavia—First National Bank 1 to 9. Bath—Bath National Bank 1 to 9. Bay Shore—First National Bank & 1 to 9. Trust Co. Beacon— Fishkill National Bank _. 1 to 9. Matteawan National Bank of 1 to 9. Beacon. Binghamton—• City National Bank.. 1 to 9. First National Bank _ 1 to 9. Bronxville—Gramatan National 1 to 9. Bank & Trust Co. Brooklyn- First National Bank 1 to 9. Nassau National Bank 1 to 9. Prospect National Bank & Trust 1 to 9. Co. of Brooklyn in New York. Traders National Bank 1 to 9. Buffalo—Community National Bank 1 to 9. Camden—First National Bank & 1 to 9. Trust Co. Canandaigua—Canandaigua Na- 1 to 9. tional Bank & Trust Co. Canton First National Bank 1 to 9. St. Lawrence County National 1 to 3, 5 to 8. Bank. Carthage— Carthage National Bank. 1 to 9. National Exchange Bank 1 to 9. Catskill—Catskill National Bank 1 to 8. Cedarhurst—Peninsula National 1 to 9. Bank. Clayton—National Exchange Bank.. 4. Cohoes—National Bank of Cohoes... 1 to 8. Cooperstown— First National Bank 1 to 9. 1 to 9. Second National Bank. 1 to 8. 1 to 9. Corning—First National Bank & 1 to 8. Trust Co. Cortland—National Bank of Cort- 1 to 9. 1 to 9. land. Cuba- 1 to 9. Cuba National Bank 1 to 9. 1 to 9. First National Bank. ... 1 to 9. 1 to 9. Delhi—Delaware National Bank 1 to 9. Dolgeville—First National Bank 1 to 9. 1 to 4. Dover Plains—Dover Plains Na- 1 to 9. 1 to 9. tional Bank. 1 to 9. Dunkirk- 1 to 9. Lake Shore National Bank 1 to 9. Merchants National Bank 1 to 8. 1 to 4. Edwards—Edwards National Bank_. 4. 1 to 9. Elmira— Merchants National Bank & 1 to 9. 1 to 9. Trust Co. 1 to 9. Second National Bank 1 to 9. 1 to 9. Fairport—Fairport National Bank & 1 to 9. Trust Co. 1 to 9. Far Rockaway—National Bank of 4. Digitized for FRASER 1 to 9. Far Rockaway. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FIDUCIARY POWERS 355 Powers Powers granted granted DISTRICT NO. 2—Continued DISTRICT NO. 2—Continued NEW YOBK—continued NEW YORK—continued 1 Floral Park—First National Bank Ito9. Middletown— & Trust Co. First National Bank & Trust Co Ito9. Fonda—National Mohawk River 1 to 8. Merchants National Bank 1 to 9. Bank. Mineola—First National Bank 1 to 9. Fort Plain—Fort Plain National 1 to 9. Monticello—National Union Bank of 1 to 9. Bank. Monticello. Frankfort—Citizens First National 1 to 9. Morristown—Frontier National 4. Bank. Bank. Fredonia—National Bank of Fre- 1 to 9. Mount Kisco—Mount Kisco Na- 1 to 9. donia. tional Bank & Trust Co. Freeport— Mount Vernon— Citizens National Bank 1 to 9. American National Bank & 1 to9. First National Bank & Trust Co. 1 to 9. Trust Co. Fulton—Citizens National Bank. 1 to 9. First National Bank.. 1 to 8. Geneseo—Genesee Valley National 1 to 9. Newark—Arcadia National Bank Ito9. Bank. & Trust Co. Glens Falls- Newburgh— First National Bank 1 to 9. Highland Quassaick National 1 to 9. National Bank of Glens Falls 1 to 9. & Trust Co. Gloversville— National Bank of Newburgh 1 to 9. City National Bank 1 to 9. New Rochelle— Fulton County National Bank.. 1 to 9. Central National Bank Ito9. Goshen—National Bank of Orange 1 to 9. National City Bank 1 to 9. County. New York- Granville— Bowery & East River National 1 to 9. Farmers National Bank 1 and 4. Bank. Washington County National 4. Bronx National Bank 4. Bank. Capitol National Bank & Trust 1 to 8. Hancock—First National Bank 1 to 9. Co. 'Haverstraw—National Bank <fe 1 to 9. Central National Bank. Ito9. Trust Co. Chase National Bank 1 to 9. Hempstead—First National Bank 1 to 9. Chatham & Phenix National 1 to 9. Herkimer—Herkimer National Bank. 1 to 8. Bank & Trust Co. Highland Falls—First National Bank 1 to 9. Chemical National Bank Ito9. Hoosick Falls- First National Bank _. Ito9. First National Bank 1 to 9. Garfield National Bank _. 1 to 9. Peoples National B ank 1 to 8. Grace National Bank 1 to 9. Hornell—Citizens National Bank.... 1 to 9. Hamilton National Bank 1 to 9. Hudson- Hanover National Bank 1 to 9. Farmers National Bank 1 to 9. Harriman National Bank 1 to 9. First National Bank 1 to 9. Liberty National Bank 1 to 9. Hudson Falls— National Bank of Commerce 1 to 9. Peoples National Bank 1 to 9. National City Bank 1 to 9. Sandy Hill National Bank 1 to 9. National Park Bank 1 to 9. Ilion— Public National Bank & Trust J to 9. Ilion National Bank & Trust Co. Ito9. Co. Manufacturers National Bank... 1 to 9. Seaboard National Bank 1 to 9. Islip—First National Bank. 1 to 9. Seward National Bank 1 to 9. Ithaca—First National Bank 1 to 9. Niagara Falls—National Bank of Ni- 1 to 9. Jamestown- agara & Trust Co. American National Bank 1 to 9. Norwich— National Chautauqua County 1 to 8. Ch T e r n u a s n t g 'C o o . National Bank & 1 to 8. Kenm B or a e n — k. First National Bank. 1 to 9. Nort N h a p t o io rt n — al F B ir a st n k N & at i T o r n u a s l t B C a o nk 1 1 t t o o 9 9 . . Kingston— Nyack—Nyack National Bank 1 to 9. First National Bank of Rondout. 1 to 9. Ogdensburg—National Bank of Og- 1 to 8. National Ulster County Bank 1 to 9. densburg. Rondout National Bank.. _ Ito9. Olean— State of New York National 1 to 9. Exchange National Bank Ito9. Bank. First National Bank 1 to 9. Lackawanna—Lackawanna National 1 to 9. Oneida—Oneida Valley National 1 to 9. La B rc a h n m k. ont—Larchmont National 1 to 9. On B e a o n n k ta . — Bank & Trust Co. Citizens National Bank & Trust 1 to 9. Liberty—Sullivan County National 1 to 9. Co. Bank. Wilber National Bank... 1 to 9. Little Falls—Little Falls National 1 to 9. Ossining—First National Bank & Ito9. Trust Co. Lockport—Niagara County National 1 to 9. Oswego—Second National Bank & 1 to 9. Bank. Trust Co. Lowville—Black River National 1 to 9. Ovid—First National Bank 4. Bank. Owego— Lynbrook—Peoples National Bank 1 to 9. First National Bank _. 1 to 9. & Trust Co. Owego National Bank 1 to 9. Malone—Farmers National Bank 1 to 9. Pearl River—First National Bank & 1 to 9. Mamaroneck—First National Bank 1 to 9. Trust Co. & Trust Co. Peekskill— Manhasset—First National Bank 1 to 9. Peekskill National Bank. Ito9. Massena—First National Bank & 1 to 9. Westchester County National Ito9. Trust Co. Banl:. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

356 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD Powers Powers granted granted DISTRICT NO. 2—Continued DISTRICT NO. 2—Continued NEW YORK—continued NEW YORK—continued Perry—First National Bank 1 to 9. Warsaw—Wyoming County Na- Ito9. Plattsburg— tional Bank. Merchants National Bank 1 to 9. Warwick—First National Bank 1 to 9. Plattsburg National Bank & 1 to 5, 7 to 9.Watert own- Trust Co. Jefferson County National Bank. 1 to 9. Port Chester—First National Bank 1 to 9. Watertown National Bank Ito8. & Trust Co. Waverly—First National Bank 1 to 9. Port Henry—Citizens National Bank- 1 to 9. Wellsville—Citizens National Bank.. Ito9. Port Jervis— Westbury—Wheatley Hills National Ito9. First National Bank 1 to 9. Bank. National Bank & Trust Co. of 1 to 9. Westfield—National Bank of West- 1 to 9. Port Jervis. field. Port Richmond—Staten Island Na- 1 to 9. Whitehall—Merchants National 1 to 9. tional Bank & Trust Co. Bank. Port Washington—Port Washington 1 to 9. Yonkers— National Bank & Trust Co. First National Bank 1 to 9. Potsdam—Citizens National Bank... 1 to 9. Yonkers National Bank & Trust Ito9. Poughkeepsie— Co. Fallkill National Bank & Trust 1 to 9. i Co. DISTRICT NO. 3 Farmers & Manufacturers Na- 1 to 9. ; tional Bank. DELAWARE Merchants National Bank 1 to 9. i Red Hook—First National Bank 1,2, and 3. j Delmar—First National Bank. Ito8 Richfield Springs—First National 1 to 9. IDover—First National Bank... 1 to 9 Bank. Laurel—Peoples National Bank lto* Riverhead—Suffolk County National 1 to 9. !Milford—First National Bank__ 1 to 9. Bank. Seaford—First National Bank Ito8. Rockville Center- Smyrna- First National Bank 1. 1 Fruit Growers National Bank & Ito9. Nassau County National Bank__ 1 to 9. Trust Co. Rome—Farmers National Bank & Ito9. National Bank of Smyrna.. Ito9. Trust Co. Wilmington- Roscoe—First National Bank Ito9. Central National Bank Ito9. Rye—Rye National Bank 1 to 9. National Bank of Delaware 1 to 9. St. Johnsville—First National Bank.. Ito9. Union National Bank 1 to 9. Saranac Lake—Adirondack National 1 to 9. Bank. NEW JERSEY Saratoga Springs—Saratoga National 4. Bank. (See also District No. 2) Saugerties—First National Bank Ito9. Sayville—Oystermens National Bank 1 to 9. Atlantic City— Scarsdale—Scarsdale National Bank 1 to 9. Atlantic City National Bank 1 to 4. & Trust Co. Chelsea National Bank 1 to 9. Schenectady— Pacific Avenue National Bank... Ito9. Mohawk National Bank 1 to 9. Second National Bank Ito9. Union National Bank 1 to 9. Union National Bank 1 to 3. Silver Creek—Silver Creek National 1 to 9. Audubon—Audubon National Bank. Ito9. Bank Barnegat—First National Bank 1 to 9. Skaneateles—National Bank of Skan- Ito9. Beach Haven—Beach Haven Na- 1 to 9. eateles. tionai Bank & Trust Co. Southampton—First Nationa iBank. 1 to 8. • Blackwood—First National Bank & ltoQ. Spring Valley—First National Bank. i to 9. : Trust Co. Stamford—National Bank of Stam- 1 to 9. Bordentown—First National Bank.. Ito9. ford. Bridgeton— Suffern—Suflern National Bank & Ito9. Bridgeton National Bank Ito9. Trust Co. | Farmers and Merchants Na- Ito9. Syracuse- tional Bank. Liberty National B ank 1 to 9. Burlington—Mechanics National Ito9. Merchants National Bank & 1 to 9. Bank. Trust Co. i Camden—First Camden National Ito9. Salt Springs National Bank 1 to 9, Bank & Trust Co. Tarrytown—Tarrytown National 1 to 3, 5 to 9. Cape May—Merchants National 4. Bank. Bank. Troy- Collingswood — Collingswood Na- Ito9. Manufacturers National Bank... Ito9. tional Bank. National City Bank._ Ito9. Elmer—First National Bank Ito9. Union National Bank 1 to 9. Glassboro—First National Bank Ito9. United National Bank Ito9. Haddonfield—Haddonfield National 1 to 9. Tuckahoe—First National Bank & Ito9. Bank. Trust Co. Hope well—Hope well National Bank.1 to 9. Utica— Medf or d—Burlington County Na- 1 to 9. Oneida National Bank Ito9. tional Bank. Utica National Bank & Trust Ito9. Merchantville—First National Bank Ito9. Co. & Trust Co. Valley Stream—Valley Stream Na- Ito9. Millville— tional Bank & Trust Co. Mechanics National Bank 1 to 9. Walton—First National Bank 1 to 9. Millville National Bank Ito9. Warrensburg— Emerson National Ito9. Mount Holly—Mount Holly Na- 1 to 8. Bank. tional Bank. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FIDUCIARY POWERS 357 Powers Powers granted granted DISTRICT NO. 3—Continued DISTRICT NO. 3—Continued NEW JERSEY—continued PENNSYLVANIA—continued New Egypt—First National Bank & 1 to 9. Coatesville—National Bank of Ches- Ito9. Trust Co. ter Valley. Ocean City- Columbia— First National Bank 1 to 7 and 9. Central National Bank. Ito9. Ocean City National Bank Ito9. First Columbia National Bank__ Ito9. Paulsboro—First National Bank & Ito9. Conshohocken—First National Bank. 1 to 9. Trust Co. Dallastown—First National Bank... •1 to 9. Pemberton—Peoples National Bank. Ito9. Danville— Pitman—Pitman National Bank & Ito9. Danville National Bank Ito9. Trust Co. First National Bank 1 to 9. Pleasantville—Pleasantville National Ito9. Darby—First National Bank 1 to 9. Bank. Doylestown—Doylestown National Ito9. Point Pleasant Beach—Ocean Coun- Ito8. Bank & Trust Co. ty National Bank. Du Bois— Princeton—First National Bank Ito9. Deposit National Bank Ito9. Salem— Du Bois National Bank—_ __ Ito9. City National Bank & Trust Co. Ito9. East Stroudsburg—Monroe County 1 to 9. Salem National Bank & Trust Ito9. National Bank. Co. Ebensburg—First National Bank 1 to 9. Swedesboro—Swedesboro National Ito9. Edwardsville—Peoples National Ito9. Bank. Bank. Toms River—First National Bank.. Ito9. Elizabethtown—First National Bank Ito9. Trenton— & Trust Co. Broad Street National Bank Ito9. Emaus—Emaus National Bank Ito9. First National Bank Ito9. Emporium—First National Bank 1 to 9. Mechanics National Bank _ Ito9. Ephrata— Ventnor City—Ventnor City Na- Ito9. Ephrata National Bank— _ 1 to 9. tional Bank. Farmers National Bank Ito9. Vineland—Vineland National Bank. 1 to 9. Fleetwood—First National Bank 1 to 9. Wildwood—Marine National Bank.. Ito9. Frackville—First National Bank & Ito9. Woodbury—First National Bank & Ito9. Trust Co. Trust Co. Gettysburg- "Woodstown—Woodstown National Ito9. First National Bank Ito9. Bank & Trust Co. Gettysburg National Bank 1 to 9. Greencastle—First National Bank Ito9. PENNSYLVANIA Hamburg—First National Bank & Ito9. Trust Co. (See also District No. 4) Harrisburg—Harrisburg National 1 to 9. Bank. Allentown— Hazleton— Allentown National Bank _. 1 to 9. First National Bank 1 to 9. Merchants National Bank. Ito8. Hazleton National Bank Ito9. Second National Bank Ito9. Honesdale—Honesdale National 1 to 9. Altoona— Bank. First National Bank 1 to 9. Honeybrook—First National Bank.. 1 to 9. Second National Bank. Ito9. Houtzdale—First National Bank-- _ 1 to 9. Ambler—First National Bank. Ito9. Hummelstown—Hummelstown Na- 1 to 9. Annville-Annville National Bank Ito9. tional Bank. Ardmore—Ardmore National Bank Ito9. Huntingdon— & Trust Co. First National Bank.. ... 1 to 9. Ashland—The Ashland National 1 to 9. Union National Bank 1 to 8. Bank. Jenkintown—Citizens National 1 to 7 and 9. Ashley—First National Bank Ito9. Bank. Atglen—Atglen National Bank 1 to 3. Johnstown—First National Bank 1 to 8. Bangor—Merchants National Bank_. Ito9. Kane—First National Bank 1 to 9. Bedford—Farmers National Bank & Ito9. Kutztown—Kutztown National 1 to 9. Trust Co. Bank. Bellefonte—First National Bank 1 to 9. Lancaster— Belleville—Belleville National Bank. Ito3. Conestoga National Bank 1 to 9. Bethlehem- Fulton National Bank 1 to 9. Bethlehem National Bank Ito9. Lancaster County National Bank_ 1 to 9. First National Bank Ito9. Langhorne—Peoples National Bank 1 to 9. Lehigh Valley National Bank 1 to 8. & Trust Co. Blossburg—Miners National Bank... Ito4. Lansdale—First National Bank 1 to 9. Boyertown— Lebanon- Farmers National Bank Ito9. First National Bank 1 to 9. National Bank of Boyertown.. Ito9. Lebanon National Bank 1 to 9. Bradford—Commercial National 1 to 9. Peoples National Bank._ _ 1 to 9. Bank. Lehighton—Citizens National Bank— 1 to 9. Bristol—Farmers National Bank of Ito9. Lewisburg— Bucks County. Lewisburg National Bank 1 to 9. Catasauqua—National Bank of Ca- Ito9. Union National Bank Ito9. tasauqua. Lewistown—Russell National Bank— 1 to 9. Chambersburg—• Lititz—Farmers National Bank-- Ito4. National Bank of Chambersburg. Ito9. Lock Haven—First National Bank— 1 to 9. Valley National Bank 1 to 9. Luzerne—Luzerne National Bank 1 to 9. Chester- Mahanoy City- First National Bank __ 1 to 9. First National Bank Ito9. Pennsylvania National Bank 1 to 9. Union National Bank 1 to 8. Clearfield— Manheim— Clearfield National Bank Ito9. Keystone National Bank 1 to 9. Digitized for FRCAoSunEtyR National Bank Ito9. Manheim National Bank 1 to 9. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

358 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD Powers granted DISTRICT NO. 3—Continued DISTRICT NO. 3—Continued PENNSYLVANIA—continued PENNSYLVANIA—continued Marietta—Exchange National Bank.. 1 to 4. Plymouth—First National Bank 1 to 9. Mauch Chunk—Mauch Chunk Na- 1 to 9. Port Allegany—First National Bank. Ito9. tional Bank. Pottstown— Maytown—May town National Bank 1 to 4. Citizens National Bank Ito9. Mechanicsburg—Second National 1 to 9. National Bank of Pottstown Ito9. Bank. National Iron Bank 1 to 9. Media—First National Bank 1 to 9. Pottsyille—Miners National Bank... 1 to 9. Millheim—Farmers National Bank 1 to 9. Reading- & Trust Co. Farmers National Bank _. 1 to 9. Milton—First National Bank 1 to 9. National Union Bank 1 to 9. Montrose—First and Farmers Na- Ito9. Penn National Bank 1 to 4. tional Bank & Trust Co. Reading National Bank... 1 to 9. Mount Carmel— Red Lion—Red Lion First National 1 to 9. First National Bank Ito9. Bank. Union National Bank 1 to 9. Sayre—First National Bank 1 to 9. Mount Joy- Schuylkill Haven—First National Ito9. First National Bank 1 to 9. Bank. Union National Mount Joy Bank- 1 to 9. Schwenksville—National Bank of Ito9. Mount ville—Mount ville National Ito4. Scranton— Bank. First National Bank 1 to 9. Myerstown—Myerstown National Ito4. Third National Bank Ito9. Bank. Union National Bank 1 to 9. Nanticoke—First National Bank Ito9. Selinsgrove—First National Bank 1 to 9. Nazareth—Nazareth National Bank- 1 to 9. Shamokin— New Holland—New Holland Na- 1 to 5 and 9. Market Street National Bank 1 to 9. tional Bank. National Bank of Shamokin . 1 to 9. Newtown—First National Bank 1 to 7 and 9. Shenandoah—Merchants National 1 to 9. Newyille—First National Bank 1 to 9. Bank. Norristown—Peoples National Bank- 1 to 9. Shickshinny—First National Bank... 1 to 3, 5 to 8. Northampton—Cement National Ito8. Shippensburg— Bank of Siegfried. First National Bank.. . 1 to 9. N orthumberland—Northumberland 1 to 9. Peoples National Bank 1 to 9. National Bank. Smethport—Grange National Bank 1 to 9. Oley—First National Bank__ 1 to 9. of McKean County. Orwigsburg—First National Bank Ito9. Souderton—Union National Bank 1 to 9. & Trust Co. Spring City—National Bank of 1 to 9. Oxford—National Bank of Oxford Ito9. Spring City. Patton—First National Bank _. Ito4. State College—First National Bank.. 1 to 9. Pen Argyl—First National Bank 1 to 9. Stroudsburg— Philadelphia- First National Bank... 1 to 9. Broad Street National Bank 1 to 9. Stroudsburg National Bank 1 to 9. Central National Bank 1 to 9. Sunbury—First National Bank 1 to 9. Corn Exchange National Bank... 1 to 9. Sw B a a r n th k m . ore—Swarthmore National 1 to 9. Drovers and Merchants National 1 to 9. Tamaqua— Bank. E Fi i r g s h t th N a N ti a o t n io a n l a B l B an a k n . k . 1 1 t t o o 9 9 . . T Fi a r m st a N qu a a ti o N n a a t l i o B n a a n l k Bank I 1 t o to 9 . 9. Franklin Fourth Street National 1 to 9. Tioga—Grange National Bank ... 1 to 4. Bank. Topton—National Bank of Topton 1 to 4. Kensington National Bank 1 to 3, 5 to 9.Towanda—Citizens National Bank 1 to 9. Manayunk National Bank 1 to 9. Tyrone- Market Street National Bank 1 to 7 and 9. Blair County National Bank 1 to 9. National Bank of Germantown Ito8. Farmers & Merchants National 1 to 9. National Bank of North Phila- 1 to 9. Bank. delphia. Watson town—Farmers National 1 to 9. Na d t e io lp n h a i l a B . ank of Olney in Phila- 1 to 9. W B ay a n n e k s . boro— N N O a v o t e r i t r o h b n e ro a rn o l k S N e N a c t u a i r o ti i n o ty a n l a B l B a B a n n a k k n - k 1 I 1 t o t t o o 9 . 9 9 . . Wes F C t i i r C t s iz t h e e N n s s a t t e N io r a - n t a io l n B a a l n B k a n & k Trust Co 1 It o to 9 . 9. Perm National Bank Ito9. First National Bank 1 to 9. Ph B il a a n d k e . lphia-Girard National 1 to 9. W C es o N t . a G ti r o o n v a e— l B N a a n t k io o n f a l C B he a s n t k er & C o T u r n u t s y t 1 1 t t o o 9 9 . . Quaker City National Bank 1 to 9. Wilkes-Barre— S Se o c u o th n w d a N rk a ti N on at a i l o n B a a l n B k. ank I 1 t o to 9 . 9. S W ec y o o n m d i n N g a N tio a n ti a o l n a B l a B n a k n . k l[to 9. Southwestern National Bank 1 to 8. Will iamspor t— Phili T T T T p r i e e s o a b x n g d u t t i a e h r l s g e N m N — N a e a t a n t i i t o ' o i s n o n a n N a l a l a l B t B i B o a a n n a n a n k k l k . . B _ ank 1 1 1 1 t t t t o o o o 9 9 9 9 . . . . Y W o ri r g F W k h i - r t i s s ll v t i a i N l m le a s — t p io o F n r i t a r s l N t B a N a ti n a o t k n io a n l a B l a B n a k nk .I." I 1 1 t o t t o o 9 . 9 9 . . Central National Bank M Fir o s s t h a N n a n t o io n n a N l a B ti a o n n k al Bank 1 It o to 9 . 9. Dr B o a v n er k s . and Mechanics National 1 to 9. Phoe F n a t i r x io m v n i e l a l r e l s — Ba a n n k d . Mechanics Na- 1 to 9. I F n i d W rs u t e s s t N r t i a a Y t l i o o r n k N a . l a B tio a n n a k l Bank of 1 1 t t o o 4 9 . . Pitts N L to i a b n t e i — o rt n y F a i l r N s B a t a t N i n o k a n t a i o o l f n B P a a l h n o B k e a n n ix k ville I 1 1 t o t t o o 9 . 9 9 . . Y Y W o o e r r s k k te N C rn a o t u N io n a n t t y a io l N n B a a l a t i n B o k n a a n & l k . B T a . r n u k st Co., 1 1 1 t t t o o o 9 9 9 . - . Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FIDUCIARY POWERS 359 Powers Powers granted granted DISTRICT NO. 4 DISTRICT NO. 4—Continued OHIO—continued KENTUCKY Dayton—Continued. (See also District No. 8) Winters National Bank & Trust Ito9. Ashland— Co. Ashland National Bank 1 to 5,7 to 9. East Liverpool—First National Bank 1 to 7 and 9. Second National Bank 1 to 5, 7 to 9. Findlay—American-First National 1 to 7 and 9. Third National Bank 1 to 5, 7 to 9. Bank. Brooksville—First National Bank.... 1 to 4. Fostoria—Union National Bank 1 to 7 and 9. Covington— Greenville—Second National Bank... 1 to 7 and 9. First National Bank & Trust Co. 1 to 9. Hamilton- Liberty National Bank Ito9. First National Bank & Trust 1 to 7 and 9. Cynthiana— Co. Farmers National Bank Ito9. Second National Bank Ito9. National Bank of Cynthiana 1 to 5, 7 to 9. Hillsboro—Merchants National Bank 1 to 7 and 9. Georgetown—Georgetown National 1 to 5, 7 to 9. Lancaster—Fahfield National Bank.. 1 to 7 and 9. Bank. Lebanon—Lebanon-Citizens National 1 to 7 and 9. Harlan— Bank & Trust Co. Citizens National Bank 1 to 9. Lima—Old National City Bank Ito9. Harlan National Bank 1 to 5, 7 to 9. Lorain—National Bank of Commerce- 1 to 7 and 9. Lexington—Phoenix National Bank 1 to 9. Mansfield—Citizens National Bank 1 to 4 and 9. & Trust Co. & Trust Co. Middlesboro—National Bank of 1 to 5, 7 to 9. Marietta— Middlesboro. Citizens National Bank 1 to 7 and 9. Mount Sterling- First National Bank 1,4, and 9. Montgomery National Bank 1 to 8. Marion—National City Bank & 1 to 7 and 9. Mount Sterling National Bank... Ito9. Trust Co. Traders National Bank 1 to 5, 7 to 9. Mount Vernon—The Knox National 1 to 7 and 9. Newport- Bank. American National Bank 1 to 5, 7 to 9. Newark—Franklin National Bank 1 to 7 and 9. Newport National Bank 1 to 5, 7 to 9. New Philadelphia—Citizens National 1 to 7 and 9. Paintsville—Paintsville National 1 to 5, 7 to 9. Bank. Bank. Norwood—Norwood National Bank.. Ito9. Paris—First National Bank 1 to 5, 7 to 9. Painesville—Painesville National 1 to 7 and 9. Pikeville—First National Bank Ito8. Bank. Pineville—Bell National Bank 1 to 5, 7 to 9. Piqua— Richmond—Madison National Bank 1 to 5, 7 to 9. Citizens National Bank & Trust 1 to 9. & Trust Co. Co. Somerset— Piqua National Bank & Trust 1 to 7 and 9. Farmers National Bank 1 to 5, 7 to 9. Co. First National Bank.. 1 to 9. Portsmouth—First National Bank.._ 1 to 7 and 9. Williamsburg—First National Bank.. Ito4. Ravenna—Second National Bank 1, 4, and 9. Winchester—Clark County National 1 to 5, 7 to 9. St. Clairsville—First National Bank.. 1 to 7 and 9. Bank. Sandusky—Third National Exchange 1 to 9. OHIO Bank. Springfield- A A A l k s l h r ia o ta n n b c — u e— l N a— A at l i l o ia n n a c l e C F it i y rs t B N an a k tional 1 It ,4 o , 9 a . nd 9. M Fi a rs d t N Ri a v ti e o r n N al a B tio a n n a k l & B T an ru k st Co._ 1 to 9. Ath N F e a n a r t s m i - o e n r a s l N B a a t n io k n o a f l A B s a h n t k ab .. ula 1 1 t t o o 7 9. and 9. Steu N be a C n t o i v o . il n l a e l — Exchange Bank & Trust 1 1 t t o o 7 7 a a n n d d 9 9 . . B B C C C e r a a i a l n n d l d a A B i t c f z o i i o a r t — n n e h r n — d n — e k F — a n o F F t o s u i i F f i - r N r r i s A s t r t h a t s t t t N h N i N o e N a a n a n t t a t a i s i i o t o l , o i n n o n N B a a n a l . a l a l n B l B B B k . B a a a n A n a n k k n k k _ 1 1 1 1 1 1 , t t t t t 9 3 o o o o o . , 4 7 7 7 7 7 , 5 a a a a a , n n n n n a d d d d d n d 9 9 9 9 9 . . . . . T U T T r o i r T o f b le f r y a T P C i d u — n n e i o o s f a - o t f — m — F i p n C i m l F r e C o s N i s e t . r h r s a N a c T t t m i a i r a N o o t l p i n y a o a N a t i n i N l g a o a t n B n a l i o t a a N B i n l o n a a a k n B n t l a i k a o B l n n a B k a n l . a k B nk a n & k- 1 1 1 1 1 1 t t t t t t o o o o o o 7 7 7 7 7 7 a a a a a a n n n n n n d d d d d d 9 9 9 9 9 9 . . . . . . Atlas National Bank. 1 to 9. Warren—Second National Bank 1 to 9. Clev F L S e e i i r n l c s a c o t n o n N l d d n - a N N ti a o a t n t i i o a o l n n a B a l l a B n B k a a n n k k 1 I 1 t t t o o o 9 7 7 . a a n n d d 9 9 . . W W t B o i i l o o a m n s n i t a k e n l r . g — B to a W n n — k a y C & n l e i T n t r C o u n o s t u n C C t o y o . un N ty at io N n a a - l 1 I t t o o 9 7 . and 9. Br g o i t n h e e e r r h s o o C d o o o p f e L ra o t c iv o e m o N ti a v t e i o E na n l - Ito9. You C ng o s m to m w e n r — cial National Bank 1 to 7 and 9. Bank of Cleveland. First National Bank 4. N C a e t n i t o r n al a l N C at i i t o y n B al a n B k ank 1 I t t o o 7 7 a a n n d d 9 9 . . Zane M sv a i h lle o — ning National Bank Ito9. Columbus— First National Bank 1,4, and 9. City-National Bank of Commerce 1 to 7 and 9. Old Citizens National Bank 1 to 7 and 9. Commercial National Bank 1 to 7 and 9. PENNSYLVANIA First National Bank 1 to 7 and 9. Huntington National Bank 1 to 7. (See also District No. 3) Ohio National Bank 1 to 7 and 9. Blairsville—First National Bank Ito9. Coshocton— Brook ville—Jefferson County Na- Commercial National Bank 1 to 7 and 9. tional Bank. Coshocton National Bank. , 1 to 9. Brownsville—Second National Bank. 1 to 9. Dayton- Canonsburg—First National Bank... Ito9. Merchants National Bank & 1 to 9. Ellwood City—First National Bank.. Trust Co. Erie Third National Bank & Trust 1 to 7 and 9. First National Bank | 1 to 9. Co. Second National Bank _J 1 to 9. Digitized for FRASE1R1 0390—28 24 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

360 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD Powers Powers granted granted DISTRICT NO. 4—Continued DISTRICT NO. 4—Continued PENNSYLVANIA—continued WEST VIRGINIA Ford City—First National Bank & Ito9. (See also District No. 5) Trust Co. Franklin—Lamberton National Bank Ito9. Elm Grove— First National Bank 1 to 9. Greensburg— Sistersville—Union National Bank... 1 to 9. First National Bank Ito9. Wheeling- Merchants and Farmers National 1 to 9. National Bank of West Virginia- 1 to 9. Bank. National Exchange Bank 1 to 9. Greenville- First National Bank. lto 9. Greenville National Bank lto 9. DISTRICT NO. 5 Grove City— First National Bank. 1 to 9. DISTRICT OF COLUMBIA Grove City National Bank 1 to 9. Washington- Knox—Clarion County National lto 9. Commercial National Bank _ 1 to 8. Bank of Edenburg. District National Bank 1 to 8. McKeesport—First National Bank... lto 9. Farmers & Mechanics National Ito8. Meadville— Bank. Merchants National Bank 1 to 9. Federal-American National Bank 1 to 8. New First National Bank. lto 5, 7 to 9. Franklin National Bank 1 to 8. Meyersdale—Citizens National Bank. 1 to 9. Liberty National Bank Ito8. Monessen— Lincoln National Bank Ito8. First National Bank & Trust Co..1 to 9. National Bank of Washington Ito8. Peoples National Bank 1 to 8. National Metropolitan Bank 1 to 8. New Brighton—Union National Bank 1 to 9. Riggs National Bank__ 1 to 8. New Castle— Second National Bank 1 to 8. Citizens National Bank... 1 to 9. First National Bank of Lawrence lto 9. County. MARYLAND New Kensington—First National 1 to 8. Bank. Baltimore- Oakmont—First National Bank 1. Citizens National Bank 1 to 9. Oil City- Drovers & Mechanics National Ito9. First National Bank lto 9. Bank. Oil City National Bank 1 to 9. Farmers & Merchants National Ito9. Pittsburgh- Bank. Bank of Pittsburgh, N. A_ 1 to 9. Merchants National Bank Ito9. Diamond National Bank 1 to 9. National Bank of Baltimore Ito9. Duquesne National Bank. lto 9. Western National Bank 1 to 9. Exchange National Bank of Pitts- 1 to 9. Cumberlandburgh. First National Bank Ito9. Farmers' Deposit National Bank. 4 and 9. Second National Bank 1 to 9. First National Bank 1 to 9. Denton—Denton National Bank Ito9, Forbes National Bank 1 to 9. Easton—Easton National Bank Ito9. Highland National Bank lto 9. Frederick- Marine National Bank 4. Farmers & Mechanics National 1 to 4. Mellon National Bank.. 1 to 9. Bank. Monongahela National Bank 4. Frederick County National Bank. 1 to 9. National Bank of America at lto 9. Hagerstown— Pittsburgh. First National Bank Ito9. Second National Bank of Alle- 1 to 9. Second National Bank 1 to 9. gheny. Hyattsville—First National Bank.... Ito4. Third National Bank 1 to 9. New Windsor—First National Bank. lto 4. Union National Bank lto 9. Pocomoke City—Citizens National Ito9. Punxsutawney—Punxsutawney Na- 1 to 9. Bank. tional Bank. Rising Sun—National Bank of Rising lto 4. Sharon- Sun. First National Bank 1 to 9. Rockville—Montgomery County Na- lto 3. McDowell National Bank 1 to 4. tional Bank. Merchants and Manufacturers 1 to 9. Salisbury—Salisbury National Bank. lto 9. National Bank. Snow Hill—First National Bank lto 9. Tarentum—First National Bank & 1 to 9. T W o e w s s t o m n— ins T t o e w r- son National Bank 1 to 9. Trust Co. Farmers & Mechanics National lto 9. Titusville—Second National Bank 1 to 9. Bank. Uniontown— First National Bank lto 9. National Bank of Fayette 1 to 9. County. Second National Bank.. _ Ito9. NORTH CAROLINA Uniontown National Bank & 1 to 9. Trust Co. Asheboro—First National Bank lto 9. Asheville— Vandergrift—Citizens National Bank- 1 to 9. American National Nank lto 9. Warren— National Bank of Commerce lto 9. Citizens National Bank Ito9. Charlotte- Warren National Bank 1 to 9. Charlotte National Bank lto 9. Washington- Commercial National Bank 1 to 9. Citizens National Bank. 1 to 3, 5 to Merchants & Fanners National lto 9. 7, and 9. Bank. Waynesburg—First National Bank 1 to 5, 7 to 9. Union National Bank lto 9. & Trust Co. Concord—Concord National Bank... lto 9 Zelienople—Peoples National Bank... 1 to 4. Durham—First National Bank lto 9 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

361 FIDUCIARY POWERS Powers Powers granted granted DISTRICT NO. 5—Continued DISTRICT NO. 5—Continued NORTH CAROLINA—continued VIRGINIA—continued Elizabeth City—First & Citizens Ito9. Clifton Forge- National Bank. Clifton Forge National Bank 1 to 4. Gastonia—First National Bank 1 to 9. First National Bank 1 to 6 and 9. Goldsboro—Wayne National Bank... 1 to 9. Covington— Graham—National Bank of Ala- Ito9. Citizens National Bank Ito9. man ce. Covington National Bank_ 1 to 4. High Point—Commercial National 1 to 9. Crewe—First National Bank ._. Ito9. Bank. Danville- Monroe—First National Bank. Ito9. American National Bank Ito9. Mooresville—First National Bank . 1 to 9. First National Bank 1 to 9. New Bern—National Bank of New 1 to 4. Emporia— Bern. Citizens National Bank... Ito9. Oxford- First National Bank Ito9. First National Bank 1 to 4. Fairfax—National Bank of Fairfax... Ito9. National Bank of Granville at 1 to 9. Farmville— Oxford. First National Bank Ito9. Raleigh— Peoples National Bank 1 to 9. Citizens National Bank Ito9. Fredericksburg—Planters National Ito9. Commercial National Bank 1 to 9. Bank. Reidsville—First National Bank Ito9. Hampton—Merchants National 1 to 9. Rocky Mount—Planters National 1 to 9. Bank. Bank. Harrisonburg— Salisbury—First National Bank 1 to 9. First National Bank 1 to 9. Snow Hill—National Bank of Snow 7. National Bank of Harrisonburg 1 to 9. Hill. Rockingham National Bank. .. 1 to 9. Thomasville—First National Bank__ Ito9. Leesburg— Wadesboro—First National Bank Ito9. Loudoun National B ank. Ito9. Wilmington—Murchison National Ito9. Peoples National Bank 1 to 9. Winston-Salem—Farmers National 1 to 9. First National Bank Ito9. Bank & Trust Co. Rockbridge National Bank.. 1 to 9. Lovingston—First National Bank of Ito9. SOUTH CAROLINA Nelson County. Lynchburg—Lynchburg National 1 and 9. Camden—First National Bank Ito9. Bank. Charleston- Martinsville— Atlantic National Bank 1 to 9. First National Bank _ 1 to 9. Peoples First National Bank 1 to 9. Peoples National Bank. . Ito4. South Carolina National Bank ._ 1 to 9. Marshall—Marshall National Bank.. 1 to 9. Chester—Peoples National Bank of Ito9. Narrows—First National Bank 1 to 9. Chester. Newport News—First National Bank Ito9. Columbia- Norfolk- Columbia National Bank.. _ __ 1 to 9. Norfolk National Bank of Com- Ito9. National Loan & Exchange Bank. 1 to 9. merce and Trusts. Elloree—First National Bank 1 to 9. Seaboard National Bank 1 to 9. Gaflney—Merchants & Planters Na- Ito9. Virginia National Bank _ Ito9. tional Bank. Norton—First National Bank... 1 to 9. Greenville— Orange—Citizens National bank 1 to 9. First National Bank Ito9. Petersburg— Peoples National Bank Ito4. National Bank of Petersburg 1 to 9. Woodside National Bank. .. ... 1 to 9. Virginia National B ank 1 to 9. Holly Hill—First National Bank 1 to 3, 5 to 9. Phoebus—Old Point National Bank. 1 to 9. Orangeburg— Portsmouth— Edisto National Bank Ito9. American National Bank. 1. Orangeburg National Bank. ... 1 to 3 and 5. First National Bank 1 to 9. Rock Hill—National Union Bank.... 1 to 9. Pulaski— Spartanburg— Peoples National Bank Ito9. Central National Bank Ito4. Pulaski National Bank 1 to 9. First National Bank Ito9. Radford—Farmers and Merchants 1 to 9. Springfield—First National Bank 0. National Bank. Sumter— Richmond— National Bank of South Carolina. Ito9. American National Bank 1 to 4. National Bank of Sumter. __ 1 to 9. Central National Bank 1 to 9. First & Merchants National 1 to 9. VIRGINIA Bank. Abingdon—First National Bank Ito9. Roanoke— Alexandria American National Bank 1 to 4. Alexandria National Bank. Ito9. Colonial National Bank. 1 to 9. Citizens National Bank 1 to 4. First National Exchange Bank... 1 to 9. First National Bank Ito9. Rocky Mount—Peoples National 1 to 9. Appalachia—First National Bank 1. Bank. Bedford—Peoples National Bank ___ 1 to 9. Salem—Farmers National Bank _ 1 to 9. Blackstone—First National Bank Ito9. South Boston- Bristol—Dominion National Bank... 1 to 9. Boston National Bank 1 to 9. Charlottesville— Planters & Merchants First 1 to 9. National Bank of Charlottesville. 1 to 9. National Bank. Peoples National Bank 1 to 9. Staun ton- Chase City—First National Bank 1 to 9. Augusta National Bank 1 to 9. Chatham—First National Bank 1 to 3, National Valley Bank 1 to 9 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

362 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD Powers Powers granted granted DISTRICT NO. 5-Continued DISTRICT NO. 6—Continued VIRGINIA—continued ALABAMA—continued Strasburg—Massanutten National 1 to 9. Mobile— Bank. First National Bank... 1 to 9. Suffolk—National Bank of Suffolk.. 1 to 9. Merchants National Bank 1 to 9. Warrenton—Fauquier National 1 to 9. Montgomery- Bank. Alabama National Bank 1 to 9. Waynesboro— First National Bank 1 to 9. First National Bank _. 1 to 9. Fourth National Bank _. 1 to 9. Waynesboro National Bank 1 to 9. Oneonto—First National Bank. 1 to 3, 5 to 9. Opelika— Farmers & Merchants National 1 to 9. Farmers National Bank 1 to 9. Bank. First National Bank 1 to 7. Shenandoah Valley National 1 to 9. Opp—First National Bank 1 to 9. Bank. Oxford—First National Bank. _ 1 to 8. Piedmont—First National Bank 1 to 3. WEST VIRGINIA Selma—City National Bank 1 to 8. Talladega— (See also District No. 4) Isbell National Bank _ 1 to 3, 5 to 7/, anrn\dr\ yQ. Beckley—Beckley National Bank... 1 to 9. Talladega National Bank 1 to 9. "joRiluneo F nfi i ep r il s Hc t i — National Bank 1 to 9. Tro F y a - rmers and Merchants Na- 1 to 7 and 9. Flat Top National Bank 1 to 9. tional Bank. Charleston— First National Bank _ 1. Charleston National Bank 1 to 9. Tuscaloosa— Citizens National Bank 1 to 9. City National Bank _ 1 to 8. Kanawha National Bank 1 to 9. First National Bank _ 1 to 8, Clarksburg- Wetumpka—First National Bank 1 to 9. Empire National Bank... 1 to 9. i Merchants National Bank 1 to 9. ! FLORIDA Union National Bank Ito4. Fairmont—National Bank of Fair- 1 to 9. Bartow—Polk County National Bank 1 to 9. mont. Bradentown—First National Bank... 1 to 4. Fairview—First National Bank 1 to 4. ! Brooksville—First National Bank 1 to 8. Grafton—First National Bank 1 to 9. I Daytona Beach—First National Bank 1 to 9. Huntington—First National Bank.. 1 to 9. 1 De Funiak Springs—First National 1 to 8. Madison—Madison National Bank__ 1 to 4. j Bank. Martinsburg—Old National Bank.. 1 to 9. i Deland—First National Bank 1 to 9. Morgan town—Second National 1 to 9. Fort Myers—First National Bank... 1 to 9. Parkersburg— j acK A b t o l n a v n i t ii i e c — National Bank 1 to 9. First National Bank 1 to 9. ! Barnett National Bank 1 to 9. Parkersburg National Bank 1 to 9. Florida National Bank 1 to 9. St. Marys—First National Bank 1 to 9. Lake City—First National Bank 1 to 9. Welch- Miami— First National Bank 1 to 9. City National Bank & Trust Co. 1 to 9. McDowell County National 1 to 9. First National Bank 1 to 9. Bank. Miami Beach—Miami Beach First 1 to 9. Williamson— National Bank. First National Bank.. 1 to 9. Orlando—First National Bank 1 to 9. National Bank of Commerce 1 to 9. Panama City—First National Bank.. 4. Pensacola—Citizens & Peoples Na- 1 to 9. DISTRICT NO. 6 tional Bank. Perry—First National Bank _ 1 to 9. ALABAMA St. Augustine- First National Bank__ 1 to 9. Albertville—Albertville National 1 to 9. St. Augustine National Bank 1 to 9. Bank. St. Petersburg- Anniston— Central National Bank & Trust 1 to 9. Anniston National Bank__. 1 to 7 and 9. Co. Commercial National Bank 1 to 5, 7 First National Bank 1 to 4. and 9. Sanford—First National Bank 1 to 9. First National Bank 1 to 8. Tampa— Bessemer- Exchange National Bank 1 to 9. City National Bank 2. First National Bank 1 to 8. First National Bank in Bessemer- 1 to 8. I Winter Haven—Snell National Bank. 1 to 3, 5 to 7. Birmingham— American-Traders National 1 to 9. GEORGIA Bank. First National Bank 1 to 9. Athens—National Bank of Athens 1 to 4. Cullman—Leeth National Bank 1 to 4. ] Atlanta- Decatur—Central National Bank 1. Atlanta and Lowry National 1 to 8, Dothan— Bank. First National Bank 1 to 8. Fourth National Bank 1 to 9. Houston National Bank 1 to 9. Fulton National Bank. 1 to 9. Fayette—First National Bank 1 to 9. Augusta—National Exchange Bank.. 1 to 9. Florence—First National Bank 1 to 8. Barnesville—First National Bank.. . 1 to 8. Fort Payne—First National Bank___ 1. Brunswick—Nationa 1 Bank of 1 to 9. Brunswick. First National Bank 1 to 3. Carrollton—First National Bank 1 to 9. Gadsden National Bank. 1 to 8. Dalton— First National Bank 1 to 5. Greenville—First National Bank 1 to 3 and 5. Dawson—Dawson National Bank 1 to 3, 5 to 9. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FIDUCIARY POWERS 363 1 Powers Powers granted granted DISTRICT NO. 6—Continued DISTRICT NO. 6—Continued GEORGIA—continued TENNESSEE—continued Elberton—First National Bank 1 to 9. Johnson City—Tennessee National Ito9. JFitzgerald— Bank. Exchange National Bank 1 to 4. Kingsport—First National Bank 1 to 7 and ». First National Bank _ 1 to 4, 6, 7, Knoxville— and 9. City National Bank __ 1, 4. and 9. La Grange—La Grange National 1 to 8. Holston National Bank Ito9. Bank. Union National Bank 1 to 7 and 9. Louisville—First National Bank. 1 to 9. McMinnville — Peoples National 1 to 3, 5 to 8. Macon—Fourth National Bank Ito4. Bank. Quitman—First National Bank Ito8. Morristown—First National Bank 1. Rome—National City Bank 1 to 9. Nashville- Savannah—Citizens & Southern Na- Ito9. American National Bank _ Ito9. tional Bank. Broadway National Bank 1 to 7 and 9. Statesboro—First National Bank Ito9. Fourth & First National Bank... Ito9. Thomasville—First National Bank... Ito9. Tennessee-Hermitage National 1 to 4. Winder—Winder National Bank 1 to 9. Bank. Third National Bank 1 to 9. LOUISIANA Springfield—First National Bank 2, 3, 5 to 7, and 9. (See also District No. 11) Tullahoma—Traders National Bank. Ito9. Winchester—Farmers National Bank. 1 to 3, 5 to 9. Hammond—Citizens National Bank. Ito9. La Fayette—First National Bank Ito9. Lake Charles— DISTRICT NO. 7 Calcasieu National Bank of 1 to 9. Southwest Louisiana. ILLINOIS First National Bank 1 to 9. New Orleans—Whitney-Central Na- 1 to 9. (See also District No. 8) iionai uauK. Amboy—First National Bank Ito9. MISSISSIPPI Aurora— American National Bank Ito9. (See also District No. 8) Aurora National Bank.. _ Ito9. First National Bank 1 to 9. Biloxi—First National Bank Ito4. Merchants National Bank Ito9. Canton—First National Bank 1 to 4. Old Second National Bank Ito9. Gulfport— Batavia— First National Bank Ito8. Batavia National Bank Ito9. National Bank of Gulfport __ 1 to 9. First National Bank... Ito8. Hattiesburg—Commercial National Ito9. Belvidere— Bank. First National Bank Ito8. Jackson- Second National Bank Ito4. Capital National Bank 1 to 9. Berwyn—First National Bank Ito9. First National Bank 1 to 9. Blue Island—First National Bank Ito9. Jackson State National Bank 1 to 7 and 9. Bushnell— First National Bank 1 to 9. Laurel- Cambridge—Farmers National Bank 1 to 9. Commercial National Bank & 1 to 9. Canton— Trust Co. Canton National Bank.. Ito9. First National Bank 1 to 9. First National Bank 1 to 8. McComb City—First National Bank. 1. 2, and 3. Casey—First National Bank 1 to 4. Meridian— Charleston—National Trust Bank__. Ito9. Citizens National Bank 1 to 9. First National B^nk 1 to 8. Chicago— Natchez—Britton & Koontz Na- 1, 6, and 7. Austin National Bank Ito9. tional Bank. Calumet National Bank 1 to 9. Vicksburg— Continental National Bank & 1 to 9. Merchants National Bank 1 to 9. Trust Co. National City Savings Bank & 1 to 9. First National Bank of Engle- 1 to 4. Na T t r io u n st a l C o P . eoples Savings Bank 1 to 9. Guardian National Bank Ito9. Trust Co. Irving Park National Bank Ito9. Yazoo City—Delta National Bank... Ito9. Jefferson Park National Bank 1 to 9. Lawndale National Bank Ito9. TENNESSEE Mutual National Bank Ito9. National Band of the Republic._ Ito9. (See also District No. 8) National Builders Bank 1 to 9. Washington Park National Bank. Ito9. Bristol—First National Bank 1 to 9. Chicago Heights—First National Ito9. Chattanooga—First National Bank.. 1 to 9. Bank. Clarksville—First National Bank 1. Chillicothe—First National Bank Ito9. Copperhill—First National Bank of 1 to 3, 5 to 8. Danville- Polk County. First National Bank 1 to 9. Dickson—Citizen National Bank 1 to 8. Palmer National Bank 1 to 9. Fayetteville— Second National Bank... Ito8. Elk National Bank 1 to 3 and 5. Decatur— First National Bank 1 to 3, 5 to 9. Citizens National Bank 1 to 9. Gallatin—First & Peoples National 1 to 9. Milliken National Bank_ 1 to 4. Bank. National Bank of Decatur 1 to 9. Greenville—First National Bank 1 to 9. Dixon—Dixon National Bank 1 to 9. Harriman—Harriman National Bank. 1 to 9. Elm hurst—First National Bank 1 to 9. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

364 ANNUAL REPORT OP THE FEDERAL RESERVE BOARD Powers Powers granted granted DISTRICT NO. 7—Continued D I S T R I CT N O. 7—Continued ILLINOIS—continued INDIANA—continued El Paso— Clay City—First National Bank 1 to 9. First National Bank 1 to 9. Clinton—First National Bank Ito9. Woodford County National Ito9. Cloverdale—First National Bank 1 to 9. Bank. Columbus—First National Bank Ito9. Evanston—City National Bank & Ito9. Connersville—First National Bank.. 1 to 9. Trust Co. Crawfordsville— Freeport— Citizens National Bank. 1 to 4. First National Bank Ito9. First National Bank 1 to 9. Second National Bank 1 to 9. Dana—First National Bank. 1 to 3. Galesburg— Delphi—Citizens National Bank Ito9. First National Bank __ Ito9. Dublin—First National Bank... _ __ 1 to 3. Galesburg National Bank 1 to 9. Dyer—First National Bank 1 to 4. Havana—Havana National Bank 1 to 9. Edinburg—Farmers National Bank.. 1 to 4. Henry—First National Bank 1 to 7. Elkhart— First National Bank Ito9. Joliet— Elwood—First National Bank 1 to 8. First National Bank 1 to 9. Fort WTayne— Joliet National Bank 1 to 9. First National Bank Ito8. Will County National Bank Ito9. Lincoln National Bank _. . 1 to 8. Kankakee—City National Bank 1 to 4. Old National Bank. Ito9. Kewanee—First National Bank Ito9. Frankfort—American National Bank. Ito8. Knoxville—Farmers National Bank.. 1 to 9. Franklin— La Salle—La Salle National Bank 1 to 9. C itizens National Bank 1 to 8. Libertyville— Franklin National Bank 1 to 4. First National Bank Ito9. Gary—National Bank of America Ito9. Lake County National Bank 1 to 9. Goodland—First National Bank 1 to 3, 5 to 9 Lincoln—Lincoln National Bank 1 to 9. Goshen—City National Bank Ito9. Macornb—Union National Bank Ito9. Greencastle—First National Bank 1 to 9. Marengo—First National Bank .. Ito9. Greensburg—Third National Bank Ito9. Marseilles—First National Bank Ito4. & Trust Co. Mattoon—National Bank of Mattoon 1 to 9. Hammond—Citizens National Bank. Ito9. Monticello—First National Bank Ito9. Hartford City—First National Bank. 1 to 9. Moweaqua—First National Bank 1 to 3. Huntington—First National Bank... Ito9. Naperville—First National Bank 1 to 9. Indiana Harbor— Ottawa- Indiana Harbor National Bank Ito9. First National Bank Ito9. of East Chicago. National City Bank. 1 to 9. United States National Bank 1 to 9. Paris—First National Bank 1 to 9. Indianapolis— Pekin—American National Bank 1 to 9. Continental National Bank 1 to 9. Peoria— Fletcher American National Bank 1 to 7 and 9 Central National Bank Ito9. Indiana National Bank 1 to 9. Commercial National Bank.. _ . Ito8. Knightstown—Citizens N a t i o n al 1 to 3, 5 to 7, Merchants & Illinois National 1 to 9. Bank. and 9. Bank. Kokomo— Peru—Peru National Bank Ito9. Citizens National Bank 1 to 4. Princeton—Citizens National Bank.. 1 to 3, 5 to 8. Howard National Bank 1 to 9. Riverside—First National Bank 1 to 9. La Fayette— Rockford— First-Merchants National Bank.. 1 to 8. Forest City National Bank 1 to 9. National Fowler Bank.. .... Ito8. Manufacturers National Bank... 1 to 9. La Porte—First National Bank. 1 to 9. Rockford National Bank ... 1 to 4. Liberty—Union County National 1 to 3. Security National Bank. _ 1 to 9. Bank. Swedish-American National Bank 1 to 9. Logansport— Third National Bank 1 to 8. Citv National Bank Ito8. Savanna—First National Bank 1 to 8. First National Bank 1 to 8. Springfield—Illinois National Bank.. 1 to 9. Lowell- Sterling—Sterling National Bank 1 to 9. First National Bank in Lowell.. _ 1 to 7. Sycamore—First National Bank ... 1 to 9. Lowell National Bank 1 to 8. Taylorville—First National Bank 1 to 9. Marion- Waukegan— First National Bank . .. 1 to 9. First National Bank ... . 1 to 9. Marion National Bank Ito9. Waukegan National Bank 1 to 9. Martinsville—First National Bank... 1 to 7. Wilmette—First National Bank 1 to 9. Michigan City— First National Bank 1 to 9. Merchants National Bank Ito9. INDIANA Mishawaka—First National Bank 1 to 9. Monrovia—First National Bank 1 to 4. (See also District No. 8) Monterey—First National Bank 1 to 3, 5 to 9. Montezuma—First National Bank... Ito8. Attica—Central National Bank.. . 1 to 9. Montpelier—First National Bank Ito9. Auburn—City National Bank 1 to 9. Mulberry—Citizens National Bank.. 1 to 9. Batesville—First National Bank 1 to 4. Muncie—Delaware County National 1 to 9. Bloomington—First National Bank.. 1 to 7 and 9. Bank. Brazil- N ew Carlisle—First National Bank.. 1 to 3. Citizens National Bank 1 to 7. N ew Castle—Farmers & First Na- 1 to 9. First National Bank ... .. 1 to 4. tional Bank. Riddell National Bank 1 to 9. Peru—First National Bank 1 to 9. Brookville— Remington—Farmers National Bank. 1 to 3, 5 to 8. Franklin County National Bank. Ito4. R i c h m o n d- National Brookville Bank 1 to 4. First National Bank 1 to 9. Cambridge City—First National 1 to 8. Second National Bank 1 to 9. Bank. Union National Bank.. _ 1 to 9. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FIDUCIARY POWERS 365 Powers Powers granted granted DISTRICT NO. 7—Continued DISTRICT NO. 7—Continued INDIANA—continued 10 WA—continued Rising Sun—National Bank of Rising Ito9. Gladbrook—First National Bank 1 to 3. Sun. Graettinger—First National Bank 1 to 9. Rochester—First National Bank 1 to 5, 7, and Greenfield—First National Bank 1 to 5, 7 to 9. 9. Grinnell—Citizens National Bank 1 to 9. Rockville—Rockville National Bank. Ito9. Griswold—Griswold National Bank- 1 to 7 and 9. Rushville— Hampton—Citizens National Bank.. 1 to 9. American National Bank 1 to 9. Harlan—Harlan National Bank 1 to 8. Rush County National Bank 1 to 4. Hawarden—First National Bank 1,2,3, 5 to 8. Rushville National Bank 1 to 4. Humboldt—First National Bank 1 to 4. Russiaville—First National Bank 1 to 3, 5 to 9. Independence- Shelbyville— First National Bank Ito4. Farmers National Bank 1 to 9. Peoples National Bank 1 to 9. First National Bank 1 to 9. Indianola—First National Bank 1 to 3. South Bend- Jewell Junction—First National Bank 1 to 9. First National Bank 1 to 4. Kanawha—First National Bank 1 to 3. Merchants National Bank Ito9. Keokuk—Keokuk National Bank 1 to 9. Swayzee—First National Bank 1 to 9. Knoxville—Knoxville National Bank 1 to 9. Terre Haute— & Trust Co. First National Bank 1 to 9. LeMars—First National Bank 1 to 3, 5 to 9. McKeen National Bank Ito9. Linn Grove—First National Bank 1 to 9. Terre Haute National Bank 1 to 9. Manchester—First National Bank... 1 to 4. Thorntown—Home National Bank. Ito8. Marshalltown—First National Bank. 1 to 3. Tipton—Citizens National Bank 1 to 9. Mason City—First National Bank... 1 to 9. Wabash—Farmers & Merchants 1 to 7. Montezuma—First National Bank 1 to 4. National Bank. Muscatine—First National Bank Ito9. Westport—First National Bank.. .._ 1 to 9. Newell—First National Bank. 1 to 9. Whiteland—Whiteland National 1 to 4. Odebolt—First National Bank Ito4. Bank. Oelwein—First National Bank 1 to 7. Whiting—First National Bank 1 to 7. Orange City—Orange City National 1 to 9. Wilkinson—Farmers National Bank. 1 to 3. Bank. Winamac—First National Bank 1 to 8. Oskaloosa—Oskaloosa National Bank 1 to 3. Paullina—First National Bank 1 to 7 and 9. IOWA Peterson—First National Bank 1 to 4. Red Oak—First National Bank 1 to 9. Akron—First National Bank 1 to 9. Remsen—First National Bank.. 1 to 8. Arlington—American National Bank. 1 to 3. Rippey—First National Bank 1,2,3, 5 to 8. Aurelia—First National Bank 1 to 9. Rockwell City—Rockwell City Na- 1 to 9. Boone—First National Bank 1 to 7 and 9. tional Bank. Buffalo Center—First National Bank. 1 to 9. Ruthven—First National Bank 1 to 8. Burlington—Merchants National 1 to 9. Sheffield—First National Bank 1 to 9. Bank. Sibley—First National Bank 1 to 3. Cedar Falls—Cedar Falls National 1 to 7 and 9. Sidney—National Bank of Sidney 1 to 9. Bank. Sioux City- Cedar Rapids- First National Bank 1 to 9. Cedar Rapids National Bank 1 to 9. Live Stock National Bank _. L to 9. Merchants National Bank 1 to 4. Security National Bank L to 9. Charles City- Sioux National Bank to 9. Citizens National Bank Ito9. Toy National Bank ... __ .. L to 9. Commercial National Bank. 1 to 9. Sioux Rapids—First National Bank,. L to 3. Charter Oak—First National Bank.. 1,2,3, and 5. Stanton—First National Bank to 8. Cherokee—First National Bank 1 to 9. Storm Lake—Citizens National Bank L to 9. Clarence—First National Bank 1 to 4. Story City—First National Bank L to 9. Clinton— Thornton—First National Bank 1 to 9. City National Bank 1 to 9. Tipton—City National Bank 1 to 8. Merchants National Bank 1 to 5. Washington—Washington National 1 to 8. Colfax—First National Bank 1 to 3, 5 to 9. Bank. Columbus Junction—Louisa County 1,2, 3, and 5. Waterloo- National Bank. Commercial National Bank 1 to 4. Coon Rapids—First National Bank.. 1 to 3. First National Bank 1 to 7. Council Bluffs- Pioneer National Bank 1 to 9. City National Bank 1 to 8. Waverly—First National Bank 1 to 4. First National Bank.. 1 to 9. Webster City- Cresco—First National Bank 1 to 9. Farmers National Bank _. 1 to 4. Davenport—First National Bank.. _ 1 to 9. First National Bank 1 to 9. Decorah—National Bank of Decorah. Ito9. Des Moines—Des Moines National Ito8. MICHIGAN Bank. Dubuque— (See also District No. 9) Consolidated National Bank 1 to 9. First National Bank 1 to 9. Ann Arbor—First National Bank 1 to 9. Dysart—First National Bank 1 to 9. Battle Creek- Eldon—First National Bank 1 to 9. Central National Bank 1 to 9. Eldora—First National Bank Ito9. City National Bank 1 to 8. Elkader—First National Bank, 1 to 9. Old National Bank 1 to 9. Everly—First National Bank Ito7. Bay City—First National Bank 1 to 9. Fairneld—First National Bank 1 to 8. Benton Harbor- Fonda—First National Bank 1 to 4. American National Bank 1 to 9. Fontanelle—First National Bank 1 to 9. Farmers & Merchants National 1 to 9. Fort Dodge—Fort Dodge National 1 to 8. Bank & Trust Co. Bank. Birmingham—First National Bank.. L to 5. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

366 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD Powers Powers granted granted DISTRICT NO. 7—Continued DISTRICT NO. 7—Continued MICHIGAN—continued WISCONSIN—continued Boyne City—First National Bank... 1 to 3. Oshkosh—City National Bank 1 to 4. Cold water— Platteville—First National Bank 1 to 9. Coldwater National Bank 2,3,5, and 8. Racine- Southern Michigan National 1 to 9. First National Bank.--. 1 to 9. Bank. Manufacturers National Bank... 1 to 9. Detroit—National Bank of Com- 1 to 8. Ripon— merce. American National Bank Ito9. Flint—First National Bank. 1 to 9. First National Bank 1 to 9. Grand Rapids- Shawano—Wisconsin National Bank. 1 to 8. Grand Rapids National Bank 1 to 9. Sheboygan—Security National Bank. Ito9. Old National Bank 1 to 9. Sparta—Farmers National Bank 1 to 9. Hillsdale—First National Bank 1 to 4. Stevens Point- Ionia—National Bank of Ionia 1 to 9. Citizens National Bank Ito9. Jackson- First National Bank.. 1 to 8. National Union Bank & Trust 1 to 9. Viroqua—First National Bank 1 to 9. Co. Waukesha— Peoples National Bank 1 to 9. National Exchange Bank 1 to 4. Kalamazoo— Waukesha National Bank, 1 to 8. First National Bank & Trust Co. 1 to 9. Wausau— Kalamazoo National Bank & 1 to 9. American National Bank 1 to 9. Trust Co. First National Bajik 1. Lansing- West Bend—First National Bank 1 to 9. Capital National Bank 1 to 4. Wisconsin Rapids—First National 1 to 9. City National Bank _ 1 to 9. Bank. Lapeer—First National Bank 2,3, 5, and 8. Ludington—First National Bank 2,3,5, and 8. DISTRICT NO. 8 Monroe—First National Bank 1 to 9. Muskegon— ARKANSAS Hackley National Bank 1 to 7 and 9. P P Q P e o o u P t n r i o o t n U t s i r c H k a t n y c e u i H — — y o r — n o u F F n r N i o F — i r r n s i a s r t . F t t s i N t o i N r n s N a a t a t t a i l i N o o ti B n n o a a a t a n i l n l o a k B l n B a a B a l n n a k B k n a k n k in 2 1 1 1 1 , 3 t t t t , o o o o 5 9 9 9 4 , . . . . and 8. B B E C F Fo a a e l o y r n t r D e d n e t s o y i t o v n t n c r e i g v e a l v l — d — i e i l o l l — e l — F F e — — i i F r r F s s i F r F t i t r s i i s N N t r r t s s N a a t t N t t a i N i N a o o ti t a n n a o i t o a a t n i i o l n l o a n a n B B l l a a a B a l l B n n a B k a B k n n a . k a k n n k k _ . _ .. . 1 I 1 1 1 1 t o t t t t t o o o o o 9 . 7 9 9 9 9 . . . . and 9. Rochester—First National Bank 1 to 4. Fort C S it m y i N th a - tional Bank 1 to 9. St. Joseph—Commercial National 1 to 9. First National Bank 1 to 9. Bank. Merchants National Bank.. 1 to 9. Saginaw—Second National Bank 1 to 8. Hot Springs—Arkansas National 1 to 9. Traverse City—First National Bank. 1 to 3. Bank. WISCONSIN Lake Village—First National Bank... 1 to 9. Little Rock—Exchange National 1 to 9. (See also District No. 9) Bank. Marianna—Lee County National 1 to 9. Antigo— Bank. First National Bank 1 to 8. Mena—First National Bank 1. Langlade National Bank 1 to 3,5 to 8. Newport—First National Bank 1 to 8. Appleton—Citizens National Bank... 1 to 9.^ Paragould—First National Bank 1 to 9. Baraboo—First National Bank 1 to 9. Paris—First National Bank.. Ito9. Beaver Dam—Old National Bank_ _. 1 to 4. Pine Bluff- Brillion—First National Bank 1 to 8. National Bank of Arkansas 1 to 9. Chilton—Chilton National Bank 1 to 9. Simmons National Bank 1 to 9. Clintonville—First National Bank... 1 to 4. Texarkana— State National Bank 1 to 9. Darlington—First National Bank 1 to 8. Van Buren—First National Bank 1 to 9. Edgarton—First National Bank 1 to 8. Fond du Lac- ILLINOIS Commercial National Bank 1 to 8. First Fond du Lac National Bank 1 to 8. (See also District No. 7) Hartford—First National Bank 1 to 7 and 9. Janesville—First National Bank 1 to 9. Alton- Kenosha—United States National I 1 to 9. Alton National Bank Ito9. Bank. Citizens National Bank 1 to 9. Lake Geneva—First National Bank_.j 1 to 9. Anna—First National Bank 1 to 9. Madison—Commercial National 1 to 9. Belleville- Bank. First National Bank _. 1 to 9. Manitowoc—First National Bank in 1 to 9. St. Clair National Bank 1 to 9. Manitowoc. | Benld—First National Bank of Benld.1 to 3, 5 to 8. Marinette—First National Bank 1 to 9. I Breese—First National Bank 1 to 9. Marshfield—American National 1 to 9. ! Bridgeport—First National Bank 1 to 9. Bank. i Bunker Hill—First National Bank... 1 to 9. Milwaukee- i Cairo—Cairo National Bank.. _. 1 to 9. Marine National Bank 1 to 9. | Carlinville—Carlinville National 1 to 9. National Bank of Commerce 1 to 9. Bank. National Exchange Bank 1 to 9. Carlyle—First National Bank 1 to 9. Monroe—First National Bank 1 to 9. Carmi—National Bank of Carmi Ito9. Neenah—National Manufacturers 1 to 3. Centralia—Old National Bank. 1 to 9. Bank. Edwardsville—Ed wards ville Na- 1,2,3,5,6,7, Neillsville—First National Bank 1 to 9. tional Bank. and 9. Oconomowoc—First National Barilr 1 to 9. Effingham—First National Bank.... 1 to 9. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FIDUCIARY POWERS 367 Powers Powers granted granted DISTRICT NO. 8—Continued DISTRICT NO. 8—Continued ILLINOIS—continued KENTUCKY—continued Highland—First National Bank._.__. 1 to 9. Elizabethtown— Jacksonville—Ayers National Bank._ 1 to 4. First-Hardin National Bank 1 to 9. Lawrenceville—First National Bank- 1 to 9. Union National Bank 1 to 3, 5, 6, 8, Lebanon—First National Bank 1 to 9. and 9. Marion—First National Bank 1 to 9. Frankfort—State National Bank 1 to 9. Mascoutah—First National Bank 1 to 9. Glasgow—Farmers National Bank 1 to 5. Metropolis—City National Bank_ 1 to 4. Harrodsburg— Millstadt—First National Bank...... 1 to 9. First National Bank Ito9. Mount Carmel—American National Ito9. Mercer National Bank Ito8. Bank. Henderson—Henderson National 1 to 9. Mount Sterling—First National Bank 1 to 4. Bank. Murphysboro—First National Bank. 1 to 8. Hopkinsville—First National Bank.. 1 to 9. Nashville— Lawrenceburg— Farmers & Merchants National 1 to 9. Anderson National Bank. 1 to 3, 5 to 9. Bank. Lawrenceburg National Bank 1 to 8. First National Bank 1 to 9. Lebanon— Nokomis—Nokomis National Bank_. 1 to 3. Citizens National Bank 1 to 9. O'Fallon—First National Bank 1 to 9. Marion National Bank 1 to 6. Pittsfield—First National Bank 1 to 9. Louisville- Quincy—Quincy-Ricker National 1 to 9. Citizens Union National Bank... 1 to 9. Bank & Trust Co. First National Bank 1 to 9.. Sparta—First National Bank 1 to 3, 5 to 7. Louisville National Bank & 1 to 9. Vandalia—First National Bank 1 to 8. Trust Co. National Bank of Kentucky Ito9. INDIANA Madisonville—Farmers National 1 to 9. Bank. (See also District No. 7) Mayfield—First National Bank 1 to 9. Morganfield—Morganfield National 1 to 4. Bedford—Bedford National Bank 1 to 3, 5 to 9. Bank. Bicknell—First National Bank. 1 to 9. Murray—First National Bank Ito9. 1 to 3, 5 to 7, Owensboro—First National Bank & 1 to 9. Brownstown—First National Bank.. and 9. Trust Co. Cannelton—Cannelton National 1 to 3,5 to 8. Paducah— Bank. City National Bank. 1 to 9. Evansville— First National Bank 1 to 3. National City Bank 1 to 9. Peoples National B ank 1 to 9. Old National Bank Ito9. Princeton— Fort Branch—Farmers & Merchants 1 to 9. Farmers National Bank 1 to 9. National Bank. First National Bank. 1 to 9. Jeffersonville—First National Bank.. 1 to 9. Linton—First National Bank 1 to 7. MISSISSIPPI M M a it d c i h s e o l n l— — F F i i r r s s t t N N a a t t i i o o n n a a l l B B a a n n k k 1 1 t t o o 5 9 . . (See also District No. 6) Mount Vernon— Columbus- Mount Vernon National Bank & 1 to 9. Columbus National Bank 1 to 9. Trust Co. First National Bank.. ._ 1 to 9. Old First National Bank. 1 to 8. Greenville—First National Bank 1 to 4. New Albany—New Albany National 1 to 9. Greenwood—The First National 1, 2, 3,_5 to 8. Bank. Bank. Orleans—National Bank of Orleans. _ 1. MISSOURI Po t s io ey n v al il l B e— an B k. ozeman Waters Na- 1, a 3 n , d 5 9 , . 6, 8, (See also District No. 10) Princeton- Boonville—Boonville National Bank_ 1 to 9. Farmers National Bank... 1, 2, 3, 5, 6, 7,Carrollton—First National Bank 1 to 8. and 9. Chillicothe—First National Bank.... 1 to 9. Peoples American National Bank. 1 to 8. Columbia— Rockport—First National Bank 1 to 9. Boone County National Bank 1 to 9. Seymour— Exchange National Bank 1 to 4. First National Bank Ito9. Hannibal—Hannibal National Bank- 1 to 9. Seymour National Bank Ito9. Jefferson City—First National Bank. 1 to 9. Sullivan—National Bank of Sullivan. 1 to 7 and 9. Kirksville—Citizens National Bank.. 1 to 8. Tell City- Pierce City—First National Bank 1 to 9. Citizens National Bank 1 to 4. Ridgeway—First National Bank 1 to 9. Tell City National Bank 1 to 9. St. Charles—First National Bank 1 to 9. Vevay—First National Bank 1 to 9. St. Louis- Vincennes—First National Bank 1 to 9. Boatmen's National Bank 1 to 9. Wadesville—Farmers National Bank. 1 to 9. First National Bank 1 to 4. Washington—Peoples National Bank. 1 to 9. Merchants' Laclede National 1 to 4. Bank. KENTUCKY National Bank of Commerce 1 to 9. Security National Bank, Savings Ito9. (See also District No. 4) & Trust Co. State National Bank 1 to 9. Bowling Green—American National 1 and 4. Sedalia— Bank. Citizens National Bank 1 to 4. Clay—Farmers National Bank 1 to 9. Third National Bank 1 to 3, 5_to 7. Columbia—First National Bank & 1 to 3, 5 to 8. Springfield— Trust Co. McDaniel National Bank Ito9. Danville— Union National Bank 1 to 4. Citizens National Bank. 1 to 9. Unionville—Marshall National Bank- 1 to 3, 5 to 7. Farmers National Bank Ito8. Versailles—First National Bank 1 to 3. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

368 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD Powers Powers granted granted DISTRICT NO. 8—Continued DISTRICT NO. 9—Continued TENNESSEE MINNESOTA—continued (See also District No. 6) Rochester—First National Bank Ito9. St. Paul—Twin Cities National Bank 1 to 9. Dyersburg—First-Citizens National Ito9. St. Peter—First National Bank Ito8. Bank. Sauk Center—First National Bank... 1 to 9. Jackson- Stewartsville—First National Bank__ 1. National Bank of Commerce 1 to 9. Stillwater—First National Bank 1 to 9. Security National Bank 1 to 9. Truman—Truman National Bank... Ito9. Memphis—First National Bank 1 to 9. Virginia—American Exchange Na- 1 to 3, 5 to3 tional Bank. DISTRICT NO. 9 Waseca—Farmers National Bank Ito9. Welcome—Welcome National Bank.. 1 to 8. MICHIGAN Windom—First National Bank Ito9. Winona— (See also District No. 7) First National Bank... Ito9. Winona National Bank. Ito9. Calumet—First National Bank 1 to 9. Hancock—First National Bank 2,3, 5, and 8. MONTANA Houghton—Hough ton National 1 to 9. Billings- Bank. Midland National Bank Ito9. Iron Mountain—United States Na- 2, 3, 5, and 8. Montana National Bank.. _. 1 to 9. tional Bank. Bozeman—Commercial National Ito4. Ironwood—Iron National Bank 2,3,5, and 8. Bank. Ishpeming—Miners National Bank.. 2,3, 5, and 8. Dillon—First National Bank 1 to 7 and 9. Lake Linden—First National Bank.. 2, 3, 5, and 8. Great Falls- Laurium—First National Bank 2,3, 5, and 8. First National Bank 1 to 9. Manistique—First National Bank__. 1 to 4. Great Falls National Bank 1 to 4. Marquette— Kalispell—First National Bank 1 to 4. First National Bank & Trust Co. 1 to 9. Lewistown—National Bank of Ito9. Union National Bank 1 to 9. Missoula— Menominee—First National Bank... 1 to 9. First National Bank 1 to 7 and 9. Munising—First National Bank of 2, 3, 5, and 8. Western Montana National Ito8. Alger County. Bank Negaunee— First National Bank 2,3, 5, and 8. NORTH DAKOTA Negaunee National Bank Ito3. Bismarck—First National Bank 1 and 9. MINNESOTA Ellendale—First National Bank 1 to 4 Fargo— Albert Lea—First National Bank 1 to 8. First National Bank & Trust Co_ Ito9. Austin— i Merchants National Bank Ito9. Austin National Bank 1 to 9. i Security National Bank 1 to 9. First National Bank 1 to 8. ! Forman—First National Bank 1 to 3. Bemidji—First National Bank 1 to 9. 1 Grafton—Grafton National Bank Ito9. Blooming Prairie—First National 1, 2,3, and 5. Grand Forks—First National Bank.. 1 to 9. Bank. Jamestown—James River National 1 to 3, 5 to 7, Chatfield—First National Bank 1 to 5. Bank. and 9. Dulu A th m — erican Exchange National 1 to 8. Mino F t i — rst National Bank.. 1 to 9. Bank. Union National Bank 1 to 7 and 9. City National Bank 1 to 9 Duluth—C ontinued. SOUTH DAKOTA First National Bank 1 to 8 Minnesota National Bank. 1 to 9. Aberdeen—Aberdeen National Bank. Ito4. Northern National Bank 1 to 9. Arlington—First National Bank Ito4. Eveleth—First National Bank 1 to 3,5 to 9. Canton—First National Bank 1 to 9. Fairmont— Deadwood—First National Bank Ito9. First National Bank Ito9. Flandreau—First National Bank.. _. 1 to 3. Martin County National Bank _ Ito9. Lead—First National Bank Ito9. Faribault—Security National Bank_. 1 to 9. Miller—First National Bank 1 to 9. Fergus Falls- ; Rapid City—First National Bank 1 to 7 and3 Fergus Falls National Bank Ito8. Sioux Falls- First National Bank.. . 1 to 9. Citizens National Bank Ito9. Hutchinson—Farmers National 1 to 9. Minnehaha National Bank. 1 to 8. Bank. Security National Bank 1 to 4. Lanesboro—First National Bank 1 to 3. Spearfish—American National Bank. Ito3. Little Falls- Vermilion—First National Bank 2 to 9. American National Bank 1 to 9. Watertown— First National Bank 1, 2, 3, 5, 6, Citizens National Bank... 1 to 9. 8, and 9. First National Bank Ito9. Minneapolis— First National Bank.. 1 to 9. WISCONSIN Metropolitan National Bank Ito9. Midland National Bank & Trust 1 to 8. (See also District No. 7) Northwestern National Bank 4. Ashland— Northfield—N o r t h f i e 1 d National 1 to 9. Ashland National Bank Ito9. Bank. Northern National Bank 1 to 7 and 9. Owatonna—First National Bank Ito9. Barron—First National Bank Ito3. Park Rapids—First National Bank.. 1 to 9. Chippewa Falls— Red Wing- First National Bank Ito9. First National Bank.. 1 to 9. Lumbermens National Bank 1 to 9. Digitized for FRGAoSodEhRue County National Bank- Ito9. Eau Claire—Union National Bank... Ito9. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FIDUCIARY POWERS 369 Powers Powers granted granted DISTRICT NO. 9—Continued DISTRICT NO. 10—Continued WISCONSIN—continued KANSAS—continued Menomonie—First National Bank.. 1 to 9. Independence- Superior- Citizens First National Ito9. First National Bank Ito7. Commercial National Bank Ito9. United States National Bank... 1 to 9. Jewel City—First National Bank Ito3. Kansas City—Peoples National 1 to 9. DISTRICT NO. 10 Bank. Lawrence- COLORADO Lawrence National Bank _._ Ito8. Boulder- Merchants National Bank 1 to 8. Boulder National Bank Ito4. Watkins National Bank Ito9. Citizens National Bank 1 to 7. Luray—First National Bank 1 to 3. National State Bank Ito9. Ottawa—Peoples National Bank Ito4. Brighton—First National Bank 1 to 4. Paola—Miami County National Ito9. Brush—First National Bank 1 to 3, 5 to 8. Bank. Canon City—Fremont County Na- 1 to 4. Pittsburg—American Exchange Na- 1 to 9. tional Bank. tional Bank of Commerce. Center—First National Bank... 1 to 4. Pratt—First National Bank 1 to 9. Colorado Springs- Sabetha—National Bank of Sabetha. 1 to 4. Colorado Springs National Bank. 1 to 9. Salina— Exchange National Bank Ito9. Farmers National Bank 1 to 5 and 8. First National Bank 1 to 9. National Bank of Americar 1 to 9. Craig—Craig National Bank Ito9. Topeka— Denver— Farmers National Bank Ito4. American National Bank 1 to 7. National Bank of Topeka 1 to 9. Colorado National Bank... Ito9. Troy—First National Bank Ito3. Denver National Bank 1 to 9. Wellington—First National Bank... 1 to 9. First National Bank.. _. 1 to 9. Wichita- Stock Yards National Bank 1 to 9. First National Bank.. _ Ito9. United States National Bank Ito9. Fourth National Bank Ito9. Durango—Burns National Bank 1 to 7. Winfield— Eagle—First National Bank of Eagle 1 to 4. First National Bank..__ Ito9. County. Winfield National Bank Ito9. Englewood—First National Bank 1 to 4. Florence—First National Bank 1 to 9. MISSOURI Fort Collins- First National Bank. 1 to 4. (See also District No. 8) Fort Collins National Bank 1 to 9. Poudre Valley National Bank 1 to 7 and 9 Cameron—First National Bank Ito3. Fort Morgan—First National Bank... Ito4. Carthage—Central National Bank... 1 to 3. Glenwood Springs—First National 1 to 3, 5 to 7. Joplin—Joplin National Bank Ito9. Bank Kansas City- Golden—Rubey National Bank Ito9. Columbia National Bank 1 to 4 and 9. Grand Junction—Grand Valley Na- Fidelity National Bank & Trust Ito9. 1 to 9. Co. Greeley— First National Bank Ito9. First National Bank 1 to 9. Gate City National Bank... Ito9. Greeley Union National Bank. 1 to 9. Interstate National Bank 1 to 9. Gunnison—First National Bank.. .. 1 to 9. Liberty National Bank 1 to 7 and 9. Hugo—First National Bank 1 to 3. New England National Bank & 1 to 9. Idaho Springs—First National Bank. 1 to 4. Trust Co. Lamar—Lamar National Bank 1 to 9. Stockyards National Bank Ito9. Las Animas—First National Bank 1 to 9. Traders National Bank 1 to 7 and 9. Longmont—First National Bank Ito9. Maryville—First National Bank 1 to 5. Loveland—Loveland National Bank 1 to 4, 6, 7. Neosho—First National Bank 1 to 9. Mancos—First National Bank 1 to 9. Plattsburg—First National Bank. .. Ito9. Montrose—Montrose National Bank Ito9. St. Joseph- Ordway—First National Bank 1. American National Bank Ito4. Trinidad- Burns National Bank 1 to 4. First National Bank ... _ 1 to 3. Tootle-Lacey National Bank Ito8. Trinidad National Bank Ito9. Walsenburg—First National Bank... 1 to 9. NEBRASKA KANSAS Belden—First National Bank. 1 to 3, 5 to 9. Anthony- Butte—First National Bank 1 to 3. Citizens National Bank 1 to 8. Columbus—First National Bank 1 to 9. First National Bank 1 to 4. Decatur—First National Bank.. 1 to 3. Atchison—City National Bank Ito9. Emerson—First National Bank Ito8. Coffeyville— Grand Island—First National Bank 1 to 9. Condon National Bank 1 to 3, 5 to 9. Lincoln— First National Bank 1 to 3 and 5. First National Bank 1 to 9. Emporia— Lincoln State National Bank 1 to 9. Citizens National Bank Ito9. Lyons—First National Bank _ . 1 to 3. Commercial National Bank & 1 to 9. Madison—First National Bank 1 to 7 and 9. Trust Co. Nebraska City—Nebraska City Na- 1 to 9. Fort Scott—Citizens National Bank._ 1 to 7 and 9. tional Bank. Great Bend—First National Bank... 1 to 9. Norfolk—Norfolk National Bank 1 to 3. Horton—First National Bank Ito4. Omaha- Hutchinson— First National Bank 1 to 4. American National Bank _. 1 to 9. Omaha National Bank .. 1 to 9. Exchange National Bank 1 to 8. United States National Bank 4. First National Bank Ito4. Ord—First National Bank 1 to 4. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

370 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD DISTRICT NO. 10—Continued DISTRICT NO. 10-Continued NEBRASKA—continued WYOMING—continued Pender— First National Bank 1, and 3 to 7. Cody—Shoshone National Bank 1 and 4. Randolph—First National Bank Ito9. Evanston—First National Bank--__ 1 to 3. South Omaha—Stock Yards National 4. Kemmerer—First National Bank--. 1 to 4. Bank. Laramie—First National Bank 1 to 3. Utica—First National Bank 2 and 3. Powell—First National Bank Ito8. Wahoo—First National Bank.. 1 to 3, 5 to 9. Rawlins— First National Bank 1 to 9. NEW MEXICO Rawlins National Bank.... 1 to 3. Rock Springs—Rock Springs Na- 1 to 9. (See also District No. 11) tional Bank. Sheridan- Albuquerque- First National Bank 1 to 9. Albuquerque National Bank 1 to 9. Sheridan National Bank 1 to 3, 5 to 9. First National Bank 1 to 7 and 9. Thermopolis—First National Bank - 1 to 9. Gallup—First National Bank in Gal- 2 and 3. lup. DISTRICT NO. 11 Raton- First National Bank in Raton 1 to 7. ARIZONA National Bank of New Mexico 2 and 3. Santa Fe—First National Bank Ito9. (See also Distric tNo. 12) OKLAHOMA Nogales—First National Bank Tucson- Ada—First National Bank 1 to 9. Arizona National Bank 1 to 9. Ardmore—First National Bank Ito8. Consolidated National Bank 1 to 4. Bartlesville— First National Bank 1 to 8. LOUISIANA Union National Bank 4. Blackwell—First National Bank Ito9. (See also District No. 6) Bristow—American National Bank.. 1 to 9. Broken Arrow—First National Bank. 1 to 4, 6 to 9.Shreveport— Cleveland—First National Bank 1 to 9. Commercial National Bank. 1 to 9. Enid- First National Bank 1 to 4. American National Bank 1 to 9. Central National Bank.. __. Ito9. NEW MEXICO Guth F r i i r e s — t N F a ir t s io t n N a a l t B io a n n a k l Bank 1 1 t t o o 9 8 . . (See also District No. 10) Holdenville—First National Bank__. 1 to 9. Roswell—First National Bank 1 to 3. Hom F in ir y s — t National Bank 1 to 3, 5 to 9. Silver City—American National Bank 2 and 3. National Bank of Commerce 1 to 9. TEXAS Hooker—First National Bank 1 to 3 and 5. Abilene— Lawton—City National Bank Ito3, 5 to 7 Citizens National Bank 1 and 2. and 9. Farmers & Merchants National 1 to 9. McAlester—First National Bank 1 to 3, 5 to 7. Bank. Miami—Ottawa County National 1 to 9. Albany—Albany National Bank 4. Bank. Amarillo—First National Bank.... 1 to 4. Muskogee— Austin- Commercial National Bank 1 to 8. American National Bank-- 1 to 3. First National Bank 1 to 9. Austin National Bank.. 1 to 9. Okemah— Beaumont- First National Bank 1 to 8. American National Bank.-... 1 to 9. Okemah National Bank 1 to 9. First National Bank.... 1 to 4. Oklahoma City- Texas National Bank 1 to 9. American-First National Bank... 1 to 9. Bonham—First National Bank___. 1, 2, 3, 5, 6, Farmers National Bank 1 to 4. and 7. Liberty National Bank Ito9. Brady—Brady National Bank 1 to 3 and 5. Security National Bank 1 to 8. Brenham—First National Bank 1 to 7 and 9. Tradesmens National Bank 1 to 7 and 9. Brownsville— Okmulgee— First National Bank. 1. American National Bank Ito9. Merchants National Bank 1. Central National Bank-- 1 to 9. Brownwood—Citizens National Bank 1 to 9. Citizens National Bank Ito9. Cameron—Citizens National Bank__. 1 to 9. Pond Creek—First National Bank._. 1 to 4. Clarksville—First National Bank 1 to 3, 5 to 8. Shawnee—Shawnee National Bank_. Ito9. Colorado- Tulsa— City National Bank Ito4. Central National Bank-- Ito9. Colorado National Bank 1 to 3, 5 to 7. Exchange National Bank-- 1 and 4. Corpus Christi—Corpus Christi Na- Ito7. First National Bank.. . 1, 2, and 4. tional Bank. National Bank of Commerce Ito3, 5 to 9. Corsicana— Woodward—First National Bank.... 2 and 3. Corsicana National Bank 1 to 4. First National Bank Ito9. WYOMING Dallas- American Exchange National 1 to 9. Buffalo—First National Bank [ 1 to 4. Bank. Casper— I City National Bank Ito9. Casper National Bank... _ 1 to 5. Dallas National Bank 1 to 9. Wyoming National Bank _.i 1 to 9. Mercantile National Bank Ito9. Cheyenne— j National Bank of Commerce 1 to 4. American National Bank-- 1 to 9. North Texas National Bank.... lto 9. Stock Growers National Bank--. 1 to 9. Republic National Bank Ito9. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FIDUCIARY POWERS 371 DISTRICT NO. 11—Continued DISTRICT NO. 12—Continued TEXAS—continued CALIFORNIA—continued Denison—State National Bank Ito9. Berkeley—First National Bank 1 to 3, 5 to 7, El Paso— and 9. El Paso National Bank _ 1 to 9. Chico—First National Bank 1 to 8. First National Bank _ 1 to 7 and 9. Fullerton—First National Trust & lto 9. State National Bank.. _ Ito9. Savings Bank. Fort Worth- Lodi—Lodi National B ank 1 to 9. Continental National Bank 1 to 9. Long Beach- First National Bank 1, 2, and 4. California National Bank 1 to 9. Fort Worth National Bank 1 to 9. First National Bank . lto 9. Stockyards National Bank 1 to 4. Los Angeles- Gainesville—Lindsay National Bank. Ito9. Farmers & Merchants National lto 9. Galveston— Bank. City National Bank 1 to 9. Los Angeles-First National Trust 1 to 9. First National Bank 1 to 9. & Savings Bank. South Texas National Bank 1 to 9. Merchants National Trust & lto 9. United States National Bank Ito9. Savings Bank. Greenville—Greenville National Ex- Ito4. Pacific National Bank__ 1 to 9. change Bank. Seaboard National Bank.. 1 to 9. Haskell—Haskell National Bank 1 to 3, 5 to 8. The United States National Bank Houston- of Los Angeles 1 to 7 and 9. First National Bank Ito9. Mountain View—First National 4. National Bank of Commerce 1 to 7 and 9. Bank. Second National Bank... ... 1 to 7 and 9. Oakland- South Texas Commercial Na- 1 to 9. Central National Bank 1 to 9. tional Bank. First National Bank 1 to 9. State National Bank... 1 to 9. Orange—First National Bank lto 9. Union National Bank 1 to 9. Orland—First National Bank 4. Italy—First National Bank 1 to 9. Pleasanton—First National Bank 4. Long view—First National Bank 1 to 3, 5, Pomona—First National Bank__ 1 to 3, 5 to 7. and 8. Redwood City—First National Bank 1 to 3, 5, 7 McKinney—First National Bank 1, 2, and 4. of Mateo County. to 9. Marshall- Riverside—Citizens National Bank... lto 9. First National Bank _ 1 to 3 and 5. Sacramento—Capital National Bank. 1 to 9. Marshall National Bank _ Ito5. San Bernardino—American National 1 to 9. Orange- Bank. First National Bank Ito9. San Diego—First National Trust & 1 to 9. Orange National Bank 1 to 9. Savings Bank. Palestine—Royal National Bank Ito4. San Francisco- Port Arthur- Anglo & London Paris National lto 9. First National Bank Ito4. Bank. Merchants National Bank 1 to 9. Bank of California, N. A 1 to 9. San Angelo— Bank of Italy National Trust & lto 9. Central National Bank 1 to 4. Savings Association. First National Bank 1 to 9. Crocker First National Bank 1 to 9. San Angelo National Bank 1 to 3. Pacific National Bank 1 to 8. San Antonio- Santa Ana—First National Bank 1 to 9. Alamo National Bank 1 to 9. Santa Barbara— Frost National Bank Ito9. County National Bank & Trust 1 to 9. Lockwood National Bank 1 to 9. Co. National Bank of Commerce lto 9. First National Trust & Savings 1 to 9. Sherman- Bank. Commercial National Bank 1 to 3, 5 to 8. Stockton—First National Bank 1 to 3, 5 to 7. Merchants & Planters National 1 to 9. Whittier—First National Trust & 1 to 7 and 9. Bank. Savings Bank. Stanton— First National Bank lto 3. Terrell—American National Bank lto 8. IDAHO Texarkana — Texarkana National 1 to 9. Boise— Bank. Boise City National Bank._ 1 to 3, 5 to 9. Troup—First National Bank 1. First National B ank of Idaho lto 5. Tyler—Citizens National Bank lto 9. Pacific National Bank 1 to 9. Victoria—Victoria National Bank lto 4. Hagerman—First National Bank 1. Waco- Hailey—Hailey National Bank 1 ro3. Citizens National Bank _ 1 to 9. Lewiston—Lewiston National Bank.. 1 to 9. First National Bank lto 8. Moscow—First National Bank 1 to 4. Waxahachie—Citizens National Bank 1 to 9. Pocatello— Wichita Falls- First National Bank lto 9. City National Bank.... 1 to 9. National Bank of Idaho 1. First National Bank lto 9. NEVADA DISTRICT NO. 12 Reno—Farmers & Merchants Na- 1 and 4. ALASKA | tional Bank. I Tonopah—Nevada First National 4. Fairbanks—First Natiosal Bank ' 1 to 9. Bank. OREGON ARIZONA | Ashland—First National Bank 1 to 9. Winslow—First National Bank 1. C or vallis—First National Bank 1 to 9. Eugene—First National Bank lto 4. CALIFORNIA | Grants Pass—First National Bank of 1, 2, 3, 5, i Southern Oregon. 7, and 9. Digitized for FARnaAhSeiEmR— First National Bank 1 to 9. Harrisburg—First National Bank lto 3. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

372 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD Powers Powers granted granted DISTRICT NO. 12—Continued DISTRICT NO. 12—Continued OREGON—continued WASHINGTON—continued Hood River—First National Bank 1 to 9. Everett- Junction City—First National Bank. 1, 2, 3, 5, 6, First National Bank Ito9. 7, and 9. Security National Bank 1 to 9. McMinnville—United States Na- 1 to 9. Hoquiam—First National Bank 1 to 9. tional Bank. Longview—First National Bank 1 to 9. Marshfield— Mount Vernon— Coos Bay National Bank_ 1 to 9. First National Bank 1 to 3. First National Bank of Coos Bay. 1 to 9. i Skagit National Bank 1 to 4. Medford—Medford National Bank._ Ito9. Okanogan—First National Bank 1 to 9. Milton—First National Bank 1 to 4. Olympia— Newberg—United States Nationa 1 to 9. Capital National Bank 1 to 9. Bank of Newburg i Olympia National B ank 1 to 9. Ontario—First National Bank 2 and 3. Port Angeles—First National Bank. _ 1 to 9. Pendleton—First National Bank 1 to 4. Pullman—First National Bank 1 to 7. Portland- Rosalia—Whitman County National 1 to 9. First National Bank _ 1 to 9. Bank. Peninsula National Bank 1 to 9. Seattle- United States National Bank 1 to 9. Dexter Horton National Bank-. _. 1 to 9. West Coast National Bank 1 to 9. First National Bank 1 to 9. Salem— Marine National Bank __ 1 to 9. First National Bank in Salem 1 to 9. Metropolitan National Bank 1 to 7 and^a United States National Bank 1 to 9. National Bank of Commerce 1 to 9. National City Bank _ 1 to 9. UTAH Seattle National Bank 1 to 9. University National Bank Ito9. Logan—First National Bank 1 to 9. Spokane- Ogden— Exchange National Bank__ 1 to 9. First National Bank __ _ 1. Fidelity National Bank__. 1 to 9. National Bank of Commerce 1 to 7 and 9. Old National Bank & Union 1 to 9. Salt Lake City- Trust Co. Continental National Bank 1 to 4. Tacoma— Deseret National Bank__ 1 to 4. National Bank of Tacoma Ito9. Puget Sound National Bank 1 to 9. WASHINGTON Toppenish—First National Bank 1 to 9. Vancouver—Vancouver National 1 to 4. Aberdeen—Grays Harbor National 1 to 9. Bank. Bank. Walla Walla— Bellingham— Baker-Boyer National Bank 1 to 9. American National Bank. 1 to 3 and 9. First National Bank 1 to 9. Bellingham National Bank 1 to 9. Third National Bank 1,3, and 4. First National Bank 1 to 5 and 9. Wenatchee—First National Bank 1 to 9. Northwestern National Bank 1 to 9. Yakima—Yakima National Bank 1 to 9. Burlington—First National Bank 1 to 7 and 9. Col fax—Farmers National Bank 1 to 4. HAWAIIAN ISLANDS Dayton—Columbia National Bank... 1 to 3. Ellensburg—Washington National 1 to 3. Honolulu—First National Bank of 1 to 8. Bank. Hawaii. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BANKS AUTHORIZED TO ACCEPT BILLS UP TO 100 PER CENT OF CAPITAL AND SURPLUS The following banks have been granted authority by the Federal Reserve Board to accept drafts and bills of exchange up to 100 per cent of their capital stock and surplus: DISTRICT NO. 1 Connecticut: Massachusetts—Continued. Hartford—Hartford National Bank & Trust Boston—Continued. Co. State Street Trust Co. New Haven—First National Bank. Webster & Atlas National Bank. Norwich—Thames National Bank. D'edham'—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—Worcester County National Bank. Atlantic National Bank. Rhode Island: Beacon Trust Co. Providence— First National Bank. Blackstone Canal National Bank. Merchants National Bank. Industrial Trust Co. National Shawmut Bank. National Bank of Commerce. Old Colony Trust Co. Providence National Bank. Second National Bank. Rhode Island Hospital Trust Co. DISTRICT NO. 2 Connecticut: New York—Continued. Bridgeport— New York City—Continued. City National Bank. Chase National Bank. First National Bank. Chemical National Bank. New Jersey: Corn Exchange Bank. Hoboken—First National Bank. Equitable Trust Co. Newark—National Newark & Essex Banking Farmers Loan & Trust Co. Co. Fidelty Trust Co. New Brunswick—National Bank of New Jer- Fifth Avenue Bank. sey. First National Bank. Paterson— Garfield National Bank. Hamilton Trust Co. Grace National Bank. Paterson National Bank. Guaranty Trust Co. New York: Harriman National Bank. New York City- National Bank of Commerce. American Exchange-Irving Trust Co. National City Bank. Bank of America. National Park Bank. Bank of Manhattan Co. (Manhattan Co.). New Netherland Bank. Bank of New York & Trust Co. New York Trust Co. Bankers Trust Co. Seaboard National Bank. Bowery & East River National Bank. U. S. Mortgage & Trust Co. Central Union Trust Co. Utica—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. Franklin-Fourth Street National Bank. Tradesmen's National Bank. DISTRICT NO. 4 Kentucky: Ohio—Continued. Lexington—Phoenix National Bank & Trust Toledo—Commerce Guardian Trust & Savings Co. Bank. Ohio: Pennsylvania: Cincinnati— Braddock—First National Bank. Fifth-Third-Union Trust Co. Greensburg—First National Bank. Cleveland- Pittsburgh- First National Bank. Bank of Pittsburgh, N. A. Central National Bank. First National Bank. Cleveland Trust Co. Mellon National Bank. Guardian Trust Co. Pittsburgh Trust Co. Union Trust Co. Union National Bank. Columbus— Union Trust Co. City National Bank of Commerce. West Virginia: Ohio National Bank. Wheeling—Wheeling Bank & Trust Co. 373 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

374 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD DISTRICT NO. 5 Maryland: South Carolina—Continued. Baltimore— Orangeburg—Edisto National Bank. Baltimore Commercial Bank. Rock Hill—Peoples National Bank. Baltimore Trust Co. Virginia: Citizens National Bank. Danville—First National Bank. Drovers & Mechanics National Bank. Hampton—Merchants National Bank. Farmers & Merchants National Bank. Norfolk- Maryland Trust Co. Citizens Bank. Merchants National Bank. Norfolk National Bank of Commerce & National Bank of Baltimore. Trusts. National Marine Bank. Seaboard National Bank. Natipnal Union Bank of Maryland. Virginia National Bank. Western National Bank. Richmond- North Carolina: American National Bank. Wilmington—Murchison Natioral Bank. Bank of Commerce & Trusts. South Carolina: Central National Bank. Charleston- First-Merchants National Bank. Peoples First National Bank. South Carolina National Bank. DISTRICT NO. 6 Alabama: Georgia—Continued. Decatur— Valdosta—First National BL Central National Bank. Louisiana: City National Bank. New Orleans- Huntsville—Henderson National Bank. American Bank & Trust Co. Mobile—Merchants National Bank. Canal Bank & Trust Cq. 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: Mississippi: Albany—Albany Exchange National Bank. Vicksburg—Merchants National Bank Atlanta- Trust Co. Atlanta & Lowry National Bank. Tennessee: Fourth National Bank. Chattanooga— Macon— First National Bank. Fourth National Bank. Hamilton National Bank. Macon National Bank. Clarksville—First National Bank. Savannah— Citizens & Southern National Bank. Citizens Bank & Trust Co. Savannah Bank & Trust Co. DISTRICT NO. 7 Illinois: Indiana: Chicago- Brazil—Riddell National Bank. Chicago Trust Co. Indianapolis—Fletcher-American National Continental National Bank & Trust Co. 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. First National Bank. Mercantile Trust Co. Union & Planters Bank & Trust Co. DISTRICT NO. 9 Minnesota: Minnesota—Continued. Minneapolis- First National Bank in Minneapolis. St. Paul—First National Bank. Northwestern National Bank. DISTRICT NO. 10 Colorado: Missouri—C ontinued. 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. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ACCEPTANCE OF BILLS UP TO 100 PER CENT 375 DISTRICT NO. 11 Arizona: Texas—Continued Nogales—First National Bank. Galveston—South Texas National Bank. Texas: Hillsboro—Citizens 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- Fort Worth National Bank. American National Bank. Stockyards National Bank. First National Bank. Gainesville—First National Bank. Waco—First National Bank. DISTRICT NO. 12 California: Oregon: Los Angeles- Portland— Citizens National Bank. First National Bank. Los Angeles First National Trust & Sav- United States National Bank. ings Bank. Washington: Merchants National Trust & Savings Bank. Seattle- San Francisco— Dexter Horton National Bank. American Trust Co. First National Bank. Anglo & London-Paris National Bank. National Bank of Commerce. Bank of California, N. A. Seattle National Bank. Crocker-First National Bank. Spokane— Pacific National Bank. Exchange National Bank. Wells Fargo Bank & Union Trust Co. Old National Bank & Union Trust Co. Santa Barbara—First National Trust & Savings Spokane & Eastern Trust Co. Bank. Tacoma—National Bank of Tacoma. 110390—28- -25 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 June 30,1927 miles) (estimated) No 1—Boston 61,345 7,803,000 No. 2—New York.. 51,890 14,716,000 No. 3—Philadelphia 36, 842 7, 580,000 No 4—Cleveland - 73, 424 11,278,000 No. 5—Richmond 152, 310 10, 924,000 No 6—Atlanta 248,226 11,031,000 No. 7—Chicago 190,513 17,229,000 No 8—St Louis 194,810 9, 706, 000 No. 9—Minneapolis 414, 004 5, 742,000 No 10—Kansas City 480,438 7, 696,000 No. 11—Dallas. 386,116 6,610,000 No. 12—San Francisco 683, 852 8, 313, 000 Total 2, 973, 776 118,628,000 FEDERAL RESERVE DISTRICTS DISTRICT NO. 1—BOSTON _ _ _ 7,803,000 Connecticut (excluding Fairfield County) _. _ _. Maine _ Massachusetts New Hampshire Rhode Island Vermont _ .. DISTRICT NO. 2—NEW YORK Connecticut (Fairfield County)__ 631 380,000 New Jersey ___ 3,605 2, 913, 000 Counties of— Bergen. Hunterdon. Morris. Sussex. Essex. Middlesex. Passaic. Union. Hudson. Monmouth. Somerset. Warren. New York 47,654 11423,000 DISTRICT NO. 3—PHILADELPHIA 36,842 7 580,000 Delaware 1,985 243, 000 New Jersey 3,909 836, 000 Counties of— Atlantic. Cape May. Gloucester. Ocean. Burlington. Cumberland. Mercer. Salem. Camden. Pennsylvania _ 30, 6 6 501, 000 Counties of— Adams. Clinton. Lebanon. Philadelphiz. 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. i Population Jan. 1, 1920; decrease 1910 to 1920; no estimate made. 376 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DESCRIPTION OF FEDERAL RESERVE DISTRICTS 377 FEDERAL RESERVE DISTRICTS—Continued Land area Population Federal reserve district (square June 30,1927 miles) (estimated) DISTRICT NO. 4—CLEVELAND 73,424 11,278,000 Kentucky (eastern part) 17, 614 1,142, 000 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, 710, 000 Pennsylvania (western part) 13, 864 3,229, 000 Counties of— Allegheny. Crawford. Indiana. Venango. Armstrong. Erie. Jefferson. Warren. Beaver. Fayette. Lawrence. Washington. Butler. Forest. Mercer. Westmoreland. Clarion. Greene. Somerset. West Virginia (northern part) 1,206 197, 000 Counties of— Brooke. Marshall. Tyler. Hancock. Ohio. Wetzel. DISTRICT NO. 5—RICHMOND 152, 316 10,924, 000 District of Columbia 62 540, 000 Maryland 9,941 1, 597,000 North Carolina 48, 740 2, 897, 000 South Carolina 30,495 1,845, 000 Virginia 40,262 2, 546, 000 West Virginia (southern part) 22,816 1,499, 000 Counties of— Barbour. Hardy. Mingo. Roane. Berkeley. Harrison. Monongalia. Summers. Boone. Jackson. Monroe. Taylor. Braxton. Jefferson. Morgan. Tucker. Cabell. Kanawha. Nicholas. Upshur. Calhoun. Lewis. Pendleton. Wayne. Clay. Lincoln. Pleasants. Webster. Doddridge. Logan. • Pocahontas. Wirt. Fayette. McDowell. Preston. Wood. Gilmer. Marion. Putnam. Wyoming. Grant. Mason. Raleigh. Green brier. Mercer. Randolph. Hampshire. Mineral. Ritchie. DISTRICT NO. 6—ATLANTA 248, 226 11,031,000 Alabama 51, 279 2, 549, 000 Florida 54,861 1, 363, 000 Georgia 58, 725 3,171, 00U Louisiana (southern part) 26, 891 1,348, 000 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. La Fourche. tist. Rouge. Cameron. Livingston. St. Landry. West Feliciana. East Baton Orleans. St. Martin. Rouge. Plaquemines. St. Mary. East Feliciana. Pointe Coupee. St. Tammany. Mississippi (southern part) 25, 519 1 S53, 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. I 1 Population Jan. 1, 1920; decrease 1910 to 1920; no estimate made. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

378 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD FEDERAL RESERVE DISTRICTS—Continued Land area Population Federal reserve district (square June 30,1927 miles) (estimated) DISTRICT NO. 6.—ATLANTA—Continued. Tennessee (eastern part).. . 30,951 1, 747,000 Counties of— Anderson. Giles. Me Minn. 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. Wavne. 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 17,229,000 Illinois (northern part)- ._ 35,448 5, 897,000 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 Dart) 26, 707 2, 504,000 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. 55, 586 2,425,000 Michigan (southern part) 40, 789 4,083,000 Counties of— Alcona. Eaton. Lapeer. Ogemaw. Allegan. Emmet. Leelanau. Osceola. Alpena. Genesee. Lena wee. Oscoda. Antrim. Gladwin. Livingston. Otsego. Arenac. Grand Traverse Macomb. Ottawa. Barry. Gratiot. Manistee. Presque Isle. Bay. Hillsdale. Mason. Roscommon. Benzie. Huron. Mecosta. Saginaw. Berrien. Ingham. Midland. St. Clair. Branch. Ionia. Missaukee. St. Joseph. Calhoun. Iosco. Monroe. Sanilac. Cass. Isabella. Montcalm. Shiawassee. Charlevoix. Jackson. Montmorency. Tuscola. Cheboygan. Kalamazoo. Muskegon. Van Buren. Claire. Kalkaska. Newaygo. Washtenaw. Clinton. Kent. Oakland. Wayne. Crawford. Lake. Oceana. WTexford. j Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

379 DESCRIPTION OF FEDERAL RESERVE DISTRICTS FEDERAL RESERVE DISTRICTS—Continued Land area Population Federal reserve district (square June 30,1927 miles) (estimated) DISTRICT NO. 7.—CHICAGO—Continued Wisconsin (southern part) -- 31,983 2, 320,000 Counties of— Adams. Green Lake. Marquette. Sheboygan. Brown. Iowa. Milwaukee. Vernon. Calumet. Jackson. Monroe. Wai worth. Clark. Jefferson. Oconto. Washington. Columbia. Juneau. Outagamie. Waukesha. Crawford. Kenosha. Ozaukee. Waupaca. Dane. Kewaunee. Portage. Waushara. Dodge. Lafayette. Racine. Winnebago. Door. Langlade. Richland. Wood. Fond du Lac. Manitowoc. Rock. Grant. Marathon. Sauk. Green. Marinette. Shawano. DISTRICT NO. 8—ST. LOUIS 194,810 9,706,000 Arkansas 52, 525 1 923 000 Illinois (southern part) 20, 595 1,399,000 Counties of— Adams. Franklin. Macoupin. Randolph. Alexander. Gallatin. Madison. Richland. Bond. Greene. Marion. St. Clair. Brown. Hamilton. Massac. Saline. Calhoun. Hardin. Monroe. Scott. Clay. Jackson. Montgomery. Union. Clinton. Jasper. Morgan. Wabash. Crawford. Jefferson. Perry. Washington. Edwards. Jersey. Pike. Wayne. Effingham. Johnson. Pope. White. Fayette. Lawrence. Pulaski. Williamson. Indiana (southern part) 9,338 646,000 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 part) 22,567 1 396 000 Counties of— Adair. Crittenden. Hopkins. Ohio. Allen. Cumberland. Jeflerson. Oldham. Anderson. Daviess. Lame. 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. Mississippi (northern part) 20,843 i 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. Caroll. Lafayette. Pontotoc. Washington. Chicasaw. Lee. Prentiss. Webster. Choctaw. Lefiore. Quitman. Winston. Clay. Lowndes. Sunflower. Yalobusha. Coahoma. Marshall. Tallahatchie. i Population Jan. 1, 1920; decrease 1910 to 1920; no estimate made. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

380 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD FEDERAL RESERVE DISTRICTS—Continued Land area Population Federal reserve district (square June 30,1927 miles) (estimated) DISTRICT NO. 8.—ST. LOUIS—Continued. Missouri (eastern part) 58, 206 2, 666, 000 Counties of— Adair. Douglas. Maries. Reynolds. Audrain. Dunklin. Marion. Ripley. Barry. Franklin. Mercer. St. Charles. Benton. Gasconade. Miller. St. Clair. Bollinger. Greene. Mississippi. St. Francois. Boone. Grundy. Moniteau. St. Louis. Butler. Harrison. Monroe. St. Louis City. Caldwell. Henry. Montgomery. Ste. Genevieve, Callaway. Hickory. Morgan. Saline. Camden. Howard. New Madrid. Schuyler. Cape Girardeau. Howell. Oregon. Scotland. Carroll. Iron. Osage. Scott. Carter. Jefferson. Ozark. Shannon. Cedar. Johnson. Pemiscot. Shelby. Chariton. Knox. Perry. Stoddard. Christian. Laclede. Pettis. Stone. Clark. Lafayette. Phelps. Sullivan. Cole. Lawrence. Pike. Taney. Cooper. Lewis. Polk. Texas. Crawford. Lincoln. Pulaski. Warren. Dade. Linn. Putnam. Washington. Dallas. Livingston. Rails. Wayne. Daviess. Macon. Randolph. Webster. Dent. Madison. Ray. Wright. Tennessee (western part) _ — 10, 736 738,000 Counties of— Benton. Fayette. Henry. Shelby. Carroll. Gibson. Lake. Tipton. Chester. Hardeman. Lauderdale. Weakley. Crockett. Hardin. McNairy. Decatur. Haywood. Madison. Dyer. Henderson. Obion. DISTRICT NO. 9-—MINNEAPOLIS . 414, 004 5, 742, 000 Michigan (northern part) 16, 691 407, 000 Counties of— Alger. Dickinson. Keweenaw. Menominee. Baraga. Gogebic. Luce. Ontonagon. Chippewa. Houghton. Mackinac. Schoolcraft. Delta. Iron. Marquette. Minnesota.. _ _ 80, 858 2, 686, 000 Montana __ _ _ - 146,131 714,000 North Dakota... _ 70,183 2 641,192 South Dakota 76, 868 696,000 Wisconsin (northern part)... - 23, 273 598, 000 Counties of— Ashland. Dunn. Oneida. Sawyer. Barron. Eau Claire. Pepin. Taylor. Bayfield. Florence. Pierce. Trempealeau Buffalo. Forest. Polk. Vilas. Burnett. Iron. Price. Washburn. Chippewa. La Crosse. Rusk. Douglas. Lincoln. St. Croix. DISTRICT NO. 10—KANSAS CITY 7, 696, 000 Colorado 103, 658 1, 074,000 Kansas - -- 81, 774 1, 828,000 Missouri (western part) 10, 521 844, 000 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, 396,000 New Mexico (northern part) - 48, 359 167,000 Counties of— Bernalillo. Mora. San Juan. Taos. Colfax. Rio Arriba. San Miguel. Union. McKinley. Sandoval. Santa Fe. Valencia. 2 Population State census, 1925; decrease 1920 to 1925; no estimate made. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DESCRIPTION OF FEDERAL RESERVE DISTRICTS 381 FEDERAL RESERVE DISTRICTS—Continued Land area Population Federal reserve district (square June 30,1927 miles) (estimated) DISTRICT NO. 10—KANSAS CITY—Continued. Oklahoma (northwestern part)-- 61, 770 2,146,000 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 97,548 241,000 DISTRICT NO. 11—DALLAS 386,116 6,610,000 Arizona (southeastern part) _ 23,412 164,000 Counties of— Cochise. Greenlee. Pima. Santa Cruz. Graham. Louisiana (northern part) 18,518 586,000 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 part) 74,144 225,000 Counties of— Catron. Eddy. Lincoln. Sierra. Chaves. Grant. Luna. Socorro. Curry. Guadalupe. Otero. Torrence. De Baca. Hidalgo. Quay. Dona Ana. Lea. Roosevelt. Oklahoma (southeastern part) - 7,644 238,000 Counties of— Atoka. Choctaw. Johnston. Marshall. Bryan. Coal. McCurtain. Pushmataha. Texas „. 262,398 5,397,000 DISTRICT NO. 12—SAN FRANCISCO 683,852 8,313,000 Arizona (northwestern part) 90, 398 295,000 Counties of— Apache. Maricopa. Navajo. Yavapai. Coconino. Mohave. Pinal. Yuma. California 155, 652 4,433,000 Idaho., 83,354 534,000 Nevada 109,821 1 77, 407 Oregon 95,607 890,000 Utah . 82,184 522,000 Washington 66,836 1,562,000 1 Population Jan. 1, 1920; decrease 1910 to 1920; no estimate made. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DESCRIPTION OF FEDERAL RESERVE BRANCH TERRITORIES 00 00 to [December 31,1927] Federal reserve branch Federal reserve Description of territory district 2 g Buffalo 2—New York.. The 10 most westerly counties of New York State, as follows: Monroe, Genesee, Orleans, Erie, Allegany, Cattaraugus, Wyoming, (Opened May 15, 1919.) Livingston, Chautauqua, Niagara. Cincinnati 4—Cleveland. _ That part of Kentucky in Federal Reserve District No. 4, and the following 25 counties in southern Ohio: Adams, Athens, Brown, (Opened Jan. 10, 1918.) Butler, Clark, Clermont, Clinton, Darke, Fayette, Gallia, Greene, Hamilton, Highland, Jackson, Lawrence, Meigs, Miami, Montgomery, Pike, Preble, Ross, Sciota, Vinton, Warren, Washington. o Pittsburgh _ Those portions of the States of Pennsylvania and West Virginia included in Federal Reserve District No. 4. s (Opened Apr. 22, 1918.) Baltimore 5—Richmond The State of Maryland and the following 30 counties of West Virginia: Barbour, Berkeley, Braxton, Calhoun, Doddridge, Gilmer, (Opened Mar. 1, 1918.) Grant, Hampshire, Hardy, Harrison, Jackson, Jefferson, Lewis, Marion, Mineral, Monongalia, Morgan, Nicholas, Pendleton, Pleasants, Preston, Randolph, Ritchie, Roane, Taylor, Tucker, Upshur, Webster, Wirt, Wood. Charlotte _.. The following counties in the States of North Carolina and South Carolina: North Carolina—Alexander, Allegany, Ashe, Avery, (Opened Dec. 1, 1927.) Buncombe, Burke, Cabarrus, Caldwell, Catawba, Cherokee, Clay, Cleveland, Gaston, Graham, Haywood, Henderson Iredell, Jackson, Lincoln, Macon, Madison, McDowell, Mecklenburg, Mitchell, Polk, Rowan, Rutherford, Stanly, Swain, Transylvania, Union, Watauga, Wilkes, Yancey. South Carolina—Abbeville, Aiken, Anderson, Cherokee, Chester, Edgefield, Fairfield, Greenville, Greenwood, Lancaster, Laurens, Lexington, McCormick, Newberry, Oconee, Pickens, Richland, Saluda, Spartanburg, Union, York. Birmingham 6—Atlanta. That part of the State of Alabama north of the Atlanta & West Point R. R. and Western Ry. of Alabama between Atlanta and (Opened Aug. 1, 1918.) Montgomery, and west of the Louisville & Nashville R. R. between Montgomery and Mobile, except towns located on the Atlanta & West Point R. R. and the Western Ry. of Alabama, in the counties of Lee and Chambers; also the counties of Macon, Montgomery, Lowndes, Butler, Conecuh, Escambia, Crenshaw, and Bullock, but not the counties of Mobile and Baldwin. Jacksonville The entire State of Florida. Nash (O vi p ll e e n ed Aug. 5, 1918.) _. That part of the State of Tennessee included in Federal Reserve District No. 6 with the exception of the city of Chattanooga. f1 (Opened Oct. 21, 1919.) New Orleans Those parts of the States of Louisiana and Mississippi located in Federal Reserve District No. 6, and the counties of Mobile and (Opened Sept. 10, 1915.) Baldwin in Alabama. Detroit 7—Chicago. _. The following 19 counties in the State of Michigan: Bay, Genessee, Hillsdale, Huron, Ingham, Jackson, Lapeer, Lenawee, (Opened Mar. 18, 1918.) Livingston, Macomb, Monroe, Oakland, Saginaw, Sanilac, St. Clair, Shiawassee, Tuscola, Washtenaw, Wayne. Little Rock 8—St. Louis.. Territory is not determined by State or county lines. Branch territory consists of all cities in Arkansas except those assigned to % (Opened Jan. 6, 1919.) the head office and to the Memphis branch. (For names of cities see Federal Reserve Interdistrict Collection System list.) Louisville Territory is not determined by State or county lines. Branch territory consists of all cities in Kentucky and Indiana included (Opened Dec. 3, 1917.) in Federal Reserve District No. 8, except those assigned to the head office. (For names of cities see Federal Reserve Inter- W district Collection System list.) O Memphis. __ Territory is not determined by State or county lines. Branch territory consists of all cities in Mississippi included in Federal (Opened Sept. 3, 1918.) Reserve District No. 8; all cities in Tennessee included in District No. 8.,, expect t"h ose ass'i gned- t•o -St•. L-•o uis; an. d .c.i. ties. in Arkansas not assigned to St. Louis or Little Rock. (For names of cities see "Federal Reserve Interdistrict Collection System" list.) Helena 9—Minneapolis. _ The entire State of Montana. (Opened Feb. 1,1921.) Denver .- 10—Kansas City. The entire State of Colorado and that part of the State of New Mexico included in Federal Reserve District No. 10. (Opened Jan. 14,1918.) Oklahoma City That part of the State of Oklahoma located in Federal Reserve District No. 10. (Opened Aug. 2,1920.) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Omaha _._ -- The entire States of Nebraska and Wyoming. (Opened Sept. 4,1917.) El Paso. 11—Dallas. That part of the States of Arizona and New Mexico located in Federal Reserve District No. 11, and the following 14 counties in (Opened June 17, 1918.) the State of Texas: Andrews, Crane, Culberson, Ector, El Paso, Hudspeth, Jeff Davis, Loving, Martin, Midland, Pecos, Reeves, Ward, Winkler. GO Houston The following 40 counties in the southeast part of the State of Texas: Anderson, Angelina, Austin, Bastrop, Brazoria, Brazos, O (Opened Aug. 4, 1919.) Burleson, Chambers, Cherokee, Colorado, Fayette, Fort Bend, Galveston, Grimes, Hardin, Harris, Houston, Jackson, Jasper, Jefferson, Lavaca, Lee, Liberty, Madison, Matagorda, Montgomery, Nacogdoches, Newton, Orange, Polk, Sabine, San Augustine, San Jacinto, Shelby, Trinity, Tyler, Walker, Waller, Washington, Wharton. San Antonio The following 55 counties in the State of Texas: Atascosa, Aransas, Bandera, Bexar, Blanco, Bee, Brooks, Brewster, Comal, Cald- (Opened July 5, 1927.) well, Calhoun, Cameron, Dimmit, Duval, Dewitt, Edwards, Frio, Gillespie, Gaudalupe, Goliad, Gonzales, Hays, Jim Hogg, Hidalgo, Kendall, Kerr, Kimble, Kinney, Karnes, Kenedy, Kleberg, LaSalle, Llano, Live Oak, Mason, Maverick, McMullen, Medina, Nueces, Presidio, Real, Refugio, San Patricio, Starr, Travis, Terrell, Uvalde, Valverde, Victoria,1 Webb, Wilson, Jim Wells, Willacy, Zapata, Zavalla. Los Angeles 12—San Francisco. That part of the State of Arizona located in Federal Reserve District No. 12, and the following counties in California: Imperial, (Opened Jan. 2, 1920.) Inyo, Los Angeles, Orange, Riverside, San Bernardino, San Diego, Santa Barbara, Ventura. Portland The entire State of Oregon, except the towns of Klamath Falls, Lakeview, and Merrill, which are affiliated with the head office, (Opened Oct. 1, 1917.) and the following five counties in the State of Washington: Clarke, Cowlitz, Klickitat, Skamania, Wahkiakum, and the town of Ilwaco, Wash. d Salt Lake City The entire State of Utah and the following counties in Idaho and Nevada: Idaho—Ada, Adams, Bannock, Bear Lake, Bingham, (Opened Apr. 1, 1918.) J B e l f a fe in rs e o , n B , o J i e se ro , m Bo e, n n L e e v m il h le i, , B Li u n t c te o , l n C , a M m a a d s, i s C o a n n , y M on in , i C do ar k i a b , o O u, n C ei a d s a s , i a O , w Cl y a h r e k e , , C P u a s y te e r t , t e E , l P m o o w re e , r , F T ra e n to k n li , n T , F w r i e n m F o a n l t l , s , G V e a m ll , e G y, o W od a in sh g - , > ington. Nevada—Clark, Elko, Lincoln, White Pine. Seattle The following 16 counties in the State of Washington: Clallam, Grays Harbor, Island, Jefferson, King, Kitsap, Kittitas, Lewis, (Opened Sept. 19, 1917.) Mason, Pacific, Pierce, San Juan, Skagit, Snohomish, Thurston, Whatcom, except the town of Ilwaco, Wash. Spokane The following counties in the States of Washington and Idaho: Washington—Adams, Asotin, Benton, Chelan, Columbia, Doug- (Opened July 26, 1917.) las, Ferry, Franklin, Garfield, Grant, Lincoln, Okanogan, Pend Oreille, Spokane, Stevens, Walla Walla, Whitman, Yakima. Idaho—Benewah, Bonner, Boundary, Clearwater, Idaho, Kootenai, Latah, Lewis, Nez Perce, Shoshone. i Victoria County transferred to Houston branch Feb. 10,1928. 2 o w E H CO oo CO Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE DISTRICTS CO 00 •—•BOUNDARIES OF FEDERAL RESERVE DISTRICTS ——BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES ($ FEDERAL RESERVE BANK CITIES • FEDERAL RESERVE BRANCH CITIES O FEDERAL RESERVE BANK AGENCY Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX Acceptances: Bankers'— Advisory council recommendations on Federal Reserve Board rulings 257 Holdings by Federal reserve banks 69, 154 Open-market discount rates 95, 97 Outstanding 125 Tax imposed on discount received by foreign corporation, advisory council on 257 Banks authorized to accept bills up to 100 per cent of capital and surplus 373-375 Commodity classification of open-market purchases 159 Held by Federal reserve banks 21, 53, 59, 61, 69, 70, 138, 154 Imports and exports, based on— Classification according to underlying commodities 159 Discounted or purchased and held by Federal reserve banks 69, 155 Outstanding 125 Increase in use of, discussion of 5 Maturitv of bills purchased and held by Federal reserve banks 68, 70, 138, 154 Purchased by Federal reserve banks 59, 61, 154 Rates, discount and open-market 90, 91 Average rates of earnings, on bills bought by Federal reserve banks 21, 92 Buying rates 90 Changes in Federal reserve bank rates 89 Volume purchased by Federal reserve banks at each rate 154 Trade acceptances— Classification according to underlying commodities 163 Discounted by Federal reserve banks 69, 154, 156 Held by Federal reserve banks 69, 138, 154 Purchased by Federal reserve banks in open market 69 Volume purchased from member banks and from nonmember banks and dealers 154, 157 Accommodation at Federal reserve banks of reporting member banks. _ 68, 154, 158 Adjusted-service certificates, discount of paper secured by 69, 154 Administrator, national banks authorized to act as 36, 351—372 Advisory council, Federal. (See Federal advisory council.) Agencies of Federal reserve banks. (See Branches and agencies.) Agricultural conditions in 1927, discussion of 3 Agricultural paper: Held by Federal reserve banks 69, 138, 154 Discount rates 89 Aid to member banks in weakened condition, advisory council on 255 Amendments to Federal reserve act: Legislation recommended 45 McFadden Act 42, 258-265 Area of Federal reserve districts 376-381 Argentina, gold standard in 15 Assessment for expenses of Federal Reserve Board 50, 174, 315 Assets and liabilities. (See Resources and liabilities.) Assignee, national banks authorized to act as 36, 351-372 Audited statements in connection with discounts for member banks, advisory council on 256 Automobiles, index of production 130 Balance sheets. (See Condition statements.) 385 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

386 INDEX Page Baltimore branch bank, building operations 25 Bank debits—debits to individual account 126 Bank failures 27, 240-243 Bank mergers 29, 244-245 Banknotes. (See Federal reserve bank notes: National bank notes.) Bank premises, Federal reserve 63, 169, 175 Book value 169 Cost of 169 Date occupied 169 Depreciation charges 23, 175 Expense of maintaining 175 Bank suspensions 27, 240-243 Bankers' acceptances. (See Acceptances.) Bankers' balances of member banks 106, 116, 186-209, 238, 239 By weeks 116, 239 Banking, branch, under McFadden Act, discussion of 32 Banking, chain, discussion of 31 Bills bought. (See Acceptances.) Bills discounted, holdings of by Federal reserve banks 53, 59, 61, 64, 66, 217, 233, 235, 237 (See also Discount and open-market operations.) Birmingham branch bank, building operations 25 Bonds, United States. (See United States securities.) Boots and shoes, wholesale trade, index of 132 Borrowings of brokers in New York City 117-122 Discussion of 6 Borrowings of member banks at Federal reserve banks 6, 109, 112, 115, 217, 233, 235, 237 By months, 1923-1927 217 Discussion of 6 Weekly figures 233 Branch banking under McFadden Act, discussion of 32 Branches and agencies of Federal reserve banks: Agency at Habana, Cuba— Advisory council recommendations on discontinuance of 256 Boston agency taken over by Atlanta agency 24 Building operations 25, 169 Charlotte, N. C, branch established 24 Clearing operations 153 Counties comprising territories 179, 180 Directors of 319-326 Discontinuance of, amendment to Federal reserve act regarding 42 Expenses of 25 Managers of 319-326 San Antonio, Tex., branch established 24 Volume of operations 25, 153 Branches of State banks, amendment to Federal reserve act regarding 42 Brick, index of production 130 Brokers, loans to, by banks in New York City 117-122 Growth in, discussion of 6 Building construction, discussion of 3 Building contracts awarded, index of 127 Building operations of Federal reserve banks 25, 169 Cost of bank premises 169 Depreciation charges 23, 175 Expenses of maintaining bank premises 175 Business conditions in 1927, discussion of 1 Call loans: In New York City 117-122 Rates in New York City 95, 97 Capital: Federal reserve banks 63—65 Member banks 106, 184, 185, 186-209 Car loadings, index of 127 Cash reserves of Federal reserve banks 56, 60, 61-66 Cement, index of production 130 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX 387 Page Central banks, foreign, discount rates 101 Central reserve cities: Classification of loans and securities 110, 111 Condition of member banks in 185 Certificates of indebtedness, Treasury: Held by Federal reserve banks 62, 71, 73, 155 Temporary one-day certificates 73 Yield on_l 95,97 Chain banking, discussion of 31 Changes in discount rates 89 Changes in membership in Federal reserve system 25, 244-246 Charters, indeterminate, granted to Federal reserve banks 1, 42 Charts: Federal reserve bank credit, gold stock, money in circulation, etc 17 Gold stock of the United States 13 Industrial production 2 Check clearing and collection: Gold settlement fund transactions 164 Operations, volume of— Federal reserve banks 23, 151, 152 Federal reserve branch banks 25, 153 Par list, number of banks on 34, 166-168 Circulation, money. {See Currency; Federal reserve notes; National bank notes; Money.) Classification of bills bought in open market 159 Classification of loans and securities of member banks 110, 111 Clayton Act, administration of, by Federal Reserve Board 44 Clearing operations, volume of: Federal reserve banks ^ 23, 151, 152 Federal reserve branch banks 25, 153 Clothing, wholesale trade, index of 132 Coal, index of production 131 Coin received and counted: At Federal reserve banks. 23, 151, 152 At Federal reserve branch banks 25, 153 Coin circulation 82 Collateral held as security against Federal reserve notes 176 Collateral notes of member banks discounted b}^ Federal reserve banks: Holdings of 69, 138, 154 Maturity of 68 Volume discounted 154 Collection of checks. (See Check clearing and collection.) Commercial paper: Rates on, in New York City 95, 97 Held by Federal reserve banks 69, 138, 154 Outstanding 125 Comptroller of the Currency: Regulation of, defining investment securities 266 Letter of, relating to trust powers of national banks . 40, 267 Condition of banks: All banks in the United States— Deposits, exclusive of interbank deposits 105,180 Investments 179, 183 Loans 105, 178, 182 Loans and investments 105, 177, 181 Federal reserve banks— Deposits, reserves, note circulation, and reserve percentages. 56-58, 60 Each bank__ 66, 67, 139-150 Reserve bank credit outstanding 53-55, 59 Resources and liabilities— All banks combined 61-63 At the end of each month 64, 65 Each bank 66, 67, 139-150 Weekly statement and balance sheet items 62, 63 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

388 INDEX Condition of banks—Continued. Member banks— All banks— Page Borrowings at Federal reserve banks 6, 109, 112, 115, 217, 233, 235, 237 Investments 186-209, 222, 223 Loans 106, 186-209,220, 221 Loans and investments . 106, 186-209, 218, 219 Loans, classification of 110 Net demand and time deposits 106, 108, 186-209, 210-215 Reserve balances 106, 109, 115, 186-209, 216, 235, 237 Resources and liabilities— By class of bank 185 By class of member 184 By Federal reserve districts 186-209 On call dates, 1914-1927 106 Securities, classification of 111 Central reserve and reserve city banks 185 Country banks I 185 Reporting banks in leading cities— Bankers' balances 116, 238, 239 Deposits, reserves, and borrowings at Federal reserve banks- 115 Investments 112, 228 Loans 112, 225-227 Loans and investments 114, 224 Loans, investments, deposits, and borrowings 112, 113 Loans on securities 226 Net demand and time deposits 229, 230, 231 Reserve balances 232 Reporting banks in New York City— Brokers' loans 117-120 Deposits, reserves, and borrowings at Federal reserve banks- 235 Loans and investments 234 Reporting banks outside New York City— Deposits, reserves, and borrowings at Federal reserve banks. 237 Loans and investments 236 National banks— Classification of loans 110 Classification of securities 111 Resources and liabilities 184 State bank members— Classification of loans 110 Classification of securities 111 Resources and liabilities 184 Congress, legislation recommended by Federal Reserve Board to 45 Copper, index of production 131 Counties in Federal reserve districts 376-381 Counties in Federal reserve branch territories 382, 383 Consolidations, bank 29, 244-246 Country member banks: Classification of loans and securities 110, 111 Condition of 185 Court opinion on constitutionality of section 9 of Federal reserve act 44, 311 Credit: Federal reserve bank. (See Federal reserve bank credit.) Member bank. (See Member bank credit.) Crissinger, D. R., resignation of, as member of Federal Reserve Board— 50 Cuban agency: Advisory council recommendation on discontinuance of 256 Taken over by Atlanta agency 24 Currency: Amounts received and counted— At Federal reserve banks 23, 151, 152 At Federal reserve branch banks 25, 153 Circulation 80,82 Federal reserve, cost of 315 Volume 20 (See also Federal reserve notes; National bank notes; Money.) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX 389 Page Customers' paper discounted by Federal reserve banks: Average rates charged 93 Holdings of 69, 138 Debits to individual account 126 Debt of United States, retirement of 7 Deferred availability items (checks, drafts, transit items, etc.) of Federal reserve banks 63-65 Demand and sight drafts held by Federal reserve banks 138, 154 Demand deposits of member banks. (See Deposits.) Denmark, gold standard in 15 Department-store sales and stocks, index of 127 Deposits: All banks in the United States 105, 180 Federal reserve banks 56, 60, 61, 63, 64, 139-150 All banks combined 61 Each bank 66, 67, 139-150 Foreign bank, held by Federal reserve banks 56, 60, 63, 64, 65 Member banks— All banks 106, 108, 186-209, 210-215 Reporting banks in leading cities 112, 115, 229-231 Reporting banks in New York City 235 Reporting banks outside New York City 237 Reserve deposits I__ 56, 60, 61, 106, 109, 115, 216 Time and demand— All banks 106, 108, 186-209, 210-215 Increase in, discussion of 7 Reporting banks in leading cities 112, 115, 229-231 Reporting banks in New York City 235 Reporting banks outside New York City 237 National banks 184 State bank members 184 Depreciation charged off by Federal reserve banks 23, 175 Detroit branch bank, building operations 25 Directors of Federal reserve banks and branches, list of 319-326 Discount and open-market operations of Federal reserve banks: Acceptances— Average rates of earnings on bills bought 21, 92 Average rates charged by Federal reserve banks 91, 154, 157 Commodity classification of open-market purchases 159 Discounted by Federal reserve banks 61, 62, 64, 66, 69 Held by Federal reserve banks 21, 53, 59, 61, 69, 70, 138, 154 Imports and exports based on— Classification according to underlying commodities 159 Discounted or purchased and held by Federal reserve b^,nks_ 69, 155 Maturity of bills purchased or held by Federal reserve banks. 68, 70, 138, 154 Purchased by Federal reserve banks 59, 61, 154 Volume purchased from member banks and from nonmember banks and dealers 154, 157 Branches of Federal reserve banks, bills discounted and bought by__ 153 Discounts— Commercial and agricultural paper, volume discounted 154 Customers' paper, average rates charged by member banks on paper rediscounted 93 Dollar exchange bills purchased or discounted 61, 154 Earnings on bills and securities held 21, 92 Maturity of 68, 70, 138, 154 Member banks accommodated, number of 68, 158 Member banks' collateral notes discounted and held by Federal reserve banks 154 Rates charged and rates of earnings on bills discounted 21, 92, 154 United States securities, paper secured by, discounted and held by Federal reserve banks 62, 68, 138, 154 Volume of bills discounted— By classes ' 154 By States 158 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

390 INDEX Discount and open-market operations of Federal reserve banks—Contd. Pase United States securities purchased and held by Federal reserve banks. 21, 53, 59, 61-66, 71, 72, 139, 155 Volume of operations 22, 151, 152, 154, 156, 158 Discount and open-market rates: Acceptances, buying rates of Federal reserve banks on 90 Advisory council recommendation 255 Average rates of earnings by Federal reserve banks on— Acceptances 92 Bills discounted 21, 92 Total bills and securities 92 United States securities purchased 21, 92 Average rates charged by Federal reserve banks on bills discounted and bought I 91, 154 Average rates charged by member banks on customers' paper rediscounted with Federal reserve banks 93 Changes in Federal reserve bank rates 10, 89 Advisory council recommendations regarding 255 Open-market rates in New York City 95-99 (See also Money rates.) Discount rates of central banks in foreign countries 101 Discounts. (See Bills discounted.) Districts, Federal reserve. (See Federal reserve districts.) Dividends: Member banks 247 National banks 249 State bank members 251 Paid by Federal reserve banks 23, 170-175 Dollar exchange bills purchased or discounted and held by Federal reserve banks 69, 125, 155, 163 Dry goods, wholesale trade, index of 132 Drugs, wholesale trade, index of 132 Due from foreign banks to Federal reserve banks 53, 59, 62, 64, 66 Due to and from banks and bankers 106, 116, 186-209, 238, 239 Earmarked gold for foreign account 78 Earnings: Federal reserve banks 21, 170-175 Rates of 21, 92 Member banks 247 National banks 249 State bank members 251 Earnings and expenses: Federal reserve banks 21, 170—175 Member banks 247, 248 National banks 249, 250 State bank members 251, 252 Ecuador, gold standard in 15 Edge Act—Regulation K 41, 301 Eligible paper held as security for Federal reserve notes 176 Eligibility of notes indorsed by officers of nonmember banks, advisory council recommendations on 256 Employees: Federal reserve banks, number and salaries 327-329 Federal Reserve Board, salaries 312-314 England: Discount rates 101 Money rates 100 Estonia, gold standard in 15 Examiners: Federal reserve banks, salaries 313 National banks, salaries 317, 318 Executor, national banks granted authority to act as 36, 351-372 Expenses: Branches and agencies of Federal reserve banks 25 Federal reserve banks 22, 170-175 Fiscal agency departments of Federal reserve banks 175 Member banks 247 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX 391 Expenses—Continued. Pase Federal Reserve Board 50, 316 National banks 249 State bank members 251 Exports and imports: Acceptances based on— Classification according to underlying commodities 159 Purchased and held by Federal reserve banks 69, 155 Gold, discussion of 11 Expressage, cost of, Federal reserve banks 174 Factory employment and pay rolls, index of 127 Failures, bank 27, 240-243 Farm lands, loans secured by 110 Federal advisory council: Meetings of 50 Expenses of 174 Members of 255, 319 Recommendations of, to Federal Reserve Board 255-257 Federal intermediate credit banks: Discounts for 154 Debentures of, purchased by Federal reserve banks 62, 154 Federal land bank bonds purchased by Federal reserve banks 154 Federal reserve act, amendments to: Constitutionality of section 9, opinion of Supreme Court upholding. _ 44, 311 Legislation recommended 45 McFadden Act 42, 258-265 Federal reserve agents: Conferences of 50 Expenses of 174 Federal reserve note accounts of 176 Gold fund, summary of transactions 165 Gold held by 62, 64, 65 List of 319-326 Salaries of 327-329 Federal reserve bank credit 53-73 Chart showing 17 Discussion of 17 Outstanding 53-55, 59 (See also Federal reserve banks.) Federal reserve bank notes, circulation 82 Federal reserve banks: Acceptances purchased or discounted by. (See Acceptances.) Aid to member bank in weakened condition, advisory council recommendation regarding, 255 Bank premises 23, 63, 169, 175 Branches and agencies of— Agency at Habana, Cuba— Advisory council recommendation on discontinuance of 256 Boston agency taken over by Atlanta agency 24 Building operations 25, 169 Charlotte, N. C, branch established 24 Clearing operations 25, 153 Counties comprising territories 382, 383 Directors of 319-326 Discontinuance of, amendment to Federal reserve act regarding. _ 42 Expenses of 25 Managers of 319-326 San Antonio, Tex., branch established 24 Volume of operations 25, 153 Building operations 25, 169 Capital 63-65 Charters, indeterminate, granted to 1, 42 Clearing operations 23, 151, 152 Condition of. (See Condition of banks.) Deposits 56-67, 139-150 Depreciation charges 170, 175 110390-28 26 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

392 INDEX Federal reserve banks—Continued. Page Directors and officers, list of 319-326 Discount and open-market policy 9 Advisory council, recommendation regarding 255 Discount rates. {See Discount and open-market rates.) Discounts. {See Bills discounted; discount and open-market operations.) Dividends paid 170, 175 Earnings and expenses 21, 170-175 Employees, number and salaries 327-329 Federal reserve notes. {See Federal reserve notes.) Fiscal agency operations 175 Franchise tax paid by 170, 175 Gold held by 62, 64-67 Gold redemption fund 62, 64-67 Gold settlement fund 62, 64, 164 Government deposits held by 56, 60, 63, 64 Governors— Conferences of 50 List of 319-326 Salaries of 327-329 Member-bank reserve deposits held by 56-67, 139-150 Municipal warrants, holdings of 1 62, 154 Officers and directors, list of 319-326 Officers, salaries of 327-329 Profit and loss account 170, 174 Reserve percentages : 56, 60, 61 Reserves . 56-67, 139-150 Resources and liabilities— All banks combined 61 At the end of each month 64, 65 Each bank 66, 67, 139-150* Weekly statement and balance sheet items 62, 63 Salaries— Bank examiners 313 Officers and employees 22, 327-329 Surplus 23, 63-65, 170, 174 Tax, franchise, paid to Government 171, 175 United States securities— Bills discounted, secured by, holdings of__ 62, 69, 138, 154 Held by _" 21,53,59,61-66,71,72, 155 Volume of operations 22, 151 Federal Reserve Board: Assessment for expenses of 50, 174, 315' Clayton Act, administration of 44 Conferences with advisor}7 council, governors, and agents 50 Crissinger, D. R,, resignation of, as governor 50 Directory 312 Employees, number and salaries 312-314 Expenses of 50, 316 Legislation recommended to Congress 45 Members of 312 Officers, number and salaries 312-314 Receipts and disbursements 315, 316 Regulations, new issue of 37, 272-310 Salaries of officers and employees 312-314 Young, R. A., appointed governor 50 Federal reserve branch banks. {See Branches and agencies.) Federal reserve currency: Cost of 175, 315 {See also Federal reserve bank notes; Federal reserve notes.) Federal reserve districts: Area 376-381 Counties comprising branch territories 382, 383 Counties in divided States 376-381 Description 376-381 Map showing outline 384 Population 376-381 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX 393 Federal reserve interdistrict collection*system: Page Number of banks in I 34, 166-168 (See also Check clearing and collection.) Federal reserve notes: Accounts of Federal reserve agents 176 Circulation 56, 60, 61, 63-67, 82-85, 139-150 Cost of 22, 175,315 Eligible paper held as collateral against 176 Gold and gold certificates held as collateral against 62, 64, 176 Held by Federal reserve agents 176 Held by Federal reserve banks 63, 176 Federal reserve policy in 1927 9 Fiduciary powers of national banks: Letter of Comptroller of Currency relating to 267 Permits issued 36, 351-372 Regulation F -_ 39, 286 Fiscal agency operations of Federal reserve banks 175 Float, Federal reserve bank 53, 59, 64, 65 Food products, index of production 130 Foreign central banks, discount rates 101 Foreign countries, money rates 100 Foreign securities held by member banks 111 France: Discount rates 101 Money rates 100 Franchise tax paid by Federal reserve banks to Government 23, 170, 175 Freight-car loadings, index of 127 Furniture; wholesale trade, index of 132 Germany: Discount rates 101 Mone}^ rates 100 Gold: Circulation 82-85 Earmarked by Federal reserve banks for foreign account 11, 78 Federal reserve agents' gold fund 165 Foreign loans on, held by Federal reserve banks 53, 54, 154 Held as security for Federal reserve notes 62, 64, 176 Held by Federal reserve agents. 176 Held by Federal reserve banks__ 62, 64, 66, 176 Imports and exports 11, 12, 78, 79 Discussion of 11 Reserves 62, 64, 66 Stock, monetary, of the United States 77 Chart showing 13 Increase in, discussion of 9 Gold redemption fund 62, 64, 176 Gold settlement fund 62, 64, 164 Gold standard: Argentina 15 Denmark 15 Discussion of 14 Ecuador 15 India 15 Poland 15 Government bonds. (See United States securities.) Government deposits: Held by Federal reserve banks 56, 60, 63, 64-67 Held by member banks 106, 184, 185, 186-209' Government securities. (See United States Government securities.) Governors of Federal reserve banks: List of 319-326 Meetings of 50 Expenses of 174 Salaries of 327-329 Governor of Federal Reserve Board: Crissinger, D. R., resignation of 50 Young, R. A., appointed 50 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

394 INDEX Great Britain. (See England.) Page Groceries, wholesale trade, index of 132 Guardian of estates, national banks authorized to act as 36, 351-372 Hardware, wholesale trade, index of 132 Imports and exports: Acceptances based on— Classification according to underlying commodities 159 Outstanding 125 Purchased or discounted by Federal reserve banks 69, 155 Gold 11, 12, 78, 79 Discussion of 11 Indexes of production, employment, trade, and prices 127-132 India, gold standard in 15 Insurance, Federal reserve banks 23, 174 Interest rates. (See Discount and open-market rates; Money rates.) Interlocking bank directorates, applications to serve on 44 Investment securities, regulations of the Comptroller of the Currency denning 266 Investments: All banks in the United States 179, 183 All member banks 186-209, 222, 223 Federal reserve banks. (See Discount and open-market operations.) Reporting member banks 112 Investments and loans: All banks in the United States 105, 177, 181 All member banks 106, 186-209, 218, 219 Reporting member banks in leading cities 114 Reporting member banks in New York City 234 Reporting member banks outside New York City 236 Iron and steel, index of production 130 Italy: Discount rates 101 Gold standard in 15 Money rates 100 Stabilization loan 15 Japan: Discount rates 101 Money rates 100 Land area of Federal reserve districts 376-381 Lead production, index of 131 Leased-wire system, cost of 315 Leather production, index of 130 Legislation recommended to Congress by Federal Reserve Board 45 Liberty loan bonds: Average yield on 95 Held by Federal reserve banks 62, 71 Limitation on total liabilities of national banks, amendment to act regarding 43 Loans: All banks in the United States 105, 178, 182 All member banks 106, 186-209, 220, 221 Classification of 110 Reporting member banks 112 Security, growth in, discussion of 5 Loans and investments: All banks in the United States 105, 177, 181 All member banks 106, 186-209, 218, 219 Discussion of 6 Reporting member banks in leading cities 114 Reporting member banks in New York City 234 Discussion of 8 Reporting member banks outside New York City 236 Loans to brokers by banks in New York City 117-120 Discussion of 6 Lumber production, index of 130 Managers of branches of Federal reserve banks 319-326 Manufacturing production, index of 127, 130 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX 395 Page Map outlining Federal reserve districts 384 Maturities, bills discounted by Federal reserve banks 68, 70, 138, 154 McFadden Act amending Federal reserve act 42, 258-265 Member and nonmember bank credit 105-115 (See also Condition of banks; Loans and investments.) Member banks: Accommodation at Federal reserve banks 68, 154, 158 Aid to banks in weakened condition, advisory council on 255 Bankers' balances 106, 116, 186-209, 238, 239 Borrowings at Federal reserve banks 6, 109, 112, 115, 217, 233, 235, 237 Branches of State banks, amendment to act regarding 42 Brokers, loans to, by banks in New York City 117-120 Discussion of 6 Capital 106, 184, 185, 186-209 Changes in membership 25, 244-246 Collateral notes of, discounted and held by Federal reserve banks 69, 138, 154 Maturity of 68 Condition of. (See Condition of banks.) Deposits— All banks 106, 108, 186-209, 210-215 Reporting banks in leading cities 112, 115, 229-231 Reporting banks in New York City 235 Reporting banks outside New York City 237 Reserve deposits 56, 60, 61, 106, 109, 115 Time and demand— All banks 106, 108, 186-209, 210-215 Increase in, discussion of 7 Reporting banks in leading cities 112, 115, 229-231 Reporting banks in New York City 235 Reporting banks outside New York City 237 Dividends declared 247 Dividends paid to, by Federal reserve banks 23, 170, 175 Earnings, expenses, and dividends— All member banks 247, 248 National banks 249, 250 State bank members 251, 252 Failures 27,240-243 Investments— All banks 186-209,222,223 Reporting member banks 112, 228 Loans— All banks 106, 186-209, 220, 221 Classification of 110 Reporting banks 112, 225-227 Security, growth in, discussion of 5 Loans and investments— All banks __. 106, 186-209,218,219 Discussion of 6 Reporting banks in leading cities 114, 224 Reporting banks in New York City 234 Discussion of 8 Reporting banks outside New York City 236 Loans, investments, deposits, and borrowings 112 Loans to brokers in New York City 117-122 Discussion of 6 National banks— Changes in membership 25, 244-246 Classification of loans 110 Classification of securities 111 Earnings, expenses, and dividends 249 Examiners, salaries of 317, 318 Failures 240-243 Fiduciary powers granted to 36, 351-372 Limitation on total liabilities of, amendment to act regarding. __ 43 Number in system 25 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

396 INDEX Member banks—Continued. National banks—Continued. Page Organization 27 Real-estate loans, amendment to act regarding 44 Resources and liabilities 184 Number accommodated through discount of paper 68, 154, 158 Number of 106, 154, 158, 186 Number in each State 158 Number on par list 34, 166-168 Reserve balances at Federal reserve banks 106, 109, 115, 186-209, 216, 232, 235, 237 Resources and liabilities— By class of bank 185 By class of member 184 By Federal reserve districts 186-209 On call dates, 1914-1927 106 Securities— Classification of 111 Increase in holdings, discussion of 6 Loans to brokers and dealers in 117-122 State banks— Admissions to system 330-350 Branches of, amendment to act regarding 42 Capital 184,330 Changes in membership 25, 244-246 Classification of loans__ 110 Classification of securities 111 Earnings, expenses, and dividends 251 Failures 240-243 Loans, investments, deposits, capital, and surplus 330-350 Number of 25, 330 Resources and liabilities 184, 185 Suspensions 27, 240-243 Membership in Federal reserve system: Changes in 25, 244-246 State banks and trust companies 330-349 Mergers, bank 29, 244-246 Mineral production, index of 127, 131 Monetary gold stock of United States '. 77 Discussion of 9 Money in circulation 80-85 Money rates: Foreign countries 100 New York market 95-99 Municipal warrants purchased and held by Federal reserve banks 62, 154 National bank act, amendments to, made by McFadden Act 44 National bank examiners: Amendment to act relative to 43 Salaries of 317, 318 National banks: Changes in membership 25, 244-246 Classification of loans 110 Classification of securities 111 Earnings, expenses, and dividends 249 Examiners, salaries of 317, 318 Failures 240-243 Fiduciary powers granted to 36, 351-372 Limitation on total liabilities of, amendment to act regarding 43 Number in system 25 Organization 27 # Real-estate loans, amendment to act regarding 44 Resources and liabilities 184 Netherlands: Discount rates 101 Money rates 100 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX 397 New York City: Brokers, loans to, by reporting member banks in 117-122 Discussion of 6 Condition of member banks in 234, 235 Money rates 95-99 Street loans placed by reporting member banks in_ 117 Noncash items collected through Federal reserve branch banks 153 Nonferrous metals, index of production 117 Nonmember banks: Bills discounted for 154 Deposits 105, 180 Failures 27, 240-243 Loans and investments 105, 177-179 Notes indorsed by officers of, eligibility of, advisory council recommendations regarding 256 Number on par list 166-168 Notes indorsed by officers of nonmember banks, eligibility of, advisory council on 256 Officers and directors of Federal reserve banks, list of 319-326 Officers and employees: Federal reserve banks, number and salaries 22, 327-329 Federal Reserve Board, salaries 312-314 One-hundred per cent of capital and surplus, list of banks authorized to accept bills up to 373-375 Open-market operations of Federal reserve banks: Policy, advisory council recommendations 256 (See also Discount and open-market operations.) Open-market rates. (See Discount and open-market rates.) Opinion of Supreme Court on constitutionality of section 9 of Federal reserve act 44, 311 Paper and printing, index of production 130 Par collections. (See Check clearing and collection.) Par list, number of banks on 34, 166-168 Par points, diminution of, advisory council recommendations on 256 Percentage, reserve, of Federal reserve banks 56-61 Petroleum production, index of 130, 131 Poland: Gold standard in 15 Stabilization loan 15 Population of Federal reserve districts 376-381 Postage, Federal reserve banks, cost of 22, 175 Prices, wholesale, index of 127 Production, index of 127-131 Profit and loss account of Federal reserve banks 170, 174 Profits, industrial, in 1927, discussion of 4 Railroad car loadings, index of 127 Rates. (See Discount rates; Money rates.) Ratio, reserve, of Federal reserve banks 56-61 Real estate, loans secured by 110 Real estate loans by national banks, amendment to act regarding 44 Receipts and disbursements of the Federal Reserve Board 315, 316 Receivers, national banks authorized to act as 36, 351-372 Recommendations of the Federal advisory council 255-257 Registrar of stocks and bonds, national banks authorized to act as__ 36, 351-372 Regulation of Comptroller of the Currency defining investment securities. 266 Regulations of the Federal Reserve Board 37, 272-310 Rent paid by Federal reserve banks 174 Reporting member banks. (See Member banks.) Reserve balances of member banks___ 106, 109, 115, 186-209, 216, 232, 235, 237 By months 109, 216 Held by Federal reserve banks 61 Reserve cities, condition of member banks in 185 Reserve percentages, Federal reserve banks 56, 60, 61 Reserves: Federal reserve banks 56-67, 139-150 Member banks 106, 109, 115, 186-209, 216, 232, 235, 237 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

398 INDEX Resources and liabilities: Federal reserve banks— Page At the end of each month 64, 65 Combined statement 61-63 Each bank 66,67, 139-150 Weekly statement and balance sheet items 62, 63 Member banks— By class of bank 185 By class of member 184 By Federal reserve districts 186-209 Central reserve city banks 185 Country banks 185 On call dates, 1914-1927 106 Reserve city banks 185 National banks 184 State bank members 184 Salaries: Federal reserve banks 22, 327-329 Federal Reserve Board 312-314 National bank examiners 317, 318 Salt Lake City branch, building operations 25 San Antonio branch bank: Building operations 25 Establishment of 24 Securities: Held by Federal reserve banks 53, 59 Held by member banks— Classification of _ _ 111 Foreign 111 Increase in, discussion of 6 Loans to brokers and dealers in 117-122 United States— Average yield on 95, 97 Bills discounted, secured by, held by Federal reserve banks 62, 69, 138, 154, 156 Certificates of indebtedness— Held by Federal reserve banks 62, 71, 73, 155 Temporary one-day certificates 73 Earnings on purchases by Federal reserve banks 21,92 Held by Federal reserve banks 21, 53, 59, 61, 62, 71, 72, 155 At end of year 71 Discussion of 6 In special investment account 72 Held by member banks 106, 186-209 Liberty loan bonds purchased by Federal reserve banks 71 Open-market purchases by Federal reserve banks 155 Rates of earnings on purchases by Federal reserve banks 21,92 Treasury bonds held by Federal reserve banks 71 Treasury notes— Average yield on 95, 97 Held by Federal reserve banks 71, 155 Volume purchased by Federal reserve banks 152, 155, 157 Security loans, growth in, discussion of 5 Shoes, index of wholesale trade 132 Silver: Circulation 82 Index of production 131 State bank members: Admissions to system 330-350 Branches of, amendment to act regarding 42 Capital 184,330 Changes in membership 25, 244-246 Classification of loans 110 Classification of securities 111 Earnings, expenses, and dividends 251 Failures 240-243 Loans, investments, deposits, capital, and surplus 330-350 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX 399 State bank members—Continued. Pa§e Number of 25, 330 Resources and liabilities 184, 185 Street loans placed by New York City daily reporting member banks 117 Supreme Court, opinion of, on constitutionality of section 9 of Federal reserve act 44, 311 Surplus: Federal reserve banks 23, 63-65, 170, 174 Member banks 184, 185 Suspensions, bank 27, 240-243 Sweden ^discount rates 101 Switzerland: Discount rates 101 Money rates 100 Tax: Franchise, paid to Government by Federal reserve banks 23, 170, 175 Imposed on discount received by foreign corporation, advisory council on 257 On banking house, Federal reserve banks 174 Telegraph, leased-wire system, cost of 315 Telephone and telegraph expense of Federal reserve banks 174 Textiles, index of production 130 Time and demand deposits of member banks: All banks 108, 210-215 Increase in, discussion of 7 Reporting banks in leading cities 229-231 Reporting banks in New York City 235 Reporting banks outside New York City 237 Tires, rubber, index of production 130 Tobacco manufactures, index of production 130 Trade acceptances: Classification according to underlying commodities 163 Discounted by Federal reserve banks 154, 156 Held by Federal reserve banks 69, 138, 154 Purchased by Federal reserve banks in open market 69 Trade, wholesale, index of 127, 132 Treasury bonds held by Federal reserve banks 71 Treasury certificates of indebtedness: Held by Federal reserve banks 62, 71, 73, 155 Temporary one-day certificates 73 Yield on 95, 97 Treasury notes: Circulation 82 Held by Federal reserve banks 62, 71, 155 Yield on 95,97 Trust companies. (Sec State banks.) Trust powers of national banks: Letter of Comptroller of Currency relating to 267 Permits issued 36, 351-372 Regulation F . 39, 286 United States Government, franchise tax paid to, by Federal reserve banks 23, 170, 175 United States Government securities: Average yield on 95, 97 Bills discounted, secured by, held by Federal reserve banks 62, 69, 138, 154 Certificates of indebtedness— Held by Federal reserve banks 71, 73, 155 Temporary one-day certificates 73 Yield on_I 95,97 Earnings on purchases by Federal reserve banks 21, 92 Held by Federal reserve banks 21, 53, 59, 61, 62, 71, 72, 155 At end of year 71 Discussion of 6 In special investment account 72 Held by member banks__ 106, 186-209 Liberty loan bonds purchased by Federal reserve banks 71 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

400 INDEX United States Government securities—Continued. Page Open-market purchases by Federal reserve banks 155 Rates of earnings on purchases by Federal reserve banks 21, 92 Treasury bonds held by Federal reserve banks 71 Treasury notes— Average yield on 95, 97 Held by Federal reserve banks 62, 71 Purchased by Federal reserve banks 155 Volume purchased by Federal reserve banks 152, 155 United States notes in circulation 82 United States Supreme Court, opinion of, on constitutionality of section 9 of Federal reserve act 44, 311 Warrants, municipal, held by Federal reserve banks 154 Wholesale prices, index of 127 Wholesale trade, index of 127, 132 Withdrawals from membership in Federal reserve system 25, 244-246 Young, R. A., appointed governor of Federal Reserve Board___ 50 Zinc, index of production 131 o Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis