Annual Report of the Federal Reserve Board, 1929

SIXTEENTH ANNUAL REPORT OF THE FEDERAL RESERVE BOARD COVERING OPERATIONS FOR THE YEAR 1929 UNITED STATES GOVERNMENT PRINTING OFFICE WASHINGTON : 1930 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE FEDERAL RESERVE BOARD DECEMBER 31, 1929 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. POLE, GEORGE R. JAMES. Comptroller of the Currency. EDWARD H. CUNNINGHAM. WALTER L. EDDY, Secretary. E. A. GOLDENWEISER, E. M. MCCLELLAND, Director, Division of Research and Assistant Secretary. Statistics. J. C. NOELL, Assistant Secretary. CARL E. PARRY, Assistant Director, Division of Re- Chief, Division of Examination, and search and Statistics. Chief Federal Reserve Examiner. WALTER WYATT, General Counsel. E. L. SMEAD, Chief, Division of Bank Operations. W. M. IMLAY, Fiscal Agent. II Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONTENTS TEXT OF REPORT Page First quarter I Retrospect, 1922-1928 4 Second quarter 7 Third quarter 7 Last quarter 8 Improvement in credit conditions 12 Federal reserve bank credit in 1929 13 Earnings, expenses, and volume of work of the Federal reserve banks 16 Building operations of Federal reserve banks 19 Branches and agencies of Federal reserve banks 20 Changes in membership in the Federal reserve system 20 Bank examinations 21 Bank suspensions 21 Branch banking 24 Chain and group banking 26 Bank mergers 29 Banks on the par list 31 Trust activities of national banks 32 Progress of the gold standard 32 Changes in the board's regulations „ 32 Amendments to the Federal reserve act 33 The Clayton Antitrust Act 33 Discretion of board in approving the organization of foreign banking corporations 34 Discretion of Federal reserve system regarding matters relating to credit policies 34 Legislation recommended 37 Meetings of the Federal Advisory Council 41 Conferences held by the Federal Reserve Board ~ 41 Board's organization, staff, and expenditures 41 TABLES FEDERAL RESERVE BANK CREDIT RESERVE BANK CREDIT AND FACTORS IN CHANGES: No. 1. Annual averages, 1918-1929 45 No. 2. Monthly averages, 1918-1929 45 No. 3. Weekly averages, 1922-1929 48 RESERVE BANK CREDIT: No. 4. Reserve bank credit outstanding, annual averages, 1915- 1929 56 No. 5. Reserve bank credit outstanding, by months, 1922-1929___ 56 No. 6. Deposits, reserves, note circulation, and reserve percentages of Federal reserve banks, by months, 1925-1929 58 ill Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

IV CONTENTS RESERVE BANK CREDIT—Continued. Page No. 7. Principal resources and liabilities of Federal reserve banks, by weeks 59 No. 8. Resources and liabilities of Federal reserve banks, in detail, December 31, 1929 60 No. 9. Resources and liabilities of Federal reserve banks at the end of each month 62 No. 10. Condition of each Federal reserve bank at end of 1928 and 1929 64 No. 11. Number of member banks discounting paper at Federal reserve banks, by months, 1914-1929 66 No. 12. Bills discounted by Federal reserve banks—Holdings at the end of each month, by classes 67 No. 13. Bills bought by Federal reserve banks—Holdings at the end of each month, by classes 67 No. 14. Holdings of bills discounted and bills bought by Federal reserve banks, by maturities 68 No. 15. Holdings of United States securities by Federal reserve banks at the end of each year, 1925-1929, by classes 69 No. 16. Holdings by Federal reserve banks of United States securities in special investment account, 1925-1929 70 No. 17. Holdings by Federal reserve banks of temporary one-day certificates of indebtedness issued by the United States Treasury, 1923-1929 71 VOLUME OF OPERATIONS OF FEDERAL RESERVE BANKS: No. 18. Volume of operations in principal departments, 1925-1929-_ 72 GOLD SETTLEMENT FUND: No. 19. Summary of transactions through the fund, 1924-1929 73 FEDERAL RESERVE AGENTS' FUND: No. 20. Summary of transactions through the fund, 1924-1929 73 MEMBERSHIP IN PAR COLLECTION SYSTEM: No. 21. Number of banks on par list and not on par list, 1922-1929. _ 74 FEDERAL RESERVE BANK PREMISES: No. 22. Cost of premises of Federal reserve banks and branches to December 31, 1929 75 EARNINGS AND EXPENSES OF FEDERAL RESERVE BANKS: No. 23. Gross and net earnings and disposition made of net earnings, 1914-1929 76 No. 24. Earnings, by sources, 1914-1929 76 FEDERAL RESERVE NOTES: No. 25. Federal reserve agents' accounts at the end of each month. _ 77 GOLD STOCK, GOLD MOVEMENTS, AND MONEY IN CIRCULATION GOLD: No. 26. Monetary gold stock of the United States, by months, 1914- 1929- 81 No. 27. Gold earmarked by Federal reserve banks for foreign account, 1916-1929 82 No. 28. Gold imports and exports, by countries, 1926-1929 82 No. 29. Gold imports and exports, by months, 1920-1929 83 MONEY IN CIRCULATION: No. 30. United States money in circulation, by months, 1914-1929.- 84 No. 31. Kinds of money in circulation, by months, 1927-1929 85 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONTENTS V DISCOUNT RATES AND MONEY RATES DISCOUNT RATES AND MONEY RATES: Page No. 32. Federal reserve bank discount rates on all classes and maturities of discounted bills—Changes from January 1, 1922, to December 31, 1929 89 No. 33. Federal reserve bank buying rates on acceptances—Changes from January 1, 1922, to December 31, 1929 91 No. 34. Average rates earned by Federal reserve banks on bills and securities, 1916-1929 92 No. 35. Open-market rates in New York City, by months, 1925-1929. 93 No. 36. Open-market rates in New York City, by weeks 94 No. 37. Money rates in New York City—Prevailing rates charged customers, by months, 1925-1929 95 FOREIGN RATES: No. 38. Discount rates at central banks in foreign countries—Changes from January 1, 1923, to December 31, 1929 96 No 39. Open-market rates in foreign countries, by months, 1925- 1929 97 MEMBER AND NONMEMBER BANK CREDIT ALL BANKS IN THE UNITED STATES: No. 40. Loans and investments of member and nonmember banks, 1914-1929 101 No. 41. Deposits of member and nonmember banks (exclusive of interbank deposits), 1914-1929 102 ALL MEMBER BANKS: No. 42. Resources and liabilities of national and State bank members. 103 No. 43. Resources and liabilities of reserve city and country banks-_ 104 No. 44. Classification of member bank loans and investments on call dates 105 No. 45. Principal resources and liabilities on call dates, 1914-1929. _ 106 No. 46. Deposits subject to reserve, reserves required, reserves held, and borrowings at Federal reserve banks, by months 108 No. 47. Reserve balances, by months, 1918-1929 109 No. 48. Borrowings at Federal reserve banks, by months, 1914-1929. 109 REPORTING MEMBER BANKS IN LEADING CITIES: No. 49. Loans, investments, deposits, reserves, and borrowings at Federal reserve banks, by months, 1919-1929 110 No. 50. Principal resources and liabilities, by weeks 112 No. 51. New York City banks—Principal resources and liabilities, by weeks 114 No. 52. Banks outside New York City—Principal resources and liabilities, by weeks. 116 No. 53. Bankers* balances, by weeks: Total, New York City, other leading cities 118 BROKERS' LOANS: No. 54. Loans to brokers and dealers, secured by stocks and bonds, made by reporting member banks in New York City, by weeks 119 No. 55. Brokers' borrowings, 1926-1929, as reported by New York Stock Exchange 120 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

VI CONTENTS BANKERS' ACCEPTANCES AND COMMERCIAL PAPER OUTSTANDING: Page. No. 56. Bankers' acceptances and commercial paper outstanding 121 No. 57. Bankers' acceptances outstanding, by classes 121 No. 58. Distribution of bankers' acceptances outstanding, by months_ 122 BANK DEBITS: No. 59. Debits to individual accounts by banks in 141 principal cities, by months, 1920-1929 122 BANK SUSPENSIONS: No. 60. Banks suspended and reopened, by years, 1921-1929 123 No. 61. Bank suspensions, by months, 1925-1929 124 No. 62. Bank suspensions: Number, classified according to capital stock, 1921-1929 125 No. 63. Bank suspensions: By size of town or city, 1921-1929 125 CHANGES IN MEMBERSHIP IN THE FEDERAL RESERVE SYSTEM: No. 64. Summary of changes, by years, 1925-1929 126 No. 65. Changes, by class of member, 1928 and 1929 126 EARNINGS, EXPENSES, AND DIVIDENDS OF MEMBER BANKS, 1923-1928: No. 66. Earning assets, capital funds, and profits 127 No. 67. Ratios of earnings, expenses, etc., to average earning assets. 127 No. 68. Earnings, expenses, and dividends 128 BANKING CONDITIONS IN FEDERAL RESERVE DISTRICTS AND STATES CONDITION OF EACH FEDERAL RESERVE BANK: No. 69. Bills discounted for member banks—Holdings, by months, 1925-1929 1 131 No. 70. Discounted bills—Holdings on December 31, 1929, by classes 132 No. 71. Discounted bills—Holdings on December 31, 1929, by maturities 132 No. 72. Principal resources and liabilities, by weeks 133 VOLUME OF OPERATIONS OF EACH FEDERAL RESERVE BANK: No. 73. In principal departments 145 No. 74. In branches 146 GOLD SETTLEMENT FUND: No. 75. Summary of transactions through the fund, by districts 147 FEDERAL RESERVE AGENTS' GOLD FUND: No. 76. Summary of transactions through the fund, by districts 147 MEMBERSHIP IN PAR COLLECTION SYSTEM: No. 77. Number of banks on par list and not on par list, by districts 148 No. 78. Number of banks on par list and not on par list, by States, December 31, 1928 and 1929 149 EARNINGS AND EXPENSES OF EACH FEDERAL RESERVE BANK: No. 79. Gross and net earnings and disposition made of net earnings, 1914-1929 150 No. 80. Earnings and expenses in detail 154 CONDITION OF ALL BANKS IN EACH DISTRICT, 1923-1929: No. 81. Total loans and investments 156 No. 82. Totalloans 157 No. 83. Investments 158 No. 84. Deposits (exclusive of interbank deposits) 159 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONTENTS VII CONDITION OF ALL BANKS, BY STATES, 1924-1929: Page No. 85. Total loans and investments 160 No. 86. Total loans 161 No. 87. Investments 162 CONDITION OF ALL MEMBER BANKS IN EACH DISTRICT: No. 88. Principal resources and liabilities, on call dates, 1921-1929-_ 163 No. 89. Net demand and time deposits, by months 175 No. 90. Reserve balances, by months, 1927-1929 176 No. 91. Borrowings at Federal reserve banks, by months, 1928 and 1929 177 No. 92. Number of member banks discounting paper at Federal reserve banks, 1923-1929 177 No. 93. Classification of loans and investments on call dates 178 CONDITION OF ALL MEMBER BANKS, BY STATES: No. 94. Total loans and investments, 1927-1929 180 No. 95. Total loans, 1927-1929 181 No. 96. Investments, 1927-1929 182 No. 97. Borrowings at Federal reserve banks, by months, 1929 183 No. 98. Number of member banks discounting paper at Federal reserve banks, 1923-1929 184 CONDITION OF REPORTING MEMBER BANKS IN EACH DISTRICT: No. 99. Loans, investments, and borrowings at Federal reserve banks, by months, 1928 and 1929 185 No. 100. Total loans and investments, by weeks 187 No. 101. Total loans, by weeks 188 No. 102. Loans on securities, by weeks 189 No. 103. All other loans, by weeks 190 No. 104. Investments, by weeks 191 No. 105. Net demand deposits, by weeks 192 No. 106. Time deposits, by weeks 193 No. 107. Reserve balances, by weeks 194 No. 108. Borrowings at Federal reserve banks, by weeks 195 BANKERS' BALANCES OF REPORTING MEMBER BANKS, BY DISTRICTS: No. 109. Amounts due to other banks, 1928 and 1929, by months (revised series) 196 No. 110. Amounts due from other banks, 1928 and 1929, by months (revised series) 196 BANK SUSPENSIONS: No. 111. Banks suspended and reopened, by districts 197 No. 112. Banks suspended and reopened, by States 198 CHANGES IN MEMBERSHIP: No. 113. Changes, by districts 199 EARNINGS, EXPENSES, AND DIVIDENDS OF MEMBER BANKS: No. 114. All member banks, by districts, 1925-1929 201 No. 115. National banks, by districts, 1925-1929 202 No. 116. State member banks, by districts, 1925-1929 203 INDUSTRIAL AND TRADE CONDITIONS INDEX NUMBERS OF PRODUCTION, EMPLOYMENT, TRADE, AND PRICES: No. 117. Production, employment, trade, and prices, 1919-1929 207 No. 118. Production of manufactures, by groups 210 No. 119. Production of minerals, by products 211 No. 120. Factory employment, by*groups 212 No. 121. Factory pay rolls, by groups 213 No. 122. Wholesale distribution, by individual lines of trade 214 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

vin CONTENTS APPENDIX Page Recommendations of the Federal Advisory Council 217 Amendment to Regulation J 220 Statute authorizing the issuance of Treasury bills and in effect amending the Federal reserve act 220 Amendment to Clayton Antitrust Act- 221 Court opinion as to discretion of Federal Reserve Board in approving the organization of foreign banking corporations 221 Court opinion as to discretion of Federal reserve system in matters relating to credit policies 224 Directory of the Federal Reserve Board 231 Salaries of officers and employees of the Federal Reserve Board 231 Receipts and disbursements of the Federal Reserve Board 234 Salaries of national-bank examiners 236 Directory of the Federal Advisory Council 238 Governors and directors of Federal reserve banks 238 Salaries of officers and employees of Federal reserve banks 246 State bank and trust company members of Federal reserve system: List of members, with location, loans, investments, etc 249 Summary classification according to capital stock 268 Fiduciary powers granted to national banks. 270 Banks authorized to accept bills up to 100 per cent of capital and surplus. _ 295 Description of Federal reserve districts 298 Description of Federal reserve branch territories 304 Map of Federal reserve districts 306 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LETTER OF TRANSMITTAL FEDERAL RESERVE BOARD, Washington, April 7, 1930. To the SPEAKER OF THE HOUSE OF REPRESENTATIVES: Pursuant to the requirements of section 10 of the Federal reserve act, I have the honor to submit the sixteenth annual report, prepared by direction of the Federal Reserve Board covering operations during the calendar year 1929. Yours respectfully, R. A. YOUNG, Governor. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD The year 1929 can be divided, from the point of view of credit developments, into two periods of unequal duration. The first 10 months of the year, taken as a whole, witnessed a further increase of demand for credit originating in the security market; a high level of money rates; an inflow of gold from abroad; and continuation of a firmmoney policy by the Federal reserve system. At the end of October the drop in security prices was accompanied by a subsidence in the demand for credit from the stock exchange; a drastic liquidation of security loans; outflow of gold; and an easing credit policy by the Federal reserve system. Industrial activity was in exceptionally large volume until the middle of the year, but began to recede in July and declined rapidly in November and December. Industrial profits were in record volume in the first three quarters of the year; factory payroll disbursements were in large amount, and the income of farmers was on about the same level as in other recent years. As a consequence, consumers' demand for commodities up to October was in larger volume than in 1928, but it receded in the last two months. During the earlier months of the year a considerable volume of gold imports resulted in a decrease of reserve-bank credit outstanding. Sales of securities by the Federal reserve banks, however, and a reduction in their portfolio of open-market bills, kept discounts for member banks at a high level until midsummer. In the latter part of the year large purchases of acceptances by the Federal reserve banks, followed in the last two months by purchases of Government securities, enabled member banks to reduce their borrowings, and by the end of the year discounts were in the smallest amount for nearly two years; this low level of indebtedness of member banks was an important factor in the easier condition of the money market. FIRST QUARTER The year 1929 opened with total reserve-bank credit outstanding in larger volume than in any year since the postwar crisis. Security loans of member banks and brokers' loans had attained new peaks, Collateral indications derived principally from the intense activity of the securities markets and the unprecedented rise of security prices gave unmistakable evidence of an absorption of the country's 1 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

2 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD credit in speculative security operations to an alarming extent. There was nothing in the position of commercial credit or of business to occasion concern. The dangerous element in the credit situation was the continued and rapid growth of the volume of speculative security credit. The measures taken by the Federal reserve banks in the year 1928 to firm-money conditions by sales of open-market investments and by successive increases of discount rates from 3% per cent at the opening of the year to 5 per cent by midyear had not proved adequate. The second half of the year 1928 witnessed an aggravation of the conditions that had called forth the firm-money policy of the Federal reserve banks in the first half of the year. The credit situation confronting the Federal reserve system at the opening of the year 1929, therefore, still stood in need of correction. The problem was to find suitable means by which the growing volume of security credit could be brought under orderly restraint without occasioning avoidable pressure on commercial credit and business. With the system portfolio of Government securities practically exhausted by the sales made in the first half of the year 1928, the main reliance in a further firming of money conditions must have been further marking up of Federal reserve discount rates, unless some other expedient could be brought to bear in the situation. The board was not disposed to regard favorably further increases of the discount rate as the appropriate method of dealing with the situation presented, and particularly as the Federal reserve system was related to it; the board, therefore, did not approve the discount rate advances voted by some of the Federal reserve banks. It set forth its views of how the Federal reserve banks would best proceed in the circumstances in a letter to them under date of February 2, which was later supplemented by a statement further elaborating its position, issued to the public February 7 and reading as follows: "The United States has during the last six years experienced a most remarkable run of economic activity and productivity. The production, distribution, and consumption of goods have been in unprecedented volume. The economic system of the country has functioned efficiently and smoothly. Among the factors which have contributed to this result, an important place must be assigned to the operation of our credit system and notably to the steadying influence and moderating policies of the Federal reserve system. "During the last year or more, however, the functioning of the Federal reserve system has encountered interference by reason of the excessive amount of the country's credit absorbed in speculative security loans. The credit situation since the opening of the new year indicates that some of the factors which occasioned untoward developments during the year 1928 are still at work. The volume of speculative credit is still growing. "Coming at a time when the country has lost some $500,000,000 of gold, the effect of the great and growing volume of speculative Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD 3 credit has already produced some strain which has reflected itself in advances of from 1 to 1% per cent in the cost of credit for commercial uses. The matter is one that concerns every section of the country and every business interest, as an aggravation of these conditions may be expected to have detrimental effects on business and may impair its future. "The Federal Reserve Board neither assumes the right nor has it any disposition to set itself up as an arbiter of security speculation or values. It is, however, its business to see to it that the Federal reserve banks function as effectively as conditions will permit. When it finds that conditions are arising which obstruct Federal reserve banks in the effective discharge of their function of so managing the credit facilities of the Federal reserve system as to accommodate commerce and business, it is its duty to inquire into them and to take such measures as may be deemed suitable and effective in the circumstances to correct them; which, in the immediate situation, means to restrain the use, either directly or indirectly, of Federal reserve credit facilities in aid of the growth of speculative credit. In this connection, the Federal Reserve Board, under date of February 2, addressed a letter to the Federal reserve banks, which contains a fuller statement of its position: " "The firming tendencies of the money market which have been in evidence since the beginning of the year—contrary to the usual trend at this season—make it incumbent upon the Federal reserve banks to give constant and close attention to the situation in order that no influence adverse to the trade and industry of the country shall be exercised by the trend of money conditions, beyond what may develop as inevitable. "'The extraordinary absorption of funds in speculative security loans which has characterized the credit movement during the past year or more, in the judgment of the Federal Reserve Board, deserves particular attention lest it become a decisive factor working toward a still further firming of money rates to the prejudice of the country's commercial interests. " 'The resources of the Federal reserve system are ample for meeting the growth, of the country's commercial needs for credit, provided they are competently administered and protected against seepage into uses not contemplated by the Federal reserve act. "'The Federal reserve act does not, in the opinion of the Federal Reserve Board, contemplate the use of the resources of the Federal reserve banks for the creation or extension of speculative credit. A member bank is not within its reasonable claims for rediscount facilities at its Federal reserve bank when it borrows either for the purpose of making speculative loans or for the purpose of maintaining speculative loans. "'The board has no disposition to assume authority to interfere with the loan practices of member banks so long as they do not involve the Federal reserve banks. It has, however, a grave responsibility whenever there is evidence that member banks are maintaining speculative security loans with the aid of Federal reserve credit. When such is the case the Federal reserve bank becomes either a contributing or a sustaining factor in the current volume of speculative security credit. This is not in harmony with the intent of the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

4 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD Federal reserve act nor is it conducive to the wholesome operation of the banking and credit system of the country.'" It is not for the Federal Reserve Board to estimate the general expediency or the larger public consequences of its intervention by "direct pressure" in the complex situation existing at the time the above statement was called forth. It may be remarked, however, that the course adopted by the board resulted in a substantial conservation of the credit resources of the banking system of the country, and particularly of the Federal reserve banks, for essential needs which arose later in the year. The protection of Federal reserve credit against diversion into channels of speculation constitutes the most difficult and urgent problem confronting the Federal reserve system in its effort to work out a technique of credit control that shall bring to the country such steadiness of credit conditions and such maintenance of economic stability as may be expected to result from competent administration of the resources of the system. Whatever method, or combination of methods, of securing these results may eventually win the sanction alike of successful practice and of public opinion, the recent outstanding experience of the Federal reserve system in demonstrating the practicability of "direct pressure" has clarified the problem and advanced its solution. Although the Federal reserve system did not resort to advances in discount rates, it continued throughout the first quarter, in addition to pursuing the policy of direct pressure, to exert its influence toward firmer money conditions. The reserve banks' buying rates for bills were advanced in the early months of the year from 4% to 5% per cent on short maturities, a rate higher than the 5 per cent rate on discounts, with the consequence that funds arising from a considerable inflow of gold from abroad in the early months of the year were utilized for the liquidation of the system's acceptance holdings, rather than of discounts for member banks. After the first three weeks in January, at the end of the seasonal return flow of currency, discounts began to rise rapidly, and this growth was further accelerated by sales of United States securities out of the system's portfolio. In the spring discount rates at the four western reserve banks, which had held their rates at 4% per cent, were raised to the 5 per cent level prevailing at the other reserve banks. RETROSPECT: 1922-1928 The growth in security loans, which since November, 1927, had caused the Federal reserve system to pursue a policy of increasing firmness, was the outcome of developments that began in the spring of 1922. At that time the liquidation of the postwar boom had run its course and member bank discounts were at a relatively low point. Gold Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD 0 was coming into this country in large volume and was no longer absorbed, as it had been in 1920 and 1921, in liquidating the indebtedness of member banks. This inflow of gold, continuing with only short interruptions to May, 1927, provided a basis for credit expansion by member banks without increasing their requirements for reserve-bank credit. Another important factor was the fact that on the liability side bank-credit expansion was represented in large part by a growth of time deposits, against which under the law only a 3 per cent reserve is required. The growth of member-bank credit, therefore, especially in 1925 and 1926, gave rise to less increase in member-bank reserve requirements than would otherwise have been the case. The entire period from 1922 to 1927 was consequently characterized by a relatively low level of money rates and an abundance of funds. In these circumstances, banks sought investment in securities and increased their loans on collateral, and more particularly their loans in the call-money market. A factor that contributed to the growth of security loans was a change in the methods of financing industry. Favorable conditions in the capital market caused many corporations to issue a large volume of securities, in many cases in excess of immediate financial requirements, and with part of the proceeds to pay off loans. Purchasers of the securities, in turn, in many cases borrowed a part of the purchase price and pledged the securities as collateral. As a result, bank loans directly to industrial and commercial enterprises were relatively diminished, while loans on securities increased. Such loans, which had constituted approximately 18 per cent of total loans and investments of member banks at the opening of 1922, represented 28 per cent of member-bank credit at the opening of 1929. Between 1922 and 1927 total loans and investments of all banks in the United States increased by nearly 40 per cent, or about $15,000,000,000, the larger part of the increase being in the form of loans on securities and of investments. The corresponding growth in deposits was reflected in an increase of about $500,000,000 in the reserve balances of member banks. This increase in the reserve requirements of member banks, together with a growth of $350,000,000 in the demand for money in circulation, was met out of the increase of $750,000,000 in the country's stock of monetary gold, together with a considerable increase in the volume of currency based on Treasury credit, chiefly in the form of silver certificates issued to take the place of retired Federal reserve bank notes. As a consequence of the growth in the gold stock and in Treasury credit, member banks were able to meet the demand for currency and for reserve balances without increasing their use of reserve-bank credit, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

6 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD which actually showed a decrease of about $50,000,000 during the 5-year period. A table bringing into comparison the volume of reserve-bank credit in use in 1922 and 1927, and showing the factors making for increases or for decreases in this volume over the period is presented below: RESERVE-BANK CREDIT AND FACTORS IN CHANGES: 1922-1927 [Annual averages of daily figures. In millions of dollars] 1922 1927 Change Reserve-bank credit 1,226 1,174 -52 Monetary gold stock .-_ -. 3,801 4,564 +763 Treasury currency adjusted _ _ 1,603 1,774 +171 Money in circulation 4,534 4,892 +358 Member bank reserve balances 1,781 2,290 +509 Nonmember balances at Federal reserve banks 30 31 +1 Unexpended capital funds of Federal reserve banks. 285 299 +14 This analysis indicates that gold imports were one of the principal factors in the credit situation between 1922 and 1927. The peak in the country's gold stock was reached in May, 1927, when a condition of ease in the money market in this country, encouraged by Federal reserve policy, resulted in an increase in the volume of flotation of foreign securities. Increased foreign borrowings in the United States and the much higher level of money rates abroad compared with the level in the United States caused a reversal of the gold movement, with the consequence that between the middle of May, 1927, and June, 1928, the country's gold stock was reduced by $600,000,000. The firming effect of these exports of gold on the domestic credit situation was at first offset by the Federal reserve system through the purchase of securities, but a continuous growth of loans on securities in the United States caused the system in the early part of November, 1927, to discontinue these purchases. During the remainder of 1927 the gold exports were allowed to have their usual firming effect on the credit situation. Beginning with January, 1928, the system adopted a positive firm-money policy expressed through the sale of Government securities and through advances in discount rates in the course of 1928 from 3K per cent to a level of 5 per cent at eight of the reserve banks, and to 4% per cent at the four western banks. Buying rates for bills also were advanced. This policy of firm money by the Federal reserve system resulted in a halt in the growth of bank credit beginning with the spring of 1928. The stock-market demand for credit, however, continued to grow, and the possession of considerable cash balances by corporations, derived from large issues of securities in a favorable market and from substantial earnings, made it possible for the market to Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD 7 obtain funds directly from these corporations. So-called brokers' loans could, therefore, increase very rapidly, as they in fact did, although there was no growth in bank credit. Loans to brokers by nonbanking lenders, although they do not directly involve member banks, have nevertheless an effect on the banking situation, both because the banks are aware of the necessity of taking over such loans in case an emergency develops and because their existence and employment results in a much more active use of bank deposits. Greater activity of bank deposits reflected also the cessation in the middle of 1928 in the growth of time deposits, which had been increasing rapidly up to that time and which have a much slower rate of turnover than demand deposits. SECOND QUARTER Credit policy of the Federal reserve system in 1929 was in continuation of its policy begun more than a year earlier. For eight weeks following the issuance of the board's statement on February 7, security loans fluctuated irregularly without definite trend, but in the first part of April they turned definitely downward and continued to decline until the end of May. During June, July, and August, however, speculation in securities once more became active, and the demand for security loans increased rapidly as stock prices advanced by about 25 per cent. At the end of the fiscal year there was also a large volume of rights issued to holders of securities entitling them to purchase additional shares of stock on favorable terms, and there was a consequent demand for credit to finance the purchases made in the exercise of these rights. During June this increased demand for security loans was supplied largely by banks, but in July, August, and September, the growth in stock-exchange loans was derived entirely from nonbanking lenders. THIRD QUARTER At midyear, with the crop-moving season approaching, the business and credit situation was clearly defined. Industrial production was proceeding at an extraordinarily rapid rate, factory employment and pay rolls were at a high level, earnings of corporations were in record volume, capital issues were numerous and large, and prices of securities were rising. Bank credit, after showing no growth for about a year, began to increase rapidly in June. Rates charged by banks on loans to commercial customers had constantly advanced in leading cities since the beginning of 1928 and were in July, 1929, on a 6 per cent level, more than 1 per cent higher than 18 months earlier and higher than at any other time since 1921. Loans to brokers and 90182—30 2 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

8 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD dealers in securities in the New York market were increasing rapidly. In these circumstances, the discount rate at the Federal Reserve Bank of New York was advanced from 5 to 6 per cent, a level consistent with the rates prevailing in the open market, and calculated to exercise a restraining influence at the center of speculative activity. Discount rates at the other reserve banks remained at 5 per cent. The advance in the New York discount rate, which became effective on August 9, was accompanied by a reduction in the reserve banks' buying rates for bills purchased in the open market. Acceptances outstanding generally increase in volume in the autumn months, when they are issued to finance the movement of crops to market in the United States and abroad. In 1929 the increase in acceptances began earlier in the year than usual. Notwithstanding the larger volume of acceptances issued, the demand for bills was strong, and there was a tendency for dealers' selling rates to become easier. In accordance with the reserve system's customary policy of facilitating the financing of crop movements, the reserve banks reduced their buying rates on open-market bills from a range in March of from 5% to 5% per cent, according to maturity, to one from 5% to 5}i per cent on July 12 and from 5% to 5K per cent on August 9. As a consequence of these changes in the rate structure, rates on bills, which from the early part of the year to August 9 had been above the discount rate, were after that date on a considerably lower level. Offerings of bills to the reserve banks consequently increased rapidly, and the system's holdings of acceptances, which at the beginning of August had been at the lowest level in five years, increased by $300,000,000 in the following three months. This growth was considerably in excess of the seasonal demand for reservebank credit, which arises chiefly from increased currency requirements of the harvesting period. Discounts for member banks, therefore, decreased rapidly and were in the third week of October $230,- 000,000 below their level at the beginning of August. This decline in discounts for member banks, particularly at the banks in New York City, was reflected in pronounced easing of rates in the callloan market. LAST QUARTER By the middle of October the situation had undergone a marked change from that prevailing in midsummer. Industrial production, which in June had reached the highest level on record, had shown some recession. Security prices were showing some decline from the record levels reached early in September. Bank credit was showing seasonal growth, while brokers' loans were increasing with unusual rapidity, the funds being supplied almost entirely by nonbanking lenders. These loans for nonbanking lenders had remained at a Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD \) fairly constant level in April, May, and June, but increased by about $1,000,000,000 in the following four months. It would appear that a large part of this increase was supplied by investment trusts and trading companies, which were being organized extensively at that time. The issues of investment securities by investment trusts and similar organizations were, in fact, the principal factor in the growth of security issues in the autumn of 1929 and were an important source of brokers' loans for account of nonbanking lenders. These companies, having obtained funds from the public through the sale of their own securities, used portions of these funds in the call-loan market. The continued growth of brokers' loans up to the beginning of October, when security prices were tending downward, reflected also the effect of sales by outright owners or holders on relatively large equities to purchasers on credit whose equities were considerably smaller. In September and October, therefore, recession in industry, reports of smaller corporate earnings, continued growth of brokers' loans, indicating a movement of securities from stronger to weaker hands, and many other factors were weakening the position of the security market. There was an important failure of a finance company in England, which resulted in a loss of confidence by British investors and some withdrawals of foreign funds from the New York market. On September 26 the Bank of England, which for several months had been losing reserves, raised its discount rate from 5}i to 6}£ per cent. This series of events culminated in the last week in October in a break of unprecedented severity in stock prices, w^hich by the middle of November were, on the average, 40 per cent below their maximum. Notwithstanding some recovery in the latter part of the year, the average of 404 common stocks stood at the end of December 35 per cent below the level of the middle of September. Changes in the banking situation in the last two months of the year were largely in the nature of readjustments accompanying and following the drop in security prices. At first the changes were reflected primarily in the position of member banks in New York City. The growth of speculative activity had given the large banks in New York City a good deal of concern for several years. They had liquidated a part of their investments and had avoided a growth in their own loans to brokers, the volume of such loans in the middle of October being at about the same level as the average for the preceding four years. When the abrupt liquidation began these banks were therefore in a position to take care of the situation. During the week ending October 30 they increased their own loans and investments by $1,400,000,000, largely because they took over loans of outside lenders, both out-of-town banks and others, who withdrew a large part of their loans from the market, leaving the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

10 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD New York banks under the necessity of taking over, at least temporarily, a large volume of these loans. This resulted in the most rapid growth of bank credit on record in this country and in a proportionate increase in member bank reserve requirements. The reserve funds necessary to meet these increased requirements were supplied by the New York reserve bank, which loaned freely to member banks and also purchased $150,000,000 of United States securities in the open market. As the liquidation of brokers' loans continued in November, it was reflected in a reduction of loans of this character by the New York banks for their own account. During the following eight weeks brokers' loans of New York banks declined by $1,200,- 000,000 and, just prior to the temporary end-of-year advance, these loans were at a level about $200,000,000 below that on October 23, the last report date before the stock-market break. Outside New York City the first few weeks after the break were also characterized by an increase in demand for bank credit, but later the outside banks also felt the relaxation of the credit demand from the security market. At the end of December loans and investments of all member banks showed an increase of $250,000,000, or seven-tenths of 1 per cent for the entire year 1929, compared with a rate of growth of 4 per cent in 1928, 8 per cent in 1927, and 6K per cent on the average for the years 1922 to 1927. During the last three months of the year the net liquidation of loans on securities, by banks and by other lenders, may be estimated in the aggregate at $3,900,000,000. Loans directly to brokers in New York declined by $4,500,000,000, but this amount was offset in part by an increase of $600,000,000 in security loans by banks to borrowers other than New York brokers. Even after allowance is made, therefore, for the fact that about one-eighth of the liquidation of brokers' loans represented a shift to other borrowers, the net decline in security loans for the period indicates liquidation on an unprecedented scale. This liquidation was accompanied by a reversal of the credit policy of the Federal reserve system. Over a period of about two years increase in the volume of credit utilized in the security market had been the principal consideration determining the firm money policy of the system; and the diminution in the demand for such credit was followed by a reversal of the system's policy. During the first week of liquidation, when the member banks were taking over in large volume loans previously carried by nonbanking lenders, the reserve banks bought $150,000,000 of United States Government securities, thereby reducing for member banks the necessity of borrowing at the reserve banks. The reserve banks continued this policy of openmarket purchases throughout November and the larger part of December, with the consequence that member banks were able to Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD 11 meet the seasonal demand for currency, as well as considerable withdrawals of gold for export, and at the same time to decrease their indebtedness to the reserve banks. During the last week of the year the average volume of reserve-bank credit outstanding was about $150,000,000 less than at the end of 1928, the decrease corresponding to the net increase for the year in the country's stock of monetary gold. Decrease in the total volume of reserve-bank credit was accompanied by material changes of composition. Holdings of Government securities had increased by $250,000,000 over the year, acceptances had decreased'by $125,000,000, and discounts by $300,000,000. This decrease in discounts for member banks, which on the last day of December were at $630,000,000, the lowest level since early in 1928, indicates the extent to which the general credit situation had been eased during the year. The discount rate at the New York bank was reduced from 6 to 5 per cent on November 1 and to 4% per cent on November 15. Reductions to 4% per cent followed in the rates at Boston, Chicago, San Francisco, Atlanta, Kansas City, and (in January, 1930) Philadelphia. Buying rates on bills also were correspondingly reduced. Reserve system policy, therefore, during the last two months of the year, in contrast to the two preceding years, was exerted in the direction of easier money conditions. This reversal of policy, made possible by diminution in the demand for credit in the security markets, appeared desirable also in view of the sharp reduction in business activity. Industry, which had been operating in record volume up to June, and notwithstanding some recession had remained at an exceptionally high level in the following four months, declined abruptly in November and still further in December. At the end of the year the volume of industrial production and of factory employment and pay rolls had been reduced to the lowest levels since November, 1927, when the recession of that year was at the lowest point. This change in the business situation was in part a reaction from the exceptionally large output in certain industries early in the year; it was also in part a consequence of the rapid rise and subsequent drop of security prices. The rapid rise in stock prices had in various ways stimulated business activity. Industrial enterprises had been encouraged by favorable conditions in the market to finance programs of expansion through the issue of common stocks; and financial houses, assured of a market for new issues, had been encouraged to launch new enterprises, as well as combinations and mergers of existing undertakings. A large amount of time and savings deposits was drawn out by the depositors and used for the purchase of securities, and funds that ordinarily would have been added to savings deposits were used for the same purpose, with the consequence that in 1929, in contrast with previous years, there was a decrease in the total volume of savings accounts. The large volume Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

12 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD of security issues had given rise to increased building operations for plant expansion and enlargement of existing facilities. During the period of rising stock prices, profits taken out of the market by successful traders in stocks had been an important factor in consumers' demand for many services and industrial products, particularly of the luxury type. To a certain extent these purchases of luxury goods were financed through the use of funds withdrawn from savings accounts by purchasers of securities. With the drop in stock prices, these influences were reversed. Investment houses found themselves with large blocks of unmarketed securities, and the public no longer offered a broad market for common stocks, with the consequence that the volume of new security issues diminished rapidly and was confined largely to high-grade bonds. Losses incurred in the break in stock prices reduced the demand of consumers for commodities, and especially for luxury goods, and this had an effect on industry, and especially on those lines of activity that had developed most rapidly in the spring and summer, such as the automobile and the iron and steel industries. IMPROVEMENT IN CREDIT CONDITIONS Liquidation of bank credit in the last two months of 1929 and the easing policy of the reserve system were reflected in a decline of money rates in the United States, and particularly of open-market rates on call and short-time money. The decline of money rates and the diminished attractiveness of the security market as a field of investment caused the withdrawal of foreign funds, which had flowed to the United States in large volume during the period of high money and rising stock prices. In the last two months of the year there was an outflow of funds from this country and a withdrawal of gold for export. The country's stock of monetary gold, which had increased by $250,000,000 during the first 10 months of 1929, declined by about $100,000,000 in November and December. Foreign central banks, which had been obliged to advance their discount rates during the period when they were losing gold, were enabled to reduce these rates when gold began to flow back from the United States. Open-market rates abroad also became easier. It was apparent at the close of 1929, therefore, that the liquidation of security loans, which took place in the last two months of the year and resulted in an improvement in the credit situation in the United States, had also exerted an important favorable influence on worldcredit conditions. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD 13 DETAILS OF OPERATION In the preceding pages there has been presented a brief discussion of business and banking developments in 1929 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 1929. FEDERAL RESERVE BANK CREDIT IN 1929 Fluctuations in reserve-bank credit during 1929, as in other recent years, reflected largely changes in the movement of gold into and out of the country, in the demand of the public for currency, and in the demand of member banks for reserve balances. During the last month of the year, when seasonal demands were at a peak, the total volume of reserve-bank credit outstanding at $1,643,000,000 was $181,000,000 below December, 1928, but somewhat larger than in December, 1927. The chart shows the course of reserve-bank credit for the last five years and the major factors which are responsible for changes in its volume. The line at the top of the chart, which shows total reserve-bank credit and monetary gold stock combined, fluctuated over much the same range during 1929 as in the three preceding years. This indicates that since 1926 fluctuations of reserve-bank credit outstanding, after adjustment for the effect of gold movements, have been largely seasonal in character, and that there has been little net change in the aggregate for the past four years. The most important factor of decrease in the demand for reservebank credit in 1929 was an inflow of gold from abroad during the first 10 months of the year equivalent in volume to the loss of gold during 1928. Part of this gold, however, was lost toward the close of the year when the liquidation of foreign holdings of American securities and the decline in money rates in the United States resulted in a considerable export movement of gold. Seasonal fluctuations in the public demand for currency continued during 1929 to constitute the most important single factor in monthto-month changes in the demand for reserve-bank credit. During the greater part of the year the demand for currency was smaller than in the corresponding months of 1928, and for the year as a whole the average volume of currency in circulation was the lowest since 1922. This gradual decline in currency demand as compared with preceding years began in 1927, and in every month from February of that year until June, 1929, the volume of money in circu- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

14 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD lation averaged lower than in the corresponding month of the preceding year. The table shows that this decline was small in the first quarter of 1927, rose to a maximum of $132,000,000 in the first quarter RESERVE BANK CREDIT OUTSTANDING AND PRINCIPAL FACTORS IN CHANGES M6IL2LIO0N0S OF DOLLARS MILLIONS OF DOLLARS 6000 1925 1926 1927 1928 1929 Based on weekly averages of daily figures of 1928, and decreased during the remainder of that year. In 1929 the volume of money in circulation in the first quarter averaged $21,000,000 less than in the corresponding period of 1928, and in the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD 15 second quarter, $46,000,000 less. In the third quarter of 1929, however, when the Treasury introduced new small-size notes into circulation, the demand for currency was increased temporarily to a level above the preceding year. The effect of this special demand for currency disappeared by the end of the third quarter, and in the fourth quarter the total volume of money in circulation again aver- VOLUME OF MONEY IN CIRCULATION, BY QUARTERS, 1926-1929 [Based on monthly averages of daily figures. In millions of dollars] Amount Change from corresponding period of preceding year Quarter 1926 1927 1928 1929 1927 1928 1929 January-March 4,870 4,867 4,735 4,714 -3 -132 -21 April-June 4,878 4.857 4,729 4,683 -21 -128 -46 July-September _ 4,932 4, 872 4,764 4,784 -60 -108 +20 October-December 5,046 4,973 4,901 4,866 -73 -72 -35 aged below the level of the preceding year. During the latter part of October and the first part of November the demand for currency appears to have been increased temporarily by the extraordinary turnover of bank funds which accompanied the break in the security market. During December the sharp recession in industrial pay rolls and employment resulted in a reduction of currency demand compared with the same period in 1928. The month of December as a whole, consequently, showed the largest drop from the preceding year of any month in 1929. Changes in reserve-bank credit during the year also reflected changes in the demand of member banks for reserve balances. During the first half of the year member-bank reserve balances decreased somewhat; in the third quarter they showed a moderate increase reflecting a seasonal growth of bank credit, especially at the larger city member banks; and during the fourth quarter the demand for reserve balances was augmented sharply by developments in the call-loan market. Toward the end of October, nonbanking lenders withdrew funds in large volume from the call-loan market, and the larger New York City member banks, with whom these funds were deposited, took over the call loans from which they had been transferred. Subsequently these loans and deposits were liquidated, but in the interval reserve-bank credit was increased sharply by the larger demands of member banks for reserve balances against their increased deposit liabilities. During the month of December the total volume of reserve-bank credit outstanding was $181,000,000 less than in December, 1928, the decrease being wholly accounted for by a net increase in monetary gold stock of $183,000,000 during the year. The following table Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

16 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD presents a complete analysis of all of the factors in changes in reservebank credit and indicates that the factors other than gold and currency approximately offset each other for the year. The demand for reserve-bank credit was decreased by the falling off in the demand for currency to the extent of $65,000,000, by an increase in Treasury currency of $7,000,000, and a decrease in nonmember balances of $2,000,000, but the effect of these factors was offset by an increase in member-bank reserve balances amounting to $28,000,000, and an increase in the unexpended capital funds of the reserve banks to the extent of $48,000,000. This large increase in unexpended capital funds in 1929 followed upon a similar large increase in 1928, the increase in both years reflecting large increases in the capital of the reserve banks in consequence of growth in member-bank capital funds, and in addition relatively large earnings of the reserve banks available for increase of surplus. FACTORS OF INCREASE AND DECREASE IN RESERVE-BANK CREDIT, DECEMBER, 1928, COMPARED WITH DECEMBER, 1929 [Monthly averages of daily figures. In millions of dollars] Factors increasing demand for reserve-bank credit: Increase in member-bank reserve balances 28 Increase in unexpended capital funds of the Federal reserve banks 48 Total 76 Factors decreasing demand for reserve-bank credit outstanding: Increase in monetary gold stock : 183 Decrease in money in circulation 65 Increase in Treasury currency (adjusted) - 7 Decrease in nonmember balances, etc 2 Total 257 Net decrease in reserve-bank credit outstanding 181 EARNINGS, EXPENSES, AND VOLUME OF WORK OF THE FEDERAL RESERVE BANKS Gross earnings of the Federal reserve banks in 1929, amounting to $70,955,000, were the largest of any year since 1921. As compared with 1928, earnings increased $7,000,000, a falling off of $54,000,000 in average holdings of bills and securities being more than offset by a rise in the rate of earnings thereon from 4.24 per cent in 1928 to 4.86 per cent in 1929. The increase in the average rate of return on total bills and securities was due both to a higher rate of return on each class of earning assets and to the fact that holdings of United States Government securities, having a yield lower than the discount rate, constituted a somewhat lower proportion of total assets than Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE FEDERAL RESERVE BOARP 17 in 1928. Holdings of discounted bills averaged $950,580,000 daily during 1929 as compared with $839,942,000 in 1928, and the average return on discounted bills was 5.03 per cent as compared with 4.56 per cent in 1928. The increase in the amount of member-bank borrowings from Federal reserve banks together with the higher rate of return resulted in an increase in earnings on discounted bills from $38,334,000 in 1928 to $47,791,000 in 1929. Average daily holdings of bills bought in open market, $241,399,000, were $86,407,000 below those of 1928, and average daily holdings of United States Government securities, $207,659,000, were $89,840,000 below those of 1928. Average daily holdings of bills and securities, earnings thereon, and annual rates of return for each of the past five years are given in the following table: 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- i m b n o B a o u i r l p g k l e s h e n t t m G c S u e o t r n v a it t e t i e r s e s n e s - - s A b e i l c l l l u s o r i a t t h n ie e d s r Daily average holdings: 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, 258 417,480 1,513 1928 _ 1,467, 371 839,942 327,806 297,499 2,124 1929 . 1,413, 058 950,580 241,399 207, 659 13,420 Average rate of earnings (per cent): 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 1928 . 4.24 4.56 3.97 3.64 4.34 1929 4.86 5.03 5.00 3.93 4.58 Earnings: 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 1928 - - . 62, 275 38, 334 13,021 10, 828 92 1929 _ _ _ 68, 634 47, 791 12,064 8,165 614 Total operating expenses of the Federal reserve banks, exclusive of the cost of Federal reserve currency, aggregated $26,592,000 in 1929 as compared with $26,099,000 in the year 1928. The cost of printing Federal reserve notes, including the cost of shipping charges to the Federal reserve banks and the cost of redeeming mutilated Federal reserve notes, was $3,099,000 in 1929, compared with $806,000 in 1928. Owing to reduced printings in 1928 in anticipation of the issuance of the new smaller size currency and the need in 1929 to provide ample reserve stocks of the new currency in addition to replacing the old size notes, the number of notes printed increased from $54,900,000 in 1928 to $367,000,000 in 1929. While the average number of employees decreased from 10,095 in 1928 to 9,995 in 1929, there was again a substantial growth in the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

18 ANNUAL EEPOET OF THE FEDERAL RESERVE BOARD volume of work handled in the principal departments of the banks, as will be noted from the following table showing the work handled in the principal departments during 1929 and the three preceding years: VOLUME OF OPERATIONS IN PRINCIPAL DEPARTMENTS 1926 1927J 1928 1929 NUMBER OF PIECES HANDLED Bills discounted: Applications 123,000 97, 000 123, 000 145,000 Notes discounted 506,000 371, 000 443,000 526, 000 Bills purchased in open market for own account 232, 000 254, 000 251,000 196,000 Currency received and counted 2,099, 605,000 2,194, 608, 000 2, 270, 555,000 2,427,330, 000 Coin received and counted 2, 590,057, 000 2, 691,184,000 2,929,091,000 3, 239,709,000 Checks handled... 822,907,000 862, 275,000 887,997,000 924,449,000 Collection items handled: United States Government coupons paid 39, 678,000 37, 045,000 28, 765,000 20,935, 000 Allother 5, 595,000 5, 909, 000 6,461,000 6, 504,000 United States securities—issues, redemptions, and exchanges by fiscal agency department 4, 691,000 7, 201,000 6, 682, 000 1, 833,000 Transfers of funds 1, 710,000 1,830, 000 2,011,000 2,139, 000 AMOUNTS HANDLED Bills discounted $37, 682,137,000 $31, 934, 607,000 $62, 412, 961,000 $60, 747,124, 000 Bills purchased in open market for own account _. 3, 353, 326,000 4, 050, 867, 000 4, 240, 669,000 3, 587,478, 0C0 Currency received and counted 12, 584,960, 000 12,939, 578,000 13, 315, 551,000 14, 782,429, 000 Coin received and counted.. 609, 359, 000 791,049,000 888, 621,000 1, 062, 477,000 Checks handled 272,945,160,000 278, 399, 627,000 301, 703, 814,000 367, 215,123,000 Collection items handled: United States Government coupons paid 644, 273, 000 553, 703,000 543, 373,000 535, 612, 0C0 All others 6, 219, 361,000 6, 710, 317,000 7,414,440,000 7,185, 384, 000 United States securities—issues, redemptions, and exchanges by fiscal agency department _. 4, 971,442, 000 10,803, 043,000 9,002, 383,000 7,018,844,000 'i ransfers of funds 120, 909,439, 000 136, 383, 899, 000148, 749, 027,000 170, 789, 669, 000 In consequence of the increase in gross earnings, current net earnings for 1929, which amounted to $41,264,000, exceeded those of 1928 by $4,116,000. With the approval of the Federal Reserve Board the banks charged their current net earnings with $1,952,000 for depreciation on bank premises, with $538,000 for furniture and equipment purchased during the year, with $633,000, net, for reserves for probable losses on paper of failed banks, and with $1,788,000 for reserves for self-insurance. After making these charges and other deductions, including a net loss of $75,000 on the sale of United States securities, there was a balance of $36,402,741 available for dividends, surplus, and franchise taxes. The 6 per cent dividend to member banks on their paid-in capital stock of the Federal reserve banks amounted to $9,583,913, and of the remainder $22,535,597 was transferred to surplus accounts in accordance with section 7 of the Federal reserve act, and $4,283,231 was paid to the Government as a franchise tax. Section 7 provides that all net earnings of the Federal reserve banks, after payment of the 6 per cent dividend, shall Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL EEPOET OF THE FEDERAL RESERVE BOARD 19 be transferred to their surplus accounts until such accounts amount to LOO per cent of their subscribed capital and that thereafter 10 per cent of the net earnings shall be paid into surplus accounts and 90 per cent to the Government as a franchise tax. At the end of 1929 the Federal Reserve Banks of Richmond, Atlanta, Chicago, St. Louis, Minneapolis, Kansas City, and Dallas all had surplus accounts in excess of subscribed capital and, therefore, each paid a franchise tax to the United States Government. As the surplus accounts of the five other Federal reserve banks were less than their subscribed capital, all of their net earnings remaining after the payment of dividends were transferred to surplus account. Notwithstanding the resulting increase in the surplus accounts of these five banks, the excess of their subscribed capital over surplus at the end of 1929, except in the case of Cleveland and San Francisco, was substantially greater than at the end of 1928, the member banks in these districts having subscribed to additional stock in their Federal reserve banks following increases during the year in their own capital accounts. The total subscribed capital of the Federal reserve banks on January 1, 1930, amounted to $341,951,000 and the surplus accounts to $276,936,000. Gross and net earnings during the year and the distribution of net earnings of each Federal reserve bank are shown in the following table: FINANCIAL RESULTS OF OPERATIONS OP THE FEDERAL RESERVE BANKS DURING 1929 Federal reserve bank ea G rn ro in ss g s Ne i t n e g a s rn- Div p i a d i e d nds T to ra n su sf r e p r l r u e s d Franchise Boston $5,160,831 $2, 766,134 $634,112 $2,132,022 New York 19, 314, 279 12, 263, 224 3, 544, 314 8, 718, 910 Philadelphia^. 6, 076, 048 3, 801,988 938, 312 2,863, 676 Cleveland 6,986, 580 3, 705, 442 910, 007 2, 795,435 Richmond 3, 299, 609 1, 342, 225 368, 601 97, 362 $876, 262 Atlanta _ 4,116, 049 1, 428, 518 321, 696 303, 032 803, 790 Chicago 9, 889,451 5, 424, 665 1,170, 363 3, 651,464 602, 838 St. Louis 3, 247, 936 885, 884 319, 231 56, 665 509, 988 Minneapolis. _ 1, 926,031 794, 762 184,030 61, 073 549, 659 Kansas City- 2, 976, 576 1,013, 586 256, 549 74, 704 681,333 Dallas 2, 496, 030 770, 391 266, 613 244,417 259, 361 San Francisco 5,466, 076 2, 205, 922 670,085 1, 535, 837 Total._. 70, 955, 496 36,402, 741 9, 583, 913 22, 535, 597 4, 283, 231 BUILDING OPERATIONS OF FEDERAL RESERVE BANKS The building for the use of the Memphis branch, construction of which was begun in 1928, was completed in 1929, and was occupied on June 3. Construction of a building for the use of the Los Angeles branch, plans for which were in preparation at the end of 1928, was begun early in 1929, and was nearing completion at the end of the year. In May, 1929, the old building in Baltimore, formerly used by the Baltimore branch as a banking house, was sold by the Federal Reserve Bank of Richmond. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

20 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD BRANCHES AND AGENCIES OF FEDERAL RESERVE BANKS The 25 branches and 2 agencies of the Federal reserve banks which were in operation at the end of 1928 continued to function throughout 1929. The volume of work handled by the branches and agencies in their principal operating departments has continued to increase, as may be seen by the following comparisons for 1926, 1927, 1928, and 1929: VOLUME OF OPERATIONS OF FEDERAL RESERVE BANK BRANCHES AND AGENCIES 1926 1927 1928 1929 Checks handled: Number of items 2400,, 88818, ,0 00 00 255,3 ,3 3,2020,0000 268, 814,000 277,778,000 Amount 716081000 724395000 $68, 273, 066, 000$72, 034,805,000 Currency received and counted: $64,716,081,000 $64,724,395,000 Number of pieces 492, 936, 000 j 497, 795,000 535,352,000 594,449, 000 Amount $2,893, 286, 000 j $2,801,165,000 $2, 939, 837,000 $3, 259,688, 000 Coin received and counted: Number of pieces 416,936,000 1 441, 072,000 453, 200. 000 466,152,000 Amount $66,361,000 | $63, 450,000 $67, 949; 000 $76,627,000 Current expenses during 1929 of the branches and agencies in operation during the year were $5,996,000, as compared with $5,770,000 in 1928. CHANGES IN MEMBERSHIP During 1929 the number of member banks declined from 8,837 to 8,522, or by 315. Membership at the end of 1929 included 1,119 State banks, which was 89 less than a year earlier, and 7,403 national banks, which represented a decrease of 226 for the year. As in other recent years, the decline in the number of member banks resulted largely from mergers between member banks, suspensions, and absorptions by nonmember banks. Additions to membership during the year include 71 newly organized national banks, 24 nonmember State banks which converted into national banks, and 27 State banks admitted to membership with State charters. There were also 5 member banks which, having previously suspended operations, reopened during the year. The total of 127 banks added to membership during the year does not, however, include 77 nonmember banks that were absorbed by member banks, although the assets of member banks were, of course, increased thereby. Mergers between member banks account for a decrease of 171 in the number of such banks in 1929, as compared with 108 in 1928, but these mergers resulted in no corresponding decrease in the assets of member banks. Suspensions account for a loss of 82 in the number of member banks, as compared with 72 in 1928. A total of 144 member banks were lost to membership through conversion into or absorption by nonmember banks; there were 42 voluntary with- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD 21 drawals of State banks from membership, 1 compulsory withdrawal, and 3 instances in which the existence of member banks was terminated through voluntary liquidation. In the following table changes in membership for the year 1929 are summarized, by class of member bank. CHANGES IN THE NUMBER OP NATIONAL AND STATE BANK MEMBERS DURING 1929 Number of member banks Procedure effecting change Total National State Active member banks, Dec. 31, 1928 __ 8,837 7, 629 1,208 Additions to membership: Organization of national banks 71 71 Conversion of nonmember bank to national- 24 24 Admission of State bank 27 27 Resumption following susDension _ ._._ 5 3 2 Conversion within the system _ __ 1 6 16 Total additions - 127 104 35 Losses to membership: Merger between member banks— Intraclass - - - - 132 109 23 Inter class 39 25 14 Voluntary liquidation (terminal) _______ 3 3 Suspension and insolvencv 82 65 17 Absorption of member banks by nonmember banks. _. 95 79 16 ConverGion of member bank to nonraember bank 49 43 6 Withdrawal of State bank 42 M2 Conversion within the system _ __ 16 16 Total losses _ - __ 442 330 124 Net decrease 315 226 89 Active member banks Dec 31 1929 8,522 7,403 1,119 1 Conversions between the 2 classes of member banks, without effect on total membership in system. 2 Including 1 compulsory withdrawal, BANK EXAMINATIONS The board, through its division of examinations, conducted at least one examination of each Federal reserve bank during the year; one of the reserve banks was examined twice. The one corporation operating under the provisions of section 25a of the Federal reserve act, generally referred to as the Edge Act, providing for banking corporations authorized to do foreign banking business, was also examined during the year. Three other banking corporations operating under an agreement with the board, as provided for in section 25, two of which are domiciled in Boston and one in New York City, were also examined. BANK SUSPENSIONS A total of 642 member and nonmember banks, with aggregate deposits of $235,000,000, suspended operations during 1929. The number of bank suspensions was 151 more than in 1928, while deposits of the banks that suspended in 1929 exceeded by $100,000,000 the aggregate deposits of banks that suspended the year before, and Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

22 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD were larger than in any other year except 1926, when both the number and deposits of suspended banks were the largest on record. During the year 58 banks with deposits of $26,000,000, which had previously suspended operations, reopened for business. Member banks, which constitute about one-third of the total number of banks in the country, account for 81 of the suspensions, or about one-eighth of the total number of banks suspended during the year. Deposits of all member banks are approximately three-fifths of the aggregate deposits of all banks in the country, while the deposits of the member banks that suspended in 1929 were about one-fourth of the aggregate deposits of all suspended banks. During the 9-year period 1921-1929 a total of 5,642 banks were reported as having suspended operations either temporarily or permanently on account of financial difficulties, and of this number 659 have since been reopened. Deposits of the banks suspended during the 9-year period were about $1,720,000,000 and of the reopened banks $240,000,000. Member banks suspended during the nine years numbered 994 and nonmember banks 4,648, while deposits of suspended member banks aggregated approximately $490,000,000 and of suspended nonmember banks $1,230,000,000. The number and deposits of suspended banks are shown in the following table for the past nine years, by class of banks: BANK SUSPENSIONS, 1921-1929 Number of suspensions Deposits (in millions of dollars) Year Total ! M b e a m nk b s er N be o r n b m a e n m ks - Total M b e a m nk b s er b N e o r n b m a e n m ks - 1921 i 501 ; 70 1431 i 196 43 i 154 1922- 354 ' 57 297 111 24 86 1923 i 648 124 i 524 189 51 138 1924 1776 159 1617 213 74 139 1925 612 146 466 173 67 106 1926 956 160 796 272 69 204 1927 662 124 538 194 66 128 1928 491 j 73 418 139 42 96 1929 642 81 561 234 57 177 Total 5,642 | 994 4,648 1,722 493 1,228 1 Revised figures The largest number of bank suspensions in 1929, as well as the largest increases compared with the previous year, are shown for the Atlanta and Kansas City Federal reserve districts. For the 9-year period the largest number of suspensions were reported by the Minneapolis and Kansas City districts, in which 2,500 banks suspended. The number of suspensions in each district during 1929 and during the 9-year period 1921-1929 are shown in the accompanying table: Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD 23 NUMBER OF BANK SUSPENSIONS, BY FEDERAL RESERVE DISTRICTS, DURING 1929 AND 1921-1929 Total Member banks Nonmember banks Federalreserve district 1929 1921-1929 1929 1921-1929 1929 1921-1929 All districts 642 5,642 81 994 561 4,648 Boston 15 3 12 New York _ 6 30 5 6 25 Philadelphia 3 19 1 4 2 15 Cleveland 14 101 2 ' 27 12 74 Richmond 59 437 8 52 51 385 Atlanta 119 611 23 85 96 526 Chicago 93 827 18 181 75 646 St. Louis 44 449 4 35 40 414 Minneapolis 84 1,481 12 273 72 1,208 Kansas City 193 1,019 6 124 187 895 Dallas 11 411 3 110 8 301 San Francisco __ 16 242 4 95 12 147 The States for which the principal increases were reported in the number of bank suspensions for 1929 as compared with the preceding year are Nebraska, Florida, Oklahoma, and Illinois, the aggregate increase for these four States being 154 banks. Minnesota, Texas, and Kansas show substantial decreases in the number of suspended banks. In Nebraska, where 149 banks suspended in 1929, the increase is due principally to the fact that the guaranty fund commission ceased to operate in May, at which time it turned over to the State banking department, for liquidation through receivership, those banks which the commission had itself been operating in accordance with the guaranty fund law. In Florida, the suspensions were due largely to the inability of the banks, to realize on slow assets acquired in prior years, apparently aggravated by heavy withdrawals brought about by the disturbance in the fruit industry resulting from the destruction wrought by the Mediterranean fruit fly. In Oklahoma the suspension of a chain of 12 banks accounts for the increase in the number of suspended banks. The following table shows the number and deposits of the banks that suspended operations in these and other selected States, both for 1929 and the 9-year period 1921-1929: BANK SUSPENSIONS IN SELECTED STATES DURING 1929 AND 1921-1929 Number of suspensions Deposits (in millions of State dollars) 1929 1921-1929 1929 1921-1929 Iowa __ __ 34 528 9 170 North Dakota 36 429 4 70 Minnesota -- - _ _ 31 411 9 117 South Dakota 13 394 2 112 Nebraska 149 339 30 77 Georgia 32 319 2 61 Texas - 10 299 2 80 Missouri 23 296 3 62 Oklahoma 20 266 4 73 South Carolina ______ _. 18 227 5 60 Kansas 12 223 2 53 Montana 1 203 54 Florida _ _ 63 190 54 155 Illinois 30 138 17 57 North Carolina __ 18 125 6 29 Indiana 24 115 8 37 Arkansas . 11 95 2 28 Colorado 5 89 1 30 All other States 112 956 75 397 Total 642 5,642 235 1,722 Digitized for FRASE9R01 82 30 3 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

24 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD Bank suspensions in 1929, as in earlier years, were most numerous among small banks located in relatively small centers. The following table gives a classification of banks suspended during the 9-year period 1921-1929, according to size of center in which located: BANK SUSPENSIONS, 1921-1929, CLASSIFIED ACCORDING TO SIZE OF BANK AND SIZE OF CENTERS IN WHICH LOCATED Number Per cent Number Per cent Banks with capital of— pe s n u d s- e d ! o p f e n a s ll i o s n u s s- Banks lo p c o a p te u d l a i t n io c n e n of t — ers with pe s n u d s e - d o p f e n al s l i o su n s s - Less than $25,000.__ 2, 204 39.1 Less than 500 2,278 40.4 $25,000 1,310 23.2 500 to 1,000 -_ 1,133 20.1 $25,001 to $50,000 485 8.6 1,000 to 1,500 567 10.1 $50,000 to $100,000 985 17.4 1,500 to 2,500 537 9.5 $100,000 to $200,000 404 I 7.2 2,500 to 5,000 413 7.3 $200,000 to $600,000, inclusive. 1 144 ! 2. 6 5,000 to 10,000 239 4.2 Figures not available 110 1.9 10,000 and over 475 8.4 Total 5,642 100.0 5,642 100.0 i Includes 1 bank with capital of $750,000, 7 banks with capital of $1,000,000, 1 with capital of $1,225,000, and 1 with capital with $1,309,000. BRANCH BANKING Considerable extensions of branch-banking systems were effected during 1929 in individual instances through reorganizations, merger procedures, and purchases and conversions into branches of independent banks. The more important changes of this character, however, were restricted to a few States and urban communities, within what has come to be known as the branch-banking area, composed of States which permit State banking institutions to establish branches either freely or under specific statutory limitations with respect to number and location of branches and capital requirements of parent banks. Developments during the year were generally in line with changes in other recent years. In each of the periods of approximately equal duration of 2 years and 8 months preceding and of 2 years and 10 months following the passage of the McFadden Act modifying Federal statutory provisions regulatory of branch banking under national charters and within the Federal reserve system, the number of banks in the country decreased from year to year (by 2,023 in the earlier and by 2,343 in the latter of the two periods), the number of banks operating branches increased slightly (by 65 and 43 in the two periods, respectively), and the number of branches increased gradually (by 607 and 647). As a result of these changes the proportion of branch offices in the total banking offices serving the public increased from 7 per cent in June, 1924, to 10 per cent in February, 1927, and to 13 per cent in December, 1929. In California, however, the number of branch offices was nearly double the number of independent banks, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD 25 and in several other States the proportion of branches exceeded one-third. In the period following the passage of the McFadden Act to the end of 1929, 163 of the banks which were operating branches on February 25, 1927, discontinued branch banking, including cases of merger and suspension of parent bank and of discontinuance of all branches; 206 of the banks operating branches at the end of December, 1929, had initiated branch banking since February 25, 1927, giving the net increase of 43 for the period in number of banks operating branches. The increase of 647 shown for the period in the number of branches in operation covered 871 branch offices newly established during the period de novo as branches or by conversion of independent banks into branches following purchase or merger, and 224 cases of discontinuance of branches. About 1,000 of the 3,547 branches in operation on December 31, 1929, had been involved in merger procedures since the passage of the McFadden Act, many of these branches having been operated under several different head offices in succession. These changes involved numerous reclassifications of individual branches as operated by national, State member, or nonmember banks, as located in or outside the home city of the parent bank, and as embraced in small or large systems. The area within which banks were operating branches on December 31 was composed of 29 States and the District of Columbia. In 8 of these States any further extension of branch banking has been prohibited by State law. State-wide branch banking is permitted in 9 States, and in 12 States the establishment of branches is restricted to the home city of the parent bank or territory nearly contiguous thereto, and in the District of Columbia to the district. One-fourth of all branch offices in operation on December 31 were located in California, and over two-thirds of such offices were in the five States—California, New York, Michigan, Ohio, and Pennsylvania. Nearly one-half of the total increase in number of branches since February, 1927, has been reported for two of these States— New York and California. Two-thirds of all branches in operation on December 31 were home-city branches, and the increase in number of branches of member and nonmember banks in recent years had been largely in offices of this character. Moreover, recent developments of branch banking had been largely those reported for a relatively small number of urban communities, nearly one-sixth of all branches in the country—580 out of 3,547 offices—being, for example, located in New York City, and more than 300 of the 439 branches reported for the State of Michigan in the city of Detroit. Consolidations resulting in the building up of branch systems had been consummated very generally in several States. In California, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

26 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD for example, one State system operating 160 branches in December represented largely purchase of independent banks for conversion into branches and mergers of smaller branch systems, including one which in February, 1927, was operating 34 branches. Another California system of 139 branches in December represented a merger with a national bank of two State systems which in February, 1927, were operating 98 and 49 branches, respectively. One Detroit system of 94 branches in December represented the merger of two systems which were operating 46 and 45 branches in February, 1927, and several New York City systems had been built up largely by merger of smaller systems. A large proportion (nearly two-fifths) of all branch offices in the country on December 31 were embraced in 18 systems of more than 30 branches with head offices in six cities—2 in San Francisco, 4 in Los Angeles, 7 in New York, 1 in Buffalo, 3 in Detroit, and 1 in Cleveland. It was, however, true in December, as on earlier dates for which data have been compiled, that a large majority of the banks operating branches were operating only 1 or 2 branches each—in December 448 of the 822 banks operating branches were operating only 1 branch each, 150 were operating 2, and 124 were operating 3 to 5 branches. More than one-half of the 1,115 branches located outside the home city of the parent bank were located in places of less than 2,500 population. In New York, Michigan, and several other States in which the development of branch banking has been considerable, however, banks are not permitted to establish branches outside the city of the parent bank. CHAIN AND GROUP BANKING Reports to the board by Federal reserve agents covering chain and group banking developments listed 287 banking chains or groups of three or more banks each as being in operation at the end of December. These chains and groups comprised a total of 2,103 banks (802 national and 1,301 State institutions), some of which were operating extensive branch systems. Loans and investments of these chains and groups totaled at the end of the year approximately $11,200,000,000, or nearly one-fifth of total loans and investments of all banks in the country. The number of national and State banks in chains and groups as reported for June and December is given in the accompanying table. Banks classified in this table as not in chains or groups include some banks closely affiliated with other banks, since, as noted above, only banks in groups of three or more institutions are classified as operating in such systems. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD 27 BANKS IN CHAINS OR GROUPS Number of banks Loans and investments i Class of bank June, Decem- Increase June, Decem- Increase 1929, ber, 1929, or de- 1929, ber, 1929, or de- 275 chains287 chainscrease (—)275 chains287 chainscrease (—) All banks: Total ___ _. 25,110 24, 630 -480 58, 474 58, 417 -57 In chains or groups 1,821 2,103 282 8,300 11,177 2,877 Not in chains or groups 23,289 22, 527 -762 50,171 47,240 -2, 934 Member banks: Total . . - 8,707 8,522 -185 35, 711 35, 934 223 In chains or groups 756 938 182 6,668 9,305 2,637 Not in chains or groups _. 7,951 7,584 -367 29,043 26, 629 -2, 414 National— Total 7,530 7,403 -127 21, 457 21, 584 127 In chains or groups 645 802 157 4,159 5,908 1,749 Not in chains or groups 6,885 6,601 -284 17, 298 15,676 -1, 622 State- Total 1,177 1,119 -58 14, 254 14, 350 96 In chains or groups 111 136 25 2,509 3,397 888 Not in chains or groups 1,066 983 -83 11, 745 10, 953 -792 Nonmember banks: Total 16, 403 16,108 -295 22, 763 22, 483 -280 In chains or groups 1,065 1,165 100 1,632 1,872 240 Not in chains or groups 15, 338 14, 943 -395 21,131 20, 611 -520 i Figures for chain and group banks are'based largely on condition figures published in July, 1929. Comparison of figures for June with those for December indicates a considerable extension of chain and group banking during the second half of 1929, although no material increase is shown for these six months in the number of chains and groups in operation. The number of banks operating in chains or groups increased by 282, while the number of banks not in chains or groups decreased by 762; and loans and investments reported for chain and group system banks were larger by some $2,900,000,000 at the end than at the beginning of the period, and for other banks smaller by some $2,900,000,000. This extension of chain and group banking, it appears on detailed analysis of the figures, was largely confined to certain States, and represented in large measure the rapid expansion of a few groups. Two Minneapolis systems increased, one from 20 banks in June to 92 banks in December, and one from 12 to 78 banks. One Detroit group not in existence in June comprised 35 banks in December. Banks operating in chains and groups increased in Minnesota from 261 in June to 308 in December; in Michigan from 86 to 135; in North Dakota from 100 to 114. In each of these three States more than one-half of total loans and investments of all banks in the State were reported for banks operating in chain and group systems. More than one-third of the loans and investments of California's 437 banks were reported by the 49 banks operating in chains and groups, and nearly one-third of the loans and investments of Illinois' 1,765 banks were reported by 84 members of chain and group systems. The proportion in chain and group systems was high also in Washington, South Dakota, Idaho, Florida, and Georgia. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

28 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD One group system in December comprised 92 banks, this being the maximum number of banks comprised in any single system. Of these 92 banks 46 were located in Minnesota, the remaining 46 institutions being located in 7 other Western and Central States. In many other instances, also, these systems extended beyond State boundaries. A classification of chains and groups by number of banks comprised in each chain or group follows: Number of o,. . , chains Size of chain or group: or groups 3 banks 64 4 banks 56 5 banks 39 6 to 9 banks 86 10 to 19 banks 32 20 to 25 banks 5 35 banks 1 66 banks 1 71 banks 1 78 banks 1 92 banks 1 Total _ 287 While chain and group systems were found operating in a large majority of the States, developments of this character were relatively more considerable in certain States which have prohibited or imposed restrictions upon the establishment of branch offices. Chain, group, and branch banking may, however, interlock and supplement each other in States which permit branch banking, as in California, where State-wide branch banking is permitted. Other branch-banking States, in which chain and group banking developments have, been considerable, include Michigan, New York, New Jersey, and Massachusetts. In these States branch banking is restricted to the home city of the parent bank, and systems of local branches have been supplemented by chain or group banking developments. One Michigan group comprised in December 35 banks with 74 home-city branches and another group in this State comprised 21 banks with 213 branches. A majority of the banks operating in chains or groups were, however, located in States which do not permit branch banking. Of the larger chain or group systems in operation on December 31, however, a very considerable number comprised one or more banks operating branches, and while in a majority of instances the banking offices of these systems, including head offices of banks with their branches, were located in the same State as the offices of the controlling agencies, in some instances banks and branches of a single system were located in several States. One Minneapolis system controlled banks located in eight States and in four Federal reserve districts, and one group system with head office in New York City, with aggregate loans and investments in excess of $1,400,000,000, comprised two Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL KEPORT OF THE FEDERAL RESERVE BOARD 29 extensive branch systems in California, one of 287 and one of 160 branch offices, and one branch system of 34 branches located in New York City. The system having the second largest aggregate of loans and investments comprised 5 banks with 179 branch offices located in three States—New York, California, and Pennsylvania.1 On the basis of reports to the board three types of banking chains or groups may be distinguished: (1) Those in which control is exercised by a holding corporation, generally formed by interests connected with one or more of the principal banks belonging to the chain; (2) those in which control is held or exercised by the principal bank of the group, through ownership of stock either by such bank or by its stockholders or directors; and (3) those in which control is exercised by an individual, family, or group of individuals through ownership of a substantial or controlling interest in a number of banks. Of the 287 chains or groups in operation in December, 53 were classified as being of the first type, 44 of the second, and 190 of the third. Chains and groups of the third type, which generally comprise small banks, are more numerous, but the recent expansion has been almost entirely in the building up of groups of the first or holding-company type, which appears to be the type that most easily lends itself to expansion. BANK MERGERS Merger procedures during 1929 involved in individual instances large aggregates of banking resources, and effected in many communities far reaching realignments of banking control. The number of mergers involving member banks of the Federal reserve system, and resulting net changes in the classification of these banks during the past five years are shown in the accompanying table. During these years progressive integration of banking control has in its larger aspects clearly reflected—although it has followed rather than preceded—a similar integration of control which has been in process throughout industry generally. Consolidation has gone less far in the field of banking than in many lines of manufacturing, marketing, and public utility operation, and much less far in the United States than in other countries. Banking in the United States is conducted under the diverse statutory banking codes of 48 States and the Federal Government. These codes and administrative policies formulated under them in the States have been generally restrictive of concentration of banking control. While, however, protection of the small, independent unit bank has been a traditional policy in a majority of the States, it is true, nevertheless, that policies 1 For each of the 287 chain or group systems the number, location, and loans and investments of national, State member, and nonmember banks comprised in these systems on December 31, 1929, are printed on pages 163-184 in Part 2 of Volume I oi the hearings on branch, chain, and group banking before the House Committee on Banking and Currency. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

30 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD MERGERS AFFECTING MEMBER BANKS: 1925-1929 Number of mergers Type of merger 1925 1926 1927 1928 1929 Total- 120 164 259 204 343 Merger of national bank: Total 128 164 139 213 With national bank 68 96 70 109 With State member bank. 20 19 19 25 With nonmember bank 40 49 50 79 Merger of State member bank: Total 31 37 28 53 With national bank 17 11 14 With State member bank... 14 8 28 With nonmember bank 6 9 16 Merger of nonmember bank: Total 58 37 77 With national bank 35 15 55 With State member bank. 23 22 22 Merger of member with member 107 146 108 171 Merger of member with nonmember.. 44 55 59 95 Merger of nonmember with member.. 13 58 37 77 Merger of national with State.. 60 68 69 104 Merger of State with national.. 9 52 26 favorable to the merging of small banks under certain conditions have been consistently followed by some State banking authorities. Partly as a result of such procedures the number of independent banking units has been steadily decreasing in recent years. A reduction of some 5,500 x in the number of banks in the United States has occurred during the past eight years (from 30,812 2 in 1921 to 25,330 2 in June of 1929), during which period banking resources have increased approximately from $50,000,000,000 to $72,000,000,000, or by $22,000,000,000. In this period the average size of the bank (as measured by total resources) has increased, in round numbers, from $1,600,000 to $2,850,000. This decrease in number of banking institutions in a period characterized by rapid accumulation of banking resources has reflected a merging of these resources and a corresponding centralization of corporate banking control. As further evidence of extensive merging of banking resources in large aggregates, it may be noted that in June, 1929, approximately one-half of the banking resources of the country were reported by 1 per cent of the 25,330 banking institutions in the country. 1 Partly offset by the establishment of branches, as is noted elsewhere in this report. 2 Includes private banks not under State supervision, and all banks in Alaska, Hawaii, and island pos sessions; figures taken from annual reports of Comptroller of the Currency. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL EEPORT OF THE FEDERAL RESERVE BOARD 31 In the months immediately following the passage of the McFadden Act early in 1927 the drift away from the national system through mergers of National with State institutions which had been in evidence for several years was temporarily stopped, but during the past year in a large majority of instances of important mergers involving National and State institutions national charters were surrendered, with resultant withdrawal of resources in large volume from the national system. In almost all of these important instances, however, the merger has involved a State bank or trust company already a member of the Federal reserve system and the consolidated institution has continued to be a member of the Federal reserve system. BANKS ON PAR LIST At the end of 1929 there were 24,321 incorporated banks other than mutual savings banks in the United States. Of this number, 20,567, or 84.6 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 on the par list declined by 598, owing in part to suspensions and consolidations. Of the 3,754 banks not on the par list at the end of 1929, 2,101 were located in the Southern and 1,557 in the 'North Central States. As will be seen from the following table, all of the banks in the Boston, New York, and Philadelphia districts and all but nine in the Cleveland district were on the Federal reserve par list: NUMBER OF BANKS ON PAR LIST AND NOT ON PAR LIST AT END OF 1929 AND 1928 Nonmember banks Member banks Federal reserve district On par list Not on par listJ 1929 1928 1929 1928 1929 1928 United States 8,522 8,837 12, 045 12, 643 3,754 3,911 Boston . . .. 404 408 271 251 New York 931 938 404 410 Philadelphia 764 778 476 493 Cleveland ._ 795 816 991 1,007 9 9 Richmond 514 547 577 627 546 572 Atlanta _ 428 453 254 315 926 959 Chicago 1,186 1,252 3,485 3,570 229 213 St. Louis 571 587 1, 670 1,757 477 490 Minneapolis 683 719 582 672 1,101 1,123 Kansas City 893 932 2,096 2,234 197 282 Dallas _. _ 746 780 605 626 207 208 San Francisco 607 627 634 681 62 55 1 Incorporated banks other than mutual savings banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

32 ANNUAL REPORT OF THE^FEDERAL RESERVE BOARD TRUST ACTIVITIES OF NATIONAL BANKS The Federal Keserve Board in 1929 approved 165 original and 25 supplementary applications by national banks for permission to exercise fiduciary powers under the provisions of section 11 (k) of the Federal reserve act. Since the first fiduciary permit was granted by the board to a national bank on February 25, 1915, continuous growth has been shown each year until, at the close of 1929, 2,461 had authority to administer trusts, representing 33 per cent of the number and 75 per cent of the capital of all banks in the national banking system. A list of national banks holding permits to exercise trust powers on December 31, 1929, will be found on pages 270-294. PROGRESS OF THE GOLD STANDARD Several countries returned to the gold standard or made arrangements to return during the year 1929. On February 7 Kumania adopted a new par for the leu (10 milligrams of gold nine-tenths fine equivalent to $0.00598) and obligated the National Bank to redeem its notes in gold coin, gold bullion, or gold exchange at this rate. On November 27 Czechoslovakia fixed the par of the Czechoslovak crown at 44.58 milligrams of fine gold ($0.02963) and obligated the National Bank to redeem its notes at this rate in gold coin or gold bullion, or in gold exchange at the rate of the day quoted on the Prague Bourse. Although the obligation in this form is not to come into force until some date to be determined by the Government in agreement with the National Bank, a general obligation has been laid upon the bank to maintain the exchange value of its notes at the legal rate. Inasmuch as the National Bank has been under legal obligation since April 1, 1926, to maintain the relation of the crown to undepreciated foreign gold currencies at the level of the preceding two years, the law adopted in 1929 merely renders more precise a previously established obligation. In November the Japanese Minister of Finance announced that the embargo on the export of gold, which had been in effect since September, 1917, would be removed on January 11, 1930. Since the Bank of Japan has been under technical obligation throughout the period of the embargo to redeem its notes in gold coin, the country is now once more upon the full gold standard. CHANGES IN THE BOARD'S REGULATIONS The board made only one change during the year in its regulations applicable to member banks. This was an amendment to that part of the board's Regulation J which prescribes the terms upon which checks will be handled by Federal reserve banks for collection. It had been provided that where checks are sent by Federal reserve Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD 33 banks direct to banks on which they are drawn, such banks would 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 the Federal reserve bank to charge their reserve accounts or clearing accounts, with a proviso, however, that any Federal reserve bank might 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 deemed it necessary. By an amendment effective February 1, 1929, the proviso stated was stricken out, the remainder of the paragraph, however, being unchanged. AMENDMENTS TO THE FEDERAL RESERVE ACT In the year 1929 no statute was enacted which by its terms specifically amends any particular section of the Federal reserve act. The act of Congress of June 17, 1929, however, in effect amends several provisions of the Federal reserve act. This act of Congress authorizes the Secretary of the Treasury to issue a new form of Treasury obligation to be known as "Treasury bills/7 and provides that wherever the words "bonds and notes of the United States" or similar phrases are used in the Federal reserve act they shall include such Treasury bills and also certificates of indebtedness. The effect of this qualification of the Federal reserve act is to authorize Federal reserve banks to rediscount notes secured by Treasury bills or certificates of indebtedness; to make short-term advances to member batiks on their promissory notes so secured; and to purchase in the open market Treasury bills and certificates of indebtedness. Prior to the enactment of this statute certificates of indebtedness of the United States were considered eligible for the purposes stated and in this respect the new law is merely a specific statutory confirmation of the existing practice. THE CLAYTON ANTITRUST ACT Section 8 of the Clayton Antitrust Act, which prescribes certain prohibitions with reference to interlocking bank directorates, was amended by the act of Congress approved March 2, 1929, so as to except from the provisions thereof joint-stock land banks and other banking institutions which do no commercial banking business. The Federal Keserve Board received and considered 406 applications for permits authorizing interlocking bank directorates during the year 1929. Eighteen alleged violations of section 8 of the Clayton Act were reported to the board by the Comptroller of the Currency. The board investigated these and, where violations of the law were found to exist, required the persons involved to comply therewith. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

34 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD DISCRETION OF BOARD IN APPROVING THE ORGANIZATION OF FOREIGN BANKING CORPORATIONS The board's last annual report contained a statement with reference to a case pending in the courts involving the authority of the Federal Reserve Board to exercise its discretion in the matter of approving the organization of corporations, pursuant to the provisions of section 25 (a) of the Federal reserve act, to engage in international or foreign banking, or international or foreign financial operations. The facts of this case, United States ex rel. Apfel et al. v. Mellon et al., may be briefly reviewed here. Certain individuals had filed with the Federal Reserve Board the articles of association and organization certificate of a proposed foreign banking corporation to be organized under section 25 (a) of the Federal reserve act and had requested the board to approve these organization papers and to issue to the organizers a preliminary certificate to commence business. After investigation, the board reached the conclusion that the experience and business qualifications of the organizers of the proposed corporation were not such as to hold promise of the successful conduct of such a corporation and that it would not be in the public interest to approve the organization papers and to issue a preliminary permit for the proposed corporation to commence business. Upon the refusal of the board to approve the organization papers and to issue the preliminary permit, the organizers filed a petition for a writ of mandamus in the Supreme Court of the District of Columbia to compel the board to take the action requested. The board filed an answer and the petitioners then demurred to the answer of the board. The demurrer was overruled by the lower court, as set forth in the last annual report. Upon appeal of this case, the Court of Appeals of the District of Columbia rendered a decision on June 3, 1929, affirming the decision of the lower court and thus upholding the authority of the Federal Reserve Board in the premises. The opinion of the Court of Appeals will be found on pages 221-224. Following this decision of the Court of Appeals, a petition for a writ of certiorari was filed in the Supreme Court of the United States by the complainants in the case, but the Supreme Court on October 21 denied this petition. This refusal of the Supreme Court of the United States to review the decision of the Court of Appeals concludes the case and leaves as the final expression of the courts on the subject the decision of the Court of Appeals of the District of Columbia upholding the board's authority. DISCRETION OF FEDERAL RESERVE SYSTEM REGARDING MATTERS RELATING TO CREDIT POLICIES In the board's annual report for 1928 there was set forth a description of a suit which had been brought against the Federal Reserve Digitized for FBRaAnSkE Ro f New York testing its authority and the authority of the http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD 35 Federal reserve system generally to exercise discretion in raising or lowering the discount rate and in performing other functions relating to the credit policies of the Federal reserve system. This suit was brought in the United States District Court for the Southern District of New York by one Frank G. Raichle in his capacity as a private citizen. The only party defendant named in the suit was the Federal Reserve Bank of New York. The bill of complaint alleged, however, that the Federal Reserve Bank of New York and the Federal reserve system generally had spread propaganda concerning an alleged money shortage and increase in the volume of collateral loans, set about to restrict the supply of credit available for investment purposes by engaging in open-market transactions through the sale of its securities, raised the rediscount rate for its member banks in order to reduce the volume of security loans, and coerced member banks to call collateral loans by declining to rediscount eligible commercial paper for such member banks. It was further alleged that all of these actions had injured complainant by causing the market price of stocks and bonds owned by him to decline, and also that all such courses of action were beyond the corporate and legal powers of the Federal reserve bank and resulted in depriving the complainant of his property without due process of law. The court was asked to grant an injunction restraining the defendant from spreading propaganda concerning an alleged money shortage and an alleged credit stricture in the United States, from doing any act or thing calculated to curtail the credit resources of the United States, from engaging in unwarranted and excessive openmarket operations and removing a large amount of cash and its incidental credit from the use of the investing public, from controlling or interfering with the member banks in the free and unrestricted use of their own independent resources in all legitimate banking activities, including the making of collateral loans, and from further arbitrarily and unreasonably raising the rediscount rate. The court was also asked to grant a mandatory injunction directing the Federal reserve bank to fix a reasonable rediscount rate and a prohibitory injunction restraining the defendant from taking any action for the purpose of forcing the liquidation of brokers' loans. On motion of defendant and after argument of counsel, the United States district court dismissed the bill of complaint on the ground that it stated no cause of action against the Federal reserve bank. During the year 1929 the case was appealed by the complainant to the United States Circuit Court of Appeals for the Second Circuit which, after discussing the merits of the case at some length, ruled that the Federal Reserve Board was a necessary party to the suit, modified the decree so as to dismiss the bill because of failure to join the members of the Federal Reserve Board as indispensable parties, Digitized fora FnRdA SaEffRir med the decree as so modified. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

36 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD The three principal questions considered by the circuit court of appeals were the following: (1) Are the alleged acts, irrespective of the alleged purpose to reduce the volume of brokers' loans, within the power of the Federal reserve bank? (2) If the acts are generally speaking lawful, are they rendered unlawful because the purpose was to reduce the volume of brokers' loans? (3) Is the Federal Reserve Board a necessary party to the action? The court held, in substance, that— (1) Irrespective of a purpose to reduce the volume of brokers' loans, (a) it was lawful to engage in open-market transactions by the sale of securities, since purchases and sales in the open market are specifically authorized by the Federal reserve act; (6) it was for the Federal reserve bank, subject to the supervision of the Federal Reserve Board, to determine what would be a reasonable rediscount rate; (c) it was lawful for the Federal reserve bank to decline to rediscount eligible paper, since the power to rediscount eligible paper is, under the terms of the Federal reserve act, wholly permissive; and (d) the charge of spreading propaganda is without legal significance; but, in view of the provisions of the Federal reserve act for detailed reports on the condition of the Federal reserve banks and for communications between the Federal Reserve Board and the Federal Advisory Council regarding the general affairs of the Federal reserve system, " it is most unlikely that statements as to the condition of affairs can not be made public by the board, the council, and the banks. The provisions for reports, representations, and recommendations seem to imply public information and, when the situation warrants it, public warning." (2) The Federal reserve bank, under the supervision of the Federal Reserve Board, must determine whether there is danger of financial stringency and whether the credit available for " commerce and business" is sufficient or insufficient; and, if it proceeds in good faith through open-market operations and control of discount rates to bring about a reduction of brokers7 loans, it commits no legal wrong. (3) The Federal Reserve Board is an indispensable party to the suit, because it is given power to exercise general supervision over the Federal reserve banks and is specifically empowered to regulate open-market transactions, to review and determine rates of discount, and to make reports as to conditions in the Federal reserve system. "In such circumstances, the bank is, as to the matters complained of here, a governmental agency under the direction of the Federal Reserve Board." The opinion of the circuit court of appeals, the full text of which be found on pages 224 to 229, is of unusual importance, because Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD 37 it contains the first recorded judicial interpretation of those provisions of the Federal reserve act dealing with the discretion of the Federal reserve banks and the Federal Reserve Board with respect to the fixing of the rediscount rate, the rediscounting of paper for member banks, the power to engage in open-market operations, and other powers with respect to general credit policies. It also contains an interesting review of the fundamental purposes of the Federal reserve act and the reasons for the creation of the Federal reserve system. LEGISLATION RECOMMENDED The board desires to renew the recommendations made in its annual reports for the years 1927 and 1928 that the following amendments concerning detailed matters which have arisen in the administration of the Federal reserve system be enacted: (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. (2) 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. (3) An amendment making it discretionary with the Federal Reserve Board to assess the costs of examining member banks against the banks examined. (4) An amendment exempting Federal reserve banks from attachment or garnishment proceedings before final judgment in any case or proceeding. (5) An amendment to the Judicial Code restoring to the United States district courts jurisdiction of suits by and against Federal reserve banks. (6) An amendment to section 9 of the Federal reserve act authorizing the Federal Reserve Board, in its discretion and upon such conditions as it may prescribe, in individual cases to waive the six months' notice now required by law before a State member bank may voluntarily withdraw from the Federal reserve system. (7) Another change which the Federal Reserve Board has recommended in its last two annual reports is an amendment to section 13 of the Federal reserve act increasing from 15 to 90 days the maximum maturity of advances made by Federal reserve banks to member banks on their promissory notes secured by paper eligible for rediscount by Federal reserve banks but not increasing the maximum maturity of advances on such promissory notes secured by bonds or notes of the United States. The board wishes again to call attention to the desirability of this amendment, and in this connection also wishes to recommend that debentures of Federal intermediate Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

38 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD credit banks be made eligible as security for advances by Federal reserve banks to member banks on promissory notes for a period not exceeding 15 days. Such debentures, subject to certain limitations, are now eligible for purchase by Federal reserve banks and are secured by paper which frequently is eligible for rediscount by Federal reserve banks, and there would seem to be no reason why these obligations when meeting the requirements for purchase, should not also be eligible as security for short-term advances to member banks. (8) The board has also recommended in its last two annual reports the enactment of 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 a class C director of a Federal reserve bank. The board desires again to recommend the enactment of an amendment to this section of the Federal reserve act to permit an officer, director, or employee of a mutual savings bank to serve as a class B director of a Federal reserve bank, but, upon further consideration of this matter, is of the opinion that an amendment permitting an officer, director, or employee of a mutual savings bank to serve as a class C director of a Federal reserve bank is not desirable. In addition to the above amendments heretofore proposed in its annual reports, the board recommends the enactment of the following amendments to the Federal reserve act: (9) An amendment to section 9 of the Federal reserve act authorizing the Federal Reserve Board, after hearing, to require a State member bank to surrender its stock in the Federal reserve bank and to forfeit its membership where it appears to the board that such bank has failed to comply with the provisions of the banking laws of the State in which it is located. Under the present law the Federal Reserve Board is authorized to forfeit the membership of a State member bank only where it has failed to comply with the provisions of section 9 of the Federal reserve act or the regulations of the Federal Reserve Board made pursuant thereto. It sometimes happens that a State member bank is acting in violation of some provision of State law and yet is complying with all the provisions of section 9 of the Federal reserve act and of the board's regulations. In such cases, notwithstanding the fact that the bank is guilty of unsound and improper practices at variance with the State law, the board is without authority to require the bank to give up its membership. The board is of the opinion that legislation authorizing the forfeiture of membership in such cases would be effectual in minimizing the resort by State member banks to bad banking practices illegal under State law but not prohibited by the Federal law or regulations. (10) An amendment to section 13 of the Federal reserve act so as to make the limitation on the rediscount of paper of one borrower conform more closely to the limitations prescribed by section 5200 of Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD 39 the Revised Statutes upon loans to one person by a national bank. Under the numerous exceptions to the limitation of section 5200, national banks are now permitted to make loans to a single borrower in liberal amounts exceeding 10 per cent of their capital and surplus on certain classes of paper; but under section 13 of the Federal reserve act a Federal reserve bank may not rediscount for any one bank the paper of a single borrower in amounts exceeding 10 per cent of such bank's capital and surplus, with the one exception that this restriction does not apply to the discount of bills of exchange drawn in good faith against actually existing values. The fact that Federal reserve banks must decline to rediscount as much paper of a single borrower as national banks may acquire under the provisions of section 5200 is a cause of much confusion and dissatisfaction upon the part of national banks offering paper for rediscount. Officers of member banks are inclined to regard the refusal of Federal reserve banks in such cases as technical and unnecessary. The Federal Reserve Board deems it proper and desirable that the limitations on the rediscount by Federal reserve banks of the paper of one borrower should be made to conform as closely as may be to the provisions of the statute limiting loans by national banks to a single borrower. (11) An amendment to section 4 of the Federal reserve act to clarify the meaning of the phrase "electors voting" in that part of the statute providing the method of counting ballots in elections of class A and class B directors of Federal reserve banks. The existing law provides that the voting member banks shall indicate their first, second, and other choices and if no candidate have a majority of first-choice votes, the second-choice votes shall be added to the first-choice votes and then if any candidate have a majority of the "electors voting," he shall be declared elected; if not, first, second, and other choice votes shall be added and the candidate then having the highest number of votes shall be declared elected. In a recent election of a director at one of the Federal reserve banks, no candidate had a majority of first-choice votes, and it was accordingly necessary to add together the first-choice and second-choice votes; when this was done several candidates had a majority of "electors voting" and the question became material whether the candidate having the highest number of first and second choice votes combined should be declared elected or whether in such cases the first, second, and other choice votes should be added together and the candidate then having the highest number of combined votes declared elected. The proper answer to this question under the terms of the present law is open to serious question; and, in order to remove any doubt as to which candidate has been lawfully elected in such cases, it is desirable that the law be amended so as to provide that, when first and second choice votes have been added together, the candidate then having a "ma- Digitized for FRASE9R01 82—30 4 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

40 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD jority of the electors voting and the highest number of combined votes" shall be declared elected. (12) An amendment to section 22 of the Federal reserve act making it a Federal offense punishable through the Federal courts to burglarize or rob any Federal reserve bank or any member bank of the Federal reserve system. Certain crimes, such as embezzlements, making false entries, and other similar offenses are by the present law made offenses punishable through the Federal courts; but there is no provision of Federal law making such crimes as burglaries or robberies committed against Federal reserve banks or their member banks Federal offenses, and neither the Department of Justice nor the Federal courts have jurisdiction over such crimes. Acts of violence of this kind, however, may be equally as injurious to the member banks and to the Federal reserve system as embezzlements and other fraudulent acts committed by officers or employees of the banks which are now made Federal offenses, and the board recommends that such crimes be prohibited by the Federal statute and made punishable through the Federal courts. Bank robberies and burglaries have become a serious problem, and to enable Federal officers to pursue the offenders from one State to another and bring them to trial without the necessity of extradition proceedings would greatly facilitate their apprehension and conviction. In this connection attention is called to the fact that the United States Supreme Court has held substantially that it is within the power of Congress to enact such legislation as Congress deems appropriate and necessary for the protection of national banks and State banks which are members of the Federal reserve system. (Westfall v. United States, 274 U. S. 256.) (13) An amendment to section 22 (a) of the Federal reserve act making it clear that the prohibition against examiners7 accepting loans or gratuities from member banks applies to State bank examiners. A decision of a United States district court on this question has held that the law is not applicable to State bank examiners. It is believed that Congress intended the prohibition upon the acceptance of loans or gratuities by bank examiners to apply to State bank examiners as weU as to national bank examiners and that the ambiguity now existing in the statute should be eliminated, in order to carry out the intention of Congress. The board feels, however, that the broad provision of the present law prohibiting a member bank from making loans or granting gratuities to any bank examiner should be restricted so as to apply only to the making of loans or the granting of gratuities to examiners who may examine such bank. (14) An amendment to section 11 (k) of the Federal reserve act to permit a national bank which has been granted a permit by the Federal Reserve Board to act in trust capacities to surrender such permit voluntarily with the consent and approval of the Federal Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD 41 Reserve Board. The law requires that national banks deposit with the State authorities securities for the protection of private or court trusts whenever the State laws make such a requirement of corporations acting in fiduciary capacities. A national bank which has made such a deposit and which thereafter ceases to exercise trust powers naturally desires to regain the securities so deposited with the State authorities, but in some instances the State authorities have been unwilling to surrender the securities because although the national bank has ceased to exercise trust functions it still has a permit from the Federal Reserve Board authorizing it to do so. It is a very doubtful question of law whether the Federal Reserve Board is authorized to cancel or consent to the surrender of the rights acquired under such a trust permit even when voluntarily requested to do so by a national bank, and the board feels that it is desirable that it be given explicit authority for this purpose. A number of proposals have been advanced recently, both in and out of Congress, providing for increased participation by member banks in the earnings of Federal reserve banks. This subject is one which in the judgment of the Federal Reserve Board might well have the consideration of Congress in connection with any legislation affecting the status of member banks of the Federal reserve system; but the problem involves certain practical difficulties, and the board desires to study the subject further before recommending any specific amendment for this purpose. MEETINGS OF FEDERAL ADVISORY COUNCIL Five meetings of the Federal Advisory Council were held in Washington during 1929 on the following dates: February 15, April 19, May 21, September 17, and November 19. 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 April 1-4, and the governors of the Federal reserve banks and Federal reserve agents conferred, separately and jointly, on December 11-12. At both conferences special sessions were held at which the board was in attendance. ORGANIZATION, STAFF, AND EXPENDITURES On November 30, 1929, Mr. James F. Herson resigned as chief, division of examination, and chief Federal reserve examiner. No other changes took place in the organization or official staff of the Federal Reserve Board during the year. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

42 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD The total cost of conducting the work of the board during the year 1929 was $770,716.66. Two assessments were levied against the Federal reserve banks aggregating $781,644.33, or approximately onefifth of 1 per cent of their average paid-in capital and surplus for the year. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANK CREDIT 43 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RESERVE BANK CREDIT AND FACTORS IN CHANGES No. 1.—RESERVE BANK CREDIT AND FACTORS IN CHANGES, ANNUAL AVERAGES, 1918-1929 [Averages of daily figures. In millions of dollars] Reserve bank credit outstanding F d a e c c t r o e r a s s e o 1 f Factors of increase * Year co B d u i i n l s l t - s ed bo B u il g ls ht U S s i e n t t a c i i e u t t e e s r s d - r c O e b r s e a t e h d n r e k v it r e 2 Total M s t g t a o o o r n l c y d k e- u j T u r r e y ( r s a n e t d c e a c u - d y s r - ) - M in c t o u io c n la n i e r - y - r M e a b b s b n a e e a c e n m r l r e k - v s - e i d t m N s e b , e p o e e m o n r t s - c - - . p c U f a e u n p n n e i d d t x e s a - d l 1918 1,134 287 134 168 1,723 3,158 1,477 4,658 1,497 108 95 1919 1,906 324 254 141 2,625 3,129 1.251 5,016 1,719 115 155 1920 2,523 385 324 158 3,390 2,869 ,401 5,478 1,835 67 280 1921 1,797 91 264 46 2,198 3,291 ,501 4,950 1,671 28 341 1922... 571 159 455 41 1,226 3,802 ,604 4,535 1,781 30 286 1923 736 227 186 56 1,205 4,061 L, 736 4,822 1,873 27 280 1924 372 172 402 50 996 4,439 L, 757 4,879 2,023 27 263 1925-. 481 287 359 68 1,195 4,383 L, 755 4,871 2,167 31 264 1926 568 281 350 59 1,258 4,452 L, 743 4,932 2,209 28 284 1927 442 263 417 53 1,175 4,564 L, 774 4,892 2,290 31 300 1928. _. 840 328 297 40 1,505 4,206 L, 783 4,783 2,355 29 327 1929 951 241 208 59 1,459 4,283 1,785 4,763 2,358 30 376 1 For explanation see Federal Reserve Bulletin for July, 1929, pp. 432-438. 2 Includes Government overdrafts in 1918, 1919, and 1920. No. 2.—RESERVE BANK CREDIT AND FACTORS IN CHANGES, MONTHLY AVERAGES, 1918-1929 [Averages of daily figures. In millions of dollars] Reserve bank credit outstanding F d a e c c t r o ea rs s e o 1 f Factors of increase1 Mem- Month co B d u i i n l s l t - s edb B ou il g ls ht U s S e n t t c i a i e u t t s e e r s i d - c O b s r e a r e t r e h n d v - e k i e r t2 Total M e s g t t o o a o l c r n d y k - T j r u e c u ( r s a u n e r t d e r y a c - - d y s- ) M in c t o u io c n la n i e r - y - a s b b n e b a r a r c e e n v l - e r k - e s p m N o e b d e t s o e e c m i n - r . ts - - , f p U c u e t a e n n a n p d d l e d i s x - - - 1918 January. __<..__ 612 266 149 143 1,170 3,152 1,563 4,306 1,467 36 76 February 529 288 185 141 1,143 3,159 1,589 4,280 1,468 63 80 March 537 315 271 140 1,263 3,162 1,583 4,373 1,466 85 84 April 751 313 173 144 1,381 3,163 1,563 4,423 1,504 95 85 May 897 278 86 151 1,412 3,163 1,521 4,401 1,482 126 87 June 939 239 97 279 1,554 3,162 1,471 4,448 1,512 138 89 July 1,162 208 65 196 1,631 3,161 1,392 4,520 1,448 124 92 August 1,333 217 53 147 1,750 3,157 1,439 4,666 1,459 126 95 September 1,604 249 67 153 2,073 3,156 1,411 4,911 1,507 121 101 October 1,683 354 123 195 2,355 3,151 1,402 5,134 1,539 130 105 November 1,760 374 130 152 2,416 3,155 1,378 5,183 1,520 131 115 December 1,765 346 214 166 2,491 3,156 1,418 5,243 1,586 117 119 1919 January __ 1,731 278 200 150 2,359 3,160 1,400 5,050 1,635 118 116 February 1,765 274 186 116 2,341 3,162 1,286 4,932 1,612 114 131 March 1,863 261 195 161 2,480 3,161 1,207 4,942 1,652 123 131 April 1,920 207 213 111 2,451 3,166 1,277 4,970 1,656 126 142 May 1,976 187 228 107 2,498 3,176 1,233 4,941 1,686 135 145 June 1,840 247 236 144 2,467 3,169 1,231 4,891 1,696 133 147 July.— 1,864 358 249 128 2,599 3,087 1,207 4,896 1,719 121 157 August 1,798 372 270 119 2,559 3,114 1,248 4,913 1,740 104 164 September 1,776 351 341 168 2,636 3,143 1,254 4,989 1,769 108 167 October 2,068 343 296 140 2,847 3,120 1, 209J 5,106 1,793 99 178 November 2,140 455 307 136 3,038 3,070 1, 230j 5,208 1,837 97 196 December 2,115 549 327 212 3,203 3,021 1,239] 5,342 1,820 100 201 1 For explanation see Federal Reserve Bulletin for July, 1929, pp. 432-438. 2 Includes Government overdrafts in 1918, 1919, and 1920. 45 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

46 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No. 2.—RESERVE BANK CREDIT AND FACTORS IN CHANGES, MONTHLY AVERAGES, 1918-1929—Continued [Averages of daily figures. In millions of dollars] Reserve bank credit outstanding Factors of Factors of increase decrease Mem- Month co B d u i i n s ll - t s edb B ou il g ls ht U s S e t n t c i a e i u t t s e e ri s d - c O s b r e r a t e r e h n d v - e k i e r t Total M e s g t t o o a o c l r n d y k - j T u re c u ( r s a n u e t r e d c a r y d - - s y - ) M i c n t u i o o c l n a n i e r - - y a s b b n e b r a a r e c e n v l - e r - k e s p m N o e b d e t s o e e c m i n - r . ts - - , f p U c u e t a e n a n n p d d l e d i x s - - - 1920 January 2,136 570 326 173 3,205 2,961 1,256 5,231 1,883 98 210 February 2,297 541 309 • 167 3,314 2,909 1,241 5,285 1,858 94 227 March 2,377 480 344 212 3,413 2,859 1,338 5,398 1,878 98 236 April 2,431 413 332 188 3,364 2,821 1,409 5,372 1,870 106 246 May 2,536 411 302 136 3,385 2,835 1,412 5,414 1,853 103 262 June 2,456 400 347 179 3,382 2,854 1,426 5,448 1,853 88 273 July 2,513 362 319 150 3,344 2,862 1,454 5,478 1,840 54 288 August 2,596 324 304 129 3,353 2,855 1,456 5,509 1,807 46 302 September 2,667 310 339 179 3,495 2,847 1,429 5,600 1,817 38 316 October 2,780 303 305 134 3,522 2,855 1,468 5,673 1,815 27 330 November 2,762 276 320 109 3,467 2,873 1,475 5,662 1,782 27 344 December 2,718 242 339 143 3,442 2,894 1,458 5,658 1,758 25 353 1921 January 2,523 200 298 89 3,110 2,931 1,463 5,401 1,773 24 306 February 2,400 169 287 62 2,918 2,975 1,435 5,263 1,728 26 311 March 2,297 137 296 68 2,798 3,040 1,411 5,204 1,694 31 320 April _ 2,129 110 277 48 2,564 3,117 1,427 5,078 1,665 34 331 May 1,959 84 303 40 2,386 3,197 1,485 5,042 1,657 32 337 June -. _ 1,811 54 302 44 2,211 3,254 1,508 4,936 1,664 31 342 July 1,719 26 261 43 2,049 3,305 1,513 4,857 1,639 27 344 August 1,548 38 249 28 1,863 3,392 1,508 4,771 1,621 26 345 September 1,442 40 254 31 1,767 3,479 1,510 4,752 1,629 27 348 October 1,371 56 207 35 1,669 3,547 1,534 4,721 1,652 26 351 November 1,228 79 208 29 1,544 3,595 1,575 4,673 1,663 28 350 December 1,180 105 226 37 1,548 3,643 1,577 4,718 1,673 27 350 1922 January 962 98 238 28 1,326 3,672 1,551 4,527 1,707 29 286 February 769 88 357 19 1,233 3,704 1,521 4,451 1,689 34 284 March 638 92 459 18 1,207 3,736 1,576 4,483 1,711 39 286 April 572 93 520 25 1,210 3,756 1,572 4,482 1,733 40 283 May 479 103 603 23 1,208 3,768 1,576 4,450 1,783 37 282 June 437 136 591 28 1,192 3,776 1,600 4, 429 1,820 34 285 July 425 153 547 45 1,170 3,803 1,595 4,443 1,812 28 285 August . . __ 396 159 497 50 1,102 3,840 1,613 4,448 1,799 25 283 September 417 212 486 65 1,180 3,860 1,630 4,552 1,811 23 284 October 486 252 448 60 1,246 3,884 1,657 4,643 1,836 21 287 November 623 260 325 57 1,265 3,896 1,650 4,671 1,825 27 288 December 660 259 380 78 1,377 3,917 1,690 4,827 1,840 28 289 1923 January 547 218 421 63 1,249 3,945 1,724 4,679 1,918 46 275 February 608 190 356 51 1,205 3,960 1,709 4,672 1,901 25 276 March 628 234 316 50 1,228 3,966 1,690 4,713 1,873 22 276 April _ _. 658 272 229 55 1,214 3,975 1,711 4,731 1,869 21 279 Mav 705 271 193 53 1,222 3,993 1,740 4,764 1,874 36 281 June 741 224 153 60 1,178 4,040 1,738 4,779 1,867 28 282 July 834 186 97 62 1,179 4,061 1,743 4,812 1,867 24 280 August 809 175 90 53 1,127 4,097 1,747 4,833 1,835 22 281 September _ __ 845 174 102 63 1,184 4,123 1,745 4,901 1,848 22 281 October 873 185 91 55 1,204 4,155 1,753 4,941 1,864 23 284 November 799 265 83 57 1,204 4,182 1,757 4,953 1,875 31 284 December 771 324 106 59 1,260 4,226 1,771 5,071 1,882 22 282 1924 January 574 300 118 49 1,041 4,266 1,750 4,847 1,911 25 274 February 514 273 135 33 955 4,302 1,759 4,832 1,892 22 270 March 476 228 244 42 990 4,340 1,747 4,870 1,915 22 270 April 489 170 274 48 981 4,383 1,720 4,886 1,905 23 270 May 433 80 324 42 879 4,433 1,766 4,866 1,922 24 266 June 370 50 416 50 886 4,471 1,759 4,830 2,001 21 264 July 315 44 467 53 879 4,503 1,763 4,810 2,046 28 261 August 268 30 539 44 881 4,516 1,763 4,800 2,072 33 255 September 262 92 575 54 983 4,515 1,763 4,853 2,120 31 257 October __ 240 180 585 52 1,057 4,506 1,755 4,891 2,141 27 259 November 228 268 588 51 1,135 4,517 1,771 4,970 2,164 30 259 December _. 301 358 554 75 1,288 4,507 1,768 5,088 2,182 32 261 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

47 EESERVE BANK CREDIT No. 2.—RESERVE BANK CREDIT AND FACTORS IN CHANGES, MONTHLY AVERAGES, 1918-1929—Continued [Averages of daily figures. In millions of dollars] Factors of Reserve bank credit outstanding decrease Factors of increase Month B d S i i l s l e - s a bo B u il g l h s t U S e t n t i a i e t t s e e s d c O s b r e r a t e r e h n d v - e k i e r t Total M s e g t t o o a o l c r n d y k - j T u re c u ( r s u a n e t r e d a r y c - d - s y - ) M i c n t u o i o c l n a n i e r - y - M a s b b n e b r a e a r c e e n v l m - e r k - e s - p m N o e b d e s t o e e c m i n r - t . s - - , p f U c u e t a e n n a n p d d l e d i x s - - - 1925 January 267 329 464 1,125 4,468 1,765 4,863 2,194 258 February 340 314 384 1,094 4,393 1,778 4,806 2,159 258 March 390 298 376 1,122 4,347 1,782 4,821 2,137 263 April 403 287 355 1,110 4,346 1,769 4,809 2,123 266 May 397 279 361 1,100 4,359 1,762 4,797 2,132 264 June 437 263 345 1,118 4,364 1,744 4,794 2,141 266 July 480 231 338 1,118 4,365 1,764 4,798 2,160 262 August 545 205 329 1,143 4,374 1,742 4,819 2,151 264 September 594 226 335 1,227 4,386 1,749 4,908 2,161 267 October 619 298 328 1,321 4,391 1,737 4,945 2,203 271 November 597 352 332 1,352 4,407 1,735 4,960 2,221 272 December 688 369 359 1,507 4,397 1,740 5,119 2,219 274 1926 January 520 324 368 1,279 4,407 1,744 4,891 2,236 273 February 526 305 335 1,218 4,425 1,719 4,854 2,208 274 March 557 268 336 1,216 4,444 1,707 4,864 2,198 278 April 537 234 371 1,204 4,448 1,722 4,882 2,183 283 May 511 232 398 1,200 4,434 1,744 4,871 2,199 282 June.. _ 473 243 408 1,185 4,438 1,771 4,881 2,206 284 July 549 230 380 1,221 4,460 1,753 4,916 2,212 281 August 555 245 353 1,203 4,467 1,755 4,912 2,201 285 September... 640 265 316 1,278 4,471 1,750 4,969 2,211 289 October 663 295 306 1,322 4,472 1,746 5,001 2,219 293 November... 615 348 302 1,318 4,477 1,755 5,005 2,214 295 December... 668 385 322 1,445 4,481 1,749 5,131 2,218 294 1927 January 481 343 310 1,186 4,527 1,760 4,903 2,243 294 February 393 304 307 1,043 4,576 1,757 4,843 2,212 295 March. _ 425 253 345 1,055 4,595 1,767 4,856 2,240 298 April 447 248 341 1,087 4,601 1,761 4,879 2,248 299 May 473 233 291 1,041 4,651 1,768 4,860 2,262 299 June 429 205 398 1,081 4,606 1,777 4,831 2,301 298 July..." ] 454 190 381 1,115 4,575 1,780 4,851 2,289 297 August 409 173 439 1,093 4,585 1,780 4,849 2,283 296 September... 422 216 501 1,187 4,584 1,776 4,917 2,300 300 October 424 282 506 1,254 4,566 1,776 4,934 2,326 302 November... 415 336 579 1,377 4,490 1,790 4,936 2,373 304 December... 529 378 606 1,568 4,416 1,796 5,048 2,399 306 1928 January 465 373 512 1,388 4,377 1,778 4,785 2,426 305 February 471 360 406 1,264 4,373 1,776 4,709 2,368 310 March.. 513 343 415 1,295 4,335 1,781 4,710 2,365 312 April.. 661 358 351 1,405 4,287 1,778 4,730 2,396 317 May 836 349 257 1,472 4,207 1,779 4,722 2,388 321 June. 1,019 244 232 1,531 4,119 1,791 4,736 2,355 322 July 1,090 185 213 1,531 4,113 1,782 4,746 2,324 326 August 1,061 178 210 1,485 4,118 1,774 4,743 2,274 332 September... 1,064 226 240 1,581 4,125 1,787 4,804 2,314 337 October 975 368 237 1,621 4,133 1,786 4,836 2,332 342 N D o ec v e e m m b b e e r r 1, 8 0 9 1 7 3 4 4 7 8 1 3 2 26 3 3 8 1 1 , , 8 65 2 3 4 4 4 , , 1 1 5 4 1 2 1 1, , 7 7 9 8 0 7 4 5 , , 8 0 6 0 0 8 2 2 , , 3 3 5 6 2 7 3 3 4 5 7 2 1929 January 859 473 229 1,613 4,115 1,789 4,748 2,387 351 February 889 385 184 1,502 4,143 1,784 4,686 2,357 357 March 969 265 197 1,481 4,166 1,791 4,709 2,337 361 April... 1,004 156 165 1,377 4,226 1,785 4,679 2,308 366 May 956 145 153 1,303 4,292 1,787 4,684 2,296 370 June 978 99 179 1,317 4,311 1,779 4,687 2,314 376 July 1,096 75 147 1,380 4,335 1,790 4,764 2,334 376 August 1,043 124 155 1,376 4,351 1,781 4,777 2,322 382 September 969 229 165 1,427 4,368 1,766 4,811 2,335 387 October 885 337 154 1,450 4,381 1,785 4,810 2,386 392 November 953 296 315 1,631 4,374 1,789 4,845 2,521 395 December 803 320 446 1,643 4,324 1,797 4,943 2,395 399 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

48 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No. 3.—RESERVE BANK CREDIT AND FACTORS IN CHANGES, WEEKLY AVERAGES, 1922-1929 [Averages of daily figures. In millions of dollars] Factors of Reserve bank credit outstanding decrease Factors of increase ( W Sa e t e u k r d e a n y d ) i — ng co B d u i i n s ll - t s edD B O i U ll g s ht U s S e t n t c i a i e u t t s e e ri s d - r O c e b s r a t e e h n d r e v k i r t e Total M s t g t a o o o r c l n y d k e- j T u re c u ( r s a n u e t r d e a r c y d - - s y - ) i M n la o c ti i n o r e c n u y -r M e a b b s b n a e e a e c n m l r e r - v k s - e i d m t N s e b , e p o e m e o n r t s - c - - . s p f U a u e p e n n n i d e d t d x a s - - l 1922 Jan. 7_. 1,106 126 234 39 1,505 3,663 1,553 4,665 1,741 288 Jan. 14.. 993 92 218 32 1,335 3,669 1,601 4,558 1,732 288 Jan. 21.. 924 94 226 25 1,269 3,675 1,548 4,483 1,692 287 Jan. 28.. 873 253 23 1,238 3,676 1,516 4,438 1,675 287 Feb. 4... 847 303 21 1,257 3,684 1,494 4,440 1,678 285 Feb. 11.. 806 350 15 1,263 3,695 1,480 4,438 1,685 285 Feb. 18.. 753 366 26 1,226 3,706 1,537 4,445 1,700 285 Feb. 25.. 724 361 18 1,188 3,715 1,558 4,460 1,683 Mar. 4... 704 411 23 1,230 3,721 1,560 4,490 1,702 285 Mar. 11.. 639 447 20 1,202 3,728 1,593 4,490 1,713 285 Mar. 18.. 604 515 18 1,222 3,737 1,601 4,480 1,751 285 Mar. 25.. 633 447 12 1,181 3,742 1,571 4,477 1,690 285 Apr. 1... 647 102 443 14 1,206 3,746 1,546 4,479 1,693 Apr. 8__. 632 102 466 16 1,216 3,750 1,574 4,500 1,715 285 Apr. 15.. 593 97 512 30 1,232 3,753 1,565 4,497 1,727 286 Apr. 22_. 554 87 537 34 1,212 3,758 1,578 4,476 1,747 284 Apr. 29.. 509 84 18 1,180 3,762 1,577 4,454 1,744 283 May 6... 505 101 607 25 1,238 3,764 1,560 4,472 1,765 282 May 13.. 477 103 615 26 1,221 3,768 1,581 4,461 1,789 282 May 20.. 477 99 597 28 1,201 1,584 4,442 1,794 282 May 27.. 104 595 18 1,186 3,769 1,573 4,429 1,783 282 June 3__. 467 126 602 15 1,210 3,770 1,579 4,454 I 1,788 282 June 10.. 428 139 614 24 1,205 3,771 1,589 4,442 ! 1,809 281 June 17_. 419 127 631 37 1,214 3,774 1,601 4,416 ! 1,852 284 June 24.. 126 556 27 1,145 3,780 1,622 4,419 ! 1,807 287 July 1-- 455 150 550 27 1,182 3,784 1,601 4,433 1,816 287 July8._ 482 157 556 40 1,235 3,788 1,602 4,496 1,814 285 July 15. 422 154 553 56 1,185 3,797 1,609 4,452 1,826 285 July 22. 412 147 541 51 1,151 3,806 1,592 4,419 1,819 283 July 29. 153 540 38 1,120 3,816 1,582 4,407 1,801 283 Aug. 5... 407 149 519 48 1,123 3,829 1,605 4,427 1,818 283 Aug. 12.. 395 152 501 46 1,094 3,836 1,616 4,439 1,798 284 Aug. 19.. 396 157 492 55 1,100 3,840 1,616 4,447 1,801 284 Aug. 26- 387 166 487 51 1,091 3,845 1,611 4,459 1,782 283 Sept. 2... 395 177 502 52 1,126 3,851 1,601 4,480 1,791 284 Sept. 9... 401 191 508 66 1,166 3,855 1,621 4,541 1,797 281 Sept. 16.. 396 204 511 71 1,182 3,859 1,641 4,545 1,829 284 Sept. 23.. 438 220 455 72 1,185 3,862 1,625 4, 555 1,809 286 Sept. 30.. 440 238 462 49 1,189 3,867 1,643 4,579 1,812 Oct. 7._ 443 242 477 55 1,217 3,880 1,653 4,622 i 1,820 286 Oct. 14. 488 245 478 53 1,264 3,884 1,658 4, 660 i 1, 837 286 Oct. 21. 485 255 453 82 1,275 3,886 1,669 4, 654 1,869 Oct. 28. 496 261 414 55 1,226 3,885 1,654 4,634 1,824 Nov. 4... 579 262 367 53 1,261 1,640 4, 650 1,826 287 Nov. 11.. 626 262 346 49 1,283 3,891 1,656 4,681 1,826 287 Nov. 18.. 623 260 324 73 1,280 3,896 1,652 4,674 S 1,836 Nov. 25.. 619 257 303 56 1,235 3,899 1,650 4, 659 1,818 287 Dec. 2... 664 260 308 38 1,270 3,904 1,649 4,708 1,806 290 Dec. 9... 699 265 314 49 | 1,327 3,907 1,652 4,761 1.817 289 Dec. 16.. 673 261 333 "" 1,331 3,916 1,691 4,794 1,828 Dec. 23.. 643 253 426 110 1,432 3,921 1,710 4,894 1,842 290 Dec. 30.. 622 254 456 101 1,433 3,925 1,717 4,880 1,876 288 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BESERVE BANK CREDIT 49 No. 3.—RESERVE BANK CREDIT AND FACTORS IN CHANGES, WEEKLY AVERAGES, 1922-1929—Continued [Averages of daily figures. In millions of dollars] Reserve bank credit outstanding F d a e c c t r o e r a s s e of Factors of increase ( W Sa e t e u k r d e a n y d ) i — ng co B d u i i n l s l t - s ed b B ou il g ls ht U s S e n t t c i a i e u t t s e e ri d s - r O c e b r s a t e e h n d r e k v i r t e Total M s t g t a o o o r l c n y d k e- j T u re c u ( r s a e u n t r e d a y r c - d - s y - ) i M n la c o t i i n r o c e n u y -r M e a b b s b n a e e a e c n m r l r e k - v s - e i d m t N s e b , e p o e e m o n r t s - c - - . c p a U fu p e e n i n n t d e a d d x ] s - - 1923 Jan. 6 596 256 455 89 1,396 3,932 1,727 4,798 1.923 58 276 Jan. 13 510 227 495 73 1.305 3,942 1,729 4,706 L, 940 55 275 Jan. 20 512 206 415 64 L, 197 3,949 1,732 4,643 L, 917 44 274 Jan. 27 562 204 359 45 L, 170 3,950 1,717 4,619 L, 909 34 275 Feb. 3. _ . 587 193 356 40 L, 176 3,953 1,705 4,631 1,901 29 273 Feb. 10 581 186 352 47 1,166 3,957 1,715 4,647 L892 24 275 Feb. 17 614 186 352 65 L, 217 3,959 1,711 4,668 L, 911 31 277 Feb. 24 .. 623 188 358 49 L, 218 3,962 1,704 4,693 L, 893 22 276 Mar. 3 _. 617 211 362 48 1,238 3,963 1,709 4,716 L, 898 22 274 Mar. 10 ___ 596 219 347 48 1,210 3,966 1,715 4,715 L,881 21 274 Mar. 17 590 225 336 57 L.208 3,964 1,730 4,707 1,899 21 275 Mar. 24_ 643 241 295 50 L, 229 3,964 1,661 4,705 L, 851 21 211 Mar. 31 694 258 267 43 1,262 3,968 1,648 4,720 1,856 23 279 Apr. 7____ 690 264 243 56 L, 253 3,970 1,686 4,736 L, 872 21 280 Apr. 14 635 271 239 57 L,202 3,974 1,715 4,729 L, 863 20 279 Apr. 21 639 278 237 66 1,220 3,976 1,713 4,725 L, 882 23 279 Apr. 28 651 276 206 49 L, 182 3,978 1,725 4,727 L, 857 . 21 280 May 5 723 275 187 54 L, 239 3,983 1,721 4,759 L, 871 33 280 May 12 699 275 191 53 ,218 3,984 1,736 4,761 1,867 29 281 May 19 687 278 193 62 L, 220 3,990 1,729 4,759 L, 870 30 280 May 26 697 267 201 51 L, 216 3,997 1,755 4,758 L, 882 48 280 June 2 740 258 192 41 ,231 4,017 1,742 4,795 1,879 36 280 June 9 732 250 182 56 1,220 4,029 1,728 4,793 1,872 33 279 June 16 _ . 695 224 177 63 1,159 4,039 1,768 4,770 L,887 28 281 June 23 727 208* 130 67 , 132 4,046 1,745 4,763 ,851 26 283 June 30 803 205 114 50 L, 172 4,048 1,722 4,778 ,856 25 283 July 7 894 196 95 65 L, 250 4,051 1,745 4,859 L, 880 27 280 July 14 853 187 97 74 L, 211 4,053 1,746 4,829 L, 877 25 279 July 21 810 183 98 71 ,162 4,059 1,739 4,791 L, 865 24 280 July 28 . 790 180 96 49 1,115 4,072 1,742 4,777 1,851 22 279 Aug. 4 799 181 93 48 L, 121 4,080 1,742 4,793 L,847 22 281 Aug. 11 814 178 90 57 1,139 4,088 1,752 4,834 L, 838 25 282 Aug. 18 816 172 89 65 ,142 4,096 1,749 4,843 L, 841 21 282 Aug. 25 798 174 87 49 L, 108 4,104 1,748 4,833 L, 824 22 281 Sept. 1 825 173 96 41 , 135 4,109 1, 741 4,851 ,832 21 281 Sept. 8 _ . 852 173 96 55 L, 176 4,112 1,748 4,899 L,835 21 281 Sept. 15 844 179 113 70 L, 206 4,117 1,755 4,900 L, 875 23 280 Sept. 22___ 808 172 107 77 ,164 4,128 1,752 4,891 L, 846 24 283 Sept. 29 868 171 91 53 1,183 4,134 1,730 4,908 L, 835 22 282 Oct. 6 887 172 95 58 ,212 4,139 1,752 4,942 1,856 22 283 Oct 13 885 181 93 49 L, 208 4,150 1,763 4,959 L, 854 25 283 Oct. 20 878 188 92 70 ,228 4,158 1,743 4,945 1,879 23 282 Oct. 27. 848 188 87 52 .175 4,163 1,753 4,927 .859 23 282 Nov. 3 855 210 88 46 1,199 4,166 1,749 4,939 1,866 25 284 Nov. 10 839 246 91 49 1,225 4,172 1,757 4,960 1,880 30 284 Nov. 17 794 267 84 90 1,235 4,180 1,752 4,952 1,885 48 282 Nov. 24 762 280 75 48 1,165 4,188 1,764 4,936 1,874 24 283 Dec. 1 782 292 87 34 1,195 4.200 1,759 4,976 1,872 23 283 Dec. 8 764 307 95 50 1,216 4,210 1,764 5,010 1,876 22 282 Dec. 15 745 322 111 57 1,235 4,223 1,776 5,036 1,892 22 284 Dec. 22 758 321 110 77 1.266 4,232 1,786 5,117 1.862 23 282 Dec. 29 824 339 103 61 1,327 4,236 1,764 5,134 ,890 21 282 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

50 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No. 3.—RESERVE BANK CREDIT AND FACTORS IN CHANGES, WEEKLY AVERAGES, 1922-1929—Continued [Averages of daily figures. In millions of dollars] Reserve bank credit outstanding F d a e c c t r o e r a s s e of Factors of increase W (S e a e tu k r d e a n y d ) i — ng co B d u i i n s l - l t s edb B ou il g ls ht U s S e n t t c i a i e u t t s e r e i s d - r O c e b r s a t e e h n d r e k v i r t e Total M s g t t a o o o r l c n y d k e- T u re c ( u r s a u n e t r d e a y r c - d - s y - ) M n la c o ti i n r o c e n u y - M e a b b b s n a e e a e c n m r l r e k - v s - ed m t N s e b , e p o e m o e n r s t - - c - . c f p U a u p e e n n i n t d e d a d x l s - - 1924 Jan. 5.. 729 348 122 54 1,253 4,245 1,757 5,018 1,932 26 279 Jan. 12... 605 319 106 58 1,088 4,258 1,767 4,896 1,917 25 275 Jan.19.. 533 293 117 51 994 4,270 1,749 4,806 1,909 24 274 Jan. 26.. 515 277 122 45 959 4,276 1,734 4, 780 1,892 24 273 Feb. 2... 515 276 125 33 949 4,283 1,744 4,781 1,902 22 271 Feb. 9... 501 282 125 28 936 4,292 1,756 4,802 1,889 21 '272 Feb. 16.. 519 281 127 37 964 4,299 1,765 4,826 1,906 26 270 Feb. 23.. 509 262 139 41 951 4,308 1,759 4,846 1,882 21 269 Mar. 1... 532 260 155 29 976 4,316 1,757 4,869 1,889 21 270 Mar. 8... 498 262 181 43 984 4,325 1,740 4,875 1,885 21 268 Mar. 15.. 472 244 240 46 1,002 4,337 1,749 4,869 1,928 23 268 Mar. 22.. 433 200 305 49 987 4,343 1,793 4,862 1,967 24 270 Mar. 29.. 481 202 257 32 972 4,353 1,724 4,867 1,892 20 270 Apr. 5__. 519 212 265 44 1,040 4,362 1,681 4,897 1,895 19 272 Apr. 12.. 510 199 270 41 1,020 4,370 1,691 4,898 1,893 21 269 Apr. 19.. 489 174 267 68 998 4,385 1,722 4,895 1,915 26 269 Apr. 26.. 467 140 277 46 930 4,393 1,750 4,871 1,910 25 267 May 3... 453 116 297 43 909 4,408 1,766 4,871 1,919 25 268 May 10.. 439 91 314 48 892 4,419 1,777 4,875 1,922 23 268 May 17.. 420 80 323 51 874 4,431 1,771 4,860 1,926 24 266 May 24.. 427 59 326 39 851 4,441 1,765 4,849 1,917 24 267 May 31.. 432 78 341 28 879 4,450 1,753 4,872 1,921 23 266 June 7__. 406 60 396 39 901 4,459 1,759 4,870 1,963 22 264 June 14.. 376 45 421 51 893 4,466 1,760 4,832 2,003 20 264 June 21.. 355 54 414 68 891 4,474 T,771 4,810 2,037 23 266 June 28.. 352 46 430 43 871 4,481 1,748 4,806 2,008 21 265 July 5... 366 58 438 60 922 4,490 1,769 4,880 2,013 27 261 July 12.. 322 59 454 62 897 4,496 1,777 4, 858 2,026 25 261 July 19.. 304 39 465 56 864 4,505 1,764 4,792 2,056 25 260 July 26.. 293 32 476 41 842 4,509 1,751 4,758 2,054 30 260 Aug. 2... 293 25 508 38 864 4,510 1,743 4,761 2,067 31 258 Aug. 9__. 277 21 536 44 878 4,512 1,753 4,784 2,071 32 256 Aug. 16- 264 18 541 48 871 4,515 1,776 4,793 2,081 33 255 Aug. 23_. 259 27 541 I 44 871 4,516 1,771 4,799 2,072 33 254 Aug. 30.. 266 50 542 i 35 893 4,520 1,761 4,820 2,066 34 254 Sept. 6... 283 69 546 50 948 4,518 1,760 4,866 2,075 32 253 Sept. 13.. 259 91 565 55 970 4,516 1,765 4,854 2,113 31 253 Sept. 20.. 253 98 609 70 1,030 4,515 1,784 4,843 2,195 32 259 Sept. 27.. 251 95 577 46 969 4,512 1,753 4,844 2,101 30 259 Oct. 4... 271 136 576 48 1,031 4,509 1,737 4,875 2,114 28 260 Oct. 11.. 247 172 582 52 1,053 4,505 1,746 4,885 2,133 27 259 Oct. 18.. 240 193 593 66 1,092 4,506 1,745 4,898 2,159 27 259 Oct. 25.. 224 175 585 52 1,036 4,506 1,773 4,887 2,141 27 260 Nov. 1— 229 198 585 37 1,049 4,507 1,769 4,907 2,132 27 259 Nov. 8... 238 246 589 48 1,121 4,510 1,774 4,956 2,159 32 258 Nov. 15.. 219 264 592 60 1,135 4,514 1,778 4,964 2,175 30 258 Nov. 22.. 225 277 587 54 1,143 4,520 1,766 4,958 2,183 29 259 Nov. 29.. 228 290 584 40 1,142 4,524 1,770 4,995 2,154 28 259 Dec. 6.. 241 340 565 54 1,200 4,522 1,772 5,024 2,182 30 258 Dec. 13. 257 354 558 59 1,228 4,513 1,769 5,043 2,177 31 259 Dec. 20. 281 345 569 86 1,281 4,502 1,782 5,097 2,174 32 262 Dec. 27. 382 373 536 105 1,396 4,498 1,755 5,181 2,173 32 263 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

KESERVE BANK CREDIT 51 No. 3.—RESERVE BANK CREDIT AND FACTORS IN CHANGES, WEEKLY AVERAGES, 1922-1929—Continued [Averages of daily figures. In millions of dollars] Factors of Reserve bank credit outstanding decrease Factors of increase W (Sa ee tu k r d e a n y d ) i — ng co B d u i i n s ll t - s edbo Bi u l g l h s t U s S n e t t c i a i u t e t r e s e i d s - r O c e b r s a t e e h n d r e v k i r t e Total M s t g t a o o o r c l n y d k e- j T u r c e u ( s r a u n e t r e d a r y c d - - s y - ) i M n la c o ti i n o rc e n u y - r M e a b b s b n a e e a e c n l r m e r - v k s - e i d m t N s e b , e p o e m e o n r t s c - - - . c p f U a u e p e n n n i d e t d d a x s - l - 1925 Jan. 3 _. 341 380 539 1,328 1,759 5,073 2,214 259 Jan. 10 277 349 507 1,215 4,492 1,768 4,954 2,220 258 Jan. 17 239 328 485 1,114 4,470 1,776 4,846 2,213 258 Jan. 24 237 310 435 1,044 4,455 1,768 4,795 2,170 258 Jan.31 295 307 395 1,052 4,441 1,748 4,778 2,164 258 Feb. 7 311 313 394 1,075 4,417 1,768 4,791 2,166 258 Feb. 14 328 326 391 1,103 4,394 1,783 4,809 2,165 258 Feb. 21 337 309 380 1,085 4,385 1,782 4,801 2,152 259 Feb. 28 385 306 370 1,115 4,375 1,779 4,821 2,152 260 Mar. 7 305 377 1,144 4,356 1,775 4,844 2,143 260 Mar. 14 404 297 384 1,149 4,349 1,779 4,827 2,161 261 Mar. 21 357 284 406 1,111 4,341 1,803 4,812 2,147 264 Mar. 28 391 302 345 1,084 4,343 1,781 4,803 2,108 Apr. 4 409 309 356 1,124 4,344 1,765 4,825 2,115 265 Apr. 11 391 308 361 1,125 4,344 1,773 4,833 2,116 264 Apr. 18...... 395 282 356 1,109 4,346 1,772 4,814 2,125 263 Apr. 25 408 272 351 1,096 4,347 1,763 4,789 2,126 263 May 2 432 264 349 1,104 4,351 1,766 4,792 2,135 264 May 9 420 271 364 1,116 4,359 1,766 4,805 2,142 264 May 16 365 283 376 1,093 4,358 1,770 4,789 2,140 265 May 23 363 285 361 1,075 4,360 1,758 4,781 2,122 264 May 30 414 284 350 1,100 4,360 1,755 4,803 2,123 263 June 6. 287 355 1,144 4,362 1,746 4,824 2,136 265 June 13 423 278 354 1,126 4,363 1,736 4,801 2,135 264 June 20 436 254 333 1,115 4,364 1,756 4,782 2,161 266 June 27 447 245 337 1,093 4,366 1,735 4,774 2,128 267 July 4 _ 511 246 347 1,172 4,365 1,761 4,832 2,174 264 July li 486 242 341 1,151 4,366 1,764 4,836 2,154 264 July 18 459 233 339 1,110 4,366 1,769 4,790 2,166 264 July 25 462 226 333 1,081 4,364 1,765 4,765 2,155 264 Aug. 1 _ 479 213 331 1,075 4,366 1,758 4,767 2,142 264 Aug. 8 529 210 332 1,133 4,370 1,739 4,797 2,158 262 Aug. 15 534 208 329 1,140 4.372 1,740 4,810 2,153 264 Aug. 22 554 197 325 67 1,143 4,376 1,744 4,824 2,149 265 Aug. 29 564 204 330 55 1,153 4,379 1,743 4,838 2,149 264 Sept. 5 578 212 326 59 1,175 4,385 1,749 4,870 2,150 265 Sept. 12 613 214 325 1,221 4,390 1,750 4,915 2,157 265 Sept. 19 553 217 365 1,226 4,390 1,761 4,917 2,166 Sept. 26 615 236 325 1,245 4,382 1,740 4,910 2,161 Oct. 3 621 268 330 1,284 4,382 1,743 4,936 2,177 268 Oct. 10_ ... 635 284 326 1,319 4,384 1,751 4,959 2,199 269 Oct. 17 633 290 333 1,347 4,385 1,740 4,956 2,213 271 Oct. 24 602 299 327 1,308 4,396 1,729 4,932 2,201 271 Oct. 31 601 329 326 1,314 4,402 1,725 4,928 2,211 271 Nov. 7 616 348 330 1,362 4,408 1,734 4,956 2,234 271 Nov. 14 568 351 331 1,340 4,410 1,747 4,950 2,224 272 Nov. 21 576 352 333 1,337 4,411 1,733 4,939 2,235 271 Nov. 28 611 354 332 1,353 4,401 1,728 4,975 2,201 272 Dec. 5 641 362 340 1,411 4,397 1,720 5,016 2,205 274 Dec. 12 664 373 349 1,452 4,398 1,724 5,055 2,214 273 Dec. 19 667 366 374 93 1,500 4,401 1,747 5,119 2,224 275 Dec. 26 747 369 359 124 ' 1,599 4,395 1,752 5,235 2,205 275 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

52 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No, 3.—RESERVE BANK CREDIT AND FACTORS IN CHANGES, WEEKLY AVERAGES, 1922-1929—Continued [Averages of daily figures. In millions of dollars] Factors of Reserve bank credit outstanding decrease Factors of increase Week ending Treas- Mem- (Saturday)— co B d u i i n s ll t - s edb B ou il g ls ht U s S e n t t c i a i e u t t s r e e i s d - r c O e b r s a t e e h n d r e k v i r t e Total M s t g t a o o o r l c n y d k e- r c e ( u a u n r d r y c - - y i M n la c o t i i n r o c e n u y - re b b s b a e a e n r l r - k ve m N b e o e m n r - - c p U ap e e n n i d e t d x a - l - Ijusted) ances its, etc. funds 1926 Jan. 2 712 370 374 1,541 4,398 1,758 5,139 2,249 274 Jan. 9 607 348 372 1,406 4,403 1,751 4,998 2,257 271 Jan. 16 506 326 369 1,271 4,403 1,749 4,872 2,248 273 Jan. 23 461 310 369 1,206 4,413 1,741 4,828 2,229 274 Jan. 30 463 301 361 1,180 4,409 1,733 4,815 2,208 274 Feb.6 495 309 348 1,207 4,416 1,721 4,833 2,215 274 Feb. 13 512 308 336 1,210 4,426 1,729 4,851 2,210 273 Feb. 20 533 301 331 1,219 4,429 1,722 4,852 2,217 277 Feb. 27 549 302 328 1,228 4,427 1,710 4,871 2,192 277 Mar. 6. 572 294 332 1,258 4,432 1,701 4,886 2,204 276 Mar. 13 504 285 359 1,204 4,444 1,709 4,867 2,188 277 Mar. 20 509 260 350 1,184 4,447 1,754 4,861 2,215 280 Mar. 27 598 248 307 1,200 4,446 1,691 4,852 2,178 280 Apr. 3 629 244 331 1,269 4,449 1,668 4,878 2,197 281 Apr. 10 580 232 346 1,216 4,452 1,695 4,885 2,172 281 Apr. 17 524 266 376 1,226 4,452 1,717 4,887 2,202 281 Apr. 24 483 233 1,168 4,445 1,746 4,874 2,178 281 May 1. 531 202 390 1,178 4,440 1,750 4,875 2,184 283 May 8 549 217 396 1,221 4,439 1,734 4,881 2,203 282 May 15 4,99 237 398 1,196 4,432 1,745 4,866 2,198 282 May 22 487 236 401 1,187 4,432 1,746 4,852 2,205 282 May 29 491 240 1,182 4,432 1,748 4,867 2,189 283 June 5 522 242 404 1,230 4,433 1,760 4,913 2,203 282 June 12_,._. 466 243 416 1,186 4,434 1,779 4,884 2,209 283 June 19 426 238 438 1,181 4,436 1,777 4,873 2,210 286 June 26 479 248 382 1,163 4,444 1,764 4,867 2,197 285 July 3 551 248 384 1,239 4,446 1,766 4,918 2,225 283 July 10 598 242 379 1,293 4,449 1,760 4,971 2,222 280 July 17 530 233 386 1,218 4,462 1,758 4,913 2,220 282 July 24 509 222 381 1,171 4,466 1,746 4,880 2,199 282 July 31 535 213 372 1,163 4,469 1,747 4,881 2,193 282 Aug. 7 560 228 372 1,210 4,467 1,750 4,900 2,217 283 Aug. 14 525 238 367 1,184 4,463 1,771 4,913 2,197 281 Aug. 21 538 254 358 1,203 4,468 1,752 4,914 2,199 284 Aug. 28 571 256 330 1> 201 4,470 1,749 4,915 2,191 286 Sept. 4 611 258 319 1,232 4,470 1,757 4,944 2,197 286 Sept. 11 627 265 310 1,258 4,473 1,779 4,988 2,207 286 Sept. 18 601 261 339 1,272 4,471 1,773 4,970 2,225 289 Sept. 25 667 266 304 1,298 4,470 1,715 4,958 2,203 292 Oct. 2 274 307 1,329 4,470 1,720 4,983 2,219 290 Oct. 9 676 282 309 1,328 4,471 1,749 5,005 2,226 292 Oct. 16 681 295 310 1,344 4,471 1, 755 5,015 2,233 291 Oct. 23 634 294 306 1,297 4,472 1,749 4,989 2,213 291 Oct. 30 651 311 301 1,305 4,473 1,736 4,988 2,206 293 Nov. 6 664 338 300 47 1,349 4,475 1,747 5,016 2,222 293 Nov. 13 585 351 300 65 1,301 4,478 1,771 5,002 2,212 293 Nov. 20 577 354 306 62 1,299 4,479 1,753 4,985 2,219 294 Nov. 27 621 344 302 42 1,309 4,477 1,750 5,008 2,203 293 Dec. 4 640 365 306 47 1,358 4,475 1,747 5,038 2,217 294 Dec. 11 623 388 312 51 1,374 4,480 1,758 5,082 2,208 293 Dec. 18 623 387 349 72 1,431 4,478 1,765 5,126 2,229 295 Dec. 25 732 388 317 102 1,539 4,484 1,729 5,221 2,205 297 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EESERVE BANK CREDIT 53 No. 3.—RESERVE BANK CREDIT AND FACTORS IN CHANGES, WEEKLY AVERAGES, 1922-1929—Continued [Averages of daily figures. In millions of dollars] Factors of Reserve bank credit outstanding^! decrease Factors of increase W (S e a e tu k r d en ay d ) i — ng 3o B d u i i n s ll - t s edb B ou il g ls ht U s S e n t t c i a i e u t t s r e e i s d - | r c O e b r s a t e e h n d r e v k i r t e Total M s t g t a o o o r l c n y d k e- T e reas- i M nc o i i r n c e u y - r M e b b s b a e e a e n m r l r - k v - e d m t N s e b , e p o e m o e n r t s - - c - . c p U f a u p e e n n n i d e t d d a x s - l justed) ances 1927 Jan. 1 719 383 317 1,482 4,488 1,748 5,141 2,231 50 Jan. 8... 622 378 316 1,378 4,499 1,775 5,023 2,284 52 293 Jan. 15_ 484 346 313 1,198 4,518 1,764 4,908 2,251 28 293 Jan. 22.. 421 338 311 1,124 4,537 1,748 4,850 2,237 28 294 Jan. 29 _ 393 314 l,04S 4,551 1,755 4,823 2,213 24 294 Feb. 5__. 388 323 304 1,052 4,561 1,751 4,831 2,219 23 294 Feb. 12. 380 304 305 1,028 4,571 1,763 4,836 2,204 29 293 Feb. 19. 377 304 307 1,037 4,578 1,761 4,832 2,219 31 294 Feb. 26. 413 291 308 1,044 4,585 1,751 4,859 2,203 22 296 Mar. 5... 441 291 312 1,081 4,588 1,741 4,875 2,218 22 295 Mar. 12.. 429 277 312 1,052 4,593 1,761 4,861 2,222 25 298 Mar. 19.. 387 241 411 1,075 4,594 1,776 4,852 2,271 24 298 Mar. 26.. 434 227 337 1,028 4,599 1,787 4,848 2,246 22 298 Apr. 2... 458 239 1,067 4,598 1,759 4,866 2,240 20 298 Apr. 9... 465 243 347 1,096 4,599 1,767 4,893 2,249 22 298 Apr. 16.. 436 253 361 1,110 4,600 1,758 4,894 2,251 25 298 Apr. 23.. 435 255 338 1,089 4,602 1,754 4,869 2,251 26 299 Apr. 30.. 444 243 322 1,049 4,605 1,767 4,855 2,246 21 299 May 7... 242 303 1,083 4,629 1,769 4,870 2,261 51 May 14.. 473 232 257 1,004 4,684 1,774 4,861 2,264 38 299 May 21.. 456 224 274 1,002 4,681 1,764 4,850 2,262 35 300 May 28.. 470 234 315 1,057 4,627 1,766 4,846 2,270 33 301 June 4.. 485 236 1,127 4,608 1,770 4,880 2,289 36 300 June 11.. 404 224 433 1,100 4,614 1,771 4,843 2,311 33 298 June 18.. 394 189 423 1,060 4,615 1,789 4,823 2,306 35 300 June 25.. 435 186 361 1,034 4,600 1,780 4,808 2,275 30 301 July 2 484 206 374 1,130 4,589 1,771 4,848 2,305 38 299 July 9 523 203 375 1,194 4,577 1,780 4,911 2,307 37 296 July 16 435 196 378 1,108 4,570 1,784 4,845 2,287 33 297 July 23 415 185 1,077 4,573 1,780 4,819 2,283 31 297 July 30.. 415 172 1,053 4,578 1,778 4,812 2,270 30 297 Aug. 6 440 170 404 1,101 4,579 1,775 4,838 2,291 30 296 Aug. 13 408 175 420 1,088 4,583 1,785 4,843 2,286 30 297 Aug. 20 402 171 446 1,102 4,586 1, 777 4,851 2,287 31* 296 Aug. 27 401 174 457 1,086 4,588 1,777 4,854 2,272 30 295 Sept. 3 413 192 474 1,124 4,589 1,779 4,885 2,282 30 295 Sept. 10 445 205 493 1,194 4,593 1,773 4,935 2,300 30 295 Sept. 17 401 206 533 1,204 4,584 1,783 4,916 2,323 33 299 Sept. 24 412 218 490 1,164 4,582 1,776 4,909 2,284 29 300 Oct. 1 430 241 497 1,203 4,574 1,770 4,917 2,299 29 302 Oct. 8__ ..-. 445 261 506 I 1,254 4,571 1,770 4,942 2,322 29 302 Oct. 15 442 272 510 1,267 4,573 1,782 4,951 2,332 36 303 Oct. 22 405 277 505 1,238 4,572 1,784 4,929 2,324 37 304 Oct. 29 409 306 503 1,250 4,555 1,771 4,909 2,328 35 304 Nov. 5 396 523 I 1,301 4,530 1,778 4,930 2,338 38 Nov. 12..._ 433 340 532 I 1,370 4,508 1,774 4,949 2,342 56 305 Nov. 19 376 335 646 ! 1,411 4,487 1,794 4,926 2,416 48 302 Nov. 26 413 326 1,380 4,465 1,803 4,934 2,372 39 303 Dec. 3 358 562 j 1,437 4,449 1,803 4,956 2,395 33 305 Dec. 10 468 379 601 j 1,488 4,437 1,803 4,997 2,399 29 303 Dec. 17 481 373 642 j 1,546 4,420 1,804 5,033 2,405 27 305 Dec. 24 -_... 585 375 592 1,634 4,403 1,789 5,120 2,377 25 304 Dec. 31 599 605 1,647 4,391 1,783 5,075 2,415 24 307 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

54 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No. 3.—RESERVE BANK CREDIT AND FACTORS IN CHANGES, WEEKLY AVERAGES, 1922-1929—Continued [Averages of daily figures. In millions of dollars] Factors of Reserve bank credit outstanding decrease Factors of increase Week ending Treas- Mem- Non- Unex- (Saturday)— o B d u i i n s ll t - s edb B ou il g ls ht U s S e t n t c i a i e u t t s e e ri d s - r O c e b r s a t e e h n d r e v k i r t e Total M s t g t a o o o r c l n y d k e- r u e c u ( s a u n t r d e r c y - d - y ) i M n la c o t i i n r o c e n u y - re a b b s b n a e a c e n r l e r v - k s ed m ts e b , e p e m e o r t s c - - . c p f a u e p e n n i d t d d a s - l 1928 Jan. 7 545 387 603 58 1,593 4,377 1,776 4,951 2,466 30 Jan. 14 461 386 533 42 1,422 4,376 1,784 4,811 2,441 27 Jan. 21 436 364 493 36 1,329 4,376 1,781 4,729 2,424 27 Jan. 28 432 352 450 24 1,258 4,380 1,775 4,690 2,391 24 Feb. 4... 445 375 426 25 1,271 4,374 1,770 4,696 2,387 23 Feb\ 11.. 465 370 405 27 1,267 4,376 1,775 4,708 2,378 24 Feb. 18. 475 358 404 35 1,272 4,376 1,777 4,710 2,372 33 Feb. 25. 471 350 401 25 1,247 4,373 1,780 4,714 2,351 23 Mar. 3... 510 348 403 24 1, 285 4,362 1,772 4,719 2,366 23 Mar. 10.. 519 341 405 27 1,292 4,357 1,772 4,718 2,369 23 Mar. 17.. 491 340 448 29 1,308 4,335 1,791 4,705 2,392 24 Mar. 24.. 490 340 412 20 1,262 4,324 1,792 4,699 2,342 25 Mar. 31.. 543 347 398 21 1,309 4,310 1,775 4,705 2,353 23 Apr. 7... 627 348 393 39 1,407 4,304 1,779 4,751 2,397 28 Apr. 14.. 615 363 379 35 1,392 4,301 1,783 4,735 2,400 25 Apr. 21.. 660 360 346 43 1,409 4,280 1,775 4,718 2,401 28 Apr. 28.. 705 361 303 28 1,397 4,267 1,773 4,710 2,382 26 May 5__. 768 370 287 33 1,458 4,263 1,772 4,738 2,407 30 May 12.. 781 367 275 33 1,456 4,236 1,781 4,726 2,401 27 May 19.. 827 353 260 37 1,477 4,194 1,784 4,717 2,391 26 May 26.. 870 337 239 26 1,472 4,180 1,781 4,709 2,377 26 June 2... 985 302 219 25 1,531 4,165 1,774 4,742 2,379 27 June 9__. 1,004 265 218 39 1,526 4,148 1,784 4,737 2,372 27 June 16.. 1,006 242 267 41 1,556 4,106 1,793 4,728 2,377 27 June 23_. 1,004 231 227 37 1,499 4,103 1,803 4,727 2,325 29 June 30_. 1,047 224 221 30 1,522 4,105 1,794 4,740 2,326 28 July 7... 1,183 207 220 52 1,662 4,110 1,769 4,816 2,369 33 July 14.. 1,103 190 216 49 1,558 4,115 1,790 4,769 2,337 31 July 21.. 1,045 180 209 46 1,480 4,114 1,791 4,720 2,308 29 July 28.. 1,041 171 207 34 1,453 4,115 1,778 4,696 2,294 27 Aug. 4... 1,073 165 213 35 1,486 4,113 1,770 4,714 2,298 28 Aug. 11- 1,077 169 210 34 1,490 4,115 1,760 4,733 2,274 28 Aug. 18- 1,038 183 207 44 1,472 4,119 1,784 4,744 2,271 28 Aug. 25.. 1,048 184 207 35 1,474 4,120 1,780 4,752 2,259 29 Sept. 1— 1,075 186 214 32 1,507 4,123 1,779 4,769 2,278 29 Sept. 8— 1,103 194 217 42 1,556 4,123 1,782 4,818 2,284 25 Sept. 15- 1,064 210 253 54 1,581 4,124 1,788 4,797 2,324 36 Sept. 22.. 1,042 232 260 66 1,600 4,126 1,792 4,789 2,335 55 Sept. 29.. 1,040 264 235 43 1,582 4,128 1,785 4,806 2,312 38 Oct. 6—. 1,045 305 234 50 1,634 4,125 1,783 4,836 2,334 33 Oct. 13... 1,019 340 240 38 1,637 4,128 1,795 4,852 2,331 34 Oct. 20.. 966 374 242 51 1,633 4,136 I,""" 4,846 2,340 30 Oct. 27.. 922 405 235 36 1,598 4,139 1,779 4,824 2,324 26 Nov. 3... 915 438 235 37 1,625 4,143 1,782 4,834 2,342 30 Nov. 10- 940 454 233 35 1,662 4,148 1,783 4,865 2,347 35 Nov. 17- 880 474 227 71 1,652 4,158 1,784 4,852 2,357 39 Nov. 24.. 816 484 251 46 1,597 4,160 1,797 4,835 2.346 25 Dec. 1- 970 482 242 34 1,728 4,138 1,785 4,908 2,368 26 Dec. 8-. 1,024 490 233 43 1,790 4,131 1,777 4,947 2,375 28 Dec. 15. 978 484 276 56 1,794 4,140 1,784 4,968 2,369 31 Dec. 22. 930 462 326 100 1,818 4,149 1,808 i 5,060 2,332 30 Dec. 29. 1,090 491 230 71 1,882 4,148 1, 795 | 5,074 2,366 30 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RESERVE BANK CREDIT 55 No, 3.—RESERVE BANK CREDIT AND FACTORS IN CHANGES, WEEKLY AVERAGES, 1922-1929—Continued [Averages of daily figures. In millions of dollars] Reserve bank credit outstanding F d a e c c t r o e r a s s e of Factors of increase Week ending Treas- Mem- Non- Unex- (Saturday)— co B d u i i n s l - l t s edb B o i u l g l h s t U s S e n t t c i a i u t e t r e e s i d s - r c O e b r s a t e e h n d r e k v i r t e Total M s t g t a o o o r l c n y d k e- r c e ( u a u n r d r y c - - y i M n l a c o t i i n r o c e n u y -re b b s b a e a e n r l r - k ve i d m ts e b , e p e m e o r t s c - - . c p f a u p e e n i n t d d a d l s justed) ances 1929 Jan.5_ 1,048 491 239 1,832 4,126 1,785 4,932 2,429 350 Jan.12_. 484 246 1,676 4,111 1,789 4,793 2,402 349 Jan.19_. 481 240 1,593 4,110 1,789 4,722 2,387 351 Jan.26.. 791 462 209 1,509 4,117 1,790 4,677 2,358 351 Feb. 2_. 822 438 202 1,501 4,123 1,786 4,664 2,364 353 Feb. 9_. 856 412 197 1,512 4,130 1,781 4,675 2,366 354 Feb.16. 394 183 1,522 4,143 1,789 4,689 2,377 355 Feb. 23. 890 367 175 1,476 4,152 1,786 4,691 2,339 357 Mar. 2 I 955 338 172 1,503 4,154 1,776 4,706 2,343 358 Mar. 9 | 993 313 166 1,522 4,157 1,775 4,723 2,341 358 Mar. 16 __._! 916 281 240 1,495 4,160 1,802 4,703 2,362 361 Mar. 23 i 915 241 223 1,423 4,168 1,808 4,692 2,318 362 Mar. 30 1,020 217 170 1,451 4,179 1,788 4,702 2,317 Apr. 6__. 1,044 178 171 1,446 4,193 1,790 4,707 2,320 365 Apr. 13_. 991 159 171 1,363 4,220 1,801 4,679 2,310 364 Apr. 20.. 1,004 146 166 1,382 4,236 1,775 4,676 2,314 367 Apr. 27_. 142 156 1,347 4,239 1,776 4,664 2,297 369 May 4... 167 157 1,372 4,262 1,776 4,689 2,311 368 May 11.. 963 159 156 1,332 4,286 1,784 4,687 2,312 369 May 18.. 936 148 156 1,292 4,298 1,797 4,677 2,310 370 May 25_. 935 134 152 1,262 4,300 1,787 4,671 2,279 371 June 1- 991 120 145 1,296 4,301 1,785 4,703 2,276 373 June 8_- 1,000 112 153 1,319 4,303 1,783 4,704 2,298 373 June 15 945 109 198 1,313 4,307 1,792 4,675 2,331 376 June 22 941 91 189 1,294 4,313 1,778 4,669 2,308 377 June 29 1,004 86 178 1,320 4,321 1,761 4,683 2,314 377 July6_- 1,126 74 158 1,440 4,328 1,778 4,768 2,371 372 July 13.. 1,136 65 143 1,407 4,329 1,786 4,800 2,314 376 July20._ 1,092 73 154 1,384 4,335 1,800 4,775 2,338 376 July27_. 1,046 82 146 1,322 4,341 1,794 4,734 2,319 376 Aug. 3... 1,069 90 153 1,364 4,341 1,784 4,741 2,344 376 Aug. 10- 1,081 88 158 1,381 4,345 1,779 4,769 2,329 379 Aug. 17.. 1,049 122 154 1,383 4,350 1,781 4,777 2,326 382 Aug. 24.. 1,015 139 153 1,358 4,354 1,780 4,778 2,303 384 Aug. 31.. 1,006 162 150 1,366 4,358 1,786 4,790 2,311 384 Sept. 7. _ 1,042 183 149 1,435 4,361 1,779 4,841 Sept. 14. 982 218 161 1,428 4,364 1,782 4,822 2,339 386 Sept. 21. 923 240 193 1,424 4,369 1,773 4,798 2,350 387 Sept. 28. 935 262 157 1,412 4,375 1,737 4,782 2,327 Oct. 5._ 928 302 148 1,454 4,374 1,753 4,814 2,350 390 Oct. 12. 895 322 138 1,422 4, 376 1,783 4,822 2,339 390 Oct. 19. 860 349 133 1,429 4,380 1,790 4,818 2,358 392 Oct. 26- 843 355 140 1,409 4,386 1,793 4,791 2,378 394 Nov. 2. 954 343 256 1,620 4,386 1,795 4,821 2,556 394 Nov 978 327 299 1,677 4,380 1,793 4,854 2,565 393 Nov 16—. 971 303 315 1,672 4,373 1,802 4,846 2,567 395 Nov, 908 282 326 1,580 4,372 1,787 4,816 2,502 395 Nov 30.. 933 259 326 1,563 4,368 1,772 4,860 2,421 396 Dec. 7— 913 264 349 1,585 4,363 1,778 4,897 2,404 397 Dec. 14. 808 308 392 1,569 4,346 1,802 4,906 2,386 399 Dec. 21. 742 316 525 1,677 4,314 1,811 4,968 2,404 401 Dec. 28_ 791 364 491 1,739 4,293 1,799 5,021 2,382 403 90182—30 5 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

56 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD RESERVE BANK CREDIT No. 4.—RESERVE BANK CREDIT OUTSTANDING, ANNUAL AVERAGES, 1915-1929 [Averages of daily figures. In thousands of dollars] Bills and securities held by Federal reserve banks Reserve Due Year ou c b t r i s a e n t n d a g k n it d- B co il u ls n t d e i d s- bo B u il g ls ht se U S c n t u a i r t t i e e ti s d es se O cu t r h i e ti r es F on l o o r a g e n o ig s ld n f b o f a r r o e n i m k g s n b R an e k se f r l v o e at 1915 i 60,149 24,371 10,430 7,931 17,417 1916 i 163,350 24,140 65, 508 47,161 26,541 1917 523,120 193, 783 150,094 89, 207 6,893 2 83,143 1918 1, 723,168 1,134, 486 287,147 134,177 352 536 2 166,470 1919 2, 625,406 1,905, 697 323,939 254,384 1 2,765 2 138, 620 1920 __. . 3, 390,422 2, 523,073 385,420 323, 661 793 2 157, 475 1921 2,198, 238 1, 797, 226 91,150 263, 864 44 692 45, 262 1922 1, 226, 334 571, 220 159,102 454,777 66 699 40, 470 1923 .. . 1, 204, 752 735, 608 226, 767 185, 504 85 701 56,087 1924 996,467 372,121 172,437 402, 271 1,210 486 644 47, 298 1925 1,195, 397 480, 609 287,482 358, 760 2,473 9,218 671 56,184 1926 . _ 1, 257, 859 568,166 281,104 349, 599 3,396 4,114 674 50, 806 1927 1,175, 035 442, 287 263, 258 417,480 1,513 8,643 41, 854 1928 1, 505, 085 839,942 327, 806 297,499 2,124 603 37, 111 1929 1, 459, 264 950, 580 241, 399 207, 659 13,420 1,068 732 44,406 1 Exclusive of reserve bank float for which figures are not available. 2 Includes Government overdrafts. No. 5.—RESERVE BANK CREDIT OUTSTANDING, BY MONTHS, 1922-1929 [Monthly averages of daily figures. In thousands of dollars] Month Total B c i o l u ls n t d e i d s- bo B u il g ls ht U s S e t n t c i a e i u t t s e r e i s d - O c t u h r e it r i e s s e-l F o o a g r n o e s l i d g o n n f b o f D a r r o e n u m i k g e s n R b e fl a s o e n a r k v t e 1922 January. 1,326,095 961,966 98,195 237,637 302 694 27,301 February... 1,233,072 768,836 87,507 356, 906 295 697 18,931 March 1,206, 587 638,208 92,318 458, 584 102 698 16,677 April. , 210,045 572,466 93,003 520,224 90 698 23, 564 May , 207,841 479,100 103,452 603,499 699 21,091 June , 191, 524 437,436 135,591 590,690 701 27,106 July , 169,986 425,399 152, 550 547,083 701 44, 248 August , 102,169 395, 588 159,4£0 497,185 701 49,196 September.. ., 179,870 417,251 211,538 485, 989 701 64,373 October , 245, 574 486,155 251, 534 448,129 701 59,033 November.. , 264, 889 623,372 259,871 325, 319 701 55, 599 December.. :, 377,109 660,427 259,296 379,939 701 76, 715 1923 January. ,248,888 547,058 217, 939 420, 977 20 701 62,193 February. _. ., 205,043 608,165 189,819 355, 737 701 50, 621 March 228, 242 627, 799 233, 753 315,848 17 701 50,124 April 214, 466 657,730 272, 439 228, 664 39 701 54,893 May 221, 737 705,312 271, 333 193, 224 49 701 51,118 June 178, 370 741,246 224, 313 153,395 56 701 58, 659 July , 179, 386 834,084 186, 002 96, 533 19 701 62,047 August 1,127, 239 808,870 175, 351 90, 016 15 701 52, 286 September.. 1,183,823 845, 227 173,909 101,690 138 701 62,158 October 1, 204,123 873,142 184, 838 91,450 317 701 53, 675 November.. 1, 204, 312 798,529 264, 951 83,456 255 701 56, 420 December.. 1,260,198 771,034 323, 901 105,893 701 58, 581 1924 January.. 1,040,781 573,865 299, 914 117, 576 27 701 48, 698 February... 955, 227 513, 920 272, 678 134, 611 19 701 33, 298 March 989, 838 475, 712 228,101 244, 121 73 701 41,130 April.. 981, 361 488, 558 170, 525 273, 601 52 701 47,924 May 879, 242 432, 613 79, 995 323, 557 342 701 42, 034 June... 886, 324 370. 159 50, 376 416, 251 1, 276 701 47, 561 July 878, 500 315, 343 43, 878 466, 530 1,250 701 50, 798 August 880, 895 268, 475 29, 532 539, 409 1,540 701 41, 238 September.. 982, 574 2S1,P55 91, P17 575, 3p0 2,9^3 596 50, 383 October 1, 057,166 240, 200 179, 735 585,118 1,933 476 49, 704 November.. 1,134, 950 228, 236 268, 346 587, 666 2,987 477 47, 238 December.. 1, 288, 061 301,351 357, 504 554, 048 2,056 i 5,734 573 66,795 i Foreign loans on gold outstanding from Dec. 2, 1924, to Aug. 2, 1926, Mar. 7 to Mar. 18, 1929, and Apr, Digitized for1 1F RtoA MSaEyR 1 0, 1929. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EESEKVE BANK CREDIT 57 No. 5.—RESERVE BANK CREDIT OUTSTANDING, BY MONTHS, 1922-1929— Continued IMonthly averages of daily figures. In thousands of dollars] Month Total B co il u ls n d te i d s- b B ou il g ls ht U s S e t n t c i a i e u t t s e e ri d s - O cu th ri e t r i e s s e- l F o o g a r n o e s l i d g o n n f b o f D r a r o e n u i m k g e s n R b e fl a s o e n a r k t ve 1925 January 1,125,416 287, 003 329, 258 463,722 2,539 8,224 641 54,029 February 1, 094, 047 340, 253 313,419 383, 790 2,973 10. 500 642 42, 470 March 1,121,951 389, 611 298,177 375, 566 2,652 10, 500 720 44, 725 April 1,109, 656 402, 766 287, 322 354. 984 1,643 10, 500 639 51, 802 May 1, 099,973 397, 352 279, 054 3 1, 261 1,867 10, 500 640 49,299 June 1,118,344 437,177 2°3,497 344, 9G9 2,250 10, 500 730 59, 221 July 1,118, 239 480, 105 231,122 337, 667 2,044 10, 500 636 56,165 A ugust 1,142, 70S 545,198 205, 401 329, 091 2,058 10, 469 645 49,846 September 1, 22°>, f 38 594, 080 225, 728 335. 425 2,414 7, 954 735 eo, 300 October 1, 320, 582 618, 770 298, 211 327,685 2,703 7,378 639 65,196 November 1, 351, 693 597,158 351, 751 331, 962 3,378 5,2^0 652 61, 532 December 1, 508, 515 687, 766 368,659 359, 242 3,191 8,367 738 78, 552 1926 January _. 1, 278, 808 519,917 323, 874 367, 789 3,143 6,852 642 56,591 February 1, 218,403 525, 678 304,816 334,816 3,185 7,131 709 42,068 March 1, 216, 042 556, 541 2P.7, 833 335, 742 3, 653 8,201 696 43, 376 April 1, 203, 653 537, 003 234, 409 370, 754 8, 687 645 47, 269 May 1,199, 838 511, 490 232, 219 398, 201 4,103 7,758 707 45,360 June 1,185, 468 472,871 243. 233 407, 896 3,453 7,407 676 49, 932 July 1, 221, 421 549,107 229, 923 379, 618 3,117 3,521 681 55, 454 August 1, 202, 639 555, 241 245,117 353,192 3,373 90 702 44, 924 September 1, 277, 787 639, 508 2C4, 813 315, 530 3.700 659 53, 577 October 1, 321, 568 663, 296 295, 249 30", 189 3.042 677 53,115 November 1, 318, 027 614, 501 348, 365 302, 434 2,525 650 49, 552 December 1, 445, 340 668, 453 384, 603 321, 540 2,579 650 67, 515 1927 January 1,185, 778 480, 622 343,448 310,486 3, 550 657 47,015 February 1,043, 082 392.996 304, 071 306, 606 2,250 658 36, 501 March _ 1, 055,163 424, 543 252, 722 344, 922 2,064 658 30. 254 April._._ 1,087,141 447, 286 248,429 341,081 2,061 659 47, 625 May 1,041, 397 472, 984 233, 224 291, 495 1,801 660 41,233 June 1,081, 275 428, 563 205, 273 397, 754 1, 533 8,627 39,525 July 1,114, 788 453.997 189, 774 381,081 1,300 45,370 43,266 August _-_ 1,093,486 409,439 173,122 438, 511 758 36,190 35,466 September 1,187, 227 422,192 215, 926 500,637 587 7,141 40,744 October 1,254,435 424,413 281,903 506,177 628 40,616 November __ 1,377,128 415, 216 335,908 579,238 564 45,556 December 1, 567, 814 528, 624 377, 712 605,841 54,129 1928 January 1, 387, 591 465, 275 372, 538 511,852 657 566 36,703 February 1, 263, 814 470, 680 359, 883 405,551 535 566 26,599 March 1, 295, 246 513,233 342,790 414, 681 821 568 23,153 April 1,405,135 660,927 358, 026 351,105 990 570 33, 517 May 1,471,559 835, 502 348,600 256, 686 1,000 571 29,200 June 1, 531,103 1,018, 735 243, 540 231,907 790 573 35,558 July 1, 530,993 1,089,579 185,018 212, 978 490 572 42,356 August 1,485,196 1,060, 811 177,951 209, 610 764 574 35,486 September., 1,581,421 1,064,302 226,033 240,429 3,177 574 46,906 October 1, 621, 327 975, 204 367, 595 236,914 4,433 645 36, 536 November 1, 652,841 897, 309 470, 638 238, 335 4,160 729 41, 670 December. 1, 824,070 1, 013,003 482, 704 262, 776 7,597 727 57,263 1929 January 1,613,093 859, 223 472,543 228, 528 9,608 730 42,L 61 February 1, 501, 565 889, 207 384, 662 184, 241 9,474 729 33, 252 March 1,480,931 265,430 196,746 8,410 2,928 723 38,129 April 1, 377, 282 1,004,440 155, 686 165,311 7,073 5,854 723 38,195 May 1,303,411 956, 274 144,899 152, 870 7,446 3,979 726 37,217 June 1, 316,801 978,009 99,489 179,370 11, 427 729 47,777 July 1,379,796 1,095, 623 74,815 147,473 10,558 728 50,599 August 1, 376,086 1,043, 467 124,441 154,513 13,644 724 39,297 September 1, 426,890 969,000 229,395 164, 579 15, 594 740 47,582 October 1,449, 620 884, 501 337,121 154,462 20, 387 764 52,385 November 1, 631, 397 952,640 296, 212 315, 289 21,440 740 45,076 December. 1, 643,073 803, 352 319, 997 446, 066 13,083 722 59,853 Back figures.—See Annual Report for 1928 (Table 1). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

58 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No. 6.—DEPOSITS, RESERVES, NOTE CIRCULATION, AND RESERVE PERCENT- AGES OF FEDERAL RESERVE BANKS, BY MONTHS, 1925-1929 (Monthly averages of daily figures. In thousands of dollars] Deposits Cash reserves Federal Re- Foreign reserve serve Month Member U.S. bank note cir- per- Total re b s a e n rv k e G er o n v - - go a v n e d rn- Other Total Excess culation c a e g n e tment ment 1925 January 2,276,911 2.194,270 39,930 21,853 20,858 3,072,677 1,574,016 1,754,356 76.2 February 2,233,531 2,158,816 32,457 21,689 20,569 3,041,913 1, 574,206 1,714,929 77.0 March 2,193,473 2,137,427 26,202 8,887 20,957 3,000,252 1,540,047 1,731,223 76.4 April 2,181,000 2,123,131 30,431 6,659 20,779 2,978,628 1,531,866 1,708, 529 76.6 May 2,191,354 2,132,087 31,454 6,657 21,156 2,977,357 1,536,433 1,684,876 76.8 June 2,208,968 2.141,271 42,269 6,384 19,044 2,953,024 1,515,833 1,660,130 76.3 July..... 2,204,389 2,160,281 17, 576 5,722 20,810 2,921,585 1,495,771 1,635, 694 76.1 August 2,209,321 2,151,478 33,186 5,212 19,445 2,896,876 1,473,059 1,626,387 75.5 September 2,214,359 2,161,329 26,752 6,708 19, 570 2,872,807 1,425,944 1,679,594 73.8 October 2,266,442 2,203,011 33,689 8,922 20,820 2,867,444 1,388,700 1, 713,723 72.0 November 2,294,052 2,221,367 32,054 12,278 28,353 2,877, 578 1,384,915 1, 724,362 71.6 December 2,281,484 2,218, 552 31,105 10,821 21,006 2,805,791 1,280,282 1,817,473 68.5 1926 January 2,289,298 2,235, 986 23,714 7,944 21,654 2,922,466 1,426,550 1,736,653 72.5 February 2,274,728 2,208,272 40, 736 5,999 19,721 2,925, 529 1,459,140 1,675, 586 74.1 March 2,276, 724 2,197, 682 52,511 7,254 19,277! 2,933,885 1,467,665 1,673,416 74.3 April 2,251,846 2,183,479 42,143 5,502 20,722 |2,932,794 1,474,570 1,675,195 74.7 May 2,253,294 2,199,229 27, 671 5,248 21,146 2. 952,013 1,488,672 1,686,721 74.9 June. 2,241,415 2,205,974 12,193 5,738 17,510 !2,975, 552 1,509,732 1,703,312 75.4 July.... 2, 262,420 2,211,545 26,246 5,407 19,222 i2,969,505 1, 491,804 1,714,636 74.7 August. 2,253,350 2,200,909 25,098 10,127 17,216 I2,965,896 1,497,539 1, 699,212 75.0 September 2,273,205 2,211,367 31, 723 10,856 19,259 !2, 950,380 1,460, 967 1, 734,479 73.6 October, 2,280,180 2,219,023 34,264 7,271 19,622 !2,934,877 1,436,684 1, 750, 326 72.8 November 2, 279,135 2,214,441 28,229 11,917 24,548 i2, 955,169 1,450,555 1, 767,291 73.0 December 2,289,632 2,218,186 39,758 13,843 17,845 i2,929,074 1,385,128 1,856,436 70.6 1927 January _ 2,300,204 2, 242, 854 24,132 11,316 21,902 3,064,506 1,557,915 1, 753, 799 75.6 February 2,266,460 2, 212, 206 28,132 4,924 21,198 3,137, 737 1,662,595 1,704, 703 79.0 March 2, 284,809 2, 239, 952 21,823 6,021 17,013 3,168,365 1, 679,931 1,721,876 79.1 April 2,301,120 2, 248,302 29, 622 5,521 17, 675 3,182,325 1, 679,121 1, 744, 530 78.7 May.. 2,326,816 2, 262,397 25, 374 5,309 33, 736 3,191, 623 1,684, 975 1, 730, 655 78.7 June . 2, 355,428 2,300,897 20, 660 5,341 28, 530 3,170,162 1,658,481 1,718,203 77.8 July 2,339,478 2,288,948 17,420 5,233 27,877 3,156,204 1,651, 520 1, 714,666 77.9 August 2,331,452 2, 283,097 17,890 5,100 25, 365 3,145, 581 1,657,149 1,681,059 78.4 September 2,350,875 2,300,450 20, 324 5,675 24,426 3,117,062 1,605, 565 1, 721, 726 76.5 October. 2,380,856 2,326,009 20, 426 8,365 26,056 3,089,483 1,563,305 1, 732,196 75.1 November 2,429,976 2,372, 954 12,812 6,227 37, 983 3,011,346 1,469,223 1, 729,078 72.4 December 2,435,984 2,399,182 9,976 5,063 21, 763 2,893,417 1,322,856 1, 794,917 68.4 1928 January 2,472,425 2,426,360 19,438 5,233 21, 394 2,944,811 1,413,756 1, 664,263 71.2 February 2,419,482 2,368,092 25,606 5,373 20,411 2,971,768 1,486,132 1,597,043 74.0 March 2,411,714 2,365,030 23,018 5,368 18, 298 2,940, 725 1,459, 979 1,591, 615 73.5 April 2,450,188 2,396, 460 26, 796 6,080 20,852 2,885,356 1,387, 648 1,600,356 71.2 May 2,438,812 2, 387, 642 23,821 6,373 20, 976 2,806, 772 1,314,076 1, 597,780 69.5 June _. 2,394,875 2, 354, 547 12, 797 8,437 19, 094 2, 727,906 1, 242, 658 1,617, 605 68.0 July 2, 372,629 2,323, 506 19,468 9,495 20,160 2, 730,221 1,242, 910 1,642,226 68.0 August 2,330,159 2,273,919 27,860 9,225 19,155 2,747, 578 1,272,088 1,649,836 69.0 September 2, 370,075 2,314,257 17,648 7,318 30,852 2, 751,167 1,241,146 1,701,237 67.6 October. 2,380, 594 2,332,177 18,694 6,522 23, 201 2, 753,956 1,230, 562 1, 725,464 67.1 November 2,401,637 2,352, 294 17, 542 6,419 25, 382 2, 767, 562 1,228, 727 1, 745,656 66.7 December 2,415,052 2,366, 803 18,807 6, 483 22, 954 2, 714,744 1,128,688 1,851,969 63.6 1929 January 2,436, 250 2, 386, 746 18,165 6,530 24, 809 2, 777, 763 1, 236, 2281,722,118 66.8 February 2,406, 651 2, 357, 297 20, 853 5,995 22, 506 2, 826, 670 1,318,945 1, 663, 492 69.4 March 2, 384, 675 2, 336, 507 16, 820 9,239 22,109 2, 848, 586 1, 346,046 1, 669, 759 70.3 April 2, 367, 519 2, 307,945 24,817 12, 312 22,445 2, 936,935 1,439,941 1, 670,904 72.7 May 2, 350, 927 2, 296, 409 22, 498 7,997 24, 023 2,987,484 1,499, 258 1, 663, 504 74.4 June 2, 374, 439 2, 314, 338 30, 383 6,723 22, 995 3,011,015 1, 513,157 1,667,011 74.5 July 2, 384, 979 2, 333, 545 20, 389 7,187 23, 858 3, 078, 382 1, 528,162 1, 788, 692 73.8 August 2, 368,430 2,322,411 18, 969 5, 584 21, 466 3,117, 555 1, 556,187 1, 831,044 74.2 September 2, 395, 383 2, 334, 541 33,313 6,801 20, 728 3,135, 894 1, 549, 6001, 869, 776 73.5 October 2,437,987 2, 385, 644 24, 233 6,345 21, 765 3,157,885 1,555,552 1, 872, 594 73.3 November 2, 576, 514 2, 521, 324 22, 648 5,660 26,882 3,166, 713 1,489,966 1,937,418 70.2 December 2, 437, 914 2, 395, 022 15, 859 5,775 21, 258 3, 040,010 1,408,179 1,946,402 69.3 Back figures.—See Annual Report for 1928 (Table 2). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RESERVE BANK CREDIT 59 No. 7.—PRINCIPAL RESOURCES AND LIABILITIES OF FEDERAL RESERVE BANKS, BY WEEKS [In millions of dollars] Bills and securities Deposits TT'flrl J? 6(1- Date Bills Bills bought U. i3. securities T c r o a e s t - a h l M b e e m r - Other s n e e r o r e r a t - v e l e s Total i co d u is n - t- Bought U de n r - Bought U de n r - serves Total re b s a e n rv k e de- i c n u c la ir - ed Total out- resale Total out- resale bal- posits tion right agree- right agree- ances ment ment 1929 Jan.2 1,890 1,151 484 430 54.8 244 197 46.8 2,719 2,564 2,494 70 1,829 Jan. 9 1,603 877 477 426 51.3 239 197 42.2 2,783 2,452 2,405 48 1,745 Jan.16 1,551 822 481 421 60.6 238 208 30.3 2,793 2,473 2,415 58 1,697 Jan. 23__. 1,447 782 454 413 41.6 202 199 3.0 2,814 2,397 2,359 38 1,661 Jan.30-_. 1,467 821 436 382 53.6 202 199 2.7 2,835 2,437 2,391 46 1,645 Feb.6 1,472 852 411 367 43.8 200 199 1.0 2,831 2,438 2,386 52 1,646 Feb. 13 — 1,481 904 391 352 39.2 177 176 .8 2,848 2,422 2,373 49 1,660 Feb. 20... 1,403 865 356 334 21.6 173 171 1.8 2,840 2,361 2,319 42 1,652 Feb. 27 — 1,463 952 334 308 25.8 166 165 1.4 2,844 2,413 2,367 46 1,654 Mar. 6— 1,467 989 305 271 34.0 163 162 1.4 2,836 2,403 2,350 52 1,667 Mar. 13... 1,422 956 283 257 25.9 165 161 3.8 2,860 2,397 2,363 34 1,650 Mar. 20— 1,372 943 237 215 21.7 185 185 .8 2,878 2,370 2,340 31 1,642 Mar. 27.... 1,410 1,024 208 192 16.8 170 166 4.6 2,879 2,383 2,332 51 1,653 Apr. 3 1,380 1,030 175 161 13.9 169 166 3.5 2,893 2,382 2,335 47 1,664 Apr. 10— 1,294 964 157 144 13.1 166 163 3.5 2,951 2,340 2,302 38 1,658 Apr. 17 — 1,310 994 141 127 13.9 161 152 9.8, 2,956 2,380 2,302 77 1,653 Apr. 24— 1,281 975 141 119 21.9 150 139 10.7 2,973 2,350 2,290 60 1,653 May 1 1,329 986 170 122 48.4 151 140 10.5 2,986 2,410 2,336 75 1,664 May 8 1,282 962 157 108 49.0 149 137 12.3 3,012 2,389 2,330 59 1,664 May 15— 1,224 915 146 106 39.7 156 138 18.0 3,012 2,366 2,320 46 1,647 May 22... 1,204 904 138 113 24.9 153 137 16.2 3,008 2,325 2,276 49 1,640 May 29... 1,259 988 118 103 14.5 145 137 7.4 2,970 2,331 2,286 45 1,654 June 5 1,247 977 113 97 16.2 147 137 10.5 2,985 2,366 2,321 44 1,647 June 12— 1,228 934 114 90 24.1 170 132 37.7 3,025 2,376 2,328 48 1,644 June 19. .. 1,199 959 87 80 7.4 139 130 9.5 3,047 2,369 2,292 77 1,649 June 26. .. 1,262 1,017 83 71 11.6 150 130 19.8 3,073 2,420 2,344 76 1,658 July 3 1,351 1,125 74 62 12.1 141 127 14.6 3,041 2,438 2,380 58 1,736 July 10-. . 1,366 1,153 66 54 12.1 136 126 10.0 3,062 2,360 2,303 57 1,833 July 17.. . 1,315 1,084 68 42 25.8 153 127 26.3 3,098 2,394 2,352 42 1,801 July 24... 1,289 1,064 69 48 20.4 146 127 19.1 3,126 2,402 2,357 45 1,780 July 31... 1,308 1,076 75 45 29.6 147 127 20.7 3,109 2,398 2,355 42 1,779 Aug. 7 1,311 1,064 79 36 43.3 158 127 31.0 3,123 2,377 2,323 54 1,811 Aug. 14... 1,311 1,028 118 72 45.6 154 127 27.7 3,129 2,376 2,330 46 1,815 Aug. 21— 1,283 986 132 64 67.8 149 127 22.0 3,143 2,337 2,292 45 1,823 Aug. 28-. 1,292 974 157 95 61.2 145 127 18.8 3,149 2,348 2,306 42 1,829 Sept. 4.... 1,394 1,046 183 101 81.6 149 127 22.2 3,116 2,374 2,320 54 1,883 Sept. 11... 1,370 973 222 137 84.9 159 127 31.8 3,146 2,404 2,360 44 1,864 Sept. 18— 1,368 934 241 164 77.6 178 131 47.0 3,156 2,428 2,381 47 1,847 Sept. 25... 1,375 944 264 180 84.5 152 126 26.1 3,162 2,446 2,364 82 1,838 Oct. 2 1,414 931 323 239 83.5 146 127 18.6 3,141 2,471 2,399 72 1,851 Oct. 9 1,346 857 333 288 45.4 141 127 13.3 3,162 2,387 2,339 48 1,860 Oct. 16_ _. 1,370 849 360 303 56.9 138 128 9.6 3,158 2,460 2,408 52 1,860 Oct. 23__. 1,337 796 379 364 15.9 136 128 7.8 3,190 2,422 2,378 44 1,857 Oct. 30__. 1,649 991 340 311 29.1 293 260 32.8 3,177 2,696 2,652 45 1,880 Nov. 6.... 1,638 991 330 305 25.0 293 283 9.8 3,172 2,624 2,558 66 1,918 Nov. 13... 1,606 971 300 287 12.4 313 311 1.3 3,187 2,646 2,608 38 1,937 Nov. 20— 1,530 900 284 277 7.4 327 323 3.8 3,196 2,563 2,518 44 1,925 Nov. 27... 1,514 912 257 250 6.9 326 322 4.0 3,135 2,437 2,376 61 1,930 Dec. 4 1,503 872 257 218 38.5 355 352 2.8 3,139 2,453 2,401 52 1,938 Dec. 11... 1,491 769 322 243 79.0 387 386 .6 3,110 2,426 2,397 29 1,918 Dec. 18— 1,589 737 309 243 66.3 533 509 24.3 3,026 2,439 2,408 31 1,926 Dec. 24... 1,613 763 355 221 134.3 485 476 9.5 2,951 2,375 2,320 55 1,989 Dec. 31 — 1,548 632 392 237 155.2 511 487 23.3 3,011 2,414 2,355 58 1,910 i Includes "other securities" and foreign loans on gold. Back figures.—See Annual Report for 1928 (Table 5), 1927 (Table 5), 1926 (Table 12), etc. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

60 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No. 8.—FEDERAL RESERVE BANKS—RESOURCES AND LIABILITIES IN DETAIL, DECEMBER 31, 1929 * [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 _ _ — 1,676,918 Gold redemption fund with United States Treasury 73,287 Gold held exclusively against Federal reserve notes _.. 1,750,205 Gold settlement fund with Federal Reserve Board. - 511,243 Gold and gold certificates held by banks: Gold coin 139,950 Gold bullion and foreign gold coin 123, 525 Gold certificates 332,128 Total gold and gold certificates held by banks 595,603 Total gold reserves 2,857,051 Reserves other than gold: Legal-tender notes 76,470 Silver certificates 73, 573 Standard silver dollars _._ - 3,834 Total reserves other than gold _ 153,877 Total reserves . 3,010,928 Nonreserve cash: National-bank notes __ 66,081 Federal reserve bank notes 4 Subsidiary silver, nickels, and cents _ 15,824 Total nonreserve cash . 81, 909 Bills discounted: Secured by United States Government obligations 353, 528 Other bills discounted. - 278,893 Total bills discounted .._ 632,421 Bills bought in the open market: Bills bought outright 236,974 Bills bought under resale agreement 155,235 Total bills bought in open market 392,209 United States securities bought under resale agreement: United States bonds 7,080 Treasury notes ___ _ 16,216 Total United States securities bought under resale agreement 23,296 United States securities bought outright: Liberty bonds 66,175 Bonds issued since 1921 614 Other United States bonds 2,948 Total bonds 69,737 Treasury notes 199,388 Certificates of indebtedness 161,916 Treasury bills 56,250 Total United States securities bought outright 487,291 Total United States Government securities 510, 587 Other securities: Federal intermediate credit bank debentures 2, 650 Federal land bank bonds . 9, 500 Municipal warrants 150 Total other securities 12,300 Total bills and securities 1, 547, 517 Due from foreign banks 721 Uncollected items: Transit items 652,968 Exchanges for clearing house 32,196 Other cash items 21,421 Federal reserve notes of other Federal reserve banks 42,151 Total uncollected items 748,736 Digitized for F 1 RBeAfoSreE Rclo sing of books at end of year. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RESERVE BANK CREDIT 61 No. 8.—FEDERAL RESERVE BANKS—RESOURCES AND LIABILITIES IN DETAIL, DECEMBER 31, 1929 *—Continued [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] Bank premises. _ _ _ _ __ 59,301 All other resources: Claims account closed or suspended banks _ 5,235 Overdrafts—member banks 8 Premium on securities.._ 1,207 Interest accrued.. _ 2,800 Deferred charges. _ 726 Suspense account and miscellaneous assets 1,325 Total all other resources _ __. 11,301 Total resources 5,460,413 LIABILITIES Federal reserve notes outstanding (issued to Federal reserve bank) 2,426,584 Held by banks and branches.. 474,580 Forwarded for redemption 42,281 Federal reserve notes in actual circulation.. ._ 1,909,723 Deposits: Members—reserve account 2,354,285 Government 24, 568 Foreign bank 5,710 Other deposits— Nonmembers' clearing account 20,483 Officers' checks 1, 752 Federal reserve transfer and exchange drafts 275 Allother . ... 1,343 Total other deposits 23,853 Total deposits - 2,408,416 Deferred availability items: Government transit items 5,853 Allother transit items.- 667,069 Total deferred availability items 672,922 Capital paid in 170,973 Surplus 254,398 All other liabilities: Earnings- Gross earnings.. 70,955 Current expenses 29,690 Current net earnings 41,265 Add—Profit and loss 34 Deduct— Furniture and equipment 537 Dividends accrued since closing of books 9,583 Net earnings available for depreciation allowances, reserves, surplus, and franchise tax 31,179 Reserve for self-insurance 2,785 Reserves for losses account failed or suspended banks 3,287 Miscellaneous reserves 293 Accrued dividends unpaid 979 Unearned discount 2,221 Accrued taxes, other than franchise tax, unpaid 875 Discount on securities 1,815 Suspense account and miscellaneous liabilities 547 Total all other liabilities _ 43,981 Total liabilities __ 5,460,413 Contingent liability on bills purchased for foreign correspondents 547,962 1 Before closing of books at end of year. Back figures.See Annual Reports for 1928 and 1927 (Table 6) and 1926 (Table 13) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

62 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No, 9.—RESOURCES AND LIABILITIES OF FEDERAL RESERVE BANKS AT THE END OF EACH MONTH [In millions of dollars] 1928 1929 Dec. 31Jan. 31Feb. 28Mar. 31Apr. 30 May 31 June 30 RESOURCES Gold with Federal reserve agents 1,230 1,203 1,158 1,251 1,322 1,305 1,372 Gold redemption fund with U. S. Treasury- 78 66 66 63 62 68 69 Gold held exclusively against Federal reserve notes 1,307 1,270 1,224 1,313 1,384 1,373 1,441 Gold settlement fund with Federal Reserve Board 687 730 809 733 663 673 658 Gold and gold certificates held by banks: United States gold coin 132 186 185 191 190 195 206 Gold bullion and foreign coin 175 157 157 181 229 245 239 Gold certificates 282 314 302 283 324 327 314 Total gold reserves 2,584 2,657 2,677 2,701 2,791 2,813 2,858 Reserves other than gold _ 125 164 154 162 173 137 172 Total reserves 2,709 2,821 2,830 2,863 2,965 2,951 3,030 Nonreserve cash 80 88 74 65 72 71 57 Bills discounted 1,056 805 973 1,095 934 1,068 1,037 Bills bought: Outright .._._ 439 383 304 184 130 105 73 Under resale agreement 50 57 26 16 49 12 9 Total bills bought 489 440 330 200 179 117 82 United States securities: Bought outright 197 199 165 166 140 137 148 Under resale agreement 31 3 4 6 23 6 68 Total United States securities 228 202 169 172 163 143 216 Other securities . _ 10 9 10 7 7 8 12 Foreign loans on gold 15 Total bills and securities 1,783 1,456 1,481 1,473 1,299 1,335 1,347 Due from foreign banks - . - 1 1 1 1 1 1 1 Reserve bank float 1 24 27 28 62 27 24 52 Total reserve bank credit outstanding.. 1,808 1,484 1,510 1,536 1,327 1,360 1,400 Federal reserve notes of other Federal reserve banks .. . . 29 22 17 17 13 16 19 Other uncollected items not included in float. 660 598 649 565 634 603 623 Bank premises 59 59 59 59 59 59 59 All other resources --- 7 8 8 8 7 8 7 Total resources 5,352 5,080 5,146 5,112 5,077 5,068 5,194 LIABILITIES Federal reserve notes: Held by other Federal reserve banks 29 22 17 17 13 16 19 Outside Federal reserve banks. 1,809 1,633 1,648 1,674 1,650 1,656 1,694 Total notes in circulation 1,838 1,655 1,665 1,691 1,663 1,672 1,713 Deposits: Member bank—reserve account 2,389 2,362 2,362 2,357 2,282 2,288 2,356 Government 23 17 21 28 28 32 36 Foreign bank 6 6 6 20 9 8 6 Other deposits 21 22 19 20 26 25 21 Total deposits 2,440 2,408 2,409 2,425 2,345 2,353 2,419 Deferred availability items 660 598 649 565 634 603 623 Capital paid in - . 147 149 151 154 156 158 159 Surplus . _ 254 254 254 254 254 254 254 All other liabilities 13 16 19 22 25 28 27 Total liabilities 5,352 5,080 5,146 5,112 5,077 5,068 5,194 Contingent liability on bills purchased for foreign correspondents 325 313 304 337 345 389 422 i Uncollected items (exclusive of Federal reserve notes of other Federal reserve banks)[in 'excesslof|deferred availability items. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

KESERVE BANK CREDIT 63 No. 9.—RESOURCES AND LIABILITIES OF FEDERAL RESERVE BANKS AT THE END OF EACH MONTH—Continued [In millions of dollars] 1929 July 31 Aug. 31 Sept. 30 Oct. 31 Nov. 30 Dec. 31 RESOURCES Gold with Federal reserve agents 1,479 1,537 1,549 1,482 1,639 1,677 Gold redemption fund with U. S. Treasury.. 74 62 68 66 76 73 Gold held exclusively against Federal reserve notes __ 1,553 1,599 1,617 1,548 1,716 1,750 Gold settlement fund with Federal Reserve Board 667 724 741 814 578 511 Gold and gold certificates held by banks: United States gold coin 168 189 247 139 Gold bullion and foreign coin 182 204 169 166 131 124 Gold certificates 298 250 254 239 277 333 Total gold reserves 2,924 2,945 2,971 3,004 2,948 2,857 Reserves other than gold 185 175 155 152 142 154 Total reserves __ 3,109 3,120 3,126 3,156 3,090 3,011 Nonreserve cash. 67 51 61 77 74 82 Bills discounted. 1,076 1,046 958 1,000 1,030 632 Bills bought: Outright 45 114 214 245 237 Under resale agreement . 30 62 79 35 11 155 Total bills bought 75 176 293 355 256 392 United States securities: Bought outright 127 127 322 488 Under resale agreement 21 23 35 50 4 23 Total United States securities 147 150 162 326 511 Other securities 10 16 15 25 19 12 Total bills and securities 1,308 1,389 1,429 1,701 1,631 1,548 Due from foreign banks 1 1 1 1 1 1 Reserve bank float1 _ _ 38 50 28 41 45 34 Total reserve bank credit outstanding 1,347 1,440 1,458 1,743 1,677 1,583 Federal reserve notes of other Federal reserve banks... 30 36 23 29 27 42 Other uncollected items not included in float 611 563 600 713 640 673 Bank premises 59 59 59 59 59 57 All other resources __ 10 10 10 11 12 11 Total resources _. 5,233 5,279 5,337 5,788 5,579 5,458 LIABILITIES Federal reserve notes: Held by other Federal reserve banks 30 36 23 29 27 42 Outside Federal reserve banks 1,749 1,844 1,840 1,870 1,923 1,868 Total notes in circulation 1,779 1,880 1,863 1,899 1,950 1,910 Deposits: Member bank—reserve account 2,355 2,337 2,326 2,666 2,458 2,355 Government 14 20 61 39 29 Foreign bank 6 5 6 6 5 6 Other deposits 22 19 22 25 20 24 Total deposits . 2,398 2,381 2,415 2,712 2,522 2,414 Deferred availability items _. __ 611 563 600 713 640 673 Capital paid in 162 167 167 167 168 171 Surplus. _ ... 254 254 254 254 277 All other liabilities.. 28 33 37 42 45 14 Total liabilities __ ___ 5,233 5,279 5,337 5,788 5,579 5,458 Contingent liability on bills purchased for foreign correspondents 458 453 449 503 504 548 1 Uncollected items (exclusive of Federal reserve notes of other Federal reserve banks) in excess of deferred availability items. Back figures—See Annual Report for 1928 (Table 7), 1927 (Table 7), 1926 (Table 11), 1925 (Table 11), etc Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

64 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No. 10.—CONDITION OF EACH FEDERAL RESERVE BANK AT THE END OF 1928 AND 1929 [In thousands of dollars] Boston New York Philadelphia 1928 1929 1928 1929 1928 1929 Total gold reserves 171,951 267, 212 716,698 749,860 179,131 203,721 Reserves other than gold_ 17,756 16,772 22,040 50,382 6,453 12,471 Total reserves.. 189,707 283,984 738,738 800,242 185,584 216,192 NTonreserve cash 11,538 10,902 23,449 12,946 1,486 3,483 Bills discounted 69, 244 26,644 463,980 171,759 84,314 65,777 Bills bought 54, 619 29,878 152,414 191,745 16, 234 8,540 United States securities. 8,173 25,850 49,377 239,206 21,447 41, 806 Other securities 1,000 7,150 1,000 Total bills and securities _ 132,036 83,372 665,771 609, 860 121, 995 117,123 Due from foreign banks 55 53 205 218 69 69 70,990 78,859 195,086 220,003 60,242 59,284 Bank premises 3,702 3,580 16,087 15,664 1,752 1,762 All other resources. 76 81 786 3,283 199 106 Total resources 408,104 460,831 1,640,122 1,662,216 371,327 398,019 LIABILITIES Federal reserve notes in circulation.. 161, 292 206,558 354,183 318,971 142,949 162,344 Deposits: Member bank—reserve account- 146,177 141, 547 970,895 985,791 133,515 133,193 Government 1,103 2,013 8,497 5,851 985 2,329 Foreign bank 488 415 1,104 1,801 618 539 Other deposits 80 67 8,281 10,927 70 60 Total deposits 147, 848 144,042 988,777 1,004,370 135,188 136,121 Deferred availability items.. 68,752 76,695 172,070 187,721 54,342 55,931 Capital paid in 10,156 11,592 50,124 67,301 14,536 16,467 Surplus 19,619 21,751 71, 282 80,001 24,101 26,965 All other liabilities 437 193 3,686 3,852 211 191 Total liabilities 408,104 | 460,831 1,640,122 1,662,216 371,327 398,019 Cleveland Richmond Atlanta 1928 1929 1929 1928 1929 RESOURCES Total gold reserves 238,839 254,259 I 82, 369 99,377 118,346 139, 591 Reserves other than gold_ 11,686 8,618 j 7,729 5,830 9,363 13, 925 Total reserves.. 250, 525 262,877 90,098 105, 207 127, 709 153, 516 Nonreserve cash 6,504 6,724 7,287 5,904 4,178 5,559 Bills discounted 92, 702 76,719 38, 561 38,939 41, 020 29, 347 Bills bought 52, 377 23,499 ! 24,369 13, 336 32,002 19,196 United States securities- 32,962 29,479 I 3,427 9,559 7,255 9,945 Other securities 1,500 Total bills and securities. 178, 041 131,197 66, 357 61,834 80, 277 Due from foreign banks 76 74 37 33 31 28 Uncollected items 67, 068 66, 852 54, 027 58, 285 22,455 26, 749 Bank premises 6,535 6,268 3,575 3,194 2,744 2,658 All other resources 1,038 1,013 693 680 1,488 3,845 Total resources.. 509,787 | 475,005 I 222,074 235,137 250,843 LIABILITIES Federal reserve notes in circulation.. 216, 890 98,670 134,966 143,084 Deposits: Member bank—reserve account. 182,774 I173,739 64, 705 64, 742 63,385 62,895 Government 1,216 1,982 1,432 2,150 1,944 2,484 Foreign bank 676 ! 572 332 258 273 219 Other deposits 832 ; 1,683 114 159 140 165 Total deposits 185,498 177,976 66,583 67,309 65, 742 65, 763 Deferred availability items. 65,383 62, 957 49, 722 49, 683 21,361 23,907 Capital paid in 14,419 15, 632 6,154 6,072 5,231 5,384 Surplus 26, 345 29,141 12,399 12,496 10, 554 10,857 All other liabilities 1,252 1,101 877 907 1,028 1,848 Total liabilities. 509,787 I 475,005 222,074 235,137 238,882 250,843 Digitized for FBRacAk SfiEguRre s.—See Annual Report for 1928 (Table 8), 1927 (Table 8), 1926 (Part II, Table 1), etc. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

KESEKVE BANK CREDIT 65 No. 10.—CONDITION OF EACH FEDERAL RESERVE BANK AT THE END OF 1928 AND 1929—Continued [In thousands of dollars] Chicago St. Louis Minneapolis 1928 1929 1928 1929 1929 RESOURCES Total gold reserves 463,910 441,048 77,926 116,882 85,650 92,466 Reserves other than gold- 11,765 12,652 15,422 8,581 2,510 2,731 Total reserves.. 475, 675 453, 700 93,348 125,463 88,160 95,197 Nonreserve cash 10, 781 12,405 3,573 6,531 1,393 2,467 Bills discounted- __- 146, 519 112, 668 35, 539 17,938 4,495 10,177 Bills bought 39, 078 37, 561 11,335 9,801 21,820 6,636 United States securities. 35,850 68,846 21, 043 29, 266 10,907 16,873 Other securities 1,500 30 1,635 120 Total bills and securities. 221,447 220, 575 67,917 57, 035 38,857 33,806 Due from foreign banks 101 99 31 29 20 18 Uncollected items 89,931 84,034 28, 783 35,110 15,830 14, 791 Bank premises 8,527 8,295 3,812 3,811 2,110 2,018 All other resources 748 559 433 297 822 542 Total resources 807, 210 779, 667 197,897 228, 276 147,192 148,839 LIABILITIES Federal reserve notes in circulation. _ 323, 590 304, 538 64,463 94, 744 65,274 66,856 Deposits: Member bank—reserve account. 343,099 331,302 83, 560 79, 771 56, 067 56,861 Government -. 1,068 2,930 1,119 1,197 1,336 2,129 Foreign bank .. 904 768 280 224 176 140 Other deposits ._ 2,101 1,484 596 332 268 Total deposits _._ 347,172 336, 484 85, 555 81, 495 57, 911 59,398 Deferred availability items.. 79,336 76,345 30, 583 34, 549 13, 079 11, 535 Capital paid in 18,478 20, 013 5,408 5,268 3,009 3,091 Surplus 36,442 40, 094 10,820 10,877 7,082 7,143 All other liabilities 2,192 2,193 1,068 1,343 837 816 Total liabilities.. 807,210 779,667 197,897 228,276 147,192 148,839 Kansas City Dallas San Francisco 1928 1929 1928 1929 1928 1929 Total gold reserves 118,664 131,719 71,067 66,803 259, 681 294,113 Reserves other than gold.. 5,766 6,172 5,537 4,346 8,581 11,397 Total reserves.. 124,430 137,891 76, 604 71,149 268, 262 305, 510 Nonreserve cash 2,418 2,867 3,410 4,286 3,868 7,835 Bills discounted 31,143 29, 649 11,161 13, 291 37, 788 39,513 Bills bought 8,195 25,420 9,209 59, 306 34, 613 United States securities. 10, 513 3,063 10,008 24,878 17,102 11,816 O ther securities 1,500 6,500 250 Total bills and securities. 43, 252 40,907 53,089 47,378 114,446 85, 942 Due from foreign banks 26 24 25 24 52 52 Uncollected items 38, 765 40, 637 27, 587 28,017 41,910 36,115 Bank premises 4,140 3,972 1,920 1,876 3,687 4,261 All other resources 245 164 427 359 385 346 Total resources __. 213, 276 226,462 163,062 153,089 432, 610 440,061 LIABILITIES Federal reserve notes in circulation- 70, 663 19,434 48, 585 46,947 169,000 189,379 Deposits: Member bank—reserve account. 89,991 71,017 183,779 175, 317 Government.. 1,661 1,555 1,111 1,321 2,000 2,911 Foreign bank 234 185 228 185 462 404 Other deposits 313 141 92 63 8,524 8,530 Total deposits 92,199 72,448 65,266 194,765 187,162 Deferred availability items.., 36,580 34,804 28, 654 26,871 39, 638 31,924 Capital paid in 4,224 4,286 4,329 4,453 10,868 11,414 Surplus 9,086 9,162 8,935 17,978 19,514 All other liabilities._ 524 487 356 617 361 Total liabilities 213,276 226,462 163,062 153,089 432, 610 440,061 Back figures.—See Annual Report for 1928 (Table 8), 1927 (Table 8), 1926 (Part II, Table 1), etc. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

66 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No. 11.—NUMBER OF MEMBER BANKS DISCOUNTING PAPER AT FEDERAL RE- SERVE BANKS, BY MONTHS, 1914-1929 Month 1914 1915 1916 1917 1918 1919 1920 1921 January... 398 614 309 1,432 3,316 3,461 5,293 February.. 469 451 262 1,353 3,091 3,338 5,107 March.—. 570 535 315 1,568 3,575 3,670 5,320 April 606 606 384 2,100 3,875 4,175 5,568 May 655 590 2,793 4,035 4,642 5,632 June 813 678 900 3,021 4,047 4,948 5,745 July.... 760 642 960 3,462 3,685 4,858 5,607 August . 711 483 990 3,671 4,780 5,453 September.. 761 448 953 3,464 3,722 4,758 5,427 October 794 383 1,140 3,610 3,839 4,952 5,572 November.. 132 835 336 1,574 3,667 3,649 5,275 5,622 December.. 339 754 314 1,701 3,288 3,659 5,551 5,676 Year.. 1,920 1,788 3,127 5,493 5,9 6,941 7,415 Month 1922 1923 1924 1925 1926 1927 1928 1929 January 5,350 3,294 3,663 2,554 2,838 2,825 2,256 2,691 February.. 4,847 2,976 3,465 2,415 2,659 2,566 2,104 2,597 March 4,701 3,282 3,516 2,731 3,045 2,717 2,405 2,860 April 4,738 3,507 3,744 3,016 3,155 2,707 2,522 3,185 May _. 4,636 3,942 3, 795 3,209 3,282 2,858 2,742 3,391 June 4,436 3,706 3,289 3,458 2,834 2,957 3,414 July 4,167 4,110 3,432 3,207 3,190 2,669 2,927 3,301 August 4,042 3,052 2,979 3,016 2,511 2,797 3,012 September. 3,944 3,600 2,786 2,729 2,879 2,361 2,562 2,822 October.... 3,793 3,752 2,663 2,796 2,856 2,377 2,663 2,917 November. 3 3 , , 8 8 5 7 9 3 3,732 2 2 , , 7 5 8 7 3 3 3 2 , , 0 87 2 6 1 3 2 , , 0 8 2 7 4 1 2 2, , 3 3 4 5 5 0 2 2 , ,6 8 3 0 9 1 3 3, , 0 2 8 4 0 6 December- Year. 6,956 6,333 6,060 5,183 5,343 4,718 5,113 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EESERVE BANK CREDIT 67 No. 12.—BILLS DISCOUNTED BY FEDERAL RESERVE BANKS—HOLDINGS AT THE END OF EACH MONTH, BY CLASSES [In thousands of dollars] Member bank col- Rediscounted bills lateral notes Com- Month (all T c o la ta ss l es) a m p g t a a e u r p n r i r c c e d a u i r l a l , l - D d e s a r i m a g n f h d a t t s nd 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 S G o y m e b o c l v e U u ig e n r . r a e t n S - d - , b S G o y m e b o c l U e v u ig n e r . a e r t n S - d - . s O e w c th u is e r e e r- d n. e. s. tions tions 1929 January 805,388 200, 382 387 371 2,385 258 499,404 102,201 February 972,631 220,893 314 1,089 1,765 1,254 599,453 147,863 March __. 1,095,031 235, 721 36 379 1,335 305 675,990 181,265 April. 934, 468 253, 775 20 2,016 1,755 705 515,821 160, 376 May _.- 1,067,867 316,422 30 3,588 2,004 1,355 582,577 161,891 June _- 1,037,149 285, 668 42 5,831 2,302 901 573, 705 168, 700 July 1,075, 714 295, 270 3,900 2,189 925 591,858 181, 566 August 1,046, 306 336,433 455 302 2,062 1,390 516,141 189, 523 September 958,290 303,108 1,095 1,484 2,142 457, 211 192, 590 October 999, 704 270,854 1,460 2,825 2,862 1,210 524.476 196, 017 November 1,030,442 288,903 454 121 3,491 1,194 533, 906 202,373 December 632,421 170,995 83 31 2,177 755 352, 773 105,607 NOTE.—Figures include bills discounted for Federal intermediate credit banks as follows: January, $15,041,000; February, $12,222,000; March, $13,337,000; April, $9,388,000; May, $3,421,000; June, $5,790,000; July, $5,439,000; August, $1,593,000; September, $4,354,000; October, $3,160,000; November, $2,332,000; December, $1,094,000. Figures also include notes secured by adjusted service certificates discounted for nonmember banks as follows: January, $103,000; February, $122,000; March, $128,000; April, $133,000; May, $130,000; June, $133,000; July, $122,000; August, $118,000; September, $109,000; October, $75,000; November, $50,000; December, $51,000. Back figures.—See Annual Report for 1928 (Table 11), 1927 (Table 11), 1926 (Table 19), etc. No. 13.—BILLS BOUGHT BY FEDERAL RESERVE BANKS—HOLDINGS AT THE END OP EACH MONTH, BY CLASSES [In thousands of dollars] Bills payable in dollars Bankers' acceptances Bills ; Trade pay- Month Total on B g a o se o d ds I la a c n c c e e p s t- f a o b r l e e i g i n n stored Dollar curren- Total Import Export m D es o t - ic sh i i n p p o e r d ch e a x n - ge o A th II e r : : cies between foreign countries 1929 January 439,817 437,939 111, 757 75,095 140,556 9,988 7,561 859 1019 February 329,553 327,889 76,711 74, 775 53,139 110,258 7,612 5,394 635 1,029 March 199, 703 198,193 54, 577 43, 541 34, 967 54,684 7,311 3,113 474 1,036 April 178,569 177,170 48, 509 42, 382 27, 056 49, 224 7,477 2,522 363 1036 May ! 116,779 115, 534 33,921 25,782 17, 569 28, 844 5,170 4,248 205 1,040 June... I 81,592 80,253 25,305 22,176 14,633 15,151 2,446 542 296 1043 July —_j 74,567 72,284 22,354 18,837 11,079 17,481 1,934 599 222 2,061 August j 176,228 163, 711 41,178 36,993 23,089 49,838 5,108 7,505 171 12,346 September. 292, 739 275,243 56,784 61,243 54,205 89,851 11,075 2,085 541 16,955 October 354,987 336, 907 59,807 60,956 76, 711 124, 531 13,871 1,031 285 17795 November _ 256,075 253,973 39, 716 47,113 60,824 93, 753 10,873 1,694 112 1990 December— 392,209 390,582 55,506 77,068 94,222 146,881 15, 562 1,343 1,627 Back figures.—See Annual Report for 1928 (Table 12), 1927 (Table 12), 1926 (Table 24), etc. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

68 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No. 14.—HOLDINGS OF BILLS DISCOUNTED AND BILLS BOUGHT BY FEDERAL RESERVE BANKS, BY MATURITIES, 1928-29 [In thousands of dollars] Maturity Date Total Within 16 to 30 31 to 60 61 to 90 91 t o d a 6 ys Over 6 15 days days months months Bills discounted: 1928-Jan. 25.... 385,224 318,991 14,912 26,751 17,352 6,091 1,127 Feb. 29.... 492. 568 420.680 17,933 29,469 18,156 4,215 2,115 Mar. 28... 524.096 442,928 18,829 32,801 20,294 3,546 Apr. 25— 709,073 585,962 26,741 50,317 31,899 11,857 2,297 May 29.. 943,791 806,549 35,865 53,093 28,907 18,428 949 June 27... 1.031,874 892,122 36,139 48,934 35.368 19,071 240 July 25... 1,025,109. 844,643 38, 675 71,495 57,393 12,834 69 Aug. 29.. 1,038,773 854,964 53,014 83,138 37,542 9,681 434 Sept. 26.. 1,010,766 863,522 44, 257 57,729 37.780 7,185 293 Oct. 31... 932, 271 770,441 42,312 66,556 35,014 17,096 852 Nov. 28.. 990,240 855, 540 36, 200 47,981 29,979 19,467 1,073 Dec. 26... 1,167,579 1,012,581 38,749 59,509 38, 616 16,993 1,131 1929—Jan. 30... 820,634 677,446 37,802 51,437 42,387 9,454 2,108 Feb. 27... 952,482 789, 566 41,273 69,807 42, 589 6,381 2,866 Mar. 27.. 1,024,130 865,446 40,319 65,365 42,679 7,331 2,990 Apr. 24... 974, 513 803,341 45,367 67,741 41, 501 12,703 3,860 May 29.. 762,915 52,052 84,852 57,418 29,136 1,821 June 26.. 1,016, 747 799, 237 49,840 78,909 52,665 35, 533 563 July 31... 1,075, 714 844, 787 47,421 87,375 75,010 20,924 197 Aug. 28_. 973,627 719, 548 54,371 114,842 77, 111 7,653 102 Sept. 25.. 944,399 714, 584 66,035 103,521 54,519 5,267 473 Oct. 30... 991,038 784, 594 51,616 94,601 49,726 10,170 331 Nov. 27.. 9 6 1 3 2 2 , , 3 4 4 2 9 1 508,072 6 3 5 6 , , 3 4 3 1 1 5 9 4 2 8 , , 3 7 6 4 0 2 4 2 3 5 , , 9 9 5 3 4 2 1 1 2 7 , , 1 7 6 0 8 6 Dec. Si- Bills bought: 1928—Jan. 25... 347,305 122,510 73,182 74,684 73,660 Feb. 29.. 343,759 111, 382 92,357 107,092 29, 762 3,166 Mar. 28.. 346,103 167,981 77,976 58,788 35,457 5,901 Apr. 25- 365.841 120,797 83,644 82,147 10,447 May29.. 97,597 73,528 95,842 30,204 6,817 June 27- 223,432 103,443 47,389 42,764 23,651 6,185 July 25.. 169,083 57,426 36,340 44,314 25,410 5,593 Aug. 29.. 184,299 80,174 36,280 41,153 20,965 5,727 Sept. 26. 263,419 97,048 35,435 43,168 81,424 6,344 Oct. 31.. 440, 376 131,511 52,332 139.843 111, 296 5,394 Nov. 28. 482,343 139,415 91,570 154,218 93,194 3,946 Dec. 26- 489,270 166,325 93,021 131,901 93,531 4,492 1929—Jan. 30.. 435,609 133, 502 95, 602 156,122 46,947 3,436 Feb. 27.. 334,075 134,661 104, 774 77,558 13,419 3,663 Mar. 27. 208,427 52,370 33,147 26,164 2,762 Apr. 24.. 141,175 66,626 28,011 34, 266 9,557 2,715 May29_ 117,919 54,291 31,848 19, 506 10,080 2,194 June 26.. 82,839 40, 728 18,005 15,654 6,527 1,925 July 31.. 74,567 47,368 10, 457 9,432 6,672 638 Aug. 28. 156,514 90, 597 20,258 25,422 17,173 3,064 Sept. 25.. 263,934 123,010 32,213 49,948 57,092 1,671 Oct. 30... 339,885 70, 968 46, 503 133,870 86, 755 1,789 Nov. 27. 257,315 74,963 76, 510 99,086 6,058 698 Dec. 31- 392,209 280,459 45,814 47,422 18, 310 204 Back figures.—See Annual Report for 1928 (Table 13), 1927 (Table 13), 1925 (Tables 20 and 25), 1924 (Tables 21 and 30), etc, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RESERVE BANK CREDIT No. 15.—HOLDINGS OF UNITED STATES SECURITIES BY FEDERAL RESERVE BANKS AT END OF EACH YEAR, 1925-1929, BY CLASSES [Par value. In thousands of dollars] 1925 1926 1927 1928 1929 TOTAL HOLDINGS Bonds: 2 per cent consols of 1930___ _ _ 915 915 915 915 915 2 per cent Panamas, 1936-1938 237 237 237 237 237 3 per cent conversion bonds of 1946-47 j ! 2,046 » 2,046 i 2,046 i 1, 796 1 1,796 3H per cent Liberty loan___ i 96 49 10 51 1 4J4 per cent Liberty loan | 2 51, 278 2 37,994 2 278,698 2 40, 524 2 72,253 3% per cent Treasury bonds of 1940-1943 842 12 3% per cent Treasury bonds of 1947 2,622 2,784 187 Qi per cent Treasury bonds of 1947-1952 172 148 148 156 4 per cent Treasury bonds of 1944-1954.. 6,082 6,278 6,019 6,119 516 &/i per cent Treasury bonds of 1946-1956 296 10 460 900 Total bonds 60, 826 47, 963 290, 705 53,884 76,817 Treasury notes 187,063 87, 360 69,113 105, 963 215, 604 Certificates of indebtedness. 126, 684 179,497 256, 698 68, 217 161,916 Treasury bills _. 56,250 Total United States securities. 374,573 314,820 616,516 228, 064 510,587 BOUGHT OUTRIGHT In special investment account: &A per cent Liberty loan 2,500 30 188,181 33,950 Treasury notes 164,690 41, 297 30, 300 35, 301 63,365 Certificates of indebtedness- 92, 810 170,976 204, 678 40, 291 129,935 Treasury bills 50, 250 Total in special investment account. 260,000 212, 303 423,159 75, 592 277,500 In other accounts: Bonds— 2 per cent consols of 1930_ _ 915 915 915 915 915 2 per cent Panamas of 1936-1938 237 237 237 237 237 3 per cent conversion bonds of 1946-47 i 2,046 i 2,046 i 2,046 i 1, 796 1 1,796 4 d J y 42 p p e e r r c c e e n n t t L Li i b b e e r r t t y y l l o o a a n n ... _ _. 2 46,87 9 8 6 2 36,72 4 9 9 2 75, 4 1 0 0 3 2 39, 7 5 1 1 3 2 32,223 1 3% per cent Treasury bonds of 1940-1943 63 12 3% per cent Treasury bonds of 1947 2,622 2,634 187 4M per cent Treasury bonds of 1947-1952 172 148 148 156 4 per cent Treasury bonds of 1944-1954 _ 6,082 6,278 6,019 6, 019 416 3% per cent Treasury bonds of 1946-1956 296 10 10 Total bonds- 56, 426 46,698 87, 410 51, 594 35, 787 Treasury notes 17, 630 45,211 21, 913 60, 482 136,023 Certificates of indebtedness.. 32,025 7,446 27,475 9,465 31,981 Treasury bills 6,000 Total in other accounts. 106,081 99,355 136, 798 121, 541 209,791 Total bought outright... 366,081 311, 658 559, 957 197,133 487,291 BOUGHT UNDER RESALE AGREEMENT Bonds: 434 per cent Liberty loan. 1,900 1,235 15,114 811 3% per cent Treasury bonds of 1940-1943... 779 Z%, per cent Treasury bonds of 1947 150 4 per cent Treasury bonds of 1944-1954 100 100 2>% per cent Treasury bonds of 1946-1956... 450 900 Total bonds 1,900 1,235 15,114 2,290 7,080 Treasury notes 4,743 852 16, 900 10,180 16,216 Certificates of indebtedness- 1,849 1,075 24, 545 18, 461 Total bought under resale agreement 8,492 3,162 56,559 30, 931 23, 296 1 Includes $900, 3 per cent loan of 1961, 1924-1925, and $500, 1926-1927-1928-1929. 2 Includes 4 per cent Liberty bonds as follows: 1925, $50; 1926, $3,700; 1927, $2,650; 1923, $1,250; 1929, $1,200. Back figures.—See Annual Report for 1925 (Table 27). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

70 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No. 16.—HOLDINGS BY FEDERAL RESERVE BANKS OF UNITED STATES SECURITIES IN SPECIAL INVESTMENT ACCOUNT, 1925-1929 [In thousands of dollars Monthly data are averages of daily figuresl Month or Hold- Month or Hold- Month or Hold- Month or Hold- Month or Holddate ings date ings date ings date ings date ings 1925 1926 1927 1928 1929 Jan 370,289 Jan . 257, 524 Jan 202,147 Jan.— 366, 708 Jan 75,592 Feb 290,893 Feb 228,173 Feb 200, 036 Feb 275,466 Feb 58,904 Mar 255,711 Mar 202,846 Mar 195 420 Mar 258, 531 Mar 40,339 Apr 247,918 Apr 257, 773 Apr 200,911 Apr 216,680 Apr 38,836 May 250,042 May 275,000 May 170,821 May _-. 121,653 May 21,177 June 231, 654 June. 277,474 June. 263, 225 June. _.. 84, 213 June 23,688 July 216,409 July 265, 548 July 258, 999 July 84,875 July 17, 500 Aug 215, 296 Aug 255, 637 Aug 316,882 Aug 80,085 Aug 30, 702 Sept 212, 396 Sept 204, 262 Sept 358, 637 Sept 89,834 Sept 33, 290 Oct 210,000 Oct 199, 758 Oct 376, 089 Oct 76, 617 Oct 29,357 Nov 210,000 Nov 200,067 Nov 412,125 Nov 79, 861 Nov 106, 669 Dec. 218, 955 Dec 203, 367 Dec 421, 859 Dec 77,067 Dec 210, 243 Jan. 7 408,035 Jan.6 260,000 Jan. 5 200, 000 Jan. 4 423,159 Jan. 2 75,592 Jan. 14.__ 388,126 Jan. 13- — 260,000 Jan.12___ 200,000 Jan.11__. 399,531 Jan.9 75, 592 Jan.21__. 335, 376 Jan. 20_ __ 260,000 Jan.19.__ 200, 000 Jan.18___ 368,080 Jan.16___ 75, 592 Jan.28._. 304, 276 Jan.27-__ 255,850 Jan. 26.__ 200,000 Jan. 25 309,019 Jan.23.__ 75, 592 Jan.30.__ 75, 592 Feb. 4—_ 300,000 Feb. 3— 236,850 Feb. 2.___ 200, 000 Feb. 1..._ 292, 394 Feb. 11— 300,000 Feb. 10— 221,850 Feb. 9— 200,000 Feb. 8— 273,194 Feb. 6—- 75, 592 Feb. 18— 290,000 Feb. 17_._ 220,000 Feb. 16— 200,000 Feb. 15— 273,194 Feb. 13— 53,926 Feb. 25— 270,000 Feb. 24... 210,000 Feb. 23— 200,000 Feb. 21... 273,194 Feb. 20— 49,426 Feb. 29 Mar. 4... 270,000 Mar. 3... 210, 000 Mar. 2___ 200,000 273,194 TJcT «6VD». 9Z7i 43, 500 Mar. 11_- 275,350 Mar. 10. _ 244, 906 Mar. 9___ 200,000 Mar. 7-__ 273,194 Mar. 6 40, 000 Mar. 18. _ 234,804 Mar. 17 — 138, 089 Mar. 16.. 176, 324 Mar. 14__ 269,446 Mar. 13. _ 40,000 Mar. 25. _ 245, 204 Mar. 24__ 189, 339 Mar. 23 __ 201,179 Mar. 21 __ 258, 270 Mar. 20_ . 40,000 Mar. 31_- 217,150 Mar. 30. _ 201, 324 Mar. 28. _ 258, 494 Mar. 27 __ 40,000 Apr. 1 245,204 Apr. 8-... 245,204 Apr. 7— 230,000 Apr. 6 201, 344 Apr. 4 256,038 Apr. 3 49, 500 Apr. 15— 250,042 Apr. 14... 263,650 Apr. 13— 201, 344 Apr. 11— 247,808 Apr. 10— 49, 500 Apr. 22_._ 250,042 Apr. 21— 275,000 Apr. 20— 201,344 Apr. 18-.. 199, 968 Apr. 17— 39,500 Apr. 29... 250,042 Apr. 28— 275,000 Apr. 27... 201,344 Apr. 25... 170, 078 Apr. 24— 27,000 May 6 250,042 May 5 275,000 May 4 199,794 May 2—_ 157,158 May 1 23,500 May 13— 250, 042 May 12... 275, 000 May 11... 136, 312 May 9 140, 508 May 8 20, 500 May 20— 250, 042 May 19— 275,000 May 18— 152,112 May 16... 124, 958 May 15— 20, 500 Mry27— 250, 042 May 26— 275, 000 May 25... 188,477 May 23— 100,000 May 22... 20, 500 May 29— 81,690 May 29— 20, 500 June 3 250, 042 June 2 282, 500 June 1 222,447 June 10... 255,042 June 9 295,000 June 8 316,050 June 6 84, 590 June 5 32, 625 June 17... 201,409 June 16— 238, 700 June 15— 244, 256 June 13.. _ 83,410 June 12... 24,500 June 24... 221,409 June 23... 275,000 June 22. _. 250, 448 June 20... 83, 738 June 19. _. 22,500 June 30— 275,000 June 29... 250,498 June 27— 84,488 June 26— 17, 500 July 1- — 216,409 July 8.— 216,409 July 7 273, 250 July 6 250,498 July 3—_ 84,488 July 3 17, 500 July 15. ._ 216,409 July 14. ._ 275,000 July 13... 250,998 July 11.— 84,988 July 10. ._ 17, 500 July 22.._ 216,409 July 21... 275,000 July 20... 265, 214 July 18.. _ 84,988 July 17. .. 17, 500 July 29. ._ 216,409 July 28. ._ 275, 000 July 27.._ 265, 998 July 25... 84, 988 July 24_ — 17, 500 July 31—. 17, 500 Aug. 5 216,409 Aug. 4 275,000 Aug. 3..-. 286,498 Aug. 1— 84,988 Aug. 12— 214,409 Aug. 11— 270, 200 Aug. 10— 299, 393 Aug. 8— 75,488 Aug. 7 31,125 Aug. 19... 214,759 Aug. 18... 262,863 Aug. 17... 317,956 Aug. 15— 75,488 Aug. 14— 31,125 Aug. 26-. 215,134 Aug. 25... 223, 438 Aug. 24... 326,031 Aug. 22— 75,488 Aug. 21— 36,125 Aug. 31... 353, 467 Aug. 29... 92,113 Aug. 28— 36,125 Sept. 2__. 215,134 ! Sept. 1___ 219,975 Sept, 9___ 215,134 ! Sept. 8__. 209, 975 Sept. 7__. 374,407 Sept. 5___ 92,113 Sept. 4___ 36,125 Sept. 16. _ 210,000 i Sept. 15_- 200,000 Sept. 14_. 355, 007 Sept. 12. _ 92,113 Sept. 11. _ 36,125 Sept. 23_. 210,000 Sept. 22_ _ 200,000 Sept. 21 __ 362,820 Sept. 19 __ 92,113 Sept. 18. _ 36,125 Sept. 30__ 210,000 Sept. 29.. 191,000 Sept. 28__ 362,850 Sept. 26_ _ 80,488 Sept. 25__ 31,125 Oct. 7 210,000 Oct. 6 200,000 Oct. 5 374,490 Oct. 3 80,488 Oct. 2-_. 3 22 1 , , 1 5 2 0 5 0 Oct. 14. __ 210, 000 ; Oct. 13. __ 200, 000 Oct. 12._. 374, 890 Oct. 10-- 75,488 r\± ic 99 ^an O O c c t t . . 2 2 8 1_ ._ _ _ _ 2 2 1 1 0 0 , , 0 0 0 0 0 0 ! ; O O c c t t . . 2 2O 7. . _ ._ _ 2 2 0 0 0 0 , , 0 0 0 0 0 0 O O c c t t . . 1 2 9 6 — . _ _ _ 3 3 7 8 4 6 , , 8 7 9 1 0 0 i O O O c c c t t t . . . 2 3 17 1 4 - . . _ . . _ _ . 7 7 7 5 5 5 , , , 4 4 4 8 8 8 8 8 8 O CU O lC C o c tL t t . . . 9 3 Z 1 * O o 0 } .__ Z 4 Z 7 t j O 5 U 0 U 0 Nov. 4 210,000 Nov. 3__. 200,000 Nov. 2... 402, 770 Nov. 6___ 72, 500 Nov. 10— 210,000 ! Nov. 10— 200, 000 Nov. 9—_ 409, 242 Nov. 7___ 75,488 Nov. 13 97, 500 Nov. 18. _ 210,000 I Nov. 17_ . 200,000 Nov. 16. . 415, 824 Nov. 14__ 75,488 Nov. 20 122, 500 Nov. 25 __ 210,000 Nov. 24 __ 199,481 Nov. 23-. 415,824 Nov. 21 __ 83,488 Nov. 27 __ 122, 500 Nov. 30-- 419,934 Nov. 28__ 83,488 Dec. 2—. 210,000 i Dec. 1_— 199, 299 Dec. 4__-_ 152,500 Dec. 9 210,000 Dec. 8 209,178 Dec. 7— 419,934 Dec. 5 75,488 Dec. 11— 177, 675 Dec. 16... 180,000 Dec. 15— 190, 564 Dec. 14... 426,772 Dec. 12— 81,387 Dec. 18... 222, 675 Dec. 23_._ 228, 750 Dec. 22..- 206,064 Dec. 21_._ 423,159 Dec. 19... 75, 592 Dec. 24— 262, 375 Dec. 30--. 259, 700 Dec. 29— 206, 064- Dec. 28... 423,159 Dec. 26... 75,592 Dec. 31— 277, 500 Digitized for FBRacAk SfiEguRre s.—See Annual Report for 1928 (Table 15). http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EESEKVE BANK CREDIT 71 No. 17.—HOLDINGS BY FEDERAL RESERVE BANKS OF TEMPORARY ONE-DAY CERTIFICATES OF INDEBTEDNESS ISSUED BY THE UNITED STATES TREASURY, 1923-1929 [In thousands of dollars] Date 1923 1924 1925 1926 1927 1928 1929 Jan. 2 57,000 Jan 3 88, 000 Jan. 4 128, 500 Jan.5 . _ _ 91, 500 Jan 6 and 7 i 117,000 Jan. 8 156, 500 Jan. 9 100,000 Jan.10 131, 500 Jan.11 109,500 Jan.12 139, 000 Jan. 13 and 14 1 150,500 Jan. 15 134, 500 Jan. 16 69, 500 Jan. 17 73,000 Jan. 18 14,000 Jan.19 7,000 Jan. 20 and 21 1 7,000 Jan. 22 19, 000 Mar. 15. 86, 000 i 184, 000 209,000 251, 500 201, 000 314, 000 Mar. 16 23,000 i 184,000 182,000 157,000 177, 500 208. 000 i 181,000 Mar 17 108, 500 122, 500 99,000 176, 000 1 155, 000 i 181,000 Mar. 18 87, 000 100, 500 38,000 79,000 i 155, 000 129,000 Mar 19 58, 000 58, 500 i 48,000 75, 000 60, 500 Mar 20 14, 000 34, 500 i 48,000 13,000 19,000 Mar. 21 12,000 16, 000 9,000 Mar. 22 1 2,000 9,000 Mar. 23 3,000 May 23 5,000 May 24 31, 000 May 28 7,000 June 8, 9, and 10.. 4,000 June 15 . __ 115,500 108,666 246,000 185,000 192,500 i 239, 500 June 16 i 29, 000 66, bob 42, 500 141, 500 44, 500 i 82, 000 i 239, 500 June 17 i 29,000 20,000 8,000 77,000 15, 500 i 82,000 50, 500 June 18 23, 000 1 6,500 5.000 June 19 1 6, 500 June 20 _._ 19,000 June 21 4,000 July 9 3,000 Sept. 15 1 90, 500 118,000 177,500 192,000 196, 500 i 158,666 Sept. 16 1 90, 500 62,000 94,000 72, 500 91,500 i 158,000 162, 500 Sept. 17 6,000 35,000 41, 000 7,000 i 54,000 31,000 33,000 Sept. 18 • 5,000 1 54,000 47, 000 Sept. 22 and 23... i 4,000 Oct. 18 6,000 Nov. 15 89, 500 Nov. 16 164 500 Nov. 17. 214, 500 Nov. 18 134, 500 Nov. 19 and 20_._. i 156, 500 Nov. 21 45, 500 Nov. 22 62,000 Nov. 23 and 24.... 1 80,500 Nov. 25 20, 500 Nov. 26 and 27.... 1 27,000 Nov. 28 38, 000 Nov. 30 2,000 Dec. 1 4,000 Dec. 2 15,000 Dec. 3 and 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 and 11 1 57, 000 Dec. 12 54 000 Dec. 13 50^ 000 Dec. 14 40,000 Dec. 15 i 130, 500 148,000 172, 000 188, 000 197, 500 i 316. 000 Dec. 16 i 130, 500 75, 000 91,000 70,000 106, 500 i 316, 000 312,500 Dec. 17 36,000 40,000 34, 500 1 57,000 132, 000 99, 500 Dec. 18.. 19,000 1 57,000 183, 000 69,000 Dec. 19 _ 10,000. 77, 500 19,000 Dec. 20 63 000 9,000 Dec. 21 and 22 i 4,000 Dec. 23 3,000 — r~ ]2-day certificates, account Sunday or holiday. 90182—30 6 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

72 ANNUAL REPORT OF THE FEDERAL RESERVE BOARI) VOLUME OF OPERATIONS OF FEDERAL RESERVE BANKS No. 18.—VOLUME OP OPERATIONS IN PRINCIPAL DEPARTMENTS, 1925-1929 [Number in thousands; amounts in thousands of dollars] 1925 1926 1927 1928 1929 NUMBEE OF PIECES HANDLED Bills discounted: Applications 116 123 97 123 145 Notes discounted. 475 506 371 443 526 Bills purchased in open market for own account 201 232 254 251 196 Currency received and counted 1, 947, 419 2, 099, 605 2,194, 608 2, 270, 555 2,427, 330 Coin received and counted 2, 329, 014 2, 590, 057 2, 691,184 2, 929, 091 3,239, 709 Checks handled 778, 686 822, 907 862, 275 887, 997 924,449 Collection items handled: United States Government coupons paid 44,174 39, 678 37,045 28, 765 20, 935 Allother 5,467 5,595 5,909 6,461 6,504 United States securities—issues, redemptions, and exchanges by fiscal agency department 7,116 4,691 7,201 6,682 1,833 Transfers of funds _ 1, 566 1,710 1,830 2,011 2,139 AMOUNTS HANDLED Bills discounted..... $32,562,620 $37, 682,137 $31,934,607 $62,412, 961 60, 747, 073 Bills purchased in open market for own | account 2,961,170 3, 353, 326 4, 050, 867 4, 240, 669 3, 591, 626 Currency received and counted 11, 556,980 12, 584, 960 12,939, 578 13, 315, 551 14, 782,429 Coin received and counted _. I 467, 732 609,359 | 791,049 888, 621 1, 562,477 Checks handled ..258,611,276 272, 945,160 278, 399, 627 301, 703, 814 367, 215,123 Collection items handled: ; United States Government coupons paid - I 680,921 644,273 553, 703 543, 373 535, 612 Allother 6,116,958 6, 219, 361 6, 710,317 7,414,440 7,185, 384 United States securities—issues, redemptions, and exchanges by fiscal agency department I 5, 578,995 4, 971,442 10, 803, 043 9, 002, 383 7, 018, 844 Transfers of funds !l09,430,683 120, 909,439 136,383, 899 148, 749, 027 170, 789, 669 Back figures—See Annual Reports for 1924 (p. 14) and 1923 (p. 41). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

73 GOLD FUND GOLD SETTLEMENT FUND No. 19.—SUMMARY OF TRANSACTIONS THROUGH THE FUND, 1924-1929 [In millions of dollars] Daily settlements between Federal Year and month a B n t a i b n la e g g n i c o n e f - reserve banks r I e b n s a t e n e r r k v - e d W raw ith al - s Deposits a B t a e l n an d c e of period Federal transfers period Transit reserve clearing note clearing 1924 571.1 97, 698. 3 0) 919.6 1, 921. 8 2, 030. 2 679.5 1 1 9 9 2 2 6 5 6 6 8 7 9 9 . . 2 5 1 10 1 8 5 , ,4 28 5 9 5 . . 3 5 0) 1,0 9 4 09 3 . . 4 0 3 1, , 0 7 2 7 9 9 . . 2 0 3 1, , 0 7 0 88 5 . . 6 3 6 6 8 6 9 5 . . 2 3 1927 _ 665.3 123, 031. 5 635.8 1, 436. 7 3, 797. 3 3, 660. 3 528.2 1928 528.2 132, 525. 2 673.2 1,172. 6 2, 855. 6 3, 014.4 687.0 1929 687.0 145,132. 4 658. 4 1, 052.1 3,160.4 2, 984. 5 511.2 758.7 1929 January 687.0 11, 845. 3 74.3 25.5 273.5 316.8 730.3 February 730.3 10, 448. 5 53.2 12.5 144.6 223.1 March 11, 787.1 51.5 180.7 283.7 208.3 733.5 April 733.5 11,490. 5 57.9 63.4 227.9 157.5 663.1 May 663.1 11,136. 4 52.1 37.8 145.9 156.2 673.3 June 673.3 10, 959. 0 51.6 158.3 264.0 248.9 658.2 July 658.2 11,924.1 69.0 61.0 338.5 347.3 667.0 August 667.0 11,496.1 56.7 16.5 182.8 240.0 724.3 September 724.3 11,446. 5 78.8 163.7 198.5 214. 7 740.5 October 740.5 14, 387. 6 72.6 59.0 279.9 353.8 814.3 November 814.3 15, 459.9 66.2 56.2 399.2 162.7 577.8 December 577.8 12, 751. 4 65.1 217.5 421.9 355.3 511.2 1 Included in transit clearing. Back figures.—See Annual Report for 1928 (Table 19), 1927 (Table 66), 1926 (Table 61), etc. FEDERAL RESERVE AGENTS' GOLD FUND No. 20.—SUMMARY OF TRANSACTIONS THROUGH THE FUND, 1924-1929 [In millions of dollars] Year and month B b o e a f g l a p i n n e c n ri e i o n d a g t d W raw ith a - ls Deposits T to ra n b s a f n e k rs f T ro r m an s b f a e n rs k Ba p e l n e a r n d i c o e o d f at 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 1928.. 1,028. 3 473.6 70.5 1,631.4 1, 768.1 761.9 1929.. 761.9 358.5 149.9 1, 500. 6 2, 210. 2 1,262.8 1929 January... 761.9 40.5 7.0 155.2 181.1 754.3 February. 754.3 38.0 8.0 100.2 78.8 702.9 March 702.9 37.5 2.0 107.2 228.0 788.3 April- 788.3 33.5 98.7 190.9 846.9 May . 846.9 44.0 61.1 91.3 833.2 June. 833.2 56.0 7.0 100.4 220.5 904.2 July 904.2 109.0 25.0 108.5 296.4 1,008.2 August 1,008. 2 99.9 50.5 71.7 1,129. 3 September. 1,129. 3 106.8 112.5 1,134.9 October 1,134.9 210.0 196.0 1,120.9 November. 1,120. 9 113.8 276.4 1,283.6 December.. 1, 283. 6 1.0 288.3 266.6 1,262, 9 Pack figures—See Annual Report for 1928 (Table 20), 1927 (Table 68), 1926 (Table 63), etc. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Y4 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD MEMBERSHIP IN PAR COLLECTION SYSTEM No. 21.—NUMBER OP BANKS ON PAR LIST AND NOT ON PAR LIST, 1922-1929 [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] 1922 1923 1924 1925 Non- Nonmember Nonmember Nonmember End of month M ba b e n e m k r s - o b m n a b e n e p m k r a s r - b M a b e n e m k r s - On p b a a r n N ks ot onb M a b e n e m k r s - On p b a a r n N ks ot on M ba b e n e m k r s - On p b a a r n N ks ot on list i list par list list par list list par list January... 9,852 18,071 9,911 17, 777 2,289 1,875 16,484 3,013 9,674 15,361 3,679 February.. 9,856 18,019 9,917 17, 724 2,282 >,856j 16,337 3,084 9,6621 15,268 3,733 March 9,873 17, 976 9,922 17,692 2,285 1,820 16,246 3,142' 2 9, 535 15,193 3,757 April 9,904 17,943 9,923 17, 663 2,280 1,806! 16,119 3,1851 9,5401 15,079 3,824 May 17,918 9,927 17, 643 2,279 I, 785| 15,981 3,240 9,550! 14,970 3,869 June 9,927 17,889 9,933 17, 589 2,310 >, 7631 15,896 3,301 9,546 14,932 3,880 July. 9,930 17,884 9,916 17, 565 2,324 >,745| 15,820 3,353 9,544| 14,888 3,906 August 9,917 17,865 9,905 17, 381 2,489 l,733i 15,736 3,419 9,540 14,857 3,940 September. 9,917 17,863 9,906 17, 255 2,580 9,718 15,662 3,496 9,545 14,786 3,963 October. _. 9,918 17,851 9,898 17,114i 2,672 9,708 15,601! 3,550 9,532! 14,742 3,968 November. 9,916 17,836 9,889 16,919 2,791 9, 700i 15, 524j 3,612 9,5211 14,701 3,968 December. 9,916 17, 822 9,896 16, 725 2,896 9,682' 15,445! 3,647 9,489' 14,643 3,970 1926 1927 1928 1929 Nonmember Nonmember Nonmember Nonmember End of month banks banks banks banks Mem- Mem- Mem- Member ber ber ber banks On parNot on banks OnparNoton!banks On pari Not onbanks On par Not on list par list list ! par list list I list list par list January | 9,459 14,540 9,206 13,852 3,865 9,014 13,155| 3,918 8,807 12, 567 3,913 February I 9,437 14,490 3,990 9,168 13,781! 3,833| 8,987 13,101 i 3,905 8,777 12, 506 March j 9,425 14,441 3,981 9,143 13,7001 3,8391 8,971 13,035 3,910 8,758 12,466 3,901 April ! 9,410 14,382 3,963 9,130 13,643| 3,858; 8,949 12,960| 3,908 8,743 12,411 3,903 May 9,400 14,325 3,971 9,110 13,5891 3,867 8,935 12,9251 3,916 8,731 12, 346 3,829 June 9,384 14, 257 3,965 9,106 13,556' 3,863 12,888| 3,926 8,707 12, 318 3,812 July 9,377 14,207 3,901 9,105 13,528 3,857 8,920 12,864 3,934 8,677 12,275 3,779 August | 9,377 14,164 3,907 9,099 13,486 3,858 8,912 12,838i 3,936 8,656 12, 242 3,779 September 1,360 14,130 3,924 13,430 3,877 12,800 3,954 8,629 12,221 3, 777 October 1,336 14,073 3,935 9,081 13,358 3,890 8,893 12,758 3,936 8,602 12,175 3, 769 November 1,301 13,991 3,925 9,067 13,306 3,913 8,882 12,713 3,913, 8,569 12,104 3, 761 December 1,260 13, 911 3,913 9,034 13,247 3,910| 8,837 12,643 3,911! 8,522 12,045 3,754 1 Figures for nonmember banks not on par list not available. 2 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. Back figures.—See Annual Report for 1928 (Table 21). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BANK PREMISES 75 FEDERAL RESERVE BANK PREMISES 2»—COST OP BANK PREMISES OF FEDERAL RESERVE BANKS AND BRANCHES TO DECEMBER 31, 1929 NEW BUILDINGS CONSTRUCTED BY FEDERAL RESERVE BANKS Cost of Cost of buildings land, including Total Book Feder o al r r b e r s a e n rv ch e bank bu d i e o l m d ld i o n l- gs m e F r a y i c x h a e n i d n d - All other Total b la u c n i o l d s d t i a n o n g f d s va n l e u t e, Date occupied ished, equipnet ment Boston___ _ $1,246,726 $662,157!$3,542,603 $4, 204, 760 $5,451,486 $3,579, March, 1922. i" New York: Main building 4,850,210 2,819,733 11, 928, 960 14, 748,693 19, 598, 903 13,400,648 October/1924. Annex building 592,679 194,344 1,472,644 1,666, 9882, 259,6671,579,130 0). Cleveland 1. 295,490 1,423,366 6, 582, 227 8,005,593 9,301,083 5,522,660 August, 1923. Richmond 352, 257 410,409 2,031,444 2,441,853 2, 794,1101,554,096 October, 1921. Baltimore 250,487 306,843 1, 259,997 1,566,840 1,817,327 1,639,766 September, 1928. Atlanta... 283,000 175, 279 1,355,487 1,530, 7661,813, 7661,194,625 October, 1918. Birmingham 124,137 46,788 311,336 358,124 482, 261 378,859 January, 1927. J N a e c w ks o O n r v le il a l n e s __ 20 4 1 5 , ,8 2 4 5 2 0 1 2 5 5 9 , ,5 9 0 5 2 6 2 73 1 8 4 , , 4 3 0 1 4 2 2 89 4 7 0 , , ,1 2 9 6 0 8 61,, 2 0,9 8 9 6 , , 1 1 5 1 6 0 2 7 0 0 1 3 , , 4 1 3 8 1 0 J O u c n t e o , b 1 e 9 r, 2 4 19 . 23. Chicago 2,963,548 1,276,579 6,217,105 7,493,684^10,457,232 6, 587,240July, 1922. Detroit 650,000 113,161 1,003,438 1,116,5991 1,766,599 1,707,601 December, 1927. St. Louis 1,355,374 1,058, 979 2,178,866 3,237,845j 4,593,219 2,877,452 June, 1925. Little Rock 85,007 101,143 235,544 336,687 421,694 320,008 March, 1925. Memphis 100,906 41,496 234,859 276,355! 377, 261 353,985 June 3, 1929. Minneapolis 600,521 520,054 2,416,745 2,936,799 3,537,320 1, 953,077February, 1925. Kansas City 495, 300 777, 940 3,391,101 4,169,041 4,664,341 2,637, 516November, 1921. Denver 101,512 55,448 449,876 505,324 606,836 447,307 November, 1925. Oklahoma City 65,021 74,891 409,890 484,781 549,802 373,568 April, 1923. Omaha 176,427 70,487 397, 938 468,425 644,852 513,192 December, 1925. Dallas 181,120 325,273 1,169,871 1,495,144 1,676,264 1,189, 353March, 1921. El Paso 39,003 10,374 111,819 122,193 161,196 117,663 August, 1920. Houston 66,313 59,554 288,091 347,645 413,958 318,858 February, 1922. San Antonio 75,002 20,979 157,811 178, 790 253,792' 249,808 October, 1928. San Francisco 412, 996 700,661 3,218,654 3,919,315 ,, December, 1923. Los Angeles 453,682 103,979 608,964 712,943 4,332,3111 2,614,259 (3). Salt Lake City 114,075 71,873 354,390 426,26321,156406,,632358 1,146860,,464235 February, 1927. 540338 480443 Total.. 17,177,885 11,607,248 52,282,376 63,889,624 81,067,509 53,662,287 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 "1 New York (No. 10 Gold Street) - $45,000 $125,864 $125,864 $170,864 $97,800 C1). Buffalo _ 255,000 465,707 465, 707 720, 707 586, 200May, 1928. Philadelphia 800,717 $339,584 2,054,932 2,394,516 3,195,233 1,762,227 December, 1917. Pittsburgh _ 297,000 138,994 560,460 699,454 996,454 745,144 February, 1920. Nashville- __ 48,000 25,101 211,616 236,717 284, 717 180,252 December, 1922. Louisville 131,177 33,650 227,669 261,319 392,496 259,825 June, 1919. Helena _ 5,000 16,109 156,290 172,399 177,399 64,672 February, 1921. Total 1,581,894 553,438 3,802,538 4,355, 9765,937,870 3,696,120 Grand total 18,759,779 12,160,686 56,084,914 68,245,600 87,005,379 57,358,407 i Occupied by tenants. » Estimated cost to complete, $672,000. > Building under construction. 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 since January 3, 1928, has occupied 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 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

76 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD EARNINGS AND EXPENSES OF FEDERAL RESERVE BANKS No. 23.—GROSS AND NET EARNINGS OF FEDERAL RESERVE BANKS, AND DISPO- SITION MADE OF NET EARNINGS, 1914-1929 [Figures for e^ch Federal reserve bank are given in Table 83] Earnings Disposition of net earnings Year Trans- Franchise Profit (+) Gross Net Div p i a d i e d nds s fe u r r r p e l d u s t o * t U e a r . x n S p m . a e G id n o t v t i o - or f c o l a o r r w s r s i a e r ( d d —) 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, 717 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 1928 64,052, 860 32,122,021 8, 458,463 21,078, 899 2, 584, 659 1929 70,955,496 36,402,741 9, 583,913 22, 535, 597 4,283, 231 Total 904,628,021 515,215,983 90, 672,460 277,433,949 147,109,574 * Amount paid as franchise tax for 1922 includes additional franchise tax payments for prior years with* drawn from surplus account on December 31, 1922, as follows: For 1920, $270,389; for 1921, $3,129,673. No. 24.—EARNINGS OF FEDERAL RESERVE BANKS, BY SOURCES, 1914-1929 Earnings Total disc b O o il u n l n s ted pur b c O i h l n l a s sed se U S c n t u O a i r t t n i e e ti s d es D p r e e e n f s i a e c l r i t v e ie e n s t m ou i s s F c s r e o o l u l m a r n ce e s - 1914-15 $2,173, 252 $1, 218, 516 $244, 664 $171,831 $538,241 1916 5, 217,998 1,025, 675 1, 560,918 1,106, 860 $1,157 1,523, 388 1917 __ 16,128, 339 6,971,479 4,951, 729 2, 367,989 194, 526 1, 642, 616 1918 67, 584,417 48, 348,007 11,939,808 3,828, 782 698,991 2, 768, 829 1919 102, 380, 583 80, 768,144 13,994, 544 5,761, 300 727,844 1,128, 751 1920 181, 296, 711 149,059, 825 22,020,158 7,140, 615 1, 573,335 1, 502,778 1921 _ 122, 865, 866 109, 598, 675 5, 234,141 6, 253, 854 1,177, 562 601, 634 1922 50,498, 699 26, 523,123 5, 628, 956 16, 682,463 602,951 1,061, 206 1923 . . . 50, 708, 566 32,956, 293 9, 371, 288 7,444,089 521,061 415,835 1924 38, 340,449 15, 942, 845 5, 709,809 14, 712, 593 381, 619 1, 593, 583 1925 41,800, 706 17, 679, 549 9,103,915 12, 783,001 310,406 1,923, 835 1926 47, 599, 595 22, 551, 561 10,003,081 12, 589,119 382,946 2,072, 888 1927 43,024,484 17,010, 778 9, 206, 677 14, 206,174 273, 839 2, 327,016 1928 64,052, 860 38, 334,140 13,020, 535 10, 827, 702 277, 401 1, 593,082 1929 . 70,955,496 47, 790, 662 12, 063, 349 8,163,486 449,653 2, 488, 346 Total 904,628,021 615, 779, 272 134,053,572 124,039,858 7,573,291 23,182,028 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE NOTES No. 25.—FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS' ACCOUNTS AT THE END OF EACH MONTH [In thousands of dollars] 1928 1929 Dec. 31 Jan.31 Feb. 28 Mar. 31 Apr. 30 May 31 June 30 July 31 Aug. 31 Sept. 30 Oct. 31 Nov. 30 Dec. 31 Federal reserve notes received from the j comptroller j3,016,416 2,941,450 1,956 2, 863, 2612, 803, 551 3,442,085 3,795,505 3,763,896 3, 773, 209 3, 754,187 3, 523, 553 3, 595, 325 3, 644, 332 Federal reserve notes held by Federal j reserve agents —j 739,062 867,147 840, 792 811,937 746, 307 1, 369, 842 1,600,535 1,423,985 1,436, 294 1,421, 880 1,160, 394 1,149,043 1,217,748 Federal reserve notes issued to Federal reserve banks: | Held by issuing Federal reserve bank..! 439,160 418, 994 394,622 360,074 394,393 400,002 482,105 560, 523 457,026 469,185 463, 775 496, 676 516,861 Held by other Federal reserve banks... 28, 707 22, 361 17,076 16, 624 13,333 16, 378 19, 036 29, 563 36, 218 22, 739 28, 711 26,988 42,148 Held by United States Treasury 1,434 1,516 943 1,146 1,124 1,106 1,108 1,385 1,124 1,240 1,500 2,716 5,154 In circulation * ! 1, 808,053 1,631,432! 1,646,. 523 673/"" 1,648, 394 i 1,654,757 1, 692, 721 1, 718, 440 1,842,."- 1,839,14: 1, 809,173 1, 919, 902 1, 862, 421 Total notes issued ! 2, 277,354 2,074,303 2,059,164 2,051,324 2,057, 2441 2,072,243 2,194,9701 2,339,911 2, 336,915 2, 332, 307 2, 363,159 2,446, 282 2,426, 584 Collateral held as security for Federal reserve notes issued to Federal reserve banks: Gold and gold certificates in vault- Gold bullion 139, 998 133,880 133,880 333,880 133,880 133,8801 133,1 169,638 146, 700 179,734 177,045 177,045 117,968 United States gold coin 92, 255 87, 255 89, 755 90, 305 97, 505 97, 5051 98, 755 98, 755 162, 225 142, 225 101,255 101,235 188,065 Gold certificates 139,020 139,010J 139,010 143, 410 149, 910 141,5101 135,360 102, 760 98, 360 92,450 83,135 77,415 108,015 Total in vault 371,273 360,145 362, 645 367, 595 381, 295 372,8951 367,995 371,153 407, 285 414,409 361,435 355, 605 414,048 In gold redemption fund 96,347 89,043 92,475 94,818 93,999 98, 859! 99, 571 100,136 In gold fund, Federal Reserve Board.. 761,917 754, 304 702,911 788, 250 846, 936 833,194) 904,243 1, 008, 210 1," 129," 284 1,134,936 1,120, 936 1, 283, 570 1, 262,870 Total gold and gold certificates 1,229, 5371,203,492; 1,158,031 1, 250, 663 1, 322, 230 1,304,948 1,371,809! 1,479,499 1, 536, 569 1, 549, 345 1,482, 371 1, 639,265 1,676,918 Eligible paper 1, 470,0001,203,258 1,240,346 1, 245,132 1, 056, 854 1,114,794 l,096,396j 1,102, 295| 1,140, 87^ 1,159,394 1, 291,109 1, 257,050 970,462 Collat T er o a t l a r l e c q o u l i l r a e te d r a a l s h s e e l c d urity for Federal 2, 699, 5372,406, 7502, 398, 3772,495, 795 2, 379, 084 2,419, 742 j 2,468,205 2, 581, 794 2, 677, 446 2, 708, 739; 2, 773,480 2,896, 315 2, 647, 380 reserve notes 2,277,354 2, 074, 3032,059,164 2,051, 324 2, 057, 244 2,072,243 2,194,970 2, 339,911 2, 336,915 2, 332, 307 2, 363,159 2,446,282 2,426, 584 Collateral pledged in excess of Federal reserve notes issued... 422,183 332,447 339, 213 444,471 321, 840 347,499 273, 235 241, 883 340,531 376,432 410,321 450,033 220, 796 i This figure corresponds with that given under same caption in Table 31. It differs from that given in Table 7, by the amount of Federal reserve notes held by other Federal reserve banks, and by the United States Treasury. Back figures.—See Annual Report for 1928 (Table 25), 1927 (Table 76), 1926 (Tables 29-31), etc. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOLD STOCK, GOLD MOVEMENTS, AND MONEY IN CIRCULATION 79 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOLD No. 26.—MONETARY GOLD STOCK J OF THE UNITED STATES, 1914-1929 [In thousands of dollars] End of month figures Month 1914 1915 1916 1917 1918 1919 1920 1921 January. 1, 922,502 1, 821, 943 2,325,198 2,921,617 3,160,062 3,162,269 2,929, 548 2, 966,142 February 1,918,972 1,838,176 2,325,006 2, 995,698 3,162,196 3,164, 873 2, 887, 062 2, 999, 771 March 1, 930, 975 1. 869, 340 2, 322, 977 3,105,084 3,164, 639 3,165,026 2,850, 451 3,086,086 April 1,941,575 i; 892,752 2,317,740 3,136, 892 3,165, 994 3,177,055 2,841, 249 3,163,637 May 1,929,093 1, 929, 441 2,336, 304 3,133,453 3,171,643 3,177,312 2, 855, 677 3, 231, 240 June.. 1,890, 657 1, 985, 539 2, 444, 636 3,220,242 3,162, 808 3,113,307 2, 865, 483 3, 274, 730 July 1,858,708 2, 006, 733 2, 505, 732 3,190,084 3,162,404 3,064,104 2, 862, 302 3, 347, 010 August. 1,852,679 2,076, 303 2, 549, 435 3,164, 856 3,160,693 3,124, 909 2, 850, 640 3, 439, 464 September 1,843,823 2,123, 509 2, 630,234 3,150, 660 3,153,168 3,146,931 2, 872,805 3, 519,165 October 1,808,205 2,197, 957 2, 713, 572 3,153,250 3,156,264 3,103,167 2,867,838 3, 572,215 November 1,806,623 2, 259, 823 2,736,133 3,153, 704 3,159,066 3,044, 293 2, 897, 329 3,626, 765 December 1,813,005 2, 312,061 2, 842, 804 3,155,009 3,159, 915 2,994,127 2, 925, 750 3,660,301 Month 1922 1923 1924 1925 1926 1927 1928 1929 January 3,684, 990 3, 952, 533 4, 289, 342 4,422,889 4,411,624 4, 564, 328 4, 373, 277 4,127, 009 February 3, 723, 379 3,963, 397 4, 323,136 4, 369, 389 4,423,164 4, 585,641 4, 362, 096 4,153, 437 March 3, 750,085 3, 970,269 4, 363,632 4, 346,144 4, 441, 550 4, 596, 724 4, 304, 536 4,187, 885 April 3, 764,263 3, 981,650 4, 410,959 4, 349, 762 4,438,158 4, 609,668 4, 265, 857 4, 260, 325 May 3, 771,434 4, 027,835 4, 455,162 4,361,234 4, 433, 389 4, 608,241 4, ICO, 188 4, 300,944 June 3, 784,651 4, 049, 554 4, 488, 390 4, 364, 632 4, 447, 397 4, 587, 298 4,109,152 4, 324, 351 July 3, 828, 618 4, 078, 804 4,511,352 4,370,119 4,471,115 4, 579, 833 4,112, 592 4, 340, 645 August 3, 854, 714 4,111,443 4, 520,963 4, 382, 751 4, 473,123 4, 588, 360 4,122, 892 4, 359, 574 September... 3, 872, 801 4,136, 465 4, 511, 263 4, 381, 538 4, 465, 760 4, 570, 840 4,124, 947 4,371,640 October 3, 887, 873 4,167, 065 4, 509, 297 4, 407, 476 4,473,447 4, 540, 681 4, 142, 267 4, 386, 005 November. __3,906, 015 4, 207, 063 4, 526, 659 4, 397.440 4, 476, 628 4, 450, 958 4, 128, 242 4, 366, 833 December 3,928, 816 4, 243,869 4, 499,481 4, 399, 425 4, 492, 060 4, 379, 268 4,141, 421 4, 283, 923 Averages of end of month figures Averages of daily figures Month 1914 1915 1916 1917 1918 1919 1920 1921 January ], 917,876 1,817, 474 2, 318, 630 2, 882, 211 3,151,906 3,160, 234 2, 961, 253 2, 930, 716 February , 920, 737 1,830, 060 2, 325,102 2, 958,658 3,158,603 3,162, 433 2,909, 001 2, 975,124 March.. L, 924,974 1, 853, 758 2, 323,992 3, 050, 391 3,162, 393 3,161, 280 2, 859, 069 3, 040, 214 April. , 936, 275 1, 881, 046 2, 320, 359 3,120, 988 3,163,187 3,165, 692 2, 820, 572 3,117,465 May , 935, 334 1, 911, 097 2, 327, 022 3,135,173 3,162, 855 3,175,943 2, 835, 000 3,196, 564 June , 909,875 1,957,490 2, 390, 470 3,176,848 3,161,513 3,168, 636 2, 853, 965 3, 253, 620 July , 874,683 1,996,136 2, 475,184 3, 205,163 3,160, 765 3, 086, 527 2, 862, 331 3, 304, 856 August , 855, 694 2, 041, 518 2, 527, 584 2 3,182,927 3,156, 692 3,114,266 2, 854, 781 3, 391, 804 September , 848, 251 2, 099, 906 2, 589, 835 2 3,152,186 3,155,665 3,143, 230 2, 847, 398 3, 478, 923 October , 826, 014 2,160. 733 2, 671, 903 2 3,151,254 3,151, 263 3,120, 099 2, 855,131 3, 547, 431 November , 807, 414 2, 228, 890 2, 724, 853 2 3,152,765 3,154, 675 3, 070,199 2, 872, 802 3, 594, 514 December ], 809, 814 2, 285,942 2, 789, 469 2 3,153,360 3,156, 364 3,020, 905 2, 893, 649 3, 642, 643 Averages of daily figures Month 1922 1923 1924 1925 1926 1927 1928 1929 January 3, 671, 794 3,944,625 4, 266, 366 4,467, 776 4,406, 525 4, 527, 046 4, 376, 903 4,115, 355 February 3, 704,096 3,959, 603 4, 302, 069 4, 392, 586 4, 425,068 4, 575, 667 4, 373, 000 4,142, 675 March 3, 735,928 3, 965, 619 4, 340,144 4, 347, 038 4,443, 721 4, 594, 823 4, 334, 581 4,165, 929 April 3, 755, 570 3,975, 064 4, 382, 695 4, 346, 014 4,448, 050 4, 601, 256 4, 286, 767 4, 226,176 May.. 3, 767,885 3, 993, 030 4,432,923 4, 359,001 4, 433, 791 4, 650, 698 4, 206, 806 4, 292, 296 June 3, 776, 390 4, 039, 565 4,471, 057 4, 364,012 4, 438, 249 4, 606, 350 4,118, 500 4, 311,186 July 3, 802, 601 4, 060, 867 4, 502, 621 4, 365, 248 4,460,151 4, 575, 095 4,113, 355 4, 334, 637 August 3,840, 306 4,096, 674 4, 515, 518 4, 374, 403 4, 467,137 4, 585,081 4,118,194 4, 350, 676 September... 3,860, 308 4,122, 741 4, 514, 648 4, 386,147 4, 470, 882 4, 584, 345 4,125, 267 4, 367, 690 October 3, 884,178 4,154, 556 4, 506, 326 4, 390,815 4, 471, 833 4, 566, 212 4,133, 323 4, 380, 574 November 3, 895,934 4,182, 405 4, 516,993 4,406, 689 4, 477, 035 4,489, 500 4,151, 233 4, 373, 948 December 3,916, 905 4, 226, 033 4, 506, 582 4, 397,494 4,481, 381 4,415, 742 4,141, 548 4, 324, 477 » Gold coin and bullion (including foreign coin) held by United States Treasury and Federal reserve banks (including gold held under earmark abroad) and United States gold coin in circulation. Amounts held abroad under earmark (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 Averages of daily figures. 81 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

82 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No. 27.—GOLD 1 EARMARKED BY FEDERAL RESERVE BANKS FOR FOREIGN ACCOUNT, BY MONTHS, 1916-1929 [In thousands of dollars. For other statistics of earmarked gold see Table 26, note 1] End of month 1916 1917 1918 1919 1920 1921 1922 January 6,097 6,942 6,942 6,000 18,010 February... 6,097 6,942 6,942 5,000 20,000 March. 2 2,391 | 6,097 6,942 6,842 6,000 20,000 April 4,571 ! 6,097 6,942 9,000 20,000 May 4,571 ; 6,097 6,942 10,000 20,000 June 5,071 6,097 6,942 11, 500 23,000 July.. 5,402 i 6,097 6,942 14, 500 18,000 August 5,502 6,778 6,942 16,500 18,000 September.. 5,955 6,942 6,942 17, 500 8,000 October 6,942 6,942 3,000 20,000 1,500 November- 5,981 6,942 6,942 4,000 20, 500 1,700 December.. 6,097 6,942 6,942 5,000 22,000 3,700 End of month 1923 1924 1925 1926 1927 1928 1929 January 5,329 3,000 46, 023 19,012 | 19, 779 193, 919 144, 898 February... 1,000 2,407 47, 389 30,012 16,599 191,051 144,898 March 1,000 4,859 54, 214 53,000 18,101 155, 251 137, 391 April 5,417 39, 364 53,000 I 19,101 109, 511 88, 821 May 4,417 26, 639 53,000 I 114,101 136, 050 72, 694 Tune.. 2,417 21, 564 53,580 114, 601 105, 997 80, 207 Ally 1,500 5,000 25,465 49,580 !114, 417 45,050 102,194 August 1,500 12,984 16, 740 30,380 !116.918 39,134 103,194 September.. 1,000 26, 213 15, 839 32, 780 '125, 918 40, 334 109, 795 October 3,000 43, 213 12, 969 32, 776 !150.919 39,134 114, 296 November^. 3,000 43,713 10, 969 40,274 190, 919 64,136 113, 292 December.. 3,000 45, 213 12,969 39,266 I 199, 419 79,897 | 135, 295 I 1 Gold bullion (bars) and United States gold coin. 2 First transaction Mar. 21, 1916. No. 28.—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— 1926 1927 1928 1929 1926 1927 1928 1929 Belgium 1 1 1 Belgium 2,200 2, 000 France 351 21, 048 202 France 18 10, 000!308,002 65, 381 Germany. 1 1 46, 773 Germany 47,550 13,994; 28,759 2,384 G Gr r e e e a c t e Britain 1,212 39, 396 37, 62, 398 I G ta re ly at . Britain. 8,562 2 3 6 2 , , 0 5 9 2 3 5 21, 086 Italy 7 5 Netherlands. __ 8,055 4, 000 Netherlands... 15,075 5 i Poland and Danzig. 5,000 6,000 5,010 Spain 105 3 1 75 ' Spain Sweden _ 32 75 Sweden 1,027 1,341 Canada 82,543 63, 650 102,371 73, 880 Switzerland 1 12 10, 007 Central America 1,516 1,224 041 1,030 Canada 42, 392 29,698 22, 641 390 Mexico _ _. 23, 913 6,001 4,610 9,174 Central America 3,855 253 323 1, 052 West Indies 405 329 631 423 Mexico 6,202 4,490 3, 605 Argentina. 8 23 4,500 72, 478 West Indies 154 40 101 33 Chili 21,180 7,021 624 528 Argentina 438 61,499 69,400 Colombia 1,663 1,489 1,374 5,292 Brazil 369 34,351 25,012 Ecuador 1,307 2,247 1,483 1,373 Colombia 2,019 1,001 2,053 Peru 2,644 2,268 1,458 1,921 Uruguay 2,000 9,000 Venezuela 647 531 481 383 Venezuela ""I'7OO 1,530 5,970 1,600 Australia 51,119 21,920 3 4,870 British India 578 2,974 1,485 87 China 5,032 1,674 1, 077 British Malaya 3,332 3,064 706 677 Dutch East Indies... 1,707 1,499 1,262 1,199 China _. 454 878 1,827 103 Hong Kong 1,508 _____ 650 Dutch East Indies.. 2,231 1,960 2,531 1,280 Japan 14, 000 2O,"666 Hong Kong 4,041 6,288 7,547 2,408 New Zealand 213 259 773 715 Japan 60 21 248 124 Philippine Islands... 1,990 1,667 1,773 3,262 Allother 62 47 10 Egypt 30 Portuguese Africa. __ 244 43 13 7 Total.. 115, 708 201,455 560, 759 116, 583 Allother 157 126 5, 336! 3,929 Total 213,504 207,535 168,8971291, 649 : Back figures.—See Annual Reports for 1928 (Table 29), 1927 (Table 19), 1926 (Table 102) and 1925 (Table Digitized for1 F02R). ASFEorR fi gures by months (by countries) see Federal Reserve Bulletin. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOLD 83 No. 29.—GOLD IMPORTS INTO AND EXPORTS FROM THE UNITED STATES, BY MONTHS, 1920-1929 [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 1920 1925 January 12,018 47,817 -35, 799 January 5,038 73,526 -68,488 February 4,473 42,873 -38,400 February 50,600 -46,997 March .. 16, 985 47,050 -30,065 March 7,337 25,105 -17, 768 April 48,522 44,622 3,900 April... 8,870 21, 604 -12. 734 May 15, 688 7,562 8,126 May 11, 393 13,390 -1,997 June _ 26, 765 5,320 21,445 June 4,426 6,713 -2, 287 July _. 19, 818 21, 873 -2, 055 July 10, 204 4,417 5,787 August 15, 378 24, 986 -9. 608 August 4.862 2,136 2,726 September.. 39,110 17,129 21, 981 September.. 4,128 6,784 -2,656 October 116, 762 25,931 90, 831 October 50, 741 28, 039 22, 702 November... 19, 870 37, 019 November. _. 10.456 24, 360 -13, 904 December 44, 660 17, 058 27, 602 December.... 7,216 5,968 1.248 Total.. 417, 068 322, 091 94, 977 Total | 128,273 262, 640 -134, 367 1921 1926 January 33, 634 2,725 30, 909 January 19,351 3,087 16, 264 February. 42. 627 1,036 41, 591 February 25,416 3,851 21, 565 March - 87, 272 710 86, 562 March 43,413 4,225 39,188 April 80, 662 384 80, 278 April 13,116 17,884 -4, 768 May.. 58,171 1,063 57,109 May 2,935 9,343 -6,408 June.,... 43, 576 774 42, 803 June 18, 890 3,346 15, 544 July 64, 247 3, 735 60, 513 July 19,820 5,069 14, 751 August 84. 902 672 84,230 August 11, 979 29, 743 -17,764 September 66, 085 2, 448 63, 637 September... 15, 987 23, 081 -7, 094 October 47,107 7,576 39, 531 October 8,857 1,156 7,701 November 51, 299 607 50, 691 November... 16, 738 7.727 9,011 December 31, 666 2,162 29, 504 December 17, 004 7.196 Total. 691, 248 23, 891 667,357 Total 213,504 115, 708 97,796 1922 1927 January 26, 571 863 25, 708 January 59,355 14,890 44, 465 February 28, 739 1,732 27,007 February 22,309 2,414 19,895 March 33, 488 963 32, 525 March 16, 382 5,625 10, 757 April 12, 244 1,579 10,665 April 14, 503 2,592 11,911 May 8,994 3,407 5, 587 May 34,212 2,510 31, 702 June 12, 977 1,601 11,376 June 14,611 1,840 12, 771 July 42, 987 644 42,343 July 10, 738 1,803 8,935 August 19, 092 956 18,136 August 7,877 1,524 6,353 September.. 24,464 1,399 23, 066 September.. 12, 979 24, 444 -11,465 October 20, 866 17, 592 3, 275 October 2,056 10, 698 -8, 642 November.. 18, 308 3,431 14, 877 November... 2,082 55, 266 -53.184 December... 26, 440 2,710 23, 730 December 10,431 77, 849 -67t 418 Total.. 275,170 36, 875 238, 295 Total.. 207, 535 201, 455 6,080 J A J J M M S N D F O A u u a e e p c u o e n n a l a p b t y r c g v y r u e o i r t e c u l e b a e u h m s m r e m a t y r r b b b 1 y e 9 e e r 2 r r . . 3 . . . . . . . 3 3 4 3 2 2 2 3 1 1 2 9 2 9 7 2 6 5 8 7 9 9 . , , , , , , , , , , , 1 3 8 1 4 6 8 8 9 7 7 9 5 8 8 3 0 4 5 2 2 5 9 5 6 4 4 8 3 1 6 9 0 7 5 1 1 8 2 0 1 1 , , , , , 2 4 3 3 8 8 5 7 6 7 5 3 0 0 7 9 6 2 4 1 2 5 4 9 1 7 2 9 3 4 7 2 3 5 8 2 3 4 2 2 2 3 3 2 1 5 1 0 9 8 6 5 8 7 6 4 8 , , , , , , , , , , , , 4 4 5 5 9 3 8 9 3 6 0 9 8 0 4 5 3 4 8 3 5 3 1 8 8 7 1 8 5 9 3 0 5 2 0 4 J J J A N A D S M M O F u u a e e e u p c o n l a n a p b c t y r g v y r e u o i e t r u c l e e b a u m h s m m r e a t y b r r b b e y 1 e r 9 e . 2 r r — . 8 . . . . . . 2 2 3 2 1 1 1 9 4 4 0 2 5 2 4 4 1 8 0 , , , , , , , , , , , , 2 9 4 9 6 3 0 5 3 3 3 6 6 7 5 4 2 8 0 9 3 3 1 8 3 0 8 5 0 3 1 1 1 1 9 6 9 9 7 2 5 2 7 3 2 1 1 4 9 2 5 , , , , , , , , , 8 6 6 1 9 9 0 8 9 5 1 3 9 1 9 3 8 0 9 3 6 6 0 8 0 2 6 6 2 6 - - - - - - - 6 7 8 9 1 1 9 2 1 3 1 9 1 1 3 4 3 3 , 6 , , , , , , , , , 1 9 1 7 8 6 8 7 4 3 7 3 5 3 2 6 5 5 2 7 1 4 3 6 0 1 0 6 3 9 1 6 4 7 9 3 Total.. 322, 716 28,643 294, 073 Total.. 168,897 560, 759 -391,862 J N J D A S J O A M M F u u a e e e o c u p n n l a a p c t y b r v g y e r o u e i t c r e u l e b a m h u m s m e ry t b a r . b b e 1 r 9 e y r e 2 r r . . 4 . . . . . . . 4 1 4 2 1 1 4 3 3 1 1 0 1 9 6 5 4 5 8 5 9 8 5 , , , , , , , , , , , , 6 1 8 1 1 2 0 3 4 7 8 1 8 5 6 5 3 7 7 1 2 0 3 1 1 6 2 0 6 4 4 8 2 2 4 1 3 4 9 4 6 2 1 , , , , , , 1 6 5 3 3 6 3 2 8 5 5 2 2 8 9 8 9 7 2 6 9 1 0 8 5 0 8 9 1 5 7 8 3 7 5 1 -2 4 4 2 4 3 3 1 1 1 1 9 4 5 5 3 2 8 4 0 4 4 3 , , , , , , , , , , , , 4 0 1 5 7 5 0 4 5 9 6 8 0 7 7 7 5 0 0 2 1 8 0 5 1 6 3 7 2 7 5 7 3 1 6 5 N J J A S J A O M M D F u u a e e u o c p e l n n a a p b t y c g r v y e r o u i t e r u e c l e b a u m s m h m e r a t y . b r r b b e y 1 e r e 92 r r . . 9 . . . . 2 3 2 2 2 3 2 1 4 1 5 8 8 7 8 1 4 6 9 0 6 4 , , , , , , , , , , , , 1 1 3 7 4 0 7 5 6 5 9 2 2 2 2 6 7 9 2 8 8 7 1 7 1 3 1 2 0 8 5 1 7 7 3 1 7 3 3 2 0 1 1 1 1 1 , , , , , , , , 5 8 2 2 5 6 4 3 4 8 5 8 4 8 0 0 9 3 2 7 5 6 0 8 7 9 5 5 4 5 5 8 0 7 7 1 - - 6 2 2 3 2 2 3 4 2 1 1 1 4 3 3 4 7 0 3 4 7 7 5 8 , , , , , , , , , , , 4 , 1 2 5 0 8 3 1 4 6 7 5 2 6 1 1 3 9 9 9 8 3 1 7 6 6 2 6 5 0 3 9 8 0 8 6 Total.. 319, 721 61,648 258,073 Total I 291,649 116, 583 175,066 Digitized for FBRacAk SfiEguRre s.—See Annua IReport for 1927 (Table 20). http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

84 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD MONEY IN CIRCULATION No. 30.—UNITED STATES MONEY IN CIRCULATION,1 BY MONTHS, 1914-1929 [In thousands of dollars] End of month figures Month 1914 1915 1916 1917 1918 1919 1920 1921 January 3,501,763 3, 252,844 3, 592,466 3,988,882 4,136,044 4,919.171 5,177, 275 5, 303,128 February 3,502,963 3,241, 725 3, 603,464 4,119, 577 4, 314, 675 4,921, 563 5, 360, 312 5, 272, 679 March 3,508,438 3, 263,846 3,612,911 4,172, 946 4, 396, 289 4,947,979 5*390, 734 5,123, 759 April 3, 530,019 3, 283,839 3, 621, 308 4,194, 450 4, 433,817 4,942, 963 5,409,242 5, 079, 594 May 3, 532,861 3,316,956 3, 585, 421 4, 255, 855 4, 416,409 4,917, 706 5,451, 646 5, 015, 363 June 3,459,434 3,319,582 3,649, 258 2 4,066,404 4,481,698 4, 876,638 5, 467, 588 4,910, 903 July.. 3, 393, 510 3, 323,141 3, 657, 559 3, 972, 992 4, 563, 653 4, 869, 621 5, 453, 998 4, 796, 956 August.. 3,541,416 3,402, 252 3, 736, 753 3,980, 404 4, 776, 271 4,947, 630 5, 548, 268 4, 740, 063 September 3, 731,997 3, 455, 320 3, 821, 786 4, 051, 349 5, 026, 618 5, 036, 501 5, 616,174 4, 744, 111 October 3, 743, 682 3,518,919 3, 876, 301 4,106, 781 5, 145. 344 5,126, 856 5, 698, 215 4, 694, 606 November 3, 410,339 3, 544, 335 3, 877, 061 4, 252, 267 5,195, 492 5, 269, 335 5, 643,187 4, 651, 484 December 3,318,977 3, 589, 284 3,966,198 4,372,668 5, 237, 706 5, 378,470 5, 612,113 4, 689, 785 End of month figures Month 1922 1923 1924 1925 1926 1927 1928 1929 January 4,441,453 4,614,248 4,777,368 4, 802, 358 4,841,088 4, 845, 755 4, 677, 055 4, 656, 617 February 4,490,831 4,703,366 ! 4,887,227 4, 853, 229 4, 903, 627 4, 884, 768 4, 690, 430 4, 698, 362 March 4,496,845 4, 746,834 4,899, 375 4, 818, 339 4, 859,825 4,861, 706 4, 748, 984 4, 747, 683 April * 4,468,354 4, 759, 236 4, 853,195 4,789,486 4,907,096 4,890, 607 4, 748, 458 4, 675, 647 May. . 4,454,765 4,797,068 4,904,842 4,841,282 4,923,181 4, 892,667 4, 744, 074 4, 737, 636 June 4,463,172 4, 823, 275 4,849,307 4, 815, 208 4,885, 266 4, 851, 322 4, 796, 621 4. 746, 297 July 4,423, 728 4, 786,907 4, 755, 558 4, 795, 304 4,909,186 4,845, 782 4, 700, 535 4, 716, 863 August 4,479, 762 4, 876,474 4,858,907 4,867,068 4,930,233 4, 853,773 4,802, 820 4, 839, 859 September 4, 607, 717 4, 945,182 4, 863,185 4,916,116 4,978,221 4, 948,462 4, 846,198 4, 819, 275 October 4, 645,957 4,928,900 4, 941, 514 4,968,536 5,021,411 4, 945, 772 4, 806, 230 4, 838,185 November 4,703,630 5,017, 653 5,051,945 5,044, 345 5,036,980 4,951,972 4,990,114 4, 929, 421 December 4,817, 039 5,043,819 5,047,463 5,104,116 • 5,095,155 5,002, 956 4, 973,168 4, 864, 824 Averages of end of month figures Averages of daily figures Month 1914 1915 1916 1917 1918 1919 1920 1921 January 3, 496, 586 3, 285,911 3, 590,875 3, 977, 540 4, 306,482 5, 050, 060 5, 230, 993 5, 400, 844 February 3, 502, 363 3, 247, 285 3, 597,965 4, 054, 230 4, 280, 333 4, 931,902 5, 285,197 5, 263,156 March 3, 505, 701 3, 252, 786 3, 608,188 4,146, 262 4, 373,414 4, 941, 839 5, 398, 428 5, 203, 789 April 3, 519,229 3,273,843 3,617,110 4,183,698 4, 422, 529 4,970, 215 5, 371, 767 5, 077,860 May 3, 531,440 3,300, 398 3, 603, 365 4, 225,153 4, 400, 914 4, 941,180 5, 413, 870 5, 041, 886 June -. 3,496,148 3,318, 269 3,617,340 2 4,161,130 4, 447, 540 4, 891, 072 5, 448, 004 4, 936, 416 July 3,426,472 3,321,362 3,653,409 4,019, 698 4, 519, 874 4, 895, 527 5, 478, 485 4, 857, 299 August _ 3,467,463 3, 362, 697 3, 697,156 3 4,000,915 4, 665, 633 4,913, 022 5, 509, 074 4, 770, 750 September 3, 636, 707 3,428,786 3, 779, 270 3 4, 060, 535 4, 910, 572 4,988, 897 5, 599, 979 4, 751, 599 October 3,737,840 3,487,120 3,849,044 3 4,151, 763 5,133, 585 5,106, 214 5, 672, 811 4, 721, 382 November 3,577,011 3, 531,627 3,876, 681 3 4, 203,491 5,183,177 5, 208, 249 5, 661, 943 4, 673, 213 December 3,364, 658 3, 566,810 3, 921, 630 3 4,341,762 5, 243, 327 5,341, 602 5, 657,948 4, 718, 396 Averages of daily figures Month 1922 1923 1924 1925 1926 1927 1928 1929 J F a e n b u r a u r a y ry 4 4 , , 4 5 5 2 1 7 , , 1 1 1 1 2 3 4 4 , , 6 67 7 2 8 , , 1 8 7 3 2 9 4 4 , , 8 8 3 4 1 7 , , 0 5 9 9 7 0 4 4 , , 8 8 6 0 3 5 , , 6 0 0 8 7 2 4 4, , 8 8 9 5 0 4 r , 0 7 8 6 0 6 4 4 , ,8 90 4 3 2 , , 5 3 4 7 5 3 4 4 , , 7 7 8 0 4 8 , , 9 8 6 0 6 6 4 4 , , 6 7 8 4 6 8 , ,1 4 9 5 4 1 March.. 4,483,102 4,713,062 4, 870,489 4, 821,033 4,864,166 4,856, 221 4, 709, 613 4, 708, 677 April 4,481, 854 4, 730,995 4,886,311 4, 809, 246 4,881, 896 4, 879,341 4, 729, 600 4, 679, 405 May 4,450,004 4, 764, 007 4,865,883 4, 797,177 4, 871, 035 4,859, 532 4, 722, 419 4, 683, 966 June 4,429, 253 4, 778, 732 4, 830, 265 4, 794,480 4,881,317 4,830, 793 4, 735, 667 4, 687, 021 July 4,443, 282 4,811, 543 4, 809, 789 4, 797, 559 4,916, 380 4, 851,410 4, 746, 290 4, 764, 487 August 4, 448,134 4,833, 271 4, 799, 567 4, 819, 351 4,912, 369 4,848, 610 4, 743, 452 4, 776, 624 September 4, 552,159 4,900,730 4,852, 571 4,907,881 4,968, 626 4,917,420 4,804,267 4, 810, 685 October 4, 642, 683 4,941,474 4, 891, 317 4, 945,455 5,001,406 4, 933,869 4,836, 484 4, 809,922 November 4,671,455 4,953,008 4,970,056 4,959, 729 5,005,378 4, 936, 200 4, 860, 333 4, 845,158 December 4, 827,164 5,070, 774 5,088,133 5,119,140 5,130, 680 5,048,451 5, 008,161 4, 942, 803 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, nad a similar effect upon the figures. a Averages of daily figures. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 31.—KINDS OF MONEY IN CIRCULATION, 1927-1929 [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 r a l t t v i e f e s i r - T n r o e t 1 a 8 e s 9 s 0 u o ry f S s u i a b lv r s y e id r i- M c i o no m r U S n n t o i a t t t e e e s s d F r e n e o d s t e e e r r v s a e l F r e n b e d o s a e t e n r e r k a v s l e N n a b t o a i t n o e n k s al- 1927—January 4,845,755 396,436 , 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 ., 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 , 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 ,019, 372 377,139 1,331 272,804 107, 034 292,829 1, 724,368 4,718 653,875 May 4,892,667 386,560 , 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 , 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 , 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 , 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 ., 061,478 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 , 068, 301 48, 642 392,296 1,319 281,600 110, 001 298,49 1,71 ,227 4,358 648,492 November- 4,951, 972 382, 647 ., 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 .,073,735 48,775 400, 269 1,315 285, 602 111,771 292.. 88 1, 762,794 4,282 619,439 1928—January 4, 677,055 389, 364 ., 015, 888 46, 764 372,485 1,312 276,105 109, 727 283,119 1, 560, 763 4,237 617, 290 J J A N M M D F A S O u u e e p u c o e n a l a b p t r y g c v r y e o r i t c e u l u e e b h m s m m a e t r r b y b b e — e e r r r . . - . . . 4 4 4 4 4 4 4 4 4 4 4 , , , , , , , , , , , 7 8 8 9 9 8 7 7 6 7 7 9 0 0 7 9 4 4 0 9 4 4 6 6 2 3 0 6 8 0 0 8 4 , , , , , , , , , , , 1 1 1 4 4 6 0 8 2 9 5 6 1 9 3 5 2 7 2 3 3 3 8 4 8 0 8 1 4 0 0 5 4 3 3 3 3 3 3 3 3 3 3 3 8 8 8 7 7 7 7 7 7 9 7 5 1 4 3 3 3 9 4 7 5 2 , , , , , , , , , , , 1 6 3 0 9 3 9 8 2 2 5 1 8 0 1 0 1 0 5 8 0 5 6 4 6 7 9 0 3 6 0 2 8 1 , . , , , , , 9 9 9 9 9 0 0 5 7 8 9 7 0 0 0 0 3 9 7 1 0 0 7 1 1 2 3 0 , , , 2 , , 9 3 4 , , 0 9 0 , , , 6 7 6 , 9 7 1 1 8 8 5 7 8 5 6 7 4 7 3 8 4 2 3 5 2 9 5 9 0 6 67 4 4 4 4 4 4 4 4 4 4 4 6 6 6 6 6 6 6 6 6 6 6 , , , , , , , , , , , 1 1 4 4 4 0 2 2 3 2 2 5 8 1 1 7 8 2 2 4 9 4 4 8 1 2 5 2 8 3 1 9 2 3 3 3 3 3 3 4 4 3 3 7 7 7 0 1 8 9 8 9 9 2 7 9 4 0 7 4 4 4 1 , , , , , , , , , , 5 1 3 0 7 9 6 8 3 5 7 5 2 4 0 4 0 6 3 8 7 9 8 7 9 6 4 0 4 9 1 1 1 1 1 1 1 1 1 1 1 , , , , , , , , , , , 3 3 3 3 3 3 2 2 2 2 3 0 1 0 0 0 9 9 0 9 9 0 6 1 5 1 8 6 5 4 4 8 0 2 2 2 2 2 2 2 2 2 2 2 7 9 7 7 7 7 8 8 7 8 8 4 1 3 0 5 6 7 8 9 5 8 , , , , , , , , , , , 1 0 4 1 0 3 0 5 3 6 2 0 8 0 7 7 5 0 4 1 6 9 1 9 4 4 2 0 2 4 4 1 6 1 1 1 1 1 1 1 1 1 1 1 1 0 1 0 1 1 1 1 1 1 1 0 9 1 1 5 9 0 4 2 1 3 , , , , , , , , , , , 9 6 4 9 4 4 0 3 9 6 6 2 4 3 3 2 0 6 2 0 1 4 1 1 1 7 7 6 7 2 0 3 0 2 2 2 2 2 2 3 3 3 3 2 9 9 9 0 0 9 8 9 0 0 9 0 0 3 0 3 6 6 8 6 4 3 , , , , , , , , , , , 0 1 1 1 4 0 1 1 2 5 6 4 1 8 8 9 1 3 1 3 5 6 6 9 9 7 9 5 8 0 5 9 3 1 1 1 1 1 1 1 1 1 1 1 , , , , , , , , , , , 6 8 5 5 5 5 5 6 6 6 7 6 0 7 8 8 8 2 9 8 9 7 2 8 0 8 6 5 6 2 9 8 0 , , , , , , , , , , , 0 2 9 4 1 1 9 1 0 3 5 9 0 3 3 7 4 0 8 6 9 7 3 4 3 7 1 8 4 9 3 1 5 4 4 4 4 4 3 3 3 3 3 , , , , , , , , , , 0 1 0 1 0 9 8 8 9 8 9 3 7 7 1 2 8 2 4 4 6 8 2 8 6 9 0 0 8 8 6 6 6 6 6 6 6 6 6 6 6 5 5 3 5 3 4 3 5 4 4 1 2 3 8 0 0 8 8 7 8 9 5 , , , , , , , , , , , 8 5 1 6 5 7 6 0 9 2 0 6 5 0 5 3 6 9 6 6 1 7 6 2 9 6 2 1 6 8 5 2 7 1929—January 4,656,617 380,952 923,193 44,456 381, 672 1,292 280, 751 114,007 282,172 1,631,432 3,775 612.915 February... 4, 698, 362 377,512 935,448 44, 075 385, 389 1,291 280, 736 113, 692 283. 603 1, 646, 523 3,747 626,344 March 4, 747,683 374, 255 937, 247 43,921 390, 583 1,290 280, 655 113, 536 283.100 1,673,480 3,709 645,908 April 4,675,647 371, 623 905,513 43, 727 386, 241 1,288 281, 229 114, 085 276. 227 1, 648, 392 3,680 643. 639 May 4, 737,636 369, 997 944,058 43,651 392,411 1,286 282,936 114,454 288, 216 1, 654, 757 3,650 642, 221 June 4, 746. 297 368,488 934,994 43,684 387, 073 1,283 284, 226 115, 210 262,188 1,692, 721 3,616 652,812 July 4, 716,863 366,199 887, 897 43,401 ,403, 964 1,282 284,363 115, 534 242, 338 1, 748,442 3,587 619 855 August 4,839,859 364, 603 887,102 43,055 | 411, 293 1,280 286, 270 115, 985 248, 670 1, 842, 547 3,539 635, 515 September.. 4,819,275 363, 701 849, 551 42,960 417, 556 1,277 289, 344 116,816 264. 930 1,839,143 3,500 630,497 October 4,838,185 363,051 845,908 42, 573 414,952 1,276 291, 200 117, 556 266, 504 1,869,173 3,466 622, 527 November.. 4,929,421 363,935 888, 650 42, 244 418,085 1,275 292. 241 118,167 275.136 1,919,901 3,432 606, 356 December.. 4, 864,824 383,763 879,558 42,184 416, 880 1,273 293.951 119,402 264, 881 1, 862,420 3,413 597,101 Back figures.—See Annual Report for 1927 (Table 22). Or Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DISCOUNT RATES AND MONEY RATES 90182—30 7 87 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DISCOUNT RATES AND MONEY RATES No. 32.—FEDERAL RESERVE BANK DISCOUNT RATES ON ALL CLASSES AND MATURITIES OP DISCOUNTED BILLS—CHANGES FROM JANUARY 1, 1922, TO DECEMBER 31, 1929 [Per cent] Federal Reserve Bank Date effective 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 ca h g i o - L S o t u . isa M p n o e in l - i - 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 - In effect Jan. 1,1922 5 5 5 5 5 5 5 1922—Jan. 9 5 Jan. 11. 5 Jan. 23 4H Feb. 14.... Mar. 15. Mar. 25 _ 4H Apr. 6 4H Apr. 14 ... ._ June 22— 4 June 23 __. 4 July 8 4 July 12 41/ Aug. 12 Aug. 15— 41/ 1 1923—Feb. 23 14H iH Mar. 6 1924—May 1 4 June 2 . 4 June 10 4 June 12 3H 3H June 14 4 4 June 18 „. 4 June 19 2 33^ 4 June 26 VA July 1 „_ 4 July 16 4 Aug. 8 3 Aug. 15 3J6 Aug. 25. 3H Oct. 15 . . 4 1925—Feb. 27... Nov. 10 4 Nov. 17 4 Nov. 20.. 4 Nov. 23 4 1926—Jan. 8._ 4 Apr. 23 _ Aug. 13 4 1927—July 29..._ Aug. 4 Aug. 5 „. 3H 3H Aug. 6 31/ Aug. 12.... Aug. 13 _ Aug. 16 Sept. 7 3H Sept. 8 . VA Sept. 10 3H Sept. 13 VA 1 5 per cent on 6-9 month agricultural and livestock paper from Apr. 7, 1923, to June 11, 1924, inclusive. 3 5 per cent on 6-9 month agricultural and livestock paper from Apr. 19, 1923, to June 25,1924, inclusive; 43^ 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 difierent 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. 32.—FEDERAL RESERVE BANK DISCOUNT RATES ON ALL CLASSES AND MATURITIES OF DISCOUNTED BILLS—CHANGES FROM JANUARY 1, 1922, TO DECEMBER 31, 1929—Continued [Per cent] Federal Reserve Bank Date effective B to o n s- Y N o e r w k P p d h h e il i l a a - -C la le n v d e- m R o ic n h d - la A n t t - a C ca h g i o - L S o t u . is a M p n o i e n l - i - s K C s a a it s n y - D la a s ? F c S i r s a a c n n o - 1928—Jan. 25 4 Jan. 27... i 4 Feb. 3 4 Feb. 4 i 4 Feb. 7 1 4 Feb. 8-— 4 4 Feb. 10 4 Feb. 11 .. 4 Feb. 16 4 Feb. 21 4 Mar 1 4 Apr. 20 4V 41/ Apr. 23... Apr. 24 4V£ 1 Apr. 25 . 4Vi May 7 May 17.. . 4?7 May 18 May 25... 43^ May 26 4^i June 2__ 4^ June 7 4H July 11... July 13 ...... 5 July 14 5 July 19 5 5 July 26 5 Aug. 1... 5 1929—Mar. 2 5 May 6 5 May 14 5 May 20 5 Aug. 9 . 6 Nov. 1. 5 i Nov. 15 4^9 Nov. 21.. 4 V Nov. 23 . 41^ Dec. 6 4^ Dec. 10 4iz Dec. 20 4V£ In effect Dec. 31, 1929. _ 5 5 5 4K 5 5 5 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

91 DISCOUNT KATES AND MONEY RATES No. 33.—FEDERAL RESERVE BANK BUYING RATES ON ACCEPTANCES l— CHANGES FROM JANUARY 1, 1922, TO DECEMBER 31, 1929 [Buying rates at the Federal Reserve Bank of New York. Per cent I Itol5 16 to 30 31 to 45 46 to 60 61 to 90 91 to 120 '21 to 180 Date effective days days days days days days days In effect Jan. 1, 1922. 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 Oct. 13.__ Oct. 18 Oct. 19._ Oct. 24._ _ Oct. 27 454 1923—Apr. 17 45 May 23 July 7 1924—Apr. 24 VA May 1 fi &A May 16 May 22. 3M June 2 3 3^ June 17 I 2V2 June 26 2A Aug. 8 2 Nov. 17 __ 2 Nov. 28 2 Dec. 3 h Dec. 5 2% 2% Dec. 8 _ 2% Dec. 22 2% 1925—Feb. 6 ~3 Feb. 27 June 12 Aug. 31__ 3 Sept. 22 314 1926—Jan. 8._ __. 3H &A 3% Apr. 27 VA 3H 33^ May 20 May 21 Aug. 16 Aug. 23.. Sept. 1 1927—July 29._ Aug. 5 &A 3M Aug. 22 1928—Jan. 27 Feb. 3 Mar. 30 ¥ Apr. 13 May 18 4 July 13 4 1929— J J u a l n y . 4 26-.. 4% K2 4 4 Jan. 21 5 5 Feb. 15 5M Mar. 21 5H Mar. 25 5^2 July 12 5M Aug. 9 Oct. 25 5 Nov. 1 4% 43/4 5 Nov. 15. 4M 43 Nov. 22 4 4 In effect Dec. 31,1929.: 4 43/ 1 Rates on prime bankers' acceptances. Higher rates may be charged for other classes of bills. Digitized for FBRacAk SEfigRur es.—See Annual Report for 1928 (Table 34). http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

92 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No. 34.—AVERAGE RATES EARNED BY FEDERAL RESERVE BANKS ON BILLS AND SECURITIES, 1916-1929 [Per cent] Month 1916 1917 1918 1919 1920 1921 1922 1923 1924 1925 1926 1927 1928 1929 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 3.36 4.82 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 3.52 4.86 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 3.63 4.90 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 3.74 5.01 May. 2.47 2.93 4.29 3.99 5.36 5.79 4.08 4.35 4.26 3.72 3.78 3.96 5 0? 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 4.24 5.26 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 4.39 5 OS 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 4.63 5.14 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 4.67 5.21 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 4.69 5.19 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 4.68 4.96 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 4.70 4.90 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 4.24 4.86 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 3.50 4.99 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 3.77 4.92 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 3.95 4.92 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 4 01 4.98 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 4.20 4.95 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 4.45 4,98 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 4.60 5.00 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 4.87 5.16 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 4.90 5.27 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 4.92 5.20 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 4.92 5.04 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 4.93 4.86 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 4.56 5.03 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 3.21 4.62 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 3.28 4.80 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 3.38 4.98 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 3.52 5. 30 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 3.72 5.50 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 3.84 5.48 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 4.01 5 44 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 4.34 5. 13 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 4.50 5.11 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 4.56 5.21 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 4.56 5.22 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 4.56 4.60 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 3.97 5.00 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 3.35 4.01 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 3.44 3.91 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 3.44 3.99 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 3.46 3.91 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 3.53 3.93 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 3.68 4.06 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 3.67 4.05 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 3.69 4.00 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 3.83 4.09 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 3.94 3.99 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 4.05 3.93 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 4.05 3.69 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 3.64 3.93 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

93 DISCOUNT RATES AND MONET EATES No. 35.—OPEN MARKET RATES IN NEW YORK CITY, BY MONTHS, 1925-1929 [Per cent] Prevailing rate on- Average rate on i— u. s. Prime Prime Treas- Month a b a n a c d c n c a e k e y s e p , s r t 9 s - ' 090 l T o d i a m a n y s e s , 2 a 9 a b c 0 n a e c c n r d e s e k p a ' s t y - , - s c c n e a u a o r n r t t t e i y e d f s i s , - 3-6 months 1925—January 3.00 2.61 February 3.08 2.62 March 3.25 2.78 April 3.14 2.78 May 3.17 2.73 June 3.25 2.86 July 3.25 3.06 August.. 3.27 3.01 September 3.50 3.17 October 3.50 3.53 November 3.50 3.65 December 3.50 3.51 1926—January 4.46 3.49 4.04 February 4. 3.18 4.01 March. 4.56 3.14 3.98 April 3.97 3.08 3.94 May 3.83 3.17 3.93 June 4.12 2. 3.90 July 4.28 3.11 3.93 August ___ 4.58 3.27 3.95 September.. 5.05 3.42 3.96 October. 4.70 3.58 3.95 November 4.60 3.35 3.91 December 5.16 3.07 3.84 1927—January 4.32 February 4.03 March 4.13 April 4.18 May.. 4.26 June 4.33 July. 4.05 August ___ 3.68 September. 3.83 October.. 3.90 November 3.60 December 4.38 1928—January 4.15 4.24 3.36 3.31 3.35 February 4. 4.38 3.51 3.33 3.36 March 4.48 4.47 3.52 '3.27 3.30 April 5.06 5.08 3.81 8 3.62 3.32 May 5.69 5.70 3.94 «3.90 3.35 June _._ 6.32 6.21 4.05 6 3.92 3.40 July. _ 6.06 6.05 4.32 4.12 3.50 August 6.91 .87 4.62 4.36 3.56 September 7.40 7.26 4.50 4.57 3.54 October 7.12 4.50 4.70 3.55 November 6.86 4.50 '4.26 3.48 December 8.86 4.50 '4.26 3.53 1929—January _ 6.94 4.66 3.59 February 7.47 4. 3.66 March 9.80 4.60 3.76 April 9.46 4.80 3.67 May.-.- 8.79 5.09 3.67 June 7. 4. 3.71 July 9.41 4.55 3.68 August 8.15 4.70 3.72 September 8.62 4.58 3.70 October 6.10 4.37 3.67 November 5.40 3.47 3.45 December 4.88 3.03 3.46 1 These rates are monthly averages of daily quotations for the month. r Revised. 2 Stock exchange 90-day time loans. » Stock exchange call loans; new and renewal rates. * Second, third, and fourth 4J^ per cent Liberty bonds. fi Three issues—3%. 4, and 4}£ per cent: yields calculated on basis of last redemption dates—1956, 1954, and 1952. 6 Based, at least in part, on certificates of 6-9 months maturity. Back figures—See Annual Reports for 1928 (Table 39), and 1927 (Table 28). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

94 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No. 36.—OPEN-MARKET RATES IN NEW YORK CITY, BY WEEKS [Per cent] Prevailing rate on- Average rate on— Aver o a n g — e yield Call loans 2 'U. S. c m o p P 4 m a o c r t p i i n m o m a e t l h r e 6 e , s r- b 9 a a P a 0 c n n r c c i d k e m e a e p s y e r t , - s s ' 90 T lo d i a m a n y e s s 1 New ne R w e- al a 9 P a b c 0 n e a r c i r c n d e m s e k p ' a s e t - y , - s a t T i n 3 n f u i d r o c t e r o t a a y c e t s e s e 6 - r s - b T o u r n e ry a d s s - 3 months 1929 Jan. 5 414 9.37 10.50 4.56 4.46 3.55 Jan.12 1% 6.61 6.60 4.75 4.54 3.57 Jan.19 4% 7.37 7.20 4.81 4.62 3.61 Jan. 26 6.00 6.00 5.00 4.83 3.61 Feb. 2 5 7.10 6.60 5.00 4.74 3.61 Feb. 9 ... ty 5 7.05 6.60 5.00 4.32 3.62 Feb. 16 5 -534 2 7% 7.42 7.13 5.14 4.37 3.68 Feb. 23 5i/_5|/ 7% 6.61 7.00 5.27 4.33 3.71 Mar 2 5^-5% 7% 8.65 7.70 5.25 4.46 3.70 Mar. 9 5y^ 7% 9.80 8.80 5.25 4.43 3.73 Mar. 16 5M 7H-8 7.32 7.40 5.25 * 4.70 3.80 Mar. 23 8 8.97 8.40 5.35 4.80 3.77 Mar. 30 5%-6 5K-5j/ 8 14.40 12.75 5.56 4.88 3.78 8 Apr. 6 9 10.12 10.00 5.50 4.82 3.75 Apr. 13 6 9 8.48 8.00 5.50 4.68 3.70 A A p p r r . 2 2 0 7 6 6 ty 8^-9 1 9 7 . . 9 9 5 1 8 7 . . 0 9 0 0 5 5 . . 5 3 0 8 4 4 . . 8 8 4 1 3 3 . . 6 6 2 2 May 4 _ . 6 5V sy 2 11.33 11.40 5.38 4.95 3.62 May 11 6 5Y 11 83 12.40 5.48 4.99 3.64 May 18 6 51/ C3/-Q 9.40 9.20 5.50 5.11 3.65 May 25 6 9 6.48 6.60 5.50 5.26 3.72 June 1 6 8%-9 6.00 6.00 5. 50 5.11 3.73 June 8 6 5~V 6 96 6.80 5. 50 4.96 3.72 June 15 _ 6 7.56 7.60 5.50 4.96 3.72 June 22 6 5Vi 8 7.00 7.00 5. 50 4 4. 59 3.70 June 29 - 6 5]/ 9.79 9.40 5.48 4.70 3.69 July 6 . 6 71/ 11.05 11.00 5.31 4.47 3.66 July 13 6 73! 8 88 8.60 5.13 4.39 3.64 July 20 6 5}/ 9.56 9.80 5.13 4.48 3.68 July 27 6 8 -&X 8.18 7.60 5.13 4.70 3.71 Aug 3 Q 10 26 9.80 5.13 4.76 3.72 Aug. 10 - . 6 r\/ 9. 11 9.60 5.13 4.81 3.74 Aug 17 6 -ex ty 8M-9 7.13 7.40 5.13 4.74 3.73 Aug. 24 6 -QX 6.76 7.00 5.13 4.69 3.71 Aug 31 6 -4SX 5K 8.54 8.20 5.13 4.54 3.70 Sept. 7 6 -ex 8^-9 8.65 9.00 5.13 4.59 3.69 Sept. 14 8^-9 8.09 8.20 5.13 4.63 3.70 Sept. 21 s 9 8.48 8.40 5.13 4.50 3.69 Sept. 28 . . 2 9 -9W 9.03 8.40 5.13 4.59 3.72 Oct 5 9 -934 8.08 8.20 5.13 4.65 3.73 Oct. 12 5.63 6.20 5.13 4.62 3.72 Oct. 19 7% 6.28 6.40 5.13 4.44 3.65 Oct 26 7 -7K 5.35 6.00 4.96 4.18 3.56 Nov. 2 6 -ex 6 5.94 5.80 4.65 3.92 3.54 N N o o v v . . 9 16 5 5 % H - - 6 e 53^-6 6 6 5 .9 0 0 0 6 5. . 9 0 0 0 4 4 . . 6 4 3 3 3 3 . . 6 4 8 1 3 3 . . 4 4 8 6 Nov. 23 5 -5H 4.86 5.00 3.90 3.30 3.43 Nov. 30 514.-514 4%-5 4.50 4.50 3.81 3.39 3.43 Dec. 7 5 -534 3%-ZH 4.50 4.50 3.85 3.03 3.42 Dec. 14 5 43/-5 4.50 4.50 3.88 3.12 3.45 Dec. 21 5 4^-5 4.56 4.50 3.88 4 2. 96 3.47 Dec. 28 - 5 4 4%-5 5.66 5.50 3.97 3.04 3.49 1 Stock exchange 90-day time loans. 2 Stock exchange call loans new and renewal rates. 3 3 issues—3%, 4, and 4% per cent; yields calculated on basis of last redemption dates—1956, 1954, and 1952. 4 Change of issues on which yield is computed. Back figures.—See Annual Reports for 1928 (Table 40), 1927 (Table 29), 1926 (Table 107), and 1925 (Table Digitized fo1r 0F6)R.ASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DISCOUNT BATES AND MONEY KATES 95 No. 37.—MONEY RATES IN NEW YORK CITY—PREVAILING RATES CHARGED CUSTOMERS, 1925-1929 [Rates prevailing during 7-day period ending with 15th of month. Per cent] Loans secured by- Prime Inter- stocks and bonds s L ec o u a r n e s d Month cial bank by wareloans house loans Demand Time receipts 1925 January 4 -5 4 -5 43^-5 February 4 -6 March April... 4 -5 May _. 4 -5 June 4 -5 July 3^ August 4H-6 September October November December 43/2-53/2 1926 January 4J4-5 5 -5J4 February 5 March 5 -53^ A M p a r y il 5 5 - - 6 bY2 June 4^-41/2 4H-5 July 4M-5 4^-5 August 4K-5 4^-4% 5 September _ 4H-5 5 5 5 N D O o e c c t v o e e b m m e b r b e e r r . _ _ 4 4 4 V ^ H - 2 5 5 -5 5 5 4 5 M - - 5 5 bY2 1927 January February 4 -5 March _ 4 -5 April..- 4^-5 May 43^-5 43^-5 June _ _. 4M-5 4M-5 4^ July 4M-5 4 -5 August 4 -5 3K-5 September 3^-5 N O o ct v o e b m er ber 4 4 - - 4 ± K y2: 4 3M - - 5 5 4^-5 5 December __. 4 -4MI 4 -5 5 1928 January 4MI ^5 F M e a b r r c u h a ry __. 4 4 H- - 5 5 /2-5 4 4^ H 5 -6 April 4 5 May 5 -6 5 -53^ 5 -6 June _ 5 -5} 5 -6 July 5 -53. 5 -6 5 -67 5 -6 August... 5H-6 5H-6 5H-6 September 53^-6 October 5M-6 November 5M-6 5H-6 December 5 -6 53^-6 1929 January.. February March _ 534-6 April __.. May June July. August.,. September . October 6 -6 November December Back figures—See Annual Reports for 1928 (Table 41) and 1927 (Table 30). 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. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

96 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD FOREIGN RATES No. 38.—DISCOUNT RATES AT CENTRAL BANKS IN FOREIGN COUNTRIES— CHANGES FROM JANUARY 1, 1923, TO DECEMBER 31, 1929 [Per cent] Central bank of— Date effective Englam 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, 1923 3 5 10 5V 8.03 4 3 2 1923—Jan. 18. 12 Apr. 23 _ 18 July 5 4 July 14 __ 4 Aug. 2 30 Sept. 15 90 Nov. 9 Dec. 12 4^ Dec. 29. UO 1924 Jan. 10 Jan. 17 6 Jan. 24 5 Dec. 11 7 Dec. 13 1925—Jan. 15 _ 4 Feb. 26 9 Mar. 5 5 Mar. 9 6 Apr. 15 7.30 June 2 June 18 7 Julv9 6 July 24 5 &ug. 6 Oct. 1 . 4 2 Oct. 3 3M Oct. 9 .. Hi ili Oct. 22 ! Dec. 3.... _ ..... 5 ! 1926—Jan 12 8 Mar. 27.. 7 June 7 July 6 6 Julv 31 Oct 4 6.57 Dec. 16 gi/ 1927—Jan 11 .. . Feb. 3 VA 5 Mar 9 5.84 Apr. 14 5 Apr. 21... __. 4H Apr. 22 4 June 10 6 Oct. 4 7 Oct 10 5 48 Oct. 13 4H Dec 29 4 1928—Jan. 2 3H Jan.19 3H Mar 5 Apr. 1 6 2 May 1 4 June 25 5M Aug. 24 4M 1929—Jan 7 6 Jan 12 Feb. 7 VA Mar 14 7 Mar. 25 5H Apr 25 7^ Sept. 26. 6V2 Sept. 27 Oct. 31 6 Nov. 1 5 Nov 2 7 Nov. 16 4M Nov. 21 Dec. 12 5 2 1 Dec. 13 5 In effect Dec. 31, 1929 5 3H 7 7 5.48 4H 5 3* 1 Rate charged on bills payable in stable values; the rate charged on bills payable in paper marks remained 90 per cent until discontinued Jan. 29, 1924. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DISCOUNT KATES AND MONEY RATES 97 No. 39.—OPEN-MARKET RATES IN FOREIGN COUNTRIES, BY MONTHS, 1925-1929* [Per cent] ( E L n o g n l d a o n n 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 la ly n) ( J T a o p k a y n o 2 ) ( N A l e d a m t a n h s m d t e e s ) r r - - S (Z w l u a i r t n z i d c e h r ) - Month B a m a a n c o n c c n e k e s t p e h , t r - s 3 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 i u ll n s ted 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 1925 January 3.80 6.40 8.38 5.37 2.63 2.69 February 3.83 6.31 8.00 5.47 2.14 2.25 March... _. . 4.48 6.31 8.00 6.00 2.34 2.44 April 4.30 6.37 8.00 6.50 3.23 2.50 May 4.59 6.30 8.00 6.50 3.45 2.46 June 4.44 6.00 7.83 6.94 3.08 2.29 July 4.35 5.47 7.88 7.50 2.72 2.16 August 3.94 5.22 7.78 7.50 3.72 2.02 September 3.68 5.37 7.27 8.50 3.63 2.00 October 3.57 4.92 7.16 8.50 3.47 2.00 November . 3 92 4.78 6.78 8.50 3.34 2.22 December 4.67 4.80 6.75 8.50 3.43 2.29 1926 January.. .. 4.76 4.57 6.28 8.18 2.95 2.44 February 4.31 4.27 5.46 8.00 2.19 2.22 March 4.37 4.25 5.00 8.00 2.67 2.18 April 4.33 4.25 4.88 8.00 2.90 2.30 May 4.37 5.15 4.69 8.00 2.95 2 S8 June 4.27 5.73 4.53 8.17 2.83 2.38 July 4.26 6.00 4.54 8.50 2.74 2.37 August _ _ 4.45 7.00 4.61 8.50 2.63 2.34 September 4.54 6.98 4.88 8.50 2.78 2.52 October 4 69 7.25 4.82 8.96 2.83 2.80 November _ 4.57 6.69 4.63 9.25 3.21 2.96 December 4.53 5.77 4.72 9.25 3.39 3.35 1927 January. 4.17 4.99 4.20 9.25 2.97 3.16 February. 4.19 4.45 4.23 9.25 3.47 2.87 March 4.33 3.89 4.59 9.25 3.50 2.98 April 4.04 3.17 4.61 9.25 3.47 3.13 May 3.88 2.46 4.90 8.50 3.46 3.19 June 4.34 2.25 5.39 7.60 3.57 3.42 July 4.33 2.13 5.90 7.00 3.53 3.47 August.- . 4.33 2.04 5.82 7.00 3.45 3.44 September ._ 4.32 2.01 5.90 6.81 3.56 3.39 October.. _ 4.32 1.82 6.69 6.50 4.11 November _ _ 4.33 2.75 6.76 6.27 4.50 3.39 4.31 2.95 6.87 6.00 4.49 3.40 1928 January 4.19 2.81 6.27 6.00 4.29 3.29 February. 4.18 2.75 6.20 5.89 3.97 3.12 March 4.12 2.72 6.72 5.75 6.57-6.94 3.97 3.20 April 4.02 2.62 6.71 5.49 6. 57-6. 75 4.18 3.29 May 3.97 2.62 6.66 5.25 6. 39-6. 75 4.27 3.32 June 3.82 2.90 6.59 5.25 6. 39-6. 57 4.18 3.40 July 3.99 3.12 6.74 5.25 6. 21-6. 57 4.10 3.44 August. 4.27 3.23 6.68 5.25 6. 21-6. 39 4.13 3.41 September 4.23 3.26 6.65 5.25 6.02-6. 39 4.39 3.38 October 4.35 3.37 6.57 5.25 6.21-6 39 4.40 3.38 November 4.38 3.37 6.28 5.45 6. 02-6. 21 4.44 3.35 December 4.37 3.41 6.28 5.50 5. 84-6. 21 4.46 3.32 1929 January. _ 4.32 3.50 5.80 5.83 5. 84-6. 21 4.20 3.28 February 5.05 3.39 5.80 6.00 5. 66-5. 84 4.39 3.31 March _ 5.33 3.37 6.31 6.31 5. 66-5. 84 4.64 3.39 April 5.21 3.44 6.63 6.75 5. 48-5. 66 5.36 3.45 May - -. 5.21 3.49 7.49 6.83 5. 48-5. 66 5.37 3.34 June 5.32 3.50 7.50 6.75 5. 48-5. 66 5.30 3.26 July 5.38 3.50 7.39 6. 75 5. 48-5. 66 5.20 3. 19 August- 5.47 3.50 7. 18 6.85 5.48 5.06 3.33 September 5.59 3.50 7.18 7.01 5.48 5.36 3.38 October 6.13 3.50 7.28 7.18 5.48 5.15 3.38 November 5.35 3.50 6.89 7.00 5.48 4.26 3.32 December __ . __ 4.76 3.50 6.98 7.00 5.48 3.52 3.15 1 All figures are monthly averages. For sources used and detailed explanation of methods of quotation, see Federal Reserve Bulletin for November, 1926, April, 1927, and November, 1929. 2 Revised series; see Federal Reserve Bulletin for July, 1929. Digitized for FBRacAk SfigEuRre s.—See Annual Report for 1926 (Table 116). http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER AND NONMEMBER BANK CREDIT 99 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANKS IN THE UNITED STATES No. 40.—ALL BANKS1 IN THE UNITED STATES—LOANS AND INVESTMENTS OF MEMBER AND NONMEMBER BANKS, 1914-1929 [In millions of dollar Loans and investments Loans Investments 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 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 r k - 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 17,165 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, 750 32, 756 20, 994 37, 360 22,938 14,421 16,391 9,818 6,573 Dec. 31.. 55,450 34, 247 21, 204 38, 407 23,886 14, 521 17, 043 10,361 6,683 1928—June 30.. 57, 265 35, 061 22,204 39,464 24, 303 15,161 17,801 10, 758 7,043 Dec. 31.. 58, 266 35, 684 22, 582 40, 763 25,155 15, 607 17,504 10, 529 6,975 1929—June 29. 58, 474 35, 711 22, 763 41, 512 25,658 15, 853 16,962 10, 052 6,910 Dec. 31.. 58,417 35, 934 22, 483 41,898 26,150 15, 748 16, 519 9,784 6,735 1 Includes member and nonmember banks (25,110 altogether in June, 1929) as follows: National banks, State commercial banks and trust companies, mutual and stock savings banks, and all private banks under State supervision (about 265 in June, 1929). 2 Dates of reports of member banks; figures for nonmember banks are as of nearest available date. 3 National banks. 4 Nonnational banks. 101 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

102 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No. 41.—ALL BANKS J IN THE UNITED STATES—DEPOSITS OF MEMBER AND NONMEMBER BANKS (EXCLUSIVE OP INTERBANK DEPOSITS), 1914-1929 [In millions of dollars] Date 2 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 Date2 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 L914—June 30 18, 566 3 6,374 * 12,192 1924—June 30 43,405 25,711 17,694 1915—June 23 19,131 6,678 12,453 Dec. 31 45,835 27,836 17, 999 1916—June 30 22, 759 8,395 14, 364 1925—June 30 47, 612 28,440 19,172 1917—June 20. 26, 352 10, 301 16, 052 Dec. 31. 49, 224 30,029 19,195 1918—June 29 28, 765 15, 670 13, 095 1926—June 30 49, 733 29,781 19, 952 Dec. 31 50,029 30,474 19, 555 1919—June 30 33, 603 19,171 14,433 1927—June 30 51, 662 31, 269 20, 393 J920—June 30 37, 721 21,915 15, 805 Dec. 31 52, 909 32,063 20, 846 921—June 30 35, 742 20, 637 15,104 1928—June 30 53,398 32,133 21, 265 922—June 30 37, 615 22, 397 15, 219 Dec. 31 56, 766 34,826 21,940 923—June 30 40, 688 23, 871 16,817 1929—June 29 53,852 32,284 21, 567 Dec. 31. 42,163 24, 996 17,167 Dec. 31 55,289 33,865 21, 424 1 Includes member and nonmember banks (25,110 altogether in June, 1929) as follows: National banks, tate commercial banks and trust companies, mutual and stock savings banks, and all private banks under tate supervision (about 265 in June, 1929). 2 Dates of reports of member banks; figures for nonmember banks are as of nearest available date. 3 National banks. 4 Nonnational banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD 103 ALL MEMBER BANKS No. 42.—ALL MEMBER BANKS—RESOURCES AND LIABILITIES OF NATIONAL AND STATE BANK MEMBERS, DECEMBER 31, 1928 AND 1929 [In thousands of dollars] Total National banks 1 State bank members Dec. 31, Dec. 31, Dec. 31, Dec. 31, Dec. 31, Dec. 31, 1928 1929 1928 1929 1928 1929 RESOURCES Loans (including overdrafts)2 25,155, 255*26,150,061 15,285,14415,136,414 870, 111 11, 013, 647 United States Government securities 4,311,790 3,862,968 3,006,236 2,608,865 1, 305, 5541,254,103 Other securities 6,216,890 5,920,921 4,115, 360 3, 839, 049 2,101, 5302, 081,872 Total loans and investments 35,683,935 35,933,950 22,406,740 21,584,328 13,277,195 14,,349,622 Customers' liability on account of acceptances 929, 540l 1,252,147 531, 3051 617, 502 398, 235 634, 645 Banking house, furniture, and fixtures 1.107, 287 1,190, 306 730,033! 765,835 377, 224 424,471 Other real estate owned 177, 716 183, 989 123, 047| 123, 599 54, 669 60, 390 Cash in vault 564, 384 558,450 386, 954) 390,140 177, 430 168,310 Reserve with Federal reserve banks 2,409,367 2, 373,760 1,496,316| 1,348,046 913, 0511,025,714 Items with Federal reserve banks in process of collection 967, 836i 994, 373 5'.., 583, 627 390, 750 410, 746 Due from banks in United States 2,124, 252 2,167, 756 1, 581,969 1, 565, 020 542, 283 602, 736 Due from banks in foreign countries (including own branches) ' 305, 299; 263, 834 205, 003 180, 540 r 99, 296 83, 294 Exchanges for clearing house and other checks on local banks 3,493,061! 2,762,463 1, 923, 8601,193, 3311,569, 2011, 569,132 Outside checks and other cash items 203, 884 139, 056 116,161 92, 679 87, 723 46, 377 Redemption fund and due from United States Treasurer 32,995 32,8 32, 995 32, 889 Acceptances of other banks and bills of exchange or drafts sold with indorsement.. 677,994 735,193 329,764 230,961 348, 230 504,232 Securities borrowed 35, 947! 35, 533 20, 341 26,985 15, 606 8,548 Other assets _.. •" 222,149 219, 379 110.853 104,100 r 111, 296 115, 279 Total.. 48, 935, 646 48,843,078130, 573, 457(28,839, 582 18,362,189 20,003,496 LIABILITIES Capital stock paid in 2,474,223 2,757,113 1, 615, 6011, 701,048 858, 6221,056, 065 Surplus 2.440,709! 2,864,612 1, 489, 0991,546, 323 951, 6101,318,289 Undivided profits—net 832,564| 909,548 491, 559 496,475 341, 005 413,073 Reserves for dividends, contingencies, etc. 151, 744 177,252 85, 317 91, 576 66,427 85,676 Reserves for interest, taxes, and other expenses accrued and unpaid 120, 676 137, 660 66, 602 71, 839 54, 074 65,821 Due to Federal reserve banks 56, 510 54, 458 40,748 42, 908 15, 762 11, 550 Due to other banks in United States 3, 649, 0373, 517, 3252, 595, 7682,165, 7171, 053, 2691,351,608 Due to banks in foreign countries (including own branches) 543, 273 576,664 296, 761 257,863 246,512 318,801 Certified and officers' checks outstanding. 2,184,138 1,603,562 1,134,195 686,545 1,049,943 917,017 Cash letters of credit and travelers' checks outstanding __ ___ _. 23,128' 23,460 10,344 9,734 12, 784 13, 726 Demand deposits 18,903,658 18,861,58211, 774, 872 1,1, 074,4857,128, 7867, 787,097 Time deposits 13,453,311 13,233,481 8,304, 3618,419, 0215,148,950 4,814,460 United States deposits 261, 505 j 143, 203 183,337 100, 588 78,168 42, 615 Agreements to repurchase United States Government or other securities sold 134, 084! 136, 957 75,165 31, 981 58, 919 104, 976 Bills payable and rediscounts: With Federal reserve banks 1,040,608 646,334 703,491 425, 576 337,117 220,758 Allother 121, 570! 232,188 81, 568 120, 011 40,002 112,177 Acceptances of other banks and bills of exchange or drafts sold with indorsement-. 677, 994! 735,193 329, 764 230, 961 348, 230 504, 232 Acceptances executed for customers 928,329! 1,276,159 524, 725 626,497 403, 604 649,662 Acceptances executed by other banks for account of reporting banks 43, 636! 29, 647 23, 248 12, 525 20, 388 17,122 National-bank notes outstanding 649,893 645,562 649, 893 645, 562 Securities borrowed 35, 947! 35, 533 20, 341 26,985 15, t0£ 8,548 Other liabilities 209,1091 245, 585 76, 698 55, 362 132, 411 190,223 Total 48, 935, 646 48,843,078 J30, 573, 457 28, 839, 582 18,362,189 20,003,496 1 Member banks only; i. e., exclusive of national banks in Alaska and Hawaii. 2 Exclusive of acceptances of other banks and bills of exchange or drafts sold with indorsement, now shown separately. * Revised. Back figures.—For principal items see Table 45, also Annual Report for 1926 (Tables 77-78: Separate figures for national and State members); for details see (1) Member Bank Call Report Nos. 35-46; (2) Annual Reports for 1928 (Table 46), 1927 (Table 84), 1926 (Table 79), 1925 (Tables 78-80), 1924 (Tables 78-80); (3) Federal Reserve Bulletins. 90182—30 8 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

104 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No. 43.—ALL MEMBER BANKS—RESOURCES AND LIABILITIES OF RESERVE CITY AND COUNTRY BANKS, DECEMBER 31, 1928 AND 1929 [In thousands of dollars] Central reserve Other reserve city banks city banks Country banks Dec. 31, Dec. 31, Dec. 31, Dec. 31, Dec. 31, Dec. 31, 1928 1929 1928 1929 1928 1929 RESOURCES Loans (including overdrafts)l 7,537,414 8,130,237 8,702,347 9,084,286 8,915,494 i, 935, 53S United States Government securities 1,267,836 1,228,333 1,662,415 1,367,885 1,381,539 1, 266, 750 Other securities 1,055,740 1,172,079 1,791,212 1,576,462 3,369,938 3,172, 380 Total loans and investments 9,860,990 10,530,649 12,155,974 12,028,633 13,666,97113~i, 374, 668 Customers' liability on account of acceptances 700, 731 950,087 212, 534 285, 233 16, 275 16, 827 Banking house, furniture, and fixtures 179, 829 225, 650 415, 097 435,217 512,361 529,439 Other real estate owned 5,037 8,696 59, 954 63, 089 112,725 112,204 Cash in vault 78, 414 80, 979 167, 273 156, 398 318, 697 321,073 Reserve with Federal reserve banks 978, 289 995, 567 779, 327 751, 396 651, 751 626, 797 Items with Federal reserve banks in process of collection 369, 501 404, 534 458, 926 437, 347 139, 409 152,492 Due from banks in United States 248,126 312,050 899, 258 947, 364 976, 868 908, 342 Due from banks in foreign countries (including own branches) 239, 502 212, 733 r 62, 283 46,444 3,514 4, 657 Exchanges for clearing house and other checks on local banks 2, 880, 609 2,135,924 489,157 519,190 123, 295 107, 349 Outside checks and other cash items 81, 4141 23, 379 87,169 84,387 35, 301! 31,290 Redemption fund and due from United I States Treasurer 1,994 2,044 8,192 7,825 22, 809! 23, 020 Acceptances of other banks and bills of exchange or drafts sold with indorsement.. 550, 487 647,432 125, 571 84, 522 1, 9361 3,239 Securities borrowed 350 211 20, 720 23,738 14, 877| 11, 584 Other assets 108, 909 84,521 r 65, 887 87, 352 47,353! 47, 506 -I- Total, 16, 284,182 16, 614,456 16, 007, 322 15,958,135(16, 644,142; 16, 270,487 LIABILITIES Capital stock paid in 674, 97: 893,781 821,693 867, 837 977, 558 995, 495 Surplus 846, 755 1,138,815 777, 835 860,810 816,119! 864,987 Undivided profits—net 265, 732 321, 702 243, 524 243, 273 323, 308 344, 573 Reserves for dividends, contingencies, etc. 65, 060 67,110 45,174 56,733 41,5101 53,409 Reserves for interest, taxes, and other expenses accrued and unpaid 44, 340 56, 736 41, 325 44,135 35,011! 36,789 Due to Federal reserve banks 1 10 12,508 10,474 44, 001 43, 974 Due to other banks in United States 1, 541,351 l,508,284j 1,680,614 1, 603, 756 427, 072 405, 285 Due to banks in foreign countries (including own branches) 486,! 523, 381 54, 035 50.451 2, 350J 2> 832 Certified and officers' checks outstanding. _1,786, 960 1,195, 333 271, 081 283, 723 126, 097! 124, 506 Cash letters of credit and travelers' checks outstanding 16, 470 17, 223 6,085 5,834 5731 403 Demand deposits 6, 748, 224 7, 057, 8446, 034, 6665, 970, 365 6,120,768 5,833,373 Time deposits 1, 826, 601 1, 755, 0144, 832, 3064, 888,059 6,794,4041 6,590,408 United States deposits 58, 382 27, 999 152, 702 75, 878 50,421! 39,326 Agreements to repurchase United States Government or other securities sold 72, 870 67, 545 52, 854 53, 535 8, 360| 15, 877 Bills payable and rediscounts: With Federal reserve banks 436,122 149,108 355, 505 242,078 248, 981 255,148 Allother 19,934 71,050 20, 417 49, 622 81,219 111,516 Acceptances of other banks and bills of exchange or drafts sold with indorsement.. 550, 486 647,432 125, 571 84, 522 1, 937 3,239 Acceptances executed for customers 700,366 967,450 212, 882 292,812 15, 081 15,897 Acceptances executed by other banks for account of reporting banks 14, 340 15, 348 13, 561 1, 308; 1,746 National-bank notes outstanding 39,399 39,407 161,234 153,124 449, 260 453,031 Securities borrowed 350 211 20, 720 23,738 14, 877 11, 584 Other liabilities 75, 939 94, 681 69, 243 83, 815 63,927 Total _ 16, 284,182 16, 614,456 16, 007, 322 15, 958,135 16, 644,142 16,270,487 1 Excludes acceptances of other banks and bills of exchange or drafts sold with indorsement, now shown separately. r Revised. Back figures.—See (1) Member Bank Call Report, Nos. 35-46 (where data are given by cities); (2) Annual Reports for 1928 (Table 47), 1927 (Table 85), 1926 (Table 80), 1925 (Tables 81-84$, 1924 (Tables 81-84); and (3) Federal Reserve Bulletins, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL MEMBER BANKS 105 No. 44.—CLASSIFICATION OF MEMBER BANK LOANS AND INVESTMENTS ON CALL DATES [Amounts in millions of dollars] 1928 Dec. 31 Mar. 27 June 29 Oct. 4 Dec. 31 ALL MEMBER BANKS Loans and investments—total 35,684 35,393 35,711 35,914 35,934 Loans—total 25,155 24,945 25, 658 26,165 26,150 Loans to customers—total — 21,999 22,450 23,186 23,889 23,908 To banks 538 548 670 640 714 On securities (exclusive of loans to banks) 7,347 7,539 7,734 8,109 8,488 Real estate loans—total 3,123 3,123 3,164 3,152 3,191 On farm land 412 403 414 392 388 On other real estate 2,711 2,720 2,750 2,760 2,803 All other (including overdrafts) 10, 991 11, 240 11, 618 11,988 11,515 Open-market loans—total - -— 3,158 2,493 2.472 2,275 2,243 Acceptances and commercial paper purchased 602 614 447 390 582 Street loans 1 2,556 1,879 2,025 1,885 1,660 Investments—total 10, 529 10,448 10, 052 9,749 9,784 U. S. Government securities 4,312 4,454 4,155 4,022 3,863 Other securities—total 6,217 5,994 5,727 5,921 Domestic- Bonds. _._ — 4,520 4,330 4,225 4,034 4,169 Allother _ _._ — 1,013 1,012 1,037 1,081 1,123 Foreign _ _ __ ___ 684 653 635 612 BANKS IN CENTRAL RESERVE AND RESERVE CITIES Loans and investments—total 22,017 21,652 21,992 22,134 22,559 Loans—total 16,240 15,943 16,563 16,939 17,215 Loans to customers—total _ — 13, 707 14,047 14,588 15,217 15,381 To banks 500 509 621 595 669 On securities (exclusive of loans to banks) 5,442 5,484 5,596 5,814 6,174 Real estate loans—total 1,678 1,657 1,678 1,667 1,729 On farm land 121 114 123 113 112 On other real estate 1,557 1,543 1,555 1,554 1,617 All other (including overdrafts) 6,087 6,397 6,693 7,141 6,809 Open-market loans—total 2,533 1,895 1,975 1,723 1,834 Acceptances and commercial paper purchased. 353 370 267 214 382 Street loans * — 2,180 1,525 1,708 1,509 1,452 Investments—total 5,777 5,708 5,429 5,195 5,345 U. S. Government securities _ 2,930 3,030 2,771 2,661 2,596 Other securities—total 2,847 2,678 2,658 2,534 2,749 Domestic- Bonds 1,945 1,788 1,742 1,597 1,759 All other 647 658 689 723 750 Foreign _ 255 231 227 214 239 BANKS OUTSIDE RESERVE CITIES (COUNTRY BANKS) Loans and investments—total 13,667 13,741 i 13,719 13,780 13,375 Loans—total 8,915 9,001 9,096 9,226 Loans to customers—total 8,290 8,402 8,600 8,672 8,527 To banks 37 39 49 45 45 On securities (exclusive of loans to banks) 1,905 2,055 2,139 2,295 2,314 Real estate loans—total - — 1,444 1,465 1,486 1,485 1,462 On farm land 290 289 291 279 276 On other real estate 1,154 1,176 1,195 1,206 1,186 All other (including overdrafts)— 4,904 4,843 4,926 4,847 4,705 Open-market loans—total _ 625 598 496 553 408 Acceptances and commercial paper purchased. 249 244 180 177 200 Street loans * 376 354 316 376 208 Investments—total- 4,751 4,740 4,624 4,554 4,439 U. S. Government securities— 1,381 1,424 1,384 1,361 1,267 Other securities—total 3,370 3,316 3,240 3,193 3,172 Domestic— Bonds _ 2,575 2,541 2,483 2,437 2,410 All other 366 353 348 358 373 Foreign 429 422 408 389 i Loans on securities to brokers and dealers in securities at New York City. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 45,—ALL MEMBER BANKS—PRINCIPAL RESOURCES AND LIABILITIES ON CALL DATES, 1914-1929 [In millions of dollars] Loans and investments Capi- Call date Total Loans l Inves U tm .S. ents Other b f a D r n o u m k e si ta v u p l a , i n l d n u d e s d s i u d , - r- de T p o o t s a i l ts Demand p T o d i s m e it - s e « 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 t s o 8 d d e e N m po e a s t n it d s d d e e t p p N m i o m lu e s a t e s i n t d s7 R F 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 e l c r o B P e a a u d b a n il n y i l d l s e s - t - s b N b a e u n r m k o s - f Total securi- securi- profits» ties ties 1914—Dec. 31... 8,498 6,419 2,079 760 1,319 1,163 2,093 8,305 5,125 1,233 71 1,876 6,235 7,468 133 7,582 1915—Mar. 4.. 8,570 6,563 2,007 747 1,260 1,353 2,098 8,666 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 91 7,614 June 23— 8,764 6,720 2,044 749 1,295 1,282 2,124 8,894 5,278 1,352 48 2,216 6,811 8,163 317 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 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 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, 507 674 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 8 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 8 95 7,629 June 20.. 12,453 8 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 8 327 7,653 Dec. 31.. 16,896 M12,316 4,580 1,759 2,820 2,129 2,807 18, 628 11,180 3,156 649 3,643 12,487 15, 643 1,497 8 783 7,907 1918—May 10. „ 18, 673 8.912, 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 8 1, 043 8,132 June 29 18, 507 s.» 13, 233 5,274 2,465 2,809 1,906 3,002 18,954 10, 754 3,395 1,521 3,284 12, 217 15,612 1,565 8 1, 022 8,213 Nov. 1 20,981 814, 550 6,431 3,591 2,840 2,036 3,222 20,864 12,059 3,651 1,708 3,446 13, 322 16,973 1,520 8 1,912 8,596 Dec. 31 20, 593 8 14, 224 6,368 3,472 2,194 3,220 21,457 13, 347 3,834 472 3,804 14, 563 18, 397 1,655 8 1, 876 8,692 1919—Mar. 4.. 21, 484 8 13,877 7,607 4,652 2,955 2,137 3,280 21,511 12, 727 4,092 884 14,160 18, 252 1,633 8 1, 962 8,725 June 30.. 22,242 8 15,414 6,827 3,803 3,024 2,125 3,350 22,833 13,925 4, 344 902 3,662 14,725 19,069 1,724 8 1,927 8,822 Nov. 17. 24,187 8 17,423 6,765 3,494 3,271 2,575 3,587 25,183 15, 652 5,050 4,095 16,261 21, 310 1,825 8 2, 257 8,995 Dec. 31- 24,778 818,149 3,324 3,306 2,519 3,542 26,139 16, 080 5,305 4,106 16, 576 21,881 1,904 8 2, 347 9,066 192O-May4 25,418 19,198 6,220 2,958 3,262 1,874 3,833 24,871 15, 388 5,747 190 3,546 16,426 22,173 1,866 2,755 9,291 June 30 - 25, 559 19, 533 6,026 2,811 3,215 1,824 3,853 25,401 15, 744 5,911 260 3,486 16, 422 22,333 :, 839 2,701 9,399 Nov. 15 25, 769 19,852 5,917 2,655 3,262 1,774 4,086 25,106 15,512 6,144 220 3,230 15,924 22,068 ,827 3,080 9,567 Dec. 29 25, 531 19, 555 5,976 2,619 3,357 1,577 4,120 24, 220 14, 632 6,188 316 3,084 15, 345 21, 533 „ 763 3,036 1921—Apr. 28.. 24,390 18,487 5,903 2,496 3,407 1,325 4,156 22,830 13, 527 6,343 273 2,687 14,389 20, 732 ,654 2,313 June 30.. 24,121 18,119 6,002 2,561 3,441 1,354 4,133 23,350 13,881 6,367 390 2,713 14,321 20,688 ,625 2,022 9,745 Dec. 31.. 23,482 17,394 6,088 2,581 3,507 1,450 4,093 23, 247 13,630 6,451 306 2,860 14,449 20,900 :,758 1,364 9,779 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1922—Mar. 10. 23,278 17,080 6,198 2,701 3,497 1,614 4,185 23,660 13, 503 330 3,165 14, 498 21,160 1,723 758 9,816 June 30. _ 24,182 17,165 7,017 3,205 3,812 1,647 4,214 25, 547 15,065 7,175 156 3,150 15,539 22,714 1,835 592 9,892 Dec. 29- 25,579 17,930 7,649 3,754 3,896 1,806 4,364 27,288 15,689 7,645 462 3,492 16,203 23,848 1,939 727 9,859 1923—Apr. 3... 26,141 18,419 7,722 3,849 3,873 1,774 4,356 27, 200 15,145 8,143 404 3,508 16,086 24, 229 1,909 815 9,850 June 30.. 26, 507 18, 750 7,757 3,835 3,922 1,596 4,367 27,088 15,196 8,378 297 3,217 16,066 24,444 1,871 944 9,856 Sept. 14 _ 26,319 18,719 7,600 3,685 3,915 1,640 4,436 26, 942 15,128 8,466 145 3,203 15, 919 24, 385 1,869 983 9,843 Dec. 31.. 26,487 18,842 7,645 3,603 4,042 1,824 4,378 28,507 16,107 8,651 237 3,512 16,376 25,027 1,900 9,774 1924—Mar. 31 _.. 26,663 19,045 7,618 3,534 4,084 1,644 4,468 28,270 15,609 292 3,480 16,112 25,002 1,893 614 9,681 June30_ _. 27,167 19. 204 7,963 3,575 4, 387 1,940 4,486 29, 566 16,329 9,204 179 3,854 16, 838 26, 042 1,965 443 9,650 Oct. 10 I 28,311 19, 713 8,599 3,866 4,733 2,430 4,594 30, 795 16, 406 9,597 302 4,490 17, 804 27, 401 2,121 325 9,635 Dec. 31 _. 28,746 19, 933 8,813 3,874 4,939 2,339 4,532 32, 384 17, 788 9,805 242 4,548 18,468 28, 273 2,228 408 9,587 1925—Apr. 6-_. 29,046 20,176 3,894 4,975 2,091 4,669 31, 249 16,629 10,127 412 4,081 17,708 27, 835 2,092 9,531 June 30.. 29, 518 20, 655 8,863 3,780 5,082 2,017 4,690 32, 457 17,882 | 10,381 177 4,018 18,277 28, 658 2.191 559 9,538 Sept. 28. 30,176 21, 285 3,761 5,129 2,031 4,688 32, 075 17,452 | 10,467 278 3,878 18, 259 28, 726 2,147 712 9,539 Dec. 31.. 30,884 21,996 3,728 5,160 2,155 4,678 34, 250 19,072 | 10,653 304 4,221 19,260 29,913 2,238 733 9,489 1926—Apr. 12... 30,819 21, 785 9,034 3,805 5,229 1,934 4,826 32, 893 17,710 10,955 379 3,849 18,392 29, 347 2,136 620 9,412 June 30.. 31,184 22, 060 9,123 3,745 5,378 1,980 4,832 33, 762 18, 381 11,173 228 3,980 18,804 29, 977 2,236 612 9,375 Dec. 31.. 31, 642 22, 652 8,990 3, 389 5,601 2,066 4,944 34, 528 18,800 11,440 234 4,054 18, 922 30, 362 2,210 760 9,260 g 1927—Mar. 23 I 31,949 22, 327 9,622 3,835 5, 787 1,896 5,086 33, 756 17, 644 11,818 407 3,887 18, 542 30, 360 2,321 546 9,144 June 30 32,756 22,938 9,818 3,796 6,022 1,968 5,147 35, 398 18,842 12, 210 218 4,129 19, 250 31,460 2,280 541 9,099 g D O e c c t . . 1 3 0 1 3 3 4 3 , , 2 1 4 8 7 6 2 2 3 3 , , 8 2 8 2 6 7 1 9 0 , , 9 3 5 61 9 3 3 , , 8 9 5 7 6 8 6 6 , , 1 3 0 8 3 3 2 2 , , 0 2 7 1 7 0 5 5 , , 2 3 9 4 5 1 3 3 5 6 , , 4 6 8 6 2 9 1 1 8 9 , , 0 3 3 7 2 8 1 12 2 , , 4 7 5 6 9 5 2 4 6 3 7 5 4 4 , , 2 6 0 0 9 6 2 1 0 9 , , 1 1 0 7 5 0 3 3 1 2 , , 8 6 7 2 0 9 2 2 , , 5 3 1 2 4 0 6 5 6 2 3 8 9 9 , , 0 0 8 3 7 4 W 1928—Feb. 28.. 33, 688 23,099 10, 590 4,216 6,374 1,941 5,404 35, 375 18,182 12, 923 4,184 19,236 32,158 2,367 581 J O u c n t e . 3 3 _ 0 — .. 3 34 5 , , 9 0 2 6 9 1 2 2 4 4 , , 3 3 0 2 3 5 1 1 0 0 , , 7 6 5 0 8 4 4 4 , ,3 2 8 2 6 5 6 6 , , 5 2 3 1 4 8 2 1 , , 0 89 2 7 6 5 5 , , 6 8 2 4 5 2 3 3 6 6 , , 1 0 7 6 5 0 1 18 8 , , 5 4 7 3 0 7 1 1 3 3 , , 4 4 3 1 9 0 2 1 5 5 7 9 3 4 , , 9 0 2 3 7 7 1 18 9 , , 1 9 9 9 1 5 3 32 2 , , 4 6 0 2 5 9 2 2, , 3 3 4 4 8 2 1 1 , , 2 1 0 5 9 4 8 8 , , 8 9 9 2 6 9 w Dec. 31__ 35, 684 25,155 10, 529 4,312 6,217 2,124 5,899 39, 075 21, 111 13, 453 4,249 19,944 33, 397 2,409 1,162 8,837 2 w 1929—Mar. 27. 35, 393 24, 945 10,448 4,454 5,994 1,741 6,174 36, 799 19,476 13, 329 3,584 18,833 32,162 2,339 1,153 8,755 June 29.. 35,711 25,658 10,052 4,155 5,898 1,885 6,345 35, 893 18, 611 13,325 3,608 18,977 32, 302 2,359 1,168 8,707 Oct. 4... 35, 914 26,165 9,749 4,022 5,727 2,005 6,675 36, 694 19,371 13, 318 315 3,690 18, 952 32, 269 2,322 1,150 8,616 Dec. 31.. 35,934 26,150 9,784 3,863 5,921 2,168 6,709 38,014 20, 489 13, 233 143 4,148 19, 797 33,030 2,374 879 8,522 1 Includes rediscounts and overdrafts; excludes acceptances of other banks and bills of exchange sold with indorsement. 2 Does not include items with Federal reserve banks in process of collection, or amounts due from foreign banks or own foreign branches. 3 Includes reserves for dividends, contingencies, etc., but excludes, beginning Sept. 28, 1925, reserves for interest, taxes, and other expenses accrued and unpaid. * Includes certified and cashiers' or treasurers' checks, and letters of credit and travelers' checks sold for cash. 5 ncludes postal-savings deposits, except that such deposits of State bank members prior to June 20, 1917, are included with demand deposits. «Includes amounts due to Federal reserve banks, foreign banks, and other banks and bankers; also amounts due to own foreign branches beginning Mar. 23,1927. 7 Deposits subject to reserve requirements. • Includes small amounts of bills sold with indorsement. 9 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. 46.—ALL MEMBER BANKS—DEPOSITS SUBJECT TO RESERVE, RESERVES REQUIRED, RESERVES HELD, AND BORROWINGS AT FEDERAL RESERVE BANKS, BY MONTHS, 1929 [Averages of daily figures. In thousands of dollarsj Deposits subject to reserve Reserves held Borrowings at Class of bank and Reserves Federal month (1929) N m e a t n d d e l - Time2 Total required Total Excess r b e a se n r k v s e All member banks: January __. 19,101, 227 13,464,931 32, 566,158 2,333,399 2,386,397 52, 998 844,338 February 18,888, 514 13,409,103 32, 297, 617 2,312,162 2,358,285 46,123 875,128 March 18, 721, 586 13, 346, 627 32,068, 213 2, 295, 787 2,336, 724 40, 937 955, 536 April 18, 521,166 13,272, 849 31, 794, 015 2, 271, 732 2, 308, 230 36,498 989, 622 May 18,429,824 13, 302, 731 31, 732, 555 2, 263, 416 2, 296,403 32, 987 951, 049 June 18, 518, 649 13, 242, 286 31, 760, 935 2, 274, 560 2,316, 289 41, 729 974, 235 July 18, 733, 055 13,188, 214 31, 921, 269 2, 291, 387 2, 333, 625 42, 238 1, 090,405 August 18, 662,352 13, 233, 658 31, 896, 010 2, 286, 861 2,322,393 35, 532 1,040, 403 September 18, 778, 363 13, 311, 242 32, 089, 605 2,300, 312 2,334, 468 34,156 960, 994 October 19,124, 728 13, 316, 519 32,441, 247 2,343,173 2, 385, 596 42, 423 877, 559 November 19, 978, 914 13,194, 448 33,173,362 2, 455, 981 2, 521, 345 65, 364 949, 707 December 19,105,132 13, 065, 353 32,170,485 2, 346, 581 2, 394, 900 48, 319 801, 296 Central reserve city banks: January 6, 690, 812 1,836, 265 8, 527,077 924,893 936,465 11, 572 227, 945 February 6, 674,137 1, 798, 086 8, 472, 223 921, 581 932, 604 11, 023 222, 489 March 6, 643,363 1, 722,170 8,365, 533 915,302 924, 240 8,938 273, 485 April.__ 6, 568,031 1, 698,080 8, 266, 111 904, 786 910, 017 5,231 224, 312 May 6, 533,050 1, 708,445 8, 241, 495 900, 549 906,326 5,777 193, 283 June 6, 655,334 1, 680, 696 8,336,030 915, 614 922, 856 7,242 237, 366 July.... 6, 676, 227 1, 643, 815 8,320,042 917, 224 929, 570 12, 346 377, 291 August 6, 676, 819 1, 740,182 8,417,001 920,191 926, 259 6,068 259,153 September 6, 719, 486 1, 798, 973 8, 518, 459 927, 502 934, 611 7,109 186,008 October.. 7,000,154 1, 845, 231 8, 845,385 965, 377 978, 920 13, 543 127, 958 November ..' 7, 1, 803, 720 9, 733, 789 1,085, 020 1,120,994 35, 974 105, 848 December 7,217,128 1, 725, 629 8, 942, 757 989,994 1, 009, 647 19, 653 141, 902 I Reserve city banks: January 6,363, 911 4,821,065 11,184,976 i 781,023 793,352 12, 329 356,237 February 6,241,484 4, 795,176 11,036,660 I 768, 003 778, 660 10, 657 391, 626 March 6,157, 708 4, 792,033 10,949,741 I 761, 076 770,309 9,233 423,397 April. 6,099,474 4, 751, 562 10,851,036 ! 752,494 762, 718 10, 224 483, 694 May 6,075, 515 4, 779, 507 10,855,022 I 750, 936 759,900 446, 339 June 6,055, 558 4, 779,067 10,834,625 748, 928 761, 247 12, 319 409,425 July. ._. 6,128,471 4, 752, 279 10,880,750 S 755, 415 764,133 8,718 399, 017 August 6,095, 959 4, 705, 494 10,801,453 ! 750, 761 759, 474 8,713 460, 919 September 6,110, 732 4, 734,379 10,845,111 | 753,104 758, 715 5,611 494,121 October _ 6,164, 599 4, 733,106 10,897,705 | 758,453 765,899 7,446 480, 857 November 6,194,040 4, 733, 583 10,927,623 j 761, 411 770, 723 9,312 511, 463 December 6,141,160 4, 762, 039 10,903,199 ] 756, 977 766,446 9,469 347, 684 Country banks: January 6,046, 504 6,807, 601 12, 854,105 627,483 656, 580 29,097 260,156 February 5, 972,893 6,815, 841 12, 788, 734 622, 578 647, 021 24, 443 261,013 March 5, 920, 515 6,832,424 12, 752,939 619,409 642,175 22, 766 258, 654 April 5,853,661 6, 823, 207 12, 676, 868 614,452 635,495 21, 043 281, 616 May 5,821, 259 6, 814, 779 12,636,038 611,931 630,177 18,246 311, 427 June 5,807, 757 6, 782, 523 12, 590, 280 610, 018 632,186 22,168 327, 444 July 5, 928,357 6, 792,120 12, 720,477 618,748 639, 922 21,174 314,097 August 5, 889, 574 6, 787, 98212, 677, 556 615, 909 636, 660 20, 751 320,331 September 5,948,145 6, 777, 890 12, 726,035 619, 706 641,142 21, 436 280,865 October I 5,959,975 6, 738,182 12, 698,157 619,343 640, 777 21,434 268, 744 November .__. 5,854,805 6, 657,145 12, 511,950 609, 550 629, 628 20,078 332,396 December. 5,746,844 6, 577, 685 12, 324, 529 599, 610 618,807 19,197 311,710 I 1 Subject to reserve requirements of 13 per cent for central reserve city banks, 10 per cent for reserve city banks, and 7 per cent for banks outside central reserve and reserve cities (so-called country banks). 2 Subject to reserve requirements of 3 per cent. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

109 ALL MEMBER BANKS No. 47.—ALL MEMBER BANKS—RESERVE BALANCES, BY MONTHS, 1918-1929 [Monthly averages of daily figures. In millions of dollars] Month 1918 1919 1920 1921 1922 1923 1924 1925 1926 1927 1928 1929 January 1,467 1,635 1,883 1,773 1,707 1,918 1,911 2,194 2,236 2,243 2,426 2,387 February 1,468 1,612 1,858 1,728 1,689 1,901 1,892 2,159 2,208 2,212 2,368 2,357 March 1,466 1,652 1,878 1,694 1,711 1,873 1,915 2,137 2,198 2,240 2,365 2,337 April 1,504 1,656 1,870 1,665 1,733 1,869 1,905 2,123 2,183 2,248 2,396 2,30S May 1,482 1,686 1,853 1,657 1,783 1,874 1,922 2,132 2,199 2,262 2,388 2,296 June 1,512 1,696 1,853 1,664 1,820 1,867 2,001 2,141 2,206 2,301 2,355 2,314 July 1,448 1,719 1,840 1,639 1,812 1,867 2,046 2,160 2,212 2,289 2,324 2,334 August 1,459 1,740 1,807 1,621 1,799 1,835 2,072 2,151 2,201 2,283 2,274 2,322 September 1,507 1,769 1,817 1,629 1,811 1,848 2,120 2,161 2,211 2,300 2,314 2,335 October 1,539 1,793 1,815 1,652 1,836 1,864 2,141 2,203 2,219 2,326 2,332 2,386 November 1,520 1,837 1,782 1,663 1,825 1,875 2,164 2,221 2,214 2,373 2,352 2,521 December 1,586 1,820 1,758 1,673 1,840 1,882 2,182 2,219 2,218 2,399 2,367 2,395 Back figures—See Annual Report for 1928 (Table 50). No. 48.—ALL MEMBER BANKS—BORROWINGS AT FEDERAL RESERVE BANKS, BY MONTHS, 1914-1929 [Monthly averages of daily figures. In millions of dollars] Month 1914 1915 1916 1917 1918 1919 1920 1921 January 21 612 2,136 2,523 February. _ 18 529 :,765 2,297 2,400 March 19 537 ,863 2,377 2,297 April 25 751 ,920 2,431 2,129 May 43 897 ,976 2,536 1,959 June 155 939 ,840 2,456 1,811 July 151 1,162 ,864 2,513 1,719 August 134 1,333 .,798 2,596 1,548 September. 181 1,604 ,776 2,667 ],442 October 320 1,683 2,068 2,780 1,371 November. 563 1,760 2,140 2,762 1,228 December.. 10 683 1,765 2,115 2,718 1,180 Month 1922 1923 1924 1925 1926 1928 1929 January- 962 547 574 267 520 481 465 February. 769 514 340 526 393 471 March 638 476 390 557 425 513 April 572 658 489 403 537 447 661 1,004 May 479 705 433 397 511 473 836 956 June 437 741 370 437 473 429 1,019 978 July 425 834 315 480 549 454 1,090 1,096 August 396 809 268 545 555 409 1,061 1,043 September 417 845 262 594 640 422 1,064 969 October.._ 486 873 240 619 663 424 975 885 November. 623 799 228 597 615 415 897 953 December. 660 771 301 529 1,013 803 NOTE.—Figures include a small amount of borrowing by intermediate credit banks, etc. (See Table 12') Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

110 ANNUAL KEPORT OF THE FEDERAL RESERVE BOARD REPORTING MEMBER BANKS IN LEADING CITIES No. 49.—REPORTING MEMBER BANKS—LOANS, INVESTMENTS, DEPOSITS, RE- SERVES, AND BORROWINGS AT FEDERAL RESERVE BANKS, 1919-1929. [Monthly averages of weekly figures.1 In millions of dollars. Revised series—1929 basis] Month 1919 1920 1921 1922 1923 1924 1925 1926 1927 1928 1929 Loans and invest' ments: January 14,228 16,682 16,447 14,694 16,233 16, 32118,502 19,358 19,686 21,493 22,320 February 14, 30716,652 16,176 14,688 16, 226 16, 31918,439 19,323 19, 55821,315 22, 263 March 14,628 16,853 16, 06614,617 16,3168 16,443 18, 52319,420 19, 98921, 502 22,472 April 14,609 16, 98315, 77814, 688| 16,443 16,565 18, 55419, 39220,068 21,944 22,388 May - 14,936 16, 99215,511 14, 968| 16,4871 16,618 18, 52719, 50220,273 22,148 22,113 June.. 15,019 16, 97115,364 15, 242j 16,428 16,816 18, 64119, 59620,506 22,063 22, 231 July 14,865 16, 92115,065 15,254 16, 404 17,131 18, 72219, 56120,404 22,006 22,479 August 15, 26416, 90714, 92115,373! 16, 201 17, 446 18, 77519, 59420,357 21,809 22,465 September 15,627 17, 05714, 90215,446! 16,305! 17, 75718, 97819, 77520, 65321,871 22, 646 October 16,011 17,192 14, 94215, 732 16, 38l| 18,217 19, 23919, 78420, 91821, 93823,124 November 16,193 16,868 14,837 15,816 16, 287 18,357 19, 33119,673 21,112 21, 983 23,663 December 16,387 16,737 14,842 16, 006 16, 318 18, 46519, 41319, 74221,328 22,189 23,012 Total loans: January 9,925 12, 74313,167| 11,204 11, 560| 11,988 13,179 14,200 14,538 15,441 16,300 February 9,765 12,888 12, 928 j11,025 11, 597! 12, 00413, 23214,140 14,347 15, 223 16,260 March 9,825 13,242 12, 785| 11,034 11,796! 12,138 13,320 14,172 14, 536 15,370 16,491 April 9,846 13,344 12, 506111,002 11,919! 12,212 13, 29714,140 14,564 15,805 16,464 May 10,026 13,352 12, 272| 11,045 12,002; 12,172 13, 29414,160 14,666 15,960 16, 277 June.. 10,656 13,426 12,036' 11,024 11, 905 12, 24913, 37514, 23514,849 15,871 16, 480 July 10,806 13,507 11,853 10, 959 11,912 12,400 13,474 14, 24114,781 15,892 16,950 A Se u p g te u m st b .. e . r - _ _ _ . 1 1 0 1 , , 3 9 4 7 2 3 1 1 3 3 , , 6 5 9 1 1 8 1 11 1 , , 6 6 8 7 9 2 ; | 1 1 0 1 , , 0 9 6 4 6 2 . 1 11 1 , , 9 7 3 9 0 2 ! ( 1 1 2 2 , , 7 5 2 9 5 41 1 3 3 , , 5 7 5 9 7 7 1 14 4 , , 3 4 1 9 3 8 1 15 4 , , 8 0 2 6 5 6 1 1 5 5 , , 8 8 2 9 5 8 1 17 6 , , 1 9 9 6 7 9 October 11, 90113,896 11,664) 11,342 12, 029J 12, 95514,057 14,555 15, 25816,003 17, 706 November 12,193 13,578 11,494| 11,400 11, 9751 12, 96914,181 14,487 15,308 16,096 18,041 December 12,412 13,428 11,420 11,445 11,985! 13,087 14, 248 14, 57815,396 16,253 17,444 Loans on securities: January 4,036 3,711 4,1941 4,252 5,1 5,874 5,915 6,811 7,506 February 3,96lj 3,666 4,119J 4,173 5,056 5,767 5,780 6,606 7,522 March 3,921| 3,641 4,116! 4,181 5,122 5,652 5,867 6,586 7,580 April 3, 849| 3,657 4,1731 4,218 5,098 5, 576 5,930 6,924 7,392 May 3,842: 3,825 4, 220 4,221 5,167 5,592 6,017 7,075 7,218 June 3,805: 3,909 4,157 4,310 5,289 5, f" " 6,220 6,962 7,332 July... 3, 740 3,895 4,150: 4,479 5,370 5,743 6,191 6,955 7,716 August 3,670! 3,862 3,994! 4,582 5,377 5,771 6,201 6,816 7,578 September 3,667! 3,908 4,028i 4,675 5,447 5,847 6,298 6,840 7,654 October 3,7171 4,060 4,052! 4,726 5,558 5,741 6,403 6,874 8,098 November 3,721 4,103 4,056! 4,740 5,696 5,633 6,492 7,082 8,249 December 3,765 4,123 4,142! 4,917 5,843 5,771 6,676 7,198 7,968 Ul other loans: January 8,006 9,131 7,493 7,366! 7,736 8,170 8,326 8,623 8,631 8, 794 February 8,384 8,967 7,359 7,477 7,831; 8,176 8,373 8,566 8,617 8,737 March 8,788 8,864i 7, 393 7,680 7, 9561 8,198 8,521 8,670 8,784 8,911 April 8,954 8,657! 7,3451 7,746 7, 994! 8,199 8,564 8,634 8,880 9,073 May 9,050 8, 430 7,219! 7,781 7,95lj 8,127 8,568 8,649 8,884 9,059 June. (2) 9,177 8, 232 7,115 7, 748! 7,9391 8, 085 8,541 8,628 8,909 9,149 July i 9,326 8,113 7,064 7,761 7, 9211 8,103 8,498 8,590 8,937 9,234 August 9,431 8, 018 7,080 7,798 8,012, 8,180 8,542 8,624 9,009 9,390 September 9,580 8,005| 7,158 7,903 8, 049 8,349 8,652 8,768 9,059 9,543 October 9,741 7,947 7, 282! 7,977 8, 229 8,500 8,814 8,855 9,130 9,608 November (p 9,507 7,773 7, 2971 7,920 8, 229 8,485 8,854 8,816 9,014 9,792 December.. 9,317 7,655 7,322; 7,843 8,170l 8,405 8,807 8,720 9,055 9,476 7,710 Investments: January 4,303 3,939 3,280 3,490 4,673 4,333: 5,323 5,158 5,148 6,052 6,021 February 4,542 3,764 3,247 3, 663 4,629 4,315 5,206 5,182 5,212 6,091 6,004 March.. 4,8031 3,611 3,281 3,583 4,572 4,306 5,204 5,248 5,453 6,133 5,981 April 4,763 3,639 3,273 3, 686 4,523 4,352 5, 258 5,252 5,504 6,140 5,924 May 4,910 3,640 3,238 3, 923 4,485 4,445 5,233 5,342 5,608 6,188 5,836 June 4,363 3,546 3,328 4,218 4,522 4,567! 5, 266 5,362 5,658 6,193 5,751 July... 4,057 3,414 3, 213 4, 295!4,492 4,731 5,248 5,320 5,623 6,114 5, 529 August 4,290 3,390 3,232 4,43l! 4,409 4,851 5,217 5,281 5,531 5,984 5,496 September 4,285| 3,366 3,229 4,379! 4,375 5,0321 5,181 5,277 5,587 5,973 5,449 October.. 4,110 3,296 3, 278j 4,390 4, 352 5, 262| 5,181 5,228 5,660i 5,934 5,418 November 4,000! 3,290 3,343 4,416 4,312 5,389 5,151 5,186 5,804 5,888 5,623 December 3,975 3,308 3,421 4,561 4,333 5,378 5,165 5,165 5,932 5,936 5,567 1 For corresponding data by weeks for 1927 and 1928, see Annual Report for 1928 (Table 54). Weekly figures for earlier years (revised series) are available back to 1919, but have not been published; they may be had on request. 2 Not available. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REPORTING MEMBER BANKS IN LEADING CITIES 111 No. 49.—REPORTING MEMBER BANKS—LOANS, INVESTMENTS, DEPOSITS, RE- SERVES, AND BORROWINGS AT FEDERAL RESERVE BANKS, 1919-1929—Con. [Monthly averages of weekly figures. In millions of dollars. Revised series—1929 basis] Month 1920 1921 1922 1923 1924 [ 1925 1926 1927 1928 1929 | Net demand plus time deposits: I January 11,667 14,038!13, 766 13,409 15,312 15,434!18,094 18, 597 18,921 20,642 20,487 February 11,573 14,021 13, 52713,339 15,294 15,450;17,977 18,468 18, 77120,286 20,270 March 11,819 14, 200'13, 35613, 529 15, 21215, 509 17,872 18,414' 19,023 20,268 20,127 April 11,876 14,183|13,161 13, 766 15,204 15, 577[17,828 18,392 19,054 20, 57619,869 May <. 12,199 14,182 13, 22114,170 15, 23015, 759 17,913 18, 544 19,292 20,652 19,768 June _-. 12,165 14, 208 13,144 14,487 15,196 16,164 18,007 18, 715!19, 57720,373 19, 740 July 12,408 14, 200 12, 97614,627 15,204 16,603 18,119 18,677 19,483 20,107 19,918 August 12, 72814, 059 12,857 14,602 14, 97316, 96718,049 18,641 19, 50419, 733 19,848 September 12, 97514,093 12,901 14, 680|15,026 17, 26218,122 18, 746 19,609 19,880 19,990 October 13, 26114,100 13,093 14,852i15,155 17, 689!18, 386 18, 727'19, 75720,059i 20,472 November 13, 61713,861 13, 236 14,796 15, 22817, 945 18, 558 18, 690 20,112 20, 217 21,131 December 13, 56713, 66613, 25614, 866 15, 21018,039 18, 530 18,800 20,291 20,241 20,501 Net demand deposits: January 10,055 11, 581 10,821 10,367 11, 561 11, 299 13,203 13,195 13,067 13,982 13,593 February 9,915 11,487 10, 58810, 280 11, 52211, 273 13,020 13,019 12, 88313,673 13,391 March 10,122 11,605 10,409 10, 391 11, 28411, 282 12,866 12,917 13,034 13, 579 13,288 April 10,142 11, 551 10, 206 10, 587 11,214 11, 299 12, 742 12, 830 13,033 13,814 13,076 May 10,446 11,511 10,199 10, 919 11, 22211,424 12, 742 12, 953 13,179 13,760 12,992 June 10, 40011, 50410,187 11,138 11,176 11, 773 12,805 13,074 13,414 13,450!13,001 July 10, 61111,471 10, 04211,113 11,198 12,114 12,922 12, 964 13,306 13,246 13, 245 August 10, 807 11, 304 9,927 11,007 10, 96812, 39612,831 12,900 13, 27612,902 13,120 September 10, 991 11, 291 9,958 11,076 10, 99112, 63012,892 13,024 13,340 13,049 13,180 October 11,147 11, 271 10,112 11, 228 11,107 12, 93713, •" 13,015 13,412 13, 216 13,633 November 11, 337 11,030 10, 215 11,121 11,170 13, 08013,185 12, 938 13, 70313,369 14,363 December 11, 251 10, 82810, 247 11,146 11,127 13,184 13,173 13,032 13,872 13,399 13, 774 Time deposits: January 1,612 2,457 2,945 3,042 3,751 4,135 4,891 5,402 5,854 6,560 6,894 February. _. 1,658 2,534 2,939 3,059 3,772 4,177 4,957 5,449 5,888 6, 613 6,879 March 2,595 2,947 3,138 3,928 4,227 5,006 5,497 5,989 6,689 6,839 A M p a r y il 1 l'f , 7 7 5 3 3 4 2 2, , 6 6 7 3 1 2 3 2 , , 0 9 2 5 2 5 3 3 , , 1 2 7 5 9 1 4 3 , , 0 99 0 0 8 4 4 , , 2 3 7 3 8 5 5 5 , , 0 1 8 7 6 1 5 5 , , 5 5 9 6 1 2 6 6, , 1 0 1 2 3 1 6 6 , , 7 8 6 9 2 2 6 6, , 7 7 7 9 6 3 June 1,765 2,704 2,957 3,349 4,020 4,391 5,202 5,641 6,163 6,923 6,739 July 1,797 2,729 2,934 3,514 4,006 4,489 5,197 5,713 6,177 6,861 6,673 August 1.921 2, 755 2, 930 3,595 4,005 4,571 5,218 5,741 6,228 6,831 6,728 September.. 1,984 2,802 2,943 3,604 4,035 4, 5,230 5,722 6,269 6,831 6,810 October 2,114 2,829 2,981 3,624 4,048 4,752 5,301 5,712 6,345 6,843 6,839 November.. 2,280 2,831 3,021 3,675 4,058 4,865 5,373 5,752 6,409 6,848 6,768 December.. 2,316 2,838 3,009 3,720 4,083 4,855 5,357 5,768 6,419 6,842 6,727 Reserve balances: January 1,295 1,431 1,330 1,289 1,447 1,433 1, 1,672 1,672 1,799 1,777 February 1,240 1,406 1,305 1,299 1,434 1,407 1,656 1,652 1,639 1,758 1,734 March 1,260 1,411 1,273 1,318 1,404 1,435 1,627 1,649 1,665 1, 726 1,715 April 1,271 1,420 1,254 1,324 1,397 1,439 1, 1,639 1,653 1,783 1,672 May 1,295 1,402 1,256 1,381 1,408 1,449 1,612 1,647 1, 691 1,771 1,666 June 1,288 1,402 1,296 1,405 1,400 1,539 1,622 1,664 1,744 1,740 1,672 July 1, 306 1,405 1,241 1,414 1,402 1,558 1,627 1,649 1,690 1,723 1,703 August 1,336 1,375 1,212 1,370 1,366 1,595 1,640 1,640 1,702 1,672 1,665 September 1, 327; 1,384 1,224 1,357 1,360 1,645 1,639 1,674 1,703 1,699 1,703 October 1,383! 1,370 1,246 1,412 1,381 1,644 1,652 1,627 1,719 1,707 1,775 November 1, 426; 1,334 1,258 1,379 1,382 1,638 1,667 1,631 1,761 1,714 1,869 December 1,368! 1,330 1, T'" 1,383 1,382 1,691 1,685 1,680 1,781 1,748 1,743 Borrowings at. Federal reserve banks: January 1, 306 1,1 1,947 514 343 347 108 318 299 314 663 February 1,400 2, 019! 1, 878! 374 402 285 ' 218 351 233 338 659 March 1, 449 2,053| 1,792 264 417 245 234 372 268 362 740 April 1,443 2,069 1,601 215 420 258 229 329 270 4881 725 May 1, 497: 2, 085! 1,421 455 185 191 290 302 644! 661 June 1,361 1,981! 1,267 130i 466 131 238 252 268 796 670 July 1, 454 2, 005 1,167 552 89 264 315 272 854 801 August 1, 395 2,072 996 115 516 61 351 335 256 806 717 September 1, 383 2,117 906 145 545 83 403 428 267 822 706 October _. 1, 660 2,222 854 240! 585 86 437 440 283 736 634 November 1, 765 2, 200 723 376| 505 75 411 422 276 681 655 December 1, 739! 2,132i 697 392 502 145 491 447 799 490 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

112 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No. 50.—REPORTING MEMBER BANKS J—PRINCIPAL [In millions of dollars] Total Loans Investments loans and i m nv e e n s t t s - O r n it s ie ec s u- All other Total sec U u . r S i . ties se O cu th ri e ti r es 1929 Jan. 2... 22,735 16,803 7,818 8,985 5,931 3,007 2,925 Jan. 9... 22, 300 16, 329 7,440 8,889 5,971 3,050 2,921 Jan. 16.. 22, 263 16.186 7,461 8,725 6,077 3,120 2,957 Jan. 23.. 22,131 16,060 7,364 8,696 6,071 3,116 2,954 Jan. 30.. 22,174 16,121 7,446 8,675 6,053 3,101 2,952 Feb. 6.. 22, 295 16, 254 7,558 6,041 3,103 2, 938 Feb. 13. 22, 240 16, 230 7,515 8,715 6,010 3,084 2,926 Feb. 20. 22,180 16,189 7,444 8,745 5,991 3,067 2,925 Feb. 27. 22,338 16,366 7,573 8,793 5 972 3,042 2,930 Mar. 6... 22, 383 16,425 7,573 8,852 5,958 3,058 2,901 Mar. 13.. 22, 382 16, 430 7,511 8,918 5,953 3,036 2,917 Mar. 20- 22, 581 16, 552 7,642 8,910 6,028 3,113 2,915 Mar. 27_. 22, 543 16, 557 7,592 8,965 5,986 3,086 2,900 Apr. 3.__ 22, 561 16, 583 7,516 9,068 5,978 3,075 2,902 Apr. 10.. 22, 393 16,455 7,380 9,076 5,938 3, 024 2,914 Apr. 17._ 22, 340 16, 431 7, 353 9,078 5,909 3,020 2,890 Apr. 24._ 22, 259 16, 388 7,319 9,068 5,871 3,002 2,868 May l._. 22, 313 16,438 7,371 9,067 5,875 2,997 2,878 May8.__ 22,094 16, 257 7,241 9,016 5,836 2,979 2,858 May 15._ 22,156 16, 301 7,221 9,079 5,855 2,972 2,883 May 22. _ 22, 005 16.187 7,144 9,043 5,818 2, 951 2,867 May 29_. 22, 000 16, 202 7,112 9,090 5,798 2,896 2,902 June 5___ 22,115 16, 337 7,197 9,140 5,779 2,916 2,862 June 12.. 22,104 16, 364 7,209 9,155 5,740 2,906 2,835 June 19. _ 22, 298 16, 543 7,382 9,161 5,755 2,935 2,820 June 26. _ 22,407 16, 678 7,539 9,139 5,729 2,895 2,834 July 3... 22,485 16, 925 7,761 9,164 5,560 2,759 2,800 July 10.. 22,434 16, 906 7,704 9,202 5,528 2,740 2,789 July 17. _ 22,409 16,892 7,644 9,248 5, 518 2,742 2,775 July 24.. 22,459 16, 970 7,683 9,287 5,490 2,723 2,766 July 31.. 22, 606 17, 058 7,787 9,270 5,549 2,747 2, 802 Aug. 7... 22, 581 17, 044 7,715 9,329 5,537 2,732 2,805 Aug. 14.. 22, 450 16, 943 7,573 9,370 5,507 2,734 2,774 Aug. 21._ 22, 423 16, 938 7,510 9,428 5,485 2,723 2,762 Aug. 28.. 22, 405 16,950 7,515 9,434 5,456 2,707 2,748 Sept. 4... 22, 591 17,150 7,632 9,518 5,441 2,699 2,741 Sept. 11.. 22, 570 17,142 7,578 9,564 5,429 2,694 2,735 Sept. 18.. 22, 742 17, 254 7,686 9,567 5,489 2,719 2,770 Sept. 25.. 22, 682 17,244 7,720 9,524 5,438 2,680 2,757 Oct. 2_._ 22,829 17,428 7,828 9,600 5,401 2,660 2,741 Oct. 9... 22, 673 17, 269 7,687 9,582 5,403 2,656 2,747 Oct. 16.. 22, 794 17, 397 7,875 9,522 5,397 2,652 2,745 Oct. 23 ._ 22, 895 17, 500 7,920 9,580 5,395 2,654 2,740 . 30.. 24,431 18, 934 9,179 9,755 5,496^ 2,-682 2,844 Nov. 6 24,073 18,489 8,746 9,743 5,584 2,750 2,834 Nov. 13 23, 716 18,115 8,369 9,746 5,601 2,748 2,854 Nov. 20 ._ 23, 512 17, 861 7,991 9,871 5,650 2,784 2,867 Nov. 27 23,353 17,698 7,889 9,809 5,655 2,808 2,847 Dec. 4 23,142 17, 538 7,889 9,649 5,604 2,755 2,849 Dec. 11 22, 922 17, 375 7,818 9,557 5,547 2,719 2,828 Dec. 18 22, 942 17, 356 7,898 9,458 5,587 2,743 2,844 Dec. 24 22, 890 17, 305 7,931 9,374 5,585 2, 710 2,876 Dec. 31 _ 23,163 17,649 8, 304 9,344 5,514 2,593 2,921 Monthly averages: January 22, 320 16,300 ! 7,506 8,794 6,021 3,079 2,942 February 22, 263 16,260 ' 7, 522 8,737 6,004 3,074 2,930 March 22,472 16,491 7,580 8,911 5,981 3,073 2,908 April 22, 388 16, 464 7, 3S2 9,073 5,924 3,030 2,893 May 22,113 16, 277 7,218 9,059 5,836 2,959 2,878 June 22, 231 16, 480 7,332 9,149 5,751 2,913 2,838 July... 22, 479 16, 950 7,716 9,234 5,529 2,742 2,787 August 22,465 16, 969 7,578 9,390 5,496 2,724 2,772 September 22,646 17,197 7,654 9,543 5,449 2,698 2,751 October _. 23,124 17, 706 9,608 5,418 2,661 2,757 November 23, 663 18, 041 8,249 9,792 5, 623 2,772 2,850 December 23, 012 17, 444 7,968 9,476 5,567 2,704 2,864 i For corresponding data for 1927 and 1928 see Annual Report for 1928 (Table 54). Weekly figures for earlier years (revised basis) are available back to 1919, but have not been published; they may be had Digitized for oFnR rAeqSuEeRst . http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

KEPORTING MEMBER BANKS IN LEADING CITIES 113 RESOURCES AND LIABILITIES, BY WEEKS [In millons of dollars] Reserves Net demand plus time deposits Borrowwith Cash in Govern- ings at F re b e s a d e n e r k r v a e l vault Total de N m e a t nd Time de m p e o n s t its F re b e s a d e n e r k r v a e l 1929 1,859 292 20,895 13,983 6,912 167 930 Jan. 2. 1,765 271 20, 504 13, 608 6,896 111 655 Jan. 9. 1,771 242 20, 496 13, 611 6,885 90 598 Jan. 16. 1,730 244 20,251 13,366 6,885 83 554 Jan. 23. 1,759 244 20, 288 13,395 6,893 84 580 Jan. 30. 1,751 237 20,306 13,415 6,891 50 619 Feb. 6. 1,740 261 20,384 13,505 6,879 43 669 Feb. 13. 1,700 253 20,126 13, 259 6,867 43 637 Feb. 20. 1,746 246 20, 266 13, 387 6,879 36 712 Feb. 27. 1,716 238 20,179 13, 308 6,871 6 756 Mar. 6. 1,726 245 20, 253 13,398 6,855 6 716 Mar. 13. 1,715 235 20,086 13, 281 6,805 305 711 Mar. 20. 1,706 243 19, 991 13,164 6,827 305 779 Mar. 27 1,688 240 19,987 13,157 6,830 289 766 Apr. 3. 1,672 238 19, 841 13, 052 6,789 258 706 Apr. 10. 1,671 227 19, 897 13,118 6,779 165 729 Apr. 17. 1,658 235 19, 752 12,977 6,775 148 698 Apr. 24. 1,702 223 19, 994 13, 234 6,760 143 703 Mav 1. 1,682 237 19, 757 12,986 6,771 108 684 May 8. 1,682 227 19,934 13,139 6,795 105 626 May 15. 1,647 235 19, 599 12, 810 6,789 99 614 May 22. 1,617 242 19, 556 12, 791 6,765 99 680 May 29. 1,679 238 19, 700 12, 939 6,761 58 663 June 5. 1,682 236 19, 817 13,108 6, 709 46 628 June 12. 1,657 227 19, 664 12,940 6,724 260 674 June 19. 1,670 232 19, 781 13, 018 6,763 260 715 June 26. 1,724 243 19, 972 13, 293 6,679 193 826 July 3. 1,677 275 19,824 13,170 6.654 154 850 July 10. 1,699 256 19, 867 13,219 6,648 152 790 July 17. 1,710 243 19,820 13,146 6,674 88 771 July 24. 1,707 236 20,107 13, 395 6,712 85 767 July 31. 1,675 241 19, 942 13, 240 6,702 49 770 Aug. 7. 1,674 245 19,912 13,191 6,721 44 726 Aug. 14. 1,650 236 19, 785 13, 065 6,720 44 687 Aug. 21. 1,663 238 19, 751 12, 985 6,766 37 685 Aug. 28. 1,675 240 19, 992 13,184 6,808 11 761 Sept. 4. 1, 707 246 20, 082 13, 283 6,799 702 Sept. 11. 1,721 236 19, 984 13,179 6,805 227 673 Sept. 18. 1,708 236 19, 901 13, 072 6,829 227 688 Sept. 25. 1,727 230 20,120 13, 295 6,825 227 672 Oct. 2. 1,686 248 19, 843 13, 040 6,803 209 612 Oct. 9. 1,747 230 20, 221 13, 406 6,815 159 605 Oct. 16. 1,725 238 20,197 13, 314 6,883 131 554 Oct. 23. 1,990 269 21, 978 15,110 6,868 127 729 Oct. 30. 1,904 276 21, 600 14, 765 6,835 83 730 Nov. 6. 1,952 277 21, 326 14, 570 6,756 77 688 Nov. 13. 1,875 259 20, 949 14, 227 6,722 58 597 Nov. 20. 1,744 265 20, 650 13, 890 6,760 50 603 Nov. 27. 1,766 261 20, 436 13, 714 6,722 33 580 Dec. 4. 1,747 280 20, 474 13, 776 6,698 27 493 Dec. 11. 1,774 296 20, 378 13, 676 6,702 113 468 Dec. 18. 1,703 291 20, 312 13, 589 6,723 92 502 Dec. 24. 1,726 262 20, 905 14,118 6,787 82 405 Dec. 31. Monthly averages: 1,777 259 20, 487 13, 593 6,894 107 663 January. 1,734 249 20, 270 13, 391 6,879 43 659 February. 1,715 240 20,127 13, 288 6,839 155 740 March. 1,672 235 19, 869 13, 076 6,793 215 725 April. 1,666 233 19, 768 12, 992 6,776 111 661 May. 1,672 233 19, 740 13, 001 6,739 156 670 June. 1,703 251 19, 918 13, 245 6,673 134 801 July. 1,665 240 19, 848 13,120 6,728 44 717 August. 1,703 239 19,990 13,180 6,810 116 706 September. 1,775 243 20, 472 13, 633 6,839 171 634 October. 1,869 269 21,131 14, 363 6,768 67 655 November. 1,743 278 20, 501 13, 774 6,727 69 490 December. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

114 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No. 51.—REPORTING MEMBER BANKS IN NEW YORK CITY : [In millions of dollars] Loans Investments Total oans andj i m nv e e n s t t s - Total On ri t s i e e c s u- j jAll other Total U cu . r S it . i s e e s - O c t u h r e it r i e s s e- I j 1929 Jan. 2__- 7,670 5,838 3, 259 2,579 1,832 1,100 731 Jan. 9 7,255 5,404 2,889 2,515 1,851 1,123 728 Jan. 16.. 7,161 ! 5,251 2,837 2,414 1,910 1,145 765 Jan. 23 7,075 5,162 I 2,742 2,420 1,913 1,146 767 Jan. 30 7,148 5,234 2,795 2,439 1,915 1,139 775 Feb. 6 7,227 i 5,321 2,857 2,464 1,905 1,140 765 Feb. 13 7,187 5,304 2,817 2,487 1,883 1,128 755 Feb. 20 7,109 5,229 2,743 2,486 1,880 1,127 753 Feb. 27. _ 7,239 5,369 2,863 2,506 1,870 1,116 754 Mar. 6 7 270 5,416 2,859 2,557 1,854 1,110 745 Mar. 13 7,209 5,348 2,749 2,599 1,860 1,089 772 Mar. 20 7,340 5,449 2,833 2,616 1,892 1,122 770 Mar. 27 ___ 7,366 5,484 2,852 2,632 1,881 1,109 772 Apr. 3_ 7,405 5,521 2,819 2,702 1,884 1,106 778 Apr. 10 7,276 5,421 2,708 i 2,713 1,854 1,085 769 Apr. 17 7,252 5,398 2,682 2,716 1,854 1,089 766 Apr. 24 7,253 5,410 2, 707 2,702 1,844 1,079 765 May 1 7,332 5,476 2,777 2,699 1,856 1,074 782 May 8 7,165 5,314 2,647 2,667 1,852 1,075 777 May 15 7,194 5,337 2,641 2, 696 1,857 1,062 795 May 22 7,120 5,294 2,614 2, 680 1,825 1,038 788 May 29 7,100 5,299 2,585 2,714 1,801 1,018 783 June 5 7,236 5,409 2,678 2,731 1,827 1,049 778 June 12 7,200 5,390 2,663 2,727 1,810 1,056 754 June 19 7,277 5,465 2,749 2,716 1,812 1,063 749 June 26 7,410 5,610 2,908 2,702 1,800 1,054 747 July 3 7,525 5,843 3,117 2,726 1,682 939 742 July 10 7,461 5,781 3,040 2,742 1,679 940 739 July 17 7,417 5,729 2,970 2,758 1,687 949 738 July 24 7,502 5,815 3,017 2,797 1,687 946 741 July 31 ._ . 7,575 5,850 3,082 2,768 1,726 973 753 Aug. 7 7,512 5,775 2,961 2,813 1,737 958 779 Aug. 14 7,381 5,653 2, 822 2, 830 1,728 962 766 Aug. 21 7,354 5, 637 2, 775 2,862 1,717 955 762 Aug. 28 7,383 5, 686 2,819 2,867 1,697 946 751 Sept. 4 7,546 I 5,853 2,944 2,908 1,693 943 750 Sept. 11 . _ 7,467 : 5,770 ! 2,846 2,924 1,697 945 752 Sept. 18 7,542 5,814 i 2,894 2,920 1,729 950 779 Sept. 25 7,474 5, 777 2,883 2,894 1,697 927 769 Oct. 2 7,563 5,876 2, 947 2,929 1,687 921 766 Oct. 9 7,464 5, 756 : 2,836 2,921 1,708 932 775 Oct. 16 7,526 5,817 2, 964 2,853 1,709 940 769 Oct. 23 7,619 5,899 ; 3,005 2,894 1,721 947 773 Oct. 30 9,010 j 7,191 4, 205 2,986 1,819 990 829 Nov. 6 8,658 i 6,733 i 3,751 2,982 1,925 1,064 861 Nov. 13 8,338 6,403 3,427 2,977 1,934 1,077 857 Nov. 20 8,215 6,215 3,105 3,110 1,999 1,129 870 Nov. 27 8,187 6,169 3,077 3,092 2,018 1,163 855 Dec. 4 8,035 6,047 3, 073! 2,974 1,989 1,127 862 Dec. 11. 7,909 5,967 3,023 1 2,944 1,943 1,105 838 Dec. 18 7,929 5,927 I 3,022 ! 2,905 2,002 1,112 890 Dec. 24 7,892 5,906 3,045 i 2,861 1,986 1,089 897 Dec. 31 8,240 6,257 i 3,398 j 2,859 1, 983 1,073 911 Monthly averages: January 7,262 5,378 2,904 2, 473 .1, 884 1,131 753 February 7,190 5,306 2,820 1 2,486 1,885 1,128 757 March 7,296 !l 5,424 2,823 1 2,601 1,872 1,107 765 April 7,297 5,437 2,729 ! 2,708 1,859| 1,09C 769 May _ 7,182 5,344 2,653 2,691 1,838 ! 1,053 785 June 7,281 ! 5,468 2,749 2,719 1,812 | 1,055 757 July _ 7,496 5,804 ! 3,045 2,758 1,692 ! 950 743 August 7,407 5,688 2,845 2,843 1,720 955 764 September 7,507 5, 803 2, 892 2,911 1,704 ! 941 763 October 7,837 ! 6,108 3,191 2,916 1,729 i 946 783 November 8,349 6, 380 3,340 j 3,040 1,969 ! 1,108 861 December . 8,001 6,021 3,112 | 2,909 1,981I 1,10 879 i i For corresponding data for 1927 and 1928 see Federal Reserve Bulletin for March and January, 1929. Weekly figures for earlier years (revised series—1929 basis) are available back to 1919, but have not been published; they may be had on request. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REPORTING MEMBER BANKS IN LEADING CITIES 115 PRINCIPAL RESOURCES AND LIABILITIES, BY WEEKS [In millions of dollars] Reserves Net demand plus time deposits Borrow- Fe w d i e th ral Cash in m G e o n v t e r d n e - - F in e g d s e r a a t l re b s a e n r k ve Total N m e a t n d d e- Time posits r b es a e n r k ve 1929 844 65 6, 912 5,682 1,230 45 399 Jan. 2. 756 59 6, 609 5,407 1,202 30 202 Jan. 9. 756 54 6,573 5,391 1,182 24 141 Jan. 16. 727 54 6,458 5, 280 1, 178 23 81 Jan. 23. 767 56 6,534 5,334 1,200 23 128 Jan. 30. 751 54 6,558 5,357 1,201 14 114 Feb. 6. 740 61 6,476 5,294 1,182 12 174 Feb. 13. 722 61 6,385 5, 212 1,173 12 103 Feb. 20. 761 56 6,526 5, 349 1,177 10 134 Feb. 27. 726 53 6,452 5,285 1,167 2 196 Mar. 6. 731 56 6,427 5, 261 1,166 2 139 Mar. 13. 744 53 6,450 5,290 1,160 129 126 Mar. 20. 744 55 6,438 5,251 1,187 129 204 Mar. 27. 729 55 6,513 5,326 1,187 122 135 Apr. 3. 716 54 6,364 5,202 1,162 109 158 Apr. 10. 709 50 6,352 5, 205 1,147 69 179 Apr. 17. 704 54 6,313 5,160 1,153 62 177 Apr. 24. 745 52 6,483 5,334 1,149 60 157 May 1. 724 55 6,303 5,146 1,157 46 189 May 8. 726 54 6,348 5,167 1,181 44 166 May 15. 701 55 6,239 5,070 1,169 42 111 May 22. 673 62 6,278 5,124 1,154 42 103 May 29. 728 57. 6,360 5,208 1,152 24 123 June 5. 721 56 6,329 5, 207 1,122 19 136 June 12. 720 51* 6,291 5,145 1,146 72 170 June 19. 711 54* 6,400 5, 238 1,162 72 228 June 26. 753 62 6,412 5,341 1,071 48 341 July 3. 740 55 6,320 5,254 1,066 38 341 July 10. 727 57 6,282 5, J92 1,090 38 325 July 17. 737 53 6,308 5,203 1,105 22 ^05 July 24. 743 52 6,507 5, 357 1,150 22 282 July 31. 703 53 6,358 5,217 1,141 12 295 Aug. 7. 703 56 6,314 5,172 1,142 11 191 Aug. 14. 700 52 6,269 5,120 1,149 11 144 Aug. 21. 702 51 6,295 5,106 1,189 9 153 Aug. 28. 717 52 6,436 5,230 1,206 3 217 Sept. 4. 734 54 6,413 5,204 1,209 159 Sept. 11. 750 50 6,416 5,193 1,223 65 142 Sept. 18. 741 52 6,370 5,130 1,240 65 147 Sept. 25. 752 52 6,535 5,279 1,256 65 63 Oct. 2. 727 56 6,361 5,106 1,255 60 46 Oct. 9. 757 51 6,535 5,270 1,265 46 49 Oct. 16. 739 54 6,555 5,298 1,257 37 41 Oct. 23. 982 76 8,108 6,851 1,257 36 170 Oct. 30. 908 83 7,824 6,588 1,236 24 135 Nov. C. 963 77 7,611 6,369 1,242 22 40 Nov. 13. 903 70 7,420 6,183 1,237 16 33 Nov. 20. 781 71 7,245 5,970 1, 275 14 33 Nov. 27. 785 65 7,029 5,783 1,246 10 34 Dec. 4. 788 72 6,985 5,773 1,212 8 66 Dec. 11. 797 80 6,925 5,715 1,210 25 88 Dec. 18. 736 76 6,857 5,662 1.195 19 107 Dec. 24. 779 61 7,263 6,028 1,235 17 106 Dec. 31. Monthly averages: 770 58 6,618 5,419 1,199 29 190 January. 743 58 6,487 5,303 1,184 12 131 February. 736 5*4 6,442 5,272 1,170 65 166 March. 715 53 6,385 5,223 1,162 91 162 April. 714 56 6,330 5,168 1,162 47 145 May. 720 54 6,345 5,200 1,145 47 165 June. 740 56 6,365 5, 269 1,096 33 319 July. 702 53 6,309 5,154 1,155 11 196 August. 736 52 6,409 5,189 1,220 33 166 September. 791 58 6,819 5,561 1,258 49 74 October. 889 76 7,526 6,278 1,248 19 60 November. 777 71 7,011 5,792 1,219 16 80 December. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

116 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No. 52.—REPORTING MEMBER BANKS OUTSIDE NEW YORK CITY 1—PRINCI [In millions of dollars] Total Loans Investments loans and i m nv e e n s t t s - Total c O ur n i t s i e e - s All other Total U cu . r S it . ie s s e- se O cu t r h i e ti r es 1929 Jan. 2 15,065 10,966 4,559 • 6,407 4,099 1,907 2,194 Jan. 9 15,045 10,925 4,551 6,374 4,120 1,927 2,193 Jan. 16 15,102 10,935 .4,624 6,311 4,167 1,975 2,192 Jan. 23 15,056 10, 898 4,622 6,276 4,158 1,970 2,187 Jan. 30 15, 026 10, 887 4,651 6,236 4,138 1,962 2,177 Feb. 6 15, 068 10,933 4,701 6,232 4,136 1,963 2,173 Feb. 13 15,053 10,926 4,698 6,228 4,127 1,956 2,171 Feb. 20 15, 071 10,960 4,701 6,259 4,111 1,940 2,172 Feb. 27 15, 099 10, 997 4,710 6,287 4,102 1,926 2,176 Mar. 6 15,113 11, 009 4,714 6,295 4,104 1,948 2,156 Mar. 13 15,175 11, 082 4,762 6,319 4,093 1,947 2,145 Mar. 20 15,241 11,103 4,809 6,294 4,136 1,991 2,145 Mar. 27 __ 15,177 11,073 4,740 6,333 4,105 1, 977 2,128 Apr. 3 15,156 11,062 4,697 6,366 4,094 1,969 2,124 Apr. 10 15,117 11, 034 4,672 6,363 4,084 1,939 2,145 Apr. 17 15, 088 11, 038 4,671 6,362 4,055 1,931 2,124 Apr. 24 15,006 10, 978 4,612 6, 366 4,027 1,923 2,103 May 1 14,981 10,962 4,594 6,368 4,019 1,923 2,096 May 8 14, 929 10, 943 4,594 6,349 3,984 1,904 2,081 May 15 _ 14,962 10, 964 4,580 6,383 3,998 1,910 2,088 May 22 14, 885 10, 893 4,530 6,363 3,993 1,913 2,079 May 29 14, 900 10, 903 4,527 6,376 3,997 1,879 2,119 June 5 14,879 10, 928 4,519 6,409 3,952 1,867 2,084 June 12 14,904 10,974 4,546 6,428 3,930 1,850 2,081 June 19 15,021 11, 078 4,633 6,445 3,943 1,872 2,071 June 26 14,997 11, 068 4,631 6,439 3,929 1,841 2,087 July 3 14,960 11,082 4,644 6,438 3, 878 1,820 2,058 July 10 14, 973 11,125 4,663 6,461 3,849 1,800 2,050 July 17 14, 993 11,163 4,674 6,490 3, 831 1,793 2,037 July 24 14,957 11,155 4,666 6,490 3,803 1,777 2,025 July 31 15,031 11, 208 4,705 6,502 3,823 1,774 2,049 Aug. 7 15,069 11, 269 4,754 6,516 3,800 1,774 2,026 Aug. 14 15,069 11, 290 4,751 6,540 3,779 1,772 2,008 Aug. 21 15,069 11, 301 4,735 6,566 3,768 1,768 2,000 Aug. 28__ 15,022 11, 264 4,696 6,567 3,759 1,761 1,997 Sept. 4 15, 045 11, 297 4,688 6,610 3,748 1.756 1,991 Sept. 11 15,103 11, 372 4,732 6,640 3, 732 1,749 1,983 Sept. 18 15,200 11, 439 4,790 6,647 3,760 ,769 1,991 Sept. 25 15, 208 11, 467 4,837 6,630 3,741 , 753 1,988 Oct. 2 15, 266 11, 552 4,881 6,671 3,714 1,739 1,975 Oct. 9 15, 209 11,513 4,851 6,661 3,695 1,724 1,972 Oct. 16 15, 268 11, 580 4,911 6,669 3,688 1,712 1,976 Oct. 23 ___ 15, 276 11, 601 4,915 6,686 3,674 1,707 1,967 Oct. 30 15, 421 . 11,743 4,974 6,769 3,677 1,692 1,985 Nov. 6 15,415 11, 756 4,995 6,761 3,659 1,686 1,973 Nov. 13 15, 378 11,712 4,942 6,769 3, 667 1,671 1,997 Nov. 20 15, 297 11, 646 4,886 6,761 3,651 1,655 1,997 Nov. 27 15,166 11, 529 4,812 6,717 3,637 1,645 1,992 Dec. 4 15,107 11,491 4,816 6,675 3,615 ,628 1,987 Dec. 11 15, 013 11, 408 4,795 6,613 3,604 ,614 1,990 Dec. 18 15, 013 11, 429 4,876 6,553 3,585 1, 631 1,954 Dec. 24 14, 998 11, 399 4,886 6,513 3,599 ,621 1,979 Dec. 31. 14, 923 11, 392 4,906 6,485 3,531 1,520 2,010 Monthly averages: January 15, 059 10, 922 4,602 6,321 4,136 ,948 2,188 February 15, 073 10, 954 4,703 6,251 4,119 ,946 2,173 March 15,176 11, 067 4,756 6,310 4,109 |l 1,966 2,143 April 15,092 11,027 4,663 6,364 4,065 ,941 2,124 May 14,931 10, 933 4,565 6,368 3,998 ,906 2,093 June 14, 950 11,012 4,582 6,430 3,938 I 1,858 2,081 July 14, 983 11,146 4,670 6,476 3,837 ,793 2,044 August 15, 058 11, 281 4,734 6,547 3,776 1,769 2,008 September 15,139 11,394 4,762 6,632 3,745 1,757 1,988 October 15, 288 11, 598 4,906 6,692 3,690 ,715 1,975 November 15,314 11, 661 4,909 6,752 3,654 1,664 1,989 December 15, 011 11, 424 4,856 6,568 3,587 | ,603 1,984 1 For corresponding data in 1927 and 1928 see Federal Reserve Bulletin for March and January, 1929. Weekly figures for earlier years (revised series—1929 basis) are available back to 1919, but have not been published; they may be had on request. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REPORTING MEMBER BANKS IN LEADING CITIES 117 PAL RESOURCES AND LIABILITIES, BY WEEKS (REVISED SERIES—1929 BASIS) [In millions of dollars] Reserves Net demand plus time deposits Borrowwith Govern- ings at Federal Gash m ment Federal r b e a se n r k v s e vault Total N m e a t n d d e- Time deposits re b s a e n r k ve 1929 1,014 227 13,983 8,301 5,682 122 5311 Jan. 2. 1,008 212 13,895 8,201 5,694 81 453 Jan. 9. 1,015 188 13,923 8,220 5,703 66 457 Jan. 16. 1,004 190 13, 793 8,086 5,707 60 473 Jan. 23. 992 188 13, 754 8,061 5,693 61 452 Jan. 30. 1,001 183 13,748 8,058 5,690 36 505 Feb. 6. 1,000 200 13,908 8,211 5,697 31 495 Feb. 13. 977 192 13, 741 8,047 5,694 31 534 Feb. 20. 985 190 13, 740 8,038 5,702 26 578 Feb. 27. 990 185 13, 727 8,023 5,704 4 560 Mar. 6. 995 189 13,826 8,137 5,689 4 577 Mar. 13. 971 182 13, 636 7,991 5,645 176 585 Mar. 20. 962 188 13, 553 7,913 5,640 176 575 Mar. 27. 959 185 13,474 7,831 5,643 167 631 Apr. 3. 956 184 13,477 7,850 5,627 149 548 Apr. 10. 962 177 13, 545 7,913 5,632 96 550 Apr. 17. 954 181 13,439 7,817 5,622 86 521 Apr. 24. 956 171 13, 511 7,900 5,611 83 546 May 1. 959 182 13, 454 7,840 5,614 62 495 May 8. 957 173 13, 586 7,972 5,614 61 460 May 15. 946 180 13, 360 7,740 5,620 57 503 May 22. 944 180 13, 278 7,667 5,611 57 577 May 29. 951 181 13, 340 7,731 5,609 34 540 June 5. 961 180 13, 488 7,901 5,587 27 492 June 12. 937 176 13, 373 7,795 5,578 188 504 June 19. 959 178 13, 381 7,780 5,601 188 487 June 26. 971 181 13, 560 7,952 5,608 145 485 July 3. 937 220 13, 504 7,916 5,588 116 509 July 10. 972 199 13, 585 8,027 5,558 114 465 July 17. 973 190 13,512 7,943 5,569 66 466 July 24. 964 184 13, 600 8,038 5,562 63 485 July 31. 972 188 13,584 8,023 5,561 37 475 Aug. 7. 971 189 13,598 8,019 5,579 33 535 Aug. 14. 950 184 13,516 7,945 5,571 33 542 Aug. 21. 961 187 13,456 7,879 5,577 28 532 Aug. 28. 958 188 13,556 7,954 5,602 8 544 Sept. 4. 973 192 13,669 8,079 5,590 543 Sept. 11. 971 186 13, 568 7,986 5,582 162 531 Sept.18. 966 184 13,531 7,942 5,589 162 541 Sept. 25. 974 178 13, 585 8,016 5,569 162 609 Oct. 2. 959 192 13,482 7,934 5,548 149 566 Oct. 9. 990 179 13, 686 8,136 5,550 114 564 Oct. 16. 986 184 13, 642 8,016 5,626 94 513 Oct. 23. 1,008 193 13,870 8,259 5,611 91 559 Oct. 30. 996 193 13, 776 8,177 5,599 59 598 Nov. 6. 989 200 13, 715 8,201 5,514 55 648 Nov. 13. 972 189 13, 529 8,044 5,485 42 564 Nov. 20. 962 194 13,405 7,920 5,485 36 570 Nov. 27. 981 196 13,407 7,931 5,476 23 546 Dec. 4. 960 208 13,489 8,003 5,486 19 427 Dec. 11. 977 216 13,453 7,961 5,492 88 380 Dec. 18. 966 215 13,455 7,927 5,528 73 395 Dee. 24. 947 201 13, 642 8,090 5,552 65 299 Dec. 31. Monthly averages: 1,007 201 13,870 8,174 5,696 78 473 January. 991 191 13, 784 8,088 5,696 31 528 February. 979 186 13, 685 8,016 5,669 90 574 March. 957 182 13, 484 7,853 5,631 124 563 April. 952 177 13,438 7,824 5,614 64 516 May. 952 179 13, 396 7,802 5,594 109 505 June. 963 195 13, 552 7,975 5,577 101 482 July. 963 187 13,538 7,967 5,571 33 521 August. 967 187 13,581 7,990 5,591 83 540 September. 983 185 13,653 8,072 5,581 122 561 October. 980 194 13, 607 8,086 5,521 48 594 November. 966 207 13,489 7,982 5,507 54 410 December. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

118 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD Xo. 53.—REPORTING MEMBER BANKS—BANKERS' BALANCES, BY WEEKS: TOTAL, NEW YORK CITY, OTHER LEADING CITIES [In millions of dollars] Due to banks Due from banks 1929 Total New C i Y ty o rk O i t n h g e r c i l t e ie a s d- Total New C i Y ty ork O in th g e c r it l i e e a s d- Jan 2... 3,418 1,206 I 2,212 1,381 144 1,237 Jan 9... 3,099 1,017 ! 2,082 1,190 119 1,071 Jan. 16.. 3,026 976 2,050 1,221 111 1,110 Jan 23.. 2,962 970 1,992 1,170 103 1,067 Jan. 30.. 2,864 889 ! 1,975 1,122 97 1,025 Feb 6... 3,006 970 2,036 1,154 102 1,052 Feb. 13. 2,927 1,984 1,190 95 1,095 Feb. 20. 2,878 1,930 1,144 95 1,049 Feb. 27. 2,859 1,924 1,135 93 1,042 Mar. 6_. 2,970 951 2,019 1,167 97 1,070 Mar. 13. 2,845 889 1,956 1,147 86 1,061 Mar. 20. 2,831 898 1,933 1,179 124 1,055 Mar. 27. 2,796 927 1,869 1,150 133 1,017 Ap*. 3... 2,840 924 1,916 1,179 123 1,056 Apr. 10. 2,726 873 1,853 1,151 118 1,033 Apr. 17. 2,725 903 1,822 1,138 98 1,040 Apr. 24. 2,542 795 1,747 1,076 93 983 May 1.. 2,717 916 1,801 1,157 108 1,049 May S.- 2,582 806 1,776 1,038 79 959 May 15. 2,594 824 1,770 1,099 100 999 May 22. 2,443 772 1,671 1,014 92 922 May 29. 2,389 769 1,620 1,012 92 920 June 5._ 2,551 813 1,738 1,055 98 957 June 12. 2,493 754 1,739 1,086 100 986 June 19 _ 2,533 800 1,733 1,099 117 982 June 26. 2,554 818 1,736 1,085 123 962 July 3... 2,886 1,897 1,181 134 1,047 July 10_. 2,683 1,789 1,090 107 983 July 17.. 2,674 1,805 1,121 103 1,018 July 24.. 2,669 900 1,769 1,096 102 994 July 31.. 2,776 1,023 1,753 1,083 97 986 Aug. 7.. 2,687 843 1,844 1,050 96 954 Aug. 14. 2,634 836 1,798 1,080 89 991 Aug. 21. 2,556 810 1,746 1,039 83 956 Aug. 28. 2,540 820 1,720 1,022 84 938 Sept. 4.. 2,722 885 1,837 1,115 85 1,030 Sept. 11. 2,712 891 1,821 1,116 92 1,024 Sept. 18. 2,747 885 1,862 1,156 115 1,041 Sept. 25. 2,690 887 1,803 1,112 118 994 Oct. 2__ 2,888 965 \ 1,923 1,217 126 1,091 Oct. 9— 2,741 883 j 1,858 1,126 111 1,015 Oct. 16_. 2,967 1,001 ! 1,966 1,269 134 1,135 Oct. 23. 2,685 877 I 1,808 1,144 123 1,021 Oct. 30_ 3,290 1,389 I 1,901 1,257 120 1,137 Nov. 6_. 3,214 1,273 I 1,941 1,256 124 1,132 Nov. 13. 3,071 ! 1,133 1,938 1,287 145 1,142 Nov. 20. 2,943 1,089 I 1,854 1,211 115 1,096 Nov. 27. 2,802 i 1,034 ! 1,768 1,090 996 Dec. 4__ 2,900 ! 1,012 1,888 1,150 104 1,046 Dec. 11. 2,762 910 : 1,852 1,120 88 1,032 Dec. 18. 2,822 911 ! 1,911 1,166 95 1,071 Dec. 24. 2,797 904 I 1,893 1,122 84 1,038 Dec. 31. 3,150 1,163 i 1,987 1,316 118 1,198 Back figures—See Annual Report for 1928 (Table 56) and Federal Reserve Bulletin for March and January, 1929. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD 119 BROKERS' LOANS So, 54.—LOANS TO BROKERS AND DEALERS, SECURED BY STOCKS AND BONDS, MADE BY REPORTING MEMBER BANKS IN NEW YORK CITY, BY WEEKS [In millions of dollars] Demand and time loans Demand loans Time loans For For For For For 1929 Total o a w c- n o t u o t w -o n f- ot F h o e r rs Total o a w c- n o t u o t w -o n f- ot F h o e r rs Total o a w c- n o t ut o - w o n f- ot F h o e r rs count count banks count banks Jan. 2___. 5,330 1,516 1,648 2,166 4,780 1,304 1,480 1, 996 550 212 168 170 Jan. 9 5,313 1,163 1,794 2,356 4,748 947 1, 626 2,175 565 216 167 181 Jan. 16... 5,395 1,084 1,859 2,452 4,818 887 1,692 2,239 577 197 167 213 Jan. 23... 5,443 1,010 1,853 2,579 4,864 813 1, 686 2, 365 579 197 167 215 Jan. 30... 5,559 1,091 1,853 2,615 4,967 887 1,682 2,398 592 204 170 218 Feb. 6... 5,669 1,116 1,931 2,621 5,081 919 1,759 2, 403 588 197 173 218 Feb. 13.. 5,568 1,097 1,859 2,612 4,984 895 1,691 2, 398 584 108 213 Feb. 20.. 5,477 1,023 1,786 2,668 4,918 835 1, 619 2, 464 559 187 168 204 Feb. 27.. 5,507 1,090 1,693 2,724 4,962 895 1,533 2, 534 545 I 195 159 190 Mar. 6... 5,647 1,117 1,707 2,823 5,142 927 1,558 2, 657 506 || 190 149 167 Mar. 13.. 5,627 1,004 1,761 2,862 5,149 823 1,620 ,2, 706 478 181 141 156 Mar. 20- 5,793 1,091 1,768 2,934 5,332 920 1,630 2,782 460 171 138 152 Mar. 27_. 5,649 1,071 1,680 2,898 5,205 903 1, 550 2,752 444 167 130 147 Apr. 3... 5,562 1,021 1, 652 2,889 5,137 861 1,530 I2, 746 426 160 122 144 Apr. 10.. 5,427 915 1,(531 2,882 5,018 767 1,515 |2, 730 409 148 116 145 Apr. 17.. 5,425 877 1,662 2,886 5,023 730 1, 550 2, 743 402 147 112 143 Apr. 24- 5,492 924 1,652 2, 916 5,077 764 1, 545 2, 768 415 159 107 148 May 1... 5,532 979 1,676 2, 876 5,141 830 1, 576 2,734 391 149 100 142 May 8... 5,551 864 1,734 2,953 5,182 725 1, 635 2,822 369 140 131 May 15.. 5, 565 860 1,725 2,979 5,213 728 ,637 2,848 352 133 131 May22_. 5,520 827 1,651 3,042 5,187 717 ,569 2,902 333 111 140 May 29.. 5,288 773 1,540 2,975 4, 946 663 ,459 2,824 342 110 151 June 5... 5,284 837 1,513 2, 934 4,938 728 ,431 2,779 347 109 155 June 12.. 5,284 821 1,551 2,911 4, 937 710 , 472 2,754 347 111 157 June 19.. 5,420 883 1,592 2,945 5,069 771 ,514 2, 785 351 112 161 June 26.. 5,542 1,038 1,536 2,969 5, 204 924 ,467 2,814 338 115 155 July 3... 5,769 1,255 1,580 2, 934 5,383 1,070 ,512 2,801 386 185 133 July 10.. 5,755 1,201 1,624 2,930 5,369 1,012 ,559 2,798 387 189 132 July 17.. 5,813 1,136 1,676 3,002 5,446 956 ,611 2,879 367 180 122 July 24.. 5,908 1,193 1,680 3,034 5,554 1,012 ,620 2,922 354 181 112 July 31.. 5,960 1,205 1,696 3,058 5,605 1,023 ,638 2,944 355 182 114 Aug. 7... 6,020 1,089 1,789 3,143 5,666 903 ,732 3,030 355 185 113 S S S A A A S e e e e u u u p p p p g g g t t t t . . . . . . . 2 1 2 2 1 4 1 5 4 8 1 1 8 . . . . . . . . . . . . . . . 6 6 6 5 6 6 6 , , , , , , , 5 4 7 2 3 9 0 6 7 1 5 6 5 8 9 4 7 4 1 2 5 1 1 1 1 , , . , 0 0 0 1 9 9 9 1 2 4 0 9 6 2 7 4 6 3 2 5 6 1 1 1 1 1 1 1 , , , , , , , 8 7 8 7 8 7 8 4 5 9 7 8 8 1 1 6 7 6 4 7 0 3 3 3 3 3 3 3 , , , , , , , 6 8 4 6 1 3 4 1 6 2 6 7 7 6 6 0 6 8 8 2 7 6 6 5 5 6 6 5 , , , , , , , 2 3 1 8 5 7 0 1 9 1 7 9 3 0 0 1 9 2 7 8 5 9 8 8 8 8 7 7 0 1 0 4 3 7 4 7 7 6 4 4 9 7 , , , , , , , 8 7 8 7 7 7 7 0 0 3 2 8 5 3 9 3 5 9 2 5 5 3 3 3 3 3 3 3 , , , , , , , 7 5 3 0 2 3 5 4 7 2 6 5 6 3 8 0 0 3 7 3 2 3 3 3 3 3 3 3 4 5 4 5 6 5 4 9 9 5 5 9 5 7 2 2 1 1 1 1 1 0 0 8 9 9 7 8 3 0 6 6 0 9 6 1 1 1 1 9 9 9 1 0 1 1 4 7 6 2 5 6 5 Oct. 2__. 6,804 1,071 1,826 3,907 6,442 883 1,758 3,801 188 106 Oct. 9__. 6,713 973 1,799 3,941 6, 340 789 1, 726 3, 825 373 184 116 Oct. 16__ 6,801 1,095 1, 831 3,875 6, 372 907 1,747 3,718 429 187 157 Oct. 23 6, 634 1,077 1, 733 3,823 6,194 881 1,651 3, fif.2 439 196 161 Oct. 30- _ 5,538 2,069 1,005 2,464 5,063 1,885 924 2, 255 475 185 209 Nov. 6— 4,882 1,520 963 2,399 4,411 1,376 894 2,141 471 143 258 Nov. 13.. 4,172 1,156 812 2,204 3,720 1,038 746 1,936 451 118 268 Nov. 20.. 3,587 853 704 2,031 3,145 730 642 1,773 442 123 257 Nov. 27 3,450 831 638 1,982 2,988 682 576 1, 730 462 148 252 Dec. 4__. 3,392 792 680 1,921 2,945 672 623 1, 650 447 120 270 Dec. 11.. 3,425 806 710 1,909 2,991 693 653 1, 646 433 114 263 Dec. 18.. 3,386 832 .750 1,804 2,943 709 697 1,536 443 122 268 Dec. 24.. 3,328 845 716 1,767 2,886 725 666 1, 495 442 121 272 Dec. 31.. 3,424 1,167 709 1,548 2,981 1,039 662 1,280 443 128 268 Averages: January 5,408 1,173 1,801 2,434 4, 835 968 1, 633 2, 234 572! 205 168 199 February 5, 555 1,082 1,817 2,656 4, 986 886 1,650 2, 450 569 196 167 206 March 5,679 1,071 1,729 2,879 5,207 893 ,590 2, 724 472 177 140 155 April 5,477 934 1,649 2,893 5, 064 781 ,535 2,748 413 154 114 145 May 5,491 861 1,665 2,965 5,134 732 ., 575 2, 82(i 357 128 90 139 June 5,383 895 1,548 2,940 5,037 783 ,471 2, 78.1 34 fi 112 77 157 July 5,841 1,198 1, 651 2,992 5, 471 1,014 , 588 2, 869 370 i 184 63 123 August. 6,069 993 1,786 3,290 5,718 809 ,731 i, 178 351 ! 184 55 112 September... 6,540 1,048 1,850 3,642 6,182 851 ,788 1, 543 358 197 61 100 October 1,257 1,639 3,602 6,082 1,069 ,561 3,452 416 188 78 150 November... 4,023 1,090 779 2,154 3, 566 957 715 1,895 457 133 65 259 December 3,391 713 1,790 2,949 767 660 1,521 442 121 53 I Back figures.—See Annual Reports for 1928 (Table 57) and 1927 (Table 46). Digitized for FRASE9R01 82—30 9 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

120 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No. 55.—BROKERS' BORROWINGS, 1926-1929 ^Net borrowings on collateral in New York City as reported by members of the New York Stock Exchange] [In millions of dollars] On demand and on time On demand On time Date Total p F Y t c N a a r o r n u n o e o m i r s d w m e k t - s b c b p f b i a r F o a e r a o n g r i s r n e v k o k e , i k a e n g i m e n s r t - n t s e , g c , . Total p b F Y t N c a a a r o r n u n o n e o m i r s d w k m e k t - s s c b b p b f i a r F o a e r a o n g r i s r n e v k o k , e i k a e n g i m e n s r t - t n e s , c g , . Total p b F Y t c N a a e r o r n n t u o e o m c i k r s w e m . k t s - s , , c b p f b i F o a e a r a g r s i n r n e v o , e k i k a n g m e i s t n - t n e , c g . 1926 Jan.30 3,513 3,043 470 2,517 2,123 394 920 76 Feb. 27 3,536 3,080 455 2,495 2,123 372 1,041 958 83 Mar. 31 3,000 2,553 447 2,033 1,678 355 967 875 92 Apr. 30 2,836 2,468 367 1,970 1,699 271 866 770 96 May 31 2,767 2,392 375 1,987 1,703 285 780 690 90 June 30 2,926 2,509 417 2,225 1,852 374 701 657 43 July 31 2,998 2,583 415 2,283 1,918 365 715 665 50 Aug. 31 3,142 2,698 444 2,364 1,984 379 778 713 65 Sept. 30— 3,219 2,745 474 2,419 2,021 398 800 724 76 Oct. 30 3,111 2,668 444 2,289 1,924 365 822 743 78 Nov. 30- — 3,129 2,636 493 2,330 1,932 397 800 704 96 Dec. 31 3,293 2,804 2,542 2,128 414 751 676 76 1927 Jan.31 3,139 2,670 469 2,328 1,964 365 810 707 104 Feb. 28 3,256 2,757 499 2,475 2,085 391 781 673 108 Mar. 31 3,290 2,790 500 2,505 2,112 393 785 679 107 Apr. 30 3,341 2,865 476 2,541 2,146 395 800 719 81 May 31 3,458 2,968 490 2,674 2,254 420 784 713 70 June 30 3,569 3,065 504 2,757 2,316 441 812 749 63 July 30 3,642 3,145 497 2,765 2,343 421 877 802 76 Aug. 31 3,674 3,170 504 2,746 2,330 415 928 840 Sept. 30— 3,915 3,340 575 3,018 2,539 479 897 801 Oct. 31 3,946 3,363 583 3,023 2,549 475 923 814 108 Nov. 30 4,092 3,519 573 3,134 2,675 459 958 844 113 Dec. 31 4,433 3,812 621 3,481 2,963 518 952 849 103 1928 Jan. 31 4,420 3,805 615 3,393 2,882 511 1,027 923 104 Feb. 29 4,323 3,737 585 3,294 2,807 488 1,028 931 98 Mar. 31.... 4,640 3,947 693 3,580 3,016 564 1,060 931 129 Apr. 30 4,908 4,246 662 3,739 3,201 537 1,169 1,045 124 May 31 5,274 4,568 707 4,070 3,455 616 1,204 1,113 91 June 30 4,169 730 3,742 3,122 619 1,157 1,046 110 July 31 4,837 4,150 687 3,768 3,183 585 1,070 967 102 Aug. 31 5,051 4,260 791 4,094 3,420 674 958 840 117 Sept. 29 5, 514 4,647 4,690 3,939 751 824 709 116 Oct. 31 5,880 4,994 5,116 4,360 756 764 634 130 Nov. 30.... 6,392 5,412 979 5,614 4,771 843 777 641 136 Dec. 31 6,440 5,401 1,039 5,722 4,810 913 717 591 126 1929 Jan.31 6, 735 5,664 1,071 5,983 5,043 939 752 621 132 Feb. 28 6,679 5,619 1,060 5,948 5,034 914 730 584 146 Mar. 30 6,804 5,713 1,091 6,210 5,231 979 594 482 112 Apr. 30 6,775 5,580 1,194 6,204 5,154 1,050 571 427 144 May 31 6,665 5,482 1,183 6,100 5,061 1,039 565 422 144 June 29 7,071 5,797 1,275 6,444 5,333 1,111 627 464 163 July 31 7,474 6,154 1,320 6,870 5,705 1,165 604 449 15.K Aug. 31-— 7,882 6,492 1,390 7,162 5,962 1,200 720 530 190 Sept. 30—_ 8,549 7,077 1,472 7,832 6,543 1,289 717 534 183 Oct. 31 6,109 5,313 796 5,238 4.639 599 871 674 197 Nov. 30..._ 4,017 3,432 585 3,297 2,873 424 719 559 161 Dec. 31 3,990 3,370 620 3,376 2,883 494 613 487 126 Back figures.—See Annual Report for 1927 (Table 47) for figures for 1918-1922; figures for 1923-25 not available. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL KEPORT OF THE FEDERAL RESERVE BOARD 121 BANKERS' ACCEPTANCES AND COMMERCIAL PAPER OUTSTANDING No. 56.—BANKERS' ACCEPTANCES AND COMMERCIAL PAPER OUTSTANDING, 1922-1929 [In millions of dollars] Bankers' acceptances outstanding i Commercial paper outstanding 2 End of month 1925 1926 1927 1928 1929 1922 1923 1924 1925 1926 1927 1928 1929 January 835 788 774 1,058 1,279 705 807 818 820 654 551 577 407 February 808 767 785 1,056 1,228 718 838 867 820 655 577 567 411 March 800 746 809 1,085 1,205 760 864 889 813 668 606 570 387 April. 757 721 811 1,071 1,111 792 867 871 801 663 599 571 351 May. _ . 680 685 775 1,041 1,107 791 888 852 776 668 582 541 304 June 608 622 751 1,026 1,113 795 885 864 759 652 579 503 274 July 569 600 741 978 1,127 805 854 879 727 655 569 483 265 August 555 583 782 952 1,201 807 831 911 722 638 591 458 267 September 607 614 864 1,004 1,272 805 803 915 708 612 600 430 265 October 674 682 975 1,123 1,541 775 815 925 684 593 611 427 285 November . . 690 726 1,029 1,200 1,658 748 799 888 666 566 603 421 316 December 774 755 1,081 1,284 1,732 722 763 798 621 526 555 383 334 1 Figures collected and compiled by American Acceptance Council. Figures for earlier years as follows* March, 1922, $416,000,000; March, 1923, $524,000,000; March, 1924, $618,000,000; December, 1924, $821,000,000 2 Paper maturing within 7 months. Figures reported by about 25 dealers to the Federal Reserve Bank of New York. No. 57.—DOLLAR BANKERS' ACCEPTANCES OUTSTANDING, BY CLASSES J [In thousands of dollars] Imports and exports on goods End of month Total Total Imports Exports Do t m ic es- c W h r o e a u d r s i e t e - s c D h e o a x l n - l g ar e s b s h e i t n i t o p w r o p e e r e d e d n foreign countries 1929 January 1,279,271 786,457 319,158 467, 299 17, 818 162,107 45, 691 267,199 February 1,228,028 762,873 340,915 421,958 17, 562 136, 802 46,984 263,806 March 1, 204,980 746,984 360,162 386, 822 16, 950 123, 912 50,448 266,686 April . 1,110, 841 700,955 324,091 376, 864 16,160 99, 462 45,051 249, 214 May 1,107,169 706, 655 325,681 380,974 15,203 95,142 47, 293 242,875 June 1,113,049 691, 518 323, 498 368, 020 14,197 87, 814 55,856 263, 66S July 1,126,699 684,430 316, 200 368, 230 14,630 98,915 48,806 279,918 August 1, 200, 536 699,950 330, 203 369, 747 15, 843 107, 075 63,081 314, 587 September 1, 272, 271 725, 206 327, 944 397, 262 17,093 137, 479 45,903 346, 588 October 1, 540, 738 830,325 350, 758 479, 567 23,450 219, 702 72,397 394,863 November 1, 657, 900 885, 590 362, 735 522,855 20, 251 259, 787 75, 645 416, 626 December 1,732,436 907,144 383,015 524,129 22,830 284,919 76,285 441,258 i Figures collected and compiled by American Acceptance Council. Back gures.—See Annual Reports for 1927 (Table 49) and 1928 (Table 60). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

122 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No. 58.—DISTRIBUTION OF DOLLAR BANKERS' ACCEPTANCES OUTSTANDING [In thousands of dollars] Held by Federal reserve banks Total out- For Held by End of month standing Total j a F c o c r o u o n w t n J f s c o p o r o e r n r ig e d - n - others ents 2 1929 January 1,279,271 750, 753 437,939 312,814 528, 518 February 1,228, 028 632,388 1 327,889 304,499 595, 640 March .__ 1, 204, 980 535, 618 | 198,193 337,425 669,362 April 1,110,841 522, 241 1 177,170 345,071 588, 600 May 1,107,109 504,426 ! 115,534 388,892 602, 743 June.. 1,113, 049 502, 637 80,253 422,384 610, 412 July 1,126, 699 530, 761 i 72, 284 . 458,477 595, 938 August 1, 200, 536 616, 720 ! 163,711 453, 015 583, 810 September 1, 272, 271 724, 460 275, 243 449, 217 547, 811 October 1, 540, 738 839, 445 i 336,907 502, 538 701, 293 November 1, 657. 900 756, 765 i 252,973 503, 792 901,135 December 1,732,436 938,544 i 390,582 547,962 793,892 1 Reserve bank holdings of "Bills bought," exclusive of (1) trade acceptances and (2) bills payable in foreign currencies. 2 Contingent liability of Federal reserve banks on bills bought for foreign correspondents. Back figures.See Annual Report 1928 (Table 61). BANK DEBITS No. 59.—DEBITS TO INDIVIDUAL ACCOUNTS, BY BANKS IN 141 PRINCIPAL CITIES, BY MONTHS, 1920-1929 [In millions of dollars] Month [ 1920 1925 j 192.6 1927 1928 1929 j TOTAL, 141 CITIES January 45, 367 38,029 34,944 41,753 41,498 49,982 54,145 54, 714 62,885 82,846 February, _ 35,788 29,728 30,585 35,925 37,398 41, 517 44,915 48,220 54, 494 70,804 March 43,431 33,903 36,932 42,185 40,739 47, 623 56,464 58, 518 70, 633 83,556 April 41, 644 32,235 36, 388 39,294 39,519 44, 558 51,837 55,583 67,003 74, 782 May 39, 257 32,512 37,976 40,072 40,044 46, 596 48,020 54,143 71, 616 76, 563 June 40, 347 33, 606 39,236 40, 574 40,230 48, 631 50, 662 56,820 72,485 69, 691 July 39,868 31,515 36,056 36,504 40,131 47,037 50,959 53, 682 58,981 77, 659 August 36, 275 30,097 34,136 33,496 38,692 43,134 47,011 53, 702 58,504 77,372 September . 37, 378 31,625 35, 768 34,060 38,972 45,264 46,954 56, 750 63,176 77,656 October 41,028 34,323 40, 745 38,911 43,418 52, 955 52,535 59,201 72,894 95, 587 November . 39,696 33, 441 36,160 38,504 41, 893 48,367 47,384 57,085 71,349 82,123 December.. 42, 948 38,020 40,437 42,448 49,157 54,399 57,070 65; 441 82,386 66, 783 Total.. 483,026 399,036 439,364 463,726 491,691 570,064 607,956 673, 861 806, 406 935,421 140 CITIES (EXCLUDING NEW YORK CITY) January 21,731 17,996 15,879 19,666 19,384 22,301 23, 607 23,456 25,001 28,126 February.. 17,734 14,599 14,042 16,906 17,512 18,593 20,102 20, 781 21,755 24, 515 March 21,146 16, 550 16, 535 19,644 19,193 21,240 23, 458 24,026 25, 847 28.131 April 20,324 15,886 15,671 18,816 18,865 20, 613 22, 537 23, 576 25, 225 26,803 May 19, 676 15,342 16,322 19,368 18,639 20,417 21,449 22, 873 26,346 26, 520 June 20, 541 15,852 17,173 19,532 18,304 21, 702 22, 466 23,812 27,029 26,428 July. 20,805 15,175 16,343 18,184 18, 662 21,580 23, 300 22,932 23,897 28, 444 August 18,904 14,911 15,849 17,307 17,776 19,869 20,778 22,048 23, 401 28,339 September. 19,779 15,523 16,553 17,261 18,238 20,895 21,336 23,381 24, 450 27,314 October 20,891 16, 713 18,423 19, 759 20, 912 24,039 23,780 25, 111 27, 705 32, 261 November. 19, 525 15, 949 17,133 18, 521 18,846 21,357 21, 593 23,803 25,880 28, 519 December.. 20,540 17,446 19,586 20,367 21,830 24,085 24,493 26,503 39,659 26,932 Total.. 241,596 191, 941 199, 509 225,330 228,161 256, 691 268,900 282,303 306,195 332,332 Back figures.—See Annual Report for 1925 (Table 100); series begins with 1919. For certain back figures by Federal reserve districts see Annual Report 1925 (Table 100). For individual cities see Annual Reports ror 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

123 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. 60.—BANKS SUSPENDED AND REOPENED, BY YEARS, 1921-1929 Banks suspended Banks reopened Class of bank and year Number Capital Deposits Number Capital Deposits All banks: 1921 '501 '$22,802,000 T $196, 460,000 60 $1,918,000 $17,493,000 1922 _-. 354 13,743,000 110,721,000 65 4,003,000 35,565,000 1923 r 648 r 21,943,000 r 188, 701,000 37 r 1,516,000 r 11,674,000 1924 r 776 r 28,358,000 r 213,338,000 94 2,815,000 22,462,000 1925 612 24,441,000 172, 900,000 62 1, 994, 000 16, 618,000 1926 956 32,804,000 272,488,000 149 ' 5,134,000 ' 60, 610,000 1927 662 24,763,000 193,891,000 95 3, 906,000 35, 729,000 1928 491 19,715,000 138, 642,000 39 1, 540,000 15, 727,000 1929 €42 32, 254, 000 234, 532, 000 58 3, 052, 000 25, 829, 000 Total 5,642 220, 823,000 1, 721, 673, 000 659 25, 878, 000 241, 707,000 Member banks: 1921 70 5,369,000 42, 503,000 10 475,000 3,132,000 1922 57 3,956,000 24, 243,000 24 1, 580,000 11, 618,000 1923 124 6,845,000 51, 228,000 14 685,000 5,068,000 1924 159 10,305,000 74,469,000 20 860,000 7,190,000 1925 146 9,920,000 67, 264,000 14 800,000 6, 779,000 1926 160 8, 569,000 68,812,000 14 710,000 8,179,000 1927 124 8,034,000 66,336,000 n 845,000 8,311,000 1928 73 5,175,000 42, 240,000 5 325,000 6,610,000 1929 81 7,125, 000 57,135, 000 5 285, 000 2, 273, 000 Total 994 65, 298,000 494, 230, 000 117 6, 565,000 59,160,000 National banks— 1921 51 3,060,000 21, 285,000 8 325,000 2,499,0U0 1922 _ 45 3,335,000 19,092,000 22 1, 330,000 8,076,000 1923 90 4,610,000 32,904,000 11 570,000 3,973,000 1924 122 7,660,000 60,889,000 18 785,000 6, 895,000 1925 118 7,970,000 58, 537,000 11 700,000 6,300,000 1926 125 6,020,000 47,866,000 10 490,000 4,665,000 1927 91 5,415,000 46, 581,000 8 485,000 5,073,000 1928 57 4, 200,000 31, 619,000 2 75,000 417,000 1929 64 5, 095, 000 37, 007, 000 3 160, 000 1, 0€7, 000 Total__ 763 47, 365,000 355, 780, 000 93 4, 920, 000 39, 505, 000 State banks— 1921 19 2, 309,000 21, 218,000 2 150,000 633,000 1922 12 621,000 5,151,000 2 250,000 3, 542,000 1923 34 2, 235,000 18,324,000 3 115,000 1,095,000 1924 37 2, 645,000 13, 580,000 2 75,000 295,000 1925 28 1,950,000 8, 727,000 3 100,000 479,000 1926 35 2, 549,000 20,946,000 4 220,000 3, 514,000 1927 33 2, 619,000 19, 755,000 3 360,000 3, 238,000 1928 16 975,000 10,621,000 3 250, 000 6,193,000 1929 17 2, 030, 000 20,128, 000 2 125, 000 666, 000 Total 231 17, 933,000 138, 450,000 24 1, 645,000 19, 655, 000 Nonmember banks: 1921 ••431 " 17,433,000 r 153,957,000 50 1,443,000 14,361,000 1922 297 9, 787,000 86,478,000 41 2,423,000 23, 947,000 1923 r524 r 15,098,000 r 137,473,000 23 ••831,000 r 6,606,000 1924 ••617 r 18,053,000 r 138,869,000 74 1,955,000 15, 272,000 1925 ._ 466 14, 521,000 105, 636,000 48 1,194,000 9,839,000 1926 796 24,235,000 203, 676,000 135 '4,424,000 ' 52,431,000 1927 538 16,729,000 127,555,000 84 3,061,000 27,418,000 1928 418 14, 540,000 96,402,000 34 1,215,000 9,117,000 1929 561 25,129, 000 177,397, 000 53 2,767, 000 23, 556, 000 Total 4,648 155, 525,000 1, 227, 443,000 542 19,313,000 182,547,000 r Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

124 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No. 61.—BANK SUSPENSIONS, BY MONTHS, 1925-1929 [Amounts in thousands of dollars] All banks Member banks Non b m an e k m s ber Month Total National State Num- De- Num- Deber posits Num- De- Num- De- Num- De- ber posits ber posits ber posits ber posits 1925 January 103 25,477 10, 824 8,044 2,780 14, 653 February 61 15, 593 5,252 5,074 178 10, 341 March 43 10,142 2,969 2,943 26 7,173 April 48 16,055 6,475 5,892 583 9,580 May 54 15,930 8,116 5,477 2,639 7,814 June 34 10,368 2,377 2,304 73 7,991 July.... 29 5,882 1,376 1,376 4,506 August 14 1,837 601 542 59 1,236 September... 30 14,141 6,871 6,571 300 7,270 October 53 15, 581 13 6,620 6,177 443 8,961 November... 74 19,791 11 5,533 4,883 650 14, 258 December 69 22,103 21- 10, 250 9,254 11, 853 1926 January 65 13, 384 3,992 2,701 1,291 54 9,392 February 52 11,763 2,861 2,475 386 42 8,902 March 51 10, 249 710 523 187 45 9,539 April. 56 12, 512 3,534 1,322 2,212 50 8.978 May 68 16, 324 4,234 58 12,090 June 77 34, 229 5,318 4,138 1,180 61 28,911 July 140 48, 618 1,637 1,337 300 135 46, 981 August 52 10,001 2,127 2,127 43 7,874 September... 37 12,050 4,317 3,890 427 29 7,733 October 88 18, 209 6,280 5,165 1,115 69 11,929 November... 154 45, 983 19,389 14, 334 5,055 121 26, 594 December 116 39,166 14, 413 6,516 7,897 24, 753 1927 January 133 32,038 11, 555 5,662 5,893 106 20,483 February 81 25,157 8,744 7,566 1,178 65 16,413 March 75 31, 222 7,700 5,501 2,199 59 23, 522 April 49 11,750 5,462 3,769 1,693 39 6,288 May 47 13.198 6,434 5,564 870 36 6,764 June.. 41 10, 784 5,521 1,932 3,589 32 5, 263 July 37 12,162 2,638 2,638 35 9,524 August 27 17, 364 8,881 8,670 211 22 8,483 September. _ 36 1,257 504 753 30 7,731 October 44 11, 542 3,729 2,101 1,628 35 7,813 November.. 43 11, 210 3,105 1,413 1,692 37 8,105 December... 49 8,476 1,310 1,261 49 42 7,166 1928 January 10, 983 2,552 1,736 816 8,431 February 18, 352 9,373 3,162 6,211 8,979 March 16, 953 3,026 1,783 1,243 13,927 April 8,190 2,446 2,294 152 5,744 May 6,394 1,927 1,927 4,467 June _. 13,496 1,819 1,620 199 11,677 July 5,368 413 174 239 4,955 August 6,147 1,944 1,944 4,203 September... 7,888 2,997 2,430 567 4,891 October 9,011 803 320 8,208 November. _ 24, 784 11,021 10, 609 412 13, 763 December... 11,076 3,919 3,620 299 7,157 1929 January 16,413 8,963 8,461 502 48 7,450 February 60 21,746 3,922 3,419 503 46 17,824 March 51 9,002 2,045 1,865 180 43 6,957 April 29 7,790 1,681 1,654 27 25 6,109 May 112 24,090 4,458 3,835 623 105 19,632 June __. 48 19,219 2,661 2,335 326 41 16,558 July 66,161 21,935 7,803 14,132 58 44,226 August 8,532 879 284 595 14 7,653 September.. 10,050 1,269 1,269 36 8,781 October 13,153 4,067 3,781 38 9,086 November.. 22, 646 2,226 353 1,873 64 20,420 December. __ 52 15,730 3,029 1,948 1,081 43 12,701 Digitized for FBRacAk SfigEuRre s.—See Annual Report for 1928 (Table 64). http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BANK SUSPENSIONS 125 No. 62.—BANK SUSPENSIONS: NUMBER, CLASSIFIED ACCORDING TO CAPITAL STOCK ALL BANKS Banks having capital stock of— 1921 1922 1923 1924 1925 1926 1927 1928 1929 Total Less than $25,000 194 117 '295 '319 234 384 247 191 223 2,204 $25,000 104 85 '151 191 135 230 165 106 143 1,310 $25,001 to $50,000 31 39 49 55 46 100 60 38 67 485 $50,000 to $100,000 78 53 91 130 133 164 122 94 120 985 $100,000 to $200,000 '47 24 32 61 43 46 47 46 58 404 $200,000 to $600,000, inclusive._ U6 15 2 16 15 18 16 13 11 «24 144 Not available 31 21 14 5 3 16 8 5 7 110 Total _ --- '501 354 '648 '776 612 956 662 491 642 5,642 NATIONAL BANKS $25,000 —... 23 14 41 44 41 46 31 15 15 270 $25,001 to $50,000 2 5 10 9 5 20 6 3 6 66 $50,000 to $100,000 14 13 26 42 46 45 40 24 26 276 $100,000 to $200,000 9 7 9 19 15 12 12 10 13 106 $200,000 to $600,000, inclusiv< 3 6 4 8 11 2 2 5 34 45 Total 51 45 90 122 118 125 91 57 64 763 STATE MEMBER BANKS Less than $25,000 1 2 3 $25,000 2 4 11 9 11 5 13 3 4 62 $25,001 to $50,000 3 5 2 4 1 7 4 2 2 30 $50,000 to $100,000 7 1 14 10 8 12 4 6 5 67 $100,000 to $200,000 5 1 4 12 5 7 8 5 5 52 $200,000 to $600,000, inclusive 32 1 3 2 2 2 4 31 17 Total 19 12 34 37 28 35 33 16 17 231 NONMEMBER BANKS Less than $25,000 194 117 '295 '319 233 382 247 191 223 2,201 $25,000 79 67 '99 138 83 179 121 88 124 978 $25,001 to $50,000 26 29 37 42 40 73 50 33 59 389 $50,000 to $100,000 ... 57 39 51 78 79 107 78 64 89 642 $100,000 to $200,000 ••33 16 19 30 23 27 27 31 40 246 $200,000 to $600,000, inclusive.. * 11 8 29 5 5 12 7 6 M9 82 Not available 31 21 14 5 3 16 8 5 7 110 Total '431 297 ' 524 '617 466 796 538 418 561 4,648 1 Includes 3 banks with capital of $1,000,000 and 1 with $1,309,000. 2 Includes 1 bank with capital of $750,000. 3 Includes 1 bank with capital of $1,000,000. * Includes 2 banks with capital of $1,000,000 and 1 with $1,309,000. «Includes 4 banks with capital of $1,000,000 and 1 with $1,225,000. e Includes 2 banks with capital of $1,000,000 and 1 with $1,225,000. ' Revised. No. 63.—BANK SUSPENSIONS, BY SIZE OP TOWN OR CITY, 1921-1929 Number of suspensions Places with population of— 1921 1922 1923 1924 1925 1926 1927 1928 1929 Total Less than 500-. 181 120 ' 331 335 226 372 266 207 240 2,278 500 to 1,000 99 75 '104 158 130 204 142 128 1,133 2 5 2 1 1 1 5 , , , 0 , 0 5 5 0 , , 0 0 0 0 0 0 0 0 0 0 0 0 0 0 t t t t o o o o a to n 2 1 5 l d 2 , 0 , , 5 5 5 0 , o 0 0 , 0 0 0 v 0 0 0 0 0 e . 0 . . _ 0 r . . . . . . . . . '3 4 3 4 3 2 2 9 3 7 9 1 3 4 3 2 1 1 2 4 0 3 2 8 2 5 3 2 1 5 7 5 5 4 4 8 '2 3 5 2 7 7 8 2 5 2 5 1 6 3 2 6 5 1 0 2 3 7 6 8 1 4 8 7 3 2 1 6 8 9 0 2 5 3 2 5 2 6 6 0 3 3 2 1 5 4 3 2 3 6 7 0 5 4 5 3 7 4 2 2 5 5 1 1 3 9 6 3 8 3 9 5 7 7 0 Total.... 501 354 '648 '776 612 956 491 642 5,642 Digitized for 'F RReAvSiseEdR. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL KEPORT OF THE FEDERAL RESERVE BOARD CHANGES IN MEMBERSHIP IN THE FEDERAL RESERVE SYSTEM No. 64.—SUMMARY OF CHANGES IN MEMBERSHIP, BY YEARS, 1925-1929 Number of banks 1925 1926 1927 1928 1929 Active member banks, first of year 9,587 9,489 9,260 9,034 8,837 Banks joining the system 1. 237 174 154 115 127 Banks withdrawing from the system 2_._ 100 125 101 120 185 Net accession to membership.. 137 49 53 3-5 3-58 Banks lost to membership through mergers between member banks, suspensions, etc. _ 235 278 279 192 257 Net decrease for the year__ _ 98 229 226 197 315 Active member banks, end of year 9,489 9,260 9,034 8,837 8,522 1 Not including nonmember banks absorbed by member banks without effect on the number of banks in system. 2 Including withdrawals which were incidental to the absorption of member banks by existing nonmember banks as follows: 1925, 42; 1926, 44; 1927, 55; 1928, 59; 1929, 95. 3 Net loss owing to withdrawals. Back figures.—See Annual Report for 1925 (Table 93). No. 65.—CHANGES IN MEMBERSHIP, BY CLASS OF MEMBER, 1928 AND 1929 Number of member banks Procedure effecting change Total National State 1928 1929 1928 1929 1928 1929 Active member banks, first of year 9,034 8,837 7,759 7,629 1,275 1,208 Additions to membership: Organization of national bank _ 70 71 70 71 Conversion of nonmember bank to national 17 24 17 24 Admission of State bank .. 23 27 23 27 Resumption following suspension 5 2 3 3 2 C!onversion within the system 15 16 14 16 All other Total additions 115 127 94 104 30 35 Losses to membership: Merger between member banks— Intraclass.- _ 78 132 70 109 8 23 Interclass 30 39 19 25 11 14 Voluntary liquidation (terminal)._ . 9 3 6 3 3 Suspension and insolvency 72 82 56 65 16 17 Absorption of member bank by nonmember bank. 59 95 50 79 9 16 Conversion of member bank to nonmember bank- 24 49 19 43 5 6 Withdrawal of State bank 2 40 342 2 40 342 Conversion within the system 14 16 15 i 6 Total losses 312 442 224 330 97 124 Net decrease 197 315 130 226 67 89 Active member banks, end of year 8,837 8,522 7,629 7,403 1,208 1,119 1 Conversions between two classes of member banks, without effect on the number of banks in the system. 2 Includes 3 compulsory withdrawals. s Includes 1 compulsory withdrawal. Back figures.—See Annual Reports for 1927 (Table 117), 1926 (Table 97), and 1925 (Table 93). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD 127 EARNINGS, EXPENSES, AND DIVIDENDS OF MEMBER BANKS No. 66.—MEMBER BANKS—EARNING ASSETS, CAPITAL FUNDS, AND PROFITS, 1923-1928 Amounts l (in thousands of dollars) Ratios 2 Year ending Dec. 31 Principal earning assets E a a s r s n e i t n s g p N ro e f t it p N ro e f t it Total Loans I m nv e e n s t t s - C fu a n p d i s t a 3 l p c e f a u r p n $ i d t 1 a s l of p o a e f s r i e n s $ a e g 1 r ts 0 n 0 - p c f e a u r p o n $ i f d t 1 a s 0 l 0 All member banks: 1923 26,206,988 18,531,961 7,675,027 4,380,074 $5.98 $1.29 $7.69 1924 27,474, 727 19,347,300 8,127,427 4,491, 663 6.12 1.32 8.04 1925 29,673,891 20,809,107 8,864, 784 4, 589, 294 6.47 1.41 9.14 1926 31,132,149 22,123,397 9,008,752 4,820,129 6.46 1.39 8.95 1927 32, 755,971 23,006,039 9, 749,932 5,162, 702 6.34 1.36 8.66 1928 34, 721,879 24,153, 677 10, 568, 202 5, 622,312 6.18 1.45 8.96 National member banks: 1923 16,713,739 11, 725,163 4,988,576 2,890,930 5.78 1.16 6.72 1924 17,233,431 12,007,447 5,225,984 2,916, 791 5.90 1.24 7.33 1925 18,430,579 12,729,675 5,700,904 2,970,453 6.20 1.32 8.22 1926 19,135,960 13,353,101 5, 782,859 3,077,183 6.22 1.28 7.96 1927 20,349,562 13,949,969 6,399, 593 3,254, 507 6.25 1.26 7.91 1928 ... . . 21,858, 250 14, 789, 566 7, 068, 684 3, 543, 609 6.17 1.33 8.21 State member banks: 1923 9,493,249 6,806,798 2,686,451 1,489,144 6.37 1.50 6.72 1924 10,241,296 7,339,853 2,901,443 1, 574,872 6.50 1.44 9.37 1925 11, 243,312 8,079,432 3,163,880 1,618,841 6.95 1.56 10.83 1926 11,996,189 8,770,296 3,225,893 1, 742,946 6.88 1.55 10.70 1927 _ _ 12,406,409 9,056,070 3,350,339 1,908,195 6.50 1.53 9.94 1928 12, 863,629 9, 364, 111 3,499, 518 2, 078, 703 6.19 1.66 10.25 * Figures are averages of amounts for call dates during year. 2 For explanation of these ratios, see Federal Reserve Bulletin for December, 1928, pp. 826-828. 3 Capital, surplus, and undivided profits including, in 1923 and 1924 only, reserves for taxes, interest, etc., accrued. No. 67.—MEMBER BANKS—RATIOS OF EARNINGS, EXPENSES, ETC., TO AVERAGE EARNING ASSETS, 1923-1928 [Amounts per $100 of earning assets] Gross earnings Expenses Losses Year ending Dec. 31 Total I e n a t r e n r e es d t Total I p n a t i e d r e o s n t Total Net pr N o e fi t ts deposits All member banks: 1923 $6.56 $5.70 $4.70 $2.09 $0.79 $0.57 $1.29 1924 6.50 5.51 4.66 2.16 .72 .53 1.32 1925 6.46 5.44 4.61 2.17 .65 .44 1.41 1926 6.51 5.49 4.63 2.16 .67 .50 1.39 1927 6.47 5.34 4.63 2.18 .64 48 1 36 1928 6.58 5.49 4.65 2.16 .63 48 1 45 National member banks: 1923 6.37 5.76 4.53 1.97 .93 .67 1.16 1924 6.35 5.57 4.50 2.07 .81 .60 1.24 1925 6.29 5.51 4.46 2.08 .74 51 1 32 1926 _. 6.33 5.54 4.48 2.07 .76 .57 1.28 1927 6.34 5.44 4.52 2.12 .73 .56 1.26 1928 6.41 5.54 4.52 2.10 .72 .56 1.33 State member banks: 1923 6.90 5.59 5.00 2.30 .55 .40 1.50 1924 6.76 5.41 4.93 2.33 .56 40 1 44 1925 6.75 5.34 4.85 2.32 .51 .34 1.56 1926 6.81 5.41 4.88 2.31 .51 38 1 55 1927 6.70 5.17 4.81 2.27 .49 .36 1.53 1928 6.86 5.40 4.87 2.25 .46 .34 1.66 NOTE.—For explanation of these ratios, see Federal Reserve Bulletin for December, 1928, pp. 826-828. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

128 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No. 68.—MEMBER BANKS—EARNINGS, EXPENSES, AND DIVIDENDS, 1923-1928 tin thousands of dollars] Gross earnings Expenses Interest paid Year ending Dec. 31 Sal- Total I e n a t r e n r e e d st o A th l e l r Total O po n s d it e s - O ro n w b e o d r- w a a a r n i g e d e s s Taxes o A th l e l r money All member banks: 1923__ 1,719,360 1,493, 755225,605 ., 232, 654547,910 42,151 335, 680102,673 204,24C 1924__ 1,786,471 1,514, 500271,971 , 280, 524594,432 24,746 355,018 97,341 208,987 1925._ 1,918,094 1, 615, 595302,499 ., 367,318643,158 25,954 372, 741102,411 223,054 1926. 2,027,7521 1, 710,492317,260 , 441,745 672,927 31, 350396,796 105,885 234, 787 1927. 2,120,277 1. 749,008371, 269 , 515,704713,038 24, 514420,128 109, 778248,246 1928 2, 283, 9981,905, 728378, 2701,613,811 749, 662 48,443 440, 000113,759 261, 947 National member banks: 1923. 1,064, 295, 963,443 100,852 757,802 329,304 29,641 205,391 69, 873123, 593 1924 1,093,832 960,601 133,231 776,070 356,311 17,001 213,994 64,676 124,088 1925_ 1,159, 595 1,015, 352144,243 822,255 382,483 17,172 223, 756 66,645 132,199 1926. 1,210,911 1,060, 589150,322 856, 765 395,352 20,089 235,969 68,270 137,085 1927__. _. 1,289,297 1,107,242 182,055 918, 816 431, 763 15,429 253, 634 69, 219148,771 1928 1,401,471 1,211,259 190, 212 987, 739 459, 819 29,184 269, 429 69, 872159, 435 S tate member banks: 1923 655,065 530, 312124,753 474,852 218,606 12, 510130,289 32,800 80,647 1924__ 553,899 138. 740 504,454 238,121 7.745 141,024 32, 665 84, 899 1925__ 758,499 600,243 158, 256 545,063 260, 675 8,782 148,985 35, 766 90, 855 1926. 816,841 649,903 166,938 584,980 277, 575 11,261 160, 827 37, 615 97,702 1927_ 830,980 641, 766189,214 281,275 9,085 166.494 40, 559 99,475 1928 882, 527 694, 469188,058 626, 072 289, 843 19, 259170, 571 43, 887 102, 512 I Losses Divi- Year ending Dec. 31 e i N a n r g e n t s - Total lo O a n ns i m nv O e e n n s t t s - o A th l e l r R e e r c ie o s v- Net pr N o e f t its c d l e d a n e r - e d d s All member banks: 1923 486,706 207,127 143,011 36,411 27,705 57,307 149, 820 257.933 1924 505,947 197,343 133.079 33,196 31,068 52, 739 144, 604 361,343 258,044 1925 _ 550, 776 193,099 128, 774 35,127 29,198 61,806j 131,293 419,483 272, 686 1926__ 586,007 207, 530 124, 885 35,909 46, 736 53,006 154, 524 431,483 284, 809 1927 604, 573 208,693 123. 745 37,284 47, 664 51,129 157, 564 447,009 312, 680 1928 670,187 217,194 119, 290 45, 293 52, 611 50,875 166, 319 503,868 327,422 National member banks: 1923__ 306,493 154, 753 108, 819 26,450 19,484 42,642 112.111 194, 382166,492 1924 317,762 140,250 97, 582 23,960 18, 708 36, 270 103,980 213, 782162,636 1925.... 337, 340 136,269 92,127 23, 692 20,450; 43,122 93,147 244,193 171, 324 1926.. 354,146 145, 831 88, 017 26,261 31, 553' 109.169 244,977 176,421 1927 370,481 148, 225 91, 214 25,665 31, 346| 35,027 113,198 257,283 197, 555 1928 413, 732 158, 254 88, 077 34,455 35, 722! 35,282 122,972 290, 760204, 612 State member banks: 1923 180,213 52, 374 34,192 9,961 8,221 14, 665 37,709 142, 504 91,441 1924 188,185 57,093 35,497 9,236 12,360 16,469 40,624 147, 561 95,408 1925 213,436 56, 830 36,647 11,435 8,748 18,684 38,146 175, 290101, 362 1926 231,861 61,699 36, 868 9,648 15,183 16, 344 45, 355 186, 506108, 388 1927 234,092 60,468 32, 531 11, 619 16,318 16,102 44, 366 189,726 115,125 1928 256,455; 58, 940 31,213 10,838 15,593 43,347 213,108 122,810 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BANKING CONDITIONS IN FEDERAL RESERVE DISTRICTS AND STATES 129 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONDITION OF EACH FEDERAL RESERVE BANK No. 69.—BILLS DISCOUNTED FOR MEMBER BANKS1—HOLDINGS OP EACH FEDERAL RESERVE BANK, BY MONTHS, 1925-1929 [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 phia land 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 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 - - 1925 January 19.6 77.1 25.8 34.5 26.6 14.7 35.9 8.9 4.4 5.0 ! 3.0 11.6 February 19.8 150.0 30.0 32.9 25.6 12.4 31.7 9.4 4.2 2.4 16.9 March 31.0 150.9 36.6 39.8 33.5 16.3 35.8 10.3 4.0 | 2.0 25.1 April 33.6 119.3 37.6 39.8 41.8 19.4 50.4 15.3 5.1 2.2 31.2 May 29.1 105.2 37.2 39.3 47.6 20.8 49.2 18.5 6.0 4.3 32.3 June 35.9 126.4 40.0 42.4 49.0 22.7 45.4 20.1 5.1 7.3 6.1 36.7 July... 33.1 144.7 45.3 45.6 50.8 23.7 51.8 21.1 5.9 7.2 8.4 42.5 August 36.5 169.2 48.8 56.1 50.6 31.7 52.0 27.6 8.6 7.6 10.4 46.2 September 29.7 206.0 48.5 62.0 53.2 30.5 50.4 35.5 6.9 8.5 9.0 53.9 October.. 42.2 193.3 52.7 73.3 48.1 26.6 69.3 31.3 6.4 11.9 8.1 55.6 November 37.9 170.0 52.7 75.2 42.0 24.6 70.8 29.3 5.9 18.5 9.7 60.4 December 52.1 207.3 58.6 45.7 29.7 93.4 24.8 5.4 18.0 9.5 56.4 I 1926 j January _ 31.3 160.1 47.5 58.6 38.1 27.3 79.5 19.8 4.2 15.4 7.5 30.7 February I 39.1 182.1 55.7 42.2 38.1 26.6 67.2 20.8 5.8 17.3 5.7 25.0 March 35.1 139.6 59.2 55.7 43.6 40.9 76.6 26.2 6.3 17.2 6.4 49.8 April 27.7 130.8 52.8 55.9 45.0 44.0 73.8 28.3 6.2 19.1 7.3 46.1 May 27.5 135. 5 49.4 51.7 46.8 35.1 55.8 26.7 6.7 19.9 9.7 46.7 J Ju u l n y e 2 34 5 . . 5 0 1 16 1 8 5 . . 5 5 4 48 8 . . 0 6 4 3 3 6 . . 6 7 4 41 7 . . 7 3 3 42 8 . . 2 5 5 5 3 9 . . 9 7 [ I 3 2 0 8 . . 7 5 4 7 . . 9 4 1 1 8 6 . . 1 1 1 1 1 6 . . 7 1 3 47 7 . . 6 3 August 37.0 163.3 45.5 33.2 45.0 47.7 55.0 35.2 12.7 12.6 20.1 48.0 September 46.0 181.8 45.6 41.5 46.2 55.7 68.4 43.5 10.5 13.3 24.6 59.6 October 41.3 164.7 49.1 69.9 45.5 55.6 90.1 42.2 11.0 12.4 19.1 62.3 November 38.6 134.6 43.1 74.9 35.1 50.2 105.0 37.6 8.1 16.7 16.9 53.6 December. 56.1 155. 2 59.9 89.3 29.3 47.1 118.6 37.9 4.9 13.3 10.0 46.8 1927 January „. 33.4 118.3 j 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 j 2\ 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 23.4 142.4 38.2 34.8 26.3 31.1 31.4 I 28.0 4.4 10.7 11.0 35.6 October j 33.3 126.9 38.4 43.7 28.9 26.0 36.5 j 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 1928 January 23.5 152.9 44.4 51.0 26.9 29.3 59.0 16.6 3.7 12.7 4.3 41.0 February 45.2 119.3 53.1 50.8 27.3 28.3 50.9 24.0 4.0 11.4 4.1 52.3 March 49.5 130.0 49.2 57.0 27.8 25.2 67.9 26.1 3.3 10.5 3.8 63.1 April 44.4 210.9 52.7 60.8 34.6 38.9 87.6 33.1 10.1 18.8 8.0 61.3 May.. 59.6 296.9 60.4 68.4 43.0 51.9 109.5 39.0 10.6 22.9 9.0 64.3 June 84.8 376.1 80.2 89.3 48.0 59.8 136.1 52.9 8.5 22.4 11.3 49.4 July 68.0 382. 6 93.8 100.8 54.9 68.5 156.7 55.1 12.2 23.9 16.7 56.5 August 61.1 321.3 99.1 80.1 56.6 76.8 159.4 58.8 18.5 22.7 29.8 76.7 September 50.9 352.3 106.5 77.8 57.2 82.9 113.8 65.0 17.8 24.0 29.6 86.5 October. _ 45.9 300.7 93.7 75.5 47.8 79.4 134.1 49.8 18.1 31.3 25.3 73.5 November 50.6 238.1 79.3 85.6 42.5 68.7 138.8 43.9 16.0 43.1 21.3 69.6 December 65.0 298.7 91.3 108.0 40.8 57.8 178.9 39.6 10.4 44.2 17.9 60.3 1929 i January -. 60.4 245.9 73.1 79.7 40.7 58.5 142.7 i 37.4 12.0 33.3 20.6 55.0 February 61.9 216.3 85.5 84.7 41.0 55.8 165.9 \ 37.8 12.8 32.5 19.2 75.8 March 58.6 231.5 101.6 76.0 43.4 51.7 210.6 i 48.1 15.6 31.8 14.8 85.0 April 75.8 264.6 110.0 96.6 52.6 63.6 133.4 j 51.8 19.3 38.8 18.6 79.3 May 96.5 234.5 86.7 93.8 58.1 73.4 109.8 j 48.7 18.1 49.1 23.1 64.4 June 99.4 251.2 84.7 90.9 56.6 65.9 135.9 I 49.9 15.2 48.3 22.3 57.7 July 78.4 408.6 77.3 84.0 57.5 69.0 122.1 S55.8 17.4 35.3 30.2 60.1 August. 79.5 303.3 92.8 79.7 59.6 75.1 120.0 ! 67.2 24.3 33.7 43.4 64.9 September. 71.3 230.9 90.6 78.8 60.1 69.6 103.9 j 72.7 34.4 38.8 41.3 76.4 October. ._ 60.7 160.0 78.7 95.2 53.1 57.6 120. 2 !54.7 41.2 44.6 31.6 86.9 November 46.9 154.7 106.8 124.4 51.9 59.1 139.3 I 47.1 28.6 57.7 30.2 106.0 December 40.4 188.3 80.2 98.4 41.8 43.0 133.0 30.9 17.4 45.9 19.1 65.0 J 1 Including small amounts of bills discounted for intermediate credit banks, etc.; see Tables 12 and 97. Back figures .—See Annual Reports for 1928 (Table 72), and 1927 (Table 55). 131 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

132 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No. 70.—DISCOUNTED BILLS—HOLDINGS OF EACH FEDERAL RESERVE BANK ON DECEMBER 31, 1929, BY CLASSES [In thousands of dollars] Rediscounted bills Member banks' Feder b a a l n r k eserve c T la ( o s a s t l e a l s l ) C c a o i g t a m u r l i r m c a a u n l e l d r - - a D n e d m s a ig n h d t B a a c n c k ep e t r - s' a T c r c a e d p e t- b G s y P e o c a v U u p e r e . e r r n S d - . c b G s o y e n l o c l o a v U u t t e r e e . e r s r n S d a - . l o C s t o h e n l c e o l u a r t w r e te e s r i d s a e l paper, drafts ances ances ment ob- ment obn. e. s. ligations ligations Boston 26,644 13,022 267 1 13,354 New York 171,759 15,240 19 270 127,012 29,218 Philadelphia 65,777 20,761 444 34,511 10,061 Cleveland 76, 719 21,517 530 251 45,312 9,109 Richmond 38, 939 15,036 115 74 11,214 12,500 Atlanta . - 29,347 21,084 12 261 107 2,573 5,310 Chicago 112,668 30,894 226 20 75,101 6,427 St Louis 17, 938 2,838 II 59 109 12,446 2,475 Minneapolis 10,177 6,537 13 3,539 88 Kansas City 29,649 14, 765 177 12,819 1,888 Dallas 13,291 4,363 60 3 3,264 5,601 San Francisco 39,513 4,938 12 5 11,628 22,930 Total 632,421 170,995 83 31 2,177 755 352, 773 105,607 Back figures—See Annual Reports for 1928 (Table 73), 1927 (Table 56), 1926 (Table 18), etc. No. 71.—DISCOUNTED BILLS.—HOLDINGS OF EACH FEDERAL RESERVE BANK ON DECEMBER 31, 1929, BY MATURITIES [In thousands of dollars] Maturity Federal reserve bank Total Within 16 to 30 31 to 60 61 to 90 191 days toOver 6 15 days days days days 6 months months Boston 26,644 20,899 1,912 2,738 1,042 53 New York 171,759 160,937 3,403 4,911 2,413 95 Philadelphia... 65, 777 51,184 5,795 5,934 2,819 45 Cleveland 76, 719 60,794 6,481 5,599 3,272 545 28 Richmond 38,939 27,730 3,873 4,812 2,284 217 23 Atlanta 29,347 13,779 4,498 7,288 3,641 131 10 Chicago 112,668 90,350 6,442 8,435 5,626 1,697 118 St. Louis 17,938 15,521 486 1,061 484 357 29 Minneapolis- 10,177 5,490 352 3,229 382 631 93 Kansas City... 29,649 16,175 1,541 2,685 2,520 6,550 178 Dallas 13,291 10,067 1,002 1,076 411 709 26 San Francisco.. 39, 513 35,146 546 974 1,038 1,676 133 Total. 632,421 508,072 36, 331 48, 742 25,932 12, 706 Back figures.—See Annual Reports for 1928 (Table 69), 1927 (Table 57), 1926 (Table 20), etc. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EACH FEDERAL RESERVE BANK 133 No. H%.—PRINCIPAL RESOURCES AND LIABILITIES or EACH FEDERAL RESERVE BANK, BY WEEKS BOSTON [In thousands of dollars] Bills bought in United States Deposits open market securities Total Federal bills Bills Total reserve Date an c ti d u e r s i s 1 - e- co d u i n s t - ed B r o o ig u u h t g - t h a U r m e g n s r e a e d n l e e t e - r B r o o ig u u h t g - t ht a U r m e g n s r e a e d n l e e t e - r re c se a r s v h es Total M b r b a e e a l s a m e n n r k b v c e e e s r p O o d t s e h i - e ts r c i u n n l o a c t t e i ir o s - n 1929 Jan.2._ 118,699 55,85S 48,100 6,567 8,173 208,431 152,100 150,187 1,91: 159,884 Jan.9._ 123,686 46,94" 61,442 7,124 8,173 189,034 151, 589 150,001 1,588 150,430 Jan. 16. 132,075 49,702 60,205 13,9951 8,173 170,515 151, 708 150,160 1,548 140.846 Jan. 23. 141,816 64,894 58,675 10, 074! 8,173 157, 387 151,141 148, 607 2,534 133,991 Jan. 30. 144,969 73, 598 50,927 12, 253J 8,191 150, 878 147, 884 146, 617 1,267 132,057 Feb. 6.. 129, 228 62, 275 49, 518 9, 2441 8,191 166, 210 148, 590 147,851 739 130.847 Feb. 13. 116, 294 54,181 46,052 9, 757 6,304 176,961 155,437 153, 078 2,359 127, 953 Feb. 20. 107, 566 54,031 42, 433 5,190 5,912 184, 737 143, 966 143,018 948 128,962 Feb. 27. 113, 596 64,492 39,230 4,477j 5,397 175, 52.1 142,828 141, 87 949 127,438 Mar. 6.. 99,648 58,484 32,153 3,920 5,091 197, 521 143,432 147, 658 774 130,520 Mar. 13. 91,025 51,124 31,625 2,584 5,092 207, 227 149, 708 149,053 655 129,854 Mar. 20. 85,419 49,390 26,868 3,824 5,337 204, 607 140,182 139, 480 702 130,096 Mar. 27. 100,814 24,415 I,""' 5,337 190,137 141,619 140.174 1,445 129, 653 Apr. S.- 100, 111 72,498 18, 333 2,891 6,389 199,039 145,937 144, 041 1,896 130, 557 Apr. 10. 96,424 69,374 17,458 3,203 6,389 197, 233 142, 621 141, 937 684 131,141 Apr. 17. 104, 479 76, 508 19, 739 2,233 5,514 198, 445 149, 932 146, 573 3,359 133,401 Apr. 24. 103,151 75,426 19,960 2,732 4,420 197, 317 146, 495 143, 715 2,780 133,130 May U_ 119, 213 83,808 20, 556 9,516 4,104 47 179, 078 142, 424 139,993 2,431 135,854 May8.. 121,210 86,950 20,330 9,546 3,834 46 179, 917 143, 235 142, 521 714 138,026 May 15. 125,974 93,163 20,874 8,103! 3,834 169, 561 140, 401 139, 237 1,164 137,227 May 22. 132,004 102,106 19, 849 6, 216 3,833 165, 781 140, 410 138,540 1,870 137,688 May 29. 139,47: 109, 359 17, 721 8,560 3,833 167, 213 143, 464 142, 646 818 142,314 June 5.. 123,895 99, 322 14,996 5,744 3,833 182, 619 145,886 144, 629 1,257 140,426 June 12_ 116,382 97,273 13, 728 1,819 3,562 T87, 381 145,356 143,374 1,982 139, 528 June 19 _. 115,163 99,411 10,985 1,150 3.617 194, 059 149, 674 138, 000 11,674 140, 771 June 26- 119, 908108,175 6,527 1,938J 3,: 188, 909 148, 366 143,173 5,193 140, 712 July 3... 97,04' 84,127 2, 6911 3,267 219, 630 152,891 150, 525 2,366 147,259 July 10.. 102, 388 89, 297 6,123 3, 701 3,267 213,61l| 144, 348 141, 233 3,115 154,352 July 17. 81, 962 69, 083 5,192 4,420 3,267 236, 766 150, 240 149,189 1,051 153, 588 July24_ 85, 203 72,886 4,741 4,310 3,266 233,814 147,937 147.175 762 154,372 July 31. 86,064 72, 544 3,723 6,531 236,977| 147,857 145, 220 2,637 156,935 Aug. 7... 75,401 59,103 3,683 8,152 4,463 256, 254' 147,363 144, 620 2,743j 166,290 Aug. 14. 88,885 68, 282 11,678 4,462 4,463 247,5511 148, 677 146, 663 2,014 169,494 Aug. 21. 113,001 89,490 10,087 8,961 4,463 228, 507 144, 740 142, 329 2,41l! 177,823 Aug. 28. 110,688 85,345 12, 581 7,'" 4,866 235, 638 144, 560 143, 223 1,337 183,369 Sept. 4... 104,662 78,823 13, 451 7,522 4,866 252,157 144, 373! 142, 638 1,735 194,082 Sept. 11.. 97,914 71, 797 14,150 7,101 4,866 260, 733 151,138! 148, 663 2,475 191,095 Sept. 18.. 84,348 59,172 14,180 7,130 3,866 281,415 155, 623 155,049 574 191, 222 Sept. 25.. 65,351 13, 945 6,950 3,402 271,841 152,332 148,833 3,499i 193,019 Oct. 2__. 96,179 71,189 14, 575 7,013 3,402 274, 429 155, 226 152, 465 2,761 199, 786 Oct. 9__. 94, 244 68, 776 14,893 7,930 2,645! 274, 210 149, 647 147, 218 2,429 203, 202 Oct. 16.. 89,073 62, 357 14,977 8,095 2, 6441 279, 521 153, 857 151, 635 2,222 205,044 Oct. 23_. 78,011 55, 251 14,607 4,509 2,6441 286, 793 151, 903! 150, 323 1,580 203,801 Oct. 30_. 65, 526 45,840 12,063 1,923 4,700 303,174 155, 094 153, 533 1,561 Nov. 6... 58,138 37, 546 10,074 2,441 7,077 312, 728 157, 863" 154, 586 3,277 207,349 Nov. 13.. 75, 753 54,911 7,804 2,470 9,568! 299, 540 155,097 154, 26: 830 209, 756 Nov. 20.. 62,127 42,288 6,499 207 12,133 309,093 153, 677 151,655 2,022 204, 674 Nov. 27.. 68,150 50,244 4,495 278 12,133 308,494 150, 500 147,046 3,454 208,149 Dec. 4... 62,842 38,902 3,185 15, 225 320,985 157, 573 155,192 2,381 208,413 Dec. 11.. 69, 778 39, 787 2,954 17,344 302, 660 148,961 148, 318 643 207,435 Dec. 18-- 77,835 36, 612 2,268 10,776 27,179 296, 793 147, 338 146, 760 578 210,421 Dec. 24., 82,366 41,975 3,086 11, 743 24,562 298,083 150,674 148,470 2,204 216,047 Dec. 31.. 83,372 26,644 3,846 26,032 25,850 283,984 144,042 141, 547 2,495 206,558 1 Includes "other securities" and foreign loans on gold. Back figures for all Federal reserve districts.—See Annual Reports for 1928 (Table 76), 1927 (Table 58), 1926 (Part II, Table 2), 1925 (Part II, Table 2), etc. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

134 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No* 72*—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 securities Deposits Total Federal Date c a u n b r d i i t l i l e s s e s - 1co B d u i i n s ll t - s ed B r o o ig u u h t g - t ht I U a r m e g n s e r a e d n l e e t e - r B r o o ig u u h t g - t ht a U r m e g n s e r a e d n l e e t e - r re T c se o a r s t v h al es Total M ba b e l a a m n n k b c e es r I j O po d t s e h - i e ts r jc r i e u n n s l o a e c t t r e i i v r s o - e n 1929 Jan. 2__.| 709,874 495, 458 107, 23239, 557 24,187 43, 440 762,471 1,056,690 1,027,921 28, 769 353, 879 Jan.9_-_ ! 477,830 281, 560 94, 20737,411 24,187 40, 465 869, 649 965, 514 950, 927 14, 587 332, 699 Jan. 16...! 419,171 217, 666 98, 21039, 603 35,187 28, 505 926, 084 j 982,186 955, 615 26, 571 326,403 Jan. 23...! 300,885 153.157 97, 30223,134 26,187 1,10511,000,117! 928.018 915,506 12,512 322, 550 Jan.30_..I 354,535 212,908 85, 48329, 957 26,187 998, 485! 977,294 963,955 13,339 319, 820 Feb. 6... 325, 048 195,12' 78, 921 24, 813 26,187 1, 010, 084! 963, 557 948,515 15,042 318,161 Feb. 13.. 365,960 252, 693 72, 36922, 229 18, 669 978, 348! 960, 250 947,151 13, 099 315, 709 Feb. 20.. 268, 396 181, 727 60, 552 9, 803 16, 314 1, 033, 304! 930,117 917,400| 12,717 313, 707 Feb. 27.. 304, 33' 222, 389 53, 021 13,611 14,691 625 1, 043,170j 970, 904 959,853 11,051 308, 057 Mar. 6_... 349, 933 270, 610 41, 943 23, 742 13, 638 964,1891 939,790 922, 237 17, 553 308,107 Mar. 13.. 306.130 224, 720 47, 955 17, 321 13,478 1, 001, 642i 944, 378 931, 601 12, 777 298, 676 Mar. 20.. 290, 218 208, 136 33, 57510, 244 35, 768 400 1, 019, 865 946, 761 936, 582 10,179 298, 540 Mar. 27.. 357, 237 299,173 24, 896 10, 925 16, 76S 3,380 969, 286 958,828 938, 782 20,046 295, 027 Apr. 3... 288, 033 235, 528 20, 148 6,729 20, 403 3,130 1, 018, 102 957, 393 939,102 18, 291 300,197 Apr. 10.. 288, 641 246, 735 16, 563 3,845 17,403 2,000 997, 831 928, 251 913,503 14, 748 290, 467 Apr. 17.. 303, 270 260, 003 13, 782 6,311 13,381 6,150 983, 340 933,736 905,479 28,257 289,592: Apr. 24.. 312, 753 262, 869 14,196 14,403 7,470 967, 025 924,674 903,642 21,032 289,096, May 1... 328, 280 247, 582 26, 09130, 743 9, 58f: 7,580 1, 006, 354 974,230 947, 320 26, 910 295,815- May 8... 340, 639 276,889 12,525 31,479 7,614 8, 935 971,049 959,803 940,309 19,494 288,4SG May 15__ 314.131 254, 372 11,279 23, 836 8.214 14,515 964, 539 944, 770 931,019 13, 751 277, 973, May 22. _ 247, 365 197,325 15,350 12,091 7,614 13,070 1, 014, 059 926, 680 913,102 13, 578 275,051 May 29.. 221, 43? 194, 426 11,649 7,614 5,835 1,044,156 931,242 917,034 14,208 274, 542 June 5___253,618 209, 943 11,877 6,292 14, 681 8,910 1, 018, 70' 953,305 941,174 12,131 270, 285 June 12.. 301,474 225, 701 10, 881 17, 638 9,679 35, 660 979, 995 950, 954 940,091 10,863 269, 748 June 19..1 284,971 251, 656 11,964 8,881 6, 6551, 000, 850 953, 373 928,023 25, 350281,102 June 26..i 362, 135 317, 588 10, 957 3,208 6,682! 17,885 975, 619 981,942 962,823 19,119 282,202 i July 3... 461,006 425, 254 10.141 2.914 6,682! 13,200 870, 277 984,844 966,403 18,441 309, 389 July 10__i 472, 744 439, 320 10, 996 4,036 6,682 8, 895 877, 468 962, 247 945, 710 16, 537315, 649 July 17.. 477,713 422, 926 4, 106 14,894 7,222 25, 9tO 847, 018 957,451 941,719 15,732 315,419 July 24..| 439, 135 398, 10(1 6, 489 6, 613 7,162 18, 165 893, 204 964, 449 949, 514 14,935 306,844 July 31..; 435,181 385, 949 7, 661 13, 444 7,162 18, 365 907, 932 970, 896 958,870 12,026 308, 008 Aug. 7...! 454, 778 383, 864 3, 44923, 419 11,636 29, 810 856. 56' 928, 929 912,069 16,860 310,140 Aug. 14..| 388,622 284, 371 29, 632 33, 398 11,636 26, 985 923, 392 931,244 921,203 10,041 311, 399 Aug. 21..1 348,344 233,147 14, 750 50, 915 16, 637 20, 845 959, 327 916, 666 905, 362 11,304 310,831 Aug. 28..1 356,851 240, 847 26, 707 45, 501 13, 151 18, 5951 952, 996 921, 703 910,193 11,510 310,333 Sept. 4... 442,628! 303,266 27, 060 65, 862 13,150 21,240 898, 490 945, 609 930, 056 15, 553325,463 Sept. 11..] 393,083 239,945 29, 464 67, 338 13, 76130, 525 962, 505 957, 661 946, 324 11, 337319, 342 Sept. 18.J 397,620 220,143 40, 755 61, 392 18,11046, 220 994,331 987,167 965,416 21, 751321, 669 Sept. 25..| 394,788 "2"3'2, 943 44, 918 68, 609 11,687 25,631 991,181 985, 782 957,988'27,794 320, 586 I Oct. 2__. 320, 720151,818 58,298 68,352 13, 03718, 365 1, 084,9201, 008, 920 985, 276 23, 644329, 753 Oct. 9__. 268,164 131,198 73,820 28,592 10,504 13, 200 1, 094,337 950, 509 937,456 13, 053332, 891 Oct. 16_. 276, r" 129, 698 72,8811 39,390 10,604 9,380 1,096,159 985,972 969,012 16,960 333,969 Oct. 23_. 263, 990107,151 120, 4531 3, 652 10,604 6, 8301,117,209 952, 818 13,051 337, 985 Oct. 30-- 520, 803 246,122 79,525j 21,793 125, 453 32, 660 1,125,143 1, 211, 937 , 198, 82113,116 354,854 Nov, 6...! 472,358221, 347 80,102! 16,063 132,346 8,750 1,141, 8651,142,015 ,123,938 18,077 378,361 Nov. 13.. 376,341 126,178 74, 294 3, 098158, 921 850 1, 237, 0791,192,443 , 181,40511,038 379,458 Nov. 20.. 369, 313 125, 940 73,754-... 155, 619 3,550 1,211,007 1,132, 775 , 119, 50813, 267 375,974 Nov. 27- 371,133 128, 977 73,447 155, 619 3,740 1, 076,1171, 002, 280 986,239 16,041 354,243 Dec. 4... 396, 959130, 361 62,194 25, 330 167,184 2,540 1,024,159 1, 006, 391 15,455 348,490 Dec. 11..492, 392155, 277 83, 770 61,410 184,285 550 931, 515 1,022, 751 012,403 10,348 323, 352 Dec. 18.. 536, 081 176,173 71, 359 46, 666 213,458 23, 925 872, 525 1, 019,183 007,381 11,802 312,489 Dec. 24.. 601,083 197, 720 62, 656 111,,169 215,863 9,175 755,468 961, 568 945, 777 15, 791 321, 538 Dec. 31.. 609,860 171, 759 75, 770 1151,,975 217, 356 21, 850 800,242 1, 004,370 985, 791 18, 579 318,971 1 Includes "other securities" and foreign loans on gold. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

135 EACH FEDERAL RESERVE BANK No. 72.—PRINCIPAL RESOURCES AND LIABILITIES OF EACH FEDERAL RESERVE BANK, BY WEEKS—Continued PHILADELPHIA [In thousands of dollars] Bills bought in United States Deposits open market securities Federal Date 3 a T n u b d r o i i l t t i l a e s s l s e- » co B d u i i n s l - l t s ed £5 B r o o i u g u t- h g t ht U a r m e g n s r e a e d n l e e t e - r re T c s o e as r t v a h l es Total b M r a e b e s l a a e m n n r k b v c e e e r s p O o d t e s h - i e ts r r : i e n u n s l o a e c t t r e i i v r o s - e n 1929 Jan.2__. 121, 523 83, 723 16, 353 _ 21,447 187,963 140,677 137,810 140, 239 Jan.9__. 114, 723 76,012! 17, 264 L 21,447 183,098 138,806 137,617 128, 725 Jan.16 __ 114,949 73, 7971 19,705. 21,447 182,480 141,188 139, 224 l',964127,897 Jan. 23._ 111, 202! 69,172j 20,583L 21,447 182, 254 137,128 136,168; 960 126, 320 Jan. 30... 114, 843! 70,481! 22, 915|_ 21, 447 182,419 135, 719 134, 252j 1,467 130, 310 Feb. 6... 116,946 70,332 25,167! 21,447 184,607 138, 259 136,188 2,071 132, 879 Feb. 13. _ 126,617 80,192| 26, 762 i 19, 663 181, 230 131, 890 129, 756! 2,134 142, 595 Feb. 20.. 134,660 90,574 24,793 ! 19,293 168, 934 133,995 132, 4011 1,594 139,452 Feb. 27.. 135, 868 94,521 22,543; 18,804 165, 831 130, 661 128, 758J 1,903 140,995 s Mar. 6... 132,061 91,417 22,128 18, 516 172, 6; 137,182 1,765 138, 017 Mar. 13.. 139, 503 98, 316 21,893 18,516 167, 235 136, 284 135,417 851 140,062 Mar. 20.. 137,012 97,189 21, 712 18, 111 164,152 133, 324 135, 433 1,040 137, 231 Mar. 27.. 142,692 105,805 18, 776 18, 111 165, 374 131,603 132, 284 2,364 145,489 129, 239 Apr. 3... 140,122 104,860 16,192 19,070 167, 226 137,850 135, 786 2,064 138,927 Apr. 10.. 137,032 104,404 13, 558 19,070 168,474 133, 097 132, 360 737 140,131 Apr. 17.. 139,778 108, 798 11,800 18, 251 172, 538 140,980 136, 626 4,354 140,411 Apr. 24.. 144,392 113, 659 12,310 17, 226 165, 468 137,836 134, 701 3,135 140,405 May 1... 132,138 101,862 11,402 16,939 179, 825 139, 335 134,107 5,228 141, 357 May 8... 114,070 84,255 12,067! 16, 693 200, 212 141,094 136,775 4,319 141, 589 May 15.. 104,510 76,466 10,9491 16,693! 205,989 137,664 136, 200 1,464 142,262 May 22.. 105, 555 76,863 11,597! 16, 693! 201,15" 135,134 133,459 1,675 140,646 May 29.. 123,913 96, 777 10,041 16,693 189,119 133, 385 131, 831 1,554 146, 550 June 5... 113, 258 86, 531 9,632 __j 16,1 195, 752 136, 784 135,002 1,782 140, 858 June 12.. 104,191 76,994 10,348 ; 16,447 208,803 138, 365 136, 547 1,818 143,138 June 19_. 97,985 71,509 9,617! ' 16,457 212, 955 137, 235 135, 797 1,438 143, 744 June 26.. 111, 014 85,103 9,156 ; 16,455 203, 81" 136, 379 133.447 2,93: 146,474 July 3... 99,797 75,988 7,051 '• 16,4581 222,14' 137, 267 135,143 2,124 151, 629 July 10.. 96,938 74, 457 5,723: : 16,4581 221, 395 131,671 129,934 1,737 155,919 July 17.. 94,659 73, 588 4,313| ! 16,458 226, 198 139,6ir 137,437 2,176 151, 706 July 24. 98, 585 78, 111 3,716! I 16,458 222, 092 137, 936 136.448 1,488 150, 042 July 31. 95,202 75, 847 2,597 ! 16,458 226, 489 136, 621 135, 766 855 151, 644 Aug. 7__ 99,386 78, 532 2,811 223, 524 137,163 133,956 3,207 153, 742 Aug. 14. 116,152 94, 327 3,782 208, 574 135, 879 134,489 1,390 156,156 Aug. 21. 120,079 97,496 4,540 199,401 134, 719 132,800 1,919 152, 561 Aug. 28. 121,86" 95, 742 202, 552 137, 88" 135, 704 2,183 151,826 Sept. 4.. 124,496 96,472 9, 546! 202, 847 138,411 133, 376 5,035 153,936 Sept. 11. 119,493 89, 688 11, 327 203,129 138, 296 136, 301 1,995| 151,086 ; S S e e p p t t . . 2 1 5 8 . . . .1 11 1 1 8 , , 3 2 4 6 2 1 8 7 7 9 , , 1 3 4 8 5 7 1 1 2 3 , ,8 7 7 3 0 5 2 2 0 0 0 6 , , 9 3 4 5 8 3 1 1 3 3 8 7 , , 0 0 0 5 3 0 1 1 3 3 7 3 , , 2 2 5 3 " 6 3, 7 7 9 6 3 7 1 1 4 4 8 7 , , 6 2 8 8 8 2 Oct. 2... 109,448 75,238 206,414 138, 312 136,104 2,208 145,296 Oct. 9—. 106,035 72, 275 208,020 139,009 136,466 2,543 141,845 Oct. 16.. 113,275 77,733 196, 201 141,153 136,968 4,185 139,250 Oct. 23.. 109,023 73,628 191,987 137,005 135, 737 1,: 132,047 Oct. 30-. 135,698 99, 730 165,226 134, 610 133, 380 1,230 132,624 Nov. 6... 144,458 108, 832 164,858 139, 293 134, 382 4,911 136,634 Nov. 13.. 154, 276116,446 157,999 135,412 134,108 1,304 140,900 Nov. 20.. 134, 786 94,427 176,136 138, 255 136,172 2,083 139,539 Nov. 27.. 129,115 91,184 195,215 136, 256 132,725 3,531 153,850 Dec. 4... 138,905 99,095 188,856 135,829 133,580 2,249 157, 317 Dec. 11.. 114,995 73,124 216,229 132,468 131,825 643 164, 324 Dec. 18.. 117,098 70,705 225,44" 137,042 136,095 947 169,814 Dec. 24.. 122, 754 73,459 215,079 134,194 131,846 2,348 175,169 Dec. 31.. 117,123 65, 777 216,192 136,12: 133,193 2,928 162,344 1 Includes "other securities" and foreign loans on gold. 90182—30 10 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

136 ANNUAL REPORT OF ^THE FEDERAL RESERVE BOARD No. 72.—PRINCIPAL RESOURCES AND LIABILITIES OF EACH FEDERAL RESERVE BANK, BY WEEKS—Continued CLEVELAND [In thousands of dollars] Bills bought i: United States open market securities Deposits Total Federal bills Bills Total reserve Date c a u n r d i ti s e e s - 1co d u i n s- tec B r o o i u g u t h - g t ht a U r m e g n e s r n d a e l < e i - B r o o i u g u t h g - t hi a U r m e g n s r e a e d n l e e t e - r re c se a r s v h es Total M b re a b e s l a a m e n n r k b v c e e e r s p O o d t e s h - i e ts r c i u n n l o a c t t e i i r o s - n 1929 Jan.2__ 177, 733 91, 77. 52, 996 32, 962 251,133 188, 96 185, 823 3.144 215,057 Jan.9__ 166,931 84,70 49, 268 32, 962 256,133 188, 60 185,434 3,17 209, 648 Jan.16. 157.881 77,171 47, 748J. 32, 962 256.841 189,8i: 187,070 2~, 7~4 5 201,677 Jan.23. 151,477 73, 26S 45,246' 32,962 264. 581 187, 995 184, 700 3,29$ 200, 533 Jan.30_. 143, 548 70,59 39,995 32, 962 269,222 187, OK 183, 537 3,47£ 199,193 Feb. 6.. 150, 746 80, 723 37,061 32,962 263, 922 193,00£ 188, 284 4,72] 195, 780 Feb. 13. 155,902 89, 505 35, 5051 30, 892 263, 583 184,036 181, 788 2,24$ 205,976 Feb. 20. 145, 755 80,809 34,484L 30,462 268, 637 187, 533 184, 722 2,811 201,459 Feb. 27. 140,139 j 77,825 32,4181 29,896 278,192 184, 613 182,058 2,555 208, 374 Mar. 6.. 120,872 62,134 29,178. 29, 561 299,078 190,16€ 188, 035 2,13 204,518 Mar. 13. 131, 68 73, 625 27, 672 L 29, 561 294,027 191, 542 189, 295 2,24' 207, 615 Mar. 20. 131,0% 76,902 24,8821. 29, 315 282,023 185,998 183,972 2,02( 201, 544 Mar. 27. 136,443 83, 750 23, 3781. 29, 315 281, 570 183,084 181,313 1,77J 208, 588 Apr. 3__ 142, 33£ 89,928 21,938 30,473 274,474 187, 571 184, 778 2,795 203,925 Apr. 10. 159,47/ 110,145 18,859 30, 473 257,197 180,06€ 178,414 1,655 209, 695 Apr. 17. 136,93£ 89,823 29,511 273,105 179, 727 177,078 2,64! 205,155 Apr. 24. 115.95S 75,078 15,726 28, 308 299, 301 181,12- 178,489 2,63, 209, 344 May l._ 133, 92S 91,34' 12,991 27,962 292,013 195,138 190, 671 4,46' 205,620 May 8.. 132, 523 91, 508 12,655 27, 665 291,465 187,84: 184, 719 3,122 206,675 May 15. 128, 6.63 12.003J 27, 665 290, 632 185,779 183,338 2,441 207,019 May 22. 129,602 90, 215 11,722 27, 665 291,612 189,359 186, 729 2,630 203,921 May 29. 133, 23C 95, 644 9,921 288, 690 183, 826 181,05f 2,774 208, 507 June 5_ _' 132, 35S 93, 527 9,681 29,150 280,496 183,948 181, 297 2,651 202, 595 June 12_ 134, 540 98. 231 7,6381— . 28, 671 290,138 189.048 185,330 3,718 207,709 June 19. 117, 288 82, 539 6,783! 27, 966 294, 390 188,126 181,037 7,089 June 26.. 119, 740 85, 476 6,889: 27, 375 303, 769 189,04 184,965 4,079 205, 571 July 3... 121.956 5,093.... 27, 365 300,501 190,413 187, 297 3,116 203, 238 July 10.. 120, 652 89,600 3.687L — 27, 365 301, 984 185, 282 181,913 3,369 July 17.. 113,902 83,685 2,852 27, 365 305,440 190,829 188,005 2,824 201,418 July 24.. 106, 454 75,103 3,986 27, 365 311, 264} 189, 515 186, 735 2,780 198,905 July 31.. 104, 209 73,153 3,691 27, 365 310,1941 190, 794 187,825 2,969 194,728 Aug. 7... 99, 322 67,965 2,265- 29, 092L 312,262j 187,490 184,438 3,052 193,718 Aug. 14.. 125, 361 94, 360 1, 909 _ 29, 092L 294,400! 192,178 188, 512 3,666 197,116 Aug. 21.. 104, 877 73,090 2, 695 - 29,092L 309, 071! 190, 321 187, 264 3,057 192,943 Aug. 28.. 104,483 69, 566 5, 240 _ 29, 677 314, 9091 193, 900 190, 829 3,071 194, 876 Sept. 4...111, 801 75,415 6, 709 . 29,677 303, 756 191,141 186,450 4,691 192, 402 Sept. 11..119, 946 78, 257 12,012_ 29, 677| 291, 801 192, 260 188, 922 3,338 191, 829 Sept 18.. 119, 802 75, 782 14,343. 29, 677 276,880 191,814 190,087 1,727 184,078 Sept. 25..127, 292 82.135 16,150 - 29,007 283, 399 194,784 190, 511 4,273 185,932 Oct. 2... 79, 713 25.8201 29,007 262, 523 192.049 188,924 3,125 179,994 Oct. 9__. L53! 108 91, 823 33, 37li 27, 914 242,909 183,856 181, 570 2,286 182, 362 Oct. 16. _ [51,918 84, 638 37,866 27, 914 239, 496 188, 624 186,962 1,662 177, 601 Oct. 23-_ L62,057 90,945 41, 698 27, 914 230, 345 186,171 184, 526 1,645 176,388 Oct. 30__ L95, 820 122, 972 40,461 30, 887 197, 280 190, 082 187, 717 2,365 174, 528 Nov. 6— 201,141 127, 627 41,127 30, 887 189, 285 187, 566 182,079 5,487 172,435 Nov. 13.. 188, 583 131,615 39, 739 15, 729 195, 886 175,140 172,689 2,451 179,111 Nov. 20. _ .74, 270 118, 241 38,800 15, 729 207, 809 178,131 175, 477 2,654 175,474 Nov. 27— .56, 246 104,947 34,070 15, 729 245, 750 186,376 181, 544 4,832 184,129 Dec. 4... ^52, 983 105,916 29, 838 15, 729 . 247, 328 187, 507 183,805 3,702 183, 531 Dec. 11.. .49, 320 102, 774 27, 470 17, 576 253,083 182, 026 179, 292 2,734 190,081 Dec. 18- .60, 713 94,450 29, 032 35, 731 245, 740 186, 053 183, 326 2,727 191,815 Dec. 24 __ .50,908 97.136 24,654 27, 618 254,346 182, 086 177,027 5,059 202, 732 Dec. 31- .31,197 76, 719 23, 499 29,479 262,877 177,976 173, 739 4,237 188,198 i Includes "other securities" and foreign loans on gold. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

137 EACH FEDERAL RESERVE BANK No. 72.—PRINCIPAL RESOURCES AND LIABILITIES OF EACH FEDERAL RESERVE BANK, BY WEEKS—Continued RICHMOND [In thousands of dollars] ills bought in Jnited States Deposits >pen market securities Federal Date b i ( i r i o d i l t t l i s a s e e l s - i B > d u i i l s n l - t s ed r o o i u g u t h g - t ht U a r m e g n s r e a d e n l e e e t - r b r o o ig u u h t g - t ht U r a m e g n s r e 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 / • b l a e a l m a n n k b c e e r s ) » d o t e s h - i e ts r c r i e n u n s l o a e c t t r e i i v r s o - e n 1929 Jan. 2— 74,416 46, 284 24,705 3,427 88,044 72,976' 71,264 1,712 85, 877 Jan. 9— 66,41'' 40,284 22,703 3,427 89,316 71, 868 71,204 664 81,942 Jan. 16— 63, 219 38,319 21,473 3,427 88, 361 69, 559' 68,465 1,094 80,415 Jan. 23— 63,086 39, 676 19,983 3,427 87,690 70,303; 1,49- 78,661 Jan. 30— 62,489 39,483 19, 579 3,427 90,955 72,871 70, 082 2,789 77,150 Feb. 6.- 60, 353 39,438 17,488 3,42^ 90,916 71,373 69, 560 1,813 77,393 Feb. 13.. 53, 765 35,035 15,955 2,775 96, 410 70, 703 68, 786 l,91r 75,653 Feb. 20.. ,46C 41, 207 15,613 2,640 91, 559 69,033 67, 721 1,312 75,624 Feb. 27.- 59,84f 43,160 14,218 2,462 91, 786 67, 676 1,918 74, 620 Mar. 6.- 57,298 41, 248 13, 695 2,356 96, 582 72, 703 70, 728 1,975 74,118 Mar. 13.. 56, llr 40,925 12,483 2,356 92, 859 69, 885 69, 086 799 72, 774 Mar. 20- 54,999 41, 726 10,917 2,356 92,174 67,202 66,652 550 71,722 Mar. 27- 59,023 44,914 11, 753 2,356 89, 271 67, 568 65, 627 1,941 71, 742 Apr. 3_. 62,29: 49, 55€ 10,379 2,356 84, 836 69,34 68,362 979 71,532 Apr. 10. 59, 321 47,48/ 9,478 2,356 86, 543 67,983 67, 575 408 70,270 Apr. 17. 66, 22C 55, 216 8,610 2,113 77,965 68, 84r 66, 09r 2,744 69,004 Apr. 24. 61,648 51,544 7,940 1."" 83,953 69,163 66,27 2,887 68, 016 May 1_- 63,18: 54, 361 6,327 1, 69,93 65,828 4,108 67,881 May 8- 62,06 54,456 5,509 1,809 82, 053 69, 50] 67, 243 2,258 68, 035 May 15_ 63,60S 56, 53] 5,269 1"~ 79,422 68,182 65, 76£ 2,418 66, 542 May 22. 68,47£ 61,35, 5,311 1,809 72, 636 66,662 64,938 1,724 66,163 May29. 64, 51i 57,97: 4,734 1, 76, 636 67, 804 64, 848 2,955 66,091 June 5-. 63, 53 57, 20, 4,518 1,809 79, 227 67, 887 905 65,741 June 12. 62,231 56,38' 4,046 1,809 78, 534 67, oee 65,13C 1,936 64,948 June 19. 56, 52 51,02' 3,690 1,809 86, 424 67,002 65, 33f 1,666 65, 221 June 26. 58, 52€ 53, 31! 3,398 1,809 87, 576 71, 52C 64,32: 7,198 64,993 July 3— 54, 77 2,803 1,809 87, 660 70,123 67,19! 2,92£ 67, 264 July 1O_. 59,69i 55,70! 2,178 1,809 86, 394 64, 566 61,94i 2,62" 74, 517 July 17.. 61,08i 58, 07! 1,203 1,808 88,487 67,97 67, 021 952 74, 313 July 24.. 61,81 57,98: 2,023 1,808 90, 611 67,6; 66, 661 1,006 74,813 July 31.. 63,39 59, 54 2,036 1,808 91,468 68, 228 65,851 2,37, 76,300 Aug. 7- 57,9' 54,68- 1, 1,808 99, 241 70, 59! 68,02' 2,57: 78,131 Aug. 14. 61,1' 57, 51 1,843 1,809 95,188 68,38: 65, 23' 3,14! 78,300 Aug. 21 63,8? 59,971 2,104 1,808 93, 518 68,82: 65,971 2,843 78, 242 Aug. 28 66,01 61,12( 3,083 1,808 89,424 67,30 64,9" 2,327 78, 529 Sept. 4. 65,9 61,18 2,956 1,808 92, 745 67,84, 66, 66! 1,177 Sept. 11. 68,2] 60,7* 5,619 1,808 87,938 65, 45' 64, 54; 914 81,908 Sept. 18. 68,1 59,48 6,800 1,809 89,382 69,06! 68,4 64! 81, 225 Sept. 25. 65,8C 56, 0C 7,990 1,808 94,834 73, 23: 64,396 8,84: 80,025 Oct. 2... 65,9: 51,67( 12,493 1,808 77,2C 66,744 10,46 80,964 O O O Oc c c c t t t t . . . . 3 9 2 1 0 — 3 6 - - - 6 7 7 7 1 6 8 5 , , , , 3 3 8 O C ; 1 f 4 5 5 5 9 2 5 3 , , , , 9 0 1 9 6 3 4 4 : : : : 2 1 1 1 6 7 0 9 , , , , 0 3 2 5 5 6 4 1 3 4 1 4 * 1 1 1 1, , , , 8 8 8 8 0 0 0 0 1 8 ! 8 8 9 4 8 1 , , , 8 0 2 7 6 9 2 8 ; 6 6 6 72 6 7 6 , , , . 0 8 8 0 < 8 8 2 J 6 6 6 6 6 4 3 9 , , , , 8 2 5 3 5 5 7 0 6 9 4 3 3 2 1 1 , , , , 8 3 0 7 3 2 0 2 i ' 8 8 8 8 4 5 6 2 , , , , 4 4 7 5 9 1 5 5 £ C C 2 Nov.6. 67,3 45,6! 19,874 1,80 102, 054 65, 28 63, 598 1,68, 88,63/ Nov. 13. 69,2i 48,li 19, 296 1,80 70,0 67,114 2,90; 90,39( Nov. 20 75, 0; 54,L 19, 077 1,80 65,836! 63, 721 2,lli 92,535 Nov. 27 71,6! 52,6 17, 231 1,801 100, 66 69,118 63, 630 5,48! 94,291 Dec. 4. 61,6- 43,4C 16,432 1,80! 110,098 69,139 66,406 2,73 95,12i Dec. 11. 58,- 37,98 16, 239 4,561 108, 802 64,712 64, 240 4T 94, 76; Dec. 18. 65,1! 40,45' 17,922 6,81! 106, 593 66, 596 66, 033 56; 97,45' Dec. 24 64,5! 40, 84' 14, 948 8,80; 113,56! 69,953 66,051 3,90: 101,991 Dec. 31 61,8; 38, 93 13,336 9,551 105, 20' 67,309 64, 742 2,56' 98, 671 } Includes foreign loans on gold. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

138 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No, 72.—PRINCIPAL RESOURCES AND LIABILITIES OF EACH FEDERAL RESERVE BANK, BY WEEKS—Continued ATLANTA [In thousands of dollars] Bills bought in United States open market securities Deposits Total Federal Date c a u n b r d i i l t l i s s e e s - 1co B d u i i n s l - l t s ed Bought U re n sa d l e e r Bought U re n sa d l e e r re T c se o a r s t v a h l es M b e a m nk ber Other r i e n n s o e c t r e i v r s - e r o ig u h t- t a m g e re n e t - r o ig u h t- t a m g e re n e t - Total b re a s la e n rv c e es po de s - its culation 1929 Jan. 2___. 55, 278 31,877 4,950 329 118,488 71,600! 68,041 3,559 134, 625 Jan. 9.... 95,297 60, 338 29, 771 4,859 329 113, 584 70,483! 67,325 3,158 131,375 Jan. 16.. 89,886 57, 750 26, 932 4,875 329 113, 694 68,482 67,352 1,130 129, 674 Jan. 23_. 90,912 60, 713 25,329 4,870 109,824 67,413 66,378 1,035 128,207 Jan. 30- 89,656 60, 564 24,217 4,875 113,873 68, 782 66, 261 2,521 127,196 Feb. 6— 86, 532 59,465 22,162 4,905 118, 538 69,211 67,098 2,113 129,235 Feb. 13.. 56,980 19, 760 4,249 129, 059 71, 561 69,445 2,116 128,928 Feb. 20.. 78,870 55,152 19, 716 4,002 123, 508 65,804 65,038 766 130,167 Feb. 27.. 75,372 52,489 19,058 3,825 132,886 69,389 67,195 2,194 130, 580 Mar. 6... 73,032 55,370 13, 932 3,730 141, 592 69,824 67,257 2,567 138,155 Mar. 13. 67,806 51,568 12,221 3,722 144,283 67,463 66,886 577 137,671 Mar. 20. 63,980 48, 634 11, 685 3,661 146,813 67, 743 67,135 608 137, 221 Mar. 27. 64,126 49,940 10,410 3,776 69, 277 67, 983 1,294 135,726 Apr. 3... 73, 775 59, 592 10,176 4,007 136, 615 66, 774 65,339 1,435 136, 216 Apr. 10.. 72,136 57, 536 10,600 4,000 136, 579 67,158 66, 670 488 134, 610 Apr. 17.. 78,923 66.048 8,886 3,751 129,045 68, 571 2,675 133,709 Apr. 24.. 79, 908 67,374 8, 861 3,371 126, 655 65, 563 1,105 132, 796 May 1... 87, 788 76, 511 7,454 3,242 118, 660 67, 985 66,073 1,912 132,157 May 8... 85, 922 74,530 7,995 3,149 118,908 67,061 64,951 2,110 132, 693 May 15.. 84,119 72, 775 8,183 3,161 121,038 68, 591 67,379 1,212 131, 945 May 22.. 84, 563 73,196 8,216 3,151 117, 809 65, 605 63, 612 1, 993131, 497 May 29.. 82, 521 71,398 7,982 3,141 119,888 65, 062 63, 463 1,599 130, 569 June 5... 88, 592 77,054 8,023 3,515 114,118 66, 443 64, 345 132,085 June 12.. 81, 320 69, 584 8,464 3,272 119, 966 66,380 64, 480 1,900 128,978 June 19.. 69, 256 58.049 7,967 3,240 132,428 66,216 63, 060 3,156 127,832 June 26.. 62, 757 52, 592 7,081 3,084 137,283 68, 604 63, 641 4,963 125, 562 July 3... 74, 062 65,231 5,738 3,093 129, 478 63, 262 3,627 128,140 July 10_. 77, 263 68, 931 5,236 3,096 130,138 65,460 61, 512 3,948 136, 417 July 17.. 76,199 67,891 5,219 3, 137, 067 67, 346 66, 926 420 141, 434 July 24.. 78, 640 69, 655 5,890 3,095 135,327 62,690 60,724 1,966 148,487 July 31.. 80, 956 72, 332 5,568 3,056 132, 974 60, 531 59, 944 587 149, 748 Aug. 7_.. 81,974 74,069 4,817 3, 138, 099 63,170 60, 959 2,211 153, 380 Aug. 14.. 80,492 72,815 4,584 3,093 137,499 63,010 61, 428 1,582 151, 803 Aug. 21.. 82, 274 73, 934 5,279 3,061 133, 531 61, 473 59, 667 1,806 151,194 Aug. 28.. 83,892 73, 553 6,973 3,366 133, 274 60,360 58, 583 1,777 154, 003 Sept. 4.. 87, 935 76, 377 8,179 3,379 139, 420 64, 737 60,537 4,200 159,322 Sept. 11. 90,247 73,985 12,884 3,378 131, 584 63,119 61, 308 1,811 157, 983 Sept. 18. 80, 578 62,143 15,044 3,391 141, 374 61,992 61, 219 773 156,102 Sept. 25. 80, 534 62,163 14, 952 3,419 143,114 68,047 62,027 6,020 154,455 Oct. 2... 86, 720 64,367 18, 943 3,410 138,066 68,619 62, 214 6, 405153,834 Oct. 9... 82, 719 57,310 22,037 3,372 140,801 66,001 63,344 2,657 153,105 Oct. 16.. 78, 845 52,347 23, 082 3,416 146,493 67, 629 63,211 4,418 153,393 Oct. 23.. 83,013 53,587 25,960 3,466 143,045 66, 794 63, 772 3, 062153, 699 Oct. 30.. 89,114 58,987 25,074 5,053 138,828 65,273 63, 276 1,997 157,135 Nov. 6... 92, 716 25,233 6,814 132, 758 65, 791 2,828 156,055 Nov. 13. 88,630 56, 222 23,614 8,794 137,087 66,482 64, 566 1, 916154,009 Nov. 20. 88, 707 56,384 23,351 8,972 131, 584 62,184 60,128 2,056 152, 767 Nov. 27. 87, 709 58,484 20,342 133, 801 64,369 61, 682 2,687 149,301 Dec. 4... 78, 649 50, 996 18,823 141,384 63,990 61,456 2, 534149,049 Dec. 11.. 71,923 44, 745 18,395 8,783! 144, 413 62, 519 61, 722 797 146,016 Dec. 18.. 70,377 39, 760 18, 774 11,843 150,529 64,030 63,588 442 146,351 Dec. 24.. 64, 747 37, 701 18, 218 8,828 153,456 62, 746 59, 855 2,891 149,606 Dec. 31.. 58,488 29,347 19,196 9,945 153, 516 65,763 62,895 2,868 143,084 i Includes foreign loans on gold. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

139 EACH FEDERAL RESERVE BANK No. 73.—PRINCIPAL RESOURCES AND LIABILITIES OF EACH FEDERAL RESERVE BANK, BY WEEKS—Continued CHICAGO [In thousands of dollars] Bills bought in United States Deposits open market securities Federal Total Total reserve Date c a u n b r d i i t l i l s e s e s - 1co d u i n s- ted B r o o ig u u h t g - t ht U a r m e g n s e r a e d n l e e t e - r B r o o ig u u h t g - t ht a U r m e g n s e r a e d n l e e t e - r re c se a r s v h es Total M b re a b e s l a a m e n n r k b v c e e e r s p O o d t s h e i - e t r s cu i n n l o a t c t e i i o r s - n 1929 Jan. 2.. . 248,809 173,850 36,230 3,264 33,135 2,330 470, 601 363,350 358,130 5,220 321,671 Jan. 9...- 203,923 128,404 38,178 3,501 33,135 705 484,105 357,180 351,941 5,239 304,930 Jan. 16.... 224, 678 147, 365 38,931 4,497 33,135 750 461,811 367,857 363,301 4,556 292,314 Jan. 23.... 235,283 155, 699 40, 658 4,616 33,135 1,175 434,398 360, 784 357, 880 2,904 280,591 Jan. 30. ._ 216, 833 137, 689 36,910 6,354 33,135 2,745 444,940 353,353 349, 665 3,688 275,171 Feb. 6... 226, 557 150, 712 36, 625 5,605 33,135 480 440,329 356,092 352, 564 3,528 274,126 Feb. 13- 231,254 162,412 34,769 4,671 29,352 50 440,100 349,112 344,701 4,411 275, 958 Feb. 20- 258,191 189,202 36,426 3,062 28, 566 935 401,272 347,333 342,167 5,166 276,945 Feb. 27.. 271,124 206,130 34,495 2,927 27, 532 40 404, 849 360,290 353,413 6,877 278, 561 Mar. 6— 270,884 209, 649 31, 742 1,897 26, 921 675 397,005 352,185 348, 576 3,609 281,345 Mar. 13.- 273,881 214,147 26,051 1,821 26, 981 3,845 391, 530 352, 428 350, 486 1,942 277, 633 Mar.20__ 284,955 237,173 18,170 2,978 26,509 125 378, 018 349,274 347,188 2,086 279, 967 Mar.27-_ 226,886 184, 680 13,313 1,419 26, 509 965 440,398 346,062 340, 962 5,100 284,987 Apr. 3 — 243, 847 204, 755 8,516 1,858 28, 618 100 428, 906 341,102 336, 784 4, 318 296, 477 Apr. 10- 172,004 133, 064 6,153 2,664 28, 618 1, 505 505,831 342,601 339, 890 2,711 298,917 Apr. 17.. 156,579 118, 514 4,527 2,201 26,864 3, 635 531,476 351,156 343,422 7,734 300,921 Apr. 24- 144,203 112,185 2,335 751 24, 672 3,200 542,981 347, 266 340, 857 6,409 302,818 May 1— 145,976 110, 725 3,183 3,796 24,041 2,190 545, 347 349, 770 340,106 9, 664 305,143 May 8—_ 130, 738 95,318 4, 631 3,818 23, 500 2, 600 557, 735 346, 831 339,276 7, 555 306,035 May 15- 125,450 88, 504 6,764 3,882 23, 500 2,800 559, 703 346, 607 341,717 4,890 304,599 May 22.. 138,055 98, 721 8,846 3,888 23,500 3,100 546, 971 335, 715 330, 831 4,884 305,411 May 29.. 187, 358 149,264 9,697 3,292 23, 500 1,605 498,995 343,143 338, 535 4,608 307, 265 June 5__. 178,835 139,950 9,258 2,089 25, 988 1,550 509, 333 344,155 339,830 4, 325 309, 593 June 12.. 157, 659 120,138 8,530 2,561 24,425 2,005 528,703 345,737 341, 429 4,308 305, 488 June 19-. 186, 772 151, 621 6,128 2,114 24,054 2,855 504,359 351,229 338, 804 12, 425 306, 570 June26_. 170, 345 137, 686 5,383 2,392 22, 959 1,925 523,137 348, 644 339,957 8,687 308,061 July 3.. . 165, 810 133, 580 4,911 2,965 22,959 1,395 546, 610 354,158 350, 744 3,414 322, 849 July 10.. 171,715 139,521 4,286 3,839 22,959 1,110 550,120 339, 575 335, 686 3,889 349. 600 July 17.- 152, 289 121,037 3,907 4,031 22, 959 355 571, 252 348, 463 344, 365 4,098 340, 884 July 24.. 135, 539 101,920 5,221 4,505 22, 959 934 588, 638 353,888 349,248 4,640 334,425 July 31-_ 148,985 114,205 4,526 4,956 22, 959 2,339 573,054 354, 316 350, 012 4,304 330, 798 Aug. 7... 154,484 118, 456 4,366 5,637 24, 843 1,182 584,149 369,891 361, 620 8,271 332, 703 Aug. 14- 161,181 126, 340 5,159 4,157 24,843 682 568,471 361, 602 356,368 5,234 329, 521 Aug. 21- 159,381 121,926 7,576 3,906 24,843 1,130 565,728 354, 686 350,472 4,214 330,416 Aug. 28— 156,015 115, 523 10, 510 4,257 25, 565 160 565, 555 352, 774 848, 442 4,332 328, 555 Sept. 4... 131, 392 91,187 9,919 3,746 25, 565 975 578, 609 341, 320 337,159 4,161 331,529 Sept. 11- 143,092 93,851 16, 601 5,765 25, 565 1,310 570,677 355, 348 351, 219 4,129 322,486 Sept. 18- 163,608 113,419 19,148 4,191 25, 565 785 538, 827 350, 278 341,377 8,901 317, 588 Sept. 25.. 154,436 102, 221 22,376 4,000 24,884 455 551,072 357, 455 351,825 5,630 312,324 Oct. 2__. 212,968 151,112 32, 232 4,055 24,884 185 491,551 356,809 350, 526 6,283 309,679 Oct. 9.-. 194,242 123,918 41,869 4,199 23, 691 65 500,959 350,163 346,464 3,699 307,325 Oct. 16-. 229,156 150,238 47,766 5,276 23,691 185 469,967 361, 528 357,979 3,549 303,805 Oct. 23_. 170, 822 93,916 47,882 2,358 23, 691 975 533,928 366,602 360, 692 5,910 302,448 Oct. 30. _ 182,123 106, 282 45, 640 367 27, 654 180 534,774 379,131 372,160 6,971 300,808 Nov. 6— 194, 834 112,184 45,525 1,867 32, 233 1,025 520,036 378,465 367,371 11,094 303,386 Nov. 13.. 244, 602 159,108 44,078 1,941 37,020 455 456,790 359, 791 357,063 2,728 304,255 Nov. 20- 216, 877 129,374 40, 582 2,644 41,982 295 483,525 357,428 353,065 4,363 305, 902 Nov. 27.. 247,180 165,998 35,199 1,706 41,982 295 456,729 353, 259 346, 337 6,922 310, 258 Dec. 4... 242, 680 159,114 29,807 3,568 47,936 255 469,434 356,229 351,684 4,545 315,601 Dec. 11.. 208, 864 119, 435 32, 634 3, 201 52,019 75 482,337 341,943 340,504 1,439 311,200 Dec. 18.. 219, 605 118,737 36,056 3,558 59,404 350 463,813 345,155 343,068 2,087 309, 689 Dec. 24.. 250,284 143,832 33,461 5,232 65, 919 340 437,774 344, 532 340,242 4,290 317, 602 Dec. 31- 220, 575 112, 668 32, 530 5,031 68,400 446 453,700 336,484 331,302 5,182 304,538 1 Includes "other securities" and foreign loans on gold. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

140 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No. 72.—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 Total Federal bills Bills Total reserve Date c a u n r d it i s e e s - 1co d u i n s t - ed B r o o ig u u h t g - t ht a U r m e g n s e r a e d n l e e t e - r B r o o ig u u h t g - t ht a U r m e g n s e r a e d n l e e t e - r re c se a r s v h es Total M b r a e b e l s a a m e n n r k v b ce e e s r p O o d t s e h i - e ts r c i u n n l o a c t t e i i o r s - n 1929 Jan. 2—. 70,755 38,540 11,172 21,043 91,464 88,527 86, 514 2,013 64,120 Jan. 9-.- 66,703 35,319 10,341 21,043 91,698! 87, 598 86,019 1,579 61,912 Jan.16_. 64,161 34,996 8,122 21,043 90,381 84,471 83, 054 1,417 61, 258 Jan. 23_. 71,365 41, 939 8,383 21,043 83, 726; 85,599j 83, 887 1,712 60, 304 Jan. 30_. 65, 293 35, 796 8,4551 21,042 88, 278 84,919 82,907 2,012 60,056 Feb. 6... 69, 267 39,052 9,172 21,043 85,944 86, 508 84, 524 1,984 60,091 F F e e b b . . 1 2 3 0 . . . . 6 71 1 , , 1 7 8 1 1 9 4 3 1 2 , , 8 31 0 1 8 j 1 1 9 0 , , 0 3 9 9 3 7 : . 1 1 9 9 , , 7 5 7 1 7 4 9 8 3 2 , , 3 3 6 9 8 6! 8 83 6 , , 7 5 3 3 1 4 8 8 4 1 , , 7 7 3 8 7 7 1 1 , , 94 79 4 7| 5 6 9 0 , , 1 7 4 4 4 8 Feb. 27.. 66,726 37,887 9,671 19,168 87,806| 84,940 I 82, 316 2,624| 60,049 Mar. 6... 68, 794 40, 786 9,045.._. 18,963 84, 277 83,429 79,903 3, 526! 60, 303 Mar. 13.. 69, 503 41, 385 8,853.-. 18,963 82, 014 80,031 3,005! 59,251 Mar. 20.. 78,000 50, 565 8,372.-_. 18,825 238 71,751! 81, 323 78,842 2,48l! 58,921 Mar. 27.. 81, 629 54,154 8,412| 18, 825 238 68, 0111 81, 231 78,000 3,231! 58, 301 Apr. 3... 75,367 61,168 6,837 7,125 237 73.860 81,464 78,177 3,287 58,094 Apr. 10.. 60,834 47,855 5,854 7,125 87.861 81,661 78,978 2,683 57,366 Apr. 17.. 65, 705 53,855 4,480 7,125 84,478 81,4201 77,171 4,249 57, 651 Apr. 24.. 57,028 47,102 2,492 7,125 92, 452 82,185! 78,080 4,105 57,120 I May 1... 60,678 47,3331 1,411 10,625) 713 86,970 79,901 75,958 3,943 57, 558 May 8— 60,435 44,652 1,191 13,625 713 87,878 80,94l! 77,124 3,817 57, 725 May 15.. 63,190 47, 700 1,152 13,625! 713 82, 244 80,0711 76,460 3,611 57,886 May 22.. 68, 763 53,996 1,142 13,625! 79, 618 80,12lj 76,102 4,019 57, 788 May 29.. 65,900 51,157 1,118 13,625 83, 202 81, 791! 78, 312 3,479 57,973 June 5__. 58,802 51,432 870 6,500 88, 596 79,893 75,970 3,923 58,192 June 12_. 58,657 684 11,625 87, 646 81,165 77, 230 3,935 57,033 June 19_. 58,765 46,692 448 11,625. 87, 309 78,106 75,223 2,883 57,132 June 26_. 65,866 48,938 303 16,6251. 80, 813 80,137 76, 318 3,819 56,424 July 3... 67, 296 53,414 257 13, 625 81, 249^ 80, 5911 78,176 2,415 57,014 July 10. _ 65, 070 51, 258 187 13, 625i 84,470 78,034 76, 329 1,705 62,056 July 17.. 72, 716 58,904 187 13, 625] 77, 612i 79, 584 77,922 1,662 61, 348 July 24. _ 72, 762 58,938 199 13, 6251 73, 662! 77,991 76,447 1,544 60,442 July 31- 77,949 64, 218 106 13, 625: _ 70, 533 j 78, 627 ( 77,078 1,549 61,150 Aug. 7—1 61,4801 61, 398 82 89,4281 80,4921 79,06: 1,425 61, 705 Aug. 14.. | 66, 222 66,140 82 84,445 79,933 78,116 1,817 61,490 Aug. 21- 73, 379 73, 297 82 75,930 78,134 76,167 1,967 62,099 Aug. 28._ 68,807| 68, 656 151 81, 659 78,688 76,831 1,857 62, 218 Sept. 4__ 75,318| 75, 214 104 75,835 78,000! 76, 314 1,1 64, 761 Sept. 11- 70, 377 70, 314 63 84,455, 80, 308; 78,903 1,405 66.189 Sept. 18.. 70,914 70, 851 63 84, 566J 77, 683! 76, 781 902 68,134 Sept. 25.. 70, 597 70, 555 42 89, 695| 77,986 75, 3621 2,624 70,571 Oct. 2__. 72, 648 72,606 42 90,722 78,154 76,328 74,277 Oct. 9__. 60,079 51,412| 42 8,625 107,406 79, 780 78, 785! 995 77, 442 O O O c c c t t t . . . 3 2 1 0 6 3 _ - - _ _ - 6 5 5 6 4 9 , , , 8 9 7 5 9 7 1 2 3 4 5 5 4 1 8 , , , 1 3 3 0 5 2 6 5 5 4 4 4 2 2 : | ' , 1 8 8 0 , , , 6 6 4 2 2 5 5 4 5 1 1 1 1 1 1 3 8 9 , , . 6 4 7 5 6 9 4 2 5 i : 8 8 7 0 0 9 , , , 5 2 7 2 5 9 1 7 7 7 7 7 8 9 9 , , , 4 9 3 9 1 4 0 9 5 ! 1,3 9 6 0 1 0 7 2 2 8 8 8 6 2 8 , , , 2 6 0 1 8 6 9 8 6 Nov. 6— 58, 765 46,156 12,567 122, 053' 81, 693 79,148! 2,545 90,667 Nov. 13. J 65,497 50, 674 14,781! 116, 205; 80, 559! 79, 560i 999 91,880 Nov. 20..' 68,075 50,962 17,071 113,150 78,628| 76,777; 1,851 92, 268 Nov. 27..I 58,894 41, 781 17,071 123, 674 79, 560| 78,186! 1,374 92.025 Dec. 4...I 57, 330 37, 395 116' 19,819 126, 367! 80, 794 78,405 92,860 Dec. 11. J 53, 730 29,824 2, 203 21, 703' 127,605! 79, 345! 78,683! 662 92,198 Dec. 18. J 69, 765 28,625 6,028| 35,112! 112,101 78, 650 78, 003i 647 94,031 Dec. 24..! 63,480 28,618 6,743 28,119! 118, 593 79, 591| 77, 502! 97, 717 Dec. 31.-1 57, 035 17,938 9,801 29. 266; 125.463 81,495 79, 771 1,724 94, 744 1 Includes "other securities" and foreign loans on gold. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EACH FEDERAL RESERVE BANK 141 No. 72.—PRINCIPAL RESOURCES AND LIABILITIES OF EACH FEDERAL RESERVE BANK, BY WEEKS—Continued MINNEAPOLIS [In thousands of dollars] Bills bought in United States Deposits open market securities Total Federal bills Bills Total reserve Date an t c i d u e s ri s - i e- co d u i n s- ted B r o o i u g u t h g - t ht U r m e n s e a d n l e t e r B r o o i u g u t h - g t ht a U r m e g n s r e a e d n l e e t e - r re c se as rv h es Total M b r a e b e l s a a m e n n r k b v c e e e r s p O o d t e s h - i e ts r c i u n n l o a c t t e i i r o s - n 1929 Jan. 2.... 43,670 9,457 21, 671 10,907 79,998 56, 734 54, 634 2,100 64, 760 Jan. 9___. 44,444 12,133 19, 829 10,907 78, 566 56,125 55, 345 780 63, 280 Jan.16_. 45, 303 13, 342 19,979 10,907 77,078 55, 719 54, 207 1,512 61,979 Jan 23._. 43,460 13,362 18,416 10,907 75,935 54, 510 53, 582 928 60, 274 Jan. 30... 39,110 10,455 16,973 10.907 78, 556 52,611 51,463 1,148 59,970 Feb. 6... 40,486 12,976 15, 777 10.908 55,169 53, 679 1,490 61,179 Feb. 13.. 36,101 11,483 13, 838 9,955 82, 228 52,405 50,612 1,793 61, 275 Feb. 20.. 34,404 9,465 13, 357 9,757 80,767 49,803 48,623 1,180 61,420 Feb. 27.. 40, 576 16,450 12, 805 9,496 79,089 53,643 52,105 1,538 61,655 Mar. 6-. 37, 389 14, 596 11,451 9,342 86, 746 55,342 54,119 1,223 63,506 Mar. 13.. 37, 284 16,037 9,702 9,342 85,385 54, 226 53, 268 958 62.912 Mar. 20. 36,913 17, 535 8,121 9,257 85, 887 53, 689 52, 879 810 63, 574 Mar. 27. 33, •••• 14,323 8,328 9,257 92, 757 56, 544 55, 323 1,221 63,875 Apr. 3_- 31,260 13,110 6,363 9,787 92,025 52, 726 51, 571 1,155 65,239 Apr. 10. 36,470 18,743 5,940 9,787 86, 618 53,048 52,297 751 64,638 Apr. 17- 39, 508 22, 577 5,421 9,346 81, 294 52,533 51, 293 1,240 63,954 Apr. 24_ 40, 355 24, 235 5,119 8,794 82, 740 54, 299 52, 563 1,736 63,516 May 1__ 37,116 22, 370 3,682 8,665 85,458 53,496 51,925 1,571 63, 719 May 8... 31,132 16, 621 3,755 8,586 91,854 52,911 51,600 1,311 64,351 May 15- 30,623 16, 369 3,651 8,603 88.817 51,107 50,036 1,071 63.386 May 22. 30, 712 16, 766 3,403 8,543 88,020 50,001 48,897 1,104 63,053 May 29_ 30, 273 16,838 2,876 8,559 88.818 51,068 49, 740 1,328 62,148 June 5_- 31,127 14, 931 2,864 9,232 88,376 51,720 50, 271 1,449 62,700 June 12. 30,497 14,866 2,678 8,853 89,101 53,128 51,072 2,056 61,924 June 19. 31, 871 16, 635 2,528 8,858 86,995 50,709 50,038 671 62,431 June 26. 28, 592 13,385 2,344 9,013 92, 668 53,483 51,838 1,645 62,349 July3_- 28, 788 13,916 1,990 9,032 97,167 55,409 53,145 2,264 65,063 July 10_. 14,912 1,500 8,431 97, 573 52,533 50, 680 1,853 69, 391 July 17 _. 31,308 17, 872 1,277 8,559 91,469 52,050 51,102 948 66, 708 July 24 _. 35, 064 21, 302 1,747 8,415 90, 650 55, 731 53,938 1,793 64,947 July 31 _. 33,936 20,240 1,664 8,432 88, 505 53, 251 51,958 1,293 64,332 Aug. 7_. 34,173 19.968 1,597 9,008 88,878 52,866 51, 446 1,420 64, 720 Aug. 14. 36,993 23,05: 1,382 8,959 85, 383 53,646 52,162 1,484 64, 277 Aug. 21_ 37,474 23,315 1,503 9,056 83, 766 51, 065 50,086 979 64,933 Aug. 28. 42,923 27, 990 1,997 9,186 81, 578 54, 422 53,185 1,237 65,132 Sept. 4__ 44,984 30,140 1,736 9,358 82, 552 53, 691 52,097 1,594 68,260 Sept 11. 48, 797 32,099 3,768 9,180 79,108 55,123 53,401 1, 722! 67,455 Sept. 18. 51, 503 34,510 4,496 9,247 75, 640 54, 026 53,038 988 67,841 Sept. 25. 54, 761 37, 316 5,137 9,058 73,047 56, 216 54, 222 1,994 66,923 Oct. 2__ 61,181 41, 413 7,572 8,946 68, 237 56, 533 54, 353 2,180 68,200 Oct. 9__ 60, 535 42,035 6,610 8,610 67, 538 54, 965 53, 704 1,261 67,638 Oct. 16_. 60,932 43,147 5,482 9,023 68,447 56, 612 55,157 1,455J 67, 529 Oct. 23_. 60,952 43,286 4,557 8,823 65, 323 55,188 53, 843 1, 3451 68, 347 Oct. 30_. 53,461 36, 504 4,091 8,610 75, 659 57,952 56,397 1, 555| 66,837 Nov. 6_. 49,471 32, 551 8,776 83,044 59,909 57,895 2,014 67,764 Nov. 13. 48, 273 30, 377 3,629 10,011 83,121 59,089 57, 297 1,7921 66,736 Nov. 20. 43,051 24.969 3,352 10,457 79,118 52,051 50, 720 66.913 Nov. 27. 44,047 27,531 2,894 9,924 79,463 53, 566 52,529 1^037 65,200 Dec. 4.. 48,156 29,894 2,811 11, 753 80,024 56, 777 54,981 1,796 65,770 Dec. 11_ 37,978 20,780 3,412 12,433 86,833 55,080 53,966 1,114 Dec. 18_ 42,176 15, 814 4,804 21,456 83,141 55,492 54,871 621 Dec. 24. 28, 515 7,415 4,791 16,189 98,717 55,967 54,312 1,655 68, 211 Dec. 31. 33,806 10,177 6,636 16,873 95,197 56,8611 2,537 66,856 i Includes "other securities" and foreign loans on gold. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

142 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No. 72.—PRINCIPAL RESOURCES AND LIABILITIES OF EACH FEDERAL RESERVE BANK, BY WEEKS—Continued KANSAS CITY [In thousands of dollars] Bills bought in United States open market securities Deposits Total Federal bills Bills Total reserve Date an t c i u d e r s i s ! - e- co d u i n s- ted B r o o i u g u t h g - t h a r U m e g n s e r a e d n l e e t e - r! B r o o ig u u h t g - t ht a U r m e g n s e r a d e n l e e t e - rj re c se a r s v h es Total M b r a e b e l s a a m e n n r b k v c e e e r s ) !p O o d t e s h - i e ts r c i u n n l o a c t t e i i r o s - n 1929 J J J J J a a a a a n n n n n . . . . . 3 2 1 2 9 0 6 3 . . . - . . - . . . . 5 4 5 5 5 0 8 3 3 2 , , , , , 4 3 7 3 5 7 1 6 6 9 l : : < 3 3 3 4 3 6 1 4 2 0 , , , , , 1 8 1 2 2 1 9 4 5 1 6 9 1 7 1 1 8 7 2 5 1 , , , , , 3 2 2 4 2 7 9 6 5 7 : 2 4 ' , 9 9 9 9 9 , , , , , 7 7 6 7 7 7 6 6 3 6 6 3 3 3 3 ,1 i ! ! ; . 7 7 7 7 5 5 5 5 0 0 0 0 1 1 1 1 1 1 1 1 1 1 1 1 5 2 2 8 9 , , , , , 9 5 4 3 2 0 6 3 7 9 5 6 6 8 3 ; ! j 9 9 9 9 5 4 5 6 , , , , 6 8 2 0 1 1 2 6 2 S , 9 9 9 9 9 4 3 4 4 6 , , , , , 1 1 0 9 7 1 3 5 2 5 0 5 8 8 2 2 1 1 1 , , , , 5 1 1 7 8 4 0 3 5 6 . 3 3 9 4 6 6 3 . 8 9 7 0 , , , 3 0 0 6 0 7 5 9 8 1 0 > I Feb. 6- 57,13; 36, 745 9,12c 9,763. 107, 447J 93, 733 92, 1,335 F F F e e e b b b . . . 2 1 2 7 3 0 . . . 5 5 5 4 1 0 , , , 4 8 6 6 0 7 C : 4 3 3 29 0 1 , , , " 7 3 " 9 0 " C £ 1 9 9 1 , , , 6 5 8 2 3 9 : ! 2 9 9 9 , , , 7 7 7 6 6 6 3 3 3 1 1 10 1 1 9 2 1 , , , 1 2 3 4 1 5 ' 9 9 9 9 9 3 3 2 , , , 1 9 5 4 1 0 2 2 3 ] 9 9 9 0 1 1 , , , 8 9 9 3 0 0 £ c S 2 1 1 , , , 2 6 0 3 0 6 9 3 8 6 6 6 6 6 6 , , , 5 4 5 6 3 8 7 7 8 M M M M a a a a r r r r . . . . 2 2 1 6 0 7 3 - - . . 5 5 5 5 2 1 3 4 , , , , 2 9 9 7 0 3 1 2 1 3 5 3 3 3 3 0 3 1 2 , , , , 1 4 2 7 9 3 8 3 9 7 3 0 1 1 0 9 9 0 , , , , 8 5 3 0 9 2 2 2 1 1 5 5 9 9 9 9 , , , , 7 7 7 7 6 9 6 3 3 3 1 1 1 1 1 0 1 1 2 7 0 1 , , , , 1 9 2 5 9 7 0 0 1 3 9 1 9 9 9 9 2 4 1 5 , , , , 3 5 0 7 2 8 6 4 4 3 9 8 i 9 9 9 9 2 2 4 0 , , , , 1 1 8 0 7 5 3 2 9 7 6 91 1 1 , , 5 4 5 9 6 8 5 1 9 8 4 2 6 6 6 66 6 7 6 , , , , 1 4 8 9 7 4 4 4 6 6 1 1 Apr. 3.. 58.188 38, 283 8,612 9,793 103, 91,171 90,100 1,071 67,138 Apr. 10. 55, 978 36, 049| 8,636 9,793 105, 508 91,152 90,115 1,037, 66, 740 Apr. 17.. 59, 924 40, 731 7,698 9,793 100, 524 91, 864 90, 774 1,090 66,436 Apr. 24. 61,396 43,137 6,711 9,793 99, 382 91,178 89, 071 2,107 65, 775 May 1... 63, 7971 46,121 5,891 90, 682 85, 747 84,174 1,573 65, 825 M M M M a a a a y y y y 2 2 1 8 2 9 5 -. . . . . . . . 6 7 5 5 1 9 9 5 , , , , 4 7 5 9 0 2 7 0 4 1 3 8 4 4 5 5 6 0 5 4 , , , , 2 5 0 5 1 0 1 7 1 0 9 3 1 6 5 5 5 , , , , 1 8 5 5 2 4 9 0 9 2 2 6 | 1 | 7 7 7 7 , , , , 7 7 7 7 5 5 5 5 6 6 6 6 8 9 9 9 5 8 3 9 , , , , 3 3 0 0 7 6 5 3 1 3 3 3 8 8 8 8 8 6 8 8 , , , , 4 9 7 5 4 0 5 3 6 6 6 9 8 8 8 8 6 5 6 7 , , , ,4 9 7 7 5 4 9 1 2 0 1 0 2 1 1 , , , 7 5 4 0 0 4 5 4 6 5 4 9 1 6 6 6 6 5 6 6 6 , , , ,4 9 0 5 3 3 3 9 1 6 7 3 June 5... 61, 500 55,115 4, 96,326 87,847 86,807 1,040 67,419 June 12.. 53, 796 48, 013 4, 283 105, 002 89,231 87,04' 2,184 67,280 June 19.. 50,38' 46, 242 2,645 104, 718 85, 537 84, 636 901 67, 242 June 26.. 44, 058 40,114 2,444 117, 521 91, 573 89, 661 67, 255 July 3... 45, 076 41,407 2,169 120, 675 93,455 90, 485 2,970 69,611 July 10.. 42, 396| 39, 022 1,874 123, 954 88, 637 85, 946 2,691 76,852 July 17.. 35, 378 32,168 1,710 137, 574 95,933 94,422| 1,511 75,548 July 24.. 34, 702 31, 571 1,631 136, 776 97, 086 95,125 1,961 74, 544 July 31.. 38, 829| 36,446 883 131,153| 93, 613 91, 755 1,858 74,295 Aug. 7... 37,800 34, 25; 1, 0691 974! 135, 840 94, 753 93, 213 1,540 77,120 Aug. 14.. 32, 308 28, 837 997 974 142, 2891 94,996 92,426 2,570 77, 370 Aug. 21.. 37, 087 34,142 1,971 974 139,160 93,448 90, 729 2,719 78, 754 Aug. 28.. 39, 775 35, 790 2,681 1,304 136, 350 94,361 91, 942 2,419 78, 034 Sept. 4... 48,132 43, 862 2,966 1,304 129, 74 95,838 94, 512 1,326 79, 572 Sept. 11.. 47.189 39, 460 6,425 1,304 128, 570 93, 082 90, 515 2,567 80, 229 S S e e p p t t . . 2 1 5 8 . . . . 4 4 5 3 , , 6 6 2 5 7 8 3 3 6 4 , , 4 3 5 4 3 7 8 7 , , 2 9 7 7 5 3 M 9 0 3 7 01 1 1 2 2 7 9 , , 8 03 2 6 0 8 9 9 2 , , 6 0 1 4 4 9 8 9 7 0 , , 7 9 0 6 3 5 1 1 , , 9 08 1 4 1 7 79 9 , , 8 7 3 4 1 5 Oct.2___ 57, 502 42, 868 13,704 93ol 114, 501 89, 586 88,003 1,583 80, 614 Oct. 9__. 60, 047 41, 792 17, 942 313 117,561 92,102 90, 723 1,379| 82,007 Oct. 16-- 61,350 41, 248 19, 789 313 116,832 93, 548| 92, 750 798 82, 934 Oct. 23-_ 67, 569 46,133 21,123 3131 111,645 94,116 92,506 1,610 83,122 Oct. 30_- 73,604 51, 748 20,1681 109,128 94, 767 93, 259 1, 508| 83, 447 Nov. 6— 77, 968 54, 322 20, 583 3,063 102, 654 91, 752 89,380 2,372J 84,604 Nov. 13- 80, 224 57,487 19,674 3,063] 99,331 93, 098 92,469 629 85, 600 N N o o v v . . 2 2 7 0 . - . 8 8 1 3 , , 9 3 8 4 8 0 5 6 9 3 , , 0 0 4 3 7 1 1 1 7 9 , , 8 2 7 4 8 6 3 3, , 0 0 6 6 3 3] 9 96 7 , , 0 2 4 9 0 2 9 90 0 , ,0 0 4 0 5 5 8 88 9 , ,4 4 8 2 3 5 1, 5 5 6 8 2 0 8 8 5 5 , , 4 66 1 1 4 Dec. 4... 82,419 63, 080 16, 276 3,063 96, 245 88, 244 87, 236 1, 008 87, 556 Dec. 11-. 70, 903 52,136 15,704 3,063i 107, 546 87,838 j 87,369 469j 88,293 Dec. 18.- 67,142 38, 066 13, 013 16, 063 115,251 90, 686 89,970 716 89,455 Dec. 24.. 51,435 37,428 10, 944 3,063 131,2291 91, 642 90,331 1,311 92,125 Dec. 31- 40,907 29, 649 8,195 3,063 137,891 86,408| 1,881 89,434 1 Includes "other securities" and foreign loans on gold. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

143 EACH FEDERAL RESERVE BANK No. 72.—PRINCIPAL RESOURCES AND LIABILITIES OF EACH FEDERAL RESERVE BANK, BY WEEKS—Continued DALLAS [In thousands of dollars] Bills bought in United States open market securities Deposits Total Federal bills Bills Total reserve Date a t n c i u e d r s i s - i e- co d u i n s t - ed B r o o ig u u h t g - t ht U r m e n s e a d n l e e t r B r o o ig u u h t g - t ht a U r m e g n s r e a e d n l e e e t - r re c se a r s v h es Total M b re a b e s l a a e m n n rv k b ce e e s r p O o d t e s h i - e ts r c i u n n l o a t c t e i i o r s - n 1929 Tan.2__. 58, 738 16,957 24, 525 748 10,008 73,036 75,333 72, 526 2,807 48, 280 Jan.9__. 57,455 18,905 21,954 108 69,997 75,100 73,635 1,465 45,922 Jan.16_. 58, 556 19, 353 22,406 309 65,434 72, 754 71, 222 1,532 43,899 Tan. 23.. 59, 698 22, 061 21,488 161 9,988 64, 342 73,644 72, 613 1,031 42,834 fan. 30-. 59, 234 22, 572 20, 255 419 63, 694 73, 702 72, 356 1,346 40, 962 Feb. 6... 59, 516 22, 975 19, 089 914 550 61, 605 72, 748 69, 652 3,096 40,877 Feb. 13.. 52,926 17,397 18,130 661 750 69,192 72,009 69, 876 2,133 39,979 Feb. 20.. 53, 806 17, 718 18,846 354 900 67, 743 73,022 70, 794 2,228 39,489 Feb. 27.. 53, 569 17,976 18,433 422 750 63,719 71, 248 69, 524 1,724 38,617 Mar. 6- 53, 394 19, 706 16, 745 205 9,988 750 67,482 73,456 71, 740 1,716 39,124 Mar. 13. 48, 719 15,915 16,405 124 10,008 68, 652 70, 755 70,172 583 38,471 Mar. 20. 37,410 9,465 15, 644 34 12, 267 80,972 70,312 384 38, 623 Mar. 27.. 37, 959 11, 325 14, 334 9 12, 291 78, 658 70,492 1,406 37, 757 p 40, 950 14, 725 13, 098 129 12,998 76, 242 68, 820 67,945 875 38,114 Apr. 10.. 40, 757 14,075 13, 623 12,998 74,868 69, 686 69, 206 480 37,906 A A . . p p r r . . 2 1 4 7 . . . . 4 4 6 6 , , 4 6 2 5 2 3 2 2 1 2 , , 1 0 4 2 2 4 1 1 1 1 , , 0 7 4 1 3 3 83 1 1 1 2 , , 4 6 0 3 6 0 7 6 1 9 , , 7 9 1 1 6 8 7 6 0 9 , , 8 2 1 0 6 5 6 6 7 6 , , 4 6 8 3 3 7 3 2 , , 1 7 7 2 9 2 3 3 7 7 , , 6 7 3 0 7 9 May 1... 46, 703 22, 725 10, 512 262 11,427 68, 822 68, 557 66, 778 1,779 37, 547 May 8... 45, 750 22, 507 10, 351 158 11, 259 69, 379 67, 754 65, 706 2,048 38,154 May 15.. 44, 752 22,115 9,901 252 11, 234 67,229 66, 284 65, 287 997 36,884 May 22.. 46, 793 23, 565 10, 502 252 11, 224 67,094 66, 219 64, 508 1,711 37,420 May 29.. 47, 291 24, 483 10,136 189 11,233 62,713 64, 302 63, 641 661 36, 526 June 5__. 50, 621 27, 622 9,269 235 12, 245 59,891 64,166 62, 865 1,301 38,060 June 12.. 45, 296 23,871 8,517 65 11, 593 65,906 65,165 63,840 1,325 37, 716 June 19.. 37,923 17, 691 7,492 65 11, 425 75, 763 63, 744 63,131 613 37, 880 Tune 26_. 36, 984 17, 320 7,251 118 11, 045 75, 849 65, 603 61, 667 3,936 37, 850 July 3... 40, 319 21, 299 6,480 195 11,095 73,481 65, 541 63, 257 2,284 39,408 July 10_. 43,636 25, 836 5,452 53 11,045 71, 678 61, 852 58, 708 3,144 45,965 July 17.. 49, 594 31, 509 5,624 166 11,045 70, 262 61, 567 60,441 1,126 44,094 July 24.. 54, 450 35, 427 6,494 234 11,045 61,117 62, 860 61, 660 1,200 43, 253 July 31 _. 56, 777 37,973 6,148 361 11, 045 57, 652 62,197 61, 752 445 43,039 A.ug. 7... 56, 945 39, 211 5,157 282 11, 045 60, 487 63, 924 62, 438 1,486 44, 733 Aug. 14.. 61, 268 5,013 207 11,115 56, 896 64, 270 63, 027 1,243 44,401 Aug. 21.. 58, 081 46, 717 5,108 211 6,045 60, 331 61, 624 60, 480 1,144 46,384 A.ug. 28.. 56,889 45,119 5,513 212 6,045 61, 666 62,174 60, 932 1,242 46,330 Sept. 4_. 60, 296 48,895 5,131 210 6,060 63, 496 65, 357 63, 514 1,843 49,498 Sept. 11.. 59, 884 46, 447 7, 344 48 6,045 64, 837 65, 223 64, 063 1,160 50,143 Sept. 18.. 49, 833 35, 461 7,943 378 6,051 78, 066 66, 454 66,196 258 50, 486 Sept. 25.. 54,892 33, 933 9,326 371 11, 262 74, 684 69, 830 65, 355 4,475 50,364 Oct. 2__. 57, 408 34,110 11,619 417 11, 262 70, 035 66, 217 63, 787 2,430 51,815 Oct. 9... 54,885 31,000 12,059 564 11,262 76, 515 68,637 66,562 2,075 52,732 Oct. 16_. 54,185 29, 344 12,998 567 11, 276 77,199 71,908 3,019 52,479 Oct. 23_. 58, 699 31,802 14, 441 1,194 11, 262 71,460 67, 727 66,139 1, 588 52,615 Oct. 30.. 58, 614 31,129 13, 622 1,281 12,582L 70,334 66,899 1,367 51,007 Nov. 6— 63, 554 35,795 13, 508 361 13,890: _ 68, 789 69,342 67,008 2,334 52,121 Nov. 13-. 56,360 28,126 12,072 796 15, 3661. 69,997 67, 671 67,044 627 50,677 Nov. 20.. 56, 726 11, 231 513 70, 337 66, 910 65, 786 1,124 50,665 Nov. 27- 57,023 29, 581 10,388 160 16,8941. 68, 309 66,844 64,890 1,954 49,312 Dec. 4... 57, 761 29, 599 8,810 627 18,725|_ 67,660 65, 735 63, 253 2,482 50, 214 Dec. 11-. 50,401 20,862 8,295 1,262 19,982!_ 72,301 64,715 64,406 309 49,014 Dec. 18.. 54,272 13, 673 9,219 626 30,754j. 71, 506 66,028 65,734 294 48,879 Dec. 24.. 46,795 13, 889 8,226 421 24, 2591 _ 75,613 66,043 63,125 2,918 50,060 Dec. 31.. 47,378 13, 291 8,861 348 24,878. 71,149 65, 266 63, 697 1,569 46,947 1 Includes " other securities " and foreign loans on gold. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

144 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No. 72,—PRINCIPAL RESOURCES AND LIABILITIES OF EACH FEDERAL RESERVE BANK, BY WEEKS—Continued SAN FRANCISCO [In thousands of dollars] Bills bought in United States open market securities Deposits Total Federal bills Bills Total reserve Date an c ti d u e r s s i 1 - e- co d u i n s- ted B r o o ig u u h t g - t ht U a r m e g n s e r a e d n l e e t e - r B r o o ig u u h t g - t ht a U r m e g n s e r a e d n l e e t e - r re c se a r s v h es Total M b r a e b e l s a a m e n n r k b v ce e e s r p O o d t e s h - i e ts r c i u n n l o a c t t e i i o r s - n 1929 Jan. 2.... 119,533 44,084 53,386 4,711 17,102 268,460 198,100 184,772 13,328 170,282 Jan. 9.... 136,747 57,687 58,555 3,153 17,102 238,549 192,761 180,478 12,283 165,091 Jan. 16... 127,953 56,252 51,665 2,184 17,102 247,391 193,780 180,955 12,825 162, 884 Jan. 23... 125,896 55,331 49,126 3,587 17,102 240,370 185, 730 176,673 9,057 159, 628 Jan. 30... 125, 768 55,371 47, 948 4,597 17.102 238,604 187, 733 175,742 11, 991 157,544 Feb. 6... 149,711 81,801 46, 806 3,251 17.103 220,107 189,895 175,971 13,924 158,983 Feb. 13.. 148, 589 80, 970 50,019 1,867 14,983 225,495 193,682 180,857 12,825 159, 536 Feb. 20.. 135,652 71,288 45,884 3,187 14, 543 227,673 183,172 173,064 10,108 157,689 Feb. 27.. 151,425 89, 858 42, 523 4,331 13,963 210,096 182, 720 | 171,570 11,150 158,437 Mar. 6— 149, 998 92, 735 38,625 4,218 13,670 217,252 184,287 170,648 13,639 161,408 Mar. 13.. 147, 952 96, 662 32, 773 4,097 13,670 215,032 184,497 175,227 9,270 158,249 Mar. 20- 116, 852 72,292 25, 288 4,633 13, 389 244,328 183,433 174,445 157,197 Mar. 27.. 117,094 76,401 23,287 2,767 13,389 244,041 182,754 172,856 9,898 155,558 Apr. 3... 124,175 85, 849 20,187 2,317 14, 572 237,535 182,328 173,319 9,009 157,233 Apr. 10.. 114,709 78,065 17,509 3,313 14,572 246,003 182,514 170,995 11,519 155,838 Apr. ]7_. 112,184 81,199 13,524 3,122 13,589 252,047 190,197 174,345 15,852 155,357 Apr. 24.. 109,386 79,762 12,547 3,966 12,361 246,224 179,991 170,778 9,213 152, 836 May l... 110,445 81,084 12,494 4,110 12,007 249,917 183,838 172,883 10,955 155,163 May 8.-. 97, 919 69,836 11,647 3,982 11,704 262,458 183,483 173,099 10,384 155,312 May 15.. 79,355 52,398 10,915 3,588 11,704 187,145 175,997 11,148 154, 898 May 22.. 86,225 60,299 11,007 2,465 11,704 270,341 180,069 168,243 11,826 154,485 May 29.. 90,867 64,302 11,649 2,462 11,704 265,475 179, 661 168,827 10,834 155,264 June 5-_. 91,298 64, 812 10,657 1,857 13,222 271,910 182, 839 171,266 11,573 159, 481 June 12-. 81, 767 56,508 10,195 2,042 12,272 284,014 184, 620 172, 66211,958 160,726 June 19.. 91,854 66,032 9,424 4,032 12,016 266,431 177, 721 168,680 9,041 160,569 June 26.. 82,503 57,051 9,473 3,977 11,402 285,599 184,360 172,001 12,359 161,043 July 3... 90,309 66,595 8,261 3,301 11,402 292,424 186,367 174, 53011,837 175,395 July 10.. 84, 635 65,178 6,594 511 11,402 303,254 185,506 173,278 12,228 182, 698 July 17.. 67, 903 46,964 6,253 2,284 11,402 182,936 173,533 9,403 174, 765 July 24.. 86,399 62, 954 6,342 4,701 11,402 288,588 184,372 173,237 11,135 169,329 July 31.. 86,534 63,260 6,384 4,288 11,402 282,488 180,632 169,251 11,381 168,411 Aug. 7... 97,711 72,563 5,050 5,840 12, 908 278,617 180, 666 171,005 9,661 174, 656 Aug. 14.. 92,179 68,270 6,184 3,416 12, 909 284, 730 182,295 170,737 11,558 174,051 Aug. 21.. 85,209 59,851 8,615 3,834 12,909 294.544 181,475 170, 69710, 778176,673 Aug. 28.. 83,360 54,376 12,182 3,383 13,419 293,437 179,374 170, 756 8,618 176,167 Sept. 4— 96,421 65,183 13, 578 4,241 13,419 296.545 187, 684 176,855 10,829 183,840 Sept. 11..112,035 76,296 17, 666 4,654 13,419 280, 889 186, 964 176,103 10, 861184,403 Sept. 18- 119,395 81,444 20,010 4,522 13,419 264,882 184,251 175, 564 180,563 Sept. 25- 125, 792 85.933 22,488 4,535 12,836 255, 919 183,873 172, 97610,897 176,673 Oct. 2__. 138,936 94, 523 27,935 3,642 12,836 240, 807 183,079 174,202 8,877 176,955 Oct. 9... 143,600 95,805 31,799 4,113 11, 883 241,722 185,857 172,831 13,026 177,256 Oct. 16-- 127,063 78,047 33, 611 3,522 11, 883 260,285 191,118 179, 855 11,263 176, 519 Oct. 23-. 146,225 94,193 35,979 4,170 11, 883 235, 248 184,009 173,559 10,450 175,061 Oct. 30-. 133,314 83,428 34, 256 3,747 11,883 251,635 188,007 178,562 9,445 175,808 Nov. 6— 156, 867108,170 32, 583 4,231 11,883 231,507 184,728 175,360 9,368 180,314 Nov. 13- 158,499 112,050 30,466 4,099 11,884 235, 258 191,142 180,391 10, 751184,395 Nov. 20- 159,958 115,704 28,356 4,015 11,883 227,124 186, 693 175,710 10,983 182, 868 Nov. 27-. 139,294 97.934 24, 746 4,730 11,884 250,115 184,904 172,417 12,487 183,762 Dec. 4._. 122,340 84,553 21, 476 4,427 11,884 266,208 184,475 174,067 10,408 184,544 Dec. 11.. 112,225 72,195 23,704 4,442 11,884 276,543 183,335 174,256 9,079 186,246 Dec. 18.. 109,203 63,964 26,173 4,682 14,384 282,714 182,879 173,387 9,492 189,756 Dec. 24.. 85,579 42,768 25, 226 5,701 11,884 298,819 176,215 165,580 10,635 196,359 Dec. 31.. 85,942 39,513 26,764 7,849 11,816 305,510 187,162 175,317 11,845 189,379 1 Includes "other securities." 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VOLUME OF OPERATIONS OF EACH FEDERAL RESERVE BANK No. 73.—VOLUME OF OPERATIONS IN PRINCIPAL DEPARTMENTS OF EACH FEDERAL RESERVE BANK, 1929 Federal reserve bank Total Philadel- ! Rich- Minne- Kansas San Boston New York phia Cleveland mond Atlanta Chicago St. Louis apolis City Dallas Francisco NUMBER OF PIECES HANDLED: 1929 Bills discounted: Applications 144, 624 10, 665 20,151 22, 662 15,196 15, 5' 12, 255 13, 554 11, 629 2,923 7,195 5,282 7,535 Notes discounted 526, 200 72, 614 49, 705 59, 776 30, 992 57, 238 74, 791 54, 860 34, 642 11, 238 30, 643 28, 560 21,141 Bills purchased in open market for own account 195, 564 27,402 94, 335 4,282 7,330 2,533 6,931 14, 029 1, 585 3, 077 3,914 11,471 18,675 Currency received and counted 2, 427, 330, 000254, 503,000 709, 941, 000 215, 030, 000 161, 346, 000 124, 999, 000 133, 935, 000 410, 223, 000 121, 002, 000|42, 565, 000 66, 692, 000 61,413, 000 1i,2 56,81, 000 Coin received and counted __3, 239, 709, 000323, 286, 000 1,574,003,000 331,780,000 175,980,000139,382,000 62,927,000 231,019,000149>,, 168,000 12, 054, 000 67,038, 000 48, 039, 000 124, 060, 000 Checks handled 924, 449, 000 93,123,000 190,374,000 71,051,000 86,206,000 55,730,000 32,305,000.129,661,000 51,131, 000124, 275, 000 72,155, 000 41, 638, 00076,800,000 Collection items handled: United States Government coupons paid 20, 935, 000 1, 473, 000 5, 567, 000 1, 680,000 3, 022, 000 623, 000 452, 000 3, 548, 000 1, 218, 000 585, 000 1,152, 000 364, 000 1, 251, 000 All other 6, 504, 000 409, 000 2, 601, 000 607, 000 380, 000 285, 000 164, 000 743, 000 265, 0001 269,000 327, 000 133,000 321,000 United States securities issues, redemptions, and exchanges 1, 833, 000 101,000 514, 000 112, 000 157, 000 51,000 53,000 377, 000 120, 000! 58,000 139, 000 57,000 94,000 Transfers of funds 2,139, 000 63,000 445, 000 123, 000 127, 000 149, 000 98, 000 355, 000 265, 000 71, 000 149, 000 136,000 158,000 AMOUNTS HANDLED: 1929 (in millions of dollars; Bills discounted 60, 747.1 3,952.1 23, 602. 0 5, 827. 3 4, 692. 0 1, 349. 2J 5,187. 5 3, 370.1 1, 035. 2 1, 673. 2 870.4 4, 089.4 Bills purchased in open market for own account 3, 587. 5 421.6 1, 999.1 88.6 126.8 104.8 262.3 26.0 34.5 53.6 105. 7 300.7 Currency received and counted 14, 782.4 1, 630. 5 5, 285. 7 1,189. 3 992.7 604. 3 583.1 2, 266. 7 517.4 228.8 315.8 268.7 899.4 Coin received and counted._ 1,062. 5 34.1 821.5 53.1 17.3 15.8 8.9 39.8 15.7 4.7 13.0 7.9 30.7 Checks handled 367, 215.1 21, 747.1 156, 641. 8 39, 214. 5 31, 565.3 14,118. 8 12,182. 5 35, 220. 0 15, 603. 5 4,711.6 12, 091. 9 8, 718. 2 15, 399. 9 Collection items handled: United States Government coupons paid 535.6 39.3 237. 32.4 60.6 11.6 6.4 64.1 19.3 10.5 19.9 7.6 26.3 Allother __ 7,185.4 764.3 2, 690.0 551.1 511.7 264.9 169.2 997.0 218.1 143.3 298.3 249.9 327.6 United States securities, issues, redemptions, and exchanges 7, 018. 8 283.2 3,155.4 406.3 370. 141.7 137.7 1,192. 5 266.9 128.9 246.9 234.9 453.8 Transfers of funds 170, 789. 7 I, 208.5 67,426.3 8, 355. 2 7, 683.9 6, 020. 9 2, 477. 6 31,089.0 6, 406.1 3, 088.1 6, 974. 7 5, 497. 5 16, 561. 9 Back figures—See Annual Reports for 1928 (Table 77), 1927 (Table 60), 1924-1926 (Part II, Table 6). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

146 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No. 74.—VOLUME OF OPERATIONS OF BRANCHES OF FEDERAL RESERVE BANKS Noncash collec- Fiscal tion items agency handled issues, F a e n d d e ra d l i s r t e r s ic e t r v n e u b m ra b n er ch co B d u i i n s l t l - s ed C r c e u o c a r u e r n n i e d v t n e e c d d y r c e o C c a u e o n n i i d v t n e e d d h C a h n e d c l k ed s Govern- a d t n i e r o d m e n - e p s x , - - Tr f a u n o n s f d f s ers ment All changes coupons other of U.S. securities NUMBER OF PIECES HANDLED: 1929 No. 2—Buffalo..- 3,202 49,925,000 35,011,000 14,411, 000 71,868 126, 679 24, 226 No. 4—Cincinnati 32.701.000 50,538,000 20,280, 000 881, 521 38, 570 19,988 22, 677 Pittsburgh 56.877.0001 39,160,000 31,153,000 593, 787 29,920 31, 683 18,645 No. 5—Baltimore ~8,~9~l6 58,295,0001100,137,000 20,005,000 342, 751 139, 021 9,956 35.193 Charlotte 14,373, OOOj 6, 427, 000 6,827,000 20, 876 26,990 27, 366 No. 6—Birmingham... 13, 850, 000 8,074, 000 5, 054, 000 23, 748 14,904 809 8,551 Jacksonville... 22,510,000 9,947,000 5, 840, 000 52, 513 38, 213 13, 278 Nashville 17, 234, 000 3,840,000 6, 351,000 47,928 31, 644 8,029 New Orleans. . 15,481 30,619,000 22,860,000 4, 287,000 139, 397 27, 743 12, 698 20,448 No. 7—Detroit 7,152 8on9 , o3i 1o2 ,f \r0\0r\0\ 30on, 6c0n5c , 0n0nn025, 815,000 319,122 144,356 8,736 53,948 No. 8—Little Rock.... 4,726 9, 761,000 6, 890, 000 5, 059,000 36,986 34, 731 I,' 16, 996 Louisville 9,611 23, 657, 00035,017,000 9,915,000 234,156 24,137 4,955 32, 574 Memphis 4,486 22, 663,00012,365,000 3, 572, 000 56, 696 41, 669 2,812 28.194 No. 9—Helena 1,587 1, 672, 000 975,000 2, 504,000 47,005 17, 596 9,720 No. 10—Denver 3,687 8, 693, 000 8, 759,000 9, 241, 000204,906 46, 759 6,242 19, 556 Oklahoma City 8,864, 000 6,947, 00019, 275,000 54,477 83, 743 1,971 9,874 Omaha 8,404 8, 282, 0004,892, 00012, 589,000 182,917 44,749 5,006 29,909 No. 11—El Paso 749 4, 829,000 2,780, " 3,009,000 26,800 13, 392 9,990 Houston 1,977 13, 470, 00016,334, 000 6,940, 000 76, 538 38, 370 30,401 San Antonio... 1,528 11, 301, 000 6,011,000 5, 769,000 36,831 16,172 15,467 No. 12—Los Angeles._. 2,602 64,195, 00034,302, 00030, 817.000 316,000 76, 698 9,811 36, 715 Portland : 2,605 6, 585, 0008,110, 000 8, 674,000 183, 972 29, 816 5,213 16, 633 Salt Lake City. 4,281 4,183,000 2,388, 000 8,108, 000 81, 630 91, 885 2,222 19,023 Seattle 1,197 11,360,000 12,267,""" 7, 512, 000 150, 332 29,452 4,748 19, 798 Spokane 6,285 2,136,000 1,063, 4, 771, 000 70,262 27,858 1,595 10, 904 Total- 88,476 587, 347,000 465, 699, 000 277, 778, 000 4, 253, 000 1, 2351,3030,0468 538,000 AMOUNTS HANDLED: 1929 (in thousands of dollars) No. 2—Buffalo 1,027, 538 276, 816 3,335 3, 677,999 862 87,906 3,770 1,985,954 No. 4—Cincinnati.. 142, 364 6,850 7,021, 370 14,104 43, 795 35,622 637, 714 Pittsburgh.. 415,051 4,453 12,984, 870 16,862 50,546 67, 7821,068, 621 No. 5—Baltimore I," 237," 216 300, 545 10, 526 4,468,088 6,879 111, 453 32,859 1,403, 566 Charlotte 57,006 1,025 1, 612, 256 221 33,275 1, 250, 677 No. 6—Birmingham 62,029 1,250 1,874,077 224 21,442 867 142, 741 Jacksonville. 108,832 1,590 1,892, 792 870 22,143 254,638 Nashville.... 61, 269 607 1, 739,997 435 47, 373 206, 766 New Orleans. _ 505,168 124, 024 3,107 2,184,833 1,919 32, 625 28,185 837, 038 No. 7—Detroit 1, 738, 872 622, 910 10, 559 8, 904, 331 9,068 172, 343 26,404 5,907, 592 No. 8—Little Rock.— 190, 628 36,812 875 1,084, 264 484 33, 605 2,328 462, 957 Louisville 1, 504, 556 107,443 2,296 2,655, 228 3,290 41,323 8,583 656, 629 Memphis 423, 401 80, 588 2,248 1, 392, 426 915 58,349 6,150 773, 044 No. 9—Helena 11, 591 15, 656 771 470, 511 464 7,773 205,919 No. 10—Denver 344,407 55,376 2,532 2, 232,498 3,382 44,627 998, 792 Oklahoma City.. 39, 331 1,545 2, 524, 678 1,093 49, 583 2,233 315,495 Omaha 246,917 45,809 2,385 1,878, 623 2,307 61, 791 1,294,857 No. 11—El Paso 28, 778 28,455 1,013 467,335 516 10, 653 246, 757 Houston 141, 802 58, 724 1,672 1,826, 502 1,428 74, 602 1, 781,180 San Antonio... 56, 350 50, 343 1,503 1, 094, 388 718 20, 055 467, 307 No. 12—Los Angeles 283, 091 337, 679 8,207 5, 322, 724 6,798 70,129 21,916 5,056, 236 Portland 189,119 48,421 2,682 1, 603, 083 2,672 41, 356 4,100 790,028 Salt Lake City 192, 210 34,913 1,499 1,105,932 1, 38,800 3,175 589,486 Seattle 391, 607 90, 205 3,235 1,380,864 2,152 35,178 7,331 1,345,617 Spokane 44, 947 16,905 784 635,136 16,760 2,005 296,140 Total. 8, 558,198 3, 217, 506 76,549 72,034,805 79, 570 1, 227,485271,416 28,975, 751 Back figures.—See Annual Report for 1928 (Table 78), 1927 (Table 61), 1926 (Table 67), 1925 (Table 69), 1924 (Table 72), 1923 (Table 72), 1922 (Table 74), 1921 (p. 80), 1920 (p. 93), 1919 (p. 39). NOTE.—Currency received and counted during 1929 by agencies of the Federal Reserve Bank of Atlanta: Habana, Cuba, 4,031,000 pieces, amount $30,724,000; Savannah, Ga., 3,071,000 pieces, amount $11,458,000. Coin received and counted by Savannah, Ga., agency, 453,000 pieces, amount $78,000. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EACH FEDERAL RESERVE BANK 147 GOLD SETTLEMENT FUND No, 75.—SUMMARY OF TRANSACTIONS THROUGH THE FUND BY DISTRICTS, 1929 [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 d W ra i w th a - ls po D s e it - s f c u l b o n u s d s e i a - o t f Pay- Re- ness, ments ceipts Dec. 31 Pay- Receipts Pay- Rements ments ceipts Boston 27.6 12,949.0 13,044.2 68.1 54.1 76.6 26.9 230.0 175.2 4.4 New York 142.4 47, 752.9 47,600.1 122.6 201.6 256.2 614.6 1,120.7 848.5 154.8 Philadelphia 34.6 12,470.1 12, 555. 3 86.6 64.5 125.5 8.5 203.2 247.7 25.2 Cleveland 72.5 10,884.1 11,001.9 108.9 58.3 95.5 46.0 184.0 164.7 71.0 Richmond 14.0 10, 234.9 10,313. 4 40.0 52.1 94.0 17.5 112.3 92.2 8.1 Atlanta 12.9 4, 347. 9 4, 408. 6 41.6 51.9 74.5 15.9 334.3 314.6 5.6 Chicago 180.1 20, 239.1 20, 285. 6 133.7 101.5 200.5 43.6 235.0 284.0 86.5 St. Louis 32.3 7,438. 6 7, 320. 2 36.2 50.4 3.8 85.8 133.0 143.9 21.0 Minneapolis 29.6 2, 378. 6 2, 341.4 25.0 27.3 7.5 24.5 81.5 87.7 18.1 Kansas City _. 52.0 5, 996.3 5, 858. 6 34.4 38.3 14.5 79.4 63.0 131.9 52.0 Dallas 33.5 4, 618.9 4, 620. 6 21.0 24.7 37.0 38.8 58.0 33.1 15.8 San Francisco 55.6 5,822. 2 5,782.5 40.8 34.0 66.5 50.6 405.4 461.0 48.8 Total 687.0 145,132.4 145,132.4 758.7 758.7 1,052.1 1,052.1 3,160. 32, 984.6 511.2 Back figures—See Annual Report for 1928 (Table 19), 1927 (Table 66), 1926 (Table 61), etc. FEDERAL RESERVE AGENTS' GOLD FUND No. 76.—SUMMARY OF TRANSACTIONS THROUGH THE FUND, BY DISTRICTS, 1929 [In millions of dollars] Balance Balance With- Transfers Transfers at close of Federal reserve bank Jan. 1 drawals Deposits to bank from business bank Dec. 31 Boston 53.0 90.0 46.6 40.0 220.0 189.6 New York 5.0 13.6 430.0 420.0 8.6 Philadelphia... 101.8 ~75.~6' 11.6 131.5 189.6 96.4 Cleveland 55.0 10.7 75.7 130.0 120.0 Richmond 44.0 50.0 8.5 37.5 95.0 60.0 Atlanta 60.5 49.5 3.4 210.6 315.6 119.4 Chicago 211.0 2.0 2.6 120.0 178.0 269.6 St. Louis 20.0 24.0 1.0 39.0 119.0 77.0 Minneapolis... 31.0 3.0 1.4 49.4 72.0 52.0 Kansas City... 53.4 48.0 32.9 26.2 58.0 70.0 Dallas 7.0 10.0 4.0 10.5 33.0 23.5 San Francisco.. 120.3 7.0 13.7 330.2 380.0 176.8 Total.... 761.9 358.5 149.9 1, 500.6 2,210. 2 1,262.9 Back figures.—See Annual Report for 1928 (Table 20), 1927 (Table 68), etc. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

148 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD MEMBERSHIP IN PAR COLLECTION SYSTEM No. 77.—NUMBER OF BANKS ON PAR LIST AND NOT ON PAR LIST, BY DISTRICTS Nonmember Nonmember Nonmember banksi banks i banks * Mem- Mem- Mem- End of month (1929) 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. _. 407 252 941 406 778 490 February.. 407 252 940 404 779 488 March 407 252 938 406 778 485 April 408 252 937 404 777 485 May 407 253 939 404 777 485 June 408 268 939 401 776 483 July 408 268 939 406 772 482 August 408 270 936 405 772 479 September 408 271 934 407 771 479 October. __ 407 271 932 408 769 478 November. 406 271 933 406 767 478 December . 404 271 931 404 764 476 Cleveland district Richmond district Atlanta district January 816 1,008 545 618 569 453 312 960 February... 814 1,007 542 614 568 446 308 953 March 811 1,008 540 612 565 444 302 956 April 811 1,005 539 608 567 442 295 958 May 810 1,003 538 603 555 441 294 951 June 807 1,002 537 601 552 436 285 947 July 806 1,002 531 599 550 432 255 929 August 805 999 530 596 552 432 256 934 September.. 805 999 524 589 553 432 257 933 October 803 998 523 588 552 436 253 930 November.. 801 994 520 583 547 433 254 928 December. _ 795 991 514 577 546 428 254 Chicago district St. Louis district Minneapolis district January 1,250 3,563 215 585 1,742 490 717 660 1,126 February... 1,244 3,553 214 585 ,736 487 717 646 1,133 March 1,239 3,558 214 586 L, 722 483 712 638 1,132 April 1,236 3,543 213 585 ,713 485 708 632 1,132 May 1,232 3,525 222 584 ,700 484 706 620 1,133 June 1,229 3,524 225 580 1,698 487 700 611 1,115 July 1,225 3,523 226 575 ,698 480 1,114 August 1,218 3,523 227 573 ,694 476 693 604 1,112 September.. 1,209 3,515 228 573 ,692 475 691 600 1,112 October 1,201 3,503 228 571 ,689 475 687 591 1,109 November.. 1,194 3,493 228 570 1,677 478 685 583 1,105 December.. 1,186 3,485 229 571 1,670 477 683 582 1,101 Kansas City district Dallas district San Francisco district January 923 2,225 277 771 616 211 621 675 56 February. _. 919 2,214 274 767 612 213 617 672 58 March 919 2,201 765 613 213 619 669 60 April 917 2,191 764 617 211 619 666 60 May 915 2,184 766 614 215 616 661 61 June 912 2,172 200 766 613 215 617 660 61 July 912 2,166 200 766 611 209 617 657 61 August 908 2,169 199 765 612 208 616 635 61 September.. 904 2,161 196 762 608 210 616 643 61 October 900 2,144 200 757 612 205 616 640 61 November.. 895 2,113 198 755 613 207 610 639 61 December.. 893 2,096 197 746 605 207 607 634 62 1 Incorporated banks other than mutual savings banks. Back figures—See Annual Reports for 1928 (Table 81), 1927 (Table 71), 1926 (Table 64), 1925 (Table 65), 1924 (Table 71), 1923 (Table 71), 1922 (Table 73), 1921 (Table 71), 1920 (Table 63), 1919 (Table 55), and 1918 (Table 48). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EACH FEDERAL RESERVE BANK 149 No. 78.—NUMBER OF BANKS ON PAR LIST AND NOT ON PAR LIST IN EACH STATE ON DECEMBER 31, 1928 AND 1929 1928 1929 Nonmember banks Nonmember banks State Member Member banks On par Not on banks On par Not on list par list 1 list par listl New England: Maine 56 50 55 47 New Hampshire 57 13 57 16 Vermont _ _ _ 46 39 46 45 Massachusetts 178 73 177 78 Rhode Island . . 15 9 14 10 Connecticut 69 88 67 97 Middle Atlantic: New York 673 273 666 268 New Jersey 363 174 364 171 Pennsylvania 965 616 948 591 East North Central: Ohio 404 619 388 617 1 Indiana. _ 240 758 6 234 730 5 Illinois 563 1,227 28 544 1,198 27 Michigan 289 578 2 273 575 2 Wisconsin 174 570 225 172 556 235 West North Central: Minnesota 291 265 551 276 226 552 Iowa 321 1,009 74 291 977 87 Missouri 190 1,104 50 187 1,035 49 North Dakota 134 64 278 122 38 255 South Dakota 105 134 169 101 117 166 Nebraska 159 563 263 160 491 177 Kansas.. 254 845 3 252 815 1 South Atlantic: Delaware 21 34 20 34 Maryland 88 163 85 154 District of Columbia 12 31 12 31 Virginia.. 177 202 103 172 192 104 West Virginia 136 180 9 131 157 9 North Carolina 83 61 298 72 53 294 South Carolina 64 18 162 55 17 139 Georgia. 128 43 272 115 38 265 Florida 68 82 125 61 60 106 East South Central: Kentucky 147 403 23 145 394 23 Tennessee 109 190 236 104 156 232 Alabama 121 22 210 119 20 205 Mississippi 39 17 268 38 15 259 West South Central: Arkansas 100 167 168 94 154 165 Louisiana 42 24 166 42 20 164 Oklahoma . 327 334 5 294 324 5 Texas ._ 720 590 126 689 570 131 Mountain: Montana 92 89 20 88 88 19 Idaho... 60 78 1 60 76 1 Wyoming 29 53 5 28 53 5 Colorado 126 154 6 123 149 6 New Mexico _ __ 30 26 2 29 26 1 Arizona 18 26 3 17 26 3 Utah 43 62 42 62 Nevada 10 25 10 25 Pacific: Washington 153 158 35 146 154 40 Oregon . 122 98 19 120 91 21 California 226 242 217 208 Total 8,837 12, 643 3,911 8,522 12,045 3,754 1 Incorporated banks other than mutual savings banks. Back figures—Bee Annual Reports for 1928 (Table 82), 1926 (Table 65), and 1924 (Table 70). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

150 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD EARNINGS AND EXPENSES OF EACH RESERVE BANK No. 79.—GROSS AND NET EARNINGS OF EACH FEDERAL RESERVE BANK, AND DISPOSITION MADE OF NET EARNINGS, 1914-1929 Earnings Disposition of net earnings Federal reserve bank Gross Net I ! Div p i a d i e d nds s fe u T r r r r p a e l d n u s s t - o » t U F a . x r a S p n . a c G i h d i o s v t e o - o P r r c o l a o f r i s r t s i e ( ( d — +) ) ernment * forward 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 6,552,717 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 1928 64,052,860 32,122,021 8,458,463 21,078,899 2,584,659 1929 70,955,496 36,402,741 9,583,913 22,535,597 4,283,231 Total 904,628,021 515,215,983 | 90,672,460 277,433,949 147,109,574 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 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 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 1928.... _ 4,465,342 2,316, 522 590,830 1,725,692 1929 5,160,831 2, 766,134 634,112 2,132,022 Total 61,933,089 35,675,850 6,813, 568 21,750,887 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 :, 942, 819 649, 363 649,363 -163,064 1918 25,314.736 21,662,917 , 195,026 20,467,891 1919 35,332,412 27,959,619 , 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 , 652,138 -1,397,603 3,467,058 1923 11,413,183 3,043, 679 , 749,239 129,444 1,164,996 1924 8,569,350 616, 852 [, 796, 530 -1,179,678 1925 10,217,174 3,103, 298 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 1928 18,483,042 11,018,433 2,743, 725 8,274,708 1929 19,314, 279 12,263,224 3,544,314 8,718,910 Total... 262,723,052 173,450,584 25,443, 510 80,000,812 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 1928 5,394, 546 3,282,641 843, 755 2,438,886 1929 6,076,048 3,801,988 938,312 2,863,676 Total 67, 41,042,883 8,519,162 26,964,820 5,558,901 » 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; Digitized forP FhiRlaAdSelEphRia , $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. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

151 EACH FEDERAL RESERVE BANK No. 79.—GROSS AND NET EARNINGS OF EACH FEDERAL RESERVE BANK, AND DISPOSITION MADE OF NET EARNINGS, 1914-192 9—Continued Earnings Disposition of net earnings Federal reserve'bank Trans- Franchise Profit (+) Gross Net Dividends ferred to tax paid to or loss (—) paid surplus * U. S. Gov- carried 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 1928 6,250, 553 3,180, 715 856,843 2,323,872 1929 6, 986, 580 3, 705, 442 910,007 2, 795, 435 Total... 78,196, 705 42,908,152 9, 757, 682 29,140, 769 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 1928 2,857,648 1,118, 960 370,683 74,828 673,449 1929.. 3, 299, 609 1,342, 225 368,601 97, 362 876,262 Total 43, 638, 688 23, 247,912 4, 551,865 12,495,858 6,200,189 | 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 26,191 278,488 -250, 297 1926 3,045,867 1, 228, 327 296, 573 931, 754 1927 2,067,839 669, 904 305,817 304,087 1928 3, 578,156 1,693, 985 312,259 558,425 823,301 1929 4,116,049 1,428, 518 321,696 303,032 803,790 Total 44, 520,371 23, 385,825 3, 577, 954 10,857,310 8,950, 561 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 1928 8,936,418 4, 763,429 1,099, 761 3,663,668 1929 9,889,451 5,424, 665 1,170,363 3, 651, 464 602,838 Total 129, 644, 517 76, 400, 955 12,085,3 GO 40,093, 582 24, 222, 013 » See note on p. 160. Digitized for FRASE9R01 82—30—-11 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

152 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No. 79.—GROSS AND NET EARNINGS OF EACH FEDERAL RESERVE BANK, AND DISPOSITION MADE OF NET EARNINGS, 1914-1929—Continued Earnings Disposition of net earnings Federal reserve bank Gross Net Div p i a d i e d nds s f . e u T r r r p r e a l d u n s s to - i t U e F a r x . r n a S m p n . a c e i G h n d i o s t t v e i o - o P r f r c o o l a o r f r w i s 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 773,106 502,156 284,566 +217,590 1918 2,676,828 1,777,810 404,838 $1,603,310 -230,338 1919 3,884,478 2,355,154 234,660 2,120,494 1920 7,180,117 4,875, 566 253,711 4,621,855 1921 5,166,315 2,951,926 270,253 1,042,564 $1,639,109 1922 2,456,447 647,572 283,166 276,450 87,956 1923 2,753,435 1,182,163 296,810 407,070 478,283 1924 1,688,143 203,937 304,976 -101,039 1925 2,055, 637 -93, 540 306, 753 -400,293 1926 2,511,509 683,022 314, 420 368,602 1927 2,228,079 775,681 317,727 457,954 1928 2,901,925 785,159 321,855 423,011 40, 293 1929 3,247,936 885,884 319,231 56,665 509,988 Total 39,908,736 17, 576,338 3,944,066 10,876,643 2, 755,629 Minneapolis: 1914-15 100,112 -32,341 -32,341 1916 255,177 134, 603 57, 720 +76,883 1917 672,799 394,353 363, 895 37,500 37,500 -44,542 1918 2, 049,954 1, 545,847 168,103 1,377,744 1919 3, 007, 041 2, 333,943 180,186 2,153,757 1920 5,307,381 4,131,053 195,871 3,410,948 524, 234 1921 4,966,311 3,151,154 211, 657 488, 530 2,450,967 1922 1,969, 248 782, 695 213, 774 4,469 564,452 1923 1,749,253 325, 455 212,733 11,272 101,450 1924 1,609, 070 329,102 202,828 12,628 113,646 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 1928 1,710,304 614, 704 181, 203 43,350 390,151 1929 1,926,031 794,762 184,030 61,073 549,659 Total 29,773,386 15,484,394 2, 733,895 7,642,988 5,107, 511 Kansas City: 1914-15 102,474 -66,776 -66,776 1916 380,208 224,989 66,707 +158,282 1917 1,002,660 566,404 364,503 +201,901 1918 3,451,936 2,437,748 309,729 2,421,426 -293,407 1919 4,961,482 3,923,362 228,755 3,694,607 1920 7,409,987 5,540,681 257,672 3,042,781 2,240,228 1921 5,712,858 3,056,096 268,620 486,918 2,300,558 1922 3,094,660 783,036 275, 655 -157,432 664,813 1923 2,993,919 347,711 275,313 7,240 65,158 1924 2,262,910 -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 1928 2,597,968 659,760 253,254 40,651 365.855 1929 2,976,576 1,013, 586 256, 549 75,704 681,333 Total 44,239,901 19,687,531 3,586,397 9,162,034 6,939,100 iSee note on p. 150. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EACH FEDERAL RESERVE BANK 153 No. 79.—GROSS AND NET EARNINGS OP EACH FEDERAL RESERVE BANK, AND DISPOSITION MADE OF NET EARNINGS, 1914-1929—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 J t U F e ax r r . n a S p n m . a c e G i h d n i o t s t v e o l - o P r f r c o o l a o r f r w i s r t s i a e ( r ( d — d +) ) 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 1926 2,127,049 857,211 257, 502 599, 709 1927 1,741,922 568, 209 256, 310 311,899 1928 2,119,666 713,455 258,544 163,301 $291,610 1929 2, 496,030 770,391 266,613 244,417 259,361 Total. 32,387,349 12,856,167 3,370, 579 8,934, 617 550,971 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 1928 4, 757,292 1,974,258 625,751 1,348,507 1929 5,466,076 2, 205,922 670,085 1,535,837 Total 69,823,284 33,499, 392 6,288,422 19, 513, 629 7,697,341 * See note on p. 150. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 80.—EARNINGS AND EXPENSES OF FEDERAL RESERVE BANKS DURING 1929 EARNINGS Total Boston New York Ph p il h a i d a el- C l l a e n v d e- m Ri o c n h d - Atlanta Chicago St. Louis M ap in o n li e s - K C an it s y as Dallas San ci s F c r o an- Discounted bills $47, 790, 662 $3,448,828 $12.492,642 $44,93, '86 $4[;, 588,012 $»:2, 569,042 $3, 091., 399 $6, 777, 014$2, 508,183 $1, 047, 771 $1, 985, 508 $1, 301,049 $33,,448877,,428 Purchased bills - 12, 063,349 1, 283,932 3, 522, 642 666, 005 1,130,113 555, 461 716,782 1,285,493 153,655 310,209 447,701 661155,880000 11,337755,555566 United States securities.-_ 8,163, 486J 301, 688 2,459,163 808,116 1,011,673 76, 361 171,667 1,269,968 539,675 388,603 198,424 452,420 485,728 Deficient reserve penalties. 449, 653 j I 20,838 96, 076 18, 88: 49, 733 49,192 39, 735| 76, 425 22,740 12,475 22,361 23,311 17,880 Miscellaneous 2, 488, 346 105, 545 743, 756 89, 254 207, 049 49, 553 96, 466] 480, 551 23,683 166,973 322,582 103,4501 99,484 Total earnings 70, 955, 496 i 5,160,831 19, 314, 279 6,076,048, 6,986, 580j 3,299,609 4,116,049 9,889,451 3, 247, c 1, 926, 031 2, 976, 576 2,496,030 5,466,076 CURRENT EXPENSES Salaries: Bank officers $2, 641, 961 $128,750 $535, 309 $139, 666! $217, 8001 $180, 200 $231, 917 $311,591 $170,402 $117,783 $188, 200 $169, 499i $250, 844 Clerical staff 11, 841, 813 903,757 3, 158, 78? 913,621!1, 024, 693 613, 697 419, 2, '1, 677, 987 556, 708 346, 319 640, 70G 524, 932!1, 061, 348 Special officers and watchmen 889, 623 34,750 176, 54' 50, 684! 107, 964 62, 882 44, 675 128, 016 48,187 31, 325 70, 525 45, 631 j 88.437 All other 1, 892, 075 97,115 498, 036 86, 289 j 262, 295 97, 009 38, 788 283, 826 84, 961 57, 963! 166, 602 82, 998! 136,193 Governors' conferences 6, 051 227 397 109' 552 159 280 232 401 568| 675 994! 1,457 Federal reserve agents' conferences 1, 865 130 83 98 S 87 05 1C2 128 273 320 213 366 Federal Advisory Council 15, 074 768 709 574] 1,01 300 1,438 1,360 1,300 1,396 1,550 1, 362 3,300 Directors' meetings 156, 959 7,004 19, 524 6,918 6, 792 7,613 24, 358 11,540 12, 095 6,564 25, 326 8, 614 20,611 Traveling expenses i 195, 943 8,416 28, 578 13,145 16, 604 13,127 19, 006 20, 033 18, 286 14, 716 10, 322 16,149; 17,561 Assessments for Federal Reserve Board's expenses 781, 644 57,404 240, 411 75,170 78, 951 35, 641 30, 499 106, 654 30, 951 19, 4331 25, 612 25,113 55,805 Legal fees 88, 095 827 6,934 5, 514 5,032 1,308 8,186 9,697 837! 17, 077 8,449 12,15! 12, 076 Insurance (other than currency and security shipments 424, 604 29, 331 66, 254 35, 525 32, 395 22,193 24, 758 44, 620 24, 327 30, 755 40, 451 28, 350 45, 645 Insurance on currency and security shipments 641, 238 87, 238 127, 688 89,991 72, 234 35, 810 42, 624 7.3, 332 15,159 14,809 19, 479 23,291 39, 583 Taxes on banking house 1,469,917 118, 440 404, 281 40, 806 138, 028 65, 890 64, 152 291, 366 59, 824 77,128 94, 338 37, 326 78, 338 Light, heat, and power 336,797 21,317 77,948 20, 291 31, 300 14, 017 15, 393 32, 037 22, 779 17, 967 43, 532 21,150 19,066 Repairs and alterations, banking house. _ 215, 314 18, 755 25,051 26, 604 22, 983 3,291 8,501 21, 947 10, 090 7.097 51, 421 10, 586 Rent. 230, 972 432 5,523 1,512 93, 373 13, 303 5,380 17,990 1,591 91,862 H Office and other supplies . 426, 810 23, 033 102, 674 34,395 37,810 20,164 26, 317 55, 890 20, 966 18, 504 31, 324 17,311 38, 422 T Pr e i l n e t p i h n o g n a e nd stationery.. 4 2 5 0 6 5 , , 8 76 6 6 0 3 2 8 0 , , 4 8 8 0 6 1 8 5 8 6 , , 3 6 4 9 1 9 3 2 0 8 , , 1 4 5 3 8 3 3 1 8 4 , , 2 78 2 9 4 23 7 , . 3 5 4 3 4 1 29 7, , 5 8 1 7 0 81 7 1 4 9 , , 8 5 7 8 9 1 2 1 0 2 , , 8 5 2 9 2 2 18 5 , , 6 4 0 9 1 4 2 8 8 , , 4 51 6 3 5 22 8 , , 5 9 7 1 2 6 4 1 3 4 , , 1 84 5 5 2 W Telegraph 502, 629 5, 955 54,137 13,184 35, 570 34, 410 70, 674 43, 281 40, 185, 18. 421 60, 776 54, 734 71,302 O Postage 1, 941, 474 219,128 322, 914 185, 377 173,544 125, 860 113,970 265, 294 96, 283; 63, 011 134, 288 97, 025 144, 780 Expressage 501,357 42, 778 125, 436 71,994 3fi,682 35, 042 42, 505 62, 745 16, 000 11, 048 16, 812 19,165 21,150 Miscellaneous expenses.__ 726, 870 43, 821 191, 648 49, 270 49,7 r- 31, 832 36, 219 81,381 36, 929 43, 322 47, 458 41, 510 73,711 Total, exclusive of cost of currency 26, 591, 711 1, 908, 663 6,'313, 9101,919,3281 2,498,4 1, 444, ( 1, 306, 3873, 617, 4171,318,353 939,621 1, 715, 0371,271,343 2,338,476 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Federal reserve currency, including shipping charges: Original cost .__• 2,962, 344 307,638 710,051 267,442 272, 542 136, 774 199,393 450,979 115,776 79, 642 109,105 109, 277 203, 725 Cost of redemption 137, 058 15,808 28,504 11,121 14, 949 5,782 7,459 23, 973 4f" 2,746 6,691 4,256 11,480 Total current expenses. 29, 691,113 2, 232,109 7, 052,465 2,197,891 2, 785, 979 1, 587, 244 1, 513, 239 4, 092, 369 1,438, 418 1,022,009 1,830,833 1, 384, 876 2, 553, 681 PROFIT AND LOSS ,ACCOUNT Earnings $70,955,496 $5,160,831$19,314,279$6,076,048$6,986, 580$3, 299, 609$4,116,049$9,889, 451$3 247,936$1,926,031$2, 976, 576$2,496, 030$5, 466, 076 Current expenses 29,691,113 2, 232,109 7,052,465 2,197,891 2, 785,979 1, 587, 244 1,513, 239 4,092, 369 438, 418 1,022, 009 1, 830, 833 1,384, 876 2, 553, 681 Current net earnings 41,264, 383 2,928, 722 12, 261,814 3, 878,157 4, 200, 601 1, 712, 365 2, 602, 810 5,797, 082 1809, 518 904, 022 1,145, 743 1,111,154 2, 912, 395 Additions to current net earnings: Withdrawn from reserve for probable losses 250,000 250, 000 All other 705,803 19, 752 546,928 1,181 175 625 5,360 8,050 16,815 22, 137 77, 392 4,844 2,544 Total additions 955,803 19,752 546,928 1,181 175 625 5,360 8,050 16, 815 22,137 77,392 254, 844 2,544 Deductions from current net earnings: Bank premises—depreciation 1,952, 071 122, 048 397,661 273, 532 201, 529 85, 828 233, 682 190, 022 91, 982 168,188 46, 535 141,064 Furniture and equipment 537, 550 28,176 70,958 47, 294 42,988 24, 272 38, 225 59, 750 98,175 24, 733 40,911 36, 810 25, 258 Reserve for probable losses 883, 000 696, 500 31, 500 155, 000 Reserve for self insurance . 1788, 322 68,298 20, 024 100,000 350,000 250, 000 500, 000 500 000 Allother 656, 502 32,116 8,601 30, 056 158, 790 44, 964 9,099 55, 535 247, 252 14, 682 450 12, 262 42, 695 Total deductions 5,817,445 182,340 545, 518 77, 350 495, 334 370, 765 1179, 652 380, 467 940, 449 131,397 209, 549 595,607 709,017 Net deductions from current net earnings 4,861, 642 162, 588 2 1,410 76,169 495,159 370,140 1174, 292 372, 417 923, 634 109, 260 132,157 340, 763 706, 473 Net earnings available for dividends, surplus, and franchise tax 36, 402, 741 2, 766,134 12, 263, 224 3, 801, 988 3, 705, 442 1,342,225 1428, 518 5,424, 665 885, 884 794,762 1,013, 586 770, 391 2, 205,922 Dividends paid 9, 583, 913 634,112 3, 544, 314 938, 312 910, 007 368.601 321, 696 1,170, 363 319, 231 184,030 256,549 266,613 670,085 Transferred to surplus account 22, 535, 597 2,132, 022 8, 718, 910 2, 863, 676 2, 795, 435 97, 362 303, 032 3,651, 464 56, 665 61, 073 75, 704 244, 417 1, 535, 837 Franchise tax paid United States Government—. 4, 283, 231 876, 262 803, 790 602, 838 509, 988 549, 659 681, 333 259, 361 _ ... REIMBURSABLE EXPENDITURES OF FISCAL AGENCY DEPARTMENT Salaries $121, 566 $6, 868 $13, 483 $10,131 $15, 914 $5, 233 $5,130 $7,886 $10, 248 3 $13, 607 $19, 056 $8,800 $5, 210 All other _. 29,109 1,204 4,198 808 1,857 1, 894 1,235 6,829 2,498 3,795 1,629 1,210 1,952 Total 150,675 8,072 17,681 10,939 17,771 7,127 6,365 14,715 12, 746 17, 402 20, 685 10,010 7,162 1 Other than those connected with governors' and agents' conferences and of the advisory council. 2 Net addition. 3 includes $4,500 officers' salaries. Black figures—See Annual Reports for 1928 (Table 84), 1927 (Table 75), 1926 (Table 68), and 1925 (Table 67 and Part II, Table 5). Or Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

156 ANNtJAL REPORT OF THE FEDERAL RESERVE BOARD CONDITION OF ALL BANKS IN EACH DISTRICT No. 81.—ALL BANKS—TOTAL LOANS AND INVESTMENTS OF MEMBER AND NONMEMBER BANKS, 1923-1929 [In millions of dollars] Date* ba A n l k l s b M a b e n e m k r s - I 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 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.... 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 L3,187 8,071 5,116 3,334 2,031 1,303 Dec. 3L._. 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 1928—June 30.... 6,644 2,642 4,002 18,202 11,098 7,104 4,365 2,656 1,709 Dec. 31.... 6,649 2,571 4,078 18. 776 11,593 7,183 4,395 2,666 1,730 1929—June 29 6,818 2,613 4,205 18, 898 11, 775 7,122 4,460 2,710 1,750 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 ,204 1,020 1,490 978 512 1924—June 30. 4,050 2,827 1,223 2,237 L, 193 1,044 1,454 934 520 Dec. 3k. 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 L,252 1,081 1,696 1,081 615 Dec. 31.. 4,358 3,045 1,313 2,392 ,290 1,102 1,994 1,242 752 1926—June 30. 4,487 3,161 1,326 2,401 ,281 1,120 1,849 1,172 677 Dec. 31.. 4,481 3,133 1,348 2,395 ,275 1,120 1,787 1,158 629 1927—June 30. 4,635 3,267 1,368 2,423 ,311 1,112 t, 72G 1,141 585 Dec. 31.. 4,689 3,296 1,393 2, 517 ,362 L, 155 I, 754 1,165 589 1928—June 30.. 4,898 3,448 1,450 2,531 1,344 1,187 1,753 1,173 579 Dec. 31.. 4,854 3,414 1,440 2,522 1, 338 1,183 1,749 1,188 560 1929—June 29.. 4,927 3,488 1,439 2,501 1,329 1,172 1,734 1,177 558 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 1,157 721 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 Dec. 31.. 7,174 4,543 2,631 2,059 1,313 746 1,495 862 1927—June 30. 7,407 4,712 2,695 2,096 1,337 759 1,485 851 634 Dec. 31.. 7,495 4,859 2,636 2,128 1,377 752 1,527 897 630 1928—June 30. 7,826 5,118 2,709 2,141 1,384 756 1,549 909 640 Dec. 31__ 7,904 5,163 2,741 2,163 1,406 757 1,555 933 622 1929—June 29.. 7,958 5,052 2,906 2,099 1,341 757 1,539 923 616 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 1928—June 30.. 1,893 1,224 669 1,163 916 248 4,300 3,149 1,151 Dec. 31.. 1,929 1,250 679 1,247 993 254 4,523 3,169 1,354 1929—June 29.. 1,881 1,241 640 1,217 957 260 4,443 3,105 1,338 1 Dates of reports of member banks; figuresf or nonmember banks are from reports of nearest available date. NOTE.—Table covers following classes of banks: National banks, State commercial banks and trust companies, mutual and stock savings banks, and private banks under State supervision. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

157 ALL BANKS IN EACH DISTRICT No. 82.—ALL BANKS—TOTAL LOANS OF MEMBER AND NONMEMBER BANKS, 1923-1929 [In millions of dollars] All M b e e m r - mem- All M b e e m r banks banks ber banks Datei banks Boston district New York district Philadelphia district i 1923—June 30, 3,064 1,444 1,620 7,777 5,017 2,760 1,806 ,174 632 Dec. 31. 3,115 1,440 1,675 7,881 5,066 2,815 1,879 L, 190 1924—June 30. 3,220 1,443 1,777 8,492 5,404 3,088 1,939 1,240 Dec. 31. 3,333 1,504 1,829 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 ,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 ,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 1,744 2,186 11,388 7,026 4,362 2,504 J,604 900 Dec. 31. 4,021 1,765 2,256 12,166 7,789 4,377 2,592 1,616 976 1928—June 30. 4,226 1,849 2,377 12,605 7,759 4,846 2,636 1,690 946 Dec. 31. 4,271 1,824 2,446 13,435 8,404 5,031 2,747 1,745 1,002 1929—June 29. 4,434 1,871 2,563 13, 801 8,769 5,031 2,859 1,832 1,027 Cleveland district Richmond dis 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 3,098 2,179 919 1,841 1,014 827 1,373 885 488 1928— D D Ju e e n c c . . e 3 3 3 1 1 0 . . . 3 3 3 , , , 2 2 1 3 7 0 7 0 9 2 2 2 , , , 2 1 2 6 6 9 6 2 1 9 9 9 7 8 3 2 8 9 1 1 1 , , , 8 8 8 7 8 7 9 1 1 1 1 1 , , , 0 0 0 2 2 2 2 1 8 8 8 8 6 5 4 1 7 3 1 1 1i, , , 3 3 tQj 4 7 ofi 6 8 yQ o c 9819 o c 05 c o 4 4 4 5 6 8 1 8 1 1929—June 29. 3,380 2,376 1,004 1,865 1,010 855 1,345 898 447 Chicago district St. Louis district Minneapolis district 1923—June 30. 4,764 2,880 1,885 1,428 819 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 1,106 597 609 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 1,537 930 607 956 531 425 Dec. 31. 5,583 3,519 2,064 1,546 953 592 955 547 408 1928—June 30. 5,810 3,698 2,113 1,535 942 593 947 544 403 Dec. 31. 5,933 3,812 2,121 1,546 954 592 951 560 391 1929—June 29. 6,046 3,792 2,254 1,531 937 594 945 559 387 Kansas City district Dallas district San Francisco district 1923—June 30... 1,547 886 661 792 601 .91 2,431 1,740 691 Dec. 31... 1,496 849 647 830 649 181 2,478 L,686 792 1924—June 30... 1,423 800 623 801 597 204 2,527 ,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 ,848 844 Dec. 31... 1,432 805 627 875 668 207 2,821 ,937 884 1926-June 30... 1,418 812 606 855 650 205 2,877 L.952 925 Dec. 31... 1,374 111 597 841 652 189 2,962 2; 067 895 1927—Juno 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 1928—June 30... 1,336 789 547 895 692 203 2,977 2,144 833 Dec. 31... 1,332 803 530 938 736 201 3,107 2,109 1929—June 29... 1,310 810 499 914 705 209 3,082 2,099 1 Dates of reports of member banks; figures for nonmember banks are from reports of nearest available date. NOTE.—Table covers following classes of banks: National banks, State commercial banks and trust Digitized focr oFmRpAanSieEs,R m utual and stock savings banks, and private banks under State supervision, http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

158 ANNtTAL REPORT OF THE FEDERAL RESERVE BOARD No. 83.—ALL BANKS—TOTAL INVESTMENTS OF MEMBER AND NONMEMBER BANKS, 1923-1929 [In millions of dollars] Date1 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 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 e o 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 1,389 789 600 Dec. 31. 1,874 577 1,297 4,399 2,428 1,971 1,345 779 566 1924—June 30. 1,920 610 1,310 4,695 2,667 2,028 1,395 791 604 Dec. 31. 1,952 630 1,322 5,084 2,946 2,138 1 ARQ CSrt 589 1925—June 30. 1,993 632 1,361 5,041 2,898 2,143 1,494 868 626 Dec. 31. 2,023 670 1, 353 4,888 2,785 2,103 1,447 852 595 1926—June 30. 2,112 719 1,393 5,055 2,910 2,145 1,485 845 640 Dec. 31. 2,123 720 1,403 4,935 2,806 2.129 1.487 862 625 1927—June 30. 2,269 792 1,477 5,305 3,100 2,205 1,611 927 684 Dec. 31. 2, 345 817 1, 528 5, 336 3.158 2,178 1,650 972 678 1928—June 30. 2,418 793 1,626 5,598 3,340 2,258 1,729 966 763 Dec. 31. 2,378 747 1,632 5,341 3,189 2,152 1,649 921 728 1929—June 29. 2,384 742 1,642 5,097 3,006 2,091 1,601 878 723 Cleveland district Richmond district Atlanta district 1923—June 30. 1,304 897 407 525 259 266 244 182 62 Dec. 31. 1, 290 884 406 512 257 255 251 185 1924—June 30. 1,370 950 420 496 240 256 233 170 Dec. 31. 1,436 1,019 417 528 263 265 250 182 1925—June 30. 1,436 1,010 426 530 262 284 204 80 Dec. 31. 1,399 985 414 529 260 347 247 100 1926—June 30. 1,449 1,025 424 536 265 271 331 233 Dec. 31. 1,414 989 425 530 264 266 329 231 1927—June 30. 1,538 1,089 449 582 297 285 353 256 97 Dec. 31. 1,588 1,135 454 646 334 312 384 276 108 1928—June 30. 1,660 1,182 479 650 324 326 375 263 112 Dec. 31. 1,575 1,123 452 643 317 326 402 293 109 1929—June 29. 1,547 1,112 435 636 319 317 389 279 110 Chicago district St. Louis district Minneapolis district 1923—June 30. 1,409 1,026 383 455 336 119 333 206 127 Dec. 31. 1,391 1,028 363 444 329 115 340 208 132 1924—June 30. 1,448 1,059 389 423 314 109 337 213 124 Dec. 31. 1,627 1,179 448 462 339 123 424 276 148 1925—June 30. 1,661 1,189 472 489 350 139 465 291 174 Dec. 31. 1,679 1,202 | 477 503 359 144 489 307 182 1926—June 30. 1,735 1,205 530 511 368 143 509 313 197 Dec. 31. 1,676 1,154 522 517 366 151 499 308 192 1927—June 30. 1,832 1,251 j 581 558 406 152 528 320 209 Dec. 31. 1,911 1,339 i 572 583 423 L59 571 350 222 1928—June 30. 2,016 1, 420 i 596 605 442 163 601 365 237 Dec. 31. 1,971 1,350 | 620 617 452 166 605 373 232 1929—June 29. 1,912 1,260 I 652 568 405 L63 594 364 230 Kansas City district Dallas district San Francisco district 1923—June 30. 333 259 74 161 144 866 592 274 Dec. 31. 329 247 82 186 161 864 562 302 1924—June 30. 314 238 76 161 135 863 575 288 Dec. 31. 361 278 83 170 144 979 677 302 1925—June 30. 394 310 84 178 153 1,001 697 304 Dec. 31. 416 327 89 194 163 1,051 732 319 1926—June 30. 430 345 85 189 158 1,060 736 324 Dec. 31. 454 359 95 189 156 1,107 776 331 1927—June 30. 476 377 99 211 177 1,128 827 301 Dec. 31. 515 408 107 245 204 1,267 943 325 1928—June 30. 557 436 122 268 224 1,323 1,005 318 Dec. 31. 596 447 149 310 257 1,416 1,060 356 1929—June 29. 571 430 141 302 251 1,361 1,007 355 1 Dates of reports of member banks; figures for nonmember banks are from reports of nearest available date. NOTE.—Table covers following classes of banks: National banks, State commercial banks and trust Digitized focro FmRpaAnSieEs,R m utual and stock savings banks, and private banks under State supervision. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANKS IN EACH DISTRICT 159 No. 84.—ALL BANKS—DEPOSITS (EXCLUSIVE OF INTERBANK DEPOSITS) OF MEMBER AND NONMEMBER BANKS, 1923-1929 [In millions of dollars] ba A n l k l s M ba b e n e m k r s - m b N e a m o n n k b - e s i ba A n l k l s b M a b e n e m k r s - m b N e a m o n n k b - s er ba A n l k l s b M a b e n e m k r s - m b N e a m o n n k b - s er Date* Boston district New York district Philadelphia district 1923—June 30. 4,581 1,830 2,751 11,415 6,800 4,615 2,776 1,657 1,119 Dec. 31. 4,688 1,880 2,808 11,986 7,433 4,553 2,898 1,727 1,171 1924—June 30. 4,868 1,939 2,929 12,997 7,952 5,045 2,971 1,757 1,214 Dec. 31., 5,033 2,051 2,982 13, 564 8,817 4,747 3,166 1,894 1,272 1925—June 30. 5,220 2,114 3,106 14,362 8,866 5,496 3,279 1,960 1,319 Dec. 31.. 5,402 2,245 3,157 14,414 9,469 4,945 3,451 2, 077 1,374 1926—June 30. 5,580 2,297 3,283 15,000 9,206 5,794 3,479 2,094 1,385 Dec. 31.. 5,594 2,286 3,308 15,168 9.701 5, 467 3,602 2,166 1,436 1927—June 30. 5,811 2,359 3,452 L6,261 10,002 6,262 3,646 2,187 1,459 Dec. 31.. 6,009 2,444 3. 565 16,312 10, 021 6.291 3,787 2, 243 1,543 1928—June 30.. 6,106 2,351 3, 7-55 16, 614 9,982 6,632 3,764 2,232 1,532 Dec. 31.. 6,225 2,397 3,828 L8,915 12,140 6,776 3,874 2,287 1,587 1929—June 29.. 6,209 2,297 3,912 17, 028 10,351 6,677 3,760 2,251 1,509 Cleveland district Richmond district Atlanta district 1923—June 30 3,596 2,447 1,149 1,927 988 939 1,305 818 487 Dec. 31 3,662 2,494 1,168 2,041 1,044 997 1,411 880 531 1924—June 30 3,809 2,605 1,204 1,982 1,018 964 1,365 852 513 Dec. 31 3,855 2,637 1, 218 2,103 1,092 1,011 1,553 953 600 1925—June 30 4,043 2,782 1,261 2,083 1,090 9U3 1,704 1,027 677 Dec. 31 4,079 2,805 1,274 2,217 1,157 1.060 2, 107 1,220 887 1926—June 30._ 4,227 2,930 1,297 2,170 L, 138 1,032 1,805 1,108 697 Dec. 31 4,146 2,883 1,263 2, 222 , 164 1,058 1,741 1,092 649 1927—June 30 4,332 3,035 1,297 2,244 1,193 1,051 1,674 i 1,066 608 Dec. 31 4,355 3, 029 1.326 2,378 1, 242 1,136 1.736 1.104 632 1928—June 30 4,498 3,139 1, 359 2,284 1,188 1,096 1, 640 | 1,072 568 Dec. 31 4,526 3,165 1,361 2, 351 1,214 1,137 1,673 1,093 580 1929—June 29 4,523 3,190 1,333 2,255 1,166 1,089 1,581 1,041 540 Chicago district St. Louis district Minneapolis district 1923—June 30. 5,870 3,570 2,300 1,727 980 747 1,570 816 754 Dec. 31. 5,963 3,620 2,333 1,737 1,016 721 1,538 807 731 1924—June 30. 5,121 3,765 2,357 1,720 ,014 706 1,481 805 676 Dec. 31. 6,448 4,006 2,442 1,873 ,121 752 1,596 876 720 1925—June 30. 5,740 4,188 2,552 1,904 ,097 807 1,602 871 731 Dec. 31. 6.858 4,288 2,570 2,031 1,182 849 1,622 880 742 1926—June 30. 7,009 4,344 2,665 1,985 , 171 814 1,576 861 715 Dec. 31. 6,972 4,318 2,654 1,965 L, 186 779 1, 526 847 679 1927—June 30. 7,171 4,465 2,705 1,976 ,187 789 1,507 842 665 Dec. 31. 7,327 4,649 2,679 2,053 1,250 803 1,560 886 674 1928—June 30. 7, 517 4,806 2,712 2,002 ,215 787 1,567 895 673 Dec. 31. 7,667 4,914 2,752 2,045 ,256 788 1,596 929 666 1929—June 29. 7,543 4,721 2,822 1,911 L, 177 733 1, 547 904 642 Kansas City district Dallas district San Francisco district 1923—June 30, 1,814 1, 046 768 851 645 206 3,253 2,272 981 Dec. 31. 1,765 1,021 744 1,059 779 280 3,424 2,292 1,132 1924—June 30. 1,732 1,013 719 917 676 241 3,441 2,315 1,126 Dec. 31. 1,901 1,082 819 1,075 795 280 3,667 2,511 1,156 1925—June 30. 1,922 1,113 809 1,006 764 242 3,747 2,568 1,179 Dec. 31. 1,950 1,140 810 1,099 822 277 3,994 2,744 1,250 1926—June 30. 1,920 1,154 766 1,008 761 247 3,973 2,716 1,257 Dec. 31. 1,924 1,148 776 1,053 800 253 4,116 2,883 1.233 1927—June 30. 1,916 1,158 758 1,049 800 249 4,073 2,974 1,099 Dec. 31. 1,957 1,185 773 1,182 897 285 4,253 3,114 1,139 1928-June 30. 1,962 1,208 755 1,146 885 261 4,297 3,160 1,137 Dec. 31. 2,028 1,241 787 1,290 989 301 4,576 3,200 1,376 1929—June 29. 1,929 1,207 722 1,177 911 266 4,391 3,068 1,323 1 Dates of reports of member banks; figures for nonmember banks are from reports of nearest available date. NOTE.—Table covers following classes of banks: National banks, State commercial banks and trust companies, mutual and stock savings banks, and private banks under State supervision. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

160 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD CONDITION OF ALL BANKS, BY STATES No. 85.—ALL BANKS—TOTAL LOANS AND INVESTMENTS, BY STATES, 1924-1929 [In millions of dollars] 1924 1925 1926 1927 1928 1929 State June 30 June 30 Dec June 30 Dec. 31June 30 Dec. 31June 30 Dec. 31June 29 United States.— 45,179.8 48,830. 2 50,603. 3 51,561. 9 52, 018. 53, 750. 9 55, 450.5 57,265. 3 58,266.4 58, 474. 0 New England: Maine^ 352.4 363.8 371.8 389. 2 394.6 410.0 411.5 428. 2' 427.3 437.0 New Hampshire- 245.3 255.7 258.5 269.9 270.4 282.5 283.6 301.0; 302. 8 312.5 Vermont 205.3 217.4 219.8 227.2 227.9 235.5 239.3 251.11 254.0 256.6 Massachusetts. - 3,174.7 3,443. 3 3, 569. 33,683.9 3,699.7 3,862. 9 3,959.9 4,137. 8 4,125.1 4, 256. 8 Rhode Island... 426.2 456.2 468.5 479. II 495. 0 513.5 525.1 537.4i 537. 2 533. 6 Connecticut 938.1 1, 009.9 1, 052.9 1,088.7 1,101.0 1,159.1 1,224. 6 1,282. l! 1,302.5 1, 334. 4 Middle Atlantic: New York 11,633.8 12, 647. 8 13, 086.113, 437. 5 13, 711. 6! 14, 581.1 15, 290.4 15, 880. 7 16,438.0 1>6, ,563. 2 New Jersey 1,652.6 1,867.0 1,979.8 2,073.1| 2,175.5 2,255.4 2,351.5 2,451.9 2,463.2 2, 449. 5 Pennsylvania... 4,551.1 4,916.8 5,052.5 5,181.4| 5,284.1 5.406.5 5,557.2 5,742.6! 5,742.0 5, 794. 6 East North Central: Ohio 2,190. 2 2,349. 2 2,379.1 2,466.oj 2,451. 2, 552.1 2, 562. 62,684.5? 2,662.8 2, 715. 1 Indiana 770.8 803.4 832.1 ~ »19.33; 868 875.9 890. 2! 897.3 896.3 Illinois 3,079. 4 3,348. 6 3,444.1 3, 515.1 3, 516. 3, 710. 43,885.5; 3,918.3 3,918. 5 Michigan 1,386.1 1,599. 7 1, 659. 3 1, 736. 2 1, 860.9 l,986.l| 2,019.5 2, 070. 0 Wisconsin 773.0 813.9 834.9 874.7 905.9 938. 51 943.1 953.0 West North Central: Minnesota 875. 3 934. 2 940.1 923.1 902.6| 896.1 922.4 926.7 915.3 915. 7 Iowa 911.0 886.6 856.6 836.4 791. 1 783. 3 786.8 788.0 791.4 797.3 M No is r s th o u D ri akota... 1 , , 1 11LO 3 44 L 99 1 . . . 3 O99 1,2 1 1 5 7 2 . . 7 9 1, 2 1 7 5 2 4 . . 6 3 1,2 1 5 48 4 . . 0 3 1,2 1 3 3 7 5. . 7 O 7]] j 1,2 1 4 2 2 9 . . 3 1 1, 1 2 2 6 8 9 . . 0 8 1, 1 2 2 6 5 7 . . 3 0 1, 1 2 2 7 4 6 . . " 01, 1 1 1 7 4 5 . . 7 8 South Dakota... 163. 8 163. 5 146.9 144. 5 123. 0 120. 3 126.8 132.0 136.7 136. 1 Nebraska 398. 6 424.3 430.8 419.1! 412.7 404.6 411.0 399.6 408.1 385. 4 Kansas 378. 5 401.5 409. l| 408. 4| 404. 5 400. 7 400.6 407.1 417.4 412.9 South Atlantic: Delaware.. 104. 4! 112.2 114.8 119.0 123. , 131.6 136.3 144.0 149.5 167. 9 Maryland 650. 2 719.9 745. 749. 9, 769. 8 788.5 837.6 820.4 834.5 845. 1 District of Columbia 195. 4! 218.8 230. 8' 232. 2 232. 8! 241.5 236.5 254.5 253.1 256. 0 Virginia 506.6 515.3 536. 9i 532. 5j 531.3! 536.5 560.0 562.7 563.0 554.3 West Virginia... 367.8 360.7 366.3 366. % 364. 0 365.4 364.5 363.8 360.7 357.6 North Carolina- 368.5 380.0 383.9 397. 4 392. 9! 387.8 408.0 416.2 408.2 390.4 South Carolina.. 224.9 215.4 205.7 201. ll 181. 6i 180.8 190.2 195.9 184.5 181.0 Georgia 353.3 360.6 367.8 374. 2| 346. 2 352.2 360.6 371.6 355.7 352.4 Florida 252.3 435.5 652.1 501. 7 460.6 401.9 376.6 357.9 334.9 311.5 East South Central: Kentucky 430.2 444.2 453.4 461. 2; 465.2 504.4 514.0 533.7 546. 560.3 Tennessee— 370.5 372. 1 390.6 391. 3| 393.7 383.3 400.5 407.6 413.0 432.0 Alabama 233.5 248.8 261.9 269. 2 267.3 272.0 289.7 301.7 312.1 306. 9 Mississippi 182.0 194.4 207.3 217. Oj 206.0 212.6 225.1 223.7 220.2 222.3 West South Central: Arkansas 192.5 201.3 207.9 213.8 198.6 198.8 199.4 204.7 202.4 208.2 Louisiana 348.8 371.8 422.3 405.6 417.4 397.4 413.1 402.0 429.4 426.9 Oklahoma 310.0 335.3 348.7 367. 7j 356.1 370.7 379.6 395.2 404.8 409.9 Texas 833.5 891.3 935.5 92a lj 904.6 942.8 1, 008. 01,032. 2 1,105.8 1, 071. 6 Mountain: Montana 105.6 118.2 122.4 123. 9j 129.3 130.2 140.9 147.6 158.9 150.6 Idaho 70.0 69.7 73.6 73.3 76.7 73.2 78.3 79.0 82.2 77.2 Wyoming 61.8 49.2 51.4 50.3 52.4 51.8 54.6 55.3 59.7 58.5 Colorado 260.2 271.2 258.7 256.6 262.4 256.1 264.2 266.1 272.6 265.4 New Mexico 30.9 27.2 26.8 29.0 31.0 31.8 35.4 37.5 41.0 40.7 Arizona 58.7 59.6 56.7 57.6 58.3 61.9 66.4 75.4 81.3 84.9 Utah 122.3 129.2 137.5 135.5 143.4 140.8 152. 2 152.3 160.2 158.0 Nevada.. _ 30.4 32.2 34.0 34.8 35.2 35.7 35.9 37.7 38.9 40.5 Pacific: Washington 357.1 379.5 388.6 398.4 401.1 406.6 423.1 439.8 448.6 447.3 Oregon 237.5 243.4 249.5 253.1 254.0 253.0 260.7 262.2 263.1 260.0 California 2, 533. 52, 799. 52,953. 2 3,004. 2 3,121. 3 3,128. 2 3,234.9 3,281.1 3,478.2 3, 407. 7 Back figures.—See Annual Report for 1927 (Table 81). NOTE.—For classes of banks included see note to Tables 81-84. Figures for member banks are for dates specified; for nonmember banks, for nearest date for which reports are available. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANKS, BY STATES 161 No. 86.—ALL BANKS—TOTAL LOANS, BY STATES, 1924-1929 [In millions of dollars] 1924 1925 1926 1927 1928 1929 State June 30 June 30 Dec. 31 June 30 Dec. 31 June 3 Dec. 3 June 30 Dec. 3] June 29 United States 31,523.133,865.435,640. C36,157.436,758. £ 37,360. 38,407. 39,464.140,762.741,511.8 New England: Maine 167.4 176.1 179.8 183.8 187.6 196. 194. 209 J$| 214. C 230.3 New Hampshire 120.9 126.4 127. S 131.1 131.5 140. 140. 147.'r| 149.3 157.7 Vermont 144.3 149. C 148.4 152.4 151.4 155. 151. 156. 158.8 162.1 Massachusetts-_ 2,168.0 2,399. 2 2,501. 7 2, 560.6 2,581. 2j 2, 637. 2,691. 2,831.*I 2,844.7 2, 947. 5 Rhode Island 216.7 233.0 246.7 258.8 265.81 274. 276. 285.] 290.0 306.6 Connecticut 502.0 557.9 595.5 615.5 620.1 658. 702. 738. (> 764.4 794.8 Middle Atlantic: New York 7, 620.6 8,345.3 8,942. 6 9,146.1 9,549. 210,081. 10, 787. 11,148. t$11,931.612, 281. 7 New Jersey 970.1 1,130. 7 1, 232. 9 1,315.6 1,412.8 1,464.8 1, 535.8 1,607.4 1,650.1 1, 654. 2 Pennsylvania... 2,549. 7 2, 785. 3 2,994. 2 3, 068. 9 3,193.8 3,136. 3, 206. 3,309.£ 3,433.1 3, 568. 2 East North Central: Ohio 1,619.7 1, 754.1 1,804. 9 1,857. 6 1,857. 5 1,895.8 1, 906.2 1,968. g! 1,985.6 2, 030. 2 Indiana. 594.0 618.0 641.0 676.1 676.2 673.8 658.7 662.5 664.5 670.5 Illinois 2, 281.0 2,479. b 2, 560.1 2, 606.8 2, 651. 4 2,694.2 2, 714.3 2,831.8 2,902.8 2,951.6 Michigan . 1,001.0 1,115.3 1,177. a 1,248.0 1,279.7 1,328.4 1,330.7 1,424.3! 1,455.7 1,515 1 Wisconsin . 591.8 602.5 606.1 625.8 625.2 633.4 618.3 642.8 657.3 676. 3 West North Central: Minnesota . 646.7 630.5 622.4 589.9 580.3 546.6 549.9 539.0 538.3 541.5 Iowa 832.6 784.3 761.8 733.9 695.5 676.0 678.2 670.4 670.8 668.4 Missouri 870.9 901.3 949.2 921.4 906.5 891.1 902.9 885.4 881.4 835.1 North Dakota. _ 132.1 117.8 114.5 113.0 103.0 99.9 93.3 91.1 88.6 83.2 South Dakota... 148.8 137.0 123.1 114.7 94.3 91.0 93.3 94.3 95.8 95.4 Nebraska 358.8 367.6 371.7 360.5 351.0 338.7 335.3 308.3 312.9 291.8 Kansas. 325.0 325.9 328.8 331.6 318.4 311.5 303.0 298.4 298.3 295.6 South Atlantic: Delaware 59.6 63.8 67.6 69.5 73.2 78.4 83.2 92.6 98.2 119.3 Maryland- ... 394.7 429.3 462.3 465.3 488.6 476.4 493.0 484.4 502.6 515.9 District of Columbia 140.1 157.7 169.8 171.3 174.4 181.8 176.7 190.4 190.8 194.3 Virginia 435.9 446.1 465.6 457.9 455. 9 457.2 469.8 467.6 466.8 456.1 West Virginia... 303.6 301.5 309.2 305. 5 306.5 299.9 299.9 294.9 294.4 288.6 North Carolina. 331.2 344.9 348.2 357.2 353.0 342.4 348.6 358.9 349.4 335.5 South Carolina.. 194.7 184.4 170.5 169.7 148.5 144.1 144.4 147.6 138.8 138.9 Georgia. 319.8 320. i 324.5 326.6 298.8 297.8 295.3 312.8 287.9 295.8 Florida 189.7 335. 2 509.8 379.8 343.3 278.4 252.0 235.5 213.0 190. 1 East South Central: Kentucky. 343.5 356.1 364.1 371.1 371.8 392.2 395.5 404.4 416.5 434.6 Tennessee 322.5 327.5 344.1 344.2 345.6 334.2 344.7 343.8 348.3 356.8 Alabama 192.0 206.0 213.4 223. 5 219.2 221.7 231.7 243.7 251.2 249.4 Mississippi 147.8 154.6 163.4 173.3 160.9 163.1 172.3 172.2 166.8 170.1 West South Central: Arkansas 170. 5 175.4 182.2 186.9 173.8 170.5 166.7 167.6 160.2 164.4 Louisiana 301.8 321.6 360.6 341.4 354.0 331.4 336.1 330.6 340.1 345.7 Oklahoma . _ 243.3 247.4 244.9 255.7 236.5 245.4 246.0 255.1 255.4 262.2 Texas... 691.6 734.2 766.5 754.1 740.5 756.2 793.4 793.6 831.4 803.4 Mountain: Montana 78.5 78.8 78.3 80.6 81.3 83.8 88.1 94.5 100.1 94.2 Idaho... 53.7 50.4 50.6 49.4 49.8 47.8 48.6 48.0 49.5 48.5 Wyoming 52.9 38.2 38.7 37.4 38.1 37.4 38.4 39.0 40.3 40.3 Colorado 178.8 178.3 169.4 162.9 166.1 159.4 164.3 165.8 173.6 171.4 New Mexico 26.1 21.4 19.5 20.4 20.7 20.3 22.8 23.8 26.2 25.9 Arizona. 46.8 45.6 43.2 42.9 40.2 42.5 44.2 51.2 51.8 54.3 Utah 95.4 100.5 108.9 106.5 114.3 111.5 122.5 119.4 123.5 122.0 Nevada. 23.8 25.2 26.9 27.1 27.5 27.9 27.8 28.7 29.8 30.8 Pacific- Washington 247.1 251.2 257.6 264.5 260.0 261.1 262.5 275.8 278 5 286.3 Oregon . .1 165.9 162.0 163.9 168.0! 162.4 160.9 149.6 147.6 145.7 145.4 California 1, 909.6 2,071.0 2,185.6 2, 232.5 2,321. 7 2,312.7 2,318. 6 2,322.6 2,444 1 2,413. 6 Back figures.—See Annual Report for 1927 (Table 82). NOTE.—For classes of banks included see note to Tables 81-84. Figures for member banks are for dates specified; for nonmember banks, for nearest date for which reports are available. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

162 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No. 87.—ALL BANKS—INVESTMENTS, BY STATES, 1924-1929 [In millions of dollars] 1924 1925 1926 1927 1928 1929 State June 30June 30 Dec. 31June 30 Dec. 31June 30 Dec. 311 June 30 Dec. 31June 29 United States.. 13,656. 6 14,964.8 14,963. 3|15,404. 5 15,259.5 16,390.7 17,043.4 17,801. 2 17,503.7 16,962. 2 New England: Maine 185.0 187.7 192.0| 205.4 217.0 218.3 213.3 206.7 New Hampshire 124.4 129.3 130. 6 138.8 143. 6 153.2 153.5 154.8 Vermont. 61.0 68.4 71.4 74.8 87. 7 j 95.0 95.2 94.6 Massachusetts.. 1,006. 71,044.1 1,067.6 ,123.3 l,268.9j 1,305.9 1,280.4 1,309. 3 Rhode Island... 209.5 223.2 221.8 220.3 248.6 252.3 247.2 226.9 Connecticut 436.1 452.0 457.4 473.2 522.11 543.5 538.2 539.5 Middle Atlantic: New York 4,013.2 4,302.5 4,143.5 4,291.4 4,162.4 4,502.71 4,732.1 4,506.4 4, 281. 4 New Jersey 682.5 736.3 746. 9! 757. 5 762.7 815.7! 844.5 813.1 795.3 Pennsylvania... 2,001.4 2,131.5 2,058.3 2,112.5 2,090.3 2,350.51 2,433.0 2,308.9 2, 226. 4 East North Central: Ohio..... 570.5 595.1 574.2 608.4 594. 41 656. 4 715.7 677.2 684.9 Indiana 176.8 185.4 191.11 193.2 192. 5 217.2 227.7 232.8 225.8 Illinois 798.4 869.0 884.0| 908.3 865. 51 996.1 1,053.7 1,015.5 967.0 Michigan 385.1 484.4 481.9 488.2 481.3 530.2 561.9 563.8 554.9 Wisconsin 181.2 211.4 248.9 251.1 287. 295.8 285.9 276.7 West North Central: Minnesota 228.6 303. 7 317. 7 333.2 322.3 372.5 387.7 377.0 374.2 Iowa 78.4 102.3 94.8 102.5 95.61 108.6 117.6 120.6 128.9 Missouri.. 260.4 316.4 323.1 332.9 331. 2 366.9 381.5 394.6 340.6 North Dakota... 17.8 35.1 40.1 35.0 32.0 34.7 34.2 36.1 31.5 South Dakota... 15.0 26.5 23.8 29.8 28.7 33.5 37.7 40.9 40.8 Nebraska 39.8 56.7 59.1 58.6 61.71 75.7 91.3 95.1 93.6 Kansas 53.5 75.6 80.3 76.8 86.11 97.6 108.7 119.1 117.3 South Atlantic: Delaware 44.8 48.4 47.2! 49.5 50. 6| 53.1 51.4 51.2 48.5 Maryland 255.5 290.6 283.2| 284.6 281. 2| 344. 6| 336.1 331.9 329.2 District of Columbia 55.3 61.1 61.0 60.9 58.4! 59. 8j 64.1 62.3 61.6 Virginia 70.7 69.2 71.3 74.6 75.4 90. 95.2 96.8 98.2 West Virginia... 64. 59.2 57.1 60.7 57. 5| 64.6 68.9 66.3 69.0 North Carolina. 37.3 35.1 35.7 40.2 39.9! 59.4 57.3 58.8 54.8 South Carolina- 30. 31.0 35.2 31.4 33.11 45.8 48.4 45.7 42.1 Georgia 33.5 40.5 43.3 47.6 47.4 65.3 58.8 67.8 56.7 Florida 62.6 100.3 142.3 121.9 117.3 124.6 122.5 121.9 121.4 East South Central: Kentucky , 86.7 88.1 89.3 90.1 118.4 129.3 130.1 125.7 Tennessee 48.0 44.6 46.5 47.1 56.0 63.9 64. 75.1 Alabama 41.5 42.8 48.5 45.7 57.9 58.0 60.9 57.5 Mississippi 34.2 39.8 43.9 43.7 52.8 51.5 53.4 52.2 West South Central: Arkansas 22.0 25.9 25.7 28.3 32.7 37.1 42.2 43.8 Louisiana 47.0 50.2 61.7 64.2 66.0 77.0 71.4 89.3 81.2 Oklahoma 66.7 87.9 103.8 112.0 125.3 133.6 140.1 149.4 147.7 Texas 141.9 157.1 169.0 166.0 186.6 214.6 238.5 274.4 268.2 Mountain: Montana 27.1 39. 4| 44.1 43.3 52.8 53.1 58.8 56.4 Idaho 16.3 19.3 23.0 23. 29.7 31.0 32. 28.7 Wyoming 8.9 11.0 12.7 12.9 16.2 16.3 19.4 18.2 Colorado 81.4 92.9 89.3 93.7 99.9 100.2 99.0 94.0 New Mexico 4.8 5.8 7.3 8.6 12.6 13.7 14.9 14.8 Arizona... 11.9 14.0 13.5 14.7 22.2 24.2 29.5 30.6 Utah 26.9 28.7 28.6 29.0 29.7 32.9 36.6 36.0 Nevada... 7.0 7.1 7.7 8.1 9.0 9.1 9.7 Pacific- Washington 110.0 128.3 131.0 133.9 160.6 164.0 170.1 161.0 Oregon 71.6 81.4 85.6 85.1 111.1 114.6 117.1 114. 6 California. 623.9 728.5 767.7 771.7 916.3 958.5 1,034.1 994.1 Back figures.—See Annual Report for 1927 (Table 83). NOTE.—For classes of banks included see note to Tables 81-84. Figures for member banks are for dates specified; for nonmember banks, for nearest date for which reports are available. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONDITION OF ALL MEMBER BANKS IN EACH DISTRICT No. 88.—ALL MEMBER BANKS—PRINCIPAL RESOURCES AND LIABILITIES ON CALL DATES, 1921-1929 BOSTON DISTRICT [In thousands of dollars. For back figures see Annual Report for 1927, Table 86] Loans and investments Call date Total Loans Total Inve s U s e t c . m u S r e . i n - ts s O ec th u e ri r - b f a D r n o u k m e s 2 C s p u v u r a a r o i n p p d n f d i d i l e t t u i d a s - s l , 3 , de T p o o t s a i l ts D p e o d m s e it a - s n 4 d p T os d i i e m t - e s 5 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 6 d de e p N m o e s a i t n ts d d de e t p p N m i o m lu e s a i t s e n ts d R e b s e r w F a e a s e e r n i l r v t d k v h e r - s e e- p c r a B o a e y i u d n a l i n d l b s t s l - s e N b b a e u r n m k o - s f ties ties 1921—Dec. 31 1, 728, 951 292, 866 436,085 159, 276,439 328, 859; 1, 667,161 1,093, 535 25,445 139,403 1,120, 719 1, 529,497 110,440 63, 273 436 1922—Mar. 1O.__. 1, 753, 634 297,605 456,029 172, 566 283, 463 81, 926 336, 88O' 1,679,355 1 078, 201 429, 645 29,199 142, 310 1,118, 827 1, 548,472 110,244 37,155 436 June 30 1, 840, 370 290, 819 549, 551 222, 231 327, 320 88, 416 336, 676 1,821,910 1 185, 526 480, 337 14, 363 141, 684 1,197, 925 1, 678, 262 118, 829! 33,601 433 Dec. 29__._ 1, 940, 910 360, 707 580, 203 252, 241 327, 962, 85, 972 341,189 1,923,693 1 234, 774 510, 961 25,124 152, 834 1,255, 210 1, 766,171 129, 0271 59, 859 429 1923—Apr. 3 1,969, 736 395,154 574, 582 247, 503 327, 079| 83, 864 341, 830 1, 929, 943 1 198,935 551, 328i 26, 303 153,3771,223,726i 1, 775, 054 123, 011 63, 903 427 June 30 2, 031, 548 443, 9721 587, 576 257, 459 330,117 79,175 343, 218: 1, 962, 709 12J7,221 574,781 38,182. 132,525 1,234,1011 1, 808, 882 125, 773 71, 377 427 Sept. 14____ 2, 046, 991 466,144 580, 847 253,106 327, 741 79, 873 340, 72611,976,910 1 228, 530 593, 934 20, 803! 133, 643 1,247, 569 i1,841, 503 122, 910 80, 249 421 Dec. 31 2, 017, 467 440, 407 577,060 249,397 327, 663 92, 943 335,621 2, 023,190 1 256, 960 599, 437 23, 552! 143, 241 1,262,126 1, 861, 563 124, 243 74, 200 421 1924—Mar. 31._._ 2,008, 342 441,409 566, 933 237, 550 329, 383| 73, 729 340, 304 1, 990, 907 196 633, 558 21,555! 139, 507 1,213,113 1, 846, 671 121, 920 40, 896 421 June 30 2, 052, 373 442, 660 609, 713 249, 332 360,381! 102, 631 341, 7101 2,103, 255 256| 930 657, 438 25,119 163, 768 1,281, 509 1, 938, 947 130,161 20, 886 421 Oct. 10 2,159, 930 524, 296 635, 634 243, 543 392, 091! 102, 740 347, 7791 2, 220, 595 297, 219 702, 701 41, 814 178, 861 1,340, 766 2,043,467 136, 458 9,842 419 Dec. 31 2,133, 539 503, 933 629, 606 243, 386, 597 102, 551 338, 921 2, 226, 423 1 329, 125 685, 875 36,1501 175, 273 1,349, 294 2, 035,169140,840 39, 777 419 1925—Apr. 6 2,174, 362 547, 736 626, 626 239, 983 386, 643 84, 469 361, 307 2,193,0881, 254, 916 733,041 35, 902i 169, 229 1,294, 818 j2, 027, 859132, 902 41,082 420 June 30 2, 233, 551 601, 878 631, 673 232, 736 398, 937 383, 459 2, 272,117 1 342, 065 758, 742 12, 913 158, 397 1,352, 242j 2,110, 984141,042 55,649 420 Sept. 28____ 2, 304, 449 670,070 634, 379 232, 530 401, 849 87,157 359, 046 2, 303, 432 1 365, 614 762, 858 19,656 155, 304 1,382, 824! 2,145, 682!141, 545 46, 249 420 Dec. 31..._ 2,361, 779 692, 247 669,532 247,490 422,042 104,944 357, 928 2,411,894 1 434, 657 782,875 27,916 166,446 1,427, 788| 2, 210, 663141,116 71,910 420 1926—Apr, 12.... 2, 373, 498 668, 643 704, 855 274, 757 430, 098 90, 542 368, 659 2, 396, 760 1 362, 354 812, 461 53, 727 168, 218 1,386,713 2,199,174 143, 796 31, 261 418 June 30 2,409, 270 690, 063 719, 207 256, 848 462, 359 93, 797 361, 503 2, 459, 050 1 422, 959 844, 070 30, 211 161,8101,407, 219 2, 251, 289145, 607 48,321 416 1 1 9 9 2 2 7 8 — — J J D D O O M F u u e c e c e n n a b t c c t e e . r . . . . . 1 3 3 3 3 3 2 2 _ 0 1 1 0 0 8 3 ____, 2 2 2 2 2 2 2 2 , , , , , , , , 4 4 6 5 5 5 5 5 4 9 3 8 6 2 3 8 7 2 5 1 5 6 8 7 , , , , , , , , 1 1 8 6 6 0 7 6 5 5 3 2 5 0 6 1 5 6 0 2 5 8 7 1 8 8 7 6 7 7 7 7 0 4 4 8 0 4 6 8 6 9 2 5 8 3 5 7 , , , , , , , , 1 1 4 2 6 9 6 2 4 2 9 7 2 4 5 8 3 5 5 8 6 8 1 1 8 8 8 7 7 7 7 7 9 8 9 1 1 1 4 2 1 2 0 9 9 1 7 3 , , , , , , , , 3 4 0 7 6 6 5 8 5 7 2 1 0 6 5 7 8 9 9 9 1 1 2 4 3 2 2 2 2 2 2 2 2 6 6 5 5 6 5 4 3 9 7 0 4 7 5 5 7 , , , , , , , , 4 1 0 6 6 0 7 7 9 8 5 1 9 0 7 3 2 2 7 7 0 6 6 9 | 4 5 5 5 4 5 5 5 4 8 4 6 3 5 1 9 7 2 9 0 7 5 1 3 , , , , , , , , 6 8 0 8 6 2 7 6 0 4 6 6 6 9 5 2 4 4 0 3 0 2 3 2 1 1 8 9 9 8 9 8 1 0 5 2 2 4 4 2 9 3 , , , , , , , , 1 9 1 3 2 9 3 3 0 9 8 7 1 9 0 8 6 3 5 6 8 4 7 2 4 3 4 4 3 3 3 3 9 1 9 8 2 0 6 7 4 5 7 9 4 0 5 9 , , , , , , , , 2 8 4 1 7 6 9 2 0 2 6 7 6 6 4 5 7 9 3 2 4 1 2 5 2 2 2 2 2 2 2 2 , , , , , , , , 4 6 6 5 4 5 5 r 3 » 9 1 5 5 2 4 0 6 3 2 3 4 1 7 , , 0 , , , , , 8 7 4 , 4 5 8 2 4 2 5 4 7 8 7 9 6 9 8 5 4 6 1 9 2 1 1 1 | 1 1 i 1 1 1 1 1 1 ; , , , , 4 4 4 4 3 3 4 3 0 4 0 0 3 2 4 6 7 4 4 3 0 1 4 8 , , , , , , , , 0 2 8 5 3 9 1 1 8 1 7 3 4 8 5 4 8 1 8 9 8 9 8 6 9 9 8 8 9 9 9 9 9 7 3 7 7 9 6 5 3 3 2 3 5 4 0 8 , , , , , , , , 1 0 4 9 0 9 3 5 6 9 9 6 4 6 8 2 8 4 7 3 7 3 7 9 3 2 3 2 2 1 9 2 3 1 5 9 4 , , , , , , ,9 7 1 5 9 2 5 3 2 7 3 6 6 9 2 7 6 9 6 1 1 2 1 1 1 1 1 1 1 7 9 8 9 6 7 0 8 4 5 9 4 1 1 7 5 , , , , , , , , 8 1 2 9 8 8 7 2 4 1 0 3 4 6 1 4 5 2 7 6 7 4 1 4 1 1 1 1 1 1 1 1 , , , , , , , , 4 4 4 4 4 4 3 3 0 8 1 5 8 1 4 6 4 0 9 5 3 1 0 1 , , , , , , , , 1 1 2 5 0 9 2 8 3 6 7 8 2 8 3 9 1 9 0 9 6 9 2 1 2 2 2 2 2 2 2 2 , , , , , , , , 4 4 3 2 3 4 3 2 1 5 7 5 8 6 2 5 3 3 6 2 6 0 2 2 , , , , , , , , 6 6 9 4 4 1 8 2 3 2 9 6 5 3 6 3 5 5 3 1 7 2 4 7 1 1 1 1 1 1 1 1 5 5 4 4 4 4 4 4 7 5 9 9 2 7 0 8 , , , , , , , , 0 4 6 7 9 8 7 2 8 1 0 5 4 2 7 0 7 2 5 5 8 2 8 3 8 3 3 9 5 3 6 6 1 7 2 1 3 7 2 0 , , , , , , , , 4 8 8 0 4 4 7 9 4 2 5 8 8 6 8 7 4 1 0 9 4 7 1 5 4 4 4 4 4 4 4 4 0 1 1 1 1 1 1 1 8 0 3 4 6 3 4 5 Dec. 31 2,571,115 1,824,366 746, 749 235,373 511,376 106,184 429, 459 2, 580,809 I,435,056 953.438 183, 329 1,427, 987 2,381,425 145,171 76,144 408 1929—Mar. 27 2, 600, 03, 823, 340 776, 695 285,195 491, 500 84,873 438, 251 2, 485, 726 1,331, 795 970, 563 20, 223 163,145 1,337, 990 2, 308, 553142, 396 79, 792 407 June 29 2, 612, 944 870,849 742, 095 266, 299 475, 796 84, 925 434, 830 2, 461,146 1,328, 394 950, 349 18, 610 163, 793 1,347,474 2, 297,823140, 400 85, 630 408 Oct. 4 2, 634,401 919, 834 714, 567 265, 004 449, 563 101, 612 459, 297 2, 544,171 1,401,910 945,129 20,463 176, 669 1,394, 566 2, 339, 695151, 226 79, 837 407 Dec. 31 2,560, 758 910,499 6f0,259 215,919 434, 340 143,446 453,834 2, 576,938 1,450,895 932.439 7,882 185, 722 1,426,027 2,358,466 142, 707 48, 531 404 For footnotes see p. 165> Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 88.—ALL MEMBER BANKS—PRINCIPAL RESOURCES AND LIABILITIES ON CALL DATES, 1921-1929—Continued NEW YORK DISTRICT [In thousands of dollars. For back figures see Annual Report for 1927, Table 86] Loans and investments Call date Total Loansl Total Inv s e U e s c . t S u m . ri e - nts s O ec th u e ri r - b f a D r n o u k m e s C s p u r v u a o a r i n p p f d n d i i l d e t t u i s d a - s l 3 , , de T p o o t s a it l s D p e o d m s e it - a s n * d p T o d s i e m it - s e 5 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 6 o 7 d d e e N p m o e a s t n it d s d d e e t p p N m i o l m e u s a t s e i n t d s R e b e s r w F a s a e i e n r e l t d v k r h - r e s v e e - p c r a B o a e y i u d n a l i n d l b s t s l - s e N b b a e u r n m k o - s f ties ties 1921—Dec. 31 6, 745,932J4, 829. 296 1, 916, 636 811,5631,105,073 153, 590 1,101,914 7,175, 938 4,908,099j 1.047,905108,464 1, 111, 470 5,364,9866,412,891 724,373 212,069 795 1922—Mar. 10 6, 584, 737;4, 648, 831 1, 935, 906 869,643 1,, 066, 263 141,435 1,1401,,107 7,157,025 4•,, 794,9is| 1,108,471312, 268 1,141,366 5,194,832 6,303,305 683,409 74,846 796 June 30 7,126,832 4, 721,868 2,404,964 170,106 1,, 234, 858 162, 336 1,144,688 8, 265,879 5, 709,170 1,343, 726 45,018 1,,116677,,£96 5 5,. 7 09.,1 7,053,425 732,042 70,956 799 Dec. 29 7,466, 608.4,932,80l|2,533,807 339,197 1,194, 610 169, "" 185,280 8, 591,886 5\,, 720,830 1,438,246218, 392 1,, 214,418 5, 681,; 7,120,048 756,020 167,268 1923—Apr. 3—. 7,454,083'4, 980,882^2,473, 201 323,622 1,149, 579 155,347 1,189,347 8,023,814 5,,0,749,98 1, 578, 708 163, 621 1, 201,987 5,431, 7,010, 567717, 537238,334 813 June 30... 7, 497,45115, 017,444 2,480, 007 314,491 1,165, 516 153, ,1"3-6 1192,425 8,017,, 195 .,51,08,1061,610,560 81,806 1,216,723 5>,, 5~2"1,324 7,131,884 700,431 203,963 821 Sept. M.- 7, 293, 253 4,902,8952,390,358 219,196 1,171,162 141,, 226 1217,694 7, 769),, 874 4, ,993,407 1, 639, 550 31, 687 1,105, 230 >5,, 331155,| 7744996,955, 299682,911 209,207 827 Dec. 31... 7,494,010 5, 066,154 2, 427,856 228,164 1,, 199, 692 190I,,096 1208,144 8,747',, 802i, 75,03,986 1, 666,420 62,666 1,314 : ,, 730) , 56,40, 308 7,306, 728713,147 166,190 835 1924— J M un a e r. 3 3 0 1 . . . . . . 8 7, , 0 5 7 90 0 , ,9 7 6 3 6 0 5 5, , 1 4 7 0 9 4 , , 1 0 0 4 1 4 2 2 , . 4 6 1 6 1 6i , ,, 6 99 2 22 9 22 1 1, , 1 2 7 2 2 6 , , 8 9 2 8 2 2 1. .1 , , , .4 2 3 3 9 8 , , 9 8 4 0 0 7 1 1 5 8 5 9 i,, , 5 0 4 8 7 2 1 1,2 23 3 9 4 , , 4 6 3 6 1 7 8 9 , , 8 5 0 3 9), 5 , , 4 3 2 7 4 3 5 6 , , ,1 6 12 2 2 2 88 , , 8, 7 88 1 48 9 4 1 1 1 , , 7 7 8 4 6 4 , , 2 6 7 1 4 0 3 74 6t , , , 4 7 2 2 4 1 8 , , , 3 5 16 8 7 3 r, i,, , , 7 8 4 4 3 7 5 i , , 6 5 ,1 6 , , 8 0 ,4 6 , , 9 8 2 3 8 1 7 7 , , 3 9 5 7 1 1 , , 2 44 0 1 2 7 75 3 6 8 , , 6 5 1 0 6 6 1 6 0 1 7 , , 9 1 8 5 5 3 8 8 4 4 3 0 Oct. 10... 8,471, 246 5,544,2112,92r7,0,-35 1, 366, 7911 ,*560, 244 190,055 1267,110 9,454,508 5,794,, 8'88 1,978, 009 62, 615 1,,6 61188,,996 6,444,0588,422,067 831,948 47,157 845 Dec. 31... 8,666, 683 5, 720, 312 2,946,371 1,321,, "606 .,1 6,24,765 203,212 1, 267,123 10,48l| 558 6, 754,878 2,01i; 59950,5381, 664, 543 6, 760,924 8,772, 523885, 556100,152 855 1925—Apr. 6 8,499,410 5,634,028 2,!, 865,3821, 252,941 1,612,441 169>,, 194 1322,771 9, 433, 563 5,845, 209 2,082,315 84, 799 1,421, 240 6,178, 5148, 260,829777,110 168, 780 857 June 30... 8, 745, 748 5, 848,148 2,8~9~7"\| 600 1, 243, 957 16,53, 643 207, 783 1,3 3393,9 ,5 4514110,41i,9 2,92 6, 740,915 2,099i,,725 25,8511,552,8016,62>9,7,8—2 8,729,507 848, 817138,950 866 Sept. 28... 8,833,166 5,982, 394 2,850,772 1, 202, 517 16,48,255 178,142 1,343,249 9,, 697,315 6,186,688 2, 111,,813 66,1151, ~".,193 8,463,006 801,882 231,187 874 Dec. 31 — 9,296,598 6, 511,496 2, 785,102 1,186, 237 1,598,865 205, 724 1,367,64911~, 052, 855 7,216,381 2,178,484 74, 352 1,583, 638 6,960,1319,138, 615 258,133 1926—Apr. 12... 9,039,654 6, 207,468 2,832,186 1,171,414 1,660, 772 187,772 1,431, 456 10,062,890 6,323, 716 2,253,128 71,037 1,415,009 6,444,716 8,697,844 781,876 156,512 June 30... 6, 398,775 2,909,663 1,196, 774 1,712,889 202,914 1,432^ 738 10^ 772| 488 6, 852,192 2, 312', 02472,0211, 566, 248 6,836,535 9,148, 562864, 614110,458 896 Dec. 31... 9,666,981 6,861,318 2,805, 663 1,060,404 1,745,259 230, 709 1,499,733 11,263, 683 7,194,385 2,445,925 60,037 1,563,336 6,935, 656 9,381,581 840,895 211,854 913 1927—Mar. 23... 9,595,924 6,601,146 2,.9 94,>7 1,183, 807 1,810,971 182, 240 1,559,062 10,490,336 6,428, 938 2, 527r,,820 112,072 1,421,506 6, 662,9349,190,754 929,202 161, 514 924 June 30. _. 10,125, 804 7,026,078 3,i, 099,726 1,176,808 1,922,918 227,7651,602,00811.,,7 72222, ,453 7, "31'"4,105 2,654tJ, 555577 32,922 1,720,869 7', ,23 25,3 56,2 96299,890,186 918,169 112,560 927 Oct. 10___. 10,135,010 7, 111, 070 3i,, 023,940 1,162,683 1,861,257 198, 737 1,652,653 11.,, 220066,,035!6, 704,641 2., 748*, ,2 23300152,037 1,601,127 6\,8 85588,,114400 9,, 6.0 .6,,3 7.0 90.1, 89,2__18_5,495 933 Dec. 31... 10,946,991 7, 788, 539 3i,, 158,452 1, 212, 650 19,45,802 248,8651,702,54811.,943,7807, 108,056 "2 ,8—37 ,"085 75,8081,922,8317,', 629,367 10,466,452 1,037,883314,259 937 1928—Feb. 28... 10,427, 642 7,167,804 3I,, 259,8381,341,430 1,918,408 188,780 1,742,07111,259, 540 6, 708,895 2,902,196 17,542 1,630,907 7,067,895 9,970,091 933,218 142,917 934 June 30... 11,098,295 7,758,512 33,,339,783 1,372,248 1,967, 535 207,4141,863,66511 683, 615 6, 875,421 3, 073,76,91 69,077 1, 701,426 7,197, 614 10,235,305943, 631481,048 934 Oct. 3.... 10,826,917 7, 590,497 31,, 236, 420 1,399, 687 1,836,733 191992288 22,000055,008888 111i,440, 606 6,817,686 3,, 069,337 34, 636 1, 518,947 6,741,434 9,810, 771891,999 391,150 934 Dec. 31... 11,592,908 8,404,-, 303 3it, 188, 6051,353,438 1,835,167 234,068 2,064,233 13,939, 287 8, 930,673 3,145,434 63,493 1, 799,687 7, 612, 549 10, 757,983980, 644499,445 938 1929—Mar. 27— 11,317,183 8,139,,496 3i,, 177, 6871, 393, 095 17,84, 592 220,157 2, 239,766 12, 743,835 8, 021,115 3,15' 157\, 040 1, 414, 600 6, 973, 252 10,130,332 930,041 342, 651 June29._. 11,775,345 8, 7,46569 3,,,i, 005, 8891, 263,469 17,42,420 252,483 2,368, 254 11,867,044 7, 92!,, 465, 15,16, 437 7, 279, 211 10, 384, 051953,347 453, 235 Oct. 4 11,763,448 8, 813,466 2,9"4"91',,982 1, 235, 794 17,14,188 297,388 2, 605,774 12, 507,: 82, 747 1,, 451, 013 7, 003,104 10, 255, 245 897,455 255, 340 Dec. 31 — 12,316, 203 9, 096,589 3i, 219, 6141, 342,844 18,76, 770 294,989 2, 658, 30813, 606, 551 8, 588, 004 3,196,141 26, 219 1, ,796,187 7,830,36111, 026, 502 984, 256257,911 931 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PHILADELPHIA DISTRICT 1921—Dec. 31 1,691,345 1,026,609 664,736 223,694 441,042 91,794 347,822 1,567, 484 902,326j 466,531 29,405 169,222 941,483 1.408,014 104,413 93,971 704 1922—Mar. 10 1,707,462 1,028,830 678,632 229,104 449,528 89,318 354,309 1,586,729 899,1091 486,240 23,635 177, 745 963, 583 1,449,823 104,001 64,707 710 June 30 1,731,097 1,020,011 711,086 231,886 479,200i 93,557 359,539 1,653,396 960,961 495,846 11,420 185, 1-"6"91, 021,300 ,517,146 113,460 53,036 712 Dec. 29 1,831,634 1,075,741 755,893 262,794 493,099 109,103 383,421 1, 775,782 L1,; 019, 587 521,677 30,622 203,896 1, 066,597 ,588,274 116,132 53,701 716 1923—Apr. 3... 1,913,640 1,134,757 778,883 279,312 499,571 108,467 387,467 1, 841,, 932 1,0.27,471 575,226 32,597 206, 6381,071,449 ,646,675 116,272 70,502 717 June 30.- 1,963,141 1,173,858 789,283 281,681 507,602 97,850 390, 655 1,842,476 1, 018,886 613,728 24,776 185,0861, 057,052 , 670,780 116,108 86,022 720 K. Sept. 14_. 1,968,196 1,193,908 774,288 269,162 505,126 97,357; 398.264 1,861,0701,026,3791 628,441 14,018 192, 232 1, 072,889 ,701,330 114,275 64,331 722 t Dec. 31 _. 1,969,009 1,189,753 779,256 262,763 516,493 113, 505| 400,928 1,940,235 1,0"6"3",,120 645,252 18,769 213, 094 1, 075,482 , 720, 734 118,960 722 p 1924—Mar. 31.. 1,988,084 1,214,437 773,647 251,066 522,581 98,3101 410,062 1,897,466 985, 701 679,593 33,448 198, 7241, 033, 544 , 713,137 114,381 51,173 724 ^ June 30.. 2,031,362 1,240,407 790,955 236,300 554,655 132,372 425.265 1,987,313 ,030, 686 705, 706 20,906 230, 015 1, 080,153 ,785,859 121,313 730 S Oct. 10. _ 2,137, 583 1, 285,853 851, 730 244,084 607,646 160, 512: 443,186 2,110, 5911,063,780 742, 770 42,937 261, 104 1, 135,386 1,878,156 124,297 23,099 736 gf Dec. 31.. 2,162,974 1,283,288 257,384 622,302 119,997| 441, 738 2,137, 2""79"1, 093,975 774,356 25, 549 243, 399 1, 154,183 1, 928, 539 129,361 42,386 738 S I 1925—Apr. 6._. 2, 229,641 1,350,269 879,372 254,828 624,544 122,145| 454, 274.2,145, o:r91, 082,756 782,709 49, 749 229,>, 865 1, ,143,679 1,926,388 119,790 40,180 740 B June 30.. 2,248,606 1, 380,644 867,962 233,020 634,942 108,951! 460, 206 2,178,"8'83 1,131,811 809,256 18,917 218,L 899 1, 180,408 1,989,664 139,752 54, 793 749 W Sept. 28.. 2,307,840 1,446,386 861,454 225,886 635, 568 109,112J 463,378 2,193,043 1,131,363 829,146 26, 712 205,822 1,,181,373 2,010, 519 129, 518 54,980 Dec. 31.. 2,336,929 1,484,944 851,985 224,877 627,108 126,891J 467,109 2,300, 31 1,198,146 849,918 28, 906 223,!, 347 1,,220,887 2,070,805 139,801 61,698 1926—Apr. 12.. 2,404,477 1,545,600 858,877 244,189 614,688 118,656 486,082 2, 292,1891,152,987 880,283 47,298 211,6211,192,583 2,072,866 131,910 65,059 756 June 30.. 2, 419, 615 1, 574,278 845,337 213,342 631,995 117,493 488, 052 2,318,643 1,169,421 897, 745 27,070 224, 4'"0"7" 1"., 210, 594 2,108,339 135,378 66,680 760 Dec. 31.. 2,478,121 1,615,701 862,420 205,786 656,634 122, 531 507,067 2,385,6491, 194,027 942,801 29,388 219, 433 I,219,381 2,162,182 139,754 75,116 1927—Mar. 23.. 2,518, 269 1,593,840 924, 429 247,173 677,256 105,4241 516, 626 2,369,5421, 141,824 975,913 45, 592 206,213 1,202, 784 2,178,697 138,391 52,640 770 June 30_. 2, 531,080 1,604,480 926,600 233,691 112, 284 520,155 2,395,971 , 160, 6~7"91L, 000, 432 25,778 209,089 1,198,405 2,198,837 140,900 65,731 773 Oct. 10_- 2,589,323 1,619, 599 969,724 248,642 721,082 105,960 543, 528 2, 443,615 1,163, 603 1L, 025,994 41,613 212, 405 1,225,298 2,251,292 141,789 39,513 776 Dec. 31.. 2, 588,373 1,616, 325 972,048 233,553 738, 495 130, 785 542, 259 2,468,8671,167, 963 11,,054, 625 21, 013 225,266 1,200,390 2.255,015 142,118 72,839 777 1928—Feb. 28.. 2,574,616 1,597,468 977,148 241,325 735,823 99, 071 550,082 2,387, 992 1,115,7091., 070,330 4,833 197,, 120 1, 176, 753 2, 247,083 141,136 66,396 779 £ June 30-. 2,655,802i1,690,219 965, 583 226,496 739,087 115,888 563, 490 2, 419, 778 ,1114,2541,104,008 13,208 188,308 1, 149,187 2,253,195 137,420 112, 785 786 Oct. 3__. 2,693,461 1,729,944 963,517 249,598 713,919 119, 703 582,059 2,467',,617 1, ,1401,,456 1, 106,901 8,499 211,761 '1,177,686 2,284,587 142,438 113,808 784 Dec. 31 _. 2,665,755 1,744,565 921,190 230,977 690,213 126, 280 578, 972 2,487',, 654 ,117:9,», 855 1,091,091 15, 572 201,,1361, 171,440 2, 262,531 136,047 99,244 778 1 1929— J M un a e r . 2 2 9 7 ._ .. 2 2 , , 7 71 1 0 3 , , 6 0 8 2 4 0 1, , 8 8 1 3 3, 2 , 3 4 5 3 3 8 8 9 7 0 7 0 , , 3 5 3 8 1 2! 2 22 2 1 7 , ,8 2 9 2 8 0 6 6 7 5 2 6 , , 4 3 3 6 3 2 113, 037 6 6 2 0 4 1 , , 1 7 4 7 0 3 2 2 , , 4 4 3 2 4 3i, , , 8 6 8 9 4 3 1 . , ,1 1 1 ; 4 3 6 9 . ,9 2 8 0 3 7 1 1, , 0 07 8 5 7 , , 7 2 5 9 5 9 2 2 2 9 , , 8 2 4 4 0 3 1 1 7 8 3 3 , , 862 1 , , 1 1 5 6 1, 4 , 6 8 0 4 2 2 2 2 , , 2 2 3 4 9 0 , ,1 35 4 7 1 1 13 3 8 6 , ,0 8 9 7 4 8 1 1 2 0 5 5 , , 9 0 3 5 3 5 7 7 7 7 7 6 Oct. 4__. 2, 754,927 1, 889, 651 865, 276 217,173 648,103 107,137 651, 832 2, 441, 824 1,140, 9121,084,492 29, 694 186, 726 1., 171, 097 2, 255, 589 136, 598 101, 593 771 Dec. 31.. 2,686, 721 1, 859, 014 827, 707 193,436 634, 271 118, 092 649,169 2,468,444 1,185, 039 1,069, 359 10,130 203, , 176, 799 2, 246,158 137,069 94, 311 764 J Includes rediscounts and overdrafts; excludes acceptances of other banks and bills of exchange sold with indorsement. • Does nat include items with Federal reserve banks in process of collection, or amounts due from foreign banks or own foreign branches. • Includes reserves for dividends, contingencies, etc., but excludes, beginning Sept. 28. 1925, reserves for interest, taxes, and other expenses accrued and unpaid. 4 Includes certified and cashiers' or treasurers' checks and letters of credit and travelers' checks sold for cash. «Includes postal-savings deposits. • Includes amounts due to Federal reserve banks, foreign banks, and other banks; also amounts due to own foreign branches. i Due to banks revised (for New York district only) to include amounts due to own foreign branches beginning Mar. 23, 1927. O* Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 88.—ALL MEMBER BANKS—-PRINCIPAL RESOURCES AND LIABILITIES ON CALL DATES, 1921-1929—Continued CLEVELAND DISTRICT [In thousands of dollars. For back figures see Annual Report for 1927, Table 86] Loans and investments Call date Total Loans1 Total Inve s U e s c t . m u S ri . e - nts s O e t c h ur e i r - b f a D r n u o k e m s 2 C s p u v u r a a o r i n p d p n f d i e l i d t u i t a d s - s ] 3 , , de T p o o t s a i l ts D p e o d m s e it - a s n * d p T o d s i e m i - ts e 5 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 6 d d e e p N m o e a s t n it d s d d e e t p N p m im l o u e a s t s e n it d s R e b s r w F e a e a s e n r i l e t v d k r h r e - v e s - e p c r a B o e a y u d n i a l n i d l b s s t - l s e N b b a e u r n m k o - s f ties ties 1921—Dec. 31. 2, 323, 519 1,601,537 721,982 256,831 465,151 120,055 443, 540j 2,140,882 1,110,075 829,679 31,965 169,163 1 153,702 1,983,381 132,128 128,557 1922—Mar. 10. 2, 361, 397 1, 604, 331 757, 066 282,186 474,880 136, 594 458,202; 2,238,272 1,135,608 886,964 31,023 184,677 1 197,895 2,084,859 132, 516 65, 240 883 June 30- 2,415, 212 1, 623,155 792, 057 302, 612 489.445 143, 735 464,965! 2,346,939 1,221,790 915,898 15,308 193,943 1 271, 007 2,186, 905 141, 369 46,637 884 Dec. 29. 2, 566, 545 1,674, 543 892,002 368, 591 523,411 159, 714 479,440; 2, 532,153 1, 265, 529 1,005, 547 35, 701 225, 376 1,368,130 2, 373,677 153, 239 56, 797 880 1923—Apr. 3 _- 2,635,721 1,735, 6611 900,060 389, 771 510, 289 165,469 482,034! 2, 628,373 340, 858 1,024, 774 28,690 234,051 1407, 058 2, 431, 832 159, 367| 41, 373 878 June 30. 2, 735.101 1,838, 266 896,835 378, 219 518, 616 153,032 484,360 2,655,422 1359, 759 1,068, 268 18,919 208,476 1415, 216, 2,483,484 151,213 83,832 880 Sept. 14. 2, 737,022 1, 829,479 907, 543 374, 800 532, 743 153, 484 493,451 2, 693,402 1, 358, 576 104, 348 7,608 222,870 1421,4161 2, 525,764 159,162 64,120 881 Dec. 31. 2,725, 468 1,841.586 883, 882 337, 93' 545, 945 147,088 492, 586 2, 697, 972 1, 331, 249 135, 752 27, 205 203, 766 1358, 515 2,494, 267 152,093 57,914 877 1924—Mar. 31. 2,785, 473 1, 862, 522 922,951 364, 992 557, 959 159,580 501,837 2, 747, 624 1,330, 50' 172, 043 34, 566 210,508 1,383,494 2, 555, 537 156, 029 46, 290 876 June 30- 2,827,379 1,877,061 950, 318 380, 895 569,423 178, 200 504,602 2,833,901 1,352, 411 233,441 19,129 228, 920! 14,11,454 2,644, 895 158,172 31,671 873 Oct. 10_. 2,927, 5721, 896, 77"1,030, 795 446, 091 584, 704202,198 519, 340 2, 951, 279 1,374,189 I)252, 237 33,165 291, 688 1,488,136 2, 740, 37r 168, 858 28,647 872 Dec. 31. 2, 915,147 1, 896, 0631,019,084 426, 795 592, 289 169.935 513, 341 2,917,911 " 367,064 1,246, 764 22, 816 281, 267 1,453, 951 2, 700, 715 163, 593 55, 626 871 1925—Apr. 6-_ 2,990, 76S 1, 969,494 1, 021, 274 423, 828 597.446 169,015 525, 296 2, 997, 555 1,383, 0801, 298, 976 48, 567 266,93: 1, 479, 8782. 778,854 177, 348 40,069 869 June30. 3,021,365 2,011,473 1,009,892 407,929 601,963 158,871 523, 686 3, 034, 500 1,,429,178 1, 328,000 24,696 252, 626 :1, 504, 3782,832, 378 175, 224 47, 997 865 D S e e c p . t. 2 3 8 1. . . 3 3, , 0 0 4 8 4 2 , , 8 6 3 1 , 3 2 2 , , 0 0 6 5 3 9 , , 8 8 1 2 5 6 1,0 9 1 8 9 4 , , 0 7 2 8 0 7 [ [ 4 3 1 7 5 7 , , 1 4 7 4 4 4 6 60 0 7 3 , , 8 3 4 4 6 3 1 17 6 0 1 , , 9 7 4 6 7 4 5 51 2 6 0 , , 1 3 1 3 2 3 3 3, , 0 0 5 5 2 2 , , 1 5 9 6 2 5 1 1, ,4 2 4 9 3 , 8I,, 2 2 66 9 5 1'. 1, , 3 3 3 4 8, 2 ,0 6 4 5 5 6 3 27 5 , , 7 3 5 9 1 3 2 2 4 4 7 5 , ,i ' , , 48 8 8 6 l 3 : , ! 4 , 17 3 5 , 0 2 2 1 , 8 967 2 2 , , 8 8 1 4 1, 5 ,0 87 1 4 2 1 1 7 7 2 6 , , 3 5 4 3 0 5 6 7 5 6 , , 7 7 6 2 1 2 8 8 6 6 3 4 1926—Apr. 12.. 3,114, 2,110, 503 1,, 004,100| 404,163 599,937 161, 630 527, 090 3, 096, 756 1,426,150 1,388,458 41, 796 240, 352 1,477, 901 2, 866, 359 177,825 65,634 June 30.. 3,160. 748 2,135,311 1, 025,437, 402, 385 623, 052)177.936 526,168 3,169,922,1,478, 616 1,426, 613 25,181 239, 512 1529,853 2, 956,466 179,455 58,821 Dec. 31.. 3,132, 525 2,143,838 988,6871 353,932 634, 755 170,647 529, 783 3,129,859 1,439, 708 1,423, 674 20,495 245,982 1,471,472 2,895,146 179, 490 91,355 856 i 1927—Mar. 23. 3,232, 2792,159,734 1,, 072, 545!411, 282 661, 263 185,496 540, 208 3, 270,117 1,495,113 1,479, 320 30, 294 265,390 1,570, 390 3,049, 710 194, 278 44,937 846 June 30-. 3, 267,065 2,178,525 1,, 088, 540'398, 760 689, 780 168, 759 539, 565 3, 290,464 1,490,171 1,523,854 21, 243 255,196 1,559,309 3,083,163 180,034 48, 511 841 Oct. 10_. 3, 325,300 2,200,7391,124, 561 425,148 699,413 185,855 551, 294 3, 335,184 1,458, 387 1,568, 627 31,243 276, 927 1,549,143 3,117, 770 193,891 60, 721 836 Dec. 31.. 3,296,433 2,161, 765 1,,134, 668 411,708 722,960 184,196 549,921 3,303, 756 1,460, 348 1,544, 204 24, 401 274,803 1,523,126 3, 067, 330 180, 917 68,372 835 1928—Feb. 28.. 3,347,123 2,187, 627 1,159,496 434,356 725,140 179, 299 533.163 3,356, 766 1,458.127 1,610,144 9,267 279, 228 1,534, 957 3,145,101 196, 926 74, 224 834 W June 30_. 3,447, 585 2, 265, 798 ,1 181, 787 429, 473 752, 3141159, 780 560, 096 3,366, 288 1,477,849 1,643,809 17,629 227,001 521, 844 3,165,653 181, 671 111,464! 823 O Oct. 3... 3,426, 978% 274, 465 1, 152, 513 447, 786 704, 727|182,543 569, 862 3,413,370 1.479,885 1,645, 637 12, 773 275, 075 1,553, 712 3,199, 349 191,919 78,368 { 818 Dec. 31.. 3,414, 291;2, 291,196 I, 123, 095 423,961 699,134 181,140 570, 421 3,401,112 1,497, 765 1,642, 632 24,153 236, 562 1,490,257 3,132, 889 185, 295 105,201! 816 1929—Mar. 27.. 3,477, 587 2, 352, 327, 125, 260 450, 671 674, 589 149, 644 581, 3, 386i,, 308 1., 465, 56' 1, 670,439 30, 833 219, 469 1, 504, 034 3,174, 473 184, 871 101, 6051 811 June 29_. 3,487, 780 2, 375,8071,111,973 435,101 676,872 149, 974 604, 259 3, 402I,, 038 1, ,479, 4221, 677,186 33, 222 212, 208 1, 504,025 3,181, 211 192, 911 97, 512; 807 Oct. 4__. 3, 498, 265 2,418, 3621, 079, 903 428, 802 651,101 156, 900 621,478 3, 394, 7171, 490, 8841, 639, 075 34, 330 230, 428 1, 529, 640 3,168, 715 192, 649 103, 637 804 Dec. 31.. 3,455,405 2,409, 5371, 045, 868 405, 738 640,130, 156,348 618,487 3, 376, 486 1'., 519, 2711, 620, 642 13, 814 222,7591,511,793 3,132, 435 180,470 100,499 795 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RICHMOND DISTRICT 1921—Dec. 31.. 1, 111, 299 864,938 246,361 141,942 104,419 71,059 209,590 978,693| 499,775 362,861 13,235 102,822 518,072 58,024 114,378 625 o O 1922—Mar. 10.. 1,094,817 852, 392 242, 425 137, 650 104, 775 69,019 214, 932 964, 750| 479, 730 371, 994! 11,497 101,529 502,082 874,076 54,126 88,092 626 June 30— 1,090,441 854,484 235,957 125,241 110, 716 81, 798 218,077 1,022, 971 j 513, 230 395,235! 7,056 107,450 530,628 925,863 59, 714 53,494 628 Dec. 29.- 1,147, 755 893,543 254,212 142,681 111,531 86,156 223,193 1,089,119| 543, 219 399,175J 13,095 133, 630 573,281 972, 456 61,123 64,328 630 1923—Apr. 3... 1,168,867 910,300 258,56' 147, 561 111,006 90,335 222,836 1,116,138 552, 363 422, 732 14, 702J 126,341 576,244 998, 976 61,395 61,853 632 June30._ 1,181, 802 922,863 258,939 145,510 113,429 80, 510! 222,392 1,095, 2041 540, 503 432, 936i 14, 090; 107,675 553,972 986,908 59,493 83,340 629 Sept. 14.. 1,194,326 932,180 262,146 147,139 115, 007 80, 302! 226, 592| 1,101,106J 546, 525 432, 629 8, 775 113,177 559,966 992,595 60, 947 92,951 626 Dec. 31.- 1, 204, 445 947,604 256,841 141, 937 114, 904102, 331 i 222,481! 1,193, 3611 592, 546 441, 388 10,494| 148, 933 617,51" 1,058,905 66,378 63,393 627 1924—Mar. 31.. l,212,007i 958,139 253,868 132, 974 120,894 81,830! 230, 2711 1,141,728! 556,141 455,391 14, 257i 115, 939 571, 75' 1, 027,148 61,505 72,649 626 June 30.. 1,192, 837 952,353 240,484 124,328 116,156 87,187! 229,001' 1,141,676 541,144 466,110 10,635j 123, 78: 552,623 1,018, 733 61,079 67,596 624 Oct. 10... 1, 215,112 957,002 258,110 132, 989 125,121 107,074: 234,073 1,193,038 551, 704 479, 437 20,64l! 141,256 576,343 1,055,780 64, 699 51,434 620 Dec. 31.. 1,220,335] 957, 330 263,005 132,612 130,393 109,057 229,014; 1,241,166| 596, 804 483, 072! 12,472 148,818 614, 340 1,097, 412 69, 632 47, 745 617 ! 1925—Apr. 6... 1,243, 086 975, 772, 267,314 138, 297 129,017) 98,236 235,034! 1,224,377J 566,497 494, 553! 22, 934; 140.393 592,666 1,087,219 65, 060 48,083 608 J D S u e e n c p . e t . 3 3 2 0 1 8 . _ . - . . 1 1 1 , , , 2 2 2 8 5 7 9 1 5 , , , 6 9 4 2 5 8 4 5 1 1" 1. 1' ., , 9 0 0 8 3 1 9 0 6 , , , 0 5 9 4 6 3 7 6 6 2 2 25 5 6 8 9 2 , , , 9 0 5 0 5 4 8 8 5 1 1 1 3 2 2 9 1 6 , , , 2 0 7 2 7 6 7 1 5 1 1 1 3 3 2 0 9 3 , , , 4 6 2 7 8 9 4 3 1 ' ! 1 1 9 1 0 1 2 4 , , , 0 1 4 6 9 1 3 6 0 \ 2 2 23 2 3 4 4 9 , , , 1 1 6 0 9 8 3 9 8 [ : 1 1 1 , , , 2 2 3 1 4 1 8 3 6 , , , 5 3 2 9 5 5 6 8 3 1 J 6 5 5 6 3 8 7 1 3 , . , 1 2 6 0 3 5 8 8 ' 5 5 5 1 1 0 0 0 7 , , ,8 3 5 7 1 4 1 6 2 | ' 1 1 1 5 2 3 , , , 0 5 8 8 4 7 8 3 7 1 ! 1 1 12 5 4 2 9 3 , , , 3 6 9 8 1 7 6 0 1 6 5 6 5 0 7 0 4 7 , , , 4 2 0 3 6 3 1 " 2 1 1 1 , , , 0 1 1 8 6 1 7 0 2 , , , 1 5 7 3 7 4 3 9 " 6 6 7 2 0 8 , , , 0 4 7 3 1 4 1 7 5 1 ! ) 6 6 5 6 5 8 , , , 2 6 7 4 4 8 9 2 8 6 6 60 0 0 6 4 7 1926—Apr. 12.. 1, 292, 9901, 028,153 264,837 132, 506 132,331 94,614 234,457 1, 275, 337 598,041 517,887i 21,124 138,285 617,119 1,135,006 66,746; 53,065 592 June30.. 1, 281,0681,016,044 265,024 126, 264 138,760 99,617 232,255 1, 267, 999 601,696 522,7211 13, 775 129,807 611,544 1,134,265 66,977] 58,373i 587 Dec. 31- 1,274,86: 1, 011,253 263,614 120, 744 142,870 111,896 233,269 1,313,711 626,016 526,267 12,489 148,939 643,917 1,170,184 71,8901 583 1927—Mar. 23- 1,288,676 1,007,986 280, 690 131, 424 149,266 102,055 238,412 1, 299, 956 593, 218 538,140 21,906 146,692 620, 750 1,158,890 70,751! 27,457 571 June30_. 1,310,826 1,013,610 297, 216 132,422 164,794! 104,877 237,349 1, 331,522 613,596 566,449 12, 922 138,555| 630, 919 1,197,368 73,2541 35,479! 569 Oct. 10... 1,358, 2611, 033, 609 324, 652 143, 394 181,258! 120,437 243,624 1,396, 304 627, 914 580,490 24,059 163,841 655, 550 1, 236,040 74,167 34,572; 568 Dec. 31.. 1,362,094 1,028,354 333,740 139,141 194,599 124,077 239, 425 1, 414, 728 626, 750 599,094 16,416 172,468 654,181 1, 253, 275 76,460, 31,557 564 > ! 1928—Feb. 28- 1,341, 648ll, 012. 275 329, 373 135,934 193,439 97,880 242,136 1,336,705 587,171 599, 928 8, 525 141,08l! 622,355 1, 222,283 71, 705! 34,039! 561 O June30_. 1,344,487•1,020,535 323, 952 130, 587 193, 365 90,184| 240, 848 1,303,391 571,878 606,060 10,655 114, 798 580,900 1,186, 960 69,881 j 69,150! 557 W D O e ct c . . 3 31 .- . - - 1 1 , , 3 3 3 3 8 8 , ,2 9 6 8 3 1 1 1 , , 0 0 2 2 1 3 , , 5 1 1 3 8 7 3 3 1 1 6 5 , , 8 7 4 4 4 5 1 12 3 9 1 , , 8 4 0 6 0 0 1 1 8 8 4 6 , , 3 9 8 4 4 5 1 10 0 4 3 , ,5 6 7 6 5 8 2 2 3 3 8 7 , ,7 4 2 0 4 6 1 1, , 3 3 5 2 5 6 , , 4 0 5 5 5 2 6 5 0 8 2 2 , . 1 1 5 0 8 9 5 59 9 9 6 , ,3 6 8 7 7 8 1 1 0 5 , , 7 7 2 9 7 8 1 13 4 3 1 , , 4 1 6 8 7 3 1 5 6 9 1 8 3 , , 3 5 1 7 6 0 1 1, , 2 1 0 9 9 7 , , 9 9 5 9 7 4 6 7 7 0, , 9 9 8 9 6 5 ; | 6 48 3 , , 7 1 2 6 3 5 5 5 5 4 4 7 1 1929—Mar. 27- 1, 351, 2291, 023,816 327, 413 143, 69, 183, 718 84, 581 241,135 1, 313, 731 572, 875 596, 201 27,122! 117,533 586, 527 1,182, 728 66, 9061 55,183 541 June 29-. 1, 328, 9031, 010, 212 318, 691 137,43' 181, 254 93,116! 240, 329 1, 280,461 557, 838 586, 753 21,189 114,681 563, 267 1,150,020 67, 912! 70, 031 537 D O e c c t . . 3 4_ 1 _ . _ . 1 l, , - 2 2 7 9 7 8 , ,r 5 ~ 59 9 98 7 9 4 , , 1 7 7 4 3 5 3 30 0 3 9 , , 1 3 4 8 3 6 1 13 2 2 4 , , 4 3 4 8 6 ' 1 17 7 6 8 , ,9 7 4 5 0 6 10 8 0 8 , ,2 5 9 8 1 6 2 2 3 3 7 5 , , 0 7 5 2 0 1 1 1, , 2 2 8 6 8 3, , 5 4 4 8 0 0 ' 5 5 5 7 1 7 , ,9 5 3 7 9 8 5 57 6 4 2 , ,0 3 6 2 4 6 1 1 2 6 , ,3 5 4 1 9 3 1 1 2 3 1 6 , , 0 2 2 2 4 7 5 58 6 3 3 , , 4 5 8 5 5 6 1 1 , , 1 1 3 4 7 5 , , 8 6 1 2 1 0 6 68 7 , , 2 6 9 6 3 1 J 6 4 4 7 , , 8 5 1 2 1 6 5 5 ? 1 4 4 o 3 For footnotes, see p. 165. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 88.—ALL MEMBER BANKS—PRINCIPAL RESOURCES AND LIABILITIES ON CALL DATES, 1921-1929—Continued ATLANTA DISTRICT [In thousands of dollars. For back figures see Annual Report for 1927, Table 86] Loans and investments Call date Total Loans l Total Inv s e U e s c . t u S m r . i e - nts s O ec th u e ri r - b f a D r n o u k m e s * C p su r v u a o a r i n p p d f n d i i d l e t t u i s a d - s l 3 , , de T p o o t s a i l ts D p e o d m s e it a - s n * d p T o d i s m e it - s e * 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 6 d de e N p m o e a s t n it d s d d e e t p N m p im l o u e a s t e s n it d s R e b s r w e F a e a s e i n r l e t d v r k r h - e e v s - e p c r a B o e a y d u n i a l i n d l b s s t - l s e N b b a e u r n m k o s - f ties ties 1921-Dec. 31 847,324 684,694 162,630 96,933 65,697 84,367 157,632 754,658 416,479 246,313 9,445 82,421 418,551 664,864 44,357 121,681 512 1922—Mar. 10 807,198 656,420 150,778 87,911 62,867 91,177 162,347 775,984 417, 308 247,524 10,749 100,403 435,315 682,839 45,210 59,856 520 June 30 807,453 654, 288 153,165 90,877 62,288 93,224 163, 580 802, 854 434,167 264, 680 6,114 97,893 448,132 712,812 45,301 38,116 530 Dec. 29 882, 540 714,160 168,380 100, 228 68,152 115,426 168,360 927,000 499,465 281, 241 13,395 132,899 519, 551 800,792 55,669 39,587 536 1923—Apr. 3 907,130 730, 565 176, 565 106, 877 69,688 119,606 169, 795 963, 289 505,043 306,252 14,606 137, 388 527, 310 833, 562 57,037 27,987 533 June 30 919,555 737,488 182,067 106, 432 75,635 96, 574 170,178 926, 811 486,685 317,947 13,421 108, 758 505,089 823,036 53,814 43, 721 530 Sept. 14 922,357 739,312 183, 045 104, 242 78,803 91, 633 173,278 901, 050 476, 242 316,151 8,432 100, 225 485, 203 801, 354 51,438 69, 232 528 Dec. 31 978,266 793,646 184,620 101,638 82,982 120, 703 168,988 1,014,180 542, 810 323, 934 13, 421 134, 015 553,646 877, 580 55,029 64,445 525 1924—Mar. 31 963,919 784,499 179,420 94,421 84,999 106,991 173, 570 980, 911 513,519 334,010 8,964 124,418 531, 205 865, 215 55,143 59, 592 519 June 30 934,134 764,146 169,988 80,497 89,491 116,989 175,148 966, 022 490, 845 353, 746 7,113 114, 318 501, 765 855, 511 56,482 46, 248 518 Oct. 10 950,287 778,419 171,868 78, 776 93,092 144, 634 177,989 1,021,003 512, 505 353,174 11, 001 144, 323 530,425 883, 599 57, 512 38, 723 515 Dec. 31 995,156 813, 079 182,077 80,359 101,718 161,860 172,972 1,125,180 585, 685 359, 373 7,904 172, 218 607, 089 966,462 63,489 26,809 510 1925—Apr. 6 1, 056, 772 860,245 196, 527 91,181 105,346 186,971 178,380 1, 204,801 603, 787 382,108 18,188 200, 718 642,390 1, 024,498 68,983 25, 254 505 June 30 1,080,744 877,181 203, 563 90,891 112,672 168, 938 178,489 1, 208, 026 617,406 398, 360 11, 584 180, 676 649, 793 1,048,153 70, 528 31, 015 501 Sept. 28 1,196,653 962, 891 233, 762 106, 200 127,562 215,141 180,729 1, 371,168 700, 987 407, 425 18, 521 244, 235 755, 671 1,163, 096 77, 372 37, 247 500 Dec. 31 1, 241,844 995, 262 246, 582 106,137 140,445 210, 957 177, 718 1,447, 965 777, 929 425, 613 16,176 228, 247 808, 949 1,234, 562 79, 311 32,135 495 1926—Apr. 12 1,235,196 989,474 245, 722 108,152 137, 570 172, 755 188, 245 1, 356,323 715,043 432,954 20, 542 187, 784 748, 555 1,181, 509 77, 529 52,124 492 June 30 1,171,995 938, 772 233, 223 95,441 137, 782 154,822 188,184 1, 266,473 651,910 443, 009 12,751 158, 803 667, 695 1,110, 704 67,406 49, 667 488 Dec. 31 1,158,183 927,002 231,181 87,187 143,994 161, 285 187, 212 1, 266, 229 645, 511 431, 328 15,471 173, 919 660, 973 1,092, 301 68,292 52, 551 475 1927—Mar. 23 1,154,415 902,851 251, 564 113,807 137, 757 143, 649 191,831 1, 235, 743 601,435 447,148 25,170 161,990 629, 897 1, 077, 045 69,360 47, 029 471 June 30. 1,141,096 885,482 255, 614 112,963 142,651 136, 702 192, 237 1, 217,106 587,824 461,993 16,844 150,445 611,919 1,073,912 65,820 42,495 469 Oct. 10 1,159,731 899, 505 260, 226 118,192 142,034 160,498 195,180 1, 269,428 596,810 454,642 24,357 193,619 635, 345 1,089,987 67, 307 36, 781 465 Dec. 31 1,164,625 888, 206 276,419 124,664 151, 755 158,654 192, 703 1, 288,011 623, 504 462, 740 17,330 184,437 650,431 1,113,171 73,215 34,421 464 1928—Feb. 28 1,139,061 880,600 258,461 113,431 145,030 141,847 196,841 1, 227, 296 594, 333 458, 559 5,000 169,404 630,232 1,088,791 70, 583 33, 578 460 June 30 1,173,465 910, 221 263,244 113,831 149,413 124,169 198,004 1,205,967 577, 566 476, 523 18,165 133,713 595,928 1, 072, 451 65, 795 54,288 457 Oct. 3 1,187,513 901,140 286, 373 134,003 152, 370 127, 258 201, 877 1,165,149 548,165 466,823 12,186 137, 975 564,397 1, 031, 220 64, 351 110,903 454 Dec. 31 1,188,390 895,201 293,189 134,779 158,410 144,035 199,912 1, 254,032 609, 252 466, 602 17,022 161,156 625,566 1,092,168 63,852 52,139 453 1929—Mar. 27 1,191, 275 906, 887 284, 388 132,450 151,938 125, 248 207,159 1, 206, 678 581,634 457, 469 26,144 141,431 607, 415 1,064,884 68,951 60,800 444 June 29 1,176, 597 897, 985 278, 612 122, 667 155, 945 112,477 204,891 1,158,873 543, 341 471, 495 26, 274 117, 763 554, 699 1, 026,194 64, 202 72,078 436 Oct. 4 1,148,656 889,106 259, 550 116, 596 142,954 131. 260 204,017 1,138, 705 538, 060 441,190 24,813 134, 642 549, 930 991,120 62, 475 90, 766 431 Dec. 31 1,114, 730 854, 781 259,949 115, 228 144,721 131, 722 199,144 1,167, 244 573,943 431, 846 14,631 146,824 586, 606 1,018,452 64,132 42, 323 428 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CHICAGO DISTRICT 1921—Dec. 31 3,481,917 2,713,580 768,337 297,435 470,902 247,069 574,517 3,415,153 1,679,4381,285,597 37,466 412,6521,816,032 3,101,629 235,593 228,810 1,442 1922—Mar. 10 3,481,108 2, 701,518 779,590 299, 205 480, 385 304,804 578, 532 3, 583,,323 1, 704,145 ,1 2,97, 553 43, 887 537,7381,939,601 3, 237,154250,924 101, 633 1,440 June 30 3,542,924 2,671,998 870,926 372,845 498,081 290,833 583, 672 3,721,, 013 1., 87.6,011 ,1 3,36,364 18,363 490,275 2,045,5673,381,931 266,273 79, 739 1,441 Dec. 29 3,749,072 2, 751, 216 997,856 463,459 534,397 296,525 608,627 3,938,6311,949,008 1,,433,100 49,121 507,402 2,108,4783,541,578 277,731 106,724 1,440 1923—Apr. 3... 3,875,140 2,857',, 546 1,, 017,594 464,811 552, 783 323,115 603, 560 4,045i,, 088 ,1956,6011,[, 483,743 39,014 565, 730 2,158, 6053, 642,348 123,996 1,437 June 30.. 3,905,944 2,880,042 1,, 025, 902 474,862 551,040 306,254 605,630 4,091,, 564 2,,001, 394 1L,, 530, 721 37,941 521, 508 2,178, 8473, 709, 568273,134 89,375 1,434 Sept. 14.. 3,896,856 2,885,975 1,, 010,881 475, 597 535, 284 300,297 615, 238 4,0t7, 440,9, 1,986,,7511[, 535,188 17,458 535,012 2,173,3443,708, 532282,042 92,722 1,432 Dec. 31.. 3,898, 506 2', 870; 074 1,028,432 457, 545 570,887 299,879 608,381 4,123,464 2,022, 700 1L, 572, 311 25,441 503,012 2,153,0423, 725,353270, 698 109,317 1,427 1924— J M un a e r . 30 31 _ _ _ _ 3 4 , , 9 0 3 0 5 9 , , 0 9 4 5 7 4 2 2 , , 9 9 5 1 0 9 , ,5 8 3 6 9 3 1 1. . ;, , 0 0 1 59 5 , , 0 5 9 0 1 84 4 6 9 6 3 , , 4 7 1 4 4 1 5 56 4 5 8 , , 6 76 7 7 7 2 3 9 7 5 2 , , 9 8 3 9 5 2 6 6 1 1 9 7 , , 0 2 6 7 6 0 4 4, , 1 3 1 8 6 5 , , 0 7 2 3 3 3 1 2 , , 9 0 4 9 1 6 , , 5 7 2 7 7 4 1 1 , , 5 6 8 4 9 5 , , 2 7 8 91 4 3 22 8 , , 5 7 5 3 2 6 5 62 4 0 6 , , 9 1 3 5 9 3 2 2, , 1 2 4 8 9 7 , , 2 4 9 8 7 5 3 3, , 9 7 3 3 2 9 , , 7 0 6 8 9 8 2 26 9 1 8 , ,0 6 3 7 5 5 7 5 0 1 , , 9 1 6 9 0 0 1 1 , , 4 4 2 2 3 2 Oct. 10.. 4, 220,466 3,074,9781., 145,488522,874 622,614 400,150 633,161 4', 571, 553 2,168, 534 :1, 678,43828, 753 695,828 2,443,3024,121, 740308, 679 35,094 1,419 Dec. 31__ 4, 209, 7253,031,1201., 178, 605523,365 655, 240 365,987 617,035 4,630,437 2,238!, , "49'5. ,1 732,37135,548 624, 023 2,423,3644,155, 735314, 698 44,245 1,408 1925—Apr. 6... 4, 263,294 3,058!,, 062. ,1 205, 232532,802 672,430 357,215 630, 730 4,600,403 2,168, 798 L1, 761, 612 56,497 613,496 2,389,3824,150,994 312,949 60,618 1,407 June 30. _ 4,370,447 3,181,, 236 ,1, 189,211 509, 219 679,992 375,695 630,078 4, 798, 702 2, 324,424. ,1 833, 638 29, 852 610,78812,480,853 4,314,491 322,224 71,238 1,404 D Se e p c. t . 3 2 1 8 __ -. 4 4, , 4 4 7 3 8 3 , , 4 7 9 2 5 9 3 3 , , 2 27 4 6 5 , , 9 2 7 7 6 2 1 1. ,~2 , 0 2 1 , 8 4 7 5 , 7 5194 4 9 9 6 5 , , 6 2 7 8 3 6 6 7 9 0 0 7 , ,1 8 7 4 1 6 3 3 4 3 1 4 , ,5 1 8 0 9 2 6 61 2 7 6 , , 2 3 8 5 9 5 4 4 , , 8 7 7 4 3 2 , , 8 3 9 2 3 9 2 2 , , 3 3 6 0 9 0 , , 4 6 0 7 9 7 : :1 1, , 8 8 8 3 1 7 , , 0 6 4 4 2 2 3 37 1 , , 3 0 1 6 9 8 5 5 7 8 2 6 , , 9 1 5 0 9 6 , 2 2, , 4 5 9 3 3 5 , , 0 3 7 7 19 4 4 , , 4 3 1 3 6 0 , , 7 6 6 79 1 3 3 1 0 9 5 , , 3 5 3 1 6 3 9 6 3 6 , , 8 7 5 7 7 0 1 1 , , 3 40 9 6 8 W 1926—Apr. 12.. 4,490,062 3,286,1951,203,867 481, 677 722,190 337,713: 629,089 4,831,961 2, 292,078 1.,, 898, 34135,324 606, 218 2, 519, 7044,418,045 321,071 80,919 1,379 June 30. _ 4,579,409 3,374, 2321, 205,177 496, 670 708, 507 368,4511 644,846 4,957,253 2>388.,3 76jl,,,935,044 20,975 612,858 2, 558, 7314,493, 775342,157 98,965 1,366 Dec. 31.. 4,542,539 3,388,470 "1.,, 154,069414,941 739,128 333,944 653,259 4,887,284 2,358l,," 790 1, 935, 86523, 380 569, 249 2, 512,1564,448,021 310, 644 108,289 1,335 1927—Mar. 23.. 4,589,907 3,328,2151, 261,692 493, 243 768,449 314,242 4,844, 751 2, 273,464; 1,932,93142,309 596, 047 2, 508, 6054,441, 536316,516 71, 693 1,319 June 30.. 4, 711, ~~' 3,460,588 11,, 251,346 497,669 753, 677 336,691 679,468 5,038, 300 2, 411, 982!2, 029, 28923, 968 573,061 2, 587, 6174,616,906 310, 885 68,414 1,308 Oct. 10.. 4, 748,809 3,486,4171, 262,392 489,950 772,442 329,073 694,979 5,092, 939|2,410, 0722,054, 58642,100 586,181 2, 612, 6484, 667, 234339, 688 34,196 1,300 Dec. 31.. 4,858, 646 3, 519,3731,339, 273 503,452 835,821 328,559 709,876 5, 212,83012,483, 882 2,140,008 24, 823 564,117 2, 642, 2634, 782,271348,638 67,714 1,290 1928—Feb. 28.. 4,849, 2123,462, 2361,386,976 542, 576 844,400 318,925 713, 227 5,120,664 2J,, 380, 803 2,138,482 7,795 593, 584 2, 597, 1114, 735,593335, 785 63,815 1,274 June 30.. 5,117,598 3, 697, 5741,420,024 563,600 856,424 341,938 724,958 5,334,624 22,, 512, 358 2, 275,30018,278 528, 688 2, 643, 3334, 918, 633330,451 164,798 1,264 Oct. 3... 5,137,348 3,772,1101,365,238 559,299 805,939 335,282 748,066 5, 350,410 2, 502, 605 2, 256, 64016,454 574,7112,665,947 4,922, 587344,880 132,964 1,260 Dec. 31.. 5,162,585 3,812,187 1", 3"510;,398 535,597 814,801 345,051 755,061 5,458,419 2,637, 746 2,257,163 19,421 544,089 2,680,7424,937,905 343,073! 163,576 1,252 1 1929—Mar. 27_. 5,072,146 3, 776, 7301,295,416 527, 261 768,155 258, 538 774, 650 5,134, 952 2,445,841 2,117, 596 48,116 523, 399i2, 610, 5794, 728,175340,339 201,092 1,237 June 29_. 5,052,312 3, 792,1231, 260,189 512,036 748,153 327, 786 780, 67" 5, 234, 017 2,535,149 2,147, 60438, 204 513,060,12,622,659 4,770,263 345,481 142,555 1,229 Oct. 4... 5,116, 564 3,900,567 ., 215,997490,151 725, 846 323,468 792,854 5, 281, 541 2, 572,529 2,148, 22035,864 524,928|2,688,038 4,836, 258353,366 146,821 1,206 o Dec. 31.. 4,934,486 "I, 770,101.1, 164, 385408,055 756, 330330, 241 790, 510 5,140,01212, 521, 829 2, 076, 81418, 092 523, 277J2,575, 7784, 652, 592331,335 147,750 1,186 For footnotes, see p. 165. CO Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 88.—ALL MEMBER BANKS—PRINCIPAL RESOURCES AND LIABILITIES ON CALL DATES, 1921-1929—Continued ST. LOUIS DISTRICT [In thousands of dollars. For back figures see Annual Report for 1927, Table 86] Loans and investments Call date Total Loans i Total Inv s e U e s c . t u m S ri . e - nts s O ec th u e ri r - b f D a ro n u m k e s 2 C s p u v u a r a r i n p o d p n d f i e d l t i i u d t a - s s l , 3 , de T p o o t s a i l ts D p e d o m e s a - it n s d « p T o d i s m e i - t e s « U S p n o t d a i s e t t i - e e ts d s D ba u n e k t s o 6 d d e e N p m o e a s t n it d s d d e e t p N m p im l o u e a s t e s n it d s R e b s w r F e a e a s e r n i l e t v d k r h r e v - e s e - p c r a B o e a y u d n i a l i n d l b s s t - l s e N b b a e u r n m k o s - f ties ties 1921—Dec. 31 983, 886 764,021 219, 865 97, 610 122,255 77, 350 178,117 935, 653 515, 877 284,143 8,106 127,527 548, 756 832,899 65,171 74, 385 585 1922—Mar. 10 978, 769 750, 634 228,135 102,611 125,524 80,208 180, 603 963,122 508,982 295, 259 11,306 147,575 558, 639 853, 898 61,769 38,469 589 June 30 999,039 738, 395 260, 644 114,597 146, 047 98, 241 185,964 1, 005, 568 535, 843 313, 782 6,232 149, 711 579, 673 893, 455 63,491 26,301 605 Dec. 29 1,118, 350 802,437 315,913 153, 365 162,548 122,420 ISO, 985 1,166, 601 616,833 340, 447 14, 731 194,590 675, 376 1,015, 823 69. 732 37, 073 608 1923—Apr. 3 1,151,916 820,105 331,811 163, 357 168, 454 110,407 192, 375 1,182, 334 620,410 362,186 13,977 185, 761 685, 678 1, 047,864 75, 621 34,084 618 June 30 1,154,982 818,861 336,121 164, 800 171, 321 90,164 193, 783 1,133, 448 597, 800 367,882 14,196 153,570 652,449 1, 020, 331 68, 782 50,220 621 Sept. 14 1,171, 327 843,535 327,792 157,718 170, 074 86, 638 197, 612 1,124, 062 595,760 381,404 3,823 143, 075 640,475 1, 021, 879 65, 053 70, 875 622 Dec. 31_ 1,182,166 852,844 329, 322 153, 325 175,997 102,964 194,054 1,181,238 622,433 384, 646 9,028 165,131 663, 726 1, 048, 372 70, 058 63,914 624 1924—Mar. 31 1,175,542 855,217 320, 325 139, 818 180,507 87, 826 196, 445 1,152,961 586, 834 408, 703 9,417 148,007 638,255 1, 046,958 68,304 46,967 628 June 30 1,157, 068 843, 421 313, 647 130, 447 183, 200 117,085 197,101 1,175, 581 600, 776 407, 587 5,945 161, 273 643, 954 1, 051, 541 63, 376 31, 460 627 Oct. 10_ 1,182,971 872,907 310, 064 121,502 188,562 139,485 199,528 1,243,101 618,154 423, 605 8,208 193,134 664,836 1,088, 441 75, 346 36, 232 625 Dec. 31 1,223,248 884,240 339,008| 133,431 205,577 153, 630 196,176 1, 343,832 676,122 431,261 13,823 222, 626 733,571 1,164, 832 80,758 13, 912 624 1925—Apr. 6 .. . 1,246,141 890,838 355,303 148, 704 206,599 133,538 198,830 1, 319, 398 660,267 434,778 26,881 197,472 720, 347 1,155,125 78,523 17,531 624 June 30 1,227, 649 877,430 350,219, 129,769 220, 450 117,784 198,454 1,272,211 647, 306 441,922 7,621 175,362 698,112 1,140,034 73,343 24,160 621 Sept. 28 1,280, 843 929,520 351, 3231 130,817 220,506 126,163 198,054 1, 303, 544 650,955 452, 819 10,168 189,602 708,163 1,160,982 75,114 48,272 629 Dec. 31 1, 309,595 950,498 359, 097 136,193 222 904 127,239 197,456 1, 387, 086 717,570 452,196 12,590 204,730 776,927 1,229,123 81,912 28, 786 628 1926—Apr. 12 _ 1, 331,924 971, 770 360,154I 139,267 220, 887 114,311 203,567 1,374, 746 700,582 479,134 16,123 178,907 751,311 1,230,445 82,611 30, 631 622 June 30 1, 320,071 951,830 368,241 135,854 232,387 110,096 202,920 1, 343,430 684, 784 476, 569 9,865 172,212 740,575 1,217,144 76,904 35,107 619 Dec. 31. 1, 312, 593 946, 432 366,161 119,929 246,232 116, 093 205, 057 1, 358, 840 697, 613 479,590 8,560 173,077 734, 044 1,213, 634 83,017 35,985 609 1927—Mar. 23. 1, 331,123 932,548 398,575 146, 861 251, 714 125,568 207, 018 1,381, 426 668, 643 513,973 14,205 184, 605 727,471 1,241, 444 80,965 18, 809 602 June 30 1, 336, 751 930, 367 406, 384 148,543 257,841 111, 535 205,417 1, 358, 778 670,557 509,282 6,981 171,958 723,990 1,233,272 77,050 38,453 599 Oct. 10_ 1, 358,406 948,412 409,994 146,142 • 263,852 121, 761 210, 769 1,416,481 694, 111 521, 318 13,980 187, 072 748,984 1,270, 302 81,813 20,272 596 Dec. 31 1, 376,531 953, 365 423,166 146,241 276, 925 129,113 209,206 1,451,096 715, 913 525, 641 8,885 200, 657 775,833 1, 301,474 88,517 20, 877 594 1928—Feb. 28 1, 373,441 935,779 437, 662 154,298 283, 364 110, 726 208, 310 1,412, 730 681,249 537,775 4,370 189, 336 747,982 1,285, 757 82,822 28,958 593 June 30 1, 384, 322 942,221 442,101 147, 651 294,45C 105, 381 209,984 1, 367, 318 660,201 543, 605 11, 359 152,153 699,176 1,242,781 78,552 64,806 593 Oct. 3 1,400,512 972,722 427, 789 149,654 278,135 116, 803 211,608 1, 394,849 664,964 544,774 5,517 179,594 712, 637 1,257,411 81,855 70,135 590 Dec. 31 1,405, 799 954,105 451, 694 161,431 290,263 118,481 212,829 1,441,124 711,206 537,601 7,549 184,768 756, 987 1,294, 588 84, 641 39,363 587 1929—Mar. 27 1, 377, 349 944, 686 432,663 159, 269 273, 394 92,185 211,913 1, 337, 019 641,175 533,554 8,800 153,490 690,134 1, 223, 688 78, 333 58,460 585 June 29 1,341,452 936,671 404,781 138,777 266,004 92,388 202,977 1,311, 209 644,882 521,158 11, 250 133,919 675,256 1,196,414 75,096 58,758 580 Oct. 4 1,375, 210 983, 72C 391,490 128,907 262,583 118,827 208, 527 1, 360, 607 655, 332 535, 751 7,641 161, 883 682,267 1, 218,018 78, 256 82, 361 572 Dec. 31 1,336,880 955, 428 381,452 114, 777 266, 675 113,421 208, 614 1, 380, 297 689, 686 520,903 2,001 167, 707 723, 267 1, 244,170 80, 055 31,967 571 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MINNEAPOLIS DISTRIC 1921—Dec. 31 862,438 712,371 150,067 74,171 75,896 87,079 140,960 818,666? 358,465 363, OlOi 10,321 86,870! 376,306 739,316| 43,537 74,017 1,017 1922—Mar. 10... 853,404 694,202 159,202 81,000 78, 202109, 693 139,863 853,503; 364,107 364,168 11,616 113, 552 389,396 753, 564 43,316 53,658 1,015 June 30_._ 859,706 687,166 172,540 92,664 79,876 97,116 139,416 856,304! 373,432 373,566 6,568 102,738 398,069 771, 635 45,544 50,920 1,014 Dec. 29... 884,167 694,312 189,855 102,217 87, 638113, 987 140,995 923, 070, 400, 397 390, 583 9,002 123,088 427,421 818,004 49,024 38,226 1,000 1923-Apr. 3... 899,193 696,161 111,028 92,004 108, 539 135,421 944,127; 393,011 408,234 9,611 133,271 440,539 848,773 51,805 31,833 June 30_. 896,406 690, 681 205, 725 114, 761 90,964 97, 236 134,341 916, 088' 392.112 416,088 8,394 99,494! 411, 603 827,691 46,937 43,100 Sept. 14_. 888,949 684,105 204,844 112, 993 91,851 97,195 134, 939 913,062 386,445 417, 529 6,023 103, 065 409. 468 48,065 41,838 977 Dec. 31.. 863,307 655, 670 207, 637 113,498 94,139 105, 461 132, 022 914, 802 387, 722 413, 926 5,413 107,741! 410,581 824,5071 46,652 26,978 940 1924—Mar. 31._ 853,424 639,177 214, 247 120,890 93,357 106,392 126,691 913,853 386,117 404,271 9, 521 113,944 418,757 823,028 46,235 17,702 903 June 30.. 824, 333 610, 944 213, 389 116, 699 96, 690123, 707 123, 376 909, 020 395, 763 403, 578 5, 692 103, 987 404, 538 808,116 47,410 18,984 895 Oct. 10. _ 867, 582 629,480 238,102 123,301 114,801 157,181 125.202 1,005,093 422,371 412,826 162, 993 465, 671 878, 497 53, 559 12,061 890 Dec. 31. _ 906, 616 630, 474 276,142, 143, 677 132,465 151, 229 125, 0501, 044, 751439,041 430,315 6,321 169, 074 502, 738 933, 053 55, 513 6,384 885 W 1925—Apr. 6... 611,861 294,830 149, 018 145,812 122, 753 122,137 1,016,127 424,363 441,834 8,562 141, 368 471, 763 913, 597 54,172 5,526 872 June 30. _ 888, 227 291, 329; 140, 961 150,368 110,190 120,444 430, 509 435, 281 5,188 117, 485 463,201 898,482 54,175 7,260 859 D Se e p c t . . 3 2 1. 8 _ _. 8 8 9 93 5 , , 1 4 8 3 1 0 5 5 9 8 9 6, , 1 4 1 7 7 4 2 30 9 7 5 , , 0 9 6 5 4 6 ' 1 1 1 4 4 0 6 , , 7 3 9 7 2 0 1 16 5 0 5 , , 1 6 6 9 4 4 1 12 1 7 2 , , 2 9 4 1 3 3 1 1 1 1 8 8 , , 3 4 9 1 5 4 1, 9 0 9 1 5 1 , , 743 4 4 2 3 6 5 , , 3 3 5 8 8 2 4 4 3 3 7 3 , , 9 7 0 1 6 7 8 7 , , 1 42 6 9 1 1 13 2 1 7 , , 0 3 4 1 1 8 4 46 6 7 6 , , 1 8 3 6 6 5 9 90 0 5 0 , , 0 5 4 8 2 2 5 53 2 , , 1 7 9 8 2 9 7 4, , 6 6 3 5 9 2 8 82 4 9 8 W 1926—Apr. 12. _ 889, 722 575, 372 314,350 147, 729 166, 621104,869 115,870 983,324 420,472 438,964 9,499 114,389 450,935 53, 592 5,670 817 J D u ec n . e 3 30 1 . . . _ 8 88 6 0 1 . , 9 5 9 6 8 2 5 56 5 7 4 , ,1 7 9 6 6 3 3 31 0 2 7 . , 8 7 0 9 2 9 1 14 3 2 3 , , 3 3 5 3 1 4 1 1 7 7 0 4 , , 4 4 5 6 1 5 1 10 1 1 6 , , 2 5 3 4 0 4 1 11 1 4 4 , , 6 6 2 2 5 7 9 9 6 6 2 5 , , 6 8 3 3 5 3 4 40 1 6 9 , , 0 8 3 6 7 4 4 4 3 3 5 5 , , 8 4 9 4 7 9 6 4 , , 0 6 0 6 9 7 1 11 0 6 4, , 5 0 1 3 1 4 4 43 4 2 4 , , 4 0 4 8 7 3 8 8 7 6 9 7 , , 8 9 9 8 6 0 4 5 8 0 , , 4 6 5 0 7 6 5 5 , , 2 2 2 7 6 7 8 7 0 6 4 4 GO 1927—Mar. 23__ 862,142 540, 495! 321, 647 134,337 187,310 99,188 113,260 938,043 389, 382 430, 377 7,272 111,012 425, 526 855, 903 50, 717 743 June 30... 851,382 531,054 320,328 129, 820 190, 508105,616 112, 367 940, 303 401,123 434, 987 5,693 98, 500 417, 583 852, 570 47,781 5,066 740 Oct. 10__ 881,950 552, 992 328,958 131, 275 197, 683140,198 115,882 1, 016, 515444,405 435,139 5,421 131, 550 468, 971 904,110 51,261 3,428 742 I Dec. 31... 547,075 349,923 137,006 212, 917127,025 115,323 1,011, 277 428,942| 451, 607 5,743 124,985 460,037 911, 644 54,217 2,654 735 1928-Feb. 28.. 904,662 544,744 359,918 137, 347 222, 571114,559 115, 5081, 001, 684 416, 759J 460,3081 3, 274 121, 343 454, 430 914, 738 53,499 3,847 731 June 30.- 908, 660 543, 940 364, 720 136,480 228, 240110,549 115,966 996, 752 427, 884; 461,363 5,578 101,927 446, 544 907,907 53,926 8,290 728 Oct. 3... 927.986 557, 522 370, 464 146, 729 223, 735121,438 116, 5921, 037, 290444, 512 468, 509 4,579 119, 690 472, 204 940, 713 55,323 13, 951 722 Dec. 31... 932,852 560,043 372,809 146,579 226, 230116,775 117,971 1,042,148 443, 805i 480,054 5,550 112,739 465, 402 945,456 55,467 5,279 719 CO 1929—Mar. 27.. 937, 754 563, 858 373,896 149,447 224,449 88,927 117, 676 996, 573 416,153J 470,838 6,903 102,679 451, 601 922,439 54,923 15,101 712 June 29 __ 922,693 558, 567 364,126 147,348 216, 778102,036 116,316 994,146 426, 529; 470, 4251 7,379 89,813 438,587 909,012 50,219 12,330 700 Oct. 4_... 957, 073 597, 307 359, 766, 141, 868 217,898 108,813 119, 6661,010, 088 441,676 458,6201 5,790 104,002 457,337 915,957 50,044 689 Dec. 31... 910,924 563, 024 347,900 134,771 213,129 105,999 119,871 995,051 432, 555 457,932 1,967 102, 597 453,015! 910,947 12,253 683 I i For footnotes, see p. 165* Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 88.—ALL MEMBER BANKS—PRINCIPAL RESOURCES AND LIABILITIES ON CALL DATES, 1921-1929—Continued ^1 KANSAS CITY DISTRICT to [In thousands of dollars. For back figures see Annual Report for 1927, Table 86] Loans and investments Call date Total Loans l Total Inv s e U e s c t . m u S r e i . - n ts s O ec th u e ri r - b f a D r n o u k m e s 2 s p u l v u r a a o r i n p p n d f d i i l d e t t u i 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 * d p T o d i s e m i - ts e » U S p n o t d a e s i t t - i e e ts s d b D a u n e k t s o • d de e N p m o e a s t n it d s d de e t p N p m i l m e o u a s t e s n it d s R e b r w e F a a s e i n l e t d r k h r - e v s - e p c r a B o e a y u d n i a l i n d l b s s t - l s e b N b a e u n r m k o s - f ties ties 1921—Dec. 31 1,048,918 858,205 190,713 103,419 87,294 156,266 170,917 1,092,271 649,732 242,616 8,834 191.089 687,336 929,952 72,322 94,963 1,092 1922—Mar. 10... 1,017,869 827,379 190,490 106,213 84,277 199,510 173,056 1,145,868 656,861 243,049 14,636 231,322 706,073 949,122 72,508 48,722 [,112 June 30.._ 1,067,002 842, 236 224, 766 130,918 93,848 206, 791 174, 2001, 232, 772 728,199 262, 921 7,776 233,876 782, 6381, 045, 559 79, 765 31,238 [,147 Dec. 29... 1,115,378 866,655 248,723 148,269 100,454 206,544 179,437 1,288,845 751,291 273,040 12, 542 251,972 803, 2041,076,244 81,143 35,840 ,142 1923-Apr.3..__ 1,133,839 876,757 257,082 158, 559 98,523 202,278 174,377 1,309.043 759.627 285, 648 12,864 250, 904 1,109,634 85,040 32,564 ,145 June 30... 1,145,159 886,108 259,051 160,367 98,684! 173,949 172,908 1,259,218 736,1541 300,687 9, 209 213.168 787,834 1,088,521 81,198 58,649 ,145 Sept. 14... 1,127,800 872, 614 255,186 157,510 97,676 172,014 173,860 1, 256,380 735,072 299,566 6,652| 215.090 786, 7201,086,286 82,152 48,862 ,142 Dec. 31... 1,096,091 849,063 247,028 141,171 105,857 179,835 165,727 1,234,717 722,247 291,930 6,764 213, 776 759,435 1,051,365 76,579 53,396 ,122 1924—Mar. 31... 1,056,702 822,704 233, 998 135, 584 98,414 168, 733 165,666 1,197, 704 694, 796 293,850 8,404 200,654 745,699 1,039, 549 74,998 24,914 ,098 June 30... 1.037,719 799,805 237,914 133,799 104,115 201,079 162,393 1,228,956 708,3681 298,607 6.504 215,477 747,807 1,046,414 78,241 22,815 ,087 Oct. 10... 1,057,681 795,133 262,548 147,575 114,973 306,566 163,859 1,381,434 745,421| 297,288 7,665 331,060 812,291 1,109,579 86,096 10,232 ,082 Dec. 31... 1,078,924 800,838 278,086 149, 747 128,339 313,260 158,65" 1,441,426 779,782 295,985 6,538 359,121 876,091 1,172,076 93,892 6.256 ,066 1925—Apr. 6.... 1,115,184 811,588 303, 596 169,898 133,698 240,836 159,361 1,387,051 772,474 305,237 13,561 295, 779 868,714 1,173,951 89,453 6,959 ,056 June 30... 1,114,620 804,929 309,691 173,670 136,021 231,461 159,643 1,384,705 793,938! 312,102 7,120 271,545 863,783 1,175,885 91,446 8,753 ,048 Sept. 28... 1,135,728 817,277 318,451 177,337 141,114 197,240 158,118 1,364,381 795,356 309, 748 7,965 251,312 871,428 1,181,176 87, 775 10,896 ,038 Dec. 31... 1,131,484 804,948 326, 536 181, 677 144,859 229,406 154,037 1,408, 528 836, 732 294,962 8,330 268,504 891,887 1,186,849 16,858 ,027 1926—Apr. 12... 1,137,826 794,226 343.600 198,072 145, 528 188,641 156,055 1,349,052! 794,590 315,685 15,808 222,969 845,448 1,161.133 83,990 20,000 1,017 June 30... 1,157,139 811,649 345,490 187,698 157,792 199,704 153,771 1,391,656 818,430 323,494 11,509 238,223 871,245 1,194,739 88,973 16,503 1,011 Dec. 31... 1,135,968 777,411 358,557 182,962 175,595 218,763i 152,389 1,403,513 822,221 317, 771 7,856 255, 665 874,880 1,192,651 86,102 7,387 992 1927-Mar. 23... 1,159,449 786,494 372,955 194,040 178,915 199,661 156,146 1,387,912 800, 740 330, 719 10,033 246,420 872,960 1,203,679 89,173 11,579 984 June 30... 1,153,509 776,100 377,409 183,255 194,154 200,021 155,302 1,394,004 819,882 331,110 7,038 235,974 868,642 1,199,752 90,771 11,892 972 Oct. 10... 1,167,923 776,398 391,525 183,435 208,090 206,774 158,872 1,407,018 815,969 340,449 9,844 240,756 869,300 1,209,749 86,813 14,757 972 Dec. 31... 1,191,491 783,062 408,429 183,534 224,895 156,841 1,456,338 837, 111 338,815 8,718 271, 694 907,363 1,246,178 95,336 10,292 968 1928—Feb. 28... 1,196, 758 787,419 409,339 189,019 220,320 217,308 158,370 1,447,630 814,687 355,464 5,219 272, 260 885,470 1,240,934 92,138 9,773 961 June 30... 1, 224,395 788, 794 435.601 193,958 241,643 194,403 157.315 1,438, 933 826,745 372,402 8,531 231, 255 886,190 1, 258,592 94,149 19,468 945 Oct. 3.... 1,241,707 806,155 435,552 206,458 229,094 220,264 161,046 1,496,"" 846,154 374,313 7,737 267,859 1,281,195 94,286 20,613 941 Dec. 31... 1,250,019 802,632 447,387 212,331 235,056 224,876 160,297 1, 505,060 866,873 364, 599 9,926 263,662 916,693 1,281,292 90,950 22,443 932 1929—Mar. 27... 1,242,207 799, 503 442,704 214,282 228,422 185, 640 163,738 1,438,225 828,825 372,899 9,137 227, 364 878, 5171, 251,416 92,621 22,953 919 June 29... 1,240,550 810,223 430,327 202,027 228,300 186,115 160,730 1,420,108 826,186 372,520 8,062 213,340 863,648 1,236,168 90,758 39,240 912 Oct. 4.... 1, 246,554 822, 513 424, 041 198,413 225, 628195, 334 163,646 1, 439,112 824,185 370, 918 6,692 237, 317 869, 0691, 239, 987 90,027 45,382 902 Dec. 31. _ 1,211,892 804,011 407,881 180, 676 227, 205209,416 162, 37- 1,428,618 836, 911 350, 359 3,179 238.169 873, 6531, 224,012 87, 748 34,690 893 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DALLAS DISTRICT 1921—Dec. 31 711,182 593,536 117,646 87, 667 29,979 84,728 155,137 667, 712 4' 104, 835 8,325 77,856 474,536 579,371 45,305 851 1922—Mar. 10... 700, 308 585,235 115,073 90,028 25,045 105, 033 158, 491 688,418 480, 355 109,919 10,206 87,938 486,781 596, 700 46,261 49,856 854 June 30.._ 706,745 587,036 119,709 94,918! 24,791 99,262 157,974 693,049 488, 854 116, 888 4,976 82, 331 495,142 612,030! 46, 605 45, 753 857 Dec. 29... 749,295 609,481| 139, 814 Ill, 502 28, 312 130, 690 161, 749 816, 216 553,220 120, 460 14, 648 127,888 573,351 693,811! 54,457 20,000 855 1923—Apr. 3... 769,406 619,939 149,467 123,063 26,404 108, 337 157,933 798,955 133,776 20, 228 106, 312 557, 673 691,449! 51,077 26, 335 855 June 30.. 745,119 601,128 143,991 117,288 26, 703 81,491 158, 084 719,951 500, 307 136, 750 8,278 74, 616 505,926 642, 676 48,288 47,065 857 D S e e c p . t. 3 1 1 4 . . . . 8 7 1 8 0 0 , , 1 5 5 5 5 7 6 6 3 4 6 8 , , 7 79 0 7 1 J 1 16 4 1 3 , , 8 3 5 5 6 8 1 1 2 1 6 2 , , 1 70 5 6 4 3 35 1 , , 2 1 0 5 4 0 1 16 2 2 9 , , 1 8 8 9 8 8 1 1 5 5 9 5 , , 7 6 1 0 5 6 9 8 4 1 7 8 , , 4 91 6 5 1 5 6 5 23 0 , , 4 7 8 2 5 8 ! i 1 1 3 4 7 3 , , 2 2 5 5 0 0 1 5 2^ 1 , 8 — 2 1 16 2 8 5 , , 3 2 0 9 1 4 5 6 6 5 2 9 , , 5 1 6 1 6 7 6 80 9 2 9 , , 8 3 1 67 6 1 5 6 2 0 , , 7 6 5 0 9 2 5 1 4 2 , , 7 12 5 1 4 8 84 5 9 8 1924—Mar. 31.. 776,846 628,944 147,902 114,436 33,466 119, 535 157,950 836,043 555, 706 149,971 13,192 117,174 578, 018 727,989J 52, 319 16,782 835 June 30.. 732, 301 596, 881 135,420 103,975 31,445 105,145 156,502 768,294 517,041 152,454 6,452 92,347 524,251 676,705; 49,293 24,316 837 Oct. 10._. 765,113 625,135 139,978 101.834 38,144 198, 361! 159,418 931, 725 590,447 154, 713 9,084 177,481 608,091 762, 8041 55,895 15,168 838 Dec. 31.. 789,329 645,115 144,214 100,578 43, 636 214, 390j 153,452 1, 004,243 637,826 150,856 209,179 683,038 833, 894 65,708 6,094 828 to 1925—Apr. 6___ 812,534 650,719 161, 815 120,284 41,531 179,811i 160,130 966, 613 616, 774 163, 632 16,230 169,977 658,243 821, 875 62.061 3,721 824 June 30. . 790, 668 637, 954 152, 714 ] 12, 608 40,106 133, 823' 159, 968 883, 042 588, 053 167, 305 8,598 119, 086 601,105 768,4101 57,174 12,684 847 Sept. 28.. 821,844 664,145 157,699 113,439 44,260 163, 817! 161,567 951,509 612,231 164, 640 13,917 160, 721 642,249 59,010 15,926 854 Dec. 31.. 830,918 667, 782 163,136 114,026 49,110 152, 668, 156, 760 980,534 649, 672 158, 382 14, 065 158, 415 680, 728 839,110 66.062 5,878 852 W 1926—Apr. 12.. 831, 859 667, 758 164,101 119,757 44, 344 135, 343 165,120 929,171 623,112 169,465 12, 496 124, 098 805,961^ 58,172 12,220 850 June 30.. 807, 697 649,757 157,940 113, 323 44, 617 121, 089! 162,495 871,479 590, 335 163, 897 7,372 109, 875 599, 064 762,961 57, 342 25, 359 843 Dec. 31.. 807,291 651,583 155, 708 105,145 50, 563 146, 403 158,562 940, 370 631, 382 160, 377 8,571 140, 040 641,913 802,290 64,423 9,721 827 GO i 1927—Mar. 23.. 841, 697 668, 338 173,359 123, 319 50, 040 143,791! 162,710 948,345 624, 466 175, 663 15,049 133,167 647,887 823,550 62, 783 7,829 817 June 30.. 830, 856 654, 072 176,784 121, 634 55,150 130, 524 161,3551 918,194 608,564 180, 830 10, 972 117, 828 623, 023 803, 853 62,028 11,513 815 Oct. 10__. 688,449 188,439 126,439 62,000 168, 244 165,245 1,024,493 663, 643 182, 373 15, 823 162, 654 689,988 872,361 65,538 8,725 816 Dec. 31.. 694, 344 203,884 131, 898 71,986 170, 732 160,040 1,068,016 699,161 184, 0321 13, 789 171, 0341 732,147 916,179! 73,133 1,404 799 1928—Feb. 28.. 904,469 701,202 203,267 136.835 66,432 152, 311 163,257 1,027,194j 683, 851 195,227 4,122 143,994 712,409 907, 636 67,861 4,156 794 June 30.. 915,653 691,939 223, 714 149,822 73,892 129,968 163,982 1,005,100; 654,947 212, 836 17,263 120,054 665,916 878, 752 65,532 11,480 791 Oct. 3... 960,054 725,485 234,569 156,541 78,028 161,291 166, 562 1,081, 380; 695,270 214,6651 9,463 161,982 721, 625 936, 290 68,974 29,910 787 Dec. 31.. 993,420 257,024 173,509 83,515 165, 301 162, 510 1,154, 849J 743, 439 222, 906 22,190 166,314 762,961 985, 867 73, 685 11, 648 780 1929—Mar. 27.. 999, 532 730,030 269, 502 190,314 79,188 129,928 172,08: 1,084,798 700,806 236, 5121 26, 324 121,156 711,313 947, 825 69,381 13,093 765 June 29.. 956,940 705,445 251,495 169,494 82,001 118, 279 173, 588 1,012,170| 653,847 237, 444J 19, 902 100,9771 652,702 890,146 63,680 19,658 766 Oct. 4.... 987,088 748, 767 238,321 153,066 85,255 148, 091 176, 344 1,073,3311 680, 780 231, 867 22,154 138, 530) 701,941 933, 808 65, 999 34, 666 761 Dec. 31.. 936,158 713, 786 222, 372 131,631 90, 741 148,127 171, 564 1,048,407: 224, 511 11,150 135, 013 675, 238 899,749 65,016 16,502 746 For footnotes, see p. 165. CO Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 88.—ALL MEMBER BANKS—PRINCIPAL RESOURCES AND LIABILITIES ON CALL DATES, 1921-1929—Continued SAN FRANCISCO DISTRICT [In thousands of dollars. For back figures see Annual Report for 1927, Table 86] Loans and investments Call date Total Loans 1 Total Inve s U e s c . tm u r S i e - . nts s O ec th u e ri r - b f a D r n o u k m e s ! s C p u v u a r r a o i p n p d n f i d l i d e t u t i a d s - s l 3 , , de T p o o t s a i l ts D p e o d m s e it - a s nd p T o d s i e m it - s e 8 U S po n t d a s e i t t i - e e ts s d £ ba S n L ks t o. | d de e po ^ sit d s d d e e t p p N m i o m lu e s a i t e s n t d s R e b e s r w F a s a e i e r n l e t d v r k h - r e v s e e - p c r a B o e a y u d n i a l n i d l b s s t - l s e b N b a e u n r m k o s - f ties ties 1921—Dec. 31- 1,945,470 1,452,507 492,963 229,959 263,004 186,231 284,002 2,033, 522 1,020, 398 808, 361 15,092 189,6711,029,005 1,837,366 122,678 87,617 837 1922—Mar. 10_ 1,937,309 1, 432,613 504, 696* 243, 007 261, 689 195, 201 287,605 2,023,635' 983,236 821,610 19,481 199,3081,004,992 1,826,602 118,353 75,600 835 June 30.. 1, 995, 3471,474,013 521, 334 255, 454 265, 880 191,404 285.168 2,123,592:1,037,556 875,762 12,924 197,3501,058,851 1,934, 613122, 7231 62,479 842 Dec. 29. 2,127,852 1, 554, 357 573,495 309,218 264, 277 209, 604 301,238 2,314,4361,134,216 930,404 25,426 224,3901,150,211 2,080,615 135, 73li 47,290 820 1923—Apr. 3.. 2,262, 529 1,661,246 601,283! 333, 722 267, 561 198, 523 298,607 2,417,1461,172,4881,,009,967 28, 214 206,477|l,181,769 2.191, 736140, 735! 66,497 806 June 30. 2, 331, 250 1, 739, 729 591,521| 319,410 272, 111 186,813 299,104 2, 467,693 1,236, 709 1, ,007,863 27,270 195,851 ,241,877 2, 249, 740145,844| 82,929 803 Sept. 14. 2,2.91,651 1, 731, 718 559,933 301, 2891 258,644 210,971 304,972 2,451, 591 1,243,492 980,426 13,313 214, 360 I, 244,013 2, 224,439147,212! 93, 687 804 Dec. 31. 2, 247,952 1,686,175 561, 777i 289, 266 272, 511 206, 645 292,919 2,488,5411,237, 580 1,032,364 22,007 196, 590 1,, 223, 234 2,255, 598145, 714j 47, 395 802 1924—Mar. 31. 2, 317, 292 1, 739,615 577, 677 302, 675! 275,002 189,796 313, 857 2,485,894 1,239,279 1, 024,132 25,643 196,840 1,, 242,162 2, 266, 294142,176! 59,027 785 June 30 _ 2, 296, 2221, 721, 530 574,692 298, 5871 276,105 213, 363 312,644 2, 530,478 1,209,3881,,093,320 12, 243 215, 527 1,, 217, 751 2, 311,071145, 385| 33,220 776 Oct. 10.. 2, 355,433 1, 728, 349 627, 084 336, 531 290, 553 321, 506 323,460 2, 710,651 266,241 1, 122,197 29,017 293,196 1, 294, 598 2, 416, 795158,081 17, 700 774 Dec. 31. 2, 444,038 1, 766,978 677, 060 361, 300i 315, 760 274,380 318, 247 2, 789,156 1,289,3811, 202,911 18,441 278,423 i,; 309, 245 2, 512,156164, 5291 18,818 766 1925-Apr. 6-. 2, 507, 70811, 815, 310 692,398 372, 486j 319,912!226,571 320, 789 2, 760,630 1,249, 785 1,, 246,185 29, 749 234,9111, 267, 396 2, 513, 581153,194 '\ 28,613 749 June 30. 2, 545,159 1,847,940 697, 219 374,161! 323,058 223, 855 321,813 2,804,682 1,268, 694 1., 286, 613 12, 225 237,150"., 276,642 2, 563, 255154, 521 39, 511 751 Sept. 28. 2,607,781 l,88f "'" 721,400 390,497| 330,903 240,799 324,441 2,851,559 1,269>,, 390 ,1 307,324 26,407 248,438 ,298,884 2,606,208 156,641! 57,972 749 Dec. 31. 2,668, 572(1,936,858 731, 714 386, 395, 345, 319 246,305 319, 792 3,006,607 1,366,871'6 1,, 342,867 34,005 262,859 1, 365,162 2, 708,029168,4611 26,959 740 1926—Apr. 12. 2, 677, 238'1, 939, 856 737, 382 383, 784! 353, 598 226,665 320, 376 2,944L, 974 1.,, 300, 755 1, 367,987 34, 676 241, 556 1,320,467 2,688,454 156,830! 46,473 724 June 30. 2,687, 5831,951, 713 735,870 377,996; 357,874 232, 588 324, 646 2,977',, 7611.,, 302,567 i.;, 392, 225 20,9081 262, 061 1,327, 266 2, 719,491162,9021 725 Dec. 31. 2, 842,494 2,066, 559 775, 935 367,400; 408,535 245,121 337,894 3,169,415 1L, 379,6811,482,196 20, 636| 286, 902 1,391, 564 2,873, 760167,180| 41, 969 721 1927—Mar. 23. 2,938,375!2,118,265 820,110 400,119i 419,991 210,075 352,694 3,157,199 1296,034 1,574, 727 43,816! t 242, 622 1,311,191 2,885,918 176,4061 58,287 682 June 30. 2,960,511 2,133,903 826,608 406, 6851 419,923 230,367 352, 233 3,236,603 1,359,7141,584, 708 29,325] 262, 856 1,372,810 2,957, 518164,024! 40,650 672 Oct. 10.. 2,987,169 2,123,672 863,497 430, 249J 433, 248 245, 597 365,257 3, 259, 2811,378,160 1,582,871 35, 729! 262, 5211,400,997 2,983,868 167,490) 51,974 669 Dec. 31. 3,083,880 2,140,842 943,038 486,094J 456,944 264,224 368,477 3,398,959 1,431,6191,652,980 28,478j 285,882 1,449,321 3,102,301 188,083| 7,111 658 1928— Feb. 28. 3,064,101!2,079,156 984,945 521,495 463,450 237,807 360,021 3,266,186:1,375,602 1,619,138 10, 356J 261,090 1,394,392 3,013,530 171, 724 57,100 649 June 30. 3,149,08112,143, 756 1, 005, 325 515,092 490,233 232,181 410,852j 3,411, 76111,394,250 1,711,891 53,130! 252,4901,420, 733 3,132,624 180,625 19,416 641 Oct. 3... 3,200, 3752,165,340!l, 035,035 535, 558 499,477 253,477 417, 606!3,411, 204! 1,440,865 1, 21,183; 260,319 1,440,113 3,128,950 183,393 77,099 644 Dec. 31. 3,168,538,2,108,7431,,059, 795 574,015 485, 780258,486 409.169 3,454,61 ljl,453,096 1,695,404 51,916! 254,195 1,419,429 3,114,833 182, 556 38.973 627 1929—Mar. 27. 3,113,045;2,070,615k042,430 580,376 462,054 222,817 424,328 3, 247, 658 1,329,832 1,657,806 33,982 226,038 1.,, 330,197 2,988,003 173, 713! 76, 372 618 June 29. 3,105,425 2,098, 715J1,006, 710 539, 054 467,656 252,551 432,876 3, 316, 750 1,316, 308 1,709, 993 41, 570 248, 879 1.,, 310,842 3,020,835 176,193 42, 284 617 Oct. 4... 3,132, 697!2,191, 791 940,906 513,475 427,431 227,817 434,96013, 239,4311,351,441 1,635,920 28,942 223,128 1.,, 341,126 2,977,046 176,050 105,153 616 Dec. 31. 3,192, 234!2,239, Hi 953,116 495,447 457,669 315, 369 440,929 3,537,147 1,434, 799 1,790,4711 21,625 290,252 1.,, 380, 935 3,171,406 175,681 43.974 607 For footnotes, see p. 165. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

175 ALL MEMBER BANKS IN EACH DISTRICT No. 89.—ALL MEMBER BANKS—'NET DEMAND AND TIME DEPOSITS, BY MONTHS, 1929 [Averages of daily figures. In millions of dollars] Net de- Net de- Net de- Month m t p im a lu n e s d d N m ep e a t o n d s d e it - s de T p i o m s e its m t p im a lu n s e d d N m ep e a t o n d s d e it - s de T p i o m s e its m t p im a lu n s e d d N m e e p a t o n d s d e it - sde T p i o m s e its deposits deposits deposits Boston district New York district Philadelphia district January- 2,366 1,404 962 10,100 6,955 3,145 2,266 1,174 1,092 February.. 2,335 1,369 966 10, 045 6,881 3,164 2,237 1,149 1,088 March 2,311 1,337 974 10,022 6,866 3,U6 2,237 1,146 1,091 April 2,302 1,343 959 9,977 6,817 3,160 2,233 1,144 1,089 May 2,280 1,331 949 9,968 6,812 3,156 2,230 1,151 1,079 June 2,274 1,328 946 10, 064 6,949 3,115 2,233 1,164 1,069 July 2,336 1,389 947 9,999 6,931 3,088 2,254 1,175 1,079 August— 2,312 1,365 947 10, 012 6,871 3,141 2,236 1,157 1,079 September. 2,340 1,378 962 10,124 6,918 3,206 2,247 1,165 1,082 October.. . 2,361 1,419 942 10, 440 7,166 3,274 2,245 1,164 ]1,081 November. 2,388 1,427 961 11,315 8,058 3,247 2,226 1,158 11,068 December. 2,340 1,398 942 10, 537 7,355 3,182 2,215 1,158 11,057 Cleveland district Richmond district Atlanta district January... 3,156 1,515 11,641 195 603 592 1,048 594 454 February.. 3,183 1,507 11,676 ,185 593 592 1,055 597 458 March 3,172 1,506 ]1,666 ,178 583 595 1,060 601 459 April 3,138 1,484 1,654 ,167 576 591 1,034 585 449 May 3,161 1,495 1,666 ,150 565 585 1,028 569 459 June 3,154 1,491 1,663 ,143 560 583 1,015 549 466 July 3,188 1,535 1,653 ,144 562 582 1,001 539 462 August 3,201 1,554 1,647 ,140 560 580 969 524 445 September 3,193 1,545 1,648 ,126 554 572 980 537 443 October.. _ 3,152 1,526 1,626 ,135 562 573 979 543 436 November 3,140 1,513 1,627 ,118 559 559 978 545 433 December. 3,105 1,493 1,612 ,126 569 557 978 550 428 Chicago district St. Louis district Minneapolis district January.. . 4,934 2,648 2,286 1,284 745 539 923 448 475 February.. 4,861 2,659 2,202 1,269 731 538 918 440 478 March 4,756 2,622 2,134 1,232 695 537 921 450 471 April 4,711 2,595 2,116 1,214 685 529 905 435 470 May 4,730 2,597 2,133 1,205 678 527 892 426 466 June 4,723 2,588 2,135 1,191 670 521 902 434 468 July 4,790 2,643 2,147 1,207 680 527 907 442 465 August 4,842 2,677 2,165 1,203 676 527 909 446 463 September 4,837 2,678 2,159 1,204 678 526 920 458 462 October.. . 4,865 2,708 2,157 1,226 691 535 917 459 458 November. 4,793 2,669 2,124 1,228 699 529 914 462 452 December. 4, 661 2,582 2,079 1,224 705 519 895 447 448 Kansas City district Dallas district San Francisco district January 1,272 901 371 971 745 226 3,044 1,366 1,678 February... 1,262 893 369 961 734 227 3,028 ! 1,377 1, 651 March 1,256 885 371 949 718 231 2,972 1,312 1,660 April.. 1,229 859 370 925 693 232 2,960 1,304 1,656 May 1,205 836 369 904 673 231 2,980 1,298 1,682 June 1 ?14 844 370 869 643 226 2,978 1,299 1,679 July 1,256 886 370 871 640 231 2,969 1,311 1,658 August 1,265 892 373 861 630 231 2,945 1,310 1,635 September. 1,251 877 374 893 659 234 2,975 1,331 1,644 October 1,239 871 368 901 675 226 2,981 1,341 1,640 November.. 1,223 860 363 892 669 223 2,959 1,350 ]1,609 December. _ 1,213 856 357 884 664 220 2,991 1,328 1 Back figures—See Annual Reports for 1928 (Table 93), and 1927 (Table 87). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

176 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No. 90.—ALL MEMBER BANKS—RESERVE BALANCES, BY MONTHS, 1927-1929 [Monthly 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 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 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 69.4 69.8 324.6 81.2 49.2 89.1 62.4 167.1 March 144.1 856.6 136.9 185.7 68.9 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 146.2 875.3 136.1 185.2 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 150.2 880.9 136.8 189.3 72.0 65.6 341.2 80.0 48.3 58.3 170.5 September 151.0 888.7 138.6 187.4 72.1 67.6 339.7 80.1 51.0 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 74.1 342.5 85.3 56.3 91.0 67.7 179.3 December 155.1 944.9 138.7 186.3 73.5 347.2 86.3 55.2 91.3 69.0 182.3 1928 January 155.9 957.9 141.7 188.9 73.8 70.7 352.1 86.1 53.3 92.1 185.2 February. 151.0 924.4 138.5 188.1 72.4 70.0 345.8 85.0 53.1 92.4 69.3 178.2 March 151.2 931.6 138.6 186.0 70.6 69.4 345.7 82.8 53.9 92.4 67.1 175. 8 April 156.3 955.5 139.3 186.7 69.9 69.1 348.1 82.5 52.4 91.9 65.4 179.5 May 153.6 946.8 138. 5 188.7 69.0 68.3 353.2 82.3 51.6 90.6 64.9 180.3 June 149.3 925.9 136.2 185.9 68.5 66.6 352.0 80.3 52.9 90.3 64.1 182.5 July... 149.9 902.4 134.7 186.8 67.2 64.7 351.0 79.7 52.0 91.7 63.7 179.9 August 147.1 872.0 132. 0 185.8 66.2 63.7 344.8 78.5 50.7 92.4 62.5 178.2 September 149.6 883.2 134.9 190.3 67.6 62.7 352.3 80.1 53.0 92.8 65.5 182.4 October 152.5 889.7 134.8 187.8 68.3 63.4 353.3 80.5 55.1 92.5 68.9 185.2 November 152.0 903.4 134.4 185.4 69.1 64.8 354.0 81.5 56.1 93.0 71.4 187.3 December 148.6 923.4 134.5 183.4 69.6 67.5 353.0 83.4 55.1 93.0 72.2 183.2 1929 January _ 150.5 936.3 137. 2 187.0 69.7 67.2 354.3 84.2 53.9 93.9 71.8 180.7 February 146.7 928.5 133.5 185.7 68.6 67.6 352.8 82.9 52.5 91.9 70.7 176.0 March 144.3 924.6 133.4 185.6 67.6 67.7 346.5 78.7 53.1 91.8 70.0 173.1 April 144.1 915.2 133.2 183.4 67.2 66.2 341.6 77.8 51.6 89.2 171.7 May 141.9 914.7 133.8 184.1 65.6 64.5 340.8 76.6 50.2 87.5 65.1 171.6 June 142.4 931.9 134.7 184.2 65.5 63.4 341.0 75.9 51.3 88.6 63.3 172.0 July 147.6 930.9 135.3 187.2 65.7 61.9 347.2 77.0 52.4 92.0 62.5 173.9 August 146.2 919.9 134.2 188.5 65.4 60.2 352.7 76.7 52.5 92.8 61.2 172.1 September 147.5 930.5 134.6 187.1 64.5 61.1 351.2 76.7 53.3 91.2 62.8 174.1 October 151.1 968.4 134.7 185.5 64.9 62.4 356.6 78.1 53.2 90.2 65.8 174.7 November 154.1 1,107.7 133.8 182.9 64.8 61.5 353.6 78.7 53.4 89.7 65.2 175.8 December 150.1 133.5 180.1 65.4 62.6 342.7 79.3 53.3 89.0 64.4 175.2 Back figures.—See Annual Report for 1927 (Table 89). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

177 ALL MEMBER BANKS IN EACH DISTRICT No. 91.—ALL MEMBER BANKS—BORROWINGS l AT FEDERAL RESERVE BANKS, BY MONTHS, 1928 AND 1929 [Monthly averages of daily figures. In millions of dollars] Federal Reserve District Month Boston Y N o ew rk 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 - Dallas F c S i r s a a c n n o - 1928 January 23.5 152.9 44.4 51.0 26.9 29.3 59.0 16.6 3.7 12.7 4.3 41.0 February... 45.2 119.3 53.1 50.8 27.3 28.3 50.9 24.0 4.0 11.4 4.1 52.3 March 49.5 130.0 49.2 57.0 27.8 25.2 67.9 26.1 3.3 10.5 3.8 63.1 April 44.4 210.9 52.7 60.8 34.6 38.9 87.6 33.1 10.1 18.8 8.0 61.3 May 59.6 296.9 60.4 I 68.4 43.0 51.9 109.5 39.0 10.6 22.9 9.0 64.3 June 84.8 376.1 80.2 89.3 48.0 59.8 136.1 52.9 8.5 22.4 11.3 49.4 July.. 68.0 382.6 93.8 100.8 54.9 68.5 156.7 55.1 12.2 23.9 16.7 56.5 August 61.1 321.3 99.1 80.1 56.6 76.8 159.4 58.8 18.5 22.7 29.8 76.7 September 50.9 352.3 106.5 77.8 57.2 82.9 113.8 65.0 17.8 24.0 29.6 86.5 October 45.9 300.7 93.7 75.5 47.8 79.4 134.1 49.8 18.1 31.3 25.3 73.5 November 50.6 238.1 79.3 85.6 42.5 68.7 138.8 43.9 16.0 43.1 21.3 69.6 December _ 65.0 298.7 91.3 108.0 40.8 57.8 178.9 39.6 10.4 44.2 17.9 60.3 1929 January 60.4 245.9 73.1 79.7 40.7 58.5 142.7 37.4 12.0 33.3 20.6 55.0 February 61.9 216.3 85.5 84.7 41.0 55.8 165.9 37.8 12.8 32.5 19.2 75.8 March 58.6 231.5 101.6 76.0 43.4 51.7 210.6 48.1 15.6 31.8 14.8 85.0 April 75.8 2C4.6 110.0 96.6 52.6 63.6 133.4 51.8 19.3 38.8 18.6 79.3 May 96.5 234.5 86.7 93.8 58.1 73.4 109.8 48.7 18.1 49.1 23.1 64.4 June.. _ 99.4 251.2 84.7 90.9 56.6 65.9 135.9 49.9 15.2 48.3 22.3 57.7 July 78.4 408.6 77.3 84.0 57.5 69.0 122.1 55.8 17.4 35.3 30.2 60.1 August 79.5 303.3 92.8 79.7 59.6 75.1 120.0 67.2 24.3 33.7 43.4 64.9 September 71.3 230.9 90.6 78.8 60.1 69.6 103.9 72.7 34.4 38.8 41.3 76.4 October 60.7 160.0 78.7 95.2 53.1 57.6 120.2 54.7 41.2 44.6 31.6 86.9 November 46.9 154. 7 106.8 124.4 51.9 59.1 139.3 47.1 28.6 57.7 30.2 106.0 December 40.4 188.3 80.2 98.4 41.8 43.0 133.0 30.9 17.4 45.9 19.1 65.0 1 Includes small amounts of borrowing by intermediate credit banks; see Table f 7. Back figures.—See Annual Report for 1927 (Tables 90 and 55). No. 92.—NUMBER OF MEMBER BANKS DISCOUNTING PAPER AT FEDERAL RESERVE BANKS, BY FEDERAL RESERVE DISTRICTS, 1923-1929 District 1923 1924 1925 1926 1927 1928 1929 Boston. ._ 313 317 297 286 261 265 306 New York 590 593 600 603 602 623 651 Philadelphia 532 525 450 558 552 562 594 Cleveland _ 470 485 483 466 430 421 475 Richmond 453 463 428 430 383 386 384 Atlanta _. _ 351 390 320 333 300 315 352 Chicago 973 922 825 814 746 685 708 St. Louis 362 391 339 330 309 292 338 Minneapolis 559 476 290 270 275 224 249 Kansas City __ 653 586 410 453 377 381 417 Dallas 617 492 361 453 318 296 359 San Francisco 460 420 380 347 316 268 280 Total 6,333 6,060 5,183 5,343 4,869 4,718 5,113 Back figures.—See Annual Reports for 1922 (Table 48), 1919 (Table 39), 1916 (p. 93), and 1915 (p. 71). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No, 93.—ALL MEMBER BANKS—CLASSIFICATION OF LOANS AND INVESTMENTS ON CALL DATES, DECEMBER 31, 1928-DECEMBER31, 1929 ^1 [In thousands of dollars] 00 Loans Investments — 2 Loans to customers Open-market loans Other securities Total Federal reserve dis- loans and Real estate loans Accept- U.S. Domestic trict and date invest- ances Governments Total Total ba T n o ks r s it e i c e u s - * Total fa O rm n o r O t e h a n e l r o A th l e l r Total m p c e a a o r n p m c d e i - r al l S o t a r n e s e 2 t Total r m s i e t e c ie u n s - t Bonds o A th ll er Foreign f 8 ed land estate purchased a- Boston: 1928—Dec. 31 2, 571,115 1,824,366 1, 661, 751 16,040 620, 222 280, 744 7,796 272, 948 744, 745 162, 615 63,985 98, 630 746, 749 235, 373 356, 533 92,132 62,711 1929—Mar. 27 2, 600,035 1, 823, 3401, 673,498 21,186 642, 445 283, 761 7,397 276, 364 726,106 149, 842 71, 307 78, 535 776, 695 285,195 341, 831 89, 818 59,851 June 29 2, 612,944 1,870,849 1, 749,866 25,178 669, 947 280, 493 7,483 273,010 774, 248 120,983 50, 814 70,169 742, 095 266, 299 332, 249 86, 202 57,345 Oct. 4 2, 634,401 1, 919, 8341, 771,307 20,147 707, 726 273, 912 7,646 266, 266 769, 522 148, 527 42,885 105, 642 714, 567 265,004 311,994 84,130 53,439 Dec. 31 — 2, 560, 758 1, 910, 4991, 727,425 24, 602 698, 881 277, 361 7,403 269, 958 726, 581 183, 074 86, 382 96, 692 650,259 215,919 302,140 76,394 55,806 New York: 1928—Dec. 31 11, 592,908 8,404,303 6,432, 386 294, 8652,424,496 489,170 11,991 477,1793, 223, 8551,971,917 178,1791, 793, 7383,188, 605 1, 353,4381, 288, 728328,413 218,026 1929—Mar. 27....11,317,183 8,139,496 6, 726, 554 260, 5222,498,819 512, 582 12, 624 499,958 3,454,6311,412,942 173,1381, 239, 8043,177,687 1, 393, 0951, 233, 812 342,967 207, 813 June 29..__ 11, 775,345 8, 769,456 7,106, 854 321, 6282, 657, 507547,115 13, 816 533,299 3, 580, 6041, 662, 602! 161,3601, 501, 2423,005,889 1, 263,4691,177, 211 358,403 206, 806 Oct. 4 11,763,448 8, 813, 4667,440, 702 308, 6542, 758,183 559, 716 12, 853 546,863 3,814,1491, 372, 764 117, 3371, 255, 4272, 949, 9821, 235, 7941,121, 513 395, 725 196,950 Dec. 31 12,316, 203 9,096, 589 7, 558, 865 328,1803,039,144 551, 544 12, 264 539, 280' 3, 639, 9971, 537, 724 215, 2321, 322,4923, 219, 6141, 342,8441, 248, 884 418,196 209,690 .rxii 1 la 9 a 2 e 8 i — pn D ia e . c. 31 2, 665, 755 1, 744, 5651, 647, 949 38, 502 620,421 207,088 13,123 193,965 781,938 96,616 31, 673 64,943 921,190 230,977 500, 554 108, 568 81,091 1929—Mar. 27.... 2, 713, 684 1, 813,353 1, 745,102 49, 201 661, 550 215, 668 12, 854 202, 814 818, 683 68, 251 33, 648 34, 603 900,331 227, 898 495,121 97, 779 79, 533 GO June 29 2, 710,020 1,832, 438 1, 772, 057 47, 681 656, 345 221,121 20, 290 200, 831 846, 910 60, 381 25, 767 34, 614 877, 582 221, 220 481, 618 97,460 77,284 Oct. 4 2, 754,927 1,889,651 1,825,287 51,159 682,696 221, 681 13, 723 207,958 869, 751 64, 364 22, 218 42,146 865, 276 217,173 472, 043 99,371 76, 689 Dec. 31.... 2,686, 721 1,859, 014 1, 814,950 65,118 687,162 230,021 13,680 216,341 832,649 44,064 18,660 25,404 827,707 193,436 458, 379 100, 652 75,240 %% Clev 1 e 9 l 2 a 8 n — d: Dec. 31.... 3,414, 291 2, 291,196 2,160,112 27, 768 743, 597 501, 300 26, 612 474, 688 887, 447 131,084 9,233 121, 8511,123,095 423,961 512, 706 94,547 91,881 H 1929—Mar. 27.... 3,477, 587 2,352,327 2, 214,035 33, 249 798,434 496, 315 25, 777 470, 538 886,037 138,292 11, 693 126, 5991,125,260 450, 671 495,816 89,927 88,846 W June 29 3,487, 780 2, 375,807 2,271,097 35,494 845,886 498, 234 29,770 468,464 891,483 104,710 5,838 98,8721, 111, 973 435,101 489, 962 102, 363 84,547 O Oct. 4 3,498, 265 2,418, 362 2,289, 330 34,300 863, 696 494, 327 26, 610 467, 717 897,007 129,032 9,307 119, 7251,079,903 428, 802 467, 938 103, 066 80,097 > Dec. 31—. 3,455,405 2,409,537 2, 344, 634 49,107 925,459 492, 893 27,810 465, 083 877,175 64,903 8,250 56, 6531,045,868 405, 738 452,001 109,614 78,515 Richmond i 1928—Dec. 31 — 1,338,263 1,021,518 963,976 15,033 224,381 70,459 18,360 52,099 654,103 57, 542 10,470 47, 072 316, 745 129,800 131, 689 34,429 20,827 1929—Mar. 27..._ 1, 351,229 1,023, 816 964,136 17,155 243,415 71, 507 18,887 52,620 632,059 59,680 11,648 48,032 327,413 143, 695 129,267 33,852 20, 599 June 29 1, 328,903 1,010, 212, 967,261 27, 719 245, 572 70, 651 18,968 51, 683 623, 319 42,951 6,772 36,179 318,691 137,437 126,886 34,620 19, 748 Oct. 4 1, 298,888 989, 745 945, 206 25,187 252, 860 68, 726 18,375 50, 351 598,433 44,539 7,052 37,487 309,143 132,387 123,147 34,152 19,457 Dec. 31.— 1, 277, 559 974,173 937,924 18,155 270, 525 69,849 18,181 51, 668 579, 395 36,249 13,157 23,092 303, 3861 124,446 127, 251 32, 631 19,058 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Atlanta: 1928—Dec. 31 1,188, 390 895, 201 856,743 22,018 179,045 85, 027 22,858 62,169 570, 653 38, 458 15, 999 22,459 293,189 134, 779 112, 748! 33,939 11,723 1928—Mar. 27..- 1,191, 275 906,887 856, 778 23, 385 191,361 85, 597 24,959 60, 638 556, 435 50,109 21,154 28, 955 284, 388 132,450 107,058 33, 208 11, 672 June 29 1,176, 597 897,985 861,645 34,107 188,434 84,161 25, 290 58,871 554, 943 36, 340 12,681 23, 659 278,612 122, 667 111,286 33, 921 10,738 Oct. 4 1,148, 656 889,106 840,149 29, 823 191, 577 82, C64 24, 368 57, 696 536, 685 48, 957 9,064 39, 893 259, 550 116,596 99,165 33,081 10, 708 Dec. 31— 1,114, 730 854, 781 817, 836 22,141 182, 527 81, 464 23,177 58, 287 531, 704 36, 945 15, 373 21, 572 259, 949 115, 228 100,137 33, 976 10, 608 Chic 1 a 9 g 2 o 8 : —Dec. 31....5,162, 585 3,812,1873, 623, 684 73,4771, 434,170594,881 86,829 508,0521, 521,156 188,503 68, 521 119,9821,350,398 535, 597 617,429 122,171 75,201 1929—Mar. 27..._ 5,072,146 3, 776, 7303, 625, 775 88,8851, 345,938565, 865 84, 516481, 3491, 625, 087 150,955 81, 017 69, 9381, 295,416 527, 261 561, 753139, 640 66, 762 June 29 5, 052, 3123, 792,1233, 641, 666 96,9221, 313,381576,974 83,188 493, 7861, 654, 389 150,457 56, 022 94,4351, 260,189 512, 036 547, 280136,959 63,914 Oct. 4 5,116, 564 3, 900, 5673, 733, 632 93,2971,387,811 569, 270 80, 698488, 5721, 683, 254 166,935 54, 228 112,7071, 215,997 490,151 524, 264135, 497 66,085 Dec. 31 4, 934, 4863, 770,1013, 686, 753132,1761, 388, 753582, 588 81, 631500, 9571, 583, 236 83, 348 56, 476 26, 8721,164, 385 408, 055 535,996 150,121 70, 213 St. 1 L 9 ou 2 i 8 s — : Dec. 31 1, 405, 799 954,105 866,827 14, 519 283,638 123,524 29,593 93, 931 445,146 87, 278 37,977 49, 301 451, 694 161,431 205, 503 59,150 25,610 1929—Mar. 27..._ 1, 377, 349 944, 686 868, 242 15, 622 282, 296130, 059 28, 284101, 775 440, 265 76, 444 41, 325 35,119 432, 663 159,269 195,320 53, 619 24, 455 June29.__- 1, 341, 452 936,671 886,194 27, 767 284, 570126, 344 27,089 99, 255 447, 513 50,477 22,473 28,004 404, 781 138, 777 182,415 60,154 23,435 Oct. 4 1, 375, 210 983, 720, 957,217 31,059| 313,641 131,018 27, 644 103, 374 481, 499 26, 503 17, 307 9,196 391, 490 128, 907 179, 508 61, 062 22,013 Dec. 31 1, 336, 880 955, 4281 908,540 25, 854 318, 012125, 706 27, 029 98, 677 438, 968 46, 888 33, 297 13, 591 381, 452 114, 777 180, 571 63,109 22, 995 Minneapolis: 932,852 560,043i 471,621 7,437 105,946 54,019 31, 776 22, 243 304, 219 88,422 39,819 48, 603 372,809 146, 579 173,139 23,857 29,234 1 1 9 9 2 2 8 9 — — D M e a c r . . 3 2 1 7 . — . __ . 937, 754 563, 858i 490,115 7,601 105, 675 53, 587 31, Q66 21, 921 323, 252 73, 743 32, 324 41,419 373,896 149,447 170, 393 24, 870 29,186 June 29 922,693 558,5671 506,472 8,593 106, 545 52, 668 30, 640 22,028 338, 666 52,095 16,014 36, 081 364,126 147, 348 164, 887 24,024 27, 867 Oct. 4 957,073 597, 307 548,452 6,944 124, 458 50,982 29, 513 21, 469 366, 068 48, 855 18, 658 30,197 359,766 141,868 163,400 27,927 26, 571 Dec. 31 910, 924 563, 024 521, 599 6,793 124, 684 49,154 28,100 21, 054 340,968 41, 425 24, 910 16, 515 347, 900 134, 771 162,138 24, 441 26, 550 Kansas City: 1928—Dec. 31 1, 250,019 802, 632 724,122 18, 231 146, 753 45,162 24, 017 21,145 513, 976 73,510 40, 443 38, 067 447, 387 212,331 172,636 43,635 18, 785 1929—Mar. 27..._ 1, 242, 207 799, 503i 718,421 17, 447 166, 964 42,688 23,035 19, 623 491, 322 81,082 42, 319 38, 763 442, 704 214, 282 167,109 42, 602 18, 711 June 29 1, 240, 550 810, 223 761, 380 23, 798 153,357 42, 816 23,043 19, 773 541, 409 48, 843 29, 522 19, 321 430, 327 202,027 166,196 43, 554 18,550 Oct. 4 1, 246, 554 822,513 767,260 19,499 155, 520 44,378 21, 471 22,907 547, 863 55, 253 27, 619 27, 634 424,041 198, 413 165, 514 42,981 17,133 Dec. 31 1, 211, 892 804,011 758, 327 23, 251 158, 838 43, 601 21, 526 22, 0751 532, 637 45, 684 28, 347 17, 337 407, 881 180, 676 162, 336 47,871 16,998 Dall 1 as 9 : 28—Dec. 31 993, 420 736, 366 624,807 3,399 113, 055 37, 075 17, 479 19, 596 471, 278 111, 589 51, 759 59,830 257,024 173, 509 54,310 23,015 6,190 1929—Mar. 27—_ 999,532 730,030 621,063 4, 519 120,402 37,896 16, 713 21,183| 458, 246 108,967 46, 359 62,608 269, 502 190,314 54,399 18, 739 6,050 June 29 956, 940 705,445 634,588 8,719 116, 779 40, 251 17, 793 22,458 ^ 468,839 70,857 27,067 43, 790 251,495 169,494 55, 272 20,986 5,743 Oct. 4 987, 088 748, 767 680, 756 8,029 120,868 41, 588 17, 392 24,196 510, 271 68, 011 23, 752 44, 259 238, 321 153,066 55,413 24, 791 5,051 Dec. 31 936,158 713, 786| 656,145 5,392 129, 390 39, 803 17, 002 22, 801! 481,560 57, 641 37, 257 20, 384 222, 372 131, 631 57, 338 28, 250 5,153 DDHoXnl -TTT VrdoinlnUilcoCp'nU'. 3,168, 538 2,108, 7431, 963, 761 6,212 451, 346633, 984121,133 512, 851 872, 219 144, 982 53, 672 91,3101, 059, 795 574, 015 394, 310 48,988 42,482 11992289——DMeacr.. 3271..._ 3,113, 045 2,070, 6151, 947,489 9,380 482,166 627, 607116, 733510,874| 828, 336 123,126 48,024 75,1021, 042,430 580, 376 377,963 44, 774 39,317 June 29 3,105, 425 2,098, 7152, 028,216 12, 671 495, 970623, 598116,618 506,980 895,977 70,499 32, 273 38, 2261,006, 710 539, 054 389,810 38,784 39,062 Oct. 4 3,132,697 2,191, 7912, 090,403 12,203 549, 845614,836111,783 503,0531 913,519 101,388 40,815 60,573 940,906 513,475 350,158 39,062 38,211 Dec. 31 3,192,234 2, 239,1182,174, 564 13, 307 564, 341647, 011109, 911537,100 949,905 64, 554 45, 008 19, 546 953,116 495,447 381,801 37,896 37,972 1 Exclusive of loans to banks; includes loans to brokers outside New York City. 2 Loans to brokers and dealers in securities in New York City. 4 CO Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

180 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD CONDITION OF ALL MEMBER BANKS, BY STATES No. 94.—ALL MEMBER BANKS—TOTAL LOANS AND INVESTMENTS, BY STATES, 1927-1929 [In millions of dollars] 1927 1928 1929 State June 30 Dec. 31 Feb. 28 June 30 Oct. 3 Dec. 31 Mar.27 June 29 Oct. 4 Dec. 31 United States— 32, 756.5 34, 246. 9 33, 688.4 35, 061. 2 34, 929. 0 35,683. 9 35,393.0 35, 711.0 35,913.8 35, 934. 0 New England: Maine 168.2 167. 5 170.0 154.1 151.1 152.4 146.1 149.1 144.7 New Hampshire- 69.2j 69.2 71.5^ 73.9 73.4 73.2 73.8 76.3 72.6 Vermont 65.6 65.5 68. 2: 69.2 70.7 69.7 71.4 72.0 70.5 Massachusetts.. 1,700.5 1,681.9 1,738.6 1,706.5 1, 686.3 1, 714. 01, 741.6 1, 747.0 1, 691.1 Rhode Island... 333.5 336.3 335.6! 330.4 335.0 331.8 325.2 328.5 328.0 Connecticut 306.0 304.7 321. li 317.0 318.7 323.7 320.5 315.2 305.5 Middle Atlantic: New York 8,923.1 9,673.9 9,171.5 9,768.0 9,492.610,238.2 3 10,426.0 10,444. LI, 004. 6 New Jersey 1,392.7 1,472.2 1,453.3 1,528.4 1,531.4 1,548.6 1, 529. 3 1,549.2 1,533.2 1, 524. 8 Pennsylvania.._ 3,486.1 3,554.8 3,560.8 3,693.0 3,682.0 3,651.5 3, 728. 2 3, 742.1 3, 778. 7 3, 705.1 East North Central: Ohio 1, 1, 872.1 1,903. 6 1,946.3 1,970.2 1,949. 0 1,993.6 1,972.7 1,989. 3 1,958. 0 Indiana 400.5 409.3 401.6 422.0 429.7 436.0 433.8 438. 7 436.4 436.2 Illinois 2,493.5 2, 630. 5 2, 617. 72,762.5 2,759.2 2, 776.2 2,656.3 2,625.0 2, 664. 2 2, 574. 6 Michigan 1,358.4 1,350.7 1,356.5 1,459.2| 1,461.4 1,472.3 1,495. 7| 1,513.2 1, 534. 3 1,459. 8 Wisconsin 466.1 468.8 478.0 490. 2 496.1 494.6 504. 5; 497.4 489.0 480.3 West North Central: Minnesota 509.5 541.1 540.1 535.9 542.9 537.5 544. 2 537.9 572.4 535.4 Iowa 357.8 361.0 363.8 359.4! 369.4 363.8 369. 3 361.4 368.6 350.4 Missouri 898.0 917.8 913.8 922. 2 915.6 916.4 903. 3 874.7 870.2 855.9 North Dakota. _ 72.6 74.9 73.7 73.8 73.4 75.1 74.9 69.7 73.0 71.4 South Dakota 59.6 63.1 63.8 66.8 69.1 68.4 68.8 68.7 70.9 68.8 Nebraska 167.2 176.4 181.1 183. 2 188.7 190.8 189. oi 193.4 194.1 189.8 Kansas 194.2 199.4 198.2 204.3^ 210.1 209.3 208. 209.7 209.0 202.6 South Atlantic: Delaware. 62.7 64.5 65.7 69.5 75.7 85.9 75.5 82.1 80.2 Maryland 313.4 328.5 314.3 308.3 316.4 312.8 311.1 313.0 321.1 321.7 Dist.of Columbia 125.3 122.1 128.0 130.4 127.6 129.2 133.3 130.9 133.9 126.5 Virginia 382.1 400.8 394.1 392,4! 391.5 397.4 398.8 391.3 390.1 391.1 West Virginia... 202.9 201.2 197.6 200. 21 198.3 200.7 200.9 204.6 201.5 202.0 North Carolina. 208.7 222.7 223.5 227. l! 227.6 222.2 227.4 214. 183.0 174.2 South Carolina- 113.0 121.1 118.5 121.4 112.8 112.1 114.61 109.7 104.2 97.6 Georgia 252.4 257.1 255.7 266.4 262.5 260. 262. 51 256.4 259.1 244.8 Florida 238.3 222.5 220.9 220.41 204.9 203.1 163.9 164.4 East South Central: Kentucky 304.9 317. l| 316.8 318.5; 332.4 342.2 337.3 336.4 340.4 328.0 Tennessee 253.4 270.8 270.8 271. 6 271.9 274.5 260.2 265.3 296.8 285.3 Alabama 197.1 212.7j 209.0 218.3! 225.8 231.7 225.5 223.7 221.0 211.1 Mississippi 75.0 77.0j 79.2 79.2 80.2 77.6 79.5 78.5 80.1 76.7 West South Central: Arkansas 116.5 120.5 122.0 125.0 129.6 126.2 128.9 130.3 132.9 125.4 Louisiana 260.7 273. 2 250.4 261.8 287.2 287.8 281.1 285.8 287.5 283.3 Oklahoma 305.4 313. 5! 312.1 328.4 330.5 337.2 332.1 335.4 336.8 330.9 Texas 767.5 830.1 838.5 848.1 889.3 917.7 923.7 880.5 911.2 860.6 Mountain: Montana 93.6 102.5 105.8 107.4 117.4 126.2 119.3 118.8 114.7 112.9 Idaho 51.2 53.4 52.1 52.8 54.0 54.0 51.2 50.2 52.9 53.8 Wyoming 33.2 35.1 34.6 34.6 35.7 37.7 36.0 34.4 33.6 34.0 Colorado 215.8 224.0 226.9 224.0 230.1 228.2 235.1 222.2 227.2 218.5 New Mexico 23.7 27.2 27.9 28.1 28.4 30.9 30.5 30.3 30.1 30.4 Arizona 32.7 35.6 38.2 41.4 40.5 43.7 44.6 43.5 41.4 42.4 Utah 75.5 83.1 81.7 82.5 83.9 87.0 84.0 83.3 85.7 85.7 Nevada 15.3 15.2 15.3 16.6 16.5 17.0 16.8 17.3 17.7 17.5 Pacific: Washington 282.8 302.7 296.6 314.9 316.1 319.5 322.7 318.2 324.4 316.9 Oregon 196.1 205.8 203.0 206.7 210.9 209.9 207.5 212.7 215.2 213.8 California 2, 315.0 2,397.4 2,386.4 2,444.7 2,488.6 2,448.8 2,398.4 2,393.4 2,407.4 2, 474. 2 Back figures —See Annual Report for 1928 (Table 98), and 1927 (Table 91). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL MEMBER BANKS, BY STATES 181 No. 95.—ALL MEMBER BANKS—TOTAL LOANS, BY STATES, 1927-1929 [In millions of dollars] 1927 1928 1929 State June 30 Dec. 31Feb. 28 June 30 Oct. 3 Dec. 31 Mar. 27 June 29 Oct. 4 Dec. 31 United States... 22,938.223,886.4 23,098.9 24, 302.8 24,325.0 25,155.3 24,944.6 25,658. 5 26,164.8 26,150.1 New England: Maine 95.9 85.9 87.0 91.3 83.3 80.8 83.4 79. 83.0 78.5 New Hampshire 40.7 40.8 40.3 42.6 44.2 44.2 43.8 46.1 48.4 45.8 Vermont 37.4 37.7 36.6 39.4 40.5 41.7 41.1 42.8 43.4 42.3 Massachusetts._ 1, 208.9 1,228.6 1,208.5 1, 291.1 1, 253. 5 1,265.9 1, 252. 7 1, 297. 2 1,325. 7 1,327. 6 Rhode Island... 185.8 187. 6 186.8 189.4 191.5 193.5 200.1 204.8 211.1 212.7 Connecticut 208.4 218. 6 216.6 232.7 232.6 237.7 243.3 243.0 244.1 237.6 Middle Atlantic: New York. _. 6, 277. 5 6,984.6 6,378.6 6,914.1 6, 726. 3 7, 511. 7 7, 253. 37, 859. 7 7,912.9 8, 202. 2 New Jersey 888. • 947.3! 930.0 985.0 1, 002.6 1, 030.5 1,023.0 1,050. 7 1,050.9 1,048. 2 Pennsylvania.._ 2,083. 2,070.0 2,068.4 2, 207. 2, 222.1 2, 242. 6 2, 351. 0 2,382. 0 2,448. 2 2,421.9 East North Central: Ohio... 1,384.8 1, 386.9 1, 397. 2 1,421.5 1,450.8 1,445. 6 1,477.0 1,475. 7 1,506. 2 1,492. 2 Indiana.. 278.4 277.9 271.5 284.1 288.4 294.2 294.0 302.3 301.5 306.0 Illinois 1,847. 7 1, 918. 5 1,879. 4 2, 009. 2 2, 049. 3 2, 063. 3 2, 002. 4 1,98 2,061.1 1,976. 0 Michigan 958.2 950.7 935.1 1,027. 9 1,043. 6 1,062.1 1,081. 6 1,108. 7 1,139.9 1,101. 0 Wisconsin _. 323.1 315.1 320.7 333.9 343.8 348.7 360.0 361.4 356. 351.2 West North Central: Minnesota 322.6 337.4 331.7 325.9 334.2 333.1 339.7 336.4 374.5 347.0 Iowa... 259.8 258.3 259.2 250.4 256.3 251.7 253.2 247.8 254.4 243.2 Missouri 620.9 630.5 620.0 615.9 624.9 613.7 618.7 610.4 616.9 607.1 North Dakota 49.3 47. 46.1 46.7 46.4 46.3 45.9 43.8 45.5 44.7 South Dakota- 38.2 38. 38.6 40.3 41.4 39.8 40.3 40.9 42.6 40.9 Nebraska 128.3 131.2 136.2 129.8 133.2 133. 133.4 136.3 139.0 136.5 Kansas 137.6 136.8 136.7 136.0 138.8 135.0 134.3 138.2 136.2 135.7 South Atlantic: Delaware 40.7 42.5 44.0 50.3 55.8 67.7 58.0 65.5 67.1 64.4 Maryland _ 206.6 206.2 198.3 202.7 214.6 211.3 208.1 214.5 222.9 223.6 Dist. of Columbia 92.9 90.1 94.3 96.3 92.6 95.4 97.8 95.2 99.0 91.8 Virginia.. 317.4 328.4 320.6 317.6 317.1 319.5 321.7 312.4 312.5 314.6 West Virginia. __ 158.9 158.4 153.9 155.3 153.3 157.5 154.8 158.4 156,4 158.0 North Carolina . 177.4 181.5 183.1 187.5 188.6 181.9 181.0 173.5 147.8 141.5 South Carolina- 85.2 88.2 86.5 86.4 82.2 82.2 85.5 81.6 76.5 71.2 Georgia 208.1 202.8 201.0 217.8 207.3 203.7 208.0 210.1 215.9 197.6 Florida 153.9 139.4 140.7 139.6 123.4 121.4 128.8 109.7 90.8 90.8 East South Central: Kentucky.. 223.0 227.1 225.4 230.2 246.9 254.4 251.9 253.7 258.0 256.3 Tennessee 216.1 229.4 226.7 225.2 225.5 225.1 213.8 213.8 249.9 240.6 Alabama. 154.6 164.6 163.1 169.5 174.7 179.5 176.5 175.0 173.5 166.8 Mississippi 53.2 56.1 57.9] 58.5 60. 57.0 58.0 58.5 60.5 54.9 West South Central: Arkansas 94.8 95.5 94.5 95.8 98.7 93.4 94.6 96.3 100.4 93.1 Louisiana 214.9 218.9 210.3 215. 227.1 224.2 221.3 228.1 231.5 228.7 Oklahoma 198.4 199.9 196.6 207.1 208.2 209.7 203.3 209.8 213.5 206.4 Texas 604.1 643.8 651.8 641.5 672.4 680.9 674.6 649.0 691.9 657.8 Mountain: Montana. 58.1 62.8 66.0 67.9 72.5 78.3 71.7 72.7 69.6 67.2 Idaho _. 34.4 34. 33.5 33.7 34.5 34.5 33.7 33.4 36.0 35.0 Wyoming 22.3 22.7 22.3 22.6 23.3 23.2 22.0 21.5 21.6 22.0 Colorado.. 128.4 134.3 134.8 134.4 143.4 140.7 146.2 139.1 146.6 140.6 New Mexico 14.6 17.2 17.7 17.4 18.2 19.4 18.6 18.6 18.7 18.7 Arizona __ 21.2 22.6 25.1 26.3 24.0 25.3 25.8 24.9 23.0 23.2 Utah 57.4 64.8 62.3 61.9 62.8 64.5 62.2 61.8 64.0 64.8 Nevada 10.5 10.3 10.2 11.2 11.4 11.7 11.4 11.9 12.1 11.8 Pacific: Washington 181.1 185. 7 177. 6 194.6 197.2 195.7 197.4 202.6 215.7 205.4 Oregon 120.5 112.1 106.7 109.5 110.8 109.7 107.6 113.4 116.9 116.6 California 1, 713.6 1,716.2 1/661 1, 712.0 1, 729.8 1, 672. 5 1,638.4 1,657. 6 1,730.3 1, 788.1 Back figures.—See Annual Report for 1928 (Table 99), and 1927 (Table 92). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

182 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No. 96.—ALL MEMBER BANKS—INVESTMENTS, BY STATES, 1927-1929 [In millions of dollars] 1927 1928 1929 State June 30 Dec. 31Feb. 28 June 30 Oct. 3 Dec. 31Mar. 27 June 29 Oct. 4 Dec.3L United States... 9,818.3 0,360. .0, 589. 50, 758. 4 10, 604. 0 10, 528. 7 10,448.4 10,052. 59, 748.9 9, 783. 9 New England: Maine 84.3 82.3 80.5 78.7 70.8 70.3 69.1 66.5 66.1 66.3 New Hampshire- 27.3 28.4 28.9 28.9 29.6 29.2 29.5 27.7 27.9 26.8 Vermont. 26. 27.9 28.8 28.6 29.0 28.6 28.6 28.6 28.1 Massachusetts 453. 471.9 473.2 447.4 453.1 420.4 461. 3 444.5 421.3 363.5 Rhode Island..,.' 140.2 145.9 149.6 146.2 138.8 141.5 131. 7| 120.4 117.5 115.3 Connecticut 85.4 87.4 88.1 84.4 81.0 80.4 77.5 71.1 67.9 Middle Atlantic: New York 2, 645. 62, 689. 2, 792. 92,853. 9 2, 766. 32,726.5 2,728.0 2,566.3 2, 531. 7 2,802.4 New Jersey 504.1 524.9 523.4 543.5 528.7 518.1 506. 3j 498. 6 482.3 476.6 Pennsylvania... 1,402. 5 1,484.8 1,492.4 1, 485. 71,459. 9 1,408. 9 1,377.2 1,360.1 1, 330.5 1, 283. 2 East North Central: Ohio 484.0 485. 506.4 524.8 519.5 503.3 516.7 497.0 483.1 465.9 Indiana 122.1 131. 130.1 137.9 141.3 141.8 139.8 136.4 134.9 130.2 Illinois 645.8 712.0 738.3 753.3 709.9 712.9 653.9 636.8 603.11 598.6 Michigan 400.2 400. 421.5 431.3 417.9 410.2 414.1 404.5 394. 5 358.7 Wisconsin 143.0 153. 157.3 156.3 152.2 145.9 144.5 136.0 132.2 128.9 West North Central: Minnesota 186.9 203. 208.5 210.1 208.7 204.4 204.5 201.5 197.9 188.4 Iowa 98.0 102. 104.7 109.0 113.1 112.1 116.1 113.7 114. 2 107.3 Missouri 277.1 287. 293.8 306. 290. 7| 302.7 284.6; 264.3 253.3 248.8 North Dakota... 23.3 27. 27.6 27. 27.01 28.8 29.1 26.0 27.5 26.7 South Dakota.._ 21.4 24. 25.2 26. 27.8j 28.6 28.5 27.8 28.3 27.9 Nebraska 38.9 45. 44.9 53.4 55.5 57.5 55.9 57,1 55.2 53.4 Kansas 56.6 62. 61. 71.3 74.3 73.7 71.5 72.8 South Atlantic: Delaware 22.0 22.0 21.6 19. 19.9 18. 17.6 16.6 16.6 15.8 Maryland 106.8 122. 116.1 105. 101.8 101.5 103.0 98.2 98.1 District of Co lumbia 32.4 32.0 33. 34. 34.9! 33.7 35.5 35.7 34.9 34.7 Virginia 64. 72.4 73.5 74.9 74.41 77.8 77.2 78.9 77.6 76.6 West Virginia... 44.0 42.8 43. 44. 45.0| 43.2 46.1 46.2 45.1 44.0 North Carolina _ 31. 41.2 40.3 39. 39. Oj 40.3 46.4 41.1 35.2 32.7 South Carolina._ 27.8 32.9 31.9 35.0 30.6 29.91 29.2 28.1 27.8 26.4 Georgia _ 44.3 54.3 54.8 48.6| 55.3 56.8 54.5 46.3 43.2 47.1 Florida 84.4 83.1 80.2 80.8 81. 5| 81.7J 80.1 79.9 73.1 73.6 East South Central: Kentucky 81.9 90.0 91.4 88.3 85.4 87.8! 85.4 82.8 82.4 71.7 Tennessee 37.3 41. 44.1 46.3 46.4 49.41 46.4 51.5 46.9 44.6 Alabama 42.5 48.1 45.9 48. 8; 51.21 52.3! 49.0 48.7 47.5 44.3 Mississippi 21.8 21.8 21.2 20.7; 19.3| 20. 7j 21.6 20.0 19.6 21.8 West South Central: Arkansas 21.7 25.0 27.5 29.1 30.9! 32.9: 34.3 33.9 32.5 32.3 Louisiana 45.8 54.3 40.1 46.2 60. II 63.61 59.8 57. 55.9 54.5 Oklahoma- 107.0 113.6 115.5 121. 3| 122. 3! 127. 5| 128.8 125.5 123.2 124.6 Texas 163. 186.3 186.7 206. 6 216. 91 236.8 249.1 231.6 219.3 202.8 Mountain: Montana 35.5 39. 39.8 39.5 44.8 47.8 47.6 46.1 45.1 45.7 Idaho 16.8 19. 18.6 19.1 19.5 19.5 17.5 16.9 16.9 18.8 Wyoming 10. 12.4 12.3 12.0 12.3 14.4 14.0 12.9 12.0 12.0 Colorado _ 87.4 89. 92.1 89.7 86.7 87.4 88.9 83.1 80.6 77.9 New Mexico 9. 10. 10.2 10.7 10.2 11.5 11.8 11.6 11.4 11.6 Arizona 11. £ 13. 13.1 15.1 16.5 18.5 18.9 18.6 18.4 19.2 Utah 18. 18.2 19. 20.6 21.1 22.5 21.8 21.5 21. 20.9 Nevada 4.S 5. 5.4 5.1 5.3 5.4 5.5 5.6 5.7 Pacific: Washington 101. 117. 119.0 20.3 118.9 123.8 125.4 115.6 108.7 111.4 Oregon.... 75. 96.3 97.2 100.1 100.2 99.9 99.3 98. 97.2 California 601.4 717. 32.8 758.8 776.3 760.1 735.7 677.1 686.1 I Back figures—See Annual Report for 1928 (Table 100), and 1927 (Table 93). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

183 ALL MEMBER BANKS, BY STATES No, 97.—ALL MEMBER BANKS—BORROWINGS PROM FEDERAL RESERVE BANKS, BY STATES, 1929 [End of month figures. In thousands of dollars] 19291 State Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec, Maine __ 1,794 1,370 2,047 2,561 2,767 3,476 3,131 2,999 2,506 2,093 2,418 1,836 New Hampshire 2,125 1,975 3,469 2,476 2,966 2,849 2,008 2,082 2,211 2,245 3,156 2,624 Vermont 1,426 1,019 1,248 1,495 1,375 1,524 1,155 1,340 1,350 1,341 2,056 1,558 Massachusetts. 62,418 49,461 52,182 62,464 87, 24061,319 55,140 76,421 57, 26229,046 33, 79716,526 Rhode Island.. 8,750 10,853 8,661 9,985 12, 265 3,356 6,272 5,575 6,638 5,109 1,197 Connecticut 5,852 5,968 6, 529!4,138 7,897 7,522 7,428 8,682 7,137 6,046 7,750 4,243 New York 136,072 191, Oil 251,194 183, 280 190,995 371,193356, 270 244,028 147,377198, 678 188,875 152,479 New Jersey 46,051 40,930 44,621 41,371 41,057 37,339 35,030 26, 71529 50Q 36, 55839,184 25,196 Pennsylvania.. 100,004 126,323 147,965 125,495 128, 226 109,17199,098 123:!, 525 102,311139,989 125; 021 Ohio 39,291 42,072 53,910 56,125 61, 01044,099 37,809 43,475 55,502 84,997 44, 043 Indiana 10,052 13,,8 28 16,,1631 14,905 9,575 9,312 13, 24812, 29712, f- 15, 79315, 52110,162 Illinois.. _. 68,150 11155, 9 98833 10088,,660033|| 32,309 91,810 61, 75445,936 22, 58866, 58215, 68681, 71547,042 Michigan 41,265 4499,330066 6600,110044 43,677 39, 30330, 58431, 99243, 64643,461 68,153 56,398 47,050 Wisconsin 13,443 16,213 19,649 15,106 11,956 18,851 22, 56527, 306 14,920 10,018 16.432 7,516 Minnesota 8,282 15,438 13,868 19,743 14,893 6,947 15,656 25, 29838,446 32,031 26,005 8,557 Iowa 3,905 3,785 4,136 6,198 7,319 6,875 6,281 5,640 7,272 8,672 12, 763 6,217 Missouri 29,089 32,184 40,731 24, 00549,439 28,555 32, 28443, 59041,712 21, 23725,381 7,391 North Dakota- 649 605 475 976 1,320 1,368 1,364 1,279 631 402 657 435 South Dakota- 410 437 599 725 861 939 1,125 774 598 563 673 551 Nebraska 10,966 8,538 8,503 11,465 13,878 8,997 9,512 6,620 7,786 16.373 19, 731 8,745 Kansas 10,554 9,132 8,529 6,740 3,729 2,866 4,403 4,204 6,761 9,785 3,334 Delaware 935 1,155 951 1,329 1,350 972 912 607 1,187 865 Maryland 6,594 9,143 7,935 9,548 12,738 7,443 6,489 10,143 7,912 7,256 10,965 5,523 Dist. of Columbia 2,727 4,203 3,337 4,652 5,504 3,910 2,473 2,295 4,806 6,261 6,508 4,710 Virginia. 14,254 14, 79822,374 20,353 18,634 18, 77119,288 21,63,8 19, 72118.374 18,931 18,647 West Virginia. - 4,012 4,286 5,243 4,661 6,007 6,450 6,408 6,798 6,802 6,784 7,545 6,826 North Carolina- 12,689 11,825 11/ 16,075 16, 23417,142 19, 76320, 536 14,173 12,935 8,422 4,335 South Carolina- 3,058 2,208 3,840 3,890 4,943 4,1 6,151 7,203 4,316 4,960 2,671 947 Georgia 12,294 11,281 14,287 17,302 17,992 8,406 13,140 12, 599 6,743 9,641 9,973 5,321 Florida 6,797 5,830 3,978 3,725 5,383 3,432 5,979 5,784 2,971 7,449 7,248 1,930 Kentucky 10,497 11,094 19, 73621,210 22, 111 23,637 25,270 23,822 23,811 26, 57320,415 7,898 Tennessee 6,911 3,931 11,033 9,870 13,306 11,326 9,762 17,415 23,772 14,544 16.433 8,158 Alabama 13, 28615,923 13,880 18,919 22,407 19, 87621,684 20, 539 17,616 14, 209 13,072 7,709 Mississippi— 836 1,136 1,926 4,058 5,091 6,486 7,439 6,072 3,466 2,624 2,729 Arkansas 1,752 1,912 3,994 3,635 2,956 3,232 7,570 10,181 4,033 4,361 1,496 Louisiana 20,224 19,040 15,662 21,189 15, 75511,079 22, 75128,787 21,022 22.338 15, 251 4,685 Oklahoma 2,430 2,112 2,467| 6,464 11,065 9,678 10,022 10,394 11,046 8,394 12, 58311, 625 Texas 19.251 17,137 12,630 20,221 24,317 14, 72335,040 43, 78030, 694 29.339 28, 11113,198 Montana 335 283 526! 558 1,458 1,519 1,703 1,399 766 270 193 182 Idaho 59 97 174! 382 518 461 693 680 420 237 113 67 Wyoming 27 179 344 693 743 849 1,018 900 526 129 139 324 Colorado 3,492 3,351 3,444 4,003 3,346 1,775 3,553 3, 797J 2,391 6,207 4,242 2,967 New Mexico. 56 114 198 184 533 662 779| 1,041 631 483 58 Arizona 205 193 84 72 15 120 20. 15 35 4 Utah 2,198 1,669 1,465 2,135 3,480 1,835 4, 76112,756 1,940 1,317 1,279 Washington- 6,331 4,952 4,035 6,319 8,325 5,623 8,008 7,108 4,181 3,411 4,586 2,239 Oregon 1,932 2,766 3,977 4,023 5,961 5,538 2,257 3,457 2,677 4,619 4,355 2,650 California 51, 71485, 64072,640 61,089 55,167 29, 28148,899 44,857 82,136 83,291 88,543 33, 278 Figures given include borrowings by Federal intermediate credit banks as follows: Jan. Feb. Mar. Apr. May June July | Aug. Sept. Oct. Nov. Dec. Minnesota . 375 205 Nebraska. . 1,502 714 330 625 602 989 839 1,152 1,033 755 920 333 Kansas 7,495 6,595 6,895 4,050 South Carolina 400 200 1,436 905 200 Louisiana 1,200 1,300 500 2,000 1,500 Texas 241 491 441 140 Washington _. 1,862 1,455 1,260 1,538 1,880 2,159 2,082 284 California. _ 3,407 3,053 2,216 1,875 438 2,401 2,027 1,182 1,412 277 Back figures.—See Annual Report for 1928 (Table 101). 90182—30 13 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

184 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No. 98.—NUMBER OF MEMBER BANKS DISCOUNTING PAPER AT FEDERAL RESERVE BANKS, BY STATES, 1923-1929 State 1923 1924 1925 1926 1927 1928 1929 New England: Maine 40 42 37 33 31 29 32 New Hampshire . . 42 42 39 39 36 37 40 Vermont 29 36 28 30 28 22 43 Massachusetts ._ .. 153 148 146 135 126 133 142 Rhode Island 13 13 14 12 6 11 11 Connecticut 46 45 41 46 44 43 51 Middle Atlantic: New York . _ 433 436 438 429 418 437 455 New Jersey 220 221 235 247 261 264 264 Pennsylvania 587 592 509 613 596 610 673 East North Central: Ohio 282 281 285 276 251 241 262 Indiana 176 169 149 141 135 131 143 Illinois __ __ __ 335 342 311 321 286 267 311 Michigan 185 177 161 174 182 166 183 Wisconsin 107 95 73 68 71 78 85 West North Central: Minnesota 161 139 99 91 85 80 78 Iowa 333 303 265 230 190 153 Missouri. 121 123 110 108 124 116 121 North Dakota 118 106 52 53 66 61 59 South Dakota 105 95 52 59 52 36 40 Nebraska 149 133 108 112 109 97 102 Kansas __ 128 118 74 95 87 105 108 South Atlantic: Delaware 17 15 15 14 16 16 13 Maryland 62 58 54 54 53 50 55 District of Columbia 12 11 9 10 9 9 8 Virginia 146 155 146 143 124 132 139 West Virginia 75 92 82 83 74 77 81 North Carolina _ __ . 87 80 78 75 72 78 61 South Carolina 81 78 69 74 59 48 49 Georgia 143 156 131 121 104 108 115 Florida 48 42 17 41 35 36 49 East South Central: Kentucky 71 75 67 60 52 51 72 Tennessee 62 80 63 65 56 53 62 Alabama 75 90 88 88 79 92 103 M! ississippi 30 32 26 31 32 33 33 West South Central: Arkansas 81 88 77 74 59 55 50 Louisiana 40 41 35 28 29 30 30 Oklahoma 259 237 146 167 100 102 113 Texas 523 415 309 417 290 267 323 Mountain: Montana 132 102 60 48 45 25 45 Idaho - 83 66 56 38 38 28 23 Wyoming 27 27 11 9 10 8 13 Colorado 89 76 72 67 60 51 64 New Mexico 41 27 21 14 10 12 18 Arizona 22 19 8 8 6 3 6 Utah 38 34 36 33 33 35 33 Nevada 1 1 1 1 Pacific: Washington 101 87 82 78 73 67 80 Oregon __ 63 61 60 57 56 48 60 California- _ 161 159 138 134 111 87 80 Total 6,333 6,060 5,183 5,343 4,869 4,718 5,113 Backfigures.—SeQ Annual Reports for 1922 (Table 49), 1919 (Table 30), 1918 (Table 23), and 1917 (p. 104)* Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD 185 CONDITION OF REPORTING MEMBER BANKS IN EACH DISTRICT No. 99.—REPORTING MEMBER BANKS—LOANS, INVESTMENTS, AND BORROWINGS AT FEDERAL RESERVE BANKS BY MONTHS,1 1928 AND 1929 [Monthly averages of weekly figures. In millions of dollars. Revised series—1929 basis] Federal Reserve District 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 l A a t nt - a c C a h g i o - Lo St u . isa M p n o e in l - i - s K C s a i a n t s - y D l a a l s - F c S i r s a a c n n o - Total loans and investments: 1928—January 1,492 8,214 1,228 2,095 699 622 3,161 730 382 646 435 [,790 February 1,483 8,046 1,214 2,128 687 611 3,123 732 381 656 442 , 812 March 1,524 8,108 1,215 2,152 684 612 3,167 723 386 666 439 825 April 1,558 8,365 1,235 2,182 625 3,213 726 385 678 446 840 May 1,543 8,505 1,236 2,192 631 3,285 731 372 676 442 846 June 1,512 8,404 1,246 2,198 637 3,313 720 375 670 445 857 July 1,499 8,375 1,244 2,216 676 635 3,287 723 373 678 455 845 August 1,493 8,172 1,248 2,204 676 641 3,299 719 369 684 455 ,849 September _. 1,477 8,238 1,245 2,185 680 641 3,285 725 377 683 466 ,867 October 1,482 8,229 1,235 2,192 675 643 3,321 722 393 684 478 ,883 November.. 1,481 8,267 1,225 2,187 676 639 3,329 714 403 685 479 ,897 December... 1,461 8,384 1,232 2,191 678 3,358 720 397 687 489 ,945 1929—January 1,495 8,494 1,232 2,184 640 3,327 739 390 February 1,476 8,420 1,237 2,201 676 639 3,365 735 387 684 495 ,946 March 1,504 8,539 1,245 2,213 680 644 3,408 721 389 687 494 ,948 April 1,509 8,551 1,262 2,204 682 648 3,322 711 380 493 ,944 May 1,483 8,425 1,214 2,183 675 647 3,288 707 370 479 .,957 June 1,492 8,527 1,214 2,176 671 648 3,316 375 472 ,963 July 1,514 8,751 1,225 2,191 678 644 3,306 384 697 473 ,935 August 1,501 8,652 1,229 2,188 678 643 3,369 692 393 707 477 ,936 September.. 1,523 8,757 1,240 2,190 648 3,365 697 408 702 485 1,953 October 1,553 9,105 1,247 2,192 645 3,421 702 415 701 498 1,965 November.. 1,572 9,619 1,270 2,207 674 641 3,419 701 406 701 495 1,958 December... 1,528 9,255 1,234 2,177 665 630 3,300 391 685 484 1,979 Loans on securities: 1928—January 402 3,089 436 630 169 122 1,074 214 144 104 346 February. _. 390 2,904 425 659 164 126 1,040 212 152 108 345 March 420 2,823 428 657 164 127 1,072 203 155 106 353 April 447 3,060 442 674 174 130 1,091 206 154 104 366 May 433 3,185 437 675 180 132 1,128 210 147 105 369 June 438 3,004 454 680 183 137 1,155 218 143 103 365 July 428 3,003 456 694 188 139 1,134 222 146 106 358 August 412 2,911 454 675 186 137 1,132 222 147 105 359 September.. 392 2,947 452 666 187 143 1,138 218 146 107 366 October 413 2,966 451 656 185 141 1,144 215 139 107 374 November.. 441 3,096 452 665 189 137 1,164 216 134 110 391 December.. _ 443 3,160 469 674 190 139 1,186 218 134 110 394 1929—January 467 3,332 196 146 1,183 249 143 120 406 February. _. 462 3,247 506 705 200 155 1,224 254 147 124 418 March 468 3,257 509 708 201 156 1,269 244 145 117 422 April 471 3,153 518 706 197 150 1,221 236 139 106 413 May 467 3,077 470 699 189 148 1,204 239 122 100 418 June 474 3,174 464 696 191 148 1,227 230 121 100 418 July 487 3,485 479 721 202 152 1,230 234 124 104 411 August 482 3,278 479 730 202 152 1,276 238 136 102 416 September.. 502 3,320 483 735 201 155 1,269 238 136 101 427 October 542 493 735 200 157 1,326 244 129 104 443 November _ _ 529 3,788 512 753 191 146 1,337 250 124 103 427 December..- 519 3,563 501 744 190 148 1,284 251 126 110 444 All other loans: 1928—January 683 2,909 393 760 354 1,295 317 167 279 875 Febraury__. 689 391 764 347 1,289 317 166 282 232 879 March 3,013 400 778 346 1,301 315 175 285 230 887 April 3,083 406 783 343 1,314 312 177 290 233 882 May 3,083 419 784 335 1,343 303 165 292 228 877 June 671 3,116 419 785 333 1,357 297 160 286 228 July .686 3,125 422 788 328 1,364 300 159 292 229 August 695 3,145 421 796 330 1,390 301 158 296 228 883 September.. 696 3,157 426 803 333 1,384 314 168 293 237 886 October 702 3,136 424 820 334 1,419 316 177 302 248 887 November.. 678 3,049 424 816 333322 369 1,407 307 183 307 249 892 December... 660 3,087 413 8C9 331 I 3741,418 305 185 311 251 912 i For corresponding series for 1927-28 by weeks (with figures for deposits, etc.) see Federal Reserve Bulletin for March and January, 1929. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

186 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No. 99.—REPORTING MEMBER BANKS—LOANS, INVESTMENTS, AND BORROWING S AT FEDERAL RESERVE BANKS BY MONTHS, 1928 AND 1929—Continued [Monthly averages of weekly figures. In millions of dollars. Revised series—1929 basis] Federal Reserve District Boston Y N o e r w k P p h d h i e i l l a a - - C la le n v d e- m R o ic n h d - l A an t t - a c C a h g i- o Lo St ui . s a M p n i o e n l - - is K C a i n t - y D l a a l- s F c S i r s a a c n n o - All other loans—Con. 1929—January 666 2,957 393 797 326 357 1,392 285 177 303 244 February.-. 655 2,965 389 801 317 350 1,387 282 176 300 239 877 March 649 3,089 404 818 321 353 1,388 284 176 305 241 884 April 652 3,213 419 820 327 363 1,370 291 173 307 251 886 May 634 3,196 427 821 327 364 1,377 282 162 328 244 898 June 651 3,229 435 822 321 365 1,387 284 164 333 240 917 July __. 676 3,270 438 824 318 363 1,383 281 172 343 246 921 August 674 3,359 444 824 318 363 1,412 290 183 339 251 934 September.. 681 3,434 450 827 318 368 1,430 299 197 335 262 941 October 678 3,439 449 832 323 365 1,442 303 205 343 278 050 November.. 706 3,562 460 842 325 372 1,427 295 196 349 280 Q78 December... 692 3,414 444 318 359 1,370 284 185 340 266 977 MM Investments: 1928—January 407 2,216 399 706 176 129 792 199 133 223 103 February. __ 405 2,244 399 705 176 122 794 204 133 221 102 588 March 411 t2,272 387 718 174 124 794 205 133 225 104 585 April 421 ,2,222 387 725 175 126 808 209 134 234 108 592 May 427 2,237 380 733 174 127 813 218 133 238 109 600 June 403 2,283 372 732 171 129 801 206 132 241 115 606 July 385 2,248 366 734 160 132 789 202 132 239 120 607 August 386 2,116 372 733 160 139 111 196 135 241 122 607 September.. 389 2,134 367 717 158 138 764 194 133 243 122 615 October 367 2,127 360 716 157 137 757 191 133 243 123 623 November.. 362 2,122 349 706 156 133 758 191 133 244 120 614 December... 357 2,137 349 708 156 134 754 197 134 242 128 639 1929—January 362 2,204 343 700 159 137 752 205 130 238 134 656 February... 359 2,208 341 695 159 135 754 200 131 237 133 652 March 387 2,193 332 687 158 135 752 194 129 237 135 643 April 385 2,185 325 679 158 135 730 184 126 235 135 645 May 382 2,152 317 664 158 135 708 187 124 235 135 641 June 367 2,124 315 658 159 135 702 175 124 234 131 627 July__~~I~" 350 1,996 309 646 158 129 694 167 124 230 123 603 August i 345 2,015 306 634 158 128 681 164 122 232 124 587 September.. 340 2,003 307 628 159 126 666 160 122 231 122 585 October 332 2,027 305 624 158 123 653 155 124 228 117 572 November.- 338 2,270 298 612 157 123 655 155 121 228 113 552 December... 316 2,278 289 157 122 646 148 121 219 108 558 Borrowings at Federal reserve bank: 1928—January 7 110 21 19 42 9 2 8 3 37 February-_. 29 88 33 16 35 16 2 6 2 52 March 34 95 26 12 51 17 2 6 2 58 April 31 173 28 22 65 21 8 15 5 55 May 44 252 34 33 87 27 9 17 6 58 June... 59 328 47 43 114 36 6 16 7 43 July _ 42 329 61 48 133 38 7 19 10 52 August 40 267 67 48 132 40 12 17 21 70 September.. 30 311 76 54 88 44 13 18 20 82 October 25 254 63 49 112 33 12 18 18 69 November. _ 31 200 50 40 116 29 11 25 16 64 December 41 275 55 34 153 26 7 25 15 56 1929—January 36 235 40 37 117 24 9 16 17 45 February. __ 34 166 49 36 149 24 10 15 16 71 March...... 31 202 63 31 183 32 13 18 11 74 April 47 198 68 42 110 35 16 26 13 69 May 70 178 41 48 80 29 13 37 15 52 June 73 194 33 39 107 29 10 35 12 48 July 51 358 33 42 91 37 12 26 18 45 August. 50 233 51 46 90 44 18 23 29 52 September-_ 44 202 49 48 71 50 29 28 28 70 October 36 107 44 40 94 38 38 34 23 83 November.- 18 94 58 41 102 31 25 43 25 101 December 12 114 33 27 89 16 14 30 13 54 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REPORTING MEMBER BANKS IN EACH DISTRICT 187 No. 100.—REPORTING MEMBER BANKS.—TOTAL LOANS AND INVESTMENTS, BY WEEKS, WITH MONTHLY AVERAGES OF WEEKLY FIGURES [In millions of dollarsl Federal Reserve District B to os n - Y N o e r w k P p d h h e i i l l a a - - C l l a e n v d e- m Ri o c n h d -At t l a an- C ca h g i o - Lo S u t i . s n M o e l a i i n p s - - K C s a i a t n s - y Dallas F c S r is a a c n n o - 1929 Jan. 2 1,478 1,223 2,183 682 643 3,350 737 390 682 491 1,965 Jan. 9 1,486 8,483 1,238 2,173 680 639 3,336 742 390 679 496 1,959 Jan.16 1,499 8,395 1,237 2,184 678 637 3,334 739 392 688 505 1,976 Jan. 23.- 1,508 8,305 1,234 2,189 681 638 3,317 737 390 685 501 1,947 Jan. 30. 1,504 8,378 1,229 2,189 681 642 3,300 738 387 684 499 1,943 Feb. 6.. 1,493 8,455 1,237 2,202 678 642 3,324 743 386 687 501 1,947 Feb. 13. _. 1,475 8,404 "., 2342,203 676 641 3,347 737 385 687 498 1,953 Feb. 20 1,467 8,345 ,240 2,194 674 637 3,382 732 388 681 493 1,948 Feb. 27 1,471 8,478 ,236 2,205 676 637 3,408 730 391 682 489 1,937 Mar. 6 1,496 8,508 ,237 2,201 676 635 3,408 721 391 686 489 1,936 Mar. 13 1,494 8,447 ,243 2,204 681 645 3,417 723 391 692 489 1,956 Mar. 20 1,516 8,589 ,247 2,220 648 3,437 722 389 687 497 1,949 Mar. 27 1,511 8,612 ,253 2,226 648 3,372 720 385 683 499 1,952 Apr. 3___. 1,520 8,656 1,260 2,217 648 3,343 724 381 682 495 1,947 Apr. 10 1,510 8,523 1,268 2,212 686 650 3,330 713 385 680 491 1,944 Apr. 17 .... 1,506 8,511 1,261 2,197 680 647 3,319 710 381 685 500 1,943 Apr. 24 1,499 8,514 1,258 2,191 675 647 3,296 375 679 485 1.940 May 1... 1,486 8,595 1,227 2,195 677 645 3,299 370 686 482 1,955 May8_, 1,485 8,415 1,219 2,192 675 649 3,276 697 368 683 481 1,954 May 15_ _. 1,486 8,444 1,211 2,181 676 652 3,306 701 368 687 483 1,961 May 22 1,477 8,345 1,206 2,177 675 646 3,277 711 367 684 477 1,964 May29__ 1,481 8,326 1,208 2,169 669 644 3,283 732 377 682 475 1,953 June 5 1,481 8,470 1,208 2,171 667 647 3,304 683 374 685 472 1,953 June 12.. 1,484 8,451 1,207 2,168 666 644 3,317 375 687 469 1,948 June 19 1,492 8,528 1,220 2,179 672 647 3,341 377 693 474 1,985 June 26 1,511 8,660 1,221 2,187 652 3,303 691 375 689 471 1,966 July3._ 1,508 8,787 1,222 2,194 648 3,280 678 376 692 469 1,950 July 10 1,515 8,721 1,230 2,194 679 649 3,291 679 375 694 471 1,936 July 17. _. 1,518 8,673 1,227 2,189 680 643 3,310 684 384 696 475 1,932 July 24. 1,514 8,753 1,227 2,183 676 640 3,296 683 390 695 473 1,928 July 31.. 1,512 8,822 1,220 2,192 674 641 3,353 393 706 477 1,927 Aug. 7__ 1,503 8,762 1,223 2,194 683 646 3,374 390 713 476 1,929 Aug. 14__ 1,498 8,624 1,228 2,193 677 643 3,378 392 707 478 1,940 Aug. 21 1,507 8,599 1,230 2,190 673 641 693 392 704 476 1,934 Aug. 28. _ 1,495 8,624 1,233 2,175 679 641 3,342 693 397 704 478 1,943 Sept. 4 1,512 8,788 1,237 2,185 672 643 3,341 694 400 704 478 1,937 Sept. 11 1,511 8,712 1,231 2,183 678 648 3,369 700 408 703 482 1,945 Sept. 18 1,530 8,799 1,250 2,197 679 650 3,372 697 413 703 490 1,963 Sept. 25. 1,540 8,726 1,242 2,197 682 653 3,380 695 411 699 491 1,965 Oct. 2... 1,553 8,825 1,242 2,200 683 652 3,397 700 414 696 494 1,973 Oct. 9 1,540 8,720 1,246 2,184 682 649 3,378 701 414 697 500 1.962 Oct. 16 1,549 8,786 1,247 2,179 638 3,430 702 415 704 495 1,968 Oct. 23_. 1,553 1,239 2,179 643 3,417 700 416 701 496 1,960 Oct. 30--_ 1,566 10, 288 1,261 2,218 643 3,482 709 416 706 504 1,964 Nov. 6 1,571 9,947 1,274 2,229 678 645 3,445 704 413 707 501 1,960 Nov. 13 1,576 9,606 1,279 2,214 674 639 3,446 702 410 703 498 1,970 Nov. 20 1,570 9,479 1,267 2,200 675 641 3,420 708 404 700 492 1,954 Nov. 27 1,571 9,445 1,262 2,186 667 638 3,364 691 399 695 490 1,846 Dec. 4__,_ 1,556 9,294 1,253 2,185 667 628 3,343 400 692 483 1,957 Dec. 11 1,538 9,163 1,238 2,177 663 628 3,309 396 685 479 1,957 Dec. 18 1,509 9,190 1,232 2,178 666 633 3,302 687 393 684 491 1,978 Dec. 24 1,526 9,141 1,226 2,171 631 3,281 683 386 686 490 2,006 Dec. 31 1,510 9,487 1,219 2,174 630 3,266 676 383 676 478 1,996 Average: January 1,495 8,494 1,232 2,184 680 640 3,327 739 390 684 498 1,958 February.. 1,476 8,420 1,237 2,201 676 639 3,365 735 387 684 495 1,946 March 1,504 8,539 1,245 2,213 644 3,408 721 389 687 494 1,948 April 1,509 8,551 1,262 2,204 648 3,322 711 380 682 493 1,944 May 1,483 8,425 1,214 2,183 675 647 3,288 707 370 684 479 1,957 June. 1,492 8,527 1,214 2,176 671 648 3,316 375 689 472 1,963 July. 1,514 8,751 1,225 2,191 678 644 3,306 384 697 473 1,935 August 1,501 8,652 1,229 2,188 678 643 3,369 692 393 707 477 1,936 September. 1,523 8,757 1,240 2,190 678 648 3,365 697 408 702 485 1,953 October.... 1,553 9,105 1,247 2,192 680 645 3,421 702 415 701 498 1,965 November. 1,572 9,619 1,270 2,207 674 641 3,419 701 406 701 495 1,958 December.. 1,528 9,255 1,234 2,177 665 630 3,300 684 391 685 484 1,979 Back figure*.—See Federal Reserve Bulletin for January, 1929. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

188 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No. 101.—REPORTING MEMBER BANKS—TOTAL LOANS, 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 p d h h e i i l l a - a- C l l a e n v d e- m Ri o c n h d - At t l a an- c C a h g i o - L S o t u . is n M o e i l a n i p s - - K C s a i a n t s - y Dallas F c S r is a a c n n o - 1929 Jan. 2 1,132 6,764 1,484 525 505 2,597 i 530 261 444 362 1,315 Jan.9 1,125 6,314 1,476 522 503 2,581 ! 534 262 443 361 1,312 Jan .16 1,130 6,160 887 1,482 519 500 2,581 533 262 449 367 1,316 Jan. 23 1,139 6,068 891 1,485 521 501 2, 567 | 534 258 447 364 1,284 Jan. 30_.._ 1,136 6,141 887 1,491 521 507 2,551 I 536 255 447 364 1,285 Feb. 6 1,126 6,226 895 1,506 519 506 2,569 542 255 449 368 1,293 Feb. 13 1,111 6,199 892 1,507 518 506 2,588 537 254 450 367 1,301 Feb. 20_ 1,114 6,141 1,501 515 502 2,631 532 257 444 361 1,293 Feb. 27_ 1,117 6,284 1,511 516 503 2,657 532 260 443 355 1,292 Mar. 6 1,113 6,332 901 1,513 517 501 2,660 525 261 447 357 1,298 Mar. 13 1,111 6,267 911 1,520 526 511 2,672 529 261 454 358 1,309 Mar. 20 1,121 6,375 916 1,529 521 511 2,674 528 262 449 360 1,306 Mar. 27 1,125 6,411 925 1,540 523 513 2,619 | 529 257 449 359 1,308 Apr. 3 1,132 6,445 932 1,530 530 513 2,614 ! 531 254 448 358 1,297 Apr. 10 1,127 6,342 943 1,529 528 515 2, 587 528 258 445 357 1,296 Apr. 17 1,120 6,329 937 1,522 522 512 2,593 ! 529 254 448 365 1,301 Apr. 24 1,114 6,347 937 1,521 518 513 2,572 j 521 250 444 350 1,300 May 1 1,102 6,418 907 1,526 519 510 2,581 519 247 450 348 1,312 May 8 1,100 6,249 902 1,526 517 513 2,573 524 245 449 345 1,313 May 15 1,099 6,273 895 1,518 518 516 2,595 524 244 452 347 1,319 May 22 1,101 6,209 890 1,517 517 509 2,574 516 242 450 342 1,321 May 29 1,104 6,217 891 1,508 510 512 2,582 520 252 448 342 1,316 June 5 1,100 6,334 892 1,514 508 515 2,605 504 251 450 338 1,325 June 12 1,116 6,325 893 1,512 508 513 2,615 513 253 453 339 1,324 June 19 1,132 6,406 905 1,516 511 2,637 518 253 459 342 1,353 June 26 1,151 6,548 906 1,530 521 2,602 518 250 457 342 1,341 July 3 1,155 6,795 912 1,545 522 512 2,585 509 253 461 343 1,333 July 10 1,166 6,734 921 1,543 521 517 2,599 510 251 465 348 1,331 July 17 1,169 6,681 918 1,542 522 516 2,618 516 261 466 352 1,332 July 24 1,166 6,766 919 1,546 518 2,610 518 265 466 351 1,330 July 31 _... 1,162 6,798 913 1,549 516 2,648 523 268 477 355 1,334 Aug. 7 1,154 6,727 917 1,559 525 513 525 267 481 352 1,340 Aug. 14 1,154 6,602 921 1,558 519 516 2,694 528 269 475 354 1,352 Aug. 21 1,163 6,587 925 1,556 516 516 2,703 529 270 472 352 1,349 Aug. 28 1,154 6,633 928 1,543 519 515 2,670 529 275 471 354 1,359 Sept. 4 1,174 6,799 931 1,556 514 517 2,669 531 278 468 357 1,355 Sept. 11 - 1,173 6,720 925 1,557 521 523 2,703 540 286 469 362 1,364 Sept. 18 1,185 6,767 940 1,567 519 523 2,710 539 290 475 365 1,373 Sept. 25 1,202 6,727 935 1,568 523 527 2,715 538 289 471 369 1,379 Oct. 2___ 1,216 6,838 937 1,569 525 528 2,739 546 292 468 375 1,393 Oct. 9 1,205 6,714 942 1,558 524 526 2,726 545 290 469 384 1,387 Oct. 16 1,220 6,778 940 1,557 522 516 2,779 546 290 477 380 1,391 Oct. 23 1,224 934 1,561 525 522 2,765 546 292 474 381 1,388 Oct. 30__ 1,237 8,170 958 1,593 516 519 2,830 553 293 476 386 1,404 Nov. 6 1,240 7,724 971 1,609 523 523 2,795 548 291 475 385 1,406 Nov. 13 1,234 7,373 978 1,601 517 517 2,791 544 288 474 382 1,416 Nov. 20 1,234 7,178 971 1,592 518 516 2,763 550 283 473 382 1,402 Nov. 27 1,232 7,125 968 1,580 508 516 2,707 540 277 469 380 1,397 Dec. 4 1,220 7,004 962 1,580 508 508 2,691 535 278 468 373 1,409 Dec. 11 1,207 6,921 950 1,568 506 506 2,664 540 273 464 372 1,403 Dec. 18 1,197 6,887 947 1,567 508 509 2,650 539 271 469 381 1,430 Dec. 24 1,206 6,858 936 1,567 506 506 2,637 535 267 471 380 1,436 Dec. 31..: 1,228 7,215 930 1,570 514 508 2,630 528 265 459 375 1,426 Average: January 1,133 6,289 1,484 522 503 2,575 533 260 446 364 1,302 February.. 1,117 6,212 1,506 517 504 2,611 536 257 446 363 1,295 March 1,117 6,346 913 1,526 522 509 2,656 528 260 450 358 1,306 April 1,123 6,366 937 1,525 524 513 2,591 527 254 446 358 1,299 May 1,101 6,273 897 1,519 516 512 2,581 521 246 450 345 1,316 June 1,125 6,403 899 1,518 512 513 2,614 513 252 455 340 1,336 July 1,164 6,755 916 1,545 520 515 2,612 515 260 467 350 1,332 August 1,156 6,637 923 1,554 520 515 528 270 475 353 1,350 September. 1,183 6,753 933 1,562 519 523 2,699 537 286 471 363 1,368 October.... 1,220 7,078 942 1,568 523 522 2,768 547 291 473 381 1,393 November. 1,235 7,350 972 1,595 517 518 2,764 546 285 473 382 1,405 December- 1,212 6,977 945 1,570 508 507 2,655 535 271 466 376 1,421 Digitized for FBaRcAk SfigEuRre s.—See Federal Reserve Bulletin for January, 1929. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REPOETING MEMBER BANKS IN EACH DISTRICT 189 No. 102.—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 e r w k P p h d h i e i l l a a - -C l l a ev n e d - m Ri o c n h d - Atl t a a n- Chi- Lo S u t i . s 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 - 1929 Jan. 2 464 3,687 485 685 193 141 1,200 237 81 138 112 397 Jan. 9 456 3,310 501 683 193 142 1,180 247 82 138 115 393 Jan.16 457 3,269 496 681 196 143 1,188 249 85 146 125 427 Jan. 23 477 3,169 501 687 198 146 1,179 252 82 145 123 406 Jan. 30 479 3,226 497 697 201 157 1,170 258 83 147 125 407 Feb. 6 467 3,289 510 712 202 153 1,188 261 84 151 128 412 Feb. 13 458 3,235 502 710 202 156 1,211 255 80 151 129 428 Feb. 20 455 3,170 509 696 197 155 1,245 251 81 145 122 417 Feb. 27 470 3,293 503 702 197 154 1,250 250 80 141 117 416 Mar. 6 466 3,292 503 698 198 155 1,261 244 83 143 119 412 Mar. 13 463 3,180 506 703 202 158 1,279 245 84 148 118 425 Mar. 20 469 3,271 513 714 201 154 1,306 243 85 143 118 426 Mar. 27 475 3,287 515 717 204 157 1,229 244 84 144 113 424 Apr. 3 474 3,241 519 712 202 152 1,228 239 80 142 113 413 Apr. 10 472 3,126 515 710 200 151 1,227 237 82 144 105 412 Apr. 17 471 3,106 519 699 196 149 1,230 237 82 145 105 413 Apr. 24 469 3,139 519 702 191 149 1,201 232 81 124 102 412 May 1 470 3,211 487 707 191 147 1,204 234 82 123 100 415 May 8 472 3,082 476 707 191 150 1,199 241 82 121 102 417 May 15 465 3,074 466 699 188 150 1,209 241 82 123 103 422 May 22 464 3,024 460 694 190 148 1,199 238 82 122 424 May 29 467 2,995 459 687 187 147 1,210 239 91 120 413 June 5 *. 455 3,094 460 6.89 185 147 1,222 224 91 120 409 June 12.__ 468 3,087 458 686 187 147 1,224 229 89 121 413 June 19 485 3,179 471 696 191 148 1,238 232 87 123 101 431 June 26 3,336 467 712 202 151 1,225 232 84 121 101 420 July 3 484 3,563 476 720 202 149 1,215 228 84 122 103 413 July 10 492 3,483 482 713 201 156 1,222 233 86 121 105 410 July 17 492 3,409 480 713 203 154 1,231 234 88 123 107 411 July 24 485 3,454 479 722 202 149 1,227 235 90 123 103 413 July 31 3,515 476 737 200 152 1,252 239 89 130 104 409 Aug. 7 484 3,397 480 736 206 152 1,289 238 87 133 103 409 Aug. 14 482 3,254 480 734 201 152 1,282 241 87 138 105 418 Aug. 21 481 3,210 477 730 199 152 1,283 238 86 137 101 415 Aug. 28 480 3,252 480 720 202 150 1,250 236 89 135 101 421 Sept. 4 489 3,374 481 727 198 150 1,239 238 89 133 95 418 Sept. 11 490 3,269 478 729 201 152 1,272 240 90 133 102 421 Sept. 18 506 3,325 486 743 200 156 1,274 238 88 142 103 427 Sept. 25 522 3,312 487 742 204 161 1,291 235 87 135 102 441 Oct. 2 533 3,390 487 740 204 161 1,299 241 88 131 105 446 Oct. 9 529 3,276 491 729 201 163 1,292 242 87 130 105 443 Oct. 16 547 3,406 488 724 201 153 1,344 243 85 133 104 447 Oct. 23 __.. 546 3,471 487 729 204 157 1,330 243 86 128 102 438 Oct. 30 553 4,651 512 756 190 151 1,363 250 87 125 102 439 Nov. 6 547 4,217 519 768 196 151 1,353 250 89 124 101 431 Nov. 13 526 3,876 518 758 189 146 1,356 249 89 125 103 434 Nov. 20 521 3,546 509 748 190 143 1,336 254 90 125 103 426 Nov. 27 520 3,512 504 738 191 144 1,302 248 86 122 104 418 Dec. 4 514 3,511 504 743 192 143 1,299 247 87 122 104 422 Dec. 11 _ 514 3,465 497 737 191 143 1,281 253 87 122 106 423 Dec. 18 510 3,479 502 741 188 152 1,283 254 85 130 118 457 Dec. 24 517 3,498 498 747 187 151 1,281 253 84 133 116 466 Dec. 31 542 3,862 506 752 195 152 1,277 249 85 125 107 452 Average: January 467 3,332 496 686 196 146 1,183 249 82 143 120 406 February... 462 3,247 506 705 200 155 1,224 254 81 147 124 418 March 468 3,257 509 708 201 156 1,269 244 84 145 117 422 April. 471 3,153 518 706 197 150 1,221 236 81 139 106 413 May 467 3,077 470 699 189 148 1,204 239 84 122 100 418 June.. 474 3,174 464 696 191 148 1,227 230 88 121 100 418 July... 487 3,485 479 721 202 152 1,230 234 88 124 104 411 August 482 3,278 479 730 202 152 1,276 238 87 136 102 416 September. 502 3,320 483 735 201 155 1,269 238 88 136 101 427 October—. 542 493 735 200 157 1,326 244 87 129 104 443 November. 529 3,788 512 753 191 146 1,337 250 89 124 103 427 December.. 519 3,563 501 744 190 148 1,284 251 86 126 110 444 Digitized for FBaRcAk SfigEuRre s,—See Federal Reserve Bulletins for March and January, 1929. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

190 ANNtJAL REPORT OF THE FEDERAL RESERVE BOARD No. 103,—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 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 - At t l a an- c C a h g i o - L S o t u . 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 i a a sc n n o 1929 Jan. 2 668 3,076 399 799 333 363 1,397 293 181 307 251 918 Jan.9.» 670 3,004 395 794 329 360 1,401 287 180 304 246 919 Jan.16 673 2,891 392 801 323 357 1,393 284 177 303 242 889 Jan.23 „ 662 2,899 390 799 324 355 1,388 282 177 302 241 878 Jan. 30 _ 657 2,915 390 794 320 350 1,381 278 173 299 239 877 Feb. 6 _. 659 2,937 385 794 316 352 1,381 281 172 299 240 881 Feb. 13 654 2,963 390 798 316 350 1,377 282 174 299 238 873 Feb. 20 _ 659 2,971 389 804 318 347 1,385 281 176 299 239 876 Feb. 27 647 2,990 393 810 319 350 1,406 282 180 302 239 876 Mar. 6 647 3,041 398 816 319 347 1,399 281 178 305 238 886 Mar. 13 647 3,087 405 817 324 353 1,394 284 177 306 240 884 Mar. 20 652 3,104 403 816 320 356 1,368 285 177 306 242 881 Mar. 27 650 3,124 410 823 320 355 1,390 286 173 305 246 885 Apr. 3 658 3,202 414 818 328 360 1,386 292 174 305 245 884 Apr. 10 655 3,216 428 819 327 364 1,361 291 176 301 252 884 Apr. 17 649 3,224 417 823 326 363 1,363 292 173 303 259 887 Apr. 24 645 3,208 418 819 326 364 1,371 289 170 320 249 888 May 1 632 3,206 420 820 328 363 1,376 286 164 327 248 897 May 8 _ 628 3,167 426 819 326 363 1,374 283 163 327 243 896 May 15 634 3,200 430 819 329 366 1,386 283 162 329 244 897 May 22 637 3,185 430 823 327 361 1,375 278 160 327 243 897 May29__ 637 3,223 431 821 324 365 1,372 281 161 327 243 903 June 5 646 3,240 432 825 323 368 1,382 279 160 330 240 915 June 12. 648 3,238 434 826 321 367 1,391 283 164 332 240 912 June 19 648 3,228 434 820 321 363 1,399 286 165 335 241 922 June 26 662 3,212 439 818 319 361 1,377 286 167 336 240 921 July 3 671 3,233 436 824 319 363 1,370 281 169 338 240 920 July 10 674 3,252 439 831 320 361 1,377 277 165 344 243 920 July 17 677 3,271 438 830 319 362 1,387 282 173 343 246 921 July 24 __ 681 3,312 441 824 316 365 1,382 283 175 342 248 918 July 31 679 3,283 436 812 316 363 1,396 284 178 347 251 925 A.ug. 7 _ _ 670 3,330 437 823 319 361 1,394 287 180 348 249 931 Aug. 14 672 3,348 441 824 318 364 1,412 288 182 337 249 934 Aug. 21 682 3,377 448 826 316 363 1,420 291 185 335 251 934 Aug. 28 674 3,381 448 823 317 365 1,421 293 186 336 253 937 Sept. 4 685 3,426 450 829 316 367 1,430 293 189 335 262 936 Sept. ll. . 683 3,451 447 828 320 371 1,431 299 196 336 260 943 Sept. 18 679 3,442 454 824 319 368 1,436 301 202 333 261 946 Sept. 25 679 3,415 448 826 319 367 1,424 303 202 337 266 938 Oct. 2 _. 682 3,449 450 829 321 367 1,439 305 204 337 271 947 Oct. 9 675 3,437 451 830 323 362 1,434 303 203 339 279 945 Oct. 16._. 673 3,373 453 834 321 363 1,435 303 205 343 276 944 Oct. 23 677 3,419 447 832 321 365 1,435 303 206 346 279 951 Oct. 30 . 684 3,519 445 836 326 369 1,466 303 206 351 284 965 Nov. 6.. 693 3,506 452 841 327 372 1,442 298 202 351 283 975 Nov. 13 707 3,497 460 842 328 371 1,435 295 200 349 280 981 Nov. 20 713 3,632 463 843 328 373 1,427 297 193 348 279 976 Nov. 27.. 711 3,612 464 843 318 372 1,405 292 190 347 276 979 Dec. 4 706 3,493 458 837 317 366 1,392 288 191 346 269 987 Dec. 11 693 3,456 453 831 315 363 1,383 287 186 342 266 981 Dec. 18 688 3,408 445 826 320 356 1,367 285 186 339 263 973 Dec. 24 689 3,360 439 820 319 355 1,356 282 183 338 264 970 Dec. 31 686 3,353 424 818 319 356 1,353 279 179 334 268 974 Average: January 666 2,957 393 797 326 357 1,392 285 177 303 244 896 February. _ 655 2,965 389 801 317 350 1,387 282 176 300 239 877 March 649 3,089 404 818 321 353 1,388 284 176 305 241 884 April 652 3,213 419 820 327 363 1,370 291 173 307 251 886 May 634 3,196 427 821 327 364 1,377 282 162 328 244 898 June 651 3,229 435 822 321 365 1,387 284 164 333 240 917 July 676 3,270 438 824 318 363 1,383 281 172 343 246 921 August 674 3,359 444 824 318 363 1,412 290 183 339 251 934 September. 681 3,434 450 827 318 368 1,430 299 197 335 262 941 October 678 3,439 449 832 323 365 1,442 303 205 343 278 950 November . 706 3,562 460 842 325 372 1,427 295 196 349 280 978 December.. 692 3,414 444 826 318 359 1,370 284 185 340 266 977 Digitized for FBRacAk SfigEuRre s.—See Federal Reserve Bulletins for March and January, 1929. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EEPOBTING MEMBER BANKS IN EACH DISTRICT 191 No. 104.—REPORTING MEMBER BANKS—INVESTMENTS BY WEEKS, WITH MONTHLY AVERAGES OF WEEKLY FIGURES [In millions of dollars] Federal Reserve District B to os n - Y N o e r w k P p d h h e i i l l a a - - C l l a e n v d e- m Ri o c n h d - At t l a an- c C a h g i o - Lo S u t i . s n M o e l a i i n p s - - K C s a i a n t s - y Dallas F c S r is a a c n n o - 1929 Jan. 2 346 2,145 339 157 138 753 208 129 238 129 Jan.9 360 2,169 343 697 158 136 755 208 128 236 134 Jan. 16.. 369 2,235 349 702 159 137 753 206 131 239 138 Jan. 23.. 369 2,238 343 703 159 137 750 203 131 238 136 Jan. 30 368 2,236 341 160 135 749 202 131 237 135 Feb. 6 367 2,229 342 159 137 755 201 131 237 134 Feb. 13 363 2,205 342 695 158 136 759 200 131 237 131 Feb. 20 - 353 2,204 342 693 158 135 751 200 130 237 132 Feb. 27 354 2,195 340 693 160 134 751 197 131 239 134 Mar. 6 —- 383 2,176 337 687 159 134 748 195 130 239 132 Mar. 13 383 2,179 332 684 154 134 744 195 130 239 131 Mar. 20 - 395 2,214 330 691 159 137 763 194 128 238 137 Mar. 27 2,201 328 686 160 135 753 191 128 234 140 Apr. 3 2,212 328 687 158 136 729 193 126 234 137 Apr. 10 383 2,181 325 682 158 135 743 185 127 236 134 Aprl 17 386 2,181 325 676 158 135 726 181 127 237 135 Apr. 24 385 2,167 321 670 158 134 724 178 124 235 135 May 1 384 2,177 320 669 158 136 719 176 123 236 134 May 8 385 2,165 317 665 159 135 703 173 123 235 135 May 15 - 386 2,171 316 663 158 136 711 177 124 235 135 May 22 376 2,136 316 660 159 136 703 195 125 234 135 May 29 377 2,109 317 661 159 132 702 212 125 234 134 June 5 381 2,136 316 657 159 132 699 180 123 235 134 June 12._ 368 2,126 315 656 158 131 702 173 123 235 130 June 19... 359 2,122 315 663 160 136 704 172 125 234 132 June 26 361 2,112 315 657 159 141 "702 173 124 232 130 July 3 353 1,992 310 649 159 135 695 169 123 231 126 July 10- -. 349 1,987 309 651 159 132 692 169 124 229 123 July 17 349 1,992 647 158 127 691 169 123 230 123 July 24 348 1,987 638 159 126 686 165 124 230 122 July 31- 351 2,024 643 158 125 704 165 125 229 122 Aug. 7 349 2,035 306 635 158 132 691 163 122 232 124 Aug. 14 344 2,022 307 635 158 126 684 165 122 232 125 Aug. 21__ 344 2,012 306 634 158 125 679 164 122 232 124 Aug. 28 342 1,991 305 632 160 126 672 164 122 233 124 Sept. 4 338 1,989 306 157 126 163 122 236 121 Sept. 11 338 1,992 306 158 125 161 121 234 119 Sept. 18 345 2,032 310 160 126 662 157 124 228 125 Sept. 25 338 307 628 160 125 664 157 123 228 122 Oct. 2 338 305 630 157 124 658 154 122 228 119 Oct. 9— 335 2,006 304 626 158 123 652 156 124 228 116 Oct. 16 329 2,008 307 622 158 122 651 156 125 227 115 Oct. 23_- 330 2,019 305 618 157 121 652 155 125 227 115 Oct. 30 329 2,118 303 626 157 123 652 156 124 231 118 Nov. 6 331 2,223 303 620 156 121 651 156 121 231 117 Nov. 13 342 2,234 301 613 157 121 655 158 121 229 116 Nov. 20 -. 337 2,301 295 157 126 657 158 121 227 110 Nov. 27 340 2,320 294 158 121 657 151 122 226 110 Dec. 4 336 2,290 291 605 158 119 652 149 121 224 109 Dec. 11 - 331 2,242 288 609 157 122 645 148 123 222 107 Dec. 18 311 2,302 285 610 158 124 652 148 121 216 110 Dec. 24— 320 2,283 290 604 157 125 645 148 119 215 110 Dec. 31 281 2,272 289 604 154 122 636 148 119 218 102 Average: January. — 362 2,204 343 700 159 137 752 205 130 238 134 February.. 359 2,208 341 695 159 135 754 200 131 237 133 March 387 2,193 332 687 158 135 752 194 129 237 135 April 385 2,185 325 679 158 135 730 184 126 235 135 May 382 2,152 317 664 158 135 708 187 124 235 135 June 367 2,124 315 658 159 135 702 175 124 234 131 July 350 1,996 309 646 158 129 694 167 124 230 123 August 345 2,015 306 634 158 128 681 164 122 232 124 September 340 2,003 307 628 159 126 666 160 122 231 122 October.,. 332 2,027 305 624 158 123 653 155 124 228 117 November 338 2,270 612 157 123 655 155 121 228 113 December.. 316 2,278 606 157 122 646 148 121 219 108 Digitized for FBRaAckS fEigRu res.SQB Federal Reserve Bulletin for January, 1929. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

192 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No. 105.—REPORTING MEMBER BANKS—NET DEMAND DEPOSITS, 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 p d h h e i i l l a - a- C l l a e n v d e- m Ri o c n h d - Atl t a a n- c C a h g i o - Lo S u t i . s n M o e i l a i n p s - - K C s a i a t n s y - DallasF c S i r s a a c n n o - 1929 Jan. 2 742 1,039 373 341 1,929 421 224 512 316 822 Jan. 9 937 5,992 757 1,036 371 337 1,888 419 226 509 323 813 Jan. 16 950 5,986 754 1,043 369 335 1,875 417 221 514 323 825 Jan. 23.._ 924 5,869 740 1,047 369 332 1,839 408 217 513 319 787 Jan. 30 919 5,918 734 1,044 372 331 1,833 415 218 514 313 785 Feb.6 921 5,936 742 1,027 372 332 1,851 414 214 513 313 780 Feb. 13 916 5,895 731 1,040 370 338 1,909 418 216 520 320 832 Feb. 20 893 5,812 725 1,017 362 330 1,880 405 216 508 313 801 Feb. 27 890 5,949 725 1,024 358 330 1,895 405 219 509 312 772 Mar. 6 887 5,883 720 1,049 361 333 1,871 395 226 508 317 759 Mar. 13 — 908 5,858 727 1,042 368 345 1,893 400 229 518 317 793 Mar. 20 872 5,894 704 1,027 357 331 1,884 385 224 502 312 789 Mar. 27 _.. 882 5,853 709 1,026 358 333 1,796 383 226 504 306 789 Apr. 3 889 5,907 712 1,019 362 321 1,781 383 220 495 302 764 Apr. 10 — 881 5,780 711 995 361 332 1,824 385 219 494 301 769 Apr. 17 901 5,804 710 1,019 353 329 1,844 380 215 492 302 770 Apr. 24 891 5,755 698 1,023 346 330 1,806 378 210 485 296 758 May 1 913 5,949 706 1,032 349 326 1,825 377 207 486 297 768 May 8 880 5,752 721 1,015 351 328 1,819 377 211 481 296 755 May 15 891 5,803 723 1,027 354 332 1,850 377 209 487 302 785 May 22 868 5,652 711 1,027 344 320 1,802 362 208 474 290 751 May 29 857 5,710 705 1,012 342 315 1,765 368 215 472 286 743 June 5 874 5,803 715 1,012 346 316 1,795 362 212 478 283 743 June 12 885 5,818 734 1,022 349 322 1,838 374 216 491 288 771 June 19 871 5,752 715 1,004 343 316 1,806 366 214 490 283 781 June 26_ 875 5,832 707 1,018 347 316 1,811 369 216 494 277 757 July 3.. 920 5,960 727 1,026 357 320 1,850 367 223 501 281 762 July 10. 906 5,851 721 1,034 355 316 1,837 370 224 502 282 774 July 17 934 5,794 722 1,047 356 319 1,877 362 225 516 291 778 July 24 918 5,798 711 1,046 352 313 1,857 361 231 516 275 767 July 31 927 5,950 713 1,058 350 314 1,924 364 233 516 277 769 Aug. 7 908 5,805 706 1,055 357 313 1,937 365 231 524 277 762 Aug. 14 906 5,761 702 1,046 351 322 1,915 368 230 525 282 781 Aug. 21__ 893 5,704 1,064 347 313 1,908 354 229 512 272 770 Aug. 28__ 877 5,692 1,052 346 311 1,870 364 229 508 274 764 Sept. 4 902 5,822 704 1,056 345 317 1,886 363 232 504 279 772 Sept. 11 - 913 5,812 705 1,055 350 324 1,937 373 236 507 289 783 Sept. 18 916 5,793 704 1,035 344 318 1,899 361 237 509 289 774 Sept. 25 912 5,721 693 1,031 347 317 1,902 356 234 500 283 776 Oct. 2 948 5,888 693 1,041 354 325 1,903 356 234 495 287 771 Oct. 9_ 916 5,702 697 1,011 350 326 1,895 371 229 496 296 750 Oct. 16_ 951 5,885 698 1,033 354 326 1,950 380 233 505 303 790 Oct. 23_ 940 5,893 694 1,021 350 319 1,945 372 231 497 295 758 Oct. 30 - 992 7,458 709 1,056 348 317 2,025 377 247 496 298 788 Nov. 6 - 982 7,204 718 1,040 357 318 1,962 381 242 495 299 769 Nov. 13 — 985 6,968 714 1,035 355 326 1,944 382 240 503 303 816 Nov. 20 955 6,769 717 1,027 346 316 1,914 381 238 483 296 785 Nov. 27 942 6,546 715 1,022 342 315 1,864 377 233 476 288 769 Dec. 4 964 6,334 695 1,025 352 317 1,884 380 233 475 286 769 Dec. 11__ 947 6,343 713 1,020 354 326 1,875 394 239 490 292 784 Dec. 18 927 6,299 717 1,009 350 324 1,854 392 235 492 302 775 Dec. 24_ 952 6,230 706 1,014 349 320 1,845 389 232 495 298 760 Dec. 31 959 6,651 724 1,033 359 338 1,840 398 232 501 293 789 Average: January 939 6,012 745 1,042 371 335 1,873 416 221 513 319 807 February.. 905 5,898 731 1,027 365 332 1,884 410 216 512 314 796 March 887 5,872 715 1,036 361 335 1,861 391 226 508 313 782 April 891 5,811 708 1,014 356 328 1,814 382 216 492 300 765 May 882 5,773 713 1,023 348 324 1,812 372 210 480 294 760 June 876 5,801 718 1,014 346 318 1,812 368 214 488 283 763 July 921 5,871 719 1,042 354 316 1,869 365 227 510 281 770 August 896 5,741 701 1,054 350 315 1,908 363 230 517 276 769 September. 911 5,787 702 1,044 346 319 1,906 363 235 505 285 776 October 949 6,165 698 1,032 351 322 1,944 371 235 498 296 771 November. 966 6,872 716 1,031 350 319 1,921 380 238 489 297 785 December. 950 6,371 711 1,020 353 325 1,860 390 234 491 294 775 Digitized for FBRacAk SfiEguRrt t.—SeQ Federal Reserve Bulletin for January, 1929. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

193 REPOETING MEMBER BANKS IN EACH DISTRICT No, 106.—REPORTING MEMBER BANKS—TIME DEPOSITS, BY WEEKS, WITH MONTHLY AVERAGES OF WEEKLY FIGURES [In millions of dollarsl Federal Reserve District B to o n s- Y N o e r w k P p d h h e i l i l - a a- C l l a e n ve d - m Ri o c n h d -Atl t a a n- c C a h g i- o Lo S u t i . s 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 r is a a c n n o - 1929 Jan. 2 475 1,758 295 957 240 240 1,260 235 140 177 142 994 Jan.9 476 1,736 292 954 240 233 1, 276 241 141 178 140 990 Jan.16 476 1,717 294 957 241 230 1,277 241 141 179 139 995 Jan. 23 478 1,720 296 958 241 230 1,274 241 141 179 139 990 Jan. 30 477 1,740 294 960 241 231 1,264 239 140 179 143 986 Feb.6__ 474 1,734 291 239 228 1,261 240 140 175 143 979 Feb. 13 476 1,715 289 240 234 1,268 241 139 177 146 970 Feb. 20 478 1,709 284 985 240 233 1,272 237 139 178 145 969 Feb. 27 479 1,711 283 986 240 233 1,274 241 138 179 144 971 Mar. 6 481 1,702 284 978 244 231 1,275 239 132 179 143 980 Mar. 13 480 1,705 280 976 245 231 1,267 236 133 180 144 978 Mar. 20 477 1,696 280 977 244 231 1,244 235 132 180 144 965 Mar. 27 474 1,720 277 977 244 231 1,241 235 132 181 147 969 Apr. 3 474 1,736 279 971 245 230 1,225 233 132 179 145 981 Apr. 10 466 1,718 277 970 244 230 1,226 233 132 179 140 975 Apr. 17 466 1,701 285 962 242 228 1,234 232 131 179 143 976 Apr. 24 461 1,706 276 963 241 228 1,239 231 131 180 142 975 May 1- 456 1,698 274 960 242 228 1,240 231 130 179 141 979 May 8_ 463 1,696 271 964 241 229 1,230 232 131 181 141 991 May 15 458 1,720 267 955 239 236 1,238 232 131 181 141 997 May 22. 460 1,708 265 951 240 239 1,238 233 130 181 140 1,004 May 29 459 1,693 264 949 240 239 1,232 232 136 180 141 997 June 5__ 459 1,683 266 953 239 240 1,234 231 135 180 142 999 June 12 459 1,655 261 951 239 239 1,231 228 134 179 142 991 June 19 460 1,679 261 952 239 239 1,225 227 134 180 143 984 June 26 464 1,698 259 957 239 246 1,222 228 133 180 143 993 July 3 458 1,610 267 959 244 245 1,223 222 132 180 145 994 July 10 457 1,607 264 951 243 244 1,225 222 132 179 141 988 July 17 454 1,625 260 947 242 242 1,228 222 131 178 141 979 July 24 454 1,638 264 948 242 240 1,231 225 131 180 143 977 July 31 457 1,680 266 952 242 239 1,230 225 131 181 142 966 Aug. 7 458 1,680 262 948 243 238 1,232 225 130 182 143 963 Aug. 14_ 458 1,680 260 943 243 236 1,261 225 130 182 143 960 Aug. 21 455 1,687 260 941 243 236 1,260 224 131 183 142 959 Aug. 28 456 1,726 261 944 243 235 1,261 224 132 184 142 959 Sept. 4 _._ 464 1,741 265 945 244 234 1,270 225 132 184 143 963 Sept. 11 468 1,745 261 951 244 233 1,252 224 132 183 142 964 Sept. 18 470 1,765 266 948 244 234 1,242 224 132 184 142 955 Sept. 25 - 469 1,783 268 947 244 234 1,250 224 132 184 142 954 Oct. 2 457 1,794 272 941 245 230 1,243 231 131 182 141 957 Oct. 9 458 1,790 269 935 245 230 1,234 234 131 182 140 955 Oct. 16 458 1,798 266 937 245 228 1,232 233 131 182 139 965 Oct. 23 455 1,813 265 936 245 229 1,269 233 131 181 139 957 Oct. 30 466 1,837 263 938 244 227 1,265 232 130 180 139 947 Nov. 6 466 1,807 265 937 242 226 1,277 229 131 181 139 936 Nov. 13 466 1,807 260 930 241 226 1,220 227 130 182 138 929 Nov. 20 463 1,798 259 927 238 225 1,213 230 129 179 138 924 Nov. 27 467 1,834 263 931 237 224 1,203 226 129 178 138 930 Dec. 4 465 1,799 265 925 235 225 1,206 222 129 177 138 937 Dec. 11 470 1,763 263 926 233 223 1,208 221 129 176 137 950 Dec. 18 468 1,761 268 929 233 228 1,206 220 129 176 138 947 Dec. 24 468 1,746 267 927 232 228 1,183 220 133 175 137 1,007 Dec. 31 465 1,779 270 935 235 230 1,190 220 134 169 138 1,024 Average: January.. _ 476 1,734 294 957 240 233 1,270 239 141 178 140 991 February.. 477 1,718 287 985 240 232 1,269 240 139 177 144 972 March 478 1,706 280 977 244 231 1,257 237 132 180 144 973 April _ 467 1,715 280 966 243 229 1,231 232 132 179 142 977 May 459 1,703 268 956 240 234 1,236 232 132 180 141 994 June 461 1,679 262 953 239 241 1,228 229 134 180 142 992 July 456 1,632 264 951 243 242 1,227 223 131 180 142 981 August 457 1,693 261 944 243 236 1,254 224 131 183 143 960 September 468 1,759 265 948 244 234 1,253 224 132 183 142 959 October 459 1,812 267 937 245 229 1,249 233 131 181 140 956 November. 465 1,811 262 931 240 225 1,228 228 130 180 138 930 December. 467 1,770 267 928 234 227 1,199 221 131 174 137 973 Back figures.—See Federal Reserve Bulletin for January, 1929. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

194 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No. 107.—REPORTING MEMBER BANKS—RESERVE BALANCES, BY WEEKS, WITH MONTHLY AVERAGES OF WEEKLY FIGURES [In millions of dollars] Federal Reserve District Bos- New Phila- Cleve- Rich- Atlan- Chi- St. Min- Kan- San ton York p d h e i l a - land mond ta cago Louis n o e l a i p s - C s i a t s y Dallas F ci r s a c n o - 1929 Jan. 2 _.. 102 906 129 42 269 50 26 118 Jan. 9 100 818 129 41 263 50 27 116 Jan.16 101 820 131 42 268 48 26 117 Jan. 23 _ 100 790 128 41 264 49 26 113 Jan. 30 99 832 126 40 259 48 24 114 Feb. 6 100 816 131 41 260 49 26 112 Feb. 13 104 809 126 42 258 50 24 116 Feb. 20 96 788 129 40 255 48 21 111 Feb. 27 94 827 126 40 267 48 25 109 Mar. 6 99 789 77 131 43 255 47 27 110 Mar. 13 100 800 78 132 41 257 47 26 112 Mar. 20. 93 807 76 I 128 37 257 46 26 113 Mar. 27 92 808 74 125 41 248 46 28 110 Apr. 3.- 796 128 39 244 45 24 106 Apr. 10 780 123 38 247 46 25 106 Apr. 17 772 122 40 249 45 24 109 Apr. 24 767 122 40 248 46 26 107 Mayl— 811 132 39 247 44 26 107 May 8__ - 792 128 39 245 44 25 108 May 15 790 125 41 248 45 23 110 May 22__ 767 129 40 246 43 23 105 May 29 740 125 39 245 45 24 105 June5__ 793 124 39 247 43 24 107 June 12 789 127 40 247 45 24 108 June 19 92 783 123 39 245 42 24 107 June 26. 95 776 133 40 247 44 25 108 July 3 101 813 129 40 256 44 27 108 July 10 95 798 125 39 246 43 25 109 July 17- 100 791 130 41 251 44 24 109 July 24 800 128 38 256 43 27 j 108 July 31 804 128 38 256 43 24 j 106 Aug. 7 764 126 39 266 44 25 ! 107 Aug. 14 97 768 128 39 261 43 26 107 Aug. 21 -95 760 128 38 254 42 24 107 Aug. 28 94 763 133 37 255 44 26 105 Sept. 4 95 781 128 38 245 43 27 108 Sept. 11 -. 99 797 129 39 257 44 27 109 Sept. 18 105 816 129 39 248 42 25 108 Sept. 25 100 805 130 39 258 41 i 27 106 Oct. 2_ 102 819 128 40 257 43 27 | 109 Oct. 9— 98 790 123 40 254 44 27 I 104 Oct. 16 102 818 126 40 265 45 27 112 Oct. 23. _ 101 805 126 40 269 45 27 106 Oct. 30 105 1,045 129 39 279 44 30 111 Nov. 6 — 104 971 125 I 39 39 274 45 31 107 Nov. 13 105 1,028 117 | 41 41 264 46 29 111 Nov. 20 103 969 119 i 40 37 263 44 25 107 Nov. 27 101 840 125 I 38 39 257 45 26 105 Dec. 4_. 106 846 129 41 39 261 44 29 108 Dec. 11 101 847 125 39 39 252 45 27 107 Dec. 18 100 862 128 i 41 40 256 44 27 106 Dec. 24 102 801 124 ; 40 36 257 45 28 106 Dec. 31 97 120 ; 40 38 243 46 30 111 Average: January „. 100 833 128 ! 41 265 49 116 February.. 810 128 41 260 49 112 March 801 129 40 254 46 111 April 779 124 39 247 45 107 May 780 127 40 246 44 107 June 785 127 39 247 44 107 July 801 128 39 253 43 108 August 764 129 38 259 43 106 September. 100 i 800 129 39 252 43 108 October—.. 102 855 126 40 265 44 109 November. 103 j 952 122 39 265 45 108 December- 101 125 38 254 45 108 Digitized for RFeRviAseSdE figRu res.—-See Federal Reserve Bulletin for January. 1929http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REPORTING MEMBER BANKS IN EACH DISTRICT 195 No, 108.—REPORTING MEMBER BANKS—BORROWINGS AT FEDERAL RESERVE BANKS, BY WEEKS, WITH MONTHLY AVERAGES OF WEEKLY FIGURES [In millions of dollars! Bos- ton 1929 Jan. 2 33 Jan. 9 26 Jan. 16. 28 Jan. 23 41 Jan. 30 49 Feb. 6 38 Feb 13 30 Feb. 20 30 Feb. 27 38 Mar. 6 33 Mar. 13 25 Mar. 20 . 26 Mar. 27 42 Apr. 3 45 Apr. 10 43 Apr. 17 50 Apr. 24 May 1 May 8 May 15 . . May 22 May 29 June 5 June 12 June 19 . June 26 . July 3 July 10 July 17. July 24 July 31 Aug. 7 Aug. 14 Aug. 21 Aug. 28 Sept. 4 Sept 11 Sept. 18 Sept. 25 Oct. 2 Oct. 9 Oct. 16 Oct. 23 Oct. 30 Nov. 6 Nov. 13 Nov. 20 Nov. 27 Dec. 4 Dec. 11 Dec. 18 Dec. 24 Dec. 31 .. Average: January February._ March April May... June July. August September. October November. December- OC OO Y N o e r w k P p h d h i e i l l a a - - 455 48 247 41 184 39 119 35 170 35 154 37 206 45 139 56 167 58 224 55 176 63 160 63 246 71 180 66 193 66 209 69 211 70 193 57 63 223 39 69 197 76 140 81 134 71 149 69 170 73 197 77 259 56 366 63 380 41 370 48 346 46 329 34 .328 43 230 63 183 58 191 52 255 46 192 37 172 41 188 44 103 43 86 37 85 32 66 24 197 15 169 25 71 12 69 19 69 11 72 14 102 11 125 18 146 7 127 36 235 34 166 31 202 47 198 70 178 73 194 51 358 50 233 44 202 36 107 18 94 12 114 MM Cleve- land 76 71 62 59 58 66 74 67 66 50 61 64 68 72 92 72 57 71 71 68 68 47 72 37 70 30 74 25 60 40 32 31 31 37 32 38 53 56 55 54 49 51 43 39 38 44 40 61 68 73 49 44 54 28 27 29 25 40 49 63 68 41 33 33 51 49 44 58 33 CO CO Federal Reserve District Rich- Atlan- Chi- St. mond ta cago Louis 30 35 144 27 22 38 95 23 20 36 116 22 20 40 123 28 20 37 106 21 20 36 121 26 17 37 133 18 22 37 161 27 24 34 181 24 21 35 181 26 20 30 184 28 23 29 208 35 23 31 158 38 28 40 171 45 25 38 102 32 31 45 87 36 27 44 81 28 31 52 79 29 29 50 66 28 30 47 62 20 34 47 71 34 30 43 120 28 49 107 25 42 90 23 35 123 26 29 108 27 39 104 66 28 44 107 63 29 42 88 52 28 43 73 51 28 44 84 52 24 46 85 70 28 44 95 50 27 46 94 48 30 47 86 54 30 52 61 58 29 53 66 52 30 45 85 61 29 44 72 59 25 46 121 68 22 41 97 61 25 37 120 67 27 38 63 97 28 41 70 106 23 44 75 98 26 40 124 82 30 41 86 71 29 39 123 72 23 35 116 70 21 28 77 64 24 26 70 65 24 25 106 49 24 20 78 65 23 37 117 68 21 36 149 61 22 31 183 73 28 42 110 70 31 48 80 66 26 39 107 60 28 42 91 55 27 46 90 56 29 48 71 71 25 40 94 89 27 41 102 64 23 27 89 OC OC ot o Min- neap- olis 7 9 10 10 7 10 8 7 14 12 14 15 11 10 15 18 20 18 12 12 11 11 10 26 10 28 11 30 35 31 39 38 42 41 45 42 47 53 50 49 49 53 34 31 33 38 31 35 34 25 23 17 16 16 7 24 24 32 35 29 29 37 44 50 38 31 16 00 00 9 12 16 14 14 18 18 ot ot OC xO Kan- sas Dallas City 22 15 15 16 17 17 14 19 13 19 19 20 13 14 16 15 14 15 19 17 18 13 19 16 9 25 11 23 10 27 15 30 33 33 35 39 45 43 35 34 28 30 29 22 21 26 24 19 24 25 34 27 29 30 24 33 26 38 32 39 32 40 31 40 35 33 39 29 40 27 42 21 43 23 47 26 47 37 25 5 25 8 18 9 16 10 15 13 18 16 26 13 37 10 35 12 26 18 23 29 28 38 34 25 43 14 30 CO CC San Fran Cisco 39 51 45 44 44 72 71 61 79 82 86 61 65 74 68 69 66 66 15 56 14 40 15 47 15 51 18 51 14 43 8 57 7 42 11 50 15 ' 48 19 33 22 47 24 47 25 58 28 54 32 51 30 45 34 58 32 70 22 74 22 79 24 88 21 90 22 73 24 88 25 77 30 102 22 106 23 108 25 90 24 77 16 66 9 58 9 37 9 33 17 45 16 71 11 74 13 69 15 52 12 48 18 45 29 52 28 70 23 83 25 101 13 54 Digitized for FBRaAckS fiEgRur es.—See Federal Reserve Bulletin for January, 1929. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

196 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD BANKERS' BALANCES OF REPORTING MEMBER BANKS, BY DISTRICTS No. 109.—REPORTING MEMBER BANKS—DUE TO BANKS, BY MONTHS, 1928 AND 1929 (REVISED SERIES—1929 BASIS) [Monthly averages of weekly figures. In millions of dollars] Federal Reserve District Month B to os n - Y Ne o w rk - 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 r is a a c n n o - 1928 January 159 1,207 212 129 136 529 161 102 122 233 February... 141 1,165 199 267 117 129 527 155 102 117 220 March 134 1,156 197 243 109 122 533 136 109 230 102 219 April 142 1,119 195 240 105 119 530 129 100 215 98 214 May.. _ 130 1,084 182 229 102 114 502 126 94 210 95 194 June 117 996 171 214 97 103 503 119 91 201 90 196 July. 123 1,021 170 215 98 493 119 88 224 90 197 August 110 961 160 210 92 483 112 81 230 85 184 September 119 995 168 232 98 95 498 119 89 223 107 204 October.. 124 1,054 174 233 108 107 492 128 100 221 127 204 November 124 1,043 175 222 112 115 134 96 213 131 206 December 117 1,015 170 214 114 123 141 94 222 127 200 1929 January 120 1,071 178 223 108 123 471 148 224 117 202 February 110 1,008 163 214 103 117 459 143 220 108 190 March 106 971 153 207 100 119 477 130 210 99 198 April 110 930 155 201 97 108 448 118 190 86 186 May 107 869 153 194 90 96 429 109 178 78 173 June 108 851 153 91 94 432 106 182 75 181 July 117 992 160 92 88 434 106 215 76 187 August.._ _ 106 882 155 199 89 87 433 102 220 71 183 September 115 944 158 202 93 99 440 106 202 87 188 October 128 1,081 162 197 101 111 432 125 204 106 188 November 140 1,188 171 188 103 110 417 125 201 100 188 December 129 1,036 170 189 103 111 423 124 209 101 207 No. 110.—REPORTING MEMBER BANKS—DUE FROM BANKS, BY MONTHS, 1928 AND 1929 (REVISED SERIES—1929 BASIS) [Monthly averages of weekly figures. In millions of dollars] Federal Reserve District Month B to os n - 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 - Lo S u t i . s n M o e i l a i n p - s - K C s a i a t n s y - D l a a l s - F c S r i a a sc n n o - 1928 January. 158 111 233 63 51 127 68 170 February 147 102 230 58 49 126 63 159 March 150 97 233 53 48 122 58 160 April 167 97 242 54 44 120 60 149 May 157 94 253 51 48 112 58 145 June 143 88 250 48 46 112 59 146 July 142 94 242 47 51 123 56 144 August 121 93 224 44 47 118 53 133 September 138 99 251 47 51 124 63 146 October 139 99 242 53 57 125 67 141 November 146 98 245 58 59 127 70 145 December 147 98 236 60 56 127 68 143 1929 January... 162 106 235 59 51 128 67 149 February 148 107 234 54 49 118 64 142 March 161 103 S 232 57 47 116 64 143 April 154 98 242 56 46 109 58 136 May 136 92 I 210 54 46 105 55 135 June 151 93 ! 204 52 49 108 53 149 July 154 96 i 209 51 53 119 52 153 August. 129 90 I 205 45 51 119 50 145 September 147 93 212 52 54 117 59 156 October 178 96 219 64 54 123 63 155 November 172 95 ! 219 62 54 126 59 156 December 91 204 61 52 127 62 177 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD 197 BANK SUSPENSIONS No, 111.—BANKS SUSPENDED AND REOPENED, BY DISTRICTS, 1929 Banks suspended Banks reopened Class of bank and Federal reserve district Number Capital Deposits Number Capital Deposits All banks, total... 642 $32,254,000 $234, 532,000 58 $3,052,000 $25,829,000 Boston New York 6 2,260,000 19,101,000 1 1,000,000 5,882,000 Philadelphia 3 625,000 3,304,000 Cleveland 14 800,000 8,431,000 2 200,000 2,258,000 Richmond 59 3, 636,000 19,601,000 3 72,000 255,000 Atlanta.. _ . . 119 7,790,000 62,405,000 14 530,000 5,062,000 Chicago 93 4,994,000 35,579, 000 3 80,000 1, 007,000 St. Louis 44 1,528,000 9,422,000 3 125,000 870,000 Minneapolis 84 2,044,000 15,300,000 7 230,000 2,438,000 Kansas City 193 5,096,000 39,204,000 22 675,000 6, 398,000 Dallas... _ 11 276,000 1,931,000 2 125,000 1,397,000 San Francisco 16 3,205,000 20,254,000 1 15,000 262,000 Member banks, total 81 7,125,000 57,135,000 5 285,000 2,273,000 Boston New York Philadelphia i 50,666 1,168,000 R C i l c ev h e m la o n n d d 2 8 8 9 4 0 0 , , 0 0 0 0 0 0 5,1 8 3 5 4 8 , , 0 0 0 0 0 0 Atlanta 23 2,715,000 25,787,000 2 150,000 674,000 Chicago 18 1,125,000 8,253,000 1 25,000 284,000 St Louis 4 265,000 898,000 Minneapolis 12 455,000 2, 643,000 Kansas City... 6 235,000 1, 782,000 1 35,000 219, 000 Dallas 3 125,000 1,349,000 1 75,000 1,096,000 San Francisco 4 1,225,000 9,263,000 National bank members, total 64 5,095,000 37,007,000 3 160,000 1, 607,000 Boston New York Philadelphia 1 50,000 1,168,000 Cleveland 2 90,000 858,000 Richmond 7 665,000 4, 539,000 Atlanta 16 1,355,000 10,807,000 1 50,000 292,000 Chicago 13 810,000 5, 607,000 St. Louis 4 265,000 898,000 Minneapolis 10 325,000 1,238,000 Kansas City 6 235,000 1,782,000 1 35,000 219,000 Dallas 2 100,000 1,134,000 1 75,000 1,096,000 San Francisco 3 1,200,000 8,976,000 State bank members, total 17 2,030,000 20,128,000 2 125,000 666,000 Boston New York Philadelphia Cleveland Richmond 1 175,000 595,000 Atlanta 7 1,360,000 14,980,000 1 100,000 382,000 Chicago 5 315,000 2, 646,000 1 25,000 284,000 St T>nm'<? Minneapolis 2 130,000 1,405,000 Kansas City Dallas 1 25,000 215,000 San Francisco 1 25,000 287,000 Nonmember banks, total 561 25,129,000 177,397,000 53 2,767,000 23,556,000 Boston New York 6 2,260,000 19,101,000 1 1,000,000 5,882,000 Philadelphia .. 2 575,000 2,136,000 Cleveland 12 710,000 7, 573,000 2 200,000 2, 258,000 Richmond 51 2,796,000 14,467,000 3 72,000 255,000 Atlanta 96 5,075,000 36,618,000 12 380,000 4, 388,000 Chicago 75 3,869,000 27,326,000 2 55,000 723,000 St. Louis- 40 1,263,000 8, 524,000 3 125,000 870,000 Minneapolis 72 1,589,000 12, 657,000 7 230,000 2,438,000 Kansas City .. 187 4,861,000 37,422,000 21 640,000 6,179,000 Dallas 8 151,000 582,000 1 50,000 301,000 San Francisco 12 1,980,000 10,991,000 1 15,000 262,000 Back figures.—SeeA nnual Reports for 1928 (Table 115), 1927 (Table 111), and 1926 (Table 98). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

198 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No, 112.—BANKS SUSPENDED AND REOPENED, BY STATES, 1929 [Figures are for member and nonmember banks] Banks suspended Banks reopened State Number Capital Deposits Number Capital Deposits United States 642 $32,254,000 $234,532,000 58 $3,052,000 $25,829,000 New England: Rhode Island Middle Atlantic: New York _ 5 1,260,000 13,219,000 New Jersey 1 1,000,000 5 882,000 1 1,000,000 5,882,000 Pennsylvania _ _ _ _ 5 800,000 7,782,000 East North Central: Ohio 10 525,000 3,661,000 2 200,000 2,258,000 Indiana 24 869,000 8,477,000 3 105,000 1,167,000 Illinois 30 2,765,000 17,020,000 Michigan 9 210,000 2,205,000 1 25,000 284,000 Wisconsin 11 540,000 5,042,000 1 60,000 505,000 West North Central: Minnesota 31 863,000 8,523,000 3 95,000 1,025,000 Iowa -- - - 34 1,205,000 8,540,000 Missouri 23 625,000 2,934,000 1 25,000 123,000 North Dakota 36 735,000 3,691,000 3 75,000 908,000 South Dakota 13 261,000 1,612,000 Nebraska 149 3,911,000 30,402,000 21 625,000 5,561,000 Kansas 12 275,000 2,003,000 South Atlantic: Delaware 1 75,000 243,000 M aryland 1 200,000 967,000 Virginia 9 248,000 1,259,000 1 20,000 137,000 West Virginia 14 1,035,000 6,837,000 North Carolina 18 1,268,000 5,829,000 1 40,000 85,000 South Carolina 18 910,000 4,758,000 1 12,000 33,000 Georgia 32 747 nnn 2,318,000 4 145,000 855,000 Florida 63 a. 74fi. nnn 53,863,000 10 385,000 4,207,000 East South Central: Kentucky 2 100,000 853,000 1 50,000 303,000 Tennessee 12 437,000 2,611,000 Alabama ._ 11 935,000 3, 684,000 Mississippi _ 3 110,000 343,000 West South Central: Arkansas 11 448,000 2,033,000 Oklahoma 20 470,000 4,054,000 1 50,000 837,000 Texas 10 251,000 1,840,000 2 125,000 1,397,000 Mountain: Montana 1 25,000 84,000 Idaho 3 150,000 1,438,000 Wyoming 1 30,000 403,000 Colorado _ 5 145,000 1,215,000 New Mexico 1 25,000 91,000 Nevada.. 1 500,000 3,600,000 Pacific: Washington 7 1,180,000 8,407,000 1 15,000 262,000 Oregon 1 200,000 2,066,000 California _. 4 1,175,000 4,743,000 Back figures.—See Annual Report for 1928 (Table 116), 1927 (Table 112), 1926 (Table 100), and 1925 (Tables 97 and 98). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CHANGES IN MEMBERSHIP IN FEDERAL SYSTEM No. 113.—CHANGES IN MEMBERSHIP IN THE FEDERAL RESERVE SYSTEM DURING 1929 I-* 00 Boston district New York district Philadelphia dis- Cleveland district Richmond district Atlanta district trict to g Procedure effecting change Total ti N on a- al StateTotal ti N on a a - l StateTotal ti N on a a - l StateTotal ti N on a- al StateTotal ti N on a a - l StateTotal ti N on a a - l State Active member banks, Dec. 31,1928 408 373 35 938 775 163 778 687 91 816 712 104 547 499 48 453 377 76 Additions to membership: Organization of national bank 6 6 22 22 5 5 1 1 ! 1 1 9 9 Conversion of nonmember bank to national 2 2 1 1 Admission of State bank 9, 2 8 8 3 3 2 2 Resumption following suspension i 2 1 1 Conversion within the system ! ? 2 3 3 1 1 Total additions _ 10 6 4 35 24 11 9 6 3 3 1 2 2 1 1 11 10 1 Losses to membership: Merger between members— Intraclass _- 7 7 20 12 8 7 4 3 10 3 9 8 1 6 4 Interclass 1 1 10 8 2 3 3 3 2 1 1 1 2 Voluntary liquidation (terminal) 1 1 Suspension and insolvency 1 1 2 2 8 7 1 23 16 Absorption of member by nonmember 1 1 5 3 2 8 5 3 5 5 8 8 1 Conversion of rnenibftr to nonmeniber 2 1 1 4 4 2 2 6 6 1 1 Withdrawal of State bank 1 1 2 2 3 3 2 2 3 Conversion within the system 2 2 3 3 1 1 Total losses 14 12 2 42 30 12 23 15 8 24 17 7 35 31 4 36 21 Net change..^ -4 -6 +2 -7 -6 -1 -14 -9 -5 -21 -16 -5 -33 -30 -3 -25 -11 Active member banks, Dec. 31, 1929 404 367 37 931 769 162 764 678 86 795 696 99 514 469 45 428 366 1 ot ot to 7 1 CO 3 15 -14 62 CO CO Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 113.—CHANGES IN MEMBERSHIP IN THE FEDERAL RESERVE SYSTEM DURING 1929—Continued to s Chicago district St. Louis district Minne t a r p ic o t lis dis- Kansa t s r i C ct ity dis- Dallas district San Fra tr n i c c i t sco dis- Procedure effecting change Total ti N on a a - lStateTotal ti N on a a - lState Total ti N on a a - lState Total ti N on a a - lState Total ti N on a a - lState Total ti N on a a - l State Active member banks, Dec. 31, 1928 _ . 1,252 964 288 587 482 105 719 663 56 932 911 21 780 688 92 627 498 129 Additions to membership: d Organization of national bank __ 7 7 2 2 3 3 5 5 1 1 9 9 O Conversion of nonmember bank to national 3 3 4 4 5 5 5 5 4 4 S Admission of State bank 2 2 5 5 1 1 3 3 1 1 Resumption following suspension 1 1 1 1 1 1 Conversion within the system 2 2 1 i 1 3 13 Total additions - _ ._ 15 12 3 11 6 5 8 8 0 12 11 1 6 3 3 17 16 1 Losses to membership: Merger between members— Intraclass 12 8 34 3 2 1 16 16 18 18 14 13 1 10 10 Interclass . 4 2 2 6 24 2 1 1 4 2 1 3 4 2 2 Voluntary liquidation (terminal) 2 2 Suspension and insolvency 18 13 5 4 4 12 16 2 6 6 4 3 1 4 3 1 Absorption of member by nonmember 20 13 7 7 7 12 11 1 9 9 7 6 1 12 11 1 Conversion of member to nonmember 6 4 2 5 3 2 17 17 4 4 2 1 1 Withdrawal of State banks 19 U9 2 2 3 3 1 1 4 4 2 2 Conversion within the system 2 12 1 il 3 »3 Total losses 81 40 41 27 20 7 44 38 6 51 50 1 40 29 11 37 27 10 Net change -66 -28 -38 -16 -14 -2 -36 -30 -6 -39 -39 0 -34 -26 -8 -20 -11 -9 i Active member banks, Dec 31, 1929 1,186 936 250 571 468 103 683 633 50 893 872 21 746 662 84 607 487 120 1 Succession between members of one class and members of the other without effect on the number of banks in the system. 2 Includes 2 instances in which national banks were converted into or absorbed by nonmember banks which were subsequently absorbed by a member State bank. tr) 3 Includes an instance in which 2 State member banks were succeeded by a single State member organized for the purpose. O * Includes 1 compulsory withdrawal. Back figures.—See Annual Reports for 1928 (Table 117), 1927 (Table 117), 1926 (Table 97), and 1925 (Table 94), Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL KEPORT OF THE FEDERAL RESERVE BOARD 201 EARNINGS, EXPENSES, AND DIVIDENDS OF MEMBER BANKS No. 114.—MEMBER BANKS—EARNINGS, EXPENSES, AND DIVIDENDS, BY FEDERAL RESERVE DISTRICTS, 1925-1929 [In thousands of dollars] Total Net Net ad- Divi- District and year ending June 30 ea G rn ro in ss gs ex T p o e t n a s l es ear n n e i t ngs ch lo a s r s g e e s d d p it r i o o f n i ts to d d ec e l n a d re s d off Boston: 1925 131,456 93,492 37,964 14,704 23,260 17,258 1926 138,040 100,017 9,850 28,173 18,641 1927 148,413 107, 527 40, 886 15,337 25, 549 20,145 1928 159,629 114,499 45,130 13,309 31,821 20,859 1929 168,442 116,254 52,188 24,371 27,817 22,333 New York: 1925 514,053 348, 252 165,801 31, 275 134, 526 81, 526 1926 564,605 380.170 184,435 34,914 149, 521 89,147 1927 607, 316 409, 335 197,981 29,600 168, 381 97,859 1928 668,002 444,702 223,300 37, 741 185, 559 107,226 1929 766,914 499,151 267,763 42,177 225, 586 124,797 Philadelphia: 1925 134, 631 87,878 46,753 3,672 43,081 23,004 1926 148,480 96,326 52,154 6,519 45,635 24, 533 1927 155,340 102,921 52,419 6,702 45, 717 26,493 1928 161,382 108,009 53, 373 8,375 44,998 26,807 1929 170,503 114,916 55, 587 12,096 43,491 29,314 Cleveland: 1925 199.114 142, 792 56, 322 10,956 45,366 26, 715 1926 204, 532 149,059 55,473 12, 512 42,961 28,416 1927 213,798 155,507 58, 291 16,031 42, 260 27,636 1928_ 220.115 162, 218 57,897 13, 713 44,184 28,737 1929 230,196 167,874 62,322 14,016 48,306 29,751 Richmond: 1925 79,311 57, 659 21, 652 5,804 15,848 12,709 1926 83,082 59, 692 23,390 6,609 16, 781 15, 618 1927_ 84, 385 60,973 23,412 7,216 16,196 13,096 1928_ 87, 233 63, 227 24,006 7,847 16,159 12, 756 1929 64,126 22,764 7,499 15, 265 13, 782 Atlanta: 1925 75,091 53,255 21,836 7,894 13,942 10, 746 1926 89,091 61,743 27,348 7,793 19, 555 11,908 1927 83,277 60,993 22, 284 9,225 13,059 12, 208 1928 83,018 61, 537 21,481 8,599 12,882 11,247 1929 85,202 63.487 21,715 8,887 12,828 12, 575 Chicago: 1925 262,486 196,220 20,641 45,625 33,380 1926 284,142 209,295 74,847 15, 684 59,163 35, 291 1927 296,084 218, 617 77,467 18,282 59,185 36.317 1928 311, 247 232,407 78,840 19,602 59,238 45,198 1929 235,179 104,511 25,549 78,962 49,882 St. Louis: 1925 58,090 21,896 9,707 12,189 11,722 1926 85,605 62,372 23, 233 6,165 17,068 11,685 1927 86, 541 64.488 22,053 6,842 15,211 13, 746 1928 _ 87,894 64, 601 23,293 5,786 17,507 12,988 1929 91,146 65,668 25,478 6,093 19,385 13,321 Minneapolis: 1925._ 58, 236 47,000 11,236 7,443 3,793 5,302 1926 56,983 44,785 12,198 5,635 6,563 5,544 1927 55, 750 43,063 12, 687 6,506 6,181 5,699 1928 57,354 43, 724 13,630 5,729 7,901 5,780 1929 60,654 44,030 16,624 9,488 7,136 7,326 Kansas City: 1925 80,048 62,103 17,945 12,322 5,623 8,157 1926 81, 780 62, 224 19, 556 11,899 7,657 8,031 1927 83,067 61,401 21,666 13, 063 8,603 8,347 1928 84,241 63,034 21, 207 9,671 11,536 9,821 1929 88,814 63,609 25,205 9,009 16,196 12,049 Dallas: 1925 59, 362 42.131 17,231 7,939 9,292 10.318 1926 63,193 43, 215 19,978 7,674 12,304 9,467 1927_ 61, 370 43,872 17,498 8,480 9,018 8,289 1928 64, 591 44,939 19,652 9,044 10,608 9,156 1929 71,746 48, 281 23,465 8,287 15,178 10,233 San Francisco: 1925 170,134 132,093 38,041 12,182 25,859 19,840 1926_. 183, 684 140,208 43,476 14,449 29, 027 21,077 1927 193, 529 146, 504 47,025 16,968 30,057 22, 231 1928 208,721 160,441 48,280 20,323 27, 957 33, 713 1929 211,449 159,199 52,250 17,018 35, 232 Back figures.—See Annual Report for 1927 (Table 118). Ratios.—For district ratios of figures given, which relate to fiscal years, to average earning assets, etc., see Federal Reserve Bulletins as follows: 1928—December, p. 879; 1927—January, pp. 26-28; December, Digitized forp Fp.R 8A83S-8E84R; 1925—December, pp. 872-873. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

202 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No. 115.—NATIONAL BANKS 1—EARNINGS, EXPENSES, AND DIVIDENDS, BY FEDERAL RESERVE DISTRICTS, 1925-1929 [In thousands of dollars] Gross Total Total Net Net ad- Divi- District and year ending June 30 earnings expenses ear n n e in t gs cha o r f g f ed d p it r i o o f n it s to de d c e l n a d re s d Boston: 1925 61,839 27,144 11, 297 15,847 12,472 1926 92,214 65,676 26, 538 6,897 19,641 13,642 1927 98,200 69,154 29,046 12, 716 16,330 14,243 1928 106, 268 74,620 31,648 10,839 20,809 14,654 1929 111, 799 75, 539 36,260 18, 708 17, 552 15,854 New York: 1925 269,596 180, 239 89, 357 18, 647 70,710 43, 280 1926 290,138 193, 722 96,416 24,860 71,556 46,183 1927 302,553 201,892 100, 661 16, 510 84,151 50,438 1928 326,641 217,385 109, 256 26,313 82,943 52,496 1929 343,545 226,078 117,467 27,000 90,467 52, 585 Philadelphia: 1925 97,425 63, 771 33, 654 3,684 29,970 15, 629 1926 105,882 68,117 37, 765 5,775 31, 990 16,105 1927 109, 098 72, 713 36, 385 5,403 17,842 1928_ 110, 689 73,915 36, 774 6,421 30, 353 17,168 1929 114,627 77, 789 36,838 8,165 28,673 19,443 Cleveland: 1925 109,002 76,661 32,341 25,644 15,705 1926 110,461 79, 730 30, 731 6,953 23, 778 16, 744 1927 112,423 81, 023 31,400 11,049 20, 351 15, 286 1928 113,341 82, 202 31,139 8,061 23,078 15,121 1929 116,059 84,103 31,956 8,797 23,159 15, 072 Richmond: 1925 65,897 47,869 18,028 5,295 12, 733 10,816 1926 68,353 48,801 19,552 5,602 13,950 13, 590 1927 68,658 49, 559 19,099 6,077 13,022 10,956 1928 70, 610 51,366 19,244 5,860 13,384 10, 623 1929 69,466 51,117 18,349 6,018 12, 331 11,521 Atlanta: 1925 48, 757 34,693 14,064 4,684 9,380 7,110 1926 59,757 41,152 18,605 4,508 14,097 8,388 1927 58,473 42,919 15, 554 6,077 9,477 8,819 1 1 9 9 2 2 9 8 . . 6 6 3 2 , ,4 9 3 6 8 8 4 47 6 , , 2 3 2 9 4 5 1 16 6 , , 5 2 7 1 3 4 6 6 , ,4 8 8 3 6 1 9 9 , , 7 72 4 8 2 8 9, , 9 3 4 9 6 2 Chicago: 1925 136,776 101,958 34,818 14,545 20,273 18,731 1926 143, 770 106, 111 37,659 11, 225 26,434 19, 653 1927 149,420 109,604 39,816 11,003 28,813 19, 574 1928 160, 244 118,428 41, 816 13,930 27,886 27, 679 1929 185,001 122,012 18,004 27, 530 St. Louis: 1925 46, 783 33,408 13, 375 3,547 9,828 7,835 1926 49,459 35,875 13,584 3,900 9,684 7,537 1927 51,376 38,863 12, 513 3,761 8, 752 9,394 1928 53,184 39,094 14,090 3,552 10, 538 8,722 1929 -. 55,801 40, 083 15, 718 3,884 11,834 8,815 Minneapolis: 1925 52,998 42,645 10,353 6,844 3,509 4,915 1926 52,128 40, 961 11,167 4,862 6,305 5,183 1927 51, 711 39,915 11, 796 5,766 6,030 5,379 1928 53,376 40,761 12,615 5,126 7,489 5,461 1929 56,263 40,933 | 15,330 9,086 6,244 Kansas City: 1925 72,047 55,805 | 16,242 11,465 4,777 7,212 1926 73, 280 55,459 I 17,821 11,315 6,506 7,058 1927... 74, 233 54,815 19,418 11,822 7,596 7,397 1928 75, 636 56,553 19,083 8,530 10, 553 8,867 1929 80,532 57,300 | 23, 232 8,607 14,625 11,104 Dallas: 1925 53, 663 38,062 15,601 6,614 8,987 9,815 1926 59,006 40, 326 18, 680 6,799 11,881 9,123 1927 ._.. 58,053 41, 355 7,863 8,835 8,022 1928 61, 111 42, 535 18, 576 8,046 10, 530 8,806 1929 67,506 45,477 22,029 7,566 14,463 9,719 San Trancisco: 1925 81, 556 61, 371 20,185 8,085 12,100 11,399 1926 87,079 65, 297 21, 782 8,662 13,120 10,429 1927 108,064 80,060 28,004 10,267 17, 737 13, 279 1928 150,025 114,048 35,977 13, 346 22,631 27,224 1929 158,891 118,458 40,433 13,000 27,433 34,003 1 Member banks only, i. e., exclusive of national banks in Alaska and Hawaii. Back figures.—SeeA nnual Report for 1927 (Table 119). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EARNINGS AND EXPENSES OF MEMBER BANKS 203 No. 116.—STATE BANK MEMBERS—EARNINGS, EXPENSES, AND DIVIDENDS, BY FEDERAL RESERVE DISTRICTS, 1925-1929 [In thousands of dollars] District and year ending June 30 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 lo N a s r e s g e t e s d d N p it r e i o o t f n a it d s t - o d d e D c e l i n a v d r i e - s d off Boston: 1925 42,473 31,653 10,820 3,407 7,413 4,786 1926 45, 826 34,341 11,485 2,953 8,532 4,999 1927. 50, 213 38,373 11,840 2,621 9,219 5,902 1928 53,361 39,879 13,482 2,470 11,012 6,205 1929. - 56, 643 40,715 15,928 5,663 10,265 6,479 New York: 1925 244,457 168,013 76,444 12,628 63,816 38,246 1926_ 274,467 186,448 88,019 10,054 77,965 42,964 1927 304, 763 207,443 97,320 13,090 84,230 47,421 1928_ 341,361 227,317 114,044 11,428 102,616 54,730 1929 — - 423, 369 273,073 150,296 15,177 135,119 72,212 Philadelphia 1925. 37,206 24,107 13,099 -12 13, 111 7,375 1926 42,598 28, 209 14,389 744 13,645 8,428 1927 46,242 30,208 16,034 1,299 14, 735 8,651 1928_ 50,693 34,094 16,599 1,954 14,645 9,639 1929.- - 55,876 37,127 18,749 3,931 14,818 9,871 Cleveland: 1925 90,112 66,131 23,981 4,259 19, 722 11,010 1926 94,071 69,329 24,742 5,559 19,183 11,672 1927 101,375 74,484 26,891 4,982 21,909 12,350 1928 106. 774 80,016 26,758 5,652 21,106 13,616 1929 - - 114,137 83, 771 30,366 5,219 25,147 14,679 Richmond: 1925. 13,414 9,790 3,624 509 3,115 1,893 1926 14, 729 10,891 3,838 1,007 2,831 2,028 1927 15,727 11,414 4,313 1,139 3,174 2,140 1928 16, 623 11,861 4,762 1,987 2,775 2,133 1929 - ._. 17,424 13,009 4,415 1,481 2,934 2,261 Atlanta: 1925 26,334 18,562 7,772 3,210 4,562 1926_ _ 29,334 20,591 8,743 3,285 5,458 3,520 1927 24,804 18,074 6,730 3,148 3,582 3,389 1928. 20,580 15, 313 5,267 2,113 3,154 2,855 1929 - 21,234 16,092 5,142 2,056 3,086 2,629 Chicago: 1925 125,710 94,262 31,448 6,096 25,352 14,649 1926 140,372 103,184 37,188 4,459 32, 729 15,638 1927. 146,664 109,013 37, 651 7,279 30,372 16,743 1928. 151,003 113,979 37,024 5,672 31,352 17,519 1929 _ _ 154,689 113,167 41, 522 7,545 33,977 22,352 St. Louis: 1925 ! 33,203 24,682 8,521 6,160 2,361 3,887 1926 i 36,146 26,497 9,649 2,265 7,384 4,148 1927 j 35,165 25,625 9,540 3,081 6,459 4,352 1928 j 34, 710 25,507 9,203 2,234 6,969 4,266 1929.. 35, 345 25,585 9,760 2,209 7,551 4,506 Minneapolis: 1925 5,238 4,355 599 284 387 1926 4,855 3,824 1,031 773 258 361 1927 4,039 3,148 891 740 151 320 1928 3,978 2,963 1,015 603 412 319 1929 4,391 3,097 1,294 402 892 390 Kansas City: 1925 8,001 1,703 857 846 945 1926 8,500 6,765 1,735 584 1,151 973 1927 8,834 6,586 2,248 1,241 1,007 950 1928 8,605 6,481 2,124 1,141 983 954 1929 8,282 6,309 1,973 402 1,571 945 Dallas: 1925 4,0 1,630 1,325 305 503 1926 4,187 1,298 875 423 344 1927 3,317 2,517 800 617 183 267 1928 3,480 2,404 1,076 998 78 350 1929 4,240 2,804 1,436 721 715 514 San Francisco: 1925 88,578 70,722 17,856 4,097 13,759 8,441 1926 96,605 74,911 21,694 5,787 15,907 10.648 1927. 85,465 66,444 19,021 6,701 12,320 8,952 1928 58, 696 46, 393 12,303 6,977 5,326 6,489 1929 52, 558 40, 741 11,817 4,018 7,799 4,978 Back figures.—Set Annual Report for 1927 (Table 120). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL AND TRADE CONDITIONS 205 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL AND TRADE CONDITIONS No. 117.—INDEX NUMBERS X OF PRODUCTION, EMPLOYMENT, TRADE, AND PRICES [1923-1925=100, except for prices for which 1926=100; see notes] g 1 Year and month 919 1920 1921 1922 1923 1924 1925 1926 1927 1928 1929 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 A^pril May June July August September October November December crp lairtsudnI 83 87 67 85 101 95 104 108 106 111 118 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 ( noitcudorP erutcaf 84 87 67 87 101 94 105 108 106 111 119 82 81 78 79 78 84 88 91 87 86 89 87 96 96 94 88 91 91 88 88 86 81 73 68 65 64 63 63 64 64 64 67 67 71 71 70 -renim f)c noitcudorP *sla Building contracts awarded 77 89 70 74 105 96 99 108 107 106 115 79 70 66 71 74 76 81 78 85 87 63 77 86 84 87 82 85 88 88 91 85 91 94 94 81 77 72 72 73 71 68 69 67 71 68 69 detsujdanU 64 63 57 81 84 95 1?,?, 130 135 117 16 30 37 57 70 85 95 88 69 92 66 68 68 60 91 91 74 78 61 61 53 53 39 30 33 30 49 66 70 66 62 64 71 65 56 58 a detsujdA 1 & 22 41 39 53 62 62 81 < 78 70 80 79 89 94 82 94 80 64 58 53 54 54 49 46 39 47 41 50 55 58 52 55 58 72 62 66 71 ]pme yrotcaF 107 108 82 90 104 96 100 101 99 97 100 105 102 102 102 103 104 ft 107 109 111 110 112 113 114 113 115 114 112 111 108 109 107 104 98 90 81 83 83 82 82 81 80 81 83 84 84 83 i yap yrotcaF 98 118 77 81 103 96 101 104 102 102 107 97 91 91 90 91 93 96 101 105 102 107 114 117 116 124 122 123 125 120 123 121 117 108 100 84 82 82 80 78 76 72 74 74 73 72 74 »sgnidacl rac-thgierF Wholesale distribu- tion 84 91 79 86 100 98 103 107 103 106 82 78 76 79 82 8? 87 87 91 87 82 89 92 88 92 83 90 94 93 94 92 91 89 88 78 78 75 78 80 80 81 76 80 84 77 77 detsujdanU 111 115 87 89 100 98 102 101 97 96 98 86 80 90 97 102 105 119 123 132 138 128 130 124 109 138 126 122 120 120 123 123 107 94 78 76 80 98 87 83 86 80 94 98 100 86 72 'detsujdA Department store sales 96 89 87 101 107 108 126 113 114 119 125 150 137 121 132 129 128 123 127 113 106 93 91 87 83 88 95 90 87 89 84 87 85 87 85 81 detsujdanU 78 94 87 88 98 99 103 106 107 108 110 61 55 66 78 75 74 60 62 74 94 95 139 84 69 95 92 100 97 75 74 85 104 109 145 81 71 92 89 88 87 63 66 73 97 95 138 2 detsujdA Department store stocks 70 71 72 74 72 78 80 80 80 80 87 83 96 89 94 92 100 98 99 95 92 92 95 87 96 92 91 89 89 88 88 83 79 86 83 83 detsujdanU 79 105 89 89 98 101 102 103 103 101 100 65 68 72 73 72 70 73 82 92 98 100 87 86 96 107 110 107 104 103 108 117 119 114 90 78 82 88 90 89 86 84 89 97 100 101 83 *detsujdA 73 71 70 70 71 72 78 85 88 89 88 93 97 101 104 106 105 107 110 113 113 108 101 96 88 86 85 87 87 88 90 93 93 91 89 89 ytidommoc elaselohW secirp 139 154 98 97 101 98 104 100 95 98 97 134 130 131 133 135 136 141 144 141 142 145 151 158 157 159 166 167 167 166 161 155 144 133 121 114 105 102 99 96 93 93 94 93 94 94 93 1 All of the indexes given in the table (except that for prices) are those of the Federal Reserve Board. Descriptions of these indexes, and of revisions made from time to time, have been published in the Federal Reserve Bulletin as follows: Indexes of industrial production, production of manufactures, production of minerals, February and March, 1927 (certain revisions, March, 1929); indexes of factory employment and factory pay rolls, November, 1929; indexes of building contracts awarded and freight-car loadings, August, 1927 (certain revisions, March, 1929); index of wholesale distribution, December, 1927 (certain revisions, March, 1929); indexes of department-store sales and department-store stocks, February, 1928 (certain revisions, March, 1929). 2 Adjusted to allow for seasonal variations. 3 Without seasonal adjustment. * Index of the U. S. Bureau of Labor Statistics; 1926=100, base adopted by bureau. For a description of this index see Bulletins of the U. S. Bureau of Labor Statistics, Numbers 453,473, and 493, and the Federal Reserve Bulletin for October, 1927. 207 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

208 ANNUAL KEPORT OF THE FEDERAL RESERVE BOARD No. 117.—INDEX NUMBERS OF PRODUCTION, EMPLOYMENT, TRADE, AND PRICES- Continued [1923-1925=100, except for prices for which 1926=100, see notes] Building contracts awarded Year and month 1922 January February March _ April May June July August September October November December 100 1923 January February March April May June July August. September October November December 97 1924 January February 104 March _ April _. May June _ July August September October November December 99 1925 January February March April _ May June July August September October November December sgnidatcl rac-t -a ierF Wholesale distribution •s B 03 0 81 73 86 74 89 88 83 81 79 85 87 88 84 82 84 98 88 103 89 106 95 97 95 86 98 92 96 92 99 108 105 97 103 98 103 97 102 94 101 112 99,i 113 97 118 100 100 96 83 99 95 103 95 98 98 98 95 96 90 92 86 92 90 95 104 99 115 99 116 100 99 101 91 103 93 103 95 99 105 104 97 104 93 101 95 101 97 105 112 102 117 100 123 105 102 106 92 ijdA Department store sales 1 80 80 85 83 90 92 86 91 90 92 97 97 101 99 103 100 103 102 99 102 98 102 100 93 103 102 94 98 95 90 95 95 100 100 99 102 102 102 100 100 99 100 102 102 102 106 102 98 ijdanU 71 65 81 89 90 86 63 70 83 103 105 150 80 72 99 94 101 101 71 79 89 117 113 161 87 82 90 104 100 95 72 74 93 110 111 168 86 80 95 106 100 99 75 78 94 130 114 178 ijdA Department store stocks 85 83 85 88 87 88 87 87 90 91 92 93 92 93 99 98 98 103 98 99 100 100 99 100 99 101 99 99 97 100 96 95 100 94 101 100 98 103 103 102 101 101 100 101 102 111 104 106 detsu •3 anU 80 90 84 89 91 89 91 87 88 86 85 88 82 88 86 90 93 90 96 88 100 89 85 90 83 93 90 94 98 95 101 97 99 97 93 96 91 97 96 100 105 101 110 100 113 100 94 99 89 100 96 101 105 102 107 103 103 101 97 100 93 100 96 100 105 101 111 101 112 99 94 100 90 102 96 101 105 102 106 102 103 101 98 101 94 101 98 102 107 103 112 101 115 102 97 103 ytidomm el) s 91 93 93 93 96 96 99 99 99 100 101 101 102 103 105 104 102 100 98 98 100 99 98 98 100 100 99 97 96 95 96 97 97 98 99 102 103 104 104 102 102 103 104 104 103 104 105 103 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

209 INDUSTRIAL AND TRADE CONDITIONS No. 117.—INDEX NUMBERS OP PRODUCTION, EMPLOYMENT, TRADE, AND PRICES— Continued [1923-1925=100, except for prices for which 1926=100, see notes] Year and month 1926 January February March ._ April May—. June July August.. September .. October November December 1927 January February..... . March April... . .. May June July August September. . October November December 1928 January February. March April. __ May June.. July August . September. October November December 1929 January February. March April May June July. August September October November December noitcudorp lairtsudnI 1 106 106 107 107 106 108 107 110 111 108 106 106 108 111 109 111 108 106 107 105 102 99 100 106 109 110 109 109 109 110 112 114 115 113 115 117 117 118 122 123 127 124 123 122 117 106 99 < noitcudorP rutcaf 109 108 108 107 106 108 107 111 112 110 106 103 105 107 109 109 111 109 107 107 105 102 99 99 106 110 111 110 109 111 111 113 116 115 113 115 117 116 120 123 125 129 126 124 122 117 105 96 -renim f)( noitcudorP sla Building contracts awarded 92 95 104 107 104 106 107 109 110 114 118 119 116 117 118 107 109 105 99 106 104 105 101 103 103 103 103 105 105 101 101 105 107 114 113 112 118 120 107 115 116 113 114 114 118 118 110 116 detsujdanU ill 106 146 139 134 133 126 148 137 126 119 131 94 96 151 147 135 154 130 135 127 137 114 116 104 113 144 157 163 158 142 126 143 145 115 105 100 88 118 156 143 133 159 119 108 109 95 77 detsujdA 143 145 129 120 123 121 124 133 134 122 130 14? 120 131 134 127 122 141 128 121 125 133 125 126 133 153 128 135 148 145 139 113 140 141 126 116 128 119 104 135 130 122 156 107 106 105 105 85 tnemyolpme yrotcaF 101 102 103 102 101 101 99 101 103 103 101 100 98 100 100 100 99 99 98 99 101 99 97 95 94 96 97 96 96 96 96 98 100 100 99 98 97 100 101 102 102 101 101 102 103 102 98 95 slloryap yrotcaF 101 106 107 105 104 104 99 104 105 108 105 104 99 105 106 105 104 102 99 102 102 103 98 99 96 101 103 100 101 101 98 103 104 107 104 104 101 108 111 112 112 109 105 109 111 110 102 99 sgnidal<1 rac-thgierF Wholesale distribu- tion 102 104 104 107 107 109 108 108 109 109 109 107 105 109 108 108 106 104 101 104 104 101 97 95 100 102 102 104 105 102 102 104 106 106 104 103 104 107 103 111 111 108 108 109 108 104 99 97 detsujdanU 95 96 106 96 95 95 95 111 118 111 101 87 88 91 102 92 91 91 91 112 113 108 97 85 88 93 100 88 93 89 90 110 111 112 99 84 93 90 101 96 96 91 96 113 114 115 95 80 detsujdA Department store sales 104 103 101 99 101 100 100 101 103 96 101 98 95 97 98 95 97 96 96 102 98 94 97 95 96 99 96 92 99 92 94 101 96 97 99 95 101 96 97 100 102 96 100 104 99 100 96 89 detsujdanU 88 81 101 103 107 101 79 83 101 123 121 184 89 83 100 111 102 102 75 89 100 119 122 186 88 86 103 102 108 104 78 85 107 124 122 189 91 85 110 104 no 18006 89 109 128 123 185 detsujdA Department store stocks 105 104 101 103 108 103 105 107 109 109 106 110 106 107 105 105 103 103 104 111 108 106 107 111 105 106 105 104 104 106 108 106 120 105 107 117 105 110 113 105 106 112 106 111 123 109 107 115 detsujdanU 93 98 107 107 104 98 93 97 107 114 117 96 93 98 107 107 104 98 95 98 108 114 117 96 92 98 105 106 102 96 93 97 103 112 115 94 89 95 102 103 101 95 92 96 104 112 115 94 detsujdA 105 104 104 103 102 101 100 101 102 104 103 102 104 103 103 103 102 101 102 102 104 104 104 103 103 103 101 101 100 99 100 101 99 102 102 100 100 100 99 99 99 98 99 100 100 101 102 100 ytidommoc elaselohW secirp 104 102 100 100 101 101 100 99 100 99 98 98 97 96 95 94 94 94 94 95 97 97 97 97 96 96 96 97 99 98 98 99 100 98 97 97 97 97 98 97 96 96 98 98 98 96 94 94 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

210 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No. 118.—INDEX OF PRODUCTION OF MANUFACTURES, BY GROUPS [Adjusted for seasonal variations. 1923-1925=100] Year and month m t u u A f a a r l e n c l s - - s I a t r n e o d e n l T ti e le x s - p F u r o c o o t d s d - P p a i a r n n i p n g d e t r - b m A i t o u l o e - - - s Le s a h a n o t d e h s er N m r f a o e o e l u t n r s - - s - P l r e i e e t n f u r i g m o n - - R t b i u e r b e r - s m b t u T u a f a a r c o e n c c - s - - o 1919 .... 84 82 92 94 76 50 104 67 54 82 1920 87 99 84 84 87 58 97 78 64 87 1921 67 46 87 83 70 41 90 39 64 55 85 1922 87 82 99 94 85 66 102 69 74 77 89 1923 — 101 105 105 99 94 102 110 94 86 86 96 1924. 94 89 91 103 99 91 94 99 99 98 99 1925 105 106 104 98 107 107 96 107 115 116 105 1926 108 113 104 97 114 108 98 112 127 116 112 1927 106 104 113 96 112 86 103 109 136 120 118 1928 111 119 107 98 118 110 103 115 152 144 124 1929 119 129 115 97 125 135 105 125 168 135 134 1926 January. 109 112 104 103 112 123 93 108 117 116 108 February 108 111 104 113 118 95 108 120 111 111 March 108 114 104 113 112 94 109 121 107 116 April 107 114 101 113 108 94 115 125 112 113 May 106 113 97 95 115 113 93 115 127 107 112 June 108 115 101 114 109 98 107 128 115 113 July 107 115 99 114 103 101 111 128 112 110 August 111 120 104 100 115 125 101 111 128 125 112 September 112 117 109 100 116 122 103 112 130 136 113 Oetober__ 110 116 110 100 117 105 104 113 130 126 115 November 106 105 110 97 116 90 100 119 134 112 114 December 103 103 110 97 112 67 101 118 134 113 112 1927 January 105 103 108 112 93 99 115 135 115 114 February 107 112 108 94 114 98 102 111 134 112 115 March 109 115 114 100 110 102 98 109 135 122 116 April 109 114 113 100 114 102 99 111 134 134 123 May.-- 111 116 116 103 113 103 100 110 132 127 122 June 109 108 120 101 113 91 106 108 133 130 115 July 107 105 118 96 114 82 112 107 136 119 109 August 107 102 118 96 112 87 112 109 136 117 118 September.- 105 118 91 114 79 111 106 138 114 122 October.. 102 113 92 111 69 107 107 139 117 120 November 99 112 93 110 48 99 106 140 116 121 December.. 99 94 106 95 112 55 97 111 138 113 114 1928 January 106 107 107 103 j 114 90 99 100 135 124 119 February 110 113 108 110 116 98 103 108 140 135 120 March 111 114 107 105 118 108 102 108 141 134 120 April 110 122 101 119 105 97 109 147 133 120 May 109 116 107 120 104 96 111 149 133 120 June 111 115 108 93 118 114 108 115 153 143 125 July 111 124 100 89 118 116 112 113 155 149 125 August 113 121 107 90 118 130 112 117 160 151 129 September 116 128 107 95 119 136 110 117 162 169 128 October..- 115 126 112 98 116 119 103 121 160 167 126 November 113 120 113 102 121 92 97 126 159 154 124 December 115 123 111 104 121 101 92 128 158 144 127 1929 January 117 117 116 103 122 150 95 124 159 148 131 February.. _ 116 126 113 101 123 148 98 123 160 152 129 March 120 132 116 96 125 159 99 129 160 152 126 April 123 135 120 102 124 153 97 137 165 161 142 May _ 125 145 121 97 125 148 101 137 168 158 142 June 129 155 121 96 128 162 113 126 170 162 139 July 126 151 118 124 142 114 127 171 141 131 August 124 143 120 125 143 116 122 176 119 133 September 122 139 116 131 133 116 126 173 116 136 October. 117 124 118 124 113 113 121 178 114 135 November 105 100 108 123 81 105 119 171 94 130 December 96 90 96 95 119 49 93 114 166 80 133 Back figures.—See Federal Reserve Bulletin for March, 1929 (for revised monthly data back to January, 1923, and for March, 1927 (for monthly data back to January, 1919). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

211 INDUSTRIAL AND TRADE CONDITIONS No. 119.—INDEX OF PRODUCTION OF MINERALS, BY PRODUCTS [Adjusted for seasonal variations. 1923-1925=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 89 109 52 91 81 1920 89 109 110 61 113 85 87 19211 70 79 112 64 36 30 39 66 84 1922 74 78 65 75 82 62 68 77 87 1923 105 108 115 99 114 93 96 88 104 1924 96 93 109 97 82 100 97 102 100 1925. 99 99 76 104 104 106 107 111 96 1926 108 110 104 105 113 110 116 116 95 1927 107 99 99 122 95 105 111 112 93 1928 106 96 93 122 104 115 112 106 88 1929 115 102 95 137 121 127 114 113 94 1926 January 92 111 3 100 106 113 115 96 February 95 108 33 99 109 117 116 96 March 104 100 124 98 110 109 117 92 April 107 108 124 100 110 113 111 94 May 104 103 117 100 95 109 113 116 94 June .. .- 106 104 124 100 105 107 111 109 98 July 107 106 120 102 111 111 111 113 91 August 109 106 118 105 125 108 119 116 96 Sftpfcftm hp,r 110 106 126 106 117 113 121 117 93 October .. 114 111 124 110 130 113 121 118 93 November 118 124 112 117 98 116 121 116 93 DfiftATnhfir 119 122 114 120 112 119 121 107 1927 January 116 118 102 120 114 114 113 97 February . 117 123 96 123 111 113 112 95 March 118 131 87 122 100 114 115 90 April 107 94 106 121 106 109 120 90 May 109 93 115 122 120 107 108 113 90 June 105 91 102 122 101 105 114 113 93 July 99 85 74 124 99 101 109 116 94 August 106 92 106 124 98 101 112 112 94 September 104 91 99 122 88 104 111 111 90 October 105 90 106 123 94 102 110 105 91 November 101 85 104 124 50 106 108 110 98 T>eop/mhp.r 103 87 91 124 104 109 108 95 1928 January 103 94 87 121 102 105 103 93 February 103 93 87 120 104 107 109 83 March 103 97 78 120 102 112 109 95 April 105 92 105 119 103 113 100 89 May 105 95 110 119 80 110 113 101 85 June 101 93 74 118 107 110 117 100 93 July 101 95 66 118 104 113 117 97 76 August 105 92 92 122 104 116 120 107 87 Spptp.mhpr 107 9.r» 93 123 110 123 114 115 79 October 114 101 117 126 114 128 110 108 79 November 113 101 111 127 106 131 111 111 93 Dfinfimhfir 112 97 97 131 133 106 109 100 1929 January 118 104 110 137 129 100 111 94 February 120 110 110 137 136 106 99 91 March 107 90 77 133 135 112 112 93 April 115 102 95 132 141 116 125 103 May 116 104 86 134 143 139 120 122 93 June ._ 113 102 76 135 126 124 122 112 94 July 114 102 72 143 119 122 125 114 88 August.- . 114 98 81 145 121 119 127 107 91 September 118 103 106 140 121 125 124 119 89 October _ . 118 102 116 140 107 123 112 115 94 November 110 98 92 131 98 118 105 114 114 December 116 103 121 132 116 102 104 87 Back figures.—See Federal Reserve Bulletin for March, 1929 (for revised monthly data back to January, 1923), and for March, 1927 (for monthly data back to January, 1919). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 120.—INDEX OF FACTORY EMPLOYMENT, BY GROUPS to [Without seasonal adjustment. 1923-1925=100] Transportation Year and month A u d i l f n u l a g s c m t r t i u i n a e r - n s - - Iro st n e e a l nd Ma e c ry hin- Textiles p F u r o c o o t d s d - pr P i a a n n p t d i e n r g L p u u a r m c n o t d d b s e - r Gro e u q p u i ipm m A e o n u b t t i o le - s L p e u a r a c n o t t d d h s e - r c C la e g y m la , s e a s n n t d , f m e N r e r o t o a n u l - s s Gro C up h e 2 mic P l a e e l u s tr m o- R p u u r c b o t b d s e - r T p o u r b c o a t d s c - co refining 1919 _ 106.7 3 99.7 117.2 97.8 109.0 96.8 93.2 96.3 86.6 107.5 84.7 114.6 108.3 112 9 1920 - 107.9 107.0 128.9 98.3 103.8 104.4 88.1 104.2 88.7 98.5 89.1 121.3 97.1 111 7 1921 __ _- 82.4 65.4 77.0 93.0 94.8 89.1 74.5 71.7 53.8 87.8 73.6 74.5 70.8 110.5 1922 90.1 83.9 82.2 97.3 95.5 92.7 95.5 78.3 72.0 97.6 88.1 90.1 81.0 107 2 1923 104.2 104.4 107.7 105.3 102.0 99.3 100.9 106. 9 100.6 106.2 100.8 107.1 101.5 102.9 102.5 105 8 1924 - - -- 96.2 97.2 93.6 95.2 100.0 99.8 98.1 94.9 93.5 96.3 99.0 95.1 95.9 96 5 91.8 98 8 1925 _ 99.6 98.4 98.7 99.6 98.0 101.0 101.0 98.3 105.8 97.5 100.2 97.9 102.6 100.6 105.7 95 4 1926 101.4 101.3 107.9 97.9 98.5 103.6 100.5 98.3 104.8 96.8 101.9 99.5 108.8 110.2 104 6 90 8 1927 . 98.8 96.8 100.0 100.8 99.1 103.1 92.3 88.4 91.6 97.3 97.5 97.4 107.9 110.2 104.0 93 6 1928 -- 97.2 95.4 98.7 95.1 98.6 101.7 88.1 90.6 108.8 93.5 92.3 96.6 105.3 102.4 108.6 93 8 1929 100.4 98.9 116.1 96.9 99.7 104.2 88.2 94.6 114.3 93.7 89.6 101.1 112.3 116.5 108.3 91 6 1928—January 94.2 91.0 92.8 99.7 96.8 103.0 85.3 83.0 89.7 96.2 85.9 89.8 103.3 101.1 105.1 88.5 February.. _ _ __ 95.7 94.0 94.1 100.7 97.8 102.4 85.4 86.1 98.3 97.9 86.5 93.6 106.5 100.8 107.6 92 4 March 96.6 95.4 95.5 100.3 97.4 101.4 86.7 88.2 102.6 97.3 89.4 94.6 110.4 101.0 106.0 93.5 April 96.0 95.3 95.9 97.0 95.6 100.3 87.5 89.7 105.2 92.4 91.8 95.9 109.9 99.4 105 7 91 1 May - -_ 95.7 95.7 97.4 93.4 96.1 100.6 87.4 92.4 111.3 89.8 95.3 95.9 101.5 99.2 105.4 92.2 June 96.2 95.5 98.2 91.8 97.6 100.5 88.3 92.4 111.3 89.7 96.2 96.0 101.0 101 5 105 4 93 Q July . 95.7 93.6 97.9 87.8 97.9 100.5 87.5 91.6 111.2 94.0 94.6 95.3 100.4 102.6 110 7 88 0 August 98.3 95.9 99.5 89.4 97.4 100.8 89.5 94.2 118.1 95.9 96.6 96.0 101.3 103.9 111.6 94.7 September 100.3 96.4 101.4 92.6 100.5 101.1 90.4 95.4 121.5 96.1 96.0 97.6 106.8 105.8 113 4 96 7 October __ . 100.2 96.9 102.8 95.7 102.6 102.4 90.6 94.4 119.8 94.6 94.1 100.0 107.4 104.3 113.2 99.1 November 98.8 97.7 103.8 96.2 101. 9 103.7 90.5 90.2 109.1 89.3 91.8 102.2 107.3 104.0 109 8 98 9 December 98.1 97.1 105.2 97.0 102.0 103.6 88.2 89.9 107.7 88.6 89.5 102.4 107.8 104.7 109 6 95 7 1929—January ._ 97.4 97.1 106.7 95.9 98.6 102.5 85.5 94.0 118.3 91.9 84.3 102.4 107.6 104.0 112.2 84 1 February 99.7 98.3 110.4 98.0 98.8 103.4 85.8 99.0 129.5 94.1 84.5 106.1 110.9 106.7 112 3 92 0 March _ _ __ 101.3 99.3 113.8 101.1 97.6 103.1 86.6 100.5 131.1 92.7 86.8 107.9 115.5 109.2 113.3 92 0 April 101.8 99.7 116.7 99.3 96.2 102.5 88.2 101. 7 131.4 90.6 90.5 107.7 119.0 111.9 114 3 91 3 May . 101.6 100.7 119.1 97.3 97.3 102.8 89.2 101.5 130.0 90.3 93.1 105.3 110.3 114.4 115.3 90 3 June 101.2 100.8 120.8 96.3 99.2 103.2 90.0 97.6 120.6 89.4 93.8 102.9 107.9 116.4 115.0 91.4 July 100.7 99.8 121.5 91.5 99.8 103.6 90.5 96.4 117.8 94.6 91.6 100.5 108.9 120.0 114 2 90 5 August 102.0 101.0 119.4 94.2 99.7 104.1 92.2 95.5 115.0 98.1 93.8 99.8 111.2 121.9 111.5 93 0 September 103.4 101.0 119.5 98.4 102.4 106.0 91.8 94.8 113.1 99.5 93.6 98.6 114.5 124.0 108 3 93 7 October _ . 102.1 99.4 118.7 99.8 104.2 106.1 90.1 90.2 101.3 99.3 91.9 98.5 116.1 124.6 102.7 95.0 November 98.2 97.0 115.0 97.1 101.6 106.7 86.7 82.9 83.7 94.4 88.9 93.6 113.8 123.7 91.2 96.1 December . __ 94.8 92.2 112.1 94.3 100.5 106.9 81.6 81.3 79.6 90.0 82.3 89.9 111.8 120.9 89.2 89.2 1 Includes, in addition to automobiles, car building and repairing and, beginning with 1923, shipbuilding. »Includes chemicals and drugs, 1919-1922; beginning in 1923, petroleum refining, chemicals and drugs, and fertilizers. Hack figures—See Federal Reserve Bulletin for November, 1929, for monthly data back to January, 1919. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 121.—INDEX OF FACTORY PAY ROLLS, BY GROUPS [1923-1925=100. Without seasonal adjustment] Transportation Chemicals Year and month A u d i f l n u l a g s c m t t r i u i n a e r - n s - - Iro st n e e a l nd Ma e c ry hin- Textiles p F u r o c o o t d s d - p P ri a a n n p t d i e n r g L p u u a r m c n o t d d b s - er Gro e u q p u 1 ipm m A e o n u b t t i o le - s L p e u a r a c n o t t d d h s e - r c C la g e y m la , s e a s n n t d , f m e N r e r o t o a n u l - s s Group 2 re P l f e e i u n tr m i o n - g R p u u r c o b t d b s - er T p o u r b c o a t d c s - co 1919 98 1 98 0 104 1 90 0 98 0 74 2 89 2 88 8 74.9 99 0 72 6 99 3 100.1 107.2 1920 118 1 123 8 135 6 107 8 109 2 100 3 109 2 111 5 90 4 105 9 93 6 130 4 113.7 124.6 1921 76 8 55 8 69 6 89 2 93 3 83 3 68 0 72 7 48.7 87 0 67.4 66 7 66.9 104.6 1922 81 1 69 9 72 8 91 0 90 2 86 1 82 1 76 4 66 2 96 0 73 2 82 3 73.7 99.2 1923 103 4 103^8 107.0 105.8 ioo!i 96.1 100.0 107.1 100.8 106.8 98.9 105. 3 99.8 102.1 101.5 104.2 1924 95 7 96 7 92 6 94 4 100 5 99.7 98.4 93 2 90.2 95.5 100.7 94.8 96.3 95.2 92.7 99.4 1925 100 9 99 4 100.4 99.8 99.4 104.2 101.6 99.7 109.1 97.8 100.3 99.9 103.9 102.7 105.8 96.3 1926 104 3 104 2 111 9 98 4 101 2 110 4 102.0 99 1 105.2 98.1 101.5 103.0 111.0 111.4 106.2 92.1 1927 102 0 98.5 103.5 104.1 102.4 110.1 95.1 91.3 93.5 98.6 96.2 100.3 109.7 112.2 108.5 91.1 1928. 101 8 99 9 104 7 96 4 102 5 109.8 90.5 97.2 117.6 92.4 90.4 107.1 106.0 105.7 114.8 88.4 1929 107 4 106.0 125.6 99 6 104.5 114.5 90.6 103.5 122.0 93.1 87.0 115.2 113.4 120.2 119.3 87.7 1928—January 95.7 89.9 94.5 101.0 100.3 110.6 83.2 83.4 88.2 95.3 82.5 95.7 104.2 104.0 109.4 85.0 February 101 1 100 3 99.0 105 0 102 0 109.7 87.2 94.1 111.0 101.4 84.3 101.5 106.4 103.5 115.7 85.1 March 102.5 101.6 101.9 104.0 101.3 109.8 89.5 97.9 117.2 99.9 87.3 102.5 108.8 103.4 114.6 86.3 April . 100 3 99 7 101.8 95.3 97.5 109.0 89.6 99.4 119.3 86.0 90.5 102.4 108.7 104.2 113.0 80.3 May. 100 8 102 1 104 2 92 0 100 2 108.9 90.5 100.9 124.2 82.9 94.0 105.3 103.4 101.6 109.3 84.1 June 100 9 99 6 106 1 90 9 102 8 109 0 91.3 98.5 117.6 87.1 94.0 104.8 102.9 104.2 112.5 89.7 July 98 3 93 8 102 5 85 8 103 1 107.3 88.3 94.8 115. 2 94.3 91.0 101.2 102.5 107.1 114.8 84.9 August _ 102. 5 99.8 105.3 90.2 101.5 107.5 91.5 100.4 128.3 100.4 95.1 106.7 103.6 108.6 117.9 88.7 104 2 99 1 106 0 94 9 104.3 109.2 93.4 100.1 129.0 99.6 92.8 19.40 06.3 109.3 123.8 92.9 S O e c p to te b m er b er ._ 107.5 105.1 111.3 101.0 106.0 111.5 95.8 104.7 134.1 95.9 94.1 116.6 109.2 107.8 120.4 95.2 November 103 6 105 1 110.3 96 7 104.9 111.7 94.4 96.1 114.5 80.1 90.7 118.5 108.2 107.1 112.4 94.1 December 104.2 103.3 114.0 100.3 106.3 113.7 90.8 95.8 112.4 86.0 88.4 120.5 108.1 107.2 114.1 94.3 1929—January 100 9 101 3 112 3 97 0 102 2 111.4 83.4 93.6 114.5 90.2 79.0 117.4 106.3 105.3 118.8 76.3 February. 108.4 107.2 120.7 103.6 102.5 113.0 86.5 111.4 147.4 94.5 81.0 124.1 111.3 110.2 145.8 82.3 March 111 1 108 5 126.5 108.8 101.2 114.9 88.4 113.9 148.2 91.4 84.8 127.6 113.6 112.1 146.7 84.4 April 111 7 110 5 129 5 103 2 100 4 113 3 90.9 117.0 152.0 87.9 89.3 127.0 117.8 117.1 150.2 86.1 May 111.5 111.6 131.9 99.3 103.1 114.3 92.8 116.0 147.1 88.1 91.8 123.1 113.1 118.9 146. 5 86.1 June 109 2 109 9 131 6 97 8 105.6 113.6 92.2 107.9 130.9 89.8 92.5 117.0 111.2 120.0 120.6 88.5 July.. . 104.8 103.5 128.2 90.4 105.6 111.4 93.5 97.1 110.2 97.8 86.1 112.6 111.2 123.3 115.1 87.9 August 109.4 109.3 127.5 97.4 105.0 112.8 94.7 106.8 128.0 105.0 91.2 113.2 113.0 125.1 110.9 90.6 September 110.5 108.9 127.9 103.0 108.1 116.3 96.6 103.3 120.3 104.3 91.3 112.1 116.0 129.3 104.9 93.4 October 110.0 107.9 129.0 104.8 108.8 117.8 96.8 99.8 108.0 100.0 90.6 112.5 118.2 129.4 100.9 94.2 November 102.0 100.0 121.6 96.2 105.5 117.2 89.2 89.4 84.3 83.9 86.4 99.6 115.6 126.3 85.9 94.2 December _. 98.7 93.5 119.9 93.8 105.5 118.2 82.7 85.6 72.9 84.1 80.2 96.1 114.0 124.8 85.0 88. j Back figures.—See Federal Reserve Bulletin for November, 1929, for monthly data back to January, 1919. 1 Includes, in addition to automobiles, car building and repairing and, beginning with 1923, shipbuilding. to 2 Includes chemicals and drugs, 1919-1922; beginning in 1923, petroleum refining, chemicals and drugs, and fertilizers. 10—0*• Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 122.—INDEX OF WHOLESALE DISTRIBUTION, BY INDIVIDUAL LINES OP TRADE to [1923-1925=100] h With seasonal adjustment Without seasonal adjustment Year and month W b d u s i h s a t o t i l r o e l i e n - - c G er r i o e - s Meats g D oo ry ds M cl i o n e t n g h 's - B s a h o 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- W b d u s i h s a t o t i l r o e l i e n - - c G er r i o e - s Meats g D oo ry ds M cl i o n e t g n h 's - B s a h o 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- 111 118 145 100 78 140 96 91 1920- 115 126 121 107 106 125 116 95 1921- 87 93 80 91 72 99 80 86 73 1922. 89 93 83 89 80 97 86 87 85 1923. 100 100 94 103 99 104 102 97 102 1924. 98 101 96 97 98 98 97 99 93 1925. 102 99 110 100 103 98 101 104 105 1926. 101 98 115 94 95 101 100 107 102 1927. 97 94 108 89 92 104 95 108 100 1928. 96 95 113 85 91 98 93 113 98 1929. 98 95 119 86 91 102 95 117 102 1928— F J e a b n r u u a a ry ry— 9 9 6 9 9 9 3 8 1 1 0 1 6 3 9 9 9 9 n 11 o 5 9 9 3 2 1n0o8 8 9 9 6 8 93 8 8 8 5 5 1 1 0 0 6 8 8 8 5 9 1 7 2 6 8 8 9 7 4 8 8 2 2 1 1 0 0 1 6 9 7 6 8 March 96 97 109 94 91 110 95 100 95 105 87 131 111 95 121 107 April 92 93 112 77 96 86 111 87 88 88 105 70 75 99 88 113 88 May 99 99 109 96 94 94 117 92 93 96 109 75 57 114 97 110 87 June 92 94 112 76 113 92 110 94 89 97 114 71 39 77 96 104 83 July 94 91 111 79 82 91 107 95 90 92 113 74 68 98 90 102 78 August 101 100 116 90 123 94 117 106 110 101 118 110 148 119 95 115 108 September.. 96 92 122 89 109 92 112 112 111 100 130 105 137 110 100 119 126 October- 97 95 111 99 90 97 116 112 112 108 125 99 123 108 108 134 133 99 94 122 95 87 100 113 101 99 100 117 90 66 105 98 114 106 December. 95 89 115 101 100 93 127 94 84 88 108 69 51 59 86 120 89 72 1929—January 101 99 117 96 119 92 133 91 93 91 117 84 74 98 82 131 80 February—. 96 95 119 88 107 86 114 91 90 83 113 84 114 84 76 105 91 March 97 91 122 98 95 92 108 93 101 90 117 92 136 110 95 119 105 April 100 96 123 88 95 97 116 100 96 92 115 80 85 100 99 118 101 May 102 99 121 ioi 112 96 118 104 96 96 121 78 60 113 98 111 J J N D A S O u u e u o c e n l p t y g c v e o t e u e e b m s m m e t r b b b e e e r r r . . . . . . 1 1 1 9 9 8 9 0 0 0 9 6 9 6 4 0 0 1 9 9 9 9 9 9 0 3 3 8 7 0 3 0 1 1 1 1 1 1 1 2 1 1 1 1 2 1 1 1 9 8 6 0 8 8 9 9 8 8 8 9 0 5 1 8 7 1 6 1 1 1 9 9 8 6 1 0 3 6 1 7 8 8 6 8 1 9 9 9 9 9 9 0 3 8 7 7 0 7 0 1 1 1 1 1 1 1 1 1 2 1 1 0 2 7 6 4 6 1 9 2 1 1 1 1 1 8 9 1 0 0 1 1 5 2 5 7 6 8 4 1 1 1 9 9 9 8 1 1 1 6 5 1 0 3 5 4 1 1 1 9 9 9 8 0 0 1 5 9 9 8 1 2 0 1 1 1 1 1 1 1 2 2 2 1 2 3 0 7 0 3 3 2 0 5 1 1 1 7 8 7 6 1 1 0 3 0 4 2 1 0 2 1 1 1 4 6 6 4 5 3 1 9 9 0 1 6 9 0 1 1 1 1 9 9 5 2 3 1 1 5 0 1 9 0 4 0 1 1 9 9 9 8 9 0 1 9 5 7 4 5 5 2 1 1 1 1 1 1 1 2 0 1 0 2 4 1 1 5 1 3 4 0 7 1 1 1 8 8 9 2 1 4 8 0 7 9 8 0 NOTE.—For description of these index numbers and for back figures see Federal Reserve Bulletins for December, 1927, and March, 1929. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APPENDIX 90182—30 15 215 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 1929 OFFICERS President, F. O. WETMORE. Vice President, B. A. MCKINNEY Secretary, WALTER LICHTENSTEIN. EXECUTIVE COMMITTEE F. O. WETMORE. L. L. RUE. B. A. MCKINNEY. HARRIS CREECH. W. C. POTTER. W. W. SMITH. MEMBERS A. M. HEARD, Federal Reserve District No. 1. W. C. POTTER, Federal Reserve District No. 2. L. L. RUE, Federal Reserve District No. 3. HARRIS CREECH, Federal Reserve District No. 4. JOHN POOLE, Federal Reserve District No. 5. J. P. BUTLER, Jr., Federal Reserve District No. 6. F. O. WETMORE, Federal Reserve District No. 7. W. W. SMITH, 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. F. L. LIPMAN, Federal Reserve District No. 12. RECOMMENDATIONS OF THE FEDERAL ADVISORY COUNCIL FEBRUARY 15, 1929 TOPIC NO. 1.—Is an acceptance credit, based on the retail sale of automobiles in foreign countries on installment notes, a proper acceptance credit? Recommendation.—This would, be inconsistent with facilities accorded to similar business in this country and the council therefore answers the query of the board in the negative. TOPIC NO. 2.—What procedure could be adopted by the banks of the United States to discourage and possibly eliminate the practice of corporations, foreign banks and others of "window dressing" at the end of the year, which results in a concentration of borrowing in the New York market at that time? Recommendation.—The Federal Advisory Council knows of no possible way of preventing the practice of so-called " window dressing/7 to which the Federal Reserve Board refers. It may be well to Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

218 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD point out that in many States the system of taxation is such as to provide an incentive for depositors to convert cash into nontaxable investments at the close of the year. TOPIC NO. 3.—Letter from Federal Reserve Board to chairmen of Federal reserve banks, dated February 2, 1929. Recommendation.—The Federal Advisory Council approves the action of the Federal Reserve Board in instructing the Federal reserve banks to prevent, as far as possible, the diversion of Federal reserve funds for the purpose of carrying loans based on securities. The Federal Advisory Council suggests that all the member banks in each district be asked directly by the Federal reserve bank of the district to cooperate in order to attain the end desired. The council believes beneficial results can be attained in this manner. APRIL 19, 1929 On February 15, 1929, the Federal Advisory Council adopted the following resolution: The council believes that every effort should be made to correct the present situation in the speculative markets before resorting to an advance in rates. The council in reviewing present conditions finds that in spite of the cooperation of member banks the measures so far adopted have not been effective in correcting the present situation of the money market. The council, therefore, recommends that the Federal Reserve Board permit the Federal reserve banks to raise their rediscount rates immediately and maintain a rate consistent with the cost of commercial credit. MAY 21, 1929 Recommendation.—The Federal Advisory Council has reviewed carefully the credit situation. It continues to agree with the view of the Federal Reserve Board expressed in its statement of February 5, 1929, that "an excessive amount of the country's credit has been absorbed in speculative security loans." The policy pursued by the Federal Reserve Board has had a beneficial effect, due largely to the loyal cooperation of the banks of the country. The efforts in this direction should be continued. The council notes, however, that while the total amount of Federal reserve credit being used has been reduced, "the amount of the country's credit absorbed in speculative security loans" has not been substantially lowered. Therefore, the council recommends to the Federal Reserve Board that it now grant permission to raise the rediscount rates to 6 per cent to those Federal reserve banks requesting it, thus bringing the rediscount rates into closer relation with generally prevailing commercial money rates. The council believes that improvement in financial conditions and a consequent reduction of the rate structure will thereby be brought about more quickly, thus best safeguarding commerce, industry, and agriculture. SEPTEMBER 17, 1929 The Federal Advisory Council, after consideration of Governor Young's explanation of the open-market policy adopted following the fixing of the New York Federal Reserve Bank rate at 6 per cent, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RECOMMENDATIONS OF ADVISORY COUNCIL 219 believes that the increasing of the New York bank rate to 6 per cent and the reduction in the buying rate for bills in the open market have worked satisfactorily thus far and have the approval of the council. The council concurs in the thought that the Federal reserve banks should buy acceptances to such an amount as may be necessary to avoid any greater burden on commercial business and suggests that these purchases should be made only as the need develops. NOVEMBER 19, 1929 TOPIC NO. 1.—Discount rates, bill rates, and open-market operations. No recommendation. TOPIC NO. 2.—Developments in branch, chain, and group banking, with particular reference to the effects of bank-stock ownership by investment trusts and holding corporations. Recommendation.—The Federal Advisory Council recommends that the Federal Reserve Board appoint a committee to study the merits of the branch banking system as practiced in this and other countries (conditions in Canada being apparently mOre comparable with our own), the group or chain banking system as developed in this country and elsewhere, and the unit banking system of this and other countries, and, further, the effect of ownership of bank stocks by investment trusts and holding corporations, in order that the Federal Reserve Board may be in possession of accurate and authoritative information on this important subject. TOPIC NO. 3.—Desirability of liberalizing the requirements of the Federal reserve act as to paper eligible for rediscount by Federal reserve banks. Recommendation.—It is the feeling of the Federal Advisory Council that consideration could well be given to liberalizing the provisions of section 13 of the Federal reserve act, pertaining to eligibility of paper, in a manner not inconsistent with the proper functioning of the Federal reserve system. TOPIC NO. 4.—Desirability of changing distribution of earnings of Federal reserve banks as proposed in S. 5723, introduced by Senator Glass. Recommendation.—The Federal Advisory Council approves of the provisions of Senate bill 5723, relating to the distribution of earnings of Federal reserve banks, with an amendment providing that the earnings of all 12 Federal reserve banks accruing thereunder to member banks shall be pooled and divided among all member banks in proportion to their respective capital contributions and their average annual reserve requirements. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD AMENDMENT TO REGULATION J Effective February 1, 1929, the Federal Reserve Board amended paragraph (4) of Section V of its Regulation J, Series of 1928, by striking out that provision authorizing a Federal reserve bank to reserve the right in its check-collection circular to charge checks to the reserve account, or clearing account, of a drawee bank at any time, when in any particular case the Federal reserve bank deems it necessary to do so. The paragraph referred to, as amended, reads as follows: 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. STATUTE AUTHORIZING THE ISSUANCE OF TREASURY BILLS AND IN EFFECT AMENDING THE FEDERAL RESERVE ACT [PUBLIC—No. 11—71ST CONGRESS] [H. R. 1648] AN ACT To amend section 5 of the Second Liberty Bond Act, as amended. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That section 5 of the Second Liberty Bond Act, as amended (United States Code, title 31, section 754), is hereby amended to read as follows: "SEC. 5. (a) That in addition to the bonds and notes authorized by sections 1 and 18 of this Act, as amended, the Secretary of the Treasury is authorized to borrow from time to time, on the credit of the United States, for the purposes of this Act, to provide for the purchase or redemption before maturity of any certificates of indebtedness or Treasury bills issued hereunder, and to meet public expenditures authorized by law, such sum or sums as in his judgment may be necessary, and to issue therefor (1) certificates of indebtedness of the United States at not less than par and at such rate or rates of interest, payable at such time or times as he may prescribe; or (2) Treasury bills on a discount basis and payable at maturity without interest. Treasury bills to be issued hereunder shall be offered for sale on a competitive basis, under such regulations and upon such terms and conditions as the Secretary of the Treasury may prescribe, and the decisions of the Secretary in respect of any issue shall be final. Certificates of indebtedness and Treasury bills issued hereunder shall be in such form or forms and subject to such terms and conditions, shall be payable at such time not exceeding one year from the date of issue, and may be redeemable before maturity upon such terms and conditions as the Secretary of the Treasury may prescribe. Treasury bills issued hereunder shall not be acceptable before maturity in payment of interest or of principal on account of obligations of foreign governments held by the United States of America. The sum of the par value of such certificates and Treasury bills outstanding hereunder and under section 6 of the First Liberty Bond Act shall not at any one time exceed in the aggregate $10,000,000,000. "(b) All certificates of indebtedness and Treasury bills issued hereunder (after the date upon which this subdivision becomes law) shall be exempt, both as to principal and interest, from all taxation (except estate and inheritance taxes) now or hereafter imposed by the United States, any State, or any of the possessions of the United States, or by any local taxing authority; and the amount of discount at which Treasury bills are originally sold by the United States shall be considered to be interest within the meaning of this subdivision. "(c) Wherever the words 'bonds and notes of the United States/ or 'bonds and notes of the Government of the United States/ or 'bonds or notes of the United States' are used in the Federal Reserve Act, as amended, they shall be held to include certificates of indebtedness and Treasury bills issued hereunder.'' Digitized for FRAApSpEroRv ed, June 17, 1929. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OP THE FEDERAL RESERVE BOARD 221 AMENDMENT TO CLAYTON ANTI-TRUST ACT [PUBLIC—No. 1007—70TH CONGRESS] [S. 4039] AN ACT To exempt joint-stock land banks from the provisions of section 8 of the Act entitled "An Act to supplement existing laws against unlawful restraints and monopolies, and for other purposes," approved October 15, 1914, as amended. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That the first proviso of the second paragraph of section 8 of the Act entitled "An Act to supplement existing laws against unlawful restraints and monopolies, and for other purposes," approved October 15, 1914, as amended (United States Code, title 15, chapter 1, section 19), is amended to read as follows: "Provided, That nothing in this section shall apply to mutual savings banks not having a capital stock represented by shares, to joint-stock land banks organized under the provisions of the Federal Farm Loan Act, or to other banking institutions which do no commercial banking business/' Approved, March 2, 1929. COURT OPINION AS TO DISCRETION OF FEDERAL RESERVE BOARD IN APPROVING THE ORGANIZATION OF FOREIGN BANKING CORPORATIONS The following is the opinion of the Court of Appeals of the District of Columbia, rendered June 3, 1929, in the case <of Apfel et al. v. Mellon et al. (33 F. (2d) 805), upholding the authority of the Federal Reserve Board to exercise its discretion in the matter of approving or disapproving the organization of corporations, pursuant to the provisions of section 25 (a) of the Federal reserve act, to engage in international or foreign banking or international or foreign financial operations. A petition to the Supreme Court of the United States for a writ of certiorari in this case was denied on October 21,1929. COURT OF APPEALS OF THE DISTRICT OF COLUMBIA CHARLES L. APFEL, STEPHEN B. GIBBONS, BERTRAND A. UNGER, Joseph Sheldon, Henry Green, Henry M. Susswein, Edmund J. Horwath, and Milo Ogden Frank, appellants v. ANDREW W. MELLON, J. W. MCINTOSH, R,OY A. YOUNG, EDMUND j Platt, Adolph C. Miller, Charles S. Hamlin, Edward H. Cunningham, and George H. James, as Members of the Federal Reserve Board, appellees Appeal from the Supreme Court of the District of Columbia Before MARTIN, Chief Justice, and ROBB and VAN ORSDEL, Associate Justices This is an appeal from a final order of the lower court dismissing the appellants' petition for a writ of mandamus upon the allegations of the petition and answer. The case arises under the act of Congress of December 24, 1919 (41 Stat. 378), commonly known as the "Edge Act," first enacted as section 25 (a) of the Federal reserve act. (See Title XII, sections 611 to 631, U. S. C. A.) The act provides that corporations may be organized for the purpose of engaging in international or foreign banking or other international or foreign financial operations, and may be formed by any number of natural persons not less than five; that such persons shall enter into articles of association which shall specify in general terms the objects for which the association is formed, and shall execute an organization certificate which shall set out the name assumed Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

222 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD by the corporation, the place or places where its operations are to be carried on, the place in the United States where its home office is to be located, the amount of its capital stock and the number of shares into which it shall be divided, the names and places of business or residence of the persons executing the certificate and the number of shares to which each has subscribed, and the fact that the certificate is made to enable the subscribers and their successors to avail themselves of the advantages of the act. It provides also that no corporation shall be organized under the act with a capital stock of less than $2,000,000, one-quarter of which shall be paid in before the corporation may be organized to begin business; that the persons signing the organization certificate shall duly acknowledge the execution thereof, and forward it to the Federal Reserve Board, and that after the articles of association and an organization certificate are duly made and filed, and " after the Federal Reserve Board has approved the same and issued the permit to begin business, the association shall become and be a body corporate," with certain specified powers including in general the right to engage in international or foreign banking or other financial operations. The act provides "that except such as is incidental and preliminary to its organization no such corporation shall exercise any of the powers conferred by this section until it has been duly authorized by the Federal Reserve Board to commence business as a corporation organized under the provisions of this section." It also provides that such a corporation may establish and maintain branches or agencies in foreign countries at such places as may be approved by the Federal Reserve Board and under such rules and regulations as the board may prescribe. In the instant case the appellants, as relators below, filed their petition against the appellees as members of the Federal Reserve Board, alleging that the relators had duly executed and filed with the respondents a certificate for the organization of a corporation under the foregoing act for the purpose of engaging in international or foreign banking under the name "Foreign Financing Corporation," and that the certificate fully conformed with the requirements of the act; but that the respondents nevertheless had wrongfully refused to approve of the same or to issue a permit to relators to begin business as a body corporate under the act. The relators prayed for a writ of mandamus to compel the respondents acting as the Federal Reserve Board to approve the articles of incorporation and the organization certificate aforesaid, and to permit relators to begin business as a body corporate under the name "Foreign Financing Corporation," in accordance with the provisions of the act. The respondents filed their answer admitting that the articles of association and organization certificate filed with the board by relators were in proper legal form, but stating that the board had refused to approve the same on the following grounds: "That the Federal Reserve Board as a board, and the respondents as members thereof, deem it their duty carefully to inquire into the qualifications of the organizers of such proposed corporations and to refuse to approve the articles of association and organization certificates of such proposed corporations and to issue a permit for such proposed corporations to do business, unless after investigation said board is of the opinion that the financial responsibility, experience, training, and other qualifications of the organizers of such proposed corporations are such as may reasonably be calculated to hold promise of the financial soundness, reliable and competent management, and proper and successful operation of such proposed corporation." <<* * * that relators do not possess the qualifications reasonably necessary to assure the financial soundness, reliable and competent management, or the proper or successful operations of a corporation organized under section 25 (a) of the Federal reserve act to engage in the highly technical activities of international or foreign banking or other international or foreign financial operations and that it would be detrimental to the public interest to approve such articles of association or organization certificate and to issue a preliminary permit for such proposed corporation to commence business; and that, therefore, the said board refused to approve the articles of association and the organization certificate and refused to issue a permit to said proposed corporation to begin business. Respondents say that this determination by the Federal Reserve Board was unanimous; that it was adopted after impartial investigation and full and impartial consideration of all the facts; and that respondents believed then and now believe that it would be contrary to public policy and contrary to the duty of respondents as public officers to approve said articles of association and said organization Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COURT OPINION 223 certificate or to issue a preliminary permit to the relators to begin business as a body corporate." The relators filed a demurrer to the answer of respondents. The lower court overruled the demurrer, and, relators electing to stand upon their demurrer, the court dismissed the petition, and the relators appealed. It is contended by appellees that the statute imposes the duty upon the Federal Reserve Board of exercising its judgment and discretion with respect to the approval or disapproval of the articles of association and organization certificates made and filed under the act, and that the board's action in this instance is within the limits of that authority. On the other hand, appellants contend that " Congress has not undertaken to delegate to the board the discretion it has assumed to exercise." We agree with the contention of the appellees. The statute provides that an association formed under the act shall not become a body corporate until after the articles of association and organization certificate have been duly made and filed, and after the Federal Reserve Board has approved the same and issued a permit to it to begin business. The word "approved" naturally imports the exercise of judgment and discretion; and the power to approve ordinarily implies a power to disapprove. To "approve" or give "approval" is in its essential and most obvious meaning to confirm, ratify, sanction, or consent to some act or thing done by another. The word "approve" does not, ex vi termini, necessarily import the exercise of discretion, but from the connection in which the term is used it often involves the idea of discretion and adjudication, and is seldom construed as requiring a mere ministerial act. (4 C. J. 1464.) In the case of State ex rel. Dodd v. Hill, Banking Commissioner (84 W. Va., 468), the Supreme Court of West Virginia dealt with a statute which provided that "hereafter no charter shall be issued to any bank to do business in this State until the application therefor has been approved in writing by the commissioner of banking." Acting under this statute the commissioner of banking had refused to issue such a charter to the appellants, upon the ground that, for the protection of the public, he had carefully considered the proposed location of the bank, the territory contributory thereto, its possibilities.and probabilities from a banking standpoint, and other questions connected therewith, and that in the exercise of his best judgment as an officer he had arrived at the conclusion that the application should not be approved. In denying a writ of mandamus to compel the commissioner to issue a charter the court held that the statutory provision aforesaid vested in the commissioner discretionary power to approve or reject such an application, and that the commissioner's decision was not subject to judicial review unless it clearly appeared that he had "willfully and arbitrarily disregarded his duty, or that his decision was due to caprice, passion, partiality, or corruption." In the People ex rel. Schweder v, Brady, Auditor of Public Accounts (268 111. 192), the Supreme Court of Illinois held in relation to similar legislation, that a statute authorizing the State auditor to withhold the final certificate of organization of a bank when he is not satisfied as to the personal character and standing of the officers or directors or when he has reason to believe that the bank is organized for any purpose other than that contemplated by the act, is not unconstitutional on the ground that it confers judicial or legislative power on the auditor. (See First National Bank v. Union Trust Co., 244 U. S. 416.) In the instant case it is clear that Congress was providing a means for conferring special and important privileges upon such corporations as should be organized under the Edge Act. An abuse by any corporation of the powers thus granted to it might involve grave consequences to our public service. It is reasonable to believe that Congress intended that a careful investigation should be made by the Federal Reserve Board concerning the character and competency of the incorporators of such an enterprise, as one of the means of determining whether to grant or withhold their approval of the application for incorporation. Moreover it should be noted that the act repeatedly provides for an "approval" by the board as a prerequisite to proceedings authorized thereunder, and in all such instances the term plainly implies the exercise of consideration, judgment, and discretion by the board. The act provides inter alia that any such corporation may at any time within the two years next previous to the date of the expiration of its corporate existence, by a vote of the shareholders owning two-thirds of its stock, apply to the Federal Reserve Board for its approval to extend the period of its corporate existence for a term of not more than 20 years, and upon certi- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

224 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD fied approval of the board such corporation shall have its corporate existence for such extended period. The board, accordingly, may exercise its judgment and discretion with respect to what is practically a renewal of the corporate charter. This fact is significantly consistent with the view that the board possesses a similar power over the granting of the first charter. An examination of congressional legislation with regard to banking since 1864 shows that Congress has consistently used various forms of the word " approve " in the sense of conferring discretion upon the Comptroller of the Currency, the Secretary of the Treasury, or the Federal Reserve Board. Such a consistent use of the term in statutes in pari materia is persuasive. (Marks v. United States, 161 U. S., 297.) The statutes relating to the organization of national banks are analogous to those now in question. It is therefore proper to note that the Comptroller of the Currency has prescribed the following as one of the regulations governing the investigations to be made by the examiners relating to applications for national bank charters: "In making this investigation the examiner is instructed to give full consideration to all factors entering into the proposition. Among other matters to be considered are: First, the general character and experience of the organizers and of the proposed officers of the new bank; second, the adequacy of existing bankingfacilities and the need of further banking capital; third, the outlook for the growth and development of the town or city in which the bank is to be located; fourth, the methods and banking practices of the existing bank or banks, the interest rates which they charge to customers, and the character of the service which as quasi public institutions they are rendering to their community; fifth, the reasonable prospects for success of the new bank if efficiently managed." Instructions No. 4 of the Comptroller of the Currency, Regulations Promulgated June 31, 1927, Digest of Rulings of the Federal Reserve Board with Appendices (1928), pages 394-395. (See McCormick v. Market Bank, 165 U. S., 538, 551-552.) In the present case mandamus will not lie to control the exercise of the board's discretion. "It is a frequently asserted and universally recognized rule that mandamus only lies to enforce a ministerial act or duty; in this sense a ministerial duty may be briefly defined to be some duty imposed expressly by law, not by contract or arising necessarily as an incident to the office, involving no discretion in its exercise, but mandatory and imperative. The distinction between merely ministerial and judicial and other official acts is that where the law prescribes and defines the duty to be performed with such precision and certainty as to leave nothing to the exercise of discretion or judgment, the act is ministerial; but where the act to be done involves the exercise of discretion or judgment, it is not to be deemed merely ministerial." (18 R. L. C. 116.) The judgment of the lower court is affirmed with costs. (Signed) GEORGE E. MARTIN, Chief Justice, Court of Appeals of the District of Columbia. COURT OPINION AS TO DISCRETION OF FEDERAL RESERVE SYSTEM IN MATTERS RELATING TO CREDIT POLICIES The following is the opinion of the United States Circuit Court of Appeals for the Second Circuit, rendered July 15, 1929, in the case of Frank 0. Eaichle v. Federal Reserve Bank of New York (34 F. (2d) 910), interpreting those provisions of the Federal reserve act which deal with the discretion of the Federal reserve banks and the Federal Reserve Board in fixing rediscount rates, engaging in open-market operations, and in other matters relating to credit policies: Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COURT OPINION 225 UNITED STATES CIRCUIT COURT OF APPEALS FOR THE SECOND CIRCUIT FRANK G. RAICHLE, APPELLANT against FEDERAL RESERVE BANK OF NEW YORK, APPELLEE Before L. HAND, SWAN and AUGUSTUS N. HAND, Circuit Judges Appeal from the United States District Court for the Southern District of New York. Bill in equity by Frank G. Raichle to restrain the Federal Reserve Bank of New York from doing various acts in derogation of plaintiff's alleged rights. Upon motion by the defendant, in the nature of a demurrer, the bill was dismissed by the District Court, and plaintiff appeals This is an appeal from a decree dismissing a bill in equity upon the merits. The defendant moved to dismiss the bill on the ground— 1. That it appears on the face of the complaint by plaintiff's own showing that he is not entitled to the relief prayed for by this complaint against the defendant, nor to any relief arising from the facts alleged in said complaint. 2. That it appears on the face of said bill of complaint that this court has no jurisdiction to hear and determine this suit. 3. That it appears on the face of said bill of complaint that said complaint is wholly without equity. The bill alleges the incorporation of the defendant, which we shall hereinafter call the bank, under the act of Congress called the Federal reserve act. It alleges that this act was passed to "furnish an elastic currency, to afford means of discounting commercial paper and to establish a more effective supervision of banking in the United States"; that the bank "is a unit in the Federal reserve system, and as such has certain powers conferred upon it by the Federal reserve act and performs certain functions under the control of its board of directors and the Federal Reserve Board"; that the "Federal Feserve Board is by law vested with limited control over Federal reserve rediscount facilities and the defendant Federal Reserve Bank of New York is vested with limited control over its own rediscount facilities." After setting forth that the United States have for six years experienced great prosperity, that business conditions are good and getting better, that employment and wages are satisfactory, that the signs usually consulted indicate a continued improvement and that accordingly large numbers of people have invested in stocks and bonds of various industrial and railroad corporations, the bill goes on to say that the plaintiff owns various securities outright and has borrowed money to purchase others. It further alleges that there is an abundance of credit readily available for the needs of industry and agriculture, as well as investment, but that the bank reports that brokers' loans have increased in volume and commercial loans have decreased. Such a condition is said to be due to the tendency of banks to charge high rates of interest and to make loans callable on demand and, by reason of these circumstances, it is said to have been found desirable to borrow money from the public through security offerings in order to eliminate banks as middlemen. The bill then goes on to say that the credit available in the United States is in excess of fifty billion dollars and that the total of brokers' loans approximates only 6H per cent of this amount, so that the claim that too much of available credit is involved in collateral or brokers' loans is not justified. The bill then sets up the wrongful acts on which the plaintiff founds his cause of action. It says that the bank during the year 1928 illegally engaged in a course of conduct, which it is still continuing, that had for its object an arbitrary reduction of brokers' loans and a general reduction of security prices. The course of conduct consisted of the following acts: (1) "This defendant and the Federal reserve system generally, * * * wrongfully * * * spread propaganda concerning an alleged money shortage and expressed alarm over the increasing volume of collateral loans, whereas no shortage exists other than one of their own making which is technical in its nature and artificial in its essence." Many persons induced by this propaganda have sold securities thereby contributing to a decline in market prices and to plaintiff's damage. (2) "The defendant, * * * and the Federal reserve system generally, have * * * wrongfully * * * set about to restrict the supply of credit available for investment purposes and cause a general liquidation of security loans with a resultant reduction in quoted security prices. In this connec- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

226 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD tion the defendant, * * * and Federal reserve system generally, have engaged in an open market operation, as the term is generally used by those concerned in this practice, but not for the purpose contemplated by the use of the term in the Federal reserve act. The defendant and other Federal reserve banks have sold quantities of securities aggregating many millions of dollars * * * for the sole purpose of taking money and its attendant credit out of the market and removing the same from use, thus curtailing credit and causing an artificial money shortage to the plaintiff's damage and injury. This conduct * * * is not justified by any economic circumstances, and if continued and unabated will lead to serious consequences, and to the damage of this plaintiff." (3) The defendant has on three different occasions " arbitrarily and unreasonably raised" the rediscount rate which it charges to its member banks. "for the purpose and with the effect of raising interest rates generally and call money rates on the New York Stock Exchange in particular." Through this action interest rates have become unreasonable and plaintiff has been damaged by being obliged to pay such rates for borrowed money and by having the value of his securities depreciated through the sale of securities by persons unwilling or unable to pay these rates. (4) "the defendant has wrongfully controlled and seeks to further control the action of member banks in dealing with their own resources by coercing them to call collateral loans made to their customers by said banks on account of their own resources and not rediscounted with defendant or any other Federal reserve bank. On various occasions the said Federal reserve bank, * * * has denied rediscount facilities to certain member banks pending a liquidation of certain other collateral loans and thus occasioned liquidation of securities and reduction of prices due to inability on the part of borrowers to renegotiate their loans." The bill finally alleges that by the defendant's acts plaintiff's securities have depreciated and he has been damaged in more than the sum of $3,000; that the defendant seeks further to control its member banks in the matter of collateral loans and threatens further to raise the rediscount rate. (Frank G. Raichle, solicitor for appellant in person; Frank G. Raichle, Robert L. Owen, Carlos C. Alden, and Ethan W. Judd, counsel.) (Newton D. Baker and Walter S. Logan, solicitors and counsel for appellee.) AUGUSTUS N. HAND, Circuit Judge: The wrongs charged against the bank are (a) spreading propaganda concerning an alleged money shortage and increasing volume of collateral loans, (b) setting about to restrict the supply of credit available for investment purposes by engaging in open market transactions through the sale of its securities, (c) raising the rediscount rate for its member banks in order to reduce the volume of security loans, (d) coercing member banks to call collateral loans by declining to rediscount eligible commercial paper for such member banks. Three principal questions must be considered: (1) Are the foregoing acts, irrespective of the alleged purposed to reduce the volume of brokers' loans, within the power of the Federal reserve bank? (2) If the acts are generally speaking lawful, are they rendered unlawful because the purpose was to reduce the volume of brokers' loans? (3) Is the Federal Reserve Board a necessary party to the action? The Federal reserve act marked the end of a long struggle and was thought to afford the solution of many difficulties. When the independent treasury bill was passed in 1846, the effect was completely to divorce the Government from all connection with the money market by making it its own banker and by keeping Government funds in the vaults of independent treasury office banks. The public then had to depend on State banks for currency and credit, with a result that in times of financial stress is well known. To meet the necessities of the Civil War, national banks were established. They became the official depositaries of the Government and furnished an enlarged currency because of their ability to issue circulating notes against Government bonds deposited with the Treasurer of the United States. They were required to maintain reserves in certain cities based upon a percentage of their deposits. As the Government debts of the Civil War became liquidated, the means for issuing currency lessened, though the business requirements of the country were expanding. In such a situation business prosperity inevitably promoted monetary stringency. Moreover, as the reserves were deposited in relatively few banks in the metropolitan centers, when financial stringencies arose, pressure always came on the banks, their deposits would be withdrawn, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COURT OPINION 227 the rates for call loans would advance and a liquidation of collateral and depreciation of values would ensue. While the national banking system was a great inprovement over what went before, it provided no central regulating force and furnished no adequate means for controlling interest rates or preventing or lessening financial stringencies and panics. The usual method of furnishing funds needed for business was for the Treasury to deposit moneys from its vaults in the national banks and to withdraw these deposits if they were used too much in speculation. This was a rather ineffectual way of dealing with complicated and difficult situations. It was dependent too much upon the determination of a single official and lacked the information and guidance that a scientific Federal banking system would afford. To remedy the difficulties we have mentioned, the Federal reserve act was passed. The Federal reserve banks have national charters and their stockholders are member banks. Each Federal reserve bank has nine directors, three chosen from the member banks, three selected as representatives from industry and three designated by the Federal Reserve Board—a central body consisting of the Secretary of the Treasury, the Comptroller of the Currency and six other members appointed by the President with the consent of the Senate. This board is given, by law, the power to exercise general supervision over Federal reserve banks. It is in terms empowered to examine the affairs of each Federal reserve bank and to publish weekly a statement showing the condition of each bank as well as a consolidated statement of all the banks in the system. It is also specifically empowered to permit or, in certain cases, to require Federal reserve banks to rediscount the discounted paper of other reserve banks and to suspend, for a limited time, reserve requirements, and it is empowered to review and determine rates of discount to be charged by Federal reserve banks "which shall be fixed with a view of accommodating commerce and business." Furthermore, a Federal Advisory Council is created by the act with a delegate member from each Federal reserve bank. This council is authorized to confer with the Federal Reserve Board on general business conditions, to make oral or written representations concerning matters within the jurisdiction of the board and to call for information and to make recommendations in regard to discount rates, rediscount business, note issues, reserve conditions in the various districts, the purchase and sale of gold and securities by reserve banks, open-market operations by these banks and the general affairs of the reserve banking system. The foregoing outline shows the broad purposes of the act and the wide powers of supervision and control given to the Federal Reserve Board over the whole reserve system. The congressional report of Senator Glass stated the objects of the act as follows: "1. Establishment of a more nearly uniform rate of discount throughout the United States, and thereby the furnishing of a certain kind of preventive against overexpansion of credit which should be similar in all parts of the country. "2. General economy of reserves in order that such reserves might be held ready for use in protecting the banks of any section of the country and for enabling them to go on meeting their obligations instead of suspending payments, as so often in the past. "3. Furnishing of an elastic currency by the abolition of the existing bond-secured note issue in whole or in part, and the substitution of a freely issued and adequately protected system of bank notes which should be available to all institutions which had the proper class of paper for presentation. "4. Management and commercial use of the funds of the Government which are now isolated in the Treasury and sub treasuries in large amounts. " 5. General supervision of the banking business and furnishing of strfngent and careful oversight. "6. Creation of market for commercial paper." To carry out the purposes of the act, Federal reserve banks, subject to the supervision of the Federal Reserve Board, are authorized to act as Government depositaries and fiscal agents; to receive and maintain the legal reserves of member banks; upon indorsement of member banks to discount notes, drafts and bills of exchange arising out of actual commercial transactions but not u notes, drafts or bills covering merely investments or issued for the purposes of carrying or trading in stocks, bonds or other investment securities, except bonds and notes of the Government of the United States"; to make advances to member banks on their promissory notes for not more than 15 days at rates to fc>e established by the Federal reserve banks subject to the review and determination of the Federal Reserve Board provided such promissory notes are secured by eligible paper, or by bonds, or notes of the United States, to receive Federal reserve notes Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

228 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD upon deposit of eligible paper, or gold, or gold certificates, provided a gold reserve of not less than 40 per cent of such notes is maintained. (U. S. C. A., Title 12, ch. 3, sees. 341-361.) Federal reserve banks may also, under rules and regulations prescribed by the Federal Reserve Board, engage in " open-market operations," that is to say, purchase and sell in the open market at home or abroad cable transfers and bankers' acceptances and bills of exchange of the kinds and maturities eligible for rediscount. They may deal in gold coin and bullion at home and abroad; buy and sell, at home and 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 by any State, county, district, political subdivision or municipality in the United States, such purchases to be made in accordance with regulations prescribed by the Federal Reserve Board. They may purchase from member banks and sell, bills of exchange arising out of commercial transactions and may " establish from time to time, subject to review and determination by the Federal Reserve Board, rates of discount to be charged by the Federal reserve bank for each class of paper, which shall be fixed with a view of accommodating commerce and business." They may establish accounts with other Federal reserve banks with the consent and upon the order and direction of the Federal Reserve Board and, under regulations to be prescribed by said board, may open accounts and establish agencies in foreign countries for the purpose of purchasing, selling and collecting bills of exchange. They may purchase and sell in the open market either from or to domestic banks, firms, corporations or individuals, acceptances of Federal intermediate credit banks and of national agricultural credit corporations whenever the Federal Reserve Board shall declare that the public interest so requires. (U. S. C. A., Title 12, ch. 3, sees. 353-357.) The foregoing provisions enable the Federal reserve banks without waiting for applications from their member banks for loans or rediscounts to adjust the general credit situation by purchasing and selling in the open market the class of securities that they are permitted to deal in. The power "to establish from time to time, subject to review and determination by the Federal Reserve Board, rates of discount to be charged by the Federal reserve bank" appears in the act with the open-market powers. The two powers are correlative and enable the Federal reserve banks to make their rediscount rates effective. The sale of securities does not lessen the total amount of credit available but, by necessitating payment to the Federal reserve banks, increases available credit in their hands "with a view of accommodating commerce and business" as provided by the act. (U. S. C. A., Title 12, ch. 3, sec. 357.) Such being an outline of the powers of the Federal Reserve Board, the Federal Advisory Council and the Federal reserve bank, it is necessary to consider whether any of the acts which the bill says were performed by the Federal Reserve Bank of New York were in themselves, irrespective of a purpose to reduce the volume of brokers' loans, unlawful. Certainly it was lawful to engage in open-market transactions by the sale of securities, to fix the rediscount rate and to decline to rediscount eligible paper. Purchases and sales in the open market are specifically authorized by the act. (U. S. C. A., Title 12, ch. 3, sees. 353-356.) Likewise the act in terms empowers "every Federal reserve bank * * * to establish from time to time subject to review and determination of the Federal Reserve Board rates of discount to be charged by the Federal reserve bank for each class of paper, which shall be fixed with a view of accommodating commerce and business." While it is alleged in the bill that the rediscount rate "has been arbitrarily and unreasonably raised," it was for the defendant, subject to the supervision of the Federal Reserve Board, to determine what would be a reasonable rediscount. It is not contended that the provision for fixing rates of discount is unconstitutional, nor would it seem even reasonable to argue that it is after such decisions as First National Bank v. Union Trust Co. (244 U. S. 416) and Westfall v. United States (274 U. S. 256), as well as The Legal Tender case (110 U. S. 421), Farmers' & Mechanics National Bank v. Deering (91 U. S. 29), and McCulloch v. Maryland (4 Wheat. 316). The act being constitutional, we are asked to hold that the bank may not sell its own securities and fix the rates at which it will discount or rediscount paper when it is given the power by the specific terms of the Federal reserve act to do all of these things. It is important to note that it is not under any compulsion to rediscount eligible paper for the words of the act in respect to rediscounting are wholly permissive. The act provides that: "Any Federal reserve bank may, subject to regulations and limitations to be prescribed by the Federal Reserve Board, discount notes, drafts and bills of exchange * * *." (U. S. C. A., Title 12, ch. 3, sec. 348.) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COTJRT OPINION 229 But it is alleged that the bank and the Federal reserve system generally have wrongfully " spread propaganda concerning an alleged money shortage and expressed alarm over the increasing volume of collateral loans, whereas no shortage exists other than one of their own making which is technical in its nature and artificial in its essence." As we have already said, the act requires the Federal Reserve Board to examine the books and affairs of each Federal reserve bank, to require such statements as it may deem necessary and to publish each week a statement showing the condition of each bank and a consolidated statement for all the banks. These statements shall show in detail the assets and liabilities and shall furnish full information regarding the character of the money held as reserve and the amount, nature, and maturities of the paper and other investments held. The Federal Advisory Council shall also have power to confer with the Federal Reserve Board on general business conditions, make oral or written representations concerning matters within the jurisdiction of the board and call for information and make recommendations as to discount rates, rediscount business, reserve conditions, the purchase and sale of gold or securities by reserve banks, open-market operations, and the general affairs of the reserve banking system. In view of such provisions for detailed reports on the condition of the banks and for intercommunication between the board and the council regarding the general affairs of the reserve banking system, we think it most unlikely that statements as to the condition of affairs can not be made public by the board, the council, and the banks. The provisions for reports, representations, and recommendations seem to imply public information and when the situation warrants it, public warning. What particular conditions may warrant is necessarily left to those clothed with responsibility for acting. Warning before taking action would seem to be a safer practice than suddea and perhaps drastic action without warning. Plaintiff's assertion that the banks have spread false propaganda regarding a money shortage is inaccurate. It apparently is based on the allegation of the bill that "no shortage exists other than one of their own making, which is technical in its nature and artificial in its essence." This is an argumentative and obscure allegation of no value in a pleading. If it means that the Federal reserve banks exercised their right to sell in the open market and refused to rediscount eligible paper, it should have said so; but if such were the fact the banks would still have been within their rights and the plaintiff would have gained nothing by the allegation. We, therefore, deem the charge of spreading propaganda without legal significance. But the plaintiff chiefly relies on his charge that the defendant has engaged in "a course of conduct * * * which has had for its object and purpose an arbitrary reduction in the volume of collateral or brokers' loans." It is nowhere said that the bank has acted in bad faith or has aimed to injure the defendant. But it seem's to be thought that it may be said that the acts of the bank were likely to cause damage to the plaintiff, in fact caused such damage, and therefore gave rise to a cause of action unless some legal justification can be shown. This general theory of liability was suggested by Justice Holmes in an article entitled "Privilege Malice and Intent," published in Volume VIII of the Harvard Law Review, as long ago as 1894. A.t the time, it was regarded as a somewhat startling generalization by a profession which had viewed all liabilities in tort under the categories of forms of action. But while courts have differed as to when justification exists, the above generalization of Justice Holmes reiterated in XVIII Harvard Law Review by Professor Ames has been more and more used as a/convenient means of approaching problems in torts. (Aiken v. Wisconsin, 195 IJ. S. at p. 204.) In many cases such as libel and slander and malicious prosecution, a malevolent motive destroys the privilege, while in cases affecting the use of land, the privilege has frequently been held absolute. No hard and fast rule can be laid down as to when the privilege exists. Indeed, it was said in Aikens v. Wisconsin, supra, that what will be considered a justification depends upon "principles of policy." (See also Green v. Victor Talking Mach. Co., 24 Fed. (2d) 378.) The plaintiff has seized upon the opinion of Justice Holmes in American Bank & Trust Co. v. Federal Bank (256 U. S. 350), to support his contention that a purpose to reduce the volume of brokers' loans destroys the defendant's ordinary right to sell its own securities, fix the rates for extending credit and warn the public against inflation. But there a Federal reserve bank was charged with accumulating checks of country banks and presenting them in large quantities in order to compel these banks to become members of the reserve bank, or, at least, to open a nonmember clearing account with it. In such circumstances Justice Holmes said that the "United States did not intend by * * * statute to sanction this sort of warfare." In the case at bar the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

230 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD "principles of policy " point the other way. It would be an unthinkable burden upon any banking system if its open-market sales and discount rates were to be subject to judicial review. Indeed, the correction of discount rates by judicial decree seems almost grotesque when we remember that conditions in the money market often change from hour to hour and the disease would ordinarily be over long before a judicial diagnosis could be made. Nor is the plaintiff aided by his charge that the defendant has wrongfully controlled member banks by coercing them to call collateral loans made to their customers, for the only method of coercion suggested is the refusal to rediscount eligible commercial paper. Such a refusal was not a wrong because no provision of the act requires the bank to discount unless so ordered by the board. We can see no basis for the contention that it is a tort for a Federal reserve bank to sell its securities in the open market, to fix discount rates which are unreasonably high, or to refuse to discount eligible paper, even though its policy may be mistaken and its judgment bad. The remedy sought would make the courts, rather than the Federal Reserve Board, the supervisors of the Federal reserve system and would involve a cure worse than the malady. The bank, under the supervision of the board, must determine whether there is danger of financial stringency and whether the credit available for "commerce and business" is sufficient or insufficient. If it proceeds in good faith through openmarket operations and control of discount rates to bring about a reduction of brokers' loans, it commits no legal wrong. A reduction of brokers' loans may best accommodate "commerce and business." (U. S. C. A., title 12, ch. 3. sec. 357.) Defendant's counsel have made a persuasive argument that upon the facts alleged the questions raised are political and not justiciable. We have not discussed it because without it the defendant's position seems to be unassailable. It is contended that the bill must in any event be dismissed because of the failure to join the members of the Federal Reserve Board as parties. The "defendant and the Federal reserve system generally" are charged with spreading propaganda. The Federal reserve system must include the board. The board by the act is given power to exercise general supervision over Federal reserve banks. (U. S. C. A., title 12, ch. 3, sec. 248 (j).) It is specifically empowered to regulate open-market transactions, to review and determine rates of discount and to make reports as to conditions in the Federal reserve system. In such circumstances, the bank is, as to the matters complained of here, a governmental agency under the direction of the Federal Reserve Board. If the plaintiff prevailed in his contention the bank would be enjoined from fixing a discount rate which the board had presumptively directed. Such a situation under familiar principles renders the Federal Reserve Board an indispensable party to the suit. (Alcohol Warehouse Corp. v. Canfield, 11 Fed. (2d) 214.) But the plaintiff contends that such cases as Gnerich v. Rutter (265 U. S. 388) and Webster v. Fall (266 U. S. 507) differ from the present because the Federal reserve banks are independent units and in that respect differ from agents like the Prohibition Director, who is created under a regulation of the department of internal revenue and is subject to the orders of the commissioner. Moreover, the plaintiff calls attention to the fact that in American Bank & Trust Company v. Federal Reserve Bank (256 U. S. 350) the Supreme Court maintained jurisdiction without suggesting that the Federal Reserve Board was a necessary party, although the bill there alleged that the wrongs done by the bank were done in pursuance of a policy "accepted by the Federal Reserve Board." But in American Bank & Trust Company v. Federal Reserve Bank, supra, the point that the Federal Reserve Board was an indispensable party was not raised, so that we must regard Gnerich v. Rutter and Webster v. Fall, supra, as controlling. In the last case the argument was made that in other suits brought against subordinate officials without joining the superior, the court had proceeded to determine the merits, but Justice Sutherland said that— "Questions which merely lurk in the record, neither brought to the attention of the court nor ruled upon, are not to be considered as having been so decided as to constitute precedents." We have discussed the merits in case our decision should be reviewed and our opinion that the Federal Reserve Board is a necessary party should be thought erroneous. The decree is modified so as to dismiss the bill because of failure to join the members of the Federal Reserve Board who are indispensable parties and, as so modified, is affirmed. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

231 FEDERAL KESERVE BOARD SALARIES DIRECTORY OF THE FEDERAL RESERVE BOARD (December 31,1929) 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. JOHN W. POLE, GEORGE R. JAMES. EDWARD H. CUNNINGHAM. Comptroller of the Currency. WALTER L. EDDY, Secretary. W. M. IMLAY, Fiscal Agent. J. C. NOELL, Assistant Secretary. E. A. GOLDENWEISER, Director Division E. M. MCCLELLAND, Assistant Secre- of Research and Statistics. tary. CARL E. PARRY, Assistant Director , Chief, Division of Ex- Division of Research and Statistics. amination and Chief Federal Reserve EDWARD L. SMEAD, Chief Division of Examiner. Bank Operations. WALTER WYATT, General Counsel. SALARIES OF OFFICERS AND EMPLOYEES OF THE FEDERAL RESERVE BOARD (December 31,1929) OFFICE OF SECRETARY Walter L. Eddy, secretary $14, 000. 00 J. C. Noell, assistant secretary 7, 000. 00 E. M. McClelland, assistant secretary 7, 000. 00 Staff: 2 at $4,800 9, 600. 00 1 at $4,000 4, 000. 00 1 at $3,700 3, 700. 00 1 at $3,600 3, 600. 00 1 at $3,200 3, 200. 00 2 at $3,000 6, 000. 00 1 at $2,800 2, 800. 00 1 at $2,700 2, 700. 00 1 at $2,500 2, 500. 00 1 at $2,400 2, 400. 00 3 at $2,200 6, 600. 00 3 at $2,100 6, 300. 00 4 at $2,000 8, 000. 00 1 at $1,700 1, 700. 00 1 at $1,680 1, 680. 00 1 at $1,600 1, 600. 00 2 at $1,500 3, 000. 00 2 at $1,400 2, 800. 00 1 at $900 900. 00 1 at $720 720. 00 9 part-time employees 3, 012. 75 Total . 104,812.75 OFFICE OF GENERAL COUNSEL Walter Wyatt, general counsel 12, 000. 00 George B. Vest, assistant counsel 7, 000. 00 B. M. Wingfield, assistant counsel 5, 000. 00 Staff: 1 at $3,000___ 3, 000. 00 2 at $2,800 5, 600. 00 1 at $1,800 _. 1, 800. 00 1 at $1,620 . 1, 620. 00 Total _ ... 36, 020. 00 90182—30 16 = Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

232 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD OFFICE OF FISCAL AGENT W. M. Imlay, fiscal agent $5, 000. 00 Oliver E. Foulk, deputy fiscal agent 4, 200. 00 Staff: 1 at $2,100 2, 100. 00 Total 11, 300. 00 OFFICES OF MEMBEKS OF THE BOARD Staff: 3 at $3,000 9, 000. 00 3 at $2,800 8, 400. 00 1 at $2,180 2, 180. 00 1 at $2,000 2, 000. 00 1 at $1,600 _ _ _ _ _ 1,600.00 1 at $1,500 1, 500. 00 Total 24, 680. 00 DIVISION OF BANK OPERATIONS Edward L. Smead, chief of division 12, 000. 00 John R. Van Fossen, assistant chief 6, 500. 00 Staff: 1 at $4,700 4, 700. 00 1 at $3,000 3, 000. 00 3 at $2,900 8, 700. 00 1 at $2,700 2, 700. 00 1 at $2,600 2, 600. 00 1 at $2,400 2, 400. 00 1 at $2,100 2, 100. 00 1 at $1,900 1, 900. 00 4 at $1,800 7, 200. 00 2 at $1,700 3, 400. 00 4 at $1,600 6, 400. 00 1 at $1,500 1, 500. 00 2 at $1,440 2, 880. 0C 1 at $1,400 1, 400. 00 1 at $1,200 1, 200. 00 Total 70, 580. 00 DIVISION OF EXAMINATION , chief of division and chief Federal reserve examiner Examiners: Frank J. Drinnen . 8, 000. 00 Rolfe H. Brett 6, 000. 00 L. A. A. Siems 5, 400. 00 R. F. Leonard 5, 200. 00 Assistant examiners: 2 at $5,000 10, 000. 00 1 at $4,800 4,800.00 1 at $4,600 4, 600. 00 1 at $4,500 4, 500. 00 1 at $4,200 4, 200. 00 2 at $3,800 7, 600. 00 1 at $3,500 . 3, 500. 00 1 at $3,200 3, 200. 00 1 at $3,000 _ _ _ 3,000.00 1 at $2,900 2, 900. 00 1 at $2,700 2, 700. 00 1 at $2,400 2, 400. 00 Staff: 1 at $2,200 2, 200. 00 Total 80, 200. 00 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BOARD SALARIES 233 DIVISION OF KESEARCH AND STATISTICS E. A. Goldenweiser, director of division $12, 000. 00 Carl E. Parry, assistant director 8, 000. 00 Ptaff: 1 at $5,400 5, 400. 0() 1 at $5,000 5, 000. 00 2 at $4,800 9, 600. Oo 1 at $3,600 3, 600. Oo 2 at $3,200 6, 400. 00 1 at $3,160 3, 160. 00 2 at $2,600 5, 200. Oo 1 at $2,500 2, 500. Oo 1 at $2,400 2, 400. Oo 1 at $2,200 2, 200. Oo 1 at $2,100 2, 100. 00 4 at $2,000 8, 000. 00 2 at $1,900 3, 800. Oo 1 at $1,860 1, 860. 00 5 at $1,800 9, 000. 00 1 at $1,700 1, 700. 00 4 at $1,560 6, 240. 00 2 at $1,440 2, 880. 00 1 at $1,320 1, 320. 00 1 at $1,000 1,000. 00 Total 103, 360. 00 DIVISION ©F FEDERAL RESERVE ISSUE AND REDEMPTION L. G. Copeland, chief of division___ 4, 500. 00 W. J. Tucker, assistant chief 2, 820. 00 Staff: 1 at $2,400 2, 400. 00 2 at $1,860 3, 720. 00 3 at $1,800 5, 400. 00 2 at $1,620 3, 240. 00 17 at $1,500 25, 500. 00 2 at $1,380 2, 760. 00 36 at $1,200 43, 200. 00 Total 93, 540. 00 MESSENGERS 1 at $1,700 1, 700. 00 1 at $1,550 1, 550. 00 2 at $1,500 3,000. 00 9 at $1,320 11, 880. 00 1 at $1,200 1, 200. 00 1 at $1,100 1, 100. 00 1 at $1,000 1,000.00 1 at $900 900. 00 Total 22,330.00 CHARWOMEN 5 at 45 cents per hour 2, 734. 20 Grand total-.-- „ 549, 556. 95 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

234 ANNUAL REPORT OP THE FEDERAL RESERVE BOARD RECEIPTS AND DISBURSEMENTS OF THE FEDERAL RESERVE BOARD RECEIPTS AND DISBURSEMENTS OF THE FEDERAL RESERVE BOARD FOR THE YEAR 1929 Balance Jan. 1,1929: Available for general expenses of the board $85,252.83 Available for expenses chargeable to Federal reserve banks 41,786. 78 Total - $127,039.61 RECEIPTS Available for general expenses of the board: Assessments on Federal reserve banks for estimated general expenses of the board $781,644.33 Reimbursement of expenditures during 1928 _ 51.23 Subscriptions to Federal Reserve Bulletin 5,236.79 Miscellaneous receipts, refunds, and reimbursements 3,586.09 Reimbursement on account of bank examinations 1,741.53 Total receipts available for general expenses of the board $792,259. 97 Available for expenses chargeable to Federal reserve banks: Assessments on Federal reserve banks for— Cost of preparing Federal reserve notes 2,746,884.16 Expenses of leased-wire system 201,012.02 Expenses of private telephone lines 27,582.72 Miscellaneous expenses Total receipts available for expenses chargeable to Federal reserve banks 2,975,478.90 Total receipts _ _ 3, 767,738.87 Total available for disbursement 3,894,778.48 DISBURSEMENTS For general expenses of the board: Expenses for 1928 paid in 1929 $16,561.13 Expenses for 1929 (per detailed statement) $770,716.66 Less accounts unpaid Dec. 31. 1929 (estimated)... 17,236.29 753,480. 37 Miscellaneous expenses reimbursable 96.24 Refunds on account of subscriptions to Federal Reserve Bulletin 4.58 Total disbursements for general expenses of the board 770,142.32 For expenses chargeable to Federal reserve banks: Cost of preparing Federal reserve notes 2,678,327.23 Expenses of leased-wire system 205,874.35 Expenses of private telephone lines 27,582.72 Miscellaneous expenses 5,345.34 Total disbursements for expenses chargeable to Federal reserve banksT.._ 2,917,129.64 Total disbursements 3,687,271.9f- Balance Dec. 31,1929: Available for general expenses of the board, ] 930, and accounts unpaid Dec. 31,1929, after adjustment for leased-wire service 85,814.96 Available for expenses chargeable to Federal reserve banks unpaid Dec. 31, 1929, after adjustment for leased-wire service 121,691.56 Total balance , 207,506.52 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DETAILED STATEMENT OF EXPENSES OF THE FEDERAL RESERVE BOARD, 1929 B Total January Fe a b ry ru- March April May June July August Se b p e te r m- October No b v e e r m- De b c e e r m- PERSONAL SERVICES Board members and their staff $103,073.34 $8,416.65 $8,416.66 $8,583.36 $8,583.31 $8,583.33 $8,583.36 $8, 698.31 $8,648. 32$8,640.04 $8,639.97 $8,640.04 Office of the secretary.. 104,984.41 8,976.73 8,937.83 8,757. 77 8,635.07 8.641.16 8, 640. 52! 8, 714.90 8,772. 75 8,717.43 8, 745. 74 8.717.33 8,727.18 Office of general counsel 36,020.00 3,001.65 3,001.66 3,001. 69 3,001.65 3,001.66 3,001. 69j 3,001. 65 3,001. 66 3,001.69 3,001. 65 3,001. 66 3,001. 69 Office of fiscal agent.. 11,218. 33 941. 66 941.67 941. 67 941. 66 941. 67 941. 67 941.66 860. 00 941.67 941.66 941.67 941.67 Division of examination __ 92,231.95 7, 791.59 8,041.69 8,041. 72 7,691.59 7,691. 69 7,691.72J 7, 691. 59 7,691.69 7,627.84 7,737.43 7,850.02 6,683.38 Division of bank operations 70,504.60 5,702.15 5,823.34 5,916. 74 5,916. 58 6,005. 28 5,913.41| 5, 871. 02 5,866.68 5,866. 74 5,866. 58 5,878.35 5,877. 73 Division of research and statistics 108,723. 76 8,230.58 8,624.18 8,811.74 8,820.91 8,891. 68 9, 230. 841 9, 806.57 9,838. 35 9,630.91 9,383. 24 8,913.35 8,541.41 Division of issue and redemption 68,840.02i 4,068.17 4,108.33 4,130. 00 4,407.501 4.409.17 4,405.00 5,430.85 7,326. 70 7,745. 03 7,511. 71 7.668.34 7, 629.22 Messengers _ 21,605. 34 1, 785.81 1,785.84; 1, 785. 85 1,785.81 1,785. 84 1, 785. 85 1, 785. 81 1, 785.84 1,773. 36 1,838. 31 1,846.17 1,860.85 Charwomen 2, 734. 20 232. 20 207.00: 225.00 234. 00 234. 00 225.00 234.00 243.00 216.00 243.00 225.00 216.00 General 5,176.96 754.17 1,500. 00 2,922. 79 Total 625,112.91 49,901. 36 49,888.20, 50,195.54 50,018.08| 50,185.48 51,919.06 52,176. 36 54,034. 99 54,160. 71 56,832. 08 53, 681.88 52,119.17 NONPERSONAL SERVICES Transportation and subsistence: Board members and their staff 3, 252. 01 354.95 407.59 102.15 16.84 716. 02 273. 24 270. 28 436. 52 202.18 48.70 304.99 118. 55 Office of the secretary Office of general counsel.. 92.81 92.81 Division of examination 57,498.45 5,107. 28 4,110.781 5,718.31 3,809. 20 4, 586. 70 9,179. 50 6,859. 84 3, 205. 05 1,875.90 5,067. 26 4,584.47 3,394.16 Division of research and statistics 1,017.47 160.12! 80. 72 56.19 155.00 33.24 69.99 33.58 188.98 144.12 95. 53 All other divisions, including local car fare 2,847.93 140.40 40.62 297.43 361.30 269. 59 210.00 481. 36 194.15 130.13 284. 24 266.14 172. 57 Communication service: Telephone 7,529. 02 624. 39 596. 78 642. 47 582.87 589. 61 577. 75 569.96 697. 02 671.47 690.44 636. 26 650.00 Telegraph 4,634.15 331.89 279. 75? 544. 56 236.19 332.86 541. 56 285. 03 321. 31 550.00 325.00 321.00 565. 00 Postage.-. __ 712. 70 69.00 32.001 75.00 44.00 73.20 36.00 70.00 67.00 52.00 64.50 74.00 56.00 Printing, binding, etc 38, 729.44 2,864. 79 3,861. 73 6, 794. 56 2,048.40 3,192. 69 3, 204.19 2, 377.44 3,042. 95 2, 214.33 2,538. 26 3,790.10 2,800.00 Repairs 554. 78 89.31 22.50J 51.34 11. 301 49.26 50.23 9.50 58.76 92.41 24.55 24.00 71.62 Heat, light, and power. 871. 21 90.70 90. 70 90,69 90.69 39.81 38.22 38.22 38.23 87.75 87.75 87.76 Miscellaneous, unclassified 1,331.49 187.82 71.17; 95. 231 132.19 58.92 82.28 138. 58 55.01 129.06 41.49 112. 02 227. 72 Equipment rental 36.00 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 4,946.97 41.37 87.60 1,850. 35 57.14 99.35 801. 65 229.17! 209.37 379. 84 24.89 82.42 1,083.82 Equipment, furniture and office 3,060.69 486. 56 359. 34 187. 24 486. 129.00 2.76 84. 83j 91.23 13.70 13.96 579.48 626.29 Books and periodicals 2,488. 63 1,395.16 56.99 138. 76 52.00 90.93 507.81 18.00 107. 01 19.65 27.37 38.56 36.39 Rent : 16,000.00 1,333. 33 1,333. 33: 1, 333. 34 1, 333. 33 1, 333. 33 1, 333. 34 1, 333. 33 1, 333. 33 1, 333. 34 1,333. 33 1,333. 33 1,333. 34 Total 145,603. 75 13,119.95 11,514.00 18,005.15 9, 320.94 11,862.96 16,876. 36 12, 838. 53 9,859.93 7, 738.82 10, 763. 72 12, 381.6411, 321. 75 Grand total. 770, 716. 66 63,021. 31 61,402.20 68,200.69 59, 339. 02 62,048.44 >8, 795.42 65,014.89 63,894.92 61,899. 53 67, 595.80 66,063. 5263,440.92 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

236 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD SALARIES OF NATIONAL BANK EXAMINERS [As of December 31, 1929] DISTRICT NO. 1—BOSTON F. D. Williams, chief examiner $12,000 1 examiner, at $6,800; 1 examiner, at $5,000; 1 examiner, at $4,800; 1 examiner, at $4,500; 2 examiners, at $4,200; 1 examiner, at $3,900; 2 examiners, at $3,000. Total, 9 examiners 39, 400 DISTRICT NO. 2—NEW YORK 0. T. Reeves, jr., chief examiner 20, 000 1 examiner, at $6,800; 1 examiner, at $6,500; 3 examiners, at $6,000; 2'examiners, at $5,000; 1 examiner, at $4,800; 4 examiners, at $4,000; 1 examiner, at $3,900; 2 examiners, at $3,800; 1 examiner, at $3,600; 4 examiners, at $3,300; 2 examiners, at $3,000. Total, 22 examiners- _ 96, 400 DISTRICT NO. 3—PHILADELPHIA S. L. Newnham, chief examiner 15, 000 1 examiner, at $6,500; 1 examiner, at $6,000; 1 examiner, at $5,800; 1 examiner, at $5,500; 1 examiner, at $4,800; 1 examiner, at $4,500; 2 examiners, at $4,200; 1 examiner, at $4,000; 4 examiners, at $3,600; 1 examiner, at $3,000. Total, 14 examiners 62, 900 DISTRICT NO. 4—CLEVELAND William Taylor, chief examiner 9, 000 1 examiner, at $6,500; 1 examiner, at $6,000; 1 examiner, at $5,100; 2 examiners, at $4,500; 1 examiner, at $4,200; 1 examiner, at $4,000; f] 2 examiners, at $3,900; 1 examiner, at $3,600; 3 examiners, at $3,300; §|2 examiners, at $3,000. Total, 15 examiners 62, 100 DISTRICT NO. 5—RICHMOND R. W. Byers, chief examiner 10, 000 2 examiners, at $4,800; 3 examiners, at $4,500; 4 examiners, at $4,200; 1 examiner, at $3,900; 2 examiners, at $3,600; 1 examiner, at $3,000. Total, 13 examiners 54, 000 DISTRICT NO. 6-—ATLANTA E. D. Robb, chief examiner. 12, 000 1 examiner, at $6,300; 1 examiner, at $5,000; 1 examiner, at $4,700; 2 examiners, at $4,500; 1 examiner, at $4,200; 2 examiners, at $3,600. Total, 8 examiners 36, 400 DISTRICT NO. 7—CHICAGO A. P. Leyburn, chief examiner 12, 000 1 examiner, at $6,200; 1 examiner, at $6,000; 1 examiner, at $5,700; 2 examiners, at $5,000; 1 examiner, at $4,800; 1 examiner, at $4,200; 1 examiner, at $4,100; 1 examiner, at $4,000; 1 examiner, at $3,900; 2 examiners, at $3,600; 1 examiner, at $3,500; 2 examiners, at $3,300; 3 examiners, at $3,000; 3 examiners, at $2,700. Total, 21 examiners. 83, 300 DISTRICT NO. 8—ST. LOUIS J. S. Wood, chief examiner 15, 000 2 examiners, at $5,800; 1 examiner, at $5,300; 1 examiner, at $4,200; 3 examiners, at $3,900; 1 examiner, at $3,300; 2 examiners, at $3,000. Total, lOexaminers 42, 100 DISTRICT NO. 9—MINNEAPOLIS 1. D. Wright, chief examiner 10, 000 2 examiners, at $4,500; 2 examiners, as $4,200; 2 examiners, at $3,900; 1 examiner, at $3,600; 1 examiner, at $3,300; 1 examiner, at $3,000; 2 examiners, at $2,700. Total, 11 examiners 40, 500 DISTRICT NO. 10—KANSAS CITY L. K. Roberts, chief examiner 15, 000 1 examiner, at $4,800; 3 examiners, at $4,200; 1 examiner, at $4,000; 4 examiners, at $3,600; 2 examiners, at $3,300; 5 examiners, at $3,000. Total, 16examiners 57,400 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SALARIES OF NATIONAL BANK EXAMINERS 237 DISTRICT NO. 11—DALLAS R. H. Collier, chief examiner $13, 000 3 examiners, at $6,000; 1 examiner, at $5,000; 2 examiners, at $4,500; 1 examiner, at $4,400; 1 examiner, at $4,200; 1 examiner, at $3,600; 2 examiners, at $3,300; 3 examiners, at $3,000. Total, 14 examiners. _ 59, 800 DISTRICT NO. 12—SAN FRANCISCO T. E. Harris, chief examiner 15, 000 1 examiner, at $7,000; 1 examiner, at $6,500; 1 examiner, at $5,800; 3 examiners, at $5,000; 1 examiner, at $4,300; 1 examiner, at $4,200; 4 examiners, at $3,600; 6 examiners, at $3,300; 1 examiner, at $3,000; 2 examiners, at $2,700; 1 examiner, at $2,500. Total, 22 examiners-.. 87, 900 Total, 175 examiners '-- 722, 200 RECAPITULATION Examining staff, Office of Comptroller of the Currency: Assistant chief examiners, at $9,000 3 National bank examiners—• At $10,000 1 At $6,500 1 At $5,000 2 Total 7 $53, 500 Chief examiners of districts— At $20,000 1 At $15,000 4 At $13,000_ 2 At $12,000 2 At $10,000 ___ _. ___ ___ 2 At $9,000 1 Total 12 159, 000 Other examiners— At $7,000 1 At $6,800 2 At $6,500 4 At $6,300 1 At $6,200 1 At $6,000 9 At $5,800 4 At $5,700 1 At $5,500 1 At $5,300 1 At $5,100 1 At $5,000 10 At $4,800 7 At $4,700 1 At $4,500 13 At $4,400 1 At $4,300 1 At $4,200____ 19 At$4,100___ _ ... 1 At $4,000 8 At $3,900 11 At $3,800 2 At $3,600 22 At $3,500 1 At $3,300 21 At $3,000 23 At $2,700 _ _ 7 At $2,500 1 Total ~176 722, 200 Total examining staff 1 194 Total salaries .. , 934, 700 i In addition tnere are 10 national-bank examiners not receiving salaries who are acting as receivers or are Digitized foru FnaRssAigSnEedR. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

238 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD DIRECTORY OF THE FEDERAL ADVISORY COUNCIL [For the year 1929] District No. 1.—ARTHUB M. HEARD, president Amoskeag National Bank, Manchester, N. H. District No. 2.—WILLIAM C. POTTER, president Guaranty Trust Co., New York, N. Y. District No. 3.—LEVI L. RUE, chairman Philadelphia National Bank, Philadelphia, Pa. District No. 4.—HARRIS CREECH, president Cleveland Trust Co., Cleveland, Ohio. District No. 5.—JOHN POOLE, president Federal American National Bank, Washington, D. C. District No. 6.—J. P. BUTLER, Jr., president Canal Bank & Trust Co., New Orleans, La. District No. 7.—FRANK O. WETMORE, chairman First National Bank, Chicago, 111. District No. 8.—WALTER 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 BANE 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: Alfred L. Ripley Boston, Mass 1929 Edward S. Kennard Rumford, Me _ 1930 Frederick S. Chamberlain _ New Britain, Conn 1931 Class B: Philip R. Allen East Walpole, Mass 1929 A. F. Bemis _ _ Boston, Mass _ 1930 Albert C. Bowman Springfield, Vt _ 1931 Class C: Frederic H. Curtiss Boston, Mass 1929 Allen Hollis Concord, N. H 1930 Ohas. H. Manchester Providence, R. I 1931 DISTRICT NO. 2—FEDERAL RESERVE BANK OF NEW YORK GATES W. MCGARRAH, Chairman and Federal Reserve Agent. OWEN D. YOUNG, Deputy Chairman. GEO. L. HARRISON, Governor Class A: R. H. Treman Ithaca, N.Y 1929 Delmar Runkle Hoosick Falls, N. Y_. 1930 Chas. E. Mitchell New York, N.Y 1931 Class B: Theodore F. Whitmarsh. ..do. 1929 Samuel W. Reyburn* .do. 1930 Wm. H. Woodin .do. 1931 Class C: Owen D. Young do 1929 Clarence M. Woolley Greenwich, Conn. 1930 j Gates W. McGarrah New York, N. Y., 1931 i For directors elected in December, 1929, for the 3-year term beginning Jan. 1, 1930, see Federal Reserve Bulletin for January, 1930. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

239 GOVEENOKS AND DIRECTORS DISTRICT NO. 2—FEDERAL RESERVE BANK OF NEW YORK—Continued BUFFALO BRANCH R. M. O'HARA, Managing Director Term Director Residence expires Dec. 31 R. M. O'Hara Buffalo, N. Y. 1929 F. B. Cooley do 1929 Harry T. Ramsdell _ do 1929 Arthur G. Hough Batavia, N. Y_. 1930 Geo. F. Rand Buffalo, N. Y._. 1930 Qeo. G. Kleindinst do 1931 J. T. Symes. Lockport, N. Y. 1931 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: Jos. Wayne, jr . - Philadelphia, Pa 1929 Geo. W. Reily Harrisburg, Pa 1930 John C. Cosgrove -.. Hastings, Pa 1931 Class B: Arthur W. Sewall Philadelphia, Pa 1929 A. C. Dorrance _ Camden> N. J - 1930 C. F.C. Stout Philadelphia, Pa .. 1931 Class C: R. L. Austin ....do 1929 Alba B. Johnson.._ do 1930 H. L. Cannon Bridgeville, Del.. 1931 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: Robert Wardrop.. Pittsburgh, Pa.. 1929 O.N. Sams Hillsboro, Ohio.. 1930 Chess Lamberton. Franklin, Pa 1931 Class B: Geo. D. Crabbs... Cincinnati, Ohio. 1929 S. P. Bush Columbus, Ohio.. 1930 R.P.Wright Erie, Pa 1931 Class C: George DeCamp_. Cleveland, Ohio.. 1929 W. W. Knight..._ Toledo, Ohio 1930 L. B. Williams.... Cleveland, Ohio.. 1931 CINCINNATI BRANCH C. F. MCCOMBS, Managing Director C. F. McCombs.,.. Cincinnati, Ohio.. 1929 John Omwake do 1929 Charles W. DePuis. do. 1929 Geo. M. Verity Middletown, Ohio. 1930 B. H. Kroger Cincinnati, Ohio... 1930 Fred. A. Geier do 1931 E. S. Lee Covington, Ky 1931 PITTSBURGH BRANCH J. C. NEVIN, Managing Director J. C. Nevin Pittsburgh, Pa., 1929 A. L. Humphrey.. .do. 1929 Jos. R. Eisaman.. Greensburg, Pa... 1929 Jos. R. Naylor Wheeling, W. Va. 1930 R. B.Mellon Pittsburgh, Pa.... 1930 A. E. Braun do 1931 Jos. B. Shea ....do 1931 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

240 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD 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: L. E. Johnson Alderson, W. Va 1929 Chas. E. Rieman. Baltimore, Md 1930 Jas. C. Braswell.. Rocky Mount, N. C 1931 Class B: D. R. Coker Hartsville, S. C 1929 J. P. Fishburn _ Roanoke, Va... _ 1930 Edwin C. Graham Washington, D. C 1931 Class C: Wm. W. Hoxton- Richmond, Va 1929 Frederic A. Delano. Washington, D. C 1930 Robert Lassiter _ Charlotte, N. C _ 1931 BALTIMORE BRANCH ALBERT H. DUDLEY, Managing Director Albert H. Dudley Baltimore, Md 1929 Edmund P. Cohill Hancock, Md 1929 Carter G. Osburn. _ Baltimore, Md_ 1929 Norman James do 1930 Henry B. Wilcox ___ .do 1930 Wm. H. Matthai do 1931 Levi B. Phillips. Cambridge, Md. 1931 CHARLOTTE BRANCH HUGH LEACH, Managing Director Hugh Leach. Charlotte, N. C I 1929 W. J. Roddey-... Columbia, S. C. 1929 Chas. A. Cannon. Kannapolis, N. C_. 1929 Robert Gage Chester. S. C 1930 John A. Law Spartanburg, S. C_ 1930 W. H. Wood Charlotte, N. C... 1931 Jno. L.Morehead.. do 1931 DISTRICT NO. 6—FEDERAL RESERVE BANK OF ATLANTA OSCAR NEWTON, Chairman and Federal Reserve Agent. W. H. KETTIG, Deputy Chairman. E. R. BLACK, Governor. I Class A: G. G. Ware Leesburg, Fla. _ 1929 H. Lane Young _ _ Atlanta, Ga J 1930 E C Melvin Selma, Ala 1 1931 Class B: Leon C. Simon_ New Orleans, La 1929 J. A. McCrary Decatur, Ga. _ i 1930 Luke Lea Nashville, Tenn_ 1931 Class C.- Oscar Newton Atlanta, Ga ! 1929 Geo. S. Harris do__ I 1930 W. H. Kettig. Birmingham, Ala ! 1931 I NEW ORLEANS BRANCH MARCUS WALKER, Managing Director Marcus Walker | New Orleans, La... 1929 L. C. Simon.. i do 1929 F. W. Foote Hattiesburg, Miss, 1929 Albert P. Bush Mobile, Ala.. 1930 James E. Bouden, jr. I New Orleans, La__ 1930 P. H. Saunders.. do__ 1931 R. S. Hecht I do 1931 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

241 GOVERNORS AND DIRECTORS 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 1929 Oscar Wells do 1929 W. W. Crawford do__ _ 1929 E. F. Allison Bellamy, Ala_ 1930 Walter E. Henley Birmingham, Ala _ 1930 W. H. Kettig . do 1931 John H. Frye.. do__ 1931 JACKSONVILLE BRANCH W. S. MCLARIN, Jr., Managing Director W. S. McLarin, jr . Jacksonville, Fla. 1929 Fulton Saussy do 1929 Edward W. Lane.. .....do 1929 S. 0. Chase Sanford, Fla 1930 A. F. Perry.. Jacksonville, Fla.. 1930 J. C. Cooper do _. 1931 G. G. Ware Leesburg, Fla 1931 NASHVILLE BRANCH JOEL B. FORT, Jr., Managing Director Joel B. Fort, jr.. Nashville, Tenn_ 1929 P. M. Davis _ ...I do. 1929 E. A. Lindsey__ : do _ 1929 Wm. P. Ridley ! Columbia, Tenn 1930 J. E. Caldwell ! Nashville, Tenn. _ 1930 Luke Lea _ do 1931 J. B. Ramsey Knoxville, Tenn 1931 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: E. L. Johnson Waterloo, Iowa 1929 George M. Reynolds ._ Chicago, 111 _ 1930 Edward R. Estberg Waukesha, Wis 1931 Class B: Robert Mueller Decatur, Ill__ _ _ 1929 A. H. Vogel Milwaukee, Wis 1930 S. T. Crapo Detroit, Mich__ 1931 Class C: James Simpson _ Chicago, 111 1929 W. A. Heath do 1930 F. C. Ball.. Muncie, Ind _ 1931 DETROIT BRANCH WM. R. CATION, Managing Director Wm. R. Cation. Detroit, Mich 1929 N. P. Hull .. . Lansing, Mich.. 1929 Julius H. Haass _ _ Detroit, Mich... 1929 David McMorran.. _ Bay City, Mich 1930 Geo. B. Morley Saginaw, Mich _ _ 1930 James Inglis _ Detroit, Mich _ _ _. 1931 Wm. J. Gray. do 1931 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

242 \NNUAL REPORT OF THE FEDERAL RESERVE BOARD DISTRICT NO. 8—FEDERAL RESERVE BANK OF ST. LOUIS ROLLA WELLS, Chairman and Federal Reserve Agent. JOHN W. BOEHNE, Deputy Chairman. WILLIAM McC. MARTIN, Governor. Term Director Residence expires Dec. 31 Class A: John G. Lonsdale St. Louis, Mo 1929 Max B. Nahm Bowling Green, Ky 1930 John C. Martin Salem, 111 1931 Class B: Vacancy 1929 J. W. Harris St. Louis, Mo 1930 W. B. Plunkett Little Rock, Ark 1931 Class C: John W. Boehne Evansville, Ind 1929 Rolla Wells St. Louis, Mo 1930 PaulDillard _ Memphis, Tenn 1931 LOUISVILLE BRANCH W. P. KINCHELOE, Managing Director W. P. Kincheloe Louisville, Ky. 1929 Wm. Black .do. 1929 Eugene E. Hoge Frankfort, Ky.. 1929 E. H. Woods Lucas, Ky 1930 T. D. Scales Boonville, Ind.. 1930 E. L. Swearingen Louisville, Ky.. 1931 Jno. T. Reynolds Greenville, Ky.. 1931 MEMPHIS BRANCH W. H. GLASGOW, Managing Director W. H. Glasgow Memphis. Tenn.. 1929 Wm. Orgill do 1929 Jno. D. McDowell do.... 1929 E. L. Anderson Clarksdale, Miss.. 1930 R. Brinkley Snowden.. Memphis, Tenn... 1930 Jno. W. Alderson Forrest City, Ark. 1931 S. E. Ragland Memphis, Tenn... 1931 LITTLE ROCK BRANCH A. F. BAILEY, Managing Director A. F. Bailey Little Rock, Ark. 1929 G. H. Campbell.... .do_. 1929 Stuart Wilson Texarkana, Ark .. 1929 Hamp Williams.... Hot Springs, Ark. 1930 John M. Davis Little Rock, Ark.. 1930 Moorhead Wright- do 1931 Jo Nichol Pine Bluff, Ark... 1931 DISTRICT NO. %—FEDERAL RESERVE BANK OF MINNEAPOLIS JOHN R. MITCHELL, Chairman and Federal Reserve Agent. HOMER P. CLARK, Deputy Chairman. W. B. GEERY, Governor. Class A: J. C. Bassett Aberdeen, S. Dak ... 1929 Karl J. Farup Park River, N. Dak. 1930 Paul J. Leeman Minneapolis, Minn.. 1931 Class B: N. B. Holter Helena, Mont 1929 John S. Owen Eau Claire, Wis 1930 Vacancy 1931 Class C: John R. Mitchell Minneapolis, Minn 1929 Homer P. Clark St. Paul, Minn 1930 Geo. W. McCormick Menominee, Mich 1931 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOVEKNOKS AND DIRECTORS 243 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 _. ._ _ 1929 Henry Sieben .... do 1929 T A. Mariow do 1929 C. J. Kelly..: Butte, Mont 1930 Samuel McKennan Helena, Mont _ 1930 DISTRICT NO. 10-FEDERAL RESERVE BANK OF KANSAS CITY M. L. MCCLURB, Chairman and Federal Reserve Agent. WM. L. PETRIKIN, Deputy Chairman. W. J. BAILEY, Governor Class A: E. E. Mullaney Hill City, Kans 1929 C. C. Parks Denver, Colo 1930 Frank W. Sponable.. Paola, Kans 1931 Class B: L. E. Phillips Bartlesville, Okla 1929 Thos. C. Byrne Omaha, Nebr _ 1930 J. M. Bernardin Kansas City, Mo 1931 Class C: M. L. McClure do 1929 E. M. Brass Grand Island, Nebr.. 1930 Wm. L. Petrikin Denver, Colo 1931 DENVER BRANCH J. E. OLSON, Managing Director J. E. Olson . Denver, Colo 1929 R. H. Davis do 1929 Henry Swan do 1929 Merritt W. Gano. _. .. do 1930 Harold Kountze do 1930 Murdo MacKenzie.. . .. do 1931 Harry W. Farr Greeley, Colo 1931 OMAHA BRANCH L. H. EARHART, Managing Director L. H. Earhart Omaha, Nebr.. 1929 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 Wm. Diesing.... Omaha, Nebr 1931 A. H. Marble... Cheyenne, Wyo 1931 OKLAHOMA CITY BRANCH C. E. DANIEL, Managing Director C. E. Daniel Oklahoma City, Okla._ 1929 Austin Miller . . do.._ 1929 Walter Ferguson Tulsa, Okla _ 1929 J. B. Doolin Alva, Okla 1930 William Mee Oklahoma City, Okla 1930 W. F. Nichols Tulsa, Okla 1931 Ned Holman Guthrie, Okla 1931 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

244 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD 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: Howell E. Smith McKinney, Tex 1929 J. H. Frost San Antonio, Tex 1930 W. H. Patrick Clarendon, Tex 1931 Class B: J. J. Culbertson Paris, Tex _ 1929 J. R. Milam Waco, Tex 1930 A. S. Cleveland Houston, Tex 1931 Class C: Clarence E. Linz _ Dallas, Tex _ 1929 S. B. Perkins do 1930 C. C. Walsh... do .. 1931 EL PASO BRANCH W. O. FORD, Managing Director W. 0. Ford El Paso, Tex.. 1929 A. P. Coles do 1929 E. A. Cahoon. Roswell, N. Mex 1929 A. J. Crawford Carlsbad, N. Mex... 1930 Geo. D. Flory El Paso, Tex 1930 C. M. Newman. .. .... _ .. ..do 1931 E. M. Hurd do... 1931 HOUSTON BRANCH D. P. REORDAN, Managing Director D. P. Reordan Houston, Tex 1929 J. Cooke Wilson Beaumont, Tex . 1929 E. F Gossett__ Houston, Tex. 1929 E. A. Peden do 1930 Fred W. Catterall... Galveston, Tex 1930 R. M. Farrar Houston, Tex 1931 Guy M.Bryan . . . .. _ ..... . . do 1931 SAN ANTONIO BRANCH M. CRUMP, Managing Director M. Crump San Antonio, Tex 1929 Frank G. Crow... McAUen, Tex 1929 Franz C. Groos San Antonio, Tex . 1929 Jno. M. Bennett ._ do _ 1930 R. T. Hunnicutt... Del Rio, Tex 1930 Reagan Houston San Antonio, lex 1931 Ernest Steves. .do 1931 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: T. H. Ramsay Red Bluff, Calif 1929 Vernon H. Vawter _ Medford, Oreg _._ 1930 C. K. Mclntosh San Francisco, Calif. 1931 Class B: A. B. C. Dohrmann do 1929 Malcolm McNagh ten Los Angeles, Calif. _ 1930 E. H. Cox Madera, Calif 1931 Class C: Isaac B. Newton San Francisco, Calif 1929 Walton N. Moore... .. .do 1930 Wm. Sproule do 1931 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

245 GOVERNORS AND DIRECTORS DISTRICT NO. 12—FEDERAL RESERVE BANK OF SAN FRANCISCO—Continued PORTLAND BRANCH R. B. WEST, Managing Director Term Director Residence expires Dec. 31 R. B. West . . Portland, Oreg 1929 Nathan Strauss . do 1929 J. C. Ainsworth.. „ .do 1929 Edward C Pease The Dalles, Oreg.. 1930 John F. Daly Portland, Oreg 1930 SEATTLE BRANCH C. R. SHAW, Managing Director C. R. Shaw. Seattle, Wash 1929 Chas. H. Clarke _. .do 1929 M. A. Arnold * do 1929 Henry A. Rhodes Tacoma, Wash 1930 M. F. Backus Seattle, Wash 1930 SPOKANE BRANCH D. L. DAVIS, Managing Director D. L. Davis Spokane, Wash. 1929 G. I. Toevs do 1929 D. W. Twohy... ...do. 1929 Peter McGregor.. Hooper, Wash.. 1930 R. L. Rutter Spokane, Wash. 1930 SALT LAKE CITY BRANCH W. L. PARTNER, Managing Director W. L. Partner Salt Lake City, Utah, 1929 Lafayette Hanchett. .do.. 1929 Chas. H. Barton Ogden, Utah 1929 L. H. Farnsworth... Salt Lake City, Utah. 1930 G. G. Wright do 1930 LOS ANGELES BRANCH W. N. AMBROSE, Managing Director W. N. Ambrose Los Angeles, Calif. 1929 W. L. Valentine Fullerton, Calif 1929 F. J. Belcher, jr San Diego, Calif 1929 J.B.Alexander ... ... ... .. Los Angeles, Calif... 1930 Henry M. Robinson ... do 1930 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

246 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD SALARIES OF OFFICERS AND EMPLOYEES OF FEDERAL RESERVE BANKS ALL FEDERAL RESERVE BANES AND BRANCHES COMBINED Number Annual salaries Officers and employees 1929 1928 1929 1928 Officers: Chairman and Federal reserve agent 12 12 $278,000 $278,000 Governor 12 12 355,000 331,500 Other officers 241 242 2,006,350 1,924,230 Employees by departments: Banking department 8,978. 7 8,925.4 13,212,434 12,985,500 Federal reserve agents' department- 278.9 289.9 664,674 702,056 Auditing department _ 194.5 198 439, 886 443,086 Fiscal agency department 268.9 309.7 509,888 559,139 Total. 9,986 17,466,232 17,223,511 FEDERAL RESERVE BANK OF BOSTON Officers: Chairman and Federal reserve agent $20,000 $20,000 Governor 30,000 25,000 Other officers 78,750 75,000 Employees by departments: Banking department 707 650 931,050 871,360 Federal reserve agent's department.. 30 69,310 72,400 Auditing department 10 24,400 23,980 Fiscal agency department _._ 25 47,700 49,800 Total _ __ 779 725 1,201,210 1,137, 540 FEDERAL; RESERVE BANK OF NEW YORK (INCLUDING BUFFALO BRANCH) Officers: Chairman and Federal reserve agent 1 $50,000 $50,000 Governor __ 1 50,000 37,000 Other officers _ 29 426,100 412,700 Employees by departments: Banking department 2,282 2,305 3, 556,932 3, 513,571 Federal reserve agent's department.. 61 63 149,100 147,450 Auditing department 39 42 84,190 95,960 Fiscal agency department .. 35 40 74,710 77,640 Total 2,451 2,482 4,391,032 4,334,321 FEDERAL RESERVE BANK OF PHILADELPHIA Officers: \ Chairman and Federal reserve agent | 1 1 $20,000 $20,000 Governor 1 1 30,000 27,000 Other officers 10 10 93,000 92,500 Employees by departments: Banking department. j 627 623 901,106 888,106 Federal reserve agent's department ;• 31 29 70,852 71,776 Auditing department i 25 25 54, 550 53,350 Fiscal agency department j 17 21 29,646 34,454 Total I 712 710 1,199,154 1,187,186 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANK SALARIES 247 FEDERAL RESERVE BANK OF CLEVELAND (INCLUDING CINCINNATI AND PITTSBURGH BRANCHES) Number Annual salaries Officers and employees 1929 1928 1929 1928 Officers: Chairman and Federal reserve agent 1 1 $20, 000 $20,000 Governor i 1 1 30,000 30,000 Other officers I 19 19 167,800 165, 800 Employees by departments: ! Banking department J 822. 5 817 1,237,344 Federal reserve agent's department 25 28 69, 740 Auditing department ' 20. 5 22 59, 476 Fiscal agency department ! 25 30 54,140 Total- 914 918 1, 650, 920 1, 636, 500 FEDERAL RESERVE BANK OF RICHMOND (INCLUDING BALTIMORE AND CHARLOTTE BRANCHES) Officers: Chairman find Federal reserve agent Governor Other officers Employees by departments: Banking department Federal reserve agent's department.. Auditing department Fiscal agency department Total 934,270 FEDERAL RESERVE BANK OF ATLANTA (INCLUDING BIRMINGHAM, JACKSONVILLE, NASHVILLE, AND NEW ORLEANS BRANCHES AND HABANA AND SAVANNAH AGEN- CIES) Officers: Chairman and Federal reserve agent $20, 000 Governor 25, 000 Other officers 159, 280 Employees by departments: Banking department 461, 805 Federal reserve agent's department. 20, 610 Auditing department 21, 480 Fiscal agency department 16, 645 TotaL 24, 820 FEDERAL RESERVE BANK OF CHICAGO (INCLUDING DETROIT BRANCH) Officers: Chairman and Federal reserve agent $24, 000 $24,000 Governor 35, 000 35, 000 Other officers 253, 200 253, 050 Employees by departments: Banking department 1, 945, 722 1, 890, 832 Federal reserve agent's department.. 69, 620 98, 860 Auditing department __ 49, 240 45,120 Fiscal agency department 94, 900 107, 720 Total 2,471, 682 2, 454, 582 90182—30 17 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

248 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD FEDERAL RESERVE BANK OF ST. LOUIS (INCLUDING LITTLE ROCK, LOUISVILLE AND MEMPHIS BRANCH) Number Annual salaries Officers and employees 1929 1928 1929 1928 Officers: Chairman and Federal reserve agent. 1 1 $20,000 $20, 000 Governor 1 1 25, 000 25, 000 Other officers 20 20 132, 900 127, 400 F^mployees by departments: Banking department 461 465 597, 264 593, 791 Federal reserve agent's department... 15 15 4.0, 020 37, 920 Auditing department 13 13 22, 360 21,920 Fiscal agency department 21 23 36, 820 39,160 Total, 532 874, 364 865, 191 FEDERAL RESERVE BANK OF MINNEAPOLIS (INCLUDING HELENA BRANCH) Officers: Chairman and Federal reserve agent. 1 1 $20, 000 $20, 000 Governor 1 1 25, 000 22, 500 Other officers 12 13 73, 300 79, 800 Employees by departments: Banking department 241 261.7 365, 812 368, 522 Federal reserve agent's department- 11 11 24,360 21, 900 Auditing department 10 11 22,500 23, 640 Fiscal agency department 13 15.3 24, 090 25, 858 Total. 314 555, 062 562, 220 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 20 19 145, 200 124,900 Employees by departments: Banking department 536.1 516.1 784, 158 748,759 Federal reserve agent's department- 12 13 27,140 30, 800 Auditing department 17 17 36, 360 35,160 Fiscal agency department 26.9 35.9 49, 682 61,802 Total, 614 603 1, 087, 540 1, 046,421 FEDERAL RESERVE BANK OF DALLAS (INCLUDING EL PASO, HOUSTON, AND SAN ANTONIO BRANCHES) Officers: Chairman and Federal reserve agent 1 I $20, 000 $20, 000 Governor 1 j 25, 000 25, 000 Other officers 18 | 124, 500 110, 300 Employees by departments: Banking department 366 546, 000 541, 060 Federal reserve agent's department.- 15 i 37,140 40, 300 Auditing department 32, 660 31, 080 Fiscal agency department 37, 540 34,800 17 ; Total 433 822, 840 802, 540 FEDERAL RESERVE BANK OF SAN FRANCISCO (INCLUDING LOS ANGELES, PORT- LAND, SALT LAKE CITY, SEATTLE, AND SPOKANE BRANCHES) Officers: Chairman and Federal reserve agent_ 1 1 $24,000 $24, 000 Governor 1 1 30, 000 30, 000 Other officers 29 30 194, 600 192, 000 Employees by departments: B anking department 728 782 1,122,450 1,172, 640 Federal reserve agent's department- 29 27 70, 920 65, 400 Auditing department 8 7 18, 720 15, 300 Fiscal agency department 18 22 34, 830 38, 580 Total _ 814 870 1, 495, 520 1,537,920 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATE BANK MEMBERSHIP 249 STATE BANK AND TRUST COMPANY MEMBERS The following is a list of 1,119 State bank and trust company active members of the Federal reserve system on December 31, 1929, with their loans, investments, deposits, capital, and surplus: [Figures of "loans" include overdrafts and rediscounts, but exclude acceptances of other banks and bills of exchange sold with indorsement] [In thousands of dollars] Loans I m nv e e ri s t t s - de T p o o t s a i l ts Surplus DISTRICT NO. 1 CONNECTICUT Bristol—Bristol-American Bank & Trust Co 4,071 530 4,082 300 Hartford—Phoenix State Bank & Trust Co 25,315 613 31, 285 1,600 2, 400 New Britain—New Britain Trust Co 4,001 1,107 5, 585 1,000 700 South Manchester—Manchester Trust Co 1,845 86 1,802 200 100 Waterbury—Colonial Trust Co 8,051 1,688 7,189 1,000 2, 500 MAINE Ellsworth—Union Trust Co 1,843 1,564 3,470 100 100 Sanford—Sanford Trust Co._ 1,263 859 2,017 100 100 MASSACHUSETTS Arlington—Menotomy Trust Co 3,256 735 3,956 200 200 Boston— American Trust Co 21,535 3,468 27, 292 1,500 2, 000 Bank of Commerce & Trust Co 6,276 697 6,561 1,000 375 Beacon Trust Co 34, 093 2,391 35, 079 3,000 3,000 Day Trust Co 1,382 2,812 1,836 2,500 257 Exchange Trust Co 13,457 4,747 17, 053 1,500 1. 500 New England Trust Co 32,769 2,910 39, 790 1,200 2,800 Old Colony Trust Co 19,615 5,582 16, 797 5,000 5,000 State Street Trust Co_ 54,406 3,255 65, 921 3,000 3, 500 United States Trust Co 12,538 12,156 20,782 2,500 3,000 Cambridge- Harvard Trust Co 14, 689 2,855 17, 801 750 550 Inman Trust Co 3,000 666 3,640 200 150 Fall River—B. M. C. Durfee Trust Co..__ 10, 078 3,146 11,540 1,200 800 Gloucester—Gloucester Safe Deposit & Trust Co 4,475 998 5,700 200 200 Greenfield—Franklin County Trust Co 5,409 711 5,815 400 200 Lawrence—Merchants Trust Co 5,721 1,621 8,284 300 300 Lynn- Sagamore Trust Co 1,979 612 2,748 200 90 Security Trust Co 7,192 880 7,991 200 300 Newton—Newton Trust Co _ 11,332 3,571 14, 250 750 750 Norwood—Norwood Trust Co 3,475 2,350 5,535 300 300 Quincy—Quincy Trust Co 4,249 1,248 5,165 300 300 Salem—Naumkeag Trust Co 4,315 1,530 5,961 250 . 350 Waltham—Waltham Trust Co 6,987 1,393 7,888 400 I 400 Winchester—Winchester Trust Co 1,150 1,105 2,156 100 I 100 Worcester—Worcester Bank & Trust Co 23,393 11,547 32, 290 2,000 2,000 NEW HAMPSHIRE Con way—Carroll County Trust Co 320 1,313 EHODE ISLAND Providence- Columbus Exchange Bank 1, 965 1,428 3,139 200 80 Industrial Trust Co _._ 90, 484 49,444 137, 632 4,000 7,500 Ehode Island Hospital Trust Co 65, 419 38, 581 97, 420 3,000 7,000 Union Trust Co 19,454 6,895 27,150 1,000 1,000 DISTRICT NO. 2 NEW JERSEY (See also District No. 3) Asbury Park—Seacoast Trust Co 1,103 5, 635 500 500 Bayonne—Bayonne Trust Co __ 8,194 1, U28 10,014 400 (KK) Bloomfield— Bloomfield Bank & Trust Co.... 9,113 5, 395 14, 655 1, 250 N50 Community Trust Co 913 247 1, 093 100 50 Watsessing Bank _ _ 2,309 931 3,386 200 100 ogota—Bank of Bogota 966 519 1,553 100 75 Boonton—Boonton Trust Co 1,446 382 1,783 100 100 Digitized for BFRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

250 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD [In thousands of dollars] 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 JERSEY—continued Carteret—Carteret Trust Co 654 | 421 914 100 25 Cranford—Cranford Trust Co 2,492 ! 738 2, 912 200 200 Dunellen—People's Trust Co 412 | 193 629 100 50 East Orange— East Orange Trust Co 1,369 ! 230 1,603 200 50 Savings Investment & Trust Co 16, 816 6,119 22, 049 1,500 1, 800 Elizabeth- Central Home Trust Co 4, 293 755 5,173 500 250 Elizabethport Banking Co 6,367 1,475 7,457 500 500 Fort Lee—Fort Lee Trust Co 926 ; 127 1,024 100 50 Franklin—Sussex County Trust Co 1,146 j 1, 516 2,604 100 100 Glen Ridge—Glen Ridge Trust Co 2,041 ! 988 2,819 200 50 Hackensack—People's Trust & Guaranty Co 11,495 3,847 12, 293 1,000 650 Hasbrouck Heights—Bank of Hasbrouck Heights.. 624 453 1,057 75 75 Hoboken—Jefferson Trust Co 7,627 I 1,318 7,765 800 400 Jersey City- Commercial Trust Co 51,088 ! 18,128 73, 097 3,400 6,600 New Jersey Title Guarantee & Trust Co 29,570 7,569 26, 935 2,000 2,000 Linden—Linden Trust Co 1,023 361 1,395 200 50 Montclair— Bank of Montclair 4,833 1,897 6,409 500 300 Montclair Trust Co 9,880 3,174 12, 601 1,250 750 Morristown—Morristown Trust Co 6,362 5,575 10,744 1,000 750 Newark- Clinton Trust Co __. 6,495 2,184 8,327 700 1,000 Colonial Trust Co 1,424 403 1,610 300 150 Columbus Trust Co 1,079 301 1,327 400 200 Federal Trust Co 28,291 6,648 38, 410 3,900 2,700 Fidelity Union Trust Co 77,159 45, 519 126. 267 6,000 6,000 Franklin-Washington Trust Co 10, 092 1,343 12,162 1,200 500 Merchants & Newark Trust Co 21,177 5, 532 24, 498 2,500 2,500 United States Trust Co 3,386 967 2,852 1,200 820 Nutley—Bank of Nutley 2,340 604 2,846 200 125 Orange—Trust Company of Orange 1, 767 808 1,717 700 250 Palisades Park—Morsemere Trust Co 279 132 419 100 25 Passaic—Peoples Bank & Trust Co 7,014 1,931 8,508 600 900 Paterson—-Hamilton Trust Co 7, 843 3,412 11,730 750 750 Perth Amboy— Perth Amboy Trust Co 5, 452 2,430 9, 550 300 500 Raritan Trust Co 1,555 238 1,807 200 150 Plainfield— Guaranty Trust Co 1,129 269 1, 348 250 50 Mid-City Trust Co 1,279 396 1,502 200 80 Plainfield Trust Co 15, 822 3,592 19, 449 650 1,000 Rahway—Rahway Trust Co 1,125 578 1,449 200 100 Ridgefield Park— Overpeck Trust Co 1,155 264 1,428 - 150 50 Ridgefield Park Trust Co 1,797 672 2,513 100 150 RochellePark—Rochelle Park Bank 57 164 179 50 20 Rutherford—Rutherford Trust Co 2,948 818 3,164 250 550 South Orange—South Orange Trust Co 1,042 600 1,418 225 113 Union City—Hudson Trust Co 14, 547 17, 563 31, 353 1,000 3,000 Westfield— Peoples Bank & Trust Co 4,268 640 4,786 200 300 Westfield Trust Co 4,038 763 4, 731 300 200 West Orange—West Orange Trust Co 864 317 963 250 75 Westwood—Westwood Trust Co 1,204 323 1,361 200 125 NEW YORK Adams—Citizens Trust Co 1,387 266 1,559 150 /5 Albany—First Trust Co. of Albany 20,070 9,220 34,169 1,000 1,000 Albion—Orleans County Trust Co \ 685 368 924 100 100 Amsterdam—Montgomery County Trust Co j 3,808 2,058 4,833 200 500 Avoca—Bank of Avoca ' 267 409 606 50 50 Batavia—Genesee Trust Co 1,800 770 2,547 100 100 Belmont—State Bank of Belmont - 432 126 507 50 50 Binghamton—Peoples Trust Co 8, 627 2,493 10, 226 500 500 Blasdell—Bank of Blasdell 303 26 315 30 11 Brooklyn— Brooklyn Trust Co j 81,604 35, 586 122, 657 8,000 18,000 Globe Bank & Trust Co 8,485 1, 629 10,429 1,250 700 Midwood Trust Co 8,480 1,235 10,489 1,000 450 Buffalo— I Liberty Bank of Buffalo 76,377 j 22,717 90,743 5,500 10, 000 M. & T. Trust Co i 98,360 | 28,484 121,885 6,000 20, 000 Marine Trust Co 210,619 | 35, 285 250, 676 10,000 10,000 Canisteo—First State Bank ; 439 ! 128 503 50 34 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATE BANK MEMBERSHIP 251 {In thousands of dollars] Invest- Total Loans ments deposits Surplus DISTRICT NO. 2—Continued NEW YORK—continued Chatham—State Bank of Chatham 1,221 1,555 2,644 100 100 Cohocton—Cohoeton State Bank 417 100 539 50 25 Depew—Bank of Depew 829 955 1,522 100 100 Dunkirk—Dunkirk Trust Co 2,293 650 2,723 250 125 East Aurora—Bank of East Aurora 2, 622 619 3,009 175 75 Elmira—Chemung Canal Trust Co 8,014 5,256 11,413 800 1,700 Endicott— State Bank of Endicott 3,097 1, 232 4, 061 100 100 Union Trust Co 816 987 1,647 100 100 Farmingdale—Bank of Farmingdale 741 396 1,130 75 65 Floral Park—Floral Park Bank 1,923 880 2,743 100 50 Fredonia—Citizens Trust Co 1,322 974 2,109 200 150 Geneva—Geneva Trust Co 3,284 1,424 4,745 250 200 Glovers ville—Trust Co. of Fulton County 2,217 430 1,965 350 250 Hamburg—Peoples Bank of Hamburg 1,796 794 2,524 100 170 Hammondsport—Bank of Hammondsport 709 472 999 50 100 Hicksville—Bank of Hicksville 2,291 869 3,042 100 250 Ithaca—Ithaca Trust Co 5,306 2,701 7,888 400 400 Johnson City—Workers Trust Co 2,564 2,453 4,651 200 200 Katonah—Northern Westchester Bank 675 816 1,445 100 50 Kingston—Kingston Trust Co 5,484 3,473 8,347 250 650 Lackawanna—American Bank of Lackawanna 871 892 1,752 100 70 Little Falls—Herkimer County Trust Co 2,980 2,920 5,051 350 350 Lowville—Lewis County Trust Co 1,462 1,205 2,726 200 100 Malone—Peoples Trust Co 3,183 1,137 3,917 300 200 Mayville—State Bank of Mayville 653 1,165 50 100 Middleport—Community Trust Co 455 237 569 100 25 Millbrook—Bank of Millbrook 1,152 1,222 2,224 100 50 Mineola—Nassau County Trust Co 3,228 2,004 5,032 300 150 Mount Kisco—Trust Co. of Northern Westchester._. 956 120 1,005 100 25 Mount Vernon— Fleetwood Bank 506 101 419 200 100 New York— Amalgamated Bank 5,956 4,457 10,369 650 350 American Trust Co 41,007 12, 771 5,000 5,000 American Union Bank 11,667 1,388 13,649 2,000 1,000 Bankers Trust Co 418,803 136,203 559,995 25,000 50,000 Bank of Europe Trust Co 8,758 7,404 15, 590 1,000 500 Bank of Manhattan Trust Co 210,421 54,233 396,847 22,250 30,000 Bank of New York & Trust Co 55,981 24,439 126, 531 6,000 8,000 Bank of United States 198,039 22, 088 225, 813 25,250 10,000 Bank of Yorktown 6,517 615 6,669 1,500 750 Central Hanover Bank & Trust Co 353, 571 127, 830 598,326 21,000 60,000 Chemical Bank & Trust Co 207,977 31,068 337, 472 15,000 15,000 City Bank Farmers Trust Co 4, 869 15, 961 50,404 10,000 10,000 Continental Bank & Trust Co 23,069 2,943 29, 771 6,000 10,000 Corn Exchange Bank Trust Co 124,147 72, 576 251,777 12,100 14, 300 Equitable Trust Co 461, 433 60, 507 633,497 50,000 55,000 Federation Bank & Trust Co 13,424 4,182 17,461 750 750 Fidelity Trust Co 36,881 13, 577 53,325 6,000 4,000 Fifth Avenue Bank 22,891 3,855 29,266 500 2,000 Fulton Trust Co 13,680 4,858 16, 949 2,000 2,000 Guaranty Trust Co 815,850 242, 3891,145, 970 90,000 170,000 International Germanic Trust Co 15, 314 3,132 15, 655 3,200 5,000 International-Madison Bank & Trust Co 8,475 2,220 9,653 1,750 1,450 Interstate Trust Co 35,192 11,319 60,082 7,189 2,500 Irving Trust Co 417, 596 653, 339 50,000 65,000 Manufacturers Trust Co 315,408 78,120 385, 666 27, 500 27, 500 Merchants Bank 1,473 435 1,703 400 150 Murray Hill Trust Co 10,020 1,326 9,548 2,000 1,500 New York Trust Co 180, 698 41,022 305, 928 12, 500 25,000 Pacific Trust Co 20,138 2,509 20,456 8,000 7,100 Plaza Trust Co 5,483 578 3,956 2,000 1,000 J. Henry Schroder Trust Co 1,761 617 1,627 700 350 Times Square Trust Co 4,915 1,717 4,115 2,000 500 Trade Bank of New York 5,165 1,122 5,733 660 490 United States Trust Co 64,306 19,347 71,814 2,000 20,000 Niagara Falls—Power City Bank 13,353 4,888 18, 331 1,000 1,000 Nyack—Rockland County Trust Co 2,938 776 3,753 200 200 Olean— Olean Trust Co 1,042 438 1,352 100 65 Oneida—Madison County Trust & Deposit Co, 1,732 1, 550 3,429 200 120 Orchard Park—Bank of Orchard Park 822 466 1,130 60 60 Oriskany Falls—First Trust & Deposit Co 556 576 937 100 50 Pearl River—State Bank of Pearl River 212 164 376 100 25 Perry—Citizens Bank , 872 343 1,169 50 100 Pleasantville—Mount Pleasant Bank & Trust Co__. 2,996 514 3,225 200 100 Port Chester—Mutual Trust Co. of Westchester County 4,299 603 4,401 300 200 Rochester—Lincoln-Alliance Bank & Trust Co 45,433 7,778 61, 374 2,000 3,000 Rome—Rome Trust Co.__ _ -. 4,171 2,132 6,145 300 300 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

252 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD [In thousands of dollars] Invest- Total ments deposits Capital Surplus DISTRICT NO. 2—Continued NEW YORK—continued Scarsdale—Caleb Heathcote Trust Co 429 894 200 200 Schenectady—Schenectady Trust Co 13,930 5,303 19,316 750 1,000 Smithtown Branch—Bank of Smithtown 797 488 1,274 50 50 Spring Valley—Ramapo Trust Co 1,151 355 1,215 200 65 Stony Brook—Bank of Suffolk County 622 161 788 50 25 Syracuse- First Trust & Deposit Co 82,204 14,125 91,950 5,400 5,400 Syracuse Trust Co 26,282 15,925 37, 111 ' 2, 500 2,750 Utica— Citizens Trust Co 14,525 5,102 18,840 1,250 1,250 First Bank & Trust Co. of Utica 19,922 6,625 21, 337 1,500 1, 500 Utica Trust & Deposit Co 14,201 3,864 14,799 1,000 500 Warsaw—Trust Co. of Wyoming County 693 454 1,043 100 50 Watertown—Northern New York Trust Co 9,262 2,195 11,111 400 400 Westbury—Bank of Westbury 1,241 709 1,920 100 50 White Plains—County Trust Co 9,881 1,654 10, 513 500 1, 500 Williamsville—Amherst Bank __.. 854 1,004 1,614 100 30 DISTRICT NO. 3 DELAWARE Wilmington— Equitable Trust Co 11, 056 1,258 10,423 1,500 2,100 Security Trust Co 7,657 2,754 8,595 1,000 1,100 Wilmington Trust Co 32,001 2,790 24,248 4,000 9,500 NEW JERSEY (See also District No. 2) Atlantic City- Atlantic Safe Deposit & Trust Co 4,962 1,698 6,082 300 600 Equitable Trust Co 3,123 1,019 3,903 200 400 Burlington—Burlington City Loan & Trust Co 1,022 1,344 2,101 100 300 Camden—Camden Safe Deposit & Trust Co 15,899 10, 244 23, 940 1,200 3,600 Hightstown—Hightstown Trust Co 887 208 963 100 50 Princeton—Princeton Bank & Trust Co 3,495 864 3,724 300 300 Riverside—Riverside Trust Co 1,400 228 1,923 100 185 Swedesboro—Swedesboro Trust Co 635 289 861 100 60 Wildwood—Wildwood Title & Trust Co__ 536 1,099 100 150 PENNSYLVANIA (See also District No. 4) Allentown— Dime Savings & Trust Co__ 2,001 560 2,082 500 450 Liberty Trust Co 1,794 1,079 1,480 652 805 Penn Trust Co 2,657 608 2,975 400 500 Auburn—Bank of Auburn 120 I 638 708 50 50 Bloomsburg—Bloomsburg Bank-Columbia Trust Co 1,905 969 2,740 375 125 Carlisle—Carlisle Trust Co 2,718 739 2,097 250 250 Chester—Cambridge Trust Co 5,813 2,411 5,936 750 1,350 Danville—Montour County Trust Co 278 333 546 125 35 Du Bois—Union Banking & Trust Co 1,511 1,109 2,085 250 600 Easton—Easton Trust Co - 6,254 2,093 7,475 250 1,100 East Petersburg—East Petersburg State Bank 183 69 180 50 25 Egypt—Farmers Bank of Egypt 500 268 657 60 75 Frackville—Peoples Trust Co 341 238 537 125 65 Glenside— Glenside Bank & Trust Co 2,736 442 3,054 300 200 Harrisburg— Central Trust Co --- 6,275 1,391 3,740 400 800 Dauphin Deposit Trust Co 3,355 1.204 4,886 300 600 Hazleton— American Bank & Trust Co 3,469 1,702 5,273 400 500 Markle Banking & Trust Co... 5,329 2,999 6,740 600 1,500 Peoples Savings & Trust Co 2,463 2,095 4,332 250 500 Honesdale—Wayne County Savings Bank — 2,152 3,028 4,060 250 1,000 Houtzdale—Houtzdale Trust Co 352 622 752 125 100 Huntingdon—Grange Trust Co 688 401 1,001 125 85 Jenkintown—Jenkintown Bank & Trust Co 6,159 4, 629 8,540 375 2,000 Kulpmont— Dime Deposit Bank & Trust Co 580 276 708 125 125 Lansdale—Lansdale Title & Trust Co._ _- 450 271 656 125 33 Lemoyne—Lemoyne Trust Co 2,658 472 1,136 200 200 Lewistown—Lewistown Trust Co 830 211 720 125 75 Lock Haven—Lock Haven Trust Co 1,948 967 2,529 250 500 Luzerne—Merchants & Miners State Bank 280 80 397 50 12 Lykens—Miners Deposit Bank & Trust Co _. 792 700 1,289 135 135 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

253 STATE BANK MEMBERSHIP [In thousands of dollars] Loans I m n e v n es t t s - de T p o o t s a i l ts Capita] Surplus DISTRICT NO. 3—Continued PENNSYLVANIA—continued Mahanoy City—Merchants Banking Trust Co 1,203 1,502 200 250 Middletown—Citizens Bank & Trust Co 616 699 125 125 Mount Carmel—Liberty State Bank & Trust Co 851 669 1,250 150 200 Myerstown—Myerstown Trust Co 699 412 808 125 140 Nanticoke— Miners Trust Co 1,957 1, 262 2,496 300 750 Peoples Savings & Trust Co 386 562 889 180 36 New Oxford—Farmers & Merchants Bank 497 439 803 50 100 Norristown— Montgomery Trust Co 4,123 2,763 6,076 1,000 1,000 Norristown-Penn Trust Co 6,649 3,790 8,757 1.250 1,500 Olyphant— Miners Savings Bank 1,832 2,320 3,645 350 350 Olyphant Bank__ 1,514 1,498 2,835 100 300 Orrstown—Orrstown Bank 265 62 266 35 52 Paoli—Paoli Bank & Trust Co 413 261 594 125 75 Philadelphia- Colonial Trust Co 32, 562 8,343 38, 071 4.000 7,000 Fidelity Philadelphia Trust Co..._ 58,847 35, 359 81,129 6,700 21,000 Girard Trust Co 36, 231 36,942 61.846 4,000 16,000 Integrity Trust Co 49, 763 10,316 50,851 2,078 11, 500 Ninth Bank & Trust Co 20,404 8,366 26,499 1,375 2,700 Northeast—Tacony Bank & Trust Co 1,339 677 1,758 250 150 Pennsylvania Co. for Insurance on Lives, etc 131, 973 20, 551 158, 699 6,500 27, 500 Provident Trust Co 22,857 20,253 25,210 3,200 12, 260 Port Carbon—Port Carbon State Bank 163 300 443 50 25 Prospect Park—Interboro Bank & Trust Co 746 323 872 125 88 Quakertown—Quakertown Trust Co 656 716 1,142 125 275 Reading- Berks County Trust Co 6,192 2,023 6,098 1,000 1.250 Northeastern Trust Co 3,124 824 2,998 600 465 Schnecksville—Schnecksville State Bank 52 128 179 25 10 Schuylkill Haven—Schuylkill Haven Trust Co 1,326 1,030 2,104 125 300 Scranton—Dime Bank-Lincoln Trust Co 14,148 3,794 15, 643 1,500 1,750 Shamokin— Dime Trust & Safe Deposit Co 1,357 675 1,832 125 300 Shaomokin Banking & Trust Co 754 580 1,182 125 125 Steelton—Steelton Bank & Trust Co 1,303 1,202 2,169 350 350 Tamaqua-—Peoples Trust Co 1,000 535 1,223 150 Temple—Temple State Bank 167 212 321 75 Wilkes-Barre— Dime Bank Title & Trust Co 660 3,252 500 1,000 Union Savings Bank & Trust Co 1,518 950 1, 936 500 375 Wilkes-Barre Deposit & Savings Bank 3,707 2,603 5,263 499 1, 693 Williamsport— Lycoming Trust Co 9,088 2,758 10, 772 2,000 500 Susquehanna Trust Co 5,834 1,073 4,251 500 700 Williamstown—Williams Valley Bank 549 335 835 50 Wyomissing—Peoples Trust Co 3,917 1,122 3, 691 500 400 York- Guardian Trust Co 2,575 1,500 3,608 500 650 North York State Bank 191 206 367 40 20 York Trust Co 6,770 1,641 6, 983 750 1,500 DISTRICT NO. 4 KENTUCKY (See also District No. 8) Lexington—Security Trust Co 1,938 1,014 2,832 500 150 Richmond-State Bank & Trust Co 1,032 38 990 150 55 OHIO Akron— Central Depositors Bank & Trust Co_-. 27,493 2,948 28,423 2, 750 2,250 Firestone Park Trust & Savings Bank.. 4,340 2,047 6,975 200 200 First-City Trust & Savings Bank 35, 695 6, 966 39, 996 3,500 3,000 Alliance—City Savings Bank & Trust Co.. 3,002 874 4,060 250 125 Apple Creek—Apple Creek Banking Co 170 82 257 25 20 Atwater—Atwater Savings Bank 206 76 298 25 8 Barberton—Peoples Savings & Banking Co 1,712 313 2, 283 100 85 Belleyue—Wright Banking Co 737 348 1,099 50 50 Bowling Green—State Bank 583 159 619 100 23 Canton—Dime Savings Bank Co 5,896 3,741 10, 289 500 250 Chagrin Falls—Chagrin Falls Banking Co.. 2,175 943 3,041 100 200 Cincinnati— Bank of Commerce & Trust Co 5, 332 1,134 6,768 1,000 37S Brighton Bank & Trust Co 10,217 2,572 14, 682 .r>00 250 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

254 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. 4—Continued OHIO—continued Cincinnati—Continued. Central Trust Co 29, 343 7, 512 33, 780 4,000 3, 650 Fifth Third Union Trust Co 54,007 23, 252 77, 762 5,000 5,000 Pearl-Market Bank & Trust Co 9, 211 2,481 10,802 600 700 Provident Savings Bank & Trust Co j 21,851 5, 896 30, 777 1,700 2,000 Western Bank & Trust Co 12, 727 3,137 15, 676 1,000 1, 000 Cleveland- Cleveland Trust Co 246,087 36, 890 298, 228 13, 800 9,200 Guardian Trust Co 112,446 38, 393 147, 201 7,000 9,000 Midland Bank 25,234 10,149 34, 897 4,000 2,000 Union Trust Co i 204,909 58, 836 289, 522 22,850 12,150 Colurnbiana—Union Banking Co 511 217 680 50 60 Columbus—First-Citizens Trust Co 21, 278 8,058 35,470 2,500 1, 500 Conneaut— Citizens Banking & Trust Co 644 314 1,106 125 21 Conneaut Mutual Loan & Trust Co ! 1, 532 1,155 2,786 125 125 Danville—Commercial & Savings Bank Co 345 34 326 25 35 Delphos— Peoples Bank 418 170 633 50 25 Delta—Peoples Savings Bank Co 448 228 647 25 43 Geneva—Geneva Savings Bank Co 973 449 1,510 100 125 Gibsonburg— Gibsonburg Banking Co 573 152 742 50 29 Home Banking Co 522 159 716 25 25 Hillsboro—Hillsboro Bank & Savings Co 345 142 461 50 50 Hubbard—Hubbard Banking Co 688 140 908 50 50 Lyons—Farmers State Bank 239 16 239 25 6 Mansfield—Farmers Savings & Trust Co 2,051 699 2,835 225 I 283 Massillon—Ohio-Merchants Trust Co 4,345 1,171 5,453 1,000 287 McCutchenville—Farmers Bank 130 8 104 30 4 Middlefield—Middlefield Banking Co 399 56 513 25 30 Middletown—American Trust & Savings Bank 1,851 638 2,468 150 78 Minerva— Minerva Banking Co 528 175 646 50 28 Minerva Savings & Trust Co I 895 308 1,240 125 50 Minster—Minster State Bank I 403 34 485 25 50 Napoleon—Napoleon State Bank | 1,568 205 1,557 100 50 Newark— I Newark Trust Co | 4,112 245 4,137 200 200 Union Trust Co | 4,949 1,293 6,653 300 66 New Philadelphia— i Merchants State Bank ! 619 92 671 150 52 Ohio Savings & Trust Co i 1,216 524 1,590 150 150 Newton Falls—First State Bank | 1,508 310 1,891 125 65 Orryille—Orrville Savings Bank j 561 217 779 50 52 Peninsula—Peninsula Banking Co [ 214 91 203 50 12 Pomeroy—Farmers Bank & Savings Co J 332 308 656 50 28 Portsmouth—Security Bank j 2,242 403 2,282 300 200 Rittman—Rittman Savings Bank i 533 144 682 60 25 St. Clairsville—Dollar Savings Bank Co j 435 170 516 50 40 St. Marys— j American State Bank ! 351 97 448 50 25 Home Banking Co 822 407 1,219 100 40 Shelby—Citizens Bank 810 495 1,342 100 60 Shiloh—Shiloh Savings Bank Co 29, 44 305 25 40 Steubenville— Steubenville Bank & Trust Co 3,352 897 3, 971 650 244 Union Savings Bank <fe Trust Co 3, 566 796 3, 855 350 350 Toledo- Commerce Guardian Trust & Savings Bank 23,490 3, 741 27, 258 1,400 1,100 Toledo Trust Co 30,365 ] 6, 826 44, 420 5, 000 3,000 Upper San dusky—Citizens Savings Bank 174 643 50 50 Vermilion—Erie County Banking Co 515 150 738 50 25 Wakeman—Wakeman Bank Co 26' 67 340 25 15 Warren—Union Savings & Trust Co 4, 535 953 5, 408 600 250 Wellington—First Wellington Bank 1,100 115 1,092 100 100 Wooster—Commercial Banking & Trust Co 022 263 779 150 63 Youngstown— City Trust & Savings Bank 15,231 1,105 16, 226 1,000 1,150 Dollar Savings & Trust Co 21,79" 1,205 22, 501 2, 500 1,250 PENNSYLVANIA \ (See also District No. 3) i Aliquippa—Woodlawn Trust Co 1,733 556 2,102 125 200 Am bridge—Ainbridge Savings & Trust Co 2,077 2,494 3,932 125 250 Beaver—Beaver Trust Co _.. 1,446 497 1,426 300 200 Beaver Falls—Federal Title & Trust Co.. J 1,281 250 1,433 200 50 Butler—Guaranty Trust Co _._; 2,762 1,639 4,045 500 600 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATE BANK MEMBERSHIP 255 [In thousands of dollars] I m nv e e n s ts t- de T p o o t s a i l ts CaPital Surplus DISTRICT NO. 4—Continued PENNSYLVANIA—continued East Pittsburgh—East Pittsburgh Savings Co 2,408 5,446 200 400 Erie—Security-Peoples Trust Co 2,484 13, 073 300 900 Greensburg— Merchants Trust Co 1,124 2,936 300 325 Union Trust Co 366 2,802 400 100 Meadville—Crawford County Trust Co 879 2,655 200 100 New Brighton—Beaver County Trust Co 303 1,007 400 250 New Castle—Lawrence Savings & Trust Co 1,701 4,327 300 500 Paint Borough—Merchants & Miners Bank 249 30 40 Pittsburgh- Allegheny Trust Co 4,106 3,805 6,825 700 1,000 City Deposit Bank & Trust Co__. 13, 616 4,275 16, 999 1,000 1,000 Colonial Trust Co 18, 262 8,166 25, 263 2,600 3,000 Commonwealth Trust Co 11, 722 4,416 13, 570 1,500 1,700 Oakland Savings & Trust Co 4,088 2,043 6,042 300 500 Peoples-Pittsburgh Trust Co 38, 670 27,122 56,159 5,125 14, 000 Potter Title & Trust Co 6,071 3,269 8,801 500 800 Union Trust Co 118, 061 72,106 150, 719 1,500 58, 500 Washington—First Bank & Trust Co. 5,404 928 5,497 600 600 Windber—Windber Trust Co 1,803 1,783 2,871 250 550 WEST VIRGINIA (See also District No. 5) Sistersyille—First-Tyler Bank & Trust Co. 1,917 99 1,879 200 100 Wheeling—• Security Trust Co 3,135 1,307 3,618 300 300 Wheeling Bank & Trust Co 6,482 953 7,840 500 500 DISTRICT NO. 5 MARYLAND Baltimore- Baltimore Commercial Bank 8,245 2, 696 12, 882 1,000 350 Baltimore Trust Co 55, 607 14, 856 76, 843 6, 250 4, 250 Maryland Trust Co 7,017 2,320 11, 241 1,000 750 Forest Hill—Forest Hill State Bank 253 107 326 25 25 Salisbury—Farmers & Merchants Bank. 1,244 143 1,372 100 100 NORTH CAROLINA Charlotte— American Trust Co 12, 036 1,543 18, 86S 1,200 Independence Trust Co 6,397 1, 019 7,798 1,000 500 Edenton—Bank of Edenton 1,003 36 696 100 100 Tarboro—Farmers Banking & Trust Co 730 150 810 100 75 Washington—Bank of Washington 780 86 973 100 91 Winston-Salem—Wachovia Bank & Trust Co_. 29, 268 7,968 45, 094 2,500 2,000 SOUTH CAROLINA Bishopville—Peoples Bank 118 43 194 25 Charleston—Carolina Savings Bank 1,587 1,711 3,151 200 150 Chester—Commercial Bank 615 237 995 100 100 Darlington—Bank of Darlington (Inc.).. 557 80 676 100 Florence—Commercial & Savings Bank- 813 858 1,826 125 50 Hartsville—Bank of Hartsville 678 92 961 75 43 Westminister—Westminister Bank 353 41 493 50 Woodruff—Bank of Woodruff 329 27 342 78 Blackstone—Citizens Bank & Trust Co 703 88 766 100 70 Chase City—Peoples Bank & Trust Co 609 10 566 100 50 Galax—Peoples State Bank (Inc.) 506 3 438 50 3 Kenbridge—Bank of Lunenburg (Inc.) 614 101 672 65 110 Petersburg—Petersburg Savings & American Trust Co. 3,331 933 3,215 750 250 Richmond- American Bank & Trust Co 15, 359 4,386 16,825 3, 500 1.000 Bank of Commerce & Trusts 4,393 661 4, 668 500 '500 Broadway Bank & Trust Co 1,341 510 2,113 300 30 Savings Bank & Trust Co 2,160 36 1,704 200 400 State—Planters Bank & Trust Co. 24, 398 6,935 30, 644 2, 500 1,500 Union Bank & Federal Trust Co.. 3, 697 671 3, 379 750 .500 itural Retreat -Peoples Bank 12 155 7 Victoria—Bank of Victoria (Inc.).-.__-. 30 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

256 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD [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 WEST VIRGINIA (See also District No. 4) Berwind—Berwind Bank 1,015 245 1,411 100 100 Charleston— Kanawha Banking & Trust Co 2,914 770 3,306 500 250 Kanawha Valley Bank 7,620 2,676 11, 503 1,000 1,200 Franklin- Farmers Bank of Pendleton 610 3 636 50 30 Franklin Bank 312 4 308 40 20 Graf ton—Graf ton Banking & Trust Co 708 146 943 100 30 Harper's Ferry—Bank of Harper's Ferry... 136 53 197 25 6 Hurricane—Putnam County Bank 457 23 466 50 20 Martinsburg—Peoples Trust Co 2,134 137 2,544 250 150 Moorefield—Hardy County Bank 138 2 116 50 3 Petersburg—Potomac Valley Bank 245 9 219 50 8 St. Marys—Pleasants County Bank 417 29 354 75 30 Salem—Merchants & Producers Bank 337 3 296 50 4 DISTRICT NO. 6 ALABAMA Birmingham— Birmingham Trust & Savings Co 14,407 1,041 18, 515 1,000 1, 200 Southern Bank & Trust Co. 2,175 51 1,677 500 55 Clayton—Bank of Commerce 198 18 234 50 30 Guin—Marion County Banking Co 267 33 391 25 50 Hartselle—Farmers & Merchants Bank.. 428 2 411 50 11 Marion—Marion Central Bank 451 119 556 50 100 Monroeville—Monroe County Bank 486 173 736 100 50 Orrville—Orrville Bank & Trust Co 103 1 50 35 1 Roanoke— Merchants & Farmers Bank 451 3 457 75 15 Roanoke Banking Company 848 212 822 200 100 Selma—Peoples Bank & Trust Co 1,082 37 931 100 100 Wetumpka—Bank of Wetumpka 96 12 384 25 15 FLORIDA Leesburg—Leesburg State Bank & Trust Co_ 558 472 1,008 100 Marianna—-Citizens State Bank 155 257 30 Tallahassee—Exchange Bank 334 145 516 50 50 Winter Park—Bank of Winter Park 260 182 480 20 GEORGIA Atlanta— Georgia Savings Bank & Trust Co 3,086 1,580 4,185 500 500 Trust Company of Georgia 5,075 1,712 5,341 2,000 2,000 Bainbridge—Citizens Bank & Trust Co 650 23 782 100 20 Brunswick—Brunswick Bank & Trust Co_. 1,103 359 1,441 230 115 Carrollton—Peoples Bank 315 103 633 60 12 Claxton—Citizens Bank 114 17 158 30 6 Commerce—Northeastern Banking Co 337 148 424 100 65 Cordele—Exchange Bank 563 6 596 100 100 Dawson—Bank of Dawson 352 15 270 100 50 Eastman— Bank of Eastman. 282 254 60 Citizens Banking Company 209 24 180 100 Eatonton—Farmers & Merchants Bank 44 1 72 25 Forsyth—Monroe County Bank 160 11 212 25 Gray-mount—Bank of Graymont 32 1 31 25 Greenville—Greenville Banking Co 389 17 371 95 36 Jackson—Jackson Banking Co 156 58 136 100 20 Jefferson—Citizens Bank & Trust Co 209 39 168 95 17 La Grange—La Grange Banking & Trust Co 1,759 162 1,591 250 340 Lawrenceville—Brand Banking Co 340 102 843 50 50 Lincolnton—Farmers State Bank 160 24 210 25 15 Macon—Continental Trust Co 3,296 372 4,177 350 150 McDonough—Farmers & Merchants Bank (Oct. 4 report) 129 27 99 10 JVIelter--BLink of Gaudier County 215 10 232 25 Millen—Bauk of Millen 230 13 455 50 Monroe- Bank of Monroe 410 103 539 150 75 Farmers Bank 354 177 568 100 30 Pelham—Farmers Bank 350 34 370 100 50 Portal—Bank of Portal 59 2 38 25 Reynolds—Citizens State Bank __ 63 1 56 25 Rhine—Rhine Banking Co 49 1 98 25 6 Sasser—Bank of Sasser 86 2 25 33 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

257 STATE BANK MEMBERSHIP [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. 6—Continued GEORGIA—continued Savannah— Citizens Bank & Trust Co 1,275 22 1,047 300 75 Liberty Bank & Trust Co 3, 951 844 4,208 300 350 Savannah Bank & Trust Co__. 3,176 65 2,742 700 200 Soperton—Bank of Soperton 230 16 314 25 25 Statesboro—Bank of Statesboro 528 122 624 100 75 Swainsboro—Central Bank 85 1 141 25 15 Wadley—Bank of Wadley 77 2 77 25 25 Winterville—Pittard Banking Co. 21 12 25 1 LOUISIANA (See also District No. 11) New Orleans— Algiers Trust & Savings Bank 1,073 700 1,768 200 55 American Bank & Trust Co 9,137 2,141 11, 690 1,000 500 Canal Bank & Trust Co 70,898 19, 522 96, 567 6,000 3, 000 Hibernia Bank & Trust Co 36,184 12,017 51, 661 2,500 3,000 Interstate Trust & Banking Co 9,888 1,969 12, 034 750 1,150 New Orleans Bank & Trust Co 8,719 2,473 9,790 1,200 300 Opelousas—Parish Bank & Trust Co 442 20 607 50 15 DISTRICT NO. 7 ILLINOIS (See also District No. 8) Argenta—Gerber State Bank 200 18 214 25 11 Auburn—Auburn State Bank 436 101 574 50 21 Barrington—First State Bank 685 112 828 50 50 Chicago— Adams State Bank 1,231 985 2,423 200 75 Capital State Savings Bank 2,515 1,342 3,960 400 100 Central Trust Co _ 113,142 23,371 149,009 12,000 8,000 Continental Illinois Bank & Trust Co 677, 376 170, 788 841, 294 75,000 65,000 Depositors State Bank. 3,233 2,004 5,659 400 250 Drexel State Bank 5,250 1,874 7,922 500 350 Harris Trust & Savings Bank 56, 596 88,460 6,000 5,000 Independence State Bank 4,406 597 5,034 400 125 Kaspar American State Bank 6,612 7,962 13, 635 1,600 400 Madison and Kedzie State Bank. 11,134 1,210 12,422 2,000 500 Mercantile Trust & Savings Bank 9,276 1,494 11, 995 600 400 Noel State Bank.. 7,576 183 7,953 1,000 400 Northern Trust Company 41, 592 10,176 56, 552 2,000 3,000 Northwestern Trust & Savings Bank 10,654 5,412 18, 514 1,250 600 Security Bank of Chicago _ 6,559 2,355 8,783 700 600 Twenty-sixth Street State Bank 585 1,438 2,318 200 60 United State Bank of Chicago 1,731 1,523 3,012 300 300 Woodlawn Trust & Savings Bank 5,910 2,170 8,514 600 300 Cicero—Western State Bank 2,132 1,235 3,887 350 150 Cowden—State Bank of Cowden 247 19 274 25 10 Des Plaines—Des Plaines State Bank 1,510 289 1,859 200 125 Eureka—Farmers State Bank__ 297 202 540 50 30 Evanston— Evanston Trust & Savings Bank 2,134 863 3,235 200 100 State Bank & Trust Co 8,373 2,137 11,449 500 500 Fulton—Whiteside County State Bank 432 6 397 50 8 Geneva—State Bank of Geneva 1,079 648 1,591 100 50 Hinsdale—Hinsdale State Bank 663 314 1,118 100 25 Joliet— Commercial Trust & Savings Bank 59 100 Joliet Trust & Savings Bank 1,494 558 2,248 100 100 Kewanee—Union State Savings Bank & Trust Co... 951 316 1,208 150 25 Marshall—Marshall State Bank 346 63 404 60 15 Matteson—First State Bank of Matteson 161 11 129 25 25 Mattoon—Central Illinois Trust & Savings Bank.__. 830 164 862 100 100 Oak Park- Oak Park Trust & Savings Bank 5,824 2,022 7,249 1,000 500 Suburban Trust & Savings Bank 1,554 1,389 2,750 200 200 Oswego—Oswego State Bank __ 208 12 170 25 21 Polo—Polo State Bank 504 61 541 60 30 Seneca—State Bank of Seneca _ 302 81 380 50 13 Shannon— Peoples State Bank __ __ _. 169 74 226 40 11 State Bank of Shannon 281 91 367 50 10 Springfield—Ridgely Farmers State Bank 4,443 2,339 8,150 GOO 150 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

258 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD [In thousands of dollars] Total Loans deposits Surplus DISTRICT NO. 7—Continued ILLINOIS—continued Stockland—Sumner State Bank 122 49 125 50 10 Wenona— First State Bank 461 516 963 50 50 Wheaton—Wheaton Trust & Savings Bank.. 300 418 745 100 40 Wilmette—Wilmette State Bank 1,877 1,181 3,033 200 200 INDIANA (See also District No. 8) Connersville—Fayette Bank & Trust Co 1,359 455 1,796 250 50 FJkhart—St. Joseph Valley Bank 3,020 1,549 4,782 250 200 Hammond—First Trust & Savings Bank 6,186 1,708 7, 076 1,000 1,000 Indianapolis—Fletcher Savings & Trust Co__ 10, 969 9,698 23,170 1,500 1,500 Jamestown—Citizens State Bank 300 67 383 30 20 Kentland—Kent State Bank 301 45 303 50 25 Ladoga—Ladoga State Bank_._ 88 142 282 25 5 Marion—Grant Trust & Savings Co 2,001 425 2,576 241 102 Richmond—Dickinson Trust Co 3,751 673 2,419 300 200 Rochester—United States Bank & Trust Co.. 610 207 896 75 South Bend- American Trust Co 5,394 572 5,488 500 160 St. Joseph Loan & Trust Co 3,446 1,817 3,773 800 200 Terre Haute—Terre Haute Trust Co 5,059 1,727 7,112 500 500 Tipton—Farmers Loan and Trust Co 744 4 664 50 50 IOWA | Algona—Iowa State Bank 477 374 942 50 20 Ames—Story County Trust & Savings Bank i 533 20 849 50 21 Bennett—Bennett Savings Bank J 278 106 398 50 5 Burlington—First Iowa State Trust & Savings Bank.j 5,587 2,114 8,101 600 450 Cedar Rapids—Iowa State Savings Bank 2,255 392 2,723 200 50 Chariton—State Savings Bank | 661 146 923 50 50 Charter Oak—Farmers State Bank j 365 29 398 40 11 Cherokee—Cherokee State Bank | 980 483 1,583 75 75 Clinton—Peoples Trust & Savings Bank ! 3,318 1,230 4,943 300 200 Davenport—American Commercial & Savings Bank. 25,175 2,216 29, 293 1,500 1,000 Des Moines—Bankers Trust Co 5,428 1,421 6,921 1,000 200 Elberon— Farmers State Bank 457 198 665 50 20 Ellsworth—Farmers State Bank 109 11 123 25 5 Fair bank—Fairbank State Bank 341 149 531 26 24 Fairfield— Iowa Loan and Trust Co 455 87 538 50 25 Iowa State Savings Bank 1,850 116 2, 031 200 75 Farragut—Commercial Sayings Bank i 127 13 137 40 Fort Madison—Fort Madison Savings Bank 1,463 724 2, 717 100 80 Gilbert—Gilbert Savings Bank j 162 6 163 25 7 Gilman—Citizens Savings Bank 263 49 312 50 11 Grand River—Farmers State Bank | 251 1 278 25 15 Grant—Farmers Savings Bank i 93 1 113 25 5 Greenfield—Greenfield Savings Bank 257 104 429 30 11 Lakota—Farmers & Drovers State Bank 213 1 247 30 4 Lowden—Lowden Savings Bank : 233 115 365 25 15 Mechanicsville—Mechanicsville Trust & Savings Bank j 310 156 508 50 25 M'ediapolis—Commercial State Bank 330 4 226 100 20 Missouri Valley—State Savings Bank 1 190 46 350 50 10 Monticello—Monticello State Bank 2,423 519 2,872 200 200 Moorhead—Moorhead State Bank I 334 21 337 30 30 MoviUe—Moville State Bank 333 2 306 35 26 Newton—Jasper County Savings Bank : 1,452 790 3,079 100 50 Osage—Home Trust & Savings Bank 528 371 934 50 30 Osceola—Iowa State Bank | 189 2 186 50 Ottumwa—Ottumwa Savings Bank | 1,035 477 1,695 100 100 Riceville—Riceville State Bank \ 119 1 123 25 15 Royal—Home State Bank 205 63 268 25 13 Shenandoah—Security Trust & Savings Bank 499 330 900 60 Solon—Ulch Brothers State Bank 469 106 648 50 15 Storm Lake—Security Trust & Savings Bank 280 131 479 50 11 MICHIGAN | (See also District No. 9) | Adrian— Adrian State Savings Bank _. 879 1,957 150 100 ' Commercial Savings Bank i 1,047 666 1,765 110 35 Lenawee County Savings Bank j 1,399 899 2, 224 150 50 Albion- Albion State Bank. 412 330 732 50 15 Digitized for FR C A om S m ER er cial & Savings Bank 7fl5 375 1,119 100 55 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATE BANK MEMBERSHIP 259 [In thousands of dollars] Total Capital Surplus deposits DISTRICT NO. 7—Continued MICHIGAN—continued Alpena—Alpena Trust & Savings Bank.__ 2,168 1, 624 3,551 200 200 Ann Arbor—• Farmers & Mechanics Bank 3, 587 887 4,179 | 200 200 State Savings Bank 3,383 1,535 4,271 400 400 Armada- Armada State Bank 509 549 25 25 Farmers State Bank __ 54 343 13 Bay City- Bay City Bank 2,712 3,266 6,058 400 300 Peoples Commercial & Savings Bank 5,022 4,562 9, 335 500 1,200 Bellevue—Farmers State Bank 78 66 144 25 Big Rapids- Big Rapids Savings Bank 726 353 990 50 50 Citizens State Bank 1,103 818 1,950 50 50 Birmingham—First State Savings Bank 2,277 634 2,717 200 150 Blanchard—Blanchard State Bank 144 156 297 25 6 Blissfield—Blissfield State Bank 640 301 915 50 Britton—Peoples State Savings Bank 139 106 248 25 Brown City—Brown City Savings Bank 287 113 469 25 Caledonia—State Bank of Caledonia 433 260 648 50 17 Caro—State Savings Bank 712 247 1,040 75 25 Carson City—Farmers & Merchants State Bank 185 93 260 | 25 10 Cass City— I Cass City State Bank 346 194 526 | 40 20 Pinney State Bank 401 405 836 j 50 23 Cassopolis—Cass County State Bank 368 139 476 ' 40 15 Center Line—Center Line State Savings Bank 820 282 1,044 j 60 60 Charlotte—Eaton County Savings Bank 489 423 900 j 100 50 Chelsea— Farmers and Merchants Bank 576 377 911 50 50 Kempf Commercial & Savings Bank 546 193 647 60 40 Chesaning—Chesaning State Bank 1,148 662 1,818 75 75 Coopersville—Peoples Savings Bank 416 221 643 25 11 Croswell—State Bank of Croswell 653 877 1,516 90 25 Davison—Davison State Bank 447 82 490 50 20 Dearborn- Bank of Dearborn 921 1,676 200 50 Dearborn State Bank 2,599 2,084 4,777 I 300 175 Detroit- American State Bank 35, 396 4,766 40, 333 2,000 2, 000 Bank of Detroit 31, 628 9,528 44, 908 4,000 1,250 Bank of Michigan 59, 958 19, 907 76, 218 5,000 3,000 Detroit Savings Bank 33,162 9,723 44, 228 1,500 2,500 Guardian Detroit Bank 32, 984 12, 039 54, 767 5,000 3,000 Peninsular State Bank 39,125 7,662 48, 457 2,500 2,000 Peoples Wayne County Bank 203, 071 54,143 256, 763 11, 000 22, 000 Redford State Savings Bank 1,817 254 2,096 100 70 United Savings Bank 13, 275 4,426 16, 968 1,000 800 Eaton Rapids—Michigan State Bank 384 255 620 75 15 Edmore—Edmore State Bank 214 188 388 30 11 Elk Rapids—Elk Rapids State Bank 295 87 347 35 17 Farmington—Farmington State Savings Bank 968 328 1,261 40 30 Fennville—Old State Bank 270 353 609 50 15 Fenton— Commercial State Savings Bank 521 121 620 50 27 Fenton State Savings Bank 692 157 900 25 25 Flint- Citizens Commercial & Savings Bank 8,320 1,758 8,879 500 500 Genesee County Savings Bank 9,976 3,223 11, 753 1,000 700 Union Industrial Bank 18,256 6,800 21,884 2,000 1,000 Flushing- Peoples State Bank 361 66 415 | 25 25 Frankenmuth— American State Bank 450 388 834 j 35 30 Frankenmuth State Bank. 1,556 271 1,837 | 100 100 Fremont— Fremont State Bank 344 230 563 50 40 Old State Bank 910 387 1,192 100 50 Grand Haven- Grand Haven State Bank 1,642 651 2,145 100 100 Peoples Savings Bank 214 1,085 50 50 Grand Rapids— Grand Rapids Savings Bank 17,403 1,486 21, 517 750 750 Home State Bank for Savings 5,648 1,186 7,205 400 125 Old Kent Bank__ 27,680 2,604 31, 676 2,000 2,000 Greenville—Commerical State Savings Bank 877 426 1,244 50 50 Hart—Oceana County Savings Bank 362 176 582 40 25 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

260 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD [In thousands of dollars] I Invest- Surplus <oans ments DISTRICT NO. 7—Continued M ICHIG AN—continued Highland Park— The American State Bank 3,656 1,044 4,667 200 100 Highland Park State Bank 16,049 8,191 24,270 1,000 2,000 Hillsdaie—Hillsdale Savings Bank 514 1,050 1,649 100 ! 30 Holland- First State Bank 3,116 548 3,930 | ioo i 100 Holland City State Bank 2,425 746 3,121 I 100 I 100 Holly—First State and Savings Bank 1,315 500 50 Howell—First State & Savings Bank 393 455 1^073 75 38 Imlay City— Lapeer County Bank __, 804 220 1,086 50 10 Peoples State Bank 547 251 796 50 13 Ionia—State Savings Bank 1,441 81 1,471 100 100 Jonesville—Grosvenor Savings Bank 511 203 715 50 25 Kalamazoo—Kalamazoo Trust & Savings Bank 5,258 1,091 6,236 600 200 Lake Odessa—Lake Odessa State Savings Bank 417 128 553 25 25 Lakeview— Commercial State Savings Bank __. 217 149 357 25 Farmers & Merchants State Bank___ __ 254 150 366 40 9 Lansing—American State Savings Bank 7,798 2,733 10,177 750 400 Lapeer—Lapeer Savings Bank 810 320 1,106 75 28 Lenox & Richmond—The Macomb County Savings Bank 802 297 1,173 50 25 Lowell—City State Bank 445 245 725 25 25 Ludington—Ludington State Bank _ 906 781 2,049 100 50 Manchester- Peoples Bank — 318 161 504 25 25 Union Savings Bank 233 427 645 25 50 Manistee—Manistee County Savings Bank 1,338 1,935 3,103 100 100 Marcellus—G. W. Jones Exchange Bank 458 167 651 40 40 Marshall—Commercial Savings Bank 742 363 1,116 100 20 Mason— Farmers Bank 457 116 557 50 14 First State and Savings Bank 418 110 571 25 15 Midland—Chemical State Savings Bank 1,120 398 1,714 50 25 Milan—Milan State Savings Bank 437 50 460 25 25 Milford— Farmers State Savings Bank 280 85 369 25 13 First State Bank 821 45 924 25 25 Monroe—Dansard State Bank 2,004 642 2,764 200 50 Montague—Farmers State Bank 333 135 460 25 12 Mount Clemens—Citizens Savings Bank 4,782 1,772 6,255 400 200 Mount Pleasant- Exchange Savings Bank _. 517 634 1,245 50 33 Isabella County State Bank 949 601 1,711 60 31 New Baltimore—Citizens State Savings Bank 424 235 670 25 30 New Haven—New Haven Savings Bank _. 284 176 454 25 30 Northville—Lampham State Savings Bank 1,072 219 1,277 50 55 Onsted—Onsted State Bank _ 260 44 298 25 11 Petoskey—First State Bank 683 542 1,232 75 24 Pigeon—Pigeon State Bank 416 196 629 25 10 Pinconning—Pinconning State Bank 255 151 435 30 6 Pontiac—Pontiac Commercial & Savings Bank 14,825 1,933 18, 236 800 400 Port Huron—Federal Commercial & Savings Bank.. 5,682 1,439 7,385 400 210 Rochester—Rochester Savings Bank 673 106 802 50 25 Rogers City—Presque Isle County Savings Bank 755 746 1,599 35 15 Romeo—Romeo Savings Bank. 1,249 379 1,627 100 100 Royal Oak- First State Bank of Royal Oak 3,594 800 4,754 400 400 Royal Oak Savings Bank. __ 2,864 1,012 3,871 250 250 Saginaw— American State Bank _ __ 3,925 1,470 4,865 400 300 Bank of Saginaw _ 12, 715 4,959 17,296 1, 250 1,000 St. Charles—St. Charles State Bank... _ 318 659 964 25 25 St. Clair—Commercial & Savings Bank... 909 804 1,828 75 38 Saugatuck—Fruit Growers State Bank 772 257 820 100 50 Sebewaing—Farmers & Merchants State Bank 589 594 1,215 50 19 South Haven—Citizens State Bank _ 1,063 646 1,574 100 175 Sparta—Sparta State Bank 379 283 704 30 15 Spring Lake—Spring Lake State Bank __ 387 167 542 25 50 Tecumseh—Tecumseh State Savings Bank 687 317 991 50 30 Traverse City—Traverse City State Bank 2,038 1,782 4,140 200 200 Utica—Utica State Savings Bank 584 272 896 25 25 Vicksburg— Farmers State Bank 246 195 443 25 C First State Bank 260 76 395 30 4 Warren—State Savings Bank. _ 934 176 1,163 50 50 Washington—Washington Savings Bank 201 46 245 25 15 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATE BANK MEMBERSHIP 261 [In thousands of dollars] Loans I m n e v n es t t s - i ! d T e o p t o a s l its Capital Surplus DISTRICT NO. 7—Continued MICHIGAN—continued Wayne—Wayne Savings Bank 1,382 429 1, 905 50 100 Williamston— Crossman & Williams State Bank. 397 169 466 40 20 Williamston State Bank 426 302 673 50 25 WISCONSIN (See also District No. 9) Baraboo—Bank of Baraboo 1,118 1,212 2,523 100 50 Burlington—Bank of Burlington 1,201 307 1, 466 125 25 Kewaunee—State Bank of Kewaunee 808 434 1,183 80 40 Madison—State Bank of Wisconsin 6, 968 793 5, 420 1, 000 480 Milwaukee— Badger State Bank 5,985 1,728 7,966 400 100 Marshall & Ilsley Bank 23,154 4, 612 28, 351 1,500 1,500 Mineral Point—Iowa County Bank 863 152 1,056 100 50 Platteville—State Bank of Platteville 776 349 1,175 50 50 Plymouth—State Bank of Plymouth 848 286 1,196 125 33 Seneca—Farmers & Merchants State Bank. 424 51 499 35 18 Sheboygan—Citizens State Bank 4,007 1,146 4,924 500 400 Sturgeon Bay—Bank of Sturgeon Bay 1,860 1,258 3,408 100 50 DISTRICT NO. 8 ARKANSAS Batesville—Citizens Bank & Trust Co 339 479 1,142 50 20 Blytheville—Farmers Bank & Trust Co .- 710 46 1, 386 200 40 Brinkley—Monroe County Bank 277 66 415 35 19 Conway—Farmers State Bank 834 63 992 60 20 England—Citizens Bank & Trust Co.. 435 32 465 100 40 Forrest City—Bank of Eastern Arkansas 1,011 389 1,619 50 50 Hot Springs—Community Bank & Trust Co 739 131 963 100 50 Jonesboro—Bank of Jonesboro 1,352 410 2,144 200 100 Little Rock- American Southern Trust Co 9,237 2,454 15,136 1,000 220 Bankers Trust Co 7,037 1,242 12, 924 600 110 Federal Bank & Trust Co.. — 1,648 182 2,272 200 25 Peoples Trust Co 3,485 573 5,110 300 100 Union Trust Co --. 7,866 1,479 11,018 500 250 W. B. Worthen Co 2,700 617 4,628 200 300 Marvell—Bank of Marvell 289 48 455 50 10 North Little Rock—Twin City Bank 855 113 1,216 100 45 Paris—American Bank & Trust Co 407 10 334 50 Russell ville—• Ii Bank of Russellville... 451 56 j 738 Peoples Exchange Bank 568 86 I 759 100 100 Siloam Springs—Producers State Bank 140 7 I 130 | 25 Waldron—Bank of Waldron 306 66 387 60 20 Walnut Ridge—Lawrence County Bank 366 6 532 100 31 ILLINOIS (See also District No. 7) Belleville—Belleville Savings Bank 2,708 1, 401 3, 686 300 East St. Louis—Union Trust Co 2,492 2,131 4, 879 000 Effingham—Effigham State Bank 689 244 919 110 Granite City—Granite City Trust & Savings Bank. 1,244 348 i,426 150 Greenville—State Bank of Hoiles & Sons 1,187 180 1,443 120 llarrisburg—First Trust & Savings Bank 972 730 1, 853 150 Hillsboro—Montgomery County Loan & Trust Co. 455 138 511 100 50 Litchfield—Litchfield Bank & Trust Co 499 237 691 100 33 Madison—Union Trust Co 306 152 436 50 20 Mount Olive—Mount Olive State Bank 182 175 345 50 10 New Athens—Farmers State Bank 108 123 231 13 O'Fallon—First State Bank . 187 41 227 Palmyra -First State Bank 194 202 Quinoy Slate Savings Loan &. Trust, Co 0,753 1, 000 INDIANA (See also District No. 7) PaoJi—Paoli State Bank 368 40 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

262 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD [In thousands of dollars] 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. 8—Continued KENTUCKY Louisville- (See also Distdct No- 4) Kentucky Title Trust Co 14, 089 4,213 3,852 1,000 1, 250 Liberty Bank & Trust Co 24, 403 4, 507 20, 495 1,000 2,000 Lincoln Bank & Trust Co 9,874 976 7,604 750 450 Louisville Trust Co 17, 650 3,994 17,350 1, 750 1.100 Owcnsboro—Central Trust Company 2,503 71 2, 806 200 110 MISSISSIPPI Greenwood—Greenwood Bank & Trust Co. 1,354 22 1,791 200 75 Pontotoc—Bank of POntotoc 400 312 701 100 15 Rosedalc—Bolivar County Bank 65 363 25 15 MISSOURI (See also District No. 10) Bowling Green—Pike County Bank 148 60 242 25 10 Festus—Citizens Bank 365 134 507 35 25 Iberia—Farmers & Traders Bank 163 1 163 25 La Plata—Bank of La Plata 230 i 67 310 50 Lebanon—State Savings Bank 254 54 395 25 15 Linn Creek—Camden County Bank 158 47 238 25 25 Luxemburg—Lemay Ferry Bank 976 656 1,623 50 40 Maplewood— Bank of Maplewood & Trust Co 802 818 1,799 100 25 Peoples State Bank 309 99 362 100 20 Marshall—Wood & Huston Bank 1, 413 18 1,455 100 200 Normandy—Normandy State Bank 125 1 153 30 9 Pine Lawn—Pine Lawn Bank 234 79 319 30 15 Richmond Heights—Park Savings Trust Co 526 212 632 100 20 St. Louis- Baden Bank , — 1,743 1,346 2, 949 200 150 Bremen Bank 2,513 4,116 6,609 200 500 Cass Bank & Trust Co 3,123 2,783 5,631 300 400 Chippewa Trust Co 1, 556 333 1,841 200 50 Kaston-Taylor Trust Co 1, 355 604 1,924 200 300 Fidelity Bank & Trust Co 1,294 798 1,731 200 50 Franklin-American Trust Co 21, 926 3, 947 26, 609 2,000 1, 000 Grant State Bank 744 1,142 1,938 200 100 Guaranty Bank & Trust Co 681 2, 295 200 60 Jefferson Bank 2,304 1, 955 3,978 200 200 Jefferson-Gravois Bank 3,661 1,364 4,799 500 100 Laclede Trust Co 1,691 896 2,067 300 100 Laf ivette-South Side Bank & Trust Co 16, 922 9,347 24, 755 2,150 1,000 Lindell Trust Co 1,447 700 2,223 300 100 Lowell Bank 1,744 2, 605 4,034 200 100 Manchester Bank 3, 654 1,679 5, 245 500 200 Mercantile-Commerce Bank & Trust Co 80, 874 28, 379 125,104 10, 000 5, 000 Mississippi Valley Merchants State Trust Co— 57, 001 13, 044 79, 427 6,000 2,500 Mound City Trust Co 1,318 599 2,050 200 50 Natural Bridge Bank & Trust Co 1,618 759 2,008 200 100 North St. Louis Trust Co 1,640 910 2,512 200 130 Northwestern Trust Co . 4,813 4, 572 8,710 500 1,000 Sarah-Olive Bank 263 166 339 120 24 Savings Trust Co 2,040 688 2,934 200 50 Scruggs, Vandervoort & Barney Bank 2,373 1,, 535 4, 695 200 40 S h a w B a n k 729 585 1,269 200 80 Southern Commercial & Savings Bank 2, 652 876 3,476 200 100 Southwest Bank of St. Louis 1,047 1,031 2,311 200 50 Tower Grove Bank 8,260 2,095 9,781 500 300 United Bank & Trust Co 6, 235 2,348 8,482 1,000 500 Water Tower Bank 1,275 556 1,823 200 100 West St. Louis Trust Co 1,491 1,467 2,838 200 100 St. Louis County— Gravois Bank • 559 456 944 50 50 Midland Savings Bank 46 55 75 30 6 North Side Bank 45 136 184 25 6 Sedalia—-Sedalia Trust Co 218 263 501 100 University City—University City Bank & Trust Co. 574 310 750 100 30 Versailles—Bank of Versailles 173 3 266 40 15 Washington—Franklin County Bank 399 129 494 50 25 Webster Groves—Webster Groves Trust Co 591 815 1,472 100 100 TENNESSEE Brownsville First State Bank 926 97 1, 055 200 28 Greenfield- Greenfield Bank 168 32 246 30 30 Halls—Peoples Savings Bank & Trust Co... 150 10 221 25 10 Henning -Bank of Henning__ 259 25] J00 Digitized forM FeRmAphSisE—RB ank of Commerce & Trust Co.. 25, 480 33, 787 3,000 1,500 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATE BANK MEMBERSHIP 263 [In thousands of dollars] Invest- Total Loans ments deposits Surplus DISTRICT NO. 9 MICHIGAN (See also District No. 7) Ewen—State Bank of Ewen 270 114 409 25 Gladstone—Gladstone State Savings Bank_ 878 402 1,300 60 50 Iron Mountain—Commercial Bank.__ 1, 661 651 2,213 100 100 M enominee—Commercial Bank 865 413 1,346 100 40 Sault Ste. Marie- Central Savings Bank 796 587 1,521 100 50 Sault Savings Bank 855 1, 034 2,044 100 60 South Range—South Range State Bank 187 595 857 30 30 MINNESOTA Anoka—State Bank of Anoka 260 91 430 5 Clinton—Clinton State Bank 271 59 366 6 Excelsior—Minnetonka State Bank 313 165 525 25 Hutchinson—Farmers & Merchants State Bank 310 65 385 10 Ihlen—Ihlen State Bank 149 6 175 4 Madelia—State Bank of Madelia 623 30 620 50 10 Plain view—Peoples State Bank. 183 230 452 20 5 Revere—State Bank of Revere ._ 157 32 169 30 25 South St. Paul—Drovers State Bank 1,086 330 1,470 100 10 Westbrook—Citizens State Bank _.. 192 35 270 25 10 MONTANA Anaconda—Daly Bank & Trust Co. 2, 653 1,460 4,863 100 150 Belgrade—Belgrade State Bank 312 76 373 50 15 Billings—Security Trust & Savings Bank 1,490 923 2,773 100 100 Bozeman— Gallatin Trust & Savings Bank 539 265 951 100 35 Security Bank & Trust Co 427 131 555 100 25 Broadus—Powder River County Bank 212 112 350 25 20 Butte— Metals Bank & Trust Co 9,503 8,044 21,199 600 400 Miners Savings Bank & Trust Co 689 508 1, 365 200 50 East Helena—East Helena State Bank 153 63 185 50 14 Ennis—Southern Montana Bank 188 4 278 25 25 Fromberg—Clarks Fork Valley Bank 100 11 122 25 5 Hamilton—Ravalli County Bank 331 210 589 50 17 Helena- Montana Trust & Savings Bank 750 1,351 2,665 150 100 Union Bank & Trust Co 2,116 635 3,406 250 150 Opheim—First State Bank 93 12 97 25 Park City—Park City State Bank 109 153 319 25 7 Reed Point—Reed Point State Bank 40 58 97 25 2 Richey—First State Bank 225 37 258 25 17 Townsend—State Bank of Townsend 465 233 668 100 21 White Sulphur Springs—Central State Bank. 86 42 132 30 5 "Worden—Farmers State Bank 83 54 156 25 4 SOUTH DAKOTA Belle Fourche—Butte County Bank 872 218 1,234 75 25 Buffalo—First State Bank 197 40 224 25 10 Camp Crook—Little Missouri Bank 334 13 376 25 10 Gregory—Commercial State Bank 231 96 410 50 8 Groton—Brown County Banking Co 237 50 400 25 10 Mitchell—Commercial Trust & Savings Bank. 1,036 987 2,361 100 50 Newell—Reclamation State Bank 352 39 516 25 15 Philip—Bank of Philip 410 158 617 40 20 Stratford—First State Bank 90 83 30 WISCONSIN (See also District No. 7) Royceville—Bank of Royceville 206 141 367 30 6 Glenwood City—First State Bank. 226 98 359 30 7 Hurley—Iron Exchange Bank 554 546 1,137 75 38 DISTRICT NO. 10 COLORADO Denver— Central Savings Bank & Trust Co 2, 227 578 15, 775 500 50 I nternational Trust Co 7,403 I 3,821 13,138 500 500 La Junta—Colorado Savings & Trust Co. 420 | 104 513 75 4',; 90182—30- -18 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

264 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. 10—Continued KANSAS Hiawatha—Morrill and Janes Bank 575 65 650 100 Jamestown—Jamestown State Bank... 258 25 307 25 Liberal—Citizens State Bank 271 165 570 50 25 Sedan—Sed^n State Bank 294 96 475 30 30 Topeka—Fidelity Savings State Bank. 747 658 2,108 200 50 Winfield—State Bank of Winfleld 736 323 1,385 125 63 MISSOURI (See also District No. 8) Kansas City—Commerce Trust Co 42, 905 28, 987 95, 086 6, 000 !, 000 King City— First Trust Co 196 45 237 50 3 St. Joseph—Empire Trust Co 1,055 990 2,242 200 100 South St. Joseph—St. Joseph Stock Yards Bank 2, 325 519 3,306 350 150 NEBRASKA Aurora—Fidelity State Bank_._ 535 92 I 613 15 Oakland—Oakland State Bank. 281 i 90 319 10 Western—Saline County Bank. 249 42 292 30 NEW MEXICO (See also District No. 11) Aztec—Citizens Bank 150 82 263 30 OKLAHOMA (See also District No. U) Okarche—First Bank of Okarche 2G1 109 414 WYOMING Kvanston—Stockgrqwers Bank 183 88 503 45 Mountain Vi&\v—Uinta County State Bank- 96 1(5 80 4 Powell—Park County Bank 72 43 165 DISTRICT NO. 11 ARIZONA (See also District No. 12) Tombstone—Cochise County State Bank— 182 LOUISIANA (See also District No. 6) Shreveport—Continental Bank & Trust Co.. 3,118 736 4,426 NEW MEXICO (See also District No. ]0) Dcining—Mimbres Valley Bank 350 OKLAHOMA (See also District No. 10) Valliant—Farmers State Guaranty Bank.... 101 203 25 TEXAS B B A A i e b n i a l e s l u o i n n m n m g — o e th r n A — y t u B - - s S F a o e l i n r c l i s u n t t i r g t i a S e t t y r e t a S S t B e t t a a a t B i t e e i a k B B n a k a n n . k . k . & Trust Co 1 i | 2 3 7 1 7 7 3 1 ! 2 8 3 1 1 1 1 1 0 1 2 7 1 8 j 1,1 2 2 4 9 5 4 9 3 4 2 3 1 5 4 l 2 > 0 0 5 5 | ! j I 2 2 1 1 0 0 2 0 Bedias—First State Bank 52 27 88 25 i Beeville—Beeville Bank & Trust Co i 310 14 417 50 33 Bishop—First State Bank j 141 2 ! 192 25 5 B B o ra m d a y r — to F n a — rm Fi e r r s s t & St a M te e r B c a h n a k n ts State Bank 1 ! 1 7 8 8 9 26 2 i ! 24 9 1 2 3 5 2 0 7 1 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATE BANK MEMBERSHIP 205 [In thousands of dollars] ./Oans I m n e v n es t t s - de T p o o t s a i l ts Capital Surplus DISTRICT NO. 11—Continued TE x AS—continued Bremond—First State Bank 297 13 396 50 20 Brownfleld—Brownfield State Bank._ 385 3 555 25 25 Brownsville—Texas Bank & Trust Co 600 4 634 100 25 Bryan—First State Bank & Trust Co ___. 870 118 1,143 100 100 Canyon—First State Bank 287 14 365 40 25 Clarendon—Farmers State Bank 259 2 268 50 5 Clifton—Farmers State Bank 288 75 382 30 30 Coahoma—First State Bank 117 1 121 25 3 Copperas Cove—First State Bank 94 1 120 25 3 Corcicana—First State Bank 844 232 1,257 200 54 Cross Plains—First State Bank 237 25 318 30 15 Dallas—Mercantile Bank & Trust Co. of Texas 10, 864 2,517 14,862 2,000 200 Del Rio—Del Rio Bank & Trust Co 455 9 310 100 32 Ferris—Farmers & Merchants State Bank 245 3 288 50 50 Forney—Forney State Bank 130 9 155 25 35 Franklin—First State Bank 141 31 256 30 15 Frost—Citizens State Bank 226 44 226 25 50 Gatesville—Guaranty Bank & Trust Co 342 69 453 50 21 Greenville—Citizens State Bank 277 478 832 100 12 Hallsville—Farmers State Bank... 65 91 25 1 Hamilton—Hamilton Bank & Trust Co 165 3 243 50 30 Hedley—Security State Bank 292 2 314 35 16 Hillsboro—First State Bank 560 95 911 100 Iola—Iola State Bank __, 101 1 82 25 13 Jacksonville—First State Bank... _. 633 337 1,120 63 63 Junction—Junction State Bank 577 31 594 100 100 Kerens—First State Bank 184 12 238 50 11 Killeen—First State Bank 199 28 337 35 15 Kirkland—First State Bank 94 1 92 35 6 Kosse—First State Bank 73 26 135 25 5 Leakey—First State Bank 66 24 104 25 2 Loraine—First State Bank 214 32 331 30 12 Lorenzo—First State Bank 308 6 412 25 25 Luling—Lipscomb Bank & Trust Co 621 136 813 75 80 Madison ville—Farmers State Bank 169 37 250 25 15 Matador—First State Bank _. 495 2 742 38 25 Mathis—First State Bank 144 2 126 30 20 Maypearl—Citizens State Bank.. 135 2 152 25 3 McGregor—First State Bank 240 2 260 50 11 McKinney—Central State Bank 458 138 739 75 8 Memphis—Citizens State Bank 516 4 626 75 30 Mertens—First State Bank 89 4 114 25 13 Mount Pleasant—Guaranty Bond "State Bank 275 54 455 60 Munday—First State Bank 152 1 165 35 Murchison—First State Bank of Murchison 70 1 112 25 5 Nacogdoches—Commercial State Bank 789 130 1,002 100 50 Palmer—First State Bank 59 75 168 25 18 Rails—Security State Bank & Trust Co 256 2 359 60 10 Richardson—Citizens State Bank 120 1 131 35 Roaring Springs—First State Bank ___. 163 6 187 25 3 Roby—First State Bank 139 10 181 da in Rochester—First State Bank _ 146 1 183 25 | Royse City—First State Bank 179 29 247 50 j Rusk—Farmers & Merchants State Bank & Trust Co ___. 139 15 334 50 ! San Antonio—City-Central Bank & Trust Co 13,115 3,175 18, 688 1,300 500 Savoy—First State Bank.__ 95 1 92 25 1 Seymour—First State Bank 180 8 201 35 Shiro—Farmers State Bank 122 1 122 25 15 Sin ton—Commercial State Bank 418 21 614 50 50 Slaton— First State Bank 131 2 233 40 Slaton State Bank. 274 35 426 25 Spearman—Fidelity Bank of Commerce 78 1 117 25 5 Stamford—First State Bank _. 240 63 397 100 5 Sweetwater—Texas Bank & Trust Co 443 20 843 150 100 Taft—First State Bank.. 136 2 170 50 15 Tahoka—Security State Bank 58 13 114 25 Wellington—Wellington State Bank 265 3 353 50 Wharton— Security Bank & Trust Co 333 220 50 i 48 Wharton Bank & Trust Co 517 105 855 100 ! 100 Wolfe City—First State Bank __ 39 3 32 25 ! Wortham—First State Bank 161 79 251 50 I Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

266 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD [In thousands of dollars] Invest- Total Loans ments deposits Capital Surplus DISTRICT NO. 12 AKIZONA (See also District No. 11) Buckeye—Buckeye Valley Bank- 130 80 286 25 10 Phoenix—Valley Bank._ 7,209 7,046 17,580 1,050 400 CALIFOENIA Chico—Peoples Savings & Commercial Bank_ 403 730 1,143 100 23 Downey—Los Nietos Valley Bank 869 342 1,310 50 76 Holtville—Holtville Bank. 233 99 347 75 3 Kingsburg—Kingsburg Bank_._ 632 164 1,024 110 60 Long Beach—Farmers & Merchants Bank 8,059 2,087 12,149 1,000 250 Los Angeles—Union Bank & Trust Co __ 20,331 5,267 23,617 5,000 2,000 Pasadena—Citizens Savings Bank 1,997 1,431 3,526 300 75 Quincy—Plumas County Bank 678 671 1,361 120 40 San Francisco- American Trust Co _ 166, 894 62,195 259,216 10,000 10, 000 Anglo-California Trust Co__ 48, 676 14, 752 72, 268 1,500 2,000 Bank of Montreal _ 3,981 33 3,034 1,000 160 Wells Fargo Bank & Union Trust Co 92,097 23,458 125, 577 9,000 5,000 IDAHO Arco—Butte County Bank 108 149 278 35 Boise—First Security Bank 2,754 832 4,622 150 100 Eagle—Bank of Eagle 127 40 126 25 5 Grangeville—Bank of Camas Prairie 357 140 561 50 25 Hazelton—Hazelton State Bank 142 129 270 25 6 Idaho Falls—Anderson Brothers Bank 1,909 983 3,340 150 75 Kimberly—Bank of Kimberly 186 109 380 25 Mackay—W. G. Jenkins & Co 90 89 220 25 1 Malad City—J. N. Ireland & Co. Bankers 260 218 504 40 20 Oakley—Farmers Commercial & Savings Bank_. 132 28 149 25 Oroflno—Bank of Orofino 218 181 464 25 Pocatello— Citizens Bank & Trust Co 428 617 1,261 100 25 First Security Bank. 1,325 1,428 3,419 100 50 Richfield—First State Bank 81 33 117 25 5 Soda Springs—Largilliere Company Bankers 606 150 771 25 13 Sugar City—Fremont County Bank.. _. 111 104 233 25 5 Twin Falls—Twin Falls Bank & Trust Co 1,339 584 2,360 100 20 OREGON Albany—Albany State Bank 696 393 1,126 50 25 Aurora—Aurora State Bank 220 129 388 25 5 Beaverton—Bank of Beaverton 365 219 602 25 25 Central Point—Central Point State Bank 138 136 307 25 5 Dallas—Dallas City Bank 307 82 483 50 20 Enterprise—Enterprise State Bank 231 95 336 50 10 Fossil—Steiwer and Carpenter Bank 394 78 377 100 10 Grants Pass—Grants Pass and Josephine Bank 562 403 940 100 50 Gresham—First State Bank 126 629 771 30 25 Haines—Bank of Haines 155 30 210 25 3 Helix—Bank of Helix 204 23 136 25 31 Hood River—Butler Banking Co 825 74 1,063 125 50 Marshfield—Bank of Southwestern Oregon 484 389 836 100 20 Medford—Jackson County Bank 1,061 477 1,855 100 20 Multnomah—Multnomah Commercial & Savings Bank 199 35 220 25 Myrtle Point—Bank of Myrtle Point 159 89 308 25 North Portland—Live Stock State Bank___ 273 129 432 50 Oakland—E. G. Young and Co. Bank___ 318 331 719 50 Oregon City- Bank of Commerce 609 732 1,195 200 40 Bank of Oregon City 718 816 1,810 150 30 Pendleton—Inland Empire Bank 1,495 302* 1,493 250 50 Portland—Hibernia Commercial & Savings Bank__ 4,167 2,317 7,550 500 100 Reedsport—First Bank of Reedsport 81 55 204 25 5 Shaniko—Eastern Oregon Banking Company 234 87 293 25 15 Wasco—Bank of Wasco 172 3 159 25 5 Woodburn—Bank of Woodburn 355 307 690 50 10 UTAH Cedar City—Bank of Southern Utah 850 634 100 i 75 Ephraim—Bank of Ephraim ___ 574 518 50 52 Fountain Green—Bank of Fountain Green. 305 282 25 35 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATE BANK MEMBERSHIP 267 [in thousands of dollars] Loans DISTRICT NO. 12—Continued UTAH—continued Gunnison—Gunnison Valley Bank 237 197 25 13 Helper—Helper State Bank 625 186 945 50 50 Kaysville—Barnes Banking Co 551 14 423 50 100 Logan- Cache Valley Banking Co 1,247 1,867 100 50 Thatcher Bros. Banking Co. 1,482 207 1,764 100 100 Parowan—Bank of Iron County. 284 2 258 35 21 Payson—State Bank of Payson 328 372 50 10 Price- Carbon County Bank 366 78 493 50 60 Price Commercial & Savings Bank. 644 182 912 50 70 Provo— Farmers & Merchants Bank 798 218 1,189 100 38 Knight Trust & Savings Bank _ 1,023 297 1,235 300 75 Richfield—James M. Peterson Bank 818 6 660 50 50 Salina—First State Bank 925 4 25 100 Salt Lake City- Columbia Trust Co 1,040 1,182 200 32 Tracy Loan & Trust Co 1,033 216 963 250 200 Utah Savings & Trust Co 1,345 454 1,726 300 150 Walker Brothers, Bankers 14, 552 4,2* 22,846 1,500 575 Spanish Fork—Commercial Bank _ 393 374 50 25 Vernal—Bank of Vernal 313 307 60 19 WASHINGTON Almira— Almira State Bank 203 37 180 50 13 Farmers State Bank 119 24 115 25 7 Buena—Buena State Bank 78 16 92 25 2 Chehalis—Coflman-Dobson Bank & Trust Co 1,370 825 2,219 150 100 Colfax—First Savings & Tr. Bank of Whitman Co.. 509 51 526 75 15 Coulee City—Security State Bank 50 24 82 25 Davenport—Lincoln County State Bank 366 82 384 50 20 Ellensburg—Farmers Bank 452 660 1,140 100 50 Everett—Bank of Commerce 809 1,121 2,112 150 30 Hoquiam—Bank of Hoquiam 1,204 793 2,489 100 50 Kelso—Cowlitz Valley Bank __ 204 299 586 30 30 La Crosse— First State Bank 413 71 407 60 20 Security State Bank. 119 6 88 30 4 Odessa—Farmers & Merchants Bank 478 55 503 25 15 Okanogan—Commercial Bank 221 127 313 50 10 Pine City—Pine City State Bank 123 3 95 25 4 Pomeroy—Pomeroy State Bank 795 | 247 766 50 150 Pullman—Pullman State Bank 600 i 120 757 50 25 Puyallup— Citizens State Bank 428 I 196 656 50 15 Puyallup State Bank 331 320 699 50 13 Reardan—Farmers State Bank 358 102 347 50 20 Ritzville—Ritzville State Bank 173 216 362 25 15 Rockford—Farmers & Merchants Bank 157 42 195 25 3 Rosalia—Bank of Rosalia 223 47 281 25 15 St. John—Farmers State Bank 395 80 360 40 12 Seattle—Peoples Bank & Trust Co 5,908 4,539 12,492 600 200 Selah—Selah State Bank 270 152 422 30 6 South Bend—Pacific State Bank 232 573 811 100 20 Spokane- Spokane & Eastern Trust Co 944 13, 329 1,000 250 Washington Trust Co 1,791 I 410 2,302 200 100 Tekoa— Citizens State Bank...! 230 ! 63 245 25 7 Tekoa State Bank . 308 | 167 502 30 16 Toppenish— Central Bank 151 I 118 301 50 10 Traders Bank 293 157 487 15 Uniontown—Farmers State Bank 148 | 18 149 4 Walla Walla- Peoples State Bank 1,439 I 585 1,810 100 50 Union Bank & Trust Co 1,009 j 511 1,812 200 30 Wenatehee— Columbia Valley Bank 1,227 | 520 2,127 100 25 Commercial Bank & Trust Co 1,348 j 331 1,874 100 40 Wilbur—State Bank of Wilbur 379 I 170 508 50 10 Yakima—Yakima Valley Bank & Trust Co 1,645 | 619 2,537 275 55 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

268 ANNUAL, REPORT OF THE FEDERAL RESERVE BOARD STATE BANK MEMBERS—SUMMARY CLASSIFICATION ACCORDING TO CAPITAL STOCK [Amounts in thousands of dollars] Banks having a capital stock of— Total $25,000 i $25,001 to $50,000 $50,000 to $100,000 State New England: Maine 200 5,487 New Hampshire.. 75 1,313 75 1,313 Massachusetts 28,950 371,832 Rhode Island 8,200 265,342 Connecticut 4,100 49,943 Middle Atlantic: New York 107 480, 239 ,223, 367 30 315 585 9,810 New Jersey 64 41,950 609,872 125 1,236 Pennsylvania. .. 97 67, 734 969,339 25 179 105 435 4,344 East North Central: Ohio 71 87, 615 , 269, 631 250 4,126 30 104 760 9,896 Indiana.. .- 15 5,611 61,089 25 282 70 751 175 1,863 Illinois 62 112, 615 , 327,056 175 1,447 40 226 620 5,900 Michigan 143 53,890 948, 653 750 15, 387 535 9,887 2,195 41,842 Wisconsin 15 4,250 61,033 95 1,226 205 3,496 West North Central: Minnesota 400 4,862 120 1,788 30 169 150 1,435 Iowa 5,591 78, 636 175 1,433 231 2,386 785 10, 216 Missouri 35,760 470,137 125 1,222 165 1,320 250 3,607 South Dakota 395 6,222 100 1,517 70 700 125 1,644 Nebraska 105 1,224 25 319 30 292 50 613 Kansas 530 5,494 25 307 30 475 50 570 South Atlantic: Delaware 6, 500 43, 267 Maryland 8,375 102, 662 Virginia 65, 377 2 65 387 1,110 West Virginia 3,340 35, 637 25 197 1 I 40 308 2,088 North Carolina-_ 5,000 74,239 South Carolina... 753 8,638 25 194 203 1,796 Georgia 6,495 33,771 325 1,569 1 158 460 2,823 Florida 240 2,261 257 110 East South Central: Kentucky 5,350 55, 930 Tennessee 3,355 35, 560 221 246 Alabama 2,210 25,163 775 50 225 1,657 Mississippi 325 2,856 363 West South Central: Arkansas 4,155 64,762 25 130 35 415 395 5, 666 Louisiana _. 12,000 188, 542 50 607 Oklahoma 75 617 25 203 50 414 Texas 7,172 62, 792 650 4,590 590 4,519 1,257 10,162 Mountain: Montana 2,080 41, 401 200 1,677 132 150 1,147 Idaho ,050 19, 075 225 2,730 782 50 561 Wyoming 115 748 25 165 80 50 503 Colorado: 1,075 17, 426 75 513 New Mexico 80 900 263 50 637 Arizona 1,105 18, 228 285 363 Utah 3,520 39,946 1,277 258 460 5,005 Pacific: Washington 4,245 57,466 275 2,607 160 1,958 12 635 5,846 Oregon 2,205 24, 505 10 250 2,828 30 771 300 3,787 California 28, 255 504, 573 125 1,657 Total _ 1,119 1,056,065 15,256,874 163 4,070 48,144 2,746 29,680 213 11, 670 144, 760 ' Includes 1 bank in Minnesota with capital of $20,000 and deposits of $452,000. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATE BANK MEMBERSHIP 269 STATE BANK MEMBERS—SUMMARY CLASSIFICATION ACCORDING TO CAPITAL STOCK—Continued [Amounts in thousands of dollars] Banks having a capital stock of— $100,000 to $200,000 $200,000 to $500,000 $500,000 to $1,000,000 $1,000,000 and over i State I 3 1 © m 1 ' o ft o ft ' o 1 Oft ' O ft Oft a ' 6 ft Oft New England: Maine _ _ 2 200 5,487 New Hampshire- Massachusetts. . 1 100 2,156 11 2, 950 62, 683 2 1, 500 32, 051 24, 400 274, 942 Rhode Island 1 200 3,139 3 8,000 262, 203 Connecticut 2 500 5,884 3 3,600 44, 059 Middle Atlantic: New York 22 2,325 40,457 22 5,850 90, 280 9 5,810 115, 924 42 465, 639 6,966,581 New Jersey 15 1,550 20,908 23 5,675 73, 701 10 6,200 82,170 14 28,400 431, 857 Pennsylvania 22 2,840 27, 674 31 9,349 115, 772 15 8,652 68,126 17 46, 328 752, 362 East North Central: Ohio 16 1,900 25,196 7 1,825 30, 797 5 2,850 45,152 17 80, 000 1,154, 360 Indiana 4 1,041 11, 574 3 1,800 16, 373 2 2,500 30, 246 Illinois 13 1,480 14, 616 12 3, 350 40,857 7 4,100 61, 692 10 102,850 1, 202, 318 Michigan 24 2,510 44, 501 16 4, 750 73,135 6 3,900 74, 380 13 39, 250 689, 521 Wisconsin 5 550 9,650 1 400 7,966 1 500 4,924 2 2,500 33, 771 West North Central: Minnesota 1 100 1,470 Iowa 4 400 7,717 4 900 12, 569 1 600 8,101 2 2, 500 36,214 Missouri 8 820 7,309 24 5,250 68, 682 4 2,000 28,535 6 27,150 359, 462 South Dakota. __ 1 100 2, 361 Nebraska Kansas _ _ . 2 225 2,034 1 200 2,108 South Atlantic: Delaware 3 6,500 43, 267 Maryland 1 100 1,371 3 8,250 100,965 Virginia 2 200 1,332 2 500 3,817 3 2,000 11, 262 2 6,000 47, 469 West Virginia. __ 2 200 2,354 3 750 8,041 2 1,000 11,146 1 1,000 11,503 North Carolina . 3 300 2,479 3 4,700 71, 760 South Carolina _ 3 325 3,497 1 200 3,151 Georgia 10 1,050 4,489 5 1,430 12, 464 2 1,200 6,927 1 2,000 5,341 Florida 1 100 1,008 East South Central: Kentucky 1 150 990 1 200 2,806 2 1,250 10,436 3 3,750 41,698 Tennessee. _. _ _ 1 100 251 1 200 1,055 1 3,000 33, 787 Alabama 2 200 1,667 1 200 822 1 500 1,677 1 1,000 18, 515 Mississippi 1 100 701 1 200 1,792 WTest South Central: Arkansas 5 500 3,934 5 1,100 15, 539 2 1,100 23, 942 1 1,000 15,136 Louisiana 2 500 6,194 1 750 12, 034 4 10, 700 169, 707 Oklahoma Texas 11 1,175 8,714 1 200 1,257 2 3,300 33, 550 Mountain: Montana 6 650 12,475 2 450 4,771 1 600 21,199 Idaho _. 5 600 15,002 Wyoming Colorado 2 1,000 16,913 New Mexico Arizona. 1 1, 050 17,580 Utah .. 4 400 5,454 4 1,050 5,106 1 1,500 22, 846 Pacific: Washington 8 900 14,58-1 3 675 6, 650 1 600 12,492 1 1,000 13, 32!) Oregon 6 675 6, 881 2 450 2, 68S L 500 7 550 California.-- _._ 3 330 3, 528 I 300 3, 520 6 27, 500 495, Sf!2 Total 211 23,155 302, 247 194 50, 645 678,826 81 48,412 673, 006 176 915,367 13,380,211 1 Includes 16 banks with capital in excess of $10,000,000, as follows: New York, 11 with capital of $350,- 600,000 and deposits of $5,494,630,000; Ohio, 2 with capital of $36,650,000 and deposits of $587,750,000; Illinois, 2 with capital of $87,000,000 and deposits of $990,303,000; Michigan, 1 with capital of $11,000,000 and deposits of $256,763,000. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

270 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD FIDUCIARY POWERS GRANTED TO NATIONAL BANKS Under section ll(k) of the Federal reserve act as amended, the Federal Reserve Board has authorized the national banks listed below to exercise one or more fiduciary powers as follows: (1) Trustee. (2) Executor. (3) Administrator. (4) Registrar of stocks and bonds. (5) Guardian of estates. (6) Assignee. (7) Receiver. (8) Committee of estates of lunatics. (9) Any other fiduciary capacity in which State banks, trust companies, or other corporations which come into competition with national banks are permitted to act under the laws of the State in which the national bank is located. The numerals opposite the name of each bank, which refer to 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. Derby-—Birmingham National Bank. 1 to 9. MAINE Hartford- Auburn—National Shoe & Leather 1 to 7. Capitol National Bank & Trust 1 to9. Bank. Co. Augusta—First National Granite 1 to 9. First National Bank ___ Ito9. Bank. Hartford National Bank & Trust 1 to 9. Bangor— Co. Merchants National Bank... 1 to 9. Meriden—Home National Bank 1 to 9 Bar Harbor—First National Bank... 1 to 4. Middietown— Bath- Central National Bank Ito9. Bath National Bank _ 1 to 8. First National Bank._ __ Ito9. First National Bank __ Ito8. Middietown National Bank & 1 to 9. Belfast—City National Bank 1 to 8. Trust Co. Biddeford—First National Bank of Ito9. Naugatuck—Naugatuck National 1 to 9. Biddeford, Bank. Camden—Camden National Bank... 1 to 9. New Britain- Damariscotta—First National Bank 1,2, 3,5, and City National Bank_ Ito8. of Damariscotta. 6. New Britain National Bank 1 to 9. Ellsworth—Liberty National Bank.. 1 to 9. New Haven— Fort Kent—First National Bank 1 to 3, 5 to 9. First National Bank & Trust Co.Ito8. Houlton—First National Bank 1 to 5, and 9. Morchants National Bank i to 8. Lewiston— National Tradesmens Bank & 1 to 9. First National Bank Ito9. Trust Co. Manufacturers National Bank... 1 to 5, and 9. New Haven Bank, N. B. A Ito9. Norway—Norway National Bank 1 to 8. Second National Bank___ Ito9. Pittsfield—Pittsfield National Bank . Ito9. New London- Portland - National Bank of Commerce Ito5. Canal National Bank Ito9. National Whaling Bank Ito9. First National Bank.. 1, 2, and 4. New London City National Bank 1, 2, 3, 5, 7, Portland National Bank... 1 to 9. 8, and 9. New Milford—First National Bank. 1 to 9. xiocK N i o an rt Q h — National Bank 1 to 9. Norwich—Uncas-Merchants National Ito8. Rockland National Bank _ Ito9. Bank. Rumford—Rumford National Bank.. 1 to 9. Putnam—Citizens National Bank 1 to 9. Saco—York National Bank Ito9. Rockville— Sanford—Sanford National Bank Ito9. First National Bank _ Ito9. Skowhegan—First National Bank Ito9. Rockviile National Bank.. 1 to 9. Springvale—Springvale National Ito9. Torrington—Torrington National 1 to 7. Bank. Bank. Thomaston— Wallingford—First National Bank... 1 to 9. Georges National Bank _ _. 1 to 3, f>, and Waterbury— 8. Citizens and Manufacturers Na- 1 to 9. Thomaston National Bank ... 1 to 3, r., 8, tional Bank. and 9. Waterbury National Bank_>..._. 1 to 9. Van Buren—First National Bank.... 1 to 3, 5 to 7, Digitized for FRASER and 9. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FIDUCIARY POWEES 271 Powers granted DISTRICT NO. 1—Continued DISTRICT NO. 1—Continued MAINE—continued MASSACHUSETTS—continued W B al a d n o k b . oro—Medomak National 1 a to n d 3 , 9 5 . to 7, M M i e lf t o h r u d e — n—Methuen National Bank. Ito8. Water ville— Home National Bank Ito4. Peoples National Bank _ _ _ 1 to 9. Milford National Bank & Trust 1 to 9. Ticonic National Bank 1 to 4. Co. MASSACHUSETTS Nantucket—Pacific National Bank... Ito9. Needham—Needham National Bank- 1 to 9. Abington—Abington National Bank. 1. New Bedford- Adams— First National Bank... _. 1 to 9. First National Bank __. 1 to 8. Merchants National Bank 1 to 9. Graylock National Bank 1 to 7 and 9. Safe Deposit National Bank 1 to 9. Amherst—First National Bank 1 to 9. Newbury port- Andorer—Andover National Bank... Ito9. First and Ocean National Bank.. Ito9*. Athol— Merchants National Bank Ito8. Athol National Bank 1 to 3, 5 to 8.Newton—First National Bank Ito9. Millers River National Bank 1 to 7 and 9. North Adams—North Adams Na- 1 to 9. Attleboro—First National Bank 1 to 9. tional Bank. Beverly—Beverly National Bank 1 to 4. North Attleboro—Manufacturers Na- 1 to 9. Boston- tional Bank. Atlantic National Bank 1 to 9. Northampton- Boston National Bank 1 to 9. First National Bank Ito9. Broc N S W F F M N k e e i t a a r c e o e d t t s o r b n i i e t c o o n s — r h N n n t a d e a a a l a r n N l l N t t & i S R a s o a t h n o t i N i A o a c a o w a n k l n t t l a l m B i a a a o l l n s a u n B d B n N a t a k a l B B a n n B t k a a i k o n a n n n k k a k l Bank. 1 1 1 1 1 I I t t o o t t t t t o o o o o 9 9 . . 9 9 9 9 9 . . . . . P P P O i e a r t a l a t m s b n A N P f g o i e i e g o e d & r t l t — — r d r y s i t — — f c h T i O P u a e r a l W r l m u t d a l u m s n - p a r t T g a r t e o r e C h l r e n i o N n N N r . d N a a a N t t t a i i i a N o o t o t i n n i o n a o a a n t a n i l l l a o a B l B n B l a B a a a B l n n n a a k k n k B n k k ank I 1 1 I I 1 t t t o o o t t t o o o 9 9 9 . . . 9 9 7 . . and 9. Brockton National Bank _ 1 to 9. Plymouth— Home National Bank Ito5. Old Colony National Bank 1 to 5. Cohasset—Cohasset National Bank.. 1 to 9. Plymouth National Bank 1 to 4. Dedham—"Dednam National Bank... 1 to 9. Province town—First National Bank. 1 to 9. Edgartown—Edgartown National 1 to 3. Quincy—National Mount Wollaston Ito9. Bank. Bank of Quincy. Fall River- Reading—First National Bank 1 to 4. F Fi a t l c m h F b o a u u ll r t g h R — — iv S F e a r a f l e N m ty a o t u io t F h n u a N l n a d B t i a o n N n k a a l t i B o a n n a k l 1 1 1 t t t o o o 9 9 9 . . . S S a h N l e e l a m b ti u — o r n n M a e l e B r F c a h a n a ll k n s . — ts N Sh a e ti lb o u n r a n l e B a F n a k ll . s .. 1 1 t t o o 7 9 . and 9. Fo B xb a o n r k o . —Foxboro National Bank.__ 1 to 9. So B in a e n r k v . ille—Somerville National 1 to 9. Framingham—Framingham National 1 to 9. Southbridge—SouthDridge National 1 to 9. Bank. Bank. Gardner—First National Bank. 1 to 9. Springfield- G G l r o e u a G C c t e a lo s p t u e e B c r — a A es r n r te i n n r g N N to a a n t t i — i o o n n N a a l a l t B i B o a a n n n a k k l Ma- 1 1 1 t t t o o o 9 9 9 . . . Tisb T S u p h r B y r i i r a — n d n g k N M f ie a & a l t r d i t o - T h n C a r a u h 's l a s B t p a V C i n n o i k n . e & y N a T r a d t r i u o s N n t a C a l - o.1 I I t t o o to 8 9 . . 9. Gr h e a e i n w fi e e l B d— an F k i . rst National Bank & Ito9. To ti w o n n s a e l n B d— an T k o . wnsend National Bank 1 to 3. H L L I H H p e a u o a T s o w v w d ly r m H E F M e s r u o i e o r c i s i a s h k n n r e n s h t v s e i r c e s — — l r t e — t e l C x i e — r m — N r o H h F N H — a . i a i B u l c a r o t l s d i i t a l s o i t y N s y o : n o o N n a N a S n k t a a l e t i a l a N o t B i t t N n o B i a e o a a n t a a n n N i l a t n o a i k l B a o k n l . t B n a a i B o a n l a a l n k n B n a k B a k l n a B n k a k n ._ k _ . 1 1 1 1 1 1 1 It o t t t t t t t o o o o o o o 9 . 9 4 9 9 4 9 9 . . . . . . . T W U W W W W u x h B B a e a a r b e a s r t l a n a F l e r t e t m l f n n h e i r h e i i d t e a r k k r s . a o g l s s m l . . d m w e e t — y — — — n N — — F a B W N a W t l l i U l a a o a s e c t n l n — i t l k o i h l a o e s n a l C t s n a o m l B r e l n o M y a e c B N n k a N N k a e a r n k a r t a i t k e t o i i t o o n o N n N n a f a l a a a l l W t t B i i B B o o a a n n a a n r a n a e n k l k l - k . . 1 1 1 1 1 1 t t t t t t o o o o o o 7 7 4 4 9 9 . . . . a a n n d d 9 9 . . M Le e o r m ch in a s n t t e s r 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 7 4 . and 9. Wob H u a rn m — pd W en o b N ur a n ti o N n a a t l i o B n a a n l k Bank Ito8. Lowell— 1 to 7 and 9. Appleton National Bank 1 to 9. Worcester- 1, 2, 3, 6, 7, Old Lowell National Bank 1. Mechanics National Bank__ and 9. Lyn U C n e n - n io tr n a l N N at a i t o i n o a n l a l B B an an k k 1 It o to 8 . 9. Yarm o W f o o Y u rc t a h e r p s m t o e r o r t u — C th o F . u ir n s t t y N N a a t t i i o o n n a a l l B B a a n n k k 1 1 1 t t t o o o 9 9 4. . . Manufacturers National Bank... 1 to 9. National City Bank 1 to 5 and 7. State National Bank 1 to 9. NEW HAMPSHIRE Maiden- Berlin- First National Bank 1 to 9. Berlin National Bank 1, 2, 4, 6, Second National Bank 1 to 9. and 7. Marblehead—National Grand Bank. Ito9. City National Bank 1. Marlboro— Charleston—Connecticut River Na- 1 and 4. First National Bank _ 1 to 4. tional Bank. Peoples National Bank 1 to 9. Claremont— Medford—First National Bank 1, 2, ,and Claremont National Bank,. 1 to 4. S. Peoples National Bank.. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

272 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD Powers Powers granted granted DISTRICT NO. 1—Continued DISTRICT NO. 1—Continued NEW HAMPSHIRE—continued VERMONT—continued Concord— First National Bank 1 to 9. Northfield—North field National 1 to 9. Mechanicks National Bank 1, 2, and 4. Bank. National State Capital Bank 1 and 4. Poultney—Citizens National Bank... Ito4. Derry—Derry National Bank 1. Rutland- Dover- Central National Bank 1 to 7 and 9. Merchants National Bank 1 to 3. Clement National Bank 1 to 3,5 to 7. Stratford National Bank 1 to 4. Rutland County National Bank. 1 to 9. Exeter—Rockingham National Bank. 1, 2, and 4. St. Albans—Welden National Bank.. Ito4. Franklin—Franklin National Bank_. 1. St. Johnsbury— Hanover—Dartmouth National Bank 1, 4, and 9. First National Bank 1 to 6 and 9. Keene— Merchants National Bank Ito8. Astmelot-Citizens National Bank. 1 and 4. Springfield—First National Bank 1 to 4 and 5. Keene National Bank 1 to 4. Windsor—State National Bank 1 to 3, 5, 6, Laconia— and 7. Laconia National Bank... 1, 2, and 4. DISTRICT NO. 2 Peoples National Bank 1 and 4. Lebanon—National Bank of Leba- 1, 2, 4, 6, 7, CONNECTICUT non. and 9. (See also District No. 1) M M a il n f A M F M o c r h i m d r a e e s — n r o s t c c t s e h N k S h r a e e o — a n a s u t g t t i h e s o e r N n g N a N a a a l n t a t i B i o t o N i n o a n a a n n a l t a l i k o l B B . n B . a a a . n . a n l k n k B k ank... 1 1 1 1 1 , , . , a a 4 2 2 n n , , , d d a a 4 n n 4 9 , d d . . 6 4 9 , . . 7, B D N G r e a r T i e n w d r e D b C g u n u C e s i a w t r p t a n y y i o n b c C — r N a h u t o a — — r a . n y t — i F F o N i i n r r F a s s a i t t t r l i s o N B t N n a a N a a t n l t i a i o k o t B n i n o & a a a n n l l a T k B l B r a u B a n s n a k t k n C i k n & o . ._ . . . 1 I I 1 I t t t t t o o o o o 9 9 9 9 9 . . . . . Nashua— Norwalk—National Bank of Norwalk Ito9. Indian Head National Bank 1,2,3,4,6,7, Ridgefield—First National Bank & 1 to 9. N P Pl e e B y t w e m a S r p n b o e o k c o u r o . r t t h o n — — — d C N P F it e i a i r m z t s i e t o i n g n N s e a w a l N t a i B a o s t a s n i e n o a t k n l a B l N a B n a k t a io n n k a . l .. 1 1 1 1 , , a a a 4 2 n n n , , d d d a a n 9 n 4 4 d . d . . 4 9 . . S S o t T a u m r t F P u h i e f s r N o o t s p r t o C d l r e S - o w s t . a a N m lk a f — o ti r o d C n i a t N y l a B N ti a o a n t n i k a o l n a B l a B n a k n . k .. . 1 I 1 t t t o o o 9 9 9 . . . Portsmouth— NEW JERSEY First National Bank 1, 2, 4, 6, 7, (See also District No. 3) and 9. New Hampshire National Bank.. 1 and 9. Allenhurst—Allenhurst National Ito9. Rochester—Public National Bank 1, 2, 4, 6, 7, Bank & Trust Co. and 9. Allentown—Farmers National Bank. Ito9. Tilton—Citizen's National Bank 1 and 2. Asbury Park—Asbury Park National 1 to 9. Wilton—Wilton National Bank 1, 2, 4, 6, 7, Bank & Trust Co. and 9. Atlantic Highlands—Atlantic High- 1 to 8. Wolfeboro—Wolfeboro National Bank 1 and 4. lands National Bank. Bayonne—Mechanics' National Bank. Ito9. RHODE ISLAND Belleville—Peoples National Bank & 1 to 9. Newport— Trust Co. Aquidneck National Exchange 1 to 9. Belvidere—Belvidere National Bank. ltoS. Bank & Sayings Co. Bergenfield—Bergenfieid National 1 to 9. Newport National Bank 1 to 9. Bank & Trust Co. Providence— Bernardsville—Bernardsville Nation- 1 to 9. Blackstone Canal National Bank. 1 to 9. al Bank. National Bank of Commerce 1 to 9. Boonton—Boonton National Bank... 1 to 9. Providence National Bank 1 to 9. Boundbrook—First National Bank... Ito9. Butler—First National Bank Ito9. VERMONT Caldwell— Barre—Peoples National Bank 1 to 9. Caldwell National Bank Ito9. Bellows Falls—National Bank of Bel- Ito9. Citizens National Bank & Trust Ito8. lows Falls. Co. Bennington— Carlstadt—Carlstadt National Bank. 1 to 9. County National Bank 1 to 9. Carte ret—First National Bank Ito9. First National Bank Ito9. Clifton- Bethel—National White River Bank. 1 to 9. Clifton National Bank Ito9. Brandon—First National Bank Ito4. First National Bank Ito9. Brattleboro—Vermont Peoples Na- 1 to 9. Closter— tional Bank. Closter National Bank & Trust Ito9. Burlington—Howard National Bank. 1 to 8. Co. Chelsea—National Bank of Orange Ito8. Cranbury—First National Bank Ito9. County. Dover—National Union Bank Ito9. Chester—National Bank of Chester.. 1, 2, 3, and Dunellen—First National Bank 1 to 9. 5. East Orange—First National Bank... Ito9. Danville—Caledonia National Bank__ Ito9. Elizabeth- Derby Line—National Bank of Derby Ito3,5and9. National State Bank 1 to 7 and 9. Line. Peoples National Bank Ito9. Enosburg Falls—First National Bank 1 to 9. Englewood—Citizens National Bank Ito9. Manchester Center—Factory Point Ito9. & Trust Co. National Bank. Flemington—Flemington National 1 to 9. Middlebury—National Bank of Mid- Bank. dlebury. Freehold- Montpelier— Central National Bank 1 to 9. First National Bank Ito4. First National Bank 1 to 9. Montpelier National Bank 1 to 9. National Freehold Banking Co.. 1 to 9. Digitized forN FewRpAoSrt—ERN ational Bank of Newport 1 to 7 and 9. Frenchtown—Union National Bank- 1 and 4. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

273 FIDUCIARY POWERS Powers Powers granted granted DISTRICT NO. 2—Continued DISTRICT NO. 2—Continued NEW JERSEY—continued NEW JERSEY—continued Garfield—First National Bank Ito9. Glen Rock—Glen Rock National Ito9. Paterson— Bank. Columbus National Bank 1 to 9. Hackensack—City National Bank & 1 to 9. First National Bank 1 to 9. Trust Co. Labor National Bank _. _ 1 to 9. Hackettstown— National Bank of America 1 to 9. Hackettstown National Bank Ito9. Paterson National Bank 1 to 9. Peoples National Bank 1 to 9. Second National Bank 1 to 9. Highland Park—First National Bank. Ito9. Perth Amboy— Hillside—Hillside National Bank 1 to 9. First National Bank 1 to 9. Hoboken—First National Bank Ito4. Perth Amboy National Bank 1 to 9. Irvington— Phillipsburg— Irvington National Bank 1 to 9. Phillipsburg National Bank & 1 to 8. Peoples National Bank & Trust Ito9. Trust Co. Co. Second National Bank.. _ 1 to 9. Jersey City— Plainfield—First National Bank 1 to 9. First National Bank 1 to 9. Pompton Lakes—First National 1 to 8. Franklin National Bank ltoTa1 d '» Bank & Trust Co. Hudson County National Bank- Ito9. Rah way- Journal Square National Bank__ 1 to P Citizens National Bank 1 to 9. Kearny—First National Bank & Ito9. Rahway National Bank 1 to 9. Trust Co. Ramsey—First National Bank & 1 to 9. Lambertville— Trust Co. Amwell National Bank Ito9. Red Bank- Lambertville National Bank Ito9. Broad Street National Bank 1 to 9. Linden—Linden National Bank & Ito9. Second National Bank & Trust 1 to 9. Lit i t r l u e s t F u a o lls . —Little Falls National 1 to 9. Ridgew V^ o O o . d— Bank. Citizens National Bank & Trust 1 to 9. Long Branch—Citizens National 1 to 9. Co. Bank. First National Bank & Trust Co. 1 to 9. Lyndhurst—First National Bank 1 to 9. Roselle—First National Bank 1 to 9. Madison—First National Bank Ito9. Rutherford—Rutherford National Ito9. Manasquan—Manasquan National Ito9. Bank. Bank. Somerville—Second National Bank.. 1 to 4. Metuchen—Metuchen National Bank. 1 to 9. South Amboy—First National Bank. 1 to 9. Milburn—First National Bank 1 to 9. South River—First National Bank... 1 to 9. Milltown—First National Bank 1 to 9. Summit—First National Bank & 1 to 9. Mon F tc ir la s i t r — National Bank & Trust Ito9. Su J s L s A e L x IO — U V F > a O» rmers National Bank Ito4. Co. Tenafly—Northern Valley National 1 to 9. Montclair National Bank Ito9. Bank. Morristown— Union City—First National Bank 1 to 9. First National Bank Ito9. Washington—First National Bank... 1 to 9. National Iron Bank _ 1 to 9. Weehawken—Hamilton National Ito9. Newark— Bank Hayes Circle National Bank & 1 to 9. West New York—First National 1 to 9. Trust Co. Bank. Lincoln National Bank _ _ 1 to 9. West Orange—First National Bank.. 1 to 9. Mount Prospect National Bank.. Ito9. Westwood—First National Bank Ito9. National Newark & Essex Bank- Ito9. Woodbridge—First National Bank... Ito9. ing Co. National State Bank 1 to 9. NEW YORK New Jersey National Bank & 1 to 9. Trust Co. Adams—Farmers National Bank.... Ito9. North Ward National Bank Ito9. Albany— Port Newark National Bank Ito9. National Commercial Bank & Ito8. South Side National Bank & Ito9. Trust Co. Trust Co. New York State National Bank._ 1 to 9. Union National Bank Ito9. Amityville—First National Bank & 1 to 9. New Brunswick- Trust Co. National Bank of New Jersey Ito9. Amsterdam- Peoples National Bank 1 to 9. Amsterdam City National Bank. 1 to 3, 5toS Newton—Sussex & Merchants Na- 1 to 9. Farmers National Bank 1 to 9. tional Bank. First National Bank 1 to 9. Nutley— Auburn— First National Bank Ito9. Cayuga County National Bank.. 1 to 9. Franklin National Bank 1 to 9. National Bank of Auburn 1 to 9. Ocean Grove—Ocean Grove National Ito9. Babylon—Babylon National Bank 1 to 9. O -- r pb a _a n n_ g iK_ e . - Ba oP lT c d r w ±nri 1n r 1 u —cis t B p L na > l O d , win National Bank__. Ito9. Orange National Bank. Ito8. Baldwinsville—First National Bank 1 to 9. Second National Bank.. 1 to 9. & Trust Co. Palisades Park—Palisades Park Na- 1 to 9. Ballston Spa— tional Bank & Trust Co. Ballston Spa National Bank 1 to 9. Passaic— First National Bank 1 to 9. American NationaP B ank 1 to 9. Batavia—First National Bank 1 to 9. Lincoln National Bank 1 to 9. Bath—Bath National Bank 1 to 9. Passaic National Bank & Trust 1 to 9. Bay Shore—First National Bank & 1 to 9. Co. Trust Co. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

274 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 Beacon— Fulton—Citizens National Bank & 1 to 9. Fishkill National Bank -.._-. 1 to 9. Trust Co. Matteawan National Bank of 1 to 9. Geneseo—Genesee Valley National 1 to 9. Beacon. Bank. Binghamton— Glens Falls— City National Bank Ito9. First National Bank 1 to 9. First National Bank 1 to 9. I National Bank of Glens Falls 1 to 9. Bridgehampton— Bridgehampton 1 to 9. Gloversville— National Bank. City National Bank & Trust Co.. 1 to 9. Bronxville—Gramatan National 1 to 9. Fulton County National Bank.. 1 to 9. Bank & Trust Co. Goshen—National Bank of Orange 1 to 9. Callicoon—^Callicoon National Bank. ] to 9. County. Camden—first National Bank & 1 to 9. Granville— Trust Co. Farmers National Bank 1 and 4. Canajoharie— Washington County National 1 to 5. Canajoharie National Bank 1 to 9. Bank. National Spraker Bank 1 to 9. Hampton Bays—Hampton Bays 1 to 9. Canandaigua—Canandaigua Na- 1 to 9. National Bank. tional Bank & Trust Co. Hancock—First National Bank. 1 to 9. Canton— Haverstraw—National Bank<fe Ito9. First National Bank.. 1 to 9. Trust Co. St. Lawrence County National 1 to 3,5 to 8 Hempstead—First National Bank 1 to 9. Bank. Herkimer—Herkimer National Bank. 1 to 8. Carmel—Putnam County National 1 to 9. | Highland Falls—First National Bank 1 to 9. Bank. j Hoosick Falls— Carthage- | First National Bank 1 to 9. Carthage National Bank Ito9. ! Peoples National Bank j 1 to 8. National Exchange Bank & Trust 1 to 9. | Hornell— ! Co. Citizens National Bank & Trust 1 to 9. Catskill—Catskill National Bank.... 1 to 8. ! Co. Cazenovia—Cazenovia National Ito9. ; First National Bank _._ 1 to 9. Bank. I Hudson— Cedarhurst—Peninsula National 1 to 9. !| Farmers National Bank. i 1 to 9. Bank. j! First National Bank & Trust Co. 1 to 9. Chester—Chester National Bank 1 to 9. 11 Hudson Falls— Clayton—National Exchange Bank.. 4. IS Peoples National Bank 1 to 9. Clyde—Briggs National Bank & 1 to 9. I Sandy Hill National Bank 1 to 9. Trust Co. i Huntington—First National Bank & 1 to 9. Cohoes—National Bank of Cohoes... 1 to 8. !'; Trust Co. Cooperstown— i Ilion— First National Bank Ito9. i Ilion National Bank & Trust Co. 1 to 9. Second National Bank 1 to 8. j Manufacturers National Bank... 1 to 9. Corning—First National Bank & 1 to 8. Islip—First National Bank 1 to 9. Trust Co. Ithaca—First National Bank 1 to 9. Cortland— Jamestown— National Bank of Cortland 1 to 9. j American National Bank 1 to 9. Second National Bank & Trust 1 to 9. II National Chautauqua County 1 to 8. Co. || Bank. Cuba- jj Kenmore—First National Bank, 1 to 9. Cuba National Bank 1 to 9. Kingston— First National Bank Ito9. I First National Bank of Rondout. 1 to 9. Delhi—Delaware National Bank 1 to 9. I National Ulster County Bank & 1 to 9. Dolgeville—First National Bank Ito9. i| Trust Co. Dover Plains—Dover Plains Na- 1 to 9. ! Rondout National Bank 1 to 9. tional Bank. ! State of New York National 1 to 9. Dunkirk- I Bank. Lake Shore National Bank 1 to 9. 11 Lackawanna—Lackawanna National 1 to 9. Merchants National Bank 1 to 8. j| Bank. East Rockaway—East Rockaway 1 to 9. i| Larchmont—Larchmont National 1 to 9 National Bank. | Bank & Trust Co. Edwards—Edwards National Bank._ 4. !! Liberty—Sullivan County National 1 to 9. Ellenville—First National Bank & 1 to 9. I Bank. Trust Co. j Little Falls—Little Falls National 1 to 9. Elmira—First National Bank & Trust 1 to 9. j Bank. Co. j Livonia—Stewart National Bank & 1 to 9. Fairport—Fairport National Bank & 1 to 9. Trust Co. Trust Co. i Lockport—Niagara County National 1 to 9. Far Rockaway—National Bank of 4. Bank & Trust Co. Far Rockaway. I1 Lowville—Black River National 1 to 9. Floral Park—First National Bank Ito9. | Bank. & Trust Co. | Lynbrook— Fonda—National Mohawk River Ito8. 11 Lynbrook National Bank & 1 to 9. Bank. ii Trust Co. Fort Plain—Fort Plain National 1 to 9. h Peoples National Bank & Trust 1 to 9. Bank. ii Co. Frankfort—Citizens First National 1 to 9. Malone—Farmers National Bank... 1 to 9. Bank. ji Mamaroneck—First National Bank 1 to 9. Fredonia—National Bank of Fre- 1 to 9. i & Trust Co. donia. | Manhasset—First National Bank & 1 to 9. Freeport— II Trust Co. Citizens National Bank Ito9. i! Massena—First National Bank & 1 to 9, Digitized for FRFAirSstE NRa tional Bank & Trust Co.I Ito9. i] Trust Co. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FIDUCIARY POWERS 275 Powers Powers granted granted DISTRICT NO. 2—Continued DISTRICT NO. 2—Continued NEW YORK—continued NEW YORK—continued Middletown— Ovid—First National Bank 4. First National Bank & Trust Co_ 1 to 9.. Owego— Merchants National Bank 1 to 9, First National Bank_._ 1 to 9. Mineola—First National Bank Ito9, Owego National Bank Ito9. Monticello—National Union Bank of Ito9. Patchogue—Peoples National Bank. 1 to 9. Monticello. Pearl River—First National Bank & 1 to 9. Morristown—Frontier National 4. Trust Co. Bank. Peekskill— Mount Kisco—Mount Kisco Na- 1 to 9. Peekskill National Bank 1 to 9. tional Bank & Trust Co. Westchester County National 1 to 9. Mount Morris—Genesee River Na- 1 to 9. Bank. tional Bank & Trust Co. Pelham—Pelham National Bank 1 to 9. Mount Vernon— Perry—First National Bank 1 to 9. American National Bank & Ito9. Plattsburg— Trust Co. Merchants National Bank 1 to 9. First National Bank 1 to 8. Plattsburg National Bank & 1 to 5, 7 to 9. IN e w H Du ig rg h n— la • nd Quassaick National 1 to 9. Pleasa T n r tv u i s l t l e C — o. First National Bank__ Ito9. & Trust Co. Port Chester—First National Bank 1 to 9. National Bank of Newburgh Ito9. & Trust Co. New Rochelle— Port Henry—Citizens National Bank. 1 to 9. Central National Bank Ito9. Port Jervis— National City Bank 1 to 9. First National Bank 1 to 9. New York- National Bank & Trust Co. of Ito9. Bank of America National Asso- 1 to 9. Port Jervis. ciation. Port Richmond—Staten Island Na- 1 to 9. Broadway National Bank & 1 to 9. tional Bank & Trust Co. Br T o r o u k s l t y C n o N . ational Bank of New 1 to 9. Po N rt a t W io a n s a h l in B g a t n o k n — & P T o r r u t st W C a o s . hington Ito9. Ce Y n o tr r a k l . National Bank 1 to 9. P Po o u ts g d h a k m ee — ps C ie it — izens National Bank Ito9. C C h h a a s t e h a N m a tio & n al P B he a n n i k x National 1 1 t t o o 9 9 . . Fallkill National Bank & Trust 1 to 9. Bank & Trust Co. Co. Commercial National Bank & Ito9. Farmers & Manufacturers Na- 1 to 9. Trust Co. tional Bank. Dunbar National Bank 1 to 9. Merchants National Bank & I to 9. First National Bank Ito9. Trust Co. Grace National Bank 1 to 9. Red Hook—First National Bank 1,2, and 3. Harriman National Bank & Ito9. Richfield Springs—First National 1 to 9. In T du ru st s r t i C al o N . ational Bank _ Ito9. Ri B ve a r n h k ead—Suffolk County National Ito9. Ki B ng ro s o b k o l r y o n i N n a N ti e o w n a Y l or B k a . nk of 1 to 9. Ro B c a h n e k st . er—First National Bank & 1 to 9. Lafayette National Bank of Ito9. Trust Co. Brooklyn in New York. Rockville Center- Lefcourt National Bank & Trust 1 to 9. First National Bank _. 1. Co. Nassau County National Bank__ 1 to 9. Liberty National Bank Ito9. Rome—Farmers National Bank & 1 to 9. National City Bank 1 to 9. Trust Co. Prospect National Bank & Trust Ito9. Roscoe—First National Bank & Ito9. Co. of Brooklyn in New York. Trust Co. Public National Bank & Trust 1 to 9. Roslyn—Roslyn National Bank & Ito9. Seward National Bank & Trust Ito9, Ry ri e p r — ,.unDs R ft O y \J/ e -O» N . ational Bank 1 to 9. Co. St. Johnsville—First National Bank__ Ito9. Sterling National Bank & Trust 1 to 9. Salamanca—First National Bank Ito9. Co. Saranac Lake—Adirondack National Ito9. Straus National Bank & Trust Ito9. Bank & Trust Co. Co. Saratoga Springs—Saratoga National 1 to 9. Northport—First National Bank & Ito9. Bank. Trust Co. Saugerties—First National Bank & 1 to 9. Norwich— Trust Co. Chenango County National Bank 1 to 8. Sayville—Oystermens National Bank 1 to 9. & Trust Co. Scarsdale—Scarsdale National Bank 1 to 9. National Bank & Trust Co 1 to 9. & Trust Co. Nyack—Nyack National Bank Ito9. Schenectady— Olean— Mohawk National Bank 1 to 9. Exchange National Bank _ Ito9. Union National Bank.. 1 to 9. First National Bank. 1 to 9. Sidney—Sidney National Bank Ito9. Oneida—Oneida Valley National Ito9. Silver Creek—Silver Creek National 1 to 9. Bank. Bank Oneonta— Skaneateles—National Bank & Trust Ito9. Citizens National Bank & Trust 1 to 9. Co. Co. Southampton—First National Bank. Ito8. Wilber National Bank 1 to 9. Spring Valley—First National Bank. 1 to 9. Ossining—First National Bank & Ito9. Stamford—National Bank of Stam- 1 to 9. Trust Co. ford. Oswego—First & Second National 1 to 9. Suffern—Suffern National Bank & 1 to 9. Bank & Trust Co. Trust Co. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

276 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD Powers Powers granted granted DISTRICT NO. 2—Continued DISTRICT NO. 3—Continued NEW YORK—continued NEW JERSEY Syracuse— (See also District No. 2) Lincoln National Bank & Trust Ito9. Co. Absecon—First National Bank 1 to 9. Merchants National Bank & Ito9. Atlantic City— Trust Co. Atlantic City National Bank Ito4. Salt Springs National Bank 1 to 9. Chelsea National Bank 1 to 9. Tarry town—Tarrytown National 1 to 3, 5 to 9. Pacific Avenue National Bank... Ito9. Bank. Second National Bank.^ 1 to 9. Ticonderoga—Ticonderoga National 1 to 9. Union National Bank Ito3. Bank. Audubon—Audubon National Bank. Ito9. Troy- Barnegat—First National Bank Ito9. Manufacturers National Bank... Ito9. Beach Haven—Beach Haven Na- Ito9. National City Bank... Ito9. tional Bank & Trust Co. Union National Bank Ito9. Beverly—First National Bank & Ito9. United National Bank Ito9. Trust Co. Tuckahoe—First National Bank & Ito9. Blackwood—First National Bank & Ito9. Trust Co. Trust Co. Tuxedo—Tuxedo National Bank 1 to 9. Bordentown—First National Bank... Ito9. Utica— Bridgeton— Oneida National Bank & Trust Ito9. Bridgeton National Bank Ito9. Co. Farmers and Merchants Na- Ito9. Utica National Bank & Trust Ito9. tional Bank. Co. Burlington—Mechanics National Ito9. Valley Stream—Valley Stream Na- 1 to 8. Bank. tional Bank & Trust Co. Cam den- Walden—Third National Bank Ito9. American National Bank_ _ 1 to 9. Walton—First National Bank & 1 to 9. First Camden National Bank & 1 to 9. Trust Co. Trust Co. Warrensburg—Emerson National Ito9. Third National Bank & Trust Co. 1 to 9. Bank. Cape May—Merchants National 4. Warsaw—Wyoming County Na- 1 to 9. Bank. tional Bank. Collingswood — Collingswood Na- Ito9. Warwick—First National Bank Ito9. tional Bank. Water town— Elmer—First National Bank. 1 to 9. Jefferson County National Bank. 1 to 9. Glassboro—First National Bank Ito9. Watertown National Bank 1 to 8. Haddonfield—Haddonfield National 1 to 9. Watervliet—National Bank of Water- 1 to 9. Bank. vliet. Hightstown—First National Bank... 1 to 9. VViiverly— Hopewell—Hopewell National Bank. 1 to 9. Citizens National Bank_ -_ 1 to 9. Medford—Burlington County Na- Ito9. First National Bank Ito9. tional Bank. Wellsvilie—Citizens National Bank.. Ito9. Merchantville—First National Bank Ito9. Westbury—Wheatley Hills National 1 to 9. & Trust Co. W B es a t n fi k eid—National Bank of West- Ito9. MIVlillJllv VilUlplc^^ 1 to 9. Mechanics National Bank field. Millville National Bank _ Ito9. Whitehall—Merchants National Ito9. Mount Holly- Bank. Mount Holly National Bank 1 to 8. White Plains—Peoples National 1 to 9. Union National Bank & Trust 1 to 9. Yo li n a k n e K r s— oz i rusi uo. New E L g >0 y . pt—First National Bank & Ito9. Central National Bank Ito9. Trust Co. First National Bank & Trust Co_ 1 to 9. Ocean City- Y onkers National Bank & Trust Ito9. First National Bank 1 to 7 and 9 Co. Ocean City National Bank Ito9. Paulsboro—First National Bank & Ito9. DISTRICT NO. 3 Trust Co. Pemberton—Peoples National Bank. Ito9. DELAWARE & Trust Co. Penns Grove—Penns Grove National 1 to 9. Delmar—First National Bank. Ito8 Bank & Trust Co. Dover—First National Bank... Ito9 Pitman—Pitman National Bank & Ito9. Harrington—First National Bank 1 to 9. Trust Co. Laurel—PeopJes National Bank Ito3 Pleasantville—Pleasantville National 1 to 9. Milford—First National Bank & Ito9. ! Bank. Trust Co. | Point Pleasant Beach- Seaford—First National Bank Ito8. Ocean County National Bank. Ito8. Smyrna— Point Pleasant Beach National Ito9. Fruit Growers National Bank & Ito9. | Bank & Trust Co. Tjust Co. Princeton—First National Bank Ito9. National Bank of Smyrna Ito9. I Roebling—First National Bank , 1 to 9. Wilmington- Salem— Central National Bank. Ito9. City National Bank & Trust Co Ito9. National Bank of Delaware. Ito9. i Salem National Bank & Trust Ito9. Union National Bank 1 to 9. i Co. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

277 FIDUCIARY POWERS Powers Powers granted granted DISTRICT NO. 3—Continued DISTRICT NO. 3—Continued NEW JERSEY—continued PENNSYLVANIA—continued Swedesboro—Swedesboro National Ito9. Darby—First National Bank I to 9. Bank. Doylestown—Doylestown National 1 to 9. Toms River—First National Bank__ 1 to 9. Bank & Trust Co. Trenton- Du Bois— Broad Street National Bank Ito9. Deposit National Bank 1 to 9. First-Mechanics National Bank- 1 to 9. Du Bois National Bank 1 to 9. Prospect National Bank. __. 1 to 9. East Stroudsburg—Monroe County 1 to 9. Ventnor City—Ventnor City Na- 1 to 9. National Bank & Trust Co. tional Bank. Easton— Vineland—Vineland National Bank 1 to 9. Easton National Bank 1 to 9. & Trust Co. First National Bank & Trust Co 1 to 9. Wildwood—Marine National Bank.. Ito9. Ebensburg—First National Bank Ito9. Woodbury—First National Bank & 1 to 9. Edwardsville—Peoples National 1 to 9. Trust Co. Bank. Woodstown—Woodstown National 1 to 9. Elizabethtown—First National Bank Ito9. Bank & Trust Co. & Trust Co. Eruaus—Emaus National Bank Ito9. PENNSYLVANIA Emporium—First National Bank 1 to 9. Ephrata— (See also District No. 4) Ephrata National Bank Ito9. Farmers National Bank 1 to 9. Allentown— Fleetwood—First National Bank Ito9. Allentown National Bank Ito9. Frackville—First National Bank & 1 to 9. Merchants Citizens National Ito9. Trust Co. Bank & Trust Co. Gettysburg- Second National Bank 1 to 9. First National Bank 1 to 9. Altoona— Gettysburg National Bank Ito9. First National Bank _ 1 to 9. Greencastle—First National Bank 1 to 9. Second National Bank Ito9. Hamburg—First National Bank & Ito9. Ambler—First National Bank Ito9. Trust Co. Annville-Annville National Bank Ito9. Harrisburg—Harrisburg National Ito9. Ashland—The Ashland National Ito9. Bank. Bank. Hazleton— Ashley—First National Bank 1 to 9. First National Bank 1 to 9. Atglen—Atglen National Bank _ Ito3. Hazleton National Bank Ito9. Bangor— Honesdale—Honesdale National 1 to 9. First National Bank 1 to 9. Bank. Merchants National Bank Ito9. Honeybrook—First National Bank... Ito9. Bedford—Farmers National Bank & Ito9. Houtzdale—First National Bank 1 to 9. Trust Co. Hummelstown—Hummelstown Na- 1 to 9. Bellefonte—First National Bank Ito9. tional Bank. Belleville—Belleville National Bank. 1 to 3. Huntingdon— Berwick— First National Bank 1 to 9. Berwick National Bank Ito9. Union National Bank 1 to 8. First National Bank 1 to 9. Jenkintown—Citizens National 1 to 7 and < Bethlehem— Bank. . Bethlehem National Bank. Ito9. Johnstown- First National Bank Ito9. First National Bank... 1 to 8. Lehigh Valley National Bank Ito8. Moxham National Bank 1 to 9. Blossburg—Citizens National Bank 1 to 9. Kane—First National Bank 1 to 9. & Trust Co. Kennett Square—National Bank of 1 to 9. Boyertown— Kennett Square. Farmers National Bank Ito9. Kutztown—Kutztown National 1 to 9. National Bank & Trust Co 1 to 9. Bank. Bradford—Commercial National 1 to 9. Lancaster— Bank. Conestoga National Bank 1 to 9. Bridgeport—Bridgeport National 1 to 9. Fulton National Bank 1 to 9. Bank. Lancaster County National Bank. 1 to 9. Bristol—Farmers National Bank of Ito9. Langhorne—Peoples National Bank 1 to 9. Bucks County. & Trust Co. Catasauqua— Lansdale—First National Bank 1 to 9. Lehigh National Bank Ito9. Lansdowne—National Bank of Lans- 1 to 9. National Bank of Catasauqua 1 to 9. downe. Chambersburg— Lebanon— National Bank of Chambersburg. Ito9. First National Bank 1 to 9. Valley National Bank Ito9. Lebanon National Bank. _ 1 to 9. Chester- Peoples National Bank 1 to 9. Delaware County National Bank- Ito9. Lehighton— First National Bank 1 to 9. Citizens National Bank & Trust 1 to 9. Clearfield— Co. Clearfield National Bank.. 1 to 9. First National Bank_._ _ 1 to 9. County National Bank Ito9. Lewisburg— Coatesville—National Bank of Ches- 1 to 9. Lewisburg National Bank 1 to 9. ter Valley. Union National Bank 1 to 9. Columbia— Lewistqwn— Central National Bank Ito9. Citizens National Bank 1 to 9. First Columbia National Bank__ 1 to 9. Miffiin County National Bank... 1 to 9. Conshohocken—First National Bank. 1 to 9. Russell National Bank 1 to 9. Dallastown—First National Bank... 1 to 9. Lititz—Farmers National Bank 1 to 4. Danville— Littlestown—Littlestown National 1 to 9. Danville National Bank 1 to 9. Bank. Digitized for FRFAirSstE NRa tional Bank 1 to 9. Lock Haven—First National Bank- 1 to 9. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

278 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD Powers Powers granted ! granted DISTRICT NO. 3—Continued DISTRICT NO. 3—Continued PENNSYLVANIA—continued PENNSYLVANIA—continued Luzerne—Luzerne National Bank 1 to 9. Philadelphia—Continued. Mahanoy City- Penn National Bank 1 to 9. First National Bank.. 1 to 9. Philadelphia National Bank 1 to 9. Union National Bank 1 to 8. Second National Bank 1 to 9. Malvern—National Bank of Malvern. 1 to 9. ! Sixth National Bank Ito9. Manheim— Southwestern National Bank 1 to 8. Keystone National Bank 1 to 9. Textile National Bank... 1 to 9. Manheim Nationall Bank 1 to 9. Tioga National Bank 1 to 9. Marietta—Exchange National Bank— 1 to 4. Tradesmens National Bank & 1 to 9. Mauch Chunk—Mauch Chunk Na- 1 to 9. 1 Trust Co. tional Bank. Tulpehocken National Bank & 1 to 9. Maytown—Maytown National Bank 1 to 4. ! Trust Co. Mechanicsburg—Second National Ito9. Philipsburg— Bank. First National Bank Ito9. Media—First National Bank 1 to 9. Moshannon National Bank Ito9. Millheim—Farmers National Bank 1 to 9. Phoenixville— & Trust Co. Farmers and Mechanics Na- 1 to 9. Milton—First Milton National Bank. Ito9. tional Bank. Montoursville — First National 1 to 9. National Bank of Phoenixville.-. 1 to 9. Bank. Pittston—First National Bank 1 to 9. Montrose—First and Farmers Na- 1 to 9. Liberty National Bank __ 1 to 9. tional Bank & Trust Co. Plymouth—First National Bank Ito9. Mount Carmel— Port Allegany—First National Bank. Ito9. First National Bank Ito9. Pottstown— Union National Bank 1 to 9. Citizens National Bank & Trust 1 to 9. Mount Joy— Co. First National Bank & Trust Co. Ito9. National Bank of Pottstown 1 to 9. Union National Mount Joy Bank. 1 to 9. National Iron Bank 1 to 9. Mountville—Mountville National 1 to 4. Pottsville— Bank. Merchants National Bank Ito9. Myerstown—Myerstown National 1 to 9. Miners National Bank _ 1 to 9. Bank. Pennsylvania National Bank & 1 to 9. Nanticoke— Trust Co. First National Bank _.. 1 to 9. Reading- Nanticoke National Bank 1 to 9. Farmers National Bank & Trust 1 to 9. Nazareth—Nazareth National Bank Ito9. Co. & Trust Co. Penn National Bank & Trust Co.1 to 9. New Holland—New Holland Na- 1 to 5 and 9. Reading National Bank & Trust 1 to 9. LlOJJ-cll JDdXlK.. 1 to 7 and 9. Red Lion—Red Lion First National 1 to 9. Newtown—First National Bank & Trust Co. Bank. Newville—First National Bank 1 to 9. Ridgway—Ridgway National Bank._ 1 to 9. Norristown—Peoples National Bank- 1 to 9. Sayre—First National Bank 1 to 9. Northampton—Cement National Ito8. Schuylkill Haven—First National 1 to 9. Bank of Siegfried. Bank & Trust Co. Northumberland—Northumberland 1 to 9. Schwenksville—National Bank of 1 to 9. National Bank. Scranton— Oley—First National Bank. 1 to 9. First National Bank Ito9. Orwigsburg—First National Bank 1 to 9. Third National Bank & Trust Co.1 to 9. & Trust Co. Union National Bank Ito9. Oxford—National Bank of Oxford 1 to 9. Selinsgrove—First National Bank 1 to 9. Palmerton—First National Bank 1 to 9. Shamokin— Patton—First National Bank Ito9. Market Street National Bank* Ito9. Pen Argyl—First National Bank 1 to 9. National Bank of Shamokin 1 to 9. Philadelphia- Shenandoah—Merchants National Ito9. Central National Bank 1 to 9. Bank. City National Bank & Trust Co,1 to 9. Shickshinny—First National Bank.., 1 to 3, 5 to 8 Commercial National Bank & 1 to 9. Shippensburg— Trust Co. First National Bank Ito9. Corn Exchange National Bank 1 to 9. Peoples National Bank 1 to 9. & Trust Co. Smethport—Grange National Bank Ito9. Eighth National Bank _ 1 to 9. of McKean County. Erie National Bank Ito9. Souderton—Union National Bank & Ito9. First National Bank 1 to 9. Trust Co. Kensington National Bank 1 to 3, 5 to 9.Spring City—National Bank & Trust 1 to 9. Market Street National Bank 1 to 7 and 9. Co. Mount Airy National Bank & 1 to 9. State College- Trust Co. First National Bank 1 to 9. National Bank of Germantown Ito8. Peoples National Bank Ito9. & Trust Co. Stroudsburg— National Bank of Olney in Phila- 1 to 9. First National Bank.. Ito9. delphia. Stroudsburg National Bank 1 to 9. National Security Bank & Trust 1 to 9. Sunbury—First National Bank Ito9. Co. Swarthmore—Swarthmore National Ito9. North Broad National Bank 1 to 9. Bank & Trust Co. Northeast National Bank of 1 to 9. Tamaqua— Holmesburg. First National Bank 1 to 9. Northwestern National Bank & Ito9. Tamaqua National Bank __ Ito9. Trust Co. Tioga—Grange National Bank 1 to 4. Overbrook National Bank 1 to 9. Topton—National Bank of Topton.. 1 to 4. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FIDUCIARY POWERS 279 Powers Powers granted granted DISTRICT NO. 3—Continued DISTRICT NO. 4—Continued PENNSYLVANIA—continued KENTUCKY—continued Towanda—Citizens National Bank__ 1 to 9. Saylersville—Saylersville National 2 to 8. Tyrone- Bank. Blair County National Bank & Ito9. Somerset- Trust Co. Farmers National Bank 1 to 5, 7 to 9. Farmers & Merchants National Ito9. First National Bank 1 to 9. Bank. Williamsburg—First National Bank.. 1 to 4. First National Bank Ito9. Winchester—Clark County National Ito5, 7 to 9. Watsontown—Farmers National 1 to 9. Bank. Bank. OHIO Way C n i e t s i b ze o n ro s — National Bank & Trust 1 to 9. . A A l s l h ia t n ab ce u — la— Alliance First National 1 to 9. W W e e r a F n th e ir C r e s s r o t v l y . i N l — le a — t F io i W r n s a t e l r N n B a e a t r n i s o v k n i l a & le l B N T a a r n u ti k s o t n C al o.1 1 1 t t t o o o 9 9 9 . . . Ath A N F e a n t a h r t s m i e - o n e n s r a s N l N B at a a i t o n io n k n a o l a f l B A B a a n s n h k k ta _ b _ ula 1 1 1 t t t o o o 7 7 9 . a a n n d d 9 9 . . Bank & Trust Co. Bank of Athens, N. B. A 1 to 7 and 9. Wes F t i C rs h t e N ste a r t — ional Bank 1 to 9. Bellaire—First National Bank 1, 9 3 . ,4,5, and Wes N t a G ti r o o n v a e— l B N an at 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. B C r a a d d iz fo — rd F — ou F r i t r h 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 7 7 a a n n d d 9 9 . . Co. Canton—First National Bank 1 to 7 and 9. Wilk S e e s c - o B n a d rr e N — ational Bank _ Ito9. Cin A ci t n la n s a N ti- ational Bank 1 to 9. Wyoming National Bank Ito9. First National Bank 1 to 7 and 9. W W i r l i l g F W ia h i m r t i s s ll s v t i p a i N l o m l r e a t s — t — p io o F n r i t a r s l N t B a N a ti a n o t k n io a n l a B l a B n a k nk 1 I I t t o o to 9 9 . . 9. Clev L S C e e l i e a n c n n c o t d o n ra — l d n l N U N a n a t i t i t i o e o n d n a a N l l B a B t a i a o n n n k k al Bank... 1 I 1 t o t t o o 9 . 7 7 a a n n d d 9 9 . . York- Engineers National Bank Ito9. Central National Bank National City Bank I to 7 and 9. I D F n i r B d r o s u a v t s n e N t r k r s i a . a a t l i n o d n N a M l a B t e i c o a h n n a a k n l i cs B N a a n t k io n o a f l 1 I 1 t o t t o o 9 . 9 9 . . Colu H C O m i u h t b i n y o u t s i N N n — g a a t t t i o i o o n n n a a N l l a B B ti a o a n n n k k a l & B a T n r k ust C _ o _ .1 1 1 t t t o o o 7 7 7 a a a n n n d d d 9 9 9 . . . Y Y W o o W e r r s k k e te s N C r t n o a Y t u N i o o n a r n t k t y i a . o l N n B a a l a t i n o B 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 . . . D Co a s y h C C o t o o o c m s t n o h - n m o — c e t r o c n ia N l N at a io ti n o a n l a B l B an a k nk 1 1 t t o o 9 7 . and 9. City National Bank & Trust Co.1 to 7 and 9 DISTRICT NO. 4 Merchants National Bank & 1 to 9. Trust Co. KENTUCKY Third National Bank & Trust 1 to 7 and 9. Co. (See also District No. 8) Winters National Bank & Trust Ito9. Co. Ashland— East Liverpool—First National Bank 1 to 7 and 9. Ashland National Bank 1 to 5, 7 to 9.Findlay—American-First National 1 to 7 and 9. Second National Bank 1 to 5, 7 to 9. Bank. Third National Bank 1 to 5, 7 to 9.Fostoria—Union National Bank 1 to 7 and 9. Brooksville—First National Bank.... 1 to 4. Greenville—Second National Bank__. 1 to 7 and 9. Covington—First National Bank & 1 to 9. Hamilton— Trust Co. First National Bank & Trust 1 to 7 and 9. Cynthiana— Co. Farmers National Bank _. 1 to 9. Second National Bank 1 to 9. 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—Fairfield 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 1 to 9. Harlan National Bank 1 to 5, 7 to 9.Lorain—National Bank of Commerce-1 to 7 and 9. Lexington—First National Bank & 1 to 9. Mansfield—Citizens National Bank 1 to 4 and 9. Trust Co. & Trust Co. Middlesboro—National Bank of Ito5, 7 to 9. Marietta- Middlesboro. Citizens National Bank 1 to 7 and 9. Mount Sterling— First National Bank 1 to 7 and 9. Montgomery National Bank ltoS. Marion—National City Bank & 1 to 7 and 9. Mount Sterling National Bank... 1 to 9. 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—Park 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. Paintsyille— Bank. Paintsville National Bank 1 to 5,7 to 9. Painesville — Painesville National . to 7. Second National Bank 1 to 8. Bank & Trust Co. Paris—First National Bank 1 to 5, 7 to 9. Piqua— Pikeville—First National Bank 1 to 8. Citizens National Bank & Trust Ito9. Pineville—Bell National Bank 1 to 5, 7 to 9. Co. Richmond—Madison National Bank 1 to 5,^7 to 9. Piqua National Bank & Trust 1 to 7 and 9. & Trust Co. Co. 90182—30 19 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

280 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD Powers Powers granted granted DISTRICT NO. 4—Continued DISTRICT NO. 4—Continued OHIO—continued PENNSYLVANIA—continued Portsmouth—First National Bank 1 to 7 and 9. Pittsburgn— Ravenna—Second National Bank 1, 4, and 9. Bank of Pittsburgh, N. A Ito9. St. Clairsville—First National Bank__ 1 to 7 and 9. Diamond National Bank 1 to 9. Sandusky—Third National Exchange Ito9. Duquesne National Bank 1 to 9. Bank. Exchange National Bank of Pitts- Ito9. Springfield- burgh. First National Bank & Trust Co__ 1 to 9. Farmers' Deposit National Bank- 4 and 9. Lagonda-Citizens National Bank. First National Bank.. 1 to 9. Steubenville— 1 to 7 and 9" Forbes National Bank c 1 to 9. National Exchange Bank & Trust Highland National Bank.... 1 to 9. Co. 1 to 7 and 9. Mellon National Bank.. 1 to 9. Peoples National Bank _ Monongahela National Bank 1 to 8. Tiffin- 1 to 7 and 9. National Bank of America at 1 to 9. Commercial National Bank 1 to 7 and 9. Pittsburgh. Tiffin National Bank 1 to 7 and 9. Second National Bank of Alle- 1 to 9. Toledo—First National Bank 1 to 7 and 9. gheny. Troy—First Troy National Bank & 1 to 7 and 9. Third National Bank 1 to 9. Trust Co. Union National Bank _ 1 to 9. Urbana— Champaign National Bank- Ito7 and 9. Punxsutawney—Punxsutawney Na- 1 to 9. Warren—Second National Bank 1 to 9. tional Bank. Wilmington—Clinton County Na- 1 to 7 and 9. Sharontional Bank & Trust Co. First National Bank 1 to 9. Wooster—Wayne County National 1 to 9. McDowell National Bank. 1 to 4. Bank. Merchants and Manufacturers 1 to 9. Youngstown— National Bank. Commercial National Bank 1 to 7 and 9. Tarentum—First National Bank & 1 to 9. First National Bank 4. Mahoning National Bank Ito9. Trust Co. 1 to 9. Zanesville— Titusville—Second National Bank... First National Bank... 1,4, and 9. Uniontown— Old Citizens National Bank 1 to 7 and 9. National Bank of Fayette County. 1 to 9. PENNSYLVANIA Second National Bank.. _.__ Ito9. (See also District No. 3) Uniontown National Bank & Beaver Falls—First National Bank.. 1 to 9. Vande T rg r r u if s t t — C C o i . tizens National Bank.. 1 to 9. Brookville—Jefferson County Na- 1 to 9. tional Bank. Warren— 1 to 9. Brownsville—Second National Bank. 1 to 9. Citizens National Bank 1 to 9. Canonsburg—First National Bank 1 to 9. Warren National Bank 1 to 3, 5 to Ellwood City—First National Bank.. 1 to 9. Washington—Citizens National Bank. 7, and 9. Erie- Waynesburg—First National Bank 1 to 5, 7 to 9. First National Bank 1 to 9. &"Trust Co. Marine National Bank 1 to 9. Zelienople—Peoples National Bank,.. 1 to 4. Second National Bank 1 to 9. Ford City—First National Bank & 1 to 9. WEST VIRGINIA Trust Co. Franklin—Lamberton National Bank 1 to 9. (See also District No. 5) Greensburg—First National Bank 1 to 9. Greenville- Elm Grove—First National Bank 1 to 9. First National Bank 1 to 9. Sistersville—Union National Bank... 1 to 9. Greenville National Bank... 1 to 9. Wheeling— Grove City- National Bank of West Virginia- 1 to 9. First National Bank 1 to 9. National Exchange Bank 1 to 9, Grove City National Bank j 1 to 9. Knox—Clarion County National 1 to 9. DISTRICT NO. 5 Bank of Edenburg. Leechburg—First National Bank Ito9. DISTRICT OF COLUMBIA McKeesport—First National Bank._. Ito9. Meadville— Washington— Merchants National Bank 1 to 9. Commercial National Bank 1 to 8. New First National Bank 1 to 5, 7 to 9. District National Bank 1 to 8. Meyersdale—Citizens National Bank. 1 to 9. Federal-American National Bank Ito8. Monessen— Franklin National Bank 1 to 8. First National Bank & Trust Co._ Ito9. Liberty National Bank 1 to 8. Peoples National Bank & Trust Ito8. Lincoln National Bank 1 to 8. Co. National Bank of Washington.__ 1 to 8. New Bethlehem—First National 1 to 9. National Metropolitan Bank Ito8. Bank. Riggs National Bank 1 to 8. New Brighton—Union National Bank 1 to 9. Second National Bank 1 to 8. New Castle— Citizens National Bank 1 to 9. MARYLAND First National Bank of Lawrence 1 to 9. Baltimore- County. Drovers & Mechanics National 1 to 9. New Kensington—First National 1 to 8. Bank. Bank. Farmers & Merchants National Ito9. Oakmont—First National Bank 1. Bank. Oil City— | First National Bank 1 to 9. First National Bank __jIto9. National Bank of Baltimore Ito9. Oil City National Bank I 1 to 9. Western National Bank 1 to 9. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

281 FIDUCIARY POWERS Powers Powers granted granted DISTRICT NO. 5—Continued DISTRICT NO. 5—Continued MARYLAND—continued SOUTH CAROLINA Anderson—Carolina National Bank. 1 to 9. Cumberland- Camden—First National Bank 1 to 9. First National Bank _. Ito9. Charleston— Second National Bank Ito9. Atlantic National Bank 1 to 9. Denton—Denton National Bank Ito9, Peoples First National Bank 1 to 9. Easton—Easton National Bank 1 to 9. South Carolina National Bank... 1 to 9. Elkton—National Bank of Elkton.... 1 to 9. Chester—Peoples National Bank Ito9. Frederick- Columbia— Farmers & Mechanics National 1 to 4. Columbia National Bank 1 to 9. Bank. National Loan & Exchange Bank. 1 to 9. Frederick County National Bank. Ito9. Elloree—First National Bank 1 to 9. Hage F r i s r t s o t w N n— ational Bank 1 to 9. Ga ti f o fn n e a y l — Ba M n e k r . chants & Planters Na- 1 to 9. Nicodemus National Bank 1 to 9. Greenville- Second National Bank 1 to 9. First National Bank 1 to 9. Hyattsville—First National Bank Ito4. Peoples National Bank 1 to 9. New Windsor—First National Bank. 1 to 4. Holly Hill—First National Bank 1 to 3, 5 to 9. Pocomoke City—Citizens National Ito9. Orangeburg—Edisto National Bank.. 1 to 9. Bank. Rock Hill- Rising Sun—National Bank of Rising Ito9. National Union Bank 1 to 9. Sun. Peoples National Bank 1 to 9. Rockville—Montgomery County Na- Ito3. Spartanburg— tional Bank. Central National Bank 1 to 9. Salisbury—Salisbury National Bank. 1 to 9. First National Bank Ito9. Snow Hill—First National Bank 1 to 9. Springfield—First National Bank 5. Towson—Towson National Bank 1 to 9. Sumter—National Bank of South Ito9. Westminster— Carolina. Farmers & Mechanics National Ito9. Bank. VIRGINIA First National Bank .. Ito9. Abingdon—First National Bank 1 to 9. Alexandria- NORTH CAROLINA Alexandria National Bank Ito9. Citizens National Bank.. Ito9. Asheboro—First National Bank _ 1 to 9. First National Bank 1 to 9. Asheville— Appalachia—First National Bank 1. • American National Nank 1 to 9. Bedford—Peoples National Bank Ito9. National Bank of Commerce Ito9. Blackstone—First National Bank Ito9. Charlotte- Bristol—Dominion National Bank... 1 to 9. Charlotte National Bank Ito9. Charlottesville— Commercial National Bank 1 to 9. National Bank & Trust Co. at 1 to 9. First National Bank 1 to 9. Charlottesville. Merchants & Farmers National 1 to 9. Peoples National Bank Ito9. Bank. Chase City—First National Bank.... 1 to 9. Union National Bank Ito9. Chatham—First National Bank 1 to 3, Concord—Concord National Bank_._ 1 to 9 Clifton Forge- Durham—First National Bank 1 to 9 Clifton Forge National Bank 1 to 9. Elizabeth City—First & Citizens 1 to 9. First National Bank 1 to 6 and 9. National Bank. Covington— Fayetteville—Cumberland National 1 to 9. Citizens National Bank 1 to 9. Bank. Covington National Bank 1 to 4. Gastonia—First National Bank Ito9. Crewe—First National Bank Ito9. Goldsboro—Wayne National Bank___ Ito9. Culpeper—Second National Bank 1 to 9. Graham—National Bank of Ala- 1 to 9. Danville— man ce. American National Bank & Ito9. Hendersonville—Citizens National Ito9. Trust Co. Bank. First National Bank 1 to 9. High Point—Commercial National Ito9. Emporia— Bank. Citizens National Bank _. Ito9. Monroe—First National Bank 1 to 9. First National Bank Ito9. Mooresville—First National Bank 1 to 9. Fairfax—National Bank of Fairfax... Ito9. Mount Airy—First National Bank__ 1 to 9. Farmville— Oxford—First National Bank of 1 to 9. First National Bank Ito9. Granville at Oxford. Peoples National Bank Ito9. Raleigh—Commercial National Bank. 1 to 9. Fredericksburg—Planters National Ito9. Reidsville—First National Bank Ito9. Bank. Rocky Mount—Planters National 1 to 9. Hampton—Merchants National Ito9. Bank. Bank. Salisbury—First National Bank _ 1 to 9. Harrison burg- Snow Hill—National Bank of Snow 7. First National Bank 1 to 9. Hill. National Bank of Harrisonburg.. 1 to 9. Thomasville—First National Bank__ Ito9. Rockingham National Bank Ito9. Wadesboro—First National Bank 1 to 9. Leesburg— Winston-Salem—Farmers National 1 to 9. Loudoun National Bank Ito9. Bank & Trust Co. Peoples National Bank 1 to 9. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

282 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD Powers Powers granted granted DISTRICT NO. 5—Continued DISTRICT NO. 5-Continued VIRGINIA—continued WEST VIRGINIA—continued Lexington- Charleston- First National Bank 1 to 9. Charleston National Bank 1 to 9. Peoples National Bank 1 to 9. Kanawha National Bank _ 1 to 9. Rockbridge National Bank 1 to 9. Clarksburg- Lovingston—First National Bank of 1 to 9. Empire National Bank.. 1 to 9. Nelson County. Merchants National Bank.____.. 1 to 9. Lynchburg—Lynchburg National 1 to 9. Union National Bank 1 to 9 Bank & Trust Co. Fairmont— Marion—Marion National Bank 1 to 9. National Bank of Fairmont 1 to 9. Marshall—Marshall National Bank 1 to 9. Union National Bank 1 to 9. & Trust Co. Fairview—First National Bank 1 to 4. Martinsville— Grafton—First National Bank 1 to 9. First National Bank 1 to 9. Huntington— First Huntington Na- 1 to 9. Peoples National Bank _ 1 to 4. tional Bank. Narrows—First National Bank 1 to 9. Madison—Boone National Bank j 1 to 4. Newport News—First National Bank 1 to 9. Martinsburg—Old National Bank 1 to 9. Norfolk- Moorefield—South Branch Valley 1 to 3, 5 to 9. Norfolk National Bank of Com- 1 to 9. National Bank. merce and Trusts. Morgantown—Second National 1 to 9. Seaboard Citizens National Bank. 1 to 9. Bank. Virginia National Bank .. 1 to 9. Parkersburg— Norton— First National Bank 1 to 9. First National Bank 1 to 9. Parkersburg National Bank | 1 to 9. National Bank of Norton _.. to 9. St. Marys—First National Bank | 1 to 9. Orange- Welch- Citizens National Bank 1 to 9. First National Bank ._ 1 to 9. National Bank of Orange 1 to 9. McDowell County National 1 to 9, Petersburg— Bank. National Bank of Petersburg 1 to 9. Williamson- Virginia National Bank._ 1 to 9. First National Bank 1 to 9. Phoebus—Old Point National Bank. 1 to 9. National Bank of Commerce 1 to 9. Portsmouth—American National 1. Bank. DISTRICT NO. 6 Pulaski— Peoples National Bank _ 1 to 9. ALABAMA Pulaski National Bank _ 1 to 9. I Eadford—Farmers and Merchants 1 to 9. Albertville—Albertville National 1 to 9. National Bank. Bank. Richmond- Andalusia—Andalusia National 1. Central National Bank 1 to 9. Bank. First & Merchants National 1 to 9. Anniston— Bank. Anniston National Bank 1 to 7, and 9. Roanoke— Commercial National Bank 1 to 5, 7 Colonial American National Bank 1 to 9. and 9. First National Exchange Bank... 1 to 9. First National Bank 1 to 8. Rocky Mount—Peoples National 1 to 9. Bessemer- Bank. City National Bank 2. Salem—Farmers National Bank 1 to 9. First National Bank in Bessemer. 1 to 8. South Boston— Birmingham— Boston National Bank 1 to 9. American-Traders National 1 to 9. Planters & Merchants First 1 to 9. Bank. National Bank. | First National Bank 1 to 9. Stanley—Farmers & Merchants Na- j 1 to 9. Cullman—Leeth National Bank 1 to 4. tional Bank. ! Decatur— Staunton— j Central National Bank 1. Augusta National Bank 1 to 9. Morgan County National Bank.. 1,2, 3, and 5. National Valley Bank i 1 to 9, Dothan— Staunton National Bank & Trust.j 1 to 9. First National Bank... 1 to 8. Co. | Houston National Bank 1 to 9. Strasburg— i Fayette—First National Bank 1 to 9. First National Bank ,__j 1 to 9. Florence—First National Bank 1 to 8. Massanutten National Bank \ 1 to 9. Fort Payne—First National Bank. __ 1. Suffolk—National Bank of Suffolk...j 1 to 9. Gadsden— Warrenton—Fauquier National ! 1 to 9. First National Bank. 1 to 3. Bank. j Gadsden National Bank 1 to 8. Waynesboro—First National Bank 1 to 9. Greenville—First National Bank 1 to3, and 5. Winchester- Mobile— Farmers & Merchants National 1 to 9. First National Bank _ 1 to 9 Bank & Trust Co. \ Merchants National Bank 1 to 9. Shenandoah Valley National 1 to 9. Mobile National Bank 1 to 9. Bank. Montgomery- Wythevilie—First National Bank 1 to 9. Alabama National Bank 1 to 9. First National Bank ... 1 to 9. WEST VIRGINIA Fourth National Bank 1 to 9. Oneonto—First National Bank 1 to 3, 5 to9. (See also District No. 4) Opelika— Beckley—Beckley National Bank 1 to 9. Farmers National Bank 1 to 9. Bluefield— i First National Bank 1 to 7. Bluefield National Bank 1 to 9. Opp—First National Bank 1 to 9. First National Bank 1 to 9. Oxford—First National Bank.. 1 to 8. Flat Top National Bank i 1 to 9. Piedmont—First National Bank 1 to 3. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

283 FIDTJCIAKY POWEES Powers Powers granted granted DISTRICT NO. 6—Continued DISTRICT NO. 6—Continued ALABAMA—continued GEORGIA—continued Selma—City National Bank 1 to 8. La Grange—La Grange National Ito8. Sylacauga—Merchants & Planters 1 to 9. Bank. National Bank. Louisville—First National Bank 1 to 9. Talladega— Quitman—First National Bank Ito8. Isbell National Bank . 1 to 3, 5 to Rome- 7, and 9. First National Bank 1 to 9. Talladega National Bank 1 to 9. National City Bank Ito9. Troy- Savannah—Citizens & Southern Na- Ito9. Farmers and Merchants Na- 1 to 7 and 9. tional Bank. tional Bank. Statesboro—First National Bank Ito9. First National Bank 1. Thomasville—First National Bank... Ito9. Tuscaloosa— Winder—Winder National Bank Ito9. City National Bank 1 to 8 First National Bank _. 1 to 8. LOUISIANA Wetumpka—First National Bank 1 to 9. (See also District No. 11) FLORIDA Hammond—Citizens National Bank- 1 to 9. Bradenton—First National Bank Ito4. La Fayette— Daytona Beach—First National Bank 1 to 9. Commercial National Bank Ito9. De Funiak Springs—First National 1 to 8. First National Bank Ito9. Bank. Lake Charles— Fort Myers—First National Bank.__ 1 to 9. Calcasieu National Bank of Ito9. Jacksonville— Southwest Louisiana. Atlantic National Bank 1 to 9. First National Bank __ Ito9. Barnett National Bank. 1 to 9. New Orleans—Whitney National Ito9. Florida National Bank 1 to 9. Bank Lake City—First National Bank 1 to 9. MISSISSIPPI Miami- City National Bank in Miami 1 to 9. (See also District No. 8) First National Bank 1 to 9. Miami Beach—Miami Beach First 1 to 9. Biloxi—First National Bank 1 to 5. National Bank. Canton—First National Bank 1 to 4. Ocala—Munroe & Chambliss Na- 1 to 9. Gulfport— tional Bank. First National Bank Ito8. Orlando—First National Bank & Ito9. National Bank of Gulfport Ito9. Trust Co. Hattiesburg— Palatka—Putnam National Bank 1 to 9. Commercial National Bank Ito9. Panama City—First National Bank..! 4. First National Bank Ito9. Pensacola—Citizens & Peoples Na- Jacksontional Bank. 1 to 9. Capital National Bank Ito9. Perry—First National Bank _ 1 to 9. First National Bank Ito9. St. Augustine—St. Augustine Na- 1 to 9. Jackson State National Bank 1 to 7 and 9, tional Bank. Laurel- St. Petersburg— Commercial National Bank & 1 to 9. Central National Bank & Trust 1 to 9 ± rust i^o. Co. First National Bank Ito9. First National Bank 1 to 9. McComb City—First National Bank. 1, 2, and 3. Sanford—Sanford Atlantic National 1 to 9. Bank. Citizens National Bank Ito9. Sarasota—Palmer National Bank & 1 to 3, 5 to 7 First National Bsnk 1 to 8. Trust Co. and 9. Natchez—Britton & Koontz Na- 1, 6, and 7. Tampa- tional Bank. Exchange National Bank. 1 to 9. Vicksburg— First National Bank 1 to 8. Merchants National Bank & Ito9. Winter Haven—Snell National Bank. 1 to 3, 5 to 7. National City Savings Bank & Ito9. GEORGIA Trust Co. Yazoo City—Delta National Bank... Ito9. Albany—City National Bank 1 to 9. Athens—National Bank of Athens... 1 to 4. TENNESSEE Atlanta- First National Bank 1 to 9. (See also District No. 8) Fulton National Bank 1 to 9. Augusta—National Exchange Bank.. 1 to 9. Bristol—First National Bank Ito9. Barnesville—First National Bank 1 to 8. Chattanooga— Brunswick—National Bank of 1 to 9. First National Bank Ito9. Brunswick. Hamilton National Bank.- Ito9. Carroll ton—First National Bank 1 to 9. Clarksviile—First National Bank 1. Cartersville—First National Bank... 1 to 9. Copperhill—First National Bank of 1 to 3, 5 to 8. Columbus— Polk County. First National Bank 1 to 9. Decherd—First National Bank of 1, 3 to 9. Fourth National Bank 1 to 9. Franklin County. Dalton—First National Bank... 1 to 5. Dickson—Citizen National Bank Ito8. Dawson—Dawson National Bank 1 to 3, 5to 9. Fayetteville— Elberton—First National Bank 1 to 9. Elk National Bank 1 to 3 and 5. Fitzgerald- First National Bank _ 1 to 3, 5 to 9 Exchange National Bank,. _. 1 to 4. Gallatin—First & Peoples National Ito9. First National Bank 1 to 4, 6, 7, Bank and 9. Greenville—First National Bank Ito9. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

284 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD Powers Powers granted granted DISTRICT NO. 6—Continued DISTRICT NO. 7—Continued TENNESSEE—continued ILLINOIS—continued Harriman—-Harriman National Bank. Ito9. Chicago Heights—First National Ito9. Johnson City- Bank & Trust Co. Tennessee National Bank I to 9. Chillicothe—First National Bank Ito9. Unaka and City National Bank.. Ito9. Danville- Kingsport—First National Bank 1 to 7 and 9. First National Bank Ito9. Knoxville— Palmer National Bank Ito9. City National Bank 1, 4. and 9. Second National Bank Ito8. East Tennessee National Bank Ito9. Decatur— Holston-Union National Bank... 1 to 9. Citizens National Bank _ Ito9. McMinnville — Peoples National 1 to 3, 5 to 8. Milliken National Bank Ito9. Bank. National Bank of Decatur Ito9. Morristown—First National Bank... 1. Des Plaines—First National Bank... Ito9. Nashville— Dixon—Dixon National Bank Ito9. American National Bank.. Ito9. Dundee—First National Bank Ito9. Broadway National Bank 1 to 7 and 9. Elmhurst—First National Bank Ito9. Fourth & First National Bank... 1 to 9. El Paso— Tennessee-Hermitage National 1 to 4. First National Bank Ito9. Bank. Woodford County National Ito9. Third National Bank Ito9. Bank. Shelbyville—Peoples National Bank. 1 to 3, 5 to 9. Evanston—City National Bank & 1 to 9. South Pittsburg—First National Ito9. Trust Co. Bank. Freeport— Springfield—First National Bank 2, 3, 5 to 7, First National Bank Ito9. and 9. Second National Bank „ Ito9. Tullahoma—Traders National Bank. Ito9. Galesburg—First Galesburg National Ito9. Winchester—Farmers National Bank. 1 to 3, 5 to 9 Bank & Trust Co. Harvey—First National Bank __ 1 to 9. DISTRICT NO. 7 Havana—Havana National Bank Ito9. Henry—First National Bank 1 to 7. ILLINOIS Joliet— (See also District No. 8) J F o i l r i s e t t N N a a t t i i o o n n a a l l B B a a n n k k I I t t o o 9 9 . . Amboy—First National Bank 1 to 9. Will County National Bank 1 to 9. Aurora- Kankakee—City National Bank Ito4. Aurora National Bank Ito9. Kewanee—First National Bank Ito9. First National Bank Ito9. Knoxville—Farmers National Bank.. Ito9. Merchants National Bank. Ito9. Lake Forest—First National Bank.. Ito9. Old Second National Bank 1 to 9. La Salle—La Salle National Bank 1 to 9. Batavia— & Trust Co. Batavia National Bank Ito9. Libertyville— First National Bank 1 to 8. First National Bank 1 to 9. Belvidere— Lake County National Bank 1 to 9. First National Bank Ito8. Lincoln—Lincoln National Bank 1 to 9. Second National Bank 1 to 4. Macomb—Union National Bank 1 to 9. Berwyn—First National Bank _ Ito9. Marengo—First National Bank 1 to 9. Blue Island—First National Bank... 1 to 9. Marseilles—First National Bank 1 to 4. Bushnell—First National Bank Ito9. Mattoon—National Bank of Mattoon Ito9. Cambridge—Farmers National Bank 1 to 9. Monticello—First National Bank Ito9. Canton- Naperville—First National Bank 1 to 9. Canton National Bank Ito9. Ottawa- First National Bank 1 to 8. First National Bank Ito9. Casey—First National Bank Ito4. National City Bank 1 to 9. Charleston- Paris—First National Bank & Trust Ito9. First National Bank Ito9. Co. National Trust Bank.- 1 to 9. Pekin—American National Bank__. Ito9. Chicago— Peoria— Albany Park National Bank & Ito9. Central National Bank & Trust Ito9. Trust Co. Co. Austin National Bank Ito9. Commercial National Bank _ 1 to 8. Calumet National Bank 1 to 9. First National Bank... Ito9. Continental National Bank & 1 to 9. Merchants & Illinois National Ito9. Trust Co. Bank. First National Bank of Engle- Ito4. Peru—Peru National Bank_ .__ ....Ito9. wood. Pontiac—National Bank of Pontiac_. Ito9. Guardian National Bank. 1 to 9. Princeton—Citizens National Bank.. 1 to 3, 5 to 8 Hyde Park-Kenwood National 1 to 9. Riverside—First National Bank 1 to 9. Irv B in an g k P . ark National Bank Ito9. xvocK C i o o m ro. m — ercial National Bank Ito9. Jackson Park National Bank 1 to 9. Forest City National Bank 1 to 9. Jefferson Park National Bank Ito9. Manufacturers National Bank & Ito9. Lawndale National Bank. __ Ito9. 1 Trust Co. Mutual National Bank 1 to 9. Rockford National Bank 1 to 4. National Band of the Republic.. 1 to 9. Security National Bank 1 to 9. National Builders Bank. Ito9. i Swedish-American National Bank Ito9. Peoples National Bank & Trust 1 to 9. ; Third National Bank 1 to 8. Co. St. Charles—St. Charles National 1 to 9. Portage Park National Bank 1 to 9. Bank. Roseland National Bank Ito9. Savanna—First National Bank Ito8. Straus National Bank & Trust 1 to 9. Springfield—Illinois National Bank.. 1 to 9. Co. Sterling—Sterling National Bank 1 to 9. Washington Park National Bank. Ito9. Sycamore—First National Bank Ito9. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FIDUCIARY POWERS 285 Powers Powers granted granted DISTRICT NO. 7—Continued DISTRICT NO. 7—Continued ILLINOIS—continued INDIANA—continued Waukegan— Lebanon—First National Bank Ito9. First National Bank 1 to 9. Liberty—Union County National 1 to 3. Waukegan National Bank Ito9. Bank. Wilmette—First National Bank 1 to 9. Logansport— Woodstock—American National Ito9. City National Bank Ito8. Bank. First National Bank Ito8. Lowell- INDIANA First National Bank in Lowell—. 1 to 7. (See also District No. 8) Lowell National Bank 1 to 8. Marion— Attica—Central National Bank Ito9. First National Bank Ito9. Auburn—City National Bank Ito9. Marion National Bank Ito9. Batesville—First National Bank Ito9. Martinsville—First National Bank_ _ Ito7. Bloomington—First National Bank.. 1 to 7 and 9. Michigan City- Bluffton— First National Bank Ito9. First National Bank.._ 1 to 9. Merchants National Bank Ito9. Old National Bank 1 to 9. Mishawaka—First National Bank__. 1 to 9. Brazil- Monrovia—First National Bank Ito4. Citizens National Bank _ Ito7. Monterey—First National Bank 1 to 3, 5 to 9. First National Bank... 1 to 4. Montezuma—First National Bank... 1 to 8. Riddell National Bank 1 to 9. Montpelier—First National Bank 1 to 9. Brookville— Mulberry—Citizens National Bank.. Ito9. Franklin County National Bank. Ito4. Muncie—Delaware County National 1 to 9. National Brookville Bank 1 to 9. Bank. Cambridge City—First National Ito8. New Carlisle—First National Bank.. Ito9. Bank & Trust Co. New Castle—Farmers & First Na- 1 to 9. Clay City—First National Bank Ito9. tional Bank. Clinton—First National Bank 1 to 9. Noblesville—American National 1 to 9. Cloverdale—First National Bank 1 to 9. Bank. Columbus—First National Bank Ito9. Peru—First National Bank 1 to 9. Connersville—First National Bank.. 1 to 9. Plainfield—First National Bank & Ito9. Crawfordsville— Trust Co. Citizens National Bank .. Ito4. Plymouth—First National Bank of 1 and 4. First National Bank 1 to 9. Marshall County. Dana—First National Bank 1 to 3. Remington—Farmers National Bank. 1 to 3, 5 to 8. Delphi—Citizens National Bank 1 to 9. Richmond- Dublin—First National Bank _ Ito3. First National Bank _. 1 to 9. Dyer—First National Bank 1 to 4. Second National Bank 1 to 9. East Chicago- Rising Sun—National Bank of Rising 1 to 9. First National Bank & Trust Co_Ito9. Sun. Indiana Harbor National Bank.. 1 to 9. Rochester—First National Bank 1 to 5, 7, and United States National Bank Ito9. 9. Edinburg—Farmers National Bank__ Ito4. Rockville—Rockville National Bank. 1 to 9. Elkhart—First National Bank 1 to 9. Rushville— Elwood—First National Bank Ito8. American National Bank Ito9. Fort Wayne— Rush County National Bank 1 to 4. First & Tri-State National Bank Ito9. Rushville National Bank Ito4. & Trust Co. Russiaville—First National Bank 1 to 3, 5 to 9. Lincoln National Bank & Trust Ito9. Shelbyville— Co. Farmers National Bank 1 to 9. Old National Bank 1 to 9. First National Bank Ito9. Franklin—Citizens National Bank Ito8. Shelby National Bank 1 to 9. Gary- South Bend- First National Bank Ito9. First National Bank Ito4. National Bank of America Ito9. Merchants National Bank _. 1 to 9. Goodland—First National Bank 1 to 3, 5 to 9. Swayzee—First National Bank __ Ito9. Goshen—City National Bank 1 to 9. Terre Haute— Greencastle—First National Bank 1 to 9. Citizens National Bank & Trust 1 to 9. Greensburg— Co. Citizens National Bank 1 to 9. First-McKeen National Bank & Ito9. Third National Bank & Trust 1 to 9. Trust Co. Co. Terre Haute National Bank & Ito9. Hammond—Hammond National Ito9. Trust Co. Bank & Trust Co. Thorntown—Home National Bank__ 1 to 8. Hartford City—First National Bank. 1 to 9. Tipton—Citizens National Bank Ito9. Huntington—First National Bank... 1 to 9. Wabash—Farmers & Wabash Na- Ito7. Indianapolis— tional Bank. Continental National Bank Ito9. Westport—First National Bank Ito9. Fletcher American National Bank 1 to 7 and 9. Whiteland—Whiteland National Ito4. Indiana National Bank Ito9. Bank. Knightstown—Citizens National 1 to 3, 5 to 7, Whiting—First National Bank Ito7. Bank. and 9. Wilkinson—Farmers National Bank. 1 to 3. Kokomo— Winamac—First National Bank Ito8. Citizens National Bank 1 to 9. Howard National Bank 1 to 9. La Fayette— First-Merchants National Bank.. Ito8. Akron—First National Bank 1 to 9. National Fowler Bank 1 to 8. Arlington—American National Bank Ito3. La Porte—First National Bank & Ito9. Aurelia—First National Bank,. 1 to 9. Trust Co. Boone—First National Bank 1 to 7 and 9. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD Powers Powers granted granted DISTRICT NO. 7—Continued DISTRICT NO. 7—Continued IOWA—continued IOWA—continued Buffalo Center—First National Bank- 1 to 9. Rockwell City—Rockwell City Na- 1 to 9. Burlington—Merchants National 1 to 9. tional Bank. Bank. Sheffield—First National Bank 1 to 9. Cedar Falls—Cedar Falls National 1 to 7 and 9. Sibley—First National Bank 1 to 3. Bank. Sidney—National Bank of Sidney 1 to 9. Cedar Rapids- Sioux City- Cedar Rapids National Bank 1 to 9. First National Bank 1 to 9. Merchants National Bank 1 to 4. Live Stock National Bank Ito9. Charles City- Security National Bank 1 to 9. Citizens National Bank 1 to 9. Sioux National Bank 1 to 9. Commercial National Bank 1 to 9. Toy National Bank 1 to 9. Charter Oak—First National Bank._ 1,2,3, and 5. Sioux Rapids—First National Bank— 1 to 3. Cherokee—First National Bank 1 to 9. Stanton—First National Bank 1 to 8. Clarence—First National Bank _ 1 to 4. Storm Lake—Citizens First National Ito9. Clinton- Bank. City National Bank 1 to 9. Story City—First National Bank 1 to 9. Merchants National Bank 1 to 5. Thornton—First National Bank Ito9. Colfax—First National Bank 1 to 3, 5 to 9. Tipton—Tipton National Bank 1 to 9. Columbus Junction—Louisa County 1,2,3, and 5. Washington—Washington National 1 to 8. National Bank. Bank. Coon Rapids—First National Bank,. 1 to 9. Waterloo- Council Bluffs- Commercial National Bank 1 to 9. City National Bank 1 to 8. First National Bank 1 to 7. First National Bank 1 to 9. Pioneer National Bank— 1 to 9. Cresco—First National Bank 1 to 9. Waverly—First National Bank... 1 to 4. Creston—First National Bank Ito9. Webster City- Davenport—First National Bank 1 to 9. Farmers National Bank— 1 to 9. Decorah—National Bank of Decorah. Ito9. First National Bank 1 to 9. Des Moines— Central National Bank & Trust Ito9. MICHIGAN Co. Iowa-Des Moines National Bank (See also District No. 9) & Trust Co. Dubuque— Alpena—Alpena National Bank 2,3,5, and 8. Consolidated National Bank Ito9. Ann Arbor—First National Bank & 1 to 9. First National Bank 1 to 9. Trust Co. Dysart—Dysart 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 & Trust Co_ 1 to 8. Elkader—First National Bank 1 to 9. Old Merchants National Bai" 1 to 9. Everly—First National Bank 1 to 7. & Trust Co. Fairfield—First National Bank_.._ 1 to 8. Bay City—First National Bank 1 to 9. Fonda—First National Bank 1 to 4. Benton Harbor— Fontanelle—First National Bank 1 to 9. American National Bank & Trust 1 to 9. Fort Dodge—Fort Dodge National 1 to 8. Co. Bank. Farmers & Merchants National 1 to 9. Gladbrook—First National Bank 1 to 3. Bank & Trust Co. Graettinger—First National Bank 1 to 9. Birmingham—First National Bank.. 1 to 5. Grinnell—Citizens National Bank Ito9. Boyne City—First National Bank... 1 to 3. Griswold—Griswold National Bank- 1 to 7 and 9. Charlotte—First National Bank 2, 3, 5, and 8. Hampton—Citizens National Bank-- 1 to 9. Coldwater— Harlan—Harlan National Bank 1 to 8. Coldwater National Bank 2,3,5, and 8. Hawarden—First National Bank I 1,2,3, 5 to 8. Southern Michigan National 1 to 9. Humboldt—First National Bank }1 to 4. Bank. Indianola—First National Bank 1 to 3. Detroit—National Bank of Com- 1 to 8. Jewell Junction—First National Bank 1 to 9. merce. Kanawha—First National Bank 1 to 3. Flint—First National Bank Ito9. Keokuk—Keokuk National Bank 1 to 9. Grand Rapids—Grand Rapids Na- 1 to 9. Knoxville—Knoxville National Bank 1 to 9. tional Bank. & Trust Co. S Hillsdale—First National Bank 1 to 4. LeMars—First National Bank 1 to 3, 5 to 9.Ionia—National Bank of Ionia 1 to 9. Linn Grove—First National Bank_-.j1 to 9. Jackson— Mason City—First National Bank.- 1 to 9. National Union Bank & Trust 1 to 9. Muscatine—First National Bank 1 to 9. Co. Newell—First National Bank.__ 1 to 9. Peoples National Bank 1 to 9. Odebolt—First National Bank 1 to 4. Kalamazoo— Oelwein—First National Bank 1 to 7. First National Bank & Trust Co_ 1 to 9. Orange City—Orange City National 1 to 9. Kalamazoo National Bank & 1 to 9. Bank. Trust Co. Oskaloosa—Oskaloosa National Bank 1 to 3. Lansing- Ottumwa— Capital National Bank _. 1 to 4. First National Bank 1 to 9. City National Bank 1 to 9. . Iowa National Bank 1 to 9. Lapeer—First National Bank 2,3, 5, and 8. Paullina—First National Bank 1 to 7 and 9. Ludington—First National Bank 2,3, 5, and 8. Perry—First National Bank Ito9. Monroe—First National Bank... Ito9. Peterson—First National Bank 1 to 4. Muskegon—Hackley Union National Primghar—First National Bank 1 to 9. Bank. Ito9. Red Oak—First National Bank 1 to 9. Niles—City National Bank & Trust Remsen—First National Bank 1 to 8. Co. 1 to 9. Rippey—First National Bank 1,2,3, 5 to 8. Petoskey—First National Bank 1 to 4. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FIDUCIARY POWERS 287 Powers Powers granted granted DISTRICT NO. 7—Continued DISTRICT NO. 7—Continued MICHIGAN—continued WISCONSIN—continued Pontiac—First National Bank & 1 to 9. W W i e s s c t o B ns e i n n d — R F a i p r i s d t s N — a F ti i o rs n t a l N B a a t n i k onal 1 It t o o 9 9 . . Trust Co. Port Huron—First National Bank & 1 to 9. Bank. Trust Co. DISTRICT NO. 8 Quincy—First National Bank _. 2,3, 5, and 8. Rochester—First National Bank 1 to 4. St. Johns—St. Johns National Bank.. 2,3,5, and 8. ARKANSAS St. Joseph—Commercial National Ito9. Batesville—First National Bank 1 to 7 and 9 Bank & Trust Co. Bentonville—First National Bank 1 to 9. Saginaw—Second National Bank 1 to 8. Corning—First National Bank__ 1 to 9. Traverse City—First National Bank_ 1 to 3, and 5. El Dorado—First National Bank Ito9. Union City—Union City National 2,3,5, and 8. Fayetteville—First National Bank... 1 to 9. Bank. Fordyce—First National Bank Ito9. Wyandotte—First National Bank 1 to 9. Fort Smith— City National Bank Ito9. WISCONSIN First National Bank 1 to 9. Merchants National Bank _. Ito9. (See also District No. 9) Hot Springs—Arkansas National 1 to 9. Bank. Antigo— Lake Village—First National Bank... Ito9. First National Bank Ito8. Little Rock—Exchange National Ito9. Langlade National Bank... _ 1 to 3,5 to 8. Bank. Appleton—Citizens National Bank... Ito9. Marianna—Lee County National Ito9. Baraboo—First National Bank & Ito9. Bank. Trust Co. Newport—First National Bank 1 to 8. Beaver Dam— Paris—First National Bank.. Ito9. American National Bank 1 to 9. Pine Bluff- Old National Bank Ito9. National Bank of Arkansas. 1 to 9. Berlin—First National Bank Ito9. Simmons National Bank... 1 to 9. Brillion—First National Bank Ito8. Texarkana—State National Bank 1 to 9. Chilton—Chilton National Bank Ito9. Van Buren—First National Bank 1 to 9. Clintonville—First National Bank... 1 to 4. Darlington—First National Bank Ito8. ILLINOIS Edgerton—First National Bank 1 to 8. (See also District No. 7) Fond du Lac— Commercial National Bank Ito8. Alton- First Fond du Lac National Bank 1 to 8. Alton National Bank 1 to 9. Green Bay—Kellogg Citizens Na- 1 to 9. Citizens National Bank 1 to 9. tional Bank. Anna—First National Bank Ito9. Hartford—First National Bank.--... 1 to 7 and 9. Belleville- Janesville—First National Bank__ .. 1 to 9. Belleville National Bank Ito9. Kenosha—United States National Ito9. First National Bank.. 1 to 9. Bank & Trust Co. St. Clair National Bank Ito9. Lake Geneva—First National Bank- 1 to 9. Benld—First National Bank of Benld.1 to 3, 5 to 8 Madison—Commercial National 1 to 9. Breese—First National Bank „ 1 to 9. Bank. Bridgeport—First National Bank 1 to 9. Manitowoc—First National Bank in 1 to 9. Bunker Hill—First National Bank... Ito9. Manitowoc. Cairo—Cairo National Bank _ Ito9. Marinette—First National Bank 1 to 9. Carlinville—Carlinville National 1 to 9. Marshfleld—American National 1 to 9. Bank. Bank. Carlyle—First National Bank___ Ito9. Milwaukee- Carmi—National Bank of Carmi 1 to 9. Marine National Bank.. 1 to 9. Centralia—Old National Bank 1 to 9. National Bank of Commerce 1 to 9. Edwards ville—Edwards ville Nation- 1, 2, 3, 5, 6 National Exchange Bank 1 to 9. al Bank & Trust Co. 7 and 9 Monroe—First National Bank 1 to 9. Effingham—First National Bank Ito9. Neenah—National Manufacturers 1 to 3. Highland—First National Bank _ 1 to 9. Bank. Jacksonville—Ayers National Bank.. 1 to 4. Neills ville—First National Bank 1 to 9. Jonesboro—First National Bank 1 to 9. Oconomowoc—First National Bank.. 1 to 9. Lawrenceville—First National Bank. 1 to 9. Oshkosh—City National Bank 1 to 9. ! Lebanon—First National Bank Ito9. Platteville—First National Bank 1 to 9. Marion—First National Bank 1 to 9. Racine—First National Bank & 1 to 9. Mascoutah—First National Bank Ito9. Trust Co. Metropolis—City National Bank Ito4. Ripon— Millstadt—First National Bank 1 to 9. American National Bank Ito9. Mount Carmel—American National Ito9. First National Bank 1 to 9. Bank. Shawano—Wisconsin National Bank. Ito8. Mount Sterling—First National Bank 1 to 4. Sheboygan—Security National Bank. 1 to 9. Murphysboro—First National Bank. 1 to 8. Sparta—Farmers National Bank 1 to 9. Nashville— Stevens Point- Farmers & Merchants National Ito9. Citizens National Bank 1 to 9. Bank. First National Bank 1 to 8. First National Bank 1 to 9. Viroqua—First National Bank _ 1 to 9. Nokomis—Nokomis National Bank.. 1 to 3. Waukesha— O'Falion—First National Bank 1 to 9. National Exchange Bank 1 to 4. Pittsfield—First National Bank Ito9. Waukesha National Bank... 1 to 8. Quincy—Quincy-Ricker National 1 to 9. VVausau— Bank & Trust Co. American National Bank 1 to 9. Sparta—First National Bank 1 to 3, 5 to 7 First National Bank... 1 to 9. Vandalia—First National Bank 1 to 8. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

288 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD DISTRICT NO. 8—Continued DISTRICT NO. 8—Continued KENTUCKY—continued (See also District No. 7) Lebanon- B B B e o ic d o k f n o n v r e d i l l — l l — e— B F e F i d r i s f r o t s r t N d N a N t a i t o a io n ti a n o l a n l B a l B a B a n n k a k n . _ . k 1 1 I t t t o o o 9 3 9 . , . 5 to 9. F M C a i a t r i m r z i e o e n n r s s N N N a a a t t i t i o i o o n n n a a a l l l B B B a a a n n n k k k _. 1 I 1 t t t o o o 9 9 6 . . . Brownstown—First National Bank.. 1 a to n d 3 , 9 5 . to 7, Lou C is i v ti i z l e le n - s Union National Bank 1 to 9. E C v a B a n a n n n s e v k l i . t l o le n — —Cannelton National 1 to 3,5 to 8. Mad N F is i a r o t s n i t o v N n il a l a l e t — i B on a F n a a l k r m B o e a f r n K s k en N tu a c t k i y onal 1 1 1 t t t o o o 9 9 9. . . National City Bank. 1 to 9. Bank. Old National Bank Ito9. Mayfleld—First National Bank 1 to 9. Fort Branch—Farmers & Merchants 1 to 9. Morganfield—Morganfield National 1 to 4. J L e i f N n fe t a o r t s n i o o — n n v a F i l l i l r e B s — t a n N F k i a . r t s i t o n N a a l t B io a n n a k l Bank.. 1 1 t t o o 7 9 . . M Ow B ur e a r n n a s k y b . — oro F — irs F t ir N st a t N io a n t a io l n B a a l n B k ank & 1 1 t t o o 9 9 . . Madison—First National Bank 1 to 9. Trust Co. M M i o tc u M h n e t T o l u l r V — u n e s t r t F n V i o C r e n s o r t — n . N on a t N io a n t a io l n B a a l n B k ank & I 1 t t o o 5 9 . . Padu F P C c e i i a r o t h s y p t — l N e N s a a t N t i i o o a n n ti a a o l l n B B al a a n B n k k ank I 1 1 t t o t o o 9 9 . 9 . . Old First National Bank 1 to 8. Princeton- New Albany—New Albany National 1 to 9. Farmers National Bank 1 to 9. Bank. First National Bank 1 to 3,5 to 9. Orleans—National Bank of Orleans. _ 1. Petersburg—First National Bank 2, 3, and 5. MISSISSIPPI Poseyville—Bozeman Waters Na- 1, 3, 5, 6, 8, (See also District No. 6) tional Bank. and 9. Princeton— Columbus- Farmers National Bank 1, 2, 3, 5, 6, 7, Columbus National Bank 1 to 9. and 9. First National Bank 1 to 9. Peoples American National Bank. 1 to 8. Greenville—First National Bank 1 to 4. Rockport—First National Bank 1 to 9. Greenwood—The First National 1,2, 3, 5 to 8. Seymour— Bank. First National Bank ._ Ito9. West Point—First National Bank 1 to 9. Seymour National Bank 1 to 9. Sullivan—Peoples National Bank & MISSOURI Trust Co 1 to 9. (See also District No. 10) Tell City- Citizens National Bank 1 to 7 and 9. Boonville—Boonville National Bank. 1 to 9. Tell City National Bank 1 to 9. Carrollton—First National Bank 1 to 8. Vevay—First National Bank 1 to 9. Chillicothe—First National Bank 1 to 9. Vincennes— Columbia— A merican National Bank 1 to 9. Boone County National Bank__. 1 to 9. First National Bank 1 to 9. Exchange National Bank 1 to 4. Wadesville—Farmers National Bank- 1 to 9. Hannibal—Hannibal National Bank. 1 to 9. Washington— Jefferson City- Peoples National Bank & Trust Exchange National Bank 1 to 9. Co 1 to 9. First National Bank 1 to 9. Washington National Bank 1 to 9. Kirksville— Citizens National Bank- 1 to 8. Pierce City—First National Bank.... 1 to 9. KENTUCKY Ridgeway—First National Bank 1 to 9. (See also District No. 4) St. Charles—First National Bank 1 to 9. St. Louis- Bowling Green—American National 1 and 4. Boatmen's National Bank Ito9. Bank. First National Bank 1 to 4. Carrollton—First National Bank 1 to 9. National Bank of Commerce 1 to 9. Clay—Farmers National Bank 1 to 9. Plaza National Bank.... 1 to 9. Clinton—First National Bank 1 to 9. St. Louis National Bank Ito9. Columbia—First National Bank & 1 to 3, 5 to 8. Security National Bank, Savings 1 to 9. Trust Co. & Trust Co. Danville- South Side National Bank 1 to 9. Citizens National Bank 1 to 9. Sedalia— Farmers National Bank 1 to 8. Citizens National Bank 1 to 4. Elizabethtown— Third National Bank 1 to 3, 5 to 7 First-Hardin National Bank 1 to 9. Springfield— Union National Bank 1 to 3, 5, 6, 8, McDaniel National Bank 1 to 9. and 9. Union National Bank 1 to 4. Frankfort—State National Bank 1 to 9. Trenton—Trenton National Bank__. 1 to 9. Glasgow—Farmers National Bank 1 to 5. Unionville—Marshall National Bank. 1 to 3, 5 to 1 Harrodsburg— First National Bank 1 to 9. TENNESSEE Mercer National Bank. 1 to 8. Henderson—Henderson National Ito9. (See also District No. 6) Bank. Dyersburg—First-Citizens National Ito9. Hopkinsville—First National Bank.. Ito9. Bank. Lawrenceburg— Jackson— Anderson National Bank_ Ito3, 5 to9 National Bank of Commerce i to 0, Lawrenceburg National Bank 1 to 8. Security National Bank ... 1 to 9. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FIDUCIARY POWERS 289 Powers Powers granted granted DISTRICT NO. 8—Continued DISTRICT NO. 9—Continued TENNESSEE—continued MINNESOTA—continued Memphis- Park Rapids—First National Bank.. 1 to 9. First National Bank 1 to 9. Proctor—First National Bank. Ito9. Union-Planters National Bank & 1 to 9. Bed Wing- Trust Co. First National Bank Ito9. Union City—Old National Bank Ito9. Goodhue County National Bank. 1 to 9. Security National Bank & Trust DISTRICT NO. 9 Co 1 to 9. Rochester—First National Bank 1 to 9. MICHIGAN St. Paul- American National Bank Ito9. (See also District No. 7) First National Bank ._ Ito9. Calumet—First National Bank Ito9. Midway National Bank Ito9. Hancock—First National Bank 2,3, 5, and 8. Twin Cities National Bank 1 to 9. Houghton— St. Peter—First National Bank Ito8. Citizens National Bank__ 2,3, 5, and 8. Sauk Center—First National Bank 1 to 9. Houghton National Bank, 1 to 9. Stewartsville—First National Bank__ 1. Iron Mountain—United States Na- 2, 3,5, and 8. Stillwater—First National Bank 1 to 9. tional Bank. Truman—Truman National Bank... Ito9. Ironwood— Virginia—American Exchange Na- 1 to 3, 5 to 8. Gogebic National Bank 2,3,5, and 8. tional Bank. Iron National Bank 2,3,5, and 8. Waseca—Farmers National Bank 1 to 9. Ishpeming—Miners National Bank__ 2,3,5, and 8. Welcome—Welcome National Bank.. Ito8. Lake Linden—First National Bank__ 2, 3,5, and 8. West Concord—First National Bank. 1 to 9. Laurium—First National Bank 2, 3, 5, and 8. Windom—First National Bank... __ Ito9. Manistique—First National Bank Ito4. Winona— Marquette— First National Bank._ Ito9. First National Bank & Trust Co. ltoQ. Winona National & Savings Union National Bank 1 to 9. Bank. 1 to 9. Menominee—First National Bank... 1 to 9. Munising—First National Bank of 2, 3, 5, and 8. MONTANA Alger County. Billings— Negaunee— Midland National Bank._ Ito9. First National Bank 2,3, 5, and 8. Montana National Bank .__ 1 to 9. Negaunee National Bank Ito3. Bozeman—Commercial National Ito4. Bank MINNESOTA Deer Lodge—United States National Bank 1 to 5, 7, Albert Lea—First National Bank 1 to 8. and 8. Austin— Dillon—First National Bank 1 to 7 and 9. Austin National Bank Ito9. Great Falls- First National Bank Ito8. First National Bank _ 1 to 9. Bemidji—First National Bank Ito9. Great Falls National Bank Ito4. Blooming Prairie—First National 1,2, 3, and 5. Helena—National bank of Montana.. 1 to 9. Bank. Kalispell—First National Bank _. Ito4. Chatfield—First National Bank Ito5. Lewistown—National Bank of Ito9. Duluth— Missoula— City National Bank Ito9 First National Bank 1 to 7 and 9. First & American National Bank. Ito9. Western Montana National 1 to 8. Minnesota National Bank 1 to 9. Bank. Northern National Bank... 1 to 9. Eveleth—First National Bank 1 to 3, 5 to 9. NORTH DAKOTA Fairmont- First National Bank Ito9. Bismarck- Martin County National Bank__ 1 to 9. Dakota National Bank & Trust 1 to 9. Faribault—Security National Bank Ito9. Co. & Trust Co. First National Bank 1 and 9. Fergus Falls- Ellendale—First National Bank 1 to 4. Fergus Falls National Bank Ito8. Fargo— First National Bank 1 to 9. First National Bank & Trust Co_ 1 to 9. Hastings—First National Bank Ito9. Merchants National Bank & Ito9. Hutchinson—Farmers National Ito9. Trust Co. Bank. .Forman—First National Bank Ito3. Lanesboro—First National Bank Ito3. Grafton—Grafton National Bank Ito9. Little Falls- Grand Forks- American National Bank Ito9. First National Bank... Ito9. First National Bank 1, 2, 3, 5, 6, Red River National Bank _ Ito9. Mankato—First National Bank. Ito9. James River National Bank & Ito9. Minneapolis- Trust Co. First National Bank Ito9. National Bank & Trust Co _ Ito9. Metropolitan National Bank Ito9. Minot— Midland National Bank & Trust 1 to 8. First National Bank .. Ito9. Co. Union National Bank 1 to 7 and 9. Northwestern National Bank 4. Valley City- Northfield—Northfield National Ito9 American National Bank & Trust Ito9. Bank & Trust Co. Co. Owatonna—First National Bank Ito9. National Bank of Valley City Ito9. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

290 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD Powers Powers granted granted DISTRICT NO. 9—Continued DISTRICT NO. 10—Continued SOUTH DAKOTA COLORADO—continued Aberdeen—Aberdeen National Bank Ito9. & Trust Co. Hugo—First National Bank Ito3. Arlington—First National Bank 1 to 4. Idaho Springs—First National Bank. 1 to 4. Canton—First National Bank Ito9. Lamar—Lamar National Bank 1 to 9. Deadwood—First National Bank 1 to 9. Las Animas—First National Bank... Ito9. Flandreau—First National Bank Ito3. Longmont— Euron—National Bank of Huron _._ 1 to 9. First National Bank _. 1 to 9. Lead—First National Bank Ito9. Longmont National Bank 1 to 9. Miller—First National Bank Ito9. Loveland—First National Bank 1 to 4, G, Rapid City—First National Bank 1 to 7 and 9. and 7. Sioux Falls- Mancos—First National Bank Ito9. Citizens National Bank Ito9. Montrose—Montrose National Bank. 1 to 9. First National Bank & Trust Co. 1 to 9. Ordway—First National Bank 1. Security National Bank Ito9. Trinidad- Vermilion—First National Bank & Ito9. First National Bank Ito3. Trust Co. Trinidad National Bank 1 to 9. Watertown— Walsenburg—First National Bank... Ito9. Citizens National Bank 1 to 9. First National Bank 1 to 9. KANSAS Yankton—First National Bank & Ito9. Anthony- Trust Co. Citizens National Bank Ito8. First National Bank Ito4. Atchison—City National Bank Ito9. (See also District No. 7) Chanute—First National Bank. Ito9. Ashland— Coffeyville— 1 to 3,5 to 9. N As o h rt la h n e d rn N N a a ti t o io n n a a l l B B a a n n k k . __ I 1 t o to 9 7 . and 9. C Fi o r n st d o N n a t N io a n ti a o l n B al a n B k ank 1 to 3 and 5. Barron—First National Bank _. Ito3. Emporia— Chippewa Falls— Citizens National Bank 1 to 9. First National Bank Ito9. Commercial National Bank & Ito9. Lumbermens National Bank 1 to 9. Trust Co. Eau Claire—Union National Bank ._ 1 to 9. Fort Scott—Citizens National Bank.. 1 to 7 and 9. Menomonie—First National Bank 1 to 9. Great Bend—First National Bank 1 to 9. Superior— Horton—First National Bank. Ito4. First National Bank Ito7. Hutchinson— National Bank of Commerce 1 to 9. American National Bank Ito9. United States National Bank 1 to 9. Exchange National Bank Ito8. First National Bank Ito4. DISTRICT NO. 10 Independence- COLORADO Citizens First National Ito9. Boulder— Commercial National Bank Ito9. Boulder National Bank 1 to 4. Jewel City—First National Bank Ito3. Citizens National Bank 1 to 7. Kansas City—Peoples National 1 to 9. National State Bank Ito9. Bank. Brighton—First National Bank 1 to 4. Lawrence— Brush—First National Bank 1 to 3, 5 to 8. Lawrence National Bank _ Ito8. Canon City— Merchants National Bank. Ito8. First National Bank Ito9. Leavenworth—First National Bank.. 1. Fremont County National Bank. 1 to 4. Luray—First National Bank 1 to 3. Center—First National Bank Ito4. Manhattan- Colorado Springs— First National Bank Ito9. Colorado Springs National Bank_ 1 to 9. Union National Bank 1 to 9. Exchange National Bank Ito9. Ottawa—Peoples National Bank Ito4. First National Bank Ito9. Paola—Miami County National Ito9. Craig—Craig National Bank 1 to 9. Bank. Denver- Pratt—First National Bank 1 to 9. American National Bank 1 to 7. Sabetha—National Bank of Sabetha.. 1 to 4. Colorado National Bank. 1 to 9. Salina— Denver National Bank Ito9. Farmers National Bank 1 to 5 and 8. First National Bank 1 to 9. National Bank of America 1 to9. Ito9. D Ea u g ra l SU e n t — no g ic o t F ke — i d r Y s B t Sa u tr N a r d n t a se s t s i N o N N n a a t a a t i l i to o in B o n an a a la n l lB k B B a o a na n f kn k E k agle 1 1 It t t o o o 7 4 9 . . . Troy N F — a a r t F m io ir e n s r a t s l N N B a a a t t n i i o o k n n a o a l f l B T B o a a n p n k e k ka 1 I It t o o to 9 4 . . 3. Englewood—First National Bank 1 to 4. Wellington—First National Bank Ito9. Florence—First National Bank , 1 to 9. Wichita- Fort Collins— First National Bank Ito9. First National Bank 1 to 4. Fourth National Bank. 1 to 9. Fort Collins National Bank Ito9. Union National Bank__ Ito9. Poudre Valley National Bank 1 to 7 and 9. Winfleld— Fort Morgan—First National Bank.. Ito4. First National Bank Ito9. Glenwood Springs—First National 1 to 3, 5 to 7. Winfield National Bank Ito9. Golden—Rubey National Bank Ito9. MISSOURI Grand Junction—Grand Valley Na- Ito9. tional Bank. (See also District No. 8) Greeley— First National Bank... _ 1 to 9. \ Cameron—First National Bank. Ito3. Greeley Union National Bank 1 to 9. Carthage—Central National Bank... Ito3. Gunnison—First National Bank Ito9. Independence—First National Bank. to 9 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FIDUCIARY POWERS 291 Powers Powers granted granted DISTRICT NO. 10—Continued DISTRICT NO. 10—Continued MISSOURI—continued OKLAHOMA—continued Joplin—Joplin National Bank Ito9. Cleveland—First National Bank Ito9. Kansas City- Dewey—First National Bank Ito9. Columbia National Bank 1 to 4 and 9, Enid- Drovers National Bank 1 to 9. Central National Bank Ito9. Fidelity National Bank & Trust Ito9. First National Bank 1 to 9. Co. Guthrie—First National Bank. _ Ito8. First National Bank Ito9. Holdenville—First National Bank 1 to 9. Gate City National Bank__ Ito9. Hominy- Interstate National Bank Ito9. First National Bank 1 to 3, 5 to 9. Liberty National Bank 1 to 7 and 9. National Bank of Commerce 1 to 9. Stockyards National Bank Ito9. Hooker—First National Bank 1 to 3 and 5. Traders ^National Bank 1 to 7 and 9. Lawton—City National Bank Ito3, 5 to 7 Maryville—First National Bank 1 to 5. and 9. Neosho—First National Bank 1 to 9. McAlester—First National Bank 1 to 3, 5 to 7. Plattsburg—First National Bank Ito9. Miami—First National Bank Ito9. St. Joseph- Muskogee— American National Bank. _. 1 to 4. Commercial National Bank Ito8. Burns National Bank 1 to 4. First National Bank & Trust Co. Ito9. Tootle-Lacey National Bank Ito8. Norman- First National Bank 1 to 9. NEBRASKA Security National Bank Ito9. Alliance—First National Bank Ito9. Okem Fi a r h st — National Bank... Ito8. B Be u l t d te e — n— Fi F r i s r t s t N N at a i t o i n o a n l a l B B an an k k __ I 1 t o to 3 3 . , 5 to 9. Okemah National Bank Ito9. Columbus—First National Bank IIto9. Oklahoma City- David City—First National Bank... 1 to 9. F F a id rm eli e t r y s N N a a t t i i o o n n a a l l B B a a n n k k 1 It o to 9 . 4. E D m ec e a r t s u o r n — — F F ir i s rs t t N N a a ti t o io n n a a l l B B a a n n k k .. I 1 t o to 3 8 . . L Fi i r b s e t r N ty a N tio a n ti a o l n B al a n B k a n & k . T rust _ C . o.. I I t t o o 9 9 . . G L G i e r n a n c n o o a d ln — I — s G la e n n d o — a N Fi a rs ti t o N na a l t i B on a a n l k Bank.. I I t t o o 9 9 . . Okm T C u r e l a g n d e t e e ra s — m l N en a s ti o N n a a t l i o B n a a n l k Bank I 1 t o to 9 . 7 and 9. Continental National Bank 1 to 9. Citizens National Bank 1 to 9. First National Bank 1 to 9. Pond Creek—First National Bank.__ Ito4. Lincoln National Bank & Trust 1 to 9. Shawnee— Co. Federal National Bank Ito9. L M y a o d n i s s — on— Fir F st ir s N t a N tio at n i a o l n a B l a B n a k n .. k I 1 t o to 3 . 7 and 9. S S h ta a t w e n N e a e t i N o a n t a i l o n B a a l n B k ank. 1 It o to 9 . 9. N N o e ti r b o f r o n a l a k s l k — a B N a C o n i r k t f y o . — lk N N e a b t r i a o s n k a a l C Ba it n y k Na- I I t t o o 3 9 . . T St u i l l s lw C a— e a n te t r r — al S N ti a ll t w io a n t a e l r B N a a n ti k o n & al T B r a u n s k t . I 1 t o to 9 . 9. Omaha- Co. O O Pe s r n d m d — U F O o e i n n m r r F — d s i i t a t — r e h s F d N t a i F r a N S N i s t r t t i s a a a o t t N t t n i e i o N o a a s n n l t a a i N a t o B l i l o a n a B t B n a n io l a a a k n l n n B k a B k a l n a B n k k an k | 1 1 I 1 1 I t t , o o t t t a o o o 9 9 n . . 4 d 9 9 . . . 3 to 7. Woo N E P F d r x i a w o r c t s d i h a t o u r a n N d c n a — e g a l r t e s i F B o N i N a n rs n a a a t t k l t i i N o o B o n n a a f a a t n i l C l o k B o n B m & a a a l n n m k T B k e r a r u c n s e k t Co. 2 1 1 I l t t a t o a o o n n 9 d 9 d 3 . . , 3 4 5 . . to 9. Randolph—First National Bank Ito9. South Omaha- WYOMING Packers National Bank _ 1 to 9. Buffalo—First National Bank__ Stock Yards National Bank 4. Casper- Utica—First National Bank 2 and 3. Casper National Bank Ito5. Wahoo—First National Bank..- 1 to 3, 5 to 9. Wyoming National Bank Ito9. Cheyenne- NEW MEXICO American National Bank 1 to 9. (See also District No. 11) Stock Growers National Bank-_ Ito9. Cody— Albuquerque- First National Bank. Ito9. Albuquerque National Trust & Ito9. Shoshone National Bank 1 and 4. Savings Bank. Evanston—First National Bank____ Ito3. First National Bank 1 to 7 and 9. Kemmerer— First National Bank... 1 to 4. Farmington—First National Bank... 2 and 3. Laramie—First National Bank Ito3. Gallup—First National Bank in Gal 2 and 3. Powell—First National Bank Ito8. lup. Rawlins— Raton- First National Bank 1 to 9. First National Bank in Raton Ito7. Rawlins National Bank, Ito3. National Bank of New Mexico 2 and 3. Rock Springs—Rock Springs Na- Ito9. Santa Fe—First Nationa Bank Ito9. tional Bank. Sheridan—First National Bank Ito9. OKLAHOMA Thermopolis—First National Bank- 1 to 9. Ada—First National Bank Ito9. Anadarko—First National Bank Ito9. DISTRICT NO. 11 Ardmore—First National Bank Ito8. Bartlesville— ARIZONA First National Bank.- Ito8. Union National Bank 4. (See also District No. 12) Blackwell—First National Bank 1 to 9. Bristow—American National Bank.. Ito9. Nogales—First National Bank Ito8. Broken Arrow—First National Bank. 1 to 4, 6 to 9. 1 to 4. Tucson—Consolidated National Bank Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

292 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD Powers Powers granted granted DISTRICT NO. 11—Continued DISTRICT NO. 11—Continued LOUISIANA TEXAS—continued (See also District No. 6) Houston—Continued. Second National Bank 1 to 7 and 9. Shreveport— South Texas Commercial Na- Ito9. Commercial National Bank 1 It t o o 9 4 . . St t a i t o e n a N l a B tio an n k al . Bank_ Ito9. First National Bank _ Union National Bank__ Ito9. NEW MEXICO Italy—First National Bank Ito9. (See also District No. 10) L K o in n g g s v v ie il w le — — 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 to t o 9 . 3, 5, Roswell—First National Bank Ito3. and 8. Silver City—American National Bank 2 and 3. ij Lubbock—First National Bank 1 to 9. McKinney— TEXAS Collin County National Bank 1 to 9. Abilene— First National Bank 1, 2, and 4 Citizens National Bank 1 and 2. Marshall- Farmers & Merchants National Ito9. First National Bank. 1 to 3 and 5. Bank. Marshall National Bank Ito5. Albany—Albany National Bank 4. Midland—Midland National Bank__ 1 to 9. Amarillo—First National Bank 1 to 9. Orange— Austin- First National Bank Ito9. American National Bank-- 1 to 3. Orange National Bank 1 to 9. Austin National Bank 1 to 9. Palestine—Royall National Bank 1 to 4. Beaumont- Paris—First National Bank Ito9. American National Bank Ito9. Plainyiew—PlainviewNational Bank. 1 to 9. City National Bank 1 to 9. Port Arthur- First National Bank Ito4. First National Bank 1 to 4. Texas National Bank 1 to 9. Merchants National Bank Ito9. Bonham—First National Bank 1 to 3, 5 to 7. San Angelo— Brady—Brady National Bank 1 to 3 and 5. Central National Bank Ito4. Brenham—First National Bank 1 to 7 and 9. First National Bank Ito9. Brownsville- San Angelo National Bank Ito3. First National Bank _ 1. San Antonio- Merchants National Bank 1 to 9. Alamo National Bank 1 to 9. State National Bank 1 to 9. Frost National Bank Ito9. Brownwood—Citizens National Bank 1 to 9. Groos National Bank Ito9. Cameron—Citizens National Bank__. Ito9. National Bank of Commerce Ito9. Childress—First National Bank Ito9. Sherman—Merchants & Planters Na- 1 to 9. Clarksville—First National Bank 1 to 3, 5 to 8. tional Bank. Colorado- Smithville—First National Bank Ito9. City National Bank. 1 to 4. Stanton—First National Bank 1 to 3. Colorado National Bank 1 to 3, 5 to 7. Stephen ville—Farmers-First National Ito9. Corpus Christi— Bank. i City National Bank & Trust Co. 1 to 9. Terrell—American National Bank Ito8. Corpus Christi National Bank... 1 to 7. Texarkana — Texarkana National ! 1 to 9. Corsicana— Bank. j Corsicana National Bank 1 to 4. Troup—First National Bank J First National Bank 1 to 9. Tyler- Dallas- Citizens National Bank _ 1 to 9. Dallas National Bank Ito9. Peoples National Bank Ito9. First National Bank 1 to 9. Victoria—Victoria National Bank 1 to 4. National Bank of Commerce Ito4. Waco- Republic National Bank & Trust 1 to 9.. Citizens National Bank_._ Ito9. Co. First National Bank.__ Ito8. Del Rio—Del Rio National Bank 1 to 9. Waxahachie—Citizens National Bank Ito9. Denison— Wichita Falls- Citizens National Bank _-_ 1 to 9. City National Bank _.. Ito9. State National Bank Ito9. First National Bank Ito9. El Paso— El Paso National Bank I 1 to 9. DISTRICT NO. 12 First National Bank I 1 to 7 and 9. State National Bank I 1 to 9. ALASKA Floresville—City National Bank 1 to 9. Fort Worth- Fairbanks—First National Bank Ito9. Continental National Bank Ito9. First National Bank 1, 2, and 4. ARIZONA Fort Worth National Bank Ito9. Stockyards National Bank „ Ito4. Phoenix—First National Bank.. 1 to 9. Gainesville—Lindsay National Bank_ 1 to 9. Winslow—First National Bank. 1. Galveston— City National Bank 1 to 9. CALIFORNIA First National Bank Ito9. Alhambra—First National Bank 1 to 9. South Texas National Bank i 1 to 9. Anaheim—First National Bank Ito9. United States National Bank | Ito9. Berkeley—First National Bank 1± utou o3,, u5 uto 7, Greenville—Greenville National Ex- j1 to 4. and 9. change Bank. Beverly Hills- Haskell—Haskell National Bank !1 to 3, 5 to 8. Beverly Hills National Bank & 1 to 9. Houston— | Trust Co. ; First National Bank _ | 1 to 9. First National Bank _ j 1 to 9. National Bank of Commerce j1 to 7 and 9. Chico—First National Trust & Sav- i Public National Bank & Trust Co.|1 to 9. ings Bank 1 1 to 8. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FIDUCIARY POWERS 293 Powers Powers granted granted DISTRICT NO. 12—Continued DISTRICT NO. 12—Continued CALIFORNIA—continued OREGON—continued Fullerton—First National Trust & 1 to 9. Klamath Falls- Savings Bank. American National Bank Ito8. Long Beach—California First Na- Ito9. First National Bank Ito9. tional Bank. McMinnville—United States Na- 1 to 9. Los Angeles- tional Bank. Citizens National Trust & Sav- Marshfield— ings Bank 1 to 9. Coos Bay National Bank 1 to 9. Farmers & Merchants National 1 to 9. First National Bank of Coos Bay. 1 to 9. Bank. Medford— Pacific National B ank _ 1 to 9. First National Bank Ito9. Seaboard National Bank 1 to 9. Medford National Bank Ito9. Security-First National Bank Ito9. Milton—First National Bank 1 to 4. The United States National Bank Newberg—United States National Ito9. of Los Angeles 1 to 7 and 9. Bank of Newburg Mountain View—First National 4. Ontario—First National Bank _. 2 and 3. Bank. Pendleton—First National Bank 1 to 9. Oakland— Portland— Central National Bank._ 1 to 9. First National Bank 1 to 9. First National Bank 1 to 9. Peninsula National Bank __ 1 to 9. Orange—First National Bank 1 to 9. United States National Bank 1 to 9. Orland—First National Bank.. 4. West Coast National Bank 1 to 9. Pasadena—Security National Bank.. Ito9. Salem— Pleasanton—First National Bank 4. First National Bank in Salem 1 to 9. Pomona—First National Bank 1 to 3, 5 to 7. United States National Bank 1 to 9. Redwood City—First National Bank 1 to 3, 5, 7. The Dalles—First National Bank 1 to 9. of Mateo County. to 9. Riverside—Citizens National Trust UTAH & SavingsBank 1 to 9. Logan—First National Bank 1 to 9. Sacramento—Capital National Bank. 1 to 9. Ogden— San Bernardino—American National 1 to 9. First National Bank 1. Bank. National Bank of Commerce 1 to 7 and 9. San Diego- Salt Lake City- First National Trust & Savings 1 to 9. Continental National Bank 1 to 7 and 9. Bank. Deseret National Bank 1 to 4. La Jolla National Bank _..._ Ito9. San Francisco- WASHINGTON Anglo & London Paris National 1 to 9. Aberdeen—Grays Harbor National Ito9. Bank. Bank of California, N. A 1 to 9. Bank. Bellingham— Bank of Italy National Trust & Ito9. American National Bank... 1 to 3 and 9. Savings Association. Bellingham National Bank 1 to 9. Crocker First National Bank 1 to 9. First National Bank... _ 1 to 5 and 9. Pacific National Bank 1 to 8. Northwestern National Bank 1 to 9. Santa Ana—First National Bank 1 to 9. Burlington—First National Bank 1 to 7 and 9 Santa Barbara- Chechalis—First National Bank 1 to 9. County National Bank & Trust 1 to 9. Coif ax—Farmers National Bank 1 to 5. Co. Dayton—Columbia National Bank... 1 to 3. First National Trust & Savings 1 to 9. Ellensburg—Washington National 1 to 9. Bank. Bank. Stockton—First National Bank _ Ito9. Everett— Whittier—Whittier National Bank... Ito9. Citizens Security National Bank- Ito9. First National Bank 1 to 9. IDAHO Hoquiam—First National Bank Ito9. Boise- Longview—First National Bank 1 to 9. Boise City National Bank.. 1 to 3, 5 to 9. Mount Vernon— First National Bank of Idaho Ito5. First National Bank 1 to 3. Hagerman—First National Bank 1. Skagit National Bank 1 to 4. Hailey—Hailey National Bank. 1 to 3. Okanogan—First National Bank 1 to 9. Lewiston—Lewiston National Bank.. 1 to 9. Olympia— Moscow—First National Bank 1 to 4. Capital National Bank 1 to 9. Olympia National Bank 1 to 9. NEVADA Port Angeles—First National Bank__ 1 to 9. Pullman—First National Bank 1 to 7. Reno—First National Bank in Reno. 1 to 7 and 9. Raymond—First National Bank Ito9. Tonopah—Nevada First National 4 and 9. Rosalia—Whitman County National 1 to 9. Bank OREGON Seattle- First Seattle Dexter Horton Na- 1 to 9. Ashland—First National B ank 1 to 9. tional Bank. Athena—First National Bank 1 to 9. Metropolitan National Bank 1 to 7 and 9. Corvallis—First National Bank. 1 to 9. National Bank of Commerce 1 to 9. Eugene—First National Bank... Ito5. ! Pacific National Bank__ 1 to 9. Grants Pass—First National Bank of 1, 2, 3, 5, .'3, University National Bank 1 to 9. Southern Oregon. 7, and 9. Spokane— Harrisburg—First National Bank 1 to 3. First National Trust & Savings 1 to 9. Hood River—First National Bank 1 to 9. Bank. Junction City—First National Bank.. 1, 2, 3, 5, , Old National Bank & Union 1 to U. 7, and 9. Trust Co. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

294 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD Powers Powers granted granted DISTRICT NO. 12-Continued DISTRICT NO. 12—Continued WASHINGTON—continued WASHINGTON—continued Tacoma— Wenatchee—First National Bank Ito9. National Bank of Tacoma _. 1 to 9. Yakima—Yakima National Bank 1 to 9. Puget Sound National Bank Ito9. Toppenish—First National Bank 1 to 9. HAWAIIAN ISLANDS Vancouver—Vancouver National 1 to 4. Bank. Honolulu—Bishop First National Ito8. Waitsburg—First National Bank Ito9. Bank. Walla Walla— Baker-Boyer National Bank 1 to 9. First National Bank 1 to 9. 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. Maine: Dedhanr—Dedham 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 - Chapin National American Trust Co. Bank. Atlantic National Bank. Worcester—Worcester County National Bank. Beacon Trust Co. Rhode Island: First National Bank. Providence— Merchants National Bank. Blackstone Canal National Bank. National Shawmut Bank. Industrial Trust Co. Old Colony Trust Co. National Bank of Commerce. Second National Bank. Providence National Bank. Rhode Island Hospital Trust Co. DISTRICT NO. 2 Connecticut: New York—Continued. Bridgeport- New York City—Continued. City National Bank. Chatham Phenix National Bank & Trust First National Bank & Trust Co. Co. New Jersey: Chemical Bank & Trust Co. Hoboken—First National Bank. Commercial National Bank & Trust Co. Newark—National Newark & Essex Banking Corn Exchange Bank & Trust Co. Co. Equitable Trust Co. New Brunswick—National Bank of New Jer- Fidelty Trust Co. sey. Fifth Avenue Bank. Paterson— First National Bank. Hamilton Trust Co. Grace National Bank. Paterson National Bank. Guaranty Trust Co. New York: Harriman National Bank & Trust Co. New York City- International Germanic Trust Co. Bank of America, N. A. Interstate Trust Co. Bank of the Manhattan Co. (Manhattan Irving Trust Co. Co.). National City Bank. Bank of New York & Trust Co. New York Trust Co. Bankers Trust Co. Pacific Trust Co. Chase National Bank. Utica—Utica Trust & Deposit Co. DISTRICT NO. 3 Pennsylvania: Pennsylvania—Continued. Philadelphia- Philadelphia—Continued. Corn Exchange National Bank & Trust Co. Market Street National Bank. First National Bank. Philadelphia National Bank. Tradesmen's National Bank & Trust Co. 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- Central United National Bank. Bank of Pittsburgh, N. A. Cleveland Trust Co. First National Bank. Engineers National Bank. Mellon National Bank. Guardian Trust Co. Peoples-Pittsburgh Trust Co. Union Trust Co. Union National Bank. Columbus— Union Trust Co. City National Bank & Trust Co. West Virginia: Ohio National Bank. Wheeling—Wheeling Bank & Trust Co. 90182—30- -20 295 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

296 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: Drovers & Mechanics National Bank. Danville—First National Bank. Farmers & Merchants National Bank. Hampton—Merchants National Bank. First National Bank. Norfolk- Maryland Trust Co. Norfolk National Bank of Commerce & National Bank of Baltimore. Trusts. National Marine Bank. Seaboard-Citizens National Bank. Western National Bank. Virginia National Bank. South Carolina: Richmond- Charleston- Bank of Commerce & Trusts. Peoples First National Bank. Central National Bank. South Carolina National Bank. First-Merchants National Bank. DISTRICT NO. 6 Alabama: Georgia—Continued. Decatur— Valdosta—First National Bank. Central National Bank. Louisiana: City National Bank. Lake Charles—First National Bank. Huntsville—Henderson National Bank. New Orleans- Mobile- American Bank & Trust Co. First National Bank. Canal Bank & Trust Co. Merchants National Bank. Hibernia Bank & Trust Co. Montgomery—First National Bank. Interstate Trust & Banking Co. Troy—Farmers & Merchants National Bank. New Orleans Bank & Trust Co. Florida: Whitney-Central National Bank. Jacksonville—Atlantic National Bank. Mississippi: Pensacola—Citizens & Peoples National Bank. Vicksburg—Merchants National Bank Georgia: Trust Co. Albany—Albany Exchange National Bank. Tennessee: Atlanta—First National Bank. Chattanooga- Macon—Macon National Bank. First National Bank. Savannah- Hamilton National Bank. Citizens & Southern National Bank. Clarksville—First National Bank. Citizens Bank & Trust Co. Savannah Bank & Trust Co. DISTRICT NO. 7 Illinois: Indiana: Chicago- Brazil—Riddell National Bank. Continental National Bank & Trust Co. Indianapolis—Fletcher-American National Drovers National Bank. Bank. First National Bank. Michigan: Foreman-State National Bank. Detroit— Harris Trust & Savings Bank. First National Bank in Detroit. National Bank of the Republic. National Bank of Commerce. Peoria—Merchants & Illinois National Bank. Wisconsin: Milwaukee—First Wisconsin National Bank. DISTRICT NO. 8 Mississippi: Missouri—Continued. Ittabena—First National Bank. St. Louis—Continued. Missouri: National Bank of Commerce. St. Louis- Tennessee: First National Bank in St. Louis. Memphis—First National Bank. Mississippi Valley Merchants State Trust Co. DISTRICT NO. 9 Minnesota: Minnesota—Continued. Minneapolis- First National Bank in Minneapolis. St. Paul—First National Bank. Midland National Bank & Trust Co. Northwestern National Bank. DISTRICT NO. 10 Colorado: Missouri—Continued. Denver—Denver National Bank. Kansas City—Continued. Kansas: Fidelity National Bank & Trust Co. Hutchinson—First National Bank. First National Bank. Lawrence—Lawrence National Bank. St. Joseph—First National Bank. Missouri: Oklahoma: Kansas City- Oklahoma City- Commerce Trust Co. American-First National Bank. Security National Bank. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BANKS AUTHORIZED TO ACCEPT BILLS UP TO 100 PER CENT 297 DISTRICT NO. 11 Arizona: Texas—Continued. Nogales—First National Bank. Galveston— Texas: South Texas National Bank. Austin—American National Bank. United States National Bank. Brown wood—First National Bank in Brown- Hillsboro—Citizens National Bank. wood. Houston- Corpus Christi—State National Bank. First National Bank. Dallas- Houston National Bank. American Exchange National Bank. National Bank of Commerce. City National Bank. Second National Bank. Dallas National Bank. South Texas Commercial National Bank. Republic National Bank & Trust Co. Union National Bank. Eagle Pass—First National Bank. Navasota—First National Bank. El Paso—First National Bank. San Angelo—First 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 Trust & Savings Bank. First National Bank. Security-First National Bank. United States National Bank. San Francisco— Washington: American Trust Co. Seattle- Anglo & London-Paris National Bank. First Seattle Dexter Horton National Bank. Bank of California, N. A. National Bank of Commerce. Crocker-First National Bank. Spokane- Pacific National Bank. Old Nat|onal Bank & Union Trust Co. Wells Fargo Bank & Union Trust Co. Spokane & Eastern Trust Co. Santa Barbara—First National Trust & Savings Tacoraa—National Bank of Tacoma. Bank. 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 30,1928 miles) (estimated) No. 1—Boston.- 61,345 7,888,000 No. 2—New York 51,890 14,907,000 No. 3—Philadelphia... 36,842 7, 680,000 No. 4—Cleveland 73,424 11,445,000 No. 5—Richmond 152,316 11,068,000 No. 6—Atlanta 248,226 11,158,000 No. 7—Chicago 190,513 17,454,000 No. 8—St. Louis 194,810 9, 775,00C No. 9—Minneapolis... 414, 004 5,637,000 No. 10—Kansas City.. 480,438 7,780,000 No. 11—Dallas 386,116 6, 717,00C No. 12—San Francisco. 683,852 8,504,000 Total 2, 973, 776 120,013,000 FEDERAL RESERVE DISTRICTS DISTRICT NO. 1—BOSTON. _ 61,345 7,888,000 Connecticut (excluding Fairfield Counts 4,189 1,279,000 Miaine 29 895 795,000 Massachusetts _ - _ 8,039 4,290,000 New Hampshire 9,031 456,000 Rhode Island . 1,067 716,000 Vermont 9,124 i 352,428 DISTRICT NO. 2—NEW YORK.. 51,890 14,907,000 Connecticut (Fairfield County) 631 388 000 New Jersey . . 3,605 2,969,000 Counties of— Bergen. Hunterdon. Morris. Sussex. Essex. Middlesex. Passaic. Union. Hudson. Monmouth. Somerset. Warren. New York 47, 654 11, 550,000 DISTRICT NO. 3—PHILADELPHIA 36,842 7,680,000 Delaware -- - - 1,965 244,000 New Jersey 3,909 852 000 Counties of— Atlantic. Cape May. Gloucester. Ocean. Burlington Cumberland. Mercer. Salem. Pennsylvania 30,165 6, 584,000 Counties of— Adams. Clinton. Lebanon. Philadelphia. Bedford. Columbia. Lehigh. Pike. Berks. Cumberland. Luzerne. Potter. Blair. Dauphin. Lycoming. Schuylkill. Bradford. Delaware. McKean. Snyder. Bucks. Elk. Mifflin. Sullivan. Cambria. Franklin. Monroe. Susquehanna. Cameron. Fulton. Montgomery. Tioga. Carbon. Huntingdon. Montour. Union. Center. Juniata. Northampton. Wayne. Chester. Lackawanna. Northumberland. Wyoming. Clearfield. Lancaster. Perry. York. i Population Jan. 1, 1920; decrease 1910 to 1920; no estimate made. 298 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

299 DESCRIPTION OP FEDERAL RESERVE DISTRICTS FEDERAL RESERVE DISTRICTS—Continued Land area Population Federal reserve district (square June 30,1928 miles) (estimated) DISTRICT NO. 4—CLEVELAND - _ 73,424 11,445,000 Kentucky (eastern part) _- 17,614 1,149,000 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. Kobertson. Carter. Jessamine. Magomn. Rockcastle. Clark. Johnson. Martin. Rowan. Clay. Kenton. Mason. Scott. Elliott. Knott. Menifee. Whitley. Estill. Knox. Montgomery. Wolfe. Fayette. Laurel. Morgan. Woodford. Ohio - 40, 740 6,826,000 Pennsylvania (western part) _ ... 13,864 3,269,000 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) _ 1,206 201,000 Counties of— Brooke. Marshall. Tyler. Hancock. Ohio. Wetzel. DISTRICT NO. 5—RICHMOND _ _ 152, 316 11,068,000 District of Columbia -. 62 552,000 Maryland __ _ _;_. 9,941 1,616,00C North Carolina _ _ __ 48, 740 2938,000 South Carolina _ 30,495 1,864,000 Virginia _ _ _ __ _ _ 40, 262 2575,000 West Virginia (southern part) 22,816 It523,000 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. Greenbrier. Mercer. Randolph. Hampshire. Mineral. Ritchie. DISTRICT NO. 6—ATLANTA _ _ _ 248, 226 11,158,000 Alabama -. 51, 279 2,573, 000 Florida _ _ _ 54,861 1,411,000 Georgia _ ___ 58, 725 3, 203, 000 Louisiana (southern part) _ -._ 26,891 1, 359, 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 ]853,050 Counties of— Adams. Harrison. Lawrence. Scott. Amite. Hinds. Leake. Sharkey. Claiborne. Issaquena. Lincoln. Simpson. Clarke. Jackson. Madison. Smith. Copiah. Jasper. Marion. Stone. Covington. Jefferson. Neshoba. Waithall. Forrest. Jefferson Davis. Newton. Warren. Franklin. Jones. Pearl River. Wayne. George. Kemper. Perry. Wilkinson. Greene. Lamar. Pike. Yazoo. Hancock, Lauderdale. Rankin. 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

300 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD FEDERAL RESERVE DISTRICTS—Continued Land area Population Federal reserve district (square June 30,1928 miles) (estimated) DISTRICT NO. 6.—ATLANTA—Continued. Tennessee (easternpart) . 30,951 1,759,000 Counties of Anderson. Giles. McMinn. Scott. Bedford. Grainger. Macon. Sequatchie. Bledsoe. Greene. Marion. Sevier. Blount. Grundy. Marshall. Smith. Bradley. Hamblen. Maury. Stewart. Campbell. Hamilton. Meigs. Sullivan. Cannon. Hancock. Monroe. Sumner. Carter. Hawkins. Montgomery. Trousdale. Cheatham. Hickman. Moore. Unicoi. Claiborne. Houston. Morgan. Union. Clay. Humphreys. Overton. Van Buren. Cocke. Jackson. Perry. Warren. Coffee. Jefferson. Pickett. Washington. Cumberland. Johnson. Polk. Wayne. Davidson. Knox. Putnam. White. De Kalb. Lawrence. Rhea. Williamson. Dickson. Lewis. Roane. Wilson. Fentress. Lincoln. Robertson. Franklin. Loudon. Rutherford. DISTRICT No. 7.—CHICAGO 190,513 17,454,000 Illinois (northern part) __ 35,448 5, 978,000 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, 525,000 Counties o; Adams. Fountain. La Porte. Ripley, Allen. Franklin. Madison. Rush. Bartholomew. Fulton. Marion. St. Joseph. Benton. Grant. Marshall. Shelby. Blackford. Hamilton. Miami. Starke. Boone. Hancock. Monroe. Steuben. Brown. Hendricks. Montgomery. Tippecanoe. Carroll. Henry. Morgan. Tipton. Cass. Howard. Newton. Union. Clay. Huntington. Noble. Vermilion. Clinton. Jasper. Ohio. Vigo. Dearborn. Jay. Owen. Wabash. Decatur. Jennings. Parke. Warren. De Kalb. Johnson. Porter. Wayne. Delaware. Kosciusko. Pulaski. Wells. Elkhart Lagrange. Putnam. White. Fayette. Lake. Randolph. Whitley. Iowa 55,586 2,428,000 Michigan (southeri1 part) 40,789 4,175,000 Counties o• 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. Wexford. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

301 DESCRIPTION OF FEDERAL RESERVE DISTRICTS FEDERAL RESERVE DISTRICTS—Continued Land area Population Federal reserve district (square June 30,1928 miles) (estimated) DISTRICT NO. 7.—CHICAGO—Continuer Wisconsin (southern part)- 31,983 2,348,000 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 9,775,000 Arkansas 52, 525 1 944 000 Illinois (southern part) 20, 595 J1- y4 v1i8ij 0\J0\J0\J 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) 9,338 651, 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 1,404, 000 Counties of— Adair. Crittenden. Hopkins. Ohio. Allen. Cumberland. Jefferson. Oldham. Anderson. Daviess. Larue. Owen. Ballard. Edmonson. Livingston. Russell. Barren. Franklin. Logan. Shelby. Boyle. Fulton. Lyon. Simpson. Breckenridge. Gallatin. McCracken. Spencer. Bullitt. Graves. McLean. Taylor. Butler. Grayson. Marion. Todd. Caldwell. Green. Marshall. Trigg. Calloway. Hancock. Meade. Trimble. Carlisle. Hardin. Mercer. Union. Carroll. Hart. Metcalfe. Warren. Casey. Henderson. Monroe. Washington. Christian. Henry. Muhlenberg. Wayne. Clinton. Hickman. Nelson. Webster. Mississippi (northern part). 20, 843 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. Leflore. Quitman. Winston. Clay. Lowndes. Sunflower. Yalobusha. Coahoma. Marshall. Tallahatchie. 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

302 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD FEDERAL RESERVE DISTRICTS—Continued Land area Population Federal reserve district (square June 30,1928 miles) (estimated) DISTRICT NO. 8.—ST. LOUIS—Continued. Missouri (eastern part) 58,206 2,676,000 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, 736 744, 000 Counties of— Benton. Fayette. Henry. Shelby. Carroll. Gibson. Lake. Tipton. Chester. Hardeman. Lauderdale. Weakley. Crockett. Hardin. McNairy. Decatur. Hay wood. Madison. Dyer. Henderson. Obion. DISTRICT NO. 9—MINNEAPOLIS 414,004 5,637, 000 Michigan (northern part) 16, 691 416, 000 Counties of— Alger. Dickinson. Keweenaw. Menominee. Baraga. Gogebic. Luce. Ontonagon. Chippewa. Houghton. Mackinac. Schoolcraft. Delta. Iron. Marquette. Minnesota.._ _ ___ 2,722, 000 N M o o r n th ta n D a a kota _ .. _ _ _ 1 7 46 0 t , 1 1 8 3 3 1 * 1 5 6 4 4 8 1 , , 8 1 8 9 9 2 South Dakota.. _ _ _ 76,868 704,000 Wisconsin (northern part) _ .' 23, 273 605,000 Counties of— Ashland. Dunn. Oneida. Sawyer. Barron. Eau Claire. Pepin. Taylor. Bayfleld. Florence. Pierce. Trempealeau Buffalo, Forest. Polk. Vilas. Burnett. Iron. Price. Washburn. Chippewa. La Crosse. Rusk. Douglas. Lincoln. St. Croix. DISTRICT NO. 10—KANSAS CITY _ _ 480,438 7,780,000 Colorado 103, 658 1,090,000 Kansas 81, 774 1,835,000 Missouri (western part) _ 10, 521 847,000 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, 408,000 New Mexico (northern part) _ _ _ 48,359 169,000 Counties of— Bernalillo. Mora. San Juan. Taos. Colfax. Rio Arriba. San Miguel. Union. McKinley. Sandoval. Santa Fe. Valencia. 1 Population Jan. 1, 1920; estimate unsatisfactory. 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 303 FEDERAL RESERVE DISTRICTS—Continued Land area Population Federal reserve district (square June 30,1928 miles) (estimated) DISTRICT NO. 10—KANSAS CITY—Continued. Oklahoma (northwestern part) _ . 61, 770 2,184,000 Countiesof— 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, 548 247, 000 DISTRICT NO. 11—DALLAS.. 386,116 6,717,000 Arizona (southeastern part) 23,412 169, 000 Counties of— Cochise. Greenlee. Pima. Santa Cruz. Graham. Louisiana (northern part) 18,518 591,000 Parishes of— Bienyille. 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) _ _ 74,144 228,000 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) 7,644 242, 000 Counties of— Atoka. Choctaw. Johnston. Marshall. Bryan. Coal. McCurtain. Pushmataha. Texas .._ _ _ 262, 398 5,487,000 DISTRICT NO. 12—SAN FRANCISCO.. 683,852 8,504,000 Arizona (northwestern part) 90, 398 305, 000 Counties of— Apache. Maricopa. Navajo. Yavapai. Coconino. Mohave. Pinal. Yuma. Gila. California 155, 652 4, 556,000 Idaho _ 83, 354 546, 000 Nevada _ 109,821 i 77, 407 Oregon __ 95, 607 902, 000 Utah 82,184 531, 000 Washington _ 66,836 1, 587,000 » Population Jan. 1, 1920; decrease 1910 to 1920; no estimate made. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BRANCH TERRITORIES [December 31, 1929] BUFFALO BRANCH (District No. 2).—The 10 most westerly counties of New York State, as follows: Monroe Orleans Allegany Wyoming Chautauqua Genesee Erie Cattaraugus Livingston Niagara CINCINNATI BRANCH (District No. 4).—That part of Kentucky in Federal reserve district No. 4, and the following 25 counties in southern Ohio: Adams Clermont Greene Meigs Ross Athens Clinton Hamilton Miami Scioto Brown Darke Highland Montgomery Vinton Butler Fayette Jackson Pike Warren Clark Gallia Lawrence Preble Washington PITTSBURGH BRANCH (District No. 4).—Those portions of the States of Pennsylvania and West Virginia included in Federal reserve district No. 4. BALTIMORE BRANCH (District No. 5).—The State of Maryland and the following 30 counties of-West Virginia: Barbour Grant Lewis Pendleton Taylor Berkeley Hampshire Marion Pleasants Tucker Braxton Hardy Mineral Preston Upshur Calhoun Harrison Monongalia Randolph Webster Doddridge Jackson Morgan Ritchie Wirt Gilmer Jefferson Nicholas Roane Wood CHARLOTTE BRANCH (District No. 5).—The following counties in the States of North Carolina and South Carolina: NORTH CAROLINA Alexander Caldwell Haywood McDowell Swain Alleghany Catawba Henderson Mecklenburg Transylvania Ashe Cherokee Iredell Mitchell Union Avery Clay Jackson Polk Watauga Buncombe Cleveland Lincoln Rowan Wilkes Burke Gaston Macon Rutherford Yancey Cabarrus Graham Madison Stanly SOUTH CAROLINA Abbeville Edgefield Lancaster Newberry Saluda Aiken Fairfield Laurens Oconee Spartanburg Anderson Greenville Lexington Pickens Union Cherokee Greenwood McCormick Richland York Chester BIRMINGHAM BRANCH (District No. 6).—The State of Alabama except the following counties: Mobile, Baldwin, Russell, Pike, Barbour, Coffee, Dale, Henry, Covington, Geneva, and Houston, and towns and cities in Lee and Chambers counties located on or south of the Atlanta & West Point Railroad and the Western Railway of Alabama. JACKSONVILLE BRANCH (District No. 6).—The entire State of Florida. NASHVILLE BRANCH (District No. 6).—That part of the State of Tennessee included in Federal reserve district No. 6 with the exception of the city of Chattanooga. NEW ORLEANS BRANCH (District No. 6).—Those parts of the States of Louisiana and Mississippi located in Federal reserve district No. 6, and the counties of Mobile and Baldwin in Alabama. DETROIT BRANCH (District No. 7).—The following 19 counties in the State of Michigan: Bay Ingham Livingston Saginaw Tuscola Genesee Jackson Macomb Sanilac Washtenaw Hillsdale Lapeer Monroe St. Clair Wayne Huron Lenawee Oakland Shiawassee LITTLE ROCK BRANCH (District No. 8).—Territory is not determined by State or county lines. Branch territory consists of all cities in Arkansas except those assigned to the head office and to the Memphis branch. (For names of cities see Federal Reserve Interdistrict Collection System list.) LOUISVILLE BRANCH (District No. 8).—Territory is not determined by State or county lines. Branch territory consists of all cities in Kentucky and Indiana, included in Federal reserve district No. 8, except those assigned to the head office. (For names of cities see Federal Reserve Interdistrict Collection System list.) MEMPHIS BRANCH (District No. 8).—Territory is not determined by State or county lines. Branch territory consists of all cities in Mississippi included in Federal reserve district No. 8; all cities in Tennessee included in district No. 8, except those assigned to St. Louis, and cities in Arkansas not assigned to St. Louis or Little Rock. (For names of cities see Federal Reserve Interdistrict Collection System list.) 304 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DESCRIPTION OF FEDERAL RESERVE DISTRICTS 305 HELENA BRANCH (District No. 9).—The entire State of Montana. DENVER BRANCH (District No. 10).—The entire State of Colorado and that part of the State of New Mexico included in Federal reserve district No. 10. OKLAHOMA CITY BRANCH (District No. 10). That part of the State of Oklahoma located in Federal reserve district No. 10. OMAHA BRANCH (District No. 10).—The entire States of Nebraska and Wyoming. EL PASO BRANCH (District No. 11).—That part of the States of Arizona and New Mexico located in Federal reserve district No. 11, and the following 14 counties in the State of Texas: Andrews Ector Jeff Davis Midland Ward Crane El Paso Loving Pecos Winkler Culberson Hudspeth Martin Reeves HOUSTON BRANCH (District No. 11).—The following 41 counties in the southeast part of the State of Texas: Anderson Colorado Jackson Montgomery Shelby Angelina Fayette Jasper Nacogdoches Trinity Austin Fort Bend Jefferson Newton Tyler Bastrop Galveston Lavaca Orange Victoria Brazoria Grimes Lee Polk Walker Brazos Hardin Liberty Sabine Waller Burleson Harris Madison San Augustine Washington Chambers Houston Matagorda San Jacinto Wharton Cherokee SAN ANTONIO BRANCH (District No. 11).- in the State of Texas: Aransas Comal Hidalgo Llano Starr Atascosa De Witt Jim Hogg Live Oak Terrell Bandera Dirnmit Jim Wells Mason Travis Bee Duval Karnes Maverick Uvalde Bexar Edwards Kendall McMullen Val Verde Blanco Frio Kenedy Medina Webb Brewster Gillespie Kerr Nueces Willacy Brooks Goliad Kimble Presidio Wilson Caldwell Gonzales Kinney Real Zapata Calhoun Guadalupe Kleburg Refugio Z avail a Cameron Hays La Salle San Patricio Los ANGELES BRANCH (District No. 12).—That part of the State of Arizona located in Federal reserve district No. 12, and the following counties in California: Imperial Los Angeles Riverside San Diego Ventura Inyo Orange San Bernardino Santa Barbara PORTLAND BRANCH (District No. 12).—The entire State of Oregon, except the towns of Klamath Falls, Lakeview, and Merrill, wThich are affiliated with the head office, and the following five counties in the State of Washington: Clarke Cowlitz Klickitat . Skamania Wahkiakum and the town of Uwaco, Wash. SALT LAKE CITY BRANCH (District No. 12).--The entire State of Utah and the following counties in Idaho and Nevada: IDAHO Ada Bonneville Custer Jerome Payette Adams Butte Elmore Lemhi Power Bannock Camas Franklin Lincoln Teton Bear Lake Canyon Fremont Madison Twin Falls Bingharn Carribou Gem Minidoka Valley Blaine Cassia Gooding Oneida Washington Boise Clark Jefferson Owyhee NEVADA Clark Elko Lincoln Wrhite Pine SEATTLE BRANCH (District No. 12).—The following 16 counties in the State of Washington, except the town of Ilwaco, Wash. Clallam KjnS Lewis Pierce Snohomish Grays Harbor Kitsap Mason San Juan Thurston Island Kittitas Pacific* Skagit Whatcom Jefferson SPOKANE BRANCH (District No. 12).—The following counties in the States of Washington and Idaho: WASHINGTON Adams Columbia Garfield Fend Oreille Walla Walla Asotin Douglas Grant Spokane Whitman Ben ton Ferry Lincoln Stevens Yakima C h el an hYanlclin Okanogan IDAHO Benewah Boundary Idaho Lafah Nez Perce Bonner Cl ear water Kootenai Lewis Shoshone 1 Except the town of Ilwaco. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE DISTRICTS CO o -. f? X J Charlotte v N-c- ' 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: ]>Hse Automobiles, installment notes covering sale of, in foreign countries, as an acceptance credit; advisory council recommendation 217 Bankers'— Holdings by Federal reserve banks 67, 122, 132 Open-market discount rates 93, 94 Outstanding 121, 122 Banks authorized to accept bills up to 100 per cent of capital and surplus 294-296 Buying of, by Federal reserve banks, advisory council recommendation 218 Held by Federal reserve banks 17, 56, 59, 60, 62, 64, 67, 68, 132 Imports and exports, based on— Discounted or purchased and held by Federal reserve banks 67 Maturity of bills purchased and held by Federal reserve banks 68, 132 Number of pieces handled by Federal reserve banks 18, 72, 145 Outstanding 121, 122 Purchased by Federal reserve banks 59 Purchased by member banks 105, 178 Rates, discount and open-market— Average rates earned on bills bought by Federal reserve banks _ 17, 92 Buying rates 91 Changes in Federal reserve bank rates 2, 4, 6, 8, 89, 90 Trade acceptances— Held by Federal reserve banks 67, 132 Purchased by Federal reserve banks in open market 67 Accommodation at Federal reserve banks of reporting member banks 66, 184 Adjusted-service certificates, discount of paper secured by 67 Administrator, national banks authorized to act as 32, 270-293 Advisory council, Federal. (See Federal advisory council.) Agencies of Federal reserve banks. (See Branches and agencies.) Agricultural paper: Held by Federal reserve banks 67, 132 Discount rates 90 Amendment to Clayton Antitrust Act exempting joint-stock land banks from provisions of 33, 221 Amendment to Federal reserve act 33, 220 Legislation recommended 37 Amendment to Regulation J 32, 220 Area of Federal reserve districts 297-302 Assessment for expenses of Federal Reserve Board 41, 154, 234 Assets and liabilities. (See Resources and liabilities.) Assignee, national banks authorized to act as 32, 270-293 Automobiles: Factory employment and pay rolls, index of 212, 213 Installment notes covering sales of, in foreign countries, as a proper acceptance credit; advisory council on 217 Production index 210 Balance sheets. (See Condition statements.) Baltimore branch bank, building operations 19 Bank debits—debits to individual account 122 Bank failures 21, 123-125, 197, 198 Bank mergers 29, 126, 199 Bank premises, Federal reserve 19, 61, 75, 155 Book value 75 Cost of 75 Date occupied 75 Depreciation charges 155 Expenses of maintaining 154 307 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

308 INDEX Page Bank suspensions 21, 123-125, 197, 198 Bankers' acceptances. (See Acceptances.) Bankers' balances of member banks 106, 118, 196 Banking, branch and chain 24, 26 Advisory council recommendations 219 Bills bought. (See Acceptances.) Bills discounted, holdings of, by Federal reserve banks 17, 56, 59, 60, 62, 64, 67, 68, 132 Earnings on 17, 76, 92 (See also Discount and open-market operations.) Bonds: Held by member banks 105, 178 United States. (See United States securities.) Boots and shoes, index of wholesale trade 214 Borrowings of brokers in New York City 119, 120 Discussion of 7—9 Borrowings of member banks at Federal reserve banks 108, 109, 111, 113, 115, 117, 177, 183, 186, 195 By months 177 By States 183 Discussion of 2 In New York City 115 Outside New York City 117 Weekly figures 195 Branch banking 24 Advisory council recommendations 219 Branches and agencies of Federal reserve banks: Building operations 19, 75 Clearing operations 20, 146 Counties comprising territory 304 Directors of 239-245 Expenses of 20 Managers of 239-245 Volume of operations 19, 146 Branches, foreign, of State member banks, amendment to Federal reserve act recommended 37 Brokers, loans to, by banks in New York City 119, 120 Advisory council recommendations 218 Discussion of 6-12 Building contracts awarded, index of 207 Building operations of Federal reserve banks 19, 75 Cost of bank premises 75 Depreciation charges 155 Expenses of maintaining bank premises 154 Burglarizing or robbing Federal reserve banks or member banks, amendment to Federal reserve act recommended 40 Call loans: In New York City 119, 120 Rates in New York City 93, 94 Capital: Federal reserve banks 19, 61, 62, 64 Member banks 103, 104, 106, 163 Car loadings, index of 207 Cash reserves of Federal reserve banks 58, 59, 60, 62, 64, 133 Cement, index of factory employment and pay rolls 212, 213 Central banks, foreign: Discount rates 96 Due to Federal reserve banks from 50, 60, 62, 64 Central reserve city member banks: Classification of loans and investments 105 Condition of 104 Deposits, reserves, and borrowings at Federal reserve banks 108 Loans and investments 105 Certificates of indebtedness, Treasury: Held by Federal reserve banks 60, 69, 71 Temporary 1-day certificates held 71 Yield on 93, 94 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX 309 Page Chain banking 26 Advisory council recommendations 219 Changes in discount rates . 4, 6, 8, 11, 89 Changes in membership in Federal reserve system 20, 126, 199 Chart: Reserve bank credit outstanding and principal factors in changes. 14 Check clearing and collection: Amendment to Regulation J 32, 220 Gold settlement fund transactions 73, 147 Operations, volume of— Federal reserve banks 18, 72, 145 Federal reserve branch banks 20, 146 Par list* number of banks on 31, 74, 148, 149 Circulation, money. (See Currency; Federal reserve notes; Money.) Classification of loans and investments of member banks 105, 178 Clayton Antitrust Act: Administration of, by Federal Reserve Board 33 Amendment to, exempting joint-stock land banks from provisions of_ 33, 221 Clearing operations, volume of: Federal reserve banks 18, 72, 145 Federal reserve branch banks 20, 146 Clothing, index of wholesale trade 214 Coal, index of production 211 Coin received and counted: At Federal reserve banks 18, 72, 145 At Federal reserve branch banks 20, 146 Coin circulation 84 Collateral held as security against Federal reserve notes 77 Collateral notes of member banks discounted by Federal reserve banks: Holdings of 67, 132 Maturity of 132 Collection of checks. (See Check clearing and collection.) Commercial paper: Rates on, in New York City 93, 94 Held by Federal reserve banks 67, 132 Held by member banks 105, 178 Outstanding 121 Condition of banks: All banks in the United States 101, 156, 160 Deposits, exclusive of interbank deposits 102, 159 Loans and investments 101, 156, 160 Federal reserve banks- Deposits, reserves, note circulation, and reserve percentages 58 Each bank 64, 133-144 Reserve bank credit and factors in changes— Annual averages 45 Monthly averages 45-47 Weekly averages 48-55 Reserve bank credit outstanding 56 Resources and liabilities— All banks combined 59 At the end of each month 62 Each bank 64, 133-144 Weekly statement and balance sheet items 60 Member banks— All banks— Borrowings at Federal reserve banks 108, 109, 111, 113, 177, 183, 186, 195 Investments 106, 163, 182 Loans 106, 163, 181 Loans and investments 106, 163, 180 Classification of 105, 178 Net demand and time deposits 106, 108, 163, 175 Reserve balances 106, 109, 163, 176 Resources and liabilities— By class of bank 104 By class of member 103 By Federal reserve districts 163-174 Digitized for FRASER On call dates, 1914-1929 106 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

310 INDEX Condition of banks—Continued. Member banks—Continued. Central reserve and reserve city banks „ 104 Country banks 104 Reporting banks in leading cities— Bankers' balances 118, 196 Borrowings at Federal reserve banks 113, 115, 117 Deposits 111, 113, 115, 117 Investments 110, 112, 114, 116, 185, 191 Loans 110, 112, 114, 116, 185, 188, 190 Loans and investments 110, 112, 114, 116, 187 Loans, investments, deposits, reserves, and borrowings 110 Loans on securities 189 Net demand and time deposits 111, 113, 115, 117, 190, 192, 193 Reserve balances 111, 113, 115, 117, 194 Resources and liabilities— By class of bank 104 By class of member 103 By Federal reserve districts 163-174 By weeks 112-117 Central reserve city banks 104 Country banks 104 National banks 103 On call dates, 1914-1929 106 Reserve city banks 104 State bank members 103 Congress, legislation recommended by Federal Reserve Board to 37 Copper, index of production 211 Counties in Federal reserve districts 298-303 Counties in Federal reserve branch territories 304, 305 Consolidations, bank 29, 126, 199 Country member banks: Classification of loans and investments 105 Condition of 104 Deposits, reserves, and borrowings at Federal reserve banks 108 Loans and investments 105 Court opinions: Court of Appeals of the District of Columbia relative to discretion of Federal Reserve Board in approving the organization of foreign banking corporations 34, 221 United States Circuit Court of Appeals relative to discretion of Federal reserve system in matters relating to credit policies 34, 224 Credit: Federal reserve bank 1-13, 45-57 Chart showing 14 Discussion of 1—13 Factors in changes 45-55 Federal Reserve Board's position relative to speculative loans__ 2 Outstanding 56 Member bank 99 Policy of Federal reserve system 1-12 Opinion of United States Circuit Court of Appeals in matters relating to 34, 224 Currency: Amounts received and counted— At Federal reserve banks 18, 72, 145 At Federal reserve branch banks 20, 146 Circulation 84, 85 Federal reserve, cost of 17, 155, 234 (See also Federal reserve notes; Money.) Customers' paper: Held by Federal reserve banks 67, 132 Loans by member banks on 105 Czechoslovakia, gold standard in 32 Debits to individual account - 122 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX 311 Page Deferred availability items (checks, drafts, transit items, etc.) of Federal reserve banks 61, 62, 64 Demand and sight drafts held by Federal reserve banks 67, 132 Demand deposits of member banks. (See Deposits.) Department-store sales and stocks, index of 207 Deposits: All banks in the United States 102, 159 Federal reserve banks 58, 59, 61, 62, 64, 133-144 All banks combined 59 Each bank 64, 133-144 Foreign bank, held by Federal reserve banks 58, 61, 62, 63 Government— Held by Federal reserve banks . -58, 59, 61, 62 Held by member banks 103-106, 113, 115, 117, 163 In New York City 115 Outside New York City 117 Member banks— All banks 106, 108, 163-175 Reporting banks 111, 113, 115, 117, 192, 193 Reserve deposits 58, 59, 106, 109, 111, 113, 115, 117, 176 Time and demand— All banks 106, 108, 163, 175 Reporting banks 111, 113, 115, 117, 192, 193 In New York City 115 Outside New York City 117 National banks 103 State bank members 103 Depreciation charged off by Federal reserve banks 18, 155 Directors of Federal reserve banks: Election of, amendment to Federal reserve act recommended 39 List of 238-245 Mutual savings bank, director, officer, or employee of, serving as; amendment to Federal reserve act recommended 38 Discount and open-market operations of Federal reserve banks: Acceptances— Average rates of earnings on bills bought 17, 92 Bankers' 67, 121, 122, 132 Discounted by Federal reserve banks 59, 60, 62, 64, 67 Held by Federal reserve banks 56, 59, 60, 62, 64, 67, 68, 132 Imports and exports, based on, discounted or purchased and held by Federal reserve banks 67 Maturity of bills purchased or held by Federal reserve banks __ 68, 132 Number of pieces handled 18, 72, 145 Outstanding 121, 122 Purchased by Federal reserve banks 59 Trade 67, 132 Branches of Federal reserve banks, bills discounted and bought by__ 146 Discounts— Commercial and agricultural paper discounted 67, 132 Dollar exchange bil]s purchased or discounted 67 Earnings on bills and securities held 17, 76, 92 Maturity of 68, 132 Member banks accommodated, number of 66, 177, 184 Member banks' collateral notes discounted and held by Federal reserve banks 67, 132 Rates charged and rates of earnings on bills discounted 17, 92 United States securities, paper secured by, discounted and held by Federal reserve banks 60, 67, 132 Volume of bills discounted 18, 72, 145 United States securities purchased and held by Federal reserve banks 17, 56, 59, 64, 69, 70, 133 Volume of operations 18, 72, 145 90108—30 21 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

312 INDEX Discount and open-market rates: Page. Acceptances, buying rates of Federal reserve banks on 91 Average rates of earnings by Federal reserve banks on— Acceptances 92 Bills discounted 17, 92 Total bills and securities 92 United States securities purchased 17, 92 Changes in Federal reserve bank rates 4, 6, 8, 11, 89 Increase in— Discussion of 4, 6-11 Advisory council recommendations 218 Open-market rates— In New York City 93,94 Central banks in foreign countries 96, 97 Discounts. (See Discount and open-market operations.) Districts, Federal reserve. (See Federal reserve districts.) Dividends: Member banks 201 National banks 202 State bank members 203 Paid by Federal reserve banks 18, 76, 150, 155 Dollar exchange bills: Discounted and held by Federal reserve banks 67 Outstanding 121 Dry goods, wholesale trade, index of 214 Drugs, wholesale trade, index of 214 Due from foreign banks to Federal reserve'banks 56, 60, 62, 64 Due to and from banks and bankers 106, 118, 196 Earmarked gold for foreign account 82 Earnings and expenses: Federal reserve banks 16, 76, 150-155 By sources 76 Rates of earnings 17, 92 Member banks 201 National banks 202 State bank members 203 Earnings of Federal reserve banks, distribution of, as proposed in S. 5773; advisory council recommendation 219 Election of directors, amendment to Federal reserve act recommended 39 Eligible paper held as security for Federal reserve notes 77 Employees: Federal reserve banks, number and salaries 246-248 Federal Reserve Board, salaries 231-233 Employment, factory, index of 212 England: Discount rates 96 Money rates 97 Examination of Federal reserve banks 21 Examination of member banks, cost of, amendment to Federal reserve act recommended 37 Examiners: Federal reserve banks— Resignation of J. F. Herson, chief examiner 41 Salaries 232 National banks, salaries 236 State bank, loans or gratuities to, amendment to Federal reserve act recommended 40 Executor, national banks granted authority to act as 32, 270-293 Expenses: Branches and agencies of Federal reserve banks 20 Federal reserve banks 16, 76, 150-155 Fiscal agency departments of Federal reserve banks 155 Member banks 201 Federal Reserve Board ,_ 42, 235 National banks 202 State bank members 203 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX 313 Exports and imports: Acceptances based on— Page Outstanding 121 Purchased and held by Federal reserve banks 67 Gold 82,83 Discussion of 1-6, 12 Expressage, cost of, Federal reserve banks 154 Factory employment and pay rolls, index of 212, 213 Failures, bank 21, 123-125, 197, 198 Farm lands, loans on, by member banks 105, 178 Federal advisory council: Meetings of 41 Expenses of 154 Members of 218, 238 Recommendations of, to Federal Reserve Board 218-220 Federal intermediate credit banks: Borrowings from Federal reserve banks 67, 109, 183 Discounts for 67 Debentures of— Purchased by Federal reserve banks 60 Eligible as security; amendment to Federal reserve act recommended 37 Federal reserve act: Amendment to, authorizing issuance of Treasury bills 33, 220 Earnings of Federal reserve banks, distribution of, as proposed in S. 5723; advisory council recommendation 219 Legislation recommended 37 Liberalizing requirements of sec. 13, as to paper eligible for rediscount; advisory council recommendation 219 Federal reserve agents: Conferences of 41 Expenses of 154 Federal reserve note accounts of 77 Gold fund, summary of transactions 73, 147 Gold held by 60, 62, 63 List of 238-245 Salaries of : 246-248 Federal reserve bank credit 1-13, 45-57 Chart showing 14 Discussion of 1-12 Factors in changes 5, 16, 45—55 Outstanding 56 (See also Federal reserve banks.) Federal reserve bank notes, circulation 85 Federal reserve banks: Acceptances purchased or discounted by. (See Acceptances.) Attachment or garnishment proceedings, exemption of; amendment to Federal reserve act recommended 37 Bank premises 19, 61, 75, 155 Branches and agencies of— Building operations 19, 75 Clearing operations 20, 146 Counties comprising territory 304, 305 Directors of 238-245 Expenses of 20 Managers of 238-245 Number of 20 Volume of operations 20, 146 Building operations 19, 75 Capital 19, 61, 62, 64 Clearing operations 18, 72, 145 Condition of. (See Condition of banks.) Deposits-__-J. 58, 59, 61, 62, 64, 133-144 Depreciation charges 18, 155 Directors and officers, list of 238-245 Discount rates. (See Discount and open-market rates.) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

314 INDEX Federal reserve banks—Continued. Page Discounts. (See Bills discounted; discount and open-market operations.) Dividends paid 18, 76, 150, 155 Earnings and expenses 16, 76, 150-155 Earnings— Distribution of, as proposed in S. 5723; advisory council recommendation 219 On bills and securities purchased 17, 76, 92 Employees, number and salaries 246-248 Examination of 21 Federal reserve notes. (See Federal reserve notes.) Fiscal agency operations 155 Franchise tax paid by 18, 76, 150, 155 Gold held by 60, 62, 64 Gold redemption fund 60, 62, 64 Gold settlement fund 60, 62, 73, 147 Government deposits held by 58, 59, 61, 62 Governors— Conferences of 41 List of 238-245 Salaries of 246-248 Member-bank reserve deposits held by 58, 59, 61, 62, 106, 109, 111, 163, 176, 194 Municipal warrants, holdings of 60 Officers and directors, list of 238-245 Officers, salaries of 246-248 Profit and loss account 151, 155 Reserve percentages 58 Reserves 58, 59, 60, 62, 64, 133 Resources and liabilities— All banks combined 59 At the end of each month 62 Each bank 64, 133-144 Weekly statement and balance sheet items 60 Salaries— Bank examiners 232 Officers and employees 246-248 Stock- Cancellation of, by liquidated banks; amendment to Federal reserve act recommended 37 Surrender of, for noncompliance with State law; amendment to act recommended 38 Surplus 19, 61, 62, 64, 151, 155 Tax, franchise, paid to Government 18, 76, 150, 155 United States securities— Bills discounted, secured by, holdings of 60, 67, 132 Held by 17, 56, 59, 64, 69, 70, 133 Volume of operations 18, 72, 145 Federal Reserve Board: Assessment for expenses of 42, 154, 234 Clayton Act, administration of 33 Conferences with advisory council, governors, and agents 41 Directory 231 Discretion in approving the organization of foreign banking corporations, opinion of court relative to 34, 221 Employees, number and salaries 231-233 Expenses of 42, 235 Herson, J. F., resignation of, as chief Federal reserve bank examiner. 41 Legislation recommended to Congress 37 Members of 231 Officers, number and salaries 231-233 Policy as to reserve bank credit being used for speculative purposes— 2 Receipts and disbursements 234 Regulation J, revision of 32, 22C Salaries of officers and employees 231-233 Federal reserve branch banks. (See Branches and agencies.) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX 315 Federal reserve currency: Cost of 17, 155, 234 (See also Federal reserve notes.) Federal reserve districts: Pas° Area 298-303 Counties comprising branch territories 304, 305 Counties in divided States 298-303 Description ! 298-303 Map showing outline 306 Population 298-303 Federal reserve interdistrict collection system: Number of banks in 31, 74, 148, 149 (See also Check clearing and collection.) Federal reserve notes: Accounts of Federal reserve agents 77 Circulation 58, 59, 61, 65, 85, 133-144 Cost of 17, 155, 234 Eligible paper held as collateral against 77 Gold and gold certificates held as collateral against 60, 62, 77 Held by Federal reserve agents 77 Held by Federal reserve banks 61, 77 Federal reserve policy in 1929 1-12 Fiduciary powers granted to national banks 32, 270-293 Fiscal agency operations of Federal reserve banks 155 Float, Federal reserve bank 56, 62, 63 Food products: Production index 210 Factory employment and pay rolls, index of 212, 213 Foreign banking corporations, court opinion relative to Federal Reserve Board approving organization of 34, 221 Foreign banks: Deposits of, held by Federal reserve banks 58, 61, 62, 63 Discount rates at central banks 96 Due to Federal reserve banks from 56, 60, 62, 64 Foreign branches of State bank members, amendment to Federal reserve act recommended 37 Foreign countries, money rates 97 Foreign securities held by member banks 105, 178 France: Discount rates 96 Money rates 97 Franchise tax paid by Federal reserve banks to Government-_ 18, 76, 150, 155 Freight-car loadings, index of 207 Furniture, index of wholesale trade 214 Germany: Discount rates 96 Money rates 97 Gold: Circulation 85 Earmarked by Federal reserve banks for foreign account 82 Federal reserve agents' gold fund 73, 147 Foreign loans on, held by Federal reserve banks 56 Held as security for Federal reserve notes 60, 62, 77 Held by Federal reserve agents 77 Held by Federal reserve banks 60, 62, 64, 77 Imports and exports 82, 83 Discussion of 1-6, 12 Reserves 60, 62, 64 Stock, monetary, of the United States 81 Discussion of 6, 11 Gold redemption fund 60, 62, 77 Gold settlement fund 60, 62, 73, 147 Gold standard, foreign countries 32 Government bonds. (See United States Government securities.) Government deposits: Held by Federal reserve banks 58, 59, 61, 62 Held by member banks 103-106, 113, 115, 117, 163 In New York City 115 Digitized for FRASERO utside New York City 117 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

316 INDEX Government securities. (See United States Government securities.) Governors of Federal reserve banks: Page List of 238-245 Meetings of 41 Expenses of 154 Salaries of 246-248 Great Britain. (See England.) Groceries, index of wholesale trade 214 Guardian of estates, national banks authorized to act as 270-293 Hardware, index of wholesale trade 214 Herson, J. F., resignation of, as chief Federal reserve bank examiner 41 Imports and exports: Acceptances based on— Outstanding 121 Purchased or discounted by Federal reserve banks 67 Gold 82,83 A Discussion of 1-6, 12 Indexes of production, employment, trade, and prices 207-209 Insurance, Federal reserve banks 154 Interest rates. (See Discount and open-market rates; Money rates.) Interlocking bank directorates, applications to serve on 33 Investments: All banks in the United States 101, 158, 162 All member banks____ 106, 163-174, 182 Federal reserve banks. (See Discount and open-market operations.) Reporting member banks 112, 114, 116, 185, 191 Investments and loans: All banks in the United States 101, 156, 160 All member banks 106, 163-174, 180 Classification of 105, 178 Reporting member banks 112, 114, 116, 187 In New York City 114 Outside New York City 116 Iron and steel: Production index 210 Factory employment and pay rolls, index of 212, 213 taly: Discount rates 97 Money rates 96 Japan: Discount rates 97 Gold standard in 32 Money rates 96 Joint-stock land banks exempted from provisions of Clayton Antitrust Act; text of act „ 33, 221 Land area of Federal reserve districts 298-303 Lead production, index of 211 Leased-wire system, cost of 234 Leather: Factory employment and pay rolls, index of 212, 213 Production index 210 Legislation recommended to Congress by Federal Reserve Board 37 Liberty loan bonds: Average yield on 93 Held by Federal reserve banks 60, 69 Liquidations, bank 21 Loans: All banks in the United States 101, 157, 161 All member banks 106, 163-174, 181 Classification of 105, 178 Reporting member banks 112, 114, 116, 185, 191 Security 2-12, 119, 120, 189 Loans and investments: All banks in the United States 101, 156, 160 All member banks 106, 163-174, 180 Classification of 105, 178 Discussion of 6-12 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX 317 Loans and investments—Continued. Reporting member banks 112, 114, 116, 187 In New York City 114 Outside New York City 116 Loans on securities by member banks 105, 178 Loans to brokers by banks in New York City 119, 120 Advisory council recommendations 218 Discussion of 2-12 Loans to single borrower, amendment to Federal reserve act recommended 39 Los Angeles branch bank, building operations 19 Lumber, factory employment and pay rolls, index of 212, 213 Machinery, factory employment and pay rolls, index of 212, 213 Managers of branches of Federal reserve banks 238-245 Manufacturing production, index of 210 Map outlining Federal reserve districts 306 Maturities: Bills discounted by Federal reserve banks 68, 132 Member bank paper, amendment to Federal reserve act recommended 37 Member and nonmember bank credit 99 (See also Condition of banks; Loans and investments.) Member banks: Accommodation at Federal reserve banks 66, 184 Bankers' balances 106, 118, 196 Borrowings at Federal reserve banks 108, 109, 111, 113, 115, 117, 177, 183, 186, 195 In New York City 115 Outside New York City 117 Brokers, loans to, by banks in New York City 119, 120 Discussion of 2-12 Capital • 103, 104, 106, 163 Changes in membership 20, 126, 199, 200 Collateral notes of, discounted and held by Federal reserve banks. _ 67, 132 Maturity of 132 Condition of. (See Condition of banks.) Deposits— All banks 106, 108, 163-174, 176 Government 103-106, 113, 115, 117, 163 Reporting banks in leading cities 111, 113, 115, 117, 192, 193 Reserve deposits 58, 59, 106, 109, 111, 113, 115, 117, 176 Time and demand— All banks 106, 108, 163, 175 Reporting banks in leading cities 111, 113, 115, 117, 192, 193 Dividends declared 201 Dividends paid to, by Federal reserve banks 18, 76, 150, 155 Earnings, expenses, and dividends— All member banks 201 National banks 202 State bank members 203 Failures 21, 123, 197 Investments— All banks 106, 163-174, 182 Reporting member banks 112, 114, 116, 185, 191 Loans— All banks 106, 163-174, 181 Classification of 105, 178 Reporting banks 112, 114, 116, 185, 191 Security 2-12, 119, 120, 189 Loans and investments— All banks 106, 163-174, 180 Classification of 105, 178 Discussion of 1-12 Reporting banks 112, 114, 116, 187 In New York City 114 Outside New York City 116 Loans, investments, deposits, and borrowings 110, 111 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

318 INDEX Member banks—Continued. Page Loans on securities 189 Loans to brokers in New York City 119, 120 Discussion of 2-12 National banks— Changes in membership 20, 126, 199 Earnings, expenses, and dividends 202 Examiners, salaries of 236 Failures 21, 123-125, 197 Fiduciary powers granted to 32, 270-293 Number in system 21, 199 Organization 21 Resources and liabilities 103 Number accommodated through discount of paper 66, 177, 184 Number of 21, 106, 163 Number on par list 32, 74, 148, 149 Reserve balances at Federal reserve banks 58, 59, 61, 62, 106, 108, 109, 111, 115, 117, 163, 176, 194 By months 109, 176 By weeks 194 In New York City 115 Outside New York City 117 Resources and liabilities— By class of bank 104 By class of member 103 By Federal reserve districts 163-174 Central reserve city banks 104 Country banks 104 On call dates, 1914r-1929 106 Reserve city banks 104 Securities, loans on 119, 120, 189 State banks— Admissions to system 249-267 Capital 103,249 Changes in membership 20, 126, 199 Earnings, expenses, and dividends 203 Failures 21, 123-125, 197 Foreign branches of, amendment to Federal reserve act recommended 37 Loans, investments, deposits, capital, and surplus 249-267 Number of 21, 126, 199, 249 Resources and liabilities ,..- 103 Surplus 103, 104, 106, 163 Suspensions 21, 123-125, 197 Membership in Federal reserve system: Changes in 20, 126, 199 State banks and trust companies 249-267 Memphis branch bank, building operations 19 Mergers, bank 29, 126, 199 Mineral production, index of 211 Monetary gold stock of United States 81 Discussion of 11 Money in circulation 15, 84, 85 Money rates: Foreign countries 97 New York market 93-95 Municipal warrants purchased and held by Federal reserve banks 60 National bank examiners, salaries of 236 National banks: Changes in membership 21, 126, 212 Earnings, expenses, and dividends 202 Examiners, salaries of 236 Failures 21, 123-125, 197 Fiduciary powers granted to 32, 270-293 Number in system 21, 199, 200 Organization 21 Resources and liabilties 103 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX 319 Netherlands: Page Discount rates 97 Money rates 96 New York City: Brokers, loans to, by reporting member banks in 119, 120 Discussion of 1-12 Loans and investments of member banks in 114 Money rates 93-95 Noncash items collected through Federal reserve branch banks 146 Nonmember banks: Deposits.-- 101, 102, 159 Failures 22, 123, 124 Loans and investments 101, 156-158 Number on par list 31, 74, 148, 149 Officers and directors of Federal reserve banks, list of 238-245 Officers and employees: Federal reserve banks, number and salaries 17, 246-248 Federal Reserve Board, salaries 231-233 One hundred per cent of capital and surplus, list of banks authorized to accept bills up to 294-296 Open-market operations of Federal reserve banks. (See Discount and open-market operations.) Open-markets rates. (See Discount and open-market rates.) Opinion of courts. (See Court opinions.) Paper and printing: Factory employment and pay rolls, index of 212, 213 Production, index of 210 Par collections. (See Check clearing and collection.) Par list, number of banks on 31, 74, 148, 149 Pay rolls, factory, index of 213 Petroleum: Production, index of 210 Refining, factory employment and pay rolls, index of 212, 213 Policy, credit, of Federal reserve system 1-12 Population of Federal reserve districts 298-303 Postage, Federal reserve banks, cost of 155 Prices, wholesale, index of 207 Production, index of 207 Profit and loss account of Federal reserve banks 76, 150, 155 Railroad car loadings, index of 207 Rates. (See Discount rates; Money rates.) Ratio, reserve, of Federal reserve banks 58 Real estate, loans on, by member banks 105, 178 Receipts and disbursements of the Federal Reserve Board 234, 235 Receivers, national banks authorized to act as 32, 270-293 Recommendations of the Federal advisory council 218-220 Registrar of stocks and bonds, national banks authorized to act as_ 32, 270-293 Regulation J of the Federal Reserve Board, revision of 32, 220 Rent paid by Federal reserve banks 154 Reporting member banks. (See Member banks.) Reserve balances of member banks 58, 59, 61, 62, 106, 109, 111, 163, 176, 194 By months 109, 176 By weeks 194 In New York City 115 Outside New York City 117 Reserve city member banks: Classification of loans and investments 105 Condition of 104 Deposits, reserves, and borrowings at Federal reserve banks 108 Loans and investments 105 Reserve percentages, Federal reserve banks 58 Reserve requirements of member banks 108 Reserves: Deficient, penalties 76 Excess, of member banks 108 Federal reserve banks 58, 59, 60, 62, 64, 133 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

320 INDEX Reserves—Continued. Page Gold 60, 62, 64 Discussion of 11 Member banks 58, 59, 61, 62, 106, 108, 109, 111, 115, 117, 163, 176, 194 Resources and liabilities: Federal reseve banks— At the end of each month 62 Combined statement 59 Each bank 64, 133-144 Weekly statement and balance sheet items 60 Member banks—• By class of bank 104 By class of member 103 By Federal reserve districts 163-174 By weeks 112-117 Central reserve city banks 104 Country banks 104 On call dates, 1914-1929 106 Reserve city banks 104 Reporting banks 112 In New York City 114 Outside New York City 116 National banks 103 State bank members 103 Rubber products, factory employment and pay rolls, index of 212, 213 Rumania, gold standard in 32 Salaries: Federal reserve banks 246-248 Federal Reserve Board 231-233 National bank examiners 236, 237 Securities: Held by Federal reserve banks 56 Held by member banks 105, 178 Loans on 2-12, 119, 120 Advisory council recommendations 218 By member banks 105, 178 Discussion of 6-12 United States— Average yield on 93, 94 Bills discounted, secured by, held by Federal reserve banks- 60, 67, 132 Certificates of indebtedness— Held by Federal reserve banks . 60, 69, 71 Temporary one-day certificates held 71 Yield on 93,94 Earnings on purchases by Federal reserve banks 17, 76, 92 Held by Federal reserve banks 17, 56, 59, 64, 69, 70, 133 At end of year 69 In special investment account 70 Held by member banks 105, 106, 163-174, 178 Liberty loan bonds purchased by Federal reserve banks 60, 69 Rates of earnings on purchases by Federal reserve banks 17, 76, 92 Treasury bonds held by Federal reserve banks 69 Treasury notes— Average yield on 93, 94 Circulation 85 Held by Federal reserve banks 60, 69 Volume handled by Federal reserve banks 18, 72, 145 Shoes, index of wholesale trade 214 Silver: Circulation 85 Index of production 211 Speculation, reserve bank credit used for: Advisory council on 218 Discussion of 1-12 Policy of Federal Reserve Board relating to 2 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX 321 State bank members: Admissions to system 249-267 Capital 103,249 Changes in membership 20, 126, 199 Earnings, expenses, and dividends 203 Failures 21, 123-125, 197 Loans, investments, deposits, capital, and surplus 249-267 Number of 21, 126, 199, 249 Resources and liabilities 103 Street loans by member banks 105, 178 Surplus: Federal reserve banks 19, 61, 62, 64, 151, 155 Member banks 103, 104, 106, 163 Suspensions, bank 21, 123-125, 197, 198 Sweden, discount rates 96, 97 Switzerland, discount rates 96, 97 Tax: Franchise, paid to Government by Federal reserve banks.__ 18, 76, 150, 155 On banking house, Federal reserve banks 154 Telegraph, leased-wire system, cost of 234 Telephone and telegraph expense of Federal reserve banks 154 Textiles: Factory employment and pay rolls, index of 212, 213 Production index 210 Time and demand deposits of member banks: All banks „ 106, 108, 163, 175 Reporting banks 111, 113, 115, 117, 192, 193 In New York City 115 Outside New York City 117 Tires, rubber, index of production 210 Tobacco manufactures: Factory employment and pay rolls, index of 212, 213 Production index 210 Trade acceptances: Held by Federal reserve banks ; 67, 132 Purchased by Federal reserve banks in open market 67 Trade, wholesale, index of 207, 214 Treasury bills, statute authorizing issuance of 33 220 7 Treasury bonds held by Federal reserve banks 69 Treasury certificates of indebtedness: Held by Federal reserve banks 60, 69, 71 Temporary 1-day certificates 71 Yield on 93, 94 Treasury notes: Circulation 85 Held by Federal reserve banks 60, 69 Yield on 93, 94 Trust companies. (See State banks.) Trust powers of national banks: Permits issued 32, 270-293 Surrender of permit, amendment to Federal reserve act recommended, 40 United States Government, franchise tax paid to, by Federal reserve banks _ 18, 76, 150, 155 United States Government securities: Average yield on 93, 94 Bills discounted, secured by, held by Federal reserve banks 60, 67, 132 Certificates of indebtedness— Held by Federal reserve banks 60, 69, 71 Temporary 1-day certificates. 71 Yield on 93, 94 Earnings on purchases by Federal reserve banks 17, 76, 92 Held by Federal reserve banks 17, 56, 59, 64, 69, 70, 133 At end of year 69 In special investment account 70 Held by member banks 105, 106, 163-174, 178 Liberty loan bonds purchased by Federal reserve banks 60, 69 Rates of earnings on purchases by Federal reserve banks 17, 76, 92 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

322 INDEX United States Government securities—Continued. Page Treasury bonds held by Federal reserve banks 69 Treasury notes— Average yield on . 93, 94 Held by Federal reserve banks 60, 69 Volume handled by Federal reserve banks 18,72,145 United States notes in circulation 85 Warrants, municipal, held by Federal reserve banks 60 Wholesale prices, index of 207 Wholesale trade, index of 207, 214 " Window dressing," elimination of practice of; advisory council on 217 Withdrawals from membership in Federal reserve system 20,126, 199 Amendment to Federal reserve act recommended 37 Zinc, index of production . 211 o Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis