Geneva receives a proportionate nonliquidating distribution

When compared with their condition in June, 1914, before the outbreak of the European war, the aggre- gate capital and surplus of the banks have increased from ,846,- 500,000 to ,044,000,000, or 5.1 per cent; while their investments in stocks and bonds other than United States bonds, including, of course, domestic securities and obligations of neutral as well as belligerent nations, have increased from ,761,500,000 to ,057,000,- 000, or 27.2 per cent. ,580,000 12,080,000 ,000,000 11,440,000 ,800,000 1,760,000 ,600,000 1,600,000 ,400,000 2,000,000 ,8»,«» Shi DDed On hand 6,600,000 6,660,000 6,040,000 1,000,000 2,400,000 21,500,000 New York: Printed 145,660,000 74,600,000 166,200,000 69,520,000 63,680,000 24,480,000 7,600,000 4,200,000 11,200,000 7,600,000 180,400,000 Shipped.

Stated more briefly, American banks' invest- ments in securities other than United States bonds amounted in June, 1914, to 124 per cent of their capital and surplus, and amount at the present time to 150 per cent.^ Notwithstanding these heavy investments, money rates remained easy during almost the entire year, and there did not develop even the seasonal demand which on some occasions requires action and which, during the year 1915, led the Board to establish what is known as the commodity rate, designed particularly to aid growers of farm products during the crop-moving season. On hand 70,960,000 96,680,000 39,200,000 3,400,000 3,600,000 213,840,000 Philadelphia: Printed 20,000,000 11,880,000 15,000,000 10,200,000 9,200,000 8,400,000 2,600,000 5,200,000 82,000,000 SO, 400,000 Shipped On hand 8,120,000 4,800,000 800,000 2,600,000 5,200,000 21,520,000 Cleveland: Printed 17,680,000 4,300,000 15,120,000 4,720,000 10,000,000 6,240,000 2,400,000 1,200,000 4,800,000 1,200,000 50,000,000 17,600,000 Shipped f^n^and...

Google Book Search helps readers discover the world's books while helping authors and publishers reach new audiences. — Report of the Federal Reserve Board 1 Text of report: Lf Otter of transmittal 1 Inflow of gold and attendant problems 1 Development of discount rates 5 Federal Reserve note issues 7 Conversion of bonds and retirement of national-bank notes : 7 Clearance and collection system 9 Earnings and expenses of Federal Reserve Banks 12 Branches and agencies of Federal Reserve Banks 14 Operations abroad 16 Enforcement of the Clayton Act 17- Entry of new members into system 19 Fiduciary powers 21 Changes in Federal Reserve districts 21 More effective control of gold supply, and proposed amendments 2fc Other proposed amendments to Federal Reserve Act 27 Staff and organization of the Federal Reserve Board 29 EXHIBITS. — Investment operations of Federal Reserve Banks 84-105 Exhibit E. The Speaker of the House op Representatives : The Federal Reserve Board presents herewith its annual report for the calendar year 1916. The extent of the expansion in the volume of general business in this district since the outbreak of the European war is well indi- cated by a comparison of the amount of loans and investments and the amount of deposits of national banks on Jime 30, 1914, just before the declarations of war, with those on corresponding dates in 19 and on November 17, 1916, as shown in Table 16. 228,367.23 197,090.20 25,000.00 S.001to3.125peroent 126,787.60 S.126 to 3.25 per cent 3.251 to 8.375 per cent 62,026.68 247,026.68 3.376 to 3.5 Der cent 4,294.76 194,294.76 230,525.77 56,668.20 3.501 to 3.025 per cent 204,000.00 8.876 to 4 Der cent ,668.20 * Total 802.4AA.1A 260- 000.

You can search through the full text of this book on the web at http : //books . com/| Digitized by Vj OOQ IC Digitized by Vj OOQ IC ^ Digitized by Vj OOQ IC WAR 21 1917 Digitized by Vj OOQ IC TABLE OF CONTENTS. — Gold settlement fund and Federal Reserve agents' fund.... — Receipts and disbursements of the Federal Reserve Board. — Earnings and expenses of Federal Reserve Banks 116-121 Exhibit H. This report, the third submitted, is made just after the close of a year of imexampled commercial, industrial, and financial activity in the United States. On June 30, 1914, loans and investments were slightly more than the total of deposits viz : 100.5 per cent. (V) ]04 2D4.7A M MR on a Qoa ffi2i.i4 1 Bonds maturing within 6 months, having accumulated sinldng ftmds. — Reserve at ihe beginning of each months counting as gold Federal Reserve notes held by the bank.

— ^M embers of the Federal Reserve system 146 Exhibit K. — Circulars and regulations issued by the Federal Reserv^e Board 148-171 Exhibit M. Domestic trade, stimulated by unusual demands, has developed an activity keeping pace with the nation's foreign business, and the result of these conditions is reflected in the augmentation of bank resources, as illustrated by the fact that the deposits of all banks and trust companies in the United States showed an increase of ,344,000,000 during the year ended June 30, 1916. Since the beginning of the European war the problem involved in the distribution of gold throughout the world, as far as the United States is concerned, has been completely reversed. A concurrent increase in loans and investments relatively so moderate as that from 9,000,000 to 6,000,000 would seem to give warrant for the belief that, if a period of general contraction shall follow the return of peace, this district, in which the expansion has been moderate, will experience only moderate con- traction, developing in the orderly deliberate fashion in wiiich the expansion has developed. — Comparer cent , 2.626 to 2.75 per oeot 332,407.39 2.751 to 2-875i)er cent 40, 677.

— List of national banks granted fiduciary powers 172^181 Exhibit N. It will be remem- bered that at the outbreak of the war the Board was confronted with a serious situation in connection with European credits, which were maturing to the extent of about 0,000,000, for which settle- ment was demanded. 44 2.876 to 3 per cent 2,625.00 125,742.23 3.001 to 3.125 Der cent 3. 25 per cent 3.251 to 3.375Der cent 0,000.00 3.376 to 3.5 per cent 3.501 to 8.625 ner cent 26,525.77 3.876 to 4 per cent Total 80,646.75 60,431.47 987,276.87 100,000.00 75,000.00 3,865,887.98 Rates.

Refrain from automated querying Do not send automated queries of any sort to Google's system: If you are conducting research on machine translation, optical character recognition or other areas where access to a large amount of text is helpful, please contact us. Lumbering in the Pacific Northwest has shown improvement dming the year. 1 Dec.1 Average ,571,996.90 13,458,719.25 10,784,935.50 16,739,094.30 10,553,832.15 15,373,932.12 Table 10.

It has survived long enough for the copyright to expire and the book to enter the public domain. High wages are paid to miners, .50 per day being reported for Arizona. — Changes in Federal Reserve districts 122-133 Exhibit I . In practically all important industries labor and capital have throughout the year found full and remunerative em- ployment. From that date to November 17, 1916, deposits increased 48.6 per cent, while loans and invest- ments increased only 21.9 per cent, then equaling 82.5 per cent of deposits. — Amendm Aits to the Federal Reserve Act 134-145 Exhibit J. During the calendar year 1916 exports of merchandise from the United States to other countries amoimted to about ,480- 900,000, while imports amounted to about ,391,700,000, leaving a net trade balance in favor of the United States of about ,089,200,000. ,000,000 74,eoe, OQO 11,880,000 4«800,000 8,700,000 10,8a O, OQO 7,800,000 7,580,000 9,180,000 13,040,000 9,200,000 4,100,000 911,440,000 69,sao,ooo ia,aoo,ooo 4,720,000 9,400,000 12,000,000 700,000 9,040,000 S, 120,000 8,200,000 11,400,000 2,7eo,ooo 91,700,000 94,480,000 8,400,000 6,340,000 8,800,000 9,380,000 2,720,000 5,520,000 6,400,000 5,080,000 9,920,000 5,200,000 91,600,000 4,200,000 1,200,000 1,800,000 1,600,000 200,000 400,000 400,000 800,000 3^400,000 2,000,000 92,000,000 7,600,000 1,200,000 800,000 1,600,000 400,000 400,000 400,000' 2,40^,000 3,600,000 928,880,000 180,400,000 90,480,000 17,060,000 29,600,000 35,380,000 11,880,000 22,540,000 24,500,000 28,120,000 35,320,000 17,720,000 179,840,000 157,560,000 94,480,000 16,600,000 20,400,000 462,380,000 RETURNED BY FEDERAL RESERVE BANKS. A condition reflected by an increase in deposits of national banks in 2i years from 6,000,000 to 7,000,000 could be only one of general prosperity. Public domain books are our gateways to the past, representing a wealth of history, culture and knowledge that's often difficult to discover. In shipyards of San Fran- cisco, Portland, and Seattle 74 vessels are now imder way, averaging 5,858 tons each, compared with 356 vessels averaging 3,050 tons each, elsewhere in the United States. 1 Mayl June 1 Jolyl 2,906.79 872,8ia07 1,240,602.46 1,482,850.03 1,723,802.40 2,190,104.02 5,280,131.11 1910. 16,258 10,035 8,841 4,110 1,029 1,415 21,700 0,718 1,528 11,205 747 12,840 26,480 4,170 126,271 Net. Marks, notations and other marginalia present in the original volume will appear in this file - a reminder of this book's long journey from the publisher to a library and finally to you. The Union Iron Works of San Francisco, which is now building the lai^est ships, has under construction 28 vessels of an aggregate tonnage of 175,028.

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